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Tlie,
0111inrct31
INCLUDING
Bank & Quotation Section
Railway Earnings Section
VOL. 117.
financial
rontrie
Railway & Industrial Section
Bankers' Convention Section
SATURDAY, OCTOBER 20 1923
Electric Railway Sectiocc
State and City Seeder
NO. 3043
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be
of the paper. They will
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1746 and 1747.
somebody in the ranks of prosecuting officers who is
afraid?
The Financial Situation.
Talk is a little more reassuring this week upon the
Another shift is apparent in the September statewinter's outlook for fuel. Fuel Distributer Wad- ment of foreign trade issued this week. Merchandise
leigh thinks the country may feel confident of an ade- exports during September were valued at $381,000,quate supply. The railroads, he says, are success- 000,the largest of any month in more than two years,
fully meeting their unprecedented traffic demands, while imports were only $255,000,000, the smallest of
and it is expected that moving coal "and other fuels" any month in more than a year. The excess of exwill be adequately done during the coming winter. ports over imports is $126,000,000, which is quite a
Last winter's shortage, he adds,"was largely nothing marked reversal of conditions as they have existed
more than an anthracite shortage," for consumers for nearly a year back. A somewhat larger moveused substitutes vary sparingly; now, he thinks, no ment of merchandise shipments to foreign ports from
unusual quantities have been stored by them, yet he the United States is customary during the fall and
seems to think they are beginning to learn the ways winter months, on account of grain and cotton shipof substitutes. He recommends to the Inter-State ments. Cotton exports are now in excess of last
Commerce Commission that it take action "to pro- year at this time and cotton values are considerably
hibit the shipment in inter-State commerce of coal higher than they were a year ago; this accounts in
produced by certain independent anthracite opera- no small part for the increase in the value of total
tors who have been found to have sold coal, in the merchandise exports during the month. The Seppast summer, above the fair-price level."
tember exports of $381,000,000 compare with $311,"A searching inquiry" into the prices of anthracite 352,288 for the preceding month and $313,196,557,
and the alleged scarcity of it is to begin on Monday, the value of merchandise exports in Sept. 1922, while
under direction of U. S. Attorney William Hayward, the imports last month, valued at $255,000,000, conaccording to an announcement a week ago. Many trast with $275,437,993 in August this year and $298,complaints have been received, and the inquiry will 493,403 in September 1922. Not since March 1921
be under the Sherman Act; in order to accomplish has the value of exports for any single month been
any result of value,"evidence in the nature of a con- in excess of that reported for September 1923, while
spiracy between local dealers and those operating in the imports last month were lower than for any
another State will have to be proved." Naturally so, month since July 1922. The monthly merchandise
in order to show a conspiracy to restrain commerce. imports have shown a marked and almost constant
A war upon coal profiteers, if the existence of any reduction each month since March of this year, wheR
Xixe Thronicle.
1698
TB E CHRONICLE
the value of merchandise imports was $397,928,382,
the highest of any month since August 1920. In
March of this year imports exceeded exports to the
amount of $56,550,000; likewise, in April, May and
June of this year there was an excess of imports, but
as noted above, exports for September are in excess
of imports to the amount of $126,000,000.
For the nine months of the current year, exports
were valued at $2,941,027,500, and these figures contrast with $2,736,731,500 for the corresponding period of the preceding year, an increase for the current nine months of $204,296,000. Imports during
the first nine months of this year were $2,905,638,600 and for the first nine months of 1922 $2,251,049,• 450, an increase this year of $654,589,150. The excess
of exports over imports for 1923 to date is $35,488,900; during the corresponding period of 1922 the excess of exports was $484,682,000. For the eight
months of the current calendar year ending with
August, there was actually an excess of imports of
$90,610,100, but, as noted above, the September statement has reversed this.
The gold and silver movement shows little change
from preceding months this year. Imports of gold
during September amounted to $27,803,961 and exports to only $1,023,667. For the nine months of
this year gold imports have been $220,503,265, and
for the corresponding period of 1922 $219,555,865.
Exports of gold this year to the end of September
were only $26,039,004 and in 1922 during the same
period $13,142,643. The excess of imports this year
to date is $194,464,261 and in 1922 it was $206,413,222. Silver imports during September amounted to
$8,531,971 and exports to $8,123,460.
It has been impossible to forecast from day to day
what would happen next in Germany. Apparently
Chancellor Stresemann, although clothed with virtually dictatorial powers, is having about as hard a
time as before to bring order out of political and economic chaos. Overtures made by the Germans to the
French with respect to reparations meet with prompt
refusal from Premier Poincare, as has been true of
other similar efforts. There has been considerable
rioting and pillaging in Berlin, Duesseldorf, Cologne and smaller centres by so-called hunger strikers. Bavaria has shown even a greater disposition
to revolt against the Central Government. A break
has occurred between the Government of Saxony and
the latter, but according to a Berlin dispatch last
evening it may be smoothed over. Proceedings at the
Imperial Conference of Premiers in session in London have come to possess interest only for Great
Britain and her Dominions.
Germany has a virtual dictator in the person of
Gustave Stresemann, Chancellor of a Cabinet that
resigned recently, and also of another which he reconstructed out of the former one. But he is more
than a Chancellor, or Premier, great as is the power
of the man at the head of a European Ministry, under anything like normal conditions. Between 1
and 2 o'clock on the afternoon of Oct. 13 "the Reichstag passed the constitutional amendment conferring
'extraordinary powers' on the Stresemann Government, thereby suspending numerous constitutional
rights and liberties. The vote was 316 to 24, with
7 blank ballots." In a wireless dispatch the Berlin
correspondent of the New York "Times" called attention to the fact that "347 members were present
[vol.. 117.
in the Chamber when the vote was taken, whereas
only 306, or two-thirds of the total Reichstag membership, were necessary to make the constitutional
amendment effective. That the majority was overwhelming was indicated by the fact that only 232
votes, or two-thirds of those present, would have been
required." In describing the scene in the Chamber
when the voting of the members was in progress, the
"Times" correspondent pointed out specially that
"one of the most interested and active of the Reichstag members during the division was Herr Stinnes,
who had rushed up from the Ruhr overnight, though
his political foes had tried to brand him as a bad
patriot by prophesying he would remain in the Ruhr.
Stinnes voted for conferring dictatorial powers on
Dr. Stresemann. He counted the benches left vacant by the Nationalists, conferred and gesticulated
with one of his henchmen, then smilingly signed his
red ballot and slipped it into the urn, which was
turnd over for counting to one of the women members, who were functioning as secretaries of to-day's
session." The correspondent directed attention to
the additional fact that "the vote was hailed by the
big Coalition as not only a great victory for Stresemann in the Reichstag but a decisive victory of the
Coalition over the forces of the Extreme Right and
Left Nationalists and Communists. It gives constitutional right of way for the Stresemann Government's reform and rehabilitation program, which
can now be put through without fear of political obstruction to check it." Continuing, he said that
"semi-officially it is announced that the Government
will put drastic new measures into effect speedily
and that these measures will be made public early
next week. These will include a fight against the
high cost of living, a fight against profiteering, and
particularly a fight against price fixing and price
boosting. On the other hand, there will be measures
designed to benefit honest business, these including
revocation of some of the most burdensome provisions of the old demobilization ordinances still in
force, which greatly restrict the right to hire and
discharge, and, as the sorest point, provide that
manufacturera must put workers on part time rather
than reduce their working force." Berlin also heard
that"a further new measure will require receivers of
unemployment doles to labor on public works on the
new principle 'No work, no doles,' while juvenile
beneficiaries of unemployment support for whom
suitable work may not be available will be forced to
go to school or learn useful trades. And, most important, the Cabinet on Monday will definitely decide on a new currency measure. A gold note currency and gold note issue bank are planned, but as
this will take considerable time, an interim sounder
currency than unbacked paper marks will be decided on. Dr. Helfferich's project of rye notes has
again bobbed up, with considerable chance of adoption, the principal argument in its favor being the
agrarians may accept rye notes for agricultural products, whereas they will not accept paper marks much
longer."
If the following is even approximately true it
would seem that there can be but scant hope of
France and Germany getting together in the near
future. The Paris correspondent of the New York
"Tribune" cabled that he was "able to outline, on the
highest authority, the policy the French Government
will adopt toward the new dictatorship and toward
Ocr.20 1923.]
THE CHRONICLE
1699
political Germany in general henceforth." He added of their own. Unemployment In Belgium is steadily
that "the high points in the French attitude which increasing, the note added, and the State railways,
at first appear almost brutal, follow: "First, there h.,herto operated at a profit, now are threatened
is not the slightest hope in Paris that Germany ac- with a deficit of at least 150,000,000 francs by the
tually will begin to pay reparations for some years. end of 1923. Aside from announcing that Belgium's
The Stresemann Government, even in the form of trade already was facing serious distress, the note
a dictatorship, will not be able,it is felt, to carry out called attention to the rather weak political position
real financial reforms or otherwise put the German of the Brussels Cabinet and the embarrassing neceshouse in order. Germany's political unity, it is be- ,1ty of standing between France and England in the
lieved here, is collapsing, and the nation is now at matter of Germany."
the high point of this crisis. Not a hand will be
From Berlin came the important information on
raised by official France to give political strength
to the Stresemann Government or any other Govern- Tuesday morning that "Germany's note printing
ment which may arise in Germany. Premier Poin- presses, which have been working with ever increascare is convinced that such aid would be useless and ing speed since 1915, will soon stop turning out
would only result in prolonged misunderstandings. worthless paper marks with the completion of the
Second,it may be said that official negotiations with present run of 5,000,000,000, 10,000,000,000, 50,Berlin are possible so far as restoring the Ruhr to a 000,000,000 and 100,000,000,000 mark notes. This
productive basis is concerned. Chancellor Strese- decision was taken by the Stresemann Cabinet tomann's new dictatorial position makes it possible night." (Oct. 15.) The Chicago "Tribune" correfor him to aid the stricken people in the occupied spondent said that "the new currency, to be based
areas, but for official France to aid Stresemann on the proceeds of a gold loan on the Reichsbank reherein would,in French opinion, be playing into the serve and tributary mortgages on all German real
hands of the Chancellor's so-called enemies. M. property will then be issued in notes of from 5 to
Poincare does not trust Dr. Stresemann's loyally. 5,000 marks, with aluminum and brass coins of 50
He sees the German statesman as one at a cross road, pfennig and 1 and 2 marks." The Associated Press
where various emotions will sweep in upon him and correspondent cabled that "the Cabinet to-night apmay influence him to move in any one of several di- proved a bill granting a charter for a so-called gold
rections. The French Government feels that, despite annuity bank, whose capital will be furnished by ineverything—even a series of military dictatorships in dustry, agriculture, banking and commerce through
Germany, ending in the rise of a strong military compulsory hypothecation of their realty and other
leader from Bavaria or Prussia, supported by the holdings." He outlined the scheme for the new inindustrialists—the German nation itself, with its stitution as follows: "The present bill specifies that
great reservoirs of labor, its industrial, mechanical the newly founded bank is to place 1,200,000,000 new
and agricultural benefits, will not perish, but in time gold marks at the Government's disposal, in return
will emerge into a genuine spiritual rebirth. Then, for which the Reichsbank will cease to discount the
and only then, declares official France, can relations Government's Treasury bills, thus placing it in a poof mutual confidence between France and Germany sition to accomplish an immediate curtailment of
be established. The French policy meantime is that inflation. The current paper mark will continue as
Germany shall not become a strong State, avoiding official legal tender, the present bill merely providits obligations and striving toward a day of revenge." ing an intermediary solution to the impending
Commenting upon the attitude of France toward scheme of general currency reform. In connection
Germany and on what Belgium had decided to do with its present plan of approving an issue of gold
about it, the Paris correspondent of the New York an ti allies secured by hypothecated private proper"Tribune" cabled the following day that "almost a ties, the Government will immediately authorize the
complete revolt by Belgium against Premier Poin- issue of 200,000,000 marks' worth of gold loan certificare's policy of indifference toward Germany, even cate' in small denominations for the benefit of small
to the extent of allowing the Reich to revert to chaos investors." He added that "the official communicaand undergo a sort of national purgatory, while the tion announcing the granting of the charter to the
Allies continue independently to exploit the re- new bank lays stress on the point that the paper
sources of the Ruhr and Rhineland to-day forced the mark is to continue as the unit of the national curFrench Premier to agree to a preliminary inter-Allied rency, the proposed annuity bank merely being the
meeting within the Reparations Commission in the first effort to establish currency secured by gold
next few days." He further asserted that "in a value."
strong though courteous note delivered by the Belgian Ambassador to Paris the Brussels Government
Cabling from Berlin under date of Oct. 17, the
told M.Poincare that the situation confronting Ger- New York "Tribune" representative said that, "demany—one which might easily unleash anarchy in spite the pressure brought to bear on him by Socialist
Germany—was considered decidedly dangerous from members of the Government and from other sources,
the Belgian economic viewpoint. With Germany de- President Ebert to-day refused to lift the state of
stroyed as a market for goods from the Ruhr and martial law in Germany. Martial law, the PresiRhineland factories, it would be quite useless, the dent said, will be continued as long as the disturbing
Dote pointed out, to stimulate production in the oc- internal situation prevails." Cabling Thursday
cupied territories." Continuing to outline the Bel- evening, the Berlin correspondent of the New York
gian position, the correspondent said: "The note "Tribune" said that "with chaos and disaster threatadded that if Germany were unable to consume prod- ening from every side, indications to-night are that
lies from the occupied regions, the burden inev- the Stresemann dictatorship Cabinet is headed for a
itably would fall upon the shoulders of France and swift exit. The reactionary extremists to-day have
Belgium, who would be called on to create markets been renewing their attacks on the present regime,
for the products of alien industries at the expense which appears impotent to influence, let alone mas
1700
THE CHRONTCLE
(VOL. 117.
A much more hopeful note was sounded in the folter, the multiple problems besetting the Reich. Once
lowing
excerpt from another Duesseldorf dispatch
possibility."
a
as
looms
dictatorship
more a military
to the New York "Times," also under date of Oct. 13:
While the Reichstag was taking the extreme meas- "Important negotiations have been proceeding to-day
ures already outlined with a view to restoring order between the French regie and the German railroad
and stability in Germany, disorder was reported workers' representatives. The head of the Francofrom Duesseldorf. The trouble appeared to have Belgian regie arrived from Coblenz to confer with
taken the form chiefly of the looting and pillaging of General Degoutte and the outlook for resumption of
stores by "hunger strikers." The New York "Times" work is more hopeful. A German informant, indeed,
correspondent said that "the trouble began in the told me an agreement would be signed to-day or tosuburb of Oberbilk, where bands of Duesseldorf's 70,- morrow, the men all returning to work on next Wed000 unemployed stormed a food shop, smashed the nesday or Thursday." The correspondent added
windows and carried off loads of margarin and that "in French circles this information cannot be
canned goods. Everything was gone and the shop verified, the greatest secrecy being maintained as
empty in a few minutes as if by magic. The bands officials fear premature publicity. But it is admitthen proceeded elsewhere to repeat their exploits." ted things are shaping well." In calling attention to
In further describing the situation, the correspond- other natural results of the discontinuance of pasent said: "This morning [Oct. 13] Duesseldorf sive resistance the Paris representative of the New
storekeepers prepared for the worst and kept their York "Times" observed that "the cessation of Ruhr
shutters down, the city presenting a curious aspect relief by Berlin will, without doubt, bring more or
with business carried on in darkened stores and less of a showdown on the cessation of passive resisoffices. Many remained closed altogether. Toward tance. It is announced that the payment of money
10 o'clock bands of the so-called hunger strikers ar- by Berlin to the Ruhr workers to remain idle will be
rived from the outlying district. While not at all doubled up to Oct. 17, then diminished by one-fourth
minimizing the gravity of the situation, these hunger. on Nov. 1, one-half on Nov. 11 and shortly thereafter
strikers with few exceptions do not present a genu- suppressed. On the one hand this means the incenine appearance. Mostly they are young hoodlums. tive to the Ruhr workers to remain idle will be reThe real hungry ones probably remain silent at moved and logically they would be disposed to go
home." In explanation of the chief causes of this back to work to earn money." Still the Paris corredemonstration the "Times" representative said:"The spondent of the New York "Tribune" asserted that
outbreak is sympathetic of the impossible situation "direct negotiations between Paris and Berlin for
caused by the mark crash. Also, it is a sign of grow- the re-establishment of production in the Ruhr were
ing exasperation against profiteers. The doles paid predicted here to-day to be a matter for the very
the unemployed are entirely insufficient. The un- near future, despite Premier Poincare's brusque reemployed situation is growing rapidly acute and buff of the recent German advances."
assuming an ugly aspect. A quarter of a million are
From Brussels came word a week ago this afterwithout work to-day in the Ruhr alone. The numbers in the Rhineland are proportionate. Every- noon, through an Associated Press dispatch, that
where there are outbreaks and demonstrations sim- "the Belgian Government has invited the French,
ilar to Duesseldorf." From Paris came word that British and Italian Governments to refer to the
"relief for the unemployment crisis which caused Inter-Allied Reparations Commission the Belgian
widespread looting at Duesseldorf and other Ruhr reparations plan submitted to the Allied Governtowns to-day, will be sought, according to the Dues- ments on June 6 last to be used by the Commission
seldorf Havas correspondent, in the reopening of a is a basis of a concrete plan of German reparations
number of factories and the resumption of inter- in the impending negotiations." According to the
rupted construction work and other employment." dispatch also, "it is officially stated that the three
It seems that the looting and pillaging were in evi- allied Governments have acceded to the Belgian prodence in Duesseldorf and other important centres posal and that the Reparations Commission will unin the Ruhr two days before. The Associated Press dertake a study of the Belgian suggestions." The
correspondent at Duesseldorf cabled that "the dis- information was received through an Associated
orders which began last evening at Solingen, in Brit- Press cablegram from Paris that "the British Govish occupied territory, continued to-day, the casualty ernment's acceptance of the suggestion of the Bellist now totaling eleven dead, including the Commis- gian Foreign Office for a reference of the Belgian
sary of Police, and 35 wounded. Many stores have reparations plan to the Inter-Allied Reparations
been pillaged. The British troops have not yet inter- Commission as the basis of a concrete plan in the
fered. Other unemployed men are .marching from impending negotiations for a settlement of the quesGrafrath to help their comrades. At Hoechst, where tion of German reparations was received at the For2,000 unemployed besieged the City Hall,. the Ger- eign Office to-day [Oct. 14]. This completes the
man police fired on the crowd,killing one and wound- general accord by all the Allies." It was also stated
ing ten others. The pillaging also continued to-day that "the Reparations Commission will now proceed
at Cologne, and the police fired when the crowd to study the Belgian plan officially, with a view to
stoned them." The Berlin representative of the same ascertaining whether it can be used as the basis for
news organization sent word that "food riots oc- a solution of the problem of reparations when the necurred this morning in two of Berlin's densely popu- gotiations concerning them are resumed." The corlated sections where the population is without pota- respondent added that "the Belgian document, which
toes or meat. In both instances, according to the was an outgrowth of many months of investigation
police, those responsible for the disorders were unem- by Belgian technical and financial experts in Gerployed men, who were accompanied in their raids by many, has been unofficially before the Reparations
Commission for some weeks. The French, British
many women."
and Italian members of the Commission have been
OCT. 20 1923.]
THE CHRONICLE
1701
conversant with its contents, but up to the present a dispatch from the Berlin correspondent of the Centhere has been no official discussion or an exchange tral News of London. It was claimed that "a mob
of views on it." In giving the essential features of tried to force its way into the Berlin Stock Exchange
the plan he said in part: "The broad outline of the this morning. The doors were promptly closed and
plan provides for a minimum of 50,000,000,000 gold the police took up the task of dealing with the attackmarks as Germany's indemnity, to which is added ing throng. The mob also tried to storm the City
82,000,000,000 marks in "C" bonds. The plan notes Hall, but the police appeared in strong force and
that the first figure is recognized as being moderate; seemed to be masters of the situation after fierce
that it has been adopted by all the Allies and even fighting in which a number of persons were injured,
admitted as fair by the last International Socialist several seriously. For the moment, the City Hall
Congress held in Hamburg. The plan gives 3,000,- and the Stock Exchange have been locked and
000,000 gold marks as the amount in yearly pay- strongly guarded, and the Wilhelmstrasse closed to
ments Germany can make. It gives the figures as pedestrians and vehicles." The Berlin correspondarrived at, together with all technical documents. ent of the Associated Press cabled that "more than
By reorganization of the German railroads along the 100 Communist leaders were arrested at Hildesheim
lines elaborated, according to the plan, they alone and Elfell, in the province of Hanover, while atcould be made to yield 1,000,000,000 gold marks, tempti: to hold a congress of workmen's councils.
while other monopolies, such as tobacco, wines, beer, The s- Len increase in the price of the four-pound
mineral waters, sugar, matches and coal, if managed loaf of bread, which brought the price from 31 to 480
as the experts advise, would provide an additional million marks, has caused considerable excitement
1,500,000,000 gold marks. To these figures, the plan and anger among the Berlin working classes. It has
asserts, may be added 500,000,000 gold marks as the also been responsible for much of the plundering of
fruits of eventual participation by the Allies in Ger- bakers' shops by bands of youths and women." More
man industrial enterprises. The Belgian Govern- details of the trouble in Berlin were given in cable
ment further suggests that as soon as the Repara- advices from that centre received here Wednesday
tions Commission has taken full official cognizance morning. It seems that the leaders of the mob of the
of its plan, a conference of the heads of the Allied unemployed that stormed the City Hall demanded a
Governments be called." The Brussels correspond- conference with the members of the municipal Govent of the New York "Times" cabled that "accept- ernment and were admitted. The argument put forance by the Allies of the Brussels Government sug- ward by this committee evidently made some impresgestion is regarded in industrial circles as an impor- sion on the City Fathers, who promised to consider
tant step forward." He added that "an exact inven- immediately how to aid the starving unemployed. A
tory is to be made of the wealth of Germans both in meeting of the municipal Government actually took
property and sources of revenue. This task is ob- place during which schemes for employing 20,000
viously a difficult and delicate one in view of the de- men on public works were proposed. There was also
preciation of the mark and the economic instability a proposition that the city co-operate with many priof the Reich, but the experts will bring to it all their vate benevolent associations which distribute meals
experience and good-will."
free or almost free of charge." The New York
"Times" representative said that "later in the eveIt was gratifying to read that "Minister of Com- ning another committee of unemployed submitted
munications Oeser has instructed railway men in oc- the following demand to the Mayor and Aldermen:
cupied territory to work for the Franco-Belgian Rail- Immediate payment of 10,000,000,000 marks with a
way Administration and to take the required oath, gift of two loaves of bread, two pounds of lard and
which the chief of the Railway Administration has an adequate supply of coal and wood to every unemexplained has only disciplinary significance and ployed person. Furthermore, they insisted on the
does not involve the question of German sov- establishment of free public kitchens all over the city
ereignty." This information was contained in an and free boarding houses for the unmarried jobless
Associated Press dispatch from Berlin under date of of both sexes." The statement was made in an AssoOct. 14.
ciated Press cablegram from Berlin Wednesday afCable advices from Berlin and other German cen- ternoon that "measures announced by the municitres Monday morning stated that the day before pality to aid the unemployed were followed to-day
(Sunday) there had been practically complete ces- by quiet in the trouble centres of Greater Berlin."
sation from rioting and pillaging of food stores. The It was added that "among the measures announced
dispatches Tuesday indicated clearly that both had by the city authorities in the way of relief were the
been resumed at Berlin, Neustadt and Cologne. From immediate opening of 14 feeding kitchens for the disDuesseldorf came a special dispatch to the New York tribution of free meals and free allowances of wood
"Times," in which it was set forth that "the Com- and coal."•
munists and Nationalists are working hand in hand
in the Ruhr to foment trouble, if the interpretation
According to a special Cologne dispatch to the
by French official,circles of the significance of the New York "Times," under date of Oct. 16,"at a meetrecent pillaging is correct. According to a state- ing that afternoon of the industrialist leaders who
ment made this morning, the movement is political have been negotiating with the French, including
rather than economic. It was definitely aimed Stinnes, Klockner and Vogler, a drastic step was
against Chancellor Stresemann on the one hand and decided on." The correspondent also reported that
against the French on the other. The comparative "at yesterday's meeting of the Ruhr mine owners it
calm which has reigned here since the news from Ber- was decided to negotiate only as a compact body.
lin that the Chancellor Saturday succeeded in carry- To-day the whole situation was reviewed by the ining through his dictatorship measure is taken as dustrialists. It was stated by one of them that the
bearing out this belief." On Tuesday morning the Reich's Finance Minister had come to the conclusion
situation in Berlin became still worse, according to that it was impossible to continue at present to fi
1702
THE CHRONICLE
nance not only reparations in kind to France but
reparations of every, sort for any of the Allies." The
"Times" representative asserted that "the financial
chaos, loss of taxes and railway earnings in the
Rhineland and Ruhr, general exhaustion after the
Ruhr struggle and the urgent necessity of feeding
the population called for drastic economies and concentration on the economic problem. Probably even
the mark advances to the armies of occupation would
have to cease." He even said that "a note was in
course of preparation by the Cabinet and would be
dispatched to the Allies almost immediately, conveying to them this intimation of the cessation of all reparations payments until further notice." Commenting upon the situation he observed that "it was thus
clear to the industrialists that the answer to a quesnay for
tion which every one is asking: 'Who is
iously
the production of reparations coal?' was
not going to be 'Berlin,' since the Government had
indicated that neither payments nor Ruhr credits
would be forthcoming in the future."
Announcement was made in a Chicago "Tribune"
dispatch from Paris Tuesday evening (Oct. 16) that
"Chancellor Stresemann to-day telegraphed the text
of a new note to the French Government which Ambassador von Hoesch will deliver to Premier Poincare to-morrow." Apparently this was the note
which, according to a Berlin cablegram, already
quoted, was in course of preparation. The "Tribune"
representative said that "this is the first written
communication from the Berlin Government since
Herr Cuno was overthrown." He outlined the note
in part as follows: "The German communication
which is called an aide memoire, reiterates the former request for German-Franco-Belgian co-operation
for resumption of work in the Ruhr, and says Germany is unable to reimburse the mine and factory
owners for fuel and material delivered to the Allies
on the account of reparations in accordance with
agreements already reached between General Degoutte and certain industrial groups in the occupied
territory. Chancellor Stresemann practically asks
Premier Poincare to abandon his claim for delivery
of material in kind during the length of the moratorium which France announced it was willing to
grant in January before the split with former Prime
Minister Bonar Law, resulting in the seizure of the
Ruhr. At that time Premier Poincare agreed to a
three or four-year moratorium on the payment of reparations, but insisted that the delivery of materials
continue. The German note states it is impossible to
reorganize and stabilize finances if it continues paying paper marks for material the Ruhr industrialists
deliver to the Allies. By so doing the inflation and
emission of worthless currency would continue,
whereas, according to the new plan, it would cease
printing old paper and the new marks wOuld supersede the depreciated currency by February, putting
Germany on its feet monetarily. Since Germany was
excluded from the negotiations between General Degoutte and the Ruhr industrialists recently, Germany
urges the French Government to induce the mine
owners and factory operators to extend credits to
the Berlin Government to the amount of the material
delivered to the Allies for the length of whatever moratorium may be granted to Germany--five years being suggested as the minimum." The Paris representative of the New York "Times" cabled the same evening that "Dr. von Hoesch, the German Charge d'Af
[VoL. 117.
faires, informed Premier Poincare to-day that he
desired an immediate interview." He added that
"because of the visit of President Masaryk, the Premier notified the German diplomat that he could not
receive him to-day, but would do so to-morrow."
(Wednesday, Oct. 17). According to a special Paris
cablegram to the New York "Times" filed that evening (Oct. 17),"Premier Poincare again rejected the
German efforts to enter into negotiations with the
French and Belgians on resumption of work in the
Ruhr." It was also stated that "Dr. von Hoesch
handed to M. Poincare two memoranda, one the German reasons for abolishing the coal tax and the other
an exposition of Germany's inability to finance reparations in kind." The "Times" correspondent said
also that "M. Poincare replied to the German diplomat that he took note of the first declaration with
respect. Of the second declaration he said that if
Berlin could not now finance deliveries in kind it
was Berlin's own fault, due to the stupid Ruhr fight.
As to the coal tax, he declared that regardless of
what Berlin did it would be maintained in the Ruhr,
and that in view of the second declaration he regarded the third declaration as useless." The correspondent further asserted that"the Premier repeated
that France regarded resumption of deliveries in
kind as a test of German cessation of resistance. He
advised the German Government to get together with
the Ruhr industrialists to meet the conditions on
which the French and Belgians would insist in the
Ruhr, and warned the Germans that no general reparations negotiations could be begun until the Ruhr
problem was in way of settlement." He added that
"it is reported that the German spokesman made no
declaration on general reparations, but limited his
observations to the situation in the Ruhr, which has
become rather critical since Berlin hampered the
Franco-Belgian plans for direct accords with the
Ruhr industrialists by notifying them that the German Government would not pay for deliveries in
kind."
Commenting upon the reparations situation, the
Paris correspondent of the New York "Herald" said
that, "with the exception of the Belgian delegates,
the members of the Reparations Commission do not
believe the Belgian economic studies of Germany's
capacity to pay—a report of which was submitted
to-day—increase the prospect of an early settlement.
The British, it is understood, agree with the French
that the situation remains unchanged and that little
or nothing can be done by the Commission until the
general problems of the Ruhr, Germany's finances
and Allied control have been settled by the Allied
Governments."
Through a dispatch from Brussels Wednesday afternoon it became known that "the German Charge
d'Affaires, Herr Roediger, called. on Foreign Minister Jaspar on that day and informed him that the
German Government had ordered the railroad workers in the Ruhr to resume their duties. He added
that the economic conditions in Germany rendered
collection of the coal tax impossible and that the
German Government would have the greatest difficulty in paying the industrialists for any coal they
delivered to Belgium on the reparations account."
Acccording to the dispatch also,"M. Jaspar, it is understood, replied this was a matter concerning only
the German industrialists and their Government,
OCT. 20 1923.]
THE CHRONICLE
which was responsible for the present situation. In
any case, he added, Belgium would not pay for the
coal delivered to her."
Apparently Chancellor Stresemann, as virtual dictator in the Reich, cannot look for any support from
Bavaria. On the contrary, even before he received
"extraordinary powers" from the Reichstag, that
State had decided to oppose him. Cabling from
Munich under date of Oct. 12, the New York "Times"
representative said: "If Chancellor Stresemann
succeeds, as it is expected he will, in obtaining tomorrow assent of the Reichstag to the Act giving
him 'extraordinary authority,' the Bavarian Government will oppose that authority passively but none
the less determinedly. During the last fortnight Munich has been the centre of resistance to this step by
the Chancellor, not on the ground that German does
not want a. dictator, but solely on the ground that
Stresemann is not the kind of dictator Bavarians
want. Their policy has failed so far as Parliament
is concerned, but there remains for them concerted
disobedience to all decrees and enactments of the
dictator should he receive full power. That is the
policy which it has been decided will be followed
here. There will be no active opposition to Berlin
decrees and no fomenting of ideas of civil strife."
The correspondent added that "this passive resistance will be based on the cry that the creation of
Stresemann's dictatorship is an infringement of.the
Weimar constitution. But its real reason will be
the complete distrust which exists here of Stresemann's policy toward France and his attitude toward the Socialists. Naturally, the latter of these
reasons is most kept to the front in all discussions
here. Bavaria's policy has been to rid herself of any
Socialist Government and the second step is to try to
rid the whole Reich of that control." Continuing to
explain the situation, he said: "Whatever the mei.•
its of the argument,there is no doubt that in Bavaria
it is having an effect. The difficulty of making both
ends meet are so tremendous that few workmen's
families have meat more than once a week and when
the argument is presented to them that the situation
is the result of the Socialists' Administration, it is
not difficult to win recruits to reaction."
Several days elapsed without much being said in
the cable dispatches from Germany relative to the
situation in Bavaria. In a cablegram dated "On the
Saxon-Bavarian Border, Oct. 16," to the New York
"Times" it was asserted that "this Mason and Dixon
color line of Germany is drawn with brutal vividness between Red Saxony and Blue Bavaria. On the
one hand are the forces of communism and republicanism and on the other hand those of monarchism
and militarism, each claiming to be all for maintaining law and order and each on the edge just waiting
for the other side to start something so as to have a
pretext for wading in and mopping up. This is the
dangerous situation that seems to be forming Germany's next storm centre in Red Saxony and Thuringia." From Berlin came a special cablegram to
the "Times," under date of Oct. 17, stating that
"there is almost nation-wide nervousness over conditions in Saxony and Thuringia, which is also Red,
and where at Weimar, the capital, the new SocialistCommunist Government to-day obtained in the Landtag a vote of confidence by the small majority of 28
to 24." The correspondent said that, "according to
a telegram from Munich, the Bavarian Volkspartei
1703
met last night. All the Cabinet Ministers, including Prime Minister von Bnilling, being members of
the Volkspartei, attended, so that the meeting had
special significance. A Reichstag member, Rauch,
demanded that the present Federal Government be
at once displaced by an energetic Nationalist dictatorship." He even asserted that "it is generally believed here that Bavaria is contemplating some highhanded action that would make her master of the
political situation in Germany."
I ,
I
N
Some idea of the greatly disturbed political conditions apparently existing in Germany may be had
from the following statements appearing in a Berlin
cablegram Thursday evening: "The radical Minister-President of Saxony, Dr. Zeigner, to-day openly
defied the demands of the Federal Dictator of the
Dresden district, General Mueller. He opposed answering the General's letter calling on the Saxon
Cabinet to disavow the fiery speeches of Saxon Finance Minister Boettcher. Zeigner declared in the
Diet to-day he was ready to fight for a dictatorship
of the proletariat. Zeigner read to the Diet the letter
from General Mueller demanding disavowal, and asserted he objected to such attempts at interference
with his Government. Although he swore allegiance
to the Constitution. he said the rights guaranteed by
the Constitution had been broken and that he was
ready for a struggle if it became necessary. Mueller's
letter, while making no definite threat, firmly demanded a reply by 11 o'clock to-day, stating 'unequivocally' whether 'the Saxon Ministry as a whole
identifies itself and is in agreement with the letter
and spirit of Finance Minister Boettcher, or whether
the Saxon Government is willed to act against the
utterances of Finance Minister Boettcher and in
accordance with my instructions.' This letter was
interpreted here and in Dresden as stripping the
last vestige of covering from sheer military dictatorship throughout the country. The General's demand
was understood to be backed by the presence of 15
battalions of troops under orders to march at his
command. No indication was seen of Saxony's willingness to yield." Announcement was made in an
Associated Press cablegram from Berlin, dated Oct.
48, that "diplomatic relations between Bavaria and
Saxony have been severed. -Saxony to-day dismissed
its Charge d'Affaires to Bavaria and announced the
appointment of a new Minister, whereupon the Bavarian Government replied, declining- to receive the
new Minister as long as the Communist Party was
represented in the Saxon Ministry. At the same
time it recalled the Bavarian Minister from Dresden." Through an Associated Press cablegram from
Berlin last evening it became known that "the dispute between the Federal Government and the Government of Saxony will be solved by the former displacing General von Mueller, Commander of the
Reichswehr in Saxony, whose mode of procedure is
said to have been too harsh." The correspondent
also said that "this action, the reports add, will be
accompanied by a rebuke to the Saxon Government
for its interference in the politics of the republic."
Cable advices from Berlin this week state that the
official discount rate of the Imperial Bank of Germany
has in reality not been advanced to 108%,as reported
last week. The 90% rate is said still to be the rate
for discounting bills as fixed on Sept. 17 last. The
108% announced recently represents solely the inter_
1704
est on advances on paper marks, and is declared to
be merely academic, since the Reichsbank is no longer
making any such advances. Other official discount
rates at leading European centres continue to be
quoted 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.
In London the open market discount rate was a
shade firmer, having been advanced to 3% for short
bills, against 2 15-16@3%, while three months are
now quoted 338@3 3-16%, comparing with 3 3-16%
last week. Money on call at the British centre likewise advanced from 234.% a week ago to 23/2%,
but closed at 29/8%. At Paris the open market
discount rate remains at 43/2% and in Switzerland
at 2%, without change.
Another, though small, increase in gold was shown
by the Bank of England in its statement for the week
ending Oct. 17, the exact amount being £148. This
was accompanied by an expansion in reserve of L547,000, the result of a contraction in note circulation
of £546,000, while the proportion of reserve to liabilities rose to 20.09%, as against 19.85% last week,.
19.93 a year ago and 13.51 in the corresponding week
of 1921. A further large expansion was reported in
public deposits, namely £2,291,000. "Other" deposits, however, fell 052,000. The Bank's temporary loans to the Government expanded £380,000,
and loans on other securities were £421,000 larger.
Gold holdings aggregate £127,670,706, comparing
with £127,435,454 in 1922 and £128,417,061 the year
before. Reserves total £24,061,000, against L24,195,924 a year ago and £23,182,931 in 1921. Loans
amount to £71,731,000, in comparison with L68,836,204 last year and £86,415,684 the year prior to
that, while note circulation is now £123,363,000, as
against £121,869,350 and £123,684,130 one and two
years ago, respectively. Clearings through the
London banks for the week totaled £671,730,000,
which compares with £701,615,000 a week ago and
£715,447,000 last year. At the regular weekly
meeting of the Bank Governors the 4% minimum
discount rate was left unchanged. We append herewith comparisons for a series of years of the different
items of the Bank of England return:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1919.
1923.
1922.
1921.
1920.
Oct. 22.
Oct. 18.
Oct. 17.
Oct. 19.
oa. 20
s
123.363.000 121,089,530 123,684.130 127.053,635 83,412,745
Circulation
15.793.000 12.217.903 14,793,597 16,539,019 22,410,339
Public deposits
109.187,203 158,808,859 125,844.505 144,606,890
103.960,000
deposits
Other
41,520.000 46,057,900 79,715,907 61,619,800 78,633,813
Gov. securities
Other securities_ _ _ 71.781,000 68,836,204 86,415,684 83,878,751 83,143,165
Reserve notes at coin 24,081,000 24,195,924 23,182.931 14,544,807 23,077,650
Coln and bullion-127,670,706 127,435,454 128,417.061 123,148,442 88,040,395
Proportion of reserve
13.75%
30.09%
19.93%
10.21%
13.51%
to liabilities
5%
3%
4%
7%
55i%
Bank rate
The Bank of France continues to report small gains
in its gold item, the increase this week being 81,975
francs. The Bank's gold holdings, therefore, now
aggregate 5,538,628,725 francs, comparing with
5,532,950,670 francs at this time last year and with
5,523,685,962 francs the year before; of these amounts
1,864,320,990 francs were held abroad in 1923,
1,897,967,056 francs in 1922 and 1,948,367,056 francs
in 1921. During the week silver increased 150,000
francs,. Treasury deposits rose 352,000 francs and
general deposits were augmented by 1,895,000 francs.
Bills discounted, on the other hand,fell off 59,901,000
francs, while advances were reduced 52,702,000
francs. Note circulation registered the further contraction of 402,390,000 francs, bringing the total out
[VOL. 117.
THE CHRONICLE
standing down to 38,086,964,000 francs. This contrasts with 37,128,805,630 francs in 1922 and with
37,406,813,170 francs the year previous. In 1914,
just prior to the outbreak of war, the amount was
only 6,683,184,785 francs. Comparisons of the
various items in this week's return with the statement
of last week and corresponding dates in both 1922
and 1921 are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
Changes
Oct. 18 1923. Oct. 19 1922. Oct. 20 1921.
for Week.
Francs.
Francs.
Francs.
Francs.
Gold Holdings-Inc.
81,975 3,674.307,825 3,634,983,614 3,575,318,905
In France
No change 1,884,320,900 1,897,967,056 1,948,367,056
Abroad
Inc.
Total
81,975
150,000
Inc.
Silver
Bills discounted__ Dec.59.901,000
Dec. 52,702,000
Advances
Note Circulation__ _Dec402,390,000
352,000
Treasury deposits_ _Inc.
General depos1ts—Inc. 1,895,000
5,538,628,725
295,223,000
3,011,201,000
2,215,492,000
38,086,964,000
21,751,000
1,967.317,000
5,532,950,670 5,523,685,982
278,075,158
287,638,788
2,195,086,832 2,401,299,796
2,140,178,304 2,245,518,906
37,128,805,630 37.406,813,170
29,995,386
42,819,833
1,982,005,222 2,554,364,012
The Imperial Bank of Germany continnes to break
all records in the amount of notes placed in circulation. In its statement issued as of Sept. 30 an increase nearly quadrupling the stupendous amount
already outstanding was recorded—to be exact,
19,601,085,721,144,000 marks, which brought the
grand total up to 28,228,216,470,000,000 marks.
This compares with 316,869,000,000 marks last year,
86,384,000,000 marks in 1921, and about 2,000,000,000 marks in July 1914, at the outbreak of the war.
An even more fantastic expansion was shown in discount and Treasury bills, namely, 32,985,806,172,998,000 marks. Bills of exchange and checks increased 14,594,579,361,331,000 marks; deposits, 10,813,863,155,598,000 marks; Treasury and loan association notes, 6,488,331,915,351,000 marks,and other
liabilities 5,647,919,667,361,000 marks. There were
increases also of 1,431,895,119,093,000 marks in
other assets, 258,667,881,000 marks in notes of other
banks and 996,173,527,000 marks in investments.
Total coin and bullion (which now includes aluminum,
iron and nickel coins) expanded 17,659,000 marks.
Advances were reduced 465,145,933,576,000 marks.
Gold reserves sustained a further loss of 25,800,000
marks and now stand at 443,927,000 marks, against
1,004,856,000 marks in 1922 and 1,023,704,000
marks a year earlier.
• The weekly Federal Reserve Bank statement,issued
at the close of business on Thursday, showed minor
changes in gold reserves accompanied by a moderate
shrinkage in rediscounting operations. For the banks
as a group, there was an addition to gold holdings of
$3,000,000. Rediscounts of Government secured
paper were reduced $20,000,000. In "all other" an
increase of $5,500,000.was reported, while bill buying
in the open market expanded $8,000,000, so that the
net result was a decline in the total of bills on hand of
$6,000,000, to $1,045,039,000. Earning assets decreased $4,000,000, but deposits registered an addition of $70,000,000. At New York a gain in gold of
$300,000 was shown. Rediscounts of all classes of
paper fell off approximately $34,000,000. Open market purchases, however, gained $10,900,000; hence
total bill holdings.were reduced $23,000,000. A correspondingly large decrease was reported in earning
assets—$18,000,000, although total deposits gained
$14,000,000. The amount of Federal Reserve notes
in circulation was reduced, both locally and nationally, $7,500,000 and $16,000,000, respectively. As
contrasted,with sharp reductions last week, member
bank reserve accounts were expanded, $52,000,000
OCT. 20 1923.]
THE CFTRO
for the system as a whole and $12,000,000 at New
York. Very little change has taken place in reserve
ratios. The combined statement reported a decline
of .8%, to 75.3%, and the local institutions a decline
of .3%, to 82.6%.
Last Saturday's statement of New York Clearing
House banks and trust companies was somewhat
routine in character, and changes, with the exception of a shrinkage of $34,202,000 in loans, were unimportant. Net demand deposits fell $6,810,000,
while time deposits were reduced $5,154,000 to
$456,721,000. The total of demand deposits is
$3,661,912,000, which is exclusive of $38,119,000 in
Government deposits. Other small reductions included $62,000 in reserves of State banks and trust
companies kept in own vaults, and $2,477,000 in the
reserves of member banks with the Federal Reserve
Bank. Cash in own vaults, however, increased
$2,454,000 to $51,145,000 (not counted as reserve),
and reserves kept in other depositories by State
banks and trust companies expanded $215,000.
Notwithstanding the fact that deposits were reduced,
surplus reserves decreased slightly, declining $1,336,000 as a result of the contraction of member bank
reserve credits. This left excess reserves at $14,624,210, in comparison with $15,960,210 last week
and more than $23,000,000 two weeks ago. The igures here given for surplus are on the basis of reserve
requirements of 13% for member banks of the Federal Reserve System, but not including cash in own
vaults to the amount of $51,145,000, held by these
institutions on Saturday last.
CI E
1705
against 432@532% last week. Monday 5% was the
high with the low 43/2% and renewals at 5%. Tuesday easier conditions prevailed and the high was
43
4%,with renewals negotiated at this basis; the low
was.still 43/2%. For a brief period on Wednesday a
low figure of 4% was touched, but the maximum
continued 43
4%, and this was the ruling rate. On
Thursday there was a decline to 432% high; the low
was again 4%, while loans renewed at 41A%. Friday's range was 431@43/2%, with 41A% the renewal
basis. The rates here given apply to mixed collateral and all-industrials without differentiation.
In time money the trend was downward and toward
the latter part of the week the range was lowered to
5@514% for all maturities from sixty days to six
months, as compared with 53j@5M% a week ago.
Offerings were in freer supply, but trading was not
active and no large loans were put through for either
long or short periods.
Commercial paper rates have not been changed
from 5@53% for sixty and .ninety days' endorsed
bills receivable and six months' names of choice
character, the same as a week ago. Names not so
well known still require 51
/
4 @5%. Most of the
.
business passing is being done at 531%, with 5%
quoted for New England mill paper. Moderate
activity was noted with the bulk of.the demand
coming from interior banks. Offerings were light.
Banks' and bankers' acceptances have ruled at the
levels previously current. With the easing in the
call market, a broader inquiry was reported, and the
turnover especially in the latter part of the week
was larger than has been the case recently. Both
country and New York institutions were in the
market as buyers. For call loans against bankers'
acceptances the posted rate of the American Acceptance Council is now 43%, comparing with 43'%
the previous week. The Acceptance Council makes
the discount rates on prime bankers' acceptances
eligible for purchase by the Federal Reserve banks
438% bid and 4% asked for bills running for 30 days,
43j70 hid and 43/g% asked for bills running for 60
and 90 days, 4/
8% bid and 434% asked for bills
running 120 days, and 43,% bid and 4/% asked for
bills running 150 days. Open market quotations
follow:
The most significant feature of the local money
market this week has been the distinctly easier tone
of time money. Borrowers, finding that offerings
were being made more freely, lowered their bids
from 531 to 5%. Lenders found no demand at
532%; the nominal figure at which over-the-year
loans were held. Money for 60 and 90 days was
offered •at 534%. Bankers said that their larger
offerings of time funds reflected more the return of
crop-moving money from interior points than any
material slackening in the business of the country.
While professional operators in stocks continued to
SPOT DELIVERY.
90 Days
30 Days.
60 Days.
assert that business is on a considerably reduced Prime eligible bilis
4%@4%
4)i@43
4%65)434
scale already, and promises to lessen still further,
FOR DELIVERY WITHIN THIRTY DAYS.
431 bid
bankers pointed to the seeming evidence to the con- Eligible member banks
Eligible non-member banks
434 bid.
trary furnished by the aggregate loadings of more
than .1,000,000 cars of revenue freight a week for
There have been no changes this week in Federal
many weeks in succession, and also to the big business Reserve Bank rates. The following is the schedule
being done by the large mail order houses, and the of rates now in effect for the various classes of paper
big volume that those concerns confidently expect at the different Reserve banks:
DISCOUNT RATES OF THE FEDERAL RESERVE BANKS
for the rest of this year at least.
IN EFFECT OCT. 19 1923.
There are various problems that are receiving
Payer Maturing—
official and popular consideration that undoubtedly
After 90 After 0
have an effect upon business, and perhaps on the
Days. but
bite
Within 90 Days.
WWrin 6 Within 9
RESERVE
money market. Reference might be made to pro- FEDERAL
Moestht.
Months.
BANK.
Couercied &cur. by
posals for tax reductions, lower freight rates on
Agricul.* grieta.
Agricul. U. S. Bankers' Trade
and
and
ckLivest'k Govt.
Amp- Accrp- Livestock Livestock
anthracite coal for domestic use and on wheat for
Paper. ObItga- tames. tames. Paper. Paper.
5.0.5.
lions.
export. The Government withdrew less than $2,Boston
434
431
431
434
5
000,000 from local institutions. The European New York
431
434
ig
434
434
434
Philadelphia
434
431
431
434
5
434
situation is no better and apparently still more Cleveland
434
431
434
431
434
434
Richmond
434
434
434
434
434
434
disturbed, particularly in Germany. Nevertheless, Atlanta
431
431
431
434
434
434
431
Chicago
41
4%
4%
4%
431
a successful offering was made in the local market St.
Louts
4%
4
434
434
434
434
Minneapolis
431
41
4%
41
431
4%
of $10,000,000 6% bonds of the Republic of Finland. Kansas City
411
434
434
4
431
Dallas
431
Elan Francisco
Referring to money rates in detail, call loans have
covered a range during the week of 4@5%, as
431
431
434
434
431
434
414
434
434
431
434
•Including bankers' acceptances draWn tor an agricultural Purpose and seemed
by warehouse receipts. Ito.
1706
THE CHRONICLE
[With 117.
The gold movement continues light, being limited
Dulness and irregularity with a tendency toward
slightly lower levels were the chief characteristics of to a shipment of £414,000 on the Olympic and
the week's trading in sterling exchange. After an £330,000 on the Aquitania from England. The first
opening quotation of 4 52%, demand bills see-sawed named vessel also carried a case of German currency,
aimlessly, though ruling most of the time around valued at £150, intended for the Public State Bank
4 53%, with the range 4 53 13-16 to 4 51%. Devel- of Chicago. This institution is said to have received
opments regarding the reparations tangle and Chan- two similar shipments during recent weeks.
cellor Stresemann's efforts to restore some semblance
Trading in 'Continental exchange was sporadic in
of political order in Germany were factors of conand here also movements were irregular
character
potent
siderable importance, but probably the most
deal of nervousness and hesitancy disgood
a
with
of
volume
the
was
values
influence in deciding actual
and no definite trend either up or
times
at
played
comparaa
Traders
report
offering.
commercial bills
course in the case of marks which
of
except
down,
bills—
grain
and
cotton
of
supply
the
in
tive scarcity
fall.
to
French exchange again took the
continue
still
in
Nevertheless,
the
of
year.
time
this
for
is,
that
the absence of good buyieg support, even moderate lead in point of activity, and quoted rates reflected
offerings tended to depress price levels. Toward the • the constantly changing political situation in Berlin.
close of the week cotton bills commenced to make Fluctuations, therefore, were rather erratic. In the
their appearance more freely, and the close was at the initial dealings Paris checks ruled around 6.06; subselowest for the week. Nevertheless, traders generally, quently a sharp upswing carried the quotation to
report that the market has not as yet attained any- 6.153; but the advance. was not sustained and there
4;Belthing like its usual autumnal activity. Wheat bills was a drop to 5.943, with the final figure 5.973
course,
and
the
similar
here
gian
currency
a
followed
for
As
are much fewer in number than normally.
Reichsmarks
failed
5.143/2.
extremes
were
and
5.32
in
offered
the scarcity in cotton bills, the explanation
some quarters is that American exporters .are quite to reflect the more hopeful utterances from Berlin
generally adopting the practice of forwarding their earlier in the week, and after a while broke severely
cotton for warehousing in Europe and then selling it on what appeared to be another serious political'updirect from the warehouses. This custom, it is said, heavalin Germany;the quotation at one time dropped
has grown out of the abnormal credit conditions pre- to the habitual new low, this time touching the
vailing abroad. In the latter part of the week microscopic figure of 0.00000001%, or at the rate of
speculative selling was in evidence, and this was more than 6,666,666,000 marks to the dollar. Little
taken to indicate expectation on the part of market or no business is being transacted in this market, the
operators of still lower levels for sterling in the course quotation being simply a reflex of what is going on
of the next few weeks. The market, however, taken abroad. Polish marks suffered in sympathy and
as a whole, is still in a waiting mood, with the outlook sagged off to a new low point of 0.00011%. Italian
for a continuation of the present "hands off" policy, lire were maintained practically throughout, and the
at least until the agitation over the Ruhr has subsided quotation was held at very close to 4.59 for checks.
and reparation payments have been definitely agreed Greek exchange was dull, but slightly firmer
in tone.
upon.
The other minor exchanges were steady and CzechoReferring to the day-to-day rates, sterling exchange
on Saturday last, was dull and heavy,, and there was a slovakian crowns, Rumanian lei and Finmarks all
3 for demand,4 53%@463% ruled slightly higher. In the late dealings the
decline to 4 52%@4 53%
for cable transfers and 4 50%@4 513/i for sixty whole foreign exchange market firmed up on more
days; trading was unusually light. On Monday an cheerful reports from abroad, which included the
increase in offerings of commercial bills induced a French, British and Italian agreement to use Belfurther slight recession which carried demand to gium's reparation plan as propounded in June for
/144)4 53 11-16, cable transfers to 4 52%@ the basis of a new plan of settlement with Germany,
4 52%1'
4 53 15-16, and sixty days to 4 509/8@4 51 7-16. resumption of work in many parts of the Ruhr and
The sterling market gave,a better account of itself on indications of subsidence of the rioting in Berlin and
Tuesday and quotations advanced fractionally on other important German centres. The advances in
quiet trading, to 4 53 1-16Q4 53 13-16 for demand, rates, however, were largely a matter of sentiment,
4 53 5-16@4 54 1-16 for cable transfers and 4 50 13-16 since trading continued restricted, with the undertone
@,4 51 9-16 for sixty days. Wednesday dulnesss dull and lifeless. At the close extreme weakness set
again featured dealings and the undertone was easier in again, with declines in nearly all currencies. Notwith the range for demand 4 523/2@.4 533, for cable withstanding announcement that the Stresemann
transfers 4 52%@,4 533/2, and for sixty days 4 NM@ Government had decided to stop the printing of marks
4 51. Irregular weakness prevailed on Thursday, at an early date, last week's German Bank statement
mainly as a result of freer offerings of commercial recorded a colossal increase in note circulation, nearly
%, cable quadrupling the total amount outstanding. The next
bills and demand sold down to 4 52@4 525
transfers to 4 523@4 52 8, and sixty days to statement is looked forward to with considerable in4 49%@4 503
%. Friday's market was a dull affair terest. Recent advices from Central Europe are to
and prices sagged off; the day's range was 4 51%@ the effect that a number of the European nations are
4 52% for demand,4 51%@4 52% for cable transfers considering the advisability of instituting new curand 4 49%@4 50% for sixty days. Closing quota- rency systems. Among those mentioned are Austria,
tions were 4 493/2 for sixty days, 4 519@4 52% for Hungary and Poland, each of which is said to be
demand and 4 52 for cable transfers. Commercial planning to establish stable units of currency.
The London check rate on Paris finished at 74.35,
sight bills finished at 4 519/8, sixty days at 4 4932,
74.70 last week. In New York sight bills on
against
ninety days at 4 47%, documents for payment (sixty
4, against 6.069;
French
centre closed at 5.973
at
the
days) at 4 49%, and seven-day grain bills
against
6.073
5.989',
4;commercial
transfers
at
cable
4 511
%. Cotton and grain for payment closed
against
6.053
,
4
5.969',
at
commercial
bills
and
sight
at 4 51%.
OCT.20 1923.]
THE CHRONICLE
1707
sixty days at5.91%,against 6.0013/ a week ago. Clos- FOREIGN EXCHANGE RATES CERTIFIED BY
FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF
ACT OF 1922,
ing rates for Antwerp francs were 5.17 for checks and
OCT. 13 1923 TO OCT. 19 1923, INCLUSIVE.
5.18 for cable transfers, against 5.163/2 and 5.17/
1 2,
Noon Buying Rate for Cable Transfers in
respectively, last week. Reichsmarks finished at
Value in United States Money. New Fork.
Country and Monetary
Unit.
0.000000085 for both checks and cable transfers,
Oct. 13. Oct. 15. Oct. 16. Oct. 17. Oct. 18.
Oct. 19.
EUROPEagainst 0.00000002 the previous week. Austrian Austria.
$
$
$
$
$
$
krone
2.000014 8.000014 8.000014 8.000014 1.000014
1.000014
Belgium, franc
kronen continue to rule independently of recessions Bulgaria,
0518
.0528
.0525
.0520
.0517
ley
010258 .010100 .010033 .010075 .010258 .0619
.010279
Czechoslovakia, kron 029843 .029853 .029857
elsewhere and finished at 0.00143', unchanged. Denmark,
.029855 .029827 .029814
krone
1763
.1756
.1760
.1758
.17.55
.1751
pound sterl
Lire closed at 4.51 for bankers' sight bills and 4.52 England,
ins
4 5346
4.5332
4.5372
4.5343
4.5242
Finland, markka
.026794 .026694 .026750 .026711 .026789 4.5264 •
for cable remittances. Last week the close was France.
.026778
franc
.0615
.0609
.0603
.0598
.0601
Germany,
4.56 and 4.57. Exchange on Czechoslovakia finished Greece, drachma
.015872 .015385 .015370 .015480 .015490
.015810
Holland, guilder
.3928
.3927
.3924
.3925
.3918
at 2.9834, against 2.99%; on Bucharest at 0.4734, Hungary. krone
000055 .000055 .000055 .000054 .000054 .3918
.000054
lira
0456
.0458
.0459
.0457
.0452
against 0.47; on Poland at 0.00013,against 0.00013', Italy,
.0452
Norway. krone
1565
.1548
.1545
.1554
.1552
.1545
Poland, mark
.00000106 .00000113.0000010 .00000110.00000105.00000103
and on Finland at 2.68, against 2.69 a week earlier. Portugal, escudo
0403
.0401
.0403
.0401
.0396
Rumania,leu
004681 .004669 .004714 .004710 .004696 .0401
.004706
Greek exchange closed the week at 1.62% for checks Spain, peseta
.1355
.1362
.1362
.1358
.1352
.1349
Sweden,krona
.2644
.2641
.2638
.2641
.2636
.2635
and 1.62 for cable transfers, as against 1.49% and Switzerland, franc .1794 .1795 .1796
.1794
.1792
Yugoslavia, dinar.... .011733 .011718 .011773 .1796
.011815 .011863 .011980
ASIA1.50 last week.
ChinaChefoo tael
Regarding the former neutral exchanges, move- Hankow
.7138
.7138
.7142
.7138
.7142
.7133
tael
.7092
.7092
.7096
.7092
.7096
.7088
Shanghai tael
6972
ments in the main were in sympathy with sterling Tientsin
.6964
.6982
.6967
.6969
.6969
tael
7196
.7196
.7200
.7192
.7196
.7188
dollar
.5173
.5173
and the larger Continentals. Guilders were easier, Hongkong
.5174
.5176
.5176
.5179
Mexican dollar__ .5050
.5059
.5060
.5059
.5046
.5050
Tientsin
or
Pelya
but this was due to increased offerings of guilder
dollar
5063
.5063
.5067
.5063
.5067
.5063
Yuan dollar
5104
.5104
.5108
.5096
grain bills, also, to a lesser degree, possibility of the India,
.5100
.5108
rupee
3095
.4093
.3099
.3110
.3105
.3109
Japan, yen
.4890
.4887
.4884
.4882
passing of a new bill by the Netherlands Parliament Singapore(S.S.)dollar .5308 .5304 .5300
.4880
.4877
.5304
.5304
.5304
NORTH AMER.providing for a greatly increased navy. Swiss francs Canada,
dollar
.984028 .983838 .984375 .988293 .987760 .987315
peso
999000 .999063 .999250 .999063 .999063
were a shade firmer, but the Scandinavian exchanges, Cuba,
Mexico peso
.483958 .485208 .483958 .483833 .484438 .999063
.483656
Newfoundland, dollar .981484 .981484 .981953 .985938
.985156 .958000
particularly Norwegian, were weak. The last-named SOUTH AMER.Argentina, Peso (gold) .7340
.7303
.7288
.7396
.7410
.7332
at one time touched a new low of 15.41,a decline of Brazil. milreis
.0963
.0960
.0956
.0961
.0947
.0940
Chile, peso (paper)._ .1149
.1150
.1168
.1183
.1175
.1179
21 points. Spanish pesetas at times displayed an Uruguay, peso
.7379
.7314
.7203
.7317
.7356
.7340
improving tendency, moving upward on reputed
The New York Clearing House banks in their
betterment in political affairs in Spain and prospects
operati
ons with interior banking institutions have
of a return to order and common sense.
gained $4,332,002 net in cash as a result of the currency movements for
Bankers' sight on Amsterdam closed at 39.12, Their receipts from thethe week ended Oct. 18.
interior have aggreg
against 39.283/2; cable transfers at 39.16, against $5,117,302, while the shipments have reache ated
d $785,39.323.'; commercial sight at 39.06, against 39.223', 300, as per the following table:
and commercial sixty days at 38.70, against
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK
BANKING
38.863/
INSTITUTIONS.
a week ago. Swiss francs finished at 17.91 for2
Into
bankers sight bills and 17.92 for cable transfers,
Out of
Gain or Lou
Week ending Oct. 18.
Banks.
Banks.
to Banks.
against 17.91 and 19.92 the previous week. Co- Banks'interior movement
$5.117,302
2785,300 Gain $4.382.002
penhagen checks closed at 17.50 and cable transAs the Sub-Treasury was taken over by the Fedfers at 17.54, against 17.64 and 17.68. Checks
on eral Reserve Bank on Dec. 6 1920, it is no longer
Sweden finished at 26.33 and cable transfers at
26.37, possible to show the effect of Government operaagainst 26.41 and 26.523, and checks on Norwa tions on the Clearing House institutions. The Fedy eral Reserve
Bank of New York was creditor at the
closed at 15.43 and cable. transfers at 15.47,
against Clearing House each day
as follows:
15.62 and 15.66 the preceding week. Final
quo- DAILY CREDIT BALANCES OF NEW YORK
FEDERAL RESERVE BANK
tations for Spanish pesetas were 13.54 for
AT CLEARING HOUSE.
checks
and 13.56 for cable transfers, against 13.55 and
Monday, Tuesday, Wednestry, Thursday, Friday,
13.59, Saturdav,
Aggregate
Oct. 13.
Oct. 15.
Oct. 16.
respectively, last week.
Oct. 17.
Oct. 18.
Oct. 19.
for Week.
2
$
$
$
As to the South American exchanges, very little 88,000,000
$
8
$
82.000.000 64.000.000 69.000.000 97,000.000
9,000,000 Cr.469,000,000
-The foregoing heavy credits reflect the huge mass
change has taken place and Argentine checks closed to Note
checks
of
which
come
the New York Reserve Bank from all parts of the country
in the operation of
the Federal Reserve System's par collection
at 323 and cable transfers at 32%
scheme. These large credit balances,
6 ,against 32% and however,
reflect only a part of the Reserve Bank's operations
with the Clearing House
institutions, as only the Items Payable in New
33; Brazil exchange finished at 9.75 for checks
City are represented in the
balances. The large volume of checks York
and daily
institutions located outside of
on
New
York
are not accounted for in arriving at these balances,
9.80 for cable transfers (unchanged from a week not Pass through
the Clearing House but are deposited with theas such checks do
Federal
ago). Chilean exchange turned weak and closed at Bank for collection for the account of the local Clearing House banks. Reserve
12.00, against 12.50, but Peru finished at 4 08 (unThe following table indicates the amount of bulchanged).
lion in the principal European banks:
Far Eastern exchange is as follows: Hong Kong,
Oct. 18 1923.
Oct. 19 1922.
51%@52, against 52/
3 s@52%; Shanghai, 699@70, Banks of Gold.
SUrer,
Total.
Gold.
Silver.
Total.
against 703/2@70M; Yokohama, 49@4934, against
£
£
£
£
England
127,670,70
6
49@4934; Manila, 49%@49% (unchanged); Singa- France a_ - 146,971,352 11,800,000 127,670,706127,435,454
127,435.454
158,771,352
Germany. 27.235,950 63,475.400 30,711.350 145,399,34 11,480,000156,879.345
pore, 53%@53V3, against 53%@539;
Aus.-Hun_ 10,944,000 2,369,000 13,313,000 50,111,230 1,299,153( 51.410.380
Bombay, Spain _ _ 101.029,000
10,944.000 2.369,0001 13,313,000
6,131.
, 6 ,000100,936,00 25,594.000126,530.000
31%@3134 (unchanged), and Calcutta, 313@31% Italy
35,638,000 3,034,000, 38,672,000
34,628,000 3,035,000 37.663,000
Netheads. 48,481 000
757,000
, 48.482,000
(unchanged).
715,000 49,197,000
Nat. Bell/. 10,790.000 2,413,000 49,238,000
13,203,0001 10,664.000 2,049,000 12.713.000
reiChS1Wirk•0000000001111•000000000242.000000000ssS
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different countries of the world. We give below a record for the
week just past:
Switeland.
SwedenDenmark Norway
00000E4020 .0000000001W00000000
0012
20,186,0001 3,876,000 24,062,000 20,230,000
4,577,000 24,807,000
15,139,000i
15,139,000 15,200.000
15,200,000
11.647,0001
224,000 11,871,000, 12,683,000
239.0001 12.922,000
8,182,0001
8.182,000, 8.183,000
8,183,000
Total week 563,914,008 51,079,490507,990408584,896
,029 51,357,150636.253.179
Prey. week 564,794,594 54,375,40061
9,169,994583,871,830 51,558,150635,429,901
a Gold holdings of the Bank of France this
year are exclusive of £74,573,797 held
abroad. b It is no longer possible
to
the amount of silver held by the Bank
of Germany. On March 15 1923 the tell
Reichsban
k began including in its "Metal
Reserve" not only gold and silver but
Bank still gives the gold holdings as a aluminum, nickel and iron coin as well. The
item, but as under the new practice
the remainder of the metal reserve can separate
no longer be considered as being silver, there
Is now no WRY of arriving at the Bank's
stack of silver, and we therefore carry it
along at the figure computed March 7 1923.
1
I
-cre.1iv
THE CHRONICLE
::e4t
Legislation and Politics.
country is approaching an extremely imporimutti regular session of Congress. If we read the
signs aright there is a feeling of tense suspense
throughout the country. There is calm, but it is
ominous. For if one fact may be discerned in the
anxious waiting it is that the great body of the people are in no mood for "playing politics." Clamorous classes are demanding quick "relief"; but the
vast majority want only necessary legislation,
founded upon principle, and practical in that it
touch only those needs that are vital and general.
There are subjects that must be considered. Taxation is One of them, and the foremost. Economies in
the administration of government is another, and
one that is continuous but now pressing. Even more
than positive requirements of an ordinary session is
the imperative duty of avoidance of those appeals
and protests of factions and parties that arouse the
people only to end in failure.
We read that something must be done for the
farmer; that "labor" will have a program to offer in
its own behalf; that the banking system should be
overhauled and the Federal Reserve System reconstructed. Hundreds and even thousands of bills
filled with "light" will be introduced. Legislators
will seek to make "records" for themselves; and
parties will fence for position in the coming campaign. In this mist and fog and fire what chance
will the people have to make themselves heard in
the halls of legislation? Very little, at the time.
But their temper and desire in these days before the
deluge can easily be defined. They want to be let
alone. Taken as a whole their interest is domestic
rather than foreign. Collectively they read and
meditate—and they know that time and toil are the
chief agencies in working out the trials and troubles
of a period, that, for us at least, has been slowly settling into normal since the war.
There is to be, no doubt, a consideration of "branch
banking" as incidental to the administration of the
Federal Reserve System. But as we have said before,
the free and independent bank is more important to
the finance and commerce of the people, in our opinion, than branch banking by either State or national
banks. And from this standpoint at least the controversy ought quickly to end. Of course there
ought to be bankers of wide knowledge upon the Federal Reserve Board and of course the A. B. A. is
right that there should not be class discrimination
for or against in the composition of this important
body. But the more these Federal Reserve matters
are bandied about in the next Congress the more
they will grow political; and the way to effectually
kill the "System" is to take it into politics. The
matter of too sudden deflation need not longer be
discussed since it and too great inflation are things
of the past—matters of judgment by those in charge
and well or ill no longer to be regarded.
But above all these problems is the matter of procedure. Is it not apparent that the "business" of
this Congress should be expeditiously concluded? A
.Congress dragging on into the summer months and
then frantically adjourned in order to allow members to participate in the campaign is wholly unnecessary and emphatically unjust to the people. Let
the Senate, the "great deliberative body" of the
world, forego politics entirely. Let it consider our
domestic problems and decide them duly without
[VOL. 117.
haste but without waste. For once, since the patient needs the rest cure, let the unseemly wrangles
and parliamentary tangles, the resolutions and
speeches to the galleries, be dispensed with, that the
people who toil and think in commerce may understand that the natural functions of finance, the natural forces of credit, will not be interfered with.
Perhaps these observations sound superfluous.
But there is an earnest conviction that we have too
many laws and too many protracted efforts at the
making of laws. "Normalcy" we shall never attain
while we are in the uncertainty of experimentation.
One of the splendid qualities of the late President
Harding was his poise. Calm though he was, he
was resolute when the time came for action. Through
the mists of uncertainty, amid the cries of forensic
conflict, in sound of the murmuring voices of selfish
classes, he pursued a quiet, commendable, effective
way—his sole thought the welfare of the whole people—a welfare to be attained largely by themselves
in whose capacity he had faith and whom he trusted.
And so might this coming Congress follow his example, and eliminating the idea that it is born to set
the world aright proceed to the necessary things and
let the doubtful alone.
In a word, let this Congress be one of the entire
people, no longer discordant through parties, blocs
and politics, but harmonious in an effort quickly to
perform its needful duties, and adjourn. The bearing of this procedure upon our growing paternalism
will be marked and salutary. As long as our legislative bodies, State and national, become arenas for
the battling of vain ideals and fantastic laws, ideals
and laws ever in conflict because selfish, opportune
and premature—just so long will eyes trained on
these bodies unconsciously imbibe the belief that
Government is the end-all and be-all of our human
existence. Thoughtful people want a chance to work
out their own destinies. Individuals are willing to
stake all on their own initiative, energy and enterprise, if only natural laws may be freed from artificial!
We make bold to say that the very perpetuity of
Government is at stake in the conduct of our legislative bodies. When they come to see that government
through law is not the cure-all for the ills of the human race they will not undertake these paternalistic
and bureaucratic efforts. They will have less to do;
still, enough, in the perfecting of independent, coordinate divisions of Government as to their necessary administrative duties. It is as important to
curtail growing legislative autocracy in a representative democracy as to curb the growing dictatorship in
the executive division. Laws we must have—though
they should be founded on experience and pertinent
ta the people, not to class, bloc or faction. Holding
to this, Congress will be able to finish its business
quickly and safely.
Men and Events—Hero Worship.
In all ages men have worshipped men. Even to
deification, the knee has cringed in adulation,supplication, reverence. In thought, as well as act, the
patriot has been exalted, the tyrant pilloried. Millions have followed, in blind adoration and submission, some great Caesar, now long "turned to clay."
Hero worship has its bright side and its dark. Those
who have led their fellows in honesty and simplicity
of character up and along the heights of great causes
are worthy the statue in bronze and the golden mem-
OCT. 20 1923.]
THE CHRONICLE
ory. But to remember men and forget principles,
this is the dark side. For, instrumentalities of reform, vessels of temporary power, agents of that Infinite that shapes causes and moulds events, leaders
are often no more than their humblest followers, save
that circumstances have placed them in the forefront, have thrust them into the crux of mighty issues that had their origin in a remote and unknown
past. All honor to him who fills the great role which
comes to him who prepares for a life of usefulness
by hard toil and thought—that he may help his fellows should occasion come!
But we do well, in contemplating the career of a
great man, to consider more his response to the call
made upon him by his time and place than to dwell on
his mere success or failure. Did he grasp at power
or reluctantly assume it? Did he always put his
country before himself? Did he turn aside from
laudation by the many to question his own heart and
mind? Did he hesitate to follow his own ideal that
he might counsel with the wise to the end of justice
and the humanities? Did he reason long and well
before exercising the powers delegated to him by people and Government? What part of his greatness
did he really achieve, and what part was thrust upon
him? The earth is filled with dead who died—in
glory—in gloom. Not alone in marble mausoleum
but in Potter's Field the dust of genius lies mouldering. Not alone in the memoried chapters of great
events are written the lives to be reverenced, but in
humble churchyard of many a forgotten parish the
"mossy marbles rest" on lives that gave their all for
truth, honor, helpfulness.
Our times and thought have fallen on the two fateful and mighty contrasts of war and peace. Happily
out of the terrible catastrophe that drenched a fair
continent in blood the arch-figure that most embodies war dwells in obscurity, pitied, when not
hated, by a world. But can we find as we sweep the
horizon of to-day one who in equal degree embodies
the peace that we love and long for? Is the question
idle or unfair? Perhaps it is. We do not know. But
this we know—that in millions of hearts of humble
men the feeling exists that were the power given to
turn back forever the red tides of war that power
would be gladly exercised. And, therefore, may we
not, in our contemplation of men and events of our
own time, look searchingly upon the careers of those
who led in forum and field in that awful conflict—
those who came and saw and conquered, who were
before and in and after it—to ask whether they mingled caution with courage, whether they mingled
deeds with duty—and whether they mingled politics
with patriotism? Did they learn in the throes of
that trying time the greatness of forgiveness that is
the crowning glory of success? Somewhere in the
history of the aftermath of that World War was born
the idea that the defeated, vanquished, and all but
destroyed, people must pay and pay to the last farthing the costs, the whole costs, of the war. If there
be those living, if there be one, who gave this creed to
mankind,can there be a doubt that it has caused continuous turmoil, can there be a doubt that it has prevented or hindered a return to normal and to peace?
We are not thinking, be it understood, of the cry of
"cancellation"; we are thinking of a business settlement of "reparations" freed from. this' original slogan of "make Germany pay all"!
True greatness consists in the subjection of self to
cause—and in the subjection of cause to mercy am!
1709
love. Men and measures? No. Men and Principles!
Yes. Principles—the judgments of the experience of
mankind—these persist through the mutations of
time, changing slowly as experience dictates. Events
that thrust men into the world's limelight are not
the sole means of estimating true greatness. That the
man thus elevated to opportunity, thus given power
and command, shall serve his time well is cause
for praise—but he must subject himself to principle,
not to expediency, though compromise and conciliation be the requirement and test of service. It is a
fault of citizen and subject that he too often in his
hero-worship of the man loses sight of the thing that
is greater than the man—the principle of liberty,
justice, mercy and love that informing the man
alone makes him great.
•
Courage should not obscure humility. The selfconsciousness of a people is not warrant for idolatry
of one who "leads." Often he but follows—in that
he sees deeper into the convictions of his race, into
the urgencies of his time. When we look upon a.
giant intellect we must ask is it true to truth or to
mere opportunism. We hear much of "progressivism!' We admire the boldness that is uncowed by
crisis. We are tamely submissive to one who dares
to think for us, to choose for us, in perplexities. But
when the "smoke of the battle clears" who is great
but one left standing under the pole star of right.
The catastrophe of war, the lesser evil of revolution
in ideals, the recurring stresses of climacteric events,
these cannot alone bring forth our great men, our
heroes. Science and ethics are no less the media of
human expression than statecraft and war.
We detract nothing from the honorarium of any
man, when we subject his life work to the test of continuous sincerity, when we measure his claim to
greatness by the principles he,embodies and consistently expresses. Mere succes§ in politics is not an
earnest of statesmanship. We are purposely mentioning no names—but one recently dead, scholar
and servant, never forsook, in defeat or success, the
cause of a long-suffering people. Yet in latter years
the shadows of obseurity crept about him, but the
great cause, his cause, at last triumphed. Let us,
then, temper our laudation of men with serious
thoughtfulness of principle and cause. None needs
to fear this test. And he cannot be truly great who
would receive unto himself the veneration which
should go to the might and majesty of a sacred cause.
Some Objectionable Constitutional Amendments to be Voted on in This State.
This Ferris proposition—and the bonus scheme
even more so—illustrates the viciousness of our
method of handling constitutional changes, as carefully presented in the "Chronicle" two years ago, on
Oct. 8 and 15 1921. An amendment may be ratified
by"a majority of the voters voting thereon"; thus the
merest interested handful may insert bad matter (as
has been done) in our organic law. The expectant
beneficiaries of a bonus, together with their sisters
and their cousins and their aunts, will vote Yes, and
the same is true of the parties who plan gain by the
Adirondack invasion; but the mass of the voters,
intent upon the personal struggle for the offices, take
no notice and omit to vote. Thus the thing goes by
silence and default. At least a majority of a full
vote---not the "thereon" method—ought to be required. It might happen that,a meritorious change
would be.lost,.under.such a safe rule; but it is far
1710
THE CHRONICLE
better to be obliged to fight to carry a good change
than to fight for defeat of a bad one. A change which
failed to command the support of the press and to
enlist a campaign for it could afford to wait until
the public wanted it and realized the want.
The "Chronicle" feels warranted in saying that
neither of these two propositions should be permitted
to slip through by the action of the persons interested in them, but should be rejected by an emphatic
negative vote.
Two constitutional amendments of vast and farreaching importance will be disposed of at the coming election in this State. One of them would smooth
the way for an increase of the State debt by 45 millions, for the sole purpose of giving a bonns to persons who participated more or less in the late war.
Two years ago, the bonus advocates were halted by
the Court of Appeals, which found a constitutional
obstacle; it was certain that they would attempt to
remove the obstacle, and the pending amendment is
meant to be the instrument of removal.
The "Chronicle" has so long and so earnestly
fought the effort to add to our load of tax instead of
lightening it, for the purpose of giving gratuities to
uninjured persons that it is hard to add any argument not already covered. Yet there is one, how-.
ever, namely:it seems hopeless to expect that raids
upon the Federal treasury will cease, for defeat stimulates and encourages them rather than the contrary; but there is too much reason to fear the success of a renewed attack upon Congress for a grand
country-wide plunder. Only a little more than a
year ago, the courageous veto of Mr. Harding
scotched the venomous snake; but it was not killed,
and it is more than possible that, with the great
struggle of next year impending, not even another
veto can halt it a second time. If such a thing is ever
put through, this State will necessarily contribute a
very heavy share of the taxes involved; what words
can fitly characterize the folly of loading upon ourselves a State bonus which would be a duplication if
the larger grab cannot be prevented?
The other bad proposition pending is the Ferris
amendment, which would throw open the State's
great and precious forest preserves to hydro-electric
development; it would hardly be incorrect to add the
words "and for other purposes," since such would
doubtless be the ultimate effect. At the start, it is
only fair to admit the great importance of that development, and as a general proposition the "Chronicle" looks with favor upon any business-like and
v,-ell-considered project in this direction. Speaking
to the heads of Public Service Commissions in eleven
S: tes on Oct. 13, Secretary Hoover sketched the
progress already made in long-distance transmission
of this form of power, and said that the next step is
"to undertake to use the cheaper sources of power
from water further afield, such as the St. Lawrence,
and cheaper generation from coal through larger and
more favorably placed generators"; by an investment
4 billions in a comprehensive system, he estiof 11/
mates a possible annual saving of more than 50 million tons of coal and more than a half billion of cost
to users of electricity in New England and the Middle Atlantic States. This would, of course, be
through co-operation between States, which he invited.
The prolonged trouble over the coal supply is a
great stimulus to utilize natural forces to the utxaost, and it may be that the projectors of this Adi
[VoL. 117.
rondack scheme count on capitalizing in its behalf
the public uneasiness caused by that prolonged trouble. But it does not need an expect to tell us that
there are abundant sources of power in running water outside of the State's preserves, and hence there
is not even a presumption that the efforts which
have culminated in the Ferris amendment are really
and wisely in the public interest.
The text of the proposed amendment is of great
length, the plain Roman type being, as is customary,
the constitutional article as it now stands, while the
matter inclosed in brackets is what the proposers
wish to strike out and that in italics is the new matter to be inserted. Now, it is strictly correct to say
that a thoughtful and intelligent man would not be
free from doubt about the effect of these changes if
he were to give them a half hour of study, while as
for the amendment's being understood by the voter
when handed to him at the booths it might as well be
printed in a foreign language. No careful man signs
any paper without first reading it and feeling sure
that he understands it; equally, no careful voter can
honestly vote in favor of a constitutional change
which he does not understand. The practical impossibility of passing upon such a matter as this, undiscustrd and unknown, is therefore a sufficient reason
for voting No upon it, but not for passing it by without action.
The Constitution now provides that "the lands of
the State, now owned or hereafter acquired, constituting the Forest Reserve as now fixed by law, shall
forever be kept as wild forest lands; they shall not
be leased, sold or exchanged, or be taken by any corporation, public or private, nor shall the timber
thereon be sold, removed or destroyed." It would be
impossible, within any proper space, to set forth the
queries (and the various doubts or the intended
"tricks") in this proposal for change; we must stop
with pointing out some of its effects. It would build
dams, raising the surface of one lake ten feet, backing water over 6,000 acres of State lands in one preserve, and putting trees forty feet under water. Many
thousands of trees, old and young, would necessarily
be felled, for lanes must be cut to permit transmission lines to radiate from the various power plants.
There will be dangers of fire as well as of flood. For
the latter, it is hardly necessary to recall to any intelligent reader the mischief of too much denuding the
land of its trees, for Nature takes revenge by alternate drouths and floods; the recurring inundations
at Cincinnati, Pittsburgh, Port Jervis and various
other points on our large streams, because of the too
rapid melting of the snows, are a reminder.
There is in the amendment a pretense of leasing
and compensation, but the moneyed interest of the
State directly in the property is not well safeguarded. For example, it is said that while there
would be 50-year power leases to private interests
"the power created in the reservoirs on State land
would pass into the riparian rights of all propertyowners along a stream and those rights would become perpetual and the State could recapture them
only by condemnation at tremendous cost." At least,
we know that the effort to "break into" these reservations has been going on for a number of years; we
also know that when private interests think they see
"a good thing" their desire to get hold of it is very
liable to outweigh any consideration of public policy
or the public welfare. Further, a just doubt of the
honesty of the proceeding is caused by the circum-
OCT. 20 1923.1
THE CHRONICLE
stances. A constitutional proposal must pass two
successive Legislatures before going to the people.
This year's Legislature adjourned May 4, and while
the custom is to transfer to the Rules Committee in
each House all measures pending before other committees, this resolution was presented only ten days
before adjournment, apparently to head off discussion; it was rushed through the Senate on May 3,
and through the Assembly in the closing hours of
May 4, when (as is well known) the legislative halls
are a sort of football rush and nobody (except perhaps a few who have ends to gain) knows what is
being done or how it is done. Is a measure thus
shoved along likely to be for the public benefit, or for
secret private interests? A safe inference may also
be drawn from the character of the opposition to this
one. Governor Smith is earnestly against it, and a
committee from some 20 organizations for the protection of the Adirondacks arid the preservation
of wild life therein are joined with up-State
Chambers of Commerce and some business organizations in this city in trying to arouse the public and
ward off the attack. Resistance to such attacks must
be kept up, year after year. As an example in point,
there have been many attempts to get into Central
Park here on behalf of various objects which may
claim to be intrinsically worthy; but all such must
be resisted, because if entry were once obtained for
one a train of others would follow and the Park
would ultimately be lost. To make a bad precedent
is hazardous; for when the defense line has once been
broken holding it anew becomes well-nigh impossible.
• Mr. Asquith's Review of the Years.
A public bridge requires approaches at both ends.
The crowd passing on into new conditions at the
far end still have interest in the rear approach. They
have much material left behind which is yet to follow
them. This simile will serve to indicate the material
with which Mr. Asquith deals in his new book.* As
the leader of the Liberal Party in England he is in
the advance group. As Premier for the first two
years of the war, and some half dozen years preceding, following two years as Chancellor of the Exchequer, he has full knowledge of that period, and
now, speaking for the first time, he reverts to official
documents to clear the way to the great events which
bridged the break between the old world and the new.
Those were tumultuous and eventful years. There
were in 1905. two groups of Allies in Europe, the
Triple Alliance and the Franco-Russian, in neither
of which England had a part. Mr. Asquith writes
now to make clear the real causes of the war and
their consequences. He is able to show that through
the years 1904 to 1914, notwithstanding the revolu'lion in Turkey, the trouble in the Balkans, the Morocco incident, and the fact that more than once war
with one or another of the great Powers had seemed
to hang on a thread,Great Britain pursued a uniform
course. She aimed not only at peace, but at goodwill with all. She had neither animosities to gratify
nor selfish interests to advance. She tried to take
an entirely disinterested attitude, and would not for
a moment be unfaithful to the spirit of any existing
friendship.
He gives in detail, with constant reference to original sources, the account of Britain's relations to
Germany. The book will well repay careful reading,
o"The Genesis of the War," by Rt. Hon. Herbert H. Asquith.
Doran Co.
Geo. H.
1711
as it puts to rest many controversies by producing
the records. Bismarck had created the German Empire and it was to all appearances impregnable; at
the same time he had left England to her "splendid
isolation." The new German policy of world dominance began after Bismarck was dismissed, and the
Kaiser took things into his own hands. The Kruger
telegram, and the Agadir break quickly followed.
Prince Buelow was advanced.from Foreign Minister
to Chancellor in 1900, and the German Weltpolitik
was fully launched. The previous occupation of
Kiao Chau and Samoa, and the project of the Baghdad railway were omens of what was to come. The
New Navy Law and the wrecking of the first Hague
Conference by Germany had occurred. Buelow was
notified that he must be blunt in dealing with England and keep his finesse for the Latins and Slays,
for whom the Kaiser had no respect.
On the occasion of Queen Victoria's death the
Kaiser, when in London,said to a statesman:"There
is no balance of power in Europe except Me—me and
my 25 corps. I can double them the day war breaks
out. England is short-sighted. Without alliances
she will ultimately be pressed between Russia and
the United States." He sought that alliance, and the
impression he tried to convey was: "You can keep
the United States off my back, and enable me to defy
the Monroe Doctrine, and be free to withstand Russia. With my aid you may take what part you like
in Europe and the East."
Later he said openly to British officers that Nemesis would fall on England for neglecting his proffers
of an alliance.
In 1904, in Kiel, on Buelow's raising the question
of an alliance with King Edward, the King replied
that it was not necessary, as there was no real cause
of enmity or strife between the two countries. The
Kaiser said to Buelow: "This refusal was a plain
sign of the English policy of encirclement." In 1908
Austria seized Bosnia and Herzegovina in defiance
of the Treaty of Berlin; and Buelow says of it: "The
German sword was thrown into the scale of European decision directly in support of our AustroHungarian ally!" He further speaks of it as "marking the final failure of the encircling policy of Edward VII, proving it to be a diplomatic illusion, devoid of political actuality."
Forgetting this, Bethmann-Hollweg, as late as
August 1915, declared in the Reichstag that "the encircling policy of King Edward compelled as a reply
Germany's Armament Budget of 1913." Buelow resigned in 1909, declaring that he had proved that
idea an illusion. He further said as he resigned that
Pan-German ideas had "gone far to turn German
heads," so much distrust was there of the policy of
the Government. The immediate cause of Buelow's
resignation was the storm that swept over Germany
and Europe because of the Kaiser's "interview" in
the London "Telegraph," in which he proclaimed
himself England's best friend, and said that he had
repelled the joint request of France and Russia for
Germany to join at the time of the Boer War, in
"humiliating England to the dust"; to which he
added the statement that he had furnished England
the plan of campaign against the Boers used successfully by Lord Roberts! It ended Buelow's further
participating in the great adventure of Weltpolitik.
For the further details of the devious and interesting history up to 1914 immediately before the outbreak of the war, we must refer readers to the volume
1712
[Von. 117.
THE CHRONICLE
before us. In February 1914 von Jagow, the Prussian Foreign Secretary, informed the Reichstag that
Anglo-German relations were "very good." As Mr.
Asquith says: "It. might well have seemed that we
were nearing the goal of the policy which Great Britain had steadily pursued. Moving stage by stage to
the settlement of outstanding causes of differences
with particular States; circumscribing the scope of
local disputes, and working in cordial friendship
with France and Russia for the maintenance of the
balance of power which was the best safeguard of
European peace. Looking over the previous ten
years, the progress actually made was remarkable."
Meanwhile on the Continent war was rapidly
drawing near. The memorandum presented to the
Reichstag for the purpose of obtaining the new
military law of 1913 said,"The people must be accustomed to the belief that an offensive war on our part
is a necessity." The German army was raised from
660,000, first to 723,000, then to 870,000. In May
1914,in connection with Balkan affairs, the Austrian
Emperor said,"Nothing but a general war can bring
about a general solution." Other European countries followed Germany's lead. France returned to
the rule of three years' service. Belgium introduced
universal military service. Russia lengthened service to 31/i years. England alone made no change in
her military establishment. Turkey was brought
completely under German military administration.
Colonel House, who was sent to Berlin in May 1914
to see if a sympathetic understanding could be
reached between England, Germany and America
upon disarmament-and other equally important matters, met an extremely disagreeable reception and reported that "the militarist oligarchy is in absolute
control. Militarism possesses not only the army, the
navy, and the chief officers of State, but the populace
as well."
The tragedy of Sarajevo occurred June 28 1914.
The story of what followed has been abundantly
told. Here the records are produced for the exact
occurrences. In face of the report on July 13 of the
official investigator sent from Vienna that "nothing
proves complicity of the Serbian Government, and
it is not even to be presumed," the unconscionable
ultimatum was delivered July 23, and, in disregard
of Serbia's surrender to it, war was speedily declared under the Kaiser's pressure. The successive
events of the month and the collective responsibility
for them are carefully set down in all their convicting detail. So many untruths have been told of them
that this well-substantiated narrative is a valuable
reference for those who desire to know the facts at
first hand.
We can refer only to two which close the era. On
July 31 the German Ambassador presented in Paris
the German ultimatum, having these instructions:
"If the French Government declares that it will remain neutral we must insist that it hand over to us
as a guarantee of this neutrality the fortresses of
Toul and Verdun, which we shall occupy, and which
we shall restore after the completion of the war
against Russia!" On the announcement that because
of the invasion of Belgium England under her treaty
obligations was obliged to go to her defense, the German Chancellor replied "Just for a scrap of paper."
That treaty was the one signed in 1870, under which
England, France and Germany agreed to co-operate
in the defense of Belgium if her neutrality should be
violated.
Much is to be said of the responsibility not only of
Europe but of the civilized world for the prevailing
spirit which made such events possible. Happily,
there were leading men in all countries who did all
in their power to avert the evil; the German, Lichnowsky; the Austrian, Czernin; the English, Grey;
and, we may add, the American, Page, to whose valued aid high tribute is paid. Neither the good nor
the evil has all been left behind at the other end of
the bridge. The new world has to face the old problems, and some of them, at least, have lost nothing
of their character or of their extent.
The importance of such a volume as this of Mr.
Asquith's is that it fixes responsibility for the past
upon the few men with whom it belongs, and opens
the way for establishing right relations with the
great multitude of plain people in every land who
want to live a peaceful life, and the new generation
who combinedly have to face the problems of to-morrow, and need to know what they have to avoid and
what to resist. If they know all they will understand and can forgive; and that is the road to peace.
Railroad Gross and Net Earnings for August
It is a very gratifying compilation of the gross and
net earnings of United States railroads which we are
able to present to-day for the month of August in
comparison with the same month last year. In the
gross earnings there is an increase of $90,181,967, or
over 19%, while in the net (before the deduction of
taxes) the increase is $49,897,384, or almost 58%.
But exaggerated importance should not be given to
these gains. Comparison is with poor results a year
ago and the improvement recorded must be interpreted in the light of that fact. In the gross earnings last year our August compilation showed $31,911,504 decrease as compared with the year preceding while in the net the falling off reached no less
than $36,787,070. It will thus be seen that in the
gross fully one-third (in amount) of the gain the
present year represents a recovery of what was lost
last year, while in the net fully three-quarters of the
improvement goes to make up the loss suffered at
;that time. •
Month of August (192 roads)
Inc.(+)or Dec.(—).
1922.
1923.
Mlles of road
—339 0.14%
235,696
235,357
Cross earnings
3563,292,105 3473,110,138 +390,181,967 19.06%
Operating expenses
426,772,552 386,487,969 +40,284,583 10.42%
Net earnings
3136,519,553
386,622,169 +349,897,384 57.59%
The simple truth is that in its general results August last year was conspicuously unfavorable. It was
indeed one of the worst months of that year. Business revival had then already made considerable
headway, but adverse influences of large size were
retarding recovery and in some respects operated to
cause a setback. Both the coal miners' strike and
that of the railroad shopmen reached a climax in that
month. As a Matter of fact the situation early in
August last year became decidedly acute because of
the continuance of these two labor disturbances.
The coal strike had been in progress since the previous April 1 and in that long interval no anthracite
coal whatever had been mined, while the soft coal
output had been confined entirely to the non-union
mines; this latter, though by no means inconsiderable, amounting, indeed, to 3,000,000 to 4,000,000
OCT. 20 1923.]
THE CHRONICLE
1713
tons a week, fell far short of current needs. The re- tion having been $298,357,088. This improvement in
sult was a scarcity of fuel supplies to the extent of the net then did not, it should be understood, mean
interfering seriously with mercantile and manufac- an absolute addition of that amount to the net, but
turing operations in many different parts of the represented to a very great extent the wiping out of
country. The shopmen's strike on the railroads came very heavy deficits suffered by these rail carriers in
in to accentuate the trouble and served to bring .1920. In a word,in August 1920 the roads had fallen
things to an acute pass. In not a few instances the $125,167,103 short of meeting their bare operating
rail strikers resorted to violence and they and their expenses, not including taxes, while in August 1921
sympathizers were able to interrupt railroad opera- there were net earnings above the expenses of $123,tions in some of the regions where non-union miners 070,767. In no small measure the prodigious reducwere at work, the consequence being that even the tion in expenses in 1921 followed from the huge augnon-union coal could not all be sent to market. It mentation in expenses the year before. In August
was then that President Harding made his memor- 1920 expenditures ran up in amount of $319,579,099
able address to Congress. He had previously been —this on a gain of $83,071,497 in the gross, leaving
unremitting in his endeavors to bring about an net diminished, therefore, in amount of $236,507,602.
adjustment of the coal strike, as well as the railroad The truth is, the statement for August 1920 was
strike, but without having attained any large meas- one of the worst on record, due to the peculiar cirure of success. Fortunately, when things were at cumstances existing at the time. The roads had
their worst a turn came for the better. A truce was been returned to private control on the previous
patched up between the miners and the operators March 1, but for a period of six months thereafter
under which work was resumed on the basis of the (or until the end of August) Congress had provided
old wage scale, this to continue until April 1 1923 in that the carriers should receive the same amount of
the case of the bituminous miners and until August net income (irrespective of their own earnings) as
31 1923 in the case of the anthracite miners. The they had been receiv,ing as rental during the period of
settlement in this last instance did not come until Government control—except in cases where a carafter the close of August, but the settlement with the rier preferred to take, instead, its own net earnings,
soft coal miners was reached about the middle of the which very few elected to do. Expenses were runmonth, though even here full resumption did not oc- ning very heavy at the time and were further incur until about the last week of the month. The creased by the wageaward announced by.the Railroad
railroad shopmen's strike went through many Labor Board the previous month, and which was
phases, but it became apparent that though the made retroactive back to May 1. This wage increase
President's efforts to effect a settlement had not been was estimated to add at least $50,000,000 a month to
crowned with success the carriers were nevertheless the payroll of the railroads, apart from the retroacby degrees gradually gaining the upper hand—either tive feature. While the retroactive feature had been
by the return to work of those who had quit their in great part taken care of in the June and July returns, nevertheless, some of it also was carried forjobs or through replacing strikers with new men.
All this, naturally, proved costly to the roads, and ward into the August returns. In 1921, on the other
in a double way—first by reducing the volume of hand, the railroads got the benefit of the wage reductraffic and secondly by running up operating ex- tion which went into effect July 1 of that year, and
penses. Traffic was reduced directly by the min- which on a normal volume of traffic—the traffic in
ers' strike through the reduction in coal shipments 1921, of course, was away below the normal—was
and indirectly by the shutting down of factories and estimated to work a reduction in expenses of about
other business establishments unable to get the $33,333,000 a month.
customary supplies of fuel. Operating costs were
Even prior to 1920 net results had been steadily
necessarily heavily increased and as a consequence growing smaller. For instance, in August 1919 our
the roads more than lost the benefits accruing from compilations showed a loss in both gross and net—
the reduction in wage scales, estimated to average $32,636,656 in the former and $31,315,528 in the lat7@8%, promulgated by the Railroad Labor Board ter. In 1918, while the showing was very satisfaceffective July 1 1922, and against which the shop tory under the increase in rates then made by the
crafts employees had struck. In addition to all this, Director-General of Railroads as a war measure, the
the roads, in the matter of gross revenues, also suf- situation nevertheless was that an addition of $135,fered by reason of the horizontal reduction of 10% 759,795 in the gross brought with it an addition of
in freight rates made by the Inter-State Commerce no more than $24,312,758 to the net. Going back yet
Commission effective July 1 1922. Altogether, there- a year further we find that in 1917 a gain of $39,771,fore, conditions last year for the rail carriers were 575 in the gross was accompanied by a decrease of
highly unfavorable throughout the month, and Aug- $4,668,838 in the net. In the following summaries
gust was the first month in 1922 to record a loss in the comparisons are shown back to 1906:
net, though in the early part of the year, before busiNet Earnings.
Gross Earnings.
ness revival had made much headway, there had been Year.
Inc. (+) or
Year
Year
Year
Year
Inc. (+) or
Given.
Preceding. Dec.(—).
Given.
Preceding. Dec.(—).
some months with losses in the gross, but which had
$
$
August.
$
been translated into gains in net by heavy reduc- 1906
--_ 137,589,5601122,898,468 +14,691,092 48,074,911 42,719.768 +5,355.143
+779,119
1907 _ 144,913,3371128,178,064 +16.735,273 45,629,104 44,849,985
other
the
hand,
the
On
fact
should
tions in expenses.
1908 - - 206,755.864 241,122.442—34,366.578 75.028,707 84,251,096 —9,222,389
1909
+29,682.863 90,384.539 75,319.838+15.065.001
236,559,877,206,877,014
1921
Aug.
in
(with
comwhich
that
not be overlooked
1910 _ 254,005,972 235,726,000 +18,279,972 89,517,075 90,176,9371 —659,863
-- 243,816,4941245,784,289 —1,967.695 86,224.971 86,820,040 —595,069
parison was then being made)there had been a reduc- 1911
1912 -__ 276,927,416'251,067,032 +25,860,384 99,143,971 87.718,505411,425,466
1913 -- 259,835,029255,493,023 +4,342,006 83,143.024 92,249,1941 —9.106,170
tion in expenses of prodigious magnitude—so much 1914 _-_ 269,593.449280,919,858 —11,326,412 87,772.384 87.300.840,
1915 -__
+5.272,843 99,713,187 89.673.609+10,039.578
33.480,457,278,787.021 +54,673,436 125,837,849 99.464.6341+36.373,215
so that though gross earnings then suffered a reduc- 1916 ___ 3279,891,224274,618,381
1917 --- 373,326,711333,555,136 +39,771,575 121,230,736 125,899,5461 —4.668,810
__ _ 498,269,356 362,509,561 +135759795 142,427.118118.114,360+24.312.758
tion of $50,119,218, due to business depression, net 1918
1919 _-_ 469,868,678 502,505,334 —32,636.656 112.245,680 143,561,208 —31,315,528
71,714,375 +83,071,497 *123942810 112,564.7911-236,507,601
recorded an improvement of no less than $248,237,- 1921 --.554,785,872
-- 504.599.664 554,718,882--50,119,218 123,070,767 *125167 103 +248237870
-__ 472,242,561 504,154,065 —31,911,054 86,566,595123,353.665-36,787.070
870, expenditures having been reduced in this single 1922
1923 _-- 563,292,105 473,110,138 +90,181,967 136,519,553 86.622.169+49,897,384
month almost 300 million dollars, the precise reduc- •Deficit.
1714
THE CHRONICLE
Note.-In 1906 the number of roads included for the month of August was 91; in
1907,86; in 1908 the returns were based on 231,220 miles; in 1909 on 247,544 miles;
In 1910 on 238,493 miles; in 1911 on 230,536 miles; in 1912 on 239,230 miles; In 1913
on 219,492 miles; in 1914 on 240,831 miles; in 1915 on 247,809 miles; in 1916 on
245,516 miles; in 1917 on 247,009 miles; in 1918 on 230,743 miles; in 1919 on 233,422
miles; in 1920 on 199,957 miles; in 1921 on 233,815 miles; in.1922 on 235,294 miles;
In 1923 on 235,357 miles.
[Vor.. 117.
SUMMARY BY GROUPS.
Gross Earnings
inc.(+)or Dec.(,-)
1922.
8
21,398,172 +2,359,330 11.02
144,640,230 +42,594,695 29.45
40,506,584 +10,470.582 25.85
56,386,448 +16,279,280 28.87
108,221,898 +8,293,033 7.66
73,779,720 +7,220.384 9.79
28,177,086 +2,964,663 10.52
Section or Group.
1923.
AugustGroup 1(9 roads). New England_ 23,757,502
Group 2 (34 roads), East Middle_ 187,234,925
Group 3(26 roads). Middle West_ 50,977,166
Groups4& 5(34 roads),Southern. 72,665,728
Groups6 Sc 7(29 roads). Northwe_ 116,514,931
Groups8& 9(48 roads),Southw't. " 81,000,104
Group 10(12 roads),Pada° Coast 31,141,749
As was the case when we reviewed the July figures the present year, a sharp distinction is revealed Total(192roads)
563.292,105 473,110,138 +90,181.967 19.06
Net Earnings
-Miles-in the character of the exhibits between the roads
Inc.(+)or Dec.(-)
1923. 1922.
1922.
1923.
$
$
Mississippi
River
and
west
of
the
those
east of the
Group 1
7,472 7,480 4,719,486 3,156.131 +1,563,355 49.53
2
34,500 34,636 43,304,098 14,178.194 +29,125,904205.43
Mississippi. By the roads east of the Mississippi, we Group
Group 3
15,777 15,729 14,805,717 8,316,328 +6,489,389 78.02
Groups 4 dc 5
39,061 39,017 15.678,604 9,224,136 +6,454,468 69.96
mean the New England roads and those of the Mid- Groups
6&7
66,918 66,854 28,950,266 27,083,402 +1,866,864 6.89
Groups 8 & 9
54,697 55,137 19,646,835 16,835,838 +2,810,997 16.70
dle and Middle Western States, as well as the group Group
10
16,932 16,843 9,414,547 7,828,140 +1,586,407 20.27
of roads in the Old South. In the case of all these Total
235,357 235,696 136,519,553 86,622,169 +49,897,384 57.59
NOTE.-Group I includes all of the New England States.
roads the improvement in earnings for August, both Group
II. includes all of New York and Pennsylvania except that portion west
of Pittsburgh and Buffalo, also all of New Jersey, Delaware and Maryland, and
gross and net, is of large proportions treating them the
extreme northern portion of West Virginia.
Group III. includes all of Ohio and Indiana, all of Michigan except the northern
collectively. On the other hand, in the case of the Peninsula,
and that portion of New York and Pennsylvania west of Buffalo and
Pittsburgh.
roads west of the Mississippi,from the Canadian bor- Groups IV. and P. combined include the Southern States south of the Ohio and
of the Mississippi River.
der down to the Mexican line, the improvement is of east
Groups VI. and VII. combined Include the northern peninsula of Michigan, all of
Minnesota.
lowa and Illinois, all of South Dakota and North Dakota
moderate
dimensions,
even in comparison with and MissouriWisconsin,
only
north of St. Louis and Kansas City, also all of Montana, Wyoming
and Nebraska, together with Colorado north of a line parallel to the State line
results
of
last
poor
year,
means
sufand
by
no
the
passing through Denver.
Groups VIII. and IX. combined include all of Kansas, Oklahoma, Arkansas and
fices in every instance to wipe out the loss sustained Indian
Territory, Missouri south of St. Louis and Kansas City, Colorado south
of Denver, the whole of Texas and the bulk of Louisiana, and that portion of New
at that time. That roads in the Middle and Middle Mexico north of a line running from the northwest corner of the State through
Fe and east of a line running from Santa Fe to El Paso.
West should show very striking gains over last year, Santa
Group X. Includes all of Washington, Oregon, Idaho, California, Nevada, Utah
and Arizona, and the western part of New Mexico.
seems natural in view of the fact that these roads
In the returns of the separate roads, the same
suffered most from the coal niiners' strike in 1922
characteristics
are observable. It is the Eastern
and the further fact that these same roads are benesystems
that
record
the most pronounced gains,
fiting most the present year from the absence of any
though
both
Western roads share in the
Eastern
and
such drawback and at the same time are getting the
general
improvement,
and
it is mainly the Western
advantage of the wonderful activity in the manufacroads
that
either in the gross or
have
losses
suffered
industries
turing
which are so largely located in that
the net. Taking losses for amounts in excess of
part of the United States.
In contrast, the relatively small improvement $100,000, only the Illinois Central, the St. Paul &
shown by Western roads is attributable not alone to Omaha, the "Soo" road and the Colorado Southern
the absence of manufacturing industries on any ex- fall in that category, while in the net we find the
tensive scale, but also, as has previously been pointed same three roads distinguished for losses along with
out by us, to the circumstance that the roads west of the Milwaukee & St. Paul, the Denver & Rio Grande
the Mississippi River serve almost exclusively farm- Western, the Northern Pacific, the El Paso & Southing communities and that the farmer has been hard western, the Atlantic Coast Line and the Missouri
hit by the shrinkage which has occurred since the Pacific. As far as the great East and West trunk
close of the war in the prices of most agricultural lines are concerned, they are in enjoyment of gains
products at a time when there has been no corre- of magnificent proportions. The Pennsylvania Railsponding shrinkage in commodity prices generally. road (taking the results for the entire system) shows
He consequently finds himself with his purchasing an addition of $8,041,175 to the gross and of $3,540,power greatly curtailed and the things he needs in 040 to the net. The Baltimore & Ohio has done even
his daily life largely beyond his means. The matter better than this, reporting $8,398,522 gain in the
is made worse for the Western roads by the fact gross and $4,883,427 in the net. The New York Centhat the main items in their operating cost, namely tral excels all others. For the New York Central itlabor and fuel, are maintained at high levels, pre- self the increase is $7,059,912 in the gross and $5,949,cluding the cutting down of expenses which other- 015 in the net, and when the auxiliary and controlled
wise might be possible. In the South the situation roads, like the Michigan Central, the Big Four, and
is somewhat different, even though the population is the Pittsburgh & Lake Erie, are taken into consideraso largely devoted to agriculture, inasmuch as the tion the increase is raised to $11,358,230 in the gross
chief money crop of the South is cotton, and cotton and to $9,023,887 in the net. The Erie reports $3,is an exception to the rule of low prices for agricul- 701,828 augmentation in gross and $3,920,078 in the
tural products, ruling, indeed, at exceptionally high net; and the Reading and all the other anthracite
prices. Furthermore, important parts of the South carriers, of course, all show very striking improveare sharing in the activity and prosperity of the iron ment in both gross and net, in contrast with the poor
trade, more particularly the iron districts of Ala- results of last year, when mining in the anthracite
bama, Tennessee and adjoining districts. It accord- regions was completely suspended. In the followingly happens that when the roads are arranged in ing we show all changes for the separate roads for
groups or geographical divisions, according to their amounts in excess of $100,000, whether increases or
location, we find percentages of gain in gross for the decreases, and in both gross and net.
Middle group, the Middle Western and the Southern PRINCIPAL CHANGES IN GROSS EARNINGS FOR AUGUST.
Increase.
Increase.
group, running from 25.85% to 29.45% and ratios of Baltimore & Ohio
88,398,522 Central RR of New JerseyS1.557.124
Pennsylvania
/17,463,260 Missouri Pacific
1,498,326
New York Central
87,059,912 Cloy Cin Chic & St Louis_ 1,480.835
gain in the net running from 69.96% to 205.43%. On Philadelphia
& Reading-- 3,743,990 St Louis-San Francisco (3) 1,412,653
Erie (3)
3,701.828 Wabash
1.405.323
the other hand, for the Northwestern group, the Chesapeake
& Ohio
3,490,628 Elgin Joliet & Eastern__ -- 1,320,940
Railway
3.271,739 Cinc New Orl & Tex Pac
Southwestern and the Pacific Coast groups, the gains Southern
1,316,907
Louisville & Nashville....
3,000.425 Chicago & Alton
1.248,196
Southern Pacific (8)
2,345,670 NY New Haven & Hartf- 1,206,288
in the gross run no higher than 7.66% to 10.52% and Lehigh
Valley
2,254,931 Great Northern
1,126,878
Delaware & Hudson
2.167,301 Wheeling & Lake Erie_ ...._
972,647
in the net from 6.89% to 20.27%. Our summary by Delaware
Lack.& Western 1,975,247 Buff Rochester & Pittsb
970,859
Pittsburgh & Lake Erie-- 1.952,691 Atch Top & Santa Fe (3)938,588
groups is as follows:
Chicago & Northwest.- 1,701,081 Union Pacific (4)
893,005
OCT. 20 1923.]
T
E CHRONICLE
Increase.
Increase.
Norfolk & Western
$855,791 Vicksb Shrevep & Pacific.. $167,182
Boston & Maine
800,521 Buffalo & Susquehanna-- 162,084
Bessemer & Lake Erie_.._775,998 Pittsburgh & West Vs.. - 159,615
Atlantic Coast Line
645,984 Monongahela Connecting.. 157,797
Chic Milw & St Paul_ - 643,724 Union RR of Penn
154.339
Duluth Missabe & Nor__ - 630,643 Gulf Mobile & Northern.... 153.454
Pere Marquette
590,000 Minneapolis & St Louis__
153.217
Chicago & East Illinois- 559.625 Maine Central
151,375
Alabama Great Southern_ 556,118 Central Vermont
142.245
Los Angeles & Salt Lake-- 538,951 Duluth So Shore & AO_ _ _
141.576
Michigan Central
531,664 Port Reading
140.150
Missouri-Kansas-Texas(2) 528.273 Lehigh & Hudson River...
129,912
NY Chicago & St Louis_ - 526,193 Texas & Pacific
128,077
Hocking Valley
513.568 Georgia So & Florida
127,853
Long Island
457,656 International & Gt North.. 124,534
NY Ontario & Western
457.340 C D& Canada Gd Trk Jct 124.517
442.132 Atlantic City
Virginian
122,460
Chicago Rock Isl dz Pac(2) 422,226 Northern Pacific
121.544
Chicago Burl & Quincy_ _ _
396,612 Belt Ry of Chicago
120,555
New Orleans & Northeast 394,830 Kan City Mex & Orient.... 113,916
Western Maryland
384,748 Norfolk Southern
112.512
Seaboard Air Line
321.744 Indiana Harbor Belt
111,542
Central New England_ _ _ - 313.129
Y Susquehanna & West 110.387
New On Tex & Alex (3)_- 294.170 Grand Trunk Western
110.184
Monongahela
280.149 Rutland
109.271
Trinity & Brazos Valley.... 279.274 Denver & Salt Lake
109.053
Chic Ind & Louisville_ _
266.784 Georgia
108.842
Lehigh & New England__
261,821 Terminal RR Assn of St L 106,109
St Louis So Western (2)- 258,086
Kansas City Southern.._. 242,239
Representing 117 roads
Detroit Toledo & Ironton- 237,889
in our compilation_ _$89,833,749
Central of Georgia
233.488
Mobile & Ohio
224,734
Decrease.
Montour
222,998 Illinois Central
$461,285
Dot Grand Hay & Milw__
222,530 Cale St Paul Minn & Om_
184,268
Cincinnati Northern
221,586 Minn St Paul & S S Marie 178.644
198,831 Colorado Southern (2)___
Carolina Clinch & Ohio
142,164
San Antonio & Aran Pass_
187,591
Representing 5roads in
Florida East Coast
186.498
$966.361
our compilation
179,515
Western Pacific
Nola.-All the figures in the above are on the basis of the returns filed
with the Inter-State Commerce Commission. Where, however, these
returns do not show the total for any system, we have combined the
separate returns so as to make the results conform as nearly as possible to
those given in the statements furnished by the companies themselves.
a This is the result for the Pennsylvania RR. (including the former
Pennsylvania Company, Pittsburgh Cincinnati Chicago & St. Louis and
Grand Rapids & Indiana). the Pennsylvania RR. reporting $7,463,260
increase. For the entire Pennsylvania System, including all roads owned
and controlled, the result is an increase in gross of $8,041,175.
b These figures cover merely the operations of the New York Central
itself. Including the various auxiliary and controlled roads, like the
Michigan Central, the "Big Four," &c., the whole going to form the
New York Central System, the result is a gain of $11,358,230.
PRINCIPAL CHANGES IN NET EARNINGS FOR AUGUS'F.
Increase.
Increase.
New York Central
b$5,949,015 Chic. & Eastern Illinois.. 3216.531
Batimore & Ohio
4.883,427 New Orl. Tex.& Mex.(3)
208,496
Erie (3)
3,920.078 Hocking Valley
199,056
Pennsylvania
a3.129,071 Florida East Coast
180,089
Philadelphia & Reading.. 2.578.178 Virginian
176,283
Delaw Lack & Western
1,977,524 N. Y. Chic. & St. Louis_
175.013
Delaware & Hudson....1,763,569 Kansas City Southern__ _
172,593
Lehigh Valley
1,651,832 Atlantic City
172,517
Louisville &Nashville.... _ 1,606,879 Cincinnati Northern ._ _ _
167,979
C.C.C.& St. Louis_ _ - 1,425,081 Chicago & Northwest__ _
167,052
Chesapeake & Ohio
.1.335.166 Texas & Pacific
156,039
Chicago R. I. & Pac. (2) 1,299,915 Western Maryland
154.161
Great Northern
1.262,138 Lehigh & New England.._
153,159
Pittsburgh & Lake Erie_ _ 1,234.692 Trinity & Brazos Valley_
142,956
Southern Pacific (8)
1,144,338 Monongahela
137,286
Chicago & Alton
1.048,371 Vicksb. Shreve. & Pacific
128,000
N.Y.N.II. & Hartford.. 1,021,781 San Antonio & Aran.Pass
123.785
Wabash
958,285 N.Y.Susq. & Western....
120,779
Southern
913.952 Belt Ry. of Chicago..
113,341
Cin. New On & Tex. P..
823,487 Montour
108,894
Central RR.of New Jars.
767.264 Lehigh & Hudson River_
1,1)16,083
Elgin Joliet & Eastern_
660,122 Western Pacific
105.714
St. Louis-San Fran.(3)634,039 Bangor dc Aroostook_ _ _ _
104,159
Chicago Burl & Quincy. _
614,823 Detroit Grand lidv.& Mil
101,217
Wheeling & Lake Erie_ _ _
611,522 Internatl. Sy Great North.
100,879
Duluth Missabe & North.
564,362
Buffalo Roch. & Pittsb_ _
546,460
Representing 87 roads
Detroit Toledo & Ironton
538.584
in our conipilation_ _$52.939,254
Missouri-Kan.-Texas (2)
443,373
Decrease.
Boston & Maine
434,731 Chicago Milw.& St. Paul $805,745
Union Pacific (4)
412,895 Denver & Rio Gr. West_
793,427
Alabama Great Southern
398,859 Minn. St.P.& S. S. M__
619,648
Atch. Top. & S. Fe (3). _
394.341 Illinois Central
609.178
Long Island
354.451 Northern Pacific
451,073
Seaboard Air Line
344.875 Chic. St. P.M.& Omaha
430.507
New Orleans & Northeast
299,949 El Paso & Southwestern..
218,683
N.Y. Ontario & Western
295,084 Colorado Southern (2)
209,406
Bessemer & Lake Erie_ _ _
244,761 Atlantic Coast Line
158,931
Michigan Central
237,928 Missouri Pacific
110,232
Chicago Ind.& Louisville
233,840
Ceetral Now England__ _
233,430
Representing 11 roads
Los Angeles & Salt Lake_
in our compilation_ _ $4,406,833
227,314
a This it the result for the Pennsylvania RR. (including the former
Pennsylvania Company, Pittsburgh Cincinnati Chicago & St. Louis and
Grand Rapids & Indiana). the Pennsylvania RE. reporting $3,129,071
increase. For the entire Pennsylvania System, including all roads owned
and controlled, the result is an increase in net of $3,540,040.
b These figures merely cover the operations of the New York Central
itself. Including the various auxiliary and controlled roads, like the Michigan Cenral. the "Big Four," &c.. the result is an increase of $9,023.887.
Western roads had the advantage of a larger live
stock movement and some of them also of a larger
grain movement. Southern roads benefited from a
larger cotton movement, though this latter was by
no means of free proportions outside of Texas. At
the Western primary markets, the grain receipts for
the four weeks ended Aug. 25 1923 aggregated 107,021,000 bushels as against 109,463,000 bushels in the
corresponding four weeks of last year, but the falling off was entirely in the item of rye, and more
than the whole of it at Duluth. Receipts of wheat
and of oats were both somewhat heavier than a year
ago, though the amounts then were considerably
smaller than in the year preceding, while corn receipts for the four weeks of 1923 were just about the
same as in the four weeks of last year, the comparison being between 18,472,000 bushels and 18,475,000
1715
bushels, but being light in both years, as will appear
when we say that in the four weeks of 1921 the total
was 24,078,000 bushels. In the following we give
the details of the Western grain movement in our
usual form:
WESTERN FLOUR AND GRAIN RECEIPTS.
Four Weeks
Ended
Flour
Ocas
Wheat
Barley
Corn
Aug. 25. (barrels)
(bushels) (bushels)
(bushels)
(bushels)
Chicago1923___ 743,000 21,440,000 8,239,000 8,351,000
988.000
1922..._ 1,142,000 15,893,000 7,741,000 9,319,000 1,070,000
Minneapolis1923._
382,000 2,247,000 1,342,000
7,883,000
1922
975,000
584,000 3,247,000
8,512,000
Duluth1923_
2,039,000
299,000
24,000
22,000
1922__
472,000
680,000
1,730,000
224,000
Milwaukee1923._. 234,000
640,000
221,000 1,307,000 2,275,000
1922___ 217,000
695,000
492,000
723,000 1.393,000
Toledo1923._
2,362,000
4,000
246,000 1,236,000
1922__
1,076,000
160,000
349,000
Detroit1923___
14,000
250,000
92,000
188.000
1922_.
182,000
115,000
298,000
Omaha & indianapo/ts1923.__
4,277,000 2,731,000 3,409,000
1922__
5,063,000 3,535,000 2,640,000
Si. Louts1923___ 427,000 5,890,000 2,419,000 3,192,000
74,000
1922___ 393,000 6,896,000 2,235,000 2,602,000
56,000
Peoria1923_ 130,000
636,000 1,649,000 1,310,000
32,000
1922__. 139,000 1,383.000 1,294,000 1,347,000
8,000
Kansas City1923_
12,673,000 1,000,000 1,070,000
1922___
48,000 11,751,000
845,000
595,000
St. Joseph1923._
1,518,000
385,000
72,000
1922
2,131,000
563,000
118,000
Total of All1923___ 1,548,000 59.189,000
1922___ 1,939,000 55,109,000
Jan. 1 to
Flour
Wheat
Aug. 25. (barrels)
(bushels)
Chicago1923._ 7,746,000 37,016,000
1922...... 7,295,000 41,137,000
Minneapolis1023......63,420,000
1922.._
51,728,000
Duluth1923_. _
25,013,000
1922
15,513,000
Milwaukee1923___ 873,000 1,896,000
1922..._ 1,224,000 1,133,000
Toledo1923_
4,870,000
1922_
3,131,000
Detroit1923___
14.000 1,068,000
1922___
1,127,000
Omaha ,31 Indianapolis1923.__
15,309,000
1922_
17,101,000
St. Louis1923._ 3.037.000 24,825,000
1922.... 2,893,000 22,830,000
Peoria1923___ 1,199,000 1,430,000
I922___ 1,625,000 2,849,000
Kansas City1923._ _
5,000 44,300,000
• 53,000 51,893,000
1922.
St. Joseph1923_
4,800,000
1922_
6,759,000
Stout City19231922_
19,000
Rye
(bushels)
309,000
1,034,000
1,142,000
1,565,000
908,000
7,507,000
94,000
235,000
44,000
59,000
101,000
46,000
9,000
24,000
18,472,000 23,374,000 3,379,000 2,607,000
18,475,000 22,132,000 3,277,000 10,470.000
Corn
Oats
Barley
Rye
(bushels)
(bushels)
(bushels) (bushels)
68,354,000 46,778,000 5,471,000 3,533,000
121,018,000 50,340,000 5,474,000 2,928,000
5,081,000 11,624,000 8,161,000 7,842,000
12,278,000 15,461,000 6,436,000 3,654,000
467,000
11,017,000
495,000 1,374,000 12,135,000
3,418,000 1,797,000 14,992,000
10,897,000 13,669,000 4,917,000 1,752,000
17,211,000 13,326,000 5,855,000 1,429,000
2,121,000
2,446,000
3,020,000
2,142,000
1,138.000
1,672,000
2,240,000
1,442,000
15,000
7.000
559,000
171,000
2,000
26,867,000 17,421,000
34,420,000 14,219,000
20,338,000 23,081,000
22,234,000 17,833,000
482,000
466,000
751,000
354,000
12,413,000
15,039,000
9,354,000
9,643,000
238,000
200,000
217,000
71,000
11,531,000
12,727,000
7,156,000
4,345,000
8,000
3,000
3.000
4,487,000
7,063,000
1,068,000
783,000
233,000
102,000
Total af.,401923.__12,873,000 223,947,000 163,694,000 135,906,000 20,666,000 26,792,000
1922..A3,090,000 215,220,000 257,358,000 133,054,000 20,238,000 23,601,000
The Western live stock movement, as already said,
ran somewhat heavier than a year ago. At Chicago
the receipts comprised 23,893 carloads in August
1923, against 21,753 cars in August 1922; at Kansas
City they were 17,131 cars, against 14,142, and at
Omaha 10,759 cars against 10,374.
In the case of the Southern cotton movement, the
gross shipments overland were 27,644 bales in
August 1923 against 45,186 in August 1922 and 141,067 bales in August 1921, but at the Southern outports the receipts were 284,564 bales in the month
the present year, against 189,436 in August 1922,
though comparing with 369,735 bales in August 1921,
as will be seen by the following:
RECEIPTS OF COTTON AT SOUTHERN PORTS IN AUGUST AND FROM
JAN. 1 TO AUG. 31 1923, 1922 AND 1921.
Galveston
Texas City
New Orleans
Mobile
Pensacola, de
Savannah
Brunswick
Charleston
Wilmington
Norfolk
Newport News,&e_
Total
Since Jan. 1.
August.
Ports.
1922.
1921.
1923.
1922.
1921.
201,921
45,793
19,860
467
19
7,542
4,522
1,028
3,412
105,609
24,332
20,505
2,606
165
28.148
1,975
1,852
1,312
2,932
196,157 711,862 1,063,469 1,673,070
30,165 243,328 282,810 329,806
67,974 521,679 611,061 810,143
85,337 72,479
21,661
13,469
8,832
15.020
3,702
423
37,410 198,228 393,404 410,753
16,977
4,676
3,451
310
52,094
3,045 82,642 112,195
58,103
5,679 37.130 43,683
97,336 134,350 177,610
14,971
1,244
132
284,564
189.436
369,735 1,921,019 2,752,118 3,604,993
1923.
1716
THE CHRONICLE
{vol.. 117.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME. the big Memphis district. But as noticed more than once in
recent weeks, the jewelry trade, especially in the East, is
Friday Night, Oct. 19 1923.
Trade in this country is uneven, with some industries making a very good showing. The working class is getting
showing not a little life and others more quiescent, partly very high wages and is spending some of it on luxuries.
owing to weather conditions. These have been inimical to Also, the shoe manufacturing trade at the West and some
retail and jobbing business from great rains in the South branches of the clothing trade show a brisk business. Cotton
and Southwest with floods and hurricanes, warm weather goods at the South sell readily. Meanwhile collections run
In the Northern and Eastern States, and some rains at the about as formerly, that is to say, fair at least, if not actually
West, though latterly the weather there has been colder, good. They could hardly be everywhere good with trade in
notably in the corn belt. In the main the weather has been so many lines slow, even if others make a fair showing. It
better for drying the corn crop. But it is considered unfa- is recognized that in wide ramifications of trade buyers are
vorable for the cotton crop, both as to grade and quantity, pursuing a hand-to-mouth policy, evidently hoping for lower
though the great rains have probably affected the quality prices. There is very little forward buying. Yet it is pointed
more than anything else. The grain markets are lower, out that the largest steel manufacturers are operating at
especially wheat, with export trade still light and no won- nearly 90% of capacity and that the average output is at
derful development at Washington in behalf of the farmer. 85%. The car loadings are still on a large scale, though
How could there be? it might fairly be asked. Meanwhile somewhat below the summit total. They could be considerRussia is offering grain more freely to western Europe, ably below that and still make an excellent exhibit. Current
something which naturally militates more or less against the trade still compares well with that of 1922, even though perAmerican market. And curiously enough, it is said that the haps not so far ahead in some cases as it was for a considerwinter wheat acreage bids fair to increase in parts of Kan- able period of 1923. The high cost of production into which
sas, showing that the lesson of overproduction has not been high wages enters so largely still preys on the trade and comeverywhere taken to heart. One hopeful circumstance to- merce of the United States. Wages are still far above the
day was a report that several of the big Amoskeag cotton pre-war level, I. e. at 160% in New England cotton mills, and
mills at Manchester, N. H., which recently closed down, will by 100% in industry as a whole. And meanwhile the immistart up again on Monday. The American Thread mills at gration restriction law is still in force. Incredible as it
Holyoke, Mass., have increased their running time. These sounds, Federal officials talk of deporting some foreign
are gratifying evidences that the textile situation in New students from western colleges. This, of course, has nothing
England is not one of unmitigated gloom, although it is said to do with the industrial situation and the need of labor, but
that some 20,000 looms in the cotton manufacturing trade It is a striking exemplification of how far an absurd law may
there are now idle. Possibly the scarcity of water has had be carried by over-zealous officials who adhere to the iron
something to do with curtailment of work by cotton mills in letter of the statute. One sign of revolt is that the proposed
Massachusetts, New Hampshire and also, by the way, in 8-hour law in Maine was overwhelmingly defeated at the
North Carolina. But it is hoped that the outlook is begin- polls this week.
Apart from this the condition of business in this country is
ning to brighten. Moreover, there were persistent reports
here to-day from Liverpool that many of the Lancashire unquestionably sound. In most lines stocks are normal. A
mills will start up at 100% capacity next week, partly be- policy of caution has been followed since the early part of
cause of larger supplies of raw cotton and partly because of the present year and dealers have avoided an undue accumua better trade. There appears to be no doubt that at last lation of goods on hand. The consumption of merchandise
Manchester is really doing more business. It seems to have in the aggregate is undoubtedly large, and nowhere, as a
turned the corner, or at any rate the signs appear to point rule, to distributers seem to hold burdensome supplies. One
that way. If it has it will naturally react favorably on the trouble is that vur export trade is not what it should be.
cotton trade of this country. Of late 60% of the daily im- It would be far better in manufactures if our costs of proports of cotton at Liverpool has been American. All this, duction were lower. High costs undoubtedly hamper the
with other things, had the effect of advancing cotton prices American exporter in his efforts to get a proper share of
here to-day some $3 to $3 50 per bale. Of late, too, cotton International business.
Meanwhile it is regrettable that European politics are still
exports have been very large, and they are now well in
advance of the total at this time last year. The Southern in a state of turmoil. The speeches of ex-Premier Lloyd
cotton farmer is getting high prices for his cotton, which George on the subject are none too strong. Germany at times
to-day went above 30 cents per pound here, or fully $35 per during the week has seemed to be threatened with civil war
bale higher than a year ago. And although grain prices If the German army should march on Saxony to quell riots
show some decline for the week, corn is 32 cents a bushel of strikers. And it is useless to disguise the fact that dichigher than last year and wheat prices on the whole have tatorships in some seven different countries argue a state of
unrest among vast populations which cannot but excite apstood up very well as against a large crop movement.
Iron and steel have declined, but there has been good buy- prehension. Still, this rough and ready method of governing of steel by railroads, building concerns and automobile ment may serve its purpose, namely that of quelling dismanufacturers. Soft coal and coke prices have also dropped. order and bringing the great mass of people to a recognition
Recently declines in commodities have been on the whole of the advantages of time-tried methods of government and
more numerous than advances. And this naturally makes the peaceful adjustment of the many vexed questions at
for greater caution on the part of buyers. They are, of Issue. Mr. Lloyd George rightly stresses in his speeches the
course, averse to stocking up heavily on a falling market. desirability of adopting the plan suggested by Secretary of
There has been some curtailment of output of both steel and State Hughes looking to the appointment of a commission in
iron, as well as textiles in some parts of New England and which America would take part for the purpose of finding
the South. Crude petroleum and gasoline have declined, out just how much Germany can pay in the way of reparaalthough the output of crude oil has been reduced. The tions and thus bringing about a settlement, for it is inconlumber trade is better in some directions, but this is not ceivable that if such a commission should fix upon a certain
uniformly the case. The best showing is made on the Pa- amount Germany would refuse to pay it and thus defy the
scific Coast and in the Southwest. It is interesting to notice public opinion of the civilized nations of the world. The
that the lumber exports from Oregon in September were British idea is to give Germany a chance by giving her an
treble those of the same month last year. The cement output opportunity to make money in order to pay over money.
is enormous, suggesting in some degree the vastness of And there is little doubt that in one form or another this will
building enterprises. In the North Pacific States the flour sooner or later have to be the policy adopted.
At Lawrence, Mass., Arlington Mill officials were not inIndustry is animated, whatever may be the case in other
parts of the country. The silk industry is rather quiet, ob- clined to discuss conditions of business at the plant, but noviously owing to the current high prices due to the dearness ticeable curtailments have been made, particularly at Mill
of raw silk, though that has latterly declined. Rains and No. 21. In this mill operations have, it is said, been entirely
bad roads, as already intimated, have affected trade in suspended in some departments. In the French drawing desome parts of the country, notably in the Gulf region, and partment night operations were started this week. The Ayer
OCT. 20 1923.]
THE CHRONICLE
mills of the American Woolen Co. have made marked curtailments. Lack of orders on special worsted produced at
the mill is said to be the cause. At Lawrence a failure of
orders due to general business conditions compelled officials
of the Everett Mills, producers of cotton dress goods, giving
employment to 1,800, to curtail operations to a three-day
week. Lawrence mills reported later that while there was
no general curtailment in any of the worsted mills a number of workers had been laid off in some of the mills. Fall
River complains that Southern goods are selling at 1h cent
under its prices. Curtailment is increasing at Fall River.
The American Thread Co. plant at Holyoke, Mass., will
operate on a 5-day schedule instead of the 3 to 4 days as during most of the summer. New Bedford reports that the mills
there are operating on an average of four days a week. At
Lowell, Mass., the Massachusetts Mill on Oct. 16 went on a
three days a week schedule. At Lewiston, Me., on the 18th
Inst. the Bates Manufacturing Co., with 2,200 operatives,
went on a three-day week. Three Southern mills making
ginghams have curtailed their output. At the South 5,000
looms normally making ginghams are on short time and in
New England 20,000 looms are either idle or running on short
time. The Carl Stohn Co., Inc., of Hyde Park, Mass., and
the United Knitting Co. of Pawtucket, R. I., have established
plants at Charlotte, N. C.
Carolina cotton mills may be forced to stop one day per
week, beginning on Monday, owing to lack of water power,
unless heavy rains come in the immediate future.
Lower raw silk prices are quoted. Japanese sorts are
down 45e. per pound. Cantons declined 15c. and Italian 10c.,
but buyers still hesitate. At Brockton, Mass., on the 15th
Inst., an increase of 11% in the wages of 18,000 out of the
22,500 shoe operatives went into effect. This increase is
figured at about $500,000 increase in the payroll. Others of
the operatives will benefit by a new scale effective Dec. 1.
Piece workers' wages are not altered in the job shoe factories. This brings wages back to the war-time peak.
Maine on the 15th inst. at a referendum rejected the 48hour law by 20,000 majority.
In Boston on Oct. 16 a wage increase of 15c. an hour was
granted to longshoremen. The agreement which is retroactive to Oct. 1 and covers the period to Sept. 30 1924, provides also for a 44-hour week during the months of June,
July, August and September, and a 48-hour week during the
rest of the year. The wage for straight time is increased
from 65c. an hour to 80c. an hour and for overtime from $1
to $120 an hour, bringing the scale back to the 1920 level.
Similar agreements were signed recently at New York and
other ports. At Norfolk, Va., on Oct. 16 a wage scale of 75c.
an hour and $107 for overtime went into effect for all longshore labor employed on general cargo steamers at Norfolk
and Newport News.
Merchants were naturally gratified by a Washington dispatch which said that Secretary Mellon favored a reduction
in taxation, including the repeal of the tax on telegrams. He
wants to see a lessening of the burden of taxation, and the
repeal of the war tax can be included in the program. He
hopes that Congress will not make any extraordinary expenditures.
Oklahoma on the 15th suffered the most disastrous flood
ever recorded in that State. Rivers and streams swollen in
some cases to a 35-foot crest by rains that had fallen virtually without intermission for several days, swept away
bridges, houses and other property. The North and South
Canadian rivers, the Cimarron, the Wichita, the north fork
of the Red River, all spread destruction and the damage is
estimated tentatively at $2,500,000. Some 15,000 people were
driven from their homes. Dallas wired on the 16th inst. that
with rains continuing steadily in many parts of Texas,
floods have caused heavy damage to crops, highways and
bridges in the Panhandle. Nearly 60 bridges and trestles
were reported washed out along the Missouri-Kansas-Texas
Railway in the vicinity of Wichita Falls, where more than
five inches of rain fell. Elsewhere in Texas the rainfall
was said to have reached 7% inches. Latterly the rains have
practically ceased in Texas and Oklahoma.
On the other hand, more than 300 large plants in the
northern section of Hudson County and in Bergen County,
N. J., will have to shut down if no heavy rain falls within a
day or two, said D. W. French, Superintendent of the Hackensack Water Co. to-day. There was some rain but it was
not very heavy until to-night. It is badly needed hereabouts.
Massachusetts, New Hampshire and North Carolina have
1117
also been suffering severely from drouth. Ponds and lakes
may have to be drawn upon for drinking water.
Car Loading Again Breaks
All Records.
All records for previous years in the.number of cars
loaded with revenue freight continue to be broken by the
railroads this year, according to the Car Service Divisionof the American Railway Association.
For the first 40 weeks this year-that is, from Jan. 1 to
Oct. 6 inclusive-38,388,581 cars were loaded with revenue
freight. This not only exceeds the total for the corresponding period in 1920 when freight traffic was the heaviest on
record, but also exceeds the same weeks in 1918 when freight
shipments were unusually heavy due to the war. Compared
with the corresponding period last year, when freight traffic
was somewhat reduced by both the miners' and railway
shipmen's strikes, it is an increase of 6,127,531 cars, while
compared with the corresponding period in 1921 it is an
increase of 8,353,753 cars.
For the week which ended on Oct. 6 this year 1,079,690
cars were loaded with revenue freight. This exceeded the
same'week in 1922 by 125,738 cars, and the same week in
1921 by 180,009 cars. It also was 68,024 cars above the
corresponding week in 1920, which was one of the heaviest
weeks in that year. Further particulars follow:
Railroad
Freight
The number of cars loaded in the Eastern district during the week of
Oct. 6 was an increase of 13% over the same week last year, while in the
Southern district an increase of 1135% was reported. In the Western
district there was an increase of 14%-.
Loading for the week of Oct. 6 was a decrease of 17,584 cars under the
preceding week when 1,097,274 cars were loaded, the greatest number for
any one week on record.
Compared with the week before, decreases were reported in the loading
of all commodities, but except for grain and grain products all commodities
showed increases over not only the same week last year. but also over
two years ago.
Loading of grain and grain products for the week of Oct. 6 totaled 50.019
cars, a decrease of 877 cars under the week before and 55 cars below the
corresponding week in 1922. Compared wit hthe corresponding week in
1921 it was a decrease of 4,438 car.
Live stock loading totaled 41,554 cars. While this was 70 cars below
the previous week, it was an increase of 2,464 cars over the same week
last year and 7,787 cars over the same week two years ago.
Coal loading totaled 191,741 cars, or 9,229 cars below the week before..
This was an increase, however, of 5,967 cars over the same week last year,
and an increase of 9,146 cars over two years ago.
Loading of merchandise and miscellaneous freight, which includes manufactured products, amounted to 643,252 cars, 2,933 cars less than the preceding week. This was an increase of 78,805 cars above the same week last
year. and an increase of 95,540 cars above the same week two years ago.
Forest products loading totaled 73,259 cars, which also was a decrease of
2.232 cars under the week before, but an increase of 15,868 cars over the
corresponding week last year, and an increase of 23,940 cars over the corresponding week two years ago.
Coke loading totaled 12,440 cars. While this was a decrease of 496 under
the week before, it was an increase of 2,709 cars over last year, and 6,372
cars above two years ago.
Ore loading totaled 67.425 cars, a decrease under the week before of 1,747
compared with last year, this was an increase of 19,980 cars, and an increase of 41,662 cars over the same week in 1921.
Compared by districts, decreases under the week before were reported
in the total loading of all commodities, in all districts, but all showed increases over not only the corresponding week last year, but also over the
corresponding week M 1921.
Loading of revenue freight this year compared with the two previous
years follows:
1921.
1922.
1923.
4 weeks of January
3,380,296 2.785,119 2.823.759
4 " " February
3,366,965 3,027,886 2,739.234
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 " " August
5,204.532 4.335.327 4,069,765
4 " " September
4,147.148 3,599.397 3,280.576
899,681
Week ended Oct.6
953.952
1.079.690
Total for year to date
38,388,581 32,261,050 30.034,828
Price Changes Continue to Disturb Petroleum
Market.
Further reductions in the price of both crude oil and
gasoline during the week just past have kept the market
unsettled. The Magnolia Petroleum Co., following the
lead set by the Humble Oil and Texas companies, mentioned
in our columns last week on page 1602, announced on
Oct. 13 new prices on crude oil in Texas as follows:
Under 28 gravity. 50e.: 28 to 30.9 gravity. 70c.; 31 to 32.9 gravity.
90c.; 33 to 33.9. $1 10; 40 and above, $1 25 per barrel. The chang6 affects.
higher grades 33 to 39.9 gravity, showing a reduction of 20c. to $1 10 a
barrel and 40 and above, a reduction of 50c. to $1 25. The company
will purchase 100% of runs at these prices.
An official notice was issued Oct. 16 by the Middle States.
Oil Co. regarding takings by the Panhandle Refining Co..
The announcement read as follows:
Middle States Oil has received notice that the Panhandle Refining Co..
has increased its current takings of oil to the full amount of production
at the full posted price.
Press reports on Oct. 17 stated that the Gulf Oil Corp.
announced new posted prices on Gulf Coast crude 25 cents.
ms
THE CHRONICLE
lower than the prices posted by the Humble, Texas and
Magnolia companies. The new Gulf oil price is 75 cents
per barrel in all the coastal districts except Pierce Junction
and Blue Ridge, which are quoted at 65 cents per barrel.
