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financial
The
1
INCLUDING
iank & Quotation Section
Railway Earnings Section
VOL. 119.
Railway & Industrial Section
Bankers' Convention Section
SATURDAY, OCTOBER 25 1924
%he Thronicle
•
rontrie
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NO. 3096.
with the result already indicated. We called attention to this objectionable provision, and its nature,
at the time the bill was in process of amendment,and
now its true character stands revealed to the world.
Unless we are greatly mistaken, the amendment will
prove a boomerang to those responsible for it. There
is not the slightest justification for giving publicity
to these returns. A man's privacy shauld at all
times be respected. That has reference not only to
his home, but all his personal affairs.
The Federal Constitution, by one of its early
amendments (Article IV) provides -that "the right
of the people to be secure in their persons, houses,
papers, and effects, against unreasonable searches
and seizures shall not be violated." Observe how
broad this guaranty is, and the publicity provision
of the Income Tax Law offends both the letter and
the spirit of the constitutional guaranty which extends to every citizen in the land. It is bad enough
to have one's privacy encroached upon by the Internal Revenue agents, but that is unavoidable so long
as there is an income tax to be collected. There is
no warrant, however,for going further than this and
exposing the private affairs of the individual to the
prying gaze of the whole world. The Act has been
properly characterized as an outrage, and at the
coming election all those who had part in putting it
on the statute book should meet with signal punishment.
The Financial Situation.
The country has had a chance this week to see how
repulsive some of the grosser forms of so-called radical legislation become when applied to the everyday affairs of life, and it is safe to say that it has
no liking for it, but finds it repugnant to every sense
of decency and propriety. Thefarmer bloc, which last
spring in combination with the minority party completely eviscerated the Mellon Income Tax Bill, and
saddled it with all sorts of vicious amendments, including a gift tax and an increase in the inheritance
tax, also grafted upon it a provision requiring pubThe Parliament of a second European Government
licity of the income tax returns of individuals and has been dissolved. On Oct. 20 "President Ebert of
corporations. In pursuance of this requirement the Germany issued a decree dissolving the Reichstag."
lists have been opened to inspection, and the names The next step was the calling of a general election,
of large numbers of persons, with the amounts they which has been set for Dec. 7. Great Britain
will
paid, have found their way into print in the daily have her general election on Oct. 29. The dissolution
papers, producing a degree of bitterness and resent- of the Reichstag followed "the failure of Chancellor
ment probably unequaled in political life. The Act Marx to carry out his plan to include in the
Cabinet
is an invasion of privacy which everywhere has pro- representatives of parties farther to the Right and
voked a feeling of the deepest indignation. In this: to the Left than those already represented." It
will
provision of the law, the farmer bloc and those act- be recalled that "Chancellor Marx planned
to ining with it are shown in their true light.
clude in the Cabinet all factions except the extremThe new section directs that the Commissioner of! ists of both wings. He .held party caucuses all
last
Internal Revenue shall "as soon as practicable int week. It was expected these negotiations would
coneach year cause to be prepared and made available: tinue until the eve of the convening of
Parliament,
to public inspection, in such manner'as he may de- scheduled for Wednesday." (Oct 22.) The
Associtermine, in the office of the Collector in each inter- ated Press representative said that really
"the renal revenue district, and in such other places as hei fusal by the Democrats to participate in a
Ministry
may determine, lists containing the name and the which extended only in the direction of
the Nation-Post Office address of each person making an income alists proved the deciding factor in the
tax return in such district, together with the amount decision to abandon his negotiations, Chancellor's
especially as
of tax paid by such person." Complying with this' his own party also was in open
revolt against any
requirement of the law, the Commissioner has the, compact which would drive the
Socialists into oppopresent week opened the lists to public inspection, sition." He also claimed that
"the present situation
1876
THE CHRONICLE
does not resolve itself into a Cabinet crisis and is
altogether the result of the existing party line-up in
the Reichstag, which precludes the formation of a
workable majority Government." According to the
representative of the New York "Herald Tribune" in
Berlin, "dissolution signifies a victory for the Democratic elements in the country, as opposed to the
Monarchist faction. They have long pressed for such
an outcome, in the belief that new elections will result in considerable less strength for both the Nationalists and Communists."
The New York "Evening Post" correspondent asserted that "dissolution of the present Reichstag
will have little effect upon legislation, as no measures of importance except tariff bills await action.
Adoption of the proposed duties on grain and other
food products is out of the question under present
conditions." Chancellor Marx was quoted as having stated to the Associated Press that "dissolution
of the Reichstag and the advent of a new Parliament
in no way endanger the fulfillment by Germany of
the London agreement on the Dawes reparations
plan." He added that "the Chancellor is convinced
the election will return a sufficient number of supporters of the Dawes plan and of the foreign and internal policies of the present Government to insure a
workable coalition Government."
The opinion was expressed in one Berlin cable
message that "the Prussian voters probably will be
called upon to elect a new Diet as well as a new
Reichstag." It was reported in the same message
that "there is clamor in the reactionary press for the
election of a new President to succeed Ebert, but it
will almost certainly fail, since there is no general
movement against the Chief Magistrate." The very
next day definite information was received here that
"the Federal Cabinet to-day [Oct. 21] decided that
the new elections for the Reichstag should take place
Dec. 7. Almost at the same time the Prussian Legislature dissolved itself and also named Dec. 7 for the
elections." The New York "Times" correspondent
in Berlin cabled that, "according to late news from
Munich this evening the Bavarian Legislature will
likewise dissolve and order new elections for Dec. 7
and the municipal and provincial authorities in
Prussia, Bavaria, Thuringia and several other German States are now considering the advisability of
holding municipal and county elections on the same
day." He claimed also that "while they were all at it
Nationalist circles in the Reichstag lobby this afternoon seriously considered the advisability of asking
Herr Ebert to resign so that a new President could
be elected Dec. 7." Continuing to outline the situation, he said: "Indeed, it is the general opinion of
experienced politicians of all parties that Germany
is now entering upon an election campaign that in
bitterness and passion nev.er had its equal in her
Parliamentary history. A glance at to-day's papers
confirint, this opinion and leaves no doubt that the
Reichstag election on the whole will mean a desperate battle between the Schwarzweissrot (black,
white and red, the old imperial colors) and the
Schwarzrotgold (black, red and gold, the new Republican colors) or a fight of the monarchistic and
reactionary elements against the republic and progressive ideas. This is candidly admitted to-day by
organs of all the political parties." According to a
special cablegram to the New York "Herald Tribune"
on Oct. 21, "despite its dissolution the Reichstag
[VoL. 119.
presented a lively scene to-day, with all the parties
meeting in their respective caucuses to draft plans
for the campaign, which is not expected to be spectacular, as all the parties are known to be short of
funds."
Apparently there is about the same degree of uncertainty as to what combinations or splits may occur between political groups in Germany as in Great
Britain. Under date of Oct. 22 the Berlin representative of the New York "Times" cabled that, "although the election campaign has hardly opened, already there are signs of such deep' distrust and dissensions among the reactionary parties that the
splitting up of both the German National People's
Party and its still more extreme sister, the Ludendorff-Hitler German Liberty Party, into four factions is expected." He added that, "to all appearances Dr. Stresemann's German People's Party, the
members of which are principally industrial magnates, will make common cause with the monarchistic junkers against the Republicans. In a proclamation by its Chairman,former Minister Dr. Scholz,
it is maintained that only a Government in which
the Nationalists, too, have a voice and seat can
lighten Germany's burdens." In further outlining
the situation, the New York "Evening Post" correspondent in Berlin said that "the tentative decision
of the British and French Governments to evacuate
the Cologne area on Jan. 10 and the movement of
Chicago grain quotations loom as two of the most
important factors in the Reichstag election campaign. Continuation of the present advance in the
cost of living, particularly any sharp jump in grain
prices, will drive the voters into the Communist and
reactionary camps on the extreme wings. Thousands of doubting patriots will wait to learn the fate
of the Cologne zone before deciding to cast votes for
a policy of treaty fulfillment, or for the Conservative opponents of reconciliation and fulfillment."
According to the United Press representative in the
German capital,"Fascists and Communisst, politidal
extremes of the German Republic, have adopted a
common campaign slogan—'Down With the Dawes
Plan.' Opposition to the experts' plan and to the
Government which accepted it will be the principal
motif in the speeches of General Ludendorff and of
the most extreme 'Red' of the opposite wing."
The Parliamentary campaign in Great Britain has
gone forward with unabated activity and increasing
interest. The first definite stage was reached at
noon on Oct. 18, when the nominations closed for
members of the House of Commons to be voted on
Oct. 29. The London correspondent of the New
York "Times" said that "altogether, 1,405 candidates
were nominated for the 615 seats in the Commons,
and when the lists were declared closed it was shown
that 38 candidates had won their seats by acclamation, no opposition being offered, which means that
no polling will be required in their constituencies."
He added that "the successful 38 comprise 21 Conservatives, 6 Liberals; 10 Laborites and 1 independent. They include former Premier Stanley Baldwin, the Conservative leader in the Bewdley division
of Worcestershire; J. H. Whiteley, Speaker of the
House of Commons; Vernon Hartshorne, Postmaster-General in the Labor Cabinet, and T. P. O'Connor,'Father of the House of Commons.' Mr. O'Connor is the independent member. Mr. Hartshorne is
the only Minister to win without opposition." The
Ocr. 25 1924.]
THE CHRONICLE
"Times" representative also stated that "those nominated to-day by the various parties are: Conservatives, 549; Laborites, 485; Liberals, 340; others, 31."
Continuing to outline the situation, the "Times"
representative said: "From the close of the nominations to-day until the polling on Wednesday, Oct. 29,
the electoral campaign promises to be very lively.
Up to the present it has been dull in the sense that a
large proportion of the public has been showing only
slight interest. In fact, it has been said, with some
appearance of truth, that the main feature of the
fight between the three political parties has been the
apathy of the people whose votes are sought. The
fact that the dissolution of Parliament has been declared unnecessary upon the grounds advanced
doubtless has been responsible for much of this
popular detachment. Another reason appears to be
a widely prevailent feeling that the election will not
very greatly alter the complexion of the House of
Commons, and that in any case no single party will
be returned in sufficient strength to outnumber a
possible coalition of the other parties. In this sense
the campaign has been described as one of'sound and
fury, signifying nothing." In a cablegram sent
from London Sunday evening the same correspondent stated that even Sunday, contrary to custom in
previous campaigns, had been used by Labor leaders "to make the most of the short time allowed for
the present campaign." He said that, "while Prime
Minister MacDonald was taking a brief respite after
an arduous tour, five of his principal lieutenants
were soliciting the ears of the electorate with
speeches which mainly were a reiteration of what
they had said in other places." The following is a
brief outline of what the leading speakers said:"The
prediction that this general election would rank in
political history as the funeral of Liberalism in England was made by Sidney Webb, President of the
Board of Trade, to-night. It was clear, said Mr.
Webb, that the nation would insist on getting back
to the two-party system without which the British
Constitution would not work. There would be a
small minority at each end. On one side would be
the Tory die-hards, or British Fascisti, and on the
other would always be, under one or another name,
those who now masqueraded as Communists. Thomas
Shaw, Minister of Labor, announced to-night that
if the Labor Party was returned to power they would
put into operation a big scheme for the systematizing
of all lines of electrification and run a great network
of cables, so as to make it possible not only for small
towns and villages to have electric light and power
at reasonable prices, but to develop enormously the
use of electricity for power purposes generally. John
Wheatley, Minister of Health and Cabinet representative of the Clydeside extremists, recommended to
labor voters to ask every candidate whether he was
in favor of the use of the military in trade disputes
and vote against him if he were." The Associated
Press correspondent in the British capital cabled
Oct. 19 that "former Premier Baldwin, leader of the
Conservatives, in a speech at Cardiff to-day said it
was intolerable insolence to look to Russia for a gospel suitable for a progressive people who had fought
for their rights eight centuries ago, while the Russians had got their freedom only within the lifetime
of many persons now living. It was Great Britain's
duty to lead the world and not to follow any one.”
In a dispatch dated Oct. 19 revised figures as to
the nominations for the House of Commons were
1877
given. According to the dispatch, "the complete
list of yesterday's nominations gives a total of 1,425
made up as follows: Conservatives, 534; Laborites,
509; Liberals, 339; Constitutionalists, 10; other parties, 33. The unopposed returns already announced
total 32, comprising 16 Conservatives, 9 Laborites,
6 Liberals and 1 Nationalist. Excluding the unopposed returns, the number of candidates for contested districts is actually the same as at the last
election, namely 1,393."
Commenting upon the situation in a cablegram to
his paper on Oct. 20, the London correspondent of
"The Sun" declared that, "with only eight days intervening before the nation goes to the polls in this
most extraordinary election in British history it is
recognized by all leaders to-day that the decisive
stage of the campaign has been reached. With one
voice the whole Tory press to-day was warning the
Conservative voters that apathy may see Labor returned with a working majority. Labor's fight in
Scotland and northern England, especially in the
formerly impregnable Birmingham district, has the
Tories worried. Attempts to show that MacDonald's spellbinding tour has not been remarkably
enthusiastic lack conviction. All the parties have
enough candidates to win a clear majority, but there
are few politicians who expect any one party to have
a decisive majority, although a blunder by one or another of the parties before the voting takes place
might bring about such a culmination of the campaign." The New York "Evening Post" representative said in a cablegram on the evening of Oct. 21
that "the Socialists do not expect to win this election. They believe the Conservatives will win, to
the extent of having a working majority in the next
House of Commons, and they will be content to occupy the position of a strong opposition, in view of
the way the Liberal Party's strength will be scattered." According to his information, "that is the
position that far-seeing Socialists are taking privately to-day, but in a campaign of three parties
without one outstanding issue, it is agreed that anything may happen in the eight working days before
the polling."
The campaign has not been devoid of unpleasantness and even roughness, according to London cable
dispatches. The New York "Times" representative
said on Oct. 22 that "reports of rowdyism in all parts
of the country provide the most exciting feature of
the election campaign to-day. Conservative and
Liberal headquarters charge that the Labor supporters are the worst offenders and declare that the
rowdyism they indulge in is organized, but Labor
Party headquarters to-day denied this in the following official statement: 'As far as we are concerned
we have no knowledge of any organized rowdyism
of any kind. We strongly deprecate disturbances at
meetings, either by Socialists, Liberals or Tories.'"
Only the next day the London representative of the
New York "Evening Post" indicated that this feature of the campaign had changed quite radically.
He said that "Englaud's political leaders have curtailed their mud-slinging tactics during the last few
days of the whirlwind campaign, apparently for the
very obvious reason that none of them could stand
the onslaught. Prime Minister MacDonald, who
usually is vitriolic when tired, has led the way, although he is nearly broken physically by the campaign, by tempering his personal remarks regarding
1878
THE CHRONICLE
• other leaders, and they gladly have accepted the
tacit truce. Deprived of his bitterness, however, the
• campaign, according to reports here, has ceased to
• be of compelling interest, and canvassers and other
workers are finding the greatest difficulty in arousing enthusiasm. The election is wanted no more now
than when it was first called. What will happen
• as a result cannot be foretold with a three-party
; fight, in which lines are torn."
Still another development was outlined by the
London correspondent of "The Sun," who said that,
"at a moment when the political battle is raging at
;
• white heat former Prime Minister Stanley Baldwin
• leader of the Tory Party, has quietly dropped a protectionist bomb which to-day is causing consterna.• tion in both Tory and Liberal ranks, since no one
can tell what effect it will have in the five remaining
days of the campaign. It exploded just when Lord
'Derby and the Lancashire Tories thought they had
• protection effectually tucked away for the rest of
the battle. But Baldwin has openly espoused the
protection sought by the diehards of the party. If
the Liberals in the 211 straight fight constituencies
• now vote for the Tories instead of for Labor they will
be aware of just what they are doing, for Baldwin,
.•'just-when the 'Morning Post' was demanding that
the Tories not sacrifice any principles in any pacts
with the Liberals, has signified that with a working
majority the Tories will press forward immediately
with imperial preference and tariffs to protect key
industries. It is seriously embarrassing to both
Asquith and Lloyd George because they cannot under the circumstances openly advise the Liberals in
the straight fight constituencies to vote for protection and cannot very well advise the same unfortunate voters to cast their ballots for the Labor candidates." In the London dispatches made public here
yesterday morning mention was made of further
rowdyism. The New York "Times'? representative
said that "further cases of rowydism at election
meetings are reported to-day, and again Labor adherents are accused of being the principal offenders,
but Labor leaders repeat their denial of any organized opposition and the Labor organ, the 'Daily Herald,' charges the 'capitalist press' with publishing
alarming reports of rowdyism to influence the electors in favor of the Conservatives and Liberals."
.[VOL. 119.
our commercial relations we are making good progress and the long deadlock has at last been broken."
According to the "Times" account of the speech, "a
large part of it was devoted to the religious question." He was reported to have said that "nothing
had been gained by the resumption of official relations with the Vatican." Continuing on the same
subject he claimed that "the Government does not in
any way menace religious convictions, but our liberalism cannot admit that religion should interfere
in affairs of State."
Turning to the question.of finances, the "Times"
representative reported that the Premier declared
"it was the financial problem. which gave most anxiety, and he spoke bitterly of the heritage of debts
and confusion which had been handed on to his party
and of the need of time to make sound recovery.
When he took office he found the budgetary deficit
for 1924 exceeded 4,000,000,000 francs; That was a
burden he must get rid of before he could begin making up his own budget. Drastic economies were being made, but he defended the augmentation of civil
servants' salaries on the ground that, paid as they
had been, it was impossible for many to live and
bring up families. At the same time the number of
those employed by the State was to be reduced." According to the dispatch, "the only new taxes which
the Government would propose were a light charge
on exchange operations, a tax on insurance companies and banks,,a tax on increment, on buildings
and business good-will. Nothing would be added to
the burden of the mass of the people."
Premier Herriot has decided on quite general and
comprehensive changes in the diplomatic service,
according to Paris cable advices. It became known
here on Oct. 18 that "Jules Jusserand, French Ambassador to the United States since 1902, will be
succeeded soon at Washington by Nosky Georges
Daeschner, director of administrative affairs at the
Quai d'Orsay and for many years a distinguished
diplomatist. The .appointment of M. Daeschner,
made today and announced to-night, confirms reports of the last two months that M. Jusserand
would soon leave his post." The New York "Herald
Tribune" representative in the French capital explained that "M. Daeschner, who is 61 years old, was
appointed to his present post in Paris after the dePremier Herriot of France and his associates are feat of Premier Poincare, in whose service he had
still much engaged with the question of finances. acted as one of the chief advisers. His last diploThe Paris representative of the New York "Times," matic post was in Bucharest from 1920 to 1922. Prein a dispatch on Oct. 19, stated that,"before a confer- viously he had served eight years as counselor at the
ence of his party at Boulogne-ser-Mer Premier Her- London Embassy under Ambassador Paul Cambon.
for
riot this afternoon reviewed the accomplishments of He has also performed many important missions
he has been in ,the Government." It was also stated that "other
his Government in the five months
include new
power and outlined his future program." He was diplomatic appointments announced
"at Geneva I did not find Ambassadors to both London and. Rome. Count
quoted as saying that
since 1920,
among all the nations assembled a single one prej- Saint-Aulaire, Ambassador to London
hostile to France. With Germany will be replaced by Count de Florian, former counudiced against or
selor; and Eugene Pierre Barrere will give up his
herself our relations have become far less difficult."
who steps out of poWith respect to Germany's attitude, he declared also post at Rome to Paul Besnard,
Jean Hennessey, of
that "it is true Germany is still hesitating in her litical circles into diplomacy.
cognac fame, becomes the Minister at Berne. Count
choice of roads. It is true.the Nationalist section
of that country is still fostering a military spirit de Chambrun, who was born in Washington and for
in
among the young people and that certain festivals many years was a prominent figure society there,
But it is and who recently was director of press affairs at the
• look strangely like military maneuvers.
• also true that the republican spirit has won a certain Quai d'Orsay, becomes Minister at Athens. Peritta
amount of success which it would be a mistake to della Rocca, director of political affairs at the ForAt eign Office, will be Ambassador at Madiid. Amunderrate even if we are not entirely reassured.
'
practical work of rearranging bassador de Margerie will retain his post at Berlin."
the same time, in the
1879
Oer. 251924.]
It has been emphasized in both Paris cable dispatches and local advices that a large foreign loan
for France is not likely to be brought out as soon as
asserted last week. In a cablegram on Oct. 21 the
Paris correspondent of the New York "Herald Tribune" claimed that "negotiations for a $200,000,000
loan to France through J. P. Morgan & Co. are traveling a rough road. While Mr. Morgan and Herman
Harjes, of his Paris firm, again talked with Finance
Minister Clementel to-night, this meeting did not
affect the agreement by both sides that further subgtantial negotiations were impossible before the
results of the American elections are known." He
further stated that "the French Government and
the Morgan partners agreed to study the situation
created by the opinion of the latter that the finances
of the Herriot Ministry should tend toward the creation of budgetary equilibrium more than is seen today. New fiscal and revenue-bearing decrees are
expected here in a short time."
No change has been noted in official discount
rates at leading European centres from 10% in Berlin; 7% in Norway and Denmark;
in Paris;
512 in Belgium and Sweden; 5% in Holland and
/%
Madrid, and 4% in London and Switzerland. Open
market discount rates in London were a shade firmer
and short bills advanced to 358%,as compared with
/
312@)358%, while three months' bills moved up to
/
/
3 13-16%, but closed at 33
4@313-16%
4%,against 33
last week. Money on call at the British centre was
/
3
4
strong, advancing to as high as 3 %, although before the close there was a recession to 2 %, as
/
1
2
against 278% a week ago. At Paris and Switzerland
/
open market discounts continued at 5 % and 3%%,
/
1
2
respectively, the same as last week.
The Bank of France reports a further contraction
of 110,469,000 francs in note circulation. This follows a reduction of 78,525,000 francs in that item
last week and brings the total outstanding down to
40,459,510,000 francs. - At the corresponding date
last year the total was 37,670,008,835 francs and
the year before 36,693,634,730 francs. In 1914,
just prior to the outbreak of war, the amount was
only 6,683,184,785 francg. The gold item continues
to show further small gains, the increase this week
-being 83,000 francs. The Bank's gold holdings,
,therefore, now aggregate 5,544,371,525 francs, as
against 5,539,030,708 francs at this time last year
and 5,533,159,918 francs the year previous; of the
foregoing amounts 1,864,320,900 francs were held
•abroad in 1-924, 1,864,320,907 francs in .1923 and
1,897,967,056 francs in 1922. Silver shows a gain
of 291,000 francs for the week, Treasury deposits
rose 6,172,000 francs and bills discounted were augmented by 100,799,000 francs. On the other hand,
advances fell off 30,883,000 francs, while general
deposits were reduced 35,605,000 francs: Comparisons of the various items in this week's return with
the statement of last week and corresponding dates
in both 1923 and 1922 are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
Changes
Oct. 23 1924. Oct. 25 1923. Oct. 28 1922.
for Week.
Francs.
Francs.
Francs,
Francs.
Cold Holdings—
83.000 3,680,050,625 3,674,709,800 3,635,192,862
In France
Inc.
No change
1,864,320,
900 1,804,320,907 1,897,967,058
Abroad
83,000
Total
Inc.
291,000
Silver
Inc.
Bills discounted...Inc. 100,799,009
Advances
Dec. 30,883,000
Note circulation_ _Dec. 110,469,000
Treasury deposits.Inc.
6,172.000
General deposits_ Dec. 35,605,009
5,544,371,525
302.388,000
5,222,989,000
2,753,167,000
40,459,510,000
18.838,000
1,737,348,000
5,539,030,708
295,540,313
3,088,657,683
2,197,684,049
37,670,008,835
53,414,247
1,978,043,131
5,533,159,918
287,827.014
2,152,620,337
2,122,428,461
38,693,634,730
60,289,464
2,109,258,778
A further gain in gold holdings amounting to,
£3,602 was shown by the Bank of England in its,
statement for the week ending Oct. 22, while reserve
increased £548,000 as a result of curtailment in note,
circulation of £545,000, and the proportion of reserve.
to liabilities advanced to 19.90% from 19.30% last
week. At this time a year ago the reserve ratio stood
at 20%7 and in 1922 at 19.14%. An increase of
0
£2,702,000 was reported in public deposits, but a dedine of £3,381,000 in "other" deposits. The bank's
temporary loans to the Government expanded £235,000. Loans on other securities, however, decreased
£1,455,000. Gold holdings aggregate £128,487,745,
which compares with £127,673,564 in 1923 and £127,432,534 a year earlier. Reserve totals £25,333,000,
as against £24,312,729 a year ago and £23,996,084 the
.
year before that. Note circulation is now £122,905,000, in comparison with £123,110,835 in 1923 and
£121,886,450 in 1922, while loans amount to £77,122i000, against £71,872,045 and £71,435,298 one and two
years ago, respectively.. No.change has been made in
the bank's official discount rate from 4%. Clearings
through the London banks for the week totaled £714,797,000, as against £752,58G,000 a week ago and
£696,618,000 last year. We append herewith comparisons of the principal items of the Bank of England statement extending over a series of years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1923.
Oct. 24.
£
Circulation
192,905,000 123,110,835
F
-ublie deposits
14,758,000 13,956,896
Other deposits
112,497,000 105,640,722
Governin't securities 42,488,000 41,133,506
Other securities
77,122,000 71,872,045
Reserve notes& coin 25,333,000 24,312,729
Coin and bullion_ _ A28,487,745 127,673,564
Proportion of reserve
to liabilities
19.90%'
Bank rate
203
4%
1924.
Oct
.22.
1922.
Oct. 25.
1921.
Oct. 26.
1920.
Oct. 27.
121,886,450
15,201,277
110,180,337
47,653,803
71,435,218
23,996,084
127,432,534
123,915,830
13,533,376
161,505,153
87,575,907
82,203,184
22,947,697
128,413,527
127,588,560
16,420,532
120,556,572
64.517,909
76,061,224
14,060,580
123,199,140
19.14%
3%
13.11%
10.26%
7%
5%%
Analysis of the statements of the Federal Reserve
Board, issued at the close of business on Thursday,
revealed continued contraction in rediscounts, but
substantial gains in gold holdings. In the New
York bank there was an increase in gold reserves of
$79,000,000, largely as a result of shifting of funds
from interior institutions through the Gold Settlement Fund. For the System an addition of $7,000,000 was reported. Rediscounts of all classes of paper were reduced locally $36,000,000, while bill buying in the open market fell $41,500,000. Total discounts at New York are now down to $29,224,000, as
compared with $163,441,000 last year. Earning assets were heavily reduced, viz. $93,600,000 and deposits $14,300,000. For the banks as a group rediscounting of Government secured paper was reduced
$33,900,000 and "other" bills $5,900,000. Open market purchases decreased $27,600,000. Heavy contraction was likewise shown in earning assets and
deposits, $83,000,000 and $77,000,000, respectively.
Federal Reserve notes in actual circulation declined
$2,800,000 at New York and $15,500,000 for the System as a whole. Member bank reserve accounts were
reduced $36,500,000 nationally, and slightly over
$3,000,000 locally. The addition to gold reserves as
well as shrinkage in deposits was the means of advancing reserve ratios, no less than 7.9%, to 78.7%,
at New York, and 2.1%, to 79.2%, for the twelve reporting banks.
Contraction in loans, expansion in deposits and a
substantial gain in surplus were the features of last
Saturday's statement of New York Clearing House
banks and trust companies and was evidence of the
1880
[VOL. 119.
THE CHRONICLE
return of funds into normal channels. Loans and
discounts, etc., fell $5,869,000. Net demand deposits
increased $31,032,000, to $4,657,672,000, which is
exclusive of Government deposits to the amount of
$33,201,000. Time deposits expanded $1,339,000, to
$593,549,000. Cash in own vaults of members of the
Federal Reserve Bank declined $1,602,000, to $48,978,000. This total, however, is not counted as reserve. Reserves of State banks and trust companies
in own vaults fell $110,000, but the reserve of these
institutions kept in other depositories increased
$1,582,000. Member banks increased their reserve
at the Reserve Bank $32,346,000, with the result that
surplus reserve showed an addition of $29,746,380,
in spite of larger deposits, and the total of excess
reserves is now $36,392,680, as against $6,646,300
last week. These figures for surplus are on the basis
of legal reserves of 13% for member banks of the
Federal Reserve System, but do not include $48,978,000 held by these member banks on Saturday last.
• Banks' and bankers' acceptances were in good demand, although business was restricted by a fallingoff in the supply of prime acceptances. Trading was
featureless. Both country and city institutions were
in the market at times. For call loans against bankers' acceptances the posted rate of the American Acceptance Council is now 13 %, against 23.1% last
4
week. The Acceptance Council makes the discount
rate on prime bankers' acceptances eligible for purchase by the Federal Reserve Banks DA% bid and
2% asked for bills running 30 days, 21
4% bid and
21 % asked for 60 days, 23
A
/% bid and 23j% asked
for bills running 90 and 120 days, and 23 % bid and
4
2%asked for bills running 150 and 180 days. Open
market quotations follow:
Call money in the local market has been still
easier. The prevailing rate was 2%, against 2y
2%
the previous week. There was not much change in
the rates for time money, but it was in plentiful supply and the tone was still easier also. Various re
sons have been suggested within the last few
ys
for the continued decidedly low rates for mon , but
none has offered anything particularly new or striking. Offerings of new securities are making goodsized totals from week to week. In the stock market
the tendency was toward greater activity. On Wednesday the total sales on the Stock Exchange were
in excess of 1,000,000 shares. Apparently the rather
persistsent reports last week of an offering of a
large French loan in the United States this week or
next were somewhat inaccurate. It seems practically certain that it will not come until after the
election in the United States. Word was received
from Paris on Thursday of the offering of an internal French loan of 4,000,000,000 francs on Nov. 10.
The latest reports indicate a holding back of steel
orders until after the election. The same is true to
some extent in other lines, but so long as the aggregate car loadings continue in excess of 1,000,000 a
week, and the movement of merchandise and less
than carload freight increases week by week, it cannot be said that the business of the country as a
whole is bad.
There have been n
'n Federal
"
s. The following is the s dule
Reserve Ban
of rates •• in effect for the various classes of pa
different Reserve banks:
at
Referring to money rates in detail, loans on call
have been negotiated all week at 2%,the only figure
recorded. Renewals were made on this basis.
Funds were available in large amounts. Last week
the range was 2@3%. In time money the market
was quiet and easy. Fixed-date funds were in abundant supply, but the demand was as light as ever.
The range of quotations was not changed from DA@
4
2%7 for sixty days, 23 @3% for ninety days and
0
1
.% for four months; five months money was
3@33
A
1
reduced to 3@31
4% from 33'.@33 % last week,
while six months continued at 33'L@33/2%•
1
Mercantile paper rates remain at 3@33.% for
four to six months names of choice character, the
same as a week ago, with names less well known at
33'i,@332%. New England mill paper and the
shorter choice names are still passing at 3%. Dealings were fairly diversified, but the market only moderately active. Offerings of the best names were
limited.
Prime eligible bills
SPOT DELIVERY.
90 Days.
244(424‘
30 Days.
2;Vg2
60 Days.
23(@234
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
Eligible non-member banks
214 bid
2% bid
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT
OCTOBER 24 1924.
Paper Maturing—
After 90 After 13
hid
Days, but
Within 6 Within 9
Months. Months.
Within 90 Days.
FEDERAL RESERVE
BANK.
Com'rcial &cur. by
&plias!. ti S. Bankers' Trade Agricul.. Agricut.
ALiveark Govt.
Accep- Accepand
and
Paper. (Align- lances. faeces. Livestock Livestock
net.
time.
Paper. Paper.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
314
3
334
33'§
4
4
4
4
4
4
4
355
314
a
334
334
4
4
4
4
4
4
4
314
31i
3
334
334
4
4
4
4
4
4
4
334
314
3
334
33;
4
4
4
4
4
4
4
334
3%
3
334
335
4
4
4
4
4
4
4
33;
334
a
334
4
4
4
4
4
4
4
•Including bankers' acceptances drawn for an agricultural purpose and secured
by warehouse recelpta, &c.
Strength and activity again featured dealings in
sterling exchange and the remit of the week's operations was another rise in values, which carried demand
up to 4 50 13-16. In the early trading commercial
bills made their appearance in fairly liberal volume
and as the supply was generally in excess of the demand, price levels displayed a slight tendency to
sag. Just as soon as the week-end accumulations
had been disposed of, however, rates began to mount
steadily, under the impetus of brisk buying, partly
speculative in character, and partly because of the
fact that the European portion of the German loan
had been issued in sterling and this necessitated a
large amount of London bills. For a time the demand came from practically all parts of Europe and
London cable rates were sharply advanced as a result.
Another important factor in the firmness was the
growing belief that the coming British general election will show a material decline in the strength of
the Labor Party in England. Some go so far as to
hope that the Conservatives will obtain a majority.
All of this tended to exercise a favorable sentimental
influence on sterling, though later on the usual
"natural reaction" set in and rates receded fractionally as buyers gradually withdrew to await the next
turn in the market, or else took profits. Moreover,
at the high levels banks were indisposed to fill their
requirements. It is estimated that very shortly
OCT. 25 1924.]
THE CHRONICLE
British selling to meet the approaching interest installment on United States indebtedness will make
itself felt, while the influx of cotton and grain bills
has not as yet apparently reached its apex. Occasional flurries are looked for, but no serious decline
as long as the disparity between money rates here
and abroad exists, while it is considered doubtful that
sterling will rise much higher until after the election
has taken place. Flotation of several large foreign
loans, which has been delayed to permit of the
placing of the German loan, is expected to have an
important bearing on the course of exchange in the
next few weeks. An opinion freely expressed is that
an era of great prosperity is approaching in international trade, although there are few now who look
for a speedy transition to normal or pre-war levels.
Referring to quotations in greater detail, sterling
exchange on Saturday last was steady, at practically
the same levels prevailing on the preceding day; ddmand ruled at 4 48%@4 48 15-16, cable transfers at
4 483/s@4 49 3-16 and sixty days at 4 461 8@
/
4 46 7-16; trading, however, was narrow. On Monday offerings were plentiful, but as they were well
absorbed, rates remained stable and the range was
still without important change at 4 48%@4 483/i for
demand, 4 48%@4 493/i for cable transfers and
4 46/@4 463 for sixty days. Brisk buying and
1
%
a falling off in the supply of bills on Tuesday sent
prices up more than one cent, to 4 501 for demand;
%
the day's low was 4 49, while cable transfers ranged
between 4 493.@4 508 and sixty days between
%
4 463/@4 47%. Wednesday's market was strong
and higher and there was a further advance in the
quotation for demand to 4 49 13-16@4 50 13-16,
cable transfers 4 50 1-16@4 511-16 and sixty days
4 47 5-16@4 48 5-16; good buying for foreign account
was a factor in the strength. Reaction set in on
Thursday and the range was a trifle lower at 4 493.
@4 504for demand,4 491 2@4 503 for cable trans1
/
%
%
fers and 4 46%@4 475 for sixty days; the movement
was regarded as only natural following the sustained
advance earlier in the week. On Friday the tone was
irregular and easier and demand bills ranged between
3
5
4 48%@4 49%,cable transfers at 4 49@4 49%,and
sixty days at 4 4634(4)4 46 8 Closing quotations
.
were 4 46 7-16 for sixty days, 4 48 15-16 for demand
and 4 49 3-16 for cable transfers. Commercial sight
bills finished at 4 48 13-16, sixty days at 4 44 11-16,
ninety days at 4 44 3-16, documents for payment
(sixty days) at 4 44 15-16, and seven-day grain bills
at 4 48 5-16. Cotton and grain for payment closed at
4 48 13-16.
So far as could be learned, no gold engagements
were made this week, either for export or import.
In the Continental exchanges fairly active trading
was the general rule and rates were well maintained,
though no important advances were noted, except in
Dutch guilders. Franc exchange was dealt in to a
moderate extent and the quotation hovered alternately a few points above and below 5.23 for checks.
Lire were steady, at around 4.35. The chief factor
governing Italian exchange just at present is the
financing which will have to be arranged incidental
to payment for wheat imports later in the year.
Some estimate Italy's requirements as far in excess
of those last year. Almost parallel conditions prevail in France. It is claimed that the Bank of
France has already been obliged to come to the
aid of the market_in the form of supporting orders.
1881
Reichsmarks remained stationary regardless of the
fact that a German election is in prospect. No one
is willing to venture upon a prediction as to what
the outcome will be, although less anxiety is shown
since it is generally believed that Germany is very
tired of economic and financial chaos and is 'coming
to realize that the way of progress lies in the carrying
out of the program for reparation adjustments prepared by the Allies. Greek exchange was quiet and
slightly easier most of the time, though steadying
toward the close. In the exchanges of the minor
Central European countries, the only change of note
was establishment of another new high record for
Rumanian lei, which advanced to 0.573 on good
buying.
The London check rate on Paris closed at 86.15,
against 85.95 a week ago. In New York sight bills
on the French centre finished at 5.203/2, against
5.213.; cable transfers at 5.213/2, against 5.223j;
commercial sight bills at 5.193/2, against 5.203,
and sixty days at 5.143.j, against 5.15 a week
earlier. Antwerp francs closed at 4.79 for checks
and at 4.80 for cable transfers, against 4.793/ and
4.803/ the previous week. Final quotations on
Berlin marks were 0.000000000023 8, the same as
last week. Austrian kronen continue unaffected by
passing developments, at the nominal level of
0.143/, that has prevailed during recent months.
g
Lire finished at 4.323 for bankers' sight bills and
at 4.333 for cable transfers. This compares with
4.354 and 4.36% a week ago. Exchange on
3
'
Czechoslovakia closed at 2.98N, against 2.983/2 ;
on Bucharest at 0.564, against 0.55; on Poland
3
at 193 (unchanged), and on Finland at 2.52 (unchanged). Greek exchange finished at 1.73 for
checks and 1.733/ for cable transfers, in comparison
with 1.73N. and 1.733 the week previous.
4
In the former neutral exchanges guilders took front
rank this week in point of interest and attracted
attention by a further advance to 39.39, or 10 points
over the previous high level. This marked display
of strength is the direct result of the persistent withdrawals of dollar balances by Dutch interests. While
Holland's share of the German loan was issued in
sterling, it is understood that Amsterdam bankers
had not only provided sterling beforehand but
accumulated pounds well in excess of their requirements, so that they are said to have realized substantial profits. Of course this was only one of the
phaset in the rise, which has been in progress for
several weeks, and is explained primarily by the high
rates for money prevailing at that centre. Buying
of guilders is also laid to the belief that Amsterdam
is in a fair way of becoming a powerful financial and
commercial centre, likely to profit largely by the
establishment of trade relations with Germany and
the Central European States on an increasingly
important scale now that currency stability is
definitely in sight. Talk is again heard of a return
to par for the guilder. At the week's high level the
quotation was only 80 points under gold parity.
In the late dealings profit taking sales caused losses
but the close was not far from the top. Swiss francs
2
were strong, with a gain of 5 points, to 19.243/. The
Scandinavian exchanges were firmly held but not
essentially changed. Spanish pesetas ruled dull but
steady.
Bankers' sight on Amsterdam finished at 39.26,
against 39.07; cable transfers at 39.30, against 39.11;
1882
[VOL. 119.
THE CHRONICLE
commercial sight at 39.20, against 39.01, and commercial sixty days at 38.84, against 38.65 a week
ago. Closing quotations on Swiss francs were 19.23
for bankers'sight bills and 19.24 for cable remittances.
Last week the close was 19.193/ and 19.20. Copenhagen checks finished at 17.15 and cable transfers at
17.19, against 17.26 and 17.30. Checks on Sweden
-closed at 26.58 and cable transfers at 26.62 (unchanged), and checks on Norway at 14.20 and cable
transfers at 14.24, against 14.21 and 14.25 a week
earlier. Spanish pesetas closed at 13.42 for checks
and 13.44 for cable transfers, in comparison with
13.41 and 13.45 a week ago.
As regards South American quotations, trading
continues to show improvement. Argentine currency was slightly lower, finishing at 36.67 for checks
and 36.71 for cable transfers, against 37.01 and 37.04,
but Brazilian milreis moved up to 11.42 for checks
and to 11.47 for cable transfer, with the close 11.30
and 11.35, against 11.20 and 11.25 the preceding
week. Chilean exchange was strong and advanced
to 11.28, against 11.10; Peru finished at 4 14 (unchanged).
Far Eastern exchange was as follows: Hong Kong
551 4 @55M, against 55®553.; Shanghai, 78%@79,
/
.
against 783/@78%; Yokohama, 39%@40, against
2
38%@38%; Manila, 503/@50% (unchanged); Singa2
pore, 52%(4)53 (unchanged); Bombay, 34@343,
against 341 s@343s, and Calcutta 34. ®34%,against
/
/
4
1
34Y @34.
.
4
gained $3,100,721 net in cash as a result of the currency movements for the week ended Oct. 23.
Their receipts from the interior have aggregated
$4,626,221, while the shipments have reached $1,525,500, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
•
Banks'interior movement
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
OCT. 18 1924 TO OCT. 24 1924, INCLUSIVE.
Noon Buying Rate for Cable Transfers in New York.
Value in United States Money.
Country and Monetary
Unit.
'
Oct. 18. Oct. 20. Oct. 21. Oct. 22. Oct. 23. Oct. 24.
Out of
Banks.
Gain or Loss
to Banks.
$1,525,500 Gain 83,100,721
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government operations on the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the
Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Saturday, Monday.
Oct. 18.
Oct. 20.
Tuesday, Wedneecry Thursday, Friday,
Oct.21.
Oct.22.
Oct. 23.
Oct. 24.
Aggregate
for Week. •
$
98.000,000 84,000,000 82,000,000 74.000,000 71.000,000 78.000,000 Cr. 487,000,000
Note.
-The foregoing heavy credits reflect the huge mass,of checks which come
to the New York Reserve Bank from all parts of the country in the operation of
the Federal Reserve System's par collection scheme. These large credit balances',
however,reflect only a part of the Reserve Bank's operations with the Clearing House
Institutions, as only the items payable in New York City are represented in the
daily balances. The large volume of cheeks on Institutions located outside .of
New York are not accounted for in arriving at these balances, as such checks do
not pass through the Clearing House but are deposited . with the Federal Reserve
'
Bank for collection for the account of the local Clearing House banks.
The following table indicates the amount of bullion in the principal European banks:
Oct. 25 1923.
Oct. 23 1924.
Banks of
Gold.
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different countries of the world. We give below a record for the
week just past:
Into
Banks.
$4,626,221
Week Ending Oct. 23.
Silver.
Total.
Gold.
Silver. .
Total.
128,487,745 127,673,564
127,673,564
England _ _ 128,487,745
France a_ 147,200,858 12,080,000 159,280,858146,987,431 11,800,000 158,787,431
994,600 23,068,200 27,235,950 3,475,000 30,710,950
Germany c 22,073,600
62,000,000 b2,000,000
b2,000,000
Au.
-Hun_ 62,000,000
101,395,000 25,869000 127,264,000101,038,000 25,960,000 128,998,000
Spain
35,576,000 3,424,000 39,000,000 35,673,000 3,034,000 38,707,000
Italy
811,000 49,292,000
862,000 43,373,000' 48,481,000
Netherrds. 42,511,000
Nat. Bele. 10,819,000 2,690,000 13,509,000 10,790,000 2,447,000 13,237,000
Switzeri'd_ 20,195,000 3,704,000 23,899,000 21,091,000 3,830,000 24,921,000
15,289,000 15,137,000
15,137,000
Sweden_ _ _ 15,289,000
224,000 11,871,000
Denmark _ 11,641,000 1,207,00 12,848,000 11,647,000
8,180,000, 8,182,000
8,182,000
8,180,000
Norway
Total week 545,368,203 80,830,600596,198,803 555,935,9451 51,081.000607.518,945
Prey. week543,940,307I 51,099.450595.039,757 554,970,008 51,718,400606,888.408
a Gold holdings of the Bank of France this year are exclusive of £74,573,977 held
abroad. b No recent figures. c Gold holdings of the Bank of Germany this year
are exclusive of £7,659,150 held abroad.
Why the United States Ought to Stay Out
of the League of Nations.
An esteemed Paris correspondent takes us courteously to task for what seems to him an unwar4.4895
4.4970
4.5065
4.5008
4.4910
.025136 .025140 .025143 .025134 .025136
ranted opposition on our part to the entrance of the
.0521
.0523
.0524
.0523
.0522
a
a
a
a
a
United States into the League of Nations. As the
.017358 .017348 .017395 .017369 .017332
3911
.3935
.3940
.3935
.3926
writer of the letter appears to see it, unwillingness
.000013 .000013 .000013 .000013 .0( 0113
.0436
.4035
.4035
.4035
.4034
on the part of the United States to co-operate with
.1426
.1429
.1434
.1428
.1425
.1921 ' .1922
.1920
.1923
.1922
the League or become a member of it, amounts in
.0406
.0407
.0410
.0411
.0414
.005559 .005613 .005718 .005638 .005624
practice to throwing an obstacle in the way of world
.1342
.1343
.1344
.1343
.1343
.2661
.2662
.2662
.2661
.2661
peace, since it is for peace that the League seems to
.1920
.1922
.1923
.1923
.1923
.014475 .014550 .014570 .014329 .014309
him to be working, whatever criticism is to be passed
*
upon its methods. We should indeed be sorry if any.7856
.7849
.7929
.7858
.7825
.7866
.7796
.7797
.7778
.7797
thing that has appeared in our columns, whether in
.7730
.7700
.7680
.7662
.7684
.7906
.7908
.7996
.7883
.7904
regard to the League or to any other matter, could by
.5450
.5438
.5455
.5439
5453
.5533
.5525
.5535
.5525
.5506
any possibility be interpreted as an indication of
.5588
.5525
.5517
.5533
.5517
.5631
.5554
.5550
.5571
.5571
reluctance to aid the cause of peace or that of inter.3385
.3384
.3377
.3371
.3385
.3872
.3870
.3871
.3866
.3840
national co-operation, and we are unable to think
.5241
.5150
.5217
.5169
.5156
that such an interpretation of the article to which
.999785 .999834 .999798 .999789 .999844
.999505 .999297 .999401 .999505 .999453
our correspondent objects would be justified. We
.488750 .488333 .488333 .488333 .488667
.997500 .997526 .996875 .997240 .997314
are now, as we have always been, for anything that
.8320
.8339
.8304
.8316
.8380
will make peace a world practice as well as a world
.1124
.1124
.1119
.1103
.1125
.1116
.1116
.1108
.1107
.1104
habit of mind, provided always that in running after
cone.
J1ARR
8871
.8871
.8877
a Quotations for German reichsmarks were as follows: Oct. 18, .000000000000238: an enforced peace a greater evil does not befall the
Oct. 20, . 00000000000238: Oct. 21, .000000000000238: Oct. 22, .000000000000238:
0
nation. As for the United States, it has already coOct. 23, .000000000000238: Oct. 24, .000000000000238.
operated with the League, as our correspondent
The New York Clearing Liouse banks, in their points out and as Mr. Coolidge observed in his speech
operations with interior banking institutions, have uf acceptance, in the effort to suppress the white
EUROPES
Austria, krone
.000014
Belgium. franc
0481
007329
Bulgaria, lev
Czechoslovakia, krone 029788
Denmark, krone
1726
England, pound ster4.4895
ling
Finland,rnarkka
025118
0523
France.franc
a
Germany, reichsruari
017382
Greece,drachma
.3907
Holland, guilder
.000013
Hungary, krone
.0436
Italy, lira
1425
Norway, krone
1924
Poland,zloty
.
Portugal. escudo._ _ .0402
.005464
Rumania.leu
.1342
Spain, peseta
.2661
Sweden,krona
Switzerland, franc_ _. .1919
Yugoslavia, dinar.... .014260
ASIAChina.7925
Chefoo. tael
7959
Ha ikow,tael
7725
Shanghai, tael
7983
Tientsin, tael
Hong Kong, dollar_ .5439
.5550
Mexican dollar_
Tientsin or Peiyang
5508
dollar
5417
Yuan dollar
India.rupee
3387
Japan, yen
3829
Singapore(8.S.) dollar .5163
NORTH AMER.Canada, dollar
.999719
Cuba,peso
999349
Mexico, peso
488542
Newfoundland. dollar .997240
SOUTH AMER.Argentina. peso (gold) .8371
Brazil, milreis
1123
Chile, peso (paper). _ _ .1104
Drumm., ,,bar.
ono o
$
.000014
.0480
.007300
.029783
.1718
$
.000014
.0481
.007317
.029797
.1712
$
.000014
.0481
.007330
.029841
.1724
$
.000014
.0480
.007272
.029804
.1726
S
.000014
.0480
.007320
.029809
.1719
OT. 25 1924.]
THE CHRONICLE
1883
slave traffic and to regulate the international trade which membership involved, to indicate an assured
in narcotics, and the appointment of official Ameri- and general contentment. The status of the Percan representatives to another narcotics conference manent Court of International Justice, too, which
which the League has caned has lately been an- the League has set up, is open to question, notwithnounced. Recognition of the League as a political standing that an American jurist sits on its bench.
organization, however, or co-operation with it in The Hague Tribunal, an honorable and distinguished
things in which co-operation is possible, are not at body to which the United States has consistently
all the same things as membership in the League, or given its support, is entirely competent to adjudiofficial co-operation with it in all matters in which cate all the international controversies that may be
co-operation may be desired by the League, and this submitted to it to which the principles and rules of
for reasons which seem to us weighty.
international law can properly apply, and other
What the United States, like any other Power cases, involving for their settlement the good offices
that values its independence, has constantly to guard of mediation and compromise, can never be settled
against is entangling alliances which, once the occa- judicially at all. Why turn away from an internasion for calling their provisions into exercise arises, • tional tribunal long established and entirely compewill be found to have bound the nation hand and tent, in favor of a court which, if it keeps to the limfoot. It has also to guard itself, for the same reason, its of judicial procedure, can do neither better nor
against any attempt of an outside Power to inter- more for world peace?
meddle with its domestic concerns. Were the United
To these substantial objections are now to be
States to become a member of the League of Nations, added those raised by the recent protocol of the
it would find itself embarrassed at both of these League, ostensibly designed to further the practice
points. The Covenant of the League is an integral of arbitration and to insure national security and
part not only of the Treaty of Versailles, but of the general peace, but contemplating in fact the mobiliother peace treaties concluded at Paris in 1919-20, zation of the forces of the League membership, econone of which treaties the United States has ever nomic as well as armed, against any State which,
ratified or shown a disposition to ratify. The geo- • whether a member of the League or not, shall hapgraphical and political arrangements which those pen to fall within the terms of a definition of an agtreaties imposed were widely criticized in im- gressor State which the League has presumed to lay
portant particulars at the time, and have been down. Regarding the merits of the protocol we have
increasingly criticized since, and there are ap- expressed our opinion in an editorial article pubparently few students of the subject who do lished since our correspondent's letter was written,
not now believe that many of those arrangements , and what was then said need not now be recapituMust in course of time undergo radical change before lated. It is worthy of remark, however, in view of
the reign of peace will be assured. By Article X of disclaimers, that the protocol was aimed at the
the Covenant, however, the United States, were it a United States as well as at members of the League,
member of the League, would be bound, as are all the that the experts of the League should now be reother members, to "respect and maintain against all ported to have found difficulty in discovering just
external aggression the territorial integrity and how the economic sanctions which the protocol papresent political independence of all the members" rades as' weapons of an enforced peace are to be
of the League. It would be as idle now as it was in applied unless the United States joins the League,
1919 to deny that the United States, were it a signa- and that the protocol itself is threatened with rejectory of the Covenant, might at any time find itself tion by a number of Governments, including Great
legally and morally bound to use its armed forces in Britain, whose representatives at Geneva signed the
wars in which it had as a nation not even a remote document. If an agreement to insure peace by
concern; and it was the recognition of this fact that might, framed with great care by admitted masters
led the Senate, after prolonged consideration, to re- of statecraft, raises grave doubts in Governments
ject the Treaty of Versailles, and then, after further whose duty it would be to carry it out, there would
consideration, to reject it again. Article X, mean- seem to be little reason why the United States should
time, remains in force; there is no power that can bow to the wisdom of the association which promulchange or abolish it except the Powers that joined in gated it and bestowed upon it its blessing.
framing and adopting it; and the recent Geneva
We are cordially in agreement with our correprotocol merely provides an elaborate machinery for spondent in thinking that nothing can prevent world
applying it.
opinion from exercising itself regarding the public
There are other reasons why League membership policy of the United States, or from condemning
does not appeal to the United States as either safe whatever in that policy it does not approve. The
or desirable. The humiliating truckling of the enlightened judgment of mankind is something to
League to Italy in the Corfu controversy was a reve- which every nation must give heed, and the United
lation of weakness and political subserviency which States ought to welcome the expression of such opinmade a deep impression in this country, as in others. ion on any matter which is properly the world's conThe virtual domination of the League by Great Brit- cern. What is sauce for the goose, however, is sauce
ain and France, the significance of which our corre- for the gander, and if the United States is to welcome
spondent appears to think has been exaggerated, the expression of world opinion, whether approving
seems to us not only to be an obvious fact, but also or adverse, reciprocity suggests that the point of
to go much beyond the legitimate exercise of supe- view of the United States is also to be weighed. Forrior weight which a large State will always have in tunately or unfortunately as one may view it, the
council with smaller ones. We cannot agree with United States, by virtue Of its geographical position,
our correspondent that the small States are happy its population and its wealth, is not dependent upon
in the League; there have been too many criticisms other nations for the preservation of its indepen.of the way in which League affairs were conducted, dence or its territorial integrity. Even if this were
and too much complaint of the financial burdens not so, it could not well admit a right in any polit-
1884
'THE CHRONICLE
ical body to interfere in its domestic policy, or to
condemn its foreign policy in matters with which its
domestic policy was involved, and to threaten it with
sanctions of any kind, by the device of applying to
its acts a definition of good conduct unknown to international law and to which it had never given its
assent. Nor can it, as a practical nation, take quite
at their face value the League professions of deep
concern for world peace as long as the Powers which
compose the League continue, with the tacit if not
express approval of the League, to make offensive
and defensive alliances and to push on the development of their armaments. There is no American hostility to the League, for the reason that there is no
American hostility to any State or union of States,
but until the Powers which, singly or through alliances or understandings, dominate the League show
a more marked disposition than has yet been shown
to abandon the final argument of force, and to depend for their security upon righteous conduct at
home and the cultivation of friendly relations of mutual helpfulness abroad, the only wise course for the
United States is to hold officially aloof. By so doing it will itself make a worthy contribution to that
world peace to which,from the days of its founding,
it has not ceased to be devoted.
Lessons of the Campaign.
We look in vain for benefits from the campaign
discussions unless we are taught to think on principles rather than expedients. If the advent of a
third party serves to turn our minds to fundamentals, our profit will accrue in the next election even
if we are not able to estimate it in this. Of course,
if a party could spring up and grow to victory in a
single election, a party possessing revolutionary
principles, there would be no stability in government afterward. If the body of voters in a representative Government have only to join in a gigantic
protest, then constant change might be predicated
for any election. So that no matter which of the old
parties wins in this contest, it will serve a good purpose that a new party of radicalism has attacked the
Constitution and form of government this time. We
will be able to measure the force of this insistent discontent with our present institutions, and conservatism must ever afterward take a firmer stand for the
deeper issues.
Regardless of the outcome, supposing the third
party incapable of winning at this time, no party in
the future will dare to trifle with radicalism. It is
difficult to see how the new party if it continues as
the rallying point for the disgruntled in the next
national campaign can be much more radical than
now unless it goes over bodily to Socialism or labor.
But the old parties will, if both survive, stand upon
the Constitution and private and State rights. Neither will dare to temporize, or to deal with such
trifling expedients as "corruption in office" or the
"tariff" as main issues. Expedients when all parties stand on the Constitution may well come in for
discussion. But in the face of this campaign and the
vote marshaled for overriding the Supreme Court
and for the public ownership of railroads, expedients
must give way to principles.
We do not minimize the importance of the "tariff"
to the common weal. It will come back as a political question, like Banquo's ghost, to trouble the
"feast of reason and flow of soul." When we have
time correctly to analyze its importance there are
[Vol,. 119
.essons to be learned from the new States carved out
of old in Europe where every small territory having
self-determination has set up its "Chinese wall" only
to find elements of starvation in trade thus artificially restricted. Perhaps our farmers are already
enlightened as to the possible benefits of a tariff
placed on products the price of which is controlled
by world markets. Perhaps, also, in the good economic time coming, when the shackles are really
taken off trade, countries will produce and manufacture and exchange according to inherent natural resources and according to innate commercial genius
—and all will be well with all. What we mean now
is that we have lived under (or over) a "tariff," but
we have never tried to live without constitutional
rights.
And after all, such an issue as the one, apparently
manufactured with malice aforethought by the Senatorial Investigating Committee, known in the campaign as "corruption in office" will prove its futility
when tried and tested. As ex-Secretary of Commerce and Labor Nagel pointed out in a statement
issued in St. Louis, it may be the Republican Party
should be blamed for not more vigorously prosecuting the frauds that occurred in war-time contracts
under a previous Administration, but most people,
who have their own opinions about this chapter of
our history, will not be shocked by charges against
three or four incumbents under Harding and Coolidge. As we have ourselves ventured to say, preservation comes before purification. Sixteen years of
Democratic control since the Civil War without discovering a penny of treasury deficit under all the
remaining years of Republican control is not an
alarming situation.
If, considering the chief domestic policy advocated
by the radicals, now masquerading under the mellifluous name of Progressives, there should be a large
popular vote therefor, as common citizens we will at
least know where the major portion of it comes from.
It must appear that the American Federation of
Labor, supporting, as far as its main officials can
wield power, the third praty advocating Government
ownership of railroads, is not concerned over the
effect of this on the farmers of the country. Nor
have we heard much protest from the affiliated railroad unions against this policy. "Labor" is, in a
word, speaking broadly, showing its willingness to
capture the Government by this route,and is flouting
all other interests by its selfishness. And by this
campaign and its results the people may be able to
see this "issue" more clearly than ever before. In
fact, such are the portents of the campaign waged
this year that political education is open to all who
will see.
And then in the swirling cross-currents there is
the unknown element of the "invisible empire." The
East, in its complacency, does not appreciate the
political force this exerts in the Middle West and
Mountain States. No one in these regions knows
either personnel or membership save those initiated
under the fiery cross. William Allen White, the picturesque editor, is making a campaign upon this one
issue in famous and erstwhile progressive Kansas.
This may not show much effect upon the national
ticket when the returns are in, but it will show a
great deal in the State returns as to how far this
wild poison has affected the voters in a normally
Republican State. In Missouri this is an influence
of unknown quantity. And whatever the results, as
OCT. 25 1924.]
THE CHRONICLE
far as they may be reasoned out when the votes are
counted, and whenever the estimates are made, one
clear result may now be predicated, in the future
there will be no side-stepping by any party on this
insidious evil.
The present third party is sowing dragon's teeth
to its own undoing. Its elements are discordant.
Its principles are contradictory. Dominated by a
single adroit and engaging leader, and predoomed to
defeat, it must break into warring factions once it
has made its great effort at the polls. Its only hope
lies in a future alliance with a party then declared to
be decadent. It would be difficult now to state its
main purpose. The Socialists wait to inherit its
power. Some go so far as to say it will cause a sharp
division between East and West, that it will drive
the people into two camps, conservatives and radicals. This remains to be seen. As Congress appears,
or arises in contending blocs, it may be found that
union labor leaders have merely been using it for the
purpose they boldly announce as at least a part of
their program—to secure laws favorable to labor.
And there can be little doubt this is nearer to the
hearts of labor leaders than the election of a President favorable to their demands.
Out of this welter one clear endeavor must be
plain to the independent vote of the country—the
prevention of the so-called revolution now. Why
temporize with an insurgency liable to transform
itself at a more favorable time into open hostility?
There may be "hard times" coming before the era of
peace and prosperity can be reached. Politics has
become an agency for the dissemination of protest.
Now is the time for emphatic affirmation of the
fundamental principles of our Government. Failure
of Um third party now will throw it back a quarter
of a century, unless it can graftitself upon decadence
now masking in an element of progressivism in a yet
militant party. And by failure we mean failure to
come up to expectations. The election should never
be allowed to go into the House. Those who read
the signs aright will know how to cast a vote that
will count in defense of the Constitution.
"Organized Delusions."
We ran across this term the other day and it seems
an apt diagnosis of the ailments of our body politic.
And have we not reached the stage of the hypochondriac? There sire so many ills we are constantly
complaining. No sooner have we reached a knowledge of one, than another breaks out in another part
of the body. And no sooner have we organized the
forces of cure than we find the remedy is itself fallacious. Imaginary ills bring forth imaginary cures;
and the cures are often worse than the disease. So
that when we are gently bidden to exercise a little
"common sense" in politics and government there
does seem to be some ground for the admonition.
Long years ago George R. Wendling, an attractive
Chautauqua speaker, delivered throughout the country a lecture entitled "Popular Delusions." Memory
is now dim as to its contents, but we recall that he
talked of the famous "Tulip Craze" and the "Mississippi Bubble." These, and other like delusions, however, were spontaneous. The people of Holland simply went wild over the possibility of fortunes to be
made by producing new varieties in tulips; as they
did in the United States over John Law's land
schemes in the South. It remains for the present
busy and intellectual age to "organize" one of these
1885
popular delusions, and thus to try to force it through
Congress that it may become the law of the land. In
fact, the most popular delusion of all, using the word
in a new sense, is the one concerning the powers of
Government itself.
And the nature of Government, as well. There is
now a well-organized movement on foot, non-partisan, of course, though nominating candidates for
office, the object of which is to "return the Government to the people." It is lost, strayed, or stolen,
and must be found and returned to its owners. The
only effectual way to do this is to give it into the
keeping of a new party that promises immediately to
turn it back to the people, a large majority thereof,
at present, being orgainzed into two "old parties."
The process is not quite plain. What is this Government,and where can it have gone? Why does it hide
itself far from its reputed haunts in Washington,
D. C.? When you visit that renowned city there are
evidences that the appurtenances of its functioning
are there, but Government itself you cannot find even
at the Seat of Government. Some say it resides in
the will of the whole people, or a majority of the
people, but that still minorities have rights which
majorities are bound to respect, and that the soul of
the Government rests in an ancient document called
a "Constitution." But whether or not the new party
can find and lassoo the Government, it intends to
return it to the people. There is only one proviso,
and that is if the people put the rescuers in high
office!
It would appear to be reasonable to say that a delusion organized for operation or action is more dangerous than one that floats about on its own responsibility. For instance,if it be a delusion to deem the
Government capable of bringing prosperity to the
people through its edict embodied in law (one of the
alleged purposes of "returning the Government to
the people") then an organized effort in the form of
a new party must be an accentuated delusion capable
of great harm. The election of a President by the
new party of course falls far short of the mark. He
cannot capture the elusive thing called Government
and pass it back to the people. The election of a
Progressive Congress cannot do so. There is something more to Government than a bundle of laws,
wise or unwise. In fact, Government is in the people
themselves in a democracy and cannot be taken from
them save by revolution and tyranny. An election is
for the purpose of representation. All power by parties per se expires at the doors of office. If the candidate for President should be elected he would only
have delegated power to represent and serve the
whole people. He would not be the Government; he
would not own it; he could not deliver it anywhere.
But to be just to even a delusion, the claim is that
certain mysterious interests influence control, and
all but operate,the Government through those who
hold office. Let us try to see the delusion in this.
Our Government consists of three independent coordinate divisions, Executive, Legislative, Judicial.
Happily, our Federal courts, and especially our Supreme Court of Last Resort, are regarded as above
the influence of so-called "interests," be these commercial,financial or partisan, while we call our Presidents party leaders, meaning partisan to the procurement of party principles, in the actual administration of government no taint of subserviency to
business or financial "interests" has ever attached to
them personally. This leaves one division, the Leg-
1886
THE CHRONICLE
[VOL. 119.
islative—and they do say there are scores of lobbies delusion that has grown to be an obsession is that
lurking about the doors of Congress. And to this laws can help this section, this class, this industry,
we have only to say that laws which favor classes, this vocation. And to-day candidates are going over
vocations, industries or sections, while vicious in the country promising aid to class or section, aid
themselves, are still "laws of the land," to be en- that in the very nature of things beyond dispute
forced by proper officers, to be obeyed by all the must be at the expense of another class or section oi
people, until repealed in due course by the people. industry. And labor, another organized delusion
If there be corruption in Government here, it is pri- within the major delusion, is seeking to further a
marily the people's fault. No party, new or old, can party proclaiming it will restore the Governmenkto
step in here and say it is immune from such influ- the people—from whom it has not departed and canence if there be any. And it follows that as the peo- not depart. There are political principles, to be
ple are earnest and honest so will be their represen- sure, touching the nature and functions of Governtatives. If the people as a whole are not corrupt, the ment in its legitimate domain upon which men may
differ. But a party that simply calls fat change for
Government as a whole will not be corrupt.
. But one may ask, what of recent "investigations" honesty's sake, or which threatens the fundamentals
and "disclosures," what of the Cabinet as part of the of the divisional system, is beating the wind, and
Executive which we say suffers no personal taint? cannot long delude the electorate. It merely deludes
The answer of a fair and judicial mind would be itself. An indictment of any party upon the mere
wait until the.courts decide. , But politics enters in ground of personal honesty in office—is an indictto say, decide now at the election. • How many Cabi- ment of the people—an anomaly that cannot exist.
Delusions! Imaginary ills and imaginary cures!
net officers in the history of the country have been
charged with high crimes or impeached? The coun- They tell us the old, simple ways are "reactionary."
ter question is if politics was the instigator of these There must be no "compromise"; no halt in "progrecent "investigations" will the same brand of poli- ress." We must go ahead, no matter where. Yet
tics cure the evil if, it should prove there is one? before we were, the primal laws of our being were
Our Government is neither politics, nor economics, fixed irrevocably. In essentials we must live acnor business. We use politics to furnish the man- cording to the laws of nature in an environment formachinery to carry it on—parties, in a word. Eco- ever fixed. We do not know all these-laws, we have
nomics is the natural laws of our industrial rela- not yet fully explored this environment. As we
tions, by which we live. And business is the name learn, we proceed; as we command, we conquer; as
we give to our productive and distributive trade vo- we conform, We utilize and enjoy. We shall never
cations—something with which Government, funda- live without work. We shall never control without
mentally, has nothing to do save to protect the indi- ownership. We shall never govern wisely without
vidual in his initiative, enterprise, and ownership. governing self. We cannot substitute politics for
It is, therefore, but a delusion, and an organized economics. We can never sanely confer authority
delusion, to believe and assert that a change in par- without delegating it from within. A Government
ties can render a Government sound and honest. that protects cannot become creative and take the
The question may be very pertinently put to the place of the individual. Mechanics will never take
people as to the possibilities of a mere change in the place of human design and effort. Civics has
Cabinets: Considering the elements gathered under naught to do, under our system of government, with
the new party, would the business interests be more society, business, religion, or morals and manners.
safe or secure under a Cabinet of its choosing than If we are not individually worthy we can never beunder either of the old parties? One swallow does come collectively so. Each, according to the best
not make a summer; one, two or three thieves do not that is in him, mingling his effort with that of all
corrupt a Government. And any party labors under others, weaves the tapestry of our law, order and
a delusion, and emphasizes that delusion, when it culture; our material and spiritual advance. Gedemands a "change" simply because certain derelic- nius and devotion appear like great lights to lead us.
tions are found to exist, or said to exist. For if for But living a life according to the prior and greater
this reason a change be made, and all honesty be not law of the Infinite this alone is Progress!
found in the succeeding party a like condition may
come to exist. How futile, then, in behalf of the genBOOK NOTICES.
eral welfare, to organize such a delusion!
IA CENTURY OF BANKING PROGRESS. By W. 0.
Seroggs. Doubleday, Page & Co.
• But the greatest delusion of all is that GovernA century has always constituted a convenient period of
ment can bring prosperity to a people. This delusion
organizes in a hundred ways and is responsible for history, and the uninformed and partisan discussion of our
with the election
classes, blocs, even political parties. Government currency and financial system in connection on "A Century
Is not necessary to make timely a new book
owns nothing, engages in not a single industrial en- of Banking Progress," which gives the history of the Ameriterprise; has not a dollar save that wrung from the can banks in fullness and detail. An outline will serve to
people in taxes; constructs nothing but a few public show its interest and pertinence.
The interference of England in putting a stop to the monebuildings and utilities which it holds and operates in
merely a skeleton form of rule, tary chaos over here, which had followed from Massachutrust—Government is
setts's adoption of paper money In 1690 and its unlimited
the prime purpose of which is to guaranty life, lib- private issue, was one of the causes of the irritation which
erty and happiness, by and through individual ef- led to the Revolutionary War and the flood of Continental
fort. We do not say that laws do not have an influ- currency which the war called forth. This paper money was
ence on production and trade. Unfortunately, they soon worthless and became a by-word. The miserable "shinof the war
have too much. But if they were laws to guarantee plasters" were the ruin of many. The close
brought reaction, and the level-headed men who framed the
the efforts of the individual to succeed by his own
Constitution were not to be 'beguiled by the advocates of
efforts they would have little. On the contrary, laws cheap money. Nothing but gold and silver could henceforth
are passed to restore, restrain, recuperate, this or be legal tender, and the States were denied the right to issue
that, and as such become direct interferences. The fiat money or bills of credit.
OCT. 25 1924.]
THE CHRONICLE
The first bank was opened by the Government in 1781 in
Philadelphia, and received local charters from Pennsylvania
and New York. It rendered conspicuo'us service during the
- last years ,of the war, but was later denounced as a monoPoly and its charter from Pennsylvania was revoked in
1787, only to be restored two years after. Its original capRai was $400,000, soon raised to $2,000,000. It is still in
operation. In 1784 the Massachusetts bank was opened
with a capital of $1,600,000 and the Bank of New York with
a capital of $950,000. It was seven years before the New
York bank got its charter. In 1792 the Bank of Albany was
incorporated, and in 1793 the Bank of Columbia in Hudson.
A "water company," with certain banking privileges was
chartergd in New York in 1799; soon developed The Manhattan Company and enacted the double roll for forty years;
but after 1840 confined itself to banking, and continues today.
The Bank of the United States was opened in Philadelphia in 1791 by Act of Congress. It proved highly serviceable, but when it opened a branch in New York it was
strongly attacked for competing with the local bank. Politics became heated, and in 1804 New York passed an Act
to restrain private banking, as when their notes were presented and payment reused panic ensued. Contraction gave
place to more paper and disorder and demoralization of business prevailed.* Radical measures by the States proved
futile. New York granted only 31 charters up to 1825, and
then began a series of restrictive measures so severe that in
1829 a Safety Fund System with a tax on bank capital was
introduced, which with various modifications survived in
New York 'until the Civil War, when the national banking
law introduced new conditions. State guaranty of bank
deposits has continued a live issue, especially in the West,
though without marked success.
Though the Bank of the United States rendered the Government great service by loans to meet deficits, stabilized
foreign and domestic exchange, and gave the country the
best currency it had ever had, President Jackson vetoed the
bill for renewal of its charter and withdrew the Federal deposits. A financial crisis was precipitated. Pennsylvania
renewed the charter, and in 1839 the bank closed its doors
for reorganization, but went into final liquidation two years
after. Eighty years of the nation's history had passed (from
1784 to 1864) before any other banking system was introduced to serve the country in equal degree.
A boom of State banks followed the discrediting of the
national bank by the Government. Abundance of money
with inflation of credits brought advance of prices and a
sudden prosperity such as the country had never known,
only to be followed by the tremendous panic of 1837. It completed the bewilderment of the country over the various
causes of recurrent distress and the recovery was not accomplished until the resumption of the banks in 1842. The
road was long to our present condition of financial stability.
The story is given of the three kinds of State banks which
existed before the Civil War; those with only private stockholders; those in which the State was part owner, and those
owned and managed by the State. Their varied history in
different parts of the land is told in detail, with the lessons
"In 1820 there were 300 banks in the United States, of which only one
had a national charter, and a few had' charters granted by the States.. Charters were a special favor and a strong popular prejudice existed against them
as being monopolies. Circulating notes were their chief source of profit
and losses were heavy. Private persons could issue notes of demand and
banking was open to all who could get anybody to trust them. Deposits,
were a minor matter, the notes supplied funds.
1887
to be drawn from it. The result appeared in the sounder
monetary basis reached by 1846, when the Mexican War occurred and no bank failure ensued. The system of free
banking requiring investment of part of the funds in bonds
and securities deposited with the State as security for its
paper currency adopted by New York in 1838 furnished the
model for the national banks set up during the war. Its
immediate effect, however, was to open the door for wildcat
banks of every conceivable kind until in 1842, when under
the lead of Louisiana, followed by Massachusetts, a specie
reserve against liabilities began to be required by law. Ohio
added improvements by uniting free banking with a secured
currency system, a safety fund and a centrally controlled
branch system for a State bank. The American system of a
multitude of free banks is the outcome of our democracy protesting against monopoly, and its peculiar disadvantages
have been partly overcome through the changes effected
since the 'passage of the Federal Reseve Act in 1913. It
j'ests upon our national plan of government, a system of coordination and federation, rather.than of consolidation.
The Clearing House, which is an essential part of our
present system, was inaugurated in New York in 1853. It
puts a curb upon reckless banking and serves as a supplement to the supervision by the Government. The co-ordination of the banks which it has secured has proved a valued
source of strength in periods of crisis or panic. This newspaper now publishes weekly clearings of 117 cities, and some
250 cities have some form of clearing arrangement.
Though the immediate effect of the panic of 1857 was to
bring the banks to an agreement to maintain a fixed ratio of
cash reserve, the evils of a spontaneous and generally unsupportable currency increased with the growth of the country. By 1861, when the war broke out, there were 1,600
banks, and such a motley array of bank notes and so many
counterfeits that the yearly cost of domestic exchange was
estimated at $50,000,000; a condition which led Prof. W. G.
Sumner to' say in his histroy of early American banking.
"that a parallel would be sought in vain in the history of
currency."
With the Civil War came the issue of the 7.30 Treasury
notes by the Government and the lean of $150,000,000 by
the Eastern banks to the Government. At the close of 1861
the banks were compelled to suspend and go upon a paper
basis, which lasted for 17 years. The situation rapidly developed. The Government contributed to it by issuing $600.000,000 of non-interest-bearing notes: eventually making
them receivable for import duties. In February 1862 the
Government was authorized to issue $150,000,000 of nonconvertible paper money, part of which was to redeem the
earlier demand notes. It was in fact a forced loan, and the
country was embarked on the long era of inflation. A second issue of like amount followed in July, and a third In
March 1863. This was the last, $450,000,000 in all, of "greenbacks," The country was at the height of its war-time prosperity and taxes had become productive. Gold became an
article of trade, and its market price regulated business.
California alone stood out against paper, including greenbacks, and single-handed maintained the gold standard.
The greenbacks, it is estimated, added $580,000,000 to the
cost of the war; and the social cost did not end with the
war.
The genius and energy of a single banker, Mr. Jay Cooke,
enabled the Government to stop further issue and to sell
interest-bearing bonds to meet its needs to the end of the
(Continued on page 1925.)
The New Capital Flotations in September and the
Nine Months Since January 1
As appears from the compilation which we present further
below for the month of September, new financing in this
country continues very heavy, and the aggregate of the new
issues brought out during September ran well ahead of the
totals for the two months preceding. Our tabulations, as
always, include the stock, bond and note issues by corporations and by States and municipalities, foreign and domestic, and also Farm Loan issues. The grand total of the
offerings of new securities under these various heads during September reached $540,251,949. This compares with
$454,483,973, in August and $428,299,766 in July, but with
$649,602,434 in June and $627,050,947 in May. As previously
pointed out, some exceptional offerings of large size served
to swell the totals in these two last mentioned months. In
May the aggregate was swollen by the offering of $150,000,000 new stock to its shareholders by the American Telephone
& Telegraph Co. In June the magnitude of the awards by
States and municipalities acted to raise the total to unusual
Proportions, New York City alone contributing considerably
over $100,000,000. In April the total of new issues coming
on the market was $480,889,016, in March $365,030,818, in
February $535,532,594 and in January $536,082,690.
One item of financing served to add $90,000,000 to the
total, except for which the September aggregate would have
1888
been about the same as that for August. The Dominion of
Canada did some extensive financing and a considerable
part of the new issues found a market here. The Dominion
successfully floated $175,000,000 securities for refunding
purposes during the month. Of the total, $90,000,000, consisting of 4% one-year notes, were placed in this• country,
having been purchased by a syndicate headed by the Chase
Securities Corporation and Blair & Co., Inc., both of New
York. The other $85,000,000, made up of $35,000,000 4%
2
-year bonds and $50,000,000 4% 20-year bonds, were
floated at home, having been awarded to a local banking
syndicate managed by A. E. Ames & Co. of Toronto. These
latter, of course, are not included in our compilations.
The aggregate of municipal issues awaded by States and
municipalities in this country during September was well
below that for August, having been the past month only
$85,128,386, whereas the amount for August was $107,570;
317. Last year, however, in September, the municipal sales
footed up only $56,398,075, but on the other hand, in September 1922, the total was $99,776,656 and in September
1921 $88,656,257.
The corporate issues were again large, and at $312,425,360 for September compare with $287,848,656 for August. In
September of last year the amount of the corporate Issues
was no more than $141,289,160, but in September 1922 it was
$368,680,400.
An interesting fact in connection with the new financing
done by corporations during the month is that for the second
consecutive month the railroad offerings greatly predominate. The total of railroad Issues during September reached
$130,813,000, exceeding the total of $116,340,000 reported
during August and *even that of $119,341,900 in June, the
previous high monthly record this year. Public utility issues aggregated $91,468,000 in September, which compares
with $74,131,400 in August, but with $145,507,250 in June
and with no less than $278,639,000 In May. Industrial offerings amounted to $90,144,360 in September, which is a little
less than the $90,377,256 shown for August and a slight increase over the July total of $88,784,532.
The aggregate of all corporate offerings during September, as already stated, was $312,425,360, and of this amount
$244,473,500, or over 78%, comprised long term issues, only
$17,760,000 was short term and $50,191,860 consisted of stock
Issues.
The portion of corporate issues used for refunding purposes in September amounted to $39,058,800, or 12% of the
total. In August $92,862,000, or 32%, was for refunding
purposes, this unusually large percentage being due mainly
to the offering during that month of $75,000,000 Baltimore &
Ohio RR. Co. 1st mtge. 5s of 1948, the entire proceeds of
which were used for refunding purposes. In July $46,184,000, or slightly over 16% of the total, was for refunding purposes; in June the amount was $63,221,300, or over 20%; in
May $48,701,000, or neatly 10%; in April only $25,803,900,
or 9%; in March only $11,529,000, or less than 5%; in February $37,285,000, or 14%, and in January $27,792,400, or
9%. Of the $39,058,800 used for refunding in September,
$21,784,800 was long-term issues sold to refund existing
long-term issues, $3,653,000 was long-term to refund shortterm debt, $500,000 was long-term to refund preferred stock,
$1,621,000 was short-term to refund existing short-term debt
and $11,500,000 was in the form of a preferred stock issue
sold to refund existing short-term debt.
The largest and most important corporate issue of the
month was the $26,000,000 Canadian National Railways 30year 4%s, 1954, offered at 96, yielding about 4.75%. Other
large issues on behalf of railroads were: $20,955,000 New
York Central Lines equip. trust 4%s, 1925-39, offered on an
average yield basis of 4.70%; $15,750,000 Pennsylvania RR.
general equip. trust 4%s,"C," 192539, offered on an average
yield basis of 4.70%; $15,000,000 Florida East Coast Ry.
.Co., 1st & ref. mtge. 5s, "A," 1974, offered at 96, yielding
[VOL. 119.
THE CHRONICLE
about 5.22%. In addition to these the following foreign
railroad issues were floated: $20,000,000 Paris-Lyons-Med4,
iterranean RR. external gold 7s, 1958, offered at 931 yielding about 7.55%; $2,200,000 of this same road's six months'
4% basis and $10,collateral notes placed privately on a 51
000,000 Paris-Orleans RR. Co. external gold 7s, 1954, offered
at 92%, to yield about 7.60%.
The important public utility issues were as follows: $15,000,000 Public Service Electric & Gas Co. 1st & ref. mtge.
5%s, 1964, offered at 96%, yielding about 5.70%; $15,000,000
Columbia Gas & Electric Co. 7% cum. pref. stock, Series
A, offered to stockholders at par; $15,000,000 Duquesne
Light Co. (Pittsburgh) 1st pref. stock 7% cum., Series A,
offered at 106, yielding about 6.60%, and $10,000,000 Public
Service Co. of Colorado 1st mtge. & ref. 5%s, "B," 1954,
offered at 93, to yield about 6%.
Industrial issues worthy of note were: $6,850,000 Skelly
1s,
/
-year cony. 62 1927, offered to stockholders at
Oil Co. 3
par;. $4,000,000 Temple Anthracite Coal Co. coll. tr. 6%s,
1944, at 99, yielding 6.55%, and $3,000,000 of this same company's debenture 7s, 1944, offered at 98, to yield about 7.10%.
Five foreign loans aggregating $42,000,000 were floated
here in September. The issues were as follows: $30,000,000 Kingdom of Belgium External Loan 25-yr. 6%s, 1949, offered at 94, to yield 7%; $5,000,000 Argentine Six Months'
4% Notes, Mar.1 1925, offered at par; $3,000,000 Kingdom of
the Serbs, Croats and Slovenes (Jugoslavia) Seven Months'
6% Notes, Mar. 31 1925, offered privately at par; $2,500,000
-year coll. trust 5%s, Sept. 1 1926, ofDominican Republic 2
1s,
/
fered at par, and $1,500,000 Kingdom of Hungary, 72
placed privately.
The only issue in the farm loan group was $10,000,000
,4% DebenFederal Intermediate Credit Banks Six Months'41
tures, which were placed privately.
The following is a complete summary of the new financing-corporate, State and city, foreign Government, as well
-for September and the nine months
as Farm Loan issues
ending with September, of the current calendar year. It
will be observed that in the case of the corporate offerings
we subdivide the figures so as to show the long-term and the
short-term issues separately and we also separate common
stock from preferred stock.
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN
AND MUNICIPAL FINANCING.
New Capital.
1924.
MONTH OF SEPTEMBER
Corporate-Long-term bonds and notes •
Short-term
•
Preferred stocks
•
Common stocks
•
Foreign
Total
Foreign Government
Farm Loan issues
War Finance Corporation
Municipal
Canadian brought out In U.S
U.S. Territories & possession
Grand total
Refunding.
S
8
mai.
$
214,473,500
15,560,000
43,025.000
7.166.860
32,200,000
188,535,700
13,939.000
31.525,000
7.166,860
32,200,000
25,937,800
1.621,000
11,500,000
273,366,580
14,940,555
10,000,000
39,058,800 8312.425,360
42,000,000
27,059,445
10,000,000
81,450,186
90,698,203
8,678,200
85,128,386
9u,698,203
470,455,504
69,796,445
540,251,949
9 MONTHS ENDED SPET. 30.
Corporate-Long-term bonds and notes 1,469,332,923
Short-term
230,972,000
Preferred stocks
198,775.277
Common stocks
411,187,989
Foreign
100,880,000
Total
2,411,148,189
Foreign Government
243,945,565
Farm Loan issues
154,400,000
War Finance Corporation
Municipal
1,103,424.944
Canadian brought out IOU.S- 126,754.765
U. S. Territories & Possessions
6.035,000
Grand total
4.045.708,453
312,148,177 1,781,479.100
37,891,000 268,863,000
26,900,223 225,675,500
5,500,000 416,687.989
10,000,000 110,880,000
892,437,400 62803585589
177,059,445 421,005,000
154,400,000
12,061,088 1,1i5.46.032
16,650,000 143.404,765
6,035.000
598.207.933 4,643.916,386
a Includes $26,000,000 of long term Canadian securities offered in United States.
b Includes $89,525,000 of Canadian securities offered in United States, of which
$60,375,000 is long term and $29,150,000 short term.
In the elaborate and comprehensive tables, which cover
the whole of the two succeeding pages, we compare the foregoing figures for 1924 with the corresponding figures for the
four years preceding, thus affording a five-year comparison.
We also furnish a detailed analysis for the five years of the
corporate offerings, showing separately the amounts for all
the different classes of corporations.
Corporate—
Long term bonds and notes.Short term
Preferred stocks
Common stocks
Foreign
.
Total
Foreign Government
Farm Loan issues
War -Finance Corporation
Municipal
Canadian brought out in U.S.
ions
U.S. Territories & P
New Capital.
Refunding.
Total.
$
214.473.500
15,560.000
43,025.000
7,166.860
32,200.000
$
188.535.700
13.939.000
31.525.000
7.166.860
32.200 000
$
25,937,800
1.621.000
11,500.000
273.366.560
14.940.555
10.000,000
39,058,800 *312.425,360
42.000.000
27,059.445
10.000.000
85.128.386
90,698.203
3,678.200
81.450.186
90,698.203
New Capital.
Refunding.
Total.
New Capital.
Refunding.
$
$
3,182,000
105,078,000
3.150.000
1,000,000
5.350.000
23.529.160
$
108,260,000
3.150.000
6,350,000
23,529.160
$
131,066.900
425.000
29.763.500
124,925,000
$
82.500,000
137.107.160
5,000.000
2,000,000
4,182.000
50,000.000
141,289.160
55,000.000
2.000.000
286,180,400
82,500,000
55.679.825
718.250
56,398,075
98.482.345
2.638.000
5.142.000
1,294.311
3,885.000
610.000
255,297.235
482,142.745
87.679.311
610.000
69,796,445. 540.251,949 200.396.985
470.455,504
Grand total
* Includes $26,000,000 of long term Canadian securities offered in United States.
54.900.250
Total.
New Capital.
Refunding.
Total.
New Capital.
$
213.566,900
425.000
29.763.500
124,925.000
$
173.428.500
4,743,600
$
36,107.500
500,000
2,500.000
$
209,536,000
5,243.600
2,500,000
$
77.909.000
8,225,000
16.587.900
6,909,785
368.680,400
178,172.100
50.000.000
8.250,000
39,107,500
217.279.600
50.000.000
8,250,000
99.776.656
6,523.000
5.142.000
87,773.257
32.908.000
883.000
569,822,056
357.103,357
39.990,500
89,700,000
89,700.000
1920.
1921.
1922.
1923.
1924.
MONTH OF SEPTEMBER.
Refunding.
$
Total.
250,000
469.080
$
80.132,000
8.225.000
16.837.900
7,378,865
109.631.685
20,000.000
2.942,080
100,000,000
112,573.765
120.000,000
88.656,257
32.908.000
48.443.268
2,300,232
1,377.500
49,820,768
2,300.232
397,093.857
180.375.185
104.319.580
100
L'fg6T C.Z ' ,
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE MONTH OF SEPTEMBER FOR FIVE YEARS.
284.694,765
2,223,000
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE MONTH OF SEPTEMBER FOR FIVE YEARS.
Refunding.
Total.
New Capital.
Refunding.
$
1.000.000
1.150,000
$
24.810.000
32.285.000
1,275.000
$
30.637.400
29.084,500
7,225,000
3,875,000
1,378,700
39.567.500
10.000,000
9.568.000
8.000.000
17,520.000
382,000
3,621.300
250,000
:3.875.000
5.000,000
39.817.500
10,000,000
9.950,000
8.000,000
17,520,000
$
3.150.000
500.000
3.650,000
3.770.000
650.000
4,420.000
19.900.000
218,535,700
25.937,800
244,473,500
105,078.000
3,182,000
108,260,000
131,066,900
2,200.000
3,704,000
1.621,000
2.200.000
5.325.000
Refunding.
$
$
133.020.000
8.908.500
650,000
11.015.000
30.000,000
3,205,000
300,000
15,750,000
250,000
4.050,000
10.000.000
60,000.000
79.900.000
500.000
82,500,000
213,566,900
173,428,500
36,107,500
500,000
22,500.000
3,150.000
3.150.000
New Capital.
$
30.637,400
51,584.500
7.225,000
11,015,000
30,000,000
3,205,000
$
1920.
1921.
Total.
318,600
750,000
$
23.810.000
31,135.000
1.275,000
Total
Short Term Bonds & Notes—
Railroads
Public utilities
Iron. steel, coal, copper. &c
Equipment manufacturers
Motors and accessories
Other Industrial & manufacturing_ Oil
Land, buildings, &c
Rubber
Shipping
Miscellaneous
Total corporate securities
New Capital.
$
128.613.000
49.818.000
13,700.000
$
124,960.000
31.904.500
13.700.000
Total
Total Railroads
Public utilities
Iron, steel, coal. copper, &c
Equipment manufacturers
Motors and accessories
Other industrial & manufacturing
Oil
Land, buildings,.tc
Rubber
Shipping
Miscellaneous
Total.
3.653.000
17.913,500
Long Term Bonds & Notes—
Railroads
Public utilities
Iron. steel. coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial & manufacturing—
Oil
Land, buildings, &c
Rubber
Shipping
Miscellaneous
Total
Stocks—
Railroads
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial & manufacturing
Oil
Land. buildings, Sec
Rubber
Shipping
Miscellaneous
Refunding.
28,107.500
Total.
$
133.020.000
37.016,000,
650.000
300.000
23.750,000
250.000
4,050,000
10,000.000
New Capital.
Refunding.
$
$
40.249.000
20,000,000
3,700,000
1,398.000
Total.
$
41.647,000
20.000.000
3,700,000
11,775.000
100,000
1,785,000
125,000
11,775,000
100,000
1,910.000
300,000
8,000,000
700,000
1,000.000
209,536,000
77,909.000
2,223,000
80,132,000
818,600
750,000
1,000,000
500,000
1,000,000
225,000
1,500,000
16,139,000
24.825.000
300,000
1,621,000
11,500,000
17,760,000
36,325,000
125.000
675,000
1,500,000
675.000
1,500,000
3,150,000
425,000
425,000
5.280.120
5,280,120
16.038,500
124.225.000
5,000,000
6,800.000
10,000.000
800.000
3,535,000
5.890.000
500,000
5,243,600
8,225,000
8,225,000
2.500,000
10.000.000
500.000
10.000,000
500,000
3,535,000
5.890.000
1,299,600
4.529.760
2,837.500
1.299.600
4,529,760
2,837,500
1,200,000
1.200,000
6.800,000
10,000.000
800,000
4.000.000
4.000.000
5.999.040
1,000.000
1,000.000
5,999.040
154,688,500
50,191.860
28.879.160
1,000,000
29,879.160
154,688,500
3.653,000
31,034,500
130.813.000
91.468.000
13.700,000
1.299.600
4,529.760
9,312,500
11.850,000
41.802,500
23,810.000
39.565.120
1.275.000
1.000,000
1,150,000
24,810,000
40.715.120
1,275.000
46,675.900
153,309.500
12,225.000
10,000.000
16.368.000
18.000.000
18,320,000
382,000
10.000.000
16.750.000
18.000.000
18,320.000
14,850.000
30.000.000
3,330.000
1,000.000
10,419,040
25.790,000
60.000.000
85.790,000
141.280.160
2lifi.180.400
82.8110.000
268.680.400
178.172.100
500,000
7,650,000
9,769.040
273.366.560
39.058.800
312.425.360
137.107.160
4.182.000
719,080
24,216,765
51,249.000
20.500,000
3.925.000
3,600.000
22.197,685
1,250,000
5,285,000
1.398,030
52,647.000
20,500,000
3.925,000
4,069.080
22,447,685
1,250.000
5,410.000
700,000
500.000
1,000.000
625.000
1.700.000
625,000
217.279,600
109.631.685
2.942.080
112.573.76'
2,500.000
500.000
7,150.000
23,497,685
625.000
625.000
11,500,000
1.000,000
650.000
4.069.080
9,022.685
2,500,000
38,691,860
3,621,300
250.000
469.080
250.000
3,600,000
8.772.685
127,160.000
60.433,500
13.700.000
1,299.600
4,529.760
9,312.500
8,228.700
41,552.500
46.675.900
175,809.500
12,225,000
133,338,600
9,658.500
650,000
500.000
30,607.500
133,838.600
40,266.000
650.000
14.850.000
30,000.000
3,330.000
22.500.000
700.000
2,500.000
4,743,600
16,038.500
124,225.000
5.000.000
3,150,000
1,650,000
1,150.000
3.500,000
1.500.000
300.000
125.000
2,600.000
6,850.000
785,000
2.600.000
6.850.000
785,000
225,000
1,650.000
1,150,000
3,500,000
700,000
•
1,800.000
15,750,000
925,000
5.550,000
10.000.000
________
8,000.000
1,800.000
23,750,000
925,000
5.550,000
10,000,000
39.107.500
469,080
250,000
125.000
arlausiouno
New Capital.
1922.
1923.
1924.
MONTH OF SEPTEMBER.
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE NINE MONTHS ENDED SEPTEMBER SO FOR FIVE YEARS.
NINE MONTHS ENDED
SEPTEMBER 30.
1924.
•
New Capital. 1 Refunding. i
Corporate$
Long term bonds and notes__ 1,469,332.923
Short term
230,972.000
Preferred stocks
198,775,277
Common stocks
411,187,989
Foreign
100,880.000
1923.
Total.
New Capital.
$
$
$
312,146,17711,781,479,100 1,328,027,057
37,891.000, 268,863,000
125.495.700
26,900,2231 225.675.500 219,998,847
5,500,000i 416,687.989 221,671,274
10,000,000 110,880,000
24.100,000
1922.
Refunding.
Total.
New Capital.
$
$
$
336,808,543 1.664,835,600 1.245,535.935
22,916.800 148,412,500
105,126,000
68,609,839 288.608.686 234,791,100
3,266.760 224.938,034 228,613.332
80,445,000
24,100.000 I
Refunding.
1921.
Total.
528,928.415 1,774.464.350
23.011,000 128,137,000
30,300,000 265,091,100
10.291,625 238.904,957
81,695.000
1.250,000
New Capital.
$
969,066,720
143.267,766
36,376.900
186.854.215
15.150.000
Total
2,411.148.189 392,437.406.2803 585,589 1,919,292,878 431.601.942 2,350,894.820 1,894.511.367 593.781.040 2,488,292.407 1.350.715.601
Foreign Government
243,945,555 177,059,445 421,005,000
15,000.000 369,305,000 239,000.000
145,845,000
56,000,000 201.845,000 354,305,000
Farm Loan issues
154,400,000
154,400,000 245,118,000
55,032,000 300,150,000 312.040.000
48.250,000
42,000.000 354,040,000
War Finance Corporation
Municipal
12,061.0881.115,486.032 831,284,545
1.103.424.944
15,679,240 846,963,785 895,515,624
23,339,269 918,854,893 748.253.686
Canadian brought out in U.S. 126,754,765
16.650,000 143,404,765
67,994,650 107,135,000 175.129,650
41.249,679
26.308,000
14,941,679
59,232,000
U.S. Territories & Possessions
6,035.000
6.035.000
3.461.000
25,022,000
29.626.000
29,626.000
3.461,000
1
,
Grand total
4.045,708.453 598.207.933 4.643.916.386 3.171.309.423 573.254.861 3.744.564.284 3.553.992.641 781.255.309 4.335.247.950 2.470.473.257
*Includes 589,525,000 of Canadian securities offered in United States, of which $60,375,000 is long term and $29.150,000 short term.
Refunding.
1920.
Total.
New Capital.
S
$
435,630.980 1,404,697,700
20,758,000 164.025,766
39,652,500
3,275,600
186,854,215
15,150,000
$
778,319.245
386,698.252
447,331.187
461,129.058
26.675,655
459.664,580 1,810.380,181 2,100,153,397
50,000,000 289,000.000
145,000,000
48.250,000
6,040,937
754.294,623
59.232.000
25.022,000
515 7n5 517 2 QRA
17R
480,223,474
29.355.232
10,015,000
504
97n4 747 ma
Refunding.
$
72,112,755
87,274,248
21,268.533
14,629,830
GOD
Total.
S
850.432,000
473,972,500
468,599,720
475,758.888
26,675.655
195.285,366 2,295,438,763
100,000,000 245,000,000
8,952,749
7,498,000
489,176,223
36.853,232
10,015,000
511 755 115 5 (17R 4RR 21R
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE NINE MONTHS ENDED SEPTEMBER 30 FOR FIVE YEARS.
1924.
New Capital.
Long Term Bonds & Notes
Railroads
Public utilities
Iron. steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial & manufacturing.
Oil
Land, buildings, &c
Rubber
Shipping
Miscellaneous
$
522,609,800
525,677.423
90,312.000
5.960,000
4.460,000
99,204.000
11,310,700
202,850,000
400,000
3,800,000
79,429,000
Total
1,546,012,923
Short Term Bonds & Notes
Railroads
56.250.000
Public utilities
88,742.000
Iron, steel. coal, copper, &c
1,675,000
Equipment manufacturers
1.000.000
Motors and accessories
9.000.000
Other industrial & manufacturing...
5,160,000
011
60,350.000
Land, buildings, &c
3,710.000
Rubber
Shipping
Miscellaneous
29.285,000
Total
Stocks
Railroads
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial & manufacturing-Oil
Land, buildings, &c
Rubber
Shipping
Miscellaneous
255.172,000
26,823.737
405,852,389
15,484.160
1,962.100
7.756.760
64.178,100
55.390.968
8.343.357
1.600,000
1923.
Refunding.
S
140,891,900
123.266,077
20,148,000
8,315,000
18,699.900
7.899.300
1.040,000
1.886.000
Total.
$
663,501.700
648,943.500
110,460,000
5,960,000
12,775.000
117,903.900
19.210.000
203,890.000
400,000
3.800,000
81.315.000
19,000,000
15,041,000
650,000
S
27,073.000
165,319,629
46,806,861
4,288.000
25,139.053
30,084,000
1.250.000
665,000
107,000
36,076,000
Total.
$
320.477,500
526.715.600
282,825,000
8,210,000
26,250,000
140,878,500
96,100,000
149,619,000
2.000.000
2,675.000
133,185,000
New Capital.
1921.
Total.
$
428.486.380
334,724.039
91,785,000
$
108,223,570
142.221,161
1.750.000
$
536,709.950
476,945,200
93.535,000
11,650,000
129,550.881
73.149.300
98,594,000
3.600,000
19,110,000
135,331,335
2,500,000
56,464,119
108,220,700
8,530,000
26,200,000
1,500,000
74,568,865
336,808,543 1,688,935,600 1,325,980,935
New Capital.
Refunding.
$
292,018,580
68,817,000
10,537.000
14,150.000
186,015,000
181.370,000
107.124.000
29.800,000
20,610.000
209.900,200
$
250.465,420
212,383,000
19.340,000
6,195.000
15,400,000
145,152,300
139.400,000
25,010.000
77.500,000
2.335.000
86,161,000
530,178,415 1,856,159,350
979,341,720
435,630.980 1,414,972,700
600,000
22.569,400
28,000,000
650.000
3,950,000
8.489.000
1920.
I
Total.
$
542.484,000
281.200,000
29,877,000
6,195,000
16.000.000
167,721.700
167.400.000
25.660.000
77.500,000
6.285,000
94.650.000
New Capital.
Refunding.
Total.
$
$
259,622.500
126,069,500
48,316,000
20.310,000
2.675,000
78,970.245
19.320.000
64,004.000
20,100,000
7,326,000
131.606,000
20.369.755
700,000
8,834,000
S
283,622,500
131,726.500
60,710,000
20,310,000
2,675,000
99.340,000
19,320,000
64.162,000
20,100,000
8,026,000
140,440.000
778,319,245
72,112,755
850,432,000
1,500,000
80,274,248
21,500,000
180.065,500
12,035,000
6,306.000
8,550,000
75,009.000
130,662,000
7,435,000
30,400,000
7,085,000
10,925.000
87,274,248
24,000,000
5,657,000
12,394,000
158,000
22.855,223
200,000
9,345.000
22,571,695
1,000,000
3.535,500
293.063,000
125,495,700
26.823.737
428.707,612
15.484,160
1.962,100
7.956,760
73.523,100
55.390.968
8,343,357
1,600,000
300,000
129.056,506
28.012.246
22,571,695
37,891.000
9,087,500
36.802.200
9,850,000
830,000
15,496,000
3,000,000
44.814,000
1,080,500
29,285,000
3,200,000
68.489.848
1.000,000
35,625,000
20,490,325
141,868.332
61.233,703
11,148.000
350.000
1.000,000
104,114.848
53.743.000
7,887.500
250,000
8.137,500
642,363,489
441,670,121
71.876,599
513,546.720
463.404,432
40.591,625
503.996.057
226.606,115
3.275.600
229.881.715
919,135,900
35,898.363
955.034,263
302,792,000
527,254,677
273,880,385
9.040.000
56.613,325
243.648.630
171.079,013
160,597,500
1,685,000
3,568,000
169,134,348
27,073.000
187,908.429
51.703.621
329.865.000
715,163.106
325.584.006
9,040.000
71.840.325
287,546.832
202,147.703
161,847.500
2,350,000
4,675,000
240,835.348
487,806,280
583.505.709
129.125,450
4,006,000
39,875.000
178.564.883
145,369.710
106,584,000
7.775.000
19,325,000
192,574,335
111.223.570
188.550.786
1.750.000
1,393,000
2.500,000
61,364,119
116.200.700
8,530,000
26,200,000
1,500,000
74,568,865
599.029,850
772.056.495
130,875,450
5,399.000
42,375,000
239,929,002
261,570.410
115,114,000
33.975,000
20,825,000
267.143,200
254,084,020
337.741,990
72.018,225
6,420.000
22.682.000
174.328,700
267.575.000
31.865,000
77.500,000
2,610,000
103,890,666
292.518,580
87.940.000
10.537,000
546.602,600
425,681.990
82,555.225
6.420,000
600,000
23,282.000
23,830.000 198.158,700
30,500.000 298.075,000
650,000
32,515,000
77.500,000
3,950,000
6,560,000
9.139,000 113,029,666
279,622,500
266,098.042
104.690.680
27,216,000
116,999,595
493,383.046
380.895,502
81.705.047
99,663,600
30,264.500
219,614.885
25,500,000
91,325.498
12,394,000
305,122.500
357.423,540
117,084.680
27,216,000
131,039,325
529,681.684
382,195.502
83,113.047
99,738.600
30,964,500
231,859,385
159,891.900 765,575,437
161,162,300 1.181.434,112
20,798,000 128,269,160
8,922,100
8,515.000
29,731,760
31,244,900 199.787.000
7,899.300 134,950,968
1,040,000 215.943.357
2,000.000
______
3,800.000
1,886,1100 133,171.695
Total corporate securities
2.411.145 180
392 457
32.400,223
4n(12 ROR
19,155,325
124,909.183
60,249,013
11,148.000
350,000
ARA ARO 1 010 909 R732
_ _ _ ___
11,512,800
Refunding.
75,250,000
103.783,000
2,325.000
1.000,000
9,000,000
8,360,000
60,350.000
3.710,000
605,683.537
1,020.271.812
107,471.160
8.922.100
21.216,760
168.542,100
127,051.668
214.903,357
2.000.000
3.800.000
131,285,695
$
293,404,500
361,395,971
236,018.139
8.210.000
21,962,000
115,739,447
66,016,000
148,369.000
1,335,000
2,568,000
97,109.000
1922.
Refunding. I
322,146,177 1.868,159,100 1,352,127,057
Total
Total
Railroads
Public utilities
Iron, steel, coal, copper. ,
ke
Equipment manufacturers
Motors and accessories
Other industrial & manufacturing_
Oil
Land, buildings, &c
Rubber
Shipping
Miscellaneous
609,963,266
New Capital.
9,087,500
48,315.000
9,850.000
830.000
25.100,000
4.800,000
44,814.000
1,080,500
32,351.800
18.245,000
404.200
16,700,000
800,000
30,400,000
2,510,000
16,700.000
800.000
30,400,000
2,510,000
3.618.600
22.372,000
44,000,000
225.000
4.700,000
7,515,000
46,875.000
5,345,000
1,000,000
3,535.500
215.000
3,500.000
215,000
3.500.000
275,000
9.842.166
400,000
275,000
10,242,166
20,000,000
99,791.252
12.035,000
6,306.000
8,550,000
72,009.000
129,412.000
6,185,000
30,400.000
7,085,000
10.925.000
22,916,800
148,412,500
105,126,000
128,137,000
144,767,766
20,758,000
165,525.766
402.698,252
11,076,000
4,896.760
300,000
140,132.506
32.908,006
26.968,100
230.536,670
36,936.250
4,006,000
11,525,000
48,214,002
41.820,410
5,480.000
4,175.000
102,986.990
8.678,225
2,500.000
105,486.990
8.678,225
2,582.000
21,661,400
81.300,000
1,510,000
525,600
2,582,000
22.187.000
81.300.000
1,510.000
40,237,290
5.394,250
45,631,540
44,339.680
44,339,680
600,000600,000
105,774.595
11,6-95 119,814,325
3
342.403,801
12,928,883 355.332,684
232,163,502
50,000 232,213.502
11.516.047
11,516.047
49,163.600
75,000
49,238.600
15,853,500
-_ _____
15,853,500
77.083,885
3,410,500
80,494,385
9,604,000
1.800,000
1,335,000
16,959,149
984,690
15,227,000
43,898,202
31.068,690
1,250.000
665,000
1,107.000
71.701,000
451 A01 0409
IAn
3,000.000
20,011,000
23,011,000
26,318,625
1,393,000
4,900.000
7,980,000
53,743,000
1204 490 1 504511 257
35.351,800
38,256,000
404,200
26.968,100
256,855.295
36.936,250
5,399.000
11,525,000
53,114,002
49.800.410
5.480.000
4,175.000
50272t nAn 9 A22 904 4n7 1 qgn7lq nni
500.000
16,623,000
735,000
2,500,000
4,118.600
38,995,000
44,000,000
225,000
4.700.000
8,250,000
49,375.000
5,345,000
450554 nian 1 Qin aQn 141 9 inn lc./ 407
3,000,000
1,250,000
1,250,000
14,039,730
36,298.638
1,300,000
1.408.000
75,000
700.000
12,244.500
489,972,500
10; 94g QAA 0 90k A44 7Aq
arlDINOITHO aHL
NINE MONTHS ENDED
SEPTEMBER 30.
THE CHRONICLE
OCT. 251924.]
SEPTEMBER 1924.
DETAILS OF NEW CAPITAL FLOTATIONS DURING
FIVE YEARS).
BONDS AND NOTES (ISSUES MATURING LATER THAN
LONG-TERM
Amount.
Purpose of Issue.
To Yield
About.
Price,
Company and Issue and by Whom Offered.
1st M. 5s, 1964. Offered by Kuhn, Loeb &
5.45 Arkansas & Memphis Ry. Bridge & Terminal Co.
Co. and Dillon, Read & Co.
Offered by Dillon, Read & Co.. National City Co..
4.75 Canadian National Rya. 30-Yr. 434s, 1954. Co. Harris, Forbes & Co., Bankers Trustee.. White,
96
26,000,000 General corporate Purposes
Guaranty Co. of N. Y. Lee, Higginson &
Trust & Says. Bank and
'
Weld & Co., Continental & Commercial Tri;st & Save. Bank, First
Illinois Merchants Trust Co.
"F," 1925-32. Offered by Plympton, Gardner & Co. and
4-534 Central Vermont Ry. Equip. Trust 5s,
767,000 New equipment
Paine, Webber & Co.
1925-34. Offered by Freeman & Co.,
4-5.00 Chicago Rock Island & Pacific Ry. Equip. Trust 55,"M," Co., Baltimore. and the Coal & Iron
equipment
3,760,000 New
N. Y.; J. S. Wilson Jr. & Co., Baltimore; the Continental
National Bank, N. Y.
Offered by J. P. Morgan & Co., First
5.22 Florida East Coast Ry. Co. 1st & Ref. M.58, "A," 1974.
96
15,000,000 Additions, betterments, &c____
National Bank and National City Co.
by J. P. Morgan & Co.,
New York Central Lines Equip. Trust 4348 of 1924, due 1925-39. Offered Forbes & Co.
(average) 4.70
20,955,000 New equipment
First Nat. Bank, National City Co.. Guaranty Co. of N. Y. and Harris,
Goldman,Sachs & Co., Bank7.55 Parts-Lyons-Mediterranean RR. Co. External 7s, 1958. Offered by
9334
Union Trust Co., Pittsburgh.
20,000.000 Retire floating debt;improvements
ers Trust Co., Lehman Bros., Halsey, Stuart & Co., Inc., andCo., Brown Bros. & Co„ Halsey.
7.60 Paris-Orleans RR, Co. External 75, 1954. Offered by A.Iselin &
9234
10,000,000 Electrify lines; capital expenses
Stuart & Co., Inc., and Hemphill, Noyes & Co.
1925-39. Offered by Kuhn, Loeb * Co.
(average) 4.70 Pennsylvania RR. General Equip. Trust 434s, "C,"
dr Co.
15,750,000 Newequipment
4-4.80 Southern Ry. Equip, Trust 434s, "Z," 1925-39. Offered by Drexel 5.10, "A," 1864. Offered
• 7,050,000 New equipment
Terminal RR. of New Orleans 1st M.
5.50 Texas Pacific-Missouri Pacific
Refunding; other corp. purposes_. 100
5,000,000
by Kuhn, Loeb & Co.
Clark, Dodge & CO.
5.00 Winston-Salem Terminal Co. 1st Mtge, 58, 1966. Offered by
100
800,000 New construction
Railroads
3,531,000 Acquired from proprietary cos_ ___
92%
128,613,000
Public Utilities
250,000 Acquisitions; improvements
• 1,293,000 Acquisitions; improvements
99
50%
92%
96
150,000 Acquisitions
6,000,000 Acquisitions; other corp. purposes_
,
87%
92%
180,000 Capital expenditures
125,000 Consolidation of properties
2,000,000 Additions, extensions, &c
100.000 Development; construction
200,000 Capital expenditures
, 1.000,000 General corporate purposes
100
101%
99%
97%
400,000 Refunding; acquisitions
101
10,000,000 Refunding; improvements
3,275,000 Refunding;other corp. purposes- _
15,000,000 Refunding; addns& improv'ts_
5,000,000 Construction
3,500,000 Refunding; other corp. purposes
475,000 Acquisitions, additions, &c
870,000 Acquisitions; extensions
93
9634
9634
97
9134
99%
100
49,818,000
Iron, Steel, Coal, Copper, &c.
100
50,000 Expansion; improvements
100
600,000 Capital expenditures
2,200,000 Capital expenditures: wkg.eaPital- 97
500,000 Development of properties
600,000 Acquisitions
250,000 Development of properties
4,000,000 Acquisitions
3,000,000 Acquisitions
2,500,000 Acqubs. & consol. of properties....
100
100
99
98
99
Dulin & Co., Los Angeles,
6.55 Belvedere Water Corp. 1st M.6%s,"B," 1944. Offered by Hunter, Arthur Perry & Co.. Paine,
by
5.85 Indiana Service Corp. 1st & Ref. Mtge. 5s, "A," 1950. Offered
Co., Inc.
Webber & Co., and Halsey, Stuart &
& Co., Philadelphia,
6.70 Inter-County Power & Light Co.(Del.) 1st M.65, 1944. Offered by Paul Trask & Co., Federal
Spencer
6.35 Interstate Power Co. 1st M.6s,"A," 1944. Offered by West & Co.,
Securities Corp. and W. S. Hammons & Co.
& Co., New York.
6.03 Iowa Light, Heat & Power Co. 1st M.55, 1946. Offered by Blake Bros.
d,Co.and Dobson
6.60 Miami Valley (Ohio) Elec. Co. let M.& Ref.(is, 1945. Offered by A.P. Barrett
& Co.. Baltimore,
Minnesota Loan
Gas Light Co. Secured 68. 1930. Offered by E. H. Rollins & Sons,
6.00 Minneapolis
& Trust Co. and Minneapolis Trust Co.
Elliott & Harrison. Chicago,
6.79 Minnesota Elec. Distributing Co. 1st M.75, 1934. Offered by Breed,
Nat. Bank, Columbus, Ohio.
6.00 Newark (0.) Telephone Co. 1st M.68, 1949. Offered by Huntington Drexel & Co., Brown Bros.
by
5.65 Penn Central Light & Power Co. lat dr Ref. 534s, 1964. Offered and Edward B. Smith & Co.,
& Co., Robert Glendenning dr Co., W. H. Newbold's Son & Co.
Philadelphia.
&
5.90 Petroleum Telephone Co. (011 City, Pa.) 1st Mtn- Os, 1944. Offered by People's Savings
Trust Co., Pittsburgh.
by Halsey, Stuart & Co.
6.00 Public Service Co. of Colorado 1st M.& Ref. 5%s,"B," 1954. Offered
Inc., and A. B. Leach & Co., Inc.
Stuart d, Co., Inc..
6.30 Public Service Co. of Oklahoma 1st M.fis, "B," 1949. Offered by Halsey,
and A. B. Leach & Co., Inc.
and Bon& Ref. M.5%s, 1964. Offered by Drexel & Co.
5.70 Public Service Electric & Gas Co. 1st
bright & Co., Inc.
Puget Sound Power & Light Co. 1st & ref. M.5%5, "A," 1949. Offered by Lee. Higgins.= &
5.70
Co., Harris, Forbes & Co., and Estabrook & Co.
Bonbright & Co., Inc., and Hal5,75 Southwestern Power & Light Co. 1st Lien 58, 1943. Offered by
sey, Stuart dr Co., Inc.
Bond & Goodwin & Tucker, Inc..
6.50 Temescal (Cal.) Water Co. let M. 6345, 1929-47. Offered by San Francisco,
Banks, Huntley & Co., First Securities Co. and Security Co.,
6.50 West Missouri Power Co. 1st M.6345, 1944. Offered by E. H. Rollins & Sons.
M.7e, 1926-35. offered by
7.00 The Bell Coal Co. and The Bell Mining Co.(Col.) Joint (closed) let
Clay Coleman & Co., Dallas, Texas.
Mackie-Hentz & Co., Phila.
6.50 Bethlehem Foundry & Machine Co. 1st M.6345, 1944. Offered by
Brown Bros. & Co.
6.25 Colonial Colliery Co.(Phila.) 1st & Ref. M.68, 1944. Offered by First National Co., St. Louis,
6-6.65 Glade Creek Coal & Lumber Co. 1st M.6345, 1925-35. Offered by
and Baker, Fentress & Co., Chicago.
Caldwell & Co., American Na7.00 Harlan-Wallins Coal Corp. 1st (closed) M. 75, 1934. Offered by
tional Co. and Joe B. Palmer & Co., Nashville, Tenn.
Coal Co. 1st M. 75, 1934. Offered by Garard & Co., Chicago.
7.00 Leland
by Bankers Trust Co., N.Y.;
6.55 Temple Anthracite Coal Co. 1st Lien Coll. Trust 6345, 1944. Offered
Webster,Inc.
J. H.Brooks & Co.,Scranton; White, Weld & Co., Clark,Dodge & Co.,and Stone &
Offered by J. H. Brooks & Co.. Scranton. .
7.10 Temple Anthracite Coal Co. Debenture 75, 1944.
Empire Co., Inc-.
New York
6.60 Warren Foundry & Pipe Co. 1st (closed) M.6.343, 1939. Offered by
Hambleton & Co., Inc., and Peabody, Houghteling & Co., Inc.
13,700,000
Other Industrial & Mfg.
100,000 Working capital
375,000 New refinery; working capital
250,000 Additional capital
500,000 Retire curr.loans; other corp. purp.
1,000,000 General corporate purposes
350,000 Retire current loans: work. capital
500,000 Pay mtge.&float. debt; work. cap.
•500,000 Finance lease of properties
300,000 Purchase and retire block of company's common stock
.
4$1041
Hamlin. K83'& 141
7.00 Barlow Kiln & Lumber Corp. (Detroit) 1st M.75, 1925-34. Offered by
Detroit.
Francisco.
Salt Co. 1st M. 7s, 1939. Offered by Mitchum, Tully & Co., San Union Trust CO.
7.00 California
100
Offered by
6-634 Inland Empire Paper Co. (Millwood. Wash.) 1st M. 68, 1926-32.
• of Spokane.
Newman,
& Coll. Tr. 630, 1925-34. Offered by
Price on appllcat'n Louisiana State Rice Milling Co., Inc., 1st M.
Saunders & Co. and S. A. Trufant, New Orleans.
Ames, Emerlch & Co.
Menasha (Wis.) Printing & Carton Co. 1st M.6345, 1939. Offered by
6.50
100
and Second Ward Securities Co.
Co. and M.H. Lewis & Co.
7-7.10 Pacific Coast Glass Co. 75, 1926-34. Offered by Mitchum, Tully dr
by Anglo-London Paris Co.
7.00 Pacific States Box & Basket Co. 1st (closed) M. 7e, 1938. Offered
and Dean, Witter dr Co., San Francisco.
Houghteling & Co..Inc.
Peerless Paper Co.(Dayton,0.) 1st M.65, 1925-34. Offered by Peabody,
5-6.40
Palmer Bond & Mortgage
6-7.00 Springville (Utah) Mapleton Sugar Co. 1st M.7s, 1925-34. Offered by
Co., Salt Lake City,
100
ioo
3,875,000
011
5,000,000 Refunding; working capital, &e___
9734
Land, Buildings, &c.300,000 Finance construction of apartment 100
250,000 Finance construe. of theatre bldg. 100
100
850,000 Additions; remodel building
800,000 Alterations; additions
100
132,500 Finance construction of apartment 100
260,000 Finance construction of apartment 100
325,000 Finance construe, of hospital bldg. 100
535,000 Finance construction of building__ 100
100
500,000 Real estate mortgage
3,000,000 Complete construe. of building...
280,000 Finance construction of apartment 100
_ 100
900,000 Finance construction of building_
1,100,000 Finance construction of apartment 100
270,000 Addition to building
100
175,000 Finance construction of apartment 100
bldg
1,750.000 Finance constr. of office & club
210,000 Finance construction of apartment 100
500,000 Real estate mortgage
625,000 Finance construction of hotel
185,000 Finance construction of apartment 100
100
75,000 Real estate mortgage
100
of building
550,000 Finance construction
100
100,000 Finance purchase of properties
100
construction of hotel
250,000 Finance
700,000 Finance construction of hotel
100
165,000 Finance constr. store & office bldg_ 100
450,000 Finance construction of apartment 100
stockholders: underwritten
-Year Cony. 6s, 1939. Offered by company to
6.25 General Asphalt Co. 15
by Drexel & Co.
Offered by S. W.Straus & Co.
6.00 Alton Court Apt. Bldg.(Brookline, Mass.) 1st 55.68. 1926-34.
by Bristol & Co.. Chicago.
7.00 Ambassador Theatre Bldg. (Chicago) 1st hi. 7s, 1927-36. Offered
1926-39. Offered by Worthington, MurfeY
7.00 Auditorium Bldg. Co.(Cleveland) 1st M.Leasehold 78,
& Co. and Guardian Savings & Trust Co., Cleveland.
Offered by Kinsley & Adams,
6.50 Bancroft Realty Co.(Worcester, Mass.) 1st & Ref. 55.6345, 1943.
Worcester, Mass.
by G.L. Miller & Co.,Inc.,N.Y.
7.00 Birchbrook Hall Apts.(Yonkers, N. Y.) 1st 7s, 1925-34. Offered Cochran & McCluer Co., Chic.
7.00 Birchwood Beach Apts.(Chicago) 1st M.7a, 1926-34. Offered by 1st 1.1.65. 1925-39. Offered
6.00 Board of Hospitals and Homes of the Methodist-Episcopal Church
by Bitting & Co.. St. Louis.
by G. L. Miller & Co.,Inc., N.Y.
7.00 Bolling Jones Bldg.(Atlanta, Gs.) 1st M.78. 1926-34. OfferedDavis & Boyle and Wm. L. Ross
6.50 Brepon Co. (Chicago) 1st M. 6348, 1939. Offered by Fenton,
& Co., Inc., Chicago.
First National Co. and Detroit Trust
6.55-5.3 Buhl Land Co. (Detroit) 1st M. 5348, 1925-40. Offered by
Co., Detroit.
nc.
Offered by G. L. Miller &
7.00 Cadwaladez Apts.(Trenton, N. J.) 1st M.7s, 1926-36.
Co.,bo., N.Y.
by Greenebaum Sons Inv.
6.50 Central Medical Bldg.(Phila.) 1st M.634s, 1926-34. Offered S. W. Straus & Co.
Offered by
6-5.75 Cerana Apt. Bldg.(N. Y. C.) 1st M. 13s, 1927-36.
Leasehold 75, due serially to 1941. Offered
7.00 Chancellor Hotel Bldg.(Parkersburg, W. Va.) 1st M.
by The Tillotson & Wolcott Co., Cleveland.
Offered by The Straus Bros. Co., Chicago.
6.50 Charlotte Apts. (Chicago) 1st M. 6348, 1926-34.
M.6348, 1927-39. Offered by S. W.
6.50 Dallas Athletic Club and Office Bldg. (Dallas, Tex.) 1st
Straus & Co.
Offered by S. W. Straus & Co.
6.50 Edgecliff Apts. (Cleveland) 1st M.6348, 1925-36.
1925-34. Offered by First Nat. Co., St. L.
534-6 First Mortgage Co. of El Paso (Tex.) Bldg. 1st 55.08. Beach, Fla.) 1st M. 6s, 1926-34. Offered
6-5.75 Fleetwood Hotel Corp. and J. Perry Stoltz (Miami
Trust Co., St. Louis.
by Mississippi Valley
Offered by H.0.Stone & Co.. Chicago.
7.00 Glengyle Beach Apt. Bldg.(Chicago) 1st M.75, 1927-32.
Offered by Palm Beach Guaranty Co.. West
8.00 Halsey Bldg.(West Palm Beach, Fla.) 88, 1925-34.
Palm Beach, Fla.
M.7s, 1939. Offered by Bank of Italy,SanFr.
7.00 The Heartwell Bldg.(Long Beach, Cal.) let (closed)
Offered by Mortgage & Securities Co.,New On.
6.50 HIlIcrest Apts.(Dallas,Ter.) 1st M.634s, 1926-35.
o.
1st M. 7s, 1938. Offered by Alvin H. Rook & c
7.00 The Hotel Glendale, Inc. (Glendale, Cal.)
and Cam, Howard & Sanford, Inc.
W. Va.) 1st M. 7s. 1926-39. Offered by Caldwell & Co..
7.00 The Hotel Prichard (Huntington
Co., New Orleans.
Whitney-Central Banks and Mortgage & Securities
by Southwest Bond
Los An.
7.00 The Law Bldg.(Los Angeles) 1st(closed) M.75, 1926-39. Offered
Gree
due serially to 1936. Offered by Co- nebaum
6.50 The Loutellus Apts. (Pittsburgh) 1st M. 634s,
Sons Investment Co.. New York.
9
1892
Amount.
THE CHRONICLE
Purpose of Issue.
Price.
To Yield
About.
[VoL. 119.
Company and Issue and by Whom Offered.
Land, Bldgs., &c. (Concl.)$
725,000 Finance construe. warehouse bides. 100
6.50 Michigan Terminal Warehouse Co. of Detroit 1st
M. 6148. 1927-41. Offered by Brazie-Hull
& Co., Watling, Lerchen & Co. and Keane,
100,000 Real estate mortgage
100
6.00 Missouri Wesleyan College of the Missouri Higble & Co., Detroit.
Conference Methodist-Episcopal Church 1st
6s, 1928-40. Offered by Lorenzo
M.
1,500,000 Finance constr. warehouse bldg.....
4N-534 Montgomery Ward Warehouse Co. E. Anderson & Co.. St. Louis.
1st M. 534s.
2,000.000 Provide funds for additional real
Mortgage Bond Co. of N. Y. Guaranteed 65, Series 1926-35. Offered by Lee, Higginson & Co.
5, due 1934. Offered by Mortgage Bond Co.,
estate loans
100
6.00
New York.
2,CCO,((( Addition to building
9934
6.55 National Tower Bldg.(N. Y. C.) 1st (closed)
M. Fee & Leasehold 13345, 1944. Offered by Blair
& Co., Inc., New York.
21.00,06 Impts., finance sale of properties
100
6.50 Robert Oaktnan Land Co. (Detroit) 10
-Year let M. 6345, 1934. Offered by Union Trust Co.,
Security Trust Co., Livingstone, Friable & Co. and Watling,
1,550,000 Finance construction of apartment 100
Lercehn & Co., all of Detroit.
6.00 161 West 75th Street Corp.(N. Y. C.) 1st M.
3.090,000 Finance construction of building
100
6.00 Rittenhouse Square Real Estate 1st M. Real 65. 1927-36. Offered by S. W. Straus & Co.
Esttae 6% bonds of C. Benton Cooper, due 1944.
Offered by Dillon, Read & Co.
200,0(1 Finance construction of apartment 100
6.00 Sherman & Gordon, Inc., 1st M. Os, 1926-34.
Offered by S. W. Straus & Co.
2(0.004 Finance construe. of residence hall 100
5.25 Sisters of Charity of the Blessed Mary ot
St. Joseph (Dubuque. Ia.) 1st M. 53is, 1026-33.
Offered by Lafayette-South Side Bank, St. Louis.
Finance construction of apartment 100
5.50 655 Park Ave. (N. Y. C.) 534% Guar.
Prudence Ctfs., due 1925-34. Offered by The Prudence
Co. Inc., New York.
Finance lease of building
5.10-7.00 Spreckels Market Bing. (San Francisco)
1st M. Leasehold 75, 1925-37. Offered by Freeman,
Smith & Camp Co., San Francisco.
1(11.(l Real estate mortgage
100
7.50 State Bank & Trust Co. Bldg. of Key West,
Fla., 1st M.7345, 1926-39. Offered by G. L. Miller
& Co., Inc.
21(.,((( Finance lease of property
(3-834 Stone-Stotter Co.(Cleve.) let (Closed) Mtge.048,
1925-44. Offered by the Milliken & York Co.,
Cleveland.
Of u(I Finance construction of hotel
100
7.00 Tampa Terrace Hotel (Tampa, Fla.) lot Mtge.
7e, 1926-39. Offered by Adair Realty & Mortgage
Co., N. Y. City.
xonno Real estate mttgage
100-100.88 6-5.88 352 Belmont Ave. Apt. Bldg.(Newark, N.J.)
1st Mtge.68, 1926-34. Offered by S. W.Straus & Co.
300,000 Refunding; improvements
100
6.00 Tussing Bldg. (Lansing, Mich.) let M. Leasehold
3,000,000 Finance construction of building
100
6.50 United Masonic Temple Bldg. (Chicago) let 6s, 1929-44. Offered by Grand Rapids Tr. Co.
(Closed) Mtge. BYO, 1949. Offered by P. W.
Chapman & Co., Inc.. Pearsons-Taft
Real estate mortgage
100
6.00 Varick Street Station New York Post& Co., Chicago, and J. G. White & Co., New York.
Office let M. 13s, 1941. Offered by P. W. Chapman
&
Co.. Inc.
255,000 Real estate mortgage
100
6.00 Waldman Apts. Inc.(Denver) 1st M.65, due serially to 1934.
Offered by International Trust Co.,
Denver.
Finance construction of apartment
6-5.65 The Wellston Apts.(N. Y. C.) let M.
6s. 1927-36. Offered by S. W. Straus & Co.
200,000 Real estate mortgage
100
6.00 (George) Williams (Phila.) let M.13s, 1934. Offered by
Mackie-Bents & Co., Philadelphia.
39,817.5 (
(
Miscellaneous
2,000,00
('mots.; retire curr. loans, &c
5-6.17 Dohrman Commercial Co.(Cal.) let (Closed) M.Coll. Tr.
8s, 1926-35. Offered by Anglo-London.
Paris Co. and Bond & Goodwin & Tucker, Inc.
.
500,000 Refunding
5.50-5.70 Griggs, Cooper & Co.(St. Paul, Minn.) 1st M.
534s,"A." 1929-39. Offered by Merchants Trust
& Savings Bank, St. Paul.
400,000 Development of properties
101
5.80-6.37 (Gerard B.) Lambert Co. 1st M.6348, 1928-36.
Offered by Lorenzo E. Anderson & Co. and Stilt
5c Co., St. Louis. '
150,000 Development of properties
100
7.00 Oroville orange & Olive Groves (Oroville, Calif.) lot
(Closed) Mtge. 7s, 1926-33. Offered
DY
Wm.R. Staats & Co., San Francisco.
600,000 Fund floating debt; working cap
1334-1334 The Wright Corp. (Calif.) 1st (Closed) Mtge.
- 100-99
634, 1928-40. Offered by R. H. Rollins & Sons,
Wm. R. Stoats Co. and Mitchum, Tully & Co.
3.650.000
SHORT-TERM BONDS AND NOTES (ISSUES MATURIN
G UP TO AND INCLUDING FIVE YEARS).
Amount.
Purpose of Issue.
Price.
' Railroads
$
2.200,000 Current corporate requirements._
Company and Issue and by Whom Offered.
5.25 Paris-Lyons-Mediterranean RR. Six Mos. Collateral
Notes. Placed privately with Seaboard
National Bank, New York, and other banks.
Public Utilities
1,500,000 Improvements, extensions, &c..- - 99
3,000,000 Refunding; other corp. purposes__ 99
400,000 Acquisitions; construction
100
425.000 Additions and improvements
To Yield
About.
100
5,325,000
Other Industrial & Mfg.
1,000,000 Additions;equipment
1,250,000 Wkg. cap.; acq. predecessor co__
100
350,000 Acquisitions; Pay current debt_ _ _ _ 100
2.600,000
Oil
6,850,000 Capital expenditures; wkg.=OW- 100
.5.60 Central Indiana Pr. Co. 3-Yr. Coll. 53.4s, March 11927.
Offered by Halsey, Stuart & Co., Inc.
5.53 Central States Electric Corp. 2-Yr. Secured 55, Sept.
6.00 Northeastern Iowa Pr. Co. lot Lien & Ref. 5- Yr. fis,15 1928. Offered by Dillon, Read & Co.
1929. Offered by Prciater, Quail & Cundy,
Inc., Davenport, Iowa, and Minnesota Loan & Trust Co., inneapolis.
6.50 Terre Haute Indianapolis & Eastern Trac. Co.5
-Year Coll. 445, 1929. Offered by the Fletcher
American Co., Indianapolis.
534-6X Bloedel-Donavan Lumber Mills (Bellingham, Wash.) Guar.
Os, 1926-29. Offered by Lacey
Securities Corp., Chicago; George H. Burr & Co. and Conrad & Broom,
Inc., Seattle, Wash.
6.00 (Henry) Sonneborn Co.. Inc.(Balt.)2
-Year 6s, Oct. 11920. Offered by Stein Bros.&
Boyce,Bait.
7.00 Universal Gypsum Co. 1st M. Cony. 75. 1925-27. Offered by
True, Webber & Co. and Porter,
Skitt 6c Co., Chicago.
6.50 Skelly 011 Co. 3
-Year Cony. 834s, Aug. 1 1927. Offered by company to stockholders
; underwritten
by Luke, Banks & Weeks.
Land, Buildings, &c.
110,000 Real estate mortgage
200,000 Real estate mortgage
100
6.50 Bonita Apts.(Detroit)
Price on application The First Presbyterian1st M.6345, due serially to 1929. Offered by the Straus Bros. Co., Detroit.
Church, U. S. A., of Tulsa, Okla., let Mtge.
Os, 1925-29. Offered by
Whitaker & Co., St. Louis.
7.5,000 Finance construction of apartment 100
6.50 Superior Manor Apts. (Detroit), let Mtge. 0545, due
serially to 1929. Offered by the Straus
Bros. Co., Detroit.
400.000 Finance purchase of property
.5.50 West End Ave. and 71st Street Apr.(N. Y. C.) Guar.
Mtge. Ctfs., 1925-29. Offered by Lawyers
Mortgage Co., New York.
785 000
STOCKS.
Par or No.
of Shares.
Purpose of Issue.
Public Utilities
$
•10,000 abs General corporate Purposes
',Amount
Price
To Yield
Involved. per Share. About
850,000
85
Company and lisle, and by Whom Offered.
7.06 Central Illinois Public Service Co. Pref. Cum.,$6
ley & Co. and Old Colony Trust Co.. Boston. per share. Offered by W C. Lang7.00 Coast Valleys Gas & Electric Co. 7% Cum. l'ref.,
Series B. Offered by Hunter,
Dulin & Co., Los Angeles.
- 15,000,000 100
15,000,000 Refunding; capital expenditures
7.00 Columbia Gas & Electric Co. 7% Cum. Prof. "A."
Offered by company to stockholders; underwritten by Guaranty Co. of New York.
3,000.000 (Act'. cora. stocks of subsid. cos.; 3,150,000 3 ohs. pref.). For Commonwealth Power Corp.
6% Pref. Offered by company to common
.10,000 shs I retire current obligations
1 eh. com.f 2315
stockholders;
underwritten by Hodenpyl. Hardy & Co.. Inc., and
Bonbright & Co., Ina.
Commonwealth Power Corp. Common. Offered by company
to common stockholders:
underwritten by Hodenpyl, Hardy & Co., Inc., and
3,000,000 Extensions,additions, Mots.,&c._ 15.000,000 106
6.60 Duquesne Light co. (Pittsburgh) First Pref. 7% Cum.Bonbright & Co., Inc.
Series "A." Offered by Lee.
Higginson & Co.; Ladenburg, Thalmann & Co.,
•15,000 abs Acquisitions
1,575,000 105
7.62 General Gas & Electric Corp. Pref. "A" Panic. and Hayden, Stone & Co.
Cum.,
Pynchon & Co., West & Co., and Jackson & Curtis. $8 per share. Offered by
500,000 9254'
500,000 Additions, betterments, &c
7.57 Southwest Power Co.7% Cum. prof. Offered by
Curtis, Stephenson & Co., Boston.
36,325,000
ufacturersEquipment Man
1,299,600 2815
1,140,000 Acq. from int. identified with co
Ryan Car Co. (Chicago) Common. Offered
by John Burnham & Co., Chicago.
Motors and Accessories
.56,622 shs Expansion; working capital
4,529,760 80
Mack Trucks, Inc., Common. Offered by company
to stockholders; underwritten by
Hayden, Stone & Co.
Other Industrial and Mfg.
250,000 Additional capital
250,000 100 (Par)
Collyer Insulated Vire Co.(Pawtucket, R. I.) Capital Stock.
Offered by company to
stockholders.
*40,000 sits Additional capital
800,000 20
Duz Co.,Inc.. Class"A"stock. Offered by Prichitt & Co.
and Morgan, Livermore dt Co
400,000 Enlargement of facilities
400,000 50(par)
-.60 Elias-Katz Shoe Factories 8% Cum. Partic. Pref. Offered by
i3
W.II. Daum & Staff,
Los Angeles.
250,000 }Additional capital
250,000 J2 she. pref.f For Granite State Products Co.7% Cum.Pref. Offered by F. M.
and T.E. Andrew.
.2,500 sits
11 sh. com. 3,8100 Granite State Products Co. Common. Offered
by F. M. and
1,000,000 Succeed Florence(Mass.) Mfg.Co. 1,000,000 100
6.00 Prophylactic Brush Co. 8% Cum. Prof. Offered by Geo. H. T. E. Andrew.
Burr
62,500 Succeed corporation of same name_
137,500 11
Tower Bog.Corp.(Boston)Common. Offered by George B.Robinson & Co.
St Co.,Inc.,N. Y.
2,837,500
Land, Buildings. &c.
750.000 Additions to building
750,000 1005
7.00 Hotel Alms Co. (Cincinnati). 7% Cum. Pref. Offered
450,000 Development of prop.; work. cap'l
7.14 Roland Park Homeland Co.(Baltimore) 7% Cum. Firstby company.
450,000 98c
Prof. Offered by Equitable
Trust Co., Baltimore.
1,200.000
Miscellaneous
4,000,000 Succeed to business of predecess. co
6.75 Franklin Simon & Co., Inc., 7% Cum. Pref. Offered
4,000,000 10334
by Goldman, Sachs & Co.
Lehman Bros.
and
250,000 Additions and extensions
250,000 100
1893
THE CHRONICLE
OCT. 25 1924.]
FARM LOAN ISSUES.
Amount.
Issue.
Yield.
'Price.
Offered by.
10,000,000 Federal Intermediate Credit Banks 6 mos
National Bank, National Bank of
Placed privately. Purchased by Old Colony Trust Co., Boston; Chase
Debenture 4546
Commerce, Bankers Trust Co., Guaranty Trust Co., Bank of Manhattan Co,
Hanover National Bank, Chemical National Bank and Brown
New York Trust Co.,
Bros. Zs Co., New York; Philadelphia National Bank, Merchants National Bank and
Alex. Brown & Bons, Baltimore; First National Bank, Richmond, Va.; First
National Bank, Erie, Pa.; First Trust & Savings Bank, and Continental & Commercial Trust & Savings Bank, Chicago; Marshall & Itsley Bank and First Wisconsin
National Bank, Milwaukee; Central Wisconsin Trust Co., Madison, Wis.; First
National Bank, National Bank of Commerce and Merchants-Laclede National
Bank, St. Louis; Commerce Trust Co., Kansas City; First National Bank, Wichita:
National Bank of Commerce, Beattie; and First National Bank, Portland. Ore.
FOREIGN GOVERNMENT LOANS.
Amount.
Issue.
Price.
Yield.
Offered by.
5,000,000 Argentine Nation 6 months 4% Treasury
100
Notes, March 1 1925
30,000,000 Kingdom of Belgium External Loan 25-Year
94
614s, 1949
Co.. New
4.00 Blair & Co., Inc., Cumin & Co., Halsey, Stuart dr CO., Inc., Equitable Trust
York; and Illinois Merchants Trust Co., Chicago.
Bank, New York,
7.00 I.P. Morgan & Co.; Guaranty Co. of New York; First National
Bank
The National City Co., New York; Bankers Trust Co., New York; National York;
New
of Commerce in New York; The Mechanics & Metals National Bank,
The Equitable Trust Co., New York; The New York Trust Co.; Central Union
Trust Co.of New York; Harris, Forbes& Co.;Lee, Higginson & Co.; Kidder.Peabody
First Trust & Savings Bank.
& Co.; Dillon. Read & Co.; Halsey,Stuart & Co.,Inc.;
Trust &
Chicago; Illinois Merchants Trust Co., Chicago; Continental & Commercial
Savings Bank, Chicago; Central Trust Co. of Illinois, Chicago; The Union Trust
Co., Pittsburgh.
-Year Coll. Tr. 515s.
2,500,000 Dominican Republic 2
5.50 Lee, Higginson & Co.; Dillon,Read & Co.; Brown Bros.& Co.and Alex. Brown & Sons.
100
Sept. 1 1926
Equitable Trust Co., New York.
1.500,000 Kingdom of Hungary External 71is. 1944.. Placed privately. Placed privately with Speyer & Co. and
3,000,000 Kingdom of the Serbs, Croates and SWvene.(Jugoslavia) 7 months 6% Treasury
6.00 Blair & Co., Inc., and Chase Securities Corp.
100
Notes, March I 1925
42,000 000
• Shares of no par value.
a Preferred stocks are taken at par, while in the case of common stocks, the amount Is based on the offering price.
b Bonus of 1 share of common given with every 2 shares of preferred.
e Bonus of 34 share of common given with each share of preferred.
Indications of Business Activity 1
engagements to take cotton to Europe are already large.
THE STATE OF TRADE—COMMERCIAL EPITOME.
October cotton here to-day broke some $6 a bale as the deFriday Night, Oct. 24 1924.
unseasonably warm weather at the West and livery ended and, Fall River's business for the week is still
With rather
are
within a day or two at the East, coupled with the usual small. But it is believed that New England spinners
This may account
hesitation before a national election, trade during the past none too anxious to sell at present prices.
Wool
week has been unsatisfactory. The relatively high tempera- for the smallness of the business for the time being.
The
tures have hurt sales of seasonable goods, in both the job- in Boston has been rather more active at firm prices.
Much of the week the weather has woolen goods industry seems to be looking up. From parts
bing and retail trade.
been favorable for the corn crop and also for cotton, al- of New England and the South come favorable reports about
though within the last two days there has been killing frost the cotton manufacturing business, although admittedly
in many sections of the cotton belt. The election is so close there is still much room for improvement. Lancashire's
at hand, however, that perhaps more than for years past prospects are plainly brightening and it has decided to inthere is a disposition to go slow until the result is known. crease its working time on American cotton begnnng Nov. 5.
The country is aroused to the danger of attacks upon its The high price of silver and of different commodities in the
organic law and the sub-structure of the American civiliza- Far East inures to the benefit of Manchester by increasing
tion. This is not the place to discuss politics in detail, but the Orient's buying power. The Liverpool cotton trade 113
the feeling is running high in regard to the political prin- plainly in better spirits. At Chicago there is a fair business
also,
ciples involved in the election on Nov. 4. And while nobody in general merchandise, but it is noticeable that there,
bases a serious argument on betting, it is not without inter- some are inclined to keep within very conservative bounds
for inest to observe that the odds have now risen from 3 to 1 to until after the election. The consumption of coal,
5 to 1 on the election of Mr. Coolidge. His last great speech stance, in the Chicago district is only moderate. Chicago
has touched a responsive sentiment throughout the length complains, too, of warmer weather and of the fact that while
and breadth of the Republic. The stock market has shown some branches of business are doing fairly, others are slow.
greater steadiness. Bonds have been firmer. Confidence Mail order business of late, though larger, has hardly been
among merchants increases as the belief grows that sane and up to expectations. One fact of interest is that the live
conservative principles will dominate in the coming elec- stock market has suffered a decline of nearly $2 in ten days,
tion. For the moment, however, practical business men not largely because of the shipment of immature bogs to marunnaturally observe the usual caution at such a time. The ket. Money is plentiful at the West and collections are
aggregate trade of the country is still large. Car loadings generally good. Taking the country over, failures show a
show that. So, to some extent, do the bank clearings, re- decrease, not only as compared with last week, but also os
gardless of higher prices ruling for some commodities as compared with this week in the last three years. Iron has
compared with those of a year ago. Grain prices are 10 to been rather quiet and prices are believed to sag now and
14% lower than they were at the high point recently. But then from the competition. It appears that one furnace in
bulk of the
it is noteworthy that this was due largely to better crop pros- the Chicago district has shut down. In steel the
pects and not to any real slackening in the foreign demand trading is with the railroads. Otherwise the sales are restricted and prices yield from time to time, in a keen search
for American grain.
The demand for wheat from Europe continues unabated. for a market. Industry has flagged somewhat., although
And it is a remarkable fact that the exports this week recent car loadings make d very good showing, in fact the
closely approximate 18,000,000 bushels. This is without a best thus far this year. In some parts of the country the
parallel in the business. They are now nearly 40,000,000 coal trade is rather brisk; in others it is quiet, owing to the
bushels larger than the total up to this time last year. On warm weather. Western railroads are doing the largest
any decline Europe buys on a larger scale. There has even traffic of any time this year. It is heavier than a year ago.
been some export business in corn with Canadian interests. It is pointed out as a very gratifying fact that railroad effiThe foreign demand for rye has fallen off for immediate ciency at the present time surpasses anything ever before
shipment, but Norway is trying to buy considerable for ship- known in the history of railroads in this country. Also,
ment in December. The exports of cotton make a good there is no scarcity.of box cars, even at a time of remarkshowing and are well in advance of the total of a year ago. able shipments on the great railroads of the country.
Rubber prices have reached the highest this year during
The exports during October thus far approximate 750,000
bales and are expected to approach 1,000,000 bales by the the present week. Lead, tin and zinc have all advanced, as
end of the month. And it is said that the November freight well as copper. A larger business has been done In broad
1894
THE CHRONICLE
[VOL. 119.
silk. Rug and carpet mills are said to be running at 80% of schedule of four days a
week. At Holyoke the Farr Alpaca
'capacity, or double the rate of last summer. Latterly stocks Co. resumed full time this week.
In Rhode Island the Royal
have shown more or less irregularity, but on the whole a and Arctic mills of
B. B. & R. Knight, Inc., which were
more confident tone. Reverberations of the remarkably closed for some months
and ran on part time for nearly a
successful German loan are still heard. London is halted year, have resumed full time.
The operatives in these mills,
somewhat by the excitement of a big election, and it is which are among the most modern
of the company's plants
hoped that the Conservatives will have so decisive a victory and which manufacture the
Fruit of the Loom products,
as to put an end to all doubt as to the attitude of the Brit- have agreed to a 122 cut
/
1
%
in wages in order to give the
ish public towards Sovietism and an emphatic repudiation mills a chance to get
back on their feet. At Manchester,
of the MacDonald toying with such a thing. Small wonder N. H., the Amoskeag Manufacturing
Co. passed on Oct. 21
that the London "Times" to-day contrasts in sharp terms the the quarterly dividend of 75 cents a share,
due to be declared
attitude of the recent Labor Government towards the Soviet on the common stock. The company is credited with having
"Government" and the historic American note to the Allies paid dividends regularly since 1840. It was founded in
bluntly refusing to have any dealings with it. In this coun- 1831. It has recently increased
its operations and it is
try there is an undertone of confidence that once the elec- hoped and believed that better times
await this great textile
tion is over and the assurance made doubly sure that con- organization. Atlanta, Ga., reported mills running full
time,
servative principles are to dominate its affairs trade will with majority sold ahead to first of year, though
prices are
take on new life.
still generally considered unsatisfactory.
It is gratifying to notice that Europe is gradually returnAt Durham, N. C., the Durham hosiery mill chain has
ing to more prosperous ways of peace. An indication not to resumed operations on full time basis
with a 122 wage
/
1
%
be despised is that fashion and light-heartedness not asso- cut. The knitting mill industry, second only to
the cotton
ciated with mere profiteering and its spoils is returning to mills in the textile growth of North Carolina,
has steadily
various parts of the European Continent. One regrettable advanced in the State during the past two
years, according
circumstance is that its grain crops have partially failed to M. L. Shipman, Commissioner of
Labor and Printing, and
and that it must buy grain very heavily in producing coun- North Carolina now ranks third in number
of knitting mills
tries. This matter, however, has two sides. The countries and seventh in value of knit products. In Concord,
N. C.,
that profit by the high prices of grain are in all the better and the vicinity the mills with one exception
are running
shape to buy the manufactured products of Europe. Mean- every day in the week, and some even at night.
The one
while the Dawes plan is to make successful progress. Mr. exception is the Renfrew, which is running
four days a week.
Young says it is working smoothly. It has already gone far The other mills report from 65 to 100%
employment. The
to restore confidence in Europe. The agricultural popula- Roberta mill has been running throughout the worst period.
tion of Europe benefits, of course, from the high prices due The Buffalo, a subsidiary of the Locke mill, began this
week'
to reduced crops. The high prices of wheat, jute and other to run at capacity. The Cannon mill, the largest plant in
raw materials are also benefiting great populations in India, the city, is running practically full time. The card rooms
Australia, Argentina and South Africa, where at one time are operated at night. The Cabarrus mill reports the best
hard times made themselves only too plainly felt. The enor- business in two years. A full force is employed during
the
mous success of the German loan both here and in London day and a one-third force at night. The Franklin is operatis a matter for general congratulation. And a new French ing full time and the Norcott is also running at night.
Some
loan may be granted, it is intimated, by American financiers, Improvement is noted at the Gibson and the Hobarton
mills.
though this at the moment is a matter of rumor.
The Brown shows but slight gain as yet. The White-Parks
The tendency is towards a revival of trade throughout the is running both day and night. A larger business is
reported
world. Stocks of merchandise have run low. Vast popula- by the Hoover hosiery and the Concord knitting
mills. The
tions were unable to buy in the prostration of war. Europe Hartsell mills are in a slightly improved condition. While
can now get all the money it needs from America to pro- the Kerr bleachery reports a better business, the
plant is
vide for legitimate wants. Industrial credits are in prospect not yet running at capacity.
of negotiation, it is pointed out, for use in Germany, France
The glass industry at Pittsburgh is more active than 30
and Belgium and other countries, something which of itself days ago, with manufacturers' stocks much reduced.
It is
should give a distinct stimulus to European trade. It has stated that factories which have added
cutting and decremarked it is hard to see how American can fail orating departments, as well as those which
been well
have been decto benefit from the approaching revival in the world's trade. orating the glassware produced, are operating at nearly
It may fill a large place in American prosperity during the 100%. September building contracts in New York City
next two years, if not for many years to come. England amounted to $52,239,000, according to F. W. Dodge Corporaappears to be less apprehensive of German competition. It tion. While this was a 3% drop from August, it was 21%
seems to be beginning to realize, as other countries do, that over September of last year. September brought the buildif Germany prospers through her ability to sell to foreign ing operations begun this year up to $664,567,600, an inmarkets she will be all the better able to buy, for instance, crease of 57% over the first nine months of last year.
American products. The same would apply to a greater or
The weather here for a time this week was very cool,
less extent to the market products of England. As to the registering 37. At Staten Island, Brighton Beach, MorrisaDawes plan and its critics, General Dawes was quoted re- nia and Yonkers the mercury went down to 30 and at Plaincently as saying "It is a working plan. The future will field, N. J., to 26. Binghamton and Syracuse had snowfalls.
prove it." It was not drawn to inflict penalties, but to up- "Nothing unusual for this time of year," Forecaster Scarr
hold the principles of justice, drawn in forgetfulness of the said. On Thursday it was 40 in Chicago, 30 in Cincinnati,
hatreds, chaos and miseries of war, drawn honestly, and 38 in Milwaukee and St. Paul, 34 in Indianapolis, 36 in
based upon that common good faith that underlies all busi- Cleveland, 38 in Albany and 36 in Buffalo. To-day it was
ness and will prove the foundation of an enduring Christian warmer here and in the Ohio Valley, though again cold at
peace in Europe and the world." Most countries, it is the South, with killing frost in many parts. Everywhere
pointed out, have surmounted most of the difficulties of the the weather is fair. In New York it was 64 at 2 p. m., or 10
post-war period. No one country has a primrose path before degrees higher than at the same hour yesterday. In the
it. There is more or less difficulty ahead. But the outlook West during the week it has been on the whole unseasonably
Is hopeful. There is a reasonable hope that humanity is on warm.
the high road headed to a new era in which, in the language
of the ancient writer, "swords will be beaten into plowshares Life Insurance Sales for First Nine Months of Year
and spears into pruning hooks."
Well Ahead of Previous Records—
In New England it is stated only about 50% of the cotton
September Sales Gain.
mills are operating and some of this 50% are operating at
Another record has been established by sales of ordinary
not more than 50 to 60%. Some other New England reports life insurance in the United States during the
first nine
State that the textile and shoe industries there are improv- months of this year. They were 7% higher than sales
in the
ing. At Palmer, Mass., the Thorndyke Co. mills resumed same period last year, when the amount of
life insurance
operations on Oct. 20 on a six-day schedule on the old basis sold was higher than ever before, according to
figures just
of wages. The company decided to suspend the proposed issued by the Life Insurance Sales Research
Bureau of
11% wage cut for the time being unless similar action is Hartford, Conn., which says:
taken elsewhere. At Holyoke, Mass., beginning this week,
Every section of the country showed a gain over last year except the
East
the manufacturing departments of some of the Holyoke South Central group of States. The Middle Atlantic States and the Pacific
States showed the greatest increase, the Middle Atlantic leading
with a
mills of the American Thread Co. resumed their former 18% gain.
The total amount of ordinary life insurance sold in this
country
OCT. 25 1924.]
THE CHRONICLE
by the 81 companies reporting to the Bureau was $5,232,621,000 in the first
nine months; this is an increase of $355,262,000 over the same period last
year. These companies had in force 88% of the outstanding business on
Jan. 1 1923.
Sales in September reflected the general improvement in business in this
country. They gained 3% over last year's record, which was the highest
September in the history of the life insurance business. This gain was shown
by most sections of the country, but in New England the South Atlantic
States sales fell 2%. The Pacific States led with an increase of 7%. Total
sales in the month amounted to $487,944,000, as compared to $475,957,000 a year earlier.
Increase in Retail Food Prices in September.
As we indicated last week (page 1787), the retail food index
issued by the U. S. Department of Labor through the Bureau
of Labor Statistics shows that there was an increase of about
2% in the retail cost of food in September 1924, as compared
with August 1924. The index number was 144.2 in August
and 146.8 in September. The usual tables supplied each
month by the Bureau, portraying the index number of retail
food prices, have since come to hand and we give the same
herewith:
INDEX NUMBERS OF RETAIL PRICES OF THE PRINCIPAL ARTICLES
OF FOOD IN THE UNITED STATES.
I
Year
SirPn
Rib Chuat Plate Pork
Hens
and Month Steak Steald Roast Roast Beef Chops Bacon Ham Lard Hens Zoos ter
1922
January ___
February __
March
April
May
June
July
August....
September
October.
November..
December
139
139
141
143
148
151
154
154
152
151
147
145
Avg.for yr_
1923
January
February
March
April
May
June
July
August.....
September
October
November
December_
136
135
138
141
146
150
153
153
151
148
144
141
135
134
136
138
141
142
144
142
142
141
139
138
119
118
121
122
124
120
127
125
125
124
123
121
147
145
139
146
146
147
149
152
158
161
162
162
158
153
152
142
141
142
145
148
155
159
159
159
154
148
148
139
139
139
140
142
145
148
147
148
146
143
143
164
173
185
188
191
193
194
189
180
177
172
169
97
101
109
107
108
109
109
109
109
111
111
ill
173
173
177
177
177
173
168
164
164
103
159
158
145
140
92
92
97
99
104
108
130
157
187
193
118
120
120
118
117
117
119
115
122
133
143
157
108
106
107
107
107
107
106
104
104
106
105
105
137
140
149
157
164
161
164
167
173
174
157
140
139
140
144
147
147
150
150
150
150
151
151
149
123
106
157
147
181
107
106
106
105
106
104
106
105
108
108
107
107
140
137
135
135
143
142
149
153
175
163
138
126
147
146
145
145
145
144
145
145
148
146
143
139
168
167
167
168
169
171
171
172
173
172
169
166
110 162
110 167
110 168
111 169
109 170
109 166
108 163
108 162
113 164
118 163
120 158
120 157
August is the only month this year which has not shown an
increase over the corresponding month last year. Sales for
the first nine months of this year are 10% higher than in
the first nine months of 1923. The Bureau adds:
Only Alberta and Manitoba failed to show increased life insurance sales
in September, but for the first nine months these States show increases of
8% and 2%, respectively. The greatest increases for the first nine months
are shown by New Brunswick with a gain of 19%, Quebec with 15% and
Ontario with 14%.
Increase in Cost of Living in Nineteen Cities from
December 1914 to September 1924.
Changes in the cost of living in 32 cities and in the United
States as a whole were given out on Oct. 20 by the United
States Department of Labor through the Bureau of Labor
Statistics. The following tables show changes in the total
cost of living in 19 of these cities from December 1914 to
September 1924 and in 13 cities from December 1913 to September 1924. In addition, the tables show the changes in
each city from June 1920 to September 1923 and June 1924,
respectively, to September 1924. The first column in the
tables shows the changes from the time this survey was first
taken up to September of this year. The second column
shows the changes from the date when prices were the highest to the present. The third column shows the changes
during the year preceding September 1924 and the last column the changes for the three-month period preceding September 1924.
108 I 169 I 129 125
123
122
123
123
124
123
130
130
131
130
128
128
181
134
112
100
102
103
108
120
141
150
192
188
154
151
150
150
156
131
123
135
144
147
154
157
Avg.for yr_ 154 150 143 126 107 145 145 169 112 I 164 I 135 145
1924
January
154 149 144 129 110 130 138 166 118 162 158 160
February.. 152 148 143 128 110 127 136 165 114 165 144 157
March
153 148 144 129 110 128 134 164 111 169 101 151
93 131
April
156 151 146 131 110 137 134 165 109 169
95 120
May
160 155 148 183 112 142 134 166 108 172
June
160.2 156. 148.5 182.5 109.1 143.8 134.1 165.8 107.0 188.5 104.6126.9
July
160.2 155.2 147.0 131.3 108.3 144.3 134.8 166.2 108.2 165.7 114.2129.2
August.... 160.2 150.1 147.0 131.3 108.3 165.7 141.9 173.2 122.2 163.4 129.3126.1
September 158.3 153.8146.5 130.6 109.1170.5 145.6 174.3 126.6 165. 150 .4126.6
.
CHANGES IN COST OF LIVING IN 19 CITIES FROM DEC. 1914, JUNE 1920,
SEPT. 1923 AND JUNE 1924 TO SEPT. 1924.
CITY.
Baltimore
Boston
Buffalo
Chicago
Cleveland
Detroit
Houston
Jacksonville
Los Angeles
Mobile
New York
Norfolk
Philadelphia
Portland, Me
Portland, Ore
San Francisco
Savannah
Seattle
Washington
CITY.
1922
January _-February __
March
April
May
June
July
August
September.
October _
November.
December
Avg.for yr.
1923
January ___
February _
March
April
May
June
July
August
September.
October
November _
December._
142
142
139
139
139
141
142
139
140
143
145
147
149
149
149
145
139
141
143
144
145
154
161
166
153 157
148 154
146 155
143 155
140 157
140 157
144 157
145 155
147 155
149 155
151 155
154 154
148
155
161
161
161
161
158
155
148
145
145
148
130
130
130
130
127
130
130
130
130
130
130
133
107
107
107
108
109
110
110
110
110
110
110
109
194
194
182
171
176
206
212
153
135
129
124
124
113
116
118
122
120
129
138
147
144
144
147
151
149
147
155
155
130
109
165
133
121
125
142
169
170
168
164
161
163
164
164
167
174
171
171
154
154
153
153
152
152
153
154
157
158
161
161
155
155
155
155
155
155
157
155
155
155
155
155
148
148
145
148
145
145
142
136
136
139
139
136
133
133
133
133
133
133
137
137
140
143
147
147
109
108
108
108
108
108
108
108
109
110
111
111
124
124
129
147
159
188
247
218
200
171
153
153
151
158
185
193
204
202
191
175
175
193
187
189
124
126
127
128
128
127
127
126
126
127
127
127
126
127
127
127
127
128
128
128
128
129
129
129
144
142
142
143
143
144
147
146
149
150
151
150
120
119
119
120
120
121
121
121
121
122
122
123
125
125
124
124
125
125
125
125
125
126
126
126
I
Per Cent of Per Cent of Decrease from Per Cent of
Increase from
Increase from
Dec. 1914 to June 192050 Sept. 1923 to June 1924 to
Sept. 1924. Sept. 1924. Sept. 1924. Sept. 1924.
72.5
66.0
75.7
73.7
77.9
81.7
67.6
69.5
77.0
60.9
73.3
69.4
71.7
64.8
54.5
59.0
55.4
66.9
60.2
19.5
21.2
20.7
19.1
19.2
23.0
21.0
21.7
12.2
22.3
20.9
23.8
19.6
20.6
22.9
18.9
26.8
20.7
20.4
1.3
1.1
1.4
÷.3
1.1
2.0
.7
.2
.1
+.2
1.2
2.3
1.4
.6
1.2
.9
1.8
.9
1.7
0.3
1.7
1.0
.6
1.1
•.6
1.6
1.3
1.1
1.8
.5
.6
.1
1.5
1.1
1.1
.4
.1
.6
CHANGES IN COST OF LIVING IN 13 CITIES FROM DEC.1917,JUNE 192*.
SEPT. 1923 AND JUNE 1924 TO SEPT. 1924.
411Articles
CofCornPotaMilk Bread Flourl meal Rice toes Sugar fee Tea Condrined
Year
and Month
1895
Atlanta
Birmingham
Cincinnati
Denver
Indianapolis
Kansas City
Memphis
Minneapolis
New Orleans
Pittsburgh
Richmond
St. Louis
Scranton
Average United States_ _ _
• Decrease. + Increase
Per Cent of Per Cad of Decrease from Per Cent Of
Increase from
Increase from
Dec. 1917 to June 1920 to I Sept. 1923 to June 19241e
Sept. 1924. Sept. 1924. Sept. 1924. Sept. 1924.
13.7
14.8
16.7
18.1
20.7
14.2
19.1
15.9
18.2
23.3
15.0
19.3
24.1
22.5
19.1
20.7
21.4
19.6
24.4
18.6
19.2
16.7
17.3
20.0
19.9
18.1
a70.6
21.2
a From 1923 to Sept. 1924.
1.9
+.3
.1
2.6
1.2
1.1
1.2
1.6
1.0
+.8
1.4
.5
.2
0.1
1.5
.3
.3
1.2
5,1
.9
.9
.s
5,3
L2
.7
1.3
.4
1.4
National Industrial Conference Board Reports
-Employment Steady.
Improvement in Wages
The National Industrial Conference Board, in a statement made public Oct. 23, said:
Everything points to a slow but steady improvement in industry. The
latest survey of wages, hours and employment in twenty-three leading
manufacturing industries, covering the month of August, shows a definite
upward tendency in the number employed and in the average of hours
of work per wage earner.
The rapid curtailment of Industrial and business operations in the spring,
together with the cautious hand-to-mouth buying for immediate needs
through the summer has apparently decreased inventories to that point
where public needs for consumption are producing better conditions.
Employment from July to August stood at 71% of the number employed
in June 1920, but, as the board points out, comparisons of present conditions with those of a boom period are often misleading and the present
Gain in Life Insurance Sales in Canada During Septem- conditions reflect a fair course of normal progress. ofEmployment is at least
5% higher than it was in 1914. Further evidence improvement is shown
-Sales Amount to a Million Dollars a Day.
ber
in an increase of nearly one-half hour in the aevrage week worked per wage
Sales of ordinary life insurance in the Dominion were earner and of more than an hour in the average hours of plant operation
from July to August.
16% higher in September this year than any previous SepIt is a remarkable fact that in spite of an industrial depression of some
tember on record, according to the Life Insurance Sales Re- severity, with very few exceptions, wage rates have maintained the higb
search Bureau of Hartford, Conn. This, says the Bureau, levels which were reached in the boom period of last year. Although
earnings or all wage earners dropped 3 cents in August over
Is in marked contrast to the drop of 10% from last year's average hourly remain 127% above the level of July 1914, and not far from
July, they still
occurred in August and which may be attrib- the level of a year ago. "Real" earnings declined slightly between July
figures which
hourly
uted to a large meeting of agents. September sales were and August, due to increase in living costs, the purchasing power ofboard's
earnings falling from 41% to 39% above the July 1914 level. The
$30,029,000, an average of just a million dollars a day. monthly survey of the cost ofliving shows very little change for the month,
Avg.for yr. 167 155 155 142 137 109 168 184 127 128
1924
January ___ 169 180 155 136 147 113 165 185 128 131
February _ 168 157 155 139 147 113 165 187 130 130
March
166 156 155 139 147 111 165 189 137 130
April
161 155 155 139 147 113 165 181 140 131
May
157 153 155 139 147 114 171 167 142 131
June
165.7 151.7 155.4 139.4 146.7 118.8 194.1 150.9 141.9 130.3
July
155.7 151.7 155 145.5 150.0 114.9 194 1 152.7 142.3 130.11
August
155.7 153.9 157.1 154.6 156.7 117.2 152.9 149.1 145.6 130.3
September.
. 156 .2187.1154.5180.0118.4152.9156.4148.7130.5
146
149
147
144
141
141
142.4
143.3
144.2
146.8
1896
THE CHRONICLE
Aug. 15 to Sept. 15. the principal changes being a 2% increase for food and
2% decrease for clothing. The cost of living has decreased 20% since
the high peak of July 1920.
Further evidence that industrial conditions are improving is found in a
summary of wage changes throughout the United States during the month
ending Oct. 14. made by the board, which reveals forty increases and six
reductions.
[VOL. 119.
however, a somewhat better volume of sales was made, although a slackening during the last week of the month left the average daily sales for September about 3 % less than those of September 1923. Department store
trade throughout New England during September was less favorable, in
respect to volume of sales, than in the Boston stores. The average store in
New England cities other than Boston reported a decline of about 8% in
average daily sales during September, as compared with September 1923.
Boston women's apparel shops had a good volume of business during September. with their total sales greater than in September 1923. Trade in
these shops during the first half of October had less than the usual seasonal
increase from September to October, since their sales reported to this bank
were 8% less than during the same period a year ago.
Increased activity of New England manufacturers, notably those in the
boot and shoe industry, has helped to provide a better volume of trade for
some New England wholesalers. Although sales of the New England
wholesale shoe dealers are still less than a year ago, September business, as
reported to the Federal Reserve Bank of Boston, was only 11% less than in
September 1923. This Is quite important. inasmuch as the total sales of
these wholesale shoe concerns from the first of the year to date have averaged
20% less than during the corresponding period of last year.
Sales of a group of New England wholesale grocery firms were larger In
September than In September of either of the two previous years. This Is
only the second month this year in which wholesale grocery sales have been
larger than In the corresponding month of 1923.
The rate of collections in both wholesale and retail lines was better
during September than in September 1923.
New High Records in Railroad Revenue Freight.
Three new high records were established during the week
ended Oct. 11 in the number of cars loaded with revenue
freight, according to reports filed by the railroads with the
Car Service Division of the American Railway Association.
(1) A total of 1,088,462 cars was loaded during the week of
Oct. 11, the largest number for any one week this year.
This was 1,015 cars above the previous high record for 1924,
established during the week of Sept. 27, and only 9,031 cars
below the highest week in history, which was the week of
Sept. 29 1923, when the total was 1,097,493 cars. (2) More
cars were loaded with merchandise and less than car-load lot
freight during the week of Oct. 11 than ever before, the total
being 259,617 cars. This is the fifth consecutive week that
a new high record for all time has been established in the
loading of merchandise and less-than-carload lot freight. Seventy-five Per Cent of Capital Invested in Pulp and
Paper Industry in Canada Controlled by
(3) The railroads on Oct. 8 handled more freight cars than
Canadians.
on any single day this year, the total movement, including
The following is taken from the Toronto "Globe" of Oct.22:
both loaded and empty cars, having been 1,018,852. This
Of the total capital invested In the pulp and paper industry in Canada.
exceeded by 5,668 cars the best previous record, established
controlled by Canadians. according to
on Sept. 24 this year. This was also the fifth consecutive 75% isCanadian Pulp & Paper Association. George Carruthers, President
of the
Contrary to general opinion,
week in which the railroads have established from two to and In direct contradiction of many pessimistic rumors, he declared.
Canada had firmly seized upon this, one of the most important of her native
five new high records in the loading of various commodities.
Industries.
Additional details follow:
It was at the annual dinner of the Canadian Paper Trade Association,
Total loading of all commodities for the week of Oct. 11 was an increase
of 11.456 cars over the preceding week, when freight shipments were
somewhat curtailed due to the observance of various Jewish holidays.
Compared with the corresponding week last year it was an Increase of 2,524
cars, and an increase of 118.975 cars above the corresponding week in 1922.
Coal loading also showed an appreciable increase for the week of Oct. 11,
the total for the week being 198,154 cars. This was an increase of 11.638
cars over the previous week and was the greatest number of cars loaded during any one week since that of Feb. 9 this year. Compared with the
corresponding week in 1923 it was an increase of 3,088 cars, and with the
corresponding week in 1922 an increase of 3,634 cars.
Loading of grain and grain products totaled 62.582 cars, a decrease of
8,552 cars under the week before but an increase of 12,292. or nearly 25%,
over the corresponding week last year, and 10,524 cars above the corresponding week in 1922. In the western districts alone loading of grain and
grain products totaled 44.252 cars. 10.191 cars above the same week last
year.
Miscellaneous freight loading for the week totaled 400,217 cars, 4,000 cars
above the week before and 2,244 cars above last year. It also was 56,708
cars above two years ago.
Live stock loading totaled 41.632 ears, an increase of 2,472 cars above the
week before, but 1.614 cars under the same week last year. This was,
however, an increase of 2.591 cars over two years ago.
Forest products loading totaled 70.088 cars, 3,472 cars above the week
before but 5,122 cars under last year. Compared with the corresponding
week two years ago, It was an increase of 10,946 cars.
Ore loading amounted to 46.509 cars. 1,949 cars below the week before.
This also was 14,070 cars under last year but 242 cars above two years ago.
Coke loading totaled 9.663 cars, a decrease of 136 cars below the pr,ceding week and 2.265 cars under the corresponding period in 1923. Compared with the same period in 1922 it was a decrease of 492 cars.
Compared by districts, increases over the week before in the total loading
of all commodities were reported in all except the Northwestern, Central
Western and Southwestern districts, while all reported increases over the
corresponding week last year except the Eastern, Allegheny and Northwestern districts. All showed increases over the corresponding week two
years ago.
Loading ofrevenuefreight this year compared with the two previous years
follows:
1924.
1923.
1022.
3.362.136 3.373.965 2.785.119
4 weeks of January
3.617.432 3.381.599 3,027.886
4 weeks of February
4,607,706 4,581,176 4,088.132
5 weeks of March
3.499,210 3,764.266
4 weeks of April
2,863.416
4.474.751
5 weeks of May
4,876.893 3,841.683
3,625,472 4.047,603 3,414,031
4 weeks of June
3.526.500 3,940,735 3,252,107
4 weeks of July
4.843.404
5 weeks of August
5.209.219 4.335,327
4,146.403 4,147.783 3,699.397
4 weeks of September
1.077(106
1.079.776
Week ended Oct. 4
953.952
1,088.462
1.085.938
Week ended Oct. 11
969.487
Total
37.868.482 39.468.953 33,230,537
Less Favorable Retail Trade Conditions in Boston
Federal Reserve District in October This Year
Compared with a Year Ago-Showing
for September.
Retail trade conditions in New England, according to
reports received by the Federal Reserve Bank of Boston,
have not yet received any great stimulus from the gradual
improvement in business and manufacturing conditions
which has been noticed during the past 10 or 12 weeks,
says a statement made public to-day (Oct. 25) by the
Industrial Statistics Division of the Federal Reserve Bank
of Boston, which continues as follows:
an event marking the end of the first day of the seventh annual convention
of that body, that Mr. Carruthers announced his message of optimism.
Strides had been made In the pulp and paper industry which were hardly
yet realized, he told his hearers.
"I can tell you that it Is my sincere belief," said Mr. Carruthers, "that
the growing export of our industry to the United States has had more
influence than any other single factor in maintaining our favorable trade
balance, and in keeping the Canadian dollar in its commanding position
In the money markets."
Attended by paper manufacturers, distributors and printers from all
portions of Canada. last evening's dinner was possibly the most representative gathering of the triangle of paper production which ever assembled in
any Canadian city. Directed by J. Larkin of Montreal. President of the
Canadian Paper Trade Association, the toast list included "The Association," responded to by Mr.Carruthers:"The Printing Industry in Canada,"
responded to by N. R. Brown, President of the Toronto Typothetae. and
"Our Guests," proposed by Albert Brown and responded to by A. N.
Schoenbrucker, Statistical Secertary of the National Paper Trade Association of the United States, and by Charles Kay of Vancouver.
Canadian Pulp and Paper Exports for September
and Nine Months.
The following is from the Montreal "Gazette" of Oct. 22:
The monthly report of the Canadian Pulp and Paper Association, based
upon returns from the Department of Trade and Commerce. states that
exports of pulp and paper in September were valued at $11,656,466. which
was an increase of 3751.046 over the previous month's total. Increases
were noted in the case of both pulp and paper: larger exports of mechanical
pulp, newsprint and krapt wrapping being mainly responsible for the increase in the total.
Comparative figures for August and September are given below:
PAPER.
-August 1924
- -September 1924
Tone
Value.
Tons.
Value.
Newsprint
94,486 $7,020,384
101,843 17,454,239
22,012
266.774
344,018
18.088
Wrapping
Book (mita.)
12,644
2,150
16,920
1,688
Writing (cwte.)
20,048
1,489
17.347
1,901
All other
340.581
301,711
----
Mechanical
Sulphite, bleached
Sulphite, unbleached
Sulphate
87,662,006
PULP.
19,032
8566,479
14.728
1,060,413
18,758
958,847
11,036
647,675
$8,142,880
29,417
14,125
17,928
11,527
$887,984
1,059,235
923,872
879,735
63,554 83,243,414
72,997 83,513,808
For the first nine months of the current year the total exports of pulp
and paper were valued at 3103.050.333. compared with a total of $104.636.736 for the corresponding nine months of 1923. This is a decrease of
31,586.403, but it is to be noted that the decrease took place in the exports
of wood pulp, while the value of the paper exported increased by nearly
35.000.000.
Details for the nine months' period of 1923 and 1924 are as follows:
PAPER.
-----9 Months 1924
-----9 Months 1923
Value.
Tons.
Value.
Tons.
906,747 368,000,040
Newsprint
839,222 363,277,966
17,000
2,369,644
Wrapping
2,525,828
15,658
16,046
259,699
Book (cwta.)
130,540
38.422
181,139
Writing (owls.)
12,839
17,713
108.350
2,428,464
____
Paperboard
2,542,274
904,709
All other
930,264
Mechanical
Sulphite. bleached
Sulphite, Unbleached
Sulphate
869,421,621
PULP.
248,189 88,222.122
10,442,886
120,141
9,518,146
175,682
7,031,061
107,637
874,270.296
155,798
122,928
157,045
107,177
$4,991,948
9,218,067
8,276,676
6,293,346
Boston department store sales from Oct. 1 to Oct. 18 were 6% less than
651,649 335,215,115
548,848 328,780,037
the sales of the corresponding period in October 1923. This is a slightly
poorer showing than the Boston department stores made for the entire
PULPWOOD.
month of September. In September department store sales in Boston were
Pulpwood exports In September were 98.353 cords, valued at
relatively poor during the first two weeks. During New England Week, compared with 104.794 cords, valued at 31,173.996, exported 81,057,410,
in August.
OCT. 25 1924.1
1897
THE CHRONICLE
buckwheat flour, 810,000; rice flour and broken rice, $478,000. On the
other hand,rye flour shows a gain of $712,000; bread and biscuits. 8152,000;
macaroni, 833,000; other corn preparations than those mentioned,890,000.
and malt, 8886,000.
Summary.
Prices Established for 1923 Crop by Connecticut
The volume of exports of wheat, rye, oats, malt, hominy grits, macaroni.
"other wheat products" was greater in September 1924 than in September
Tobacco Growers' Association.
1923. The value of the exports of barley, oats, rye, wheat, wheat flour,
Hartford "Courant" of Oct. 22:
The following is from the
malt, hominy grits, 'other corn preparations," macaroni, "other wheat
The officers of the Connecticut Valley Tobacco Growers' Association es- products" was also greater. During the nine months period of 1924 the
yesterday. The schedule for broadleaf volume of the exports of malt, biscuits and crackers, macaroni, "other
tablished prices for the 1923 crop
Is advanced over the 1922 prices. The sampling has been completed and wheat products," "other grain preparations," was greater than for the
four pools were established. The prices for long seconds are as follows: same period in 1923. There Is a greater demand for wheat and rye esPool 1, 95 cents (1922 price was 90 cents); Pool 2. 85 cents (1922 price was pecially, but a lesser demand for many of the products of the grain industry.
80 cents); Pool 3, 65 cents; Pool 4, 40 cents. Subject to cash discounts.
Nine Mos. Ended Sept.
Month of September.
The price for light wrappers are substantially the same as a year ago. The
schedule: Pool 1, $1 25; Pool 2, $1; Pool 3, 85 cents; Pool 4, 70 cents.
1923.
1924.
1924.
1923.
For the first nine months of the year the total export of pulpwood
amounted to 990,425 cords, valued at $11.140,838, while in the corresponding months of 1923 the total was 1.159.733 cords, valued at 811,091,429.
Grain Exports During September Heavy-More than
Double Those of 1923.
Exports of grains and grain products during September
1924 were very heavy. The value of these exports during
last month was $71,182,000, an increase of $38,552,000, or
118% over that of September a year ago. Gains occurred
in all grain except corn and rice. The principal gains have
been in the exports of wheat, $27,076,000; rye, $10,423,000;
wheat flour, $1,096,000; malt, $873,000; barley, $544,000;
and oats, $131,000. The loss in the exports of corn was
very slight, $216,000, but more substantial in the case of
rice, $963,000. The value of the exports of oatmeal was
also less by $391,000; of rye flour, $10,000; bread, biscuits,
&c., $12,000; breakfast foods other than wheat preparations, $32,000.
There are two reasons for the substantial increases here
recorded and they are interlocked, says the Department
of Commerce in reporting the figures. In the case of
practically all of these products, the export price per unit
was appreciably greater in September 1924 than for September 1923; for example, the export price of wheat during
the past month was $1 36 per bushel, while for September
1923 the price was $1 12. The relative prices for rye
during September 1924 and 1923 were $1 08 and 80c. per
bushel, respectively; for corn, $1 23 and 95c. per bushel;
barely, $1 11 and 74c. per bushel; oats, 59c. and 46c. per
bushel; rice, $4 85 and $4 15 per 100 lbs., and flour, $6 14
and $5 01 per barrel. Furthermore, the increase in the
volume of the exports of wheat and rye during September
1924, as compared to September 1923, was most gratifying.
The shipments of wheat during the past month amounted
to 32,662,000 bushels, or an increase of 17,250,000 bushels,
112%, over September 1923. The exports of rye during
the same periods were 11,563,000 bushels and 2,558,000
bushels, respectively, or an increase of nearly 450%. The
statement then goes on to say:
These gains in the exports of bread grains are one of the results of the
better outlook in Europe. coupled with, of course, the known lack of over
250,000,000 bushels of bread grains in that part of the world.
On the other hand, there was a considerable loss in our rice exports.
In September 1924 only 1.038.000 lbs. were shipped, as against nearly
23,000,000 lbs. for the same month the year before. This represents a
loss of 95%. The loss in the exports ot biscuits, crackers, dm., was 178,000
lbs., while there was a gain of 86,000 lbs. of macaroni and 459,000 lbs.
of other wheat products, there was a loss of 285,000 lbs. of cereal breakfast
foods and of 105,000 barrels of flour.
All in all, due to the predominant role played by wheat and rye, the
exports of grains and grain products during September 1924 are upward
In trend when compared to the same month of 1923.
The record of the past nine months shows that only in the case of flour.
malt, biscuits and crackers, macaroni and "other wheat products" were
the exports greater during January to September 1924 than for the same
Period in 1923. These increases were as follows: Flour, 418,000 barrels,
or 4%; malt, 722,000 bushels, or 27%; biscuits and crackers, 1,287,000
lbs., or 15%; macaroni, 353.000 lbs., or 7%; "other wheat products".
2,006,000 lbs., or 74%.
•
During the first nine months of 1924, however, the exports of cereal
breakfast foods other than wheat were 3,550.000 lbs., or 34% less than
for the same period of 1923. The exports int corn grain were 22,197,000
bushels, or 57% less; rye. 6.434,000 bushels, or 22% less; wheat, 4,645.000
bushels, or 5% loss; barley, 1,831,000 bushels, or 19% less; rice, 164,899,lbs.. or 67% less.
The value of the exports of grains and grain products for the nine months
of January to September 1924 was 8217,409,000, or $30,390,000 less
than for the same period of the previous year. This is a loss of 12% only.
If the rate of exports of wheat and rye for the past month should be continued during the remainder of the year, last year's record as regards
value and volume of exports will be considerably surpassed. It should
be noted that the amount of wheat and rye exported since Aug. 1 is over
63,000.000 bushels, compared to 34,000,000 for the same two months
of 1923.
The average price per unit during the nine months January to September 1924 was higher for all grains and grain products except for flour,
and for biscuits and crackers. While 418.000 more barrels of flour were
shipped during these nine months than for the same period last year, the
value of this commodity is $538,000 loss this year than last. The average
price per barrel last year was $5 54, compared with this year's price of
$5 28. In the case of biscuits and crackers the value per pound last
year was 13.95c., while for this year. 13.85c.
Among the minor cereal products may be mentioned oatmeal, which
during the past nine months shows a loss in the value of exports of $1,692,000
as compared to the same period last year. The loss in the value of the
exports of corn moat and flour was $433.000; hominy grits, $311.000;
2,203,418 1,955,151
Barley, bushels
Value
$1,829,998 $2,173,796
695,421
Corn, bushels
1.135.778
$837,749
Value
$1.083,672
Oats, bushels
430,956
272.078
Value
2258,619
$126,242
Rice, pounds
22,930,964 1,037,766
Value
$50,124
$1.012,778
Rye. bushels
2.558.477 11.563,445
Value
82.052.850 $12,476,169
Wheat, bushels
15,408.448 32,662.007
Value
$17,313,054 $44,388,574
Wheat flour, barrels
1,5*8,116 1,462,567
Value
$7,879,155 $8,989,083
Malt, bushels
285,932 1,100,617
. Value
2268.132 $1,141,232
Bread, &c., pounds
947,075
769,108
Value
$126,147
$113,654
Macaroni,pounds
398.270
484,174
Value
$33.787
$41,314
Other wheat products, pounds.
76,094
534,799
Value
$7,413
$42,958
Other breakfast foods, pounds_ 1,107.096
822,059
Value
$112,034
280.090
Other grain preparations, lbs_ _
539,088
527,271
Value
$336,181
$33,448
9,913,470
$7.659.151
38,660.491
233.565.472
22,825,979
81,491.906
243.548,291
$9,354,880
29,118 670
226,810.266
80.196,646
298,166,416
10,651,444
259,060,260
2,631,747
32,632.421
8,611.37
$1.203,57
5,048,18
$389,41
2,698.81
$222,87
10,373,12
$894,856
3,814,73
$240.71
8.081.752
$8,118,315
16,463,074
215.580.397
$885,748
$415,755
78,847.044
$3,625,930
22,685,036
$21,912.303
75,551.691
$96,507.100
11,069.481
$58.522,304
3.354,408
$3,518,286
9.898,044
$1,358,205
5,400,874
$422,079
4,704,729
2357,234
6,823.783
$654,242
9,783,444
$413,750
Total grains & preparations of_ $32,629,958 $71,181,724 $247,798,938 $217,409,287
Transactions in Grain Futures During September on
Chicago Board of Trade and Other Contract
Markets.
Revised figures showing the daily volume of trading in
grain futures on the Board of Trade of the City of Chicago
during the month of September 1924, together with monthly
totals for all "contract markets" as reported by the Grain
Futures Administration of the U. S. Department of Agriculture, were recently made public at the Chicago office
of the Administration. The figures listed represent sales,
or only one side of the transaction, there being an equal
volume of purchases. The figures follow:
Expressed in Thousand Bushels (i. e., 000 Omitted).
September 1924.
Holiday
2
3
4
5
6
Sunday
s
9
10
11
12
13
Sunday
15
16
17
18
19
20
Sunday
22
23
24
25
26
27
Sunday
29
30
Wheat.
Corn.
Oats.
Rye.
Barley. Flax.
Total.
41,867
39.738
39.050
26,611
20,808
27,407 10.272
23,625 10.619
15.220 10,047
16,755 7.821
12,380 4,810
4.563
5.001
3,835
4,778
2,314
--------84,109
--------78,983
--------68,152
--------55,965
--------40,312
24,866
22,408
23.605
50,763
44,884
26,030
13,923 8,12.9
16,775 4.761
20,757 4.317
24,570 6,072
22.989 12,701
21,372 5.869
3,333
1,679
1,779
3,910
5.631
3,111
--------50,251
--------45,623
--------50,458
--------85,315
--------86,185
--------56,382
34,624
27,810
44,361
29,489
25,283
22,712
21,771
11.235
45,891
39,474
22,247
15.786
7,331
4,116
7,433
6,933
3,281
2,499
2.856
4.500
5.292
4,242
3,281
2,637
28,316
39,162
42,211
34,927
54,642
39,680
36,926 6,923
40,205 12,589
30,212 4.817
25.668 4,490
44,204 6,266
39,302 7,310
5,687
8,623
5.891
4,794
5,425
4,745
--------66,582
____
____
47,681
--------102,977
--------80,138
____
A....
54,098
--------43,634
.
--------75,852
--------100,579
--------83,131
--------69,879
--------110,537
--------91,037
6,336
7,174
--------95,689
--------102,049
49.725 34,263
59,880 27,872
5,365
7,123
--------1,825.578
Total Cite,B.ot T. 891.432650.829 171,897 111,420
43,514
--103___
Chicago Open Board_
26.896 15.822
693
4
Minneapolis 0.01 C_
80,926
21,282 10,530 5,285 1, 06 119,429
55,236
--__ -Kansas City B. of T. 32,516 22,846
74-_-- -- 6;328 80.128
Duluth B. of T
*28,910 --------25,890
10,489
------St. Louis Mer. Ex
8,791 3,698___
--- .320 --------4,375
Milwaukee C. of C_
905 1,818 1,332
446
San Francisco C.of C.
33
Los Angeles Gr. Ex.
Baltimore 0.01 C___
---------Mtill tall markota 1 MR . ROA eta IAA 278 148.263 5.764 6.734 2.119.228
17A
• Durum wheat with exception of 22 Hard Red Spring wheat.
The total transactions on the Chicago Board of Trade in all grain futures
for the month of September amount to 1.825.578,000 bushels, as compared
with 2.158,309.000 bushels for the month of August and 926,923.060 for
September last year, 1,203.770,600 bushels for September 1922, and
1,812,130.600 bushels for September 1921.
While the total trading at Chicago for September showed a decrease of
little more than 15% compared with the August trading, Minneapolis
showed an increase of 33% and Duluth an increase of 137%.
,
•
Supplementing Summary of Volume of Grain Trading
-Open Contracts.
for September
J. W. T. Duvel, Grain Exchange Supervisor at Chicago,
made public the following under date of Oct. 10:
With the view of affording a better understanding of the conditions
surrounding the grain markets during the past few weeks the Grain Futures
1898
THE CHRONICLE.
Administration is making public for the first time some figures showing
customers "open contracts" as reported by the clearing members of the
Chicago Board of Trade. It will be understood that these figures do not
represent the total ''open interest" in the market, as some of the customers
of clearing members are commission houses that also have customers who
have contracts open, either long or short. The figures given represent
only the "short" side of the open contracts, there being, of course, an
equal volume open on the "long" side.
SUMMARY OF OPEN CONTRACTS DURING SEPTEMBER (IN BUSHELS).
I
Open Contracts—
Oats. I Rye. I Ail Grains.
Corn.
Wheat.
Close of market Sept. 2_ 104,562,000 52,018,000 44,159,000 23,073,000 223,812,000
Close of market Sept. 30 103,928,000 56,087,000 61,832,000 19,601,000 241,448,000
Largest during month1109,677,000 56,498,000 61,832,000 23,676,000 249,153,000
Smallest during month__ 103,928,000 52,000,000 43,921,000 19,601,000 223,812,000
Daily average
107,051,000 53,906.000 53,697,000 22,665,000 237,320,000
In the case of wheat the largest "Open Interest" was on Sept. 29, and
the smallest on Sept. 30. For corn the largest was on Sept. 26 and the
smallest on Sept. 25. For oats the largest was on Sept. 30 and the smallest
on Sept.2. For rye the largest was on Sept. 17 and the smallest on Sept.30.
DELIVERIES ON SEPTEMBER CONTRACTS.
In addition to the daily transactions on the Chicago Board of Trade the
deliveries for the month were as follows:
Wheat
12.017,000 bushels I Rye
4.062,000 bushels
Corn
2,327,000 bushels!
Oats
4,246.000 bushels' All grains
22,652,000 bushels
The foregoing figures on deliveries include the re-deliveries within the
month under the same warehouse receipt number. Figures showing the
actual quantity of grain involved are not available at present.
In addition to the deliveries and the daily trades, the open contracts
satisfied by indorsement of "delivery notices" were as follows:
34,254,000 bushels[Rye
Wheat
8,213,000 bushels
Corn
13,077,000 bushels'
Oats
12,871,000 bushels! All grains
68,415,000 bushels
Volume of Grain Trading on Oct. 3
January 1921.
Largest Since
The volume of sales for future delivery on the Chicago
Board of Trade on Oct. 3 1924, as reported by the Grain
Futures Administration, reached 156,799,000 bushels, as to
which J. W. T. Duvel, grain exchange supervisor at Chicago,
says:
This is the largest total volume of trading in all grain futures during the
period for which detailed records of daily transactions are availlabe, namely
since January 1921. The second largest volume of trading was on March 9
1922—with a total of 154,416.000 bushels.
The largest increase in yesterdays trading was in oats and rye, these
being the high records for this same period of nearly four years.
The following are the sales recorded Oct. 3:
Wheat
Corn
Oats
Rye
70,665,000
38.395,000
36.849.000
10,890.000
All grains
Bushels
Bushels
Bushels
Bushels
156,799,000 Bushels,
Appeal for Better Market News.
J. W. T. Dave!, grain exchange supervisor at Chicago,
had the following to say in a statement issued under date of
Sept. 27:
During the past few weeks wide circulation has been given to statements
relating to crop and market conditions and movements. For the most part
such items have Indicated a fair and honest attempt to set forth the true
conditions of the various factors that affect the market as based on the most
reliable information obtainable at the time. Occasionally, however, items
questionable as to accuracy and motive have appeared in the trade "Gossip,"
market reviews, and otherwise. It is not always easy to determine whether
these questionable statements are due to lack of knowledge, are based on
mere rumors, or are intended to be misleading. The results, however,
usually lead to an unnatural and unwarranted movement of prices.
In the interest of a more representative market and with the view of
greater justice and fairness to traders of all classes, it is important that
more careful consideration be given to the preparation of statements relating to crop or market conditions that affect or tend to affect grain prices.
In this connection we quote from Section 9 of the Grain Futures Act which
section reads in part as follows:
"Any person . . . who shall knowingly or carelessly deliver for
tzansmissioo through the mails or In Inter-State Commerce by telegraph,
telephone, wireless, or other means of communication, false or misleading
or knowingly inaccurate reports concerning crop dl''market information or
conditions that affect or tend to affect the mice of grain in Inter-State
.or, and, upon conviction
Commerce. shall be deemed guilty of a midtle
thereof, be fined not more than 810,000 or — soned for not more than
one year. or both, together with the costs of pr.secution."
[vol.. 119.
weekly meeting of the directors last week nine new members
were admitted to the Exchange, this record number for a
single day indicating the widespread interest in the addition
of cotton to the trading list.
On Sept. 30 it was announced that the directors had accepted an amendment to the rules providing for a clearing
house for cotton similar to that of the New York and New
Orleans Exchanges. This, it was pointed out, will permit
drawing of profits on open trades which cannot be done on
grain trades. Reference to the proposals of the Chicago
Board of Trade to establish a cotton futures market was made
in these columns Aug. 23, page 897; Aug. 30, page 1014, and
Sept. 13, page 1233.
Prices
of Coffee Nearing War Peak—Finest Grades
Are Now Selling Around 55 Cents a Pound
in the Retail Trade.
The following is fom the New York "Times" of Oct. 19:
Coffee is selling at the highest prices since the end of the World War.
Recently it climbed to within 5 cents of the war peak, and it was predicted
yesterday that the present movement would send prices up to the highest
point caused by war conditions.
Prices at the close of the war ranged from 25 to 34 cents a pound, wholesale. The same grades are now selling at from 20 to 29 cents a pound, wholesale. Good grades in packages are offered at 49 cents retail. Finest grades
are selling at 48 cents wholesale, and around 55 ,cents retail.
Those familiar with the situation agree that the cause of the present high
prices is the old economic law of supply and demand. Figures furnished to
the coffee trade put world requirements at approximately 22,000,000 bags,
or 2,850,000,000 pounds. Approximately half the world requirements is
absorbed by the United States. Deliveries to the United States for 19241925 are estimated at approximately 11,000,000 bags.
The visible coffee supply of the world and the growing crop total only
19,500,000 bags in round numbers, or approximately 2,500,000 leas than
the world requirements.
Small Stocks on Wand.
The figures for the visible supply of the world, issued by the New York
Coffee and Sugar Exchange as of Oct. 1 1924 show 5,653,292 bags. Of that
amount 738,740 bags represented stocks in port in the United States, or
less than one month's requirements for this country. The total afloat for
the United States is given as 597,700 bags, and the total afloat for Europe
is estimated at 861,000 bags, making a grand total afloat for the world of
1,458,700 bags. One-quarter of the world's visible supply is afloat.
The growing crop, figured from July 1 1924 to July 1 1925 is estimated
at 6,000,000 bags for Santos, 3,000,000 bags for Rio de Janeiro and 6,000,000 for Colombia and elsewhere. It is estimated that the supply in interior
warehouses is approximately 3,000,000 bags in Brazil, and it is figured
that the roasters in the United States have approximately 2,000,000 bags,
and another 1,000,000 bags in the roasters of Europe.
The coffee requirements of the United States have jumped nearly 1,500,000 bags within the last three years.
In 1920-21 United States deliveries totaled 9,701,096, compared with
European deliveries of 6,397,908 bags. In 1921-1922 the figures were:
United States, 9,607,446; Europe, 8,577,754. In 1922-23 the figures were:
United States, 9,660,641; Europe, 7,933,753, and in 1923-1924 the deliveries were: United States, 10,758,080; Europe, 9,133,363 bags.
In September 1924 deliveries to the United States amounted to 725,286
bags, compared with 849,113 bags delivered to Europe. Amsterdam, with
269,000 bags, received the heaviest European shipments.
No Specuktion in Coffee.
"The Dutch are among the heaviest coffee drinkers of the world," said
Frank C. Russell, coffee importer, 94 Front Street, who is Secretary of the
New York Coffee and Sugar Exchange. "The French and Italians also are
great drinkers of coffee. European consumption by nationalities is reflected
to some extent in the figures for the September deliveries, showing: Havre,
178,000 bags; Marseilles, 22,638; Hamburg, 120,000; Copenhagen, 44,000;
Bordeaux, 13,000; London, 28,473; Genoa, 48,000; Trieste, 74,000, and
Antwerp, 52,000.
"Europe consumed more coffee than America before the war. But in
the blockade of the Allies the Germans were entirely shut off and that
greatly affected European consumption. The price to-day for average coffee wholesale is still about 5 cents below the highest prices in 1919. In
June 1919 Rio 7s sold up to about 25 cents. To-day they are up to about
20 cents. Santos 4s in the peak of 1919 sold up to about 30 cents and are
now selling up to about 25 cents. Colombian sold up to 34 cents when
prices were at their war-period peak and is now selling around 29 cents for
the same grade.
"There has been no speculation in coffee. The market has made a steady
rise. Gains have been registered, with fluctuations at intervals since last
January. Coffee prices have aboht doubled since January. There was a
sharp advance about March 1, when Rio was selling around 15 cents and
Santos at about 20 cents. Then came a break of from 2 to 3 cents. The
Brazilian revolution jumped prices from 3 to 4 cents within three weeks."
Deliveries of coffee to the United States in October 1923 were the heaviest
on record, totaling 1,127,177 bags. In the next three months, including
January 1924, deliveries to America totaled more than 1,000,000 bags a
month.
Adoption of Commission Rates for Transactions in
Cotton on Chicago Board of Trade.
Members of the Chicago Board of Trade, on Oct. 16,
adopted amendments to the rules establishing rates of commission on transactions in cotton. Samuel P. Arnot, Executive Vice-President, stated that the date of opening the Necessity for Greater Efficiency in Manufacturing
new Chicago cotton market had not yet been definitely
Methods in Automobile Industry—Periodical
fixed. It is believed, however, that the remaining details
Survey of Housing Situation.
will have been completed so that trading can begin early in
Under date of Oct. 17 the United States Department of
November. The rules adopted on the 16th inst. provide for a Labor, through the Bureau of Labor Statistics, has the folcommission of $1250 for the purchase or sale of each 100 lowing to say in its Monthly Labor Review:
bales when the price does not exceed 25 cents a pound.
The necessity for greater efficiency in manufacturing methods in the autoWhen the price exceeds 25 cents a pound, $2 50 additional mobile industry in order to meet the demand for large-scale production has
not only
its effect upon other
will be charged for each 5 cents or portion of 5 cents over branches revolutionized that industry, but has had article
of manufacturing as well. An interesting
in the October
that figure. Rates to members are one-half of the non- issue of the Monthly Labor Review describes many of the inventions of the
member rates, the same as on grain. Commission rates for past few years which have resulted not only in vastly increasing the output
of the various
make up
the new cotton market are the same as those at the New high degree parts which go toproduction an automobile and in securing a
of parts, but also in
of accuracy in the
York and New Orleans Cotton Exchanges. At the regular metals better able to resist the strains automobiles are required producing
to meet.
OCT. 251924.]
THE CHRONICLE
These improvements, the article shows, affect not only the output and the
quality of the product, but have given rise to greater employment and increased earnings, and have resulted in placing the automobile within the
financial reach of a large proportion of the population of the country.
Interest in the subject of State pensions for the aged is comparatively
recent in this country as compared with England and other European countries and little headway had been made in this class of legislation up to the
year 1923. In that year, however, old-age pension bills were introduced in
24 Legislatures and were favorably reported by their committees in 12 States.
One house of the Legislature passed such a bill in six States and in three
States a pension bill was enacted into law. The present status of this form
of social legislation and the outlook for amendment in our methods of poor
relief are discussed in an article on old-age pensions.
A periodical survey of the housing situation by the Bureau of Labor Statistics through a study of the building permits issued in each of the 68
cities having a population of 100,000 or over shows that in the first half of
1924, 55.4% of the new buildings for which permits were issued were for
residential purposes and 66.2% of the estimated cost of all new buildings
was for this class of building. The number of families to be provided for
was 205,193-a considerable increase over the figures for the corresponding
period in 1923. The trend which has been apparent in the preceding surveys towards the increase in the number of apartment house dwellers is shown
to have changed, the proportion of families provided for in apartment houses
being considerably reduced in 1924. It is considered that one reason for this
change may be found in the rather general movement towards the ownership
of small houses in the suburbs.
Other special articles in this issue of the Review are, one giving the results of a recent study by the Bureau of Labor Statistics of the salaries paid
employees of the police and fire departments in cities having a population
of 100,000 or over; one reviewing a study made in Germany in May 1924 of
the hours actually worked in a number of the principal German industries;
and a review of workmen's compensation legislation for 1924. The summary
of compensation laws shows that the total result of amending legislation
passed in six of the eleven States whose Legislatures were in regular session
in 1924 was to increase the beneficial effect of the laws.
The section on prices and cost of living shows the variation in the retail
prices of food and coal, index numbers of wholesale prices and a comparison
of retail price changes in the United States and foreign countries. Other
sections of the Review contain notes and articles on wages and hours of
labor, minimum wage, women in industry, labor agreements, employment
and unemployment, housing, industrial accidents and hygiene, workers' education, strikes and lockouts, conciliation and arbitration, and immigration.
Pennsylvania, after dropping Mc. per gallon on Oct. 18,
reversed its direction and advanced Mc. per gallon on
Oct. 20. Advices from Tulsa, Okla., on the following day
stated that an advance of Mc. per gallon had been announced
for Mid-Continent gasoline, the wholesale price to jobbers
becoming 73jc. per gallon, against 63ic. per gallon at the
close of last week.
The upward swing, according to press reports, of the sentiment in oil trade circles reflects improved conditions in the
petroleum industry. There is still a large quantity of oil in
storage and producers admit that it would be an expensive
proposition to carry it through the winter. On the other
hand, however, the opinion is advanced that if production
continues to fall off during the remaining months ofthe year,
this stored oil would increase in value. The slight advance
in gasoline prices indicates, according to some producers,
that "distress gasoline," which hung over the market during
the summer'months and was chiefly responsible for the demoralization which prevailed in the industry, is being gradually absorbed by the companies in a sound financial position,
and able to carry it over until next spring.
September Automobile Production Well Below a
Year. Ago.
The Department of Commerce on Oct. 21 gave out the
September statement of automobile production, based on
figures received from 205 manufacturers, 99 making passenger cars and 135 making trucks (29 making both passenger
cars and trucks). Data for earlier months include 16 additional manufacturers now out of business, while September
data for 12 small firms were not received in time for inclusion
in this report. Figures on truck production also include
fire apparatus, street sweepers and busses.
The make of passenger cars was 257,947 in September
1924, against 298,964 in September 1923 and 187,711 in
September 1922. For the nine months the output has been
2,553,681 passenger cars in 1924, against 2,741,764 in 1923
and 1,698,880 in 1922, as will be seen by the following:
AUTOMOBILE PRODUCTION (NUMBER OF MACHINES).
Passenger Cars.
1922.
January
February
March
April
May
June
July
August
September
81,696
109,171
152,982
197,224
1923.
Trucks.
1924.
223,822 287,353
254,782 336,371
319,789 348,356
344,661 337,045
350,480 279,455
337,442 217,935
297,413 237,688
314,431 •251,631
298,984 257,947
Crude Oil Output Again Decreases.
A decrease of 12,650 barrels per day was noted in the
output of crude oil during the week ended Oct. 18, compared
with the week ended Oct. 18. The current production of
1,971,350 barrels is also a decrease of 92,100 barrels per day,
compared with the corresponding week of 1923, according to
figures compiled by the American Petroleum Institute. The
daily average production east of California for the latest
week was 1,366,850 barrels, as compared with 1,376,000
barrels the previous week, a decrease of 9,150 barrels.
California production was 604,500 barrels, as compared with
608,000 barrels, a decrease of 3,500 barrels; Santa Fe Springs
is reported at 53,000 barrels, against 54,000 barrels; Long
Beach, 139,500 barrels, against 140,000 barrels; Huntington
Beach, 39,000 barrels, no change; Torrance, 49,500 barrels,
against 52,000 barrels; and Dominguez, 33,500 barrels,
against 33,000 barrels. The following are estimates of daily
average gross production for the weeks ended Oct. 18,
Oct. 11, Oct. 4 1924 and Oct. 20 1923:
DAILY AVERAGE PRODUCTION.
Oa.4'24 Oct.20'23.
Oct.8'24 Oct.11 '24
514,350
527,850
399,650
507,850
Oklahoma
84,000
84.600
73,200
84,600
Kansas
72,500
71.800
72.850
69,200
North Texas
175,850
177,300
351,150
173.250
Central Texas
51,800
52.550
55.550
North Louisiana
125,050
130,250
133,100
127,950
Arkansas
139,700
139,400
95,050
Gulf Coast & Southwest Texas 138,300
107,000
108,000
107,000
106,000
Eastern
Wyoming, Montana & Colo109,250
105,750
159,050
101,550
rado
608.400
608.000
820.500
604,500
California
(In Barrels)-
Total
1922.
1923.
19,732
22,173
35,284
38,085
43,730
41,173
30,692
30,872
28,578
1,971.350 1,984,000 2.010,450 2,263,450
1924.
9,598
13,360
20,036
22,885
24,120
26,354
22,083
24,711
19,495
1899
28,925
31,156
34,118
38,158
33,415
27,884
Heavy Exports of Petroleum-Coal Exports Falling Off.
The Department of Commerce at Washington on Oct. 22
263,053
issued its report showing the exports of domestic coal and
225,103
*25,248
249,498
petroleum for the month of September and the nine months
*27,510
187,711
30,081
ending with September. For September the exports of crude
1,898,880 2.741,764 2,553,881 182,420 290,319 274,475
petroleum were 73,800,782 gallons in 1924, as against 65,550,October
217,582 335,041
21,824
30.139
November
215,362 284,939
21,967
28,073
205 gallons in 1923 and for the nine months 575,838,862 galDecember
208,016 275.472
20,394
27,762
lons in 1924, against only 518,102,194 gallons in 1923. Ex*Revised.
ports of refined petroleum in September 1924 reached 353,210,742 gallons, compared with 278,868,575 gallons in 1923,
Automobile Price Changes and New Models.
In addition to the recent changes noted on page 1790 of and for the nine months 2,944,657,440 gallons, as against
last week's issue, the following companies have added new 2,395,443,801 gallons. The following is the report in full:
DEPARTMENT OF COMMERCE.
models to their lines:
Washington. Oct. 22 1924.
Dodge Bros. on Oct. 20 added a special business men's
priced at $1,135, while Wills-Ste. Claire, Inc., on
coupe,
Month of September. 9 Months ended September.
Coal
Oct. 21 added a de luxe town car with custom-built body
1924.
1923.
1924.
1923.
and fully -equipped at $5,500.
2,628,108
3,445,793
Anthracite coal, tons
327,322
175,689
The Hudson Motor Car Co. on Oct. 23 announced a reducValue
$1,855.733 $3,714,232 837,298,877 829,119,095
11,659,463
15,334,621
1,768,620 1,502,829
tion of the Hudson coach from $1,500 to $1,395, and Essex Bituminous coal, tons
Value
89,071,428 813,472,042 885,309,428 854,421,087
419,412
932.719
41,804
95,479
$945. This reduction brings the coach Coke.tons
coach from $1,000 to
Value
$930,039
8317,651 810.233,991 83.589,047
below the open car prices, a feat never before accomplished,
Domestic Exports of
it is said. The company states this is made possible because Petroleum & Refined Products. 65,550,205 73,800,782 518,102,194 575,838,882
Petroleum,crude, gals
Value
$1,975,234 $2,830,898 $17,591,003 820,919.748
1924 has been the largest sales year in Hudson history, the Total refined petroleum, gals_ 278.888,575 353,210,742 2,395,443,801 2,944,657,440
Value
100,000 mark having been reached about Sept. 1. Volume
$25,626,473 $32,799,588 $253,103,716 9299,007,314
Gasoline. naphtha and other
economies has made the -reduction possible, it is claimed.
light products, gals
72,902,009 114,168,482 834,795,441 900,940,082
232,462
Value
Oils-Illuminating, gals
No Change Occurs in Crude Oil Situation, But Gasoline
Price Shows Small Advance.
The crude oil market showed no new developments during
the current week, but the price of gasoline in Northwestern
Value
Gas and fuel, gals
Value
Lubricating, gals
Value
Paraffin wax, lbs
Value
$10,509,68 $14,837,701 8110,431,352 $130,745,593
80,953,965 81,307,326 623.498,511 670,604,441
$65,181,783
86,210,590 88,993,926 $58,108,53
94.800.831 133,117,162 889,114,31 1,083.444,211
82,713,346 $5,047,382 825,971.672 836,884,753
30.211.770 24,617,792 268.035.537 289,668.706
$8,192,85 35,920,599 858,592,259 $66,415,205
22,283.309 33.192,704 240.603.368 291.736.977
$8,318,384 813.649.249
3758.897 $1,730,955
1900
THE CHRONICLE
[VoL. 119.
Production.
Shipments.
Building Operations in Canada Show Improvement.
Orders.
1924
9,830,680.678
9.739,645,108
9,416,532,936
The value of the building permits issued In 56 cities in 1923
10,334.593.431 10.296.934,976
9,793.141,555
Canada showed a considerable increase in September as
1924 decrease
503.912,753
376,608,619
557.289.868
compared with the preceding month and also as compared
The mills
California White & Sugar Pine Association make weekly
with September 1923. According to returns tabulated by the reports, but of theconsiderable period they were not comparable in respect
for a
Dominion Bureau of Statistics the building authorized last to orders with those of other mills. Consequently, the former are not
represented in any of the foregoing figures. Seventeen per cent of these
month was valued at $14,566.504, while in August 1924 It
mills reported a cut
14,635,000,
was $9,463,756 and In September of last year it was $10,- orders 12,500,000. of 19.120.000 feet last week,shipmentsthe total of and
The reported cut represents 40% of
the
California pine region.
478,618. There was, therefore, an increase of $5,102,748, or
53.9% in the former comparison and of $4,087,886, or 39.0%
In the latter. The total for September is the highest in any Manchester Increases Spinning of United States Yarn.
Manchester, Eng., advices Oct. 21, published in the New
month of this year; it is also the largest recorded in SeptemYork "Journal of Commerce," state:
ber of any year since 1913. The Bureau goes on to say:
Detailed statements were furnished by 48 cities. showing that they had
Issued over 1.100 permits for dwellings valued at nearly $4.500.000, and
for some 2,500 other buildings estimated to cost approximately $9.500.000.
Quebec, Ontario and British Columbia recorded substantial increases in
the value of the building permits issued; the percentage gains were 63.6,
62.5 and 55.3, respectively in these provinces. Prince Edward Island also
reported improvement over August. Elsewhere there were declines on a
rather entail scale, that of $42.659 or 38.3% in New Brunswick being the
largest propotional loss. The decrease of $85.023 or 21.7% in Manitoba
was tbe Most exteneive actual reduction.
As compared with September 1923. New Brunswick. Quebec, Ontario,
Saskatchewan and British Columbia registered increases in the estimated
value of building. The gain of $3.917.713 or 116.0% In Quebec was most
pronounced. Of the declines recorded in the remaining provinces, that in
Alberta of $192,440 or 51.4% and in Manitoba of $216,869 or 41.4% were
the largest.
An analysis of the returns by cities shows that in Montreal. Toronto and
Vancouver the value of contemplated building was higher than in August
1924. and also than in September 1923. In Winnipeg, on the other hand,
there were declines in both comparisons. Fredericton. Quebec. West
mount, Galt. Guelph, Niagara Falls. Oshawa. Owen Sound. Peterborough,
Stratford. Windsor, Woodsiock, Moose Jaw, Saskatoon and Calgary registered increases in both cases.
The building permits issued in the first three quarters of this year had a
lower valuation than In the corresponding nine months of 1923 and 1922
but the total was higher than in 1921. The aggregate for 1924 Is $93.017.431.
for 1923 $105.216.056. for 1922 $115.113.336. and for 1921 $86,970,447.
The declines in the first two comparisons were 11.6 and 19.2%,respectively
and the gain as compared with 1921 was 7%•
West Coast Lumbermen's Association Weekly Lumber
Review.
One hundred and twenty-two mills reporting to West
Coast Lumberrnen's Association for the week ending Oct. 11,
manufactured 103,077,192 feet of lumber; sold 87,016,778
feet; and shipped 90,078,502 feet. New business was 16%
below production. Shipments were 4% above new business.
Forty-two per cent of all new business taken during the week was for
future water delivery. This amounted to 36,792.656 feet, of which 26,014,805 feet was for domestic cargo delivery; and 10.777,851 feet export. New
business by rail amounted to 1.492 cars.
Thirty-five per cent of the lumber shipments moved by water. This
amounted to 31,544.380 feet, of which 19.111.667 feet moved coastwise
and intercoastal; and 12,432.713 feet export. Rail shipments totaled
1,769 cars.
Local auto and team deliveries totaled 5.464.122 feet.
Unfilled domestic cargo orders totaled 133,094,305 feet. Unfilled export
orders 89,208,179 feet. Unfilled rail trade orders 3.693 cars.
In the 41 weeks of the year, production reported to the association has
been 3,807.399.368 feet; new business 3.840.609,433 feet; and shipments
3,961,219,857 feet.
The spinners of American yarn have decided on an increased working
week from 26)j hours 10 32 hours, beginning Nov. 3. The step was taken
upon complaints by manufacturers of slowness in deliveries. The change
is taken as proof that trade Is improving.
Five Hundred and Fifty Thorndyke Company Operatives Resume Work on Six-Day Schedule, Without
Wage Reduction.
The textile mills of the Thorndyke Co., at Palmer, Mass.,
reopened last Monday (Oct. 20) on a six-day schedule without wage reduction, according to a dispatch from that city
which appeared in the "Wall Street News" the same day.
In last week's issue (Oct. 18) we announced that 550 employees of the Thorndyke Co. had struck work on Oct. 14 on
account of the management's decision to cut wages by 11%,
at the same time increasing the operations of the mill from a
three-day to a five-day schedule.
Two Knight Mills Reopened on Full-Time Schedule
with 123'% Wage Cut-1,400 Rhode Island Employes Affected.
We take the following Boston despatch from the "Wall
Street Journal," Oct. 20:
Following complete shutdown the past few months and part time for close
to a year, Royal and Artie mills of B. B.& R. Knight. Inc., in Rhode Island
have reopened on full time basis with 1214% wage cut. These two mills are
among the best and most modern of the Knight group and employ about
1.400. They are engaged in production of "Fruit of the Loom," chief product of the 13 Knight mills.
About six weeks ago B. B. & It. Knight. Inc., a part of Consolidated
.
Textile Corp., defaulted interest on $7,393.000 7% bonds. A bondholders
committee has been formed and a majority of bonds deposited. While the
committee is not officially in charge of operation until foreclosure. It accepts responsibility in reopening the two units. No steps have been taken
to reopen other mills.
A special despatch from Boston to the New York "Journal
of Commerce," Oct. 21, said that the resumptoin of the mills
was regarded "as a decided step on the part of the bondholders' protective committee to put the company in position
to qualify for new credits at the expiration of its three months'
period of grace."
Amoskeag Spinning and Cording Departments at No. 1
Mill in Central Division Working at Capacity.
A dispatch from Manchester, N. H., on Oct. 22 to the
"Wall Street News" said:
National Lumber Movement Shows General ImThe spinning and carding departments in No. 1 mill in the central
division of the Amoskeag Manufacturing Co. are now working at capacity
provement.
and will operate a full week until further notice. These departments were
Comparable reports received by the National Lumber opened last week, having been shut down for three months. A few of the
Manufacturers Association from 370 of the leading com- weaving rooms are on full time.
of
To
mercial softwood lumber mills of the country show an goods date none thethe looms that will turn out the fancy line of spring
New York opening, have been started.
shown at
increase in shipments and new business for the week ending
Oct. 18, as compared with the previous week. At the same
Durham Hosiery Mill, Chain, N. C., and Farr Alpaca
time production showed ar slight decrease. Compared with
Co.of Holyoke, Mass., Resume Full-Time Schedules.
the corresponding period of 1923 there is a decrease in proFrom the "Wall Street News" of last Tuesday (Oct. 21)
approximately 18,000,000 feet, or 7%.
duction of
The unfilled orders of 252 Southern Pine and West Coast mills at the we take the following:
A Durham, N. C., dispatch says resumption of work on a full-time basis
end of last week amounted to 546,598,343 feet, as against 557,052,999 feet
for 252 mills the previous week. The 130 Southern Pine mills in this group n the Durham hosiery mill chain Is regarded there as a sure sign of prospershowed unfilled orders of 227,235,480 feet at the end ot last week and ity. With the return of the six-day schedule comes the report of a 12M %
223,960,515 feet for 130 mills the preceding week. For 122 West Coast cut in wages, which has not been officially confirmed.
The Farr Alpaca Co. of Holyoke. Mass., starts this week on full time.
mills the unfilled orders were 319,362.863 feet. as against 333,092.484 feet
thus striking an encouraging note In the textile situation in this city.
for 122 mills a week earlier.
Of the 370 comparably reporting mills, last week's shipments were 103%
and orders 97% of actual production. For the Southern Pine mills by
themselves these percentages were 109 and 113, respectively; and for the Dividends Passed by Amoskeag Co. and American
West Coast group 100 and 86.
Woolen Co.Indicate Failure of Fordney Tariff Law,
Of the foregoing mills, 349 have a determined normal production for the
Says Representative Hull of Tennessee.
week of 218,051,942 feet, according to which actual production was 99%,
shipments 101% and orders 96% of normal production.
Instancing the passing of the American Woolen Co.'s
The following table compares the national lumber movement as re- quarterly
dividend on Sept. 24 and similar action by the
flected by the comparably reporting mills of seven regional associations for
Amoskeag Mfg. Co. on Monday last (Oct. 20), Representathe three weeks indicated:
Corresponding Preceding Week tive Cordell Hull, of Tennessee, a member of the House Ways
1924 (Revised).
Week 1923.
Past Week.
and Means Committee, issued a statement Wednesday at
Mills
359
391
370
Production
244.215.248
227,221,746 Washington in which he gave it as his opinion that the
226.214,156
Shipments
230.852.181
218,729,937 Fordney tariff law has failed in its object. Mr. Hull said:
232,190.021
Orders(new business),.__
208,826,250
220,004,480
220,087,827
It is strange that if high tariff duties make for Industrial prosperity the
The following figures compare the reported lumber movement for the Amoskeag company should for the first time since 1840 pass a
dividend
first forty-two weeks of 1924 with the same period of 1923:
when it is operating under the highest protective duties it has over received.
OCT. 25 1924.]
1901
THE CHRONICLE
The cotton and woolen manufacturers are given, under the Fordney law,
the highest protection accorded any Industries. On Sept. 24 the American
Woolen Co. also passed its quarterly dividend. It is strange that they
cannot pay dividends if high protection makes for prosperity.
If they cannot pay dividends under the duties they are given by the
Fordney law one must wonder how high the duties must be placed in order
to allow them to make their dividends.
Kerr Thread Mills of American Thread Co. Reduce
Operations—Columbian Manufacturing Co.
Raises Wage Scale.
After having been operating for several months on a fivedays' schedule, the Kerr thread mills of the American Thread
Co. at Fall River will close down until next Tuesday, when
they will be reopened to operate indefinitely on a four-day
schedule, says the "Journal of Commerce."
A Greenville, N.H., dispatch, says the wage scale that was
in effect at the Columbian Mfg. Co. there prior to the cut
of Sept.22 is to be resumed, the award retroactive to Sept.22
Activity in the Cotton Spinning Industry for
September 1924.
The Department of Commerce announced on Oct. 22 that
according to preliminary figures compiled by the Bureau of
the Census, 37,840,731 cotton spinning spindles were in
place in the United States on Sept. 30 1924, of which 30,122,384 were operated at some time during the month, compared
with 28,945,603 for August, 28,710,359 for July, 29,216,486
for June, 30,493,165 for May, 31,871,665 for April, and 33,930,948 for September 1923. The aggregate number of
active spindle hours reported for the month was 6,414,902.010. During September the normal time of operation was
252 days, compared with 26 days for August,26 for July, 25
/
1
/
2
for June, 261 for May, 25 2-3 for April and 241 for Sep/
2
tember 1923. Based on an activity of 8.74 hours per day.
the average number of spindles operated during September
.was 28,783,156, or at 76.1% capacity on a single shift basis.
This number compared with an average of 23,761,440 for
August, 22,697,499 for July, 24,422,892 for June, 25,506,973
for May, 30,177,468 for April, and 35,054,067 for September
1923. The average number of active spindle hours per
spindle in place for the month was 170. The total number
of cotton spinning spindles in place, the number active, the
number of active spindle hours and the average spindle
hours per spindle in place, by States, are shown in the following statement:
COTTONSEED PRODUCTS MANUFACTURED, SHIPPED OUT. AND ON
HAND.
Item.
Seasonl
On Hand
Aug. 1.
Produced
Aug. Ito
Sept. 30.
Crude oil (lbs.)____J 1924-5
4.052,703 109,678.383
11923-4 *5.103,348 85,651.931
Reined oil (lbs.)_ _ j 1924-5 106,799.632 70,073,851
1 1923-4 a138,112,489 52,827,568
173,742
Cake & meal (tons)! 1924-5
41,620
140,311
49,766
11923-4
Hulls(tons)
106,89
33,51
11924-5
87,94
15.615
11923-4
Linters (500 lb.; 1924-5
53,411
69,690
57,517
bales)
27.56
1 1923-4
1,247
Hull fibre (500-1b.f 1924-5
bales)
97
1 1923-4
7,26
1,631
Grabbots, motes,; 1924-5
4,644
..6r. icrin-ir. i...,,t 100.1_A
I ftelK
1 lk
Shipped Out
Aug. Ito
Sept. 30.
88,356,562
70,130,4
167,651
142,72
78.06
64,815
57,33
49,486
64
571
2,84
10.54
On Hand
Sept. 30.
44,115,692
34,620,024
50.343,673
41,649,527
47,711
47,351
62,350
38,740
65,766
35,596
599
6,791
3.426
1 7115
•Includes 1.137,689 and 2,665.737 lbs. held by refining and manufacturing
establishments and 302,000 and 17,515,120 lbs. in transit to refiners and consumers
Aug. 1 1924 and Sept. 30 1924, respectively.
,
a Includes 3,406,674 and 5,982,118 lbs. held by refiners, brokers agents, and
warehousemen at places other than refineries and manufacturing establishments
and 7,970,451 and 4,063.389 lbs. in transit to manufacturers of lard substitutes,
oleomargarine, soap, &e., Aug. 1 1924 and Sept. 30 1924 respectively.
Produced from 76,537,831 lbs. crude oil.
EXPORTS OF COTTONSEED PRODUCTS FOR TWO MONTHS ENDING
SEPT. 30.
Item.
Oil. crude
011 refined
Cake and meal
Linters
1924.
Pounds_
Pounds_
tons
running bales_
741,785
1,531,765
17,398
9,562
1923.
774,280
2,335,259
16,827
7,567
Judge Gary Says Future Success of Steel Trade is
Assured if Election Results are Satisfactory—
Pittsburgh Plus Case.
Addressing, as President, the American Iron & Steel
Institute, at its annual meeting in this city, at the Hotel
Commodore, yesterday (Oct. 24) Judge Elbert H. Gary
declared that "the future success of the iron and steel
.
ndustry in this country is assured if the managers will
keep their heads, and further, if the appraa.ching election
results shall be satisfactory." He added:
As to the first proviso, we have the opportunity and the responsibility.
As to the second, it is for the majority of the national electors to determine
whether or not they desire continued prosperity. All of us, all the people
of the United States, must together enjoy prosperity or sufferfrom adversity.
It goes without saying that business conditions in this country during
the next year and during the next four years depend largely upon the
result of the election on Nov. 4 proximo. Every well-informed business
man or woman knows that if the best men are elected there probably will
be continued and increasing prosperity, and that If others less capable
and less worthy are selected we may expect depression and disturbances
In business, less production, more idleness, less comfort,.more distress;
a decided interruption to legitimate progress that will not be easily nor
soon overcome.
In this greatest of all nations, with largest opportunities for worthy
Spinning Spindles. Active spindle hoursfor Sept achievement and human happiness, there is possibility of suicidal action
or neglect that will cause immeasureable loss and suffering to multitudes.
State.
In
Average Per
Active
But sentiments of self-protection will influence the large majority of
Place
During
Spindle
voters to give careful thought to the best interests of the country and to
Sept. 30. Sept. 30.
Total..
In Place.
themselves, and they will therefore wisely discriminate and decide. In
United States
37.840,731 30,122.384 6.414.902,010
170
this most important, if not critical, period in our history, they can be
depended upon to act along the lines of prudence and safety. They will
Cotton growing States
17.297,101 15.962,640 4.071.700M8
235
not take unnecessary chances of danger by adopting untried and uncertain
New England States
18,566,801 12.633,898 2,094,854,594
113
All other States
1,976,826 1.525.846 248,346,798
theories or selecting officials whose competency is assured largely, if not
126
alone, by their own professions and promises.
Alabama
1,391,305 1.270.644 312,795,509
225
No name for President is mentioned in these remarks; no political creed
Connecticut
1.255.716 1,110,012 194,666,045
155
will be discussed; but some of the qualifications for the official leader of
Georgia
2,816.446 2.601,422 682,744,489
242
Maine
1,136.024
998.478 128.612.296
113
our great and beloved country may be properly referred to. First of all,
Massachusetts
11.787.016 8,073,484 1.306.526,777
111
he should be possessed of the highest moral principles. He should be
New Hampshire
1,448,406
86
1302.998 124,813,071
absolutely impartial, disposed to favor no person or aggregation or interest
New Jersey
441.954
149
400.014 65.921,085
New York
1.007.842
to the undue prejudice of another. He should be modest, plain and
764.058 117.039,270
116
North Carolina
5,904,514 5,406,436 1,363.234,973
231
simple, and still courageous, dignified and wise. He should ascertain
Pennsylvania
195,010
21.712,148
111
122.194
the facts and patiently consider before he decides any question presented.
Rhode Island
2.794,834 1,743.438 322.053,153
115
He should truthfully and frankly inform the country concerning all public
South Carolina
5,279.463 4,940.946 1,359.363,406
257
Tennessee
455,485
95.954,160
439,094
211
matters whenever it can be done without prejudice to Governmental
Virginia
707.314
888,870 118,574.389
168
interests, relying upon an honest people for approval concerning the merit
All other States
1,219,402
955,296 200,891,239
165
of his attitude. He should not hesitate to speak thb truth, when it is
necessary, nor to remain silent when no one could be injured thereby.
He should be willing to lend his influence and devote his talents to legitimate
business progress and general prosperity, and likewise to prevent and
Cottonseed Production During September.
penalize corruption and wrong. He should endeavor to assist and to
On Oct. 20 the Bureau of the Census issued the following protect the poor, the weak and the suffering, and, at the same time should
showing cottonseed received, crushed and on be willing to help the rich, the strong and the happy when it is indisputably
statement,
right to do so. He should practice and enforce strictest economy and
hand and cotton seed products manufactured, shipped out, on husband all resources in Governmental administration, but should not
exported covering the two-month period ended indulge In false economy. He should be willing to properly co-operate with
hand and
and to assist foreign nations, entertaining always an intention of first
Sept. 301924 and 1923:
considering and protecting the interests of his own country.
COTTONSEED RECEIVED, CRUSHED AND ON HAND (TONS).
Notwithstanding, as usual, every fourth year we are passing through a
mud-slinging campaign, with its unfavorable effects, except there is an
Crushed
Received at Mille
On Hand at
extraordinary quantity of mud this year, we shall find that an intelligent
Aug. I to Sept. 30. Aug. 1 to Sept. 30. Mills Sepl.$30. and fair-minded majority will be wise and courageous in their
action. An
State.
overruling Providence, up to the limit of what this country deserves, will
1924.
1923.
1924. 1923.
1923.
1924.
guide and direct the people. We will succeed In all laudable
undertakings
22.833
9.739 22.679 12.817 in spite of the unworthy efforts and words of unprincipled
22,104
44.223
klabama
individuals.
10.620
5.362 10.921 4,731
9,509
21.491
krkansas
As to the situation in the steel trade, Judge Gary said:
15,642 25.779 17,921
32,390 47.018
3eorgia
68.881
15.901
10.648 18.980 10,372
According to the newspaper reports, based on information
21.016
Louisiana
34.881
gathered from
11,229 39.816 18,813 usual sources, confirmed by much additional
39,195
29,544
78.259
kiississipPi
testimony, there has
12,439 1,889 16.123
3,788
28,266
North Carolina
5.325
persistent, though somewhat irregular, growth in the volume of been a
3,396 18,377 5,829
11.443
9,026
3klahoma
29,581
business
11.806 4.183 16,271 generally throughout the United States since May 1924. It has been
12,590
3outh Carolina
27,271
16,142
cona
1,771
1,217 2,051 siderably larger each succeeding month. There are no
Tennessee
2,337
a
public reports showTexas
423,507 523,373 203,082 218,161 231.564 313,373 ing the total production and shipment in this
country of all classes of steel
Pill other
5,882 5.038 3.445
9,111
10,765
11,437
and iron for this period. The subsidiary companies of the
corporation which
TT.....A a...-.
...... ... ^AI
nom ono
'AA qn,1 Son AIO Aft. .1.10
possess something less than one-half the capacity of all
United States, sold about 2.000 tons per day more of manufacturers in the
* Includes seed deetroyed at mills but not 21,711 tons and 12,786 tons on hand
steel in June than in
Aug. 1, nor 7,891 tons and 11,057 tons re-shipped for 1924 and 1923, respectively. May, about 6,000 more tons per day in July than in
June, about 10.000
a Included in all other.
more tons per day in August than In July, about
6.000 tons per day more in
1902
THE CHRONTCLE
September than in August, and about 5,000 tons per day more for the first
seventeen days of October than for the first seventeen days of September.
The shipments for the same period, on the average, exceeded sales because
of the accumulated unfilled orders on the books which were placed prior to
May.
Partly due to spirited competition in selling and partly to other causes,
Including increased costs of production while various works were in less than
full operation, and also including the disturbance and confusion created by
the abandonment of the Pittsburgh Plus system, so-called, the net cath
results during the last quarter have been somewhat less in proportion than
would be indicated by the decrease in tonnage alone. This undoubtedly wil
be shown by the accounts of the Steel Corporation when they are made up:
and unfortunately it is more pronounced as to some of the independentl
manufacturers. As to the corporation, it is believed the profits for the last
quarter were substantial notwithstanding the adverse influences adverted
to.
At the beginning of his remarks Judge Gary referred to
the decision in the so-called "Pittsburgh plus" case, and said:
"It is at least doubtful that if the respondents had appealed
to the courts for full and final consideration of all the questions involved, the order of the Federal Trade Commission
would have been approved and upheld as coming within
the power and authority of the Commission." In part
he also said:
Many of you were startled by the action of the Commission and temporarily, at least, entertained feelings of disappointment and dissatisfaction.
More than that, your business activities and progress have been interrupted, impeded and in places almost demoralized. As yet, you have not
been able to restore the natural trend of affairs. Sellers and purchasers
alre'have been groping for a course that would permit a basis for transactions which would furnish the stability and uniformity which every
department of business effort desires apd seeks. For the best success in
Industrial enterprise of any kind it is as necessary to have some standard
to reckon from as it is to have a gold dollar basis to make comparison and
computatfon. You are encountering and will continue to encounter difficulties. You may decide to appeal to the courts for remedy: but you are
beseeched to give the matter most patient and painstaking thought before
doing so.
Steel and Iron Markets Show Pre-Election Hesitation.
The steel trade sees ahead of it two weeks of quietness, in
view of the evidence it has had in the past three weeks that
buyers are doing no speculating on the election outcome,
declares the Oct. 23 issue of "The Iron Age." Both in pig
iron and in finished steel manufacturing consumers are making
even closer connections with furnaces and rolling mills, and
keeping their own stocks down—a condition that leads the
more confident producers to look for a fair run of buying
for stock after the first week of November, according to the
opinion voiced by the "Age," which then goes on to say:
It is an uninteresting market as matters stand—production jogging on
at about the September rate, prices changing little, though tending to
weakness, and current buying giving no indication of an early change in the
channels of ultimate consumption.
It is agreed that the effect of the new method of quoting prices could be
better measured by this time but for the setting in of the pre-election lull.
Some disappointment has been expressed by buyers, particularly in districts
more remote from Pittsburgh, and the possibility of action at Washington
extending the cease and desist orders to producers other than the Steel Corporation has been considered.
One price change of the week represents an advance, the leading wire
interest having put up cold-rolled screw stock from 2.70c. to 2.75c., Cleveland. There is some expectation of like action on the Chicago price of tin
plant, as independent makers are quoting $5 70 per base box there, or $1
a ton more than the price of the American Sheet & Tin Plate Co.
Irregularities in delivered prices at points where certain mills can compete only by absorbing freight are more in evidence. In billets and bars low
prices are reported, some billet transactions figuring back to less than $34,
Pittsburgh, whereas mills in that district have been holding to $36.
Rail orders are going to the mills in line with announcements of several
weeks ago. The Union Pacific has just contracted for 55,000 tons, but
deliveries are not wanted until next year. The New York Central order.
totaling 184,650 tons, is like the past year's in having an option on the
tonnage above 150.000.
•
Most automobile plants are running close to recent schedules, but Ford
and Dodge outputs are somewhat reduoed. Capacity for making parts is
In excess, and makers of forgings and axles have named very low prices.
An automobile spring manufacturer has inquired for 10,000 tons of spring
steel, for delivery through 1925, but producers are not yet ready to name
prices beyond Jan. 1.
-3,200 freignt and 50 passenger
There is one new car inquiry of moment
cars for the Chicago & North Western.
Fabricated steel business in September, as reported to the Department of
Commerce, amounted to 160.000 tons, and the month is thus put down at
437% of the country's capacity, while August was a 60% month. For the
nine months the average has been 67%. Building the country over has
taken more rather than less iron and steel than in 1923.
Sheet mils make a good showing for September, production of the independent companies reporting being at 75.7% of capacity. Sales were at
-519,000 tons—at 66%•
79% of capacity and shipments
Wrought pipe operations, due to the steady falling off in orders from the
oil country, are now at about 60%, whereas early in the year this was the
best of the finished steel lines.
Pig iron prices have softened in eastern Pennsylvania and Pittsburgh,
and large buyers have been able to obtain concessions. Basic, nominally
$19. has sold at $18 50 at Valley furnace. The smaller melters are still
keeping out of the market except to meet urgent requirements, but indications are that a more general buying movement will not be delayed much
longer.
The Carnegie Steel Co. has added two blast furnaces to the active list,
and one independent furnace in the Youngstown district has blown in.
A large independent company announces definite plans for sheet, wire
road and wire mills in the Chicago district. Under Pittsburgh basing it
has been shipping to that district from its Youngstown. Ohio, mills.
Pig iron, according to "The Iron Age," composite price, remains at
$19.46, for the tenth successive week. One year ago it was $22 96. Finshed steel remains for another week at 2.46c. per pound.
[VOL. 119.
The usualicomparative price' table follows:
Oct. 21 1924, Finished Steel, 2.460c. per Pound.
1Oct.
2.460c.
Based on prices of steel bars, beams,tank14 1924
2.474c.
plates, plain wire, open-hearth rails, Sept. 23 1924
2.775c.
black pipe and black sheets, constitut- Oct. 23 1923
lag 88% of the United States output_ -(10
-year pre-war average--1.689c.
Oct. 21 1924, Pig Iron, $19 46 per Gross Ton.
Based on average of basic and foundry Oct. 14 1924
$19 46
19 46
irons, the basic being Valley quotation, Sept. 23 1924
22 96
the foundry an average of Chicago. Oct. 23 1923
-year pre-war average 15 72
Philadelphia and Birmingham 10
—
Finished steel, 1924 to date: Hig 2.789c.: Jan. 15; low. E460c., Oct. 14
1923: high, 2.824c., April 24; low, 2.446c., Jan. 2.
Pig iron: 1924 to date: High, $22 88, Feb. 26;low, $19 29, July 8. 1923:
high, $30 86, March 20; low, $20 77, Nov. 20.
More and more, the influence of the approaching Presiof
dential election upon the immediate action —buyers and
—
sellers of iron and steel is apparent. While, in a large measure, this is sentimental in character, it is for the moment,
a positive factor in the further development of the market,
observes the Cleveland "Iron Trade Review," on Oct. 23.
Added to the continuing unsettlement of the situation due to
the readjustments to new pricing methods, it is causing, in a
number of cases, final decisions to be held in abeyance on
important requirements and some reservations to be attached
to orders or inquiries for delivery in the near future, says the
"Review," which then continues its weekly summary as
follows:
Though its recent expansion seems to have been halted, the volume of the
market is well maintained on the scale of the past several weeks. Active
railroad demand, a fair building situation and the current needs of miscellaneous manufacturers and distributors, whose low stocks require constant
attention, are the chief sources of present activity. Works operations are
more on a line. At Pittsburgh they range all the way from 60 to 75% of
ingot capacity and at Chicago from 67 to 68%.
The indications are that sellers of steel do not regard unfavorably the
conservative attitude of buyers in ordering steel for the future. Some automobile companies desirous of placing accessories for 1925 have found makers
of steel will not go beyond the first quarter and will want at least $2 per ton
advance.
Mills in the Chicago district are beginning to fill up so that it is less easy
to give immediate delivery. This raises the interesting possibility that western buyers may be forced shortly to go East for their remaining supplies, as
far as Pittsburgh and pay prices equal or higher than those recently quoted
to them under a Pittsburgh basing point. Since the new price regime began.
eastern mills have been steadily losing business in the Chicago district to the
nearby producers and now are less disposed to absorb freight and meet this
competition. Sheet makers, especially in the Youngstown district, are
abandoning former customers in Chicago territory and are focusing attention
on business in certain parts of Michigan,in the South and in the East.
Agitation for lower freight rates on steel by independent steel companies
and by various consumers is taking definite form through the calling of a
conference at Pittsburgh Oct. 30 of iron and steel traffic men of the Pittsburgh-Wheeling-Youngstown zone. An outstanding exception of any evidence of hesitation is offered by the railroads. The past week has seen an
unusually large tonnage of rails placed, totaling over 250,000 tons. This
brings rail sales in the past 30 days well over 500,000 tons. The week's
orders include the final apportionment of the 184,650 tons for the New
York Central system. 50,000 tons for the Union Pacific and 15,000 tons for
the Wabash. The Chesapeake & Ohio is closing for 30,000 tons and the
Missouri Pacific is coming out for 25,000 tons. The Union Pacific also has
been a heavy buyer of track fastenings.
In equipment, the Chicago & North Western is figuring on 4,200 cars
and the rebort again has appeared at Chicago that the Baltimore & Ohio
is considering 8,000. The Great Northern placed 900 additional cars this
week. More car material has been placed at Chicago, where since Sept. 1
the mills have entered from 175,000 to 185,000 tons for this purpose.
Building steel awards in September totaled 174.200 tons of 67% of shop
capacity, the best in six months excepting July with 182,000 tons. Sales of
sheets by independent mills in September, totaling 227,520 tons or 79% of
capacity.
While Buffalo makers are naming higher prices, the pig iron market shows
no advancing tendency. Southern iron has been sold at Cincinnati for first
1.14 0
4 WIN
quarter at $17 50 Birmingham. the current price.
"Iron Trade Review" composite of 14 leading iron and steel'products
again is stationary this week at $38 65. It has declined but 2 cents in three
weeks. Some eastern steel consumers have been complaining to the Federal
Trade Commission that certain steel companies in the East still are using the
Pittsburgh base under other forms of quotations. The Commission has
replied that it is watching the situation and is expecting prices toladjust
themselves on the basis of those being quoted by the Steep Corp.
Mild Weather Affects Demand for Coal—Bituminous
Prices Advance a Trifle—Anthracite Firm.
During the past week the bituminous markets of the country improved slightly and, in some cases, pool prices increased from 5 to 10 cents, but in no section was there any
great increase in activity, and it is quite possible that the
market in general will drag along very much as at present
until after Nov. 4, observes the "Coal Trade Journal" on
Oct. 22 in its market review. Yet the firmness of the market
and the fact that the demand has been continuously increasing even if at a disappointingly slow pace, bespeak confidence, continues the summary, from which the following is
quoted:
In New York the bituminous market remained pretty flat, with some good
spot buying, not much shopping and little or no contract business. The
feeling of optimism still prevailed, however, and it would seem a perfectly
lagical one when the gradual improvement in industrial conditions, the record car loadings, and the absence of surplus coal stocks, are considered.
Weather conditions in Chicago cut down the demand for domestic sizes and
operators in all fields have lightened production. Pittsburgh showed a
moderate increase in demand. So did reports from Baltimore in spite of a
drop in exports. In Boston the prices of West Virginia coal continued to
advance and the demand improved. In Buffalo the demand was small, but
Ocr. 251924.]
It was an improvement over a few weeks ago. Current deliveries in Cincinnati were heavy and the industrial demand is increasing right along. On
the other hand, Columbus reported the demand for steam grades dull and
and also reduced for domestic sizes, owing to mild weather. Other sections
reported no change in conditions.
The weekly shipments through Hampton Roads, for the week of Oct. 11,
were 360,493 net tons, an increase of 3.8% over the record of the preceding
week. Exports and shipments to New England declined, but dumpings to
other points rose from 34,451 to 91,287 tons. Lake loadings for the week
ending Oct. 13 amounted to 792,769 net tons, 749,201 tons cargo and 43,568
tons vessel fuel, as against 857,603 net tons for the corresponding week last
year.
The country in general is in the throes of Indian summer and this is reflected in the demand for anthracite for heating homes, office buildings and
certain industrial plants, causing the market to experience a slight letting
up. Stove, as usual, is the favorite, with nut a close second and dealers are
generally finding it impossible to procure these sizes except in combination
with the less favored ones. When really cold weather comes to stay there
should be a resumption of the activity of two weeks ago, but until then no
change can be looked for. The anthracite operators' campaign on the use
of buckwheat is slowly developing a new market for that size and dealer cooperation that will make prompt distribution possible will do much to overcome any inroads made by oil in domestic heating-indeed is already accomplishing a great deal in this direction.
Lake Erie movement of anthracite for the week that ended Oct. 12
amounted to 60,570 tons, the total to date closely paralleling that of last
year and standing at 2,631,000 tons, only 4,000 tons less than in 1923.
The "Coal Age," New York reports the week's developments in the coal trade this week as follows:
The bituminous coal market in general is holding its own quite well,
though the gains are strikingly uneven, in fact, there have been recessions
here and there-probably only temporary in most instances. The New England trade continues to show marked strength, with prices headed upward.
Unseasonably mild weather in most other sections of the country, however,
has had a tendency to take the edge off demand, causing a return in some
cases of the hand-to-mouth policy of buying. Western Kentucky is a
notable case in point, the brisk spell having tapered off to such an extent
that distress coal is now in evidence there. As so often happens, the first
quickening in demand proved so tempting to many hungry for business that
there has been an over-production in some fields, which with warm weather
caused the inevitable setback.
Such barometers of trade as car loadings continue to give encouragement
regarding general business conditions, despite the prominent part played by
grain loading in the weekly reports. Equipment buying by the railroads
also continues apace, orders for 1,900 freight cars having been placed by
the carriers during the third week of October.
"Coal Age" index of spot prices of bituminous coal again advanced last
week-for the seventh consecutive time-standing on Oct. 20 at 176, the
corresponding price for which is $2 12. This compares with 174 and $2 10,
respectively, on Oct. 13.
There was a slight reaction in activity at Hampton Roads last week,
dumpings of coal for all accounts during the seven-day period ended Oct. 16
totaling 326,124 net tons, compared with 344,447 tons handled during the
preceding week.
Coal continues to move up the lakes in steady volume, despite the many
predictions that it would begin to fade out by this time. Dumpings at Lake
Erie ports during the week ended Oct. 19, according to the "Ore & Coal
Exchange," were as follows: For cargo, 735,770 net tons; for fuel, 40,787
tons, compared with 737,102 and 40,547 tons, respectively, during the preceding week.
Producers are moving anthracite without much difficulty, but retailers
still feel, despite a slow, steady gain, that business is not all that it should
be. Stove is in steady demand, with chestnut a close second. Egg is lagging somewhat and pea is rather hard to move. Steam coals are holdings
their own fairly well. Independent prices are firm. Most of the mines
flooded by the recent heavy rains are resuming production, only a few having
failed to get under way.
Production of Bituminous Coal Increased-Anthracite
. Recovering from Floods
-Coke Falls Slightly.
The weekly report on the production of anthracite and
bituminous coal and beehive coke issued by the Department
of the Interior, through the Geological Survey, Oct. 18 1924,
gave the following interesting details concerning the status
of the Industry:
Production of soft coal continued to increase slowly during the week of
Oct. 11. The total output, including lignite and coal coked at the mines, Is
estimated at 10,548,000 net tons, an increase of 273,000 tons over the preceding week.
Preliminary telegraphic returns indicate that on Monday, Oct. 13, the
celebration of Columbus Day reduced loadings to 33,940 cars, as against
36,312 on the preceding Monday. On Tuesday, Oct. 14, however, loadings
so far increased that the total for the first two days was slightly ahead of
the corresponding days of the preceding week.
For three weeks in succession the daily rate of output has followed exnetly that of the corresponding period after the strike of 1922 and is fast
overtaking the 1923 rate. It is, however, still far behind the rate during
the boom year of 1920.
Estimated United States Production of Bituminous Coal (Net Tons), Including
Coal Coked.
1924
1923
Week. Cal.Yr.toDate
Week. Cai.Yr.toDate
Sept. 27
10,140.000 332,073,000
11,347,000 411,013.000
Daily average
1,690,000
1,449,000
1,891,000
1.799.000
Oct. 4_a__
10,275,000 342,348,000
10,699,000 421,712.000
Daily average
1,713,000
1,456,000
1,783,000
1,798.000
Oct. 11_b
10,548,000 352.896,000
10,953,000 432,665,000
Daily average
1,463,000
1,758,000
1,826,000
1,799.000
a Revised since last report. b Subject to revision. c Minus one day's
production in January to equalize number of days in the two years.
Production of soft coal during the first 241 days of the calendar year 1924
was 352,896,000 net tons. In.the six preceding years it was as follows:
Years of Activity.
Years of Depression.
1918
465,038,000 net tons 1919
373,577,000 net tons
1920
429,989,000 net tons 1921
319,471,000 net tons
1923
432.665,000 net tons 1922
299,536,000 net tons
ANTHRACITE.
Partial recovery from the effects of the heavy rains which flooded several
anthracite mines during the preceding week is indicated by the returns of
shipmciik in the v .-ok ended Oct. 11. The nine anthracite carriers report
1903
THE CHRONICLE
loading 33,223 cars, from which it is estimated that the total output, including mine fuel and local sales, was about 1,737,000 net tons . This was
still 205,000 tons less than in the last week before the floods.
Estimated Lnited States Production of Anthracite (Net Tons).
1923a
1924
Yr.to Date
Week.
Week.
Yr.to Date
Week Ended1,959,000 69.622,000
Sept. 27
1,942,000 67.851,000
1,949.000 71,571,000
4
Oct
1.425,000 69,276,000
1,943,000 73.514,000
Oct 11
1,737,000 71,013,000
a Revised figures to agree with results of 1923 canvass.
BEEHIVE COKE.
The production of beehive coke fell back slightly in the week ended Oct.
11, but is still above the September average. The total output is estimated
at 129,01)0 net tons, against 138,000 in the preceding week.
ESTIMATED PRODUCTION OF BEEHIVE COKE (NET TONS)
Week Ended1923 to
Oct.11 Oct. 4 Oct. 13 1924W
Date.
Date.c
1924.a 1924.b 1923.
Pennsylvania and Ohio __ 93,000 100,000 225,000 5,891.000 12.151.000'
874.000.
West Virginia
6,000 7.000 .16.000 404,000
Ala., Ky., Tenn. and Ga
883,000.
14,000 14,000 20,000 735.000
612,000.
Virginia
8,000 9,000 12.000 320,000
Colorado and New Mexico- 4,000 4,000 6,000 210.000
306.000'
221,000.
Washington and Utah
5,000 166.000
4,000 4,000
United States total
129,000 138.000 284,000 7,726,000 15,047,000
Daily average
32.000
61,000
22,000 23.000 47,000
a Subject to revision. b Revised from last report. c Less one day's
production in New Year's week to equalize the number of days covered for
the two years.
Gold and Silver Imported into and Exported from the
United States, by Countries, for September.
The Bureau of Foreign and Domestic Commerce of the
Department of Commerce at Washington has made public
its monthly report, showing the imports and exports of gold
and silver for the United States for the month of September
1924. It will be noted that the imports of gold were $6,556,155 and the exports only $4,579,501. The statement follows:
GOLD AND SILVER IMPORTED INTO AND EXPORTED FROMITHE
UNITED STATES, BY COUNTRIES.
GOLD.
Total Value.
Imports.
Exports.
SILVER.
Refined BEIliort.
Imports.
Exports.
Total Value.
Imports.
Exports.
CountriesOunces. Ounces.
i
$
$
$
Bulgaria
176
25,076
France
1,468
65,407
64,880
5,064
44,858
Germany
1,046,245
693.414
Italy
Netherlands
2,000
Spain
111
47
England
16,567
940 2,233,114
36,053 1,509,448
Canada
2,558,982 247,865 714,227
34,554 957,392 108,694
Costa Rica
44,649
2,010
3,366
Guatemala
1,351
187
Honduras
6,023
105,711
83,686
Nicaragua
69,621
35,167
Panama
56,078
176,434
122,148
Mexico
497,234 502,010 3,904,739
4,237,919 213,008
Triniclad&Tobago
18,684
70
47
0. Brit. W. Ind_
823
2
1
•
Argentina
1,475,246
12,700
Bolivia
74
4,897
Brazil
11,760
Chile
34,458
19,96:
310,281
Colombia
193,637
8,523
2,149
14,575
1,494
Ecuador
65,365
5,632
4,111
Dutch Guiana__ _
7,645
22
15
Peru
350,584
288,728
1,125,708
.
Venezuela
27,734
84
57
British India_
2,027,759
8,108,581
5,617,335
China
500,535
2,959,185
128 2,086,451
Dutch E. Indies_ 205,176
7,000
26,016
87,050
Hongkong
1,705,000
100,2
70,500
Kwangtung
34,985
Philippine Islan
129,029
2,749
New Zealand_ _ _ _
71,854
129
•
Egypt
4,00
7
Portuguese Atria
182,666
27,093
T.
-AO
A KKR 1 Xk
.1 nom et...
e nen Inn •
• e• An ea • ow Asnn rtern
ea et,e nne
Production of Coke in September.
Following the production of pig iron, the output of both
beehive and by-product coke increased during the month of
September. The total production of coke from retort ovens
was 2,543,000 net tons and the rate per calendar day was
84,767 tons, an increase of 8% over August, according to figures compiled by the United States Geological Survey. The
plants were operated at 67.2% of capacity. Of the 75 plants
now in existence, 68 were active and 7 were idle. The new
plant of the Utica Gas & Electric Co. began operation on
Sept. 8 and one old plant went out of commission.
The output of beehive coke for the month is estimated at 523,000 tons, an
increase of 89,000 tons over the preceding month.
The total output of all coke was 3,066,000 tons, as against 2,833,000 tons
in July, the lowest point touched in the present year. In comparison with
September 1923, however, the month shows a decrease of 33%.
Monthly Output of By-Product and Beehive Coke in the United States a(NetTone)
By-Product Coke Beehive Coke.
Total.
2,565.000
1.748.000
1920 monthly average
4,313,000
1,646.000
1921 monthly average
462,000
2.108.000
2,379,000
1922 monthly average
714,000
3,093,000
b3,133,000
bl,615,000
1923 monthly average
b4,748,0001
June 1924
2,416.000
555,000
2,971.000
July 1924
2.367.000
466,000
2.833.0000
Aurf,ust 1924
b2,445.000
434.000
b2,879.000
September 1924
2,543,000
523,000
3,066.000 •
a Excludes screenings and breeze. b Revised since last report.
1904
THE CHRONICLE
To produce the coke made in September required the consumption of approximately 4,479,000 tons of coal, of which 8,654,000 tons was charged in
by-product ovens, and 825,000 tons in beehive ovens. In comparison with
the average monthly consumption in 1923-7,030,000 tons—the current
month shows a decrease of 2,561,000 tons. This sharp decline in the coal
requirements of the iron and steel industries largely explains the heavy
stocks of coal which remain in the hands of consumers in spite of the low
rate of coal production in the summer of 1924.
I
[Vor.. I L9.
Estimated Monthly Consumption of Coalfor Manufacture of Coke a(NetTons)
Consumed in Consumed in
Total Coal
By-Product Ovens Beehive Ovens. Consumed.
1920 monthly average
3.684.000
2,665.000
6,349.000
1921 monthly average
2.401.000
706.000
3.107,000
1922 monthly average
3.421.000
1.107,000
4.528,000
1923 monthly average
54.523,000
52.507.000
57.030,000
August 1924
685.000
b3,515.000
54,198,000
September 1924
3.654,000
825.000
4,479,000
a Assuming a yield in merchantable coke of 69.6% of the coal charged in
by-product ovens, and 63.4% in beehive ovens. b Revised since last report.
Current Events and Discussions
The Week With the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on Oct. 22, made public by the Federal Reserve Board, and which deals with the results for the twelve
Federal Reserve banks combined, shows a falling off of
$39,800,000 in holdings of discounted bills, of $27,600,000
in acceptances purchased in open market, and of $15,700,000
in Government securities. As a result of these changes,
total earning assets declined by $83,100,000 to $977,700,000,
Federal Reserve notes in circulation decreased by $15,600,000
and total deposits by $77,200,000, while cash reserves increased by $10,900,000.
The New York Reserve Bank reports a reduction of
$36,100,000 in holdings of discounted bills, Boston a reduction of $13,400,000, and Cleveland of $2,500,000. The
Richmond bank shows an increase of $2,800,000 in discount
holdings, while the remaining banks report smaller changes.
After noting these facts, the Federal Reserve Board proceeds as follows:
ernment securities were $2,000,000 less and their holdings of
corporate securities $9,000,000 larger than a week earlier.
Further comment regarding the changes shown by these
member banks is as follows:
Of the total gain of 8239,000.000 in net demand deposits. 553.000,000 was
reported for the New York district. $42.000,000 for the San Francisco
district, 341.000.000 for the Boston district. $27.000,000 for the Chicago
district and $26,000,000 for the Cleveland district. Time deposits show
an increase of $36.000.000, of which $14.000,000 was reported for banks
in the New York district.
Reserve balances of all reporting banks were $12.000.000 loss and those of
New York City banks $33.000,00 less than a week ago.
On a subsequent page—that is, on page 1934—we give the
figures in full contained in this latest weekly return of the
member banks of the Reserve System. In the following is
furnished a summary of the changes in the principal items
as compared with a week ago and with last year:
Increase (-F) or Decrease (—)
During
Week.
Year.
Loans and discounts. total
+357.000.000 +$825.000.000
Secured by U. S. Government obligations_ —2,000.000
—68.000.000
Secured by stocks and bonds
—3.000.000 +724.000,000
All other
+62.000.000 +169.000.000
Holdings of acceptances purchased in open market decreased 341.600.000 Investments, total
+25.000,000 +935.000.000
U. S. bonds
+5.000.000 +366,000.000
at the New York Reserve Bank and $1.800,000 at the Boston bank. An
U. S. Treasury notes
—13.000.000 —284,000,000'
Increase of $4.600.000 in acceptance holdings is reported by Chicago and
U. S. certificates of Indebtedness
+211.000.000
of $2,600.000 each by the Philadelphia and San Francisco banks. TN)
+29.000.000 +642.000,000
Other bonds, stocks and securities
System's holdings of United States certificates of indebtedness declined by Reserve balances with Federal Reserve banks —12.000.000 +250.000,000
+2.000,000
+3.000.000
$13,700.000 and of Treasury notes by 83,000,00C. while holdings of United Cash in vault
+239,000.000 +1,858,000.000
Net demand deposits
States bonds increased by $1,000.000. The decrease of $16.000.000 in Time deposits
+36,000.000 +708,000,000
Government security holdings reported by the New York bank offsets the Government deposits
—22,000,000
+79.000,000
increase of the same amount reported the preceding week.
Total accommodation at Fed. Reserve banks
—478,000,000
•
All but four of the Federal Reserve banks show a smaller volume of
Federal Reserve notes in circulation. The Philadelphia Reserve banks
reports the largest decline. $5.100.000. in its note circulation; Boston
National City Bank to Extend $10,000,000 Danish
shows a decline of $3.400.000, New York of $2,900.000. Cleveland of
Stabilization Credit.
32,600,000. and Chicago of $2.300.000. Gold reserves increased by
36.800.000 during the week, reserves other than gold by $4,100,000, and
The National City Bank announces that it has arranged
non-reserve cash by $3,800.000.
with the Danish Nation& Bank to extend the $10,000,000
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 1933 and 1934. A
summary of the changes in the principal assets and liabilities of the Reserve banks during the week and the year
ending Oct. 22 1924 follows:
Increase (+1 or Decrease (—)
During
Week.
Total reserves
+310.900.000
Gold reserves
+6.800,000
Total earning assets
—83,100,000
Bills discounted, total
—39.800.000
Secured by U. S. Government obligations —33,900.000
Other bills discounted
—5.900.000
Bins bought in open market
—27,600,000
U. S. Government securities, total
—15,700.000
Bonds
+1,000,000
Treasury notes
—3,000,000
Certificates of Indebtedness
.13.700.000
in circulation
Federal Reserve notes
—15.600.000
Total deposits
—77.200.000
Members reserve deposits
—36,500.000
Government deposits
—39,500,000
Other deposits
—1,200,000
Danish stabilization credit for a period of one year from
Dec. 15 1924 to Dec. 15 1925. It is stated that this financing was arranged for last December as a result of conferences
of Danish financiers and economists, who recommended that
a fund be established through borrowing abroad to eliminate
the fluctuations of the krone. This credit is often referred
to as "Currency Equalization Fund."
Year.
—377.500.000
—92,200.000 Sweden to Borrow $30,000,000 Here—National City Co.
—126,800.000
—613,000,000
May Head Offering Syndicate.
—308,400.000
—304,600.000
The following is from the New York "Journal of Com—10.100.000
+494.600.000 merce" of yesterday, Oct. 24:
+21.100,000
The Kingdom of Sweden is expecting to arrange to borrow 530,000,000 on
+337,800,000
+135,800.000 a long-term loan, according to reports in financial circles. The offering of
—503,700.000 the bonds will be made probably by a banking syndicate headed by the Na+278.500.000
+277,800.000 tional City Company some time next week. A syndicate headed by the
—56 0.000 Chase Securities Company is also understood to have been bidding for the
0
+6,300,000 Issue.
The last time Sweden borrowed in this country for a long term was in
The Week With the Member Banks of the Federal 1919, when $25,000,000 6% dollar bonds were sold. These bonds mature
In 1939 and they are quoted on the Stock Exchange above 105, yielding
Reserve System.
about 5.40%.
Early In May this year the Swedish Government sold to the International
Increases of $82,000,000 in loans and investments, of
Acceptance Bank and Dillon, Read & Co. $10,000,000 six months Treasury
$239,000,000 in net demand deposits and of $36,000,000 in notes. Later in the same month a revolving credit of $25.000.000, running
time deposits are shown in the Federal Reserve Board's for one year, was established by Sweden with a group of banks headed by
the National City Company. It is understood the present long-term
weekly consolidated statement of condition on Oct. 15 of financing
is to replace the short-term loan.
cities. It should
be noted that
744 member banks in leading
tlie figures for these member banks are always a week behind
Vienna Banking Firm Is Insolvent.
those for the Reserve banks themselves.
Associated Press cablegrams from Vienna Oct. 21 state:
Loans on United States Government securities declined
oldest and best-known
The
by $2,000,000 and loans on corporate securities by $3,000,000, firms private bank of 13revillter & Co., one of theinsolvent to-day. The
of Vienna, founded in 1802, was declared
while "all other," largely commercial, loans and discounts liabilities were estimated at $500.000. The assets are said to be considincreased by $62,000,000. Holdings of United States bonds erable, but are not realizable at present. Franc speculation by clients was
and certificates of indebtedness advanced by $5,000,000 and declared to be responsible for the failure.
$4,000,000, respectively, and those of corporate securities
by $29,000,000. Treasury notes show a reduction of No Opposition to Mexico Loan—International Bankers'
Committee, Through T. W. Lamont, Informs
$13,000,000.
Total loans and discounts of the New York City members
Mexican Agent of Approval.
show a net decrease of $9,000,000, declines of $3,000,000 in
The following is from the "Wall Street Journal" of Oct. 23:
I9ans on United States Government securities and of $23,Alberto Mascarenas, of the financial agency of the Mexican Government
000,000 in loans on corporate securities being offset in part In New York City,states that under date of Oct. 17 he wrote to Thomas W.
as Chairman of the International Committee of
by an increase of $17,000,000 in "all other" loans and dis- Lamont,suggesting in view of reports said to be in circulationBankers on
concerning
Mexico,
counts. Investments of these banks in United States Gov- the committee's attitude toward the Mexican Government loan of $50,000,
OCT. 25 1924.]
THE CHRONICLE
1905
in the United States, a statement from him of the committee's
000 of
attitude would clarify the situation.
Mr. Mascarenas received from Mr. Lamont a letter dated Oct. 21, which
says in part: "Neither the committee nor any members of the committee
have ever opposed the loan. In fact in conversing with representatives of
tho newspaper press they have made this perfectly clear. please let there
be no misunderstanding on this point."
According to Mr. Mascarenas the foregoing shows there is no opposition
whatever on the part of the International Committee of Bankers to the
loan. On the contrary. "I would be only too glad and I wish that the
new loan would boa success." Mr. Mascarenas states Mr. Lamont told him.
problems and matters of interest. The Forum meetings are
held on the third Friday of each month. It is planned to
have speakers of nation-wide reputation to discuss in a vital
way matters of interest to tile various industries of the country as regards foreign commerce and finance.
on Mexico will receive out of the proceeds of the new loan not only the
amount that became due on July 1 1924. but also the $8,750,000 that will
become due on Jan. 1 1925 to cover interest payments from July 1 to Dec.31
1924.
The complete issue is underwritten and already over 65% of It has been
sold. Lam here to aid the sale of the bonds in the East. and shall welcome
the co-operation ef dealers. The success of the sale is due solely to the
attractiveness of the bonds, which have the molt tangible guaranty of any
foreign bond over marketed in the United States, and its yield of9% makes
it a very attractive investment.
Fear has been expressed as to the attitude of President-elect Canes toward
any obligations incurred by the present Administration, but such fear is
entirely unfounded, because. as General Calles himself has expressed it,
the debts of Mexico are national obligations, not the obligations of one
man or of an Administration, and will be paid by the nation; and Mexico
has never repudiated any of Its bonds of legally contracted obligations.
Besides, General Calles is identified with the Obregon Administration,
and there will be no deviation from the well-defined policy of promoting
the general welfare of the people that President Obregon planned and
carried out. The imputation that "every revolution succeeds In Mexico
is a byword of the past, and there is every assurance that Mexico is on
the road to prosperity.
The Mortgage & Securities Co. of New Orleans, which owns the controlling interest in the First Joint Stock Land Bank of New Orleans. was
organized in 1905 by a group of bankers throughout Louisiana and Mississippi for the purpose of furnishing long-time credits to the agricultural
interests in that section. The total amount of mortgage business handled
annually exceeds $12.000.000 and the business is enjoying a steady growth
from year to year. The mortgages have been sold to a number of large
insurance companies. Including the Penn Mutual Life Insurance Co., the
New York Life Insurance Co., the Life Insurance Co. of Virginia and the
National Life Insurance Co.
Statement of the First Joint Stock Land Bank of New Orleans (as Officially
Reported Oct. 13 1924)•
Acres of real estate security loaned upon
52.280
Total amount loaned
$1.037.300 00
Appraised value of real estate security
3.005,637 00
Average appraised value per acre
57 50
Average amount loaned per acre
19 84
Percentage of loans to appraised value of security
34.5%
Offering of Bonds of First Joint Stock Land Bank of
New Orleans.
At a price of 1013 and interest, to yield over 4.80%
The offering of the bonds was referred to in these columns
Oct. 4, page 1573. On the 13th inst. Mr. Arlitt issued a to the redeemable date (1939) and 5% thereafter to redemption or maturity, a $1,000,000 issue of 5% bonds of
statement in New York, saying:
The impression seems to prevail In New York financial circles that I am the First Joint Stock Land Bank of New Orleans was offered
acting merely as a commission agent for the Mexican Government in the on
Oct. 20 by Harris, Forbes & Co.; Halsey, Stuart & Co.,
sale of the $50.000,000 United States of Mexico oil production tax eternal
gold dollar 6% bonds of 1924. and that the Mexican Government Will Inc., and the William R. Compton Co. of New York. The
receive the proceeds of only as many bonds as I can sell.
bonds, issued under the Federal Farm Loan Act, will bear
Nothing is further from the truth because my contract with the Mexican
Nov. 1 1944 and will
Government,-executed on Sept. 23 1924, specifically provides for payment date Nov. 1 1924, will become due
be redeemable at par and interest on any interest date on
as follows:
(a) Ten million dollars of bonds maturing $5,000.000 in 1925 and $5,000,- or after Nov. 1 1934. The bonds, coupon, in denomination
000 in 1926 will be paid for to the Mexican Government within ten days
of the delivery of the executed bonds to the American Foreign Banking of $1,000, will be fully registerable and interchangeable.
Corporation.
Principal and interest (May 1 and Nov. 1) will be payable
(b) Payment of $20,000,000 of bonds-maturing $5.000,000 annually from at the First Joint Stock Land Bank, New Orleans, or through
inclusive will be made ten days after the first payment.
1927 to 1930
(c) Payment of $10,000,000 of bonds maturing $5,000,000 in 1931 and the bank's fiscal agency in New York City. The bonds are
$5,000.000 in 1932 will be made ten days after the second payment.
exempt from Federal, State, municipal and local taxation,
(d) And the fourth payment of $10,000,000 of bonds maturing $5,000,000 and
are acceptable as security for postal savings and other
ten days after the third payment.
In 1933 and $5,000.000 in 1934 will be made
The bonds are being lithographed in Austin, Tex., by the E. L. Sleek deposits of Government funds.
Co. and it is expected'that they will be ready very shortly. Therefore
The First Joint Stock Land Bank of New Orleans,
It Is sale to estimate that the first payment will be made by the end of this
chartered by the Federal Farm Loan Board on April 10 1922,
1 1924.
month and that all payments will be completed before Dec.
This means, incidentally, that before President Obregon yields the has a paid in capital of $250,000 and surplus, reserve and
Presidency to his successor, General Callek. Mexico will have resumed pay- undivided profits of $29,821. Its operations are confined
ment of the service of its debt under the International Committee's agreeto the States of Louisiana and Mississippi. The following
ment of June 16 1922, and that the International Committee of Bankers
London advices published in the "Wall Street Journal." of
Oct. 21, said:
General Calles, President-elect of Mexico, interviewed in Cherbourg,
said: "That which President Obregon signed and promised in the New
York debt agreement l will maintain. The proposed $50.000,000 Mitt
loan should suffice to re-establish our finances."
Equable Acceptance Co., with $1,000,000 Capital, to
Be Organized in New York on Similar Basis to
British Merchant Banker.
The Equable Acceptance Co., with a capital of $1,000,000,
it was announced on Oct. 20, is being organized "to carry on
in New York a business similar to that of the British merchant
banker," by a group of domestic and international bankers.
With the improved European outlook the organizers, it is
said, believe that such a company can aid in the promotion of
America's domestic and foreign trade on a basis "consistent
with ethical acceptance and credit house practice." Avoiding competition with standard banking institutions, the company will not receive deposits, and "its operations will be on
a secured basis only." It is understood that the company
also will act as agents for European financial interests. With
regard to the personnel of the organizers the announcement
said:
Ruinous Competition Not Likely With Increased
Wages to German Labor, According to J.
Henry Scattergood.
The starvation wages now being paid German labor are
bound to be increased and this American industry will not
be subjected to the ruinous competition which some people
anticipate, according to views expressed on Oct. 17 by J.
iienry Scattergood, Treasurer of Haverford College and
President of the American Dyewood Corporation, in an adRomaine A. Philpot. who has been chosen President. was for many years
dress to the Foreign Trade Forum at the Aldine Association. connected with a prominent international banking house. In September
officer of
Mr. Scattergood was introduced by Chairman C. C. Martin 1919, he became Secretary-Treasurer and senior executive group of the
large
Foreign Credit Corp.. which was at that time organized by a
of the National Paper & Type Co. as one especially qualified, New York, Boston and Philadelphia banks with a capital and surplus of
by many years' study and travel, to describe the mechanism $6,000,000. Recently Mr. PhIlpot was selected for the Government of
government bank in that
organize
of the Dawes plan and the probable effect of the workings Persia to organizedand become head of a new York, comprising some country. He
2,000
the Bankers Forum of New
of the plan. "A modern nation cannot continue with its bank officers and has been its Chairman for many years.
Other directors and officers are: David E. Williams. Vice-President
workmen getting $7 ro per week," declared Mr. Scattergood.
industrial corporations and later
Secretary, formerly financial executive
"German labor is already in a disturbed condition and there of the industrial department of Bankersin
Trust Co.; II. L. Tompkins, Vicewill certainly be trouble if these starvation wages are not President-Treasurer, for many years examiner of the Banking Department
It is up to Americans to reinvest their profits of the State of New York and an officer in the foreign department of Guarincreased."
anty Trust Co.; Christian Djorup, partner of McArdle, Diorup & McArcile,
in Germany and other European countries in order to hasten specialists in bank and foreign exchange accounting; Bates Wyman, for
when world conditions shall resume something like many years east-bound freight executive in London and Paris of the Amerithe time
Vice
normal, is Mr. Scattergood's opinion. He also believes that can Express CO.; Adolph H. Brandt. recently cities-President of several
and L. M.
banks and trust companies in Middle-Western
who expect the working of the Dawes plan to lead to formerly a representative of Canadian capitalists to the Peruvian Phillips,
those
Governreparations will be disappointed. ment and a specialist In Latin-American finance and banking.
the payment of enormous
The purpose of the company receives the following explanThe Foreign Trade Forum meetings are held under the
auspices of the National Association of Credit Men at the ation:
is said,
associate
The
Aldine Club, 200 Fifth Avenue. The meetings are preceded the company's purpose, itgrowingis to render an foreign service toward
domestic and
America's
promotion
trade on a basis
Chairman Martin announced that in the Forum consistent withof
by dinner.
ethical acceptance and credit house practice: a service, which
special attention will be given to trade groups, and that in effect will supplement the finance facilities afforded by standard banking
the American merchant may be counted on to welcome
tables will be segregated into the various business classifi a- interests and which
as an adequate channel toward Justifiable and effective development of his
attending may discuss common business interests. The company will avoid competition with
tions in order that members
standard
1906
TUE CHRONICLE
banking institutions. In fact it will aim to cooperate with them. It will
not receive deposits. Its operations will be on a secured basis only.
In addition to its general financing program it is understood company
will act as representative of financial interests. The organization has been
offered the representation in the United States of an old important German
banking house and Mr. Philpot will shortly leave for a visit to Berlin in this
connection.
Temporary officers of the organization have been istalled at 52 Broadway.
New Departure in Industrial Financing—Organization of Industrial Equipment Trust Corporation
of America.
It is announced that interests identified with Freeman &
Co., car trust bankers, are working in connection with
several manufacturing industries on the organization of a
new corporation which will be used in the origination of a
new departure in industrial financing. The proposed corporation, which is to be known as the "Industrial Equipment
Trust Corporation of America," it is planned, will undertake
to apply the principle of equipment trust financing now used
in connection with the purchase and sale of railroad rolling
stock, to the purchase and sale of standard units of industrial equipment, including such types as large steam turbine
generators, electric dynamos, hydraulic steam pumps, high
speed newspaper presses, textile looms and other well known
kinds of manufacturing equipment. A plan has been
evolved by the bankers and their associates to be known as
the "Freeman Plan." It is planned that the "Industrial
Equipment Trust Corporation of America" will arrange for
the purchase of these units from the better known manufacturing companies, accepting from the purchasing company a certain percentage in cash and issuing indust ial
equipment trust notes covering the payment of the balance.
A statement regarding the matter says:
[Vol,: 119.
"Journal' of Sept. 11 that the Corporation having accomplished the major task which it had undertaken, viz., the
work of relieving financial institutions in the Northwest,
the Corporation is taking off the staff of its banking department and closing its last commitments to banking institutions. At that time Mr. Jaffray was quoted as saying:
We are receiving only scattered applications now from banking houses,
the emergency is ended. The big work we launched when the corporation
got under way has been concluded and we are centring now on that phase
of our activities which seeks to make farming more profitable through
diversification. The cattle loan division is placing dairy cattle on farms
and sheep are about to be bought and distributed among the Northwest
farmers through our mortgage plan. We are considering still another
plan for further direct aid to farmers.
It was then stated that only $6,000,000 of the $10,000,000
subscribed capital of the Corporation has been called in
and there was no indication that the directors contemplate
calling for more of the capital in the immediate future.
Sale of 80,000 Bushels of Grain in St. Paul Marks
Initial Foreign Trading There.
The following is from the St. Paul "Pioneer Press" of
Oct. 17:
For the first time in its history, St. Paul has entered the ranks of
grain
centres exporting direct to Liverpool, England.
Colonel George C. Lambert. one of the receivers of the Equity-CoOperative Exchange of St. Paul, announced Thursday the sale of 80,000
bushels of wheat to the Co-Operative Wholesale Society, Ltd., of Liverpool.
The price is in excess of $120,000.
This is declared to be the largest wheat sale ever made in St. Paul.
In the opinion of Mr. Lambert, it may mark the beginning of a permanent
export grain trade between St. Paul and Europe, possibly utilizing Mississippi River barges to carry the grain from here to New Orleans for transfer
to ocean boats.
More Sales in Prospect.
More offers of purchase from the Co
-Operative Wholesale Society are
before the Equity Exchange and may result in another largo sale soon.
The 80,000 bushels sold are to be collected and graded at the Equity's
terminal elevator in St. Paul. It probably will be ready for delivery
in a week or ten days and will be shipped to the Atlantic seaboard by
rail.
During the life of these notes the equipment under the "Freeman Plan"
will be leased to the purchaser at rentals sufficient to care for the maturing
principal and interest of the outstanding certificates. Provisions have
been worked out covering the recovery of pledged equipment in the event
of default of any of the purchasing companies and a special form of legal New Pars Adopted in Cotton Reporting—Agriculture
instrument will be devised to permit application of certain necessary reDepartment Announces Changes.
strictions which will be used for the protection of investors purchasing the
The requirements of the law enacted at the last session
certificates. Title to the pledged equipment will be vested in a trust
company as trustee for the certificate holders and each unit of pledged of Congress calling upon the Department of Agriculture for
equipment will bear a metal pledge during the life of the loan giving the
more frequent and later reports upon the cotton crop have
name of the trust company as owner and trustee for the benefit of the
certificate holders. The management of the new company will be vested made necessary the adoption of new pars by the Crop ReportIn the same hands as that now existing in the National Steel Car Lines Co., ing Board for consideration in
connection with the cotton
a corporation organized by the same interests in 1920, and which has since
crop conditions as of Oct. 18, which will be issued on Oct. 25.
handled many thousands of dollars of industrial railway equipment.
Should the plan prove a success in this country, it is believed that it can said the New York "Journal of Commerce" in advices from
be applied with equal success to cover the purchase of machinery by inter- Washington under date of Oct.
17. Continuing it said:
ests abroad engaged in the rebuilding of foreign industry. The national
Officials of the Board point out that the pars now to be considered are
distribution of these certificates will be undertaken by Messrs. Freeman based upon only five years'
records and because of this, and also because
St Co... who expect to head a large syndicate, which will handle the first the condition figure so late. the
in
season is in many sections of doubtful
piece of business to be issued under the new plan. In addition to this syn- significance, these pars cannot with
confidence be combined with reported
dicate, smaller dealers in practically every State in the Union will be given conditions alone to establish a
forecast. It is added that the pars operative
an opportunity to participate in a distributing group in order that a country prior to this date have been based on
an experience of between 20 and 30
wide market may be created for these certificates. The permanent organi- years: conditions in so limited a period
as five years may not be indicative
zation of the company which is now in temporary form will be held within of those in any one year because
such a period is of too short a duration
the next few weeks, when permanent officers and directors will be elected.
to permit of the manifestation of conditions that might be declared to
be average. Heretofore the Board has not been compelled to promulgate
Agricultural Credit Corporation to Extend Attention pars for so late a date as Oct. 18.
to Farm Diversification—Financial Assistance
Rendered.
With the improvement in the banking situation in the
Northwest through the financial assistance extended by the
Agricultural Credit Corporation, the latter is concentrating
its attention on farm diversification. Announcement of
this was made in advices to Secretary of the Treasury Mellon
from C. T. Jaffray, Chairman of the Board of the Corporation, made public Sept. 29, which said:
Attention was first directed by the corporation to the banking situation
then in bad straits and loans were made to some of the 230 banks to an
aggregate amount of over $5,000,000. Deposits in the banks aided were
over $53,000,000. It is difficult to estimate how many of these banks
would have been closed if the aid had not been given—probably 70%—
and the effect of their closing would have embarrassed other banks. It is
safe to assume that by stopping the excessive number of bank failures ia
the Northwest until the crop began to mature and the spirit ofthe people
In this territory revived, the corporation safeguarded at least 825,000,000
of the people's deposits.
The banking situation having so improved by the increased prosperity
In the territory, the corporation has now concentrated its attention on farm
diversification. Twenty-five hundred dairy cattle have been distributed in
104 different localities to 600 farmers. Applications to the corporation for
sheep total between 60,000 and 75,000. There will be from 500 to 1,000
farmers who will get a start in sheep-raising through the corporation.
The corporation has also given material aid to co-operative marketing and
farm loan associations. Wherever this agency could help agriculture it has
done so, and will continue to do so. This has not been charity. It is not
a bonus out of the public treasury, It is a broad gauge business on a business
basis with privare capital, and it is accomplishing results.
Relation of Figures.
Throughout the season condition figures have been found, through a
study of past years, to bear certain relation to yield of crop, subject to
later seasonable developments. Late in the season where the crop has
in part been harvested a simple statement of "condition" might not bear
the same significance that it would earlier in the season.
The Department's own inquiry sent its reporters on Oct. 17 asks them to
state "cotton condition or prospect Oct. 18 in per cent of a normal or
full yield per acre." Other questions asked are as follows:
"How many bolls per plant are safe to date this year (include those
already
picked)?
"Probable average yield in your locality this season in pounds of lint cotton per acre?
"What per cent of the total cotton crop in your locality has been picked
to date?
"What per cent of the total cotton crop in your locality has been ginned to
date?"
The Government forecast of Oct. 25 will be based upon consideration not
only of condition on Oct. 18, but also upon reported probable yields, ginnings and all other factors within the knowledge of the Board.
Pars Are Tentative.
These pars are tentative and subject to change without notice. They are
computed by the Crop Reporting Board for its use in preparing its forecast
and are issued as a convenience to students and statisticians who may be
interested in the report.
state—
Oct. 18. Oct 1.
Oct. 18. Oc
State—
1.1.
Virginia
252
258
344
348 Texas
North Carolina
261
283
Oklahoma
392
404
South Carolina
287
288
348
350 Arkansas
Georgia
282
285
268 Tennessee
270
Florida
362
360
186 Missouri
182
Alabama
246
246
248 New Mexico
249
Mississippi
340
Arizona
338
287
Louisiana
Vornia
N;
313
315na
287
It was announced on Oct. 15 that with the reopening of
the State Bank of Cooperstown, No. Dak., that day, the New York Stock Exchange Demands Audits of Member
Firms and Adopts Higher Schedule of Commission
total reopened North Dakota banks was brought up to 31.
Rates.
Detailed information regarding loans made by the AgriAt a special meeting of the Board of Governors of the
cultural Credit Corporation appeared in these columns
Aug. 23 last, page 894. It was reported in the Minneapolis New York Stock Exchange held on Wednesday of this week
OCT. 25 1924.]
THE CHRONICLE
(Oct. 22) the two following resolutions covering the audit
requirements of member firms were adopted. The action
of the Exchange comes as an aftermath to the recent failure
of the firm of Day & Heaton, one of the most highly respected of New York Stock Exchange houses, brought about
by the huge defalcat'ons of George R. Christian, a member
of the f:rm. The first resolution with regard to member
firms doing a margin bus'ness read:
1907
officials of the two companies that any such commitments
have been made. On Oct. 20 Seward Prosser, Chairman of
the board of directors of the Bankers Trust Co., said:
This story is news to me. The matter is of no interest to this company.
nor will it be considered unless there Is some evidence on the part of its
employees that it is of interest to them.
Harvey D. Gibson, President and trustee of the New York
Trust Co. is also quoted as saying:
We have not heard of any desire among our employes to unionize. The
is not in our organization, and until it is we naturally shall not
Resolved. That members of the Exchange and firms registered thereon movement
accounts for customers shall, as of the date of their answer give any attention to the question.
carrying margin
According to the New York "Journal of Commerce" of
to each questionnaire, cause to be made a complete audit of their accounts
and assets, including securities held for safekeeping, in accordance with Oct. 2 Frederick W.Walz, Treasurer of the New York Trust
such regulations as shall be prescribed by the Committee on Business
that a statement given out quoting him as apConduct, and shall file with said Committee a statement to the effect that Co. declared
company's employes wee
such audit has been made and whether it is in accord with the answers to proving union membership by the
the questionnaire. Such statement shall, in the case of each member of unauthorized. • Mr. Walz is reported as saying:
firm, be signed by such member
the Exchange not a member of a registered
A representative of the union called on me. We had an amicable converof the Exchange, and in the case of each registered firm shall be signed by sation, but I said nothing to him which could be construed as committing
member of such firm unless, for good cause shown, the signature of
not make the
each
the New York Trust Co. to a unionization project. I did
one or more members is waived by the Committee on Business Conduct.
quotes me as having made.
the statement the union's announcement
Such statement shall in all cases be attested by the auditors, and
The New York "Times," which on Oct. 21 printed bankoriginal report of the audit, signed by the auditors, shall be retained as
part of the books and records of the member or firm.
ers' statements, denying the union's claims, had the followE. V. D. COX. Secretary.
regarding the statements made
ing to say on the 19th inst.
The second resolution, covering member firms not carryby the union:
ing margin accounts for customers, was as follows:
Leonard Bright, President of the
union, said that W. A. Henderson;
Resolved, That each member of the Exchange and firm registered thereon, Treasurer, and E. S. Chappelear, controller of the Bankers Trust Co..
for customers, shall, at least once a year had assured him that they recognized the right of their employes to join the
not carrying margin accounts
and whenever called upon so to do by the Committee on Business Conduct. Bookkeepers, Stenographers and Accountants' Union. and while not opposreport to said Committee whether such member or firm holds securities for ing them in taking that step they insisted that labor matters should not be
safekeeping. Each of such members or firms holding securities for safe- discussed during working hours. They saw no objection to such activity on
keeping shall, at least once in each year.file with the Committee on Business the part of the clerks at lunch time and after business hours.
Conduct a statement that all securities held for safekeeping have been
The Basis for Agreement.
checked and found to be intact, which statement shall also show in what
These proposals were offered by the union as a working basis for future
manner the verification of the securities has been made and the date thereof.
negotiations and Mr. Bright said he came away from the conference with
E. V. D. COX, Secretary.
the impression that an agreement could be worked out satisfactory to the
A revision of the commission rates charged by members trust company and its employes.
ot the New York Stock Exchange in the execution of orders
Working Hours—Thirty-nine a week; I. e.. 9 a. m. to 5 p. m. daily with
p. m•
for their customers was also adopted by the Board of Gover- one hour for lunch; Saturday,9 a. m. to 1off or by pay at time and a half.
Overtime—To be compensated by time
this new schedule
nors on Wednesday. It is understood that
Salaries—Scales to be open for negotiation and settlement.
Discharge—For just and sufficient cause, employer to give two weeks'
\\ ill not become effective until the entire membership has
notice, except for dishonesty, employees to give two weeks' notice before
voted on the proposition. Under the change Article quitting.
will
XXXIV., Section 2, subdivision (C), paragraph (Cl)
Vacation—One week's vacation with pay, after six months' employment;
two weeks' vacation with pay after one year's employment.
read:
Grievances—To be taken up through office staff chairman and presented
(Cl) On business for parties not members of the Exchange including to designated officers of the bank.
transactions in which a non-member is interested;transactions
joint account
Office Staff—All clerks except officers of the bank to be members of the
for partners not members of the Exchange; and for firms of which the union.
Exchange member or members are special partners only, the commission
General Policy—Negotiation, conciliation and arbitration.
shall not be less than the following:
Mr. Bohm said that Frederick W. Walz, Treasurer of the New York
Per share.
7M C. Trust Co.. assured the union that if it could bring to light any dissatisfacOn stocks selling below $10 a share
l2c. tion among his clerks he would certainly look with favor upon the organizaOn stocks selling at $10 and above but under $25 a share
15c.
On stocks selling at $25 and above but under $50 a share
tion.
On stocks selling at $50 a share and above but under $75 a snare_ _ _17 Sic.
Union's Report of Walz's Views.
On stocks selling at $75 a share and above but under $100 a share_ _20c.
stocks selling at $100 a share and above but under $200 a share_25c.
On
"Mr. Walz,speaking for the New York Trust Company,said the attitude
first $200 in
On stocks selling at $200 and over, 25c. a share for the
of ht.; associates and himself was that if his workers dould be kept content
price and Sc. a share additional for each $50 increase in price or
business could be conducted with greater efficiency than if they were unfraction thereof.
and disgruntled." the union's statement says:
The minimum commission on an individual transaction on stock shall happy
"He added, in conceding to his employees the right to organize, that if
be not less than $1. This provision shall not apply on transactions where
any bookkeeper or teller or any other employee came to him and said he had
the amount involved is less than $15.
been approached by the union about joining and asked whether membership
A meeting of office partners of firms, members of the would militate against him in any way or interfere with advancement, he
not: join if you
Stock Clearing Corp. and its Executive Committee was also would say, 'Emphatically attitude of thesewant to.'"
"forward-looking" bankers was
of offices in rela- in Mr. Bohm said that the
held to consider various phases of the work
sharp contrast to the "benevolent despotism" of some other financiers.
tion to the Stock Clearing Corp. and the facilitation of who insisted, he said, that the interests and rights of their employees were
organizations. As proof that the emby
its business. No new plan or change in business methods perfectly safeguardedtheircompany as safeguarded, Mr.Bohm said that the
interests
ployees do not regard
was diseussde.
present efforts to unionize bank clerks followed insistent and frequently
"pitiful" requests by mail by "underpaid, overworked bank clerks" to remWilliam S. Silkworth, Former President of the Con- edy "abuses." is coincident to a determined campaign for voters in the
The new drive
solidated Stock Exchange, Must Stand Trial with
financial district by supporters of La Follette in his candidacy for President
Members of the Bankrupt Firm of Raynor,
The "Times" on Oct.21 said:
Nicholas & Truesdale.
In six of the large Wall Street institutions a careful study has been made
Representatives of
Judge William James in the United States District Court of the question of unionizing employees. a union. In almostemployees
all cases.
desired
have been asked
on Oct. 22 denied a motion to separate the trial of William it was reported, awhether the men
majority of employees were opposed to the union idea,
President of the New York Consoli- that a minority was "lukewarm" toward it, and that a small minority was
S. Silkworth, former
man, this report
dated Stock Exchange, from that of members of the failed favorable, The older employees were found almost to a they would have
Indicated, to be against a union, because to enter a union
firm of Raynor, Nicholas & Truesdale. The to sacrifice advantages gained by long service which could not be combrokerage
Court, however, gave Mr. Silkworth permission to renew pensated through a union organization. Scientific studies of the personnel
of the large banks, such as
his motion on the day set for the trial, Nov. 5 next. The problem have been conducted by mostMechanics & Metals National, the
the
National City,
defendants is alleged using of the mails Chase Nationalthe Guaranty Trust, the
charge against the
and others. In many instances, special commissions have
has stated, it is said, been set up to keep a close check on the work of each individual, to furnish
to defraud investors. Mr. Silkworth
the men and women
incentive for good work
that he had no knowledge of the business methods of the showing aptitude for theand to reward with promotion
banking profession.
firm or of those of McQuade
tnembers of the brokerage
With seniority of service, employees of most banks receive added reBrothers, who also are named in the indictment. Refer- muneration, derive a greater benefit from pension funds, in some instituthe bank's profits, and, in all but a few institutions
ence was made to the indictment of Mr. Silkworth, together tions, participate inan opportunity to become officers of the bank.
issue of May 31 1924, page are told they have
with eight other persons, in our
2643.
Nomination of Directors of Federal Reserve Bank of
New York.
Bankers Trust and New York Trust
Reports That
The Federal Reserve Bank of New York announces that
Denied.
Employes Were to Unionize
this district to provide successors
Reports credited to Ernest Bohm, Secretary of the Book- an election is necessary in
Accountants Union (affiliated for Charles Smith, Class A director, and Frank L. Stevens,
keepers, Stenographers and
terms expire on Dec. 31 1924, and
with the American Federation of Labor), that the interests Class B director, whose
the New York Trust Co., of who do not wish to serve again. Both Mr. Smith and Mr.
in the Bankers' Trust Co. and
this city, had indicated that no objection would be voiced in Stevens were elected by Group 3, hence only that group will
the unionizing of the employes, have brought denials from participate in the election. Samuel W. Reyburn, President
1908
THE CHRONICLE
of the Associated Dry Goods Corporation, has been nom'mated to succeed Mr. Stevens of North Hoosick, N. Y., as
Class B director, and Delmar Runkle, President of the
People's National Bank, of Hoosick Falls, N. Y., has been
'named to take Mr. Smith's place as Class A director.
Mr. Reyburn was born in Hot Springs, Ark., in 1872, and,
after practicing law and engaging in various business and
financial enterprises, he became President of the Union
Trust Co. of Little Rock, of which he is still a director. In
1914 he moved to New York City, became President of the
Associated Dry Goods Corporation. He is President of Lad
& Taylor and a director of the various subsidiaries of the
Associated Dry Goods Corporation. He is also a director of
the Guaranty Trust Co., the Home Life Insurance Co., the
North River Savings Bank, and is a trustee of the Inter.
borough Rapid Transit Co. and the Rapid Transit Subway
Construction Co. Mr. Runkle was President of the New
York State Bankers' Association in 1918 and was Treasurer
of Rensselaer County for two terms, 1915-1920, inclusive.
- :The period within which nominations of directors of the
Reserve.Bank may be made will.expire Nov. 10, and Nov. 17
is fixed as the date for the opening of the polls. The results
of the election will be announced about Dec. 4.
Removal of Federal Reserve Bank of New York to New
Building.
Notice of the removal of all the departments of the Federal Reserve Bank of New York to its new building at Liberty and Nassau Streets, was issued to member banks by
Governor Strong on Oct. 18. Last month reference
was
made in these columns (Sept. 27, page 1445) to the removal
to tile new structure of the departments handling securities.
Governor Strong's notice of Oct. 18 follows:
FEDERAL RESERVE BANK OF NEW YORK.
Circular No. 633.
October 18 1924.
NOTICE OF REMOVAL.
To All Banks, Bankers and Others Concerned in the Second Federal
Reserve
District:
The Federal Reserve Bank of New York announces its removal
to its new
bank building, with entrance at 33 Liberty Street. All department
s are
how installed and operating in the new quarters.
Special rooms on the tenth floor have been set apart for the
use of
bankers. Officers and directors of banking institutions are cordially member
Invite.]
to inspect the new building and to make use of the facilities
provided for
them.
Mail Address.
To insure prompt delivery of mail matter, please continue to
address the
bank as formerly:
Federal Reserve Bank of New York,
Federal Reserve Station, P. 0.,
New York City, N. Y.
Very truly yours,
BENJ. STRONG, Governor.
A description of the new building is furnished as
follows
by the bank:
Exterior.
The new building is 15 stories above Liberty Street and five stories
below
the street level, and occupies the whole block between Liberty and
Maiden
Lane streets and between Nassau and William streets, with
the exception
of a small plot at the William Street end. The building is one of the
largest
banking structures in the world and is designed to house the
present large
staff of 2,500 people and allow for future growth, which space
will be
rented out until it is required.
. The exterior is of stone from the limestone quarries of Indiana
and sandstone quarries in Ohio. For the roost part the selection is from
that
of the output which, because of color markings, the quarrymen usually part
consider worthless, as there has heretofore been no market for it. It
was the
opinion of the architects that the grained, colored and mottled
limestone
would add interest to a wall surface otherwise devoid of ornament.
The general type of architecture, both of interior and exterior, is early
Italian
Renaissance.
The Foundations.
The foundation work was the largest undertaking of its kind
ever attempted in New York City. In the construction of any skyscraper deep
foundation pillars must be sunk far down to bed rock. In such cases a
.amount of excavation is required for each concrete pillar occupying large
a few
square feet when completed. In the foundation work of the Federal
Reserve
Bank economy was effected by excavating the entire space and utilizing
it
for five floors undo the street level. A total of 121,000 cubic
yards of
material was removed and an extensive use of heavy timbering was
required
to take care of the pressure from the outside exerted by the
weight
big buildings which stood across Liberty Street, Nassau Street and of the
Maiden
Lane. The building itself rests upon 99 concrete piers, built at
intervals
throughout the enclosed portion of the foundation.
The Vault.
The vault stands at the western end of the building and is
probably the
largest and strongest in the world.
The entire vault is below tidewater, an additional factor
of safety, and
the lower floor rests upon piers imbedded in a foundation
of solid
contains three levels, which,- while no more than the bank needs, rock. It
are about
equivalent to the space occupied by 40 average New York
apartments. This
provides ample space for the immense amount
of securities and cash which
heretofore have been carried in eleven different
vaults located in five different buildings in the financial
district. Security elevators are adjacent
to the vault and will facilitate
the movement of securities or cash from one
level to another.
The easterly wall Is 10
feet. thick,. and the three other walls 8 feet thick,
and are of a type of construction
which was selected after _A series of tests
[VoL. 119.
conducted by the Federal Reserve Board, with the assistance of the United
...States Bureau of Standards. At these tests every kind of modern vault construction was subjected to the action of such powerful agents of destruction
as TNT, dynamite, oxy-acetyline torches and jack hammer or pneumatic
drills, and the type which most successfully withstood these tests was
adopted by the various Federal Reserve banks. The type of construction,
moreover, was less expensive than the usual type.
The vault doors are of a revolving type and are six in number. Each it
a cylinder which turns on a vertical axis inside of a steel frame, which in
turn is securely imbedded in the walls of the vault. The three main doors,
with their frames, are 10 feet thick and weigh 230 tons each, while
the
emergency doors are 8 feet thick and weigh 185 tons. Through the centre
of each cylindrical door there is a passageway 4 feet wide. To give access
to
the vault the cylinder is revolved so that the passageway leads directly into
the vault. To close the vault a simple mechanical arrangement has been
devi•ed which causes this huge cylinder of steel to revolve 90 degrees, so
that the passage runs lengthwise with the walls when the vault is closed.
Thus between the interior and exterior of the vault, when the door is closed,
are two solid steel walls, each 21 feet thick, or, in other words, each of
/
2
these walls is about as thick as the ordinary bank vault door.
Inside of this vault on each floor level there will be employed constantly
throughout the day a force of clerks averaging between 60 and 80 persons.
To provide fresh air there is a system of. artificial ventilation through which
the foul air will be exhausted and fre:.11 air supplied.
.
Inferior.
.
With the exception of the vault, the major part of the interior
of the
building, while it is specifically designed for the work of
the bank, Is
largely of standard office building construction, with large
working areas
and steel and glass partitions. The building has been so designed
that the
employees' entrance and corridors are separate from the entrance
and corridors used by the public in visiting the various departments of the
bank.
Arrangement—The building is laid out so that the public
may have easy
access to those departments with which it has most dealings.
On the main
banking floor are installed the Cash Department, Collection
Department, etc.,
and on the second floor the Government Bond Department.
The officers'
quarters are on the tenth floor.
Light, Heat and Ventilation.
As far as heating, electric power, lighting and ventilation are concerned,
the building is self-contained,.with provision for the use of outside sources
only in case of emergency. Two large reciprocating engines
have been
stalled, with two electric generators attached which will develop 1,600 inThese engines will operate 25 elevators and meet all other requiremen h.p.
ts for
power. There is a complete system of artificial ventilation for those
sections of the building which require ventilation which can change the
air
throughout these spaces once every eight minutes.
Cost.
The cost of the new building is approximately $14,000,000, including
equipment. This figure is approximately $4,500,000 less than the
early
estimates.
The expenditure for the new building is an investment of the bank's
capital and does not come out of current earnings or diminish the
franchise
taxes payable to the United States Government, except as the Reserve banks
are authorized to charge depreciation on the premises to current
net earnings. The new building constitutes an assets of the bank and .will
yield
returns indirectly by effecting a saving in rent, and directly
through the
renting out of any space in the building which is not needed
for immediate
use by the bank.
History of the Building Project.
On Oct. 24 1917 the board of directors authorized the purchase
of a site
and the erection of a building. The building was delayed by
the war emergency and high building costs until 1921. From June
1918 to June 1919
property was purchased to a total area of 46,084 sq. it.,
at a total cost of
$4,798,000. In the Fall of 1918 Mr. A. B. Trowbridg
e was employed as consuiting architect to make studies and arrange for a
competition for architects. In November 1919 Messrs. York & Sawyer were
chosen as architects.
In December 1919 Marc Eidlitz & Son, Inc., were
selected as general contractors.
Engineers were engaged as follows: Foundation
s: Moran, Maurice &
Proctor; heating and ventilating, Henry C.
Meyer Jr.; vault, Frederick S.
Holmes; equipment, Abell, Smalley & Meyers.
On May 12 1921 the demolition of old buildings
occupying the site was
begun. The cornerstone was laid on May 81
1922.
• A bronze table in the lobby of the building
is inscribed as
follows:
This building was erected in 1924 to promote
and protect the work of the
Federal Reserve Bank of New York, which was established
in 1914 under
the provisions of the Federal Reserve Act,
to unite the reserves of many
banks for the protection of all, to furnish
an elastic currency, to further
agriculture, industry and commerce and to
conduct fiscal operations for the
United States Government.
N. Y. Sub-Treasury to be Prohibi
tion Office—Government not to Sell Building.
The Treasury Department's decision
to maintain the Sub
Treasury Building at Wall and Nassau
streets for the Government and not to dispose of it through
sale or lease, as
had been expected, was made manifest
on Oct. 8 when Divisional Pr hibition Director It. Q. Merrick announced
that a
large part of the building would be taken over
by the prohibition forces for New York and northern New Jersey.
The foregGing is taken from the New York "Times"
of Oct. 9,
which continues:
When the Treasury Department announced last summer
that it wou.1
,
move the Sub-Treasury offices to the new Federal Reserve
Building at Liberty and Nassau streets, a movement was started by the
American Defense
Society and groups of bankers, brokers and others to preserve
for public
purposes the site of Washington's first inaugural and the
site
first Congress was held after the adoption of the Constitutio on which the
n. The Treasury has announced that it will be retained permanentl
y by the Department,
of which the prohibition forces are a unit.
Director Merrick said yesterday that although no official
action had been
taken yet toward moving his offices to the Sub-T
reasury Building, the change
probably will be made within the next four months.
The prohbiition offices
at present are on the fifteenth floor of the Onyx
Building at 1107 Broadway,
at 24th Street. Rent of $36,000 a year is paid
there for 17,000 square feet
of floor space. Besides saving this rental, the
Government in moving the
Oct. 2519241
THE CHRONICLE
1909
Washington for further iiastrnctions. He was
'Prohibition offices to the Sub-Treasury Building, gains a large increase in lists to the press and asked
again advised, he said, to open the lists.
storage room.
Shortly after this telegram was sent telephone instructions were received
' Before leaving the Onyx Building the Government must give 90 days'
the lists should be opened to the public. The representanotice to the owners. It is understood that a small section of the Federal to the effect that
tives of the press were therefore given the freedom of the lists of this office.ei
Narcotic Squad also will be quartered in the Sub-Treasury Building.
Shortly after his arrival at his office this morning, Collector Bowers
found a telegram from Commissioner Blair as follows:
authorize preparation of
"With reference mimeograph 3249,
Redemption of Treasury Certificzates of Indebtedness copies income tax lists by public. Todoes notpersons to prepare duplipermit
Before Maturity.
cate lists ofincome taxpayers would seriously obstruct efficient management
your office.
Announcement was made on Oct. 22 by Secretary of the of"Post conspicuously and call to the attention of all who wish to examine
of 3167 Revised Statutes, particularly that
Treasury Mellon that)le had authorized the Federal Reserve income tax lists provision to print or publish any income tax return orproany
vision making it unlawful
Banks, beginning Oct. 23, and until further notice, to re- part thereof under penalty of a fine of $1,000, or imprisonment of one year
option, or both."
deem in cash before Dec. 15 1924, at the holder's
at par and accrued interest to the date of such optional
redemption, Treasury certificates of indebtedness of Series
TD-1924, dated Dec. 15 1923, and Series TD2-1924, dated
June 16 1924, both maturing Dec. 15 1924.
Many Protest Warmly.
Numerous telephone calls were received at the Custom House from
attorneys and individuals, protesting against the publicity given the figures.
Newspaper men at the Custom House had submitted a list of names of
prominent folk whose tax payments they wished to know, when Mr. Bowers
entered with the telegram and prohibited his staff from divulging further
facts.
Mr. Bowers then issued the following statement:
"A mimeograph providing for the publication to the public of the income
tax lists was sent by the Bureau at 17fasnington to the various Collectors.
Subsequent to that time the Bureau at Washington published the fact
that such a mimeograph had been sent to the office of the Collectors.
"Pursuant to the receipt by the newspapers of this notice by the Treasury Department at Washington, representatives of the various news organizations applied at this office yesterday afternoon for permission to inspect
the lists of income tax returns for the purpose of publication. The Col.
lector was in doubt as to the propriety of publication of such a list and accordingly wired instructions of the Bureau at Washington."
Collector Bowers received a telegram to-day from Commissioner or
Internal Revenue David H. Blair,in Washington, stating it was a violation.
of the law to make duplicates of the lists or to publish them and that such.
violations were punishable by a fine of $1,000 or a year in prison or both.
Income Tax Returns Made Available for Inspection—
Publication of Figures Halted—Views of
Acting Attorney-General Beck.
With the opening for public inspection on Oct. 23 by the
Internal Revenue Bureau of income tax returns for 1923,
various newspapers yesterday morning published figures of
payments made by notables in different walks of life, and
thereupon the publication of the figures was summarily
halted by the Government. In announcing on Oct. 23 that
lists of taxpayers showing the amount oi income tax paid by
In an address in Boston on Oct. 23 before the Associated
each had been made available for public inspection in the
offices of Collectors of Internal Revenue, the Treasury Industries of the United States, Eliot Wadsworth, Assistant
Department issued a warning about publishing tax returns. Secretary of the Treasury, in expressing the belief that the'
Federal income tax exercises a power of inquisition into the'
The Associated Press accounts that day said:
Treasury officials informally indicated to-night that they were not private affairs of citizens, said:
entirely clear as to the extent to which the publicity provisions of the
I wonder if we understand the true meaning of the power of this Bureau+
new revenue law may go and said probably this would not be definitely
known until a judicial determination was had.
The section of the revised statutes quoted in the statement, it was
said, was very specific that no such information should be published,
while on the other hand the new tax law permits public inspection. On
the face of things, officials said, it would appear that the public is entitled
to see income tax lists but their publication is prohibited.
The Treasury Department's statement to-night follows:
"In connection with the opening in the collector's office of each district
of the list showing the amount of income tax paid by each person, in
accordance with the provisions of Section 257 (B) of the Revenue Act of
1924, the Treasury desires to call the attention of all persons to the provisions of Section 3167 of the Revised Statutes, which provides in part:
. . and it shall be unlawful for any person to print or publish
"
In any manner whatever not provided by law any income return, or any
part thereof, or source of income, profits, losses, or expenditures appearing
in any income return; and any offense against the foregoing provision
shall be a misdemeanor and punished by a fine not exceeding $1,000 or by
Imprisonment not exceeding one year, or both, at the discretion of the
court; .
-
which centres in Washington, how much the individual citizen yields irs
personal freedom to such a power, and how far the strong hand of Government has forced itself into our personal affairs?
As time goes by, there will be in the Bureau of Internal Revenue st
record of the income and financial status of every citizen, rich and poor
alike.
The mere fact that such information is in the files places the Federal
Government in a position of trust which involves unusual possibilities for
good or harm. It is not difficult to understand its cash value to an unscrupulous competitor or enemy. Already there is agitation that this
Information shall be made public, although when it was obtained there
was a general understanding that it would be confidential.
There are many suggestions now being actively advanced for placing
further authority in the hands of the Federal Government, all involving
additional expense, some a Federal subsidy. It is my sincere belief that
we are moving too fast. This country is too large to be standardized
from Washington, and there is danger in every move toward centralizing
power there.
Yesterday (Oct. 24) the Department of Justice served
notice that, pending a careful examination of the statutes Section of Chinese Civil War Ends with Capture of
Shanghai by Government Forces—Trade in City
and a final ruling, newspapers which publish income tax
. returns will do so at their own risk. From yesterday's
and Throughout Country at Standstill—Battle
Associated Press advices from Washington we take the
Proceeding on Chihli—Manchuria Border.
following:
One branch of the sectional warfare raging throughout
The Department's announcement was made while Secretary Mellon China was brought to an end on Monday (Oct. 1,3) with the
and other ranking officials of the Treasury were withholding any definite
fall of Shanghai to Kiangsu troops and the arranging of an
opinion.
Revenue Commissioner Blair, however, indicated that he regarded pub- armistice between the defeated Chekianese and the viclication of the returns as a violation of the law.
torious Peking Government army. For many weeks the
Upon inquiry by Secretary Mellon, this statement was issued by James
M. Beck, Acting Attorney-General in the absecne of Attorney-General fighting west of Shanghai had been particularly fierce and
Stone:
casualties on both sides heavy. The offesnive which ulti"Many inquiries have been received by the Department of Justice as to mately led to victory was initiated (recorded in our issue,
the publication in the press of the income tax records secured from the
collectors of taxes offices under the 'public inspection' provisions of the dated Oct. 14) on Oct. 2, south of Sungkiang, a city of
tax law passed in May last, in view of the provisions of Section 3167 of the
Revised Statutes, which, if unrepealed by the latter law, makes such pub- 50,000 inhabitants, located 28 miles smith of Shanghai, the
lication a criminal offense.
"Officials of the Department state that a careful study of the two pro- capture of which on Oct. 9 left the way clear for the Kiangau
visions will be made by the Department and, in due course, a conclusion army to make a practically unimpeded advance upon their
reached to whether such publication is permissible under the law as now
amended.
main objective—Shanghai. Following the collapse of the
"In the meantime, the responsibility for such publications must rest with
city's outer defences, General Lu Yung-Hsiang, Commanderthose who in any way publish the details of individual incomes."
Immediately after making this statement Mr. Bock went to the Treasurer in-Chief of the defeated Chekiang forces, and Ho Feng-Ling,
Department for consultation with Commissioner Blair, who is in direct Military Commissioner of Shanghai and General Los Aide,
charge of the collection of income taxes, and other interested Treasury
fled by steamer to Japan.
officials.
The success of the Kiangsu army, operating around ShangIt was stated in a press dispatch from Des Moines, Iowa,
distinct advantage of the
that the warning issued at Washington by Acting Attorney- hai, is construed as being to the
Central Government in their military campaign throughout
General Beck that newspapers which publish income tax
returns prior to a definite ruling by the Department of the country, as it allows General Wu Pei-Fu, Commandertroops and equipJustice on the uncertainty of the law, do so at their own risk, in-Chief of the Peking forces, to transfer
ment from Shanghai to the Chihli-Manchurian front, along
has the approval of Attorney-General Stone.
A late edition of last night's New York "Journal," in which General Chang Tso-Lin, military ruler of the Manreferring to the halting of the publication of the records, churian provinces, is conducting a vigorous offensive in an
effort to overthrow the Central Government. It also permits
said:
the Peking general to direct attention to the activities of
The appearance in the newspapers of the sums paid by numerous wealthy
persons caused a nationwide controversy and protest, aggravated by the Sun Yat Sen, Tuchun of Southern China, who has expressed
fact that whereas 11. S. Senator George W. Norris's provision to the Income his intention of mobilizing some 30,000 soldiers with a view
Tax Law apparently intends the fullest publicity, another section of the
statute expressly forbids publication and provides punishment for violations. of throwing in his lot with the forces operating against the
From a statement given to newspapermen by Collector Frank K. Bowers Peking Administration. ,
of the Second District, New York, in the Custom House here, it is evident
The trend of the battle along the Manchurian front so far
that the Government sharply and completely reversed its position over night
For yesterday instructions came from Washington to open the lists to has favored Chang Tso-Lin, whose troops on Oct. 8 were
the public. Collector Bowers said he doubted the propriety of giving the reported by Associated Press as Laving "broken through the
1910
TFUF CHRONICLE
I19.
Great Wall at Chiumen barrier gate, north of Shanhaikwan.
Regarding the surrender of Shanghai on Oct. 13 Associated
Another Associated Press telegram, dated Oct. 10 from Press had the
following to say in a dispatch from the city,
Shanghai, stated that "reports that a portion of the Chihli Oct. 14:
(Central Government) army had revolted and gave over to
After a final stand at Hwangtu, fifteen miles west of Shanghai, the
the army of Chang Tso-Lin of Manchuria after the Manchu Chekiang troops at last have admitted their defeat.
Foreign observers in the Sungkiang sector reported this (Tuesday) mornarmies captured Shanhaikwan, were received here to-day."
ing that an
was arranged at 5 p.
This disturbance within the Peking camp referred to the sides ceased armisticeAdvance guards of them. yesterday, after which both
firing.
retreating Chekiang troops arabandonment by General Feng Fuh-Siang, the Christian riving this morning from the Hwangtu. Kiating and Liuho sectors declared
similar arrangements had been perfected there.
general, of command of his army, sending a telegram to
General Chang Yung-ming, Commander-in-Chief of the troops from
President Tsao Kun denouncing the "corrupt elements in the Hupeh Province, who co-operated with the victorious Kiangen Army in the
operations against Chekiang at Hwangtu, west of here, took over the
Government." Shankaikwan, which the Manchurian general claimed to have captured, is an important city on the Lungwha Yemen.former Chekiang headquarters, at 8 o'clock this morning.
About 1,000 Chekiang soldiers from the battle fronts directly west of the
city had arrived at Shanghai this morning at the North Railway station.
Peking-Mukden RR. at the Manchurian border.
Forty-three carloads more were reported held at Chenju,five miles west of
The surrender of Shanghai, with the prospect of serious
the city. while 10.000
trouble resulting from the concentration upon the city of twelve miles west, andwere said to be awaiting transportation at Nansiang.
at Hwangtu. All of the Chekiang soldiers stationed
thousands of armed Kiangsu and Chekiang soldiers, forced at Liuho, thirty miles to the northwest of the Yangtze coast, were reported
to have withdrawn.
the foreign authorities to take extra precautions to protect
Control of the
the sanctity of the international settlements. The Associated purposes early inShanghai-Nanking Ry., which was taken over for military
the fighting, was returned to the railway officials, who
Press, in a message from Shanghai, dated Oct. 14, said:
announced that a repair train would leave here at 8 a. m.,to-day and would
The discipline of the defeated troops was generally good, it was reported,
• despite their complete ignorance of where they were going or what they
were supposed to do.
The city was orderly this morning. Heavy naval, police and volunteer
guards patrolled the borders of the foreign settlements throughout the night,
and no one was permitted to enter or leave them.
Every unit of the foreign defense forces in Shanghai, including marines
landed from foreign warships in the harbor, is mobilizing along the bound.
aries of the foreign settlement to repel any effort on the part of the Kiangsu
forces to enter it.
About 30,000 Chekiang troops who have been fighting along the battlefront west and south of Shanghai, are retreating toward this city.
The foreign settlements have been enclosed by a heavy network of barbed
wire entanglements to prevent the entry of unauthorized persons. Every
entrance was guarded closely, but there was no evidence of disorder.
attempt to reopen the line.
Dr. W. L. New, head of the Shanghai Chinese hospital, and Director
General of the Red Cross for China, announced to-day that the latter organization was preparing to take over from the military the Rod Cross field
hospitals, which at present are treating the wounds of 3,500 soldiers. No
satisfactory estimate of the number killed in the fighting around Shanghai
or of the total number of wounded in the fighting area outside of the hoepitals has thus far been made available here.
Looting to the extent of $1,000,000, including American
ship-owners' supplies, followed the capture of Shanghai by
Kiangsu troops, we quote a copyrighted message, dated
Oct. 13, to the Chicago "Tribune:"
The Government Kiang Nan Dock and Engineering Works, which are
located alongside the arsenal here, have been looted. The owners of foreign
ships,including several American concerns, yesterday went to the dock and
released their own ships to prevent looting by the uncontrolled soldiers.
Much of the material taken includes supplies belonging to American ship
Although the situation here is unchanged it is expected that, as the out- owners
and the United States Shipping Board which was held in storecome of conferences among leaders to-night, 25,000 Chekiang and Kiangsu houses
for use of American ships going into dock for repairs.
troops surrounding Shanghai will be transferred to concentration camps in
The premises this morning presented a gutted appearance, even furniture
the vicinity of Woosung, north of here.
being missing. It is estimated that the materials lost were worth more than
The plan is for the Chekiang soldiers to occupy Woosung, with their
$1.000,000.
former enemies, the victorious Kiangsu forces, quartered some distance
away, near the village of Szecselin.
While the fighting in Northern Chihli between Generals
The ultimate purpose is to disperse all these troops, many of whom un- Chang Tso-Lin and Wu Pei-Fu has not been marked by tho
doubtedly will transfer themselves to the North to reinforce the Chihli
sustained intensity which eharacterizcid the Kiangsu on(Peking) army in its war against the Manchurians.
The southern portion of Woostutg has been destroyed by fire. The blaze slaughts upon the Shanghai defense line, nevertheless heavy
was believed to have been set by defeated Cheldang province troops.
casualties have been suffered by each side in intermittent
A despatch from the same source dated Oct. 19 had the
following to say:
Depressing reports regarding the industrial situation
throughout China continue to be received. Trade Commissioner Howard,cabling from Shanghai to the Department
of Commerce at Washington on Oct. 18, stated that a serious
state of affairs had arisen in that city through the action of
the native banks in tying up funds, thereby placing the financing of the autumn crops in danger. Trade in Shanghai
generally, according to the cable, is at a standstill, while from
the South came advioes that a merchants' strike in Canton
beginning on Oct. 10 had paralyzed 80% of the city's normal
trade.
The attitude of strict neutrality adopted by Japan towards
the warring Chinese factions is apparently proving difficult
to maintain on account of Japan's large industrial and
economic interests in China, especially in Manchuria and
Ma,ngolia. , Associated Press from Tokio, Oct. 14, stated
that notes were sent by the foreign office that day warning
the warring Chinese leaders in Peking and Mukden that
"because Japan's own national security was involved, the
Japanese Government would not tolerate any damage to
Japanese rights, lives and interests in Manchuria."
The fall of Shanghai was the outcome of an attack, sustained with intensity for ten days by the Kiangsu forces,
particularly in the vicinity of Sungkiang. The plan of attack—successful, as events proved—was to cut ther ailway
line between Shanghai and Sungkiang, thus eliminating the
only line of retreat open to the defending forces, and exposing
Shanghai to a direct attack from the southwest. Describing
the fighting, Associated Press, Oct. 9, said:
The Klangsu forces besieging Shanghai are attacking viciously at a point
about thirty miles from here along the Hang-Chow Ry., only fourteen miles
from the Chekiang Arsenal at Lungwha. They are threatening to cut the
line, isolating the Chekiang troops which are defending Sungkiang. one of
the gateways to Shanghai.
The railway was swept by artillery fire, and there was only one train from
Sungkiang all day yesterday. In the night Chekiang officials were offering
bonuses to engine'crews to take munitions to the Sungkiang garrison, five
miles beyond the threatened point.
The Liuho-Hwangtu front, west of Shanghai, was quiet, with mild firing.
sharp engagements in the neighborhood of Shanhaikwan.
It appears probable that, while the fortunes of the present
war have thus far favored the Manchurian leader, he will
find the weight of the additional troops General Wu is now
enabled to withdraw from the Shanghai region too much to
overcome. From all accounts General Chang Tso-Lin has
one big advantage over his rival, namely in the matter of
aeroplanes, with which Chang has waged a constant bombing
campaign against the border towns in northern Chihli, a
type of offensive that has drawn appeals and warnings from
the Foreign Ministers at Peking. In response Chang Tso-Lin
declared that in the event that he attacked the capital, he
would instruct his subordinates to avoid any injury to the
legation quarter.
On Oct. 8 came the news (by Associated Press from
Tientsin) that the Great Wall had been pierced. We reproduce the telegram:
Word that the invading Alaptchurian army had broken through the Great
Wall at Chiumen barrier gate, north of Shanhaikwan, was received here
to-night from that border town.
Artillery firing around Shanhaikwan, which is important from a military
standpoint, continued intermittently all this morning. There was no
fighting of any consequence at close quarters.
Because of the break through the wall at Chiumen l'ass the Chihli army
guarding the wall north of Shanhaikwan was repoted retreating rapidly
toward Shihimenkal, where a railway connection with the border port of
Chanwangtac is available.
Concerning the reported capture of Shanhaikwan, Associated Press sent the following, Oct. 10:
Reports that a portion of the Chihli (Central Government) army had
deserted and gone over to the army of Chang Tso-Lin of Manchuria after the
Manchu armies captured Shanhaikwan, were received hero to-day.
Reports yesterday were that the Manchurian armies have been victorious.
but that the casualties were heavy, being estimated at between 4,000 and
5,000. Twenty-three railway coaches were being sent from Mukden to the
present terminus of the railway near the Chihli-Manchurian border, to
carry back the wounded for treatment.
Latest advices indicate that a severe struggle developed for
the possession of Shankaikwan, which apparently has been
taken and lost several times by the conflicting armies. We
quote from an Associated Press wire from Peking, dated
Late on Oct. 9 Sungkiang fell to the Government troops, Oct. 18:
which appeared in
according to the following from Shanghai
Fighting at Shanhaikwan between the invading Manchurian forces of
the "Evening Pest," Oct. 10:
General Chang Tso-Lin and the resisting armies of the Peking Government
Chekiang army headquarters issued a communique last night admitting
the abandonment of Sungldang, twenty-eight miles from Shanghai.
The Chekiang troops are retreating to Hsinchiao,six mil& from Shanghai.
All reinforcements available have been rushed to Hsinchiao. Shanghai
virtually is defenseless.
Is so increasingly violent and intense that the outcome may decide control of
the Central Chinese Government, according to observers returning to-day
from the front.
Both sides are throwing their best fighting units into the battle for the
Important strategic lines approaching Shanhaikwan. which is near the
OCT. 25 1924.]
THE CHRONICLE
Chihlian-Manchurian border in Chihli Province and held by Government
troops.
According to the observers, the Manchurian plan is to break the lines at
Shanhaikwan before the troops in the Jehol region, a separated front, become a menace to the Manchurian flanking forces. It also is reported that
Chang has been forced to weaken his lines at Jehol and Chihfeng to stiffen
his attack around Shanhaikwan. In the latter sector the fighting has been
heaviest around the village of Shimenkai, which has changed hands repeatodly under the artillery fire of both sides. Guns are mounted in the
hills overlooking the town.
Havoc was wrought upon a big detachment of Peking Government troops following an attack upon the lines of the
Mukden forces when the latter drove their opponents over a
prepared mine field. Thousands, according to advices, were
thus slaughtered. Quoting a telegram from the Mukden
correspondent of the "Daily Mail," a London message to the
New York "Times," on Thursday (Oct. 23)stated:
An attack by 15.000 Chihli (Peking Government) troops upon the
Mukden forces is reported by the Mukden correspondent of the "Daily
Mail" under date of Wednesday.
After an all-night battle, fiercely contested, the Mukdenites turned the
left flank of the Chihli troops and pressed the right flank upon prepared
mine fields. The mines were exploded Monday morning, killing thousands.
Meanwhile Wu Pci-fu, Commander-in-Chief of the Central Government
armies rushed three fresh brigades from Tientsin and attacked the Mukdenites inside the Great Wall, but was repulsed with severe losses.
The Chihli troops, according to the correspondent, were also defeated on
the Jehol front, losing 1,000 killed, 3,000 wounded and 1,700taken prisoner.
Chang Tso-Lin took another step toward establishing a
separate Government for Manchuria by creating a Foreign
Office in Mukden for the three Eastern provinces, Associated
Press from Tokio stated Oct. 10. Herewith the message:
1911
Canton Enveloped in Chinese Unrest--Merchant
Corps Defeated by Sun Yat-Sen's Army in Heavy
Fighting.
The unrest enveloping China spread to Canton, headquarters of Dr. Sun Ya,t-Sen, ruler of Southern China, where on
Oct. 15 and 16 heavy fighting took place between the Merchant Volunteer Corps of Canton, known as the Chinese
Fascisti, and the "Red Army," composed of Chinese labor- •
ers and backed by Sun Yat-Sen. Associated Press advices
on Oct. 16 reported that the Merchants had been defeated
by the "Reds."4 The advices stated:
The Merchant Volunteer Corps of Canton, known as the Chinese Fascist', has been defeated by the "Red Army," composed of Chinese laborers.
after warfare in the streets of Canton lasting two days, according to a wireless message picked up hero to-day from Canton by naval authorities.
The conflagration which resulted from the hostilities was brought under
control to-day after a property damage estimated at $7,000,000. A large
number of persons were killed or burned to death.
The Volunteer Corps of 80,000 armed men is composed of merchants and
professional men. It has a membership of 200,000 and was formed "to
organize effective resistance to the grosser forms of military tyranny."
Dr. Sun Yat-Sen refused on Aug. 15 to permit the steamer Hay to land
guns and ammunition consigned to the corps. On Aug. 25 all shops in
Canton were closed when a strike was declared by the corps against Dr.
Sun. It was settled Aug. 30, when the merchants voted to pay Dr. Sun
8500.000 Mexican (8250,000) to release the arms.
While the consignment was being delivered to the merchants on Oct. 14.
a labor procession, which later developed into the so-called "Red Army" was
formed. The merchants stopped the parade and would not allow it to proceed. This situation resulted in the armed clash which brought about the
reported defeat of the Volunteer corps to-day.
Two American gunboats were ordered to Canton and were .
Chang Tso-Lin, Manchurian military director, has taken another step
following
in his efforts to set up a separate Government for Manchuria. by the estab- due to arrive Wednesday (Oct. 15), according to the
lishment in Mukden of a Foreign Office for the three Eastern provinces, special dispatch to the New York "Times," Oct. 17, from
according to a dispatch from Mukden to the Kokusai News Agency.
Washington:
Under plans as stated in the news dispatch, the new Foreign Office will
The gunboats, Sacramento and Pampanga, ordered to Canton, were due
transact all diplomatic business for Manchuria independently of the Central
to arrive on Wednesday, the commander of the South China patrol cabled
Government at Peking.
to the State Department to-day.