Regarding the over-production of crude oil in the California field, which is the basic cause of the falling prices,
Chairman Guiberson of the Prorating Committee of the
Southern California Oil Producers' Association, was reported
in the New York "Times" Oct. 17 as saying:
Production of crude oil in those fields is declining and will continue to
decline until consumption on the Pacific Coast reaches the point where it
will take up the slack of overproduction, which has proved the industry's
principal unsettling factor this year. The California production now is
approximately 834.000 barrels per day. and Mr. Guiberson said that the
difficulty surrounding the drilling and bringing in of new wells militated
against a possible increase of this rate.
"The peak of potential production of oil in California was passed in the
latter part of July and the first part of August," said Mr. Guiberson.
"Statements in Wall Street. obviously bearish in character, that the oil
production in California would amount to 1,250,000 barrels per day, if
opened wide, are untrue.
"About July 1 there were approximately 100,000 barrels of oil shut in
in the oil fields and this amount has been figured as shut-in oil ever since,
while as a matter of fact it is probably not over 75,000 barrels at this time.
A pro rate of production in the three new fields-Santa Fe Springs, Huntington Beach and Long Beach-was put into effect at about that time.
This ran from 30% in June to 50% on all new wells in July and August.
Our estimates placed this shut-in oil in the new fields at about 50,000 barrels
In June, 100,000 barrels in July 1 to 15. 150,000 barrels July 15 to Aug. 15,
and back to less than 25,000 barrels on Sept. 10. with none whatever Oct. 1.
"On Oct.6 the actual production was 834.000 barrels, with probably less
than 80,000 barrels shut in. making a potential production of 914,000 barrels as of that date."
There has been a great deal of interest in the oil industry in regard to
production in the new fields of Compton and Torrence and how these
fields would affect the present situation in the oil industry. In this connection Mr. Guiberson said
"The Union Oil Co. has one well at Compton, producing between 1,000
and 1,500 barrels per day, and that company holds leases on practically
everything that looks to be good in that field. There are only three or
four leases in all, so that they will not be compelled to drill many wells,
and it is a certainty that they will hold this field as a reserve supply of oil,
to be drawn on when more production is required.
"The Torrence field covers a considerable area, but the wells are small,
ranging from 200 barrels to 800 or 900 barrels. The oil is under 30 gravity,
and a most liberal estimate would not put this field at over 40.000 barrels
to the acre. At the present price of oil it will require the production from
approximately ten acres to pay the cost of drilling one wed and to produce
the oil from same. Under these conditions, development of this field
Is not going to be a very big fact, at least until the price of oil will justify
drilling."
Mr. Guiberson cited figures by Joseph Jensen, the geologist who assisted
in compiling data and estimates for the Southern California Prorating
Committee, in support of his contention that within less than six months
there will be a drawing on storage supplies of oil to meet the demand for
shipments via the Panama Canal at the present rate, and that by August
1924 the consumption on the Pacific Coast would equal the entire California
production. Mr. Jensen's estimates gave California a daily average production for October of 867,000 barrels; for November, 821,307 barrels;
December. 748,807 barrels; January 1924, 734,500; February, 666.500;
March. 589.700; April. 536,800; May, 500,600; June, 477,700; July,
453,900; August. 435.500, and September, 517,900 barrels. California
consumption, less shipments through the Canal for the same months,
is estimated at 440,650 a day for October, 441.800 for November, 442,950
for December, 444,100 for January, 445,250 fcr February, 446.400 for
March, 447,550 for April. 448,700 for May, 449.850 for June, and 451,000
barrels daily in July.
Mr. Guiberson said it should be remembered that there are approximately two wells a day being completed in the new fields, but that these
new wells were filing to maintain even present production.
Practically all of the new production in California was now coining
from levels below 4.000 ft., said Mr. Gulberson, with the result that the
companies were finding it more and more expensive to continue operations.
The Attorneys-General of 24 States at the close of a threeday conference in Chicago adopted resolutions for a thorough
investigation of the conditions in the petroleum industry.
A special dispatch to the New York "Times," dated Oct. 17
and appearing Oct. 18, reads:
Adopting resolutions in favor ofa conference with United States AttorneyGeneral Daugherty on conditions in the petroleum industry which they
described as "chaotic," the Attorneys-General of 24 States to-day closed
their three days' conference.
Recommendations included a demand for a continued and thorough
Investigation of the oil industry and that proceedings be instituted to
terminate all combinations, agreements, unfair trade and other unlawful
practices.
In addition, it was recommended that "special attention be given to the
prevention of unnecessary and wasteful increase and duplication of service
stations"; that "all pipe lines be made common carriers and that the ownership of pipe lines be divorced from the ownership of petroleum and the business of producing, refining or marketing petroleum"; that there be changes
in freight rates which "will permit the producers and refiners in the midcontinent once more to find a market for their products in competition with
other sources of supply," and "that uniform grades and standards be
established for petroleum and petroleum products."
It was decided to continue the conference as a permanent organization,
and a standing Executive Committee of nine was appointed to take up at
once the conference with the United States Attorney-General.
Gasoline prices were again reduced by a number of the
leading companies. An Associated Press report to the
"Houston Post" (Texas), dated Oct. 12, and published the
following day, stated:
II Gasoline is retailing at many places in San Antonio at 7c. per gallon,
and it is believed that the price it the lowest in the United States. It has
been many years since the price here has been that low.
Following the cutfrom 13 to 11c. at filling stations by the Gulfon Wednesday, which was followed by other major concerns on Thursday, the Atlas
Petroleum Co., having a refinery here and using Luling crude, announced
[Vox,. 117.
that because prices in the past had been manipulated without regard to
cost of crude or manufacture, it would maintain the price of 7c. until the
market became stabilized at a point where there was a fair profit. The
announcement admitted that there was no profit at 7c.
Gasoline prices in Canada have been reduced 2 cents per
gallon in Alberta, Saskatchewan and Manitoba by the
Imperial Oil Co., Ltd. The prices is now 51 cents wholesale
and 37 cents retail, including the 2-cent-per-gallon Government tax.
A report from Vancouver, B. C., Oct. 15, published by
"Daily Financial America," stated that gasoline was selling
in that city at 25 cents per gallon at Union Oil Co. stations,
to meet competition of retailers who purchased supplies in
Blaine, Wash., U. S. A., and transported it by motor
trucks.
On Oct. 16 the Gulf Refining Co. announced that, effective
Wednesday, Oct. 17, the price of gasoline would be reduced
3 cents a gallon in Massachusetts and '2 cents a gallon in
the remainder of its territory. This makes the Massachusetts tank wagon price 153. cents per gallon and the
price 163' cents per gallon in the other territory served by
the company. The retail price throughout is 18 cents per
gallon.
Regarding the drastic cut by the Gulf company, the
"Wall Street Journal" of Oct. 17 said the following:
The reduction is the most important thus far in the period of declining
oil prices, if for no other reason than that Gulf Oil has taken the lead in
the reduction and that it is the biggest producer of crude oil in the country
and backed up by a large supply of refined products. Previously, during
the present period of lowering prices. Gulf has followed reductions by other
organizations in whatever part of its territory was affected, but this is the
first blanket cut over its entire territory.
The reduction is of even more widespread effect than the 6-cent cut
some weeks ago by Standard Oil of Indiana, because of the larger areas
involved. Gulf's territory covers 24 States, from Maine to New Mexico.
and other marketers will undoubtedly have to reduce prices. It covers
part cr all of the marketing territory of no less than eight Standard Oil
units, namely Standard Oil of New York, Now Jersey, Kentucky, Indiana and Louisiana, Atlantic Refining, Continental Oil and Magnolia
Petroleum. In fact, there are only four Standard Oil marketing companies
whose territories are not affected, In whole or in part, by the cut.
The Jenny Mfg. Co. and the Colonial Filling Stations,
Inc. (both of Massachusetts) were the first to follow the
example set by the Gulf company. Later similar announcements were made by the Standard Oil Co. of New York,
Texas Co., Atlantic Refining, Sun Oil, Standard Oil Co. of
New Jersey, and the Standard Oil Co. of Kentucky. Other
reductions were made as follows: 1 cent per gallon by the
Standard Oil Co'. of Indiana in Kansas City, Mo., the tank
wagon price now being 11.9 cents and at service stations
13.9 cents, and 2 cents per gallon effective Oct. 19 by the
White Star Refining Co., Wayco Oil Co. and Detroit Independent Oil Co. (Michigan). The price has been 14.8 cents
per gallon.
Regarding conditions in Texas, especially in the San
Antonio district, the "New York Commercial" on Oct. 18
reported the following:
Gasoline quotations here are being made in money and bonuses, as a result of the hysterical producers' wax in southwest Texas. Gasoline is selling at anywhere from 6 cents to 11 cents per gallon at filling stations. One
station Is giving away five gallons of gas with every purchase of one gallon
of lubricating oil. Another offers a bonus of five gallons of gas with each
purchase of an inner tube, and still another will fill up your car with gas and
oil if you buy a tire. Motorists are undecided whether to take advantage
of the present low prices or wait for a still lower drop.
A table of comparative tank wagon prices, exclusive of
State taxes, was published by the "Wall Street Journal" on
Oct. 18. The table follows:
High, High,
Low, Jan. 1
Present. 1923. 1922. 1921. 1921.
15.0 23.0 27.0 20.0 31.0
Atlanta, Ga
21.0
29.5
Baltimore, Md16.5 23.5 26.0
24.0
21.5
21.0
16.0
Birmingham, Ala
31.0
27.0
24.5
25.5
15.5
32.0
Boston. Mass
27.5
23.5
19.0 24.5
Butte, Mont
33.5
23.0
20.0
18.0
13.4
Chicago, Ill
27.0
23.0
20.0
17.0 21.0
Cleveland, Ohio
30.0
23.0
18.0
13.0
18.0
Dallas, Texas
31.0
26.0
22.0
21.0
17.0
Denver, Colo
32.0
19.5
24.4
12.5 21.1
Des Moines,Iowa
28.5
22.4
21.4
19.9
12.8
Detroit, Mich
28.8
23.0
18.0
18.0
14.0
Houston,Texas
29.0
18.6
Indianapolis, Ind
13.2 20.8 23.8
28.3
21.5
15.0
19.5
11.9
Kansas City, Mo
26.5
15.0 22.0 24.0 23.0 28.5
Louisville, Ky
17.0
Los Angeles. Calif.*
13.0
24-.8 2-1.6 Ye:6
19.0
Memphis, Tenn
14.0
20.6
23.7
19.3 27.9
14.0
Milwaukee, Wis_
24.7
19.2 28.2
Minneapolis, Minn
12.9 21.5
23.5 26.0 21.0 28.5
Newark,'N. J
16.5
19.5 24.5
19.5
13.5
New Orleans, La
28.5
24.5 27.0 24.0 31.0
16.5
New York. N.Y
20.5 23.0
18.5
Omaha, Neb
13.9
29.5
26.0 21.0 31.0
23.0
Philadelphia. Pa
16.0
20.5 23.2
16.2 26.2
11.1
St. Louie, Mo
St. Paul. Minn
12.9 21.5 24.2 21.2 28.2
17.0 21.0 21.0
San Francisco, Calif.*
11.5
27.0
19.0 23.0 23.0 28.0
Seattle, Wash
12.0
Tulsa. Okla
17.0
14.0 20.0 24.0
28.0
Wilmington. Del
23.0 26.0 21.0 31.0
16.0
Average_
14.35 21.22 24.4
20.2
29.3
•Service St:don price of Standard 011 of California.
An investigation into gasoline prices in New York has been
ordered by Governor Smith, following a letter received from
Murray Hulbert, Acting Mayor of New York City. A
•
OCT.20 1923.]
THE CHRONICLE
special dispatch to "The New York Herald" from Albany
appeared Oct. 19. The dispatch follows:
Gov. Smith ordered an inquiry into gasoline prices to-day after recehing
word from Acting Mayor Hulbert that an unlawful combination to fix
the price of gasoline had been formed. The inquiry will be conducted by
Carl Sherman, Attorney-General.
The law under which the Attorney-General will move is the Donnelly
Anti-Trust Act. The inquiry may extend to the entire State. Mr.
Sherman said that his office for some time had the gasoline price situation
under consideration.
"While I have made no previous public comment," he said, "this office
has been engaged in an investigation of the gasoline situation with a view
to ascertaining whether proceedings under the Donnelly Anti-Trust Law
can be instituted. In fact, my Deputy, Francis W. Cullen, left last week
for Chicago to attend a conference of Attorneys-General and their representatives which is looking into this question."
Acting Mayor Hulbert also sent Senator Copeland a copy
of the letter which he had addressed to Governor Smith,
expressing his opinion that prices were high because of illegal
trade combinations. The Acting Mayor in a statement
published in "The New York Times," Oct. 19, took upon
himself the credit for the cut in gasoline prices announced
the day before. The "Times" statement follows:
Acting Mayor Hulbert took credit yesterday for the price reductions on
gasoline announced the day before by the Standard Oil Co., which he singled
out especially for attack in his letters to Senator Royal S. Copeland and
Governor Alfred E. Smith, demanding an inquiry. He gave out a statement which read:
"I must say that the S. 0.executives have the greatest espionage system
in the world. Of course I expected that my inquiries into local cost and selling conditions would be reported back to them speedily, but even the most
unsuspicious citizen must give a second thought to their timing of the
'conciliatory' price cut in New York with my complaint to Governor Smith
and United States Senator Copeland."
At the offices of the Standard Oil Co. it was said that no official of the
company had any comment to make rogarding the charges of Acting Mayor
Hulbert.
Automobile Prices.
The Durant Motor Co. on Oct. 10 announced the following
reductions on its Locomobile models: 4-passenger sport,
reduced, $1,600; 7-passenger touring, $1,700; 5-passenger
sedan, $1,000; 7-passenger sedan, $1,200; cab, $1,000;
limousine, $2,600; and coupe, $1,150. The present prices
of the models indicated follow: Touring, $8,231 25; 4-passenger, $8,231 25; sedan, $11,447 50; enclosed drive sedan,
$11,447 50; touring limousine, $9,372 50.
1719
cloths and cotton yarns. The index number for the group rose from 193
to 202, an increase of more than 434%. Advances in corn, oats, rye,
wheat, hogs, cotton, eggs and hay caused the group of farm products to
rise 334% in September as compared with August. A net increase of
334% is also shown for the food group because of the continued advance
in the price of fresh beef and pork, butter, cheese, eggs, flour, lard, corn
meal, and sugar. Smaller increases took place among chemicals and
drugs and among commodities classified as miscellaneous, including such
important articles as leather, wood pulp, manila hemp, hits, rope, and
lubricating oil.
On the other hand, continued declines in douglas fir, oak and yellow
pine lumber, sand and paint materials caused another drop in building
materials, the net decrease being over 2%. Smaller decreases occurred in
fuel and lighting and metals and metal products. No change in the general
price level was reported for house furnishing goods.
Of the 404 commodities or series of quotations for which comparable
data for August and September were collected, increases were shown in
145 instances and decreases in 8.5 instances. In 174 instances no change
In price was reported.
Index Numbers of Wholesale Prices, by Groups of Commodities (1913-100)-----1923----1922.
GroupSept.
Aug.
Sept.
Farm products
144
139
133
Foods
147
142
138
Cloths and clothing
202
193
183
Fuel and lighting
178
244
176
Metals and metal products
134
144
145
Building materials
182
180
186
Chemicals and drugs
128
127
124
House furnishing goods
183
173
183
Miscellaneous
121
116
120
Allcommodities
154
153
150
Comparing prices in September with those of a year ago, as measured
by changes in the index numbers, it is seen that the general level of prices
has risen slightly more than 3.',. of 1%. The decrease of nearly 28% in
fuel and lighting during the 12 months was offset by increases occurring
In all the other commodity groups, ranging from 1% in building materials
to nearly 1034% in cloths and clothing.
Structural Steel Saks on a Low Basis.
The Department of Commerce announced on Oct. 20
September sales of fabricated structural steel, based on
figures received from the principal fabricators of the country.
Total sales of 118,113 tons were reported for September by
firms, with a capacity of 223,360 tons per month. Tonnage
booked each month by 177 identical firms, with a capacity
of 230,675 tons per month,is shown below, together with the
per cent of shop capacity represented by these bookings.
For comparative purposes, the figures are also prorated to
obtain an estimated total for the United States on a capacity
of 250,000 tons per month.
Actual
Tonnage
Per Cent
of
Computed
Total
Booked.
1922Bookings.
Crude Oil Production Decreases, but only Slightly.
200.968
April
Capacity'
217,500
87
185.065
80
The daily average gross crude oil production in the United May
200.000
June
168,894
182,500
73
States for the week ended Oct. 13 was 2,125,350 barrels, as July
158,012
172.500
69
156.559
August
170.000
68
compared with 2,157,400 barrels for the preceding week, a September
146,827
160,000
64
133.037
145,000
58
decrease of 32,050 barrels. The chief causes of the decline October
November
112,367
122,500
49
were (1) the falling off in the output of the California fields December
138,737
150,000
60
1923from 834,000 to 821,000 barrels per day, and (2) the decrease January
187,500
173,294
75
200.000
80
184,887
In production from the Salt Creek field in Wyoming, where February
March
240,000
220,400
96
202,500
a severe storm and flood interrupted operations. The daily April
186,117
81
May
142,500
131,875
57
average production east of the Rocky Mountains during the June
127,500
a118,214
51
127,500
D117,267
51
week of Oct. 13 was 1,304,350 barrels, as compared with July
August
147.500
59
c134.189
132.500
d118,113
1,323,400 barrels during the preceding week. Total daily September
53
production for the week ended Oct. 13 1923 was 570,300 bara Reported by 176 firms with a capacity of 230,475 tons.
Reported by 174 firms with a capacity of 230.280 tons.
rels more than for the corresponding week of 1922, when the
c Reported by 172 firms with a capacity of 229,030 tons.
d Reported by 155 firms with a capacity of 223.360 tons.
average was 1,555,050 barrels per day. The following are
estimates of daily average gross production for the weeks
Railroad, Automobile and Structural Steel Demands.
indicated:
Heavy-Pig Iron Price Further Declines.
DAILY AVERAGE PRODUCTION.
Oct. 13 '23. Oct. 6 '23. Sept.29'23. Oct. 14 '22.
(In Barrels)steel
The
market shows substantially the same cross398,400
396,950
Oklahoma
405,400
410,550
72,850
71.450
Kansas
71,900
88,400 currents that have been recognized for six weeks or more,
67,800
70,650
North Texas
67,950
57.000
283,500
265,400
Central Texas
268,450
140.050 says the "Iron Age" of this city in its weekly summary
56,500
57,000
North Louisiana
57,100
93,350 of conditions throughout the industry. Consumption is
124,650
122.350
Arkansas
121,000
99.950
101.100
Gulf Coast
97,950
13
1'101 somewhat less, though still heavy; shipments from mills
108,000
107,500
Eastern
109,000
116.500
133.850
*89,850
Wyoming and Montana_
167.500
88,300 are well in excess of new orders; and there is yielding in
834,000
821.000
California
854,000
420,000 finished steel
prices, though rarely in plates, shapes or bars.
2.157,400
2,125,350
Total
2.220,250
1,555.050 On the favorable side is the prospect of good equipment
*Decline caused principally by storm and flood in Salt Creek district
orders from the railroads, sustained building demand and
California production was 821,000 barrels, as compared with 834,000 bar- unusual November-December building of automobiles,
conrels the previous week, a decrease of 13,000 barrels. Santa Fe Springs is
the report, giving the following further details:
reported at 275,000 barrels, against 285,000 barrels; Long Beach 248,000 tinues
barrels, no change; and Huntington Beach 82,000 barrels, against 84,000
barrels.
Increase in Wholesale Prices in September.
The trend in the general level of wholesale prices which
has been gradually downward since May, took a decided
upward turn in September, according to information gathered in representative markets by the U. S. Department of
Labor through the Bureau of Labor Statistics, which, under
date of Oct. 17, said:
The Bureau's index number, which includes 404 commodities or price
series, weighted in proportion to their relative importance, rose from
150 in August to 154 in September, or an advance of nearly 2 %.
The group of cloths and clothing showed the greatest increase over the
preceding month, due mainly to the marked advances in raw silk, print
Last week the expected renewal of car buying was encouraging. Car
builders now say that this is not likely to come before the first of the year,
the price of car steel being an undetermined factor. This week several
large locomotive inquiries have come up, inculding 80 for the Missouri
Pacific and 39 for the Louisville ic Nashville. These, with lots for the
Southern Pacific, 13. dr 0. and Pennsylvania, make a total close to 200.
Reports of large bar inquiries for the Ford Motor Co. and for other
Detroit buyers have been given prominence, but these are only in line
with automobile plant schedules already announced.
Apart from the banking of two blast furnaces at Joliet, Ili., the Steel
Corporation's operations are unchanged. Independent producers are
under rather than over the 70% mark.
An indication that the heavy shipments of leading mills in the past two
months have given some buyers more steel than they need is the cropping
up of resale business here and there at less than current mill prices. Ths
bar market has furnished a number of examples.
In warehouse business in the Central West weakness has developed,
from the same cause, Jobbers having gone $2 a ton below recent prices
on plates, shapes and bars.
1720
THE CHRONICLE
A 5% reduction in nuts and bolts, effective Oct. 13, has been made
by one large Central Western maker.
At Chicago inquiries for tie plates, spikes and bolts are large. The
distribution of the Missouri Pacific rail order gives 14,000 tons to Chicago
10,000 tons to the Colorado mill and 8.000 tons to Busboy, Ala.
The sheet market continues to show that various mills are making
concessions because they need orders, but the September orders booked
by independent mills reporting to the statistical association were 107,000
tons more than in August, last months' total being 223,000 tons. For
the first month since March sales were in excess of shipments.
Large consumption continues in fabricated steel. While the week's
bookings dropped to 10,000 tons, fresh projects calling for 75.000 tons
appeared, over two-thirds in the New York metropolitan district.
American chances are considered good for supplying the Chilean State
RailwayS with 16,500 tons of 100-1b. rails and accessories on which bids
will be taken Nov. 17. The purchase of two years ago were made in
Germany. A 10-000-lb. rail order for China has just been booked by
Belgium.
Prices for semi-finished steel have a range of about 82 50 a ton, as indicated by $40 to $42 50 for rerolling billets and $45 to $47 50 for forging
billets, with smaller deviations from the $42 50 contract price for sheet bars.
Cleveland reports a 5,000-ton sheet bar inquiry from Japan and a Chicago
mills has booked 3,000 tons of black and galvanized sheets for Tokyo.
Domestic cast-iron pipe manufacturers lost the 4,000-ton order at
Los Angeles, Calif., to the French plant at Pont-a-Mousson. Shipment
be made through the Panama Canal. Business has been so good
with all the pipe foundries that this single contract will not be missed,
but it shows that Continental competition is to be reckoned with at any
time.
Weakness of Southern pig iron is most pronounced at points distant
from Birmingham, as shown by a quotation of $19. Birmingham. or $2
below the recent price made to a Western company which was oble to
obtain a still lower delivered price on Northern iron. Buffalo iron has
receded to a basis of $22 and eastern Pennsylvania to 323, and the market
Is not firm at the new quotations. Owing to the almost entire absence of
transactions at Pittsburgh, prices are untested. Numerous merchant
furnace operators are considering the advisability of an early blowing out.
The scrap market is extremely weak in nearly all centres, the latest
declines ranging from 50 cents to $2 per ton.
In spite of recent curtailment of Connellsville coke output, supply
still exceeds demand, and spot coke has sold down to $3 75. More ovens
are going out and the decline seems about at an end.
Pig iron at 323 54, according to the "Iron Age" composite price, is
nearly $7 below the figure one year ago and is at the lowest point in 17
months.
The table appended shows price comparisons for periods indicated:
Composite Price Pct. 16 1923. Finished Steel, 2.775c. per Pound.
2.775c.
Based on prices of steel bars, beams, tank Oct. 9 1923
2.775c.
plates, plain wire, open-hearth rails, Sept. 18 1923
2.460c.
black pipe and black sheets,constituting Oct. 17 1922
10-year pre-war average_1.689c.
88% of the U. S. output
Composite Price Oct. 16 1923, Pig Iron. $23 54 per Gross Ton.
$23 74
Based on average of basic and foundry(Oct. 9 1923
25 07
Irons, the basic being Valley quotation,I Sept. 18 1923
30 22
the foundry an average of Chicago, I Oct. 17 1922
Philadelphia and Birmingham
110-year pre-wat average_ 15 72
In a more cheerful vein the "Iron Trade Review" reports
its observations of general conditions in the market, saying,
"Buying of steel continues in a rising 'volume and evidences
of sound fundamental conditions grow more substantial and
encouraging as October proceeds." Further extracts from
the "Review's" statement follow:
Consumers are feeling their way and there are few urgent requests for
-material, but the steady continuity of demand Is impressive. The outstanding feature remains the return of the railroads to the market as
large buyers of rolling stock and motive power and the past week has
added important new engotiations of this character. The building and
automobile situations are favorable with respect to present activity and
future prospects and agricultural demand offers greater promise. Export
orders are contributing considerably to new tonnage.
Bookings by steel companies generally in October show a good gain
With some large interests the tonnage this moth
over September.
to date is 20% above September and 40 to 50% above August. Steel
Corporation mills, because of accustomed sales practice, are booking at
a better rate than the independent plants, and now are entering new
business at substantially two-thirds of shipments with production at
88 to 90% of ingot capacity.
Sheet bookings for all mills forged ahead sharply in September and
were the heaviest since May. Independent producers representing 68.8%
of the country's capacity reported sales of 223.556 tons, or 86.2% of
capacity. This represented a gain of 116,659 tons, or 91.7% over August.
Heavy inquiries for motive power this week are rounding our the large
equipment-buying program which the railroads apparently have renewed.
Inquiries for 250 to 300 locomotives at least have appeared for the Southern
Pacific, Missouri Pacific, Louisville & Nashville. Baltimore & Ohio,Pennsylvania and other roads. The Norfolk & Western has inquired for 3,000
and the Louisville & Nashville for 2.300 cars. An un-named Western
road is about to inquire for 5,000 cars. Car orders now being figured or
Immediately in sight exceed 25.000. New rail orders include 30,000 to
35,000 tons for the Missouri Pacific and 20,000 for the Reading.
"Iron Trade Review" composite of 14 leading iron and steel products
still reflects the falling pig iron market. This week it stands at $43 90
against 344 06 a week age.
Marking a generally enlivened inquiry for building steel, are the nego'nations of the Ford Motor Co., for 15,000 tons of material for its proposed steel works and finishing mills at Detroit. This company also
recently took bids on 10,000 tons for an assembling plant at St. Paul.
The railroads again are inquiring freely for bridge work, 6,000 tons or
more having come out this week. A 10,000-ton power plant for the Public
Service Corp. of New Jersey is planned. Building awards this week
total 18,839 tons and inquiries 38,000 tons.
Pig iron prices have slipped again and are 50 cents to $1 lower. Buffalo
imiromptition down to $22 furnace for outside shipment continues an
Birportant factor over a wide area. Some Southern sellers will do $20
attractive
min'sam. The low stage of prices appears to be becoming more
quarter
to buyers for forward delivery and a number of inquiries for first
and first half have appeared. Some first quartet sales were made in
Lake toritory this week on the same price basis as last quarter.
heavy
Japanese buying of steel, especially in sheets, is going ahead on a
basis. New York reports 15.000 to 20,000 tons of additional business
tons of
In tlitht.;age black sheets closed this week. At Chicago 3,000
sheets and bars was placed this week. Japanese inquiries current call
o 50.000 kegs of spikes and much miscellaneous material.
[VOL. 117.
Soaring prices for coke in Germany and France have directed large
Inquiries for furnace fuel to this country. Two cargoes, 5,000 and 8.000
tons respectively, for the Ruhr are about to be closed at Pittsburgh.
German coke has been advanced this week to the equivalent of $13 62
per ton. The prevailing price on Connellsville furance coke is $4, ovens.
A French producer has captured an order for 5.500 tons of cast-iron
pipe for the city of Los Angeles for shipment by way of the Panama Canal.
Decline of Bituminous Coal Production Continues,
But Anthracite Recovers to Pre-Strike Rate.
According to the weekly figures compiled by the United
States Geological Survey, bituminous coal production for
the week ended Oct. 6 fell off 565,000 net tons from the
previous week to 10,782,000 net tons. On the other hand,
anthracite, although slightly decreased from the previous
week, maintained its pre-strike level, the tonnage for the
week being 2,015,000. The Survey's report in greater
detail follows:
The first week of October was marked by a sharp decline in the production
of soft coal. The total output, including mine fuel, local sales and coal
coked at the mines,is estimated at 10,782,000 net tons,a decrease of 565,000
tons, or 5%. The chief factor contributing to the decline appears to have
been a further softening of the market resulting in part from the termination
of the strike of the anthracite miners.
Early reports of car loadings on the first 3 days of the present week
(Oct. 8-13) indicate a partial recovery, and it is now anticipated that
the total production will be between 10,800,000 and 11,000,000 tons.
The present decline has carried the average daily rate of production
below that which prevailed in the fall of 1920 and considerably below that
in 1918. It exceeds, however, that in 1919, 1921 and 1922.
Estimated United States Production of Bituminous Coal, Including Coal
Coked (in Net Tons).
1922
1923
Week. Cal.Yr. to Date.
Cal. Yr. to Date.
Week.
9.747,000
261,193,000
402,127,000
11,454,000
Sept. 22
1,625,000
1,162,000
1,793,000
Daily average_ _ _ 1.909.000
271.015,000
9,822.000
413.475,000
11,347.000
Sept. 29_a
1.637.000
1.174,000
1,796.000
Daily average_ _ _ 1.891,000
280.751,000
9,736,000
424,257,000
10,782,000
Oct. 6_6
1,186,000
1,623,000
1.796,000
Daily average_ -- 1,797,000
a Revised since last report. b Subject to revision.
Production during the first 236 working days of 1923 was 424.257,000
net tons. During the corresponding period of the six preceding years it
was as follows (in net tons):
Years of Depression.
Years of Activity.
363,410,000
1919
422.898,000
1917
311,382,000
1921
454,515,000
1918
280,751,000
1922
419,124.000
1920
ANTHRACITE.
Recovery froin the effects of the anthracite miners' strike appears to be
complete and production has found a level just above 2,000,000 tons per
week. The total output during the week ended Oct. 6 is now estimated
at 2,015,000 net tons,including mine fuel, local sales and dredge and washery
coal. This was a decrease of 10,000 tons from production in the week before, but it equals the weekly rate of output that prevailed just before the
strike, and exceeds by 60,000 tons the average weekly rate in the first five
months of the present coal year.
Cumulative production during the calendar year to date stands at 73,279,000 tons, a figure that is more than two and a quarter times that for
the corresponding period of 1922, and that compares favorably with those
for the years of record production.
Estimated United States Production of Anthracite (Net Tons).
1922
1923
IWeek.
Cal. Yr. to Date.
Week.
26.691,000
1,897.000
69.239.000
877.000
Sept. 22
28,673,000
1,982,000
71.264,000
2,025,000
Sept. 29
30,667,000
1,994,000
73,279,000
2,015.000
Oct. 6
BEEHIVE COKE.
The steady decline in the production of beehive coke that has been in
progress since June continued during the first week of October. The total
production in that week is estimated'at 313,000 net tons, a decrease of 8.000
tons. This is the lowest weekly output recorded since the first week of
January. The decrease was confined to Pennsylvania and Ohio. In the
Connellaville region, according to the Connellsville "Courier." production
decreased from 232,960 to 220,490 tons.
Cumulative production during 1923 to date stands at 14,815,000 tons,
or more than three times the output during the corresponding period in 1922.
Estimated Production of Beehive Coke (Net Tons).
1923
1922
-Week Endedto Date.
Oct.6'23.a Ss/n.29'23.6 Oct.7'22. to Date.
253,000 265,000 130,000 11,968,000 3,772,000
Penna. and Ohio
862,000
306,000
12,000
15.000
16,000
West Virginia
865,000
13,000
338,000
18.000
Ala., Ky.,Tenn.& Ga_ 20.000
602,000
8,000
233,000
13.000
13.000
Virginia
301.000
6,000
159.000
6,000
6,000
Colorado & New Mex_
217,000
4,000
150,000
4,000
Washington and Utah_ 5.000
United States total _313,000 321,000 173,000 14,815,000 4,958.000
62.000
29.000
21.000
54,000
52,000
Daily average
a Subject to revision. b Revised from last report.
Production of Coke in August.
Production of coke in by-product ovens continued to decline slowly
during September. The total output for the month was 3,112,000 net
tons. The daily output was 103,729 tons,as against 104,402 tons in August,
a decrease of0.7%. Of the 70 plants,65 were in operation and 5 were idle.
The coke produced was 85.8% of the present capacity of all the plants.
Production from beehive ovens also declined. The month's output of
beehive coke is estimated at 1,373,000 tons, as against 1,494,000 tons in
August. The total outputfrom both types of ovens declined from 4,733,000
to 4,485,000 tons.
The decreased activity in coke manufacture reflected In part a decline
in the output of pig iron and steel, in part the settlement of the anthracite
strike.
Monthly Output of By-Product and Beehive Coke in the U. S. * (Net Tons)
Beehive Coke.
By-Product Coke.
Total.
Monthly Average2,764.000
1.870,000
4,634,000
1917
2,540.0004,706,000
2,166.000
1918
1,638,000
2.095.000
3.733.000
1919
1,748,000
2.565,000
4,313.000
1920
462,000
1,646,000
2,108,000
1921
669,000
2.374,000
3,043,000
1922
1.582,000
3.267,000
1923
4,849,000
July
3,239,000
1,494,000
August 1923
4.733,000
1,373,000
September 1923
4,485.000
•Excludes screenings and breeze.
OCT.20 1923.]
THE CHRONICLE
1721
These statistics of by-product coke production are based upon reports
to the Geological Survey from an operators of by-product ovens, including
merchant plants and plants engaged primarily in supplying gas for munici
pallties.
To manufacture the coke produced in September required the consumption of approximately 6,637,000 tons of coal, of which 4,471,000 tons was
charged in by-product ovens and 2,166,000 in beehive ovens. The coke
industry thus absorbed about 14.4% of the coal produced during the month.
Estimated Monthly Consumption of Coalfor Manufacture of Coke.* (Net Tons)
Consumed in
Consumed in
Total Coal
By-Product Ovens. Beehive Ovens.
Consumed.
Monthly Averar2,625,000
4,354,000
6,979,000
1917
3,072,000
4,014,000
7,086,000
1918
2,988,000
2,478,000
5,466,000
1919
3,684,000
2,665,000
6,349,000
1920
2,401,000
706.000
3,107,000
1921
3,411,000
1,056,000
4,467,000
1922
4,694,000
2,495,000
7,189,000
July
1923
4,654,000
2,356,000
7,010,000
August 1923
4,471,000
2,166,000
6,637,000
September 1923
Shipments of Anthracite Coal in September.
Shipments of anthracite for the month of September 1923,
as r ;ported to the Anthracite Bureau of Information at
Philldelphia, Pa., amounted to 2,194,940 tons. Operation
was resumed on Sept. 19, and during the ten working days
to the end of the month there was a daily average shipment
of 219,490 tons. This daily average could have been materially increased had the colleries resumed full operation on
Sept. 19. Some, because of an insufficient force of men,
did not resume operation until a later date.
The average daily shipment during the preceding month
of August was 247,105 tons.
Shipments by originating carriers were as follows:
* Assuming a yield of merchantable coke of 69.6% of the coal charged in
by-product ovens and 63.4% in beehive ovens.
Stocks of Coke at By-Product Coke Plants.
As shown in the Geological Survey's report on coal and coke in storage
issued Oct. 4, (stocks of coke on hand at by-product works continued to
increase during August. A group of 21 plants supplying gas for municipal
use and producing a surplus of coke available for domestic fuel reported
stocks of 501,000 tons on Sept. 1. Comparable figures for other dates
are as follows:
92,000
March 1 1923
987,000
March 1 1922
202,000
June 1 1923
250,000
Oct. 1 1922
308,000
July
1
1923
228,000
Nov. 1 1922
429,000
Aug. 1 1923
212,000
Jan. 1 1923
501,000
Sept. 1 1923
146,000
Feb. 1 1923
RoadPhiladelphia & Reading_ _ __tonsLehigh Valley
Central Railroad of New Jersey
Delaware Lackawanna & Western
Delaware & Hudson
Pennsylvania
Erie
Ontario & Western
Lehigh & New England
Total
1923.
420,859
372,997
154,200
318,182
298,775
196,839
251,277
61,229
120,582
September
1921.
1922.
1,081.085
966,600
576,875
736,571
711,199
In426,344
corn631,882
plete
123,742
265,114
1920.
537,176
534,440
348,978
642,016
736,160
243,540
285,074
149.260
116,310
2,194,940
5,519,142
3,592,954
Census Report on Cotton Consumed and on Hand,also
Active Spindles, and Exports and Imports.
Under
date of Oct. 13 1923 the Census Board issued its
The Situation in the Coal Market as Seen by the regular
preliminary
report showing cotton consumed, cotton
Trade Journals.
on hand, active cotton spindles and imports and exports of
the
emphasized
18,
of
Oct.
The "Coal Age," in its issue
cotton for the month of September 1922 and 1923 and the
generally slow movement and declining prices in the coal two months ending with September.
Cotton consumed
trade, as follows:
amounted to 483,852 bales of lint and 49,583 of linters, comanthracite
resumption
of
by
the
affected
has
been
Production of soft coal
pared with 494,013 bales of lint and 61,474 of linters in Sepmining; demand is slower and prices show a further decline. The spot market is quiet, while deliveries of contract coals are being curtailed wherever tember last year, and 491,604 of lint and 47,998 of linters in
possible. In the West warm weather has curtailed the demand for domestic August this year, the Bureau
announced. The statistics
coals, while in the East reserve stocks together with reduced industrial
of cotton in this report are given in running bales, counting
operations in various lines have affected the steam coal situation.
For the sixth consecutive week "Coal Age" index of spot prices of soft round as half bales, except foreign bales, which are in equivacoal shows a decline. On Oct. 15 it registered 185, a drop of five points from lent 500-lb. bales.
the previous week, and of 20 points since Sept. 10. The average price of soft
COTTON CONSUMED AND ON HAND IN SPINNING MILLS AND IN
coal was $2 24 on Oct. 15, a drop of 6c. from the preceding week and of
OTHER ESTABLISHMENTS AND ACTIVE COTTON SPINDLES.
25c. from Sept. 10.
Movement was slow in the Chicago market. "No bills" affected the Dli
nois mining operations, while the situation in western Kentucky is anything
but satisfactory. Mine closings in Illinois and Indiana are growing in number.
Dulness prevails in the Ohio markets, with inquiries scarce. The Pittsburgh
market is quiet and buyers are slow to show any interest in the situation.
In New England the steam coal market is in bad shape and trade is stagnant. Reports of further curtailment in the textile industry are current,
either by complete shutdown of some mills or a cut in working time.
Domestic SITtll of anthracite are in heavy demand, but the steam coals are
hard to move.
Movement of coal from the lower lake ports remains around 800,000 net
tons weekly, with cumulative shipments of cargo and fuel coal for the season
totaling about 24,045,000 tons.
There is no activity in the export market. Inquiries are few and chartering of vessels is on a slow scale. There is no sign of improvement at Hampton Roads, but dumpings there for all accounts during the week ended Oct.
11 was 339,332 net tons, an increase of 15,239 tons from the previous week.
Bituminous screened coals, Welsh anthracite and coke are practically out
of the market as substitutes for anthracite. There are few inquiries being
received, while prices for coke show a further decline from last week.
The "Coal Trade Journal" for Oct. 17 discusses the price
situation as follows:
Spot prices in a few cases have shown slight advances, in more cases there
have been reduction, while in the majority of instances they appear to have
been pegged temporarily. A comparison of quotations for the week ended
last Saturday with those of the preceding week shows 66.7% of the figures
unchanged. Of the changes shown in the tabulation below 73.5% represent
reductions ranging from five to 75 cents and averaging 18.6 cents per ton.
The advances ranged from Live to 25 cents and averaged 16.1 cents. The
straight average minimum stood at $1 86, the maximum declined four cents
to $2 25, A year ago the averages were $3 90 and $4 48, respectively.
That many of the current quotations are below the average cost of production is generally conceded. In some cases producers with several operations
are able to run at a profit by concentrating their activities at a few mines.
In others spot losses on one size are made llD by profits on other sizes or by
more favorable contract prices, while there are cases where past profits are
drawn upon to meet present losses. Shrewd buyers are taking advantage of
the situation by entering into contracts at prices above the spot levels, but
substantially under sellers' ideas of fair prices earlier in the season.
Cargo lake dumpings during the first week of the month dropped to 785,199 tons. The approach of the end of the lake season in fact is one of the
unsettling factors in the present price situation. Dunmings to date, however,
are far ahead of previous years and the Northwest has abandoned all talk
of coal shortage on the docks. During the past week the docks at the head
of the Lakes ,unloaded 29 cargoes, containing approximately 265,000 tons.
Export trade continues light.
The anthracite situation is still tense. While some of the labor troubles
are out of the way, demand for the favored domestic sizes has shown little
abatement and the smaller independent shippers are able to exact as high as
$12 50 to $13 for stove coal. The steam sizes are weak, with considerable
tonnage available at substantial concessions from standard prices. Lake shipments from Buffalo picked up last week, with total loadings of approximately
108,350 tons. Two cargoes of 18,000 tons were unloaded at the head of the
Lakes last week.
Furnace coke in the Connellsville district touched the lowest point in several years, when sales were made at $3 75 last week. Foundry coke also
weakened. September production figures show slight decline in both bee-hive
and by-product output during September. For the country as a whole the
bee-hive output last month was 1,373,000 net tons; by-product 3,112,000
tons.
Minters Not Included.)
Cotton Consumed
(Bales) During-
Cotton on Hand
Sept. 30 (Bales)-
Cotton
Spindles
Two
In
In Public
Active
Months Consuming Storage and During
SepEnding Establish- at Com- September
tember. Sept. 30. ments
presses.x (Number)
United States
1923 *483,852 *975,456 w77.3,173 *2,147,830 33,929,885
United States
1922 494,013 1,020,393 1,065,816 3,217,939 33,316,444
Cotton-growing States_ 1923 327,441
656,603 374,507 2,025,069 16,011,049
Cotton-growing states_ 1922 326,591 665,179 517,624 3,000,362 15,723,262
All other States
1923 156,411
318,853. 398,666
122,761 17,918,836
All other States
1922 167,422 355,214 548,192 217,577 17,593,182
x Stated in bales. •Includes 15,220 Egyptian, 7,082 other foreign,2 547 American-Egyptian and 253 sea island consumed: 66,228 Egyptian, 21,565 other foreign,
11,479 American-Egyptian and 3,082 sea island in consuming establishments, and
37,019 Egyptian, 18,519 other foreign, 15,176 American-Egyptian and 4,261 sea
island i public storage. Two months' consumption: 32,552 Egyptian, 13,558 other
foreign, 5,080 American-Egyptian and 607 sea island.
Linters not included above were 49,587 bales consumed during September in 1923
and 61,474 bales in 1922; 92,819 bales on hand in consuming establishments on
Sept. 30 1923 and 97,786 bales In 1922, and 22,197 bales in public storage and at
compresses in 1923 and 21,592 bales in 1922. Linters consumed during two months
ending Sept. 30 amounted to 97,585 bales in 1923 and 124,315 bales in 1922.
IMPORTS AND EXPORTS OF COTTON AND LINTERS.
Locality.
Year
Imports of Foreign Cotton During (500-lb. Bales)Country of Production.
September.
1923.
Egypt
Peru
China
Mexico
British India
All other
Total
2 Months Ending Sept.30.
1922.
1923.
1922.
4,257
1,296
108
89
856
2
2,261
776
264
58
1,408
245
5,332
1,775
494
129
2,295
3
13,478
1,486
744
58
3,350
574
6,608
5,012
10,028
19,690
Exports of Domestic Cotton and Linters During
(Running Bales)Country to which Exported.
United Kingdom
France
Italy
Germany
Other Europe
JapanAll other
September.
2 Months Ending Sept.30.
1923.
1922.
1923.
245,023
98,674
68,334
132,116
78,250
58,870
8,168
148,874
39,963
34,162
62,873
50,520
19,472
12,526
291,402
153,223
89,384
202,325
121,161
62,981
13,374
1922.
214,777
83,367
61,083
119,289
88,679
43,897
30,106
Total
*641,198
*689,435
*368,390
*933,850
•Figures include 3,742 bales of linters exported during September n 1923 and
2,902 bales in 1922 and 7,667 bales for the two months ending Sept. 30 in 1923 and
8,392 bales in 1922. The distribution for Sept.
follows: United Kingdom, 96;
France, 50; Germany, 3,366; Italy, none; other 1923
Europe, 225; other countries, 5.
Cottonseed Production During September.
On Oct. 18 the Bureau of the Census issued the following
statement showing cottonseed received, crushed, and on
hand, and cottonseed products manufactured, shipped out,
on hand, and exported covering the two-month period ending
Sept. 30 1923 and 1922.
1722
THE CHRONICLE
COTTONSEED RECEIVED, CRUSHED. AND ON HAND (TONS).
[VoL. 117.
reduced number of workers, the maximum reduction for the group being
in the saw mill concerns which had in September 96% of their August working forces. Leather concerns too were generally laying off help.
State.
The oil concerns followed a reduction of9% in employment during August
with a 3.5% reduction in September. The drug concerns also had fewer
1923. 1922. 1923. 1922. 1923. 1922.
workers. However, the paint concerns held firm, and miscellaneous
706.842 775,236 300,298 379,341 419,33t 4u8,443 chemical concerns gained 5.5% in the thirty-day period.
United States
Job printers were not experiencing the feverish activity that usually
22,104 42,759 9,739 23,074 12,817 21,705
Alabama
9,509 47,426 5,382 21,194 4,731 27,054 comes with the fall sales campaign, and were obliged to lay off part of their
Arkansas
32,390 58.590 15,642 39,207 17,921 21,058 help. Makers of paper novelties had 3% more workers and the shipping
Georgia
19,503 29,297 9.824 14,581 9,683 14,192 and wrapping paper concerns had 3.8% more workers.
Louisiana
30,355 88,087 11,529 35,595 19,324 52,788
Mississippi
In the apparel group there was a reduction in four industries and ex27,782 32,190 12,189 12,417 15,889 20,459
North Carolina
9,026 26,096 3,396 6,854 5,829 19,867 pansion in four. The declines were substantial in women's underwear and
Oklahoma
27,271 21,354 11,806 11,360 16,271 11.202 furnishings and in men's shirts. The gains were of consequence only in
South Carolina
a
13,283 2.051 19,348
2,030 32,453
Tennessee
521,942 388,088 217.780 198,984 312,323 194,379 women's clothing and men's work clothing. The number of workers in the
Texas
4,930 8,896 3,031 2,792 2.491 6.393 clothing factories remained practically unchanged during the month.
All other
The month of harvest is the month when the employment is largest in
•Includes seed destroyed at mills but not 12,786 tons and 13,168 tons on hand
Aug. 1, nor 10,948 tons and 8,971 tons re-shipped for 1923 and 1922,respectively. thd concerns handling food products. Flour mills, canneries and allied
concerns had more workers than they had in the month before. However,
a Included in all other.
shipments to the stockyards declined, and so did the number of workers in
COTTONSEED PRODUCTS MANUFACTURED, SHIPPED OUT, AND ON the packing houses.
Employment fell off 6.5% in concerns producing
HAND.
beverages, 8.9% in the ice manufacturing concerns and 3.7% in the tobacco
firms.
Produced Shipped Out
Trade reports, however, indicate that business is quite brisk. DepartAug. 1 to Aug. 1 to
On Hand
Season On Hand
Item.
Sept. 30.
Aug. 1.
Sept. 30.
Sept. 30.
ment stores added 5.9% more employees in September and mail order
houses
4.4% more. Wholesale grocers had 11.5% more on the payroll
Crude oil (pounds)____I 1923-4 *5,103,348 84,522.018 69.060.714 *34,457.208 in September than in
August.
6,905,409 110 918,253 78,410,053 55,981.034
1922-3
c41,581,932
Employment in public utilities, which seldom fluctuates widely, declined
Refined oil (pounds)___ 1923-4 c138,112,489 z5.2182,712
54,863,380 7-10 of 1%, as shown in the reports for 76 concerns employing nearly
1922-3 163,851,380 50,371,991
47,006
49,791
138.417 • 141,202
Cake and meal (tons)__ 1923-4
78,050 80,000 workers.
1922-3
162,541
173,676
86,915
Fifty-nine mines had 17.936 workers in September, but the change in
1923-4
37,859
15,654
84,584
86,789
Hulls (tons)
57,757 the number of mine workers was not great. The closing down of two
28,617
82,123
111,263
1 1922-3
35,440 small mines was offset by the reopening of a large one. However, there is
27,589
49,023
56,894
Linters(500-1b. bales) 1 1923-4
45,730
1 1922-3
57,482
38,929
50,881
5,988 a large difference in the extent of earnings. Average weekly earnings of
1,375
7,285
98
Hull fiber(500-lb. bales)f 1923-4
25,475 mine workers amounted to $32 84 in September as compared with $30 66
1 1922-3
34,342
9,559
692
1,691 in August and $28 83 in July.
1,605
1,052
1,138
Grabbota, motes, ice.f 1923-4
071
1 240
920
1 4951
I ann_li. hillaal
1 1099-R
'
Building work continued on a high plane, the reports show. 122 builders
1,032,229
and
3,148,815
lbs.
manufacturing
Includes
held
by
refining
and
had about the same number of workers in September as they had in August.
•
establishments and 1,170,910 and 12,947,080 lbs. in transit to refiners and con- The vast building program wanes but
slightly. In 22 of the principal
sumers Aug. 1 1923 and Sept. 30 1923, resepetivety.
c Includes 3,783,784 and 2,201,098 lbs. held by refiners, brokers, agents, and cities of the State 2,844 building permits were taken out during September.
warehousemen at places other than refineries and manufacturing establishments as compared with 3,201 in August and 2,098 in Sept. 1922, although the
and 8,670,531 and 4,252,041 lbs. in transit to manufacturers of lar substitutes, estimated cost of work was somewhat larger, in September than in either
oleomargarine, soap, &e., Aug. 1 1923 and Sept. 30 1923. respectively.
of those months. In Chicago during the month 1,209 building permits
z Produced from 56.589,773 lbs. crude oil.
were issued calling for $27,874,706 worth of work. In no other city did
EXPORTS OF COTTONSEED PRODUCTS FOR TWO MONTHS ENDING the September authorizations exceed a million. Building authorizations
SEPT. 30.
increased over the preceding month in Aurora, Decatur, Freeport, High/tem1922.
1923.
197,451 land Park, Moline, Murphysboro, Oak Park, Peoria, Quincy, Urbana and
Oil, crude (pounds)
.
l
5,210,622 Winnetka. The amount of building work exceeded half a million in BerOil, refined (pounds)
{ Not
42,972 wyn, Cicero, Evanston and Oak Park, and was smaller in September than
Cake and meal (tons)
'available
7,392 In
7,567
Linters (running bales)
August in each of these Chicago suburbs except for Oak Park.
Down in the agricultural districts of the State, corn cutting deferred
somewhat by the wet weather, was beginning, at the month's close. During
Review of Industrial Situation in Illinois in
September agricultural labor was in demand for the filling of silos. In
the important farm districts the canneries are located, and as in 1922,
September 1923.
early September found them
busiest with the corn pack. The
According to R. D. Cahn, Chief Statistician of the General canneries reported an increaseatoftheir
87% in employment since the report
Advisory Board of the Illinois Department of Labor, the one month ago.
Nine of the 14 principal cities for which tabulations are separately made
manufacturers of Illinois began the fall season by laying off
show fewer employees in September than in August. In most of the
1% of their working forces. In concluding his summary of important manufacturing cities of the State outside of Chicago, the declines
the industrial situation, Mr. Cahn, In his statement made were substantial. Employment remained relatively firm in Chicago during
September. Reports from 781 firms show 304,637 workers in September,
public Oct. 13, said:
a reduction of 4-10 of 1% from the number reported in August. There
In the absence of specific _indications of the ordinary trend in Illinois was an employment gain of 11.8% at Bloomington, and that city led all
industries, the changes during September may be compared with the others in the extent of expansion during the month. At Danville there
conclusions arrived at by Hornell Hart in the studies of unemployment was a gain of 4.7%. There were lesser expansions at Spriagfield and
in cities from 1902 to 1917. He found that there was a wide variation Joliet. At Rockford, which is the second city of the State, in point of
In the different times of the year. There were on the average nearly manufacturing employment,the decline was 7.4% in the number of workers,
a million more people unemployed in January and February than in any and more than 650 workers lost their jobs as a result of the reaction. At
other month. September he found was a month that industries were Cicero there was a decline of 9.2%, East St. Louis 2.9%, Aurora 4.2%
• regularly expanding. The same conclusion is shown from an examination and Peoria 1.7%. Rock Island, Moline and Decatur also had fewer workers.
of the Illinois free employment office ratios compiled by the general advisory
One year ago the industries of the State were well along in their recovery.
board, and even in 1921, when industry was badly depressed, employment The increase in employment which started in March 1922 had continued
September
in
Illinois.
in
Our
gained
conclusion then is that a drop in except for the summer lull partly accentuated by the shortage of coal and
the number of workers in Illinois during September shows an adverse the inefficiency of the railroads (luring the rail strikes. The settlement of
change in the industrial situation. A gain was to be expected and the the railroad strike and the resumption of the flow of fuel during September
decline resulted. This of course, indicates nothing as to how long this had brought a marked gain in employment. Wages were rising in almost
will continue.
every industrial group, and involuntary unemployment as shown in the
report of the free employment offices was declining.
We also quote from his statement as follows:
Reports are available from 1,296 concerns who submitted reports for both
During the month of September there was a reaction in the scale
September 1922 and September 1923. These concerns had 341,281 workers
operations that effected declines in the majority of the largest industrial in September 1923 as compared with 302,785 workers in September 1922,
cities, and in most of the important manufacturing industries. Six out the group expansion being 12.7%. The expansion during the year by the
of the eight large groups of industries show a smaller number of operatives 1,296 concerns alone has given profitable employment to 38,000 more
people than were at work for those identical concerns one year ago. The
in September than in August.
These are the outstanding facts gleaned from tabulations of the signed expansion by the metal industries was 19.3% and in the chmeical industry
reports to the General Advisory Board from 1,181 manufacturers who it was 20.6%. The small group of concerns, chiefly tho mail order houses,
employ in excess of 40% of all manufacturing workers in Illinois. The and wholesale grocers whose reports are classified as wholesale and retail
summary tables show that the identical reporting concerns had 306,938 trade, and who submitted reports for both years, show an expansion of
workers on the payroll nearest Sept. 15, as compared wth 310,151 workers about the same amount. Even the public utilities whose employment is
In August. Additional reports from employers in trade, utilities, minining less susceptible to fluctuations, show a gain of 17%. The identical builders
and building brings the total number of reporting concerns up to 1,517. had a third more employees than at the same time a year ago. Although
These employers, whose establishments afford the means of livelihood the year has brought jobs to more people in the aggregate and in practically
to one-third of all gainfully occupied persons, reported 436.345 workers all industries, there are exceptions. The apparel concerns, for example.
in September and 439,141 workers in August, the decline during the month had 6% fewer workers than a year ago, and 2.5% fewer workers were
reported for the mines.
for all industries amounting to 6-10 of 1%.
The reality of the reaction in industry is shown in the majority of inA separate tabulation has been made of the reports from 552 manufacstances whether the employers' reports are grouped geographically or turers having five or more female employees. These concerns had 157,247
industrially. The scale of operations appears to have fallen in nine of the males and 55.375 females. There was a decline for males of 6-10 of 1%
14 principal cities, and employment declines were characteristic of some and for females of 5-10 of 1%. However, the changes did not run the same
industries in every factory group. Of 54 manufacturing industries, 33 for the two sexes throughout the list of industries. Employment of men
had fewer workers than in August. In the important metals and machliery declined in eight of the nine principal groups, while that of women declined.
group, the reports for which are often taken by themselves as indicative In seven of the nine groups. While in the wood group the number of men
of the genral situation, the month brought unemployment to 1.9% of workers was increasing by 11.6%, that of females was declining by 3.4%.
the workers. The employees of heating,cooking, and ventilating apparatus In the stone, clay and glass industry employment declined 12.1% for the
concerns were particularly affected, their number being reduced by 11.2% females and dropped 4.5% for males. In the food, beverages and tobacco
during September. Automobiles and allied accessories concerns had classification, while male employment remained unchanged, the number of
6.5% fewer workers than they had in August, while railroad car shops female employees expanded by 8%. In clothing, millinery and laundering
laid off 2%. Operations in the agricultural implements factories were the expansion was 1.2% for females, while there was a decline of 1.7% for
reported as rather light. For the third consecutive month, the makers of males. In other groups the changes ran parallel during the month. In
ploughs, reapers, Scc. laid off help so that only about 85% of the June wholesale and retail trade in which there is a preponderance of women and.
girls, the increases were, respectively. 2.2% and 5.2% for'!females'and
forces were on the payroll of the 33 reporting concerns in September.
siltfek%4iv4v.siewifts
In the stone, clay and glass products group the situation was similar. males.
The glass factories were generally operating with reduced forces and a few
A classification of the reports by size of concerns shows that the smallest
of them were closed down. All of the wood industries likewise show a firms again suffered most. Firms having less than 100 employees had.
Crushed
On hand at mills
Rec'd at Mats*
Sept. 30.
Aug.1 to Sept.30 Aug.1 to Sept.30
OCT.20 1923.]
THE CHRONICLE
1723
3.4% fewer workers in September than in August.
The decline in August of last year. There was, however,
an increase over the first eight months
was 1.1%. September was the fifth consecutive
month to bring an em- of 1921. The total from January
to August 1923 was $95,139,911. for 1922
ployment decline to the smallest firms. Two hundred
and eighty-seven $103.689,217 and for 1921 $76,245,9
firms having from 100 to 249 workers show an employme
99.
nt expansion of
The table below shows the value of the building permits
2%, and this class was the only one to record a
issued during
gain. Each of the other August as compared with
July 1923 and with August 1922. The 35 cities
declines were less than 1% in every instance except
that of firms having for which records are available
since 1910 are marked by asterisks.
fewer than 100 workers.
ESTIMATED COST OF BUILDING WORK, AS
One thousand and eighty-three manufacturing firms answered
INDICATED BY
the quesBUILDING PERMITS.
tion as to whether they were working full time, part
time or were closed
August,
Jul.
down. Of the 1,083 firms, 951 were operating full time,
August.
City-116 part time, and
1923.
192a.
1922.
16 were closed down. If this ratio were maintained througho
Edward Island—
ut the indus- Prince
• Charlottetown
tries of the State, it would appear that 87.8% were
$2,500
$3,000
operating full time, Nova Scotia
$9,000
10.7% operating only part time, while conditions
27.425
87,645
111,577
were such that 1.5%
*Halifax
16,425
33,450
were closed down. In August, with 1,105 firms reporting
81,352
New Glasgow
on this question,
11.000
7,000
4,200
10 were closed down. In July with vacations, and
*Sydney
inventory taking, 44 New
nil
47,105
26,025
Brunswick
concerns reported that they were not in operation
30,205
389,347
237.727
out of a total of 1.055
Frederict
on
responding to the inquiry.
4,625
212.875
34,932
*Moncton
19.580
93,640
One thousand, five hundred and sixteen employers paid
108.295
*St. John
out $11.375,6,000
82.832
94,500
852 59 in wages during the week of Sept. 15. This
Quebec
2,502.743
2,442,017
was a gain of 2%
2.983.396
*Montreal—Maisonneuve
for the identical concerns over the Aug. 15 disbursem
1,839.367
1.619,370 2,080,270
ents. The average
*Quebec
weekly earnings in the manufacturing industry stood
287,770
505,222
539,301
Shawinigan Falls
at $27 73 per week
900
13,460
6.600
in September which was 99 cents over the average for
*Sherbrooke
August, but 60
63.000
140,150
75,000
*Three Rivers
cents below the average for June. the peak month. A
35.705
year ago the average
53.385
42,000
*Westmount
weekly earnings amounted to $25 39, so that with the decline,
276.001
110,430
240,225
the factory Ontario
5,414,627 6.920,931
workers of the State still had $2 34 more per week than
6,799.962
Belleville
during September
6.000
1,300
44.200
1922. For all Industries the September average weekly earnings
*Brantford
amounted
18,284
46.926
18,320
Chatham
to $28 25. This is 69 cents per week greater than the amount
21.675.
41.050
15.725
for August.
*Fort
William
but 46 cents under the average for June. One year ago the
57.825
47.100
97,400
weekly earnings . Galt
21.040
10,695
for all industries amounted to $26 36.
29.225
*Guelph
76,387
42,270
88.559
*Hamilton
The ratio of applicants to vacant fobs at the Illinois Free Employm
458,550
ent
879.320
359.700
*Kingston
Office stood at 106.2 during September. This compares
23.344
35,400
28.901
with 102 in
*Kitchener
September of last year, 195 in September 1921, and 96 in
80.855
364.030
98.828
*London
September 1920.
247.020
359,615
202.550
These figures indicate that in September 1920 business was
Niagara
Falls
already on the
31,015
62.625
54,050
Oshawa
down-grade, but there was no unemployment reflected.
180,170
The fall spurt
328.655
109,080
*Ottawa
that year, however, checked the descending curve of
267.505
172.150
416.651
business somewhat,
Owen Sound
12,050
but the unemployment index again advanced in November
18.500
15,400
*Peterborough
and extended
25.033
50,095
16.795
to the maximum of 274 in January 1922. In August
*Port Arthur
1923 the ratio of
36,680
48,005
12,635
*Stratford
Job seekers to jobs was 113. The improvement as reflected
92.383
62,230
In the opera45.125
*St. Catharines
tions of the Free Employment Office characterizes
64,970
115,950
506,020
all the cities in which
*St. Thomas
22,170
free employment offices aro operated with the exception
5.348
14.950
Sarnia
of Bloomington.
79.535
165,327
71,660
Cicero and Decatur. In part the apparent improvem
Sault Ste. Marie
112,725
ent is wouthout doubt
32,931
46.590
*Toronto
traceable to the reduction in the supply with the
2,077,425
2,980.105
3,118,405
return of boys and girls
York Township
780,100
to public schools and colleges.
717,550
1,016.750
Welland
9,885
3,045
Of what significance Is the change that has taken
16.740
*Windsor
place in the volume
527,680
321,512
341,450
of employment in Illinois during the past 30-day
Woodstock
84,321
9,197
period? What does it Manitoba
14.289
show about the underlying situation? Is it
536,955
875.385
759.215
an adverse change or Is it
*Brandon
27,050
55,900
explainable by "seasonality"?
67,485
St. Boniface
76,005
182.785
61.730
Seasonal fluctuations are constantly going on in some
*Winnipe
g
433,900
industries. Every Saskatchewan
637,200
627,000
month some industry is at the.peak, others are
194,455
304.910
441,279
expanding, some are de*Moose Jaw
clining, and still others are at the trough. These
9.300
110,600
64,705
*Regina
fluctuations in England
73,755
109,085
207.555
tend to offset each other, according to a noted
*Saskatoo
n
English writer, so that
111,400
85,225
169.019
there is very little fluctuation in the number
Alberta
224,637
of people employed from
453.995
509.055
*Calgary
week to week. However, In the United States,
78,000
56,400
108.000
as an American writer
*Edmonton
123,050
316,750
has pointed out, with the large number of persons
389,615
Lethbridge
engaged In producing
20,420
77,275
11.190
raw materials and in outside and extractive industries
Medicine
Hat
3.167
, there is not the British
3,570
250
Columbia
stability that might be found in England's manufactu
2,608,046
1,066,907 6,995.017
res. There are
Nanaimo
fluctuations In the total amount of employment
3,860
6,170
200
that tend to be recurrent
*New Westminster
11,360
year after year. The significance of a change
30,370
17,760
Point Grey
in any one month can only
248,000
227,650
42,900
be understood by reference to standards or forms
Prince Rupert
19,500
developed from experience,
6,000
38.300
South Vancouver
showing the usual thing that happens in a particular
49,450
59.560
67.070
month.
*Vancouver
1,514,490
601,342
5,367.745
*Victoria
761.386
135,815
261.042
Price of Milk Advanced One Cent.
Total-56 cities
$11,541,593 $12.544,137 $17,946.228
Announcement was made on Oct. 15 by the Borden'
s
Total
-35 cities
Farm Products Co. and the Sheffield
89,763,650 $10,353,917 815,933,147
Farms Co. that the
price of Grades A and B milk would be advance
d 1 cent a
quart, effective the following day, Oct. 16.
attributed to a demand of the dairymen.The increase is Increase in Postal Savings Accounts in September.
Other companies that increased prices are Brookfie
More than half a million dollars were added to postal
national Milk Co. and the Locust Farms. ld Farms, Inter- savings
accounts during September, according to reports
received on Oct. 17 by Postmaster-General New from postAugust 1923 Figures of Canadian Building
as masters throughout the
Compared with July 1923 and August Permits
country. This week's announce1922.
ment says:
Under date of Sept. 20 the Dominion Bureau of
Statistics,
On Aug.31 1923 there was on deposit in postal savings accounts
a balance
General Statistical Branch, made public the followin
g re- of $132,525,971. On Sept. 30 the balance was $133,100,971. an increase
garding the record of building permits issued:
of $575,000.
Reports from 56 cities tabulated by the Dominion Bureau
of Statistics
show that the value of the building permits issued decreased
during August,
when the estimated cost of building work declined to
$12,541,593 from
$13.544.137 in July. There was, therefore, a reduction of
$1,002,544, or
8%. In comparison with the figures for August 1922 there
was a larger
falling off in prospective building, as the total for the 56
cities in August
1922 was $17,946,228. The difference ($6,404,635) represent
ed a decrease
of 35.7%, which reflected to a considerable extent reaction
from the exceptionally high level for that month due to the granting of a permit
for a drydock In Vancouver.
Forty-nine cities made detailed statements showing that they had
issued
slightly over 1,300 permits for dwellings at an approximate
valuation of
$5,480,000 and for some 2,800 other buildings estimated to cost
$3,960,00
0.
In addition authority was granted for the erection of a grain
elevator in
Vancouver at a proposed cost of $1,200.000.
Quebec and British Columbia recorded increases in the
value of the
building permits issued as compared with the preceding month;
there were
gains of 2.5 and 144.4%. respectively, in those districts. Of
the reductions in prospective buildings elsewhere those of $359,142,
or 92.2%. in
New Brunswick and of $229,358. or 50.5%, in Alberta were
the largest
percentage decreases, but the actual loss of $1,506,304, or
21.8%, in
Ontario was most extensive.
All provinces recorded less anticipated building than in August
of last
Year. The decreases of $3.486,971, or 57.2%, in British Columbia
and of
$1,385,335, or 20.4%, in Ontario were especially marked. As mentioned
above, the large decrease in the former province was a falling off from
the
unusually high total recorded in August 1922 on account of the
granting of
a permit for a drydock in Vancouver.
Montreal and Vancouver reported larger totals of prospective building
than In July, but reductions as compared with August of last year.
Toronto
and Winnipeg showed decreases in both comparisons. Of the
smaller
centres Westmount, Stratford, Sault Ste. Marie, Windsor and
Victoria
recorded increases in the value of the building permits as compared
with
July and also with August of last year.
The value of the building permits issued from the beginning of this
year
to the close of August showed a decline as compared with the same
period
The largest Increase was recorded by.New York City, where
$201.825
were added. Philadelphia with $55.725 had the second largest
increase.
while Boston. Mass., with $52,466. was third; Seattle. Wash., with
$47.729,
was fourth: Tacoma, Wash., with $36,904. fifth; and Uniontow
n, Pa., with
$36,396, sixth.
Denver. Colo., moved up two places in rank as a result of
an increase of
more than $25,000, displacing Columbus, Ohio,
and Providence, R. I.
Great Falls, Mont.. also moved up two places, displacing Washingt
on,
D. C., and Ironwood, Mich.
Figures showing balances at offices having deposits in
excess of $500,000, together with amount of increase or
decrease, follow:
STATEMENT OF POSTAL SAVINGS BUSINES
S FOR THE MONTH
OF SEPTEMBER 1923, AS COMPARED WITH
HE MONTH
OF AUGUST 1923.
Balance on deposit Aug. 31
5132.525,971
Increase during September
575,000
Balance on deposit Sept. 30
$133,100,971
Depositors'
InRank
Post Office—
Balance.
crease.
Crease.
This Mo. Last Mo.
New York, N.Y_ 343,150.520
1
1
Brooklyn, N.Y..... 12.588,501 $201,825
12,748
2
2
Boston, Mass
7,425,012
52,466
3
3
Chicago. Iii
6.174,829
$19,688
4
4
Seattle, Wash
3,101,989
47,729
5
5
Philadelphia,Pa..- 2,724.871
55.725
6
6
Pittsburgh. Pa.._ - 2.413.748
7.132
7
7
Detroit, Mich
1,933,882
13,775
8
8
Tacoma, Wash-- - 1,536,196
36,904
9
9
Kansas City. Mo.- 1.492.798
3,163
19
10
Portland, Oregon
1.411.171
16,221
11
11
Newark, N..1
1.341,506
8,775
12
12
St. Louis, Mo
965,236
1.139
13
13
Uniontown, Pa
901,057
36.396
14
14
Los Angeles. Calif_
774,867
6,712
15
15
San Francisco. Calif
773,630
7,595
16
16
Milwaukee, Wis_ -721,185
6,330
17
17
Jersey City. N. J..
674.681
9,284
18
18
Cincinnati. Ohio......
M2.464
2,547
19
19
Buffalo, N.Y
531.482
5.936
20
20
THE CHRONICLE
1724
[VoL. 117.
Current Events and Discussions
City and Philadelphia
ported by member banks in the New York, Kansas
The Week with the Federal Reserve Banks.
Federal Reserve districts, and the principal increases amounting to $19,which
of
$12,000,000 and $10,000,000 by member banks in the Chicago,
deposits,
000.000,
An increase of $69,600,000 in total
San Francisco and Boston districts. Government deposits show a decrease
tobanks,
member
of
deposits
reserve
in
was
00
$51,900,0
of $27,000,000 and time deposits a decrease of $5,000,000.
Reserve balances at the Federal Reserve banks decreased $23.000,000.
gether with decreases of $16,200,000 in Federal Reserve
while cash in vault increased $18,000,000. For the New York City memnote circulation, and of $4,200,000 in total earning assets, is bers
a nominal increase in reserve balances and an increase of $7.000,000
shown in the Federal Reserve Board's weekly consolidated In cash on hand are noted.
at
banks
Reserve
Federal
Borrowings of the reporting institutions from the Federal Reserve banks
statement of the condition of the
decreased from $598.000,000 to $589,000,000, the ratio of these borrowings
the
with
deals
which
and
1923,
17
Oct.
on
business
close of
to total loans and investments remaining unchanged at 3.6%. Borrowings
results for the twelve Federal Reserve banks combined. of the New York City members from the local Reserve bank show only a
increased
nominal increase.
Total reserves of the Federal Reserve banks
On a subsequent page—that is, on page 1753—we give
$4,100,000, while the reserve ratio, largely in consequence of
After
75.3%.
to
76.1
the figures in full contained in this latest weekly return of the
the increased deposits, declined from
as
proceeds
Board
member banks of the Reserve System. In the following is
Reserve
Federal
the
facts,
these
noting
a summary of the changes in the principal items of
furnished
follows:
$14, assets and liabilities as compared with a week and a year ago:
Discounted bills held by the Federal Reserve banks declined by
holdings
500,000 during the week. One-half of the banks reported smaller
reported
of discounted bills, the principal decrease of $34,200,000 being Kansas
by the Federal Reserve Bank of New York. The banks at Chicago,
increases in
City, Philadelphia, Cleveland. Atlanta and St. Louis report
being shown
holdings of discounted bills, the largest increase of $14,000,000 Government
for the Federal Reserve Bank of Chicago. Paper secured by
obligations decreased by $20,100,000 and on Oct. 17 aggregated $386,200.000. Of this amount $233,300,000 was secured by United States bonds
$140.700,000 by Treasury notes and $12,200,000 by certificates of indebt
edness.
Federal Reserve note circulation decreased from $2,288,600,000 to $2,
272.400,000. The three Eastern banks, also the Cleveland and Chicago
banks, show smaller totals than the week before. The largest decreases
and
for the week, $8,600,000 and $6,300,000, are reported by New York
Cleveland.
$2,800,000.
Gold reserves of the Federal Reserve banks increased by
The largest increases of $7,900,000.$4,700,000, $4,900,000 and $10,800,000
are reported by the Boston, St. Louis, Dallas and San Francisco banks,
respectively. Decreases of $9,300,000. $9,800,000.$6.400,000 and $3,200,City
000 are shown for the Philadelphia, Cleveland, Chicago and Kansas non.
banks. Reserves other than gold show an increase of $1,300,000 and
reserve cash an increase of $5,900,000.
The statement in full, in comparison with the preceding
week and with the corresponding date last year, will be found
on subsequent pages, namely, pages 1752 and 1753. A summary of changes in the principal assets and liabilities of the
Reserve banks, as compared with a week and a year ago,
follows:
Decrease (—)
Total reserves
Gold reserves
Total earning assets
Discounted bills, total
Secured by U. S. Govt. obligations
Other bills discounted
Purchased bills
United States securities, total
Bonds and notes
U. S. certificates of indebtedness
Total deposits
Members' reserve deposits
" Government deposits
Other deposits
Federal Reserve notes in circulation
Increase (+) or
Since
Oct. 10 1923. Oct. 18 1922.
+14.100,000 —$16,200,000
+38,400,000
+2,800.000
—4,200,000 —75,400,000
--14,500,000 +343.400.000
—20,100.000 +192,000,000
+5.600.000 +151,400,000
+8,100,000 —66.300,000
+2.200,000 —352.900,000
—500,000 —140.000,000
+2.700,000 —212.900.000
+19.200,000
+69,600.000
—5,500.000
+51,900.000
+24,000,000
+16,400,000
+700,000
+1,300.000
—16,200,000 —43,000,000
with
War Foreign Debt Commission to Meet To-day
(Oct. 20).
On Oct. 18 Secretary of the Treasury Mellon issued a call
for a meeting of the World War Foreign Debt Commission
to be held in Washington to-day (Oct. 20). It is said that
Secretary Mellon declined to disclose what subjects would
be considered aside from the Commission's annual report,
the Associated Press dispatches in stating this, adding:
World
"a first
Asked whether the Commission would consider the sending of
he had
of the month statement" to the debtor nations. Mr. Mellon said
one
that
recalled
He
situation.
given no thought to that phase of the
more
communication of that nature had been sent to all of the Powers
than a year ago, and added that bethought it was time for the Commission
to meet and discuss whatever subjects its members may call up.
Coincident with the call for the Saturday meeting, it was made known
at the Treasury that a careful survey had been made of the financial status
of all of the foreign Powers. The only official comment was that the
Commission wanted all the available facts and had been gathering them
piece-meal since it organized after passage of the Debt Funding Act.
Mr. Mellon refused to speculate on whether a second communication
to the foreign Powers advising of this Government's readiness to enter
into funding negotiations would result in a revival of constructive efforts
on the part of the debtors. He said any question of approaching the
foreign Powers would have to be handled diplomatically and he chose,
therefore, to maintain silence.
Replying to further questions, the Secretary said he had not talked
know the
about the debt situation with President Coolidge and did not
he did not approve of
of the Federal latter's views. He closed the subject by saying
"airing" the debt situation in the press.
the Member Banks
Reserve System.
Aggregate reductions of $73,000,000 in loans on stocks
and bonds as against increases of $46,000,000 in commercial
loans and of $15,000,000 in net demand deposits, together
with a decrease of $9,000,000 in accommodation at the
Federal Reserve banks, are shown by the Federal Reserve
Board's weekly consolidated condition statement of 770
banks in leading cities as of Oct. 10 1923. It should be
noted that the figures for these member banks are always a
week behind those for the Reserve banks themselves. Investment holdings of all reporting banks show a reduction
of $2,000,000, increases of $1,000,000 and $15,000,000,
respectively, in the holdings of Uhited States bonds and
Treasury notes being more than offset by decreases of
$12,000,000 and $6,000,000, respectively, in certificates of
indebtedness and in corporate securities.
Member banks in New York City report a net reduction
of $64,000,000 in loans and discounts. Their loans on
Government obligations declined by $1,000,000, and their
loans on stocks and bonds by $87,000,000, while their other
loans and discounts, largely of a commercial character,
increased by $24,000,000. United States securities held by
these banks increased by $3,000,000 and corporate securities
by $5,000,000. Further comment regarding the changes
shown by these member banks is as follows:
The Week
Loans and discounts—total
Secured by U.S. Govt. obligations
Secured by stocks and bonds
All other
Investments, total
U. S. bonds
U. S. Treasury notes
U. S. certificates of indebtedness
Other bonds, stocks and securities
Reserve balances with F. R. banks
Cash in vault
Government deposits
Net demand deposits
Time deposits
Total accommodation at F. R. banks
Increase (+) or Decrease (—)
Since
Oct.
—$28,000,000 +$838,000,000
—6,000,000
—1.000,000
+52.000,000
—73,000,000
+46,000,000 +792,000,000
+75,000,000
—2.000,000
+41,000,000
+1.000,000
+15.000.000 +198,000,000
—12.000,000 —49,000,000
—6,000,000 —115,000,000
—23,000,000 —68,000,000
+5,000,000
+18.000,000
—27.000,000 +109,000,000
+15,000,000 —197,000.000
—5,000,000 +431,000,000
—9,000,000 +312,0'00,000
As was indicated in our issue of Sept. 29 (page 1412) the
subject of the Allied debts came before the American Bankers
Association at its annual convention a few weeks ago in
Atlantic City, P. I. Kent, Vice-President of the Bankers
Trust Co. of New York, proposing in an address that
Congress should lodge with the Debt Funding Commission
power to negotiate with the European debtors with the view
to the cancellation of the debts, subject to ratification by
the Senate. As to the views of the Administration, the
"Journal of Commerce" stated in a Washington dispatch
Oct. 5:
Pronounced opposition to any general campaign for the cancellation of
the White
foreign debts owed to the United States was indicated to-day at
recently announced
House as the attitude of President Coolidge toward the
plans of the American Bankers Association.
of the foreign
Aside from the existing legal limitations upon the handling
which would prevent
debts by the American Debt Funding Commission
considered
outright cancellation. President Coolidge let it be known that he
that the United States had done more than cancel the British debt once
equally
and
was
that
funded
obligation
through the terms under which that
as liberal terms would be accorded other foreign debtors.
As the President sees the British debt funding terms and conditions, the
arithmetical determination of the differences in the interest on the obligation, as figured on the basis of the rates in effect before funding and the
rates now running, a virtual equivalent to the principal of the debt has
already been written off. It may be recalled that the unfunded British
debt was bearing interest at the rate of 5%, while the funding agreement
calls for interest at the rate of 3% for ten years and 35i% thereafter over
a total period of 62 years on a principal of $4,600,000,000. Similar reductions. the President feels, will be granted to the ether nations when they
.
$15,000,000
banks
reporting
by
increased
all
Net demand deposits of
prepared to fund their obligations to this country.
are
re.
are
$8.000,000
and
$9,000,000
,
$34,000,000
of
The principal decreases
Om.20 10231
THE CHRONICLE
In effect, the President's answer to the bankers' demand for cancellation
Is that since the United States is prepared to forgive in interest charges the
equivalent of the debt, outright cancellation would mean writing off the
obligations several times over.
However, White House spokesmen emphasized that the negotiations
debt settlements were wholly in the hands of the Debt Commission, which
under existing law had no other alternative but to fund the obligation.
1725
Lloyd George Proposes Understanding Between Great
Britain and United States Looking to Peace.
The view that
understan
ding-not an alliance-bean
of tween the British Empire
and the United States is the world's
greatest hope, was expressed by David Lloyd George in a
talk to newspaper correspondents on Oct. 11 during his
journey from Toronto to Niagara Falls, Ont., according to
Stock of Money in the Country.
The Treasury Department at Washington has issued its special advices from the latter point to the New York
-customary monthly statement showing the stock of money "Tribune," from which the following information also comes:
He added further that eventually such a gentlemen's agreement as he
in the country and the amount in circulation after deducting indicated
was a certain
as the only practical guaranty of peace.
the moneys held in the United States Treasury and by "There can be no peacedevelopment
in the world without it," he said in his most impressFederal Reserve banks and Agents. The figures this time ive and emphatic manner.
This declaration, which goes further than anything Mr. Lloyd George
are for October 1. They show that the money in circu- had
previously said upon the manner
which the European muddle may
lation at that date (including of course what is held in bank be finally adjusted,came in answer to ainquestion
as to the exact significance
vaults) was $4,849,921,139, as against $4,520,895,293 at the of his remarks in Toronto yesterday, when he expressed his belief that only
through the firmly expressed intention of the "League of Nations of the
corresponding date of the previous year, but comparing with British Empire" to halt
armament could a permanent peace be brought into
$5,628,427,732 on Nov. 1 1920. Just before the outbreak the world.
of the European war, that is, on July 1 1914, the total was
Greatest in History, He Says.
"In Your reference to the possibility of action by the English speaking
only $3,402,015,427. The following is the statement:
Peoples to put
a
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a Includes United States paper currency circulation In foreign countries and
the
amount held by the Cuban agencies of theinFederal
Reserve banks.
b Does not Include gold bullion or foreign coin outside of
vaults of the Treasury
Federal Reserve banks and Federal Reserve agents.
c These amounts are not included in the total since the money
held In trust against
gold and silver certificates and Treasury notes of 1890 is
Included under gold coin
and bullion and standard silver dollars, respectively.
d The amount of money held in trust against gold and
silver
Treasury notes of 1890 should be deducted from this total before certificates and
combining it with
total money outside of the Treasury to arrive at the stock
of money In the United
States.
e This total Includes 817,752,892 of notes In process of
redemption,$173,863,386 of
gold deposited for redemption of Federal Reserve notes,
$13,784,048 deposited for
redemption of national bank notes, $15,810 deposited for
retirement of additional
circulation (Act of May 30 1908), and $6,600,925 deposited
as a reserve against
Postal Savings deposits.
f Includes money held by the Cuban agencies of the
Federal Reserve banks of
Boston and Atlanta.
a stop to future wars," he was asked,"had you the United
States In mind?"
"Ah," he said, "if the United States could be brought into agreement
with the British Empire on this question of a peace settlement on a permanent basis, that would be the greatest single thing that had
fuer
in the history of the world."
"Do you consider such a development certain eventually, if not necessarily immediate?"
"It Is bound to come. It must come. There is no other hope for the
world, because there are no other nations in the world so free from the
militaristic blight. I will not say that it can be done immediately, but there,
is absolutely no doubt in my mind but that they
must eventually come'
together.
"There can be no peace in the world without it, butthe moment the other
nations know that such a stand had been made there will be peace.
The'
world yearns for such a development, especially the
small nations. They
are terrified. All the small nations of Europe are afraid.
They do not•
know where they stand. They are frightened to death."
He was asked whether he could suggest any immediate steps which might.
be taken to bring about such an understanding. The
grin and the,
familiar twinkle lent emphasis to his reply. "Ah, now about that
I ant
Inclined to think that the less immdeiate the steps are the
sooner will an
agreement be reached. Yes, I think that is so."
The word "alliance" was mentioned and Lloyd George answered
promptly
and vigorously "No."
"Nothing in writing. There is no need for anyting written,"
he said.
"The thing may be for more effectively accomplished through
mutual
understanding, mutual respect and a mutual inspiration to insist upon peace.
If it was understood everywhere in the world that the United
States and the
British Empire would stand together against war, that would be
all that
would be needed. There would not be a gun fired; there would not be even
a pistol fired, once that were made plain. This is my firm conviction
after
years of official life."
Following the utterances of Mr. Lloyd George it was
stated in a New York "Times" dispatch from Washington
that President Coolidge could not take notice of statements
made by an unofficial visitor. The same advices stated:
With particular reference to Mr. Lloyd George's proposal of an AngloAmerican entente it was indicated that if such a proposal came formally
from any one authorized to speak for the British Government the
President
would take notice of it, but as Mr. Lloyd George held no office hLs observations and suggestions could not be noticed in any authoritative way.
There is no likelihood that the Entente proposal will bear fruit here.
Nothing has taken place to lead to a belief that the strong opposition in the
Senate to the agreement for an Anglo-Branco American entente to guarantee
France against German aggression, brought from Paris by President Wilson
In 1919, has changed sufficiently to justify the submission of an entente
arrangement with Great Britain. While in his speech on the subject Mr.
Lloyd George indicated that there would be no necessity for a written understanding, it is clear
the Washington Administration would not enter
into any arrangement with the British Government of the character suggested by Mr. Lloyd George that was not put down in black and white.
that
Great Britain's Payment of $30,500,000 to the United
States Account of Silver Purchases.
Referring to the final payment last month by the British
Government to the United States of $30,500,000 on account
of principal, together with accrued interest "on its obligations regarded as having been given for purchases of silver
under the Pittman Act," the Federal Reserve Board, in Its
October "Bulletin" says:
The total of these obligations was originally
$122,017,633 57. In 1920
agreement was made with the British
Government for the funding and
AD
ment of this amount, at which time $17,633 57 was paid with accruedpayinterest in order to reduce the
to a round total of $122,000,000. According to the agreement, thisamount
amount was to be repaid in equal annual in-
stallments in the years 1921, 1922,
1923 and 1924 in the proportions of 80%
on April 15 and 40% on
May 15 of each of these years. Accordingly payments aggregating $91,500,000
were made during the years 1921, 1922
payment of which was made on
Sept. 15 1923.
and
1923. This left a balance of $30,500,000,
The Sept. 15 payment was referred
to in our Issue of Sept.
22, page 1303.
Position
as
International
Banker
Great Britain.
Maintained
by-
"Great Britain continues to maintain her position
as an
international banker, despite the adverse reactions
of the
European situation upon her trade and' industry,"
according
1726
THE CHRONICLE
New
to the current issue of the "Index," published by the
York Trust Co.. which says:
her difficulties
Her ability to engage in foreign financing notwithstanding
the amounts
at home is strikingly illustrated by the following comparison of States and
of new capital issues of foreign origin brought out in the United
Great Britain during the first eight months of the present year:
United States.a Great Britain.b
3211,049.651
Foreign new capital issues, 8 months 10.23__ _S101,253.000
"The
Estimate
b
Chronicle."
a Estimate "Commercial & Financial
$4 60.
Statist." The total in pounds is figured at the rate of
for other than home enTo the above total of British investment offerings
at $4 60 to the
terprises might also be added £54,109,277 (or $248,902,674
,£) in issues of British colonial origin.
Gcorge on
Letter to President *Mon from Lloyd
Scaling of Inter-Allied Debts.
of the
Coincident with the presence in the United States
pubwas
there
George,
Lloyd
David
Premier,
former British
what is
lished on Oct. 8 by the "Sunday Express" of London
purported to be a hitherto unpublished letter on the question
which Mr.
of inter-Allied debts. With regard to the letter,
WilPresdient
to
addressed
Minister
Prime
as
George
Lloyd
Lonson on Aug. 5 1920, the Associated Press advices from
don, Oct. 6, said:
[VOL. 117.
In May 1920, speaking of the letter which Premier Lloyd George was
about to send to President Wilson, Mr. Rathbone wrote this to Mr. Chamberlain:
"In view of the communication which the Prime Minister is about to
send to the President, I have referred your letter to the Secretary of the
you
Treasury (Houston) and shall not now attempt to discuss the matter
refer to beyond restating the views of the United States Treasury that the
questions relating to the debt of the British Government to the United
States Government must be settled by those Governments only and that
the indebtedness of other Governments to the American Government or
of reparations
to the British Government and the payment ny Germanyour
behalf and
are in no way related to the postponement of interest on
the United
by
held
Government
funding of the obligations of the British
States Treasury nor to the other matters which were discussed during my
month's stay in England for that purpose."
At the same time, on May 25 1920 Mr. Rathbone stated that the reason for
dropping his negotiations with the Chancellor of the Exchequer was this:
to further
"In view of the practical refusal of the British Government
be done hero, so
negotiate on these points there is nothing more thatincan
sudden
the
of
view
and
far as questions with the British are involved,
turn taken by these negotiations I believe it would be inadvisable for me
countries."
other
with
to attempt negotiations here
President Millerand of France Urges France to Adopt•
Drastic Economies.
In declaring that France must brace herself for drastic
economies, President Millerand, in reviewing in a speech at
Evreux his country's foreign and domestic affairs, pointed
to the fact that taxes had risen from 460 gold francs per
capita prior to the war to 2,400 francs last year. From the
reached whereby Associated Press we quote the following:
The "Express" says that an agreement was about to be
German repConstitution must be revised to make
down of the
The President said that the French
the French Government would agree to the scaling
part the Government more stable. He ilustrated the wisdom of keeping the term
arations, provided Great Britain and the United States remitted a great
occupation,
of military service at 18 months by using the lesson of the Ruhr
of France's debts to them.
says the although the time soon would come when the term of service might be reThat the American Government was ready to accept this plan,
Aus- duced.
newspaper, was shown by the fact that the Chancellor of the Exchequer,
Treasury
Russia was held up as a horrible example to those inclined to lean too far
ten Chamberlain, and Albert Rathbone, representing the American payment
ever
toward extremist theories. "Could one have imagined the world would
Department, dropped the negotiations then going on for the separate
be given such a decisive lesson, such striking justification of individual
of the British debt to America.
a
made
property rights?" the President asked.
The newspaper argues that Prime Minister Baldwin might have
the
similar settlement, but that by his arrangement for the refunding of
A copyright cablegram from Paris to the New York
persuade
to
had
he
weapon
the
only
away
threw
he
America
British debt to
possibility
the
also
away
threw
in
and
Europe,
settlement
gave the following account of President Millera.nd's
a
"Times"
make
to
France
part of
of getting much better terms from America and also of obtaining
speech:
the
France's debt to Great Britain.
In vigorous, frank language President Alexandre Millerand set before
that their
Mr. Lloyd George's letter is quoted by the "Express" as follows:
French people to-day what he, as their First Magistrate, desired
the
"The British and French Governments have been discussing (luring
conduct should be. His speech was not a political party speech, for
to Germany's political
was nevertheless an aplast four months the question of giving fixity and definiteness
by the President is outside all political parties, But it
reparation obligations. The British Government has stood steadily
under the national banner at next year's elections.
a
at
unite
to
fixed
classes
all
be
to
should
that
peal
liabilities
Germany's
vital
was
it
that
view
the
to pay, and It is expected that it will be taken almost textually by Premier Poincare as
figure which it was within the reasonable capacity of Germany
because the reconstruction his electoral program and that of the National Party.
that this figure should be fixed without
selves raise
them
the
Allies
delay'
could
not
begin
nor
could
For
of Central Europe
It was at Evreux in the Eure Department that the President spoke.
money on the strength of Germany's obligation to pay them reparations
authoritative
the most part he dealt with internal questions, giving briefly his
until her liabilities had been exactly defined. M.
Millerand (then French word on all the problems of the day. France must remain united. French•_ "After great difficulties with his own people,
out that it
in public and private life must be
Premier) found himself able to accept this view, but he pointed
less than it was men must pay their taxes. Economies
anything
accept
to
to
agree
France
for
impossible
was
in effected so that by balancing the budget credit abroad may be re-established.
associates
and
its
allies
entitled to under the treaty unless its debts to
Functionaries—always a troublesome question in France—must attend to
the war were treated in the same way.
"This declaration appeared to the British Government to be eminently
their
administrative duties and leave politics alone. The State must give the
it
that
came to the conclusion
fair. But after careful consideration they
freedom and facility to private enterprise. With the Vatican France
France
greatest
by
to
them
was
owed
what
of
any
part
remit
to
impossible
was
civil power free from all
except as part and parcel of an all-round settlement of the interallied must maintain cordial relations while keeping the
indebtedness.
intrusion by the spiritual. She must respect liberty of conscience and of
must
which
to
this
led
conclusion,
which
the
reasons
into
go
"I need not
restoration of all her sons working
British public opinion creed. "This country has need for its
be clear to you. But the principal reason wasatthat
its sole expense, and that with a good heart in the beliefs and formulas which most appeal to them,"
would never support a one-sided arrangement
and
estrange
it
fail
to
was
could
not
made
he said.
if such a one-sided arrangement
eventually embitter the relations between the American and British peoples,
Better to Go Straight Than Quickly.
future of the world.
with calamitous results to the
nFrench•Gover
'There must be no demagogy, no promises of milleniums which it is not in
"Accordingly the British Government has informed the
can- the economic power of the country to fulfill.
went that it will agree to any equitable arrangement for reduction or
cellation of the interallied indebtedness, but that such arrangement must
"Let us abstain from unconsidered promises," said he, "it is far more
be one which applies all around.
Europe, and important to go straight than to go quickly, to follow roads we are on and
"The question is one of such importance to the future of
I
that
the Allied and Associated Powers,
about the direction of which we are sure."
Indeed to the relations between
which you might feel yourself able
should very much welcome any advice
"Have children and make men of them," was one of the President's words
of securing that the whole problem could
Governto give me as to the best method
by the United States Government in concert of advice, for he said this question of population pressed on every
be considered and settled
Whatever economies
with its associates at the earliest possible moment that the political situation ment of France, gravely, urgently, almost tragically.
were made, there must be none on the cost of children's education. They
In America makes it possible.
should like to add. When the British must be fitted as men. With measured, well-thought-out modifications the
"There is one other point which Inot
debts
the
with
of
the
deal
could
question
it
that
Government decided
parcel of an all-round arrangement Constitution should be adapted to make it more supple and at the same time
owed to it by its Allies except as part and
of the Exchequer told Mr. Rathbone more sure.
of interallied debts, the Chancellor
any further with the negotiations which they
For the present the duration of military service must be maintained at
that he could not proceed
with regard to postponement of the payment
had been conducting together
months; but the need for labor in the fields and factories was too urgent
18
to
debt
Britain's
Great
America.
of
of interest on the funding it plain that this is due to no reluctance on the not to demand a further reduction at the first possible moment. The war
"I should like to make
debt, but solely to the fact that it cannot had shown the strength of the national principle and the weakness of the
part of Great Britain to fund Itswhich
prejudice the working of any socialistic international theory. Those who before 1914 were led astray by
bind itself by any arrangementmay bewould
reached in the future."
which
arrangement
interallied
the international talk of German Socialists must not be again so misled.
July
But the League of Nations would have France's support. "The League is
of
in
our
issue
we
gave
noted,
be
may
it
y,
Incidentall
not merely a promise." He added:
President
a
from
letter
of
23 1921 (page 346), a portion
"In its short existence it has already, in spite of tremendous difficulties,
Wilson to Prime Minister Lloyd George indicating that the justified its creation by its good work. It can never be compromised except
mistakes of doctrinaires who, seeing only one side, forget that its name of
United States would never consent to the cancellation of the by
the League of Nations implies the existence of nationalities."
indebts of the Allied Governments. This letter had been
Throughout his speech "Realities" was the President's text. Was not the
serted in the "Congressional Record" at the instance of spectacle of Russia enough to make dreamers pause? What was the result of
their dreams? The institution of a dictatorship of a class, or rather of a
Senator Lodge during the hearing before the Senate Finance small
handful of men who arrogated to themselves the right to speak in the
Committee on the subject of Allied debts. In a Washington name of a great people. France could but hope that in time these people,
letter
the first part of the war had given such great help, would evolve
in
to
who
the
dispatch Oct. 8 the New York "Times," referring
from the present tyranny and chaos into liberty and free institutions.
printed above, said in part:
Publication of a so-called "unpublished" letter from the then Premier
in 1921, proposing all-around cancellation
Lloyd George to President Wilson
smiles to-day in Washington, where there is no
of inter-Allied debts, evoked
e, which for several years has been
correspondend
secret concerning this
available in official documents made public and also through the press.
to be the "unpublished" Lloyd George
In connection with what it declared
argued
letter, the "Daily Express" is credited in cable dispatches with having
to accept this plan" as proposed
that the American Government was "ready
Chancellor
by
shown
the
was
this
fact
the
says
that
by Mr. Lloyd George and
of the Exchequer, Austen Chamberlain, and Albert Rathbone, representing
on
the American Treasury Department, dropped the negotiations then going
for the separate payment of the British debt to America. This inference is
was
it
wholly incorrect. The Rathbone negotiations were dropped because
impossible to make headway wtlh them at the time in the face of the Lloyd
George proposals.
France's Role in the World.
In the world France must be prepared always to play a role which depended less on her material power than on the prestige of her moral authority. To M. Poincare the President paid this tribute: "The day is not distant when the firmness and tenacity of our foreign policy so resolutely pursued amid the approval of the whole country by the Premier will bear its
fruits."
To the French mind respect for treaties had the force of law, and France
would never permit that the European order created by victory should be disturbed. For herself she claimed only her due, and as for her allies in the
war her fervent desire was that their bonds of friendship should be strengthened by memories of the common peril they had successfully overcome.
In his picture of the country struggling patiently for years to meet the
burdens the war had left, which had increased taxation from 460 francs per
head in 1913 to 2,478 francs per head in 1922, the President declared:
OCT. 20 1923.]
THE CHRONICLE
"The Frenchman is an honest fellow. He waited for three years and made
concession after concession before, with his Belgian friends, he made use of
the power of constraint which was his to use under the treaty." But if France
was to get her due she must remain united.
"Justly proud of the victory she has so dearly bought, resolved not to
allow its fruits to escape her, he concluded, "France knows that civil pease
as external peace, concord among her citizens as understanding with her
neighbors, is the first condition of fruitful labor and social progress. It is to
France that I speak, France, mistress of her destinies, whom I exhort not to
allow sowers of hate and dissension to cloud her judgment and undermine
the solid structure of the country which her good sense has created."
1727
Interest Payment by Belgium to United States on Surplus War Stock Purchases.
It was announced on Oct. 17 that the Belgian Government
has just paid $475,000 in interest to the United States on surplus w r stocks in Europe, which it bought through the War
Department in 1919. Assistant Secretary Davis said the
sum was the regular semi-annual interest payment on notes
given by the Belgian Government approximatingl$28,000,000.
French Customs Figures.
• Salvador Loan—State Department Says There is no
A statement issued Oct. 10 by the Bankers Trust Co. of
Secret Agreement.
New York says:
With regard to the $6,000,000 loan to the Republic of
Official French customs figures disclose that the value of imports into
France during the first eight months of the present year was 19,938,324,000 Salvador (the bond offering was referred to in our issue of
francs ,while exports of French products amounted to 19,128,066,000 francs. Saturday last, page 1615) the State Department at WashingBoth imports and exports increased in value compared to their values in the 'ton issued
a statement on Oct. 18 in which it characterizes
same period of 1922, but the gain in value of French exports was 350,000,000
as misleading a report that "a secret agreement has been
francs greater than the increase in value of imports.
The detailed official figures, as received by the Bankers Trust Co. of New made by the Department." The following is the latter's
York, from its French Information Service, show the increases as follows:
statement in the matter:
8 Months 1923.
Increase over 1922.
The attention of the Department has been called to statements, both
Francs.
in the
1,030,000,000 press, advertising of the recently concluded loan to Salvador and in the
which have created an erroneous impression regarding the relation
4,136,000,000 of the
United States Government to the loan.
166,000,000
It has been stated that a secret agreement has been made by the Department of State. This is a misleading statement, as the agreement
19,938,000,000
5,832,000,000 was negotiated
between the Government of Salvador and the representatives
Exports—
of the bankers concerned. It is in no sense a treaty.
Foodstuffs
2,016,000,000
893,000,000
The Department of State has no relation to the matter except with
Raw materials
5,870,000,000
2,390,000,000 respect to
facilitating the arbitration and determination of disputes that
Manufactured articles
10,244,000,000
2,261,000,000 may arise
between the parties and the appointment of a Collector of
Parcel post
998,000,000
138,000,000 Customs in case
of default. It is manifestly to the interest of peace and
justice that there should be an appropriate method of deciding such con19,128,000,000
5,682,000,000 troversies as
might arise and at the specific request of the Government of
The above figures indicate an adverse balance of trade amounting to 810,- Salvador and the interested bankers, the Secretary of State has consented
000,000 francs. This also was an improvement over France's trade position to use his good offices in referring such disputes to the Chief Justice of
at the end of the first eight months of 1922, when the unfavorable balance the Supreme Court of the United States, or, if he is unable to act, to
amounted to 1,160,000,000 francs. The French customs authorities estimate another member of the Federal Judiciary for appropriate arbitrament.
that "invisible exports," such as are represented by expenditures of foreign
Also at the request of the Government of Salvador and the interested
tourists in France, more than equal the amount by which this year's French bankers, the Secretary of State consented to assist in the selectionrof the
Imports has exceeded exports.
Collector of Customs, who, according to the loan contract, is to be apIn August alone, French exports increased in value 119,000,000 francs over pointed in case of default. This was simply for the purpose of facilitating
July exports, while French imports increased only 17,500,000 francs.
the choice of an entirely competent and disinterested person. The contract also provides that the Collector of Customs, if appointed, will communicate to the Department of State for its records such regulations
relating to the customs administration as may be prescribed and also a
monthly
and annual report.
Comparative Figures of Condition of Canadian Banks.
The Government of the United States has no relation to the loan excep
In the following we compare the condition of the Canadian in these particulars.
Imports—
Foodstuffs
Raw materials
Manufactured articles
Francs.
4,624,000,000
12,514,000,000
2,800,000,000
banks under the August 1923 statement with the return for
July 1923:
ASSETS.
Aug. 31 1923. July 31 1923.
$
$
53,042.875
58,128,237
12,174,340
12,476,248
Gold and subsidiary coin—
In Canada
Elsewhere
Official Relations Between Belgium and Mexico
Resumed.
Brussels advices Oct. 14 announced the resumption by
Belgium of official relations with Mexico.
Total
62,217,215
70.604.485 Censorship in Greece—Newspapers Forbidden to Make
Dominion notes
155,777.628
157,477,174
Any Reference to Constantine.
Deposited with Minister of Finance for securit3 of note circulation
6,124,227
Athens press advices, Oct. 14, state:
6.124,227
Deposit of central gold reserves
61,302,533
57,102.533
A revolutionary decree' issued to-day forbids all reference by the newsDue from banks
108,751.573
106,826.151 papers to the late Ring Constantine and the leaders of the revolution.
Loans and discounts
1,380,846,659 1,378.050.656 Public utterances and cartoons relating to the banned subjects are aim
Bonds, securities, &c
412,100.594
399,612.433 forbidden.
Call and short loans in Canada
98,123 000
95.701,912
The royalist press is protesting vehemently against the decree.
Call and short loans elsewhere than in Canada 203,913,891
191.591,179
Other assets
107.743,211
108,370,776
Total
2,599,900.531
2,571,461.536
LIABILITIES.
Capital authorized
Capital subscribed
Capital paid up
Reserve fund
Circulation
Government deposits
Demand deposits
Time deposits
Due to banks
Bills payable
Other liabilities
182.175.000
123,572.300
123,406,700
123.625,000
182,175.000
123,572,300
123,404.770
123,625.000
169,980,554
163,043.856
69.791.550
62,230.304
823,050,355
803,390,947
1,189,988,876 1,200,052,356
50,441,339
47,796,216
6.929,426
7,497.508
20,707,293
19,862,631
Total, not including capital ofreserve fund_ 2,330,889,393
2,303.873,818
Note.—OvAng to the omission of the cents in the official reports,
the
footingn in the above do not exactly agree with the total
given.
Proposed Loan to Italy—Views of President Coolidge
Regarding Foreign Loans.
A dispatch from Washington to the New York "Tribune"
Oct. 12 said:
Apropos of reports from New York to-day that terms of
a new loan to
Italy will be made public next week, the attitude of the Administration
on
the general subject of loans to other countries became known.
On the specific subject of the proposed Italian loan. the White House
made no statement. But it was stated by an official of the Administrtaion
that this Government, under President Coolidge, will give its countenance
to loans by American financiers to Governments and peoples abroad if the
conditions are satisfactory. The State Department policy in a general way
will be not to cast any stumbling block in the way of such loans but rather
to encourage them.
Offering of Republic of Finland Bonds.
The National City Company and Dillon, Read & Co. of
this city offered on Oct. 18 an issue of $10,000,000 Republic
of Finland 6% external loan sinking fund gold bonds at 90
and interest, to yield 6.89%. The subscription books were
closed at noon yesterday (Oct. 19). The bonds will be dated
Sept. 1 1923, will mature Sept. 1 1945, and are not redeemable except through the sinking fund. The bonds are in
coupon form,in denomination of $1,000, and are registemble
as to principal only. Principal and interest (March 1 and
Sept. 1) payable in New York City in United States gold
coin of the present standard of weight and fineness at the
National City Bank of New York, fiscal agent, without deduction for any present or future Finnish taxes, in time of
war as well as in time of peace, irrespective of the nationality
of the holder. With regard to the redemption of the bonds,
we quote the following from the official circular:
Sinking fund sufficient to redeem entire issue during final twenty years.
Finland agrees to redeem the entire loan through a cumulative sinking fund,
beginning after the expiration of the second year of the loan, to be used to
purchase bonds at not exceeding,100 and interest, or, if bonds are not
obtainable at or below that price, for redemption of bonds by lot semiannually at 100.
These:ibonds; says the circular, are the direct obligations
of the Republic of Finland, which agrees that if, in the future,
it shall sell, offer for public subscription or in any manner
dispose of any bonds or loan secured by lien on any revenue
or asset of the Republic, the service of this loan shall be secured equally and ratably with such bonds or loan. We also
quote as follows from the offering circular:
28
THE CHRONICLE
Purpose of Issue: According to a statement by the Minister of Finance.
the proceeds of this loan will be utilized by the Government for productive
capital expenditures. The 1924 budget calls for appropriations approximately equal to $16,500.000, to be expended on public works, including
extensions to the Government railroads, harbor improvements, and hydroelectric developments. It is stated that where materials are purchased
outside of Finland, preference will be given American manufactures, if
obtainable on equal terms.
Credit: The credit of Finland has long been established in the financial
centres of Europe and during the 25 years preceding 1914. Finland borrowed abroad at coupon-rates ranging from 3% to 434%, approximately
the same rates at which Sweden, Denmark and Norway borrowed abroad
during the same period. The 434% sterling loan of Finland was offered
In London in 1909 on a 4.90% basis, during the perior 1909-1914 was
quoted at prices giving an average yield of 4.62%, and sold in London
on Oct. 1 1923 on a 5.64% basis. Four loans of Finland offered in France
from 1895 to 1903 on bases ranging from 3.11% to 3.74%, were quoted
during the ten years preceding the war at prices giving an average yield
of 4.41%, and on Oct. 8 1923 were quoted in Paris at prices giving an
average basis of 5.60%. Finland has already commenced payment under
a funding agreement for indebtedness to the United States Government
incurred during the war
Debt: The total national debt of Finland June 30 1923 including
Finland's indebtedness to the United States Government, amounted to
$108.319.500, figuring debt payable in foreign currencies at mint parities
and debt payable in Finmarks at three cents, a conservative basis. This
gives a per capita debt of $33 85, as compared with about $11 in 1913.
As an offset, the Government owns properties, mostly revenue-producing,
including 93% of the railroad mileage of the country and vast areas of
timber-land, conservatively valued at $540,000,000.
Revenues and Expenditures: For the year 1922 actual ordinary revenues
($80,073,000) exceeded total expenditures, including extraordinary expenditures for capital purposes. by $3,537,000. It is officially stated that
revenue collections for the first nine months of 1923 have exceeded estimates, and, exclusive of loan proceeds, have exceeded all expenditures
both ordinary and extraordinary. The budget for the current year provided for the expenditure of substantial sumson Government-owned enterprises of a productive nature.
For the five years ended Dec. 31 1921 interest and amortization of the
public debt averaged the very conservative ratio of 13.77% annually of
the ordinary revenues.
Foreign Trade: Finland's exports consist principally of raw materials
which are in universal demand, such as lumber, wood-pulp, hides, and
dairy products, and her foreign trade has shown a steady expansion during
the last quarter century. The country's total foreign trade in 1913
amounted to $173,745,000. as compared with $45,590,000 in 1889. In
the year 1922 total trade amounted to $180,984,000, and exports exceeded
imports by $10,675.700, computed at average rates of exchange for the
year. Total trade with the United States for the same year amounted
to $15,572.000.
[VOL. 117.
Finland." Mr. Juselius stressed the need of foreign capital
in developing the natural resources of Finland. In commenting upon government finances he said he hoped that the
Finnish Government if it should need financing in a foreign
market, would come to the United States.
New Issue of $47,000,000 Federal Land Bank
Bonds Sold.
Public offering was made on Monday last, Oct. 15, of
a new issue of $47,000,000 10-30-year Federal Land Bank
434% bonds at a price of 100 and interest, to yield 44%.
It was announced on the 16th inst. that the entire issue had
been sold. Tho bonds were offered to the public by a
country-wide group, composed of the twelve Federal Land
Banks, investment houses, institutions and upwards of
1,000 dealers. The banking group was headed by Alex.
Brown & Sons of Baltimore, Harris, Forbes & Co., Brown
Brothers & Co., Lee, Higginson & Co., The National City
Co. and the Guaranty Co. of New York. It is pointed out
that this is the first time investors have had an opportunity
to buy Federal Lahd Bank bonds bearing interest at 434%.
Of the 11 offerings to date, 7 of them have been bonds
bearing 43'% interest. Four were issues of 5% bonds.
One of them has since been called in and paid off. This
was done as soon as the redemption date was reached.
The remaining 5% bonds are not yet redeemable. It is
further stated:
The opportunity to purchase a bond yielding as high as 4Yi % was expected because of the recent depression in tax-exempt bonds of cities and
States, partly due to large offerings of these securities and partly due to
the depression which has existed in the general bond market for the last
three months. The obligations of the more important States and cities
of the country are now selling at prices to yield about 4 % or less. State
and city bonds, however, are subject to local taxation unless held in their
respective States of issue, while Federal Land Bank bonds are exemp
everywhere in the United States.
'The Federal Land Bank bonds disposed of this week are
dated July 11923, become due July 1 1953 and are redeemable at par and interest at any time after ten years from
In referring on Oct. 15 to the loan negotiations, "Daily date of issue. The bonds, coupon and registered and interFinancial America" said:
changeable, are in denominations of $10,000, $5,000, $1,000,
It is understood that American bankers are negotiating with the Finnish
Government for the flotation of a loan by that country in the United States. $500, $100 and $40. Interest is payable Jan. 1 and July 1
Under an Act ofthe Legislature the Government of Finland was authorized at any Federal Land Bank or Federal Reserve Bank. Printo obtain credits up to £4,000,000. or approximately $18,000,000,for capital
is payable at the bank of issue. The United States
expenditures. That is, for harbor improvements, State railways, and the cipal
Imatra project, which is somewhat similar to the harnessing of the water Supreme Court has uphold the constitutionality of the Act
power at Niagara Falls. While the authorization amount is £4,000,000 creating the banks and exempting the bonds from Federal
it is believed that the loan will be substantially under that figure, as FinState, municipal and local taxation. With regard to the
land's immediate seed does not require such a large figure.
If the plans under way mature and the loan is secured by this country, it bonds the official circular says:
will be the first time that Finland has come to the United States for
credit. Heretofore, London and Paris have been the markets for such
issues. Several months ago it was reported that London banking interests
offered to loan the Republic a certain sum, but affairs were not ripe at the
time and the project fell through. At present there are two loans outstanding against Finland. The first a 4;4% issue floated in London to yield
4.89% and which is now selling on a 6.64% basis, and the second a 3%
credit granted by France at around 3.23, now yields 5.60%.
Application will be made to list the bonds on the New
York Stock Exchange. Delivery of the bonds in temporary
form is expected about Nov. 1.
Allan Juselius, of Union Bank of Finland, on
Financial Rehabilitation of Finland.
Allan Juselius, General Manager of the Union Bank of
Finland, one of the leading banking institutions in Scandinavia, who has just arrived in the United States on business
for a stay of several weeks, declared on Oct. 11 that the
Finnish Government has made rapid strides in placing its
financial house in order and is now one of the few countries
in Europe which have balanced their budgets. In the fiscal
year recently ended the Government of Finland, he says,
met all of its financial obligations with a substantial surplus
to spare, the Finnish banker stated. Pointing rather to the
strength of the Finnish financial position, Mr. Juselius
called attention to the fact that Finland is, with Great
Britain, the only country which has begun to make regular
payments on account of its war indebtedness to the United
States Government. He also said:
Business conditions in Finland are healthy, andTwe'have practically no
unemployment problem in our country. Money rates are high, due to the
scarcity of capital. Last year the exports of Finland exceeded her imports
by a substantial margin. It is yet too early to determine the ratio between
exports and imports during the current fiscal year. although indications are
that they will at least balance. Finland is making heavy exports of pulp.
newsprint paper,lumber, timber and agricultural products. Much of these
commodities are coming vto the United States, although England is the
Principal foreign market for Finnish products.
Issuing Banks: The twelve Federal Land banks were organized by the
United States Government with an original $9,000,000 capital stock,
which has since increased through the operation of the System to over
$41,000,000.
Security: These bonds, in addition to being obligations of the Federal
Land banks, all twelve of which are primarily liable for interest and ultimately liable for the principal on each bond, are secured by collateral
consisting of an equal amount of United States Government bonds, or
mortgages on farm lands which must be:
(a) First mortgages, to an amount not exceeding 50% of the value of
the land and 20% of the value of the permanent improvements as appraised
by United States appraisers;
(b) Limited to $25,000 on any one mortgage:
(c) Guaranteed by the local National Farm Loan Association, of which
the borrower is a member and stockholder. The stock of these associations
carries a double liability;
(d) Reduced each year by payment of part of the mortgage debt.
Values: The conservatism of appraisals made for the Federal Land
banks is indicated by the fact that, during the year ended Nov. 30 1922,
4,714 farms against which the banks had made loans totaling less than
$15,00,000 were sold for approximately $40,000,000.
Operation: In five and one-half years of active operation the 12 Federal
Land banks have been built up until on Aug. 31 1923 their capital was
$41,113,530: reserve,$4,050,500:surplus and undivided profits, $3,278,177,
and total assets $827,744,341. All twelve banks are on a dividend paying
basis and every bank shows a surplus earned from its operations.
Acceptable by Treasury: These bonds are acceptable by the United
States Treasury as security for Government deposits including Postal
Savings funds.
Legal for Trust Funds: The Federal Fenn Loan Act provides that the
bonds shall be lawful investments for all fiduciary and trust funds under
the jurisdiction of the United States Government. They are eligible under
the laws of many of the States for investment of all public and private
funds and have been held eligible for investment by savings banks in 37
States (listed on the back of this circular).
The United States Government,as of Sept. 30 1923, owned approximately
$2,400,000 of the capital stock of the Federal Land banks. The Farm Loan
Associations, during the year 1922, acquired approximately $8,500,000 of
Federal Land Bank stock, 25% of the proceeds of which was used to retire
stock owned by the Government, as required by the Farm Loan Act. The
United States Treasury has purchased and now holds over $100,000,000
Federal Land Bank bonds. While these bonds are not Government
obligations, and are not guaranteed by the Government, they are the
secured obligations of banks operating under Federal charter with Governmental supervision, on whose boards of direction the Government is
represented.
As noted in the foregoing, all twelve banks are on a diviStabilization of the Finnish mark around 2.70 cents has,
basis and every bank shows a surplus earned
dend-paying
the
to
extremely
been
beneficial
Juselius,
according to Mr.
foreign trade of Finland. "It is also," he stated, "a reflec- from operations. The following is the consolidated statetion of the soundness of the general financial position in ment of condition of the twelve Federal Land Banks at the
OCT.20 1923.]
THE CHRONICLE
1729
close of business Aug. 31 1923, as officially reported by the
Reverting to the discussion of inflated prices during the
Federal Farm Loan Board:
war, Governor Bailey said: "When organized labor held the
Assets.
stop watch on Congress and demanded the increase in wages
Net mortgage loans
..n753,184,329 10
Accrued interest on mortgage loans (not matured)
13,344.239 36 for the transportation of men and materials which were
U. S. Government bonds and securities
44,231,334 93
Accrued interest on bonds and securities (not matured) _ 462,137 06 needed to carry on the war, it should have been told that
Farm Loan bonds on hand (unsold)
1,858.750 00
Accrued interest on Farm Loan bonds on hand (not matured)
15,505 54 'this is war; put on a uniform and serve your country or be
Other accrued interest (uncollected)
227,545 12 stood up against the wall and shot at sunrise like any other
Notes receivable, acceptances, &c
1,393.908 19
Cash on hand and in banks
8,198,768 13 traitor.'" He charged that this action on the part of organAccounts receivable
399,710 33
Instalments matured (in process of collection)
1,448,148 23 ized labor had been responsible for the inflation of prices
1,279,518 69
Banking houses
202,212 80 and the loss when they were again deflated. The further
Furniture and fixtures
1,498,233 73 account of what he had to say was given as follows in the
Other assets
Total assets
$827,744,341 21 "Capital":
Liabilities.
Capital stock, held by:
United States Government
National Farm Loan associations
Borrowers through agents
Individual subscribers
$2,434,385 00
38,498,025 00
178,660 00
2.460 00
Total capital stock
$41,113,530 00
4.050,500 00
Reserve (from earnings)
Surplus (from earnings)
300,000 00
763,908,090 00
Farm Loan bonds authorized and issued
10,317,473 36
Accrued interest on Farm Loan bonds (not matured)
U. S. Government deposits
1,250,000 00
Notes payable
366,964 02
Due borrowers on uncompleted loans
947,075 41
Amortization instalments paid in advance
Matured interest on Farm Loan bonds (coupons not pre545,430 82
sented)
486.172 05
Reserved for dividends unpaid
1,480,92839
Other liabilities
2,978,177 10
Undivided profits
Total liabilities
$827,744,341 21
* Unpledged mortgages (gross). $14,972,323 70.
The Federal Land Bank bonds have been held eligible, it
is stated, for investment by savings banks in the following
States:
Alabama, Arkansas, CalifornIn, Colorado, Delaware, Florida, Georgia,
Idaho, Indiana, hentucky, Louisiana, Maine, Maryland, Massachusetts,
Michigan, Mississippi, Missouri. Nebraska, New Hampshire. New Jersey.
North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island,
South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia,
Washington, West Virginia, Wisconsin and Wyoming.
The present is the fourth issue of Federal Land banks
offered the current year; two of the previous offerings were
for $75,000,000 each and were referred to in these columns
Jan.6, page 26, and April 21, page 1711; an issue of $45,000,000 offered in June was reported by us June 30 1923, page
2940. The issuance of the $75,000,000 bonds in April
followed the call for redemption and payment on May 1 of
$55,032,000 then outstanding 5% Federal Land Bank bonds.
Salomon Bros.& Hutzler Offering Federal Intermediate
Credit Bank Debentures.
The discount house of Salomon Bros. & Hutzler are
offering Federal Intermediate Credit Bank 4
debentures,
,clue March 14 1924, at a price of 100 and interest, to yield
about 43-%. These debentures are issued by 12 Federal
Intermediate Credit banks created by an Act of Congress.
The 'United States Government has subscribed for and owns
all the capital stock of these twelve banks, which amounts
to $60,000,000. The Government does not assume any
liability, direct or indirect, on these debentures, but they
are securities of banks operating under a Federal charter
with Governmental supervision, and the Government is
represented on the board of directors. The sale by the
Federal Intermediate Credit banks of the second issue of
$10,000,000 Intermediate debentures was noted in these
columns last week, page 1618.
There is an economic law which works with the infallibility of the law
of gravity, sugarcoat it how you will, and that is the law of supply and
demand,and that is the law which brought about deflation after the war.
The Federal Reserve Board has no power to order a loan denied or pricess
deflated," Governor Bailey said. "That is up to the business manager
and the boards of directors of the banks themselves. Their refusal to loan
money on agricultural products at inflated prices was the result of sound
business judgment."
Explains Federal Reserve.
Governor Bailey devoted a considerable amount of time to an explanation
of the workings of the Federal Reserve System, recalling the conditions
surrounding the panic of 1907, during which, he said, 'the first Federal
Reserve banking system that I ever heard of was started by the Clearing
House Association of Atchison, where we printed our own asset currency-doing then without the sanction of law precisely what we are doing in
Kansas City now with the sanction of the law."
The speaker said that the Federal Reserve banking system, written into
the laws of the United States in 1913, enabled the United States "to seize
from England her proud boast of centuries that the pound sterling was the
universal standard of value, and under the stress of war to make the American dollar sign the standard of value for the whole world.
"We financed the world in the biggest war of history and we could not
have done it without the Federal Reserve System," Governor Bailey said.
"No country is greater than its financial policy, or stronger than its
financial system. All in the world that is the matter with Germany
to-day is the lack of a financial system which guarantees to the workman
that when he is paid for his work, his money is good."
Denies Extravagance.
Charges of extravagance which have been made against the Federal
Reserve banks were denied by Governor Bailey, who said, "I never heard
anything farther from the truth in my life." He called attention to the
possibility of expediting business through the gold settlement fund in the
transferring of credits from one bank to another, and said that the time of
making collection on checks had been cut in half through the methods used
by the Federal Reserve banks.
Blames Bad Management.
•
Referring to the fact that there have been some forty failures•of State
banks in Kansas during the last year, Governor Bailey said that many of
the failures were due to bad management. and the fact that "a lot of men
have been running banks who were not bankers."
Kansas Bankers Association Endorses Ruling of Bank
Commissioner Against Excess Loans.
The following resolution was adopted by the Kansas
Bankers Association at its annual convention on Oct. 5
at Topeka:
Whereas, We realize that excess loans and overdrafts are the fertile
causes of the troubles of most of our banks; therefore, be it
Resolved, That we heartily endorse the ruling made by our Bank Commissioner, that no excess loan or overdraft will longer be permitted in any
Kansas State bank.
Kansas Bankers Association Endorses Plan for Reorganization of American State Bank of
Wichita—Defense of State Guaranty
System.
A resolution pledging themselves to redeem every promise
that is contained in the guaranty law of the State," and
endorsing the proposition for the chartering of a successor
to the American State Bank of Wichita, Kan., was adopted
W. L. Bailey of Federal Reserve Bank of Kansas Says
by the Kansas State Bankers Association in annual session
Ill
Much
Advised
Troubles of Farmers Is "Too
at
Topeka on Oct. 5. The Topeka "Capital" of the 6th
Credit"—Think Labor Threats During War
inst. said:
as
Treated
Treason.
Should Have Been
A thorough defense of the State Bank Guaranty Law, in principle and
W. L. Bailey, Governor of the Federal Reserve Bank of practice, which formed the theme of the final address to the convention
delivered by Bank Commissioner Peterson, was received with enthusiasm
Kansas City, Mo., in addressing the forum meeting of the by the bankers. Peterson's
whole address was devoted to the statement
Chamber of Commerce at Topeka on Oct. 9 declared that he of his belief in the efficacy of the State Bank Guaranty Law as applied to
banks
which
have
failed,
and
to the conditions which surround the present
in
a
Kansas
whole
lot
worse
condihad "seen the farmers of
condition in Wichita about the failure of the American State Bank there.
tion than the yare in to-day, adding:
The bankers unanimously adopted the resolution endorsing the plan
The farmers do not need more credit. One of their troubles is too much
Ill-advised credit. Kansas farmers must go back to the primitive virtues
of industry and economy which have made the State what it is to-day.'11
According to the Topeka "Capital," he urged the practice
of diversified farming as a means of restoring the financial
condition of the Kansas farmer.
Governor Bailey denied that "the Federal Reserve Board
or the Federal Reserve banking system was responsible for
deflatio nand the reduction of prices of agricultural products. They were, he is quoted as saying "the natural result
of abnormal and unusual prices brought about by the war;
when production exceeded consumption and caused deflation; when the slump struck the herds and the fields of the
Middle West with tremendous force."
which has been worked out by Peterson and a committee from the association for the reorganization of the bank through the depositing of a
portion of the legal reserves of all State banks in the Wichita concern.
Every speaker on the program expressed an opinion highly favorable to
the continued operation of the guaranty law.
Big Harvest Expected.
On the home desk of every banker attending the convention there has
been placed in the past few weeks a copy of an agreement for the depositing
of a fraction of his legal reserve in the American State Bank, contingent
upon its reorganization. It is believed that the enthusiastic approval
which has been given to the plan during the convention at Topeka will
result in a harvest of these agreements reaching Peterson's office when the
bankers return to their homes.
"We hope that the crisis in bank failures in Kansas has passed," said
A. R. Wallace, newly elected President of the association, in his installation
speech Friday afternoon. "But the real crisis for the banks of the State
is just approaching, in the payment of the assessments into the guaranty
fund."
1730
THE CHRONICLE
EVoL. 117.
In referring to the discussion of the matter on the 4th inst., by Mr. Mellon as desirable. This is learned from advices
to the "Journal of Commerce" from Washington, which says
the "Capitol" had the following to say:
At a preliminary conference attended by representatives of the largest that while Secretary Mellon believes that it would be desirState banks of Kansas, in the National Hotel last night, the plan presented
able to bring the resources of eligible State banks and trust
by Carl J. Peterson, State Bank Commissioner, for the reorganization
companies into the Federal Reserve System, he holds to the
and restoration of the American State Bank of Wichita, was discussed.
The result was the decision of the larger banks to approve the plan. To- view that even proposed changes for the wider distribution
day a resolution, approving the plan as recently modified, will be presented
to the Association. The resolution will be offered by representatives of of earnings would not offer sufficiently great inducement to
22 of the largest banks in the Association, Charles W. Miller Jr., President bring the country banks into the system. It also says:
of the Association, said last night.
Withdraw at Any Time.
Originally the plan for the reorganization of the American State Bank
Contemplated the depositing of 3% of the legal reserve of each State Bank
in Kansas in the American State Bank for a period of five years. The plan
ncluded the designation by Commissioner Peterson of the American State
Bank as a depository to receive these reserves.
The group which met, however, will offer its resolution to the convention
on the basis of a plan which does not include the five-year limit; the deposits
of 3% are to be made subject to their withdrawal at any time by the banks
making them.
Won't Force Such Deposits.
Nor will the resolution as contemplated bind any State bank to make
such deposits. It will only express the indorsement of the Association on
the reorganization scheme which has been devised.
The resolution approving the plans for the reorganization
of the bank follows:
At the Treasury to-day It was stated that Secretary Mellon had no
specific formula to suggest to the Joint Congressiona !Committee of Inquiry
now conducting hearings to find out how the country banks might be brought
nto the System. The real reason that banks do not join, the Secretary
believes, is because they can obtain rediscounts and other services from
their city correspondent banks without incurring expenses that membership in the Federal Reserve System would involve.
The adoption of the changes in the law proposed by the New England
member banks whereby a 2% tax on the uncovered portions of Federal
Reserve notes would be substituted for the present franchise tax to permit
a wider distribution of earnings when in excess of 6% might help some In
attracting country banks to the System, Mr. Mellon was understood to
hold, but the difference in the earnings under the new plan as compared
with the present would not be sufficiently large to make much difference.
The suggestion that the Reserve banks be permitted to carry one-third
of their reserve requirements in the form of Federal Reserve notes in their
own vaults brought the criticism that Reserve notes representing consumed
credits were hardly logical reserves.
Whereas, We realize that the critical moment n the life of the Kansas
Bankers Guaranty Law is here, and we must make good every pledge and
promise or we must fail; therefore, be it
Resolved, That we pledge ourselves to redeem every promise that is contained In the Guaranty Law of this State and that:the burden to the guaranty
bankers of Kansas may be greatly lightened, we unanimously approve the
efforts being made by the Bank Commissioner, and endorse his proposition for the chartering of a successor to the American State Bank of Wichita,
and urge upon all State bankers to give the plan their unqualified support,
and we heartily approve and agree to do everything in our power to carry
this reorganization to a complete success.
The properties of the New England banks were referred
to in our issue of Saturday last (page 1623). On the 11th
inst the par collection of checks and the placing of all banking
under Federal supervision were among the measures urged
before the Committee. J. H. Tregoe of New York, Secretary-Treasurer of the National Association of Credit Men,
advocated both proposals, while W. W. Orr, Assistant Secretary of the Association, emphasized the desire for par
In condemning "unfair, malicious and dishonorable abuse collection in his testimony. The Philadelphia "Record" said:
Declaring banking was one oj the functions of the Federal Government.
of the State Banking Department," the Association recorded
Mr. Tregoe said his association advocated the operation of the banking
itself as follows:
business under national law. There are too many banks, he said, and
Whereas, Fair play and square dealing have ever been cardinal principles
of the citizens of this Commonwealth; therefore, be it
Resolved, That we severely condemn the unfair, malicious and dishonorable abuse of the State Banking Department, which has so recently
taken up the mantle of responsibility. Men of fair minds realize that
a newly installed officer is not to be blamed for mistakes or misfortunes that
may have happened before he assumed responsibility. We, therefore,
commend the earnest efforts of Carl J. Peterson and his department to
fairly and honestly conduct the trying burdens of his difficult office. We
have found the departmental policies sound and its efforts constructive.
We have,been taken into the department's confidence and our suggestions
have found ready co-operation, and we pledge our united support to the
present Commissioner.
The suspension of the American State Bank of Wichita
was referred to in our issue of July 7 last, page 51.
Kansas Bankers Association Opposes Postal Savings
System on Ground that It Draws Moneys from
Agricultural and Trade Needs.
The postal savings system of the Government and the
issuance of savings certificates was condemned by the
Kansas Bankers Association in a resolution adopted at its
annual meeting at Wichita on Oct. 5 "as tending to draw
our savings from the channels of trade and agriculture where
they are needed, and to consolidate this needed wealth in
Government hands and thus add to its extravagance and
waste." The resolution is given as follows in the Topeka
"Capital":
Whereas. Kansas is an agricultural State, and the unwise policy of
deflation overnight has contributed vert largely to the disaster that for
a time threatened destruction to the farmer; the stability of Kansas banks
depends very largely on the prosperity of agriculture; coupled with the
destructive deflation is the no less unwise policy of this Government,
through its post offices and savings certificates in draining the agriculture
of the West of its ready cash through the plea that money deposited with
the Government is free from taxes and exeMpted from debt; and
Whereas, It is the policy of taking needed frunds from our State and
sending them East that not only brought about the present crisis to our
banks and people, but made it apparently necessary for the Government
to install about 57 different varieties of banks and agencies to re-loan
our money back to us at a profit to them and an Immense overhead expense,
but much to the joy of the Federal office holders; therefore, be it
Resolved, That we condemn in positive terms the present policy of postal
savings and Government savings certificates, as tending to draw our
savings from the channel of trade and agriculture where they are so badly
needed and to consolidate this needed wealth in Government hands, and
thus add to its extravagance and waste.
Inquiry into Why State Banks and Trust Companies
Remain Out of Federal Reserve System—Proposed
Note Reserve Changes Opposed by Secretary
Mellon—Earnings of System.
hearing
on Oct. 18 before the Joint Congressional
At the
Committee which is inquiring into the reasons why eligible
State banks and trust companies remain out of the Federal
Reserve Ssstem, Secretary of the Treasury Mellon opposed
the suggestion that the Reserve city banks should not be
allowed to have the paper of non-member banks rediscounted,
feeling that there should be no restrictions. Simplification,
rather than revision of the National Banking Act, is regarded
Congress should enact a measure under which non-member banks would
be denied the privileges of the Federal Reserve System.
This would have the effect, he b ‘ileved, of not only bringing many banks
into that System, but wou 4 aI•(ont ibute to winding up the affairs of
those not required.
Par collection of checks was urged by Mr. Tregoe as of the utmost
importance to the business of the country. Checks, he said, have become
_ducted in that way. Under
currency, and about 95% of all business
par clearance has been reduced
the Federal Reserve System, he contin
to an infinitesimal cost, which the b I rand not the customers, should
stand. Unless par clearance is mad . general, he predicted invoices soon
would be made payable only in ihecks drawn upon banks subscribing
to par collection.
The witness asserted the Federal Reserve Board had accomplished
more than even its warmest friends had hoped, and that if "properly
supported and kept out of politics, will keep the country out of panics."
In 1920, he asserted, it had prevented appalling losses. He denied that
deflation in that year had fallen more heavily on agriculture than On
other lines of business.
"We are in a crisis," he said. "We cannot have the entire world out
of order without feeling it. The business world is now struggling with
high costs, That is our problem and we are trying to cut down costs."
Mr. Orr testified that unless the banks generally agreed to par collection
the natural result would be the transfer of balances by the smaller banks
to the larger centres, with perhaps a return to something like the old
practice of requiring bills to be paid in New York drafts.
At the hearing on the 11th, Governor Crissinger of the
Federal Reserve Board, in response to the question of the
Committee,submitted statistics on various phases of the work
of the System from its organization to the close of the last
fiscal year. During that period the Federal Reserve banks
had paid into the Treasury, as a franchise tax, he said,
$135,387,941 out of gross earnings of $572,959,310. Their
expenses had been $153,406,791. To date the buildings
erected by Federal Reserve banks had cost $63,636,088,
which had been paid out of the surplus of the banks.
According to the "Wall Street Journal," Governor Crissinger submitted as follows the statement of earnings of all the
Federal Reserve banks from Nov. 16 1914 to June 30 1923:
Discount operations
Open market operations
All other earnings
$437.757,196
121,291,785
13,910,338
Total gross earnings
3572,959,310
Earnings of Federal Reserve banks from discount and other operations
in the year ended June 30 1923 were divided as follows:
On discounted bills
$26,523,123
On purchased bills
5,628,956
On U. S. securities
16,682,463
All other earnings
1,656.197
Total gross
$50,490,739
Total net
$16,497,736
Dividends paid member banks
$6,307,035
Transferred to surplus account
2,740,158
Paid to U. S. Government as franchise tax
7,450,543
Current expenses of the Federal Reserve banks from Nov. 16 1914 to
June 30 1923 have been as follows: Salaries, $81,878,559; all other,
$71,528,232; total, $153.406,791.
Franchise tax paid to the U. S. Government by Federal Reserve banks
from Nov. 16 1914 to June 30 1923 has totaled $135,387,941, and the
surplus account of Federal Reserve banks stands at $218,369,549 for
that period.
The cost of bank premises of the Federal Reserve banks up to June 30
183 has bgen; For the building sites, ;17,921,005; for remodeling bank
OCT.20 1923.]
THE CHRONICLE
1731
buildings,1'$2,454,954; for buildings in course of construction up to that The charge that the proposed trip was a junket,
he said, was put out by the
date,$43,260,129: total cost, exclusive offurniture and fixtures,$63,636,088. big interests, which
did not favor the committee ascertaining what the
Cost of the building at Boston has totaled $5,451,486. The New York small banks wanted.
Chairman McFadden is understood to have taken
banking house has cost $12,795,160; the annex building, $2,059,899; and the middle ground.
that at No. 10 Gold Street, $103.562. At Philadelphia the building cost
In view of the attacks made against the Federal Reserve system by
hasibeen $2,127,834 and at Chicago $10.457,232.
Senator Magnus Johnson, Senator Brookheart and other new members of
OnIthe 12th inst. Robert A. Cooper, head of the Federal Congress in the Middle West. and the fact that espousal of soft money
Farm Loan Board; B. C. Powell, of Little Rock,representing schemes had crept into that platforms of successful candidates in that
territory, he felt that it would be wise for the committee to go there to head
the American Cotton Association; T. H. Atkeson, represent- off any charges
that later might be made that the committee did not try to
ing the National Grange; and Benjamin C. Marsh, of the bring out all of the facts and get the views of those whohave criticized the
Farmers' National Council, were heard by the committee on system. Representative Wingo and Representative Stegall also favored
holding hearings.
various phases of banking as applied to agriculture. As to
Invitations are to go out to all eligible State banks and trust companies
in the States touched to come before the committee to tell why they have not
their testimony the Associated Press dispatches said:
1.,Contrary to the impression that the farmers need additional financial joined the Federal Reserve system. Letters are to be sent to the State
aid, their general credit condition has improved during the last year, bankers' associations, the State superintendents of banking, chambers of
Governor Cooper said. During the 12 months, he declared, they borrowed commerce and Governors of the Federal Reserve regional banks, soliciting
their co-operation. Industrial, manufacturing and agricultural interests
less money than in the previous year.
According to Mr. Cooper, the Farm Loan Board has received acceptable are to be asked to present their views as to how the banks can be brought into
demands for only $15,000,000 so far this year, although it had further com- the system.
mitments which probably would bring the total to $40.000,000. This
amounted to only one-halfofthe money it held available to assist agriculture.
State Central Bankdea in South Carolina.
Most of the demands for loans have come from the South and far West,
The "Journal of Commerce" in a dispatch from WashingGovernor Cooper said, generally through farmers' co-operative associations.
There has been no great demand, he added, for credit in the Middle West. ton, Oct. 17, said:
. Charges by Representative Strong, Republican, Kansas, that there had
The reported plans of bankers in South Carolina to establish a State
been unnecessary delays in the negotiations of loans by the Board were central bank were brought to the
attention of the Joint Congressional
denied by Governor Cooper, who insisted that the Board would be amply Committee conducting an inquiry
to ascertain why eligible banks and trust
able to take care of every legitimate demand made upon it without using companies fail to join the Federal
Reserve Board by Governor Crissinger
more than one-half of the fund it had available.
of the Federal Reserve Board.
Country banks remain outside the Federal Reserve System, Mr. Powell
In a letter to Representative McFadden, Chairman of the Committee,
testified, because they would receive no interest on their deposit should Mr. Crissinger referred to the banking project.
which is now gaining some
they Join that System,and also because they resented what they considered currency in the State press. The
Central bank would be used by the State
attempts to coerce them into agreeing to the part collection of checks. He institutions as a means of mobilizing the reserves.
urged the committee to hold meetings outside of Washington, so as to get
The establishment of a central State bank is also understood to be gaining
In touch with country bankers and to make eveyr possible effort to impress some consideration in California.
upon them the benefits which would come by joining the System. New
York banks, he asserted, are paying salaries as highde
as
5,000 to men
whose business it is to induce banks to remain outside.
Comptroller of Currency Dawes Rejects Application of
Mr. Marsh said there was a general belief among c
try bankers that
Texas Banks to Operate Teller Window Branches.
many of the disasters suffered by the farmers in recent years had been largely
due to the Federal Reserve System. Mr. Atkeson brought to the attention
Advices from the Washington bureau of the "Journal of
of the committee what seemed to him improper methods used by the SysCommerce" Oct. 15 said:
tem to force par collection of checks.
Applications of Texas national banks for permission to establish teller
The following regarding Mr. Atkeson's testimony is taken window branches have been rejected by
Comptroller of the Currency
Dawes, who holds to the view that there is no necessity for granting this
from the "Journal of Commerce":
concession
to
national
banks
where
State
-chartered
institutions are barred
Mr. Atkeson, at the outset of his testimony, said that he had observed in
from engaging in branch banking.
his travels about the country that the farmers were spending nothing on
Since announcing that the Attorney-General has held that it is within
maintenance and that he believed the farmers, by taking out loans, were the law for national banks to locate
tellers' windows in cities where the main
merely preparing the day of calamity, as farming in many sections was un- office is located, the Comptroller has
received a small number of requests
profitable. He declared that he did not hold the Federal Reserve Board
from national banks, one of which is situated in New York City, to open
responsible for the agricultural depression of 1921, but attributed this to
up these stations where deposits may be received and checks cashed. There
the fact that there had been more agricultural products raised than the
were pending at the time several other applications, so it is estimated now
people were willing to buy at prices that would return the farmers a profit
that about fifteen cases are awaiting action.
on their investment. It is possible, he said, that the deflation came too
Deputy Comptroller Collins has been sent upon a tour of the principal
suddenly.
cities affected by the branch banking situation to obtain suggestions from
Mr. Atkeson read a letter received from the Farmers & Merchants' Bank bankers and,
of course, is considering in these cities the necessity for the
of CattlettsburgARy., reviewing the controversy it had with the Cleve- establishment
of the additional facilities. He is scheduled to return to
land regional bank over the efforts of the Reserve Bank to make it remit at
Washington on Thursday and it is possible that first approval of some of
par. The bank criticized the Federal Reserve Board for having conducted
the pending applications will be given shortly thereafter.
its operations without considering the interests of the country banks. ViceThe Comptroller has annouticed that the applications will be considered
Governor Platt of the Federal Reserve Board informed the committee that
individual merits and approval will be given only where the banks
the Reserve banks no longer required the payment of checks in cash over on their
able to show that the extension of their facilities is necessary to meet
are
the counter by non-par banks and declared that this was an isolated
in- the needs of the communities and the competition of State banks or trust
cident
companies.
While Mr. Atkeson said he thought the Federal Reserve Act should
be
The Attorney-General's ruling on branches of national
amended, he did not offer any suggestions as to changes needed.
It is announced that at the conclusion of the hearings in
Washington, hearings will be held in various cities as follows:
Nov. 5, Chicago; 7, Omaha; 9, Kansas City; 10, St. Louis;
11, Little Rock (no formal hearing); 12, Dallas; 13, Houston;
14, New Orleans; 15, Montgomery; and 16, Atlanta. Regarding the proposed hearings, the "Journal of Commerce"
of the 15th inst. said:
Senator Carter Glass of Virginia vigorously opposed the trip,insisting that
there was no reason for the committee to go into the agricultural sections,
as the hearings previously held had shown clearly why the eligible banks
had refrained from joining the system. The committee was advised that
he did not intend to go with it, so it appeared to-night that only the
four
members of the House of Representatives—Chairman McFadden of Pennsylvania, Wing° of Arkansas. Steagall of Alabama and Strong of Kansas—
would participate in the hearings.
Neither Senator McLean of Connecticut nor Senator Weller of Maryland,
who were designated as members of the committee of inquiry, has taken
any part thus far, and it is indicated that the Senate will not be represented.
Hearings Scheduled.
Upon returning to Washington the committee will consider the matter of
visiting New England, where there are a large number of State banks and
trust companies which have not joined the system. It is possible, however,
that this trip will be foregone, because a committee of New England bankers
testified before the committee and suggested certain changes in the Federal
Reserve Act which they thought would make membership more attractive.
The committee of Inquiry was charged by Congress not only with ascertaining why the eligible banks did not join the Federal Reserve system, but
What effect the present limited membership of banks in the agricultural
sections had upon financing the farmer. The decision to go into the heart
of the three belts was reached after the committee had held two executive
sessions. Last summer an itinerary was drawn up by the committee calling for hearings in each of the twelve Federal Reserve districts.
Glass Opposed Tour.
Senator Glass of Virginia opposed carrying it out, on the ground that such
a trip would be nothing more than a junket, was not necessary, and would
involve a needlessly large expense. The other Senators on the committee
were reported to have taken the same view. The tour was discarded and an
agreement reached to hold two weeks of hearings in Washington and to
decide upon their conclusion as to future plans.
Representative Strong of Kansas said that he believed the committee
should go into agricultural sections and get the information first hand.
banks was given in these columns. Oct. 6, page 1515.
Profit from Circulation of National Bank:Notes.
A pamphlet on "Profit from Circulation of National
Bank Notes" has recently been published by the First National Corporation of Boston, which is controlled by the
First National Bank of Boston. In submitting tables
showing the profit from circulation, profits in the case of
consolidated 2s of 1930, Panama Canal 2s of 1936, Panama
Canal 2s of 1938 and gold 4s of 1925, the company says:
The privilege of issuing circulating notes is quite generally exercised by
national banks, and the calculation of profits obtainable from this source
naturally receives a good deal of attention.
The fact is that circulation yields a profit which may be substantial
under favorable conditions, but which may temporarily approach, if it
does not actually reach, the vanishing point under the most adverse circumstances. Moreover, there is no precise method of computing the profit
in advance, for the reason that it Is determined by fluctuating conditions.
It is possible, however, to calculate profits with reasonable accuracy for
the duration of any given set of conditions, and with such a calculation
before him the banker is in a position to use his judgment as to the future,
and to estimate the probable average advantage to be derived from the
maintenance of a circulation account under normal conditions.
A national bank may lend its funds directly and receive interest upon
them at current rates, or it may invest such funds in certain United States
bonds, deposit them in Washington and receive their face value. less 5%
for a redemption fund, in currency which, In turn, it
may lend in the
market. In this way it receives not only interest on its loans, but on its
deposited bonds as well.
The Factors Governing Circulation Profit.
The amount that a bank may gain by
taking out or continuing circulation
will be governed by bond prices, coupon rates and redemption dates_and
by average money rates while the circulation is outstanding. 1.
"
11.
Two per cent bonds subject to redemption at an early date, if purchased
at a considerable premium, would produoe a small gross income and require
a large sinking fund deduction. On the other hand, if 4% bonds could
be purebssed near par for a long period of life they would provide a relatively large income and entail relatively small sinking fund payments.
The course of market prices after bonds have been bought is of no concern if the bonds are to be held and used for circulation purposes
until
redeemed. But if a bank should wish to retire its circulation before
that
[VOL. 117.
'N IF (11TRONTCLE
1732
event the price obtainable for its bonds would become a factor in augmenting or reducing its profit.
The course of money rates is another principal influence, low rates being
favorable to circulation profit and high rates correspondingly adverse.
This seeming paradox is accounted for by the loss of interest on the 5%
redemption fund required by the Treasury.
To be specific, a bank which has invested,say. $104,000 in $100,000 bonds
at 104 will have $100,000 currency to lend less $5,000 in the redemption
fund earning no interest, or 895,000 net. If lending rates advance 1%.
this money will earn $950 more than before. A bank having no investment
in bonds but $104,000 to lend outright will gain $1,040 for each 1% advance
in rates. Thus each increase in money rates diminishes the advantage of
circulation and may, in extreme cases, extinguish it.
There is one more consideration which is rather less definite than those
already alluded to, and that Is the loss of the use of funds through delay
In the delivery of notes. The initial delay when opening the account is
considerable, due to the time required for the preparation of plates, and
thereafter, when a lot of notes is presented to the Comptroller for redemption, the issuing bank is required to make an immediate remittance to
replenish its redemption fund, but it may be obliged to wait a week, or even
several weeks, for its new notes, in the event that they have not been prepared in advance. Probably this delay is rarely an important factor in
profits, and since there is no way of computing its effect we have necessarily
left it out of account in out tables.
Profit from $100,000 Circulation.
Table II.
Table I.
Panama Canal 25 of 1936.
Consolidated 2s of 1930.
As of Aug. 11923.
As of July 1 1923.
Money Rates
Money Rates%. %. 6%. 7%.
6%. 7%. Price.
Price,
105 ____ $466 $389 $310 $231 $152 105 ---- $822 $742 $662 $581 $499
10435---- 549 473 398 321 245 10434____ 868 792 715 636 557
104 -_-- 631 558 486 412 339 104 -_-- 915 841 767 692 616
103%--- 713 643 573 503 432 1034____ 961 891 820 748 675
103 ____ 795 728 661 594 526 103 --LO08 940 872 803 734
877 813 749 884 619 102%-__ _1,055 990 925 859 793
102 ---- 959 898 837 775 713 102 ___-1,101 1,039 977 915 852
101M----1,041 983 924 865 807 10174__ _ A,148 1,089 1,030 970 911
101 -_1,123 1,068 1,012 956 900 101 ____1,194 1,138 1.082 1,026 970
1004____1,205 1.153 1,100 1,047 994 10014____1,241 1.188 1,135 1.082 1,029
100 ____1,287 1,237 1,187 1,137 1,087 100 .-.-1,287 1,237 1,187 1,137 1,087
Table In.
Table IV.
Panama Canal 2s of 1938.
Gold 4s of 1925.
As of Aug. 1 1023.
As of Aug. 11923.
Money Rates
Money Rates
Price.
3%. 4%. 5%. 6%. 7%.
o• %. %. 6%. 7%. Price.
105 -$878 $798 $717 $635 $551 105 __ *S634 *$713 *S793 *$873 *$953
10434---- 919 842 764 685 605 1041f____ *292 *368 *445 *522 *599
104 ---- 960 886 811 735 659 104 ____ 51 *23 *97 *171 *245
1033S----1,001 930 858 786 712 103h-..-- 393 322 251 180 109
103 --1,042 974 905 836 766 103 --_ 735 867 599 531 463
102M---1,083 1,018 952 886 819 10234.....l,077 1,012 947 882 817
102 ---_1,124 1.062 999 936 873 102 -1,419 1,357 1,295 1,233 1,171
10134-1,165 1,106 1,046 987 927 10134____1,761 1,702 1,643 1,584 1,525
101 ___1,206 1,150 1,093 1,037 980 101 ____2,103 2,047 1.991 1,935 1,879
100H---1,247 1,194 1,140 1,087 1,034 10014____2,445 2,392 2,339 2,286 2,233
100 ---1,287 1,237 1.187 1.137 1,087 100 -.2,787 2,737 2.687 2,637 2,587
•Loss.
In computing sinking funds we have assumed quarterly payments on
interest dates and quarterly compounding at the money rates used in the
respective columns.
Expense.-The annual expenses involved in the printing and shipping
of notes have been computed by the Treasury Department at an average
of $62 50 per $100,000. The initial cost of engraving amounts to $130
for each plate.
Redemption Fund.-Banks are required to keep a balance equal to 5%
of their circulation on deposit in Washington to redeem notes presented
for payment. No interest is paid on this fund, so that the interest which
It might earn if available for use should be deducted as a loss.
Example.-The following example shows the method used in our tables
for computing the profit to a national bank from circulation based upon
the 2% consols of 1930. The calculation is made as of July! 1923 for $100,000 circulation, assuming a bond price of 104. a 5% money rate and redemption on April 1 1930.
Income. .
32,000 00
Interest on bonds at 2%
5,00000
Interest on loans at 5%
87,00000 -
Gross income
Deductions.
Tax %%
Sinkingfund
Interest on redemption fund at 5%
Expense
Net income
Income from $104,000in direct loans at5%
Net profit from circulation
$500 00 ---.501 87 25000 -62501,314 37
35,685 63
5,200 00
$48563
Discount & Deposit State Bank of Kentland, Ind., of
Which Gov. McCray Had Formerly Been
President, Closed.
The Discount & Deposit State Bank of Kentland, Ind.,
of which Governor Warren T. McCray of Indiana had until
recently been President, closed its doors on Oct. 13. Governor McCray's resignation from the Presidency, following
his financial difficulties, was noted in our issue of Sept. 15,
page 1191. The Indianapolis "News" of Oct. 13 stated that
the decision to close the bank, reached at a meeting of the
directors on the 12th, resulted from the desire to reorganize the institution, and was deemed necessary because the
bank was no longer able to obtain credit. A statement issued by the bank said:
The continuous and incessant notoriety from the press and the general
Bonds Acceptable as Security.
of the bank, and the possible
The issues acceptable to secure circulation, with the amounts of each reflection on this bank has reduced the funds
complications, as suggested by published statements, has made it difficult
outstanding, are as follows:
conOutstanding. to acquire additional cash. We have been forced to close our doors
IssueRedeemable.
Maturity.
believe the bank to be
2% Consols
After Apr. 1 1930 $599,724,050 templating reorganization or liquidation. We
Indefinite
118,489,900 solvent.
4% Gold loan
" Feb. 1 1925
Indefinite
48,954,180
2% Panamas
" Aug. 1 1916
Aug. 1 1936
As we indicated in the item in our issue of Sept. 15, the
25,947,400 suspension on Sept. 5 of the Sowers' Grain Co. of Chicago
2% Panamas
" Nov. 1 1918
Nov. 1 1938
$793,115,530
Ofthese four issues there were held by the Treasury (July 2 1923):
To secure national bank circulation
3744.654,990
To secure Federal Reserve Bank circulation
4,993,700
To secure public deposits
1,316,500
750,965.190
Balance, representing floating supply
This floating supply consisted of:
Consols
Old 4s
Panamas, 1936
Panamas, 1938
$42,150.340
$9.960,800
31,667.600
320,580
201,360
$42,150.340
Under the law any national bank may take out circulation up to the
full amount of its capital. It would be impracticable, however, for all to
exercise this privilege fully, since the combined capital of all banks is, in
round numbers, 81,300,000,000. while the amount of eligible bonds falls
short of this amount by over $500,000,000. Consequently the demand
for circulation bonds usually exceeds the supply.
Income and Deductions.
The gross income from circulation is, as already Indicated, the interest
on the deposited bonds plus that derived from lending the circulating notes.
The offsetting deductions are the Government tax; the loss of premium, if
any, on the bonds purchased; loss of interest on the redemption fund required to be kept on deposit at the Treasury, and cost of plates, printing
and shipment of notes.
Taxes.-The tax on circulation is %% per annum if based upon 2%
bonds and 1% if based upon 4% bonds. It is computed on the average
amount of notes actually outstanding during each half year. not including
those held in vault or in transit from the Comptroller to the bank.
Premium.-Bonds purchased at a premium and later retired at par will
obviously show a loss which must be charged oft during their life. The
consolidated 2s and the old 4s have no fixed maturities, but are redeemable
at the Government's option after designated dates. Our tables for these
issues are computed on the assumption that they will be redeemed at the
earliest optional dates, and that any premium paid will then have been
fully amortized; but if they should remain outstanding thereafter the
annual profit from circulation based upon them would be increased by the
saving of the annual sinking fund installments. In other words, it would
equal the profit shown for bonds bought at 100.
The two issues of Panama 2s definitely mature on Aug. 11936 and Nov. 1
1938. but have been redeemable since 1916 and 1918, respectively. On
the theory that there could be little, if any, direct gain to the Treasury
by refunding 2% bonds, we have computed our tables for these issues on
the assumption that they will run to maturity. Purchasers, however.
should bear in mind that any premium paid for them and not already
amortized is subject to loss at any time in case of prior redemption. An
argument for the seeming inconsistency in our treatment of Panamas and
consols is that the same method of calculation for both would be misleading.
was the indirect result of the financial difficulties of Governor McCray.
A petition for a receiver to take charge of the assets of the
Discount & Deposit Bank was filed in the Newton Circuit
Court at Kentland on Oct. 17 by E. H. Wolcott, State
Banking Commissioner. The court set Oct. 24 for a hearing
on the petition. The petition alleges that the.bank is either
insolvent or in danger of becoming insolvent and that the
Commissioner believes a receiver should be appointed.
With Governor McCray's resignation in August, Judge
William Darroch was elected President of the bank.
New York State Takes Steps to Close the Mohawk Co.,
Inc., a Schenectady Brokerage House.
A special press dispatch from Albany to the New York
"Evening Post" on Tuesday of last week ,(Oct. 9)stated that
Attorney-General Carl Sherman on that day took steps to
enjoin the Mohawk Co., Inc., a brokerage concern of
Schenectady, with a capital of $500,000,for alleged engaging
in fraudulent practices in connction with the sale and purchase of securities. The action against the concern was
,taken under the so-called Martin Blue Sky Law, it is said.
The dispatch further stated that the Mohawk Co., Inc., is
charged specifically with misrepresenting its own financial
condition in order, to expedite the sale of its own stock; with
selling both listed and unlisted securities under deceptive
assurances, with posing as the lessee of wire connections
with various exchanges when it had no such sources of
communication, and with engaging in bucket shop operations.
R. R. Govin Succeeds W. C. Reick on "Journal of
Commerce."
In announcing that Rafael R. Govin had succeeded
W. C. Reick as President of the corporation, the "Journal
of Commerce and Commercial Bulletin" of yesterday
(Oct. 19) said:
At a meeting of the directors of "The Journal of Commerce" held yesterday, Mr. R. R. Govin was elected President of the corporation, suc-
OCT.20 1923.]
THE CHRONICLE',
1733
ceeding Mr. W. C. Reick, who has held that office during the past two
ears. At the same time Mr. John W. Dodsworth, after 48 years of
uninterrupted service on the paper, withdrew from participation in its
management.
The general policies of "The Journal of Commerce" will continue a
heretofore.
business interests could not look forward to desirable economic developments
In the future. However,it was recognized that there had been a pronounced
tendency in Wall Street and in some business circles to adopt a bearish
attitude.
European Questions.
From the New York "Times" of yesterday we take the
following:
Disappointment at the failure of a settlement being reached for the
solution of the German reparations problems and other European questions
were held partly responsible for the lack of optimism prevailing, while fear
of the radical leanings of a number of the new Senators and Representatives
who will take their seats in the next Congress were said to have created
considerable uncertainty over the trend of legislation next winter.
It was believed that business had been expecting a turn for the better in
European affairs, but with the continued failure of the Allied diplomats
to come to a common understanding American interests had begun to lose
hope of a beginning being made in actual rehabilitation abroad and a spirit
of temerity became manifest with respect to further expansion of industrial
activity. Uncertainty as to the reaction on the domestic situation should
conditions on the Continent go from bad to worse instead of evidencing the
im
hoped
ism.for improvement was thought to have induced a great deal of peas-
The announcement of the change in the executive management of the
publication was coincident with a report that the publication for several
years had been under the control of Charles A. Stoneham, until two years
ago head of the brokerage firm of Charles A. Stoneham & Co. and that
Stoneham had sold his interest. Mr. Dodsworth denied, however, that
Stoneham owned the newspaper. The new President is the owner of
"El Mundo," a newspaper in Havana, Cuba, and several publications
in Pennsylvania. His home is in Washington.
Mr. Govin is also President of the Interocean Oil Co. and
the United States Asphalt Refining Co.
H. Parker Willis on Unjust Results of Money Plans—
Dangers in So-Called "Energy" Dollars.
How demagogues are using false doctrines of so-called
"sound money" to give themselves or the class they represent unfair advantages at the expense of real producers is
dealt with in the October "Journal of the American Bankers
Association" by H. Parker Willis, expert on the money question. "There is no subject in whose name more crimes
against truth have bene committed than that of 'sound currency,'" Mr. Willis says.
"The term is always resorted to by demagogues. At the
present moment there seems to be a danger that it will be
used by a potential Presidential candidate as representing
the 'platform' upon which he expects to run. There is no
question that more nearly and directly touches the immediate welfare of every class in the community." Primary functions of money and currency, it is explained, are to serve as
a means of exchanging goods and as a means of measuring
the value of goods. Mr. Willis continues:
Demagogues and those who are disposed to mislead the public for various
ulterior reasons have succeeded in disseminating an entirely different view
of the purpose of money. Some of them contend that the soundest or best
currency is that which is so arranged as to bring about a "fair" redistribution of wealth. They want a constantly depreciating currency—one which
keeps playing into the hands of the seller of goods, by enabling him to count
confidently upon higher prices in terms of money so that he pays the producer from whom he has obtained them less and less. It is a strange thing
that this kind of currency is often highly praised or favored by the producer
himself, notwithstanding that he is the greatest sufferer from it.
There is another popular view of sound currency which
aims to base it upon "natural products" or "natural forces"
—usually it is true, specifying products or forces which have
been monopolized or can be controlled by the advocate of
such currency. Thus from time to time there have been
schemes to issue a currency based upon or protected by farm
products stored in warehouses or occasionally representing
"units of energy" or horse power. The rulers of Soviet Russia at one time attempted to introduce a currency representing "labor time," each man receiving a check representing
the number of hours of time he had put in at work, while
goods themselves were to be valued in terms of hours of production time. Thus one man who put in an hour's time in
street cleaning received the same control over goods as he
who put in an hour's time at surgery. The theory
was that this kind of "sound" currency enabled the
"poor man" to get a larger supply of goods. "The
trouble was that when those who could perform a certain
kind of labor were not paid in proportion to their effort they
stopped making goods. So it was not very long in Russia
before the sound currency which was issued in favor of the
poor man had brought it about that the poor man could not
buy anything with the currency. This was an unfortunate
kind of 'soundness.' We do not want something like it in the
United States to-day, yet very similar proposals are now being made in a good many quarters that ought to know better,' says Mr. Willis.
Uncertainty over the foreign situation, it was felt. has turned the eyes
of business interests more sharply upon the domestic prospects, and the
radical tendencies of some of the new members of Congress have given
rise to actual fear of the effects of forthcoming legislation upon the investment market. Revision of the Transportation Act has been loudly talked
by members- elect of Congress. it is recalled, which has spread a feeling of
temerity as to what changes in the law will be made in connection with
the railroads.
Talk of Rate Cuts.
Talk of reductions In railroad rates, it was felt, has also added greatly
to the feeling of u,icertainty. Moreover. it was believed that this continual
agitation for changes has had its reaction upon the investors, which has
been reflected in Wall Street.
However, as far as the new Congress is concerned, the view Ft the Treasury appears to be that there will be more agitation tha a legislation at the
next session. Experienced Government officials realize that while radically
inclined members of Congress may make very broad announcements of
their intentions before they reach Washington, the time consumed by
Congress in acting upon any measure of importance is generally so long
that even if radical ideas triumph business can usually adjust itself to the
projected change in advance.
Slackening inYindustr
Treasury officials concede'that there is some slackening of Industries
activity, but it is asserted that the slowing down is only seasonal. No
spread of unemployment is seen by the Treasury. High officials familiar
with the steeli ndustry feel that a very satisfactory situation exists in that
line, which is taken as a very good barometer for bushaess conditions
generally.
Therefore, notwithstanding the inabilities of the European nations to
clear away the difficulties on the other side of the water and the early
assembling of the new Congress, with its well advertised radical coloring,
the impression is given at the Treasury that conditions in the United States
are on solid foundations and that in reality it is time for Wall Street to shake
off some of the pessimism which has been enshrouding it and take a.more
optimistic view of things.
Treasury Department
Minimizes
Danger of Politics in
Banking System.
The following was contained in adviccs from Washington
to the "Journal of Commerce," Oct. 8:
High Treasury officials were inclined to-day to minimize the seriousness
of the charges of political influences making themselves felt in the Federal
Reserve System which have been made before the Joint Congressional Committee investigating the possibilities of increasing the membership of the
system.
It was contended at the Treasury that although at times efforts were
made to bring political pressure to bear upon the system, the effect was
very much less than was generally supposed. High Treasury officials did,
however, regret the bringing of the system into politics through charges
made against it for political purposes, and contended that it was more
difficult to obtain the right men for Federal Reserve officers than it would
be if they were protected from political attacks.
of Treasury Mellon Hopes for;Reduction in
Taxation—Senator Smoot's Proposals.
As indicating that Secretary of the Treasury Mellon
hopes for a reduction in the taxation burdens, there was
made public at Washington on Oct. 18 a.letter which he
had addressed to Senator Harris in response to one from the
latter. Senator Harris, it appears, had advised Secretary
Mellon that he had received[manylletters from business men
advocating
the repeal of the tax!on[telegrams. The Senator
_
wished to knowlwhether the TreasuryDepartment had made
known its attitude toward this and other so-called nuisance
Treasury Officials See No Warrant for Pessimistic View taxes. Secretary Mellon's reply was as follows:
I have your letter asking whether any recommendations have been made
of Business Conditions.
on the repeal of the tax on telegrams. The tax program of the Treasury
That Treasury officials at Washington consider as un- has not yet been
finally determined. I hope, however, that if Congress
warranted the pessimistic view of business conditions which does not make any extraordinary expenditures a reduction in the burden of
appears to exist in some quarters was indicated in press taxation can be made and that the repeal of the war tax can be included in
the program.
dispatches from Washington, Oct. 8, one of which—that to
According to press advices from Washington Oct. 17,
the "Journal of Commerce"—said:.
Secretary Mellon believes that too much pessimism exists—particularly conferences among Administration leaders concerned with
in Wall Street—over the business situation in the country, it was said to-day formulation of
a tax program are expected to be held freat the Treasury. Mr. Mellon was reported to take an optimistic view of
the general business outlook. He was said to see no reason for the atmos- quently within the nexefew weeks. Secretary Mellon already
phere of pessimism which has over-clouded business circles since the be- has considered the matter somewhat with the President
ginning of the summer, and on the contrary holds that industry generally
and SenatorlSmoot probably will confer:with Mr. Coolidge
Is very nearly on a normal basis, while some lines are entirely normal.
Discussing the business conditions of the country at present high Treasury shortly. From thel Philadelphia "Record" of Oct. 18 we
officials took the position that there were no fundamental reasons why take the following:
Secretary
1734
THE CHRONICLE
[VoL. 117.
to-day Visit to United States and Canada of Former Premier
Senator Smoot, Republican, Utah. advised Secretary Mellon
of the tax
against any effort on the part of the Treasury to seek revision
David Lloyd George of Great Britain—Describes
laws at the forthcoming session of Congress.
sufficient
United States as "Continent of Peace"—Sees
The Senator said the present law was working well and producing
Democracy in Peril.
revenues.
Congress, Smoot
Federal taxes could be reduced $500.000.000 by the next
Prime Minister of Great Britain durGeorge,
bill nor
Lloyd
bonus
David
the
neither
provided
budget,
the
said, without endangering
War, and one of the "Big Four" who drafted
World
the
ing
other unusual obligations were contracted by the Government.
favor making
He declared if any revision was to be attempted he would
the Versailles Peace Treaty of 1919, who on Oct. 5 arrived
the greatest reduction in the rates on small incomes.
suffi- in New York, where he was given an enthusiastic welcome,
taxes
of
relieved
be
could
310.000
to
Incomes ranging from $2.000
on
Senator Smoot said, and
cient to amount to a reduction of $200,000,000,
remained in this city only a day, having left for Canada
have yielded approxidiscriminatory, special and miscellaneous taxes, which
the United States on the
to
again
returned
He
inst.
6th
the
mately $75,000,000. could be wiped out.
would have surtaxes reduced 15th inst., after a speech-making tour in Canada which inSenator Smoot, in event of tax revision,
1-3%•
of addresses at Montreal on the 8th, Tofrom the present maximum of 50% to possibly 33that
he would renew his cluded the delivery
known
Secretary Mellon, however, has let it be
Winnipeg on the 13th. The speechand
10th
the
on
ronto
to 25%•
recommendation for a reduction in surtaxes
Fiscal Year—
Revenues of Post Office Department for
Deficit of
Exception Taken to Figures Showing
$24,065,000.
Post Office DepartWhile a statement emanating from the
er-General
Comptroll
from
figures
that
reports
ment Oct. 9
year's operations
MeCarl show a deficit of $24,065,000 in the
to have declared these
of the Department, the latter is said
to the New York
figures misleading. A special dispatch
say:
to
following
the
has
9
Oct.
"Times"
took exception to a statement from the
. The Post Office Department to-day
budget that there was a cash deficit
the
of
-General
Comptroller
thq
of
office
for the last fiscal year. The Compof $24,065,000 in the Postal Service
Department's total revenues
troller-General's figures showed that the Postal
expenditures $556,893,000.
for the year were $532,828,000 and the
include more than
According to the Post Office Department, these figures
prior fiscal years
$15,000,000 of undischarged obligations carried over from
of undischarged obligations
and fail to take into account nearly $21,000,000
and subsequent years.
Incurred for 1923 which will be paid during 1924
9 dealWe quote herewith the statement made public Oct.
s:
operation
ing with the year's
past fiscal year,
The immense increase in postal business during the
was handled at
amounting to substantially 10% over the preceding year,
to figures compiled to-day at the
an increased cost of only 8.8%, according
request of Postmaster-General New.
-General, show that
Other figures received from J. R. hfcCarl, Comptroller
fiscal year were, in round numthe
for
Department
the
of
revenues
total
the
year were $556,893,bers, $532,828,000. The total expenditures during the
000, leaving a cash deficit of $24,065,000.
of stating the
These figures, however, while they conform to the method
give a misdeficit in postal revenues which has been followed in the past,include more
leading impression of the business of the Postal Service, as they
from previous
than $15,000,000 of undischarged obligations carried over undischarged
fiscal years, and fail to take into account nearly $21,000,000 of
1924
obligations incurred for the fiscal year 1923, which will be paid during
and subsequent fiscal years.
somebeen
In previous years the deficits, calculated on this basis, have
difference
times much greater and sometimes considerably less than the true
an
between the revenues and expenses of the Department. In some year's
delays
apparent surplus has been shown to exist which resulted merely from
those to
In payments as the expenditures were made in later fiscal years than
which they actually applied.
accuIn order to show the volume of the business of the Department more
prerately Postmaster-General New has caused a financial statement to be for
pared on an entirely new basis, in which the expenditures and obligations
each fiscal year are contrasted directly with the revenue for the same year.
postal
This is merely the first step in the Postmaster-General's plan to put
bookkeeping on the same standard as that of large commercial and business
organizations.
Stated on the new basis, the expenses for the service for the fiscal year endwith
ing June 30 1923 were, in round numbers, $570,781,000, as compared
$552,435,000 for the year ending June 30 1922, making an increase of $18,$46,000. The excess of expenses over revenues is $37,953,000. The operatsame way,
ing deficit for the fiscal year ending June 30 1922, figured in the
.
was $67,581,000, and for the fiscal year ending June 30 1921, $80,003,000
inWhile the deficit for the fiscal year ending June 30 1923 is apparently
the
over
to
the new statement
creased by more than $13,000,000 according
June
one prepared by Comptroller McCarl, and that for the year ending
0
SO 1922 by nearly $7,000,000, the 1921 deficit is reduced from $157,517,00
incurred
to $80,003,000 by charging back to previous fiscal years obligations
during those years and paid in 1921. The deficit for the past three fiscal
ly
years is thus reduced from $242,398,000 to $185,538,000, or approximate
$56,860,000.
The Postmaster-General also calls attention to the fact that a change in
accounting methods at certain of the larger post offices at the beginning of
the present fiscal year had the effect of throwing forward into succeeding
fiscal years approximately $6,000,000 in revenues which, under the former
accounting methods would have accrued to the fiscal year 1923, so that the
actual increase of business in 1923 is estimated to be greater by $6,000,000
than the audited revenues would indicate. Moreover, the expenses of the
Post Office Department in Washington were, in previous years, paid out of
the general revenues of the Government while, in the fiscal year 1923, they
were, for the first time, made a charge against the postal revenues and consequently ar taken into account in establishing the deficit.
If these changes had not been made the increased business for 1923 would
have been shown as $54,000,000 instead of $48,000,000, which would have
made an increase of more than 11% over the preceding year. At the same
the
time the gross cash deficit would have been reduced to $15,000,000 and
operating deficit to $29,000,000.
The cause—or, at least, one of the contributing causes—of these deficits
table
may be more clearly understood by an examination of the following
employees
showing the increased cost to the Department in compensation to
in
passed
1918,
1919
Congress
and
1920:
under three special Acts of
$33,202,600
For the fiscal year ending June 30 1919
68,901,000
For the fiscal year ending June 30 1920
110,766,000
For the fiscal year ending June 30 1921
118,251,000
For the fiscal year ending June 30 1922
122,882,500
For the fiscal year ending June 30 1923
Total
1%.
$458,963,100
making tour of the former British Premier was continued
at Minneapolis on the 15th inst. and at Chicago on the 16th
inst.; in the last named city a fever which he suffered compelled him to cancel his afternoon and dinner engagements
Chicago Chamfollowing an address at the luncheon of
ber of Commerce. On the 17th inst. his condition had improved to such an extent that he was able to deliver an address at the International Amphitheatre at the stockyards,
and on the 18th he addressed an audience at Spring5th
field, Ill. With his arrival from Europe on the
inst. for his first visit to America, Mr. Lloyd George was
met at quarantine by a committee representing the nation,
stopState and city. During his trip from the Battery to his
enping place—the Waldorf-Astoria—he was accorded an
the
streets
along
massed
throngs
the
thusiastic welcome by
litrough which he journeyed. At the City Hall Mr. Lloyd
George was received, in the absence of Mayor Hylatt, who is
ill, by Acting Mayor Hulbert. A brief speech in which he
responded to the address of welcome of Mr. Hulbert was
made on that occasion by Mr. Lloyd George, and a few hours
later, when he was the guest of honor at a luncheon tendered
him at the Biltmore by newspaper editors, owners and publishers, he delivered the principal address which he has thus
far made in this city. In responding to the welcome accorded him by Acting Mayor Hulbert Mr. Lloyd George said
in patt:
Mr. Deputy Mayor and Citizens of New York:
I have
It is very difficult to speak when one's heart is too full for words.
I thank
been deeply moved by the very great kindness of your reception.
you have
you, Mr. Deputy Mayor, for your words, for the reception which
the greataccorded me in this famous hall, which is associated with some of
struggle
est events in the history of this great people, associated with the
for freedom and independence, which, believe me, the democracy of Great
Britain take as great pride in to-day as you do.
of
And I thank the Chief Magistrate of your great republic, the President
to
the United States of America, for the gracious courtesy he has extended
me in sending a representative to welcome me to your shores. I have no
official status; I have no credentials except such as can be presented by a
strenuous life devoted to the cause of democracy in Europe. I thank this
great city, this famous city, for its welcome.
There are many cities in the world which are older. You are a young city
compared with the old cities of the civilization I have come from. But your
fame, the fame of this city, is higher than even the towering pinnacles of
those great buildings which I saw as I came along. I saw those from the
great ocean, but the fame of this great city can be seen the world around.
And to be received by a great city like this is in itself a reward for years of
hard struggle, which any one who is fighting for the principles which have
been so eloquently expounded by Mr. Deputy Mayor must experience.
But, if you will allow me to say so, much as I appreciate the official welcome, I was touched to the heart by the reception accorded to me by the people of this city. There was a sense of kinship which I detected, for all my
life I have been fighting the cause of the people from whom I sprang.
•"You have fought great wars and you have a record of great victories in
each of them. For Canada the terror of war was a new experience and they
faced it and the aid which they tendered is part of the'history of the world
to-day. I shall never forget what they did in saving the Channel ports, and,
although I have no official right to go there to thank them, I feel that it is
my duty as one who had the primary responsibility of the conduct of what
has been very eloquently and .accurately described as one of the most terrible conflicts in history. I feel it my duty to proceed there to give my
humble debt and tribute of thanks.
But I want to come back to the United States of Americas if you allow me.
I want to see something of the great people who in a critical hour came to
the aid of a European democracy when it was in peril of being crushed to the
dust and of being stifled in its own blood.
I know the terror, I know the anxiety of the hour when you came. And I
want to see something of the people who came, without hope of reward;
without any expectation of anything except doing their duty to the principles
which are the foundation of your Government. May I also say that I want to
see something of the country that is re-creating the hope of humanity upon
a higher and sounder and firmer foundation than the quaking topsoil of international hatred and suspicion which is drawing the world asunder.
At the Biltmore luncheon on the 5th the welcome on 'the
United States to the former British Premier was accorded
by Newton D. Baker, Secretary of War under President
Wilson, who, among other things, said:
The presence of Mr. Lloyd George in the United States inevitably brings
to our minds the moving history in which he plays so superb a part and in
which we co-operated with so much pride and purity of purpose, but I have
no idea that he has come to America to talk about the past. With his mind
ripened by experience and enlarged by the sight of men and nations stripped
of cultural appearances and responding freely to their natural, fundamental
emotions, depressed as he must be with the struggles even yet going on, both
economic and political, to set the staggered world straight on its feet again,
OCT. 20 1923.]
THE CHRONICLE
1735
he has no doubt come to turn his face to the future and tell us how, in his machinery of commerce torn, its delicate threads which had been woven by
judgment, we can best catch up the consequences of the four years' war, re- millions of ingenious hands all over the world, torn, floating in the wind.
store international financial stability, set men's hands to work again and Currency gone, exchange gone, confidence gone—and hatreds still left. That
their hearts to singing.
is Europe. But what would it have been if the Allied armies had been deThat, after all, is the great problem. Among us we have developed the feated? There is hope for Europe yet. A continent bleeding from much
mechanical means of a highly productive civilization. If everybody in the wounds, with its nerves shattered by such a shock, does not recover in a
world could work steadily under most approved conditions and the product of year, nor two years, nor four years; but it will recover. It will build up
their labor could be justly distributed, the ease and beauty of common life its strength; its wounds will be healed. It may take time, but it is time in
would be quite beyond the power of imagination to picture or of words to the life of nations and not of men. It will recover, but if Europe had bedescribe, but the threat of war caused by the bitter memories, or the clash come the prey of great military despotism, neither this generation nor the
of political systems, or the competitions of nations for preferential access to next nor the one to follow, nor many to come would have seen the end of it.
the world's raw materials, holds back our progress toward such an ideal and
That is what you helped to save humanity from, and I am here to say
It is therefore especially fortunate that to the prayers of the pious and the "Thank you" for it.
dreams of philosophers we can have added the sage counsels of experienced
I have come over to the United States of America not to teach but 'hi
statesmen while there is perhaps still time and willingness to mint into prac- learn. I got a lesson at City Hall this morning—a very useful one it was.
tical coin the precious metal of the experience through which the world has I wanted to see how you are solving problems which are common to all. We
just gone.
have our troubles in Europe, great troubles, which you seem to have overYou will be welcomed, sir, in every part of the United States, for all the come here. I should like to know how. You have your own problems and
reasons I have given and for many more. In a sense the welcome will be to we have ours. But we all have one problem in common, and that is peace.
us as a great representative of a great nation, but in a very large and deep
Now, you do not mind my telling you how the thing strikes me. I have
sense the welcome will be personal and filled with affection, gratitude and no official position—I am just a plain European who has been through the
admiration.
whole thing from 1914 down to the end of last year, and watched it all
The real trouble is that where we were units in the war, we are
In addressing the gathering at the BiMoore, Mr. Lloyd carefully.
not in peace. You are going your way and we are going our way; France is
George said he had come to the United States "not to teach going her way; Italy is going her way. It is not that you separated from
purpose, or,
but to learn.' He wanted, he said, "to see how you are solv- the rest of us. The rest of us are divided. There is no common pursuing
it.
there is a common purpose, there is no common method of
ing problems which are common to all." In his remarks he if
There is no common action, and that, of course, has been the misfortune of
said in part:
every war.
We have not merely divisions among the nations but divisions in the very
This morning I had the privilege of being received at your City Hall,
famous in your history, famous in the history of that great struggle, and I nations as to how to solve these problems. They are difficult enough, diffireferred to the way in which Canada had come to our aid. Canada is as in- cult enough in all conscience. If we were united they would be difficult,
dependent of interferences in her internal affairs as the United States of but we would solve them in half the time, in a quarter of the time. We
America is, as far as Downing Street is concerned. They sent 400,000 troops would solve them with infinitely less wretchedness for the generation that is
to fight for our flag. Not one of those would have come in response to a passing through. And that is the misfortune. I do not know how it can be
decree from Downing Street.
helped. I remember an Italian statesman saying to me, "Don't despair about
We could not have enrolled a single company of Canadians if we had the present devastated condition of the world. I come from a part of Italy
issued an order that they should be impressed for the support of the British where they have constant earthquakes, and after an earthquake the people
Empire. They came of their own free will, on the appeal of their own Min- never settle down for at least five years."
isters, supported by their own Parliament, elected by their own people. And
Well, it is about due now. I am not going to express an opinion as to
the lesson you taught us in the eighteenth century has been the salvation of how that unity of action can be attained. All I say is this—that until it is
the British Empire as we know it to-day.
attained, the condition of the world will be a very troubled one.
In London, at this hour, we have representatives of the great Dominions
In Montreal on the 8th inst., paying tribute to the serviceil
of the British Crown, all sitting under conditions of perfect equality with
representatives of Great Britain. Among them is General Smuts, who, twenty of the Canadian soldiers during the war, Mr. Lloyd George
or thirty years ago, fought against the British forces for the independence of had the following to say in part:
his native land, and afterward signed a treaty to become an independent partNine years ago Canada was faced, like many another nation in the world,
ner in the Empire. We have Mr. Cosgrave, the head of the Irish Free State,
sitting there as the result of a treaty, representing a free people, with the with one of those decisions that determine its history, determine its fate,
determine its status in the world, determine the course which it pursues in
most complete independence as far as their internal affairs are concerned.
We owe that something that is of strength to us, something that is a source the dim and unending years of the future. And your decision was a great
was a courageous one, was resolute and above all, it was unhesitating.
one,
of power to us, something that is a source of might to us—we owe that entirely to the lesson which you, the free people of this great free country, War is a terible business at best. It is a rending business. It is a shattertaught our statesmanship in the eighteenth century, and so far from any ing business. It is a ruining business. It devastates, it desolates and the
resentment, from any feeling of regret, in British hearts, we have nothing triumph of statesmanship is to put an end to war.
All the same, there is no crucible which tests the quality of a people like
but a feeling of gratitude for the great men who founded this great
republic war. It tests courage, determination, steadfastness, loyalty, readiness to
and in doing so taught Britain how to govern free people.
sacrifice all the great moral qualities that distinguish men from beasts of the
Mr. Baker, in his very eloquent speech, has told you something
of our field, as well as intelligence, and Canada was tried, practically for the first
association with your great republic at the most critical moment
in our his- time on a great scale in that burning, scorching crucible and she came out
tory, nay, at the most critical moment in the history of human
freedom. It pure and refined gold.
was a trying time, it was an anxious time—I went through it
all. I want
Canada had to enter into an examination of her qualities, in a competition
you to realize the condition of things when you came in. We
were fighting and a conflict with the most virile races in the world; the strongest, the
the greatest military empire in the world, the greatest military
empire the most tested, the most dominant races, and it was a searching test for a new
world has ever seen. I remember Marshal Foch, that great
soldier, that bril- nation. She passed through all these fiery trials. And
do not forget, she
liant soldier, that great man, who, in a military sense, was
the
savior
of the emerged with a certificate of nationhood, signed by all those great nations,
situation—I remember his telling me that the German
army that marched friend and foe alike.
across the frontier of Belgium and Luxemburg in August
1914 was the most
The Treaty of Versailles may have its defects. It is now in the testing.
powerful military machine the world had ever seen,
in
bers, in organization, in training, in preparation. That equipment, in num- It may succeed, or conceivably, it rosy fail, but for Canada it has one great
was
the
machine
we
enduring value, it is a certificate of nationhood, signed by practically all the
were called upon to fight.
great nations of the earth, after four and a half years of trial.
There was only one army in Europe that had a training
that was comparIt is therefore a charter for Canada. Sir Arthur Currie, in his very eloable to it—the Russian army, huge, gigantic in numbers,
thoroughly ram- quent speech, and I am glad to see that he is
shackle in organization, ill provided with transport, ill
as formidable on the platform
provided with equip- as he is on the battlefield, has
told you, and I notice the sentiment elicited a
ment, guns, machine guns, ammunition. It was not fitted
to compete with hearty response, that Canada
fought for no gratitude, but from a sense of
the German Empire, and in a year or two, under the great
hammer strokes of duty. Nevertheless, you will
permit one coming from the old country, where
that potent machine, the Russian Empire crumbled to the
dust. Italy, a we passed very anxious moments, where
brave people, gallant, with a great record—a great record in
we were within the sound of the
the
ancient days and in the very recent days—had not the equipmentpast, in the guns in the southern counties, where we were within the sound of the
of the Ger- country, and the old
countrymen, to say that there is a sentiment of deep
man army. Britain had a small army of something like six
just enough guns to enable us to deal with our problems on divisions, with appreciation to Canada for the way in which she came to our aid at the
our own fron- most critical moments in our
history.
tiers, but poorly instituted to fight the German army.
There is nothing I can tell you about your own efforts that you do not
You will remember Bismarck's famous saying. When
somebody said to know. You know it; we
know it, but I am not at all sure that you kno'w
him, "Well, the British will land their forces in Schleswig,"
he said, "Oh, how much it meant to us,
and that I can tell you. You sent across the seas
well, I will leave them to the town police." That was the army
we had. 400,000 men, and such men! Three
There was only one army that was sufficiently trained and well
times the size of the British expeditionequipped—
ary
force we sent to France. That is not the measure of your service. It
but not as well equipped as the Germans—and that was the
French army. is the promptness with which you came
to our aid.
What happened?
I remember a day or two before the declaration of war the old French AmRussia which to a large extent was the hope of the Allies,
shattered; Rumania, with a grand little army putting up a brave completely bassador, M. Paul Cambon, one of the most honored names in the history of
fight, com- the entente between Great Britain and France,
pletely demolished in two or three months' fighting; the
one whose wise vision, whose
Serbians, a very great sagacity and attractive
personality did more to create that good feelbrave mountain people—all mountain peoples are brave—chased
helter-skelter
ing
than
almost
any
individual except, conceivably King Edward VII. I reacross their own frontiers to refuge in a foreign land. There
was nothing member his coming to the British
left except our terribly lacerated French army and a British
Ministry, of which I was a member, with
army, which tears in his eyes after the
was just beginning to learn its business. But then you came; it
Germans had declared war against France and
was at that saying, "Send us one
squadron of cavalry, only one squadron of cavalry."
moment that your young men came. It reminded me of the
old legend
"Oh, but," we said, "the Germans have minions of men. Theirs is a
which you may have read, of the ancient Briton who was gazing
into a lake gigantic army. What
at a moment of great despondency in the fortunes of his
is the use of us sending our little army? What use
republic and saw would a squadron be
the form of an arm coming through its waters handling the
sword of Arthur.
"You don't understand," he said. "If you send squadron
That is what we saw. We saw the mighty arm of your people
a
of cavalry with
wielding the a British flag it will put the
sword that has never been dented by defeat in any struggle
heart into millions of Frenchmen to fight." •
and it put heart
That is what you did. When we were in
into us at a time when we sadly needed it.
doubt, when we were in hesitation, when there was apprehension, a voice
We feel a debt of gratitude to the great people of the
came from Canada and said,
United
America that we can never repay the service they rendered. . . States of "Canadians will be behind you." When you saw the storm clouds beginning
.
to roll across the German Ocean toward the British shore we had a message
And, we are fighting our battles over again, and it is
necessary, although from Canada to say that
all this is past, that we should not forget it. It is
the great Dominion would stand behind the motheronly four
ago; only four years and a half ago. It is such a gigantic years and a half land, and I remember as a member of that Cabinet what that message of
event,
and
yet
it
encouragement
Is too often forgotten. We then worked together
and support meant in that dark hour.
That was the moral suppOrt you gave. But you gave more than
It is difficult to picture the world had defeat and saved the world.
that.
fallen upon the armies of the There were
four battles at least, and you will forgive me talking because I
Allies. Europe is in a desperate condition. What
would you expect! Fif- was inside of the
teen millions of her young men slaughtered
story
and
watching
thing.
whole
and
the
these
things
are
-15,000,000 men, picked men in written in
the prime of their strength; probably
letters of flame in my memory, every one of them. They all repanother 20,000,000 crippled for life; resent
hours, days of anxiety, chiseled into one's heart. . . . I said
tens of thousands of millions of the
that
accumulated
wealth which the industry there were four
the thrift, the frugality of
battles at least, if not five, decisive battles, where the Canacenturies had accumulated, all scattered;
the
' dian troops played a decisive part. Vimy Ridge, the battle of
the 8th of
1736
THE CHRONICLE
August 1918. I am not going to tell you about that, for I remember going
through it. My hair was pretty black when it started; this is how it was
when it was all over. The 8th of August, the battle that determined the
German General Staff that the game was up—Canada took a prime part in
winning that battle. The breaking of the Hindenburg line, the capture of
Cambrai, all those things are written forever on the scroll of history and
for a part of the destiny of the human race.
For no man can tell now what that was. It was a fog which arises from
the morass of war, the smoke is not clear. I do not know what is going to
happen. I never met a man who could tell me what would happen. This I
do know, that war has altered the destiny of mankind for generations, for
centuries to come, and yo uought to be proud that you, the men and women
of Canada, played such a part in the greatest event that human history can
write about for fifteen or seventeen centuries. . . .
It must be recognized that our problem is a problem of hewing rocks of
granite or marble out of different quarries—of fashioning them, shaping them,
putting them into the building—each separate block contributing its strength
to the building, each contributing its color, its beauty, so that the whole
will be a fabric of infinite strength and exquisite beauty. That is the British Empire..
There is the granite; the marble from India, from India's coral strands.
There is the Scotch granite from Aberdeen and very good stuff it is. There
Is the English stone of fine durable quality that the ages have not been able
to wear down. There is a little from my own country, hewn from the Welsh
hills. There is not much of it, but it makes up in quality what it lacks in
quantity.
That is our problem, and don't attempt to solve the problem of the British Empire in the same way it is being solved in America. It will fail. If
you will bear with me a few minutes, I will give you an illustration.
The United Kingdom is a very small place. Just little islands—though
they are bigger than those in the St. Lawrence, I will agree. But a very
small part of Quebec would swallow them all up, and it would make hardly
any difference in your taxation. They are very small. There are four distinct races there. Now, living within a stone's throw of each other—and
many stones have we throws at each other, sometimes with deadly effect—
there is England, towering, dominant, masterful, infinitely greater in
wealth, in resource, in population than any of the others, with a resplendent
history of its own and with an incomparable literature.
By its side, Scotland, Ireland and Wales just folded in here. England
has eight times the population of Scotland; she has eight times the population of Ireland; sixteen times the population of Wales, and yet we are not
all Englishmen—we are Englishmen, we are Scotsmen, we are Irishmen
and we are Welshmen.
There was a statesmanship that said: "Here is a dominant race. Let us
crush the others into the same pattern." It was a failure. It weakened
England. Scotland settled that business at Bannockburn—Oliver Cromwell
tried it with guns—and a little religion—because he believed in God and
kept his powder dry, and he defeated the Scots and chased them about!
One hundred and fifty years after, Bobbie Burns, making an appeal on behalf of human freedom, made it in the name of Scotland's heroes, Scotland's
wars, Scotland's victors; and talking about England, which was taxing
Scotch whiskey, said: "May all the foes of Scotland's weal have a two
months' toothache." It has been a failure.
For 700 years they have been trying to destroy Irish nationality. We
were all in it. For 700 years they hammered at something which was unbreakable. It is more evident, more dominant to-day than ever.
But I can tell you more about Wales. In my constituency they built three
great castles—before my time—to destroy Wales's nationality. Any Welshman who spoke his native tongue was hanged. We returned the compliment.
We took the constable of the biggest of them and hung him in the market
place. What is the result? The present constable of the castle is a Welsh'
speaking Welshman, and he is here to-day.
All that was dropped. The Englishman is above everything a man of
practical common sense, and he said:
"This won't do." He recognized the fact that Providence knew its business better than he did; that when He made a man a Scotsman It meant
him to be a Scotsman. When It made him an Irishman—much as the Englishman was surprised—It really meant that he should last out his days as
an Irishman; and when It made a few Welshmen, just in the corner of the
Island, It meant it. What is the result?
The result is this: Britain is stronger. Wales had more recruits per
bead of the population, voluntarily, than any other part of the United Kingdom. Scotland came next—and that is a very high compliment to any nation. Because our religion is not interfered with, our language is respected,
our nationality is, at any rate, tolerated. What is the result? We work
together as one people, although we are four.
At Toronto on the 10th inst. Mr. Lloyd George in declaring
that "the task of the British Empire is a great one," added:
It is to teach the world to keep out of war. Are wars done with? I wish
I could say so. I wish I could. You cannot tell. I had hoped that the end
of this last war would have put an end to war, that the world would have
recognized the futility as well as the wickedness of force.
I see Europe armying and filling up with ammunition of the most devastating sort. I am afraid that unless something intervenes there may be in the
world again a catastrophe, but not like the last one. The last one was terrible. The last was full of horror and devastation, but it will be nothing to
what will happen in another war.
Human ingenuity has been employed in the development and the perfection of machinery of destruction. The next war may well destroy civilization unless something or somebody does something. This is why I want the
British Empire strong.
In another part of the same speech he said:
According to the casualty lists the British army lost 900,000 lives and the
total casualties of the British Empire were 3,000,000. We spent 10,000
million pounds sterling. What is that in dollars? Dollars fluctuate so much
I do not know.
I am glad I do not have to figure it out in marks. Shortly before I left
some person sold inc 100,000 marks for twopence. I have been reflecting ever
since that I was cheated, because I find that these marks were only worth a
half penny.
I have said so much about the British army that I think I should say
something about the navy—the navy which held the seas during the war.
What would have happened had the British fleet stopped at home? What
would have happened if the fleet had stayed in its own harbors for a year, or
even for half a year? What would have happened had the fleet stayed in
harbor for even six weeks?
France would have been completely isolated, and her African army, which
was a very gallant one, and fought very well, could never have landed on
the shores of France to aid that country. As a matter of fact, that contingent of the army of France would have been entirely cut off from participation in the European war
[vol.. 117.
But for the British fleet the combative power of France would have collapsed in the first few weeks of the war.
The contribution made by the British Empire was a gigantic one, it is surprising to every one—even the most sanguine believer in the Empire before
the war. The world had better know that what the British Empire did once
she can do again. And she will do it again if her freedom is imperiled.
At Niagara Falls, Ont., on the 11th inst., the former Premier in an informal talk spoke of the proposal of Secretary
of State Hughes respecting the reparations issue, and this
we are referring to in another item in this issue. With the
conclusion of his Canadian tour in Winnipeg on the 13th inst.
Mr. Lloyd George in two addresses lauded the Dominion for
its accomplishments in the World War. Earlier in the day,
in conversation with newspaper correspondents while his
train was en route to Winnipeg, he discussed the subject of
a dictatorship in Germany,an account of which, as contained
in dispatches to the New York "Times," follows:
"If a dictatorship comes in Germany, do you believe it will be the result
of a nationalist coup?" Mr. Lloyd George was asked.
"No," he replied promptly and without hesitation. "I do not think so,
with Stresemann there."
"Do you regard a dictatorship in Germany as desirable?" he was asked.
"That depends upon whether it is temporary, to meet an emergency,"
he replied. "As a permanent institution, decidedly not."
"In view of the present suffering in Germany,do you regard it as probable
that the United States, Great Britain and possibly other nations will be
called upon to furnish relief to Germany,as was done in the case of Russia?"
"That depends upon whether the peasants are holding back and hoarding
grain for the purpose of imposing a higher price on the townspeople, or out
of unwillingness to sell their products for money, which admittedly is
worthless," he said.
"If what the townspeople charge is true—and I don't know what the
crops have been—there may be no necessity for outside assistance, for Germany under normal conditions can produce enough to keep alive two-thirds
of the year, and the crops, if normal, should see her through the winter,
even though some of her good agricultural territory has been lost to her.
Otherwise, undoubtedly England, the United States and even France will
have to help."
"Do you think that the peasants could be compelled to sell their products
for valueless paper money under a dictatorship?" was asked.
"That would be the test of-Its efficiency," he replied. "It can be done.
It has been done. We had a most excellent system of food control during
the last two years of the war in England under Lord Rhondda, which virtually amounted to food dictatorship."
Sees Revolution or Dictatorship.
:'Suppose the
dictatorship fails—what then?"
"If the dictatorship should fail that would mean revolution, and not one
but several revolutions—a Red revolution and a White counter-revolution:
all fighting, virtually anarchy and chaos. I regard a dictatorship as the
only thing standing between the German people and revolution."
"What would be the effect on France of such an upheaval?" Mr. Lloyd
George was asked.
"I should say it would be very bad," he replied. "For one thing,it would
mean no reparations."
"Do you regard it possible that the smaller nations within the League
of Nations could bring pressure to bear on France for a settlement, as they
did on Italy in the Corfu matter?"
"There is not sufficient cohesion among them for that," said the exPremier. "In the Corfu situation they had a more direct interest. There
the question was whether a small nation could get justice as against a big
nation."
With his arrival at Minneapolis on the 15th inst Mr. Lloyd
George delivered an address in which he described the
United States "as the continent of peace" and in beseeching
America to keep it so, expressed the wish that Europe would
follow this nation's example. We quote as follows his observations on this point:
I noticed as I came along that your industries are the industries of peace—
harvesters, I saw as I came along, plows, flour mills. There are cities in
Europe, there are cities in the continent of America, whose prosperity
alike depends on the fact that they are arsenals for the manufacture of the
weapons of war,the mechanism of war. Minneapolis is the arsenal of peace,
not guns, not cannons, not explosives, not poison gas, but harvesters.
and the moans of producing food for mankind.
Our interest above all is the interest of peace. There is no city in the
world which has such an interest in peace as a city whose industries consist
of and are of the quality of yours. I am from a troubled continent—this
continent is at peace. I crossed the frontier last night, the most remarkable
frontier in the world. Thousands of miles, sir, without forts and guns,
or soldiers, or barbed wire to protect it. Your gigantic lakes along the
frontier have no dreadnoughts to hurl defiance at each other.
But Europe? Cross the frontiers there. There is no frontier there that
has not been crossed and recrossed, scores or hundreds of times, for generations, for centuries, for ages, by hostile armies intent upon slaughter and
destruction, so the frontiers of poor Europe bristle with the mechanism of
slaughter.
You are the continent of peace, and in God's name keep it the continent
of peace. You have had your struggles on this continent, the struggles on
the way to freedom. That is the way nations struggle through. No great
nation has ever attained the heights of grandeur without terrible conflict.
and you have had yours. You are not like Europe. Yours are not the
conflicts of international hatred; they are not the conflicts of racial ill-will
and suspicion.
Why,passing through your town to-day,I noticed even the very names on
your stores here—what a number ofraces you have hero. You are the melting pot. There are races here which have been interlocked in Europe for
fearful, savage, barbarous conflict for generations. You are welding them
into one pot, living at the same national hearthstone, warming their hands
at the same great national fire, that is what you are doing here. You are
showing an example to the world. Keep it. Keep it.
This is the continent of peace. I wish—I wish Europe would follow this
example. It is worth any European's while to take a journey to this country to see what peace can do—what the Angel of Peace can do with tis gentle
wings over a great land. Ah,I wish that angel would visit Europe. I wish
It would visit Europe. We have driven it away by war, by the agony of
conflict, by preparations for war. I want YOU to help us to make peace
OCT.20 1923.]
THE CHRONICLE
I am not here on any mission, but let me say to you one thing: that until
the United States of America, with its mighty influence, with its great power,
with the moral command which it has in the world because of its past, the
great claim that you won by coming into the war without any selfish purpose, but for a holy ideal, sending millions of your young men across to
fight for liberty and for nothing else—until this great land casts its influence
into the scale for peace, I despair of the future.
Mr. Chairman, you said something about forgetting the war. And you
said you are doing your best to forget. Don't forget. There is nothing for
you to forget—nothing. There is something for you to be proud of. You
came for naught but at the call of a great purpose and a great ideal. It
ought to be your pride, the part you took in it is one which is worthy of
Your greatest traditions. And my last word is that, so far from forgetting
that part, I trust that the United States of America will once more,in due
time,in its own way,cast its great might into the scales of peace.
In his Chicago speech on the 16th inst., Mr. Lloyd George
declared democracy to be in peril, with a wave of autocracy
sweeping over the world. Whatever happens, he said, the
United States, Great Britain and France would stand together to combat the danger. We quote from his address as
follows:
1737
requirementsliThey are old machines supplanted some time ago by power
machines. The Department of Commerce will put the Japanese in touch
with American manufacturers capable ofsupplying new printing equipment.
Reopening of Tokio Clearing House—Edicts Relative
to Japanese Moratorium.
While the thirty day moratorium declared by the Japanese
Government on Sept. 7 (incident to the earthquake of Sept.
1), was terminated on Oct. 1, when the Tokio Clearing
House resumed business, an ordinance proclaimed on
Sept. 27 postpones for another thirty days the date of
presentment for payment of bills falling due in September.
A similar thirty-day postponement is provided in the case
of October presentments. The moratorium declared on
Sept. 7 was referred to in our issue of Sept. 15, page 1194.
Its text follows:
AN EXTRAORDINARY IMPERIAL ORDINANCE proclaimed on
Sept. 7 1923 relative to moratorium, &c., within the zone of the
disaster is to the following effect:
When the time came when Germany ought to have realized that the
Repayment of monetary obligation incurred on and before Sept. 1 1923
game was up, that defeat was staring her in the face, she certainly ought to
have made peace, but why didn't she do it? I will tell you. It requires to a debtor who has his domicile or business domicile within the zone of
the catastrophe and due on any day during the month of September of
more courage to make peace than to make war.
Germany's disaster was not due to the lack of valor or skill in her troops the same year can be postponed for thirty days.
Such moratorium does not apply to any obligation, salary or wage
—as valiant men,as intelligent men as ever went into action. Let us own it
In fact. The measure of their valor and of their skill is the measure of the due to the Emphe or any other communities, nor to withdrawal of bank
courage and of the intelligence of the people who overcame them. So, deposit not exceeding 100 yen per day. Date of presentment for payment
therefore, we are the last people in the world not to pay tribute to the of bills, &c., within the said zone which falls on any day during the month
of September of the same year shall also be postponed for thirty days.
bravery of a fallen foe.
But the failure was in the lack of vision, courage,leadership of the rulers,
The following are the proclamations of Sept. 27:
and this is not without its meaning now, when democracy has been thrown
over in one country after another in Europe as if it were a thing of no use. AN EXTRAORDINARY ORDINANCE proclaimed on Sept. 27 1923
relative to presentment for payment of bills, &c., within the zone
Democracy in that great world struggle defeated autocracy every time.
of the disaster is to the following effect:
Now and again autocracy throws up big men. It is a gamble. You can't
Date of presentment for payment of bills, &c., which falls on any day
depend upon it. There was no one to rally the courage, the reserves, the
resources of the German heart when the hour of disaster came. No demo- during the month of September of the year of 1923. which was postponed
for thirty days by the Extraordinary Imperial Ordinance proclaimed
cracy would have ever failed like that. It is a lesson.
Russia threw over democracy a few months after starting the experiment. Sept. 7 1923, is hereby postponed another thirty days. Such presentment
Italy, Spain,Bulgaria and now Germany is now talking about a dictatorship. which is to be done during the month of October of the same year shal
Democracy is in peril—in peril five years after the greatest triumph demo- also be postponed for thirty days.
cracy has ever had.
AN EXTRAORDINARY IMPERIAL ORDINANCE proclaimed on
Why is democracy more sure, safer? It is slower to begin, it does not
Sept. 27 1923 relative to the relief measure toward money market
bring its forces into action in the way perhaps an autocracy does, but in a
after the expiration of moratorium, &c., within the zone of the disaster
struggle it is the heart that tells, and democracy sustains the heart, and what
is to the following effect
happens is that democratic institutions alone can produce and train men
In case the Bank of Japan (central bank of the Empire) suffers loss rethat are able to appeal to nations, to rise to those heights of sacrifice which sulting from discount of the following bills due on or before Sept. 30 1925,
are the last citadels of freedom in all lands.
the Imperial Japanese Government can make a contract of indemnity of
Now when democracy lain danger, when I can see the throne of democracy such loss with the said bank to the extent of 100,000.000 yen. But bills
tumbling in one land after another, here you have a land of democracy. mentioned in the following first three paragraphs are limited to those
Britain is a land of democracy, and France, I believe, will stand by demo- discounted on or before March 31 1924.
cracy, and whetaever happens these three great lands together will stand
1. Bills to be paid within the zone of the disaster, and bills drawn by or
against this wave of autocracy which seems to be sweeping over the world. payable to a person who has his business domicile within such zone which
has been discounted by banks on or before Sept. 1 1923.
2. Bills drawn for the purpose of renewal of the bills mentioned in the
Japanese Foreign Loan Policy—Treasury Surplus Suf- preceding paragraph.
3. Bills drawn by banks on the security of the bills mentioned in the
ficient to Meet Present Emergency.
preceding two paragraphs, or certificates of deposit or call loans issued by
A statement concerning the foreign loan policy of Japan, banks on or before Sept. 1 1923.
4. Bills mentioned in the preceding three paragraphs drawn for the
which chould set at rest the various reports which have been
purpose of renewal of those bills discounted by the Bank of Japan.
in circulation
regarding a proposed loan flotation, has been
We also give herewith the following wireless message from
zeceived by the Japanese Financial Commission in this city
from the Japanese Minister of Finance, Junnoske Inouye, Jinoske Inouye, Japanese Minister of Finance, to Masanori
who says: "Our financial condition is such that the Treasury Katsu, Imperial Japanese Financial Commission to the
holds a surplus sufficient to meet the present emergency United States:
Department of Finance, Tokio, Oct. 1 1923.
need." The following summary of the statement of the
The Bank of Japan declared to the effect that possibly liberal loan policy
Japanese Finance Minister concerning the foreign loan will
be adopted by the Bank for the discount of bills (mentioned by an
policy of the Japanese Government, received in New York Extraordinary Imperial Ordinance proclaimed on Sept. 27 1923 relative to
relief measure toward money market after the expiration of moratorium),
by wireless, was made public on Oct. 12:
Governany loan on
As for our Government finance: one the one hand, we expect a decrease
to some extent in the receipts owing to the emergency measure of exemption
and reduction of taxes and postponement of their collection in the devastated area, while, on the other hand, a large amount will be required for
relief of sufferers and restoration work. To meet this situation we have
decided on retenchment budget policy. Various plans which have already
been started in the present fiscal year are to be discontinued or postponed,
to say nothing of those for the coming fiscal year.
Our financial condition is such that the Treasury holds a surplus sufficient
to meet the present emergency need. But, in the future extending over a
number of years, a large amount will be required for the reconstruction work
and now city planning, such as broadening of streets, perfection of means
of communication, construction of water-works and sewage systems, &c.
For these purposes, we shall need an enormous quantity of building
material, part of which can only be obtained abroad. To facilitate the
payment for these purchases without disturbing the home money market.
it may,in my opinion, become expedient to raise money occasionally in the
foreign markets. But as for the amount of such foreign loans to be raised,
it is impossible to state at the present moment. It can only be fixed after
the reconstruction plans are formulated and the credit required for them is
approved by the Parliament.
Japan to Print Money at Washington Plant—United
States Accedes to Tokio's Request Due to Presses
There Being Destroyed in Quake.
The following advices from Washington Oct. 12 were
published in the New York "Tribune":
This Government has received a formal request from Japan for permission to print Japanese currency in the big plant of the Bureau of Engraving
and Printing here, it was disclosed to-day at the White House.
Following a Cabinet discussion this morning, which revealed that the
presses at Tokio were destroyed in the earthquake, it was agreed to manufacture paper money for the island Empire until new presses are obtained.
Secretary Mellon informed President Coolidge there are sufficient small
hand-presses available at the Printing Bureau to meet Japan's emergency
the security of bonds floated by National
and also for
ment, local governments or industrial and many other kinds of companies
or on the security of stocks. &c.
The Imperial Japanese Government declared that it will finance its
deposit section fund through the Industrial Bank of Japan with the aim
of giving aid toward industry of small scale. The Government will
extend similar aid through the said bank for the sake of industry of large
scale.
Toldo Clearing House was reopened on Oct. 1.
There is no sign of unrest in financial and economic world throughout
the country.
Losses in Japan Put at $932,500,000—Earthquake
Damage Estimated at 2% of National Wealth.
The following is from the New York "Times" of Sept. 17:
Financial experts connected with the Japanese Commission to the United
States, located in the Woolworth Building, estimate the loss by the earthquake to be about 1,885,000,000 yen, or $932,500,000, which is about 13%
of productive value of the area affected and less than 2% of the wealth
of Japan proper. The fact that the total is considerably lower than that
generally supposed or calculated is because the experts, having full knowledge of both the physical and the industrial geography of the stricken
regions, are able to perceive that consuming and not productive communities were the chief sufferers.
Moreover,the loss denoted, while representing what must be recovered for
complete rehabilitation, bears little relation to present needs, which, on 84count of the human elements involved, may even exceed the value of the material loss before rehabilitation can be completely acrieved. On this point
Masanori Katsu, the Japanese Financial CommLssioner, said yesterday:
"Our figures surprised even ourselves. Of course,further data of specific
losses may modify them. Optimistic I may be for our future rehabilitation,
but I have not the slightest idea of lessening or indeed of discouraging the
necessity for continued and accelerated relief work. As the Hoover-Payne
statement so wisely points out, 'The human problem is widely different
from the great economic problem of property losses and derangement of
business.' Hence I think that the questions of emergency relief and Permanent restoration should be considered separately.
THE CHRONICLE
1738
"In regard to the former,rwhich7indicates every-encouragementiforlthe
latter. I wish to thank the New York "Times," and through the "Times"
your great nation, for your profound sympathy and prompt aid, which we
shall always remember with gratitude. What you have done has not only
more firmly cemented the bonds of friendship between the two nations, but
has awakened and stimulated humanitarian ideals which some day will
make this earth a heavenly kingdom."
Estimate of Wealth and Loss.
The estimated losses to various forms of wealth compared to the wealth
of the affected region and of the nation are as follows:
Wealth of Per Cl. of Loss to
Affeaed Four Wealth of Four Amount of
Wealth of
Prefectures. Loss (Est.).
Japan Proper. Prefectures.
Yen.
Yen.
Yen,
8,000.000
0.1
41,388,000,000 $,130,000,000
Lands
0
0
1,000,e00
3,326,000,000
Mines and quarries
116.000,000
20
581,000,000
Harbors, lakes, &c___. 6,789,000,000
1,000,000
1
111,000,000
5,280,000,000
Trees
794,000,000
60
10,655,000,000 1,323,000,000
Buildings
357,000,000
60
597,000,000
4,548,000,000
Furniture, &c
Manufacturing machin52,000,000
60
88,000,000
1,582,000,000
ery, tools,&c
2,000,000
10
20,000,000
Live stock and poultry_ 540,000,000
20,000,000
20
100,000.000
Railroads & equipment 1,197,000,000
4,000,000
10
36,000,000
189,000,000
Vehicles
25,000,000
20
124,000,000
619,000,000
Ships
12,000,000
30
41,000,000
192,000,000
Water works
14,000,000
50
28,000,000
284,000,000
Bridges
80,000,000
20
398,000,000
Agricultural producta.._ 3,978,000,000
1,000,000
20
3,000,000
Products of forestry.— 122,000,000
120,000,000
20
598,000,000
Manufactured products 2,990,000,000
0
20
2,000,000
342,000,000
Mining products
1,000,000
20
4,000,000
60,000,000
Marine products
26,000,000
20
129,000,000
Imported merchandise_ 404,000,000
Gold and silver coin and
2,000,000
1
243,000,000
2,430,000,000
bullion
44,000,000
50
87,000,000
1,674,000,000
Gov't real property
Property of Imperial
21,000,000
20
104,000,000
1,038,000.000
family
164,000,000
13
8,961,000,000 1,265,000,000
MIsce.laneous
Excess of investment
0
94,000.000
280,000,000
abroad
1,885,000,000
13
14.107,000,000
Total, 4 prefectures_
Grand total, Japan
1.9
93,848,000,000
proper
• Mr. Katsu was asked:
"Will you describe the methods by which your calculation of losses proceeded?"
"We had in mind two things," he said. "The temporary aid that satisfies urgent needs and the restoration which succeeds if for a comparatively
longer period. One may not recall the past. To know what is necessary
to restore, one must know what has been lost. While it is perfectly true
that two great cities, which were an important factor in our political, financial and commercial life, have for the time being ceased to function, it is
also true that their elements did not entirely predominate the national life
—there are the industrial and agricultural elements, which were comparatively untouched by the catastrophe.
The Seven Prefectures Affected.
"From the data that reached us we judged that the localities most sensi(.covers
tive to the earthquake had been the so-called Kanto° district, which
seven prefectures or States. Of this district, the southern portion within
a radius of forty miles of Yokohama,' as the latest confirmation from our
Minister of Finance states) was most severely stricken. It consists of the
Pim' prefectures of Kanagawa, with its capital at Yokohama; Chiba, with
Chiba as its capital; Tokio, with its capital Tokio, and Saitma, with the
capital city of TJrawa.
"This area, together with the fringe of the adjacent inland prefectures.
lies under the so-called Fuji volcanic veins. As the northern part of the
district and the adjacent districts were without any considerable damage,
we omitted them from our calculations and confined our attention to the
southern portion of the Kantoo region. But in order to calculate the losses
of the four stricken prefectures it was necessary to know their wealth as
expressed in the various terms of stable, non-productive and productive
values; in order to calculate the porportion of loss in the four prefectures
to the wealth of the nation it was necessary to establish the amount of
national wealth—that is, the wealth of Japan proper exclusive of her dependencies, Formosa, Korea, Sakhalin. whose wealth may be considered for
the most part potential, and therefore has having played little or no part in
establishing the wealth which has been annihilated by the earthquake.
"Now, the figures of the wealth of Japan have never been published.
Our Bureau of Statistics, however, did at the end of 1919, at the request of
the League of Nations, prepare an estimate. This estimate has been corrected by subsequent, but incomplete, statistics assembled up to the beginning of 1922. Beyond that it is not possible to calculate with any
assurance of accuracy.
"The table which I give you, therefore, gives the public for the first time
the approximate figure of the wealth of aJpan proper as represented by the
usual economic terms. It will be seen that this wealth had the value of
98,846,000.000 yen, or about 1.49,432,000,000; that the wealth of the four
stricken prefectures had a value of 14,107,000,000 yen, or $7,053,500,000;
and that the amount of loss in the four prefectures is estimated at 1,865,000,000 yen, or $932,500,000, which Is 1.9% of the total wealth of Japan proper.
"I do not claim unfailing accuracy for the foregoing or for all the details
by which the total results were reached. But my staff working under the
direction of Tadao Wikawa, the Assistant Commissioner, has employed
every check usually taken In the making of official statistics. I may also
observe that while the statistics showing the national wealth submitted to
the League of Nations were assembled in the year following the war, and
hence could not represent the normal wealth of the country, and while those
of 1921, by which they have been checked, up and rectified, are incomplete,
they nevertheless, allow us to make reasonable calculations of what Is missing. Moreover, from a careful sifting of data coming from a number of
sources—industrial, financial, commercial and social—it Is unlikely that
our national wealth had undergone any great change from the end of
1921 down to the day of the earthquake."
How Percentage Was Fixed.
"The table shows that you calculated the amount of wealth lost on
the percentage of wealth lost; how did you fix the percentage?" Mr.
Katsu was asked.
"We started with this premise," he replied. "The damage was most
of
serious in Yokohama, then gradually decreased throughout a radius
the 40-mile radius it was insignificant.
40 miles; beyond the circle formed by
levels were chiefly affected. YamaAlso within the stricken area the low
section
note, for example, which means 'hilly side,' the uptown residential
Again, even in the lower
untouched.
of Tokio, remained practically
American
modern
by
concrete
built
buildings
the
of
sections of Tokio, many
of
architects withstood the shock and still stand erect amid the debris
the downtown business quarter. Another check on building loss is the
solated structures of the inland districts, where the suffering was slight.
[VOL. 117.
"The same may be said in and around Yokohama. All these elements
serve to cut down the total loss in the four prefectures. Thus it does
not seem that 60% of building loss is too low for the stricken area. That
given, its value is easily calculated. And naturally, the loss of furniture
and machinery would be about the same. The percentage of loss to the
Government buildings and shipping is based upon information received:
that of merchandise and products, which average 20%, upon the analogies
offered by similar disasters; that of trees, livestock and poultry upon readily
recognized conditions. And so we proceed until we reach 'the excess of
Investment abroad,' which, of course, is naught."
"How long do you think it will take Japan to rehabilitate herself?':
he was asked.
"That is hard to say," he replied. "Of course, the fundamental element
of restoration is the effort of our compatriots. In that I have full confidence. Other elements are naturally uncertain. Their value is, nevertheless, worthy of consideration. For example, although the wealth
of Formosa, Korea, and Sakhalin is not denoted in the table I offer you,
it may, nevertheless, prove an important element in the reconstruction.
Besides, the wealth of Japan proper has increased rapidly since 1905.
From that year to 1910, according to the estimate of the Bank of Japan,
it increased,from over 22 billion and a half yen to nearly 29.4. According to the estimate of the Government Bureau of Statistics it increased
from 32,043,000,000 yen in 1913 to 86,077,000,000 in 1919—the year
this estimate was made for the League of Nations. And finally there is
the 1921 estimate made by our staff, for the table. of 98,846.000,000 yen.
"The amount of our national loans outstanding at the end of May 1923
was as follows: Internal, 2.505,842.350 yen, of which 859,467,100 yen
was unproductive and 1,646,375,250 productive; external, 1,320,624,818.10
yen, of which 575,825,647.10 yen was unproductive and 744,799,171 was
productive.
"Most of the so-called unproductive loans were floated for the purpose
of war financing. [By the way, our war financing in the past used to
depend as far as possible on increased tax income.] The so-called productive loan is raised for the sake of Government enterprise or constructive
work. Of this sum Formosa, Korea and Saghalien may be said to have
claimed over 50,000,000 yen for more or less profitable investment.
"All these elements can be depended on to make their contribution—
directly, as security, or as economic influences—toward reconstruction.
"Then there is the foreign factor: Japanese foreign investment is very
nearly balanced by foreign investment in Japan. At the end of 1919 the
excess of our foreign holdings exceeded 356,000,000 yen; at the of 1921 it
had dropped to 280,000,000. The decrease was due to the large importations of machinery and implements for our industrial development. To-day
believe, although I have no data on which to base a conviction, the
balance has been restored.
"Another available assets for reconstruction work is the specie held
abroad and at home by the Government and the Bank of Japan, which
at the end of July 1923 amounted to 1,780,000,000 yen; another Is our
surplus, which since 1883 has always been considerable, and, in 1920.
reached 640:685,375 yen.
"And, finally, not only as confirmation of our estimate of the factor of
loss, but also as another guarantee of rapid reconstruction. I will quote
part of the last message received from our Minister of Finance:
"'It was very fortunate for our country that the disaster did not fall
on any districts important for the production of staple commodities for
export, or for the production of the necessaries for domestic consumption,
and thus hardly injured our industries at all.'
"The combined productive power of the damaged prefectures was less
than 10% of that of Japan proper; less than 20% of these prefectures'
productivity has been impaired, which is less than 2% of the productivity
of Japan proper. In this circumstances, while deeply thankful for emergency aid. and above all, for the sympathy which accompanies it, we
look to the work of reconstruction unafraid and with our face turned
toward the rising sun in gratitude and in confidence."
Statisticians to Consider New Crop Reporting Methods.
A special conference to study recent improvements in
crop reporting and statistical methods is to be held at Indianapolis Oct. 22 by the United States Department of Agriculture.
Leading Federal and State Government
statisticians and crop estimators from Northern and Eastern
States will take part in the conference, and the whole problem
of acreage measurement and crop condition reports will be
discussed. Some of the main topics coming up for discussion
will be the development of an educational program to expand
the use of crop reports, tests for accuracy, correlation of
forecasting methods, the relation of weather to yield of crops,
ivestock estimates, methods of estimating acreages and
abandonment of acreage planted, and estimates of commercial crops including apples, potatoes, broomcorn and tobacco.
A large part of the conference will be given over to discussion on the forecasting of crop and livestock production.
The first attempt along this line was the making of. pig
surveys by the Department of Agriculture, in which an •
effort was made to indicate the probable pig crop based on
information collected in the field relating to breeding operations. The possibilities of doing similar work with regard
to other livestock, crops and wool will receive attention at
the conference. The conference will continue throughout
the three days Oct. 22-24
rman
The Latest Canadian Wheat Estimate—The Ge-Grain Harvest—Japan's Rice Crop.
Canadian wheat production this year is now estimated
at 469,761,000 bushels, according to a telegram to the
United States Department of Agriculture from the Dominion
Bureau of Statistics. The crop last year was 399,786,000
bushels. Canadian rye production is estimated at 26,937,000
bushels, compared with 32,373,000 bushels in 1922; the
barley crop at 80,357,000 bushels, compared with 71,865,000
bushels last year, and oats productions at 531,378,000
OCT.20 1923.]
THE CHRONICLE
bushels, as compared with 491,239,000 bushels last year.
The flaxseed crop is placed at 6,942,000 bushels, compared
with 5,009,000 bushels in 1922.
Germany's grain crop harvest is nearly completed and a
good quality of grain is reported by the Department's agricultural commissioner at Berlin. Potatoes are reported as
below average in condition. Sugar beets are also below
average, the report states, but better than potatoes.
Japan's rice production this year is estimated at 18,302,000,000 pounds, compared with 18,951,000,000 pounds
last year, according to a cable to the Department from the
International Institute of Agriculture at Rome.
Argentine Wheat Crop is 6,770,000 Tons.
Press advices from Buenos Aires Oct. 16 state:
The Argentine wheat crop for the season of 1923-24 is officially estimated
at 6,770,000 tons; linseed, 1,930,000; oats, 850,000; barley. 200,000. and
rye, 94.000 tons.
Small Grain Exports Expected from Russia.
Although acreage in grain this year in Russia is estimated
to be 20% larger than in 1922, yields are sufficiently lower
so that forecasts of production are at best only slightly above
production last year, according to reports to the United
States Department of Agriculture. The Department says:
One authority reports that the total Russian area in grain crops this
year, including corn, barley. oats, wheat and rye, is 160,000,000 acres, as
compared with 132,000,000 acres last year. Average yield is estimated by
the Central Bureau of Statistics at Moscow at 1.524 pounds per acre, as
compared with 1.834 pounds in 1922. The area in grain is estimated at
about 80% of the pre-war area. Ukraine is the most important producing
region and includes 35% of the total Russian acreage sown to spring grain
and 40% of the total acreage sown to winter grain.
It is thought that approximately 543,000 short tons of grain of all kinds,
Including oats, corn, barley, wheat and rye, may be exported from South
Russian ports, contingent upon the making of needed repairs at the ports.
The All-Ukraine Congress estimatet the export capacity of the port of
Odessa at 108,300 short tons; Nikolayev, 108,300 short tons; Theodoela,
81,250 short tons, and Sebastopol, 36,100 short tons.
It is reported that German importers have contracted for the delivery of
13.000.000 bushels of Russian rye, and are to make payment in manufactured goods sent to Russia. Small quantities of wheat, barley and corn
have been exported from the Black Sea ports. Last year Russia exported
grain in only small quantities, and present indications are that very little,
If any, more may be exported this year, the Department says. 0.1,,,iyal
to Permit Cotton
Shipment to Canada.
Pink Bollworm Quarantine Modified
1739
The inter-State movement of baled cotton lint grown outside of. but con4
centrated within, a regulated area will be allowed without permit.
The inter-State movement of seed cotton and of the stalk and other parts
of the cotton plant from a regulated area is prohibited.
The inter-State movement of cottonseed from a regulated area Is prohibited: Provided, That such movement may be permitted from one regulated area to another regulated are under such safeguards as shall be required by the inspector of the Federal Horticultural Board.*
The inter-State movement under permit from a regulated area of gin
waste and all other forms of cotton lint, except baled lint and linters, and
of hulls, cake, meal, and bagging and other containers which have been
used in connection with such articles, and of railway cars, boats, and other
vehicles which have been used in conveying cotton and cotton products
grown in such areas or which are fouled with such products, and of farm
household goods and farm equipment, will be authorized by the Secretary
of Agriculture upon complian e with conditions to be prescribed in the permit.
The inter-State movement of baled cotton lint and linters grown in a
regulated area is prohibited except as hereinafter provided for in paragraphs (a), (b), (c), (d) and (e). (See Regulation 10.)
(a) The inter-State movement without permit of baled cotton lint and
linters grown in a regulated area will be allowed for export on through
shipments to the ports of Houston, Galveston and Texas City, Tex., and
New Orleans, La.
(b) The inter-State movement by rail under permit of baled cotton
lint and linters grown in a regulated area to ponits in Canada may be
authorized by the Secretary of Agriculture upon compliance with conditions and routing prescribed in the permit.
(c) The inter-State movement without permit of baled cotton lint
and linters grown in a regulated area to the ports of Houston, Galveston,
and Texas City, Texas, and New Orleans, La., for storage, pending export
or shipment under paragraph (e) below, will be allowed when such shipments are consigned to warehouses or compresses designated by the Secretary of Agriculture to receive such shipments. Only such warehouses and
compresses will be so designated as have agreed to keep all cotton and
linters grown in a regulated area separate and apart from all other cotton
in such warehouse or compress, and have further agreed to replace marks
of identification on all quanratined cotton or linters that may have become
destroyed in transit or compressing, to carry out ayn safeguards indicated
by inspectors of the Federal Horticultural Board, and to make reports
from time to time as required to the Secretary of Agriculture concerning
all matters pertaining to the storage, handing, or shipment of such quarantined cotton or linters. '
(d) The inter-State movement under permit of baled cotton lint and
linters, grown in a regulated area more than two years prior to such shipment,or linters which can be identified as having come from seed originating
outside of such area, may be authorized by the Secretary of Agriculture
upon compliance with conditions prescribed in the permit.
(e) The inter-State movement under permit of baled cotton lint and
linters, grown in a regulated area, from or via the ports of Houston, Galveston, and Texas City, Texas, and New Orleans, La., will be authorized
by the Secretary of Agriculture only when such shipment is made from
the above-named ports by all-water route and entered through the port
of New York, Boston, Seattle, Portland (Ore.), or San Francisco, at
which latter ports of entry such cotton lint and linters may be entered
In the same manner that imported cotton is entered into the United States.
This amendment shall be effective on and after Oct. 15 1923.
Done at the City of Washington this 8th day of October 1923.
Witness my hand and the seal of the United States Department of
Agriculture.
HENRY C. WALLACE,
Secretary of Agriculture.
A modification of the Federal pink bollworm quarantine
allowing direct shipment by rail to Canada of cotton grown
in regulated areas is announced by the Federal Horticultural
Board, United States Department of Agriculture, effective
• Until further notice the safeguards which must be complied with as a
Oct. 15. The .change applies specifically to baled cotton condition of issuance of permits for the inter-State
movement of cottonseed
lint and linters. Certain conditions must be complied with from regulated areas are indicated in Appendix A.
and the cotton shipped over the ,route prescribed in the
permit. The Board's action was taken in response to re- Action Against Boston "Transcript" Involving Constitionality of Advertisement Provision of Minimum
quests from merchants in the Las Cruces Valley for permission to ship their cotton directly to Canada by rail. The
Wage Law Goes to United States Supreme
Board, however, decided to modify its regulations so that
Court.
such shipments could be made from all regulated areas in
The following is from the Boston "Transcript" of Oct. 12:
New Mexico, Texas and Louisiana. In the case of most of
Whether the law making it incumbent upon a newspaper to print such
concerning emthe regulated areas cotton so moved will pass through less matter as the Minimum Wage Commission sees fit to publishConstitution
will
ployers who decline to comply with its decrees is within the
cotton territory, or at least only very slightly more, than it be decided by the Supreme Judicial Court in the case of the Commonwealth
to
way
the
the
on
various
through
passes
permitted
Boston
the
against
now
"Transcript."
The case was heard by a Suffolk Superior Criminal Court jury before Judge
Gulg ports. The Board says:
On account of the very small crops produced in the regulated district of
Cameron Parish, La., and in the Trinity Bay District, and in certain
counties on the Rio Grande in Western Texas, it is not at all likely that any
cotton oroginating in these districts will be shipped to Canadian points. It
goes automatically to the Gulf ports for export.
It should be noted also that in the old pink bollworm areas in central and
eastern Texas and in Louisiana, no infestation has been found for two
Years, and for most of the area for throe years or more, and even in the
border Rio Grande districts of western Texas, and in the Pecos Valley,
where the State and planters have not been willing to authorize a determined effort at eradication because of the possibility of easy infestation from
Mexico, the infestation has nevertheless been reduced to a negligible factor.
It is believed, therefore, that all-rail movement to Canada, authorized
by this amendment,will not increase the risk of spreading the pink bollworm
in this country.
UNITED STATES DEPARTMENT OF AGRICULTURE.
Office of the Secretary
Federal Horticultural Board.
Modification of Pink Bollworm Quarantine.
Amendment No. 1 to 2d Revision of Regulations Supplemental
to Notice of Quarantine No. 52.
(Effective on and after Oct. 15 1923.)
Under authority conferred by the Plant Quarantine Act of Aug. 20 1912
(37 Stat., 315), as amended by the Act of Congress approved March 4
1917 (39 Stat.. 1134, 1165),it is ordered that Regulation 6 of the 2d revision
of the rules and regulations suplemental to Notice of Quarantine No. 52,
on account of the pink bollworm, which became effective June 11923. be,
and the same is ehreby, amended to read as follows:
Regulation 6. Control of cotton and other articles:
No restrictions are placed on the movement from an area not under
regulation through a regulated area of cotton and other articles covered
in Notice of Quarantine No. 52. when such movement is made on a through
bill of lading.
Dubuque on an agreement of facts.. A verdict of guilty was ordered returned
by the Judge, that the case might go higher. Assistant District Attorney
Fielding acted for the Commonwealth and Felix Itackemann and Ralph W.
Dunbar for the defendant The case was originally brought in the lower
court, and an appeal taken.
Lilliam J. Haley, an assistant Commissioner, complained that the "Transcript" declined to print an advertisement sent in by the Commission relative to L. P. Hollander Co. Mr. Fielding told the jury that he and Mr.
Rackemann had agreed to present the case on an agreed statement of fact, in
lieu of presenting the testimony of witnesses. The Judge then ordered the
verdict of guilty, that the constitutional question might be reviewed.
Annual Meeting of Real Estate Board of Trade.
The Real Estate Board of New York held its annual meeting of active ,sustaining, contributing and active-associate
members on Oct. 16 for the election of directors and activeassociate governors, and for other business. The four candidates for directors to serve on the board of governors were
Frank Ray Howe, William H. Quinlan, Wm. J. Kuder and
Anton L. Trunk, and these were elected, each for a term of
three years. Election was also held for active-associate
governors to represent the sustaining, contributing, activeassociate and associate members on the board of governors,
and the following were elected, each to serve for a term of
three years: Richard G. Babbage, Paul Starret and Donald
W. Brown. Immediately after the annual meeting the organization meeting of directors was held. Charles G. Ed-
1740
THE CHRONICLE
[Wu 117.
wards was elected President; Douglas L. Elliman, VicePresident; Wm. H. Dolson, Secretary, and J. Irving Walsh,
Treasurer. These officers will serve until the next annual
election. Mr. Edwards and Mr. Dolson each have served
two years as President and Secretary, respectively; Mr.
Elliman one year as Vice-President and Mr. Walsh four
years as Treasurer.
FOREIGN HOLDINGS OF SHARES OF IL S. STEEL CORPORATION
Common
Sept.30 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec.31
Stock1923.
1922. 1921. 1920. 1919. 1918. 1914.
Africa
181
2
-------Algeria
------------340_
Argentina
72
77
87
76
78
64
8
Australia
105
104
86
96
80
36
3
Austria
2,097 2,472 4,438 3,049 2.888 2.887
690
Belgium
2,306 2,214 2,279 2,264 2,689 2,629 3,609
Bermuda
191 ' 190
124
97
84
107
46
Brazil
141
143
144
'79
80
48
18
British India
----___
____
____
____
____
17
Bulgaria
Canada
26;481 24-,848 30,885 31,311 35,686 45,613 54,259
Central Amer_
181
75
56
34
36
15
382
Eastern Railroads in Reply to Brotherhoods' Wage Chile
197
187
174
145
118
80
8
China
123
76
179
119
73
28
13
Demands Ask Conference-To Present
Colombia
1
1
Denmark
• 26
Counter Demands.
16
16
16
26
876
---Ecuador
2
2
2
------------t
60
60
In reply to demands for wage increases asked by the Big E
60
EIu,d
104,682 160,876 167,752 159,613 166,387 172,453 710,621
Four Brotherhoods, the railroads of the East on Oct. 15 in- France
11,503 10,499 13,210 13,939 28.607 29,700 64,537
Germany
1,261
1,281
1,395 1.015
959
891
2,664
formed the labor organizations that they were readyIto dis- Gibraltar
100
Greece
5
5
conferences.
individual
conditions
at
working
cuss wages and
Holland
50,715 48,827 50,741 73,861 124,558 229,285 342,645
126
The railroads in a letter sent to representatives of the Broth- India
106
70
59
60
69
--- _
Ireland
389
353
356
256
160
19 2,991
erhoods asked for a revision of the conductors' and train- Italy
312
273
274
269
281
281
146
Japan
66
62
56
55
55
5
45
men's schedules. This counter-move was made as. a result Java
15
41
16
28
8
4
1
21
1
1
of the demands of the brotherhoods for new wage contracts Luxembourg
Malta
40
40
40
-46
40
--io
--.iis
340
that would give them wage increases averaging approxi- Mexico
338
320
125
165
153
300
Norway
60
65
60
23
65
20
70
mately 123/2%, and cost the railroads of theTcountry about Peru
31
20
14
6
---------Poland
3
---$100,000,000 additional a year. • The railroads insist on Portugal
------------WI
Rumania
8
8
---8 --8 ---- --treating the wage demands of the brotherhoods under the Russia
8
la
14
8
procedure set down by the Transportation Act of 1920, de- Scotland
2,199 2,197
797
-183
.
-i58
--"ff3 4,208
Serbia
8
8
8
8
evident
desire
spite the
of the trainmen to ignore this pro- Spain
167
340
330
1.225
302
888
87
16
115
31
165
14
70
1
80
cedure. The railroad managements in their letter,point out Sweden
Switzerland__.. 2,228 1,980 2,180 1.860
1,649 1,292 1,470
a large number of changes in working conditions which Turkey
16
---Uruguay
-------------------10
mainly would reduce the payment to the men for:overtime Venezuela
--;;;
--8.
3
-8
8
88
-iii
and . other special conditions. The letter sent outiby the Wales
West Indies
3.888 3,367 3,602 3,590 3,228 4,049 1,872
carriers is as follows, signed by the operating:officerslon the
Total
210,799 261.768 280,026 292,835 368.895 491,580 1193064
different roads:
•
Preferred StockThis will acknowledge receipt of your joint letter of October 10 requesting Africa
116
47
47
67
58
70
34
increases in rates of pay, effective November 1 1923. as outlined in list of Algeria
76
Argentina
15
15
-18
-18
11
18
18
increases proposed by conductors and trainmen.
PAN Australia
113
113
123
123
104
I will meet your committee as soon as possible and will advise you later Austria
28
-„ 4,770 2,566 2,463 2,47
61 2,08:
120
as to date of meeting to discuss the increases in wages proposed by you and Azores
-120
120
120
120
120
--,
282
287
287
117
-697
at the same time I desire to reopen the eonductors' and trainmen's entire Belgium
314
314
Bermuda
430
430
430
285
21
343
120
schedules for revision, and this letter is my notice to you to that effect.
Brazil
29
23
20
31
84
8,
1
The rules which I wish to discuss with you and desire to eliminate and British India
-3-6
81
Canada
27,765 27.
- 8a. 29-J88 32;866 36:656 42;845 34,673
modify are as follows:
Central Amer_
140
127
21
24
Iii
9
1!1
1. Eliminate time and one-half for overtime in all service.
Chile
45
45
23
23
25
2. Passenger.-Change the short turn-around passenger rule to a spread China
92
100
119
119
105
Colombia
of 8-within-12 instead of 8-within-10 hours.
5
5
16
4
55
Denmark
'70
58
58
58
78
3. Freight.-Modify rule applying to short turn-around trips in irregular Egypt
78
--,-405
35
140
-___
freight service (Article XI-b) by eliminating second exception-25-mile England
49,438 54,201 54,282 31,306 37,703 37,936 174,906
limit.
France
15,610 15,675 17,036 18,649 23,683 25,896 86,749
Germany
4,106 4,131
4. Yard.-Modify existing rules governing service to provide:
4.152 4.142 3,796 3,865 3,252
5
5
5
37
(a) Eight hours or less to constitute a day's work, excepting on engines Greece
38
65
65
Holland
10,122 9,180 9,555 13,935 23.094 25,264 29,000
engaged in industrial switching where the service is not required continu125
325
326
305
302
352
-,
indla
ously for the 24-hour period, and in yards where not more than two engines Ire
iand
939 1,049
995
505
318
315 4,119
1,938 1,791
are regularly assigned, in which cases assignments may provide for one hour Italy
1.867
1,811
1,678'
2.087
1,979
Japan
1
1
1
1
1
81
1
for meal without pay.
Luxembourg
23
23
23
23
23
23
(b) Where crews are held on spot, or are prevented from working because Malta
50
50
50
50
50
468
245
of interference by other movements, and this occurs at the usual or estab- Mexico
106
96
25
25
22
31
5
7
lished lunch period, crew will be expected to take advantage of such time Morocco
Norway
12
-12
-H
--i
-8
-6
lunch.
eat
Arrangements to be made locally.
to
Poland
(c) Employees in yard service will be allowed actual time at overtime Peru
6
-8
---11
---(-3 ---6 ---t
rates for continuing duty on the succeeding trick when the employees of Portugal
120
Russia
15
15
26
ti
43
such succeeding trick fail to report at the fixed starting time. If the Scotland
"A
-ii
1:448
1,468
93'7
13,747
'78
229
171
regular man reports later and relieves the man working through he will be Serbia
220
paid for the actual hours worked.
Spain
1,130 1,148 1-,188
432
.615
1-,§Ri . 1-,ffi 1,3
84
(d) Employees in yard service used on two or more yard crews during a Sweden
74
79
283
1,370
1,156
1,137
Switzerland
2,744 2,128 2,167 2,174 2,672 2,7
18; 2,11Z
tour of duty will be paid a minimum day for eight hours' work or less, with Turkey
115
115
115
100
100
overtime thereafter on the actual minute basis.
Wales
39
33
5. Yard crews who are paid yard rates and regularly assigned to Perform West Indies_ - _
928
-;788
-811
1.11?
580 1.145
service within switching limits, will, if used in road service, beyond their
Total
118,435 121,308 128.818 111,436 138,566 148,225 309,457
switching limits, be paid pro rata for each class of service with a minimum
of their regular yard rates.
PREFERRED.
COMMON.
6. Branch Lines.-In branch line service where existing rates and condiShares. Per Cent.
Shares. Per Cent. Date312.311.
1,285,636 25.29 Mar. 31 1914
tions produce unusual or inequitable results to the men or company, it is Mar. 31 1914
June 30 1914
312,832 8.68
1.274.247 25.07 June 30 1914
desired to make an equitable adjustment in such cases.
Dec. 31 1914
309.457 8.59
1,193,064 23.47 Dec. 31 1914
J
M
ua
nre. 30
1 1915
308,005 8.55
1,130,209 22.23 Mar. 31 1915
303,070 8.41
957.587 18.84 June 30 1915
Sept. 30 1915
297,691
8.26
826,833 16.27 Sept. 30 1915
Dec. 31 1915
274,588 7.62
696,631 13.70 Dec. 31 1915
Foreign Holdings of United States Steel Corporation Mar. 31
1916
262,091
7.27
634.469 12.48 Mar, 31 1916
Sept. 30 1916
171,096 4.75
537,809 10.58 Sept. 30 1916
Show Increase.
Dec. 31 1916
156.412 4.34
502,632 9.89 Dec. 31 1916
Mar. 31 1917
151.757 4.21
494,338 9.72 Mar. 31 1917
According to figures for Sept. 30 1923 recently made June
30 1917
142,226 3.94
481.342 9.45 June 30 1917
140,039 3.59
public, the foreign holdings of both common and preferred Sept. 30 1917
477,109 9.39 Sept. 30 1917
Dec. 31 1917
140,077 3.88
484,190 9.52 Dec. 31 1917
shares of the United States Steel Corporation have increased Mar. 31 1918
140,198 3.90
485,706 9.56 Mar. 31 1918
Juno 30 1918
149,032
1918
June
30
4.13
9.66
491,464
slightly. The total of common stock held abroad on Sept. 30 1918
147,845 4.10
495,009 9.73 Sept. 30 1918
Dec.31 1918
148,225 4.11
491.580 9.68 Dec. 31 1918
Sept. 30 1923 stood at 210,799 shares, as against 207,041 Mar.
31 1919
149,832 4.16
493.552 9.71 Mar. 31 1919
shares June 30 1923 and 261,768 shares Dec. 31 1922. The June 30 1919
146,478 4.07
465,434 9.15 June 30 1919
Sept. 30 1919
143,840 3.99
394,543 7.76 Sept. 30 1919
foreign holdings of preferred shares, which on June 30 1923 Dec. 31 1919
138,566 3.84
368.895 7.26 Dec. 31 1919
Mar. 31 1920
127,562 3.54
348,036 6.84 Mar. 31 1920
amounted to 117,631 shares, on Sept. 30 1923 totaled June
30 1920
124,346 3.46
342.567 6.74 June 30 1920
30 1920
118,212 3.28
323,438 6.36 Sept. 30 1920
118,435 shares, but compare with 121,308 shares on Dec. 31 Sept.
Dec. 31 1920
111,436 3.09
292,835 5.76 Dec. 31 1920
1922. Contrasted with the period before the war, however, Mar. 31 1921
106,781
289,444 5.89 Mar. 31 1921
2.98
June 30 1921
105,118 2.91
288,749 5.68 June 30 1921
these foreign holdings show an extremely striking shrinkage, Sept. 30 1921
103,447 2.87
285.070 5.60 Sept. 30 1921
Dec.
31
1921
128,818 3.58
280,026 5.50 Dec. 31 1921
thus the holdings of common stock abroad which now, as Mar. 31 1922
128,127 3.55
280.132 5.51 Mar. 31 1922
30 1922
123,844 3.43
275.096 5.41 June 30 1922
stated, amount to 210,799 shares on March 31 1914 aggre- June
Sept. 30 1922
123.710 3.43
270,794 5.32 Sept. 30 1922
gated no less than 1,285,636 shares. The foreign holdings Dec. 30 1922
121,308 3.36
261,768 5.15 Dec 30 1922
Mar. 29 1923
119,738
239,310 4.70 Mar. 29 1923
3.32
118,435
total
shares,
as contrasted with June 30 1923
of preferred now
4.07 June 30 1923
207,041
117,631
3.27
Sept. 30 1923
118,435 3.29
210,799 4.14 Sept. 30 1923
on March 311914.
1,2,2
312,311 shares
Below we furnish a detailed statement of the foreign
In the following table is shown the number of shares of
holdings at various dates since Dec. 31 1914 to the latest the Steel Corporation distributed as between brokers and
period:
investors on S9t. 30 1923 and Sept. 30 1922:
•
•
THE CHRONICLE
OcT. 20 1923.]
Sept. 29 '23.
Common—
1,058,585
Brokers, domestic and foreign
Investors, domestic and foreign---4,024.440
Preferred—
183,164
Brokers, domestic and foreign
Investors, domestic and foreign-- _3.419,647
Ratio. Sept. 30'22. Ratio.
1,273,424 25.05
20.83
3,809,601 74.95
79.17
1741
Secretary Wallace of the Department of Agriculture also recommended
a cut of 25% in rates on farm products. Members of Congress from the
West have urged cuts in rates on farm products.
5.09
94.91
While the suggestion of President Coolidge was brought
Thursday at the monthly
The following is of interest as it shows the holdings of before the railroad executives on
Bankers' Club under the
at
the
meeting
held
in
New
York
York
State:
New
brokers and investors in
Conference, no conPresidents'
direction
of
the
Eastern
Sept. 29 '23. Ratio. Sept. 30 '22. Ratio.
Common—
911,020 17.92
Brokers
clusions were reached with regard thereto, and the matter
1,302,817 25.63
Investors
will be the subject of further discussion next Tuesday at a
Preferred—
155,434
4.31
Brokers
meeting
to be held at the offices of R. N. Collyer, Chairman
1,505,853 41.79
Investors
of the Trunk Line Association, at 143 Liberty Street. From
the "Wall Street Journal" of yesterday (Oct. 19) we quote
President Coolidge Proposes That Freight Rates Be the following:
Cut on Grain and Coal—Railway Executives to Meet
G. D. Dixon, Traffic Vice-President of the Pennsylvania system, will
present Samuel Rea's views of President Coolidge's suggestion that freight
Next Week—Grain Rate Investigation by
rates on export wheat, and.on anthracite to northern New York and New
Inter-State Commerce Commission.
England, be reduced at the meeting of Eastern railroad traffic vice-presiThe suggestion that a reduction in freight rates be made dents Tuesday. The meeting will have as its aim the planning of a rate
in the event an attempt is made to carry the suggestion through.
by the railroads on grain and coal designed for export was case
Traffic officials of all roads have been advised to prepare data for that meetmade by President Coolidge on Oct. 16 during a discussion ing.
Forty railroad executives,representing roads east and west, who attended
of the transportation situation at the White House with
the Eastern Presidents' Conference luncheon at the Bankers' Club, were
Samuel Rea, President of the Pennsylvania RR. On the unable to decide
on any defensive movement against President Coolidge's
same date it was announced by the Inter-State Commerce export wheat and coal rate reduction proposal because of a scarcity of
Commission that an investigation had been ordered by it definite information as to the Chief Executive's position, said L. F. Loree.
who presided.
into the subject of rates and charges on grain and grain
"We discussed this subject which has been so widely talked about."
products to determine whether the present rates applying in Mr. Loree said, "but we could not accomplish much more than to decide
inter-State and foreign commerce are justifiable. At the to meet again Tuesday to go into the matter more thoroughly. We have
received no direct word from the Administration nor from Mr. Rea."
same time the Commission temporarily denied the comMr. Atterbury represented the Pennsylvania System, but said he did
plaint of Western grain-growing States which has been pend- not convey any official message from Mr. Rea relating to his Washington
Vice-President Walber represented the New York Central,
ing before it for several months, asking for a reduction in Interview,
and the Eastern roads all had officials there, as well as Robert N. Collyer,
freight rates on grain and grain products in the West, but Chairman of the Eastern Trunk Line Association.
Wage demands were generally discussed at the meeting of Eastern
instead of dismissing the complaint, reopened the case for
presidents, but no action will be taken until all roads have heard from
more evidence. Present rates, the decision said, had not the
brotherhoods.
been shown at previous hearings to be unreasonable, while
The same paper quotes Ralph Budd, President of the
earnings of Western railroads were found to be low. The
Great Northern Railway, to the following effect:
Washington "Post" of Oct. 17, in stating this, added:
I understand the Commission's order just issued with report to grain
Losses of the railroads resulting from a cut in freight charges on grain,
grain products and hay, which the Western State's complaint asked,
might have to be made up, the decision stated, by increases in rates on
other commodities.
Decision Cites Situation.
"The agricultural industry in the West is mortgaged heavily and deeply
indebted to the banks," the decision said in touching upon the situation
Which led to the filing of the complaint. "The labor and capital of the
grain-and-hay farmer in parts of the Western district receive a reward
much lower than in any important grainful pursuit, and this at a time
when many other industries have shaken off the depression and have
made rapid and substantial strides toward recovery."
Notwithstanding this, and the fall in grain prices, the Commission
concluded, the present rates on the products under consideration in the
Western district, which includes territory west of the Mississippi and
east of the Rocky Mountains, had not been shown unjust or unreasonable
of themselves.
In reopening the case, it was suggested further that study of grain
rate conditions in other parts of the United States be made, that resulting
rate revision might apply in all parts of the country. Commissioners
Campbell and McChord dissented from the majority decision, the former
declaring in a separate opinion that immediate decreases should have
been granted.
Costs of a rate reduction in the West on grain and grain products were
not discussed in the Commission opinion, but Clyde M. Reed, Chairman
of the Kansas State Public Utilities Commission, which led in presenting
the reduction demand, estimated that the annual earnings of a railroad
would decrease $17,000,000 if grain rates in the West were cut 10%.
rates broadens the inquiry to rates on grain and grain products so as to
include all railroads in the country instead of confining the inquiry as
heretofore to the Western railroads. The Great Northern welcomes this
further and more comprehensive investigation. I believe it will bring out
the striking facts that the rates on the railroads in the Northwest are only
about 40% higher than 10 years ago, while the railroads as a whole have
had an increase in the same time of about 60%.
Also, the return for the first eight months of 1923 was at the rate of only
about 2.69% per annum for the railroads in the Northwest, while it was at
the rate of about 5.40% for the United States as a whole.
I believe such an investigation will bring out the further facts that the
grain rates charged by the Great Northern and other railroads in the
Northwest for hauling grain to Minneapolis are the lowest in the United
States for the service performed and in effect bring points in that territory
from 100 to 200 miles closer to the market than points similarly situated
further south.
That is, the Northwestern lines charge to Minneapolis for a haul of 300
miles as low a rate as is charged by railroads farther south for a haul of 100
miles, and as distances increase the advantage to Northern shippers is
maintained, the rate charged in Great Northern territory for a haul of 900
miles being approximately the same as that for 750 miles in the territory
further south. Thus, for the same rate the Great Northern and other
lines in the Northwest are performing from 30% up to 100% more service.
The fact that the railroads in the Northwest have already given such
relatively low rates accounts to a large extent for their relatively poor
showing, in my judgment.
The more complete investigation contemplated will show more clearly
than ever that there ought not to be any reduction at this time in the rates
of the Western carriers and particularly in the rates of the Northwestern
carriers. There is no possibility in the Northwestern territory of increasing
business to compensate for the loss.
The Washington dispatch to the "Journal of Commerce"
on Oct. 16, stating that President Coolidge had asked Mr.
Rea to institute a movement among railroad executives
looking to a reduction in freight rates on grain destined for Signalmen on Forty-five Railroads Denied Wage
export, also had the following to say:
Increases by Railroad Labor Board.
President Coolidge also suggested to Mr. Rea that railroads institute
The
U.
S. Railroad Labor Board in a decision on Oct. 16
the same rate on export coal as they apply to coal for domestic use.
In proposing that the same rates apply on coal destined for export as on denied wage increases asked by signalmen on 45 carriers.
coal for domestic consumption Mr. Coolidge directed attention to protests The wage increases asked ranged from 13 to 23 cents an hour.
received from New York and New England that the railroads were carrying
This class of employee was granted an increase of 13 cents
coal through those States to Canadian points at a lower rate than was
an hour by decision No. 2 in July 1920. On June 1921
given coal consigned to consumers and dealers in those sections.
While recognizing that perhaps the lower export rate might be based on their wages were cut from 6 to 8 cents an hour and a further
sound economic reasoning, the President told Mr. Rea it was not likely in
decrease in July 1922 of from 5 to 6 cents an hour brought
his opinion to promote a good feeling.
With respect to reduction of the shipping rate on wheat for export, the the rates of pay to approximately what they were under the
President said he felt that such action by the railroads would be helpful in Federal Administration prior to decision No. 2. The Board
the wheat situation and would prove a wise policy for the railroads te underdecided in denying the request that the cost of living and
take at the present juncture.
Although the suggestions were presented solely to Mr. Rea, the President other elements entering into consideration of the case have
believes that whatever action the Pennsylvania might take after study of not changed sufficiently since
the last decision of 1922 to
the matter would be follbwed by the other railroads concerned in the shipjustify an increase. In a dissenting opinion by A. 0.
ment of export wheat and coal.
Stating that all roads are affected by the Inter-State Wharton, labor member of the Board, it is charged that the
Commerce Commission's order, the New York "Commer- majority members in reaching their decision did not take into
consideration actual cost of living and upward trend in
cial" of the 17th inst. said:
The investigation into grain rates will affect all railroads carrying those outside industries as well as other pertinent factors. The
products and will determine to what extent "the rates, charges, regulations dissenting opinion further suggests to Congress that all
•and practices of carriers subject to the Inter-State Commerce Act are or decisions of the Board
be analyzed by competent persons to
for the future will be unjust, unreasonable or otherwise unlawful and in
such case to prescribe just, reasonable and lawful rates, charges, regulations determine whether the labor has been fairly treated in accordand practices thereafter to be observed."
ance with the provisions of the Transportation Act. Mr.
The Commission has had the question of such an investigation under Wharton's
charges are answered by Chairmen Ben Hooper
consideration for several days. The American Farm Bureau Federation
recently sent a letter to it asking for a 20% reduction in the rates on wheat and R. M. Barton in comments which were attached to
and flour for export.
the decision.
1742
UTE CHRONICLE
To secure the rapid adoption of these demonstraatedly possible results is
of profound public importance. Every time we cheapen power and centralize
its production we create new uses and we add security to production; we also
increase the production; we eliminate waste; we decrease the burden of
physical effort upon men. In sum, we increase the standards of living and
comfort of all our people.
This new era of advanced projects is no theorist's or promoter's dream.
It is a basic fact unanimously supported by our engineers; agreed to by the
responsible men in the industry. It is true that there has been progress in
the actual application of scientific advances in our national equipment, but
we are far from the realization that is to-day practicable. I do not wish to
be construed as stating that no progress has been made in enlarged co-ordination of power production and distribution. The electrical companies, under
the regulation of the Public Service Commissions, have already made excellent progress in the application of super power principles in many localities.
Power interconnections on the Pacific Coast reach from the southern border
of California to Oregon; the States of Illinois, Indiana, Wisconsin and Michigan are associated in a network of interconnections, as are Georgia, Alabama,
North and South Carolina and Tennessee. This being the case—one purpose
of this conference is to consider—why does this development in this, the
greatest power zone of our country, where the greatest saving can be made,
not make progress? What measures can be devised to stimulate it? What
obstacles in its realization can be removed?
I do not wish to anticipate the results of the conference, but I may point
out that the State and national Governments are blamed by some persons for
this lack of progress. It is said that there is a lack of definite principles and
of co-ordination in the policies of necessary regulation of power utilities by
the different States and a lack of co-ordination and vision in our national
administration of the development of nationally controlled power sources. It
is also said that we should not permit the rivalry between our distribution
systems and competition for territory to restrict the establishment of interconnection of load and the development of great generation units for their
common use.
Whatever the fault may be, it is the purpose of this conference to give preliminary consideration to the problems and principles that might be adopted
in inter-State relations; to discuss what measures can be devised to assure
this needed development and what obstacles in its realization can be removed.
In the matter of public relations to power development and distribution,
it appears to me that one of the first principles we must realize is that the
whole of this development implies the free flow of power. We have thus at
once created at least a physical and economic inter-State question. This
great development of so much public interest cannot come about unless there
Is a complete liquidity in movement of power back and forth across the boundaries throughout the whole of the United States. We cannot secure centralized generation, great water power development, or interconnection of load
unless there is this free flow. Without this we shall have permanently a
larger cost of power and less expansion in its service. There are time-honored disputes over States rights with regard to water, and somewhat similar
questions are being raised as to power. Subject always to the sovereignty of
States in taxation, etc., unless all citizens, irrespective of State, may have
the same rights as to use of power we will destroy the hopes of a very great
economic development
I am advised that it is probably true that no embargo could be constitutionally placed upon power flow across State frontiers but unco-ordinated
legislative and regulative actions by the States and national Government
might amount to economic embargoes and discriminations and thus stifle
development.
Again my argument that we must have free inter-State flow of power implies free flow within the States, and applies with the same strength to the
complete necessity of State-wide regulation uninterfered with by municipal
obstruction. Otherwise we shall have the same dams erected and, thereby, an
increase of costs and the destruction of the ultimate public advantages to be
obtained in this necessity of life and growth.
The regulation of power distribution, profits or rates is a concept fully
fixed into our governmental system.
The economical distribution of power rests, to a large degree, upon local
territorial monopoly. Competitive overlap of power distribution systems
would represent tremendous capital and distribution waste. When we accept
the principle of monopoly we at once must accept the principle of public
regulation. This is a fundamental conception upon which there is no need
for dispute or argument. It is amply accepted by universal State legislation.
Our States have wisely created public service commissions with State-wide
regulatory power in order that rates, profits and distribution might be controlled.
I am not here to advocate Federal super regulation of inter-State movement
of power. I believe that power development and distribution would find its
greatest solution in co-ordinated State regulation, perhaps with assistance
and co-operation of the Federal Government, rather than in any super structure of authority such as has been found necessary in transportation, unless,
of course, necessities of the case cannot be attained otherwise.
In national relations to power development the public reaction against
waste and exploitation of our national resources some years ago broughr
about a great movement for conservation, but it imported into the practice
of conservation an implication of cold storage for these resources. We must
adopt a new thought on conservation. Real conservation lies in use for public interest, not in prevention of use. Every water horse-power that can be
used to-day which runs to waste is a burden on man-power, nor am I here
to advocate that the Federal Government abandon its policies to conservation
of national resources; but I do advocate their proper use for the nation, not
the deprival of the public through old fetishes, old hates and inertia.
One phase of public relationship in this district is involved in the great
water power development of the St. Lawrence. It is of vital importance as
an enormous contribution to the whole Northeastern States. The American
share would amount to 1,200,000 horse-power producable at a cost far lower
than any form of fuel generation. It is a pitiable waste to-day and can only
be mobilized by co-operation of the Federal Government.
In any event, the problems we are here to discuss are from a public point
of view that by virtue of these scientific developments power has now become an Inter-State question. If, in our inter-State conflicts, or national
policies, we are hindering the development of progress of so fundamental a
thing, it is but right that we should consider the subject in all of its aspects
and seek to remedy it.
There is a phase of this whole public relationship that sems to me to be
slowly emerging and that is that the United States will naturally divide
itself into several power areas. For instance, the barren area of power consumption formed by the Adirondacks on the east and the character of natural resources along the Mason-Dixon line on the South create a natural district in the New England and Mid-Atlantic States. Another power district
lies to the west of the Alleghanies and east of the Mississippi River. Still
another district lies in the Southeastern States, again in the Southwestern
States, and still another in the Northwestern States. The problems in each
of these power districts are essentially different as to the originas of power,
the character of their industries, and are affected by the rate of probable
Secretary of Commerce Herbert Hoover on Purpose
of Super-Power Conference.
In addressing the "Super Power Conference in New York
City on Oct. 13, Herbert Hoover, Secretary of Commerce, by
whom the conference had been called, referred to the "lack
of definite principles and co-ordination in the policies
of necessary regulation of power utilities by the different
States, and a lack of co-ordination and vision in our national
administration of the development of nationally controlled
power sources" and stated that "it is the purpose of this
conference to give preliminary consideration to the problems
and principles that might be adopted in inter-State relations; to discuss what measures can be devised to assure
this needed development and what obstacles in its realization can be removed." An exhaustive study into the possibilities of more comprehensive and co-ordinated development
In the Northeastern States, undertaken by the Federal Government three years ago, had demonstrated, said Secretary
- Hoover, "that the savings in these eleven States of a coordinated and fully developed electrical power system by the
time it could be erected could amount to a conservation of
about 50,000,000 tons of coal per annum; that an annual
saving could be made(f over $500,000,000 per annum at an
additional capital outlay of about $1,250,000,000. The conference held in the Engineering Societies Building, and
called, it is stated, with the approval of President Coolidge,
was attended by representatives of Public Service Commissions and engineers in some ten Middle Atlantic and New
England States. A summary of Secretary Hoover's remarks
follows:
I have called this conference with the approval of the President for a preliminary discussion of what co-operative steps Federal and State authorities
can properly take in the promotion of what is called the super power development in the New England Middle Atlantic States. This conference is not
conceived as more Government in business. The public authorities are already deeply in the power business through many forms of regulation and a
very large measure of control of power sources. The thought here is that
co-ordination between public authorities and industries may secure further
consummation of a great advance in the development of a great service to
the public.
The reason and need for this discussion is simply that engineering science
has brought us to the threshold of a new era in the development of electric
power. This era promises great reductions in power cost and wide expansien
of its use. Fundamentally, this new stage in progress is due to the perfection of high voltage, longer transmission and more perfect mechanical development in generation of power. We can now undertake the cheaper
sources of power from water sources further afield, such as the St. Lawrence
and cheaper generation from coal through larger and more favorably placed
generation plants. We can secure great economies in distribution through
the interconnection of load between systems, for thus we secure a reduction
of the amount of reserve equipment, a better average load factor through
pooling the effect of day and seasonal variations, together with wider diversification of use by increased industrial consumption. We can assure more
security in the power supply from the effect of coal strikes and from trans, portation interruptions.
All this means the liquidity of power over whole groups of States. At once
•
power distribution spreads across State lines and into diverse legal jurisdictions. We are, therefore, confronted not only with problems of the coordination in the industries of their engineering, financial and ownership
problems, but also with new legal problems in State rights and Federal relations to power distribution.
This super development of great areas of cheaper power has been dramatized
by those less familiar with the problem, as the construction of great power
highways traversing several States, into which we should pour great streams
at high voltages from great giant water power or central steam stations to be
distributed to the public utilities and other large users along the lines of
these great power streams. This, indeed, serves perhaps to picture what is
meant by super power development. As a matter of practical fact, however,
the natural development of this situation lies first in the interconnection of
power supplies between the existing great utility systems, and second, In
common action for the erection of large units of production at advantageous
points for the mutual supply of two or more of the present systems and in
the development of such great water powers as the St. Lawrence.
Three years ago, at the instigation of our engineering societies the Federal Government undertook an exhaustive study into the possibilities of
more comprehensive and co-ordinated development in the Northeastern
States. This survey, under Mr. Murray's able direction, in which I also participated in an advisory capacity, demonstrated that the savings in these
eleven States of a co-ordinated and fully developed electrical power system
by the time it could be erected could amount to a conservation of about
50,000,000 tons of coal per annum; that an annual saving could be made of
over $500,000,000 per annum at an additional capital outlay of about $1,250,000,000. In this area we are to-day producing something like 9,000,000 h.p.
by direct steam and individual plant generation, a substantial part of which
could be transferred to central generation with great economy.
With the crowding of our population in large areas we are faced with
most difficult questions in the development of terminal facilities, the handling of traffic on our railways. There has been some electrification of
transportation. The engineers who have made systematic super power surveys are convinced that over 40% of the mileage of the railways in this territory could be electrified at substantial economies in operation and with
enlarged service if we should secure this greater and more economical power
development.
The indirect results, both human and material, are even more important
than these figures I have given would imply. They do not take account of
vast losses to industry and commerce by the actual interruption and threatened interruption of fuel supplies to our several hundred thousand independent power units; no account of the relief to shippers from our already overburdened transportation and terminal facilities; no account of the increased
production of our factories from cheaper power• no account of the larger
extension of power into farm and home; in the ;eduction of physical labor,
and increase of comfort.
[VoL. 117.
0.CT. 20 1923.]
THE CHRONICLE
industrial development in some States. And if we are to make rightful solution of national problems we should consider their development as essentially
separate questions.
It is fitting that I should make some remark upon the remarkable progress and ability shown by the whole electrical industry since the days of
Mr. Edison's initial genius. They have come to have a large vision of cooperation and service and have in very large measure realized their responsibilities to the public. One great mark of their progress is that despite the
greatly increased cost of labor, coal and other materials, there is but little if
any increase in the cost of light and power to the consumer to-day over prewar prices. Under the protection of State regulatory bodies over 2,000,000
of our people have invested their savings in. this industry. From an annual
utility production of four billion k.w. hours 20 years ago we have increased
to fifty billions to-day with an increase in consumption from 60 to 500 k.w.
hours per capita. It is a magnificent achievement of the initiative and ingenuity of these industries, and that it has attained such a growth under
public regulation is itself proof of the ability and co-operation of our public
officials. I believe that the same vision applied to the wider problems
which spread before us will maintain the same initiative and secure like
progress in the future.
American Bankers Association Committee Appointments—Past Presidents in Attendance at
Convention.
A reorganized staff of officers and the personnel of commissions and committees for the coming organization year
is announced by the American Bankers Association. Fred
N.Shepherd is reappointed Executive Manager; Thomas B.
Paton, General Counsel, and William G. Fitzwilson, Secretary and Assistant Treasurer. The new Administrative
Committee is as follows:
Administrative Committee.
Walter W. Head, President Omaha National Bank, Omaha, Neb.,
Chairman; Charles H. Deppe, Vice-President Union Trust Co., Cincinnati,
O.; Alexander Dunbar, Vice-President Bank of Pittsburgh N.A., Pittsburgh, Pa.; R. E. Harding, Vice-President Fort Worth National Bank,
Fort Worth, Tex.; William E. Knox, President Bowery Savings Bank,
New York, N. Y.; J. D. Phillips, President Green Valley Bank. Green
Valley, Ill.; Thomas R. Preston, President Hamilton National Bank,
Chattanooga, Tenn.; J. H. Puelicher, President Marshall & Ilsley Bank,
Milwaukee, Wis.; Joseph B. Ramsey, President First National Bank,
Rocky Mount, N. C.; Sam Stephenson, President First National Bank,
Great Falls, Mont.; Oscar Wells, President First National Bank, Birmingham, Ala.; Evans Woollen, President Fletcher Savings & Trust Co.,
Indianapolis, Ind.
1743
Presidents of the American Bankers Association were present
at its recent Atlantic City Convention. Their terms of
office date back to 1886. It was an unusual gathering of
former chiefs, and President Puelicher availed of it to give
an intimate touch to the installation of new officers. President Puelicher said:
There were present at this convention nine of the seventeen living past
Presidents of our organization. I have invited them to help us give greater
dignity, greater solemnity to this installation. It is a fine thing that,
though they served us in this high office, they continue to serve us by their
attendance at our deliberations. It is a feeling of comfort to know they
are sitting near you, so that in the course of your duties, if you are at all
puzzled, you may turn to them for wisdom and direction.
I am sorry that Logan C. Murray, who served as President from 1886
to 1887, was compelled to leave; he stayed here until this morning,a gentleman very nearly eighty years of age, still manifesting that fine interest
In his profession and still attending its conventions. Frank 0. Watts,
1910 to 1911, also compelled to leave; yet just as interested as ever.
I am only calling the names of those who were actually present during
our sessions. Now, William Livingston, 1911 to 1912. To him the
American banker owes the travelers' checks.
1913 to 1914, Arthur Reynolds. We have just been discussing the
Federal Reserve System. Does 1913 and 1914 mean anything to you in
view of that discussion? It was during his term that the Act was passed,
and you may imagine his activities in connections therewith.
1916-1917, Uncle Peter Goebel, called home this morning. He just
wanted to be here. He will go down in history as the War President of
the American Bankers Association.
1917-1918, Charles A. Minch, great unifier. The Sections of the Association were given representation on the Administrative Committee as the
result of the work of Mr. Hinsch.
1918-1919, Robert F. Maddox. 1918-1919, those terrible years in all of
the world and in America's financial affairs. He wrestled with the after-war
problems and wrestled with them successfully.
1919-1920, Richard S. Hawes,to whose wisdom and whose energy, and,
I think I ought to add (because I know something about it), to whose determination we owe the present constitution under which we regulate our
Association's affairs.
1921-1922, Thomas B. McAdams. He had the conception to see the
value of creating contacts outside our own business. He realized that the
banker had been speaking ot himself too much,and therefore first established
a contact with our Government by taking his Administrative Committee
meetings to Washington, going to the President of the United States and
pledging to the President the allegiance of the bankers of America.
Gentlemen, they are our greatest servants, and I am asking you to make
Impressive this installation, to make those who are going to take over the
reins of the government of our Association feel that they with their experience and we with our enthusiasm and loyalty will help them achieve.
The new Finance Committee is as follows:
William E. Knox, President Bowery Savings Bank, New York, N. Y.,
Chairman; W. Meade Addison, President Planters National Bank, Richmond, Va.; Charles W. Carey, President First National Bank, Wichita,
Kan.; J. Elwood Cox, President Commercial National Bank, High Point.
N. C.; Harry J. Haas, Vice-President First National Bank, Philadelphia,
Pa.; Jacob H. Herzog, Vice-President National Commercial Bank & Trust
Co., Albany, N. Y.; J. J. Jamieson, Cashier First National Bank. Shunsburg, Wis.; H. II. Sanger, Vice-President National Bank of Commerce,
Detroit. Mich.; Oscar Wells, President First National Bank, Birmingham, Ala.
With the induction into office of the newly elected officers
—Walter W. Head as President, William E. Knox as First
Vice-President, and Oscar Wells as Second Vice-President--Mr. Puelicher stepped back and swelled the ranks of living
past Presidents to eighteen.
Annual Meeting of Savings Bank Association of State
of New York—Remarks of Wm. Gannon Rose.
The thirtieth annual meeting of the Savings Bank Association of the State of New York was held on Oct. 10 and 11 at
The Chairmen of the commissions and committees as the Westchester Biltmore Club, at Rye, New York. At the
annual banquet on the 11th inst. William Ganson Rose of
appointed by President Walter W. Head are as follows:
building methAgricultural Commission—Burton M. Smith, President Bank of North Cleveland compared the banking and business
ods of Europe and the Near East with the methods employed
Lake, North Lake, Wis.
Commerce and Marine Commission—Fred I. Kent, Vice-President in the United States, saying:
Bankers Trust Co., New York, N. Y.
My observatons brought the keen realization of the superiority of the
Economic Policy Commission—M. A. Traylor, President First Trust &
Savings Bank, Chicago, Ill.
Banking and Currency Committee of the Economic Policy Commission—
Paul M. Warburg, Chairman of board International Acceptance Bank.
New York, N. Y.
Public Relations Commission—Francis H. Sisson, Vice-President Guaranty Trust Co., New York, N. Y.
Committee on Canadian Relations—David R. Forgan, President National City Bank of Chicago, Chicago, Ill.
Committee on Conference, Agricultural Credits—P. J. Leeman, VicePresident First National Bank, Minneapolis, Minn.
Committee on Express Companies and Money Orders—John G. Lonsdale,
President National Bank of Commerce, St. Louis, Mo.
Committee on Library—Francis H. Sisson, Vice-President Guaranty
Trust Co., New York, N. Y.
Committee on Membership—T. J. Hartman, President Producers National Bank, Tulsa, Okla.
Committee on Non-Cash Items—J. W. Barton, Vice-President Metropolitan National Bank, Minneapolis. Minn.
Committee on Public Education—J. H. Puelicher, President Marshall &
Belay Bank, Milwaukee, Wis.
Committee on State Taxation—Ray Nyetnaster, Vice-President American
Commercial & Savings Bank, Davenport, Ia.
Special Committee on Taxation—Oliver C. Fuller, President First Wisconsin National Bank, Milwaukee. Wis.
Fiftieth Anniversary Committee—Lewis E. Pierson, Chairman of board
Irving Bank-Columbia Trust Co., New York, N. Y.
Insurance Committee—W. F. Keyser, Secretary Missouri Bankers Association, Sedalia, Mo.
Committee on Branch Banking—Grant McPherrin, President Central
State Dank, Des Moines, Ia.
Committee on State Legislation and State Legislative Couacil—W. D.
Longyear, Vice-President Security Trust & Savings Bank, Los Angeles Cal.
We issued on Saturday last (Oct. 13) our annual publication—"American Bankers' Convention Section" or Supplement—in which we give in detail the proceedings of the
annual convention at Atlantic City, Sept. 24 to 27, of the
American Bankers Association, covering not only the proceedings of the main organization, but the various Sections
and Divisions. We have already referred in these columns
(Sept. 29, page 1412, and Oct. 6, page 1524) to the deliberations, resolutions, &c. Nine out of seventeen living past
banking methods of our own country. Our dollar is the soundest money
standard in the world. Our banks are the most efficient, enterprising and
helpful of all banking service stations. Our bankers are the most able.
loyal and progressive of economic leaders. In fact, the marvelous advance
of our nation in the fields of industry and commerce is due in large measure
to the stability of the dollar and the co-operation of the banker.
Mr. Rose pictured European conditions as he found them,
saying:
Catastrophe can only be averted by strong leadership and the setting aside
of selfish national interests. Most of Europe and the Near East, morally.
pientally, politically and economically, is steadily slipping back. This
makes greater than ever before the responsibility of the United States to
set for the world an example of decent living and high ideals. Let us hope
and pray that there will soon be a turning toward better things, and when
tho opportunity is granted to the United States to work in a practical
manner toward international reconstruction, let us enter into our responsibilities with all the power of which we are possessed.
Pamphlet of Equitable Trust Co. of New York on New
York State Income Tax.
The Equitable Trust Co. of New York has just issued a
pamphlet dealing with the New York State income tax on
individuals, estates and trusts, as amended by the 1923
Legislature. The complete text of the law, with all the
amendments made at the current year's session of the Legislature, is furnished in the booklet, which is made especially
valuable by reason of the fact that the 1923 changes in the
law appear in italics.
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
The New York Stock Exchange membership of Henry B.
Guthrie was reported sold this week to M. H. Thomas, the
consideration being stated as 882,000. The last previous
sale was at 880,000. Announcement was made to-day of
the purchase of a membership for Messrs. Foster, McConnell
& Co.
1744
THE CHRGNIGLE
The capital of the Corn Exchange Bank of New York,
now $9,075,000, is to be increased to $10,000,000. A
resolution to this effect was adopted by the directors on
Oct. 17, the stockholders being called to act on the proposal
on Nov. 21. The following is the resolution:
Resolved, That it is advisable and this Board recommends to the stockholders that the capital stock of the Corn Exchange Bank be increased to
the amount of 310,000,000, divided into 100,000 shares of the par value
of $100 each.
Resolved, That the action of this Board be submitted to the stockholders
for the purpose of voting upon said increase at the special meeting of the
stockholders, which the President shall call upon the written request of at
least twenty shareholders holding in the aggregate at least one-fourth of
the existing shares of the Association, which meeting is to beheld at this
bank on the 21st day of November 1923 at 12 o'clock noon.
Resolved, That it is deemed most advisable for the interests of the bank
that upon said increase being authorized, the additional stock be issued
and disposed of as follows Each stockholder of record on the 7th day of
December 1923, shall have the right to subscribe at $100 per share, to an
amount of the new stock equal to 10% of the stock held by him on said 7th
day of December 1923. In this manner 9,075 shares will be subject to subscription at par, leaving a balance of 175 shares. These shares and any of
the 9,075 shares not subscribed for will be sold at public auction in lots as
small as any bidder may wish to bid for same, and if there is no request for
sale in smaller lots, the entire amount to be sold will be sold in one lot.
All subscriptions shall be based on the agreement that fractional parts of
shares shall not be entitled to dividends.
Such stockholders or their assigns who shall subscribe shall deposit their
subscription blanks and pay their subscriptions on or before 3 o'clock on the
3d day of January 1924, for which temporary certificates shall be issued,
and such temporary receipts shall be exchangeable for stock certificates on
the 5th day of January 1924, on which date said stock certificates shall be
Issued to subscribers.
Resolved. That the President be and he hereby is authorized to send to
all stockholders of record a circular to be signed by the said President
setting forth this resolution.
At a meeting of the board of directors of the Liberty
National Bank in New York on Sept. 27, C.S. Andrews, Jr.,
was elected Vice-President. Mr. Andrews was formerly
Vice-President of the United States Mortgage & Trust Co.
in charge of its 75d Street Branch; his resignation was referred to in four issue of Oct. 6, page 1524.
[VOL. 117.
President, succeeding the late George E. Brock. In adition, Nelson J. Bowers and Lindley A. Bond have been
elected Assistant Treasurers, and, together with Robert F.
Nutting, now holding that office, complete the official
organization of the bank.
The Plainfield Trust Co. of Plainfield, N. J., which began
business in 1902 with deposits of $124,000,showed on Sept.14
1923 deposits amounting to $10,439,001. This is only the
second published statement of the company during the incumbency of its new President, Harry H.Pond, who in June
of this year was elected President of the institution. The
growth is all the more remarkable considering Plainfield's
close proximity to New York City banks, and that fact that
four other local banks are supported by a population of less
than 31,000. Mr. Pond has been connected with the Plainfield Trust Co. since 1910, when he became Secretary and
Treasurer. In 1913 he was elected Vice-President of the
Mechanics & Metals National Bank of New York, and at
the same time was elected to the Vice-Presidency of the Plainfield Trust Co. Mr. Pond, who is a banker of wide experience and sagacity, continues in his New York connection.
The active executive management of the Plainfield Trust
Co. is ably directed by DeWitt Hubbell, who holds the position of Vice-President, Secretary and Treasurer. The Plainfield Trust Co. is also distinguished for the successful men
of high character and ability that have been called to serve
on its board of directors, which is composed of Charles W.
McCutcheon, Chairman of the Board; Henry M. Cleaver,
Frederick Geller, Arthur M. Harris, Augustus V. Heely,
DeWitt Hubbell, Edward H. Ladd Jr., Harry H. Pond,
Charles A. Reed, Frank H. Smith, John P. Stevens, Samuel
Townsend, Cornelius B. Tyler, and Lewis E. Waring. The
officers of the company are Harry H. Pond, President;
Augustus V. Heely, Vice-President; DeWitt Hubbell, VicePresident and Secretary-Treasurer; F. Irving Walsh, Assistant Secretary-Treasurer; H. Douglas Davis, Assistant
Secretary and Trust Officer; Russell C. Doeringer, Assistant
Treasurer.
James P. Warburg, Vice-President of the International
Acceptance Bank, has recently returned after a three months
trip abroad. Mr. Warburg visited the various banks in
England and on the Continent where the International
Acceptance Bank has its own stockholding correspondents,
James J. Keating Jr., until recently Treasurer of the Union
and devoted his time to ascertaining business and financial County Savings Bank of Elizabeth, N. J., was arrested on
conditions.
Oct. 3 for alleged conversion to his own use of the deposits
of
the bank for an unknown amount. He was held in a bond
An evidence of the manner i- n which New York City banks
are providing for future expansion is the policy adopted of $15,000, which was furnished. Keating, according to the
by the Mechanics & Metals National Bank of New York New York "Times," was made Treasurer of the bank on
in constructing new and modern quarters for its branches. Feb. 1 of this year after a long and respected service in its
Two of them are now in the process of construction; another employ, which began in 1905. H. C. Hurt, the President of
was formally opened on Oct. 11 at Second Ave. and 14th St. the bank, is reported as saying that Keating had been disThis building, which is accessibly lcated to all parts of the missed as Treasurer about three weeks ago. when the alleged
lower East Side of New York City, took a year to con- shortage had been discovered, and had not been arrested until
given an opportunity to make full restitution, a requirement
struct. It is of red brick with white stone columns and trim.
The main banking room is spacious and particularly light ho had failed to fulfill.
and well ventilated. A safe deposit vault of the most
A press dispatch from Philadelphia on Oct. 15 to the
modern construction has been installed. The door of this New York "Journal of Commerce" stated that on that day
vault weighs six tons and as a protective measure it is tha stockholders of the
People's Bank of Philadelphia had
equipped with a system of time locks. William MacCam- ratified the proposed consolidation of the institution and the
mon,who has been Manager of the Stuyvesant Square Branch People's Trust Co. The stockholders of the latter institufor a number of years, and has a wide acquaintanceship tion, it was said, had already given their consent to the
in the district, continues in that position.
• merger. As stated in our issue of July 14, the resulting
institution will be known as the People's Bank & Trust Co.