Manchuria includes three provinces—Shengking (Fengtien), Kirin and
On Tuesday Douglas Jenkins, Consul General to Canton,reported to the
Hellungkiang—which before the Chinese revolution, thirteen years ago Charge
d'Affaires in Peking that 5,000 troopsfrom the East River front, who
Eastern provinces. The
to-day, composed the viceroyalty of the three
are understood to be loyal to the Sun Government, had arrived in Canton.
population of the three provinces is reliably estimated at over 22,000,000. They
had been ordered to disarm the Merchants Volunteer Corps, who fear
Since the civil war in 1922,in which Marshal Chang Tso-Lin was defeated the
labor element will be permitted to retaliate on the merchants.
by the Central Government forces. Manchuria has been under his military
The Government has declared martial law and ordered shops to open
dictatorship, though not recognizde by the world powers as a separate
immediately.
country.
Several of the fires of yesterday, evidently of incendiary origin, are now
raging in the native city. The Bund and other important streets are practically impossible, while many bullets have fallen on Shamean Island, where
Peking Occupied by Forces of Feng Yu-Hsiang,
the foreigners live. All the Americans are safe so far, but one was slightly
"Christian General"—President Issues Prowounded by a stray bullet.
clamation Ordering Cessation of Hostilities
On Oct. 17 the following froth Washington appeared in the
Throughout China.
New York "Evening Post:" '
Damage caused in Canton in the recent fighting between labor troops
The situation in China yesterday (Oct.24) took a dramatic and
merchant volunteer forces by the fires still raging was estimated at
turn toward what may prove to be an early termination of $15.000,000 in official messages received to-day.
hostilities among the warring factions, according to AssociatDispatches from Shanghai said General Beibao Shan, official represenLungwa
tative of
ed Press telegrams received from Peking and Tokio. It to-day. General Chi, assumed command of the Kiangsu troops at
was stated that Feng Yu-Hsiang, "Christian General"
We also quote a special cable to the New York "Times" of
(reported in the article above on the Chinese war situation Oct. 18:
as having revolted against the Chinese Central Government),
Although many of those caught looting the city In the recent conflict
occupied Peking with his forces at night on Oct. 23 and sur- were executed, thefts continued under the guise of search for arms. as at
a woeful aspect,
The western part of
rounded the presidential palace. President Tsao Kun was least 1.000 shops were the city near Shameen presents damage now range as
destroyed and the estimates of
forced to issue a proclamation ordering a cessation of the high as $25,000.000. Business is still suspended.
Sun Yat-Sen is now reported to have instructed his troops similarly to
present war, with regard to which Associated Press advices
"clean up" Fatshan. ten miles to the south of Canton,in the same way.
from Peking said:
MPresident Tsao Kun issued a proclamation at 8 o'clock this morning,
ordering the immediate cessation of hostilities and dismissing Wu Pei-fu
from the post of Commander of the Peking military forces.
The proclamation was at the demand of Feng Yu-Hsiang, Christian
General, who returned from the front with his army yesterday, for a coup
by which he seized control of the machinery of the Central Government.
Both the Chihli and Manchurian forces were ordered by the President to
remain at their present positions. The position of commander-in-chief
of the expeditionary forces, held by Wu Pel-fu, was abolished, and Wang
Cheng-ting, Civil Governor of Chihli, and General Fong were instructed
to take charge of the troops at Shanghaikwan.
All of Feng's troops have reached Peking, giving him co:mand of more
than 40,000 men. The Presidential bodyguard has been completely disarmed and the Cabinet is being carried on under Premier Yen.
The move against Peking was planned so carefully that no intimation of it
reached the public until it was completely effective. Alter the Fend troops
entered the city by agreement with elements hostile to the Central Government, including General Sun Yueh, commander of the Peking garrison.
they surrounded the palace at 3 a. m., seized telegraph and telephone lines
and picketed the residences of ministers in sympathy with General Wu.
Fong announced that he intends to break the dictatorship maintained by
Wu and to aid in establishing a new government in which would be Incorporated the various factions how bonito to one another.
Associated with the "Christian General" are Huang-fu. Minister of
Education; General Sun Yueh, and C. T. Wang, head of the Finance
Reorganization Commission.
Dr. Nicholas Murray Butler Sees New American Revotion in Usurpation of State Rights by Federal
Government—Cites Fifteenth and Eighteenth
Amendments.
In an address delivered under the title of "The New American Revolution," Dr. Nicholas Murray Butler on Oct. 13
declared that there is now in progress a revolution of reaction in the growing cbsorption of State rights by the Federal Government, Dr. Butler, who spoke before the Institute of Arts and Sciences in the McMillin Academic Theatre, Columbia University, discussed the effects of the Fifteenth Amendment, extending universal suffrage to the
negro, and the Eighteenth Amendment, or prohibition law,
and the proposed Child Labor Amendment. In part Dr.
Butler said:
Evidences of a new American revolution have been multiplying in number
and in force for a generation past. The revolution to which these evidences
point is also an orderly and quiet revolution that is taking place in the
hearts and minds of men. The extent to which it may go and the overt acts
which it may lead remain on the knees of the gods, but the fact that there
In a proclamation issued yesterday General Feng expressed to a
unmistakable.
appears to
and restore commerce in is new American revolutionthat is now be
determination to establish peace
going forward manifests itself in
The American revolution
Indifference to controlling political principles and doctrines, and even in
the country. The advices continued:
itself in an unwillingness or inability to
In a proclamation which included a warning that "rumor mongers will be ignorance of these. It manifests
decision grave issues of public policy and of moral
executed," General Feng said: "The republic has been at war thirteen face with courage and
itself in a carelessness for liberty and even at times a
years. As a result oommorce is impossible and the nationa has been sub- import. It manifests
cynical contempt for liberty, accompanied with a violent intolerance, which
jected to great losses in a war which nobody understands.
contradiction to the national temper and happenings of years
"Responsible good men should come forward to negotiate peace. This is are in amazing
willingness to permit Governnot a soldier's job, but whatever peace measures are decided upon I shall gone by. It manifests itself in an impatient
control over private life and occupation
observe. All my compatriots will agree to this program and nobody ment to absorb a steadily increasing
and to build up at the national capital, with smaller replicas at the several
should be afraid. Foreign lives and property willibeTprotected. All
State capitals, a huge, cumbrous and incompetent bureaucracy to manage at
should heed my words."
1912
THE CHRONICLE
great and burdensome cost activities which the highest public interest and
the stational tradition require should be let alone.
The new American revolution is reaction, not progress. If it is permitted to continue without check, it may readily and within an easily measurable time transform our Federal Republic, which has seemed to many competent observers in different lands to mark the greatest advance that man
has yet made in building the structure of government into an unrecognizable
and novel form of despotism in which now a majority, and now various minorities will wreak their will on all that most intimately concerns the individual, the family, the community and the State. Whatever incidental advantages such a despotism might reveal, it would be something quite foreign
to that government and social order which rest on the Declaration of Independence and the Constitution of the United States, and which have called
forth for their foundation, for their development, for their protection and
for their defense, a group of leaders whose minds and characters and public
service have placed them forever in the pantheon of human greatness.
It is not inappropriate to recall the fact that Voltaire pointed out that
most Governments that have disappeared came to their end through suicide.
[vol.. 119.
this reform. Before the present revolution these States would have been
reduced by moral suasion and by being held up before their fellows. Now,
he feared, the tendency of such enactment as proposed would be to weaken
the sense of local obligation to protect childhood and shift responsibility
to a bureaucracy at Washington.
As to Federal aid to public education, he contended that, with a hundred
million dollars appropriated, the rising standard of "adequacy" might
steadily advance this amount.
.
Otis Smith Urges Control of Country's Oil
Production.
Urging the control of the country's oil production, George
Otis Smith, Director of the Geological Survey, Department of
the Interior, in addressing the International Petroleum
Congress at Tulsa, Okla., on Oct. 7, declared that unless
From the New York "Times" we quote as follows the furthose in the oil business undertook to bring about such conther account of Dr. Butler's remarks:
trol they faced "nation-wide disaster." Mr. Smith spoke in
National enforcement of the Eighteenth Amendment, Dr. Butler observed,
was seemingly going the way of the Fifteenth. To-day the negro voted, he part as follows:
George
The petroleum industry—present and past—is best described as a frenzy
of exploitation. A blind faith that demand will overtake supply,that prices
will at least equal costs, that profits will reward preserveranco is the only
trace of sanity underneath the delirium that is everywhere seen in the hunt
for oil. To the great hazards imposed on man by
nature have been added
even greater hazards made by man himself. The romance of hidden wealth
to be won for human use has too often been turned into the tragedy of lost
fortunes and quickly exhausted resources. "Approaching demoralization"
is the oft-repeated market report, but inveterate optimism reacts with the
effervescent hope that consumption is beginning to catch up with production.
and that prices will soon be better. This industry presents a marvelous
record of growth: during the present century the flow of oil has increased
more than tenfold. Yet such rapid progress, with its consequent rapid
exhaustion of pool after pool, district after district, has been a pace that
only the very strong or the very lucky could stand. It is a pace that kills
—and loses money. The outstanding need to-day, then, is to substitute
thrift for waste—to adopt a program that will lead to profits.
Yours is an industry that has been wonderfully responsive to every demand made up= it. Inventive genius, masterful activity, and financial
courage, enetgized by patriotic zeal, worked together during the war to
provide the oil needed for victory; but unfortunately, when that urge of
national self-preservation ceased, the feverish haste to bring the oil to the
surface was not abated. Last year our oil wells yielded one-tenth of the oil
produced in this country since the beginning and one-sixteenth of the oil
yet produced in the world. This flood of oil didn't just happen—on the
contrary, the spectacular strikes of new pools were the result of large investments of brains and brawn and cash; nearly 25,000 wells were drilled in
that twelve-month period, at a cost of more than half a billion dollars. Yet
you, who make up the backbone of the industry that works these wonders,
realize all too keenly that this record-breaking output was not a profitable
output.
You in the oil business must plan control of this flood or you face nationwide disaster. Because you are producing oil before it is needed you are
producing it at a loss. And the oil you needlessly produce now will not be
thero for you to produce when it is needed. The oil man's logical query is,
Where are my profits to-day? And the consuming public's proper query Is.
Where shall we get our oil to-morrow? A program for profits would serve
Dr. Butler was confident the American people would
overwhelmingly op- both private and public interest.
pose changing their present form of government. But there were
The economist tells us that petroleum, like the other mineral resources
other ways
of overturning the form of government than by direct attack, he
said, and that make up so large a part of America's wealth, is a wasting asset. But
every transfer of activity from the sphere of liberty to the
sphere of gov- we know it is worse than that: it is a wasted asset. Director Bain of the
ernment was essentially "an undermining of the foundations."
As typical Bureau of Minos says: "Under present methods of production not more
Of such undermining, he cited attempts to federalize into
uniformity the than a quarter of the oil in the ground Is brought to the surface. It is often
conduct and activities of the citizens in the several States. Every
ultimate less and very rarely more." This measure ot waste in production is astound;
Federal predominance, even though it might bring something better,
log when we compare oil with almost any other natural product. In mining
he
would be intrinsically "something different," and the old American said, bituminous coal, for instance, the ratio is reversed: a quarter of the coal is
form
of government would have disappeared.
left underground and three-quarters brought to the surface. We speak of oil
Dr. Butler granted that a national need had always to be met by
as labor-cheap; possibly this is true only because we have been too saving of
national
effort, but said that the national effort should be on the part of the
labor and too wasteful of oil.
acting through their State and local Governments, not the Federal people
And the waste does not stop with the oil left In the ground; unfortunately
Government.
we have acquired spendthrift habits all along the line from the oil in the
sands to the gasoline in the carburetor. The Bureau of Mines finds an
"It substantial uniformity and singleness of purpose," Dr. Butler
set
forth, "can only be had by force, and that the force of the Federal
Govern- average loss of VI between the well and the refinery and another loss of4%
at the refinery; and finally we consumers of gasoline are so wasteful that we
ment, then they ought not to be had at all."
can not consider ourselves without fault. After all, the vital issue in AmeriLocal Government Imperative.
can life may be not the price of gasoline but rather the waste of gasoline and
The largest possible measure of local self-government was imperative
in of petroleum. With the consumer, waste is promoted by plenty and cheapAmerica, Dr. Butler said, because of the diversity of population and climate ness; with the producer, waste comes from haste. If you are to stop this
and the variety of social and economic characteristics. Only an "elastic" leak in your business, you must ask yourselves, Why this haste that makes
central Government could adapt itself to this need; one that was "stiff, waste?
It is all too evident that the oil business is traveling "in high," with the
uniform and brittle" would break to pieces. As a result, when, during the
period of nation-building, States' rights meant nullification and secession, gear shift locked. Everything is speeded up: the urgo of ever-increasing
now States' right sifgnified preservation of balance between local and cen- consumption stimulates the provision of surplus capacity In wells and refineries; then a lively competition among producers leads to an artificial
tral authority.
Taking up the first of his four chosen illustrations of the drift toward a stimulation of demand, and the merry round goes on. Even our laws foster
free competition, when what we need is restraint. Public complacency and
too centralized form of national administration, Dr. Butler said:
"It may be doubted whether in our great colored population of more than private initiative, both carried to excess, have conspired to accelerate the
ten millions any considerable number exercise the right of suffrage by vir- rate ofspeed until we wonder if the brakes would work under any condition.
So uncertain are profits under the present rules of the game that the busitue of the Fifteenth Amendment. It is probable that most colored people
who exercise the right of suffrage do so by reason of the Constitution and ness is a speculation rather than an investment. Thus it is that Mr.Pogue
attributes the sharp Increase in production during the last five years to the
statutes of the States in which they reside. Certain it is that in some dozen
"States of the forty-eight the Fifteenth Amendment is and has long been Inflow of new capital in the expectation of a shortage of oil, as well as to the
improvement in the technique of finding and getting oil. But along with
treated as negligible."
this added capital used in legitimate development the lure of the oil game
Sees a Parallel in Amendments.
Dr. Butler said the prohibition amendment "is still in the position of has attracted other money, which has flowed into other channels; the Post
eager and passionate debate, as Was the Fifteenth Amendment during the Office Department estimates that the contributions of Our citizens to fraudyears immediately following its ratification. The demand now, as was the ulent oil concerns have been in excess of S300,000.000 a year. . . .
First in the program needed to make the oil business safe for investors,
case then, is for law enforcement. It was a demand which exemplified what
operators, and consumers I would put less speed and more return. Much,
happened when public opinion and the law were at variance."
yes most,of the frenzied haste with which oil wells are put down, regardless
Dr. Butler continued: "If the public attention were fixed less on alcoholic liquors, their use and their control, and if it were fixed more on the of cost or of efficiency or of market conditions, is duo to the fugitive nature
question of Governmental powers and Governmental effectiveness, we should of ownership in oil and gas. The rule of action adopted is "Get while the
make greater progress in reaching the end which every good Citizen must getting is good," a kind of David Harum rule that not only violates the
applaud and desire. That end is temperance in all things, respect for law equities between property owners but lowers a great productive Industry in
and obedience to it, and the orderly progress of government, to the end that this enlightened day to the economic plane of the chase of aboriginal times.
all citizens may grow in intelligence, in character and in mutual helpful- Commonly the drilling program is nothing less than a race to get your neighbor's oil before he gets yours. On such a shaky foundation of tentative as
ness."
Taking up the proposed child welfare legislation, he said the real queQ- well as temporary title no stable industry can be erected. Just as long all
a divided ownership in the oil pool leads the separate owners to exercise the
ton was not the continuance or discontinuance of child labor, but the most
rights and follow the methods of highly competitive and purely Individualeffective method of bringing that discontinuance about. Only a few recalistic strife in the capture of the oil, just so long will your business be charcitrant States still hold out against the majority acceptance of the spirit
of acterized by haste and waste, and just so long will oil wells be drilled with
said, not through force of any national decree, but when, and only when, the
State where he resided so pleased. In twelve Southern States his voting was
negligible.
Few happenings would be more disastrous than for prohibition to fall into
the "unhappy condition" which had befallen suffrage for the black man,
according to Dr. Butler. Yet America, not profiting by experience, was
being drawn more nad more into the deteriorative current of "let Washington do it."
Dr. Butler said that the country seemed to be favorably disposed toward
the two measures awaiting enactment. The objection to these, he said, was
not alone that this child welfare legislation probably would harm childhood
more than it would help, and that once the Federal Government began to
subsidize the public school system it doubtless would begin exercising control
°tier it also, but that they represented, most of all, "a growing reliance upon
fared." And the use of force, Dr. Batter said, was something from which
the minds of men elsewhere were turning more and more away.
The Three Domains of Action.
The American mind, Dr Butler pursued, once felt the truth that human
action was divided into three domains—first, positive law, or government;
second, free choice, or liberty; third, a zone between, "the domain
of
obedience to the unenforceable, the domain of manners."
It was in such a mental spirit that the nation was established and
defended. But, Dr. Butler said, "almost immediately the new American
revolution took its silent beginning," and the "old-fashioned and sturdy feeling
for local independence and self-control began to weaken," finally giving
way "under pressure for a uniform and nation-wide mediocrity
and conformity" and under the temptation of Federal finacial support.
Interpretations of the United States Supreme Court became
elastic, as
"required and justified" by economic and industrial changes. The
tribunal
particularly extended Federal authority in the regulating of
international
and inter-State questions; concessions, most if not all of which were
required
by practical situations.
But this development involved "weakening the sense of dependence
upon
local initiative and local control," and tended "to form the habit of
looking
to the national capital." "A veritable revolution," Dr. Butler
epitomized
this change.
OCT. 25 1924.]
THE CHRONTCLE
greater and greater speed, seemingly without thought of capital cost or of
market needs or of economic spacing or of conservation of gas. The fact
that under the common law the proceeding is not illegal blinds us to the
utter lack of equity or of economics in this game of grab. Far too many
landowners and oil operators are now missing the profits that are their due,
and the general public will later pay its share of the losses in this losing game.
The tithe and the place for drilling the wells required to take out the oil of
a given pool should be treated as an engineering problem based on facts of
geology and simple rules of economics, not controlled by the accidental
relations of property lines. We must admit the need of more facts, but we
should recognize the even greater need of making better and larger use of
the facts we already have. Geology has been applied far too exclusively to
the mere finding of oil. It is all very well to charge or even to credit geology
with responsibility for the over-production of oil, yet it would be better to
give the geologist larger responsibility in aiding the oil engineer to get more
of the oil from the sands the geologist may have helped to find. Geologic
science stands ready to take this part in your program for profits.
But one and all of these reforms are inadequate unless you accept the
basic principle of regard for the common interest; or, in plain language,
unless you are ready to substitute the law of "love your neighbor as yourself" for the too commonly observed rule of "dog eat dog." Joint action
that would weigh the equities of all landowners in an oil pool would result
not only in a fair division of the proceeds but undoubtedly in more oil to be
divided. Moreover, by avoiding the haste that wastes oil and disregards
market supply—a double source of loss—the operation would yield the
maximum profits.
• Some day the courts, taking cognizance of the immoral and uneconomic
aspects of town-lot drilling, may !abandon the rule that was adopted from
the common law relating to water in the excessively humid mother country
and "apply a rule better calculated to protect oil not actually developed."
It has been 65 yearssince the pioneers of your industry struck oil in Pennsylvania, 57 years since they struck oil in California, and 24 years since they
struck oil in Oklahoma. Isn't it high time that the legal talent you employ
should consider constructively and cooperatively some rule of reasonable
use. Such a rule should recognize the migratory and fugitive nature of oil
and yet provide for its more equitable division among landowners than is
possible under the present practice of capture through wasteful competitive
drilling. Individuals among you can outline the program needed, but only
the united action of the producers can put into full operation the reform that
will stop the waste duo to haste.
The President reiterated his intention to call a conference
to determine "a wise solution and the best method of a substantial agreement among the farm organizations themselves
of what they desire in the way of Government action—the
calling of the conference having been withheld for the time
being "on the advice of some of the leaders in the farm organizations." The discussion which has recently occurred
regarding the Government policy of deflation was also referred to by the President, who in his comment thereon said:
Much discussion has been made regarding the Government policy of deflation. There has been much debate whether raising discount rates by the
Federal Reserve Board up to 7% was the reason for the collapse in farm
values. I do not wish to consider that question. But I should like to have
it made plain that this action took place before this Administration came into
power, and whatever damage there was had already been done.
It has been the policy of the present Administration constantly to favor
the reduction of discount rates. This has been done, until they now range
from 3% to 4 %. This Administration has constantly sought to prevent
further deflation by encouraging all kinds of business in order to restore
prices of agricultural products to a point where they would show a fair
profit. The general business depression had reached its lowest depth ins,
the spring of 1921, and since that time there has been a gradual recovery;
which has now spread to agricultural products. If a mistake was made it
was not made by this Administration. The Government is now proceeding
in the opposite direction.
President Coolidge in Defense of Foreign, Taxation
and other Policies of Administration—Perils
of La Follette Government Ownership
and Supreme Court Proposals.
In a speech on Oct. 23, in which he undertook to lay
before his hearers some of the policies pursued by the present
Government, President Coolidge defended the foreign policy,
the Republican tariff, the course in behalf of the farmer,
the proposals respecting tax reductions, &c., and pointed
out the dangers in the La Follette proposals calling for
Government ownership of transportation and the limitation
of the powers of the U. S. Supreme Court. As to Government ownership, the President observed that "it has always
been the theory of our institutions that the people should
own the Government, and not that the Government should
own the people." He said, "Measured by our experience,
by efficiency of service, by rate of wages paid, we have
everything to lose and nothing to gain by public ownership.
It would be a most perilous undertaking both to the welfare
of business and the independence of the people." In his
criticism of the proposed amendments respecting the powers
of the Supreme Court, the President observed:
We have made our Constitution the supreme law of the land, and whenever the Congress, the President or a State Legislature or Governor violates
It, any one who is injured has the right to appeal to the Supreme Court
and have such violation prevented. What better method could there be
for preserving the rights of the people and of the States? . .
It is proposed to place this power, which it must he remembered is that
of life and death, in the hands of the Congress. That would give that
body power to violate all the rights which I have just mentioned, the
power to destroy the States, abolish the Presidential office, close the
courts and make the will of the Congress absolute. . . .
If this system should be adopted and put into effect the historian would
close the chapter with the comment that the people had shown they were
Incapable of self-government and the American Republic had proved a
failure. . . .
In his reference to taxation, the President said that "sp -ea
all over the land there are thousands upon thousands of
organizations ceaselessly clamoring and agitating for Government action that would increase the burden upon the taxpayer by increasing the cost of Government. To my mind,
the practice of public economy and insistence upon its rigid
and drastic enforcement is a prime necessity of the people
of the United States." A sound policy of taxation he said
"should be at a rate which will produce the largest amount
of taxation from large incomes, and by doing the utmost
to stimulate enterprise and business afford the wage earners
ample employment with good pay, in order that they may
the better bear the burden of indirect taxation." He added:
When the rate is too high large incomes disappear, leaving all the burden
of taxes on the wage earners and people of small means. Getting all we
can out of the rich by making the rates moderate and stimulating business
to provide work and increase the earnings of the poor seems to me to be
the common sense method of taxation.
Citing figures of wages paid in the United States as compared with other countries, the President in defense of the
tariff declared that:—
These are the latest figures, indicating that protection makes high wages,
which makes good business, which enables our people to be the largest consumers of farm products and gives our farmers the best markets in the world.
1913
In outlining the Government's foreign policy, President
Coolidge said:
Under our Constitution we cannot, by treaty, pledge or limit the future
action of the Congress. But we have not refused to help, we have not
refused to co-operate, we have not refused to act, whenever circumstances
have arisen under which we could render assistance.
An outstanding example of such action on our part are the treaties which
resulted from the epoch-making Washington conference. Another is our
participation in the London conference, which resulted in the adoption of
the Dawes plan, for the financing of which our private citizens subscribed
many times over the amount necessary to float the German loan. All
these acts have been practical, effective methods for the restoration of
Europe.
We propose adherence to the permanent Court of International Justice
under any desired conditions or limitations which may seem practical and
which it can reasonably be anticipated will be agreed to by other interested
nations. Such action would give our support to a tribunal before which
we could never be brought without our consent, but to which international
disagreements could be voluntarily submitted.
We stand committed to the policy of international conferences as specific
occasions arise to consider definitely stated international problems, to
provide further limitation of armaments, and to propose plans for the codification of international law. But this Government is opposed to the die.:
cussion in any international body or conference of questions which concern
our own purely domestic affairs. Personally. I view with favor the attempt
to devise constitutional covenants which would look to the outlawing of
aggressive war.
We are opposed to the cancellation of the debts due to us from abroad
and shall continue to seek their further liquidation.
The President's address, broadcast by radio through •
various parts of the country, was delivered in Washington
before the Eastern division of the Chamber of Commerce
in the United States, and in full follows except for one or
two extracts already quoted:
This is an organization formed to promote the economic welfare of the
United States. In its purpose it is thoroughly representative of American
life. It has its headquarters at Washington, in order that it may the
better co-operate with the Government for the purpose of securing the
results desired.
It is my purpose to lay before you briefly some of the policies pursued
by the present Government, which tend to contribute to that end. It Ls
my opinion that a true economic development of our country can only
rest upon the broad foundation of ministering to human welfare. It can
only be promoted through honor and justice. It must contribute to peace
abroad, and must be supported by security, industry, economy, charity,
education and religious convictions at home. It cannot thrive upon sectionalism or privilege, but must take into consideration all quarters of the
land and all the elements of society. It must provide not only quantity
in production, but equally in distribution. And, finally, it must nourish
that most precious of all human activity, which we designate as character.
I am in favor of all the arts of peace, but I cannot be oblivious to the
which a Government can inflict upon the people is a lack of erder and
security. Unless a Government be strong enough to maintain public confidence in the observance of the orderly processes of law, we not only
have no economic development but an immediate cessation of al: enterprise
and a substantial destruction of all values. There have been wide stretches
of territory and entire nations in some parts of the earth blessed with the
richest of natural resources that have never been able to make any financial
progress, because in them there has been no accumulation or investment
of capital, since there was no safety t3 rely on for life or property.
We cannot he oblivious to all human history. We must have local
police protection, supported by such an army and navy as will insure domestic tranquility at home and a wholesome regard for the rights of our
citizens abroad. We do not maintain armed forces as a threat or menace
to any except wrongdoers. With us they are purely instruments of peace
and good order.
Foreign Policy.
We have a well-defined foreign policy, known of all men who will give
it candid consideration. It has as its foundation peace with independence.
We have abstained from joining the League of Nations mainly for the
purpose of avoiding political entanglements and committing ourselves
to the assumption of the obligations of others, which have been created
without our authority and in which we have no direct interest. .
Now, does not this present a consistent, practical and effective foreign
policy based on common sense? No other sound and practical policy has
been presented. In its pursuance we have maintained our ancient traditions; we have secured peace; we have limited naval armaments; we have
provided a plan and furnished finances for a European settlement: and we
propose to continue our efforts to promote international Justice under
international law, through international conferences, advancing toward the
goal of outlawing aggressive war. We have been willing to assume the
responsibility of leading the nation and the world in this direction, without
first seeking through a costly, futile and unconstitutional referendum
1914
THE CHRONICLE
[VOL. 119.
to find out whether it would be popular. The Government is willing to exactly the same equipment,
for the month of August. The average
be judged on the result of these stupendous accomplishments, either ac- eight
-hour wage is as follows:
cording to the standard of financial advantage or of moral purpose.
Italy, $0 96; Belgium, $118; Prance, Si 36; Germany. $1 46; England,
Public Economy and Taxation.
$2 28, but in the United States, $5 60. Take away the protection, and it
The prosperity of the people is intimately bound up with the financial Is perfectly obvious that much of this manufacturing
would close down
policy of the Government. A considerable but disorganized number of at home and be carried on abroad.
people exists who are willing to talk about economy in public expenditure.
Our high wages have a remarkable effect on the consumption of farm
There are a very few who, in addition to talking about it. are willing to act products. We consume yearly 17 pounds of butter,
Great Britain 12,
and vote for the actual practice of economy. But, spread all over the Italy a little over 3. We consume 103 pounds
of sugar, Great Britain 80.
land, there are thousands upon thousands of organizations ceaselessly Italy 18. We consume 183 pounds of meat, Great
Britain 120, Italy 46.
clamoring and agitating for Government action that would increase the We consume 53 gallons of milk, Great Britain about
14, Italy about 10
burden upon the taxpayer by increasing the cost of Government.
These are the latest figures indicating that protection makes high wages,
To my mind, the practice of public economy and insistence upon its rigid which makes good business, which enables our people
to be the largest
and drastic enforcement is a prime necessity of the people of the United consumers of farm products and gives our farmers the best
markets in
States. In fact, the necessity is worldwide. That nation which demon- the world.
strates that it has sufficient self-control to adopt this course will immeUnder this policy of peace, economy, reduction of taxes and protection,
diately become the leader in the financial world. That leadership is easily the business of the country has very generally revived
and brought us into
within American grasp. But to secure it requires prompt action. and an era of more than average prosperity. Agriculture,
however, not only
constant vigilance.
suffered first, and in many respects most, but has been the last to recover.
Recent compilations disclose that the present yearly cost of national and In spite of the fact that prices for the great
staples of wheat, corn and
local Governments has reached the staggering sum of over $10,000,000,000. animal products are now at a much more encouraging
level, nevertheless
The national Government pays out one-third, the local governments two- the farmer has not been able to restore in one season
the losses he has
thirds of this amount. This is about the sum that all American farmers encountered in the four preceding seasons.
Agriculture must be placed
receive for all their output for a year. It is 93% of all wages and salaries on a permanently profitable basis where it
can enjoy economic equality
of industrial plants in the census of manufactures. It represents about with other industry. . . .
$1 out of each $6 of the national income. It would require the entire
Government Action in Behalf of Farmer.
earnings of nearly 7,000,000 wage earners employed at a rate of$5 per day
Advantage must be taken of the present period of relief to
In 1913 the State and Federal tax bill was only $2,194,000,000. In 1903
provide, by
the per capita tax was about $17; now it is almost $100. It is stated that the adoption of sound business methods and sound legislation, against
while in 1913 the farmer's tax bill was $624,000.000, it had risen in 1922 to the recurrence of such disastrous depression. This is not a political ques$1,436,000,000. In 1892 railroad taxes were $209 per mile. In 1922 they tion; it is an economic question. It is not a sectional question; it is a nawere $1,241 per mile. In other lines of business this increased burden was tional question. It does not relate merely to the welfare of those who live
even greater. It is no wonder that under these almost despotic exactions on the farms; it influences the welfare of all the people of our country.
the morale of the country began to break down. Its vitals were eaten out It is altogether too important to be permitted to be involved in partisan
Business began to languish; agriculture proved unprofitable; banks found politics. As prices have been rising and conditions improving which it
themselves with paper which they could not collect, and after a lingering would he disastrous to disturb, it is necessary to avoid all political influences.
I have withheld the calling of an agricultural conference on the
effort many of them had to be closed; railroad earnings dropped to less than
advice of
some of the leaders in the farm organizations. But I stand committed
.4 of 1%.
to
But even these enormous taxes have not met public requirements. The this proposal. I believe it holds out the best promise of a wise solution
State and national debt has risen to the stupendous sum of about $32,000.- and the best method of a substantial agreement among the farm organiza000,000. Local governments last year increased their bonded indebtedness tions themselves of what they desire in the way of Government action.
I therefore propose to call such a conference, to consist of some
by over a billion dollars.
of the leadThe present policy of the Government has been to pay off the national ers in the farm organizations and some of the prominent representatives
debt and reduce the national expenditures. Since June 30 1921 the National of farm economics in our agricultural colleges, to formulate a program for
Government has reduced its yearly expenditures about $2,000,000,000. It legislation to be presented to the Congress which we can all support. The
has paid off about two and three-quarter billions of dollars of its debt and farmers have suffered enough from those who have attempted to barter
reduced its annual interest by over $130,000,000. It is estimated that the their votes for unsound remedies. I want their business put on a sound
taxpayers of this country, by these actions, have been relieved each day by basis by thorough and scientific study, where it can exist on an equality with
other businesses.
about $6,000,000.
It is anticipated that in spite of some new items of cost, the budget of
Foreign Trade.
next year can be considerably less than the appropriations of the present
What we may hope for in this direction is illustrated by our present foryear. If the tax burden has been high. the National Government has been eign trade. In 1913 both imports and exports were
but $4,200,000,000.
making every possible effort for retrenchment. In 1920 the per capita tax After the war the trade of the whole world collapsed,
but we have brought
was nearly $54, in 1924 it was under $30, and by 1926 it should be under our foreign trade up to about $8.000.000,000.
Translated into pre-war
$27. That means that,so far as the National Government is concerned, the prices, this would be about $5,200,000,000. On this same
basis in 1923
burden of taxes has been cut in two.
Great Britain shows a decrease of 12%. France 14% and Germany
51%.
A policy of economy has as its sole object the benefit of all the people. while our increase is more than 19%.
Just prior to elections a great deal of talk is made about the taxes of the
In 1913 we had less than 11% of the foreign trade of the world:
now we
poor and the rich. It can fairly be said that the National Government does have nearly 17%. This has been promoted by
the activities of the Departnot tax the earnings of the poor family. Earnings fo
$2,500 are entirely ment of Commerce in finding markets for farm co-operatives and small
exempt,and on $5,000 they would pay but 337 50. The claim can scarcely concerns. Inquiries in this field have risen
from 700 per day to nearly
be made that the poor are obliged to pay direct taxes to the National 7,000 per day. This is a natural,sound,
common sense way of dealing with
Government. All talk, then, about taking direct taxes off the rich and Industry, which may profitably be employed
in further dealing with agrileaving them on the poor is simply misleading. But every student is well culture in the matter of finding markets.
aware that the public in general, which is mostly made up of people of
Coal Industry.
moderate means, do and must indirectly pay the expenses of the Government.
When we look for an example of benefiting consumers,
we shall find it
The groat corporations, the banks, the railroads—all the great incomes— in the bituminous coal industry. Three
years ago there were about 9,000
do and must collect their money from the people. All our food, clothing, mines, or 30% more mines and miners
than could be given regular employshelter and fuel pays a tax to the Government, and the people who earn the ment. The Department of Commerce
found there was need of more cars.
wages of the nation do and must pay these taxes when they buy these more summer storage and more
industrial peace. These have been acnecessaries.
complished, with the result that while in the profiteering period of
1920
This simple fact determines what must be a sound policy of taxation. run-of
-mine coal averaged $5 64 a ton, notwithstanding the strike of 1922
it should be at a rate which will produce the largest amount of taxation it averaged $3 67 per ton and for
the year ending June 30 it averaged $2 23
from large incomes, and by doing the utmost to stimulate enterprise and per ton. This industry has been
organized, but not monopolized; it has
business, afford the wage earners ample employment with good pay, in between 7,000 and 8,000 competing
mines, and no person or group controls
order that they may the better bear the burden of indirect taxation.
more than 2%, or 3%, of the production.
All experience shows that a larger amount of money can be collected
It is impossible to escape the conclusion that the general economic condifrom large incomes at a moderate rate than at a high rate. When the tion of the country is good. While
business and agriculture have not
rate is too high, large incomes disappear, leaving all the burden of taxes fully recovered the losses caused by the
world-wide depression which always
on the wage earners and people of small means. Getting all we can out follows war, they are now on a fairly
profitable basis. It would be natural
of the rich by making the rates moderate, and stimulating business to to suppose that every well-wisher of the
country would be anxious to mainprovide work and increase the earnings of the poor, seems to me to be tain the present established order of
things, which has given to the people
the common sense method of taxation.
of America a position superior to that ever before
held by any people on
The estimated income and expenses of the Government for the coming earth. But in spite of the extraordinary
results which have been accomfiscal year indicate that we can have a further reduction in taxes. But we plished, there is not only a large amount
of criticism, but proposals to
can only secure this result by continuing our policy of drastic ecnomy.
make at least two of the most revolutionary changes.
Protective Tariff.
Public Ownership.
A very material part of our revenue comes from the tariff, which is now
It has always been the theory of our institutions
that the people should
running at the rate of about $550,000.000 per year. This is notwith- own the Government and
not that the Government should own the people.
standing the fact that we have the lowest tariff which the Republican James Otis
stated this principle before the Revolution, when he said that
Party has enacted since 1890, and that it is even lower than the Democartic "Kings were made
for the people, and not the people for them." This Polley
tariff of 1894. Nearly 75% of our imports are on the free list, while the cannot be
maintained unless the people continue to own and 'control their
average duty on all imports is less than 15%. Under it, in spite of own
property.
Prophecies to the contrary, our foreign trade has greatly increased. In
The most
1921 it was less than $7,000,000,000; in 1923 it was nearly $8,000,000,000, power. It important property of the country is transportation and water
is not only very large in amount, but is of the greatest strategic
and is now running at about that rate.
value. It could be used in such a way as to assume virtual control of
It has been constantly asserted that what the farmer buys is protected all other
business of any importance.
and what he sells is not protected. Almost everything that is used in
It is proposed that these properties should be brought under public
the business of farming, as a matter of fact, is on the free list, while almost
ownership. Responsible public commissions have valued these at about
everything that the farmer raises is protected, from the nuts and citrous
fruits of the Pacific Coast through the sugar, grain and animal products of $35,000,000,000. Such a cost would more than double all our public debts.
Any deficit in earnings would have to be made up out of taxes.
We did
the Central West, to the dairy and tobacco products of the East. Withthat during the war at a cost of $1,600,000,000.
out such protection many of these farm products would be destroyed by
With the Government in possession of such a great engine, with two and
foreign competition.
three-quarters millions of employees, spending $9,000,000.000 or $10,000.When we turn to our industrial life, we find that the wages both in
000,000 each year, holding virtually the power of life and death, what
rate and buying power of the American workman are morethan
twice chance would the rest of the people of this country have? It would appear
that of the best-paid foreign labor. Compared
to 1913 the advance in to be perfectly obvious that if these properties are taken off the tax list hr
the wages of union labor is 99%, while
in the ordinary living costs it is Public ownership, the other property of the nation must pay their yearly
only about 69%. American industry cannot exist, American wages cannot
tax of some $600,000,000. In the thinly settled agricultural regions this
be paid, the American standard of living cannot be maintained without
a would make an increase of 30% or 40% on local taxation.
protective tariff.
They have Government ownership abroad. It takes twenty-three may
A most significant comparison has been made of wages paid by a concern in
Germany
operating in this country and abroad, making the same products, with thirty-one to move a ton of freight one mile, twenty-four men In Italy.
in Switzerland. In the United States it takes only fly men.
OCT. 25 1924.]
THE CHRONICLE
1915
a united front
Bryan cannot present
terms of bread and butter, crats led by Davis and
It is interesting to note also that, reduced to
of only about against the common enemy." While, he says, "I am not in
railroad employees in these countries show weekly earnings
experience, by effione-third of these in this country. Measured by our
with much that Senator La Follette is advocating
to lose and accord
ciency of service, by rate of wages paid, we have everything
respect for
under- . . . nevertheless he deserves admiration and
most perilous
nothing to gain by public ownership. It would be a
the people.
the courageous fight he has made against entrenched privitaking, both to the welfare of business and the independence of
Limitation of Powers of United States Supreme Court.
forces of Government and for the fight
always strongly lege and the invisible
Another principle in which the American people have
to drive the corrupt and incompetent Reas against he is now making
believed, and which they have stoutly maintained, is a judicial
publican Administration out of power." Mr. McAdoo, who
a political determination of causes.
established the Supreme Court of
operation at Johns Hopkins Hospital,
When our Constitution was adopted it
members are ap- recently underwent an
the United States to be the very citadel of justice. Its
adminis- Baltimore, indicated in his letter that in view of his physilife in order that they may be devoted entirely to the
pointed for
and impartial as it is cian's orders to observe a "period of rest and quiet before
tration of justice according to law, and as independent
protect the rights of
possible for men to be. One of their chief duties is to
undertaking any fatiguing or strenuous work," he will enthe individual.
letters and telegrams to
is anything but absolute. It is strictly limited. It has deavor "to help the cause" through
Our Government
Constitution. That
only those powers which are conferred upon it by the
His letter to Senator Swanson, dated Oct. 18.
Congress are his friends.
Constituticn distinctly declares that the President and the
which is that follows:
prohibited from doing certain things, the central thought of
to make
due process of
I regret exceedingly that I have been obliged to abandon my plans
no one shall be deprived of life, liberty or property without
in order an extensive speaking trip in the national campaign. Not only have I been
law. There is provision against unlawful searches and seizures,
effects; compelled to remain in the hospital longer than anticipated, but my phythat the people may be secure in their persons, houses, papers and
religion or sician, Dr. Hugh H. Young, emphatically advises against my undertaking
also against making any law respecting an establishment of
right to the strenuous work involved in a speech-making campaign. He says that
abridging the freedom of speech or of the press, and including the
individual after leaving the hospital I must have a "period of rest and quiet before
trial by jury, with many other provisions for the protection of the
upon undertaking any fatiguing or strenuous work." I am, however, through letfrom impositions which other Governments had constantly inflicted
with ters and telegrams to my friends in various States, doing my utmost to help
them. This is in accordance with our theory that the people are born
to the cause.
certain inalienable rights which no Government should have any power
You will recall that two days after the adjournment of the Democratic
take from them.
in a public statement my corThe same privileges that belong to the individual are likewise guaranteed National Convention last July I announced
time I said:
to the minority and to the several States. We have made our Constitution dial support of Davis and Bryan. At that
progressive
the supreme law of the land, and whenever Congress, the President or a
"There is a deep-seated determination on the part of the
outside of it desiring to coState Legislature or Governor violates it, any one who is injured has the forces within the Democratic Party and those the part of the next Adminaction on
decisive
operate,
right to appeal to the Supreme Court and have such violation prevented. istration to force prompt and
for solution of the pressing problems of agriculture, transportation,
What better method could there be for preserving the rights of the people tariff, internal taxation anti foreign relations, which have been manhandled
Supreme Court never by the Republican Administration. The influence and power of those
and of the States? It is not necessary to prove that the
dissipated by division between political
made a mistake. But if this power is taken away from them,it is necessary progressive forces should not be be consolidated and used like an irresistimovements. They should rather
to prove that those who are to exercise it would be likely to make fewer ble battering ram in behalf of that party which offers the best instrumentalmistakes. It is proposed to place this power, which it must be remembered ity for service to the people. Clearly there is no promise in the Republican
Party if this progressive
that of life and death,in the hands of the Congress. That would give to that Party; clearly there is promise in the Democraticpolitical organization."
used within that
body power to violate all the rights which I have just mentioned,the power influence is wisely and wigorously
to destroy the States, abolish the Presidential office, close the courts and
Would Have Progressives and Democrats Present United Front.
make the will of the Congress absolute. Is it supposed that in the exercise
Subsequent events have abundantly confirmed these views. If the forces
of this power they would be more impartial, more independent, than the of reaction represented by the Coolidge Administration succeed in November
Judges of the Supreme Court? It seems to me that this would be a device it will be due solely to division in the ranks of the progressive and liberal
them
more nearly calculated to take away the rights of the people and leave
by La Follette
by the forces in America. It is a great pity that the Progressives led
present a
subject to all the influences which might be exerted on the Congress
of and Wheeler and the Democrats led by Davis and by Bryan cannot
power and wealth of vested interests on one day, and the passing whim
united front against the common enemy. This would make the rout of
popular passion on another day.
now the question is what can
such a reaction certain. But while this is impossible
The poor and the weak would be trampled under foot. Under
from regaining
speech and the best be done to prevent the reactionary Republican Party
condition, life and property, and the freedom of religion,
control of the Government for another four years.
have very little security. In time of national peril our Governpress, would
Mr. Hughes and the articulate members of the administration are atment would have no balance wheel. If this system should be adopted and tempting
skillfully to divert attention from the real issue by a combined
put into effect, the historian would close the chapter with the comment
with the hope that they will drive all
incapable of self-government and the assault upon the militant La Follette
that the people had shown they were
timid people to the support of Mr. Coolidge by making them believe that
proved a failure. If we are unable to maintain the La
American Republic had
Follette is a red menace, determined to overthrow our Constitution and
guarantees of freedom in this land, where on earth can they be maintained? change our form of
Government. Of course, this is political bunkum of the
Free Republic.
Present System Adopted to Needs of
first order. The Republic is in graver danger from the continued ascendthe needs of a free ancy at Washington of privilege, reaction and corruption than from any of
Our present system is the only one that is adapted to
republic, the only one which holds out any promise of providing the security Senator La Follette's proposals. While there is much that the Senator advoand stability necessary alike for our economic development and the protec- cates which I do not endorse, nevertheless he represents a vibrant and
wholesome movement in our public life, a movement that is necessary to
tion of the poor and the weak.
These are some of the methods by which I believe the economic welfare help arouse the conscience of the nation atrophied and poisoned by the corThe Government can help ruption and incompetence of four years of the most astonishing misgovernof the people of our country can be advanced.
to maintain peace, to promote economy, to provide a protective tariff, to ment in the history of the Republic. Free discussion is the best'method,
assist the farmers,to leave the people in the possession of their own property. the sane method, the constitutional method of dealing with public questions.
While, as I have said, I am not in aecord with much that Senator La
and to maintain the integrity of the courts.
But after all, success must depend on individual effort. It is our theory Follette is advocating (as, for instance, his proposed court amendment to
make the Government, not that the Government makes the the Constitution), nevertheless he deserves admiration and respect for the
that the people
people. Unless there abides in them the spirit of industry and thrift, of courageous fight he has made against entrenched privilege and the invisible
sacrifice and self-denial, of courage and enterprise, and a belief in the real- forces of government and for the fight he is now making to drive the corrupt
and incompetent Republican Administration out of power.
ity of truth and justice, all the efforts of the Government will be in vain.
But we are confronted with a practical question as to how reaction can
I believe in the existence of these virtues. I do not think the fathers of
are going to barter away their property or their liberty. I do be unseated and a part, at least, of the reforms which both Mr. Davis and
the land
not think the mothers of the land are are going to abandon the rich heritage Senator La Follette are fighting for can be achieved.
I ant convinced that the only chance to drive corruption and graft out of
that belongs to their children.
The American people have faith in themselves. It is justified by their Washington, to purify the Government and to accomplish the reforms dehistory. They have faith in their Government. It is justified by its works. manded by the people is to elect Davis and Bryan. They are assured at the
They know it is neither corrupt nor inefficient. They are not likely to be outset of a large vote in the Electoral College from the rock-ribbed Demodeceived by those who constantly assail our institutions. The intelligence, cratic States. With the support of a reasonable number of the progressive
the courage, the faith of the people, will support America. Against that States they can be elected and a progressive Administration installed in
support no effort for destruction can prevail.
Washington. I am more concerned in principles and policies than in Individual.s. My attitude is determined wholly by what I think is best for the
people, and for the future of liberalism and progress in America.
W. G. McAdoo in Letter to Senator Swanson Says
Democratic Platform Progressive Document.
Alternative to Davis is Coolidge, Reaction and
The Democratic national platform is a distinctly progressive document.
and ProgresChaos—Urges Democrats
It offers a broad ground upon which men and women of liberal opinion may
sives to Unite.
stand. It presents a program for agricultural relief which is sound and comprehensive. It declares for the correct principles of taxation, namely that
In a letter in which he declares that "the alternative to the burden shall be lifted, so far as possible, from the backs
Coolidge, reaction and chaos," has been addressed of those least able to pay and placed upon those best able to
Davis is
by former Secretary of the Treasury William G. McAdoo to bear it. It promises tariff reform and to stop, as quickly as possible, the robbery of the people, sanctioned by and practiced under the
Senator Claude A. Swanson of Virginia, Chairman of the Fordney-MeCumber tariff bill. It outlines an enlightened foreign policy
National Committee. which will prevent war and reduce the burden of military and naval armaSpeakers' Bureau of the Democratic
ments throughout the world. The Democratic Party's labor record is not
Mr. McAdoo's letter asserts that "the events of the past 15 only unimpeachable but the admirable laws enacted during the
Administramonths, since Mr. Coolidge has been President, have demon- tion of Woodrow Wilson dealing with labor and the social order, finance and
beyond all question his utter incapacity for leader- the general economy have brought transcendent benefits, permanent in charstrated
acter, to the American people. The party with this
and
ship," and the conviction is expressed by Mr. McAdoo that ord, championed by such men as John W. Davis nadplatform IV. this recCharles
Bryan, is
"the only chance to drive corruption and graft out of Wash- worthy of the confidence and support of the American electorate.
Government and to accomplish the reington, to purify the
Alternative to Davis, Coolidge, Reaction and Chaos.
forms demanded by the people is to elect Davis and Bryan."
The alternative to Davis is Coolidge, reaction and chaos. The events of
Mr. McAdoo describes the Democratic national platform as the past 15 months, since Mr. Coolidge has been President, have demon"a distinctly progressive document" which "offers a broad strated beyond all question his utter incapacity for leadership. They have
Mr.
ground upon which men and women of liberal opinion may as conclusively demonstrated that of Coolidge is also not only the willing
but the subservient instrument
invisible government. He works in
it "a great pity that the secrecy and silence, but the interests know where to
stand." Mr. McAdoo considers
put their finger on
Progressives led by La Follette and Wheeler and the Demo- him and what to expect of him every hour of the twenty-four. Mr. Coolidge
1916
THE CHRONICLE
[VOL. 119.
does not reveal himself to the American people. He does not take the public
into his confidence as other Presidents have done. Privilege is, therefore, ills from which the roads are suffering on existing freight
able to work its will upon the American people with less fear of detection rates, and charged that under the terms of the Esch-Cu
mmins
and greater certainty of reward.
law the railroads have made inordinate profits, and that his
If Mr. Coolidge is the issue, as some of the vocal members of his Cabinet
claim, then the record of Mr. Coolidge as Vice-President, as an ex-officio threat to bring about a change in the law has resulted in a
member of Mr. Harding's Cabinet and as President of the United States for concerted attack on his candidacy by the
railroads. Says
the past 15 months take on a new importance. The burning question In the Chicago
"Journal of Commerce" Omaha dispatch:
this campaign is graft and corruption at Washington. This issue transcends
In support of this charge, he quoted a letter to station agents,
every domestic and international issue, because the death of the Republic
house and section foremen of the Rock Island in the Dakota rounddivision
is inevitable if bribery and corruption in high places are to pollute the
ad- urging on them the organization of Coolidge clubs or Davis clubs
to oppose
ministration of public affairs.
the third ticket.
Record of Republican Administration.
Senator La Follette characterized this letter as an attempt to coerce the
There can be no Government unless it is clean. What is the record? railroad workers into voting for either the Republican or the Democratic
candidate for President, and insisted that, although the letter was signed
Fall, a Republican Secretary of the Interior, accepts bribes and is
under by a
indictment. Forbes, Director of the Veterans' Bureau, steals moneys
ap- higherdivision superintendent, the order for its issuance came from men
up in
propriated by the Congress for the care of maimed and wounded heroes
of privileges" the system. The roads are anxious to preserve the "special
the World War and is under indictment. Denby, a Secretary of the
Navy, therefore enjoyed under the Esch-Cummins law, he alleged, and are
is forced to resign by the Congress of the United States because of
concentrating their efforts on opposing him.
incompetence in permitting the naval oil reserves to be handed over to
He is also quoted as saying:
private
exploitation. Daugherty, head of the Department of Justice,
The railroads are now contending for tho establishment of a valuation
is compelled
to resign as a result of disclosures before a Senatorial investigating
which will be at least $10,000.000.00l in excess of the actual prudent investtee. Mr. Coolidge has not yet uttered one word of condemnation commit- ment and this means at
least $550,000,000 every year in increased freight
of these
men nor of these scandals nor given evidence of that blazing
indignation and passenger rates.
which would be the inevitable expression of those "moral values"
The 54% guarantee to the railroads actually means 16 or 17% on the
of which
he so movingly speaks. Indeed, so far as the record goes, his
attitude is one real investment behind the railroad stock.
of approbation rather than condemnation. He retained some of
The railroads have spent millions in propaganda to convince the people
these men
in his Cabinet when he knew, not alone as Vice-President but
as an ex- that freight increases of $1,500,000,000 were due to wage increases, but
officio member of President Harding's Cabinet, that they
were charged the $564.000,000 wage increase has been withdrawn and the Railroad Labor
with practices which had brought upon them deserved public
Board has actually decreased wages $575.000,000, or $11,000,000 lower
reprehension. Doubtless they would still be in Mr. Coolidge'scriticism and than the 1920 wages.
Cabinet had
not outraged public opinion expressed in Congressional action
The rate increase was $1,500,000,000, nearly $1.000.000,000 greater than
forced them
out.
the wage increase.
Mr. Coolidge has no sympathy with the common men and
The railroad propagandists have very carefully concealed from the public
women cf
America. Their cause is not his cause. He is always
inarticulate where an even more important fact. Every dollar of the wage increase awarded
they are concerned, but when privilege is threatened he speaks.
to employees at the time of the rate increase has been taken away by the
He would
not approve a law granting even "tombstone insurance" (as
Senator La Fol- Labor Board. In fact, the wage decreases have amounted to $575,000,000.
lette has aptly phrased it) to the veterans of the World War,
but he upheld or $11,000,000 more than the increase given them in 1920.
the Mellon plan which proposed to give the largest percentage
As a matter of fact, by reducing the number of employees, the compenof reduction
In taxation to the wealthy classes and to special interests
sation paid to railroad employees in 1923 was
$690,000,000 less
which
fited most by the valor of those soldiers upon the field of battle. had bene- than in 1920, although a much greater volume actually
of traffic was handled in the
He vetoed
the bill to increase the compensation of underpaid employees
in the postal latter year.
service; but he is a strong defender of the Fordney-M
Wages paid railroad employees are not responsible for the present high
cCumber tariff bill,
which taxes every man, woman and child in America
for the benefit of rates of freight, but the Esch-Cummins railroad law is responsible. The
privilege and private monopoly. In particular, he upholds
truth is that the only way to preserve the railroads for service for which
the privilege,
granted by the Fordney-McCumber bill, to the
Aluminum Trust, chiefly they were built and at the same time to insure prosperity to American
owned by the Secretary of the Treasury, Mr. Mellon, to
tax every household industry and agriculture is to elect the Progressive ticket.
in the land, no matter how humble, on the kitchen
The Progressives are not going to Injure the properties of the railroads.
utensils they employ in
the preparation of food.
They never have. You can go up to Wisconsin and find out how the railHe vetoed the bill to give a small increase in the pensions
roads have fared under Progressive control in all the years that the railroads
of the aged and
Infirm veterans of the Civil War to make their dying
years more easy, but have been regulated in Wisconsin. and they have been regulated more
he refuses to reduce the tariff on sugar, although it is
stated that the Tariff fairly and upon a more scientific basis than in any other State in the Union.
Commission recommended such reduction months ago.
The sugar monopoly,
The Senator called for the repeal of the Esch-Cummins law,
the aluminum monopoly and all the other monopolies must
be permitted to the abolishin
tax the old soldiers, the World War veterans, the underpaid
g of the Railroad Labor Board and for the enactpostal employees,
the overburdened farmer and all the people for their
particular benefit so long ment in their place of the Howell-Barkley bill.
as Mr. Coolidge controls the situation. Billions for
monopoly—but not one
At Des Moines, Iowa, on Oct. 15, the Senator, according
cent of relief for the people.
to the New York "Times" account of his speech, after
He prevented the passage of agricultural legislation
in
although these important measures had been recommende the last Congress, alleging that the Esch-Cu
mmins Act imposed an additional
d by his own Secretary of Agriculture and were supported by the liberal and
progressive Demo- burden of $1,500,000,000 a year on the farmers, shippers
cratic elements in both houses of Congress.
and
The scandals and corruption at Washington cannot
consumers in the form of freight rate increases, the Wisbe dismissed with the
claim of Mr. Coolidge's defenders that he is personally
honest and that the consin Senator in his speech here to-night charged that even
guilty people have been indicted and "will be
prosecuted." I will not deny at this time "the railroads
of the Middle West are now prethat Mr. Coolidge is personally honest. I do not
believe, for instance, that
he wet:hi violate the Eighth Commandment, but
as an honest man he has paring to add enormous new increases in freight rates."
shown an amazing indifference to the criminal acts
which have brought re- The same advices state that Senator La Follette emphasized
proach upon the Administration. It does not satisfy
the American people the assertion that the proposed
new rates would be an adto say that some of the guilty men have been indicted
and "will be prosecuted." Why have these men not been brought to trial
already? Why the vance of between 35 and 40% over present rates and between
delay after Nov. 4? Were the trials postponed because
the Administration 64 and 128% over 1914 rates.
was afraid of the effect the evidence would have on the
election? If these
At Rochester, N. Y., on Oct. 6, the Senator, in presenting
men had been convicted and sentenced before election it
would have been
evidence of the good faith of the Administration and of its
his plans in the event of his election as President, said:
determination to
purify the Government at Washington.
If I am elected to the Presidency of the United States. I shall call Congress
But how are the people to know before they vote what is
to be the out- into special session immediately after the 5th of March, and in my first
come of this business? The defendants are politically powerful
message recommend substantially the following immediate legislative proand financially rich. Are they to be permitted to escape? Perhaps,
if their convic- gram:
tion will embarrass the Administration. The only way to bring
Enactment of emergency legislation for the relief of agriculture. This is
these men not
to justice is to elect a President who will not be afraid to
class legislation, but in the highest sense legislation for the public welfare
prosecute them to
and whose Administration will not be embarrassed by their
remedy the disastrous results of the unwise policies of the last two Adconviction. The
only way to expose the unexposed rottenness at Washington
ministrations. I believe that a clear, non-partisan majority favoring the
is to install a
enactment of sound legislation for this purpose already exists in the present
new Administration that is not tainted. John W. Davis as
President will Congress
fearlessly prosecute those already indicted and mercilessly expose
and will act speedily when the obstructions hitherto placed in the
and punish way of
such legislation by President Coolidge and the reactionary leaders
those who have been shielded.
of Congress have been removed.
It cannot be denied that there has never been in American
history an
Revision or repeal of the two great charters of special privilege enacted
Administration with such an unparalleled record of graft
and
The election of Mr. Coolidge would be an endorsement of this corruption. by the reactionaries during their recent control of Congress: The Eschrecord. The Cummins
effect of such an endorsement upon the growing generations
Railroad Law and the Fordney-McCumber Tariff Act.
in America
These two laws are now imposing upon all classes
would be deplorable. It would proclaim that high moral
of the American people
standards and burdens which
Integrity in public life are not necessary to political preferment;
total in the aggregate billions of dollars. It is certain that
that men a large majority
may betray their public trust and be rewarded by the people.
of both the House and Senate are ready to repeal those
No one thing measures
at the earliest opportunity and to substitute for them legislation
would have such a demoralizing and disintegrating effect upon
ity and conscience as a vote of approval of an Administrat public moral- drafted in the interests of the American people.
ion which has
Repeal of the veterans'"tombstone" bonus, enacted by the last Congress,
been distinguished chiefly for these grave crimes against
the State.
and the substitution of legislation to provide genuine adjusted compensaAlready we have had four years of leaderless government,
demoralization tion for veterans
and chaos at Washington. Let us turn from that
of the great war. This question will not be settled until
and assure ourselves of the
four years of clean, orderly, sound and progressive
nations'
government under a man overwhelmi obligations have been fairly and squarely discharged. An
ng majority of the present Congress have demonstrated their
capable and courageous to lead—John W. Davis.
readiness to support such a measure.
With regards, I am, cordially yours,
Enactment of the Howell-Barkley Bill. This bill proposes to abolish
W. G. MeADOO.
the present discredited Railroad Labor Board and substitute a plan for the
Johns Botplins Hospital, Baltimore, Md., Oct.
18 1924.
adjustment of controversies between the railroads and their employees,
every feature of which has been tested and proved by past experience
. A
Senator La Follette's Attack on Railroads—Would clear majority favoring this bill now exists in both Houses of Congress, and
It will pass at the next session if their is no interference by the
AdministraRepeal
tion.
Act—Far
Esch-Cummins
mers' Losses.
An attack against rate-making provisions of the EschCummins Act was made by Senator Robert M. La Follette,
independent candidate for President, in an address at
Omaha on Oct. 20. The Senator laid responsibility for the
Revision of salaries of postal employees and of pensions of Civil
and
Spanish War veterans to conform to the increased cost of
living. These
bills were passed by the last Congress and Were defeated only by
the veto
of President Coolidge.
I submit that all the items in this immediate legislative program
already
command overwhelming support in Congress and are not
dependent upon
OCT. 25 1924.]
THE CHRONICLE
partisan majorities. They would already have been passed except for opposition by the Harding-Coolidge Administrations, or obstruction by reactionary leaders of the two old parties in Congress.
If these measures, or any of them, should not be enacted, we would go to
the country in the Congressional elections of 1926 confident that upon these
issues the American people would express their will in unmistakable terms.
While this immediate legislative program is being enacted during the
housecleaning period, I propose to direct the appropriate executive departments, with the advice and counsel of the progressives in Congress and the
best experts available in the United States, to prepare a detailed constructive program covering the following subjects:
Reconstruction of the Federal Reserve and Federal Farm Loan systems,
so as to make the nation's credit available on fair terms and without discrimination to business men,farmers and home builders.
A permanent transportation policy, including a comprehensive study and
analysis of methods of providing for public ownership of railroads, with
adequate safeguards against bureaucratic control, and political manipulation.
A national superpower system to develop the water powers now in the
possession of the Federal Government and make the resulting electric power
available to the people at cost.
Development of co-operative marketing, to eliminate profiteering and reduce the enormous spread that now exists between the primary producer
upon the farms and the ultimate consumer in the cities. This would supplement the emergency legislation for the relief of agriculture, for which
I should demand immediate consideration upon the convening of an7extra
session of Congress.
Control of trusts and combinations to fortify and supplement such weaknesses in existing legislation as may be disclosed by the honest and vigorous attempt to enforce the present Anti-Trust laws, which we should initiate
as one of the first acts of the Progressive Administration.
There is one other important matter upon which I have not yet touched.
and which I can at this time cover only in the barest outline. That is the
foreign policy which I would expect to pursue if elected President of the
United States.
Foreign Policy.
As a preface to this discussion, it is my opinion that the Congress, composed of the elected representatives of the people, Is entitled to a voice
in the determination of the foreign policy of the Government. I have
expressed this view repeatedly upon the floor of the Senate, and I should
expect to uphold it if I were elected President. I do not believe that
the President or the State Department should have the power, without
the knowledge and consent of the Congress or the people, to involve the
nation in such a way as to lead to inextricable entanglements, unfavorable
commitments or to war. I believe in the democratic control of foreign
policy and am unalterably opposed to secret diplomacy.
The great war which began ten years ago is now generally admitted to
have been an imperialistic war, born of the greed of financiers, exploiters
of foreign lands, imperialists who conquered defenseless peoples in order
to protect their usurious loans and destructive concessions. They made
war on foreign peoples as they profiteered and made war on the liberties
of the people at home. They used diplomacy, the office, battleships
and the country's youth to promote and protect their imperialistic posses.
Mons and in time brought the whole world to the cataclysm which caused
ten million of its youth to be slain on the field of battle and twenty millions
to be invalided by wounds and disease.
We will end invisible government and American imperialism. We
will keep out of other people's lands. We will extend to those peoples
the same freedom that we seek for ousrelves. Our State Department
shall not be the agent of bankers, investors and imperialists. Your sons
shall not be conscripted as a collection agency of private debts.
And as an evidence of our good faith in this program of peace we propose:
1. A referendum of the declaration of war except in case of actual
invasion.
2. To end our imperialistic attitude toward Central and South America.
We will withdraw our marines from Haiti, Santo Domingo and every other
place where they are now being used to coerce local Governments for the
benefit of American financiers and special interests.
3. We will give the Philippines their independence. We will fulfill
the solemn pledge made to them by the American Congress.
4. We will end the partnership between our State Department and
imperialistic interests, and we will divorce it from Standard Oil and international financiers.
5. We will use every peaceful influence to bring about a revision of the
Treaty of Versailles, not in terms of hate and punishment, but in accordance with the more generous terms of the armistice.
6. Finally, we will use the influence of this Government to outlaw war,
to abolish conscription, to drastically reduce air, land and naval armaments, and to guarantee referendums on peace and war. We can then
hope to secure for these purposes the co-operation of the new Governments of Europe, the democratic Governments of Europe, the Governments
which are sprung from the people themselves, and which, for the first
time in a century, are seeking to end war by ending the causes of war.
I intend to win the election on Nov.4. On that day I believe the people
of the country will take the control of the Government back into their
own hands, where it rightfully belongs.
— ty
In a speech -at-Kansas di— on Oct. 13 Senator La ollette
drew a picture of a vast cOnspiracy aimed at the farmer,
railroads being "the chief offenders" because of their freight
rate increases. Bankers, too, were criticized as being
responsible in a large measure for the farmers' plight. We
quote further from the New York "Times" account as
follows:
He lumped "exploiters" in a statement that "the railroads of the country
are interlaced with the packers, with the millers, with the commission men,
with the grain pits and together they form an economic system ruled from
Wall Street."
"The economic life of 6,000,000 American farmers is determined by a
handful of men," he continued. "It is determined by the banking, railroad
and exploiting agencies owned by J. P. Morgan and the Standard Oil Co.
These are the masters of America. These men have changed this great
empire from the hope, the comfort and prosperity of 1890 to the despair
of to-day."
Calls Railroads Worst Offenders.
"There are few political crimes, for they are political crimes, that arouse
me as does the neglect, if not the direct participation, of this Government
of ours in the destruction of the farmer, for the recent history of American
agriculture has been one of neglect on the one hand and exploitation on the
other. The farmer has been neglected by both parties. Neither the
President nor Congress was concerned over his necessities.
1917
"In time neglect became exploitation. This exploitation becameran
orgy during the years that followed the war. The farmer produced from
$10,000,000,000 to $20,000,000,000 of wealth, yet the price he received
for his produce was fixed for him by the packing monopoly, by commission
men and millers, by the grain pits and the gamblers, and by the transportation agencies of the nation. These were the farmers' only buyers and they
as little as possible. Unable to meet production costs from sales, the
farmer had to go to the banks to make up the deficiency. This is why
we have farm mortgages. Monopoly would not even pay the labor cost
on the farm.
He did not get
The farmer had to borrow to keep alive.
his own living from the farms.
Attacks Deflation of 1920.
"One million men left the countryside in a single year. Six hundred
thousand farmers have become bankrupt and given up their farms since
1920. They did not leave the farms because of the lure of the city. They
were driven from the farms by usury. They were driven from the farms
by foreclosures and went to the city, not because of its lure, but because
the struggle became hopeless. How quickly that change came about may
be seen in the neighboring State of Oklahoma. It was born into the
Union only 17 years ago. Its rolling prairies lured to itself the best stock
of America. The Government endowed each settler with a homestead.
but along with the homesteader came the money lender.
"And the money lender of Oklahoma was often a usurer. The wreckage
that has followed the usurer in Oklahoma and Texas can hardly be paralleled
In any nation."
Referring to the deflation period of 1920,the Progressive nominee said:
"More than 1,500 banks failed. More than 60,000 business houses were
thrown into bankruptcy. Four million wage-earners were thrown out of
employment, business life was stagnated in the great cities of the West
whose commerce depended upon the prosperity of agriculture.
Kansas City was harder hit than any other city. Its bank clearings fell
from 812,000,000,000 in 1920 to $7,000,000,000 in 1923. $5,000,000,000
less business a year for this one city.
"This was the greatest destruction of prosperity and property values in
the history of the nation. The loss in farm values alone in the United
States was $20,000,000,000. The total losses claimed by the French for
destruction during the World War was only 813,000,000,000. The total
property damage claims of the Belgians was only $7,500,000.000.
"This colossal destruction of property and prosperity did not happen,
my friends, under a Communistic Government. It did not happen under
a Socialistic Government. It did not happen under a Progressive Government. It occurred under Democratic and Republican Party Governments. It happened when the reactionaries of those parties were in full
control of all branches of the Government.
Secretary of Commerce Hoover on Effects of Government
Ownership, Proposed by Senator La Follette's Party.
Herbert Hoover, Secretary of Commerce, in a recent address in Washington, pointing out the dangers involved in
the proposals of Senator La Follette's party for Government
ownership and operation of railway and other public utilities, expressed himself as "convinced, not only from the
experience of our own country, but from the attempts made
abroad, that Government operation is a step backward in
every one of these propositions. It is a negation of progress. America," Secretary Hoover contends, "has found the
true road of advancement in these enterprises through sustained initiative and equality of opportunity to our people,
with public control to prevent abuse. Our salvation,consists In following this line with increasing intelligence and
devotion." Secretary Hoover also says:
Under Government ownership, partisanship, "log-rolling" and politics
would be the inseparable accompaniments of administration. No great
business can be efficiently administered by such a board or such a basis
of choice. We shall convert business into politics and surrender efficiency
for spoils. If we distribute railway extensions as we distribute public
buildings; if we locate electric power plants as we locate reclamation projects; if we divide up public industries generally as we share river andharbor improvements and army and navy stations—then, as surely as
night follows the day,facilities will be wastefully provided for those districts
or groups which are politically strong, and they will not be adequately
provided for the districts or groups that are politically weak.
Secretary Hoover, whose address was delivered on Sept.
29, likewise spoke in part as follows:
Senator La Follette's party proposes Government ownership and operation
of railway and other public utilities. The Senator emphasizes this: "1 am
for Government ownership of railroads and every other public utility—
every one." This means all railways, power, light, telephone and telegraph. The Republican Party stands for private ownership, with the prevention of abuse through Government control of service and rates or profits.
Between them we must choose. Either we are to remain on the road of
individual initiative, enterprise and opportunity, regulated bylaw, on which
American institutions have so far progressed, or we are to turn down the
road which leads through nationalization of utilities to the ultimate absorption into government of all industry and labor. What the Senator proposes
Is far more than a transitory experiment of government in business; it is a
change in our social, economic and political principles that will react t
revolutionize our Government itself.
The Proposition.
In its immediate form this is a proposition that the Government should
buy and run the rallways, electrical and other utilities, valued by official
commissions at about 840,000,000,000. with 2,700.000 employees, requiring
112,000,000,000 annually for bond interest, with an operating budget of
$10,000,000.000 per annum. To keep pace with natural growth these concerns must spend $2,000,000,000 of new capital yearly for extensions. This
is a financial transaction and a venture into business of a magnitude never
before undertaken by any man or by any government, democratic or otherwise—except in Russia. Surely before we embark on such a voyage we
should look into the possibility of profit, examine the chart of the place
where we are going', and consider the capacity of our vessel to carry the
cargo.
People Must Decide.
It is for the American people to decide. If they are to decide rightly
they should have the reasons set before them in terms of sober economic
and social thought, not in vituperation and appeals to hate. I accredit the
1918
THE CHRONICLE
'sincerity of the advocates of these propositions, and I believe they have the
manhood to credit ours. There is but one consideration—public interest.
If I believed for one moment that this adventure would reduce rates, that it
would produce better service, that it would decrease taxes, that it would
benefit the employees, that it would maintain discovery, initiative, and
advance in the development of these services, that it would not wreck our
democracy, that it would strengthen the foundations of social and spiritual
progress in America. or even that it would do a few of these things.[ would
unhesitatingly accept this proposal, stupendous as it is.
But I do not believe it. I am convinced, not only from the experience of
our own country, but from the attempts made abroad, that Government
operation is a step backward in every one of these propositions. It is the
negation of progress. America has found the true road of advancement in
these enterprises through sustained initiative and equality of opportunity
to our people, with public control to prevent abuse. Our salvation consists
in following this line with increasing intelligence and devotion.
[VOL. 119.
ing concessions.lBecause the Government had not the courage to increase
railway rates during the war the taxpayer made up a $1,600,000,000 operation deficit. A neighboring Government yielded last year to the demand
for lower rates on the Government railways; it is paying the deficit from
taxes to-day.
If we embark on this vast venture we shall at once increase the total of
national and local officeholders up to about six millions. The rightful
interest of this group is in higher pay, constantly better conditions of service, and better standards of living. The rightful public interest will be no
hold down rates and taxes. These interests will clash, and their clash must
fight itself out, not on grounds of economic bargaining between labor and
employer, but in the political arena. The voting strength of this mass of
officeholders, their wives and dependents, will be over 25% of the whole.
It is the balance of political power between parties in every district. Either
every member of the legislative bodies will be elected to do the bidding of
this bureaucracy or will be elected by a public in rebellion against it.
No commission or any body of administrators can carry on these vast
operations efficiently in this political maelstrom. We shall lose most of
our democracy in the storm.
Our Present System of Utility Control.
Much of the present agitation is based upon conditions, not as they are
to-day but as they were a generation ago. There were then great abuses
Higher Rates to the Public.
that called for remedy. The Republican policy of public regulation and the
Unless the Federal or local governments can give the public lower rates,
historic moral upheaval to which Theodore Roosevelt contributed more
than any one man,cured the worst of these evils and created the machinery there is no use undertaking the gamble.
If the Government is to reduce rates it must do so either by the saving of
of government to meet the rest. Theodore Roosevelt was the enemy of
private profits or by reducing operating expenses or lumping them on the
government ownership and the advocate of public regulation.
There is scarcely a single utility to-day that is not under public control taxpayer. During the past four years the railways have on an average
through some governmental commission, local or national. These com- ()limed less than 4% on the Inter-State Commerce Commission valuation.
missions to-day fix the rates, the issues of stock, the time tables, the car Even if this value were reduced by 25% they would have earned only 5%•
service, the profits. Our great national water powers are reserved to the Our electrical utilities are regulated at earnings between 6 and 8% upon
Government through 50
-year leases, under public control. And Our com- their invested capital. The Government could not borrow the huge sums
missions are not alone preventing abuse; they are maintaining initiative, necessary at less than 5%.
In a sale to the Government the constitutional requirements would, for
enterprise, and progress in our railway and other utilities, as witness their
various legal reasons, probably result in a much larger 811131 than the $40.enormous growth and constantly improving efficiency and service.
000,000,000 of present valuations by commissions and others.
Popular Ownership.
Moreover,the wasteful distribution of the $150,000,000 of capital invested
Regulation has, through stabilizing rates, reduced the cost of capital by annually in the Post Office, Reclamation Service, Shipping Board. rivers
increasing the security for the savings of our people. From this security and harbors and roads, would not be a patch on the waste in appropriations
and within our generation there has come a new tide, and that is toward when our legislative bodies get a chance to handle 32,000,000,000 per annum
popular ownership as distinguished from government ownership. These of new capital outlay. For all these reasons I am convinced that interest
enterprises are no longer owned or controlled by a few. One of our great charges alone to the Government would be larger than the present utility
service corporations has nearly 400.000 stockholders, another over 200,000. profits, and no economy lies there. Rather the way of the prodigal. . . .
The power companies have over 700,000; their bonds are directly and indiHuge Bureaucracy.
rectly, through our mutual insurance companies and savings banks, in the
We can get some direct experience from Government operated railways In
hands of literally tens of millions of owners. A silent revolution is transforeign countries during the last ten years as to the results of these forces in
ferring ownership to the public. . . .
this loading of employees. For instance, the number of employees of Italian
Effect Upon Democracy.
railways has increased 50% against an increase in traffic of 18%. German
Neither our national nor our State Governments are planned or equipped employees increased 20% against 5% increase In traffic. Danish employees
for the task of Government operation of utilities. Nobody ever tried it on increased 48% with 20% increase in traffic. Swedish employees increased
our stupendous scale of a continent. Nevertheless there are Governments 10% with a 25% decrease in traffic. Norwegian employees increased 62%
which, in their smaller scope, do operate in some fashion some of their with an increase in traffic of 37%. Compare these figures with American
utilities. Since it is always in worse fashion than ours, their example is no railways, where the number of employees is about the same to-day as ten
temptation to imitate, but it does illustrate that some Governments, on years ago against a 10% increase in traffic. American railways are the only
some scale, in some fashion, can operate some of them. But none of them railways on earth showing increased efficiency in the last ten years. Incihas ever attempted to operate all the utilities, nor does any one of them dentally ours are the most efficient railway men,employees and managers on
possess 15% of our railway mileage, or 6% of our power, or 15% of our earth. If we had increased our employees by such percentages it would
telephones.
cost $600,000,000 per annum or an increase of 10% in rates. For the rates
I would also have you observe that these Governments all have much to-day are, in the long view, based upon costs.
more concentrated power and responsibility than we have ever been willing
With all these forces in action, our cost of operation would increase. If
to grant to our Government. The fathers purposely made our Government we make rates to equal costs our rates will rise—not fall. Unless, of course,
to a different model, for a different task. They divided power and respon- the taxpayer pays the deficit. . . .
sibility, where business must concentrate them. They thought liberty and
Increased Taxes.
individual rights worth safeguarding even at some cost in efficiency. But
Another question worth examining is the direct and indirect tax burdens
this very fact necessarily leaves to private enterprise many things which
which will be imposed upon the public, assuming always that rates pay
other nations can, if they prefer, do through Government—after a fashion.
operating expenses and interest. The addition of 340.000.000,000 to the
On the governmental side, the result has been one of which we are as proud
national debt differs much from the debts of many thousands of private
as other peoples are envious. On the business side, the accomplishment far enterprises now comprised in these public
utilities. The failure of a single
surpasses anything they know. Through the one, we have liberty; through private enterprise is a loss to its owners
only, but with this entire investment
the other, enterprise and decisiveness.
transferred to the Government every citizen would pay every loss of capital,
directly or indirectly, from taxes or rates, whether he liked it or not. When
Rewrite Constitution.
individuals enter upon a foolish project they pay for it, but if the GovernThe very first fundamental obstacle to government ownership that our
thing both the foolish and the wise must pay for it.
form of Government presents is the relation of the States to the Federal ment does the same
To-day the combined utilities contribute about $600,000.000 in taxes to
Government. For in our plan we conceive that liberty requires a great
Federal and local governments. It is unlikely that in Government
measure of decentralization in authority. If thEse public utilities are to be the
Federal Government will pay taxes to the States or the States
operated by the Federal Government we at once deprive the States of their operation our
utility rates. Thus the local governments would need to
measure of authority and control over railway, power, light and communi- to counties out of
of revenue. If the customers of these utilities and the
cation companies—we make the service in these States dependent upon the find other sources
not matter, but it
will of Washington, thousands of miles away. Are we to give the States the taxpayers were identical in their participation it would
utilities have a larger ratio of investment and taxes in the
power to regulate the business of the Federal Government as they now regu- happens that
they have in the big cities. It would damage the
late these services? Or are we going to divide the railways and power and farming districts than
State of utility taxes.
communications into 48 systems, each ending at the boundary of its own farmer of Massachusetts but 3 or 4% to denude the
but it would increase taxes 40% in many agriculture' counties in other
State? Whichever we do will crack the timbers of our Government.
States.
Plans Unsound.
And, above all. if the history of other Governments operating utilities
if we pile these forty billions of business and 2,700,000 employees upon counts, the inefficiency in Government would not be taken up in rate
the Government, one of two things happens. Either the 530 members of increases, by which the actual user pays, but by lumping it onto the taxCongress or the hundreds of members of State Legislatures become their payer.
Employees Worse Off.
real boards of directors, or, as it has been claimed, these great businesses
could be placed in the hands of non-partisan commissions or government
The next question to examine is whether the employees would benefit by
corporations, somehow free from politics and the dead hand of bureaucracy. being incorporated into the Governmerit service. The first and foremost
Neither alternative will work. If we were to set up such agencies, so free result of a demand for alteration of pay would be a dispute over the right to
from restraint of the Congress and legislatures as to accomplish these ob- strike against the Government and therefore against the people. In a vital
jects, we would have created gigantic despotisms controlling the well- service with the public undergoing privation they would be little likly to
being of our whole people—and incidentally controlling the very election of weigh right or wrong but to line up against the employees. Be this as it
our officials.
may,legislative bodies can not delegate the right to settle widespread changes
As a matter of fact, we can do nothing of this kind if we are to maintain a in wages or salaries or they will have delegated their control over expendemocracy and deprive our elected repre- ditures, which is one basis of democracy. Thus under Government ownerdemocracy. We cannot have a
sentatives of their control of Government investment, their power to fix ship employees must, in final analysis, bargain with legislative bodies, and
salaries and wages, their independence in the investigation of the conduct of bargaining will rest not upon economic need or economic strength. but on
Public officials. The reservation of any or all of these powers renders any political potence. The present Federal employees. denying themselves the
kind of a commission subservient to the members of the legislative bodies, right to strike, have just now, after eight years, succeeded in getting some
no matter what the theory is. When they are subservient to elected officials of their deserved increase in pay. The public utility employees have htid
politics will be their daily meed. Above all, the members of our legislative them already for years. Their wages are to-day the highest real wage in
bodies represent districts. States, parties and groups of opinion. Each the world. Some have assumed that the political strength of this great mass
member is expected by his constituents to look out for their local or group of employees will enable them to dictate the election of legislative members
Interests first. They have to be elected upon the results they obtain. and thus secure their desires. This means the creation of another bloc.
the arraying of class against class, perhaps the most dangerous tendency in
Taxpayer Must Pay.
our politics to-day. It substitutes internal pull and external politics for
Also, under a regime of government ownership, these legislative bodies
damper on achievement, a premium upon
would have to deal with group pressure striving for favors in rates. The individual endeavor. It puts a
wire-pulling. It penalizes whole-hearted devotion to work.
relative rates will affect the prosperity of every city and every section,
.
Wages Are Highest.
every group and every industry. States, counties, farmers, town dwellers,
every group of manufacturers will press their representatives to secure an
Our wages are the highest real wages of any utility wages in the world.
advantage, and legislators will inevitably honestly favor their constituents. By real wages I mean actual buying power. Let us compare them with
Every experience to date indicates that the taxpayer will pay for the result, Government railway employees in Switzerland. Germany andlItaly. !And
OcT. 25 1924.]
THE CHRONICLE
foreign
to compare them we must find a common denominator because
to plain
currencies may mean nothing. We may therefore reduce them
5% of butter and 95%
bread and butter. In other words, if we say that
weekly earnings in
of flour form the basis of "bread and butter," then the
following total of
each country would buy at retail in those countries the
this useful compound:
Maint.
Conductors, Engineers, Firemen, Men.
Lbs.
Lbs.
Lbs.
Lbs.
302
652
865
840
United States
166
220
308
257
Switzerland
153
217
276
238
Germany
143
178
240
189
Italy
the world. Our railroads
Our utility employees are the most efficient in
year. To do this they
move about 412 billion tons of freight one mile each
miles. The ratio is 23 in
employ a ratio of 5 men for each one million ton
It is this efficiency that makes
Germany,24 in Italy and 31 in Switzerland.
pride among our railway
for high wages. All these are things not alone for
American. They are the
employees. They are a thing for pride of every
to all of us.
things that raise the standards of living
1919
and progand enterprise of our people. This is the mainspring of efficiency
can correct
ress. Bureaucracy is the dead hand on initiative. Government
democracy shall have
abuse without entry into business. If it cannot, then
failed.
We are asked to abandon all that we have builded as a land of opportunity
Socialism
by injecting into it an economic patent medicine from Europe.
failures
may have a place with some of the nations of Europe because oftheir
service. It has no place with us.
to provide freedom, opportunity and
We difWe are building here a form of social roganization of our own.
in America the
fered with European ideals 300 years. We have to-day
in the world—efficiency
widest extended and most efficient utility services
developed an
not alone of management but of the employees. We have
more to invention
effective method of controlling abuses. We contribute
We are asked to emand improvement than all other peoples combined.
decrease our national
brace new social ideas, increase our cost of service,
undermine our democraoy,
efficiency, and thus destroy our wage levels,
great. This
destroy the fundamentals upon which our nation has become
is not progressive, for it is not progress. It is destruction.
Death of Herman Henry Kohlsaat, Newspaper Owner
and Editor and Intimate Friend and Adviser
of Six United States Presidents.
The death was announced on Oct. 17 in the home of Secretary of Commerce Hoover in Washington, D. C., of Herman Henry Kohnsaat, prominent Chicago newspaper editor
and owner, and a well-known personality in political circles
years
through his intimate association during the past thirty
Roosevelt, Taft, Wilson,
with, in turn, Presidents McKinley,
Harding and Coolidge. In a statement issued that day Secretary Hoover said that "Mr. Kohlsaat came to Washington
ten days ago to attend the ball games as the guest of Judge
Landis. He seemed unusually tired and consented to rest
a few days in my house. On Sunday and Monday he suffered from severe headaches. He came down to breakfast
Tuesday, but collapsed about 11 o'clock with paralysis and
sank steadily from then on." Mr. Kohnsaat, who was 71
years of age, was a personal friend of President Coolidge.
The President at once sent a message of condolence to Mrs.
Kohlsaat, stating that "it is with great sorrow that I learned
of the passing away of Mr. Kohlsaat. He had been exceedOur Own Experience.
ingly kind to me and sympathetic with the efforts that I
argument against all this is the postal service. There have been making. I wish to express to you my sincere•
The classic domestic
a public
are, of course, conclusive reasons why that service must remain
friends and
25% higher sympathy, which I know is shared by the circle of
function. And it does carry the mails well, at a cost probably
management and employees are admirers, which is world-wide." At the weekly press con-.
than private enterprise could do it. Its
the best that government can do; its faults are inherent in government ference at the White House Oct. 17, President Coolidge said
interest upon
ownership. But remember that the postal service pays no
no that Mr. Kohlsaat had occupied an unusual place in thethe vast sum of capital invested in its equipment and buildings. It pays
capital investment in public journalistic life of America for a period of more than thirty
taxes on these structures. And how is that
principles.
buildings distributed? Notoriously on the reverse of business
years, and a "wide acquaintance with prominent people
How are the rates allocated to different classes of service? By the united
had given him great influence in
pressure of organized groups, in all classes of mail for the lowest rates there in this country and abroad
is invariably deficit in operating expenses piled upon the taxpayer. Postal molding public opinion and indirectly in shaping public
employees are always in difficulties with their board of directors—that is policy." The funeral services for Mr. Kohlsaat, conducted
Congress—as to pay adjustments. We are here proposing to amplify the
of Washingshortcomings inherent in the Postal Service in the direct ratio of the Post by the Right Rev. James E. Freeman, Bishop
Office budget of $600,000,000 to an annual budget of 310.000,000,000 in the ton, at the residence of Secretary Hoover on Saturday (Oct.
utilities, not with 300,000 employees but with 2,750,000 and a business of 18)
were attended by several notable people, including Presinfinitely greater technology.
Minister to Sweden;
Our national shipping is a daily sample of all the arguments I have given, ident and Mrs. Coolidge, R. W. Bliss,
and more. We paid three billions of the taxpayers' money for a fleet— Secretary Hoover; R. W. Johnson, former Ambassador te,
some part of it was truly for war purposes—but we have written it down
Italy, and Mark Sullivan.
90% iii 6 years to $300,000.090: and if the accounts were based upon true
Born near Albion, Edwards County, III., on March 23
costs with interest and depreciation we should find that we are losing over
it. Yet
sloome.eoo of the taxpayers' money a year in operatingShipping private 1853, H. H. Kohlsaat rose from the humble position of newsBoard
shipping is earning profits. Nor is this tho fault of the
paper delivery boy to become the wealthy owner and editor
it is inherent in the system.
of several bid journals in Chicago, among which were the
Cities Hare Tried Plan.
-Ocean,"
Our Government has some necessary power interests of its own. The Chicago "Record-Herald," the Chicago "Inter
building by the Government of great control dams, as on the Colorado, and the "Evening Post." As a fearless exponent of Repubare water supply,
the St. Lawrence and elsewhere, whose primary functions
lican views, Mr. Kohlsaat was highly respected in the poor control of flood, or irrigation, or navigation, and where power is a byis a far different thing from the Government's going into power litical world, and it is said that it was he who was largely
product,
production and distribution as a business. Some of our municipalities are instrumental at the Republican National Convention at St.
faced with these problems, and sometimes they also have a desire for busiin the platform a plain
ness adventure, but the withdrawal of over 400 municipalities from efforts Louis in 1896, in having adopted
to run utilities are themselves indication that even under local concentration declaration in favor of the gold standard of currency. The
of authority the results are doubtfu lenough.
New York "Times" on Oct. 18 published an interesting acOther Experiments.
.
,
count of Mr. Kohlsaat's career, which follows
enter upon a discussion of the costs and
Quotes Mr. Gompers.
results to the freedom
But there lies even a broader issue of the ultimate
Mr. Gompers in a
of labor. Upon it I can do no better than to quote from
speech at Montreal in June 1020:
take second position in my
"I believe there is no man to whom I wouldand yet I would not give it
loyalty to the Republic of the United States,our country. . . .
of
more power over the individual citizenship
ownership or private
"It is a question of whether it shall be Government
minority of one in this
ownership under control. . . . If I were in the men of labor shall not
convention, I would want to cast my vote so that the
industrial
willingly enslave themselves to Government authority in their is right or
story of who
effort for freedom. . . . Let the future tell the been willing to submit
who is wrong, who has stood for freedom and who has
.
their fate industrially to the Government." . .
Invention Will Decline.
of man in
America has made the most marvelous advance in the history
applied electricity.
the technology and administration of transportation and
this courage, this application, this
Can anyone believe that this invention,
have
stimulation to genius that our nation has brought forth would ever
Congress
been developed under a Board of Directors of 530 members of
utilities in
and hundreds of members of the State legislatures? Government
aware,
other parts of the world get their technology from us. So far as I am
-owned utilities.
no single vital invention has ever come out of Government
routine
If we are to assume that there will be no more need for other than
only at the
operation, we may abandon this argument. But science is
of transthreshold of its house of wonders. It may even solve methods
the taxpayer
portation that would cause the abandonment of railways to
as it would have done to a nationalization of the stagecoach.
failures
I could, at great length,
of Government ownership and operation in ow own and in other countries.
more facts and figures with regard to the Canadian, German,
I could display
Prench, Italian and Australian Government railways. I could discuss the
inability of the Italian Government to find any buyer for its railways when
it tried to get from under their intolerable burden. I could name States
where government ownership has been brought about by owners and creditors to get rid of bad investments. I could compare the real accounts of
power with those of ow private enterforeign government adventures into
to disguise real results by accounting
prise. I could enter upon the tendency
the economic effect of govmethods. I would show by example not alone
the effect upon government ttaelf—and upon
ernment ownety,hip but
comparison with the complete nationalizaPolitics. I could even enter upon
as all these failures have been,
tion of industry in Russia. But as grievous
and institutions and our
there is still tho fact that it is our Government
those of foreign countries—and our
People that we are dealing with and not
for liberty and le&s for business, would fare far
institutions, designed more
worse.
Socialism Has No Place Here.
We have constructed our Government upon the theme that its major
Purpose is to preserve human liberty amid the changing social and economic
scene. If we divert it to the changing of money we shall have lost sadly for
the future.
And paralleling and paralyzing every argument against government operation is one insistent note. That is the preservation of the vital initiative
Mr. Kohlsaat's Career.
Herman Henry Kohlsaat was born new Albion, Edwards County, Ill..
on March 23 1853. His parents took him to Galena. Ill., a year later.
He went to school there and worked on the farm. When he was 12 years
old he went with his parents to Chicago.
In order to help support his mother the boy delivered newspapers until
he obtained a position as cash boy in the store of Carson, Pine, Scott & Co.
His wage was $2 a week and he rose rapidly until he became cashier of the
concern.
Next young Kohlsaat went on the road as a salesman for a wholesale
baking firm, Always fertile in ideas, the young man eoweived the notion
of combining a bakery and lunchroom and soon Chicago was dotted by a
string of restaurants bearing the name of H. H. Kohlsaat & Co.
From boyhood Mr. Kohlsaat's leaning had been toward journalism, and
when at the age of 16 he was offered a position in the office of the Chicago
"Tribune" he decided to accept it, but was persuaded against it by his.
mother. He is credited as having said at the time to his mother, "I wilt
own a newspaper before I die."
Journalist and Friend of Presidents.
His opportunity in journalism did not come until he had made a success of
his lunchrooms and had added to his wealth through wise real estate invest,ments. In 1893 he bought a half interest in the Chicago "Inter-Ocean"
and became its business manager. Due to his efficient operation the
1920
THE CHRONICLE
(VOL. 119.
property in two years was on a dividend paying
basis for the first time in defendant. The only difference between
it and a criminal proceeding by
its history.
indictment, it was held, is that in the latter a violation of the law
The editorial policy of the paper was in
is charged
other hands, and Mr. Kohlsaat while in the former a
violation of a decree is charged.
proposed to William Penn Nixon. his partner, who
was editor, that he
Consequently the extension of the constitutional right of a trial by jury
was ready to buy out Nixon or dispose of his
share.
to contempt cases such as those covered by the Clayton Act
The outcome was that Mr. Kohlsaat sold out
does not.
and left the paper. Sub- Justice Sutherland
said, "Invade the powers ot the courts as intended by
sequently he made an unsuccessful attempt to
buy the New York "Times" the Constitution
or violate that instrument in any other way."
and the New York "Tribune." He is also said
to have offered $2,000,000
Taking up the decision of the trial court that the workers had
in cash for a majority of the stock of the Chicago
ceased
"Tribune."
when they went out on strike to be "employees" within the meaning
The death of James W. Scott put the Chicago "Times
of the
-Herald" and the Clayton Act, Justice Sutherland asserted
that in the present controversy it
"Evening Post" on the market, and Kohlsaat surprised his friends
by paying was not necessary that the
old status of employer and employee should
11.500,000 for the properties. He became Editor of the
publications, exist at the time the alleged contempt
which had been Democratic, and overnight he
was committed in order to make
changed their policies, effective the
provision of the Clayton Act with respect to a trial by jury.
bringing out the papers as independent Republican journals.
The stand
To say that railroad employees were outside the provisions of the
orboth papers on national policies under the editorship of Mr.
statute
Itohlsaat would be, the court said, to engraft upon it an
soon began to be felt throughout the country.
exception not warranted by its
terms. To construe the jury provision of the statute as otherwise than
Continuing as Editor of both papers until 1901, Mr. Kohlsaat then purmandatory, Justice Sutherland stated,"would be to subvert the plain intent
chased the Chicago "Record" from Victor F. Lawson and consolidated
it and good sense of the statute."
with the "Times
-Herald," calling the merged papers the Chicago "RecordQuoting in part the language of the Court the New York
Herald." He sold the "Evening Post" to John C. Shaffer. In 1902 Mr.
Kohlsaat announced his retirement from the "Record-Herald" to devote "Times" points out that
the opinion held that "the provision
his time to real estate and other interests. He was 49 years old at
the
time, and had been working since he was 13 years old, with only a year's for trial by jury upon demand is mandatory, and the question
to be answered us whether it infringes on any power of the
vacation. He made it plain that it was not his intention to retire from
the
newspaper business, but wanted time to devote to his sixteen business enter- courts vested by the
Constitution and unalterable by Conprises and to be free for the following Presidential campaign. Frank 13.
Noyes, one of the owners and publishers of the Washington "Star," sue- gressional legislation." Continuing the "Times" says:
The position was taken that the Clayton Act does not infringe upon the
.ceeded Mr. Kohlsaat in the management of the "Record-Herald."
In 1910 Mr. Kohlsaat again gained control of the "Record-Herald" and constitutional powers of' the courts, referring to which the Justice added:
"That it may be regulated within limits not precisely defined may not be
Mr. Noyes returned to Washington. In 1912 he bought the Chicago
"Inter-Ocean" from George W. Hinman and assumed active editorial doubted. The statute now under review Is of the latter character. It is
charge for a year, when the paper again changed hands and Mr. Kohlsaat of narrow scope, dealing with the single class where the Act or thing constituting the contempt is also a crime in the ordinary sense. It does not
retired from active journalism.
Mr. Kohlsaat was a confidential friend of Presidents McKinley, Roose- interfere with the power to deal summarily with contempts committed in
velt, Taft. Wilson and Harding. During a period of 25 years he was fre- the presence of the Court or so near thereto as to obstruct the administraquently called into consultation in the White House. Out of his expelence tion of justice, and is in express terms carefully limited to the cases of conas Presidential adviser and his broad and close contact with politics he tempt specifically defined.
"Neither do we think it purports to reach cases of failure or refusal to
wrote "From McKinley to Harding." one of the most entertaining and
valuable books of political history and one in which he embodied his per- comply affirmatively with a decree—that is, to do something which a decree
sonal recollections of the five Presidents named and of other men who commands—which may be enforced by coercive means or remedied by
purely compensatory relief. If the reach of the statute bad extended to
have been in power in the Republican Party.
the cases which are excluded, a different and more serious question would
arise.
"But
question presented is, whether Congress may require a
• United States Supreme Court Rules that Federal Courts trial by the simple thedemand
jury upon
of the accused in an independent proceeding
Cannot Deny Jury Trials in Contempt Cases
at law for a criminal contempt, which is also a crime. /n criminal contempts, as in criminal cases, the presumption of innocence obtains Proof
in Labor Disputes—Comment by Samuel
of guilt must be beyond reasonable doubt, and the defendant may not be
Campers and Warren S. Stone.
compelled to be a witness against himself.
The United States Supreme Court, in a ruling this week,
in which it held that the Federal Courts cannot refuse jury
trials in contempt cases growing out of labor disputes, maintained that the section of the Clayton Act requiring a jury
trial in certain specified kinds of contempt, is Constitutional;
that railroad workers on strike are "employees" within the
meaning of that law; that the contempt charged constituted
a criminal offense, and that a trial by jury was mandatory
when demanded. The conclusions of the Court, delivered
by Justice Sutherland, were given in two proceedings,
one originating in Wisconsin, involving the action of Sam
Michaelson and others employed by the Chicago St. Paul
Minneapolis & Omaha Railway Co., and the other a suit,
instituted in Kentucky by S. C. Sandefur vs. the Canoe
Creek Coal Co. In outlining the history of the two cases
the Associated Press said:
During the shopmen's strike in 1922 Michaelson and other striking employees of the Chicago St. Paul & Omaha Ry. Co. were charged with conspiring to interfere with inter-State commerce by picketing and the use of
force and violenn. After a hearing the Federal District Court for Western
Wisconsin issued an injunction restraining Michaelson and his associates
from certain acts. Subsequently contempt proceedings were instituted
against them, charging violation of certain features of the injunction.
Denied a trial by jury,they were held by the Court. after a hearing, to be in
contempt, and sentenced. The Seventh Circuit Court of Appeals affirmed
the decision.
Sandefur was held in contempt for violating an order of the Court with
respect to the use and threats of violence in connection with a strike against
the Canoe Creek Coal Co. in Kentucky. When the case reached the Sixth
Circuit Court of Appeals that Court asked the Supreme Court for instructions as to whether the trial by jury section of the Clayton Act, "as a condition precedent to punishment for contempt . . . imposed a valid
restriction upon the inherent judicial power of the United States District
Courts," meaning the power to punish for contempt. The Supreme Court
replied that the restriction in the Clayton Act was valid.
Similar to Any Criminal Case.
"The fundamental characteristics of both are the same. Contempt of
the kind within the terms of the statute partake of the nature of crimes in
all essential particulars. So truly are they crimes that It seems to be
proved that in the early law they were punished only by the usual criminal
procedure, and that, at least in England, it seems that they still may be
and preferably are tried in that way."
Samuel Gompers, President of the American Federation
of Labor, while describing the ruling as"a long step ahead,"
declares that "we must not, however, delude ourselves into
the belief that this decision cures all of the evils of the
judiciary." Mr. Gompers' statement, made at Washington, Oct. 21, says:
The Supreme Court has taken a long step ahead in its decision that
strikers charged with violating injunctions are entitled to a jury trial.
Unquestionably the Court is mindful of the trend of the times and recognizes in some degree that the growing tendency of the courts to assume
autocratic powers must be curbed if the whole court system is not to be
impaired. This decision is constructive and progressive.
We must not, however, delude ourselves into the belief that this decision
cures all of the evils of the judiciary. The Court has sustained one of the
most important provisions ofthe Clayton Act, which was passed by Congress
at the insistence of the American Federation of Labor and signed by President Wilson, who then warned judges that the Act was intended to teach
them to safeguard human liberties.
It may well be that this decision marks a great turning point in American
court procedure. A great cloak of autocratic power is shorn away. Strikers
charged with breaking judge
-made law are entitled to jury trials. They
can no longer be put in jail at the whim of the judge who made the law.
But the injunction remains. It may still be issued in labor disputes where
no such injunction would lie if there were no labor dispute in progress. The
injunction itself, as used in labor disputes, must go before the Constitution
is fully and finally vindicated and made supreme in our court system.
I cannot fail to call attention to what seems to me to be the sense of
humor possessed by the Supremo Court.
The Supreme Court's humor—we can scarcely believe the Court is
merely naive—is found in its statement that "it seems to be proved" that
in the early law and to-day in England, such "crimes" are punished "only
by the usual criminal procedure."
It does not, as a matter of fact, merely "seem" so. It is so and the
fact that it is so has been overlooked by the Supreme Court for so many
years is an American judicial scandal that hasfound all to belated remedy.
A great victory has been won by the tactful admission of the Court that
the Judges "seem" to have been on the wrong track.
Is it possible that the Supreme Court has heard of the political campaign
to reform the Court's usurpation of power?
Declaring that the "power to punish for contempts is
inherent in all courts," and "essential to the administration
of justice," the Supreme Court at the same time, says the
Associated Press accounts, asserted that it could not be
doubted that such power could be regulated within certain
limits. Congress could not abridge, it explained, the power
of the courts to deal with contempts committed in the
Warren S. Stone, President of the Brotherhood of Locopresence of the court or so near thereto as to obstruct the motive Engineers, had the following to say regarding the
administration of justice, nor to enforce its decrees. Con- decision in a statement issued at Cleveland on Oct. 21:
gress had not attempted to do any of these things in the
Every good citizen, regardless of whether or not he belongs to a labor
Clayton Act, the Court' added. The Associated Press union, ought to be gratified that the United States Supreme Court has upheld the provisions of the Clayton Anti-Trust Act requiring jury trials for
continues:
workers charged with contempt
court during industrial conflicts.
of
In that law Congress required, the opinion said, a trial by jury upon the
A large number of working people have had their confidence in the integdemand of the accused "In an independent proceeding at law for a criminal rity of the courts
undermined by the issuance of injunctions which have decontempt which is also a crime." In criminal contempts, as in criminal prived them of
their constitutional rights during labor disputes. The Claycases, it pointed out, the presumption of innocence obtains. Under such ton law was enacted to
curb the inituictional evil and prevent the Judge from
circumstances the proof of guilt must be beyond reasonable doubt, It was being prosecutor,
judge and jury combined.
added, and the defendant may not be compelled to be a witness against
The decision of the Supreme Court throws an interesting sidelight upon
himself.
the illegality of ex-Attorney-General Daugherty's injunction against the
The proceeding has ceased to be a suit between the original parties. striking railway shopmen. It was upon the appeal of some of these
victims
Justice Sutherland stated, and has become one between the public and the of Government injunction that the decision has been rendered.
OCT. 25 1924.]
THE CHRONICLE
The decision in the Michaelson case, acclaimed by spokesmen in Chicago for organized labor as a victory in their
fight against what they term "judicial excesses." Donald
R. Richberg, counsel for several labor organizations, and
attorney for the defense before the Supreme Court in the
Michaelson,proceedings, viewed the decision as marking "the
turn of the tide in the increasing assumption of dangerous
powers by the Courts." His statement, according to the
Associated Press advices from Chicago, said:
This decision is of far reaching importance. It sustains the power of the
legislature to check excesses of judicial power. There is no question that
the result will be to diminish the abuses of injunctions issued out of the
Federal Courts in labor disputes.
The legal concept overthrown by the decision, Mr. Richberg said, was the opinion long sustained in American practice that the power to punish for contempt was an inherent
judicial power which brooked no interference by the legislative authority. The defense contention was that a jury
trial in contempt cases was a constitutional guaranty.
United States Supreme Court Declines to Review
Convictions of Striking Employees of Atchison
Topeka & Santa Fe RR.
The United States Supreme Court declined on Oct. 13 to
review an action in which former employees of the Atchison
Topeka & Santa Fe RR. were convicted of conspiracy
during the shopmen's strike of 1922. The Court did not
hand down a written decision, but simply refused to grant
a writ of certiorari sought by the convicted employees, thus
in substance affirming the lower courts. As to the effect
of the Court's action the Associated Press advices from
Washington said:
The motive of railroad employees in ordering a strike which results in the
obstruction of inter-State commerce and delay in the dispatch of the mails
must be determined by a jury, and the verdict of the jury shall not be set
aside by Appellate Courts when it appears that all the essential facts were
presented during the trial.
This principle of law was recognized by the Supreme Court to-day when
it refused to review a case in which former employees of the Atchison Topeka & Santa Fe RR. were convicted of a criminal conspiracy during the
shopmen's strike of 1922.
The finding by the Ninth Circuit Court of Appeals that all contentions
raised by the striking employees had been fully presented to and considered
by the jury, it was indicated, was sufficient to satisfy the Supreme Court
that the controversy presented no questions for its consideration.
The case had been closely followed by railroad officials and employees because it presented the problem of the weight which juries must give to the
official declarations of railroad employees in setting forth the reasons which
actuated them in declaring a strike.
The employees insisted thatthe jury should be controlled in looking for the
motive for the strike by the demands which they had made upon their employers, while the Government contended that the jury was free to consider
all facts in reaching its verdict.
The victory of the Government establishes a precedent in appellate courts
refusing to review the findings of facts as presented in the verdict of a jury
when the motives which inspired a strike were at issue, especially when the
effect of the strike is to obstruct inter-State commerce and delay the mails,
and the contentions of both sides have been presented to the jury.
The former employees had been arrested on the charge of conspiracy to
obstruct the mails and interfere with inter-State commerce.
It was at the height of the shop crafts' strike, in August 1922, that employees on the Atchison Topeka & Santa Fe refused to move trains out of
Needles, Calif., at places on the desert in Arizona.
The motive for the walkout became at once a subject of controversy. The
Government insisted that the action of the employees had been inspired to
tie up the system and force an acceptance of the demands of the striking
shopmen. The workmen asserted that the walkout followed the refusal of
the company to remedy intolerable working conditions and had no relation
whatever to the shopmen's strike.
When a jury in the Federal District Court for Southern California heard
the evidence presented by both sides it returned a verdict holding R. H.
Clements, John Stechlein, C. I. Fox, Arkebauer, E. H. Reynolds, L. E.
Woodbeek, E. Fraseur and C. E. Holly, indicted as leaders of the strike,
guilty of a willful and criminal conspiracy to obstruct the malls and to interfere with inter-State commerce.
The convicted men,in urging the Supreme Court to review the case, contended that the evidence was ample to sustain their plea that the strike had
been resorted to only after the company had refused to remove the armed
guards and to keep the locomotives in proper running order. It was high
time, they insisted, that the question whether railroad men have the same
right to strike as workmen in other lines of industry should be determined
by the court of last resort.
The court should announce, they asserted, whether a strike of employees
upon a railroad carrying the mails and engaged in inter-State commerce,
which resulted in the stoppage of trains, of itself constituted an unlawful
obstruction of the malls and an illegal interference with inter-State cornmeree, when the strike was directed against working conditions which were
unbearable.
Indignant denial was made by the workmen to the charge that they had
"abandoned passenger trains on the desert." They declared that in every
instance train crews at work when the strike was called completed their
runs and that transportation was halted only when employees, exercising
their rights, refused to report for work.
The Government, in contending that the case was closed and not open
to review by the Supreme Court, pointed out that the Ninth Circuit Court
of Appeals had found that all the questions at issue had been fully presented
to and considered by a jury, which had reported that the facts sustained
the charge of a criminal conspiracy.
Inasmuch as the only question at issue was one of fact, relating to the
motive for the strike, that question was one which a jury alone could decide,
the Government asserted, insisting that there was no claim of new evidence
or other sufficient grounds to warrant a reversal of the findings of the jury.
1921
Henry Ford Withdraws Bid for Muscle Shoals—Letter
of President Coolidge Expressing Hope
for Its Renewal.
In acknowledging a letter from Henry Ford In which the
latter withdraws his bid for the Qovernment's nitrate plant
at Muscle Shoals, President Coolidge expresses the hope that
"should the Congress conclude that it is best to restore this
property to private ownership you [Mr. Ford] will at that
time renew your interest in the project." The President's
letter, and that of Mr. Ford's, were made public Oct. 19,
after aimouncement had been made of an interview with
Mr. Ford published in the Oct. 18 issue of "Colliers" in
which it was indicated that the Muscle Shoals offer had
been withdrawn. The interview was reported as follows by
the Associated Press on Oct. 14, in advance of its publication
in "Collier's":
The transaction, characterized by Mr. Ford as "a simple affair of business,
which should have teen decided by any one within a week," he declared,
"has become a complicated political affair," and the bid was withdrawn
because productive business cannot wait on polities.
"Muscle Shoals?" Mr. Ford is quoted, "That is not a live issue with us
any longer. More than two years ago we made the best bid we knew how
to make. No definite action has been taken on it. A simple affair of business which should have been decided by any one within a week has become a
complicated political affair. We are not in politics and we are in business.
We do not intend to be drawn into politics.
"We have been and still are deeply interested in Muscle Shoals as a national asset. There is small promise now that it ever will be a national
asset—more than likely it will be only an expense. That concerns every
one of us as citizens. In the Ford business, once we make up our minds to
do anything, we go right ahead and do it with the least possible waste of
time, energy or money. If we cannot do what we want in one way, then
we find another.
"We are moving so fast and the settlement of Muscle Shoals's future
seems so far away that we had to find other means to do the things we
could have accomplished at Muscle Shoals. In fact, we have passed Muscle
Shoals. Productive business cannot wait on politics. Therefore, we are
withdrawing our bid."
Asked if that meant withdrawing absolutely from Muscle Shoals and
everything that pertains to it, Mr. Ford replied:
"Yes; we have made our bid; now let them make us a bid. And they
will not have to wait three years for their answer. We can tell them in five
minutes."
After discussing the Government investment in Muscle Shoals, which he
said was much larger than it ought to be, but which could not be helped
because it was rush work done in war time for war purposes, Mr. Ford said:
"Our bid was intended to develop a method by which the public's money
could be made productive and eventually returned to the public treasury at
a profit, while at the same time we should produce nitrates at a sufficiently
low cost to sell them to the farmers at a fraction of what they now have
to pay. Also, we intended to create a plant which would not only make us
independent of Chile for nitrates for explosives, but would give us an independent supply, possibly equal to that of all the rest of the world put together."
Mr. Ford said his company had completed the purchase of 160,000 acres
of coal lands in Kentucky, and after relating some of the experiments conducted at the River Rouge plant, said:
"We find from our experience at River Rouge that we can generate electrical power in these coal lands at any extent that we may need and at a
cheaper rate than we could under our bid at Muscle Shoals. And also, we
can generate in our own way entirely outside of all political influence or
political meddling. That is why we have lost our interest in Muscle Shoals."
Asked what he thought ought to be done with Muscle Shoals, Mr. Ford
said:
"In any event, the public must not permit it.to be broken up, for through
its nitrate production it can be our greatest guaranty for peace on one hand
and for the farmers on the other. I believe the army engineers could carry
It through if they were allowed to exercise their own judgment and work
unhampered—for they are a fine lot of men. But probably the best course
is that suggested by the President—that is to appoint an impartial commission."
Mr. Ford's letter to President Coolidge, made public Oct.
19, said:
My dear Mr. President: On July 8 1921 there was submitted to the War
Department, upon their invitation to the writer, an offer for leasing the
Government property at Muscle Shoals.
After many conferences, hearings, etc., this proposal was amended on
Jan. 25 1922, in which form it is still pending in Congress.
Inasmuch as so much time has already elapsed we are unable to wait and
delay what plans we have any longer for action by Congress, and I am consequently asking that you consider this as a withdrawal of said offer.
Very truly yours,
HENRY FORD.
In reply the President stated:
My dear Mr. Ford: Your letter withdrawing your offer for the purchase
of Muscle Shoals has been received. On account of the delay and probable
shifting in conditions, I can understand how you may feel justified in not
keeping your offer open for a longer period. I trust, however, that should
the Congress conclude that it is best to restore this property to private
ownership you will at that time renew your interest in the project.
Very truly yours,
CALVIN COOLIDGE.
Under date of Oct. 14 an Associated Press dispatch from
Washington said:
President Coolidge does not contemplate the appointment of any commission to take up the Muscle Shoals question, it was said to-day at the White
House, in connection with the reported withdrawal of Henry Ford as a
bidder.
There was a misunderstanding about the President's message to Congress
on the subject, it was said. In that message, it was explained, Mr. Coolidge
suggested that the Senate and House appoint sub-committees to study the
problem and report to Congress.
On Oct. 20 the New York "Commercial" reported the following from its Washington bureau:
1922
THE CHRONICLE
[Vora. 119.
Despite the withdrawal of Henry Ford's offer to buy Muscle Shoals and the
failure of the Government to dispose of the plant otherwise, it was stated
to-day by Secretary of War Weeks that should the plant be completed before
its disposal it would not be permitted to remain idle. ,
It is expected that the plant will be ready for operation by July 1 of next
year, and if it is, the Secretary indicated its power production would be
subject to private lease temporarily in order to avoid loss of production
through idleness.
At the last session of Congress the President recommended that authority
to dispose of the plant be vested in some one official commission who would,
of course, be subject to Congress, but whose powers would otherwise be unhampered. The plan, it was explained, to-day, was based on the idea that
"Congress is not a trading body," hence when it came to making terms with
private business could not do so as effectively as could a central authority.
Congress did not act on the suggestion, and its future attitude is uncertain at this time, but the Secretary of War stated that while the matter was
not now in his hands, if it should be in the future, and the problem arose
he would favor a policy of temporary leasing of the power plant in the
interest of economy.
"car shortage" in the grain belt and farmers have been able to take prompt
advantage of the greatly increased prices of grain.
Those who favor Government ownership are also advocating a destructive
policy of regulation which would involve reductions of rates regardless of
high operating expenses and taxes and a reductin of the valuation of the
railways which would confiscate one-third of the value of their properties.
They know that the Transportation Act was passed by Congress to make it
possible for the railways to be returned safely to private operation and private management to succeed. They know that the repeal of the Transportation Act and adoption of the policy of regulation they advocate would cause
universal bankruptcy of the railroads and drive them into Government ownership. They are advocating this policy of regulation for the obvious purpose of breaking down private ownership and management and thereby
forcing Government ownership on the country.
The history of our railways during the last seven years proves that Government management means inefficient operation, increased operating expenses and either higher freight and passenger rates, or a huge deficit for
the taxpayers to pay. It proves that private management means efficient
operation and that efficient operations results in benefits both to the employees and to those who travel and ship goods and pay the rates.
Reference to Mr. Ford's bid, and that of the Union CarThe history of our railways during the last seven years affords such a
bide Co. appeared in our issue of May 10 last, pages 2260 conclusive argument from the standpoint of all classes in favor of private
ownership and management that those who favor Government ownership
and 2261.
must be either ignorant of the facts, or willing deliberately to disregard
them.
Samuel 0. Dunn in Answer to Contentions of Senator
La Follette on Government Ownership of
Railroads.
Referring to the advocacy of Government ownership of
railways by the La Follette-Wheeler party in the present
political campaign, Samuel 0. Dunn, editor of the "Railway
Age," declared in an address before the Western Railway
Club at Chicago on Oct. 20 that "the facts about what has
occurred on the railways of the United States since avernment operation was adopted on Jan. 1 1918 afford the most
conclusive possible argument against Government operation
and in favor of private ownership and management. Mr.
Dunn said:
Decision of United States Supreme Court Upholding
Railroad Labor Board in Publication of Violations
of Its Decisions—Ben Hooper's Comment on
Decision.
The interest which we find exists in the opinion handed
down by the 17. S. Supreme Court on Feb. 19 last, affirming
the decision of the Circuit Court of Appeals for the Seventh
Crcult and upholding the right of the Railroad Labor Board
to make public a statement, when the rulings of the Board
have been violated, by whom and to what extent such violations have been made, prompts us to give at this time the
conclusions of the high court. The Supreme Court, in its
Never in the history of any railways in the world were there produced in decision handed down by Chief Justice Taft, refused an apso short a time so many result proving the superiority of private operation
over Government operation. The Government operated the railways for 26 peal by the Pennsylvania Railroad. "The decisions of the
months. Because Government operation was adopted as a war measure it Labor Board," said Chief Justice Taft,. "are not to be
has been repeatedly said that its results did not indicate what would be enforced by process. The only sanction of its decisions
the results of Government operation in peace time. The fact is, however,
that the Government operated the railways only nine months, while the is to be the force of public opinion, invoked by the faircountry was at war and 17 months after the armistice was signed. There- ness of a full hearing, the intrinsic justice of the conclusion,
fore, there was ample time, after the war was terminated, to get a good strengthened
by the official prestige of the Board and the
idea of what would occur under permanent Government operation.
Let us, then, compare what actually occurred under Government operation full publication of the violation of such decision by any party
with what has occurred since the railways were returned to private opera- to the proceeding."
tion. When the Government took the railways in December 1917 they had
The Pennsylvania had sought, it is stated, to enjoin the
1,700,000 employees and when it handed them back on March 1 1920 they
had about 2,000,000 employees, an increase of 300,000. The railways under Board from making such publication, and the case came to
private operation have, in 1024, handled a much larger traffic than they did the Supreme Court from the United States Circuit Court of
in 1919 and yet the average number of men employed by them this year has
Appeals for the Seventh Circut. The matter grew out of a
been only 1,770,000.
The railways, under private operation, are paying higher wages than were dispute between the road and the shop craft union employees
paid under Government operation. The average wage per day of railway which occurred soon after the Labor Board
took office and
employees in the first seven months of 1919 was $3 80 and in the first seven
months of 1924 it was $4 39 per day. This was 53 cents per day more, or assumed jurisdiction of railroad labor regulations and working conditions. The Board had urged tLe roads to confer
at the rate of 8194 a year more.
Between December 1917 and February 1920 under Government operation, with their employees in an attempt
to make their own reguthe operating expenses of the railways increased from $8,107,000 a day to
$14,311,000 a day, or more than $6,200,000 a day. In July 1924 the oper- lations and adjust their own conditions, and in cases where
ating expenses had been reduced to $2,400,000 a day less than they were at these conferences were unsuccessful, the old rules and workthe termination of Government operation.
ing conditions were continued until the Board made a deciOwing to the great increase in expenses under Government operation, the
Director-General had to make a big increase in freight and passenger rates sion. The Pennsylvania road declined to recognize the FedIn 1918 and in spite of this increase in rates, there was incurred a deficit eral Shop Crafts, a labor union of employees of the railroad
of $1,200,000,000 which the taxpayers had to pay. Within two months after engaged in shop work and
affiliated with the American
the railways were returned to private operation, the Railroad Labor Board
put into effect an advance in wages that exceeded $2,000,000 a day. Owing Federation of Labor. The union crganization objected to
to the big increase in expenses under Government operation and to this large meetings held by employees of the Pennsylvania under the
advance in wages, it was necsesary again to advance rates in 1920. Since
then, under private management, in spite of higher wages, there has been a company's direction, at which an employees' election was
large reduction of operating expenses, and this has made possible reductions held and plans were made for formulating rules for working
in rates which amounted, on the basis of the business handled in 1923, to conditions. Shop craft union
officials characterized the
$683,000,000.
It has been claimed that the railways were in a delapidated condition procedure as an effort of the railroad to form a "company
when the Government took them and that it put them in good condition by union," and presented their objections to the Railroad Labor
investing a large amount of capital in them. The fact is that every dollar Board. After some deliberation,
the Board directed the
of capital that was invested in the railways while the Government had them
was furnished by the railway companies. However, how much actually was Pennsylvania Railroad to hold a new election, for which
invested in the railroads in 1918 and 1919 under Government management? rules were prescribed by the Board and a form of ballot
The statistics of the Inter-State Commerce Commission show that after all specified on
which the labor organization as well as indiaccounting adjustments had been made the investment made by the Government in these two years amounted to $726,000,000. The statistics of the viduals could be voted for as representatives at the option
Commission also show that the investment made in the properties by the of the employees.
railway companies in the year 1923 alone exceeded the total investment
The company, on Sept. 16 1921, applied to the Board to
made by the Government in them in both 1918 and 1919.
The Government, in 1918 and 1919 put in service 4,865 new locomotives. vacate this decision on the ground that there was no dispute
The railway companies, in 1922 and 1923, placed in service 5,263 new loco- before the Board of which by Title 3 of the Transportation
motives. The Government, in 1918 and 1919, put in service only 141,268 Act
the Board was given jurisdiction. After a hearing the
new freight cars. The railway companies, in 1922 and 1923, put in service
288,761 new freight cars or more than twice as many. The railway com- Board declined to vacate its order, but said it would allow
panies have had to buy within recent years so many new freight cars largely the company to
be heard on the question of the ratification
because when the Government had the railways it did not buy enough.
It has been claimed that the Transportation Act guarantees the railways a of its shop craft rules by representatives of the crafts conreturn of 5%%. This is a mere fabrication. It does not guarantee them cerned when fairly selected. With regard to the institution
any fixed return and in the four years since the war-time "guarantees" were
of the proceedings by the Pennsylvania RR. against the
withdrawn, the railways actually have earned on their valuation an average
Board, we quote the following from the synopsis of the case:
of only 4%.
In consequence of the great improvements that have been made in the
properties and in operating methods since the railways were returned to
private operation they handled in 1923, and are again handling now, a record
breaking freight business while rendering the best service the shipping public Of the United States ever received. Shipments of grain, for example,
have for weeks far exceeded all previous records, and yet
there has been no
The Pennsylvania Railroad Co. began this action by a bill in equity
against the Railroad Labor Board and its individual members in the District
Court for the Northern District of Illinois, where the Board has its office,
averring that the suit involved more than $3,000, and praying an injunction
against the defendants' alleged unlawful proceedings under the Act and
especially against their threatened official publication under Section 313
OCT. 25 1924.]
THE CHRONTCLE
of the title that the Railroad Company had violated the Board's decision
under the Act.
The defendants moved to dismiss the bill on the ground that the suit was
one against the United States without its consent, and also for want of
equity and a lack of a cause of action. They also filed an answer making
the same objections to the bill as in the motion and setting forth by exhibits
more in detail the proceedings before the Board and its decisions. The
District Court heard the Case on the bill, motion and answer, and granted
the injunction as prayed. The Board appealed to the Circuit Court of
Appeals(282 Fed.701), which reversed the decree and directed the dismissal
of the bill. The decree of the Circuit Court of Appeals, not being made
final by the statutes, the case is brought here by appeal under Section 241
of the Judicial Code (Comp. St. P. 1218)•
In affirming the decision of the Circuit Court of Appeals,
Chief Justice Taft said in part:
It is evident from a review of Title 3 of the Transportation Act of 1920
that Congress deems it of the highest public interest to prevent the interruption of inter-State commerce by labor disputes and strikes, and that its plan
is to encourage settlement without strikes, first by conference between the
parties; failing that, by reference to adjustment boards of the parties' own
choosing, and, if this is ineffective, by a full hearing before a national board
appointed by the President, upon which are an equal number of representatives of the carrier group, the labor group and the public.
The decisions of the Labor Board are not to be enforced by process. The
only sanction of its decision is to be the force of public opinion, invoked by
the fairness of a full hearing,the intrinsic justice of the conclusion, strengthened by the official prestige of the board, and the full publication of the
violation of such decision by any party to the proceeding.
The evident thought of Congress in these provisions is that the economic
interest of every member of the public in the undisturbed flow of inter-State
commerce and the acute inconvenience to which all must be subjected by an
interruption caused by a serious and widespread labor dispute,fastens public attention closely on all the cirsumstances of the controversy and arouses
public criticism of the side thought to be at fault. The function of the
Labor Board is to direct that public criticism against the party who, it
thinks, justly deserves it.
The main and controlling question in this case is whether the members of
the Board exceeded their powers on the facts as disclosed in the bill and
answer. It is contended by the carrier that the Labor Board cannot obtain
jurisdiction to hear and decide a dispute until it is referred by the parties
to the Board after they have conferred and failed to agree under Section 301.
Undoubtedly the Act requires a serious effort by the carrier and his employees to adjust their differences as the first step in settling a dispute,
but the subsequent sections dispel the idea that the jurisdiction of the Board
to function in respect to the dispute is dependent on a joint submission of
the dispute to it. If adjustment boards are not agreed upon, then under
Section 307, either side is given an opportunity to bring its complaint
before the Labor Board, which then is to summon everyone having an
interest, and after a full hearing is to render a decision. A dispute existed
between all the carriers and the officers of the national labor unions as to
rules and working conditions in the operation of the railroads. By order
of the Labor Board, this dispute which had arisen before the passage of the
Transportation Act, and before the Government had turned back the railroads to their owners, was continued for settlement before the Labor Board.
That Board had been obliged to postpone the decision of the controversy
until it could give it full hearing and meantime had ordered that the existing
rules and conditions should be maintained as a modus vivendi.
Counsel of the Railroad Company insist that the Board had no jurisdiction to make an order or to take up the controversies between the Government Railroad Administration and the national labor
unions; that when
the railroads were turned back to their owners each company
had the
right to make its own rules and conditions and to deal with
its own employees
under Section 301, and that the jurisdiction of the Board
did not attach
until a dispute as to such rules and conditions between the company
and its
employees had thereafter arisen.
We are not called upon to pass upon the propriety or legality of
what
the Labor Board did in continuing the existing rules and labor conditions which had come over from the Railroad Administration, or in
hearing an argument as to their amendment by its decision. It suffices for
our docsion that the Labor Board, at the instance of the carriers, finally
referred the whole question of rules and
labor conditions to each company
and its employees to be settled by conference under Section 301; that such
conferences were attempted in this case, and that thereafter the matter
was brought before the Board by Federation No. 90 of Shop Crafts of the
Pennsylvania System under Section 307. It is the alleged invalidity of
this proceeding, thus initiated, which is really the basis of the bill
of complaint of the company herein, and it is this only which we need
consider
It is urged that the question who may represent the employees as to
grievances, rules and working •conditions under Section 301 is not within
the jurisdiction of the Labor Board to decide; that these representatives
must be determined before the conferences are hold under that section; that
the jurisdiction of the Labor Board does not begin until after these conferences are held, and that the representatives who can make application
under Section 307 to the Board are representatives engaged in the conference
under Section 301. Such a construction would give either side an easy
opportunity to defeat the operation of the Act and to prevent the Labor
Board from considering any dispute. It would tend to make the Act
unworkable. If the Board has jurisdiction to hear representatives of the
employees, it must of necessity have the power to determine who are
proper representatives of the employees. That is a condition precedent to
its effective exercise of jurisdiction at all. One of its specific powers
conferred by Section 308 is to "make regulations necessary for the efficient
execution of the functions vested in it by this title." This must include
the authority to determine who are proper representatives of the employees
and to make reasonable rules for ascertaining the will of the employees in
Again we think that this question of who may be representatives of
employees, not only tefore the Board, but in the conferences and elsewhere,
is and always has been one of the most important of the rules and working
conditions in the operation of a railroad. The purpose of Congress to
promote harmonious relations between the managers of railways and their
employees is seen in every section of this Act, and the importance attached
by Congress to conferences between them for this purpose is equally obvious.
Congress must have intended, therefore, to include the procedure for determining representatives of employees as a proper subject
-matter of
dispute to be considered by the Board under Section 307. The Act is to
be liberally construed to effect the manifest effort of Congress to compose
differences between railroad companies and their employees, and it would
not help this effort, to exclude from the lawful consideration of the Labor
Board a question which has so often seriously affected the relations between
1923
the companies and their employees in the past and is often
encountered on
the very threshold of controversies between them.
The second objection is that the Labor Board in Decision 119 and Prinoipies 5 and 15, and in Decision 218, compels the railroad company to
recognize labor unions as factors in the conduct of its business. The counsel
for
the company insist that the right to deal with individual representatives
of
its employees as to rules and working conditions is an inherent right
which
cannot be constitutionally taken from it. The employees, or at least those
who are members of the labor unions, contend that they have a lawful
right
to select their own representatives, and that it is not within the right of the
company to restrict them in their selection to employees of the company or
to forbid selection of officers of their labor unions qualified to deal with
and protect their interests. This statute certainly does not deprive either
side of the rights claimed.
But Title 3 was not enacted to provide a tribunal to determine what
were the legal rights and obligations of railway employers and employees or
to enforce or protect them. Courts can do that. The Labor Board was
created to decide how the parties ought to exercise their legal rights so as to
enable them to co-operate in running the railroad. It was to reach a fair
compromise between the parties without regard to the legal rights upon which
each side might insist in a court of law. The Board is to act as a board
of arbitration. It is to give expression to its view of the moral obligation
of each side as members of society to agree upon a basis for co-operation in
the work of running the railroad in the public interest. The only limitation
upon the Board's decisions is that they should establish a standard of conditions, which, in its opinion, is just and reasonable. The jurisdiction of
the Board to direct the parties to do what it deems they should do is not to
be limited by their constitutional or legal right to refuse to dolt. Under the
Act there is no constraint upon them to do what the Board decides they
should do except the moral constraint, already mentioned, of publication
of its decision.
It is not for this or any other court to pass upon the correctness of the conclusion of the Labor Board if it keeps within the jurisdiction thus assigned to
it by the statute. The statute does not require the railway company to
recognize or to deal with or confer with labor unions. It does not require
employees to deal with their employers through their fellow employees. But
we think it does vest the Labor Board with power to decide how such representatives ought to be chosen with a view to securing a satisfactory co-operation, and leaves it to the two sides to accept or reject the decision. The
statute provides the machinery for conferences, the hearings, the decisions
and the moral sanction. The Labor Board must comply with this requirement of the statute; but, having thus compiled, it is not in its reasonings
and conclusions limited, as a court is limited, to a consideration of the legal
rights of the parties.
The propriety of the Board's announcing in advance of litigated disputes
the rules of decision as to them is not before us except as to Principles 5 and
15 of Decision No. 119,so far as they determine the methods by which representatives of employees should be selected. They were applied and followed
in the form of ballot prescribed by Decision 218. These decisions were
necessary in order that conferences should be properly begun under Section 301,and that disputes there arising should be brought before the Board.
They were therefore not premature. It is not for us to express any opinion
upon the merits of these principles and decisions. All that we may do in
this case is to hold, as we do, that they were within the lawful function of
the Board to render, and not being compulsory, violate no legal or equitable
right of the complaining company.
For this reason, we think that the District Court was wrong in enjoining
the Labor Board from proceeding to entertain further jurisdiction and from
publishing its opinions, and that the Court of Appeals was right in reversing
the District Court and in directing a dismi.ssl of the bill. We do not find
it necessary, therefore, to consider the questions raised at the bar as to
whether the Railroad Labor Board is a corporation under the Act and
capable of suing or being sued, without the consent of the United States, and
whether the Board's publication of its opinions in matters beyond its jurisdiction could be properly enjoined by a court of equity.
Decree affirmed.
Chairman Ben W. Hooper on Feb. 19 characterized the
decision of the Supreme Court upholding the right of the
Railroad Labor Board to suggest methods of settlement in
industrial controversies as a "long step toward industrial
peace on the railroads." He said:
Not having yet seen the text of the Supreme Court opinion, there is but
little intelligent comment I can make. It the court has sustained the right
of a majority of the shoperaft employees to name their own representatives
without obstruction or denial upon the part of the carrier, it is a long step
toward industrial peace on the railroads.
The contention of the employees was in harmony with the spiAt of our
republican institutions. Upholding the principle of majaity rule in organized labor will greatly conduce to the supremacy of law over force in the adjustment of industrial controversies.
Incidentally, the position of the Railroad Labor Board would seem to be
appreciably strengthened as an agency for the establishment of reason and
justice in the relations between carriers and their men and the protection of
the public from interrruption of transportation.
Saving in Mail Time by Use of Air Service—Results of
Operation of Coast-to-Coast Service.
Postmaster Edward M. Morgan made public on Sept. 29
an Air Mail schedule from the standpoint of New York City,
which illustrates the tremendous savings in time made possible by use of the air, to points directly on the day and night
transcontinental line, and by the co-ordination of air and rail
facilities to points off the flying route. The air mail is shown
to save the New York business man 8 hours in communicating with Cleveland, 10 hours 40 minutes with Chicago,
19 hours 19 minutes with Omaha, 28 hours with Cheyenne,
40 hours with Salt Lake City, and 58 hours with San Francisco. In following out the policy of the Postmaster-General to regard the Air Mail Service as an integral unit of the
Post Office Department, the New York Post Office has established and is maintaining the closest co-operation with Col.
Paul Henderson, Second Assistant Postmaster-General,
whose division includes both the Air Mail and the Railway
1924
THE CHRONICLE
Mail. By a system of frequent collections from special
Air Mail boxes installed at carefully selected locations, quick
dispatch by pneumatic tube from stations to the General
Post Office, and by movement through the motor vehicle
and Railway Mail service to the flying field at Garden City,
with the least possible delay, the New York Post Office is
able to show its patrons the following savings in transit time
by air and rail, as contrasted with rail alone: Indianapolis,
6 hours; Milwaukee,9 hours; Minneapolis-St. Paul, 11 hours;
St. Louis, 5 hours; Lincoln, Neb., 12 hours 32 minutes;
Denver, 23 hours; Boise, Ida., 31 hours; Ogden, 36 hours;
Los Angeles, 41 hours, and Sacramento, 50 hours. Into
the Northwest, by means of connections at Ogden, 31 hours
are saved to Portland, 20 to Tacoma, 19 to Spokane and 19
to Seattle.
According to a report made public Aug. 7 by PostmasterGeneral New, the first month's operation of the continuous
Air Mail Service from New York to San Francisco, inaugurated by the Post Office Department on July 1, was in the
main successful from every standpoint. Despite adverse
weather conditions experiended by the Air Mail pilots during
most of the night flying, the schedule, it was announced, was
maintained without interruption. The following statistics
bearing on the month's operations were furnished:
During the 31 days air mail planes have flown 173,910 miles. When
the army aviators complete their trip around the world and land at Seattle.
they will have covered by 25,000 miles.
Out of the first 20 nights of flying there were only six with clear weather
straight through from Chicago to Cheyenne. Most of the time the air
mail pilots encountered cloudburst and tornadoes and severe electrical
storms, which proved a greater menace to aviation than more severe rain
and snow storms expereinced in other seasons of the year.
But despite the obstacles encountered the average time westbound was
39 hours and 49 minutes. The average time eastbound was 36 hours and
21 minutes.
The best established rail schedules are 86 hours westbound and 90
hours eastbound.
While the poorest performance westbound on July 18 was 55 hours and
40 minutes, there was a saving of 30 hours and 20 minutes over the best
combination of rail schedules.
On July 12 the poorest record eastbound was made, when 57 hours and
39 minutes were consumed. This, as compared to the best rail schedule
eastbound of 90 hours, shows a saving of 32 hours and 21 minutes.
The report called attention to the fact that part of the delay
in air mail delivery is brought about by the fact that there is
no lighted airway either into San Francisco or New York,
the lighted airway extending from Cleveland, Ohio, west
to Rocky Springs, Wyo. The course is now being lighted
from Mather Field, in the Sacramento Valley, to San Francisco. The route is also being lighted across New Jersey
into New York, so that ships arriving near New York or
San Francisco early in the evening may proceed with proper
lights to guide them. This, it is sated, should make the
future performance of the air mail planes much better.
During the first month of operation of the air mail service
there were no accidents worthy of the name, the nearest
approach being a forced landing by Pilot Yager in Nebraska.
In announcing the inauguration of trans-continental air
[vol.. 119.
Full information as to the air mail route, schedules, zones and rates of
postage may be obtained at the nearest post office station.
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
The New York Stock Exchange membership of William
Wilson Heaton was reported posted for transfer this week to
Harold 0. Barker, the consideration being stated as $80,000.
The last previous sale 'was at $81,000.
The New York Coffee & S- ugar Exchange membership of
Charles Steward was reported sold this week to Corn,
Schwartz & Co. for a consideration stated to be $6,900.
This is the same as the last preceding transaction.
Joseph Paterno, President of Paterno Brothers, Inc., has
been elected a director of Liberty National Bank in New
York and Benjamin D. Lewis, formerly of the Guaranty
Trust Co., has been appointed a Vice-President.
H. DeWitt Smith, formerl-y General Superintendent for
the United Verde Copper Co. at Jerome, Ariz., has joined
the staff of the Industrial Department of the New York
Trust Co.
Richard Deming, Vice-Pres-ident of the American Surety
Co., has accepted the invitation of Franklin D. Roosevelt,
President of the American Construction Council, to become
a member of the Council's General Committee on Better
Building.
Marcus Tauster, a former member of the private banking
firm of Garfunkel & Tauster, of 67 Clinton Street, this city,
which failed in January last for $200,000, according to the
New York "Times" of Oct. 22, was committed to the Tombs
in default of $50,000 bail on the previous day (Oct. 21) by
Judge Nott in the Court of General Sessions for alleged
forgery, pergury and grand larceny in connection with the
failure of the bank. Tauster, it is said, disappeared when
the failure of the bank was being investigated by the Grand
Jury. Recently, through the departure of his wife and six
children from this city, he was traced to North Bay, Ont.,
where he had engaged in the clothing business under the
name of Max Bauman. His return to New York under
arrest followed. Max Garfunkel, his former partner in the
failed bank, is now serving an indeterminate sentence in the
penitentiary.
Formal opening of the Lincoln National Bank, a recently
organized Newark institution, capitalized at $300,000, took
place Oct. 20. About a thousand persons attended the reception and inspected the banking quarters. Although it was
not planned to do any business on the opening day, several
persons made deposits. Franklin W. Fort, Manager of the
Eagle Fire Insurance Co.,heads the institution and associated
with him as Vice-Presidents are Arthur L. Bowerman, VicePresident of the Standard Securities Corporation; Louis V.
mail service, beginning July 1, E. M. Morgan, Postmaster at Aronson, l'resident of the Art Metal Works, and Dr. William
New York, issued the following statement June 27:
Banermann, Vice-Prseident of the Clinton Trust Co., all of
The Acting Postmaster-General, John H. Bartlett, announces that at Newark. R. Randolph Dunn, heretofore Cashier of the First
11.00 a. m.(daylight savings time) on July 1 the first westbound airplane
National Bank of Madison, N. J., is Cashier.
of the Trans-Continental Air Mail Service, New York to San Francisco,
will leave Hazelhurst Field, near Mineola. Long Island. The Acting
Postmaster-General will personally review the first flight and will be accompanied by Hon. Irving Glover and Postmaster Edward M. Morgan of the
New York office.
Pilot Wesley L. Smith, longest and most experienced in the Air Mail
Service, and Pilot Hamilton Lee, second only in point of service to Pilot
Smith, are both available for guiding the airship on its initial flight from
Hazelhurst Field next Tuesday.
The Post Office Department has completed all of the preliminary
mechanical and technical preparations, and arrangements have been made
with such care as to insure reasonable adherence to the schedules.
The volume of mail already received intended for dispatch via the first
trip over the Trans-Continental Air Mail route indicates the intense interest
that has been aroused in this new feature of the postal service.
-Continental Air Mall Service for
The opportunity created by the Trans
the expeditious interchange of important correspondence between the
most important cities of the country at a minimum expense should induce
the public to patronize the new service generously.
The inaugural trip will establish a permanent Air Mail Service operating
365 days in the year through sununer heat and winter storm, flying during
the night guided by the beacon lights over an area of 3,000 miles long,
beginning at the Metropolis of the Western World and ending at the Golden
Gate.
A special meeting of the stockholders of the City Bank &
Trust Co., of Hartford, Conn., will be held on Oct. 29 for the
purpose of voting upon a resolution to increase the capital
stock from $700,000, consisting of 7,000 shares of the par
value of $100 each, to $800,000, to consist of 8,000 shares of
the par value of $100 each; and for the purpose of acting on
a resolution to offer such 1,000 additional shares for subscription to stockholders of record Oct. 15 at par of $100 per
share in the proportion of one share of such new stock for
each seven shares of stock so held on Oct. 15, on condition
that no shareholder shall be entitled to subscribe for fractional shares, that any such shareholder desiring to subscribe for such new stock must do so and make payment
therefor in full before Jan. 2 1924, and that any shares not
so subscribed may be sold by the directors at such price, not
less than par, and upon such conditions as they may deem
In a further statement June 28 Postmaster Morgan said: expedient.
In addition to the specially painted red, white and blue striped street
F. Le3Ioyne Page, Secretary of the Pennsylvania Trust
letter boxes erected at prominent points, matter intended for airplane
dispatch may be deposited at the General Post Office, any station of this Co. of Pittsburgh, attended the Financial Advertisers' Conoffice or in a regular street letter or mail chute box. The daily collection vention at Richmond, Va., the week of Oct. 13.
connecting with the final close will be made only from the special air mail
boxes at the time indicated in the schedule appearing on each box.
Matter intended to be sent "Via Air Mail" deposited in regular street
letter boxes located in Manhattan Borough may be mailed up to 11.00 p. m.
and will connect with the airplane leaving the following morning. Air mail
deposited in street boxes in Bronx Borough should be mailed before 10.30
p. m and earlier in suburban districts
A gain of $7,800,000 in depo- sits since June 30 is revealed
by the current statement issued by the Guardian Savings &
Trust Co., Cleveland. Deposits on Oct. 10 were $109,360,037,
as against $101.551,646 on June 30 1924. and $95,765,019 on
Our. 25 1924.]
THE CHRONICLE
Sept. 15 1922. Resources are now more than $120,000,000
.
Capital and surplus are $8,000,000 and undivided profit
s
$1,235,293. The bank recenity opened its seventh
branch
office, known as the Euclid-Superior office, at
Euclid and
Superior avenues, East Cleveland. The eighth branc
h will
be opened early in December in Cleveland Heights,
to be
known as the Coventry office. It will be a modern
community bank with eight tellers' cages, safe deposit depar
tment,
coupon rooms, rest rooms and commodious lobby.
The Continental National Bank of Indianapolis
has moved
Into its new home, the Continental Bank Build
ing, at 17
North Meridian Street, where, In modern banki
ng quarters,
it is equipped in a more efficient manner to exten
d to its
customers the long-established personal servic
e policy. The
bank will maintain a savings department, in
which interest
will be allowed on savings accounts. A safe
deposit vault
department is also being installed in the
building, which is
expected to be completed in November.
1925
The Bank of Italy is managed by an executive commit
tee, composed of
members of the board of directors, and representing the
board in the active
administrative duties. The Chairman of this committee
is the general, or
supervising, manager, while the President of the bank is
its spokesman and
operating head."
L. Scatena will continue as Chairman of the board of directo
rs and L. M.
Giannini, Assistant to the President, will be Vice-Chair
man of the board
of the Bank of Italy, as well as President of the Stockho
lders' Auxiliary
Corporation. A. .7. Mount, who has been Tice-President
and Cashier, now
becomes Senior Vice-President, and W. E. Blauer assumes
the office of
Vice-President and Cashier.
The bank's announcement Oct. 14 regarding the new system of control says:
Employees of the Bank of Italy are to acquire eventual control
of that
institution through stock ownership with the adoption to-day
of a unique
plan introduced as a feature of the bank's 20 anniversary celebration.
Semi-annually the bank will set aside 40% of its profits, for the
purchase
of stock to be given to the 2,200 employees. Participation in the
plan includes officers and employees throughout the entire organization.
Each individual associated with the bank will set aside a definite percentage of annual salary—the amount ranging from 3 to 10%.
In addition, as a reward for permanency, any employee may contribute
1% for each
year of service. This amount invested by the employees, will be added
to
the bank's contribution from profits and the total will be applied
on stock
purchase.
The Midland Bank, Cleveland, has added
The bank's
another $50,000 to employees present Extra Compensation Plan, involving the distribution
of $250,000 annually will not
to its surplus, bringing that account up
to $600,000. The ment, except that metre compensation may be affected by the new arrangebe used as an addition to the
Midland, which is just three and one-ha
lf years old, has stock purchase fund.
been on a 6% dividend basis for 18 month
In commenting on the new plan Mr. Giannin said:
s and has added
$200.000 to surplus within that period.
We want
Deposits of the bank outside or it to be unnecessary for anyone in our organization to have an
additional business interest. There is a big
now exceed $22,000,000 and resources have
here
passed the $25,- each one, and we believe that the adoption of this stockopportunityplan for
ownership
will
000,000 mark.
make association with the Bank of Italy something
to be earnestly desired.
With ultimate control, through stock ownership,
the emThe third annual meeting of the Life
Insurance Sales ployees of the Bank of Italy will partic
ipate in the direction
Research Bureau will be held Monday,
Nov. 10, at Edge- of an institution which, with its affili
ation, the Stockholders'
water Beach Hotel, Chicago. At this
meeting agency prob- Auxiliary Corporation, will have
a capital strength of $50,lems will be discussed, results of Burea
u investigations sum- 000,000. Since 1904, when
the bank's December statement
marized and plans for future studies outlin
ed.
showed $285,000 total resources, it has multiplied more
than
1,000 times, the figures to-day being in excess
At the regular monthly mee- ting of the
of $340,000,board of directors
000. At present the Bank of Italy has 86
of the Union Trust Co., Chicago, this week,
banking offices,
Stuyvesant Pealocated in 56 of the principal cities of Califo
body, President of the Peabody Coal Co., was
rnia.
elected a director to succeed the late Frank C. Caldwell.
J. Enderman, representative for the
United States of the
Rotterdamsche Bankvereeniging, announces the receip
On Oct. 1 Oliver B. Henr-y resigned as Assist
t of
ant Bond
the following information from the bank
Officer of the Mississippi Valley Trust
in Holland:
Co., of St. Louis.
At a meeting of shareholders
Effective that day, Edgar L. Roy was elected
Sales Manager board of directors will submit to be held in Rotterdam on Oct. 27 our
the following proposal for approval:
and Benjamin F. Frick Jr. was made Assistant
An amount of 25,000,000
Bond Officer
guilder shares held by friendly interests to be
In charge of the office detail.
exchanged against amortization
certificates to be redeemed out of annual
At the regular monthly m-eeting of the
directors of the
Union National Bank of Houston, Tex.,
on Oct. 14, Denton
W. Cooley tendered his resignation
as a Vice-President and
a director of the institution, accor
ding to the Houston
"Post" of Oct. 16. Ir. Cooley's
resignation was accepted
with regret. It was announced
that he would form another
business association in Houston,
the details of which would
be made public later. Mr. Cooley
entered the employ of the
bank (then the Union Bank & Trust
Co.) 19 years ago as a
stenographer and exchange teller,
and was promoted through
the different departments until
he became an Assistant
Cashier, Cashier and finally a Vice-P
resident. At present
he is Chairman of the Finance
Committee of the Texas
Division of the American Banke
rs Association, it is said.
Coincident with the celebra-tion
of the 20th anniversary of
the Bank of Italy, at San
Francisco, announcement is made
.of plans designed to give contro
l of the institution, through
stock ownership, to the emplo
yees. This, we are informed,
"is not simply a stock purch
ase plan. It is a change in the
type of nianagement." The board
of directors has also announced that it is in favor of rotation
in all offices, including
that of President. Promotions, howev
er, will be based on
.demonstrated merit rather than seniority.
James A. Bacigalupl, formerly Senior Vice-President,
succeeded to the
presidency Oct. 17, assuming the duties in
this riarticular
that A. P. Giannini has carried. Mr. Giann
ini continues as
'Chairman of the Executive and Finance
committees of the
Bank of Italy, as well as President of
the California Joint
.Stock Land Bank and Bancitaly
Corporation. With refer•ence to the change, Mr. Giannini says:
profits after payment of an initial
dividend to the shareholders. The ameturt
of 25,000,000 guilders availab
le through withdrawals of the above shares to
be written off in addition
to an amount of 6,000,000 guilders out of the reserve. This reserve will be
reduced by a further amount of 12,000,000
guilders to be transferred to
a special account as a provision against all
eventuality.
The capitalization of
the bank will be thereafter as follows: Capital
issued, 50,000,000 guilder
s; ordinary reserve, 20,000,000 guilders. These
measures meet all require
ments.
Mr. Westerman retires
from the management as President, and will be
appointed Chairman of the
Board. Mr. van Hengel, now Managing Director
of the Amsterdarnsche
Bank, will retire as such and join the Rotterdamsche
Bank, as delegate of the
board of directors.
BOOK NOTICES.
(Concluded from page 1887.)
war. In six months of
1865, $697,000,000 were sold under
his organized direction.
His earlier and immediate success
led to the enactment of
the National Bank Bill of 1864, which
after its various amend
ments is the one now in force.
The widely expanded
condition of the banks and a sudden
development of wild speculation precipitated
the last of our
great financial panic
s in 1907. Government relief was
sought and proved for the
time effective, but the important
lesson taught was the need
of a system of mobilized reserves.
Three defects in the natio
nal banking system had been the
unsatisfactory reserve requirements, the inelasticity
of deposits, and the inelasticity of note issues Vario
.
us emergency or stop measures
were enacted by Congress, and a
Monetary Commission was created in 1908. This
Commission reported in 1911, and its final measu
re was adopted
Dec. 23 1912. It is the Federal Reserve
Act, under which
our system of banking has been transforme
d and established.
It Was none too soon. The Great War
put it to an immediate and severe test, proving its worth
. The future of
Through the selection of Mr. Bacigalupi for
this office, the bank is
American banking is fraught with consequences
'recognition to a man who has intimate
giving
which canknowledge of the
not be forecast; but it will be largely deter
institut
tory, policies and personnel. His advanc
mined by the use
ement marks the definit ion's hisof a policy in promotion that has long
e adoption that is made
been
of the lessons taught in the banking of the
As Chairman of the bank's Executive under consideration.
past.
Committee,
my relationship with
the institution will in no way be interru
pted. I am freeing
details so that I shall have time for
myself of many THE WEEK ON THE NEW YOR
the steadily increasing
K STOCK EXCHANGE.
sponsibilities. With the natural growth
volume of reof business, my duties
Under the leadership of the railroad issues, the
•of Dancitaly Corporation and the
New York
California Joint Stock Land as President
,.as Chairman of the board of directo
stock market has moved steadily upward
rs of the Stockholders' Bank, as well
during the present
poration, demand more and more
Auxiliary Cor- week. Oil share
of my time. In consequ
s also held a prominent place in the impro
is being split, through this change
ence, the work
vein the presidency of the
Bank of Italy. ment and industrial issues likewise made substantial gains.
I shall, however, be in close touch
wiht the affairs and
management of the On Saturday advances of two or
.institution.
more points were
recorded
by a number of leading stocks, partic
ularly in the railroad
1926
[VoL. 119.
THE CHRONICLE
and in the industrial group. The movement of prices was
uneven in the opening hours on Monday, though considerable
strength developed in a number of special issues, particularly
low-priced rails. Steel shares were weak, Bethlehem going
below 41 and United States Steel common dropped off a
point or more. United States Cast Iron Pipe & Foundry
declined to 1063/2 on a decision regarding dividends on the
preferred shares, but later recovered to 110. Railway shares
moved upward, St. Louis & San Francisco advancing 23/i
points in anticipation of a favorable September report.
The market again improved on Tuesday, the prices gradually working upward during the greater part of the day.
Railroad issues were the feature of the day, St. Louis & San
Francisco again coming into the foreground with an advance
of two points to a new high record, while Chicago & Great
Western was in active demand at improving prices. Universal Pipe was also a prominent feature in the trading, making a net gain of four points to 483. Steel shares were weak,
3
393/
,
Bethlehem Steel making a new low for the year at
in the last hour. The market opened
though it rallied to 403/i
strong on Wednesday and continued its upward course during the greater part of the day. Gains of 2 to 3 points were
recorded by several market leaders, particularly in the railroad, oil and industrial groups. The railroad issues were
especially strong, St. Louis & San Francisco crossing 38,
New Haven going above 25 and Northern Pacific and Union
Pacific each recording an advance of a point or more. General Electric recorded a net advance of 2% points. Railroad
shares were in the foreground on Thursday and oil shares
continued to hold a prominent place in the trading during
most of the session. New York Central was conspicuously
strong, rising to 108% and scoring a gain of more than three
points for the day. American Woolen declined two points
and American Smelting made a new high record for the day at
779/3. Maxwell Motors "A" crossed 66 due to brisk trading
in that issue during the final hour. Price movements continued upward on Friday. Railroad shares were again the
centre of interest, Norfolk & Western, New York Central
and Atchison alternating in the leadership of this group.
Industrial stocks were in strong demand, American Smelting
heading the upward swing with a new high for 1924 at 79.
The final tone was strong.
South Penn Oil over 5 points to 135. Southern Pipe Line
moved up from 833/3 to 89 and sold to-day at 88. Standard
Oil (Indiana) advanced from 559 to 583/s. Standard Oil
(Kentucky) improved from 1153/3 to 1173/3 and finished today at 1173/3. Standard Oil (Neb.) moved up from 2343.4
2
to 246 and down finally to 2443/. Standard Oil of New
%
York gained over 3 points to 423/3 and ends the week at 428 .
There were no changes .of importance in the industrial list.
Public utilities were considerably less active than recently.
American Gas & Electric com. declined from 843/3 to 83 and
closed to-day at 839/s. American Light & Traction com.
after an advance during the week from 1363/2 to 138 to-day
2
,
jumped to 1413/ the close being at 1403/3. Appalachian
Power sold up frem 683/3 to 75 and reacted finally to 703/3.
Commonwealth Power corn. rose from 97 to 1033/2. Middle
West Utilities com. was conspicuous for an advance of 6
points to 793/3 but reacted subsequently to 753. Duz, Inc.,
sold up from 243/3 to 28 and eased off finally to 269/3. Lehigh
Valley Coal Sales advanced from 81 to 84 and sold finally
at 83. United Bakeries corn. gained over 5 points to 1213j
and ends the week at 121.
A complete record of Curb Market transaction for the
week will be found on page 1947.
DAILY 'TRANSACTIONS AT THE NEW YORK CURB MARKET.
STOCKS(No. Shares).
BONDS (Par Value).
Oil.
Domestic. For'n Ooat.
Week Ending Oct.24
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
$38,000
61,000
62,000
24,000
37,000
24,000
52,635
75,820
64,370
72,705
82,810
74,625
53,570
74,690
108,630
98,920
87,290
88,290
99,500 1319,000
136,400 700,000
111,910 647,000
869,000
151,210
552,000
149,560
659,000
162,250
422,965
489,390
810,830 53,546,000 5248,000
COURSE OF BANK CLEARINGS.
Bank clearings for the country.as a whole show larger
totals than a year ago. The improvement, however, follows
largely from the expansion at New York City, the exchanges
at this centre showing a gain for the five days of 23.5%.
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. 25) aggregate
bank exchanges for all the cities of the United States from
which it is possible to obtain weekly returns will register
FOREIGN EXCHANGE.
an increase of 16.1% over the corresponding week last year.
54
Sterling exchange was moderately active, at higher levels. The total stands at $8,934,113,551, against $7,694,859,2
for
The Continental exchanges were in neglect, the only active for the same week in 1923. Our comparative summary
feature being guiders, which scored an advance of 10 points, the week is as follows:
establ'shing another new high record.
exchange were 4 464154
To-day's (Friday's) actual rates for sterling
4 46% for sixty days, 4 48% @4 49% for cheques and 4 49@4 49% for
4 48@4 49%, sixty days 4 441.@
cables. Commercial on banks, sight
for payment (60 days)
4 45%, ninety days 4 44(4)4 44%. and documents
4 44% ® 4 45%. Cotton for payment 4 48%@4 49% and grain for payment 4 48%04 494i•
To-day's (Friday's) actual rates for Paris bankers' francs were 5 14®
5 153 for long and 5 193 @5 20% for short. German bankers' marks are
not yet quoted for long and short bills. Amsterdam bankers' guilders were
for short.
38.81@38.873 for long and 39.17@39.234
week's range 85.95 francs
Exchange at Paris on London 86.15 francs;
•
high and 86.20 francs low.
exchange for the week follows:
The range for foreign
Cheques.
Cables.
Sixty Days.
Sterling Actual4 51116
4 50 13-16
High for the week__ 4 48 5-16
4 48%
4 48%
Low for the week_ -- 4 4644
Parts Bankers' Francs
5.25
5.24
4
High for the week_ _ _ 5.17s
5.20%
5.19%
Low for the week__ - 5.133
Germany Bankers' Marks
0.000000000023% 0.000000000023%
High for the week_
0.000000000023% 0.000000000023%
Low for the week
AmsterdamBankers' Guilders
39.43
39.39
High for the week_ -- 38.97
39.06
39.02
Low for the week___ 38.60
St. Louis, 15425c. Per $1.000
Domestic Eschange.---Chicago. par.
Montreal, par. Cincindiscount. Boston. par. San Francisco. par.
nati, par.
THE CURB MARKET.
Trading in the Curb Market this week was restricted and
price movements without definite trend. Oil stocks were
conspicuous, a buying movement for a time causing considerable strength in this group. Prairie Oil & Gas told up from
213 to 219 and closed to-day at 218. Eureka Pipe Line
gained 3 points to 80. Illinois Pipe Line rose from 1203/3
to.125 and Indiana Pipe Line from 70 to 78, the latter closing
to-day at 763/3. Magnolia Petroleum advanced from 134
to 139, easing off finally to 1383. New York Transit from
563/3 reached 63 and reacted finally to 61. Northern Pipe
Line improved 3 points to 79, with the final transaction
to-day at 78. Solar Refining gained 4 points to 84 and
1924.
1923.
per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
13,953,000,000
523,492,998
420.000,000
367.000.000
126,452.308
129,577,272
139,100,000
114,776,000
139,742,994
131.637,572
93.728,327
81,851,491
67,176,419
13,223,800.723
494,983,092
331,000.000
308,000.000
108,994,381
117.485,112
129,900,000
122,768.000
143,142,595
120,738.084
85,902,909
75,960,183
61,285,828
+23.8
+6.8
+26.9
+19.9
+IBA
+10.3
+7.1
-6.5
-2.4
+9.0
+9.1
+7.8
+9.6
Thirteen cities, 5 days
Other cities, 5 days
$6,317,535,381
1,127,559,245
$5,321,940,887
1,090,441,825
+18.7
+3.4
Total all cities, 5 days
All cities, 1 day
87.445.004.626
1.489,018,925
86,412,382,712
1,282,476,542
+18.1
+16.1
58.934.113./551
glens RAD 2S4
-I-18.1
Clearings-Returns by Telegraph.
Week ending Oct. 25.
Total all cities for week
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 tie elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ended Oct. 18. For
that week there is an increase of 3.8%, the 1924 aggregate
of the clearings being $8,604,284,682 and the 1923 aggregate
$8,286,011,592. Outside of New York City there is a decrease of 2%, the bank exchanges at th,is sentre .showing a
gain of 9.8%. The fact that the increase is so small is due
largely to the fact that the Columbus Day holiday, which
fell in this week the present year, came in the previous week
last year. 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 distriet there is an
improvement of 2% and in the New York Reserve district
(including this city) of 9.6%, but in the Philadelphia Re-
OCT. 25 1924.1
THE CHRONICLE
serve district there is a loss of 10.5%. In the Cleveland
Reserve district there is a decrease of 8.3% and in the Chicago
Reserve district of 1.7%, but in the St. Louis Reserve district there is an increase of 1.1%. In the Richmond Reserve
district the totals are smaller by 4.1% and in San Francisco
Reserve district by 11.2%. In the Atlanta Reserve district
there is an increase of 6.7%, in the Kansas City Reserve
district of 9.5% and in the Dallas Reserve district of 8.3%.
The Minneapolis Reserve district enjoys a gain of 29.8%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANE CLEARINGS.
Week Ending Oct. 18 1924.
1924.
1923.
Ine.or
Dec.
1922.
1921.
$
Federal Reserve Districts.