The Guaranty Trust Co.
of New York has just issued two and will have a capital of $1,250,000 and total
resources of
new booklets, "Some Things to Consider in Having Your
$12,500,000. Henry R. Robins, for many years a ViceLawyer Draw Your Will," which outlines some of the pracPresident of the Land Title & Trust Co. of Philadelphia,
tical business considerations for the individual to have in
will head the new institution.
mind in planning a will or in reviewing an old one, and
"Trusteeing Your Insurance," which discusses the advanNewspaper advices from E-rie, Pa., state that, following
tages of placing in trust the proceeds of life insurance policies. the discovery of a shortage of approximately
$67,000 in
the funds of the Citizens' Bank of Albion, Pa., the instituThe American Colonial Bank of Porto Rico, main office,
San Juan, announces that it has acquired the Ponce, Porto tion was closed on Oct. 10, and R. J. Griswold, its Cashier,
taken into custody for alleged falsifying of the books of the
Rico, branch of the National City Bank of New York.
bank. Later he was released in $15,000 bail pending a
The San Juan bank reports a paid-in capital of $1,000,000
hearing of his case. When the closing of the Albion bank
and surplus of $200,000.
became known, it is said, the First National Bank of Erie
The International Securities Trust of America announces offered to take over the institution. The stockholders
that Leland Rex Robinson, formerly American Financial also; it is said, offered to make good any loss. A statement
Trade Commissioner, London, has been elected a trustee. issued on the morning of Oct. 10 showed, it is said, that the
Mr. Robinson has also been connected with the Bureau of bank had approximately $87,000 to cover the reported
Foreign & Domestic Commerce of the Department of Com- losses, namely, combined capital, surplus and undivided
merce. He sailed last week on the Mauretania to study profits of $77,000, and a cashier's surety bond of $10,000.
economic conditions in Europe.
According to a press dispatc-h from Meadille, Pa., on Sept.
H. Wendell Prout has been elected Treasurer of the Home 20, printed in the Pittsburgh "Post" of the following day, a
Savings Bank, Boston, Mass., to fill the vacancy caused verdict of "not guilty" was returned by a Jury in the Crimby the promotion of Carl M. Spencer to the position of inal Court at Meadville on that day (Sept. 20) after it had
OCT.20 1923.]
T H v,
CHRONICLE
•
1745
have grown to approxideliberated for four hours in the case against Paul Sturte- gained more than $60,000,000. and our resources
mately $300,000,000. Because of this splendid increase, and the expected
vant, President, and E. T. Baird, Assistant Cashier, of the continuance
of our growth, we feel that plans should now be made to
defunct Bank of Conneautville (Conneautville, Pa.), charged preserve our established ratio between capital and deposits. Moreover,
where the bank has
with conspiracy. The trial lasted a week and attracted the demand for stock in many of the communities
established branches was not satisfied by the last issue. By offering
great attention in the northwestern part of the State. At this new stock now, we shall be able to meet the requirements of the people
the close of the case, it is said, District Attorney August in cities such as Petaluma, Vacaville, Salinas and Ontario, recently entered.
The directors expect to ask waivers from the present
Delp announced that other charges against the defendants
would be tried in January. We referred to the closing of stockholders in order that the first 12,500 shares of this
the Bank of Conneautville in these columns in our issue of new issue may be used to reimburse those from whom it was
previously borrowed by the Stockholders' Auxiliary Corp.
Feb. 11 1922 and subsequent issues.
With the issuance of these 50,000 additional shares of Bank
George Davidson of the Union Drawn Steel Co. of Beaver - of Italy and Stockholders' Auxiliary Corp. stock, these
Falls, Pa., has been elected a director of the Bank of Pitts- corporations will have a combined working capital, it is
burgh, N. A., succeeding F. N. Beegle, deceased.
stated, of approximately $45,000,000.
Charles F. Hess, for fifteen years President of the Dime
According to newspaper advices from Toronto this week,
Bank Title & Trust Co. of Wilkes-Barre, Pa., has been
a
"run"
on the Dominion Bank of Canada (precipitated, it
elected Vice-President of the West Side Trust Co. of Wilkesis
understood, by false rumors as to the soundness of the
Barre. With his election to his new post, Mr. Hess retires
institution),
which on Saturday and Monday kept the staffs
as President of the Dime Bank Title Trust Co.
of all the 30 branches of the institution in that city hard at
It is planned to increase the capital of the Liberty State work subsided almost as quickly, as it began. On Tuesday
Bank of Wilkes-Barre, Pa., from $75,000 to $225,000. A morning the Ontario Government made a deposit to the
special dividend will be paid to stockholders who are given credit of the Province of $1,500,000 in the institution and
the right to subscribe to the new stock in proportion to their the publication of this news, said the Toronto "Globe" of
present holdings, of subscribing to the new issue. The stock- Oct. 17, and of the statement of the Dominion Bank officials
holders will act on the proposal to increase on Jan. 8 1924, was in itself enough to reassure the public mind, "but if
and the enlarged capital is to become effective Jan. 9. It is additional proof of the bank's soundness had been required
planned to issue the new stock (par $50) at $75 per share.
it was forthcoming in almost unlimited volume yesterday.
No sooner had the story of the panic beem broadcast over
Frederick W.Hecht, the Ca- shier of the American National Canada and the United States than messages proffering
Bank of Dayton, 0., whose defalcations caused the institu- assistance began to come to the General Manager from all
tion to close on Aug. 16 last, was on Oct. 10 sentenced to points of the compass. As it happened, the assistance
ten years' imprisonment in the Federal Penitentiary at promised proved unnecessary, but had an emergency arisen
Atlanta by Judge Smith Hickenlooper in the United States Mr. Bogert could have relied on the resources of one of the
District Court at Cincinnati, following his plea of "guilty" strongest and wealthiest banks in the United States, the
to the embezzlement of $306,000, according to newspaper National City Bank of New York." The following statement
advices from Cincinnati. We referred to the failure of the (as printed in "Financial America" of this city on Thursday
bank and the subsequent taking over of its business by the Oct. 18) was made by Sir Frederick Williams-Taylor, PresiMerchants National Bank of Dayton in these columns in dent of the Canadian Bankers Association. It read:
our Sept. 8 issue.
The Canadian Bankers Association feels satisfied that the Dominion
On Oct. 10 the board of d-irectors of the Central Manufacturing District Bank of Chicago voted to transfer $100,000
from the undivided profits account to the surplus account,
bringing the latter to $500,000. The capital stock is now
$500,000, making the capital and surplus $1,000,000. Remaining undivided profits amount to approximately $80,000.
The Central Manufacturing District Bank opened for business Oct. 7 1912 with,a capital stock of $250,000. Since
its organization the bank's business has shown a steady
increase,resources now being reported in excess of ,000,000.
Bank is in an absolutely sound and strong position,and able to meet without
difficulty all demands likely to be made upon it, and I know that all the
other banks comprising the Association would without doubt stand behind
the Dominion Bank if it were necessary.
The New York agency of the Sumitomo Bank, Ltd.,
at 149 Broadway, announces that Sakio Imamura, heretofore the New York agent, has been appointed Chief Manager
of the bank's Head Office in Osaka, Japan, and Giichi
Higashi, Assistant Agent, has succeeded Mr. Imamura as
New York Agent. Chozo Shirai, Assistant Agent, has been
transferred to the Head Office and Shogo Ijara and Shuzo
In keeping with the growth and development of its bank- Hirasa have been appointed Assistant Agents of the New
ing facilities, the Lumbermens Trust Co.-Bank of Portland, York office.
Ore., has added four more executives to its staff. Its board
Norma C. Stenning, Agent of the Anglo-South American
of directors announce the election of:
Ltd., has received a cablegram from his Head Office
Bank,
M.
Blankenship
as
Vice-President,
Fred
formerly Sales Manager of the
at London announcing that the net profits of the bank for
bond department of the bank.
Harry C. Kendall as Vice-President,formerly President of Clark, Kendall the year ending June 30 1923 were £436,000, after making
& Co., Inc., of Portland.
provision for all contingencies. In April an interim diviCarlos C. Close as Vice-President, formerly Vice-President of Clark,
dend of 6s. (six shillings) per share was declared involving
Kendall & Co., Inc.
Arthur R. Stringer Jr. as Assistant Vice-President, for 22 years actively a distribution of £196,000 and a final dividend of 4s. (four
identified with the commercial department of the First National Bank of
shillings), or £133,500, is now declared, making 10% for
Portland.
the year. £25,000 has been applied to the Staff Pension
The Fort Worth National Bank of Fort Worth, Tex., Fund and a balance of £337,000 carried forward as against
celebrated its golden anniversary by a reception in its bank- £256,000 brought forward from the last year.
ing rooms on Oct. 16 from 7 to 10 p. m. Invitations, engraved in gold, were issued to its firends and patrons.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
The issuance of 50,000 addi- tional shares of the authorized
capital stock of the Bank of Italy was sanctioned on Oct. 11 Samuel Montagu & Co. of London, written under date of
by the directors of the Bank of Italy, San Francisco, this Oct. 3 1923:
GOLD.
increasing the bank's paid-in capital to $20,000,000. This
The Bank of England gold reserve against its note issue on the 26th inst.
increase, it is stated, will make the Bank of Italy one of the was £125,828,205, as compared with £125,827,580 on the previous Wednessix largest financial institutions in the United States in day. A fair amount of gold has been on offer this week,but Indian demand
being on a small scale the bulk of supplies will go to the United States.
point of capital. Three of the other banks with an equally Gold valued at $5,975,000
has arrived in New York from London. The
York,
and
New
two
are in Chicago. Southern Rhodesian gold output for August 1923 amounted to 53,256
large capitalization are in
ounces,
as
compared
with 54,383 ounces for July 1923 and 56.037 ounces
A. P. Giannini, President of the Bank of Italy, says:
scale has been
We are issuing this new stock first to reimburse the Stockholders' Auxiliary Corp. immediately with 12,500 shares borrowed by it from stockholders, to accommodate the over-subscription in July last year, when
the bank increased its number of stockholders from 4,000 to 14,000. Subscriptions will be accepted at once for an additional 12,500 shares of Bank
of Italy and Stockholders' Auxiliary Corp. stock at $225 per combined
share, after formal notification to stockholders. The books will close
Dec. 31 of this year. Subscriptions for the remaining 25,000 shares will
be received after Jan. 1 next year at $250 per combined share.
Further, it has always been our policy to make the increase in the bank's
capital keep pace with its growth in deposits. Since July of last year,
when our paid-in capital was increased to 315,000,000, our deposits have
for August 1922. It is reported that gold on a payable
discovered at Yanavrai, Vanualovu, in Fiji, giving a yield of 54 ounces
from 35 tons. The Government have asked New Zealand for the loan of
a mining geologist to advise on the question of working the area.
SILVER.
The feature of the market has been the keen demand for prompt silver
contracts
falling due and also for shipment to India. Prices rose
to cover
sharply until yesterday, when the cash quotation reached 32 Id. and the
premium for cash delivery over forward delivery 34d. (the highest paid
since Jan. 27 last, when the premium stood at 15-16d.). The rising prices,
however, elicited sales from China and elsewhere, and to-day a setback was
recorded in the cash price, while the premium receded to 9-16d. Under
1746
THE CHRONICLE
date of Sept. 13 last we are informed by Indian mail as follows: 'The
Bombay silver market was excited during the week owing to the sinking
of the American mail boat Cuba. Speculators were inclined to buy for
the near deliveries, with the result that the price for the first settlement
has advanced ten annas more than the second settlement. There was
good business doing in the Bazaar and the banks were also active. The upcountry demand for the metal is about 100 bars per day." No fresh
Indian currency returns have come to hand. The stock in Shanghai on
the 29th ult. consisted of about 26,700,000 ounces in sycee, $37,500,000
and 4,330 silver bars, as compared with 26,100,000-ouncerrin-eicee7$36::
000,000 and 1,380 silver bars on the 22d ult. Statistics for the month of
September are appended:
-Bar Silver, per or. std.- Bar Gold,
Cash Delivery. 2 Mos.' Del. per or.fine.
Highest price
323id.
32d.
91s.4d.
Lowest price
30 15-16d. 30 13-16d. 90s.2d.
Average price
31.697d.
31.390d.
908.8.7d.
-Bar Silver, per or. std.- Bar Gold,
Quotations-Cash.
Two Mos.
per or.fine.
Sept.27
31Pgd.
317-16d.
90s.6d.
Sept.28
31%cl.
313-16d.
90s.7d.
•
Sept.29
3118-16d. 31,4d.
Oct. 1
32 1-16d.
31 7-16d.
90s.8d.
Oct. 2
323d.
31%d.
90s.9d.
Oct. 3
31 15-16d. 3134d.
90s.7d.
Average
31.948d.
31.365d.
90s.7.4d.
• The silver quotations to-day for cash and forward delivery are respec
tively 1-16d. above and the same as those fixed a week ago.
[VOL. 117.
sold back to 168 and closed to-day at 167. Standard Oil
(Kentucky) rose from 913' to 92%,reacted to 909, and sold
finally at 913/
2. Gulf States Oil & Refining was an active
feature and sold up from 6 to 7, the close to-day being at
65
%. Carib Syndicate advanced from 33 to 43' and ends
the week at 4%. Salt Creek Producers was off from 19 to
18%.
A complete record of Curb Market transactions for the
week will be found on page 1766.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The feature of the week has been the decline in the railroad shares, a number of which have touched the lowest
figures of the year. Northern Pacific and Great Northern
have been particularly weak. The depressing influence has
been the suggestion of President Coolidge that rates on grain
and coal be reduced. Aside from this, the feature has been
the irregularity of the price fluctuations, each day being
almost a complete reversal of the movements of the preceding day. In the brief two-hour market on Saturday the
ENGLISH FINANCIAL MARKETS-PER CABLE.
prices was toward lower levels. A
The daily closing quotations for securities, &c., at London, early movement of
stronger tone developed toward the end of the session, and
as reported by cable, have been as follows the past week:
showed declines in the early trading
London,
Oct. 13. Oct. 15. Oct. 18. Oct. 17, Oct. 18. Oct. 19. many of the stocks that
advances. Nearly all the
Week ending Oct. 19moderate
with
day
closed
Sat.
the
Mon. Tues.
Wed. Thurs. Fri.
Silver, per oz
d 31 7-16 31 7-16 31%
31%
3134
active issues were in demand at increasing prices during the
3134
Gold, per tine ounce
90s. 7d. 91s. Id. 91s. Id. 91s. 2d. 91s. 4d. 91s. 4d.
greater part of the session on Monday.
Consols, 234 per cents
-- _
58%
583
5834
5834
5834
British, 5 Der cents
With the exception of a short period during the opening
1027i 10234
10234
10234
10234
• British,434 per cents _______
99%
9934
9934
9934
9935
on Tuesday the general price trend was toward lower
hour
French Rentes(in Paris),fr-55.75
55.40
55.35
55.15
55.05
levels, making practically a complete reversal of the moveFrench War Loan(lnParis)
74.45
74.50
74.50
74.45
74.35
The price of silver in New York on the same day has been: ment of the preceding day. The market again displayed a
Silver in N.Y., per oz.(cts.):
strong tone in the opening hour on Wednesday. Movements
Foreign
6334
6334
633(
6334
6334
6334
in most of the stocks were irregular during the forenoon on
Thursday. A heavy tone prevailed in the oil group and
CURRENT NOTICES.
some of the railroad issues broke badly for the reasons
-Announcement has been made that W. D. King has withdrawn from enumerated above. Irregular price movements again prethe firm of Sherwood & King, Houston, Texas, and that
W. D. Sherwood dominated on Friday, but with a brisk rally in the railroad
will continue the business as formerly under the firm
name of Sherwood
& Co. Seth S. Lamb will continue to give his attention to the cotton shares.
department and the New York Listed and Curb stocks.
-Cyrus Peirce & Co. announce the change in the corporate name to
Peirce, Fair & Co. Mr. Harry H. Fair, whose name is now included in
the company title, has been Vice-President and
General Manager since
the organization of the firm of Cyrus Peirce & Co.
-Myron 8 Hall & Co., members of the New York
Stock Exchange,
announce the appointment of Kenneth L. Mytinger and
Howard E. RalneY
to represent the firm in Springfield, Mass.
-George W. Kirtland, formerly with McDonnell
& Co., has become
associated with Horwitz & Co., 60 Wall St., N. Y.,
in charge of their
public utilities department.
-Jelke, Hood & Co., 40 Wall St., N. Y., in the current
issue of their
market review, give a special summary and forecast
in reparations and
Germany.
• -Harper & Turner, investment bankers,
Philadelphia, announce that
Frank J. Freller has become associated with them
and will represent
'them as manager of their Reading, Pa., office.
-James K. Watt has been admitted as a general partner
in the firm
of Garrison & Co., Philadelphia and C. Kenneth
Garrison has retired as
a general partner, becoming a limited partner in the
same firm.
-The New York Trust Co. has been appointed registrar
of Amalgamated
Trust Corp. 50,000 preferred stock ($100 par) and 200,000 shares common
stock of no par value.
-Price, Waterhouse & Co. announce the removal of
their Los Angeles
offices to 215 W.7th St.
Mayer
-Alexander
has become associated with Livingston, Paperno
Wachtell, accountants and industrial engineers.
-Wm. C. Hess Jr. & Co., Philadelphia, have opened a bond department under the management of Rowland Lippincott.
-George W. Kirtland, formerly with McDonnell & Co., has become
associated with Horwitz & Co.in charge of their public utilities department
THE CURB MARKET.
Active trading in the Curb Market this week was confined
to a few issues, business elsewhere being dull and uninteresting. Prices moved without definite trend except in a few
issues. Park & Tilford was the outstanding feature which
moved up sharply on heavy purchases from 25% to 31%,
reacting finally to 303.. American Hawaiian Steamship
advanced from 123/i to 163 and ends the week at 16. Cuba
Company rose from 34 to 35, The company declared its
initial dividend this week. Curtiss Aeroplane common
stock ctfs. of dep. moved up from 93' to 12. Durant Motors
improved from 26 to 313.( and reacted finally to 27%. Durant Motors of Indiana gained 13' points to 9 and finished
to-day at 83'. Ford Motor of Canada sold up from 4333 to
435, then down to 4173. In the oil group Standard Oil
(Indiana) continues the most active and advanced from 54%
to 563., reacting finally to 553.. Standard Oil of New York
was up from 413/i to 423,receded to 41, and to-day sold up
to 423, the close being at 42. Buckeye Pipe Line dropped
from 773 to 723/i and closed to-day at 74. Prairie Oil &
Gas, after an early advance from 167 to 169, sank to 164,
COURSE OF BANK CLEARINGS.
the present week again show a decrease
clearings
Bank
compared with a year ago. Preliminary figures compiled by
us, based upon telegraphic advices from the chief cities of
the country, indicate that for the week ending to-day (Saturday, Oct. 20) aggregate bank clearings for all the cities of the
United States from which it is possible to obtain weekly returns will show a decrease of 12.1% as compared with the
corresponding week last year. The total stands at $8,160,084,678, against $9,278,507,485 for the same week in 1922.
At this centre there is a loss of 21.6%. Our comparative
summary for the week is as follows:
Clearings-Returns by Telegraph.
Week ending Oct. 20.
1923.
1922.
Per
Cent.
-21.8
-5.2
-.8.6
-9.7
-19.6
53,441,000,000
New York
567,708.645
Chicago
470,000,000
Philadelphia
382,000,000
Boston
115,415,884
Kansas City
St.Louisa
158,600,000
San Francisco
146,877,000
Los Angeles
155,082,840
Pittsburgh
120,776,901
Detroit
107,380,925
Cleveland
89,280,320
Baltimore
59,883,132
New Orleans
54,389,189,876
598,848,549
503,000,000
401,000,000
143,538,960
a
152,900,000
102,958,000
•172,500,000
104,053,720
97,694,798
92,510,130
64,852,333
4113.7
+42.7
-10.1
+16.1
+9.9
-3.5
-7.7
Total 12 cities, 5 days
Other cities, 5 days
55,793,985,847
1,006,084,918
$6,822,846,366
909,243,205
-15.1
+10.6
Total all cities, 5 days
All cities, 1 day
W800,070,565
1,360,014,113
57,732,089,571
1,546,417,914
-12.1
-12.1
as in Mid A72
SO 9717 AA7 4RA
--I2.1
a will not report clearings. •Estimated.
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday), and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, whieh we
present further below, we are able to give final and complete
results for the week previous-the week ending Oct. 13. For
that week there is a decrease of 12.7%, the 1923 aggregate of
the clearings being $6,270,254,995 and the 1922 aggregate
$7,185,470,280. Outside of this city the decrease is only
1.8%, the bank exchanges at this centre having fallen off
21.7%. We group the cities now according to the Federal
Reserve districts in which they are located, and from this
it appears that in the Boston Reserve District there is a decrease of 2.7%, in the New York Reserve District (because
of the loss at this centre) of 21.2%, and in the Philadelphia
OCT. 20 1923.]
THE CHRONICLE
Reserve District of 9.5%. In the Cleveland Reserve District the totals are smaller by 4.9%, in the Atlanta Reserve
District by 0.1%, and in the Chicago Reserve District by
2.0%, In the Richmond Reserve District there is an increase of 0.3%,in Minneapolis Reserve District cf 4.9%,and
in the Dallas Reserve District of 8.4%. In the St. Louis Reserve District there is a falling off of 2.5% and in the Kansas
City Reserve District of 7.5%. The San Francisco Reserve
District enjoys a gain of 7.3%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week ending
oa. 13 1923.
1923.
1922.
Ingot
Dec.
Federal Reserve Districts.
(1st) Boston
11 citie6 344,746,261 354,352,871
10 " 3,164,470,833 4,014,662,808
(2nd) New York
414,373,831 467,959,583
(3rd) Philadelphia _ _10 "
337,316,278 354,631,144
9 "
(4th) Cleveland
a - 171,833,678 171,295,454
(5th) Richmond
183,305,112 183,540,351
12 "
(6th) Atlanta
715,913,758 730,384,171
19 "
(7th) Chicago
74,423,262 76,367,906
(8th) St. Louis
139,330,214 132,765,615
(9th) Minneapolis.- - - 7 "
234,176,132 253,277,327
11 "
(10th) Kansas City_
74,761,156 68,944,015
5 "
(11th) Dallas
415,604,430 387,289,035
(12th) San Francisco_ -16 "
1921.
1920.
-2.7 328,008,321 393,341,848
3,541,216,543 4,574,731,565
393,068,216 499,545,719
-4.9 305,075,504 422,957,087
+0.3 145,751,466 190,574,185
159,072,839 203,009,924
651,974,355 936,509,859
66,654,274 73,327,228
+4.9 129,752,930 178,919,161
268,742,040 348,692,662
65,039,279 75,645,486
+8.
+7. 341,677,541 407,857,027
122 cities 6,270,254,995 7,185,470,293 -12.7 6,375,533,308 8,302,111,751
Grand total
3,176,502,903 3,234,762,517 -1.8 2,866,566,227 3,795,847,212
Outside New York City
Canada
29 cities 367,639,479 336,060,060 +9.4 347,223,782 436,569,533
We now add our detailed statement, showing last wetles
figures for each city separately, for the four years:
Week Ending October 13.
Clearings at--;
1923.
1922.
inc. Or
Dec.•
1921.
$
$
$
%
First Federal Reserve Dist net-Boston959,442
Maine-Bangor
1,198,676 -19.8
081,879
3,137,161
Portland
3,386,426 -7.4
2,432,100
Mass -Boston.- 300,000,000 309,000,000 -2.9 287,747,206
2,532,038
Fall River
2,481,357 +2.0
2,128,955
Holyoke
a
a
aa
Lowell
1,233,254
1,140,260 +8.2
1,110,153
a
Lynn
a
aa
New Bedford._
1,733,446
2,014,395 -13.9
1,779,595
Springfield_ .__
4,547,746
4,698,482 -3.2
3.839,852
Worcester
3,026,000
3,645,000 -17.0
3,527,272
Conn.-Hartford.
8,602,445
9,057,484 -5.0
7,607,703
New Haven...
6,339,729
5,732,791 +10.6
5,109,806
R.I.-Providence d12,635,000 *12,000,000 +5.3
11,923,800
Total(11 cities)
344,746,261
354,362,871
-2.7
328,008,321
1920.
$
900.000
3,300,000
341,710,651
1,904,896
a
1,425,093
a
1,924,203
5,321,069
4,381,473
9,075,222
5,806,241
14,593.200
390,341.848
Second Feder al Reserve D Istrict-New YorkK. Y.-Albany..
4,228,082
3,970,538 +6.5
3,759,319
5,200,000
Binghamton...
1,036.700
1,121,700 -7.6
981,400
1,237,600
Buffalo
d48,375,203
38,951,232 +19.1
31,562,210
41,434,777
Elmira
618,330
615,780 +0.1
Jamestown._ d1,380,253
1,299,363 +6.2
1,075,871
949,571
New York
3,093,752,092 3,950,707.763 -21.7 3.488,967,081 4,606.264,539
Rochester
8,892,789
9,948,251 -10.6
8,475,141
11.572.100
Syracuse
4,538,330
4,167,400 +8.9
3,918,939
4,632,949
Conn.-Stamford
c3,275,839
3,503,919 -6.5
2,091,458
2,933,268
N. J.-Montclair
375,215
376,862 -0.4
405,124
506,761
Total(10 cities) 3,164,470,833 4,014,662,808 -21.23,541,216.5434,574,731,565
Third Federal Reserve Dist rIct-Philad elphia.Pa.-Altoona ....
1,394,598
1,329,689 +4.9
1,129,795
Bethlehem....
3,604,378
3,465,700 +4.0
2,293,949
Chester
1,764,009
1,637,476 +7.7
1,002,729
Lancaster
2,941,895
3.071,292 -4.2
2,717,803
Philadelphia__ _ 387,000,000 433,000,000 -10.6 372,000.000
Reading
3,230,343 +4.7
3.381.208
2,712,739
Scranton
4,993,608
3,974,726 +25.6
4,498,706
Wilkes-Barre.. 63,484,641
2,700,873 +29.0
2,218,927
1,411,643
York
1,381,705 +2.2
1,289,892
4,397,851
N.J.-Trenton..
4,167,779 +5.5
3,203,676
a
Del.-Wilm 'gton
a
a
•
Total(10 cities)
414,371,831
457,959,583
-9.5
1,162,535
4,516,540
1,581,546
2,928,063
471,757,711
3,500.000
6,430.182
2.412,777
1,490,691
4,765,674
a
393,068,216
499,545,719
Fourth Feder al Reserve D IstrIct-Clev eland 6,105,000 +34.4
d6,861,000
Ohio-Akron
7,527,520
4,475,417 -13.7
3,860,604
Canton
3,319,256
56,079.963 +2.5
67,495,794
Cincinnati --50,309,138
91,969,906
+14.9
d105.663,000
Cleveland
77,955,733
15,428,600 -13.8
13,301,800
13,532,900
Columbus
a
a
a
a
Dayton
a
a
a
Lima
a
1,172,247 +55.7
d1,824,836
Mansfield
1,130,384
a
a
a
a
Springfield-a
a
a
Toledo
a
3.406.810
+41.5
d4,821,564
3,209,290
Youngstown a
a
a
a
Pa.-Erie
139,380,014 *172,800,000 -19.3 144,006,159
Pittsburgh _ _
-2.0
4,193,20
4,107,666
4,085,124
W.Va.-Wheel..
li
12,320,000
4,000,000
67,258,382
136,330,699
16,232,600
a
a
1,627.671
a
a
5,542,507
a
174,345,228
5,300,000
364,631,144
-9.9
306,075,504
422,957,087
Fifth Federal Reserve Die trIct-RIchm ond1,820,658 -7.5
1,684,579
W Va--Hunting'n
8,086,380 +11.9
Va.-Norfolk ... d9.048,006
52,015,801
+8.6
Richmond
66,480,000
b
b
b
El .C.-Charleston
89,607,760 -6.8
Md.-Baltimore. 83,546,945
19,764,857 +6.6
21,074,148
D.C.-WashIng'n
1,557,608
7.689,792
46,771,357
b
71,388,097
17,844,612
2,250,242
8.729,353
61,727.098
b
100,400,252
17,467,240
Total(9 cities).
337,316.278
171,295,454
+0.3
145,251,466
190,574,185
Sixth Federal Reserve Dis trIct-Aeon
5,978,935
Tenn- Chattan'a
d5,634,810
3,012,820
Knoxville
3,843,578
21,441,536
Nashville
d21,562,000
56,066,433
Ga.-Atlanta
60,148,373
2,737.622
Augusta
2,391,000
1,526,957
Macon
1,755,961
a
Savannah
a
8,680.968
10,647,384
Fla.-Jackson'lle.
27,584.139
21,770.171
Ala.-Birming'm.
1,862,306
Mobile
1,825,701
1,019,647
Mi86.-Jackson
1,413,515
468,951
438,205
Vicksburg
La-New Orleans
53,159,037
51.874,414
ta-5.8
+27.6
+0.6
+7.3
-12.7
+15.0
a
+22.6
-21.1
-2.0
+38.6
-6.6
-2.4
5,770,361
3.486,772
17,194,628
51,917,959
2,303,573
*1,300,000
a
7,763.812
19,440,147
1,554,322
941,519
630,638
46,769,110
8,035,842
3,566,975
24,303,189
66,362,192
3,906,583
*1,600,000
a
9,700.000
20,118,687
2,421,454
749,975
388,885
61,856,142
-0.1
169,072,839
203,009,924
Total(5 citics)_
Total(12 cities)
171,833.678
183,305.112
183,640,351
1747
Week Ending October 13.
Clearings at1923.
1922.
Inc. or
Dec.
Seventh Feder al Reserve D 'strict-Ch I cagoMich.-Adrlan
249,573 +3.7
258,702
Ann Arbor._ _ _
682,596 +41.2
963,859
89,232,053 +5.0
93,665.724
Detroit
6,780,453
Grand Rapids.
6,756,502 +0.4
2,128,614 +6.7
2,270,286
Lansing
2,055,970
Ind.-Ft. Wayne
2,098.436 -2.0
Indianapolis_ _
20,951,000
17,952,000 +16.7
2,418,782 -2.5
2,358,000
South Bend._ _
Wis.-Milwaukee
42,574,329
35,681,556 +19.3
2.661.271
2,389,433 +11.4
Iowa.-Ced.RaP.
11.733,040
Des Moines_
10,215.833 +14.9
Sioux City__ _ _
6.396,004 +18.2
d7,563,000
Waterloo
1,420,209 +26.1
1,791,417
Ill.-Bloomington
1.228.010 -3.6
1,183,762
Chicago
509,647,962 542,162.540 -6.0
a
Danville
a
a
1,145,817
Decatur
1,117,086 +2.6
3,676,749
Peoria
3,928,610 -6.4
2.179,209
Rockford
2,091,707 +4.2
Springfield_
2,453,208
2,234,627 +9.8
Total(19 cities)
715,913,758
730,384,171
1921.
1920.
221,663
606,036
78.897,000
6.450,293
2,542,149
1,680,725
17,203.000
2.086,616
29,924,999
2,159,337
8,908,992
5,651,893
1,446,687
1,310,152
484,193,853
a
1,056,988
3,422,400
1,880,800
2,330,772
295,322
655,998
133,743,728
7,507,824
2,140,582
2,070,446
18.496,000
1,900,000
36.590,441
2,558,682
11,427,403
9,000,000
1,889,811
1,767,910
694,553,646
a
1,614.166
4,800,000
2,800.000
2,700,000
-2.0 651,974.355
936,509,859
Eighth Fedora Reserve Dis trict-St. Lo udsInd.-Evansville_
5,205,691
4.264.937 +22.1
Mo.-St. Louis
a
a
a
Ky.-Loulsville_
26.092,971
25.737.646 +1.4
Owensboro.
592,934
341,397 +73.7
Tenn.-Memphis d25,360,000
29,584,363 -14.3
Ark.-Little Rock
15,538,743
14,868,854 +4.5
Ill.-Jacksonville
339,261
261,572 +29.7
Quincy
1,293,682
1,309,137 -1.2
4,436,210
a
23,760,320
324,949
25,312,895
11,374,974
278.679
1.166,247
5,138.283
a
31,432,562
415,542
22,134.002
12,071,408
515,495
1,619,936
-2.5
66,654,274
73,327,228
Ninth Federal Reserve Dis trict-Mi n n eapolis
Minn.-Duluth_
d9,936,204
8,679,142 +14.5
Minneapolis...
84,241,313
79,419.085 +6.1
37,150,640
St. Paul
36,489,560 +1.8
N. Dak.-Fargo.
2,161,288
2,261,741
S. Dak.-Aberd'n
1,477,364 +10.5
1,638,783
618,815
Mont -Billings.
640,544 -3.7
3,585,201
Helena
3,798,179 -5.6
6,789,163
78.397,317
35.979,362
2,613,952
1,451,997
771,011
3,750,128
13,660.378
106,249.989
49,187,243
3,665.921
2,359,216
1,603,606
2.192.809
Total(7 cities).
Tail(7 cities).
74,423.282
139,330,244
76,367,906
132,765,815
+4.5
129,752.930
178,919.161
Tenth Federal Reserve Mt tries- Kant
Neb.-Fremont..
d435,914
522,62(
567.445
536,5.58
Hastings
3,723,869
Lincoln
3,781,075
37,459,642
40,894,33:
Omaha
Kan.-Topeka.. d3,304,904
2,614,37:
10,852,374
d7,772,901
Wichita
Mo.-Kan. City. 129,080,926 143,054,253
a
a
St. Joseph
a
a
Okla.-Muskogee
26,867,773
Oklahoma City d24,461,821
a
a
Tulsa
1,213,663
1,298,643
Colo.-Col.Spgs.
25,232,069
21,814.784
Denver
1,009,628
e953,865
Pueblo
as City
-16.(
-5.4
-1.5
-8.4
+26.4
-28.4
-9.8
a
a
-9.0
a
-6.5
+15.7
-5.5
486,789
525,821
3,273,273
36,438,495
3,378,717
11,721,337
153,211,260
a
a
27,874,792
a
935,997
20.001.526
894,536
800,000
736,927
4,953,597
46,000.000
3.160,634
14,322,018
216,953,533
258,742,040
348,692,662
1,611,619
29,749,739
11,263,924
8,191,959
a
4,222,038
1,700,000
40,922,660
17,899,246
10,523,580
a
4,600,000
Total(11 cities) 234,176,132 253,277,327 -7.5
Eleventh Fade cal Reserve District-Da Ilas2,166,585
Texas-Austin...
1,908,896 +13.5
37,367,616 +7.1
40.351.698
Dallas
d14,650,651
15,050,706 -2.7
Fort Worth_
Galveston
9,903.721 +23.1
12,191,879
a
a
a
Houston
4,713,076 +14.6
5,400,343
La.-Shreveport.
Total(5 cities).
68.944,015
74,761,156
Twelfth Feder al Reserve D 'strict-San
Wash -Seattle..
35,854,632
34,154,976
Spokane
11,873,000
11,680,000
Tacoma
a
a
Yakima
1,528,058
1,508,928
Ore -Portland..
40,992,716
38,310,989
Utah-S. L. City
15,170,181
13,859,778
a
Nev.-Reno
a
a
Ariz.-Phoenix_ _
a
Calif.-Fresno
4,329.309
7.262,919
Long Beach..._
7,432,381
5,255.052
Los Angeles122,859,000
99,757,000
Oakland
13.967,910
14.078,041
Pasadena
4,648,936
3,776,676
Sacramento.
d9.073,090
7,253,724
3,541,351
San Diego_ _ _
*3,300,000
San Francisco. 137,700,000 140,300,000
San Jose
2,592,728
2,673,159
Santa Barbara.
1,059,560 . 1,090,393
Stockton
c2,983,600
3,027,400
+8.4
55,039,279
Franc lace+5.0
30,102,234
+1.7
11,206,551
a
a
+1.3
2,053.102
+7.0
36,143,039
+9.5
12,661,726
a
a
a
a
-40.4
5,043,798
+41.4
3,464.585
+23.1
82.864,000
11,115,597
3.251,311
+23.0
+25.1
6,356,891
2,940.948
+7.3
127,000,000
2,348.478
-3.0
804,281
-2.8
-1.4
4,321,000
a
34,444.973
a
1.267.476
24,910,562
1,142,943
75,645.486
40,765.073
15,001.440
2;93,510
45,959,329
16,500,000
a
a
7.512,224
3,867,570
80.994,000
10,456.765
3.198,441
6.841,054
3.150.000
161,500,000
3,146.172
1,096,049
5,777,400
Total(16 cities) 415,604.430 387,289,035 +7.3 341,877,641 407,857.027
Grand total (122
cities)
6,270,254,995 7,185,470,280 -12.7 6,375,633,308 8,302,111,751
Outside N. Y.-- 3.176.602.903 3,234,782,517 -1.8 2,888.568,227 3.795.847,212
Week Ending October 11.
Clearings at1923.
CanadianMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William.- _
New Westminster
Medicine Hat...
Peterborough..._
Sherbrooke
Kitchener
Windsor
Prince Albert-.._
Moncton
Kingston
Total Canada_
(29 cities)
1922.
$
107,643,039
109,454,700
73,737,272
14.418,017
7,107,572
6.371.025
2,882.160
6.032,793
6,323,487
2,739,963
1,980,858
2,946.823
3,966,448
4,498,206
775,405
962,705
2,135,645
1,611,960
1,340,372
1.022,923
566,567
489.085
778,240
801,808
1,239.211
3,743,660
392,133
895,593
783.809
$
98.722,251
93,368.585
69.970,068
13.294,344
6,812,482
6,228,243
3.006,433
5.320.575
5,464,933
2,619.687
2,224,996
2,722,258
4,630,110
4,606,903
810,221
880,819
2,350.285
1,683,514
1,161,63
820,882
556,083
406,874
757,663
814,758
1,113,188
3,629,494
423,102
980,602
679,077
367,639,479
336,060,060
Inc.or
Dee.
1921.
1920.
$
%
+9.0
98,871,655
+17.2 103,678,662
+5.4
67,859,552
+8.4
13,805,764
+4.3
6,746,021
+2.3
5,627.421
-4.1
3,258,323
+13.4
5,351,777
+15.7
7,189,985
+4.6
2,674,969
-11.0
3,495,032
2,942,353
+8.3
-14.3
6,481,007
-2.4
4,692,561
-4.3
914.366
749,873
+9.3
-9.1
2.313,071
-4.3
1.578,035
+15.4
1,258,677
840,920
+24.6
626,778
+1.9
531.473
+20.2
751,149
+2.7
853.273
-1.6
1,241,987
, +1.3
3335,279
+3.1
-7.3
977,044
-8.7
776,785
+15.4
$
-.1
131,633,606
111,382,620
98,782,474
18.654.233
8,518,711
7,123,480
4,750,648
7,375,497
10,822,810
3,038.252
3,065.004
3,772,101
5.742.690
5.609.193
986.098
1,162.963
2,478,103
2,223.334
1.425.245
933.997
764.655
436.626
1.034,fti
1,378,367
998,623
4,505,117
347,223,782
436,569.533
+9.4
a No longer report clearings. b Do not respond to requests for figures. c Week
ncling Oct. 10. d Week ending Oct. 11. 6 Week ending Oct. 12. •Estimated.
1748
THE CHRONICLE
autnterciai andaliscellantratsBatvg
[Vol,. 117.
By Messrs. Barnes & Lofland, Philadelphia:
Shares. Stocks.
Price. Shares. Stocks.
Price.
600 King Midas Milling Co
50
55 Cambria Iron Co
4014
5k899 King Midas Milling Co
73 4 Continental Passenger Ry
7734
151 Shane Bros.&Wilson,Inc.,Minn 73 3 Penn. Warehouse & Safe Dep.Co.100
FOREIGN TRADE OF NEW YORK-MONTHLY 2,017
Shane Bros.& Wilson, N.J.$50 lot 50 Miami Gas Co., par $25
4
STATEMENT.
110 Ottawa Milling Co., Delaw.$100 lot 150 Rockhill Coal & Iron Co., pref.. 7144
100 Shane Bros.& Wilson,Inc.,Min 10
13 John B.Stetson Co.,com.no par. 9034
45 Santo Domingo Syndicate, N.J.
20 Catawissa RR.Co., lat pref.__ 4234
Merchandise Movement at New York.
Customs Receipts
par 310
33 lot 20 Red Diamond Chem Co.,pref_ _$10 lot
at New York.
38 Blanton Copper Mining Syndi10 Red Diamond Chem. Co.,com_310 lot
Month.
Exports.
Imports.
• Price.
cate, Delaware, par $25
$1 lot
Bands.
i
200 Holyoke Mining, N.Y.,$1 par.$1 lot $500 Blanton Copper Mining Syndi1922.
1923.
1923.
1922.
1922. I
1923.
10,000 Haitian Expior.Co.,$1 par_S2 lot cate 1st 6s, certificate of deposit__ -$2 lot
682 West India Development Co_ _$10 lot $1,000 Phila. Rapid Transit Co.5s,
$
$
$
I
$
$
95 United Haiti Corp., par $50 -55 lot
1957
8334
January __ 152,885,893 100.106,930115.926,692 106,097.239 26,583,026 19,322,717 4
United N. J. RR.Sz Canal Co_ _ _190%
Public Service Corp. N.J.5s,
February _ 146,915,003 115,222,960 115,654,813 95,484,633 26,451,928 21,620,780 5 East Pennsylvania RR., par $50- 5644 $1,000
78%
1959
March..
24,650,403
194,179,676 135.648,795136.179,813 131,504.549 33,140,206
13 Girard National Bank
475
$3,000 Phila. Harrisburg & Pittsb.
April
169,417,394113,193,073 129.989,307 117,760.933 28.837,309 20,639,380 100 Union Transfer Co
2344
9934
RR.58, 1925
May
180,462,783 117,438.154127,527,281 115,522,172 29,333,843 20,909,658 12 Franklin Fire Insurance Co
126
$2,000 Penn Central Light & Power
June
150,476,338122,369.683 126 727,477 130,550,713 26,870,486 23,181,882 60 United Security Life Ins.& Tr .i53
9634
55, 1950
July130,629,533117.118.076•. ,
115,488,190 24,680,863 21,433,606 15 Land Title & Trust Co
53,000 Lehigh Valley Transit Co.
August _ _ _J29,706,345123,124,811125,059,775 112.281,501 25,936,476 24,206,605 15 Industrial Trust, Title & Savings85034
75
5s, 1960
223
Co., par $50
$2,000 York Rys. Co. 58, 1937...... 8744
Total_._ 1254672905944,222.488999,779,451 924,689,930221.834,137 175,965,031 5 American Academy of Music_ _ _705
$1,000 Knickerbocker Ice Co. 5s,
82
1941
1 Guarantee Trust & Safe Dep.Co_150
Movement of gold and silver for the eight months:
497
2 Fidelity Trust Co
$2,000 Lehigh & New England RR.
98
5s, 1954
60 Am.Bank & Trust Co., par $50. 7234
30 Metropolitan Trust Co., par 550 63
53,000 Shamokin Sunbury de LewisGold Movement at New York. ••
Silver-New York.
burg RR.6s, 2d mtge.,
25 Tradesmens National Bank _ _ _290
.10034
Lithuanian Govt Liberty
Corn Exchange National Bank_ _ _410
52,000
4
Month. \
Imports.
Exports.
Imports.
Exports.
$25 lot
Loan 58, 1935
2 First National Bank of Phlla_ _ _ _270
33034 52.000 Indiana Columbus& Eastern
4 Ninth Bank & Trust Co
1923.
1922. I
1923.
1923.
1922.
1923.
335
Traction Co. 58, 1926
834
1 Ninth Bank & Trust Co
330
50,000 rubles Russian Govt. Bond
9 Ninth Bank & Trust Co
$
$
$
$
$
$
516 lot
of 1916 5348,due 1926
Philadelphia National Bank_ _ _ _394
11
I
January -- 12,834,516 2l.126.622p 7,715,8371
286,000 1,753.364 4.273,010 20 Union National Bank (full paid
$5,000 Touraine Bldg.,Phial.,5gs,
February
3,041,008 24,034.770
820,557
20,37
838,949
1.041.057
96
290
registered, 1925
receipts)
10.697,175 31.300,604 9,621.8
237,728 1,360,000 1,737,248 16 Real Estate Title,Ins.& Tr. Co.475
Southern Ry.Co.4445,Series
$1,000
6,854,519 8,440,457
April
806,748 1,136,472 1,242,361 19 First Nat.State Bank of Camden300
9734
21.2621
-T," 1926
May
42.291,398 6,660,364
785.132
7.527 2.645,834 1,069,954
$1,000 Peoples Pass. Ry.48, 1935- 75
10 First Nat.Bank of Chester,Pa 200
16,323,114 11,462,982
June
136,321 1,904,551 1,229,472 5 Broad Street Trust Co., Par $50.... 70
30.9281
$1,000 Atlantic City Gas Co.58,'60 7644
July
24,412.426 41.477,046
47,8651
11,000 5,859,635 2,886,600 1 Kliipewa Fishing & Hunting Club,
$5,300 Ocean County Gas Co. 5s,
26,481,M 17,242,48
August
737,477
19,109 1,444,612 2,725,649
30
1940 (April 1922 and all subsepar $250
a
quent coupons attached)
Leon County Milk Co.,par 510.530lot
Total___ 142.936,072161,745,329 18,203,1121 5.183.797 15.367,537 15,700,029 50Phila.
Bourse, corn., par $50_ _ 19
$1,500 Siegel Stores Corp. Os, 1926
4
(July 1916 and all subsequent
10 Peoples National Fire Insur. Co_ 26
$10 lot
coupons attached)
3834
10 Union Traction Co
National Banks.-The following information regawling
national banks is from the office of the Comptroller dl tte
Currency, Treasury Department:
APPLICATION TO ORGANIZE RECEIVED.
Capital.
Oct. 11-The First National Bank of Alma, Ark
$25.000
Correspondent, 0. B. Ragon, Alma, Ark.
APPLICATION TO ORGANIZE APPROVED.
Oct. 11-The First National Bank of Fairview. Fairview, N. J__$100,000
Correspondent, Francis Bradley, Fairview. N. J.
CHARTERS ISSUED.
Oct. 13-12451-The Hanover National Bank of Ashland, Va
$50,000
Conversion of the Hanover Bank, Ashland, Va.
President, S. J. Doswell; Cashier, W. L. Foy.
Oct. 13-12452-The First National Bank of Steele, Mo
25,000
President, L. M. Brooks; Cashier, A. B. Rhodes.
CHANGE OF TITLE AND LOCATION.
Oct. 12-9394-The First National Bank of Higginsport. Ohio, to
The First National Bank of Winchester, Ohio.
VOLUNTARY LIQUIDATIONS.
Oct. 11-4054-The American National Bank & Trust Co.of Dayton, Ohio
$200,000
Effective Sept. 21 1923. Absorbed by the Merchants
National Bank & Trust Co.of Dayton, Ohio, No.1788.
Oct. 12-8675-The Delta National Bank, Delta, Colo
50,000
Effective Oct. 5 1923, Liquidating Agent, A. M.
Mathews, Delta, Colo. Absorbed by the Colorado
State Bank of Delta.
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. Mu!er & Sons, New York:
Shares, Stocks.
Price.
100 Davis-Pope Co., Inc., pref _ _ _ _
50 Davis-Pope Co., Inc., com., $340
no par
lot
10,000 Nemours Trading Corp.,
pref
$100 lot
7,500 Mich. Salt Wks., $10 each.$50 lot
132 Swiss Amer. Embroidery Co.,
preferred
$2,000 lot
183.4 Deep Sea Fisheries V. t. c....$1 lot
$1 lot
20 Beeman & Broughton Co
62-3 Bank of America_ __ _$205 per sh.
10 Battery Park Nat. Bank certificate of beneficial int ._ -36 per oh.
30 Georgia Southern & Florida Ry.
Co. 2d pref
3034 per sh.
22 Chicago & Alton RR. prior lien
um Per oh.
preferred
Price.
Shares. Stocks.
160 Howe Rubber Corp., corn.,
no par
$41 lot
331 Cleveland Tractor Co_ _ _$2g Per oh.
100 Pacific Coast Co., 2d preferred.
$1634 per oh.
Price.
Bonds$1,000 Lucey Mfg. Corp. 88. 1930-27%
$1,000 Consolidated Telephone Co.
Of Hazleton, Pa., 58, 1953
7834%
$1,000 Southern Indiana Gas &
Electric Co.6s, 1947
90%
$100,000 Brooklyn Ferry Co. of N.
Y. 5s, 1948: Aug. 1906 coupons
attached: Knickerbocker Trust
Co. receipts
$11 lot
$100 Lyle Clay Co.(is, 1929
$81 lot
By Messrs. Wise, Hobbs & Arnold, Boston:
Shares. Stocks.
Price.
100 Samoset Chocolate, pref
634
20-100 State Theatre Co., pref
620.
16 American Glue Co., common_42-41g
1,000 Crowell & Thurlow S. S. Co.
$8.0 lot
5 Blgelow Hartford Carpet, pref 114.44
17 30-100 Dem Sea Fisheries, Inc.,
voting trust certfs
$244 lot
Shares. Stocks.
Price.
10 American Glue Co., common.- 4134
234 General Electric Co., special- 1034
40 Liggett's International, Ltd..
pref., ex-411v
5134
5 Merrimac Chemical Co
9444
34-100 State Theatre Co., pref _ 64c.
100 Rights Municipal Real Estate
Trust
51
By Messrs. R. L. Day & Co., Boston:
Price. Shares, Stocks.
Shares. Stocks.
Price
295
50 New England Casualty Co
Iot $1
5 Merchants National Bank
20834 500 Turner, Tucker & Co
10 National Shawmut Bank
lot $25
5034 5,000 Horsetown Dredging Co, 50
4 Great Falls Mfg.Co
51
Allied Packers, Inc., 10 Prince
2 Great Falls Mfg.Co
15
William Fair Assoc.,Inc.,5 Wash30 Business R. E. Trust
ington Riding Acad., 4 Prince
2,000 Mays Mfg. Co., 500 Mays
William Horse Show Co
Mfg., pref., 30 Southern Feature
lot $20
10 American Glue Co
Fitm Corp., 100 Time-Test Fur4134
tot $25 4 Fall River Electric Light Coniture Co
3234
60-100 State Theatre.. pref. scrip___6c. 40 La Fayette Motors, 2d pref_lot 5334
105% 25 Hood Rubber Co., pref
10234
4 Plymouth Cordage Co
201
4 Nat Fael Gas Co
83
1 Lowell Gas Light Co
2,000 rfte. Car & Loco. Corp.,
14 Boston Woven Hose & Rubber_ 86
lot $10
pref., 3,000 common
lot $10
100 Fairbanks Co
lot $134 20 Puget Sound P.& L.6% pref._ 80
1,000 Corbin Copper Co
Bonds.
Price.
4,300 Cordova Copper Mining Co_lot $1
lot $1 $2,000 Forest Hills HosDltal,
40 Eastern Blaugas Co
lot $1
1st 8s, 193.
20 Eastern Blaitgas Co., pref
8%
lot $1 $1,000 Boston Elec. Lt. Co. lot
70 Maine Graphite Co
lot $434
58, 1924, 500 pieces
12 Morris Cash Register
9934
20 Morris Cash Register, pref____Iot 52
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the current week. Then we follow with a second table, in which
we show the dividends previously announced, but which have
not yet been paid.
The dividends announced this week are:
Name of Compare.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
*$1.50 Nov. 1 *Holders of rec. Oct. 25
Cin.Sandusky & Cleveland. pref
Internat. Rys. of Cent. Am., pf.(qu.) _ *134 Nov.15 *Holders of rec. Oct. 31
New Orleans Texas & Mexico (guar.) _ *144 Dec. 1 *Holders of rec. Nov. 20
Public Utilities.
*144
Amer.Elec. Power, pref.(quar.)
Amer.\Vat. Wks.& El., Inc., 1st pf.(qu) 134
1
Six per cent partic. pref. (quar.)
Brazilian Tr., Lt.& Pow.,ord.(guar.).- 1
44
Cedar Rapids Mfg.& Power (guar.)--*65c.
Columbia Gas & Elec. (quar.)
Commonwealth Gas & Elec., pref.(qu.)_ $1.50
Commonwealth Power Corp.,6% pf.(qu) 1.44
3
Fall River Gas Works(quar.)
Ft. Worth Power .Fic Lt., pref. (quar.)_ _ _ 144
134
Georgia Ry.& Power, pref.(guar.)
Havana El. Ry. L. & P. corn. & pref._ 3
Houghton Co. El. Light, pref.(quarJ- 75e.
2
Kamlnistlquia Power (quar.)
2
Lawrence Gas (quar.)
2
Montreal Light, Heat & Power (quar.)
Montreal Lt., Ht.& Pow. Cons.(quar.) 134
Montreal Tramways(quar.)
234
Pacific Power & Light. pref. (quar.)... 134
Portland Gas & Coke, pref.(quar.)
134
Public Service Investment, corn. (quar.) 144
Preferred (quar.)
114
Texas Power & Light, pref. (guar.).- 134
United Rya. dc Elec.. Bait., corn.(quar.) *50c.
West Penn Company,6% pref. (guar.). 114
Seven per cent preferred (quar.)
154
Nov.15 *Holders of rec. Oct. 31
Nov. 15 Holders of rec. Nov. 1
Nov. 15 Holders of rec. Nov. 1
Dee. 1 Holders of rec. Oct. 31
Nov. 15 Holders of rec. Oct. 31
Nov. 15 *Holders of rec. Oct. 31
Oct. 15 Holders of rec Oct. Is
Nov. 1 Holders of rec. Oct. 19
Nov. 1 Holders ot rec. Oct. 175
Nov. I Holders of rec. Oct. 15
Oct. 20 Holders of rec. Oct. 10
Nov. 15 Oct. 26 to Nov. 15
Nov.1 Holders of rec. Oct. 22a
Nov. 15 Holders of rec. Oct. 31
Nov. 1 Holders of rec. Oct. 10
Nov. 15 Holders of rec. Oct. 31
Nov. 15 Holders of rec. Oct. 31
Nov. 2 Holders of rec. Oct. 22
Nov. 1 Holders of rec. Oct. 18
Nov. 1 Holders of rec. Oct. 18
Nov. I Holders of rec. Oct. 15a
Nov. 1 Holders of rec. Oct. 155
Nov. 1 Holders of rec. Oct. 17
Nov. 15 *Holders of rec. Oct. 25
Nov. 15 Holders of rec. Nov. 1
Nov. 15 Holders of rec. NoV. 1
Banks.
Bowery (quar.)
Extra
Pacific(quar.)
Extra
Trust Companies.
Farmers' Loan az Trust (guar.)
3
12
2
2
Nov.
Nov.
Nov.
Nov.
*6
Nov. I *Holders of rec. Oct. 27
1
1
1
I
Oct.
Oct.
Oct.
Oct.
27
27
27
27
to
to
to
to
Oct.
Oct.
Oct.
Oct.
31
31
31
31
Miscellaneous.
Nov. 1 *Holders of rec. Oct. 20
American Linen (quar.)
134 Nov. 15 Holders of rec. Oct. 31
American Soda Fountain (quar.)
•144 Nov. 1 *Holders of rec. Oct. 20
Amer. Vitrified Products, pref.(quar.)
American Book (quar.)
134 Oct. 20 Oct. 17 to Oct. 21
750. Nov. 2 Holders of rec. Oct. 165
Amoskeag Mfg.(guar.)
4•144 Nov. 1 *Holders of recs. Oct. 20
Archer-Daniels-Midland Co.,pf.(qu.)
Austin, Nichols & Co., Inc., pref. (qu.)_ 134 Nov. 1 Holders of rec. Oct. 255
Nov. 1 *Holders of rec. Oct. 19
Bigelow-Hartford Carpet, corn. (quar.).. *2
*134 Nov. 1 *Holders of roe. Oct. 19
Preferred (guar.)
*3
Nov. 1 *Holders of rec. Oct. 17
Bourne Mills (quar.)
*134 Nov. 1 *Holders of rec. Oct. 24
Brill (J. G.) Co., pref.(Var.)
$1.50 Dee. 15 Holders of rec. Nov.20
Buckeye Pipe Line (quar.)
Burroughs Adding Mach.(guar.)
$2 Dec. 31 Holders of rec. Dec. 20
Butler Bros.(quar.)
*334 Nov. 15 *Holders of rec. Oct. 27
California Packing Corp.(quar.)
*$1.50 Dec. 15 *Holders of rec. Nov.30
144 Nov. 16 *Holders of roe. Oct. 315
Canada Cement, pref. (quar.)
Canadian Converters (quar.)
134 Nov. 15 Holders of rec. Oct. 31
Cartier, Inc., pref. (quar.)
134 Oct. 31 Holders of rec. Oct. 15
*134 Dee. I *Holders of rec. Nov. 15
Century Ribbon Mills, pre (quar.)-Chic. Wilm.& Franklin Coal, pf.(qu.)_ _ 134 Nov. 1 Holders of rec. Oct. lea
750. Oct. 25 Oct. 16 to Oct. 25
Cleveland-Cliffs Iron (quar.)
4•144 Nov. 1 *Holders of rec. Oct. 26
Clinchfield Coal, pref. (quar.)
Cuba Company. common (guar.)
*$1 Dee. 1 *Holders of rec. Nov. 15
Cumberland Pipe Line
Dec. 15 Holders of rec. Nov.30
10
Cushman's Sons, Inc.. common (Misr)- 75e. Dec. 1 Holders of rec. Nov. 15
Seven per cent pref. (quar.)
134 Dec. 1 Holders of rec. Nov. 16
Dec. 1 HOlders of rec. Nov.15
Eight per cent pref.(quar.)
2
Dec. 22 *Holders of rec. Dec. 8
Davis Mills(quar.)
*3
Detroit Brass & Malleable Wks.(mthly.) *34 Nov. 1 *Holders of rec. Oct. 26
Durham Hosiery. prof.(quar.)
*144 Nov. 1 *Holders of rec. Oct. 25
Federal Sugar Refining, corn.(quar.)_
134 Nov. 1 Holders of rec. Oct. 22.
Preferred (quar.)
134 Nov. 1 Holders of rec. Oct. 22a
16c. Nov.15 Holders of rec. Nov. 1
Fifth Avenue Bus Securities (quar.)- General Cigar,common (quar.)
13.4 Nov. 1 Holders of rec. Oct. 23
Preferred (quar.)
*134 Dec. 1 *Holders of rec. Nov.24
Debenture preferred (quar.)
'134 Jan. 2 *Holders of rec. Dec. 24
*144 Nov. 1 *Holders of roe. Oct. 20
Gossard (H. W.) Co., pref.(guar.)
5756. Dec. 15 *Holders of rec. Nov.30
Hayes Wheel (quar.)
OCT.20 1923.]
Name of Company.
1749
THE CHRONICLE
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
*2% Nov. 1 *Holders of rec. Oct. 18
Hill Mfg. (quar.)
Nov. 5 Holders of rec. Oct. 18
1
Hollinger Consolidated Gold Mines
Nov.15 Holders of rec. Nov. la
2
Iron Products Corp., pref.(guar.)
Kaufmann Dept. Stores, corn. (quar.).. *81 Nov. 1 *Holders of rec. Oct. 20
Oct. 31 Holders of rec. Oct. 23
Kellogg Switchboard & Supply(guar) - 2
Kidder Peabody Accept. Corp."A"(gu.) 2,6 Nov. 1 Holders of rec. Oct. 15
Dec. 1 Holders of rec. Nov.20
2
Kinney (G. R.) Co.. pref. (guar.)
Nov. 1 *Holders of rec. Oct. 16
*2
Lincoln Mfg.(guar.)
Lord & Taylor, 1st pref.(guar.)
Dec. 1 *Holders of rec. Nov.170
Nov. 1 *Holders of rec. Oct. 16
*2
Luther Mfg. (guar.)
75c. Dec. 1 Holders of rec. Nov.15a
Martin-Parry Corp. (guar.)
3
Nov.10 Holders of re.c Oct. 18
_
_
Cotton
(guar.)
Mills
Massachusetts
McCrory StoresDec. 1 *Holders of rec. Nov.20
Corn. A & B (guar.)(Pay.in corn. stk.) •11
Dee. 1 *Holders of rec. Nov.20
Corn. A & B (extra)(pay.In eem.stk.) *15
50c. Nov. 1 Holders of rec. Oct. 22
Melville Shoe Corp.,corn.(guar.)
2
Nov. 1 Holders of rec. Oct. 22
Preferred (guar.)
Nov. 1 *Holders of rec. Oct. 25
*2
Merchants Mfg. (quar.)
Michigan Drop Forge (monthly)
•25e. Nov. 1 *Holders of rec. Oct. 25
*134 Dec. 15 *Holders of rec. Nov.23
National Lead, pref.(guar.)
•n6 Nov. 15 *Holders of rec. Nov. 1
National Refining, corn. (guar.)
*Holders of rec. Oct. 17
Naumkeag Steam Cotton (stock dlr.).- *e100
New Jersey Zinc (guar.)
2
Nov.10 Holders of rec. Oct. 31a
2
New Niquero Sugar
Nov. 1 Holders of rec. Oct. 20
New York Shipbuilding
*51 Nov. 6 *Holders of rec. Oct. 22
011 Lease Development(monthly)
•be. Nov.15 *Holders of rec. Oct. 31
Overman Cushion Tire, Inc.
Oct. 25 Holders of rec. Sept. 30
Common and "X" preferred
Nov. 1 *Holders of rec. Oct. 20
Pierce, Butler & Pierce Mfg., pt.(qu.)-- *2
*134 Oct. 30 *Holders of rec. Oct. 17
Plant (Thomas G.) Co.(goar.)
Nov.15 *Holders of rec. Oct. 25
Procter & Gamble Co.,corn.(guar.)- -Nov. 15 Holders of rec. Oct. 31
2
Pullman Company (quar.)
51.25 Nov. 15 Holders of rec. Oct. 290
Punta Alegre Sugar.common
St. Lawrence Flour Mills, corn.(guar.)-- 134 Nov. 1 Holders of rec. Oct. 20
154 Nov. 1 Holders of rec. Oct. 20
Preferred (guar.)
•3
Nov. 14 *Holders of rec. Nov. 6
Scotten-Dillon Co. (quar.)
•3
Nov.14 *Holders of rec. Nov. 6
Extra
Nov. 1 Holders of rec. Oct. 240
Scott Paper, pref. (guar.)
Oct. 22 *Holders of rec. Oct. 18
Sharp Mfg.Co., pref.(quar.)
•15i Nov. 1 *Holders of rec. Oct. 20
Shove Mills ((Var.)
*1% Nov. 1 *Holders of rec. Oct. 15
Stafford Mills (quar.)
1% Nov. 30 Holders of rec. Nov.20
Standard Mil s, common ((Mar.)
Preferred (quar.)
1% Nov.30 Holders of rec. Nov.20
1% Dec. 1 Holders of rec. Oct. 26
Standard 011 (Ohio), pref.(quar.)
Stern Bros., pref. (quar.)
*2
Dec. 1 *Holders of rec. Nov.15
Stevens Mfg.(guar.)
134 Ondem. Holders of rec. Oct. 16
Union Copper Land & Mining
50e. Dec. 1 Holders of rec. Oct. 25
Union Oil Associates (quar.)
81e. Oct. 27 Holders of rec. Oct. 10
U.S. Glass (guar.)
50e. Oct. 31 Holders of rec. Oct. 250
*2
Wampanoag Mills (guar.)
Nov. 1 *Holders of rec. Oct. 16
Warwick Iron & Steel
*30c. Nov.15
White Motor (quar.)
*El Dec. 31 *Holders of rec. Dec. 20
White Rock Mineral Spring. pref.(go.). *1,4 Oct. 31 *Holders of rec. Oct. 25
'134 Nov. 15 *Holders of rec. Nov. 15
Wolverine Portland Cement
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Cenci vded).
Dec. I Holders of rec. Nov. 154
1
Texas Electric Securities. corn.(quar.)__
134 Nov. 1 Holders of rec. Oct. 150
Second preferred (guar.)
United Gas Improvement, pref.(guar.)_ 8734e. Dec. 15 Holders of rec. Nov. 30a
11$ Nov. 1 Holders of rec. Oct. 15a
United Light & Rys.,corn.(guar.)
% Nov. 1 Holders of rec. Oct. 15a
Common (extra)
M Jan 2'24 Holders of rec. Dec. 15
Participating preferred (extra)
1% Nov. 1 Holders of rec. Oct. 15
WestPenn Power Co.,pref.(guar.)
Wisconsin Power de Lt., pref. (gear.).... 131 Oct. 20 Holders of rec. Sept. 306
6234c. Oct. 30 Holders of rec. Oct. 200
York Railways, preferred (guar.)
Banks.
Nov. 1 Holders of rec. Oct. 31
5
Corn Exchange (guar.)
Miscellaneous.
Oct. 20 Holders of rec. Oct. 10
Abitibi Power ,Sz Paper,common (guar.)_ 51
Oct. 20 Holders of rec. Oct. 100
2
Alliance Realty (guar.)
Nov. 1 Holders of rec. Oct. 15a
Allied Chemical & Dye Corp.. corn.(411.) $1
Nov.15 Holders of rec. Oct. 24a
1
Allis-Chalmers Mfg., common (quar.)
Nov. 1 Holders of rec. Oct. 17
2
Amalgamated Sugar,first pref.(guar.)
$1.25 Nov. 15 Holders of rec. Nov. la
American Bank Note,cons.(guar.)
Nov. 15 Holders of rec. Oct. 310
ti
American Can.corn.(guar.)
114 Nov. 1 Holders of rec. Oct. 15a
American Cigar, common (guar.)
51 Nov. 1 Oct. 12 to Nov. 1
American Coal(guar.)
Nov. 1 Holders of rec. Oct. 16
2
American Glue, preferred (guar.)
1% Oct. 25 Holders of rec. Oct. 50
American Ice. corn.(guar.)
2 Holders of roe. Oot. 50
Oct.
1%
Preferred (guar.)
Nov. 1 to Nov.14
Am.La France Fire Eng.,Ine.,com.(qu.) 25c. Nov. 1
1% Jan l'2 Holders of rec. Dec. la
American Machine & Foundry (quar.)
Dec. 3 Holders of rec. Dec. 150
American Radiator, common (guar.)._ - $1
1;1 Nov.15 Holders of rec. Nov. la
Preferred (guar.)
Holders of rec. Oct. 15
(guar.)
114
Nov.
American Sales 1300k. pref.
Holders of rec. Oct..150
2
Amer. Shipbuilding, corn.(guar.)
Nov.
Febl'2 Holders of rec. Jan.15.240
2
Common (guar.)
2
Mayr2 Holders of rec. Apr.15 24a
Common (guar.)
2
Common (guar.)
Augl'2 Holders of rec. July 15,240
1%
Nov. 1 Holders of rec. Oct. 15
Pref. (guar.)
131 Nov. 1 Holders of rec. Oct. lla
Amer. Smelt. & Refg., corn. (quar.)._
1% Dec. 1 Holders of rec. Nov. 96
Preferred (guar.)
American Vitrified Products, common_ 50c. Dec. 15 Dec. 6 to Dec. 15
750. Oct. 22 Holders of rec. Sept.15
Anaconda Copper Mining (guar.)
25e. Oct. 31 Holders of rec. Oct. 12
Art Metal Construction (guar.)
1
Nov. 1 Holders of rec. Oct. 136
Associated Dry Goods,corn.(guar.) _
1,, Dec. I Holders of rec. Nov. 100
First preferred (guar.)
134 Dec. 1 Holders of rec. Nov.106
Second preferred (guar.)
373.4c Oct. 25 Holders of rec. Sept.284
Associated Oil (new $25 par stock)
pref.
1,4 Nov. 1 Holders of rec. Oct. 150
Refining,
(guar.)
Atlantic
1,4 Nov. 1 Holders of rec. Oct. 204
Atlas Powder. pref.(guar.)
2
Nov. 1 Holders of rec. Oct. 150
Bang Service Stations. prof.(quar.)_ _
13arnhart Bros. & Spindlerilrst and second preferred Lust'.) -- 1,4 Nov. 1 Holders of rec. Oct. 260
$ 1.8734 Nov. 15 Holders of rec. Nov. la
Beacon Oil, preferred (guar.)
Belgo-Canadian Paper, Ltd., pref. (cps.) I% Oct.d15 Holders of reo. Sept.306
Bethlehem Steel CorporationSeven per cent cum. pref. (guar.) --- 134 Jan 2'24 Holders of rec. Dec. 150
Seven per cent non-cum. pref.(guar.) 134 Jan 2'24 Holders of rec. Dec. 150
2
Jan 2'24 Holders of rec. Dec. 150
Eight per cent preferred (guar.)
1
Company. Preferred (gust.).... 134 Dec. 15 Holders of rec. Dec. 200
Borden
Below we give the dividends announced in previous weeks Bridgeport
25c. Jan 1'24 Holders of rec. Dee.
Machine Co. (guar.)
40
rec.Mar.20'2
of
25c. Apr2'24 Holders
and not yet paid. This list does not include dividends anQuarterly
130
British Empire Steel Cori:0..10. 13 (guar.) 1,4 Nov. 1 Holders of rec. Oct. 200
nounced this week, these being given in the preceding table. Brown
134 Nov. 1 Holders of rec. Oct.
Shoe, pref.(guar.)
25
Oct.
Nov. 1 *Holders of rec.
Bunte Bros.. pref.(guar.)
Holders of rec. Oct. 194
Burns Bros., prior preference (guar.)
Books Closed.
Per
When
$2.50 Nov. 15 Holders of rec. Nov. la
Class A common (guar.)
Days Inclusive.
Name of Company.
Cent. Payable.
50e. Nov. 15 Holders of rec. Nov. la
Class 13 common (guar.)
Canadian Car & Foundry Co.
Railroads (Steam).
Preferred (account accum.dividends)_ 713% Jan10'2 Holders of rec. Dec. 29
Atch. Top.& Santa Fe, cons.(guar.)--- 134 Dec. 1 Holders of rec. Oct. 260
common
(gust.).. 11$ Oct. 31 Holders of rec. Sept.29a
Explosives.
Canadian
Baillmore & Ohio, corn.(guar.)
134 Dee. 1 Oct. 14 to Oct. 15
$1
Nov. 1 Holders of rec. Oct. 186
Cerro de Pasco Copper (guar.)
Dec. 1 Oct. 14 to Oct. 15
Preferred (quar.)
1
51.25 Nov. 1 Holders of rec. Oct. 150
Clev.Cin.Chic ds St. Louis.corn.((Mar.) 1
Oct. 20 Holders of rec. Sept.28a Checker Cab Mfg., class A (guar.)
$1.25
Febl'24 Holders of rec. Jan15'2413
Class A (guar.)
Oct. 20 Holders of rec. Sept.28a
Preferred (guar.)
1% Oct. 25 Holders of rec. Oct. 150
Ifebl'24 Holders of rec.Jan.19'240 Chicago Pneumatic Tool (guar.)
Cuba Railroad. preferred
3
33
1-3c
Cab
Nov. 1 Holders of rec. Oct. 20a
Yellow
(monthly)
60
20
Chicago
Delaware Lackawanna dr West.(guar.)- $1.50 Oct.
Holders of rec. Oct.
Nov.15 Holders of rec. Nov. la Cities Service CO.
Gulf Mobile d3 Northern, pref.(No. 1).- $1
ov.. 1 Holders of rec. Oct. 15
N0
x N
1,4
30e. Nov. 1 Oct. 21 to Nov. 1
Corn.(monthly, Pay. in cash scrip)._ 50
Hudson Companies
Holders of rec. Oct.
Dec. 1 Holders of rec. Nov. 20
Illinois Central, common (guar.)
Corn. (Pay. in corn, stock scrip)
Holders of rec. Oct. 15
Nov.No
3131 Nov.v
Preferred and preferred B (monthly)
Noy. 1 Holders of rec. Oct. 22a
Mahoning Coal RR.,common
corn.
Co.,
&
Holders of rec. Oct. 20a
Peabody
(quar.)
1
.
,
Nisi
2
Cluett.
Morris & Essex Extension RR
Holders of rec. Oct. 24
16
t. 20a
a
Oc
s of rec: H
New York Central RR (guar.)
Nov. 1 Holders of rec. Sept. 28a Columbian Carbon (guar.)
Holders
Norfolk & Western. adj. pref. (gust'.).. 1
Nov. 19 Holders of rec. Oct. 310 Connecticut Cotton Mills, let pref.(cm.) 1,1 Nov.
150
Oct.
rec.
(guar.)
of
114 Oct. 3 Holders
Northern Pacific (guar.)
1,•4 Nov. 1 Holders of rec. Oct. 20 Consolidation Coal
Passaic & Delaware Extension Hit
3c. Oct. 20 Oct. 16 to Oct. 20
2
Nov. 1 Holders of rec. Oct. 24
Consolidated Royalty Oil (guar.)
Holders of rec. Nov. 5a
51
Nov. 1
Pere Marquette,five per cent preferred.. 131 Nov. 1 Holders of rec. Oct. 150 Continental Can,common (guar.)
4
Priorpreference (guar.)
114 Oct. 20 Holders of rec. Oct.
134 Nov. 1 Holders of rec. Oct. 150 Corn Product Refining,corn.(guar.)
Pittsburgh & West Virginia, pref. (qu.)Nov.30 Holders of rec. Nov. la
75c Oct. 20 Holders of rec. Oct. 154
Common (quar.)
Oct.Oet.
rec.
13, F eb 29'24 Holders of rec. Feb.1'24a Crucible Steel, common (guar.)
Preferred (guar.)
1
Oct. 31 Holders of
Oct. 246
Reading Company,common (guar.)
Nov. 8 Holders of rec. Oct. 16a Cuban-American Sugar.common
- $1
75c. Nov. 15
4
46
28
of rec..
500. Dee. 13 Holders of rec. Nov.27a
First preferred (go.)
75e. Jan 2'24 Holders o
Common
20
2)4 Oct. 31 Holders of rec. Oct. 200 Cudahy Packing, 7% preferred
Southern Ry., pref
*334 Nov. 1 *Holders of rec. Oct. 20
3
Syracuse Binghamton & New York
Nov. 1 Holders of rec. Oct. 240
*3
Nov. 1 *Holders of rec. Oct. 17e
Six per cent preferred
3
Utica Chenango & Susq. Valley
Nov. 1 Holders of rec. Oct. 13
Oct. 20 Holders of rec. Oct.
Si
Derby Oil & Refining, pref.(guar.)
Western Pacific RR.Corp., pref.(guar.) 1,4 Oct. 22 Holders of rec. Oct. 11
Dictograph Products CorP..
accum.
(acct.
/32
Nov. 15 Holders of rec Oct. 316
divs.)Preferred (guar.)
Public Utilities.
Oct. 20 Holders of rec. Sept.294
51
Dome Mines,Ltd.(guar.)
134 Oct. 29 Holders of rec. Oct. 15
134 Nov. 1 Holders of roe. Oct. 12
Amer. Dist. Teleg. of N.J.(guar.)
Dominion Coal, Ltd., pref.(guar.)
75o. Nov. 1 Holders of rec. Oct. 13
x N
v. 1 Oct. 16 to Nov. 1
ov
Ho
Dominion Steel Corp., Ltd.. prof.(guar.) 1,4
Amer. Gas & Elec.. Pref.(guar.)
Nov. 1 Oct. 12 to Oct. 25
v.. 15
Nov
1
1 Holders of rec. Oct. 204
duPont4E.I.)de Nem.Powd.,com.(qu.). :
Amer. Light & Traction, corn. (guar.).- 1
1
Nov.
Holders of rec. Oct. 206
stock)
11
common
in
12
Oct.
to Oct. 25
Common (payable
Preferred (guar.)
134 Nov. 1 Oct. 12 to Oct. 25
duPont(E.I.)de Nem AC°.,deb.stk.(qu.) 1% Oct. 25 Holders o reo. Oct. 103
Preferred (quar.)
Holders of rec. Nov. la
Appalachian Power, 1st pref.(guar.).- 131 Nov. 1 Holders of reo. Oct. 15a Eisenlohr(Otto)& Bros., corn.(gust'.)..
Nov. 1 Holders of rec. Oct. 10
Nov. 1 Holders of rec. Oct. 186
2
Elgin National Watch (guar.)
Bangor Railway & Electric, corn.(guar.) 1
25
1 Holders of rec. Oct.
Nov.31
California-Oregon Power, pref.(guar.).- 134 Oct. 25 Holders of rec. Oct. 150 Esmond Mills, common (guar.)
135
50c. Oct.
1
Nov.
1 34 Nov. 1 Holders of rec. Oct. 25
3
Holders of rec. Oct. 100
Cape Breton Electric Co
Preferred (guar.)
15
Oct.
Eureka pipe Line (guar.)
Nov. 1 Holders of roe.
2
Carolina Power & Light, corn. (gust'.)..
30 Nov. 1 Holders of rec. Oct. 17
Holders of rec. Oct. 204
Holders of rec. Oct. 250 Exchange Buffet Corp.(guar.)
Cleveland Elec. III.,6% Pref. (gust'.).. 134 Nov.
20
Oct.
rec
of
Holders
134 Nov. 1
Colorado Power, corn. (guar.)
M Oct. 15 Holders of rec. Sept. 29a Fair (The), preferred (guar.)
Dec. 1 Holders of rec. Nov. 15a Fajardo Sugar (guar.)
2,4 Nov. 1 Holders of rec. Oct. 206
Columbus Ry., Pow.& Lt., corn. (qO.). 1
134 Jan2'24 Holders of rec. Dec. 15a
2,4 Nov. 1 Holders of rec. Oct. 20a
Extra
Preferred, Series A (guar.)
2,4 Nov. 1 Holders of rec. Oct. lfla Famous Players-Lasky Corp.. pref.(Ott.) 2
Nov. 1 Holders of rec. Oct. 156
Preferred, Series B
Nov.
2
Holders of rec. Oct. 13a Fisher Body Corp.,common (guar.) _ -. 32.50 Nov. 1 Holders of rec. Oct. 206
Commonwealth-Edlson (guar.)
Holders of rec. Oct. 20
134 Nov.
500. Jan 1'24 Holders of rec. Dec. 15a
Fleishmann Co., common (guar.)
Dallas Power & Light, pref. (guar.)... _
134 Dee.
Holders of rec. Nov. la Fulton Iron Works,common (quar.)___ - $1
Oct. 31 Holders of rec. Oct. 20
Detroit United Railway (guar.)
Nov.
Holders of rec. Oct. 15
25c. Nov.20 Holders of rec. Nov. 100
General Development(guar.)
Edison Electric Ilium. of Boston(quar.)- 3
Holders of rec. Oct. 15
General Motors Corp.7% de b.stock(qu) 154 Nov. 1 Holders of rec. Oct. 84
Electric Bond dr Share, pref.(quar.)---. 1,5 Nov.
Holders of rec. Oct. 16
134 Nov.
144 Nov. 1 Holdall at rec. Oct. 80
Six per cent debenture stock (Qua
Idaho Power, preferred (guar.)
*Holders of res. Oct. 15
Six per cent preferred stock (guar.)- 144 Nov. 1 Holder( of rec. Oct. So
.(guar.)_ ... '1)4 Nov.
Illinois Northern Utilities, pf.
Dec.
*Holders of rec. Nov. 20
General Petroleum Corp.,corn.(guar.)_. 50c. Dec. 15 Holders of rec. Nov.30
Keystone Telephone, pref.(go.)(No. 1) *81
Holders of ree. Oct. 15
4334c Deo. 1
131 Nov.
Preferred (quar.)
Massachusetts Gas Cos.,corn.(gear.)
136 Oct. 2 Holders of rec. Sept.30a General Tire & Rubber,common (guar.) 75c, Nov. 1
Michigan Gas & Electric, pref.(guar.)-Dec. 1 Holders of rec. Nov. 1
$3
Milwaukee El.fly,& Lt., pref.(guar.).- 134 Oct. 31 Holders of reo. Oct. '200 Gillette Safety Razor (guar.)
62340 Nov. 15 Holders of rec. Oct. 31a
Dec. 1 Holders of rec. Nov. 1
e5
(Stock dividend)
Montreal Water & Power,common
134 Nov. 1 Holders of rec. Oct. 154
354 Nov. lb Holders of rec. Oct. 31a Gimbel Bros., pref.(guar.)
Preferred
31
Mountain States Power, prof.(guar.)
1M Oct. 20 Holders of rec. Sept.29a Gossard (H. AV.) & Co., corn.(monthly) 25e. Nov. 1 Oct. 21 to Oct. 30
40e. Oct. 25 Holders of rec. Oct. Illa
Common (monthly)
260. Dec. 1 Nov.21 to Nov.
Municipal Service Co., corn.(guar.)
150
Oct.
rec.
of
1
rec.
of
Nov.
Holders
Davis,
Holders
Oct.
15a
&
Gray
Nov.
1
2
114
preferred (guar.)
Preferred (guar.)
Gulf States Steel Co.Nevada-California Elec. Corp., p1.(go.) 134 Nov. 1 Holders of rec. Sept.30
Holders of rec. Dee. 144
3 Holde
First and second preferred (guar.).- 1 44 o
et.2'2
Jan
Newp. N.dr H.fly., G.& E.,corn.(Qtr.) $1.25 Nov. 1 Holders of rec. Oct. 15a
Nov. 1 Holders of rec. Sept. 29
Halle Bros Co.. 1st & 2d pref.(gust.)...
Oct. 25 to Oct. 31
Northern States Power, common (guar.) 2
Oct. 20 Holders of rec. Sept. 29
HarbLson-Walker Refract.. Pref. (guar.) 1% Oct. 2 Holders of rec. Oct. 104
Preferred (guar.)
of rec. Oct.d10
Holders
of
Holders
31
rec.
Oct.
Bros.
Oct.
prof.
Harris
Co.,
la
1,4 Nov.
$1
(guar.)
Philadelphia Co. corn. (quar.)
14
$1.50 Nov. 1 Holders of rec. Oct. la Hercules Powder,Prof.(guar.)
1,4 Nov. 1 Nov. 6 to Nov.25
6% preferred
to Oct.
15
Oct.
31
rec.
of
&
Oct.
15a
Coal
5%
Holders
Oct.
2
Hillman
Coke,
Oct.
75e.
4
1
1
prof.(guar.)
Philadelphia Rapid Transit(guar.)
25
Oct.
to
Nov. 1 Holders of rec. Oct. 15
Oct. 25 Oct. 16
7% preferred (guar.)
Pittsburgh Utilities, common (No. O._ $1
Oct. 20a
r
Nov. 1 Holders of rec. Oct. 15
Homestake Mining (monthly)
500. Oct. 25 Holders of tee.
Common (extra)
1
Hood Rubber, prof. (guar.)
1% Nov. 1 Oct. 21 to Nov.
350. Nov. 1 Holders of rec. Oct. 15
Preferred (No. 1)
lita
Hupp Motor Car Corp.,corn.(guar.)25e. Nov. 1 Holders of rec. Oct. 190
250. Nov. 1 Holders of rec. Oct. 15
Preferred (extra)
Public Service Co.of Nor.III.,com.(Qu.) 1M Nov. 1 Holders of rec. Oct. 150 Independent Brewing.Pittsburgh, pref- 334 Oct. 31 Holders o rec. Oct.
Nov.15 Holders of rec. Oct. 19
No Par common stock ((War.)
2
81.7 Nov. 1 Holders of rec. Oct. 15a Indiana Pipe Line (guar.)
23a
Preferred (guar.)
134 Nov. 1 Holders of rec. Oct. 15a Internat. Combustion Engineering Rm.) 50c. Oct. 31 Holders of rec. Oct. lla
Nov.
1 Holders of rec. Oct. 130 International Nickel, pref. (guar.)
Sierra Pacific Electric Co.. pref.(guar.)- 134
134 Nov. 1 Holders of rec. Oct.
500. Nov. 1 Holders of rec. Oct. 15
International Shoe, prof.(guar.)
Standard Gas & Electric, corn.(quar.)
62), Oct. 25 Holders of rec. Sept.29
•13,4
1% Nov. 1
1,4
134
$10
1,4
1,4
(0
1750
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
[VoL. 117.
Weekly Return of New York City Clearing House
Banks
and Trust Companies.
Miscellaneous (Concluded).
IntertYPe Corporation,common (qua:.). 25c. Nov. 15 Holders of rec. Nov. la
The following shows the condition of the New York City
Common (in common stock)
no Nov.15 Holders of rec. Nov. Is Clearing House members for the week ending
Oct. 13. The
Kelly-Springfield Tire, pref. (guar.).- 2
Nov.15 Holders of roe. Nov. la
Kelsey Wheel, preferred (guar.)
134 Nov. 1 Holders of rec. Oct. 20a figures for the separate banks are the averages of the daily
Kress(S. H.)Co..common (guar.)
1
Nov. 1 Holders of rec. Oct. 20a results. In the case of the grand totals,
we also show the
Lancaster Mills, common (guar.)
231 Dec. 1 Holders of rec. Nov.23
actual figures of condition at the end of the week.
Preferred (guar.)
154 Nov. 1 Holders of rec. Oct. 24
Lindsay Light, preferred (qua:.)
I% Nov. 8 Holders of rec. Nov. 50
Preferred (guar.)
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
154 Feb11'24 Holders of rec.Feb.7'24 a
Loew's Boston Theatres, corn. (guar.).- 1
Nov. 15 Holders of rec. Nov. 3
(Stated in thousands of dollars-that is, three ciphers [000] omitted.)
Loose-Wiles Biscuit2d pref. (acc't accumulated dividends) $7 Nov. 1 Holders of rec. Oct. 18a
Lord & Taylor. 2d pref.(guar.)
2
Nov. 1 Holders of rec. Oct. 200
I New
Macy(R.H.)& Co.,Inc., pref.(guar.). 134 Nov. 1 Holders of req. Oct. 130
Resets.
134 Nov. I Holders of rec. Oct. 200 Week ending Capital]Profits. Loans,
McCrory Stores. preferred (guar.)
Discount, Cash
with
Net
Time Bank
4
Mexican Petroleum, corn. (guar.)
Oct. 20 Holders of rec. Sept. 290
Oct. 13 1923 Nat'l, Sept.14 Investin
Legal Demand
De- Circa2
Preferred (guar.)
Oct. 20 Holders of rec. Sept.29a
State, Sept 10 mews, Vault. Deposi- Deposita, 003118. loMiami Copper Co. (guar.)
50c. Nov.15 Holders of rec. Nov. la
((000
omitted.)
'Tr.Cos,sept.10
tortes.
tion.
The. Nov. I Holders of rec. Oct. 150
Moon Motor Car(guar.)
250 Nov. 1 Holders of rec. Oct. 150 Members of
Extra
Feld. Res, Bank. Average Average Averag Average Average Aerie,
$2 Nov. 1 Oct.d21 to Oct. 31
Motor Products, Class A (guar.)
Bank of N Y
$
2
$
Mullins Body Corp., pref.(guar.)
Nov. 1 Holders of rec. Oct. 16
Co____ 4.000 12,108 64,44
813 6,510
47,480 6,880 -134 Nov. 1 Holders of rec. Oct. 190 BkTrust
Nash Motors, pref. A (guar.)
of Manhat'n 10,000 13,616 134,108 2,305 13,960 101,738 20,316
National Biscuit, common (guar.)
750. Jan1524 Holders of rec. Dee. 310 Mech &Met Nat 10,000
16,849 163,685 4,484 18,370 140,453 4,182 99
154 Nov.30 Holders of rec. Nov. 160 Bank of
Preferred (guar.)
77,645 1,768 10,119
75,9213 3,186
134 Nov. 1 Holders of rec. Oct. 15a Nat CityAmerica 6,500 5,648
-National Dept.Stores, 1st pref.(guar
Bank- 40,000 52,211 509.069 4,785 55,08 *522,551 77,884 2,137
114 Dec. 1 Holders of rec. Nov.15a Chem
Second preferred (guar.)
Nat
Bank
4,500
16,55
1,157 12,689
117,003
94,69
5,900 344
Nat.Enameling & Stamping, pref.(qu.)_
134 Dec. 31 Holders of rec. Dee. lla Nat Butch 0c
I
500
152
70
5,230
402
3,523
32 297
131 Nov. 1 Holders of rec. Oct. 19
National Tea. Pref. (Van)
Amer Each Nat 5,000 8,128 93,01
New Jersey Zinc (guar.)
959 10,291
78,0433 6,248 4,951
.2
Nov. 10 5Holders of rec. Oct. 31
Nat Bk of Corn.. 25,000 39,449 317,972
949 32,691
248,324 16,905 -_
New River Company, preferred
154 Oct. 30 Holders of rec. Oct. 20
Bank...
Pacific
1,000 1,723 28,377
884 3,40
22,732 1,581
Newton(Geo. B.) Coal,1st pref
331 Nov. 1 Oct. 16 to Oct. 30
Chat de Phen Na
9,791 145,764 5,171 16,694
112,529 26,526 5.987
New York Air Brake,corn.(guar.)
$1 Nov. 1 Holders of rec. Oct. 5a Hanover Nat B 10,500
5
305 13,565 102,321
116,75
100
Class A (guar.)
$1 Jan. 2 Holders of rec. Dec. 3a Corn Exchange. 9.075 21,904 176,616
5,595' 21.692
12.876
156,898 24,101
N.Y.& Honduras Rosario Min.(guar.)_ 234 Oct. 25 Holders of rec. Oct. 13a National
Park__ 10.000 24,0 0 159,719
957 18,426 126,26
5,048 i;a5L
Nipissing Mines, Ltd. (guar.)
150. Oct. 20 Sept. 30 to Oct. 17
East
River
Nat. 1,000
334 1,60
16,152
832
11,039 2,856
50
Extra
150. Oct. 20 Sept. 30 to Oct. 17
First National__ 10.000 55,943 269,741
562 24,047 180,38 20,065 7,435
Oklahoma Natural Gas(guar.)
250. Oct. 20 Holders of rec. Sept.2641 Irving-Bk-ColTr
11,407 245,876 4,180 32,218 244,032 14,217
Packard Motor Car, corn.(quay.)
300. Oct. 31 Holders of rec. Oct. 150 Continental Bk_ 17,500
1,000
152
7,567
956
792
5,69
373
Pan Am. Pet.deTr. com.&eom. B (qu.) $2
Oct. 20 Holders of rec. Sept.290 Chase National_ 20,000 23,250
334,379 4,473 39,441
291,356 24,318 1.089
Peerless Truck & Motor (guar.)
$1
/c.c. 31 Holders of rec. Doe. 200 Fifth Avenue..__
66
2.867
5001 2,525 24,034
22,021
Penman.% Limited, common (guar.)._ 2
Nov.15 Holders of rec. Nov. 5
Commonwealth_
608 1,190
600f 1,011
10,243
9,116
988
Preferred (guar.)
134 Nov. 1 Holders of rec. Oct. 20
Garfield Nat__ l.0OO 1,642
383 1,803
14,713
13,722
28 397
PhIllips-Jones Co., pref. (guar.)
134 Nov. 1 Holders of rec. Oct. 200 Fifth National__ 1.2
254 2,028
1,190 20,267
14,971
912
246
Pick (Albert) Co.,common (guar.)
40c. Nov. 1 Holders of rec. Oct. 2
Seaboard Nat__ 4,000 7,358 84,399
885 10,837
81,312 2,544
68
New common (guar.)
13e. Nov. 1 Holders of roe. Oct. 2
Coal
&
Iron
Nat 1.500 1,283
371 1,944
16,037
13,76
858 409
Pittsburgh Coal, corn. (guar.)
1
Oct. 25 Holders of rec. Oct. 100 Bankers Trust_ 20.000 24,228 242,820 1,156 27,078
*212,935 22,183
Preferred (guar.)
131 act. 25 Holders of rec. Oct. 100 U S Mtge & Tr. 3,000 4,48 49,876
98
6,085
44,816 2,598
Plymouth Cordage (guar.)
134 Oct. 20 Holders of rec. Oct. la Guaranty Trust 25,000 18,330 339,995 1,45 37,677 *341,244
44,42
Postum Cereal. corn. (qua:.)
750. Nov. 1 Holders of req. Oct. 20a Fidel-Inter Trus 2,000 1.945 22,289
385 2,336
17,739 1,953
Preferred (guar.)
2
Nov. I Holders of roe. Oct. 20a N Y Trust Co__ 10,000 18,342 151,959
527 16,046 118,054 16,925
Prairie Oil & Gas (guar.)
Sept.29a
2
Oct. 31 Holders of roe.
Metropolitan Tr 2,0001 4,011
588 4,817
40,357
38,599 2,538
Prairie Pipe Line (guar.)
2
Oct. 31 Holders of reo. Sept.290 Farm Loan et Tr 5.0001 16,171 121,352
613 11,822 *84,801 25,833
Pyrene Manufacturing, common (guar.) 231 Nov. 1 Oct. 20 to Oct. 31
Equitable Trust 23,
1°,221 218,536 1,757 26,149 *219,895 16,866
Quaker Oats, preferred (guar.)
13 Nov. 30 Holders of rec. Nov. la
Reynolds Spring. corn.(qu.)(No.1)50e Nov. 1 Holders of rec.Sept. 140 Total of avert; 289.375440.1794,339,985 50,634482,682c3,564,652399,27332.339
River Raisin Paper (guar.)
134 Oct. 26 Holders of rec. Oct. 160
St. Joseph Lead (guar.)
25e. Dec. 20 Dee. 9 to Dec. 20
Totals, actual condition Oct. 134,328,575 61,145488.539c3,560,846 396,803 32,286
Extra
25e. Dec. 20 Dec. 9 to Doe. 20
Totals, actual condition Oct. 64,362,731 48,691 491,016c3.567.969401,946 32,434
St.Louts Coke & Iron,7% pref.(qua:.).. 134 Nov.25 Holders of rec. Oct. 31
Totals, aaua• condition Sept.294,385,630 47,853502,383 c3,595,544 410,129 32,297
St. Louis Cotton Compress (guar.)
Nov. 1 Holders of rec. Oct. 210
2
State Banks Not Me mbers of Fedl Res've Bank.
Salt Creek Producers (guar.)
200. Nov. 1 Oct. 16 to Oct. 31
Greenwich Bank 1,000 2.337
18,248 1,590 1,805
18,599
4
Extra
20c. Nov. 1 Oct. 16 to Oct. 31
Bowery Bank_
348
5,515
879
250
428
2,707 2,051
Savannah Sugar Refining, pref. (guar.)_
131 Nov. 1 Holders of rec. Oct.d15
State Bank
2,500 5,009 88,330 3,600 1,843
29,085 55,386
Schulte Retail Stores. corn.(In pref. stk.) m$2
Deo. I Holders of roe. Nov. 150
Common (payable in preferred stock). m$2
Mr 1'24 Hold. of rec. Feb.15'240 Total of averages 3,750 8.226 112,093 5,538 4,076
50,451 57,441
Scruggs & V.B.Dry Goods,corn.(guar.) 2
Nov. 1 Holders of reel. Oct. 25
Seaboard Oil & Gas(monthly)
'1340. Nov. I Holders of rec. Oct. 15
Totals. actual condition Oct. 13 112,775 5,622 4,082
51,194 57,497
Monthly
•134c. Dec. 1 Holders of rec. Oct. 15
Totals,
actual condition Oct. 6 111,155 5,677 4,061
49,683 57,331
Monthly
•1340. Jan 1'24 Holders of rec. Oct. 15
Totals, actual condition Sept.29 111,702 5,512 4,002
50,230 57,219
Shell-Union Oil, pref. her. A (guar.)
134 Nov.15 Holders of rec. Nov. 30 Trust Companies Not Members of Fed Res'v e Bank
Simmons Company, pref. (guar.)
134 Nov. 1 Holders of rec. Oct. 150 Title Guar & Ti' 10.000 13,616 55,954 1,640 3,571
34,500 1,911
Sinclair Consolidated 011, coin.(guar.)._ 50c. Nov. 30 Holders of rec. Nov. la
Lawyers Tit & T 6,000 5,480 25,845
900 1,591
16,255
651
Preferred (guar.)
2
Nov. 15 Holders of rec. Nov. la
Smith (Howard) Paper Mills, core.(qu.) 134 Oct. 20 Holders of roe. Oct. 10
Total of averages 16,0001 19,096 81,799 2,540 5,162
50,755 2,562
Preferred (guar.)
2
Oct. 20 Holders of rec. Oct. 10
Southern States Oil (monthly)
10c. Oct.
Holders of rec. Oct. 1
Totals, actual co ndilion Oct. 13 80,794 2,567 5,324
49,872 2,421
Spalding (A. G.) & Bros., 1st pref.(qu.) 134 Dec. 20
1 Holders of rec. Nov. 170 Totals, actual condition Oct. 6 82,460 2,574 5,130
51,070 2,598
Second preferred (guar.)
2
Dec. 1 Holders of rec. Nov. 17
Totals, actual condition Sept.29 81,007 2,292 5,144
2,584
49,443
Stearns(F.B.) Co.(guar.)
500. Oct. 20 Holders of rec. Oct. 2
Steel Co.of Canada, corn. ec pref.(qu.). 134 Nov. 1 Holders of
rec. Oct. 5
Gr'd aggr., aver 309,125 467,502 4,533,877 58,612491,920
32,339
Sterling Products(guar.)
Nov. 1 Holdere of rec. Oct. 150 Comparison with prey. week.. -39,605 +2,263-3,931 3,665,858459,276
$1
-38,449-6,103 +57
Stover Mfg. & Engine, pref.(quar.)*134 Nov. I *Holders of rec. Oct. 20
Sugar Estates of Oriente, pref.(quar.)
2
Nov. 1 Holders of rec. Oct. 150 (led aggr., act' cond'n Oct. 134,522,144 59,334 497,945 3,661,912456,721
32,286 '
Superior Steel Corp., 1st & 2d pf.
2
Nov. 15 Holders of rec. Nov. la
Thompson (John R.) Co., corn.(mthly.) 250. Nov. 1 Holders of rec. Oct. 230 Comparison wi h prey. week__ -34,202 +2,392-2,262 -6,810-5,154 -148
Common (monthly)
25e. Dec. 1 Holders of rec. Nov.230 Gr'd aggr., act'l cond'n Oct. 64,556,346 66,942500.207
Tobacco Products, Class A (guar.)
131 Nov.15 Holders of roe. Nov. la Gr'd aggr., aa7 cond'n Sept.29 4,578,339 65,657511,529 3,668,722 461,875 32,434
3,695,217469,932 32,297
Tonopah Mining (guar.)
7350. Oct. 20 Sept.30 to Oct. 7
ad'S cond'n Sept.22 4.539,958 54.496476,825 3,547,464475,816 32,402
Turman Oil (guar.)
30 Oct. 20 Holders of rec. Sept. 29
Gr'd aggr., aalcondle ,
ep.154,527.468 55,353 494,759 3,661,400471,371 32,439
Union 011 of California (guar.)
$1.80 Oct. 27 Holders of rec. 0ct415
Gr'd aggr., ace!cond'n Sept. 84,486,188 58.007479,955 3,600,319 472,48232.606
Union Tank Car,common (guar.)
134 Dec.1 Holders of rec. Nov. 54 Gr'd aggr.,
cowrie Sept. 1 4,502,848 50,475488,280 3,626,795469,504 32,481
Preferred (guar.)
134 Dec. 1 Holders of rec. Nov. 50
United Cigar Stores, common (quar.)
3
Nov. 1 Holders of rec. Oct. 160
Note.-U. S. deposits deducted from net demand deposits in the general tots,
United Drug, corn.(guar.)
Nov.
Dec.
150
1 Holders of rec.
134
above were as follows: Average total Oct. 13, 840,642,000: actual totals Oct. 13
1st pref. (guar.)
8734c Nov. I Holders of rec. Oct. 15a $38,119,000:
Oct. 6.
Sept. 29, $45,220,000: Sept. 22, 545,185,000,
United Dyewood, pref. (guar.)
131 Jan2'24 Holders of roe. Deo. 150 Sept. 15. $19,174,000.843,300,000;
Bills payable, rediscounts, acceptances and other liabilities.
United Eastern Mining (guar.)
15c. Oct. 28 Holders of rec. Oct. 8
average for week Oct. 13, 5430,663,000: Oct.6,8419.114.000: Sept.29,$416,720,000:
United Verde Extension Mining (quar.)_ $1
Nov. 1 Holders of rec. Oct. 50 Sept.22,$378,127.000:
Sept. 15,$424,393,000. Actual totals Oct. 13,$439.118,000'
U.S. Cast Iron Pipe & Fdy.. pref.(qu.)- 154 Dec. 15 Holders of rec. Dec. la
Oct.6,$451,054.000; Sept.29,$439,670,000; Sept. 22,8393,294,000; Sept. 15,$424,U.S. Realty & Impt.. pref. (guar.)._
154 Nov. 1 Holders of rec. Oct. 20a 120,000; Sept. 8, 8427,893.000.
United States Rubber. let pref.(qua:.).. 2
Oct. 31 Holders of rec. Oct. 15a
• Includes deposits in foreign branches not included in total footings as follows:
Ventura Consol.011 Fields (qua:,)
50c. Nov. 1 Holders of rec. Oct. 15
Vulcan Detinning, pref. & pref. A (qu.). 154 Oct. 20 Holders of rec. Oct. 90 National City Bank, $122,408,000; Bankers Trust Co., $11,325,000; Guaranty
Wahl Co., corn. (monthly)
50c. Nov. 1 Holders of rec. Oct. 24a Trust Co.,$71,225,000; Farmers' Loan & Trust Co., $232,000; Equitable Trust Co.,.
Common (monthly)
50c. Doe. 1 Holders of rec. Nov.23a $27,162,000. Balances carried In banks in foreign countries as reserve for such
Common (monthly)
50c.J an 1 '24 Holders of rec. Dec. 24a deposits were: National City Bank, 532.242,000: Bankers Trust Co., 81,144,000:
Preferred (guar.)
154 J an!'24 Holders of rec. Dec. 240 Guaranty Trust Co., $4,808,000; Farmers' Loan dv Trust Co., $232,000; Equitable
Trust Co.. $2,761,000. c Deposits in foreign branches not included.
Warner (Chas.) Co. of Delaware1st & 2d preferred (guar.)
154 Oct. 25 Holders of rec. Sept. 30a
Wells Fargo & Co
$1.25 Dec. 20 Holders of rec. Nov.200
The reserve position of the different groups of institutions
Western States Oil (monthly)
100. Oct. 31 Holders of rec. Oct. 15
Westinghouse Air Brake(guar.)
$1.40 Oct. 31 Holders of rec. Sept. 290 on the basis of-both the averages for the week a)41:1 the actual
Westinghouse Elec.& Mtg.,corn.(guar.) SI
Oct. 31 Holders of roe. Sept. 28a condition at the end of the week is shown in the following two
white Eagle Oil& Ref.(guar.)
50o. Oct. 20 Holders of rec. Sept.29a tables:
Winchester-Hayden Co., I ref. (guar.)._
154 Oct. 25 Holders of rec. Oat. 25
Woolworth (F. W.)Co.(guar.)
*2
Dec. 1 5Holders of rec. Nov. 9
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
Wrigley(Wm.)Jr.& Co.,corn.(mthly.) 50c. Nov. 1 Oct. 26 to Oct. 31
AND TRUST COMPANIES.
Common (extra)
25e Nov. 1 Holders of rec. Oct. 25
Common (monthly)
50e Dec. 1 Nov.24 to Nov.30
Common (extra)
25e. Dec. 1 Holders of rec. Nov. 24
Averages.
Common (monthly)
50c. Jan)'24 Dec. 25 to Jan. 1 1924
Common (extra)
Reserve
Cash
250. Jan1'24 Holders of rec. Dec. 24
Common (monthly)
Total
In
Reserve
150c. Feb1.24 Jan.26'24 to Jan.31 '24
Reserve
Surplus
Common (extra)
In Vault. Depositaries Reserve.
25e. Febl'24 Hold,of rec. Jan 25'24
Required.
Rams.
Common (extra)
250. Marl'24 Hold,of rec.Feb 25'24
Common (extra)
Members Federal
25e
Aprl'24 Hold.of rec. Mar 25/4
$
Reserve banks
Yellow Cab Mfg., class B (monthly)- 41%c* Nov. 1 5Holders of rec. Oct. 25
482,682,000 482,682,000 475,382,950 7,299,050
State banks.
5,538,000 4.076,000 9,614,000 9,081,180
532,820
•From unofficial sources. f The New York Stock Exchange has ruled that stock Trust companies.... 2,540,000 5,162,000 7,702.000 7,613,250
88,750
will not be quoted ex-dividend on this date and not until further notice. t The
Total Oct. 13.... 8,078,000 491.029,000400.908,000 492,077,380
New York Curb Market Association has ruled that stock will not be quoted ex7,920,620
not
and
date
until
Total
further
Oct.
this
dividend on
notice.
6.... 7,948,000 495,851,000 503,799,000 497,189,310 0,609,690
Total Sept. 29__
7,806,000 486,546,000 494,352,000 489,262,580
Transfer books not closed for this dividend. d
e Payable in stock.
Total Sept. 22...._ 8,112,000 493,535,000 501,647,000 493,385,560 5,089,420'
Payable In common stock. p Payable in scrip. Correction.
8,261,440
h On account of accumulated
preferred
stock.
In
Payable
n
Payable in Canadian funds.
dividends. as
• Not members of Federal heserve Bank.
a
This
Is
the
reserve
required on net demand deposits in the case of State banka
0 New York Curb Market rules British Amer. 011 be quoted ex-env. on Oct. 1,
and trust companies, but in the case of members of the Federal
Reserve Bank
V All transfers received In London on or before Sept. 3 will be in time for paymen Includes also amount in reserve required on net time deposits,
which was
of dividend to transferees.
Oct. 13, 511,978,190; Oct. 6,512,165,120; Sept. 29, $12,317,430; Sept. as follows:
22,512,455,:Extra dividend on com. $913,250.
010.
OCT.20 1923.]
1751
THE CHRONICLE
Actual Figures.
Reserve
Cash
in
Reserve
in Vault. Depositaries
Total
Reserve.
Reserve
Required.
Surplus
Reserve.
Members Federal
Reserve banks_
State banks.
Trust companies....
s
s
$
5
•
488,539,000 488,539,000 474,814,070 13,724.930
489,080
5,622,000 4,082,000 9.704,000 9,214,920
410.200
2,567,000 5,324.000 7,891,000 7,480,800
Total Oct. 13.__ _
Total Oct. 6_.._
TotalSept. 29..__
Total Sept. 23____
8,189,000 497,945,000 505,131,000 1,509,790 14,624,210
8,251,000 500,207,000 508,458,000 492,497,790 15,960,210
7,804,000 511,529,000 519,333.000 490,182,440 23,150.560
7.945.000 475,825,000 483.770,000 490,124,860 -6,354,880
• 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. 13, $11,904,090; Oct. 6, $12.058,380; Sept. 29, 312,303,870; Sept. 22, 512,483,390.
Boston Clearing House Weekly Returns.-In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
Oct. 3
1923.
Oct. 10
1923.
Changes from
previous week.
Oct. 17
1923.
$
8
57,300,000 57,300.000
57,300,000, Unchanged
Capital
53,000 84,437.000 81.078,000
84,384.0001Dec.
Surplus and profits
442,000 887,714,000 890.097.00Q
Loans, disc'ts & Investments_ 8S7.272,000iDec.
Individual deposits,Incl.IJ.S 638,884,000 Inc. 31,325.000 007,559,000 608,173,000
124,937,001) Inc. 8,933,000 115,954,000 114,896,000
Due to banks
347,000 128,274,000 129,719,000
127,927,0001 Dec.
Time deposits
28,918,000 Dec. 8,735.000 37,653,000 40.191,000
United States deposits
Exchanges for Clearing House 30.571 ,000'Inc. 8,834.000 21,737,000 26,492,000
83,773,000,1nc. 17,685,000 60,088,000 67.430.000
Due from other banks
72.291,000;Inc. 2.224,000 70.067.000 69.578.000
Reserve in Fed.Res. Bank_
158,000 9,463,000 8.773.000
Cash In bank and F. R. Bank 9,621,000Ine.
Reserve excess in bank and
861,000 1,788,000 1,927.000
2,849,000,Ine.
Federal Reserve Bank
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. 13, with comparative figures
panies in New York City not in the Clearing House as follows: for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
are 10% on demand deposits and 3% on time deposits, all
CLEARING
IN
HOUSE
STATEMENT.
NEW YORK. NOT INCLUDED
be kept with the Federal Reserve Bank. "Cash in vaults"
to
(Figures Furnished bit State Banking Department.)
not memDifferences from is not a part of legal reserve. For trust companies
Oct. 13.
previous week.
bers of the Federal Reserve System the reserve required is
5819,407,200 Inc. 33,715,700
Loans and investments
demand deposits and includes "Reserve with legal
3,239,500 Inc.
14,700 10% on
Gold
21,049,400 Inc.
586,700 depositaries" and "Cash in vaults."
Currency and bank notes
74,468,900 Inc 1 898 300
Deposits with Federal Reserve Bank of New York
843,490,500 Inc. 5,409.300
Total deposits
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust consPanles In N. Y.City,exchanges and U.S. deposits 795,324,100 Inc. 10,788.900
130,761,600 Inc.
223,300
Reserve on deposits
Percentage of reserve, 21.3%.
RESERVE.
State Banks
-Trust Companies-Cash In vault
•$28,735,700 16.37%
370,022.100 16.07%
22.914,100 5.25%
Deposits In banks and trust cos
9,089,700
5.17%
Total
537,825,400 21.54%
592,936,200 21.32%
•Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on Oct. 13 was 74,168,900.
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.
•
Week endedJune 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. 8
Oct. 13
Loans and
Investments.
Demand
Deposits.
$
5,411,405,200
5,455,575,600
5.521,531.400
5,487,089,000
5,404,760.500
5.350,244,500
5,335,175.500
5,287,888,600
5.268,638.700
5,229,448,800
5,257,620,900
5,299,993,700
5,305,103,700
5,343,149.700
5,351,110.900
5,389,173,500
5.353.284.200
$
4,511,280.800
4,543,063.300
4.814.315.200
4,555,262,200
4.527,081.500
4,469.997.600
4.452,081,300
4,372,278,000
4,350,022,600
4,336.781.700
4,354.682,100
4,380,653,300
4,404,072,200
4,458.769.600
4,422,478,500
4,488,842,200
4.461.1,42100
*Total Cash
in Vaults.
$
78.7.50.200
80.871.000
83,510,400
85,305,800
79,020.500
78.711,400
78,046,100
80,142,000
79,734,800
78,851,400
79,233.800
79,476,700
82.333,900
79,777.500
79.056,100
80.038,500
R9 Odin onn
Reserve in
Depositaries
$
596,572,600
806,940.200
833,640.100
808,094,400
609,843,200
588,988,700
591,712,400
578.778,900
581,500.000
573.572,600
577,418,800
584,092,300
591,433,500
801,935,000
587,786,500
602.701,800
Kew
New York City Non-Member Banks and Trust Cornpanies.-The following are the returns to the Clearing House
by clearing non-member institutions and.which are not included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
Mated in thousands of dollars-that is. three ciphers [0001 omitted.)
I
Loans
Net
R
Net
Net
CLEARING ,Capits1.Prollts. CisNat'l
Counts. Cash
with Demand Time Bank
NON-MEMBERS
Legal
Nat.bks. Sep.I4 Invest- in
DeDe- CircuWeek Ending Statebks.Sep.10 manta, Vault. Deposi posits. posits. legion.
tortes.
Oct. 13 1923. Tr. cos. Sep. 10 etc.
Members of
Fed'I Reeve Bank
W.R.Gracc & Co.
Total
State Banks
Not Members of
Fedi Reeve Bank
Bank of Wash. Ms
Colonial Bank....
Total
Trust Company
Not Member of
Fed'I Reeve Bank
Mech.Tr.,Bayonn
Total
Grand aggregate
Comparison with
Gr'd aggr., Oct. 6
Gr'd aggr..Sept.29
Gr'd aggr.,,Sept.22
Gr'd aggr., Sept.15
$ I
500
$
1,567
4jAverag Average Average Average
Average Average
$
$
$
1 $
$
1,744
$
6,108
2
352
2,584
6,108
24
352
200
800
388 0,297
2,217 21,500
690
2,530
328
1,6. •
1,000
2,605 27,797
3,22
1,9:
500' 1,887
1,74
2,584
Week Ending Oct. 13 1923.
Two Ciphers (00)
omitted.
Capital
Surplus and profits
Loans, disc.ts & investin'ts
Exchanges for Clear. House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
_
U.S. deposits (not
Res've with legal deposit's
Reserve with F. R. Bank_
Cash in vault*
Total reserve and cash held
Reserve required
Excess res. & cash in vault
26,63
128
.___
128
500
407
9.075
388
5
407
0.075
388
2 OOOI 4,580 42,980
revious week._ +793
3,032
+203
2,390 a31,157 8,443
+208
+775-la
3,429
3,369
3,416
3,107
2,184
2,172
2,319
3,326
2,000h0
2,0001 4,580
2,0001 4,406
2,0001 4,400
42.187
42,129
42,548
42,407
5,
55,000,0
15,513,0
43,942,0
432,0
16,0
916,0
26,943,0
942.0
28,801,0
3,063,0
54,647,0
10,066,0
64,713,0
56,197,0
8,516,0
1,382,0
4,445,0
4,158,0
237,0
544,735,0
123,287,0
759,327,0
30.813,0
101,324,0
124,094.0
557,939,0
55,547,0
737.580,0
13,772,0
3,063,0
54,647,0
11,448,0
69,153,0
60,355,0
8,803.0
$44,375.0 $44,125,0
123,287,0 123,437.0
760,473,0 759,058,0
31,045,0 29,165,0
102,697,0 98,617,0
126,704,0 119,962,0
560,868.0 555.877,0
56.217,0 54,822.0
743,787.0, 730,461,0
9,426,0 17,285,0
3,612,0
3,143.0
56,373.0 54,338,0
10,806,0 10,809,0
70.322,0 88,759.0
60,836,0 60,278,0
8,481,0
9,486,0
Condition of the Federal Reserve Bank of New York.
-The following shows the condition of the Federal Reserve
Bank of New York at the close of business Oct. 17 1923 in
comparison with the previous week and the corresponding
date last year:
18 1922.
Oct. 17 1923. Oct. 10 1923. Oct.
RESOWT411183,231,657
Gold and gold certificates
Gold settlement fund-F. R. Board.-- 140,835,587
178,293,106
143.646,290
142,532,000
204,410,000
Total gold held by bank
Gold with Federal Reserve Agent
Gold redemption fund
324,067,244
634,527,570
5,332,464
321,939,397
634,657,470
7,009,586
346,942,000
711,173,000
10,359,000
Total gold reserves
Reserves other than gold
963,927,279
18,297,733
983,606.454 1,068,474,000
35,802,000
16,602.743
Total reserves
•Non-reserve cash
Bills discounted:
Secured by U. S. Govt. obligations
All other
Bills bought in open market
982,225.012
10,748,671
980,209.197 1,104,276,000
9,837,135
116,593,101
54.215.458
43,726,956
146,344,501
58,703,105
32,740,828
57,515,000
44,991,000
85,401,000
Total bills on hand
U. S. bonds and notes
U. S. certificates of indebtednessOne-year certificates (Pittman Act)All other
214,535.515
7,643,750
237,788,435
5,175,750
187,907,000
53,447,000
4,425,000
1,673.000
10,000,000
70.800.000
Total earning assets
Bank premises
5% redemp. fund asst. F.R.bank notes
Uncollected items
Ali other resources
226,804.265
13,755,834
244,637,185
13,395,819
193,389,828
1,057,182
130,387,698
1,211,376
Total resources
322,154,000
9,909,000
499,000
190,195.000
2,122,000
1,427,780,395 1,379.678,411 1.629.155,000
Lfabfit'les29,302,100
Capital paid in
59.799,523
Surplus
Deposits7,182,613
Government
Member banks-Reserve account.... 705,579,140
13,194.322
All other
725,956,075
Total
463,506,806
F. R. notes in actual circulation
F. R. bank notes In circu'n-net liability
144,789,193
Deferred availability items
4,426,696
All other liabilities
29,302,100
59,799,523
27,835,000
60,197,000
5,348,547
693,640,108
12,552,774
93,000
781,805,000
13,530,000
711,541,431
471,073,229
795,418,000
605,330,000
8,412,000
127,432,000
5,531,000
103,571,378
4,390,748
1,427.780.395 1.379,678.411 1,629,155,000
Ratio of total reserves to deposit and
F. R. note liabilities combined
132.6%
Contingent liability on bills purchased
for foreign correspondents
15.343,595
• Not shown separately prior to January 1923.
82.9%
78.8%
11,992,808
15,322,990
2,774
5,731
---
2,774
5,731
-Announcement has been made that the name of the well-known
investment banking firm of Cyrus Peirce & Co. has been changed to Peirce.
-___
Harry H.
.--- Fair & Co. Since the organization of Cyrus Peirce & Co.,
Fair has been Vice-President & General Manager, and it is in recognition
title of
corporate
the
his
that
in
service
name has been included
of his
.
.._.
the firm. The officers and directors of Peirce, Fair & Co.remain unchanged
430,382
229,976 9,83
00,339 10,181
*30.515 10.322
a United States deposits deducted, $282,000.
Bills payable, rediscounts, acceptances and other nab, Ities, $151,000.
Excess reserve, $261,290 increase.
__ _
....
$39,375,0
107,774,0
715,385,0
30.381,0
101,305,0
123,178,0
530,996,0
54,605,0
708,779,0
Sept. 29
1923.
Oc..6
1923.
Total.
•Cash In vault not counted as reserve for Federal Reserve members.
Total liabilities
5,478
21,161
Trust
Membersof
F.R.Sgstem Companies
CURRENT
NOTICES.
-Noble & Corwin, 25 Broad St., N. Y., specialists in bank stocks,
have prepared a comparative table showing the figures reported by all
the leading New York City banks and trust companies as of September
1923, with the book values of a year prior to that date.
1752
THE CIIRONTCLE
[Vol,. 117.
Weekly Return of the Federal Reserve Board.
The following is tne return issued by the Federal Reserve Board Thursday afternoon, Oct.18,and showing the
condition
of the twelve Reserve Banks at the close of business on Wednesday. In the first table we present the results for
system
as a whole in comparison with the figures for the seven preceding neeks and with those of the corresponding weekthe
last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve
Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller
and
Reserve Agents and between the latter and Federal Reserve banks. The ReservekBoard's comment upon the returns
for the latest
week appears on page 1724, being the first item in our department of "Current Ennts and Discussions."
• COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS OCT. 17 1923.
Oct. 17 1923.10d. 10 1923 Oct. 3 1923. Sept. 26 1923 Sept. 191923. Sept. 12 1923. Sept. 5 1923. Aug.29 1923. Oct. 18 1922.
RESOURCES.
3
$
$
367.835,000 364,693.000 357,185,000 359,664,000 357,345.000 349,597,000 344.748,000
Gold and gold certificates
361,066.000 257,920,000
607,734,000 623,054,000 643,874,000 641,647,000 638,892,000
Gold settlement fund. F. R. Board
633.454.000 645,876,000 649,455,000
594,159,000
975,569,000 987.747,000 1,001,059,000 1,001.311.000 996,237,000 983,051,000 990,622.000 1,010,521,000 852,079,000
Total gold held by banks
2,087,371.000 2,074.372.000 2,055.863.000 2,061,985.000 2,066,488,000
Gold with Federal Reserve agents
2,060,700.000
2,163,465,000
62.229,000 60,275,000 59,108,000 53,328,000 59.245,000 2.070,557,000
Gold redemption fund
57.053,000 50.688.000 2,061,164.000
49,304,000 71,269,000
3.125.169.000 3,122,394,000 3,115,830,000 3,116,604,000 3,121,970,000 3,110,681,000 3,102.010,000 3,120,989,000 3,086,813,000
Tots gold reserves
72.854,000 71,529,000 72,160.000 76,094,000 77,832.000 77,004,000 76,324,000 80,245,000 127,384,000
Reserves other than gold
3 198.023,000 3,193,923,000 3,187,990,000 3.192,698,000 3,199.802,000 3.187,865,000 3,178,334,000 3,201,234,000 3,214,197,000
Total reserves
74,877,000 68,932,000 72,354,000 74,248,000 84,295,000 77,139,000 65,782,000 68,700,000
'Non-reserve cash
Bills discounted: Govt. obligations
386.175.000 406,269,000 400,158,000 402,141,000 324.840,000 389,071,000 399,118.000 378,194.000 194,155,000
Secured by U. S.
468,346,000 462,748,000 481,503,000 459,867,000 449,600,000 452,288.000 450,976.000 439,324,000 316,944,000
Other bills discounted
190,518,000 182,407,000 172,902.000 172,124,000 171,044,000 179,313,000 174,563,000 173,485.000 256,815,000
Bills bought in open market
1,045,039,000 1,051,424,000 1,054,563,000 1.034,132.000 945,284,000 1,020,672,000 1,024,657.000 989,003.000 767,914,00Ir
Total bills on hand
88,251,000 86.808,000 89,628,000 87,737.000 84.670,000 94,718.000 96,320.000 91,328.000 226,210,000
U. B. bonds and notes
7.790,000 5,075,000 5,514,000 4,148,000 7,919,000 5.139.000 2.452.000 2,202.000 220,691,000
U. S. certificates of indebtedness
Municipal warrants
317,000
317,000
317.000
317.000
317,000
20,000
20,000
20,000
27,000
Total earning assets
1,139,397,000 1,143,624,000 1,150,022,000 1.126,334,000 1,038,190.000 1,120,549.000 1,123,449,000 1,082,553,000 1,214,842,000
Hank premises
55.640.000 55,202,000 55,173.000 55,023.000 54,915,000 54,361,000 54,269,000 54,239,000 45,099,000
5% redemp. fund sot.F.R. bank notes
28,000
22,000
28,000
28,000
28,000
28,000
28.000
93,000 3,750,000
Uncollected items
840,286,000 646,278.000 863,548.000 616,211,000 747.873,000
594,984.000 546,926.000
All other resources
13.690.000 13,470,000 13,118,000 13,717,000 13.332.000 670,862.000
13,532,000 13,339.000 13,477.000 798,439,000
14,787,000
Total resources
5,321,941.000 5,121,457,000 5,142,233,000 5,078,259,000 5,138,435,000 5,124,136.000 5,030,185.000 4,967.222,000 5,291,114,000
LIABILITIES.
Capital Paid in
109,688,000 109,676,000 100.669,000 109,657,000 109,644,000 109,682XXV 109,718,000 109,751,000 106,327,000
Surplus
218,369,000 218,369.000 218.369.000 218.369,000 218,369,000 218,369,000
218,369.000 215,398,000
Deposits--Government
38,575,000 20,151.000 30,085.000 56,279,000 37,970,000 39.597,000 218,369,000
38.534.000 37,960,000 12,545,000
Member bank-reserve account
1,915,740,000 1,883.850,000 1,884,046,000 1,851,790.000 1,825,005,000
1,843,065.000 1,848,617,000 1,921,277,000
Other deposits
23,007.000 21,754,000 22,126,000 22,004,000 24,865,000 1,872.773,000
24,088.000 20,776.000 21,005,000 22,285,000
Total deposits
1,975,322,000 1,905.755,000 1,936,237.000 1,930,073,000 1,887,840,000 1,936,458,000 1,902.375,000 1,907,582.000 1,956,107,000
F. R. notes In actual circulation
2,272,391.000 2,288.580.000 2,272,308.000 2,247,830.000 2,254,764,000 2,282,525.000
2,257,278,000 2,224,760.000 2,315,437,000
485,000
492,000
F.R bank notes In circulation-netliab_
473,000
480,000
497,000
509.000
509.000 1,565,000 40,613,000
Deferred availability Items
723,251,000 576,277.000 583,742.000 550,527,000 645,866,000
576,015.000 522,057.000 485,041,000
21,311.000
liabilities
22,320,000
21,423.000
22,447,000
other
AU
21,455,000 20,580.000 19.879,000 20.154,000 632,430,000
24,802.000
5,321,941,000 5,121,457,000 5,142,233,000 5,078,259.000 5,138,435,000 5,124,136,000 5,030.185,000 4,987,222.000 5,291,114,000
Total liabilities
and
deposit
Ratio of gold reserves to
74.6%
74.4%
73.6%
74.4%
F. R. note liabilities combined
75.4%
74.1%
74.6%
75.5%
72.3%
Ratio of total reserves to deposit and
76.4%
75.3%
75.8%
76.1%
F. R. note liabilities combined
77.2%
75.9%
76.4%
77.5%
75.2%
Contingent liability on bills purchased
40,528,000 36,015.000 31,276,000 33,794.000 33,752.000 33,784,000 34,304.000 35.404,000 35,265,000
for foreign correspondents
DfArtbution bp Maturities$
S.
1-15 days bills bought In open market_ 68.283,000 63,939.000 57,237,000 56,831,000 56,621.000 61.971.000 60,115.000 54,600.000 69,241,000
558,679,000 578,169.000 585,560.000 571,155.000 482,783.000 558,412,000 572,012.000 531,631.000 317,057,000
1-15 days bills discounted
1-15 days U. S. certif. of indebtedness- 4.595.000 1,923,000 4,053,000 2,375,000 8.120,000 4,452,000 1,827,000
385,000 27,161,009
1-15 days municipal warrants
3,000
18-30 days Dills bought in open market_ 21,767,000 27,447,000 32,222,000 34,308,000 33.483.000 34,545,000 33,815.000 32,094,000 39.106,000
16-30 days bills discounted
78.705,000 80,062,000 85,064,000 81.295,000 83.725,000 76,545,000 74,317.000 64,241,000 48,671,000
16-30 days U. S. certif. of Indebtedness
706,000
18-30 days municipal warrants
31-60 days bills bought In open market_ 44,871,000 42,953,000 39,403.000 38,148.000 39,976.000 45,662,000 48.277.000 52,339,000 66,345,000
31-60 days bills discounted
126.020,000 121,813,000 117,004.000 120,935,000 121,103,000 119,401,000 117,292.000 120,470,000 76,228,000
of
31-60 days U. S. certif. Indebtedness31-60 days municipal warrants
61-90 days bills bought In open market61-90 days bills discounted
61-90 days U. S. certif. of Indebtedness_
61-90 days municipal warrants
Over 90 days bills bought In open market
Over 90 days bills discounted
Over 90 days certif. of indebtedness
Over 90 days municipal warrants
Federal Reserve NotesOutstanding
Held by bulks
163.000
266,000
51,484,000
76,515,000
41,000
4,113,000
14.602,000
3,032,000
10,000
286,000
43,728,000
75,599,000
261.000
41,000
4,340,000
13,374.000
2,891,000
10.000
266,000
39,500,000
80,435.000
361,000
266,000
38,749.000
75,155.000
264,000
4,540.000
13.598,000
1,100.000
51,000
4,088.000
13,468,000
1,509,000
51,000
45,528,000
38.374.000
72.793,000
392.000
266,000
2.590.000
13.838.000
1,407.000
51,000
33.300.000
71,152,000
1,000
28,501,000
68.487,000
29,674.000
76,809.000
612,000
3,835,000
15,849.000
686.000
20,000
3.855.000
17,986.000
625,000
20,000
4,778,000
22,361.000
499.000
20,000
68,183,000
49,570,000
15,685,000
24,000
13,940.000
19,573,000
132,317,000
2,743,728,000 2,739,884,000 2,736,500.000 2,725,864,000 2,721,735,000 2,718,690,000 2,701,577,000 2.886,759,000 2,722,446,000
471,335,000 451,304,000 464,192,000 478,034.000 466.971,000 454.165.000 444,299,000 461,999,000 407,009,000
In actual circulation
2,272,391,000 2,288,580,000 2,272,308,000 2.247,830.000 2,254,764.000 2,262.525,000 2.257.278.000 2,224.760,000 2,315.437,000
Amount chargeable to Fed. Res. Agent 3,617,660,000 3,600,728,000 3,598,004,000 3,610,978.000 3.607,199,000 3,584,439,000 3,563,431,000 3,552,703,000 3,516,888,000
873,934,000 860,844,000 861.504.000 885,114.000 885,464,000 867,749,000 861,854,000 865,944,000 794,442,000
In hands of Federal Reserve Agent
Issued to Federal Reserve Banks
2,743,726,9002,739,884,000 2.736,500,000 2,725,864,000 2.721,735.000 2,716,690,000 2,701.577,000 2,6E93.759,000 2,722,446,000
How SecuredBy gold and gold certificates
By eligible paper
Gold redemption fund
With Federal Reserve Board
se al
320,534,000 320,534,000 320,534,000 320.959,000 320,959.000 321,359,000 320,924.000 320,424,000 416,507,000
656,355,000 665,512,000 680,837,000 663.899.000 655,247,000 646,133,000 640.877,000 625,595.000 558,981,000
122,860,000 112,074,000 114,668,000 120,813,000 116,797,000 119,921.000 119,710.000 124,045,000 133,925,000
1,643,977,000 1,641,764.000 1,820,461.000 1,820,193,000 1,628,732.000 1.629.277,000 1,620,066.000 1,816,695,000 1,613,033,000
Total
2,743,726.000 2,739,884,000 2,736,500,000 2,725,864.000 2.721,735.000 2,716,690.000 2,701,577.000 2.686.759.000 2,722,446,000
Eligible paper delivered to F. R. Agent. 1,005,838,000 1.007,544,000 1,014,796.000
•Not shown separately prior to Jan. 1923.
991,115,000
899.924.000
980.070,000
980.947.000
950.462,000
740,927,000
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS OCT.17 1923
Two ciphers (00) omitted.
Boston. New York. Phila. Cleveland. Richmond Atlanta. ChiCago. St. Louts. Minneap. Kan.Oily Dallas. SanFran. Total.
Federal Reserve Rant orRESOURCPS.
i
20,987.0
Gold and gold certificates
Geld settlement fund-F.R.Bld 68,551,0
Total gold held by banks
89,538,0
195,801,0
Gold with F. R. Agents
15,879,0
Gold redemption fund
301,218.0
Total gold reserves
4,256,0
Reserves other than gold
305,474.0
Total reserves
17,751,0
Non-reserve cash
Bills discounted:
17,367,0
Secured by U.8.0ovt.obliga'n 28,875,0
Other bills discounted
10,247,0
Bills bought In open market
56,289,0
Total bills on hand
3.567.0
U. S. bonds and notes
170,0
U.S. certificates of indebtedneseMunicipal warrants
60.026.0
Total earning assets
8
$
t
183,232,0 36,259,0 13,367.0
140.835.0 24,118,0 89.181,0
324,067,0 60.377,0 102,548,0
634,528,0 170,052.0 209.277,0
5,332.0 13,082,0 1,152.0
963,927,0 243.511.0 312.977,0
18,298,0 8,941,0 3,896,0
982,225.0 252,452,0 316,873,0
10,749,0 2,393,0 5,135.0
116,593.0 37,080,0 29,653.0
54,215,0 20,253,0 31,619,0
43,727,0 20,424,0 24,508,0
214,535.0 77,757,0 85,680,0
7,644.0 17,367,0 9,953,0
4.425,0
41,0 393,0
8
S
8
5,891,0 47,280,0
16,804,0 90,427,0
22,895,0 137,707,0
87.391.0 401,145.0
4.133,0 1,252,0
94,219,0540,104,0
5,129,0 7.882.0
99,348,0 547,986.0
7,902,0 6,759,0
21,108,0 59,335.0
61,389,0 55,727,0
5,452,0 42,155,0
87,949,0 157,217,0
240,0 6,919,0
1,0
60,0
51,0
226.604.0 95.165.n 04.026.0 76.045.0 88.241.0 164.196.0
12,141,0
29,711,0
41.852,0
45.789.0
3,657.0
91,298,0
;,677,0
93,975,0
1,529,0
28,130,0
45,433,0
1,141,0
74,704.0
1.341,0
s
$
:
8
s
$
11,472,0 21,333,0 367.835,0
19,867,0 45.678,0 607,734,0
31,339,0 67,011,0 975.569.0
27,378,0 222,926,0 2,087,371,0
2,095,0 5,105,0 62,229,0
60,812,0 295,042,0 3,125,169.0
6,324,0 1,748,0 72,854,0
67,136,0 296,790,0 3,198,023,0
1,876.0 8,652,0 74,877.0
3,353,0 21,574,0 386,175.0
19,459,0 49,643.0
29.214,0 11,394,0 488.456,0
190,518,0
52,028.0 82,611,0 1,045,039,0
6,280,0 9,185,0 86.251,0
2,500,0
7,790,0
317,0
4,357,0
28,157,0
32,514,0
35,122.0
3,021,0
70,657,0
10,067.0
80,724,0
6,817,0
22.884,0
49,260,0
7,0
71,951,0
8,645,0
22,118,0
30,763,0
37.385.0
2,489,0
70,617,0
1,136,0
71,753,0
1,153,0
0,037.0
20,274,0
50,0
29.361,0
13,867.0
22,0
71.9.310
as 2A(1 0 RA 901 n an OAR n 01 700 n 1 150 an, n
2,871,0
32,287,0
35.158,0
40,597,0
5,032,0
80,787,0
2,500,0
83,287,0
4,161,0
20,361,0
32,399,0
2,199,0
54,959,0
9,888,0
178,0
266,0
RESOURCES (Concluded)Two Miters (00) omitted.
Bank premises
5% redemption fund
F. R. bank notes
Uncollected items
All other resources
1753
THE CHRONICLE
OCT.20 1923.]
Boston. New York.
$
13,756,0
$
4,434,0
against
78.871,0
126,0
Total resources
LIABILITIES.
Capital paid in
Surplus
Deposits: Government
Member bank-reserve acc't
Other deposits
466,682,0
Phila.
i
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap Kan.City Dallas. San Fran.
$
9,700,0
$
744,0
$
8,715,0
S
2,829.0
$
2,617,0
$
1,156,0
S
4,970,0
$
1,815,0
$
1,952,0
Total.
$
2,952,0
$
55,640,0
28.0
28,0
840,286,0
193,389,0 74,759,0 90,325.0 74,012,0 29,655,0 102,042,0 47,450,0 17,935,0 40,854,0 36,964,0 54,030,0
13.690,0
50,0 2,532,0 1,049,0 2,900,0 3.670,0
522,0
661,0
484,0
326,0
313,0
1,037,0
1,427,780.0425,828,0 518,385,0 248,662,0 228,633.0 830,220,0 208,148,0 138,438,0 199,612,0 171,662,0 457,890,0 5,321.941,0
7,867,0
16,312,0
942,0
135,624,0
270,0
136.836,0
Total deposits
F.R. notes in actual circulation 231,872,0
F. It. bank notes in circulationnet liability
72,783,0
Deferred Availability items
1,012,0
All other liabilities
7,755,0 109,688,0
29,302,0 9,865,0 12,242,0 5,742,0 4,427,0 15,209,0 5,016,0 3,520,0 4,554,0 4,169,0 15,263.0
218,369,0
59,800,0 18,749,0 23,495,0 11,288.0 8,942,0 30,398.0 9,665,0 7,473,0 9,488,0 7396,0 5,619.0
36,575,0
2,207,0
2,011,0
2,124,0
2.295,0
5,168,0
0
059
3
2,853.0
7,183,0 1,226,0 1,888,0
1,915,740,0
153,448.0
57,759,0
705,579,0 115,469,0 160,794,0 63,605,0 53,504,0 277,769,0 67,508,0 46,468,0 78,213,0
23.007,0
218,0 4,640,0
487,0
393,0
533,0
157,0
144,0 1,146,0
634,0 1,191,0
13,194,0
163,707.0 1,975,322,0
725,956,0 117,329,01163,873,0 66,615,0 80,707.0284.083,0 70,336.0 48,985,0 80,711,0 60,184,0 220,519,0
2.272,391,0
463,507.0 213,006,0 241,601,0 96,787,0 134,518,0 412,236,0 76,004.0 59,496,0 63,262,0 59,583,0
473,0
473,0
723,251,0
144,789,0 65,109.0 75,289,0 66,826,0 22,606,0 86.085,0 45,816,0 17,487,0 40,493,0 37,496,0 48,472,0
22,447,0
2,174,0
4,426,0 1,768.0 1,885,0 1,404,0 1,436,0 2,209,0 1,311,0 1,477,0 1,104,0 2,241,0
466,682,0 1,427,780,0 425,826,0 518,385,0 248,662,0 228,636,0 800,220.0208,148.0 138,438,0 199,612,0 171,662,0 457,890.0
Total liabilities
Memoranda.
Ratio of total reserves to deposl
and F. It. note liabilities corn
77.2
56.1
57.8
66.1
52.0
78.7
55.2
78.1
57.5
76.4
82.6
82.8
blued, per cent
Contingent liability on bills pur
1.386.0 2.734,0
1.656.0
1.694.0
1.300.0
2.002,0
1.579.0
5.353.0
4.159.0
3.312.0
15,344.0
correspond'
foreign
for
chatted
5,321,941.0
75.3
40,528,0
STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINESS OCT. 17 1923.
Boston. New York Phila.
Federal Reserve Agent at-
$
(In Thousands of Dollars)
Resources
89,350
Federal Reserve notes on hand
248,538
Federal Reserve notes outstanding
Collateral security for Federal Reserve notes outstanding
35,300
Gold and gold certificates
17,501
Gold redemption fund
143,000
Gold Fund-Federal Reserve Board
52,737
Eligible paper!Amount required
3,552
(Excess amount held
Cleve. Richm'd Atlanta Chicago. St. L.
Minn. K.Citg. Dallas• San Fr•
regal
$
$
3
$
S
313,260 51,000 29,720 26,350 75,382
724,056 232,760 269,689 105,958 150,428
$
$
$
S
$
$
S
127,000 24,390 10,015 34,513 25,354 67,600 873,934
2,743,726
258,249
463.892 90,577 63,161 73,500 62,918
2,400
235,531 7,000 8,780
27,997 15,663 15,497 1,994 6,991
371,000 147,389 185,000 43.795 58,000
89,528 62,708 60,412 60,169 83,037
99.366 6,425 24,679 13,530 4,810
____ 320,534
7,391
____
11.080 13,052
9,500 2,042 1,313 2,237 3,487 18,638 122,860
391,645 22,000 23,000 38.360 16,500 204,288 1,643,977
62,747 55,455 25,796 32,903 35,540 35,323 656,355
94,373 16,419 2,159 21,948 15,790 46,432 349,483
589,978 1,860,738 522,945 593,777 251.796381,048 1,149,157 221,963 138,496 203,461 166,980 630,530 6,710,869
Total
LiabilitiesNet amount of Federal Reserves notes received from
337,888 1,037,316 283,760 299,409 132,308 225,810 590,892 114,967 73,176 108,013 88,272 325,849 3.617,660
Comptroller of the Currency
195,801 634,528 170,052 209,277 45,789 67,391 401,145 35,122 37,365 40,597 27,378 222,926 2,087.371
Collateral received from!Gold
56,289 188,894 69,133 85,091 73,699 87,847 157,120 71,874 27,955 54,851 51,330 81,755 1,005,838
Federal Reserve BrutkIEligible Paper
589,978 1,860,738 522,945 593,777 251.796381.048 1,149,157 221,963 138,496 203,461 166.980 630,530 6,710.869
Total
Federal Reserve notes outstanding
Federal Reserve notes held by banks
Federal Reserve notes in actual circulation
248,538
16,666
724,056 232,760 269,689 105,958 150,428
260,549 19,754 28,088 9.171 15,910
463,892 90,577 63,161 73,500 62.918 258,249 2,743,726
51,656 14,573 3,665 10,238 3,335 37,730 471,335
211 R79
451 507 911 nnn 941 cal 96787 124 518
412 236 76 004 59490 51 902 50 582 220 519 2272 391
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the 770 member banks, from which weekly returns are obtained. These figures are always a week behind
those for the Reserve Banks themselves. Definitions of the different items in the statement were given in the statement
of Oct. 18 1917, published in the "Chronicle" Doc. 29 1917, page 2523. The comment of the Reserve Board upon the figures
for the latest week appears in our Department of "Current Events and Discussions," on page 1724.
1. Data for all reporting member banks in each Federal Reserve District at close of business Oct. 10 1923. Three ciphers (000) omitted.
Federal Reserve District.
Boston
43
New York
112
Phila.
55
Cleveland Richmond Atlanta
81
77
39
Chicago St. Louis Minneay. Kan. City
106
36
28
76
Dallas
San Fran.
52
65
Total
770
Number of reporting banks
Loans and discounts, gross:
Secured by U.S. Govt. obligations
Secured by stocks and bonds
All other loans and discounte
12,40' 103,612
235,551 1.469,072
647,925 2,587,423
17,981
268,480
359,785
9,633
121,521
338,602
36,751
8,963
65,893 584,137
350,363 1,160,926
12,679
141,625
315,253
4,455
38,399
201,971
7,323
80,985
354,643
2,866
61,571
217.157
Total loans and discounts
U.S. pre-war bonds
U.S. Liberty bonds
U.S. Treasury bonds
U. S. Treasury notes
U.S. Certificates of Indebtedness
Other bonds, stocks and securities
895,971 4.160,107
12,541
48,257
78,554 471,508
4,534
26,574
33,896 466,067
6,106
16,775
171,808 730,320
646,246 1,137,535 469,756
10,698
47,89629,419
42,824 117,489
31,101
3,271
4,707
4,129
13,141
49,494
59.311
3,728
9,318
2.970
51,224
180,063 296,634
425,219 1,781,834
24.805
14,475
93,755
14,208
1,670
12,224
9,717 120,057
21.083
8,474
38,392 331,461
469,558
15,204
22,487
8,726
18,594
5.790
83,061
244,825
8.661
13,457
955
27,873
3,806
27,468
442,951
11,423
48,817
4,780
19.258
3,810
62,056
281,594 1,000,326 11,955,922
274,029
30,189
20,461
96,402 1,045,385
13,783
85,997
12.430
1.997
875,390
42,610
15,372
99,365
12,605
4,900
11,293 156,058 2,139,838
937,324 1,672.890
69,599 106,991
17,872
32,050
690,568 915,618
104,863 596,177
17,135
20,590
512,155 2,385,219
31,083 191,901
10,798
59.295
261,900 1.466.452
178,423 787,908
10,285
22,817
623,420
38,706
8,220
333,924
189,230
7,888
327,045
22.320
5.845
198,970
83,707
4,501
593,095
44,401
13,150
418,891
134,991
2,456
349,400 1.350,620 16,475,926
98.922 1,372,450
25,000
305,200
22,775
10,324
243.129 737,939 11.059,895
73,869 545.692 4,010.199
209,040
19,449
7,177
13.552
34.068
7,065
6.532
17,036
18.047
s
s
Total loans & disete & investmls. 1,203,410 5,919,608
83,334 623,855
Reserve balance with F.It. bank
21,100
89,254
Cash in vault
815.082 4,640,522
Net demand deposits
268,741 894.142
Time deposits
36,354
52,381
Government deposits
Bills payable and rediscounts with
Federal Reserve Bank:
8,240 127,820
Secured by U.S. Govt.obligations
24,504
50,059
All other
3
17.939
13,180
s
27,965
413,99'
695.575
21,650
20.262
s
601,740
36,338
14,517
336,900
152,456
8,007
17,960
25.107
$
12,632
31,315
$
35,187
28,133
s
s
s
s
773
5.590
s
a
257,452
12,729
183.463 3,664,713
804,134 8.033,757
18,066
34,929
297,92
291,72
2. Data of reporting member banks In Federal Reserve Bank and branch cities and all other reporting banks.
New York City.
Three ciphers (000) omitted.
Number of reporting banks
Loans and discounts, gross:
Secured by U.S. Govt. obligati°
Secured by stocks and bonds
All other loans and discounts
Oct. 10.
Oct 3.
City of Chicago. 1.49 F. R. Bank Cities. F. R. Branch Cities.Other Selected Ciiiel.
Oct. 10. I Oct. 3.
I
Oct. 10.
Oct. 3.
Oct. 10.
Oct. 3.
Oct. 10.
Total.
Oct. 3. Oct. 10'23. Oct. 3 1923 Oct. 11 '22.
787
770
77
307
25
206
306
6
66
205
49
258
49'
$
$
$
$
$
$
$
263.333
257,452
258,423
35.724
42,025
35,958
182,06
95.141
96,706
28,307
40,639
29,643 179,469
1,287,9971,374,836 436,467 432,734 2,567,154 2,646,786 600,350 594,249 497.209 496,671 3,664,713 3,737.706 3,612,942
2,272,1272,247,938 684,315 679.4571 4,985,794 4,954,427 1,654,702 1,644,359 1,393,261 1,388.731 8,033,757 7,987,517 7,242,171
3,655,265 3,719,48 1,149,0891,141,839' 7,732,417 7,783,27 2.297,077 2.279,247 1,926,428 1,921,126 11,955,922 11,083,64611,118,446
Total loans and discounts
93.65
76,625
37.428
37.428
92,995
76.867
4,117
4,125
U. S. pre-war bonds
247.356 247,202 168,183 168,180 1,045,385 1,043.067 1,364,192
405,759 403,371
629,846 627,68
36.778
98,597
U. S. Liberty bonds
86,457
44,848
85,997
20,937
18,462
18,234
19.767
21,842
19,826
5,19
45,234
5,207
U. B. Treasury bonds
629,12
860,058 *677.306
151,557 147,969
431,651 426,50
875,390
82,619
82,969
641,214
72,824
71,87
U. S. Treasury notes
147,682
111,316
52,49
40,401
12,151
18,079
17,436
16,362
99.3651
41,528
40,739
6,237
6,092
U. B. Certificates of Indebtedness _
519.731 514,41
157.932 161,74 1,124.633 1,124.751 583,516 589,368 431,6891 431.730 2,139.838 2,145,849 2,255.276
Other bonds, stocks and securities
5.080,4475,135,794 1,432,175 1,429.481 10,307,867 10,355,83 3,417,4693,403,234 2.760.59d2,746,70816,475,926 16,505.77215,562,902
Total loans .4 Meets &
986,203 1,000,171 224,924 226,821 161,323 168.689 1,372,450 1,395.681 1.440.372
579,552 579.408 132,722 135,439
Reserve balance with F. R. Bank
300,382
286.926
144,023
305.200
66,411
73.473
66,472
155.783
61,747
83006' 81156
30,807
29,820
Cash in vault
4,160,4374,191,75
981,659 967.5211 7,500,958 7,518,962 1,903,7141,882,627 1,646.2231,643,047 11,059,895 11,044.63611.256,711
Net demand deposits
4,015,597 3,579,652
1,954,643
4,010.199
1,219,809
606.717
1,962,091
1,196,23
838,299i
610,177
864,724
368.084
367,53
Time deposits
100.424
236.358
153,21
54,846
47,026
18 083 21,100 209,040
53,75
62,039
9.827
i1,042j 135,511
Government deposits
Bills payable and rediscounts with
F. R. Bank:
293,567
156,394
297,920
177,55
78.794
98,111
42 0651 40,477
88,08
177,061
75,538
18,507
25,2841
Secured by U.S. Govt.obligati°
304,852
121,349
291,726
180,418
74,253
39,739
48,421
49,574
74,86
14,905
165,917
51,5561
16,846
All other
Ratio of bills payable & redlsooun
with F. R. Bank to total loans
3.6
3.6
1.8
4.5
3.3
4.4
2.7
3.41
3.3.
3.0
and Investments, per cent
•Includes Victory notes.
1754
THE CHRONICLE
I.Ganktrs' Oazeitt
Wall Street, Friday Night, Sept. 19 1923.
Railroad and Miscellaneous Stocks.-The review of the
Stock Market is given this week on page 1746.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Week Ending Oct. 19.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sales at
New York Stock
Exchange.
Stocks,
Shares.
Railroad,
AC.
Bonds.
226,960
532,500
718,561
569,940
437,310
555,600
S59,000
3,349,000
4,222,000
3,931,000
3,915,000
3,753.000
State,
ri, Municipal
Foreign Lids.
3.010.371 519.229.000
Week ending Oct. 19.
1923.
1922.
8617,000
1,148,000
1,602,000
1,134,000
1,352,000
1,352,000
United
States
Bonds.
5621.000
2,821,000
4,600,000
3,095,000
1,760,000
2,141,000
57.205.000 515.038 000
Jan. 1 to Oct. 19.
1923.
1922.
[VOL. 117.
Exchange at Paris on London, 74.35 francs; week's range,
73.70 francs
high and 75.45 francs low.
The range for foreign exchange for the week follows:
Sterling. ActualCheques.
Sixty Days.
Cables.
High for the week
4 51 9-16
4 03 13-16
4 54 1-16
Low for the week
44931
45131
45134
Paris Bankers' FrancsHigh for the week
6.09
6.153-1
6.1631
Low for the week
5 88
5.9431
5.9531
Germany Bankers' MarksHigh for the week
0.0000000231 0.0000000251
x
Low for the week
0.0000000085 0.0000000085
--Amsterdam Bankers' GuildersHigh for the week
39.25
38.83
39.29
Low for the week
38.7134
39.1334
• 39.1734
Domestic Exchange.-Chicago, par. St. Louis. 15025e. per $1,000
discount. Boston, par. San Francisco, par. Montreal, $22.50
per
$1,000 discount. Cincinnati. par.
The following are sales made at the Stock Exchange this
week of shares not represented ill our detailed list on the
pages which follow:
STOCKS.
Week ending Oct. 19.
Sales
for
Week
Range for Week.
Lowest.
Highest.
Range since Jan.l.
Lowest.
Highest.
Railroads.
Par. Shares S per share. S per share.
per share.'S per share.
Ann Arbor
100 100 16 Oct 19 16 Oct 9 11
Sept 2434 Feb
5622,614,575 51,376,794,569 Bklyn Rap Tr, full paid. 700 3034 Oct 19 32 Oct 18 3034 July, 34 Sept
358,895,900
490,045,000 Buffalo 'loch & Pits.100 100 56 Oct 16 56 Oct 16 53 Sept, 68
Jan
1,240,633,600 .1,684,143,350 Central RR of N J_ _ _100 400 20151 Jan 13 05 Jan 16 175 July,231 . Feb
C C C & St Louis_
10
30 97 Oct 18 99 Oct 16 76
Jan 104
Oct
541,472,000 8103.432,000 52,222,144,075 53,550,982,919 C St PM & 0, pref.. _100 10 8631 Oct 16 86% Oct 16 8631 Sept 100 June
Total bonds
Colo & Sou, 1st pref _10
10 47 Oct 17 47 Oct 17 47
Octi 60
Feb
•Corrected total.
2d preferred
100 10 42 Oct 16 42 Oct 16 42 Sept 55
Jan
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
Illinois Central rights,.,.,. 14,211
94 Oct 17
54 Oct 13
34 Oct
94 Oct
Manh
Elev
Mod
STOCKS(No. Shares).
Gtd.100
1,430 3134 Oct 19 32% Oct 15 3031 June 4554 Apr
BONDS (Par Value).
N Y Chic & St L, w 1_100 1,800 7231 Oct 18 75% Oct 13 6734 Aug 7081 Oct
Preferred w 1
100 6,000 8734 Oct 17 90 Oct 13 873-4 Oct
Week Ending Oct. 19. Ind.&Mft.!
Oil.
Mining. Domestic, For'n Govt.
July
Pacific Coast
100 100 10 Oct 16 10 Oct 16 434 Sept 953-4
13
Mar
Saturday
100 10 16 Oct 17 16 Oct 17 15 Sept 1951 Mar
2d preferred
14,785
54,360
103,700
519,000
588,300
Rapid
•
Transit
Corp
Monday
49,015
70,835
1,80
Oct 19 12% Oct 15 934 June 1834 Apr
449.500
1134
51,000
255,000
Preferred
Tuesday
ioo 1.10 3634 Oct 16 37 Oct 16 3134 July 49 Apr
52,135
180,620
415,610 1,298,000
75,000
Wednesday
Industrial & Ailscell.
33,800
168,910
333,025
200,000
61,000
Thursday
32,290
117,680
467,775
51,000 All America Cables_ _100 40 96 Oct 19 97 Oct 13 95
236,000
Oct 106
Jan
Friday
33.665, 119,390
463,750 611,000
227,000 Amer Chain,Class A,. _25 60 2234 Oct 16 2234 Oct 16 2051 June 2534 Mar
Armour (Del), pref _ _ _10 1.200 8831 Oct 19 8951 Oct 15' 8851 Oct9054 Oct
• 6,100 1534 Oct 13 1734 Oct 18 12
Total
215,690
711,795 2.235.36082,688,300 $484,000 Arnold Constable
1834 Apr
Atlas Powder, new __• 1,20 52 Oct 16 5354 Oct 17 51 May
July 5754 June
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
Am Metal tern ctf, pf.100 100 111
Oct 18 106 June 117
Oct 18 111
Feb
BALTIMORE EXCHANGES.
Amer Roll Mill, prof.100 3 9734 Oct 13 9834 Oct 13 96
Aug 10034 Jan
Assets Realization__ _ .10 4
54 Oct 17
54 Oct 17
34 June I
Jan
1103MXM.
pnuaaapnia.
Baltimore.
Associated 011, new _ _ _2 4,0
2534 Oct 18 27 Oct 15 25 Sept 2734 Oct
Week ending
18
2.900
54; Oct 15
Oct31
% Oct
94 Oct
Shares. Bond Sales. Shares. Bond Sales. Shares, Bond Sales. AtlRight
Oa.19 1923.
Fruit CoITCo ctt de
20
1
Oct 17 1
Oct 17 1
234 Feb
• 1.900 1134 Oct 13 13 Oct 13 1134 Sept
Auto Knit
Oct 2831 Apr
Saturday
5,270
89,850
3,916
814,200 Auto Sales
51,500
264
50 400 3 Oct3 Oct 15 2
Jan 454 Feb
Monday
6,664
14,200
8,373
180,500
1,068
14,700
Ilecia, new.25 300 18 Oct 1' 19 Oct 15 18
Oct 2034 Oct
Tuesday
12,768
269,200
10,456
117,100
14,000 Century Rib Mills, 1)1100 100 9134 Oct 17 9134 Oct 17
596
9134 Oct 9834 Mar
Wednesday
12,948
28,150
8,505
420300
20,100 Cluett,Peal)& Co,pf.100
1,186
. 10010334 Oct 1310331 Oct 13 10131
July
110
Feb
Thursday
12,518
46.000
7,024
129000
17,200
639
Columbia Carbon
500 41 Oct 19 4234 Oct 15 41
Oct 4934 May
Friday
10,586
13,000
4,820
38,000
40,100 Conley Tin Foil
808
• 200 1031 Oct 15 1034 Oct 1 1054 Oct 2231
Jan
A__
Solvents,
Comm'l
600 30 Oct 13 32 Oct 17 2534 July 4954 may
Total
60,754 $380,400
43,094 8508,600
4,561 5120,300 Cont Can,Inc, pret_ _100 200 105 Oct 18 105 Oct 1 low,
June no% Feb
prof
&
Co,
Cosden
100
ssq
Oct
19
8851 Oct 16 85
Aug 10934 Feb
Prey, week revised
59.101 8598.850 .0L612 81102 059
0 577
ST3 200 Cuban Dominion Sugar.
: 300 434 Oct 18 434 Oct le 3 July
1234 Mar
Cuyamel Fruit
800 6054 Oct 13 6134 Oct I 543.4 July 7054
June
_100
_
100 63 Oct 17 63 Oct 17 cosi Aug 7334 Jan
Daily Record of U. S. Bond Prices Oct. 13. Oct. 15. Oct. 16. Oct. 17. Oct. 18. Oct. 19. Deere & Co,
. 100 93 Oct 17 93 Oct 17 90 July 98 June
pref..lstpf 100
Devoe & Reyn,
Pectin
Douglas
700
11
Oct
17
1114
Oct 15 11
High 99un 99wn 992,33 9923s2 999933 99283i
First Libert Loan
Oct 1431 Jan
334% bonds of 1932-47__ Low_ 990433 993933 992933 99,939 9921,31 992,32 Eaton Axle & Spring.,.,.' 300 2034 Oct 16 2134 Oct 18 2014 Sept 27
July
. 70011231 Oct 1 11334 Oct 1710234 Jan 138
(First 3345)
Close 99299 991933 992933 99"3: 99,7:2 991332 Fidel Phen F 101 N Y_25
Feb
Fleischmann
Co
800 4234 Oct 18 43 Oct 1 3734 Jan 4734 May
Total sales in $1,000 units...
29
180
132
240 Foundation Co
176
28
1.100 64 Oct 17 6734 Oct 15 64
-------Converted 4% bonds of (High-------- 973533
Oct 7834 July
L_100
Car
P
Gen
Am
Tk
Oct
Oct
1
100
10
9134
9154 Oct 103% Mar
1932-47 (First 4s)_ _ Low_
____
9134
____
____
____ 97.33
- - -- General flaking Co- - -•
100 8534 Oct 19 8534 Oct 19 72
July 8554 Oct
Gimbel Bros, pret,..100 300 98 Oct 18 98 Oct 1 9635 Jan 10231 Feb
_
__
-_ _
_ __
Total sales in $1,000 units__
Pictures.
Goldwin
new-* 1,000 12 Oct 17 1234 Oct 10 12
Converted 4X% bonds {High 97'03,
_9-7
Oct2234 June
-ii ,32 972;32
97 i
9712 4: 9722,3 Goodyear Tire, pret_100
1,200 36 Oct 17 367-4 Oct 13 36 Sept6134 Apr
of 1932-47 (First 4(4s) Low_ 971.31 971132 97103: 971333 971233 971533
Prior preferred_ _ _ _1
1,000 90 Oct 16 9134 Oct I 90 Sept99
Close 971 32 971233 971.31 971231 9712n 971231
Feb
p!..1
10010454 Oct 19 10434 Oct 1910231 Aug losq Mar
Total sales in $1,000 units_ _ _
22
34
56
119 Great West Sug.
19
29
Guantanamo Sug,01_100 1001 85 Oct 15 85 Oct 15 85
Second Converted 431% High
--------973131
Oct101
Feb
100
Hanna,
1st
prof
_ _ _ _ 67113,
600f 9034 Oct 19 93 Oct 13 903-4 Oct97
____
bonds of 1932-47 (First Low_
Aug
100 3,10
Hartman Corp
80a Oct IS 8334 Oct 13 80
Second 431,)
Oct 94%1 Feb
Rights
10.7
____
Total sales in $1,000 units__ _
134 Oct 17 254 Oct 13 154 Sept 234 Sept
housed Prod temp ctfs.• 1,3001 3034 Oct 18 31 Oct 19 2851 July
Second Liberty Loan
'Ugh
3954 May
Independent Oil & Gas_; 2,100 44 Oct 19 534 Oct 10 334 Sept
1134 May
Ingersoll Rand
37 145 Oct 13 156 Oct 18 119
(Second 48)
LCIose
Apr
156
Oct
- -__ _
1.500 3434 Oct 15 3434 Oct 15 3134 July 4051 Apr
_
____
_ _ _ Inland Steel, w I
__
__ __
Total sales in $1,000 units....
Preferred
w
I
Converted 431% bonds {High 971231 971333 972
Oct
20010134
-. 35 9-71.32 inien 07i531
1810134 Oct 18 9634 June 10554 Apr
971133 971533 971431 971132 International Salt _ _100 200 7854 Oct 17 7954 Oct 17 77 July 92
Low_ 971033 97333
of 1927-42 (Second
Feb
International Shoe_ _ _ _• 400 72 Oct 17 7334 Oct 18 6454 June 75
Closo 971133 971233 971.33 971.33 97113
431t)
971433 Int
Aug
Telep & Teleg__ _102 10 65 Oct 17 65 Oct 17 6434 July
Total sales in $1,000 units_ _.
41
48
1148
118
232
133
Apr
7134
High 08"ai 081031 981933 981413 98133
200 31 Oct 17 31 Oct 17 2634 July 4134 Mar
Third Liberty Loan
981.33 Intertype Corp
Low_ 98103
431% bonds of 1928
98131
98on
981133 9811n 981082 Iron Products etts 9(102 4,300 4154 Oct 13 46 Oct 19 3134 Aug 46
Oct
10 99 Oct 19 99 Oct 19 98 May 10434 Apr
ICioso 98933
(Third 4318)
98933
981233 981233 981232 981.33 Kelsey Wheel,Inc,
100 51 Oct 19 51 Oct 19 3534 Apr 6434 June
129
1366
Total sales in $1,000 units__
552
766 Kinney Co
1126
603
Tob,
11.100
L1gg
13
'Egli
&
Myers
Loan
Liberty
8 21911 Oct 13 226 Oct 16 19034 Apr226
971.32 97 31 97233
fourth
Oct
973133 972133 972033
O
200 106 Oct 18 106 Oct 1 106
431% bonds of 1933-38._ Low_ 97.32 972332 97133
Apr 106
971331 971533 971333 Loose-Wiles. lot pref.10.
Apr
600 2834 Oct 1. 29 Oct 16 2834 Oct 3831 Mar
Close 971532 971133 97343
(Fourth 4318)
971.3 972031 971233 Magma Copper
100 6 11 90 Oct 16 93 Oct 19 87
Total tales in $1,000 units,.,.,.
191
415
1379
July 93
314 Manila Electric
Oct
541
339
Maracaibo 011 Explor _ _• 1,60 1 18 Oct 17 19 Oct 13 16 Sept 2234 July
High 99.00 99433 99932
Treasury
99233
99233
99.33
Montana Power. preL10
401 104 Oct 16 105 Oct 15 103
Low_ 982133 982131 99133
4M13. 1947-52
Oct 112
Apr
99333
9933, 9923s
Nat Dept Stores
1,3
3834 Oct 19 3934 Oct 1 301 June 4234 Apr
Close 99 00 9999 99733
99933 9911n
991,2
2 88 Oct 17 90 Oct 16 88
Total sates in 31.000 Uni1.3..-119
108
Oct 102
1226
1058
820
539 Nat Enam & Stpg.61.1
Feb
50 1,40 5534 Oct 1: 5814 Oct 1 5534 Oct 5834 Oct
National Supply
Canners._ _ _• 10' 2831 Oct 1 2834 Oct 1 2734 A32% June
Note.-The above table includes only sales of coupon New York
• 40 10 Oct 1 14 Oct 1
Y Shipbuilding
N
83,4 Jul 1534 Apr
bonds. Transactions in registered bonds were:
NN & H Ry,O&E,61_ 1
10 72.14 Oct 1 7234 Oct 1 7234 Octt 90
Mar
9914n to 9911 13 2d 4.14s
II, 45 Oct 1 45 Oct 17 45
68 1st 33401
973,1 to 97ilis Otis Steel, pref
Oct 7234 Mar
Tel_
_
97',,90
3d 431s
101 87 Oct 1 87 Oct 19 67
1 lst Hs
Jan 88
95',, to 98111n Pacific Tel &
Aug
1 s 1 9234 Oct 1: 9234 Oct 18 9034 June, 99
97
to 97233 521 4th 431s
33 2d 4s
9713n to 972.33 Packard Motor, pref.1
Feb
3434 Oct 18 3634 Oct 15 343.4 Oct 4354 Apr
Penn Coal .1c Coke___
1 Phil" 17 Oct 13 2134 Oct 18 1134 July 2194 Oct
Morris
Philip
Quotations for U. S. Trees Ctfs. of Indebtedness, &c. Pitts!)UM,pret
1
1
11 Oct 1 11 Oct 13 10 July 1134
*11 36 Oct 16 3734 Oct 18 36 Sept 4934 Sept
Prod & Ref Corp. PI- Int.
Mar
Maturity.
1
98 Oct 16 98 Oct 16 98
Rate. Bid. Asked.
Maturity.
Rate. Bid. AskiI. P 8 Corp N 9113%-1
Oct 10834 Mar
fly Steel Spring, 61 100 110 112 Oct 19 112 Oct 19 112
Oct12134 Mar
"
is
25 l• i 8754 Oct 1 8734 Oct 16 88 Sept9434 May
Roasts Insurance
Sept. 15 1926._. 431% 99%
June 16 1924___ 5%% 1001113 100
991(
Schulte Retail Stores,... 2,601 9051 Oct 15 9234 Oct 16 88 May 9934 July
Sept.15 1924_ _ _ 534% 1001135 1001213 June 15 1925._ 434% 9951
99%
Simms Petroleum_
2,74 I 734 Oct 13 734 Oct 15 634 July 16
Mar.15 1925._ _ 4,4% 100
10034 Dec. 15 1927___ 454% 99%
99%
Jan
Simmons Co
711 2434 Oct 17 2534 Oct 13 23 July 3414 Mar
Mar.15 1928... 434% 10012, 100.33 Dec. 15 1923.__ 4%
99‘51. 100
011,
pref_100
7
Union
Shell
2
1;2
1925...
211 90 Oct 16 9034 Oct 1 90 June 981,4 Apr
15
1924.,.,.
99%
Of%
Mar.
993'
Dec. 16
451% 100
100%
Is
Rights
Mar.15 1927___ 451% 100% 10031
% Oct 15
fi Oct 13
54 Oct
% Oct
Mar. 15 1924._ 431% 9916i. 100
Sinclair 011, pref,...1001 304 8334 Oct 18 8354 Oct 18 80
Aug 9934 Feb
Tobacco Prod, pref..1
6 10934 Oct 18 110 Oct 1810451 Feb114
Feb
& Wms, Steel_•
30 Oct 17 30 Oct 17 30 Jun 40
Apr
Foreign Exchange.-The market for sterling exchange Transue
Underw Typew.new._2
3II 3834 Oct 16 3834 Oct 16 3534 .Aug 4134 June
easier,
although
and
changes
were not particularly United Cigar Stores_ _1
ruled dull
4is 7034 Oct 11 172 Oct 1 1703' Oc 223
Feb
U 13 Express
2
335 Oct 18 334 Oct I
important. In the Continental exchanges irregularity per- Va-Caro
334 AugI 854 Mar
Chemical B_ _• 1
434 Oct 16 434 Oct 16 334 Jun 17
Feb
vaded dealings, with no definite trend either way, except Van Raalte
100 244 32 Oct 17 34 Oct 13 32
Oc 64
Jan
pref.100
El
7%
cum
West
60011134
Oct 19 113 Oct 16 1113-4 Ma 117
Aug
for marks which again dropped to new low levels.
Waldorf System, new..'
1534 Oct 17 1834 Oct 17 1435 Jun 20 May
To-day's (Friday's) actual rates for sterling exchange were 4 4934@ West'se E & Mist 61_50
75
Oct
1:
75
Oct
18
70
Aug 78
Mar
45034 for sixty days, 4 513'@4 5234 for cheques and 4 5134@4 5234 for Youngs Sheet & Tube,..' 1,401 6351 Oct 17 6534 Oct 13 633-4 July 80
Jan
cables. Commercial on banks sight 4 51%04 5234, sixty days 4 4934@
•No par value. a Hartman Corporation quoted ea-rights on Oct.18.
45034. ninety days 4 47% @4 4834 and documents for payment (sixty
days) 4 49%(014 50%. Cotton for payment 4 511404 52% and grain
The Curb Market.-The review of the Curb Market is
for payment 4 51 3,4 ©4 5234.
To-day's (Friday's) actual rates for Paris bankers' francs were 5.90%@ given this week on page 1746.
short.
for
Germany
bankers' marks are
5.953 for long and 5.96(46.01
A complete record of Curb Market transactions for the
not yet quoted for long and short bills. Amsterdam bankers' guilders were
week will be found on page 1766.
38.673414,38.24 for long and 39.06©39.10 for short.
3,040,371
6.619,694
Stocks-No. shares_ _ _
Bonds.
Government bonds_ _ _ 515,038,000 545,569,500
7,205,000
9,287,000
State and foreign bonds
RR.and misc. bonds__ 19,229,000 47,555,500
181,063,733
205,336,658
T
New York Stock Exchange-Stock Record, Daily Weekly and Yearly
1755.
OCCUPYING FOUR PAGES
For sales during the week of stocks usually inactive, see preceding page
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday,
Oct. 13,
Monday,
Oct. 15.
Tuesday,
Oct. 16.
Wednesday. Thursday
Oct. 17.
Oct. 18.
Friday,
Oct. 19.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
$ per share $ per share $ per share $ per share $ per share $ per share Shares.
30
30
30
30
30
30
*27
29
*27
33 .27
500
33
9618 9612 97
9558 96
97
1
4 96
95/
1
4 96
97/
96
9612 6,200
8734 8734 *8734 88
*8734 88
8734 87/
1
4 *8713 88
*8712 88
300
158
158 *112 134
*158 178
158 158 *112 158
158 158 2,300
110/
1
4 11012 *11012 112
11012 11034 11014 11012 11014 11014 11013 11113 1,900
55/
55
57
1
4 5614 5612 57
5513 5638 56
/
4 5634 28,600
5612 561
.58
58
•5712 58
5732 5738 5714 5734 5734 5734 *57
500
5734
%
14
4
%
*14
38
*1
/
4
38
*1
/
4
38 --------500
18 *
18 *
18
•
/
1
4
/
1
4•
/
1
4•
_
1/4
400
i4414 14414 14334 143/
/
4 14212 1.43 14314 5,100
14212 1433 /4171
1
4 14234 144
6512 6578 66
6634 6518 6612 6412 6534 65/
1
4 6578 6534 6714 13,500
*98
9813 *98
9812 9734 98
9814 9814 9814 9814 9813 9813
700
*234 3
278 278
234 234
232 212 *213 234
234 234 1,700
8
814
814 84
7
712 *634 714
753 84
753 713 4,700
*27
*28
30
31
29
2838 288 *28
28
28
*28
30
300
•52
36
*53
54/
1
4 53
5412 53
53
53/
1
4 *53
53
53
500
•41
/
4 44 *41
/
4 414
418 418
3/
1
4 3/
4
3/
1
4 414
1
4
4
500
9
9
"9
10
834 9
9
9
•834 913
800
81
/
4 9
15/
1
4 1438 1518 1412 15
15
1514 15
1478 1514 8,700
1412 15
26
2614 26
2618 2484 2653 2378 25
25
254 2518 26
11,000
6253 6212 62
6258 6014 6234 5812 6012 59
60
60
6114 11,800
*105 110 *105 110
105 106 *101 107 *100 110 *100 110
200
2234 2278 228 23
2153 2213 2118 2113 2114 2138 2112 2134 8,300
78
78
7712 7712 7712 78
*78
1,300
7712 79
79
77
78
*6613 68
6518 661 *6513 66
6612 67
67
67
6514 6512 2,800
*50
51
*51
*47
51
*47
.51
51
51
53
*47
51
100
10
201
/
4 18
2112 20
*21
2112 21
1013 1913 *18/
1
4 1912 1,500
108 10913 109 100
10734 10734 108 108 *108 109
10718 108
1.300
11114 11114 *11012 116
110 11114 110 11012 11013 11012 11114 112
1,200
1312 1313 1358 14
1313 1418 1353 13% 1334 1334 1334 1414 12,900
2113 2178 22
2212 2112 2213 2153 2134 22
2214 22
2258 14,600
1
1513 1614 *15
1514 1514 15
1614 16
16
1612 1612 1,500
16
54
5413 54
548 5112 5414 5112 5278 5158 5234 5134 5238 20,800
1
4 2912 2814 2812 *2813 29
2834 2834 28/
28
2812 2878 2914 2,700
*1013 1112 1013 10/
*10
111 *1018 1112 *1012 1114
1
4 1012 11
300
*48/
1
4 4912 *4812 4912 4812 4812 *48
*4712 49/
49
1
4 *47
49/
1
4
500
10418 10434 10478 10478 104/
1
4 105
1045 1045 104 10412 1044 10432 1,600
---- ---- ---- ---- --- ---- ---- ---- ---- --__ ____ ____
PER SHARE
Range rime Jan. 1 1923.
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for Previous
Year 1922.
Lowest
Highest
Railroads
Par
Ann Arbor preferred
100
Atch Topeka & Santa Fe 100
Do pref
100
Atlanta Birm & Afiantio_ _100
Atlantic Coast Line RR_ 100
Baltimore dr Ohio
100
Do pref
100
100
Brooklyn Rapid TransIt
Certificates of deposit
Canadian Pacific
100
Chesapeake dr Ohio
100
100
Do pref
100
Chicago Si Alton
Do pref
100
Chic & East IU RR (new)
Do pref
Chicago Great Western ___100
100
Co pref
Chicago MUw & St Paul_ 100
Do pref
100
Chicago & North Western_100
100
Do pref
Chicago Rock Isl & Pacific_100
7% preferred
100
6% preferred
100
Chic St P Minn & Omaha_100
Colorado dr Southern
100
Delaware & Hudson
100
Delaware Lack & Western.. 50
100
Erie
100
Do 1st preferred
100
Do 2d preferred
100
Great Northern pref
Iron Ore Properties_No par
100
Gulf Mob dr Nor tr etf8
100
Do pref
100
IlUnois Central
Interboro Cons Corp_ _No par
100
Do pret
2,300 Interboro Rap Tran w 1.-100
100
1,100 Kansas City Southern
100
Do pref
100
Lake Erie &Western
100
Do pref
__
50
.8.655 Lehigh Valley
100
200 Louisville & Nashville_
100
Manhattan Hy guar
Eq Tr Co of NY ctidep-100
___
100
100 Market Street HY
100
Do pref
100
Do prior pref
100
100
Do 2d pref
100
1,300 Minueap & St L (new)_ __ _100
400 Minn SIP dr SS Marie__ 100
Missouri Kansas & Texas 100
4,500 Mo Kan & Texas (new)
Do pref (new)
300
3,100 Missouri Pacific trust ctfs-100
100
Do pref trust ctfs
3,600
500 Nat Rys of Mex 2d pret__ _100
700 New On Tex & Mex v t 0_ _100
100
14,300 New York Central
N Y Chicago & St Loule_-100
100
preferred
2d
Do
100
3,100 NY N H & Hartford
200 NY Ontario & Western_ _ _100
100
Norfolk Southern
100
5,200 Norfolk & Western
100
Do pref
100
42,300 Northern Pacific
50
9,300 Pennsylvania
100
400 Peoria dr Eastern
100
7,500 Pere Marquette
100
Do prior pre/
100
Do pref
100
100
5,100 Pittsburgh & West Va
100
Do pre!
100
50
15,800 Reading
50
Do 1st preferred
2,300
60
Do 2d preferred
1,400
100
Rutland ER pre"
2,300 St Louis-San Frau tr ate_ _100
100
Do pref A trust ctfs
400
100
1,400 St Louis Southwe8tern
100
Do pref
1,300
100
200 Seaboard Air Line
100
Do pref
200
100
10,600 Southern Pacific Co
100
40,400 Southern RallwaY
100
Do pref
1,800
100
1,300 Texas & Pacific
100
1,100 Third AVe11110
100 Twin City Rapid Transit_ _100
100
12,800 Union Pacific
100
Do pref
400
100
200 United Ftallways Invest
100
Do pref
500
100
5,800 Wabash
100
DO pref A
23,900
100
Do pref B
1,300 Western Maryland (new)....100
100
Do 26 preferred
900
100
800 Western Pacific
100
Do pref
1,200
1,800 Wheeling & Lake Erie Ry_100
Do pref
100
goo
100
100 Wisconsin Central
$ per share
22 July 31
9414July 31
867s July 5
114 Aug 14
109/
1
4July 31
4018 Jan 17
5534May 7
/
1
4 Oct 4
/
1
4 Aug 9
13934Sept 21
57 June 27
96 June 29
2 May 21
338 Jan 12
19 Aug 6
4612 Aug 15
3/
1
4 Oct 17
8/
1
4 Jan 18
1414 Aug 6
2378 Oct 17
5813 Oct 17
105 Oct 16
1914 Aug 6
72 Aug 4
6078 Aug 4
51 Oct 16
18 Oct 17
9314July 7
110 Oct 16
1018May 22
15 Jan 17
1034May 21
5112 Aug 4
25 July 2
912 Aug 22
44/
1
4 Jan 2
10312Sept 25
/
1
4 Jan 17
14 Mar 2
912June 30
1558July 31
4858July 30
2878May 22
65 June 7
54 June 30
8512May 7
3814June 28
3518 Jan 25
8 Aug 13
32 Sept 17
62 June 21
2118June 21
/
1
4 Aug 15
50 Oct 16
814 Apr 26
10 July 5
25 July 5
9 June 31
2414Juiy 31
238 Jan 17
8212 Aug 14
9012may 4
68 May 22
7612 Jan 2
958July 5
1414June 28
9 Sept 1
100 July 30
72 Sept 7
50 Oct 17
4112June 30
8 Oct 1
36 Jan 11
6834July 19
59 Sept 24
33/
1
4 Jan 17
8512June 29
6812June 29
44 June 28
45 June 28
2212 Oct 1
17 July 31
3212 Jan 3
2512 Aug 4
5438June 28
434 Aug 15
8i4 Aug 1
8414 Aug 14
243 Jan 6
63 July 2
14 Aug 4
018.11111030
5814 Jan 19
12414July 31
7034 0,t 9
812J11ne 26
261
/
4 Jan 17
7 Mar 10
2314 Jan 17
16/
1
4 Jan 18
8 Sept 27
14 Sept 27
12 Sept 28
53 May 7
618 Oct 19
1012Sept 29
23 Aug 4
$ per share 8 per share 8 Per share
2778 Jan 52 Aug
45 Feb 23
9134 Jan 10812 Sept
10518 Mar 3
8458 Jan 9512 Aug
9058 Mar 6
513 Apr
54 Jan
314 Feb 21
1
4 Sept
83 Jan 124/
127 Feb 26
33/
1
4 Jan 6014 Aug
5934 Oct 8
1
4 Jan 66/
1
4 Aug
52/
6078Mar 21
Jan 29 June
6
1614 Jan 2
558 Jan 2478 June
13 Jan 12
1
4 Jan 15153 Aug
160 Apr 18 119/
54 Jan 79 Aug
7638 Jan 30
10478 Feb 23 10053 Dec 10553 Oct
134 Jan 1234 May
334 Feb 13
1
4 may
318 Jan 20/
958 0-c 8
1214 Jan 4334 Aug
383 Feb 13
311
/
4 Jan 6411 Aug
6214 Mar 26
334 Dec 1034 May
7 Feb 7
7 Dec 24/
17 Feb 6
1
4 May
1714 Jan 36/
2638 Mar 5
1
4 Aug
Jan 5514 Sept
29
4512Mar 5
Jan 9512 Sept
59
88 Mar 5
Jan 125 Aug
11818 Mar 21 100
30/
1
4 Dec 50 Sept
37/
1
4 Mar 21
8314 Jan 105 Sept
95 Feb 9
85 Mar 5
701
/
4 Jan 95 Sept
Jan 90 Sept
78 Mar 5
51
Jan 5312 Apr
4512 Feb 13
38
12413 Feb 13 10634 Jan 14112 Sept
13013 Feb 8 108 Feb 143 Oct
1638 Aug 25
7
Jan 1834 MaY
2513 Aug 24
1118 Jan 2812 Aug
1812 Aug 24
7/
1
4 Jan 2014 May
1
4 Oct
80 Mar 5
7014 Jan 95/
36 Mar 19
2818 Nov 4538 Apr
20 Mar 5
5 Jan 19 May
Oct
6234 Feb 21
16
Jan 47
11712 Feb 21
97/
1
4 Jan 11532 Sept
5 Apr
se Jan 4
18 Dec
/
1
4 Jan 5
38 Dec 123 Apr
1734 Dec 3214 Aug
22/
1
4 Mar 14
2478 Mar 21
1
4 Apr
17 Nov 30/
5734Mar 5
5214 Nov 5912 Apr
10 Feb 39/
34 Jan 2
1
4 June
75 June 26
2618 Feb 77 Sept
7138 Feb 7
5638 Jan 72 Sent
155 Feb 26 108
Jan 14478 Oct
60 Apr 17
35
Jan 58 Aug
44 Feb 13
441
/
4 Aug 5512 Aug
22 Mar 12
3/
1
4 Jan 11 Mar
6812 Mar 12
/
4 Apr
17
Jan 501
35
Jan 76 Nov
87 Mar 12
5614 Mar 12
558 Jan 32 Apr
Jan 1412 Apr
913 Feb 13
5
7312 Mar 5
55 June 7534 Oct
is Jan 1514 Dec
12 Feb 6
17 Feb 15
7/
1
4 Jan 1934 Aug
1
4 Aug
4512 Feb 14
2412 Jan 48/
1938 Feb 14
1512 Nov 2514 Apr
49 Feb 10
40 Nov 6334 Sent
45 Feb 15
238 Nov
714 May
5478 Jan 8738 Dee
105 Mar 26
10418June 13
72% Jan 10118 Oct
84 Jan 29
5118 Jan 9112 Oct
6134 Jan 93 Sept
95 July 3
2212 Jan 30
1212 Jan 38 Aug
2138 Feb 13
1812 Dec3012 Arn
1853 Feb 9
853 Jan 2212June
9614 Jan 12512 Sept
117% Feb 9
7812 Aug 15
72 Jan 82 Oct
8112 Mar 5
73 Dec 9038 Aug
3314 Jan 4934 Oct
4778 Apr 4
17 Mar 21
102 Jan 208 Aug
Jan 4038 Aug
4714June 11
19
7634 Mar 5
83
Jan 82 Aug
7012 Jan 9
50/
1
4 Jan 74114 Aug
23
Jan 41% Aug
5058May 10
76
Jan 95 Nov
93 Jan 9
7112 Jan 8718 Oct
8118 Feb 7
43 Mar 57 May
561
/
4 Feb 7
45
Jan 5912 MAY
5634 Jan 30
3734 Jan 10
1
4 JUIN
1712 Feb 53/
2014 Dec 3238 Aug
27 Mar 21
50 Mar 5
3453 Nov 56 Aug
3638 Feb 10
2038 Jan 3678 Nos
1
4 Nov
6378 Mar 21
3253 Jan 59/
238 Jan 10 Apt
7/
1
4 Feb 10
1
4 Jan 1434 AP/
1314 Mar 23 4/
1
4 Oct
78/
1
4 Jan 96/
9514 Feb 21
17/
1
4 Jan 2838 Aug
3734June 13
Oct
Jan 71
46
7078 Mar 22
1834 Nov 36 Apr
2912 Mar 21
1312 Nov 2553 May
1914 Feb 10
Jan 8213 Sept
34
7712June 11
Jan 1541 Sent
14478 Feb 26 125
7114 Jan 80 Aug
7612 Jan 6
712 Jan 1972 Apt
211
/
4 Mar 6
2014 Jan 3612 Apt
62 Mar 5
6
Jan 14/
1
4 May
1112 Mar 22
/
4 Aug
Jan 351
19
3418 Mar 22
12/
1
4 Jan 2478 Aug
2212 Mar 22
814 Jan 1714 Aug
15 Feb 0
Jan 2812 Dee
13
2634'i.: r 22
135 Jan 2478 API
2014 71 , 5
5112 Mar 64/
6338 klor 3
1
4 Sent
6 Feb
1012 Feb 13
1612J11110
914 Jan 2958Juni
19 Feb 13
35
Jan 3314 Mai
3513 Feb 23
Industrial & Miscellaneous
*67
71
*69
71
7012 *67
71
*69
*67
71
100
70
Adams Express
7
7
7
74
714
712 712
*712 8
100
714 *714 712 1,100, Advance RumelY
*2813 2934 61'&2
30
281 2912
3012 30
*2812 3012 30
pref
*30
30
100
Do
200
6118 611
/
4
61
*6113 62
6112 6158 6112 6112 61
6118 1,000 Air Reduction, Ino____No Par
5/
1
4 514
5/
1
4 55
458 .5
414 412
41
/
4 514
5/
1
4 51/4 7,200 Max Rubber, Inc
50
*18
*18
14
14
18
*18
14
14
14
*18
18
10
14 3,100 Alaska Gold Mines
11s
114 *1
114
138
114
138
128 36,000' Alaska Juneau Gold Min
10
34
34 1
34
6178 6214 6212 631
6218 63
6314 60% 62
6112 6314 61
/
4 9,800; Allied Chemical & Dye_No Par
106 1t6
'105 107 *106 107
107 107
100
10612 10612 *105 106
Do pref
300
40
40
3912 3912 3912 3912 40
3012 40
*391, 40
100
40
800 Allis-Chalmers Mfg
9134 *91
92
*89
9214 9211 9114 9134 •91
92
*91
100
Do pref
92
3001
*1218 1253 123 1238 12
1214 1214
1233 1234 1234 1214 125
1,500 Amer Agricultural Chem 100
3238 3238 *32
3134 32
*32
33
3312 *32
100
3234 31
3212 1,200
Do prat
•87
884 8834 *874 89
89
*87
89
88
88
•8714 89
50
200 American Bank Note
5514 *52
*53
5514
554 *52
5514 *52
5512 '7.53
5512 *52
Do pref
50
3312 34
*3214 33
34
3313 33
*32
3312 33
34
34
100
800, American Beet Sugar
24/
1
4 25
2478 26
*2412 26
*25
2513 2512 26
25
25
1,2901 Amer Bosch Magneto_No Pa!
71
71
7012 71
*7014 71
7113 7112 71
71
7113 7113 1,400k Am Brake Shoe & F__-No par
103 103
103 103 *103 10712 *103 10712 *103 10712 *103 106
100
Do pref
2001
1
4 92
894 0034 0014 9338 901
93
/
4 93/
1
4 9034 92/
100
9253 9312 165.300; American Can
10634 10634 10634 10633 1063 10634 106/
1
4 *10638 10678 10612 10653
1
4 106/
100
7001 Do pref
•15414 157 *156 15612 15414 1544 *1533 15512 155 15513 15512 15512
400; American Car & Foundry_100
•11712 125 *11712 123 *11734 125
120 120 *11814 122 *11814 122
100
100, Do pref
*1034 11
•111.• 12
1118 1118 1.100 American Chicle
1034 11
11
1114
*11 14 12
No par
67 Sept 28
7 Sept 26
2812 Oct 19
56 July 2
414 Oct 16
18 Aug 16
34 Oct 9
5914 Aug 9
10514 Aug 16
3734June 28
8978July 19
1018July 3
29 July 30
77 Jan 6
5012June 29
25 Aug 4
23 Oct 10
70 Jan 3
102 July 3
6918 Sept 13
106 Sept 6
14814July 12
117 Sept 17
58 Jan 30
82 Mar 3
1912Mar 6
5438 Jan 14
7238 Mar 19
14/
1
4 Mar 14
%Mar 9
11
/
4 Oct 19
80 Jan 2
112 Mar 2
514 Feb 16
9712 Jan 27
3672 Feb 21
68/
1
4 Feb 21
9112Mar 7
5514 Aug 14
49/
1
4 Feb 13
60 Mar 6
834 Feb 16
110 Jan 14
106 Mar 6
115 Feb 20
189 Mar 7
125/
1
4 Jan 18
1314 Aug 22
1214 1214 1214
17
1718 1714
53
*51
_ ____
-85- - *85
87
*40
45
*3213 3313
*8
0
*28
40
*64
6713
*22
28
118 118
'45
55
___ ____
12
12
*29
3013
10
10
2678 2788
*238 234
*85
86
10018 10053
1312 1212 1212
1714 *1612 17 ,
53
*51
53
____ ____ ____
- - 8914 -8-6*86
*85
87
8714
*38/
1
4 45
*3312 45
_
*3214 3312
*813 1-012 *838 1012
*28
*28
40
40
*64
6712 *64
6712
*22
28 .22
28
14
118 *118
114
50
5014 5014 50
____ ____ ____ ____
11% 12
1138 11%
*29
2912
*2934 30
914 934
934 934
2612 27
2614 2634
238 238 *214 234
8458 86
85/
1
4 86
10034 10153 100 101
*12
•174
*5113
____
- -
12
1253
*1614 1634
*10
12
10213 10212
*74
77
.54
54
42
4218
9
9
4014 4013
*70
72
59
59
4034 4034
*88
90
7618 7658
54/
1
4 5478
*5312 53/
1
4
*25
29
1812 1812
*43
45
27
27
5634 57
*534 6
*912 1034
1213 1212
16
16
*10
1112
103 103,
•74
77 1
5414 5413
417 4218
*8
12 1
4114 4138
*65
72
*5712 6112
4034 4114
*88
90
/
4 7712
761
548 55
54
5434
*25
30
*18
1834
*44
4514
2738 2712
571
/
4 5718
534 534
978 9/
1
4
1218
12
*1512 16
'884 12
10113 102
*73
77
*5312 54
4178 42
*834 11
401
/
4 41
*135
70
*5712 611
/
4
3853 39
*86
88
7334 7514
541. 5413
*5314 5433
7125
30
1713 18
*43
44
2634 2634
*55/
1
4 5612
*5
6
*978 1034
8612
3253
6812
10
*10
*64
8658 86/
1
4
33
33/
1
4
6812 6812
1914 1912
5934 10
*64
87
12834 1293
7178 711
/
4
*934 10
.73112 3312
614 612
3078 315
*1912 2113
9
9
17
1714
1378 1378
57
57
612 612
*1114 12
.26
28
*51
-60-1,. ai -el
8678
3318
6812
19
1018
67
12813 129
*7114 72
.934 10
3213 3212
914 914
3012 31
*1912 2112
9/
1
4 91/
1638 1634
*1314 14
*54
56
612 658
1011
/
4 1058
1726
28
-1-234 1214
1712 1714
54
*52
____ ____
-
Uos iiis
1214
1714
•52
54
____ ____
- - - -
8.1-8 ii
*69
•Bid and asked prices. s Ex-dividend.
io
*8612 8713 *86 '87
8718
*40
45
*40
*40
45
__-- - --- --_
_ *812 1013
8/
1
4 878
- *9
*28
40
*28
40
*27
*65
6612 66
*64
66
*22
28
*2214 25
2214
118 118 `118
114 *118
•48
55 *____ 55 .7_ _ _ _
___ __
_
1118 11% *1114 12
1118
2914
2858 2834 *2834 30
914 914
914 953
914
26
263
26
2614 2614
212 212
253
*234 234
8514 8514 *85
*8312 84
9912 10012 100 10012 10014
11% 1134
*1513 16
*9
12
10112 10214
*73
77
5018 5158
4178 42
*812 1012
4012 4034
*67
7012
*57
6112
38/
1
4 381
/
4
*86
88
7458 7514
5412 5434
*54
5412
*25
30
18
18
*43
45
*2614 27
56
5613
*5
6
5934 1034
1
4 86181
85/
1
4 8678 8534 8578 85/
3234 3312 3214 3278 3213 3234
6834 6834 6858 6834 6858 69
1912 1812 1812 •184 1812
19
97 10
934 98
97
9/
1
4
6458 6438 *____ 67 •_ _ _ - 67
127
128
1267
8
5s 12818
12714 12912
7112 7113
72
72
*7034 72
1
4
912 9/
*978 10
*934 10
3412 3112 324
3112 3112 *31
918 938
91/4 914
Ws 953
1
4
3018 3078 304 30/
30/
1
4 32
*2018 2112 *1912 2113 *1912 2112
9
9
9
9
834 878,
16
1614 *1514 1612
18
*16
1453 1438
1353 14
*1358 14
*56
58
58
58
58
57
638 62
614 614
*638 612
114 1114 *1012 1113 *1012 1118
*25
26
26
2834 26
1726
1112 1212
1534 153
*834 1112
10134 104
*74
77
5412 5434
411
/
4 4253
*834 11
4013 4113
*65
70
*5713 6112
391
/
4 41
88
88.
7334 7638
5412 55
5414 5434
*25
30
18
18
4312 44
2634 2734
*55
5712
*5
6
11
*10
12% 1278
1712 1712
54
____
-
16"
873
45
---_
1012
40
66
2214
114
55
113s
2914
914
2612
212
8534
101
11% 12
*1513 16
•834 12
10118 10214
.73
77
50
5138
4178 4178
9
9
4014 4034
*67
70
*5712 60
39
39
•86
88
7514 75/
1
4
*5414 55
*5414 5453
*25
29
1734 1814
4314 4314
2634 2678
56
56
534 534
*91
/
4 11
85/
1
4 864
3238 3353
6614 6612
185 19
*93 10
*64
67
12734 12858
*7138 7134
*9
10
*32
3312
914 9/
1
4
3053 3118
*2014 2112
9
9
1614 1658
.14
1418
5618 5618
618 638
1012 1118
*25
26
48
Jan
1078 Jan
3153 Jan
451
/
4 Jan
912 July
18 Dec
38 Jan
551 Jan
Jan
101
3734 Jan
8612 Jan
27/
1
4 Nov
Jan
66
Jan
58
51 July
3134 Jan
3114 Jan
Jan
51
9814 Jan
3214 Jan
9314 Jan
Jan
141
11512 Jan
5 Nov
83
Oct
23 Anl
3013 Aui
Oct
66
184 Apt
/
1
4 May
2 Ma]
915 Sept
1151/ Sept
595 Sept
104 Sept
42/
1
4 Jun(
7214 Sept
91 Dee
5513 Dec
49 Jun(
49 Api
8813 Sept
113
Oct
76/
1
4 Nos
11378 De(
201
Oct
12618 Nos
14 May
1756
New York Stock Record-Continued-Page 2
For sales during the week of stocks usually inactive, see second page preceding
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT. 1 Sales
for
the
Friday,
Tuesday, Wednesday Thursday,
Saturday, . Monday,
Week.
Oct.
19.
Oct.
18.
Oct.
17.
Oct. 13.
Oct. 16.
Oct. 15.
STOCK
NEW YORK STOCK
EXCHANGE
$ Per share $ per share $ per share $ per share $ per share S per share Shares. Indus- & Miscall.(Con.) Par
57
58
100
534 614 4,700 American Cotton 011
*8
612
6
6
6
534 534
858
Do pref
100
18
1918 3,200
1814 *1713 18
11818 19
1838 1912 1858 1858 18
618 64 2,200 Amer Druggists Syndicate_ _10
7
618
618
6
6
6
*5
*5% 6
58 6
500 'Amer can Express
95
100
*9034 94 *9034 9113 9034 9113 1191
91
91
91
91
*7
778 1,100 American Hide & Leather-100
7
718 718
7
678 7
64 7
718 718
Do pref
100
37 *3658 3712 3518 3658 2,600
3658 3712 37
40
1138
39 *38
100
*8514 8734 *8534 8734 854 8618 1,300 American Ice
8534 8814 8634 88
8534 88
Do
pref
*8012
82
100
82
*8012
82
*8018
82
*80
81
180 82 *80
1614 16
1612 1614 1658 1618 1634 1612 1858 1712 194 9.300 Amer International CorP 100
*16
1,400 American La France F E
11
11
11
10
1158 11
1112 1114 1114 11
1012 1012 *10
700 American Linseed
100
17 "1614 17
1614 1614 17
11658 1712 *1718 1712 1612 17
Do pref
100
36
34/
1
4 3413 343 348*
3412 3412 3512 3558 *34
American Locom, new -No Par
11,211
N
g17
"
6814 6958 6918 6934 8
6814 70
6858 68% 69 70
100
Do pref
100
11812 11812 •113 119 *117 119
*11612 119 *117, 11912 *117 119
4514 45
4513 5,000 Amer Metal temp otts_No par
4412 44
44
4218 4218 43 4378 4358 44
200 American Radiator
25
8212
/
4 *81
8112 811
8212 *81
82
*81
8212 8118 8118 *81
7
1,600 American Safety Razor
25
*5
8
534 6
534 6
534 534
538 53
*553 534
Amer
Ship
&
Comm_
_
_No
par
1112
2,200
1038
1034
1012
1114
113
4
1012
10%
1034
107
3
1058 1058
4,100 Amer Smelting & Refining-100
/
4 56
56
5514 557
5514 56% 5558 561
55 554 55 56
*9758 9758 973 97581
100
Do pref
700
98
974 *97
9734 97
9718 971s *97
American Snuff
100
/
4 139 *13212 139 *13212 139
*13212 139 *13212 135 *13212 139 *1321
3,800 Am Steel Fdry tern ctf3-33 1-3
3412 347
3414 347
3434 347
3412 35
34/
1
4 35
34
34
Do pref temp ctfs
100
300
101 101
*9934 10112
*93 100 *10034 101 *10034 101 *10034 101
5914 59
5912 6,700 American Sugar RefinIng_100
5818 62
5734 5914 *59
6014 6034 *6078 62
9934
400
Do pref
100
*99
*9934 10012 10014 10014 9934 9934 *9934 100
100 100
900 Amer Sumatra Tobacco-100
1
4 1812
1912 18/
1858 1912 1934 1934
2 20
1834 18% *19
*3538 55 *3538 55 *357 55 *3578 55 I *3518 .55
Do prof
100
*3558 55
100
12318 12312 12338 12312 12318 12312 1234 12312 12318 12312 12338 12312 5,300 Amer Telep & Tales
1,300 American Tobacco
100
148 14934 *14812 15012 *148 15012 *148 150
14878 151
147 147
200
Do pref (new)
100
*102 10234 10214 10214 *102 103 *10212 10312 *102 10312 10338 10338
Do common Class B
100
14878 15014 .147 14814 *147 149 *147 14912 *1474 14912 2,100
•147 149
100
500 Am Wat Wks & El v t o
*3714 3812 *3758 3812 3738 3758 3718 3714 384 364 *3514 3714
Do 1st pref(7%) v t 0-100
917
200
9112 9112 *91
917 *91
9134 9134 *9134 9212 *9112 92
400
Do panic pf(6%) v t 0.100
6114 6114 *6018 61
61
61 1 .8012 6112
61
•131
6312 61
Amer Wholesale, pref
100
*91 100
1591 100 *90 100
*90 100 *90 100 *90 110
100
7134 47,500 American Woolen
6958 7278 70
7134 7012 7133 71
70% 7114 70% 737
Do pref
400
100
10018
*100 10058 1004 10018 10014 10014 10014 10014 "100 101 1 10018
37
*312 378
318 1,100 Amer Writing Paper pref 100
3
4
318 312 *3
312 *312 4
712 712
500 Amer Z no, ... ad & Smelt_25
712 712 *74 8
71
/
4 73,
72 74
*714 8%
Do pre'
25
300
3012' *2812 30
32 *2718 30
30
30
3034 3034 *30
*26
1
4 36
3534 3578: 3538 3534 17,600 Anaconda Copper Mining- 50
3478 3534 3514 3658 3512 3618 35/
Associated
6,700
Dry
000ds
100
7714
7412 7512 7334 7514 74
75
744 7634 7612
75
74
! Do 1s1 preferred
100
84
*82
85
85 *82
85 *82
85 *83
*82 85 *82
' Do 2d preferred
100
88
*83
88
88 "83 88 *83
183 88 *83 88 *83
Associated
011
100
200
107
1054
10612
10612
108*10612 108 *10612 108 *10612 10634
*10812
No par
200 Atlantic Fruit
114
•1
112 *1
114 *I
113
152' '51
2 *1
1412 2,900 Atl Gulf & WI 88 Line_100
•1212 1312 1314 1312 1212 13
1234 1234 1314 1434 14
Do pref
100
300
13
*12
1113 1112 *11
12
12
12
12 *11
12
*11
200 Atlantic Refining
10014 103 *10012 103 *101 103 *102 103
*102 106 *100 106
pref
Do
100
116
116
11612
"115
*115
117
"115
117
*11613 117 *11414 117
No 11p2
ar
200 Atlas Tack
/
4 1214 *1114 1134 1114 1114
*1114 1214 *1114 1212 *1114 1213 •111
2412 2412 257
25
25
2458 2434 2434 2514 3,300 Austin, Nichols & Co No par
*2414 2412 *24
pref
100
Do
851 *80
8514
*80 85 *80 85 *80 8514 *80 85 *80
11458 11512 11478 11818 11434 11838 11434 11678 11658 11738 11634 11858 153,300 Baldwin Locomotive Wks-100
100
Do pref
11412 11412 *113 116100
*1113 116 51113 116 *113 116 *113 116
No par
Barnet Leather
36
*25
*25
36
26 *25
36 •25
36
*25 26 *25
600 Barnsdall Corp, Class A_ 25
*1012 11
1118 1112 1012 1032 11
*1012 12
11
*1012 11
25
Do Class B
600
•612 812 *6
712 712
612 678
7
7
9
612 612
20
*18
14
.18
400 BatopUits Mining
14
14
*18
%
18
•/
1
4
/
1
4
*4
No pa'
1,000 Bayuk Bros
964 5513 5614 5612 5914 5812 59
*55
5612 5614 5614 *95
9,300 Beech Nut Packing
72
71
6934 70 *89
71
6734 6913 6912 7112 6813 71
100
4614 474 467 4818 4818 4888 4618 4734 4714 4758 4758 4818 22,500 Bethlehem Steel Corp
Do Class B common__ _100
Do prof
100
Do cum cony 8% pref_100
*jai- 161-'6- IOW- *ioi- 116 - *lei- 116 - *ioi- foii- *101- loo
Prererred
new
100
400
*8914
8912
8914
*8912
8912
1
4
8914
90.
894
904 89/
'894 904
No par
41
300 Booth Fisberies
*414 5
438 438 *414 434 *414 5
*414 5
434
100
British Empire Steel
Do let preferred
100
100
57
59 *57 59
59
5712 5712 *5414 5612 *54
*57
100
Do 2d preferred
600
*1412 1434
15
164 1612 *---- 1612 •--__ 1612 1512 1512 15
400 Brooklyn Edison, Inc
100
107 107 *10612 10712 *107 10812 10818 10818 10812 10812 *107 108
100
200 Brooklyn Union Gas
110 110
11114 11114 *111 114 *111 113
*110 112 *110 112
2,500 Brown Shoe Inc
100
4212 434 *4212 44 *4212 44
4312 4414 4314 4312 434 44
Brunswick Term & Ry Seo-100
112 *1
112 *14 138 *14 138 *118 138
*1
112 *1
100
700 Burns Brothers
104 104
*103 10512 10612 1064 106 106
10334 10334 *10412 105
Do new Class B com
1%400
24
25
*24
26
24
25
234 2334 2378 2514 *2312 25
5
5
438 514
412 478
412 434
412 458 4,200 Butte Copper & Zinc v t c__ 5
412 434
100
1814 *1712 19
151734 1778 1734 1734 18
18
18
*18
1812 1,300 Butterick
10
2,100 Butte dr Superior Mining
1314 1312 1312 *13
1312 1312 13
1312 1338 1378 14
14
218 24
218 24
1,500 Caddo Cent 011 & Ref _No par
134 134
134 218
134 134 •158 2
400 California Packing..__No par
7918
*7818 7934 7914 7914 *7852 7934 *7834 7914 *7814 7914 79
1814 1834 1818 1812 1814 1834 1814 1858 7,200 California Petroleum, new_ 25
1814 1834 1878 19
100
92
Do prof
9138 9158 *9112 9358 9132 9112
300
*9112 9338 *9112 9338 92
10
418 414
418 44
418 414
4
4
414 44 1,700 Callahan Zinc-Lead
418 44
10
48 *45 4614 *45
46
100 Calumet Arizona Mining
*4514 46
464 *4514 48
*46
464
512 *___ _
6/
1
4•_ _
6/
1
4
1
Carson Hill Gold
---512
512
*22 1
*84 1
*12
34
52
*84 1
28
12
No par
12
200 Case (J I) Plow
100 Case (J I) Thresh M pi 311_100
6712 *80 6712 *65 6712 65 65
*6512 6712 *6514 6713
100
1434 1414 1414 1378 1473 7,000 Central Leather
1458 1452 141 1512 1418 1434 14
100
3614 38
37 39
Do prat
38
39
5,300
/
4 38
371s 3818 361
3914 40
38
3913 3734 39
3734 39
600 Cerro de Pasco Copper-No par
3734 38
3734 38
3734 38
prod__.
.No
Certain-Teed
30
Par
*29
30
30
30---- 30
447
44% 458 4514 4534 8,600 Chandler Motor Car_ __No par
43 44% 4314 4534 4334 4434 44
81
8018 8034 *8034 8214 1,100 Chicago Pneumatic Tool_ _100
804 8012 8013 801s *80
8012 81
25
2534 2614 2534 26
2573 2578 2553 2578 7,300 Chile Copper
2578 2614 2553 255
5
1634 1714 1612 1634 1658 1658 1614 1612 6,100 Chino Copper
1618 1614 1618 17
Co_
_
_
_100
Peabody
&
Cluett
•
67
68
67
68
600
69
70
.634
*6734 6813 *6712
68 68
71
No par
6812 7012 69
31.600 Coca Cola
695s 73
6914 71
73
73
7318 73
100
1
4 2513 2612 *2512 26
1,400 Colorado Fuel & Iron
1
4 2512 2614 254 25/
*2558 2718 2614 26/
33% 4,400 Col Gas& Eleo, new w I No par
1
4 3214 3212 3212 33 *324 33
33
3218 32/
324 33
12
12
/
1
4
14 16,100 Columbia Graphophone No par
14
38
%
18
14
12
14
38
100
11
/
4 11
Do prof
/
4
/
4
138 112 *118 11
1
11
1,800
1
1
/
4
173 178
•70
*6912 71
200 Computing-Tab-RecordNo Par
72 *7012 72
70% 70%
*6912 72 *6912 72
17
*1612 19
900 Consolidated Cigar.-.No par
18
1512 1512 16
18
18
18
18
18
100
Do pref
6512 *____ 65
85'3 *---- 65 *____ 65
6512
18
Consol Distributors,Ino No Par
13
Consolidated Gas(N Y)-100
No par
When issued
-"7:666 Consolidated
61 -66114
-6.64 6034 Wi- -66- -6'- 6014 6O7s 608s
Textile_ No par
64 678 64 634 65 634 634 684 1334 678 4,900 Continental
634 634
Can, Ins
100
No par
When issued
467 114 -alis -411-2 4684 4812 465g 4784 47 WE; "iiig 4734 27,500
200 Continental Insurance...- 25
95 *92
95 *92
92
9212 *92
95
95 *924 94
*93
6
614
614
61
/
4 614 4,700 Continental motors_ __No par
8
6
618 61
/
4
6
6
6
1
4 12253 1233* 122% 12414 12,300 Corn Products Refining_100
12218 12234 123 1247 1225s 12478 12214 123/
100
Do pref
200
11833 11638
*11514 117 11614 1164 *11514 117 *1154 117 *1154 117
No par
2478 2538 2518 2614 2514 2614 2518 254 2538 264 2534 2638 26,500 Cosden & Co
1
4 5914 584 594 59
6038 16,300 Crucible Steel of America_ 100
59 5958 5813 6014 5812 6034 57/
Do pref
100
300
90
90
90
90 *87
89 89
90
90 *87
*87 89
No Par
11
1114 11
11
3,100 Cuba Cane Sugar
11
1078 11
11
11
11
1034 11
pref
Do
100
4418
45
6,100
433
4
4534
4512
4538
4412
45
4512
453
8
45
4414
10
6,900 Cuban-American sugar
304 3038 3038 3012 2934 3034 2912 304 2958 304 2934 30
Do pref
100
200
97
964 6612 *9312 96
*9312 97 *9312 97 *9512 97 *96
Chemical
v
Davison
t
0-No
par
4238
47
424
81,300
4534
4614
454 4758 4634 4812
4218 4314 4212
100 De Beers Cons Minee_No par
2138 21% *2138 2218 *2134 2234 *2158 224 *2112 2218 *2158 2134
100
103 103 10318 19314 103% 103%
470 Detroit Edison
103 103
*10212 103 *10212 103
Dome Mines, Ltd
10
1,600
37%
37
37
3712 3712 3758 3758 3758 374 3718 3712 37
Eastman Kodak Co...No par
400
*104
105
*104
10414
105
107
105
105
105
105
•103 10414
Pont
de
Nem
&
du
Co_
_100
E
I
12834
43,600
12712
123
126
12312
1277
12612
1273
4
124 125% 12312 12712
100 6% cumul preferred_ _ _100
85 *82
85
8612 *82
8612 *82
85 *82
8412 8412 *82
3,200 Elea Storage Battery_No par
5712 57% 58
5734 56
574 57
57
58
5734 5778 58
50
1312 14% 3,600 Elk Horn Coal Corp
•1312 1412 •1312 1478 1312 1312 1312 1358 *1312 14
100
200 Emerson-Brantingham
1
1
*112 2
•112 2
1
1
112
*1
50
Endicott-Johnson
504
604
7,300
6218
6114
8013
8113
6112
60
5
8
614 614
6034 81
100
Do prof
300
11114 11114 *11114 ___- *114 ____ 11114 11114 •__ 113
112 112
•Bid and asked pricom no miss on this day. a Es-dividend.
PER BLEARS
Range since Jan. 1 1923.
On basis of 100-share tots
Lowest
$ per share
3/
1
4July 11
14 May 18
4/
1
4Sept 19
90 Sept 27
618 Aug 9
2934 Aug 9
8534 Oct 13
78 June 27
16 Sept 25
1018 July 6
164Sept 27
33 Aug 13
6434July 5
1144Sept 15
4014June 30
an 2
76
473 - dna 27
1038July 2
53 Jan 17
93 June 27
130 June 30
3158July 2
97% Aug 14
57 Aug 1
9934 Oct 17
16 July 2
3212July 11
11918June 29
140'4 July 3
10014Sept 21
140 May 20
2713 Jan 29
8514 July 3
4813 Jan 3
9314 Jan 2
6938 0,3t 16
9813June 21
3 Oct 5
7 Sept 19
26 Oct 1
34% Oct 11
62/
1
4 Jan 5
8212 Jan 18
86I2Sept 18
9814Sept 28
78Sept 26
914 July 5
6114July 3
9933Sept 18
115 May 2
1014June 27
17 July 6
7834June 21
11012 Aug 4
111 Apr 2
30 Sept 13
9% Aug 23
833Sept 18
/
1
4July 2
50 June 21
51 Jan 2
4114June 29
6014 Jan 16
9314 Feb 1
10014June 21
87 July 2
4/
1
4 Oct 3
5% Sept 25
5712 Oct 17
15 Oct 18
10414May 22
10312May 11
4213July 5
1 Aug 7
100 Sept 29
2112Sept 29
41
/
4 Oct 16
1314June 21
1278 Oct 1
14 Aug 4
77 Aug 4
1718Sept 19
9012Sept 27
4 Sept 28
44 June 28
513Sept 6
%Sept 27
65 Oct 17
1313 Aug 9
3614 Oct 17
3638 July 30
23 July 18
43 Oct 13
7512June 20
2418June 20
14% Aug 30
60 July 2
6812Sept 17
25 June 28
3014J1,ne 28
18 Oct 16
1 Oct 15
87 June 30
1512 Oct 16
62 OCG 11
'fauns 6
120 Jan 2
5634July 2
61s July 31
115 Jan 2
427sMay 7
90 Aug 9
6 Oct 1
1143sJuly 5
118 Sept 28
2234Sept 19
5712Sept 27
8634 Aug 6
811 Aug 2
3313 Aug 4
23 Aug 1
92 July 12
2038May 21
2138 Oct 13
10014June 26
3034May 22
89% Jan 2
10614 Jan 17
8113 Apr 12
52 July 5
3312July 11
1 Oct 15
5914 Oct 17
111 May 2
Highest
$ per share
20% Jan 4
3834 Jan 4
758 Feb 23
14312 Mar 2
1334 Mar 7
7454 Mar 7
11112 Apr 2
89 Feb 21
3312 Mar 28
13 Mar 1
38 Mar 5
59 Feb 15
7514 Aug 22
122 Feb 9
5578 Mar 5
8812 Apr 19
91s Feb 19
21% Jan 5
694 Mar 2
10233 Mar 6
1521
/
4 Feb 14
4078 Mar 21
10514 Feb 9
85 Feb 13
10834 Jan 3
36% Feb 14
65% Feb 13
12512 Mar 5
16134 Feb 13
10578 Mar 3
15934 Feb 9
4434 Apr 26
98 Jan 16
63/
1
4 Oct 9
9814 Jan 31
109% Mar 21
111% Jan 3
34 Mar 7
1914 Feb 16
5814 Feb 27
5312 Mar 6
89 Mar 19
89 Feb 13
9313 Feb 20
133 Jan 12
313 Feb 14
34 Mar 19
27 Mar 19
153/
1
4 Jan 10
120 Jan 18
2012 Feb 14
3513 Jan 12
8913 Jan 23
1441
/
4 Mar 19
11654 Jan 4
55 Feb 16
35 Mar 23
22 Jan 2
58 Aug 31
6214 Apr 4
8414 Mar 26
70 Mar 3
7178 Mar 3
954 Jan 2
11114 Mar 12
9712Mar 9
1
4 Jan 18
7/
978 Mar 2
6912 Mar 13
2613 Feb 20
12112 Jan 9
128 Feb 7
65% Apr 2
258 Jan 25
1443 Mar 23
43 Jan 2
1184 Feb 14
22 Aug 18
3778Mar 1
918 Feb 16
87 Feb 9
294May 31
11012May 23
12% Feb 20
66 Mar 1
9% Feb 19
454 Feb 21
85 Apr 9
4012Mar 7
7934 Mar 7
601
/
4 Mar 28
45 Mar 14
76 Mar 14
9034 Mar 21
301s Mar 1
3178 Mar 2
7614 Mar 28
8333June 8
3538May 31
3734 Apr 19
278 Feb 6
1212 Jan 15
8313 Apr 9
39% Jan 3
83 Feb 17
13 Jan 30
137 Jan 26
69% Feb 7
1412 Feb 9
13134 Jan 31
5512Sept 11
104 Jan 31
1214 Jan 19
1391
/
4 Feb 6
12238 Feb 24
6314 Feb 17
8413 Mar 21
9412 Mar 2
20 Feb 13
64/
1
4 Mar 15
3753 Feb 13
106 Apr 5
72 Aug 30
28 Mar 1
Ill Mar 2
444 Jan 4
11534 Apr 3
1484 Apr 28
89/
1
4 Apr 10
674 Mar 21
20% Jan 2
712 Feb 20
9414 Jan 2
118 Jan 3
PER SHARE
Range for Previous
Year 1922.
Lowest
Highest
Per share $ Per share
1514 Nov 3012 may
33/
1
4 Nov 61 May
412 Jan
714 Aug
126 June 162 Oct
10/
1
4 Dec 17% Apr
58 Jan 74% Sept
78 Jan 122 Sept
72 Jan 9514 Aug
24% Doe 50% June
918 Jan 14 July
28 Nov 4212 Oct
48 Nov 6412 Oct
112 Jan 12214 Dec
44 Sept 5314 Dec
82 Jan 129 Oct
873 Oat
334 Jan
512 Jan 2414 May
4358 Jan 674 May
1
4 Oct
864 Jan 104/
10912 Jan 159 Sent
3034 Jan 4613 Sept
91 Feb 10814 Oct
5418 Jan 8573 Aug
84 Jan 112 Aug
23/
1
4 Feb 47 May
Jan
52/
1
4 Feb 71
1
4 Aug
11412 Jan 128/
1294 Jan 1694 Sept
9612 Jan 108% Oct
128 Jan 16534 Sept
/
4 Nov
6 Jan 331
67 Jan 93% Sept
1714 Jan 5514 Oct
88 Oct 95 Jan
7814 Jan 105 Oct
102 Jan 11114 Dec
2212 Jan 5514 Sept
1218 Jan 21 Sept
38 Jan 57 Sept
45 Nov 57 May
43 Jan 70% Dec
75 Jan 88 Ocit
78 Jan 9112 OM
99 Jan 13553 May
513 Apr
112 Dec
19% Dec 4314 May
15 Dec 3114 May
117 Dec 1575 Oct
113 Jan 1194 Des
1353 Feb 22/
1
4 May
914 Jan 40% Sept
88 Jan 91 Sept
9312 Jan 14234 Oat
Oct
104 Jan 118
40 Jan 6753 Sept
1953 Jan 5614 Apr
17 Nov 39 Apr
14 Dec
1% May
33 Apr 85 Sept
30 July 53% Des
Jan 79 May
51
554 Jan 8214 May
9073 Mar 106 Nov
104 Jan 11653 June
94 Nov 101 Oot
4 Nov 1012 Aug
813 Jan 15 Sept
58 Mar 7634 Apr
19/
1
4 Mar 39 Sent
100 Jan 124% Aug
70 Jan 12412 Nov
42 Jan 64% Sept
5% June
14 June
11313 Jan 147 Dec
28% Jan 63 Oct
514 Mar 104 Dec
15 Nov 34 Feb
2032 Jan 3514 Oct
634 Dec Ws Apr
68 Jan 8612 Sept
-83 Jan 98l Apr
514 Feb 11% May
5012 Nov 064 June
614 Dec Ws Mar
9/
1
4June
3 Mar
68 Feb 9314 Aug
2938 Jan 444 Sept
6338 Jan 8254 Sept
3234 Jan 48% Dec
34 Feb 534 June
4734 Jan 7914 Apr
60 Jan 8953 Sept
1518 Jan 2914 Nov
2214 Nov 33% June
43 Jan 7014 Dos
Jan 8254 Oct
41
24 Jan 37 May
_
514 June
11
/
4 Jan
5 Feb 21 June
5514 Jan 794 Apr
18% Feb 4254 Oct
47 Feb 8714 Nov
14 Feb
214 Mar
8512 Jan 14534 Sept
5773 Dot 6214 Dec
9 July 1553 Apr
43114 Jan 11514 Dea
86 Jan
111
/
4 Dec
914 Jan
Jan
111
3133 Jan
5234 Feb
80 Jan
815 Jan
1514 Jan
1413 Jan
784 Jan
2313 Nov
1512 Jan
10035 Jan
1812 Jan
70 July
105 Dee
80 June
4012 June
1414 Jan
253 Jan
7614 Jan
104 Jan
9314 Aug
18% Dec
13434 Oct
12234 Nov
54 Deg
98% Sept
100 Sept
1914 Mar
4173 July
28 Aug
1021
/
4 Dec
8553 Apr
2553 Sept
11813 Aug
464 Nov
9013 Dec
16934 Nov
9013 Sept
5834 Dec
241
/
4 Des
Ills June
9478 Dec
119 Dec
New York Stock Record-Continued-Page 3
1757
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. 13.
Monday,
Oct. 15.
Tuesday,
Oct. 16.
Wednesday. Thursday,
Oct. 17.
Oct. 18.
Friday,
Oct. 19.
Sales
for
the
Week.
$ per share $ per share $ per share $ per share $ per share $ per share Shares.
*2112 23
*2112 23 *2112 23 *214 23 *2112 23 *2112 23
/
4 6634 6812 67/
1
4 691
1
4 6834 21,000
6834 6918 69% 71
6734 714 67/
8914 8914 *87
897 *87
891
/
4
89 *87 89 *87 90 *87
100
.012 914 *8
8
8
8
94 *8
300
*6
8
914 *6
3914 397
3934 3934 .39
40
600
*39
39
3912 3912 3912 39
958 934
958 934
94 912 11,200
9
9/
1
4
934 9/
1
4
934 1014
1,000
154 158
175 180 4160 170 *160 170 *160 170 *15712 170
1
4 9912 994 9918
400
1
4 991
/
4 9918 9918 994 *99/
*9714 9838 9838 98/
6
658
618 612
618 618
61
/
4
64 618
6
578 6
4.300
/
4 1112 1112 1114 1134 4,100
1114 1138 1112 111
/
4 12
1118 1118 111
40
4138 4214 417 4173
40 40 *4018 43
900
4018 4018 40
27
2712 271
/
4 2712 2,900
2714 2713 2834 2834 2613 2834 2834 27
6434 *58
*80 647 *58
6434 *58 6434
6478 *58 6478 *58
*8012 gi
4 8212 8234 83 83
81
1,800
8018 8012 81
*10112 107 *10112 107 *10112 106 *10112 106 .104 106 •10412 108
17058 17114 170/
*16912 170
17018 171
1
4 171
1,700
17014 171
170 171
1034 1034 1012 1034 1038 1012 1038 1012 1058 1012 1014 1012 12,900
1358 1334 1334 13/
1358 13/
1
4 1334 13/
1
4 1338 1378 1334 14
1
4 19,251
*9912 -83
80
*8014 8112 *80
8018 8018 80
82 82
8112
300
8014 8034 811
/
4 *8014 8112
*8012 83 *8012 8114 804 80/
1
4 80
550
9514 9514 *9434 97 *9434 9712 *9434 9712 *9434 97 *9434 97
200
4612 46'z 47
48
46 *46
46 *46 47
4712
47
700
46
712
712
100
*634 71
*7
7
7
*634 714 .634 714 *7
STOCKS
NEW YORK STOCK
EXCHANGE
ran sir Arca
Range since Jan. 1 1923. 1
On basis of 100-share lots 1
Lowest
Highest
I
rem actArcre
Range for Previous
Year 1922.
Lowest
Highest
Indus. & Miscall.(Con.) Par $ Per Mare
$ Per share '3 Per snare $ Per share
Exchange Buffet
264 Dec 3112 Oct
No par 20 Sept 4 31 Jan 10
7518 Jan 107 Sept
Famous Players-Lasky-No par 66 July 2 93 Jan 2
9113 Jan 10738 Sept
Do preferred (8%).__100 85 Aug 27 9934 Feb 14
9 Jan 161z May
Federal Mining & Smelti_100
5 June 5 12/
1
4 Feb 16
100 3414June 4 6012 Feb 1.3! 3712 Mar 6234 Sept
Do met
Fifth Avenue Bus
834 Dec 1058 Dee
No par
714Sept 21 103e Jan 2
No par 140 July 3 21214 Jan III 75 Jan 218 Dec
Fisher Body Corp
7613 Jan 10314 June
Fisher Body Ohio pref-..100 94 July 3 102118June 14
Fisk Rubber
1
4 Nov 194 Apr
5/
1
4 Oct 19 164 Feb 1311 10/
No par
1
4 Oat
Freeport Texas Co
1214 Jan 27/
No par
912July 2 22 Jan 13
4,534 Jan 80 Oct
Gen Amer Tank Car...-No par 40 Sept 18 7178 Feb 20
General Asphalt
1
4 July
100 23 Aug 9 54 Mar 7.1 3714 Nov 73/
Do prat
100 60 Sept 27 83 Mar 7; 69 Nov 111 July
General Cigar,Inc
1
4Mar 14 65 Mar 8334 Doe
100 8018June 28 94/
Debenture preferred
100 10412 Jan 2 110 Apr 2i 94 Jan 109 Oct
General Electric
_100 168 Sept 20 1904 Feb 2 136 Jan 190 Dec
Special
10 104 Oct 19 12 Jan 2 , 1012 Oct 12 Sept
General Motors CorP__No par 1234June 28 1712 Apr 18 I
814 Jan 1515 July
Do pref
100 79 July 10 89 Apr 17 I 69 Jan 86 Bent
Do Deb stock (6%) 100 7834July 17 90 Apr 7
6734 Mar 9614 OM
Do Deb stock (7%)-100 9514 Oct 13 105 Apr 10
7914 Mar 100 Beni
Gimbel Bros
No par 3912June 27 5113 Apr 24
3818 Oct454 Oel
Glidden Co
No par
6 Sept 22 1238 Feb 9
934 Nov 1814 June
Goldwyn Pictures
812 OM
No par
312,Iune 28
4/
1
4 Dec
778 Mar 9
1
4 20
1834 20
;iois -2-cii2 -ii- IF -25- 1114 19/
No par 1778 Oct 19 4118 Mar 22
1778 18/
1
4 4,900 Goodrich Co(B F)
2812 Nov 447 May
72
71
72
72's 69
Do pref
73
100 69 Oct 19 9212 Mar 6
7114 72
7312 732 71
7012 2,300
7913 Nov91 Api
800 Granby Cons M,Sm &Pow 100 1512 Oct 18 33 Mar 23
*1534 1612 *1534 1612 154 153 *1513 16
16
16
18
16
22 Nov3.5 Ma/
7
712 *6
*718 8
7
7
7
7
900 Gray & Davis, Inc__ __No par
7
7
7
7 0;t 10 1538 Mar 7
8 Nov1978 Ma3
1512 1513 *15
15
15
151 3115
38
154 1518 *15
510 Greene Cananea Copper
1512
100 15 June 20 3418 Mar 6
22 Nov34313 May
.54 5'2
700 Guantanamo Sugar____No par
512 512 *512 712
534 534
*512 658 *512 61
5 Sept 19 1413 Feb 14
7 Feb1458 Mal
7312 7213 73/
447 Jan 947 Ocl
100 66 June 28 10438 Mar 21
7158 72/
1
4 734 7413 59,700 Gulf States Steel tr ctfs
1
4 7212 7538 7134 7512 71
37 Mal
*12
22
•12
22
*12
Habirshaw Elec Cable-No par
38
"2
28
"2
58
14 Aug 8
*12
58
213 Jan 12
34 J5fl
3412 3434 3434 3484 347 347
700 Hayes Wheel
100 31 July 5 44 Apr 19 ---- _--- - - - - ,- •
3438 3458 3434 343 *3412 35
17
*16
*1612 17
17
16
16
16
*1614 1612 *16
16
500 Hendee Manufacturing_100 12 July 2 2334 Feb 16
15 Jan 2834 Bei
61
*61
62 *61
6114 61
62
*6114 6414 6134 6134 61
700 Homostake Mining
100 60 May 23 797 Jan 2
55 Jan 82 Noi
4823 48 494 48 484 477 491
4758 4733 48
2,700 Houston 011 of Texas
100 4034 Aug 4 78 Feb 18
50
49
6114 Nov 9134 Oa
2312 2312 4,500 Hudson Motor Car____No par 20 June 28 3234 Mar 8
2313 2312 2314 2384 2358 2378 2312 2358 2312 233
191
/
4 Aug 2638 De,
4117
18
1634 17
1658 1718 1612 164 1612 161
10
164 2,200 Hupp Motor Car Corp
10 16 Oct 19 3013 Apr 2
1078 Jan 2618 Do
*7
8
1
•78 1
*44 1
53
58 0.1t 13
53
38
64 Jan 8
33
600 Hydraulic Steel
No Par
*84 1
312 Feb 1418 Jim,
114 138
138 133 *112 134 *112 134
112 112
1
5
1 Oct 19 19 Mar 19
11
/
4 3,400 Indlahoma Refining
3/
1
4 Jan 1534 Do
*44 514
5
*4
"414 5
5
51
*414 5
*414 5
10
4 Sept 19
300 Indian Refining
812 Apr 6
5 Jan 115s J1m,
2434 25
2478 25's 2434 2518 2434 25
25
2533 *2514 254 3,800 Inspiration Cons CopPer
20 24 Oct 5 4334 Mar 1
31 Nov 45 Jun,
112
118 118
*1
1
112 *1
1
112 11
100
1 Sept 14 11 Feb 20
600 Internat Agricul Corp
1
4 Mal
5/
Ps 14
1
4 Dec 11/
56
7
6/4 63
*5/
1
4 6
*5/
1
4 6
*5
6
*5
6
100
200
Do prof
514Sept 26 397 Feb 23
2812 Nov 4318 Ma
34
*3312 36
3414 34
34
3312 34
34
1534
343g 1,000 InternatlonalCement__Nopar 31 June 28 44 Mar 19
34
26 Jan 3834 Mal
20
1
4 2012 2012 *2018 201
2038 2014 2014 2014 20/
/
4 201
/
4 2112 4,400 Inter Combus Engine__No par 1958June 28 274 Apr 6
2018 June 304 Sep
73
734 7334 7413 7214 74
73
74
7312 7378 7334 74
6,200 Internat Harvester (new) 100 71 Aug 1 984 Feb 7
7938 Jan 11578 Au?
*10614 107 *106 107 10614 1064 10618 107 *106 109 *10618 109
100 10618 Oct 17 11614 Jan 4 10512 Feb 119 Sep
Do pref (new)
300
47 Aug 9 111
7
714
712 *612 7
7/
1
4 734
100
*7
712 *7
7
4,800 Int Mercantile Marine
8
/
4 Feb 14
834 Dec 274 Mai
2234 2434 2312 2678 2613 28
24
100 1812 Aug 8 47 Jan 5
2278 23
2314 2312 23
19,100
Do pref
4153 Dec 8733 Mai
111
/
4 1114 1118 1133 1118 1112 114 1114 11
1118 5,100 International Nickel (The) 25 11 Oct 18 1614 Feb 16
1113 11
1
4 AD
1114 Jan 19/
7614 7614 .744 7622
78
100 6934 Jan 4 83 June 12
*7412 7612 *75
Do pref
78 .75
78
100
*74
60 Jan 85 Jai
100 3018Sept 25 5858Mar 6
*31
314 314 3114 32
32
1,500 International Paper
*3012 314 3138 324 32 32
4313 Mar 6378 Oc
*6213 64
*6212 64 *62 64
63
156212 64
63
100
*6212 64
Do stamped preferred_100 63 July 12 7518 Jan 5
59 Mar 8012 Sep
84 912
858 858
818 813
81a 814
8 Aug 15 1914 Mar 7
5,100 Invincible 011 Corn.- __No par
8
885
124 July 2014 Ap
8
8
4314 4234 4284
4112 42
41
42 *40
41
41
41
900 Iron Products Corn_ _ __No par 3212 Aug 6 5814 Mar 8
41
24 Jan 5318 Oc
18
14
18
14
18
4
18
18
18
18
10
12 Oct 3
18
14 Nov
1
56.900 Island Oil & Transp v t c
3 Jai
/
1
4 Feb 24
1614 1614 *1534 16
16
100 1538 Oct 11 24 Mar 15
16
1618 1638 1614 1634 1614 17
1,500 Jewel Tea, Inc
10 Jan 2213 Ma:
70
*8612 68
70 •66
100 62 June 20 82 Feb 26
6714 6714 *67 69 *6612 68 *68
100
Do Pre
3813 Jan 7638 De
2911 5,200 Jones Bros Tea, Inc
294 2834 294 29
100 2512 Oct 8 6338Mar 16
2812 29/
2912 28
1
4 2912 30
28
3412 Feb 577 Sep
10818 10818 108 108
108 10818 *10712 10812 108 108 *107 10812
700 Jones & Laughlin St, pref 100 107 Mar 19 11012Sept 4 10718 Dec 10938 De
14
*14
%
h
*4
*4
10
14
,
5
%
4 Aug 6
•14
*4
38 . 300 Kansas & Gulf
312 Jan 12
14 Dec
713 Joe
3412 3514 3412 3533 2,900 Kayser (J) Co (new)......No par 28 July 2 45% Feb 23
3414 35
35
3512 35's 36
35
36
34 May 4858 Au
*96 102
*95 100
9712 974 5196 102
98 98 "97 99
300
Do 1s1 pref (new)__No par 96 July 2 04 Mar 23
94 May 10613 Jun
2314 2384 23 2334 2218 2334 2012 2214 214 2214 2114 221 24,000 Kelly-Springfield Tire
25 2012 Oct 17 824 Mar 22
3414 Jan 5334 Me
89
*70
89
*70 89 *70 89 *70
Temporary 8% preJ
89
1370 89 *70
100 80 Oct 11 108 Jan 18
9012 Jan 107/
1
4 Ma
75
76
85 *75 85
Wheel,
78
Inc
85 *80
*78 85 *80
100
78
Kelsey
75
11714
300
Oct 18
Mar 6
61 Feb 11512 De
321
3238 32
3218 32
3238 324 32's 32
32
3218 3214 18,450 Kennecott copper
No par 32 June 20 45 Mar 1
2512 Jan 3953 Ma
212 211
1
4
134 2s
11
/
4 2 12,600 Keystone Tire & Rubber__ 10
218 2/
214 21
214 238
11
/
4 Oct 19 1118 Mar 24
434 Nov 2438 Ma
226 226 *226 230 226 226 225 2251 *227 234 234 23514
100 177 Mar 2 24812 Apr 26 110 Jan 18912 No
800 Kresge(SS) Co
.76 80
79 •76
*76
79 *76
78 .76
78 *76
80
Laclede Gas (St Louls)___ _100 75 July 5 8938June 9
43 Jan 9413 Au
3414 14
1412 14
14
141j 1414 1414 1134 14
1138 13
7,100 Lee Rubber & Tire----No par 1138 Oft 19 3134 Mar 22
2414 Nov 354 Ms
*215 2193 220 222 225 225 *200 225 *215 225 *215 223
500 Liggett de Myers Tobacco_ _100 19034May 21 225 Oct 16 1534 Feb 235 Oc
*110 117
113 113 31113 115 *114 115 31114 115 *114 115
100 11134 Apr 4 11818 Jan 8 108 Jan 12312 No
Do pref
200
634 63'2 8314 6412 6234 6312 63 83/
1
4 6312 64
581
temp
63/
1
4 6438 5,700 Lima Loc Wks
af.No par
4June 28 7478 Mar 20
52 Nov 11778 Ma
1612 Up
1634 iv
1614 1638 1618 1614 1,900 Loew's Incorporated_No pre 14 June 21 2114 Feb 14
1634 163 *1634 17
1058 Jan 2334 Set
61
*6
61
"6
*6
61
612 *6
"618 61
*Ws 612
Loft Incorporated
NO Par
6 Sept 8 111
/
4 Jan 5
9 Jan 1414 Ma
51
50
*50
50 *50
501 *50
511 "4912 5013 4913 5012
100 36/
100 Loose-Wiles Biscuit
1
4July 7 6314 Mar 2
36 Jan 137/
1
4 Sel
*162 167
16434 107 *164 166 *164 166
16034 16034 *162 165
600 Lorillard (P)
100 146 June 21 17838 Feb 9 14714 Jan 180 Set
*108 115 *109 115 *10858 115 .109 115 *109 115 *10934 115
Companies
Mackay
100 103 May 23 121 Feb 6
72 Jan 117 De
*65 67 *65 67 .65 67 *65 67 *65
67 .6512 67
100 8412July 30 704 Feb 16
Do pref
57 Jan 70 No
70
6812 70
6912 7178 6913 7218 6918 71
7112 7134 7233 12,000 Mack Truck8, Inc
No Dar 5818 Jan 2 9312 Apr 6
2512 Jan 618 Set
*89 91
91
*89
*89
91
91
91
91
*8954 91
Do 1st preferred
100
100 87 July 3 99/
1
4 Mar 12
68 Feb 9412 DO
86 *83/
86 *83 85 *82
1
4 86
•8334 86 *82
*8334 86
100 72 June 29 92 Mar 5
Do 2d preferred
54 Jan 874 Sec
6112 *68
6112 *58
6114 6112 6134 6114 63
*57 8112 *60
No par 57 July 2 7112 Jan 20
1.200 Macy
59 Nov 82 De
29
30
3013 3034 2812 3178 2834 2958 2912 29/
1
4 30
3038 11,000 Maillnson(H R) de Co-No par 21 June 27 40 Jan 2
1511 Jan 40 An
52
52
511
/
4 513
54
5218 5212 3151
5214 521
/
4 *52
54
700 Manati Sugar
100 43 July 31 7514 Mar 14
3014 Jan 52 Ms
80 "72
72 *72
82 *72
80 •72
82
•72 82 *72
Do prat
100 75 June 20 DO Feb 26
7314 Apr 844 Bet
38
38 *36
35
36
38 *37
38 *37
36
36
*37
700 Manhattan Elea BuD1513W0 Par 35 Oct 18 66 Mar 21
1
4 At
41 Mar 69/
42 *4034 42 .4034 42
*4112 4212 *4112 4214 4112 4134 42
300 Manhattan Shirt
25 4112Sept 14 4778 Jan 5
32 Mar 5854 01
2218 23
2214 2334 2178 223
2278 2358 26,800 Marland Oil
2314 2368 2338 24
No par 2014Sept 19 5938 Apr 2
2258 Jan 4818 Jur
*2
41
412 •12
*2
412
5
*1 , 412 *1
151
5
Marlin-Rockwell
NO Par
7 July 5 16 Feb 28
54 Mar 2633 Mil
28
27
2718 27/
1
4 2758 1,400 Martin-Parry Corp
27 2812 "27
26
26
26
27
No par 28 July 31 3734 Apr 17
2014 Jan 864 JIM
1
4 3414 *34
35
3514 36
354 3614 3414 3534 334 3414 34/
2,800 Mathitson Alkali Works- 50 3312 Oct 17 6413 Mar 14
22 Jan 54 No
3714 3712 3712 3833 4,000 Maxwell Motor Class A__-100 36 Oct 13 63/
3612 37i2 3618 371
3613 3614 37
36
4114 Nov 7434 Ma
1
4 Mar 8
*1038 107i 1053 1034 107 11
1058 1058 1034 1034 1038 11
1,800 Maxwell Motor Class B No Par 1014 Oct 2 21 Apr 5
11 Feb 2578 Jut
78
79
8078 81
78
84
9,300 May Department Stores-100 6758 Jan 5 86 June 7 8512 Dec 17434 DI
7712 78
76
78
*75'2 76
1614 16/
1
4 1612 1634 1614 1658 1614 161 •1638 1612 *1614 1612 2,700 McIntyre Porcupine Minas-15 Sept 18 2012May 4
1058 Jan 2158 M1
100 182 Sept 14 293 Jan 2 10834 Jan 322 DI
Do pre,
---- - - --- - - - --- - - - -- -- - -- ---, - - - -,- - - _ - _
100 10014 Feb 28 10514 Mar 16
1
4 Jan 108 DI
79/
9
-914
8/
938 -9-12
9
118
1
4 I% *9
878 l958
-9-12 2,700 Mexican Seaboard 011__No Par
15 Oct 3413 Jul
534 Aug 15 2334May 28
319
9
9
914 *812 9
9
9
Voting trust certificates__
914
500
12 Oct 3218 Jul
*834 912 *0
6 Aug 15 2314May 28
2238 23
2234 2234 3,790 Miami Copper
22/
1
4 2338 23 2318 2318 234 2278 23
25 Nov 3138 Ms
5 2212June 21 3013 Feb 23
5
54
5
5
514
538
5
54 533
514
5
54 29,000 Middle States Oil
1214 Jan 12
- 10
434Sept 2
11 Nov 16 Al
1125
26
25
25
*254 26
25
251
/
4 2512 2512 2438 25
700 Midvale Steel dr OrdnanceCorD-1
4 Ms
50 2112June 29 3333 Apr 18
2618 Dec 45/
5912 5912 5912 5912 59
5938 *59
5912 1359
594 5912 5912 LON Montana Power
100 5412June 28 75 Mar 8
63 Jan 763* Sei
224 2258 2258 23/
2112 22
22 221
/
4 2218 2178 22
1
4 10,900 Mont Ward dr Co Ill Corp_ 10 1814May 22 26 Feb 13
/
4 211
1
4 At
12 Feb 25/
2134 2134 2112 2154 1,100 Moon Motors
23 23
217 22
2112 2134 2112 22
No par 1734 Jan 17 2938 Mar 22
13 Aug 1938 D
84 84
814 84
818 84
84 838
84 814 5,800 Mother Lode Coalition-No par
818 818
7'sJune20 14 Feb 20
9/
1
4 Nov1214 D
*1312 1534 *1312 1554 311412 15 *1412 15
1318 1314
100 Mullins Body
*1412 15
No par 1018 Aug 21 29% Mar 15
1714 Dec 34 MI
89
9014 •91
9312
600 Nub Motors CO
85/
1
4 85/
1
4 8714 8714 .87 95 *88 95
70 Dec 525 Ju
No Dar 7514 Jan 2 1144 Jan 12
98 98 *9612 98
600
•97 98 *97 98 *97 98 *97 98
Do preferred A
100 9611 Apr 23 1011
/
4 Jan 17 10112 Aug 108 D
*813 83
812 83s .84 9
812 9
94
1,300 National Acme
912 5.9
49
/
4 Al
50
913 Nov 211
8143ept 28 1818 Feb 19
47
474 3,600 National Biscuit
4612 4658 4654 474 4634 474 4658 47 *4678 47
367 Dec 270 D
25 38 Jan 5 4812Sept 6
Do pref
*11914 122 *11914 122 1111914 122 *120 122 *120 122 *120 122
100 11812July 5 125 Feb 2 11312 Jan 126 0
200 National Cloak & Sult
5334 *5213 55 *5312 58
1
4 55 *5412 58 *53/
*54/
100 40 June 18 671
1
4 5434 53
/
4 Feb 21
26 Jan 8678 Se,
200 Nat Conduit & Cable__No par
*14
38
/
1
4 • *14
418 Ai
/
1
4
*14
4
14
14
112 Feb 24
14
514
14May 31
4
1 Dec
40/
1
4 38
383 18,400 Nat Enam'g 35 Stamping 100 35 Oct 18 73 Mar 14
4478 44/
1
4 43 4412 3858 43
39 40114 35
3034 Jan 6812 0
300 National Lead
*1184 118 *118 120
119 120 *117 119 I•118 120 *118 1191
100 108 July 5 13634Mar 20
85 Jan 12914 D
*1104 11218
Do pref
*11013 11212 *11013 113 *11012 11312 1511012
100 10712June 28 114 Jan 4 108 Jan 117 0
11
1114 11
/
4 1114 1114' 1113 1114 11111 114 3,600 Nevada Consol Copper
/
4 111
1112 111
5 11 Oct 13 1838 Mar 5
1318 Nov 194 Jui
900 N y Air Brake (neto)__No par 2658 Jan 2 41 Apr 25
36
*35 364 *35 3613 35 3612 3412 35141 347a 354 36
2412 Nov 4113 Se?
47 *4634 47
47
300
Class A
*4654 474 467 467 *47 474 *4634 47
No par 45/
4518 Nov 514 0
1
4 Aug 23 5112 Feb 13
17 *1614 17/
•1614 1734 *18
1
4
100 New York Doc.k
17/
1
4 *1614 174 *1614 17114 17
100 1514.Tune 30 27 Apr 2 20 Nov 48 Jul
"38 42
40 1 *38
40 *3813
400
Do pref
38/
1
4 3834 3812 3813 *38
100 37/
48 Nov 684 Jul
1
4 Aug 14 5112 Mar 15
204 203* 2018 2012 2018 2034 204 20121 204 2058 2038 2034 7,700 North American Co. new
10 1712May 21 244 Apr 13 --,... -,f- -7=.- r.
•43 4334 *43/
4312
900
Do pref
1
4 43/
1
4 43/
1
4 4312 4338 43381 4312 431 *43
38 Jan 474 -AI
50 4212July 2 4813 Feb 14
18
1
4 18 *15
151434 18 1 *14/
1
4 Feb 40 Se?
Nova Scotia Steel & Coal_ _100 1412 Oct 1 2978 Mar 3 20/
18
*Int 1734 •1513 1713 *15
•74 9
•8
9
9
*8
*8
9
8 July 1254 M
*8
Nunnally Co (The)----No par
94 *73
9
8 June 28 1018 Feb 9
024 3/
258 238 *24 3/
Nov 1414 Al
1
4
200 Ohio Body & Blower__ _No par
1
4
5
234 234 *258 318 *24 34
Jan
29
2/
1
4 Oct 18 104
184 Dee
114 114
114 114 *114 112 *114 113
438 Jul
14 14 1,200 Okla Prod & Ref of Amer
114 1141
318 Feb 8
5
114Sept 21
534 612 *44 614 *412 612 *412 612! *41: 612 *412 6
932 M
778may 7
200 Ontario Silver Mlning
300
3 July 21
413 Jan
18
18
18
1812 18
1238 Jan 28 0
1812 184 184 *184 1813 1,200 Orpheum Circuit, Inc
1814 *18
1 1614June 21 2138 Apr 26
*12113 123 •1211, 12:1 *1911. 193 •1911. 1921.'1211e 1221. 1211. 1211*
inn nth. Flemmtnr
inn 1 1/1.2101v 20 1112 Feb 18 116 Jan 1684 o
*Bid and gaud prices no 88103 this dy p 13:3413111(14318
11312n.11012 112,2
New York Stock Record-Concluded-Page 4
1758
For sales during the week of stocks usually inactive, see fourth page preceding.
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday,
Oct. 13.
Monday,
Oct. 15.
Tuesday,
Oct. 16.
Wednesday. Thursday,
Oct. 17.
Oct. 18.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range sines Jan. 1 1923,
On basis of 100-share lots
Lowest
Highest
5 per share Shares. Indus.& MIscell.(Con.) Par
per share
$ Per share
73* 712 2,400 Otis Steel
No par
7 June 30 1434 Mar 21
424 4212 1,400 Owens Bottle
25 363* Jan 2 5234 Apr 2
*12
34 1,400 Pacific Development
214 Mar 5
4 Jan 2
*7714 78
300 Pacific Gas & Electric
100 73 July 2 8518 Aug 20
9
9
1,800 Pacific Mail Steamship
5
7 July 2 1234 Mar 14
38
3838 29,400 Pacific Oil
3114 Sept 19 487 Jan 4
1118 1114 7,100 Packard Motor Car
10 1018 Jan 8 1513 Mar 22
533* 553* 40,800 Pan-Amer Petr & Trans
50 53 Sept 28 934 Feb 7
5012 5213 62,300
Do Class B
50 5012 Oct 19 86 Feb 7
*118 2
100 Panhandle Prod & Ref_No par
1% Oct 16
614 Apr 5
*914 10
200 Parish gi Bingham
No par
9 May 23 1512 Mar 13
6 Apr 4
134
112 Oct 8
178 5,900 Penn-Seaboard St'' v t cNo par
1,100 People's 0 L dr C(Cbic)._ _100 86 Apr 27 944 Jan 30
897g 90
*4134 42
1,900 Philadelphia Co (Pittsb) _ 50 41 July 2 5014 Mar 19
60
*55
Phillips-Jones Corp
No par 55 Aug 9 80 Apr 4
23
2313 17,500 Phillips Petroleum ___No par 1934Sept 18 6932 Apr 5
614 July 2 1514 Jan 14
8% 834 3,200 Pierce-Arrow Mot Car_No par
1938 2012 1,800
Do pref
100 134July 2 358 Jan 9
112July 5
6 Feb 13
134 134 2,600 Pierce Oil Corporation
25
*20
800
Do pref
100 16 Oct 11 45 Jan 4
2014
Pigg Wigs Stor Inc"A"No par 9
572.1y
5:4Jualn 17 124 Mar 20
6058 61
*60
6113 *59
6012 *59
61
1,000 Pittsburgh Coal of Pa
100 58 Jan 16 6778 Mar 7
571 11-11-3 -61 61
11 100 Apr 5
*9712 994 *98
*9712 101
99
Do pref
*98
100
9812
*9712 101
*9712 101
914 Mar 1 4778 Feb 15
Pond Creek Coal
10
46f4 51
or 47 July 5 134 Feb 6
900 Postum Cereal
No 1p00
-52- 5314 -81- -if- ;Li- 52
900
Do 8% preferred
10812June 30 11414 Jan 25
*111 11212 *111 11212 11134 112 *112 11212 11214 11214 *108 11213
4612 47
48
45
4512 44
44
4812 48
44
100 41 Oct 18 8112 Jan 2
*47
4418 2,100 Pressed Steel Car
85
85 .84
8412 8412 84
84
200
Do pref
*84
*84
85
100 84 Oct 18 9934 Jan 5
85
.84
2012 2138 2113 2238 2034 2278 2012 2178 208 215s 20% 2113 65,800 Producers & Refiners Corp_ 50 2018Sept 18 5818 Mar 20
4213 424 4212 4218 4238 42
4213 2,300 PubServCorp ofNJ.new No par 42 Sept 18 5113 Apr 16
4278 4278 424 4238 42
11578 11578 11534 116
1,700 Pullman Company
11534 116
100 11012July 2 134 Mar 8
*116 11714 11612 11612 116 117
554 5412 5638 524 5478 5214 5318 53
19,300 Punta Alegre Sugar
50 4178July 31 6914 Apr 19
534 524 53
55
25 1614 Sept 21 32 Feb 13
174 1714 1718 1738 1718 1738 1718 1738 1738 1734 175* 1713 8,500 Pure 011 (The)
86
8612 8612 *86
8812 *87
89
200' Do 8% preferred
*8534 8614 86
*8712 8812
100 8212 Aug 28 100 Mar 9
*100 103 *100 103 *100 102 *100 102 *100 103 *100 103
I Railway Steel Spring
100 9978Sept 19 123 Mar 17
32
200 Rand Mines, Ltd
3034 3034 3118 3118 *31
*3078 32
*3034 32
par 29' July 16 3438 Feb 19
*3013 31
1213 1178 124 1212 1238 1214 1212 19,600 Ray Consolidated Copero
978Sept 21 1714 Mar 1
1138 1134 1112 1218 12
liN
3312 3312 3478 35
3318 347
3334 3334 3378 337
338 334 1,920 Remington Typewriter v t 0100 24 June 27 4818 Mar 6
*88
95
*88
94
*88
let preferred v t c
95
93
*88
I
*88
95
*86
93
100 96 Aug 29 104 Feb 13
95 *90
*91
9412 *92
9412 9214 9214 *92
100
2d preferred
95
96
100 80 Jan 3 98 Sept 25
*91
84 9
812 9
834 834
ar
813 Oct 15 3134 Feb 18
9
812 834 2.700 Replogle Steel
No 1p00
9
834 9
4314 4334 4213 444 4213 4314 4312 4338 434 4414 5.100 Republic Iron & Steel
404June 30 6634 Mar 21
4212 43
*853
8
87
pref
100
843
4 Oct 1 9678 Mar 21
87
867
8
8738
89
800
Do
*8514
87
8614 8812 8738 8738
2014 20
20
*1934 20
1,100 Reynolds Spring
No par 14 June 30 297 Apr 17
*1918 1934 20
20
20
*1934 20
Reynolds
47
Jan 10 71 Oct 19
28,200
(RI)
Tob
Class
B
25
68
6838 6838 6934 6913 7034 6934 7038 70
703* 70
71
Do 7% preferred
100 114 July 9 118 Feb 9
11514 11514 11512 11512 *11614 118 *11614 118
200
*11514 118 *115 118
4012 Aug 1 554 Feb 19
4438 4434 4538, 4434 45
6,800 Royal Dutch Co(N Y shares)_
*4314 4334 434 4312 4334 4438 44
10 17 June 29 22% Mar 9
1913 1914 1914 1914 1914 1914 1914 1918 1918 1.100 St Joseph Lead
*19
1912 *19
5 Feb 14
112
114 Oct 4
*112 2
*112 2
800 San Cecilia Sugar v t c_No par
112 112 *14 2
138
112 !I.
3012 3113 3,200 Savage Arrus CorPoratIon_100 1812 Jan 3 33345ept 5
2938 3018 3014 3012 30% 307
30
30
30
31
7984 6,200 Sears. Roebuck & Co
100 6534June 30 9238 Feb 13
78
7734 78
7618 78
754 78
7713 78
*77
77
100 10612June 4 11312June 12
Do pref
*105 115 *105 115 •106 113 *106 113 *107 113 *106 113
714 714
6 June 20 1212 Mar 3
74 712
NO par
7 I 1,300 Seneca Cooper
758 758
634 7
*678 7
7
5 Oct 15 1078 Mar 2
200 Shattuck Arizona Copper__ 10
*514 8
*514 6
*5
6
5
5
*54 612 *512 6
300 Shell Transp & Trading__.£2 2912 Oct 3 4114 Mar 7
*2838 2912 *2838 2934 *2918 2912 2958 293* 3018 3018 *3038 3114
No par 123s Jan 8 1914May 23
1414 1418 1412 1418 1412 1438 145
14
1414 1412 17,400 Shell Union Oil
1334 14
16 Sept 18 3938 Mar 19
1838 1914 187& 1938 1814 1918 1814 1918 1814 1834 1838 1878 24,600 Sinclair Cons 011 Corp_No par
9% Jan 2 35 Mar 31
10
1638 1638 1618 1658 1614 1813 16
1612 16
16
157 16 1 5,500 Skelly 011 Co
40
700 Moss-Sheffield Steel dr Iron.100 3914July 11 60 Apr 26
41
41
*40
40
3912 40
•40
42
*39
4014 4012
) 8
97078 M
Fesbr 12
6
Do pref
100 8688 Jan 123
81
.72
81
•72
*77
81
*77
81
81 I
*77
81
*72
3334 1,100 South Porto Rico Sugar_._100 3814 Aug 4 6414 Mar 19
54
54
50
5013 5012 5012 *51
53
51
*534 54
No par 114June 30 2714 Feb 16
700 Spicer Mfg Co
*1312 14
14141
1334 1334 1313 1334 128 13
1313 1313 *13
Oct
Do prof
100
100
88 I
89 11 _ _ 88
*85
88
88
100 66 Oct 16 9013 Jan 23
150 Standard Milling
i6212 67 ;af..! 70
66
66
6612 6613 *6512 67
*6512 3634'
10,700 Standard 011 of California_ 25 474July 30 12312 Jan 2
5114 5113 5134 5238 51
5214 504 5118 51
5113 5112 52
33
3314 3213 327g 324 33
3234 33
3212 3278 11,300 Standard 011of New Jersey 25 3078July 31 4414 Mar 3
3234 327
Do Prof non-voting_ __ _100 11434 Aug 24 11814July 27
116 11612 1164 1164 11612 11612 11613 11634 11634 117
11634 11634 1,700
_ _ Steel Sr Tube of Am, pref 100 85 Jan 2 11058 Aug 9
*111
___ *111
*111
__
*111
____ *111
_ *111
58
1J:1:
12 le
y 29 6738 Mar 2
No par 8
55
5514 *541 55
__- ___ 500 Sterling Products
*56 -5614 55 -55
5413 14-12 55 -55
Stern Bros, pref(8%)
100 1094 Jan 2 115 Jan 5
*113 116 *113 116 *113 116 *113 116 *113 116 *113 116
8118 848 8114 83
80
808 8153 84
8214 83% 83
8418 19,300 Stewart-Warn Sp Corp-No par 74 July 6 12413 Apr 17
2 9414 Mar 6
63
61% 6414 6112 6258 6134 617s 6118 6212 3,100 Stromberg Carburetor_No par
*607 6113 62
100 9334 Oct 1 12614 Mar 21
9414 9514 9412 9758 9412 9734 9412 968* 957 9678 9614 9738 152,800 Studebaker Corp (The)
Do pref
115 115 *115 118 *115 118 *115 118 *115 118
100
100 112 Jan 4 11612 Aug 16
*115 118
7 Jan 3 15 Apr 6
812 812
No par
812 87
812 812
838 913
958 1018
934 1034 20,300 Submarine Boat
214
1,400 Superior Oil
2 Sept 18
634 Feb 15
214 238
214
214
No par
212 212
212 234
214
214
214
Superior Steel
*23
27
*23
27
100 24 June 29 34 Mar 22
27
*23
24
*23
*2512 27
*2312 238
214
238
24 23*
24 24 *214 258
10
1 June 4
278 Jan 12
214 214
214 212 12,200 Sweets Co of America
8 June 21
1234 Feb 21
88 9
*834 878
834 834
834 87
83
834
834 834 1,600 Tenn Copp & C tr ctio_No par
4012 41
6,300 Texas Company (The)
4034 41
404 41
25 3914 Sept 18 5278 Mar 20
4058 41
4013 405* 4012 41
10 534 July 2 85 Jan 15
5712 57
5734 5612 5634 57
5634 5634 57
57
574 5773 2,600 Texas Gulf Sulphur
738 1,600 Texas Pacific Coal & 011
10
7 Sept 18 244 Feb 2
758 712
73* 738
738 738
74 712
738 753
714
10012 10012 *101 103
300 Tidewater 011
100 94 July 2 144 Mar 2
102 102 *102 104
994 994 *9812 100
3438 34
3414 34
2,200 Timken Roller Bearing_No par 334 Jan 2 45 Mar 8
3414 3438 34
3438 3412 3412 3478 35
56
5638 5514 5634 5434 5612 554 5578 557 5612 5614 5734 20.400 Tobacco Products Corp...100 4634 Aug 4 6112 Apr 27
Do CIA (since July 15) 100 7612July 2 877 Oct 5
8614 8718 8514 87
8518 86
8614 87
8612 8714 8634 87s 20,200
238
21
2
2 Oct 6 1413 Jan 5
25*
238 213
2
21
218 214 13,300 Transcontinental Oil._ _No par
24 214
100 Union Bag & Paper Corp_100 5934 Oct 16 774 Mar 28
*5912 6212 5934 5934 *5912 61
61
*59
*594 6213 *5912 6012
•
28*
_
.18 _
Union 011
14 Jan 3
4 ____
is
18 Jan 4
_
%*
No Par
Union Tank Car
•87
90
11E17
95
*87
95
100 81 Feb 1 994 Mar 19
*87
95
4,87
95
95 •87
200
Do Prof
100 106 Sept 6 112 Jan 19
10814 10814 *1074 10812 *10714 10812 *10714 10813 108 108 *10714 10812
31
*30
600 United Alloy Steel
No par 29 July 31 394 Mar 21
1130
30
3034 30
31
30
*30
31
30
.30
, United Drug
100 7434 July 2 8534 Feb 28
*7478 7512 *7412 7512 *7414 7512 *7414 7512 *7414 7512
*75
78
Do 1st preferred
100
50 4614 Feb 14 49 July I
*4678 4738 *464 474 474 4718 *4638 48
*4718 4734 *4618 48
United
Fruit
600
100 15212 Jan 17 183 Mar 2
170
17012
17013
174
170
170
171
171 *171
*168 170 *168
712 *5
7 ,
500 United Retail Stores__.No par al Oct 16 8418 Apr 17
5
518
553 553
75
7112 714 24
*72
3878 10.300 US Cast Iron Pipe & Fdy_100 20 July 3 404 Oct 8
38 I 3714 3812 38
36
3678 373 3734 3614 3814 37
Do prcf
• 100 64 June 21 8234 Oct 8
80
80
*8012 81
80% 8114 1,200
7812 7813 7813 7812 7912 80
613 Mar 19
218June 28
57
*312 334
*34 34 *312 37
414 2,700 U B Food Products Corp_ _100
334 378'
4
434
Hoff'n
Mach
Corp_No
par 15 Juno 30 25 Jan 27
1513
U13
16
157
1513'
500
16
158
16
•
1512
*1513
1512 1534 1512
100 40 June 29 7314 Mar 18
49
5214 4714 4913. 4953 50
495 514 16,000 U B Industrial Alcohol
503* 5118 5014 52
Do pref
100 9514June 29 101 Mar 28
9812
I
9812 *96
9813' *98
9812 *96
9812 1196
*9634 9812 •96
400 US Realty & Improvement100 8818July 2 108 Mar 5
92
*91
9113 *9012 9112 9034 9134 9118 914 *9034 9112 *91
100 34 Oct 19 6478 Mar 22
354 21,700 United States Rubber
3714 355g 3713 354 3614 3412 355
37
34
3612 37
Do let preferred
100 8638 Oct 19 105 Jan 13
91 I 88
93
93
1190
8934 9013 1189
*91
8914 8638 8813 2,900
2078 21
2078 2078, 2078 208 2078 2078 1,000 US Smelting, Ref & Mtn_ 50 20 June 28 433 Mar 2
22
*21
*2018 22
Do pref
50 4014 Oct 9 4818 Jan 3
100
4012 4013'
1 _ _ _. 41 I *4014 4012 *49
*404 40% *4014 41
4034
8734 8712 8814 107,000 United States Steel Corp 100 8512July 31 10938 Mar 21
864 864 8618 87% 8618 888 857 87381 87
Do pref
100 11818 Aug 6 12313 Jan 15
11834 119181 119 119
• 11834 11834 11878 11918 119 119
1188* 119
9.6001
10 56 July 5 7612 Mar 5
5634 5712 5712 574 5712 5712 5712 5712 *5712 5734 5734 5734 2.500, Utah Copper
164 13
154 147 1478 15
100 1418June 27 2438 Feb 16
15
15
1514 1.200, Utah Securities v to
*1478 1514 15
No par 2434July 5 445 Mar 20
277 2818 2713 2814 27
27121 2712 285
2738 275
2834 2913 5,400 Vanadium Corp
100 85 Oct 5 98 Jan 25
Van Raalte. 1st pref
87
*80
89
*80
89 I *80
*80
89
89
87
*80
*80
93
614June 27 27 Feb 20
7% 812
818 812
9
712 8
2,000 Virginia-Carolina Chem...100
938
8
8
*9
Do pref
100 17 June 27 69 mar 15
2534 *24
25
2214 24
253* 2558 24
2213 2212 3,300
27
*26
54
•52
57
.59
54
*52
200 Virginia Iron, C &0 ____100 52 July 2 68 Mar 5
54
59 .54
5214 5214
*54
Do pref
83
100 7712June 28 85 Apr 23
*80
83 .80
83
*81
82
90
*81
83 '80
*80
No par
1514 Jan 17 23 Mar 22
17
1534 17
1512 1612 1512 1578 7,700 Vivaudou(V)
174 1718 1718 1712 17
No par
1214 Jan 27 1538 Mar 8
1384 1334 *1312 143* 1313 1312
200 Weber & Hellbronor
*1334 1458 *1334 14
*1334 14
Fargo
Express
July 11 105 Mar 2
*3712
Wells
34'3
40
3912
3812
100
*3712
3812
500
3912
38
3912
38
40
*3712
10514 10514 105 10514
700 Western Union Telegraph.100 10118July 5 11912 Feb 20
105 105 *104 10514 *104 10514 105 105
81
*7912 81
200 Westinghouse Air Brake
50 76 . July 5 120 Feb 17
.80
*7913 807
, 7912 7912
*7918 81
81
81
5613 5834 5834 57
5718 6,010 Westinghouse Elea dr Mfg_ 50 5212June 30 6718 Feb 10
57
564 5678 5612 5612 5612 57
22
No par 2018 Sept 18 3038 Mar 20
215* 21% 215* 2153 21% 2113 1,700 White Eagle Oil
2214 2214 2218 2214 22
23
50 45 June 28 607e Mar 19
48
48
48
484
800 White Motor
4812
4812
48
484
484
48
48
48
14 Oct 19
578 Feb 19
as
12
White
011
Corporation_No
par
16,200
38
12
52
12
32
12
%
12
14
3s
2,300 Wickwire Spencer Steel- 5
5 Oct 17 14 Feb 13
534 57
5
54
5
518
5% 6
5
5
*572 6%
June
21
814
Jan 5
Willys-Overland
5
63*
19,000
(The)
25
614
61s
*
618
614
614
614
65
714
612
618 65*
627
61
Do prof (new)
100 4213 Jan 2 704Sept 1
6053 63
65
6614 6834 25,300
5914 .5912 5978 61% 60%
27
423
4
Co,
Inc,
v
June
Mar
7
Wilson
&
t
o-No
20
20
20
21
2,200
par
19
21
2012
1953
2013
2012
20
2072 208
68
65
65 *____ 68
Do pref
100 64 July 13 89 Feb 8
100
*65
- - *65
•65
25638 26012 259 2614 259 264
5,400 Woolworth Co(F W)
100 19918 Jan 24 264 Oct 19
255 256
255 257
*253 256
*23
27
300 Worthington P & M v t c.100 23 Oct 15 4018 Fob 15
25
*24
27
2314 2314
23
23 *23
24
*23
353 Jan 17 11 May 17
*97 10
*972 10
04 10
700 Wright Aeronautical__ _No car
10
10
10
10
*934 10
per share
718
*7
4218 4214
34
*12
*77
78
*7
812
3814 3918
1112 1218
5612 5714
53% 5412
•112 3
*914 1058
178 178
*8934 9012
424 4238
.53
60
22% 2312
*734 812
*19
1934
*134 2
23
*17
per share
$ per share
per share
73s 712
Vs 718
74 8
4212 4271, 43
4212 4212
43
4
12
12
12
•12
34
78
*7712 78
78
*774 78
*7
8
*7
878 *714 8
3634 38
3834 39% 365* 39
1113 1118 115* 1118 1114
11
5814 5538 563*
5613 5712 56
5412 5538 535* 5585 5212 537
*1.12 3
138 138 *114 134
914 914 *914 1014
*914 1015
2
2
178 178
134 2
9012 9012 8934 9012 897 891
4214 4214 4238 4238
43 • 43
*55
60 .55
60
60
*55
2334 2234 234 2214 2338
23
734 84 *734 812 *734 812
*1812 1912 *1812 19
19
19
134 178
134 134
134 134
20
1834 1834 *18
23
*15
Friday,
Oct. 19.
Sales
for
the
Week.
3 per share
712 712
4234 4234
12
*77
78
814 918
3734 3814
1118 114
5438 5618
5134 538
*114
13*
*914 104
134
178
*89
90
4134 4238
*55
60
23
2314
8% 838
19
1938
134
134
19
19
0 tn. day
dividend
•131,1 and ankad nriceg:
a After distribution of dividend In shares of United Cigar Store at the rate of 38.85 shares for 100 shares of United Retail Stores,
PER SHARE
Range for Previous
Year 1922.
Lowest
Highest
$ per share
678 Nov
24
Jan
4 Dec
60
Jan
11
Jan
4212 Nov
10 Dec
48% Jan
4012 Feb
3 Dec
74 Nov
2% Dec
5934 Jan
314 Jan
7314 Oct
2814 Jan
8 July
1878 July
3% Dec
32 Sept
39 Nov
55 Nov
9012 Feb
1414 Feb
6538 Apr
10513 Apr
63 Jan
91
Feb
2418 Jan
per share
164 Apr
4238 Sept
1418 Apr
9118 Sept
19 June
69% May
21 Nov
100% Dec
9534 Dee
1212 Jan
17
Apr
134 May
99 Sept
4538 Sept
10518 Jan
5914 June
24% Apr
49
Apr
12 Jan
Jam
71
5918 Dec
7238 Sept
10012 Sept
41 Dec
120
Oct
11212 Oct
9514 Bent
108 Sept
51 Sept
105'a Jan
Jan
31
2613 Nov
94 July
94
Jan
194 Jan
124 Nov
24
Jan
Jan
55
394 Feb
21 Nov
4812 Nov
74 Feb
1214 Nov
43 Mar
111102 Apr
47% Jan
12% Jan
ill Jan
10 14ug
5938 Feb
Jan
91
6 Oct
Ols Nov
3413 Dec
1218 Dec
1834 Jan
838 Nov
344 Mar
68 Mar
33 Nov
15 Nov
84 Apr
84% Dec
9134 Jan
384 Dec
113% Jan
68 Mar
4518 May
Jan
81
244 Jan
3514 Jan
7918 Jan
101) Feb
34 Jan
4 Nov
26
Jan
I% Nov
838 Nov
42 Mar
384 Jan
1812 Nov
10934 May
284 Sept
494 Nov
7678 Aug
712 mar
55 Mar
4 Dec
85 Dec
102 Feb
25 • Jan
60% Mar
4118 Feb
1194 Jan
4312 Feb
164 Jan
Jan
50
234 Feb
1812 Nov
37
Jan
7213 Dec
Jan
56
46 Nov
91 Sept
33 Feb
4214 Feb
Jan
82
1134 Feb
59 Nov
078 Jan
4 Sept
13911534 Juno
38% Jan
10234 Apr
12814 Sept
3612 Sept
19 May
42 Mar
105 Dec
8034 Dec
3812 May
784 Mar
3014 Jan
92
Jan
2314 Nov
58 July
43 Mar
68 Mar
618 Jan
10% Oct
6614 Jan
89 Feb
80 Mar
494 Jan
25 May
354 Jan
24 Dec
84 Nov
413 Feb
24 Feb
2714 Jan
66
Jan
137
Jan
2678 Nov
Jan
9534 May
5034 June
6334 Nov
11834 Oct
87 June
2014 Sept
614 Mar
2478 Apr
94% Aug
112 Aug
2314 Jan
12 June
484 May
134 Dec
3834 June
1178 Oat
544 May
80 Aug
5714 Mar
24 June
96 Sept
141 Sept
135
Oct
25012 Oct
11612 No,
90 May
8334 Dec
109 Dec
79 Dee
71 Dec
1414 Dec
11814 Nov
8% Nov
1014 June
3913 Apr
5 Mar
1234 May
5214 Oct
6718 Nov
32% June
154
Oct
Oct
35
844 June
8913 Sept
2018 May
78 Sept
25 June
13434 Dee
113 Sept
4114 May
85
Oct
51% Oct
162
Oct
874 Oct
39 Aug
78 Aug
1018 Jan
25% May
72% Oct
102
Oct
92% Oct
6712 Apr
107 July
4884 Oct
49 Aug
11113 Oct
123 Sept
7112 Sept
2318 Sept
534 Aug
Oot
100
38% Mar
83
Oct
944 jail
86
Oct
18 Dec
17 Apr
9834 Oct
12114 Aug
114 Dee
6518 Aug
33% Nov
54 Sept
12 May
217s May
10 May
4012 July
5012 Sept
91 Sept
223 Nov
5578 June
11
any
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
1759
Jan. 1 1909 the Exchange method of quoting bonds was changed and prices are now "and tnterest"-exceptfor income and defaulted bonds
BONDS.
N. Y. STOCK EXCHANGE
Week ending Oct. 19.
El
i't
.46..
Price
Friday
Oct. 19.
Week's
Range or
Last Sale
4; _
5Z
4535
Range
Since
Jan. 1
BONDS.
N. Y. STOCK EXCHANGE
Week ending Oct. 19.
....
6
'i1
744,
Price
Friday
Oct. 19.
Week's
Range or
Last Sale
h
ea
Range
Since
Jan. I
High No Low
Ask Low
Bid
High
Bid
High
Ask Low
U.S. CI00000merit.
High No. Low
68
1
65
Atl & Birm 30-yr 1st g 48_e_1933 M S 873s 69 68
697
First Liberty Loan8312 11
8034 8812
J D 992.. sale 991431 99,93, 785 99833101.90 All Knoxv & Cm n 131y 4s..__..3955 MN 8312 Sale 824
33§% of 1932-1947
4 May'23 ---1
J D 9713.2 _ _ _ 97031 97113,
9824 9912
1 9713, 98.90 Atl Knox & Nor 1st g 58____1946 J D 9918 ___ 98/
Cony 4% of 1932-1947
917
88
1% of 1932-1947
3 D 9717.3 gale 971032 975333 279 96333399.10 Atl & Chan A L lst A 410_1944 J .1 917 -93 988 Sept'23 ---Cony 41,
7
96 100
9714
1941 J J 9711 9712 97
97 97141 97033 50 97.0009.00
J 13 96
1,130-year 58 Ser B
2d cony 41(7 of 1932-1947
57
8634
89
8238
86
8612
86
5
M
_51952
48
con
let
Atl
LoanLine
Coast
Second Liberty
3 106 108
4
1
MN 97831
1930 MN 10612 107 10612 106/
10-year secured 76
974.3 Oct'23
4% of 1927-1942
98148398.70
5 82
864
MN 97033 Sale 97'33 97103, 1920 9634.398.88
8923
19643 D 85/
4 8614 86
1
General unified 41,413
Cony 414% of 1927-1942
8112 41
7812 83
61952 M S 8112 Sale 8118
L dt N coil gold 48
Third Liberty Loan737± 793
1948.1 .1 7314 76 7518 Sept'23 --M.8 981333 Sale 98333 981433 4542 971$33 991333 All Ps Danv let gds
41(% of 1928
6110 687s
65 Aug'23 --1948 J .1 6212
2d 48
Fourth Liberty LoanA 0 9714u Sale 971432 971333 2179 9743, 99.04 Atl & Tad 1st g guar 4s
7612 7812
1949 A 0 784 -80 7612 Oct'23 --43,4% of 1933-1938
A 0 993.1 Sale 983133 98333 3570 98"11100.134 A.& N
3
94
4
1
/
93's 9714
93
____
9314
.1
1941.1
Treaaury Ws 1947-1952
W 188 go g 58
25 consol registered
d1930 Q J ---- ____ 104/
4 July'23 -___ 1021. 1041.
1
9688 113 934 9712
8 Sale 9512
1925.1 .1 96,
d1930 Q J
103 Bait & Ohio prior 3s
102
103 .July'23.
25 consol coupon
9312 9412
k1925 Q J 9418 9534 9412 Oct'23 --1925 1.) F
104 May'23 104
103
Registered
to registered
me 80
79% 110
4
1
1925 Q F
4 Bale 78/
1
k1948 A 0 78/
1034 10313
1st 50-year gold 48
44 coupon
10314 Aug'23 k1948 Q J --------78 Oct'23 ,,, 7414 7878
Panama Canal10-30-yr 2s__k19313 Q F --------100 July'21 --__ .-Registered
.
QM
83
1881
8314
834
Sale
77
8314
8
1933M
1961
gold
3s
Panama Canal
96 9412 Apr'23 10-year cony 4148
95
041. ..7914 86
8412 95
4
1
4 Sale 83/
1
1961 Q M ____ --__ 9234 Sept'23 --__ 9234 9683
Refund & gen Fe Ser A
1995 J D 83/
Registered
10-year 8s
1929 ./ .1 101 Sale 10034 10114 76 99 10174
State and City Securities.
9114 96
18
95
N Y City-4Me Corp stock.1960 M S 9812 994 9814 Oct'23 -- _ _
9814 101
P Jet & M Div 1st g 315s-1925 MN 95 Sale 95
Mg
7612 29 73
1964 M S 9812 9918 9828
.00 Corporate stock
9928 10278
1
8
P L E & W Va Sys ref 40j941 M N 7534 Sale 7534
98,
9114 Ws
117
8
958
1966 A 0 9828 9914 100 Sept'23 -- 100 102/
Sale
9538
95
.1
4115 Corporate stock
Div
J
3148-1925
1st gold
4 Southw
1
6112 68
8
8778
1971 .1 D 10312 Sale 10312 103/
5 10312 108
4
1
Tol & Cl,, Div 1st ref 4s A_1959 J .1 6614 6634 67
4%8 Corporate stock
5715 60
4 107/
1
4 10314 10218 Oct'23 --__ 101/
1
4 Battle Cr 63 Stur 1st gu 38 1989 J D 52's-__ 5718 Apr'23 ---1
4148 Corporate stock_July 1967.1 .1 102/
4
1
8624 149/
19653 D 10238 10314 10334 Oct'23 -___ 10184 10718 Beech Creek lst gu g 4.s__1936 J .1 8714 8912 8912 Apr'23 --41433 Corporate stock
86 86
1963 M S 10224 Sale 10218 10278
7 1021$ 10728
19361' J 8524 90 86 Feb'23 -- -410 Corporate stock
Registered
---......---May'16
104
____
95 10014
96
6
.1
J
1936
4% Corporate stock
1959 MN 9538 9814 9514
4
1
95/
2d guar gold be
1958 MN 95/
95 997$ Beset, Cr Ext 1st g 3148_ -51951 A 0 754 ___ 60 July'22 ---- ---- ---4 9614 95 Oct'23 --__
1
4% Corporate stock
1111114 OM
8014 July'23 ---19443 D 8012
1957 MN 9514 96/
4 96 Sept'23 1
96 1001s Big Sandy 1st 45
4% Corporate stock
95
94
__
7511
9912 B & NY Air Line 1st 4s_ _ _19.55 F A 53 -64 63 Oct'23 ---___ 95 July'23 __
63
4% Corporate stock reg_ -1956 M N
89 89
4 82 Feb'23 ---1
89/
1957 SIN 102 103
102 Oct'23 _-__ 10112 10738 Bruns & W 1st gu gold 48_ _ _1938 J J 86
41433 Corporate stock
4 100 101118
100
414% Corporate 8tock_1957 MN 102 103 10112 Oct'23 --__ 10112 10712 Buffalo R & P gen gold Ss_ _1937 M S 97 100 100
8614 9214
5
88
4 8778
1
4 85/
/
1957 M N 874 87/
4 Oct'23 -_. 85/
1
4 91
1
Coned 4145
335% Corporate stock_ 1954 M N 85 861
1961 M S
4
1
99/
4 10312 Burl C R 53 Nor 1st 5$
/
1011
3 95
9534
1934 A 0 9514 9614 9534
New York State-46
10212 June'23 _
Canal Improvement 4s_ _1961 J J ____ ____ 10212 June'23 ____ 1023$ 10212
4
1
94 100/
4 12
1
97/
Highway Improv't 4148._1963 M S --------11214 July'23 _-__ 11214 1124 Canada sou cons gu A 5s__ _1962 A 0 9734 Sale 9638
11338 17 112 115
Highway Improv't 4si a_ _1965 M S --------- 1041, Apr'22 ---- ---- ---- Canadian North deb 81 7s-1940 .1 D 1134 Sale 113
1946.1 3 11212 Sale 11214 11234 112 1105± 113/
1991
4
1
7114 Oct'20 4
J
Virginia 2-3s
25-year s f deb 13.18
8014 119
4 8012
/
761
4
1
, Canadian Pac By deb 48111.08$__ .1 .1 80 Sale 79/
90 9212 Sept'22 ---- -- _ 1932 M S 84
Foreign Government
Carb & Shaw 1st gold 413
68 -7119493 J 6918 ____ 69's Oct'23 ___
1927 F A 10178 Sale 10114 102
Argentine(Govt) 7s
93 10014 19318 Caro Cent 1st con g 48
77% 8554 Car Clinch &0 1st 3-yr 5s_1938 .1 D 92 Sale 9012
7
8814 94
9212 14
8134
Argentine Treasury 5s of 1909___ M 8 8012 8112 8112
9881
9534 23 89
1952.1 D 9514 9512 9514
1943.1 D 8838 Sale 8838
Austrian (Govt) 75 w I
835± 9334
159
89
6s
7738 Oct'23 -- -,
1981 J D 7775
8
7634 77,
9114 10312 Cart & Ad 1st gu g 4s
Belgium 25-yr cat e I 7148 g_1945 .2 13 9978 Sale 9912 10018 46
D
8
6614
3
6614
1948
1
6614
667
Jan 1925.1 J 9718 Sale 9634
8712
48
6614
b-year 6% notes
g
1st
4 63 93 9838 Cent Br U P
1
97/
5024
1961 J J 5012 5134 50
58
8 48
20-years f 88
1941 F A 10012 Sale 10012 10034 42 93 10314 Cent New Bug 1st gu 45
1945 M N 10714 10724 108
1930 M S 9218 95 9334 Dec'22 ---- ___ Bergen (Norway)8 f 88
9 10712 109/
10812
4 Central Ohio 4145 1930
1
1945 M N 10338 sale 198% 1083a2 108 1134 Central of Ga 1st gold 5e-p1945 P A 100 102 100 Sept'23 ---, 100 1112
Berne (City of) 5 f 8s
1945 MN 9514 Sale 9484
Bolivia (Republic of) 88... _1947 MN 8712 Bale 87
9
954
92's 9812
8812 119
86 94
Consol gold 52
4 1011
1
99/
4
/
June 1929 .1 D 10012 Sale 100% 10012 10
Bordeaux (City of) 15-yr 66 1934 MN 7912 Sale 7918
4 8312
/
68 691
80
10-yr scent(is
74 81
1941 .1 D 9312 Bale 9312
Brasil, U 8 external Es
Chatt Div pur money g 48_1951 J D 7514 7914 74 00.'23 ---94
4 99
/
911
81
96%
____
4
1
/
93
-------.7
4
1
/
77
.1
Sept'22
56_1946
1952.1 D 7814 Sale 78
g
864
1st
Div
Nor
79
711 (Central By)
&
Mac
96
$4 .34
1947.1 J 9318 ____ 94 July'23 ---7345 (Coffee Security). _ _1952 A 0 9914 Sale 994
9634 104
4 18
1
99/
Mid Ga & Atl Div be
943s 9712
1946.1 J 9712 984 9712 Oct'23 ---Canada (Dominion of) g 58.1926 A 0 9934 Sale 9938
99 101/
4 161
1
99/
4
1
Mobile Division 54
90% 975±
58. 1931 A 0 993 sale 9984 10018 31
99 102 Cent R R & B 01 ga colt g 5s._ _1937 MN 914 9312 9114 Oct'23 -- -do
do
do
4 10288 102/
1
4 103/
1
4
1
4 108
1
4 102/
1929 F A 10118 Sale 101
10-yeor 6345
Central of NJ gen gold 58.1987 J J 102/
10114 116
9988 102'2
10212 10514
k1987 Q .1 97 10812 10212 Oct'231952 M N 9912 Sale 994
55
4 102
1
97/
9934 171
Registered'
8512 iii
4
1
31 88/
79,
Chile (Republic) ext s f 88 1941 F A 103/
4 Sale 10312 10438 24 100 104/
1
4 Cent Pac 1st ref gu g 4s -.1949 F A 8538 Sale 8478
1
4
1
895± 91/
9
9112
1926 A 0 103 sale 103
104
Externals-years IS.