$
$
%
$
11 cities 493,252,473 483,426,195 +2.0 529,645,637 389,087,340
(1st) Boston
(2nd) New York
10 " 4,577,800,221 4,177,309,081 +9.6 5,362,072,158 3,896,559,542
(3rd) Philadelphia.---10 "
523,473,711 585,169,253 -10.5 619,5E2,154 465,723,334
(4th) Cleveland
385,567,408 420,264,475 -8.3 389,096,266 358,513,702
8 "
(15th) Richmond
6 "
199,814,045 208,271,146 -4.1 197,237,680 152,540,399
12 "
(6th) Atlanta
229,579,941 215,189,707 +6.7 201,586,569 173,054,481
(7th) Chicago
20 "
904,028,009 919,583,479 -1.7 914,529,595 733,487,204
(Sib) St. Louis
8 "
248,965,321 246,341,461 +1.1 86,638,723 68,742,528
(9th) Minneapolis
7 "
184,668,839 142,220,947 +29.8 145,348,161 138,119,274
(10th) Kansas City_
11 "
270,699,966 247,276,696 +9.5 291,140,650 259,214,879
(11th) Dallas
5 "
95,090,929 87,791,166 +8.3 80,918,958 62,470,427
(12th) San Francisco__ _16 "
491,343,819 553,167,986 -11.2 458,459,325 371,031,838
Grand total
124 titles 8,6E4,284,682 8,285,011,592 +3.8 9,276,255,876 7,078,544,948
Outside New York City
4,100,713,810 4,185,418,946 -2.0 3,993,379,945 3,244,998,005
(lames
29 MBAs sea 7F111 IT/ 7714 DM am -in 4 144 Fun R.12 157 ant RIO
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended October 18.
Clearings at
1924
1923.
First Federal Reserve Dist rict-Boston
Maine-Bangor_
197,574
813,864
Portland '
2,963,868
3,017,683
Mass.
-Boston _ _ 443,000,000 428,000,000
Fall River_ _
3,0.53,104
1,895.959
Holyoke
a
a
Lowell
1,466,544
1,319,110
• Lynn
a
a
New Bedford_ _
1,800,007
1,727,839
Springfield
_
5,744,575
5,430.354
4,118,000
Worcester
3,689,000
Conn.-Hartford
10.948,904
11,703,003
New Haven_
8,046.319
6,930,261
R.I.-Providence
16.087,300
13,625,400
Total(11 cities)
493,252,473
483,426,195
Inc.or
Dec.
1922.
1921.
804,431
-32.1
1.012,669
+1.8
2,452,450
2,000.000
+3.5 476.000400 344,144,978
-34.7
2,425,557
1,826.959
a
a
a
-10.0
1,471,190
1,574,428
a
a
a
-4.0
2,397.948
2,167,113
5,637,322
-5.5
4,113.594
-10.4
4,432,000
3,713,000
+6.9
11,107.566
7.724,028
6,994,973
-13.9
5.473.071
15,922,200
-15.3
15,337,500
+2.0
529,645,637
389,087,340
Second Feder al Reserve D istrict-New York
-Albany _ _
N. Y.
5,123.234
4,188,667
4,163.033 +43.1
5,955.364
Binghamton._
1,162,078
1.010.700
1,082,590
1,234,000 -18.1
Butfalo
48.563,183
52,627,785
d44,952,069
41,335,567
Elmira
941,013
792.220
761.323 +23.6
Jamestown_ _ _ d1,417,914
1,200,128
1,573,409 -9.9
1,228,036
New York.... 4403,570,872 4.100,592,646 +9.8 5,282,875,931 3,833.546,943
Rochester
12,001,826
7,987,269
11,466,987 +4.7
10.668,023
Syracuse
4,758,532
5.042,417 -5.6
3,918,939
4,278,799
Conn.
-Stamford.
c2,699,250
2,919.846
3,447,859 -21.7
2.878457
N. J.
-Montclair
492,681
464,224 +6.1
379,593
439,800
Total(10 cities) 4.577.800,221 4,177,309.081
+9.6 5,362,072,158 3,896,559.542
Third Federal Reserve Dist rict-Piffled elphia
Pa.-Altoona.._
1.555,524
1,788,358 -13.0
1,372,270
Bethlehem _
e3,653,592
4,239,518 -13.8
3,992,681
Chester
1.324,577
1,999,625 -33.8
1,679.565
Lancaster
2,798,344
3.469,321 -19.3
3.115,829
Philadelphia _
493,000,000 663,000,000 -10.8 591,000,000
Reading
3,574,535
4,003,000 -10.7
3,068.760
Scranton
6.605.332
6,385,725 +3.4
5,825,044
Wilkes-Barre d3,807,631
3,278,127 +16.2
3,890,286
York
1.956,231
1,662,999 +17.6
1,369,115
-Trenton..
N.J.
5.197445
5,342,580 -2.7
4,268,604
Del. Wilming'n
a
a
a
a
Total(10 cities)
523,473,711
585,169,2531 -10.5
1,011.835
2,423.572
1,084,459
2.570,333
442,000,000
2,585,816
5.285.095
3,331,972
1,243,415
4,206,837
a
619,582,154
465,723,334
Fourth Feder al Reserve D Istrict-Clev elandOhio-Akron- _. d7,632,000
7,083,000 +7.8
5,947,000
Canton
5.688.368
5,457.236 +4.2
4,699,789
Cincinnati
69,742.528
77.326,990 -9.8
71,728,096
Cleveland
119.267,927 125,315,114 -4.8 118,030,232
Columbus
15,810,700
15,497,600 +2.0
15,063,300
Dayton
a
a
a
a
Lima
a
a
a
Mansfield
d1,953,818
'
80,599 +3.9
2,202,062
Springfield _ -a
a
a
a
Toledo
a
a
a
a
Youngstown
d5,344,082
4,347,112 +22.9
4,425.787
Pa.-Erie
a
a
a
160.127,985 183354,824 -12.7 *167,000,000
Pittsburgh -
6,560,000
3.964,365
61,352.425
94,464,948
12,308,500
a
a
1,449,214
•
a
3,414,250
a
175,000,000
1,8
Total(Settles)_
385,567,408
420,264.475
-8.3
389,096,266
358,513,702
Fifth Federal Reserve Dist rict-Richm ond1,762,832
2.235,778 -21.2
W.Va.- Hunt'en
d7,718.883
9.607,183 -19.7
Va.-Norfolk _ _
63,124.000
58.177,000 +8.5
Richmond _
.3,500,000 -3.3
3,385,000
-Charleston
S.C.
Md.-Baltimore. 100,602.115 102.300,185 -1.7
32,451,000 -28.4
23,221,215
D.C.-Washing'n
1,85.5,833
8.808,310
55,775,275
2,332.374
108,060.323
20,405,565
1,495,003
7.610,218
47.001,736
2.750,000
75.430.876
18,252,566
-4.1
197,237,680
152,540,399
!Ulan taMath Federal Reserve Dist net7,362,557 +7.2
7,889.437
Tenn.-Chatt'ga
3,496,112 -3.9
3.359,490
Knoxville
23.564,000 +1.5
23,906.806
Nashville
67.505,215 +3.7
Georgia-Atlanta
70,002,023
2,919445 -5.6
2,756,689
Augusta
1,706,280 +6.8
Macon
1423,996
a
a
Savannah
a
13,411,376 +28.2
t'la.-Jack • twine
17,193,173
26.141,083 +10.1
Ala.-Birm ing m
'
28,778,798
1,802,172 +9.6
1,974,861
Mobile
1,212,073 +31.8
Miss.-Jacicson_ _
1.598.000
448.599 +29.8
Vicksburg
582,167
65,620,695 +6.2
La.-NewOrleans
69,714.501
7,233.930
2,783,159
22,126.551
56,892,478
2,662,847
1.486.815
a
10,918,903
32,385,454
1,997.714
862,038
554,297
61,682,383
5.494,902
2,807,206
18,388,718
53,277,705
2,094,157
1.512,705
a
9,513,702
23,063,068
1,568.000
838,953
395.682
54.099.683
201,586469
173,054,481
Total(6 cities).
•
Total(13 cities)
199,814,045
229,579,941
208,271,146
215,189,707
+6.7
1927
Week Ended October 18.
Clearings at
1924.
1923. •
Inc.or
Dec.
1922.
1921.
$
$
Seventh Feder al Reserve D strict-Chi cago
Mich.
231,284 +19.9
277,358
-Adrian __
173,789
225,827
Ann ArbOr____
992.655
758.922 +30.8
786.682
585,194
Detroit
154,779.293 144,384.743 +7.2 122.311,093 109,044,479
7.653,809
Grand Rapids_
6.525,988 +17.3
6.420,636
6.033,570
2,289,695 +14.4
Lansing
2,619.076
2.062,190
2,441,739
2,648,659 -3.2
Ind.
-Ft. Wayne
2464.789
2,043,993
1.709,678
21.110,000 -1.2
Indianapolis... d20,854,000
19,247,000
16,674.000
2,318.000 +12.8
South Bend...
2,614,000
2.603,000
2,042,800
5,505.262 +3.0
Terre Haute_ _ _
5468,255
39,076.158 +7.4
Wis.-Milwaukee
41,960,522
33,884.778
29,386,342
2,498,643 +8.1
2,227,680
Iowa-Ced.Rap_
2,701,934
1,843,957
11,652.845 -0.9
10,550,159
Des Moines..._
11,548,890
9,075,669
6.833,997 +4.3
5.982.912
Sioux City.....
7,131,272
5,161,238
1,624.039 +7.7
2.093.076
Waterloo
1,748,698
1,589,759
1.706,061 -10.0
1,376.420
III.
1,535,990
-Bloomington
1,230,160
Chicago
627,578,833 659,768,514 -4.9 692.763.,
537,758.810
a
a
a
Danville
a
a
1,289.698
1,487,467
1,424,533
Decatur
1,170,185
4.244,244
4,044,908 +23.4
4,989,897
Peoria
3,555464
2,059,086
2,391.923 +8.7
2,600,233
Rockford
1.700,000
2,409,574
2,726,371 +2.1
Springfield_ _ _ _
2,783,972
2,258,533
Total(20 cities)
904,028,009
914,529,595
919,583,479
Eighth Faders I Reserve Die trict-St. Lo uisInd.
6.292,904 -12.9
-Evansville.
5.480,787
Mo.-St. Louis_ _ 158,700,000 154,200,000 +2.9
35,522,789 -0.4
Ky.-LoulsvIlle
35,376,123
486,758 -17.9
Owensboro_ _399.855
Tenn.-MemiShis
30,068.400
31,737,758
Ark.
17,060.199
-Little Rock
16,201,457 +5.3
Ill.-Jacksonville
358.975 +11.8
401,330
1,540,820 -4.0
1,478,627
Quincy
Total(8 cities)_
Ninth Federal
Minn.
-Duluth
Minneapolis_ _
St. Paul
No. Oak -Fargo
S. D.
-Aberdeen
Mont.
-Billings _1
Helena
I
248,965,321 246,341.461
Reserve Die trict - Min
10,735,343
d20,293.849
83.757,087
121,597,696
39.176.471
34 462.985
2,846.921
2,183,466
1,754,548
„
645,561
815.516
3,602,000
3,560,779
733.487,204
4,613,460
4.867,624
31.310.322
355,963
33,246.372
15,290,140
397.076
1,425,390
25,397,577
331,419
24.828,257
11,775,437
296,164
1,246460
86,638,723
+1.1
neapo lie
8.926,653
+89.0
85,639.334
+45.0
41,092,616
-12.0
2,540,986
-23.3
1,492,590
+20.4
703,679
+26.3
4,952,303
-1.1
68,742,528
Total(7elties) _ 184,668,839 142,220,947 +29.8
Tenth Federal Reserve Die trict - Kan sac Cit
246,975 +79.5
Neb.-Fremont _
d443,215
Hastings
4,207,413 +7.2
4.509,078
Lincoln
45,359,620 +0.2
Omaha
45,466.748
Kan.
3,227,575 -6.8
d3,009,650
-Topeka
7,311.549 +8.8
Wichita
d7,951,851
Mo.-Kan. City_ d144.551,000 136.544,722 +5.9
St. Joseph......d7,313,727
7.449,639 -1.8
Okla.
a
-Muskogee
a
19,606,511 +66.8
Oklahoma City d32,697,021
a
Tulsa
a
a
Colo.
1,138,104 +3.7
1.180.385
-Col.Spgs.
21,295,036 +5.8
Denver
22,535,045
Pueblo
889,552 +17.2
e1,042,246
145,348,161
7,311.289
87,397.317
34.558.708
2.554.787
1.412,601
750.156
4,134,416
138,119,274
406,464
458,925
3,241.949
45.635,350
3,277.306
10,281,483
172,510,393
3,060.299
39329,780
3,449.567
11,310.575
163,262447
a
28,625,942
a
1,044,240
25430.296
887.227
a
27.557.598
a
900,794
19,280,098
804,796
Total(11 cities) 270,699,966 247,276.696 +9.5 291,140,650
Eleventh Fade ral Reserve District-0alias
Texas-Austin_ _
1,670.229
1,915.679 +4.2
1,995,667
Dallas
52,443,249 +14.5
45,666,387
60,034,423
Fort Worth_ - _ d14,602,053
16,530,298
13,987,160 +4.4
Galveston
11,451,186
13,119,629 -0.4
13,061,341
Houston
a
• a
a
a
La -Shreveport.
5400.858
6,325,449 -14.7
5.397,445
269,214,879
Total(5 cities).
95,090,929
87,791.166
Twelfth Feder al Reserve D istrict-San
Wash -Seattle
47,203.225
42,751,883
Spokane
d12,022,000
14,188,000
Tacoma
a
a
Yakima
2.051,979
1,923,875
Ore.
-Portland_ _
46,351,370
52,490,615
Utah-S. L. City
17,220,122
18,895,426
Nev.-Reno
a
a
Aris.-Phoenix _
a
a
Calif.-Fresno.
5,629,267
5,637,452
Long Beach _
6,707,304
10,250.287
LOR Angeles_ -- 141,121.000 175.398,000
Oakland
17,857,458
18,275,918
Pa.sadena
5,626,845
6.509,476
Sacramento d8,360,490
8,033,067
San Diego
4,549,690
4,063.441
San Francisco. 173,900,000 183,200,000
San Jose
3,288,223
3,180,663
Santa Barbara_
1,150,888
1,271,541
Stockton
d2.755,300
2,647,000
+8.3
Fraudi
-9.4
-15.3
a
+6.7
-11.7
-8.9
a
a
-34.6
-19.5
-2.3
-13.6
+4.1
+12.0
--5.1
+3.4
-9.5
+4.1
1,623.002
34,013,890
14,300,588
8,223.850
a
4,309.097
80,918,958
62,470,427
36.872.811
13,032,000
13.032.000
a
1,716,587
40,577.994
16.893,954
a
a
8.434.550
6.085.012
121.484,000
13,419,207
4,461.024
8,945,460
.3,500,000
175,500,000
3,426,387
1,042.839
3.067.500
32.698.596
11,481,666
a
2447.937
38.258,741
14.240.147
a
•
7,878.300
3,712.955
89.709,000
10,356.323
3.890.683
7,105,887
2,598,851
141.100,000
2.480.194
728,458
2.744,100
Total(16 cities) 491,343,819 553,167.986 --11.2 458,459,325 371.031438
Grand total (124
cities)
8,604,284,682 8.286.011,592 +3.8 9,276,255,876 7478.544,948
Outside New York 4.100.713.810 4,185.418 949 -2.0 3.093.370.945 3.244.998.005
Week Ended October 16.
Clearings al
1924.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William......
New Westminster
Medicine Rat...
Peterborough....
Sherbrooke
Kitchener
Windsor
Prince Albert....
Moncton
Kingston
$
141,994,503
172,820,956
72,092.717
15,396,989
6,630,008
6,379,040
2,830,754
5.170.844
7.402,700
2.709,663
2.161,926
2,559,227
4,887.200
4,522,969
641,215
593,461
1,795,539
1,377,837
983,516
1,287486
694,478
349,491
824.781
760,787
1.011.645
3,044,616
312,952
800,731
741,808
1923.
$
228,025,609
386,467,093
78,781,320
14,360.263
7,796.906
7,008,621
3,120,281
7,409,171
7,218,685
3,235.763
2,778.429
2,942,318
4,074,145
5,128,544
763,315
913,352
2,270.775
1,748,443
1,392,606
1,007,742
.586.082
473,198
840,629
826,059
1,044,306
4,741,146
345,632
934,356
687,092
Inc. or
Dec.
1922.
$
%
-37.8 100.352,169
93,354,534
-55.3
75.337,978
-8.5
13.604.729
+7.2
7,531,926
-15.0
6,195,722
-9.0
3,176.054
-9.3
5,751,938
-30.2
5.893,188
+2.6
2,382.359
-16.3
2,081,343
-22.2
2.577,508
-13.0
4,578,732
+20.0
4,905,038
-11.8
835,764
-16.0
897.409
-35.0
2.072.672
-20.9
1.812.572
-21.2
1,199,492
-29.4
1,024.293
+27.7
575.043
+18.5
434.540
-26.2
-1.9
730.391
-7.9
910.467
912,499
-3.1
-35.8
3,426.166
444.432
-9.5
-14.3
1.089,517
+8.0
752,266
1921.
$
98.953.881
99,492.789
78.675,964
13.710,692
8,803,726
5.602,881
3.149,984
5.837,841
7,586,245
2,662.769
2,132.008
2,919.931
5,395,011
4,689.302
1,904.613
800.226
2,379,839
1,791,327
1,310,398
855,371
689.614
603,752
853.721
771,705
982,524
3.387,695
1,105,059
755.971
a No longer report clearings. b Do not respond to requests for figures. c we
ending Oct. 15. d Week ending Oct. 16. e Week ending Oet. 17. •FstImated
THE CHRONICLE
4928
.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Oct. 8 1924:
GOLD.
The Bank of England gold reserve against its note issue on the 1st inst.
amounted to 2126,604,045 as compared with £126,602,320 on the previous
Wednesday. The amount of gold available here this week was again
small and taken mostly for the trade.
The following information was received from India by mail dated 19th
ult.: "During the week the gold market weakened and has declined from
Rs. 24.-2 to Rs. 23.-11 for ready delivery. Many bulls, being disappointed
owing to continued decline in the price, have been selling off their holding
this week. Good business has been doing in the bazaar. In spite of large
settlement offtake the visible stock of gold is about 35.00.000 tolas and the
monthly demand is about 10.00.000 tolas. The bulls both in Bombay and
are losing heavily. The closing prices for mint gold are Rs.
ITp-countrY- 23.-11 for ready, Rs. 23.-12 for October settlement mid Rs. 23.-13 for the
November settlement. Sovereigns are quoted Rs. 15.-5.-6 for ready and
Rs. 15.-6 for forward."
SILVER.
Throughout the week the market has been unusually short of supplies.
Speculative activity has not been directed towards selling, and covering
orders Co'buy ha;re been received daily fr7G flifia or China or both. There
have also been Continental purchases from different quarters made up of
small amounts though in the aggregate forming an apprecomparatively
ciable factor. America has not been a good seller in consequence of its
good local demand. In the circumstances prices have advanced steadily
.
and considerably and the quotations to-day,..36d. and 36 1-16d. for cash
-for-Wear, are fresh rMida
the year anii
arrurforward-dellyerldv. respect
the highest since July 8 1922.
Of the 50 lacs India Councirbills and T. T. offered for tender yesterday
applications for deferred T. T. at Is. 6 3-32d. received 26.67% and for
Immediate T. T. at Is. 63cl. 26.11% and above in full. No bills were
allotted. 100 lacs will be offered for tender next week.
INDIAN CURRENCY RETURNS.
(In Lacs of Rupees.)
Sept. 15. Sept. 22. Sept. 30.
Notes in circulation
17837
17871
17925
Silver coin and bullion in India
8472
8507
8562
Silver coin and bullion out of India
Gold coin and bullion in India
2232
2232
2232
'Gold coin and bullion out of India
Securities (Indian Government)
5733
.5733
5731
Securities (British Government)
1400
1399
1400
No silver coinage was reported during the week ending 30th ult.
The stock in Shanghai on the 4th inst consisted of about 43,600,000
ounces in sycee, 46,500,000 dollars and 2,000 silver bars, as compared
with about 43,200,000 ounces in sycee, 46,500,000 dollars and 1.910 silver
bars on the 27th ult.
-Bar Silver, per Or. Std.Bar Gold,
Quotationsper Or. Fine.
Cash.2Mos.
Oct. 2
35 1-16
35 1-16
928. 8d.
353'Id.
3
3531d.
92s. 9d.
4
3531cl.
3534d.
.
3534d
6
92s. 9d.
3534d
35 1i-16d.
35 11-16d.
7
92s. Ild.
36 1-16d.
92s. lid.
35.479d.
Average
35.489d.
928.9.6d.
The silver quotations to-day for cash and two months delivery are,
respectively, 94(1. and 15-16d. above those fixed a week ago.
ENGLISH FINANCIAL MARKETS
-PER CABLE.
The daily closing quotations for securities, &c., at London
as reported by cable, have been as follows the past week:
Sul.
London.
Mon. Tues. Wed.
Thurs.
Oct. 18. Oct. 20. Oct. 21. Oct. 22. Oct. 23.
Week Ending ca. 24.
d 357-16 354
357-16 355-16 3531
Silver, per oz
928.4d. 928.4d. 915.4d. 928.1d. 928.0d.
Gold, per fine ounce
579i
Consols, 234 per cents
5731
5731
5731
10294
10236 10231 10231
British, 5 per cents
9831
9831
British, 434 per cents
9831
9831
50.97
51.45
51.10 51.20
French Rentes On Paris). _fr.
63.20 63.25
83.50 63.75
French War Loan (in Paris)fr.
Fri.
Oct. 24,
35 7-18'
929.23.
6734
10231
9831
50.00
83.00
The price of silver in New York on the same days has been:
Silver in N. Y., per cm.(eta.):
7134 7134 71
7031
Foreign
7034
7031
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
July 31 1924. July 31 1923.
Balance end month by daily statement.&e
Add or Deduct
-Excess or deficiency of receipts over
or under disbursements on belated items
NOTICES.
-Harold R. Taylor has become a member of the firm of Robinson,
Jenkins, Taylor Co., Minneapolis, Minn., who are continuing the business
of Robinson, Jenkins, Hinellne Co.
-Stone, Prosser & Doty have prepared for distribution a circular on
Joseph Dixon Crucible Co., showing its present strong financial position.
-Bartlett & Gordon. Inc., Chicago. announce that James F. Atkins,
formerly with Blair & Co., is now associated with them.
-Joseph A.Zeller,formerly with Lilley, Blizzard & Co.,is now associated
with Fabian F. Levy, 213 South Broad St., Philadelphia.
-The New York Trust Co. has been appointed registrar for the preferred
stock of the New York Central Electric Corporation.
-Stern Brothers & Co., Kansas City, Mo., announce that M.K.Baker
has become associated with them as Vice-President.
-Hartshorne, Fales & Co. have prepared a second analytical circular on
United States Cast Iron Pipe Sz Foundry Co.
-Morgan, Livermore & Co. have issued a circular describing several
Issues of Austrian stocks and bonds.
-Bankers Trust Co. has been appointed register for Linn County Court
House bonds.
-Henry A. Bishop, Jr., has joined the sales organization of Tobey &
Kirk
-Howard 2,1. Stone has joined the sales organization of Tobey & Kirk.
Public Debt of United States-Completed Return
Showing Net Debt as of July 31 1924.
The statement of the public debt and Treasury cash
holdings of the United States, as officially issued July 31
1924, delayed in publication, has now been received, and
as interest attaches to the details of available cash and the
gross and net debt on that date, we append a summary
thereof, making comparison with the same date in 1923.
228,808,022
-684,684
2,252,997
48,174,185
60,791,881
44,070,44.3
149,112,629
Balance,deficit(-)or surplus(+)
285,846.424
6,009,939
43,790,758
75,140,930
24,171,002
Total
282,853,795
+2,992,629 '
228,123,338
Deduct outstanding obligations:
Treasury warrants
Matured interest obligations
Disbursing officers checks
Discount accrued on War Savings Certificates
155,289,506
+77,010,709 +130,556,918
INTEREST-BEARING DEBT OUTSTANDING,
Interest July 31 1924. July 31 1923.
Title of Loan-Payable.
$
3
25, Consols of 1930
Q.
-J. 599,724,050
599,724,050
48, Loan of 1925
Q:
-F. 118,489,900
118,489,900
25 of 1916-1936
Q.
-F.
48,954,180
48,954,180
2s of 1918-1938
Q -F.
25,947,400
25,947,400
3s of 1961
Q.
-M.
49,800,000
49,800,000
3s. Conversion bonds of 1946-1947
Q.
-J.
28,894,500
28,894,500
Certificates of indebtedness
.1-3. 807,513,500 1,005,131,000
334s. First Liberty Loan, 1932-1947
3.-I. 1,409,998,950 1,409,999,050
4s. First Liberty Loan, converted
J -D.
7,079,350
9,811,600
4315, First Liberty Loan. converted
J.
-D. 530,953,200
528,445,450
431s, First Liberty Loan. second converted
J.-D.
3,492,150
3,492,150
4s,Second Llberty Loan, 1927-1942
M.
-N.
28,079,950
42,154,300
4315, Second Liberty Loan, converted
3,076.506,1503,156,692,850
4345, Third Liberty Loan of 1928
M. 2,997,199,400 3,397,223,850
-S.
434s. Fourth Liberty Loan of 1933-1938
A -O. 6,324,492,400 6,328,207,150
431s. Treasury bonds of 1947-1952
763,948,300
763,954,300
45. War Savings and Thrift Stamps
Matured 422,597,195
342,778,058
210, Postal Savings bonds
J.
-J.
11,903,080
11,877,900
5545 to 531,. Treasury notes
J.
-D. 3,735,309,400 4,087,854,200
Aggregate of interest-bearing debt
Bearing no interest
Matured,Interest ceased
20,990,883,056 21,959,431,888
242,402,927
242,936,634
21,197.400
88,568,890
Total debt
Deduct Treasury surplus or add Treasury deficit
621,254,483,382 22,270,935,410
+77,010,709 +130,558,918
Netdebt
121,177,472,673 22,140,378,492
a The total gross debt July 31 1924 on the basis of daily Treasury statements was
321,254,497,767 56 and the net amount of public debt redemption and receipts
In transit, &c., was $9,385 10.
I No deduction Is made on account of obligations of foreign Governments or
other Investments.
gounnercial andAlisceilanerrus4CWIS
FOREIGN
TRADE OF NEW YORK
-MONTHLY
STATEMENT.
Merchandise Movement at New York.
Month.
1923.
1924.
1923.
$
January -- 130,402,242152,885,893146.793,889115.926,692
February - 155,554.139146,915.003139,028.108115,854,813
149.384.187194,179,676 133,687,771136.179,813
182,514.222189,417,394 145.002,787129,989,307
April
May
135,820.732 180,462,783 143.792.987127,627,281
31,236,386 150.476.338118,762,946 128,727.477
June
134,244,024 130,629,533 113.857.690 122,714,293
July
111,756,587 129,706,345 139,802,244 125,059.775
August
Total
Customs Receipts
at New York
Exports.
Imports.
1924.
1924.
1923.
$
24,779,787
28,444,581
27,825,889
26,752,186
23,179,124
23,902,860
25.426,495
24,585,320
28,583.028
26,451,928
33,140,206
28,837,309
29,333,844
26,870,488
24,880,863
25,936,476
1010712499 1254672965 1080728402999,779.451294.676,002221,834,138
Movement of gold and silver for the eight months:
Gold Movement at New York.
Month.
Imports.
1924.
•
CURRENT
(you 119.
a
1923.
1
January __ 35,558.071
February .. 28,514,809
March..., 27.968,134
April
' 37.018,743
May
35,003,505
June
20.402.503
Alb
,
15.222.422
August __ _ 14,279,486,
Silver-New York.
Exports.
$
1924.
1923.
1924.
$
s
$
12,834,516,
750
3,041,003
315.000
10,697,175
201.600
6,854,519
740,500
42,291.3981
16,323,1141
24,8
24,412,4251
30,512
26,481,9171 1,703,671
Total...213.967,673 142.936,072
Imports. I Exports.
7,715,837
20,378
9,821,840
21,282
7.527
30,926
47,865
737,477
!
1924.
$
2,027.123 5,339.346
4.316.466 5,711,992
3,195,759 5,527,938
1.162,613 13,333,218
2,079,560 7,857,794
1,327,470 6,987,083
3,710,328 7,757,259
3,110,243 7,210,420
3,016,913 18,203,112 20,920,560 59,525,048
New York City Banks and Trust Companies.
All prices dollars per share.
Beaks-N.Y. Sid
40*
Bank.
Bid A sk Trust Co.'s itta Ask,
America•_. 335 339 Manhattan •_ 160 183
New York
Amer Exch.- 330 335 Mecb & Met 364 368 American.-Amer Union• 165
Mutual._ _ _ _ _ 400
Bank of N Y
Bowery •
..
525
Nat American 140 155
& Trust Co 555 563
Broadway Cen 155 FRI 'National City 395 400 Bankers Trust 398 400
Bronx Boro• 250
New Netb
140 155 Central Union 826 635
Bronx Nat _ _ 180 170 Park
295 300
430 435 Empire
Bryant Park • 175
Penn Exch _ 105 115
uultable Tr_ 229 232
Butch & Drov 138 145 Port Morrie_ 178
Farm L Tr 695 705
Cent Mercan 180 184 Public
Fidelity Inter 215
407
Chase
368 370 Seaboard
320
Fulton
_ 440
Chat & Pben 270 273 Seventh Ave
05 105 suaranty Tr_ 272 275
Chelsea Exch• 153 180 Standard _ 260 275 Irving BankChemical _. 570 577
Columbia Tr 230 232
385
Coal ,t Iron
224 230
rade•
135 145 Law Tit & Tr 232 237
Colonial •._
440
Prademen's• 200 .... _ Metropolitan_ 343 348
•
Commerce.. 343 348 34 Ward ...- 170 _ _ Mutual (West
Com'nwealth• 280
cheater)
140
United States. 180 190
Continental
200 210 Wasten
N Y Trust._ 388 555
225 _
Corn Exch
445 450 York Mlle•
'tie Gu & Tr 445 455
400
Cosmop'tan• 115 125
(IS Mtg & Tr 318
East River
215 225
nited States 475
Brooklyn
Fifth Avenue 1400
_ Wenches Tr _ 250
•
Coney island 180
Fifth
420 430
Brooklyn
25
. First
First
8.!:0
Mechanics''- 140 150 Brooklyn Tr 600 625
Garfield
298 306 Montauk •___ 180
__ Kings County 100
Gotham
132 137 Nassau
290 300 Manufacturer 295
Greenwich
375 400 People'a
270
People's
425
Hanover
900 930 Queensboro• 165 175
Ilarriman---. 435
'Banks marked with (*) are Sta banks. z) Ex-dividend. (0 New stook.
4
OCT. 25 1924.]
THE CHRONICLE
New York City Realty and Surety Companies.
AU prices dollars per share.
alliance Wit,
&mar Surety.
Bond & MO.
City Investing
Preferred..
Lawyers Mtre
Bid
115
105
338
98
98
185
Ask
--110
343
102
105
190
Mtge Bond_
Nat Surety__
NY Title At
Mortgage_ _
U S Casualty_
US Title Guar
Bid
115
170
235
225
189
Ask
Bid
120 Realty Anew
174
(Bklyn)oom 145
let pref.__
. 83
240
2d pref____ 75
. Westchester
192
Title & Tr. 220
Ask
152
88
80
280
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Maturity.
Ins.
Rate.
Bid.
Mar.15 1925._
Mar.15 1026._
Dee. 15 1925._
Sept.15 1928___
June 151925...
411%
481%
484%
481%
484%
1001811
1021::
101911
10112
101114
Asked.
acaturtty.
Ini.
Rate.
Bid.
1929
CHARTER ISSUED.
Oct. 13
-12584
-First National Bark in Kerman, Calif
Succeeds Kerman Branch Pacific Southwest Trust & $25,000
Savings Bank of Los Angeles, Calif. President, J. A.
Johnson: Cashier, Wm. Richards.
CHANGE OF TITLE.
Oct. 17
-5263
-The First National Bank of Dyersburg, Tenn.. to
"First-Citizens National Bank of Dyersburg."
VOLUNTARY LIQUIDATION.
Oct. 18
-12376
-The Farmers National Bank of Helena, Okla___
Effective Sept. 25 1924. Liquidating Agent, The 225,000
Helena National Bank, Helena, Okla., No. 12081. Absorbed by The Helena National Bank. Helena, Okla.
Asked.
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
Auction Sales.
-Among other securities, the following, not yet
been paid.
not actually dealt in at the Stock Exchange, were sold at
auction
The dividends announced this week are:
in New York, Boston and Philadelphia on Wednes
day of
this week:
When
Per
Books Closed.
Name of Company.
Cent. Payable.
Days Inclusive.
By Messrs. Adrian H. Muller & Sons, New York:
1001111.
10281.
101819
10184
10;814
Dec. 15 1927___
Mar.15 1927._
Dec. 15 1924___
Mar.15 1925._
Dec. 151924...
Sept. 15 1925.-
434%
481%
454%
4%
294%
244%
10284
10294
100 ::
,
10034
1001::
998
'n
10281
10234
100".:
1008.4
1008
:s
1001
:
Shares. Stocks.
$ per sh. Shares. Stocks.
$ per sh.
300 Tyson & Co
7
254 Albany Journal Co., 2d pref.,
150 Tyson At Co
par
$17 lot
287 Adams, Lovell, Burlingham, 7
3,786 American Motor Body Corp,
Inc., common
no par
1
50 Penna. Rubber Co.,common..$10 lot
. 10
20 Albany Journal Bldg. Corp.,
400 The Phosphate mining Co....
8% Preferred
$110 lot
4 The Yonkers Statesman Cor.,)20
600 Rising Star Oil Co.. par 21____S1 lot
common, no par
)
8 The Yonkers Statesman Corp., 860 13,800 The Milliken Co., par 810.531 lot
lot 1,000 Comstock Tunnel & Drainage
preferred
Co..Inc.. Del., par $10
$100 lot
200 Gilpin Co. Lt., H. de P., corn.,
15 Prismatic Film Co.. Inc., cora_.$4 lot
par $10
$25100
Bonds.
Per cent.
63 Belden Truck Corp. of N.Y. 1st
310,000 Seaboard Finance & Invest
preferred vot. trust Ws
$6
ment Co. 7% cony. notes, Sept.
32 Industrial Motors Corp. of Del., lot
1 1923
5
no par
250 Boston Mexican Petroleum$2 lot $5,000 Seaboard Finance & Invest.
Co.7% cony. notes, Sept. 11923. 5
Trustees, ordinary shares
$41
110 Dominion 011 Co. of Texas, lot $5,200 Gillette Rubber Co. 1st cony.
s. f. 8s. Ott. of dep., Apr. 1922 &
full paid. par $10
subsequent coupons attached.$200 lot
536 Selkirk Gold Mining Co. oti $45 lot
$1,000 demand note drawn by C.F.
Del., pref., par 810
8500 lot
Brundage and secured by 100 sha.
2,380 SelMrk Gold Mining Co.
Lawrence Mfg. Co. of Del__ _8100 lot
of Del., cam., par $10
)
$46,600 American Motor Body
8 Albany Journal Bldg. Corp. 1st
Corp. 1st & cons. M. 10-yr. s. 1.
preferred
00lot
6s, June 15 1933
61
I
1
By Messrs. Wise, Hobbs & Arnold, Boston:
Shares. Stocks.
8 per oh.
100 Atlantic National Bank,
5 Danvers National Bank "lioston20554
10 Connecticut Mills, 1st pref. ctf.112
of dep. (dividend on)
84
Shares. Stocks.
$ per sh.
1 Ludlow Mfg. Associates
144
5 Groton & Knight Mfg. Co., prof. 4184
5 Eastern Texas Elec. Co., corn... 75 ki
By Messrs. R. L. Day & Co., Boston:
Shares. Stocks.
•S
$ per sh.
25 National Shawmut Bank,$100_ per sh. Shares. Stocks.
-20084 5 Fitchburg Gas & El. Co., par $50 931
1
79 Waltham Bleach. & Dye Works_
6794 10 Plymouth Cordage Co
11534
45 Hamilton Mfg. Co
4734 8 Massachusetts Ltg. Cos.5% pref. 88
2 Pepperell Mfg.Co
5 Massachusetts Log. Cos.8% pref _11283
9 New Bedford & Onset St. Ky.Co-116
BondsPer Cent.
4 units First Peoples Trust, par $150 284
78
12,000 Pawtucket Gas Co. 1st coll.
2 special units First Peoples Trust,
45, May 1932
9284 & int.
Par $15
6
$1,000 Puget Sound Power Co. 1s0
5 Spanish-Amer. Fruit Co.,
cora-1 $13
Ss, Juin. 1933
9934 & int.
10 Span.-Amer. Fruit Co., pref
1001 lot $5,000 Railway & Light Securities
10 Simplex Time Recorder Co., pref. 25
Co. coll. tr. 5$, May 1942.._92 & int.
2 units First Peoples Trust, par 3150 76
$2.000 Terre Haute Trac.a: Lt. Co.
2 special units First Peoples Trust,
1st bs, May 1 1944
8331 & int.
par 815
8
$2.000 Western Telep. & Tales. Co.
5 Providence Gas Co., par $50
coll. tr. 55, Jan. 1 1932
9234 & int.
5Snell & Simpson Biscuit Co., pref 6484
5
1.400 New England Invest.& Secur1,000 Anderson & Meyer Co., Ltd.,
ity Co. pref. shareholders' propreferred
50e.
tective agreement Ott. of lot.. _281 flat
By Messrs. Barnes & Lofland, Philadelphia:
Shares. Stocks.
8 per sh. Shares. Stocks.
$ per sh.
24 Powelton Real Estate, par $50.. 65
5 Horn & Hardart Automat Co.
35 Bucks Co. Trust Co., Doyles(Illinois), common
18
town, Pa. ($80 paid)
115
25 Horn & Hardart Automat Co.
2,080 Pennington Trap Rock Co.,
(Illinois), common
15
Par $50
$30,000 lot 10 Horn & Hardart Automat
Co.
6 Textile Nat. Bank
170
(Illinois). preferred
10 Northwestern Nat. Dank
542
1 Pennsylvania Academy of the 2954
11 Nat. Bank of Commerce
154
Fine Arts
25
10 Franklin Nat. Bank
580
10 Eaton & Getlinger, pref., par $5. 234
10 Philadelphia Nat. Bank
385
5 Green & Coates Sta. Pass. Ry
55 Fidelity Trust Co
7154
510
17 Phila. & Grays Ferry Pass. Ky. 56
8 Fidelity Trust Co
509
200 Earl Motors, Inc., v. t. c.,
15 Fidelity Trust Co
508
no par
$3
10 Fidelity Trust Co
507
200 United Gas & Elec. Corp.,
12 Fidelity Trust Co
50634
common, no par
2781
4 Guarantee Trust & Safe Dep. Co-181
32 Camden dr Burlington Ry
2831
10 Mutual Trust, par $50
75
10 Autocar
50 Metrolpolitan Trust Co., par $50 6354 2 ElisabethCo.(Ardmore), corn... 5981
& Trenton RR. Co.,
85 Metropolitan Trust Co., par 850 63
common (with 825 common scrip) 18
3 Columbia Avenue Trust Co
310
2 International Educational Pub10 Cobbs Creek Title & Tr., par $50 8734
ILshing Co., preferred
3
1 First National State Bank of Cam10 Abbotts Alderney Dairies, let pf. 90
den, N. J
300
Rights.
15 Glenside Trust Co., par $50.
58
25 Commons*.Title Ins.&'tr.$ per right.
Co_ _141
25 Glenside Trust Co., par 850..._ 58
72 Commonw. Title Ins. & Tr. Co_140
56 Media Title & Trust Co
7034
Bonds.
Per
1 Hare & Chase, Inc., pre(
9034 54.000 Bergner & Engel Brewing Cent.
101
10 Reliance Ins. Co., par 350
Co. 1st ext. 68, 1926
80
National Ba nks.-The fo lowing information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATION TO ORGANIZE RECEIVED.
Capital.
-The Cherokee National Bank of St. Louis, Mo
Oct. 14
Correspondent, Harry G. frelert, 45282 South Grand$200,000
Boulevard, St. Louis, Mo.
APPLICATION TO ORGANIZE APPROVED.
-First National gank of Glen Rock, N. J
Oct. 17
560.000
Correspondent, Henry C. Smith, Glen Rock, N.
APPLICATION TO CONVERT RECEIVED.
-The First National Bank of Bishop, Texas
Oct. 17
Conversion of The Guaranty State Bank,Bishop, Texas. $25,000
APPLICATION TO CONVERT APPROVED.
Oct. 14-The First National Bank of Webster Groves, Mo
Conversion of The State Bank of Webster Groves. Mo.$100.000
Railroads (Steam).
Central RR.of New Jersey (guar.)
Ontario & Quebec, common
Debenture stock
Pennsylvania (guar.)
"2
3
2%
75c.
Nov. 15 'Holders of rec. NOv.
Nov. 1 Nov. 2 to Dec.
Dec. 1 Nov. 2 to Dec.
Nov.29 Holders of rec. Nov.
6
1
1
la
Public Utilities.
4.1).4
Amer. Telegraph dt Cable ((uar.)
Cape Breton Elec. Co., Ltd., pref
3
Cedar Rapids Mfg.& Power (qtrar.)-ft
Columbia Gas & Elec., common (guar.). *65e.
•1g
Preferred, Series"A"(No. 1)
Duquesne Light, 1st pref.,se r. A (guar.) six
Eastern Shore Gas & Elec., pref. (guar.) *2
Edison Elec. Ill. of Brockton ((Man)---- 62)4c
Ilium. dr Power Secur. Corp.,corn.(qu.) 45e.
Preferred (guar.)
181
Kamlnistiquia Power (guar.)
2
Keystone Telephone of Phila.(qu.)
$1
Lowell Elec. Light Corp.(guar.)
62%
Massachusetts Gas Cos., Prof
2
Montreal L.,11.& P.Coned.((uar.)
181
Montreal L., H.& Power Co.(guar.)... 2
Nor. Mexico Pow.& Devel.. prof
.
01t7
Portsmouth Power, pref. (guar.)
131
Public Service Elec. Pow., pref.(quar.)- 18(
Southern California Edison, corn. (qu.). *2
United Rya.& El., Balt.,com.(qua?.).. 500.
West Penn Company,7% pref.(quar.)_ _
13-1
Dec. 1
Nov. 1 Holders of rec. Oct. 2145
Nov. 15 HOlders of rec. Oct. 31
Nov. 15 *Holders of rec. Oct. 31
Nov. 15 *Holders of rec. Oct. 31
Dee. 15 *Holders of rec. Nov. 15
Dee. 1 *Holders of rec. Nov.16
Nov. 1 Holders of rec. Oct. 21
Nov. 10 Holders of rec. Oct. 31
Nov. 15 Holders of rec. Oct. 31
Nov. 15 Holders of rec. Oct. 81
Dec. 1 Holders of rec. Nov. 15
Nov. 1 Holders of rec. Oct. 20s
Dec. 1 Nov. 16 to Nov.30
Nov. 15 Holders of rec. Oct. 31
Nov. 15 Holders of rec. Oct. 31
Nov. *Holders of rec. Oct. 22
Nov.
Holders of rec. Oct. 22
Nov.
Holders of rec. Oct. 15a
Nov. 1 *Holders of rec.(Set. 20
Nov. 1 Holders of rec. Oct. 25
Nov. 1 Holders of rec. Nov. is
Banks.
Chemical National (bi-monthly)
Nov.
*
4
"Holders of rec. Oct. 24
Miscellaneous.
American Book (guar.)
184 Oct. 2 Oct. 22 to Oct. 26
American Brick, common (guar.)
15c. Nov.
Holders of rec. Oct. 2342
Common (extra)
15c. Nov.
Holders of rec. Oct. 23a
Preferred ((uar.)
50c. Nov.
Holders of rec. Oct. 23a
Amer. Soda Fountain (guar.)
1% Nov. 1 Holders of rec. Oct. 31
Batchelder & Snyder Co., pref.(guar.)
2
Nov.•
Holders of rec. Oct. 21
Bethlehem Steel Corp.,8% prof. (qua?.) 182
Jan.
'Holders of rec. Dec. 1
Seven per cent pref. (guar.)
Jan.
*Holders of rec. Dec. 1
Bond & Mortgage Guarantee (qua?.)... 484 Nov. 1 Holders
of rec. Nov. 8
BondStore. Inc., Class A
s
,
260. Nov.
Holders of rec. Oct. 20
Butler Brotbirs (guar.)
62)40. Nov. 1 Holders of rec. Oct. 28
Canadian Converters, Ltd. (guar.)
181 Nov. 1 Holders of rec. Oct. 31
Casey-Hedges Co. (guar.)
2)4 Nov. 1 Holders of rec. Nov. lit
Centrifugal Pipe Corp.(guar.)
37%c Nov.
0.0.Spring* Bumper,corn.(quar.) _ Sc. Nov. 1 Holders of rec. Nov. 17
1 Holders of rec. Nov. 7
Cities Service
Common (mthly., pay.In cash scrip).. 034 Dec.
Holders of rec. Nov. 15
Corn.(mthly., Pay.In corn. stk.scrip)_
Holders of rec. Nov. 15
aim Dec.
Preferred and pref. B(monthly)
Holders
34
rec. Nov. 15
Comm 'Invest. Trust Corp.,corn.(qu.)_ 63e. Dec. 1 Holders of rec. Oct. 31a
Nov.
of
Cosden de Co., pref. (guar.)
Dec.
'Holders of rec. Nov.15
Everett Mills
2
Nov.
Holders of rec. Oct. 24s
Federal Match, pref. (guar.)
*2
Nov. 'Holders of roe. Oct. 27
Franklin(H.H.) Mfg., pref.(guar.)- - •181 Nov. *Holders of rec. Oct. 20
General Tire & Rubber, cons. (quar.)_ -_ 750. Nov.
_
Holders of rec. Oct. 20
Goodrich (B. F.) Co., pref.(guar.)
184 Jan.
Holders of rec. Dec. 20
Great Lakes Dredge & Dock (guar.)._
*2
Nov. 1 *Holders of rec. Nov. 8
Hamilton-Brown Shoe(monthly)
1
Nov.
Oct. 25 to Oct. 31
Harmony Mills, pref. (guar.)
184 Nov.
Holders of rec. Oct. 23
Household Products (guar.)
*75c. Dec.
*Holders of rec. Nov. 15
Ingersoll-Rand Co., common (guar.)._ *2
'Holders of rec. Nov. 14
Dec.
Iron Products Corp., pref.(guar.)
2
Nov. 1 Holders of rec. Nov. 3a
Kellogg Switchboard & Supply (qua?.).. 2
Oct. 3 Holders of rec. Oct. 25
Lancaster Mills, pref.(guar.)
Nov. *Holders of rec. Oct. 27
Lehigh Coal dr Nay.(guar.)
$1 Nov.
Holders of
Oct. 31
Libbey-Owens Sheet Glass, corn. (extra) *50c. Nov.29 *Holders of rec. Oct. 22
rec.
Locw's Boston Theatres Co.,com.(qu.). 25e. Nov. 1 Holders of rec. Nov. 1
Loew's Ohio Theatres. Inc., pref.(qu.).. 2
Holders of rec. Oct. 25
Nov.
Luther Manufacturing (guar.)
*2
Nov. 'Holders of rec. Oct. 21
Martin-Parry Corp. (guar.)
$1 Dec.
Holders of rec. Nov. 15a
Massachusetts Cotton Mills (quar.)__ _ _
2
Nov. 1 Holders of rec. Oct. 21
Melville Shoe, common (guar.)
50c. Nov.
Holders of rec. Oct. 24a
Preferred (quar.)
2
Holders of rec. Oct. 24a
Nov.
Mexican Seaboard 011((uar.)
*50c. Nov. 1 *Holders of rec. Oct. 21
Missouri Portland Cement(guar.)
181 Nov.
Holders of rec. Oct. 24
Morris I'lan Bank (Cleveland) (giusr.)- 194 Nov.
Holders of rec. Oct. 25
Nattonal Cloak & Suit, pref.(qua?).... 134 Dee.
Holders of rec. Nov.25e
National Lead, pref.(guar.)
181 Dec. 1 Holders
National Supply of Delaware, com.(qu.) 75c. Nov. 1 Holders of rec. Nov.21
of rec. Nov. 5
New Cornelia Copper (guar.)
*25c. Nov.2 'Holders of rec. Nov. 7
Patchogue-Plymouth Mills, common... $1 Dec. 1 Holders
of rec. Nov. IS
Preferred(guar.)
2
Dec.
Holders of rec. Nov.IS
Procter dc Gamble Co., corn.(guar.). - 5
Nov. 1 Holders of rec. Oct. 25
Pullman Company ((uar.)
2
Nov. 1 Holders of rec. Oct. 31
Standard Milling. corn. (guar.)
181 Nov.2 Holders of rec. Nov. 19
Preferred (guar.)
1% Nov.2 Holders of rec. Nov. 19
Stern Brothers,8% pref.((uar.)
2
Dec.
Holders of rec. Nov. 15a
Stevens Manufacturing (guar.)
'13-4 Nov. *Holders of rec. Oct. 17
Stewart
-Warner Speedometer (guar.).
Trenton Potteries, non-cum. Prof.(qu.). $1.25 Nov. 1 Holders of rec. Oct. 31a
2
Oct. 25 Holders of rec. Oct.
Troxel Mfg., pref.((uar.)
181 Nov. 1 Holders of rec. Oct. 18a
Union Copper Land & Mining
50c. Nov.10 Holders of rec. Nov. 20
U. S. Hoff. Machinery, corn. (No. 1)
1
50c. Dee. 1 Holders of rec.
Wampanoag Mills (guar.)
*DI Nov. 1 *Holders of rec. Nov. 20a
Warwick Iron & Steel (guar.)
Oct.)21
*30c. Nov. 15 *Holders of rec.
Wilcox Oil & Gas
Oct. 31
.
82e. Nov. 10 *Holders of
Wright Aeronautlial Corp.(guar.)
25e. Nov.29 Holders of rec. Oct. 25 I
Wrigley (Wm.) Jr. & Co.
rec. Nov. 14a
Monthly
*25c. Dec. 1 *Holders of
Monthly
'25c. Jan. 2 *Holders of rec. Nov. 2▪ 0
Monthly
"25c. Feb. 2 *Holders of rec. Dec. 20
Monthly
*25e. Mar. 1 *Holders of rec. Jan. 20 J
rec. Feb. 20
Below we give the dividends announced
in previous weeks
and not yet paid. This list does not
include dividends announced this week, three being given in
the preceding table.
[VOL. 119.
THE CHRONICLE
Name of Company.
When
Per
Cent. Payable.
Railroads (Steam).
Atch. Topeka & Santa Fe,corn.(guar.)Baltimore & Ohio,corn.(guar.)
Preferem ((pm,-)
Cincinnati Sandusky dr Cleve., pref.(qu.)
Cutes knit., preferred
Gulf Mobile & Northern, pref. (quar.)-Internat. Rys.of Cent. Amer.. pt.(qa.)Mahoning Coal RR., common
Manhattan Ry.(guar.)
Morris & Essex Extension RR
New York Central Bit.(guar.)
Norfolk & Western, adj. pref. (guar.).Northern Pacific (quar.)
Passaic Ar Delaware Extension RR
Pere Marquette. prior preferred (guar.).
Preferred (guar.)
Pittsburgh & West Virginia, Prof.(guar.)
Preferred (guar.)
Reading Company,common (guar.).
First preferred (guar.)
St. Louis-San Francisco, pref.(No. 1)
Southern Railway,common(guar.)
Syracuse Binghamton & N.Y.(quar.)..
Books Closed.
Days Inclusive.
Name of Company.
Dec. 1 Holders of rec. Oct. 310
Dec. 1 Oct. 12 to Oct. 13
Dec. 1 Oct. 12 to Oct. 13
Nov 1 Oct. 23 to Nov. 2
Feb2'25 Holders of roc Jan 15'250
Nov. 15 Holders of rec. Nov. 1
Nov. 15 Holders of rec. Oct. 310
Nov. 1 Holders of rec. Oct. 220
Nov. 1 Holders of rec. Oct. 200
Nov. 1 Holders of rec. Oct. 24a
Nov. 1 Holders of rec. Sept.260
Nov.19 Holders of rec. Oct. 31a
Nov. 1 Holders of rec. Oct. 3a
Nov. I Holders of rec. Oct. 24a
Nov. 1 Holders of rec. Oct. 15a
Nov. 1 Holders of rec. Oct. 15a
Nov.29 Hoiden of tee. Nov. la
(w) Holders of rec. Feb.2'25a
Nov. 13 Holders of rec. Oct. 200
Dec. 11 Holders of rec. Nov.250
Nov. 1 Holders of rec. Oct. 15a
Nov. 1 Holders of rec. Sept.23a
Nov. 1 Holders of rec. Oct. 24
Public Utilities
American District Teleg. of N..1. (guar.) 151 Oct. 29 Holders of rec. Oct. 15a
15.4 Nov. 15 Holders of rec. Nov.150
Amer. Electric Power, pref. (guar.) _ _ _ _
Nov. 1 Holders of rec. Oct. 1
American Gas& Electric, pref.(quar.)
Nov. 1 Oct. 15 to • Oct. 28
1
Amer. Light & Traction, com.(guar.)._
Nov. 1 Oct. 15 to Oct. 28
(payable in common stock)_ fl
Common
1% Nov. 1 Oct. 15 to Oct. 28
Preferred (guar.)
5
Amer.Superpower Corp., A & B(No. 1). of 60c. Nov. 15 *Holders of rec. Nov.20a
Amer. Telephone & Telegraph (guar.)._ 231 Jan15'25 Holders of rec. Dec.
4 A015'25 Holders of rec•Mar 17'2N.
23
Quarterly
Amer. Water-Works& Elec., 1st pf.(qu.) 131 Nov. 15 Holders of rec. Nov. la
155 Nov. 15 Holders of rec. Nov. la
Participating preferred (guar.)
Associated Gas & Elect.. Prof.(extra)... 1255c. Apr.E25 Holders of rec. Mar. 16
12550. JulyE25 Holders of rec. June 15
Preferred (extra)
12540. Oct.115 Holders of rec. Sept. 15.
Preferred (extra)
12540. Jan l'28 Holders of reo. Dec. 15
Preferred (extra)
Dec. I Holders of rec. Oct. 31
1
Brazilian Tr., Lt. dr Pr., ord. (guar.)
Californla-Oregon Power,pref.(guar.)... 131 Oct. 30 Holders of rec. Oct. 15a
155 Nov. 1 Holders of rec. Oct. 15
Carolina Power de Light, coin. (guar.)._
Nov. 1 Holders of rec. Oct. 15
Central Power & Light. pref. (quar.)_ _ _
Chic. Rap.Tran. Co., prior pref.
(mthly) 65c. Nov. 1 Holders of rec. Oct. 21a
650. Dec. 1 Holders of rec. Nov. Hia
Prior preferred (monthly)
Nov. 1 Holders of rec. Oct. 15a
2
Commonwealth Edison Co.(guar )
Nov. 1 Holders of rec. Oct. 16a
Commonwealth Pr. Corp.. com.(guar.). $1
Nov. 1 Holders of rec. Oct. 16a
Preferred (guar.)
Connecticut Ry.& Ltg.,com,dr pt.(qu.) 1% Nov. 15 Nov. I to Nov. 16
134 Nov. 1 Holders of rec. Oct. 20
Consolidated Utilities, pref.(guar.)
Consumers Power,6.6% pref.(mthly.) _ 550. Nov. 1 Holders of rec. Oct. 15
550. Dec. 1 Holders of rec. Nov. 15
6.6% preferred (monthly)
55c. Jan. 2 Holders of rec. Dec. 15
6.6% preferred (monthly)
154 Jan. 2 Holders of rec. Dee. 15
6% preferred (guar.)
151 Jan. 2 Holders of rec. Dec. 15
7% Preferred (guar.)
1.65 Jan. 2 Holders of rec. Dec. 15
6.6% Preferred (guar.)
0Continental Gas& El.Corp.,com.(qBL) 75c. Jan 1'25 Holders of rec. Dec. 130
Common(payable In common stock) 175c. Jan 1'25 Holders of rec. Dec. 130
155 Jan 1'25 Holders of rec. Dec. I3a
Participating preferred (guar.)
Jan 1'25 Holders of rec. Dec. 136
Participating preferred (extra)
f5.1' Jan 1'25 Holders of rec. Dec. 130
Partic. pref.(payable in corn.stock) _
134 Jan 1'25 Holders of rec. Dec. 130
Preferred (guar.)
1.4 Tan 1'25 Holders of rec. Dec. 13a
Prior preferred (guar.)
Dallas Power & Light. pref. (gust.).... 154 Nov. 1 Holders of rec. Oct. 21
Nov. 1 Holders of rec. Oct. 15
(guar.)._ 3
Edison Elec. Ilium, of Boston
154 Nov. 1 Holders of rec. Oct. 15
Electric Bond & Share. pref.(guar.)-75c. Nov. 1 Holders of rec. Oct. 16a
Fall River Gas Works(guar.)
Fort Worth Power & Light. pref.(guar.) 151 Nov. 1 Holders of rec. Oct. 15
Nov. 15 Oct. 25 to Nov. 16
Havana El. Ry.,Lt.& Pow.,comAPref. 3
750. Nov. 1 Holders of rec. Oct. 16a
Houghton County Electric Light
Nov. 1 Holders of rec. Oct. 15
Idaho Power, preferred (guar.)
Illinois Northern Utilities, pref. (guar.). $1.50 Nov. 1 Oct. 16 to Oct. 31
Nov. 1 Oct. 16 to Nov. 1
1
Interstate Railways,com.(No. I)
Massachusetts Gas Cos.,common (qu.). 151 Nov. 1 Holders of roe. Oct. 15
Oct. 31 Holders of rec. Oct. 205
Milwaukee Elec. Ry.& Light, prcf.(qu.) 134
2% Nov. 3 Holders of rec. Oct. 15
Montreal Tramways(guar.)
6255c. Nov. 15 Holders of rec. Oct. 31
Montreal Water & Power, com
Common (payable in common stock). f$25 Nov. 15 Holders of rec. Oct. 31
334 Nov. 15 Holders of rec. Oct. 31
Preferred
Municipal Service Co.. corn.(quar.)_ _ 40c. Oct. 25 Holders of rec. Oct, 10a
134 Nov. 1 Holders of rec. Oct. 15a
Preferred (guar.)
Nov. 1 Holders of rec. Sept.30a
Nevada-Call!. Elec. Corp.. pref. (guar.)
Newport News & Hampton Railway,
151 Nov. 1 Holders Of rec. Oct. 15
& Electric (guar.)
Gas
Nov. 1 Holders of rec. Sept.300
2
Northern States Power, coin. (quar.)
151 Nov. 1 Holders of rec. Oct. 18
Pacific Power .5: Light, pref. (quar.)...
Philadelphia Company.6% pref.(quar.) $1.50 Nov. 1 Holders of rec. Oct. 1
$I Oct. 31 Holders of rec. Oct. 2a
Philadelphia Co.. common (guar.)
75c. Oct. 31 Holders of rec. Oct. 15a
Philadelphia Rapid Transit (guar.)
Nov. 1 Holders of rec. Oct. 15
$1
Pittsburgh Utilities, common
(u) Nov. 1 Holders of rec. Oct. 15
Common (extra)
350. Nov. 1 Holders of rec. Oct. 15a
Preferred
25e. Nov. 1 Holders of tee. Oct. 15a
Preferred (extra)
Portland Gas & Coke, pref. (quar.).... 151 Nov. I Holders of rec. Oct. 18
151 Nov. 1 Holders of rec. Oct. 15
Public Service Invest.. com.(quar.)_
134 Nov. 1 Holders of rec. Oct. 15
Preferred (guar.)
Nov. 1 *Holders of rec. Oct. 15
($100 par)(qu.)
Pub.Serv.of N.Ill.. corn.
*21.75 Nov. 1 *Holders of roe. Oct. 15
Common (no par value)(guar.)
•134 Nov. 1 *IIolders of rec. Oct. 15
(guar.)
Six per cent pref.
*131 Noy. 1 *Holders of rec. Oct. 15
Seven per cent prof.(qar.)
134 Nov. 1 Holders of too. Oct. 14a
Sierra Pacific Elec. Co., pref.(guar.)._
Nov. 15 *Holders of rec. Oct. 14
(qu.)._ *2
South Eastern Mass.Pow.& El.
l
•
Nov. 15 *Holders of rec. Oct. 14
Extra
$1
Nov. 15 Holders of rec. Oct. 31
Power (guar.)
Southern Canada
Oct. 25 Holders of roe. Sept.30a
2
South. Wisconsin Elec. Co.,corn.(qu.)
30
Standard Gas & Electric, corn.(quar.).. 750. • t. 25 Holders of rec. Sept.300
151 Oct. 25 Holders of rec. Sept.
Prior preference (guar.)
154 Nov. 1 Holders of rec. Oct. 17
Tennessee Elec. Power,2d pref.(quar.)_
Dec. 1 Holders of rec. Nov. 15
- 1
Texas Electric Ry.,common (guar.).
1% Nov. 1 Holders of rec. Oct. 15
Second preferred (guar.)
151 Nov. 1 Holders of rec. Oct. 16
de Light, pref.(guar.)
Texas Power
Holders of roe. Nov. 29
United Gas Improvement, pref. (guar.). 8754c. Dec. 15 Holders of rec. Oct. 15
1
United Light & Power,corn., Cl. A (qu.) 400. Nov. 1 Holders of rec. Oct. 15
(s) Nov.
A stock)..
Common. Class A (In Class
40c. Nov. 1 Holders of rec. Oct. 15
Common, Clans B (guar.)
1 Holders of roe. Oct. 15
Common,Clam B (in Class A stock)._ (s) Nov. 1 Holders of rec. Oct. 15
Nov.
2
United Light & Rys., corn. (guar.)
Nov. 1 Holders of rec. Oct. 15
West Penn Power Co.,7% pref.(guar.).
62550. Oct. 31 Holders of rec. Oct. 210
York Railways, preferred (guar.)
154
151
151
151
Banks.
Bowery (quar.)
Extra
Corn Exchange (quar.)
. Pacific (quar.)
Extra
Trust Companies.
Farmers Loan de Trust ((Bur.)
Miscellaneous.
Allied Ctemical & Dye.corn.(guar.).--Allis-Chalmers Mfg., common (quar.)_ Amalgamated Sugar, pref.(guar.)
Amer. Rank Note. corn. (guar.)
Preferred (guar.)
American Beet Sugar. com. (quar.)....
Common (quar.)
3
17
Is
2
2
6
Nov.
Nov.
Nov.
Nov.
Nov.
1
1
1
1
1
Oct. 29 to Oct.
Oct. 29 to Oct.
Holders of rec. Oct.
Oct. 25 to Oct.
Oct. 25 to Oct.
31
31
31a
31
31
Nov. 1 Holders of rec. Oct.d18a
Nov. 1
Nov.15
Nov. 1
Nov. 16
an31'25
an3I'25
Oct. 31
Holders of rec. Oct. 150
Holders of rec. Oct. 246
Holders of too. Oct. 170
Holders of rec. Nov. 10
Holders of rec. Jan10'25a
Holders of rec.Jan.10'254
Holders of rec. Oct. ha
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
134 Nov.15 Holders of rec. Oct. 31a
American Can., com.(quar.)
154 Nov. 1 Holders of rec. Oct. 15a
American Cigar, com. (guar.)
Nov. 1 Oct. 12 to dNov. 1
$1
American Coal(quar.)
Nov. 1 Holders of rec. Oct. 15
2
American Glue, preferred (guar.)
1% Oct. 25 Holders of roe. Oct. 80
American Ice,corn.(guar.)
154 Oct. 25 Holders of rec. Oct. 8a
Preferred (quar.)
of rec. Nov. la
Amer.La France Fire Eng.,corn.(guar.) 25c. Nov.15 Holders of rec. Dec. 15a
Dec. 31 Holders
American Radiator, common (guar.)... $1
151 Nov. 15 Holders of rec. Nov. la
Preferred (guar.)
Nov. 1 Holders of roe. Oct. 15
American Shipbuilding. common (guar.) 2
Feb2'26 Holders of rec. Jan.15'25
2
Common(guar.)
WYE25 Holders of rec. Apr.15'25
2
Common(guar.)
Aug.115 Holders of rec. July 15'25
2
Common(guar.)
151 Nov. 1 Holders of rec. Oct. 15a
Preferred (guar.)
151 Nov. 1 Holders of rect. Oct. 17a
Amer. Smelt. de Ref., corn.(guar.)
151 Dec. 1 Holders of rec. Nov. 7a
Preferred (guar.)
21
Archer-Daniels-Mid. Co., pref. (guar.). *$1.75 Nov. 1 *Holders of rec. Oct. 100
250. Oct 31 Holders of rec. Oct.
Art Metal Construction (guar.)
11
Associated Dry Goods,common (guar.). 1% Nov. I Holders of rec. Oct. 8
134 Dec. 1 Holders of rec. Nov. 8
First preferred (guar.)
of rec. Nov.
1% Dec. 1 Holders
Second preferred (guar.)
3734o Oct. 25 Holders of rec. Sept.306
Associated Oil (guar.)
1% Nov. 1 Holders of rec. Oct. 15a
Atlantic Refining, pref.(guar.)
154 Nov. 1 Holders of rec. Oct. 20a
Atlas Powder. pref.(guar.)
154
Austin, Nichols & Co., pref.(guar.).- 151 Nov. 1 Holders of rec. Oct. 200
151 Jan 1'25 Holders of rec. Dee.
ttabeoca le Wilcox Co.(guar.)
I,' A orl'25 Hold erg of me.Mar 20'254
Quarterly
Nov. 1 Holders of rec. Oct. 15
Bang Service Stations, Inc., Prof. (qu.). 2
Barnhart Bros. & Spindler
1% Nov. 1 Holders of rec. Oct. 25a
second preferred (quar.)...
First and
$1.875 Nov. 15 Holders of rec. Nov. 1
Beacon Oil, preferred (guar.)
Bigelow-Hartford Carpet Corp., pf.(gu.) 1% Nov. 1 Holders of rec. Oct. 17a
la
Borden Company. preferred (guar.)....- 154 Dee 15 Holders of rec. Dec. 31
151 Nov. 1 Oct. 25 to Oct.
Brill (J. G.) Co., pref. (guar.)
1% Nov. 1 Holders of rec. Oct. 204
Brown Shoe, pref.(guar.)
Dec. 15 Holders of rec. Nov. 20
$1
Buckeye Pipe Line (guar.)
2
Nov. I Holders of rec. Oct. 150
Buffalo Loewe Theatres, Ltd., Pf.
$2.50 Nov. 15 Holders of rec. Nov. la
Burns Bros., corn. cl. A (guar.)
50c. Nov. 15 Holders of rec. Nov. la
Common,class B (guar.)
134 Nov. I Holders of rec. Oct. 20a
Prior preference (quar.)
$1.50 Dec. 15 Holders of rec. Nov. 29a
California Packing Corp.(guar.)
1% :Nov. 15 Holders of rec. Oct. 3Ia
Canada Cement, pref. (guar.)
*Mt. 31 Holders of tee. Sept. 300
2
Canadian Explosives, common (quar.)
1% Oct. 31 Holders of rec. Oct. 150
Cartier, Inc., preferred (guar.)
- 50o. Oct. 31 Holders of rec. Oct. 160
Century Ribbon Mills. corn.(guar.).
Nov. 1 Holders of rec. Oct. 230
33
Cerro de Pasco Copper Corp
2
Nov. 1 Holders of rec. Oct.d14a
Charlton Mills (guar.)
134 Oct. 25 Holders of rec. Oct. 15a
Chicago Pneumatic Tool (guar.)
134 Nov. 1 Holders of rec. Oct. 200
Chic. Wilm. & Frank. Coal, pref. (qui.) _
331-30 Nov. 1 Holders of rec. Oct. 20a
Chicago Yellow Cab(monthly)
33 1-30 Dec. 1 Holders of rec. Nov.200
Monthly
Cities Service Co.
Common(monthly PaY.In 1311 scrip). 034 Nov. 1 Holders of rec. Oct. 15
15
Corn.(mthly., pay In eon i . scrip). g13'4 Nov. 1 Holders of rec. Oct. 15
% Nov. 1 Holders of rec. Oct.
,ttnthly)-Preferred and preferred
Dec. 1 Holders of rec. Nov.200
2
•),b q
City Ice & Fuel (Clevetag
750 Oct. 25 Holders of roc. Oct. 154
Cleveland-Cliffs Iron' Ppi tr.)
14 Nov. 15 Holders of rec. Nov. 100
Clinchfield Coal Corp., common
151 Nov. 1 Holders of rec. Oct. 254
Preferred (guar.)
Cluett, Peabody & Co., Inc., com.(go.) 151 Nov. 1 Holders of rec. 001. 21a
Nov. 1 Holders of rec. Oct. 20a
$1
Columbian Carbon (guar.)
hil Nov. 15 Holders of rec. Nov. 5a
Commercial Solvents Corp., Cl. A
75c. Oct. 30 Holders of rec. Oct. 15a
Congoieum Co., com. (guar.)
134 Dec 1 Holders of rec. Nov. 15a
Preferred (guar.)
155 Oct. 31 Holders of rec. Oct. 204
Consolidation Coal,corn.(guar.)
Nov. 15 Holders of rec. Nov. 5a
$1
com.(guar.)._
Continental Can. Inc.,
20c. Oct. 30 Holders of rec. Oct. 180
Continental Motors Corp.(quar.)
Deo..31 Dec. 16 to Dec. 31
Craddock-Terry Co.. common (guar.).- 3
Dec. 31 Dec. 15 to Dec. 31
3
First and second preferred
834 Dec. 31 Dee. 15 to Dec. 31
Class C preferred
Oct. 31 Holders of rec. Oct. 15a
1
Crucible Steel, common (guar.)
355 Nov. 1 Oct. 22 to Nov. 1
Cudahy Packing 7% preferred
Nov. 1 Oct. 22 to Nov. 1
3
Six per cent preferred
Doeidel Die-Casting. common (guar.)._ 500. Nov. 1 Holders of rec. Oct. 15a
Nov. 15 Holders of rec. Oct. 31
1
Dominion Bridge(guar.)
3
Nov. 1 Holders of rec. Oct. 16
Dominion Park Co., Ltd
du Pont(E. 1.) de Nemours de Co
154 Oct. 25 Holders of rec. Oct. 105
Debenture stock (guar.)
du Pont(E.1.)de Nem.Powd..com.(gu.) 155 Nov. 1 Holders of rec. Oct. 204
154 Nov. 1 Holders of rec. Oct. 200
Preferred (guar.)
50o. Nov. 1 Holders of roe. Oct. 154
Elgin National Watch (guar.)
154 Nov. 1 Holders of roe. Oct. 23
Esmond Mills, com.(guar.)
151 Nov. 1 Holders of too. Oct. 23
Preferred (guar.)
1
Nov. 1 Holders of rec. Oct. 15
Eureka Pipe Line (guar.)
50c. Oct. 31 Holders of roc. Oct. 180
Exchange Buffet Corp. (quar.)
151 Nov. 1 Holders of rec. Oct. 200
Fair (The). pref. (guar.)
1% Dec. 1 Holders of rec. Nov. 1531
Fairbanks, Morse de Co., pref. (guar.)._
234 Nov. 1 Holders of rec. Oct. 18a
Fajardo Sugar (guar.)
254 Nov. 1 Holders of roe. Oct. 18a
Extra
Dec. 1 Holders of rec. Oct. 31
Fam.Players Can. Corp., 1st pf.(qu.)._ 2
Nov. 1 Holders of rec. Oct. 15
-Lasky Corp., pt. (qu.). 2
Famous Players
$2.50 Nov. 1 Holders of rec. Oct. 200
Fisher Body Corp.,com.(guar.)
.
75o. Jan 1 2 Holders of rec. Dec. 1110
common (guar.)
vleishmann CO.,
Nov.15 Holders of rec. Nov. 5
10
Ford Motor of Canada
2 Nov. 1 Holders of rec. Oct. 230
Cigar,common (guar.)
General
1% Dec. I Holders of rec. Nov.220
Preferred (guar.)
151 Jan 2'25 Holders of rec. Dec. 234
Debenture preferred (guar.)
260. Nov.20 Holders of rec. Nov. 100
General Development(guar.)
v
o:
131 an2 25 Holders of rec. Dee. 20
General Fireproofing. prof. (guar.)
Holders of rec. Oct. 6a
134
General Motors,7% pref.(quar.)
Holders of roe. Oct. 80
154 Nov.
Six per cent deb.(guar.)
Holders of roe. Oct. 611
154 Nov.
Six per cent pref.(guar.)
Holders of roe. Nov. la
Doe.
$3
Gillette Safety Razor (guar.)
Holders of rec. Nov. 1
CS
Doe.
Stock dividend
Holders of rec. Oct. 160
131 Nov.
Olivine! Rms.. Inc.. prof (guar.)
Holders of tee. Oct. 20
Globe Automatic Sprinkler, Class A(qIL) 6240. Nov.
Holders of rec. Oct. 20
334 Nov.
Preferred
Holders of rec. Oct. 20
250. Nov.
Goosard (11. W.) Co.(monthly)
Holders of rec. Nov.20
25c. Dec.
Monthly
Holders of rec. Oct. 210
151 Nov.
Prof wed (quar.)
Holders of rec. Oct. 14
. 1% Nov.
(qu.)
.&W.)5-10-25c.Stores. pf.
Grand(F
'2 Holders of rec. Doe. 150
Gulf States Steel, first preferred (guar.) 1% Jan2
Holders of too. Dec. 15a
114
Second preferred (guar.)
Oet 31
131 jan '25 Oct..24 to Oct. 31
Halle Bros.. preferred (quar.)
17a
Hart, Schaffner Ac Marx,Inc., com.(qu.) 155 Nov.29 Holders of rec. Nov.24
Hibbard, Spencer, Bartlett Co.(mthly.) 35o. Oct. 31 Holders of rec. Oct. 21
Nov.
360. Nov.28 Holders of roe.
Monthly
35e. Dee. 26 Holders of roe. Dec. 19
Monthly
15o. Dee. 26 Holders of reo. Dec. 19
Extra
Hillman Coal & Coke,5% pref.(guar.). 131 Oct. 25 Oct. 15 to Oct. 25
cent preferred (guar.)
134 Oct. 25 Oct. 15 to Oct. 21
Seven per
Nov. 3 Holders of roe. Oct. 16
1
Hollinger Consol. Gold Mines
131 Nov. 1 Holders of rec. Oct. 15
Holly Sugar, pref.(quar.)
11‘ Nov. 1 Holders of rec. Oct. 15
Preferred (fleet accumul.dive.)
50o. Oct. 25 Holders of roe. Oct. 20a
Homestake Mining (monthly)
151 Nov. 1 Oct. 21 to Nov. 2
Hood Rubber, Prof. (guar.)
250. Nov. I Holders of rec. Oct. 18a
Hupp Motor Car. common (guar.)
250. Dec. 31 Holders of roe. Dee. 12a
Independent 011 & Gas(guar.)
Nov. 15 Holders of rec. Oct. 17
El
Indiana Pine Line (quar.)
Nov. 10 Holders of rec. Oct. 31
$1
Internat. Cigar Machinery (No. 1)
Engineering (qu) 500. Oct. 31 Holders of roe. Oct. 170
Internat. Combustion
155 Nov. 1 Holders of roe. Oct. 150
Internat. Nickel, pref. (guar.)
Holders of rec. Oct. 15a
34
Internat. Shoe, pref.(monthly)
17
IntertyPe Corporation,com.(guar.).-- 250.NNov.v1 Holders of rec. Nov. la
Nov. 17 Holders of rec. Nov. 1
Common (payable In common stock).. /10
Nov. 1 Holders of rec. Oct. 20
Kaufmann Dept.Stores.Inc.,corn.(qu.) Ell
151 Nov. 1 Holders of rec. Oct. 200
Kelsey Wheel, pref. (guar.)
22.50 Nov. 1 Holders of rec. Oct. 15
Accept. Corp., Cl. A
Kidder, Peabody
Dec. 1 *Holders of rec. Nov.20
*2
Kinney (G. R.) Co., pref.(guar.)
1
Nov. 1 Holders of rec. Oct. 20a
Kress(S. H.) Co.,com.(guar.)
OCT. 25 1924.]
Name of Coital:4W.
IBA CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Loose-Wiles Biscuit, 1st pref.(quar.)--- 13.1 Nov. 1 Holders of rec. Oct. 18a
Lord & Taylor, lot pref. (quar.)
154 Dec: 1 Holders of rec. Nov.18a
Second preferred (guar.)
2
Nov. 1 Holders of rec. Oct. 20a
Second pref. (accum. div. In full)
Nov. 1 Holders of rec. Oct. 20a
512
Macy(R.H.)& Co., preferred (quar,)
tg Nov. 1 Holders of rec. Oct. 150
McCrory Stores Corp., corn. A & B(qu.) /I
Dec. 1 Holders of roe. Nov.20a
Preferred (guar.)
191 Nov. 1 Holders of rec. Oct. 200
McIntyre Porcupine Mines, Ltd. (qu.)- 5
Dec. 1 Holders of rec. Nov. 1
Miami Copper (guar.)
50e. Nov. 15 Holders of rec. Nov. la
Monarch Knitting, pref. (quar.)
Nov. 1 Holders of rec. Oct. 21
Montgomery Ward & Co.,Inc.,Cl.A..-• 583.50 Nov. 5 *Holders of rec. Oct. 25
Moon Motor Car (guar.)
75e, Nov. 1 Holders of rec. Oct. 150
Motor Products, pref. (quar.)
Nov. 1 *Holders of rec. Oct. 20
•81
Mullins Body Corp., prof.(quar.)
82 Nov. 1 Holders of rec. Oct. laa
Nash Motors. pref. (quar.)
Nov. 1 Holders of rec. Oct. 20a
National Biscuit, corn. (oar.)
75c Jan. 15 Holders of rec. Dec. 31a
Common (extra)
1
Nov. 15 Holders of rec. Oct. 31a
Preferred (quar.)
Nov.29 Holders of rec. Nov. 15a
National Carbon, pref. (quar.)
2
Nov. 1 Holders of rec. Oct. 20a
National Dept. Stores, 1st pref. (guar.). 191 Nov. 1 Holders of rec. Oct. 150
Second preferred (quar.)
Dec. 1 Holders of rec. Nov. 15a
Nat. Enamel. & Stet.. Prof. (quar.)
1s( Dec. 81 Holders of rec. Doe. lb
National Tea, pref.(quar.)
Nov. 1 Holders of rec. Oct. 20
New Jersey Zinc (guar.)
2
Nov.10 Holders of rec. Oct. 31
New Niquero Sugar (guar.)
2
Nov. 1 Holders of roe. Oct. 22
Newton (George B.) Coal, lot pref
354 Nov. 1 Holders of rec. Oct. 25
New York Air Brake,common (quar.)_ _ $1
Nov. 1 Holders of rec. Oct. 76
Class A stock (quar.)
$1
Jan2'25 Holders of rec. Dec. 3a
New York Canners, Inc.. first preferred_ 354 Febl'25 Hold,of rec. Jan.22'25a
Second Preferred
4
Febl'25 Hold. of rec. Jan 22'25a
N.Y.4t Honduras Rosario Mining(on.)_ 25e. Oct. 28 Holders of rec. Oct. 18
Extra
25e. Oct. 28 Holders of rec. Oct. 18
New York Shipbuilding
2
Nov. 6 Holders of rec. Oct. 27a
Ontario Steel Products, corn. (quar.)
1
Nov. 15 Holders of rec. Oct. 31
Preferred (quar.)
Nov. 15 Holders of rec. Oct. 31
Orpheum Circuit,corn.(monthly)
1254c Nov. 1 Holders of rec. Oct. 200
Common (monthly)
1214c Dec. I Holders of rec. Nov.20a
Owens Bottle, common (quar.)
415e. Jan. 1 *Holders of rec. Dec. 16
Preferred (quar.)
•131 Jan. 1 *Holders of rec. Dec. 16
Pacific Mills (quar.)
154 Nov. 1 Holders of rec. Oct. 22a
Package Machinery Co.,corn
$1
Dee. 1 Holders of rec. Nov.206
Preferred (quar.)
Nov. 1
Packard Motor Car,corn.(guar.)
30c. Oct. 31 Holders of rec Oct. 15a
Common(quar.)
30e. Oct. 31 Holders of rec. Oct. 150
Penmans. Ltd., corn. (quar.)
2
Nov.lb Holders of rec. Nov. 5
Preferred (quar.)
194 Nov. 1 Holders of rec. Oct. 21
Permanent Mtge.Co.,preferred (extra).
Feb.115
Phillips-Jones Corp., prof.(guar.)
Nov. 1 Holders of roe. Oct. 20a
Pick (Albert) & Co.,corn.(quar.)
40c. Nov. 1 Oct. 25 to Oct. 31
Pierce, Butler & Pierce Mfg.,7% pf.(qu)
Nov. 1 Holders of rec. Oct. 20a
Eight per cent preferred (quar.)
Nov. 1 Holders of rec. Oct. 20a
2
Pittsburgh Coal,common (guar.)
Oct. 25 Holders of rec. Oct. 10a
1
Preferred (guar.)
154 Oct. 25 Holders of rec. Oct. 10a
Plant(Thomas G.) Co., lot pref.(quar.)
Oct. 31 Holders of ree. Oct. 22a
Postum Cereal Co.,common (quar.)___ $1
Nov. 1 Holders of rec. Oct. 210
Preferred (quar.)
Nov. 1 Holders of rec. Oct. 21a
2
Prairie Oil& Gas(guar.)
Oct. 31 Holders of rec. Sept.30a
2
Prairie Pipe Line(guar.)
2
Oct. 31 Holders of rec. Sept 30a
Producers Oil Corp., prof.(quar.)
2
Nov. 15 Holders of rec. Oct. 31
Producers & Refiners Corp., pref. (qu.)_
Nov. 3 Holders of rec. Oct. 176
Punta Alegre Sugar (quar.)
$1.25Nov. 5 Nov. 1 to Nov. 4
Puritan Mortgage Corp., pref
334 Nov. 1 Holders of rec. Oct. 15a
Pyrene Mfg.(quar.)
234 Nov. 1 Oct. 22 to Oct. 31
Quaker Oats. preferred (quar.)
154 Nov.29 Holders of rec. Nov. la
Reynolds Spring.common (quar.)
250. Nov. 1 Holders of rec. Oct. 150
Class A & B (guar.)
Jan. 1 Holders of rec. Dec. 15
Rockland & Rockport Lime,corn.(qu.). $1.50 Nov. 1 Holders of rec. Oct. 15
Russell Motor Car, pref.(quar.)
Nov. 1 Oct. 17 to Oct. 31
St. Joseph Lead (guar.)
500. Dec. 20 Dee. 10 to Dec. 21
St. Lawrence Flour Mills,corn.(quar.)
154 Nov. 1 Holders of rec. Oot. 20
Preferred (guar.)
Nov. 1 Holders of rec. Oct. 20
Salt Creek Producers Assn.(guar.)
20e. Nov. 1 Holders of rec. Oct. 150
Extra.
30e. Nov. 1 Holders of rec. Oct. 15a
Sewage Arms Corp., 2nd pref. (guar.)._
194 Nov.15 Holders of rec. Nov. Is
Savannah Sugar Ref.. corn.(guar.)
154 Nov. 1 Holders of rec. Oct. 15
Preferred (quar.)
Nov. 1 Holders of rec. Oct. 15
Schulte Retail Stoma.common (quar.)_. m2
Dec. 1 Holders of tee. Nov 150
Preferred (guar.)
2
Jan1'25 Holders of rec. Dec. 15a
Scott Paper, pref. (guar.)
Nov. 1 Holders of rec. Oct. 24
Sears. Roebuck & Co.. corn. (quar.)
31.50 Nov. 1 Holders of rec. Oct. 15a
Shell Union Oil, pref.(quar.)
154 Nov. 15 Holders of rec. Oct. 206
Simmons Co.. pref (guar.)
154 Nov. 1 Holders of roe. Oct. 156
Sinclair Consol. 011, pref. (quar.)
2
Nov. 15 Holders of rec. Nov la
Spalding(A. G.)& Bros., lst pref.(qu.)_
Dec.
Holders of rec. Nov.19
Second preferred (guar.)
2
Dec.
Holders of rec. Nov.10
Standard Oil (Ohio), prof.(guar.)
Dec.
Holders of rec. Oct. 24
Steel Co. of Canada.corn. et pfd.(qua. 134 Nov.
Holders of rec. Oct. 4
Sterling Products,Inc.,(quar.)
Holders of rec. Oct. 150
Nov.
SI
Stover Mfg.& Engine, Prof. (quar.)_
191 Nov.
Oct. 21 to Oct. 31
Sugar Estates Oriente,Inc., pref.(qu.)
Holders of rec. Oct. 154
Nov.
2
Superior Steel,common (guar.)
Holders of rec. Oct. 156
75e. Nov.
Thompson (John R.) Co.,corn.(mthly) 1
Holders of rec. Oct. 23
Nov.
Com mon (monthly)
Holders of rec. Noy.24
Dee.
I
Tobacco Products Corp., cl. A (guar.)._
Nov. 1 Holders of rec. Oct. 31a
Tower Manufacturing.cont.(No. 1)_
•50c. Nov. 'Holders of rec. Oct. IS
Union Oil Associates (quar.)
81e. Oct. 28 Holders of rec. Oct. 100
Union 011 of California (guar.)
$1.80 Oct. 28 Holders of rec. Oct. 10a
United 1/rug,common (gust.)
*SEW Dee. 1 *Holders of rec. Nov. 15
First preferred (gnat.)
87(4e Nov. 1 Holders of rec. Oct. 15
Second preferred (guar.)
81.50 Dec. 1 Holders of rec. Nov.15
United Dyewood. prof.
114 Jan2'25 Holders of too. Dec. 15a
United Fruit (quint.) (dust.)
234 Jan2'25 Holders of rec. Dec. So
United Profit-Sharing, Preferred
Oct. 31 Holders of rec. Sept. 30
5
United Verde Extension Mining (gnarl 50c. Nov. I Holders of rec. Oct. 3a
U.S.Cast Iron Pipe & Fdy.. pref.(qu.)Dec. 15 Holders of rec. Dec. la
11
United States Glass(quar.)
25e. Oct. 31 Holders of roe. Oct. 25s
U.S. Realty & Improvement, pref.(g11.)
Nov. 1 Holders of rec. Sept. 5
U. S. Rubber, 1st pref.(guar.)
Oct. 31 Holders of rec. Oct. 150
Van Raalte Co., 1st pref.(quar.)
Dec. 1 Holders of rec. Nov. 176
Vapor Car Heating, preferred (guar.).Dec. 10 Dee. 2 to Dee, 10
Ventura Consol. 011 Fields (quar.)
50e. Nov. 1 Holders of rev. Oct 15
Wahl Company, prof. (quar.)
Jon. 1 Holders of rec. Dec. 260
Washburn Crosby Co., pref.(guar.).--Nov. 1 Holders of rec. Oct. 246
Westinghouse Air Brake (quar.)
$1.50 Oct. 31 Holders of rec. Sept.30a
Oct. 31 Holders of rec. Sept.300
Westinghouse Elec.& Mfg.,corn.(guar.) $I
Wolverine Portland Cement
Nov. 15 Holders of rec. Nov. 5
Woodley Petroleum (guar.)
40e. Dec. 20 Holders of rec. Dec. 15
Woolworth (F. W.) Co.(guar.)
75c. Dec. 1 Holders of rec. Nov.10a
Wrigley (William) Jr.& Co.
25e. Nov. 1 Holders of rec. Oct. 20a
Monthly
Yellow Cab Mfg., Class B (monthly)
41're Nov. 1 Holders of rec. Oct. 200
411
Class B (monthly)
4 DIN!. I Holders of rec. Nov. 20a
•From unofficial sources. 9 The New York Stock Exchange has ruled that stock
will not be quoted ex-dividend on this date and not until further notice. 1 The
New York Curb Market Association has ruled that stock will not be quoted exdividend on this date and not until further notice.
a Transfer books not closed for this dividend. a Correction. e Payable In noes.
!Payable in common stook.
p Payable in scrip. S On account of accumulated
dividends. m Payable in preferred stock, n Payable in Canadian funds.
s Dividend is ono-fourth of a share of Class A common stock on each share of
Class A and B stock. t Payable in participating preferred stock.
Annual dividends for 1924,all payable In equal quarterly Installments on April 1,
July 1 and Oct. 1 1924 and Jan. 1 1925 have been declared as follows: On the common stock $3 cash and $3 in common stock;on the participating preferred the regular
6% and extra dividends of 1% in cash and 1% In common stock: on the preferred
lock regular 694: on the prior preferred stock regular 7%
u Extra dividend on common stock, all of which is owned by the United Rys.
Investment Co., is 696,250.
w Payable Feb. 28 1925,
154
114
154
154
154
114
191
154
134
154
154
154
154
114
114
154
154
191
191
134
14
1.54
191
154
154
154
194
1931
Weekly Returns of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending Oot, 18. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
NEW YORK WEEKLY CLEARING mum RETURNS.
(Mated in thousands of dollars-that is, three ciphers (0001 onittted.)
I
New
Capital. Profits. Loans,
Week Ending!
Discount
0..t. 18 1924 Nat'l, June 30 Invest
!State. Sept. 29 menu,
(000 omitted.) iTr.Cos.Sept. 29
ete.
Members of Fed, Res.! Bank.
Bank of N Y &
$
Trust Co__. 4,000, 12,356
Bk of Manhat'n 10,000 13,46
Mech & Met Bk 10,000 15,694
Bank of America 6,500 5,622
Nat City Bank_ 40,000 54,133
Chem Nat Bank 4,500 17,005
Nat Butch & Dr 1,000
285
Amer Each Na
5,000 7,952
Nat Bk qf Corn. 25,000 39,523
Pacific Bank... 1,000 1,742
Chat&PhenNa 10,500 9,264
Hanover NatB
.5,000 22,878
Corn Etch Ba
10,000
Nat Park Bank_ 10,000 23,772
East River Nat_ 2,100 1,900
First National__ 10,000 59,984
IrvingBk-ColTr 17,500 12,038
Continental Bk. 1,000 1,038
Chase National_ 20,000 24,605
Fifth Ave B
500 2,706
Commonwealth,
600 1,066
Garfield Nat___
1,000 1,685
Fifth National_
1.200 1,240
Seaboard Nat_ _ 4,000 7,613
Coal & Iron Na
1,500 1,349
Bankers Trust_ 20,000 25,913
US Mtge & Tr_ 3,000 4,487
Guaranty Trus 25,000 18,988
Fidel-Inter
2,000 2,142
N Y Trust Co_ _ 10,000 19,099
Metropolitan Tr 2,000 4,096
Farm Loan &T
5,000 17,363
Equitable Trust 23,000 11,191
Ream
with
Cash
Net
Time Bank
Legal Demand
In
DeVault. Deposi Deposits. Posits. 70tortes.
"on.
Average Averag Average Average Averag Arge.
75,410
7,848
77
156,848 2,52 17,552
177.595 3,641 22,29
88.450 1,742 11.997
663,808 4,80 72,507
132,102 1,248 16,799
6.488
636
6
108,900
88 14,473
354,527 1,378 42,345
30,599 1,204 4,553
159,609 4,602 17,608
128,042
549 15,706.
200,259 25,801181,264
178,587 1,046 19,104
30,014 1,211 3,407
331,722
447 30,875
292,384 3,344 37,1211
7,075
802
1511
403,365 4.2751 51,405
23,016
7841 3,404
12,467
3
1,493
15,431
4291 2,464
19,887
1821 2,424
103.460
8751 13.595
19,825
2461 2,329
323,536
9921 36,696
58,754
5.650
501,618 1,608, 53,346
20,201
398' 2,420
176,941
763 20,263
46,22
671 5,707j
133,981
463 17,133
1,510 33,860
276,40
.53,693 10,6
127,299 24,85
168,148 9,827
88,978 3,956
.666,131 90,792
124,041 4,777
4,764
186
98,548' 7,862
321,795 14,073
29,818 2,965
122,466 33,025
113,986
-27,532
148,331 8,128
23,64
6,969
232,81 19,41
277,89 31
5,71
3
392,118 22,669
24,0
1,010
2,6015,25
122
17,682 1,35
3.168
102,01
17,04
1,563
*285,919 41,007
48,521 7,79
*457,79 62,21
17,827 1,76
144,811 26.140
42,720 2,690
*199,095 24,832
*315,677 3
0.78
3
548
ill
9
348
481
4,951
---_
aiii
300
6,702
8,571
499
7,470
1:66
242
61
412
Total of averages 291,900 455,392 5,254,541 50,742613,417c4,505,383525,891 32.300
Totals, actual co ndition Oct. 185.253.754 48,978641,704 c4,548,861 528,024 32.288
Totals, actual co ndition Oct. 11 5,258,715 50,580509,448 c4,518,010 526.856 32,319
Totals, actual co nditIon Oct. 45,336,111 50.375652,901 c4,583,941 515,89032,353
State Banks Not Me mbers of Fed'I Res ve Bank. I
Greenwich Bank 1,000 2,455
20,092 1,966 2,388,
20,8611
671
Bowery Bank__
250
5,218
9171
311
4561
2,583 1,97
State Bank,... 3,500 5.094
96,048 3,806 2,0871
31,859 60,
Totalofaverages
4,750; 8,6471 121,35
6,083
55,303 63,2471
4,9311
Totals, actual co ndition Oct. 18 120,898 6,041 5,487
Totals, actual co ndition Oct. 11 121,852 6.0591 4,022
Totals, actual
ndition Oct.
4 121,502 6,1071
Trust Companies Not1Membe roof Fed 'I Res'ye Bank.
Title Guar &'Fr 10,000 15,216
57,321 1,498 4,1181
LawyersTit&Tr 6,0001 6,169
27,187
889i 1,588
Total of averages 16,0001 21,385
84,50
2,3871 5,7061
55,034 63,342
55,074 63,116
55,512 62,8171
I
37,295 1,363
864,
16,098
53,393
2,227, ----
Totals, actual co ndition'
Oct. 18
Totals, actual condition Oct. 111
Totals, actual condition Oct. 4
53,777
53,556
54,614
2,183
2,244
2,165
84,553
84.507
85,715
2,286
2,378
2,386
5,950
5,8331
5,869,
_--_-
Gr'd aggr.. aver 312.650485,2455,460,407 59,212624,054' 4,614,079 591,365 32,300
Comparison wit h prev.1week_ -25,937-1,186
9 ---+2,5061 -18,439 +5.92
Gr'd aggr., gal cond'n Oct. 11 5,459,205 57,305653.2311 4,657,672 593,54932,288
Comparison with prey. week_ _, -5.869-1.712+33928, +31.032+1.339
-31
Gr'd aggr.,sal cond'n ;Oct. 11
5,465,074 59.017 619,303, 4.626,640592,21032.319
Gr'd mgr..awl cond'n ,Oct. 46,543.328
58,868863,250 4,694,067580,87232.353
Gr'd aggr., pert cond'n 'Sept.27 5,528,499 55,185594,872' 4,638,640.589,881 32,409
Gr'd aggr., oat cond'n 'Sept 205,395,142 55,588674.4941 4,640.763 572.06332,469
Gr'd aggr., cal cond'n Sept.13
5,261,261, 56,921 636,7061 4,531.407538,711 32.374
Gr'd aggr., act'i cond'n 'Sept. 65.282,5.51, 58.594649,3691 4,512,536 530,807 32.406
Note-U, S. deposits deducted from net
deposits in the general totals
above were as follows: Average total Oct. demand
18, 834.445,000; actual totals, Oct. 18.
833,201,000: Oct. 11, $35,508.000; Oct. 4, 535,258,000: Sept. 27, $35,258,000
Sept. 20, 835,258,000. Bills Payable, rediscounts, acceptances and other liabilltles.
average for week Oct. 18, $445,076,000;
Oct. 11, $438.768,000: Oct.4,$426,590.000:
Sept. 27, 5378,276,000; Sept. 20,
8439,705,000:
Oct. 11, $422,936,000: Oct. 4, 338,395,000. Actual totals Oct. 18,
8468,922,000; Sept. 27. $405,836,000; Sept. 20.
8350,674,000.
* Includes deposits in foreign branches not included
in total footings as follows:
National City Bank,5129,340,000: hankers
Co.,813,762,000: Guaranty Trust
Co. 370,095,000: Farmers' Loan & Trust TrustS6,494,000: Equitable Trust Co.,
Co.,
$62.920,000. Balances carried in banks in foreign countries as reserve for such
deposits were; National City Bank, 517,730,000; Bankers Trust Co., $832,000
Guaranty Trust Co., $5,449,000: Farmers' Loan & Trust
Equitable
Trust Co., $7,324,000. c Deposits In foreign branches Co., $6,494,000:
not included.
The reserve position of the different groups of institutions
on the basis of both the averages for the week and the actual
condition at the end of the week is shown in the following
two tables:
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
Averages.
Cash
Reserve
Reserve
In
in Vasa:. Depositories
Members Federal
Reserve banks_
State banks*
Trust companies*._
Total
Total
Total
Total
6,083,000
2,387,000
Total
Reserve.
a
Reserve
Required.
Surplus
Reserve,
$
61.3,417,000 613.417,000 601,476,520 11,940,480
4,931,000 11,014.000 9,954,540 1,059.460
5,706.000 8,093000 8.008,950
84,050
8,470.000 624,054.000 632,524,000 619,440.C10 13,083,990
8,539.000 621,548,000 630,087,000 621,659,030 8,427,970
8,242,000 623,448,000 631,690,000 628,858,400 2,831,600
8.208,000 626,209,000 634.417.000 620,208,890 14,208,110
•Not members of Federal Reeerve Bank.
a This la the reserve required on the net demand deposits n the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank
Includes also amount In reserve required on net time deposits, which was as follows:
Oct. 18, 515,776,730: Oct. 11, 515,603,810: Oct. 4, 815,668,220; Sept. 27, 515,493.890.
Oct.
Oct.
Oct. 4_ _ _ _
Sept.27_
ftot ii:
THE CHRONICLE
1932
Actual Figures.
Cash
Reserve
Reserve
in
in Vault. Depositories
Members Federal
Reserve banks_
State banks.
Trust companies...
-
Total
Reserve.
Reserve
Required.
Surplus
Reserve.
-In the fol
Boston Clearing House Weekly Returns.
lowing we furnish a summary of all-the items-in .the-Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
$
641,794,000 641,794,000 607,192,650 34,601,350
6,041,000 5,487,000 11,528,000 9,906,120 1,621,880
169,450
2,286,000 5,950,000 8,236,000 8,066,550
$
Oct. 18____ 8.327,000 653,231,000 661,558,000 625,185,320 36,392,680
Oct. 11_ __ - 8,437,000 619,303,000 627,740,000 621,093,700 6,648,300
8,493,000 663,250,000 671,743,000 629,573,290 42,169.710
Oct. 4___
Sept.27---- 8,180,000 594,872.000 603,052,000 622,639,000 -19,587,030
•Not members of Federal Reserve Bank.
b This is the reserve required on net demand deposits In the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank
Includes also amount of reserve required on net time deposits, which was as follows:
Oct. 18, $15,840,720; Oct. 11, 515,805,680; Oct. 4, $15.476,700; Sept. 27, $15,764,130.
Total
Total
Total
Total
Oct. 22
1924.
1
Changes from
previous week.
Oct. 15
1924.
Oct. 8
1924.
$
Capital
57,400,000 57,400,000
57,400,000 Unchanged
Surplus and profits
83,113,000 Inc. 1,545,000 81,568,000 81,387,000
Loans, diseis & Investments_ 934,508.000 Inc. 3,421,000 931,085.000 923,947,000
Individual deposits.Incl. U.S.678,380,000 Inc. 24,575,000 653.805,000 834,773,000
Due to banks
159,098,000 Inc. 4,123,000 154,975,000 152,965,000
Time deposits
173,604,000 Inc. 1,141,000 172,463,000 171,020,000
United States deposits
24.411,000 Dec. 6,499,000 30,910,000 32,056,000
Exchanges for Clearing House 34,458,000 Inc.
743,000 33,715.000 28,657,000
Due from other banks
95,169,000 Inc. 13,074,000 82,095,000 74.181,000
Reserve in Fed. Res. Bank_
81,307,000i Inc. 2,965,000 78,342,000 77,738,000
Cash In bank and F.R. Bank_ 9,809.000 Inc.
436,000 9,373,000 9,212.000
Reserve excess In bank and
Federal Reserve Bank
2.439,000 Inc. 1,147,000 _1,292,000_ 1,694,000
State Banks and Trust Companies Not in Clearing
House.
-The State Banking Department reports weekly
Philadelphia Banks.
-The Philadelphia Clearing House
figures showing the condition of State banks and trust companies in New York City not in the Clearing House as follows: return for the week ending Oct. 18, with comparative figures
for the two weeks preceding, is given below. Reserve
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER requirements for members of the Federal Reserve System
INCLUDED IN CLEARING HOUSE STATEMENT.
NEW YORK, NOT
are 10% on demand deposits and 3% on time deposits, all
(Figures Furnished Si' State Banking Department.)
Differences from to be kept with the Federal Reserve Bank. "Cash in vaults"
Oct. 18.
previous week.
is not a part of legal reserve. For trust companies not mem$945,893,400 Inc. 18,840,800 bers of
Loans and investments
the Federal Reserve System the reserve required is
4,184,800 Dec.
21,800
Gold
22,205,700 Dee. 408,900 10% on demand deposits and includes "Reserve with legal
Currency and notes
92,121,500 Inc. 10,607,300 depositaries" and "Cash in vaults."
Deposits with Federal Reserve Bank of New York
1 026,030,600 Inc. 28,225,400
Total deposits
Deposits, eliminating amounts due from reserve depositories and from other banks and trust comWeek Ended Oct. 18 1924.
panies in N. Y. City, exchange and U. S. deposits 958,398,300 Inc. 22,291,000
Two Ciphers (00)
167,864,700 Inc. 13,561,600
Reserve on deposits
Members*. Trust
1924
omitted.
Percentage of reserve, 23.2%.
F.R.SystemICompantes
Total.
RESERVE.
-Trust Companies
- Capital
State Banks341,819,0 55,000,0, 346,819,0
383,882,400 16.24% Surplus and profits
•534,629,600 16.81%
Cash in vault
123,682,01 16,526,0 140,208,0
33,988,400 06.58% Loans, disc'te & investle._ 798,067,0 43,948,0, 842.015,0
Deposits In banks and trust cos.... 15,364,300 07.46%
830,0, 33,212,0
Exchanges for Clear.House 32,382,0
3117,870,800 22.82% Due from banks
349,993,900 24.27%
Total
154,815,0;
44,01 154,859,0
175,282,0;
1,007,0 176,289,0
Bank deposits
•Includes deposits with the Federal Reserve Bank of New York, which for the Individual deposits
591,828,0, 25.339,01 617,167,0
State banks and trust companies combined on Oct. 18 was $92,121,500.
86,481.0,
1.365.0 87,846,0
Time deposits
853,591,0' 27.711,0 881,302,0
Total deposits
26,787,0
U. S. deposits (not Ind.)
3,354,0
3,354,0
Res've with legal deposit's_
63,986.0
Reserve with F. R. Bank_ _ 63,986,01
Banks and Trust Companies in New York City.
-The Cash in vault •
1,300,01 11,074.0
9,771.01
78,414,0
73,780,01
averages of the New York City Clearing House banks and Total reserve & cash held.- 62,895,0; 4,654,01 66,783,0
3.888,0;
Reserve required
trust companies combined with those for the State banks and Excess res.& cash In vault_ 10,865.0
766,01 11,631,0
trust companies in Greater New York City outside of the
Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Loans and
Investments.
Demand
Deposits.
•Total Cash
Reserve in
in Vaults. Depositaries.
$
$
5,882,466,200 5,140.479,500
5,919,665,500 5,185,308,900
5,980,525.800 5,221,705.600
5,937.803,400 5,208,912,100
5.981,963.600 5,274,074,000
6,020.656.100 5,291,357,000
6,078,827,900 5,335,452,300
6,133,212,300 5,382,392,900
8,147,562,200 5,396,229,400
6,197,834,200 5,420,377,600
6,176,232,200 5,410,175,900
6,189,878,800 5,413,636,100
6,171,331,700 5,428.157,800
6.245,090,200 5,544,643,300
6,380,981,700 5,544,168,600
6,482,535,800 5,616,632,400
396,600 5,568,625,300
6
aanann Anng a79 A77 .vIn
'
413,
Week Ended-June 21
June 28
JulY 5
July 12
Ray 19
July 26
Aug. 2
Aug. 9
Aug. 16
Aug. 23
Aug. 30
Sept. 6
Sept. 13
Sept. 20
Sept. 27
Oct. 4
Oct. 11
- ...
$
78,107,400
78,890,500
79,948,300
88.578.700
80,692,800
78,972,700
77,149,800
78.544.500
78,611,500
77,334.600
78,013,900
80,217,700
83,772,900
80,731,400
81,522,500
81,794.900
87,219,200
ex Ang ann
„
$
725,168.100
719,713,500
714.776,100
700.834.000
738,247,400
750,661,600
746,518,800
744.376,500
761,925,500
727,393,700
733.914,000
722.157,200
739,130,000
828,038,100
749,472.300
748,565,400
749,029,900
'Tar goo nnn
New York City Non-Member Banks and Trust Com-The following are the returns to the Clearing House
panies.
byclearing 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.
three ciphers (0003 omitted.)
Mated in thous twit of dollars-that
J.
Capital.
Loans,
Net
DisProfits.
CLEARING
counts.
NON-MEMBERS .
bks. Anne 30 InvestNot.
Week Ending State bks. Sep1.29 ments.
Oct. 18 1924. 'Jr. cos. June 30 &c.
Members of
Fedi Res've Bank
Grace Nat Eank._
Cash
in
Vault.
Reserve
Net
Net
with Demand Ttme
Legal Deposits Deposits.
Depottortes.
Average Average Average Average Average
$
I
1,0001
1,718
9,988
23
608
3,400
4,725
Total
State Banks
Not Members of
Fed" Res've Bank
Bank of Wash. Hts.
Colonial Bank
1,0001
1,718
9,9861
23
608
3,400
4,725
Total
Trust Company
Not Member of
Fedi Res've Bank
Mech. Tr., Bayonne
1,200
2,963
33,857
3,681
2,098
30,259
4,971
500
446
8,635
364
25
2.548
5,945
446
25
2.548
200
1,000
7,557
26,300
777
2,904
3761
1,652
6,271
23,988
1,982
2,989
8,635
364
5,1291 52.478
-29
4,068
+68
2,661 a36,207
+600
-243
Ofd am.. Oct. 11
Ged aggr . Oct. 4
Ord aggr-Sept. 27
Gr'd aggr., Sept. 20
5,129
4,931
4,931
4,931
4,000
3,793
3,819
3,764
2,904, a35,000
2,5811 a34,889
2,604, 233,750
2,4031 234,083
500
2,7
2,700
2,700
2,700
52,507
51,626
50,836
51.011
a United States deposits deducted. $340,000.
Bills payable, rcdsirounts, acceptances sal other liabilities, 5111,/)
).
Excess reserve. $283,080 decrease.
316,819,0
139,858,0
835,587,0
29,529,0
148.885,0
173,863,0
603,045.0
85,253,0
882,981,0
28,957,0
. 3,981,0
. 62,479,0
11,027,0
77,487,0
66,183,0
11.301,0
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. 22 1924 in
comparison with the previous week and the corresponding
date last year:
Oct. 22 1924. Oct. 15 1921. Oct. 24 1923.
$
$
$
Resources539,801,000 509,814,000 634,443,000
Gold with Federal Reserve Agent
8,859,000
9,818,000
6,344,000
Gold redemp. fund with U. S. Treasury_
Gold held exclusively nest. F.R. notes_ 549,619,000
Gold settlement fund with F. R. Board_ 192,358,000
Gold and gold certificates held by bank._ 169,267,000
516,158,000
148.404,000
167,572,000
643,302,000
151,349,000
182,909,000
Total gold reserves
Reserves other than gold
911,212,000
21,073,000
832,134,000
18,304,000
977,560,000
19,041.000
Total reserves
932,315,009
Non-reserve cash
14,626,000
Bills discounted
Secured by U. S. Govt. obligations_
14,120,000
Other bills discounted
15,101,000
850,438,000
13,034,000
996,601,000
11,118,000
47.795,000
17,491,000
111,000,000
52,441,000
Total bills discounted
Bills bought In open market
U. S. Government securities
Bonds
Treasury notes
Certificates of indebtedness
29,224,000
62,382,000
65,289,090
103,911,000
163,441,000
36,097,000
4,902,000
136,394,000
43,020,000
4.902,000
139,394,000
59,020,000
1,149,000
200,000
3.200,000
187,316,000
203,316,000
4,549,000
Total U. S. Government securities._
204,087,000
138,274,000
13,762.000
1,09,000
___.,-1,399,192,000 1,472,220,000 1,364,94,0000
Total earning assets
Uncollected items
Bank premises
All other resources
278,902,001) 372,5411,000
147,191,000 210,193,000
16,723,000
18,720.000
9,427,000
9,289,000
Total resources
Liabilities
Fed. Res. notes in actual circulation
305,959,000
Deposits-Member bank. reserve mei._ 854,768,000
Government
4,742,000
Other deposits
17.851,000
309,813,000
858,000,000
15,140,000
18,600,000
457,029,000
688,145,000
4,513.000
13,342,000
Total deposits
Deferred availability Items
Capital paid In
Surplus
All other liabilities
891,741,000
178,533,000
30,195.009
59,929,000
2,009,000
706,000.000
108,256,000
29,302,000
59,800,000
4,553,000
877,359,000
122,822,000
30,193,000
59,929,000
1,927,000
1 399,192,000 1.472,220,000 1,364,940.000
Ratio of total reserves to deposit and
Fed. Rea. note liabilities combined...,Contingent liability on bills purchased
for foreign correspondents
CURRENT
27
,
Grand aggregate_ _
Comparison with prev. weekl
Total
$46,819,0
138,510,0
825,247,0
35,869,0 .
156,562,0
170,870,0
612,832,0
84,593,0
868,095,0
28,957,0
4,174,0
.63,202,0
10,761,0
78,137.0
66.631,0
11,506,0
•Cash in vault not counted as reserve for Federal Reserve members.
Total liabilities
457
2,506
Oet. 4
1924.
1924.
78.7%
70.8%
85.7%
5,792,000
9,007.000
14,374,000
NOTICES.
-Adams & Peck,20 Exchange Place, New York,specialists In guaranteed
5,945 stocks, are distributing a circular giving many interesting facts and figures
Nion Canada Southern Ry. Co.3% stock dividends guaranteed by Michigan
15,
shares for sale.
+48 Central Ky. Co.. and offering a block of 3,000
-On and after Thursday, Oct. 23 1924, Guaranty Trust Co.of New York,
15,593 at its main office trust department, will be prepared to deliver definitive
15,523
Debenture bonds, American series
15,605 American Gas & Electric Co. 6% Gold
15,547 due 2014, in exchange for outstanding temporary bonds.
-John Moody, President of ..vioody's Investors' Service, Is sailing on the
Olympic to make a personal investigation of general.business and financial
•
conditions in Europe. He expects to be abroad until the end of the year.
OCT. 25 1924.]
THE CHRONICLE
1933
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Oct.23,and
of the twelve Reserve Banks at the close of business on Wednesday. In the first table we present the showing the condition
results
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding for the system
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal week last year.
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Reserve Agents'
Comptrolle
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comm,ent upon the returnsfor r and
the latest
week appears on page 1904, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE
BANKS AT THE CLOSE OF BUSINESS OCT. 22 1924.
Oct. 22 1924. Oct. 15 1924. Oct. 8 1924.
RESOURCES.
Oct. 1 1921. Sept. 24 1.924.ISept. 17 1921 Sept. 10 1924:Sept. 3 1924.10ct. 24 1923.
$s
$
I
$
$
$
i
Gold with Federal Reserve agents
I
,
.006.200,000 1,974,799,000 1.984.893,000 2.027,304.000 2,031.406.000,
2,038,632,000 2,035,611.000 2,109,186.00012.089,358,000
Gold redemption fund with U. S. Trees_
29,905,000
39,915,000
39,605.000
34,772,000
34,6
36,891,000
29.937,000
36.638,000
53,174,000
86'0001
Gold held exclusively agst. F. R. notes 2,0313,105.000 2,014,714,000 2,024,498,000
2,062,076,000 2.066.092.000 2,075,270.0001 2,072.502,000:2,049 123,
009 2,142,532,000
,
Gold settlement fund with F. R. Board_
607,378.000 626,083,000 619,128,000 588.384.000
603.943.000
Gold and gold certificates held by banks_
400,735,000 396,580,000 402.320,000 394,779.000 399,623,000 611,304.000 619,422,000' 656,187.000: 618,424,000
394.919,000 392,995,000 375.705.010; 375,456,000
Total gold reserves
3,044,218,000 3,037,377,000 3,045.946,000 3,045,239,000
3.069,163,000 3.081,493.000 3,084.919.000 3,081,015,000 3,136.412,000
Reserves other than gold
87.403,000
83.307,000
85.694,000
85,786,000
86.8.62,000
83.919,000
78.748.0001
72,710,000
86,920.000
Total reserves
3,131,621,0003,120,684,000 3,131,640.000 3,131.025,000
3,156,015,000 3.165.412.000 3,171.839.000 3,159.7133.000 3,209.122,000
Non-reserve cash
42,037,000
38,279,000
46,771,000
39,776,000
43.191,000
37,993,000
76,872,000
44,543.000
46.098,000
Bills discounted:
Secured by U. S. Govt. obligations_ _ _
75,945,000 109,851,000 110,444.000 104.785,000
89,515,000
83,801,000
84,931,000 118,073,000 384.346,000
Other bills discounted
147,295,000 153,227,000 155,944.000 161,971,000
170,348.000 174,366,000 176.299.000 183.876,000 451.892,000
Total bills discounted
223,240,000 263,078,000 266,388,000 256,756,000 259,863,000
257,917,000 261,230.000 301,949,000 836.238,000
Bills bought in open market
169,659,000 197,281,000 175.392,000 138,261,000
91,901.000
99,212.000
94.491.000
69,583,000 179,747,000
U. S. Government securities:
Bonds
40,851,000
39,873.000
35,316.000
37,663.000
19,744,000
37,051,000
35,951.000
34.044.000
32,883 000
Treasury notes
397,931,000 400,911,000 397,916,000 397.762.000
60.163,000
Certificates of Indebtedness
144,042,000 157,738,000 143,989,000 140,532,000 397,753,000 397,863.000 412,378,000 391.532.000
139.782,000 184,915.000 121.766.000 117,730.000
8,286,000
Total U. S. Government
582,827.000 593,522,000 581,221.000 575,957,000 574,596,000
88,193.000
618,729,000 568.188.000 542,145,000
All other earning assets securities_
2,007,000
2,007,000
1,750,000
1,995,000
1,995,000
317,000
8,950,000
1.750.000
1,750,000
Total earning assets
977,733,000 1,060,868,000 1,024,751.000 982,969,000 928.355,000
982.853.000 923.659.000 915,427,000 1.104.495,000
redemp fund Rest. F. R. bank notes
28,000
Uncollected items
669,125,000 831,460,000 626,384,000 621,409,000
599,315,000 775,917,000 580.589,000 590.970.000 660,460,000
Bank premises
60,322,000
60,302,000
60.070,000
60,040,000
60,026.000
55,895,000
59.672.000
59.376.000
59.323.000
All other resources
26.450,000
26.273,000
28,469,000
26,511,000
26.211,000
13.470,000
26,464,000
33.383,000
32,322.000
Total resources
4,907,288,000 5.137,866,000 4,916,085.000 4,861.730,000 4,812.143,000
5,054,866,000 4,814,944.000 4,795,798.000 5,120,342,000
LIABILITIES.
F. It. notes in actual circulation
1,751,701,000 1,767,234,000 1.757,452,000 1,744,974,003 1,729,859,000 1,734,666.000
1,750.670.000 1,760,757.000 2.255,354,000
F. R. bank notes in cIrculation—net
529,000
Deposits—
Member banks—reserve account
2,149,992,000 2,186,481,000 2,189.536,000 2,127,949,000 2.120,331,000
2,261.255,000 2338.893,000 2,101.923.000 1,872,179,000
Government
23,197,000
62,663,000
37,546,000
56.542,000
46.926,000
28,823,000
29,741.000
6,339,000
35,150.000
Other deposits
30,083.000
28.859,000
28.469,000
29.511,000
28,625,000
22,536,000
29,583.000
31,734,000
32,150,000
Total deposits
—
2,202,048.000 2,279,227.001)2.255,551.000 2.214,002.030 2,195.882,000
Deferred availability items
(307,786,000 745,661,000 557,432,000 557,664,000 540,929,000 2,297,177,000 2,200,363.000 2,169.223.000 1.923.538,000
Capital paid in
111,911.000 112,011.000 111,981.000 111,964,000 111,976.000 878,050,000 518.542.000 520.925,000 589,636,000
Surplus
220,915,000 220,915,000 220,915.000 220,915.000 220,915,000 112,032,000 111.989,000 112.003.000 109,709,000
220,915.000 220.915,000 220.915,0001 218,369,000
All other liabilities
12,927,000
12,788,000
12,754,000
12,211.000
12,532,000
12.026.000
12,460,000
11.975,000; 23,207,000
Total liabilities
4,907,248.000 5,137,866,000 4.916,085,000 4,861.730,0004.812.143.000
Ratio of gold reserves to deposit and
5,054,866,000 4.814.944,000 4,795,698,000 5,120,342,000
i
F. R. note liabilities combined
75.0%,
77.0%
75.9%
76.9%
78.2%
Ratio of total reserves to deposit and
76 4% I
78.3%
75.1%
78.0%
F. R. note liabilities combined
79.2%
77.1%
78.0%
79.1%
80.4%
78.5%1
Contingent liability on bills purchased
80.3%1
80.4%
76.8%
for foreign correspondents
i
I
20,566.000
21,910.000
18,865.000
18,727,000
19,692,000
42,331,090
20.059.000
23.718.000
25.927.000
$______
$
Distrtbution by Maturities
1-15 days bills bought in open market_
$
5
$
$
50.150.000
92,810,000
78,776,000
52,103,000
20,064,000
20,121,000
54.198,000
1-15 days bills discounted
24.075,000
23.617,000
126,409,000 153,900,000 157,886,000 155,256,000 143,331.000
1-15 days U. S. certif. of indebtedness_
137,243.000 129,354,000 164.5263100 487.038.000 •
13,000,000
3.200.000
1-15 days municipal warrants
35,001,000
16-30 days bills bought In open market
31,684,000
28,436,000
24,783,000
18,333,000
13,593,000
16-30 days bills discounted
14.200.000
13.595,000
8,381,000; 25,647,000
26,719,000
29,504,000
31,109,000
26,276,000
30,569.000
16-30 days U. S. certif. of indebtedness_
31,591,000
36.812.000
36,331.000 129,496.000
16-30 days municipal warrants
31-60 days bills bought In open market
266,000
45,746.000
44,641,000
43,102,000
34.949,000
24,270.000
51,320,000
31-60 days bills discounted
23.902,000
17,916.000
10,290.000
42,674,000
41,528,000
43,993.000
48,200,000
48,859,000
31-60 days U. S. certif. of Indebtedness_
47,631,000
52.324,000
51,051,000 125,902.000
68,269,000
2,511,000
3,000
3.000
1,601,000
31-60 days municipal warrants
1,000.000
01-90 days bills bought in open market
34,859,000
25,561,000
21,581,000
25,404,000
27,910,000
44,851,000
61-90 days bills discounted
32,438.000
29.566.000
19,074.000
24,376,000
20,417,000
25,992,000
29,043,000
28,417,000
76,596,000
61-90 days U. S. certif. of Indebtedness_
31,438.000
36.486,000
30,811.000
65.854,000
1,411,000
68,264,000
72,780,000
76,282,000
1.000
98,421,000
61-90 days municipal warrants
1,001.000
3,000
7,000
41,000
Over 90 days bills bought in open market
5,804.000
7,220,000
7,150,000
7.472.000
6,064,000
3,735,000
Over 90 days bills discounted
8,551,000
8,221.000
7.339,000
7,534,000
8,167,000
7,318.000
7,981.000
8.687,000
17,206,000
9.659.000
Over 90 days certif. of indebtedness_
11,929,000
13.555,0
00
76,373,000
74,362,000
75,722,000
67,772,000
63,497,000
3,484.000
50.493.000 121,763.000 116,729,000
Over 90 days numlcipal warrants
7.000
10,000
Federal Reserve Notes—
Outstanding
Held by banks
2,250,435.000 2,244,368,000 2.250,137,000 2,232,463,000 2,236,419,000
2,736,852,000
498,731,000 477.104,000 492,685,000 487,489,000 506,560,000 2.247,075,000 2.249,824,0002,234.260.000 481,498,000
512,401,000 499,154,000 473.503.000
1,751,701,000 1,767,264,000 1,757,452,090 1,744,974,000 1.729.859,000
1,731.666,000 1,750,670,000 1,760.757,000 2,255,354,000
Amount chargeable to Fed. Res. Agent 3,159,062,000 3.157.279,000 3,163,834.000 3,145,995,000
3.159,466,000
3,614,101,000
In hands of Federal Reserve Agent
908,627,000 912,911,000 913,747,000 913,532,000 923.047,000 3,159,117,000,3,147,426.000 3,143,862.000 877.249,000
912,012.0001 897,602,000 909,602,000
Issued to Federal Reserve Banks
2,250,435.000 2,244,368,000 2,250,137,000 2,232,463,000 2.236,419,000
How Secured
2,247,075,00012,249.824.000 2.234.260.000 2,736.852,000
By gold and gold certificates.
331,504,000 331.504,000 331,504,000 331,505,000 331.504.000
By eligible paper
244,235,000 269,569,000 265,244,000 205,159,000 205,013,000 331.504.000; 331,504,000 331.504.000 320,534,000
Gold redemption fund
208,443.0001 214.213.000 215.074.000 647,494,000
112,523,000 113,625,000 111,364,000 115,626,000
With :Federal Reserve Board
1.562,173,000 1.529.670.0001,542.025,000 1.580,173,000 114,669,000 113.459.000 111,360,000 105.088.000 113,435,000
1.585,233.000 1.593,669,000 1,592,747,000 1.582.594.000 1,655.389,000
Total
2,250.435,0002,244,368,000 2,250,137,000 2,232,463,000
2.238,419.000 2,247,075.000 2.249.824.000 2.234.260,000 2.736.852.000
Eligible paper delivered to F. R. Agent373.374,000 439,255.000 423,368,000 383.887,000
341,230.000 348.369.000 337.292.000 356.952.000 965.676,000
• Includes Victory notes.
WEEKLY STATEMENT ON RESOURCES AND LIABILITIES OF EACH OF THE 12
FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS OCT. 22 1924
Two ciphers (00) omitted.
Boston. New 'York. Phila. Cleveland. Rlchmond Atlanta,
Federal Reserre Bank Of—
Chicago, St. Louts, Minneap. Kan. City Dallas. SanFran.
Total.
RESOURCES.
S
$
$
$
$
$
$
$
Gold with Federal Reserve Agents 208,388,0 539,801,0 179,977,0 216,725,0
$
$
1
S
$
58,065,0 129,025,0 211,242,0 55,015,0 64,850,0 64,096,0
49,919,0 228,197,0 2,006,200,0
Gold redo fund with U.S. Trees_
1,741,0
9,818,0 2,475,0
368.0 1,750,0 2,553,0 4,366,0 2,012,0
29,905,0
837,0
5,900
838,0 2,157,0
Gold held excl. agst.F.R.notes_ 210,129,0 549,619,0 182,452,0 217,093,0 59,815,0
131,578,0 215,608,0 57,927.0 65,688,0 66,253.0 50,909,0 229,034,0 2,036,105.0
Gold ,settle't fund with F.R.1l'rd 55,465,0 192,356,0 31.960,0 58.944,0
Gold and gold ctfs, held by banks 20,786,0 169,267,0 28,122,0 17.725,0 31,563,0 12,529,0 100,090,0 22,823,0 19,279,0 32,056,0 16,089,0 34,214,0 607,378,0
15,357,0 7,942,0 80,989,0 10,101,0 7,242,0
4,347,0 7,714,0 31,143,0 400,735.0
Total gold reserves
286.380,0 911,242,0 242,534,0 293,762,0 106,735,0 152,049,0
Reserves other than gold
21,073,0 2,683,0 4,901,0 5,017.0 8,342,0 396.687,0 90.851,0 92.209,0 102,686,0 74,712,0 294,391,0 3,044,218,0
9,346,0
11,140,0 10,287,0 1,171.0 2,382,0 7,941,0 3,120,0
87,403,0
—
—
Total reserves
295,726,0 932,315,0 245,217,0 298.863,0 111,752,0 160.391,0407.8
27,0 101,138,0 93,380,0 105,048,0 82,653,0 297,511,0 3,131.621,0
Non-reserve eash
14,626,0
3,453,0
682,0 2,457,0 1,927,0 3,814,0
6,054,0 2,230,0
559,0 1,900,0
Bills discounted:
1,611,0 2,714,0
42,037,0
Sec. by U. S. Govt. obligations 3,165,0
14,120.0 11,589,0 18,818,0 9,086,0 2,979,0
276.0
919,0
863,0 2,561,0
Other bills discounted
75,945,0
15,104,0 6,214,0 6,923,0 28,780,0 22,651,0 8.309.0 5,260,0
2,047,0
19,648,0 15,372,0 7,269,0 6,490,0 5,349.0 11,448,0 147,295,0
--—
Total bills discounted
29,224,0 17,803,0 23,741,0 37,866,0 25.630,0
5,212,0
27,957,0 20,632,0 7,545,0 7,409,0 6.212,0 14,009,0 223,240,0
Bills bought In open market
62,362,0 7.685,0 14,724,0
16,417,0
5,313,0 20,125,0 7,349,0 2,070,0 6,830,0 8,537,0 18,247,0 169,659,0
U. S. Government securities:
Bonds
4,902,0
1,037,0
740,0 5,115.0 1,191,0 1,288,0 13,581.0
600,0
1,648,0 1,834,0
Treasury notes
1,121,0
40,854,0
26,796,0 136,304,0 25,426,0 38,229,0 2,811,0 1,393,0 53,143.0 12,715,0 7,788,0
15,033,0 24,466,0 19,469,0 42,056,0 397,931,0
Certificates of indebtedness. 11,029,0
46,020,0 5.277,0 21,405,0
991,0
535,0 17,748,0 3,454,0 4,820,0 9,107,0 6,492,0 17,163,0 144,042,0
Total U. S. Govt. secur1ties_ 38,862,0 187,316.0 31,452.0
64,749.0 4,993,0 3.217,0 84,472.0 16,769.0 27,641,0 35.221,0 27,795,0
60,340,0 582,827,0
In actual circulation
1
[VOL. 119.
THE CHRONICLE
1934
RESOURCES (Conctuaea)Two ciphers (00) omitted.
Boston.
Phila. Cleveland. Richmond Atlanta. CMcago. St. Louis. Minneap. Ran.City Dalias. San Fran.
New York.
$
$
All other earning assets
$
$
$
$
1,750,0
$
250,0
$
$
$
7,0
$
Total.
$
2,007,0
$
278,902,0 58,690.0 103,214,0 42,859.0 34,160.0 132,554,0 44.750.0 37,263,0 49,710.0 42,544,0 92,596.0 977.733.0
147,194,0 57,986,0 57,992,0 59,626,0 29,206,0 83,970,0 38.330,0 17,057,0 45,232,0 32,046,0 41,498,0 689.125,0
60.322,0
16,728,0 1,112,0 9,129,0 2,528,0 2,875,0 8,264,0 2,738,0 3,001,0 4,596,0 1,912,0 3,127,0
26.450,0
838,0 3,383.0 4,528,0
143,0 4,487,0
614,0
236,0 2,010,0
248,0
320,0
9,427,0
1,399,192,0 384.007,0471,703,0 218,928,0 232,456,0 639,293,0 189,329,0 155,747,0 207,324,0 184,149,0 441,974,0 4,907,288,0
423,186,0
Total earning assets
Uncollected items
Bank premises
All other resources
60,491,0
58,988,0
4,312,0
216,0
Total resources
LIABILITIES.
F.R.notesin actual circulation 200,475,0
Deposits:
Member bank-reserve acct.__ 138,875,0
2,000,0
'Government
200,0
Other depordts
854,766,0 128,433,0 169,861,0 65,429.0 58,965,0 305,224,0 74,796,0 55,964,0 81,605,0 56,809,0 159,265,0 2,149,992,0
23,197,0
454,0 2,225,0 1,699,0 1,906,0 2,094,0 3,053,0
977,0 1,425,0 1,761,0
861,0
4,742,0
28,859,0
313,0 4,517,0
757,0
481,0
169,0 1,245,0 1,552,0
125,0
346,0 1,303,0
17,851,0
141,075,0
56,958,0
7,996,0
16,390,0
292,0
877,359,0 129,640,0 172,141,0 66,979,0 60,895,0 306,923,0 78,573,0 58,144,0 84,268,0 59,216,0 166.835.02,202.048,0
122,822,0 51,724,0 52,147,0 56,575,0 21,335,0 75,600,0 39.082,0 15,583,0 39,458,0 34,491,0 42,011,0 607,786,0
30,196,0 10,402,0 12,705,0 5,883,0 4,582,0 15,187,0 5,101,0 3,307,0 4,344.0 4,152,0 8,058,0 111,911,0
59,929,0 19,927,0 23.691,0 11,672.0 8,950,0 30,426,0 10,072,0 7,484,0 9,496,0 7,577,0 15,301.0 220.915.0
12,927,0
627.0 1,808,0 1,159,0
470,0 1,397,0
939,0 1,367,0 1,495,0
414,0 1,032,0
1,927.0
Total deposits
Deferred avallabiliti items
Capital paid In
Surplus
All other liabilities
306,959,0 151,900,0 209,987,0 76,880,0 135,327,0 209,682,0 56,031,0 69,832,0 69,131,0 56.005,0208,612,0 1,751.701,0
423,186,0 1,399,192,0 364,007,0 471,703,0 218,928,0 232,456,0 639.293,0 189,329,0
Total liabilities
Memoranda.
Ratio of total reserves to deposit
and F. R. note liabilities com75.1
78.9
81.7
77.7
78.2
87.1
78.7
86.6
bined, per cent
Contingent liability on bills put917.0 3.105.0 1.021.0
5.792.0 2.021.0 2.438.0 1.188.0
...ham/I fnl•fawatan nerrevannnd.ta
155,747,0 207,324,0 164,149,0 441,974,0 4,907,288.0
73.0
68.5
71.2
79.2
79.2
750.0
958.0
792.0
1.584.0
20.566.0
STATEMENT OF FEDERAL RESERVE AGENTS'ACCOUNTS AT CLOSE OF BUSINESS OCT. 22 1924.
Cleve. Rtchm'd Atlanta Chicago. ,St. L. Minn. K. City. Dallas. San Fr.
Boston New York Phila.
Federal Reserve Agent as-
TOW.
$
$
$
$
$
$
(In Thousands of Dollars)
RelOtrren68,950 239,760 46,160 51,370 34,540 70,850
Federal Reserve notes on hand
223,525 611,670 199,464 230,968 85,224 153,214
Federal Reserve notes outstanding
Collateral security for Federal Reserve notes outstanding
3,500
3.5,300 238,531 7,800 8.780
Gold and gold certificates
30,270 14,288 12,945 2,270 6,525
15,088
Gold redemption fund
158,000 271,000 157.889 195,000 55,795 120.000
Gold Fund-Federal Reserve Board
71,889 19,487 14,243 27,159 24,189
15.137
Eligible paperfAmount required
13,488 2,715 22,376 10.629 6,615
6,492
lEicess amount held
$
$
3
$
$
$
$
240,420 25,500 17,967 27,493 16,117 69,500 908,627
225,148 63.275 72,415 75,360 62,691 247,481 2,250,435
522,492 1.476,588 447.503555,882 215,617 383,893
Total
LtablilitesNet amount of Federal Reserve notes received from
292,475 851,430 245,624 282,338 119,764 224,064
Comptroller of the Currency
208,388 539.801179.977 218,725 58,065 129,025
Collateral received from I Gold
85,357 22,202 38,819 37.788 30,804
21,629
Federal Reserve BanklEligible paper
724,758 172,404 183,724 181,138 143,008 576.529 5,543,636
465,568 88,775 90,382 102,853 78,808 316,981 3,159,062
211,242 55,915 64,850 84,096 49,919 228,197 2,006,200
47,948 27,714 8,492 14,189 14,281 31,351 378,374
522,492 1,476,588 447,803 535,682 215,617 383,893
itrflPrVil not. In
Aetna! circulation
611,670 199,464 230.988 85,224 153,214
304,711 47,584 20,981 8,344 17,887
225,148 63,275 72,415 75,380 62,691 247,481 2,250,435
15,486 7,244 2,583 6,229 5,786 38,889 498,734
000.475
Federal Reserve notes outstanding
Federal Reserve notes held by banks
724,758 172,404 103,724 181,138 143,008 576,529 5,543,636
223,525
23.050
Total
Peden-a
___ 331,504
___ 14,556
9,985 13,052
5,597 3,930 1,048 4:736 3,863 12,983 112,523
205,645 42.000 50,750 59,380 31.500215,234 1,582,173
13,906 7,360 7,565 11,264 12,772 19,284 244,235
927 2,925 1,509 12,067 134.139
34,042 20,354
306.951 151.903 202.087 78_889 135.327
209.862 58.031 69.332 69.131 56.905 208.612 1.76
70
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources;
the liabilities of the 744 member banks from which weekly returns are obtained. These figures are always a week behind
those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement
of Oct. 18 1917, published in the "ChroniPle" of Dec. 29 1917, page 2639. The comment of the Reserve Board uron the figures
for the latest week appears in our Department of "Current Events and Discussions," on page 1904.
1. Data for all reporting member banks In each Federal Reserve District at close of business Oct. 15 1924,
Federal Reserve District.
Boston. NeuVork
43
108
Three ciphers (000) omitted.
Phila. Cleveland. Richmond Atlanta. Chicago. St. Louts. Minneay. Ran.CUy Dallas. San Fran
.55
36
103
33
25
72
51
66
Total.
744
Number of reporting banks
Loans and discounts. gross:
Secured by U.S. Gov't obligations
Secured by stocks and bonds
All other loans and d1scount0....
s
$
8,927
72,918
282.427 1,973,085
643,5152,630,615
10,648
283,269
389,463
18,404
418,663
716,797
6,031
124,311
31'3,295
32,198
8,187
62.289 890,998
363,175 1,221,174
9,869
153,747
319,403
2,819
52,163
206,098
6,342
83,848
324,827
3,218
59,567
214,98p
Total loans and discounts
U.S. pre-war bonds
U. S. Liberty bonds
(7. S. Treasury bonds
U. S. Treasury notes
IL S. Certificates of Indebtedness
Other bonds,stocks and securities
934,869 4,676,618
13,730
51,470
87,712 679,293
5,933
21,671
11,438 279 042
9,610 154,851
207,652 1,099,048
683,380 1,153,864
10,692
45,517
50,223 197,927
3,035
2,118
55,691
24,120
18,514
20,512
249,403 341,428
473,637
26,512
29,876
2,097
3,280
8,459
62,618
433,851 1,950,370
23,019
14,836
9,422 157,179
11,041
623
3,148 119,312
34,591
2,553
42,365 399,094
483,019
14,807
22,924
2,256
10,160
2,607
94,548
261,080
8,530
22,893
230
18,335
9,179
32,018
415,017
11,404
40,459
1,633
23,183
6,504
67.325
277,753 1,042,054 12,785,912
265,153
20,102
18,534
12,476 123,466 1,433,850
69,204
17,401
1,166
33,572
590.095
8,814
29,785
302.278
5,103
17,462 173,239 2,788,198
Total loans Sz (113e111 Ai invegtm'te 1,270.944 6,962,003 1,039,367 1,817,057
99,321 780,068
75,627 125,954
Reserve balance with F. R. Bank
21,099
84,848
15,644
30,650
:3ash In vault
915,566 5,763,028 745,410 1,018,625
let demand deimidtR
331,075 1,120,602 163,648 892,758
lime deposits
46,862
25,960
32,876
20.814
)overnment deposits
scounts
tub payable and redBank: with
Federal Riverve
150
40,513
2,120
6,765
Secured by U.S. Govt.obligations
3.599
3.185
775
13.636
606,479
36,994
13,998
355,311
179,870
10,500
506,598 2,691,606
37,601 239.298
56,531
10,895
300,765 1,795,314
189,989 873,693
7,514
19,075
630,321
45,495
7,932
375,393
206,549
3.606
352,263
30,435
5,882
245,052
90,115
2,028
565,525
48,535
12,788
458,150
134,622
3,812
341,308 1,446,219 18,232.690
29,658 110,501 1,659,489
21,676
293,158
11,212
247,425 824,204 13,044,243
91,122 657,829 4,731,872
210,106
25,680
5,379
212
308
Ana
s
$
77
$
75
2,150
8.355
s
1,461
7.417
s
$
1,010
977
MO
5 044
$
$
$
225
not
8
$
190,500
10,939
198,630 4.388.997
833,085 8,206,415
1,200
o SIMI
56,889
d.7 saAl
2. Data of reporting member banks in Federal Reserve Bank and branch cities and all other reporting banks.
Three ciphers (000) omitted •
I New York City.
I Oct. 15. I Oct. 8.
I
Cdy of Chicago. lAlt F. R. Rank Citles.IF, It. Branch CUies.lOther Selected Cities,
Oct. 15. I Oct. 8. I Oct. 15.
I
Oct. 8. " Z15. I Oct. 8.
'
Total.
Oct. 15.1 Oct. 8. Oct. 15'24.10a. 8 '24.,0a. 17'23.
770
671
471
295744
255
471
2941
1951
67
254
195
Number of reporting banks
$
s I s 1 $
$
$
s 741 192 814 258 451
3
3
i
Loans and discounts, gross:
24,9441 25,38.5 131,132
70,414
133,192 33,232, 32,945 26,1361 26,679
.
Secured by xi. S. Govt. obligations 67,567
1,764,0841,786.835 535,317: 525,005 3,223,8271 3,235.238 834,5911 619,72Z 530,579 536,806 4,388,997 4,391 766 3 664
Secured by stocks and bonds
8,144,729 8,038,80;
All other loans and discounts_ _ _ _ 2,332,2812,315,784 736,276 729,439, 5,215,8271 5,160,2721,628,830 1,623,156 1,361,758 1,361,301 8,206,415
9 309 11,961,370
4,173.033 1,298,5401,279,830 8,570,788 8,528,7022,296,8532,275,8211,918,473 1,924,78612,785,91212,72 ,
4,163,932
Total loans and discounts
274,278
91,964
91,821
74,465
40,885, 40,860
98,724, 99.3521 265,153, 265,534
74,361
U. S. pre-war bonds
.50' 1,429,504 1,042,500
84,277 899,392 898,516 343,410 340,060
592,010: 593,405 83,011
.
.
U.S. Liberty bonds
85,409
.
69.204
3,471
3,511
33.738,
32,676
17.290
14,525 13,656
18,176, 17,390
17,811,
U.S. Treasury bonds
590,095 602,529 874,010
259,994" 263,736 86,813 .95,784 431,028' 442,840 111,008 109,947' 48,0591 49,742
U.S. Treasury notes
90,863
298,297
302,278
18,189
18,199 227,6851 225,4731 58.464
16,129, 15,23
148,585
57,5891
U. S. Certificates of Indebtedness_ 150,189,
2,788,198 2,757,578 2,144,561
Other bonds,stocks and securities-- 848,167, 836,902 190,264 186,371 1,596,295, 1,573,2111 678,790 678,111 511,1131 508,
16,472,991
Total loans & disc'ts& lnvestm'ta 6,067,7066,070,177 1,682,455 1,672,050 11,850.888 11,793,239 3,580,0803,551,7002,801,722 2.805.689 18,232,69018,150,628 1,409,948
1,671,840
725,511: 758,597 166.831 172,0621 1,204,494 1,238,063 270,543 257 745 184,452 170,03 1,659,489, 291,142 290,422
Reserve balance with F.R.Bank150,527, 145,742 63,0201 63,428 79,609 81,972 293,1581
30,597 27,827
Cash in vault
69,919 70,004
Net demand deposita
5226.0555,189.957 1,246,9781,234,127 9,173,112' 9,039,2682,134,8012,055,0351,736,330 1,710,022 13,044,24312,805,225 11,186,050
4,731,875 4,695,52:3 4,023,620
Time deposits
785,977 774,923 411,870 410,514 2,386,3471 2,358,174 1,366,868 1,355,675 978,6571 981,674
131,371
9,834
137,47
15,863
18,619 210,1061 232,139
9,143
152,620 56,770 80,900
37,909
Government deposits
38,508
Bills payable and rediscount@ with
Federal Reserve Bank:
81,112 280,310
56,8891
8,243
7,631
44,495
2
36,565
8,374
25
12,893
39,850
Secured by U.S.Govt. obligations
33,650
42,801
47,184.
301,623
15,111
20,229i
17,062
10,421 16.164
10,791
All other
10,608
10,653
Ratio of bills payable & rediscount
with F. R. Bank to total loan
0.6%1
3.5%
and investments, per cent
• Revised figures,
OCT. 25 1924.]
THE CHRONICLE
Mankere Oiazettk
STOCKS.
Week ending Oct. 24
(Concluded)
Wall Street, Friday Night, October 24 1924.
Railroad and Miscellaneous Stocks.
-The review of the
Stock Market is given this week on page 1925.
The following are Sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week ending Oa. 24.
Sales.
for
Week.
Range for Week.
Lowest.
j
Highest.
1
Range since Jan. 1.
I
Lowest.
Highest.
Railroads.
Par. Shares $ per share. $ per share. .8 per share.$ per share.
Ann Arobor
101
100 15 Oct 221 15 Oct 22 12
Apr 15 June
101
Preferred
600 32 Oct 22 34
Oct 22 25
Mar 36
Aug
Bangor k Aroos prof _100 405 92 Oct 18j 92% Oct 23 86
Jan 923
Oct
Buffalo Roch& Pitts.100
135 65 Oct 23 66 Oct 23 40
May 66
Oct
Canada Southern... _ _101
3 5514 Oct 22 5514 Oct 22 23
Feb sfm Oct
Central RR of N J_ _ _100 1,900230 Oct 20247
Oct 24 199
Mar 253% Aug
C St P Mitm & 0_ _ 100
301 45 Oct 221 45% Oct 22 29
Jan 47% Aug
Preferred
101
200 81
Oct 16182 Oct 22 8814 Apr! 85
Sept
Clevel dr Pittsburgh 15I6 70 Oct 1 70 Oct 1: 6814 Aug 70
Oct
Colo & Sou 1st pref. _101
601 5934 Oct 211 6034 Oct 21 50
Jan 6034 Oct
Duluth S S& Atl pref 100 200 434 Oct 23j 434 Oct 21 336 AprI
634 July
Hudson & Manhattan- 3,801 2234 Oct 23 2234 Oct 23 2234 OctI
2236 Oct
Preferred
401 5736 Oct 24 58 Oct 24 5736 Oct!58
Oct
Illinois Central prof _100
.
700 10854 Oct 21 10931 Oct 24'l04
NI 11454 Aug
Leased line stock-101
101 7436 Oct 18 7436 Oct 1$ 70
Jan 75
Aug
Rights
15,98
14 Oct 18
54 Oct 22
36 Oct
14 Oct
Int Rys of Cent Am_..100 3,100 13 Oct 18 14 Oct 2 1134 Julyj 1634 Aug
101
Preferred
100 5351 Oct 24 5334 Oct 24 443,4 May 5514 Aug
MStP&SSM
100
300 30 Oct 20 3034 Oct 1 2934 Apr! 46
Jan
Morris & Essex
51
121 7834 Oct 24 7834 Oct 2 7454 Marl 79
Sept
NY & Harlem
50
2515454 Oct 2215434 Oct 22 135
Aug 162
Aug
N Y Lack k Western-100
61 101
Oct 21 102 Oct 22 9636 Apr 102
Oct
Northern Central___.00
45 78 Oct 21 76 Oct 21 7211 May 76
Sept
Pacific Coast
1C1
300 28 Oct 181 30 Oct 24 16
Jan 40
Feb
2d preferred
1C0 600 35 Oct 18; 39 Oct 23 2014 Jan 4094 Feb
Pitts Ft W & Chi pf....100
5 140 Oct 22 104
Oct 22 137
Jan 141
Sept
Pitts & W Va rights
19,901 834 Oct 2i 934 Oct I: 736 Oc
934 Oct
Reading rights
8,301 1954 Oct 23 2034 Oct 24 1531 M
2414 July
Industrial & Mittel.
All America Cables.-101
10010634 Oct 241063.4 Oct 2 9636 May 10514 Oct
Am Beet Sugar pref. _100 500 6834 Oct 2 6934 Oct 22 6854 Oct 77
Apr
American Chicle ctie__-• 500 32% Oct 21 3254 Oct 22 23
Sept 3494 Sept
Am Metal pref
100
100 112
Oct 20 112 Oct 20 10714 Apr 11354 Feb
Amer fly Express-100 300 80 Oct 20 8014 Oct 21 80
Oct 83
Oct
Am Rolling Mill prof _101
2001003.4 Oct 22 107
Oct 21 98
Jan 108
Oct
Am Writ Paper ctfs_ _101
101 134 Oct 23 114 Oct 23 136 Oc
434 July
Assoc Dr Gila lat pf..100
100 92 Oct 23 92 Oct 23 8354 May 92
Sept
2d preferred
100 300 98 Oct 24 99 Oct 24 89
Jan 99
A1111
Barnet Leather
• 10 24 Oct 22 24 Oct 22 2351 Aug 35
Feb
Preferred
100
11 91
Oct 21 91
Oct 21 85
Feb 91
Oct
Beech Nut Pack pi 13_100
10 11314 Oct 231133.4 Oct 23 11354 Oct 11336 Oct
Brit Emp Steel 1st pf.100
10 31
Oct 23 31
Oct 23 30
Aug 54
Mar
Booth Fish lot pref 100 20 2854 Oct 22 30 Oct 22 20 Jun 4231 Jan
Blumenthal prof
101
200 74 Oct 24 75 Oct 24 74
Oct 93
Jan
Brown Shoe Inc pref_100
10 13 Oct 23 93 Oct 23 84 June 93
Oct
Burns Bros pref
100 50 98 Oct 21 08 Oct 21 9594 Star 9914 May
Burroughs Add Mach_.* 2,00 65 Oct 23 679.4 Oct 20 65
Oct 6734 Oct
Bush Term Bldg prof..100
20 97 Oct 23 98 Oct 23 8811 3an 102
Aug
Calumet & Heels
2. 1,00 1451 Oct 20 15
Oct IS 1.1 14 May 1994 Jan
Case (J 1) Th hi pf...100
100 60 Oct 22 60 Oct 22 .1134 May 77
Jan
Century Ribbon Mills__• 40 2734 Oct 20 2834 Oct 24 2514 Ap 3394 Jan
Certain-Teed
• 300 35 Oct 22 3534 Oct 201 2434 June 3834 Sept
Cluett,Peab & Co pf.100
1' 10134 Oct 24 101 51 Oct 24 10034 Jan 105% Jan
Coca-Cola pref
100
100 94
Oct 21 94 Oct 21 92 Jun 94
Oct
Coin Invest Trust
• 5, 42 Oct 22 45 Oct 23 3034 May 47
Sept
Preferred
100 200100 Oct 24 101
Oct 24 93 May 10234 Sept
Omit.) Tin Foil
,
600 1154 Oct 23 1151 Oct 18 754 May 1434 Aug
Cons GE L&P Balt_100 1,300 135 Oct 21 140 Oct 20129
Sept 155% Oct
Continental Insurance 25 30 92 I Oct 21 92 ; Oct 21 8914 AP
9834 July
Cosdcn & Co pref. _ _ _100
100 84 Oct 20 84 Oct 20 8334 SeP 95
Feb
Crex Carpet
111
1 11 34 Oct I 34 Oct 18 21
Feb 39
Sept
Cushmans Sons
• 711 70 Oct 21 7236 Oct 21j 5614 Aug 7611 Sept
Deere & Co pref
100
211 78 Oct 18 80 Oct 231 6134 May 80
Oct
Duquesne Lt let pt. _100 950 106
Oct 1810634 Oct 22 10094 Mar 10814 Sept
E I Du Pont6% Pfd-100
100 9254 Oct 24 9254 Oct 24 85
Apr 03
Sept
Emerson-Brant pref.1 $1
200 8 Oct 23 854 Oct 21 794 Apr 15
Jan
Fairbanks Co (The)25
100 3 Oct 22 3 Oct 22 234 June 454 Jan
Fairbanks-klorse tp cgs* 800 2734 Oct 24 2
734 Oct 23 2536 May 2934 Aug
Fed Lt & Trac tp ctfs....• 1,700 8534 Oct 18 91
Oct 20 7454 May 91
Oct
Preferred
100
100 79
Oct 20 79 Oct 20 7434 June 79
Oct
Fidel Phen Fire In N Y25
81 13294 Oct 2313234 Oct 23,118
Mar 139
Aug
Flak Rubber 1st pref-100 4,300 61
Oct 18' 68 Oct 23 3814 July 68
Oct
Garner Motor
• 1.500 331 Oct 21 454 Oct 18 311 OctI 7
Jan
GenAm TkCar7% pf 100
900 9534 Oct 20 9654 Oct 20 92
Feb 9854 Aug
General Baking Co__ _ _• 1,600147 Oct 18 150
Oct 21 93
Jan 160
Sept
• 100125 Oct 22 125
Preferred
Oct 22 113
Augll25
Oct
General Motors new. 10,8001 5734 Oct 181 5834 Oct 20 5554
OctI 6151 Sept
7% preferred
100 4,000 99 Oct 24 9951 Oct 23 9511 Jul 100
Oct
Gimbel Bros prof_ _100 400 103 Oct 21,103
99
Oct
Jan 107
Sept
Great Western Sugar_25 7,700 8351 Oct 22 8651 Oct 21
18 8314 Oct 9614 Feb
Preferred
100
100 10754 Oct 2010734 Oct 20 105
Apr
Jan
Guantanamo Sugar pf100
100 8936 Oct 20, 8954 Oct 20 8954 Oct 10834 Mar
93
Hanna 1st pref C I A_100 300 88 Oct 23 88 Oct 23 88
Apr 95
Feb
Ingersoll Rand
107246
100
Oct 21 249 Oct 22159
Jan 254
Sept
Inland Steel WI pref._ _• 300 105 Oct 24 106
Oct 22 10194 Jan
Oct
Int Agricultural new._.
• 200 574 Oct 21 554 Oct 21 3 June 106
911 Jan
International Shoe...." 211 109 Oct 23 110 Oct 20
73
Apr 11114 Oct
Preferred
l's
10011734 Oct 2311734 Oct 2311594 May 117% Oct
Intertype Corp
* 1,11i 28 Oct 20 29
Oct 23 2751 Jun 3236 Mar
Jones& L Steel pret_ _100 450110 Oct 22 110% Oct 18 109
Jan 115
Sept
Kansas 6: Gulf
10
201 114 Oct 22
11 Oct 24
If May 1
Jan
Kelly-Sp Tire 6% p1-100
100 5434 Oct 18 543.4 Oct 18 40 June 7
834 Jan
Kinney Co
* 6,301 7434 Oct 20 7934 Oct 23 5211 Aug
8034 Sept
100
Preferred
200 9734 Oct 22 9751 Oct 22 88
Mar 9854 July
Kresge Dept Stores....' 2,900 4534 Oct 24 4754 Oct 24 44
Oc 6254 June
lt%
200 91 Oct 20 94 Oct 20 94
Preferred
Jul 98
Sept
Kuppenheimer (13)...-5
100 25 Oct 23 25 Oct 23 25
Sept 25
Sept
100
Preferred
100 92 Oct 20 92 Oct 20 91
Oc 92
Oct
Loose-Wiles His lst 14100
10010534 Oct 21 10534 Oct 2 105
AP
100 201 11436 Oct 2111534 Oct 23 1133.4 Sept 10534 Apr
Lorillard pref
117
Feb
• 900 8934 Oct 18 91
Class B
Oct 20 86
Oct 106% Jul)
,
Oct 23 67 Oct 20
Mackay Cos pref_ __100 1.300 66
2636 on 22 vox Oct 24 6434 Apr 69 Feb
Mack Trucks 1st Ina pd. 4
94
Oct
• 251 113 Oct 2111336 Oct 24(11134 May 9934 Oct
Macy Co Pref
116
July
wp ,
4834 Oct 22 5034 Oct 21 45
Mandl Sugar
July 6954 Mar
100
100 78 Oct 24 78 Oct 24 78
Preferred
Oct 87
101 11034 Oct 2411034 Oct 24 8934 Mar 116% Mar
Manila Electric
100
Sept
• 100 9434 Oct 22 9436 Oct 22 9036 Apr 96
Met Edison pref
July
Metro-Goldwyn Pic pi 27 300 1594 Oct 23 1554 Oct 23 15
Sept 16
Sept
Oct 23 93 Oct 24 7154 Jun 9
Midland Steel Prod p000 400 91
636 Oct
Nash Motors Co pref 100
10910354 Oct 2110354 Oct 21 9836 July 104
Oct
Nat Cloak & Suit pref100
Oct 21 9134 Ma 97
100 94 Oct 21 94
Jan
Nat Dept Stores pf....100
Oct 22 9254 Jun 99
401 9734 Oct 20 99
Oct
Nat Distill Prod Prof. _*
100 35 Oct 24 35 Oct 24; 3034 Au 3534 Sept
Nat Enam & Stpg pf _100 400 69 Oct 24 71
Oct 18 67
Sept!89
Jan
Nat Supply pref
101
100 105 Oct 18 105 Oct 18 100
Jan 106% July
New York Canners- __• 500 2811 Oct 24 29 Oct 21 23 Jun 30
Oct
N N& H Ry,G & E_100
311 55 Oct 22 5614 Oct 24 4536 J5313 5736 Sept
Preferred
111 8634 Oct 20 8611 Oct 20 76
111
S1ay 87
Oct
N Y Shipbuilding
•
1 I 1754 Oct 21 1736 Oct 20 11
May, 1714 Oct
NY Steam, 1st pref...*
Ii' 9534 Oct 22 9536 Oct 22 88
Marl 9651 Oct
Niag V Pow, pr. new_ _25
7,, 28 Oct 8 28 Oct 8 27 June
Sent
Ohio Fuel Supply
2
300 3634 Oct 20 3714 Oct 23 3154 Apr 3951 Aug
Otls Steel, pref
100
311 44 Oct 23 4414tOct 22; 44
OctI 7451 Mar
rarish & Bing. atmod_ _ 19, 1.100 134 Oct 22 134 Oct 2Q
52 Jul
19.4 Sept
1935
Sales
for
Week.
Range for Week.
Lowest.
Range since Jen. 1.
Highest.
Lowest.
Highest.
Indite. & miscall. Per.shares $ per share. $ per share $ per
share.S per share.
Park & Milord
• 3,800 2536 Oct 21 2634 Oct 22 24
Sept 3
034 July
Penn Coal k Coke __5
100 2094 Oct 18 2094 Oct 18 1934 Mar 3054 Jan
Philadelphia Co, prf _50 [300 4496 Oct 23 4454 Oct 23 4236 Jan 47
Jan
P & R,C & L ars w 1_.•
200 4234 Oct 21 44
Oct 18 35
Mar 52% July
Phoenix Hosiery
5
100 1914 Oct 20 1954 Oct 20 19
June 3294 Jan
Pierce Petroleum
*11,000 43.4 Oct 20 451 Oct 21 434 Oct 5 Sept
Pittsburgh Steel, pref 100
Oct 1 9734 Oct 22 95
200 97
Jan 103
Aug
Pitts Mil, pref elf,.. 1
100 1294 Oct 18 1234 Oct 18 1111 Feb 1414 July
P S Corp NJ pf8% _ _100
50010734 Oct 2010894 Oct 22 9934 Apr 110
Sept
Rights
7,600 1734 Oct 1 1834 Oct 23 1236 Ma 1934 Oct
New rights
17,300
11 Oct 2
14 Oct 18
34 Oct(34 Oct
Pub Serv Else Powasf100 300 9951 Oct 2 9934 Oct 20 9434! Ma wig Oct
RadioCorpofAmerica1O,20i 2634 Oct 1 28 Oct 18 2534 OctI 283.4 Oct
Preferred
50 1,200 4531 Oct 21 4734 Oct 23, 4534 Oct! 4714 Oct
Ry Steel Spring. pref _1
Oct 22 116
200 116
Oct 22 113
Jan 118
July
Reis(Robt)& Co
• 400 951 Oct 2 10 Oct 22 934 Sept 1654 Jan
First preferred_ _ __1
2
60 Oct 21 60 Oct 21 60 June 7451 Jan
Ramie Insurance Co__25
10 92
Oct 2 92 Oct 24 86
Mar 96
Sept
Shell Trans& Trading.E2 i.00i4 3436 Oct
Jan 4134 Feb
3834 Oct 22 33
Sloss-Sheff S& I, pref 100 1,600 8834 Oct 2 90
Oct 21 80
Apr 9134 Sept
Spalding Bros. 1st pf _100
Oct 100
100 97 Oct 22 97 Oct 22 97
Apr
Stand Gas& Elec Co • 2,
3
654 Oct 1 3834 Oct 21 3134 May 4054 Sept
Standard Milling, pf _100
100 77 Oct 24 77 Oct 24 70
July 85
Mar
Stand Plate Glass ctfs--• 3,
1534 Oct
163.4 Oct 18 1434 Oct 3534 June
Telautograph Corp_ _• 100 9 Oct 22 9 Oct 22 651 June 99.4 Aug
The Fair. prof
100
1 106% Oct 18 10634 Oct 18 10254 Jan.106% Oct
Transue k Wms Steel__•
200 28% Oct 2 2834 Oct 2 2554 May' 3534 Jan
United Clg Stores, new25 2,2
52 Oct 1 523.4 Oct 24 4231 Jun 5454 Aug
Unit Paperboard Co 100
100 17
Oct 20 17 Oct 20 16 • JUIYI 2134 Jan
TJniv P & It, tern cgs_ _ 19 5,500 1654 Oct 1 1914 Oct 22 13
Jul 21
June
Prof temp certifs 100 7,200 54
Oct 1 60
Oct 2 4754 Oct(6051 June
U S Mirth Corp
* 4,900 293.4 Oct 23 30 Oct 22 2194 Ap 3134 Oct
U S Express
10( 4 Oct 21 4
100
Oct 21
Feb
5
Van Raalte
700 1636 Oct 20 1654 Oct 22 1534 Oct!aasi Jan
100
Virginia Coal & Coke.100
100 37
Oct 24 37
Oct 24 36
May 53
Jan
Preferred
100
400 76
Oct 18 76
Oct 18 71
June! 7954 Jan
Wells Fargo, new
1 2,500 951 Oct 22 931 Oct 24 5
Oo
994 Oct
West Elec 7% cum pf 100
3o0114 Oct 2 11434 Oct 23 111% Apr 117
July
West Perna Co
• 400 87 Oct 1 8734 Oct 18 4754 .lit. 98
July
Preferred, 7%____100 1.400 92 Oct 23 94
Oct 21 8754 Apis 9434 July
Wilson Co, pref
100
300 17
Oct 21 1754 Oct 24 11
Aug 7211 Jan
Worthington, pref A_100
400 8034 Oct 22 81
Oct 18 68
Sept
July 85
Preferred B
100
100 6934 Oct 23 6954 Oct 23 5834 ,71. 72
Sept
'
No par value.
Daily Record of II. S. Bond Prices. Oct. 18. Oct. 20. Oct. 21. Oct. 22. Oct. 23. Oct. 24.
First Liberty Loan
(High 1002, 100"st 1014st 1014n 101 n 1012n
st
,
39.4% bonds of 7932-47_ _ I Low- 100"n 100"st 100nat 101 1: 1014n 101.8ss
,
(First3%5)
(Close 100183. 10099
.: 1019 11014n 1019r, 1010n
.3
Total sales in $LOW units__ _
106
350
640
- 64
373
318
Converted 4% bonds of (High
____
____
--- - 1029ss
------1932-47 (First 45)_ _ _ _{ Low_
____
__----- 1029
.1
-----Total sales in $1,000 units_ __
____
__
___
Converted 44% bonds (High 1021%3 102"n 102"ss 102"st 102
- -1in 102an
of 1932-47 (First 4345)3 Low. 10219.2 102193 10199
., 10214
.3 1021913 10259s.