32 100 10415
Mort altar gold 3148. ...k1929 J D 9114 92 9112
84
798s
8012
Sale
11
0
8012
8012
A
_1954
.
0
7
gu
1st
9312
L
St
7e
1942 M N 9514 Sale 95
9684
Through
43
98
4 105 Charleston & Savannah 78.1036 J J 113 ____ 11412 June'20 ---- 11412 11413
1
-years f tia
25
1946 MN 10324 Sale 10334 10414 28 100/
8 943a 97
9538
4 9514
1
5234 chee 4, Ohio fund & unpt 58.1929 J .1 954 915/
41
33
45
Chinese(Hukuang By) be -1951 J D 45 Sale 44
16
9714 10314
4 100
1
1939 M N 9934 9978 99/
Christiania (City) s f So.._1945 A 0 108 109 109
3 10712 112Is
109
181 eonsol sold 54
974 9411
4 ____ 9812 May'23 --,,
1
1939 MN 96/
Registered
Colombia(Republic)014s__ _1927 A 0 93 Sale 92
94
45 8812 95
84
S
Sale
*I
8334
4
1
/
84
1992
29
RA 8514
4145
gold
General
-years f 510 1944 J J 8918 Sale 88
Copenhagen 25
8912 43 88 9212
8014 81
Oct'23 -,,,
1992 M S 78 ____ 81
Cuba 54
6
Registered
96
1944 M 8 9534 Sale 9534
9014 9978
8714 130 8218 8910
91
Eater debt of 58'14 Fier A_1949 F A 90
91
3 8712 934
91
20-year convertible 4145_1930 F A 87 Sale 8634
964
8812 100 84
External loan 4148
1949 F A 8434 851
4 8424 Oct'23 ___
/
30-year cony secured 68_1946 A 0 88% Sale 88
811s 89
___ 9188 Sept'23 ---9014 95
1940 J J
5.148
1953 J J 9134 Sale 0158
90 9934
9214 38
Craig Valley 1st g 55
8212
7312
9278J
784
7814
---J
May'23
7814
45_1946
let
Branch
Creek
93
4 58
1
/
Potts
Czechoslovak (R01118 00 88-1981 A 0 9334 Sale 9314
77 9612
8012 803s Oct'23 __ _
Danish Con Municip Es"A"_1946 F A 10712 1081
7614 81
1989 3 J 79
108
4 1071
/
10 10612 10912
R A A thy 1st con g 4s
7414 76
1989 J J 744 7714 7434 Aug'23 ---Series B
1946 F A 108 Sale 1074 108
14 1068g 109%
2d consol gold 48
4 95 9034 July'23 --,, 9034 905±
/
Denmark externals f 85-1945 A 0 10834 Sale 1082± 109
Warm Springs V 1st g.55_1941 M El 911
15 107/
4
1
4 110/
1
20-year 68
19421 J 951
501g RN
33
547
4 Sale 9512
/
97
101
95 99 Chic & Alton RR ref g 35_ _1949 A 0 5412 55 6412
4814 63
53 July'23 --_Dominican Rep Con Adm s f 58'58 F A 991
Ws
Co
Tr
100
4 1003, 100
/
5 9514 102
New York
._ 50, ___ 52 Sept'23 ---1942 M 8 86/
5.1421'
494 58
4
1
4 87 86/
1
Stamped Oct'22 int_ _ _
874 28
84 90
8-52 52 Sept'23 ---, 4658 5012
____ 5012
Dutch East Indies ext 65.-1947
.1 97 Sale 97
stamped Apr'23 int_ _ _ _.
974 239
9214 9814
11158 .1 J 3114 Sale 31
40-year 6e
1962 MS 07 Sale 9614
2515 3315
4 53
/
311
97
92 9734
219
Railway 1st lien 314s
4
5145 trust rots
1953 M El 911
4 85
1
78/
4 Sale 911
/
8012
4
/
4 83 8755 9414 Chic Burl & Q-111 Div 3145_1949 J .1 ____ 8012 80
/
911
French Repub 25-yr eat 88._1945 51 6 99% Sale 993
4 9041
1
85/
1949 J J 8812 89 8712
99% 300
90 101
8734 10
Illinois D108101145
20-yr external loan 7145..1941 J D 047 sale 945±
9512 97
9512 422
84 97
Nebraska Extension 48.. 1927 M N 9534 96 96 Oct'23 ---Gt Brit & Ire(UK of) 5145_1937 F A 10078 Sale 1014 10112 384 10035 104114
Registered
1927 M N 9412 -__ 984 July'23 ---, 9534 9613
10-year cony 534s
1929 F A 11118 Sale 11118 112
134 1097$ 116
83 8912
1958 M 13 8438 Sale 84
8478 47
General 48
Greater Prague 7345
1952 M N 76 sale 76
1 10118
1971 F A 98/
4 Sale 9814
1
4 55 85 8234
1
98% 49
76/
96,
1st & ref 58
Haiti (Republic) 6s
1952 A 0 9112 Bale 6112
47 66
7
54%
9324 47
8912 98 ChIc City & Conn Rye 5a_ _ -1927 A 0 5378 5411 5414
Italy (E ingd of) Ser A 6145_1925 F A 97 9712 96
9714 51
9212 974 Chicago & East III 1st 613_1934 A 0 10218 -___ 10418 June'23-... 104 1064
Japanese Gov t-£ loan 41413_1925 F A 93/
7758 22
4 Sale 93
1
9334 192
76
9012 93/
814
4 C & E III RR(new co) gen 58-1951 MN 7714 Sale 7612
1
1025.1 .1 9212 Sale 9124
Second series 4.145
1982 MN 9112 Sale 9112
2 867s 974
92
188
93
4 93/
1
90/
4 Chic R. Erie 1st gold 55
1
Sterling loan 4s
1931 1 .1 79 Salo 783,3
4
1
4 Sale 44/
/
79
111
136
7584 82/
454 53 44
4 Chicago Great West 1st 43_1959 M S 441
1
Oriental Development 68.1953 M S 88/
4 Sale 8812
1
8
4518
4184 46
91
4 Sale 4212
1
42/
147
8814 9312
With Sept'24 coupon on
4._1934 SIN 8012 Sale 79
1
Lyons (City of) I5year 3/
4 107k
1
2 103/
4
1
8114 151
4 103/
1
6914 833$ Chic Ind & Loulev-Ref66_1947 .1 J 10314 106 103/
Marseilles (City of) 15-yr 613.1934 M N 7912 Sale 7914
7934 34
Refunding gold 55
1947 J 1 94
9538 94 Oct'23 ---92
691s 8312
9715
3112 3014
Mexican Irrigation 4145.... 1943 M N 30
7912 Ws
3014
9
30 42
Refunding 4e Series C__ _ _1947 3 1 7934 85 80/
4 Oct'23 ---1
1945 Q I 4912 Sale 012
52
Mexico-5s of 1899
4 84
1
79/
2
7912
40
1966 M N 7918 8038 7912
49 584
General fis A
1954 J D 29 Sale 29
Gold debt 4+ of 1904
29
21966 I J 9612 Sale 95
General 6s B
3 9418 98
9612
4184
3°38 19
1952 1 D 85
86 85
3 8812 78
Moutevideo 7s
85 91/
71
8655 19
4
1
Ind & Louisville let gu 45_1956 J J 6812 Sale 6812
Netherlands 6s Wat prices) 1972 M S 9778 Sale 977s
845±
81
9814 127
96/
4 10213 Chic Ind & Sou 50-year 413_1956 J .1 82/
1
4 8312 8212 Sept'23 --__
1
sale
111
0
A
110
4
/
1111
1940
8s
f
s
21
external
Norway
109 11234 Chic LB & East 1st 4148_1969 2 D 8634 --_ 8812 June'23 ---, 8534 90
6s
1952 A 0 944 Sale 9418
7
9514 156
: 68%
541
5.512
4 100 C M &Puget Sd let gu 48_ _ _1949 .1 J 5412 Sale 54%
/
941
4 sale 93/
1
4
1
7114 10
7014 7484
9828 1094
Oa (Interim certificates) _ 1943 F A 93/
4 96/
1
93/
4 Ch M & St P gen g 48 Ser A _e1989 I J 7114 Sale 714
1
97
Panama(Rep)514s Tr rects_1953 1 13 97 Sale 9534
42
6112 66l4
943s 0.758
4 63 Sept'23 --,/
General gold 3I4s Ser B e1989 J I 5912 611
9614 96 Oct'23 ____
Porto Alegre(City of) 88_ _ _ _1961 J D 96
29
79
7712 8371
93 9912
4
1
e1989 J .1 79 Sale 78/
General 414s Series C
4
1
Queensland (state)ext$ t 78.1941 A 0 107 Sale 10612 10734 34 10512 10912
493$ 62/
4 74
/
511
Gen & ref Series A 410_ _a2014 A 0 50 Sale 50
4 Sale 10034 10114 30 100 102/
1
25-year 6s
1947 F A 100/
70
56
4
1
575± 16
Gen ref cony Ser B So.... a2014 F A 5618 Sale 5618
97 96
1946 A 0 96
Rio Grande do Sul 8s
68
5434
138
9638 14
56
5434
Sale
917$ 9914
55
D
414s
1932 J
Convertible
91
Rio de Janeiro 25-Year,f 88_1946 A 0 90 Sale 90
4 84
1
70/
4 23
1
74/
22
1925 J 13 7212 Sale 7212
90 97
4s
517
91
1947 A 0 9012 Sale 9012
8e
49 631s
16
9 90 9712 25-year debenture 48
1934 J .1 49 Sale 49
1952 M 8 06
San Paulo (City) a f 8s
4
1
/
8g
95
9612
96
98
96
2
10
9712
954 99
Chic & Mo Riv Div 5s_._1928 1 .1 96% 9712 9712
San Paulo (State) ext s f 821-1938 I I 9914 Sale 99
99% 27
96
Oct'23 -- _. 945s 96
4 100 Chic & N'west Ext 45--1886-1926 D A 952±_
1
95/
4
1
1942 J .2 8614 Sale 8618
4 95/
1
93/
8712 62
Seine (France) ext 75
78 90
Registered
1886-1926 F A 95 -97g 95 Oct'23 ____
6724 98
Serbs, Croats et Slovenes 85-1962 MN 664 Sale 66
7018 Oct'23 ____
4 77
1
4 7812
1
69/
53/
General gold 3145
1987 MN 7114 73
1936 M N 8318 Sale 8234
&lemons(City)6s
8312 47 661j 85
Registered
681g 6812
7034 6814 Oct'23 ____
p1987 1 F 68
10478 122 10312 106
1939 J D 104 Sale 104
Sweden 20-year Os
1987 M N 8112 82 8114
8018 87
3
8114
General 4s
Swiss Confereen 20-yr 5 f 85_1940 J J 11214 Sale 112
11212 19 11112 11914
1
Stamped 48
1987 MN 76
87 85
79
85
8714
M 6 68 Sale 88
Tokyo City 5s loan of 1912
6814
3 68
9814 10513
77
7
9978
General 58 stamped
1987 M N 9834 997 9978
10212
102
1011
4 10212 16
/
Uruguay Republic ext8s..___1946 F A
994 107
4 10434 101 Aug'23 _ ___ 101 108/
/
Sinking fund S.
4
1
1879-1929 A 0 1021
109
Zurich (City of) 5 f 8s
1879_1929 A 0 995,__ __ 1011
1945 A 0 109 10934 109
8 10814 1137s
Registered
4 Apr'22 -----------/
.
Sinking fund 56
4 9912 97 July'23 __-1
1879-1129 A 0 96/
97 1004
Railroad.
Registered
1879-1929 A 0 96% -_ 971
4 974
1
97/
4 Mar'23 __-_
/
Oct'23 ____
Ala Gt Sou 1st cons A So...._1943 J D 9412 9534 96
9212 146
slaking fund deb 541
1933 M N 9934 foo 101
97 103
4
101
_ 100 Oct'23 _ _ _
Ala Slid 1st guar gold 5e_ -.1928 NI N
994
97
998 101%
Registered
_ __
1933 M N 93
98% 97 A'23
ug
-9 78
'
7
78
Alb & Susq cony 3Y,8
78
1946 A 0 1001
78 811
4 10618 10674 16 105 110
/
10-year secured 75 g
4
/
1930 1 D 10618 1061
4 82 Aug'23 ____
1
Alleg & West 1st g 4s gu
1998 A 0 7914 82/
82 8314
I5-year secured 814e e
1936 M 8 10738 108 10738 108
3 108 111
1942 M S 87 8712 871
Alleg Val gen guar g 45
4 Sept'23 ____
/
87 90 Chic RI & P-Railway gen 4s'88 1 .1 77/
82
78
4 Sale 7714
1
4 117
1
77/
Ann Arbor Ist g 4s
58 5514 Oct'23
1.1995 Q J 52
J J 74,
55 65/
8034
Registered
74
4
1
8 -__ 74 Sept'23 ___
Atch Top & S Fe-Gong 4e_1995 4 0 87/
4 Sale 87%
1
8734 106 844 9112
Refunding gold 45
1934 A 0 744 Sale 74
7212 8312
7412 134
1995 A 0 --------8534 Sept'23 ____
Register&
81
95 1014
88% Chic St L & NO gold 55
1951.8 D 95 100/
4 100 Sept'23 ___ _
1
4 7912 7912
1
7912
1.1995 Nov 78/
Adlustment gold 45
7512 8212
1
Registered
95% 95%
I _D 944 ---- 9558 June'23 ---79
1.1995 Nov 7834 80
•
4 7912
1
78/
80
Stamped
8
7614 8212
1951 .1 D 77 - - 7's May'23 ____
Gold 31411
4 824 Oct'23 - __
1
Cony gold 4s 1909
1955 1 D 82 82/
75
4
1
4 97/
/
911
84
Joint let ref 5s Series A._1963 1 0 9318 Sale 93%
93% ____
82
8212
82
Cony 41 1905_ 82
1956 J D
3
_
76
4
1
83/
84
78
Mempb Div let g 4s
1951 1 17 78 82/
Sept'23 ____
78
4
1
8334 77/
4 Sept'23 __
1
Cony 4 tsue 01 1910.
--- _ _ _1960 J II 78
7778 10414 C St L & P let cons g Ss_
9912 10034
1932 A 0 991g __ 99/
4 Sept'23 ____
1
961a 96
964
East0 . thy 1st g 4s
1928 M S 94
4
9334 9612 Chic St PM dr 0 cons 68
2 104 10712
1930 .1 D 10414 Sale 10414 10414
793
83
Rocky Mtn Div 1st 48_ _ _1965 I 3 80
Sept'23 - - _
7712 83
9212 9212
Cons& reduced to 334s 1930 J D 90
4 Mar'23 _ _ __
1
9112 92/
Trans-eon Short I. 1st 43_1958
.1 8234 86 8234
8234
1
Debenture 59
1930 M S 9414 9434 94
81% 863
94
025 961g
9
911,
Cal-8H, lst & ref 4tis"A"1062 as 4 911 1 . _._ 911.,
71184 8274
10
137,2 03 (lac T A & So East 1st 58..1to 01 D 82 Sale 81
5
82
day;fated bid and asked, a Due Jan, 4 Duo Argil stone May. g Due June. 8 Due 11117. k Due Aug. o Due Oct. p Due Nov. 4 Due Dee. 8 091104 sale.
0 PrIce
-
1760
New York Bond Record-Continued-Page 2
.12:
BONDS
Range
Price
Week's
N. Y. STOCK EXCHANGE
la,
Since
Friday
Range or
11
Week ending Oct. 19.
..., a, Oct. 19.
za,
6
Jan. 1
Last Sale
intn
---No.
Illinois
Central
(Concluded)
Lou)
High
High
Bid
Ask Low
High No.
Bid
Ask Low
90
Chic Un Sta'n 1st gu 4%8 A_1903 .1 J 90 Sale 89
78 7512 Sept'23 ____
1952 J J 75
87% 92/
1
4 Purchased lines 30
33
98/
1
4
2
Collateral trust gold 4s.._ _1953 M N 7918 80 7934
95 10012
56 B
1963.1 J 984 Sale 9814
14
80
1st Series C 63.0
Registered
16 11212 11512
1953 MN 77 ____ 77 Sept'23 ---1963.1 .1 113 11314 11212 113
Ref 58
1955 MN 9914 Sale 9918
Chic dc West Ind gen g138._81932 QM 105 ____ 10458 Sept'23 - - -- 10412 105
9934 21
6812 75/
1
4
lb-year secured 5;0
7034 42
Consol 50-year 48
1952.1 .1 7058 Sale 70
1934 ./ .1 10034 Sale 10014 10034 38
15-year secured 6;55 2_1936 J J 10812 Sale 10812 10812
15-year s f 730
1935 M S 10258 Sale 10258 10258
9
3 10112 1034
1
94
Cairo Bridge gold 48
97
94
Choc Okla & Gulf cons 5s
1950.1 D
1952 M N 9414 9614 94
_ _ 8312 June'23 ---8212-6912
Litchfield Div 1st gold 36_1951 J .7 684
__
C Find & Ft W lst gu 4s g
- 8814
1923 MN --------88 Mar'17 ---, __ _
1
8814
Loulsy Div & Term g 30 1953.1 J 7358 7512 74
Ws -81134
5
8758
Cin H & D 2d gold 430_ _ _ _1937 J I 8758 Sale 8758
6
74
2 8618 9078
1
4
90/
1
4
C I St L & C 1st g 48
11936 Q F 89 8978 90/
Omaha Div 1st gold 38-1951 F A 6814 ____ 6814 Oct'23 --- St Louis Div & Term g 35_1951.1 .1 6818 '70 70 June'23 ---11936 Q F 86 ____ 9012 Oct'22 --- - ____
Registered
an Lee & Nor go 4s g
1942 MN 84/
1
4 -----84',June'23 ---Gold 30
1951.1 J 2434
8312 -..__ 75 May'23 ---8554
97
99
1928.3 J 9712 100 97/
Spring( Div 1st g 330--1951 1 J my
1
4 Aug'23 - --Cin S dr CI eons 1st g ba
7812 May'22 ---93 94
1943 J J 9414 ____ 93 Mar'23 -___
Western Lines 1st g 48._ _1951 F A 811 -84 83 May'23 ---Clearf& Mah 1st gu g 65
76 824
7812 16
Registered
1951 F A ----- ----92 Mar'10 ---Cleve CM Ch & St L gen 48_1993 J D 7812 Sale 78
9014 9312 Ind B & W 1st pref 45
1
9118
1931 J J 9114 9134 9118
1940 A 0
878 ____ 86 Mar'23 ---20-year deb 4s
1993.3 D 9534
9558 100 Ind III & Iowa 1st g 45
1
4 Oct'23 _
3
1950 J J
97/
83
___ 83
General 58 Series B
1929 .1 J 10134 Sale 10114 10134 28 100 10278 Ind Union Ry Is A
1965 J J 829512 9812 9412 Oct'23 ---Ref & impt(
/
1
4 Series A
2 10012 10212 Int &Great Nor adjust 6s_ _1952 J J 39/
102
_ 102
1941 J .1 1002
4018 73
85 C
1
4 Sale 39
181 mtge Beats
804 88
1952.1 J 8714 Sale 8634
Cairo Div 1st gold 48
1939 .1 J 85 -86 8512 Oct'23 8714 30
784 7812
2 7514 7838 Iowa Central 1st gold 55.-1938 .1 D 5812 Sale 57
7612
Cin W dr M Div let g 4s_ _1991J J 76
19
60
16/
78/
1
4
1
4 19
1
4 813s
2 74/
Refunding gold 48
1951 M S 16
St L Div 1st coll tr g e 45_ _1990 MN 7838 Sale 7838
1612 18
824 84
Spr ec Col Div 1st e 48..-1940 M S 8218 __ 8218 Sept'23 - --80/
1
4 8258 James Frank & Clear let 48_1959J D 8118 85 82 Oct'23 ---1940 J J 8212 ____ 82/
1
4 Sept'23 _ _- W W Val Div 1st g 4s
1934.3 J 10312 Sale 1034 10312
2 10318 10658
C C C dr I gen cons g Os
oev Ler & W eon let g 58 1933 A 0 96/
1938.1 J 89
9412 98 Ka A & OR 1st gu g 55
1
4 9712 9612 Oct'23 ____
- -_-_ ---_
9418 Sept'23 _
1990 A 0 76 -77-7-8 7612 Sep-t'23 ---,
9212 95 Kan & M 1st gu g 4s
1935 MN 94
CI& Mar 1st gu g 00
1938 J J 9012 _.. _ _ 93 Mar'22 ____ __ ____
2d 20-year 58
1927.1 .1 98
1
9914 97 Oct'23
Clay dc Mahon Vail g 58
1942 .1 .1 9212 -- -- 91 Mar'21 ---- ------ K C Ft S & M cons g 6s
6
1928 MN 10134 102 10138 1011
/
4
Cl & P gen gu 430 Ser A_
1942 A 0 9212 ____ 10412 Dec'15 _ -- ---- ---- K C Ft S & M Ry ref g 4s_1936 A 0 7388 73/
16
74
Series B
1
4 734
A
1942
0
3345
R
dr
B
gu
to
55_ _ _1929 A 0 9312 9734 934 Oct'23 ---78/
1
4 ____ 9612 Feb'12 __-- --. --- K C & M
1st
Int reduced
1948 MN 79/
1
4 -- -- 9018 DeC'12 ---- ---- ---- Kansas City Sou 1st gold 35_1950 A 0 7014 Sale 6934
7014 57
Series C 3340
1950 F A 79/
1
4
Apr 1950 J J 84/
13
85
67 Jan'21 ------------Ref & lmpt 58
1
4 Sale 8412
Series D 3348
2
1
4
894 98 Kansas City Term lst 49---1980 J .1 8134 Sale 8114
81/
8958 Oct'23 ____
Cleve Shor Line 1st gu 434s-1961 A 0 9012 91
1972 A 0 102 10214101's 10234 25 101 106 Kentucky Central gold 4s_ _-1987 J J 80% 83 82 June'23
4
Cleve Union Term 530
1973 A 0 9478 Sale 9414
9414 9512 Keok & Des Moines 1st 58-1923 A 0 6514 Sale 854
6538 46
be (w I)
9514 28
1945 J D 79 80 8018 June'23 ____
804 85 Knoxv & Ohio let g 65
1925.1 J 10012 ____ 10012 Oct'23 --Coal River Ry 1st gu 4e
9034 9312
6
Colorado & South 1st g 48-1929 F A 9112 9214 92
92
8012 8718 Lake Erie & West let g 58---1937 J J 9412 Sale 93/
7
8114
Refunding & eaten 4348_1935 M N 81
81/
1
4 8118
14
1
4
95
1948 A 0 80
8
86
1941.1 J 854 sate 8518
78 808
2d gold 513
Col & H V 1st ext g 48
8018 Sept'23 _
1955 F A 7814
10
1997.3 D 75
Col& Tol 1st ext0
774 Aug'23 _
74
7512 74
76 8034 Lake Shore gold 3345
Registered
1997.3 D 7118 7334 7212 Sept'23 -,80 87
Cuba RR 1st 50-year bag-1952 .1 .1 84 Sale 84
8414 28
1938 J D 10112 10212 10112 Oct'23 __
100 10512
Debenture gold 48
let ref 730
34
1928 M S 94
94
94/
1
4 9324
1931 M N 911
/
4 Sale 9114
25-year gold 45
9158 54
91
1931 MN 9014_ 8512 July'20 --Day & Mich lat cons4;0__ _1931 J J 91 ____ 9118 June'23 ____
Registered
9254
1943 MN 84 Sale 8334
8234 90 Leh Pal NY lat gu g 4;is__ _1940
Del& Hudson let & ref 48
14
./ 9258 -9-312 9258 Oct'23 --84
90 98
20-year cony be
1935 A 0 92 Sale 92
1940 J J 8912 ____ 9012 Oct'23 - -9212 18
Registered
1937 M N 97/
9714 10212 Lehigh Val(Pa) cons g 48__ _2003 M N 77 sale 7612
15
77
15-year 5145
9758 50
1
4 Sale 9712
2003 M N 85/
10-year secured 75
1930.3 D 10818 Sale 10818 10912 25 103 11114
1
4 8554 8538
General cons 4348
6
8538
0 RR & Bdge lat go 43 g__ _1936 F A 894 ____ 87 May'22 ____ -,,, _,...- Leh V Term Ry 1st gu g 58-1941 A 0 10138 102 0138 Sept'23 -- 1941 A 0 ____
___ 00 Sept'23 -- Registered
WS 54
Den & R Gr-lst coma g 4e_ _1938 J J 694 Sale 8938
55
70
75 80 Leh Val RR 10-yr coil 86-n1928 M S 10212 10258
1936 .1 .1 7454 7514 75
12
Consol gold 4345
7514 16
103
1027
Improvement gold bs_ _ _1928 .1 D 8214 8278 83
3 82 88 Leh dr NY lot guar gold 45-1945 M S 8034 87 8958 Oct'23 --83
4112 58 Lox dc East 1st 50-yr 55 gu_.1965A 0 91358 9812 97
1955 y A 4212 4312 4212
5
1st 44 refunding 58
97
4314 59
do Registered
Little Miami 4s
4912 Aug'20 ____
1962 MN 80_,__ 81 Mar'23 ---1935 A 0 10578 1-0874212 5314 Long Dock consol 2135
Farmers L&Tr rots Aug '55_ ____ -ii- 46 42 July'23 ____
8 107 Aug'23 --__
Bankers Tr ctfs of deP
40 50 Long Isid 1st cons gold 58. _51931 Q J 9814 9634 9612 Sept'23 --__
1
40
---- 35 ____ 40
51931 Q J 89
do Stamped
92 924 May'23 --_
1st consol gold 45
48 50
46 June'23 __
38
i
8412
1938 D 841s 8512 8412
42 48
Am Ex Nat Bk Feb '22 Ws- -__ _ 424 -50 42
General gold 48
5
42
1932 D 8138
8112 July'23 -____
do Aug 1922 ctfs
-----------------Gold 45
27
25
1949 M 8 77 -794 75 July'23 - -__
8
37
35
45
Unified gold 45
Des M & Ft D let gu 42___ _1935 j j 354 38 384
1934 D 89 ____ 92 Oct'23 --__
Debenture gold bs
Des Plaines Val 1st gu 4;68_1947 NI 8 _
____ 9314 Sept'22_- -,,- r-7
85 -7518
84
1937 MN 84 Sale 83
20-year p m deb 58
Det & Mack-lst lien g 4a__1995 J D finis
65 Aug'23 ___
1995 J D 5512 -84 7314 Aug'23 ___
Guar refunding gold 48_1949 M 8 7714 Sale 7714
60 734
Gold 48
7734 31
Nor Sh B 1st con g gu 55.01932 Q J 9158__._ 93 June'23 --__
1961 MN 8712 Sale 874
85 9034
Det Rly Tun 4145
8734 48
1
96
9814 9912 Louisiana &Ark 1st g be_ _ I927 M S 9514 902.96
Dul Missabe & Nor gen 5s_.1941 j j 9878
_ 9912 July'23 _ _
984 10034 Lou dr Jeff Bdge Co gu g45_1945 M S 794 81
b
80
Dul & Iron Range 1st 55___.1937 A 0 9734 Ii12 984 own _ __
78/
1
4
Registered
9518 9812 Louisyllie & Nashville 58-1937 M N 10158 102 10078 Sept'23 .......
1937 A 0
__ 9512 July'23 ___
1940.1 J 8834 8914 8855
89/
1
4 19
unified gold 45
DM Sou Shore & Ati g 58_1937 .1 J 941474 80
4
79
76
78
79
1940 J J --------9014 May'23 --__
Registered
E Minn Nor Div lst g 48
1948 A 0 84,8 - - 8412 July'23 ___
Collateral trust gold 58-1931 MM 9712 98 9712 Oct'23 -8412 90
1938 M S 9058 -91 9312 June'23 ___
1930 M N 10614 10858 107 Oct'23 -___
E Tenn reorg lien g 56
10-year secured 713
9112 9312
32
H T Va & Ga Div g 58
2003 A 0 104 Sale 10314 104
97 100
1st ref 534s
19303 .1 9812 99 9814 Oct'23 __ _
Cons 1st gold 58
1956 MN 9712
2003 A 0 9512 Sale 95
9512 146
93
99
958k 9912
6
bs B (w 0Elgin Joliet dr East 1st g 58_1941 M N 9734 9834 98 Oct'23 __
9758 10014
1930.3 J 10234 105 10258 Oct'23 ____
N 0& M 1st gold 13s
Erie 1st corm' gold 78 ext-1930 M S 10414 Sale 104
19303 J 981/4 -10112 Feb'23 ____
2d gold 68
10414 ll 1021210414
1st cons g 4s prior
19963 .1 5714 58 5712
Paducah & Mem Div 48 1946 F A 83 -85 83 Sept'23 _
54% 60
5734 113
Registered
1996 J J 5118 57 57 Mar'22 ____ ---- rr5
St Louis Div 2d gold 38_ -1980 M s 6158 Sale 6158
6134
lst consol gen llen g 48-1996 J .1 4938 Sale 49
L & N & M & M lst g 4%-e 1945 M 8 9014___ 9334 Sept'23 --__
4312 -52
50 122
Registered
19963 3 _
43
48
48
6
L & N South joint M 48-1952 J ./ 79 -8014 7758
1
48
79
Penn coil trust gold 48 1951 F A 8958 -90 8984
1
4
Registered
51952 Q J 7214 ---_ 7312 Apr'23 ____
8984 1 82 89/
__ 964 Oct'23 _ _
50-year cony 45 Ser A 1953 A 0 5134 52/
4113 547s Loulay Cin & Lox gold 4348-1931 MN 9534
1
4 51
40
52
1953 A 0 52 Sale 5758
do Series B
424 55
41
52
Gen cony 43 Series D
1953 A 0 5538 Sale 5412
1934.3 J
4358 58 Mahon C'l RR 1st be
5538 45
- 9812 July'23 ____
Erie & Jersey 1st 5 f 68
1955.3 .1
87/
1
4 88
Oct'23 --__
98144 6312
.- 81
8834 13 84 8978 Manila RR (Southern Lines) 1939 M N 603
Erie 52 Pitts gu g 334s B_1940 J J 8018 ____ 84 Oct'23 ____
8324 85 Manitoba Colonization 58_1934 J D 97
9734 9712 Oct'23 -C
Series
J 801 ____ 82 July'23 ____
1940
82 834 Man GB & NW 1st 3;01-- -1941 J 3 8034 ---- 82 Sept'23 ---Evans & T list gen g 5s.._ _1942 A 0 ---------88 Apr'21 ____ --,- ---- Mex Internat'l 1st eons g 48-1977 M II
• ____ 77 Mar'17 ---Sul Co Branch 151 g 56-1930 A 0 _
1931 M S 974 - - 101 Aug'23 --- -,- _-_-- Michigan Central 58
_ 6912 Apr'21 ___
19243 J 9938
Fargo & Sou 65
i -9914 -994
9914
9914
Registered
1931 Q M 9818 - 10012 May'23 ---Fla Cent & Pen 1st ext g 56_1930 .1 J 9412 ____ 9412 June'23 __ _
1
19403 J 86 -88 9112
9112
45
9412 9412
1943.3 J 94
Comm!
Consol gold bs
Registered
19403 J 8434 8612 86 May'23 ---9512 Sept'23 ____
91
98
Florida E Coast 1st 4348.--.1959.3 D 86
J L & 81st gold 3348
1951 M S 7412 78 80 Feb'23 __
2 8512 89
8614 86
86
1952 MN 6473 66 6724 Sept'23 _ _ _ _ I 65 72
Fonda J & Cloy 434s
7618 10
1952 MN 77
1st gold 334s
7934 7818
.1 82
Fort Elt U D Co 1st g 4345._194l
911
/
4 31
8312 8134 Oct'23 .....1 79 8134
1929 A 0 9134 Sale 9112
20-year debenture 45
Ft W & Den C 1st g 8348-1981 J D 9812 98/
9984 103 Mid of NJ let ext ba
1
4 9934 Oct'23 ____
1940 A 0 8018 _-- - 87 Apr'23 -- -Grist
Rio
g
J 8418 85 8258 Oct'23 ____
0-1928
Ft Worth&
82 8758 Milw L S & West lmp g 5s 1929 F A 9714 -- 9934 Aug'23
1933 A 0 10612 Sale 10612 10834
Frem Elk dr Mo V let 6s
Ashland Div 1st g 65
1925 M S 10012 ____ 10112 May'22 ---5 106 109
1924 .3 ./ 10012 - 10034 Aug'23 -- -13 H &S A M & I' 1st 58.- 1931 M N 9814 9712 9534 Oct'23 ___
954 99
,
8
Mich Div lat gold 85
91 001.'23 -- -J 95
2d eaten ba guar
1931
934 98 Milw & Nor 1st ext 4;0-.1934 J D 8818 -90
9612 98 July'23 ____
1933 A 0 8818 89 8818
1934.3 D 8928 92 8912 Sept'23 -- -Galy Ilona & lend 1st 58
854 8978
Coos extended 430
1
8818
5
8458
J 8512 87 8534
Genesee River 1st a f 130--1957
6 82 88513 Mil Spar & NW 1st gu 45._j947 M S 8438 86 8458
8625
J 80 ---- 824 Aug'23
1941.1 J 78/
1
4 86 681s Aug'21 --__
794 8212 Milw & S List gu 3348
Ga & Ala Ry 1st eel 58.-01945
5
. 91
.1 goi4
1929
1927 J D 9912 ___ 9934 Oct'23 --Ga Car & No let gr. g fas
90 9112 Minn & St Louis 1st 7s
10
91
i
5712
1946 A 0 62 -1ii 6112
1934 M N 57 -60 56
50/4 8418
Ga Midland 1st 35_
5
1st consol gold be
6134
1912 18
let & refunding gold 4s__ _1949 M S 1814 Sale 1814
9914 9912
Gila V 0& N let gu.15e-1924 MN 9912 ____ 9938 July'23 ____
29
1942 D 9434 ___ ___
18
Ref & ext 50-yr 55 Bar A 1962 Q F 1534 Sale 1512
Gou dr Oswegatch be
___
---- ---8714 12
./ 8934 -91
89 92 M St I'& S B M con g 48 int gu'38.3 J 8714 Sale 8834
Or R &lex let gu g 00...1941
92 July'23 ____
2
99
1938 J J 98 99 99
1st cons be
Grand Trunk of Can deb 75_1940 A 0 113 Sale 113
11312 58 11158 115
1938 M 5 10358 Sale 10358 103/
/
4 1011
/
4 18
10-year coll trust 6345.-1931 M S 1011
15-years 168
/
4 Sale 1011
1
4 35 10234 105
5
19465 J 9912 100 99/
1947
1
4
99/
1
4
D 85
Grays Point Ter be
_ 10112 Apr'07 --_(is A
/
4 - - 9212 Dec'22 -- -1st Chicago Term if 4e. _1841 MN 911
J 10634 Sale 1064 10634 97 10518 11112
Great Nor gen 78 Series A 1936
3
- _1928 J J 9812 -9i14 9612
1961
9812
J 8812 Sale 8618
1st & ref 4;0 Series A
8612 69 864 9212 MS S M & A iota 4e int gu
Mississippi
Central lst 58...._1949 J J 8814 - 8814 Oct'23 --__
Registered
90
86
/
1
4
____
__
_
_
90 May'23 __
J
1961
1942 M N 73/
1952
1
4 -74 9134 May'23 ___
J 9612 Sale 961
blis Series B
96 10238 M K & Okla 1st guar 55_
12i
/
4
97
7414 78
60 75 Mo Kan & Tex-let gold 18_1990 J D 74 Sale 7358
Green Bay & W deb ctfe "A"--- Feb ____ 64 80/
1
4 June'23 ____
/
4
7712 46
Debenture etre "B"
Feb
1314 Mo-K-T RR-Pr 155 Bar A.1962 J J 7714 Sale 771
714 8
7/
1
4 Oct'23 ___7
_
8
6334
Greenbrier Ry 1st gu g 46__ _1940 M N
1962 J J 6318 Sale 6318
___ 8412 Oct'23 ____ 8412 8412 40-year 48 Series B
1
4
9418 97
1932.3 J 9358 Sale 93/
10-year 65 Series C
79
78 8412
Gulf dr S I 1st ref & t g 58_ _81952 J J 8380 79 Oct'23 __
5112 468
Cum adjust 58 Series A..A967 J J 5058 Sale 50
7812
7134
Harlem R & Ft Ches let 48-1954 M N 7014 Sale 7014
2 67
Hocking Val 1st cons g 4348.1990.1 J 8278 85 82
80 86 Missouri Pacific(reore Co)
8
83
13
19993 J ____ _ _ _ _ 8112 July'23 ___
1st a refunding bs Ser A 1965 F A 751
8112
76
/
4 Sale 754
81
Registered
6
19373 .1 97,2 --- 9732
95
95
1st dr refunding 55 Ser C 1926 F A 9514 96
9555 9714
H dr T C 1st g 55 tot gu
2
.
975s
8924 54
lst dr refunding 66 Ser D..1949 F A 89 Sale 8834
86
93
Houston Belt & Term lat 58_1937 J .1 89 -90 90 Oct'23 ____
5012 146
General 45
1933 M N 9414 98 90 July'23 ___
1975 M 9 4934 Sale 4912
93 98
How]E dr W T 1st g be
1933 M N 9414 96/
9318 98 Missouri Faciflo1
4 9318 July'23 _ __
1st guar 55 red
3d 78 rxtended at 4% -.1938 M N 8018 804 8034 Aug'23 -_ _
Housatonic Ry cons g 58--1937 MN 807s 82 87 May'23 - - -87 87
2
1
4
921
/
4
787s 84% Mob dr Bir prior lien g 5s__ _1945 J J 9218 ____ 92/
811
/
4 139
Bud & Manhat0Series A-1957 F A 8114 Sale 8024
Mortgage gold 0
1957 A 0 5714 Sale 5655
___ 894 Sept'23 --1945 J J
Ws
55
Adjust income 58
5712 85
5
103
70103 103
8912 8912 Oct'23 ____
8812 Ws Mobile & Ohio new gold 66_1927 J D 10218
Illinois Central let gold 48_1951 .1 J 88
1951 J J 8412 88 8318 Sept'22 __-----lotext gold 68
h1927 Q J 100 102 10055 00'23 -Registered
1951 J J 79
74 Sept'23 General gold 48
1
4 75
1938 M S 73/
7714 83
80 78 July'23
lot gold 350
1951.3 J 75 __ 80 Oct'22 _ _ -,,- -,Montgomery Div 1st g 55_1947 F A ____ 93 9214 Sept'23 ___
Registered
St Louis Div be
1927 3 D 9418 9454 9414 Oct'23 --__
__ _ 83 Feb'23 ____
83 -83
Extended let gold 3;0-1951 A 0 7f3
764 784 Mob dr Ohio coil tr g 4a
1951 A 0 75 -78 7614 Sept'23
1938 M S 744 754 7412 Oct'23 --__
Registered
Mob &Mal 1st go g 4s
1951 M S 5912 72 8312 Mar'22
82/
1
4 May'23 --__
1991 M S 8018 81
let gold 3e sterling
774 8575 Mont C 1st gu g ls
1937 3 J 10712 109 107 Oct'23 -- -2
8314
Collateral trust gold 413-1952 M El 8338 84 8234
Registered
1952 A 0 7814 ____ 9538 Sept'19 ____ -,- -J 106 109
1937
Registered
1st guar gold M
__1955M N 84 Sale 84
19373 J 9914 no 10014 Sept'23 -_
4
84/
3 82 -8821
4
1s2 refunding 40
BONDS
N.Y. STOCK EXCHANGE
Week ending Oct. 19.
V'g
it
...,c.,
Price
Friday
Oct. 19.
Week's
Range or
Last Sale
--
Range
Since
Jan.1
Low Iliob
7512 yg
7734 83
76/
1
4 7814
9918 10012
100 10278
10718 111
8238 87
6838 73
7212 7971
8784 8918
68
71
75 80
__. -80- -83-----857
11
8212 8578
944 100
33 4958
8612 9758
57 7318
14
40
82
87
---- -75 -797i
9578 97
1004 102%
73 7912
9288 95
63.14 705*
83 89/
1
4
7603 834
81
83/
1
4
64 92
,
10011 1017
9118 97
814 87
72/
1
4 7818
7212 75
9078 96
90/
1
4 934,
---- --r9184 97
90 9224
RN 811g
924.
84
10078 1024
100 100
1004 105
8014 9989
97 100
81
81
107 107
9558 98
9058 924
81
8518
Mil 814
75 81
91
94
82% 851*
75 83
92 98
93 98
83
77
0755 103
8714 92
904 9014
9738 101
106 109
10114 1054
964
95
101/
1
4 103
9712 10112
824 841s
584 63
9212 96
75 8034
7312 7318
945 9758
9812 984
71
61
951 _.90
_11.
82 31,3
gis fog
9734 10012
85% 915886 86
80 80
Ms 84
8958 98
87 _8
,1
18 WU
_-.- _1_"
11 .4 WWI
8734 924
89 91
8312 89
---- ---97 18214
55
76
18
40
14 8934
85s
8
901s
.
1
98 100
100_24 105
4/511 1051).
--
--98
--
@No price Friday: latest bid and asked this *AM. a Due JI/11
b Due Feb.
Due June. I Due July. a Due Soot
o Due Oot. a Option sale.
8814 100
911_14 gil
73% 8014,
7458 83158.
6112 Ulf
9258 965*.
4858 88
754
948a
88
4918
88%.
965*&
99
6314
794 8184
91/
1
4 9211.
6912 7384
100 1944
994 103/
1
4
7258 784
90
9424
94
95127412 7812
8235 8238
107 112
99i4
gilt.
New York Bond Record—Continued—Page 3
BONDS
N. Y.STOCK EXCHANGE
Week ending Oct. 19.
r
Price
Friday
Oct. 19.
Week's
Range or
Last Sale
Range
Since
Jan. 1
BONDS
N. Y. STOCK EXCHANGE
Week ending Oct. 19.
1761
Price
Friday
Oct. 19.
Week's
Range or
Last Sale
Range
Since
Jan. 1
High No, Low
Bid
Ask Low
Hit'?,
High No Low
Ask Low
High
Bid
7412
3
15
6834 78
M&Eletgu334e
75
2000 3D 7412 Sale 7412
74
78 Peoria & East let cone 4s1940 AO 75 Sale 70
5
10
Nulty Chatt & St L let 5a 1928 AO 99
9912 99
20% 30
Income 48
99
26
26
812 26
1990 Apr. 2
7
,
414 7
98% 101
1
9234 98
NFla&S letgug 5s
9414 10
1937 FA 96% 99 9614
9614 98 Pere Marquette let Ser A 58 1956 3, 9434 Sale 9312
9614
764 821s
11
Nat By of Mex pr lien 43ie 1957 33 2512 _ _ _ _ 30 Sept'22
78
let Series B 43
78
1956 3,
_
87% 9214
271 2618 Oct'23
July coupon on
25
1943 MN 87%
23 322 Phila Bait & W 1st g 4s
8734 Oct'23
49%
6
41
do off
'
4214
3 4114 13.124
29
2614 29 Mar'23
35 Philippine By let 30-yr 8148 1937
4 4134
9384 9714
2618 July'23 General 48 (Oct on)
9412 Sept'23 -1977 AO
1940 AO
26% 264 PCC&StLgu4ABA
9334 9772
20
23 22 Sept'23 April coupon on
2134 2434
1942 * 0 921
Series B 434e guar
9334
9
924 95
614 9334
9312 944
20
20 Sale 20
do off
1
20
1942 MN 9184
Series C 43's guar
_ 9312 Aug'23
2912
Nat RR Mex prior lien 430_1926 33 3858 -- 3814 June'22 -8984 93
Series 13 45 guar
1945 MN 8612 1;0 - 914 Oct'23
8412 9354
July coupon on
3814 Sale 3814
Series E 33.e guar gold__ 1949 ✓ A .
3814 -- -- Tara 1134 _9_1_ 9038 Oct'23 -- _
8
96
32
89 9124
3614- 4014 44% Mar'23 Series F guar 48 gold
do off
44/
9112 June'23
1953 3D
1
4 44%
28 Apr'23 -- -89% 93
93 Sept'23 _ _ _ _
let consol 4e (Oct on)____1951 AO
1957 MN 85%
Series G 4e guar
27
28
9212 94%
23 2•1-3-8 23 Oct'23
April coupon on
1963 FA 9014 _ _
Series Icons guar 4M8
2114 2612
9314 Sept'23 -9112 94
do off
23 24% 2314 Oct'23 2212 2812
9112 Oct'23
1964 MN 9014
Series J 43•58
952
6818 May'23 Naugatuck RR let 48
93% 99%
1954 MN 68
General 58 Series A
14
68% 6,31s
1970 J D 9558 96 9512
New England cons 58
_
1945 3, 76% 87% 75 Aug'23 75 9012 Pitts & L Erie 2d g Is
a1928 AO 102
99 Nov'22
Consol 48
69 7514 Pitts McK & Y let gut 6a____1932
1945 3, 6814 76 69 Aug'23 --.• 1 1034 1-0-7 105 Dec'22 -N J June RR guar 1st 48_ _ _1986 ✓ A 7918 80 82 Jan'23 -82 82
1934 3, 9938
2d guaranteed 68
9514 June'20
NO&NE let ref & imp 4%8 A'52 J J 77% 80
7734
4
4 995 Oct'23 ---7734
77 8112 Pitts Sh & L E 1st g 513
1940 AO 9814 993
-100
7514
1
New Orleans Term let 48_ 19533, 7514 Sale 7358
let cowed gold 55
'
3
7318 7984
1943
____ 100 Feb'23
NO Texas & Mexico let 6e 1925 J D 10012 10034 10014 10034
7 100 10112 Pitts Y & Ash let cons 5s_ 1927 MN 9918 ____ 98 June'22 - Non-cum income 58
7512 56
85 88'e
1935 AO 7512 Sale 7434
N 26
1957
72% 84 Providence Secur deb 4e
284 30 June'23
N & C Ildge gen gu
90% 903* Sept'23 - - -3, 90
1956 MS
8914 9012 Providence Term let 4e
8838 Feb'18 --2
N YB & M B Bacon g 58_1935 AO 9218 _ _ _ _ 93 June'23 -9178 94 Reading Co gen gold 45
823* 88
1997 J J 864 Sale 86
87
10
N Y Cent RR cony deb 6s1935 MN 10438 Sale 10418 10412 147 101 106%
2 79 88
Certificates of deposit
864
8612 87 8612
Consol 48 Series A
8014 57
80 86
1998 FA 8014 Sale 79
Jersey Central colt g 48_ _1951 AO 8112 Sale 80
76% 83
8112 20
Ref & inapt 430"4"„_2013 AO 854 Sale 8434
N 10812 - - 8514 12
84 8878 Rena & Saratoga 20-yr6e_ __1941
Ref & Rapt 5e
-Ws 935*
2013 AO 94% Sale 94%
95 206
1927 AO 97% 9814
92% 98%
NY Central & Hudson River—
72 72
Rich di Meek let g 58
1948 MN 69
73 72 Mar'23 -20
1997 33 74 Sale 7314
Mortgage 33.s
74
95
72 7714 Rich Ter 5e
1952• J 9518 97 9514 Oct'23
7212 Oct'23
Registered
1997 3,
694 7312 Rio Gr June 1st gu Si
1939 3D 8314 87 83
2
83
1934 MN 8914 Sale 888s
Debenture gold 48
1940 J J
8914 14
819 9
8612 9132 Rio Gr Sou 1st gold 48
54 74 712
7/
1
4
1
11
11
1942
30-year debenture 4a
1940 3, 12
'
3 8414 853 84% Oct'23
Guaranteed
842e 9014
11 June'23..-..Lake Shore coil gold 330-1998 FA 71
72 7012
7058 21
1939 .1 .1 743 77 7414 Oct'23 -- 72 78
68% 76 Rio Gr West let gold 4a
6 69 73
68
1998 FA 7038 Sale 7038
Registered
70%
Mtge & coil trust 45 4.-_ _1949 A0 6212 6312 6318
634 16
Mich Cent colt gold 330-.1998 FA 72 Sale 72
1
7119 81
72
7114 7614 RI Ark & Louis let 434a---1934 M
73 Sale 725*
738 25
693* Sept'23
1998 FA 6818
1949
Registered
'
3 65
69% 75 Rut-Canada let gu g 45
69's 70 June'23 -- 70 70
.1
.2
N Y Chic & St L let g 48- -1937 AO 88 88% 88
6
1941
88
80 8019
8378 9014 Rutland let con g 4e
7714 79 80 Apr'23
4 8618 88 St Joe dc Grand tel g 45
1937 AO 8614 89 88
Registered
1947 .2
88
6914 7619
691s 72 6914 June'23 11
1931
Debenture 42
871
N 8712 87% 8714
1996 J J 89
8358 89 St Lawr & Adir 1st g Se
91
9219
931 98 Apr'23 -2d (is A B C
1931
N 10058 Sale 10014 10058 40 98 101
1996 AO 9718 100 977 Oct'23
Ws 981i
2d gold 138
NY Connect let gu 4e A_1963 FA 8534 Sale 8584
9 344 884 St L & Cairo guar g 48
1931 J '3 88
87 90
8614
90 8712 Oct'23 ---N Y & Erie let ext g 48
N
81 Sept'23
1947
9414 23
81 81 StLIrM&Sgencong 511_1931 AO 94 Sale 94
9319 994
3d ext gold 434g
95 May'23
1933 MS
95 9912
102 July'l
Gen con stamp gu g 5e_ — _1931 AO
—
4th ext gold 58
1930 AO 94
1929 J J 8384 Sale 8312
96 94% Sept'23
Unified & ref gold 45
934 94
84
28 -164
5th ext gold 48
86
9134 9134
9134 Aug'23
1928 3D 92
1933 MN 73% Sale 73%
Riv & G Div lst g 48
74
16
N Y & Green L gu g 58
96 99
1946 MN 8114 __.- 72 July'23
72
72 St L M Bridge Ter gu g 5a__ _1930 AO 9618 99
9714 July'23
N Y & Harlem g 330
74 Sept'23
2000 ▪ N 734
7312 7738 St L & San Fran (reorg Co)48.'50 3' 66 Sale 66
668* 102 65 70%
N Y Lack & Weetern 156—_1923 FA
1950 3' 8034 Sale 8018
9984 June'23
9984 100
40 80 8572
Prior lien Set B 58
81
let & ref 59
1928 3' 981 Sale 9812
1973 MN
97 1004
Prior lien Ser C 6s
99'8 19
87% 9238
let & ref 44e
1942
'
3 8938 96 90
1973 MN 9512 97
9512 97
9512 Sept'23
530
90's 16
N Y L E & W let 78 ext----1930 MS
103 June'23
103 103
_
Cum adjust Sec A 68_ _ _111955 AO 6858 Sale 6855
70's 127 6858 80
.• 1 9914
5584 183
Dock & Imp 58
5414 67 •
1948
81960 Oct 55 Sale 5484
9812
9812 June'23
Income Series A 68
94
N Y & Jersey let Se
9712
1932 ✓ A 9558 96% 9612
7
- 1024 104
9434 98% St Louis & San Fran gen 68-.1931 3, 10318 ___ 10314 Sept'23
1931 3' 9714 971 9714
N Y & Long Br gen g 4e_ _ _1941 MS 8478 9658 91 July'22
2 95540954
971
General gold 58
N Y N H & Hartford—
StL&SFRRconsg 48-1996 3' 84
824 8218
_ 8212 July'23
91
91
1947 AO 8814 ____ 91 June'2 -Non-cony deben 330____1954 AO 3534 Sale 3534
4
3478 47
Southw Div 1st g ba
36
3 981s 103
1947 MS 40
Non-cony deben 48
4734 49 St L Peo &N W let 1311 58-19483' 9834 10112 9834
984
47 48 June'23
8612 891z
1931 M S
1
Non-cony deben 330......1947 M
44 June'23
894
35
8912
43% 48 St Louis Sou 1st gu g 48
36
7234 7884
Non-cony deben 48
75
35
1955 3, 354 3614 39
4014 28
374 5132 By L SW ley g 48 bond ctfe-1989 MN 75 Sale 735
66% 7012
Non-cony deben 48
1956 ▪ N 40
68% 14
37 51
22
40
44 3934
2d g 4e income bond ctfe_p1989 33 682* 72 6838
7312 78
1932 J D 76 Sale 7512
68
Cony debenture 3A e
76
Consol gold 48
5 84 4612
1956 J J 36 Sale 3512
36
7314 821t
Cony debenture 68
7414 Sale 74
1948, J 5438 Sale 54
7434
9 52 7314
9
let terminal & unifying 58-1952
5514
8112
74
4% debentures
4
1957 MN 2712 Sale 274
2714 4224 St Paul & K C Sh L let 4348_1941 ✓ A 7414 Sale 7414
2712
744
1
9012 904
7e European Loan
92 9012 Sept'23 -1925 AO 62 Sale 61
31
62
5414 81 St Paul & Cr Trunk 44e---1947 33 89
911.4 93
19333' 9058
Franca
- 9134 July'23 - 1925 AO 5812 59% 5812
5014 7112 St Paul M & Man 4s
51:138 32
1933• J 106 10612 106 Sept'23 - - 106 10914
Cone By non-cony 4s._ _ _1930 FA 3514
let consol g 68
68 Reduced to gold 4e _ _1933
95% 994
Non-cony 4e
9538 9534 9554 Oct'23 -1954 3, 40
2
1655 40
1937 J D 8814 89,2 8918 Oct'23 8918 93
Non-cony deben 48._ _ _1955
5
3578
Mont en 1st gold 48
3872 44
'
3578
3 3712
85
84
1940
Non-cony deben 48._._1956 .1
40 40
Pacific eat guar 45
-- - 85 July'23
3712 16'- 40 Sept'23
NY & Northern let g Se_ _ _1927 AO 954
1943 JJ 72 Sale 72
70-4 754
72
4
7 99
99
99
9974 S AA A pass let go ii 4s
N YO & W ref let g 4a_ —41992 M
97
99
1942 MS 96% ____ 97 May'23 ---3 6014 7078 Santa Fe Free & Ph Ss
61
61 dale- 6034
1950 AO 8034 8074 8034
7812 8334
57
General 4e
2
57
57
81
1955 3D 57
70% San Fran Terml let 48
58 57
N Y Prov & Boston 4a
1934 *0 106 10814 108 Oct'23
- 107 10814
73 Aug'22
Sav Fla dc W 68
1942 AO 72
9984 9934
N Y& Pu let cons gu g 4a
1934 AO 993 10112 995
1
2
9934
58
1998 AO 7912 -3212 8014 Sept'23
1989 MN 88
84% 871a
NY &RB lstgold 5a
1
8612 86
86
95 95 Selo V & N E lst gu g 48
1927
S 9618 - - - - 95 Apr'23 _
N Y Snap de W let ref 5a_1937
1950 AO 5514 62 56 Sept'23
53 58
7 50 60 Seaboard Air Line g 48
'
5314
3 50
534 53
2d gold 4e
1950 *0 56 Sale 55
6
52 58
42 4952
Gold 48 stamped
56
1937 FA ____ 4878 45 Sept'23
2284 367
,
01949 FA 3412 Bale 3412
General gold 5s
Adjustment 58
3712 49
3
1940 P A 3714 40 3712
3712
3484 249
Terminal let gold Se
1959 AO 443 Sale 4334
39
46
1943 MN 84% _ _ -- 89 June'23
Refunding 45
84
9358
448 40
NY W'ches & B let Fier I 4.3ie_'46 J
91
58% 68
39
324 504
let & cons 68 Series A_ - —1945 hi S 66 Sale 6558
66
38
37
38 3712
Norfolk Sou let & ref A 58_ _1961 FA 65 Sale 6312
9334 9754
61
71 Seaboard & Roan let Se__ -1926 3, 9714 ____ 9714 Oct'23
65
Norfolk & Sou let gold 58._ _1941
3612 374
1943 3D 99
8778 9312 Suer su &so 1st gu g 5a
8812 Sept'23
N
9914 3612 June'23
Norf & West gen gold 13e_ _ _ _1931 MN
1936 FA
98 1014
106 10812 S & N Ala cons gu g 5s
10612 Sept'23
9878 Aug'23
50-yr
Ss__
Improvement & extg
9612
99%
-1963
AO
guar
cons
6
110
Sale
110
974
Mar'23
Gen
98%
110
1934 ✓ A 10
981s
1°5
86
%
8%34 1-°9-80-I-4
New River let gold
831
41
77% 85
7 10634 10714 So Pac Col 48 (Cent Pac col) k'49 3D 83 Sale 8278
1932 AO 1071s --- 10718 10718
NA W By let cone g 4e
01929 MS 9238 Sale 917
83
9012 92%
8514 9314
1996 AO 804 Sale 8812
20-year cony 48
921
8912 60
1934 J D 97% 99 98
Registered
98 1024
1
6
85 90
1996 AO 8534 Sale 8534
20-year cony 55
8534
98
Div'l let lien At gen g 48_1944 J , 87
101 10378
1937 MN 9214 103 10334 Oct'23
1
82% 89 So Pac of Cal—Cog 58
87
87% 87
10-25 year cony 43i8._ _1938 MS
88 90
101 108 So Pac Coast 1st gu 48 3—.1937 J J 8834 90's 90 Sept'23
105 Aug'23
10-year cony 6e
83 884
1955 J
107% 18 10612 11734 So Pac RR lst ref 48
853 120
8534 Sale 8514
1929 MS 107 Sale 107
9288 98%
Pocah C & C joint 4a
36
854
941
7 84% 883a Southern—let cone g Se.. _ _ _1994 3' 94% Sale 944
1941 3D 854 Sale 85%
6614
6912
North Ohio let guar g Si..., _ _1945 AO 78
48
Ser
A__
-1956
*
0
gen
79
Develop
&
94
July'23
83
68 Sale 6734
681
85 79
Nor Pacific prior lien 4a
1956 * 0 10138 Sale 10012 101% 159 100 102
8184 87
1997 Q J 8288 Sale 8214
65i8
8234 79
90 97
1996 J J 93
Registered
6 81
Mom Div 1st g 4348-5a
81
8312
81
94 93 Oct'23
1997 Q J
19513 J 7818 Sale 7818
7514 81
General lien gold 3e
1
5812 6214
St Louis My 1st g 4a
5914 23
781
02047 Q F 5878 Sale 5812
97 9984
1929 MN 9818 99 99
4
Regletered
99
02047 Q E ____ 58% 60 June'23
584 60 So Car & Ga let ext530
81% 834
let
g
58_
Ref & impt 43i e eer A__ _2047 3
Internet
_1955
26
8214
84
J J 8218 ____ 823* Oct'23
84
Spokane
9012
8212 834
1943 .1 D - - - 138 ser B
125 10314 10924 Staten Island By 4e
2047 ii 104 Sale 10314 104
80 Oct'20
"er 91
5s C
1936 3' 8778 ____ 91
Oct'20
8 9214 100 Sunbury & Lew 48
2047 3, 9214 Sale 9214
92%
e1930 MS 96,8 _ - 95 May'l
58 D
9234 18 9214 9414 Superior Short L list Se g
2041 3, 9212 Sale 9214
90 95
St Paul-Duluth Div g 48..1996 3D 7812
89 Feb'23
89 89 Term Also of St L 1st g 43i8_1939 AO 9134 9438 9212 Oct'2 953s 99
St Paul & Duluth let 58_1931 Q F
1944 P A 96
98% Jan'23
9812 9872
let cons gold Se
99 97 SePV2
82
7734
77
8414 8414
let consol gold 4e
1953
.• 1 7734 Sale 7734
844 Jan'23
Gen refund e f g 45
1968 3D 7614 _
90 90%
Nor Pac Term Co let g es _1933 33 10918
1943 J J 90 _
10912 Oct'23
108 110 Tel de N 0con gold Se
9038 May'2
90'*
No of Cal guar g 5e
331s Dec'2
100 102 Texas & Okla 1st gu g 58_ _ _ _1943 MS
1938 AO 971s 101 100 Sept'23
Texas& Par let gold 58
89's 96
North Wisconsin lot 68
100 June'22
2000 3D 9018 Sale 9018
90'a 10
1930 J J 101%
4012 54
Og & L Chaco let gu 48 3-1948 J J 6712 .6814 61
2 66
g2000 Mar
67
71
51 Aug'23 -2d gold income 58
84
92
Ohio Conn Ry 4s
8612 Apr'23
1931 J J 8538 9278 88
88
1
8614 8624
1943 MS 89%
La Div B L 1st g 5s
98
98%
Ohio River RR let g Is
1
97
9512 98% Tol & Ohio Cent 1st gu 58._ _1935 3'
97
1936 J D 9554 - -- 0658 May'23
9214 96
General gold 55
9414 9512
9418 Oct'23
1935 AO 93,
Western Div 1st g 5e
1937 AO 95
4 98,2 94 Sept'23
9912 25 9838 100
8752 92
Ore & Cal let guar g Is
_
1935 J D 90
General gold 58
92 9018 Sept'23
1927 3, 98% 99% 99
2812 32
Ore RO.dr Nay con g 48
8712 11
1917 3' 30
31
30 Oct'23
1946 J D 8658 Sale 86%
Tol Peo dr West 4s
Ore Short Line—let cons g 58.'46 3, 101 Sale 100
9318 9614
10112 18 "84
12
%81925 J J 95,2 96,8 96
99 104
96
8812 Tot St L & W pr lien g3_
Guar con Se
58% 75
'
1950 A0 71% Sale 71
3 10112 Sale 10112 102
9
46
9978 105
1946
72
50-year gold 48
Guar refund 48
95% 95%
9212 15
92% 92%
1929 3D 92
1931 3 j 94
9514 June'23 _ _
90% 9278 Tcd w v 3,0 gu 43is A
96
Oregon-Wash let dr ref 48..._1961 33 7912 Sale 7914
8012 154
9414 964
7512 82
1933• J 9418 96
Series B 430
9414 Aug'23 —
Pacific Coast Co let g 58_ _ _1946 J D 74
75
75
75
1942 MS 86%
Series C 48
79s
-- 86% Nov'22
Pao RR of Mo let ext g 4a
5 84
78'2 82
8534
1938 P A 8534 -- 8534
Tor Ham & Buff let g 4a /21946 3D 76% 80
8014 July'23 ____
9614
2d extended gold Se
9478
5 9
947
94
1938 3' 9438 _ _
Oct'23
96
87
644 Ulster &Del Bacons g 58-1928 J D 94
96
Paducah de Ills let e f 43is... _1955 3, 8912 9014 90 Sept'20
66
70
91
1952 AO 5618 6712 70 Mar'23
lat refunding g 45
90
Paris-Lyona-Med RR 13e_ _ _1958 P A 72% Sale 72%
7312 91
8814 94%
1947 3' 92 Sale 9112
6
951
6:
1 9
78
77
18
2 Union Pacific let g 45
9234 126
Paulleta Ry 78
9414 9818
1927 J
96
9
96
1942 M
9712 954
20-year cony 48
7558 Sale 9512
9534 91
992
Pennsylvania RR—cons g 4e 1943 MN 88% -- 8812 Sept'20 _ - —
02008 MS 9938 Sale 9912
1st & ref temp 5s
47 994 100
8812 9314
Consol gold 48
80 88
1948 MN 8784 Sale 87%
8812
1
MS 8134 84
8714 911
let dc refunding 48
8112 Oct'23
46 stamped
May 1 1908 M
199
119
0236
0
3283' 10214 Sale 10214 10254 42 10218 105%
86% - - -- 8812 Aug'23
10-year perm secured fis_ g_2
85 90
Consol 43e
90 931s
9478 22
9434 9312
1960 FA 94
923* 984 U NJ RR & Can gen 4a___ _1944 MS 90
9212 9112 June'23
General 44e
9914 997s
9058 40 8578 9218 Utah & Nor gold Se
3' 99,8 100 9914
5
1965 J D 9014 Sale 9018
9914
General 5a
91%
91
76
1968 3D 100 Sale 9934 100
3, 8912 _ _ _ _ 9612 Apr'23
98 1013*
let extended 45
10-year secured 78
196
55
7 FA 85% 8614 86 Apr'22
1930 AO 10712 Sale 10712 10818 58 1064 11084 Vandalia cones 4e Sec A..._ _1
15-year secured 6e
85
1936 ✓ A 10734 Sale 10712 10818 64 1061a 111%
Congo! 4e Settee B
MN 8514 8614 85 May'23
Pennsylvania Co—
34
374
Vera Cruz& P let gu 43(8-1934• J
36 June'23
Guar 330 colt trust reg A _1937 M S 8312 8618 8412 Nov'22
3012 45
8184 8318
3012 Oct'23
July coupon on
291g 32
984 984
Guar 348 coll trust Ser /3_1941 A A 82
8212 82 Oct'23
81% 8318 Verdi V IA W let g 56
199
11932
26
66 MS 95% 99% 9814 Mar'23
Guar 334e trust info C. __1942 J D 81
82 81% Oct'23
9818 98%
MS 9814 9878 9818 Sept'23
813* 813* Virginia Mid Sec E 58
Guar 3348 trust etfe D_1944 J D 8114 - - - 8134 Oct'23
977,
4
93
97
8914 93
General 58
MN 97 Sale 97
Guar 15-25-year gold 4e_1931 A 0 91
9012
91,2 931,
9112 90
8914 93 Va & So'w'n let fin 55
2
9412 9112 Sept'23
2003
'
3 92
Guar 4a Ser F
8534
7538
81
1952 M N 8514 8634 8584
2 844 902*
-year
58
1958
Aug'23
AO
50
let cone
7612 774 7614
*No price Feld& latest bid and asked this week. a Due Jan. 6 Due Feb. g Due June. 3 Due July 3 Due Aug. oD ue Oct. oDue Nov. iDue Dec. sOption sale.
loo
fa'
no
8387
ads
73t,
8014 -1275;
If
New York Bond Record-Continued-Page 4
1762
BONDS
N. Y. STOCK EXCHANGE
Week ending Oct. 19.
E't
a,
Price
Friday
Oct. 19.
Week's
Range or
Last Sale
„
15 15
High No.
Bid
Ask Low
94
11
Virginian 1st 5s Series A____1962 M N 93% Sale 9312
95
3
1
4 Sale 95
Wabash lot gold 55
1939 M N 95/
8534
3
2d gold 5s
1939 F A 8514 8534 8534
1954 J J 67% 7138 71 June'23
1st lien 50-yr g term 4s
Det & Ch ext 1st g 58..
1941 J J 94 10018 94 Aug'23
71
Ocr'23
Des Moines Div 1st g 48-1939 -11 J 71% 79
1
4
65
11
1941 A 0 6358 Sale 63/
Om Div lst g 3.0
7234 Oct'23
1
4 80
1941 M S 72/
Tot & Ch Div g 48
741
/
4 Mar'22
71
F A
Warren 1st ref gu g
_
7878 Oct'23
1948 Q M
Wash Cent 1st gold 45
99
15
9912 99
1924 F A 99
WO&WIstcygu 4s
7812
7812
1
7838
F A
Wash Term lot gu
_ _ 8512 June'23
1945 F A 8234
1st 40-year guar 48
80
Aug'23
_
_
761
/
4
90
A
gu
5s
1930
F
W
1st
W Min W
59
14
1952 A 0 5814 Sale 5814
West Maryland 1st g 49
1937
J 99 Sale 99 Sept'23
West N Y & Pa 1st g 5s
7512 11
1943 A 0 7512 Sale 7512
Gen gold 4s
1
4
80
42
Western Pac 1st Ser A 55-1946 M S 7934 Sale 78/
90
2
1946M S 8812 89% 90
B 6s
79/
1
4 Sale 79
79
30
West Shore 1st 49 guar
2361 J
7678
7678
2361 .1 .1 77
1
78
Registered
9834 June'23
_
99
1926 A 0 97
Wheeling & L E 1st g 58_
99 Feb'23
99
Wheeling Div 1st gold 5s.1928.3 J 94
1930 F A 8978 9938 9538- ane'23
Eaten & Rapt gold 50_
4814
4814 Sale 4718
4
Refunding 4Ii's Series A._ NV
57
5934 591
8
5934
/
4
RR 1st consol 45
51
3
50 Sale 50
1942.3
D
5s
Wilk & East Ist gu g
1918.3 13 9918 9934 9918 Oct'23
Will & S F 1st gold 58
7924 Oct'23
Winston-Salem 5 13 1st 48..1960 J .1 7812 83
7614 12
Wis Cent 50-yr 1st gen 4s_ _1949 .1 .1 7612 Sale 7534
76 Sept'23 _ _
77
Sup & Dul div & term 1st 45'36 M N 75
65 May'22 _
5778
1943.1 J
W & Con East 1st 4I5s
INDUSTRIALS
10
80
Adams Express coil tr g 4s 1948 MS 80 Sale 80
1936 J D 8778 Sale 87%
8912 24
Ajax Rubber 88
4
512
Alaska Gold M deb Os A__ 1925 MS
514 1178 512
518 612 514
1926 MS
514
2
Cony deb 6s series 13
9712
1928 AO 9714 Sale 9714
4
Am Agile Chem 1st Us
1941 FA
9912 54
9918 9938 9884
1st ref a f 7Y2's g
/
4 39
1933 AO 9312 Sale 93
941
Amer! an Chain 65
12
1931
66 Sale 66
67
Am Cot Oil debenture 5s
10578 Dee'22 - _ _ _
1936
10538 _
Am Dock & Impt gu 68
1937 AO 8514 -8i186
9
Amer Republics Os
8 86
9112 116
Am Sm & R let 30-yr 55ser 81947 AO 91 Sale 9034
1947 AO 10212 Sale 101t2 10212 100
Os /3
1937 ii 10114 Sale 10124
10178 108
Amer Sugar Refining 68
9234 107
Am Telep & Teleg call tr 40_1929 Ji 9238 Sale 9238
1936 MS 9014 Sale 90
9014
11
Convertible 48
10212 Oct'23 _
1933 M
102%
20-year cony 048
165
1948 J o 98 Sale 9712
98
30-year coil tr 58
18
7-year convertible 6s___ _1925 FA 11612 Sale 11612 117
43
8312
1934 AO 83/
84
Am Wat Wks & Elec 5s
1
4 84
17
56
1939 .3.3 55 Sale U3
Am Writ Paper 5 f 7-65
9612 372
-Anaconda Copper 65
1953 FA 96/
1
4 Sale 96
9834 198
1938 FA
712
9812 Sale 9818
8414 31
Armour & Co 1st realest 4%91939 J D 8414 Sale 8318
1947 JD 9578
__
Atlanta Gas Light 5s
1
28 - 28
30
Atlantic Fruit cony deb 78 A_1934 J O 20
1
18
22
18
20
Trust certificates of deposit___
Oct'23
20
18
18
do stamped
1937.1i 97 Sale 9814
Atlantic Refg deb 59
9714 24
-1940 MN 10012 Sale 10014
Baldw Loco Works let
10012 17
j j 9514 Sale 95
5s_Barnsdall Corp s f cony 8%A1931
9514 14
1948 J
9734 89
9734 Sale 97/
1
4
Bell Telephone of Pa 5s
22
1926'.3 983 Sale 9834
99
Beth Steel 1st ext sf5o
38
93
1942 MN 93 Sale 92
15t & ref bs guar A
11
j 8634 Sale 8634
20-yr p m & Imp e I 5s_ -1938
89
1948 FA 97 . Sale 9612
Os A
9714 63
634s
1953 FA
8812 Sale 88
8812 27
Booth Fisheries deb 5 f Os__ _1926 AO 76'2 ____ 80 July'23
9
Braden Cop M coil tr of 68._1931 FA 99% Sale 9834
9918
21
Brier Hill Steel 1st 5%8
1942 AO 9238 9338 92
93
13'way & 7th Av 1st c g 58 1943 J O 6614 67
664 12
6512
1941 J J 8614 90
Brooklyn City RR 5s
86
Oct'23
52
_____ _1949
Bklyn Edison Inc gen 58
8
97
96/
1
4 Sale .96,
12
General Os Series B
104
1930 J 2 10378 Sale .03%
4
General 78 Series C
1930 J J 10534 106 10612 10612
General 7s Series D
1940 J O 108 Sale 108
10814 16
Bklyn Qu Co St Sub con gtd Is'41 MN
65 July'23
_
1st bs
1941 S i
7912 Nov'22
Brooklyn Rapid Tran g 5s 1945 AO 73 Sale 73
5
73
Trust certificates
7238 ____ 7238
7238 10
let refund cony gold 45.. _2002
6014 ____ 6058 Oct'23
3-yr 7% secured notes _ -1921 J J 8812 Sale 88
8812 39
Certificates of deposit......
8918 24
---- 8838 8814
2
Ctfs of deposit stamped_
8358 ____ 83
83
1950 F
Bklyn Tjn El 1st g 4-58
7
7634 7858 7812
7812
Stamped guar 4-58
1950 F A 79 Sale 781
8
7
Bklyn Un Gas let cons g 59_1945 MN ____ 9612 9614
9614 29
1932MN 109 10912 109%
78
10934 15
3
let Ben & ref 63 Series A_1947 MN 103 10378 ,
103%
10378
1929 7a1 N 10814 10912 10912 109% 18
75
1932 J D 9112 _
1
9112
Buff & Susq Iron s f 58
9112
1952 A 0
Bush Terminal 1st 4s
-823- 8 81 Sept'23
1955.3 J 84 Sale 84
7
Consol 5s
8412
Building 58 guar tax ex_ 1960 A 0 0118 Sale 91
9112 28
1917 sj N 9612 9658 96'2
Cal G & E Corp 5s
904 10
1933 A 0
961.,
961,7 12
Cal Petroleum 68(w
CamngueySug1StSfg7s..lS42 A 0 95 S le a 95
95
11
94 Sale 94
94
Canada SS Lines lstcoll 5 f 7s '42 M N
10112 125
Canada Gen Elec Co 612- _1942 F A 99 Sale 99
Cent Dist Tel 1st 30-year 55.1943 .2 D ---_ 9814 9812 Sept'23
1931 F A 8734 90 8 9012
9912
1
Cent Foundry lets f 6s_
97
185
Cent Leather 20-year g 58_1925 A 0 951
/
4 Sale 95%
1931 J J 117 Sale 116
85
8s
Cop
117
Cerro de Pasco
6
91
96,8 92,8
93
Ch G L 12 Coke 1st gu g 5s 1937 J J
1927 F A 77 Sale 76
Chicago Rye 1st 55
7714 87
1923.3 D 99% --__ 997 Oct'23
Chicago Tel bs
1932 A 0 9878 Sale 9838
42
Chile Copper 6s Ser A
99
9512
3
95 •
Cincin Gas & Elec 1st & ref 58 56 A 0 9412 97
9612
1961 A 0 9612 Sale 9534
9
53sSerBdueJan1
3
Colo F & I Co gene f 58_ __ _1943 F A
8714
9714
87,4
86
4
75
7412 75
Col Indus 1st & coil Is gu-- -1934 F A
75
1927 J J
10
9614
9618 Sale 9618
Columbia G & E let 58
1927 J J
Stamped
9614 Sale 9534
9914 20
1712 10 Sept'23
1993 M S
Col & 9th Av let gu g 5s
Columbus Gas 1st gold 59..1932 J J 9234 ____ 9212 Sept'23
Commercial Cable 1st g 4s 2397 Q J 6918 8978 6934 Oct'23
Commonwealth Power 6a__ _1947 M N 8878 Sale ,8614
8714 43
1937 J J 100 Sale .00
5
10018
Comp Azu Bars 73.9
9812 15
Computing-Tab-Rec 5 f 68.. _1941 J .1 9634 Sale 9634
78% ____ 771
Conn Ry &L 1st &ref g 4;01951 J1 J
/
4 Sept'23
1951 J J 79
Stamped guar 4s
3
80
79
79
42
Cons Coal of Md let & ref 581950.3D 87 Sale 8814
87
Con G Co of Ch 1st gu g 5s1936 J J 9234 ____ 94 Aug'23
1952 M N 8512 Sale .8512
8678 33
Consumers Power
1931 MN 98 100 .00
Oct'23
Corn Prod Refg s f g 59
1934 M N 9914 Sale 091
2
/
4
9914
1st 25-yr s f 5s
1943 F A 8734 8934 89
1
89
Crown Cork & Seal Os
8778 13
Cuba Cane Sugar cony 75.-1930 .1 .1 8634 8712 87
Cony deben stamped 8%.1930.3 ./ 9414 Sale .9312
94/
1
4 34
44
Cuban Am Sugar 1st coil 88_1931 M S 10612 Sale .0612 107
7
Cumb T & T 1st & gen 58- _1937 J J 9212 93% 9212
9312
Denver Cons Tramw 68-.1933 A 0
8324 35
Den Gas & EL lst&ref ef g 58'51 M N 8514 8534 8412
1942 M S 77
4
79
7712
78
Dery Corp(D G)7s
667g
1
Detroit Edison let coil tr 58_1933 J J 984 9912 997
k1940 M S 95/
1
4 Sale 9518
'A
9534 60
let & ref 58
ClflSl A,
Inillt Sale 10234
10314 54
lar S. rat /ito Qnrlose n
Range
Since
Jan. 1
BONDS
N. Y. STOCK EXCHANGE
Week ending Oct. 19.
t
Price
Friday
Oct. 19.
Week's
Range or
Last Sale
18
Bid
Ask Low
High No.
29
86
Det United let cons g 43.s._1932 J J 86 Sale 8514
1
4 105
6
Diamond Match s f deb This 1936 MN 105 Sale 104/
49
3
Distill Sec Corp cony 1st g 591927 80 4812 4934 49
4914 Sale 4812
Trust certificates of deposit._ _
4914
15
7
7834 Sale 7834
79
Dominion Iron & Steel 5s___1943
90
87
88
7
Donner Steel 78
1942 Ji 87
8834
du Pont(E I) Powder 4s _1936 .11) 89/
1
4
duPont de Nemours & Co 73s'31 MN 10734 Sale 10712 10778 27
10334 Sale 10312 10334 65
Duquesne Lt 1st & coil (35 1949
10618 June'23
"iiEs 16
Debenture 7I•5s
1930
971
/
4 99 East Cuba Sug 15-yr sf g 7s'37 MS 9912 Sale 99 Sept'239 8 147
89
2
7612 80 Ed El Ill Bkn 1st con g 45_ _1939
a9
le 10809
100
10
90
934 S8
2
8512 8512 Ed Elec III 1st cons g 5s_
1995
9678 9612 Oct'23 - 80
8712 Elk Horn Coal cony 6s
1925 JO
58
9218 186
6534 Empire Gas & Fuel 7.4s
1937 MN 9134 Sale 9134
Oct'23 _
9012 100 Equit Gas Light 55
1932 MS 9412 9434 93
7314 81 Federal Light & Trac 65_
93
Oct'23 _
1942 MS 9014 92
78
83,2
1953 MS
7s
86
93
8
10
93
9% 2
15
3
95 Fisk Rubber let s f 88
2 Sale 10
1941 M S 951:4
__
77
8378 Ft Smith Lt & Tr 1st g 55_ 1936 MS 7818 8012 80 Sept'23
9922 26
9012 Sale 8978
75
82 Frameric Ind & Dev 20-yr 7;59'42
46
97
99 Francisco Sugar nit(
1942 MN 101 Sale 10012 101
9014 July'23
98/
1
4 99 Gas& El of Berg Co cons g 5s1949 JD 92% 94
100 101 100
100
1
95/
1
4 95/
1
4 General Baking 1st 25-yr 6s-1936
8012 Oct'23
4514 62 Gen Electric deb g 3I•68..„ _1942
8012 81
10134
57
4
6518
1952 MS 10134 Sale 10114
Debenture Is
49
9712
1
60 Gen Refr 1st a f g 65 Ser A 1952 FA 9738 9812 9712
98 101
991
36
1947.3' 9834 Sale 9834
Goodrich Co 0I6s
11512 51
76
8112 Goodyear Tire & Rub 1st sf83'41 MN 11514 Sale 115
7414 82
e1931 FA 10012 Sale 10012 10214 107
10-year s t deb g 8s
94
93
Oct'23
75
80/
1
4 Granby Cons515 & Peon 68 A'28 MN 90
92 June'23
1928
Stamped
92
93
93
Oct'23
V1
1925 IM
Cony deben 8s
9112 85
90
13
80
8058 Gray & Davis 7s
1932 FA
9814
8778 99,4 Great Falls Power late I 55_1940 MN 9812 100
9914
3
79
79
1
8 Hackensack Water 4s
b
1952 J'787g 80
80
81
11
5
612 Havana E Rv L & P gen 55 A 1954 M S 80
9314 0c8
P9
213
4
95 10012 Havana Rice consol g 5s
1952 FA 9312 94
99
96 104/
107
1
4 Hershey Char lets f g (is_ 1942 MN 99 Sale 9834
92
8212
2
9734 Holland-Amer Line 6s (Jlat)_1947 MN 8212 Sale 8212
04
1
59
8012 Hudson Co Gas 1st g 5s
1949 MN
334 Srle • 96
4/
4
1
97
31
Humble Oil& Refining 5%5_1932 J J 97
"05- 16/8 Illinois Bell Telephone 5s w 11950 ▪ D 9334 Sale 93/
1
4
9378 203
8418 92/
9158 34
1
4 Illinois Steel deb Oka
1940 AG 9112 Sale 9034
79 July'23
9958 10212 Ind Nat G &0 5s
1938 MN 7724 _
10012 104 Indiana Steel 1st 5s
10038 18
1952 MN 10012 Salo 1100
90/
1
4 9318 Ingersoll Rand 1st 55
91935 J J 9678 9812 90 Nov'22 _ _
86
1012
2
9014 Interboro Metrop coil 4I•55__1956 A0 1012 Sale 1012
100 103
A
op
ei'3
2L_
Certificates of deposit
95 101
Guar Tr Co Ws 16% stamped_
211)
11313 11712 Interboro Rap Tran let 55....19813 ii
Sale
e 0613'3:
6
92
134 S1
54
82
88
63
273
Stamped
52
8614
1932 A0 5914 Sale 5838
60
12
10-year 138
5218 98%
88
202
1932 MS 86 Sale 86
75
9738 10434 Int AgrIc Corp 1st 20-yr 55_ _1932 MN 61 Sale 61
109
63
259
1
78
43
38
4 Sale
82
90 Inter Mercan Marine s f 69..1941 AO 8
73
718 Oct'23
_
1947 J J
847e8
International Paper 55
28
1947 J J 83,9 Sale 8312
1
4 27
4012
84/
1st & ref 58 13
18
3912 Jurgens Wks Os (flat mice)_ _1947 J J 79/
1
4 Sale 78
79/
1
4 72
18
8912 17
44 Kansas City Pow & Lt 5s-1952 SI S 89 Sale 8814
1
4 Kan Gas & El Os
93
9414 99/
9312 13
1952 MS 9212 93
1
4 1047g
100 103 Kayser & Co 78
1942 FA 10414 105 104/
2
94 103 Kelly-Springfield Tire 88
1931 MN 10218 Salo 102
10514 45
1935 J J 7134 ___- 9412 July'21
9512 9918 Keystone Telep Co 1st 5s
__
9812 100 Kings Co El L & P g 5s_ _ -1937 A0 977 9812 97 Sept'23
9034 97%
_ Ill
1997 AO 10914
Oct'23
_
Purchase money (is
97/
1
4 Sept'23 _ _ _ _
8634 9312
1925 MS 10118 _
Convertible deb 68
96 100 Kings County El 1st g 4e_.-1949 FA 7114 7314 7112 Oct'23
8758 9378
1949 FA
Stamped guar 48
3/
4
1 75
314 Junce
1:2
233
7038 80 Kings County Lighting 55_1954 J J 71524 79
96
96,
8 96
1954 J J
9734 100,8
s
96 4
1013
1936 J O 10134 Sale 10138
3
5
911
/
4 9838 Kinney Co 73.e
8812
6112 09 Lackawanna Steel 58 A___ _1950 MS 8812 89
887e
8
114
94
9414
83
7
88 Lac Gas L of St L ref & ext 581934 AO 93
9112 9112 Sept'23 -9438 99 Lehigh C & Nov s I 4I•68 A 1954 J J 90
10012 104% Lehigh Valley Coal 55
1933 J J 971., 9812 9734 Oct'23
105 10812
8318 Oct'21
1933'.3
45
106 109% Lex Av & P F 1st gu g 58-1993 MS 3612 39
37
4114 28
58
117
86 Liggett & Myers Tobac 79_1944 A0 117 Sale 117
4
1951 FA 96 Sale 96
9634 14
5s
"Li" 16" Lorillard Co (F) 75
1944 A0 11534 11612 11514
11534 30
54
79
Sale
1951 FA
55
9692 S
54
68 Louisville0& El 55
1952 MN 88
81154
4
8
96
38 19
612
13
84/
1
4 96 Magma Cop 10-Yr cony g 78-1932
'
13 10812 Sale 10812 10812
2
84
9512 ManAti Sugar 7245
1
4
1942 AG 977 Sale 97/
98
16
78
9518 Manhat Ry (NY) cons g 48_1990 A 0 5612 5712 5538
5612 30
78,2 85
5134 5012 July'23
2013 in
_
2d 48
7812 8434 Manila Elec 75
1942 MN 9012 97
9612
97
6
9312 100 Manila Elec Ry & Lt s f 5s.._1953 MS 8218 8312 8212
8212
9
10712 11678 Market St Ry 1st cons 5s_1924 MS 9314 9312 9314
9312
7
10014 10512
1924 A0 0618 9684 9618
9058 19
5-year 0% notes
10718 117 Marland Oils f 88 with war'nts'31 AO 11634 11712 11612 Oct'23 - -AG
9112 9112
attached_
_
_
_
9912 Sale 9922 1(1012 21
Without warrant
83
87
1931 F A 11214 121) 112
11212 10
7I45 Series II
82/
1
4 8978
9912 Sale 9712
0934 14
do without warrants
85
9334 Merchants & Mfrs Exch 75_ _1942 in 105 10518 105
105
7
9412 9814 Metr Ed lat&ref g Os Ser B_I952 P A 98 Sale 9712
98
16
9612 961
/
4 Sletr Power 6s
1
4
9514
7
1953 3D 9438 9512 94/
94
105
12
99 Mexican Petroleum s f 8s__ _1936 MN 10412 Sale 104
9114 9712 Mich State Telep let Is
9934 15
1924 FA 9934 100
9934
99 10312 Midvale Steel &0cony s f 591936 MS 86 Sale 85
86
27
97 100
87
1936
8512 86
Certificates of deposit
8512 99,4 Mliw Elec Ry & Lt cons g bs 1926 FA 9838 99
9834Oct'23
9 23
7
8812 89/
1
4 89 Sept'23 -954 10018
Refunding & exten 029_1931
9212 Sale 90
116 150
9212 04
1951 J O
Gen 58 A
92
8178 15
1961 • D 8178 Sale 8118
9634
let Is B
7314 83% Milwaukee Gas L let 45._ 1927 MN 94 Sale 9312
94
22
9412 Sale 9412
9518 24
9912 10018 Montana Power 1st 55 A.... 1943 J J
98 10314 Montreal Tram 1st & ref 58_1941 J J 8812 8834 8858
8834 _ _4
94/
1
4 99/
7914 Sale 79
1
4 Morris & Co 1st 5 f 4A8__ ,.1939 J J
83 A97
1'9114
2 19
9512 9812 Mortgage Bond 48
1966 AO
8512 8912
9212
2
1932 A0 9212 9312 9212
5s
74
7912 Mu Fuel Gas let Cu g 5s
1947 Si N 9138 9312 9158 Sept'23
__
95
1941 MN 8812 ____ 95% Feb.23 ____
97/
1
4 Slut Iln gtd bds ext 5%
5734
5734 10
5212 55
9538 97 Nassau Elec guar gold 4s__ _1951 J J
10
92
11
1931 J D 91 Sale 91
20 National Acme 7jis
92/
1
4 Nat Enam & Stampg let 59_1929 J D 9534 9912 9712 June'23 _ _ _
92
09
95 Aug'23 _ _ _
7512 Nat Starch 20-year deb Ss. _1930 J J 95 100
1
4 Sale 9918
84
1952 MN 99/
8914 National Tube 18t 58
9978 15
/
4 9312 Oct'23 -98,2 10112 Newark Con Gas ba
1
4 941
1948 JO 93/
97
2
9512 10112 New England Tel & Tel 58_1952 S D 97 Sale 6
98
28
Aug'23
_
7812 87% New On Ry & Lt gen 4I4s_1935 J J
78
8314 N Y Alr Brake let COAV 6s 1928 MN 102 10234 10238 1021
/
4
3
78
3
8412 90 NY Dock 50-yr 1st g 48_ _1951 F A 78.
90
a9
le 1079
914
10912 36
9534 NY Edison Ist & ref 6Iis A_1941 80 10912 S7
8412 9212 NYGEL&Pg 58
1
4
9778 11
1948 J o 9738 9778 97/
9812 100
82
8112 82
82
8
Purchase money g 48_ __ _1949 FA
98 101
79/
1
4 ____ 82 June'23 _ _ _
N Y Munic Ry 1st f 5s A 1966 J J
97
8812 95 NY Q El L& P 1st g 58...1030 P A
97 Sale 97
10
82
94 NY Rya 18t R E & ref 48.._ _1942 J J 3212 Sale 3034
3412 100
8712 9814
3234 Sale 3018
34
Certificates of deposit
215
10512 10812
2
212 2
214 37
30-year ad) Inc 55
01.342 A0
91
9414
2 Sale
11
/
4
2
184
Certificates of deposit
NY State Rye 1st cons 4Iis 1962 m"ti 6012 Sale 6012
N 8818 90
83/
1
4 90
88
6
88
911.
2i 15
0)45
3
1962
55
99 N Y Steam let 25-yr 68 Ser A 1947 MN 9318 9312 93%
94
3
9424 10012 N Y Telep let & gen s f 4%8_1939 M N
94 Sale 9334
9418 40
90/
30-year deben Sf68.._Feb 1949 FA 10514 Sale 105
1
4 98
10538 41
101 10412
/
4 105
20-year refunding gold 821_1941 A0 10434 Sale 1041
56
Low
9012
9334
83
6814
94
71
6214
7158
High
98
99
9214
71
9812
73/
1
4
6614
72/
1
4
Range
Since
Jan, 1
Low
High
82
881
/
4
10478 job12
47
64
47
64
76
802
93
84
8734 90
105/
1
4 109/
1
4
101 10412
10618 10818
94 11314
88
91
99 103
9812 9914
8812 93
93
95
92
91314
97
9912
102 10812
7018 80
1
4
8314 93/
99/
1
4 103/
1
4
9114 9312
9912 101
76/
1
4 82/
1
4
9912 10334
97 101
9712 101/
1
4
11328 11772
99/
1
4 100
8812 93
92
92
112 100
85 101
97 100
7812 82
80
8514
87
94
9914
96
78/
1
4 92
9278 95
9412 99
9315 9555
88
92/
1
4
79
801.
99 10112
_
818 10,2
5
912
% 11
/
4
Ms 7272
1
4 72/
1
4
57/
52/
1
4 734
8438 9454
55
8112
74
9954
81
8812
8118 8834
74
8412
87
91
93
9535
10214 107
102 10934
504 991
10812 11312
9778 104/
1
4
69/
1
4 74
0`. 76
75/
1
4 801a
94 101
9912 10212
87
9212
8934 90
8812 92/
1
4
9754 10034
"5/
4714
112 11914
93
9814
11178 11812
9318 9712
8818 8812
107 120
9638 102
551
/
4 64%
6012 66
9612 9834
8134 84/
1
4
9114 96/
1
4
94/
1
4 99
109 18134
9858 10712
102 159
91/
1
4 10172
95 106
95/
1
4 9972
94% De%
101 109/
1
4
9938 10038
841
/
4 91%
84
90
98
99/
1
4
88/
1
4 9112
88/
1
4 9212
81
8918
92/
1
4 9434
93
9834
861
/
4 91
73/
1
4 87/
1
4
"iiii
WI;
8934 95
951
/
4 95/
1
4
5514 6734
91
9534
97
971
/
4
95 95
97 101%
9214 95
95/
1
4 100
02 82
100 104
7412 80
10658 11212
95/
1
4 100
79% 8314
76
82
99
98
2314 38/
1
4
27
37/
1
4
2
8
114 7/
1
4
59
09
97%
88
92
98
9034 9514
10312 10838
10214 10714
*No mice FrIdaY;latest bid and asked. a Due Jan. /Due AprIl. o Due Mardi. e Due May. g 1311(1June. 5 Due July 1 Duo Aug. 0 Due Oct. 9Due Dec. /Option sale
OCT. 20 1923.]
THE CHRONICLE
New York Bond Record-Concluded-Page 5
1763
Quotations of Sundry Securities
All bond prices ere -and interest- except where marked "f
Week's
Range
Standard 011 Stocks Par Bid Ask •
Railroad Equipments Peret.r Basis
Range or
Since
Anglo-American Oil new el *143* 1412 Atlantic Coas1 Line 65
5.651 5.35
Last Sale
Jan. 1
Atlantic Refining
100 102 103
Equipment634s
5.55 5.30
Preferred
100 11412 117 Baltimore & Ohio 65
5.80 5.40
Bid
Ask Low
High No. Low
High Borne Scrymser Co
100 128 135
Equipment 4345 & be
5.65 5.35
.• 1 99% Sale 99% 100
Niagara Falls Power 1st be __1932
8
9514 101
Buckeye Pipe Line Co__50 *74
75 Buff Roch & Pitts equip 65_ 5.50 5.30
01932 AO 104 10412 10312 104
Ref & gen 68
5 10112 105
Chesebrough Mfg new..100 25 235 Canadian Pacific 4345 Az Cia. 5.55 5.25
Niag Lock & 0 Pow 1st 5s_1954 MN 9978 10012 99
10012
8
9712 10012
Preferred new
100 110 115 Central RR of N J flte
5.60 5.35
S 9158 Sale 9112
1952
No Amer Edison 65
40
92
91
96
Continental 011 new..
25 *36
3712 Chesapeake & Ohio 85
5.75 5.45
9212 92
Nor Ohio Trac & Light 65_ _ _1947 MS 92
1
92
90
95
Crescent Pipe Line Co
50 *16
17
Equipment834s
5.60 5.35
Nor States Power 25-yr Is A _1941 AO 8914 Sale 89
8938 37
87% 93
Cumberland Pipe Line_100 106 10712
Equipment 5s
5.55 5.30
1st & ref 25-year 65 Ser B_1941 A0 100 Sale 100
10038 34
98% 102
Eureka Pipe Line Co_ __ _100 95
9612 Chicago Burl & Quincy es
5.65 5.30
Northwest's Bell T 1st 75 A_1941 FA 10734 Sale 10738 107% 52 107 1084 Galena Signal
Oil corn_..100 60
Eastern
Chicago
III
81
&
534s6.25
5.50
North W T lot fd g 4348 gtd _1934 J J 9078
9112 May'23
91% 9212
Preferred old
100 107 114 Chicago & North West 4345 5.45 5.25
Ohio Public Service 7345._ _ _1946 AO 104 Sale 104
10414 . 3 101 108
Preferred new
100 105 106
Equipment&
5.65 5.35
1947 FA 100 10012 10034 10034 16
7e
99% 10514 Humble Oil & Ref new... 25 *33
3334
Equipment834s
5.55 5.35
Ontario Power N F 1st 58._ _1943 FA 94 Sale 9312
1
94
9234 9812 Illinois Pipe Line
100 154 156 Chic R I & Pac 434s & be_ 5.80 5.45
9312
Ontario Transmission 5s_
1945 MN 9318 94% 93
2
924 96
Imperial Oil
25 *98
9812
Equipment
5.87 5.50
813
1941 FA 97 Sale 97
Otis Steel 8s
9
9818
96 10112 Indiana Pipe Line Co_
50 *85
87 Colorado Az Southern Os.._
5.75 5.40
let 25-year si g 7345Ser B 1947 P A 92 Sale 92
5
9214
9012 9478 International Petroleum_(1) *15
1575 Delaware & Hudson Os
5.60 5.35
Pacific 0& II gen & ref 58_ _1942 J J 8958 Sale 8834
67
90
8812 9314 Magnolia Petroleum._ _ _100 132 135 Erie 4345 Az
6.25 5.80
59
Rae Pow&Lt lat&ref 20-yr be '30 P A 9234 Sale 92
9234 15
89% 94
National Transit Co _ _12.50 .2212 2234
Equipment(is
6.40 6.00
Pacific Tel Az Tel let 55
1937 33 0614 96% 96
9614 21
9434 9912 New York Transit Co _ 100 94
97 Great Northern 65
5.60 5.35
55
1952 MN 9012 Sale 9014
90% 33
88
924 Northern Pipe Line Co_.100 10112 103
Equipment 5s
5.65 5.40
Pan-Amer P & T 1st 10-yr 78 1930 P A 103 Sale 103
10312 46 102 10558 Ohio Oil new
25 *54
5412 Hocking Valley 85
5.75 5.45
931a _ _ -- 934 Sept'23
Pat& Passaic G Az El cone 58 1949 M
_
92% 94
Penn Mex Fuel Co
25 *19
2212
Equipment 5s
5.65 540
Poop Gas & C 1st cons g (3e 1943 AO 104 10512 10512 Oct'23
104% 108
Prairie Oil & Gas new__ _100 11612 16712 Illinois Central 4345 & 585.45 5.20
Refunding gold 5*
1947 MS 8878 8914 88%
5
89
874 94
Prairie Pipe Line new _100 99
994
Equipment
5.65
5.35
65
Philadelphia Co es A
1944 FA 10014 Sale 100
10038 39
98% 1014 Solar Refining
100
.5.55 5.30
175
Equipment 70 & 6345
1938 MS 884 Sale 8712
5345
8914 29
8712 9115 Southern Pipe Line Co.-100 168
9112 92 Kanawha & Michigan 65-.- 5.85 5.45
'
Pierce-Arrow 8s
1943 MS 72% Sale 7218
7275 21
854 8234 South Penn Oil
100 112 114
Equipment4348
5.65 5.25
Pierce 011 s f as
1931 J D 80 Sale 80
8212
7
70
98
Southwest Pa Pipe Lines-100 7812 80 Kansas City Southern 535.1. 5.65 5.35
8934 _ _ _ _ 903 Sept'23
Pleasant Val Coal 1st g s 158 1928
89
9035 Standard Oil (California) 25 *5112 514 Louisville & Nashville 6s._.
5.65 5.40
.• 1 9014 9034 91
Pocah Con Colliers 1st of 5e-1957
91
1
904 94% Standard 011 (Indiana)_ _ 25 *553* 553
Equipment834,3
5.55 5.30
Portland Gen Elec lat 58_ _ _1935 S i 9412 _ _ 9412 Sept'23
9112 9512 Standard 011(Kan)
25 *3812 39
Michigan Central 52( & 65_ 5.50 5.25
1930 MN 87 Sale 87
Portland Ry let & ref 5e
8875
8
84% 8875 Standard 011 (Kentucky) 25 *91
92 Minn St P &SSM 4345 de 55
.
.40
8215 821s
Portland Ry, Lt & P 1st ref be '42 FA 82
8218
3
82
86% Standard Oil (Nebraska) 100 215
Equipment 634s &
_ 5.85 5.45
1947 MN 03 Sale 9134
Os B
93
20
9134 9014 Standard 011 of New Jet*. 25 *32% 230
33 Missouri Kansas & Texas 68 6.00 5.50
lot & refund 734e Sec A.....19413 MN 10434 105 105
105
6 1037s 10714
100 11678 11712 Missouri Pacific 13e & 634e_ _ 5.85 5.45
Preferred
Porto Rican Am Tob 89._ -.1931 MN 105 10634 05
Oct'23
10178 106
Standard Oil of New York 25 *4112 42 Mobile & Ohio 434e Az 55_ _
5.75 5.30
Pressed Steel ar 55
1933 JJ 9014 Sale 8934
9014 18
87% 9334 Standard 011(0101o)
100 276 278 New York Central 434e & 50 5.50 5.25
110 Sale 0912 110
Prod & Ref a f 83(with war'nta)'31
18 108 13312
100 117 120
Preferred
Equipment68
5.70 5.40
Without warrants attached_ _ _ J O 10238 Sale 02
102%
6 100 10812 Swan & Finch
100
25
30
Equipment 70
5.55 5.35
Pub Sect' Corp of N J gen 55_10.59 AO 7718 787s 76l2
77
15
7612 86
Union Tank Car Co_ _ _ _100 87
05
Norfolk & Western 4345.-.- 5.35 5.10
Punta Alegre Sugar 75
1937 S i 10712 Sale 074
10978 96 105 124
100 1O7'4 10812 Northern Pacific 75
Preferred
1968
5.55 5.30
6612 Sale 66
Rapid Transit See 6/3
6718 641
854 743s Vacuum 011 new
25 *4978 504 Pacific Fruit Express 75_ _ _ _ 5.60 5.35
Remington Arms 65
1937 MN 9312 Sale 934
94
38
907,1 96
10 no
Washington Oil
23 Pennsylvania RR eq 5s.35 85 5.60 5.30
Repub I & S 10-30-yr 58 a 1-1910 AO 90 Sale 8912
90
13
89
964
Other Oil Stocks
Pitts & Lake Erie 8345
5.50 5.30
1953• j 87 Sale 8675
5o
87
7
86% 9458 Atlantic Lobos 011
(I) *212 23
Equipment6s
1952 J D -___ 9412 9212
5.80 5.40
Robbins & Myers a f 75
9212
2
'212 99
50 *6
Preferred
12 Reading Co 434s & be
.5.35 5.15
_ _ 91
Roch & Pitts Coal & Iron 58-1946 MN 904
Jan'23 - 91
91
25
Gulf 011 new
*51
5114 St Louis & San Francisco be_
Rogers-Brown Iron Co 78_ _ -1942 MN 85 Sale 84
85
10
86
85
5 *434 53 Seaboard Air Line 43411 & 58 5.75 5.50
Mexican Eagle Oil
5.90 5.50
87
5
Mutual Oil
9 Southern Pacific Co 4345... 5.35 5.10
79% 82
1937 M
7958 Oct'23
StJosRy,L.11 &P 55
77
79% National Fuel Gas
100 85
87
Equipment 78
5.55 5.30
St Joseph Stk Yds 1st g 4348 1930 J J 8512 93 854 Dec'22
Producers
10
Creek
Salt
•1812
183
4
Ry
4345
Southern
& 53
5.65 5.25
St L Rock Mt Az P 58 stmpd _1955 3, 75% 7612 771a Oct'23
1i1-2 Sapulpa Refining
5 *2
212
Equipment&
5.85 5.50
1924 AO
St Louis Transit 58
_
5714 Sept'23
5714 62
Toledo & Ohio Central Os... 5.85 5.50
1937 J .1 8734
St Paul City Cable be
_ 92 Sept'23
92
93
Utilities
Public
5.45 5.25
1942 MS 10278 Sale 02% 102%
Saks Co 75
1 100 103% Amer Gas Az Eiec new_ (I) *3734 3812 UnionPacific 75
Tobacco Stocks
San Antonio Pub Ser Bs__ -1952 ii 91
92
9114 Oct'23
90
9434
50 *z42
Preferred
43 American Cigar common 100 77
79
Sharon Steel Hoop 1st 88 ser A '41 MS 9912 Sale 90
9912
7
97 104
M&N
Deb 68 2014
9314 94114
100 82
Preferred
86
Sheffield Farms 634s
1942 AO 101 10112 01
10112 21
9912 103
Amer Light & Trac com_100 113 115 Amer Machine & Fdry_ _100 137
Sierra & San Fran Power 58-1949 FA 83% 8412 8312
8312
5
8212 8712
100
Preferred
16
90
8
19
70
1 B
British-Amer
Bte
isahreA
r mer Tobac ord. El *2312 24
Sinclair Cons 011 15-year 73-1937 MS 9312 Sale 93
9334
92 10112 Amer Power & Lt Com_ _100
8
El *2312 24
8345 B (w I)
1938 JO 86% Sale 887
85
8812 86
9714
100 9
Preferred
82
111: 8
94
2 Hep
lm
ree(Geeo W) Co. new 25 *49
.51
Sinclair Crude 011 5348
1925 AO 961
.Sale 964
9834 113
94 10034
M&S
2016
Deb 6s
Preferred
100 110 112
6e
981g Sale 06
1926 FA
07
58
93% 99% Amer Public Util corn....100 25
35 Imperial Tob of GB & Irel'd *1814 1714
Sinclair Pipe Line 55
1942 AO 82 Sale 817*
8214 38
8014 8912
100
7%
prior
met
68
68 lot Cigar Machinery
100 57 62
South Porto Rico Sugar 75-1941 3D 1004 Sale 04
101
15
9812 102
100 43
4% panic pret
49 Johnson Tin Foil & Met.100 so
90
South Bell Tel & T let s1 58_1941
'
3 9412 9512 9435
9412 38
9034 95%
100 .7
89. preferred
551 _7_3_ _ MacAndrews & Forbes_
es _100 133 136
Southern Colo Power 65_
1947 J
88
Oct'23 _ _
8834 89
874 92
corn
Val
50
Blackstone
G
Az
E
100 97 99
Stand Gas & El cony s f 65_ _1926 J O 9834 Sale 9834
99
7
96% 10012 Carolina Pow & Lt com_100 78
fe Co
100 20
Standard Milling tat 5s
22
1930
N 95 Sale 945
0534 19
94% 9914 Cities Service Co corn.. _100 12812 82 MePnrgeel"Ced
13012 Porto Rican-Amer Tob _ _100 89
Steel dr Tube gen f 7a ser C..1951
73
'
3 10312 Sale 03
10312
6 100 10712
100 67
Preferred
6712
Scrip
Sugar Estates (Orienti) 75_1942 MS 95 Sale 95
75
05
5
95
9924 CitiesService Bankere'Shares 1278
133* Universal Leaf Tob com_100
Syracuse Lighting let g 58- -1951 J D 92
75
93
92
92
1
9018 9112 Colorado Power com_ -..100 19
20
Light & Power Co col tr e f be'54 ii 8312 86
Preferred
100 92
95
833 Oct'23
83% 86
100 9212 94 Young (J 5) Co
Preferred
100 105 110
Tenn Coal. Iron & RR gen 58'51 j .1 99 100
99
Oct'23
3
9815 101
Com'w'th Pow,Ry & Lt_1(10 34
Preferred
100 100
rr
Tennessee Cop 1st cony 135_ _1925 MN 9938 10012 9914 Oct'23 - _ _
9914 10112 Com'w•th Pow Corp pref 100 7112 35
7212 Rubber Stocks(C/ereland)
Tennessee Elec Power(ts
1947 3D 93 Sale 9212
93
28
9215 95
Consumers Power pref .100 87 _9_7_ F18
reedz
0 Rub corn 10 *6412 6812
res
sto
,
nreeT
feirr
Third Ave 1st ref 4s
1960 33 52 Sale 513
5458 38
5212 62
Elm: Bond & Share pref _100 ..z96
Adjustment income be .._ _01960 AG 4334 Sale 4312
100
89
46
160
45
6234 Federal Light & Tractional *66
68
7% preferred
Third Ave Ry 1st e 59
100 -16- 89
1937• .1 92
96
94
Oct'23 -90
954
Preferred
100
:
6
28
2
272
034 General Tire& Rub corn 50
1931 FA 103 Sale 10214
Tide Water Oil 8345
170
103
24 10112 105
Lehigh Power Securities_(j)
Preferred
-1931 3D 10514 1065s 10514
Tobacco Products 5 f is...,..
100 94
98
10512
4 10234 107
Mississippi Riv Pow corn 100 19
21 Goodyear Tire & R com_100
1941 M S 106 10614 108
Toledo Edison 7s
915
9
10612
6 1054 107%
Preferred
100 80
83
Toledo'frac, L& P68
1925 ✓ A 97% 9814 973
of
Can
pf_loo
T&R
78
Goody'r
9812 13
97% 9912
First mtge 5s, 1951 _ _ J&J 9012 9112 Mason Tire & Rub corn_(I) •114 2
Trenton G At El 1st g 58-.._1949 MS 924
9214 July'23
924 95
1935__M&N
deb
75
S
F
g
101
.• 1 913a
_ 85
Undergr of London 040_ -1933
Preferred
100 15
17
Oct'23
_
85
9314 Nat Power & Lt coin_ _.(3) *53 102
55 Miller Rubber
1948 .1 .1
100
Income 65
72
894
8914
1
86% 89
Preferred
(2) *84
85
1942 MN 95% 9814 96
Preferred
100
94
Union Bag Az Paper 60
974 21
95
99
J&J
75
1972
Income
88
89 Mohawk Rubber
8
Union Eleo Lt & P 1st e 58-1932 M S
100
9612 Oct'23
_95
9734 Northern Ohio Electric_(I) *5
8
1933 MN 91% 92
Preferred
9114
30
be
92
4
8814 92
Preferred
100 20
22 SeiberlIng Tire & Rubber(2) *6
70
70 Juno'23
Union Elev (Chicago) ba.-1945 AO 64
70
70
North States Pow com_100 97
99
1931
Preferred
45
100 35
'
3 9214 9534 96 Aug'23 -Union 011 55
90
98
Preferred
100 58 0
93
4 Swge
c1942 FA 9934 Sale 9834
Tire & R com_100
r
rto
21
efbea
133;
9934 17
9912 102% Nor Texas Elec Co com_100 92
100 40
50
Union Tank Car equip 7s-1930 FA 103 Sale 103
104
16 10212 105
Preferred
100
72
Sugar Stocks
110% Sale 11012 111
1941
United Drug cony 130
13 110 11334 Pacific Gas & El 1st pref 100 67
50 •10
8712 89 Caracas Sugar
13
United Fuel Gas 1st 5 f ee_ -1936 .1 .1 94
94% 94%
94%
4
92
98
Power Securities com_(I) *•3
13
18
5 F
933 • 9312 17
Cent Aguirre rugar corn.. 20 •80 82
United Rye Inv be Pitts issue 1926 MN 93
94
8714 9712
Second preferred
(3)
100 z94 98
Sugar
5734 5812 58%
United Rya St L let e 48-1934
60
56
56'2 6318
1949_
Coll
trust
__J&D
(te
77
82 Federal Sugar Ref com_ _100 63 66
88%
United SS Co lot rots 68.-- -1937 M N 8614 88
89
10
864 93
Incomes June 1949_..F&A
60
100 90 105
Preferred
United Stores 60
1942 A 0 99 Sale 98
99
23
98 10112 Puget Sound Pow & Lt .100 /55
46
4812 Godchaux Sugar, Inc -(3) •7
10
II 5 Hoffman Mach 85
1932 J J 10212 104 10214
103
18 )0018 103
100 80
6% preferred
83
100
Preferred
65
50
U S Realty & I cony deb g ba 1924 J
100 __ _ 10014 Sept'23
99 10212
7% preferred
100 10012 103 Great Western Sugar new 25 *73
76
U S Rubber 1st & ref 58 tier A 1947 J J 84% Sale 844
84
85% 94
8912
7345
Gen
1941_
mtge
M&N 104 10512 Holly Sugar Corp corn (3) *2712 29
1930 F A 10412 Sale 1043* 1053* 35 101% 10912 Republic Ry & Light__
10-year 7345
_100 1312 1512
100 78
7912
Preferred
U S Smelt Ref & M cony lia_1926 F A
9918 Salo 98%
100
6
98% 102
Preferred
100 39
40 Juncos Central Sugar__ _100 90 110
U 8 Steel Corpicoupon - _ _z11963 MN 102 Sale 10134
10212 218 10034 104
100 Sept'23 - _ _ 100 10412 South Calif Edison com_100 102 104 National Sugar Refining _100 88
90
of 10-60-yr 551registered 41963 MN
8% preferreu
100 115 117 New Niquero Sugar
98
z93
Utah Light Az Traction 55
1944 A 0 8032 Sale 804
8112 14
80
91% Standard Gas & El (Del) 50 *27
28 Santa Cecilia Sug Corp pf 100
12
Utah Power & Lt let 5e
1944 F A 884 Sale 8734
8814 17
85% 92
Preferred
50 *48
49 Savannah Sugar corn- __() *53
Utica Elec L & Pow let a t 58 1950.1 J 9514 - - - 9514 Sept'23 - _
57
95
9534 Tennessee Flee Power_ (3) •14
15
Preferred
Utica Gas & Elec ref 58
100
79
9134 904
277
1957 J J 90
9018
1
89
9214
Second preferred
(I) *45
47 Sugar Estates Oriente pref.
85 90
Western Power Corp_ _100 26
2712 West India Sug Fin com_100
Vs-Cluxo Chem let 15-yr 58_1923 J
9978 100 100
100
2
9934 10012
Preferred
100 82
Preferred
84
78
100
20
1947J D 83 Sale 8212
87
73
75
98
Short Term Securities
12-year a f 7355
1937J J 634 Sale 63
55
9412 Am Cot 011 65 1924__M&S2
6712 84
9834 994 Industrial&MIscella
Without warrants attache& J J
8812
3
6812
58
9012 Amer Tel&Tel 65 1924_F&A 10018
Va Iron Coal Az Coke 1st g 58 1949 M S 92
92
59
93
92
92
9512 A naconda Cop MM 65'29 J&J 1007 10014 American Hardware__ _ _100 58
Va Ry Pow 1st & ref be
10114 Amer Typefounders coin 100 75
78
8512
10343
8512 88
8612 21
84
87
Anglo-Amer 011734s'25 A&O 10134 1024
Vertientes Sugar 75
961
Preferred
100
100
98
1942 J D 9638 Sale 96
24
9512 99
Federal Sue Ref es•24..M&N
Warner Sugar 75
Bliss (E W) Co new_ _ _ _(2) •18
20
10334
1941 J D 10314 Sale 03
101% 106
68
1933
M&N
-97i-2 18- Preferred
Wash Wat Power sfSs
62
50 •56
Oct'23
19393 J 99% -- 00
9818 100
Hocking Valley 65 1924 M&S
Weetches Ltg g 5e stmpd gtd 1950 J D 9512 Sale 9512
5
9512
9312 9714 Interboro R T 8s 1922_M&S 1004 1003* Borden Company Corn..100 115 118
West Penn Power Ser A 58_1946 M 8 9012 Sale 9012
Preferred
100 100 103
6
9118
88
95
K C Term Ryes'23 M&N15 Wig
let 40-year es Series C1958 J D 1015a 102
:-_ __ Celluloid Company
90
0118 101% 25 100 10212
100 85
6345July 1931
J&J
_
let series D 78
100 105 Ill
Preferred
01946 F A 10312 104% 04
10414
4 1021a 1074
5125
1926 9914 9912 Childs Company corn.._100 157 160
58 E
8912 Lehigh Pow See es'27.F&A 1031983 M 5 88
88
15
87
8814 8712
Western Union coil tr cur 58 19383 J 974 Sale 9714
Preferred
94'2 95
100 109 113
9712 12
96 100
Sloss-nett S&I 6s '29.F&A
9612 97 Hercules Powder
Fund & real estate g 4345-195
100 104 108
92% 20
89
94
U S Rubber 73413 1930 _F&A
0 M N 9212 92% 9212
15-year 834/1 g
• Preferred
100 103 105
1936 F A 1094 Sale 084 109% 58 106 11178 Joint 5th Land Bk Bonds 105 106
85
Westinghouse E & M 7s_
100 80
International Salt
1931 M N 10714 Sale 0714
10734 69 10512 10918 Chic Jt Stk Land Bk 55,1951
10012 102 International Silver pref 100 103 106
Wickwire Spen Steel let 78_ _1935 3 J 89
911/
9218 32
90
91
98
55 1952 opt 1932
Wilson & Co let 25-yr ef 65_1941 A 0 96 Sale 95%
10012
102
79
Lehigh
*77
Sales
50
Coal
Valley
9638 34
944 102
53413 1951 opt 1931
10-year cony 8 f 63
102 10312 Phelps Dodge corp
19283 D 8412 Sale 8412
100 140 155
86
88
44
83
43is 1952 opt 1932
730
99 100 Royal Baking Pow com_100 120 130
1931 F A 9812 96% 9612
9878 14
93 105
43413 1952 opt 1932
Winchester Arms 734e
9712 99
100 98 100
Preferred
0312 10312
1941 A 0 10312 104
10012
4
106
454ii
1983
opt
1933
Young nSheet & T 88(w 1)
99 100 Singer Manufacturing_ _100 117 119
-1943
94
446
3 93% Sale 934
934 991/
•Per share. I No par value.
*No price Friday; latest bid and asked. a 'Moja!). el Due Apr. c Due
d Purchaser also pays accrued dividend.
Mar. e Due I New stalk. /Flat price. k LastIt Basis.
May. g Due June. h Due July. k Due Aug. oDuo Oct.
sale. n Nominal. z Ex-dividend.
Ex-r elite.
p Due Dec. sOption sale. e Ex stock dividend. s Sale
Woe. •Canadian quotation.
BONDS
N.Y.STOCK EXCHANGE
Week ending Oct. 19.
Price
Friday
Oct. 19.
co,°,
5
BOSTON STOCK EXCHANGE-Stock Record...Br?ell'Pane
1764
Sates
for
the
Week.
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Tuesday. I Wednesday, Thursday, I Friday.
Monday.
Saturday,
Oct. 19.
Oct. 18.
Oct. 17.
Oct. 16.
Oct. 13. I Oct. 15.
145 14512 146 146
145 146
•z145 146
145 145
7578 7614
*77
7712 7634 7673 7512 76
7712 77
9534 9534 9513 96
•94
*95 96
11618 1161s 116 11618 116 116
*115
*116 117
9713 98
97
9712 97 9712 97
97
97 97
1138 1014 1012
1134 10
• _ 1212 1214 1214 *10
10
10
10
9
12
*10
12 *____ 12
1512
1512 1534 15
16
•1512 17 •15.12 1634 16
2112
21
*20
21
2212
+____ 21
•_-.. -2i * 22__ 22
2434
2612 2612 2434 2434 2434 2434 *24
28
;ii
+138
*138
*138 _- 51138
*138
23
23
23
23
23
23
24
5'23
*23 24
60 *60
60
60 60 *60
52
52
56
56
*55 ---- *55
36
35
_
_
*3512
35
35
*3512
_
*3512
36
Nis
3512
_
•_
37
*35
35 *- - 36.12
_ 2612 2612 *2612
2713 2713 *2712
*2712
1158
1112
1138
1112
1138
1112
4
*1214 123
67 67
'67 704
83
8612 83
+84
- 4(
68 W;68 -69
61;
70
*68
70 *68
29
+27
27
27
29
29
29
• _ 29
72
73
72
72 372
72
*72
.
;73
145 14512
7512 76
HO- 11698
98
1012
10
1112 1112
138
23
60
---36
36
3613
36
2612 2612
-------
138
23
60
67
29
6712
29
STOCKS
BOSTON STOCK
EXCHANGE
Range since Jan. 1 1923.
Lowest
Highest
Railroads
Shares
100 143 Apr 3 151 June 14
135 Boston & Albany
100 75 June 29 84 Jan 5
466 Boston Elevated
pref
100 9112 Aug 9 100 Mar 6
30 Do
100 1114 Aug 2 125 June 12
77 Do 181 pref
100 97 Sept 24 106 Mar 5
143 Do 2d pref
100 10 Oct 17 2012 Mar 2
255 Boston & Maine
9 Oct 17 27 Feb 13
100
82 Do Pre!
100 15 Oct 18 3212Mar 1
1st
A
pref
Series
Do
110
36 Do Series B 1st prat__ -100 21 Oct 17 48 Feb 6
100 22 Sept 24 42 Mar 22
Do Series C 1st pref
84 Do Series D let pref_100 2434 Oct 16 59 Feb 7
100 135 July 21 16012 Jan 25
7 Boston &Providence
513 East Mass Street RI Co100 18 Feb 15 35 Mar 22
100 80 Oct 2 72 Jan 16
77 Do let pref
100 52 Oct 18 65 Mar 19
10 Do pref B
100 34 Oct 3 46 Mar 22
115 Do adjustment
255 East Mass St Ry (tr afs)....100 3412 Feb 15 45 Mar 21
100 2512SePt 27 43 Jan 2
124 Maine Central
100
934July 5 2212 Jan 30
79 N Y N H.& Hartford
28 Northern New Hampshire_100 65 Sept 8 84 Feb 3
12 100 Jan 3
6 Norwich & Worcester pref _100 80 June
100 65 Aug 14 81 Feb 14
87 Old Colony
100 2112 Aug 25 384 Feb 20
80 Rutland pre!
36 Vermont & Massachusetts_100 72 Oct 3 98 Jan 11
112 2
214
*2
2
2
214
14
14 *13
14 *13
12312 123 12312 12318 12312 12318 12312
7412 7214 7415
72
73
75
72
7813 79
7712 80
*75 80
__
*z15
-- *z1.5
-12 •10 12 +10
12
104 10412 10412 105
---- -----.56 •.15 .30 *.15 .30 _--- -2112 2112 2112 2114 2114 2114 2114 2114 2114
*21
*212. 3
*213 3
--- *212 3
*212 3
*212 3
7
*634 7
'612 7
7
713 714
834 7
*714 8
3912 4018
40
x39
3912 4112 39 40
40
7933 80 x39
15712
16012 161 z157 15712 157 157 157 15712 157 15712 157
---*312 4
312 312 *312 4
558 558 *312 4
312 312
---*912 1012
*814 13
*914 13
*914 13
*614
4
83
734 734
4 *614 834
*614 854 *614 8,
16
18
4
1
/
15
1513 1512 1514 1512 1534
*1534 1612 1512 16
___- __-55
55
55
54
55
+54
55 *54
64
54
____
___
35
z3
+534
35
35
*z34
34
35 *233
*134
12
---- ---*10
12
12 *10
12 *10
10
1012 *10
61
*56
+5512. 60
*5512 60 *5512 5812 *5512 60
____
- --- -____
•.75 .88 41.75 .88 111.50 .88 5..75 1 •.50 .75 -____ ____
+112 4
*112 4
*112 4
*112 4
*112 4
612
612
7
*658
7
678
*658
638
65s
638
612 634
10
10
10
10
10
10
10
10
10
10
10
10
80
8012 17834 7912 7912 7912 7954 7934 7834 7934 80
80
68
68
68
68
68
68
68
68
6912 6912 68 68
•z160 16112 *1160 16012 *51601416013 16014 16014 160 16012 15912 160
5
5
5
613
5
612
*5
*5
612
812 *5
*5
1912 1912
*1912 20
1934 1934 1934 20 *1912 20
•1934 21
__
81
8234 81
81 15'281
81
8234 *z80
•z____ 81
1 -6
(
314 314
3 -3,
4 312
31
312 312
0 314 _3i1.
314 358
__
312 __
313 *2
313 *2
312 *2
312 *2
*2
11612
_--115
11613
11714
11712
11612
116
11512
117
116
*1116 117
1512 ___
1812 *18
184 *18
1812 *18
1812 *18
*18
„.-8634' -87
8634 87
8712 8634 8734 8612 87
8712 8712 87
15
1558 15
15
1532 15
1518 1513 *515
'115
1558 111115
_ _ '22
5.22
____ .532 ____
•22
*.50
:::_
•.50 1
10112 102
101 10113 10138 10154 10112 10134 10112 10134 10112 102
44
4412 44
4412 *44
.44
4412 *4334 4412 44
44
44
___ 10 •____ 10 1•____ 10
10
*7
10
*7
343s 3438 3478 3412 3434
3414 3458 3314 3412 3414 343s 34
2618 *2512 26
+26
26
2614 26
2612 2534 26
26
26
2412 2312 2412 231s 2312 2314 2478 2334 2512
2414 25 x24
1614
16
1534 1534 1558 1614' 1578 1614 16
1578 1573 16
*813 9
*812 9
*813 9 I *813 9
-*812 9
17 *1712 18
*17112 18 *17
18 1 -18- 18-17
•18 _
16
1758 1758 1753 1712 1734
1734 1713 1713 *17
17
17
29
30 1 29
29
30
29
29
29 1 2912 2913
29
29
3314 3212 32121 3214
3314 *32
*3212 3312 *32
36
36
37
37 *35
37 *35
36 *35 37 *35
*35
*134
2
2
214
*2
*1312 14 •131.2 1412 *1312
123 12312 12238 12312 12318
7234 17114
7012 72
70
*74
7312 7312 *74
+215
*115 -- +11.5
12- +10
*1034 12 +1034 --
Miscellaneous
312 Jan 0
1 Sept 19
238 Amer Pneumatic Service__ 25
50 13 Aug 7 20 Jan 10
Do pref
2,685 Amer Telephone & Teleg 100 119 June 29 12534 Mar 14
No par 6712 Oct 9 112 Jan 5
171 Amoskeag Mfg
72 Oct 9 88 Jan 5
74 Do pref
r 15 Mar 1 1 .12 Mar 14
__ p1a0
l
"
Ino
Art Metal Construe,
go par 10 July 2 2018 Feb 14
Atlas Tack Corp
28 Boston Cons Gas Co. pref_100 104 Oct 17 10813 Feb 24
Boston MonPet Trus No par .10 Jan 18 .30 Jan 25
10 19 July 5 27 Mar 19
125 Connor (John 71
4 Jan 2
212 Oct 8
10
East Boston Land
5
634 Oct 17 1418Mar 5
415 Eastern Manufacturing _
25 x39 Oct 15 12712 Mar 22
500 Eastern SS Lines,Inc
100 156 Oct 3 172 Jan 3
725 Edison Electric Ilium
312June 30 1078 Jan 2
No par
200 Elder Corporation
5 July 9 2313 Feb 5
100
Elec.
ouston
20 Galveston-H
4 Oct 18 1558Mar 3
1
7/
No Par
10 Gardner Motor
25 15 Sept 21 24 Feb 10
410', Greenfield Tap & Die
5312
0,:t 11 6313 Mar 13
par
No
Rubber
Hood
138'
______ Internat Cement Corp Nopar 32 July 2 44 Mar 19
50 10 Sept 14 22 Feb 19
50 Internat Cotton Mills
100 50 May 31 7315 Jan 10
10 Do pref
3 Mar 20
______ International Products_No par .75 Oct 4
8 Mar 15
412June 20
100
pref
Do
______
812 Aug 20
10
512 Oct 1
258 Libby,McNeill& Libby
25
84June 27 11 Apr 26
1.024 Loew's Theatres
Jan 2
22
8713
7812May
100
Coe._
Gas
225 Massachusetts
100 65 July 7 73 Jan 25
225 Do pref
55 Mergenthaler Linotype_ 100 147 June 19 179 Jan 6
5 Oct 10 1434 Feb 19
190 Mexican Investment,Inc_ 10
Jan 31
163 Mississippi River Power-100 1812Sept 20 2814 Feb
14
Jan 16 84
80
100
pref
110 Do stamped
834 Feb 13
3 Oct 19
10
1,576 National Leather
13
412Sept
9
Ott
2
ctfstr
Corp
Oil
England
New
___
___
4 122 Jan 3
265 New England TelePhone100 113 July 12
214 Apr 26
4July
1
1 16/
___.... Orpheum Circuit, Ins
8534 Oct 9 190 Jan 2
751 Pacific Mills
10 15 June 26 18 Mar 14
47 Reece Button Hole
314 Mar 15
Reece Folding Machine-10 .2 Jan 11
5 .75 June 14 2 Feb 20
Simms Magneto
Jan 6
1094
28
98121une
100
398 Swift & Co
25 42 July 31 50 Mar 9
120 Torrington
7
Mar
11
19
Jan
712
5
Twist Drill
Union T
4 Mar 8
/
25 3314 Oct 15 551
2,930 United Shoe Mach Corp
11
Jan
2814
14
2458June
25
278 Do Ord
30 Jan 2
6,529 Ventura Consol 011 Fields_ 5 1934 Aug 23
e224 Mar 19
1,326 Waldorf Sys,Inc,new shNo Dar 1538Sept 17 13 Mar 17
15
Feb
5
Walth Watch Cl B com.No par
2912 Mar 19
100 1512Mar
Preferred trust ctfa
-1
____ 5
1734 ')ct 8
1,656 Walworth Manufacturing_ 20 1114 Jan 5 3412
Mar 14
50 2512 Jan 31
111 Warren Bros
Mar 14
3912
12
July
31
50
pref
1st
Do
30
15
Mar
42
10
50
July
33
20 Do 2d Prof
5 Oct 18 1212 Feb 21
5
100 Wickwire Spencer Steel
PER SHARE
Range for Proton
Year 1922.
Highest
Lowest
13014 Jan
7312 Feb
9414 Mar
116 June
10112 Nov
14 Jan
20 Jan
22 Jan
36 Jan
30 Jan
40 Jan
125 Jan
18 July
66 Aug
51 July
28 July
29 July
2712 Jan
1214 Jan
69 Jan
58 Jan
57 Jan
15 Jan
78 Jan
152 May
8912 Sept
105 Sept
126 Bent
109 Sept
3113 May
37 Apr
4413 Apr
62 May
54 May
771k May
163 July
2652 July
77 July
60 Nov
47 Aug
47 Aug
55 Oct
347$ May
96 July
4 De
1
103/
9814 May
5272 June
100 Aug
212 Dec
Feb
13
4 Jan
1
114/
104 Jan
80 Nov
14 Nov
13 Jan
4 Aug
1
104/
.10 Sept
4 Jan
1
15/
3 Jan
7 Dee
384 Jan
156 Mar
3 Mar
28 Dec
9 Nov
17 Dec
43 Mar
26 Jan
20 Nov
60 Aug
lie Dee
54 Dee
158 Apr
8 July
63 Jan
62 Jan
130 Jan
11 Dec
13 Jan
7212 Jan
4 Dec
1
6/
.22 Dee
109 Jan
13 Jan
4 Oct
1
115/
1212 Apr
4 Dec
/
11
.50 Nov
924 Jan
39 July
8 Mar
37 Jan
25 Jan
2178 Jan
el314 Jan
214 Nov
11 Nov
74 Feb
1713 Jan
3012 Jan
31 Feb
4 Nov
1
8/
414 Jan
2014 Aug
12814 Aug
121 Doe
91 Aug
20's May
22 May
107 Dec
.50 May
3078 Deo
6 Apr
1414 Feb
8912 Oct
185 Sept
13 May
39 Aug
184 Apr
274 Feb
4 De°
1
54/
38/
4 May
1
32 Jan
85 Dee
812 Mar
17 Apr
114 June
13 Jan
904 Nos
74 Oct
Oct
181
4 June
1
27/
34 Aug
8513 Oct
4 Jan
/
111
5 Jan
125 Sent
28 Oct
192 Dec
18 July
3 Mar
74 Apr
1104 Sept
814 June
1414 Feb
45 Mar
2712 July
334 June
0912 Dec
4 Apr
/
141
49 Apr
13 Oct
3534 Sept
3814 Oct
4 July
1
44/
21 May
1
Ara
1 Feb 28 .50 Jan
dated- 25 .25 Feb 16
ninlig
50 Adventure Clinso
56 Nov 86 May
25 54 July 5 87 Mar 1
Ahmeek
Apr
.50
Sept
2
Mar
.03
.50
5
July
.10
25
Algomah Mining
-47.lb --.iii -;.-1-o --io -;.-1-o --.26 -37.-1-0 .20 + AO .20
19 Dec 3212 Jan
25 15 Aug 9 34 Mar 1
Alloues
4 May
1
4/
2 Mar
44 Mar 5
25 .70 July 3
120 Arcadian Consolidated
-silt -Ili --ii2 --1-1-2 --ii2 --1-1-2 -;i1.2 -13-4 -1-iii2 158' •112 134
6 Nov 1012 June
4 Jan 6 144 Mar 2
1
7/
Commercial
Arizona
175
878
*812
834
4
83
3
7
8
9
834
8
83
4
*813
83
812
*812
4 Sept
1
13 Jan 18/
19 Feb 19
19
Sept
15
10
Mines
Bingham
1512
1513 *15
*15
1512 *15
1512 *15
16
1512 *15
•15
25 174 Oat 11 49 June 15 248 Nov 801 Aug
1813 2,929 Calumet dc Hecht
1812 18
1778 1914 1834 1912 1814 1834 18
1712 18
MO_
1684
Nov
578
4
1
/
9
13
Feb
4
Oct
4
1
2/
1
4 315
31
318 3141
314 314
31
995 Carson Hill Gold
4 314
8 Nov 1312 Feb
*334 314 . 318 311,
7 Jan 18 15 Mar 1
25
Centennial
3518 Dec 4034 May
1
Mar
4
1
/
46
11
Oct
2412
25
Copper Range Co
914 Jan
25 25 1 25
5 -i5218 Nov
25', 2513 2514 -2i;
5 Feb 23
214June 28
10
300 Davis-Daly Copper
212 258
712 NOV 1214 Jan
258 258
234 234
*212 254 *212 234 *212 234
5 July 5 1112 Mar 1
East Butte Copper Mining_ 10
1 Apr
37,
513
518 +5
5
Apr
1
514
5
Mar
518 *5
5
•5
5
4
1
/
2
22
May
.80
25
sl,
1141
5
42 Franklin
15
3
1
114'
1
34 Mar
112 Aug
.80 .80 '.80
*.75 1
1
4 Mar 5
1
114 Sept 13
25
Hancock Consolidated
7
1June
*112 214 +112 214' •112 214 *112 214 *112 214
331
28
2434Mar
1
Co
3 Hardy Coal
3012 30
1i4 Feb 20 .60 -6070
3012
30 1 *30
3012 *30
-7/?‘ ;Cif
3014 •30
30
25 .10 Sept 17
i6 Helvetia
-5:65J
4 une
1
8112 Jan 116/
•.25 .50 •.25 .50 3'.25 .50 '.25 .50 51.25 .50 -gi 101
1 97 July 2 1154 Apr 7
756 Island Creek Coal
10012
Nov
Fob
9713
88
Mar
10013
28
8
Oct
10112 102 10114 102 1 10114 10134 10012 10112 10034 101
91
1
40 Do pref
9312
+92
94
4 May
1
03 I *92
18 Nov 28/
92 *92
92
9312 9312 9212 93
25 19 June 21 3314 Mar 3
Isle
Royale
Copper
60
20
*19
19
4 Apr
1
4/
20 1 19
3 Feb
17
Jan 2
20 +10
358
1918 *19
July
19
•19 20
2
5
Lake
Kerr
250
312 Apr
1 Feb
212
214 214
212' MO% *2
214 Mar 5
*22
25 .60 Sept 4
212 *2
40 Keweenaw Copper
.75 .75
54 mar 1
554 May
214 Feb
.75 .75 *1.85 11 '5.85 11
.75 .75 111.85 112
25
114 Oct 4
30 Lake Copper Co
214 Apr
*112
Nov
112 112
1
1
Mar
314
112 112 *Vs 2
•112 2 i
29
*112 2
Jan
14
25
30 La Salle Copper
114 114
4 May
1
2/
+114 2
4 Jan
1
1/
•114 2
258 Mar 27
114 114' *114 2
4June 15
1
1/
*114 2
5
Mason Valley Mine
8
4 Apr
1
4/
112 Deo
+158 178 *154 2 "
3
Mar
414
In
Oct
58 17
1
•158 2
25
•134 2 1 31158 2
Consolidated
Maas
112
190
112 *1
64
Apr
Dec
112' *1
24
10
112 *1
Feb
7
1
19
Oct
Us
112 112 *114 112
25
443 Mayflower-Old Colony_ _
112 2
,4 218
21
4
7 Apr
21s
23,4 21
2
4 Mar 17 .75 July
214 *212 212
3
25
July
.90
2
Michigan
10
June
*Os 2
88
Nov
52
2
Mar
71
158 158 *13s 2*Ps 2
2
'Oct
37
•132 134 *154 2 I
25
151 Mohawk
38
*37
3718 3814' 37
37
37
204 June
3734 37
1514 De
2
38
37
38
5 16 June 28 2412 Mar
Cornelia Copper
_
17 i 1612 1634 1612 1638 1634 1634 1632 1634 1,095 New
414 Apr 4
*17
1712 17
213 Aug 20
New Dom. Copper
*212
3
1
*Ds
3
3
--*212
3
3
*212
*212
87 Jan 40 Feb
100 35 Apr 18 40 Apr 27
New River Company
44
*37
44 0.237
44
Oot
44 *137
44 *237
73 Jan 85
137
44'
*137
100 77 Mar 5 84 Mar 16
Do pref
80 i*x75121 80
*7312 80
7 Jan
884 Feb 20
5 July
4July
1
/
4
5
*5'7514 80 *27514 80 *57514 80 *17514
5
Minos
Nipissing
312
30
3 512 *512
*1518
May
512
*551
3
54
53
15
3
Oct
53
1
8
3
5
Mar
1234
514
8
112 Oct
*2518
15
513
720 North Butte
112 112
112 112
113 112 *114 112
44 Apr
114 Dec
258 Mar 5
*112 153 *112 158
25 .70 July 2
179 Oilbway Mining
.75 .75
1
.80 .80
16 Nov 27 Jan
.80 .80 •.80 118
25 15 (St 9 3212 Mar 1
533 Old Dominion Co
16
1515
15
15
1512
1513i
15
15
Aug
384
15
Nov
25
1613 15
4July 18 46 Mar 1
1
•15
25 24/
Osceola
4 Nov
1
3/
218 June
4 Mar 5
214 Aug 13
200 Park City Mining & Breen_ 5
*3
*23
314
•z3
,
4
1-2
-'2i4
*iiii
1614
23
Mar
234
300 Pd Crk Pocahontas Co_No par 1234May 22
1314 1313 *1312 14 - *1313 if *1314 -1130 Nov 50 May
1312 1312 *1313 14
25 2113 Oct 18 50 Mar 2
189 Qulnei
22
22 22
2112 2213 *21
23
23
22
22
37 Nov 4812 May
23
23
25 30 Sept 18 5312 Mar 1
100 St Mary's Mineral Land
3212
•3113
32
33
32
32
•31
32
3212
4 May
/
11
3132
32
112 Mar 5 .25 Mar
32
10 .35 Sept 6
65 Shannon
.45
45 5..45 .65 .5.45 .65
114 May
.45 .45
Dec
.25
Aug
1
8
4
4..45 .65 •.45 .65
June
.10
25
Lake
South
.85 '.25 .85 '
5.25 .85 *.25 .65
July
484
Dee
113
•.25 .85 •.25 .85 •.25
814
3
Mar
114July 18
25
Superior
*114 134 .*114 134' •114 134 *02 184'
4 Oct
1
2/
3/
4 Feb 23 .90 Mar
1
*114 134 *114 134
138 133 1,070 Superior & Boston Copper 10 .90 July 30
112 118
114 158
112 112
Apr
34
Dec
,4
11
112
Feb
15
118 114 *178 114
10
Oct
Corp
.21
5
Copper
.25 .25 1,975 'Trinity
.25 .30
.25 .25
.25 .30
.23 .23
4 Aug 18 .40 Nov .92 May
/
11
.21 .21
.85 Oct 19
10
165 Tuolumne Copper
1
.85 .85
.5.80 1
1
134
1 1X6 •1
4 Mar
1% Oct
114 *1
Apr 13
6
9
*11
Jan
284
Mining
5
Utah-Apex
220
3
278 278 *272 3 I
*27s 3
34 June
3
*278 3
1 Feb
3 Mar 5
3
.95 Oct 16
3
1
975 Utah Consolidated
.5.95 I
1
1
.95 1
212 Apr
112
•1
1
1
158 Feb 27 .80 Dec
1 .38 Sept 24 258
200, Utah Metal dc Tunnel
.55 .55
5.55 .65 +.55 .60
.60 .60 '
24 Jan
Nov
.75
28
Feb
30
*.55 .65 *.60 .70
Aug
.60
26
!Victoria
11Y
5.75
'
113
5.75
'
.75
•
113
•.75
112
4 Apr
1
2/
Jan
112
.25
.5.75
154 Mar 5
2
*1
25 .30 June 29
340 Winona
.35 '5.30 .40 5
3
.3
.30 .35
714 Nov 16 May
.30 .30 *.30 .50
5 July 3 13 Mar 1
25
2
0
4
143 Wolverine
61s 612 *4..311 .
812 61s
618 615
6
paid.
and rights. x Ex-dividend. g Es-stook dividend. a Assessment
stook of 310
*BM and asked prices; no sales on this day. a Ex-rights. b Ex-dividend
two new shares of no par value were given in exchange for one soars of old
Beginning with Thursday. May 24. trading Ina been In new shares, of which
two.
by
quotations
these
all
previous
quotations, we have divided
Previous
with
comparisons
possible
to
order
make
In
value.
Oar
15.50
.55
*.30
.55
*.30
.55
.5.30
5.30
.55 '
.55
.30
.30
'
OCT.20 1923.]
THE CHRONICLE
Outside Stock Exchanges
Bonds-
Boston Bond Record.-Transactions in bonds at Boston
Stock Exchange Oct. 13 to Oct. 19, both inclusive:
Bonds-
Friday
Last Week's Range Sales
of Prices.
for
Sale.
Par Price. Low. High. 1Veek.
Range since Jan. 1.
Low.
Atl Gulf& WI SS L 551950 47
46
47 839,000 43
•Chic June & U S Yds 55'40
9234 92% 15,000 884
Hood Rubber 7s
1936 1014 101 101% 6,000 100
'Houston L & P 65
1953
984 984 5,000 98%
KC Mom &B inc 4s_ A934
82
82
500 82
Mass Gas 4145
1931
914 9214 11,000 89
Miss River Power 5s_ _1957 90
90
90
3,000 89
New England Tel 58_ A932
97% 9734 3,000 964
Pere Marti sec B 49_ _1956
78
78
2,000 78
Punta Alegre Sugar 75 1937 1074 1074 1094 5,000 1073(
Swift & Co 55
96% 9,500 91
1944 964 96
Warren Bros 734s__ _1937 106
1054 106
7,000 102%
Western Tel 5s
954 95% 4,000 94
1932
High.
July 62
Mar
May 95
Mar
July 102% Jan
Oct 98% Oct
Oct 93% Sept
Apr 924 Oct
Apr 95
Jan
Mar 9934 Jan
Oct 78
Oct
Oct 119
Mar
Apr 99% June
July 115
Mar
Mar 98
Feb
Baltimore Stock Exchange.-Record of transactions at
Baltimore Stock Exchange Oct. 13 to Oct. 19, both inclusive, compiled from official lists:
Stocks-
Sales
Friday
Last Week's Range for
of Prices.
Sale
Week.
Par. Price. Low. High Shares.
Amer Wholesale, pref _ _100
Arundel Sand & Gravel 100
Preferred
100
All Coast Line RR__ _100
Bait Electric, pref
50
Bartlett-Hayward Co100
Preferred
•98
Benesch (I), Prof
Ches & Pot Tel of Balt _100
Commerce Trust Co_ _ _ _50
Commercial Credit
25
Preferred
25
Preferred B
25
-Cons Gas EL & Pow-100
7% preferred
100
8% preferred
100
Consolidation Coal---100
Eastern Rolling Mill
•
100
8% preferred
Fidelity & Deposit
50
Finance Service, Class A 10
Preferred
10
-Gs South & Fla, 1st pf-100
100
2d preferred
Houton Oil, prof tr ars 100
Hurst, John E, 1st pf_ _100
'Manufacturers Finance-25
2d preferred
25
'Maryland Casualty Co--25
Mercantile Trust Co_ _ - -50
134tV-Woodb Mills v t r 100
Preferred v t r
100
New Amsterd'm Cas Co100
Northern Central
50
Penn Water & Power_100
Union Trust Co
50
United Ry & Electric_ _ _50
TT 8 Fidelity & Guar__ _ _50
Wash Bait & Annan, pf _50
BondsConsol G E L &P 44s 1935
Series E 5545
1952
Series A 65
1949
Series C 75
1931
Davidson Snip & Phos65'27
Elkhorn Coal Corp 65_1925
Macon Dub & Say 55.1947
Md & Pa income 45._1951
Metrop (Wash) St 59_1925
Penna Water & Pr 58_1940
United Ry & El 4s_ _1949
Income 45
1949
Funding 55
1936
8s
1927
1949
65
-Wash Balt & Annan 551941
92
47
9134 92
45
4734
101% 101%
11051 11051
39
11034
25
2651
110
8451
8151
164
814
46
84
51
84
24751
15451
2951
10554
95
964
9934
7131
40
110 110
26
26
10951 11051
.5634 5651
744 80
25
25
264 2614
109 110
105 1054
11451 1154
83
8351
45
45
8451 8651
81
82
1651 164
814 814
46
41
30
30
84
84
9051 904
51
51
23
23
84
83
2475124751
12
12
60
6151
39
394
734 7334
994 100
107 107
1651 1651
1544 156
294 2951
9134
974
10151
10514
95
9651
514
284
994
96
7151
51
724
964
99
7151
Range since Jan. 1.
Low.
High.
25
950
10
Feb
9134 Oct 98
40
Jan 4714 Oct
944 Jan 103
June
10 no% Oct 11034 Oct
4 39
Oct 424 Mar
10
45
51
10
177
961
435
91
52
59
18
49
50
100
10
50
26
24
50
5
130
58
49
12
100
23
110
56
120
9
156
155
15
110
2534
10851
564
48
244
2551
1064
103
114
824
25
80
7851
15
734
40
25
80
85
50
214
82
233
10
50
35
72
984
107
1551
147
264
June
June
June
Oct
Jan
Oct
Aug
July
July
Sept
Play
Jan
'Jan
July
Aug
June
Feb
Oct
Aug
Feb
July
Oct
Sept
Jan
May
Aug
Jan
July
Sept
Oct
Aug
Jan
June
112
264
1104
64
80
2551
274
118
108
120
98
60
100
1444
17
9
46
30
95
9051
5734
2651
90
251
194
734
3934
77
10851
107
2034
164
3151
May
Jan
Mar
Feb
Oct
Apr
Jan
Mar
Mar
Jan
Jan
Apr
Mar
Apr
Jan
Apr
Oct
Oct
Jan
Oct
Jan
July
Jan
Apr
Mar
Mar
Oct
Jan
Mar
Oct
Jan
Jan
Feb
9151 $3,000 8734 Feb 924
974 5,000 97
may 100
10134 9,000 10051 Apr 103%
10551 4,000 10534 Oct 1084
95
2,000 95
Oct 9714
9651 8,000 9651 Oct 9934
514 1.000 4951 Apr 5414
284 1,000 21
Jan 2814
9951 5,000 9714 Mar 9934
96
1,000 9431 May 9751
714 12,000 714 Sept7434
51
3.000 504 Aug 55
200 7251 Oct774
7251
964 3,000 96
Aug 98
9934 21,000 99
Sept10251
714
1.000 7051 July 77%
Jar
Jar
Jar
Fet
Api
Jar
Juno
Oct
Ocl
Fet
Jar
Jar
Jat
Jar
Jar
Jar
Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange Oct. 13 to Oct. 19, both
nclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last 1Veek's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Range since Jan. 1.
Low.
Alliance Insurance
10 31
304 31
20 274
2551
Amer Elec Power Co_ _50 2554 24
840 15
Preferred
76
40 63
76
100
American Gas of N J__ _100 76
76
384 714
8151
American Milling
934 934
236
914
8
10
American Storms
• 294 2751 30
17,945 20
Brill(JO)Co
774
100 764 75
195 49
Congoleum Co,Inc
3,894 104
• 135% 127 136
Consol Tmc of N J__100
5 35
35
35
Eisenlohr (Otto)
63
24 60
63
100
Elec Storage Battery_ _100
128 5251
5634 58
•
Erie Lighting Co
2431 2434
16 2314
General Refractories
• 4851 484 494
110 4234
Insurance Co of N A__ _10 464 464 4651
252 424
Keystone Telephone_._ _50
634 651
550
634
514
27
314 25
Preferred
27
50
334 4
Lake Superior Corp _ _100
1,160
3
331
Lehigh Navigation
674
67
130 64
50 67
60
Lehigh Valley
50
125 5751
59
go
Penn Cent Light & Pow_ *
106 544
6051
Pennsylv Salt Mfg
160 79
8951
89
50
Pennsylvania RR
4151 4234 3,438 4151
50
Philadelphia Co(Pitts).-50
33 41
4251 424
190 32
34
34
Preferred (5%)
so
Preferred (cum 6%)_50
165 41
4151 43
Phila Electric of Pa
25 304 3031 3051 5.479 2751
Preferred
785 294
25 3034 304 31
Phila Insulated Wire
117 42
• 4434 4434 4534
Phila Rapid Transit___ _50 344 23451 344 1,510 30
Philadelphia Traction__ _50 59
208 5834
5834 5934
Phila. & Western
8
510
8
50
8
Reading Company
7634
z74
212 7034
50
Scott Paper Co, prof...100
13 94
97
97
11-16
%
Tono-Belmont Devel__ _I
450 9-16
Tonopah Mining
70
14
1
Union Traction
39
394
50
338 35
United Cos of NJ
15 190
100
194 194
United Gas Impt
.i
534 5251 5334 1,110 474
Preferred
188 2544
50
5534 56
West Jersey & Sea Shore-50
44
95 33
44
Westmoreland Coal
50
6634 6714
33 654
• No par value.
13-4
13.4
1765
Friday
Last Week's Range Sales
Sale.
of Prices.
for
Price. Low. High. Week.
High,
Jan 32
Feb 30
Feb 78
Aug 8351
Mar
94
June 32
Jan 91
Aug 240
Aug 49
Aug 86
July 6634
July 27
Feb 594
Jan 50
Sept
851
Aug 3434
Oct 1051
Aug 75
July 71
Apr 62
June 93%
June 4734
Jan 4974
Feb 36
June 4534
May 33%
May 3334
Aug 5034
Jan 3514
Oct 67
Jan 12%
June 80
Aug 99
Sept 1 5-16
Oct 251
June 4034
July 200
May 56
May 5634
Jan 4414
May 8634
May
Apr
Apr
may
Sept
Oct
Mar
May
Jan
Jan
mar
Feb
Mar
Apr
Feb
Mar
Feb
Jan
IFeb
Aug
Apr
Jan
Mar
Feb
Feb
Jan
Jan
Jan
Sept
Jan
Apr
Feb
May
Jan
Jan
Jan
Jan
Apr
Feb
Oct
Mar
Amer Gas& Elec 5.9._ _2007
85
87
Bell Tel 1st 5s
1948 97% 9734 99%
Elec & Peep tr etfs 4.9_1945 644 63% 6414
Keystone Tel 1st 55
1935
73
73
Lehigh Val Coal 1st 59.1933
984 9934
Peoples Pass tr ctfs 45_1943
6914 70
Phila consol 55
1951 8834 8834 8834
Phila Elm lat 5s
1966 99
98
994
5341)
1947 1004 101) 101
6s
1941 1044 103% 10534
Sham Sun & Lewist69_1925
100 100
* No par value.
Range gaze Jan 1.
Low.
$2,600 82
6,000 9634
32,300 60
2,000 70
7,000 9834
3,000 65
7,000 8834
51,200 96
14,000 99
23,500 10254
2,000 100
July
June
July
Apr
Oct
June
Oct
Apr
Apr
May
Oct
High.
9534
99
71%
80
102%
73
92
103
103
106%
100
Apr
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Feb
Jan
Oct
Pittsburgh Stock Exchange.-Record of transactions at
Pittsburgh Stock Exchange Oct. 13 to Oct. 19, both inclusive, compiled from official sales lists:
Friday
sales
Last Week's Range for
Sale
ofPrices.
Week
Par Price. Low. High. Shares
Stocks-
Am Vitrified Prod, com-50
Am Wind Glass Mach_100 88
Preferred
100 9234
Arkansas Nat Gas, com_10
54
Carnegie Le_ad & Zinc _ _5
24
Harb-Walk Refmc, p1.100 102
Jones & Laughlin SteelPreferred
100
Lone Star Gas
25
Mfrs Light & Hmt
50 53
„Islet Fireproofing, com 50
754
Preferred
50 184
Ohio Fuel Oil
1 11
Ohio Fuel Supply
25 314
Oklahoma Natural Gas_25 224
Pittsburgh Brew, corn..50
Preferred
so
Pittsb & Mt Shasta Cop--1
10c
Pittsburgh Oil & Gas._ _ _5
Pittsburgh Plate Glass_100
Salt Creek Cons Oil__ _10
Stand San Mfg, com_ _100
100
Preferred
10
Tidal Osage Oil
Union Natural Gas
25
25
U S Glass
West'house Air Brake__50 80
Whouse El & Mfg, com_50
West Penn Rye, pref_100
BondsV.......v. 11...•.,i ma,
A.
lack
St
8
8
814 88
90
9234
534 514
24 24
102 102
Range since Jan. 1.
Low.
80
63.1
690 78
170 8934
2,958
434
214
250
78 '101
High. •''
July
934 Oct
Mar
July 95
Aug 10734 Mar
Jan
Oct 10
Oct
454 Aug
Jan
Apr 115
1084 109
Aug
175 1064 Mar 110
25
July
26
510 23 May 27
Feb
534 5354
260 51
60
May
795
July
6
634 734
834 Feb
174 19
1,170 1434 July 19
Aug
11
11
2() 11
Sept 1834 Feb
3134 3134
355 30
July 364 Mar
22
224
538
1854 Mar
3034 M
134
134
2% Jan
134 Oct
50
54 54
434 Aug
8
10
Mat
10e 12c
Jan
12,700 10c June 28c
614 614
514 Sept 1014 Feb
25
193 195
130 165
Jan 205
Ja13
74 74
415
6% Sept 1734 Sept
84
85
1,172 73
Mar 8534 APT
11114 11114
Sept 11134 Oct
10 111
734 8
300
734 Oct 1334 Feb
2834 2814
175 2334 Feb 29
Sept
25
25
200 2434 June 2914 June
80
81
455 67
Apr 86
May
5654 57
55 50
July 6934 Mar
84
84
22 77
Apr 86
May
co
St
RC
flflfll
anti
TA ch.•
St
12.r.1
• No par value.
St. Louis Stock Exchange.-Record of transactions on
the St. Louis Stock Exchange for week from Oct. 13 to
Oct. 19, both inclusive, compiled from official sales:
Friaay
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High Shares.
Stocks-
Boatmen's Bank
First National Bank
Nat'l Bank of Commerce_
Mercantile Trust
385
South Side Trust
Brown Shoe, pret
Certain-Teed Products_
Eisenstadt Mfg., pref
______
Ely & Walker D G,com
First Preferred
•
Hamilton-Brown Shoe_
Hydraulic Press Brick, corn
431
Preferred
53
Indiahoma Refining Co_
International Shoe,com___ 734
Preferred
11434
Laclede Steel Co
Missouri Portland Cement_
National Candy, COM
Rice-Sax Dry Goods, 2d pf
Scruggs-V.-B. D.G., 1st pf
Southw Bell Tel, pref
Wagner Electric, corn
30
BondsUnited Railways 4s
Certificates of deposit
IC C Long Dist Tel 5s
1424 14234
199 199
140 141
365 385
230 230
8934 90
75
75
100 100
2234 2234
10234 10234
494 4934
44 434
5051 53
131
131
71
7314
114 11434
105 105
10034 101
81
83
102 102
85
85
1024 10234
30
304
12
1
28
18
30
60
10
30
221
15
100
10
155
980
142
44
35
100
75
5
20
89
672
584 59 $15,000
574 5734 3,000
983.4 9851 1,000
Range since Jan. 1.
Low.
142
19734
140
360
220
894
70
100
2034
10134
47
334
4714
134
6314
114
101
7934
7334
10134
85
101
21
Sept
Oct
Oct
Sept
Jan
Oct
Aug
Oct
Aug
Sept
June
Aug
July
Oct
Jan
Oct
Jan
Jan
Aug
Jan
Oct
July
Aug
High.
148
201
153%
385
245
994
90
100
2534
10534
50
6%
60
19
75
119
116
101
9134
104
8614
10434
3534
May
Jan
Mar
Oct
Feb
Jan
Feb
Oct
Mar
June
Apr
Feb
Feb
Mar
Apr
Mar
Mar
Oct
Jan
Mar
Apr
June
Apr
584 Oct 64
Oct62
57
9734 Jan 984
Jan
Jan
Oct
Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange Oct. 13 to Oct. 19, both inclusive,
compiled from official sales lists:
rrway
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High Shares.
Stocks-
Amer Pub Service. pref 100
American Shipbuilding_100 70
Preferred
100 8234
Armour dr Co (Del), pf _100 8951
Armour dc Co. pref__ _ _100 7934
Armour Leather
15
74
Preferred
100
Balaban & Katz Corp corn
25 55
v t cells
Bassick-Alemite Corp- _• 42
Borg & Beck
• 2634
Bridgeport Machine Co_ •
Bunte Bros
10
Case (J 1)
4
•
Central Pub Serv, pref _100 85
g
Chic C&C Ry pt sh coin...*
. 5
Preferred
Chicago Elev Ry, pref-i00
Chic Motor Coach, com_ _5 195
Preferred
Chicago Rys, part ctf ser 1
Commonwealth Edison 100 127
Consumers Co,common100
Continental Motors...-10
64
Crane Co,Prof
1084
Cudahy Pack Co. com_100
Daniel 13ooneWoolMills 25 31
Deere & Co, pref
100 62
Diamond Match
100
Eddy Paper Corp (The)__• 34
Fair Corp (The), pref._100 102
Gill Mfg Co
• 18
Godchaux Sugar,com_ _ _ _•
(InA9tird 17T W1
met
100
28
86
70
8234
89
7931
714
80
86%
70
8234
8951
8031
734
80
665
20
20
300
805
482
11
Range since Jan. 1.
Low.
8354
59
75
844
71
734
80
5234 5634 16,180 5234
31
42
1,640 2734
264 36%
325 2251
10
10
200 10
834 834
100
8
34
700
4
)4
8334 85
287 8234
yi
25
34
54
44 5
4
850
230
4
34
%
188 195
87 118
94
95
130 85
15
15
10 10
556 12634
12634 12734
150
434 434
434
634 64
6
885
1084 10834
40 1064
50
51
50 40
2934 32
5.935 1934
62
75 4834
63
112 112
65 10914
33
805 2254
34
102 103
495 100
330 1634
1754 18
135
74
8
9
971.4 25
205
2414
High.
Aug 197
June 74
June 83
June 108
June 96
Apr 10
Sept 8751
Feb
Jan
Sept
Feb
Jan
Jan
Mar
Oct
Feb
May
Sept
July
Oct
Sept
July
Aug
Aug
May
May
Jan
Oct
Oct
Oct
Oct
June
May
June
July
Apr
Jan
June
Aug
Feb
Oct
Oct
Oct
may
Mar
Feb
Mar
Feb
Mar
Mar
Oct
Oct
Star
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
July
Jan
Apr
Apt
5634
42
36%
1651
11
44
90
134
10
851
212
99
2434
131
64
12
115
644
6234
7434
121
40
106
2834
264
35)6
Am
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Concluded) Par. Prise. Low. High. Shares.
Great Lake D de D_ .100
Hart, Schaffner & Marx.
100
common
100
Preferred
•
Hayes Wheel Co
Hibbard,Spencer, Bart25
Co
&
lett
10
Hupp Motor
•
Hurley Machine Co
Hydrox Corp, corn_ _100
100
Illinois Brick
Indep Pneumatic Tool_ _*
Internal Lamp Corp. -25
Kellogg Switchboard_ _25
Kuppenheimer & Co (B),
100
Inc, pref
LibbY, meNeill& LIbby_10
10
Lindsay Light
Lyon dr Healy. Inc, prof...
*
Mfg
McCord Had
•
MeQuay Norris Mfg
_100
com_
UHL
West
Mid
100
Preferred
Prior lien preferred
10
Co
Murray Mfg
10
National Leather
Orpheum Circuit, Inc__ _1
Philipsborn's,Inc.com_ _ _5
10
Pick (Albert) & Co
Pub Serv of Nor Ill, corn.•
100
Coibmon
100
Preferred
100
Quaker Oats Co
100
Preferred
10
Motor
Reo
Sears, Roebuck, com_ _100
Standard Gas es Elec___50
50
Preferred
Stew Warn Speed,corn _100
100
Swift & Co
15
Swift International
Thompson (J R), com 25
Union Carbide & Carbon 10
United Lt & Rys, com_100
100
let preferred
Participating pref._.100
20
U S GYPsum
100
Preferred
Vesta Battery Corp,com.•
Wanner Malleable Cast'gs*
•
Wahl Co
Ward, Mont, de Co, pf_100
20
When issued
•
Class "A"
Western Knitting Mills_ •
•
Wolff Mfg Corp
Wrigley, Jr, common__ _25
Yellow Cab Mfg,B new _ 10
Rights
Yellow Taxi Co
BondsArmour & Co of Del20..year gold 5358- - -1913
Chtcago City Ry 5s... _ 1927
Chic C'y & Con Ry 5s 1927
1927
Chicago Rye 5s
1927
58 Series "A"
1927
4s Series "B"
rommonw Edison 58_1943
Cudahy Pack Ist M g 5s'46
Ohio River let s f 6s_ _1943
Northwestern Elev 5s_1941
C...-1•• 1. 1,11‘th es 1 n Kee ItIA
78
1634
4934
83
674
334
4536
8234
9634
18
3
2
9834
90
99
1634
27
48
8334
10136
1834
53
5234
13934
7834
92
7834
29
4834
2234
102
634
112
10534
185
11734
7794
54
7734
81
205
119 119
11834 11834
3434 3434
12
12
15
65
1731
50
1634
7754
83
11
44
50
1,390
330
135
10
685
1,755
234
Range since Jan. 1.
Low.
75
June
High.
9434 Feb
Oct
Jan 119
98
9934 Jan 11834 Oct
July 4334 Apr
32
66
2534
5034
3234
9634
8334
32
47
Jan
Mar
Aug
Apr
Jan
Oct
Apr
Sept
20 87 Sept 95
87
87
July
5
834
4,700
634 7
434
234 May
105
334 331
10 9434 Oct 10134
9434 9434
285 26 June 39
34
33
115 1031 May 26
1936
19
469 3634 May 53
45 .46
522 8034 July 8634
8234 83
187 96 June 104
9634 9634
July 21
110 18
1834
18
834
Oct
3
1,511
3
334
200 17 Sept 20
18
18
2 Sept 38
2
234 2,574
155 1734 Aug 3634
1834 1934
Oct 10334
110 98
99
98
44 9834 Oct 10334
9834 9934
90
60 90 Sept 99
90
Mar 236
150 210
220 220
210 85 June 100
9834 99
1634 1634 2,048 1134 Jan 20
245 6736 July 93
7744
76
590 1734 Jan 3234
2631 2736
255 4634 June 5134
48
4834
32,720 7434 July 12434
84
80
1,193 9834 June 10936
10134 102
1831 3,440 16 June 2134
18
12,485 4334 June 5434
54
52
52
5334 6,300 5131 July 6734
Jan 164
70 71
13934 142
492 6934 July 94
80
78
Aug
9974
8934
60
9034 92
July 104
1,696 51
79
74
10 10294 Aug 106
104 104
295 1634 Aug 3741
2934
28
10 1834 May 2534
23
23
July 5834
520 43
4834
47
25 9534 Feb 112
10934 10934
2534
May
1,620
23
1834
2134
Jan 105
350 93
102 102
% Oct 1031
445
%
34
434 Sept 3534
860
534 634
Jan 118
111 11534 3,325 100
Oct 1061.2
102 10634 9.965 100
Oct 185
2,620 175
179 185
19,891 70.41 Jan 19034
11434 118
Jan
Apr
Jan
Mar
Apr
Apr
Feb
Jan
Jan
Sept
Feb
Mar
Jan
Mar
Apr
Apr
Apr
Jan
Jan
Mal.,
Feb
Mar
Apr
Apr
Jan
Jan
Oct
Jan
May
Apr
Mar
Oct
Mar
Sept
Feb
Jan
June
Feb
Sept
Mar
Mar
Sept
Oct
Oct
Sept
65
1634
4934
1634
7734
82
934
43
8934
7734
5134
7734
58
44
9536
86
96
7331
OA
8931
78
5.5
7834
60
50
9534
86
96
7334
410
83.000
11,000
66,000
11,000
6,000
23,000
11,000
1.000
5,000
2,000
1 KAA
64
1634
4134
1534
60
82
8
3934
8534
7341
47
73
5734
44
9534
86
95
73%
001z
Feb
Oct
July
Sept
Apr
Oct
May
July
Feb
July 96
Oct 8336 Mar
Jan 6534 Mar
Sept 8234 Mar
Mar
Sept 70
Mar
Oct 56
Oct 10534 May
Apr 87 May
Oct
Sept 96
Oct 7344 Oct
OM Jan
An,
* No par value.
New York Curb Market.-Below is a record of the
transactions in the New York Curb Market from Oct. 13 to
Oct. 19, both inclusive, as compiled from the official lists.
As noted in our issue of July 2 1921, the New York Curb
Market Association on June 27 1921 transferred its activities
from the Broad Street curb to its new-building on Trinity
Place, and the Association is now issuing an official sheet
which forms the basis of the compilations below.
Friday
Sales
Last Week's Range for
Week.
Sale.
ofPrices.
Par. Price. Low. High. Shares.
Week ending Oct. 19.
Stocks-
[VOL. 117.
THE CHRONTCT,E
1766
Range since Jan. 1.
Low.
Indus. & Miscellaneous.
13c 13c
1,000
Se
10
Acme Packing
11
11
11
100 11
Amalgam Leather, com__.
99 101
1,200 99
Amer Cotton Fabric, 0(.100 99
3734 38
200 31
Amer Gas dr Elec. com..._• 38
50 4234 4234 4234
100 40
Preferred
1634
1234
3,500
18
1134
10
SS
-Hawaiian
Amer
4
434
200
331
American Thread, pref_ .5
72
77
20 72
Amer Type Founders 100
25
25
200 25
Archer-Daniels-Mid Co_ *
80
160 73
8034
Armour & Co (111), pref.100
•
100
134
134 146
Atlantic Fruit Co
10 1034 10
1034 1,600 10
Blyn Shoes, Inc
10 110
118 118
Borden Co., common--100
1034 2,400 10
10
Bridgeport Machine Co--• 10
2336 2434 1,600 1934
Brit-Amer Tob,ord bear.81
24
1,200 1934
LI
2334
Ordinary
100 12
18
Brit Int. Corp, Class A....• ____,_ 18
' 1434 1434
200 1134
•
Class B
1,500
1134
11
11
734
10
RR
Brooklyn City
112i 134 10,780
112.6
134
•
Buddy-Buds,Inc
llie
134. Pis 134 3,700
Candy Products Corp w 1_ _
2
2
100 75e
Car Ltg & Power, com_25
10 10634
110 110
100 110
Celluloid Co, prof
600 50e
1
1
Cent Teresa Hug, corn_ _10
21
700 10
2134
Centrifugal Cast Iron Pipe*
2841 3034
400 2834
Checker Cab Mfg, Cl A_ •
3834 2,600 3634
Chi Nipple Mfg,new,C1 A50 3834 38
300 17
50 1834 1834 19
New Class B
128 130
640 128
Cities Service, corn..._i00 129
100 6734 6734 6734 2,100 6491
Preferred
6
6
500
6
10
534
Preferred B
79 813,000 72
79
Stock scrip
70 811,000 70
70
70
Cash scrip
800 1234
•
1234 13
Bankers' shares_
23
2434
400 23
Cleveland Automob. Wm., 23
19
80 16
19
-100
1834
com__
Power
Colorado
92
92
500 86
100
Preferred
32
32
10 32
Columbus Ry LirP com 100
3,100 3334
35
34
• 35
Cuba Company
Curtiss Aeropl & M.corn.. 12
934 1134 2,100
7
Certificate of deposit._ _ _
35
100 21
35
100 35
Preferred
94
93
200 82
Del Lack dr West Coal_ _50 94
3,100
491
991 10
934
Dui:Mier Condenser & Rad*
234 234
100
2%
Inc.--- •
DuPont Motors,.....
311/ '4.400 23
• 9704' 25
---
High.
June
Oct
Oct
June
June
Oct
Feb
Oct
July
July
Sept
Oct
Mar
Oct
Jan
Jan
July
Apr
Jan
June
Oct
Mar
Aug
July
Jan
Oct
Sept
Sept
Oct
June
June
June
Bent
Sept
Oct
June
Jan
Oct
Oct
35e
1936
102
4634
4636
2534
434
98
4034
94
234
1034
122
1636
25
25
1834
1434
II%
154
134
3
11134
254
23
6634
4134
20
195
70
634
102
78
1934
3454
2534
92
50
3834
Jan
Apr
Mar
Mar
Feb
Mar
Oct
Feb
Apr
Feb
Feb
Oct
Jan
May
Sept
Sept
Sept
Oct
Oct
Feb
Oct
Aug
July
Mar
Oct
Feb
Sept
Sept
Feb
Mar
Mar
June
Aug
Feb
Apr
Mar
Oct
Jan
June
Aug
Jan
Jan
Jan
June
net
1154
37
94
133.4
7%
84
Oct
Mar
Oct
Apr
Apr
Jan
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
Durant Motors of Ind_10
Electric Bond & Sh prof 100
Federal Tel & Tel
5
Film Inspection Mach_ •
Firestone Tire & Rub p1100
Ford Motor of Canada-100
Gillette Safety Razor_ _ _.•
Gleasonite Products Co.10
Glen Alden Coal
•
Gold Dust Corp w 1
•
Goodyear Tire & R,com100
Griffith(D W)Inc,cl A...*
Hartman Corp new w 1_ _ _•
•
Heyden Chemical
100
Hudson Cos,Pref
Hud & Manb RR,COM.100
100
Preferred
Intercontinental Rubb.100
Internet Concrete Indus-10
Kresge Dept Stores, corn.*
100
Preferred
Lehigh Power Securities_ •
Lehigh Valley Coal Sales 50
Libby. McNeil & Libby.10
Liggetts Internet, pref. _50
McCrory Stores•
New common w 1
Pref (with warrants)-100
,Warrants (stock perch).
•
Mesabi Iron Co
Midvale Co
Munsingwear, Inc
10
National Leather
New Mex dr Ariz Land_ _1
N Y Telep 636% pref__100
•
Park & TIllord. Inc
Peerless Truck & Motor-50
Pyrene Manufacturing_ _10
Radio Corp of Amer,corn.*
5
Preferred
Reading Coal, w
10
Boo Motor Car
5
Repetti, Inc
Rosenb'm Grain CorP.Pf50
Singer Manufacturing..100
Southern Coal & Iron_...5
Standard Motor Constr_10
Studebaker-Wulf Rubber.*
Stutz Motor Car
100
Swift & Co
15
Swift International
•
Techinicolor Inc
Tenn Else Power com_ •
'Fob Prod Exports Corp..'
Todd Shipyards Corp__ _ _•
Triangle Film Corp v t c_ _5
United Pro% Shar, new..1
Unit Retail Stores Candy.*
US Distrib Corp corn_ 50
U S Light & Heat,com _ _10
10
Preferred
US Metal Cap & Seal._ _10
Universal Pipe & Bad. w 1 •
100
Preferred
•
Waring Hat Mfg
Wanner Malleable Cast..'
5
Wayne Coal
Willys Corp, 1st pref _100
Rights.
Reading Coal w 1
Former Standard Oil
Subsidiaries
Anglo-American 011_ _ _ 81
50
Buckeye Pipe Line
25
Continental 011
Cumberland Pipe Line-25
100
Eureka Pipe Line
Galena-Signal Oil, corn AO()
Humble Oil & Refining-25
100
Illinois Pipe Line
Imperial 011 (Can) coup.25
so
Indiana Pipe Line
Magnolia Petroleum...100
National Transit_ _12.50
Northern Pipe Line._ _ _100
25
Ohio 011
100
Prairie 011 & Gas
100
Prairie Pipe Line
100
South Penn Oil
Southern Pipe Line. A00
So West Pa Pipe Lines.100
Standard Oil (Indiana)..25
Standard 011 (Kansas)....25
Standard 011 (KY)......25
Standard Oil(Neb). -100
Standard 01101 N Y....25
Stand 011(Ohio),com-100
25
Vacuum 011
Other Oil Stocks
Arkansas Nat Gas coin_ _10
Atlantic Lobos Oil, coin. •
Boston-Wyoming Oh- _ _1
_
Carib Syndicate------5
Creole Syndicate
Derby 011 & Refin, corn..•
Engineers Petroleum Co_ _1
Equity Petroleum, pref_10
5
Federal Oil
10
Glenrock Oil
25
Gulf 011 Corp of Pa
Gulf States 011 & Ref
Metropolitan Tr recta WI
1
Hudson OH
35
Humphreys 011
International Petroleum_
Keystone Ranger Devel.A
•
Kirby Petroleum
Lance Creek Royalties_ _.1
1
Lyons Petroleum
Marland 011 of Mexico__ .1
Mexican Panuco Oil__ _10
Mexico Oil Corporation _10
1
Mountain & Gulf Oil
Mountain Producers__ - -10
Mutual 011 vet trust certifs
New Bradford Oil
25
New York 011
Noble(Chas F)0& Gcoml
10
Omar 011 & Gas
•
Peer Oil Corporation
Pennsylvania-Beaver 011.1
10
Pennok Oil
Royal Can 011 Syndicate_•
Ryan Consol Petrol Corp.'
10
Salt Creek Con Oil
Balt Creek Producers_ __1,0
5
Sapulpa Refining
834
7
6%
41734
269%
10%
19%
9
136
3934
1734
10
50
1054
3631
so
75
34
53,1
18
3
2%
109%
30%
2%
1636
80e
12c
5235
101
1831
4
4934
5%
90c
1%
1734
5631
20
22
1436
74
9631
60
3334
9834
134
2231
102
5434
167
9934
114
5534
42
277
50
67c
434
234
534
Sc
93.4
30c
51
6%
4c
1534
30
2
lc
331
74c
1434
874
4%
60c
60.3
11%
3%
1834
2%
736 944
9634 9634
634 7%
6% 6%
83
83
417% 435
265 274
1034 10%
72% 7233
1834 1934
9%
9
1% 134
3934 39%
134 111
1634 1734
9% 10
50
50
3% 3%
10% 10%
363.1
35
91
91
2291
22
77
77
631 631
50
50
Range since Jan. 1.
Low.
High.
7% Oct 25%
4,200
July 99
20 96
3% Apr
734
4,700
534 Feb
6%
400
Oct 96
10 83
Jan 460
170 400
1,540 238 June 292
Oct 10%
800 10
Jan 75%
900 56
1,300 18% Sept 24
9 Sept 1634
2,500
6%
100 750 Sept
3,100 39% Oct 40%
2%
Sept
1
200
3,000 1234 AMC 1736
July 1234
8
1,500
Jan 50
600 43
6%
3% Air
200
934 Sept 10%
1,200
1,100 3334 Sept 3834
Oct 98
200 91
800 1731 July 25
75 7534 Aug 90
836
536 Jane
100
Apr 51
200 48
Jan
Mar
Sept
Jan
Apr
Mar
Apr
Oct
Apr
Sept
May
May
Sept
Feb
Feb
Feb
Sept
Jan
Oct
Oct
Sept
Mar
Jan
Apr
May
Oct
200 40% May 75
75
75
Oct
Oct 128
100 128
128 128
Aug
34
300 16
33
ct
Jan
4% Sept 26
12% O
531 5% 1,300
17% 1831 6,600 11% June
r
Aapy
5 M
14
22
200 3134 July 4
33% 34
Oct
% Feb
3
300
3%
3
434 mar
2% Mar
1,600
241 3
Jan
435 108 June 112
10954 109%
25% 3141 53,200 25 Sept 31% Oct
Jan
31
100 2934 Oct 80
31
Jan
Mar 11
9
100
931 934
4% Mar
2% June
2% 3% 8,300
:r
IA
Jan
50%
3182
382e 3% 7,100
282e
May
July
47
600 39
4831
900 1334 Feb 20% May
16% 16%
Jan
100 766 Sept
2
80e 800
200 4634 Oct 5454 Mar
4634 46%
20 113% Sept 11734 Oct
11734 11734
Oct 50e May
8e
8c 12e 25,000
354 Jan
200
234 May
231 231
52% 52% 1,300 50% AMC
5 Jan
44
500 1034 Sept 6
12
22
12
10 08 June
101 101
Feb
1
1,000 17 June
18% 19
Jan
100
Oct
7
Mar
July 19
200 12
1434 1434
434 1,900
2% June
July 60
655 May
800 47
4834 4934
Aprpr
2,000
5c Aug 3878c MarA
60
Sc
4% Jan
600
5% 6
Jan
5
5
534 3,700
24
100 20 June
24
r
y
Oct 30
Aupn
j
4 Jul
55
2;4
3
900 9ic
900
134
Jan
900 90e
1% 134
1% Feb
100 50e Feb
51c 51e
1631 1734 8,100 1136 Sept 20% Apr
r
Apr
Oct
2
700 55
5534 56%
100 12% Oct 2234 Apr
20
20
Aug 3134 Apr
200 20
1234 12%
Oct
1
1
1,200
2% Jan
_ 1
334 Oct 1134 Jan
100
- 33.4 3%
1210
21% 22%
6,200
1434 July
1436 1,000 13%
14
7236 7736
520 7234
37
36
200 32%
100 85
103 106
97
35 95
96
60
150 55
6034
3234 34
3,1800 28
130 152
156 157
99
98
385 92
90
88
285 83%
165 123
132 134
22% 22%
300 22%
40 97
102 104
5434 55% 2,200 48%
164 169
1,405 152
9834 99%
790 91
135 100
11331 116
140 0134
9134 934
78% 7934 ' 80 66%
5434 56% 77,800 4934
39%
400 36%
39
9041 9254 1,200 80
10 186
220 220
42% 10,200 3534
41
40 270
275 277
4935 5034 6,500 40
5
231
67e
334
1%
5
Sc
9%
25c
70c
50
6
1
4c
49
15
20
2
10
50c
3%
75c
700
136
1494
8%
43.4
834
8c
55c
800
50c
11
3%
2%
731
1834
134
534 2,900
2%
200
100
67e
434 8,700
2% 11,200
534
900
8,000
50
100
934
30c
4,000
1,600
73e
800
5131
7 148,600
1% 2,900
60 35,000
100
4£8.
15% 3,100
30 185,000
231 2,500
lc
1,000
50c
200
700
3%
600
80c
80c 21,500
100
136
14% 2,700
934 25,600
4.35 3,800
100
836
1,000
8c
600
2,100
89e
1,300
600
7,900
113i
900
354 4,600
234
100
600
7%
19
1.700
2% 5,800
Sept
Oct
Aug
Jan
Jan
July
Sept
Sept
July
Sept
Sept
July
June
July
Sept
Sent
July
Oct
Jan
Aug
Sept
Jan
Jan
may
July
July
4% Oct
2% May
65c Sept
3% Sept
1% Sept
Oct
5
30 June
9% Oct
Oct
25e
500 June
43% Sent
5% Oct
Oct
1
Oct
4o
27 June
1331 June
2c Oct
134 Apr
lc May
50c Oct
134 Aug
51c June
35c Sept
Sent
1
12% July
831 Sept
3% July
5 June
7c Aug
45c Aug
750 Sept
500 Sept
934 Jan
234 Aug
2% Sept
6% Sept
1534 Juno
134 Oct
2331 July
1981
94%
50
115
117
7931
41%
171
123
103
168
29
110
8534
275
11834
196
116
96
69%
57
110
285
49%
817
5531
Jan
Jan
Feb
Feb
Apr
Mar
Mar
Feb
Feb
Max
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Aug
Mar
Feb
Feb
Feb
Jan
Apr
Mar
Mar
10
7% Jan
1% Feb
7% Apr
734 Apr
18% Apr
25o
Jan
15% June
1
Jan
281. Jan
6814 Mar
7
Oct
1% Oct
Jan
18o
Oct
49
24% Feb
40e Feb
Jan
4
4c Feb
134 Feb
5% Aug
Mar
$3
2111 Mar
134 Mar
20% Feb
1534 Mar
5% May
2134 Feb
30o
Jan
11816 Mar
13
Mar
Mar
5
14% Apr
7% Mar
6% Mar
Mar
14
25% Feb
4% Mar
OCT. 20 1923.]
THE CHRONICLE
Sales
Friday
Last Week's Range for
Week.
Other Oil Stocks.
Sale
ofPrices.
(Concluded)
Par Price. Low. High Shares.
Seaboard Oil& Gas
Southern States 011
Texas Ranger
Tidal Osage 011
Turman 011
Wilcox 011 & Gas
"Y" 011 & Gas
10
10
5
10
1
1
1
Mining Stocks
Amer Exploration
Arizona Globe Copper-- _I
10c
Belcher Divide
10c
Belcher Extension
Boston & Montana Dev_ _5
5
Calaveras Copper
1
Caledonia Mining
1
Canario Copper
1
Candalarla Silver
Cash Boy Consolidated_ _1
Consol Copper Mines__ _5
Continental Mines, Ltd...
1
Copper Canyon
Cork Province Mines, Ltd_
1
Cortez Silver
Crackerjack Mining
Cresson Con Gold M & N _1
Crown King Cons M.Inc_ I
1
Crown Reserve
1
Divide Extension
1
Emma Silver
1
Eureka Croesus
Fortuna Cons Mining
Gold Coin Mines
Goldfield Cons Mining..10
Goldfield Deep Mines _5c
Goldfield Development._ _
1
Goldfield Florence
1
Goldfield Jackpot
Gold Zone Divide
Green Monster Mining .50c
1
Hard Shell Mining
Harmill Divide
10c
Hecht Mining
25c
Hilltop-Nevada Mining.
Hollinger Con Gold Mines 5
Homestake Ext Min Co_ _1
Howe Sound Co
Independence Lead Min__ I
Jerome Verde Developm't 1
1
Jim Butler Tonopah
5
Kerr Lake
Lone Star Consolidated..1
1
Marsh Mining
Metals Production Co_ _
National Tin Corp _ - _50c
Nevada Sliver horn _50c
New Cornelia
New Dominion Copper...5
New Jersey Zinc......100
New York Pocupine
Nipissing Mines
5
Nixon Nevada Mining---1
Ohio Copper
Ray Hercules, Inc
5
Red Hills Florence
Salida Mining
Sandstorm Kendall
Silver Horn M de D
Silver King Divide (reorg)Silver Mines of America_ _ _
Sliver Pick Consul
Silver Queen Min Corp_ _ _
Simon Silver Lead
1
South Amer Gold & Plat.1
Spearhead
Standard Silver Lead_ _ _1
1
Stewart Mining
1
Success Mining
Sutherland Divide
1
Teck-Hughes
1
Tonopah Extension
Tonopah Belmont Dev
1
Tonopah Extension
1
Tonopah Mining
Smelting
5
United Eastern Mining _ .5
United Verde Extension .50
U S Cont Mines
5
Unity Gold Mines
Verde Mining & Milling...
Wenden Copper Mining...
West End Consolidated. 5
West End Eaten Mining.
1
Western Utah Copper
White Caps Min Co- __100
Wilbert Mining
5
Yukon Geld
1%
15%
lc
4%
9c
2c
12c
4c
Sc
50c
49c
31318
1%
60c
3c
12c
29c
11c
11c
550
3c
100
4e
4c
851
114
30c
154
3c
_1
BondsAllied Pack 85, Ser B.1039
Convertible deb 65_1939
Aluminum Co of Am 701933
1925
75
Amer Cotton Oil 1313._ _1924
Amer G & E deb 65- _2014
Amer 1.1ght & Trac 63_1925
Without warrants
Amer Rolling Mill 69.1938
Amer Sumatra'l'ob 7545'25
Amer Tel & Tel Os__ _.1924
American Thread 66..1924
Anaconda Cop Mitt 65_1929
Anglo-Amer Oh 73'4s..1925
Armour & Co of Del 554543
Assoc Hardware 6548.1943
1935
Associated 0116s
Atl Gulf & WI85 L 5s 1959
Beth Steel equip 78.-1935
Canadian Nat Rys.78.1935
1925
5s
1941
Central Steel 8s
Charcoal Iron of Am 88'31
Chic RI & Pac 554s_ _1926
Cities Service 78 Ser B 1966
78 Series C
1966
7s,Series D
1966
Columbia Graph Se.._1925
Ctfs of deposit
Cons GEL&P Balt(is'49
7s
1931
5548
1952
Congo( Textile 88
1941
Cuban Teleph 7548_ _ _1941
Deere & Co 7545
1931
Detroit City Gas 68..1947
Detroit Edison 6s
_1932
DunlopT&R of Am7s.1942
Federal Sugar 65
1933
Fisher Body 65
1925
68.
1928
(lair (Robert) Co 78_1937
111
lie
20
1654
2%
51c
5%
lc
870
33c
Sc
56c
2c
140
60
4c
3%
Or
372
Pie
1 th.
11118
8c
Pia
18c
3%
40c
80c
74c
37c
1% 7,400
1
14% 15% 41,900
he
lc
1,000
200
736 734
64c 66c
2,000
4% 5% 13,600
70
70
2,000
100%
101%
8954
92
9431
102%
107
9934
10754
88%
88%
88%
9434
100
99%
93
100%
97%
96
Range since Jan. 1.
Low.
80c
11%
Sc
754
600
4
7e
Oct
Sept
Jan
July
June
Sept
June
High.
4
26%
2c
13%
1%
10%
20c
Apr
Mar
Jan
Feb
Apr
Jan
Mar
75c
750
100 50c Feb
154 Apr
10c 78,000
Sc
Be Aug 85c Feb
2c 8,000
Sc
lc July
Sc Mar
20 134,000
lc
lc Aug
6c
Jan
120 3,000
12c
90 Feb 23c May
1% 2%
700
151 Oct
4
Mar
5c 1,000
be Feb
Sc
Sc Aug
1% in,. 3,800
151 June
2% Jan
Sc 103,000
Oct 38c
20
20
Jan
Sc 6,000
50
50 Aug
130
Jan
2
2% 8,500
154 Aug
4% Mar
4% 4%
400
4
Sept
5% Sept
50c 1,300 45c Feb 650 Mar
45c
70 2,000
Sc July
150
70
Jan
50c 16,300 40c Sept
48c
1% Mar
Sc 1,000
3c
Sc June 15c
Jan
2
Apr
3tins 3% 3,400
334 c Oct
1% 1%
1% Sept
700
151 Oct
60c
600
600 32c Feb 72c
Apr
Sc 1,000
5c
4c June 130
Jan
?c 29,000
10
Apr
2c
4c
Jan
12c 51,000
00
5c Aug 37c
Jan
29c 444,000
5c Sept 740
11c
Jan
50c
100 49c July 76c
50c
Apr
100 14,000
50
Apr 1lc
6c
Jan
120 29,300
70 Apr 24c
10c
Jan
4c
Sic 5,000
Jan 34c
10c
Jan
57c 5,000 290
Jan 760 Feb
55c
46c 2,000 350 Jan 57c Mar
45c
3c 19,000
lc Aug 11c
3c
Feb
10c 6.000
4c Aug 10c Mar
6c
Sc 65,000
lc Sept 130
2c
Jan
4c
2c
Jan
4c 7,000
10c Mar
8% 854
800
5% July
9% Apr
40 9,000
20
Oct
2c
1131. Feb
300 10% Oct 14
Feb
10% 11
1
Pi
9,200 580 Feb
Pis Oct
100
2% Sept
254 2%
454 Mar
260
310 64,000 16c June 48c Mar
Apr
400 95c
1% 1%
3% Feb
4c 3,000
30
Sc June
Jan
60
300
July
2% 2%
2
3% Jan
3c 4,000
3c
2c June 10c
Jan
10c
10c 14,000
6c
Jan 16c may
1
016 151 33,400
Oct
134 Oct
10c
Ilc 30,000 10c June 32c
Jan
lc
lc
2e 27,000
Jan
20
Jan
16% 1654
400 16% June 24% Mar
2% Jan
2% 2% 4,700
454 Mar
14254 14251
10 14234 Oct 180% Mar
49c
Jan 75c Juno
Mc 7,100 30c
454 July
1,000
6% Mar
534 5%
lc Bent 10c May
lc
lc 44,000
66c
Jan
88c 92,700 37c
Pis Mar
Oct
30c
2% Mar
39c 4,000 •250
Sc May
Sc
7c 43,000
8c Mar
200 42c May
55c
1
June
56c
lc
Apr
2c
3c 5,000
5c
Jan
4c
Oct 15c
10c
150 489,700
Oct
lo Aug 25c Apr
30
7c 34,000
8c
Oct 40c Feb
80
9c 2.000
3c June
Sc
6c 9,000
Jan
9c
Sc
Oct 50c Feb
5c
5c 2,000
9c
Oct 50c
flc
Apr
00 1,000
2% July
3% 4
1,200
4% Mar
4c Mar 31c June
7c
10c 37,000
17c
17c 1.000 15c Aug 280 Feb
lc
20 51.000
Sc
Oct
8c
Jan
50c
51c 1,000 32c July 68c
Jan
35c
51c 47,800
Sc
Jan 51c
Oct
Pis 1% 4,400 81c
Jan
154 May
11516 115t. 1,100
1% June
4
Mar
60c
800 57c Sept
650
12t8 Jan
11516 2Mt 2,100
4
Mar
1% June
300
136 Aug
Pt. 151
254 Jan
6c
Sc 4,000
3c Sept 16c Feb
154 Pi
4,100
Pt, June
25,4 Feb
2754 28
1,000 26% Jan 38% Apr
18c
200 7,000 13c
Apr 280 July
3%
400
3
251 Oct
554 Mar
40c
40c 1,000 39c Aug 77c May
75c
80c 15,200 28c June 80c
Oct
73c
74c 1,300 67c July
1% Jan
Sc
lc 1,000
lc May
6c 'Jan
30c
37c 9,000 15c July 55c Feb
2c
3c
Jan
6c 9,000
12c Mar
10c
Sc
Jan 10c
10c 11,000
Oct
81c
81c
200 75c
Jan
211. Apr
6554
58
106%
10254 10254
98% 98%
94
9354
67%
59%
106%
102%
99%
9451
Aug 84% Jan
820,000 51
8,000 51% July 76% Jan
29,000 10551 July 106% Aug
12,000 10154 Sept 104
Jan
Feb 99% Oct
62,000 85
26,000 91% July 97% Jan
8,000
100% 101
9754 98
10,000
5,000
9654 98
10051 100% 21,000
102 102
1,000
100% 101% 17,000
101% 10254 18,000
89
8954 73,000
29,000
92
93
9451 421.000
93
46
4631 8,000
32,000
102% 103
5,000
107 107
9051 9951 5,000
10754 107% 17,000
7,000
88% 90
9851 98% 21,000
1,000
106% 106%
88% 8851 22,000
88
8855 26,000
4,000
22
22
18,000
18% 22
10155 10151 13,000
1,000
106% 10651
1,000
9754 97%
94% 9454 23,000
1,000
105 105
10,000
99% 100
99% 9951 16,000
26,000
10154 102
28,000
93
94
40,000
9754 98
10054 100% 10,000
97% 97% 17,000
9,000
95% 96
1767
Friday
Last Week's Range Sales
Sale.
ofPrices.
for
Price. Low. High Week.
10051 Jan
97
July
9551 Jan
100% Sept
101% May
10054 July
10154 Sept
8454 July
Oct
92
93
Oct
43% July
101% Sept
106% May
97
July
106
Feb
8834 Oct
96
July
104
Aug
8751 Aug
87
July
12% Aug
10
July
100% Apr
10254 Sept
97
Apr
94 June
105
Jan
9854 Jan
Sept
99
100 June
Oct
93
96% June
96% June
94% Mar
94
July
101% Feb
10051 Jan
10054 May
101% Jan
103% Mar
10351 Feb
103% Jan
96% Jan
98% June
9454 Oct
62
Mar
10351 Sept
11054 Jan
99% Feb
10851 Apr
97
Mar
98% June
130
Mar
96% Apr
9354 Jan
30
Jan
35
Jan
103% Jan
10851 Feb
100
Jan
106
Feb
107
Jan
10354 Feb
101% Jan
104
Jan
97% Apr
98% May
10054 June
98% Feb
99% Jan
Bonds (Concluded)Galena-Signal Oil 73.A930
General Asphalt 8s_ _ _1930
General Petroleum 68_1928
Grand Trunk Ry 6%8_1936
1937
Gulf Oil of Pa 58
Hood Rubber 75
1936
Kan City Term Ry 5%s'26
Kennecott Copper 75.1930
Libby,NrcNelli&Libby7s'31
Liggett Winchester 78_1942
Manitoba Power 78 _ _1941
Without warrants
Morrls & Co 7345._ _ _ _1930
National Leather 8s.5925
New Orl Pub Serv 55..1952
Ohio Power 58
1952
Penna Pow & L 5s B__1952
Philadelphia Elec 68_1941
1947
554s
Phillips Petrol 734s..1931
without warrants
Public Serv Corp 7s__1941
Pub Serv Elec Pow 65_1948
Reading Co 55, w i
Shawsheen Mills 75 __ _1931
Sloss-Shefiteld 5& I 6s 1929
Solvay & Cie 8s
1924
South Calif Edison 5s _1944
Stand 011 of N Y 650.1933
7% serial gold deb _ _1925
7% serial gold deb __1926
7% serial gold deb _1927
7% serial gold deb_ _1928
7% serial gold deb_ _1929
7% serial gold deb _ _1931
1931
Sun Co 75
192
Sun 01165
Swift & Co 58_ _Oct 15 1932
Tidal-Osage Oil 7s_ _ _1931
Union Oil 65, Ser B_ _ _1924
1925
Serial 6s
2008
Union Pacific 55
United Oil Produc as...1931
United Rys of Hay 7548'36
1926
Vacuum 011 65
1937
Valvoline Oil Os
Foreign Government
and Municipalities
Argentine Nation 6s..1924
Cuba (Republic of) 58_1931
1945
Mexico 45
Certificates of deposit_ _ _
68 10 year Series A
35
Netherlands(Kingd)6513'72
Peru (Republic) 8s.__1932
Russian Govt 65411-1919
Certificates
1921
594s
Switzerland Govt 5548 1929
r...i. Kai. .. ....aim
1090
Range since Jan 1.
Low.
High.
103 10534
1015
% 101%
94
94
10434 105%
9434 9434
10036 101
9954 99%
103% 104
99% 9954
102 10254
9934 100
9854 99
100 10054
9651 0634
83
84%
84
85
86
8694
10354 104
10034 10054
11,000
9,000
6,000
37,000
7,000
15,000
58,000
26.000
16,000
7,000
3,000
5,000
18,000
4,000
40.000
19,000
37,000
4,000
1,000
103
99
94
10334
9354
100
99%
10134
97
10134
95
97
97
9534
8154
8334
8554
10251
9834
June
June
Sept
Apr
Mar
June
Oct
July
July
Mar
Jan
Jan
105%
105
98
107
9754
102
9954
10594
102%
104
10234
10334
Aug
100%
July 102
July 8954
Ar.r 92
Oct90%
Mar 10551
Apr 10234
Mar
Jan
Apr
Jan
Jan
Jan
Oct
Jan
Jan
May
Feb
Feb
Jan
Jan
Mar
Jan
Jan
Jan
Jan
9834 9834
100
100 100%
9651 95% 9651
93
93
9354
103% 10334 104
97
97
97%
104% 10434 105%
8951 90
106
105% 106%
10251 10234 10234
103 103%
104% 10434
105
10434 105
106 106
10754 10794
101
101 102
9794 9754 9754
91% 9154 91%
102% 103
99
9954
9954 9954
9934 9934
81
81
10654 10654
106
10534 106
10251 10234
1,000
45,000
54,000
8,000
11,000
10,000
15,000
24,000
30,000
10,000
11,000
15,000
10,000
2,000
4,000
13,000
2,000
22,000
9,000
3.000
5,000
36,000
1,000
1,000
45,000
2,000
9534
99%
9434
87
10351
96
10334
87
10454
102
103
103
104
104
10534
100
97
89%
100
99
9934
9934
78
103%
10554
102
Aug 10334
Sept10451
Oct9854
9334
July
Oct 10554
Feb 98%
Sept10554
Mar 93
Apr 10751
June 10654
Apr 106
Apr 107%
Sept10734
Apr 10834
May 110
June 103
Apr 9951
Mar 94
Aug 104
Oct 10034
June 100%
Sept 99%
Sept 10634
Apr 107
June 10751
July 10334
Jan
Feb
MaY
Aug
Apr
Feb
Mai
Jan
Jan
Feb
July
Jan
Jan
Feb
Feb
Mar
Aug
Feb
May
Alla
Apt
SePt
Mar
Jan
Jan
Mat
9951 841,000
87
1,000
33% 62,000
3236 50,000
5554 37,000
8
1,000
97% 24,000
99% 4,000
994 6,000
954 10,000
10
25.000
9954 62,000
07,
A 175 Ann
9954
87
32
3154
5354
8
9654
96
9
8%
9%
9854
10134
94
9434
9934
103%
100
9654
83%
8654
9934
32%
3154
5434
9734
9%
9934
071.
99%
87
3254
31%
5431
8
97%
99
954
9%
951
99%
07
0411,6
Oct 9934 Ocl
Oct
Oct 87
Oct 4436 May
Oct 3254 Oct
Aug 0334 Mal
Oct
11
Yet
Sept 10251 Auti
Sept 100% Apt
Oct
1634 Pet
Oct 5.54 Feb
Feb
Oct lb
Aug VA
Jar
(let
9714 An.
• No par value. k Correction. m Dollars per 1.000 lire flat. I Listed on the
Stock Exchange this week, where additional transactions will be found. o New
Ex-stock
stock. s Option sale. w When issued. z Ex-dividend. y Ex-rights.
dividend. fl Ex-stock dividend of 40%•
Note.-New York Curb Market listings committee ruled Oct.5 that transactions
in Springfield Body Clam A stock be suspended until further notice.
New York City Banks and Trust Companies.
All prices dollars per share.
Ask !I
Bid
Banks
Banks-N.Y. Bid
202 212 'Harriman_ _ _ _I 325
America
Amer Exch_ _ _ 288 295 Manhattan •_! 145
440
Mech & Met.' 378
Bowery*
Broadway Con 160
Mutual*
! 320
r. Nat American -Bronx Bore*. 140
Bronx Nat... 129 130 'National City 342
New Neth*
Bryant Park* 155
135
135 :Pacific•
Butch & Drov 128
' 300
Cent Mercan- 205 215 !Park
420
346 350 !Port Morris__ 167
Chase
Chat & Phen_ 253 258 'Public
300
80 Seaboard
Chelsea Exch. 60
375
Chemical - _ _ _ 542 547 Seventh Ave.. 80
Coal & Iron__ 213 220 Standard •__ 185
375
__ States
Colonial 8
.
347
Columbia _ _ 275
Tradesmen's• 200
Commerce -_- 295 198 23d Ward.... 275
Com'nwealth 240 250 United States* 165
150 Wash'n Hts•- 200
Continental _ 140
Corn Exch.__ 450 461 Yorkville• ' 803
Cosmop'tans. 115 125
East River__ 200
Fifth Avenue* 1250 1366
243 252
Fifth
Brooklyn
1280 1300 Coney Island* 160
First
270 280 First
Garfield
320
160
168 Mechancis' It_ 114
Gotham
Greenwich •_ _ 290 310 Montauk •___ 170
685 695 !Nassau
Hanover
225
People's
165
Ask Trust Co.'s NO
335
New York
148 American....
385 Bank of N Y.
& Trust Co 4-7
155
Bankers Trust 350
345 Central Unlit • 475
145 Commercial__ 110
305
Empire
425 Equitable Tr_ 18
__ Farm L & Tr_ 545
Fidelity Inter 195
385 Fulton
250
90 Guaranty Tr_ 244
200 Hudson
202
354 Irving BankColumbiaTr 219
-Law Tit & Tr_ 190
172 Metropolitan_ 298
_ Mutual (West
cheater) ___ 120
N Y Trust__ 344
Title Go & Tr 378
Mtg & Tr 305
United States 1220
170 Westcbes Tr- 210
Brooklyn
335
130 Brooklyn Tr_ 470
- Kings County 850
Manufacturer 275
385
. People's
Ask.
473
353
480
120
315
191
555
205
285
249
210
223
197
308
130
347
384
310
250
485
400
•Banks marked with(5)are State banks. (z) Ex-dividend.
New York City Realty and Surety Companies.
See prices dollars per share.
Alliance WIty
Amer Surety.
Bond & M ()City Investing
Preferred _Lawyers Mtge
Bid
102
95
278
73
94
152
Ask
108
97
285
77
99
155
Mtge Bond__
Nat Surety...
N Y Title &
Mortgage..
U S Casualty_
US Title Guar
Bid
108
151
193
160
130
Ask
114 Realty A81110C
153
(Bklyn)com
1st pref._
198
2d pref
17
Westchester
1 5
Title & T.
Bid
Ask.
105
83
70
115
88
75
200
220
CURRENT NOTICES.
-The "Directory of Directors in the City of New York"-1923-1924
edition-has just been issued. The book contains the names of some
42,000 New York City directors in various corporations, with an appendix
comprising selected lists of corporations in banking, insurance, transportation. manufacturing and other lines of business, showing their executive
officers and all directors. The book forms a comprehensive directory of
the corporate interests in New York City. It can be purchased at the
publishers, The Directory of Directors Co., 72-76 Pine St.
McSchooler has been appointed manager of the Minneapolis
office of W. S. Aagaard & Co.
-H. L.
1768
gintestuunt anti
ailraad itxtelligatte.
RAILROAD GROSS EARNINGS
The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns,
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last twcr•
columns the earnings for the period from Jan. 1 to and including the latest week or month. The returns of electric railways,
are brought together separately on a subsequent page.
Latest Gross Earnings.
Jan. 1 to Latest Date.
ROADS.
Week or
Month.
Current Previous
Year.
Year.
Current
Year.
Latest Gross Earnings.
ROADS.
Previous
Year.
Week or
Month.
Current
Year.
Previous
Year.
Jan. 1 to Latest Date..
Current I Previous
Year.
Yesr.
$
$
$
$
$
1
$
Akron Canton & Y.
236,249 186,745 1,790.426 1,442,301 Minneap & St Louis August
1,431,103 1,277,886 10,760,5551 9,940,958.
Alabama & Vicksb_ August
299,591 217,574 2,249,484 1,985,276 Minn St P & S S M_ August
4,347,861 4,526,505 32,357,528 28.043,855,
American fly Rap__ June
13266417 12929457 8,527903.6 77.898,175
Wisconsin Central August
1,792,327 1,885,433 13,845,487111,986,673
Ann Arbor
1st wk Oct 106,644 108,677 4,098.069 3,800,447 Mississippi Central_ August
145,936 118,341 1,196,9881 965,203
Atch Topeka 8c S F- August
17683514 16797 939 131062326 115967469 MissouriKan-Tex.. August
3,198.371 2,804,539 22,965,362 20,913,332
Gulf Colo & S Fe_ August
2,252,329 2,356,848 15,414,297 14,294,396 Mo H & T By of Tex August
1,780,069 1,645,628 12,708,035 13,222,457
Panhandle S Fe August
840,781 683,29 5,208,380 4,796,377
Total system ____ August
4,978,441 4,450,167 35,673.398 34.135,789!
Atlanta Birm & Atl_ August
389,638 329,435 3,044,809 2,495,342 Mo & North Arkan_ August
141.366
91,185
960,616
260,480.
Atlanta & West Pt_ August
238,010 230.167 1,933,160 1,584,830 Missouri Pacific_ _ _ _ August
10255028 8,756,702 73,439,762 65,073,709
August
Atlantic City
859,510 727,050 3,490,244 3,315,484 Mobile & Ohio
1st wk Oct 390,149 366,000 15,542,923 13,183.555.
Atlantic Coast Line_ August
5.254,139 4,608.155 53,902,812 46,198,073
Coltunb & Greene August
136,299 133.214
993,871
983,696.
Baltimore & Ohio August
22502756 14104234 173788951 126727416 Monongahela C01112_ August
253,832
96.035 1.843,359 1,061.837.
B & 0 Ch Term August
302,427 274,673 2.473,214 1,998,162 Montour
August1482.099,22.150 1,675,128
387,088
396,272 377.037 4,309,181 5,271,998 Nashv Chatt & St L August
Bangor & Aroost'k- August
2,150,926
16.371,125 14.088,088
10,072
Bellefonte Central August
9,983
66.138 Nevada-Cal-Oregon 1st wk Oct
88,061
10.532
14,070
281,110
229,909,
Belt sty of Chicago_ August
621,308 500,753 4.791,795 3,837,393 Nevada North
August
89,005
64,011621523
312,892
Bessemer & L Erie August
2,351,263 1,575.265 13,633,051 7,663.772 Newburgh & So Sh_ August
177.322 139,240 1,413:352 1,284,578
Bingham & Garfield August
50,818
23,317
303,943
126,162 New Oa Great Nor_ August
255,863 208,870 1.908,309 1,694,939
Boston & Maine_ _ _ August
7,776,026 6,975,505 58,059,404 51,402,683 NO Texas & Mex August
199,157 175.415 1.944,667 1,677,334
August
Ilklyn E D Term
100,477 142,398 1,037,722 1,061,723
Beaum SL & West August
200,173 150,985 1,514,309 1,341,931
Buff Roch & Pittsb_ 2d wk Oct 387,084 510,332 17.407,981 11,018.781
St L Brownsv &M August
758,390 537,150 3.817,154 3.518,341
1 August
Buffalo & Susq
243,363
865.357 New York Central_ _'August
81,279 1,876,801
36872841 29812929 286154291 223252178
Canadian Nat Rys_ 1st wk Oct 5,566,728 5,486,295 187124 956 169868641
Ind Harbor Belt_ August
986,947 875,4057,718,008 6,305,071
At!& St Lawr'ce_ August
220,437 248,568 ..131,620 1.797.638
Michigan Central August
8,154,041 7.622,377 64.194,497 51,776,358
2d wk Oct 5,193,0005,147,000 136399000 131328000
Canadian Pacific
Clev CC & St L August
8,484,030 7,003.195 64,051,930 54,179.681
Caro,Clinch & Ohio_ hugust
Cincinnati North_ August
792,713 593,882 6,275.972 5.081,429
450,473 228.887 3,537.739 2,206,703
Central of Georgia August
2.180,771 1,947.283 17.657.042 14,630,928
Pitts & Lake Erie August
4,092,348 2,139,657 30,972,649 15,892,734
Central RR of N J- August
5,353,627 3,796,503 39,066,661 30,682,640 NY Chic & St L
August
4,951,871 4,425,478 38,581,612 32,196,811
Cent of New Engl'dlugust
759.872 446,73 5,161,138 4,366.254 N V Connecting
August
209,858 225,210 2,288,286 1,838,472
Central Vermont_ _ -IAugust
746,884 604,639 5,796.910 4,556,861 NYNH & Hartf August
11740570 10534282 89,325,380 78,858,227
Charleston & W Car August
312,365 221.333 2.644,105 2.18.616 NY Out & Western August
1,715,812 1,258,471 9,790,337 8,011,185.
Ches & Ohio Lines- August
9,473,221 5,982,593 66,676.076 56,630,225 NY Susq,& West August
408,816 298,429 3,334,754 2,607,279.
August
Chicago & Alton
3.139,909 1,891.713 22.152,612 17,885,495 Norfolk nousnern._ August
698.068 585,5566,043,252 5,457,920
Chic url & Quincy_ August
14899151 14502539 113048039 101747129 Norfolk & Western_ August
8,758,915 7,903,124 62,229,997 61,477,819.
Chicago & East Ill August
2,370,147 1,810,522 18,810,327 15,502,378 Northern Pacific_ _ - August
8,661,337 8.539,793 63,406,979 58,448,288
Chicago Great West August
2,246,481 2.204,138 17,119,538 15,442,416 Northwestern Pac_ _ August
883,868 874,785 5,344,431 4,226,200!
Chic Ind & Louisv-August
1,537,779 1,270.995 11,962,998 10,239,655 Pennsylvania Syst _ - August
71175043 63133868 521272519 438232010.
Chic Milw & St,Paul August
14916655 14272930 112478865 98,124,034 Pennsylv RR & Co_ August
64833927 57370667 484735655 404796672
Chic & North West- August
Balt Ches & Atl_ _ August
14561 969 12860888 106259229 93,202,325
192,702 197.848 1,033,180 1,072,616.
Chic Peoria & St L_ August
Long Island
August
133.629 133,209
908,675 1,439,441
.735,347 3,277,691 22,984,147 20,607,463
Chic River & Ind- _ August
Mary Del & Va August
625,890 563,291 4,937,949 4,415,738
132,044 146,465
732,096
769,207
Chic RI & Pac
August
Monongahela. _ August
1125072 31081921 181,477,18 76,903,458
531,442 251.293 3,880,107 2,118.461
Chic R I & Gulf-. August
Tol Peor & West_ August
519.352 528,638 3.684,306 3,783,184
174,185 147,012 1,225,713 1,069,435Chic St PM & Om_ August
W Jersey & Seash August
2,546,983 2.731,206 18,501,608 18,110,929
.963,311 1,894,763 9,853,388 9,316,179.
:Inc Ind & Western August
378,660 344,135 3,063,683 2,729,461 Peoria & Pekin Un_ August
145,958 133,544 1,152,643 1,151,174Dolo & Southern-- August
1,051,739 1,182.087 8,168,043 8,419,803 Pere Marquette_ _ _ _ August
3,976,042 3,386,042 29,986,598 24,614,000.
Ft W & Den City_ August
August
886,936 898,752 5,962,273 6,030,047 Perldomen
106,898 119,515
749,798
837,466.
Trin & Brazos Val August
431,696 152.422 1,545,538 1,890,578 Phi's & Reading- August
9.234.598 5,490.608 72,976.875 48.909,096.
Wichita Valley... August
760,640 Pittsb & Shawmut August
117,438
854,118
120,560 117,491
98,204
932,937
676,881
Delaware & Hudson August
116.658
4,566,740 2,399,439 31,892,374 23,487,737 Pitts Shaw & North August
92.088
984,487
677,118Del Lack & Western August
August
7,749,005 5,773,758 58.579.466 47,205,974 Pittsb & West Va
351,609 191.994 2,473.737 1,795,927
Deny & Rio Grande August
August
206,939
3,102.0563,133,441 21,235,066 20,492,224 Port Reading
66.789 1,919,235 1,143,678
Denver & Salt Lake August
August
274,949 165,896 1,635,959
765,477 Pullman Co
7,129,528 5,957,687 48,319.22942,846,815.
Detroit & Mackinac August
August
101.199
93,371
172,588 201,827 1,238,615 1,197,940 Quincy Om & K C
841,549
693,526
Detroit Tol & Iront- August
957.597 719.708 6,919,700 6,021,610 Rich Fred & Potom_ August
908,405 895,213 8,312,628 7,138,111
Det & Tol Shore L.- August
August
628,989 519,718 4,526,850 3,742,771
322.926 267,884 2,836,474 2,297,350 Rutland
Doi tiz Iron Range.. August
St
L-San
Fr
System_
1st wk Oct 1,806,601 1,476,223 68,293,009 62,793,180
1,192.645 1,257,614 5,341,537 4,773,220
Dul Missabe & Nor_ August
St L-San Fran Co August
7,702,610 6,309,073 56,624,573 52,476,719•
3.801.351 3,170,708 13,887,844 9,752,158
Dul Sou Shore & Atl 1st wk Oct 104,473
Ft W & Rio Grand August
88,572 4,501,253 3,303,330
145,986 122,836
961,891
828,221
Winn
&
Pac
Duluth
August
St L-S F of Texas_ August
175,498 170.152 1,661,963 1,309,134
160,222 164,256 1,050.721 1,103,760!
East St Louis Conn- August
224,050 180,024 1,582,364 1,351,742 St Louis Southwest_ August
1,622,626 1,503,532 13,629,308 11,181,430.
Elgin Joliet & East- August
St L-So West of T August
2,418,243 1,097.303 19,18.5981 3,337,175
746,926 607,934 5,183,826 4.647,811
El Paso & Sou West August
Total system_... 1st wk Oct 630,201 536,53621,971,159 18,767,526.
888,844 964,694 8,461,586 7,387,825
Erie Railroad
August
10787760 7,238,682 80,740.143 58,703,158 St Louis Transfer August
88,316
60,972
574,686
488,806
Chicago & Erie August
1,034,418 903,307 9,086,200 7,220,640 San Ant& Aran Pass August
738,751 551,160 3,667,952 3,465,540.
N J & N Y RR--- August
150,419 128,780 1,061,804
991,781 San Ant Uvalde & G August
123,756 102,523
822,581
714,028.
Evans Ind & T 1I- August
161,047
84,919 1,115,444
673,491 Seaboard Air Line August
3,719,557 3397,81334,320,900 29,034.516.
Plorida East Coast- August
860.395 673,897 11,082,761 9,454,654 Southern Pacific Sys August
25658062 3160 149 183034067 164952342
;1onda Johns & Glov August
121,511 113,584 1,018,514
908,071 Southern Pacific Co August
8643069 16717507 130302916 115875721
4Smith & Western August
127,913 152.053 1,008,333 1,018,004
Atlantic S S Lines August
350,861 977,042 9,054,824 7,496,861
lalveston Wharf_ -- August
122.979 136,410
Arizona Eastern_ August
929,825
877,732
302,344 267,448 2,445,577 2,601,969.
leorgia Railroad_ _ _ August
549,439 440.597 4,053,238 3,228,807
Galv Harris &S A August
,090,286
1,872,596 14,840,927 13,983,419
Florida..
1st wk Oct
3oorgia &
34,800
Hous & Tex Cent_ August
26,300 1,333,157 1,009,257
,272,535
1,236,624 8,874,110 9,213,478.
3rand Trunk Systbus E & W Tex_ August
275,044 308,215 1,939,537 2,003,695.
ChDetCanGTJct August
296,587 172,070 2,335,780 1,493,558
Louisiana West'n. August
343,714
322,948 2,990,941 2,709,674
Del G H & Milw_ August
616,448 393,918 4,524,468 3,443,117
Morg La & Texas August
687,239 620,501 5,718,199 5,013,226
Grand Trk West_ August
1,804,834 1.694,650 13,415,286 10,660,651
Texas & New On. August
757,605
680,327
5.819,632 5,652,009
North
System
1st wk Oct 2,877,984 ,601,859 88,153,168 75,397,843 Southern By System 1st wk Oct .829,659 3,584,480 151523
3reat
109 121363511
1reen Bay & West_ August
112,851 100.7911 867.477
Southern By Co August
905,906
2754333 9,482.594 99.417,379 81,398,509 •
hilt Mobile & Nor.. August
486,847 333.393 3,890.001 3,057,280
Ala Great South_ August
930.564
374,446
7,209.962
5,570,833
;tut & Ship Island.. August
286,955 258.616 2,184,507 1,948,829
Cin,N 0& Tex P. August
.877,395 560,488 15,609,683 0,737,258.
August
Iockliag Valley
.585,002 .071,434 11.898,445 8,316,023
Georgia Sou & Fla August
443,473
315,620
3,494,962
3,041,911
August
15269894 15727040 125068560 107466105
litho's Cent Syst
New On & Nor E. August
577.945 183.115 4,627,112 3,575.047
Illinois Central Co August
13613355 14074640 111872860 95,717,650
Northern Ala_ _ _ _ August
159.504
99,141 1,137.663
861.742
Yazoo & Miss Vail August
1,655,939 1,652,400 13.195,700 11,748,446 Spokane Lutenist August
108.796 107,943
782,489
741,449 •
August
nt By Co of Me
132,871 158,993j 1,884,802 1,800,218 Spok Portl & Seattle August
708,676 638,336 5,172,777 4,663,836
1.301.713 1.177,179 9,278,918 8,868,205 Staten Island R T August
nternat & Grt Nor_ August
258,124 239.582 1.716,590 1,648,232
can City Mex & Or August
226,620 112,7041 1,225,848
890,827 Tennessee Central August
262,177 185,371 2.058,602 1,526,776
156,199 113,988 1,131,031
C C Mex &0 of Tex August
446,667 340,558 3,369,293 2.978,966
967,797 Term RR Assn ofStL August
1,791.900 1,549,66113,138,253 11.620,597
ransas City South_ August
418.597 323,655 3.258.4292,366,611
St L Men Bdge T. August
Texark & Ft Sm.. August
244.568 177,909. 1,780,504 1,323.708 Texas & Pacific.... 1st wk Oct 703,747 703,337 23,561,635 22,724.931
2,036,468 1,727,570 14,918,757 12.944,3OI Ulster & Delaware August
Total system_ __ _ August
242,989 205.751 1,266,153 1,132,284
Cansas Okla & Gulf August
184,783 268,425 1,681,861 1,822,628 Union Pacific
August
10896004 10233061 71,199,7973,731.340 •
,ake Sup & Ishpem_ August
191,282 259,386
Total system_ _ _ _ August
19058604 17627803 128716699 16158620
735.726
875,157
August
ake Term Ry
108,554
Oregon Short Line August
711,725
81.406; 783,557
3,356,996 3,103.085 23,621.248 22.076,635
thigh & Hud River August
283,551 153,639 2,025,984 1,503,932
Ore-Wash RR &N August
2.733,852 2,758,855 18,300,044 17.732,338
ehigh & New Eng.. August
537.912 276,0911 4,120,410 2,493,724
St Jos & Gr Island August
276,425 275,271 2,072,805 2,014,567
ehigh Valley
6,952,493 4,697,562 50.058,218 40,177,067 Union RR (Penn)._ August
August
1.218,594 1,064,255 8,457.777 7.304,420
,os Ang & Salt Lake August
2,071.753 1.532,802 15.595,611 12,618,308 Utah
August
132,773 196,019
990,118 1,116,999
ouisiana & Arkan_ August
314,839 280,197i 2,510,942 2,206,402 Vicks Shrev & Pac August
419,734 252,552 2,871,866 2,393,820
ouisiana BY & Nay August
292.451 293,588, 2,554,511 2,168,578 Virginian Railroad- August
1.787,426 1,345,294 14.690,000 13,245,606
La Ry & Nav of T August
115,744
Wabash RR
August
6,108.633 4,703,309 43,319,019 37,977.110
1 455,850
ouisville & Nashv_ August
11973819 8,973,394 89.911,564 80,600,376 , Western Maryland_ 1st wk Oct 429,758 433,767 18,104,774 13,400,078
ouisv Hend & St L August
319,754 304,884 2,305,296 2,112.411 1 Western Pacific..._ August
1,303,728 1,124,213 8,480,423 7,317.294
August
laine Central
1.905,595 1,754,220 14,180,758 13,507,096 Western By of Ala August
246,301 231,260 1,928,489 1,642,657
Reiland Valley__ _ _ August
372,818 345.244 2,971,619 2,994.184 Wheel & Lake Erie_ August
1,962.765
990,118 12,483,596 8,995,182
7.744
1st wk Oct
Einem'Range
99n 190
!Inn sac
6 0g0
AGGREGATE OF GROSS EARNINGS-Weekly and Monthly.
Current
Year.
Previous
Year.
Increase or
Decrease.
I Current
' Year.
Previous
Increase or
Year.
Decrease.
$
Mileage.
Cur.
Yr.
Prev.Yr.
.
$
$
let week Aug (16 roads)._ 19,200,306 1646.783 +2,663,523 16.11 November --235,748 235,679 523,748,483 466.139328 57.618,155
12.85
2d week Aug (14 roads).... 18,272,732 15,953,700 +2,319,032 14.54 December---235.290 236,121 512.433.733
434,698,143 87,735.590 20.66
3d week Aug (13 roads)---- 18,385,609 15,443.476 +2.942.133 19.10 January ---235,878 235.827.500,816.521 395.000,157 70,803,472 21.00
4th week Aug (13 roads)._ 24,549,846 20,458,007 +4.091.83920.00 February...235,399 235,528,444,891,872 400,146,341 44,745,531 11.18
235,424 235,470,533,553,199 473,747,009 59,806.190 12.63
1st week Sept (14 roads)_-__ 16,173.591 14,776.721 +1,396,870 9.45 March
234,970 235,839521,387,412 415,808.970 105578442 25.39
2d week Sept (15 roads).--- 19,482,178 18,379,315 +1,102.863 6.00 .April
+834,204 4.98 Mal
235,186 235,4721545,503,898 447,993,844 97,510,054 21.773d week Sept (14 roads)____ 17,576,049 16,741,845
236.739 236,683 540.054,165 473.150,664 +66.903.501 14.14
4th week Sept (15 roads)---- 27,636,687 26,460,653 +1,176.034 4.44 June
235.477 235.813!534,634.552 442,955,873 +91,678,679 20 70
let week Oct (15 roads)._- 21.869,478 20,768,243 +1,101,235 5.30 July
9, WPM, Ant
(9 roads)
5.580.084 5.657 RR9
-.77 945 1 RR August
235,357 235,6961563,292,105 473.110,138 +90.181,987 19.00 •
Note.-Grand Rapids & Indiana and Pitts. Cin. Chic.& St. Louie Included in Pennsylvania RR, Lake Erie & Western Included in New York Central.
Toledo St. Louis & Western included in New York Chicago St.St. Louis.
Weekly Summaries.
%
Monthly Summaries.
1
1
'arm CHRONICLE
OCT. 20 1923.]
Latest Gross Earnings by Weeks.—In the table which
follows we sum up separately the earnings for the second week
of October. The table covers 2 roads and shows 1.36%
decrease from the same week last year.
Second Week of October.
--
1923.
1922.
Increase. Decrease.
$
38%.084
Buffalo Rochester & Pittsburgh
51%.332
5,193,000 5,147,000
Canadian Pacific
46,000
Total (2 roads)
Net decrease (1 Ali%)
'
46,000
5,580,084 5,657,332
$
123,248
123,248
77.245
In the following table we also complete our summary for
the first week of October:
1923.
First Week of October.
$
Previously reported (2 roads)__ 5,366.920
Ann Arbor
106,644
Canadian National
5.566,728
Duluth South Shore & Atlantic_
104,473
Georgia & Florida
34.800
Great Northern
2,877,984
Mineral Range
7,744
Mobile & Ohio
390,149
Nevada-California-Oregon
14,070
St Louis-San Francisco
1,806,601
St Louis Southwestern
630,201
Southern Railway System
3,829,659
Texas & Pacific
703.747
Western Maryland
429,758
Total (15 roads)
Net increase (5.30%)
1922.
S
Increase. Decrease.
5,339.332
108,677
5,486,295
88,572
26,300
2,601,859
6,333
366,000
10,532
1.476,223
536,536
3,584.480
703.337
433,767
S
27,588
80,433
15,901
8,500
276,125
1,411
24,149
3,538
330,378
93.665
245.179
410
$
2,033
4,009
21,869,478 20,768.243 1,107,277
1.101.225
6,042
ELECTRIC RAILWAY AND PUBLIC UTILITY CO'S.
Name of Road
or Company.
Latest Gross Earnings.
Month.
Current Previous
Year.
Year.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
Adirondack Pow & Lt September 564,199 500,768 4,992,863 4,049.968
Alabama Power Co-- August
624,679 452,603 4,784.244 3.418,011
Amer Elec Power Co_ August
1652.382 1574.818 14.019.425 12,549.837
Am Pr & Lt Co Subsid July
2357.611 2189,369 17,759.530 16,187,271
American Tel & Tel-- May
6050,498 5462,967 29,942.764 26,025.049
mAm Wat Wks & Sub August
2924,199 2219,491 22,844,339 13.895.758
Appalachian Pow Co- September 305,131 244,601 *3,319,493 *2,837,129
Arizona Power Co..-- August
78,359 60,960 *801,168 *559,705
cArkansas Lt & l'ower August
170.047 161.933 *1.415,657 *1,214.238
Asheville Pow & Light August
86.911 81,315 *943.083 *877,177
Associated Gas & Elec August
299,068 162,846 *3,015,429 *1,968,823
Aug-Aiken By & Elec June
97,571 88,476 *1,215,135 *1,064,292
Bangor Ry & Electric July
119.503 114,622
880.586
832.439
kBarcelona Tr. L & P August
3826.083 3599,168 33.106,982 29,822,896
Baton Rouge Electric August
48,564 46,577
384,983
416,783
Beaver Valley Trac- - August
56.897 49.903
473,218
417.300
Binghamton L H & P July
88,005 75,129
659.877
565.582
Blackstone Val G & E August
337,626 306,154 4,402,018 *3,910,447
Boston "L" Railway.. June
2760.077 2630.924 17.448.488 16.535.329
girazilian Tr, Lt & Ft August
21949000 17168000 160712000 126338000
Bklyn Heights (Roc).. May
8,218
7,365
35,898
36.466
Bklyn Q0&Sub(Roe) May
226,802 232.157 1.081.666 1,067,298
Coney I & Bkin (Roe) May
269,509 269.566 1,135.366 1,109,733
Coney Island & Grave May
35,092
30.518
11,093 10.139
Nassau Electric(Rec) May
496.388 466,068 2.236.417 2.052.439
South Brooklyn
May
104,400 99,299
486,802
418.470
Bklyn-Man Transit May
3310.274 3017.255 *36899294 *34544092
Bklyn City RR (Rec) August
948,720 944,550 p1,911,058 p1,906,037
N Y Canso'(Rec)
May
2309.787 2074.299 10.540.583 9.733.022
CapeBretonElCo,Ltd August
448,800
389,975
56,754 49,640
Carolina Power & Lt_ August
168,216 146,083 *2,164.857 *1,837.312
Cent Miss Vail El Co- August
44,414 43,212
373,186
353,073
Central Pow & Light.. March
240.718 282.315 *3.095.150 *3.238.434
Cities Service Co..
August
1132,547 1017.345 12,051,579 10,066.671
Citizens Tr Co & Sub. August
77,166 63,706 *937,465 *766.125
City Gas Co. Norfolk March
87,324 85,251
255.340
266.350
Cleve Painesv & East July
66.555 76,584
416.326
407,010
Colorado Power Co_ _ August
109.214 89,797 *1.122,692 *985,667
Columbia Gas & Elec August
1471.166 1311,347 13,911.727 12,067.760
Columbus Elec & Pow August
179.447 160.557 1.474,267 1,259.495
Com'w*Ith Pow Corp_ August
2298,417 1955,069 19.164,53218,683,893
Com'w'Ith Pr. Ry & L July
2858,424 2508,401 21,379,122 18.712.033
Connecticut Pow Co- August
161,607 144,346 1,306,371 1,111,023
Consumers Power Co July
1259.333 1085.571 9.441.996 7,924,497
Cumberland Co P & L July
309.319 292,855 2.170.239 1,944.724
Detroit Edison Co.._ _ September 2327.2.50 2029,193 22,848,203 18,751,560
Duquesne Lt Co Subs August
1455,173 1324,018 12,714.072 10.760,554
. Eastern Mass St Ity_ - August
889.799 917.399 7.350,691 7,118,368
Eastern Penn Mee Co June
228,936 166,929 *2,658.637 *2.457.947
EastShG &E Co& Sub August
47.258 43,365 *537,949 *485.879
East St Louts & Sub... April
377,548 270,999
East Texas Elec Co_ - August
179,637 153,239 1,352,718 1.174,623
Edis El III of 13rock'n_ July
105,413 96.552
916.639
767.496
El Paso Electric Co August
193,726 181,677 1,594,729 1,508.139
Bloc Lt & Pow Co of
Abington & Rockl'd August
40,591 34,901
286,731
237,100
Erie Ltg Co 8v Subs April
118.216 87.774
517,999
388,066
Fall River Gas Works August
83,422 84,787
665.466
644,605
Federal Lt & True Co August
415,685 387,665 3,613,240 3,322,510
o Ft Worth Pow & Lt_ July
228.994 205,101 1,684,572 1,411.695
3289959 *3,364,162
'
Galv-Hous Elec Co.... August
276,642 268,624
Gen G & L & Sub Cos July
1274,338 1050,614 8,835,647 7,365,835
165,131 141.828
Cieorgla Lt, Pr & By May
816.457
710.490
1276.155 1147,332 16,100,289 14,676,281
Georgia By & Power_ August
584.682 617,327 3.572,795 3,660,507
Great 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
40,890 44,387
370,938
Haverhill Gas Light August
353,299
33.547 34.845 *413,962 *390.987
Helena Lt & Rye CO- March
83.566 82,840
561,050
Honolulu Rapid Tran July
560.687
37,522 39,321
344,100
355,987
Houghton Co Electric August
Hudson & Manhattan Septemoer 944,658 888,187 8,521,611 8,133,674
91,260 91.213
780.766
682.794
Hunting'n Dev & Gas July
*56133286
4579.158
1nterb Rapid Transit_ June
3249,485 3048.671 16.128.120 23,033,215
Subway Division May
1688,670 1654,183 8,085,132 7,822.253
Elevated Division_ May
Idaho Power Co
226,202 219,406 •2,527,740 *2,368,924
July
636,567 578.714 5,807.014 4,943,677
Kansas City Pr & Lt.. August
dKan Gas & 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 Telop Co September 152,159 142.418 1.333.497 1.2497.51
165,145
161,250
Key West Wlectric__ _ August
18,716 19,420
Lake Shore Electric July
250,326 246.178 1.587,645 1.390,782
Lexington Util Co &
Lax Ice Co Cotusol_ April
84,463 80.257 *1,121,044 *1,083,865
Long Island Electric_ May
140,748
145.960
35,226 36,824
Los Angeles Gas Co April
989,904 1040,632 4,914,646 4,987,097
Louisv Gas & El Co.._ January
5654.105 4931.795 5.654.105 4,931.795
Lowell El & Lt Corp_ August
818.360
112,312 96,397 1.094,711
Manhat Bdge 3c Line May
117,795
116.693
24,467 25,560
Manh & Queens(Rec) May
162,257
148,766
36,840 36,973
1769
Latest Gross Earnings.
Name of Road
or Company.
Month.
Jan. 1 to Latest Date.
Current Previous Current
Year.
Year.
Year.
Previous
Year.
$
S
$
291,268 291,093 *3.578.259 *3.611.446
Manila Electric Corp.. July
726.432
Market Street Ity_._ September 821,481
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 1567.568 21,616.243 18.809,849
Milw Eloc By & 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
146,982
75,132 72,640
Mobile Electric Co__ _ February
998.044
1152.932 998.044 1.152.932
Mountain StatesPreo January
361.807 359,351 *4.849,357 *2.880,405
Munic 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
August
265.302 261,083 2,432,142
Lt_
New Bed G & Ed
601,500 456,332 *7,151,460 *5,573,771
New Eng Power Syst_ August
362,556
513,451
76.044 47,452
New Jersey Pow & Lt July
Newpt News & Hantp
196,579 195,021 *2,130,221 *2,107.222
By,Gas& Elec Co_ August
276,379 321.579 2,222.525 2,675,987
New York Dock Co__ August
777,244 825,369 3,689,500 3,774,287
New York Railways_ May
507.115
107,015 111,653 491.910
Eighth Avenue_ __ _ May
218.941
211,946
May
45,159 44.091
Ninth Avenue
518,000
273,695
60.856 87,002
NY & Queens(Roo_ May
646.399 675,568
132,525 140,035
NY & Harlem (Roe).. May
224.573
190,834
42.977 54,064
N Y & Long Island May
Niagara Lockport &
Ont Pow Co & Subs September 462.096 418.785 4.050,387 2,794.192
699.491
809,531
117.392 99,264
Nor Caro Public Sore July
920,026
July
145.893 131,004 1,107,420
Northern N Y Util
802.328 796.942 6.083,439 5,293.431
Nor Ohio Elec Corp.._ July
220.014
280,440
50.918 44,107
Nor'west Ohio By & P July
226.606 243,580 1,901,352 2,014,049
North Texas Elm Co_ August
May
94,525
94.654
25.195 29.793
Ocean Electric
260.357 251.239 1.722,915 1.677,517
d Pacific Power & Lt_ July
356,756
48,124 43,523
399,314
Paducah Electric_ _ - _ August
Penn Central Light &
294,953 196.039 2,179,635 1,508.943
Power Co & Subs August
718,413 698,806 4,549,640 3,245,068
Penne Coal & Coke.... June
266,103 203,226 1,779,471 1,444,938
Pennsylvania Edison.. July
Phila. Co. & Subsid'Y
910.512 895.185 9,956.138 9,154,256
Natural Gas Cos August
637.027
30,168 60.696
301.991
Philadelphia 011 Co August
608.241
77,520 74,743
647.419
Philadelphia & West_ September
Phila. Rapid Transit September 3568.3603448,084 33.116.471 31,238,143
3488,191 3315.457 29,548.111 27,790,059
Phila Rapid Transit August
August
886.151
84.877 83,058
948.786
Pine Bluff Co
269,263 265,063 1,984,961 1,974.232
dPortland Gas & Coke July
895.180 812.005 6.312,107 5.032.135
Portland By, Lt & Pr July
6740.834 8269,518 42,049,797 38.458.591
Pub Serv Corp of NJ June
168.816
171.329 168.816
171.320
Puget Sound Gas Co_ January
1001,180 816,896 *11722599 *10247893
Puget Sound Pr & Lt_ August
July
1,693.130
1,818,189
256,524
263.312
Lt
&
Reading Transit
848,481 696,428 6,518,330 5,335,265
Republic Ry & Lt Co_ August
301,669
322,811
68.956 67,388
Mehra Lt & RR (Roe) May
41.844 48,250 *564.468 *567,604
Rutland The. Lt & Pr July
3756.665 3866,576 3.756.665 3,866,578
San Diego Cons G&E1 January
432.963
496,883
53,284 54,051
Sandusky Gas & Elm July
158,432 130,742 1.108,963 1,064,743
Savannah Elec & Pow August
103.664
119,621
15.684 14,383
July
Sayre Electric Co_
740 516
686 407
74,836 142 534
Schenectady By Co May
394,366
497,184
90,521 90,365
Second Avenue (Roe) May
24,723
25.219
3.638
3.869
17th St Incl Plane Co August
963,384
87,568 76,498 1.068,887
Sierra Pacific Elec Co August
316,721
320,712
151,631
156,416
February
Co
Power
Colo
South
1912,129 1547,805 13,007,070 10.896,727
Southern Calif Edison August
78,577 71.323 t854.585 1170,891
So Canada Pr Co,Ltd August
46,894 41,585 *555,922 *535,607
June
Hy
South NY Pr &
192.970 182,423 *2,423,559 *2,431,189
Southern Utilities Co_ June
826.462 757,525 6,164.799 5.472.827
oSouthwest'n Pr & Lt July
577.227
455,053
455,053 577.227
Tacoma Gas & Fuel.... January
165,125 135,420 *2,045,629 *1,752,085
Tampa Electric Co August
5.114.433
5,942,545
637,140
736,916
August
Tennessee Elec Pr Co
253,734 223.168 *2,797.216 *2,715.775
Texas Electric By...... August
386.078 355,905 3.027.030 2.683,950
°Texas Power & Light July
1182,423 1193,257 p10557883 p9,449,443
Third Avenue Ry Co_ August
675,451 661,871 4,063,548 3.824,819
United Electric .ys June
1066,762 965,652 93608205 *12070329
United Gas & El Corp August
966.459 942,355 8,084,765 7,452,597
United Lt&Rys&Subs August
1436,169 1345.418 4,045,237 3.804.118
Un Rye & El of Bait_ March
728,481 591.454 *8.056,587 *6,844,573
Utah Power & Light_ August
eUtah Securities Corp September 845,942 744,366 *9.799,711 *8.609.242
295.853
409,603
July
58.135 46.528
Vermont Hydro-Elec.
222.215 180,547 *2.379,028 *1.820,413
Virginia Power Co...... June
861.208 799.619 6.918.227 5,984,041
Virginia Ry & Pow Co August
1881,230 1489,140 '22490501 *14887 565
West Penn Co & Sub_ August
562.483 636,517 2,988,113 3,043,179
Western Pow System_ May
May
Co
8091,170 36,318.142 31,789,301
Tel
9021,169
Western Union
400.388 409,752 *5.528,759 *5.485,735
Winnipeg Electric By August
140,411 107,651 *1,653,543 *1,190,330
nYadkin River Pr Co August
488.026
517,704
67,475 68,496
York Hay Wat & Pow July
108,328
119.585
16,503 15,772
York Utilities Co-- _ _ June
15,310
159.341
March
41.284
RR
Ely
50.472
Ohio
&
Younit
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 the
approval of the Court. declined to continue payment of the rental: therefore
owners.
africe Oct. 18 1919 the Brooklyn City RR. has been operated by itsformerly
b The Eighth Avenue and Ninth Avenue RR. companies were
leased to the New York Railways Co., but these leases were terminated
on July 11 191a,since which date these roads have been operated separatelyc Includes Pine Bluff Co. d Subsidiary of American Power & Light Co.
e Includes York Haven Water & Power Co. f Earnings given in milreis.
o Subsidiary companies only. h Includes Nashville Ry. & Lt. Co. i Includes both subway and elevated lines. j Of Aoington & Rockland (Mass.).
k Given in pesetas. 1 These were the earnings from operation of the prefer
ties of subsIdiary companies. m Includes West Penn Co. n Includes almetto Power & Light Co. o Subsidiary of Southwestern Power & Light Co.
* Earningsfor 12 mos. t Earningsfor limos,ending Aug.31. p Earnings
for 2 mos. ending Aug. 31.
Electric Railway and Other Public Utility Net
Earnings.— The following table gives the returns of
ELECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this Nvek:
—GrossEarnings— —NetEarnings—
Previous
Current
Current
Previous
Yer.
Yer.
Year.
Year.
$
zUtah Securities Corp_ _Sept 845,942
358,326
411,437
744,366
12 mos ending Sept 30_ -- _ 9.799,711 8,609,242 5,035,578 4,252,710
z Earnings for subsidiary companies only.
Balance.
Fixed
Gross
Net after
Gnomes. Surplus.
Taxes.
Earnings
Companies
Adirondack Power Sept '23
& Light
'22
12 mos ending Sept 30'23
'22
Appalachian Power Sept'23
Co
'22
12 mos ending Sept 30'23
'22
-
564,199
500,768
6,710,736
5,431,880
305,131
244,601
3,319,493
2,837,129
104,604
102.988
84,769
120,518
1,784,609 1,134.884
1,705,203 1,025.924
54.827
*145,384
53.038
*100,633
651,855
*1.543,836
639.531
*1,386,876
def1,616
35.749
649.725
679,279
90,557
47,595
891,981
747,345
1770
THE CHRONICLE
Gross
Earnings.
Net after
Taxes.
Fixed
Charges.
/Whey'lle Power & Aug '23
86,911
*34,394
Light
'22
81,315
*32,519
12 mos ending Aug 31 '23
943,083 *356,576
877,177 *342,673
'22
Associated Gas & Aug '23
299,068
100.624
162,846
Electric
'22
51,181
12 mos ending Aug 31 '23 3.015.429
905.039
595,702
'22 1.968,823
Carolina Power & Aug '23
168,216
*68,025
146,083
*35,596
Light
'22
12 mos ending Aug 31 '23 2,164,857 *923,338
'22 1,837.312 *690,764
Detroit Edison Co Sept '23 2,337,256
551,243
'22 2,029,193
442.580
9 mos ending Sept 30 '23 22,848,203 6,420,546
'22 18,751.560 4,968,422
Hudson &
Sept'23
944,658
448.179
22
888,187
Manhattan
397,168
9 mos ending Sept 30'23-- 8,521,611 3.908.224
'22 8,133,674 3,577,758
821.481 *212,972
Market St Ry Co Sept'23
'22
9 mos ending Sept 30 '23_ _ 7,264,342 *1,758,306
'22
Niagara Lockport Sept '23
462,096 *166,601
'22
418.785 *151,422
& Ont Pr Co
9 mos ending Sept 30 '23 4,050,387 *1,561,345
'22 2,794.192 *1,185,420
Philadelphia &
Sept '23
77.520
33,785
Western Ry Co
'22
74,743
35,147
9 mos ending Sept 30 '23
647.419
271,610
'22
608,241
269,697
Philadelphia Rapid Sept '23 3,568,360 *885,716
Transit
'22 3,448.084 *874,730
9 mos ending Sept 30 '23 33,116,471 *8.894,996
'22 31,238,143 *8,749.173
Yadkin River
Aug '23
140,411
*72,592
Power Co
'22
107,651
*47,174
12 mos ending Aug 31 '23 1,653.543 *875,027
'22 1,190,330 *507,642
* After allowing for other income.
Balance,
Su?ilus.
29,164
5,230
27,309
5,210
293.980
62,596
281,351
61,322
50,742
49,882
22,741
28,440
360,615
544.424
295,403
300.299
37,005
31,020
17,399
18,197
631.609
291,729
475,306
215,458
345,626
205,617
117,466
325,114
3,171,649 3,248,897
2,926,076 2,042,346
108,991
339.188
56,193
340,975
863,826
3,044,398
510.746
3,067.012
152,674
60,2:18
551,733 1,206,573
90,854
75,747
77,270
74,152
889,811
671,534
636,191
549,229
18,128
15,557
20,089
15.058
132,101
139,509
133,653
136,044
51,322
834.394
49,994
824,736
7,490,968 1,404,028
7,384,044 1.365,129
38,387
34,205
32,440
14.734
534,772
340,255
332,240
175,402
FINANCIAL REPORTS
Financial Reports.-An index to annual reports of steam
railroads, street railway and miscellaneous companies which
have been published during the preceding month will be given
on the last Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
Sept 29. The next will appear in that of Oct.. 27.
Georgia Southern & Florida Ry. Co.
(29th Annual Report-Year Ended Dec. 31 1922.)
President Fairfax Harrison, Macon, Ga., Sept. 25 1923,
wrote in brief:
Income.-Operating revenues in 1922 declined $68,753, or 1.5%, below
the revenues of 1921. Expenses were cut $925,000, or 19.8%, of which
$581,568 was in transportation expense. The final net income after the
payment of Interest charges amounted to $118,078. compared with a deficit
of $475,784 in the preceding year.
Outlook for 1923.-Notwithstanding substantial reductions in freight
rates, the operating results so far in 1923 have been substantially better
than for the corresponding period of 1922, the 7 months of the current year
for which figures are available showing an operating income after expenses
and taxes of $299,246 compared with $198,839 for the same months of the
preceding year. The volume of freight traffic is running 19% and passenger traffic 15% heavier than last year.
TRAFFIC STATISTICS FOR CALENDAR YEARS.
1922.
1919.
1921.
1920.
Miles operated
402
402
402
402
Passengers carried
802.414
466.798
806,073
460,381
Passengers carried 1 mile 36,521,889 31,382.421 49,496,593 44,816,041
Receipts per pass. mile_ 3.387 eta. 3.283 cts. 3.111 cts. 2.736 cts.
Tons freight carried
1,561,721
1,508,743
1.749,464
1,546.009
Tons freight carried 1 m_243,685,179 243,367,868 295.145,284 240,934,568
Rate per ton per mile.._.. 1.195 eta. 1.271 cts. 1.120 cts. 1.155 cts.
Gross earnings per mile_
$10.866
$10.571
$10,994
$13,099
INCOME STATEMENT FOR CALENDAR YEARS.
RevenuesOperating
1922.
I
1920.
1921
Freight
$2,912,376 s3,093.b86
Passenger
1,236,825
1,030.192
Mail,express,&c
233,572
307.212
Incidental
56.202
40.717
Joint facility
79,041
114,962
Total operating revenues
$4.518.018 $4,586,770
Operating ExpensesMaintenance of way & structures
$741,174
$959,670
Maintenance of equipment
791,276
924,178
103.838
Traffic
110,794
Transportation
1,928.031
2,509,600
Miscellaneous operations
33.484
10,600
General
146,408
154,373
Transportation for Investment-Cr4
Total operating expenses
Net revenue from operations
Taxes
Uncollectible revenues
Hire of equipment
Joint facility rents
Figures
not
cornparable.
$3,744,211 $4,669,211
$773,806 def.$82,441
$192.712
$206,313
12.815
1,611
100,308
162,759
73,432
99.436
Operating income
Non-Operating IncomeU. S. Govt. acct. 6 mos. guaranty
Miscellaneous rent income
Miscellaneous non-oper. phys. prop'ty
Dividend income
Income from unfunded secur.& accts..
Miscellaneous income
$394,539def.$552.561 def.$277,852
Gross income
DeductionsMiscellaneous rents
Interest on unfunded debt
Miscellaneous income charges
Interest on funded debt
Interest on equipment obligations
$425,005 def.$159,559 def.$60.040
4965
(11
'
6,296
12.509
163
12,459
3
$150
16.169
2,625
280.000
7,982
$367,703
7,059
1,091
83
11,079
5,987
,
$130
18,949
5.248
280,000
11,897
$130,000
7,210
1,624
65,823
11,880
$38
11.267
2,433
280.000
16.046
Balance carried to profit and loss__ $118,078 def.$475,784 def.$370,725
31 1922 shows: Credit balance Dec. 31
The profit and loss account Dec.
$118.078:
1921. $1.214,980; add credit balance of income for year 1922.
accounts written off, $79,759: net
total. $1,333,058; deduct =collectible
miscellaneous debits, $9,005: credit balance Dec. 31 1922, $1,244. 294.
[VOL. 117.
GENERAL BALANCE SHEET DEC. 31.
1922.
1921.
1922.
Assets$
Invest, in road_ _ _10,192,082 10,141,385 Common stock._ 2.000.000
Invest. In equip_ 2,621,513 2,839,203 1st pref. stock_ _
684.000
Miscel. phys. prop. 47,441
.
61,540 2d pref.
1.084,000
Inv. In affil. co.'s:
Funded debt
6,000,000
Stocks
73,865
108,865 Equip,trust oblig_ 135,000
Bonds
15,000 Notes
225,336
Notes
50,059 alas Payable
Advances
3,750
3,750 Traffic & car servOther investments
17,301
ices ba .payable 251,279
17,301
Cash
275,414
347,538 Audited accounts
Special deposits_ _ _ 102,263
102,113 & wages payable 1,224,446
Traffic & car servMiscel. accts. pay_
39,272
ices bal. reedy
131,542
206,460 Int.mat.unp'd,Incl.
Balances due from
int. due Jan. 1_ 341,538
agents de conduc.
13,001
650
48,776 DM, mat. unpaid
Miscel. accts. rec. 419,937
46,469
297,713 TJnmat. int. accr'd
Ti. S. Govt. adjus_
14,461
50,000 Unmat. rents seer.
Material dr supplies 535,480
532,056 Other current nab_
50,222
Other current ass'ts
5,470
21,861 Deferred liabilities
2,738
Deferred assets_
1,683
1,814 Taxes accrued..
97,433
Unadjusted debits 206,473
59,804
149,730 Operating reserves
Claim against U.S.
Accrued deprecia'n
Government _
367.703 on equip., &c... 857,897
Securities of co.
Other unadj. ere& 247,768
held by It-unAdd'ns to property
pledged_81,200,000
since June 30'07
thr. inc. & surp _
41,008
Profit and loss
1,244,294
Total
14,647,614 15,362,867
-V. 115, p. 1317.
Total
1921.
3
2,000,000
684,000
1,084,000
6,000,000
222,000
225,3.36
150,000
846,033
1,107,715
64,704
261,463
650
41,567
15,480
85,358
4,528
87,152
60,869
937,850
260,577
38,604
1,214,980
14,647,614 15,362,867
New Orleans & Northeastern RR.
. (39th Annual Report-Year Ended Dec. 31 1922.)
President Fairfax Harrison, New Orleans, La., Sept. 25,
wrote in brief:
Income.-Operating revenues in 1922 declined $822,963, or 13% below
the revenues of 1921. Expenses were reduced $357,860, or 14.6%, of which
amount $619,928 represents a cut in transportation expense. The appropriations for maintenance were reduced only $189,683. The final net income,after the payment ofrents and interest charges, amounted to $66,344,
compared with a deficit of $106,878 in the preceding year.
Dividends.-A dividend of 6% on the capital stock, requiring $360,000,
was paid In 1922 and charged to profit and loss.
1923 Results.-Notwithstanding substantial reductions in freight rates,
the results so far in 1923 have been substantially better than for the corresponding period of 1922, the seven months of the current year showing an
estimated net income of $620,000 after interest charges, compared with
$169,674 for the same months of the preceding year. The volume of
freight traffic Is running 30% and passenger traffic 12% heavier than last
year.
Relations with the Federal Railroad Administration.-The protracted negotiations with the U. S. RR. Administration concerning accounts growing
out of Federal operation of the company's property during the 26 months
from Jan. 1 1918 to Feb. 29 1920 have not yet resulted in a settlement.
TRAFFIC STATISTICS FOR CALENDAR YEAR.
Operations1922.
1921.
1920.
1919.
Passengers carried
510,009
583,487
1,028,580
1,099,974
Pass. carried 1 mile
28,383,036 31,422,525 44,450,159 55,605,321
Rev. per pass. per mile
3.00 cts.
2.66 eta
3.32 eta.
3.37 cts.
Revenue tons carried_ _ _ 2,500,386 2,710,209 3,611,520 3,248,178
Rev,tons carried 1 m....354,229.391 381,312,907 545,249,253 462,900.258
1.02 eta.
0.90 cts.
Rev. per ton per mile
1.10 cts.
1.23 eta.
$2.81
Earns. per pass. tr. mile_
$1.932.15
$2.76
Earns, per frt. train mile
6.13
$6.68
$5.38
le
$6.37
$28,355
Gross earns, per mile
$24,306
$21,632
$34,998
CORPORATE INCOME STATEMENT-CALENDAR YEARS.
1921.
1922.
1920.
Operating Revenues$943,358 $1,058,116
Passenger
3,914,218 4,677.467
Freight
649,046
594,003
Mail,express,&c
Total operating revenues
$5,506,622 $6,329,586
Operating ExpensesMaintenance of way,&c
$849,091 $1,013,151
Maintenance of equipment
1,242,809
1,288,433
Traffic expenses
130,101
150.202 Figures
not
Transportation expenses
2,533,385 3,153,313
General expenses
.r199,105
216,490 coai pea
Miscellaneous operations
42,115
52,876
Total operating expenses
$4,996,606 $5,854,466
Net revenue from operations
$475,120
$510.017
Taxes
433,841
573,862
Uncollectible revenues
1,598
9,155
Hire of equipment
173,088
267,553
Joint facility rents
Cr.130.770 Cr.115,859
Operating income
$624,993
$32,260 def$259,591
Miscellaneous rent income
$22,781
$15,826
$20.600
Income from rail leased
5,686
9,445
7,990
800
Dividend income
800
880
21,621
Inc.fr.funded & unfd. sec. & acc'ts_ _
12,650
16,661
651,712
Contributions from other companies_
614,452
494,994
7
Miscellaneous income
Dr.14
980
$565,841
$401.8-9-5 $1,327,600
Gross income
2,914
2,246
Miscellaneous rents
2,690
66,752
57,586
Separately operated properties
66,157
29,492
26,440
Interest on unfunded debt
24,916
3,976
3,200
1,660
Miscellaneous income charges
392,325
392,325
Interest on funded debt
392,325
13,313
10,208
16,418
Interest on equipment obligations
360,000
Dividends
821
Add'ns & betterments charged to Inc_
&
loss..
$66444 def$106,878
Bal. carried to credit profit
$470,104
x Dividend of $360,000 charged to profit and loss.
The profit and loss account Dec. 31 1922 shows: Credit balance Dec. 31
1921, $4,292,238; add credit balance of income for year 1922, $66,344:
net miscellaneous credits, $28,433; total, $4,387,015; deduct dividend on
stock (6%), $360,000; credit balance Dec. 311922. $4,027,015.
GENERAL BALANCE SHEET DEC. 31.
1922.
1922.
1921.
1921.
LiabilitiesAssets$
Road dr equIpm1.18,227,826 17,979,380 Common stock.- 6,000,000 6,000.000
Misc. phys. prop-95,478
78.851 Funded debt
8,566,000 8,566,000
AM.cos. stocks20,800 Equip. trust oblig_ 191,000
20.800
260,000
1 Govt. grants In aid
Other investments
1
Cash
762,368
470,638 of construction. 795,687
163,338 Loans & bills pay- 447,077
Special deposits.-- 162,400
447,077
Traffic, &c., bat- 199,734
156,590 Traffic, &c., bat _- 193,013
148,482
4,824
Loans & bills rec.505,822
7,374 Misc.acc'ts PaY'le. 193,586
Int.&divs.matured 535,663
Agents' & conduc177,447
7,949 Int. & rents accr'd
13,401
tors' balances...
57,528
14992
Material dr moo
709,744 1,162,180 Accts.&wages pay. 873.477 1,092.706
706,524 Other curr. liabil's 124,011
Misc.acc'ta receiv. 748,923
63,832
:Other curr. assets 115.352
102.137 Deferred liabilities
5.358
5,287
Deferred assets.
1,627 Taxes
212,751
150,512
Unadjusted debits. 408,818
398,603 Operating reserves
98,531
48,016
Claim, U.S.Govt. 2,748,502 2,742,851 Accrued deprec'n. 1,278,155 1,486,245
Unadjusted credits 229,737
U. S. Govt. unad248,859
justed debits.-- 917,507
917,507 U. S. Govt. unadjusted credits..-x1.263,098 1,279,430
Add'ns to property 134,284
131,583
Profit and loss- 4,027,015 4,292,238
Total
25,179.843 24,916,329 Total
25,179,843 24,918,32 9
x Subject to settlement of claim with U.S. Govt.-V.115, IL 1206.
OCT.20 1923.]
TR- CHRONICLE
Mississippi Central Railroad.
(15th Annual Report-Year Ended Dec. 31 1922.)
TRAFFIC STATISTICS FOR CALENDAR YEARS.
1922.
1921.
Average miles of road operated
245
246
Revenue passengers carried
231.523
246,863
Revenue passengers carried one mile
5.819,724 6.319.770
Average receipts per passenger per mile
3.66 cts.
3.51 cts.
Number of revenue tons carried
698,455
486,741
Number of revenue tons carried one mile
54.715.013 30,021.079
Average receipts per ton mile
2.25 cts.
3.05 cts.
INCOME ACCOUNT FOR CALENDAR YEARS.
Operating Revenues1922.
1921.
Freight revenue
$1,235,229
$916,246
Passenger revenue
204,000
219,332
Mail, express, &c
63,625
48.927
Total operating revenues
Operating ExpensesMaintenance of way and structures
Maintenance of equipment
Traffic
Transportation
General
Transportation for investment-Cr
$1.502,854 $1.184,496
Total operating expenses
Net operating revenue
Taxes
Uncollectible railway revenue
$1.273.130 $1,201,159
$229,724 def.$16,664
$71.023
$71,748
168
27
$247,539
345,353
69.896
527,661
82,679
$286,847
346.966
41.893
444,671
82.129
1,347
Operating income
Other income
$158,533 def$88,439
12,188
52,035
Gross income
Hire of equipment
Joint facility rents
Rent for leased road
Interest on funded debt
Sinking fund
Miscellaneous
$170,721 def$36,404
$13,533
$73,995
23.995
10,600
19.500
7.391
168.844
166,360
88,404
83,240
8,835
2,838
Balance to profit and loss
def$152.389 def$380,628
BALANCE SHEET DEC. 31.
1921.
1922.
1922.
1921.
AssetsLiabilities$
$
Inv.in road k eq.t. 8,704,036 8,518,134 Capital stock
3,940,000 3,940,000
Impts.on leased rd
First mtge. bonds_ 3,275,600 4,100,000
765
Sinking funds_
725,173 Note
208
125,000
Deposits in lieu of
Loans & bills pay_ 100,000
120,000
ratgd, prop. sold
Traffic, &c., bal's_
2,500
41,963
50,761
Other investments
206,833 Audited accounts &
Misc. phi's. prop..
13,858
13,858
wages payable_ _
131,172
98,082
Cash
34,046 Misc. accts. pay'le
93,152
16,234
13,189
Cash to pay coup's 102,500
102,500 Int, mat'd unpaid.
83,118
85,735
Traffic, &c., bid.. _
4,020 Unmat'd int. accr_
28.657
5,558
Due from agents &
Unmat.rents accr_
228
conductors
11,173 Deferred liabilities
20,852
618
• 175
Misc,acc'ts recelv.
100,244 Tax liability
80,134
68,528
72,459
Material & supp_ _ 159.414
168,571 Operating reserves
19,062
16,794
Int.& rents reedy.
3,032 Accr. depr. equip_ 395,123
575
414,705
Deferred assets_ _ 1,382 Other unadl. cred _
950
67,673
38,822
Unadjusted debits.
209.833 Add'ns to property
37,258
Deficit
360,948
390,541
32,677 through surplus. 547,614
Sink,fund reserves 869,818
767,899
Total
9,635,401 10,131,475
-V.117. p. 1462.
Total
Atlantic Coast Line
9,635,402 10,131,475
Co.
(Report for Year ended June 30 1923.)
INCOME ACCOUNT FOR YEARS ENDED JUNE 30.
Int. Received on1922-23.
1921-22.
1920-21.
1919-20.
A.0.L.RR.Co.of S.C. 45
$62,000
$62,000
$62,000
$62,000
A.C.L. RR.Co. Cons.4s
50,160
50,160
50,160
50,160
A. 0. L. RR. Co. Gen.
Unifying 4s
135,360
135,360
135,360
135,360
Amalgam. Phos. Co. 5s28,950
28,950
29,200
29,075
Internat. Agric. Corp
78,375
78,375
78.375
78.375
Miscellaneous
143,085
116,879
141,365
133.410
Dividends on StocksWestlese Air Brake Co..
4,620
5,250
5,880
5,880
A.C.L.ER.co.Com.&"A" 1,301,342 1,301,342 1,301,342 1,301,342
Ch. & W.Caro. By. Co_
72.000
72,000
Other dividends
87,669
9,669
12,669
42,416
81,891,561 $1,787,985 $1,888,226 $1,910.143
Total credits
$19.246
Expenses
$19,501
$19,321
$19.107
36,590
Taxes
18,435
30,335
25.824
250,000
Interest on 5% ctfs_ _ _ _
250,000
250,000
250.000
2,472
2,472
Int. on 4% ctfs. "B"_ _ _
2,472
2.472
43,288
48,748
Int. on 4% eds."C"
52,810
120.000
$1.539,965 $1,448,829 $1,533,288 $1,492,741
Net income
Prey, surplus forward_ 415,814,588 $15,418,880 $14,792,067 $14,241,671
Alachua Phoa. Co.stock,
net credit
126,637
Profit on Woodside Cotton mills stock
42,135
Prof.on Amal.Phos.bds.
525
Disc't on A. C. L. 4%
Deb. ctfs. of indebt.
1,467
10,259
punch. by co.& retired
161,755
$17,356,020 $16,877.968 $16,487,634 $15,903.182
Total surplus
Miscellaneous deductions
12,759
Loss on U.S. Lib. bonds
39,958
4,980
Pd. add. U. S. inc. taxes
10,354
1,058,400
1,058,400 1,058,400
Dividends paid (12%)_ _ 1,058,400
Profit & loss surplus--$16,297,620 $15,814,588 $15,418,880 $14,792,067
BALANCE SHEET JUNE 30.
1923.
Assets1922.
1921.
Securities deposited with Safe Deposit
a$5,136,960 $5,136,960 $5,136,960
& Trust Co.of Baltimore
bl.220.835
Railroad bonds
1,220.835
c2.315,930 2,315,930
Other bonds
1,815,930
d21,074.283 21,074,283 21,074,283
Railroad stocks
.42,063
Other stocks
42.063
42.063
f1,563
Certificates of indebtedness
1,563
1,563
59,665
Other securities
25,737
Depos. for int., diva. Jr inc. tax ret'd_
27,200
30,886
650.671
Dividends accrued
650,671
650,671
766.750
Cash on deposit
376.283
675,964
Total
$31204456 $30,845,789 $30,649,155
LiabilitiesCapital stock (176.400 shares at $50).. $8,820,000 $8,820,000 $8,820.000
Certificates of indebtedness(5%)_
5,000.000 5.000.000 5,000,000
Certificates of indebtedness (4%)--61.800
61.800
61,800
Debenture ctfs. of indebtedness(4%) 1,081,300
1,122,200
1.312.000
Divs. on stock & int. on ctfs. unpaid_
25,625
27,090
30,764
Income tax retained
111
111
121
Federal taxes
8,000
5,589
Profit and loss surplus
16,297,620 15.814,588 15,418,880
Total
$31,294,456 830,845,789 $30,649,155
1771
Securities Owned June 30 1923.
a Securities deposited with Safe Deposit & Trust Co. of Baltimore to
secure 5% and Class "B" 4% certificates of indebtedness, viz.:
Book Value.
AU.Coast Line Cons.4% bonds
$1,250,000 $1,125,000
Atl. Coast Line RR.of S. C.4% bds_ 1.550.000 1,395.000
Atl. Coast Line RR.
bonds:M%
4
unif. bds- 3,008,000 2.616.960-$5.136.960
b Other railroad
Colum. Newb.& Laur. RR.Co.3%- $318,000
8190.800
Northwestern RR.Co.1st Cons.4%_
228,000
285,000
75,000
Northwestern RR.Co. 1st Cons.5%.
67,500
3,600
4,000
Atl. Coast Line RR. Consol. 4% _ _
A.C. L. RR.Co.I,& N.Coll. Tr.4s
256.335
340,000
Charlestown & West Carolina Br. 1st
Cons. Mtge. 4-5% bonds ser."A".
474,600- 1.220,835
791,000
c Other bondsPeninsular Phos. Corp. 1st M.6%
500.000
500,000
U.S. 2d Liberty Loan Cony.4h'%.103.000
103,000
U. S. 4th Liberty Loan 43i%3,000
3,000
U. S. Treas. Series "B" 1926 434%
80.000
80,000
International Agricultural Corp.5%- 1.567,500 1,097,250
Amalgamated Phos. Co.1st M.5%..
532,680- 2,315,930
579,000
d Railroad stocks:
Shares.
Northwestern RR. Co
$50,000
500
Atlantic & North Carolina RR
1,100
11
Atl. Coast Line RR,Co. Corn."A"...
235,500
2,355
Atl. Coast Line RR.Co. Common...
183,551 19,695,327
South Carolina Pacific By.Preferred_
88,751
1,046
Charleston & West Carolina By
960,000
12,000
Nashville Chatt. & St. Louis Ry
43,605-821,074,283
480
e Other stocks:
Shares.
Westinghouse Air Brake Co
$42.063
$43.063
1,134
f Other assets:
Par.
Colum. Newb.& Laur.5% ctfs
8127,200
$1,272
Atlantic Coast Line RR.4% ctfs_ _ _ _
294
29131.563
-V.115, p. 2154.
Crucible Steel Co. of America.
(23d Annual Report-Fiscal Year Ending Aug. 311923.)
Chairman H. S. Wilkinson, Oct. 16, wrote in substance:
Results.-After deducting dividends paid during the year amounting to
$2.299,979, the net increase in surplus was $3,002,264. In order to maintain company's plants in the best state of repair and efficiency, there has
been expended during the year and charged to current operating expenses
the sum of $2,381,600. There was a decided improvement in this year's
business over last year. The demand for our products has increased and.
notwithstanding the low prices which have prevailed in the steel business
during this year. the earnings of the company have increased each quarter.
The number of customers on our books to-day is the largest since the cornpuny was organized. We are rapidly increasing our production of highgrade steel by installing new improvements in our manufacture, which is
not only reducing our cost per ton of steel, but is making It possible for us
to supply to the trade a larger volume of fine steels than we have been
snce
able to
befeve
of raw, process and finished materials have been
Inventories -Inventories
carefully taken and the values are on the basis of the actual purchase or
production cost, or at the market value prevailing Aug. 31 1923, whichever
. and War Claims.-Since the signing of the Armistice we
are
ers
s Tw
Fedweraallo
have been confronted not only with unprecedented difficulties in manufacturing because of the great fluctuation in prices of raw products, as well
as the adjustments and changes in selling prices of our finished material,
but with other difficulties equally serious in their financial possibilities.
We refer to the final settlement of Federal taxes under the complex war
and excess profits tax law and the final settlement with the various Government departments of our many uncompleted war contracts. These
matters, involving vast amounts of money, have demanded almost continuous attention of your management and frequent negotiations with
representatives of the several Government departments.
In addition to this, your company has been harassed by litigation with
the previous management over alleged obligations of the company of
s.
ou
iff
nitcu
amd
large ese
difficulties, however, are no longer matters for
Th
ern. Federal
have examined the books and records of the company
for all years
conagets
covered by the war and excess profits taxes and have verified our reports.
The Washington authorities have agreed that these findings shall be final
and conclusive. The initial settlements of our various war contracts with
the Government have been completely audited by the Government representatives and finally closed. The litigation with the previous management was disposed of in a conclusive manner without cost to the company.
The final and conclusive settlement of these matters relieves the management of a considerable burden and adds to the financial stability of the Co.
Capital Expenditures.-Your Company hasexpended in the rast 5 years approximately 325,000.000 in the completion of a program ofimprovements
and additions to plants. The situation at the various works is as follows:
(1) Atha Works.-Following the curtailment of the Government's munition program the ordnance department, through the installation of new
machinery, has been made available for diversified lines of commercial work
and our large machine shops have been converted at a moderate outlay
into a modern and efficient locomotive repair shop. We have been busy
during the year in aiding the railroads in repairing locomotives and have
been able to accomplish satisfactory results along this line. We have completed 4 electric furnaces, which have been under process of erection for
some time, and have been making nocessary.additions and changes in our
equipment to take care of our regular alloy and tool steel business. This
plant is now in excellent condition to produce a large volume of our usual
products this coming year, in addition to the output of its locomotive and
machine repair departments.
(2) Sanderson Works.-This plant has been completely reconstructed.
For the past year it has produced a capacity business of high speed and tool
steel. The _property is in excellent shape and prepared to meet any competition without further investment in buildings or machinery.
(3) Spaulding t% Jennings Works.-The machinery of this plant has been
greatly improved and new machinery has been added. It is now in splendid
condition to yproduce a capacity business and the past has been one of its
most successful years.
(4) Park Works.-This plant has been closed most of the past year, as
we are now engaged in rebuilding and installing improvements and equipment to make it one of our largest producers of high-grade products. The
installation of electric furnaces now in operation, combined with the additional ones planned, will, with our large capacity of crucible furnaces, give
us an opportunity of making both crucible and electric steel at low costs
and in sufficient volume to take care of the trade. Similar improvements
will be made in our furnaces and machinery in our Crescent Works at Pittsburgh, and when this work is completed we will be prepared to produce
in the Pittsburgh district a large volume of tonnage to take care of the
Central and Western trade.
'(5) Singer Works.-On account of the inconvenient and restricted location
of this plant, and the impossibility of securing additional adjoining property, no improvements in manufacturing facilities have been made for
several years. We have now discontinued operations at these works, and
its former product will be taken care of at our other mills. The Singer
Works will be sold, and we believe that a price can be obtained for it sufficient to prevent any loss in the real estate. plant and equipment account.
Halcomb Steel Co.-This property. both North and South Works, is in
practically perfect condition and is producing its full capacity of crucible
and electric melted tool and high-grade steels.
Pittsburgh Crucible Steel Co.-We have completed all the improvements
which have been under way for some time and its coke ovens and byproducts plants, blast furnaces, open-hearth furnaces and rolling mills are
showing very satisfactory results, both in cost and production.
Crucible Fuel Co.-This company is now showing very satisfactory results
in both production and costs.
Iles Emerged from Business Depression-Outlook.-We have emerged from
one of the severest business depressions in the history of the country. It
has taught all business valuable lessons in conservatism and economy. It
is our belief the foundation has been laid for an era of healthy trade in which
wise and progressive administration will insure satisfactory profits. Money
is easy and rates are moderate. Inventories are carefully adjusted to
volume of business and are at relatively low prices. Those who work for
wages are in purchasing power receiving the largest returns in our history.
The products of the farm are in greater supply and higher in price than
a year ago. The building program of the country is far below the normal
THE CHRONICLE
1772
[VOL. 117.
General.-The physical condition of plants was fully maintained during
growth and requirement. Practically no additional railroads are being
built and this will require a considerable increase in the necessary equipment the year, $2,822,681 having been expended on maintenance, repairs and
to take care of the rapidly growing volume of transportation that must be replacements.
On March 31 1923 the fourth annual installment of $550,000 on the
carried by the existing lines. Large additions will undoubtedly be made in
equipment to meet this emergency, which will require a great volume of Alicia Coal & Coke properties was paid. To provide for this payment
there was sold $500.000 U. S. Third Liberty Loan 4 % Bonds. There
steel to be used in this development.
Public improvements have been considerably curtailed during the past remains now only the final payment of 5550.000 to be made on March 31
few years and expenditures will be necessary along this line to take care of 1924 to complete the total purchase price of $3,750,000.
During the year 518 acres of Upper Freeport Vein of coal were added to
the rapidly growing population of our country.
The enormous purchasing power caused by the great distribution of pros- the company's reserve. This additional acreage adjoins that previously
perity among all classes of the people will certainly increase the demands purchased by the company.
The new building for the manufacture of fabric has been completed and
in all lines, and we believe these fundamental facts fully justify the expectation for continued profitable business, and that our stockholders may fully equipped.
Since Jan. 11916, when the workmen's compensation law of Pennsylvania
feel assured their property will make adequate returns on the investment
became effective, under permission from the Compensation Board, the comand increase in value.
No. of Stockholders.-On Aug. 31 1923: Preferred. 4,895; common, 1,803. pany has carried its own insurance on all its operations except the Alicia
mines. To cover the current payments and to provide a fund for possible
CONSOLIDATED INCOME AND PROFIT AND LOSS STATEMENT future serious accidents, a monthly charge of $6.000 was made. The balance in the fund having reached the sum of $250,000 originally contemFOR YEARS ENDING AUGUST 31.
plated, the monthly charge has been discontinued and current payments
1921-22.
1922-23.
will be absorbed in operating expenses. The reserve fund hsa been invested
36,783,493 x$2,165,768 $6,969,424 $17.274,489 in
y Profits
interest-bearing securities.
3,775,291
1,250,000
Depreciation and renewals 1,200,000
On March 11 1923 the steamer Alicia, while preparing to leave Alicia for
312,333
306,250
293.750
Int. on bonds of sub. cos- 281.250
Monessen, caught fire and was totally destroyed. Its value was fully
191,429
exch.
Deprec. on foreign
1,230,176 covered by insurance.
924,499
See x
Inventory adjustments.
In 1913 the company purchased a tract of land at East California, Pa..
176,668
Losson sale of bonds1,750,000 to be used as a dumping ground for slag and other waste products from the
1.750.000
1.750,000
1,750,000
Preferred dividends (7%)
mills.
filled and the land not being
999,817 See below. See below. suitableThe ground having been practically
549,979
Common dividends
for the company's manufacturing purposes, it was sold at a profit
of
$162,473.
sr10,030,021
.or def__sr.$3,002,264 df$6.459,334 sr$3,797,246
Balance,sur.
In accordance with the understanding reached among the various steel
companies, the officers have been giving careful study to the elimination
x Loss after depreciation in the value of inventories and loss from opera- of the 12-hour working day in departments operating continuously where
tions. y Profit after Federal taxes.
this practice prevailed, and considerable progress has been made. The
COMPLETE DIVIDEND RECORD OF COMMON STOCK (DIVIDENDS scarcity of labor has made it most difficult to effect this change.
Regarding the strike of the bituminous coal miners, which began April 1
ARE NOT SHOWN IN THE REPORT).
192. and which was declared off Sept. 1 1922. the Monessen mine was
In Cash.
In Stock.
Date Paid.
In Cash.
doked during this entire period, necessitating the purchase of gas coal in
Date Paid.
Jan. 1921 2V -$l,000,000 the open market at a considerably advanced cost. The Alicia Mines Nos.
July 1919- ---1 %-$375,000
Apr. 1921 24"- 1,000,000 1 and 2, which resumed operations May 25 1922. gradually reached normal
Oct. 1919----3 - 750,000
July 1921 217'_ 500,000 production.
Jan. 1920----3 - 750.000
750,000 50%412,500,000 Oct. 1921 14"- 500,000
Apr. 1920____3V750,000 16 1-3 6.250.000 Jan. 1922 1%- 500,000 CONSOL. INCOME ACCT. YEARS END. JUNE 30 (INCL.. SUB. COS.).
July 1920_ -- _2 014 2-7 6,250,000 Apr. 1922 Div. passed.
Aug.1920
July 1923 1%- $550,000
1919-20.
1920-21.
Oct. 1920----2%- 1,000,000
1921-22.
1922-23.
Sales, less returns and
CONSOLIDATED BALANCE SHEET AUGUST 31.
allowances
$29,117,117 $15.866.063
Less cash discount....283,984
209,102
1922.
1923.
1922.
1923.
Liabilities$
AssetsNet sales
528,833.133 $15,656,961 $22,978,789 327.483,107
104,820,941 103,924,318 Preferred stock_ 25,000,000 25,000,000
Property
193,940 Common stock. 55,000,000 50,000,000 Mfg. & produc. cost and
Investments... _ 1,880,177
oper. expenses
20,740.513 11.553.697 14.790,152 19.919.623
87,000 Stock subscr. for
87,000
U.S. Govt.secs.
1,180,030
5,000,000 Selling & admin.exp.--- 1.245,161
1,201,399
771,999
but unissued.
MateriaLs&supp. 17,860,305 17,021,727
2,860,840
1,547,240
2,675.280
41,254 Bonds
5,500,000 5,750.000 Maint.repairs & replace. 2,822,682
Adv.on ore cent
1,000,280
800,697
884,825
1,318,233
1,700,000 Depreciation
Notes payable_ Unexpired taxes
126,026
101,065
Depletion
65,633
108,859
182.712 Acc'ts pay., int.
165,850
and insurance
65,063 al.093,320
97,840
& taxes accr
4,363,578 2,491,782 Inventory adjustment
122,268
99,002
Notes receivable
453.173
369,267
437,500 Idle plant expenses
Pref. div. pay'le
437,500
Accounts receiv460.291
res. 22,864,510 21,787,132 Exp.incid. to coal strike.
able.less res. _ 6,294,017 3,796,286 Deur.,
73,376
41,755
Doubtful acc'ts reserve.
56,409
Cash
5,409,637 2,688,106 Res,for exhaust.
383,037
440,809
of
minerals__ _
Unpaid subscrip$1,957 $1.735,821 $2,804.339
323,174
Net profit on operation $1,983.145
Conting. reserve
723,297
tions to com3117,967
$69.665
$804,864
472,268 Miscellaneous revenue.. b$278.113
763,276
4,500,000 Insurance res've
mon stock_
165,886
238,870
202.244
199,988
Surplus
21,523,962 19,212,829 Interest earned
136,616,932 132,557.702
Total
-V. 117. P. 1352.
Total
136,616,932 132,557,702
PittsburghSteel Co.
(Annual Reportfor Fiscal Year Ended June 30 1923.)
Vice-President D. P. Bennett, Pittsburgh, Sept. 24, wrote
in substance:
Net profits, all sources 3,2464,002 31.006,809 $2.092,658 $3.039,890
103,125
100.348
75,625
134,455
Interest paid
38,250
123.821
Loss on sale of property.
339,287
47,733
Losson U.S. bonds, &c_
70.403
31.051
MiscellaneouS
604,690
(h)
143,181
223,045
Fed'I income tax reserve.
735,000
735,000
735,000
735,000
Prof. dividends (7%)_ _ _
0)560,000 (4)560.000 (6)840,000 (8)560.000
Common dividenns_ _ _ _(45'
$666.459
$147,527
$727.473 def$433.117
Balance, surplus
Income Account.-Net earnings after deducting all charges for operations
including 32.822,682 for maintenance and repairs, were $3,897,966; interest
of reserves. b In 1922
adjustment
less
prices,
inventory
in
Reduction
a
and income from investments. $202.244; profit on sale East California prop- company's report showed a credit adjustment of reserve for Federal taxes
erty. $162,473; miscellaneous revenue. 3116.140; total earnings, $4,378,823. amounting to $270.427, which amount is included in miscellaneous revenue.
After deducting reserve for depreciation of plants of $1,318,233, reserve for
depletion of mine properties of $108,859. reserve for Federal taxes of
CONSOLIDATED BALANCE SHEET JUNE 30.
3223,044, interest of $100,348, expenses incident to coal strike of 3460,291,
1923,
1922.
1922.
reduction of book value of Liberty Bonds to market of $47,733, and reduc1923.
year
to
market of $97,840, net income for the
LiabilitiesAssets$
3
$
tion of inventory values
Preferred stock_ _10,500,000 10,500,000
amounted to 32,022,473,from which was deducted dividends on pref. stock Real estate, plant,
&c
28,681,405 27,667,406 Common stock_ ..l4,000,000 14,000,000
of $735.000 and dividends on common stock of $560,000, leaving a surplus
Invest'ts (at cost). 1,113,988 1,086,713 Accounts payable_ 2,169,160 1.793.720
for the year of $727,473.
Shipments.-The value of materials shipped during the year is shown in Liberty bonds and
Instailm't on coal,
U. S. securities_ 2,693,813 3,190,000
dm, properties_ :776,105 1,463,016
the following comprzative table:
1920-21.
1922-23.
Cash
2..003,727 1,108,255 Deprec'n reserve__ 7,415,946 6,127,530
1921-22.