[Close 102nn 102"n 102,4n 102"st 102"n 102"st
Total sales in $1,000 units__
14
62
80
44
126
66
Second Converted 431%(High 10181.: 10121
, 1012, 101"st 101nn 1012,n
st
bonds of 1932-47 (First( Low 10119s: 101ns 101,2st 101"st 101,, 1012,st
n
Second 431s)
(Close 10191.3 10119
., 101113, 1012931 10111.: 100
9.1
Total sales in 31,003 units__
277
666
311
70
129
428
Second Liberty Loan
(High
-- - -- - - 101 11
"
---4% bonds of 1927-42_ :_ _ { Low
-----'____
____ 1011133
- ------ (Second 4s)
Total sales in $1,000 units__
-__---Converted 454% bonds (High
------------102.00
____ 102:15$
of 1927-42 (Second
(Low
____
____
____ 102.00
_ __ _ 102.00
4545)
[Close
------------102.00
____ 102.00
Total sales in $1,000 units__
-- _ -55
-_ _-- _ 34
Third Liberty Loan
(High 102832
.3 102113, 10211
.: 102193: 19219.1
454% bonds of 1928__ ....{ Low 1029.3 1028
1029
.: 1021.3 10293: 1029
.: 10219n
(Third 4115)
[Close 1029
.: 1029
.3 10219
.: 10219n 102%, 10219n
Total sales in $1,000 units.,., _
307
367
247
136
202
712
Fourth Liberty Loan
(High 102,412 10222n 10224n 1022, 10222n 102"si
n
49.4% bonds of 1933-38_ _{ Low_
102"” 102"32 102141, 1022,2: 102,,st 10212n
(Fourth 494,)
[Close 10219s: 1021%, 1022, 10222st 102"n 1022In
1:
Total sales in $1,000 units__
1717
662
886
1057
774
768
Treasury
(High 108ns 10611
., 106"st 106"st 106"st 1062,n
434s, 1947-52
(Low. 106"n 106"st 108.00 1062, 108"st 10624:1
st
(Close 10812
:: 106"st 106"st 10622st 1062,st 106nsi
Mini:Me* 4« el Av.
••••14
L.
CC
''
I CC
I II
'.....
Note.
-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
53 lot 3545 _
30 lot 494s
83 2d 41
4s
10022n to 101 4
.1164 3d 43.48
10291. to 1021411 70 4th 4345
101191. to 10199 10 Treasury 4115
.:
1021.. to 102%.
102"st to 1022,n
..
10619 to 106"st
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Total
Railroad,
dre.
Bonds.
State,
Municipal &
Foreign Bds
454,256
687,470
844,329
1,027,049
870,137
957,400
Saturday
Monday.
Tuesday
Wednesday
Thursday
Friday
Bales at
New York Stock
Exchange,
33,468,000
5,798,000
7,377.000
9,347,000
8,747,000
7,453,000
31.449,000
3,021,000
3,142,000
4,363,500
2,596.500
2,326,000
51.557.000
1,702,200
2,695.850
2,597,650
2,006,850
2,337,000
808 and
312.896.550
A fidil RAI
*AO inn MA
tlft
Week Ending oa.24
.
1924.
1923.
Stocks
-No. sharea_ -4,840,641
3,098,570
Bonds.
Government bonds. _
$12,896,550 $37,356,200
State & foreign bonds_
16,898,000
7,203,000
RR.& miscell. bonds__
42,190,000 16,754,000
Total bonds
United
States
Bonds.
Stocks,
No. Shares.
Week Ending 04. 24.
Jan. 1 to Oa. 24.
1923.
1924.
193,000,273
185,062,303
5762,256,990
422,665,000
1,776,391,100
3859,970,775
366,098.900
1,257,387,600
371,984,550 861,313,200 52,961,313,090 $2,283,457,275
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Week Ending
Oa.24 1924.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Vrev.' Week revised
3.
Boston.
Shares. Bond Sales
9.274
12,713
10,623
22,207
11,907
12,761
513,500
19.200
19,300
14,000
19,000
30,200
Philadelphia.
Baltimore.
Shares. Bond Sales. Shares. Bond Sales.
8,110
8,418
6,422
10,756
12,460
6,641
3.22,000
38,000
19,000
55,400
04,900
41,000
1,003
1,407
2,189
2,312
3,101
2,139
923,000
19,800
20,500
23,200
32,500
48,600
82,685
8115,200
50,807
5270,300
12,451
3167,000
55.396
8120.000
57.100
3119.000
6445
3127.300
le,A, York Stock Exchange—Stock Record, Daily, Weekly and Yearly
1936
OCCUPYING FOUR PAGES.
For sales during the week of stocks usually Inactive, see preceding page
HI011
42/0
,
,
Saturd, ,
Oct. 18.
f..OW 8,4tg PRICES—PER SHARE, NOT PER CENT.
Af°oda.,
Oct. 20.
ToosOav
Oct. 21.
Vol1,0d23.1 T"-1-51-87. 1
Oct. 23.
Oct. 22.
,
Pt1.1 V,.
S•Ilei
for
tar
Week.
STOCKS
NEW YORK STOCK
EXCEIANGE
PER SHARE
Range Since Jan. 1 1921
-Mare lora
On basis of 100
PER SHARE
Ratios for Preelusa
Year 1023.
if135th
Highest
Lowest
Lotasst
Oct. 24.
—
Par $ per share 11 per share $ per Mare $ per sal%
Railroads.
$ per share
per share'S per share $ per share 5 per Mare I 5 per share Share,.
94
Oct 0518 Mar
8
8
105 1053 1048 10510 1045 10558 10518 10618 105% 1067 106% 10714 11,500 Atoll l'opeka & Santa Fe __100 97% Jan 2 109 Sept 23
8
855* Dec 9058 Mar
Do pref
_100 3612 J:in 2 9312 Aug 1
92%1 915* 9318 3,300
*9178 92% 92% 9218' 923 93
8 92
8
923 993
3
314 Feb
314 July 22
114 Aug
234
21 1
7,100 Atlanta Blrm & Arian:1.1_100
15 Feb 23
214 214:
2% 22*
2% 212
3
2
21 1 212
2121
8
1,200 Atlantic Coast LIne it R...100 112 Jan 23 133 Sept 23 1097 July 37 Feb
41
134% 13414 13412 1343 135 135
.932 135
13212 133121 13212 133
40114 Jan 60% Den
81 6118 613 20,800 daltituore & Ohio.
617
4
5218 Apr 22 65 Aug 15
61
100
4
8014 6012 6018 603
4 60% 6114 6114 613
100 5014 Apr 16 613
4J11ly 28
59
IN] Ore!
558 May 60's Mar
800
59 I 59
5914 59
*59
59
59
*5812 5912, 5834 59
8
9% Oct 1412 Der.
4 263 275* 31,500 Ilklyn Staab Tr v r e.No Pa' 1312 Jan 4 2912.11113 17
4
23% 2412 2434 2558; 25
2614 2614 2714 263 273
7l)! July 29
3412 Oct 4978 Der
69
2.200
Pref VOL tr din.
No par 494 Jan 3
4 6918 692* 69
693 693
8
68% 6812 68121 687 69
.68
% Nov
8
25 Jac,
412Alay 9
Ian 3
1
g
8 *17
23*
8 23
Brunswick Terra & Ry._ _100
8 *14 28 *17
4 2% •13
4 23
•I3
4 3 l *13
Apr
500 t,anatlian Pacific.
10(3 142% Mar 10 15112 Aug 11 13914 Sept 160
4
14834 1483 148 14858 14814 1485* 4,
4
147 147
8!
147 1473 1473 148
57 June
Ws Jam
200 Cbesapeake Ohio
8 5,
100 67% Feb 26 9234 Aug 4
* 8914 833
4 83% 835
833
4
83% 8312 823 83121 8212 82% 83
96 Juno 1047 Feb
000
Do pref.
100 9912 Jan 3 10918J01y -5
4
1023 10218 10312 10212 10212 10214 10212 1,
4
*102 1023 *102 1023 *102
4
4% Dec
2 May
614Sept 2)
314 Apr 15
600 Chicago & Alton
4
100
512 53
533 558
558 518 2,
512
512 512' *5
' 512 5
,2
33 Jan
*
128 Dec
4 4,
123
818May 20; 1334J111y 22
500
100
Do pref
1214 1212 *12
1178 12
1214 12141 1214 1214 12% 127
19 Aug 365 Feb
8July 21
100 21 May 5: 307
3
28 4 52712 29 1 2812 3012 3,709 Chic & East Ill RR
8
27% 2818 2812 2812 *275 2812 *2712
4612 Aug 6214 Mar
4.
600
)0 pref.
41 17
100 37 May 51 5112 Ian 8
4
*4034 42' *4034 42
42
41 1 *41
*4012 41
41
23 Oct
7 Feb
758Sept 21
718
8
718 6,
713 71
51)0 Chleago Great Western..._100
4 Apr 30'
,
73
7
617 65
612 714
81
612 612
17 PI,
8
67 Oct
900
100 10%June 41 2314 Oct 22
Do ore?.
22111 2318 217 2212 42,
8
4
,
22 2 223 233
8
203 21% 21
13 21
20
8
281 Mar
1114 Olt
8
1212 12,
8 12
123
627 CM ago AfIlw & St Paul_ .100 107 Oct 6 18% Jan 10
4 12
1178 123
4
113 12
1118 12
.1118 12
203* Des 45 2 Ma.
1(10 19 Oct 11 30% Apr 12
Do pre(
490
4 203* 20% 21,
4
4 193 2118 20% 203
s
193 193
197
1914 1912 19
47,8 Dec 88 Mar
61
3,900 Chicago & No.th Western.100 49% Jan 3 6414 Aug 18
4 *60
603
6014 60
60
6017 60
60
5912 608 60
97% Dec 11818 Mar
1)1) pre._
200
100 1130 Jan 8 108 Ant 5
107 107 *103 107 *105 107
106 106
•103 106 .*104 106
1918 Oct 3771 Mar
42ulY 28
8
33% 335 24,200 Chleago Rock Is! & Paciflo_100 2112 Feb 15 363
3318 31
338 31
32
3158 333
8
315 32141 31
Feb
72 Aug 95
26 91 July 21
1,800
7% preferred
100 765 Feb
8
8958 895 89% 8912 897
89
4 888 89
4
883 883
88 88
60% Aug 85 Mar
8
._100 655 Jan 2 7918 Jttly 19
6% preferred..
7818 7812 7812 *7814 7812 1,300
77
8
7712 777 78
77
4
763 77
17 02t 4512 Fen
_100 20 Jan 2 44 Oct 22
3k 44 44
4314 133
3,000 CoIorado & Soot hern
44
44
4
43
8
43
425 428 427 427
9314 July 12412 Feb
4
123 12312 12212 12312 123 12414 3,600 Delaware & fLttison .......100 10112 Mar 5 1313 Aug 1.1
12212 12212 12212 123
123 123
8Sept 9 103% Oct 13012 Feb
4
8,500 Delaware Lack & Western. 613 11034 Fob 15 1463
4
4
133 1:343 134 1343 134 13512 13612 13612 13512 1364 1353 139
3
1018 May 29% Deo
100 2014 Jan 3 35 8 Aug 1
8 2813 2812 2818 2838 26,600 Erie
*
2714 273 287
8 27
4
263 273
2678 27
Jan 31 14 0*15
1).) lot preferred._ ._ ._100 281* Feb 19 427 Aug 1
3814 3812 3818 381 1 5.000
3818 3818 39
3712 :3734 3714 3814 38
101* May 275* Deo
25% Jan 3 42 Aug 8
38.2
13.) 24 preferred
4
600
4 3812 3312 *373
8
4
3
3712 3712 *373 3814 *37 2 3858 383 333
8July 23
83 Mar
5058 Oct
4
.-100 533 mar 3 603
618 62
8,
000 .1reat Northern prof
6218 6112 62
6114 62
61
8
6118 6158 603 62
25 July 36 Mar
293 30
:3,200
8
Iron Ore Properties_ .No par 26 May 2.3 3112 Feb 4
8 207 30
8
297 297
g
298 297 30
8 29
8
287 287
22 July 22
912 Aug
211 Mar
4
4 18
4
19% 193 2018 . 1912 2018 187 19; 9,100 Gulf Mob lc Nor tr Ws _100 1134 Apr 30
1712 173 173
17
8
447 Jan 6214 Feb
100 60 Jan 3 78 Oct 24
76
5,
77
78
Do pre(
000
7614 7614 77 . 77
4 75
7314 743
73
73
095s Dec 117% Feb
100 10014 Mar 4 11112 Aug 18
2,
Central
4
500 Minnie
4
4
4
8
8
1073 1073 1073 1073 103 10318 103% 103% 51033 109% 1031 103
,
9 2 June 22% Mar
4 2718 27% 10,
566, tuterboro Rap 'I'ran ------100 12% Jan 2 3914 Jilly 17
3
8
4 2512 273* 273 23 4 277 283
25 2514 2512 263
8
155 July 247 Mar
,
8 24
4
243 1133,
000 Kansas City Southern —100 174 Mar 26 2434 Oct 24
4
2012 2112 213 2212 2212 243
2012 21
2014 207
48% July 57% Mar
3 553
100 51 14 Mar 31 56 Sept 22
600
4 1,
Do pref
55 1 5514 55,
2 55% 56 I 55
4 55
4
4 513 543
5412 543
54 June
50 03912 Apr 10 72% Jan 25
8
713 Feb
4
4 623 643* 65,
631
300 Lehigh tralleY
6338 6118 6212 6112 62 2 6112 622* 62
,
6258
Feb
4
4
843 Oct 155
98
98
98
98
1,200 Louisville .8 Nashvnle....._100 13713 Jan 18 1013 Aug 11
93
*9618 97 ' 98
8
967 97
8
967 97
2712 Dec 4512 Apr
100 3012 Jan 2 517 July 18
4
8
903 Mania Elevated. mod guar
2,
4
4512 443 443
4 4518 45181 453 453 I .453 4614
4
4512 46% *44
63151ar 15 1312 Jan 4
712 Oct 22 Mar
100
13
*712 8
8
712 712
2011, VIarket Street Ily
713 8% •713 812 *71, 814
.
Oct 8812 Mar
23
100 20 Oct 17 4018 Jan 5
Do pref
.2012 22
500
2112 20
2018 2018 •201 4 28
20
*19
22
•19
5612 Oct 87 Mar
100 43 Oct 17 7112 Jan 4
Do prior wet
43% 431s
500
44
*43
4314 43% 4312 43 2 *4314 44
44
,
543
14% Oct 5614 Muir
100 14 Mar 18 30 Jan 4
18
18 I *15
Do 24 ',ref
100
*15
17
*15
15
15
*14
15
17
•15
912 Feb
8
4 Jan 28
7 Aug
1% Jan 3
2 , 1,200 Miriam)& St L (Fteto)._ ..j00
2
2 1
2
2
2
218
218
2
2 18 *2
*2
9% Oct 17 Feb
4
900, kin-Kan-Texas IIII____:Vo par 1012May 20 16128e1)1 26
8
8
14% 1518 147 15% 153 1618 157 1614 1512 1618 153 157 25,
8
247 Oct 4.512 Feb
4
100 293 Feb 18 49 Sept :3
4611 47 , 16,
On pref.
700
463 463
443 45%. 45
4
4714 46% 4714
4412 45
814 Oct 19% Feb
914 Jan 3 2214 Oct 2
• 100
8
4 203 207 13,100' Missouri Pacific corn
8
203 203
4 2014 207
20% 19% 20,
19% 201 1 20
2214 Oct 49 Feb
100 29 Jan 3 59 Oct 2
Do pref
5758 29.700
3 5712 5614 5714 57
5512 5714 56
56
54% 56
55
4
43 Feb
114 Nov
83cpt 20
23
158J 1 11y 16
prof —103
880 Nat Rys of Met 24
4
13
1.5s
113
8
15
112
Ds •1'2
1%
134 *I% 114
8
•15
8213 Alit 105 Mar
100 9313 Feb 15 12112515y 20
800 New On Tex & Met
10712 10712 10712 10712
4
1
/ 108 108
*106 107% 107 10712 *107 107
90%May 10714 Deo
8
100 99% Feb 15 1103 Aug 20
4
105% 1073 1075* 10814 37,
400 New York Central
8
1053 106
8
4
4
1043 105% 1043 10514 1017 105%
6712 Aug 8012 Dee
100 7212 Feb 18 121 Sept 5
1,
400 NYC & Si t L neer co
114 11512 *11012 114 *111 114
114 114 *111 114
*11412 114
86 Nov 9512 July
11So05 5
100 83 May 21 937
4,
Do prof
600
898 *88% 8912 8712 88
9012 893 9014 89
4
8814 8814 38
9% July 2912 Jan
100 1418 Jun 2 3018Ju1Y 24
217 2512 52,100, N 2/N II & Hartford
8
8
8 243 257
*
8 222 23% 2312 255
2258 233
2212 23
14% June 215 Feb
8
17
8
* 213 2214; 217 22 i 8,100 N Y Ontario & Western-100 16 May 24 235* Aug 21
2112 2114 211. 204 223
8 21
213
20%
9 Sept 183 Feb
8
100 1212 Apr 22 2114July
19 I
19 1 •18
*18
•18
200 Norfolk Southern
19
8
18% 183
19
*18
18
18
8
10312 Jan 3 13212 Apr 8 100 Jule 1175 Feb
_ _100
4
000 Norfolk & Western
4
4
12318 12113 12318 1233 123 12414 1233 1253 10,
12312 12412 12314 124
100 7234 Feb 26 8018Juno 10 72 Sept 7812 Aug
78 ,
*75
*75 ;78
I Do post
78
*75
78
*75
78
78 •75
75
.
4
493 Oct 8112 Mar
100 1778 Mar 3 674July 23
6334 64 1 9,
200 Nerthern Pacific
6114; 6414 65
62% 63
62
63
8 62
62% 627
40% Nov 477 Apr
8
50 4214 Jan 3 46% Jan 28
g
45% 45
4514 11,100 Pennsylvania
447 4518 45
8
447 45
4434 45
44% 45
Oct 17 Mar
48c1)t 26
8
4
93 Mar 13 213
100
700 Peoria & Eastern
2012 233 *1912 2912 *19, 2012
4
4
1812 1812 1913 1912. 193 20
Jan 47% June
30
100 4012Mar 31 68% Aug 8
3 59 1 4,
500 j Pere Matluetta
6014 5912 6014 58
5914 5914 5914 *5318 59% 60
50
loo 7I'/,pr 23 8512 Aug 2 6713 Oct 7634 Mar
80 1 '
*79
100' Do prior pref
80
*79
80
79
*7714 79 '
79
79
80
. .78
5712 Oct 7012 Jan
100 60 .lan 4 77 Aug 8
Do pref
4 7012707' 1,
*6912 70,
2 701* 7018 7012. 7012 705* 7058 7012 703
8
337 Jan 50%May
100 38 Jan 4 8114Sept 9
5001 Pittsburgh de West Va
8 56
583
573 24,
8i
5812 573 5312 57
4
3
53 4 55% 543 5714 57
Jan
4
85 Dec 93
RIO 8514 Jan 5 1063 Oct 22
'
Do pre
.1'10612 1063
4 1 000
4
1053 1063 1063 1063
4
4
8
106% 106 *1068 1063 1063 106%
%
6812 June 811* Feb
8May 20 79 Jan 12
50 517
6214; 21,
60
400 Reading
59% 59
4 5912 60 , 5058 60
593
6014 259
• 50
44 June 5612 Feb
60 31 Oct 14 5612 Jan 14
Do lit preferred
1001
4
353 *35
36141
361 1 *3.5
35
3614 355* 35% •
*3,5
36
*35
4.5 Juno 561 Jan
4
/
50 83313 Jan 16 50 Jan 14
Do 24 preferred
8001
34
34121
*34
3412 341
34% 3418 34
34
3414 3414 34
2212 Oct 39 Dou
100 32 Jan 3 6314 Oct 21
613* 6112 63141 5.1001 Rutland RR pref
61
8114 6112 60
4 59
5912 603
60
• *58
100 19% Ain'30 38'14 Oct 24
1
/
164 Oct 27 Mar
400 St Louts-San Fran
361
8 37
4
3612 383
383 192,
3623 373
4 3418
8
313 3214 3112 313
3212 Jan 60 Mar
100 425* Jan 3 7312 Oct 2
600' Do pref A
721
7214 73 t 72% 7314 7212 727 10,
71
69% 6912 71
, 69
5
25% Aug 36% Feb
n 2 72 .I uly 3
00 33
100 5778 Jan 3 45 8)3nnt 15
42 1 4114 4112 4114 4112' 8,
41
500' St Louis Southwestera
404 421
5
40 8 40% 4012 42
4
1
/
64 June 63% Mar
Do pref
800:
4 6914 6914 6914 6914; 1,
4
693 693
4
683 601
70
63
.6914 70 •
7% Feb
4
43 Aug
61 4 Jan 2 1712July 28
100
16
600 Seaboard Air Line
1612 16
157 1618
1614' 18,
161
15
1; t
14
14
,
14
1514 Df. 1
814 Aug
100 111 4 Jun 2 32118July 30
Do prat
400
8 284 287 • 10,
4
283 293
28% 2812 29
,
,
2612 2512
8414 Aug 95 4 r011
8
100 851251ar 26 377 Aug 12
Pacific Co
94141 12,200 Southern
91
9314 91
9312 94
,
02 8 93%
0▪ 218 33
03
93
2434 Jan 39% Dec
100 3812 Jan 2 705
8Sept 26
2001 Southern Railway
68
65
66
655* 66781 68,
8 65
8
3
66 4 67% 6811 07:2 WS 663
63 July 707 Mar
661 Jan 3 793 Oct 21
4
Do prof
500
8.
78
7714 7712 77
78% 737
7612 7612 7658 78 2 7012 793
14 Aug 2912 Mar
) 19 Jan 3 39% Aug 19
101
3512 352 352.* 3518 3518 3618 363 18.300 Texas & Pacific
31
3412 35
8% Dec 1914 Feb
351s 35%
834May 20 1812July 17
...... _100
800 Third Avenue._ .
13 .12
1312 123 13 1
4
1212 13
12
12
*11
11
58% Jan 7712 June
*10
Oct 2 4
6 Jan 1.0
M ar 3 16034 A ng 12
100 Twin City Rapid Transit _1100
41
*40
*40
4314 4314
41
41
•40
41
.40
41
12412 Aug 144% Feb
12
12369%
..40
1374 13812 13812 13912 13914 14033 139% 140 t 7.100. Unto') Paelfic
7014 Dec 7612 Jan
138 138 , 138 138
100 70 Mar 20 762 Aug 27
7
Do pref
600
4 7414 743
4 743 74
4
I.
4
4
1
/ 733 74% 743* 743
7312 7312 735 73
7% Oct 2178 Mar
,
78* Apr 23 23% Oct 1
1,200' United Railways Invest_1001
19
1912 1938 1934 1012 1912 19
Oct 62 Mar
*1913 2012 19
20
14
8July
2012 20%
1001 2612 Apr 21 545
400, l)o pref
4518 44
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45
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4
1
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4614 .4412 4512 4434 4414
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6012 6012 62 62
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7 Mar 12 Dec
63 .61
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100
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/
171
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154 1614
2314 Jan 3612 Deo
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44
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100 2212 Jan 3 323 Apr 4
4001 Do pref B
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4
303 30% *30% 31
30
8 Sept 15 Feb
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83
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29% 3012 30
.
100
600 Western Maryland
6,
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14 Sept 26% Mar
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1012 10% 10% 11
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6001
1812 1812 1812 18121 2,
1812 19%
*
172 19
12 Setp 2014 Mar
4
100 143 Jan 2 25148e114 19
17% 17% 1712 173
000 Western Pacific
23 1 3,
2314 231
2214 2314 23
8
53 May 63% Mar
8 215 2214 2214 2314
223
100 58 Jan 7 737 July 2
22
Do pref
100
711.
7112 *71
7112 7112 *71
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71
Oct 1012 Feb
6
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7% Jan 2 1514 Aug 5
71
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& Lake Erie 10 100
600; Wheeling
13% 1318 1328 6,
1214 12% 13
4
4
Oct 19 Feb
10
113 1218 113 12
12
100 1414 Jan 2 2612 Aug 8
• .12
Do prof
600
4 21% 23% 2312 2412 2358 24 I 4,
23 Aug 38% Dee
100 34 Jan 16 8712 Jan 29
2112 2018 2018 20% 213
•21
... Wisconsin Central
'''
•
1 Industrial & Miscellaneous
•
67 Sept 82 Mar
101) 7313 Jan 2 8912 July 18
400 Adatna Express
87
*86
86
80
87
*85
6% Oct
1912 Mar
4July 29
6 Juno 9 123
8512 851 •8512 87
100
*8512 86
700 Advance Rumely
11
*10
11
8
4
103 107 *10
4
24 Nov 54% Jan
10% 1014 103
1114 *9
100 2814.1une 14 41% Jan 4
*10
1)0 pref
200
*38% 3012 .381, 3912,
39
39
39
39
56 July 72% Mar
39
6714 Jan 2 88381/ept 29
*37
30
.No par
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2,600 Air Reduction, Inc...
4
83% 813 82
8214 83% 83
814 El
414 Oct 14% Mar
412May 14 1114 Aug 18
50
4 8212 83
93
93
4
823 833
3,000 Max Rubber. Inc
93
95*
914
58 Mar
9
is Aug
9
9
9
14 Feb 2
9
944
*9
10 .10 Oct 24
18
1,600 Alaska Gold Mines
la .10
1% Oct
,s
2 Oct
4
'
18
l
18
4
Deafer
s Jan 30
100 Alaska Juneau Cold Mtn._ 10
11 1
114 *1 1s
Jan
6014 AUg 80
114 *118
114' *118
114' •1 18
118 118 *118
2,900 Anted Chemical & Dye_No par 65 Mar 18 79 July 23
713
5
7112
71% 713
g
71
717 • 7114 7112 71% 71
715* 717
11814July 161 10514 Aug 112 Mar
100 110 Apr
Do pre(
900
117 117 *11612 11712
5114 Feb
3724 June
117 117
100 4158May 20 6612 Aug 19
% 1168 117
8
*11614 1161. 1183 116
5812 5,700 Allis-Chalmers Mfg
4 58
5312 583
59
89 Nov 9712 Jac:
58
4
100 90 Apr29 100581/ept 18
4
Do pref
573 578 5718 5712 563 5712 *98
100
99
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99
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8
99
1018 July 3137 Feb
99
Chem 10
9814 *97
718 Apr 7 1718July 29
0
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99
96
.
603 Amer Agricultural
4
2814 Oct 687g Feb•
8 117 1212 1212 128 *113 1212
4 117
495*
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4
100
et
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4
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3512 3512 3512 1.700 Ainican
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at 7
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▪ 9
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34
50 Ai34
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•I31 141 •131 142 •131 142 *133
55312 56
25 Aug 4912 Feb.
55312 56 1 *5312 55
56
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56
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100 36 Mar 21 491
56
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1,700 American Beet Sugar
*3612 3714
3712 36
37
37
39
2214 Oct 60 Mar
12
9
Apr
3812 3
par
*3812 39
3812
1,200 Amer Bosch Magneto. No
8
6918 Sept 8314 Feb
25 I *245 2514 2412 245
7 Alaun 15
:
1 g
1:
8 25
*2414 25
4
243 2514 2412 243
300 Am Brake Shoe & F__ _No par 76 April 110 Mar 26 102 July 110 Jan
82
82
82
*81
82
82
8112 811 •8114 82
3
*80 4 818
100 104% July 10
Do pref
1
73% Jan 107% Deo
i.106 107 *106 107
100 957 Apr 21 13818 Aug 20 106 Sept 115
*1058 107 *106 107 •106 107 *106 107
8
1323 1315* 1323* 230,400 American Can
Feb
8
Oct
8
8
4
12838 1305* 12814 1303 1283 1303 1303 1327 131% 119 *11612 110
100
Do pref
1,100
14814 July 189 Mar
an
8
1157 1157 11578 1153 116 1161 1163 11612 *11712 16414 164 164
*
600 American Car & Foundry_100
164141 16312
• 0 125 July 18 117 Sept 125's Jan
16414
4
16414 165
•16412 16512 164 164
100 1183 Apr
Do prat
100
20% June 2512 Mar
120 120 I 120 120 *119 120
•118 120 *119 120 •119 120
25 21SMar21 25 Sept 5
800 American Chain, cl A
*2212 22%
t
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17% Nov
31
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ige
t
2,), 22 3612Sept 25
4
223 223
8
4 223 221
8 2212 2'21 *2212 22%, 225* 224 34
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4 6,200 American Chicle
343
34%
418 Sept
7% Feb
3418 35121 34
3318 331
4
313 33
335* 34
612 17,300 Amer Druggists Synelicate._10
57
8
87 Nov 14312 Mar
5; 5781534 57
8 55*
55
100 88 Apr 15 12212 Aug 4
3
5
4 *53
53
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1:700 American Express
11412 115
96 Dec 07 Dec
*113 115
Mar 8 12112 Aug 22
113 115
9212
113 113
112 112
113 113
4,600, Am & Foreign Pow 25% paid_
8
8
1155 1157 11512 11512 11512 11512 1;300
9112 Apr 4 12112 Aug 22
11512 116
8
1157 11612 11514 116
Full paid
4
1153
Feb 18
613 Aug
4
3
115 4 1153 1153 1153 11512 1151 11512 11512 11512 1154 *11512 113
fIi_de & Leather_100
ln nnI
6.400 America„
.
293 Alto 71*, rtt r
1218 *11
%
21 2 lct
.
81 12
123
12
014
inn 571
107 12
1010 1012 107
10
3
11,400
8
667 6712 6614 67%
6718 69
6614 673
8
647 6512 6514 68
123„
•Bld and asked prices. 2 Ex-dividend. S Ex-rights.
1453
New York Stock Recoro-continued-Page
,aie., during the week of 2tnek. ...tally Inactive. see wcond
pale preceding
Irtil AND LOW SALE PRICE
-PER SH Aftg„VoT "KR CleNT.
PECK Sli ARS
Maya Since Jan. 1 19.4.
On Oasts of 109-Mare lo
1937
PER PH ARS
-Range for Freelos,
Fear 1823.
------ Gomm
Illottest
I
Lowest
$ per share S Per share S per share S per share I $ per share I $ per share I Shares.
---,---Indus. & Sitwell.(Coal Par S per /Aare I Per that. I $ per
.77
share $ per shay.
777
2 7734 7812 773 78
4
78
8
783
7712 783
4 7814 7814 2,700 American Ice
100 72 Aug 28 90 Feb 71
78
.7814 79
Oct. 11112 Apr
7812 7812 .7814 79
7814 7814i *7712 7812 .774 7812
200
Do oral..
Oct
IOU
83
77
/ Oct 89
243 2534 25
1
4
4
Feb
2714 27
2552 25
277
2 2714 284, 2712 2818 21,300 Amer International Coro _100 7814 Mar 22 29r Feb 5
8 Aug 21
173
lif
8
16 Sept! 3312 Mar
*105 103
8
4 1034 103
4
4
4 103 103 .1012 10 ! .1013 103
/
1
4
4 10 4 103
3
4
:300 Amerhan La France F E.. It) 10 Slay 19 124 Jan 11; 1012
18
July! 13 Mar
18
18
1812 18
1814 1812 1812 1812 1812 1838 1834 1,800 American Linseed
48lay 7 22 Jan 14
1110 133
/
1
4
13
.38
Oc.:1 38 Mar
413 *393 413 .40
4
4
4012 .38
4
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41
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1(10 30 Apr 15 45 Jan 14
2813 Oet! 59
773 773
8
4 77
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1
4
8 7712 7812 783 784 773 7812 7813 7914 4,500 American
Feb
4
4
Locom. now_,Vo par 704 Apr 15 837 Aug 21
8
641 July 7614 Dec
/
4
*11918 120
11918 11918 •119 120 .118 120 .119 120 *118 120 I
1(10
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100 1164 Apr 16 12012Scpt 29. 1144 Sept!1 122
4614 4612 461. 467
Feb
45
8 4534 46
46 . 46
46 2 47
4714
,
No par 3834.1une 3 494 Aug 18! 4
11612 11612 *116 11612 11614 1173 .117 11712 .117 11712 1161 11712 5.600 American Metals
64 June; 554 Mar
4
/
4
1,3(10, American Radiator
25 94, Apr 16 119 Sept 191 76
4
Jani 97 Dec
8
8 18 *8
814 83
81s
, 814 85
8 814
8
812 812 5,6001 American Safety Razor
54 Apr 22
25
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47 June
2
94 Feb
1014 1(64 1014 103
8
8 103 103
8 104 101 1014 1014
/
1
/
4
1032 103
3 1,600; Amer Ship it Comm._ .No par
1014 Oct 15 153 Fab 111
103 July: 211 Jan
8
2
/
4
7434 7512 74
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3 75
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3 7518 7512 7518 77 .
/ 7814 783 54,000 Amer Smelting A Refining_101
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4
8
574 Jan 14 1;
:
cS12 Atm 20, 51 14 Oct 6912 Mar
A ug
10312 10312 *10314 104 .103 104
101 104
104 10418 •10414 1043
4 1.500' Do pre
100 96 Jan 2
5
93 June! 1023 Mar
363 364 3614 364 3618 363
2
8
365 3634 365 37
/
1
,
4
2
37
3718 6,400 Am Steel Foundries_ ___33 1-3 3313 Apr 21
411 Feb 7. 311 July, 404 Mar
/
4
.
10612 10712 *10634 10712 •107 10713'107 109 .107
_ •107
I
Do pref
100 111114 Apr 25 107 Oct 7. 974 Aug 10514 Feb
43
4312 42 421 3972 421 4 3734 407
/
4
8 363 3834 39
8
3912 25,900 American Sagar Refining 100 36 Oct 23 61% Feb
/
1
4
Oct. .5
71 46
*86
87
86
86
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8512 8512 84
85
82
83
8212 83
1,700
Do pref.
100 79 June 7 997 Feb 141 92 Dec! 10814 Jan
8
*714 73
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4
8
8
714 814
738 712
712 712 1,400 Amer Sumatra Tobacco...100
63
8July 11 2812 Jan 91
16 July 3613 Fe:,
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8
8
8
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323 •26
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40 .25
/ 40
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4
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3212 July 654 Fen
100 2212Sept 91 69 Jan 16
12612 127
12634 127
/
1
1263 127
4
1267 12714 1274 12714 12718 1271 4 10,500
8
100 1214s/tine 261 1304 Mar 13 1194 June 1283 Dec
1637 164
2
163 164
4
163 16112 162 16434 1623 1623 16034 16312 8.000 Amer 'ratan & Teieg
4
American Tobacco
8Mar 25 167,2Sept 22 1404 July 1611 Feb
10( 1363
*10412 10512 *10412 10512 .10514 10512 .10514 10513 10514 105 4 1053
/
4
/
1
4
8 1053
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700
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162 1627 162 1633 162 1637 162 164
8
8
2
8
1611 1617 1593 1617 17.900
/
4
8
4
8
Do common Class 13_101 13514 Mar 25 16424Sept 22 140 May 1594 Feb
115 11812 11314 11614 112 114
/
1
114 115
11314 11414 11312 11312 7,000 Am Wat Wks it
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40 Feb 18 12618SePt 25
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90
8514 July 93
91
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91
913 *9012 9112 9114 9114 917 9412 9412 96
4
8
4,4011
Do partic pf (69,) v t 2.100 66 Feb 19 99 July 10
57
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4S12 Jan
573
2 5612 574 5438 5612 554 51314 5212 553
4 525 54
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100 5114 Sent 10 784 Jan 11
953 9534 9512 9552 95
4 3
Oct 1093 Mar
65
2
9514 95
95
955, 94
924 9318 2,300
/
1
Do pref
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/
1
4
gas, Oct lila, Jan
212 2
/
1
4
/
1
4
212 212 *214 217
2
2 14
2 1,000 Amer Writing Paper pref 100
1 13 Apr I6
7 July 14
118 Dec 34 Mar
712 712 *7
7 4 *7
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7
/ 814 1,100 Amer Zinc, Lead & Smeit__25
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4
7 Mar 29 193 Feb 14
.26
2
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1914 Feb
4
8 2812 30,
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8
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8
353 36
8
243 Dec 5818 Feb
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4 353 353
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355 3612 .363 37
8
8
18,000 Anaconda Copper !sprang_ 50 2812May 2(1 42 Aug 20
88 .
88
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87
8
88 .874 88
8714 874 87
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118 1193 11812 119
/
1
8
184 Oct
1012 Nov
11912 1207 120 122
8
12014 1203 120 120
4
6,600 Awsnelated Dry On00s
1100 70 Jan 15 1227 Oct 1
8
283 283
8
6214 Jan 89 Mar
4 283 284 283 295
4
4
8 2912 29114 293 31
8
301 3012 17.800 Ausoclated Oil, new
/
4
25 2712July 16 341 Feb 5
/
4
1514 1514 .1434 1512 1.518 1517 1518 151, *1512 16
2473 Oct 294 Der
1513 16
1,20() Atl Gulf A W I SS Line.- -100 103 Nlar 26 213
4
8July 14
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914 July 34 Mar
*21
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2112 2112 *2112 22 1 201 2213 2314 2314
/
4
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1
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100 124 Jan 4 27
88
88
4
63 July 27 Mar
88
88
877 883
8
4 883 8912 , 89
4
8914 8914 90
6,400 Atlantic Refining
100 7812July 10 14018 Jan 31
1983 10812 .10812 112
/
4
2
901 Sept 15311 Jan
1083 1083 •10834 112 *109 112 .109 112
8
8
1,200
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1083 Oct 18 118 Feb 7 115 May 120
8
100
2312 2312 2312 235
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8 233 2312. 24
8
24
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17 July 354 Jan
s7
89
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88 .
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4 214 •112 214
2001
13
8June 20, 84 Jan 2
11734 1185 11618 11814 11631 1183 1184 11934 118 1187 11812 1195 50,3001 Auto KnItter Hosiery Aro par
6 Doe 28 4 Apr
/
1
4
8
,
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8
8
Baldwin Locomotive Wks_100
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Ill
.18
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1838 .17
,
18
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800; Barnsdall Corp. Class A__ 25 14 Feb
213
8June 30
.
94 Aug 35 afar
1212 1314 .1212 13
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13
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2001
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25 10 Jan
4512 457
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6
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4718 4612 463
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4778 4712 474 4734 4814 4,700! Bayuk Cigars, (tic_No par 394alay 71 1614June 30
16 59 Jan 5
50 June 62 4 Mr
,
543 557
4
8 54
55
5118 5412 54
54
5412 3,4001 Beech Nut Packing
5314 5434 54
4
20 443 Apr 15, 5813 Jan 31
4318 Del 844 Mar
43
44
405 431 2 393 413
8
8
8 373 4012 373 39
4
/
4
4
/ 391 4012 93,300, Bethlehetn Steel Corp
1
4
100
/
4
4144 June 70 Mar
10712 10712 10718 10718 10612 107
106 1064 105 1053 10412 1044 1,900: Do rum cony 8% mad 100 371 Oct 22 624 Feb 5
/
1
/
1
8
10114 Apr 12 11014 Feb 15 10014 June 11114 Mar
4
933 9378 93 4 933
3
4 931 L 9312 923 9314 913 923
4
911 3,300, Preferred new -------/
4
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4 91
87 July
8912.1uuo 30 97 Feb 11
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.
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74
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4
831484311 25
.
4978 507
8 51
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3
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8
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5001 Burns Brothers__ ._ _ ..._ IGO 9711 Fob 26 11212June 27 100 8 Oot 657 API
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/
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338June 25
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•161 1 1634 157 16
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17
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8 2,700! Butte it Superior Mining . 10 14 May 28 233 Jan 23 1 1314 June 22
29 203 Feb 15
I27 Oct 374 Mar
8
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44 Jan 19 1
94 Feb
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93
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2114 213
8 2114 2178 214 223
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81
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174 Sept 2942 May
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95
95
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95 1 •9512 97
96
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/
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314 3141
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,
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57 Jan
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504 523
314 Oct 121 Feb
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4
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49
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50
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511 2,400 Calumet Arizona Mining . _ 10 4184Mar 311 547 Aug II
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100 Case (2 I) Plow
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200 Case Threshing Mach.No par
14 Mar 191 29 July 2S
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17 Dec 42 Mar
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1438, 144 143
/
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2 1434 15
100
97 Mar 25 17 8 Feb 13
2
4518 453
7
94 Nov
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1
8 4418 4478 45
2
111, Mar
4514 444 4578, 443 443
8
4634 9.400
8 45
Do prof
100 2 4 Mar 5; 524 Aug 15
9,
.153 4634 4(312 463
/
1
4
28, Nov
8
794. NS tr
4 463 464 465 4678 45
2
8
455 467
8
8 8,000 Cerro (le Pasco Copper _No par 403 Mar 311 49t July22
/ 46
1
4
4
3114 32
3114 313 •31
2
36, Oct 5012 '(or
4
3114 313 32
4
32
32
317 3214 2,900 Chandler Motor Car ... _No par 3014 Oct 15, 6612 Jan
2
.84
86
Oct 76 Mar
43
2
8.5 .84
85
85
84
84
84
200 Chicago Pneumatic Tool-100 797
*833 841 .
85
4
/May
87
/
1
4Jaly
7512 June 90%
350
497 50
8
*r
50, *4714 473 *473 49
4
4
487 487
4712 473
8
4 2,200 Chicago yellow Cab._,Vo par 39 Slav 151 6112 Apr 21
12
10
3112 3134 3114 315
8
313 317
8 3112 313
4 31, 317
8 317 321 1 15,20 Chile Copper
8
4
25 253
8:Mar 29 354 Aug 18
/
1
4
244 June 30 Mar
•11112 201 *1913 2012 *1912 2012 1914 1914 *20
•1912 21
21
100 Chino Copper
5 15 Mar 28
/ Aug
1
14 Aug 31% Mar
4
/
1
4
5534 55$ .5614 57 .55
57
56
57 1 57
57
700 Cluett, Peabody & Co_ WO 55 Oct 71 234 Jan 20
5714
57
60 July
30
7512
764 afar
75
8
747 75
745 753
75
8
2 743 75 1 7512 7614 .7612 767
4
8 9,500 Coca Cola Co v to
No par 61 Apr 21
/
1
654 Oct 834 June
7812 Ate 21
4114 423
411 394 4112 4114 424 4014 413
/
4
2 40
/
1
4 3812 4134 42,600 Colorado Fuel & Cron
100 2478 Feb 15 5114 Aug 5
Oat 351 May
20
/
4
2413 4312 4212 4213 4212 4212 4212 4212 43
4
4234 43
43% 1,500 Columbian Carbon v t c No par 393
4Sept 30 1553 Jan 18
0.:t 514 Dee
41
8
4178 4214 4214 4314 43
421
42
44
/
1
433 4414 434 4414 24,100 Col Gas dr Elec, now_.Aro par 33 Mar
8
ti2Sept 15
304 Jtine 373 knr
4
703 72
703 703
2
8
70 2 73
,
70
*6912 7012 *6912 7013 4,700 Commerelal Solvents A No par 4312 Jan 2l 4
70
Apr 46
I
25
73 Oct 20
Feb
68
6434 663
6514 6617 64
3 66
65
6412 6412 4.10(8
63
/ 65
1
4
B
No par 33 Jan 15 68 Oct 20
Apr 40
Dec
15
451
4414 45
*45
4418 4418 4412 44
/ 4412 4518 445 4472 5,000 Congoleum Co
1
4
8
No par 323
8May 19 663 Fob 13 34413 Dec L843 Nov
4
8
20
201
20
20 2 2014 207
,
8 1912 203
8 183 1912 19
4
193
4 2.700 Consolidated Cigar __NO Par 113 Mar 26 22, RIM 14
.
8
/
4
141 Dec 393 Jan
2
11
733 74
4
.73
761
7514 7512 .75
7613' •75
76121 .75
400
7612
Do pref
100 5912 Apr 24
Jan 16
Feb
1311 Dec 113
693 704 6912 703
70
701
8
8 7018 704 703 707
/
1
81 7012 704 54.1001 Consolidated Gas(N y4)Ne pa' G07 Jan 2 84
8
/
1
2
563 July 693 Feb
Sept 26
4
8
73'
.278 3
23
4 27
27
8 27
8
278
24
27
8 3 I
27
8
24 2,600 Consolidated Textile__.No par
23 Apr 22
8
Oct 14 2 cob
6
,
8 Jan 5
5612 571
57
5712 573 571
8
57, 577
8 573 577
8
8
8' 5714 575
2 7.600; Continental Can, Inc
100 4312 Apr 14 6012 Aug 15
/
4
612 612
424 MaY 571 Doc
*612 67
653 634
6
/ 6
1
4
4
/
1
4
6
63
/ 63
1
4
4 63
4 1,700, Continental Motors___No par
6 Apr 22
Oct
124 Jan
5
8 Jan 16
_1 Corn Products RefinIng
100 1523 Jan 4 187 Jan 28 1143 July 16012 Der
8
8
/
1
4
3518 35 4 3514 39 2 -3814 3718 367
3
,
8 7
-565, If1 -34
4 - / 88,3001
New when issued
37
-1
4
"5 314 Jan 15 374 Jan 28
/
1
2414 2478 244 2473 2414 2478 2413 2638 26
261 2614 27
/
4
36,9001 Coslen it Co
No par 223
8Sept 30 4014 Feb 5 IA Beni 124 Mar
14
533 54 3 5312 5412 54
543 55
8
,
555, 5414 55 I 5314
, 14,700, Crucible Steel of America...100 48 May 13 713 Feb 7
.
4
8818 90 .13818 8914 .
5712Sept 8412 Mar
8914 •8813 8914 8812 8812' •8812 55 2
8812.
8914
200
Do prat
100 86 May 22 92 Feb 11
854 Aug 9412- Mar
/
1
1214 1212 1112 1218 1012 1114 104 11
1214 1214
1118 113
8 9,900/1 Cuba Cane Sugar
Vo par 1012 Oct 22 18 Feb CI
84 Aug 20
Feb
5814 5914 5714 585
5812 59
8 55
5714 53
/ 553
1
4
8 5478 574 38,600
Do pref.
IOU 53 Apr 21
/
1
4
714 Feb II
3312 Aug 6512 Dec
3012 30
/ 3012 304 293 303
1
4
8
8 2812 2912 2834 29
/ 2918 30
1
4
15.800 Cuban-American Sugar__ 10 2812June 9 387 Feb 11
23 Aug 373 Feb
3
8
9812 .98
.98
9811 .98
9812 *96
9812 98
98 1 98
98
6001
Do pref
100 96 Jan 4 100 Aug 27
92 July 106
.6
.612 7
Apr
67
714 7
8
/
1
4
6
7
618 64
614 61
4,800' Cuban Dominion Sugar No par
418.1une 16
3 July
84 Feb 5
121 Mar
,
48
49 .47
49
*47
517
8 4914 50
/ *483 49 1 *47
1
4
4
49
5,900
Do pref
100 41 Aug 29 62 Feb 5
.30 Aug
58,2 Mar
5111 5212 5112 5112 48$8 5114 4912 5034 4812 4914 49
503
8 8,300 Cuyamel Fruit
No par 4634 Aug 28 7412 Jan 3
5412 July
7213 Dec
1034 1114 1034 103
1118 1112 1114 1114
4 105 103
8
4 103 113
4
8 2.900 Daniel Boone Woolen Mills 25 101
/ 447
1
4
9 3214 Mar 6
464 4534 4734 45
8 44
4414 4514 43
/ 4612 45
1
4
461 16,000 Daylnon Chemical v t c_No Par 41 2SePt 14 6912 Jan 8
203 May (3114 Dec
Apr
8
*2014 21 .20
21
*2014
.2018 21
21
.203 21 , .20
8
21
I De Beers Cons Mines...No par
1884 Dec 29 Mar
1814 Jan 21 224 afar 14
8
109 109
.108 10914 10914 1093 109 109
/
1
4
10912 10912 109 1095
/
1
4
8 1,200 Detroit Edison
100 101 14 Jan 3(1 11012 Aug 211 10(114 June 111
Mar
*1411 1413 1412 1112 1412 141 1434 15
/
4
*1434 15
•1412 15
1,200 Dome Mines, Ltd....No par
303
134 Oct .8 2014 Jan 7
4May
1,418 Jan
*1112 12
113 113
4
12
4 12
4
.12
•113 12
1212 .12
121
300 Douglas Pectin
440t
11
8
932-fune 9 123 Aug 27
1414 Jun*
10912 10912 .10912 1093 1093 1093 1093 1103 110 11014 1,600 Eastman Kodak
4
8
•109 110
4
4
21
89
/ Jan 11534 Apr
1
4
Co....NO Par 1044 Apr 21 11212 Jan 8
/
4
1158 1212 1112 1112 111 1138 11
11
11 1 11
11
11
1,700' Eaton Axle & Spring__ _No par
Oct
4Sept 11 2418 Jan S
20
83
27 July
8
12714 128 4 127 127 4 12712 12814 12812 12914 1283 1284 12814 130
,
,
5,1001 El du Pont de item
em
8
Co_100 112 May 20 1417 Feb 1 1,3614 Jan 14812 Apr
5718 5714 5712 57
8 57
5712 57
573a 57
/ 5714 575
1
4
573
4 2,400, Elec Storage liattery_No par 5012May 15 64 Feb 7
52 July
1374 Mat
•1112 1218 1112 1112 .1112 12
•1112 1218 •1112 123
2
*1112 1218
100; Elk Horn Coal Corp
/
4July 26
1214 Der
50 1 )12June 20 141
.
13,
20
/ Jan
1
4
.1
*114
.11
2
2
2
114
114
2
2
300' Eruerson-ltrantingham Co.100
312July 29
%June 23
/ De,
1
4
713 Feb
6312 6312 633 *63
4
63 .63
/
1
4
623 63 .6212 633
4
8 63
6338 1,1001 Endicott-Johnson Corp
8May 0 6712 Jan 18
537 Oci
8
50 557
4414 Jan
1110812 10912 *10812 10912 •10812 10912 *109 10912 *109 10912 *109 10912'
1
Do ()ref
100 10512.1une 26 115 Jan 17 110
Oct 118
Jan
22
204 207 .203 22
8
4
.21
22 .21
22 .21
.21
22
100 „Excbange Buffet Corp_ No vas 1812May 21
2112 Aug 1
197, Dec
31
Jan
8113 8162 794 8112 8014 823
2 8012 8212 8212 84
/
8 8178 823
1
23,500; Famous Players-Lasky_No par 61 Jan 29 5712 Aug 4
52
Oct
93
Jan
9714 963 963
•9434 973 *94
9618 *95
4
973
4 9517 9512 .95
4
4
200' Do pref (8%)
8
100 1377 Jan 28 9734Sept 24
82
Oct
2 4 Feb
93
12
.8
.8
*8 - 12
*8
12
113
4 10
10
•8
12
51g As' 1
100; Federal Mining A Smelt-g_11.10
14 Aug 8
5 June
13 Nov
.4834 50
4934 50 •
4 503 517
4
503
50
4912 50
8 51
5218 2,000; Do pref
100 4112 Jan 2 5134 Aug 19
3414 June 6012 Feb
•1114 12
1114 11 14 .1114 12
•1114 12 .1112 12
•11.18 12
300 Fifth Avenue Bus
'Jo Par
/
1
4
912 Jan 23 13 Jan 28
714 Sept
103
8
.
18012 183 2180 180 •I80 183
182 18314 •183 187 *183 185
600' Fisher Body Corp
No Par 163 Jan 23 22312 Mar 21 140 July 21214 Jan
•100 10218 •I01 10212 •100 10212 .98 102
•98 102
Jan
.98 102
678
Fisher Body Ohio pref___100 98 Jan 9 10218 Mar 1394 July
Jan 16
10238 June
88 9
3
9
834 87
914 9
8
912
6'2 93
34
914 9
4
/ 12,500 Fisk Rubber
1
4
54Juno 6 RN
‘lo par
Or,
1612 Feb
717 72
8
767
713 72
8 7714 78
4
72
7214 7212 72341 73
/ 24,000 Fielschtnan Co
1
4
NO par 4414 Jan 22 767 Oct 23
8
374 Pet
/
1
4714 Mar
855 853 *8412 85
8
8
84% 85
/ 8412 8558' 8412 8514 8414 85
1
4
4,100 Foundation Co
'Jo par 564 Jan 11 8814 Oct 2
684 Oci
8
/ 83
1
4
781 July
/
4
2
83
814 9
4 83
8
83
2 83
813 834 7,500 Freeport Texas Co__ _No par
8
8
712Sept 6 137 Jan 7
8
94 July
.
44
22
45
44
44
4414 *4312 4412 *43
44
Jan
*43
44
4412 .1,600 Gen Amer Tank Car__ _No par 3512May 28 4914 AMC 20
384 oc,
4012 4012 4012 411 40
717 Feb
8
/
4
/
1
42 1 40
41
41
/ 424 4112 4238 9,900 General Asphalt
1
4
100 3132 Apr 11 471 Aug 15
/
4
• 0. 82
23 Am
0
82
82
.8111, 82
54 Mar
82
8218 8218 8212 8212
82
500 ,
Ir. ore/
100 711, km. 5
85 Abe 16
an
83 Mar
•BIGand asked prleee; no Baled on &Me day.
Ng SOW/. In stool. a S.3-riguta.
Bi-divlaeud.
▪ Saturday,
Oct. IS.
sfoad.ro,
Oct. 20.
Tuesday,
Oct. 21.
ttred,eutay.i TN”rsdatt. I
Oct. 22.
Oct. 23.
P.1.
,8•
Oct. 24.
Saes I
for
the
Week.
FOCKS
NEW YORK STOCK
EXCHANGE
New York Stock Record-Continued-Page 3
1938
For sales during the week of stocks usually inactive. see third page preceding
HIGH AND LOW SALE PRICE
-PER SHARE. NOV PER CENT.
Saturday,
Oct. 18.
Monday. • Tuesday,
Oct. 20.
Oct. 21.
Wednesday. Tnaredny,
Oct. 23.
Oct. 22.
Prtdav.
Oct. 24.
Sales
for
Ike
'Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1924.
1
On basis 0 100-share lots
Lowest
Highest
PER Sti ARE
Sanyo for Precious
Year 1923.
Lowest
Highest
per share $ per slor
$ per share $ Per share $ per share $ per share $ per share $ Per share Shares. Indus.& Miscall.(Con.) Par $ Per share $ per share
8018 June 974 Dec
97% Jan 10
900 General Cigar. Inc
88
88
883
100 8214 Apr 3
4
*89
89 89 14 *87
90
8914 8914 *8812 89
Apr
10812 Sept 17 10414 Nov 110
210
Debenture preferred_ _ _ _100 100 Apr
107 107 •104 108 *105 108
*105 108 *105 108
106 106
281 Aug 4 1674 Sept 2024 Dee
100 1934 Jan
4
24614 250
8
8
21434 2497 24612 2495 2483 25314 25014 25214 25214 25414 51,000 General Electric
Jan
1014 Oct 12
1112July 11
Special
10 1012 Apr 2
4
s 103 10% 16.900
4
4
103 10% 1034 10% 103 107
3
4
8 10 4 10% 103 107
12% June 174 Apr
1614 Feb 1
._
4May 2
General Motors Corp_ _No par
123
Apr
79 July 89
897 Oct 4
Do pref
6689 200
100 80 Juno
3
88 4 90
66" ;86- 90 ;i6f4 16- 89'* 8934 ;86- 90
7814
90 Oct 4
8018June
Deb stock
*8834 8934 8914 8914 *89 895* 891. 8938 *8914 8934 *89 8958 600 Do Deb stock (6%).._ _100 92 June 1 10018 Mar 17 9334 July 105 Apt
Apr
Oct
Do
(7%)__ _100
45 Aug 4
83150e
8
42% 427 23,500 General Petroleum
25 383
421: 43
4012 41
41
41% 4114 1214 4218 43
394 June 514 Apr
6114Sept 17
56% 56% 1.500 Gimbel Bros
Yo par 4718June
58
5712 57
57
4
57
4
563
4 563 57
4
563 563
8
6 Sept 123 Feb
11%
14 Feb 4
No par
800 Glidden Co
8 June
8
*1114 12
114 1112 *114 1112 1112 1112 *113 1158 *114
4114 July 28
1.500 Gold Dust Corp
2812 Apr I
3714 38
38
*3512 37
3714 374 *36
3614 3612 3612 37
S Nov 2218 Jun:
1612Sept 9
r
No
Goldwyn Pleturom. new_No par
We Feb 1
173* Oct 414 Mar
3214 Sept 26
4
3214 30% 313 15,600 Goodrich Co (B F).__ _No par 17 June 1
31
8
2914 /9 4
8
9
2 8
- - .5- -287. 29511 293 307
-36731 Oct 9212 Mar
1,200
Do prof
89
100 7014May 1 89 Oct 23
4 88
4
883 89
*86
8712 *8518 8712 *8518 8712' 8712 873
Oct 624 Apr
35
8 7,900 Goodyear T & Rob pf v t c_100 39 Jan 4 717 Oct 2
683
s
8 6634 68% 67
6818 685
8
69% .673 68
69
6914 68
Feb
Oct 99
88
9712
400
Prior preferred..100 8314 Jan 2 983 Oct 1
8
8
8
9712 9711 9712 973 97'z 973 973 *96
9712 *96
*96
,
Oct 33 Ma
12
18% 2,100 Granby Cons M,dm & Pow100 121s Apr 14 215 Aug 20
8
3
167 1812 18
18
18
18
17% 17% 177 177 ; *17
r
8
33
4
61 Deo 155
918 Jan 11
318 318 1,200 G
& Davis.
No par
212 Oct 10
318 314 *318
318 318
314
4 314
,
3
314
8July 221 13% Dec 3418 Mar
15
400 Greene Cananea Copper _ _100 10 May 16 183
15
1414 147
144 148
1418 1418
.1414 1434 *1414 15
1412 Feb
61. 612 *512 6
41 Sept
512 Oct 15 1018 Feb 6
*512 6
200, Guantanamo Sugar_ _ _ _.Vo par
6
: 612 *512
•512 68.; *51
66 June 104% Mar
8,900 Gulf States Steel tr cgs- _100 62 May 20 8914 Feb 7
8 683 70
4
4
683 693
707
4 69
693
6934 7014 6814 8912 68
7914 Nov 94% Feb
3414 34
34
2,800 lIartman Corporation...No par 31 Sept 10 4434 Feb 4
4 34
8
3412 343 343
348 34
3414 3414 34
Ap:
5 33% 333* 335
31 July 44
20 527 Feb 4
s
8 2.100. Hayes Wheel_
100 3214May
8 33
4 338 335
333
4 33
4
333 333
34
34
54 Dec 79% Jac
4001 Homestake Mining
100 35 July 1 5612 Jan 3
4514 4514 4518 4518
46
46
46
46
47
50 •45
*45
8
283 July 39% Ma,
34
*34
1,400; Household Prod, Inc._ _No par 31% Apr 19 35% Aug 4
34
3418 34
34
34
31
34
3
33 4 3414 34
Feb
4014 Aug 78
8 70
71
10,600; Houston 011 of Texas
100 81 Apr 22 Eats Feb 5
8 69% 7112 7034 717
6912 703
70
7034 6914 70
4
20 Juiae 323 Mar
2714 5,400' Hudson Motor Car._ __No par 2012May 13 30 Aug 20
2734 27
27
265* 27
27
27
8
263 26% 268 27
1518 Dee 304 Apr
13 18 Jan 2
500; Hupp Motor Car Corp _ __ _ 10 111851V
1334
8
133 *13
1314 131s 1314 *13
1314 *13
13
13
13
612 Jan
112 Jan 10
12
Is Oct
12
13 Jan 2
No par
400 Hydraulic Steel
34
*12
12
12
4
3
*12
ai
*83
4
3
*12
77
3% Sept 114 May
77
2,400! independent 011 & Gas.No par
914 Jan 18
514Sept 27
7%
4
: 73
71
8
8
8 77
*75
734 77
7% 8
19 Mar
Oct
1
14 Aug 23
2% Jan 171
5
400; Indlahoma Refining
14
14
s
3
*14
8
3
*14
313
*14
14
14
514
18 Dec 194 Dec
1518June 6 2514 Feb 4
1912
200, Indian Motocycle___ No par
1914 *19
194' *19
4
1914 1914 1912 1912 *1914 193 *19
57
718June 18
84 Apr
34 Dec
4
33 Apr 12
57
8
57
10
57
700, Indian Refining
6
57
57
*5
*55* 614
5
5 8 55*
par 31123.Iay 16 4018 Oct 20
3118 July 40% Apr
4 8,900, Inland Steel
4
383 3914 383 383
3912 383 393
4
4018 39
39
3912 40
8Sept• 2
2314 Oct 43% Mar
25% 2,900 Inspiration Cons Copper.. 2 r 2218 Feb 28_ 307
0
25¼
N a
2534 25
25
2434 243
24% 247
4
243 25
2412 25
218 Feb 6
4 Oct 11 Feb
114
12 Apr 15'
100
eo
D
Internal;tfl n! Corp
5
.7
114
8
*7
1'.I
£1
*7
114
8
*7
1 14
8
*7
3 114
*7
44 Oct 39% Feb
34May 29 104 Jan 8
914
100
914 *8
100
818 818 *8
912
91. *8
94 *8
.8
10414 3,200 Int BusIners Machines_ No par 83 Apr 11 10714 Aug 20
8
4
:
106% 1061 104 1053 10514 10514 10134 1017 10318 10414 1035*
31 June 44 Mar
5018 5018 5012 1,900 International Cement __No par 40% Apr 24 504 Aug 211
.50
50
4 50
: 4912 493
4914 4912 4912 491
8
195 June 2718 ADt
8
4
4
4 293 3014 295 3014 293 3018 26,400 Inter Combos Engine._No par 22 Mar 31 31 Sept 29
29 3
29
30
2912 29
29
8614 Oct 984 Feb
100 78 Jan 3 994 Aug 21
4 2.700 International Harvester
4
*933 9412 9412 943
4
9212 93% 9312 9412 933 95
93
93
24 106
Oct 11614 Jan
10 108 Feb 26 11112Sept
Do prer
200
•111 11112 *111 11112 *111 11112'.111 11112' 11114 11114 *111 11112
8
115 Feb
4% Aug
4
61 Jan 2 1114 Aug 18
10
912
000 lot Mercantile Marine
912 *9
9121 *9
93o
912 *9
4 *9
4 83
83
9
Jan
1812 Aug 47
3 12.400
2612 Mar 28 4312 Aug 21
100
367 37
Do pref
8
365 373* 3614 37
363* 3712 3618 3712 3614 373
8
103 Oct 1814 Feb
1912 20 , 77,300 International Nickel (The) 25 1112May 9 20 Oct 24
* 18 4 193
4 191: 19%
,
1818 1812 1818 183
1818 1812
694 Jan 83 June
100 7512M3y 29 9012 Oct 22
:
100
Do prof
95 1 *901 91 I
:
9012 901 9012 *9014
*91) 9012 *90
91
*90
27% Oct 58% Mar
100 3412 Apr 15 59 July 15
8 4,900 International Paper
444 4134 4312' 42
425
4512 44
4512 44
447 454 45
Oct 754 Jan
60
:
721
100
Do stamped preferred_100 6212Mar 25 747 Oct 1
7212 •7012 71121 *71
7212 *7112 724 *71
7212 7212 *72
Oct 7112 Apr
64
4
66 Feb 1 863 Sept 25
8 8212 8212 1,900 Internal Telep & Teleg _100
833
82
82
8214 82
824 *82
4 82
8214 823
1914 Mar
718 Nov
8
1012July 17 167 Jan 2
1412 25,400 Invincible 011 Corp__ _No Pa
81 14
8
137 143
8
8 133 14
8
1314 127 133
128 1278 128
3212 Aug 5814 Mar
3912 Apr 2 5234 Jan 10
5112 50
50
50
4,700 Iron Products Corp._ -No Pa
50
5012
4812 50
4914 507
4814 50
15% Oct 24 Mar
Apr 15 2314 Jan 2
8
100 • 165
20 I
*19
20
100 Jewel Tea, Inc
*19
20
1912 *19
1912 *19
1912 191: *19
62 June 884 Dec
100 78 Mar 31 102 Sept 19
*97 101
, Do pref
*97 101
*97 101
*97 101
*97 101
*97 101
8
20% Dec 633 Mar
100 1414Sept 10 274 Jan 3
1718 1718 1714 173* 1714 1714 1,300 Jones Bros Tea, Inc
8
*167 17
* 1634 17
173
*17
4May 20 3618 Oct 9
213
No pa
3534 8,500 Jordan Motor Car
3414 3414 34% 341: 3414 3512 35
34
347
4
333 3414
28 J,iiy "iti7; Feb
1614 Aug 16 3834 Jan 18
207 21 i 4,100 Kayser (3) Co. v t o__ _No pa
: 20
2012 1934 2112
1912 191
19
8 19
8
195 195
96 July 104 Mar
77 Aug 18 1024 Feb 11
No pa
Do lot prof
82 I
100
*80
82 82
82
*80
80
*78
80
•78
82
*80
2012 Oct 6218 Mar
4June 20 35 Jan 10
93
25
16
16% 4,600 Kelly-Springfield Tire
1714 161: 163
8 17
8
165 187
1718 1612 17
17
Jar.
78 Nov 108
100 33 June 21 88 Jan 10
.d
58
*47
13% sv herr
58
I xe19ey prefeeie Ino
*45
58
*50
58
*47
57
54 *
*46
Oct 1174 Mar
75
100 76 May 7 101 Jan 10
93
*85
93
*85
93
*87
93
•85
93
93 .85
*87
29% Oct 45 Mar
3418 Jan 21 49% Aug 15
No Pa
5 46
4 4634 47 1 38,800 Kennecott Copper
461
46
4618 46%
4512 4618 45
4512 48
14 Oct 1118 Mar
112 Oct 22 43* Jan 9
11., 1% *11
112
8
. 15
118 1,600 Keystone Tire & Rubber__ 10
I%
4
13
134
11
4
13
8
*15
100 28712 Jan 17 440 Aug 28 177 Mar 300 Dee
100 Kresge(9 S) Co
*416 43012 416 416 *42014 430l.5420 43014 *42214 43014 *420 43014
75 July 89% June
L (St Louis).-100 79 Jan 2 101 Oct 2
100 Laclede Gas
*99 102 *100 101 1 100% 100% *101 102 *100 101 i
*99 1102
8
1111 Oct 315e Mar
8 May 13 1718 Jan 11
200 Lee Rubber dt Tiro ___ _No par
11
11 I
*10
*
*
1012 104 107 107 *10
11
*10
11
*10
'Liggett& Myere Tobacco__100 20614 Feb 18 245 Feb 9 19054 May 240 Dec
4
8July 7 121 June 26 1113 Apr 11818 Jan
100 1147
11912
pref
Do
400
.119 *11812
. 8
•iliT2 1191- *11812 11918 119 119 *11812 1194 1181
_
4Sept 23
25 50 Mar 26 643
NeW.
637
4,000
4
4
7
63 12 63 8 633 63% 633 63% •63
63
7
62 8 6312 63
3
8
25 487 Mar 28 64 8Sept 22
13 new
63
63
2,400
63
63
63
63141 63
63
4
*623 63
628 63
*
5814 June 747 idWe
_No par 56 June 9 6834 Feb 9
1,500 Lima Loo Wks tent ctf
60 60
60
6014 5912 5912 5912 6014 60 6018 60
60
14 June 21 14 Feb
1518June 25 1814 Jan 21
19,500 Loaw's Incorporated_No par
:
1814, 171 1818 175 18
1718 1714 1814 18
17
17
17
8 Sept 1114 Jan
834 Jan II
54 Apr 22
No par
Incorporated
700 Loft
6
6
614 614
6121
*6
6
6
612
6
614
*6
364 July 8614 Dee
100 50 Mar 13 73 *Sept 29
5
4
4
6912' 6812 683* 683 683
:
7001 Loose-Wiles Biscuit
3
68 4 *6712 6914 6812 691 *69
68
25 3418May 15 4914 July2
4 3712 3712 2,100 Lorillard now
4
4! 373 373
% 3712 373
7
,1 3712 3 4 3712 372* 37
*37
No par 1714July 17 2334 Mat 17
4
300 Ludlum Steel
4
4
17% 17%' 173 173 *173 19
*1712 19
4
*173 19
4
.173 19
100 107 Jan 2 119 Aug 1 fed " May 121 Feb
100 Mackay Companies
4
4
1153 1153 *11512 117 *11512 117
•116 119 *11512 117 *1154 117
5818 Jan 9312 Apr
No par 75% Apr 14 10712 Aug 20
31,700 Mack Trucks, Inc
8 98 100 1 9812 994 9912 101
6712 984 9612 9812 9712 983
87 July 9914 Mar
100 951s Jan 16 10.113 Aug 111
Do lot preferred
5
600
8
10212 10212 *10214 1025 102,103
4
*1013 103
8
9412 947 102 102
72 June 92 Mar
100 87 Apr 22 9712 Oct 6
Do 28 preferred
100
*9618 97
97
*9618 2641 *9618 97
9684 9614 *964 97
57 July 714 JIM
*9613 97
400 Macy(R II) & Co. Inc_No par 59 May 15 681, Jan 2
631: 63%
8
*635 65
4
*633 65
64
64
5
2714 Oct 3814 Mar
5
83 3 63 8 *6312 64
No par 264June 14 3714 Aug 18
4
333 3414 3411 3434 2,900 Magma Copper
34
*33
34
*33
Jan
33% 34
21 June 40
28 3134 Jan 18
3
33 4 34
8
2514 2634 255* 263 17,100 Mallinson (11 It) & Co.No par 18 Mar 21 493
4
2314 2411 243
23
Oct 86 Ma:
4July 15
35
:
221 2212 23
1,700 Manhattan Elec Su pplyNo par 3314 Mar
*4412 45
44
458 45 45
4
4
Oct 47% Jan
40
25 331271ay 18 44 Jan 10
4312 4412 4434 443 *443 45
Manhattan Shirt
4 5.7001
4 3512 3512 3512 3534 3512 363
18 Sept 28% Dec
353 35% 347 34% 3538 353
2,000 Maracaibo 011 Expl__No par 24% Oct 14 374 Jan 26
27
27
8
255 268 264 27
2514 26
26
8
1712 Oct 595 Apr
29 May 12 42 Feb 5
2618 2612 26
3518 36 101,400 !garland 011
4 34% 35% 3512 36
18 Feb
4
314 Nov
4
8 Jan 8 173 Mar 11,
'o
341. 3514 343 35% 34% 353
N par
A o par
-Rockwell
500 Marlin
10
10
*9
10 I *9
*9
8 *94 10
914 03
to
10
213 July 37% Apr
8
-No par 3114June 3 371 Jan 17
3 *3214 3334
• 400 Martin-Parry Corp.
4
323 3314 *3212 33
83uue 20
3114 Oct 63% Max
8May 13 4137
*3112 3212 *3112 324 3212 3212 *36
.500 Mathieson Alkali %Yorks.__ 50 295
4
361 t 353 3612
36
37
*3512 38
Oct 6314 Mar
38
40
40 .36
.36
Maxwell Motor Class A-100 38 Apr 14 6818 Oct 24
4 6112 622* 6111 0612 6614 6818 66,300
4
1014 Oct 21
1018 Apr 30 2114 Oct 24
Apr
594 6014 593 613
8
597 60
4
4 1912 2114 207e 213 77,300 Maxwell Motor Class ti.No Par 824 Apr 21 10012 Aug 30
8
185 1912 1914 193
5
67 8 Jan 93 Dec
1812 19
7
18 8 19
951: 9614 4,400 May Department Stores__ .100 15 May 23 1814 Jan 7
96
963* 95
8 95
955
95
15 Sept 2013 MAY
95
Mines__
9512 955* 95
400 McIntyre Porcupine
7 157 *155 16
*1512 16
8
15
16
*155* 157
514 Aug 23 4 May
,
8
011._No par 1418 Jan 3 2534Sept 12
8 155 15% 16
8 2418 2434 245 24% 23,500 Mexican Seaboard
23% 2314 243
4 23
6 Aug 2314 May
2334 23% 2318 233
Voting trust certifleatee-- 12% Jan 3 23 Feb 8
j
2012 Oct 3018 Feb
5 20 May 19 25 Aug 18
3
2
-ioi8 li" "ioi8 ifc4 "iii4 --1:7; _ - :666 Miami Copper
1-8
7
34 Nov
078 Jan 2
1214 Jan
()
-ii- 117- -ii!) 2 11!7
... , 1 Aug 14
.-isr0 pa
21
1% 21,800 Middle States 011Corp_l
138
112
8
13
8 112
13
8
13
114
8
2112 June 333 Apr
114
114
118
' Midvale Steel & Ordnance_ 50 25 July 17 344 Feb 7
l's
25
*22
26
*23
25
*22
27
5412 June 75 Mar
27 •24
100 6114June 17 71 July 11
*24
27
*25
600 Montana Power
6511 647 65
*65
6514
65
65
4May 20 39 Oct 3
1814 May 2614 Nov
7
63 8 63% 65
65
*64
3 377 37,800 Moat Ward & Co III Corp_ 10 213
:
8 371 3814 37
4 377 387
:
18 May 20 271 Feb 7
17114 Jan 29% Mar
3612 3714 365* 373
3612 37
8 1,500 Moon Motors
4 2112 215* 2012 215
4
213 213
6 May 19
7% June 14 Feb
par
914 Feb 15
4
217 217
8 2112 213 *2112 22
712 734 4.700 Mother bode Coalltion_No par
712 75/i
3
73* 7 4
734 734
4
1018 Aug 29% Mar
9 Mar 22 18 July 24
71. 73
4
73
73
Body Corp__..No
100 Mullins
: : *141: 151:
4
3118 Oct 3612 Nov
4
143 143 *1412 1512 *141 151 *31
No par 2918July 14 394 Jan 113
*1412 15
*1412 V
' Munsingwear, Inc
3112
3112
3112 *31
3112 .31
1518 Jan 1144 Jan
No par 964 Apr 29 161 Sept 27
3112 *31
3112 *31
*31
152 15312 1,200 Nash Motors Co
150 151 *147 151
184 Feb
37t Oct 11 1018 Jan 28
7 Nov
148 148 *145 150
148 148
1,200 National Acme
412 5
8 438
43
Jan 52% Nov
38
25 5014 Mar 28 7714Sept 23
41: *414 41: *414 412
412 *4
*4
7218 721. 5,500 National 'Biscuit
7212
727 733* 72
100 12012 Jan 8 126 Aug 15 1184 July 125 Feb
7312 7212 727
72
7212
Do pref
72
I
124 *121 124 *121 124
40 June 674 Feb
100 44 Juno 5 84 Feb 1
.121 124 •121 124 *121 124 *121
100 National Cloak & Sult
52
52 .49
5112 5112 •50
52
3018 Apr 11 39% Aug 21
5212 .49
52
*49
•50
: 1,100 Nat Dairy Prod tem etre_ No pa
361
4 36
35% 363
36
35% 35
514 35% *35% 3512 35
3
4
343 June 4212 Apr
500 Nat Department Stores No par 37 Junes 9 43 Jan 9
3712 3712
Oct 73 Mar
4
4
373 373 *3712 38
35
4
4
2,400 Nat Enarn'g & Stamping-100 18129eptl 8 44% Jan 17
4
4
373 373 *373 3812 *373 38
22
2214 21
224 22
21% 22
100 1234 Apr 21 16914 Aug 15 108 July 148 Dee
Lead
8
215
22
2214 22 8 22
7
8 3,500 National
154% 1548 15412 1563
100 11112May 27 118 Sept 9 10712 June 114 Jan
is,/ prof
1
4
*152 153 1523 1531 153 15518 154 15614 *11614 117 .116 117
:
544 Oct 684 Dec
50 541: Oct 10 7212 Feb 4
*116 117 *115 117 *116 117 *116 117
2,400 National Supply
8
557 *5512 56
8
918 Oct 183 Mar
8
19
55% 54% 5512 55
55
55
55% 55% 55
600 Nevada Consol Capper---- 5 1178 Jan 2 153 Aug 16
137 14
4
*133 14
26% Jan 42% Nov
4
•133 14
14
14
14
*13 4 14
3
14
6,200 NY Air Brake temp otfs No par 364 Apr 22 45 June 24
4314
8 43
433
4514 Aug 514 Feb
4312 43
:
43
No par 474 Jan 7 531 Oct
4
8
41% 41% 413 4218 4112 423
2,400'.a
4
513 5214 521: 5312
1514 June 27 Apr
100 19 Jan 9 3718May 23
8
513 51% 5118 5118 513 5112 5134 52
8
1.900; New York Dock
30
4
373 Aug 514 Mar
:
: 301 3114 30
311
.
100 414 Feb 27 5514May 14
301 3012 30
*3018 30% 30
30
200, Do pref
5018 5018
51
51
4
1712 May 247 Apr
51
Jan 2 36 Oct 2
6112 *48
10 22
Co
*47
*47
52 *47
52
: 3314 3312 21,6001 North American
4212 July 481s Feb
50 43% Jan 2 5014July 11
8
333 33% 33% 33% 3311 331
33% 34
33% 34
Do prof
4
7
4
473 47 8 473 478 1,2001 Nova Scotia Steel & Coal 100
13% Dec 29% Mar
84 Apr 25 1412 Jan 18
8
477 48
4
4
*473 48
4734 48
4
473 473
8
7% Oct 1018 Feb
93 Feb 6
7 Apr 11
100, Nunnally Co (The)._ _No par
*712 9
114 Dec 1018 Jan
4% Jan 14
.712
8
8
% Oct 22
6.No Par
7712 9
-;i 2 -300' Ohio Body & Blower..
8
10
cs Nov
8 *112
15
•112
34 Feb
212 Aug 1
8
7
34
4
*3
4
3
4
8
lls Jan 2
4
3
'15
5
8
5
Okla Prod & Ref of Amer
3 July
94 Dec
8% Oct 14
434 Mar 24
,-- - -100
Silver Mining
300, Ontario
8
*7
8
7
.7
7
8
1614 June 211 Apr
.7
Feb 18 23 Oct 23
8
8
*7
*7
18
5,300; Orpheurn Circuit, Inc
23
23
8June 24 7358June 4 1144 July 153 Feb
8 22% 23
8
215 21% 222
22
2218 2214 227
50 635
22
8,400' Otis Elevator-k
72
72
4
7 June 143 Mar
681 t 70% 69% 707
7 Oct 22 1178 Jan 26
8 7014 723
8 7218 72% 71% 72
No Par
74 4,300 Otis Steel
7
7
7
4
361a Jan 621 Apr
714
*718 714
18 718
7
7
74 7%
25 3941lay 29 47 Jan 10
4 2,300 Owens Bottle
214 Mar
8
1 Nov
8
4 42
114 Jan 11
41% 413
4118 4111 413 41% 41% 4112 41%413
58 Jan 2
42
4901 Pacific Development
12
12
8
.3
3
12
12
8
*34
73 July 947 Dee
12
''%
12
$3 96
100 9018 Jan 4 99%Sept 29
8 1,900 Paclfle Gas& Electric
9478 94% 041: 947
95
95
95
95
05
95
95
thnt bads beginning June 3 a Ex-rights.
Par value changed from $100 to $50 and prices On
*Bid and asked prices: no sales this day x Ex-dividend t
New York Stock Record-Concluded-Page 4
1939
For sales during the week of stock. usually Inactive, see fourth page preceding.
HIGH AND LOW SALE PRICE
-PER SHARE. NOT PER CENT.
Saturday,
0a. 18.
Monday.
Oct. 20.
Tucsday,
Oct. 21.
edassday
Oct. 22.
Thursday.
Oct. 23.
Fal Iv.
Oct. 24.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCEIA.NGE
PER SHARE
Range Since Jan. 1 1924
On basis of too-Mare too
per share $ per share $ per share $ per share $ Per share $ per share Shares. Indus. & Miscall.(Con.) Par
812 • ,
10
Q.
•8
812 813
812 *8
9
9 14 *8
812
800 Pacific Mall Steamship__ 5
..-2
4834 48 8 4838 49
/
4
7
48 4914 491 4012 5034 521s 514 5218 73,300 Pacific 011.
/
1
4
/
1
1212 1213 1212 1212 1214 12
1218 123
s 1214 124 1212 124 4,700 Packard Motor Car
10
*99 10212 *101 10212 *10013 10212 *90 102 101 101
101 101 1
300
Preferred_
100
51
/ 52
1
4
/
4
5112 523
3 5118 5218 511 4213 5112 52
5178 52
/ 3,900 Pan-Amer Petr & Trans
1
4
50
/
4
8
/
4
8 504 511 5034 511 5014 5114 50
3
5013 513 50 s 513
/ 5113 18,200
1
4
Do Class B
ao
*2
2
/ 23
1
4
214
8
23
*212 23
4 23
4 •214 3
4 .214 23
4
400 eanhandle Prod & Ref_No par
,
Parish dt Bingham
No Par
13g 11 --114 -- -2 --Ii4 -- 1- 1 --114 -1 3 -lig - -113
8
1;
12
,
Penn-Seaboard St'l v t oNo par
10414 10412 10413 10112 10414 10414 106 10814 10412 10412 *10514 10512
800 People 0 L de C(Chic)--WO
'e
4713 48
48 483
4838 4814 4814, 4814 4838 1,800 Philadelphia Co (Pittsb)_- 50
8 48 48 I 48
4414 4438 4278 4314 42 4314' 4212 43
/ 424 43131 4312 4434 17,900 Willa h Resit C & I w I _No par
1
4
/
1
*13513 68 •6512 68 1 854 654 *62 8512 *62
8512 *62
8513
100 Phillips-Jones Corp
No par
141*! 141
14
14
14
14 I 133 141
141 141 *14
141
3.200P
/
4
324 323
/ 333
1
4
4
/ 3334 333 34141 337 344 57,800 Phillips Petroleum_NO par
1
4
4 323 331 32
8 32
4
8
818 812
8
8 1
812 838
84 83
8, 8
8 141
8
814 3,700 Pierre Arrow Mot Car.No par
27
28
2812 2812 264 28
2834 2913 28
28
/ 2834 2938 3,900
1
41
Do pret
100
178 17
s
4
13
13
134
4 13
4 13
134
4
11 11
/
4
/
4
!
11 11 1,500 Pierce Oil Corporation
/
4
/
4
25
*25 26 I *25 27 *2412 27 *26
27 . 27
27 I *25
27 ,
300
Do pref _
100
53 53
53 53
5213 5213 5213 524 5314 5334' 534 534 1,700 Pittsburgh Coal of Pa
100
964 9613 *9513 99 *9512 99 *9512 99
*9513 99 1 98 98 I
200
Do prat ----------100
1214 1214 12
/ 123 *1214 1234 *1214 1212 *124 12121 1212 1212
1
4
3
900 Pittsburgh U111603 pret_100
69 7018 69
/
1
4
713 38934 7113 697 703s 70
4
8
711 704 71 I 23,600 Postum Cereal Co Ino_No par
/
4
*117 118 *117 11812 3115 115 *115 116 *115 116 1•115 118 ,
100
Do 8% preferred
100
4412 444 4413 4413 4418 444 *4313 45 1 *4312 44141 44
44181
700 Pressed Steel Car
100
*7014 72 *7112 713
4 7112 7112 *7014 7112 *7012 7112' 7012 7012
400
Do pref..
100
2612 2812 2512 287
8 2534 28
26
27
2812 2741 27
2712 8,600 Producers& Refiners Corp_ 50
6038 6012 593 6012 593 803
4
4
8 60
/ 6134 6114 61781 6113 6178 7,800 PubServCorp or NJ new No par
1
4
129 129 129 129
12914 1294 12914 12934 12914 129341 12934 1297
/
1
8 2,900 Pullman Company,
100
47 4738 46
4714 4334 4514 43
4413 4312 44 I 45 45
/ 12,300 Punta Alegre sugar
1
4
ao
23 234 23 231 23
/
4
2334 23
/ 2334 23
1
4
/ 2334 2312 232
1
4
4 9,200 Pure Oil rho)
(
25
*95
96
95 4 954 9513 953 *95 98 1 *95
3
/
1
4
98 I 9534 952
700
4
Do 8% preferred .----100
12734 12813 12634 12814 127 12734 12712 128
12513
4 1,400 Railway Steel Spring...1O0
*314 32 *3114 32 *3114 32 •313 32 *311 12513' 12612 1283
8
/ 32 1 313a 313
4
200 Rang Mines. Ltd _ _._No par
s
1218 1214 12
1238 1134 1218 1134 113
4 113 1214 113 1212 9,900 Ray Consolidated Copper_ 10
4
4
*41
42
4118 4212 4214 4214 424 43 1 4238 427
8 424 4214 2,500 Remington CypewrIter__100
*94
95 *92 95 *92
95 *92
95 I 9478 944 •92
/
1
95
100
1st preferred
100
10514 10514 *103 106 •10314 10514 *1034 10514 106 106 *10314 1054
200
25 preferred
100
1112 1134 111 113
/
4
4 10
/ 11
1
4
1034 103
11
/ 11
4 107 10
1
41
8
2,100 Replogle Steel
No par
4388 4381 4218 4312 42 43 1 42 4234 4218 4212 4212 434 8,400 Republic
Iron & Steel
100
*83 8513 *82 85
83 83
83
83
83
83 I *82
84
500
Do pre
100
•15
15 *15
/
1
4
153 *15
4
16
153 153
4
4 154 15 4 *1513 16
3
300 Reynolds Spring
No par
764 784 *784 78 ' 7614 76141 7612 7612 75
/
1
4
/ 75 8I *753 7614 2,300 Reynolds(R J) Top Class B 25
1
4
7
4
•120 120
/ 120 12014 *120 120 *120 1203 •120 12012 •120 12088
1
4
/
1
4
8
200
Do 7% preferred ___ .100
4138 414 414 42
/
1
1
4
/ / 4184 43 ' 427 4312 43
1
8
4338 4278 4338 18,800 Royal Dutch Co(N Y shares)
3312 3378 334 3338 334 333
3412 3412 36
8t 337 337
8
8,200 St Joseph Lead
8 34
10
*112 2
*112 2 I .112 2 1
112
*Ds 2
112 *14 2
200 'Santa Cecelia Sugar...No Par
82 62
624 63
/ 63
1
4
/ 6334 6378 64
1
4
/ *6213 63
1
4
6314 63
5.700 'Savage &rim Corporation.100
10734 108 108 10312 10912 1103 11012 1111 10934 1103 1104 111
/
4
4
25,800 ichulte Retail Stores _No par
4
10538 10512 10512 105 4 105 11112 109 11138 10812 110
3
/
1
4
10912 11012 30,200 'Sears. Roebuck & Co
100
11978 1197s 11978 120 121 121 , 121 121 *120 121
121 121
800
Do pref
100
1
1
118 •1l3 114
114
114 114 *14 114 *118 14 1,800 Seneca Copper
No par
*512 614
818 64 *534 64 *64 614. 64 63
8
600 Shattuck Arizona Copper_ 10
63
8 63
8
18
1838 1818 1838 1814 1812 1812 1834 1838 1834 1812 183 43,500 Shell Union 011
4
No Par
95
96
/ *95
1
4
300
7
957 95 8 *9414 96 I 9414 95 *95 98 1 *95
8
Preferred
100
15
1514' 1478 154' 1434 1518 14
17.300 ilmms Petroleum
/ 1518 1434 1518 1434 15
1
4
10
30
3014' 3018 3014 3018 3012 3038 31
3012 3114 3118 3112 10,000 Simmons Co
No par
1678 1714 16
/ 171 ' 167 171
1
4
1714 174 173 17
/
1
8
/ 171 171 28,100 9incialr Cons 011 Corp_No par
1
4
/
4
/
4
*81) 804 *80
8012
*80
80 *80 8012 8012 803
/
1
4,
4 804 81
500 Preferred
100
1934 1934 193g 1934 1934 20
1 203
8 2012 203 10,800 Skelly Oil Co.
20
4
26
70
70 i 6812 69 I 6712 674 68
6814 882
8878 8712 68
4 3,100 9loss-Sheffield Steel & Iron 100
*6812 70 ' *6134 70
661 68
/
4
86
851
66
66 66 I *60
700 South Porto Rico SUffar---100
1114 1178 1112 1112 *124 1312 12
1312 *12
12 I *12
1313 1,100 Spicer Mfg Co
No par
9112 *90
*90 9112 *90
914 90 90
100
914 •90
9112 *90
Do pre
100
*58
64 *58 64 *58
*58
64 I *58 64
64
64
*58
Standard Milling.
100
57
/ 577 1 5718 57 81 5714 5338' 58ts 5834! 5838 5918 584 5914 22,550 Standard 01108 California_ 25
1
4
8
7
/
1
3534 38 I 35 8 3613 35
7
/ 36
1
4
8
/ 3614 3612 3614 363
1
4
4 3813 361 34,500 Standard OU of New Jersey 25
117 1173, 11714 11714 117 11714 11712 11713 11718 11712 117 1173
/
1
4
Do pref non-votIng___100
/
1
4
8 1,900
*62 621 62 62 1
/
4
.62 6214 *62 6214 6214 6214 62
400 Sterling Products
62
No Pa
5313 5413 53 55
5314 54,18 54
5468. 54
/ 5513 14,300 Stewart-Warn Sp Corp_No pa
1
4
543
4 53
•
6334 6412 63 64
6318 64
65 65 *8312 6512 *8414 6512 1,000 Stromberg Carbureter_No pa
_ --100
2
-55" Ii1- 3834 393 38's 39 -a§i8 393 383* 39, 55i2 Ws; 55:565 Studebaker Corp (The)No pa
New w
5
818 8e 814 812 814 81 838 812 .38 812 818 838 3,000 SubmarineI BoatNo pa
/
1
4
434 5
478
478
4
/ 5
1
4
43
4 5
5,100 S
43
4 434
43
4 5
No pa
• -____ 28
28
28
Superior Steel
*2614 28 •____ 28
100
*214 212 *214 212
212 21
*24 21
100 Sweets Coot America
•
24 213 *214 212
10
7
/ 7
1
4
4
*712 73
712 712
/
1
4
713 712
No pa
712 712
7 4 84 2,000 Tonn Copp & C
3
/ 41
1
4
4012 4118 40
40
/ 41
1
4
404 4114 41
/
1
411z 4034 4114 21.600 Texas Company (The)---- 25
7712 763 7714 77
76
8
78's 78
79
8 7818 7914 14,300 Texas Gulf Sulphur
784 787
10
812 8
834 834
84 83
/
1
4
4
8
/ 91
1
4
9
/ 938 .94 94 9,000 Texas Pacific Coal & Oil
1
4
10
119 119 *11912 122 120 12134 12313 12312 12312 123 •121 123
2,000 Tidewater Oil
/
1
4
100
3518 . 353
4 36
3838 364 363 363
/
1
36
4 3638 361
3
4 3618 3613 6.000 Timken Roller Beating.No pa
8312 64
62 8 633
7
4 6312 5414 6378 6478 6338 6412 644 6518 29,000 Tobacco Producta Corp-100
/
1
92
9218 9212 9238 92
9214 9178 92
/ 924 9234 9214 9212 2,200
1
4
Da Class A
100
Preferred
100
4
3
/ 4
1
4
3
/ 4
1
4
418
4
411 -414 438
414 438 19,800 Transcontinental OIL_.No par
/
4
*3712 3818 374 3712 .
13634 3818 374 3714 *37
38 *3814 3712
700 Underwood Typewriter.-- 25
*3814 383 *3814 3813 3712 3814 *3738 381 *3814 3812 .3814 3812
s
200 Union Bag & Paper Corp_ ii100
100
•1g
14
14
14
•15
*15
•18
*15
14
14
I Union Oil
No par
*4
14
•12012 124
121 122
122 122 12412 12412 •121 125 •12114 123
13
1514
500 Union Tank Car
100
•111 113 •11212 113
113 113
1133 11334 *113 114
4
Do pre
300
21
*2012 21
21
21
21
2012 2034 20
21
*20
21
1,500 United Alloy Steel
'No par
9334 94
93
/ 94
1
4
94
9512 9512 97
9512 96
954 964 .6,900 United Drug
100
/ 49
1
4
/ 50 50
1
4
*4911 5014 49
/
4
50
50
50
50
50 50
8001 Do 1st preferred
ao
*204 208 205 20512 2023 2034 *204 2054 •204 205 205 206
4
/
1
4
800 United Fruit
100
110 11214 10612 11288 11018 11238 11134 11312 11114 1127g 113 11614 69,800 II8Cast Iron Pipe&
/
1
4
FdY-100
.09712 99
99 10178 10212 10414 103 1033 •10212 103 •l0212 103
4
Do pre
2,900
100
23
/ 2313 2414 24
1
4
23
2234 23
2438 2273 233
2234 2318 6,900 U 8 Hoff% Mach Corp_No par
707 7218 70
8
/ 7212 71
1
4
73
72
/ 731
1
4
7134 73
7212 74
26,200, U S Industrial Alcohol
100
/
1
8
4
/
4
*10214 1041 *10214 1047 *10214 104 *10214 1041 *1027 1047 *10214 1047t4
/
4
s
8
I Do prat
100
93
9212 94 •9414 95
93 *92
*92
93
93
*9234 94
1,300 US Realty & Improv't_-100
10134 102
10112 10134 *1013 102 *10134 102
•10134 102 •10134 102
4
Preferred
600
3318 3314 3234 3318 3234 3312 3334 3414 33
/ 341
1
4
32
3414 9,600 United States Rubber
100
/ 8612 87
1
4
87
*86 8712 *8512 8812 86
8634 867
8512 86% 1,600
Do lst preferred
100
33
3278 341
33
3214 3314 324 3314 33 33
3412 3514 9,400 US Smelting. Ref & Min- 50
4578 *43
4
444 443 *43
454 *43
*44 4512
453
8 43% 444
/
1
Do pref
600
60
3
/ 10838 10738 10678 10813 119,700 United States Steel Corp 100
1
4
/
1
4
1064 10714 105 10713 1063 10718 10878 107
/
1
122 122 122 1221 122 122
/
4
1224 1224 122 122
12214 12214 1,100
Do prat
100
3
8 8012 803
794 8018 793 803
/
1
4
7912 80
4 803 8138 813 82
,
8,700 Utah Copper
10
314 32
/
1
3214 3234 32
32
32 323
32
4 3181 32
32
3,100 Utah Securitlea
100
2234 2234 23
23
4
*23 24 *223 24 *2234 24
2312 2312
No par
900 Vanadium Corp
8 14 •14 11 *13
/
1
13
/
1
/
4
*113 1$4
s
*113 13
i'Z
13
8 113
100 Virginia-Carolina Chem--.100
/ *312 31 *32
1
4
3
/ 3
1
4
31
/
4
/
4
312 31 *31 '
/ 3
4
/
4
100
31 312
/
4
800
Do prof
912
9
9
/
1
4
91
9 8 913 6.700 Vivaudou(Y)
3
8 4 912 *84 8
3
No par
914 914
/
1
8 183 164 1813 1838 4,600 WaidoriSystem
8
/
1
1612 1678 1614 16'2 1633 1678 164 187
No par
1514 1514 *15
15
1514 154
,
15
1514 15
15
15
1558
Weber & Delibroner._ _No par
50
1 Walla Fargo Express
Hi- III" .ii5" fill- nois no% 11112 11112 hi" fit
11012 11112 1,100, Western Union Telegraph_100
2
*93 944 9312 934 9334 9334 *9034 944 9334 9334 *94
9412
4001 Westinghouse Air Brake.„50
6212 6112 6212 8112 62
8 62
6213 6213 8178 62
8
613 617
5,200: Weatinghours Elea & Mfg- 50
2638 2614 263
8 26
28
254 26
25138 25
/ 26
1
4
/ 25
1
4
26
4,300' White Eagt Oil
No Par
8 63
63 833
4
50
/ 66
1
4
6312 83
8313 8312 63 6334 623 63
18,900 White Mc or
/ 1
1
4
3
4 1
7
8 1
3
4
4
3
5
7
s
/
1
4
/ 3,500 Wickwire ipencer Steel
1
4
/
1
4
8
8
8
/
814
1
4
8
7
7
/ 8
1
4
/ 8
1
4
74 8
3
813 9,400 WIllys-D erland (The)
25
67 6713 6538 68
/ 6614 6718 67
1
4
67 68
66 66
68
100
Do reef
5,700
*512 6
513 512 *512 6
6
/ 6
1
4
53
3 5
3
51 54
3
No Par
700 Wilson & Co Inc
____
Woolworth Co(F W)
100
jai's . 2 ielify 10i71 H
1611__- -- 8
aifa iiiiii if5ii2 138j iiWis fol
25
ii il'a 1117 31,300, New w I
39
4178 3913 4214 4038 43
/
4
4214 434 4113 4238 411 42
/ 29,900 Worthington P & M
1
4
100
1134 1134 *111 1134 *111 1134 1134 12 i •I134 12
/
4
12
12
/
4
400 Wright Aeronstuical_No par
44
4234 4314 •4214 4312 4314 44
4318 4314 3,200 Wrigley(Wm Jr)
4414 44
44
No par
5278 63 25214 535
52 *5114 5134 5034 514 *504 51
52
2,700 Yellow Cab Mfg tern ces...-10
*64
62
62
85
*
*84 88 *82
62
82
'200 Youngstown Sheet& T _No par
•Bid and asked prom no sales un Me day. s Es
-dividend. a Es-new right..
'
Lowest
Per share
7 Apr 7
45 Apr 22
9
/
1
4May 1
8912 Apr 24
4
441 Feb 14
414 Feb 14
112Sept 6
131 Jan 2
/
4
118 Oct 18
9234 Apr 29
42 VIay 1
/
1
4
344 Mar 28
44 May 14
11 July 10
2812 Oct 3
61,IMay 13
184May 15
14 Apr 3
20 Mar 4
5213 Oct 21
944 Aug 21
/
1
94 Jan 22
/
1
4812 Apr 22
110 Feb 7
39 Aug 6
87 Aug 15
2234 Apr 22
39 Mar 25
1134 An'10
43 Oct 22
20 June 6
92 Jan 10
106 Jan 3
80 Jan 17
9 Mar 27
324 Jan 4
904 JitlY 11
90123day 13
714June 11
42 June 7
82 June 16
9
/
1
4Sday 13
6138 Mar 31
11514 Mar 26
4012 Oct 14
22 Jan 7
14 Mar 6
32 Jan 2
/
1
4
9634 Apr 16
78 4May 15
3
1124 Mar 26
13May 2
4 Apr 11
1534July 17
9112 Jan 4
10 Jan 4
/
1
4
22 Apr 14
15 July t6
75 Oct 14
1718.1oly 17
52 May 20
64'2 June 9
/
1
4
7 June 20
78 July 18
3912May 20
554 Apr 21
33 May 14
1153 Mar 1
4
554 Apr 23
483July 17
5412May 14
804 Apr 30
3012May 20
7 Mar 29
2 Jan 2
/
1
4
23 July 28
11Sept 8
/
4
614 Mar 31
37341une 7
5714 Apr 21
8 Oct 14
11814 Oct 15
3112May 19
53 Apr 11
8314 Mar 25
113 Feb 19
3 Apr 15
/
1
4
361s Sept 8
331jSept 1
18 Feb
94 Jan
10614 Feb 1
20 Oct 2
71 May 2
46121May
182 Jan
64 Feb 2
814 Jan 1
/
1
11311 Mar 2
/
4
6118May 2
98 Jan
90 June
100 June
2212May 2
6612may 2
1812Mar 2
3712Mar 2
9414June
11818 Feb
84 Jan 1
16 Jan
/
1
4
1918June 9
3•June 10
21/June 9
434July 12
14 Apr 29
144 Jan 31
/
1
3514 Jan 19
105 May 1
84 Jan 2
551sMay 15
234May 12
/
1
504 Apr 11
3 Oct 20
4
6
/
1
4MaY 17
6112May 16
418May 16
380 Jan 4
724 Apr 10
2314June 9
9 May 15
/
1
4
35 Apr 22
4434June 10
62 May 5
Highest
PER SMARM
/nye for Previous
Year 1923.
Lowest
MOW
$ per share $ Per share $ per akar.
1034 Jan 9
7 July 12 Mar
/
1
4
5814 Feb 5
314 Sept 524 De:
1418Sept 29
9 Oct 154 Ma/
1
4
102 Oct 9
901s June 99 Feb
6114 Jan 2
53 Sept 934 Feb
5912 Jan 2
5012 Oct 86 Feb
114 Oct
413 Jan 23
64 Apt
16 Mar 12
9 May 1513 Mar
414 Jan 17
Ds Oct
6 Apr
10912 Oct 1
86 Apr 984 Dee
534July 14
41 July 504 Mai
52
/
1
4July 31
88 July 14 .
55 Aug 80 Apt
2334 Jan 31
1113 July 24 Dee
/
1
4
4213 Apr 5
193 Sept 69 Apr
/
1
4
4
124 Jan 17
4
61 July 1514 Jan
8Sept 2
1312 July 351 Jan
/
1
4
367
14 July
412 Jan 22
6 Feb
16 Oct 45 Jan
36 Jan 21
58 Jan 6718 Ma!
6334 Mar 12
100 Apr 4 96 Oct 100
UP
1412July 10
10 July 114 Sept
7134 Oct 20
47 July 134 Feb
117 Oct 2 10812 June 1144 Jan
62 Jan 26
424 Oct 814 Jan
90. Feb 6 80 Oct 99 4 Jan
3
17 Nov 5818 Mar
434 Jan 22
414 Dee 514 Apr
63 Sept 29
134 Au 12 1104 July 134 Mat
/
1
4
6738 Mar 14
/
1
414 July 694 Ain
26 Feb 6
/
1
4
164 Sept 32 Feb
984 Mar 13 824 Aug 100 mat
135 Oct 2 994 Oct 123 Mat
/
1
4
334 Feb 15
294 July 34 Feb
/
1
4
14 Aug 20
9 Sept 171 Mal
/
1
4
4
4933
5
/
1
4
24 June 48 Mar
947 Oct 23
8
89 Dee 104 Feb
103 Oct 6
80 Jan 99 Nov
15 Jan 28
/
1
4
/
1
8 Oct 314 Feb
814 Feb 11
/
1
4018 June 663 ma,
4
95 Mar 6 841 Oct 881 ma,
/
4
/
4
2234 Jan 7
14 June 29
/ Any
1
4
78 Oct 2
47 Jan 75 Dee
121 June 17 140 July 155 Feb
%
4
14 Aug 18
5913 Feb 6
36 Oct 24
17 June 234 Dee
3 Jan 24
/
1
4
11 3an 35 De0ot5F12b8
4
8514 Oct 1
I29, a 12 7
4
83 May 11634 Dec
11112 Oct 21
664 June 9238 Feb
121 Oct 21 10612 June 115 Nov
64 Jan 11
4 Oct 124 Mat
/
1
4
8 July 23
5 Oct 104 Mar
/
1
2018 Feb 6
123 Jan 1914 Ma,
8
894 Nov 95 May
963
834aY 6
1512 Oct 15
613 July 16 Feb
22 Dec 3438 Mar
/
1
4
3113 Oct 6
16 Sept 3938 May
2718 Jan 2
93
3809414 JulyA g ,
94 eb
90 Jan 21
29 Feb 4
9 Jan 35 Mar
/
1
4
Dee
7613 Aug 20
35l4 3une 20 4 Dee
95 Mar 8
/
1
4
11 A ug 77
18 Ian 12
2
92 Oct 2
9718
88 Dce 907 Feb
1504 Oe
64 Sept 20
6812 Jan 26
4718 July 1234 Jan
424 Jan 26
304 July 444 mat
/
1
1194 Aug 22 11434 Aug 11814 JUIF
65 Oct 6
9
/
4
1,
ly 67 Mar
e 9411 ma,
5112J:1:
3
100 8 Jan 12
7
74 July 12413 Apt
8478 Jan 11
1084 Jan 8
9311 Oct 12814 Me
4
42 Sept 25
-1218 Jan 2
7 Jan 15 "Ai;
634 Feb
84 Aug 4
2 Sept
3478 Jan 9 2312 Oct 34 Mar
4 Oin
1 June
3 Jan 2
/
4
8 June 121 Feb
934 Jan 5
4538 Jan 30
/
1
53414 Iulv 65 Mar
34 Noy 5273 jan
82 Sept 25
$12 Nov 2414 Feb
154 Feb 1
44
151 Feb 7 94 July 155 Mar
Ma,
41 Jan 7 3318 Jan
4
4
703 Feb 5 4634 Aug 783 Dec
764 July 92 8 Dee
7
934 Oct 9
119
/
1
4June 30 10434 Feb 11512 Oet
114 Oct 1418 Jan
614 Jan 21
43 Jan 9 3578 Aug 42 Da
64 Feb 9 50 Oct 774 Mar
/
1
4
4 Jan
38 Apr 9
14 Jan
/
1
13278Sept 18 81 Feb 994 Mar
11834July 23 fog Sept 112 Jan
29 July 394 Mar
37 Feb 11
744 Oct 8514 Feb
97 Oct 22
4814 Feb 49 July
504 Oct 11
22412 Aug 5 1524 Jan 18712 Dee
20 July 6912 Dee
116 Oct 1
/
1
4
64 June 87 Nov
10414 Oct 21
13114 Oct 25 Jan
8
243 Oct 22
40 June 734 Mar
/
1
4
83 Jan 31
/
1
4
103 Feb 7 9514 June 101 Mar
10734 Feb 18 8818 July 106 Mar
9712 Aug 10831 Mar
109 Feb 13
scgl Oct 64 Mar
/
1
4
42% Jan 12
vs% Oct 105 Jan
9434 Jan 10
/
1
4
18% Oct 43 Mar
36 Aug 19
38 Dec 4813 Jan
/
1
4
464Jey 21
1113.4 Aug 20 454 July 10938 Maw
123 Juiv 23 1161s Aug 12312 Jan
82 Oct24 654 Oct 7812 Mat
14 Oct 24 Feb
/
1
4
37 Sept 10
/
1
3312 Feb 11
24 4 Ally 444 Mat
3
64 June 27 Feb
3
10 8 Jan 11
17 June 49 Ma,
3434 Jan 2
12 Oct 23 Mar
1518 Jan 10
1718July 14
14 June 20 May
/
1
4
194 Mar 15
1214 Jan 163 Dec
8
4712 Oct 9
33 Dec 105 Mar
118 Aug 19 10118 3013 1194 Feb
,
9634 Jan 28
76 July 120 Feb
75 May 17
524 June 6718 Feb
2938 Feb 6
20 Oct 303 Mar
8
6618Sept 25
45 June 60 Mar
/
1
4
5 Jan 11
2 Dec 14 Feb
1414 Jan 16
5 June 114 Dee
88 Jan 15
424 Jan 83 Dee
28 Jan 9
19 June 42 Dfla
/
1
4
345 Mar 24 1991a Jan 290 Dee
12012Am°30
4712Sept 24
Oct
Feb401*
134 Jan 8
814 Jan 1318 Nov
44 Oct 1
/
1
4
3734 Dec 401a Dee
853 Mar 27
3
-112 Oct 80 Jan
70 Aug 20
/
1
4
1940
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 the Exchange method of quoting bonds was changed and prices are now -and interest"—except for income and defaulted bonds.
BONDS.
N.T.31TOCK EXCHANGE
Week ending Oct. 21.
1
1
3
!I t
4c6
Price
Friday
Oct. 24.
Week's
Rams or
Last Sale
O"
a:r4
U. S. Government.
11101, No.
Ask Low
ala
First Liberty Loan
8h% of 1032-1947
J D 10114, Sale 1002544 10154, 1851
1
Cony 4% of 1932-1947
J D 1021542
- 102143 1021a
Cone 411% of 1932-1947
2 D 1021544 Sale 101134310213n 392
2CI cony 414% of 1932-1947 .1 D 1011144 Sale 101114410153n 1881
Iliniond Liberty Loan
2
4% of 1927-1942
M N 101154: 1027543 1011743101"n
55
Cony 414 % of 1927-1942
M N 101754x 1011144 102
102
Third Liberty Loan
tel $ 1011044 Sale 13214: 102,143 1965
444% of 1928
Fourth Liberty Loan
A 0 1022,43 Sale 10211441021344 5254
4)4% of 1933-1938
787
A
106234 Sale 101174,107
,
Treasury 41(5 1947-1952 (11930 Q
1033 Sent'24 4
21 consol registered
61930 Q J
1023 Mar'24 8
II corm! coupon
973
4
1
1961 QM
9712
9712
Panama Canal 35 gold
State and City Saturitio..
9
1003
4
101
WY City-43-(s Corp stock _1960 M S
1064 M S . 18 102't1023 Oct'24
102
4
4319 Corporate atock
1966 A 0 10218
_ 1023 Oct'24 _
8
111t a Corporate stock
1971 J D 10653 10718 1067 Oat'24 _
8
345 Corporate stock
AM Corporate atock _July 19672 J 10612 --- 10618 Sept'24
1965
D 10612 107 1067 Oct'24 8
Ms Corporate stock
1963 M S 10613 1067 10612 106 21
8
,
1
4348 Corporate stock
9918 Sale 99
19.59 PA N
9918
3
6% Corporate stock
1958 M N 99
993 9914 Oct'24 8
4% Corporate stock
1
99
1957 M N 09
993 99
8
4% Corporate stock
9813 Sept'24
4% Corporate stock roe. 1956 tt N
_ 1957 M N 10614 ____ 106
106 8 75
,
.
% Corporate tuck
8 10612 36
6147 Corporate stock _ _ _ 1957 M N 10614 Sale 1061
1
1954 M N
93
9018 90
834% Corporate etock
Aug'24 ---New York State an Ina 48.1961 J J
8
1127 Aug'24
Highway Improv't 414a 1963 M S ____
Foreign Government.
._ 1927 F A 10214 Sale 102,
10213 163
Argentine(Govt) is
8
4
813
4 23
Argentine Treasury 53 E _ —1945 M e 8112 82 803
201
94
8
Temporary a f g 88 Ser A _ _1957 M S 937 Sale 93%
1943 1 D 94% Sale 94
9412 155
Austrian (Govt) e f 7s
1097 104
8
Belgium 25-yr ext 9 f 730 g_1945 2 D 109% Sale 10914
Jan 1925 J J 10012 Sale 10012 10312 32
-year 8% notes
5
1041 F A 1073 Sale 10714
1073
4 34
8
-year s f es
20
1949M S 97 Sale 96%
9714 437
-year ext 61is w I
25
21
1942 M N 11314 Sale 1113
115
4
Bergen (Norway) 5 f 88
11212 26
1945 N1 N 112 Sale III%
Berne (City of) s f 8a
75
93
3
Bolivia (Republic of) fis_ __ _1947 Pd N
93 Sale 923
8818 110
Bordeaux (City of) 15-yr 68_1934 il N 8818 Sale 8718
1941 J D 9614 Sale 9614
Brasil, 17 S external 8s
96 4 124
,
1952 1 D 9812 10)) 83
83 4 25
,
7s (Central RY)
12
99
71.0(Coffee seem.) £(flat) 1952 A 0 99 Sale 99
95
9514 9413
Buenos Aires (City) ext 6348.1955 J
95 4 19
,
101% 47
Canada iDominion of) g 55. _1926 A 0 1013 Sale ,10114
3
1931 A 0 102 Sale 102
10212 65
be
104% 1(15
1929 F A 104 Sale 1114
-year 514e
10
1952 M N 103 Sale 103
103% 11
5s
6
1954 J J 973 Sale 973
4
98
Carlsbad (City) s f 88
4
57
108
Untie (Itepuolic) est dI 8s...1941 F A 10712 Sale 10718
103 4 66
,
8
External 5-year s f 8s___ _1926 A 0 1033 Sale 103 4
,
1942 M N 9718 Sale 967
9712 99
8
20-yr ext 70
1053
4 38
1946 M N 10512 Sale 10514
-year s f Se
25
6
8
4212
4
Chinese (Hukuang Ry) 13a-1951 .1 D 413 Sale 403
10
4
Christiania (City) a I 8s ..1945 A 0 11053 Sale 11012 1103
9912 76
Colombia (Republic) 634a_1927 A 0 9914 Sale 99
54
06
Copenhagen 25
-year a f 5348.1944 J .1 9.534 Sale 95
1944 M S 9614 Sale 95
8
0614
Cuba 58 of 1904
97
9514 Oct'24
Ester debt 55 1914 Ser A _.1949 F A 95
1949 F A 88 Sale 88
6
8818
External loan 4349
1963 2 J 96% Sale 91 14
96% 72
3
5448
10112 113
Csechoalovek (Remit, of) 88 1951 A 0 1004 Sale 101
10112 223
Sink fund 8s Ser 13 int ctIs.1952 A 0 101 14 Sale 109 4
3
8
8 21
Danish Con I newly as'•A"_1940 F A 1098 Sale 10912 1097
1946 F A 10912 Sale 10912
9
10913
Series B s f 85
1945 A 0 11012 Sale 110 2
111,
Denmark external a f 8s
4 44
,
1942 .1 J 100% Sale 10013
10034 84
-year es
20
1
8
Dominican Hen Con Adm vi 5558 F A 101 1017 101 18 10118
28
93
Custom Admirdstr 53-48_1942 Pd S 92 Sale 91 13
95
97
Dutch East Indies ext es_ _1947 J J 96% Sale 9653
1962 M S 953 Sale 95%
146
4
96
40
-year 68
1953 M S 893 Sale 89 2
4
897
8 46
,
External 5145
M S 8912 Sale 8912
893
4 41
Deposit receipts
105 2 398
,
4
french Repub 25-yr ext 8s..1045 M S 105 Sale 1043
4
, 1 14 s
10114 206
20-yr external loan 7148_ _1915 11 D 1003 Sale 10018
14
8718 Sale 87%
88
Finland Moro ext As
94% 8065
German ext'l loan 7s w I__ _A949 A 0 94 Sale 9313
10512 217
Gt Brit & Ire' 1 1.K of) 5348.10.31 F .1 10514 Sale 10514
8
1929 F A 1105 Sale 11053 1107 550
8
10
-year cony 5548
903 Sale 9013
8
1952 161 N
903
4 94
Greater Prague 710
-1952 A 0 9213 Sale 9203
59
93
es
Haiti (Repatale)
4
873 254
4
Hungary (K1ngd of) sf 7348 w 1'44 F A 873 Sale 8718
10012 Sale 10012 1003
11
4
Italy (Kingd of) Ser A 6 vta.1925 F
973 Sept'24
8
-1 loan 41.48 1925 F A
Japanese Govt
1925 J J
9714 Sept'24
Second series 048
1931 J J 8214 Sale 82
823
8 47
Sterling loan 45 £
1954 F A 917 Sale 915
917 420
8
3
Temporary a f g 61.4
8714 Sale 87
8712 41
Oriental Development 68-1953 NI
4
8
883
4 72
-year 8s_ _1934 MN 883 Sale 873
Lyons (City of) 15
55
88
4
Marseilles(City of) 15-yr 68_1934 M N 8712 Sale 8718
18
20
1943 MN
20 Sept'24
Irrigation 4l.4
Mexican
38
4312 37 Sept'24
1945 Q J
Mexico—Is of 1899 £
4
1954 J D 223 Sale 2212 Oct'24
Gold debt 45 of 1904
9
913
8
9012 9018
1952 J D 90
Montevideo 78
995
8 84
9913 Sale
g
(,,)
Netherlands 6s Olaf 7/7 l — 1072 M
254
4
.A954 A 0 1003 Sale 10012 101
(113 (fiat)
30
-year external
8 49
1940 A 0 11212 Sale 11253 1125
Norway external 5188
9858 Sale 98
987
8 58
1943 F A
20-yr eat] 68
9812 302
9838 Sale 973
4
20
-year external es lot afs.1944 F A
1952 A 0 9818 Sale 98
98 3 79
,
30-yr exti 08
993
8 11
8
Panama (Rep) 5548 tr recta_1953 J la 995 Sale 9914
7
94
Porto Alegre (City of) 85___ _1961 J D 04 Sale 9318
10913 16
Queensland (State) ests I 75 1941 A 0 10918 Sale 109
11
104
1947 F A 10314 Sale 10314
25
-year (is
0614 21
1946 A 0 96 Sale 96
Rio Grande do Sul 83
0512 24
Rio de Janeiro 25-yr a f 88_ _1946 A 0 95 Sale 94
943
8 47
4
4
1047A 0 933 Sale 933
25-yr esti 8s
4 129
Rotterdam (City) external 681964 M N 100 Sale 9912 1003
10212 103 10212 102% 13
1948 J
Et Salvador (Rep) 89
2
953
4
4
1952 NI N 10012 Sale 1 953
Sao Paulo (City) s f
43
Ban Paulo (State) ext s f 88_ _1936 J .1 10012 Sale 10012 101
9212 175
1942 J J 9238 Sale 9112
Seine (France) ext 73
883 200
4
Serbs, Croats & Slovenes 88_1962 M N 8812 Sale 8814
19
87
1936 M N 87 Sale 8612
Boissons(City)es
63
106
1939 J D 106 Sale 10514
Sweden 20
-year 63
114% 30
J J 11414 Sale 11414
Swiss Confeder'n 20-yr a f 88 1940
307
100
8
Switzerland Govt ext 5195 1946 A 0 997 Sale 99%
647
8 23
Tokyo City Is loan of 1912
M S 64% Sale 6414
4 10614 47
Sale .1043
Uruguay (Republic) ext 88..1948 F A 10514
7
111
Zurich (City of) s f 8s
1945A 0 111 112 1 111
Railroad.
99% Oct'24
8
995
Ala Gt Sou 1st cons A 5a
1943 J
Ala Mid Ist guar gold 5s
1928 MN 10114 ____ 102 Sept'24
8
8
Alb & Stain cony 3145
1946 A 0 813 8212 813 Oct'24'____
Oct'24'
_ 82
Alleg & West let g la gu___ _1998 A 0 8212
9212 12
8
923
Alleg Val gen guar g 48
1942 itt S 9212 93
63% 51
Ann Arbor 1st g id
62 4
,
/1995 Q J 6218 65
9014 234
4
Atch Top & S Fe—Gen g 48_1995 A 0 9018 Sale 893
8212
1
8
82 2
,
Adjustment gold la
81995 Nov 825 83
83
18
Stamped
11995 Nov 83 Sale 8203
Oct'24
Cony gold 48 1909
1955 J D 8114 8312 83
1
81181
8118
8114 82
Cony 48 1905
1955 J
$.5—£. a Due Jan. (1 Due April.
Range
Since
Jan. 1
I I
BONDS.
N.Y STOCK EXCHANGE
Week ending Oct. 24.
2
Price
Friday
Oct. 24.
Week',
Range or
Last Sais
I
I
g
cp'
,
Mob
Bid
Ask Low
111oh Atch Top & Santa Fe (Concluded)
1960 J D 8118 ____ 8212 Oct'24
Cony g 43 issue of 1910
9914
2
6o441)1110 idle let g ad....104/1W S 9914 Salo 9814
8412 14
Rocky Mtn Div let 45._ _1965 J J 8418 8418 8418
8712 25
873 873 8714
3
8
Trans-Con Short L 1st 48.1958 J
9314 24
Cal-Ariz let & ref 4 Xs-A-1962 PA S 9314 Sale I 9212
84% 843
All & Bum 00-yr 151 g 4s___e1933,M 8 84
4
8414 31
9811441021131 All Knoxv & Cin Div 4s.._._1955 M N 89
8912 16
8312 8878
Oct'24
4
98144102,5n Atl Knox,/ & Nor let g 55___1946 J D 1013 10213 103
AtlACharlA L 1st A 4 Sla_1944 J
9)
12
9312
3
2
4
1013 102 10134
4
1013
99"21 1021113
lot 30-years,Series B .___1944J
All Cokst Line 1st eon 4&_51952M
913 Sale 913
8
8
913
4 57
10712
8
98,333 103
10-year secured 75
1930 M N 10712 Sale 10738
9353 24
99,344 107
General unified 4348
19642 D 9312 sale 9312
10312 1033
4
L & N toll gold 45
a1952 M S 8614 Sale 86
1021e 1 123 All & Dana lot g 4s
8
1948 J
783 Sale 783
4
4
85 4 659
78 8
;
1948 .1 J 67
68
67
2
2d 49
67
93 8 9712
7
Oct'24
1949 A 0 77
78
78
AU & Yad let g guar 45
987 101 4 A & N W lat gu g 5s
s
,
1941 J
10013 Aug'24
993 1023
8
4
8
993 1023 Balt dr Ohio prior 3345
4
100 Sale 100
1925 J
1053 107,4
4
__
Registered
19 241_29
/1925 J J 9918 la() 997 Sept'24
8
1025, 11)61,
88 I 76
11948 AD 877 Sale 8738
-year gold 4s
8
1st 50
103 1067
8
/1948 Q
Registered
_ 8578 Oct'24
10214 107
216563
1933 M S 8912 Sale 89
10-year cony 4 tis
943 9912
8
9 20
O 8618 Sala 813
I
Refund At gen 55 Series A_ 109.5
8
89
86
9458 99%
1023 Sale 10214
1023 120
8
19-year es
8
96 13 933
4
Ref & gen es Ser C temp._1995 I D 10)34 Sale
94% 9812
-ad luz: al vi 100 113118 V 0(
_ _
P Jet & M Div lot g 0
114 _ 219
2
10 Ps 10113
8
8 19
843
PLC& W Va Sys ref 48 _1941 MN 8118 Sale 8418
1027 10612
8
937 Sale 913
8
144
Southw Div let gold 348_1925 J
4
100
8=34 90 8
,
4
Tol & Cm Div 1st ref 15 A 1959 2 .1 681 Sale 673
4
684 18
10212 1033 Battle Cr & Slur Is! gu 38-1989 J
41
62 Aug'24
51-4 64
11278 1127 Beech Creek let gu r 48...._ .19362
8,
923 94
8
9278 Oct'24 -Beech Cr Ext 1st g 348—S1951 A 0 76% 8) 7714 May'24
1008 103141 Big Sandy 131 45
4
1041 .1 D 8118 81
847
8
84%
5,
84 B &
78
Y Alr Line 1st 4s. _1955 F A 6134 Sale 67
8{02 9412 Bruns & W let gu gold 49_1938 J J 9) 93
18
Oct'24
6784
9
91
8514 98 Buffalo R & P gen gold 55.1937 54 $ 101 102 1015 Oct'24
8
97 111
1957 M
81
8714 Sale 87
Congo'4 1 .
4
963 101
4
4
1934 A 0 1003 10114 1003 02t'24'
8
87
Burl C R & Nor 1st 58
97 109
9414 9812 Canada Sou cons gu A 5s._1962 A 0 10112 Sale 10118
10112 31
199 115 Camidlan North deb 5 f 75._1940 .1 0 117 Sale 11614
11714 61
108 11212
1173 Sale 11714
8
19462
1173
4 25
25-years f deb 61.45
85
99 Canadian Pac Ity deb 45 Stock - J J
7912 Sale 7912
305
80
87
91
9412 94 Sept'24
Curb & Shaw lot gold 45_ _ _1932 RI S 93
91
9912 Caro Cent let con g 48
8114 793 Oct'24
19-192 J 80
4
76
88 Caro Clinch &0 1st 3-yr 55_1939 J D 100 10314 100
10918 42
94 103
19522 D 10118 Sale 105
105% 148
65
94
97 Cart & Ad lat gu g 48
_ 8312 Sept'24
8353
905 101, Cent Branch U P let g 48_ —1988 2 I) 7312 - 8
2
75
74
5
194 1 J D
7418
9912 1035 Cent New Rag 1st gu 48_ _1961 J
8
63
64 I 6418
6434 12
10034 10434 Central Ohlo 4 tie 1930
1931 M S
9314 104 Central of Gs let gold 58-91945 F A joiT4 1- 107'
91 8 10
".
1
9414 983
,
9953
1945 M N 99 8 Male 9914
4
5
Congo)gold Os
102 10912
4
8
June 19292 D 1023 103 1027
102%
3
10-year occur(14
8
132% 1055
8
8
837
8
1
Chatt Div pur money g 48 1951 J 1) 837 ____ 837
94
8
99
957 July'24
9853 Mac At Nor Div let g 58.. _1946 .1 J
1,12 10714
9453 -- 94 July'23
Mid Ga & Atillly 5a..._._1947 J J
39% 4712
93
1
981 104
:
995914
..1846 J J 947 Moblie Division 58
1117 11114 Cent RR & B of Ga collg 5e 1937 MN
9612 11
943 100 Central of NJ gen gold 98___19517 .1 J 10514 101 10.53
4
3
4
106
30
8714 96,4
10514 107 ,10578 Oct'24
81987 Q
Registered
93$4 9812 Cent Pac 1st ref gu g 45
873 Sale 1 87
8
873 110
4
1949 F A
89
9514
4
119291 D 9514 9113 953 Oct'21
Mtge guar gold 31-48
7914 ni)
83
7
1954 A 0 83 Sale Si
Through St 1. let go 4a
9118 9738 Charleston & Savannah 78 1936 J J 11818 ._..h1553 Feb'24
94 1313
4
9712 10112 Cites & Ohio fund & impt 58_1929 .1 .1 100 10018 10018 Oct'24
Lit1.2 111
102
102
1
MN 10118
1st consol gold 55
10612 11012
8
11119,99,3329'9; MN 100, ____ 10018 021.'24 ____
Registered
10714 11253
MS 887 Sale I 8818
8
89
54
General gold 43•431
M
93 4 10112
,
8614 125
8' ---1 8614
08
Registered
100 101 12
957 242
8
20
-year convertible 4 Sig_ _1930 FA 9678 Sale 9.512
8534 9448
9(
1)
98
27
30-year cony 5ectired 1s__ _ 1946 AO 9718 Sale 97
9233 0714
J
97
997 97
8
Oct'24
Craig Vaney let g 55
9212 96i2
Potta C ek 13-auch 1s1 45.l946 J .1 8053 _ _ _ 80 July'24
8512 91
1
85
R & A Div bit con g 411_1989 .1 I 85 Sale 85
853 9214
8
1989 J J
_ 833 Sept'24
8
20 consol gold 48
9213 109
7713-- Warm Springs V 1st ft 5e _1941 MS 9414 9812 95 July'24
90 2 10514 Chic .6 Alton RR ron g3' 1919 A .0 61 18 62
,
61
61
85(2 911,
5814 61
58
58 12 11
Certlfs dep stpd Apr 1924 Int..
92 4 955
,
8
58
5912 60 July'24
_Certlf dep stmpd Oct 1923 Int
985 10,153
8
.1 4418 Sale I 4334 . 45
120
Railway first lien 3145
. - Riau
10612 1113 Chic Burl & Q-111 Div 3tia_1949 J
4
1,
8l34 827 83
8
83
5
9312
76
10
49 1.1 91 Sale 8934
91
Illinois Division 48
8818 93
2
10112
Nebraska Extension 4s_1927 MN 101 12 Sale 100
87
MS 93 Sale 89
8013
18
90
General 43
9811 191
F A 101 12 Sale 100
1021s 56
1st & ref 55
92% 977 Chic City & Conn Rye 513_ 19757 A0 473 51
8
8
48
10
48
11 99291
9134 9812 Chicago & East III 1st fle_ —1934 A0 10634 Sale 1063
1
4
4 1063
75% 84 C & E III RIt(new co) gen 58_1951 MN
7314 Sale 7D4
7312 194
8818 933 Chic & Erie let gold Os_
3
997
581
:
78
1982 MN
99
99
81
91
Sale
Chicago Great West 1s1 46_19.59 MS
7218 91
1 0734 1: 5734 1093'8 233
1 8()06 180 7182 )
10
8
57 4
5
Chic Ind & Loulav—Ref 65_1947 J
7218 91
1947 J
Refunding gold 58.
20
,1 8512 __
40
8512 Oct'24
Refunding 48 Series C___..1047
20
5112
N 8614 Sale 8534
1966
8614
7
General 55 A
18
30
.21966 J .11 101 102 101
101
6
General 1314 B
8514 93
7612 10
Ind & Louisville let gu 45.1956 .1
7
612 77 4 7612
,
893 10012 Chic Ind & Sou 50-year 4s._1956 J 1 02
4
2
2
:89 8
9; 01; 2
:
6
95 , 8 $ ;4
98 101
Chic L S & East let 434s._1969 J O
109% 1137 CM & Puget Sd 1st gu 4s___1949 J 1 51 Sale 4934
5
51
44
9115 9914 Ch let & St P gen g 48 Ser A.e19911 J J 7114 723 715
7234 70
4
8
97
98%
e1989 j
6214 63 6114 Oct'24
General gold 349 Ser B.
9218 9012
7914 Sale 793
General 4345 Series C____e1989 .1
3
8014 30
9514 100
181
Gen de ref Series A 434s_a2014 A0 4912 Sale 4914
50
92
99
Gen ref cony Ser B 55a2034 FA 5412 Sale 52%
43-4v1012
5412 76
10418 1103
4
J
543 Sale 5214
8
5453 363
Debenture
99, 104
1
693 237
4
Debenture 4s
1925• D 6918 Sale 68
1)2
09
4914 Sale 4814
5012 160
25-year debenture 49
1934 J
87% 993
7
4
9614
Chic & Mo lily Div 58__ _ _1928 .1 .1 9614 Sale 96
87
977 Chic & N'west Ext 48_1886-1926 FA 9912 Sale 9912
8
99 2 24
,
98 10014
2
90
8
Registered
1886-1928 FA 99 Sale 987
100 10414
13
74
General gold 330
MN
74 Sale 74
9012 10212
13
85
General 45
1967 MN 8412 Sale 84
8
94 103
_
82
6
85 10 34 Sept'
MN
Stamped 48
1987
79
9712
15
10312
General Is stamped
1987 MN
Oct'24
6314 901y
105
_
Sinking fund 6s
1879-1929 AO
893
4
76
8
Sinking fund 55
10018 10012
1879-1929 AO 104- - 973 Aug'24
1017 10814
s
Registered
1879-1929 AO 99__ 98 Sept'24
111% 118
14
101
Sinking fund deb 55
1933 MN 101 Sale 10014
I()
943 100 4
4
100
,
____ 100
Registeredered
3
1 933 MN 100
,0
10814 55
5912 8104
J o 108 Sale 108
10
-year secured 75 g
10114 107
14
27
181
8
8
1107 11118 1107
15
-year secured etas g_ _ _1936
•S
1
10912 1123 Chic It I& P—Railway gen 451088 J J 83
83% 84
4
Oct'24
8 4
.1.1 8114 8413 82
Registered
641
95 4 10012
3
AD 82 Sale 81
Refunding gold 45
983 102 Chic St L & NO gold Sa
1003 Aug'24
8
4
D 10112
34
1951
9
2
79
83
7812
J O 7818 Salo 7818
Gold 350
97
59
84
80
Joint 1st ref 58 Series A
196 3
:
1951 J o 97 Sale 9612
9512 June'24
88% 9278
ID
Do Series B
57
4
643
4
51
Memphis Div 1st g 4s
1 983• 0 823 8512 8218 Oct'24
86
4
4
91 C St I. & P 1st cone g 55.__1932 AO 1003 __-- 1003 Sept'24
7912 85 Chic St P NI & 0 cons es_ _1930
D 105 Sale 1(1412 105
7912 85
9212_ 91% Sept'24
Cons es reduced to 3tls 1930 J
81
ga
981
11
93
MS 983k - .12 0853
Debenture 55
803 85 Chia T
24
8
78
93 1
& So East ler 5s 1 989 J o 7712 Sale 77
Low
98710 101 11It
98,141102'5n
981,
810213n
9811,, 103
Due May. p Due June. 11 Due July. 8 Due Aug.
Due Oct. p Due Nov. g Due Deo
I Ontloo sale.
Basso
Sleet
Jan. 1
Low
111011
813g 8318
9512 9912
8512
80
8,315 8858
9111g 95
8512
70
81
90
8912 103
9184 9513
96 103
86% 9314
106 10858
4
86% 933
813 87
8
73% 80 4
,
65
6912
69
80%
9612 10053
964 1003
4
96 10014
8
8112 887
8
887
80
8214 9012
8912
83
8
100% 1037
100 10113
9514 100
857
8
79
9612 10014
6614 70
68
62
9012 9312
7714 7714
807 Mae
3
69%
61
8812 92
100 103
87
9014
3
95 4 10112
9738 102
111 11714
1103 1173
4
4
7834 8234
94
90
707 793
8
4
925 10018
8
90 10614
8313
81
67
761
4
50 4 66
,
9758
96
99 10134
9514 10012
100 108
7812 837
8
9534 973
8
96993*
98
10714
10718
8913
9813
87
1153
s
gi7.
103 4
3
1025
8
85
91
817
8
11514
97 1017a
go% 103
98 10014
8414 9(1
835 8914
8
8814 9612
We 103
923 973
4
4
8218
78
7912 85
76
88%
95
95
63%
56
54
60
6312 60
3434 4512
78% 83 2
,
86
9112
9013 10112
91
86
9672 1023
4
47
5573
10114 1067
3
6912 7812
917 100
3
GO
50
1053 111
3
95% 993
4
81 3 857
,
s
8112 8714
9512 10212
71
993
4
8212 88
8
817 93
48
603
4
683 7514
4
6114 65%
84
78
4814 55%
6213
52
5113 66
63
86%
47
60%
96 100
9638 9912
96
90
695 70
3
8612
80
79% 86
95 10514
99 105
96% 100%
96 10412
974 102
9814 10713
10414 1083
4
105% 112%
7814 84
767 82
3
73 8 83
,
99 101 3
,
77
7812
94
97%
9514 9674
80% 85
9973 1003
4
1013 106
3
73% 91%
93% 9812
70, 82
4
New York Bond Record—Continued—Page
BONDS
12.Y STOCK EXCHANGE
Week ending Oct, 24.
1.13g
Ohio tin Sta'n lot gu 445 A_1,
913 3 .1
let 59 Series B
1963 J
let ii4s menet, C
1)63
J
Ohio & West Ind gen g 68_ _el 932 Q M
Colsol 50
-year 4s
1952 J J
15
-year 5 f 74s
1935 M
Oboe Okla & Gulf cons 5s
1952 M N
()Find & Ft W 1st gu 45 g_1923 MN
Cln H & I) 2d gold 4 gs__ _ _1937 J
0 1 St L & C 1st g he
k1936 Q F
k I936 Q F
Real erpd
CM Leh & Nor gu 4s g
1942 M N
1028
Oln S& Ci cone lat g 5s
J
Giese& Slab 1st gu g 513_ _1943 J J
Cleve CM Ch & St L gen 4e_1993 J D
20
-year deb 44e3
1931 J J
General Is Series B
1993 J D
Ref & imot 138 Series A
1929 J J
Se series C
1041 J J
So Series D
19633 J
Cairo Div 1St gold 40
1939 J .1
ChnW&ME3ivlstg4s...10141J J
Eft L Div let coll tr g g 48_ _1990 MN
Spr & Col Div let g 4s
_1940 Si S
WWVaIDivtetg4o....1940J J
OCC& I geneonegfie
19343 J
Cleo Lor & W con let g 5a_ _1933 A 0
CI & Mar let gu g 4 tis
1935 M N
Cleve & Mahon Vail g 55
1938 J J
Ul&Pgengu4%eSerA....1942 3 J
Series B
1942 A 0
Series C 3
1948 M 14
,
Serlet D 3SO
1950 F A
Cove Shoe Line lot gu 446_1961 A 0
Cleve Union Term 54s____1072 A 0
let f 5sSer B _
1973 A 0
Coal River By let gu 4s____1945 J D
Colorado & South let .4 4/.._1929 F A
Refunding & exten 4%o 1935 111 N
Col & H V 1st ext g 4s
1948 A 0
Cal & Tol let ext 45
1955 F A
Cobs RR let 50
-year 55 9...1952 J J
lot ref 7 to
10163 D
Cuba Northern fly let 55
1966 J J
Pres
1
Friday
Oci. 24. I
Week's
Range or
Lail Sale
Ran90
SOWS
mix
High No.
Ask Low
Bill
92 Sale 92
92121 25
102 I 21
102 Sale 100
8' 14
1173
11714 Sale 117
105 4 Oct'24
10512
,
761 Sale 763
/
4
77 I 41
8
4
104121
104 10412 104
0
100 1003 99
4
/
1
4
997 1
5
88 Mar 17 ____
9314 94
93
/
1
4
934
/
1
8
91 Sept'24
904
/
1
9112 Sept'24 -90
843
8
883
883
8
4
4
10014 10012 10018 Oct'24 _
93 Mar'23
977 _ _ _
e
-1
8214 Sale 8214
8214, 10
97121 12
9712 Sale 97
/
1
4
10318 10414 1034 Oct'24 ----1
/
1
103 Sale 103
/
1
4
103181 27
105 10512 10512 10512!
7
953 Sale 95
4
954 261
/
1
.89
9012 89
0:124
8014 8012 8014 Oct'24
2
813
8
811
824 83
/
4
/
1
8814 8914 88 Sept'24
1084
/
1
1073 Oct'24 _
4
10012 ....100
Oct'24 _ __ _
06 Aug'24..,__
99 Aug'241____
9712 100
91 Mar'24' —
.
971
/
4
8412 Aug'24I__
801 ____ 7018 Dec'17,..._
/
4
80: 8514 8312 Oct'24 ____
1s
96 Sale 951
96 i 16
/
4
1053 Sale 115
41
4
106
114
100 Sale 991.1
101
6
974 9734
/
1
10
89 4 WS 9818 Oct'24
,
8972 Sale 89
8930 54
87 Sept'24 864
/
1
841 853 8434 Oct'24 /
4
4
8212 Sale 8214
8314 24
101 Sale 1004 101 1
4
/
1
8818 Sale 88
8918 37
1
Oct'24 -- _
97
8,
. a
7
8914
/
4
891 90
9912 Sale 984
99
/ 119
1
4
/
1
101 Sale 101
102 I 11
109 Sale 109
10918 10
..4
.. 92 June'24 -923
82 , 17i
81 14 Sale 807
s
85 I 15
85 Sale 802
/ 131
1
4
9312 Sale 9214
93
4617 Sale 44
'4612 90
1
4434 Sale 443
443
4'
4
44I 54
433 4512 4314
8
4412 15
44
433 4512
8
43 Sale 42
6
43 I
4312 Oct'24 _
423 Oct'24 ___
8
i
Oct'24
41
413 41
4
Oct'24 ____
701g ____ 73
6514 ____ 65 Sept'24 -9212 92
92 1 36
92
1002 10312 1003 Sept'24 ____
4
10114 ____ 10114 Oct'24 ___
997 July'23 ____
8
14 8412 8414
84141
5
Jan. 1.
BONDS.
N Y.STOCK EXCHANGE
Week ending Oct. 24.
1941
2
41
41=1
Price
I
Fr1551/ 1
Oct. 24.
&moil
Slots
Week's
&moo or
Last Sale
Jan. 1
Ask Low
High, No Low
Hfrl,
Lois
High Illinois Central (Concluded)—
IBM
8412 33
8
ColLiteral trust gold 4s__ _1953 M N 843 8412 831g
797 WI
89
/ 91
1
4
a
/
1
/
1
4
4
Refunding 50
993 1051:
97 102
1955 M N, 1043 Sale 1034 1044 24
111234 30 10011 4u4
1141 11814
/
4
1934 .1 31 111235 Sale 1023g
15-year secured 54e
111 1
5 10812 11212
10434 10514
15-year secured 640 g___.1936 J J 11014 111 11034
88 Sept'24 ---88
85
71 12 78,
Cairo Bridge gold 45
4
1950 J 0
8
6974 7214
72
Oct'24 ---10112 10.17
Litchfield Div let gold 3e.1951 J J
80 I
74
/ 811
1
4
5
94
997
8' Louise Div & Term g 34s 1953 ./ J 81) Sale 80
68
/ 72
1
4
/ 7212 7012 Sept'24 --__
1
4
Omaha Div let gold 38_ _ .1951 F A 70
71112 81
911Oct'24 ----a8f2 . 21 St Louis Div & Term g 30.1951 J J 703 ____ 81
8
81 1
751a 8210
9
835 91
8
Gold 3%s
1951 J 3 6630.... 81
9112 gilt' Springfield Div let g 348-1951 J 3 8014 8014 82 July'24 --__
755 82
8
8334 8718
7212 ____ 871 Oct'24 --834
/
1
86
/
4
Western Lines let g 4s_..1))51 F A
85 85
7814 ____ 85 May'24 --981 10018
8
1951 F A
Registered
Ind 13 & W let prof 48
1940 A 0 8818 ____ 86 Mar'16 ---18
785 - - — 1 Ind 111 & Iowa let g 48
8 84
86 Sept'24 --- - -8384 17
/
1
1950 J 1 864 95
96 101
.
8214 981 Ind Union fly 55 A
6
1965 3 J 9934 ____ 9912 100 1
4018 65
97 104141 Int & Great Nor adjust 68..19.52 J J 603 Sale 6014
/
1
4
6112 449
4
904 10212
/
1
10212 110
10013 104
let mortgage 60 certificate01952 J J 10112 Sale 101 14
57
70
1011 10714 , Iowa Central tel gold U.__ _1938 3D 58 Sale 58
59 I 41
/
4
1518 26
Oct'24 -___
94
9612' Refunding gold 43
17
1951 M 8 1712 18
1
2
8913" James Frank & Clear lot 4s_1959 .1 D 857 8714 863
77
87
8914i
4
e
7812 85 1
8512 8818' Ka A & 0 It let go g 58.-1938 3 .1
99 July'24....
_
4
8112
86
87 1 Kan & M 1st au g 4e s.......11992950: NO 81 18 - -- 81 18
8114
2
101112
1033 1091
s
/
4
2, 20-year 50
1
1927 J J 100 10012 10014
g
1
/
4
10314
971 101 I K C Ft S & M cons
8
10314 1033 10314
811 964 K C Ft 5k 51 fly ref g 48_1936 A 0 811 Sale 8012
/
4
/
1
811 183
/
4
'
/
4
95
99 1 K C & 51 R & B let gli :is_ _1929 A 0 37
981 9812 Oct'24
6
714 40
91
91
Kansas City Sou let gold 35.190 A 0 703 Sale 71
4
5
8412 943
4
8914' 37
4
Ref & Impt 5s
Apr 1950 3 J 8914 Sale 873
...,.-- _I Kansas City Term 1st 45_ __1960 3 3 8.514 Sale 843
4
85,
4 32
841
4
8312 - / Kentucky central gold 45_1987 J 1 843 86
841
/
4
4
843
4
7
4
04 973 Kook & Des Moines 1st 5s_ _192:3 A 0
9
854 Oct'24 -1023 108 1 Knees & Ohio let g 13s
8
4 1003
4, 3
1925 J J 1O0' 10130 1003
9.1.2 101 18
80
84,2 Lake Erie & West 1st g 58-.1937 J J 100 Sale 997g
100 I 27
9234 9812I 20 gold 55
3
9434
4
1941 J J 943 Sale 9434
8(
/
4
111 891 Lake Shore gold 3Sie
/
1
1997 3 1) 784 7912 7912 Oct'24
81 e .84 8
5
774
/
1
8
Registered
1997 3 1) 7714 7814 773
811 811
/
4
/
4
9812 75
19318 N1 S
Debenture gold 45
1 92 rd N 9812 Sale 9814
811 ti5
/
4
25-year gold 4s
9614 Sale 9614
9612 33
10 / 103
04
1
9534 July'24 - --_
96
93
Registered
88
8912 Leh Vol N 1' let au g 4145..1940 3 3 9515 9614 95: Oct'24
/
1
4
Registered
193( 3 N 91's.. . 9412 July'24 -194 1 M 11
Day & Mich 1st cons 4 48_ _1931 J
9212 97 Lehigh Val (Pa) eons g 48_200:3 M N 805 81
9
805
8
8
- 8012
Del A Hudson lot & ret 48___1943 M
8:0', .1
General cone 44a
897s 38
8912 Sale 8914
92 1004 Leh V Term fly let gu g 5e_ _1r43 M N 994 993 10118 Sept'24 --__
a0
/
1
4
-year couv 58
1935 A 0
/
1
8
2 1 A O
16-year 5%o.
9712 102
1937 MN
/
1
4
9912 Jan'24
A O
m s
-year secured 78
10
1061 110 Leh& N Y Mauer gold 40..1199451
/
4
1930• D
Oct'24
86
8414 86
Registered4
ID fiR & Bdge 1st RU 48 g---1936 FA
92
92
1
I,ex & East let 50-yr 5a gu_ _1965 A 0 10312 10512 1033
1033
8
8
Lien & R Gr—Ist cone g 4s_ _1936
674 82
/
1
J
Little Miami 4s
2
8712
87 4
1962 M N 101% ___.____ 10 1% July'24 2_
7212 8512 Long Dock consol g 65
Canso! gold 4 413
1936 J
Improvement gold 58___ _1928 3D
791 93
/
4
'2 Long had 1st con gold 5s-111931 Q 03 100 ____ 100 Aug'24
95 A
:44 1, 463,
lot & refunding 58
1955 FA
lot consol gold 43
4
31931 Q 3 923 ____ 1001,3 Aug'24 -4434 4434
do Registered
General gold 4e
8814 —_- 8814 Oct'24 1938
garrnere L&Tr Leta Aug '55.
3
44 4614
Gold 4s
89 July'24 ---_
Bankers Tr etre of den......
/
1
4
/
4
341 45
1
Unified gold 4s
8214
8214
1932 3 D 8214 85
1949 M S
33
do Stamped
45
Debenture gold 5s
9414 Oct'24
9412 97
Are Ex Nat Ilk Feb '22 etre_
20
-year p m deb 55
8912 13
8812 8912 8812
3414 404
7
do Aug 1922 ctfe
4
1312
Guar refunding gold 4e_ 19339 3 DN
4
11 99074,M S 8314 Sale 823
8341
3
M
0,0 M & Ft 13 let gu 4s_ ._.1935 33
Nor Sb B let tong gu 5e.a1932,Q J 997 ____ 9914 Oct'24 -8
Ott & Mack—lot lien g 48_1995 ID
73
60
Louisiana & Ark let g Is. _ _1927,M S 100,2 Sale 10012
4
10012'
04111 4s
60 70 Lou & Jeff Bdge Co eU g 48- - 194
1995• D
4
1945,M 8 843 ____ 81 Sept'24
0J 3
Dot RN Tun 44o
8712 9312 Louisville & Nashville 581937iM N 10:3 104 104 Aug'24
1961 MN
_
Dul Miseabe & Nor gen 58..1941 • J
99 10034
/
1
4
Uolfled gold 49
9212 927 92 j 93 I 31
8
/ o
1 ui
4
DIII & Iron Range tot 55_ _1937 AO
cy 24
98 1004
t ,..-:
:
Registered
.
194 11 .1
old ss...1,301mm
:
::
:
Registered
1937 AO
-.,iCollateral trust g
-34 91
101% 162 - I0134
87
DM Sou Shore & At! g 58___1937 J J
lil-vear goeured 75
. _ 1910 M IA 1073 Sale 10714
5
,
8413
4
1073
4
let refund 54e Series A 2003 A 0 10614 Sale 1057
8
10614
it Minn Nor Div let g 40_ _ _1948 AO 873 8918 884 June'24 --.
844 891 8_
/
1
let & ref 5s Series
/
1
4
JA 0 1034 Sale 10212 10312 39
A .3
/
1
E Tana reorg ion g 51
0 , 10 14
1 01 1 111
38., 1
1938 MS 9834 ____ 9812 Oct'24 ____
let & ref 44e Series C _2 03
137
139
21 ,
10 3
9131
9234
93
E T Va & Gs Dly g 68
19311 3
100
N 0& M hot gold 65
99 Sept'24
/
1
4
10372 8 7 1044 Aug'24
921 19:4:
90 : 8 8
,
/
1
Cana lot gold 58
1956 hi N 10014 10034 1003
4
1
100341
26 gold es
102 June'24
Elgin Jollet & East let g 58 1941 MN 1003 ..... 100 Sept'24____
8
0
971 1(1158
1 2 10
17
Paducah & Mem Div 45._1 9 6F A
2
1939 3 l
4
9018
901
/
4
Erle lot coma)l gold 7o ext_ _1930 MS 10912 Sale 109
/
1
7 1044 10912
St Loots Div 2u1 gold 35. _19130 M S 6112 63
109121
3
6214
6212
lot cons g 4s prior
1996 .1 .1 .
L & N & M AM lot g4%8 1945 Si 5
71 .5 6914
7 1_ 2_
7114' 93
61 14 7430
.
94 Sept'24
Registered .
1996• J
69
61
L ar N South joint Si 48.._ 1952 J 3 8318 14
aegi.term
68 Sept'24.., _
8318 35
9314
.- 8212
lot consul gen lien g 45_ _1996 • J 627 Sale53 (16
12
g
5312 332
6212
NJ 7612 _
Jan 24 --__
77
Registered
1996• 3
59
53
Loulav Cin & Leg gold 448A 1932 540
9 Sept'24 ___
97 Sept'24
.1 9 1
5
98
99
Penn coil trust gold 40._1951 FA -.9. i4 - / 944
I
fi.4
9414
1
4
a
8813 951
/
4
50-year cony 48 Ser A..1953 AO 65 Sale 04
0 Mahon Coal RR let So
-2
5 4 6
43
84
65
1934 J J 101
4
____ 983 Feb'24
do Series B
1953 AO 65 Sale 04
5412 6913 Manila RIt(Southern Lines) 1939 50 N 621 62
84
11
65
62
/
4
/ 611
1
4
/
4
Gen cone 4e Series D
1953 AO 69 Sale 6818
593 77
4
Manitoba Colonization 58
6912 223
1934 J 11 9712 100
98 Scrit'24
Erle & Jersey lot fee
1955 J J 102 1(121 101
/
1
4
10212 25
891 1024 Man G B & N W 1st 348. _ _ 1941 J 3
/
4
/
1
/
4
July'24 --__
8212
Erie A nue gu g 345 11
1940 J J 8418 Sale 844
85
82
Met Internat'l let cons g 48_1977 NI 5
841g
1
37 Mar'13
C
1940 33 84
__ 84
Michigan Central 5s...
Oct'24 _ --83
85
1
100
/
1
4
1931 M S I511 8
8
_ 1007
7
Evans & TB let gen g 58_1942 AO
Apr'22 ____
Registered
---- ----. 88
_
Apr'24
987 ____ 88
8
Sul Co Branch let it 50_ _1930 A 0
40
-- 7912 Apr'23 ____
1 931 03 M 90
90
90 July'24
4
93
J
Fla Cent & Pen Ist est g 58_1930 33 11a1. coo
2
9812
2 -973 9812
9812
4
Registered
1942 3 N
8714 -__- 861 Sept'24
50 mi J
/
4
Conaol gold 50
1943 J J 9914 Sale 96
93
J I. & 9 let gold 34e
/ 9914
1
4
99)
4 14
Apr'241____
771 ..-' 7718 Oct'241-___
/
4
Florida E Coast let 440—J959 3D 9212 94
9212
8715 95
let gold 34R
9212
3
8252 83
81
Fonda J & Cloy 4420
1952 MN 63
64
633
4
63
70
6
63
20
-year debenture 45
:1959 MS 9712 973 9714
925 M O
1 A S
4
9311
3
Fort St U D Co let g 440-1941 • 3 8818 ____ 8814 Oct'24 ___
6i 8814 Slid of
893 893
4
53
4
,
A A 89
WAFt
Den C let g 5 340
i, loos, top. Milw LN J let extImp g 5e 1929 F O 10118 ____ 10012 Sept'24 -1901 J o 104
___ 104
104
S & West
Oct'24
19
Ft Worth & Rio Cr let g 4e_ _1028 J J 94
Oct'24 ____I 841 94 4
9412 94
Aehland Div let g (35
/
4
1
10014 ____ 100 Dee'23
Frem Elk & Sio V le(ie.__ A933 AO 1084 ____ 107
Oct'24 ____, 10514 10712 Milw & Nor let ext 4413...A934 J D 80
/
1
/
4
9112 911 Aug'24
GH&SAM&P 1st 55
1931 MN 1004 ___ 1004 Oct'24 ___
/
1
9512 1004
/
1
/
1
Cons extended 44s
92 July'24 -80
90
26 Wen Se guar
1931 J
997 ____ 997
4
s
997
s
i
Mt 100 Sill Spar & N W 1st gu 48..19 MS
1 47 il D 864 88
34
/
1
/
1
801
/
4
864
Gale Hotta & Head let 50_ _1933 AO 933 Sale 9312
4
933
4
4
7i 8918 933 Sing & S L lot gu 3%s..1041 J J 803 ____ 8612 May'24
8
Genesee River let B 1 60
1957 33 993 Sale 993
4
8
10014 108
89 101% Minn & St Louis let 78
8 10178
8
1017 Sale 1017
Ga & Ala Ity let con 58_ _01945 J J
933
8412 3334
4
4
9130 935g 9212
lot consol gold Se
5312
5312 Sale 5114
1929 33 9912 9978 99
Gs Car & No let gu g 5a
9912
3
931 100
/
4
let & refunding gold 4e
211
19
19929 531 D
11947 M NS 1714 19
17
34
Oa Midland let 311
1946 J 0 63
64
67
Oct'24 ____
60
/ 67
1
4
Ref & ext 50-yr 59 Ser A _ _1962 Q F
4
1312
1312
1:312 14
CUM V G & N let gu g 58_ __ _1924 MN 993 ____ 100 Sept'24 ____
4
98(2 10018 MStP&SSMcong4eintgu'383 J 87 Sale 863
4
87 4 57
,
Goa & Oewegatch Se
1942 3D 9918 ____ 983 Feb'24 ____
4
98
let eons 5s
983
4
7
9918
9812 9918 99
Or It & ten let RU g 440_1941 J
9412 96
9038 95
94 Sept'24 ____
-year roll trust 6 145__ _ 1931 j : 10112 Sale 1011 1013
10
/
4
4 35
936 J .
048 M S
Grand Trunk of Can deb 78_1940 A0 11634 11718 1163g
11718 44 1104 11714
/
1
4
let St ref 614 Series A
100
100 101 100
1936 MS 10712 Sale 1071 1071 39 10213 107
15
-years 165
/
4
/
4
34
25-year 54e
8512 23
1949M 8 83 Sale 83
/
1
4
/
1
4
1947 J o 877 ____ 101 12
Grays Point Ter 55
8
__ -lot
8
1941 MN 9218 95 1015 May'24
Great Nor gen 70 Scrim A._1936 J J 109 Sale 1084 Apr'07—86 106- 11-- M SSChicago Term s 1 48
014
/ 10914
1
M & A lat g 4e intgu-1926 J J 9912 100
9912 Oct'24
1
let & ref 4 .2e Series A.._1961 J J
9114 Sale 901
/
4
0112 17
83
92 Silselesippi Central let 58_1949 J J 9012 91
/
1
4
9012 Oct'24
Registared.... .......1901 • J
90 June'23
M
913
N
_ _ _1942
1953
iiiii4 We- 10012 10114 ____ -ifiiTs 101-7- MoK & Okla lot guar 55_ 4s.1990 hi D 811 Sale 81 4 May'23 26
General 540 Series B
29
.. 2
Kan & Tex—Ist gold
81312
J
/
4
1973 J J 93 Sale 934
/
1
4
General 5s Series C temp..
/
1
94
111
9114 9530 Mo-K-T RR—Pr I 5sSer A.1962 3 J 864 Sale 8514
861 160
/
4
Feb 6812 75
Green Bay & W (lett etta
6813
6812
1
9 4 70
3
7112 101
40-year 45 Series B
1962 J J 7112 Sale 70
Feb
11 Sale 11
Debenturee ctfs -13"
11 _ 20_
7
1114
10112 47
10 year 6s Series C
1932 1 J 101 14 Sale 10114
/ ____ 8412 Oct'23
1
4
GreenbrIer fly let gu g 48_ _1940 MN 85
1181
Cum adjust 58 Ser A
/
4
93
Gulf & B I let ref & t g 58_3)1952 J J 9234 94
Oct'24 ____ "
if' ii.i- Mlesouri Pacific (reorg Jan_1967 A 0 641 Sale 6034 Ws
Co)
823 106
1st & refunding So Ser A-1965 F A 824 Sale 821g
/
1
4
Harlem It & Pt Cheri let 45_ _1954 M N sots 83 8212
83
5
73
/ 8312
1
4
10014 32
let & refunding Is Ser C 1926 F A
703 7112 100
4
/
4
Hocking Val let cons g 448-1999 3 3 89 Sale 881
8912 24
8378 90
/
1
4
let & refunding (38 Ser D1949 F A
/
1
4
9814 Sale 97
98, 171
4
1999 3 .1 83 ____ 83 May'24 ____
/
1
4
Registered
83
84
6212 418
/
4
General 4s
N 6238 Sale 611
S
1975 M
m
19373 J 100 _.__ 100
H & T C let g 58 Int gu
Oct'24 ___
97 10014 Missouri Pacific—
7 9612
9612 971
Hannon Belt & Term 1st 58_1937 J J
9612
1
961 97
/
4
/ 84
1
4
8414 84
84 53
3d 7s extended at 4%
3
1938
993 ____ 993 Aug'24 ____
8
4
1933 M N
Roue E & W T 1st g 55
954 997 Mob & Bir prior lien g 55 ,_l945 J J
8
98 Sept'24
1933 M N 99
/ ____ 100 Sept'24 ____ 100 100
1
4
1st guar Se red
76
78
771
/
4
6e..19271945
777
8
Mortgage gold 45
5
9412 Oct'24 ____
Housatonic fly cons g 5s...1937 NI N 9314 96
8414 95 Mobile & Ohio new gold
.J li 10311 ___. 10314 Oct'24
J
Q
Hui & Manhat its Series A 1957 F A 8672 Sale 863
4
8718 215
8034 87
1013 10212 102 Sept'24
/
4
1
4
let extended gold 60
81927
/
1
4
6512 Sale 64
Adjust income So
/
1
4
654 205
/
1
1957 A 0
5814 6813
54
8412
Generel gold 48
84's
2
111nota Central let gold 4s 1951 J J 924 9212 911 Sept'24 ____
/
4
/
1
88
92
AS 98
981 98
/
4
stoLouo mp Div let g 58_11994378
M ntg is erly s.
,
981,3
9
Registered
1951 1 J 8714 -___ 89 July'24 ____
89
89
10014 Sale 99
/ 10014
1
4
8
lit gold 3%o
/ Oct'24 ____
1
4
4
1951 J J 804 823 80
/
1
78
8212
8314 Mob & Ohio coil tr g 40
821
7
192387 j D
M S
Extended let gold 345_1951 A 0 80
Oct'24 ____
/ ____ 81
1
4
7734 8412 Mob & Mal lot gu g 4.0
3
1 997 3 5 8414 Sale 8414
9 1 1%1 3
8414
3
Registered
1951 A 0 7714 ____ 8012 June'24
801 8012 Moot gnar soidg ee
/
4
____ 110 July'24
t nt e ist g u m
let gold 3s sterling
Si June'24 __
72
1951 M S 61
60
61
1937 J J 11034 113 10014 Sept'24
Collateral trust gold 4s
1952 M 9 863 871g 864
/
1
4
8712 12
/33
89, M a E 1st gu 34e
774 7812 78
/
1
4
79
17
tot refunding 40
1955 NI N 90 Sale 00
/
1
4
904 13
/
1
8412 9012 Nashv Chatt & St L let 5s..2928 .1 D 10114 102 10114
10° A O
0
1011
/
4
1
Purchased lines 34a
1952.3 1 8018 8612 79
Oct'24 ____
754 lit
/
1
N .'is 4. Q le cut g 5e
1037 F A 10014 ____ 99
Apr'2
a Due Jan. 5 Due Feb. •Due June.
Due MY. to Due Sept 0 Due Oct a Option sale.
8',14 89
99
99
773 83
4
95 101
10013 104
7313 82
9413 9812
711
/
4
67
91
86
805 854
8
/
1
82
8614
6012 8514
10014 101
935 1001
8
/
4
87
96
734 8012
/
1
783
4
75
943 99
8
924 97
/
1
4
911 95
/
4
92
/ 9613
1
4
9112 9412
7e3 83
8
851/4 9114
1004 103
9912 sat,
/
4
821 86
99 105
8112 8112
106 8 10712
4
971g 11,013
9312 10012
843 8812
4
83
89
8412
79
8
913 9414
84
8912
86
79
9414 9912
9612 101 4
,
7912 95
1007 10412
,
9412
89
8912 9134
967g 103
1057 10814
g
10434 10711
9712 10514
92
/ 93 4
1
4
3
103i2 105
102 10312
8512 903
4
64
60
94
951
4
85
79
77
77
96
973
4
95
/
1
4
55
9612
805
0
9934
63
99
82
/
1
4
-513- ioirs
88 98
8834 90
7718 8611
771 93
/
4
/
1
4
7718 83
9214 9802
8712 8934
9912 101
V212
.