Fed.Inc. tax res've 223,045
39,124,464 32,254.192 35,768,359 Notes and accounts
Pig iron and billets
1,424.738
11,771
3,447,137 2,975,142 Deferred credits__
2,109,715
receivable
898,421
Hoops, bands and cotton ties
Inventories
140,000
5,971,728 5,598,257 Corn. div. payable. 140,000
Wire rods, plain wire, nails, fencing,
17.567,624 12.631,810 15,729.996 Prepaid insurance
Res. for exting't of
fabric. &c
362,010
80.522
and taxes
143.685
mine property._ 470,870
510,888
$28,801,803 315,784,423 522,923,093 Sale of houses....
40,961
Repairs, Arc., res__ 808,072
306,935
7,593,249 6,865,775
Profit and loss__
Miscellaneous products
315,314
81.640
44,096,447 41.774,711
Total
Total
44,096,447 41,774.711
329.117,117 515.866,063 $23,230,027
The volume of business for the year showed a marked improvement over
of
price
properties maturing
x
coke
purchase
and
coal
on
Installments
the previous year. and practically_ all departments worked steadily and
constantly throughout the year. The demand for the products was excep- subsequent to Sept. 30 1923. $742,277; maturing between July 1 and
11923,
Sept.
533,828.
and
prices
plentiful
on
maintained.
the whole well
tionally good, orders were
There were unusual requirements for material for construction purposes and
Note.-Contingent liability for notes receivable discounted. $443,000.for the automobile and railroad equipment industries.
V. 117, p. 1672. 901.
During the first half of the fiscal year shipments were curtailed somewhat
but the car shortage and railroad embargoes, and during the latter part of
the year the scarcity of both skilled and common labor seriously affected the
American Telephone & Telegraph Co.
volume of production. However, the results of the year's operations was
an increase of $13.176,172 in net sales and an increase of $2.088.022 in profit
for Nine Months Ending Sept. 30 1923.)
(Results
on sales as compared with the previous year.
The average price of steel products shipped during the year was $55.72
B. Thayer, New York, Oct. 15, wrote in
H.
President
year.
last
above
per ton
per ton. or Sc.5
Conditions abroad did not sufficiently improve during the year to create substance:
domestic
however,
there
goods;
was
excellent
an
our
for
market
export
an
During the first eight months of this year there was in vested in addition
demand.
to the operating plant of the Bell Telephone System over 150 millions of
No. 1. blast furnace operated throughout the year; No. 2 furnace from dollars. In this period of eight months, service was extended to more than
were
and
furnaces
hearth
the
departments
finishing
Oct.4 1922. The open
one-half million additional stations. The demand for service is unabated,
operated as fully as labor conditions permitted.
and there are still some places in which we are not able promptly to connect
1923.
1921.
new patrons. The new facilities which are being provided will favorably
Comparative Industries at June 301922.
31.550.582 $1,888,891 $2,368,577 affect this condition, and while supplying needed service, will also provide
Ore and limestone
132,085 their proportionate earnings.
138,723
147.258
Coal and coke
832,372
1.067.882
The earnings per share for the year 1922 exceeded our dividend require384,027
Pig iron and scrap
products
744,663
1,142,747
269,272
ments by a larger margin than the average for the previous ten years. They
-finished
Semi
963,003
1,936,922 are continuing with a like margin on the increased capital.
1,364,382
Finished products
1.582,870
1.506,875
1,544,427
Supplies and stores
COMPARATIVE STATEMENT OF EARNINGS,9 MOS. END. SEPT. 30.
$5,971,728 55,598,257 37,995,572
1921.
1922.
1923.
1920.
Inventory values are calculated at cost or market price, whichever was Earnings:
Dividends
339.890,945 333,282.388 $28,345,757 $26,079,476
lower, and no inter-departmental profits are included.
10,056,013
9,048.160
Interest
9,408,274
9,369,580
the
-During
betteryear
Expenditures.
$765.779 was expended in
Capital
Telephone oper. revs_ 53,379,024 47,724,196 43,002.228 41,788,955
ments and improvements and in the acquisition of new properties. From
139,271
Miscell's revenues_ _ - _
69,710
277,509
127,796
charged to capital account, &c.. there was
the sale of properties heretofore
received $215.752, leaving a net cash outlay for the above expenditures of
Total
$102,955.751 390,194,015 381,474.608 877,365,807
$550,027.
Exp.(Incl. prov.for tax.) 31.952,271 29,133.162' 25.921,776 24,056.229
1922.
1923.
Employees and Payrolls2,825 ,
3.940
Average number of employees at steel works
Net earnings
371,003.481 361.060,853 $55,552,832 $53,309,577
.
435
_
properties..
coal
at
employees
686
of
Average number
9,747,338 12,188,268 14,765,220 14,150,856
$9,142,785 35.354.074 Interest
Total salaries and wages paid
Dividends.
46,770,739 38,499,872 30.496,479 26,527,291
of
wages
the
were
employees
in
the steel plants
Effective Sept. 1 1922.
Balance
$14,485,404 $10,372,713 510.291.133 312.631,430
increased 20%,and on April 161023 a further increase of 11% was granted.
Unfilled Orders June 30-72.620 , Note -Subject to minor changes when final figures for September are
102450
Tons
$5,950,394 $3,756,347' available.-V. 117, p. 1131, 783.
Value
OCT. 20 1923.]
THE CHRONICLE
Julius Kayser & Co.(Glove Manufacturers), New York.
(Report for Fiscal Year Ending Aug. 31 1923.)
RESULTS FOR FISCAL YEARS ENDING AUG. 31.
1919-20.
1921-22.
1920-21.
1922-23.
Profits (after deprec'n)-$1,714,630 41,685,058 $1,269.047 31,112.354
Deductionsy650.069
Loss on invenVy,less res.
105.000
Fed.Inc.& exc. prof. tax See note x See note x See note x
150,000
150.000
Redemp'n of pref. stock_
for
res've
to
added
Amt.
market fluctuations in
250.000
raw silk
15.341
32,182
Miscellaneous
220,383
528,920
New pref. stk. divs.($2)
133.109
99,008
126.028
Divs, on old pref. stocks
528,920
528,390
396,690
Divs. on old corn, stocks
Total deductions
Balance, surplus
3778,920
3935.710
3716,081 51,587,199
3968,977 def$218,152
$931,840
$180,514
1773
Russell Gear & Machine Co., Ltd.-Has added to its lines of manufacture
the making of the Ruckstell two-speed rear axle for Ford cars and trucks.
which promises an important growth in its business. It is hoped that sales
on this axle will include not only the domestic business, but an important
section of export trade as well.
Russell Motor Car Co., Inc., Buffalo, N. Y.-Has ceased active operations
and will, in all probability, be wound up as a company and its assets turned
over to the parent company during the coming year. The U. S. Supreme
Court delivered judgment in the suit against the navy, confirming the
increase of approximately $50,000 over the settlement offered by the
navy officials, but rejecting the larger claim of the company. Payment of
remaining moneys due the company should be made early in the new year.
Russell Motor Car Co., Inc., acquired the holdings of stock of this company in Willys-Orerland, Ltd. This latter company ends its year on Dec.31,
and while there has been an increased volume of sales in both Overland and
Willys-Knight cars, and indications promise a further encouraging growth
in sales, we do not look forward to the receipt of dividends from this company in the immediate future.
INCOME ACCOUNT YEARS ENDED JULY 31.
1919-20.
1920-21.
1921-22.
1922-23.
3339.453
3158,124
3117,500
390,552
Net profits after taxes_ _
600.000
Transf. to inventory res..
84.000
84.000
84.000
84,000
Pref. divs.(8% p. a.)__
(4%)32,000 (7%)56,000 (7%)56.000
Common dividends
x Profits in 1923 and 1922 are after provision for bond interest, depreciation and taxes on income, while the income account for the year ending
Aug. 31 1921 does not show any deduction for Federal income and excess
profits tax, but the balance sheet shows a provision for Federal texas on
$199.453
$18,124
$6,552def.$598,500
Balance, surplus
Income for 1920-21 (source of which is not stated). y Adjustment of inventories to market value, $1,036.069; for market decline or unfilled purchase
BALANCE SHEET JULY 31.
contracts, $114,000: total, 31,150,069; less reserve previously provided
1922.
1923.
Liabilities1922.
1923.
Assetstherefor, 3500,000; balance, 5650.069.
Preferred stock. 31,200,000 $1,200,000
Real estate, feral800,000
800,000
stock...
COS.),
AFFIL.
Common
(INCL.
31
$42,763
AUG.
$34,234
SHEET
fixtures
BALANCE
and
CONSOLIDATED
tore
142.000
35,000
34,159 Bankers' advances
970
Cash
1922.
1922.
1923
1923.
48,672
14,876
pay_
bills
&
Aec'ts
106,459
30,052
bonds
war
LiabilitiesCanada
i
$
$
$
Assetsand
declared
Divs,
Preferred stock___y7,933,800 7,933,800 Accounts and bills
Land, bldgs.. ma31,000
21,000
unpaid
511,395
186,742
receivable
chln'y & equip- -x6,040,762 6,556,380 Common stock__ _z8,203,656 7,267,946
216,076
216,076
Contingent acc't
1st M.20-year 7s- 3,800,000 3,851,500 invest'ts in other
Patents, trade-niks
3,078,991 3,150,030 Buildings,investla
companies
and good-will. - 5,644,000 5,644,000 Bonds & mtges. of
933,941
564,368
&
reserves
insur.
cos_
107,400
affiliated
.
113,900
714,032
802,091
Cash
473,118
Total(each side)83.330.990 $3,844,807 Profit & loss acc't. 479,670
Notes payable _ .... 2,650,000 1,300,000
Dep. with mutual
85,628 Accounts payable_ 327,932
198,428 -V. 115, p. 2044.316.
90,754
Insurance cos- 88,153
dive.
88,153
Pref.
reserve_
Notes & sects. rec.
(less reserve)_ _. 3.968,479 2,799,738 Accrued compen'n
to employees
18,641
let M.bds. our,in
Sundry cred.& liaadv. of sk. Id. at
30.147
bliities accrued.
30,147
68,174
par and interest _ 119,347
Due to officers and
Due from officers
RAILROADS, INCLUDING ELECTRIC ROADS.
192,876
14,382
333,365
employees
18,378
and employees
491.171
6459,181
57,873 Federal taxes
Sundry debtors_ __ 109,708
following news in brief form touches the high points
The
116,750
369,750
11,310 Reserves
11,310
Marketable securs.
12.098 Surplus
a1,890,953 2.101,059 in the railroad and electric railway world during the week
3,071
Stk. pun for empl_
7,797.595
9,321,460
Inventories
together with a summary of the items of greatest
49,362 Total(each side)- _26,194,337 23,742,399 just past,
64,979
Deferred charges...
week's
GENERAL INVESTMENT NEWS.
a Capital surplus arising front property appraisals. b Federal and foreign
taxes on income. due or accrued. x Land,'buildings, machinery and equipment valued as to principal properties on basis of 1922 appraisals, $8.464,841; less reserve for depreciation. $2,424.079, leaving as above stated,
36,040.762. y Preferred stock authorized. 70,000 shares of no par value;
issued and outstanding, 66,115 shares. z Common stock authorized,
150.000 shares of no par value; issued and outstanding, 115,700 shares; and
surplus, 38.203,656.-V. 115, p. 2275.
American Seeding Machine Co.
(Annual Report-Fiscal Year Ended June 30 1923.)
• Treasurer B. J. Westcott, Springfield, 0., Oct. 15, wrote
in substance:
While reflecting substantial improvement over the operations of the preceding year. volume still remains but about 50% of normal. This condition is not peculiar to the company, but marks the entire farm machinery
Industry. As compared with most other implement companies, we are
particularly fortunate in having maintained an exceptionably strong cash
position and have no current or funded debts.
This excellent financial condition has safely permitted the continuance
of dividends upon both classes of Stock throughout the trying period of the
past three years, the worst in the history of the industry, and until the return of normal conditions and earnings.
In accordance with the written consents filed by the holders of over 60%
of the Preferred stock and 75% of the Common stock, the directors Sept. 12
effected a reduction in the Common stock to 32.500,000, through the reduction of the par value of the shares to $50 each. New certificates are in
preparation and will be ready for exchange about Nov. 1. By this action
there is transferred to surplus 32.500,000, and the intrinsic value of the
Common shares in nowise is adversely affected. It is believed the change
in capitalization is desirable and to the best interest of stockholders.
Domestic trade conditions continue unfavorable. Foreign sales, particularly to South America, show most satisfactory increase. Also, in
recent months, there have been quite encouraging developments in the
Russian trade, some small orders having been received and our machines
are being displayed and demonstrated at the Industrial Exhibition now in
progress at Moscow. It is felt that this field has the very greatest potential possibilities for American machinery, and there is daily increasing evidence of stabilization which encourages the belief that a very substantial
business may be realized from there in the early future.
INCOME ACCOUNT FOR YEARS ENDED JUNE 30.
1921-22.
1922-23.
1920-21.
1919-20.
$1,657.404 $1,043.390 $2,424,452 36.085,213
Gross earnings
1.141.833
1,674,451
2,240,493 5,086,987
Operating expenses
def$17,047 def$98,442
Net earnings
$11,301
Interest
48,052
34,919
General taxes
7.031
16.518
Federal taxes
Income taxes
3,828
10,918
Bad debts
440,233
8,938
Inventory reductions_
105,338
83.079
Depreciation &c
150.000
150,000
Preferred dividends(6%)
250,000
200.000
Common dive.(5%)___ _
Corn. diva. (extra) (1%)
$183,959
$25,124
53,159
12,681
3,606
189,815
158,800
150,000
250.000
50.000
$998,225
$31,725
59,514
16,880
47,409
302,121
150,000
250,000
50,000
5504.371 31,015,784
3893.186
$907,649
$709,227 sur$90,576
3521.418 31314,226
BALANCE SHEET JUNE 30.
Liabilities1922.
1923.
1922.
1923.
AssetsProperty account.*S2.768,921 82,740,482 Preferred stock__ -82,500,000 $2,500,900
416,697 Common stock.... 5,000,000 5,000,000
1.262,227
Cash
21,127
Bills az acc'ta reel° 1,366,092 2,645,808 Accounts payable_
1,231
8,578
Inventories
4,013
1,721,281 1,912,487 Accrued pay-rolls.
261,119 Dividends payable
Cash adv'ces. &c.- 1,653,351
87,500
100,000
232,100 Reserves
89,628
Liberty bonds__ -- 198,000
90,509
36,639
35,787
45.118 Surplus
Deferred items-.558,057
Total deductions
Balance, deficit
Total
Total
37,743,472 38,253,810
$7,743,472 $8,253,810
* Property account, $3,508,342; additions for the year, $52,883; less
depreciation, $792,263; balance as above, 32,768,961.-V. 117, p. 1351.
Russell Motor Car Co., Limited.
(Annual Report-Year Ending July 31 1923.)
The report, dated Oct. 25 and signed by President Lloyd
Harris and Vice-President T. A. Russell, says in substance:
The activities of the company are now represented in the operations of
the following companies in which it holds stock:
Canada Cycle OE Motor Co., Ltd.-The business year ends on Dec. 31.
but sales and profits for the year will again show improvement over those
of the previous year. Both the bicycle and skate business have contributed
to this increase in the domestic field and there has also been a small increase in the foreign sales.
interest which were published in full detail in last
"Chronicle" either under "Editorial Comment" or "Current
Events and Discussions."
Authorized Railroad Statistics.-The following is authorized by the Car
Service Division of the American Railway Association:
New Equipment.-The railroads during the month of September placed
In service 18,519 new freight cars, together with 380 new locomotives.
Jan. 1
This brought the total number of new freight cars installed from
this year to Oct. 1 up to 134.636, while the number of new locomotives
installed during the same period totaled 2,963.
with
The railroads on Oct. 1 also had on order 64.601 new freight cars,
on order.
deliveries being made daily. They also had 1.242 new locomotives
Of the 18,519 new freight cars installed during the month of September.
that class
8,916 were coal cars, which brought the total number of cars forto
55.575.
up
of equipment installed during the first 9 months this yearmaking
a total
cars,
box
new
6,809
during
September,
installed
also
They
refrigerator
of 52.963 placed in service since the first of the year. New
cars installed during the month totaled 1,405. while 970 new stock cars
were also placed in service.
This equipment is being purchased as part of the program unanimously
agreed upon by the railroads of this country, at a meeting last April in
New York, for the purpose of providing adequate transportation facilities
and
to meet the record breaking freight traffic that was then contemplated,
which has since exceeded even the estimates prepared at that time by the
Car Service Division of the American Railway Association.
Locomotive Repair -The locomotive equipment of the railroads of the
United States is now in the best condition it has been in years, according
to reports filed to-day by the railroads with the Car Service Division of
the American Railway Association.
The railroads of this country on Oct. 1 had 9.823 locomotives, or 15.3%
of the total number on line, in need ot repair. This is the smallest number
In need of repair for any period since the Car Service Division began the
the compilation of these records in Aug. 1920. This also is a decrease of
969 locomotives compared with the number in need of repir on Sept. 15.
at which time there were 10,792. or 16.8%.
Under provisions of the program unanimously adopted by the railroads
last April for the purpose of providing adequate transportation facilities
be
this year, the number of locomotives in need of heavy repair was to
reduced to 15% of the number on line by Oct. 1 this year. This has been
more than realized, there having been on Oct. 1, 8,789 such locomotives
or 13.7%. Compared with the number of such locomotives on Sept. 15
this was a decrease of 949.
Locomotives in need of light repair amounted to 1,034, or 1.6% of the
number on line. This was a reduction of 20% since Sept. 15.
From Sept. 15 to Oct. 1 reports showed 20,250 locomotives repaired and
days.
turned out of the shops, an increase of 937 over the preceding 15 increase
The railroads on Oct. 1 had 54,159 serviceable locomotives, an
of 892 compared with the number serviceable on Sept. 15. They also had
on Oct. 1, 2,620 locomotives in good repair but in storage.
Freight Car Repair.-Freight cars in need of repair on Oct. 1 totaled
13,952 under
151,332 or 6.7% of the number online. This is a decrease of were
165,284
the number in need of repair on Sept. 15, at which time there
or 7.3%.
Freight cars in need of heavy repair totaled 118,563 or 5.3% of the number
on Sept.
on line, which was a decrease of 11,549 compared with the number
15. Reports shoWed 32.769 or 1.4% in need of light repair, a decrease of
2,403 within approximately 15 days.
This is the nest condition of railway freight cars that has existed on the
American railroads for years, and reflects the program unanimously adopted
by the carriers last April in New York, which provided steps to enaale the
railroads to meet the transportation requirements of the United States
during the current year, when freight traffic has been the heaviest in history.
Freight Car Surplus.-Surplus freight cars in good repair and immediately
available for use whenever transportation conditions require them,numbered
34.138 on Oct.7,a decrease of 7,607 compared with the number on Sept. 30.
Of the total number of surplus freight cars, box cars numnered 23,829,
a decrease within approximately a week of 6,698, while 7,098 surplus coal
cars were reported, which was an Increase of 1,447 within the same period.
Reports also showed 1,185 stock cars, a decrease since Sept. 30 of 37. while
surplus refrigerator cars totaled 1,059, or a decrease of 2,664 within the
same period.
Car Shortage.-The reported car shortage amounted to 16,160 cars, or
an increase of only 829 within the same period. Of the total shortage of
16,160 cars, box cars totaled 6,306,or a decrease since Sept. 30 of 170, while
there also was a decrease of 839 in the shortage in coal cars, which brought
the total for that class of equipment to 4,600. The shortage in stock cars
totaled 1,603. or an increase of 545 over that existing on Sept. 30. while
the shortage in refrigerator cars amounted to 2,256, or an increase of 1,264
since the same previous date.
Matters Covered in "Chronicle" Oct. 13.-(a)Demands of railroad trainmen
for wage increases ranging from 15 to 39%, p. 1627. (b) New York New
Haven & Hartford RR.-Analysis of its securities-Assets are substantially
In excess of total liabilities-Rapid restoration of earning ability, p. 1627.
(c) Decisions of U. S. RR, Labor Board on rules and working conditionsSome wage increases, p. 1628. (d) Heat and power companies petition
Inter-State Commerce Commission to reopen assigned car case, p. 1629.
(e) U. S. RR. Labor Board declares void compulsory membership in
railroad brotherhood, p. 1629. (f) Greater power to enforce decisions of
RR. Labor Board recommended to President Coolidge by Chairman
Hooper, p. 1629. (g) U. S. RR. Labor Board denies petition of Philadelphia & Reading for rehearing in telegraphers' case, p. 1629. (It) R. H.
Aishton urges period of restfrom politics and legLslation for railroadS.p.1629.
1774
THE CHRONICLE
Alabama Great Southern RR.-New Officer.-
E. H.Shaw has been elected Vice-President in charge of traffic, succeeding Lincoln Green.-V.117. p. 1554, 1552.
Alaska RR.-Washouts, &C.
The Department of the Interior announces that a severe rainstorm.
combined with a high tide six feet above any record level has put 100
miles of the road out of commission. No estimate of the damage is furnished, but the entire section of the line between Seward and Potter has
suffered from washed-out embankments and cave-ins on cuts. Two large
bridges near Spencer Glacier and Bartlett Glacier have been washed away.
-V. 117, P. 1554, 1235.
[Vol,. 117.
Elmira Water Light & RR. Co.-Abandonment.-The New York P.S. Commission has authorized the comp_any to abandon
a portion of its trolley line operating from Elmira to Horseheads and
Watkins, N..Y.-V. 117, p. 1016.
Erie RR.-Equip. Trusts Sold.-Drexel & Co. have sold
at prices ranging from 100 and div. to 100.35 and div.
to yield from 5% to 6%, according to maturitiy,$1,500,000
6% Equip. Trust Gold certificates, Series KK," issued
under the Philadelphia plan.
Dated Oct. 15 1923. Payable $50,000 semi-annually April 15 1924
to Oct. 15 1938 both incl. Denom.$1,000c*. Dividends payable A.& 0.
at Bank of North America & Trust Co., Phila., trustee.
Issuance.-Subject to the approval of the L-S. C. Commission.
Security.-Certificates are to be issued in part payment for standard
railway equipment consisting of 44 new steel surburban passenger cars,
475 steel frame box cars of40-ton capacity, 200 refrigerator cars of 30-ton
capacity. The total cost of the aboveequipment will be approximately
Boston Elevated Rys.-Wage Increase Granted.employees $2,176.000. The cost of the new passenger cars will be over 42% of that
A flat increase of 9 cents an hour was granted to the company'sThis
award
Arbitration.
of
Board
The face amount of these certificates will represent less than
amount.
the
by
15
Oct.
down
in the award handed
will become effective as of July 1 1923 and will continue in force until 70% of the total cost of the equipment.-V. 117, P. 1662. 1016.
July 11924. The men will be entitled to receive back pay at the increased
Fort Smith & Western RR.-Earnings &c.2 months from
rate from July 1 1923 to be paid by the company within
The protective committee for the bonds of Fort Smith & Western Railroad
Oct. 15. It is estimated that the increase in wages will cost the company
to
additional
expenses
with
caused
$500.000
to be incorporated in Delaware Fort Smith & Western Railway, for
operating
existing
above
$2.000.000
the purpose of acquiring the railroad property covered by the mortgage
be paid within 2 months for back wages.-V.117, p. 1555.
securing the bonds. The property was brought to sale on Jan. 16 1923
and was acquired by the Railway on a bid of $50,000, plus the obligations of
Chester & Delaware River RR.-Merger, &c.the receiver, which were assumed by the purchasing company. Possession
See Reading Co. below.
of the railroad property was delivered by the receiver to this new Railway
Chicago & Alton RR.-Equipment Trusts.company on Feb. 1 1923. The committee controlled or represented
The receivers have applied to the Federal Court at Chicago for authority $6.963,000 out of a total of $7,000,000 1st Mtge. bonds outstanding. The
bonds held by the committee were delivered up to the new Railway and have
to issue $5,400,000 Equipment Trust Certificates.-V.117.9. 1550, 1460.
been canceled and the committee received in exchange therefor the followChicago Rock Isl. & Pac. Ry.-Pref. Stock for Employees. ing securities of the new Railway company (being all the securities issued by
The company announces that it has formed a plan whereby any of its
employees may become owners of its Prof. stock. Under this plan any $1.500,000 20-year First Mortgage 67, bonds;
employee may purchase not to exceed 10shares of Prof. stock upon an initial $3.744,000 20-year Second mtge. 5% bonds (income bonds only for first
10 years); and
payment of $5 per share; the balance of the purchase price may be paid
62.400 shares of no par Common stock.
through deductions from salaries of not less than $3 per month for each
Assets Received and Liabilities Assumed as of Feb. 1 1923.
share of stock purchased.-V. 117. p. 85.
The new company received from the receiver (as of Feb. 11923):
Christopher & 10th St. RR.-May Not Be Included.- Current assets amounting to
$313,243
233,596
Materials and supplies of an inventory value of
In connection with the tentative reorganization plan of the New York
$546,839
Rys. (see below) the committee's report states: "The new company may,
however, decide not to acquire the stock of the Christopher & 10th St. RR. and assumed receiver's liabilities as follows:
Equipment notes (bal. due on locomotive purchased
since the operation of the lines of that company is not profitable."-V.107,
from Baldwin Locomotive Co. in Oct. 1920, payap. 1836.
$7,526
ble in monthly installments of $836)
Cincinnati Milford & Blanchester Traction Co.- Bills
payable-First Nat. Bank of Ft. smith (payable
I. W. Pettingill, who recently was made Sec. & Gen. Mgr. of the cornon demand),...75,000
Herny
Peummg.
P.
has been elected President. succeeding J.
Receiver's certificates-$l65.000 payable on dennd;
Kroger
y. has been made Sec. & Treas.-V. 113, p. 1771.
$27.500 payable in 4 equal installments in 1923.. _ 192,500
156,000
from U.S. Govt.. payable Dec. 1925
Loan
Plan.
In
Columbus & Ninth Ave. RR.-Not Included
402,818
Current
liabilities
In connection with the tentative reorganization plan of the New York
3833,844
that
anticipated
committee's
report states: "It is
Rys. (see below) the
the assets of the new company may not include the lines or property covered
over assets received _ _ _ $287,005
assumed
of
receiver
of
Excess
liabilities
by the Columbus & Ninth Ave. rst Mtge. 5s, the operation of which has
The operations for the first four months of 1923 showed better net earnproved highly unprofitable."-V. 116. P. 2006.
ings than for the same months of 1919-the best year the Railroad Co. has
ever had. The new Railway since it acquired the property (Feb. 11923)
Columbus Railway, Power & Light Co.-Tenders.paid up to May 15 last receiver's obligations as follows: Four equipment
The Harris Trust & Savings Bank, trustee. 115W. Monroe St., Chicago. notes aggregating $3,345; bills payable. First Nat. Bank.$10,000; receiver's
will, until Nov. 8, receive bids for the sale to it of Refunding Mortgage certificates. $71,874; total. $85,219, of which $84.500 was proceeds of the
gold bonds6% series due 1941. to an amount sufficient to exhaust $115,813. sale of certain real estate in Fort Smith, Ark., and the balance from earn-V.116. p. 2388.
ings of the company.
It is anticipated that by the end of 1923 all the receiver's debt will be
Community Traction Co.-To Issue Stock.into Railway Co. liabilities or paid off, with the exception of
converted
The company has applied to the Ohio P. U. Commission for authority the loan from the U. S. Government.
St.,
Carpenter
to issue $43,140 Preferred stock, to pay for extensions in
of Operations for the Calendar Years.
Summary
Columbus, 0. The city has given its approval.-V. 117. p• 552.
1921.
1922.
1919. ' 1920.
rev,
Gross
from
_ $1,646.460 $2.045.504 $1,773,095 $1,692,267
oper__
W.
Huntington,
Consolidated Power & Light Co.,
101,615 def11,467
def28,515
102,805
Other income
American Electric Power Co.-Div. Payable in Cash.-
The directors have declared a quarterly dividend of 1%% on the Pref.
stock, payable in cash Nov. 15 to holders of record Oct. 31. The company
on Aug. 15 last paid the Pref. dividend in Prof. stock (see V. 117, p. 322).
-V. 117, p. 1346.
Va.-Bonds Offered.-Tucker, Anthony & Co. Spencer
Trask & Co., E. H. Rollins & Sons, Blyth, Wider & Co.,
Stroud & Co., Inc., and Otis St Co. are offering at 993' and
int., to yield over 63'%, an additional issue of $1,039,500
1st Mtge. & Ref. Lien Sinking Fund 63% gold bonds,
Series "Al" dated Mar. 1 1923, due Mar. 1 1943 (see description in V. 116, P. 933).
Total
Operating expenses
Rentals and taxes
$1,749,265 $2.147,119 $1,761,628 $1,663,752
$1,387,227 $1,960.726 $1,702,584 $1,352,542
140.549
129,300
131,815
116.056
$1.503.283 $2,090,026 $1,834,399 $1,493,091
Total
$170.661
$57,093 def$72,771
Net income
$245.981
Receipts & Disbursements, Oct.9 1915 to Jan.31 1923 (Period of Receivership)
•
Gross rev.from oper.. $10,904,121:other income,$409,563;total$11.313,
Oper. expenses, $9,445.714; rentals and taxes, $864,242; total_ _$10,309,95
Listing.-Company agrees to make application to list these bonds on the
New York and Philadelphia Stock Exchanges.
$1.003,728
Total gross income
Data from Letter of Pres. Van Horn Ely, Huntington, W. Va., Oct. 3. Other
receipts: Receiver's certificates issued. $394.920; money
System and Operations.-Company directly and through subsidiaries
borrowed from First Nat. Bank,$115,000; money borrowed
light
owns and operates, without competition, the entire electric power and
from U. S. Govt.. $156,000
665,920
and electric railway business in Huntington, W. Va., Roanoke and Lynch85,941
Miscellaneous
burg, Va., and surrounding communities, as well as the gas business in
Lynchburg. The system also does the entire electric light and power and
Total income
$1,755,589
electric railway business in Ironton, 0., Ashland and Catlettsburg, Ky.,
Expendituresand the intermediate territory. Present combined estimated population Betterments to roadway, tracks, &c.. $611,797; refund on inserved is in excess of 220,000. The system now has over 39.000 customers
dustrial tracks. $24,621; locomotives-notes retired, betterbeing
are
at
added
customers
month.
the
of
rate
new
per
over 200
and
ments,&c.,$374.211;freight cars-betterments. &c..$97.420:
Earnings.-Consolidated earnings of the Properties covered by this mortpass. cars-notes retires, &c.. $40,188; work equip.-notes
gage (including the earnings of Roanoke R.& Electric Co. all of whose
retired. betterments. Atc., $20,805:receiver's certificates paid.
Traction
& Light Co., one of the'
subsidiaries),
stock is owned by Roanoke
$202,419: int. on receiver's certificates, $104,533,• int. on car
together with dividends from stocks owned of other subsidiary companies,
trust notes, $5,153; hit, on borrowed money, 330.228; reafter taxes but before depreciation, are as follows:
payments to First Nat. Bank. $40,000; int. on notes of Rail12 mos. ended
road Co. secured by $760,000 1st Mtge. bonds owned or con231922.Years ended Dec. 31
$1,624,268
June 30
trolled by bondholders' committee, $72,887; total
1921.
0.39
6,1
72
$4,128,477 $3,669,028 $3,136,879 $2,199
Operating revenues
$131,311
956,671
1,543.671
Balance
earnings
1,424,518
1.085,392
Net
Divs, from stocks owned by
Officers.-A.0. Dustin, Pres.; Charles T. O'Neal, V.-Pres.; Charles Fol197,055 lett, Sec.: W. C. Merrick, Treas.; H. B. Herendeen, Asst. Sec.; F. A.
x240,178
211,545
218,320
other subsidiaries
Handlin, Asst. Sec.; J. B. Phelps, Asst. Treas.
Total Inc. applic. to int_ _ _31,783,849 $1.642,838 $1,296,937 $1.153.726
Directors.-A. C. Dustin. Elton Hoyt 2d, H. H. McKeehan, W. C.
Annual interest on funded debt with public (including this issue) amounts Merrick, Cleveland, Ohio; Charles T. O'Neal. Fort Smith, Ark.-V. 116.
to $724,047.
p. 1649.
x Includes undistributed income for the 6 months ended June 30 1923.
Great Northern Ry.-New Directors.Capitalization as of June 30 1923(but after giving effect to thisfinancing).
Treasurer F. L. Paetzold and Joseph Chapman of Minneapolis have
100,000 abs.
Common stock(no par value)
$1,500,000 been elected directors to succeed P. L. Howe, of Minneapolis, and the late
Preferred stock
x3,379,000 W. B. Dean, of St. Paul.-V. 117, p. 1663.
Underlying bonds of mortgaged properties (closed)
bonds
this
Lien
Ref.
(Including
&
8,039.500
First Mtge.
issue)
Illinois Power & Light Corp.-Pref. Stock Increased.x In addition there are $624,000 bonds outstanding of Roanoke Ry. &
The stockholders recently approved an increase in the authorized 7%
Electric Co., all of whose stock is owned by Roanoke Traction & Light Co.,
Pref. stock from $20,000.000 to $25.000.000. Part of the increased
one of the subsidiaries, and there are $1,223,000 (total issue) Lynchburg Cumul.
Traction & Light Co. Consol. Mtge. 5% bonds pledged with the trustee as stock will be offered to customers and employees under the company's
ownership plan at $95 per share.
customers'
additional security for the 1st Mtge. & Ref. Lien bonds.
A convenient cumulative monthly savings plan is offered whereby
Purpose.-Proceeds will be used to acquire $1,223,000 Lynchburg Tracpurchase this stock on a basis as low as $5 per share with
can
employees
tion & Light Co. Consol. Mtge.5% bonds, which will be pledged under this o
na
alp.p
ti $5 per share per month. and receive interest at the rate
mortgage. This will reduce the funded debt outstanding in the hands of rkillpagion
(Compare
V.
also
p.
116.
933.)-V. 117, p. 1235.
the public.
The authorized capital stock now consists of $25.000.000 1st Prof. 7%
Cumul. stock, $1.875.000 Panic. Prof. 6% Cumul. stock. and 400,000
Cuba Co.-Resumes Dividends on Common Stock.of Common stock of no par value.
shares
The directors have declared a quarterly dividend of $1 per share on the
Earnings Statement for Eight Months ending Aug. 31 1923.
Common stock, no par value, payable Dec. 1 to holders of record Nov. 15.
the
on
new
no
dividend
early
par
issued
stock which was
(Since operation under new plan.]
This is the first
this year in exchange for the old Common stock, par 350,000, in the ratio Gross earnings, $17.946,000; operating, maintenance & taxes,
$12,254,924; net earnings
$5,691,080
of 3,500 new for each old share held. Dividends of 10% each were paid
on the old Common stock on Aug. 1 1919 and Aug. I 1920; none since. Deduct Interest (1) underlying issues, $2,006,143;(2) 1st & Ref.
68. $450,000;(3) Deb. 7s. $174,999;(4) other int. $43,648---- 2.674,790
-V. 117. p. 1346, 1344.
Bond discount
167,895
Eighth Ave. RR.-Not Included In Plan.Dividends-Accrued on 7% Pref.stock,$313,967; accrued on 6%
trnarze
igMl
niz
rgto
ieplan
,11rt/silsroiroral
e ofnrt
Prof. stock, $28,130; accrued on prior co.'s Prof. stocks
In connection wintoh
provision
$541,575
ee
883,661
P&PHarlem RE.
Ave. RV.; (2) Ninth Ave. RR.. and (3) N. Y.
x Balance before providing for depreciation
These companies were formerly operated by N. Y. Railways under leases,
$1,964,730
x Depreciation charged annually but it is estimated that eight months
which have been abrogated since the receivership. They are now operated
independently.-V.114, p. 1179.
will be approximately $1.000,000.-V. 117.9. 1663.
fat.,
OCT.20 1923.]
THE CHRONICLE
Interborough Rapid Transit Co.—August Earnings.—
The net earnings of the Interborough system under the plan for the
month of August 1923 were as follows:
$4,197,306
Total revenue
3,180,949
Operating expenses, taxes and rentals paid city for old subway
1775
and that Court handed down its opinion, in which It sustained the finding
of the District Court. On Oct. 1 a petition for a writ of certiorari was
presented to the U. S. Supreme Court at Washington, and the decision
Oct. 15 denies this petition, and concludes the case.
George H. Partridge of Minneapolis, has been elected a director to
succeed the late Oliver C. Wyman.—V.117. p.440.
$1.016,357
Income available for all purposes
New York Central RR.—Final Settlement With Covernm't.
674,410
Fixed charges—Interest on I R. T. First Mortgage 5s
Director-General Davis has announced that final settlement with the
150,687 New
Interest on Manhattan By. bonds
York Central and four subsidiaries—the Toledo & Ohio Central.
189,316 Zanesville
Interest on I. R. T.7% secured notes
& Western, Kanawha & Michigan, and Kanawha & West
17,373 Virginia—included in the standard contract with thatsystem,has been made.
Interest on I. R. T.6% 10-Year notes
4,620
Interest on equipment trust certificates
of all accounts between the Government and these
an
After
46,337 roads thereadjustment
Miscellaneous income deductions
is an acknowledged balance due the Government from them.
Earnings without deducting sinkingfund on the I. R.T.1st Mtge.
largely on account of capital expenditures of $23.000,000.
5s ($181.836 for August), which, under the plan, does not beA. H. Harris, Vice-President in charge of financing says: "This settlecome operative until July 1 1926, but which must be deducted
ment will cause no new financing because the funds to pay the Government
from earnings of the system before arriving at the sum availalreauy oeen provided. The Government still owes the New York
have
def.66,385 Central
able for dividends on Manhattan stock
something like $6,000,000 in war compensation, so that the net
200.000 sum to be
Dividend on $60.000,000 Manhattan stock
paid by the New York Central will be approximately $17,000,000'
—V.
p. 1556, 1462.
117.
$266.385
Balance deficit
Reconciliation with Report to Transit Commission Month of August 1923.
Chicago & St. Louis RR ("Nickel Plate"
York
Nell/
Transit
$448,222
Commission
Net corporate income as reported to
181,836 System).—Pref. Stock Sold.—The bankers named below
Deferred sinking fund (accrued but not paid)
have sold at 87 and div., to yield over 6.85%, $15,000,$266,385
Equals above balance
Cumul. Pref. (a. & d.) stock, 6% Series "A," par $100.
000
553
1347,
p.
See Manhattan Ry. below.—V. 117,
Joliet & Chicago RR.—Stockholders' Committee to bring
Suit Against Chicago & Alton.—
The stockholders' protective committee, Joseph Walker, Chairman,
in a letter Oct. 15 says: "The investigation of the affairs of the company
has reached a point where the stockholders' committee, and the holders
of a substantial proportion of the company's shares, unanimously believe
that legal action is essential to protect the rights of the Joliet company.
Besides the failure of the Alton company to pay surtaxes on Joliet dividends, to set aside a guaranty fund, and to carry out certain other provisions of the lease, this committee now learns with grave concern that
the Alton company has iaterrupted and broken the line of the Joliet's
railroad in many places, by cut-offs taken in the name of the Alton company and conveyances of the original Joliet right-of-way. The result
Is that until the line of road is restored oy process oflaw,the company no
longer has a continuous railroad from Joliet to Chicago, and is not capable
of resuming independent operations, in case of the abrogation of the lease.
"Accordingly, it is the plan of the stockholders' committee to bring
suit against the Alton company for the complete restoration of the company's property and equipment, and for the cancellation of the lease on
account of the Alton company's numerous breaches.
"To meet the expenses of toe investigation already made and of the
prospective lega action, the committee is asking a contribution of $2 for
each share held."—V. 117, p. 86.
Manhattan (Elevated) Ry.—Stockholders Lose Suit.—
Supreme Court Justice Irving Lehman on Oct. 13 declined to give judgment on the pleadings to Stephen and Nina H. Peabody, stockholders.
in a suit against the Interborough Rapid Transit Co.to compel the payment
of 7% per annum dividends to Manhattan stockholders, under the 999
years' lease of the Manhattan elevated lines to the Interborough.,
The Peabodys brought suit when the 7% payments were discontinued
and proceedings instituted to arrange for a lower rate of dividends. The
Plaintiffs asserted that the defendant company had guaranteed the payment of 7% on Manhattan stock.
Justice Lehman holds that the Interborough's agreement was with the
Manhattan By. and not with its individual stockholders: that the 7%
was to be paid as rent: that the amount of rent to be paid may be changed
by agreement between the two companies, under changing conditions,
and that the promise to pay 7% "could not survive a valid revocation
or modification of the lease by the parties to the lease."—V. 117. p. 1347.
Mass. Northeastern Street Ry.—New Financing.—
The company has applied to the Massachusetts Department of Public
Utilities for authority to issue $40,000 serial 6% notes, the proceeds to be
applied in part to the purchase of additional rolling stock costing $65,500.
—V. 115. p. 1942.
Middletown & Hummelstown RR.—Merger, &c.—
See Reading Co. below.
Minneapolis St. Paul & Saulte Ste. Marie Ry.—Dividend Decision—New Director.—The U. S. Supreme Court on
Oct. 15 denied the appeal of the Continental Insurance Co.
and the Fidelity-Phenix Insurance Co., New York, in the
suit in which they opposed the payment by the company
of a 2% dividend, declared in March 1922, on its Preferred
and its Common stock.
(See advertising pages.)
The stock, which is being offered, was purchased from Messrs. 0. P.
and M. J. Van Sweringen. of Cleveland, and associates. Messrs. Van
Sweringen and associates, under whose active direction the enlarged Nickel
Plate system has been developed, inform the bankers that the proceeds of
this stock will be used toward the retirement of obligations incurred by
them in connection with the purchase ofstocks of the constituent companies
of the Nickel Plate system, and that they retain a controlling interest in
the Nickel Plate Common stock.
Bankers Making Offering.—Guaranty Co. of New York; Lee. Rigginson
& Co., Union Trust Co.. Cleveland: Hayden, Miller & Co., Brown Bros. &
Co., Clark, Dodge & Co., Chas. D. Barney & Co.. White, Weld & Co..
Dominick & Dominick. Spencer Trask & Co., W. A. Harriman & Co..
Inc., Marshall Field, Glore, Ward & Co., Hemphill, Noyes & Co.. Graham.
Parsons & Co.. Alex. Brown & Sons. Cassatt & Co., the Herrick Co. and
Federal Securities Corp.
Cumul. Prof. stock authorized, $45,880,000. Cumul. Pref. stock issued.
6% series "A," $32,720,000, of which approximately $25,865.666 is to be
outstanding upon completion of exchanges of stock under plan of consolidation and approximately $6.854,334 is to be treasury stock. The balance
of the authorized Cumul. Pref. stock may be issued in series "A." or in
any other series with such dividend rates (not exceeding 8% per annum)
and redeemable at such premiums (but at not to exceed 115%) as determined by directors at time of issuance. Divs. payable Q.-J. Series "A"
stock is red. after 3 years from the date of issue, as a whole or in amounts of
not less than $1.000.000 on any div. date on 60 days'notice at 110 and diva.
Dividends exempt from the present normal Federal income tax exempt
from the Penna. 4 mills tax. Transfer agent, Guaranty Trust Co. of
New York. Registrar, Bankers Trust Co., New York.
Data from Letter of Pres. J. J. Bernet, Cleveland, Ohio, Oct. 15.
System.—The company, known as the "Nickel Plate." is a consolidation
of the New York Chicago dc St. Louis RR., Toledo, St. Louis & Western
RR., Lake Erie & Western RR.and two subsidiaries, effected April 11 1923
1.696
(per plan in V. 116. p. 721). The consolidated system comprises
principal
miles of road, extending from Buffalo to connections with the
Western and Southwestern roads at Chicago, Peoria and St. Louis. and
also reaching Indianapolis, Toledo and other important cities in the Middle
West.
The company owns half the Capital stock of the Detroit & Toledo Shore
Line RR., connecting Toledo with Detroit, and a substantial interest in It
the Common stock of the Chesapeake & Ohio Ry. The owned and affiliated
extend
lines of the Chesapeake & Ohio (including the Hocking Valley)
through the coal fields of Ohio and West Virginia to Cindinnati, Louisville.
Toledo and Chicago on the west, and eastward to tidewater at Newport
News, Va. Traffic arrangements have been effected between the Chesapeake & Ohio and the Nickel Plate,resulting in mutual advantages of great
importance.
Capitalization of Consolidated Company.
$66.944,000
Mortgage bonds
13.262.000
Equipment obligations
2,700,000
Miscellaneous funded debt
x25.865,666
"A
series
6%
Preferred
stock,
Cumulative
x30,405,964
Common stock
it Approximate amounts to be outstanding upon completion of the
exchanges of stock under the plan of consolidation: in addition, approxiCorn.
mately $6.854,334 Cumul. Pref. stock, series "A," and $15.841.936
stock are to be in the treasury of the company.
Combined Revenues & Income of Consolidated Companies Calendar Years.
Net
Interest.
Gross
Operating
Year Ended
Revenues.
Income. Rentals. &c. Inconie.
Dec. 31—
$4.058.917
$28,751,099 $6.696,418 $2,637,501
1916
2.254.255
2.887.742
32,065,664
5.141,997
1917
1.585.194
2,994,052
x40.306.413 4.579.246
1918
2,885.188
3.266,317
6,151,505
:41,518,661
1919
3,531,356 3.710,920
7.242,276
x52,385,412
1920
3.724,058
7.137,392 3,413,334
1921
45,547,039
5,339,963
8,853,609 3.513,646
50,948,424
1922
5.921,292
2.604,024
8,525,316
38,581,612
y1923
x Properties operated by U. S. RR. Administration from Jan. 1 1918 to
Feb. 29 1920. y Eight months ended Aug. 31.
Results of the lines under separate operation do not fully indicate the
present earning capacity or future possibilities of the consolidated system
ended
under unified operation. Nevertheless, net income for the 7 yearsannual
Dec. 31 1922 averaged $3.365.499 per annum, or over twice the
net
1922
In
stock.
dividend requirement of $25,865,666 Cumul. Prof.
ended Aug. 31
Income amounted to over 3.4 times, and for the 8 months
requirement.
dividend
1923 was at the rate of over 5% times, such
General.—The management which has operated the Nickel Plate since
in the
1916 has also supervised the operation of the other lines comprised
consolidated system since early in 1922, and the benefits of co-operation
and unified management are reflected in the increase in both gross and net
earnings during 1922 and the current year. The formal consolidation
recently effected makes possible further economies in administration and
atuttcand enables the consolidated lines to give improved service to
tcrp
t
The two insurance companies, which hold Preferred stock of the railroad
company, asserted a contractual obligation by the latter to pay 7% on
the Preferred stock before any dividend was declared on the Common stock,
also claiming that no dividend was declared in 1922 other than 2% on
each, the Preferred and the Common.
The lower courts held that the dividends were paid from the accumulated surplus of the railroad company and that each class of stock was
entitled to share equally in the distribution.
The issue before the court involved a difference between the wording
of the stock certificates of the railroad company and the language of the
charter. The history of the action is as follows:
In April 1922 the Continental Insurance Co. and the Fidelity-Phenix
Fire Insurance Co. of New York,as Preferred stockholders,filed apetition
in the U. S. District Court for the District of Minnesota for an injunction
restraining the payment by the company of a dividend of2% on its Common
stock. At the same time a dividend of 2% had been declared on the
Preferred stock.
It was the contention of the insurance companies that the dividend
on the Common stock was illegal, for the reason that the certificates of
Preferred stock contained the provision that the same was entitled "to a
preference of 7% non-cumulative in dividends declared in any calendar
year before any dividends are paid upon the Common stock." The railroad company contended that the dividend was legal because the articles
of consolidation of the company provided that "if and whenever any
dividend shall be declared upon the capital stock of the consolidated
corporation hereby formed, out of the profits of its business, the holders
of the Preferred stock of such corporation shall be entitled to receive for
and in respect of the calendar year within which such profits were made,
Dividends.—At the rate of6% per annum are being paid on the company's
and for and in respect of each and every calendar year out of the profits
of which any such dividends shall be declared, semi-annually, dividends Common stock.
Issuance.—Authorized by the I.-S. C. Commission.
of not exceefflng 3Si% each on such Preferred stock."
to
Listing.—Temporary certificates for the stock have been admitted
Both in the articles of consolidation and the certificates of stock it was
be made
further provided that after the payment of the 7% on the Preferred stock trading on the New York Stock Exchange and application will
for
exchange
in
thereof
the
list
to
issuance
to
were
equally
they
share
definitive
and
the
stock
upon
certificates
Common
7% was to be paid to the
temporary certificates.—V. 117, p. 1664.
In any further dividends declared.
The dividend which was declared in 1922 was to be paid from earnings
New York & Harlem RR.—Not Included In Plan.
of previous years. and the railroad took the position that as the Preferred
See Eighth Ave. RR.above and New York Rys. below.—V. 116. p. 2256.
and Common stock had each already been paid 7% for such previous
under
provisions
the
dividend,
1922
the
in
years, they should share equally
New York Rys.—Tentative Reorganization Plan.—A tenof the articles of consolidation.
The insurance companies took the position that since the certificates tative reorganization plan has been completed by a comof
out
preference
7%
of
dividends
a
of stock provided that they should have
Mayer,
declared "in" any calendar year they were entitled to such preference mittee (see below) appointed by Federal Judge
In 1922 before any dividends were paid on the Common stock, because which contemplates the discharge of the receiver by Jan. 1
that dividend,regardless of the source of the money,was declared "in" 1922.
the plan
The railroad contended that the articles of consolidation or charter was 1924. The following are the basic principles of
controlling. The insurance companies' position was that the railroad recommended by the committee in its report to Judge Mayer.
company was bound by the terms of the contract as expressed in the
should be reorgan(1) The system now operated by the New York Rys.
certificate of stock, and that while the general rule of law is that in conwith greatly reduced
struing such a contract the charter or articles of consolidation and the by- ized substantially as a system as now operated, but
laws must be taken into consideration, together with the certificate of capitalization and annual charges.
whatsoever should be
(2) No bonds bearing a fixed annual interest charge
stock, that where there was a direct conflict and contradiction between the
contributed to the
terms of the articles of consolidation or charter and the certificate of stock, Issued by the new company except for new cash actually
the latter expressed the contract between the railroad company and the new company.
of leased lines
those
be
should
undisturbed
only
bonds
left
be
to
The
(3)
Preferred stockholders.
interest has been apThe District Court held with the defendant, and the insurance com- on which no default has been made and on which the
panies appealed to the U.S.Circuit Court of Appeals for the Eighth Circuit, parently earned during the receivership.
1776
UTE CHRONICLE
(4) Other obligations now in default and now bearing a fixed charge
should be replaced by income bonds on which no income will be payable
unless actually earned.
(3) These income bonds should be offered to the various units composing
the system. but limited to the amount of the earnings-actually shown to be
contributed under present conditions to the system by these various units.
(6) Various units which do not receive the principal or par amount of
their present obligation in income bonds because the earnings are insufficient receive the balance of their obligation in Preferred stock of no
par value, but no unit receives more than the principal or par amount of
its present existing obligations.
(7) No new securities should be issued for -arrears of interest or rent
which has not actually been earned during the receivership.
(8) The existing capital stock of $17,500.000 par value should be eliminated in the reorganization.
(9) The result is a large reduction in fixed charges and capitalization, as
follows:
$18,000,000
Thus thefixed charge bonds are reduced by
13,000,000
Income bonds are reduced by
[VOL. 117.
(2) for a great decrease of the total capitalization; and
(3) for the elimination of all interest of the- present stockholders of
New York Rys.
Owned and Leased Lines.—The Now York Rys. (prior to receivership)
operated certain owned lines and a number of leased lines. By the terms
of such leases the company was obligated to pay fixed annual rentals.
The experience of New York Rys. and of the receivership has demonstrated
that under existing conditions practically all of such rentals are too high to
be carried by the reorganized company and that leases at fixed rentals are
an unwise method of street railway consolidation or operation. Therefore, it has been determined that the reorganization should provide for the
abrogation in practically all cases of all leases of railway lines by New York •
Rys., and it is a general principle of the reorganization that the reorganized
company shall not make now leases on any fixed annual rental.
Offer to Stockholders of Leased Lines.—In order that the holders of stocks
of the leased lines shall, however, receive their fair share of the securities
of the new reorganized company, it is contemplated that the new company
will offer them in exchange for their existing securities, securities that shall
fairly represent their share of the earning power of the present system (as
a system).
obligations
$31,000,000
in
reduction
Total
Offer to Mortgage
view of the adoption of this principle as to
720,000 the leased lines andCreditors.—In
The fixed charges are reduced by
in view of
general condition of the estate in the re650.000 ceiver's hands, it has also beenthe
The annual contingent charges are reduced by
determined that all the mortgage creditors
eliminated
amounting
to
350,000 of New York Rys. and of its predecessor companies should forego the right
Fixed rentals are
The members of the committee appointed by Judge Mayer July 9 last (which may arise under their respective mortgages) to reduce to possession
are Bronson Winthrop, Chairman; Joseph P. Cotton, Charles P. Howland, their pledged assets(so far as they are now used in the operation of the street
Henry V. Poor and Frank D. Pavey. [Mr. Pavey dissents from the basic railroad system), and should exchange their bonds (which by their terms
features of the plan and for that reason does not join in the report of the call for fixed annual payments) for income obligations of the new or reorganized company or for Preferred stock of the new company which do not
committee. Objections by Mr. Pavey are given below.]
No provision is made in the report of the committee for the inclusion in call for fixed annual payments but only for such payment when the net
the new company of the 8th Ave., 9th Ave. and 4th and Madison Ave. earnings permit it, and the board of directors deems it wise to pay it.
lines, formerly parts of the New York Rys. system, but operated indepenNo New Securities for Accrued Int. or Divs.—In view of the fact that durdently since the receivership. The reorganization may not include the
ng the receivership the receiver has not been able to show sufficient earnings
Christopher & 10th Street RR. or the lines or property covered by the to warrant
the distribution of any return on the capital invested in the sysColumbus & 9th Ave. mortgage, operation of which has been unprofitable. tem (save as
to the bonds undisturbed in the reorganization), no securities
The reorganization plan contemplates the sale of much of the non-oper- should be issued on reorganization
to represent past-due interest or arrears
ative property, including the 50th Street car barn, and the proceeds would of dividends or rents.
go to the bondholders entitled to them.
Exchange
of
Securities
a general rule no securities should
Par
for
Par.—As
Holders of claims against the New York Rys. and holders of its Adjust- be issued on reorganization (in exchange for
existing securities) to a par or
ment Mtge. Bonds are to receive 25% of their claims or bonds in Pref.stock principal amount
in
principal) amount of the existing
excess
of
the
par
(or
company.
of the new
securities,
respectively.
The only bonds to bear a fixed interest rate to be issued by the new comTo
of Property Not Useful for Street Railway Use.—There are now
pany will be for cash actually contributed to it. It is proposed to raise in theDispose
hands of the receiver, the Special Master and of the trustees of the
$5,000,000 of new capital at once by the issue of Prior Lien bonds, the rate several
mortgages
New York Rye. and its predecessors certain property
of interest to be determined later. The committee's report contemplates and cash which areofnot,
as such, used for or useful in street railroad operthe issue of other prior lien bonds after reorganization, but only to fund ation.
It
is
not
desirable
that such assets should be included in the reorunderlying obligations or for additions and betterments of the property, ganization or acquired by the
new company. They will be sold in the for&
and the acquisition of equipment.
closure
proceedings
under
the
several mortgages for the benefit of the credBy direction of Judge Mayer,the committee will hold hearings commenc- itors respectively entitled thereto.
Such property and cash are not considing 11 a. in. on Oct. 22, to hear criticism of and comment on the plan, and ered in the allocation report.
will report to him the following week.
To Raise Cash to Pay Existing Taxes and Provide for Future Capital RequireDigest of Report of Committee to Judge Julius M. Mayer Oct. 10. ments.—The estate of the receiver is not now in a position to pay all the exAt a conference in regard to the New York Rys. receivership, attended isting taxes and obligations which must be taken care of on reorganization.
and
by members of the several protective committees and counsel for the The new company must therefore raise a certain amount of new cash
For that
various interests, held July 9 1923, Judge Mayer stated certain conclusions be in a position also to finance its future capital requirements.holder,
but
reason
no
fixed
charge
security
bonds
should
be
issued
to
any
tentatively
reached
in
regard to a reorganization of the company
he had
such bonds should be reserved for issue for the cash necessary to complete
summarized briefly as follows:
reorganization and for future issue for new capital requirements. The
(a) That the receivership should be promptly ended;
(b) That while the precise allocation of securities among creditors and plan proposed is therefore subject to proper adjustment being made of the
security holders in a reorganization was primarily a matter of bargain liability of the New York Rys. to its preferred creditors and of its liability
inter sese, nevertheless the Court has and must exercise jurisdiction to for accidents occurring prior to the receivership.
Bonds Not in Default to Remain Undisturbed.—While it is desirable to
see that a reorganization is planned and carried out on terms which are
eliminate, as far as may be, all fixed charge bonds of lessor or subsidiary
• substantially fair to all classes of creditors and security holders.
companies,
it is not possible, nor fair to the stockholders of lessor companies,
(c) That the reorganization should be a conservative one under which
proposed shows certain
the fixed charges will be so low that the new company will live and not to eliminate them entirely. Therefore, the planreorganization—generally
bonds which it is not proposed to disturb in the
shortly return to a receivership.
the
list
of
these
bonds
in
the
bonds
as to which no default
plan
includes
only
(d) That the main legal questions involved in the receivership have
been settled so that it is possible with reasonable accuracy without. further n interest has been made during the receivership.
and for the holders
Sale
of
Car
Barn.—It
system
is
advantageous
for
the
ascertain
the respective rights in the receivership assets of
litigation to
of all securities that the valuable car barn property at 50th and 51st Sts.
the various classes of existing securities.
Avenue
(e) That properties (and proceeds of properties liquidated) not actually between 6th and 7th Ayes., which belongs to the Broadway & 7thand
that
used in the operation of the street railway lines of the receivership should By., be sold (with the exception or reservation of the sub-station)
not be included in the reorganization but should be separately administered the operations now carried on there be conducted on the other properties of
the
system.
the
benefit
of
those
for
entitled thereto.
Effective Date of Reorganization.—Jan. 1 1924 should be the effective date
(f) That the 50th St. car barn should be sold.
(g) That the reorganized company should, so far as practicable, make of reorganization and the new securities should be dated as of that date and
interest
on them should accrue from that date.
no leases of subsidiary lines (including the present lessor lines) which
involve an annual fixed charge on the lessee.
Outline of Plan of Reorganization of New York Railways.
The committee understood that Judge Mayer's expressions on these
New Company.—A new company will be formed to acquire the following
points were tentative and were Intended to be advisory Only, but on consideration and study the committee has come into practically complete properties:
(a)
It will acquire, through mortgage foreclosures and creditors sales,
his obse
neenfcirtiistiwin
tt2io =ofatignia
sn of reorganization In pending
proceedings, all the assets of New York Rys.,so far as desirable,
substantialrv
ac
acto
iord with
outose
now in the hands of the receiver used for operation of street railroads, free
Earning Power of Component Parts Basis for Allocation of New Securities — from the lien or claim of the following mortgages now in process of foreThe committee early decided that as a prerequisite to any scientific and closure: (1) The 1st Real Estate & Ref. Mtge. and the Adjustment Mtge.
fair allocation of the securities on reorganization among holders of existing of New York Rys.;(2) the 1st Mtge. of the Columbus & Ninth Avenue RR.,
securities, it was necessary to arrive at a conclusion as to the relative and (3) the 1st Mtge. of the Lexington Ave. & Pavonia Ferry RR., and
earning power of the component parts of the N. Y. Rys.system, and in the free from the claims of all other creditors of New York Itys. now asserted
main to use that as a basis for the allocation of the new securities. As in the receivership.
this work called for expert and unbiased opinion, the committee employed
The assets thus acquired will not include property owned not used in
Charles W. Kellogg of Stone & Webster, Inc., Hugh J. Sheeran. Asst. operation of the street railway
system. Such assets and the proceeds of
Mgr. to the receiver, and Joseph R. Warner, statistician of Bankers Trust liquidation of similar non-operative assets during the receivership
will not
Co.. to report the proper method of allocation of earnings.
be included in the reorganization nor acquired by the new company.
A majority of the members of the committee are of opinion that the
The principal items of such non-operative assets are as follows: (a) Lexreport represents an entirely fair and under all conditions, the best method ington Bldg. (valued at $1,369,176),
used as office building (except
of ascertaining the earning power of the several parts of the New York substation which will be acquired by now
This building will
new
Rys. system and constitutes, in the main, a logical and correct basis for presumably be sold at foreclosure sale of thecompany).
Lexington Ave. mortgage as a
the allocation of securities in reorganization to the several classes of holders separate parcel and the proceeds of such parcel distributed in cash to the
of existing securities, and further, that in case after reorganization the persons entitled thereto (i. e., Lexington Ave. bondholders).
new company should lease any of the present lessor companies of New
(b) In the same way the 96th St. power house will be separately sold and
York Rys. system, it would be fair to both parties if such lease provided Its proceeds distributed to New York Rys. 1st & Ref. bondholders. together
In lieu of a fixed rental, for a sharing of net profits of the joint operation with the proceeds of other sales of real estate during the receivership,
on the basis of this allocation report.
and together with underlying bonds of the system pledged under that mtge.
The assets thus realized and which it is estimated will be realized for the
Cash Requirements as Outlined in Plan Sufficient for Needs of New Company.—A statement by Mr. Samuelson, Auditor for the receiver, of the benefit of the holders of these two issues of bonds will be treated in the r&
assets and liabilities of the receivership, and a statement of capital require- organization as pro tanto payments of principal of said bond issues.
It is anticipated that the assets of the new company may not include the
ments and an estimate of normal earnings after reorganization, by Stone
& Webster, Inc.. prepared for the committee, indicates that the new lines or property covered by the Columbus St Ninth Avenue mortgage, the •
cash to be provided as outlined in the plan should be sufficient for the operation of which has proven highly unprofitable.
New York Rys. owned certain stocks of various subsidiary and lessor
reorganization and for the immediate needs of the new company, and
that the net earnings as indicated in the allocation report will tend to companies (i. e., companies whose linos of railway were leased to New York
Rys.and its predecessor companies and thus operated by New York Rys.,
Increase when operation is conducted by the new company.
The outline of the plan of reorganization does not purport to be a com- such as the 23d St. By.). These stocks will be acquired by the new completed plan, but it does, in the view of the committee, show the principles pany in the same manner as other assets.
The new company will pay for the properties above described by the issue
and methods which should be embodied in a fair plan of reorganization
of its securities directly to the holders of the several issues of bonds of
of New York Rys.
York Rys. and its predecessor companies and to the creditors of
Now
Conclusions of Committee.—In support of the outline of a plan of reorganization proposed, the committee submits the following statement of the New York Rys. in exchange for their bonds and claims.
(b) New York Rys. does not, however, own all the stock of its lessor or
conclusions which it has reached regarding reorganization:
(1) The receivership is no longer advantageous and there is every reason subsidiary companies which are independent corporate structures and have.
why administration of the street railway lines by the U. S. District Court in varying proportions, stock (and sometimes bends) outstanding in the
hands of the public. The new company does not propose to acquire all
should promptly cease.
of such bonds (most of which are to be left undisturbed), but it proposes to
(2) The important legal questions and controversies which grew out of acquire
all the stocks of these lessor and subsidiary companies, thus owned
the insolvency of New York Rys. have been practically all finally adjudi- by the public, by offering
its own securities to the individual owners in
cated and the rights of the several classes of security holders inter se in exchange for their present
stock holdings.
the estate determined. While it is true that not every question which
The new company will make no offer of securities in the reorganization
legal ingenuity may suggest has been decided, nevertheless it is now prac- in exchange for properties
not now being operated in the receivership
ticable for each security holder to form a fair judgment as to the share (though previously owned or
operated under lease by New York Rys.,
of the earnings of the system contributed by tho property in which he e. g., Eighth Avenue
RR.).
but securities of the new company may be
to
his
effective
legal
as
interest,
rights,
and
of
his
an
as
value
has
to the
reserved for that purpose if the new company shall deem it wise. The new
claims.
company will also be free to proceed to the consolidation of the various
(3) The street railways now operated by Job E. Hedges as receiver are, subsidiaries and
constitute such operating units as it may be advised.
with few exceptions, necessary public conveniences. Any further extensive The new company
may, however, decide not to acquire the stock of the
split-up of the system would be disadvantageous alike to the public and the Christopher & Tenth
Street RR., since the operation of the lines of that
security holders.
company
is
not
profitable.
operated
by
now
the
receiver should be reorganized
(4) The properties
as a system. The very large increase in the last decade in the costs of oper- Securities to Remain Undisturbed in Reorganization, but which are tomnble
.
Offered the Right of Conversion into Equal Amount of Broadway
ating street railways in a city like New York and the decrease in the purchasing power of the nickel and the resultant decrease in net earnings, make it
Consolidated Mortgage Bonds.
Ann.
clear that in any reorganization of New York Rye. a very heavy capital
Principal. Charge,
loss must be absorbed and fairly distributed among the security holders Broadway Surface BE. 1st M. 5s, due July 1 1924_ 81.500,000 $75,000
who are interested in the earnings of the system.
South Ferry RR. 1st M.5s, due April 1 1919
350,000
17,599
the
that
clear
reorganization
plan must provide:
Therefore, it seems
(1) for a great decrease of fixed charges;
Total
01,850.000 $92,500
OCT. 20 1923.]
THE .CHRONICLE
Securities to be Extended but not Otherwise Disturbed.
Ann. Int.
Principal. Charge.
Central Crosstown RR. 1st Mt.6s, due Nov. 1 1922- $250,000 $15,000
Securities for which Terms of Exchange are to be Later Determined by the
New Company.
Bleecker St. & Fulton Ferry RR. total stock, $900,000; amount
held by New York Rys, $853,600; minority outstanding
$46,400
23d St. R y. total stock, $600,000: amount held by New York
minority outstanding
Rys., $507,500;
'
92,500
Broadway & 7th Ave. RR., total stock, $2.100.000: amount held
by New York Rys.. $1,400,200: minority outstanding
699,800
42d St. eis Grand St. Ferry RR., total stock, $748,000: amount
held by New York Rys., $400,000; minority outstanding
348,000
Cash Requirements of New Company and Provision for Same.-To end the
receivership and furnish adequate working capital for the new company,
to pay reorganization expenses, court charges, Skc., to complete the adjustment of claims, and for general purposes, the committee recommends the
use of not to exceed $5,000,000 of new Prior Lien bonds and all the Common
stock of the company. The cash required must come from the liquidation
of the non-operative assets which go chiefly to the holders of the 1st &
Ref. bonds of the New York Rys., unless arrangements are made for the
obtaining of additional capital from other sources. The persons contributing the cash will receive all the Common stock of the new company,
together with new Prior Lien bonds at such price as may be determined
against cash advanced.
Securities to Remain Undisturbed for Which no Present Offer of Exchange
into New Securities is to be Made.
Ann. Int.
Charge.
Broadway & 7th Ave. 1st Cons. M.5s, due Dec. 1 '43- $8.150,000 $407,500
Broadway & 7th 1st Mtge. 5s, due June 1 1904
x1,500,000
75,000
34th St. Crosstown Ry. 1st M.5s, due April 1 1996
1,000,000
50,000
Bleecker St. & Fulton Ferry RR. 1st M. 4s, due
Jan. 1 1950
700,000
28.000
23d St. Ry. Impt. & Ref. M.5s, due Jan. 1 1962_ _ _ 1,500,000
75.000
do
1st Mtge. 6s, duo Jan. 1 1909
y250,000
15,000
do
debenture 5s, due Jan. 1 1906
150,000
7,500
Total
813,250,000 $658.000
x If and when the sale of the 50th St. car barn is carried out and the proceeds thereof are received, it is expected that $500,000 of these bonds, together with all arrears and interest thereon, will be paid and that the balance
of $1,000,000 will be converted into an equal amount of Broadway Consol.
Mtge. bonds in the same way as the bonds of the Broadway Surface RR.
and the South Ferry RR. y $50,000 of these bonds are held by the receiver as part of the unmortgaged assets and presumably will be acquired
by the new company on creditors' sale. The balance, $200,000, together
with the $150,000 of debentures are subject to the Hen of the 1st & Ref.
Mtge. and presumably will also be acquired by the new company.
Securities which are to be Exchanged for Income Bonds and (or) Pref. Stock.
Ann. Int.
Principal. Charge.
New York Rys. 30-Yr. 1st Real Estate & Ref. Mtge.
4s, Gold bonds, due Jan. 1 1942
$18,061,290 $722,452
do
Convertible scrip, 4%
2,250
90
do
30-Yr. Adj. M. 5s, Income bonds, 1942_ _ 30,609,487
x
Lexington Ave. & Pavonia Ferry RR. 1st M. 55, due
Sept. 1 1933
5,000,000 250,000
6th Ave. RR. capital stock, par value
2.000,000
x Income bonds.
Securities to be Issued by New Company:
Fixed Charge Bonds.-New company will create its Prior Lien mortgage.
dated as of Jan. 11924. which will be a first lien on (a) all property owned
on completion of reorganization or acquired by the issue of securities,
and improvements and appurtenances thereto: (b) all property hereafter
acquired by use of Prior Lieu bonds issued after completion ofreorganization
The Prior Lien bonds presently issuable shall be $5,000,000 which
(with all Common stock) shall provide or constitute the means of providing
cash requirements. No Prior Lien bonds shall be issued in the reorganization in exchange for existing securities (stocks or bonds) of New York
Rys. or its predecessor companies, or of any subsidiary or lessor companies (except bonds not disturbed in lien under the terms of this plan).
Such bonds presently issued shall bear interest at such rate, and shall
mature at such date as may be determined.
In addition to the Prior Lien bonds presently issuable, additional Prior
Lien bonds of the same or other series may be issued after reorganization
(1) to fund underlying obligations; (2) for additions and betterments and
acquisition of equipment and additional railroad and properties under
approved restrictions.
Income Bonds.-New company shall also create an issue of Income
bonds or debentures. Not more than approximately 817,500,000 shall
be issued in the reorganization. Income bonds shall be issued in the
reorganization only for acquisition of properties and securities now in the
hands of the receiver or in exchange for securities of leased or subsidiary
lines. Whether the Income bonds shall be secured by lien shall be determined hereafter.
The Income bonds shall bear interest from Jan. 1 1924 at the rate of 5%
per annum, half yearly. New company shall not be obligated to pay
Interest in any event except out of earnings or accumulated surplus and
then only if and at such times as the directors may determine. Interest
on the Income bonds shall be cumulative, and no dividends shall be payable
on the Preferred or Common stock of the new company until all arrears
of interest are paid on the Income bonds.
Preferred Stock.-The Preferred stock to be issued may be of no par
value. Will be preferentially entitled to non-cumulative dividends at the
rate of $7 per share per annum and will be redeemable at $100 per share.
After a dividend of 67 per share shall have been paid on the Common
in any year, the Preferred and Common stocks will participate equally
in any further dividend. This stock will have no preference as to principal. It will have voting right to elect a minority of the board of directors.
Common Stock -Common stock may be of no p
,ar value. The Common
stock will always elect a majority of the board ofdirectors.
Treatment of Existing Securities to Be Exchanged for Income Bonds and (or)
Preferred Stock.
•
The plan calls for the issue ofincome bonds and (or) Prof.stock of the new
company in exchange for existing securities. The terms of exchange and
the allocation of new securities are primarily based upon the allocation
report. The general method of applying the allocation report is as follows:
The allocation report determines the respective amount of net earnings
of the system produced by each component part of the system (1. e., each
separate unit, whether it be a separate corporation such as Sixth Avenue
R.or a separately mortgaged unit such as the property covered by Lexington Avenue & Pavonia Ferry RR. 1st Mtge.). The allocation report
shows the contribution to the net earnings of the system by each unit after
allowance for annual interest on bonds which are not disturbed in lien in
the reorganization and are a first charge on the earnings of the particular
unit. That resultant figure representing earning capacity of the unit (or
more accurately contribution a earnings by the unit to the system) is then
capitalized at 5%, and to that unit is allocated a face amount of income
bonds equal to that capitalized amount (which is to be ratably distributed
among the security holders who own that unit).
This method is departed from in only one case-1. e., when the unit owns
a substantial amount of land (free from lien of any mortgage remaining
undisturbed) used for railroad operating purposes in the present system,
which has a value independent of its use for street railroad purposes, and
is therefore a more valuable contribution to the new company than, for
instance, rails or cars which could not be put to any non-railroad use.
It was determined by the committee that in that case there should be included in the allocation of income bonds an amount thereof equal to twice
the value of such land (but not buildings) as shown in the allocation report;
on that account no other credit is given for income from this operative land.
Income bonds are not allocated to any unit to a greater face amount than
the par amount of the existing security. No provision is made for the
issue of new securities for arrears of interest or dividends.
Preferred stock of the new company is allocated to the various units
shown in the allocation report on the following basis: Each unit receives
a number of no par preferred shares which (figured at $100 per share)
plus (1) the principal amount of income bonds allocated to that unit, plus
(2) the estimated value of non-operative property to be received by that
unit, equals the present par or principal amount of securities representing
ownership of the unit.
1777
Preferred stock of the new company is allocated on a different basis to
holders of unsecured debt of New -York Rys. and to the holders of its adjustment bonds. They give up to the new company their claims and bonds
.(thereby surrendering their distributive share of cash which they would,
on completion of the foreclosures, receive out of non-mortgaged assets of
New York Rys. and all other claims) and receive a number of shares of
Pref. stock, which, taken at $100 per share, equals 25% of the face amount
of their claims and bonds, without any allowance for arrears of interest.
Thus, while the new company pays by the use of income bonds for properties which now have an earning capacity and contribute to the earnings
of the system, it buys entirely with Pref. stock the rest of the property in
the system, which property, while it makes at the moment no perceptible
contribution to net earnings,represents a large investment and reproduction
value and may, under improved conditions, show considerable earnings.
Amount of Property, Income Bonds and Pref. Stock to Be Received by Various Units.
Will Receive
aValue of bIncome elncome
dPreferred
Bonds
Bonds
Cash and
Stock.
at Par.
at 50.
Brining Securities- Outstanding. Property.
62,100,000
hBroadway system stk___$2,100,000
1 share
Each 5100
421,742
5178,258
h23d Street stock
600,000
29.71 .7029 eh.
Each $100
324,402
1575,598
hBleecker stock
900,000
i 30 .3604 oh.
Each $100
400.000
16312,576 1,287,423
6th Ave. stock
2,000,000
64.37 .20 share
15.63
Each $100 •
1,000,000
34th St.stock
1,000,000
1 share
Each $100
1625,602 13,245,697
h42d St Grand stock
748,000
----360----Each $100
Christopher stock
650,000
1,918,222
Lexington bonds
5,000,000 51,369,176 1,712,602
3.8364shs.
Each $1000
342.52
273.83
Columbus&9th Ave. bds_ 3,000,000
Central Crosstown (N. Y.
232,187
Rys.) bonds
250,000
Metropolitan Crosstown
(N.Y.Rys.) bonds_
600,000
N.Y.Rys. 1st & Ref_ _ _18,063,540 96,394,478 2,307,022 6,711,487
354 --------646
Each 51,000
7,652.371
N.Y. Rys. Adj. Mtge_ _ _30,609,487
2)4 abs.
Each $1,000
Value of cash and property received from liquidation, non-operative land.
bonds.
cash or
b Income bonds at 50 for operative land.
e Income bonds at par for balance of earnings after allowance for interest on
undisturbed bonds. This column shows allocation for unit as a whole, Including
Portion owned by New York Rys.
d Pref. stock on basis of 5100 per share. This column shows allocation for unit
as a whole, Including portion owned by New York Rys.
e The non-operative real estate subject to the mortgage of the Central Crosstown
presumably will be acquired by the new company and will be applied on account
of the Central Crosstown bonds to be extended.
f Sixth Avenue total income bonds Is increased by $41,719 by reason of cash to
credit of Sixth Avenue. Preferred stock is decreased accordingly.
g Approximate(For allocation to 1st & Ref.45,see below). This cash may be invested in new prior lien bonds of new company.
h It is proposed to leave to the new company the matter of making terms with
the holders of minority shares of the following companies: (1) Broadway & Seventh
Avenue;(21 23d Street RR.;(3) Bleecker Street & Fulton Ferry RR.:(4) 42d Street
& Grand Street Ferry RR. It the same principles of allocation were followed in
regard to these minorities as are followed in the outline in regard to majorities. the
amount of new securities attributable to these minorities would be approximately
as shown.
This matter is left to the new company because the number of such shares outstanding in the hands of the public is in each case a minority. The majority is now
owned bY New York Rys,and will come to the new company through the foreclosure
sale and therefore It seemed wise to leave the terms for the acquisition of such shares
to the new company and to those who are to furnish the cash requirements of the
reorganization.
Income bonds allocated to Minority stock of Bleecker St. and 42d St. are reduced
in these computations to rate of stipulated rental under existing leases. Such
allocation to these two stocks exceeds the present par amount of such stocks.
Amount of New Securities Allotted to New York Rys. 1st & Ref. 4% Bonds.
$3,381,902
Cash and investments (see below)
2,150,000
Bonds (see below)
862.576
Non-operative land (see below)
$6,394,478
Total cash and investments to be credited on principal
Net earning credit for New York Rys.(capitalized) Income bds_ $9,018.509
232,187
Net earning credit for Central Crosstown (capitalized) Inc. bds_
Net earning credit from majority stocks (capitalized)3,330,847
Income bonds (approximately)
3,081.312
Preferred stock (approximately)
Total cash, investments and new securities
33
n3
d2,05
/
th
2e11
This allocation is reduced to the present principal amount of $
ing bonds, viz.. 518,063,539; so that the total amount received by a Refunding bond of $1.000 face amount will be approximately:- Credits as
above, $354; Income bonds face, $646.
Public to Be Represented.-Any plan of reorganization and issue of new
securities must be subject to the approval of the Transit Commission in
accordance with the existing statutes and must not conflict with but be consistent with public plans for operation and extension of transit facilities.
For that reason and in the interest of a closer co-operation of the new
company and the public, it is proposed that the board of directors shall
contain representation of the public named by public authority.
Readjustment of Securities of Broadway & Seventh Avenue RR.
The Broadway & Seventh Avenue RR. has now outstanding $1,500,000
1st Mtge. bonds which with claims for past due int. have been sustained
by the U S. District Court. It also has outstanding $8,150,000 Consul.
bonds. It has guaranteed $350,000 South Ferry RR. 1st Mtge. bonds
(int. and principal not paid) and guaranteed $1.125,000 out of a total f
$1.500,000 Broadway Surface RR. 1st Mtge. bonds.
It is proposed, subject to the approval of the Court, that the 50thali
car barn a the Broadway & Seventh Avenue company be sold, that p
accordance with the terms of its Consolidated Mortgage, the company iss
new Consolidated bonds in exchange for the South Ferry and Broadway
Surface bonds and for $1,000,000 of its First Mortgage bonds, and that out
of the cash proceeds of the car barn sale the company pay approximately
$800,000 on account of the principal and interest of the remaining First
Mortgage bonds and that the balance of the cash proceeds be used as the
Gourt may approve under the terms of the Consolidated Mortgage.
Miscellaneous.-No provision is to be made for holders of mortgage or
non-mortgage debt of /s,Tew York Rys., or of mortgage debt of Metropolitan
Street Ry. or any predecessor company, who do not assent to the plan.
But the securities deliverable in respect thereof may be disposed of in the
reorganization.
No provision is made in the plan for any holders of stock of lessor or subsidiary companies who do not assent to the plan.
The plan contemplates that the new company generally will or may make
operating agreements or leases with all or any existing lessor or subsidiary
companies on such terms as it may determine without fixed annual rentals
but lmsed on the relative earning power of such companies as determined
by the allocation report. Such leases or traffic contracts may, but need
not, contain provisions for periodic readjustment of division of income and
provisions for arbitration.
Non-operative Property Not to Be Acquired by New Company.
Non-operative property which will not be acquired by the new company.
but which will be liquidated for account of the parties entitled. The
benefits of this property will be confined to the 1st St Ref. bonds of the
Now York Rys. and the 1st Mtge, bonds of the Lexington Avenue.
Cash & Estimated Value.
(a) To refund 4s-Cash and investments (6138 fC11113Wing)
Bonds (see following)
$3
2,3
18
510-,9°2
000
Non-operative land (see ____________)
power Louse, reduced to upset price $800.000
862,576
Total
$6,394,478
1778
THE CHRONICLE
[VOL.117.
By this item the principal of the Refunding 4s would be reReading Co.-Stockholders Approve Various Matters
duced to about $12,200,000.
(b) To Lexington Avenue bondholders-Non-operative land val. $1,369.176 Connected With Dissolution Decree.
Cash and Investments Subject to New York Rys. Mortgages as of July 31 1923.
The stockholders on Oct. 15 authorized the officers and directors to do
(a) Cash: (1) In Guaranty Trust Co.: Cash fund, $127,023;
whatever may be necessary or expedient to carry into effect the Third
Interest accrued on Liberty bonds. $3,187; interest accrued
modified plan (V. 116, p. 2256) and the decree of the U. S. District Court
on cash,$45
$130,255 for the Eastern District of Pennsylvania, entered June 28 1923, pursuant
(2) In hands of receiver: Special funds
26,388 to the mandate of the U. S. Supreme Court in the suit of the United
(3) In hands of Special
aster: Cash from sales (includes
States against Reading Co. et al., approval was given to the following:
cash received Aug. 2 1923, balance of Lox. Ave. & 33d St.
(a) Increase the indebtedness of the Reading Co. in the amount of
956,810 $64,000,000;
property)
(b) The creation of a mortgage and deed of trust on all or any of its
41.113,453
Total cash
railroad and other property to secure an issue of bonds of the company,
(b) Investments: (1)In Guaranty Trust Co.:Liberty Loan bds_ $200,000 the total authorized issue at any one time outstanding, excluding bonds
68,874 issued or reserved for refunding, to be limited to an aggregate principal
(2) In hands of receiver: 4 M % U.S. ctfs. of indebtedness
amount equal to the aggregate par value of the then outstanding Capital
(3) In hands of Special Master: 4%% U. S. ctfs. of indebtstock of the company;
edness. $550,000: mortgages, including $1,200,000 received
(c) The merger by the Reading Co. of the Philadelphia & Reading Ry.
Aug. 2 1923, balance of Lox. Ave. & 33d St. property,
1,999,575 and the Chester & Delaware River RR.,the Middletown & Hummelsto wn
$1.449,575
RR., the Rupet & Bloomsburg RR., the Tamaqua Hazleton & Northern
$2,268,449 RR., the Norristown Junction RR., the Philadelphia & Frankford RR.,
Totalinvestments
$3.381,902 the Philadelphia Harrisburg & Pittsburgh RR., the Schuylkill & Lehigh
Grand total
x If and when the sale of the 50th St. car barn is carried out and the pro- RR., the Shamokin Sunbury & Lewisburg RR., the New York Short Line
ts
.rd
e by RR., the Norristown & Main Line Connecting RE, and the Reading
e inrcre
ceeds thereof are received, it is expected thatothis cash wille bn
on Belt RR.;
approximately
payment
s0anadil5
(d) The disposition of the stock of the Reading Iron Co. and of the
thIvree
.13171=.3b2a0
ro
0r),
eta a $
&80
70
0
u
ite es on acPhiladelphia & Reading Coal & Iron Co. as contemplated by the plan and
count of the principal thereof.
final decree; (e) The adoption of a by-law restricting the transfer of shares
Bonds-Total, $2,150.000.
of stock of the company as provided in the plan and final decree: (1.
)The
Broadway & Seventh Avenue 1st Mtge. 5% bonds (including
surrender by the Reading Co. of those of its powers which are inappropriate
41,800,000 for a railroad corporation of Pennsylvania; and (a) The acceptance by the
about $300,000 interest)
200,000 Reading Co. of the Constitution of 1874.-V. 117. 1). 1236.
23d Street Ry. 1st Mtge.6%.due Jan. 1 1909
150,000
23d Street Ry. Debentures 5%, due Jan. 1 1906
Metropol. Crosstown Ry.2d M.5% bonds, due May 1 1901_N0 val. assign.
Rockford & Interurban Ry.-Franchise.x To be converted Into $1,000,000 Broadway & Seventh Ave. 1st Consol.
The City Council of Rockford, Ill., has granted the company a special
Mtge. bonds if the sale of the 50th St. car aarn Is carried out.
permit to operate its cars on the city streets for a period of 90 days after
Non-Operative Real Estate-Total, $862,576.
Oct. 3, when franchise expired. Negotiations for a new franchise are in
progress and it is expected that draft of the proposed ordinance will ba
Power house. 96th St. an; 1st Ave., reduced to upset sale price
submitted
to the City Council within the next 60 clays.-V. 117. P. 670.
$800,000
under court decree
62,576
53d St., 10th and 11th Aves.-land, $22,489; bldgs., $40,087_
Rupet
& Bloomsburg RR.-Merger, &c.Approximate Capitalization of New Company.
See Reading Co. above.
Principal. Ann. mt.
Undisturbed bonds (see aoove)
Rutland Toluca & Northwestern RR.-To Foreclose.$15,350,000 $765,500
New fixed charge bonds, say
250.000
5,000,000
The Chicago ,Sr Alton RR. having failed to pay the rental due on the
875,000 Rutland Toluca & Northern RR., and the Rutland having defaulted in
New income bonds, say
17,500.000
x120,000 shares
New Preferred stock (no par)
payment of int. due April 1 and Oct. 1 of this year on its 1st Mtge. bonds,
Common stock (no par)
,000 shares
the committee representing those bonds, which has over 95% on deposit.
have Instructed their counsel Wellman & Wellman and Robert G. Starr
x This Includes an allotment of .25 of a share of Pref. stock for each $100 to oegin proceedings to foreclose the mortgage and terminate the lease.
of general _claims against New York Rys. The amount of such general -V. 116, p. 2007.
claims is estimated at the present time at about $5,000,000.
Saginaw-Bay City (Mich.) Ry.-Successor Co.Objections of F. D. Pavey to Above Plan of Committee.
See Saginaw Transit Co. below.-V. 117, p• 895.
Frank D. Pavey has forwarded a minority report to Judge Mayer. in
which he outlines MS objections to the committee's plan and submits what
Saginaw (Mich.) Transit Co.-New Co.-Acquisition.he considers a much more feasible plan for the reorganization of the New
This company was incorporated Sept. 11 1923 in Michigan and acquired
York Rys. system. Mr. Pavey lists his objections to the committee's plan
foreclosure sale Aug. 18 1923, the property in Saginaw, Mich., of the
at
as follows:
discontinued operations Aug. 10
(1) The proposed plan perpetuates the method of operation which has Saginaw-Bay City Ry. Co.. which had
the Saginaw Transit Co. issued upon
brought the street railways of that system to ruin and to the verge of 1921. In payment for this property
$584,000 1st Mtge. gold bonds,
Commission
Michigan
P.
U.
approval
of
the
extinction.
5%, due Jan. 1 1949: $1,479,000 of 5% Cum. Pref. stock and
(2) The properties now operated by the receiver ought not to be reor- Series "A,"
value (as per reorganization
par
of
pommon
stock
of
no
shares
18.750
ganized in a single operating system. In this connectiontit is pointed out
that the public can better be served by a series of short lines furnishing plan in V. 117. p. 326).
The Saginaw Transit Co. owns and operates street railway system,
rapid, safe and sanitary transportation.
by motor busses, in the city of Saginaw and interurban line
(3) The organization of three operating companies will aid in the solution supplemented Carrollton
and Zilwaukee, Mich. The franchise (V. 117, p.
from there to
of the question of free transfers.
25 1938, and the City of Saginaw has agreed that it will
runs
to
June
326)
protect
(4) The organization of three operating companies will tend to
operation of "jitneys" and other motor vehicles
prevent
the
and
the system in general from the adverse effects of local changes in passenger prohibit
In competition with the company.
traffic.
company, authorized and outstanding: $1,479,new
stock
of
the
Capital
(5) Claims of tort creditors and contract creditors of New York Rys.
11924). par $100, and
prior to the receivership ought not to be capitalized and paid out of the 000 of 5% Pref. (cumulative as to diva. from Jan.
20,000 shares of no par value Common stock. Registrar for Pref. and Comproceeds of the sale of securities of the new company.
transfer
agents for Pref. and
Saginaw,
Mich.;
Saginaw,
of
(6) No mortgages or liens should be placed upon the earnings of the lessor mon stocks, Bank
companies to provide funds for the payment of the debts of their bankrupt Common stocks, Treasurer and Assistant Treasurer of company.
bonds. Series "A,"
Mtge.
gold
$1,184,000
1st
outstanding,
debt
Funded
lessee.
(7) The New York Rys. ought not to be reorganized as a railroad cor- 5%, due Jan. 11949.
Officers.-C. S. Kressler, Pres., Treas. & Gen. Mgr.; Otto Schupp and
poration. Mr. Pavey emphasizes his point by stating that the company is
hopelessly bankrupt, not only in respect to the payment of its private H. V. Sinnett, Vice-Pros.; L. F. Swartout, Sec.; R. E. Smith, Asst. Sec.
and Asst. Treas,
debts, but also in respect to the performance of its public duties.
Directors.-William C. Wiechmann, Charles G. Christensen, E. Walter
(8) The receivership ought to be continued until the affairs of the lessor
Secord, Henry T. Robinson, A. A. Alderton, John Troy, Otto SchuPP.
companies are adjusted.
Mr.Pavey's suggestions as to the readjustment of New York Rys. con- C. S. Kressler and Fred Fox.
See also Saginaw-Bay City By. in V. 117, p. 326, 555, 782, 895.
remplate the organization ofthree operating railroad corporations designated
as Broadway & Seventh Ave. RR., New York Crosstown Rys., Manhattan
Schuylkill & Lehigh RR.-Merger, &c.Street Ry., and one non-operating company designated as the New York
See Reading Co. above.-V. 113. p. 2313.
Railways Assets Realization Co. The purpose of this grouping is to put
the railway end of the business in a position where it can fulfill its duties to
Shamokin Sunbury & Lewisburg RR.-Merger, &c.the public; will no longer be open to attack upon the ground that it is highly
overcapitalized and operated solely in the interest of security-holders; will
See Reading Co. above.-V. 94. p. 1120.
relative
rights
of
the
protect the
owners of the underlying securities, and
Tamaqua Hazleton & Northern RR.-Merger, &c.
will be in an advantageous position for sale to the City of New York in case
plans for municipal ownership are ever made effective.-V. 117, p. 895.
See Reading Co. above.
New York Short Line RR.-Merger, &c.-
Third Ave. Ry.-Adjust. Bondholders Have Voting Power.
President S. W. Huff in a letter to bondholders says in part:
"Under the terms of the mortgage and the certificate of incorporation of
company, you are entitled to one vote for each $100 of your bonds on
the
Ninth Ave. RR.-Not Included In Plan.all questions upon which stockholders may vote until such time as full
See Eighth Ave. RR. and New York Rys. above.-V. 116, p. 1050.
interest at the rate of 5%,together with any accumulation, shall have been
paid upon such bonds for five consecutive years. [At present there is
Norristown & Main Line Connecting RR.-Merger, &c. 20%
accumulated interest due on these bonds.]
See Reading Co. below.-V. 75. p. 1148.
"The right to vote can be exercised by the holders of these coupon bonds
the sale
by simply registering the oonds for 'voting purposes only.' Uponnot
been
Norristown Junction RR.-Merger, &c.of such bonds the bonds are transferable by delivery as if they had
registered. It Is necessary for the new holder to again register them if
See Reading Co. below.
is
that
this
noted
will
a°
continued.
It
the right to vote thereon is to be
Pennsylvania Co.-Tenders.quite different from the registration of the ownership of ponds..
"Your attention is called to this, since a number of the holders of these
The Girard Trust Co.. trustee, Philadelphia, Pa., will until Oct. 31
receive bids for the sale to it of 40-Year Guaranteed gold trust certificates, bonds are under the impression that to register them for voting purposes
Sdries "E," due 1952, to an amount sufficient to exhaust $100,000, at a would interfere with or delay the delivery of the bonds in the event of sale.
All that is necessary is to have the United States Mortgage & Trust Co.,
price not exceeding par and int.-V. 117, p. 1347.
55 Cedar St., make a notation on the bond of the name of the holder and
Pennsylvania RR.-Final Settlement With Government.
- the words 'registered for voting purposes only.' The trust company at the
The Director-General of Railroads has announced that 22 railroads, same time notes on its books serial number and description of the bonds
comprising the Pennsylvania System, have completed settlement with the anti the name of the holder and date of such registration.
"A comparative small number of holders of these bonds are availing
Government on accounts arising out of Federal control and involving payment for $90,000,000 of additions and betterments made during the control themselves of this voting privilege. Teh directors are anxious to have as
period. This amount will be funded by the Government. the Pennsylvania large a number of the security holders of the property as possible vote at its
annual meetings, either in person or by proxy."-V. 116, p. 1665.
giving properly secured paper for ultimate payment of same.
Col. James A. McCrea. Vice-President in charge of the central region,
Toledo & Indiana RR.-Obituary.died in Pittsburgh, Pa., Oct. 17.-V .117. p. 1556.
President Lewis R. Schenck died Oct.4 at Toledo, Ohio -V.111, p. 390.
See Reading Co. below.-V.87. p. 1421.
Philadelphia & Frankford RR.-Merger, &c.
See Reading Co. below.-V. 115. p. 2047.
Philadelphia & Reading Ry.-Plan Approved.See Reading Co. below.-V. 117, p. 1664.
Phila. Harrisburg & Pittsburgh RR.-Merger, &c.See Reading Co. below.-V. 51, p. 459.
Pittsburgh (Pa.) Rys.-Reorganization Delayed.-
The Pennsylvania P. S. Commission has extended unth Dec. 1 1923
the date for the reorganization of the company to become effective. The
company presented the petition and no objection was raised by the city
of Pittsburgh.
The Master appointed by the Allegheny courts to make a report on the
reorganization has reported as of Oct. 11. According to law, the Master's
findings must be advertised for 30 days before the court can make an
order and the further extension until Dec. 1 was sanctioned by the Commission to meet this requirement.-V. 117, p. 1664. 1463.
' Reading Belt RR.-Merger, &c.
See Reading Co. below.-V. 74, p. 1090.
Toronto Railway Co.-To Appeal Award.-1The city of Toronto, it is stated, will appeal to the Privy Council against
the award of the aratraters in connection with the city taking over the
railway. The award was $1,..118,500. The city appealed to the first
divisions court against this amount, and the divisional court reduced it
by $543,000. being the estimated value of certain street railway property,
which the city need not take over. This, however, Is not satisfactory to
the city, and the Board of Control agreed to carry the case to the Privy
Council -V. 117, p. 1463.
Tuscaloosa Ry. & Utilities Co.-Arew Control.The company has petitioned the Alabama P. S. Commission for authority
to sell the utilities properties at Tuscaloosa and Northport to the Alabama
Power Co.-V. 103, p. 1120.
Virginia Railway & Power Co.-Listing.The Philadelphia Stock Exchange has authorized the listing of $125,000
additional 1st & Ref. Mtge. 5% bonds. due July 1 1934, being part of
$1.000,000 applied for in company's application dated July 26 1023, to be
listed upon official notice of issuance, making the total amount of bonds
listed at Oct. 13 S10,992,000.-V. 117, p. 1665.
OCT.20 1923.]
THE CHRONICLE
Washington Water Power Co.-Earninos.-
Nine Months ended Sept .30-,
la
Gross revenue
Operating expenses
Taxes (Including income tax)
Interest
Replacement reserve
Profit and loss prior years
Deductions for additional res. for replacement-
1922.
1923.
$3,942,267 $3.620,990
$1,336,302 $1,287,516
402.221
493.450
459,578
456,265
242,461
175,012
Dr.6,882
Cr.1.167
200.000
200.000
Net earnings
-V. 117, p. 1237, 327.
$1,279,092 $1.025,647
West Penn Co.-Initial Div. on 7% Pref. Stock.The directors have declared an initial quarterly dividend of 1%% on the
7% Cumul. Pref. stock, payable Nov. 15 to holders of record Nov. 1.
See also V. 117, p. 1237.
Wisconsin-Minnesota Light & Power Co.-COn,Strueen.
Construction work will be started soon on a new $1,000,000 substation
at the Wissota hydro-electric development on the Chippewa River. This
plant will be located at the south end of the Wissota dam, and when completed it will distribute all power generated at the Wissota and Jim Falls
dams, which have generating capacity of 45,000 h.p. and 14,400 h.p.,
respectively.
The company also will build two smaller substations at Colby, Wis..
and Red Wing, Minn., to cost $20,000 and $40,000. respectively.
This is part of the comprehensive power development program of the
Northern States Power system, which serves 450 cities and towns, having
a population of over 1.250,000 in Minnesota. Wisconsin, North and South
Dakota, Iowa and Illinois.-V. 117, p. 783, 327.
INDUSTRIAL AND MISCELLANEOUS.
The following brief items touch the most important developments in the industrial world during the past week, together with a summary of similar news published in full
detail in last week's "Chronicle."
Steel and Iron Production, Prices, &c.
1779
Montgomery, Anniston, Gadsden, Attalla, Talladega, Huntsville, Selma,
Roanoke, Decatur and Albany;(2) all the street railway business in Montgomery, Anniston, Gadsden and Huntsville, and (3) the gas business in
Montgomery. Anniston, Selma, Decatur and Albany, and (4) it furnishes
under contract all the current used by the Birmingham Railway. Light &
Power Co. in Greater Birmingham and Bessemer and all the current used
by the local public service companies in Tuscaloosa, Alexander City, Tuskegee and Cordova. and by the municipalities of Opelika, Sylacauga.
La Fayette and Piedmont. It also serves under contract a number of
large industrial power consumers.
Company now has in direct service a total of 30,737 customers' meters.
and current is being supplied directly and indirectly to approximately
65,000 customers. The present connected load of the system is approximately 450.000 h.p., and for the year ended Sept. 30 1923 the electrical
output of the system was approximately 731,742,000 k.w.h.
Capitalization-
Authorized. Outstanding.
$40.000,000 $18,751.000
a Capital stock-Common
10,000,000 5.710,000
Preferred stock
b12,170,000
Income debenture certificates
18,000.000
1st Mtge. Lien 5: Ref. 68 (incl. this issue)
4,700,000
do 5% Series due 1951
d10,221,000
First Mortgage 5s. due 1946
d1.265.600
Closed
Underlying Divisional bonds
a Partly represented by no par value stock. b These debentures are a
non-foreclosable security having a contingent interest in the balance available after the payment of Preferred stock dividends. They represent part
of the original investment in the property over and above that represented
by the outstanding bonded debt. c Unlimited except by the conservative restrictions of the indenture as outlined herein. d Upon completion of the
present financing there will be 18,829.000 additional First Mtge. bonds and
$828,000 additional Underlying Divisional bonds pledged under the indenture securing the First Mtge. Lien & Ref. bonds and no additional First
Mtge. 5% bonds may be issued except for pledge thereunder.
Earnings Twelve Months ended Sept. 30.
1922.
1923.
Gross earnings
58.237,371 $6,855,771
Operating expenses and taxes
4,443,354 3,724.483
Net earnings
$3,794,017 $3.131.288
Annual interest on funded debt with public (including
this issue) requires
$1.889,330
-V. 117, p. 1464. 1350.
The review of market conditions by the "Iron Age,"
Amalgamated Silk Corp.-Rcgistrar-Acquircs Assets of
formerly given under this heading, appears to-day on a D. G. Dery Corp. as
of Oct. 1.preceding page under "Indications of Business Ar_tivity."
The New York Trust Co. has been appointed registrar of $50,000 Pref.
Coal Production, Prices, &c.
The United States Geological Survey's report on coal
production, together 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.-Warner Sugar Refining Co. on Oct. 17 advanced
Tire Prices.-Firestone Tire & Rubber has announced a reduction of
price 25 pts. to 9 Sic. a lb.
15% on the 4, 434 and 5-in, tires, constituting the largest sizes. Smaller
sizes, 3 and 3 1-3-in, tire prices remain the same. Reduction of 15% in
larger size tires by Firestone is made in prices to dealers. "Financial
America" Oct. 13.
Goodyear Tire & Rubber Co. reduced prices on large sized cord tires
5S4% to 15% and increased prices on Ford sizes. Cash discount basis
has been reduced. See below. "Boston News Bureau" Oct. 19. p. 33.
Fisk Tire & Rubber Co. has made a general cut of 15% in all tires above
30 x 3% and is making special prices on all other sizes. "Financial America" Oct. 15.
United States Rubber Co. has made readjustments in its net prices to
dealers which embrace reductions ranging from 334% to 12%% on some
grades of tires, and advances of 7)4% to 10% on other grades. See the
company below. "Financial America" Oct. 16.
Sterling Tire Corp. advanced prices from 5 to 7% on both tires and tubes.
'Times" Oct. 14.
Window Glass Price Reduced.-Amerlean Window Glass Co. reduced
price 8c. a s9. ft. on 39 ozs. crystal stock sheets. No change was made on
cut sizes.
Financial America"
19.
Alcohol Price Advanced.-U. S. Oct.
Industrial Alcohol Co. advanced prices
2c. to 37c. a gallon. "Times" Oct. 12. p. 24.
Milk Price Advanced.-Dorden's Farm Products Co. and Sheffield
Farms Co. announce that the price of Grade A and B milk will be advanced
lc. a quart, effective Oct. 16. The increase is attributed to a demand of
tne dairymen. Other compaies that will increase prices are Brookfield
Farms, International Milk Co. and the Locust Farms. "Times" Oct. 16,
p. 1.
Wage Advances.-Boston longshoremen are granted 15c. an hour increase
for straight time and 20c. an hour for ovetelme to 80c. and $1 20 an hour,
respectively. Agreement is retroactive to Oct. 1 and covers period to
Sept. 30 1924 and provides for 44-hour week during June, July, Aug. and
Sept., and a 48-hour week during rest of year. "Wall Street Journal"
Oct. 17, p. 3.
Norfolk longshoremen on Oct. 16 received award of 75c. an hour and $1 07
for overtime, replacing 65c, rate which prevailed when strike was called
Oct. 6. The Increase which followed a like increase by Shipping Board, as
applying to its vessels at Hampton Roads, was granted on open-shop basis,
however, employers refusing to sign an agreement with the union. "Boston News Bureau" Oct. 17, p. 8.
Paper mill firemen in Holyoke (Mass.) dispute receive award of 73c. an
hour, the same rate as now paid. They asked 80c. an hour. the 1920
"peak" base. Provision is made for double time on holidays (no change),
and time-and-a-half on Sundays (formerly straight time). Decision is to
take effect as of Oct. 1 and to be in force for not less than 3 months. "Boston News Bureau" Oct. 16, p. 12.
Matters Covered in "Chronicle" Oct. 3.-(a) Copper lowest in year-Increased demand for copper, p. 1606. (b) Flour production increasing but
mills employed to less than 55% of capacity. p. 1610. (c) Production of
boots and shoes again increasing-figures for August, p. 1611. (d) Affairs
of J. M. Gidding, retail women's apparel, in hands of receiver. 13. 1612.
(e) Governor Smith In letter to Governor Pinchot says responsibility for
coal prices rests primarily on Pennsylvania, p. 1625. (f) Large coal dealers in New York fix $14 25 as fair price for anthracite, p. 1626. (g) Anthracite coal advanced to $17 40 in Chicago by the Consumers Company,
p. 1626. (h) Governor Pinchot Warns Anthracite operators they must
clean their own house or public will force action, p. 1626. (I) Commissioner of Markets letter on coal prices in New York. p. 1627. (j) Samuel
Warriner, anthracite owners' spokesman, finds present prices economically
unsound, p. 1627. (k) U. S. Coal Commission a lamentable failure, says
John Lewis, p. 1627.
Alabama Power Co.-Bonds Offered.-Harris, Forbes &
Co. are offering at 99 and int., to yield about 6.07%, $6,000,000 1st Mtge. Lien & Ref. gold bonds,6% Series, dated
June 11921, due 1951 (see description in V. 112, p. 2E44,
2751).
Issuance.-Alabama P. S. Commission has approved the issuance.
Data from Letter of Pres. Thos. W. Martin, Birmingham, Ala., Oct. 17.
Company.-Serves, directly and indirectly, over 80% of the urban population and practically all of the large industrial power requirements of the
State of Alabama outside of the City of Mobile. 13oes. directly. (1) all the
electric light and power business in some 83 cities and towns, including
stock (par $100) and 200,000 shares Common stock of no par value.
Official confirmation of the complete reorganization of the D. G. Dery
Corp. as the Amalgamated Silk Corp. is contained in a notice to creditors
by the receivers for the old company, stating that pursuant to a decree of
the U.S. District Court for the Southern District of New York the receivers
have transferred all their accounts receivable and other personal property
to the new corporation as of Oct. 1, and that the Amalgamated corporation
has taken over the business formerly carried on by the D. G. Dery Corp.
-V. 117. p. 1665. 896.
American Chain Co., Inc.-Business Excellent.Gross sales for the eight months ending Aug. 31 1923 were $20,945,648,
which amount exceeds the total gross business for the 12 months ending
Dec. 31 1922. Net earnings for the eight months period were over 234
times the net earnings for the calendar year 1922. July, August and
September were among the best months of the year to date, net earnings
for the three months ended Sept. 30 before reserves for Federal taxes.
being over $1,000.000.
The company's balance sheet as of July 31 1923 shows quick assets of
$14,343.500, against quick liabilities of $2.385,000, a ratio of better than
6 to 1.
During the present year the company has made active progress in the
development and expansion of its automobile bumper business. This line
has grown to the point where the company is unable to supply the demand
with its present facilities and a new factory is now being erected in connection with the plant at York, Pa.. which will more than double the
company's present output in this department, which, it is anticipated,
will equal approximately 10% of the company's gross business during 1924.
During the past six months the company has retired $158,000 10-Year
6% Debenture bonds on which interest for the past nine months after depreciation.ee
has been earned over eight times. For statement of earnings
for nine months ended Sept. 30 1923, see V. 117. p. 1350.
American Fuel Oil & Transportation Co., Inc.The reorganization committee announces that the time for the first payment of one-third of subscriptions to common stock of the new company
under the reorganization plan (V. 117, p. 1350), has been extended to
Oct. 25.
Old preferred stockholders may subscribe to new common stock, share for
share, and old common stockholders at the rate of one new share for ten
old, the subscription price in both cases being 50c. per share for the new
stock. The second payment of one-third is due Nov. I, and the final
payment Dec. 1.
The new company will be known as American Fuel Oil Co., and will be
capitalized at $4,750,000, of which $300.000 will be preferred stock, the
balance, common. all of $5 par value.
Bonds and stock should be forwarded to Empire Trust Co., depositary.
120 Broadway, N. Y. Checks for subscriptions should be drawn to the
order of Henry F. Whitney, Sec., and sent to the depositary. Compare
plan in V. 117. P. 1350.
American Pneumatic Service Co.-To Continue Mail
Tubes.Postmaster-General New recently appeared before the Director of the
Budget and recommended an appropriation for the continuance of pneumatic mail tubes in New York,complete resumption of this service in Philadelphia and partial resumption in Boston. The recommendations of the
Postmaster-General, according to reports, will be followed by the Budget
Director.-V. 117, p. 897. 779.
American Public Service Co.-Bonds Offered.-Halsey,
Stuart & Co., Inc., and H. B. Leach & Co., Inc. are offering
at 96.80 and int., to yield about 6.80%, $1,50000 1st Lien
gold bonds, bearing 6
dated Dec. 11912, due Dec. 1
1942 (see advertising pages).
These bonds, issued under the 1st Lien Mtge. dated Dec. 1 1912, are
secured through pledge thereunder by a first lien on all the present or future
outstanding bonds and capital stock (except directors' qualifying shares)
of the subsidiary companies. As the First Lien Mtge. limits the maximum
rate of interest to 6% per annum, the additional % interest, which the
present issue will bear, will be issued under a supplemental indenture and
will constitute a direct obligation of the company not secured by the mtge.
Data from Letter of President Samuel Insult, Chicago, Oct. 1$.
Compang.-Ineorp. in Delaware in 1912. Controls, through ownership
of all the capital stocks (except directors' qualifying shares) and all outstanding funded debt, eleven public utility operating properties. Subfidiary companies supply, without competition, 52 communities with one
or more classes of public utility service, 50 with electric service, 33 with
ice. 3 with street railway service and 2 with gas. The communities thus
served are situated in eastern Oklahoma and central and eastern Texas and
have an estimated combined population of 143.000.
The physical property of the company includes electric generating plants
having a generating capacity of approximately 31,000 k.w. and a combined
daily ice capacity of 778 tons. The electric light and power transmission
system consists of 462 miles of h
high tension lines. The two gas properties
serve their respective localities with natural gas through 66.1 miles of mains.
°utstanding.
Consolidated Capitalization-
Authorized' $5,187.600
Preferred stock, 7% cumulative
1925$10,000,000
iss.) 15,000,00
.
Common stock
(inei. this
y7,863,700
First Lien gold bonds,due Dec. 1
'42
733,100
5-Year . % Coll. gold notes, Ser.
A & B,due
474.500
20-Year 8% Coll.gold notes. Ser. C.due Mar. 1 '41
z
x1,003,000
Gen. Lien 6% gold bonds, duo Dec. 1 1942
x Entire amount of Gen. Lien bonds and practically all of the Common
stock owned by the Middle West Utilities Co. y Exclusive of bonds
THE CHRONICLE
1780
pledged as security for Collateral gold vtes. z Issuance of additional
Donna or notes limited by the restrictions
the respective indentures.
Purpose -Proceeds will be used for capit 1 expenditures and to reimburse
company for necessary improvements, betterments and extensions.
Consolidated Earnings Twelve Months ended July 31.
1923.
1922.
$2.764,403 $3,259,896
Gross earnings, including other income
1,735,613 1.926,003
Operating expenses, including taxes
$1,028,789 $1,333,893
Net earnings before depreciation
Annual int. on the 1st Lien bonds. incl. present issue.
and on the Coll,gold notes outstanding in the hands
$572,265
of the public,requires
During the period 1918-1922 gross earnings increased 144%, net earnings
266%, number of electric customers 99%, connected load 137%, and miles
of transmission line 275%.
Management.-Controlled by Middle West Utilities Co.-V.116, p.2391.
American Sumatra Tobacco Co.-Annual Report.Years Ending July 31- 1923.
$498.280
Gross profits
657,388
Oper. expenses, &c
1920.
1921.
1922.
$18,439 $2,257,682 $5,201,282
1,049.865
724.910
904,066
Operating income__ _loss $159.108 1034885.627 $1,532,772 $4,151,417
201,482
524,441
163,777
110,867
Other income
Gross income
Interest. discount, &c
Inventory, adJus.. &cFederal taxes. &c
$4,669 loss$774,760 $2,057,213 $4,352,899
794,376
513,269
857,332
1,014,976
173,319
1,403.430
804,173
75.600
___ loss $508,600loss$3035522
Net income-V. 116. p. 1054.
$966,637 $2,581,031
American Telephone 8c Telegraph Co.-Officer-Report.
The directors on Oct. 16 created the office of Executive Vice-President
and elected Walter S. Gifford to that position.
For statement for the 9 months ended Sept. 30 1923, see under "Financial
Reports" above.-V. 117. p. 1131.
American Tobacco Co.-Complaint.-
[VOL. 117.
These bonds are the obligation of the Developments Corp. of Detroit.
the Common stock of which is entirely owned and controlled by J. B.
Book, Jr., Frank P. Book and Herbert V. Book. The book interests are
the largest owners of downtown business property in the city of Detroit,
including such well-known properties as the Book Building.
Earnings.-Income from these properties, conservatively estimated. Is
as follows:
Net income from Hotel
$890.565
Income from stores in Hotel Bldg
350,000
Real Estate Exchange Building
150,000
Woodward Arcade Building (average income)
80,000
Total net income
51.470.565
British Empire Steel Corp., Ltd.-Resignation.Dr. W. L. McDougal& Chairman of the Montreal Harbor Commission.
has resigned as a director.-V.117,p. 1351, 1131.
Buckeye Pipe Line Co.-Smaller Dividend.The directors have declared a dividend of 3% on the outstanding
$10,000,000 capital stock, par $50. payable Dec. 15 to holders of record
Nov. 20. This compares with 334% paid in March, June and September
last. (For complete dividend record from 1921 to March 1923, see V.
115, p. 2383 and V. 116, p. 300.)-V. 116, p. 826.
Caracas Sugar Co. of Cuba.-Acquires Sugar Estate.The directors on Oct. 15 ratified the purchase of the Lequeitio sugar
estate from the Cuba Cane Sugar Corp. The purchase price, said to
involve $1,000,000, will be financed by E. Atkins & Co. There will be no
offering of securities.
The Lequeitio estate, comprising about 15,000 acres of owned land,
30,000 acres of leased land and about 90 kilometers of railroads, will be
used as a cane farm. The cane will be ground at the Caracas mill. The
mill on the Lequeitio estate, which will be retained by the Cuba Cane Sugar
Corp., will probably be removed.-V.116. p. 181.
Chesebrough Buildings.-Bonds Offered.-A. B. Leach
& Co. Inc., and Halsey, Stuart & Co. are offering at 99%
and int.. to yield over 6%, $3,500,000 1st Mtge. 25-Year
6% Sinking Fund Gold loan.
Dated Oct. 11923. due Oct. 11948. Int. payable A. & 0.In New York
without deduction of normal Federal income tax not exceeding 2%. Denom.
$1,000 and $500 c*. Redeemable all or part on any int. date on 30 days'
notice at 105 and int. during the first 10 years; thereafter during the next
10 years at 10244 and int., and thereafter during each succeeding year at
of 1.70 less each year or part thereof, and accrued interest. Central
Union Trust Co., New York, trustee.
Datafrom Letter of A. H.Fromm,Vice-Pres. of Chesebrough Bldg. Co.
Properties.-The properties owned in fee by the Chesebrough Bldg. Co.
are located in one of the most important business sections of the downtown
area of N. Y. City. All of the properties are contiguous to or face on
Battery Park. Exceptional transit facilities are afforded by subways,
elevated and surface lines and ferries, the terminals of which are in close
proximity to these properties.:
A description of the properties follows: (1) Battery Park Bldfs-21-24
State St.-A 12-story and basement office building of fireproof construction. having a total rentable space of 110,000 sq. ft. The land area of this
site is 14,630 eq. ft. The building faces Battery Park and has a frontage
of 108 ft. on State St., 129 ft. on Bridge St. and 119 ft. on Pearl St. It
has unobstructed light on all four sides.
(2) Maritime Bldg.-8-10 Bridge St.-An 11-story and basement office
building of fireproof construction. Total rentable space 93.000 sq. ft.;
American Water Works & Electric Co.-Dividends.land area of site 13.483 sq. ft. This building is east of the Battery Park
has
on
declared the regular quarterly dividend of 1U%
The company
Bldg. and opposite the U. S. Custom House. It has a frontage of 88 ft.
the 7% Cumul. 1st Pref. stock for the quarter ending Oct. 27, and a divi- on Bridge
115 ft. on Pearl St. and 135 ft. on Chesebrough Court (a
dend of 1% on the 6% Partic. Pref, stock, both payable Nov. 15 to holders private court
St.'50 ft. wide, between Battery Park Bldg. and the Maritime
of record Nov. 1.-V. 116, p. 2887.
Bldg.). It has light on all four sides.
(3) Maritime Annex Bldgs.-These office buildings, comprising 19-21-23
American Window Glass Co.-Earnings.Pearl St. and 22-24 Whitehall St., are 4 and 5 stories high and adjoin the
Years endingAug.31 '23. Aug.29'22. Aug.26'21. Aug.27'20. Maritime Bldg. Total rentable space 29.000 sq. ft.; land area of site
Boxes corn, window glass:
8,271 sq. ft.
Single strength
2,636,101
Not shown.
I
{ 1,419,920
(4) Chesebrough Bldg. and adjoining buildings include 9-17 State St. and
Double strength..__ _
10-1234 Pearl St. with a total frontage of 227 ft. facing on Battery Park
Net profits
57,338,323
$5,012,807 $2.588,173 $1.955,414
and 1597 ft. on Pearl St. Total rentable space 95.860 sq. ft.; land area
Other income
2.041,187 of sites, 17,532 sq. ft. The Chesebrough Bldg. is an 11-story and base691,148
649,958
309,120
ment office building of fireproof construction, having light on all four sides.
Total income
$5.703,955 $2,897.293 $2,605,372 59,379.510
Security.-Secured by an absolute first mortgage upon all the above
Federal and State taxes.. $411,249
$98,354 $1,922,836 described lands and buildings, owned in fee. The total assessed valuation
$170,782
Royalties
2,403.488
2,453,817 for taxation for 1923 is considerably in excess of this loan. The properties
1,578,454
1,353,660
Other deductions
131,663
464,900 were recently appraised by Joseph P. Day, Inc.. at $5,451,000, and by
101,529
376,382
Pref. dividends(7%)_ _ _
279.650 Charles F. Noyes Co. at 55,348,250.
279.650
279,650
279,650
Common dividends
(11)1429,923
(1X)162,491
Earnings from the Properties for the Years Ended June 30.
a Adjustments
146,080
24,490
1922.
1923.
$928,008
Gross revenues
$943.028
Balance, surplus
$2,477,915
$351,247 $2,828,384 Oper.
$579,897
exp.,
340,702
353,370
maint..
ins.,
&c.,
taxes
a Charges applicable to prior years' operations.-V.117. p. 1351.
Net income available for int. & reserves
$602,326
$574.638
Anglo-American Oil
td.-Tenders.Annual interest charges on this loan amount to
$210,000
J. P. Morgan & Co.. trustee.Co.,kali
23
St.. N. Y. City, will until Dec. 20
Sinking Fund.-Mortgage provides a sinking fund amounting to $50,000
receive bids for the sale to it of 5-yr. 7.45 % sinking fund gold notes, dated per
payments
annum,
to
be
deposited
semi-annual
with
the
trustee
in
equal
April 1 1920, to an amount sufficient to exhaust $1,250,000, at a price not beginning Oct. 11926. for the reduction of this loan by purchase or call.
exceeding 102 and int.-V. 117. p. 1558, 556.
The American Tobacco Co.and P. Lorillard Co.are named as respondents
in separate complaints issued by the Federal Trade Commission. In each
complaint there is also named the New England Tobacco Conference, its
officers and members. The conference is an unincorporated trade association with its principal office in Boston, and is composed of tobacco wholemien;and jobbers of the States of Maine. New Hampshire, Vermont, Massachusetts, Rhode Island and .Connecticut, and is divided into a number of
territorial sections.
In the complaints the Commission charges the respondents with entering
into agreement, combination and understanding among themselves to fix
uniform discounts or prices at which the products of the American Tobacco
Co. and 1. Lorillard Co. shall be sold. Further allegations are that the
two tobacco manufacturing companies agreed with each and every one of
the groups composing the New England Tobacco Conference to discontinue
and refuse to sell its products to certain members of such groups and to
competitors of members of the Conference, who sold to sub-jobbers or
retailers tobacco products at discounts other than those agreed upon by
the respondents. The complaints state that the alleged acts and things
done by respondent are all to the prejudice of the public and of respondents'
competitors and constitute unfair methods of competition. Respondents
have had 30 days in which to answer .-V. 117. p. 91.
Barnett Leather Co. Inc.-Earnings.-
192:3.
1920.
9 mos. end. Sept. 301922.
1921.
Net earnings*
$779,543
$72.488
$186,295
$268,797
Preferred dividends-89.250
148,241
94,5001
143,700
Sinking fund
75,000
55.000I
Common dividends
60,000
Balance, surplus
$571.302
def$91,762
$125,097
536,795
* After deducting charges for maintenance and repairs of plants, depreciation and estimated amount of Federal and State taxes, &c.
Note.-The result is subject to adjustment at the end of the year, when
accounts are finally audited, and to change incident to income tax rulings.
-V. 117, p. 1019. 329.
Beech-Nut Packing Co.-Earnings.9 Months Ended Sept. 301922.
1923.
Net earnings before taxes
$1,907,843 11,692,803
Sales for the 9 months ended Sept. 30 1923 show an increase of 21.3%
over the corresponding period of 1922.-V. 117, p. 1666. 897.
Birmingham (Ala.) Water Works Co.-Expansion.-
Expansion of this company, a subsidiary of the American Water Works
& Electric Co., Inc., has resulted so far this year in the laying of 110,000
feet of new mains and the attaching of 2,125 new services. Pumpage of the
company has increased approximately 500,000 gallons compared with the
same period of last year. The company has just paid its quarterly dividend
on its 51,200.000 Preferred stock held by customers.-V. 114, p. 1538.
Clarke Bros., Ltd.-Bondholders Committee.Ernest Walter Brupbacher. Arthur Stanley King, Norman MacDonald,
Andrew Park, Charles Tapscott Stark, Toronto, Out.; Walter deW. Bares.
Halifax, N. S.; William Thomas Henderson, Brantford, Ont., with H. L.
Stark, Sec., Royal Bank Building, Toronto. Depositary, Montreal
Trust Co., Toronto, and Halifax. The interest due April 1 1922 on the
1st Mtge.7% Gold bonds lain default.-V.114, p. 2121.
Columbia Gr achophone Factories Corp.-Reorg. Plan
See Columbia Graphophone Mfg. Co. below.-V. 115, p. 2162.
Columbia Graphophone Manufacturing Co.-Reorganization Plan.-The readjustment committee, Mortimer N.
Buckner, Chairman, has announced a reorganization plan
which provides for two new companies-one to continue the
operations of the present company and the other to take over
and liquidate such assets of the present company as are not
required for economical operation. The readjustment committee represents over 90% of the indebtedness of the co.
Stock in the new companies will be delivered to creditors participating in
the plan on the basis of 3.75 shares of stock of the operating company
with 3.75 shares of stock of the liquidating company in exchange for each
$1,000 of indebtedness, principal and interest. The plan also provides for
the exchange of the existing 8% Preferred stock of Columbia Graphophone
Factories Corp. of Maryland at
rate of 3 shares of stock in the operating
Book-Cadillac Properties, Detroit, Mich.-Bonds Offer- company,
3 shares of stock in the liquidating company and $200 in cash for
each $1.000 par value of such Preferred stock. The new stock is to be
ed.-S. W. Straus & Co. Inc., are offering at par and int. offered
to stockholders of the old company for subscription.
$9,000,000 1st Mtge. 6
Fee & Leasehold bonds (safeReorganization Committee.-Mortimer N. Buckner (Chairman), William
C. Dickerman, Henry J. Fuller, J. C. Neff, Fred W. Shibley and Horatio
guarded under the Straus Plan).
with Alfred A. Cook, counsel, Douglas Parmentler, Sec.,
Dated Oct. 1 1923, due serially Oct. 1 1924 to 1943. Interest payable L. Whitridge,
Federal 100 Broadway N. Y., and the New York Trust Co.. 100 Broadway,
A.& 0.at offices of S. W.Straus & Co. Callable at 102 and in
income tax 4% paid by borrower, the Developments Corp. of Detroit. N. Y., depositary.
Digest of Statement of Reorganization Committee Oct. 17.
Denom. $1,000. $500 and $100.
Amortization Flan.-In order to make certain that the borrowing corporaThe plan has been unanimously approved by the bankers committee,
earnings
each
net
month
to
creditors'
its
the
principal
and
applies
payment
of
the
committee and the noteholders' committee. The committee
tion
interest before any other obligations are met. and to provide systematically is confident it will meet with the approval of the holders of certificates
for the payment of both principal and interest in cash on the days due. representing the indebtedness deposited with the committee under the
monthly deposits in a sinking fund are required beginning Jan. 1 1925. tentative "plan and agreement with respect to the indebtedness of Columbia
Each monthly deposit is one-twelfth of the amount of principal and interest Graphophone Manufacturing Co." dated April 6 1922 (V. 114, p. 1656).
The committee has kept in close touch with the operations of the comcoming due during the current year.
Security.-(1) The 29-story Book-Cadillac Hotel, now being erected on pany since April 1922, and is confident that, with the various readjustof
corner
Washington
the
ments
contemplated and under the present management there will be a
at
Michigan
Ave.
estate
Boulevard
and
leasehold
The hotel will contain 1.129 guest rooms and 20 shops. (2) The 20-story place in the phonograph industry for a new Columbia company. The comReal Estate Exchange Office Building. and land, owned in fee, situated pany has taken advantage of the opportunities presented since April 1922
on Cadillac Sq., Detroit. (3) The Woodward Arcade Building, 6 stories to design a tine of new and improved product and the committee has apin height, and land, owned in fee, located in the heart of Detroit's retail proved of the policy of the management to dispose of earlier types in the
interest of the entire situation.
district on Woodward Ave.
OCT. 201923.]
THE CHRONICLE
One of the problems of the committee has been that the company has a
physical plant and equipment in excess of its needs and the plan, therefore.
gives full power to the reorganization committee to determine how much of
the plant and equipment are to be retained. The readjustment committee
is satisfied that no reorganization can be successfully carried through
without relief from or readjustment of the burdens of excess plant and
equipment and the heavy charges which their retention imposes.
The plan provides for a new company (therein designated as the operating
company), which is to acquire sufficient facilities for presently and conservatively estimated sales requirements. Ample working capital is to be
furnished the operating company. The plan provides that the remaining
assets are to oe acquired by a second company (therein designated as the
liquidating company), which it is contemplated will, in due course, dispose
of these assets to the best possible advantage.
The operating company and the liquidating company will each have
approximately 80,000 shares of capital stock without nominal or par value.
The total debt which existed on April 6 1922, with interest thereon to
Aug. 1 1923 (the date to which Interest will be computed under the plan)
Is approximately $20,000,000. The plan provides for the exchange of this
Indebtedness (which imposed an annual fixed charge on the old company,of
about $1,340,000) for voting trust certificates for approximately 75,000
shares of stock in each of the two new companies, which bear no fixed
interest or dividend charge.
The plan also provides for the exchange of $1,925,000 8% Cumulative
Preferred stock of the Columbia Graphophone Factories Corp. of Md. for
$385,000 cash and voting trust certificates for 5,775 shares of stock in each
of the new companies.
Current indebtedness of the old company for services, supplies, materials,
taxes and similar items, not disputed, and if disputed when and to the
extent established, is to be paid in full under the provisions of the plan.
The plan further provides that voting trust certificates for shares of stock
of the operating company and the liquidating company distributable under
the plan, on the basis of substantially a reduction of 25%,to participating
creditors of the old company and depositing Factories Corporation stockholders, may be acquired by the stockholders of the old company at $100
per share. Any substantial amount of cash so derived will be distributable
to such creditors and depositing Factories Corporation stockholders pro rata
in lieu of voting trust certificates for shares of stock. If the stockholders
of the old company exercise the right to purchase, the result will be that
such creditors will be obliged to accept for their indebtedness of approximately 220,000,000 the sum of approximately $15,000,000, and that depositing Factories Corporation stockholders will be obliged to accept in lieu
of voting trust certificates for 11,550 shares of stock in the two new companies the sum of $1,115.000.
The committee is of the opinion that the operating company when
organized should continue the present management, being impressed with
the energy and ability with which it has met the many difficulties with
which it has been confronted. With freedom from indebtedness, &c.,
the committee is satisfied that the operating company should be able to
establish a permanent good-will for the new Columbia products, to the
benefit and advantage of the participants in the plan.
Holders of participation certificates with respect to the indebtedness of
the company issued by New York Trust Co. and certificates of deposit for
the 5-Year 8% gold notes of Guaranty Trust Co. who shall not dissent from
the plan within 30 days from Oct. 18 shall be deemed to have accepted the
plan. Holders of undeposited 5-Year gold notes may become parties to
the plan by depositing their notes, with the coupons maturing on and after
Aug. 1 1922, with the New York Trust Co., as depositary, on or before
Nov. 15 1923.
Holders of undeposited notes who do not deposit will have no right to
share in the benefits of the plan. •
Holders of Factories stock may,become parties to the plan by depositing
their stock certificates with the depositary on or before Nov. 15 1923.
Digest of Reorganization Plan Dated Oct. 17 1923.
Preliminary Statement.-The finances and affairs of the old company
reached a critical stage in the fall of 1921, when committees wore organized
by its bank and merchandise creditors, respectively, and by holders of the
5-Year notes.
The readjustment committee holds more than 80% of the 5-Year notes,
and all of the other indebtedness of the old company outstanding on April 6
1922, and now unpaid. Interest to April 1 1922 on all of the deposited
indebtedness (except as to $350,216 thereof subordinated by agreement)
has been paid.
On Jan. 30 1923 the assets of the old company involved in the manufacture of dictaphoikes were sold [to the Dictaphone Co.], together with the
good-will of the dictaphone business, for approximately 3915,000 (V.
116, p. 520)•
On Oct. 15 1923 certain creditors of the old company filed a petition in
bankruptcy against it in the U. S. District Court for the Southern District
of New York and H. L. Willson and James R. Sheffield were appointed
receivers.
Present Indebtedness of Old Company.
The indebtedness now deposited under the deposit agreement, with
unpaid interest thereon to Aug. 1 1923 (the date to which intreest will be
computed under the plan), is as follows:
Int. Datefrom which
Principal
Debt DepositedPrincipal. Rate. Int. Runs. Interest.
and Int.
Bank loans
810,920,000 6-7% April 1 1922 8977,045 $11,897,045
6-Year notes
4,821,000 8% April 1 1922
514,240 5,335,240
Mdse.& supply creditors'
notes-Series B 1
624,137 7% April 1 1922
58,344
682,481
do
5,000 7% July 1 1922380
5,380
do
44,099 7% Nov. 1 1922
2,312
46,411
Series B 2
350,216 7% April 1 1922
32,738
382,954
SeriesB3(subordinated) 350,216 7% Sept.15 1921
45,970
396,185
$17,114,667
Total
51,631.030 818,745,696
Undeposited 5-Year notes are outstanding in the principal amount of
21.179,000. which with interest from April 1 1922 to Aug. 1 1923 makes a
total amount of such undeposited notes to be provided for in the plan of
31,304.760.
The old company at the date of the filing of the petition in bankruptcy
was indebted for services, supplies, materials, taxes, &c., incurred since
April 6 1922, aggregating approximately $200.000, of which all undisputed
items, and disputed items ifestablished, are to be paid in full. A real estate
mortgage debt of $230,000 is not to be disturbed.
The old company has also made contracts with various cabinet manufacturers and other persons for the manufacture and delivery of merchandise
essential to its business, and the olbigations of the old company under
these contracts amounting to approximately 31,900,000 will have, upon the
delivery of the merchandise, priority to the deposited indebtedness.
Various obligations and liabilities have also been, and are being currently,
incurred by the receivers in the operation of the business.
Columbia Graphophone Factories Corp. of Md.-The old company holds
all of the issued Common stock of this co., which owns plants at Baltimore
and Toronto, for the manufacture of cabinets. The acquisition and
construction of these plants were financed in part by the sale of bonds and
Preferred stock of the Factories Corporation. The old company as of
Nov. 1 1919 took a lease of these plants and agreed to pay as rental over a
period of years a sum sufficient to provide for the current interest and
dividend charges on the outstanding bonds and Preferred stock and for the
gradual retirement of such bonds and stock, as well as taxes, insurance.
maintenance and other like charges. All rent due has been paid in full
but the old company except to a limited extent has not operated the plants.
The Factories Corporation has outstanding 21,925,000 8% Cumulative
Preferred stock and 31,353,000 6% bonds maturing in various annual
amounts not exceeding $125,000 in any year. The mortgage trustee has
approximately $150,000 in cash which may be made available for the
retirement of these bonds.
Litigation is tiow pending to determine the right of the Factories Corporation to obtain the authentication of additional bonds and to issue additional
Preferred stock, and to deliver such securities to the old company with
respect to outlays made by the old company in connection with the construction of these plants.
It is estimated that there would be payable under the lease as rental a
sum which would entail an annual outlay, with respect of interest, dividends, sinking fund requirements, taxes, insurance, maintenance and other
charges, exceeding 3650,000 for the year beginning Nov. I 1923, with reductions in subsequent years as to interest and dividend requirements by
reason of the retirement of bonds and Preferred stock.
Should the receivers be instructed by the Court not to assume the lease,
the reorganization committee is authorized in its discretion to pay or to
arrange for the payment of the Factories Corporation bonds and coupons
as they mature or otherwise, and also such other amounts as may be deemed
necessary to preserve the mortgaged property. As the value of the mort-
1781
gaged property appears to be
irfficient to provide for the payment of the
outstanding bonds of the Fa
ries Corporation, no provision is made for
such bonds in the plan.
Operating Company.-A new company is to be formed which will acquire
such assets of the old company and of the receivers. including cash for
working capital, as may be deemed by the reorganization committee to be
sufficient to enable it to engage in the business of manufacturing and
selling phonographs, records and parts.
The operating company will issue approximately 80,000 shares of capital
stock of no par value and will assume and agree to pay such liabilities and
obligations of the old company incurred since April 6 1922, or of the receivers, not otherwise provided for, as the reorganization committee may
determine.
acLiquidating Company.-A second new company is to be formed which will
mike the remaining assets of the old company and of the receivers, less
such amount of cash as may be determined by the reorganization committee
to be required for the cash payments to be made to depositors of Factories
stock, the expenses of the plan, the distributive share of persons holding
allowed claims not participating in the plan, and the liabilities and obligations of the receivers not otherwise provided for. There is also to be
transferred to the liquidating company any shares of stock of the Factories
Corporation as well as any obligations of or claims against that corporation
acouired by the reorganization committee.
The liquidating company, in payment or part payment for the assets so
to be acquired by it, will issue approximately 80,000 shares of capital stock
of no par value, and will assume and agree to pay such liabilities and obligations of the old company incurred since April 6 1922 of the receivers and
of the reorganization committee as the reorganization committee may
determine.
It is anticipated that from time to time the operating company may
require for its use some of the assets to be acquired by the liquidating company, and in such event, whenever it shall be in the interest of an efficient
and economic liquidation, it is contemplated that the operating company
will acquire such assets for cash, and thus beneficially meet the needs of
both companies, and likewise the operating company may sell from time to
time to the liquidating company such assets as it may be found the operating company cannot utilize.
Voting Trusts.-All of the stock of both companies shall be placed in
voting trusts far such period as the reorganization committee may determine, the trustees of each of the voting trusts to be named in the first
instance by the reorganization committee.
Treatment of Deposited Indebtedness and Factories Stock.
(I) Depositors holding either participation certificates representing
deposited indebtedness or note deposit certificates will be entitled to receive
voting trust certificates for stock of the operating co. and of the liquidating
co. at the rate of 3.75 shares of stock of the operating co. and 3.75 shares of
stock of the liquidating co. for each $1.000 of principal and unpaid interest
to Aug. 11923, represented by the participation certificates or note deposit
certificates surrendered.
(2) Depositors holding participation certificates representing deposited
Factories stock will be entitled to receive voting trust certificates and cash
at the rate of 3 shares of stock of the operating co., 3 shares of stock of the
liquidating co. and $200 in cash for each 31,000 of deposited Factories stock
represented by the participation certificates so surrendered.
Any substantial amount of cash realized from the purchase by stockholders of the old company of voting trust certificates for stock of the operating
company and of the liquidating company shall be distributed to all of the
depositors ratably: and in such event the amount of voting trust certificates
distributable to each depositor shall be diminished at the rate of li share of
stock of the operating company and 4 share of stock of the liquidating
company for each $100 in cash so distributed to him.
Offer to Stockholders.
Voting trust certificates for shares of the capital stock of the operating
company and of the liquidating company, to be issued, shall be offered to
the holders of Preferred or Common stock of the old company for purchase
at $100 per share in cash in amounts as follows:
(a) In respect of every 10 shares of the Preferred stock of the old company
held by any stockholders, he shall be entitled to purchase voting trust
certificates representing 5 shares of stock of the operating company with
5 shares of stock of the liquidating company.
(b) In respect of every 100 shares of the Common stock of the old company held by any stockholder, he shall be entitled to purchase voting trust
certificates representing 2.45 shares of stock of the operating company with
2.45 shares of stock of the liquidating company.
The date when such offer to stockholdes shall be made, &c., shall be
determined by the reorganization committee.
Table of Exchange of Old for New Securities or Cash.
Will Receive
New V. 7'. C. Deliverable Cash DisCash
to Depositors or Purchas- It-Mutable to Payable by
-ing Stockholders- Depositors Stockholders
OutOperating Liquidating
in Lieu
of Old
Existing Securities. standing. Company. Company.
Company.
of Stock.
xIndebtedness
520,0.50,456 75,186 ehs. 75,186 she. $15,127,842
Each 51,000
3.75 she.
3.75 she.
$750
YFactories Pref stk. 1,925,000 5,775 she. 5.775 ohs. 1,065,000
Each 51,000
3 abs.
3 abs.
$600
Pref.stock (old co.) _ 9,642,572 48,213 she. 48,213 abs.
$9,642,570
Each 51,000
.5 she.
5 she.
$1,000
Coin,shares(old co.) 1,331,608 32,624 shs. 32,624 1111/1
6,524,878
Each 100 shares
2.45 she.
$490
2.45 abs.
Total deposited indebtedness and undeposited 5-Year Defeo with interest to
Aug. 1 1923. y In addition to voting trust certificates for the new stock, the depositors of Factories stock will receive $200 cash per:1,000 par value of deposited stk.
If all of the stockholders of the old company exercise their right to purchase the shares of the new companies, approximately sufficient cash will
be provided to pay the depositors substantially 75 cents on the dollar,
which depositors must accept.
Consolidated Balance Sheet as of Aug. 31 1923.
[Columbia Graphophone Mfg. Co. and Columbia Graphophone Co.]
AssetsMattMites.Cash
$2,903,705 Accts. payable and accruals_ _x82.785,086
Accounts and notes receivable 2,194,748 Notes payable, bank
10,920,000
Raw material on hand
1,260,580 Notes pay'le, mdse. creditors 1,373,666
Goods In process
y8,513
621,185 Notes receivable discountedFinished goods on hand
6,000,000
2,989,620 5-Year gold notes, 1925
Advances to Factories Corp__ 3,440,777 4-Year Mortgage, 1924
230,000
Property and plant
110,046
3,481,120 zReserve
Investments
1,225,000 Common stock (1,331,608
Patents,franchises& good-will 1,000.000
12,966,512
shares, no par value)
Deferred charges
9,642.572
88,297 Preferred stock
Deficit
24,831,367
Total
Total
$44,036,398
$44,036,398
x Of this amount $1.936,355 is for accrued interest. y Notes of Columbia
Graphophone Co. z Reserve to reduce commitments to market value and
for allowances and contingencies.-V. 117, p. 443.
Consolidated Water Power & Paper Co.-Bds. Called.
Certain let Mtge. bonds dated May 2 1921 (aggregating $89•800)have
been called for payment Nov. 1 at 105 and
interest at the First Trust &
Savings Bank, Chicago. Ill., or, at the option of the holder, at the First
National Bank, N. Y. City.-V. 116, 13• ISI
@FedFRASER