8712 9212
83
/ 87
1
4
82
861
:
100 103
5114 6812
1312 2312
131 21
/
4
8615 90
97 10334
/
1
4
4
101 1033
9714 10212
83
87
911 1011
/
4
/
4
963 997
4
e
88
9114
783
4
65
941g
511
4
8 4
31
87
723
4
102
65
7618
9414
871s
51
864
10031
100
6314
803 85
4
9234 98
68
777
a
10214 1047
8
1003 1023
4
4
74
8418
92
9814
9514 10034
76
84
/
1
4
8012 85
/
1
4
1084 110 s
3
9914 101
763g 80
997 102
4
99
99
New York Bond Record-Continued-Page 3
1942
BONDS.
29, T.STOCK EXCHANGE
Week ending Oct. 24.
tzt
I
Price
Friday
Oct. 24,
Week's
Range or
Last Sale.
alas
Bid
Ask Low
Nat Ry of Mex pr Hen 4%a _1957 J J
30 Sept'23
July 1914 coupon
337 153 July'24
4
______
July 1914 coupon off
26 Nov'23
2718 July'23
Guaranteed 70
-year f 48_1977 A--0
April 1914 coupon on__________
18 May'24
April 1914 coupon off
24 Dec'23
Nat RR Mex prior lien 4345_1926 J J
--- 3812 June'23
25 July'24
July 1914 coupon on----------26
Oct'23
34
July 1914 coupon off
1st consol 45
28 Apr'23
A 0
1951
Jan'24
36
April 1914 coupon on ______
1814 Apr'24
April 1914 coupon off......
_
667 Mar'23
8
leaugaturA tttt tst
1954 MN
9218 Oct'24
New England cone be
91
1945 J J
78
Consol 4a
1945 ii 78_ 78
NJ June RR guar let 48_ _ _1986 FA
83 16- 83 Sept'24
8518
NO& N H 181 ref & imp 4%8A'52 is 8518 864 8518
8112
8
8112 807
New Orleans Term 1st 48_ 1953 S i 81
101% 102
Fl 1017 _
8
_
N 0Texas & Mexico let 68_ _1925
8
915
8
9138 Sale 907
Non-cure income 5e
1935 A
9138
4
91 Sale 903
let 15a Series B temp
1954 A
4
99
let 5$38 Series A temp___ _1954 * 0 99 Sale 983
9212 Sept'24
X & C Scigt sse gu 498.1940
Oct'24
100
NYB&MBletcong 5s 1935 4.0 99 __
8
X Y Cent RR cony deb 138. _1935 MN 10712 Sale 10612 1075
843
4
843 Sale 8414
4
Consol 4s Series A
1998 P A
90
Ref dr Impt 434s "A"
2013 AO 90 Sale 8912
4
10018
3
Ref & impt 58
2013 AO 997 Sale 993
NY Central & Hudson River
8
773
4
1997 S i 775 78% 7712
Mortgage 334e
4
773 Sept'24
1997 S i ---- 78
Registered
95
1934 MN 9414 Sale 94
Debenture gold 45
-year debenture 4.8
194I ii 9012 9113 9114 Oct'24
80
7512
Lake Shore coil gold 3345_1995 FA 7514 Sale 7518
743 Oct'24
7214 75
1995 FA
Registered
774
774
Mich Cent coil gold 334e_ _1995 FA 7712 80
7414 80
763 Oct'24
4
1995 P A
Registered
8
9212
8
NY C.or & kit L 1st g 46___ _1937 A0 923 ____ 923
895 June'24
3
AD 9114
Rao. orpr•
,
9412
8
4
25
-year debenture 48
9931 MN 943 943 94
1 3
4 1034
2d 68 Series A B C
1931 MN 103 Sale 1023
95
Ref 5%e Series A temp_ _ _1974 AO 95 Sale 944
9014
8
903 90
NO Counsel is, sit s y28 A_.1953 P A 90
Oct'24
89
,
NY & Fri. is ext g 48
1947 MN 89
8
30 ext gold 4 $4,3
1933 MS 913 ____ 96 May'24
4th ext gold 58.
1930 AO 9914 ____ 9714 Sept'24
9714 Sept'24
5th ext gold 4.8
1928 S D 9714
___ 91 Sept'24
•
X Y & ;•- -•I gU g 5e
1946 MN
7814 8312 78 Aug'24
111 Y & Harlem g 3%8
2000 MN 89- 9812 Mar'24
NY Lack & W ten & ref 58-1973 MN
10012
let & ret 4%31
1973 MN 1661-2 101 loolz
NY Le&
151 76 ext
1930 MS 103 109 10212 Aug'24
9914 Sept'24
Dock & Imp 58
1943 J J 9914
4
2
NY & Jersey let 55
1932 P A 993 10014 993 Oct'24
Oct'24
8
NY dr Long Br gen g 48
1941 MS 897 ____ 90
X Y NH & Hartford
51
54
Non-cony dcben 334e.. _1954 A0 5212 54
,
,
60
5814
•B
Non-cony deben 4e
1947
53
56
Non-cony deben 3$$$
1947 MS 5212 56
5612 Sale 5613
58
Non-cony deben 48
1955 J
58
1956 MN 5612 Sale 56
Non-cony deben 48
8
52
1956 • J 52 Sale 517
Cony debenture 3345
t 763 Sale 7512
4
774
1948 ▪ s
Cony debenture 88
4714 4714
4714
debentures.
1957 MN 46
4%
8
8712
1925 * 0 8712 Sale 867
70 European Loan
87
1925 AO 8612 Sale 8514
France
44 Apr'23
Cons Ry non-cony 48_ _1930 FA
53
5112
5112
1954 J J 62
Non-cony 45
52 Sept'24
Non-cony deben 48_ _ _ _1955 ii
53
5018 Oct'24
Non-cony deben 48_ __ _1956 J J 52
101
Oct'24
X Y & Northern 1st g Ss__ _ 1927 AD 10013
4
673
4
X YO&W ref let g 4s---471992 MS 67 Sale 663
Oct'24
66
6"
195; ▪ D 65
General 48
8
8
853
8
1942 AO 855 ____ 853
NY Prov & Boston 48
ef Y & Pttnam let con gu 48 '93 A0 8112 83 83 33ept'24
9914 Sept'24
1927 MS 9918
Y & R B 1st gold 58
66
X Y Susa & W let ref 5e_ _ _ _1937 J J 6518 6612 68
8
8
1937 FA 543 5712 567 Sept'24
20 gold 4343
56
56
57
1940 P A 55
gold 55
General
4
1943 MN 913 9512 9512 Oct'24
Terminal let gold 58
8
553
4
Y Wches& B let Ser 1434s'46 S i 545 Sale 54
8
705
8
Norfolk Sou 1st ar ref A 56_1961 FA 705 Sale 6812
8
4
Norfolk dr Sou 1st gold 58_ _ _1941 MN 945 9514 953 Oct'24
8
Nod & West gen gold 85_ __ A931 MN 1065 1074 10712 Oct'24
____ 10712 Oct'24
Improvement & ext 13s . _ _1934 FA 108
_ 10712 Sept'24
1932 AO 10612
New River let gold
9012
IQ & W Ry lst cons g 43_ _1996 AO 90 Sale 90
89 Sept'24
1996 AO
R.
leered
8
& gene 413_1944 J J 9014 Sale 897 Oct'24
Mel let lien
125
1929 MS 12412 Sale 124
-year cony 68
10
8
Pocah C & Cjoint 45_1941 S D 915 94141 9212 Oct'24
4
4
Oct'24
_1945 AO 883 893 89
North Ohio let guar g (Ss__ _
8
8512
Q J 8514 Sale 845
Nor Pacific prior lien 4,3_ _ _1997 Q i
8418 Oct'24
1997
Registered
4
4
6112
a2047 Q F 603 Sale 603
General lien gold 38
6312
4
a2047 Q F 583 62 634
Registered
8712
_2047 S i 8712 Sale 87
Ref & Unfit 4348 ser A
8
1075
8
2047 S i 1073 Sale 107
85 ser B
964 Sale 9614
9718
2047 .1
50 C
8
967
8
2047 S i 963 Sale 9614
Se D
8
St Paul & Duluth let 58_1931 Q F 997 ____ 994 Mar'24
4
1988 J D 793 ____ 8414 Jan'23
let consol gold 413
8
8 10938
' 10914 1097 1093
S
floc Pao Term Co 1st 865.._1933
____ 9114 Aug'24
1938 AO 102
Igo of Cal guar 858
1930• J 10318 ____ 100 June'24
North Wisconsin let 68
7314
08 & L Cbam let gu 48 11-1948 J J 7314 Sale 7318
4
1943 M $ 903 ____ 8912 Apr'24
Ohio Conn Ry 4s
8
__ 993 Sept'24
Ohio River RR 1st g be
1936 ID 100
4
1937 AO 983 ____ 98 Sept'24
General gold be
10114
101 10112 101
1927
Ore & Cal 1st guar g 5a
8812
8812
Ore RR & Nay con g 48_ _..A946 JD 8812 89
106
4
4
Si 105 1053 1043
Ore Short Line-let cons g 58.'46
105 1057 1047
8
8 1057
8
1946
(Mar cons 59
975
8
8
8
1929 SD 975 Sale 973
Guar refund 413
8
83
4
1961 JJ 823 Sale 825
Oregon-Wash let & ref 4s
Oct'24
8
_1946 in 7812 797 80
Pacific Coast Co let g
9114 9014
9014
Pao RR of Mo let ext g 48
1938 P A 9014
9812
984
1938 JJ 9818 100
20 extended gold 58
3
937 Sept'24
Si 9512 100
Paducah & Ilia Mt g f 4$42-1955
4
8114
8
Paris-Lyons-Med RR 65-.195 FA 803 Sale 80
98
97
98
1942 MS 97
Pat:nista RY 711
$
MN 934 ____ 925 Aug'24
Pennsylvania NR-cons g 45 1943
9218
923 92
4
1948 MN 92
Congo'gold 48
Oct'24
4
923 92
di stamped
May 1 1948 MN 92
9914
985
8
8
Consol 4348
1960 P A 985 99
933
4
General 435
1965 S D 9314 Sale 9318
104
8
Sale 1025
General 58
1968 J D 103
1095
8
8
10
-year secured 75
1930 AO 1093 Sale 10918
11012
15
-year secured 634e
1936 FA 11012 Sale 11018
Pennsylvania Co
8
Guar 334s coil trust rag A_1937 MS 85 ____ 855 Sept'24
8312
()tier 334s coil trust Ser B_1941 AA 8314 844 83
8318 Sept'24
4
Guar 3345 trust ette C
1942 J O 823 84
8312.
Guar 3Ms trust et% D_ _ _1944 S D 82 ____ 8312
4
96 I
8
Guar 15 -year gold 48_1931 AO 915 923 9512
-25
8614
864
N 86
Guar 45 Ser E
87
1,152
7912
Peoria & East let cons 4s__ A940 * 0 795 793 7912
8
4
36 1
Income 48
1900 Apr. 3518 3618 35
977
8
8
Pere Marouette let Ser A Se 1956 J J 973 Sale 973
4
a Dtle Jan. c Due March. a Due Apr
Basle
Week's
8‘1114
Range 01
Jas 1.
.
Last Sate.
44'
---High
High No Los
Big
Ask row
High
No. Low
8
764 817
41
81
8
Pere Marquette let 4e Ser B_1956 J J 803 8112 803
4
894 9934
6
923
4
15 4 37 Phila Bait & W let g 49
3
927 92
8
1943 MN 92
37
47
7
43
43
Philippine Ry 1st 30-yr ef 45 1937
43
' 42
S
5
93 8 97
3
97
97
PC0.4 St gu 4338 A
97
1940 AO 96
934 9613
18
Series B 43'4e guar
18
1942 AO 964 9712 9613 Oct'24
_
903
88
9413 Aug'24
MN 95
Series C 434s guar
96
1942
83
9084
83 -Oct'24
Series D 4s guar
1945 MN 8912
8613 9213
4114 Series E 313s guar gold_ _ _1949 FA 8912
925 Sept'24
8
25
874 974
9712 Mar'24
Series F guar 4s gold
1953 S D 8912
881 93
8
Series (I 48 guar
92 Sept'24
1957 MN 8912
9038 9613
Series I cons guar 41411_1963 8' A 95%
30
36
9412 Oct'24
9058 934
to 22
Series .1 4$$s
9318 Aug'24
1964 MN 93%
9318 101
General 55 Series A
4 13
1003 6;17; 10012 1003
1970 .1
4
100 10013
"io"
P1Its & I. Erie 26 g 58
10013 Sept'24
31928 AO 10012
75
83 Pitta IvicK & Y 1st gu es__ _ _1932
105 Dec'23
3
1033
8
-1383 100
4
803 83
4
26 guaranteed 6e
983 Aug'24
4
1934 J J 99%
9813 100 3
1
811$ 88 Pitts Sh & LElstgSe
100
Oct'24
3
1940 A 0 993
4
97
983
4
7614 83
let corm' gold 58
983 Feb'24
4
19
1943 J J
99 102
9814 1025 Pitts Y & Ash let cone 58_ _1927 M N
8
10118
2
10114
40
464
854 9312 Providence Secur deb As_ _ _1957 M N 4318 48
60
8
435 Oct'24
80
80
9214 Providence Term 1st 43
89
35
80 Sept'24 1956 P4 S 814
8714 953
4
98 100 Reading Co gen gold 43
9438 22
19971S J 943 Sale 9312
225
8
9412
8714 93
92
Certificates of deposit
92 May'24
8314 88
7
95 101
Jersey Central coil g 48_ _1951 A 0 stii4 gZe- 863
4
87
881 964
s
3
Gen & ref 4 As Ser A
19975 J 94 Sale 935
308 10313 109 3
8
9418 99
8018 864 Renee & Saratoga 20-yr 6s_ _ _1941 PA N 11018 -----------54
'oafs 10033
844 9012 Rich & Dan be
45
,
1927A 0 1003 ___ 1
Oti 1
8
953 10013 Rich & Meek 1st g 58
8
1948 MN 7058
477
72 May'23 -96 folif;
Rich Ter 58
1952 J
9978 106 2
- 17918 Rio Grande June let gu 58_1939 J D 9114 ____ 993 Oct'24 _
74
84
92
18
4
-272
8
9
7214 7814 Rio Grande Sou 1st gold 48_1940 J
It 54
45
8
314 Aug'24
48 7
8913 96
_19410 J
11
7 Dec'23---Guaranteed
8
9334 Rio Grande West let gold 45.1939J J
87
7831
e 8212
827
8 17 -651. 84
724
60
707 7714
3
Mtge & coll trust 45 A_ ___1949 A 0
16
Sale
7413 8312
69 8 75 RI Ark & Louis 1st 4 Sis____1934 M S 83 Sale 82
7
79'818
83 I 5188
71
88
83 8
7
73
19495 J 715 744 74 Aug'24 -784 Rut
-Canada let gu g 4.8
8
8015 88
7214 7712 Rutland let con g 4145
1941J J 8514 88 88
88
7112 77
8918 93 St Jos & Grand tel g
1947i J 75
4
77
75
76121
9113 964
881a 803 St Lawr & A dIr let g 55
1996J J 95
8
9512 95
95 I
I
98
08
88
1096 A 0
24 gold Os
9518
21
98 Mar'24 -89
95
4
4
943
1931 J .1 9413 9514 9412
4
52 10012 1033 St L & Cairo guar g 48
98 1014
I 13
9312 9614 St L Ir M & S gen con g 58_1931 AG 100 Sale 995
154
8 100
8313 934
62
864 913
Unified & ret gold 4s
1929 J J 904;4 : 8318
4
339
08234 801e 92
2 S11 e
1
89423 135
2
72
857
8
8818 8912
84492841
Rlv&O Div 1st g 4a
1933 MN
9812 993
4
9318 98 St L M Bridge Ter gu g 5e
9912 Sept'24 - 1930 A0
8
657 725
8
3
96
68
2
9714 St L & San Fran (reorg co)4
8 5 143_
7 32 1_65
7 , Sl
6
7 52
04
0195 J J 8211 8ale 853
0
804 8712
9312 9712
1950 J J
Prior lien Ser B be
Prlor lien Rer C 6a
8412 91
1928 J J 102 Sale 102
1024 " 9858 1034
874 9534
9414 103
763 78
9418 Sale 935
1942 ▪ J
4
8
55$5 Series D
8212
72
A0 82 Sale 793
9813 9812
8
8212 764
Cum adjust der A 6a____h1955
3
8
583 761
714 1756
96 10012
715 Sale 697
8
Income Series A138
81980 Oct
2
e
994 105 8
1
10214 10912 St Louie & San Fran gen 6s_1931 S i 1054 -___ 10518
1054
1
9713 1004
1931 S i 10014 1003 100
973 9914
4
4
General gold 55
10014
9
9612 10014
St L & S F RR cons g 4s-1996 Si 9218 ____ 8212 July'23 -90
8
1947 A 0 973 100 , 9912 Oct'24 -- -Oil! WI;
90
Southw Div let g 5e
98 103
4
St L Peo & N W ist gu fie__ _1948 J J 1023 Sale 1023
4
1023
4 25
914 94
3913 55 St Louis Sou 1st gu g 4s
Oct'24 - 1031 MS 93 _ _ __, 94
8
83
76
8114 14
4412 80 St L S W let g 48 bond etre_ _1989 M N 8114 Sale 807
e
2
694 744
1
7211421 1301
806
4
38
886111. 72 8 085
6 4 4
56
2d g 48 Income bond etts..91989 J J 74 8044 71;4
4
774 87
12
19325
4418 81
Consol gold 48
7
78
85
4312 60
let terminal & unifying 58_1952 J J
73
81
4
73
79 ,
393 60 St Paul dr K C Sh L 1st 4%8_1941 F A 79 Sale 788
4
4
9
88
95
____ 88 Sept'24 -80 St Paul E (Sr Trunk 434e_ _ _1947 J J 91
59
168
913 9818
4
4978 St Paul Minn & Man 4e
36
4
4
943
4
3
1933 J J 943 Sale 943
2
1077 109 10818 Oct'24 -- 105 1084
8
1933J
703 88
8
1st consol g (le
132
94 3 99
3
87
89
984
6
Os reduced to gold 4 $48._ A933 J J 9814 99 I 9814
267
8102 gra
93 I 925 Oct'24 ---8
1937 J D 92
Mont ext let gold 48
824 89
161; Pacific ext guar 48
1940 J
__-_ 89
89 Sept'24
1
712 80
8
25
48
5512
A & A Pass let gu g 4s__ _1943 J
99811 100
79
79
7912 Oct'24
424 5712 Santa Fe Pres & Phen 5s___ _1942 M S 99 10012 11)0
8013 873
4
1960 A 0 85
9934 101 San Fran Terml 1st 4.8
8512 8514
8533 43
60
1934 A 0 10818 ____ 108 Aug'24 -- Hail 108
6734 Say Fla & West 65
41
1934 A 0 101
____ 10112 Sept'24
- 10018 10112
583 68
8
5a
844 904
8518 853 Scioto V & N E let gu g 4s_ _1989 M N 8818 887 8818
8
8
88%
3
5514 73%
1950 A 0 7214 743 735 Oct'24 -81
4
8
8312 Seaboard Air Line g 43
4
5813 743
,
Q1940 F O 723 723 7214
19 A A
5
8
7212 14
4
8912 100
Gold 4a stamped
437 68
8
483
66 Sale 633
5211 71
Adj,otm, t 5s
66
4
4728 6812
48A o 5818 Sale 563
m s
Refunding
43
6812
4
5812 3501
674 86
823 Sale 815
4
4
4014 66
let & cons 68 Series A___1945939
8
823 418
7
974 10118
4
10078
8814 9512 Seaboard & Roan let 55____1926 J J 10012 1007 1007
8
8
102 10312 102
102 I
1 101% 104%
269. 3913 58 El & N Ala CODS gu g 5s
99 10512
4
6
04
Gen DODS guar 50-yr bs_ _ _1933 F O 18 5 8 53 18418
1 9 6 A A 0 12 101, 0 2 18548 3
58 6 4
3
8
69' 6112 705
8118 8613
8
,1929
89
9534So Pee Col 4s(Cent Pac col)k 1949 ..1 D
9212 10012
M
20
-year cony 49
9712 Sale 974
1053 10712
3
9712 170
974 1011
8
1934 1 D 100 10012 10012 Oct'24
108 10712
20-year cony 55
108 10712 So Sac of Cal-Gu g 513
103 Sept'24 - - -- 101 103
9112 1014
88
913 ,So Pac Coast 1st gu 45 g
8
1193 '%4 N
92 5 J
7
37
904
1804737: 85
1955 J J
8814 89 So Pan RR let ref 413
9518 102
103
1994 J 1 101 Saalee 107014
8814 907 Southern-let cons g 5s
s8alle 02412 101
8
/
1
694 754
1956 A 0
10612 13112
Develop & eon 4o Ser A
113
97:
961y 1034
1956 A 0 1043 SSaallee 99034
72 4
'
784 9212
Develop & gen 68
107994023314444
/
4
1956 A 0 1065 Sale 10612 1064 110 1011 10714
8413 9212
8
Develop & gen 634s
934 100
Mem Dly lat g 4145-55-1998 J J 985 100
8
8013 8634
9812 Sept'24
91
/
4
7911 86
1951 J J
78$4 8518
St Louis Div let g 48
974 1024
9
8 6
5634 63 So Car & Oa lat eat 5%a_ _ 192 2 N 1013 10 4 1013
036 M j 8572 82 2 8578
85
8 1011 d
20
83 923
3
57
6312 Spokane Internet let g 581955 5 S 92 Sale 895
92 I 33
-8
1
793 8812 Sunbury & Lew 48
4
Oct'23 -8912 -..... 91
17
4
172 1013 10814 Superior Short L 1st 55 4-3
1930 M 8 100
-117is
2
5
905 9813 Term Assn of St L 1st8 4348_1939 A 0 93 8
8
t1
957 M a '8
9 8 OcY 24
5
16
974 1004
8954 100
1st cons gold 5s
995g ____ 9912
99%
5
17
784 864
18
9914 9914
Gen refund a f g 4e
1943 S A 88 4 S_a_1!_ ;1.,
, J l 24:
94 F
5
t7
r4
t
944 974
Tex & N 0 con gold 59
Oct'24
92 101
-1591.
89% Sale
92
4
9l
3 1 4 1093- Texas & Pac let gold is
734 731$
8918 10913
26 gold Income Se
71'39118 AU1C9'92748' -23
91 100
9738 100
La Div 13 L let g 5s
4
liE.i i 983 Sale 983
l ial
4
983
4
8
97 1004
69
7334 Tol & Ohio Cent let gu 58___1935 J J 994 -___ 1)95 Oct'24 -8
891a 992
4
944
western Div let g be
mg A3 10018 101 100 100 I 2 914 101
97
9714 9912 General gold 58
967 ____ 97 Sept'24-- - 8
2028 304
953 9814 Toledo Peoria & West 48___ _1917 J J 203 23
4
8
203 Sept'24'- - - 8
my 100
23
3
9914 1017 Tol St L & W pr lien g 3%8_1925 J J
953
8411
76
1950 A 0 83
% 12
85
53 9012
50
3
89
93
-year gold 48
9 % 83 4 89
99344 9352
954 97
25 101 10614 Tol WV &0 gu 4.$45 A
963
4
97 July'24,- - - 954 951,
1013 10638
8
Feb'24'- - -Series B 4348
4
963 ____ 954
8
8912
9214 9814
Series C 48
71
161;
3
793 84 Tor Ham & Buff 1st g 48._ _Ali7.1 11 85
8
lct 4
4
24
8712 853'4 Nar:2 '
86 2 O 2
93
9713
754 804 Ulster & Del let cone g Ss_ _l928 1 D 96 Sale 96
9612 33
621 703
4
4
7
78
9014
6312
let refunding 848
s
1952 A 0 823 654 63
884 94
89
994 Union Pacific 1st g 48
1
Sale
953 100
8
923 141
998
9112 9812
9
20-year cony 48
44
995
1947 j j 913 Sale 9112
9 J J
27
81% 8814
863
4 25
8413
1st & refunding 48
4
471 .1 66
02008 M S 864 Sale 853
4 100 106
1054 6
89
8
98
let lien & ref 58
3
857 863 10353
8
10434 78 10234 10512
1047 Sale 1044
5
8913 9512
10
-year perm,secured 6s ,1028
g
8814 93
__
87
93 U N J RR & Can gen 4s__1944 M S 923 ____ 93
4
8
03 1004
8
10014 1003 1004 Oct'24
8714 95 Utah Pc Nor 8016 58
93
93
9414 93 Aug'24 92
90 100
let extended 48
4
il l
B
8612
3
85
8612
5
86;
8 4
64
1
9014 9914 Vandalla cons g 4e Ser A_
106
1955 F A 86 S_a_l_e_
Oct'24 _ 8 65 89
933 110
4
109
Consol 48 Series B
2013 2013
20
101 11014 Vera Croz & P lot an 4%a_ _ _19 4 J 114
.I
48
3
5
19 7 M
254 261
8
Apr'24,.... _
26
8
July 1914 coupon on
38 1075 1107
8
997 0(4'241 _ _ _ 9914 994
8
Verdi V I& W 1st 958
1928 MS
147 10078
1005 10058 Oct'241 _ _ _
8
8553 8614 VIrginta Mid Series E 56._ _1926 MS 10018
_
98 10018
4
N 993 10014 10018 Oct'24'
83 84
General 50
1936
13
924 97
4
S
8114 834 Vi & Southw'n 1st gu Si._2 ' 954 963 954 Oct'24I _ _ _
6
_
1003
5
7814 8813
84
843 84
4
AO 84
8111 833
let cons 50
4
-year 58
1
87
9214 97
98
/
1
4
905 96
8
Virginian let 65 Series A. - _1952 MN 96 Sale 95%
12
. 1968
9613 101
8 17
8
MN 10012 1007 10012 1007
8354 8718 Wabash let gold 53
3
87
4 33
984
953
8
P A 953 Sale 95
ot gold 58
80
67
1
68
Oct'24 _ _
79
77
80
' 77
S
tat lien 50-yr g term 4s-199599
119334
11
3812
13
97
5
9912
9912
no .4 Ch set let iit 5s___.1941 S i 9913 Sale 9912
0112 93
186
Range
Since
Jan. 1
BONDS.
N. Y.STOCK EXCHANGE
Week ending Oct, 24,
t
1
.05
Price
Friday
Oct. 24.
5
RE; 1
e Due May. g Due June. 5 Dtle July. k Due Aug. 0 Due Oct.
r1
I
Due Dec. *Option Bale.
BONDS.
IL T.STOCK EXCHANGE
Week ending Oct. 24.
h
ti
New York Bond Record-Continued-Page 4
;•.1
Price
Friday
Oct. 24.
Week's
Range or
Last Sale.
04,
2
Rang.
Since
Jars. 1.
BONDS.
N. Y STOCK EXCHANGE
Week ending Oct. 24,
h
1943
Price
Friday
Oct. 24,
Weet's
Range or
Last Sale.
;.I
oo63
Passe
Maw
las. 1,
High
Ask Low
BPI
High No Low
H7.6 No Low
High
Wabash (Concluded)--Ask Low
Bid
7912 Oct'24
85
Sale
63
04
Dee Moines Div lot g 451939 J .1' 80
6
7212 8414 Dominion Iron A Steel 5a___1939 J J
81
92%
81
7
Om Div 1st g 33-s
25
643
84
84l
87% 7312 Donner Steel 7s
73
1942.3' 6314 S
8
8412
1941 AG 723 7312 7114
89% 9212
____ 8912 Aug'24 __
Tol & Ch Div g 4e
82 Sept'24
1941 M
7734 82 du Pont(E I) Powder 43-(0_1936 3D 90
Warren let ref gu g 3%s_2000 FA
77% 77 8 duPont de Nemours A Co 7%8'31
N 108 Sale 1073
77% Oct'24
3
4
10858 29 10078 108%
10512 52 10314 Ina%
Wash Cent lot gold 45
78% 8612 Duquesne Lt let & coil 8s _ _ _1949 J J 10512 Sale 105
1948
M 8212 8812 8812 Aug'24
10412 54 102 10412
7
8012 89
Wash Term 1st gu 3%s
let coil trust 5%e Series B_1949 is 10378 Sale 103
1945 FA 82% 8412 8212 Aug'24
91 10212 Ill
73% 8814 East Cuba Sug 15-yr s f g 7Ss'37 Ni
104 Sale 110312 104
let 40
8
1945 FA 885 ____ 74 July'24
-year guar 4e
8918 92
Oct'24
06 Ed El III Bkia let con g 4s 1939• j 9058 ____ 91
12
W Min W & N W 1st gu 50_1930 FA 93 4 9
90
96
, 5 95
9812 101%
100
0
0
128
West Maryland let g 4s
56
64
6512 Ed Elec III let cons g 5s
1952 AO 6314 Sale 63
1995.3, 100 Sale 100
99%
97% 10114 Elk Horn Coal cony Os
96
1
4
2
8
10018
West N Y A Pa 1st g bo___ _1937 J 2 10018 Sale 100
1925 JO 993 093 99
887 9734
7612 83 Empire Gas A Fuel 7 Sis_.- -1937 MN 96% Sale 96
9
Gen gold 4e
98% 308
83
1943•0 8214 Sale 82
9334 99%
92
' ,2
4
Western Pac 1st Ser A 5s
7912 9314 Equit Gas Light 5s
4
4
1946 MS 90 Sale 893
9014 34
1932 MS 093 10018 993 0ct6 4 ____
13
93 -98
3
B 138
8
96 8 10le 96
6
925 102 Federal Light & Trac 6s__1942 MS 10 5 Sa7 10512
101
1946 MS 101 Sale 10034
9812 108
25
108
West Shore lot 40 guar
785 85
8
4
831 110
M
^361 J J 823 Sale 8212
7s
9818 10512
05
14 40
04%
5
7714 885s Fisk Rubber lots f as
Registered
81
2381 ii 81 Sale 81
1943 36 S 10514 Sale 17714 179
951
81
77
60
1
Wheeling & L E 1st g 5s _ _1926 AO 10012 __
98% 10034 Ft Smith Lt & Tr 1st g 55_ _ _1936 MS 79 Sale
1005
8 1005
8
7
84% 97
12
95
Wheeling Div 1st gold 50_1928 ..f J 10018 10014 10018
2
98 10034 Frameric Ind & Dev 20-yr 735s'42'.3 95 Sale 94
10018
9912 Francisco Sugar 7%e
Eaten & impt gold 5s
94
0912 Oct'24
e
1930 FA
MN 1033 Sale 10318 1031
4 32 10118 1077
4
1942
9734
94
Refunding 4%s Series A 1968 M S 67 Sale 643
19
5311 6818 Gas & El of Berg Co cons g 59 1949 3D 97
4
4
67
9812 973 Oct'24 ____
101 1057
RR let consol 4s
723 196
75 General Baking 1st 25-yr 65-1936 3D 105 1053 1043 Oct'24
1949 M S 723 Sale 70
4
8
60
4
8334
80
2
Wilk & East 1st gu g 55
2
49
643
70 Gen Electric deb g 3315_1942 FA
1042 J D 64
4
64.12 843
952
28 100 105
Will A S F let gold 55
99 101
1938 ▪ D 100% 1013 10012 Aug'24
4
MS 105 Sale 10412 105
Debenture 58
3
9814 102
Winston-Salem SD let 4e__ _1960 J
81
101
823 84
4
8412 Gen Refr 1st s f g 6s Ser A I952 PA 100 101 100
8312 Oct'24
Ma Cent 50-yr 1st gen 43__ A949 J J 8114 Sale 81
84
933 10012
14
7853 8414 Goodrich Co 634s
8 100
8114
1947.3' 9978 Sale 985
Sup & Dill city A term 1st 4s'36 MN 837 647 83%
125 11412 119
5
77
119
873 Goodyear Tire& Rub let ef8s9 1 MN 118 Sale 118
4
8
833
4
8
e1 3
'
4
148 100 107 4
,
INDUSTRIALS
4
10-years f deb g 88
FA 10712 Sale 106% 1073
91
92
Adams Express coil tr g 46-A948 MS 8414 844 8414
78
853 Granby Cons M SA Peon 85 1925 MN
1
4
8414
91 Aug'24
A'28 ,
90
94
Max Rubber 8e
7434 9534
17
1936 JO 94 Sale 9278
94
9312 Sept'24
9214
Stamped
Alaska Gold M deb So A_ A925 M
54
51
: 2 51 Oct'24
,
2t2
89
98
518 712
Cony debenture 8s
9414 21
033 94% 93
4
514 712 Gray 4 Davis 7s
Cony deb Cs series B
78
96
5
1926 MS
Oct'24
8714
' 87 Sale 87
Am Agric Chem 1st 55
08 10212
2
94 10014 Great Falls Power 1st s f 58_199425 M N 10118 102 101
17
1928 AO 99 Sale 99
Oct'24
99 14
119320 F1NA
N
let ret f 75411g
9514 54
1
82 101
1941 FA 9518 Sale 9412
7914 83%
8314
83%
Hackensack Water 4s
_ _ 8314
0112 9712 Havana El Ry L & P gen 50A 1954 j i 86 Sale 8512
American Chain 60
8158 8612
42
1933 AO 964 Sale 9614
97
95 MS
2
857
8 36
Am Cot 011 debenture be_ 1931 M N 9012 907 91
9514
92
2
3
82
91
91
943
Havana Elec consol g 5s_
1952 F A 94% Sale 943
Am Dock & Impt gu Ss
4
107 Aug'24 - - - - 10611 1073 Hershey Choc lot at g 6s
1936 J J 10612
8
4 15 101 104
1942 M N 10312 1035 10312 1031
8413
Amer Republics 68
72
873 9758 Holland-Amer Line 6s Ulaf)_1947 Si N 8358 Sale 83
8
39
1937 AG 913 Sale 913
92
7
4
4
831
Am Sm & K lot 30-yr Bs ser A1947 AG 96 Sale 941.
9152 96 Hudson Co Gas lot g 5s_ _ _ A949 M N 98
96
176
2
9 % 99
4
____ 9812
981
%
Si B
4
1947 AO 10514 Sale 1043
4 10514 38 1013 10612 Humble Oil& Refining 53-4a_1932 J J 10014 Sale 100
96 10058
%
10014 74
Amer Sugar Refining 60
965 1023 Illinois Bell Telephone 5s
8
10014 252
4
9918 Sale 9918
259
A937 J J
9312 9814
98
1956 J D 98 Sale 9712
Am Telep & Teleg coil tr 46_1929 J J 9738 Sale 971
9212 9814
9712 153
JA4 Il 95 Sale 95
A N
linols Steel deb 434s
O
J
68
91% 93%
95 1
91%
Convertible 4e
82
93 Ind Nat 0 A 0 5s
6
5
87
9038
1936 MS 9058 98
9114 Sale 9114
911
9058
20
-year cony 4%s
s
10614 107 10512 10614 18 1005 109 Indiana Steel let 5s
1933 M
8 24 100 10312
1017 Sale 10114
8
1017
50
-year coil tr 54
100 100
8 ngerbo Na d lst 5
9718 1025 Inte rsolrient ro0 201s4,_42_1 52 M N 97 102 100 Aug'24 __
1946 J D 10118 Sale 101
1013 130
8
,
,
95360
9 346
999 5
20-year I 51-1s
1012 11
353
9714 10314
1943 Si N 103 Sale 10212 103
12
A 0 11
107 June'24 - -1
8
7
-year convertible 6s
26 11214 123 Interboro Rap Tran let be_ A966 I J 66 Sale 645
58% 7114
1925 FA 119 Sale 119
119
6612 138
8
Am Wat Wks A Dec 55
8418 94
4
35
583 724
1934 * 0 9212 Sale 9218
6512 213
8
8
923
____ 645 Sale 637
4
Stamped
66
Am Writ Papers I 7-61
6418 7214
38
57
2
674 239
4512 Sale 4514
1939
4512
10
-year (is
8
Temp interchangeable ctN dep
4518 57
4518 46
4514
7
4512 98
6
4
6837' Sale 87
8 4 67
883 227, 8318 927
Anaconda Copper 65
94% 995 Int Agri° Corp 1st 20-yr 55_ 1932 MN 6318 67
8
9818 341
8
1953 FA 9818 Sale 977
N
0S
624 Oct'24 _ _I 464 7012
. 11932
932
7912 90
72
9412 10114 Inter NIercan Marine of 65_ _1941 A 0 8714 Sale 8714
209
1938 FA 100 Sale 9912 100
88
126
Armour & Co 1st real est 4%81939 ▪ D 8512 Sale 85
88
83
85 4 641 8312 87% !International Paper 55
3
4
4
1947 J J 863 Sale 863
87
56
Armour & Cool Del 5%a_ A943 J J 8912 Sale 8912
834 85
903
8 88' 8458 9212 I 151 & ref 50 B
84 Nfar'24
-I
1947 J J
Ameoelated 011 temp 6a
7312 8514
9804 1015s Jurgens Works 68 Olaf priee)_1947 J J 85 Sale 843
10112 148
1935 M S 10112 Sale 10114
4
8514 272
1918 40 Kansas City Pow & Lt 5s_ _ _1952 M A 943 Sale 948
95
Atlantic Fruit 7e etre dep _1934 J O 1912 Sale 193
89
20
8
9434 130
4
Stamped certifs of deposit.....
21
93
9912
3912 Kansas Gee 4 Electric 6s_ 1952 M S 9814 Sale 9814
4
1812 2514 253 Sept'24
99
56
Atlantic Refg deb 58
967 9958 Kayser A Co 78
97% 10512
8
.1 988 48
987 Sale 9812
8
AI N 10012 Sale 9912 101
F A
1937
70
Baldw Loco Works 1st 5s_1940 MN 101 10214 10112 Oct'24
10018 1023 Kelly-Springfield Tire 88_119931
4
* 57. 8614 10414
9812 Sale 9758
988
42
9514 104 Keystone Telep Co lot 5s
4
73% 8612
Barnsdall Corps f cony 8% A1931 • J 103 Sale 103
10318
8812 27t
1935 I I 8512 Sale 8412
Bell Telephone of Pa be_ _1948 J J 10114 Sale 10012 10114 471 9712 10114 Kings Co El A P g 58
s
Oct'24
_ _ 1 985 103
_
-- 101
Beth Steel lit ext 5 f 5e_
10114
99 10112
8
Purchase money 08
1007 Sale 1007
1926
s
11512 11 11117s 11512
11514 8;le 114
lit A ref ba guar A
9% 9712 Kings County El lot g 4s._ _1049 F 0 7314 74
2
6934 76
1942 M N 9514 Sale 9514
9614 15
73
Oct'24
199377 AA 13A
9
8712 9158
20-yr m & Imp•f fis.
7014 76
.1 J 885 Sale 8858
Stamped guar 48
89
8
72
72
F A 7118 74
J .,
2
953 100 Kings County Lighting 58_119549
4
5_0
Cony 30
79
7714 103
-year 130 Series A_ _1948 P A 96 Sale 95%
9614 4_48
8712
5
8712 9314 8712
94
Cony 30
95 10312
874
-year 531s Series B1953 FA 86 Sale 8514
10312 _ _ 10312
10312
2
Booth Fisheries deb 5 1 tie__1926 AO 773 8014 80
7212 833 Ki s Co 715s
851 92 4
Oct'24
Vae y
8
4 105
1047 Sale 1043
5 10112 10512
8
Brier Hill Steel lot 53s_ ___1942 * 0 96
93
88
973 Lackawanna Steel 59 A
93
4
4
96% 26
967 963
91
9114 15
91
19 46 '1 D 88
11995% 3 j
M ill
Wway 7th Av let c g fis 1943 J
8012 7314 Lac Gas L of St L ref & ext 5s 1954 A O 97% Sale 97%
.
915 981
8
70
69
69
70
3
22
,3 y A
98
Certlfs of dep stpd Dec '23 Int
_3
6014 73
8
Oct'24
Coll At ref 5%s ser C
67
6714 70
95 Sale 94%
9512 54' 92% 055
Brooklyn City RR Est
87
94 Lehigh C & Nay of 4%s A.. _ 199533. J 9514 ____ 94 Sept'24
94
9212 10
91
8
1941 33 905s 927 9212
119334 33 JJ
1
Bklyn Edison Inc gen be A 1949
9712 10218 Lehigh Valley Coal 55
6
91 101
10012 Sale 10012 101
10018 ____ 10018 Oct'24
General (is Series B
8712 895
4s
8
1930 • J 105 10512 10512 10512 12 10212 ioeii
907 ____ 89% Sept'24
General 7s Series C
104% 109 Lex AV A P F 1st gu g Ss__ _1993 M S 40
32% 4312
. 108
1930 ii 10512 Sale 1051
5558 40
2
40
General 7s Series D
107 1101s Liggett & Myers Tobac 7s_ A944 A 0 11718 11778 11712 1171
3
1075 Sale 1075
8 108
1040 J
8
5 114 4 11814
Iltlyn-Man R Tr Sec 6s _1968 J J 80 Sale 7912
21
723 8212
4
9578 100
55
807 1053
8 36
56
983 Sale 985s
4
99
Bklyn Qu Co & Sub con gtd 5s'41 MN 6415 68 6418 Oct'24
633 891* Lorillard Co (P) 7s
4
_
11658 Sale 1163
1 11412 11814
4 1163
1st 55
80 80
1941 J J
5s
Jan'24
95
80
99
56
98 Sale 963
4
98
Brooklyn Rapid Trans g 5a1945 AO
7814 101
9512 Oct'24
Louisville Gas A Electric 5s-199951 FAF 0 9112 Sale 9114
881s 92
50
11195452 M N
911
AA
Trust certificates
96
96
Magma Cop 10-yr cony g 7s_1932 .1 D 115 sale 11358 115
96 June'24 - _
70 10814 11934
let refund cony gold 45_2002 J J 8014
k
647 82% Manati Sugar 7
1
9714 10112
81
81
A 0 9712 Sale 9714
52
991
3-Yr 7% secured notes_1921 J J
9712 10912 Manhat Sty (N %is9
70
56
10012 Sept'24
Y) cone g 4s_1199402
18
611
6114 Sale 607
8
Certificates of deposit
9612 11612
58
2d 43
47
1143 Sept'24
8
52
515 524 513
4
8
CtIs of deposit stamped __
923 1107 Manila Electric 7s
94% 100
4
8
1103 July'24
4
_
14
9818 9812 9814
983
Sitlyn Un El let g 4-55
8212 8612
- 14
1950 F - -8214 827s 8212
81 8012 8512 Manila Elec Ry 4 Lt 5 f 56_ _29100 DN 82% 87
8258
1943 6
9 92 .111
5 M
4
8612
8
61
Stamped guar 4-55
1950 FA 8214 827 8214
8512 Market St Ry 7s Sec A
8214
97% 1003
8' 81
4
981
e
35
98 Sale 98
Skip) Un Gam let cons g 5a_1945 MN 100 Sale 99%
9658 10014 Marland 011 a f 8e with warnta'31 A 0 123 130 126
31
1163 140
8
100
Oct'24
7a
1932 MN 144 Sale 14712 14812 26 114 156
Without warrant attached _ _ _ _ A 0 106 Sale 105
74 100 10618
1061
let lien & ref (is Serial A 1947 MN 107 10734 1065
1073
9911
4
744s Series B
8 10714 10
4 117 136
121
120 126 121
76
1929 M N
10 114 156
do without warrants
98% 105%
149
149 144
104
105% 15
004 0358 Mete Ed lot & ref g Os Ser B_10 2 F D 10514 Sale 10018
4
Buff & Snag Iron s f 5s
1932J D 92
97% 102
9378 9212 Sept'24
3
1001
931 3 A 100 10112
953
101
Bush Terminal 1st ts
9412 101
1952 A 0 8514 ____ 8512 Oct'24
81
865 Metr Power Os
8
40
101
Sale 9914
Consol 5s
833 8858 Mexican Petroleum s f 8s.._1936 M N 108 Sale 108
4
2
1955 ii 8812 87
8612
855
86 10114 10818
1081
Building 5s guar tax ex_ A980 A0 95 Sale 95
91
9734 Midvale Steel dr 0 cony s f 551938 M S 8812 Sale_ 87%
85% 9012
95% 30
881 103
Cal0 E Corp be
9914 10
97% 100 Milw Elec Ry & Lt cons g 5s 1926 F A 1003
1937 NI N 9914 Sale 9914
96 105%
7
10012 10034
4
Cal Petroleum 65-1s (w 1)- -1933 AO 1003 Sale 1003
95 10112
9013 98
8
10112 38
Refunding & exten 43-45..193l 1 J 9512 9
951
*
98 953
Camaguey Sug 1st s I g 7s_ A942 AO 9312 Sale 9312
92
9612 261 9312 978
9612
General 55 A
7
981
ID 961 Sale 96
1951 13
clanada 59 Linea 1st coil s f 7e '42• N 967 Sale 96
9414 967
8.
8
80% 88
let 5s B
907
8 35
18
1961 J D
86
_ Sale 8512
Canada Gen Elea Co (iff_ _ _1042 F A 1063 107 10634
95% 100
8
3 1025 107
4
107
lot & ref g Os ser C
17
973
1953 M S 973 Sale 9718
4
Cent Dist Tel let 30-yr 5e_ A943 J D 1003
9734 101
5
0414 983
-- 1003
4
4
1003
4
Milwaukee Gas Lt 1st 45_ _ _1927 MN 0814 983 98%
4
98%
Cent Foundry let s f 6a
1931 F A 951. 97
9512
8912 9512 Montana Power let Si . 1943J J 987 Sale4 9818
9512 13
95
98%
1
987
8
Cent Leather 20-year g tai_ A925 * 0 1003 Sale 100
9212 1007 Montreal Tram let A ref 50_1941 1J J 9418 Sale 937
10038 202
j
8
4
8
92_1 86% 943
941 _:6
Central Steel 8a
1041 MN 10814 1087 10814
76
10 107% 110 Morris A Co lots f 4.11e
109
8
83
.1
1114 e
, R1., Sale 7914
l
14
79% 11
Ch 0 L & Coke lat gu g 513_ _1937 J J 9834 99
9312 98% Mortgage Bond 4s
7412 7412
9812 Oct'24
7412 June'24
Chicago Rya 1st be
1927 Fit 7518 Sale 74
9412
74
92
7518 97
81
Is
1
94
1932,A 0 9312 - 1 94
64 4
Chile Copper (is Ser A
1032 * 0 10512 Sale 1043
92
4 10512 76
99 10914 Mu Fuel Gas let cu g be_
9614
1
95%
1947M N 9558 Sale 95%
Chian Gas & Elec let & ref bs'56 * 0 9918 Sale 9918
93% 9534
2
9558 10053 Mut Un aid bonds ext 5% _1941 MN 9518
9912
9518 Aug'24
Ser B due Jan 1_ _1981 * 0 10012 101 101
Oct'24
96 10112 Nassau Llec guar gold 4B_ 195I J J 6158 - .1- 62
533 6312
4
2
62
62 2
Colo F & I Co gen f 59
1943 FA 90
3
91
92
82
91
8114 9314 National Acme 7%s
94
87 4 15
,
1931 .9 D 8712 Sale 8612
I!_
Col Indus let & coil 58 gu_ 1934 FA 793 Sale 7914
9618 9912
4
75
9
793
4
82 Nat Enam A Stampg let 58_1929 J D 9714
9712
1
9712
Columbia 0 & E 1st 541927ii 1005 Sale 10058 100% 39
8
9512 97
9814 1007 Nat Starch 20-year deb 5e 1930 J J 96
8
Oct'24
96
J J 10012
Stamped
1927
10012 10034 29
99% 102
9814 1003 National Tube let 5s
4
10112 10153 10
Col & 9th Av lot gu g be_ _1993 M S
2
12
7 Apr'24
7
7 Newark Con Gas 5s
93% 11303
8
..
:
1948 JD 1°1L .. - - 9758 Sept'24
952 M N 97 i _
Columbus Gas let gold 58_1932 J J 9812 1003 9414 Sept'24
4
83
9714 10112
9714 New England Tel & Tel 55_1952 J 0 1003 Sale- 10014 10054 46
4
Commercial Cable iota 45_ _2397• J 73
75
7314
7314
2
70
7614 N Y Air Brake lot cony Os_ A928 M N 104 Sale 1031
14 10118 104
: 104
Commonwealth Power 661947 MN 9714 Sale 9678
_
9714 117
0858 N Y Dock 50-yr lot g 4s
87
78
787
8
6
78%
1951 F A 78 Sale 78
Comp Azuc AntIlla 7341..__ _1939 J J 95 Sale 9412
94% 96% NY Edison let & ref 64ts A_1941 A 0 11234 Sale 11212 1123
9514 38
4 70 109% 11314
4
Comp Azu Bare 745
1037 J J 1023 10312 103
10318 14 100 10358 NY Gas El Lt & Pow g .5s_ _1948 J D 101 Sale 101
981 102
4
5
10112
Computing-Tab-Rec s f 6e 1941 J J 1013 102% 10212 10212
4
15
1
98 103
824 887
Purchase money g
„ A
F .,
85%
4
86
Conn By & L let &ref g 43-8 1951 • J 873 __ -- 88
4
Oct'24
87% 88% N Y Muffle Sly 1st a 419 - - 8015 8112
f 50 A.. A198469
2 Sale 8112 Apr'24 --__
3
4
- -1951 ii 873 -- - - 8378 Sept'24
Stamped guar 445
4
82
98 10013
8858 NYQEIL&Pletg 5e
Oct'24
100
1930 F A 10014
3D 8758 Sale 875
8
Cons Coal of ald let & ref be 1950
8818 33
186
903 N Y Rye 1st R E .4 ref 45_ 1942 J J 3612 I8 - 363 Oct'24 --__
4
33% 4412
4
Cont Pap & Bag Mills 6%8_1944 FA 92 Sale 91%
927
8 87
9134 94
32
4334
3714 57
Certificates of deposit- 37:4 Sale 36%
2
Ls
Con 0 Co of Ch 1st gu g 544._1936 J J 98
9812 98
Oct'24
9312 100
6
112 6
312
312
30
-year ad1 Inc .5s
01942 A 0
8
Consumers Power
1952 SI N 9014 Sale 897
901. 54
87
92%
4
12
4
11/
Certificates of deposit
_
99% _ - 9058 July'24
Corn Prod Refg s f a 5s
1931 MN
905 103 Ne 4s
8
7...;
Y1 13tate Rya let cone 4%5 1962 M N 633 Satz 6514
58
6712 59
6712
8
let 25-year s I 5s
- 101
1034 MN 1003
Oct'24
9814 10134
19
4
Sale 873
91
85
96
Crown Cork & Seal 65
7712 75
7612
3
1943 FA 75
71
85 N Y Steam lot 25-yr OsSer A 19 2 MN 98 Sale 97%
e
10
91.
98
N
94
67
9215 99
„• I 94 Sale 94
Cuba Cane Sugar cony 76_1930
95
31
9112 98
N Y Telep 1st A gen s I 4%8_1939 NI N 96% Sale 9618
96% 221
9358 9711
112
Cony deben stamped 81 4..1930 ii 9812 Sale 9814
99
,
96 10112
30
-year deben 518s__ _Feb 1949 F A 10834 Sale 108
108% 24 105 10834
Cuban Am Sugar 1st coil 88_1931 M
10814 59 107 10812
108 Sale 108
10614
20-year refunding gold 68_1941 A 0 1100062;82
1073
4 64 1031a 1073
4
ii 97
Cumb T & let A gen 55_ _ _1937
9712
9712 9714
6
941 98% Niagara Falls Power lst 58_ _1932 1 J
Sale 100%
101
7
99 1035s
Den Gas & EL istIzref
90
g 5s'51 NI N 90 Sale 8912
29
841 911s
A 0 105 Sale 105
10534
8 10212 10618
Del,' Corp(D G) 7e
SI S 7212 Sale 7212
7412 27
1542
67
82
0
4
05
Nlag !melt & 0 Pow lot bs_ _1954 M N 103% 104 10314 Oct'24 --__
9912 104
Detroit- Edison lot coil tr 03_1933 J J 101 Sale 101
10114 25
9
9 11001112 No efm ed li. 20 Serles A__ _61932
5
103 Sept'24 --__
5
_1 9 8
RA un r n
18s0 ti
„
09 1037
2
lot & ref be Series A
10018 47
.
61940 Si S 991 Sale 09
1952 IN S 97% Sale 9612 • 9714 69
9114 98
lit & ref Os Series 13
1063
4 22 104 1073
61940 Ni 5 10612 Sale 10614
8
9
0
Secured a f g 6%a Ser 13_1948 M 9 101 Sale 1005
8
101
40
96 103
Det United let eons g 4%a. _1932 J J
94
62
93 Sale 93
8453 9114 Nor Ohio Tree & Light lia1947 M 9
Sale 90
90
17
8712 93
Distill Sec Corp con let 059 1927 AO 3712 4712 40 July'24 -40
5418 Nor States Pow 25-yr 58 A 1941 A 0 933 9378 9312
4
04
58
8914 9414
Trust certificateP of deposit
_.
3712 4212 4014 Oct'24 -47
,
8412 57 8 N Iot,,
38
tLref 11oi, its Ser B 1941 A 0 103 Sale 102
,,,
.25-yr
104
12 101 105
DolO f.Te,seh) Pack tat 65. _1942 Ni N 8411 Sale 541
. 85
11
F 4 10858 Sale 10858
87 N
tat 75 A 1041
10858 112 107 1091s
12
o Dlie Jan. b Due Feb. c Due June. 5 Due July. 6 Due Aug. o Due Oct.
p Due Nov. r Due Dec. a Option sale.
New York Bond Record-Concluded-Page 5
BONDS.
17. Y.STOCK EXCHANGE
Week Ending Oct. 24.
i'm
a .i
'S t
Price
Friday
Oct. 24.
Week's
Ranoe or
Last Sale
Ass Lott
,7,*
g'i
o,
,n
Rana.
Since
Jan. 1
o
High
Fitch No. Lts
5 103,4 11102
9512
92
1 0
Sepr24 ____
BM
North W T 1st Id g 434sgtd_1934 .1 J
Ohio Public Service 7 He_ _1946 A 0 110 Sale 19103%
6 10014 109
78
109
1
947 F A 10738 Sale 107
943 993
8
4
9914 25
Ontario Power N F let Sa.-1943 F A 99 Sale 983
4
04
813
9
Ontario Transmission 5e....._1945 MN 9512 9714 9712 Oct'24 ____
93 10112
4
Otis Steel 8s
1941 F A 9314 933 93
85
95
let 25-yr at g 734s Ser 8_1947 F A 86 Sale 86
9084 95
82
95
Pacific 0 4, El ego & ref 58. _1942 J J 9438 Sale 937
8
23, 9153 99
99
Pac Pow&Lt Istarref 20-yr ba '30 F A 99 Sale 9853
8
965 100
8 19
995
Pacific Tei & Tel 1st 5a
1937 2 1 9912 Sale 9914
9053 9358
9318 56
8
4
1952 M N 93 Sale 923
8 20, 9914 10514
Pan-Amer P & T let 10-yr 78 1930 F A 10413 Sale 10414 1047
94 100
4
9512
Park-Len (ctfs) 635s
1953 2 J 9412 Sale 94t2
Pat & Passaic0& El cons 6a 1949 111 S 9712 983 99 Sept'249373 99
4
PeoP Gas & C 1s1 cone g 613_1943 A 0 107 108 10714 Oct'24'........I 10414 108
8714 08
3
9418
1947 M S 9418 Sale 9418
Refunding gold 513
9953 10378
4 61
1023
1944 F A 1023 Sale 102
4
Philadelphia C 68 A
96
90
2 36
947
5318
1938 M 14 9418 Sale 94
9114 102
8 23
1015
nails & Reading CA Ire:58.1973 J J 10112 Sale 191%
6818 87%
8 98
1943 hi /3 8312 8412 83
845
Pierce-Arrow Sa
101121 17
84/s 10214
8
1931 J D 101 14 1015 101
Plerce Oil a f fis
8
947 100
99 1 15
.
Pillsbury 1/1 Mille 6s(Ma) _1943 A 0 99 Sale 9812
9714
93
bet 1928 J J 9714 ____ 9718 Oct'24 ____
Pleasant Val Coal let g a f
9012 9112
2
8
925
8
8
Pocah Con Collieries let 8 f 5a1957 J .11 925 937 9253
99
95
1
2
985
8
988
Portland Gen Elec lat 56-1935 J J 9853 99
9378
86
9378' 14
9318
Portland Ry let & ref 56....i1530 M N 9318 94
3
803 90
6
84
8
Portland Ry Lt at P lat ref 581942 F A 84 Sale 835
4
893 97
21
95
N 9412 Sale 9412
138 13
,
1947 it
16 103 107
lat A refund 7349 Ser A_ _1946 M N 10412 Sale 104)2 105
Porto Rican Am Tob 103___ _1931 MN 105)4 ____ 10514 Oct'24 ____ 10418 10612
8812 95
8
4
913
_ _1933 J J 91
Premed Steel Car Sa_.
8
917 9112
8
Oct'24 ___ 1093 116%
Prod & Role f 8a(with warnts)'31 1 D 10912 Sale 110
Without warrants attached_ .1 0 10912 110 10912 11012 21 10611 11034
77 1117
4 70
ub Sera Carp of Niger' i.a 1959 A 0 10458 Sale 1045
8 1043
004
90
9712 93
,
Pub Sent Elec & Gas 1st 51481959 A 0 9712 Sale 0612
96 101
10313 65
8
Pub Serv El Pow & 1.tg 68_1948 A 0 1045 Sale 103
10618 85 105 122
Paula Alegre Sugar 78_ ._ __19.37,2 1 10512 Sale 100
9512
92
9412 19
1937 M N
9438 Sale 94
Remington Arms 68
37
9634
93
92
Itepub I & El 10-30-yr 5a s f..194014 0 925 Sale 92
8
8
8/5 93
93 I 41
&Sts
1953,2 2 9112 Sale 9113
7412 9102
4
75
195211 0 70
Robbins & Myers e f 7s
7412 7412
91
90
Roch & Pittis Coal & Iron 5e_19461M N 9013 __ 90 Aug'24 __ __
90
74
7512 10
7512 Sale 7512
Rogers-Brown Iron(0 78 __ .1942 M N
4
761 8134
Oct'24 ____
84
01 2118 ity Lt Hi & Pr 53._ _ _1937 M N
86
84
80
7812
74
5
8
St L Rock Mt & P Se 81mpd_1955 .1 1 774 793 7814
52i2 7812
Oct'24 ____
1924 A 0 9912 7012 70
St Louis Transit 08
9112 9312
4
9611 95
9612
1937 1 J 95
St Paul City Cable 541
9513 1013
10112 17
4
St Paul Union Depot Se„..1972 1 .1 1011. Sale 1003
4
1942 ed 13 105% Sale 1053
9 102 10573
4 106%
Saks Co 713
4
933 100
4 17
993
0912 100
9014
San Antonio Pub Ser ea____1952 1 J
11 100 104
104
Sharon Steel Hoop 181 82ser A '41 M S 10313 Sale 103
2 10013 105
4
1043
Sheffield Farms 6448
1942 A 0 1043 Sale 1043
4
4
22
91
83% 9112
Sierra & San Fran Power Se _1049 F A
2
907 Sale 8912
8512 97
904 97
ainclalr Cons Oil 15-year 78_1937 rd P 8934 Sale 8913
8212 9014
47
85
8348B (w1)
4
) 843 Sale 8418
193S J I
97 10114
1925 A 0 10014 Sale 100
1005* 50
Sinclair Crude 0115(48
1003
3
957 10114
4 52
1926 F A 1005 Sale 10014
8
68
818 86
1942 A 0 843 Sale 3412
845* 49
8
Sinclair Pipe Line 513
8
1025* 37, 1005 10413
South Porto Rico Sugar 78..1941 J D 102 Sale 10134
9912
9812 111 94
South Bell Tel & Tel 1s1 s f 581941 J J 9814 Sale 98
9313 97
963 Sale 9613
Erwest Bell Tel 18t & ref 5a.._1954 F A
4
96% 303
9312
8 111 87
917
9outhern Colo Power ea.__ .1947 J 1 91 sale 91
8
10353 31; (1412 101
Stand Gad A Ed deb g 63413. _1933 M 8 112 10318 1017
4
Oct'24 _ _I 953 100
30
5a -.-19: MN 9934 10012 100
Standard Milling 151
10612 18 103 1061.
,
Steel & Tube gee 9 1 71Ser C 1051 1 J 13513 106 106
03
98
9413 98 Sugar Estates (Ortenic 78 _1042 NI S 9512 sale 95t2
1929 FA" 98
Oct'24 ____1 93 100
98
Superior Oil let a f 78
99
dYniCuSe Lightlug let g 69 .leal J D
9812
5
9812 99
9812
92
9834
Light & Pow Co coil tr a l5a '54 J .11
8418 105
8
_-- 1047 May'24 ___
9914 10213
5
8
Tenn Coal Iron A RR ens 58 1951 2 J if/lid 10212 10112 1015
,, M le 10112 10212 10112
ri•
.
1 •,nilpfLare Cop 1.1 •.rosk. 11a
10112
9712 103
4
70
Tennessee Elec Power lot 60.19473 D 98 Sale , 9734
98
9353 9878
1960 J J 543 Sale I 5412
5112 6158
Third Ave 1st ref 49
5558 69
8
Ad) Inc is tax-ex N Y___a1901) A 0 46 Sale 1 45
147
8
47
3912 585
1937 2 1 9414 95 I 9353 Oct'24
8
927 96
Third Ave fly lot g 53
9 102 1044
8
4
1037
Tide Water 011 10-yr 6(48_1931 F a 1033 Sale 1035*
1941 M S 10914 Sale 10914
8 49 106 10978
1097
Toledo Edison list 7.)
8
9102 101
8 22
1003
Toledo Trac Lt A Pr 6% notes'25 F A 1003 Sale 10018
Sept'24 ____
97 97
Trenton 0 & El 1st g 5a_ _1949 MI S
----! 97
4
MI
911
Undergrd of London 433a..1933 1 2 883 ____' 90 Aug'24 __
1948 1 J 79 _ _ __ 8813 May'24 ____
8812 8812
Income as
9312 12
92 . 9838
Union 13ag & Paper 1st M 69.1942 NI N 9318 9419 9312
8
1
,
9718 10
8
Union El.pc Lt A Pr list g 50_1932 M S 995 10014 995
09 3
014
1933 M N 9812 Sale 9812
4
933
Ref & ext 58
7
02
99
1915 a 0 76
70
77
77
Oct'24 ____
77
Union Elea Ry (Chic) 58
100
2
21
95% 10214
Union Oil lot lien a f 5e_ ... _1931 J J 997 ___ 097
May 1942 F A 103 1033 103
103
2
8
9918 103
30-yr 6aSer A
9 103 10518
105
Union Tank Car equip 721_ _1930 F A 104% Sale 10412
8
1941 .1 D 1153 Sale 11512 1153 116 1 i 112 1103
4
4
United Drug cony 8s
8 36
907
9212 90%
United Fuel Gas 1st s f 68_ _1936 J J 9912 Sale 9912
8
99
54
99
91
United Rys Inc 5a Pitts issue 1926 MN 99 Sale 987
99
9912 9878
99
91
19
99
I
Stamped
i
8
4
8118 p
7014 14
United Rys St L 1st g 49......1034 J J 683 70 70
9214
9212 14
8
I5-yr 6s......1937 al N 9213 93
United SS Co
4
102
8
6
9814 10214
United Storm Realty 20-yr 68 42 A 0 1013 Sale 1013
8412 152
7812 877
3
U S Rubber 1st & ref 53ser A 19473 J 84 sale 84
.
4
10414 39
10-yr 714% sec notes. _19:10 F A 10414 Sale 1033
l4
ria8
4
4 10
1013
US Smelt Ref & M cony 68.1926 F A 1013 Sale 101 14
4
_
4
U 8 Steel Corpicou pon.d1963 NI N 1043 Sale 10412 1043 287, 102 105
3
10418
11 1010 10112
a f 10-60-yr 5sIregistered.d193 M N ____ ____ 10418
83%
80
5
Utah Lt & Trac 1st & ref 5s..1944 A 0 8412 Sale 8412
8712
4
8
93
76
8753 933
Utah Power & Lt let 58.. _.1944 F A 923 Sale 923
8
Oct'24 ___
973 101
Utica Elec LA Pow lets f 5s 1950 1 J 9914 ____ 99
9
4
Oct'24,..._
Utica Gas A Elec ref A ext 55 1957 J .1 978 9812 99
57
19533 J 50
5018 Sept'24
9
95;4
5 8 16434
_
Victor Fuel 1st is f 5s
5318 8512
21
194712 D .59 Sale 5814
59
Va-Caro Chem In 78
57
60
57
57
527 6412
5
s
Certificate.) of deposit
4
5312 593
Oct'24 ____
54
56
Certificates of deposit stmpd!- -. -1 63
2712 7314
7345 with & without war_ _1937 J D 28 Sale 2712
40
28
34
4
26
28
Certifs of deo with warrants.' _... -I 273 28
I
28
92
Va Iron Coal & Coke lot g 53 IDIOM S 8953 913 8912
88
4
91
4
9512
1934 J J 9214 Sale 92
83
Va Ry Pow let A ref 5s
9213 37
8
89% 9738
Vertientos Sugar let ref 78..1942 J D 927 Sale 923
74
4
05
87 10314
Warner Sugar Renzi 1st 73_1911 J 0 8812 Sale 87
90% 163
Warner Sugar Corp 1st 78_ _1939 .1 .1 7858 Sale 7714
7714 9,s34
4
823 242
9942 101
2
8
Wash Wat Powers I 5s. _ _ _1939 J J 1005 Sale 10012 1005
8
8
8
963 100
Westches I.tg g 5s stmlarl gtd 19503 D 997 . __ 100
45
100
2
:
gm 953
5
West Penn Power Ser A 63..1916 M S 95 Sale 9412
955*
-year 68 Series C____1958 J 0 105 1053 101
let 40
5 101 10.5
8
105
4
1946 M 9 106 10618 1053
let 78 Serial D
4 10414 1073
8
1065
4
1963 M 8 93
4
863 9712
lot 5s Series E
9313 93
9313 16
98 102
49
1953 A 0 1003 Sale 10012
1st 5348 Series F
4
101
99
96
233
_. _1944 A 0 987 Sale ! 9812
eb Is....
Western E ectri
99
8
8
967 101 14
Western Union coil tr cur 58.19383 J 1005 Sale 1001 1
8
10051 15
90% 9718
18
Fund & real estate g 4348.1950 M N 943 95 i 943
95
4
4
8
8 1085 11214
8
1115
-year 630 g
1936 F A 1115 Sale 1115
15
8
8
Westinghouse E AM 7s._ _1931 M N 108% Sale 10814
10812 53 10634 10914
7973
51
Wickwire Spen Steel 1st 70_ _1935 J J 73 Sale 73
7412 26
95 100
4 46
993
9 f 630._1933 M S
9914 Sale 987
8
80
9834
8812 105
Wilson & Co lot 25-yr s f 86_1941 A 0 8812 Sale 8713
93
44
51 , 50
-year cony s 163
19282 D 5012 Sale 4913
10
4612 100
5212 35
4
10-yr cony 13 f 7 lie
p1931 F A 52 Sale 513
8
102 1 12 1003 10214
4
4
1941 A 0 1013 sale 1013
Winchester Arms 7145
07
94
96 1 122
8
8
Young'n Sheet AT 20-yr 68_1943 J J 955 Sale 945
a Due Jan (1 Due April c Due March. e Due May. ti Due June. 5 Due
my. It Due Aug. a Due Oct. y Due 1340. ,Option sale.
.
gl ?.g
121-
w,,,,s_overland
[VOL. 119.
THE CHRONICLE
1944
Quotations of Sundry Securities
All bond prices are "and Interest" except where marked
Railroad Equipments Per Ct. Ns i
Standsrd 011 Stocks Pa: Bid. Ask.
5.20 4.95
Anglo-American Oil new. El *1612 1614 Atlantic Coast Line tis
Equipmeot630
90
Atlantic Refining
100 89
4
5.1
100 109 10912 Baltimore A Ohio 68
Preferred.
4.95 4.70
Equipment 414* A Se__
Borne Sorymser Co
100 200 220 i
6112 Buff Roch A Pitts equip f1s. 5.10 4.85
p.refe e P
Buck e yr realpe Line Co_50 .61
5.05 4.85
Chesebrough Mfg new_ 25 *4713 4812 Canadian Pacific 4148 & 68
5.23 5.00
100 114 115 Central RR of N J 613
6.35 5.05
48 Chesapeake & Ohio 8e
25 .43
Continental 011 new,
5.0; 4.80
14
Equipment6SO
Crescent Pipe Line Co__ 50 *12
5.00 4.80
Euuipment53
Cumberland Pipe Line...100 135 138
8213 Chicago Burl & Quincy 88_ . 5.25 5.00
Eureka Pipe Line Co____100 81
5.50 5.05
55 Chicago & Eastern Ill 5348
Galena Signa101icona_100 53
0 .
.35 4 0
100 110 116 Chicago & North Went 68_ 5 0 6.85
Preferred old
Equipment6338
100 102 106
Preferred now
4
Oil Ref new_ 25 .363 37 Chic R I & Pac 4348 & 5s...._ 2.5.155 4.
Humble
5.20
Eouipmentfis
100 123 125
Illinois Pipe Line
2g
4
25 .1073 108 Colorado & Southern Ms__ 2..4
Imperial 011
Delaware & Hudson 63
Indiana Me Line Co__ 50 *76
78
5.00 4.70
4
International Petroleurn_G) •193 19% Erie 434 is & 58
5.50 5.20
Equipmentes
4
Magnolia Petroleum____100 133 1393
6.20 5.00
ee
uipuieii
NorthenGz
National Transit Co._12.50 2214 g112
5.00 4.70
New York Transit Co_100 6l*
5.40 5.10
79 Hocking Valley 68
Northern Pipe Line Co-100 78
5.00 4.75
EquIpment 5s
25 .65
66
Ohio Oil new
& Se_ 1..38 1.2
Central
e
ii l 1 p m n t
nou80 e u
Mel Fuel Co
Penn
4
1111
18
)
0( *
Pralrle 011 ar Gas new___125 2T4 235
5.00 4.80
.;
Equipment 7et 44 8
10512 10534 ana w b a & r,4 1s 1 6340 __ __ ..
Prairie Pipe Line new.,.
.
4
. 0 50 0
5.2 0 5.10
100 182 '185
Solar Refining
,
Equipment 41 48
Southern Pipe Line Co..Co100 8713' 8812
0
04
100 133 1135 Kansas City Southern 534e. p 5.05
South Penn Oil
SO
Soutnwent Pa Pipe Lines.100 76
;
l
4
_!q
e vi
' u l e a' trevrne 68-Standard 011 (California) 2.5 *533 59 L°"ipime ni it
5.20 4.95
4
8
Standard 011 (Indiana)._ 25 .583 537 Michigan Central 58 & 68
0 .
3 5 10
25 3512 3(1 1 Minn St PASS M 434e &IR 5.30 5.00
Standard 011 (Kan)
4
Standard Oil (Kentucky) 25 *117 ; 1173
Eg diP K n tsJ& Texa168
Miaso u rimean 6 " & 78 - 5.65 5.35
Staudard 011 (Nebraska) 100 244 1246
t
36% 3612 Missouri Paific 6a &(We_ 5.65 5.25
Standard 011 01 New Jer. 25 .
100 11714 11712 Mobile & Ohio Vais & 58.-- L13(511 4.90
Preferred
P
-is
Standard Oil of New Yolk '25 .423 42% New York Central.0 & be
5.20 4.95
100 310 3141 Equipmentas
Standard Oil(Ohio)
Equipment 7s.
100 11412 118
Preferred
100 40
42 Norfolk A Western 43.48..._
Swan A Finch
Union 'Cant Car Co___101) 122 12412 Northern I tactile 78.......... 6.10 4.85
. 0
100 113 114 Pacific Fruit Ezprens 7e.___' 5.10I :..n
Preferred
.5 7214 7212 Pennsylvania RR eq 54 & 68
Vacuum 011 new
.15
5
6 ! 4.90
10 2912 30 Pitts A Lake Erie 6343
Washington Oil
.25
Equipmeatee
Other Oil Stocks
5
4
.
4
5.50
8 3 Reading Co 434e & 5t1
(t) *25
Atlantic Lobos 011
60 .7
10 St Louie A San Franci8co 51_ 5.15 4.90
Preferred
25 *645 61% Seaboard Air Line 448 & 58 6.50 4.00
8
Gulf Oil new
l
g n e ac 4
12
2
Mexican Eagle Oil
1:
6
5 44 4 Iti4 SotX. ii mPn41103 Co 0413-Mutual 011
G
5.05 4.85
100 100 111 1 Southern Ry Cie& 58
National 1,5.30 5.00
Equipment fie
2
Producers-- 10 *263 2612
Salt Creek"el "
5 .114 2 Toledo & Ohio Central 6e___ 5.35 5.10
Refining
Sapulpa
5.00 4.80
Union Pacific 7a
Public Utilities
Tobacco Stocks
84
•83
Amer Ciaa A Elec new---(:)
77
50 .44
American Cigar common 100 74
46
Preferred
87
100 84
MAN 05
96
Preferred
Deb Os 2014
Amer Light & Trac com.100 13712 13812 Amer Machine & Fdry_ _100 150 153
4
mer Tobac ord. £1 .233 2414
100 92
Preferred
4
£1 *233 2412
43
93
44 9ri3nettireAr
Amer Power & Lt corn
flelme (Geo W) Co. COM 25 *64 67
91
100 89
Preferred
100 112 114
Preferred
9412
SIAS 94
Deb Cis 2016
1704 1814
Amer Public Utll com_10091 Imperial 'rob of 0 B & Irel'd
100 16'- 93 lot Clear Machinery_100 6313 66
7% prior pref
_
Foil A 7.let_100 75
100
76 Johnson Fin
panic
4% pan prof
75
MacAndrowe & Forbee__100 149 151Blackstone Valli& Ecom 50 z73
100 99 101
Preferred
Carolina Pow A Lt com_100 229 234
31
100 29
Mengel Co
Cities Service Co com_100 143 145
100 785 7918 Porto Rican-Amer Tob_10C 53 60
3
l'referred
36
.aaf Tub coM.100 32
Preferred B
eferrl d
4
58
73
7. 5 Ungerea el
85
100 82
1 11
109
1
,
r 1 ts
fer %B amiers,sbare. 7%3
s,r .B
100 120 123
4
•1414 143 Young (2 8) CO
Cit.Pleare
100 102 104
Colorado Power com____100 3414 3514
Preferred
Preferred
100 9212 9412 (tubber Stocks(Cieselead) prices)
10
5
Com'w'th Pow Corp Com (I) •10I 103 I Am Tire & Rub coin
100 7512 7612
40
25
Preferred
Consunaere Power prof _100
orr cel re te
l
Fireitopp e filrr rr iid Rub corn 10 *8712 90
100 ___. 9712
Elee I3ond & Share pref _101)
100 9212 0311
o
G)
S we ris es
tiig
Elec liei, ecur tiecurium_i ) !F4121;191N2341
9 8013 General Tire & Rub corn 50 *230 240
7
I
100 96 100
Mississippi We Pow corn 100 3212 3312
Preferred
4
133 1412
100
Preferred
8814
41
n I
gae°1- n 088
First rntge Ma 1951_ _J&J IN3
India Tire & Rub Corn..100 04 100
8 F R deb 78 1935...MAN 10204
100 90 100
(1) •159 1163
Nat Power & Lt corn...
94
Gi 92
.
Preferred
Mason Tire & Rub corn.(:) •114 I%
24
100 IS
Jda 9714, 9814
Income 76 1972
Preferred
90
100 86
*81 , 1012
Northern Ohio Electrlo..(Il
100 10153
100
7,
Preferred
il
e
kruiber
1
190 f32 20
0
1
North Staten Pow eous..100, 8E1 12. Mohawk
Preferred
Preferredubber
10
Nor Team. Elec Co com_100,
100 75 80
1001
Preferred
Pacific Gas & El let pret 1001 9112 02 Swinehart Tire A It com..100
100 __ _ _ 16Power Securities com_(:)1 .8
Preferred
11
Stocks
42
(1) *40
Second preferred
10
50 .8
92 Caracas Sugar
Coll trine (03 1949_,J&D 89
73
76
79 Cent Aguirre Sugar Corn. 20 *71
Incomes June 1949..F&A
100 101 104
53 Fajardo Sugar
Sound Pow & Lt..100 50
Puget
55
83
101
8' Federal Sugar Ref eom__100 50
eferred
7,,,
s, preferred
100 90 100
ed
100 d10312 10512
Preferred
MD 9612 9712 Godchaux Sugar. Ino.--(I) *3
5
1st& ref 534s 1949
32
100 26
100 35
Republic Fly & Light
Preferred
3612
25
1
Preferred
57 60 Holly Sugar Coro oom (1) *20
10
80
100 78
Botith Calif Edison corn.
9814 99
Preferred
,
7,
8% preferren
100 115 117 Junco* Central Sugar___100 85 lig
._
Standard (IA El 7% pr
aw 4 0,,u gar lu gon_in g.. 1 OO 88
,
--2
49 - Ne tier..-:1113 ero stefli
93
100
8% cum ore!
13"51 V I: 5
..
0
Tennamoe Flee Power. (6) *3814 39 , Santa Cecilia Hug Corp M10
6
-Second preferred
(3) .(5512 6612 Savannah Sugar corn...13.) .0 - 65
85
100 80
Western Power Corv_-10C 3712 3812
Preferred
U0
Preferred
82 Sugar Fatal eel Oriente 1:11 100 86
__100 79
IVest India Hug Fin core_200 10
ties
i
100 42 - ii -Term Seco,' j&J
Short
Preferred
•
1
AnacondaCop Min 621'29
10312 104 Industrial&Miscell
80
Anglo-Amer 011734925 A&O 101% 1017 American Ilarlware___ 100 78
8
100
Federal Suit Ref 613'33.MAN
99 100 Babcock A Wilcox
Hocking Valley 58 1926 Mati3 100% 101 14 131188 (E W) Co new--(1)
58
50 .50
Preferred
K 0 Term Ry 6341.'31 J&J
1928 1 2:4 112 2 Borden Company com-_100 126 128
51231
1 2 - 1t •124 128
Lehigh Pow Sec 68 '27 _FAA 101 18 10112
New corn
Preferred
Sloaa-Sheff Sad 6s '29 FAA 1017 10214
8
041
19 IN
U 8 Rubber 7342 1930_F&A 104 10414 Celluloid Company
100 c d
l
Preferred
9
i
3195
Chlida Company Cora _ (!) *31
Joint Stk Land Bk Bonds
100 112 114
Prefeed
Preferred
Chic Jt Stk Land Bk 58_1951 1013 10212
4
89
100 86
Powder
4
be 1962 opt 1932
102 l023 Hercules
100 104 105
.
Preferred
19113 opt 1033
58
10214 10314
5548 1951 opt 1931
103 10414 International Silver pref 100 107 109
4
43iti 1952 opt 1932
101 14 1013 Lehigh Valley Coal Salee 50
100 110 172
9
4t4e 1932 opt 1032
9812 100 Phelps Dodge Corp
8
43is 1963 opt 1913.-_ .. 1013 1017 Royal Baking Pow com.100 146 149
8
100 98 100
I
i
Preferred.
Pm Coast of Portland Ore
58 1954 no 1934
'J&J 10112 10212 Singer Manufactming ..100 177 180
•Per share. I No par value. 6 Basle. d Purchaser also pays accrued dividend.
4/Ex-right/
e New stock. I Flat price. k Last sale. n Nominal. z az-dividend
f Ex-stook dividend. s Bale Mice. ,Canadian quotation.
22
ug
'! .1.12 12
11..
1:0 2
8?3,' grogrrft!,Teciftene;
..Preferred
,
;3 ;3 8.,,bere yeirnrgerre A Rubber") .„
::A 1g,
12
BOSTON STOCK EXCHANGE-Stock Record s..B.T.T;...
HIGH AND LOW SALE PRICE-PER SO VIE. VOT PER OEVT.
Sales
STOCKS
Range Stnce Jan. 1 1924.
for
BOSTON STOCK
Mony, 1 Tuesdau.
da
sr.t.pw.
IA e•I n•edezu.1 Thar•oay,
,
th,
EXCHANGE
Oct. 20.
Oct. 21. I , Oct. 22.
Oct. 23. I Oct. 24.
Week.
Lowest
Highest
I
Railroads
157 157 I 156 157 I 157 158
156 156
15712 157121 15712 15712
174 Boston & Albany
8
100 1457 Mar 27 161 Oct 7
7412 74
74
7512 7412 7483 7412 7112 7412 75
7412 75
641 Boston Elevated
100 7144 Aug 8 80 Jan 8
02
92 •92
_ 02
92
92
92
92
92
43 Do pre(
8
100 887 Aug 6 9614May 10
111 113
111 iii 11112 11112 Ill 11112 •111
------------67 Do 1s1 pref
100 110 June 18 11614 Jan 21
93
93
92
93
93
9312 92
9.,
92
92
1 l2 921
3
106 Do 20 prof
100 92 Sept 30 100 Feb 27
1812 1812 19 i 19
18
1812 18
2112 20% 2112 2014 2012 4,218 Boston & Maine
812 Jan 2 217
100
8Sent 25
•1912 2212 *1912 2212 2212 2212 23
24 .23
25
--------90 Do pre(
100 12 Jan 10 25 Sept 25
25
2612 2512 2612 26
27 , 2612 29 I 27
2314 --------3,511 Do Series A let prat
13 June 12 30 Sept 25
35
34
34
34
35 I 36
533
37
3612 3512 ____ _-__
20
Do Series B let pref
1712 Jan 2 39 Sept 25
10
31 3131
31
30
31
33
--------266 Do Series C
100 16 Feb 27 3312Sept 25
04314 ii- 47
*4314 45
45
*44
47 2 47 4730 Do Series II 1st pret
let pref
100 23 Jan 3 513
33.nt 25
•164
16418 1641s 16418 16118+15118 165 *16118 165
iLi- 1- :65
50 Boston & Providence
100 143 Jan 4 16512 Oct 14
20
20
22
*20
•20
22
20
21 I 21
21
--------105 East Mass Street Ry Co _10
18 May 12 27 July 30
63
6212 •62
*62
62
63
62
63 1 62
62
150 Do 1st pref
100 5812 Jan 8 63 June 27
Si
53
*52
51
•5012 53
5014 51,
4 51
52
-Li" --1
105 Do pref B
100 43 May 26 587
8July 28
3212 33
333 *3212 34
32
4
3218 33
3218 33
33
33
505 Do adjustment
100 28 May 21 3912 Feb 14
East MassSt Ry (tr ctts) 10(
4
313 Apr 23 3912 Feb 11
i2 28
28
-2/ -:-- £J -- '2O---- i- 2i
12
2W
,
---54---23
100 Maine Central
25 June 19 3711 Apr 9
10
8
225 2318 223 2318 23% 2512 2114 28
225 23
4
247 2.513 7,935 N Y Nil & Hartford
8
100 14 Jan 3 3012July 25
------------ 78
•80 ---- 7
79
79
79
58 Northern New Hampstdre.100 62 Jan 14 80 Sept 24
•101 105 *101 105 *101 105 *101 105
101 101
41 Norwich & Worcester pref _100 80 Jan 2 105 FOnt 25
•8912 90 , 90
90 .8912 90
90
90
89
90
8612 90
84 ()Id Colony
100 7212 Jan 4 93 Sept 27
60
61
60 i 60
6112 6212 _ _
_6312 6312
170 Rutland pref
Mar
6112 Oct 11
-bi- -617 , *90 91 ; 90 90 1 --------89 ii ____ ____
28 Vermont & Mas.sachusetts.lr .114)
22 91 Oct 14
i
I
I
Miscellaneous
I
•114
112
114
114 •114
112 *114
112 *114
112 ____ ____
3 Amer Pneumatic Service._ 25
118Sept 25
2 Jan 18
•1234 13 I 1234 123 *123 13
4
13
13
1312 1312 14
14
1961 Do
3 15 June 5
12614 1263 1265 127
4
8
126% 127
1253 12714 127 127% 127 12714 2,163 Amer Telephone
4
pretj 21 1307 Mar 12
& Teleg 12 1 : Jna e
nn
8
6913 6918 61
69% 6214 6112 62
6 ,34 61
62
60
62
3,143 Amoskeag Mfg
No pa
60 Oct 21 83 Jan 14
.7114
.7114 7212 7012 7114 70
7014 70
70
70
70
54' Do pref
Vo 113
70 Oct 8
Aug 14
•x14
17 •x14
17 *214
17 *x14
17 •x11
17
-------------- I Art MetalConstruc,Inc_ 10 13 Aug 8 79
46
.712 •6
712 4.6
_
16 Feb 15
712 *6
712 *5
712 ____ ---Atlas Tack Corp
No par
6 June 10 1014 Jan 8
*107 ____,•107
___. 107 107 *107
____ 10634 1061 10612 10612
45 Boston Cons Gas Co pref. _100 104 Jan 18 108 July 1
0.07 .08 •.07 .08 ".07 .03
.07 .03
.07 .03 ____ ____.
1 Boston Mex Pet Trus_No par 07 Mar 29 .20 Jan
23
10
23 . 4 233
233
2314 2312 2334 24
21
24
24
.
24 1
34
36
750 Connor (John T)
34
36 .
35
36
035
281s Mar 5
36
•35
36 1 35
35 1
501 Do m iteop Stores, Ltd
pre nlram
' 1 4 N?acy22(2 35 Sept 26
211 2
1
*9212 ____ 09212 ____I *9212 ____ .9212
.9212
100 84 Jan 15 86 Aug 7
*2
3
"2
3
3
"2
3
"2
3
____ __ _ 'East Boston Land
25
•:1
2 S t22
4
L Feb 22
10
5
0212 312 .212 5
.212 5
1% 45
8 •212 412 .212 412
100 Eastern Manufacturiag
Oct
043
44
43
43
43
43
43
43
43
43
44
4412
530 EasternrSe Lines, Inc
04
pr e rl
25 38 Jan 3 55% Mar 8
36
035
*3514 36
36
3612 36
36
*35
37
5, ja
0
No par :4111 J an 2
Feb
*88
90 "88
90
*SS
90 "83
911
*83
90
90
90 I
lot preferred
17712 178
1773 17812 17712 178
4
17712 173
177 173
177 178 i
535 Edison Electric Illum
100 16312 Jan 2 190 Aug 6
*27
8 318
27
8 27
8 *27
8 3121
27s 27
•27
8
312 -------- 1501 Elder Corporation
43
8May 14
No par
2% Jan 17
36
*3512 36
*3512 36
3512 35 '3512 36
____ ____'
,2
10 Gal veston-llouston Elec__10(1 13 Jan 11
411 Aug 31
____ ____'
Gardner Motor
33
4Sept 10
No par
612 Ian R
011612 -_-_-_-_ *ii5i1 - - -- *iiiii2 - - - - •ii5j2 :::: •iieT2
___ ____
____
____
Georgia Ry & Eier
100 11314 Mar 26 11612Sept 16
027814
-- .17814
.
7712 -- - - *7712 - -- - •
7712 - - - - ---- ---5% non
100 79 A.:it 18 SO Jan 3
.1212 13
1212 - 117 1214 1214 .1214 1212 ..1214 1212 ---------105 Greenfield corn met
11 2
Tap & Die
25 1214 Oct 21 15% Jan 7
•48
50
48
4814 *47
.47
50
43 ---------- ---127 Hood Rubber
43
50
Ma'25
493 4914 •49
4
,• 49, 50
4
49 ---------- ----20 Internet Cement Corp.1 p
*4912 5012 *48
2 ar 47
r
•.15 .40 •.15 .40' •
.15 .40 0.15 .40 8.15 .40 ____ ____
'International Products_No par .10 Feb 18
112May 26
•112 2
*112 2
*112 2 1 912 2 1 *112 2
2 June 20
.25 Feb 14
I -- -- ----1
I Kli d Pref body Acceptance
g oer. Pes,
1328412
85
85 .•8135
____ •x85
___ -I ---- ____!
34' Corp Claw' A prof
"x85
Libby_10 80 Jan 3 85 *Oct 21
100
.518 -5
512 *5 -- 3
58
,
5
5,
8 518
51
518 51s
303 Libby. McNeill &
5-14 June 12
612 Jau 4
•70
71
•70
71
____
*70
71
71
*70
71 I .70
_
ILtncoin Fire Insurance.._ 20 70 Jan 9 70 Jan 9
.
93 10
93
912 9
*912 93
10
4 *912 9
10
34
934
,2
560 Loew's Theatres
1012 Jan
9 Mar 21
25
6814 69
6712 6814 67 677
8 6712 63
673 6812 68 68
4
1,213 !Massachusetts Gas Cos
100 67 Oct 21 RI Feb 20
65
65
65
6512 6512 653
653* 65
3 65
65
65
65116 Do pref
100 62 June 26 70 Jan 31
164 164
163% 164 •164 16512 165 165 .164 165
165 165
81 Mergenthaler Linotype_ 100 150 Apr 22 17112Sept 25
*9
1014 1014 10
10
97 10
8
93
4 *9
10%
93
4 *9
380 Mexican Investment, Inc
10
612 Jan 2 17% Feb 21
33
3314 327 33
8
323 3312 --------248 NIISSISSIppl River
323 323
4
4
4
4 323 33
Power
100 19 Fob 18 35 Oct 2
8812 88
8312 *83
*83
88
8812 *88
.88
8814 --------5 Do stamped pre(
100 80 Jan 4 90 Sept 25
31
33
14
313 318
318 312
314 33*
33* ---------1,132 National Leather
3
10
2 Apr 24
42. Jan 28
*214 3
3
.2
1
214
2
2
--------- 1,705 New England 011 Corp
2
2
2 `
tr ctfs_
2 Jan 2
514 Apr 8
•14
17
1612 •14
15 I 1412 143
1212 1212 15
4
2001 Preferred (tr Ws)
100 1212 Oct 21 31 14 Mar 20
105 1053 1013 10514 105% 10512 10518 10312 105 1053* 104 10134
4
s
922 New England Teleohone_1011 103 Sept
16 1153* fan 'v
'21l 22 *221
22 *22112 2212 .22134 2212 .72212 2314 23
23 I
300 Orpheum Circuit, Inc
1
14 Jan 16 23 Oct 24
78 78
76
787
8 7514 76
7512 7512 7312 7512 72
7312
681 Pacific Mills
72 Sept 30 87 Feb 14
1614 *718
16
16
16 •xig
16
1614 •2113
1614
120 Reece Button Hole
10 113 Jan 5 17 July 22
4
.212 23
4
25
2% 23*
8 23
.212 23
4 *23* 23
4
55 Reece Folding Machine
10
218May 14
3 Jan 2
_ _ __I
Strome
5 12 Oct 3 .40 Feb 15
16E94
1661
10514 1-08'- 15i12 10512' 668 Swift &Magneto
105' 105' 10512 166
.
Co
100 100 June 11 10114July 30
39
3812 3812 .38
39 , 3912 3912 *39
39
40
39
39 I
52 Torrington
25 35,2.1une 3 42% Jan II
*6
9
9 1 •11
.6
9
9
013
9
I _
Union Twist Drill
5
7 Feb 2 II) Feb II
39 4 393g 3914 3912 3914 393* 3914 397
,
g 393 393
8
4 393 10 4 2,586 United Shoe Mach Corp
8
1
25 34 Jan 3 397 Oct 22
8
27
2612 2612 27
2714 27
27
2712 .27
2712 27
27 I
398
Do pref
24% Feb 29 2712 Oct 22
2018 2014 201s 2018 203* 2014 203* 2018 2012 1,625 Ventura Congo' 011
20
19% 20
Fields. 5 1914 Oct 15 27 Jan 29
1614 163
4 1614 1634 1612 163
165s 17
4 163 165
8
8
2,020 Waldorf Sys, Inc,new oh No par 13% Apr
•7
30 1714 Jan 9
•7
8
*7
8
7
7
30 Walth Watch CI B cona_No par
612 Jan II
1012 Feb 1
16
16
16
•7-- 12 16
1512 1i16 I •16
16
17
40
Preferred trust Ws
100 14 June 10 2312 Fell 13
1612 1612 .1612 17
*1612 17
151612 17
17
17
35 Walworth Manufacturing_ 20 15121une 20
21 14 Feb II
3712 377
37% 377
373* 38
38
37
37 4
3714 373* -5713 - 3- 4,081 Warren Bros
50 2115 Jan 3 383 Mar 12
4
8
*38
39
3834 383
*38
4 39
39
39
39
3912 39
40 i
154
Do 1st pret
50 343 Apr 25 41 Jan 25
4
4,38
3012 .3814 40 "3814 40 , .3814 40
*3814 40
Do 211 Prof
50 38 Mar 5 42 Jan 18
Wickwire Spencer Steel
5 90 Aug 20
518 Jan 14
Mining
1
.
1
•.25 .50 0.25 .50 . .25 .50 ..25 .50 •.25 .50 •.25 .50
Adventure Consolidated
25 20 Apr 8 .25 Sept 4
5.10 .20 +.10 .20 *JO .20 +.10 .20 •.10 .20 •.10 .20
IAlgomah Mining
25 .10 Jan 15 .20 Mar 20
13
8' •I
.95 .95 *I
*1
114
13*
112
13
3
13
s
129 Arcadian Consolidated
1 14
25
75 June 16
212 July 21.
012 912 .95 10 I
8
93
4
4 9% •93 10
934 1012 1014 11 1
915 Arizona Commercial
5
8 Jan 2 12% Aug 19
•1512 1612 •1512 161 •1512 1612 *151* 1612 .1512 1612 •1512 1612'
IBIngham Nlines
10 14 June 13 UN Jan 15
1412 1478
1414 143
15
15
1434 15 I 143 15 1 147 1518 2,554 Calumet & Herta
4
8
25 135
8May 15 19% Jan 7
1
118 118 *1
1 I
l's
1 14
118
1
1 I .1
114j
624 Carson IIIII Gold
1
1 Mar 31
3 Feb 1
23
2312 2318 233
2212 2314 2314 231
2312 24
4 23
2412'
736 Copper Range Co
n5 1812June 6 2914 Aug 20
__ _.
---_ii ______ I Dav13-Duly Copper
10
35 Jan 3
8
0334 -11-8
43 Jan 23
4
.33 -1
33* 33
4 *33 -11-1--i--I-;3i4 418!
18
4
4
8 "i4 1
18
25 East Butte Copper Mining. 10
314July 15
512 Jan 24
8.513 .75 •.50 .75
.65 .65 •
•.50 .75 '
.50 .75
.40 .40,
30 Franklin
25 40 May 24
1 Jan
*.80
1
1
1 1
•.75
.75 .75 0.75
1
1 1 ..75
I 1
30 Hancock Consolidated
25 .75 June 26
2 Jan 28
*21
2112 "2012 213 *2012 21 1 2012 2012 20% 207
21
4
21
155 Hardy Coal Co
1
2014 Oct 21 2812 Jan 7
0.70
1
.70
I 1 •.70
I 1 •.70
.80 .80 •
1
..75
1
100 Helvetia
25 3u May 10
112Sept 2
127 128 1 12812 12812 127 128
12712 123
4
1263 127
128 130
531 Island Creek Coal
1 91% Apr 2 135 Aug 28
*9512 96
9512 9512 95
9512 *95
*95
96
96 . 95
9518
63
Do pref
I 90 June 4 100 Sept 11
15
1514
15
15
*1412 15 •1412 15 .1412 15
15
16 1
lser R
235 K le , ioLal Copper
e
25 12 June 7 20 Jan 3
'Ps 2
•15
8 2
.13* 2
•158 2
*1% 2
8 2 1
•15
5
1125187 5
218 Feb 13
•310
1
•.65
*.60
1
1
• 65
1
•.60
.o
1
.50
25 Keweenaw Copper
25 .50 Jan 7
1 Feb 19
•114 2
•114
*114 2
2
•1%
*114
2
2
*112 2 1
Lake Copper Co
25 .90 Apr 3
2 4July 23
,
238 .214 212 *214
212 .
214 214 *2
214
212
214 214
70 La Salle Copper
8Sept 24
25 .70 June 13
25
13
8 9%
•112
1 12
1i2 •118
1 14
112 •1
1% •118
112
100 Mason Valley Mine
5
2 Mar 7
1 14 Oct 23
112 *1
112 *1
1 12 .1
•1
112 *1
1 12 51
112
Mass Consolidated
25 .50 Jan 8
1% Aug 20
212 .2
212 *2
2
22
,
2 I
2
Vs 218
*2
212
110 Mayflower-Old Colony
5 July 21
25 80 Apr 9
3112 32121
31 I 31
31
35
32
3212 35
*3112 33
*31
97 Mohawk
25 2312June 13 3812 Aug 20
1914 193
19
1938 1912 19
8 1934 2014!
1912 20
•193 20
981 New Cornelia Copper
4
1612 Jan 2 23 Aug 18
.75 .99
1
.70 .95
.75
.70 .90' 4,641 New Dominion Copper
118
.90
I
I%
.75 June 19
2% Apr 7
35 0_ _ _ _ 35
35
35
35
•____ 35
1New River Company
100 35 June 16 40 Mar 11
*6014 63 .6014 63
64 .6014 63
63
63
63 •62
062
75
Do pref
100 60 June 10 75 Mar 11
6
4 1 4
6 14' 6/
614
6% 618 *6
614
13% 614
485 Niphssing Mines.
/
(11(1 61
/
53 Jan 10 611 14Feb 1
5
4
212 23
23* 27
312
8
2% 3%
314
3
318 3%
1,310 North Butte
17 Oct 7
15
8
6 8July 25
,
•.75
1
I
.65 .65
•.75 .90 0.75
10 09bway Mining
•.75 .90 •.75 .9
25 .40 June 10 .95 Aug 18
21
2112 21
21
*20
22
2112
*20
22
2052 20% *20
133 Old Dominion Co
25 15 Jan 30 2712 July 28
84
0414 43
43
8 438
412 412
4 .414 4
43
•414 4% •414
45 Park City Mining & Smelt_ 5
312 Jan 3
518 Feb 1
*1212 13
13
*123 13 2 •1212 1314
1284 1284 .1212 1314 13
4
75 Pd Crk Pocahontas Co.No par 10%July 11
,
1512 July 23
19 1 10
20
2012 21
21% 203 203
•20
8
133 Quincy
8 1914 1912 19
25 14 June 10 253
4July 28
3312 34
33 1 33
3412 1,460 St Mary's Mineral Land
34
33 I 33
34
32
33't 33
25 211 June 16 4014 Aug 18
.95
1
•355 .00 •332 .90 •.55 .90 •.62 .00 *.75 .90
800 Shannon
112Sent 13
10 .30 Apr 2
•.25 .75 •.25 .75 •.25 .75 ..25 .75 0.25 .75 • 25 .75
1 5outh Lake
25 .25 July 19 .40 Sept 8
1% I%
4
13
Is
'lii
•114
134 *114
260 Superior
1% *1 4 13
4 •114
,
25 .90 Jan 15
175July 25
1
8
13
•1%
114
1% 0 11s
11 .11s
/
4
138 .1 18
Vs •1 14
120 Superior & Boston Copper_ 10 .25 Aug 19
2 July 26
212 23*
5
214 23
2% 214
930 Utah-Apex Mining
214 212
218 218 .23
8 212
17
8June 26
5
314 Mar 8
Utah Consolidated
-1
1 .01 Jan 3 .01 Jan 3
.2i
-6
:15 -- -;.2- .30 460 Utah Metal & Tunnel
-:56
.25T25 -.25 .25 - 5 .25
.21 .14 June 18 .70 July 22
•.50 .70 •.50 .70 •.50 .70 0.50 .70 "
.50 .75
1.50 .75 •
1 Victoria
25 15 Apr 24
1 Aug 18
•.25 .40
.40 .40
.35 .35 • .25 .40 •.25 .40 ..25 .40
270 Winona
25 ,13 Feb 6 .71 July 22
• 20 .25 •.15 .25 •.15
25 0.15 .25 •.15 .25 •.15 .25
• Wyandot
25 .10 July 23 .25 July 26
•Bid and asked ono.. o eelA, us IbIsclay. a Es-rigid... 0 112-61v. 14Oil clients. z Es-dividend a IL*-stock dividend.
a Assessment paid.
Sat847609,
rday,
Oct. 18.
t,s ,,r i
,
24 sipaent
191
PER SHARE
Range for Preriont
Year 1923.
Lowest
Highest
143 Apr
75 June
91% Aug
11118 Aug
95 Nov
7% Dec
7 Dec
1212 Oct
1512 Dec
151s Dec
20 Dee
135 July
Feb
18
58 Dec
50% Dec
31 Dec
31 Nov
22% Dec
93 July
4
82 Dec
75 Dec
6412 Oct
21% Aug
70 Nov
151 June
34
Jan
100 Mar
125 June
106 Mar
20% Mar
27 Feb
3212 Mar
48 Feb
42 Mar
59 Feb
160% Jan
35 Mar
72
Jan
65 Mar
46 Mar
45 Mar
43
Jan
2212 Jan
84 Feb
Jan
100
81 Feb
38% Dec
98
Jan
312 Jan
I Sept
12 Dec 20
Jan
119 June 12812 Dec
Jan
6712 Oct 112
Jan
72 Oct 88
14% Nov 1812 Mar
8 Dec 201/ Feb
Oct 10812 Feb
104
05 Dec 30 Jan
19 July 27 Mar
2512 Dee 2614 Deo
2 Dec
5 Dec
31 Nov
Oct
35
85 Aug
1523* Nov
11 Decl
5 July
5% Dec
Oct
116
78 Feb
143 Nor
4
50 Dec
32 July
.10 Dec
.60 Dec
"1 Jan
1418 Mar
12712 Mar
40 Oct
Oct
88
172 Jaa
107 Jan
2912 Feb
153* Mar
11618 Oct
80% June
24 Feb
633* Mar
44 Mar
3 Mar
8 Mar
80 May
414 Dec
1k
83 Feb
812 Aug
1-14 i517.0
3
7312 Dec
62 Dec
147 June
3 Dec
IS Nov
Jan
SO
13 Dec
4
Oct
2
1212 Dec
110 Dee
16% July
84 Dec
414% Dec
2 Jan
.10 Dec
9312 June
4
393 Dec
6 Dec
3212 Nov
245g June
19 4 Aug
,
15 Dec
5 Feb
15 Dec
1114 Jan
2512 Jan
3012 Dec
33 July
3 Dec
Apr
II
8712 Jan
Jan
73
Jan
179
14% Feb
2814 Jan
84 Feb
8 4 Feb
8
41 Sapt
18 11
Jan
122
2112 Apr
Jan
100
18 Mar
314 Max
2 Feb
10912 Jan
50 Mar
11 Mar
55% Mar
2814 Jan
Jan
30
422% Mar
13 Mar
29% Mar
18 Dec
3412 Mar
3912 Mar
42 Mar
1212 Feb'
Feb
Nov
I
.10 July .50 Ma
414 Ma
.70 July
7 Dec 1413 Max
14% Oct 19 Feb
Oct 49 June
17
932 Feb
1% Dee
2218 Oct 4634 Mar
Feb
2% June
43 Nov 1112 Mar
8
8
25 Mar
.30 May
4 Max
Oct
1
4
248 Mar 335 June
8
.10 Sept
114 Feb
9312 Nov 11512 Apt
9014 Nov 10012 Mar
Oct 3314 Max
16
174 Dec
3% Jaa
.60 Sent
2% Mar
Oct
5% Mar
1
314 Mar
.50 Dec
Ii, Nov
2% Mar
.50 Dec
414 Mar
Oct
7 Feb
Oct 71 Mar
.
27
1414 Oct 2411 Ma;
414 Apr
212 Aug
35 Apr 40 Ap;
72 Nov 84 Ma'
684 Feb
4% July
1.X. Nov 12% Max
.50 Nov
25 Max
/
1312 Oct 3212 Max
412 Nov
2% Aug
VAL MSS
12% Dec
18
Oct 60 Mat
27
Oct 5312 Max
112 Mar
.30 Dec
.10 June
1 Aug
1 Dec
314 Mar
.65 Dec
3% Feb
2% Oct
r) Apr
.01 Dec
3 Mar
.28 Dee
1% Feb
.60 Aug
25 Feb
2
.10 Dec
134 Mar
.10 Deo
1 Mal
(Price on new basis.
.10
1946
Sales
Friday
Las Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
Outside Stock Exchanges
Boston Bond Record.
-Transactions in bonds at Boston
Stock Exchange Oct. 18 to Oct. 24, both inclusive:
Friday
Last Week's Range Sales
of Prices.
Sale
for
Price. Low. High. Week.
Bonds
-
Atl Gulf& WISS L 5E11959 53% 53% 55
Chic June Ry & US Y 58'40
98%
98
E Mass St RR serA 448'48
58
58
Series B
6734
1948 6634 65
Hood Rubber 78
10234 1024
1936
Houston Lt&P ser B 68'53
100 100
K C Clin & Spr 1st 58_1925
974 974
KC Mem dr B Inc 561_1934
94% 9634
Kansas City South 58_1950 98
98
98
96
Mass Gas 4148
95
1931 95
Mass River Power 5s_ A951 96% 96% 9934
New England Tel 58_ _1932 1004 1004 100%
1952
100% 10034
Series A 58
86
88
Puget Sound Elec Ry 55'32 86
Punta Alegre Sugar Is 1937
1084 10614
1944 96% 95% 96%
Swift & Co 55
124 124
Warren Bros 748_ --.1937
Western Tel & Tel 5s_1932 99% 99
99%
Range since Jan. 1.
Low.
High.
Jan 6031
88,000 42
10.000 92% Jan 98%
8,000 58 Sept 63
28,700 59
Aug 75
3,000 9934 May 102%
1,000 98 May 100
Jan 9714
2,000 85
5,000 87 June 9614
2,000 9234 Apr 98
Jan 97%
8,000 91
Jan 994
10,100 92
Jan 101%
12,000 97
Mar 101
1,000 98
Oct 86
2,000 86
1,000 10634 Oct 109%
16,000 9434 May 101
Jan 126
6,000 106
7,000 95% Jan 10031
July
Oct
Mar
June
Sept
Sept
Oct
Oct
Oct
Sept
Oct
Aug
July
Oct
May
July
Oct
Aug
-Record of transactions at
Baltimore Stock Exchange.
Baltimore Stock Exchange Oct. 18 to Oct. 24, both inclusive, compiled from official lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
Range since Jan. 1.
Low.
High.
Jan
100
10 45 May 75
Alabama Co
70
70
Oct
Mar 90
6 60
100
90
90
2d preferred
Jan 864, Sept
Arundel Sand di Gray_ _100 85
80
8514 1,794 46
Oct
Jan 137
192 115
Atlan Coast L(Conn)_ _100 137
13534 137
Oct
Feb 60
13 55
Baltimore Brick, pref.. _100
60
60
50 3934 Jan 4334 Sept
50
Balt Electric pref
43
43
Feb
Jan 37
30 21
100 21
Baltimore Tube
21
2214
Mar
Jan 39
10 36
Beneseh (I)corn
*
3734 3734
Jan 2734 Apr
25
20 26
Preferred
26
26
Oct
650
2
Cent Teresa Sugar pref-10
2
2
43( Jan
Mar 10131 Jan
50
2 99
Century Trust
1004 10034
Feb
27 10914 Jan 112
Ches & Po Tel of Balt__100 111
11034 111
Commercial Credit
• 2234
2214 2334 1,543 224 June 3134 Feb
297 2334 June 2534 Jan
25 2434 2434 244
Preferred
Preferred B
25 244 2434 244
541 2434 May 264 Mar
Mar 155
Oct
67x108
Consol Gas E L & Pow_100
135 14014
362 3334 Oct 34% Oct
Common
• 3344 33% 34%
Sept
634% preferred
100 10434 104 10414
160 1004 June 106
Apr
43z10434 Mar 110
100 110
7% preferred
110 110
100 12334 122 1234
233 11534 Jan 12414 Oct
8% preferred
79 6914 Apr 814 Jan
Consolidation Coal_ __ _100 7334 7331 75
Oct
20 1794 July 197
100
Continental Trust
•
197 197
224 2234 Sept 2834 Aug
* 2834 2434 2634
Coeden & Co
Mar
Jan 106
53 88
100 101
East Roll MIII 8% pref_100
50
30 77 June 90 June
8614
86
Fidelity & Deposit
10 45% Jan 4734 Oct
47% 4734
Finance Co of America_ _25
25
208 18
Jan 2614 Oct
26
26
Preferred
368 1734 Oct 2334 Mar
1734 1734
Finance & Guar pref_ _ _ _ 25
194
248 1734 Apr 20 Sept
Finance Service class A_ _10 1934 19
10
9
94
187
Preferred
734 June
914 Sept
8 8634 May 95
9234 9234
JUI)
,
Houston 011 pf tr ctfs_ _100
534 5436
Feb 5436 Oct
101 50
Manufacturers Finance_ 25
25
62 22
24
2434
Jan 244 Oct
1st preferred
25
47 2134 Sept 2334 Oct
2234 23
2d preferred
25
3 2134 Sept 23% Oct
Trust preferred
2334 23%
Jan
89 75 June 83
Maryland Catrualty Co--25 8134 81
8134
Maryland Motor Insur- 50
80
Jan 80 Sept
80
65 65
100
Jan 143
61 140
Maryland Trust
140 140
Apr
Oct
45 102 June 115
113 11334
Merch & Min Tr Co___100
10 64 June 84 Sent
Metrop Cas Co N Y.._.25
8234 8234
72 17 May 2334 July
Monon Val 'Frac pref___25 2034 204 204
•
70 11
JUIS
, 1834 Sept
15
Mort dc Accept Corp
15
Jan
102
914
7 Sept 11
9
10
Mt V-Woob Mills v t r_100
135 45 June 6034 Jan
100 58
Preferred v t r
5634 58
500 3834 June 4034 Sent
New Amsterdam Cas-100
3934 40
Apr 7734 Aug
50 77
612 72
Northern Central
7634 774
116 9834 Jan 135% Oct
Penns Water & Power-100
12834 129
*
Oct 3034 Feb
100 16
16
16
Silica Gel Corp
2,004 1534 May 2034 Sent
United Ry di Electric_ _ _50 1934 1934 20
Apr 15834 Oct
48 145
157 158%
US Fidelity 4.: Guar__ __50
7% June
10
5 May
5
5
Wash Bait & Annals----50
5
Jan
15 114 Oct 28
1134 1134
50
Preferred
12 3934 May 524 Oct
52
West Md Dairy Inc pref-50 52
5234
Bonds102 102
$4,000 10014 Apr 10234 Aug
Bernh Leader Stores Ts '43
9734 9734 1,000 934 Jan 97% Oc
Ch & Po Tel of Va 18t 55'43
asks's() City Rys 5s._1927 7534 7514 7534 5,000 74% Jan 7531 Oc
100 100
Mar 10034 Au
1.000 98
Consolidated Gas 5s__1939
Jan 9534 Au
9534 7,000 91
Consol GEL & P 43481935 9534 92
1952 1024 10234 10234 1,500 9734 Jan 1024 Oc
Series E 514s
105 105
1949
7,000 10244 Jan 105 Jun
Series A 65
Oc
1957 ------109 109
1,000 107 May 109
Series D 645
Jan 90 Jun
88
5,000 87
88
Consol Coal ref 8&.. _1950 88
Corp 68_1925 99% 9934 99% 5,000 9534 Jan 9934 0
Elkhorn Coal
Jan 9934 Oc
Ga Car & Nor lat 5s 1929 9934 9934 9934 1,000 91
Se
Jan 97
Md Elec Ry 1st Es__ _ _1931 9534 9514 9534 3.000 93
984 984 4,000 97% July 9834 Oc
Mllw Gas Light 1st 45_1927
N N & Stamp G & E 5544 824 824 8214 1,000 754. Jan 824 0
Jul
9134 9134 1,000 88
Mar 93
Norf& Ports Trac 58-1936
994 9934 6.000 9734 Feb 99% Aul
Penna Wat & Pow 5s_ _1940
Jan 97% 0
9734 9944 1,000 94
United E L & P 414s_ 1929
United Ry & E 48._ _ _1949 70% 7034 7134 41,000 8844 Mar 7334 Au
Apr 53 Se
52
4,000 49
52
1949
Income 48
Jai
1.700 7234 Jan 75
7214 73
1936
Funding 55
6,000 9534 May 9934 Sep
9834 99
1927
Os
9734 9731 3,000 9534 Apr 99% Jai
1949
68
-_-_.-. . •.. 'nes
__
Ai Le an
RR
4418(0 an
Oct71V Jai
-Record of transactions
Philadelphia Stock Exchange.
at Philadelphia Stock Exchange Oct. 18 to Oct. 24, both
inclusive, compiled from official sales lists:
Stocks-
[VOL. 119.
THE CHRONICLE
Sales
Friday
Lan Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High Shares.
10
Alliance Insurance
Amer Elec POW pref__ _100
American Gas of NJ. _100
American Stores
•
Bell Tel 834 pref
Brill (J G) Co
100
Cambria Iron
50
Catawissa 1st preferred_50
Cramp(Wm)& Bons_ _100
Elsenlohr (Otto)
100
Preferred
100
Electric Storage Batt'y_100
General Asphalt
100
Insurance Co of N A_ _ _ _10
Keystone Telephone pfd_ 50
Lake Superior Corp__ _100
Lehigh Navigation
50
50
Lehigh Valley
364
9134
37
39%
44%
8534
60%
88%
36%
91%
103
34%
107
384
914
103
37%
107
39%
43
434
44%
86
57%
42
61
27
34
8634 89%
63
63
3934
43
43
44
8514
5734
42
6034
2514
Range since Jan. 1.
Low.
High.
Jan 3734 Sept
65 32
35 77% Mar 98 June
195 7714 Apr 109 June
7,773 2634 Apr 37% Sept
Oct
53 10634 Oct 107
Jan
75 85% Jan 123
Mar
120 38% Apr 41
Mar 43)4 July
6 42
Feb
200 424 June 52
55 304 July 61% Jan
Jan
Apr 98
60 85
380 5034 May 6354 Feb
Apr 45% Feb
215 33
453 4834 Jan 624 Oct
Jan
40 253•5 Oct 30
44 Jan
2)i June
160
13,863 64% Jan 89% Oct
Jan
25 30% Apr 72
Lit Brothers
10 2514 24% 25%
Minehill & Schuyl Hay_.50
50% 504
78
Northern Central
78
50
Penn Cent Light & Pow_ •
5934 60
North Pennsylvania
80
80
_50
Pennsylvania Beaver Oil__
.12 .12
Pennsylvania Salt Mfg_ _50
80
80
Pennsylvania RR
4434 45%
60
Phila Electric of Pa
25 3734 374 38
Preferred
37%
25 374 37
Phila Insulated Wire
45
45
•
Plena Rapid Transit..._50 353' 35
35%
•Philadelphia Traction.._50
59% 8034
Phila & Western
50 18% 14% 1714
Reading Company
50
60% 6034
Warrants
40
39
Tono-Belmont Devel__ -1
•15
Tonopah Mining
1% 1%
1
Union Traction
39%
50 39
39
United Gas Impt
50 79
79
8034
Preferred
50 57% 56% 57%
York Rya pref
50
33% 3334
Bonds
Amer Gas di Elec 58.._2007 91
91
91%
Bell Tel 1st 58
1948
100% 100%
Elec Si Peoples tr ctfs 45'45 62% 62
63
Keystone Tel let 5s_ _ _1935 8514 81
854
Leh C & N fd & Impt 4s'48
90
90
Consol 44s
1954
9534 9534
Lehigh Val gen cons 452003
804 8014
General consol 5s_ _ _2003
994 9914
Pa & Md Steel cons 68_1925
10044 100%
Peoples Pass tr ctfs 48_1943
68
68
PhIla Co cons & stpd 55 '51
914 92
1966 10134. 10014 10134
Phila Elec 1st 5s
514s
1947
103% 104
1953 104
5348
10334 104
1941
Os
107 107%
1966 824 8214 8234
1st 4s s f
York Rya let 58
90
1937
90
Range since Jan. 1.
Low,
500 22
15 4834
51 7214
140 57
10 78
350 .12
5 78%
2,799 42%
6,860 29
288 2934
50 41
1,112 304
94 5534
5,910
9
20 51%
275 32
716
1,125
1%
100
255 374
4,108 58%
307 554
5 3334
High.
June 2534 May
Mar 5031 July
Oct
May 78
Jan
Jan 60
Mar 80
July
Sept
Oct .40
Oct 89
Feb
Jan 48% Jan
May 39% Aug
Mar 39% Aug
Jan 4514 Feb
Jan
June 39
Jan
May 64
Jan 20% May
May 78% Jan
Aug
Mar 46
III, Feb
Aug
Jan
214 July
Jan
June 43
Aug
Jan 84
Jan 58 June
Oct 36% Apr
July
Mar 92
14,000 84
1,000 97% Jan 101% Oct
Mar
26,100 62 May 66
Jan 85% July
85,000 75
Oct
1,000 8914 July 90
1,000 91% Feb 954 Sept
2,000 7634 Jan 80% Oct
5,000 99% Sept 10034 Sept
1,000 100% Oct 100% Oct
Oct 72 June
2,000 68
14,000 88)4 Jan 93 June
Feb 10334 Aug
11,400 97
Oct
15,100 993' Jan 104
Sept
28,500 98% Jan 104
18,000 103% Jan 107% Oct
1,000 80
Oc
8534 Aug
Sept
Jan 90
1,000 86
Chicago Stock Exchange.
-Record of transactions at
Chicago Stock Exchange Oct. 18 to Oct. 24, both inclusive,
compiled from official sales lists:
Friday
Sales
Week's Range for
of Prices. Week.
-Par.
Price. Low. High.!
Shares.
Stocks
' Last
Sale
..100 8934
Amer Pub Serv, pref.
American 8hipbuildlng..100 53
Armour & Co (Del), p1_100 8714
Armour & Co, pref.. _ _ _100 7934
15
Armour Leather
Balaban & Katz v t c___25 4914
100
Preferred
Bassick-Alemite Corp- -•
•
Beaver Board v to
Preferred certlficates_100
• 25%
Borg & Beck
Rights
10
Bunte Bros
Cent III Pub Serv, pref._ _• 86
Chic Cy&Con Ry, pref._ •
Ch'ing()Fuse Mfg Co__ •
Chic Rya part ctf Series 2_ _ -----.100
Chicago Titlei& Trust.
.100
Commonw'th Edison.
Consumers Co. com_ __20
100 35
Preferred
•
Continental Motors
25
Crane Co, common
100 1124
Preferred
Cudahy Pack Co, com_100
Daniel Boone Wool Mils25 11
Decker (Alf)& Cohn,Inc-8
100 80
Deere & Co. pref
100
Diamond Match
•
Gill Mfg Co
3
Godchaux Sugar,com____•
• 24
Gossard (H W), pref
Great Lakes D & D....100
10 13%
Hupp Motor
• 59
Hurley Machine Co
100 9414
Illinois Brick
Illinois Nor Util, pref._100
Indep Pneumatic Tool__ -• 70
•
Inland Steel
2%
Internal Lamp Corp_ ___25
Kentucky Hydro El Co 100
25
Kraft Chase w I
Libby Moll dr Libby newl0
Lyon & Healy Inc pfd_100 100
McCord Rad Mfg Co"A"•
•
McQuay-Norris Mfg
Mid West Utll common_ _• 78
100 91
Preferred
Prior lien preferred_ _100 98
National Leather
10
North Amer Car Co
• 27%
Nor States Power Co.
.100
Omnibus pref"A" w 1_100
Voting trust ctfa w I a_ _• 1734
Phillpsborn's Inc tr etfs__1
54
Pick (Albert) & Co
10 20%
Pines Winterfront
5036
Pub Seri/ of Nor Ill
• 102
Pub Serv of Nor Ill corn 100
Preferred
100 9114
7% preferred
100 106
Quaker Oats Co
100 293
Preferred
100 102
Real Silk Hosiery Mills_ _10 50
Reo Motor
10 17
Stand Gas & El Co
• 38
Preferred
50
Stew-Warn Speed corn..' 54%
Swift & Co
100 10534
Swift International
15 29%
Thompson (J R) corn__ _25 47
Union Carbide & Carbon_• 61%
United Iron Works vi 0_50
United Light -• Power
Common "A" w I a_ -• 44%
Common "B" w a_ _•
Preferred "A" w I a_ _ _ _• 8314
Preferred "B" w I a__ _• 44
S Gypsum
20 117
Vesta Battery Corp corn.' 23
Wahl Co
• 234
Ward (Montgomery) & Co
Common
10 374
Class "A"
• 115
Wolff Mfg Corp
734
43
Wrigley, Jr. common__
Yellow Cab Mfg CI "B".10 5014
Yellow Cab Co Inc(ChIc)• 4734
•No par value.
894 894
30
53
35
50
8714 8814
550
7934 80
1.430
4
25
4
49
4934
389
20
90
90
950
3134 3234
220
234 234
32
22
22
1,575
2514 26
1,895
12140 250
310
10%
10
308
8834
86
375
24
2
100
2634 264
540
341
28
350 350
131% 132%
774
3
50
3
35
20
35
6% 6%
995
47
50
186
112% 1124
95
64
65
220
1014 11% 2,120
20% 20%
60
441
784 80
11514 11814
140
750
334 5
3
3%
500
24
24
175
85% 854
125
1314 13%
780
59
60
550
94
9414
130
854 8514
15
69)4 70
105
39
3914
250
2
2% 3,455
8.5% 874
24
2434 25
1,500
5
531 2,603
100 1014
9
3514 37
48
13
14
13
73
7914 3,89
91
31
9234
98
63
9834
3
34 1.94
27% 27%
51
101 10231
80
89
90
80
17
18
11,45
% 2,100
34
19
21
4,340
504 5231 1,330
10134 10234
372
102 10234
53
913.4 92
240
90
105 106
20
293 293
365
101% 102
4,375
50
47
570
1634 17%
800
3614 3814
180
4934
49
8,095
55
53
loast 10631 1,585
29% 3014 33.695
4414 4734 1,860
12,785
59% 62
200
2
2
Range since Jan. 1.
Low.
High.
85 May 91
484 Oct 63
83 May 9334
Apr 84
89
2 May • 734
Apr 5114
38
8534 Apr 100
27% May 3814
131 Feb
4
13 June 26
20 June 31
12140 Oct
134
9
Jan 11
85
Jan 92
131 Aug
4
2834 Sept 364
4 Apt
1
Apr 350
340
12631 May 136
34 Oct
434
Oct 65
35
Apr
6
831
30
Mar 4734
1074 Mar 11351
Apr 6534
55
1014 Sept 38
17
Apr 21
61
May 80
115
July 12014
3% Oct 18
July
3
8
22
July 30
794 Apr 8954
10% June 0187,1
Apr
48
97
78 May 85
Jan
84
62 June 804
Mar 394
34
9
Mar
1
Sept 874
84
Oct 25
24
854
4 June
July 10134
96
Apr 3834
30
11 June 204
Jan 85
43
8354 Mar 9454
94
Jan 99%
234 June
414
Oct2734
27
Feb 104
99
July 92
88
144 Sept1834
%Aug 22%
114
Jul
17
Aug
Jan
Jan
Feb
Mar
Jan
Mar
Jan
Aug
Aug
Jan
Oct
Mar
Sept
Jan
Oct
Jan
Oct
Jan
Jan
Jan
Jan
Oct
Oct
Oct
Jan
Aug
Oct
Jan
Jan
Jan
Jan
Jan
SeptJan
110031
Oct0nt
97
0
9
J ua
mn
Oot
s t
Sept
Jan
Oct
Jan
Feb
Oct
July
Sept
Aug
Jan
Sept
Sept
Sept
Jan
Oct
Sept
July
July
Jan
n
2 0% June 99% Jan
00
5
(:) t
:pte
500
Aug148,4 s ct
0
105
Julyaaecbnnt
July
;
21
'ljAAjuua ge 59 JulyFOjj
0
41:08 jM ayYn 210
i IM ua pal y 1;91395
14329
Sept
Jan 31
19
424 Apr 5034 Jan
Mr 6331 Feb
55
434 Jan
14 Oct
28%
31
75%
42
78
15
21
4354 48
55
55
8334 83/4
46
42
117% 120
15% 244
234 24%
2,180
280
30
2,01
2,510
1,49
48
36)4 38%
115 117%
74 8
4234 44
50% 53%
4744 50%
7,34
21%
92 104
210
434
8,300 3534
9,295 4434
9,285 39
May 56
May 55
Apr 85
Oct 474
Apr 125
July 28
Sep
42
Oct
Oct
Sept
Sept
Oct
Jan
Jan
May 39
May 11714
Apr
934
Oct 44%
May 96
May 6434.
Oct
Oct
Oct
oat
Jas
Jai
Ocr. 25 1924.]
Stocks-
THE CHRONICLE
Sales
Friday
Last Week's Range for
Sale
Week.
of Prices.
Par. Price. Low. High. Shares.
Chicago City Ry 5s__.1927
74
74% 810,000
Chic City & Con Rys 56'27
22,000
47
48
Chicago Rys 55
1927 75
27,000
74
75
58 Series "A"
1927
10,000
60
60
48 Series "B"
1927 37
9,000
37
37
Adjust income 4s__ _1927 194 1934 9114 4,000
Commonw Edison 55_1943 100% 100% 100% 12,000
N'western Elevated M 1941
79
79% 2,000
Swift & Co 1st f g 58_1944
96% 96% 5,000
Range since Jan. 1.
Low.
74
47
74
5814
36
15%
95
71
9414
High.
Jan 79
Jan
Oct 55% Jan
Oct 7931 Jan
Jan 63% Aug
Oct 45
Jan
June 24
Apr
Jan 107% May
Jan 80
Sept
May 9834 July
Pittsburgh Stock Exchange.
-Record of transactions at
Pittsburgh Stock Exchange Oct. 18 to Oct. 24, both inclusive, compiled from official sales lists:
Stocks-
Friday
sates
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High Shares.
Range since Jan. 1.
Low.
Am Vitrified Prod, com_50
1231 1234
814
370
Am Wind Glass Mach_ _100
85
8534
75 85
Am Wind Glass Co, pf-100
110 110
10 107
Arkansas Nat Gas, com_10
6
44 614 15,575
4
Indep Brewing, com---50
2
234
214
2
110
Preferred
50
5
5
100
5
Lone Star Gas
25 31
2934 31
1,210 2634
Mfrs Light at Heat
50 60
59
60
290 51
Nat Fireproofing, com_ _50 11
11
1134 4,155
7
Preferred
50 2934 28
304 2,155 2034
Ohio Fuel Corp w 1
2934 2934 2934 2,189 2834
Ohio Fuel Oil
1
1234 13
70 1134
Ohio Fuel Supply
25
3634 37
285 31
Oklahoma Natural Gas_25 2634 2634 27
245 2234
Pittsburgh Brew, com__50
200
114
134 134
Preferred
50
5
5
414
535
MUM & Mt Shasta Cop_ _1
Sc
7c
Sc 3,500
5e
Pittsburgh Oil & Gas,.5
744
634 734 1,223
6
Pittsburgh Plate Glass_100 245
242 245
211 209
Salt Creek Con Oil
10
734 814 1,310
7
Stand Plate Glass, pref _100 99
9734 99
295 87
Prior preferred
97
98
185 97
Stand Sanitary Mfg,com25 102
102 10234
152 904
Union Natural Gas
25 35
35
35
250 20
U S Glass
25
18
18
28 174
Wcet'house Air Brake__ _50
9434
93
315 84
West Penn Rys, pref.._ _100
94
94
10 83
High.
June 13
Oct 9634
Mar 112
Oct
7
Apr
4
July
8
Jan 31
Apr 81
June 1134
June 274
Sept 30
June 1514
Feb 3934
May 2734
8
Jan
Jan
734
Mar 11c
July
934
Jan 265
Sept1034
sept 100
Oct101
June 110
June 35
Oct3034
Feb9634
June 95
Jan
Feb
Feb
Apr
May
Feb
Oct
Sept
Oct
Oct
Oct
Aug
Aug
Sept
Jan
Feb
Jan
Feb
Mar
Jan
Aug
May
Jan
Oct
Aug
Jan
Sept
St. Louis Stock Exchange.
-Record of transactions at
St. Louis Stock Exchange Oct. 18 to Oct. 24, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Boatmen's Bank
First National Bank
Nat Bank of Commerce__ _
St Louis Union Trust
Amer Bakery,common_ _ _ _
Best Clymer Co
Brown Shoe, common
Preferred
Certain-teed Prod, 1st prof
Ely & Walker D G'ds coin_
1st preferred
Fulton Iron Works coin_ _ _
Hydraulic Press Bek, pref_
Internat'l Shoe, common__
Preferred
Laclede Steel Co
Mo Portland Cement
Nat Candy common
Rice-Stix D G'da 2d pref._
S'western Bell Tel, pre!,_
Wagner Electric, common_
Preferred
MI
-Ills Stores, preferred
Pedigo Weber Shoe
Bonds
United Railways 48
4s Cl)
St Louis at Sub gen 55 CD
Rittloeh Telenhono as
145
141
54
37
10234
______
10954
11734
90
103
10634
102
90
70
Range since Jan. 1.
Low.
14334
196
135
226
32
1834
40
85
70
2034
101
35
614
73
115
100
94
80
101
103
20
77
102
85
145
201
141
24034
51
37
5014
92
80
2134
10234
37
6434
10934
11734
122
136
88
103
10634
23
78
102
85
145
201
142
24034
54
3814
51
93
80
2134
10234
39
65
110
118
125
141
90
103
10634
23
78
102
924
70
69
72
inn
7034 832,000 61
69
2,000 61
7254 3,000 6244
ins
0 nnn 1.1 ,,
10
1
90
4
25
45
64
40
15
15
10
55
20
88
18
8
182
302
65
87
15
35
25
625
Sept
Sept
July
July
May
May
May
June
July
July
May
June
Jan
May
May
Feb
Apr
Mar
July
Mar
May
May
Oct
Oct
High.
148
20134
147
24034
54
3834
51
93
80
24
104
31
6934
11134
118
125
141
92
1044
10734
3434
8434
10434
9234
Feb
Oct
Jan
Oct
Oct
Oct
Oct
Oct
Oct
Jan
JulY
Oct
Mar
Oct
Oct
Oct
Oct
Jan
Sept
Oct
Jan
Feb
Jan
Oct
Mar 71
Juin
Mar 69
Oct
Mar 73% Oct
s...1, irea
,-...1
New York Curb Market.
-Below is a record of the
transactions in the New York Curb Market from Oct. 18 to
Oct. 24, 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.
Range since Jan. 1.
Low.
Indus. & Miscellaneous.
Acme Coal Mining
10
134 134
200
1
July
Adirondack P & L com.100
3234 324
200 2234 Feb
Allied Packers,com
634
634
*
Boo 134 mar
6
Prior preferred
100 4734 464 4714
400 144 June
Amalgam Leather coin_..•
814
8
834
900
6 Sept
Amer Cotton Fabric pi _100 954 9554 9534
300 95
Jan
Amer Cyanamid pref_ _100
76
76
75 73 June
Amer Foreign Pow new w I 3234
3134 3234 1,700 30
Aug
Amer Gat & Elec. com--• 8334 83
8434 1,300 4834 Jan
Preferred
4534 4534
50
100 4134 Apr
Amer Hawaiian SS
13
10
1334
200
8
Apr
Amer Lt & Trite. corn...100 1404 1033414134 10,800 117
Aug
Preferred
100
92
93
40 91
Mar
Amer Pow & Lt com new_• 434 4134 44
22,200 374 Oct
Preferred
90
100
90
10 84
Am Superpower Corp, Ci A 254 2434 2534 2,000 2434 Apr
Oct
Class B
26
2534 2634 2,600 2534 Oct
Amer Tobacco new w 1..50 8031 8034 82
700 8034 Oct
Com 13 new w I
50 80
7934 8134 2,600 7954 Oct
Am \Vat Wks & Elec w 1_20 234 224 24
10,100 224 Oct
Appalachian Pow. com.100 7034 6834 75
530 65
Oct
Archer-Daniels-Mid Co..* 1944 19
1934
300 1634 Aug
Arizona Power com_ _ _ _100 184 1714 1834
900 174 July
Atlantic Fruit & Bug. w 11
114 2,000 830 Sept
•
Itlyn Shoes Inc corn
10
7
7
100
7
Oct
Borden Co. common_ _ _100 -- _ _ _ 136 1274
110 11734 Mar
Brit-Am Toll ord bearer.£1 2434 2434 2414
300 2014 Jan
Ordinary registered_ __SI 24
24
24
100 2131 Feb
Brooklyn City RR
10
934 .
£44 954
100
.
3,noran z844 Sept
11.1,
IN...
"--- """'^-` -- •
'
"
• No par value.
High.
>t"t"VMT'IL 00000>T>OTel>> 4Wn >.6'..
'
.
Lce:ggtlegSggaalStag?.?..Argn1aAgt
Stocks-
..wcwwwwwwwwww-40
w
wr,o.wwwwwwwo.wwwwwoa.wwwww.4w 0 4www
.
:XX XXXXX
X XX X XXXX X XXXX
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Week ending Oct. 24.
1947
Friday
Sates
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Con8ludet0 Par. Price. Low. High. Shares.
Burroughs Add M,pf_ _100 10134
Campbell Soup, pref.._ _100
Car Ltg & Power coin_ 25 75e
Centrifugal Cast Iron Pipe*
When issued
1634
Chatterton ex Son com__10 1134
Checker Cab Mfg,cl A__
18
Chic Nipple Mfg,Cl A_..50
CI ms B
50
Childs Co. new stock- •
Preferred
100
Cities Service, oom___-100 14215
Preferred
100 7836
Preferred B
10
74
Stock scrip
Cash scrip
Bankers' shares
• 1434
Cleve Automobile corn __ •
Preferred
100 934
Columbia G & El pf A new 105
Com'wealth Pow Corp---• 1034
Warrants w 1
2314
Preferred
100 7634
Cons G.EL&P,Etalt.new,w1 34
Continental Tobacco
•
Cuba Company
•
Cudahy Packing
100
Davies(Wm)Co class A_ •
Del Lack & West Coal--50 103%
Doehler Die-C.Istine
•
Dubilier Condenser & Rad* 5334
Dunhill International_
•
Du Pont Motors, Ino----•
134
Durant Motors, Inc
• 1434
Dus Co, Inc, Clam A w 1-* 2634
East Penn Elect Co com--• 6034
Elea Bond & Share,pref 100 102
Elec Ry Securities
•
Federated Metals Corp.'
Film Inspection Machine'
Foundation Co, prof
•
Franklin Simon & Co,pf100
Gillette Safety Razor._' 320
New w I
564
Ginter Co, corn
• 2534
Glen Alden Coal
•
Goodyear Tire & Ramm100 14
Grand 5-10-25c Stores_
•
Grennan Bakeries
100 2014
Hall Switch & Sig com_100
Hazeltine Corp
• 294
Heyden Chemical
•
244
Hoe (I1) & Co. Class A_ •
Hudson & Math.com.-100
Imperial'rob of G B & Ire_ 1834
Intercontinental Rubb_100
434
Inter-Ocean Radio Corp..' 1414
Jones(Jos W)Radio Mfg' 1034
Keystone Solether
10
134
Landover Holding Corp A 1
Lehigh Power Securities-' 80
Lehigh Val Coal &dna_ _ _50 83
Leh Vali Coal, et18 new w I 3934
McCrory Stores warrants__
Mengel Company
100
Mesabi Iron Co
•
214
Middle West Utilities corn* 7544
Preferred
100
•
Midvale Co
Nat Distillers Products.-9
National Leather
10
Nat Power & Light, corn.*
National Tea new
• 235
New Mex & Ariz Land
1
744
N Y Telep 634% pref-100 110
Nickel Plate corn, new,w L 7334
Preferred, new, w 1
82%
Omnibus Corp v t c. wi-• 1734
Paige-Detroit Mot Car_ _10 1434
Pathe Exch Inc class A _ _
47
Peerless Truck & Motor_50
retina Wat & power.._100
PIttsb Term Coal,com_100
100 8054
6% preferred
Power Securities 2d pref_ •
Pro-phy-lac-tic Br. com__•
Pyrene Manufacturing_ _10
' 5%
Radio Corp of Amer.corn
Preferred
10 1731
Reo Motor Car
Richmond Radiator pref__ 93
Roacnb'm Grain Corp pf 50
.
• 1331
Revs Radio Corp tr
Royal Baking Powd pf-100
Securities Corp
First preferred
Silica Gel Corp corn, v t C.
Singer Manufacturing-100 177
Southern Coal & Iron_-5 14c
Standard Motor Constr-I0
Stand Publishing Ci A -.25 26
•
gyi
Stutz Motor Car
Swift & Co
100 10534
swift International
15 30
Tenn Elec Power, cora_ _ _• 3854
Second preferred
• 6534
Thompson(RE)Radio etc•
9
Tob Prod Export Corp....*
314
Todd Shipyards Corp_
•
Tower Mfg Corp w I
5
Union Carbine & Carbon_' 62
Unit Bakeries Corp com-• 121
Preferred
100 101
United G &E,corn,new_10
United Lt & Pow,corn A.• 44
United Profit Sharing_ _ _1
Unit Retail Stores Candy.'
531
United Shoe Mach corn __25
US Lt & Ht Corp com_ -10
Utah-Idaho Sugar
6
Ward Corp.corn,Class A_• 124
• 3534
Common, Class B
7% preferred
100 94
Ware Radio Corp. w I
_• 2734
Western Pr Corp. com_100 3715
White Rock Min Spr. new. 1534
Yellow Taxi Corp. N Y__• 1831
101 1024
111 111
640 750
Range since Jan. 1.
Low.
855 98
July
20 10754 Jan
1,300 50c July
254 Apr
2,300 15% Sept
625 10
July
200 14
Aug
100 3334 May
100 1331 Sept
100 32 May
100 111
Mar
640 132 June
Lam 6634 Jan
300
634 Jan
13,000 77
Jan
1,000 70 May
700 1331 May
100 1634 June
Apr
20 82
Oct
3,900 103
Feb
2,050 56
Oct
1,400 20
15.600 33744 Mar
775
Sept
200 20% May
32 July
Apr
10 57
100 11 June
Apr
245 88
Sept
200 16
8,900 104 Jan
mar
1
3,4(
313 23 kfay
High.
10234
111
254
35
1734
12
40
4014
2254
374
115
155
783.4
744
98
74
15
2334
95
108
11034
244
Oct
June
Jan
Sent
Oct
July
Jan
Jan
Jan
July
Jan
Feb
Oct
Oat
Feb
Jan
Jan
Jan
Aug
Oct
Aug
o
16% 14,000 1434 June is
6134
760 51
Sept 8654
48
300 4734 May 5234
115
oo 11234 Sept 115
12
low 1134 June 20
136
50 110% Jan 149
80
80 74
Oct 105
55
420, 62
Sent 70
37
500 34% Aug 43%
125
310 120
Sept 161
Feb
Jan
Mar
June
Jan
Jul,
Me
July
Mai
Jan
1534 1636
11% 12
1834 19
354 3534
16% 1634
3434 34%
112 112
141 143
7734 7834
74 734
83
82
71
71
1434 143(
1934 194
9334 93%
1043( 105%
97 103%
244
23
393481
75% 7635
Aoctl:
33% 35%
2534 25%
4014 Sept4,30 Feb
t
27
34
3644
Aug
68
63
63
Oct
25
25
25
Sept
10134 103%
110
17
28% Mar
231
17
53
5914 Oct
54%
36 m
24% 2544
14 1%
854 Jan
144j
14
12 May 1,80
2434 28% 24,700 2234 Sept 2834 Bern
5614 61% 1,490 36 June 64 Sept
101 102%
s
:ept
02
Jan 135 JulY
365 97
1434 1534
Mar 19 June
400 11
31% 32%
Oct
734 74
6001 3
1034 Aug
Aug134
3
700
111 111
06
10 86% Jul) 1151924 Aug
105 105
105 Sept
Sept60
317 320
Sept
710, 257 May 335
56
56%.pt
1310 4934 Sept
Se
2534 27% 2,4801 2414 July 3034 July
12234 124% 1,400, 7634 Jan 125
Sept
13% 14% 2,400; 834 Jan 1534 Oct
6934 70%
4811 35
Feb 81 June
20% 21
9,000 2034 Oct 214 oot
M
5
434 434
Feb
200
1
2734 2934 9,400 13
Feb 30
July
234 2% 1,000, 1 June
34 Aug
50
5034
600 50
Oct 5054 Oct
2144 2234 3,000
934 Mar 23
JoIY
18 1854
400 15
Jan 1834 Ole
3% 434 1,100
2 June
5
Yen
12% 144 7,9001
834 Sept 1434 Oct
734 Aug 1034 Oct
9% 10% 18,700
90c
2
July
154 2,900, 750 June
100, 634 June 13
Feb
834 8%
79
Jan 91
81
1,2001 33
Oct
81
84
2,0251 72 May 8954 Feb
38% 4034 52,800, 26% Apr 45
July
300 27
Apr 87
50
50
JULY
30
84
Ap
5
6,300 2
a
5
50: 2 % r 3 4 Apr
30
234 274
Sept
73% 794 9,730 50 May 9 34 Seat
8
85
98
0, 88 June
98
5
2434 24%
Jan 2531 Mac
100 18
7% 9
74 Sent 1036 Sept
2011
3% 334
4% Jan
2 0 83231% Mary 190
0
7
160 160
Sept
228 235
May 258 Sept
155 151
634 734 6,700
334 Jan 10
Apr
110 110%
480 109
Mar 1125-4 July
72% 74% 8,600 70
Oct7631 Sept
82% 83
1,800 8131 Oct 85 Sept
17
17% 1,500 14% Aug 19
July
1434 14% 1,200 1214 May 18
Feb
46% 48%
700 3831 Sept 4854 Sept
18
17
300 13
Oct 2614 Jan
128 131
Oct 134
40 128
Oct
444 46% 1,700 3914 Oct 62 Sept
80
81
1,300 79 Sept 82 sept
Sep
4
41
41
41
Oct10
45
4534
18
600 4034 Aug 43% Sept
104 1014
Feb
100 10 May
511 5% 4,500
334 Apr
534 Oct
Vol 44 1,
800 184 33fle 18 Sex
100
3 1 ulY
,10
1
.
16% 1754
93
93
July 93
100 90
Oct
4734 48
200 4631 Aug
12
1434 8,000
934 July 56 Sept
1734
98
98
Oct 98
10 98
Oct
42
42
75
Oct 42
100 42
72
75
Oct
Oct
50 72
1434 17
Jan
1,000 1454 Oct 35
169 177
Jan 177 Sept
400 125
11c
14c 54,000
40 May 200 Oct
44 July
3% 315
24 Jan
200
2544 2634 1,600 2534 July 2614 Oct
Aug 1037%
5
5% 54 5,600
1054 106
5u
1
18,00 118,‘ June 314 July
36
0 00
Sept
25% 30%
44%
a
4
3834 39
1,200 1714 Jan " Sept
65% 66
100 4934 Jan
8
54
9
274 SeptOct 18% Aug
1
3, 2
4
3
334
44
100 4241 May 6334 Feb
44
20% 214 1.600 1834 Sept 24
Sept
Apr 6334 Feb
61
200 56
62
Feb 12134 Oct
11534 1214 6,000 *43
Sept
Jan 102
100 102
1,400 85
uttz
56
28
400 1854 Jan 414 Jo
2831
Apr
44
46
400 30
554 July
3 Septb
741
800
534 5%
Mar
4
534 5% 1,90
Oct
39% 40
900 3454 Apr 40
Jan
51:10 530
Jan
2% 234
123 124%
J acy 129344 4i
O
21E 52;1 Man 1 Sept
3
8
1)
34
35% 10,800 1434 Apr 3631 Sept
94
94% 1,100 793-4 Jan 9514 Oct
27% 304 15,500 1334 June 3034 Oct
3744 38
Sept
26
15
15% 1,611:3 10
7 May 35 0
Mr 4 4 87
A0r 10H
5%
18% 1934
Former Standard Oil
Subsidiaries
Anglo-American OIL...El 16% 15%
Buckeye Pipe Line
5834
50 61
Chesebrough Mfg new .15 47% 4734
Preferred
114
100
Crescent Pipe Line
12
25 12
Cumberladd Pipe Line_100
136
Eureka Pipe Line
77
100
Galena-Signal Oil. com_100
53
Humble 011 & Reflning__25 36% 36%
Illinois Pipe Line
12056
100 125
Friday
Sales
Former Standard Oil
Last Week's Range for
Subsidiaries
Week.
Sale
of Prices.
(Concluded)
Per, Price. Low. High. Shares.
Imperial 011 (Can) coup.25
Indiana Pipe Line
50
Magnolia Petroleum__ _10t,
National Transit____12.50
New York Transit
100
Northern Pipe Line_
100
Milo Oil
25
Penn Mex Fuel
25
Prairie 011 & Gas
100
Prairie Plpe Line
100
Solar Refining
100
South Penn 00
103
Southern Pipe Line. _
So West Pa Pipe Lines_100
Standard 011 (Indiana)...25
Standard oil (Kansas) _ 25
25
Standard 011 (Ky)
Standard Oil (Neb).-100
Standard 011 of N Y....25
Stand 011 (Ohio) com_100
100
Preferred
100
Swan & Finch
25
'Vacuum on
103
10344 10834
78
764i 70
13834 134 139
224 2234 2244
61
5644 63
75
79
78
65
61
65
3344 34
213 219
218
10534 104 105%
180 184
184
129 135
135
8334 89
88
74
74
58% 5534 58%
35% 3444 3644
11745 11544 1154
24454 23414 246
4234 3934 42H
311 315
311
117 118
3944 41
41
7244
7244 71
4,030
640
520
200
350
200
4,300
700
4.430
3,590
70
690
400
10
54,600
3.500
3,100
290
22,700
70
40
50
6,700
Range since Jan. 1.
Low.
98%
66
122
2014
55
73
58
27
193
100
175
117
8044
70
544
32
101
199
3744
275
116
34
5644
Apr
Sept
.1'11 y
June
Ana
Sept
June
Jule
Oct
Feb
July
June
Oct
Oct
July
Oct
May
Jan
May
June
Sept
July
Jan
High.
119
100
162
274(
97
1074
794
43
269
111
230
171
1110
89
68%
50
120
2564
48
335
120.
81
73%
Jan
Jan
3Rn
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
May
Jan
Oct
Other Oil Stock,
42c 43e
1
Allen 011
6
534
4
Arkansas Natural Gas_ _10
234 3
Atlantic Lobos Oil. corn. •
•
8
8
9
Preferred
Boston-Wyoming 011_ _1 80c
80c 800
334
3
4
Carib Syndicate
831
844 834
Creole Syndicate
4c
50
Engineers Petroleum Co....1
93c 990
99c
Euclid MI Co
•
344
3
334
Gilliland 011 v t c
25 6444 60% 65
Gulf 011 Corp of Ps
lc
2e
Hudson 011
International Petroleum' 194 19% 204
•
144
144
144
Kirby Petroleum
5
444 5
Lego PetroltR,tn Corp_ _ _
30
3e
30
Latin-Amer MI
Livingston Petroleum. •
1)1 141
1
145
Marine 011
124
1
Marland Oil of Mex
2
23-1
444 44
5
Mexican Eagle 011
500 50e
Mexican Panueo Oil_ _10
Mountain Prod i went_ . 10 2034 194 2031
Mutual 011 vot trust etfe.5 1134 104 1141
414 444
S
New Bradford f III
434
7e
6c
Noble(ChasF)Oil& G com 1
70
4o
4e
Northwest Oil
1
1
144
Peer 011 Corp
1
•
130 20e
Pennsylvania Beaver 011.1 17e
Pennok 011 Company _10 1254 124 1244
Pennok 011 Cora(new).' 1514 15
154
3444 37
Red Bank 0111
25 35
541 6)1
Royal Can Oil Syndicate...
6%
3% 314
Ryan Consol Petrol
33'
741 83.1
8
Salt Creek Conrad 011_10
Salt Creek Producers..
.10 2644 25% 27
1
1
Sapulpa Refining
5
90 130
12e
Sunstar Oil
9
9
Tidal Osage 011 (vol
Union 011 of Calitoreta_100
Dillon. Read & Co int me 13244 132 1324
3
331
344
Venezuelan Petroleum
11c
15c
Western States0& G._ _ 1 150
544 544
544
1
Wilcox Oil& Gas
944
945 1045
Woodley Petroleum Co
3,000 100 Apr
Oct
4
4,000
244 Oct
300
200
5
July
300
75e May
214 Oct
8,800
5,000
24 Jan
4,000
30 Mar
Oct
5.700 80e
300
1% Jan
18,700 5641 May
9.400
lc Sept
17.100 16% June
300
144 Apr
25,200
244 Jan
le Aug
21,000
200 60c Mar
200
1
Sept
300
2 June
380
234 June
400 50c Sept
Feb
12.200 16
9% July
44.440
1.500
444 Sept
Sc Sept
10,000
6,000
20 June
800 , 1
July
28,000 130 Oct
9,200 12
July
2,300 124 Oct
5.800
544 Jan
14,700
244 Apr
400
345 Jan
2.500
744 Sept
5,600 194 Feb
100 82e
Jan
21,000 10o Oct
100
8
Jan
400
16.700
24,000
8,000
4,400
132
2%
Ile
4%
7
50e Sept
Jan
7
44 Jan
11
Jan
lik Jan
614 Jan
944 Sept
13e June
99e
Oct
54 Feb
Jan
65
7o
Jan
224 Feb
244 Jan
54 Alit
Prz Feb
24 July
314 Feb
444 Jan
444 Feb
14 Apr
2041 Oct
13% Jan
64 Jae
16e Feb
fle
Jan
Jan
6
62e Feb
174 Sept
154 Oct
58
Aug
7
Aug
534 Mar
104 Jan
274 Sept
244 Mar
25e May
1644 Jan
July 1344 July
Sept
Oct
3
Sept 30c Jan
844 Feb
May
Apr 13 May
Inning Stocks
15e
15e 1.000 10e May 40e Feb
Alaska-Br Col Metals_ _.10 150
4e
40 3,000
I
30 Oct 12e
Jan
Arizona Globe Copper
4e
40
40 2,000
40 Oct
40 Oct
Booth Mining Reorganized
150 4.000
14e
Calumet &Jerome Cop.
..1
7o Feb 25e May
331 33-4 19,900
3%
Canarlo Copper
10
4
1% May
July
24e
280 2.000 15e Aug 28e
Oct
Comstock Tunnel & Dr.10e
3110
144 Jan
4
Aug
Consul Copper Mines.. 1
34 334 1,600
120
12e
13e 5,000 10e June 700 Mar
Cones Sliver
lo
le 1,000
le
Oct
Oct
lc
Crackerjack Reorganized..
3
344 311.1 2.800
3% Oct
444 Jan
Creston Con Gold M & M 1 -- - -13.1;
11e
15e
15e 33,000
4c
Jan 22e July
Diamond 111 Butte aeon:I
11
12
Mar 2335 June
1,000
6
Engineer Gold Mines Ltd 15 12
70
70 12,000
Jan
60
40 June 15o
Eureka Croesue
530
500
53e 54,900 40e Sept 510 Oct
First Thought G M
80
Sc
80 1.000
Jan
Sc Oct 10e
1
Forty-nine Mining
20
2c
20 33.000
20 Sept
70 Sept
Goldfield Deep Mines...he
8o
70
8c, 3,000
Jan
20 Aug 10e
Goldfield Development.5c
10c
10e, 2.000 10c Aug 420 Jan
1
Goldfield Florence
3c
30
3e 15,000
10e
20 June 12e Jan
Gold Zone Divide
80
70
90 40.000
10e
2e Apr 26e Aug
Hamill Divide
25c
30e 16,000 15e May
82c Jan
Hawthorne Mines, Inc.._ I 300
944
g Oct
854 Jon
..25
,
94 9441 1.300
Mining
Heels
20
20
2c 13,000
le Feb
.1
7e Mar
Hilltop Nevada Mining.
144 1441
200 1144 Mar 14% Oct
Hollinger Consul G M....5
2% 23.4 2.100
Jon
134 June
3
Howe Sound
10e
10e 4.000
no Ate 18e Feb
Independence Lead MID...1
Jan
96e
96c
200 76c July
960
2
1
Jerome Verde Devel
31e
43e 164,000 15e Mar 95e July
41e
Jib Consul Mining
4e 3.000
3e
4e
90 Sept
2e Apr
1
Jim Butler Tonopah
134
12-4 P. 16,500
1
Apr
1.11 Sept
Kay Copper Co
134
134 •
200
1% Mar
2)1 Jan
5
Kerr Lake
Sc
fic 2,000
40 Aug
8o Aug
Kewanus Reorganized-1
Sc
Sc
7e 16.000
lo May
90 Aug
Lone Star Consul
47e 21.000 300 Aug 810 Oct
37e
Silver Syndicate..1 45c
Lorrain
Jan
Pie 1.1. 1,900
1
1.14
23.4 Aug
Mason Valley Min" - - -5
Jan 160 Mar
10c
Sc
10e 1.000
KeKinley-Darragh-Sav .._1
Sc 1.000
8c Aug
40 Mar
Sc
Mizpah Ext of Tonopah_Jan
10e
15e 3,000
Oct 48e
8c
1 15e
Mohican Copper
17c 68.000
Oct
1 lo
50 Aug 17e
National Tin Corp._ _50e 170
Oct 30e
Oct
30c
300 1,000 30e
10c
Nevada Ms
4e June 140 Feb
8c 1,000
80
Nevada Ophlr
20
19
500 15% Jan 22% July
20
New Cornelia Copper Co_5
140 134% May 170% Aug
162% 16445
New Jersey Zinc
100 163
6% May
554 Jan
,
641 1.400
6
64
5
Nipleelng Minas
Oct
42e
45e 22,000 250 Sept 45c
450
Nixon Nevada
Pie 35,800 850 Mar 114 Aug
990
1
Ohio Copper
1
700 16c June 67e Mar
53c
50c
520
Parmac Poreup Mines Ltd.
Oct
Jan 80o
75c 22,200 30o
70c
Plymouth Lead Mines.._1 73e
43c 1.000 430 Oct 50e July
43s
Portland Gold Mining .1
2 1R Oct
,
134 Apr
,
2 18 7.100
2.ii
Premier Gold Mine Ltd .1
Jan
5e
Jan
lo
le
le 6,000
Red Hills Florence
be
Jan 75e Aug
53e 24,000 21e
470
Red Warrior Mining Co_ _1
lc July 320 Sent
30c 24,000
23c
Iteorg Div Ann
300
Jan
9c
Oct
5e
Sc 1,000
Sc
Rochester Silver Corp
Apr
144 July
1
600
Me no
Rocky Mt Smelt & Ref.._ I
Apr
13,4 June
1
Preferred
100
Pa Vie
1
5c Feb
20 Apr
San Toy Mining
2c 6,000
20
20
le July
So Jan
Sc 48.000
Silver Dale Mining
5c
40
514 Oct
244 June
South Amer Gold &
44
444 541 3.400
20 Jan 100 June
Spearhead
7c 17,000
Sc
5e
1
Tonopah Belmont Deo_ _1
62e 1,303 40e Apr 75e Feb
60e
Tonopah Divide
21e 1,000 170 May 40o Feb
21e
1
344 Oct
14 Jan
Tonopah Extension
3 11
,
344 334 3.700
14 Jan
23.4 July
Tonopah Mining
200
1
14 1%
3e Feb 15o Sept
S & 13
100
120 10,000
10e 110
Jan
Trinity Copper
40c
42e 20,000 250 May 80e
lffj Feb
Oct
United Eastern Mining...1
37e
370 1.000 35e
June 3044 July
United Verde Extension 50e
2534 26 I
400 21
[VOL. 119.
THE CHRONICLE
1948
Friday
Sales
Last Week's Range for
of Prices.
Week.
Sale
Mining (Concluded) Par. Price. Low. High Shares.
lie 12,000
13-4 1,400
100
600
334
113u 15,000
53c
900
14e 4,000
17e 8,000
18e 1,000
8c 2,000
Range since Jan. 1.
Low.
High.
10o May
60c July
Apr
2
Apr
2
Apr
1
30c June
2o May
150 Aug
Jan
12c
2e Mar
200
241
.24
31 4
4
144
86e
330
50c
27c
10c
Jan
Feb
Feb
Aug
Sept
Jan
Sept
Jan
May
Sept
71
7234 13.000 48 May
Allied Pack cony deb Ss '311
8644 8.000 57 May
1939 864 86
8e. series B
Aluminum Co of Am 7s '33 10734 10734107)1 63 000 10544 Mar
5.000 101% Jan
103 103
1925
7s
95
9531 61.000 9444 Oct
Amer & E deb 68-2014 95
9531 103.000 94% Oct
9594 95
9434 9444 46.000 944 Sept
Am Pow & Lt Saw 1_2016
Sept
9444 109.000 91
69 01.1 warr attach._201e 9444 94
10031 10114 18.000 98% Apr
Amer Rolling Mill 68.1938
July
87
29.000 73
Amer Sumatra Tob 7Hs'25 864 86
10344 1034 3 000 101)4 Jan
American Thread lis 19211
Feb
Anaconaa Cop Min 68 1929 1034 1035-410334 20.000 101
Anglo-Amer Oil 734e 1925 101% 1014 1014 20.000 1014 Mar
Aseoe'd Simmons Hardware
84% 9,000 713-4 June
84
1933
614e
Oct
22
2,000 22
22
Atlantic Fruit 8e
Jan
544 14.000 42
Ad Gulf & W IRS I. 58 1959 544 54
Jan
77
77% 21.000 70
Beaver Board Co 80_1933 77
Feb
9634 97
8,000 92
Belgo-Canadian Pap 68 '43
Beth Steel equip 78.-1935 10331 10344 1034 35.000 t0234 Feb
Canadian Nat Rye 78 1935 11034 1094 1104 34.000 10634 Jan
0.000102 June
1024 103
1029
Childs Co(15w I
Cities Service 7s,eer C 1966 9954 0ig 99% 43.000 8944 Jan
Jan
9741 32.000 89
1966 974 97
7e Series 13
104% 10444 10.000 1014 Jan
Cons G.E L&P.Balt.68'49
Jan
10244 103
1952
7.000 93
5)18
1051 1094( 109 109% 8.000 1083-4 May
6 48 Series D
79
79
3.000 68 Sept
1941 79
Consul Textile es
Cudahy Pk deb 5148- 1937 8614 8644 864 11,000 813-4 May
1034 104
1931 104
17,000 09(4 May
Deere & Co 74e
10144 102
30.000 9934 Jan
Detroit City Gas 68-1917 102
107% 103
41.000 10244 Jan
Detroit Edison 613_ _1932
9534 96
JR n
30.000 90
DunlopT&Rof Am78 1942 96
1933 994 991.1 100
61.000 9,34 Oct
Federal Sugar 138
10244 10245 2.000 994 Jan
1926
Fisher Body 68
102 10245 5.000 9834 Ja
1927 162
68
102 1024 45.000 9744 Jan
1928 102
68
93
9844 10 000 94)1 May
Clair (Robert) Co 71) 1937
Galena-Signal 011 78-1930 10531 10534 10544 9.000 1043-1 Jan
105% 10544 9.000 10234 May
General Asphalt 88...1930
9744 9744 5,000 9744 Oct
1928
135
1004 101
18.000 944 Jan
General Petroleum 68.1928
Grand Trunk RY 6448-1936 107% 10744 107% 26,000 1051-4 Jan
9714 9844 59.000 94
Jan
19371 98
Gulf Oil of Pa 5s
10044 10045 2,000 100% Oct
1925
Serial 54411
101% 1014 2.000 993.4 Feb
1927
Serial 5148
14.000 91
Oct
Hoe(R)& Co Ine 6461934 9931 99 100
19161
102 102)4 5.000 99 May
Hood Rubber 75
100% 101 146,000 924 Jan
Match 6%IL _1943 101
Intermit
93% 9944 11.000 9744 Feb
Italian Power 64s_ _.1928
1024 1024 10 000 10044 Jan
e '26,
Kan City Term Ry
106 106
13.000 103
Jan
Kennecott Copper 7e 1930 106
Jan
Lehign Power Secur fis 1927 101% 101 1014 24,000 96
10014 1014 6.000 9531 Jan
Val liar Term 5e'54
Lehigh
9944 994 42,000 99 Sept
Lehigh Vail RR 5s a 1.2003
7.000 • 04 June
(Abby MeNelll& Libbv70'31 99% 994 100
108 106
2,000 10244 Jan
Liggett-Winchester 713.1942
Lower Arizonan Hydro85
8544 21,000 85
Aug
Elee Pow 6945 w 1..1944
99% 1003.1 15.000 11514 Jan
Manitoba Power 7e.-1941
1927 9944 9944 99% 40.000 9944 June
Mo Pac RR 5s
9844 994 18.000 92 June
1930
Morris & Co 74s
National Leather 81)._1925 10134 101)1 1014 31.000 92(4 Apr
New Orl Pub Serv 58..1952 863-4 8644 8714 40 000 8144 Jan
102 10244 9,000 10134 Sept
Northern Cent RR 58.1974
Jan
Nor States Pow 640_1933 102% 102 1024 122.000 98
9845 100
82.000 964 May
64% gold notes._ __1933 100
1952 90
89
90
33.000 8444 Jan
Ohio Power 55
91)1 81.000 97
Oct
Pan-Amer Petrol 68 w 1 '34 9731 97
Penn Pow & Light Its .1°52 9341 9334 93% 49,000 874 Jan
Pennsylvania RR 58_1964 9844 9844 9334 185,000 98% Oct
1941
107 107
4.000 10434 Jan
PhilaElecSs
1947
104% 10434 3 000 9841 Jan
5448
1953
10334 103% 13 000, 984 Jan
534s
Pub Sere El k GRA 5 Ha '64 9644 9644 964 65,000: 0344 Oct
Jan
Public Service Corp 78 1941 10731 10741 103
23.000: 101
1944 943-4 9441 944 82,000' 9
Oct
68
Pure Oil Co 6348
1933 9514 9541 9534 23,0001 9231 Jan
Jan
Shawsheen Mille 76.-11)31 1044 104 10444 44,000 102
101 10145 65,000 10434 Oct
1927
Skelly 0116148
1014 102
3,000 97
Jan
Sloss-Sheffield 5& 168 1929
I 10144 1014 102
---27,000 99
A0
Solvay & Cie
South Calif Ed1Ron 58.1944 923.4 924 9334 25.000 8931 Jan
Au
Standard Gas & El 64*'54 10234 1014 10331 227.000 96
Stand 011 of NY 648_1933 10734 10734107)1 13,000 105% Jan
100% 10034 4,000 110334 Oct
4erl'il geld doh
10534 105H 32,000 10234 May
7% serial gold deb._1926
/
4
7% serial gold deb _.1927 10534 10534 1053 53.000 10444 July
Jan
7% serial gold deb._ I028 1054 105% 10531 44.000 105
7% serial gold deb...1929 10534 10594 10314 60,000 10544 Jan
7 aerial gold dlb..19 111 10534 10544 10334 35.000 105
Feb
7% aerial gold deb...1931 10534 10544 10644 73.000 10534 Oct
Swift & Co 58...Oct 15 1932 94% 9444 0444 46,000 10)4 May
104 104
Tidal Osage 011 U.._ _1931
8,000 10114 Jan
Union El L &Pot 1115140'54 984 9844 99
26.000 9444 Apr
101 101
Jan
Union 01168 Series B...1925
2.000 100
Serial 68 Series 11..._1926
1013-41013-4 1,000 1003-4 Oct
1944 10044 1003-4100)1 178.000 100% Ort
United Drug 6s
United 011 Prod 68_ _ _1931 30
Oct
30
3044 7.000 23
10434 109
Un Rye of Havana 748.'36 109
14.000 1054 Jan
Jan
1936
Vacuum 011 is
1063-41087-4 27,000 106
Valvoline 011 88
1937
103 103
2,000 1014 Apr
Webster Mills 644a...1933 1033-4 103 10334 12,000 100
Jan
Wheeling SteelCorp5413'48
9544 05% 5,000 9544 Oct
75%
893‘
107%
10314
964
96
95
95
10044
99
101
104
102%
Oct
Oct
Aug
June
June
&tit
Aug
Sept
Aug
Feb
Oct
Aug
June
LT El Continental Mines_.5
Unity Gold Mines
5
Utah Apex
5
Walker Mining
1
Wenden Copper Mining...1
tweRt End Consolidated .5
West End Extension Min.1
Western Utah Copper.......1
Wettlaufer-Lorrain Silo M 1
White Caps Mining- __10c
1 le
1
2
10e
1
2
2%
1 the
140
160
51e
13e
150
18e
Sc
Sonde
-
934 Feb
Mar
36
61
July
80
Aug
97 Sept
100( Oct
112 Sept
104% July
9944 Oct
974 Oct
105% June
Oct
103
11194 Oct
Jan
97
8834 Jan
101
Oct
1034 June
109% Aug
964 Oct
101% Aug
10291 Sept
10244 Aug
102% Oct
1004 Sept
106
Aug
10574 Oct
974 Oct
101
Aug
1034( Aug
98)4 July
10134 Aug
10144 Aug
Oct
100
1024 May
101
Sept
100
Sept
1024( Sept
107
Aug
1013.1 Oct
1013-4 July
wog July
101
Feb
Oct
107
854 Aug
10044 Sept
10044 Aug
1004 Feb
10144 Ott
95% Jan
102)4 Oct
104% June,
100 11 Oct
9194'SSent
9744 11 et
0
June
94
984 Oct
July
107
10434 Oct
Sept
104
95% Oct
10444 July
July
97
9644 Aug
10414 Mar
10244 Aug
1024 July
Sept
102
9314 June
10534 Sept
10214 JUDO
1Q24 June
los% Sept
1083,4 Aug
si Feb
tont June
108
109
954
10444
99
101%
102
100%
7944
109
108
10434
1043-4
9544
June
Feb
Aug
July
Oct
Aug
July
Oct
Feb
July
June
July
Sept
Oct
Oct 10044
Oct 91
Oct
Oct
Foreign Government
and Municipalities
Argentine Govt 5.4e WI'25
100% 100%
Finnish gu munie 6 Ae..1954 91
91
91
Indus Mtge Bk of Flulatio
94
9444
let M toll s f 75.....1944 94
Netherlands Kingd)OsB'72 9944 934 994
(
99
994
Peru (Republic of) 813.1932
1944
9944 99%
So
7334
Poland (Renub on 69_ 1940 7331 73
Russian Gove-nment. _ _
• 134 14
644s certificates_ .1919
14
14
5448 certificates_ _1921
13
14
54% eertifirates. .11021
Switzerland Coot 5)1e 1929 10144 10141 1014
1926 10034 10034 10034
Ext 5% notes
7,000 100H
7,000 91
41.000 91
11,000 894
27,000 974
10.000 " 0934
52,000 6844
19.000
2,000
31,000
55.000
78,000
10
941
91-4
97%
9714
Oct 0314 Sept
Apr 10034 Aug
Jan 100
Sept
Oct 9934 Oct
Sept 7531 Oct
Jan 2014
Jan 204
Jan 21
Apr 102
Jan 1001i
Feb
Aug
Aug
Aug
Aug
•No par value. 3 Cerrectielli. I Listed on the Stock Exchange this week, where
additional transactions will be found. o New stock. t Option sale. w When
issued. z F.x-dlyidend. y Ex-rights. s Es-stook dividend.
Investment mut
Latest Gross Earnings by
follows we sum up separately
week of October. The table
8.32% decrease from the same
Second Week of October.
Weeks.
-In the table which
the earnings for the second
covers 16 roads and shows
week last year.
1924.
$
Ann Arbor
112.320
Buffalo Rochester & Pittsburgh_
335,764
Canadian National
5.138.847
Canadian Pacific
4,214.000
Duluth South Shore & Atl
118.877
Georgia & Florida
35.800
Great Northern
3,286.072
Minneapolis & St Louis
418.866
Mineral
7.496
Mobile & Ohio
379.422
Nevada-California-Oregon
9.673
St Louis-San FrAncisco
1,950 669
St Louis Southwestern_ _ - --568.248
Southern Railway System
2,821,900
Texas & Pacific
743.897
Western Maryland
425.959
Range
Total (16 roads)
Net I crease (8 82W...)
gailirrad gutelliginct.
1923.
$
122.170
408.014
5,891.610
5,193.000
. 112.152
39.500
3,121.165
398,692
9.839
408.330
9.322
1.835.342
662.687
3.061.486
738,167
424.455
20,567.810 22,435.931
Increase. Decrease.
$
$
9.850
72.250
752.763
979.000
6.725
3,700
164.907
20,174
351
115.327
--- _
5.730
1.504
2,343
28.908
94.439
239,586
314.718 2.182.839
i1 RASI 191
In the following we also complete our summary for the
first week of October:
First Week of October.
1924.
1923.
$
$
Previously reported (14 roads)__ 20,355,553 22,091.298
Nevada-CaUfornia-Oregon
11.785
9.322
Western Maryland
376.587
424.456
Total (16 roads)
20.743,925 22,525,076
Net decrease (7.90%)
Increase. Decrease.
$
$
152.204 1,887.949
2.463
47.869
154,667 1.935.818
1.781.151
For the third week of October only one road as yet has
reported. The figures are as follows:
Third Week of October.
1924.
Buffalo Rochester & Pittsburgh _
1923.
S
337,065
40S
8,014
Increase -I Decrease.
S
S
70,949
Net Earnings Month y to Latest Dates.
-The table
following shows the gross and net earnings for STEAM
railroads reported this week:
-Crossfrom Railway- -Nei from Railway- -Net after Taxes
1924.
1923.
1924.
1924.
1923.
1923.
8
8
8
8
Chicago & Alton
September _ 2,803,470 2,978.877
.524,709 *687,808
From Jan L22,819,546 25,131,489
*3.377,018 *4,059,707
Chicago Great Western
September 2,335,051 2,147.879
564,162
344,482
From Jan 1_18,138,724 19,267.417
2,955,579 2,691,257
Fonda Johnstown & Gloversville
September
95,932
110.399
28,160
20,320
40,816
32,976
From Jan 1_ 960,007 1,128,913
437,461
326.681
256,121
366,901
Banns City Southern (Inci Texarkana& Ft Smith)
September 1,836,878 1,953,199
541,045
532.871
433,628
440,560
From Jan 1.15,601.180 16.871,955 4,307,400 4,561,929 3,375,659 3,665,915
Minneapolis St Paul & S Ste Marie
September 3,156,785 3,032,043 1,238,252 1,033,898 1,043,337
872,419
From Jan 1_18,878,339 21,544,084 3,197,844 4,621,981 1,848,675 3,128,397
New York Chicago & St Louis
September _ 4.640.248 4,560,780
*1,064,281 .474,457
From Jan 1_40,038,340 43,301,328
.6,331,012 *8.045,575
New York Ontario & Western RySeptember. 1,216.198
925.808
235.197
131,413
192,189
From Jan 110.598.843 10,716,146 2.209,787 1,387,404 1,782,163 --148.777
1,028,243
Pittsburgh & West VaSeptember _ 432,106
340.611
177,512
84,209
125,192
42,925
From Jan 1. 3,024,678 2,814,348
880,746
806,134
243,988
514,785
Southern Pacific System
September _25,857.806 26,327,828 9,022,504 8.630.193 7.160,818 6,854,864
From Jan 1_292692816 209361,895 51,359.481 55,844,720 36,941,797 41.555,745
Union Pacific System
September _20,794,116 21,577,642 7,984,103 7,672,111 6,693.343 6,572,517
From Jan 1_146033318 150294,342 39,700,840 37,636,738 28,355.128 27,672,380
Wisconsin Central Ry
September _ 1,612,751 1,708,640
272,354
307,794
183.617
218,188
From Jan L14,452,858 15,554.127 2,784,943 3,586,873 1,972,056 2,735.731
-Crossfrom Railway- -Available for lot.-Surplus after Ches.1923.
1924.
1924.
1023.
1924.
1923.
$
$
$
St Louis-San Francisco (inci sub lines)
September, 8,171,000 7,620,000 2.213.000 1,508,000
960.000
238,000
From Jan 1_64,804,725 66,415.815 14,487,207 13,490,029 3,351.604
2,716,878
•Net after rents.
Electric Railway and Other Public Utility Net
Earnings.
-The following table gives the returns of
ELECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this week.
-Gross Earnings--NetEarnings
-Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
8
Alabama Power Co
Sept 752.973
721.677 *385.198 *382.540
12 mos ended Sept 30___ 8.844.776 7,295.912 "4.132,637 *3.289.776
Atlantic Gulf & W I SS
Lines and Subsids_Aug '24 2.398,505 *560,122
193.972
36E1.150
8 mos ended Aug 31 '24 17.757,827 *4.168,426 1.602,133 2.566.293
Georgia By & Power Co(Ind.
Sept 1.280.803 1,284.043 *365.996 *319,049
Atl Nor RR Co)
9 mos ended Sept 30_ _ -11.950,038 11.778.014 *3.642.274 *3.371.424
Southw Pow & Lt subs.Aug 941.767
860.933 *405.458 *358.607
a
12 mos ended Aug 31_12,039,391 10.861,237 *5,644,447 *5.091.145
taxes.
•Net after
a Earnings from operation of the properties of subsidiary companies and
not the earnings of the Southwestern Power & Light Co.
Gross
Net after
Fixed
Balance,
Earnings.
Taxes.
Charges. Surglus.
Companies.
Arkansas Central Aug '24
"63.222
166.810
27.445
35.777
Power Co
'23
164.192
*53.974
22.082
31.892
12 mos ended Aug 31 '24 2.137.711 *842.865
301.748
541.117
'23 1.998.786 *696.394
260.203
436.191
Brooklyn City RR Sept '24
978.273
165.548
36,791
128.757
23 14)11.410
196.340
Co
52,365
143.985
3 mos ended Sept 30'24
884.792
443,004
111.812
331.192
'23
642.241
1.831
155.803
486,438
Bklyn-Manhattan Sept '24 .745.049 *1.023.835
649.152
374.683
'hewn
'23 3.089.014 *895.592
658.060
237,531
3 mos ended Sept 30'24 10.744.920 *3,148.266 1.942.175 1,206,091
'23 9,681,053 *2,780,643 1,965,946
814.697
it,01
1949
Gross
Balance,
Net after
Fixed
Earnings.
Slurs,
Charges.
Taxes.
$
8
$
Cities Service Co Sept '24 1.054,200
r401.793
'23 1.025.587
r356.378
12 mos ended Sept 30'24 17.176,053
r9.380.159
'23 16,657.793r8,515,299
8.608
Cleve Painesv & Aug '24
55.230
11.023
2,515
Eastern RR System
64.323
12.930
13.703
'23
-773
72.766
419.450
68,572
8 mos ended Aug 31 '24
4.194
471.334
98.277
110.021 -11,744
'23
Columbia Gas &
Sept'24 1.713.732 *870.735
584,918 d285,817
Elec and subs
505,644 d284.370
'23 1,511.010 *790.014
12 mos end Sept 30 '24 25.227.614'12.961,841 6.678.930 d6,282,911
23 20.613.074'11.150.514 5,965.542 d5.184.972
Detroit Edison Co Aug '24 "2.527.370
611.840
336.154
275.686
345.626
205.617
.243
' "2 337 256
9 mos ended Sept 30 '24'24.821.981 7.082.652 3.069.387 4.013,265
'23'22,848,203 6,420.546 3.171.649 3.248.897
East Penn Elec Co Sept '24
/86.225
38.052
48,173
249,311
28.867
156.322
215.286
32.455
'23
450.502
635,212
12 mos ended Sept 30'24 3.165.896 11.085.714
293.716
532.012
61
2,815..7% 1825.728
771 7
113.971
Eastern Mass St Sept " 3
74,704
188.675
24
42.295
113.802
Rwy
156.097
5 31
3
7. 52 9
83 :790
576.987
1,606,214 1.029.227
9 mos ended Sept 30 :2243
656,307
'23 8,183.622 1,710.107 5.053.800
Eastern Texas ElecAug'24
94.465
21.777
72.688
240.326
50,193
Co & subs
18,043
*68.596
179,637
'23
'
651,519
216.081
12 mos end Aug 31 '24 2.248.193 *567,600
534.817
222.709
%7 7 2
8
1, 37 6 0 *757.526
3 .6
59.606
Galv-Houston Elec Aug "2234
44.068
103.675
18.440
Co and subs
4L076
59.516
276.642
'23
372.568
516.307
12 mos end Aug 31 '24 3.632.286
888,876
483.764
1872911
5:28
669.675
'23 3,288.959
Grafton County El Sept'24
9.574
17.807
Lt & Pow Co
3.962
56
4
15.952
5.408
1.'491
'23
65,371
12.918
9 mos end Sept 30 '24
78.292
150.661
49.491
12.134
132.086
61.628
'23
2r
Great Western
13g:8 3
356,960
220.728
996
Sept' 24
635.
210.350
Power System
16
377,203
585.645
'23
9 mos ended Sept 30'24 5.694,400 3.290.326 1,8a11
1.9ng IZ:1
'23 5,323,031 3.347,030
Houston Lighting Aug '24
46.437
il:
4 2.3
3
243.382
*83,120
21.740
Co
206,813
'23
..
414,572
12 mos ended Aug 31 '24 2,885.471 "1,189.295
774.723
653,494
159.838
'23 2,384.314 "813,332
Hud & Manhattan Sept '24
959,064
455.738
333 1:2 •141:12
:
944.658
448,179
3
'23
9 mos ended Sept 30 '24 8.785,601 4.155,453 3.049.085 1.10M
;
86
'23 8,521.611 3,908.224 3,044.398
& Li Pow o
KanCItyght eer
720,18/3
336,290
87.149
249.141
Sept '21
231,844
80.300
663.727
312.144
'23
12 mos ended Sept 30 '24 9.335,055 4,545.754 1,067.506 3,478,248
888,696 3.321.917
'23 8,731.279 4.210.613
Knoxville Pr & Lt Aug '24
"58.667
19,064
181.649
39,603
Co
*45.901
174.100
19.553
26,348
'23
12 mos ended Aug 31 '24 2.309,433 *719.580
241.505
478,075
234.944
423,942
'23 2.144.144 *658.886
Lake Shoreltlec
57,243
22,122
35.121
246,548
Aug '24
By System
35,543
70.873
35,330
259.453
'23
8 mos ended Aug 31 '24 1,876.503
324.364
281.900
42,464
400.780
283.814
116.966
'23 1.847.098
Manchester "frac- Sept'24
21.955
50,334
72.289
199,946
tion, Lt & Pr & subs '23
74,713
21.617
53,096
202,332
9 mos ended Sept 30 '24 1.879.174
519.931
719.987
200.056
482.917
677.672
'23 1,893,435
194.755
Massachusetts
Sept '24
043,333
15.218
78.551
305.161
Ltx Coq
9 mos ended Sept 30 : 4 2, 96 141
23
2
202 59
5
119141 8 Mill
17
3
5 5 729
6 , 81
76 4
539,155134.789 d404.366
'23 2.436,585
Municipal Service Sept '24
399.408
71,513
898.797
27.284
Co and Subs
'23
366,037
h84,714
24,217
60,497
12 mos ended Aug 31 '24 5.009,490 81,394.842
304.319 1,090.523
'23 4.891,294 81,336.347
994,830
341,517
Nat Pr & Lt Co
Aug '21 1.718.505 *581.600
323.163
258.437
Sutskliaries
'23 1.699.703 *550,713
327.989
222.724
12 mos ended Aug 31 '24 22,568,74% *7.946.750 3.077.242 4.869.508
'23 20.467.888 *6,785.378 2,904.645 3.880.733
New Eng Tel & Tel Sept'24 4.052.886 *632.019
321.375
310,644
9 mos ended Sept 30 '24 35.105,305 *5.707.110 2.866.200 2,840,910
New On Pub Sony Aug '24 1.124.221 *349.622
180.862
168,760
Inc
'23 L097.181 *332,891
185.101
147,790
12 mos ended Aug 31 '24 14.788.300 *4.853.952 2,199.811 2.654,141
'23 14.250,796 "4,780,610
Penne Pow & Lt
Aug '24 1,232.190 *465,476
160.946
304.530
Co
'23 1.107,243 "441.685
138.480
303.205
12 mos ended Aug 31 '24 15.463.041 *6.790.844 1,983.858 4,806,986
'23 13,428.332 *5,325.348 1.554.876 3.770.472
Philo & Western
Sept '24
115,925
17,202
76.509
k33,127
•
ST
.3
k33,78:
115.657
,
77.520
18.128
9 mos ended Sept 30 '24
142,402
672,683 k285.511 1143,109
'23
647.418 1271.609 5139,509
132.100
Phila. Rap Tran
Sept '24 3.544.617
855.843
917.357
51.514
'23 3,568,360
834.394
885.716
51,322
9 mos ended Sept 30 '2432,946,950 9,221,959 7.814.021 1.407.938
'23 33.116.471 8,894.996 7,430.968 1,404.027
Pine Bluff Co
Sept '24
e9.626
*74.775
d27.317
17,691
'23
*75.087
d31.737
r9.505
22.232
12 mos ended Sept 30 '24 *899.018 d352.786 el09.327
643 471
208:3 9
5
'23 *860.579 d348,622 e108,911 - 3 902
26 11
17
5
Public Service of Sept '24 7.014.854
New Jersey
'. 4.954.381
12 mos ended Sept 30 '24 85.454.125
7.087,109
'23 78,720.641
5.273.206
Republic By &
Sept '24
240,819
825.621
224.338
16,511
Lt & Sub Cos
'23
806,927
257,059
225.869
31.190
9 mos ended Sept 30 '24 7.820.819 2,669.699 2.199.058
470.641
'23 7.325.257 2.353.418 1,818,394
535.024
Staten Island
Sept '24
216.811
144.683
30,577
14.106
Edison Corp
'23
198.481
141.766
12 mos ended Sept 30 '24 2,705.453
1722,539
343,470
379.069
'23 2,430.984
1742,920
Texas Electric
Sept '24
247,2.53
111.152
35.427
75.725
Railway
'23
290,388
137.481
36.675
100.806
12 mos ended Sept 30 '24 2.934.478 1.208.404
430.507
777,897
'23 2.841,173 1.152.645
448.029
704.616
United Gas &
Sept '24 1,134,308 *407.718
154.093
253,625
Elec Corp subs
'23 1.118,623 *413.668
145,009
268,659
12 mos ended Sept 30 '24 14,542.631)'4.991.691 1,4161,279
'2313.687,973 *4,770.860 1.734.715 3,130,412
3,036,145
Virginia RI' &
Sept '24
834.626 *313,082
108.929
Power Co
204.153
'23
859.469 *319.438
99.085
9 mos ended Sept 30 '24 7,758.629 *2.969.273
220,353
973.425 1,995,848
'23 7,777.696 *2.936.611
892,011 2.044.603
Washington
Sept '24
438.635
249.078
52,443
Water Power Co
196,635
'23
430,874
270.811
49.734
9 mos ended Sept 30 '24 3.900.238
221,077
2,261.735
463.881 1,797.854
'23 3.707.762 2.112.516
459.578 1.652.938
•Includes other income. 3 Includes
taxes. d After depreciation.
e Includes all interest charges and
h After income deductions, rentalsamortization of debt discount &
i Includes dividends en pref. stock and interest paid public by subsids.
of sub. cos, in hands of public.
I Before taxes.
After rentals, revenue and replacements.
After preferred dividends.
-Deficit.
Companies.
exp.
r
1950
THE CHRONICLE
FINANCIAL REPORTS
Financial Reports.
-An index to annual reports of steam
railroads, street railway and miscellaneous companies which
have been published during the preceding month will be given
on the last Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
Oct. 4. The next will appear in that of Oct. 25.
Atlantic Coast Line Co.
(Annual Report Year Ended June 30.1924.)
[VOL. 119.
1921.
1922.
1923.
1024.
Net operating revenue__ $3,475,785 $3,679,800 $3.586.386 $2,461,620
879.319
964.970
968.044
Taxes
988.048
Operating income_
Interest revenue
_ $2,487,737 82,711.756 82,621.417 $1.582.301
213,486
287,349 • 261.537
276.603
Gross income
$2,764,340 $2,999,105 $2,882,954 81,795,787
Deductions
$548,080
$548,080
$548,080
Interest:(1)1st M.bonds $548,080
879,620
879,620
879,620
(2) 1st Ref.M.bonds..
879,620
(3) 2Adjust. M.bonds
(unpaid since Oct. 1
1,126,800
1,126,800
1,126,800
1,126,800
1917)
14,331
14.767
14,524
14,232
Track & term'I privileges
11,558
9,794
Misc,rent deductions_ _
7,783
8,248
20,274 ,
20,783
21,315
Amort.debt disc. & exP_
21,871
33,480
33.480
Sinking fund accruals__ _
33.480
33,480
38,255
42.156
66.226
INCOME ACCOUNT FOR YEARS ENDED JUNE 30.
56,747
Miscellaneous
1922-23.
1921-22.
Int. Received on1920-21.
1923-24.
Total deductions
$2,689,078 $2,697,829 82,675,479 $2,672,398
$62,000
$62,000
$62,000
$62,000
A.C.L.RE.Co.of S.C. 4s
$207,474 def1876.611
$301,276
875,262
50,160
A.C.L. RR.Co.Cons.4s
50.160
50,160
50.160 Net income
A. C. L. RR. Co. Gen.
BALANCE SHEET JUNE 30.
135,360
135,360
135.360
Unifying 43s
135,360
1923.
1924.
1924.
1923.
28.950
28,950
29.075
Amalgam. Phos. Co. 5s_ 28.950
AssetsLiabilities
$
78,375 Railroads
78,375
78,375
Internat. Agric. Corp___
78.375
16,590,000
141,365 Sinking & equip_81,424,571 80,941,211 3d Ave. Ry.stock.16,590,000
116,879
143,085
128,082
Miscellaneous
390.600
217,392 Controlled cos.stk. 375,600
funds.-- 240,600
Dividends on StocksSpecial deposits_ _ _ 923,192 1,218,371 Fund.debt(bds.)5,880 Depreo. &
5,250
4,620
6,577
West'h'se Air Brake Co..
conting. 2,022,498 2,022,498 3d Av.Ry.Co_y49,526,500 49,526,500
1,301,342 1.301,342 1.301,342 Investment fund-_ 254,389
A.C.L.RR.co.Com.&"A" 1,487,248
254.389 Controlled cos__ 6,628,361 6,628,361
72,000 U.S.Govt.scours.
Ch.& W.Caro. Ry. Co_
476,010
Accts.& wagespay.
9.669
12,669 Misc. securities_ _ 1,883,530 1,924,980 Int. mat'd & unPd. 1,346.538
87.669
85,666
Other dividends
711.285
685.697
234,000
234,000
78,605
78,605
Interest accrued__
Total credits
$2,062,418 $1,891,561 $1,787,985 $1,888,226 Cash receivable 1,490,434 1,243,078 Tax liability
819.007
847,891
510,662
Accts.
530,645
$19,501
$19,321 Materials & suppl_ 890,319
$19.246
$18,998
Expenses
824,752 Int. on Adj. Mtge.
18.435
30.335
36,590
43,278
Taxes
5,171,620
2.663 bonds
83,956
250,000
250,000
250,000
Interest on 5% ctfs
250,000 Unexp. ins. prem.. 1,127,978 1,149,848 Reserve for skip's. 5,058,940
Unamort.debt
2,472
2,472 MIscellaneous dis.
2,472
2,472
Int.on 4% ctfs."B"._
7,256 depr., conting.,
14,641
__
48,748
52,810 Deficit
Int.on 4% &Is."C"
43.288
40,718
1,950,596 1,943,493 sink. funds, &c.11,933,216 12,102,603
Net income
$1,706,952 $1,539,965 31,448,829 $1.533,288
93,071,349 92,494,591
Total
Total
93,071,349 92,494,591
surplusforward
Prey.
$16,297.620 $15,814,588 $15,418,880 814,792,067
Prof. on Amal.Phos. bds
525
x Includes deposit with City of New York, $85,250; lessees' deposit,
Disc't on A. C. L. 4%
$43,829; deposit in lieu of mortgaged property sold. 869,498; cash. $2,355;
Deb. ctfs. of indebt.
,
interest, $685,697: miscellaneous, $2,500. 3 Includes 1st
10,259
purch. by co. & retired
1,467
2,851
161,755 matured coupon $5,000.000; tat Ref. Mtge. 4% bonds, $21,990,500; Adj.
Mtge. 5% bonds,
Sundry credits
11,680
Mtge. 5% bonds, 522,536,000.-V. 119, p. 1066.
Total surplus
$18,019,102 817,356,020 316,877.968 $16,487,634
Hudson 8c Manhattan RR.
4,980
Pd. add. U. S. inc. taxes
10,354
Dividends paid (12X %) 1.102.500(12)1,058.400(12)1.058,400(12)1.058,400
(Report for 12 Months Ended June 30 1924.)
Profit & loss surplus-316,916,602 816.297,620 $15,814.588 $15,418,880
COMPARATIVE INCOME STATEMENT YEARS ENDED.
[As filed with the New York Transit Commission.]
BALANCE SHEET JUNE 30.
1923.
1924.
Assets1923
1924.
1922..
48,021,160 47,666.864
Passenger fares
Securities deposited with Safe Deposit
294,252
294,474
& Trust Co. of Baltimore
a$5,136,960 $5.136.960 $5,136,960 Advertising. &c., privileges
30,100
30,100
Railroad bonds
1,228,8351.220,835 1,220,835 Rent of land, buildings, &c
13,718
20,231
revenue
bonds
Other
c3,109,180 2,315,930 2,315,930 Mail
8.158
6.408
Railroad stocks
d21,074,283 21,074,283 21,074,283 Other railway operating revenue
Other stocks
*42,063
42,063
42,063
$8,372,373 $8.013,092
revenue
•
Total operating
Certificates of indebtedness
(1,563
1.563
1,563
Operating Expenses
Other securities
58.941
59.665
$911,520
$875.306
Depos. for int., diva. & inc. tax ret'd_
23,344
25.737
27,200 Maintenance
255,894
269.138
Dividends accrued
836.577
650.671
650,671 Reserved for depreciation
730,332
682,783
Cost of power
Accounts receivable
997
1,529,908
1,569,317
280,802
Cash on deposit
766.750
376.283 Operation of cars
62,610
61.328
Injuries & damages
379,439
377,606
Total
$31,793,546 $31,294.456 $30,845,789 General & miscellaneous
Liabilities
$3.838,595 $3,866,589
Total operating expenses
Capital stock (176.400 shares at $50)- 88.820,000 $8,820,000 $8,820,000
803,222
704,521
Certificates of indebtedness(5%).--- 5,000,000 5,000.000 5,000,000 Taxes assignable to railway operations
Certificates of indebtedness (4%)......
61,800
61,800
61,800
$3.730,557 $3,441,982
Income from railway operations
ctfs. of indebtedness(4%)
Debenture
962,800
1,081,300 1,122,200
Divs,on stock & int, on ctfs. unpaid
23,235
25,625
27,090 Income from Hudson Term. Bldge. & other real est 1,647,349 1,407,351
260.734
296,127
Income tax retained
109
111
111 Non-operating income
Federal taxes
9,000
8.000
$5,674,033 $5,110.067
Gross income
Profit and losssurplus
16,916,602 16,297.620 15.814,588
82,231,820 $2,238,949
Interest deductions
1,655,100
1,655,100
Total
$31,793,546 $31,294,456 $30,845,789 Interest deductions on adjustment income bonds
75.367
74,124
Rent deductions
No provision for Federal tax for the period from Jan. 1 to June 30 1924 is Other deductions from income
111,861
105,187
Included in the above statement.
Securities Owned June 30 1924.
Net corporate income
81.607,802 81.028,790
$784,345 def$241,536
a Securities deposited with Safe Deposit & Trust Co. of Baltimore to Surplus at beginning of year
Dividends
b262,014
secure 5% and Class "B"4% certificates of indebtedness, viz.;
Dr.2,909
Net adjustments
Book Value,
Par.
Atl. Coast Line Cons.4% bonds
$1,250,000 $1,125,000
$784,344
Surplus at close of year
82.130,132
Atl. Coast Line RR.of S. C.4% bonds 1,550,000 1,395,000
Atl. Coast Line RR.43. % unif. bonds.. 3,008,000 2,616,960- $5.136.960
a Includes revenue from Newark tickets sold but not collected. $36,000
b Other railroad bonds:
In 1924 and 826.000 in 1923. b Dividends were declared during the year
5318,000 $190.800
Colum. Newb.& Laur. RR. Co.3%
as follows: 8131.006(2)% on Prof. stock) on July 12 1923: payable Aug.
Northwestern RR. Co. 1st Cons. 4%.•- 28.5,000 228,000
15 1923; $131,000 (23i% on Pref. stock) on Jan. 17 1924, payable Feb.
Northwestern RR.Co. 1st Cons.5%-67.500
75,000
15 1924.
3,600
Atl. Coast Line RR.Consol.4%
4,000
COMPARATIVE GENERAL BALANCE SHEET JUNE 30.
RR. Co. L.& N. Coll. Tr.4s- 340,000
256,335
A.0.L.
1923.
1924.
1923.
1924.
Charlestown & West Carolina Ry. 1st
$
$
i
Assets$
Liabilities474,600- 51,220.835
Cons. Mtge.4-5% bonds series "A"_ 791.000
Fixed capital_a118,454,801 117,823,987 Preferred stock.. 55,242,151 35,242.151
c Other bonds:
Common stock. 39,994,890 39,994,890
Stocks of assoc.
500,000
Peninsular Phos. Corp. 1st M.6%....-- 500,000
1,000 Stock liability for
1,000
companies......
103.000
U. S. 2d Liberty Loan Cony. 4I4%-- 103,000
12,909
bI2,909
conversion...
Real est.& other
3,000
3,000
U. S. 4th Liberty Loan 4 X%
miscell. Invest 1,529,794 2.199,837 Mortgage bonds 76,567,234 78,567,233
80,000
80,000
U.S. Treas. Series B 19264M %---753.000
1,989,302 1,213,788 Miscell. fund. di
653,000
Cash
International Agricultural Corp. 5%._ 1,567,500 1,097,250
314,825
391,816
532,680- $2,315,930 Other spec. dep. 4,011,507 3.231,494 Taxes accrued...
Amalgamated Mos. Co. 1st M.5%--- 579,000
364,266
314,659 Deterred liability
Bills de accts. rec
Shares.
d Railroad stocks
35,764
46,222
U. S. Govt.
Int. & dive. rec.
500
50.000
Northwestern RR. Co
78.823
405,740
390,881
Mans & suppl_
78,823
accounts
1,100
11
Atlantic & North Carolina RR
74,716 Deferred Bab.,
Prepayments.....
42,431
260,600
2,606
Atl. Coast Line RR.Co. Corn,"A"--int, on adj.
Unamort, debt
At!. Coast Line RR. Co. Common.-- 183.300 19,670.227
827,550
827,550
disc.& exp... 2,808,065 2,873,075 income bonds
88.751
1,046
South Carolina Pacific Ry. Preferred -286,524
292,749
352,237
368,408 /disc. accts. pay
Unadj. debits_
960,000
12,000
Charleston & West Carolina Ry
Int. accrued on
43,606-821,074,284
480
St. Louis Ry
Nashville Chatt.&
989,955 1,009,984
funded debt...
Shares.
a Other stocks:
1,250
1,250
1,134
Rents accrued..
42,063
Westinghouse Air Brake Co
4,341
Par.
Divs. declared.._
f Other assets:
1,272
127,200
Casualties & ins.
Opium. Newb.& Laur.5% ctfs
88
543,049
291
294
reserve
Atlantic Coast Line RR.4% ctfs
2,275,517 211,1:1
Other reserves
-V.119, p. 1842.
784,344
Corporate surpI_ 2.130,132
Third Avenue Railway Co.
(Annual Report for Year ended June 30 1924.)
130,005,368 128,527.608
Total
130,005,366 128,527,608 Total
Bldgs. b Sundry holders,
AND
a Includes fixed capital of Hudson Terminal
CONSOLIDATED STATEMENT OF INCOME OF THE COMPANY
-V. 119, P. 693.
unidentified, of securities of predecessor companies.
CONTROLLED COMPANIES, YEARS ENDED JUNE 30.
1921.
1922.
1923.
1924.
Operating Revenue$14,008,415 $13,783.348 $13,158,414
$14,232,953
Transportation
Russell Motor Car Co., Ltd.
120,000
121.756
150,000
150.000
Advertising
34,552
-Year Ending July 31 1924.)
52,611
(Annual Report
Rent of equipment
31,593
26.868
26,005
25.649
Rent of tracks & termls
The report covering the operations of the company for the
168,011
196.746
174,695
175,577
Rentofbldgs.&oth.prop,
21.209 year ending July 31 says in substance:
12.695
13.117
Sale of power
12,475
During the year, Russell Motor Car Co., Inc., Buffalo, N. Y., received
Total oper. revenue-$14,649,265 $14,406,785 314,141,413 813,499.226
final settlement from the U. S. Government for its war operations, and as it
Operating Expensescontinue business in the United States,
Maint. of way & struc_- $1.829,554 $1,425,234 $1,667,319 31.696.067 was not the policy of the company toturned over to the parent company.
1,347,667 it has been wound IlP and its assets
1.334.189 1,211,766
Maint, of equipment......1,523.496
The activities of the company are now represented by the operations of
376.718
597.178
733.347
Depreciation of accruals
206.142
1,257.292 the following companies in which it holds st k: (a) Canada Cycle & Motor
Power supply
1.090.857 1,223.969 1,119,464
Russell Gear St M hine Co., Ltd.. Toronto; (c)
Operation acars
4.959.323 4,574,374 4,492,966 4.896,977 Co.. Ltd., Weston: (b)Toronto.
925.325 Willys-Overland Ltd..
930,970
871.077
Injuries to pers. & prop..
963.251
The business year of Canada Cycle & Motor Co., Ltd., ended on Dec.
537,560
535.364
General & misc. expense
564,795
600,856
31 last, showing increased sales and profits over the preceding year. While
Total oper. expense_ _$11,173,480 $10,726,984 $10,555,027 $11,037,607 business has been quiet during the second and third quarters of the present
OCT. 25 1924.]
THE CHRONICLE
year, the directors expect that the year 1924
same result as the year which ended on Dec. 31will show approximately the
1923.
Since the close of the financial year of the company, an amalgamat
ion
has been effected between Russell Gear & Machine Co., Ltd.,
adian branch of the National Acme Co., of Cleveland, 0. and the CanAs a result of
this amalgamation, National Acme Co. is disposing of its
factory in Montreal. All its business, stock-in-trade, and the greater portion
of its valuable machine equipment has been transferred to Russell
Co.. Ltd. This company will be known in the future as Gear & Machine
"Canadian Acme
Screw & Gear, Ltd."
In addition to the lines of manufacture heretofore carried
on by the
Russell Gear & Machine Co., Ltd., will be the important
and special screw and nut products, previously produced lines of standard
by the National
Acme Co.in Montreal.
This amalgamation transfers an important amount
company, and the directors believe that it will result of business to the
in distinct
to the company. All the stock of Canadian Acme Screw & Gear. benefit
owned by the company and The National Acme Co. of Cleveland Ltd., is
.
Willys-Overland Ltd. has enjoyed an increased volume of business in
over the preceding year. We believe a steady improvement is being 1924
by this company in its Canadian business, and the addition of certain made
export
territory to its operations, greatly improves the outlook for its
success. At
no time in the last five years have the prospects for Whys
-Overland Ltd.
looked so promising as at the present time.
I Company has greatly strengthened the position of its liquid assets
as
compared to liabilities and now occupies a very strong position
in this
respect. [Signed Lloyd Harris, President; T. A. Russell, VicePresident.]
INCOME ACCOUNT YEARS ENDED JULY 31.
1923-24. 1922-23.
1921-22.
1920-21.
Net profits after taxes
$92,864 $90,552
$117,500
$158,124
Transf.to inventoryres
600,000
Pref.diva.(7% p.a.)
84,000
84,000
84,000
84,000
Common dividends
(4%)32,000 (7%)56,000
Balance,surplus
$8,864
$6,552 def.$598,500
$18,124
BALANCE SHEET JULY 31.
Assets
1924.
1923.
Liabilities1924.
1923.
Real estate, furni•
Preferred stock__ _51,200,000
ture and fixtures 833,756
$34,234 Common 8tock__ 800,000 $1,200,000
800,000
Cash
30,815
970 Bankers' advances
35,000
Canada war bonds 415,798
30,052 Acc'ts & bills pay3,426
14,876
Municipal,&c. bds
75,069
Divs. declared and
Accounts and bills
unpaid
21,000
21,000
receivable
209,715
186,742 Contingent ace t.._ 216,075
218,076
Invon'ts In other
Buildings,invest'ts
companies
2,528,250 3,078,991
& twin reserves 564,368
564,368
Profit & loss acc't_ 488,533
479,670
Total
$3,293,404 33,330,990
Total
$3,293,404 83,330,990
-V. 117, p. 1773.
GENERAL INVESTMENT NEWS.
1951
Albany & Susquehanna RR.
-New Director.
Wilson G. Wing, President of
the Providence
been elected a director to succeed the late E. D. Institute for Savings, has
Pearce.
-V. 117. p. 2651.
Atchison Topeka & Santa Fe Ry.-Oklahoma Central.
The I.
-S. C. Commission, on Oct. 8, approved
company of control of the railroad of the Oklahomathe acquisition by the
Central RR. by lease.
The report of the Commission says in part:
The railroad of the Oklahoma company extends from Chickasha
to Lehigh, with a branch 2 miles long from Ada Junction to Ada,
of approximately 135 miles, all in Oklahoma. It connects a total distance
with
cant's line at Byars Junction, and since Aug. 1 1914. has been the applithe applicant under a lease which expired July 31 1924. All operated by
of the
homa company's capital stock, amounting to $1.500.000, excepting Okladirectors' qualifying shares, is owned by the applicant. The latter also
owns all
of the Oklahoma company's funded indebtedness, amounting to $2.700,00
0,
excepting bonds to the par amount of$170,400. which are held by the
public.
The Oklahoma company proposes to lease its railroad to the applicant for
a further period commencing Aug. 1 1924, and ending
thereafterfrom year to hear,subject to the right of either July 31 1934. and
party to terminate
the lease by 90 days' notice in writing to the other. The applicant covenants
to maintain and operate the demised railroad and to pay as rental the
sum of
$60,000 a year; all interest which shall accrue during the term upon any
indebtedness incurred by the lessor with the written consent of the lessee
owned by parties other than the lessee; all taxes, assessments, and governmental charges which shall accrue or become due during the term
demised premises, or any part thereof; all rentals and other sums upon the
lessor shall become liable to pay during the term under any leasewhich the
or
ment existing on the date the demised railroad shall be turned over agreelessee for operation, relating to the use of any facility or appurtenanceto the
demised railroad, or under any lease or agreement which, during such of the
term.
may be made by the lessor with the written consent of the
expenses necessarily incurred by the lessor in maintaininglessee; and all
its corporate
organization. The lessee shall have the right to make additions, improvements, and betterments, and the lessor agrees, upon
lease, to reimburse the lessee for all moneys expended termination of the
purposes,
for such_p
without interest, except that chargeable to capital
account.-V.ar
322, 72.
Atlanta Birmingham & Atlantic Ry.-Pays Off Notes.
Receiver B. L. Bugg says in substance: "About
ceiver undertook a program to rebuild some freight two years ago the recars that were out of
service, financing it from current receipts. We have
rebuilt 200 flat cars,
200 low side gondola cars,and 400 boxcars. The
the court to issue notes as each 50 cars were receiver was authorized by
Payable within 4 months from date, paymentscompleted, each note to be
of
from per diem.receipts from the cars when placedthe notes to be financed
these notes was paid Sept. 26."-V. 118. p.2702. in service. The last of
Berwick 8c Nescopeck(Pa.) St. Ry.-Discont. Ry. Service.
This company, after operating for 12
at midnight. Oct. 5. The company hasyears, discontinued trolley service
replaced
service is to be continued on the usual schedule. the cars with buses and
The line is 1.6 miles long.
-V.98, p. 761.
Boston Elevated Ry.-Abolishes 5-Cent
Fare.
General Manager Edward Dana has authorized the following
statement:
"The decision of the board of arbitratio
result that operating expenses under existing n has been rendered with the
conditions have been increased
about $500,000 during the year ending
June 30 1925.
added revenue must be secured and every reasonable This award means
effort made to introduce economies.
"The solution of the
believe the first logicalproblem cannot be delayed and the board of trustees
step should be the increase from 5 cants to 6 cents
for the 5
-cent rides which have been inaugurated during the
last 5 years.
In addition the trustees must
withdraw the privilege granted as an experiment of permitting children under
14 years of age to ride for 5 cents. This
Wage Increase Asked by Brotherhood of Railway & Steamship Clerks, Freight does not change the fare
for school children.
Handlers, Express & Station Employees is Equivalent to Peak Wartime
It is
Wages income hoped that in this way as well as in introducing economies that
and is 10% Over Present Wage.
and expenditures may balance on June
-"Boston News Bureau" Oct. 21. p. 8.
30 next."
U. S. Supreme Court Rules Judges Can't Deny
After further consideration of
-The Court
upheld the right of Congress to provide for a trialStrike Juries.
granting an increase of 2% the recent award of the board of arbitration
by
cents an hour to blue uniform men
upon the demand of one accused in an independent jury in Federal courts and proportionate increases
proceeding at law for
to other employees of the company, and it
a criminal contempt. It laid down a rule that
when persons are charged appearing that the Increase in wages will necessitate the expenditure of
with having violated injunctions issued in
of substantially $500.000
trial shall be accorded upon demand of the connection with strikes a jury ending June 361925, the additional for operating during the trustee year
accused. New York "Times'
trustees
Oct. 21, p. 25.
lines of the Boston Elevated Ry., voted: (a) that the rate of fare o a surface
where now 5 cents, be, and the same hereAuthorized Statistics.
-The car service division of the American Railway by is established at 6 cents, effective
Nov. 11924;(b) that the votes of this
Association, this week reported the following statistics:
board passed June 14 1922 Aug.
Freight Car Repair.
-A. decrease of 6.368 in the number of freight cars in 5
-cent fare for children under 1416 1922, and Sept.6 1922, providing for a
'
years of age on all lines of the company
need of repair on Oct. 1 compared with Sept.
be rescinded,
The total number in need of repair on Oct.15 was reported by the carriers. company be effective Nov. 1 1924: and (c) that the proper officials of the
,
empowered to do all things necessary and proper to establish
number on line. Freight cars in need of 1 was 206,044 or 8.9% of the a fare of 6 cents on
heavy repair on Oct. 1 totaled
each bus line operated by the company where a 5
-cent
157 455 or 6.8%. This was a decrease of 3.037 compared
with Sept. 15. fare is now in force, and said fare of 13 cents on bus lines is hereby established
Freight cars in need of light repair totaled
effective upon securing necessary
48,589 or 2.1%. a decrease of
authorization. See also V. 119, p. 1842.
3,331 compared with Sept. 15.
Reports Deficit After Cost of Service of $207,334 in Sept.
.Repair of Locomotives.
-Class 1 railroads
The company reports for September
in need of repair, or 17.6% of the numberon Oct. 1 had 11,329 locomotives
on
was a
429 locomotives under the number in need ofline. ThisSept. decrease of cluding dividends. of $207,334. This a deficit after cost of service, inrepair on
15 at which deficit for September
compares with a corresponding
time there were 11,758 or 18.2%. Of the total number,
a year ago of $251,688.
6,175
were in need of classified repair, a decrease compared with Sept. or 9.6%
General Manager Dana says:
15 of 264
while 5,154 or 8% were In need of running repairs, decrease of
165
The
the same period. Class 1 railroads on Oct. 1 hada5,424 serviceabl during tures, deficit for the month of September, receipts failing to meet expendiamounted to $207,334.
motives in storage, a decrease of 599 under the number in storage e locoon dept. 820 and added to the deficit ofThis added to the deficit of August of $445.15.
July 1 to Oct. 1 of $1.006,401July of $353.246 makes a total deficit from
The railroads during the last half of September repaired and turned
-months' period
out of since the first year of trustees' , the largest loss in this 3
the shops 33,955 locomotives. This was the largest number on
control, and which exhausts the $1,000,000
record ever reserve fund and leaves a deficit
repaired during any similar period and was an increase of 376
of
The loss of riding as well as the over $6.000.
previous high record established during the last half of March, over the
effect of the award of last y ear indicated
,
this
It also was an increase of 3,785 locomotives over the number repaired year. a deficit of $700,000 which created a problem which would have had to
during be met if wages had remained as
the first 15 days in September.
The increase adds $500.000 they were.
-Surplusfreitit cars on Oct.7 totaled 103.730.a
Surplus Cars.
and makes the present problem one of
12,959 compared with the number reported on Sept. 30 at whichdecrease of meeting 81.200,000. It remains to be seen how close to this figure will
time there come the increase in fare.
were 116,689.
We
in the next 9 months of this had hoped to operate at a profit of $300,000
Surplus coal cars in good repair on Oct. 7 totaled 52.643, a decrease of
fiscal year.
-V. 119, P.
1281.
5,732 under the number reported on Sept. 30, while surplus box cars in good
Brooklyn-Manhattan Transit Corp. 182. Suit.
-City
repair totaled 30,018, a decrease of 6,750 within a week.
A motion to dismiss the action
Garrison as
instituted oy Lindley
Reports showed 7,818 surplus stock cars, a decrease of 1.176 since
Sept. receiver of the Brooklyn Rapid Transit Co. against the city M. the Transit
and
30 while there was an increase during the same period of 205 in the number Commission for
$30,000,000 damages alleged to have been caused by the
of surplus refrigerator cars which brought the total for that class of
equip- defendants' failure to carry out contracts to build certain rapid transit lines,
ment to 3,657.
make connections with those
Car Shortage.-PractIcally no car shortage is being reported.
ment was denied Oct. 21 by already existing and furnish necessary equip-Class I railroads during the first nine months
Federal Judge Knox. The suit was begun in
New Equipment.
this year April 1922.
placed in service 120,727 freight cars, a decrease of 13.909 cars compared
When the railroad was taken
over by the Brooklyn-Manhattan Transit
with the number installed during the corresponding period last year. Of Corp. and Mr.
Garrison's service as receiver ended, a court
the total number placed in service during the nine months this year
15.771 that the new company might be substituted as a party to decree provided
were installed during the month of September.
the suit.
The city moved to dismiss
the action on the ground that there was no
By classes, the railroads placed in service during the nine months
diversity of citizenship which would
in 1924. 54,406 box cars. 36,526 coal cars and 11.676 refrigerator cars.period that there was
give the Federal Court jurisdiction
The
a defect in the bill because the Board of Estimate and and
difference between that number and 120.727 represents the number of other Corporation
the
Counsel had not
classes of freight cars placed in service.
tions decision was reserved. been joined as defendants. On these contenThe railroads on Oct. 1 also had 49.702 freight cars on order, an increase
See also Rapid Transit in New
Of 8,226 over the number on order on Sept. 1. Of the total
York City below.
order
on Oct. 1, box cars numbered 30.096, coal cars 12,793, and number on r
-Month of Sept.- -3 Mos. End. Sept. 30refrigerato
Period2,666. The number of box cars on order was an increase of 10,024 overcars
1924.
1923.
1923.
the Operating revenue
number on Sept. 1.
$3,475,049 $3,089.014 $10.744,9 0 $9,681,053
42
192 .
Locomotives placed in service during the first nine months this year Operating expenses
2,285,540
2,073,471
7.094.673 6.485.725
totaled 1,657, otwhich number 160 were installed during September. Class Taxes on oper. properties.. 249,845
202,544
650,932
754,788
I carriers also had on order on Oct. 1 this year 285 locomotives.
Operating income
These figures as to freight cars and locomotives placed in service or on
$939.663
$812,999 $2.895.459 $2,544.396
Non-oper. inc
order include new, rebuilt and leased equipment.
84,172
82,593
252,806
236,247
Matters Covered in "Chronicle" Oct. 18.-(a) Revenue freight continues
Gross income
heavY. P. 1787. (b) Secretary of Commerce Hoover on futility of
$1,023,835
$895.592 $3,148,266 $2.780,643
,
of Senator La Follette for Government ownership of railroads, proposal Deductions
649,152
658,060
1,942,175
p. 1811.
1,965,946
(o) New type electric locomotive which utilizes both alternating and direct
Net income
current, p. 1812. (d) Buses reduce trolley costs; A. J. Brosseau points
$374,683
$237.531 81,206,091
$814,697
out savings for electric linos,
The Transit Commission has designated Major
1812. (e) Decline in railroad freight traffic
Benjamin H. Namm,
for 8 months to Sept. 1, p. 1813.
President of the Namm department store in Brooklyn,
p.
N. Y., as a director,
to represent the public on the board
of directors of the B. M. T. Corp.
Albany Southern RR.
-Changes Name-Increa
Major Namm's appointment fills
The company has filed a certificate at Albany, N. Y., (a) ses Stock. Travis H. Whitney, now Vice- the vacancy caused by the resignation of
President of the B. M. T. Corp.
changing its P.
name to Eastern New York Utilities Corp.. and (b)increasing its
-V. 119.
1394.
authorized
capital stock by 25,000 shares of Prior Preference stock, no
Boston & Maine RR.
company also has an authorized issue of$1,375,000 Commonpar value. The
-St. Johnsbury & Lake Champlain.
and
The recent announcement of the company
$% Non-Cumul. Preferred, both par $100.-V. 118, p. 1266. $2.100,000
relative to plans for possible
discontinuance of operation of the St.
Johnsbury & Lake Champlain RR.
RAILROADS, INCLUDING ELECTRIC ROADS.
The following news in brief form rouches the high points
in the railroad and electric railway world during the week
just past, together with a summary of the items of greasest
interest which were published in full detail in last week's
"Chronicle" either under "Editorial Comment" or "Current
Events and Discussions."
1952
[VOL. 119.
THE CHRONICLE
has caused considerable concern in the territory served by the line. Concerning this situation, President Hustis says:
"The details have not as yet been worked out and it is probable that no
announcement would have been made at this time except for the fact that
the question of restoration of train service was before the Commission and
it seemed proper to inform the Commission and the public as to what the
management of the B. & sI. had in mind.
We have been conferring with representative citizens of Vermont who
are interested in the territory served by the St. Johnsbury & Lake Champlain and are endeavoring to secure an exclusively Vermont board of
directors who will operate the St. Johnsbury & Lake Champlain independently of the B. & M. As soon as these details have been worked out
the public will be fully informed.
"B. & M. has no Intention of avoiding the obligation involved in its
guarantee of the bonds of the St. Johnsbury & Lake Champlain RR.
Neither does the B. & M. management contemplate any summary action.
-V. 119. p. 1842.
Carolina Clinchfield & Ohio Ry.-Equipment Trusts.
The Atlantic Coast Line RR. and the Louisville & Nashville RR. have
asked the I.
-S. C. Commission for authority to guarantee principal and
-V. 119, p. 1732,
Interest on $1,000,000 Equipment Trust 5% Certificates.
1509.
own 251.712 77-80 shares. At a special meeting of the stockholders of the
Hudson Companies held on Sept. 17 1924, the holders of more than two.
thirds of the outstanding stock of the corporation unanimously voted in
favor of the dissolution of the corporation. Beginnnig Oct. 20, the assets
of the corporation, consistiug of the Preferred and Common stock of the
Hudson & Manhattan RR., on the basis of one and 57-100 shares of Common stock and 14-100 shares of Preferred stock of the Hudson & Manhattan
RR., and approximately 31 cents in cash for each share of Preferred stock
of the Hudson Companies, are being distributed at the office of Guaranty
Trust Co.. 140 Broadway, New York City. No certifica.es for fractional
shares of the Hudson & Manhattan RR. stock will be issued, but nondividend paying scrip exchangeable for stock certificates in amounts of one
share or more win be issued in lieu thereof.
The company has approximately 2.000 employees.
Condensed Income Account, Twelve Months Ended Aug. 31 1924.
$8,358.447
Total railway revenues
3.818.223
Total railroad operating expenses
826,495
Taxes on railroad operating proper.ies
$3,713,729
1,648.150
295,225
Railroad operating income
Net income other than railroad operations
Non-operating income
$5,657,104
- Gross income
-Injunction.
Chicago North Shore & Milwaukee RR.
635.898
Interest on real estate mortgages
A temporary injunction has been obtained restraining the city of Chicago Rentals of track, yards. and terminals
73,610
Chicago
from barring the trains of the company from the tracks of the
38.762
Amortization of debt discount
Transit Co.(elevated railroads) within the city limits.
Rapid
93,
Miscellaneous deductions
it pays the Chicago Rapid Transit Interest on First Lien & Ref.
The company contends that as long as
84. First Mtge.44s and N.Y.& J.5s 2,168,535
Co. trackage rental for its trains, together with a fee for each car operated, Interest on Cumulative Adjustment Income 5% bonds
1,655,100
It does not need a franchise.
the loop disThe city contends that in order to operate its trains into
$1,591,887
Surplus
trict, the company must obtain a franchUe.-V. 119, p. 1842.
Condensed Balance Sheet Aug. 31 1924.
-Merger Proposed.
AssetsChicago Rapid Transit Plans.
Liaoilities339,999.950
A plan for unified operation of the surface lines, elevated railways and Property acc'ts less res_6118,464,132 Common stock
5,250.000
3,568,854 Preferred stock
a subway and bus system was transmitted Oct. 19 to Mayor Dever and Amortization funds_ __ _
0
6537:m234
76,567,234
480,000 Funded debt
the City Council by Henry A. Blair, President of the Chicago Surface Insurance casualty fund
Real estate mortgages
Lines, who,with engineers, has devoted two years to a study of this problem. Bond discount in process
1,510.957
of amortization
2.796,959 Res've for contingencies
Inauguration of this one-city-one-system-one-fare plan would involve
915,580
1.635,412 Operating reserves
formation of a new company to take over the Chicago Surface Lines, the Current cash account-,Accr. int., &c., not due_
794,110
Chicago Rapid Transit Co. and the expenditure of $106,000,000 in 6 years Cash to pay matured
285,476
bond interest
171.900 Accoutts payable
for extensions, new equipment and the building of a subway.
4.026 Preferred digs. payable..
4,026
In submitting it Mr. Blair says if adopted the plan "will meet the one Cash to pay pref. divs__
ed
173,256
1,53(1.794 Matured interest
great traffic need of Chicago-the co-ordination of all major local trans- Investments
333,424 Int. on income bonds
portation agencies under a single operating management to the end that Materials and supplies__
827,550
417,645 payable Oct. 1
there shall be created a comprehensive system, involving the construction Accounts receivable_ _ 275,850
14,186'Accr. Int. on income bds
of subways and the use of every other suitable modern transportation Depos. with public depta
36.164 Unadjusted credits
414.987
facility to insure efficient, rapid, convenient and economical service to Prepaid insurance, &c__
2,137,695
356.078 Surplus
Unadjusted debits
every section of the city."
The Transportation Committee of the City Council on Oct. 21 received
$129,809,573
3129.809,5731 Total
Total
,
the full details of the M yor's plan for the construction of a city-owned
and operated elevated-subway rapid transit system to compete with the -V. 119, p. 693. 455.
present privately owned lines.
-Orders 150 Cars.
Interborough Rapid Transit Co.
This project, together with the traction proposals of Samuel Insull,
The compiny has notified the Transit Commission that it has let the
Chairman of the Elevated Lines; Henry Blair, of the Chicago Surface
Leonard A. Busby, Pres. of the Chicago contract for the last 150 new steel subway cars required under the ComLines, and another expected from
mission's order issued in May 1922. The contract goes to the American
City Ry., will be considered by the Committee.
The program of the administration is embodied in a report submitted Car & Foundry Co. at approximately $4.000.000, it is said. Delivery is
expert of the Committee. It to begin in February. When all are delivered the company will have
by Major R. F. Kelker Jr., the engineering
includes plans for 18 miles of rapid transit lines with 46 miles of track, all 2.227 cars. The total outlay for new steel cars since May 1922 will be
38.866.000, most of which has been financed through the sale of car trust ctfs.
to be financed by the $40000000 traction fund of the city.
Mr. McAneny, Chairman of the Transit Commission, announced that
Future extensions of this system would be financed by profits on Its
operation, the Mayor contends, and by special assessment against property the company is also spending $2,100,000 for additions to power plants.
p. 2642.
-V. 119, p. 1843.
-V. 113, p. 70; V. 112,
benefited by the extensions.
Cleveland (0.) Street Ry.-Wage Award Illegal.
-Freight Terminal.
Interstate Public Service Co.
The new joint freight terminal constructed by the Interstate Public
Judge Close, in the Common Pleas Court at Cleveland. 0.. on Oct. 15,
rendered a decision declaring illegal the arbitration proceedings of June 3 Service Co., the Indianapolis & Cincinnati Traction Co., the Terre Haute,
were awarded a wage Indianapolis & Eastern Traction Co. and the Union Traction Co.of Indiana
last under which the company's platform employees
Increase of 12 cents an hour. The court sustained the charge offraud made was formally opened on Oct. 2. The terminal represents an investment of
in connection with the conduct of the arbitration, upheld the validity of the approximately $1,000,000.-V. 119. p. 1624.
closed shop agreement now existing and directed that a new arbitration be
Kansas City Southern Ry.-Denied New Valuation.
held on the men's demand for higher pay.
for a writ of mandamus commanding the
-Receiver I. The petition of the company valuation of the carrier's properties was
Columbus Newark & Zanesville Traction Co.
-S. C. Commission to make a new
John S. Bleecker has been appointed receiver. An application for a dismissed Oct. 20 by Justice Stafford of the Supreme Court of the District
receivership was made to the Federal Court in Columbus some months of Columbia. Counsel for the Kansas City Southern prepared to appeal
ago by Irving Bank-Columbia Trust Co., Now York. It charged at that
time default of payments of interest on a 61,250.000 bond issue. (A thThe companybrought the proceedings to compel the Commission to issue
e
reorganization plan was given in V. 116. p. 294.)-V. 118. p. 2571.
a valuation report based on the Valuation Act as interpreted by counsel for
the carrier. The Commission, counsel for the company said, was required
Line.
-To Discontinue
Connecticut Company.
by law to ascertain and report the exchange value of the properties. AnThe Connecticut P. U. Commission has granted the petition of the COM- other thing the Commission must do that it has not done, counsel said, was
pany requesting permission to discontinue interurban service over the tracks to report more fully than it had an analysis of methods by which it arrived
-V. 119. p. 197.
of the New York, New Haven & Hartford RR. between East Hartford at final value.
'
and Rockville, Conn. The Commission finds that public convenience and
Lehigh Valley RR.-Listing--Earnings.,
necessity do not warrant the further continuance of the service, and that the
service is now being operated at a loss. The N. Y. N. H. & H. RR. has
The New York Stock Exchange has authorized the listing of $12,000,000
offered to increase the frequency of its steam railroad service between additional (authorized $150.000,000, all series) General Consol. Mtge. 5%
Hartford and Rockville to 6 trains each day on the discontinuance of the Gold Bonds, due May 1 2003, making .the total amounts applied for:
electric service over its tracks.
$12.000,0J0 5% series.
The Commission's order will affect the towns of East Hartford, Man- $20,697,000 44V Series.
-V. 119. p. 196.
chester, Vernon and Rockville. Conn.
26,989.000 4% Series.
Condensed Income Statement Six Months Ended June 30 1924.
- Operatirg revenues
-New Name.
$37,320,730
Eastern New York Utilities Corp.
30,444,160
See Albany Southern RR. above.
Operating expenses
Georgia Southern & Florida Ry.-Equipment Trusts
-Spencer Trask & Co, New York, and Strother,
Sold.
Brogden & Co., Baltimore, have sold at prices to yield from
4% to 4.80%, according to maturity, $1,280,000 43.%
Equipment Trust Gold Certificates, Series "F," Issued
under the Philadelphia plan.
Dated Nov. 11924; due semi-annually May 1 1925 to Nov. 1 1939, both
inclusive. Dividends payable M. & N. at office of Pennsylvania Co. for
Insurances on Lives & Granting Annuities, Philadelphia, or its agency in
New York City. Denom. $1,000 c*.
-S. C. Commission.
-Subject to the approval of the I.
Issuance.
These certificates are to be issued in part payment for new equipment
-ton box cars. The equipment will cost 31.600,000.
40
consisting of 1,000
of which $320,000 (20%) is to be paid by the company in cash.
The Georgia Southern & Florida Ry. will guarantee the certificates.
V. 119. P. 194•
Net operating revenue
Deduct tax accruals, equipment, rents, &c
$6,876,570
1,749.525
Net railway operating income
Other income
65,127,045
.
1,670,659
Total income
Deductions from income
Dividends
$6,797.704
3,679,341
2,122,874
$995.488.
Condensed General Balance Sheet Juno 30 1924.
I Liabilities
Assets$60,501.700
Inv. inroad & equipl_ _$105,569.134 Common stock
106,300
Impts,oa leased ry.prop
1.432.277 Preferred stock
81.602.000
Misc. physical property
2,089,774 Long term debt
8,240,836
Inv.in affiliated cos_ __ _ 89,641,651 Current liabilities
3,599,528
Other investments
10.366,844 Deferred liabilities
24,091.399
Current assets
18,293.742 Unadjusted credits
Gulf Colorado & Santa Fe Ry.-Lease.51.669,066
Deferred assets
558,785 Corporate surplus
below.
-V. 119, p. 1843.
See Pecos & Northern Texas Ry.
Unadjusted debits
1,858,622
Rockville Tramway Co.
-Bonds.
Hartford Manchester &Mtge. 5% gold bonds, due Oct. 1
$229,810,828
Total
$229,810,829 Total
1924,
The outstanding $200.000 1st
are now being paid by the Connecticut Co.. which assumed the bonds when -V. 119, P. 1844, 1624.
-V. 80, p. 1912.
taking over the Hartford company.
-Merger.Lincoln Traction Co.
-V. 119. p.
- Soo Lincoln Gas & Electric Co. under "Industrials" below.
Hartford & Springfield St. Ry.-Bus Operations.
1733.
The company has inaugurated a bus service on the east side of the Con-Change in Par Value.
New Orleans Public Service Inc.
necticut River between Hartford and Springfield, Mass., operating two
buses. A terminal has been established in Springfield.
In Sept. 1924 the par value of both the Common and Prof. stocks were
The company has been operating a bus line on the west side of the river, changed from shares of 6100 par value to shares of no par value. The
between Springfield. Mass., and Windsor Locks, Conn., since Jan. 24 1924. no par value shares were exchanged as follows: 4 no par value common
-v. 118. P. 550
shares for each old share of $100 par value and one no par value pref. share
.
-V.119, p. 1844.
($7 Cumul.)for each share of $100 par value.
-Distribution to Stockholders.
Hudson Companies.
-V. 119, p. 1624.
See Hudson & Manhattan RR. below.
New Orleans Texas & Mexico Ry.-Equip. Trusts Sold.
-Listing-Earnings.Hudson & Manhattan RR.
The New York Stock Exchange has authorized the listing of $5.242.938
5% Non-Cumulative Preferred Stock (authorized $10,000.000), par $100;
par $100. on
and $39,994,945 Common stock (authorized, $40,000,000) to add
$7.061
official notice of distribution to the public, with authority
Preferred stock and $5,005 Common stock on official notice of issuance in
for outstanding Preferred and Common stock of New York &
exchange
Jersey RR.
-mentioned Preferred stock the Hudson Companies own
Of the above
23.076 11-80 shares, and of the Common stock the Hudson Companies
Balance
Blair & Co., Inc., have placed privately $1,740,000 5%
Equip. Trust Certificates, Series "A," dated Nov. 1.-V. 119,
p. 1844, 1510.
-Bus Application.
New York Railways.
-V. 119. P. 1733, 1172.
See Rapid Transit in New York City below.
Oklahoma
Central
-Lease to
RR.
Atchison.
-V.99. p. 467.
See Atchison Topeka & Santa Fe Ry. above.
OCT. 25 1924.]
THE CHRONICLE
Panhandle & Santa Fe Ry.—Lease,
1953
The city has no authority to engage in municipal
ownerstup anti operaSee Pecos Sz Northern Texas Ry. below.
tion of omnibus lines. Its repeated efforts to obtain
been defeated by the last four sessions of the Legislatsuch authority have
ure. The Governor
Paris (Texas) & Mt. Pleasant RR.—Final Valuation.— recommended to the Legislatures in 1923 and
1924
The I.
-S. C. Commission has placed a final valuation of $813,771 on the should be enacted, and the State Senate passed that enabling legislation
owned and used property of the company as of J une 30 1918.—
powers to own and operate omnibus lines, Out thebills granting to all cities
V.115. p.544
. the
State Assembly defeated
proposed legislation.
Pecos & Northern Texas Ry.—Control.—
The city has apparently no authority, either, to authorize
The I.
individuals or
-S. C. Commission on Oct. 14 authorized (a) the Gulf Colorado
& corporations to operate omnibus lines except by the granting of a franchise
Santa Fe Ry.to acquire control, by lease, of that part of the railroad
of the pursuant to the provisions of the charter. The efforts of the Board or EstiPecos & Northern Texas Ry.extending from Coleman to Sweetwa
mate and Apportionment to authorize operation of omnibus
ter. Tex.,
approximately 85 miles: (b) the Panhandle & Santa Fe Ry.
granting franchises have been nullified by Court injuncti lines without
trol, by lease, of the railroad of the Pecos Co.,excepting the to acquire conThe Board of Transportation, having considered the ons.
line from Coleobstacles In the
man to Sweetwater.
way of the institution of municipal ownership and operatio
n of omnibus
lines, and being convinced that there is imperative and
The report of the Commission says in part:
immediate necessity for additional surface transportation facilities, suggests
The Gulf Co. operates approximately 1.900 miles of railroad in Texas.
:
(a) That the Board of Estimate and Apportionment grant
Oklahoma and Louisiana, and the Panhandle Co. operates about 830
franchises
practically all of which is in Texas. Both companies are controlled miles, upon conditions that will safeguard the interests of the city, and direct its
through attention to the formulation of the terms of such a franchis
stock ownership by the Atchison Topeka dc Santa Fe Ry. All
(b) Franchises should be for a short period of time, and e.
of the
capital stock of the Pecos Co., except directors' qualifying shares,
subject to termiand all nation by the city upon notice.
of its bonded indebtedness, amounting to $3.010,000
(c) Franchises covering comprehensive systems ofroutes thatserve
respectively, are owned by the Eastern Ry. Co. of New and $11,984,000,
abroad
Mexico. which is extent of territory are preferable to grants
also controlled by the Santa Fe through stock ownership. The
authorizing disconnected short
stock and bonds of the Pecos Co. are pledged under the so-called capital routes, and so far as practicable all routes should be designed with a view to
trans- their ultimate unification in a single comprehensive
continental line mortgage, dated July 1 1908, executed jointly
city-wide system.
by the New
(d) Franchises should be granted only to
Mexico Co. and the Santa Fe.
strate financial and operating ability, so that applicants that can demonThe Pecos Co. owns approximately 570 miles of track, extendin
the traveling public may be
g from adequately served and the investing public
Coleman northwesterly to the Texas
protected from exploitation.
-New Mexico State line,
(e) Franchises should stipulate a rate of fare
easterly to Amarillo; and from Canyon Junction to Lubbock thence northfor a continuous ride, but
branch lines. Since July 1 1914 that part of the railroad , with several the conditions attending omnibus operation are not identical with surface
extending from or rapid transit rail .oad operatio
Coleman to Sweetwater has been operated by the Gulf Co.
-centfare inay
under a lease not be practicable in regard to n, and therefore a universal 5
which expired June 30 1924, and the rest of the railroad has
all omnibus lines.
been operated
FranchLses for
by the Panhandle Co. under a separate lease which
also expired June 30 organized specificallynew routes should be granted only to corporations
1924. It is stated that the railroad was divided for operatin
for the
g purposes to that are subject to continue purpose of operating omnibus service, and
effect economies in operation.
d control by
of the city in respect to quality of service the franchise-granting authority
The Peens Co. proposes to lease to the Gulf Co. that part
to be rendered. Existing street
of its railroad railroad franchises should
extending from Coleman to Sweetwater for a term of
not be enlarged so as to include the right to operten years from July 1 ate omnibus lines unless
1924, and thereafter from year to year,subject to the
long-term franchises are surrendered for new grants
right of either party containing conditio
to terminate the lease on ninety days' written notice to
ns
the other. The franchises, and that similar to those to be incorporated in omnibus line
lessor, or the Guaranty Trust Co. of New Y rk, or its successo
the
r as trustee change from street car city authorities shall have the power to require a
under the transcontinental line mortgage, ay terminat
to omnibus operatio
e the lease upon
(g) Franchises should prohibit transfer n to relieve traffic congestion.
any default under that mortgage. The Gulf Co. covenan
of ownership or control of the
ts to maintain grantee corporation,
and operate the demised railroad, and to pay as rental
the sum of $245,000 the franchise-grantin or consolidation of routes, except with the consent of
a year; all Interest which accrues during the term upon
g body, to prevent the creation of a private monopoly
any indebtedness of all transit facilities
incurred by the lessor with the written consent of the lessee,
.
owned by
(h) Franchises should
parties other than the lessee; all taxes, assessments
and governmental tit' authorities under embody terms that would assure control by the
charges. &c.
all circumstances, among which are suggested the
following: (1) Period not to exceed 10 years,
The Pocos Co. also proposes to lease to the Panhandle Co.
subject
road, excepting the line from Coleman to Sweetwater, for all of its rail- city upon reasonable notice, with a possible option ofto termination by the
renewal. (2) City to
the same term have the right to
contained in the proposed lease to the Gulf Co. The Panhandle
Co., in connection with purchase the tangible property used by the grantee in
addition to its other covenants, agrees to pay an annual rental
operation. upon a basis of valuation to be defined in the
of $685.000. franchise contract
The rental payments under the two proposed leases
, when the franchise grant expires or
fixed upon
that will enable the Pecos Co. to pay the interest on are outstand a basis nated. (3) City to have the right to control capital is otherwise termiits
and a reasonable return on its capital investment. The rental ing bonds regulate amount and quality of service, equal in extentinvestment and to
to be
to any such power
by the Gulf Co. Is apportioned on a valuation of the Coleman-Sweetw paid vested in any State regulatory authority.
ater
line made by the engineering department of the interested compani
(4) City to have the right
currentl
es.
by its objection any impropetocharges y audit all accounts, and to exclude
r
to expenses or capital. (5) City to
Pennsylvania-Ohio Power & Light Co., Youngstown, have the right to terminate the
e summarily,
obligati
Ohio.—To Reclassify $2,000,000 of the Unissued 8% Pref. purchase any assets, if a receiverfranchisbe appointed,without failure on to
or upon
of the
grantee to fulfill terms of grant, should
or upon failure of the grantee to obey reguStock into 7.2% Stock.—
latory orders. or upon the entrance
cially unable to provide the service of a plea by the grantee that it is finanThe stockholders will vote Nov. 5 on reclassifying
$2,000,000 of
authorized and unissued 8% Cumul. Pref. stock into 7.2% Cumul. the stood that the grantee cannot be adjudged to be necessary, it being underdeprived of its right
Pref. courts to
stock.
determine the reasonableness of any regulatory of appeal to the
order.
Under the existing articles of incorporation this company
(6) City to
is authorized purchase the have the right to terminate the grant, without obligation to
to issue $10,000,000 of 8% Cumul.
operating property of the grantee, If any change in
stock and
the stipuCumul. Prof. stock and to date therePref.been issued $5,000,000 of 7% lated rate of fare or other
$2.966,300 of 8% Federal
material conditions be
Prof. stock and $1.450,000 of 7% Prof.has
authority, and also if the Courts shouldauthorized by any State or
stock.
nullify any of the powers
President John T. Harrington states that the "directors and officers
reserved to the city by the terms of
are
the grant.
of the opinion that it is desirable to
(7) Grantee to pay to the
city a percentage of its gross receipts, not to
to customers and employees in the have available for sale and distribution be less than
stock bearing monthly dividends territory served by the company a Prof. of pavemen a fixed minimum amount annually, as compensation for wear
at the rate
would seem that such a stock could be sold by of 7.2% per annum. It or rental oft; and a proportion of the annual net profits as compensation
the franchise, after the payment
the company to good advantage to obtain additIonAl nece nary capital from
of operating and maintenance
time to time for expenses, contributions to depreciation reserves
extension of facilities and for other purpose
, and a reasonable rate of
dividend upon the approved capital
s."—V. 119, p. 811.
investment actually devoted to the public use under the terms of the
grant.
Pennsylvania RR.—To Build New Terminal.—Bonds.—
Of the 51 applications before the
Board, eight corporations have
General W. W. Atterbury. Vice-President, announc
for
es that the company ing fl anchise grants that would authorize comprehensive systems applied
will build a ,new terminal in West
, includwhat may be characterized as trunk
lines and
begin in'1925. It Is expected thatPhiladelphia, Pa., work on which will two or more boroughs
the entire project will be finished by
. In addition the Interhorfeeder lines operating in
1930.
ough Rapid Transit Co.
has expressed a willingness to
undertake omnibus operation. These
The I.
-S. C. Commission on Oct. 21 authorized
major applications have been
submitted by:
$50,000,000 40
-year 5% secured gold bonds; said the company to issue
(a) Fifth
less than 953 and interest; and to pledge as part bonds to be sold at not 26 omnibus Avenue Coach Co.—Company applies for fit anchises to operate
of the
rortes in Manhattan 8 in the Amex
for the bonds capital stock of csrtain companies. (Seecollateral security in conjunction
offering, &c., in
with the system now operated and one in Queens Borough.
V. 119, p. 1625.)—V. 119, p. 1845, 1734.
by this company in Manhattan, which concentrates upon
Fifth Avenue.
(b) Surface Transportation Corp.—T
Philadelphia Rapid Transit Company.—Earnin
his corporation is a new corporation
formed by the Third Avenue Ry.
gs.- purpose of operatin
as a subsidia
-Month of Sept.—
g omnibus lines in conjur ry of that company, for the
—9 Mos. End. Sept. 30—'of the railway
Period—
company. 1he company asksction with the surface car lines
1924.
1923.
permission to operate omnibus
1924.
1923.
lines over 20 routes, covering a
Passengers carried— _ _71,260,433 73.237.080 677,928.
Operating revenue__ -43.544,607 $3,568.360 $32,946,384 677,003,228 boroughs of Manhattan and total operating distance of 55.9 miles in the
Bronx.
910 $33,116,471
Operation and taxes(e) Manhattan Bus Corp.—Is a
2,677,109
2.726,762
24,140,156
24,615.034 Sew York
& Harlem RR. for thesubsidiary corporation organized by the
purpose of operating omnibus or stage
Operating incoine_ _ _ $867.498
$841.598 $8,806.754
$8,501,437 lines. The New York & Harlem R R. owns and operates the Fourth and
Non-operating income_
Madison Avenue street car line. The
49,859
44,118
415,205
393,559 operate its
Manhattan Bus Corp. proposes to
Manhattan omnibus lines in conjunction
Gross income
with the Fourth and
$917,357
$885,716
$9,221,959 $8.894,996 Madison Avenue street cars for one 5
-cent fare. by means of an interchange
Fixed charges
of free transfers to passengers at points
865.843
834.394
7,814,021
7.490,968 routes intersec
where omnibus routes and street car
t or connect. It proposes one line
Net income
on the Grand CoAcourse
in the Bronx
$51.514
$51,322
-cent fare. The petitioner also states that it has
$1,407,938
$1,404,027 agreements for a 10
Company has made a formal offer to the Delawar
made
with
e
mission to operate trolley cars or buses over the Delawar River Bridge Coin- to issue transfers the Eighth Avenue RR. and the Ninth Avenue RR.
to passenge
e River Bridge when
completed.—V. 119, 1). 1396.
lines for 2 cents in addition tors on the respective omnibus and street car
the regular fare of 5 cents.
Id) Service Bus Corp.—Has been
Pittsburgh Rys.—Trolley Fares.—
recently organized. No affiliation with
any street railroad or other transpor
The company has plans under way for the inauguration
tation corporation has been revealed.
No particulars have been supplied in
of a straight
-cent fare on certain of its shuttle lines in the city
5
respect to organization
suburbs. The reduced fares will be in the natureof Pittsburgh. Pa., and resources, except that it was stated in conference that ample or financial
capital had
of an experiment, it is been assured if the company secured
said, and if found practical may be extended to other shuttle
the
or short lines. It was also described as a wholly Americafranchise rights it applied for.
The present fare is 8 1-3 cents.—V. 119, p. 1845.
n company in its personnel, in
reply to some inquiry as to its
proposed used of leaden omnibus type of
motive power.
Rapid Transit in N. Y. City.—Bus Situation, &c.—
(e) Audubon Transportation Corp.—
The principal items of interest affecting the transit situation in
Jerome Avenue and Ratonah Avenue. Now operates one omnibus route on
N. Y.
the Bronx, under revocable permit.
City may be summarized as follows:( )
The report of the Board of Trans- The route extends from Fordham Road north
to 242d St. The compan
portation to the Board of Estimate and Apportionment on petitions
petitions for franchises for 16 routes,
including the one now in operation. y
(f) People's Electrobus Corp.—I
omnibus franchises. This report, submitted Oct. 15 says in substance:for
any street car company has beens a new corporation. No affiliation with
There have been received by the Board 51 applications from corporat
revealed. Company asks permission
ions
or individuals for omnibus franchises. Some of these applications are for operate 22 omnibus routes: 18 routes are
to
Operation in two or more boroughs, some for a single operation, and some in the Bronx, and 3 are partly in both wholly in Manhattan,one is wholly
boroughs. The total operating distance Is 69.75 miles.
for short, single and disconnected routes. Some of them contemp
late
(g) Brooklyn-Manhatian Transit
operation in connection with existing street railroads. Several are for operCorp., whicn operates elevated, Corp.—The Brooklyn-Manhattan Transit
ation in the same streets under varying conditions.
subway and surface routes in the
The establishment of omnibus lines has long been advocated by the Board of Manhattan, Brooklyn and Queens. applies
for a franchis Boroughs
omnibuses over 3 routes in Brookly
of Estimate and Apportionment, and in view of the aggressive oppositi
n and Queens. as follows:e to operate
on
(1) The Kings Highway route would
to that form of transportation displayed in the very recent past it was
cross the Culver, Sea
an End and Fourth Avenue
interesting feature of this investigation that the representatives of
Beach. West
rapid transit lines,
existing traction corporation who have appeared at the conferencesevery Island Avenue, Gravesend -Avenue and 86thand the Ocean Avenue, Coney
have the petitioner.
Street car lines,
not only admitted but have asserted that the establishment of
controlled by
omnibus
(2) The Brownsvi
lines are necessary as all addition to tile older methods of surface transpor
ta- Rockaway Avenue,lle route would cross the Utica Avenue, Ralph
tion.
and Liberty Avenue surface
car lines, and tbe Avenue.
and Fulton Street elevated lines,
It appears to the Board of Transportation that a definite policy
Canatsie
controlled by
in re- also carry passengers
street to the granting of franchises for omnibus operation must
to Utica Avenue station the petitioner: and would
be deter- rapid transit line
on the Eastern Parkwa
mined as a prerequisite to the consideration of the merits of the
controlled by
y
various appli(3) The Richmond Hill routethe Interborough company.
cations now on file. Heretofore, the Board of Estimate and
crosses the
Apportion- Avenue rapid transit
ment, the franchise-granting
lines and the JamaicaLiberty Avenue and Jamaica
Avenue surface car line,
that municipal ownership andauthority of the city, has in effect declared controlled by the petitioner, and
operation is to be the policy of this city adall
passes the Jamaica
Island RR. The
ministration. It would be
Station of the Long
the various applicants for futile to enter into protracted negotiations with by this company.route also intersects three othe rsurface lines not controll
ed
determined not to authorizfranchises if the franchise-granting authority is
The Rings Highway route and
e private operation on any terms, and, proceedpart of the Richmond
ing upon that conviction, the
Hill route are now
Board of Transportation deems it proper to operated by the Queens Bus Lines, Inc., under
review the situation and express
(h) Queens Bus Lines, Inc.—N
permits.
its
ow operates. under
adopt if it were vested with power opinion in respect to the policy it would one omnibus route 2.5
revocable permits,
miles
to institute omnibus operation.
route 4.5 miles bug on Rings long on Sutphin Boulevard. Queens, and one
Highway, Brooklyn. This petitioner
has filed
(I)
THE CHRONICLE
1954
[VOL. 119.
two petitions covering four routes in Queens and two routes in Brooklyn,
Including the two routes now operated.
-Company. which operates rapid
(i) Interborough Rapid Transit Co.
transit lines in Manhattan, Broax, Brooklyn and Queens. has not filed a
formal petition for a francnise to operate omnibus noes, but was called into
conference by the Board of Transportationias a result of published interviews
with the officers of that company concerning the effect upon the rapid transit lines of omnibus competition. To the invitation to confer with this
Board, Prank Fiedley, President and General Manager of the Interborough
Rapid Transit Co. replied in writing, in part: "The company is not now
and never has been interested financially in any omnibus business. If.
however, the public authorities are of opinion that buses should be operated
with transfers to and from the subway and elevated lines, I shall be prepared to recommend a plan."
(b) Hugh J. Sheeran, receiver of New York Railways, in a letter to the
York RailBoard of Estimate and Apportionment, says in part:"The New to be made
ways (reorganized company) is prepared to cause an application Manhattan
to operate buses in the Borough of
promptly for a franchise
which shall provide a comprehensive system of bus operation co-ordinating
We are prepared to
with existing transportation facilities in the borough.with the report made
accept such franchises on terms generally consistent
by the Board of Transportation under date of Oct. 15 1924.
a system
"We are in a position to offer advantages in the creation ofsuch
which cannot, we believe, be equaled by any one else.
in a
first of these advantages is that the New York Railways will be the
"The
it and
position to exchange transfers between any bus lines granted to
surface lines operated by it for a fair charge for that service.bus franchise
"The second of these advantages is that if such a borough
terms for
be granted to us, we are prepared to discuss at once what are fair
the prompt ending of operation and abandonment of about 46 miles (single
in Manhattan and the replacing of those
track) of existing trolley lines
trolley line franchises with bus franchises.
such sub"We are further prepared, whenever experience shall show thatto
stitution is economically justifiable and in the public interest,busdiscuss
routes
the termination of any trolley routes and the substitution of
therefor."
Transit
(c) Gerhard M. Dahl. Chairman of the Brooklyn-ManhattanBoard of
Corp., announced that the conditions laid down by the Mayor's
Transportation for operation of bus routes in the city are satisfactory to his
company. Mr. Dahlia a statement said:
"The report of the Board of Transportation is a careful, thorough analysis
and
the
of pending applications with proposed conditions regarding wiseterms the
from
conditions of proposed franchises that are reasonable and
point of view of the city.
of fran"If the Board of Estimate decides to proceed with the granting
conditions
chises this company is ready to proceed under the general
recommended by the Board of Transportation."
and
(d) Charges against the State Transit Commission of malfeasanceEstiBoard of
culpable negligence on eleven counts were presented to thethat the Board
mate Oct. 17 by Mayor Hylan with the recommendation the Commission
petition Governor Smith to remove all three members of
-V. 119, p. 1173.
from office.
a lien is practically all main line and includes the sections of heaviest freight
density and of most vital strategic importance to the company.
The Second Mortgage 5% bonds were undisturbed in the reorganization
of the road in 1915.
The Wabash is authorizing a new refunding mortgage to provide for
present and future capital requirements of the road and to refund underlying bonds as they mature. This mortgage will be junior in lien to the
Second Mortgage 5% bonds, and bonds will be reserved under it to retire
-V. 119, p. 1735.
the Second 58 at maturity.
-Earnings.Republic R.& Light Co.
September- -9 Mos.End. Sept.30-
-S. C. Commission, on Oct. 15. authorized the company to extend
The I.
the maturity data of 5300.000 Morris County RR. 1st Mtge, bonds from
Sept. 1 1925 to Sept. 11940. with int. at the rate of 6% per annum. The
Replogle Steel Co. holds the entire issue of bonds.
Gross earnings
Net earnings
-V. 119. p. 1396.
-Month of
1924.
$825.821
$240,849
-Preferred Stock Offered.
West Penn Co.
The company, through its subsidiary, the West Penn Securities Department, Inc.. is offering to its customers and employees 7% Cumul.
Prof. stock at $94 a share. Payment may be made either in cash or on
the partial payment plan. Under this plan from 1 to 100 shares may
be subscribed for by an initial payment of$6 a share and a monthly payment
of $8 a share.
-V. 119, p. 1511.
--Listing.
West Penn Power Co.
The New York Stock Exchange has authorized the listing of $12.020,300
$100, with
(authorized 525,000,000) 7% Cumulative Preferred stock. parpayment in
authority to add $687,400 on official notice of issuance and
full, making the total amount applied for $12.707.700.
The proceeds of the sale of the $12,707.700 7% Cumul. Pref. stock has
been or will be expended by the company for permanent improvements,
extensions and additions to its property and for general corporate purposes.
Consolidated Income Account (Co. & Subs.), 8 Months ended Aug. 31 1924.
$9,322,531
Gross earnings
$4,630,744
Operating expenses
696,127
Reserves for renewals and replacements
454.100
Taxes: Federal, $288.075: State. $166.025
1.465.199
Fixed charges
1,321.048
Prof. diva. paid. $334.048; Common diva. paid. $987.000
Balance
Conoslidated Balance Sheet Aug. 31 1924.
1 LiabilUtesAssetsPlant, property & investla.-$63,453,088'Preferred stock
62,137 Common stock
capital stock. _ _ _
3,213,630 Funded debt
Cash
300 Notes payable
Notes receivable
&cola receivable(less res've). 1,016,274 Accounts payable
1,067,918 Matured int, on bonds
Materials and supplies
363,237 Accrued liabilities
Due on Pref. stock subserns_
475,867 Deferred liabilities
Due from affiliated cos
Disc't on bonds & notes, &c.. 3,692,045 Due to affiliated companies._
281,149 Res. for renewals & replace-Unclassified charges
225,000 Res, for damages
Corn,& exp. on sale cap.stk.
Other reserves
$73,850,643 Surplus
Total (each side)
-V. 119, p. 695, 77.
1924.
1923.
1923.
8806,927 $7,820.849 87,325.257
$257,059 $2.669,699 $2.353,418
-New
South Carolina Gas & Electric Co.July by
early in
Control.
General Gas dr
Control of this company was acquired
Electric Corp. See latter co. in V. 119, p. 203.-V. 118. p. 432.
-Equipment Trust, Series Z.
Southern Railway.
-S. C. Commission. on Oct. 15, granted the company authority to
The I.
Trust cerassume obligation and liability in respect of $7,050.000 Equip.for Ins. on
company
tificates, Series Z, to be issued by the Pennsylvania be dated Oct. 1 1924
Annuities, under an agreement to
Lives & Granting
procureand sold at not less than 96.25 and divs. in connection with the
ment of certain equipment. (See offering in V. 119. p. 1396.)-V. 119.
p. 1845, 1734.
-Listing.
Terminal Railroad Assn. of St. Louis.
$755,312
95,000
870,759
242,767
1,534,057
1,188.775
172,942
5,064,294
13,375
5.730
1,496,743
Wharton & Northern RR.-Extenstion of Bonds.
-Securities.
Winston-Salem Terminal Company.
-S. C. Commission, on Oct. 15, authorized the company to issue
The I.
not exceeding $3,000 capital stock, par $100, and $800.000 1st Mtge. 5%
Gold bonds.
The Commission also authorized the Southern Ry., the Winston-Salem
Southbound Ry., and the Norfolk & Western Ry., jointly and severally, to
assume obligation and liability, as guarantors, in respect of the principal
and interest on the bonds. See offering of bonds In V. 119. p. 1511.
-Preferred Stock Offered.
Wisconsin Power & Light Co.
Old Colony Trust Co., Boston, and Paine, Webber & Co.,
New York, are offering at $98 per share and div. to yield
'
about 7.14%, 8,000 shares 7% Cum. Pref. (a. & d.) stock
(par $100).
the present Federal
-M. Under
Red. at 110 and diva. Divs. payable Q.
The New /ork Stock Exchange has authorized the lank); of 82,000,000
from
additional Gen. Mtge. Ref. 4% Sinking Fund Gold Coupon Bonds, due income tax law (Revenue Act of 19241 dies, on this stock are exempt when
applied for $26.112,000.
tax and are entirely exempt from all Federal Income taxes
the normal
1953, making the total amount
the stock is hold by an individual whose net income is $10,000 or less.
Income Account for Specified Periods.
Divs, on this stock when received by corporations are entirely exempt
6 Mos.End. -Years Ended December 31
/ •
from all Federal income taxes.
1921.
1922.
1923.
June 30'24
-Owns and operates 12 central electric generating stations,
Company.
Railway oper. revenue_ _ 32,486,701 $5,121,839 34,498.456 $4,527,866 of which 7 are steam and 5 are hydro-electric. There are approximately
3,233,426
3,037,692
3,553,672
Railway oper. expenses__ 1,854,941
745 miles of high-voltage transmission linos inter-connecting the various
districts served with the central power stations. Company has 5 gas plants
rev. from ry. oper- $631,760 $1.568,168 $1.460,763 $1,294,440 with a total rated daily capacity of over 1,575.000 Cu, ft. Owns and operNet
705,925
730,489
773,226
354.961
Railway tax accruals__ __
ates street railway systems serving the cities of Fond du Lac, Oshkosh and
185
1,368
1.171
5,296
Uncollectible railway revs
Sheboygan, as well as two electric interurban lines. Auto bus service
between a number of the larger cities in the territory. The
$588,330 is also maintainedeither directly or indirectly comprises 151 communities
$728,907
$793.771
Railway oper.Income__ 5271.503
1,438,612 tertitory served
1,867.561
1,897,745
-operating income_ _ - 837.094
'Situated in 17 counties.
Non
-mile inter-connected transmission system is tied In with
Company's 745
$1.108,598 $2,691,515 $2,596,468 $2,026,942 the high-voltage transmission lines of the Wisconsin River Power Co. and
Gross income
2,597,455
2,530.909
2.517,930
gross income 1,247.442
Deduct from
the Southern Wisconsin Power Co. By means of these inter-connections
able to obtain large quantities of hydro-electric energy
$65,558 def$570,513 the company is du Sac hydro-electric plant of the Wisconsin River Power
$173,584
def$138,844
Net income
from the Prairie
Southern Wisconsin Power
Applied to sinking & other
103.633 Co. and the Kilbourn hydro-electric plant of the
133.291
212,781
108.455
reserve funds
Co., and also to supply these two hydro-electric companies with steam$674,146 generated energy from the company's Sheboygan and other central power
567.733
539.196
$247,299
Deficit
stations.
-V. 119, p. 199.
Capitalization Outstanding with Public August 31 1924.
$2,487,900
Common stock
-Bus Application.
Railway.
Third Avenue New York City above.
3,757,100
Prof. 7% Cum. stock (incl. 8,000 shares herein offered)
-V.119, p. 1066.
Transit in
See Rapid
1st Lien & Ref. bonds, Series A, B and 0
divisional bonds (mortgages closed)
Underlying
-Earnings.
Tide Water Power Co.(& Sub.).
: .
45 25450 3588
Consolidated statement of Earnings 12 Months Ended Aug. 31 19874 :
1924.
1923.
3133,804,633
12 Months Ended Aug.
$1,677,614 $1,861,644 Total income (including other income)
Gross earnings
2,553,081
Operating expenses, including maintenance and taxes
expenses (incl. prior charges and Pinellas
Operating
1,036,455
951,880
dividends)
$1,251,552
County Power Co.Preferred
Gross net income
553,144
$825,189 Interest
$725,734
155,930
Net earnings requirements on total funded debt
398,760 Other deductions
Annual interest
41.233
income taxes
3542.478
Estimated Federal
Balance available for dividends and retirement reserves
$385,196 Annual dividend requirements on Pref, stock outstanding on
available for diva, and deprecia'n$262,997
Net income (after maint.)
completion of present financing
$117,760
requirements
Annual Preferred stock dividend
-Company is controlled by the Middle West Utilities Co
Management.
119, p. 1511.
-V.
-V. 119, p. 581.
& Fostoria Ry.-To Be Operated by Toledo Co.
Franchise.
Toledo Fostoria & Findlay Ry.-Granted
Tiffin
-V.116. p. 2517.
By. below.
See Toledo Fostoria & Findlay
0., has passed an ordinance granting the
The City Council of Fostoria. Tiffin & Fostoria line for 20 years. The
company a franchise to operate the to purchase the line conditioned upon
has an agreement
Toledo company
appeal of the suit of the city to oust the
the granting of a franchise. The will be withdrawn, it is said.
-V. 118, p.
Tiffin & Fostoria from the streets
433.
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."
Prices Wages and Other Trade Matters.
Refined Sugar Prices. -On Oct. 20 Arbuckle Bros. advanced price 10
pts. to 7.50c. per lb.
Lead Price Advanced -American Smelting & Refining Co. on Oct. 20
-S. C. Commission
The I.
1915.-V. 117, p. 1993.
advanced price 25 pts. to 8.25c. per lb. "Wall St. News" Oct. 21, p. 1.
company's property, as of June 30
On Oct. 23 the price was advanced 15 pts. to 8.40c. per lb. New York
-Chas. D. Barney &
Offered.
-Bonds
Wabash Railway.
Hodges & Co., "Times" Oct. 24, p. 30.
Brass Prices Advanced.-Amorican Brass Co. on Oct. 20 advanced prices
Co., Graham, Parsons & Co., and Remick,
interest, to yield as follows: Sheet. )ic.; seamless tubes, Mc.; sheet copper, 3'c. "Boston
are offeri g at market, about 96M and
Gold 5% News Bureau" C ct. 21.
has reduced prices of pneuTire Prices
about 5.45%, $1,000,000 Wabash RR. 2d Mtge. Author- matic tires Cut.-Kolly-SPringfield Tire Co.by other manufacturers last
similar reductions
6%
3%
Bonds. Dated Feb. 1 1889. Due Feb. 1 1939.not repre- week (p. 1845).toNew (see "Times" Oct. 21. p. 38.
York
does
Mills to Reopen with Old Wage Scale.-Thorndike Co.textile mills(Palmer,
ized, $14,000,000; issued, $13,993,000. This
-day week schedule without wage rereturn on a 6
Masa.) operatives
sent new financing in behalf of the company. 1,005 miles of duction. Previouswill the announcement of an 11% wage reduction and a
to
upon
These bonds are secured by a direct mortgage lien rate of $36,252 per 5
(which caused the walk-out of 500), the employees had been
-day week
York "Times" Oct. 19, p. 7.
road (256 miles of double track) at the conservative
these bonds are workbag 3 days per week. New
mile, including prior liens. The stretch of road on which
-Final Valuation.
of Boston.
Union Freight RR. placed a final valuation of $429,833 on the
has
OCT. 25 1924.]
THE CHRONICLE
1955
(1) That 35.000 shares of the unissued Preferred stock be changed and
-natters Covered in "Chronicle" Oct. 18.-(a) American Woolen Co. raises
worsted and wool and worsted prices in men's wear. p. 1788. (b) Opening re-classified into 35,000 shares of 8% Cumulative Prior Preference stock
mod
re
remarkable styles; fall prices (par $100 each).
of Amoskeag lines of spring dress ginghams;
(2) That the authorized capital stock be decreased from $35,000,000.
maintained, p. 1788. (c) Improved schedules of Lawrence textile mills:
5,50 Thorndike Co. employees strike against 11% wage cut; refused by consisting of 175,000 shares ofTreferred stock, par $100 each, and 175,000
operatives, p. 1789. (d) 6,000 strikers resume work at Glen Alden Col- shares of Common stock, par $100 each, to $25,000,000, to consist of
35.000 shares of 8% Cumulative Prior Preference Stock, par $100 each.
lieries, Pa.. p. 1789.
100.000 shares of Preferred stock, par $100 each and 115,000 shares of
Common stock, par $100 each.
-Earnings.
Air Reduction Co.
(3) That the decrease of the capital stock of the company be effected by
1923.
1922.
1924.
Quarters Ended Sept. 30$2,082,391 $2,588,891 $1,706,157 (a) cancelling and extinguishing 10.000 shares of the unissued Preferred
Gross income
1,654.853 '1.252,179 stock, being all of the authorized Preferred stock not heretofore issued,
1,455,895
Operating expenses
remaining after changing and re-classifying 35,000 shares thereof into 8%
$934.038
$453,978 Cumulative Prior Preference stock; (5) purchasing for retirement at not
$626.495
Operating income
$236,014 above par, and retiring, 30,000 shares of the outstanding Preferred stock;
$249,154
$276,454
Additions to reserves
the
29,180
36,653 (c) cancelling and extinguishing 60,000 shares ofnot unissued Common
Bond interest and expense
heretofore issued.
stock, being all of the authorized Common stock
16,073
Special credit
(4) That the directors be authorized to purchase from time to time for
the company,for retirement, at not above par,the 30,000 shares of Preferred
$655.704
$181,312
$366,113
Net profits, before Federal taxes_ _
stock above referred to by any one or more of the following methods, as
-V. 119. p. 458, 1284.
in the discretion of the hoard may seem advisable: (a) pro rata from each
holder of shares of said stock; (b) from Preferred stockholders offering said
-To Extend Lines.
Alabama Power Company.
of not exceeding
Alabama P. S. Commission has authorized the company to extend stock to the company at the lowest prices up to a total to be given
The
equal
its electric service lines to Uniontown, Faunsdale, Demopolis, Leighton, 30.000 shares, or any part thereof, all of said stockholders
-V. 119. opportunity to submit offerings; (c) in the open market; (d) by direct
Town Creek, Hillsboro, Trinity, Cherokee and Courtland. Ala.
purchase at private sale.
p. 1845.
All accumulated and accrued unpaid dividends, and the right to receive
-Listing.
the same, on any of such shares of the outstanding Preferred stock so as
American Bosch Magneto Corp.
after aforesaid purchased for retirement by the company to be surrendered and
The New York Stock Exchange has authorized the listing on or
Nov. 1 of 42.266 additional shares of capital stock without par value, on extinguished.
5. That the directors be authorized from time to time to issue shares of
official notice of issuance, making the total amount applied for 138,266
8% Cumulative Prior Preference stock up to 35,000 shares, for cash at
shares without par value (authorized 175,000 shares).
The stockholders on Oct. 16 1924 increased the authorized capital stock not less than par, or in exchange for shares of outstanding Preferred stock.
share for share, or upon any other basis of exchange which to the board
from 100,000 shares to 175.000 shares.
In Aug. 1920 a contract, extending to Jan. 11936. was entered into by may seem advisable, with such adjustment of dividends as shall be deterthe corporation under which the operation of Gray & Davis, Inc., was taken mined by the board, or to sell the stock or any part thereof and with the
over by American Bosch and the latter was appointed selling agent for proceeds of such sale to purchase shares of outstanding Preferred stock for
Gray & Davis, Inc., on a fixed commission basis. While this contract the company, for retirement, at not above par, provided that for each
gave Gray & Davis, Inc.,an absolutely essential sales service,and has other- share of said 8% Cumulative Prior Preference stock issued at least one
wise been of advantage to both companies, it has been found under condi- share of outstanding Preferred stock shall be purchased, or acquired, by
tions of actual operation that such an arrangement did not permit of the the company, so that at no time shall there be issued and outstanding
most economical or efficient use of the working capital and plant facilities more than a total of 100,000 shares in the aggregate of both classes of
of the two companies. Accordingly, a committee appointed by the direc- 8% Cumulative Prior Preference stock and Preferred stock.
tors of each company recommended substantially the following plan,
Pres. J. C. Lilly in a circular letter to the stockholders says:
which has the approval of the stockholders of both companies:
For a long time it has been apparent to the directors and officers that a
A new company is to be organized which will take over the entire assets
readjustment of its capitalization was absolutely necessary in order to place
of Gray & Davis, Inc., and assume all its liabilities, including the $1.000.000
1st M.Cony, bonds of Gray & Davis, Inc. The new company. to be called its capital stock liability in such relation to its earning power that the
Gray & Davis Corp. (a Mass, corporation), is to issue 134,182 shares of stockholders may participate in the earnings. From the organization in
capital stock without par value, being its entire authorized capital stock 1899 until 1921, the earnings, while substantial, were very largely used in
other than the stock reserved to cover the conversion of the above bonds, the payment of interest and installments on the principal of $8.500,000
to American Bosch Magneto Corp., and in consideration thereof American 1st Mtge. bonds, issued at the time of the organization, all of which have
Bosch is to issue to Gray & Davis Inc. 42,266 shares of its capital stock of been paid off and retired. For that reason dividends on the Preferred stock
the same class as at present outstanding. This number of shares is suffi- were, to a great extent, left unpaid and have accumulated to the point
cient to allow approndmately 3 shares of American Bosch stock for each where they now amount to approximately 140% of the total Preferred
share of Pref. stock of Gray & Davis Inc. and approximately 1 share of stock outstanding.
Authorized. Outstanding.
Present CapitalizationAmerican Bosch stock for each 7;5 share sof Corn,stock of Gray & Davis Inc.
-year opera- Preferred stock
$17,500.000 $13,000,000
Gray & Davis Corp.(the new company) is to enter into an 8
17,500,000 11,500,000
tion contract with American Bosch, which will provide substantially that Common stock
the new company will operate its plant when,and to the extent, and on such
Of the $13,000,000 Preferred stock outstanding, 4,517 shares are held in
products as American Bosch may determine, and will sell its products to trust for the use of the company, so that the actual amount of Preferred
American Bosch exclusively, at a price which will cover its entire cost of stock in the hands of the ipublic is $12,548.300. On this Preferred stock
operation of every name and nature, and in addition an annual charge of there are now accumulated, accrued and unpaid dividends of 140%, or a
$180.000. The obligation of American Bosch to pay this annual charge of total of 317.567,620.
$180.000 is to be expressly subordinated to its obligations on its 8% Sinldng
The total par value of the Preferred stock outstanding in the hands of
Fund Gold notes. This sum will be sufficient to retire all the bonds in the public plus the accrued unpaid dividends thereon amounts, therefore,
approximately 7 years.
to $30,115,920.
On Oct. 16 1924 a new corporation by the name of Gray & Davis Corp.
The amount required for dividends at the rate of 7% on the outstanding
was organized in Massachusetts with a total authorized capital stock of Preferred stock is over 3875.000 per year.
179,637 shares without par value, and thereafter authorized the issue of
It is not reasonable to expect the company to earn an amount annually
134,182 shares of such stock to American Bosch Magneto Corp. and the sufficient to pay 7% on this outstanding Preferred stock and in addition
assumption by it of all the liabilities of every name and nature of the present thereto the very large amount which would be necessary in order to pay
's
Gray lc Davis Inc. including the $1.000,000 Gray & Davis Inc. First off the accrued dividends even over a long period of years.
Mortgage bonds (but not including any liability to stockholders of Gray &
'
;
fter much study the board of directors has devised a plan for the readDavis Inc. in respect to their capital stock). in consideration of the transfer justment of the capitalization of the company.
to it of all the assets of every name and nature of Gray & Davis Inc. and
When the proposed changes as recommended by the directors are apalso approved and authorized the execution of an operation contract with proved by the stockholders the company will be prepared to purchase 30.000
American Bosch Magneto Corp.
shares of the outstanding Preferred stock for cash at a price not excesiing
$70 per share.
Earnings 9 Months ended Sept. 30 1924 (Am. Bosch Magneto Corp.).
In aid of this plan the directors have made arrangements with a large
Net Bosch sales
35.483,831
Less factory and branch cost of salen
4.694.559 banking corporation of New York City for the purchase from it by the
Administrative and sales expense (net)
373,201 company of 15.000 shares of Pref. stock at a price of approximately $69 per
Interest on 8% Gold notes
139.167 share. It is poroposed that the balance of 15,000 shares be purchased direct
Depreciation
151,510 from the holders of the Preferred stock pro rata at a price of $70 per share,
each stockholder to be requested to sell to the company approximately 13%
Net surplus
$125,393 of his holdings (which will amount to a total of 15,000 shares, in addition
to the 15.000 shares to be purchased as aforesaid).
Balance Sheet.
When this transaction is complete, it proposed that th3 3.5,000 shares
Sept. 30'24. June 3024.
Sept. 3024. June 30'24. of new 8% Cumulative Prior Preferenceis
stock, which the stockholders are
Assets$
$
asked to authorize, will be utilized to acquire for retirement as large an
Real estate, plant,
Capital stock and
amount of the then outstanding Pref.
as possible, on a basis of one
equipment, &c_x3,958,270 3,964,958 surplus
6,236,172 6,287.759 share of new Prior Prof. stock for notstockthan one share of outstanding
less
286,987
219,3278%,
Cash
Gold notes,'36 2,248,000 2,248,000 Prof. stock.
Notes & tr. accep'Notes payable_ _ __ 1,375,000 1,447,500
by this plan, company
Upon completion of the program as
36,8.59
67,829 Accounts payable_ 598,433
749,371 will have wiped out and extinguishedcontemplated
tances receiv
a total Preferred stock capital and
813,872 Accrued accounts_
87,674
57,712
Acc'ts receivable-. 1,000,897
dividend liability of at least
315.600.000
3,213,764 3,501,515 Accr'd int. on 8%
Inventories
2,100,000
1,235,944 1,234,721 gold notes
Investments
60.000
15,000 by the use of cash
and par value new Prior Preference stock
3,500.000
Mlscell. sects rec.
100,929
8,927
Life insurance__ __
8,927
Total
5,600,000
Tracings & pat'ts_ y594,176
594,176
Prepaid expenses&
Net capital stock and dividend liability extinguished
31,0.000,000
deferred charges 289,455
299,086 Totakeach side) 10.605.279 10,805,342
After this has been accomplished, the holders of the remaining out.
x After deducting $816,872 allowance for depreciation. y After destanding Preferred stock will be much nearer the possibility of receipt of
ducting $160.823 amount written off.
back dividends on their remaining stock, and the Common stockholder
See also Gray & Davis, Inc. below.
-V. 119, p. 1845.
will have benefited by.the extinguishment of 312.100,000 of capital and
American Brick Co.
-Extra Dividend.
dividend liability ahead of his stock at a cost of 32.100.000. This $12,100,The directors have declared an extra dividend of 15c. a share on the out- 000 being made up as follows:
standing 50,000 shares of no par Common stock in addition to the regular Preferred stock purchased
33.000,000
quarterly. dividend of 15c. a share, both payable Nov. 1 to holders of 140% dividends accrued thereon extinguished
4,200,000
record Oct. 23. Dividends were inaugarated on the Common stock on Accrued dividends(140%)extinguished on $3.500.000 Pref.stk_ 4,900,000
last by the payment of 15c. per share and a like amount was paid
May 1
A comparison of annual dividend requirements on the present capitaliza-V. 119, p. 1066.
Aug. 1 last.
tion and on the proposed adjusted capitalization is as follows:
Present Capitalization.
American Car & Foundry Co.
-Equipment Orders
The company recently received an order from the Southern Ry. Co. for Amount necessary to pay 7% on Preferred stock outstanding_
$878.381
535 box cars. The company also has received an order for 1,000 box cars, Amt. necessary to pay accr. dive. on Prof. stock, before any
dive, can be paid on Common stock
$17.567.620
200 stock cars and 24 passenger cars from the Illinois Central RR., and an
Adjusted Capitalization.
order for 13 passenger cars from the Texas Pacific RR.
- Amount necessary to pay 8% on new Prior Preference stock
See also Interborough Rapid Transit Co. under "Railroads" above.
$280.000
Amount necessary to pay 7% on remaining Preferred stock
423,381
V. 119. P. 1736.
-Retires $150,000 of Deben.American Chain Co. Inc.
The company has retired an additional $130,000 of its 6% Debentures,
leaving the outstanding amount 37,000,000.-V. 119. p. 1627.
-Organized.
American & Continental Corporation.
Bee United States & Foreign Securities Corp. below.
-Bonds Called.
American Factors, Limited.
Certain 1st Mtge. & Collat. Trust 7% Gold bonds, Series "A," aggregating $381,500, have been called for payment Nov. 15 at 1023i and int.
at the Bank of California, National Association, trustee, San Francisco,
Callf.-V. 118, p. 2575.
-Definitive Bonds Ready.
American Gas & Electric Co.
The Guaranty Trust Co. of New York are now prepared to deliver
definitive 6% Gold Debenture bonds (American series), due 2014, in exchange for outstanding temporary bonds. See offering in V. 119. p. 1066,
1397.
American Hide & Leather Co.
-Capital Readjustment
Plan.
-The stockholders will vote Dec. 9 on approving a
capital readjustment plan outlined below. The stockholders
will be asked to approve the following:
Total
Amt. necessary to pay accr. dive. on Prof. stock before any $703.381
dive, can be paid on Common stock
$8,467,620
From the above figures we believe it will be obvious to every stockholder
of the company that it will be greatly to his advantage to consummate the
readjustment of the capitalization of the company.
-V.119 ,p. 1845, 581.
American International Corp.
-To Readjust Capital Stk.
The directors at a meeting to be held Oct. 30 are expected to approve a
plan calling for the retirement of the company's Preferred stock and also to
readjust the Common stock by ussuing no par value shares in place of the
shares of $100 par value. By this means the company hopes to wipe out
the profit and loss deficit.
-V.118, p. 1394, 1387.
Amer. Pipe & Construction Co.
-Offer to Stockholders.
-
The company on Oct. 22 mailed a letter to the stockholders advising them
that an offer has been made by C. H.Geist, of C. H. Geist & Co., to purchase their stock at $70 a share. Holders wishing to avail themselves of
this offer are advised to deposit their stock with the Pennsylvania Co. for
Insurances on Lives & Granting Annuities, Philadelphia, on or before
Nov. 10. The offer of purchase is operative provided a sufficient amount
of stock is deposited, which, together with the stock already owned by
Mr.Geist, will make a total of not less than 30,000 shares of the outstanding
1956
THE CHRONICLE
48,000 shares. The letter sets forth the offer for purchase by Mr. Geist.
but contains no recommendation by the company of its acceptance. There
is altogether $2.500,000 stock (par $501.
The letter to the stockholders states that if the Geist otter is accepted he is
obligated to pay for the stock purchasd by Nov. 12.-V 119. p. 1174.
[Vol.,. 119.
American Telephone 8c Telegraph Co.
-New Director.
Charles F. Choate Jr. of Boston has been elected a director to succeed
the late Wm. L. Putnam.
-V. 119. p. 1839
-To InAmerican Water Works & Electric Co., Inc.
-Bon- crease Auth. Common Stock and Reduce Par Value from $100
A American Power & Light Co.
-Bonds Offered.
bright & Co., Inc., are offering at 941 and int., to yield to $20 per Share.
A
vote
on changing the par value of
The
6.35%, an additional $5,000,000 Gold Debenture bonds, shares stockholders will stockNov. 21 (1) to $20, (2) on providing (in the
the
of the Common
from
American 6% Series. Dated March 1 1916. Due March 1 event that such change in the par $100 of the shares shall be approved
value
by the stockholders) that the holders of the outstanding shares of Common
2016. (See description in V. 119, P. 813.)
stock
shall receive in exchange for each such share 5 shares of
Data from Letter of President C. E. Groesbeck, New York, Oct. 20.
Company.
-Owns practically all the Common stocks of companies supplying, directly or indirectly. 397 communities, of which 369 are supplier
with electric power and light service, while gas and'or) water and other
miscellaneous service is supplied to the remaining communities. The
territory served includes many important cities, such as Portland. Ore.:
Omaha, Neb.; Council
Wichita, Kan.; Yakima and Walla Walla,
• Fort
Bluffs, Ia.: Duluth, Minn.; Superior, Wis.Wash.•. Worth, Galveston and
El Paso, Tex.. and Miami Beacla and Miami, Fla. Population estimated
at 2.087,000. (See further details of properties in V. 119. p. 813.)
-Proceeds are to be used for working capital and for other
Purpose.
corporate purposes.
Authorized.
Outstanding.
CapitalizationPref. stork (no par). $6 per share per ann.;
166.676 shs.
200.000 shs.
redeemable at $115 per share
2 000,000 shs. a1,480,353 shs.
Common stock (no par)
Gold Detenture bonds, American 6% Series,
b
c$21,730,300
due March 1 2016
(par $100)
such Common stock (par $20). (3) on increasing the authorized capital
stock from 840.000.000. the present amount, consisting of 320,000.000
1st Prof. stock (p $100). *10.000.000 P .rticipating Prof. stock (par $100)
and $10.000.000 Common stock (par $100). to $80 000.000, consisting of
$20.000.000 1st Pref. stock (par $100), $10.000,000 Participating Prof.
stock (par $100) and $50.000.000 Common stock (par $20)•
A letter to the stockholders dated Oct. 21 says:
A large number of holders of the Common stock have from time to time,
suggested that it would be convenient and desirable that the par value of
the Common stock be changed from COO per share to $20 per share, so
that the holders of the Common stock of $100 par value shall receive in
exchange for each such share 5 shares of the new Common stock of $20
par value. After full consideration of the suggestion the directors have
decided to recommend to the stockholders the adoption of the change
thus proposed.
In connection with this change it is also proposed, in order to provide
means for the growth of the company and its business, to increase the
authorized Common stock from *10.000.000 to 350.000,000. This will also
a Incl. scrip eauivalent to 1,256 shares of no par value issued for fractional provide stock which, if hereafter thought desirable, can be offered to the
shares in connection with the payment of stock dividends. b Authorized Participating Pref. shareholders in exchange for their holdings or a poramount of Gold Debenture bonds, American 6% Series, is unlimited except tion of them.
During the past two or three years substantial additional properties
by requirements as to earnings of the company. c Including $5,000,000
have been acquired and substantial expenditures have been made for
now being offered.
additions to the plants and systems of subsidiaries. Notwithstanding
Earnings Years Ended Aug. 31 1924.
during the
stock
Participating
$33,701,164 these large capital demands the dividend basisPref.in viewhasthe earnings
Gross earnings of operating subsidiaries
of
and
same period been placed upon a
wet earnings of Am. P. & L. Co., incl. undistributed income
of the company the time is undoubtedly approaching when the Common
(after renewal and replacement reserve) of sub. accruing to it 5.629,846
either In
feel that
Annual int. charges on $21,730.300 Gold Debenture bonds_ __ _ 1,303.818 stockholders willor stock. they are entitled to some distribution
the form of cash
If earnings are to be kept free for distribution, it is necessary to anticipate
$4.326,028
Balance
to acquire
The above figures are exclusive of any earnings from the recently ac- our capital requirements in order to put the company in a positionadvantage
additional properties at such times as they can be purchased to
quired Florida properties.
and also to provide the proper proportion of additional investment in the
Tne gross earnings for the year ended Aug. 31 1924 were derived from
various classes of business as follows: Electric power and light. 76%; subsidiaries of the company which serve rapidly growing districts in im-V. 119, p. 1846. 1397.
manufactured gas, 16.'„.; natural gas, 6%; water and miscellaneous. 2%; portant industrial centres.
Option Warrants.-There are authorized option warrants as of Sept. 30
-Earnings.
American Window Glass Co.
issued and to be issued, entitling the registered holders thereof to
1924.
Aug.31 '24. Aug.31 '23. Aug.29'22. Aug. 26'21.
Years Endingsubscribe, at any time on or before Mardi) 1 1931. at $10 per share, to an
aggregate of 167.790 shares of the Common stock. Any of the company's Boxes com. window glass:
Not shown.
( 1,419.920
Single strength
Gold Debenture bonds now oatstanding (Including this issue) will be acDouble strength
cepted by the company at their principal amounts in lieu of cash payment
31.951.291 $5,012,807 52,588.173 $1,955,414
for shares of Common stock of no par value subset ibed to in exercise of the Net profits
309.120
649.958
691,148
544.589
rights given by these option warrants. Company will pay in cash interest, Other income
on debentures so applied, accrued to the date of delivery of same to it.
$2.495.880 *5.703,955 32.897.293 $2,605,372
Total income
Co. supervises the operations of
Superrision.-Electric Bond & Share
$98.354
3170.782
$411.249
Federal and State taxes.. $141.336
-V. 119, p. 1628.
the company and its subsidiaries.
1.353.660
1,578.454
2.403.488
1,419.898
Royalties
376.382
101.529
131,66.3
42.523
Other deductions
American Republics Corp. (8c Subs.).
-Earnings.
279.650
279,650
279,650
279,650
Quarter Ending
9 Mos. End. Pref. dividends (7%)_ _ _
(1X)162.491
PeriodSept. 30'24. June 30 '24. Mar.31 '24. Sept. 30 '24. Common dividends
24,490
146.080
Sales
$6,037,772 85.999.989 $6,981,198 $19,018,959 a Adjustments
4,429,266
Cost of sales
5.483.524 14,751.531)
4.838.740
3579.897
$351,247
$612.473 $2.477,905
Balance, surplus
636.595
Gen.,admin.& misc.exp
443.308
547,015
1.626.917
a Charges applicable to prior years operations.-V. 119, p. 1397.
101.080
Other charges(net)
96.740
112.176
309.996
8722,766
Net income*
8478.970
8816.714 $2,018.450
*After deducting reserve for Federal income taxes.
-V. 119, p. 458.
-Par Value Changed.
American Safety Razor Corp.
The stockholders on Oct. 23 changed the par value of the capital stock
from $25 to $100. This decreases the number of strres from 800.000 to
200.000. For each 4 shares of $25 par stock, one share of $100 will be
exchanged.
John Cavanaugh. President of Crawford & Knapp, New York; W. C.
Durant, President of Durant Motors Inc., and R. It. Golan, President of
the New York Journal of Commerce, have been elected directors.
-V.119.
p. 1512.
American
Ship & Commerce
Corp.
-Earnings.
Combined Income Account for 6 Months Ended June 30 1924.
Operating profit
$500,657
Interest and taxes
240,242
Depreciation
612,622
Net loss
-V.118. p. 2440.
$352.207
-Initial Div. on Class "A"
American Superpower Corp.
and "B a ca P c p ding P-efe 'red Stocks.
The company has declared an Initial dividend of 60 cents per share on the
Class "A" and "B"stocks, payable in Participating Preferred stock Nov. 15
to holders of record NOV. 5. An initial die. of 1 % on the l'artIcipatitg
Pref. stock is also payable Nov. 15 to holders of record Nov. 5.
Company.-Incorp. in Delaware, Nov. 15 1923. to acquire interests in
various power and light companies, and to co-operate with such companies
In furthering the electrical industry.
The company now has interest in the Public Service Corp,of New Jersey,
Brooklyn Edison Co., Commonwealth Power Corp., United Light &
Power Co., Tennessee Electric Power Co.. Appalachian Power Co.. Republic Railway & Light Co. and others. The primary source of earnings is
dividends on its holdings in these companies.
Apart from exchange of ideas and co-operation in furthering the electrical
industry, the corporation, it is pointed out, might also be used to facilitate
exchange of properties so as to link them up for the most economical and
efficient service. It has been hinted that various utility properties might
be grouped geographically, so that instead of one company holding a number
of widely separated companies, its holdings would be grouped more closely
and permit of interchange of power. Through its interest in various propertiea American Superpower might be in position to facilitate a realignment
of properties by equitable exchange of securities instead of through the
•
securities market.
Authorized. Outstanding.
Capitalization (No Bonds)$10.000,000
First Preferred 'tick (par $100)
7,500.000 32,000.000
Participating Preferred stock (par $25)
00
"A"50.0
Common stock (no par value), Class
379,000
5 00
710 sh
61":
Common stock (no par value). Class "B"
cumulative dividends at the
The Participating Preferred stock bears
is
rate of 7% per annum. In any year in which more than $1 per share to
paid on the Common stock, Participating Preferred stock is entitled
.
receive 1% additional (making a total of 8% for such year). does not.
"B" stock carries voting power, while Class "A' stock
The 379,000 shares of Class 13." issued first, were taken, it is understood, by men interests i in or !anizing the company at $10 a share. are
-Among those interested in the corporation as directors
Directors.
-P. United Gas Improvement Co.; T. N. McCarter,
Randal Morgan, V.
Pres., and P. S. Young, V.-Pres., Public Service Corp. of N. J.; S. Z.
Mitchell, Pres. Electric Bond & Share Co.; Landon K. Thorne. Pres., and
Alfred L. Loomis, V.-Pres., Bonbright Si Co., Inc.; B. 0. Cobb, Pres.
Consumers Power Co.; Frank Hulswit, Pres. United Light & Power Co.;
George Hardy. Pres. Commonwealth Power Corp.: Ray P. Stevens, Pres.
Republic By. & Light Co.; W. M. Flook, Pres. Tennessee Electric Power
Co.; H. L. Stimson,former Sec. of War; W.S. Murray,consulting engineer,
New York; H. S. Scarritt, Richard Schaddelle and George Roberts, the
last-named being counsel to the company.
-The New York Curb Exchange has admitted to trading the
Listing.
-r.118. P. 2044.
Class "A" and Class"B" Common stock of no par value.
•
-New Trustee.
American Surety Co.
New
Thomas N. McCarter, President of the Public Service Corp. of 696.
-V.119. p.
Jersey. has been elected a member of the board of trustees.
American Zinc, Lead & Smelting Co.-Earnings.-
Period-
-Quar. End. Sept. 30- -9 Mos.End.sept.3o1923.
1924.
1923.
1924.
$312,753
$185,533
$31,913
$96,674
Profit before depreciation
-V. 119, p. 582.
Amoskeag
-Omits Dividend.
Mfg. Co., Boston.
The trustees have deemed it inadvisable to take any action on the quarterly dividend usually paid Nov. 1 on the Common stock, no par value.
From Feb.2 1923 to Aug.2 1924 incl., the company paid quarterly dividends
at the rate of 75 cents per share on the Common stock.
Accompanying the annual report published Oct. 4 (see V. 119. p. 1628).
F. C. Domaine, Treasurer, is forwarding to the shareholders the following
statement, dated Oct. 20:
"The trustees concluded that prudence and the best interests of the
concern compelled them to omit the dividend upon the Common shares,
usually paid at this time. The losses of the past year and the uncertainty
of the cotton industry, for the immediate future, makes the passing of
the dividend imperative.
"Although no inventory has since been taken. estimates indicate the
-on
unusually small production since that period will result in no profit
the contrary, there will be a loss.
forward bookings are not consequential and there is nothing to
"The
Indicate an improvement immediately.
"The trustees regret the uncontrollable conditions existing in the textile
business necessitate the passing of the Common dividend, and they trust
the owners will agree the preservation of the property and the maintenance
-V. 119, p. 1628.
of its resources is of greater Importance."
-Bonds
Andrew Jackson Hotel, Nashville, Tenn.
-Caldwell & Co. are offering at 100 and int. $750,000
Offered.
7% 1st Mtge. (Closed) Serial Coupon Gold bonds.
Dated July 11924;due serially July 1 1926 to 1939. Int. payable J. &
at Citizens & Southern Bank, Atlanta, Ga., trustee, or at National Bank
of Commerce, New York. Federal income tax of 2% paid by borrower.
Refund of Penna. and Conn.4-mills tax, Maryland and District of Columbia
4%-mills tax and Mass. Income tax not to exceed 64%. Callable after
fifth year on any int. date at 102 and int., in the inverse of their numerical
.
order. Denom. 81.000. $500 and $100c5
-These bonds are secured by a closed first mortgage on (1) the
Security.
land, conservatively appraised at $125,000: (2) the 12-story hotel building
containing 250 rooms -being erected thereon at a cost of 3940,000: (3) all
the hotel furniture, furnishings and equipment, to cost $150.000: making
the total value of the security behind these bonds $1.215,000.
Earrungs.-Acrual net earnings, available fot payment of interest and
principal, are estimated at $207,000.
-The building will be covered by fire insurance for the full
Insurance.
amount of the bond issue, made payable to the trastee in case of loss by fire.
-Complaint.
Armour & Co. (Ill.).
A complaint against Armour & Co. and Swift & Co. has been issued by
Secretary Wallace under the Packers' and Stock Yards Act, charging those
companies with refusing to do business with traders located on the Chicago
livestock market. An answer to the charges is required by Nov. 20. A
-V. 119. p. 458.
hearing is set for Dec. 1 in Chicago.
-Earns.
Atlantic Gulf & West Indies Steamship Lines.
Report for August and Eight Months Ended Aug. 311924.
Month of August 8 Months,
Consolidated Income Account$2,398,506 $17,757,827
Operating revenues
539,816
from operations
Net revenue
3,898,791
560.122 4.168.426
Gross income
193.972
Interest, rents and taxes
1.602.133
Surplus before depreciation
-V. 119, p. 1628.
2366,150 $2,566,293
-Tenders.
Baltimore Tube Co., Inc.
The 17 don Trust Co. of Md., trustee, Baltimore, Md., will until Nev.4
-Year
% Sinking Fund Gold notes,
receive bids for the sale to it of 5
dated May 11920. to an amount sufficient to exhaust 350,000.-V. 118.
p. 2045.
td.
-Bonds Offered.
(N.) Bawlf Grain
---Royal
Co.,Z. Daly & Co. and Hanson Bros.,
Securities Corp., Ltd., R.
OCT. 25 1924.]
THE OHRONTCILE
Montreal, are offering at 99 and int. to yield about 6.60%,
$750,000 63/2% 1st Mtge. 15-Year Sinking Fund Gold bonds;
Series "A.'
Dated Sept. 1 1924, maturing Sept. 11939. Principal and int.(M.&
payable in Canadian gold coin or its equivalent, at Bank of Toronto.
Mont'eal,'Toronto or Winnipeg: or. in U. S. gold coin or its equivalent, at
the National Bank of Comnprce, New York. Denoms. $1,000 & $500 ca.
Royal
Red. a9 m part on any int. date on 30 days' notice, at 105 and in
Trust Co., trustee.
Authorized. Outstanding.
Capitalization$1.000,000
$750,000
6 te,% let Mtge. bonds, due 1939
9.000.000
1,000.000
Common stock
Data from Letter of Pres. W. R. Bawlf, Winnipeg, Man., Oct. 1.
Comnany.-Incorp. in 1909. Has with its predecessors conducted for
over 40 years one ofthe best known and most prosperous grain businesses in
Western Canada. Company, as at July 31 1294. had a paid-up capital
reserve and surplus of 52.051,333. It owns and operates 118 country grain
elevators, 30 annexes, 57 cottages and 53 coal sheds, located at strategic
points throughout the Provinces of Manitoba. Saskatchewan and Alberta,
having a total storage capacity of 4,250.000 bushels. in addition, company
controls and operates through a subsidiary, 26 elevators and 10 annexes in
the Province of Saskatchewan, having a storage capacity of 1,000.000
bushels, making a combined storage capacity in the three Prairie Provinces
of 5,250,000 bushels.
Through ownership of the entire capital stock of Bawlf Terminal Elevator
Co., Ltd.. company controls a modern concrete terminal elevator, located
on deep water at Port Arthur, Ont., having a combined storage and workhouse capacity of 1,525,000 bushels, with provision for the construction of
additional storage capacity of 2.500,000 bushels.
In addition to its country and terminal elevator business, and the shipment of grain to Eastern ports, the company buys and sells a large amount of
cash grain annually on commission. The combined total of cash grain
handled by the company for the season 1923-1924 was 40,000,000 bushels.
Security.
-Secured by specific first mortgage and charge on all the fixed
assets of the company, both present and future: by floating charge on all
other assets of the company: and, as additional security, by a mortgage in
favor of the trustee for 3500,000, bearing interest at 6f. %. maturing 1939,
which mortgage will be a specific mortgage and charm on the dawlf Terminal
Elevator, at Port Arthur, subject only to an authorized issue of 3750.000
of 634% 1st Mtge. bonds, of which $470,000 principal amount is now outstanding and $250.000 may still be issued under restrictions.
Earnings.
-Net earnings, after deducting operating and maintenance
expenses and Federal and local taxes, but before depreciation and bond
interest, for the 5 years, 1920 to 1924 incl., were as follows:
1920.
1921.
1922.
1924.
1923.
$244,938
$269,538
$260,608
$326,822
$116,089
or an average of $243,599 per annum, available for yearly interest amounting to $48,750 on the 634% 1st Mtge. bonds issued.
Net earnirg. available for bond interest for the year ended July 311924,
of The N. Bawlf Grain Co.. Ltd., together with those of its subsidiary,
Bawlf Terminal Elevator Co., Ltd.. after Federal and local taxes and
Terminal bond interest, but before depreciation, amounted to $456,172. or
at the annual rate of over 914 times bond interest requirements.
Sinking Fund.
-Annual sinking fund payments. commencing Sept. 1
1925, of 4% of the largest amount of Series "A" bonds issued under this
mortgage, plus interest on bonds redeemed, will provide for redemption of
approximately $690,000 of the Series "A" bonds by maturity.
Purpose.
-The $750,000 of 644% 1st Mtge. 15-Year Sinking Fund Gold
bonds are being issued in part to refund to the company a portion of the
cost of elevators, warehouses, cottages, etc., constructed by the company
during the past few years, and to fund in part the company's investment of
over 3500.000 in the equity of the Bawl('Terminal Elevator at Port Arthur.
Bayuk
-Earnings.
Cigars, Inc., Philadelphia.
Three Months Ended Sept. 30*Net earnings
Other income
1924.
3301.656
28.004
1923.
5261.188
11.594
1922.
$291.591
7,932
Total net income
Depreciation
Preferred dividends
Reserve for First Preferred stock
3.329.660
25.132
55.405
$272,782
24,598
60,348
$299,523
19,382
45,790
24.200
Balance surplus
$249,122
$187.837
$210.151
* Net earnings from operations after deducting charges for maintenance
and repairs of plants and estimated Federal tax.
-V.119, p. 459.
Beech-Nut Packing Company.
-Earnings.
-
9 Months Ended Sept. 30Net profits
Previous
Adjustments
19
24.
$1,972.428
1,321,476
Cr.8.728
1923.
$1 907,843
2,699,7881
Cr.4.160J
1922.
$1,02,804
5,257,634
Total surplus
Dividend (cash)
Stock dividend
$3,302,632
734,010
$4,611,791
509,010
$6,950,438
157,452
4,000,000
P.& L.surplus
$2,568,623
$44.102,781
$2.792,986
CONDENSED BALANCE SHEET.
sept.30'24 June 30 '24
Sept.30'24 June 30'24
$
Assets$
Liabilities$
$
(Real estate.bldtcs.„
Common stock.... 7,500,000 7,500,000
4,371,972 4,302,446 Pref. stock, Cl. A_
as
4,500
4,500
Mtges. and secured
Pref. stock, Cl. B. 1,119,500 1,119,500
loans on real est.
66,775
63,374 Notes & accts. pay
92,451
41,733
Pte.. tr.-mks., &c.
1 Short term notes
1
Securities owned._ 1,688,850 1,608,655
mat'd or called_
623
623
Cash
1,565,975
875,973 Dividends payable 244,670
244,670
Cash for red. notes
623
623 Expenses & taxes__ 258,812
252,874
Securities
50.670
56.670 Reserves
1,395.534 1.294.286
Accts. & notes rec. 1,012,931
832,065 Surplus paid in.._ 106,225
106,225
Inventories (cost)_ 4,172,611 4,372,034 Earned surplus... 2,568,622 2,018,978
Due from sub. co__ 120,525
237,224
Deferred a3sets___ 234,008
234,324
Tot.(each side).13,290,941 12,583,388
-v, 119, p. 1846.
Butte 8c Superior Mining Co.
-Quarterly Report.
-
The 40th quarterly report, covering the third quarter of 1924,shows:
Zinc Operations (1924)3tt Quar.
2d Quar.
1st Quar.
Zinc ore produced
(tons)6,773
Average silver content (ozs.)
3.84
3:65
3.77
(
Average zinc content %)
9.80
9.33
10.79
251,765
Total silver in ore (ons.)
263,351
327.331
12,841,838 13,480,261 18,739,003
Total zinc in ore (lbs.)
Copper Operations (1924)
40,848
Copper ore produced (tons)
37,241 .
44,275
6.81
6.08
Average silver content (ozs.)
5.75
4.33
4.10
Average copper content (%)
3,g4
278,158
226,287
Total silver in ore (ozs.)
254,721
3.533.937
3,056,875 3.394.660
Total copper In ore (lbs.)
Financial Results for 3d Quarter, Compared with Two Previous Quarters,
3d Quar.
2d Quar.
1st Quar.
$372.043 51 $351.271 73 $556,555 25
Net value of zinc ore
330.217 70 261.359 33 284.989 86
Net value of copper ore
9,989 51
9,898 01
Miscellaneous income
10,459 33
$712,250 72 $622,529 07 $852,004 44
590,534 20 620,057 50 749,057 35
Operating costs
Depreciation and reserve for taxes and
68.523 12 60.541 54
shutdown expense-mill
81.366 67
$53,193 40df358,069 97 321,580 42
Net to surplus
No provision has been made in the above figures for depletion.
Average Metal Prices Used in Estimating Income.
2d Quar.
3d Quar.
1st guar.
65.48c.
Silver
68.39c.
-per ounce
63.87c.
Zinc-per pound
5.89c.
6.09c.
6.54c.
Copper-per pound
12.75c.
12.86c.
12.86c.
Time contracts have been made for the shipment and sale of all ores
as mined to custom reduction works, and as operation of the company's
concentrator is therefore no longer required, certain obsolete portions of it
1957
are being dismantled and sold with a view to realizing the maximum salvage
value possible and at the same time reducing maintenance expense including insurance and other general charges.
The prices of both zinc and silver showed material advances during the
quarter, as a direct result of which the company's operations resulted in a
profit for the third quarter against a loss for the previous quarter.
[Signed by D. C. Jackling. President.]
-V. 119, p. 697.
-Quarterly Report.
-At the reguBethlehem Steel Corp.
lar quarterly meeting of the directors Oct. 23 a report was
submitted showing the results of the business for the third
quarter of 1924.
In making public the statement of earnings for the quarter. President
Grace said that the earnings covering fixed charges but not Preferred dividends, reflected low operations, represented by a steel output of 42%,
as compared with the previous qu rter of 48%. That the year to date
,
(9 months) showed earnings on the Common stock of 51 48, or at the rate of
$1 97 for the year on an average operation for the 9 months of 54%.
Speaking of operations, Mr. Grace said a very encouraging feature of the
situation was the monthly increase throughout the quarter, represented by
monthly output of July. 31%: Aug., 468'; Sept., 52%. with present operations running at a rate of 65%,or more than double the low rate of July.
Notwithstanding the increased rate of production. the volume of orders
on hand at the end of the quarter amounted to $49.971.161, as compared
with 540.196,938 at the end of the second quarter.
Mr. Grace, when questioned about the cash position of the corporation,
said the corporation had 349.686.000 of cash and U. S. Govt. securities in
the treasury, that the excess current assets over liabilities are approximately
3134.000.000, showing a ratio of assets to liabilities of 5.24. and that the
corporation's present authorized construction and improvement program
of approximately $31.000.000 was fully provided for.
The directors decl- red the regular quarterly dividend on the Preferred
stock, payable Jan. 2 1925 to stock of record Dec. 1 1924.
Results of Operations for 1924 by Quarters.
9 Mos. End.
3 Months Ended
PeriodSent. 30 '24. June 30 '24. Mar. 31 '24. Sept. 30'24.
Total income
57.400,894 510,549.149 $24,445,774
56.495,731
Int. charges, incl. prop.
of disct. on & exps. of
bond & note issues_ _ _ 3.466.107
9,734.878
3,189.173
3,079.598
Prov. for &Tree., obsol.
& depreciation
2,933.444
2,949,676
8,810.577
2,927.457
3.225.260
Preferred dividends__
a1.075,129 121,075,110 c1.075.021
2,247.571
c2.247.571
Common diva.(1 34 %)Balance, surplus
def$972.962
$203.167 51.197.283
3427,488
a Payable Jan. 2 1925. b Paid Oct. 1 1924. c Paid July 1 1924.V. 119. p. 697.
By-Products Coke Corp.
-Bonds Called.
Sixty-eight 1st & Ref. Mtge. 8'7, Sinking Ford Gold bonds. Series "A,"
dated May 1 1921. of $1,000 each, 29 bonds of $500 each and 34 bonds of
$100 each (total $85.900) have been called for redemption Nov. 1 at 107.34
and Jct. at the Continental & Commercial Trust & Javings Bank, trustee,
208 So. La Salle St., Chicago,
118. p. 2441.
-Director.
Calumet & Hecla Consolidated Copper Co.
Q. A. Shaw McKean has been elected a director, succeeding Thomas
Nelson Perkins. who has been appointed American member of the Reparations Commission.
-V. 119, 13. 583.
-Bonds Offered.
Calumet Gas & Electric Co.
-Halsey,
Stuart & Co., Inc., are offering at 97 and int. to yield over
6.20%, $2,500,000 1st & Ref. Mtge. Gold 6s, Series"A."
Dated Oct. 1 1924: due Oct. 11054. Int. payable A. & 0. at the office
of Halsey. Stuart & Co.,Inc., in Chicago and New YoYk without deduction
for the Federal income taxes not in excess of 2%. Denom. 51.000, $500
and $100.0 Red. all or part upon 30 days'notice to Oct. 1 1953 at 10734 and
int. less X for each full year elapsed after Sept. 30 1924, and on and subsequent to Oct. 1 1953 redeemable at lon and int. Company will agree
to reimburse holders for the Penn. and Conn. 4 mills and Maryland 414
mills taxes, and for the District of Columbia personal property taxes not
exceeding 5 mills per dollar per annum,and for the Mass,income tax on the
interest not exceeding 6% of such interest per annum.
Issuance.
-Authorized by the Indiana P. S. Commission.
Data from Letter of Pres. Samuel Insull, Chicago, Oct. 17.
Company.-Incorp. in Indiana. Now owns or is acquiring public utiltiy
properties employed principally in the production and sale of electricity
and gas for light, heat and power. (See list ofcompanies in V. 119.P. 1738.
After acquisition of the new properties, the company will serve directly 63
Indiana communities, 61 with electricity and 2 with gas, having a combined
population of over 70.000, and will wholesale electricity to 1 additional
municipality. Valparaiso is the principal city to be served with both electricity and gas, electrical service will be rendered in Crown Point, Plymouth
and LaGrange. and Elkhart will be supplied with gas. The entire power
requirements of the street and interurban railways in and around Gary.
Indiana, are supplied by the company.
Capitaltzation.-OutstandIng in hands of public (after this financing):
100,000 shares
Common (no par value)
$2.500,000
let & Ref.6% Gold bonds (this issue)
-Company plans to sell in the near future 31,500,000 par value
Note.
7%, Preferred stock.
-Proceeds will be used towards the acquisition of the properties
Purpose.
of the constituent companies.
-Mortgage will cover all fixed property now owned or hereafter
Security.
acquired, subject to the outstanding divisional bonds, if any, on properties
at the time of their acquisition and those thereaftre issued for pledge under
the mortgage. Mortgage will be a direct first mortgage on all physical
property now owned and presently to be acquired, recently valued by the
Indiana P. S. Commission at an amount largely in excess of these bonds to
be presently outstanding.
Issuance of Additional Botzds.-Additional bonds of any series bearing
such rates of interest, maturing at such times, and having such other provisions as the directors at the time of issuance may determine, may be
issued (a) par for par against the deposit of cash or United States obligations
or against the deposit or discharge of underlying bonds, if any, or to refund,
pay or cancel bonds of other series issued under the mortgage, (b) to the
extent of 75% of expenditures for additions and betterments, and to the
extent of 75% of the cost or value (whichever is less) of purchased property,
and (e) provided bonds secured by mortgage upon the property of a subsidiary, as defined in the mortgage, shall be pledged in an amount equal to
all expenditures made or indebtedness discharged and also provided that the
total amount of bonds issued under the mortgage in respect of any subsidiary, together with the principal amount of all mortgage indebtedness
upon such subsidiary outstanding in the hands of the public, shall not
exceed 75% of the value of the property of such subsidiary, additional
bonds may also be issued to 75%, of expenditures made for stock ofsuch subsidiary, and for additions and betterments to its property and purchased
property acquired by the subsidiary: and to refund par for par its Indebtedness.
Bonds issued on account of additions or betterments or purchased proparty of the company or of any subsidiary or the stock of any subsidiary, or
to refund bonds of other series issued under this mortgage bearing a lower
rate of interest, or the indebtedness of a subsidiary, may not be issued unless
the net earnings of the company and its subsidiaries, during 12 consecutive
calendar months ending within 6.0 days next preceding the date of issuance
shall have been at least 1 X times the interest charges on all bonds then
issued and outstanding under the mortgage and those then proposed to be
issued, and on all bonds, if any, then outstanding in the hands of the
public prior in lien on any part of the property of the company or any of its
subsidiaries.
-Mortgage will provide that the company
Maintenance & Depreciation.
shall expend during the year 1927 and annually thereafter an amount equal
to not less than 1254% of the gross operating revenues derived from the
operation of the mortgaged properties for repairs, renewals and replacements er for additions, improvements or acquisitions, which shall not be
made the basis for the certification of additional bonds, or for the retirement
of bonds issued under the mortgage. The above percentage is subject to
periodical redetermination.
[VOL. 119.
THE CHRONICLE
1958
Consolidated Statement of Earnings and Expenses for Calendar Years.
1923.
•
1922.
$1,082,291
8953,648
Operating revenue (including other income)
722,997
671,231
Operating expenses, maintenance and taxes
-The working capital position of the company as of Aug. 23
Finances.
1924,readjusted to give effect to the application of this issue, was as follows:
Current Assets.
-Cash, 82,268,000; receivables. $5.334,000; in.
vestments,$791,000;inventory,813459.000;total curr.assets$21.852,000
3,531,000
Current Liabilities-Total current liabilities
$359,294
8282,417
Netearnings before depreciation
818,321,000
Net quick assets
Annual interest on funded debt upon completion of this
The fixed assets, carried on the books at cost, aggregated 811.681,000, as
150,000
financing will require
Franchises.
-Company will operate under an indeterminate permit of Aug. 23 1924, against which reserves aggregating 84,731,000 have been
accumulated, giving a depreciated book value of $6,950,000, which is
pursuant to the laws of the State of Indiana.
Property.
-Company will own or hold under contract generating capacity substantially less than their current replacement value.
Purpose.
-Advantage has been taken of the present satisfactory condi22,380 k. w. and will own 2 gas plants with a combined daily capacity
of
of 1.500,000 Cu.ft. The'constituent companies at Dec. 31 1923 had 12.117 tion of the money market to accomplish through the issuance of these
electric customers and 8,020 gas customers. The territory to be served bonds a fundipg of the company's current obligations.
includes important sections of the rapidly growing industrial belt immeChesebrough Mfg. Co. (Consol.).-Balance Sheet.diately south of Lake Michigan, extending from the southern limits of
AssetsChicago easterly along the shore of Lake Michigan.
Dec. 31 '23. June 30'23. Liabilities- Dee.31 '23. June 30'23.
-Outstanding stock is owned or controlled by Plants, warehouses
Management and Control.
Common stock _ _ _$1,500,000 $1,500,000
-V.119, p. 1846, 1738.
dc real estate,
the Midland Utilities Co.
Preferred stock- 1,000,000 1,000,000
lees depreclat'n_$1,035,384 $974,683 Accounts pay-Report.
Canadian Paperboard Co., Limited.
0
114, 01
20
140,074
Incomplete constr_ 627,132
536,479
able
1923.
1924.
500
Years Ended June 30Furniture dc fixts.,
Emergency fund..
81,667,975
81,777,101
8,835
7,633
less depreciation
Sales
769
19,138 Deterred credits
1,595,753 Autos,trks.Astable
1,388,685
2,818.302 2,689,617
Cost of goods sold, &c
Surplus
equip.,less depr.
6,945
8279,290
$181,348 Oil prop.,less depl.
Gross profit
4,852
22,166
Other income
dr depreciation__ 171,104
190,908
Cash
242,912
129,358
$301,456
8186,200 Accts. receivable
Totalincome
217,327
258,430
102,621
54,926 Notes receivable
expenses and bad debts
General
184,500
193,000
43.064
64,497 Investments
Interest and bond discount, &c
1,076,313 1,114,422
80,000
60,000 Invent's (mdse.) 1,877,185 1,847,915
Depreciation
Total (each
Deferred charges
$5,466,509 $5,313,553
33,883
42,278,
side)
875,770
86.777 -V. 118, p. 2442.
Surplus
Balance Sheet June 30.
Chicago Pneumatic Tool Co.-Earninos.-Liabilities1924.
1923.
-1924.
Assets
1923.
3 Mos.End. 9 Mos.End,
Capital stock
$2,100,500 $2,100,500
Land. birigs.,mach.
PeriodSept.30'24. Sept. 30'24.
716,800
415,500
wat.eta,eq..&c.x1,982,071 2,203,498 Funded debt
$494,994
8157.300
226,438 Accounts payable_ 138,323
286,649 Profit after depreciation and Federal taxes
Inventories
222,481
Other income
32,017
8.374
recle y144,212
244,702 Standard Bank (seAcc'ts & bills
cured)
268,812
2,393
Cash ae Vict'y bds_
10.130
Total income
8527,011
8165.674
Dom.Govt. taxes_
19,424
30,000
Call loan
Interest
80,370
33,179
312,439 Reserve for taxes &
Goodwill
319,352
contingencies_ _
5,000
30,000
Loans dc adv. to
Net profit
$446,641
$132,495
Net balance due
other companies 270,064
original cos__
1,301
900 -V. 119, p. 459.
969
1,301
Invest.in other cos
Reserve for depr'n
169,829
Due from constituCities Service Co.
-Dividends.
106,902
31,132
223,600 Surplus
ent companies__
The directors have declared the regular monthly cash dividends of 3 of
Constit. cos. cur1% on the Preferred and Preference "B"stocks, and M of 1% in cash scrip
accounts_ _
11,795
rent
75,156 Total(each side) $3,087,707 $3,301,322 and 1M % in stock scrip on the Common stock, all payable Dec. 1 to holders
Prepaid charges__ - 108,096
of record Nov. 15. Like amounts are also payable Nov. 1.
Earnings 12 Months ended Sept. 301923.
1924.
x After deducting 8249,829 reserve for depreciatiop. y After deducting
Gross earnings
$17,176,054 $16,657.793
reserve of 810.000.
16.561,259 16,140,017
paper discounted. $45,470.-V. 118, p. Net earnings
Contingent liability-customers'
Net to stock and reserves
14.456,050 13,485,512
2708.
Net to Common stock and reserves
x9,380,140 8.515,300
x The net to Common stock and reserves of 89,380,140 was equivalent to
-Bonds Called.Central Brewing Co. New York.
All of the outstanding 8500,000 8% Mortgage Gold bonds due July 1 $20 35 a share on the average amount of Common stock outstanding, as
1927 have been called for payment Jan. 1 at par and int. at the Farmers compared with $8,515.300. or $18 32 a share, for the 12 months ending
Sept. 30 1923.-V. 119, p. 1398.
-V. 102, p. 1628.
Loan & Trust Co., trustee, New York City.
-Quarterly Report.
Central Leather Co.
Results for Quarter and Nine Months ending Sept. 30.
1924-3 Mos.-1923.
1924-9 Mos.-1923.
$1.435,656loss$2637276 $2,676,076 $1,098,895
a Profit
718,230
839,840
2.186.632
2,459,074
Gen. expense. loss, &c
Cr.47,586 Cr.324,140
Income from investm'ts_ Cr.14,886 Cr.110.625
Net profit
Bond interest
Balance, surplus
$732,312def$3366,482
b459,552
459,552
$537.031def$1036,039
1,378,656
1,378,655
e$272,760def$3826,034 def$841,625def$2414,694
a After repairs, maintenance and taxes. b Includes $223,701 interest
on $17,576.400 bonds held in company's treasury. c Profit and loss deficit
on Sept. 30 was $13,479,476. compared with 813,752,237 on June 30 1924
and 87,780,303 on Sept. 30 1923.
Since Jan. 1 1924 the company has purchased $3,204.700 of its bonds in
the open market, leaving $19.187,750 outstanding. This has been in addition to retirement of 84.500,000 bills payable.
According to reports, the company is expected to offer $15.000,000 6%
bonds the latter part of next month to provide funds to retire the present
outstanding 819.187,5005% bonds due April 11925.-V. 119, p. 459, 815.
-Declares Initial Dividend.
Centrifugal Pipe Corp.
The directors have declared an initial quarterly dividend of 37,l4c. a
share, payable Nov. 15 to holders of record Nov. 7. This dividend will
be charged on the company's books against depreciation reserve. See
also V. 119, D• 815
.
-Suit.
Clark Car Co. of Pa.
Arthur H. White, New York. stockholder in the Clark Car Co., a New
Jersey corporation, has filed a bill in equity in the U. S. District Court at
Pittsburgh. against Prank J. Lanahan and the Clark Car Co. of Pa., of
which Lanahan is President, and the Clark Car Co. of New Jersey, and
Chas H. Clark, President of the latter corporation, as party defendants.
In which he claims injury to his interests as a stockholder through an
alleged fraudulent transfer of an operating lease, granted by the New
Jersey corporation.
White charges improper conduct of the business since the transfer and
that, since the transfer, proper accounting has ot been made to the New
Jersey corporation stockholders under the provisions of the contract.
although, notwithstanding alleged improper conduct of the busiress, its
gross earnings since the transfer have averaged $1,000.000 a year. Through
an effort of White to intervene in the case last spring, receivers were appointed for the Clark Car Co. of Pa.
-V. 118, p. 1915.
Colorado Fuel & Iron Co.
-Quarterly Earnings.
Results for Quarter and Nine Months Ended Sept. 30.
Gross receipts
Operating expenses
1924-3 Mos.-1923.
1924-9 Mos.-1923.
$8,932,484 $7,769,532 831,566,578 831,132,629
8,280,211
7,096,422 28,442,071 27,562,443
Net earnings
Other income
$652,273
115.134
$673,110 83,124,507 $3,570,186
305.289
330,105
105,366
Gross income
Bond interest, taxes, &cDepreciation
$767,407
$711,244
353.954
$778,476 83,454,612 83,875,475
$712,449 82,137,763 $2,163,335
1,148.013
1,061,862
382.671
-Bonds
Cheney Brothers, South Manchester, Conn.
Balance, deficit
8254,988 sur$564,127
$297,790
8316,644
Sold.
-Bankers Trust Co. and Brown Brothers & Co. have -V. 119, p. 460, 584.
4 and int. to 1015 and int.,
3
sold at prices ranging from 94
%
Columbia Gas
-Initial Pref.
4
to yield from 4% to 53 %,according to maturity,$5,000,000 Declared-Earnings& Electric Co. Ended Sept. 30Dividend
for Nine Months
1924.
5% Serial gold bonds.
have declared the
Dated Nov. 1 1924; to mature 8500,000 annually Nov. 1 1925 to 1934.
inclusive. Interest payable M. & N.. without deduction for normal
Federal income tax up to 2%. Connecticut 4 mills tax and Massachusetts
income tax, not to exceed 6.6% per annum,refunded. Denom. 81.000 c*.
Redeemable as a whole only on any interest date on 30 days' notice at 102%
and interest. Bankers Trust Co.. New York, trustee.
Data from Letter of Charles Cheney, Treasurer, Oct. 16 1924.
-Cheney Brothers is the oldest and one of the largest silk
Company.
manufacturers in the United States. The present company was incorp. in
Connecticut in 1854 and represents the steady and successful growth of a
business originally established more than 85 years ago. Company manufactures a wide range of silk yarns and fabrics, including dress goods and
decorative fabrics, upholstery fabrics. velvets, satins, plushes, cravats,
ribbons and electric insulating spun silk yarns and other silk products for
industrial purposes.
Company's plants, which are at South Manchester, Conn., are modern in
every respect and are completely equipped for the entire process of manufacturing finished products from raw and spun silk. These plants are all
of pre-war construction and are carried on the books at pre-war values, no
additional plants having been constructed during or subsequent to the war
period.
-The outstanding capital stock of the company is $6,809,Capital Stock.
500 par value.
Securitg.-Direct obligation of Cheney Brothers and will constitute the
only funded debt of the company. Indenture will provide in substance,
among other covenants, that so long as any of these bonds are outstanding:
(a) Company will not mortgage or pledge any real or personal property now
owned or hereafter acquired; this covenant shall not prevent purchase
money liens on property hereafter acquired or the pledging of personal
property for borrowings incurred in the usual course of business and maturing
not later than one year from their date. (b) Company will not pay dividends upon its capital stock now outstanding or subsequently issued (or
purchase or redeem any of its stock or make any distribution of its assets to
stockholders) if after such payment, purchase or distribution its net quick
assets, as defined in the indenture, shall amount to less than 150% of tho
total amount of bonds at that time outstanding.
-Net earnings applicable to interest charges for the 10If-year
Earnings.
period from Sept. 30 1913. through Dec. 31 1923, averaged $1,958,000
annually, as against the maximum interest requirement on this issue of
8250,000 annually .For the calendar year 1923. net earnings applicable to
interest charges amounted to $1,725,000. Notwithstanding the general
curtailment in the silk industry throughout the United States during the
first half of the present year, it is estimated that net earnings applicable to
interest charges for the full year 1924 will exceed $1,000,000.
first regular quarterly dividend of $1 75
The directors
per share on the Cumul.7% Prof. stock, Series" "and a regular quarterly
A,
dividend of 65c. per share on the no par value shares of Common stock,
both payable Nov. 15 to holders of record Oct. 31. (See offering of
$16,000,boo Cumul. 7% Pref. stock, Series "A, in V. 119, p. 1399 and
1846.)
The company has called all of its outstanding 1-Year 5% notes for
redemption at par and int. on Nov. 1 1924 at the office of Guaranty Trust
Co., 140 Broadway, N. Y. City. These notes were issued earlier this year
in connection with the purchase of the outstanding stocks of the gas distributing companies in Columbus. Springfield, and Dayton, Ohio. A
subsequent sate of the properties in Columbus and Springfield brought
the company additional gas distributing properties in the Miami Valley
between Cincinnati and Dayton, and a substantial sum of money which
has since been expended in additions to the distributing properties and
the construction of the new Miami Fort electric generating station, and
the retirement of some high coupon rate bonds of subsidiary companies.
Funds for the redemption of these notes have largely been provided from
the proceeds of the recent issue of Preferred stock.
President Philip G. Gossler further states:
During the recent summer months the construction work of the various
companies of the system has gone forward at a rapid rate. The substructure for the new Miami Fort station is practically completed and
work on the superstructure will begin shortly. Progress is in accordance
with the schedule which contemplates completion of this station in time
for operation in the fall of 1925.
The purchase of rights-of
-way for the transmission lines between Miami
Fort station and the distribution substations in Cincinnati has been practically completed and the clearing of the right-of-way has advanced sufficiently to permit commencing work on the tower foundations promptly.
The right-of-way, as purchased, covers a distance of 20 miles, with a
width of 165 ft. A double line of steel towers will be erected at first,
with space for a third line, each steel tower carrying two complete circuits
of three wires consisting of 400,000 cm. copper, of which 1,945,000 lbs.
have been purchased.
Other important construction work involves a now gas main crossing
the Ohio River at Cincinnati and additional compressor capacity in West
Virginia. which. with the maintenance work necessary every year, is being
pushed to completion in preparation for the coming winter's demands on.
the system for gas service.
The earnings of the properties for the month, nine months and 12 months
periods ended Sept. 30 1924 reflect slightly increased volumes of sales.
of gas and electricity over September of last year, and slightly improved
industrial conditions in the territory served.
OCT. 25 1924.]
(Controlled
Consolidated Earnings and Expenses of Company and Subsidiaries
by 1(10% Common Stock Ownership or Lease.)
-12 Mos. End. Sept. 30-9 Mos.End. Sept. 301923.
1924.
1923.
1924.
$19.663.066 $15,422,737 825,227.614 $20,613,074
Gross earnings
Oper.exp.,taxes & dopes 11,271,727 8.319,766 14,480.340 11,411,126
Net operating earnings $8.391,339 $7,102,971 810,747,274 $9,201,948
1.948.565
2,214,567
1.439,373
1,634,745
Other income
$10.026.084 88,542,344 $12,961,841 $11,150,513
Total income
$3,988,994 83,853,936 $5,275,109 $5,242,532
Lease rentals, &c
Int. charges & Pref. dim.
13,665
283,873
13,665
263,512
of subsidiaries
Fixed charges (Columbia
709.344
1,119.947
535,475
901,905
Gas & Electric Co.)_ _
_ $4,871,673 $4,139,268 $6,282.912 $5,184,972
Consolidated Balance Sheet June 30 1924.
divs_lIncl. subsidiary companies controlled by 100% Common stock ownership.
LiabUittesAssets
8560,072,811 Ohio Gas & Elec. Co.7% pref $412,500
•
Property account
b4,003,125 Union G.& El. Co.6.6% pref 2,605,400
Guarantee funds
Investment securities owned. 6,358,927 Columbia G.& El.Co.corn_ _e50,000,000
d27,348,913
2,077,510 Total funded debt
Cash
1,047,444
Accounts & notes receivable_ 3,932,863 Accounts payable
1,302,939
1,449,394 Accrued taxes
Materials and supplies
890,558
Accrued Interest and rentals_
525,756
Interest & dividends accrued_
561,332
85,043 Customers' deposits
Sinking fund assets
133,162
c318,500 Pref. stock install't payments
Preferred stock subscriptions
17,281,208
850,965 Reserves
Deferred assets
8,091,436
Surplus
Sur. avail, for
1959
THE CHRONICLE
-Receivers Discharged.
Commonwealth Finance Corp.
Receivers appointed last August for the company were discharged
Oct. 22 by Justice Hitz, of the United States District Court at Washington,
D. C. The court directed the receivers to surrender to the corporation
the books and papers taken by them under orders and also vacated an
-V:119, P. 816.
Injunction issued against the officials of the corporation.
-Listing-Earnings, &c.-'
Congoleum Co., Inc.
-Listing,
Congoleum-Nairn, Inc.
-V. 119, p. 1738. 1286.
See Congoleum-Nairn, Inc., below.
The New York Stock Exchange has authorized the listing on or after
Oct. 27 of 1,641,026 shares of Common stock without par value on official
of
notice of issuance in exchange for present outstanding Common stock for
in exchange
Congoleum Co.. Inc. (aggregating 960,000 shares) andin the acquisition
of Common stock, to be presently issued
681.026 shares
of the Nairn Linoluem Co., on the basis of share for share, with authority
to add 8,974 shares of Common stock on official notice of issuance and
payment in full, making the total amount applied for 1,650,000 shares of
Common stock without par value.
It is proposed that the Nairn Linoleum Co. (of New Jersey) be merged
with and into the Farr & Bailey Mfg. Co. (a subsidiary of Congoleum
of ConCo., Inc.) on Oct. 24 1924. It is further proposed that the name25 1924.
goleum Co., Inc., be changed to Congoleum-Nairn, Inc., on Oct.
Common stock from
The stockholders on Sept. 8 1924 increased the
1.000,000 shares to 1,750.000 shares, no par value and, at an adjournment
of
of the meeting on Oct. 6 resolutions were adopted increasing the board
above.
directors and changing the name of the corporation asthe proper officer
authorized and empowered
The stockholders also
of the company "so soon as such amendment shall be and become accomor any
plished, to purchase the assets or to that end to acquire the whole
Prepart not less than 66 2-3%. of the capital stock, both Common and
in
and
ferred, of 'The Nairn Linoleum Co.' of N. J.), by issuing said giving of
stock
either Common or Preferred of
exchange for each share.
Common capital
'The Nairn Linoleum Co.'(of N. J.) 6.80126 shares of the
stock without par value of Congoleum Co., Inc."
The stock of the Nairn Linoleum Co. is exchangeable for Common stock
Co., Inc..
of the Congoleum Co., Inc., on the basis of 6.81026 of Congoleum the Nairn
Common stock for each share both Common and Preferred of
Linoleum Co.
Consolidated Income Account 9 Months Ended Sept. 30 (Congoleum Co., Inc..
and Subsidiary Companies).
1923.
1924.
Mfg. profit after deducting cost of goods sold. incl.
mat'ls,labor & factory exp., but excl. of deprec__ 39.866,575 $7,530,554
$111,558
$177,656
Int., royalties diva &c
5,296.689 3,656.065
Selling, gen. & admin. exp.. excl. of deprec
217.525
172.938
Interest paid
223.677
294,921
Depreciation
429,159
536.197
Federal taxes for nine months (estimated)
$99,674,894
Total •
$99,674,894
Total
a Comprising gas fields. plants, leases and stocks owned of sebsidiary
companies. b Deposited with trustees (cash and Government. State and
municipal securities). c Union Gas & Electric Co. d Funded debt as
follows: (a) Columbia Ga.s & Electric Co. 1st M.5% bonds. Jan. 1 1027
debentures,
($14,275,000, less in tressury 53.170,500) $11,104.500: (b)
Jan. 1 1927 (82.850,000, less in treasury 8259.187).....590.813: (c) One7
year 50 notes due March 1 1925 (311.500,000, less in treasury 8600.000).
310,90400[these notes Ire to be retired through the proceeds ofProf.stock':
(d) Ohio Gas & Electric Co. 1st M.6% bonds. May 1 1945. 81.238.600: (e)
6% debentures, June 1 1926. $200,000: (f) Dayton Gas Co. let M. 5%
bonds, March 1 1930. $1,315,000. e 1,500,000 shsres no par value. f For
depreciation, $6,723,582: for net current assets leased 1906. to amortize
Kentucky betterments, &c., 8557.626.
There is a contingent liability due to the guaranty by Columbia Gas &
Rlectric Co. of the principal and interest of 81.700.000 First Mtge. 5s of
Cincinnati Gas Transportation Co.. due July 1 1933. These bonds are
to be retired before maturity by operation of the monthly sinking fund.
There is also a contingent liability due to the guaranty by Columbia Gas
& Electric Co. of the principal and interest of $416,808 notes of the trustees.
under the stock purchase plan for employees of Columbia Gas & Electric Co.
and its subsidiary companies. These notes are secured by pledge of Columbia Gas & Electric Co. Common stock. beinz purchased by subscribers to
the said plan, and are bring paid off as weekly and monthly payments are
withheld from the salaries of the purchasers.
,
Statement of Securities Outstan dine as of./un 30 1924(Company and .4ffiliated
Com pantes).
Owned by Outstanding
with
Colum. Gas
Public.
it: Elec. Co.
Security
(a) Bonds of Subsidiary Companies and Leasing Cos.
Cincinnati Gas & Elec. Co. 1st (formerly let & ref.)
a83,000,000 88.711,000
5s,1956
2.390,000 5.097,000
do Prior Lien & Ref. Series "A"7s. 1961
5,969.000
do Series "B" 530. 1961
•
683,000
do Series "C" 6s, 1961
1.700,000
Cincinnati Gas Transportation Co. let .5s, 1933_ - Cinc. Newport & Coy. Ry. 1st 6s (S. 0. & C. St.
150,000
Ry.). 1932
3.773,500
do First & Refunding 6s. Series "A," 1947_ _ _
1,314.000
1.000
Dayton Gas Co. 1st Ss, 1930
139.300
Licking River Bridge Co. First Mtge. 5s, 1939
1,159,500
Ohio Gas & Elec. Co. First Mtge.6s, 1946
200,000
do Debenture 6s, 1926
1.981,500
--_ _
Union L.. H.& P. Co. 1st 78. Series "A." 1925_ _
62.297.000 9,547.500
'United Fuel Gas Co. 1st Mtge. 6s, 1936
(b) Stocks of Sub. Cos. and of Leasing Cos.(on which
die, rates fired by lease agreements terminating
at dales thereon)
¶34,637.600
Cincinnati Gas & Elec. Co.Com- 5%,Oct. 1 2005
Cinc. Gas Transp. Co.Pref.,5%,June 30 1938 - -c $3,000.000
2.000,000
do Common, 10%, June 30 1938
(line. Newp. & Coy. Lt. & Trac., Prof., 434%,
4.410.700
dS9.300
April 1 1952
d4.300 4.995.700
do Common.6%, April 1 1952
.500.000
Cincinnati Newport & Covington Ry
d50,000
Licking River Bridge Co
.500,000
Union Light, Heat & Power Co
76,400
Hamilton Service Co
255,000
Hamilton Utilities Co., 6%. Feb. 1 1930
412,500
Ohio Gas & Electric Co.. Pref.,7%
250,000
do Common_
----------------------- 6.6%
1,648,900 12.605,400
AC
Union Gas & Elea15,000,000
do Common (no par)_
1 000
s150:000
Gas & Electric Appliance Co
Bracken County Gas Co
11,500.000
Columbus Corporation (no par)
1.500,000
Columbia Gas Supply Co.(no par)
1.767.800
4.700
Dayton Gas Co., Preferred, 5%
800.000
do Common
30.000
Loveland Light & Water Co
Maytown Natural Gas Co
25.000
15,300,000 14,700,000
United Fuel Gas Co
b53,600
35.800
Big Marsh 011 Co
b130,000
Cabin Creek Gas Co
6547,000
Warfield Natural Gas Co
454,000
486,200
Virginian Gasoline & Oil Co
50.000
50,000
Wood Coal Co
(e) Securities of Columbia Gas & Electric Co.
83.170,500 811,104,500
First Mortgage 5s. 1927
260.631
2,589,368
Debenture 5s. 1927
h10,000,000
Purchase Money 5% Notes. 1925
50.000.000
Common Stock (1.500,000 shares, no par velum_ _
Net profit
Earned surplus, balance Dec. 31
Miscellaneous adjustments
Total surplus
Deduct
-1st Prof. stock diva
Common stock div
33.743,486 33,004.127
37.390.826 $4,065,280.
6.055
311.134,312 07.063.355
396.703
3123,251
1,280,000
2,880.000
38,131,061 35.686,651
Balance
Capital surplus, created by valuation of good-will
1,000,000
1,000,000
and trade-marks
100.000
50,000
Reserve for sinking fund
17,643
Res. for redemption premiums-lst Pref. stock
73,300
Approp. sur. S. F. bonds
39,154,361 36.804.295
Combined surplus
Consolidated Balance Sheet.
Sept. 30'24 Dec.31'23
Sept. 3024 Dec. 31'23
$
$
LtabillitesAssets8
$
1st Pref. stock... _ 1,738,800 1,805,100
Plant dc equl
a6,606,359 6,815,094
Cash
1,670,623 1,152,749 Cora. stk.(no par)x3,754,655 3,754,655
2,672,855 2,885,300
Funded debt
Notes at accounts
700,000
b5,762,034 5,208,659 Notes payable_
receivable
4,243,434 3,413,259 Accts. payable &
Inventories
745,202
32,947
accrued charges_ 610,147
74,766
Adv. to salesmen_
675,000
2,605 Fed., &c., taxes__ 703,010
4,207
Due from affil. co_
720,000
282,783 Com. divs. due_
Inv. In atilt. Co-.. 282,783
30,429
Pref. diva. due..
Constr. in Progress 463,745
Good-will & tr.-m. 1,000,864 1,000,864 Miscel. reserves.. 288,096
y9,154,361 8,414,126
370,422 Surplus
243,540
Deferred debits_ _ _
20,372,355 18,279,383
Total
20,372,355 18,279,383
Total
a After deducting 32.796,551 reserve for depreciation. b After deductshares
ing $512,771 reserve for discounts and doubtful debts. x 960.000 approof no par value. y Consists of $1,000.000 capital surplus, 373.300
priated surplus and It8.081,062 earned surplus.
-V. 119, p. 1738.
See also Nairn Linoleum Co. below.
-To Pay Accum. Divs.Connecticut Mills Co., Inc.
The directors have declared a dividend of 334% on account of back divistock.
4
deads and the regular quarterly dividend of 18 on the let Pref. up all
23. This clears
both payable Nov. 1 to holders of record Oct.°
arrears on the issue. Only the stock that is not deposited with the let Prof.
shareholders' committee will receive the dividend. Approximately 90%
-V. 118, p. 2046.
of the stock is so deposited.
Consolidated Gas, Electric Light & Power Co. of
-Changein Par Value ofCommon Stock Approved.
Baltimore.
authorized Common
The stockholders on Oct. 21 voted to change the
stock from 300,000 shares. par $100, to 1.200,000 shares of no par value.
Four new no par shares will be issued in exchange for each Common share
(par $100) now held.
A hearing on the demurrer of the company to the suit of William Milnes
Maley. People's Counsel of the Maryland P. S. Commission, to restrain
Compermsision
the company from an exchange of stock without Charles F. of thein the
Stein
mission, was postponed until Oct. 27 by Judge
Circuit Court at Baltimore, Md.-V. 119, p. 1399, 1629.
-Earnings.
Corn Products Refining Co.
*Net earnings
Other income
Results for Nine Months Ending Sept. 30.
1921.
1922.
1923.
1924.
$9.586,598 39,782,792 37.757.877 36,634,991
259.144
713.079
702,111
871,650
310.458.248 310,484.903 38.470.956 36,894.135
Total income
Int. and depreciation_ -- 32,498.338 32.347.632 31.918.561 31,835,655
1,303,417
1.303.417
1,303,417
1,312,500
Preferred dividends...
Common dive.._ x(6 %)3.390.00
0(434)2240280(3)1.493.520(3)1.493.520
(134)746.760(134)746.760
(2)01120140
Com.stock extra--..(%'7.)375.000
a Cincinnati Gas & Electric Co. owns the $3,000,000 First (formerly
First & Ref.) Mtge. 5s, pledged under its Prior Lien & Ref. Mtge. (b) All
owned by United Fuel Gas Co. (c) Receives no dividend until all bonds on
this property have been retired.
32,882,410 33.473,437 33.008,698 31.514.783
Balance. surplus
(d) Cincinnati Newport & Covington Ry.(Ky.) owns $4,300 of the Prof.
x Includes 131% paid Jan. 1924 and 234% paid April 1924 on the old
stock and the $4,300 Common stock of Cincinnati Newport & Covington stock (par UM and. 25' paid July 1924 on the new stock, par $25 (after
Light & Traction Co., and the $50,000 stock of Licking River Bridge Co. the declaration of a 25% stock dividend paid in April)
(e) All owned by Cincinnati Newport & Covington Light & Traction Co.
* After deducting maintenance and repairs and estimated amount of
and by it leased to Columbia Gas 3c Electric Co. (1) Includes $318,500 par Federal taxes, &c.
-V. 119, p. 1630.
by installments. (s) All owned by the Union
value of stock being paid for
-Defers Action on
Continental Paper & Bag Mills Corp.
Gas & Electric Co. 11 To be retired out of the Proceeds of $15,000.000
Cumul.7% Pref. stock recently issued. See also V. 119, p. 1846.
Preferred Dividends and Omits Common Dividend.
--Sale.
The directors on Oct. 21 decided to take no action on dividends on the
Columbia Motors Co., Detroit. Security Trust
stock, the 6% Cum. Partic. Pref. stock and the
Co.. receiver, 7% Cum. erior Preference
At the bankruptcy sale held Oct. 21 by the
Initial quarterly dividends of 131% on the
the highest bid for equipment and materials was $112.500, by Winternitz COIIIMOn stock at this time. on the 6% Pref, stock and 134% on the
& Taubert of Chicago. This bid has been approved by the referee in bank- Prior Preference stock. 134%12 last.
ruptcy. The highest bid for the real estate equity, represented by stock Common stock were paid Julyconnection with the omission of the dividends
President lierman-Elsas, in
of the Charlevoix Realty Co.. a subsidiary, was 372,000. by E. T. Ham- due
In view of the present conditions of
at this time, says in substance.
-V. 119, p. 1738.
mond; this has been disapproved.
the industry and in order to presets e our stron,,, liquid position, the directors
-63c. Dividend.
- have decided to take no action on dividends at this time.
CommercialInvestment Trust Corp.
"Our mills are being maintained in the highest state of efficiency, and
The directors have declared a quarterly dividend of 63c. a share on the
Common stock, no par salue. payable Nov. 15 to holders of record Oct. 31. the construction program, which was started a year ago, is nearing comwas paid and on May 15 last pletion. Considerable benefit is expected from the three new paper maOn Aug. 15 last a dividend of 62c. a share
chines which will be in operation by the early part of next year.
6.3e. per share.
-V. 118, p. 2046.
1960
THE CHRONICLE
"The quarterly dividends due at this time have not been earned, and
rather than jeopardize the cash position of the corporation it was decided
to omit them altogether. There has been some improvement recently
and for the last 6 weeks the mills have been running
'The International Paper Co. owns all the Continental Paper Bag Mills
Corp.'s Prior Preference stock, 70% of the 6% Pref. stock and over 50%
of the Common stock.J-V. 119, p. 1286.
Corona Typewriter Co., Inc.
-Domestic Sales, &c.
An authoritative statement says: "Domestic business of the company
established a new high record for the month of deptember.
"Exports were under normal but total shipments for the month were
exceeded in only one September In the history of the company. Unfilled
orders at Sept. 30 1924 amounted to more than 5,000 machines. This
increase is credited by the management to the popularity of new standard
keyboard model brought out this summer. Production is being built up
to a basis of 100,000 machines a year.
"The company recently concluded a contract with the Portable Adding
Machines Sales Co. for the manufacture of a new type of adding machine,
said to be different from anything now on the market being considerably
lighter than any adding machine of like capacity. The Corona Co. is
-V.118. D. 2309.
interested only in the production end of this business."
-Sugar Combine AnCuban Dominican Sugar Co.
-The acquisition of the
nounced-$15,000,000 Bonds Sold.
Sugar Estates of Oriente, Inc., by The Cuban Dominican
Sugar Co. and the issuance of $15,000,000 7% bonds by
the latter company was formally announced Oct. 23. The
National City Co., Lee, Higginson & Co., Cassatt & Co.,
Potter & Co. and W. A. Harriman & Co., Inc., sold
$15,000,000 1st (closed) Lien 20
-Year Sinking Fund 732%
gold bonds at 9734 and int., to yield 7.75%.
[See also West India Suga- Furance Corp. below.]
[Vol,. 119.
For the past two years the net sales price of sugar sold has averaged
approximately 4.25c. per lb. For the 1924-25 season it is estimated that,
on the basis of an average net sales price for sugar of 3Sic. per lb. f.o.b.
Cuba, and the payment for cane on this basis, the consolidated net income
of the company after depreciation but before interest and U. S. Federal
taxes, will aggregate approximately $7.800,000, and similarly, on the !Asia
of 4c. f.o.b. Cuba for sugar, such net income is estimated in excess of
$10.500.000 as compared with the annual charge above stated.
Indicated Earning Capacity of Properties on which Bonds Will Be Secured
by a First Lien.
[On the basis of the operation of the properties for the past two years.]
1922-23.
1923-24.
Sugar produced and miscellaneous income
$9,694,059 $12,574,530
Operatmg costs, including local taxes
5,697.668
7,524,456
Depreciation
1.070.240
1,072.550
Net before int. charges and U. S. taxes
$2,926.151 $3,977.524
Annual int. chgs. on this issue of $15,000,000 bonds_S1,125.000 $1,125.000
The earnings just above stated do not include a substantial amount of
net income after depreciation, interest, taxes and Pref. stock dividends
accruing to the Common stock of Sugar Estates of Oriente, Inc., which
will constitute additional security for this issue of bonds.
Consolidated Balance Sheet as of June 30 1924.
[With adjustments to give effect to the proceeds of this financing, including the transactions incidental thereto.]
Asses.
Liabilities.
Land, bldgs., mach.,&c.,leas
8% non-cum. pref. stock_ _ _ _ til,494,220
depreciation
$57,577,225 Common stock and surplus- 31.080.184
Animals,tools,&c
1,939,882 Sugar Estates8% cum.pf.stk. 4,000.000
.
Pastures
387,246 let lien 7
(this issue)
15,000,000
Paymt'on acct. of land contr.
435,907 Sugar Estates bonds & mtges_ 9,281,910
Cash
3,355,295 Santa Ana Sugar bonds,kmtgs 3,535 000
Sugar & molasses on hand_ 8,631,201 Secured 7% serial notes
1,600.000
Accts. receivable, less res'ves 1,692,458 Notes ,k acceptances payable 9,183,094
Materials, supplies At mdse- 3,203,290 Accounts payable
2,500,264
Advances to Colonos & conSalaries & wages accrued_
20,197
tractors, lees reserves
4,982.442 Int., rents & taxes accrued
415,134
Planted and growing cane__ _ 4,367.437 Other items payable
952,297
Prepayments
291.164 Reserve for Federal and local
Deferred charges
2,475,954
taxes
277.202
The bonds are dated Nov. 1 1924: mature Nov. 1 1944. Int. payable
M. & N. without deduction for normal Federal income tax up to 2%.
Denom. $1,000 and $500 c* Red. on any int, date upon 30 days' prior
notice, either as a whole, at Hie option of the company, at 105%,or by lot.
through the operation of the sinking fund, at 110%. Principal and interest
Total
889,339.502
payable In U. S. gold coin at the principal office of National City Bank.
Total
889,339.502
New York, trustee. Company will agree to reimburse to owners resident
Subsequent to June 30 1924. the date
in the respective States, upon proper application, the following taxes paid 650,234 bags ofsugar have been sold for an of the foregoing balance sheet,
aggregate amount of $7.485,510,
in respect to the bonds or the interest thereon: the 4 mills tax in Penna.,
any securities taxes in Maryland not exceeding in the aggregate 45 cents leaving only 84.623 bags of unsold sugar on hand at Oct 15 1924 valued
0.1c. per lb. c.&f. This liquidation of sugar will provide
on
on each $100 of assessed value in any year, any personal property or exemp- for the basis of of notes and acceptances
payable, secured by sugar, in
tion tax in Connecticut not exceeding 4-10% of the principal in any year, the the reduction
aggregate amount of $6,545.00
and any Massachusetts income tax not exceeding in any year 6% of the
-Preferred and Common stocks are in the hands
Management and Control.
Interest on such bonds.
interests and the board
-The trust indenture will provide a sinking fund which is of strong financialB. Adams, Lorenzo D. of directors will include the folSinking Fund.
Frederick
Armstrong, Vincent Astor, Guy
confidently expected to redeem the entire issue of bonds at 110% prior to lowing:Robert Walton Goelet.
Cary,
Thomas A.
the maturity date. The sinking fund provisions will require the payment James H.Post, Ellphalet N.Potter. Howard Hewell, Charles 0 Meyer,
J. Pullum. Gordon S. Rentschto the trustee semi-annually of cash aggregating at least $750,000 a year, ler, Wm. A. Rockefeller, Stanley A.
Russell and Henry W
less certain credits on account of subsidiary sinking fund retirements, V. 119, D. 1630.
together with additional amounts equivalent to 25% of all dividends declared and paid on the company's Pref. and Common stocks, respectively:
Cuban Tobacco Co. Inc.-Certifi^ote Ready.and all moneys so deposited will be applied semi-annually commencing
See Havana Tobacco Co. below.
-V. 118, p. 2829.
May 1 1925 to the redemption and retirement by lot of bonds of this
Issue at 110%.
Cushman's Sons, Inc.-Earnings.Data from Letter of President Thos. A. Howell, New York, Oct. 22.
-Quarter End. Sept. 30- -9 Mos. End. Sept.3UPeriodBusiness and Properties.
-Cuban Dominican Sugar Co., upon completion
1924.
1923.
1924.
1923.
of transactions incident to this financing, will control developed mill prop- Net earnings
$267.138
$212,517
$991.826
$787.685
erties and cane lands constituting it one of the largest producers of raw Deprec. & Federal tax
107.482
92,693
335,633
294,833
cane sugar in the world. These properties include 12 modern well-equipped
sugar centrals, of which 7 are located in Cuba and 5 in the Dominican
Net income
$159.654
111-2.824 4656.193
$492.852
Republic. These mills are supported by adequate land areas planted in
x During the first 9 months of 1924 company paid out in dividends the
cane, and it is estimated will produce during the 1924-25 crop season in
excess of 2.400.000 bags of raw sugar, of which more than 1,400.000 bags following amounts: 7% Pref. stock. $98.086: 8%, Pref. stock, $135,380;
Common stock. 8214.290: leaving a balance of $208.447.
are anticipated from the Cuban properties and approximately 1,000,000
Spencer, Trask & Co. state: "In the 3 months ended dept. 30 1924,
bags represent the estimated production of the Dominican properties. A
large proportion of the total production is derived from estates comparable. as well as in the 9 months ended on that date, company tlansacted a greater
in point of production cost, with the best sugar properties in the West Indies. volume of business than in any similar periods in its history. It is expected
In addition to the acquisition of the entire issued and outstanding Com- that the earnings for the full year will exceed $7 a share on the Common
mon stock of Sugar Estates of Oriente, Inc., controlling centrals Alto Cedro, stock as the last quarter of the year is the most profitable for this company.
the strong
Palma. Cupey and America in Oriente Province, Cuba, the company will in "Tnatof heavy financial position of the company has been maintained
spite
expenditures for improvements is shown by the current
control through ownership of the entire outstanding stocks, except directors'
shares, corporations owning the sugar estates Consuelo, San Isidro. Bare- assets, which on Sept. 30 1924 amounted to $1,475,140, while current
hona, Quisqueya and Las Pajas, located in the Dominican Republic, and liabilities were only *354,496, leaving working capital of over $1,120,000,
the sugar estates Santa Ana. Hatillo and Oriente, located in Oriente Prov- a sum greatly In excess of the amount required to conduct the present
ince, Cuba. and will also own $16,500.000. principal amount. 1st (closed) volume of business."
Balance Sheet.
Mtge. bonds secured upon certain of the foregoing properties.
AssetsSept.30'24. J'ne 30'24.1 LiabilitiesThe lands owned and controlled contributary to these mill properties are
Sept.30'24. J'rte 30'24.
7% Cumul. Pref.
fully sufficient in present plantings and in reserve acreage to support full Land, buildings.
equipment, &c_$4,268.670 $4,230.249 stock
operation of the present mill capacity for many years after the maturity
31.831.100 $1.831.100
of these bonds. The Cuban lands include 195,467 acres owned in fee, G'dwill,formul.,&c 2,703,321 2,703,321 38 Cum.Pref. stk.a2,256.000 2,258.000
642.182
687,224 Common stock__ x476,200
476.200
33,109 acres under long term lease and 99.325 acres controlled through Cash
I Accounts payable_ 119.051
89,067
colono contracts. The Dominican lands include 150.656 acres owned In Treasury notes and
Liberty bonds_ _ 248,299
248,299 Drivers'deposits__
31.428
30.706
fee, 8.349 acres under long term lease and 23.971 acres controlled through
171,763 Prov. for taxes... 177,518
192.765
colono contracts. Additional acreage is controlled by virtue of the location Accts.& notes rec_ 153,938
Loans receivable_
22.888 . Wages, int.. &e..
of the mill properties and railroads.
55.650
56.650' accrued
15.093
26,498
The aggregate annual production of the properties has increased from Invests, at cost_ _ _
334,388
244.002 Real estate mtges_ 290,000
295.000
1,445.217 bags in the 1918-19 season to 2,002,563 bags in the 1923-24 Inventories
Garage & machine
i Reserves
38,131
season just passed. Moreover, as a consequence of an extensive program
20,430
shop parts
42,769 Sur. from exch. of
of cane plantings, the available cane supply for the 1924-25 season and suc1,634
5,701
capital stock._ 1,381,026
ceeding years has been largely augmented with the result that the aggregate Interest accrued._
39.068
Serie.= appraisal
production for next year is estimated in excess of 2.400.000 bags. Sub- Other curr. assets_
Lib. bds. dep. with
of property. &e1,385,233
stantially no mill expansion is required to attain this output.
Dept. of Labor_
18,664
18.664 Earned surplus___ 1,980,279 2,008,005
-The proceeds of this issue of bonds, together with the issue of
Purpose.
$1,600,000 Secured 7% Serial gold notes,$3.293.000 Pref.stock and 593,389 Miscell. Invests.,
mortgages, &c
33,826
43.716
shares of no par value Common stock, will be applied in the acquisition of
124.353
Total (ea. side) $8,607.232 $8,599,601
certain of the properties now being consolidated, the retirement of certain Deferred charges_ 107,612
outstanding indebtedness and to increase working capital.
a Represented by 22.560 shares of no par value. it Represented by
-As security there will be pledged with the trustee $16,500.000
Security.
-V. 119. p. 460. 1069.
1st (closed) Mtge. bonds of certain controlled properties constituting their 95.240 no par shares.
entire funded debt and the entire issued and outstanding Common capital
Detroit Edison Co.
-Mortgage Approved.
stocks (other than directors' shares) of all controlled companies both in
The stockholders have approved a plan to create a new open mortgage
Cuba and in the Dominican Republic. The Common stock of Sugar
Estates of Oriente. Inc., so pledged alone represents a sound book value In order to provide a more practical system of financing the company's
growing needs than is afforded by the present mortgage.
In excess of 1113.500.000.
The $16.500,000 1st (closed) Mtge. bonds to be pledged will be secured
Colfin & Burr, Inc., in connection with the offering of
by first mortgages (subject to liens on growing crops for moneys borrowed
for seasonal requirements, which liens under the laws of Cuba and the $12,500,000 Gen. & Ref. Mtge., Series "A" 5s;state:
governing agricultural financing may be given preTwenty-one years ago we published a circular offering the first bonds
Dominican Republic
cedence as to such crops over existing mortgages) upon the estates Consuelo ever issued by the Detroit Edison Co. The extent of the company's growth
San Isidro, Barahona, Quisqueya, Las Pajas and Oriente. These prop- Is indicated by the following comparison:
Data from Circulars of1924.
erties have a book value, after depreciation, of 025.524.354. They pro1903.
4th
duced 941.034 bags of raw sugar during the 1923-24 season and it is esti- Detroit's rank among cities of the country
13th
Gross earnings
mated will produce 1,140,000 bags during the coming season.
So67.830 $33,697.963
196,976 10,021.833
The trust indenture, among other things, will include a covenant on the Net earnings
part of the company that it will not declare or pay any cash dividends on Annual bond interest
150,000
3,257.390
It is notewortny that there has been a continuity of able and farsighted
Its outstanding Common stock except out of earnings subsequent to Nov. 1
1924 available therefor and unless after the payment of such dividends management during this entire period.
All the mortgage bonds outstanding with the public including the present,
in each case the net current assets, as defined, shall at least equal 50% of
the aggregate funded indebtedness, as defined, outstanding in the hands issue, total less than 50% of the replacement value as outlined in the
circular, and net earnings exceed 3 times the anrual mortgage bond interest
of the public.
evidences of the conservative financial policy which has
Consolidated Earnings of All Properties to Be Controlled by the Company requirements: nation
established a
wide market for Detroit Edison bonds. See also
upon Completion of Transactions Incident to This Financing.
V. 119. D. 1513, 1847.
Net, Before
Net, Before
Sugar
Int. Charges
Produced & Deprec., Int.
Dome Mines, Limited.
-Earnings.
Depreand U. S.
Bags Miscellaneous and U. S.
Quarters EndedSept. 30'24 June 30'24 Mar.31 '24 Total()Mos.
elation.
Taxes.
Taxes.
Produced.
Income.
No,of tons milled
119,800
116.700
126,700
363,200
1918-19
1.445.217 $18,995.795 $6,808,180 $585,172 $6,223,008 Average recovery
$1,092,778 $1,094,836 $1,031,933x$3.219.547
1919-20
780,144 16,293,118 Operating,
1,350,333
37.413.765 17.073.262
564.995
571,740
565,009 y1,701,744
general costs
1920-21
955.76810s84,422,331 Dominion income tax, eat _ _ _
12,857.0531oss3.466,563
1.401,545
27,937
29,676
26,635
84.248
1921-22
557.670 1,212.694 loss655,024
1,756.101
15.490.486
1922-23
6,800,787
.
, .
. .
Net income
$493,100 $500,165 $440,289 $1.433,554
1923-24
6.406,934 Miscellaneous earnings
8.312.270 1,905.336
2,002,563
29,270,982
39,016
48,185
65,183
152,384
The foregoing earnings compare with an aggregate annual charge of $2,360,814, which represents the annual int. chsrge on this issue of bonds, all
Total income
$532,116 $548,350 $505,472 $1,585,939
prior interest charges on the funded debt of Sugar Estates of Oriente, Inc.,
x 88.864 per ton. 784 685 per ton.
and Santa Ana Sugar Co., and annual dividends on the outstanding Pref.
Note.
-In the above figures no allowance is made for depreciation Or
stock of Sugar Estates of Oriente, Inc.
depletion.
-V. 119, p. 1630.
OCT. 25 1924.]
Donner Steel
THE CHRONICLE
-Earnings.
Co., Inc.
9 Mos. End.
3 Mos. Ended
Period-.
Sept.30'24. June 30 '24. Mar.31 '24. Sept. 30 '24.
$593.635 $1.141.442
Net from operations___
$310.967
$236.840
286.091
835.591
279,439
Interest & depreciation_
270.061
$307,544
$305.851
Net income
$31.528
loss$33.221
The net income of $305.851 for the 9 months ended Sept. 30 1924 compares with $956,566 in the same period of 1923. Profit and loss surplus
Sept. 30 1924 was $939,264.-V. 119. P. 460. 1399.
-Stock.
Edison Electric Illuminating Co. of Boston.
The special meeting of the stockholders, scheduled for Oct. 20, to act
on an issue of 77,857 additional shares, has been adjourned to Oct. 27
pending a decision by the Mass. Dept. of Public Utilities on the company's
application, which was filed in September. Pending receipt of this decision
-V. 119, p. 1739.
the meeting will be adjourned from week to week.
-Consolidation.
Electrical Utilities Corp.
The stockholders will vote Dec. 1 on approving the consolidation and
-V.118,P.2048.
merger of this corporation and the Electric Investors, Inc.
-Dividend Reduced.
Everett Mills (Mass.).
The directors have declared a dividend of 2% on the outstanding $2,100,000 capital stock, par $100, payable Nov. 1 to holders of record Oct. 24.
A distribution of 4% was made on May 1 last. From May 2 1921 to
Nov. 1 1923, incl., the company paid dividends at the rate of 12% per
annum (6% semi-annually).
-V. 118, p. 3203.
Federated Metals Corp.
-Listing, &c.
The N. Y. Stock Exchange has authorized the listing of $4,000,000
15
-Year 7% Convertible Sinking Fund gold bonds, due June 1 1939.
Consolidated Profit and Loss Account of Predecessor Companies.
[For the 5 months ended May 31 1924, except in the case of the Great
Western Smelting & Refining Co. and subs., for which the period is the
6 months ended May 31 1924.1
Net sales, $19,522,473; cost of sales, $17,967,908: gross profit_ _ 31,554,566
Selling and other expenses
827.792
Miscellaneous charges
82.022
146,691
Interest, $77,573; depreciation, $69.117
Federal income tax (representing provision made only by those
companies directly liable)
57,968
Net income
$440,091
-Consolidated Balance Sheet as at May 31 1924.
[After giving effect in accordance with agreement dated May 16 1924 to:
(a) The acquisition as at May 31 1924 of the assets and the assumption of
the liabilities of the predecessor companies; (b) the issue of $4,000,000
15
-year 7s:(c) the issue of 249,712 shares of capital stock:(d) the application
In part of the proceeds of the bonds and stock in reduction of the liabilities.]
Liabilities.
Assets.
Cash
$1,032,629 Capital stk. (no par val.)x$8.953,300
4,000.000
Notes & accept. receiv
-year cony. 7s
453.062 15
250.000
Accounts receivable
3,628.276 Notes payable
664.438
Inventories
4,607,918 Accounts payable
43,725
Deferred charges
73,759 Accr. wages, int-tax.&c.
88.000
Investments in other
Real est. mtges. due 1924
87,513
companies, at cost_ _ _ _
33,334 Reserve for Federal taxes
100.000
Real estate, buildings &
Reserve for contingencies
122,219
equipment
4,480.216 Res.agst. undel. pur.con.
$14,309.196
Total
Total
*14.309.196
x Authorized 400,000 shares: issued 249,712 shares.
-V.119, p. 699, 202.
-Dividend.
Fifth Avenue Bus Secueties Corp.
The Guaranty Trust Co., as depositary of the stock, registered in the
name of the voting trustees upon termination of the voting trust agreement
dated Dec. 20 1922, gives notice that a dividend of 16 cents per share has
been paid on the stock of Fifth AN enue Bus Securities Corp. held by the
depositary. Holders of the voting trusG certificates who have not yet
surrendered their voting trust certificates in exchange for stock of Fifth
Avenue Bus Securities Corp. will be entitled to receive the dividend in
respect of the shares of stock represented by their respective voting trust
certificates upon the surrer der of the voting trust certificates for exchange.
-V. 119, p. 1400, 1069.
(S. B. & B. W.) Fleisher, Inc.
-Definitive Bonds.
Dillon, Read & Co. announce that definitive 1st Mtge.6% Sinking Fund
gold bonds, due June 1 1939, are now ready for delivery at the office of the
Guarantee Trust & Safe Deposit Co., 1415 Chestnut St., Phila. Pa..
upon surrender to them of the temporary bonds. See offering in V. 118.
'
p. 2836.
1961
most successful steamship companies operating in the Middle West territory. The steamships operated by that company consist of the Alabama,
Christopher Columbus, Carolina, Indiana, Arizona, Illinois and Wisconsin,
operating between the port of Chicago and R seine, Milwaukee Sheboygan,
Manitowoc, Sturgeon Bay, Green Bay ports, Washington Island, Wis.
and Mackinac Island, Mich.. on the west shore, and Grand Haven, Muskegon and White Lake, Mich., on the east shore; handling large amounts
of freight and several hundred thousand passengers every year.
The consolidated company will take on the Immediate direction of the
Graham & Morton Transportation Co., which this year celebrates the 50th
anniversary of its organization and owns the steamships City of Grand
Rapids, City of Holland. City of Saugatuck. City of St. Joseph and City of
Benton Harbor, operating daily between the port of Chicago and the ports
of Holland, Grand Rapids, St. Joseph, Benton Harbor and Saugatuck,
Mich., and Michigan City. Ind.
Under the plan of consolidation agreed upon, the joint ownership of the
reorganized company will extend to both properties, which will continue
btoy
theh
bestpossible service between Chicago and all of the ports visited
these
The business of the consolidated company will be carried on at the general offices and docks of the Goodrich Transit Co. at south end of Michigan
Ave. Bridge, Chicago, with offices at Benton Harbor. Mich., Manitowoc,
Wis., and Grand Rapids, Mich. The capital stock of the consolidated
company is $1.500.000, and its assets, consisting of floating equipment,
terminal properties, &c., aggregate nearly $5.000.000.
The personnel of the new management will consist of William Alden
Smith, Chairman: H. W. Thorp, Chicago. Pres. & Gen. Mgr.: E. Cunnell
of Manitowoc, Wis., V.-Pres.; J. Stanley Morton, Benton Harbor, Mich.,
V.-Pres.: W. J. Thorp, Chicago, Sec. & Treas.; Ferry K. Heath, Asst.
Sec. & Treas., who, with Nathaniel Robbins of Grand Haven and J. R. D.
-V.115, p.442.
Stevenson of Chicago will compose the board of directors.
Goodyear Tire & Rubber Co.-Building Dirigibles.
J. M. Yilton, engineer, is quoted as follows: "The company has under
construction six dirigibles, the largest of which has a capacity of 719.000
cubic feet. Plans are being formulated for the construction of a dirigible
with 5,000.000 cubic feet capacity by the Goodyear-Zeppelin Corp., a subsidiary, about twice the size of the ZR-3. Dr. Karl Einstein, designing
engineer of the Zeppelin Co.. will take charge of the designing of the Goodyear plants."
-V. 119. p. 1514, 1401.
-Consolidation.
Graham & Morton Transportation Co.
See Goodrich Transit Co. above.
-V. 116. p. 3000.
(W. T.) Grant Co.
-New Subsidiary.
See W. T. Grant Realty Corp. below.
-V. 119, p. 1741, 1288.
(W. T.) Grant Realty Corp.-Pref. Stock Offered.
Blake Brothers & Co., New York, are offering at 100 and
dividend,$1,000,0007% Cumul.Sinking Fund Pref.(a.& d.)
stock.
Callable (for retirement or upon reorganization or merger), all or part,on
any dividend date at 105 and dividends until Nov. 11929. and thereafter at
110 and dividends. Dividends payable Q.
-F. Bankers Trust Co., transagent.per anioum.
2
N t n nal Bank of Commerce in New York, registrar. Sinking
fund
fer
Data from Letter of W. T. Grant, President W. T. Grant Company.
Nature of the Business.
-The W. T. Grant Co. has organized and will
manage as a subsidiary the W. T. Grant Realty Corp., for the purpose of
carrying on those real estate operations entailed in providing itself with
desirable store sites. The W.T. Grant Realty Corp., all of whose Common
stock will be owned by the parent company, will purchase or lease and improve store locations in leading cities to be rented under long-term leases
largely to the W. T. Grant Co.
Contract with the Parent Cornpany.-A contract has been executed between
these two companies under which the W. T. Grant Co. agrees that the net
earnings of the Realty Corp. applicable to dividends on this Preferred stock
in each year (over and above amounts paid by the W. T. Grant Co. for account of amortization of capital exp )nditure), shall be sufficient to Pay
the dividend on all the Prof. stock currently outstanding. The W.T. Grant
Co. further agrees that so long as any of this Preferred stock is outstanding
no modification of this contract can be made which will impair such amortization or the sufficiency of the net earnings to provide for the dividend on
the outstanding Preferred stock.
Earnings.-Dividands and sinking fund on this issue will be derived chiefly
from rentals paid by the W.T. Grant Co.. which will thus constitute a fixed
charge on its earnings. The dividend requirements on the Preferred stock
to be presently outstanding is 370.000 per year, which sum, according to
certified figures, has been earned by the W. T. Grant Co. on an average of
over 17 times per annum for the last three years.
Gray & Davis, Inc.-App'i,
!ation for Charter.
Application has been made to the Massachusetts Commissioner of Corporations for a ch ,rter for Gray
of Cambridge. capitalized at
January
161,9331April
140,253 $4,490,925 (898.185 shires, pr et Davis Corp.shares will be issued imme181,965IJuly
$5). Only 3
167.1411 May
February
140,376 diately. This is a legal stet in connection with merger of Gray & Davis,
157,930I August
,
178,308 June
March
149.906 Inc.. and American Bosch Magneto Corp. The incorporators are Arthur
135,048 September
T. Murray, Springfield: Gustave .1. Lang, Brighton, and F. Dewey Everett,
Total domestic output for the first nine months of 1924
1,412,860 Milton. See also American Bosch Magneto Corp. above and V. 119.
-Nr. 119, p. 1848. 1176.
p. 1848, 1741.
Income Account for 9 Months Ending Sept. 30 1924.
Freed-Eiseman Radio Corporation.
-Stock Sold.Prichitt & Co., Inc.. announce that they have purchased and sold 75,000 Net sales, $2.764.459: less f tctory cost of sales, incl. depreciation.$2 574.171: oper sting profit
shares of the Common stock at $30 per share.
Administrative and interest ch rges
General Electric Co., Schenectady, N. Y.
1
-Orders.
on pref. stock, *45.000: settlement (Rand suit), $30,000:
The city of Chicago has placed an order with the company for 6.500
142.620
ornamental Novalux street lighting units, sufficient to illuminate 125 miles
sundry charges, $120
of its streets. This order, calling for concrete octagonal poles 12 feet high
$90.986
with a 250 candlepower Mazda lamp in an alabaster rippled globe on each,
Net loss
calls for an expenditure of more than $500,000. The contract calls for first
Comparative Balance Sheet.
delivery of the new units by Nov. 1 and it is expected the complete installaAssetsSept. 30'24. Dec.31 '23.
Liabilities- Sept. 30 24.Dec.3
tion will be made by Jan. 31 1925.
8% cum. pref.stk_ $750,000 $750,000
District Court in Minneapolis, Judge W.F. Booth, has handed Real estate, bIdes.,
The U. S.
equip., dm
$1,805,896 *1,847.260 Common stock and
down an opinion in the suit of the General Electric Co. against the Minne1,615.595 1,706,581
54,246
surplus
67,131
apolis Electric Lamp Co.,finding the Just & Hanaman patent No. 1,018,502 Cash
Notes receivable
36,563
9,645 1st mtge. 7% bds_ 1,000.000 1,000,000
and the Langmuir patent No. 1.180.159 valid and infringed by the auto- Accts, rec,
685,000
less res.. 252,752
325.268 Notes payable..- 461,400
mobile lamps made and sold by the Minneapolis company. A preliminary
372,478
Inventories
1,517,027 1,762,032 Accounts payable_ 300,915
-V. 119, p. 1848, 1513.
Injunction was granted.
52,770
16,887
Stock in other cos_
80.000
80.000 Accrued pay-roll._
28,007
Pat's a good-van. 300,840
3008 0 Deferred credits..
4
General Leather Co.
-Definitive Bonds Ready.
Other assets
37,216
-Year 614% S. F. gold bonds, due May 1
The temporary 1st Mtge. 15
125,479
137,436 Total (each side),$4.172,805 $4,566,829
1939, are now exchangeable for definitive bonds at the office of the Ameri- Deferred assets
See also American Bosch Magneto Corp. above and V. 119, P. 1848
can Trust Co.. 135 Broadway, N.,Y. City. (For offering of bonds. see
79.
V. 118, p. 2186.)-V. 119,
Ford Motor Co.
-1924 Domestic Production (No. of Cars).
-Earnings.
Gold Dust Corporation.
Income Account for Year Ended Aug. 31 1924.
Profit--------------------------------------*1.129,099
767 interest. $367,882
Deprecialon,
524,649
Balance------ ----------------------------------------- $604,450
Other income--------------------------------------------68,648
Net profit
---------------------------------------- $673,098
-V. 119, p. 1Y813, 1g1S.
--
-Merger of Great Lakes Steamship
Goodrich Transit Co.
Companies Announced.- •
Hansen Storage Co.
-Bonds Offered.
-
The $425,000 First Mortgage 6% bonds are offered by Morris F. Fox &
Co. at prices ranging from 101.88 to 100, to yield from 5% to 6%,according to maturity. See V. 119. D. 1848.
-Earnings.
-Harbison-Walker Refractories Co.
The company shows net profit for the quarter ended Sept. 30 1924 of
$707,600 after depreciation, depletion and taxes, compared with *638,000
In the previous quarter.
-V. 119, p. 1288.
-Bonds Called.
Harlan-Wallins Coal Corp.
All of the outstanding 3347.000 8% First Mtge. bonds of the Wallins
Creek Collieries Co., due 1931, have been called for payment Nov. 1 at
107 Si and interest at the American Trust Co., Nashville, Tenn. See also
V. 119, p. 1514.
The consolidation of the Goodrich Transit Co.and the Graham & Morton
-Tenders.
Havana Docks Corporation.
Transport Co., two of the largest steamship lines operating on the Great
Lakes, was announced Oct. 17 in a formal announcement Issued by the
The Old Colony Trust Co., trustee, Boston. Mass., will until Oct. 29
receive bids for the sale to it of First Coll. Lien 7% bonds, Series "A,"
Goodrich company. The statement said in part:
The consolidation of the two largest and oldest steamship companies dated July 11921, to an amount sufficient to absorb *75,177, at prices less
operating on the Great Lakes is a matter of great interest to shippers and than par and int.-V. 118. p. 2957.
to the patrons of the Goodrich Transit Co. and the Graham & Morton
-Reorganization.
Havana Tobacco Co.
Transportation Co.
The consolidation of these 2 lines makes the company owner and operator
The 5% Secured Gold bonds and voting trust certificates for the Preferred
of 12 first-class vessels, the largest fleet of passenger and freight vessels on and Common stock of Cuban Tobacco Co., Inc., the new company organthe Great Lakes. After negotiations extending over a period of several ized under the plan for the reorganization of Havana Tobacco Co., dated
months, the owners of the two lines have agreed upon a plan of consoli- Jan. 31 1924 (V. 118, p. 672), will be ready for distribution on Nov. 5.
dation which will place these 2important properties under one management. Holders of certificates of deposit for the bonds and Preferred and Common
The Goodrich Transit Co.. organized 68 years ago, has been one of the stock of Havana Tobacco Co. are requested to surrender their certificates
1962
THE CHRONICLE
ofdeposit duly endorsed at the office of Guaranty Trust Co.,140 Broadway,
New York, promptly on Nov. 5, and to receive the securities to which they
are respectively entitled under the plan.
Over 99% of the bonds, over 95% of the Preferred stock and over 94%
of the Common stock of Havana Tobacco Co. have already been deposited.
Deposits will be received by Guaranty Trust Co. up to and incl. Nov. 3.
The holders of undeposited stocks and bonds of Havana Tobacco Co.
who do not deposit on or before Nov. 3 will have no rights under the plan
or reorganization.-V. 118, P. 2831.
Haynes Automobile Co., Kokomo, Ind.
-Bankruptcy.
-
Company has been adjudicated a bankrupt by order of Judge Anderson
in the Federal Court at Indianapolis, Ind. Schedule filed by the company
showed liabilities of $3.619,258 and assets of 81,684.323.-V. 119,P.1288.
Haytian Corp. of America.
-Report.
Years Ended June 30Gross earnings
Operating expenses
Minority interest, Wharf Co
Taxes
Income note interest
Depreciation reserve,&c
[voL. 119.
A great deal of interest has been shown in the organization of the new
corporation by the export departments of manufacturing interests and,
should the plan prove, as it is expected, a great success in this country, his
believed that it can be applied with equal success to cover the purchase
of machinery by interests abroad engaged in the rebuilding of foreign industry. The national distribution of these certificates will be undertaken by
Freeman & Co., who expect to head a large syndicate which will handle the
first piece of business to be issued under the new plan. In addition to this
syndicate, smaller dealers in practically every State in the Union will be
given an opportunity to participate in a distributing group in order that a
country-wide market may be created for these certificates. It is believed
that the proposed innovation may mean the inauguration of an entirely
new method of financing industrial properties.
-Bonds Sold.
Industrial Works, Bay City, Mich.
J. G. White & Co., Inc., New York; Harris, Small & Co.,
Detroit; and the National Bank of the Republic Chicago,
have sold at 99 and interest, to yield about 6.60%,
$2,000,000 First (Closed) Mtge. 63i% Gold Bonds.
1924.
1923.
$1,243,542 $1,527,156
1.102.671
994,174
4,435
17.000
95.000
190,000
Dated Nov. 1 1924; due Nov.
Principal and semi-annual interest
50,507
107,016 (M.& N. 1) payable at Detroit1 1939.Co.. Detroit. trustee, or at Bank of
Trust
America, New York,or at National Bank of the Republic, Chicago. Denom.
$4,426
$205.468 $1,000 and $500 c*. Redeemable all or part, on any interest date on 60
Net income
days' notice, at 107% and interest up to and including Nov. 1 1925, and
Balance Sheet June 30.
% of 1% less each year thereafter up to maturity. Normal Federal income
Liabilities1924.
1923.
1923.
1924.
Assets-tax not in excess of 2% assumed by company. Company agrees to reimCapital stock and
Prop.& equip.,less
surplus
07,163,116 $7,070,938 burse the holder for the Penn. and Conn. 4 mill tax, for the Maryland 4%
depreciation_ _ _ _56,579,365 $6,343,675
Income notes
2,375,000 2,375,000 mill tax, for the Mass. income tax not in excess a 6 3-5%, and for any
Franch. & conces46,042 future Michigan income tax not in excess of 4%•
31,841
sions ofsub. cos_ 1,167,951 1,158,082 Accla payable_ _ _ _
Bills payable
50,000
30,000 Data from Letter of President E. B. Perry, Bay City, Mich., Oct. 15.
Claim against HayBan Govermnent 1,017,388 1,017,389 Minority interest:
History.
-Industrial Works was founded in 1873 and reincorporated in
Wharf Co
100.119
221,859 Michigan in 1904 and 1924. This last step is being completed. Industrial
57,491
75,267
Cash
95,000 Works manufactures locomotive cranes for all purposes,railroad pile drivers,
Mtge.Int. received
16,830
13,395 Income note int_ _ _ 285,000
17,000 clam shell buckets, and does a substantial volume of business in spare parts
Inventory
716,956
769,237 Res. for Fed. taxes
4,773
88,146
128,851 Suspense
Acc'ts receivable..
and supplies. The principal product, however, is locomotive cranes, in25,000 cluding cranes of large capacity. In the manufacture of railroad wrecking
Mtges. receivable_
63,665
68,678 Legal expenses_
Advs. against fucranes the company has achieved pre-eminence, and has stood for years
ture crops
65,542
61,288
without serious competition.
Deferred Charges.. 236,512
244,977
Industrial Works commenced the manufacture of cranes, on a commercial
scale, as early as 1883. Company's products are used by practically every
'Total
Total
610,009,850 $9,880,839 railroad in the United States and several abroad,a largo number of industrial
610,009,850 $9,880,839
and public utility companies, and by the United States and many foreign
x Represented by 80,000 no par shares issued or to be issued.
Governments.
President C. Edgar Elliott says in substance: Company earned and paid
The plant is located in Bay City, Mich. It covers 29 acres, and the 59
on Oct. 1 the full 8% interest for the fiscal year on its outstanding deben- buildings, for the most part of modern steel and glass construction, have
tures.
440.000 sq. ft. of covered floor.
Since organization of the present company, the management has put in
Taxes
Bond
new plantings of cane of 2,000 acres, of which 1.300 acres will be harvested Net Earnings Applicable to(ExceptInterest. After Maintenance and
Federal Taxes).
for the first time as part of the crop of 1925. Upwards of 700 acres of old
After
Before
fields have been rehabilitated and will produce a largely increased tonnage.
Depreciation. Depreciation.
and the total acreage under cultivation which will be harvested in 1925 will Calendar year
$380,916
$480.932
1923
be about 5,900 acres, as against 4,500 acres in 1924. The fields are in ex550,209
665,503
cellent condition and granted the usual fall rains a greatly increased pro- Average, 6 years ended 1923
Interest on this issue requires $130,000.
duction by the sugar company is to be expected in the 1925 crop.
Average annual earnings for the six years ended 1923 are over five time.
The schedule for increasing the sugar company's cane supply is going the
over
issue,
forward,the development being under way of a further 2.000 acres, part of fourmaximum interest charges on thisduring before depreciation, and1924,
the first six months of
times after depreciation. Even
which will be harvested in 1926 and all by 1927; and contracts have been
earnings of the
a low
entered into for the purchase of cane on a favorable basis from approxi- when general business activity reached rate asebb, the net
those reported in 1923, and
mately 4,000 acres which are being rehabilitated and recultivated, and company were maintained at the same
were equivalent to nearly 331 times interest requirements on these bonds
should produce a large tonnage in 1926.-V. 119, p. 817.
before depreciation, and about three times such rquirements, after depreHearst Publications, Inc.
-Permanent Coupon Bonds.
- ciation. Fund.
-Indenture will provide a sinking fund, beginning Nov. 1
Sinking
Halsey, Stuart & Co., Inc. as syndicate managers, announce that the
beginning may 1
permanent 1st Mtge. & Coll. Trust 6%% Serial Gold bonds, due serially 1925,sufficient to retire $60.000 of this issue annually, andfund will be pay'
$80,000 annually. This sinking
May 1 1926 to May 11936, incl., are now ready and exchangeable at their 1932, sufficient to retire & N.) and will be applied either to the purchase
able semi-annually (M.
New York office, 14 Wall St.,for the temporary certificates originally issued.
of bonds in the open market at or below current redemption price, or to the
(See offering of bonds in V. 118, p. 2187.)-V. 118, p. 2311.
redemption of bonds by lot at such current redemption price. Bonds so
acquired are to be canceled. This sinking fund is sufficient to retire over
Holland Land Co. Calif.
-Declares Extra Dividend.The directors have declared an extra dividend of $3 per share on the out- 50% of the entire issue by maturity..
Balance Sheet Aug.31 1924 (After This Financing).
standing $3.000,000 capital stock, par $100, payable Nov. 1 to holders of
record Oct. 20.
I Liabilities
AssetsThe directors announce that the declaration and payment of this extra Land and buildings
$1,526,020 Common stock
dividend, although paid out of net earnings, will nevertheless, reduce the Machinery, equip't, &c_ _ _ 2,438,380 Corn, shareholders equity-1(3.899,2M
ultimate liquidation value of the stock as explained in previous reports to Cash
2,000.000
222,133 First mortgage 6%s
stockholders.
-V. 109. D. 2443.
500,000
22,454 Five-Year 7% Notes
Notes receivable
45,203
519.836 Accounts payable
Accounts receivable
Hupp Motor Car Co.--:Report.Materials, supplies, &c_
1.556,907 Accrued wages, taxes, in105,099
Quarters Ended
Total 9 Mos, Accrued interest receivable
1,883! surance, &c
PeriodSept.30'24. June 30 '24. Mar.31 '24. Sept. 30 '24. Treasury stock
Profits
$6,542,514
$562,442
$340,668
$448,139 31.351,249 Deferred,debit items
255,449 Total (each side)
Reserve for Federal taxes • $70,306
842,583
$56,018
$168,907
Preferred dividends_
5,945
5,945
11,890
x Represented by 50,000 shares of no par value.
Common dividends
228,454
228,454
228,454
685,362
-E.B. Perry (Pres.), W. L. Clements, C. R. Wells, Bay City,
Directors.
Mich.; Julian H. Harris and Sidney R. Small, Detroit, Mich.; G. M. HubSurplus
$263,684
$63,686
$157,722
$485,092 bard and J. G. White, New York. N. Y.
Comparative Balance Sheet.
-Government Seeks to DisInternational Harvester Co.
Sept. 30'24. June 30'24.
Sept. 30'24. June 30'24
-The Government on Oct. 23 filed in the
Assetsolve Company.
Liabilities
$
Land. buildings,
Common stock__ _ 9,138,090 9,138,090 Federal Court at St. Paul a brief in proceedings against the
equipment, &c.x8,296,327 7,623,082 Accts. payable_ _ _ 2,331,192
651,512
reversed
Cash
2,472,326 1,101,945 Fed'I tax reserve._ 207,888
232,583 company asking that the consent decree of 1918 be
U.S. certificates.. 1,000,000
100.000 Reserve, Interest,
or "effective dissolution" ordered.
Accts.receivable_
conting., &c_
913,044
1,065,887
The brief, prepared by Attorney-General Stone, declares the 1918 decree.
Drafts
Dealers'deposits_ _ 116,703
1,483,670
113,430 by which the company was to have disposed of competitors it has absorbed.
Inventories
4,892,295 6,691,559 Parch, obligations
320,000 has "failed to restore proper competitive conditions, adding: "Either the
'
Investments
161,220
175,712 Accr. wages. int.,
decided this case ought to be reversed on the ground that their
Deferred charges_ _ 263,465
126.119 insurance, &c..
829.984 Judges who wholly erroneous and that there never was justification for any
decision was
Good-will, trade
Surplus
9,721,310 9,457,625 form of dissolution, or else an effective dissolution should be decreed."
names, &c
3,858,920 3,858,920
Mr. Stone contends that greater competitive conditions in the farm matrade should be afforded. The consent decree did not go far enough.
Total
Total
22,428.227 20,743,224
22,428,227 20,743,224 chinery demanding that action be taken to give "proper protection to the
he said,
farmers and land owners who are dependent upon agricultural machinery
x Land, buildings, machinery, factory equipment and furniture and fix- and implements obtainable at reasonable prices.
tures, leas depreciation reserve.
-V. 119. p. 1632.
"One of two things ought to be done, the Attorney-General suggests.
"Either the great judges who decides this case ought to be reversed upon the
Ice Service Co., Inc.
-Bond Issue.
an effective dissoluThe Metropolitan Trust Co. has been appointed trustee under a mort- ground that their decision was wholly erroneous, or else
gage dated July 1 1924, securing $1,000,000 1st & Gen. Mtge. Serial 7% tion should be decreed."
The consent decree failed to effect "any substantial competition," the
gold bonds.
-V.119, p. 947.
brief asserts, during a test period which ended 18 months after the declaraCompany's
tion of peace. On the contrary,
eight of
Industrial Equipment Trust Corp. of America.
-New competitors went out of business it says,time andthe Harvester company's
the defendant
ni that
-the last selling
Company Organized to Aid Mnfrs. in Purchase of Ind. Equip.
- Percentage of the total business actually increased in 1922
Organization of the above new corporation, which was announced by season under the test period, which was established to permit an accurate
Freeman & Co., is progressing satisfactorily and the permanent organiza- survey of the results of the consent decree under peace-time conditions.of
tion of the corporation will be effected in the near future.
"That the International Harvester Co. is a combination in restraint
A great deal of interest has been aroused by this departure in industrial trade and a monopoly in violation of the Sherman law," the brief asserGs, "is
stands
financing and the outline of the plan has been approved by well known manu- conclusively established by
unreversed
decision and decree of the court which
m
facturing interests. The actual plan under which this financing is contemand
Federal Trade Commission and
plated will be known as the "Freeman Plan" and special prolvsions are being Pa
Citing Cthaenar
the rincan, Clay continues:continues::lson
worked out to cover the application of equipment trust financing to stationActs
brief
"It is very clear that Congress has never departed from the policy of comary units of machinery.
During the life of these notes, the equipment under the "Freeman Plan" petition first ordained by the Sherman Act and since reiterated and rewould be leased to the purchaser at rentals sufficient to care for the matur- affirmed. The-history of the times, the debates in Congress, the circuming principal and interest of the outstanding certificates. Provisions have stances surrounding the passage of the Sherman law, made It equally clear
been worked out covering the recovery of pledged equipment in the event that it was aimed primarily at the groat corporate combinations.
"Not only has Congress pursued an unswerving course, but the Supreme
of default of any of the purchasing companies and a special form of legal
instrument will be devised to permit application of certain necessary re- Court has at all times given full effect to the policy thus established. The
structions which will be used for the protection of investors purchasing the recent decisions of that court attest its purpoes to apply the law to every
certificates. It is believed by those who have gone into the situation that situation that is restrictive of competitive conditions."
The original petition of the Federal Government was filed in April 1912,
the field of the new corporation will be a tremendous one covering as it
does the purchase on what really amounts to a partial payment plan of and in t
case Federal Judges Hook, Sanborn and Smith handed down a
practically all of the large and very expensive types of standard machinery. far-reaching decision. The Harvester Co. appealed to the Supreme Court,
Title to the pledged equipment will be vested in a well known trust com- but dropped that action when arrangements for the consent decree were
pany as trustee for the certificate holders, and each unit of pledged equip- worked out with the Department of Justice.
The Government began an investigation in May 1923, shortly after the
ment will bear a metal pledge during the life of the loan, giving the name of
the trust company as owner and trustee for the benefit of the certificate end of the test period, to determine the results of the decree, and followed
holders. The management of the new company will be vested in the same this with supplemental court proceedings at St. Paul in July 1923.
In these proceedings. of which the present brief is a part, the Government
hands as that now existing in the National Steel Car Lines Co., a corporation organized by the same interests in 1920, and which has since handled seeks dissolution of tho company in accordance with a detailed plan worked
many thousands of dollars of industrial railway equipment, such as tank out by the Federal Trade Commission. Representatives of the Government and the company have been taking testimony in this case for more
cars, coal cars, refrigerator cars and other industrial forms of rolling stock.
OCT. 25 1924.]
.
1963
THE CHRONICLE
than a year before a special examiner in Chicago. and the record of the
-V. 119.
proceedings is said to have reached unprecedented proportions.
P. 1741, 1632.
International Paper Co.
-To Install Two Machines.
Theatre Co. (Boston) in exchange for their present holdings in the ratio
of one share of Loew's stock for each 1;4 shares of State Theatre stock.
The stockholders will also vote on approving a recommendation that
the Loew's company guarantee an issue of $1,500,000 of State Theatre
-V. 118, p. 1781.
-Year 6% bonds.
Co. 15
The company expects to install during 1925 two new machines for the
manufacture of newsprint in Canada. Where the machines will be installed
is not known at this time. The cost will probably be around $4,000,000.
-V. 119, to• 1840.
See Continental Paper Bag Mills Corp. above.
-Bonds Sold.
-Bond
Los Angeles Gas & Electric Corp.
& Goodwin & Tucker, Inc., Mercantile Securities Co. of
Calif., E. H. Rollins & Sons, Harris, Forbes & Co., and
- Blyth, Witter & Co., have sold at 963/i and interest, to yield
-Quarterly Report (Incl. Subs.).
International Salt Co.
1923.
1922.
1924.
Quarters Ending Sept. 30$6,000,000 Gen. & Ref. Mtge. 53'% Gold
Earn, after deduct, all exp. except Fed. taxes$341.169 $426,375 $516,569 over 5.75%,
97.814
99,430 Bonds, Series "I."
96.397
Fixed charges and sinking fund
Dated Oct. 1 1924. Due Oct. 1 1949. Redeemable on Oct. 1 of any year
until and including 1939, at 105 and interest, the premium thereafter decreasing ; of 1% per annum. Interest payable A.& 0.in New York, San
,
4
Francisco and Los Angeles. Denom. $1,000 and $500 c*. Application will
-Sub.' Co. Financing.
Internat. Tel. & Tel. Corp.
be made to certify these additional bonds as legal for savings banks in
The company reports the successful completion of the initial financing of California. Exempt from personal property tax in California. Mercantile
the Compania Telefonica Nacional de Espana, its affiliated company in Trust Co. of California, San Francisco, and Security Trust & Savings Bank,
Spain,through the sale at par to Spanish investors ofslightly over 23.000,000 Los Angeles, trustees. Company agrees to pay interest without deduction
pesetas of 7% Preferred stock of the latter company. The sale of this for any normal Federal income tax up to 4%. Under the present law comstock, which had previously been underwritten by the International Cor- pany Pays the 2% tax deductible at the source.
poration. was made by a syndicate of the principal Spanish banks,including
-Authorized by the California Railroad Commission.
Issuance.
the International Banking Corp. The syndicate reports that the issue was
Company.
-Carries on a large and profitable gas and electric business in
-V.119. p. 1849, Los Angeles, and controls all of the gas business of Pasadena, South Pam
,
subscribed twice over in advance of public announcement.
1070.
dena, Monterey Park, Alhambra, San Gabriel, San Marino. Watts, Huntington Park and Hawthorne. together with a portion of the gas business of
Interstate Power Co. of Wis.-Acquisition.serving a total population
Thee Prairie City Electric Co. of Prairie du Chien. Wis., has passed under Inglewood. Vernon and other suburban districts,
in continuous and
the control of the Interstate Power Co., from which it has been purchasing estimated at about 1,200.000. The gas business has beenbusiness for about
successful operation for about 56 years, and the electric
paid was $225,000.-V. 119, p. 1176.
power. The price
41 years.
The gas department as of Sept. 30 1924 had a generating capacity of
Iroauois Gas Corp.
-Acquisitions.
53,800.000
capacity of
The New York P. S. Commission has authorized the corporation to 80,750,000 Cu. ft. per 24 hours, holders with adepartment about same date
on the
purchase the outstanding capital stock of the Snyder Gas Co., and the cu. ft., and 2,424 miles of mains; the electric
had a generating capacity of 98,787 h. p.. 1.080 miles of pole lines and 33
property, works and system of the People's Natural Gas Co., both of
miles of underground conduits. In addition the corporation has extensive
which operate in Erie County, N. Y.
-V. 117, p. 2000.
holdings of valuable real estate. All the properties are thoroughly modern
and are kept in the most efficient operating condition.
Jordan Motor Car Company.-Earnings.Qr. Ended 6 Mos. End. 9 Mos. End
Capitalization upon Completion of Present Financing.
*$12,600,800
PeriodSept. 30'24. June 30'24. Sept. 30'24. Preferred 6% Cumulative stock
12,500,000
Sales
$2,636.836 $6.578,672 $9,215.508 Common stock
Prof. after chgs. but before Fed. taxes_
658.444 General and Refunding Mortgage bonds (including this issue)_.. 35,791,500
480.671
177.773
6,388.000
The balance sheet as of Sept. 30 shows current liabilities of $716,548 and Underlying bonds (secured by closed mortgages)
quick assets of $2,399,389. The company has no bank loans or other indebtedness and has not borrowed any money duringt he past year. Volume
* Of the $15,000,000 authorized by the Railroad Commission of California
of business now being done is greater than ever before in company's history for issuance $13,638,600 had been sold to Oct. 11924. of which $12,600.800
was fully paid for.
and sales by dealers are about 6() days ahead of factory production.
•
President E. S. Jordan says: "Earnings for the third quarter indicate an
•
Earnings Years Ended August 31.
1924.
even more favorable last quarter in view of the fact that during July the
1923.
Jordan factory was engaged in organizing for production of the Great Line Gross earnings
$12.198,729 $14,620.211
8,878.990
Eight. Therefore, the earnings for the third quarter really represent the Operating expenses, maintenance and taxes
7,746.676
profits for two months with a deduction of the cost of bringing out the new
car.'-V. 119, p 332.
Net earn, avail, for bond int.. depr., dive., &c__ $4.452,053 $5,741,221
mtge. bonds outrequirements
Kennecott Copper Corp.
-Extends Offer to Minority Annual int. including this on $42,179,500
$2,467,845
standing,
issue
V.
Shareholders of Utah Copper Co. to Exchange Stock.-Pres. - 119, p. 462. 204.
Net earnings before Federal taxes
-V.119, p. 1514.
$244.772 $328.561
$417.139
Stephen Birch, in a letter Oct. 10, says in substance:
-Earnings.
-
McCord Radiator & Mfg. Co.
We have received a great many applications from stockholders of the
7 Mos.End.
9 Mos.End.
.
Utah Copper Co. requesting that they be permitted to exchange their
Sept. 30 '23.
Sept. 30 '24.
PeriodUtah shares for shares of the Kennecott Copper Corp. on the basis of 1
$660,917
$654,983
was the offer Net earnings after depreciation
shares of Kennecott stock for 1 share of Utah stock, which
- 119. p. 462.
V.
made by Kennecott in 1923.
Many reasons, perfectly valid, have been given, due to absence, illness,
-Earnings.
McCrory Stores Corp.
liquidation of estates, etc., why the exchange was not made at the time the
1923.
1924.
9 Months Ended Sept. 30offer was open.
$16,594,621 $14,084,213
The directors of the Kennecott Copper Corp. are unwilling to make special Sales
12,227,130 10,358.022
Cost of sales
cases and believe that if any exchanges are made the opportunity to make
2,956,903
3,330,344
Expenses,salary, taxes and insurance, dice
such exchange should be given to all stockholdesr of the Utah Copper Co.
At a meeting of the Executive Committee, Oct. 9. it was voted that a
$1.037.147 . $769.288
Net earnings
notice be sent to the stockholders of the Utah Copper Co. advising them
that the corporation would accept the Utah stock which had been offered for -V. 119, p. 1850.
exchange and also would offer the right to all stockholders of the Utah'
-Dividend of 5%.- "
McIntyre Porcupine Mines Ltd.
Copper Co. of record Oct. 9 to exchange their Utah stock for Kennecott
A dividend of 5% on the issued capital stock will be paid on Dec. 1 to
stock upon the basis of 1 !;•1 shares of stock of the Kennecott Copper Corp.
for 1 share of stock of the Utah Copper Co., provided the same is delivered shareholders of record Nov. 1. A like amount was paid Sept. 1 last.
to D. A. Crockett, transfer agent. Kennecott Copper Corp.. Room 3621. Prior to the latter disbursement, dividends were paid tri-year'.
192i.
Quarter Ended Sept. 301023.
1924.
120 Broadway, New York, N. Y., before Oct. 31. This corporation will
$585,868
Gross recovery
$681,038
$903,790
affix the proper Federal and New York stock transfer stamps.
-V. 119. Operating expenses
308.816
407,550
463,475
p. 1070.
$277,052
Keystone Telephone Co.
Operating earnings
$273,487
$440,315
-Earnings.
Net earnings after taxes (of $32,313 in
9 Months Ended Sept. 30
1923.
1924.
$268,035
$277,548
1924) but before depreciation
$428,372
Gross earnings
$1,417,362 $1.333.497
V.
Net operating earnings
656,070
507.523 - 119, p. 1177.
charges
Balance after interest
271.928
+208.468
-Earnings.
-Manhattan Electrical Supply Co.
-3 Mos.End. Sept.30- -9 Mos.End. Sept.30* As adjusted -V. 119, p. 586.
1923.
Period1924.
1924.
1923.
Laclede Gas Light Co.
-To Segregate Properties.
- Net sales
$1,714,787 $1,580,008 $5.716.876 $5,303,387
1,197,958 4,481,003 4,105,464
The company has applied to the Missouri P. S. Commission for per- Cost of sales
1,335.384
mission to sell its electric light and power properties, including the 30,000
Gross profits
kw. central station at Mound St. and the Mississippi River and the distri$379,403
$382,050 $1.235.873 $1,197.923
94.091
121.670
bution system in St. Louis, Mo., to the Phoenix Light & Power Co., a Other income
25,609
27,033
a subsidiary. The Laclede Gas Light Co. announced that this action was
Total income
taken to segregate the electric properties of the company from its gas
$407,659 $1,357.543 $1,292,014
$406,436
1,157,414
1,218,585
properties and to make the electric unit self-containing and self- Selling, gen.adm.,&c.,exp 378,851
387,225
supporting.
-V. 119. p. 1402.
S134,600
$138.959
Net profit
$20.434
$27,585
La Grange (III.) Theatre Building.
-Bonds Offered.- - 119. p. 702.
V.
Garard & Co., Chicago, are offering at parand int., $220,000
Massachusetts Investors' Trust.---Ditidend of 1M%.-,
1st Mtge. 7% Gold bonds, dated Oct. 1 1924; due serially
This association, of which C. II. Learoyd, L. Sherman Adams and Ash!
ton L. Carr are trustees, has declared a quarterly dividend of 1%%.Paya(A. & 0.) 1927-1934.
The La Grange theatre building covers an entire lot, 100 ft. by 200 ft. at ble Oct. 20.
There are at the present time 96 securities in the trust, comprising comthe corner of Fifth Ave. (the principal thoroughfare of La Grange, Ill.).
The building, 2 stories high, of brick and steel construction, with terra mon stock equities in railroad, industrial and utility companies listed on the
front, contains 4 stores: 22 offices, and a theater seating 1.500, with Boston and New York Stock Exchanges. The average investment is
cotta
construction SO arranged that a balcony with an additional 500 seating slightly over 1% in any one company. See also V. 119. P. 586.
capacity can be added when required. The entire property. including stores
-Earns. (Oper. Cos. Only).
Massachusetts Lighting Cos.
and offices, has been leased for a term of 25 years to S..1. bregory. Chicago.
1922:
1923.
Nine Months Ended Sept. 301924.
and Hammond,(Ind.) at an average annual net rental of $32,000 exclusive
Gross earnirgs
$2.502,441 $2,436,585 $2,146,678
of taxes.
539.i54
473.706
Net earnings, after taxes
576,481
Larrowe Milling Co., Toledo.
-Complaint Dismissed.
134,788
160.099
137.667
- Fixed charges
The Federal Trade Commission has dismissed its complaint against the
$313,607
$404,365
company. The company is a manufacturer of animal feed products. and in
Balance, after depreciation
$438,815
the Commission's complaint was charged with discriminating in the pur- -V. 119, p. 702, 1514.
chase price of its products between arbitrarily designated "preferred"
-Earnings.
-Maxwell Motor Corp.
-V. 117. p. 889,
Jobbers and retailers and all other jobbers and retailers.
3 Mos. End. 9 Mos. End.
-Extra Dividend.
Libbey-Owens Sheet Glass Co.
Sept.30'24. Sept. 30'24.
$2,296,093
The directors have declared an extra dividend of 50 cents per share on the Net earns, after depr. & int., but before Fed. tax_$1.831,653
September net earnings amounted to $750,125, against $471,659 in
Common stock. payable Nov. 1 to holders of record Oct. 22. An extra
August and $609,869 in July.
disbursement of $1 per share was paid Dec. 1 1923.-V. 118. p. 438.
Sales of Chrysler and Maxwell cars in September amounted to $7.907.000
---Merger.
Lincoln Gas & Electric Co.
and for the first 9 months were $58,989,000.-V. 119. p. 1742.
A merger of the competing electric light plants of the Lincoln Gas &
-Acquisition.
Metropolitan Chain Stores, Inc.
Electric Co. of Lincoln, Nob., a Continental Gas & Electric subsidiary,
-V. 119, p. 1514.
See Metropolitan 5 to 50 Cent Stores, Inc., below.
and the Lincoln Traction Co., which operates also the street railway system of Lincoln, has been approved by tlie Nebraska Railway Commission.
-Cent Stores, Inc.
Metropolitan 5 to 50
The Continental Gas & Electric Corp. has purchased stock control of the
-Financial
traction company and takes over all its property, inclduing a steam heating Reorganization Plan Approved-New Operating Company to
119, p. 1632.
system in the business section of the city.
-V.
-Interim Receipts.
Lockport Light, Heat & Power Co.
-
The New York Trust Co. has been appointed agent for the issuance of
interim receipts for an issue of $1,000,000 1st Mtge. 5% bonds, Series "A.'
See offering in V. 119, p. 1632.
Loew's Boston Theatres Co.
-Acquisition.
-
The stockholders will vote Oct. 28 on increasing the capital sock by
42,905 shares, the new stock to be offered to the stockholders of the State
be Organized.
-
The stockholders on Oct. 22 approved the financial reorganization plan
as outlined in V. 119, p. 1514. The plan provides that the company enter
into a contract with the Metropolitan Chain Stores, Inc., for the sale and
transfer of its properties and assets (except its good-will, franchises and
certain non-transferable leaseholds),and subject to its outstanding liabillties,
to the Metropolitan Chain Stores, Inc., in consideration of the issuance
and transfer to it of the total capital stock of the Metropolitan Chain
Stores. Inc., viz.: 12,000 shares of Cumul. Cony. 1st Pref. stock. 5,55'
1964
[VoL. 119.
THE CHRONICLE
At the eastern end of the Vermilion iron range and the northeastern
shares of Cumul. Cony. 2d Pref, stock, par $100 per share, and 130.900
shares of its Corn, stock, of no par value, being all the capital stock of limits of the territory served by the company,is the Winton hydro-electric
the company to be presently issued, and upon the condition that the plant. This plant, which is owned by the Minnesota Power & Light Co.
Metropolitan 5 to 50 Cent Stores, Inc., market a sufficient part of the is designed and partially built for 10,000 k.w. generating capacity of which
capital stock so as to reduce the outstanding liabilities of the company by 4,000 k.w. has been completed and is in operation.
Great Northern Power Co., whose Minnesota properties are operated
the sum of approximately $1,560,000.
Under the plan evolved, the present company becomes the holding by the company under lease, owns in fee Island Lake. Nftlte Face Reservoir.
company of Corn, stock of the new operating company and maintains its Fish Lake, Boulder Lake and Rice Lake, all located in Minnesota, and havcorporate identity as such, the plan calling for no exchange or reduction ing an aggregate water storage capacity of 316.400 acre feet.
of certificates held by the stockholders of the old company. It is estimated
o
1 B8
c17 nd & Share Co. supervises the operation of the
S erri
" .
that by reason of the introduction of this new capital, the company can add comLny si-mArT113191
discount savings
approximately 1500.000 a year to its earnings, through
-To Change Par Value
Missouri Portland Cement Co.
and closer purchasing power. The present management will continue
without change.
of Shares from $100 to $25
-To Increase Capital.
It is understood that the new money required under the plan has been
The stockholders will vote Jan. 6 1925 on reducing the par value of the
furnished by bankers, including Geo. H. Burr & Co. and Shields & Co.
for the 1st stock outstanding from $100 to $25 per share, and on approving the issuance
The Bankers Trust Co. has been appointed transfer agent
now so ares
Prof., 2d Pref. and Corn, stock of the Metropolitan Chain Stores, Inc. of 4 hhld. of $25 par stock in exchange for each share of $100 par stock
-V.119, p. 1514.
The stockholders will also vote Jan.6 on increasing the authorized capital
stock from 16.000.000 to 59.000.000
-Contract.
Mexican Seaboard Oil Company.
On Jan. 1 1925 the $250.000 in bonds due July 1 1928 and July 1 1933
The company has made a 1-year contract to sell to the Sinclair 011 Co..
e v l9.e: 1515 e company has previously redeemed $491,000
.
rediem . Th
10,000 barrels a day of Panuco crude oil at 793c. a barrel at the well.
bonds.
V. 119, p. 1071.
-Earnings (Including Sub. Cos.)
Montana Power Co.
-Earnings.
MidlandSteel Products Co.
Quarter EndedManufacturing profit
Expenses
Sept. 30'24. June 30'24.
$899,008
1935,217
264.547
224.373
Results for Three and Nine Months Ending Sept. 30.
1924-3 Mos.-1923. 1924-9 Mos.-1923.
Gross earnings
$1,890,905 11,921,637 55,952,417 $6,108,104
2,284,075
2.330.131
Oper. expenses and taxes
774.351
757,236
1,310,841
1,349,281
Int. and bond discount_ _
435.018
446,347
Operating profit
Other deductions
Interest
Depreciation
Estimated Federal taxes
1710,644
24.911
51.421
90,070
68,056
1634.461
64,412
51,417
Balance, surplus
92,9514 -V. 119, p. 702.
53.209
Net profit
-V. 119. p. 462. 1178.
$476,388
1372.465
-Preferred Stock Sold.
Minnesota Power & Light Co.
Tucker, Anthony & Co. and Bonbright & Co., Inc., have
sold at 98 and dividend, to yield 7.14%, $2,200,000 7%
Cumul. Pref. (a. & d.) stock.
-J. Exempt from Present
Redeemable at 110 and diva. Divs. Q.
normal Federal income tax. Transfer agents. Registrar and Transfer Co.,
Jersey City, N. J.. and First National Bank of Duluth, Minn. Registrars.
Corporation Trust Co., Jersey City, N. J., and Northern Trust Co.,
Duluth. Minn.
Data From Letter of Pres. C. E. Groesbeck, Duluth, Oct. 14.
Company.-Nnw owns and operates the properties formerly owned by
the Duluth Edison Electric Co.. Minnesota Utilities Co., the General
Light & Power Co., Little Falls Water Power Co.of Minnesota. the Cuyuna
Range Power Co. and certain other properties. In addition the company
owns the entire capital stock, excepting directors' shares, of the Great
Northern Power Co.and operates the Minnesota properties of that company
under lease.
All the properties are now operated as one system having electric generating plants with a present installed capacity of 97,115 k.w., 12,000 k.w.
under construction. 1.013 miles of high voltage transmission lines (including
126 miles to be placed In operation this November)and 719 miles of electric
distribution system, and serving with electric power and light an extensive
territory. including 92 cities and towns. All the generating stations owned
and leased and all the electric distribution systems in all communities
served will be interconnected on completion of the Blanchard-Nashwaulc
-volt transmission line to be placed in operation in November.
110.000
Company supplies, directly or indirectly, the entire commercial electric
power and light service in an extensive territory in Northern and Eastern
Minnesota. including Duluth, Chisholm. Eveleth. Ely. Cloquet. Little
Falls, Brainerd and 84 other communities, and in Superior, Wis., the
communities served having a total population estimated at more than
320,000.
,
Capitalization (313'. 30 1924)Authorized. Outstanding.
Preferred stock, 7% Cumul.(Incl, this issue)_---a$13.850.000 $4,275,600
Preferred stock, 6% Cumul
288,000
1.150.000
Second Preferred stock,7% Cumul
h6,500,000
Common stock
20.030,000 1320,000,000
7% notes. due 1933
1,3,400,000
1st & Ref. Mtge. Gold bonds.6% series, due 1950_
d12,300.000
e
a With respect to the 7% Pref. and 2d Pref. sto.k, the company's certificate of incorporation provides for an authorized amount of $13,650,000
7% Pref, stock, of which $6,350,000 shall be designated as 7% Prof. stock
and $7,500,000 shall be subordinated thereto and be designated as 2d Pref.
stock. The 2d Pref. stock shall cease to be subordinated to both the 6%
Prof. stock and the 7% Pref, stock on vote of the directors whenever net
earnings in excess of fixed charges and operating expenses for 12 consecutive
months within the immediately preceding 15 months shall be in the aggregate not less than 2Si times the annual dividend requirements of the 6%
Prof. stock, the 7% Pref. stock and the amount of 2d Prof. stock so ceasing
to be subordinated. b All of these notes and all outstanding 2d Prof. and
Com, stock, except directors' shares, are owned by American Power &
Light Co. c Limited by conservative restrictions of the mortgage. d Not
including $301,500 held in treasury.
Comparative Earnings All Properties Now Owned. Including Income From
Leased Properties Applicable to Company.
1023,
1924.
1022.
12 Mos. End. Sept. 30Gross earnings of properties owned__ 12.322.722 12.776,774 $3,078,686
1,757.065
1,551,666
Operating expenses, including taxes_ _ 1.307,079
11.015.643 11.225,108 11.321.621
Net earnings
683.368
Other income (including income from leased properties)
Total income
Total interest charges and deductions
$2,004.989
865,165
$1,139,824
Balance
Annual diva, on Pref. stock-On $4.275.800 7% Prof. stock
(incl. this issue), $299,306; on $288,000 6% Prof. stock,
316.586
$17,280; total
1823,238
Balance
Franchises -Franchises under which company operates are generally
and free from burdensome restrictions. A great portion of
satisfactory
the company's large power business is outside of the cities served and is
with industries so located and served that no franchises are required in
connection therewith. Company's right to operate in Duluth, the most
important city served, is, in the opinion of counsel, without time limit.
-Through customer ownership campaigns more
Customer Ownership.
than 3.400 customers and employees living In Minnesota and Wisconsin
have completed purchase of and payment for, or are purchasing on the
time payment plan, some 20,000 shares of the 7% Pref. stock.
-Company operates electric generating plants now having an
Property.
aggregate installed generating capacity of 97.115 k.w. This will shortly
be increased to 109.115 k.w. on the completion of the installation of the
first two generating units at the company's new hydro-electric plant at
Blanchard on the Mississippi River. Approximately 87% of this total
generating capacity will be hydro-electric. The generating plants now in
operation and under actual construction are designed for an ultimate
capacity of 150,890 k.w. Minnesota Power & Light Co. and the Great
Northern Power Co.own in fee power sites for the generation ofan additional
26,800 k.w., which, when developed, will give, together with the proposed
capacity of existing plants, a total installed generating capacity of 177,690 k.w.
The principal generating station operated by the Minnesota Power &
Light Co. under lease from the Great Northern Power Co. is the Thomson
hydro-electric plant on the St. Louis River, which has a present installed
generating capacity of 55.350 k.w. and a proposed capacity of 68,000 k.w.
The Fond du Lac hydro-electric plant, also located on the St. Louis
River immediately below the Thomson plant, and completed and placed
in operation by the Minnesota Power & Light Co. in July. has an initial
capacity of 12,000 k.w. and will have an ultimate capacity of 24,000 k.w.
1687.322
$712,267 $2,273,005 $2,513,188
-Gas Rates.
Municipal Gas Company, Texas.
The Texas RR. Commission has made public its opinions dated July 31
1924, overruling a motion for a rehearing in the case of the Municipal Gas
Co. vs. City of Wichita Falls (Tex.) wherein a majority sustained the right
of the gas company to collect a 50c. meter service charge and refused to
permit the charge to be 11.-V. 114. p. 2831.
-Earnings.
Nairn Linoleum Co.
The earnings of the Nairn Linoleum Co. (N. J.), control of which has
been acquired by the Congoleum Co., Inc., are reported as follows:
Consolidated Income Account 9 Months Ending Sept. 30 1924. •
Mfg. profit after deducting cost of goods sold,incl. mat'ls,labor,
$3,785,176
& factory expense, but exclusive of depreciation
181.105
Interest, royalties, dividends. &c
$33,966,281
Total income
Less selling, gen. & adm. exp., excl. of deprec, on office &
1,856.183
selling equipment
37.923
Interest paid
337,365
Depreciation
248.135
Federal taxes for 9 months 1924 (est.)
31.486,676
32.612,321
Not profits
Balance Jan. 1 1924
34.098,997
Total surplus
Deduct-Divs. paid & declared: Pref..212,500; Corn., $547,187;
621,875
Corn, payable Oct. 31 1924. $62,187
33,477,122
Balance, surplus. Sept. 30 1924
Balance Sheet as at Sept. 30 1924.
Liabilities
Assets3250.000
3109,39' 'referred stock
Cash
9,750.000
2,450,16i Conunon stock
Accounts receivable
3,278,22f Notes pay. 1925(sec'd)-'
468,924
Inventories
200,000
218,60e Notes payable
Inv. & marketable sec's.
839.451 Accounts payable
438,375
Inv. in attn. cos
48,975
8,388,701 Accrued wages
Plant & equipment
349,280
84.914 Prov. for Fed. taxes_ _ _ _
Deferred charges
62.187
Div. pay. Oct. 31 1924-324,602
Miscellaneous reserves,115.369,467 Surplus
3.477,122
Total (each side)
See also Congoleum Nairn, Inc., above.
-Review Denied-Stock Offered.
National Biscuit Co.
The U. S. Supreme Court on Oct. 20 refused to review the case of the
Federal Trade Commission against the company involving a discount to
chain stores.
Representing 125,000 stores doing an annual business of nearly nine
billion dollars, the national'associations of Retail Druggists, Retail Dry'
Goods Dealers. Retail Clothiers. Hardware Dealers, Retail Jewelers, and
Retail Shoe Dealers had joined in a petition as friends of the Court urging
discontinuance of the practice of the National Biscuit Co. of granting
discounts which they alleged could only be enjoyed by chain stores.
The company is offering to Its employees Common stock at $68 a share,
the maximum amount which can be subscribed for being 5 shares. The
stock may be purchased on the partial payment plan. which will permit
-V. 119.
employees to pay for subscribed stock gradually out of earnings.
p. 1850.
-'September Sales.National Tea Co., Chicago.
-1923.
1924-Sept.
12.876.406
13.132.688
-V. 119, p. 1743. 1515.
Increase.
Increase.
1924-9 Mos.-1923.
3256,282 128,073,868 $21,755,684 $6,318.184
-Trustee.
National Tower Building, N. Y. City.
The Empire Trust Co. has been appointed trustee for an issue of $2.000".
000 1st Mtge. Fee & Leasehold 20-Year S. F. 614% Gold bonds, dated
Oct. 1 1924, due Oct. 11944. See offering in V. 119. IL 1633
.
New Brunswick Telephone Co., Ltd., St. John, N. B.,
-New Stock Issued.
Canada.
The stockholders of record Sept. 2 were given the right to subscribe at
par on or before Oct. 1 to-13,335 additional shares of capital stock. par 10.
The proceeds will be used to pay for the new plant recently constructed.
After issuance of this stock, the company has outstanding $2,961,160, out
of a total authorized issue of 14,000.000 capital stock. Dividends are payable quarterly April 15. July 15, Oct. 15 and Jan. 15.
The company has a funded debt outstanding of $32,500.
A. W. McMackin is Secretary-Treasurer.
-V. 119.p. 1743
.
New England Southern Mills.-No Sale.
Auction of the Warner plant at Newburyport Oct. 15 resulted in no
sale. A bid of $20.000 was not considered.
Mills Entirely Installed-Some Mille Running at Capacity.
The Boston "News Bureau" says: "For the first time since its organization nearly a year ago, company is in a position to operate at maximum
capacity. The last shipment of machinery from the northern mills at
Newburyport, Mass. and Leroy, N. Y., was installed in the new Stark
mill in Georgia in September and that unit is now running full with profitable
orders into the new year on tire fabrics. The new wide sheeting mill at
Lowell has come into full production since the first of the month. The
benefit of complete equipment in these two units will thus be reflected for
the first time in the report for the current quarter.
"All plants of the company except the Lisbon mill in Maine are running
capacity production. Tire fabric output is sold ahead into March and
the four mills outputting hose and belting duck through the current year.
The Pelzer and Tucapau. print cloth and sheeting plants, are not so well
sold ahead.
"For the first quarter profit was 1236.000. The second and third
quarters, comprising a period of severe depression, resulted in red ink
figures. For the last three months indications point to a margin to spare
after all depreciation and charges. All new construction is now finished
and all plant obligations amounting to 11,700.000 on Jan. 1 1924 incurred
in connection with the Stark and Lowell mills and the Startex division
-V.118. p. 2447.
of the Tucapau mills, have been cleared up."
OCT. 25 1924.]
THE CHRONICLE
New England Telep. & Teleg. Co.
-Earnings.
Nine Months Ended Sept. 30Operating revenue
Operating expenses
Taxes, &c
1923.
1924.
$35,105.306 $32.832.701
27.904.834 26,581.531
2,302.293
2.122,436
Total operating income
Not non-operating revenue
$5,078.036 $3,948.876
612.921
629,074
Total gross income
Interest,&c
Dividend appropriation
$5,707,110 $4.561,797
2,866.200 2,180.060
4.650.540 3.988,572
Balance, deficit
-V. 119, p. 1634.
$1.809,630 $1,606,835
North American Co.
-Buys Bldg. at 60 Broadway, N. Y
1965
of Oct. 1 1924 shows a net worth, exclusive of his interest in the Park
Avenue Realty Corp. of several millions of dollars.
Purpose.
-To provide funds for the completion of a new 14
-story fireproof
apartment hotel, containing ten stores, 348 rooms and 240 baths. No
money from the proceeds of this bond issue may be paid out by the trustee,
except upon waivers of all claims for liens and until Louis Kemper,architect,
has certified that the funds held by the trustee are sufficient to complete the
building in full compliance with the plans and specifications, and to pay
all lienable claims upon the building and equipment.
Earnings.
-Net estimated earnings after very liberal allowances for vacancies are 5226,000, or approximately 335 times the maximum interest charges
on these bonds, and over twice the amount necessary to meet complete
interest and maturing bonds up to October 1939.
Penn Central Power & Light Co.
-Has Not Acquired
Home Electric Light & Steam Heating Co. of Tyrone, Pa.
On page 1852 of our issue of Oct. 18 we stated that the company acquired
the plant and property of the Home Electric Light & Steam Heating Co.
of Tyrone. We are advised that this is an error. According to C. L. S.
Tingley. V.-Pres.. the Home Electric Light & Steam Heating Co.is arranging to purchase power from the Penn Central company but has not, and
-V.119, p. 1852.
has no intention of, parting with its plant ot business.
Contracts for the purchase of the 23
-story office building at 60 Broadway. N.Y.City,were signed Oct. 15 and the property will come into the ms
session of the North American Co. The property is valued at more than
$5,500,000 and was resold by the Bethlehem Engineering Corp..which
purchased it last morth from the Columbia branch of the Irving National
Bank. An appraisal made recently by Joseph P. Day, Inc.. placed the
value of the ground alone at 52.200,000.
The structure occupies a plot on the north side of Exchange Place from
Broadway to New St.. fronting 64 ft. on Broadway, 132 ft. on Exchange
Place and 66 ft. on New St. The resale was negotiated by E. S. Willard
& Co.,real estate brokers, who will manage the property. The new owner
occupies three floors in the building, and under the terms of a lease effective
Oct. 11924, the Columbia branch of the Irving National Bank will continue
to occupy the first three floors.
F. L. Dame, President of the North American Co.. in announcing the
purchase of the property, said that his company's purpose in purchasing
the building was to give the North American Co. permanent quarters.
Mr. Dame said: "We shall continue to occupy the 18th, 19th and 20th
floors, which we first took on a 5
-year lease in 1921. Wired Radio. Inc.,
one of our subsidiaries, will also continue to have its main office in the
building. Title to the property will be vested in the newest of the numerous
North American subsidiaries, known as the 60 Broadway Building Corporation."
-V. 119, p. 1516.
Negotiations are reported to be in prowess between local bankers and
the company by which an issue of approximately 51.500,000 of bonds will
be underwritten. The proceeds, it is said, will be used to provide funds
for the construction of a hot rolled strip steel mill to be installed at the
New CastleeDel. plant of the company at a cost of approximately 5600.000
to $700,000, and also give the corporation between $800,000 and 5900,000
'
working capital.
-V. 119, p. 1291, 1180.
Northern Mexico Power & Development Co., Ltd.
Back Dividends.
-
The earnings published In the "Chronicle" last week are for the 9 months
ended Sept. 30 and not June 30. See V. 119, p. 1852.
The company has declared a dividend of 7% on the Preferred stock
(covering accrued dividends for 1921), payable Nov. 1 to stockholders of
record Oct. 22.-V. 119, p. 588.
Northwestern Electric Co., Portland, Ore.
-New Plant.
Vice-President L. T. Merwin announces that the company will shortly
begin the construction of a $4,000,000 hydro-electric power plant. This
plant will be one of the largest and most complete in the West and will
increase the available horsepower of the company from 53.000 to 93,000.
A concrete dam 140 ft. high and 490 ft. long will be constructed in the
north fork of the Lewis River, two miles south of the Yale Bridge, and
eight miles northeast of Amboy. Wash.
-V. 118. D. 2190.
Ohio Body & Blower Corp.
-Plans Readjustment.
The stockholders will vote Nov. 14 on approving plans for funding bank
debts and readjusting capital.
-V. 119, p. 703, 588.
Ohio Fuel Corp.
-Deposits.
-
It is stated that more than 95% of the stock of the Union Natural Gas
Co., Ohio Fuel Supply Co. and Manufacturers' Light & Heat Co.. forming
the New Ohio Fuel Corp., has been deposited under the offer to stockholders of these companies on Sept. 15.-V. 119, p. 1404. 1290.
Ohio Power Co.
-Definitive Bonds Ready.
-
Dillon. Read & Co. interim receipts for the 6% Gold Debenture bonds
due June 1 2024 are now exchangeable for definitive bonds at the office
et the Seaboard National Bank, 115 Broadway, N. Y. City. See offering
of bonds in V. 118, p. 2711.
Old
Ben
Coal
Corporation.
-Bonds
Called.
-
All of the outstanding 1st Mtge. 6% Serial Gold bonds, dated May 23
1917 (other than those maturing Dec. 11924) have been called for payment
Dec. 1st 10235 and int. at the Bank of North America & Trust Co.,trustee,
City Hall Sq., Philadelphia, Pa.
-V.119. D. 1851.
Onyx Hosiery, Inc.
-Earnings.
3 Months Ended
Total9 mos.
Sept. 30'24. June 30'24. Mar, 31'24. Sept. 30'24.
Gross profit
$249,223
$469,189
$574.609 $1,293,021
Exp.,int., taxes & depr347.827
512.122
518,326
1,378.275
Net. deficit
$98,604
$42,933 sur.S56,283
$85,254
-V. 119, p. 588.
Pacific Development Co.
-Shares Suspended.
-
The New York Stock Exchange has suspended dealings in the
stock.
This action was taken because no report has-been submitted since 1921
and
the company is in process of liquidation.
The company was organized in 1917 to engage in industrial and
commercial development work in the Orient. Its present condition is largely
the result of chaotic conditions In China.
A plan for refinancing its two subsidiaries Pacific
and Andersen, Meyer & Co., Ltd. was approved Commercial Corp.
Dec. 20
the stockholders. Under the terms of the plan, stockholders 1922 by
had the
option of subscribing to all (but not part) of stocks of the two finance corporations, one of which was to finance the business and acquire the
stock of
the Pacific Commercial Corp. and the other to perform a similar
and acquire the stock of the Anderson Meyer Co. Since that timeservice
no
formation as to the progress of the company under reorganization has inbeen
obtainable.
-V. 116. p. 1188.
Paige-Detroi
Penn Seaboard Steel Corp.
-Bond Issue.
-
Pennok Oil Corp.
-On Curb.
The New York Curb Market Association has announced that initial
trading started in Pennok Oil stock Oct. 16. This is the company which
purchased the producing properties and physical assets of the Pennok
CM Co.. which is being liquidated. See Pennok Oil Co. in V. 119, P.
1852, 1634.
Postum Cereal Co., Inc. (8c Subs.).
-Earnings.
Philadelphia
Palo Verde Mutual Water Co.
-To Issue Stock.
-
Pan American Petroleum & Transport Co.
-Govt. Suit.
Testimony was begun in the U. S. District Court at Los Angeles Oct. 22,
in the Government suit to cancel the lease and contracts of naval oil reserve
properties to the Pan-American Petroleum & Transport Co., which E. L.
Doheny,controlling shareholder, values at $100,000,000. and in the alleged
conspiracy for the granting of which, the Government charges. Doheny
paid $100,000 to Albert B. Fall. Secretary of the Interior at that time.
-V. 119, p. 1852, 1744.
Park Avenue Realty Corp., Detroit, Mich.-Bonds
Qffered.-Livingstone, Higbie & Co., Union Trust Co.,
Hayden, Van Atter & Co., Nicol, Ford & Co., Detroit, and
Otis & Co., Cleveland, are offering at par and interest,
$1,000,000 6
First (Closed) Mtge. Serial Sinking Fund
Gold bonds.
Company.-Listinq.-
Public Service Electric 8c Gas Co.
-Securities Authorized
The New Jersey Public Utilities Commission has authorized the company
to issue $15,000.000 First & Ref. Mtge. 535% Gold Bonds, due 1964, and
2,000,000 shares of Common stock without par value.
Of the bond issue 55.248,000 is to be issued in exchange for an equal
amount of the 5;4% series now held by the Public Service Corp., ard due
1959. The remaining $9,752,000 of the bonds is to be sold and the proceeds
together with those from the Common stock, used to reimburse the company for additions and improvements already made and to provide fundsfor
further additions.
The Common stock is to be offered to holders of Common stock of record
at $10 a share. All this, except the directors' shares, is held by the Public
Service Corp., which has signified its intention of purchasing its pro rata
share. See also V. 119, p. 1405.
Pullman Co.
-Designs New Auto Body.
-
At the annual meeting President E. F. Carry, in addressing the stockholders. stated that the company has designed and completed an all-steel
automobile body and that a sample has been given to the Packard Motor
Car Co. and has in dergone tests successfully. Produced in quantities, this
body, it is said, will be cheaper and lighter than the'present body and will
have an additional element of safety. The only objection of manufacturers
is that models cannot be changed frequently. This, however, it is believed,
can be answered with the safety argument.
-V.119, p. 1392.
Punta Alegre Sugar Co.
-To Change Fiscal Year.
-
The stockholders will vote Nov.5 on taking action on the recommendation
of the directors that the fiscal year of the company shall end Sept. 30
Instead of May 31.-V. 119. p. 1839.
Regina Apartments, Chicago.
-Bonds Offered.
-Lackner, Butz &
hicago, are offering at par and int.
$180,000 7% 1st
Co.,Mtge. Real Estate bonds.
These bonds are secured by a first mortgage on the land and building
located at 5037-43 Kenmore Ave., Chicago, which is a west front between
Argyle St. and Winona Ave. The lot, which has a frontage of 100 ft. and
a depth of 150 ft., is now being improved with a 3-story red brick and
terra cotta court apartment building containing 42 apartments: 6 of 5
-room apartments will be equipped with
rooms and 36 of 4 rooms. The 4
wall beds. Apartments will all be finished in hardwood and will be strictly
modern in every respect. Total valuation of property 5300,000.
Income.
-It is estimated that the annual rental will be about :52.500.
which will leave a net income after deducting operating expenses of about
3 times the greatest annual interest charge.
St. Louis
-Earnings.Rocky Mountain & Pacific Co.
--Quarters Ended-- 9 Mos.End
Sept. 30'24 June30'24. Mar.31'24. Sept.30'24.
5620.317
5653.137 51,916.898
$643,444
Gross earnings
1.416.787
462.570
507.840
Cost, expenses and taxes.. 446.377
54.621
162.877
53.818
54.438
Interest charges
62.035
61,020
183.936
60.881
Res've for depr. & deplet-
t Motor Car Co.
-Obituary.
Net income
Sherman L.Depew of Detroit, Comptroller and a director of the
company. -V. 119, p. 590.
died Oct. 20.-V. 119. p. 1179.
The California RR. Commission has authorized the company to
not less than par ($10). $271.699 additional Common stock to issue at
finance
additions and improvements.
-V. 112. p. 1219.
Electric
The Philadelphia Stock Exchange has authorized the listing of $477,900
additional full paid Common stock, being balance of 39.790.300 issued
under Common stock allotment authorized April 10 1924. making the total
amount of said stock listed at Oct. 18 $58,952,500, par 525.-V. 119, p.
1517.
$80,594 •
$42.106
$30,598
$153.298
-New Officer.
Sears, Roebuck & Co., Chicago.
General Robert E. Wood,form3rly Vice-President of Montgomery Ward
will become a Vice-President of Sears, Roebuck & Co. on Nov. 1.
&
-V. 119. p. 1635.
Co..
-Pays Back Dividend.
Seiberling Rubber Company.
According to a Cleveland dispatch, the company, on Oct. 16 made a disbursement to Preferred stockholders of a dividend covering accruals up to
July 11922. This leaves an accumulation of 18% up to Oct. 1.
Pros. F. A. Selberling states that the company hopes to wipe out all back
dividends during 1925. It is said that business has shown a net profit each
month this year.
-V. 118, p. 2836.
-Suit.
Sinaloa Exploration & Development Co.
Suit brought by three stockholders of the company against Henry L.
Doherty & Co., alleging illegal disposal of stock, will be heard in New York
State Supreme Court as result of a decis'on handed down by Federal Judge
William Bondy. The plaintiffs allege that Philip Francis, President of
SLialoa Co.,illegally sold stock to Doherty for $100.000 in cash acd 5107.000
In notes.
-V. 119. p. 1635.
Solvay (N. Y.) Process Co.
-Bonds Called.
Certain outstanding 1st Mtge. 5% 30
-Year Gold bonds. dated Aug. 1
1908 (aggregating 5577.500) have been called for payment Feb. 1 1925.
at 105 and int. at the Rhode Island Hospital Trust Co.,trustee. Providence,
R. I.
-V. 115, p. 2804.
Dated Oct. 1 1924: due serially, Oct. 1 1927 to 1939. Principal and
interest (A. & 0.) payable at Security Trust Co., Detroit, trusto3. Callable at 102 and interest on any interest date on 30 days' notice. Denom.
51.000. $500 and $100. c*. Company pays normal income tax up to 2%.
Southeastern Mass. Power & Electric Co.
-Div.
Security.
-Specifically secured by first closed mortgage lien upon the real
A quarterly dividend of 23.1% and an extra of 1% have been declared on
estate and building of the company located on the southwest corner of Park the outstanding
$430,000 capital stock, par $100, both payable Nov. 15 to
Ave. and Sproat St. Detroit, conservatively valued as follows: Land. holders of record
Oct. 14. Previously, the company paid quarterly divi$180.000: building. $1%825,000; total value of all property covered by the dends at the rate of
8% per annum.
mortgage. $2,005,000.
Guarantee.-Unconditionally guaranteed, both as to principal and interSouthern Canada Power Co., Ltd.
-Dividend of $1.
est, by W. A. Pungs and Low W. Tuller. Mr. Pungs, in his signed stateThe directors have declared a dividend of $1 per share on the no par value
ment of Sept. 20 1924,shows a net worth, exclusive of his stock in the Park Common
stock, payable Nov. 15 to holders of record Oct. 31. A like
Avenue Realty Corp. of over $500,000. Mr. Tuller in his signed statement amount was
paid May 15 1924 and Nov. 15 1923.-V. 119, p. 1746.
1966
THE CHRONICLE
[VOL. 119;
costing about 53.750,000. Funds for the work were provided by the
City of Bogota issue of 8% External Sinking Fund gold bonds.
The company has applied to the California RR. Commission for per- $6.000.000
The remaining $2,250,000 will be used to refund the outstanding bonds.'
mission to issue $802,300 1st & Ref. Mtge. bonds to cover costs of additions -V. 117, p. 2662.
and betterments.
-V. 118, p. 1677.
. Southern Sierras Power Co.
-To Issue Bonds.
-Acquisition.
Springfield (Mass.) Body Corp.
-V. 116, p. 1660.
See Stevens
-Duryea Motors, Inc., below.
Standard
Gas & Electric
--Booklet.
Company.
-page illustrated booklet just off the press contains a great deal
A new 16
of interesting information regarding growth of the company and its operated
public utility properties. Attention is called to the page of charts on the
inside of the back cover; these figures are complete as of June 30 1924. with
-V.119, p. 822. 705.
comparisons extending back over a period of years.
-Answers Govt. Suit.
Standard Oil Co. (Ind.).
The answer of the company to the suit brought by the Federal Government last June in the U. S. District Court at Chicago was filed Oct. 20.
The company denied that it has pooled its patents with other oil companies
so that other refiners are prohibited from producing cracked gasoline except
by the payment of huge royalties.
The Government's suit named as defendants besides the Standard Oil
Co. of Indiana about 50 oil companies, among them being the Texas Co.,
the Standard Oil Co. of N. J. and the Gasoline Products Co. The alleged
pooling of patents took place among the latter three companies and the
Standard Oil Co. of Indiana, according to the Government'F) complaint.
It is admitted by the company that agreements were entered Into among
the four companies because their individual processes for cracking gasoline
infringed upon each other. This so-called pooling, however; it is maintained, was merely to avoid expensive and protracted litigation among
one another and was undertaken for the purpose of having each owner left
free to manufacture gasoline under it without fear of infringement of any
other patents. Had this not been done, according to the company, there
would have been a shortage of motor fuel beeause of the unsettled litigation,
with consequent high prices to the public.
As to the charge of the Government that trade and commerce are being
restrained through the defendant's system of licensing its process of cracking to other concerns, a complete denial is entered.
It is contended that the company is now licensing and for several years
past has licensed its largest competitors to use its patented process, and that
such competitors have been enabled thereby to compete more freely than
they might otherwise have done in the very territory in which the company
itself is engaged in business; that licenses to such competitors are wholly
free from limitation as to quantity of production. place of sale or price.
It is further asserted that in place of such licenses having been intended to
secure or having secured to it a monopoly, its percentage of business has
-V 119, p. 1746. 1635.
decreased matcrially since it began making them.
-Debentures Called.
Standard Oil Co. of New York.
-Common StockU. S. Cast Iron Pipe & Foundry Co.
holders Lose Decision.
-
The Court of Errors and Appeals of New Jersey on Oct. 20 affirmed the
refusal of Vice-Chancellor Ilackes to allow an injunction enjoining the
company from paying a dividend of ei of 1% on the Pref, stock declared
by the directors Nov. 16 1923.
The Chancellery decree also dismissed the bill of complaint filed by
Anson B. Moran, New York City, owner of 100 shares of the Common
stock, who applied for the injunction.
Because of the decision the company is prohibited from paying any
dividends on its Common stock until back dividends totaling $721,370 on
its 7% Non-cum. Pref. stock have been liquidated.
This decision came as a result of suits brought by a Common and a Pref:
stockholder following the declaration last November of A % dividend
on each class of stock.
Although the company's Pref. stock is not a cumulative issue, there was
some question whether, under its charter, Pref. stockholders were not
entitled to a full 7% return in years when that percentage was earned
on the stock, whether it was paid or not at the time. The A % dividends
were declared to permit a test of the question in court.
John Day of South Orange, N. J., holding 200 shares of Prof. stock.
brought suit to enjoin the payrdent of the dividend on the Common,stock,
claiming that the company owed Prof. stockholders $721,370, or a 11 a
share, on the 120,000 Pref. shares.
Anson B. Moran. New York, holding 100 Common shares, filed another
suit to enjoin the preferred payment on the ground that current dividends
on the Pref, stock were already $7 a share, the full rate to which it was
entitled.
The Chancery Court sustained Day's claim and denied Moran's petition.
The Court, in effect, held that, although directors of a corporation had the
right at their discretion to temporarily withhold dividends on Pref, stock
,
in years when earned, these unpaid dividends became an accrual which must
be wiped out before any Common dividends could be paid. Under the
Chancery Court's decision cumulative and non-cumulative Pref. stocks
differ only in that the former are entitled to dividends whether earned or
not in any particular year. These dividends have priority over Common
dividends, but in neither case need they be paid until in the directors'
-V.119. p. 1747.
discretion the company can afford to liquidate them.
United States & Foreign Securities Corp.-Pref. Stock
Sold.
-Dillon, Read & Co. have sold at $100 per share
250,000 shares (no par value) 1st Pref. stock. Cumulative
dividends, $6 per share per annum. Each share of 1st Pref.
stock will carry one share of Common stock.
All of the outstanding $26,000,000 7% Serial Gold Debentures, dated
Jan. 3 1921 and maturing Jan. 2 1926 to Jan. 2 1931 incl.. have been called
Entitled to $100 per share and accrued dividends in case of liquidation.
for payment Jan. 2 1925 at 105 and int. at the Equitable Trust Co.. trustee.
N. Y. City, or at the office of Blair & Co., Inc., 24 Broad St.. N. Y. City. Red., as a whole or in part, on any dividend date upon 60 days' notice at
All of the 54.000,000 Debentures maturing on Jan. 2 1925 will be $105 per share and diva. Divs. payable Q-F. Central Union Trust Co.,
New York, transfer agent: Guaranty Trust Co., New York, registrar.
-V. 118, p. 3209.
paid in usual course.
Divs,free of the present Federal normal income tax.
-Control Souoht.-Incorporated in Maryland Oct. 9 1924. Has been formed
State Theatre Co., Boston.
Company.
-V. 115, p. 997.
to buy, sell, underwrite, offer and generally deal in, corporation, governSee Loew's Boston Theatres Co. above.
mental and other securities, both American and foreign,and, when desirable,
-Sale of Plant.
Stevens-Duryea Motors, Inc.
to take part in the organization and operation of corporations. Company
-Duryea. Inc., has sold its plant and will afford to its stockholders the means to participate in diversified investThis company, formerly the Stevens
property located at Chicopee, Mass., to the Springfield Body Corp., manu- ment and financial opportunities arising from time to time which would
facturers of automobile bodies. See also Stevens-Duryea, Inc., in V. 117, not be available to them as individuals. The company may extend its
operations by issuing its own debentures.
p. 1248, 1673.
Capitalization-.4uthorized and Issued.
--Earnings.
Stewart-Warner Speedometer Corp.
dive (now offered under allotment
-3 Mos.End. Sept. 30- -9 Mos.End. Sept.30- 1st Prof. stock ($6 cumul.
250,0011 skis,
certificates) •
1923.
1924.
1924.
1923.
stock ($6 cumul. div.) (purchased for cash by Dillon,
51.821.312 $2,662,523 $5,517,994 2d Pref.& Co. and associates)
5652.972
Net earnings
50,000 skis.
Read
3,059,611
1,154,810 *2.976,594
*593,737
Dividends
1st Prof.; the balance
25.374 Common stock (250,000 sha. to go with
Prem.on Prof. stk. ret
1,000,000 shs.
to go with 2d Pref, and to the organizers)
-Company has received $5,000,000, equivalent to $100
Junior Capital.
$59,236
$666,502 def$314,071 $2,463,010 per share for the 2d Pref. stock, the entire amount having been paid in by
Surplus
Dillon, Read & Co., excepting only such amounts as have been paid in by
*Estimated.
-V.119, p. 951.
the directors. The $5,000,000 so obtained will be used principally for
the establishment of a general reserve. Company will receive this $5,000,000
-New Control.
Sugar Estates of Oriente, Inc.
and the proceeds from the sale of 1st Prof. stock, free of any deductions
-V. 119. P. 1636.
See Cuban Dominican Sugar Co. above.
for originating charges by the organizers.
-corporation will subscribe for approximately 25% of the
Investments.
-Tenders.
Superior Steel Corp.
issue of capital stock of the American & Continental
The Union Trust Co. of Pittsburgh will receive tenders up to Nov. 12 $10,800,000 initial
of financing industrial and
at Corp., which is being formed for the purpose of the stock of the American
for the sale to it of 3150.000 1st Mtge. 6% Sinking Fund gold bonds
commercial companies In Europe. The balance
prices not exceeding 106 and int.-V. 119, p. 706.
& Continental Corp. is being acquired by American banking institutions
and associates. The American dc Cintonental Cerp. will begin its operaSwift & Co.--Complaint.tions in Germany. where it has associated with it a group of leading German
-V. 119. p. 465. 335.
See Armour & Co. above.
banks.
The U. S. & Foreign Securities Corp. also will invest approximately
Texas Gulf Sulphur Co., Inc.-Earnings.$2,500.000 in the securities of the following companies: Brooklyn Edison
-Quar. End. Sept. 30- -9 Mos. End. Scpt.
Edison Co., continental & Commercial National Bank, Chicago; General
1923.
1924.
1923.
1924.
PeriodElectric Co., Central Union Trust Co., New York, First National Dank,
Net earns, after reserve
New York.
for depr.& Fed. taxes_ 31,140,219 51.188,515 53.477.860 53.478,770
Earnings from the securities named above, together with income from
3,333,7M, 2,698,750 the unexpended amounts received on 1st Pref. Stock Allotment certificates
1.111,250
952.500
Dividends
and from the additional 55.000.000 paid in, should be sufficient to provide
528.969
$234,015
d
) Surplus
for initial dividend requirements on the 1st Pref. stock.
Profit and loss surplus
Provisions of First Pref.Stock.-The 1st Pref. stock has preference over
$780.020
$144,110
incl. res've for depl'n_ _ 57,199.879 $7.067.517
the other classes of stock as to dividends, and as to assets in liquidation.
During the three months ended Sept..30 1923 the company also increased It is entitled to dividends of $6 per share per annum cumulative from
Its reserves, including reserve for depreciation and for unpaid Federal Nov. 1 1924. The 1st Prof. stock is redeemable as a whole or in part
taxee, accrued, by 515'7.618, making the total of these reserves $4,670.078. on any dividend date on 60(Lays' notice at $105 per share and accrued div.
-V. 119, p. 46o, 952.
-With each share of 1st Pref, stock there will be delivered
Payments.
one share of Conunon stock.
-Semi-Annual Rc port.
Tonopah Mining Co.
Payments will be called for as follows: 25% on delivery, subsequent
Six Months Ended
months and no single
intervals
to
June 30'24. Dec. 31 '23. June 3023. callsto be made atthan 25% of not less than three named below. PurPeriodof the allotment price,
call
be for more
$829,179
35.39,838
5742,498
mice or on
Gross value ore milled
&Len
68,261 chasers have the option, however, to make payment in full at
39.001
and refining_ _
Metal losses in milling
any 1st Pref. stock dividend payment date. Allotment certificates of the
deliverable on or about Nov. 3 1924. Holders of these
company will be
$687,674
$500,837
$760.917 certfficates will be entitled to receive currently dividends in proportion to
Gross value of milled product
525,251
428.420
575.324
/nee market & general exp_-_ _
payments made on the allotment price called for by the certificates. Upon
be entitled to subsequent
5235.665 payment of the entire allotment price holders willat the option of the com5112,350
572,408
Net profit
dividends in full, and on Nov. 1 1926 (or earlier
148.530
62.422
118,497
Miscellaneous income
certificates for the 1st Prof.stock called for by the allotment
pany)to receive
stock.
5384.195 certificates, and for an equal number of shares of Common
$230,848
$134,830
Net income
Listing.
-The Boston Stock Exchange has admitted to the list full paid
833i% of which is owned by the Tonopah Mining and 25% paid allotment certificates for 250,000 shares without par value
Tonopah Placers Co.,
June 30
Co. of Nevada, had a net profit for six months ended 31 1923 of1924 of 1st Prof.6% Cumul. stock, transactions permitted "when issued," pending
$4,896.
ended Dec.
$10,040. compared with net loss for six months1924 were reported as follows: delivery of certificates.
-Edward G. Wilmer will be the Chairman of the board of
Directors.
Quick assets and invested funds on June 30 and public utilities bonds and
Cash on hand June 30 1924. $60.749, railroad Liberty bonds at purchase directors, which is composed of representative bankers and industrialists.
$1.212,370: U. S.
stock at purchase price,
-Initial
rice, $413.544: due from mint. 3118,298, and demand loans on collateral,
United States Hoffman Machinery Corp.
50.000; total. $1,854,963. Loans to subsidiary companies, $778,239.- Dividends on Common and Preferred Stocks.
.118, p. 2837.
on the Common
An initial dividend of 50e. per share has been declared
-Earnings.stock. no par value, payable Dec. 1 to holders of record Nov. 20.
Transcontinental Oil Co.
6 mos. end.
The directors have also declared an initial quarterly dividend of 1A %
-Quarter Ended
June 3024. Mar. 3124. June 3024. on the 7% Cum. Cony. Pref. stock, payable Dec. 1 to holders of record
Period
53.824,284 32.899,499 36,723,783 Nov. 20. (See offering in V. 119, P• 8:22.)-V. 119, p. 1075. 953.
Gross income
6,063.952
2,532,173
3,531,779
Operating expenses
781,465
493,990
287,475
Utah Copper Co.-Kennecott Copper Co. Extends Offer.
Expenses and interest
-V. 119, p. 706.
See Kennecott Copper Corp. above.
$5,030 loss$126,664 loss$121,634
*Net profit
t
-V. 118, p. 2714.
•Before depreciation and depletion.
-To Rehear Case.
Trenton Potteries Co.
a petition
for a writ of
The U. S. Supreme Court on Oct. 20 granted
certiorari to review the case of the U. S. against the Trenton Potteries
Co. at al.
-V. 118, p. 2837.
Ulen & Co.
-To Carry Out Construction Work in Bogota.-
Dillon, Read & Co. have appointed the engineering firm of Ulen & Co.,
of which the American International Corp. owns about 40% of the capital
stock, to carry out construction work in the city of Bogota, Colombia.
-New Financing Plan.
Utah Metal & Tunnel Co.
-
The directors have declared the plan proposed in a circular of July 15
inoperative. The amount subscribed by stockholders under the plan
submitted July 15 is not sufficient to undertake the proposed mining and
development work. (See V. 119. P. 592.)
To take the place of the previous plan, the directors have voted to issue
the notes of the company to the amount of $200,000 (instead of $100.000
as before). In lieu of interest on these noun, pay the stockholders one-half
of the net earnings of the company until notes are paid or called as hereinafter provided; make these notes convertible into stock at SI a share. When
the indebtedness for which the bonds are held as collateral, amounting to
about $700,000, is paid, deposit these bonds as security for the payment of
the $200,000 notes now proposed to be issued.
Retain in the treasury the other half of any earnings derived from mining
operations, and hold the same until there is sufficient to pay the notes
either on call or at maturity, and out of this half of the earnings pay said
notes. In order that subscribing stockholders shall receive a substantial
.amount of earnings, provide that the notes shall not be callable before Jan. 1
1927, and also provide that when these notes are called they will be entitled
to receive a 25% premium.
Stockholders who have already subscribed and paid in any part of their
subscriptions are requested to leave their money on deposit and they will
receive notes for the full amount of subscription instead of half notes and
half stock as provided under the previous plan. Such subscribers may increase the amount of their present subscription if they wish to do so. First
payment is due at the Atlantic National Bank. Boston. on Nov. 1.-V. 119,
13• 592.
Venezuelan Petroleum Co.-Bal. Sheet July 31 1924.Liabilities
Assets. ..54,000,000
*13,400.000 Capital stock
' Property account
100,537
1,168 Reserve for taxes & exp _ _
Furniture and fixtures- _ _ _
165.285
6'34,687 Donated surplus
'Treasury stock
1,000
Adv. Venez. Gulf 0110o_ _
228,967
<Dash in banks
The directors consider that the above offer made by Cuban Dominican
Sugar Co. for the Common stock of Sugar Estates of Oriente, Inc., and
the offer made by the liquidating syndicate for the assets of the company
are fair and should be accepted. After most careful consideration of the
entire situation, the board believes that the company cannot be liquidated
to better advantage for the holders of the Pref. stock than by the above
plan. Instead of being stockholders in an organization which can only
hope for revenue from service rendered to sugar-producing corporations
and from dividends on the Common stock of Sugar Estates of Oriente, Inc.,
an opportunity is afforded to Pref. stockholders to exchange their holdings
for a well-secured Pref.stock with good dividend prospects. They therefore
strongly advise all holders of Pref. stock to make this exchange.
The time within which this may be done will remain open until the
close of business on Dec. 10 1924. Holders of Pref. stock may forward
their certificates to National City Bank, 55 Wall St., N. Y. City, which
will act as depository.
-V. 119, p. 1637.
-Bonds Ready.
West Kentucky Coal Co.
Permanent 1st Mtge. 7% bonds, due May 1 1944, Series "A," are now
ready for delivery at the offices of Lee, Higginsoa & Co. See offering in
V. 118, p. 2207.
-Bookings, &c.'
Westinghouse Electric & Mfg. Co.
Quarters Ended Sept. 30Total
$4.265,822 Bookings(approximate)
14,265.822
Total
Billings (approximate)
* 4 concessions in Venezuela and royalty on 24,374 acres owned by the -V. 119. p. 1408, 707.
Venezuela Gulf Oil Co.
-V.118, p. 2592.
x 800.000 shares, par $5: authorized 1,090,000 shares.
White Eagle Oil &
-Earnings.
Virginia Iron, Coal & Coke Company.
' Gross
'Expenses
_
Operating profit
Other income
Total income
• Interest and taxes
Not profit
-V. 119, p. 466.
1967
THE CHRONICLE
OCT. 25 1924.]
9 Mos. end.
3 Months Ended
Sept. 30'24. June 30 '24. Afar. 31 '24. Sept. 30'24.
1631,547
1760.212 81.420,745 52,812,634
2,707,177
590,922
760.519
1.355,736
1922.
1923.
1924.
$34,705,000 511.940,000 137,453,227
39,573,000 38.619.500 30,291,800
-Earnings.
Refining Company.
Three Months Ended Sept. 30Sales
Cost of sales
1922.
1923.
1924.
$4,508,907 $4,136,766 84.018.414
2,506.105
2.926,771
3,464.832
Gross profit
General admin. & selling exp
11,044,075 $1,209,995 31,512,309
399,296
663,999
711.626
$40,725
36.264
loss$277
43,020
$65,009
33,991
1105.457
113,275
Profitfrom operations
Miscellaneous income credits
$332.450
76,280
$545.996 51,113.013
73.503
44.702
$76,989
104,962
542,743
93.942
198.999
93.207
5218.731
292.111
Total income
Miscellaneous income charges
$408,730
103.911
$619,499 $1,157.715
75.706
91.329
Net income
Net income first 6 months
1304.818
1,618,967
$528,171 11,082,009
1.434.610
1,734.586
loss$27,973 less$51.199
$5.792 loss$73.380
Waldorf System, Inc.
-Earnings.
Nine Months Ended Sept. 30Sales
'
,. Net profits
Preferred dividends
• Common dividends
1924.
1923.
110,202,010 110,370,394
853,965
8.38,094
590.592
$84,889
376,408
414.009
Netincome first nine months
$1,923,786 52,262,757 $2.516,620
The income represents net income before deducting reserve for depreciation. depletion and Federal income tax.
-V. 119, P. 1747.
Wilson & Co., Inc.
-Common Stockholders Committee.
A notice to the Common stockholders says: The company has been
In receivership since Aug. 23 1924 and committees have been organSurplus
$355,066
$371.093 ized to represent creditors and holders of Pref. stock. It is imperative
President P.E. Woodward says: "Our sales have taken the first upward that the holders of the Common stock unite and take immediate action to
• turn since early in 1923. Undoubtedly the improvement in both employ- protect their interests in the property. For that purpose at the request of
ment and business conditions is responsible for this. Profits for September the holders of a large amount of the Common stock, the following have conwere slightly in excess of the biz month we enjoyed last year and for the sented to act as a protective committee,and request the holders of the Comnine months are over $15,000 more than last year at this time. Indications mon stock to deposit the same immediately with Farmers' Loan & Trust
-V. 119, p. 466, 1637.
point to a strong ending for the last quarter."
Co., as depositary. 22 William St.. N. Y. City.
Committee.-James H. Perkins, Chairman: C. W.Patterson, F. R. Hart,
Washington Oil Co.
-New Control.
F. H.Deacon, with F. A. Dewey, Sec., 22 William St., New York, N.Y.
interests have
The New 'York "Times" Oct. 21 states: "Pittsburgh
The Guaranty Trust Co. trustee, 140 Broadway, N. Y. City, until
• acquired the stock of the company, held by the Rockefeller Foundation Oct. 23 received bids for the sale to it of 1st Mtge.6% 25
-Year S. F. Gold
'
and the General Education Board, also established by John D. Rockefeller. bonds due April 1 1941,to an amount sufficient to absorb $57,422, at prices
This gives the Pittsburgh interests working control over the company. not exceeding 1073i and interest.
-V. 119. p. 1638.
' According to information obtained in local banking circles, they have
• offered to take over,the entire minority holdings at $30 a share, the price
(Walter A.) Wood Mowing 8c Reaping Machine Co.
which the Rockefeller organization is reported to have received for their
31.-V. 119,
holdings. Louis G. Myers, Treasurer of the General Education Board and p.The sale of the property has been further adjourned to Oct.
953.
the Rockefeller Foundation, neither confirmed nor denied the report that
• the two institutions have disposed of their holdings in the Washington
Wright Aeronautical Corp.
-Earnings.
. 011 Co."
-V. 118, p. 1039.
--9Months
3 Months
Period ended Sept.30- 1924.
1923.
1924.
1923.
West India Sugar Finance Corp.
-Liquidation Plan.
$277,839
$313.392
1126,697
The Cuban Dominican Sugar Co. offers to purchase from the company Net profits after charges $136.741
' the entire 800,000 shares of Common stock of Sugar Estates of Oriente. -V. 119, p. 592.
Inc., for $2,700,000 in cash; 32,930 shares of its Pref. stock; 593,389 shares
-Earnings.(Wm.) Wrigley Jr. Company, Chicago.
of its Common stock wihtout par value, and the assumption of the com-Quarter Ended
pany's obligation arising from the purchase of Alto Cedro.
9 Mos. Ended
Period
Sept. 30 '24. June 30 '24. Sept. 30 '24. Sept. 30 '23.
In order to enable the company to liquidate, if this offer is accepted, a
liquidating syndicate of Common stockholders have offered to purchase Earnings
84,723,784 84,555,194 113,194,967 $11,421,874
81,771,568 11,929.106 55,208.239 $4,510,339
'
the above shares of Pref. and Common stock of Cuban Dominican Sugar Expenses
1.171,076
444,607
400,425 x1,227.893
- Co., plus small additional amounts now owned, on the basis of exchanging Deprec'n & Fed. taxes..with the holders of the present outstanding 15,628,000 of Pref. stock of
Net profit
12.507,609 82.225,663 $6,758.835 $5.740,459
. this company who avail themselves of the offer, a share of the Pref. stock
x Depreciation, $262.345: Federal taxes (est.), $965,548.-V. 119. P• 953
of Cuban Dominican Sugar Co. for each share of the Pref. stock of West
• India company, and, in addition thereto, to pay to West India company
Youngstown Sheet & Tube Co.
-Earnings.the sum of $2,716,720 in cash. This money, in addition to the $2,700,000
cash received from Cuban Dominican Sugar CO. and its other cash re-3 Mos. End. Sept. 30- -9 Mos. End. Sept. 30sources. will enable West India company to liquidate its indebtedness in
Period1923.
1924.
1924.
1023.
full and to pay in liquidation a sumn now estimated at approximately $24 Total inc. (all sources)_ _x$4,507.588 $7,526,311 $18,402,206 $26,414,647
. per share to any Pref. stockholders who do not exchange their holdings Miscellaneous charges....
1.400,285
1,824,748
624.513
425,449
for Pref. stock of Cuban Dominican Sugar Co.
To effect this result, the Common stockholders will have to pay through
Net income
/16.577,458 $25,014,362
the liquidating syndicate what amounts in effect to an assessment of from Deprec. & depl. minerals $3.883,075 57,100,862
y2,295,330
2,105,395 6,611,480 6.110,420
• $60 to $73 per share on the $3,745,500 Common stock of the company Interest on bonds
2,120,561
3,311,571
1,088,845
1.121.639
now outstanding.
21.665
Prem.on bonds retired
21.665
41.817
Amort. of bond discount
41.817
A circular letter to the Preferred stockholders signed by Prov.for Fed.taxes (eat)
563,000 2,030,000
26,000
466,000
1,251,974
Pref. dividends paid- _
747,656
Sec. M. S. Moyer, further says:
249,219
249,219
3,456.621
3,456,622
987,606
1,234,507
' For some time, the directors have had under a consideration a plan Com. dividends paid_ - 15,070
Minority stockholders..
4 for the dissolution of the company which will protect, as far as possible,
the interests of the holders of its Prf. stock.
Balance,surplus
loss$763.925 81.857,620 51,887.128 19.966,234
Company, organized to finance sugar estates in the West Indies and
• .
to sell their product, has found it impossible to extend its business and
x Being net earnings from operations after deducting all expenses of the
place it on a profitable basis. The change in the industry from small
.• units to large organizations which meet their own financial requirements business and after deducting charges for repairs and maintenance and
•'ahd sell their own product, largely closes the opportunities for this business. including other income of $338,967. y Depreciation. $2.114,652; depletion.
, Even if company could profitably continue its business, it would be im- 5180,678.-V. 119, p. 1077.
possible to realize enough from current earnings to liquidate its present
• indebtedness.
Company is now engaged almost exclusively in selling the sugars of
CURRENT NOTICES.
. Cuban Dominican Sugar Co. and of Sugar Estates of Oriente, Inc.. of
which latter company it owns all of the Common stock. It is proposed
-At the annual convention of the Financial Advertisers' Association
• to consolidate these two companies through the acquisition by Cuban
Dominican Sugar Co. of the Common stock of Sugar TEstates of Oriente, which has just closed at Richmond, Va., R. E. Wright. Manager of the
• Inc., and to still further strengthen the position of the Cuban Dominican Commercial Service Department of the First Wisconsin National Bank of
Sugar Co. by the acquisition of other properties in Cuba and the Dominican Milwaukee, was elected a member of the board of directors of the AssociaRepublic, thus placing it in the position of being the second largest pro- tion. Mr. Wright, as Chairman of the Program Committee for the conducer of raw sugar.
In this connection, directors have been able to obtain the opportunity vention, had charge of arrainging all the programs and the luncheon round
for holders of West India Sugar Finance Corp. Prof. stock to exchange their table discussions.
shares for shares of the Pref. stock of Cuban Dominican Sugar Co. This
Milliken dz Pell, of Newark, N. J., in their weekly letter on Standard
• stock is entitled to receive 8% non-cumulative preferred dividends in each
year before ally dividends are paid on the Common stock, and is redeemable 011 Pipe Line Companies, which they issue for free distribution, show, in
and is preferred as to assets up to view of
as a whole or in part at $105 per share,
the announcement by the Prairie Pipe Line Co. that it will accept
its par value in the event of liquidation, and has full voting rights.
In 1922, after the precipitous fall in the price of sugar, company found and pay for all oil presented by producers instead of only 50% as under
itself indebted to banks and others, not'secured by sugar, in the sum of the old prorating system, a comparison of deliveries from May to September
approximately $5,630,000. This debt now amounts to 14,400,000, and 1924, inclusive, on eleven Standard Oil Pipe Line Companies.
falls due again on Dec. 1 1924. After applying substantially all of the
Vanderhoef & Robinson, 34 Pine St., New York, announce that
.available cash resources and earnings of the company to the liquidation
of this debt, there will still be due and unpaid approximately 13,000,000. John G. Whytlaw, Jr., formerly with Grayson M.LP. Murphy dz Co., is
This debt Is secured by pledge of the entire Common stock of Sugar Estates now associated with them in their bond department.
of Oriente, Inc., and as further security the stock has been underwritten
• at an amount sufficient to cover the loan, principally by certain Common
-The Metropolitan Trust Co. has been appointed trustee under mortgage
stockholders who are not willing to continue the underwriting any longer.
In addition to this debt, the company has outstanding 1896,009 20-y
ear executed by the Ice Service Co.,Inc., dated July 11924,securing $1,000,000
8% notes. It also has a commitment arising out of the purchase of "Alto First & Gen. Mtge. Serial 7% Gold bonds.
' Cedro," one of the properties belonging to Sugar Estates of Oriente, Inc.,
-W. A. Harriman & Co., Inc., announce that H. R. Sweet, formerly
which calls for about 1200,000 a year for four years. Company has substantially no indebtedness other than as above stated, and the Common of Newman,Saunders & Co., Inc., is now associated with them as manager
. stock of Sugar Estates of Oriente. Inc., is its only substantial asset.
their public utility trading department.
1968
THE CHRONICLE
[VOL. 119.
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE
-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HIDES
-METALS
-DRY GOODS
-WOOL-ETC.
COMMERCIAL EPITOME
Mho) introductory remarks formerly appearing here will now be
found in an earlier part of the paper immediately following the
editorial mattert in a department headed "INDICATIONS OF
BUSINESS ACTIVITY."I
plainly militating against selling for short account is the discounts of some 100 to 200 points on future months, with the
likelihood of smaller stocks of Rio next spring. Meanwhile
No. 4 Santos is 5c. or more above Rio No. 7. And dry
weather in Brazil at this season, it is contended, is very injurious to the crop.
To-day futures advanced sharply to a new high on strong
cables, large sales of actual coffee and renewed vim in the
general buying. Trade houses were good buyers. Prices
were up 35 to 42 points. Rio advanced 525 to 650 reis net
and Santos 1100 to 1600. Exchange on London was 1-32d.
higher at 6 3-32d. The dollar rate fell 50 reis to 4750.
Shorts covered freely. There was also new speculative
buying. Besides higher cables, stronger exchange helped
to whip up the speculation and lift the price. There were
said to have been resales of large blocks of Santos coffee here
late on Thursday. The Brazilian Minister of Finance
declared that Brazil was in no present need of a new foreign
loan. A Havre dispatch had denied that there was a projected loan in London for Brazil. Underneath the advance
is the fear of a shortage of supplies here and abroad. For
the week there is a net rise in futures of 90 to 98 points, or
in other words, practically 1 cent. That of itself is eloquent
evidence of the apprehensions in regard to future supplies,
in the world's markets.
Friday Night, October 24 1924.
COFFEE on the spot was firm but rather slow early in the
week. Later there was a fair demand. No. 7 Rio was
203c.; No. 4 Santos, 25 to 2530.; fair to good Cucuta
/
243 to 25c.; Bogata, 27% to 283.c.; Medellin, 29 to 30e.
There was a good jobbing trade. To-day roasters were buying to a fair extent but trading was not active. Buyers were
daunted by the rapid advance. Yet it was said that No. 7
Rio sold at 203 0. Santos No.4 was quoted at 25% to 263'e.
4
Futures advanced to new high levels on drought in Brazil,
activity in spot coffee at Santos at higher prices and above
all a reduction in world crop estimates. Laneuville has reduced his estimate of the available supplies from Brazil from
20,000,000 to 18,500,000 bags of which 9,000,000 are Santos,
3,500,000 other Brazil crops, and 5,500,000 bags of milds,
which is supposed to be 4,000,000 bags less than actual requirements. The transactions at one time included switches
from December to March at 60 points net difference, December to May at 100 to 105 points. On the 20th inst.,
though public Santos cables showed a reaction, the effect
was slight, for after a brief hesitation prices advanced 25 to
33 points. The demand was persistent. The bull side was Spot (unofficial) _20 c. March
18.90c. July
18.03c.
18.48(418.49 I September
19.361 May
17.60c.
popular. The 1925 deliveries were wanted by Europe and December
Brazil. Laneuville's estimate of 4,000,000 bags deficit in
SUGAR.
-Spot raws were quiet but firm early in the week
the world's supply was the motor power. Local and western with 43c. bid and 4 5-16 to 4%c. asked. Later the price
buying was a feature, largely on the estimated shortage. weakened. Distant shipments were obtainable it was stated
Unless consumption is seriously reduced by high prices the at 434'c. Europe was quiet with Polish beets selling at 17s.
extent of the possible rise ahead is purely conjectural.
c. i. f. United Kingdom. Only a few orders for refined were
Santos cabled: "No decision yet regarding receipts, and taken at 7.15c. As the majority of buyers cannot wait for
this keeps market subject to violent changes. Currency confirmation, many paid 7.40 to 7.50c. Most refiners here
prices advanced; exchange steady. Owing to drought it is and at the output were firm at 7.50e. One estimate put the
generally believed that 30% of next crop lost. Drought world's production in 1924-25 to 22,467,000 tons against
continues; no prospects of rain." Europe cabled: "There 20,387,567 in 1923-24. On Tuesday 35,000 bags Cuba sold
are still greater requirements to fill; we anticipate an im- at 43c.for this week's loading and the first week of Novemprovement in demand." Laneuville's original crop estimate ber. Refined was in fair demand with prices ranging from
was as follows: Santos, 10,000,000 bags; Rio, Bahia, Victoria, 7.15 to 7.50, generally 7.50e. In Havana on the 22nd inst.
3,500,000 bags; milds, 6,500,000; total, 20,000,000 bags. 10,000 bags of Santo Domingo sold to Warner's Refinery at
The same authority puts the consumption this season as the equivalent of 43.c. c. & f. Some laid stress late in the
follows: United States, 11,000,000 bags; Europe, 10,000,000; week on the appearance of Continental beet sugars in New
other countries, 1,000,000; total, 22,000,000 bags, leaving a York, and the report that American refined recently sold in
deficit of 4,000,000 bags to be supplied out of the existing Europe is being shipped back to Atlantic ports. The idea.
visible supply which on July 1 was a little over 5,000,000, wasemphasized that Cuban sellers of the old crop already
and Oct. 1st, 5,567,000 bags. Some are making a compara! are beginning to have some noteworthy competition. Contive study of prices. In 1918 it is recalled prices were 25 to tinental beet sugar sold to the United Kingdom at 17s.
34 cents in contrast with 203/i to 293/2c. now. The cause of c. i. f. Western beet was reported offering at 6.90e. Chicago.
the present high prices is simply the operation of the law of basis on Monday. Europe sold new crop months at thesupply and demand. Approximately half the world re- Exchange here.
In Cuba the strike in the Adelaide sugar central ended on.
quirements are taken by the United States. Deliveries to
the United States for 1924-25 are estimated at approximately Oct. 20 with a compromise satisfactory to both sides. Pre11,000,000 bags. World's stocks on hand are small; world test is made by the labor union committee against the.
consumption grows; production does not grow fast eonugh. arrest of labor leaders in Camaguey. Havana cabled Oct.
That seems plain. Europe consumed more coffee than 21: "Official Cabinet advices to President Zayas state that
America before the war; now America takes more than the mills of the Cuba Cane Corporation reporting strike.
war-impoverished Europe. Prices have doubled since Janu- conditions now total 6. The union workers of the Northern
ary because of the increasing consumption; crop scarce, Railway of Cuba decided to declare a strike within 72 hours.
artificially restricted marketing, big speculation in Brazil if the sugar strike had not been settled. The Government
and Europe. Around March 1 No. 7 Rio was about 15c.; is working hard to find a rapid and satisfaetory solution.
now it is up fully 5c. at 203'c.; No. 4 Santos was then 20c.; Save 25,000 bags, Cuba sold to the American Sugar Refinery
4
now it is more than 5 cents higher at 25 to 253 c. Rio de and another sale of 10,000 to Warner, both at 43e. C. &P.
Janeiro has a stock of 397,000 bags, or 194,000 less than a A sale was also reported of 500 tons of Peru at the equivalent
year ago; Santos has 1,817,000, or 1,018,000 more than a of 43-ic. c. & f. Cubes to Warner. The market closed with
,
year ago. But the total in sight for the United States is sellers at 4 5-16c. and 43 c. bid. Receipts at Cuban ports
only 1,016,460 bags, or 476,245 less than in 1923. Yet for the week were 11,959 tons, against 26,369 in the previous
prices are not at their post-war peak, for in June 1919 No. 7 week, 9,698 in the same week last year and 22,889 two years
Rio was around 25c.; to-day about 5e. less; the high of No. 4 ago;exports 46,954 tons;against 50,935 in the previous week,
Santos in 1919 was around 30c.; now it is about 5c. less. 51,828 in the same week last year and 51,441 two years ago;
Colombian coffee, which at the war peak was 34c., is now stock 167,297 tons, against 202,292 in the previous week,
5c. less. Meanwhile it is pointed out that a circumstance 165,787 in the same week last year and 254,122. two, years.
OCT. 25 1924.]
THE CHRONICLE
ago. Of the exports 35,072 tons went to U. S. Atlantic
ports, 6,511 to New Orleans and 5,371 to Galveston. Havana
cabled: "Rain is falling copiously." U. S. Atlantic port
receipts for the week were 33,739 tons, against 44,993 last
week and 57,934 last year; meltings 44,000, against 57,000
last week and 64,000 last year; total stock 55,441 tons,
against 65,702 last week and 82,266 last year. Sugar in
New York is too high,according to C.A.Spreckels,Chairman
of the Federal Sugar Refining Co., who has just returned
from a trip abroad. He added: "The production of sugar
in Europe during the present crop will be much larger than is
expected by many authorities. Following a survey of the
leading sugar producing countries and based on reliable
reports,Ilook for an increase in production there of 1,800,000
tons, which is 200,000 above other estimates."
To-day spot raws sold down to 43c. on 7,000 bags for
prompt shipment. It then closed with 438c. asked. A few
/
orders for refined sugar are confirmed at 7.15e., but most
refiners were selling to a small extent at 7.50c. European
markets were firmer with Continental beets 18s. 3d. for
October shipment and 17s. 6d. for November. Refined was
rather more active at British markets. Some business was
reported at 4 5-16c. for prompt Cuba, 5.53c. c. i. f. for
Philippine due late in December, and at 6c. for Louisiana
sugar, delivery after Nov. 3. Futures showed little change
to-day, advancing 1 to 5 points, which measures the net rise
for the week. Closing sugar prices were as follows:
Spot (unofficial)4 5-16c. I March
December _ ...3.9303.94 I May
OF LARD FUTURES
Mon. Tues.
Wed.
16.95
16.95
16.62
14.47
14.42
14.27
14.10
14.02
13.85
IN CHICAGO.
Thurs.
Fri.
16.27
15.90
14.10 13.55
13.67 13.20
PORK firmer; Mess, $30 to $31; family, $32 to $34;
short clear, $30 to $34. Beef quiet but steady; mess, $17 to
$18; packet, $17 to $18; family $20 to $22; extra India mess,
$35 to $36; No. 1 canned corned beef, $2 35; No. 2 six lbs.,
$15; pickled tongues, $55 to $65, nom'l. Cut meats steady;
4
pickled hams, 10 to 24 lbs., 153 to 173jc.; pickled bellies,
6 to 12 lbs., 163/ to 19e. Butter, creamery, lower grades to
high scoring 303/i to 3834c. Cheese, flats, 17 to 21c. Eggs,
fresh gathered, mediums to extras, 31 to 56c.
-Linseed was in fair demand and steady. LinOILS.
oleum interests have been purchasing on a fair scale. Leading crushers quoted $1 06 per gallon for spot October raw
oil carlots, cooperage basis; $1 01 for first half of November
and 98c. for the second half. December and April deliveries were rather quiet at 98c. Cocoanut oil, Ceylon barrels,
lie.; corn, crude, tanks, mills, 100.; edible, 100 barrels,
13Mc.; olive, $1 18@$i 22; cod, domestic, 60@62c.; New4
foundland, 62@65e. Lard, prime, 203 c.; extra strained,
New York, 193jc. Spirits of turpentine, 85e. Rosin,
$7 40@$8 75. With October lard up 58 points to 16.95c.,
-a new high record, cottonseed oil advanced early on Monday. Some January was bought against sales of lard at
Chicago. Cottonseed oil sales to-day, including switches,
11,400 P. Crude S.E. nom. Prices closed as follows:
Spot
Oct
Nov
10.50
Dec
Jan
11.00
10.60110.701Feb
10.35@10.40 I March_ _ _ -10.56110.60
10.42010.43 April
10.55 10.80
10.46010.55 May
10.73 10.75
-Gasoline was in better export demand
PETROLEUM.
late in the week, but in the main has been quiet. Two bulk
cargoes of gasoline and kerosene mixed were closed at the
Gulf supposedly for France. The gas .tank wagon market
has been weaker. There is talk of an impending cut of 2c.
in the local tank wagon market. At local refineries Navy is
quoted at 9c. and delivered to the trade in tank cars at 103
to 103'c. Japan and China have taken quite a little cased
gasoline and there was a fair movement to Australia on old
contracts. Bunker oil has been steady but rather quiet at
$1 75 f.o.b. New York Harbor refinery. Gas oil has been
more active recently. For 26-28 gravity gas oil 43/20. was
asked. It was believed that business could be done, however, at 4%c. on a firm bid. New York prices: Cases, cargo
lots, U. S. Navy specifications, 26.40c.; bulk, per gallon,
12.25c.; export naptha, cargo lots, 13.25c.; 64-65 deg.,
14.50c.; 66-68 deg., 16c.; kerosene, cargo lots, cases, 16.90c.
Petroleum refined, tank wagon to store, 13c.; gasoline,
garages (steel bbls.), 14c.
Pennsylvania
$2 8.5 Illinois
$1 37
$2 75 Bradford
Corning ______ ___ 1 50 Corsicana, Igt--__ 1 25 Crichton
1 00
Cabe11
75
1 58 Plymouth
1 45 Lima
Somerset, light__ 1 70 Indiana
1 25
1 38 Mei:la
Wyoming
1 37 Calif.. 35 & above.. 1 40
1 20 Princeton
1 25
Smackover.26 deg. 0 95 Canadian
2 23 Gulf Coastal
Mid-Continent
-Oklahoma, Kansas and Texas
Under 30 Magnolia
Below 30 deg
$ 75
$0 75
30-32.9
90
30-32.9
90
33 and above
1 10
33,25.9
1 25
Below 30 Humble
1 25
90 36 and above
3.17c. I July
3.33@nom.
33-35.9
1 25 Caddo
36 and above
Below 32 deg
1 00
3.24c.I
1 35
1 15
32-34.9
1 35
38 and above
but the advance checked
LARD on the spot was higher
trade. Prime Western 17.70c.; refined Continent 18.75c.;
South America 19.25c.; Brazil 20.25c. To-day spot prices
were lower with only a moderate business. Prime Western
was quoted at 16.55c., with refined down to 18.50c. for the
Continent, 19c. for South America and 20c. for Brazil.
Futures advanced to new high records with a sharp demand.
Cash dealers and packers beught with avidity. Hogs were
advancing. Offerings of lard as corn declined were quickly
taken. A good cash demand at the West was an outstanding
.
feature with a fair trade in meats. The export demand, it is
hoped, will soon increase. The lack of it is the fly in the
amber. At one time October touched 16.95c., with a firm
cash market. Shorts covered freely. Meats, fats and
greases advanced. Liverppol on the 20th inst. advanced 3d.
to is. Hogs, it is true, fell 25 to 40 points on Monday,
owing to unexpectedly large receipts. This fact halted arise
in the later lard deliveries but October was not to be stopped.
To-day futures declined, partly owing to a fall in grain.
Large liquidation was a feature. From the recent high point
prices are down about 1 cent. One trouble to-day was that
the cash demand was smaller. Selling, too, was general.
Packers sold to a moderate extent. Foreign markets were
weak. That hogs were firm and the Western receipts of
hogs small counted for nothing under the circumstances.
For the week there is a decline of 20 points on October and
77 on May, including 37 on October to-day and 47 on May.
Closing prices were as follows:
DAILY CLOSING PRICES
Sat.
October delivery_ _ _cts_16.37
December delivery_ _ _ _14.47
14.12
May delivery
1969
RUBBER.
-A good demand and higher London cables
sent prices to the highest of the year, I. e., 33c. for ribbed
smoked sheets on the spot. Manufacturers have been taking a good deal of rubber. London reached a new high of
173jd. on the 22d inst. On the 21st inst. that market advaned on good buyino• of spot, November and December, by
New York dealers. Stocks in London fell off 1 990 tons for
the week to 39,823 tons, as compared with 41,813 in the
previous week, 45,993 in the same week last month and
57,680 last year. The reduction in stocks and a good
American and Continental demand caused an upturn of %d.
in London on Monday. On Thursday prices declined at one
time on reports that manufacturers were going to cut prices
of tires again. Late in the day this was denied, and with the
help of a firmer London market prices recovered most of the
loss. Smoked ribbed sheets, spot, November-December,
32%c.; January-March, 33c.; April-June, 333 1e. First
4
latex crepe, spot November-December, 325 c.; January..
%
March, 33e. April-June, 33%c.
HIDES have been in better demand and firm. Common
hides have in some cases been held at an advance of Mc.
Receipts have not been large. City packer hides have sold
a little more freely according to report. Country have been
steadier but not at all active. River Plate wet salted have
been slow of sale. Some 3,000 Sansimena cows sold, it ia
stated, at $34. At Chicago packer were in moderate de,
mand with sales of native bulls at 12e. and branded at 10c.
Other selections were firm and well sold up. Moderate salesof local independent packer all-weight native cows and steers
were made at 15c. and branded at 12c. both steady prices.
'
Caskins were quiet with business reported at outside pointa
Calf
in first salted city merchandise at 22c. and resalted good
mixed lots at 20e. Chicago asks 23c.for first salted Chicago.
4
city calfskins. Kipskins firmer. Packers last sold at 183 c.
but are now asking 193/2c. for Oct. Country hides werestronger with strictly short haired extreme weights at 150.,
with 14c. bottom for weights to 50 lbs. containing a percentage of long-haried merchandise. Sellers ask 123/2c. forbuff weights with some recent business at 12c. and outside.
merchandise selling at 11 Mc.f.o.b. country points, containing a percentage of long-haired stock. Heavy country hides
firmer, with sales of short-haired 60 and over cows and steer&
at 12c.; also business reported at lle, at country points, containing partly long-haired. Sole leathers are stronger, with,
sales of heavy packer steers backs in oak tannage 48c. tannery, or lc. higher.
OCEAN FREIGHTS were at one time steadier, though
trade was not active. Space to Antwerp could be had at
one time, it was said, at 9c., a decline of 40% from the recent asking rate. Bordeau and Bremen berth room it is
stated has been offered at corresponding reductions from recent rates. Late in the week rates were lower. Grain and
tanker tonnage has largely monopolized the business. Rates
are eased now and then. Berth room to the Continent was
said to be obtainable on the 22d inst. at 14 to 15e.
CHARTERS Included grain 35,000 qrs.from Montreal to Mediterranean
21Sic., one port; 22c., two ports, Oct. 25
-Nov. 10: grain from
Continent, 4s. Sid.; barley from Portland to United Kingdom. Gulf to
3
grain from North Pacific to United Kingdom, 37s. 6d.: 100,00041s.c1 •
oil from New York to River Plate, 22Sic. 32,000 qrs grain from casea.4
Montreal
to Mediterranean, 201
4c.. October-November; coal from Hampton
to Italy, $3 40, October-early November; dirty oil from Tampico to Roads
North
Hatteras, 25c., November: clean oil from Gulf to United
Kingdom
Continent. 27s. 6d.; grain from Atlantic Range to Greece 21c one and
October; from Gulf to Mediterranean, 22c., November': railed port,
spirits
from North Atlantic ot Stockholm. 25s..from Gulf, 30c.,
December: 2,004..
1970
THE CHRONICLE
-ton
ton steamer one round trip in West Indies. October, $1 25: 2,172
-steamer, one round trip United States and South America, 81, November;
grain from North Pacific to United Kingdom, 36s. 3d, option Mediterranean, 2s. 64. more; coal from Wales to River Plate. 12s. 3d., November;
from Cardiff to Buenos Aires, 12s. 3d.. November; lumber from Gulf to
River Plate, 1475. 6d.. November; petroleum, refined or spirits, from
North Hatteras to Stockholm, 25s., from Gulf, 30c., December.
{voL. 119.
content of 2M% at $20 50 to $20 75 eastern Penn. Basic
pig iron which is held nominally at $19 per ton sold recently,
it is said, at $18 50 valley furnace. East Indian pig iron of
high silicon content was sold at Boston recently it seems at
$26 per ton which was a slight advance. Coke is quiet though
usually active at this time. Foundry coke is $4 25 to $4 50
Connellsville as to brand. Very many will be keenly disappointed if business in pig iron is not active after the election.
Nominal prices show little if indeed any change but on good
orders it is generally believed that they would be shaded.
Eastern Penn. is called $20 to $20 50 with small sales at
$20 50; Buffalo, $19 to $20 nominally with rumors that on
large recent orders $18 50 was accepted; also $20 for eastern
Penn. Continental and Virginia iron is reported to be selling
at $25 per ton though for some grades $27 is asked. Recent
sales are reported of Continental and Dutch iron at'Boston
at $21 to $22 25 per ton duty paid.
WOOL is said to have sold rather more freely recently.
The American Woolen Co. is said to have bought. It is
supposed to be operating at 55 to 60% of capacity. Foreign
markets in some cases have recently been reported rather
weaker. The rail and water shipments of wool from Boston
from Jan. 1 1924 to Oct. 16 1924 inclusive were 131,695,000
lbs., against 112,478,300 for the same period last year. The
receipts from Jan. 1 1924 to Oct. 16 1924 inclusive were
261,239,000 lbs., against 382,652,200 lbs. for the same
period last year. New York's nominal quotations include:
TOBACCO has been in somewhat better demand at steady
prices. The feeling is that the outlook is improving and that
business will be better after the election. Havana cabled on
Oct. 22 that a cyclonic storm had just left the island after
ranging for some days. Particularly severe damage is reported in the Province of Pinar del Rio, tobacco seed beds in
a great many cases being totally destroyed. Many tobaccocuring houses were swept away. The Government will
aid the poorer classes left homeless and deprived of their
only capital, namely the tobacco and vegetables already
planted. Hartford wired Oct. 21: "The Connecticut Valley
Tobacco Growers' Association to-day established prices for
the 1923 crop, sampling just having been completed. Quotations for broadleaf long seconds of first and second grades
are 5c. higher than a year ago. Light wrappers are the same.
Broadleaf long seconds No. 1,95c.; No. 2, 85c.• No. 3, 65c.;
'
No. 4, 40c. Light wrappers No. 1, $1 25; No. 2, $1; No. 3,
85c.; No. 4, 70c. Havana cabled that a tropical storm had
greatly injured tobacco and other crops in the Province of
Pinar del Rio."
COAL has been active in New England at firm quotations.
Elsewhere the demand is not so pronounced. It is uneven,
Ohio and Pennsylvania fine delalne, 61 to 62c.; X.X. 55 to 56c.: 34-blood,
basis,
good at one point, not so good at others. Kentucky is less 56 to 57c.: 34-blood, 56 to 57c.; 34-blood. 53 to 54c.; Territory, clean$1 40.
to waver a little with fine staple, $1 48 to El 50: fine medium. French combing. SI 38 to 32 to
,active. Hampton Roads prices seem
fine 12 months. $1 45 to 81 50; 10 months. 81
Texas, clean basis.
supplies outrunning the demand. Anthracite has been in 51 35; 6 to 8 months. $1 25 to Si 30: pulled, scoured basis, A super, Si 35
to 90c. Domestic
super. 51 10 to 51
good demand, especially for stove, with chestnut almost as to 81 40: B combing. 80 to 85c.12; C super, X-X. 85
mohair, best
active, with all prices firm.
Selling centres have just been designated in New Zealand
COPPER though rather quiet has been firmer at 13Mc. for the handling of wool for the coming season, according
delivered to Connecticut Valley. The American Brass Co. to a radiogram just received by the Department of Agriadvanced its various products early in the week,i.e., seamless culture. Prospects are that sales will attract a large number
tubing was put up Mc. per lb. and copper, brass and bronze .of buyers and that a high range of prices will prevail for all
products were raised Mo. Bare copper wire was left un- grades marketed, the Department is advised. Boston heard
changed. The stronger tons of London early in the week that in Melbourne the opening this week was firm. A good
and the advancing tendency of other metals has helped to selection of merinos and crossbreds were offered and America
strengthen copper. Shipments from the Lake smelters again was the principal operator at prices which mean
have been good with the bulk going to New England. France somewhere from $1 40 to $1 43, clean basis in bond, laid
has been inquiring for quite a little. The American Bureau down Boston, according to the wool, for 64-70 descriptions
•of Metal Statistics estimates the production for the first nine with fair topmaking wools bringing around $1 35; super
months of this year at 1,082,509 short tons. Late in the 60-64s bring $1 28 to $1 30; and 58-60s about $1 25; clean
%
week a sale was reported to have been made at 133 c. but basis, in bond, all for wools practically free. At the Kerr133c. is the price generally asked.
ville, Texas, sale Boston was the leading buyer said to be
TIN has been higher in sympathy with London and the around 48c. Boston quotations are in part as follows:
62 to 6234c.;
'
Domestic, Ohio and
advancing tendency of other metals. Business has been 34-blood combing. 60Pennsylvania pieces, delaine unwashed, Michigan
to 61c.: 34-blood combing. 58 to 80c.
quiet here, but in London and the Far East it has been and New York fleeces: Helaine unwashed. 57 to 58c.; 34-blood unwashed.
to 58c.
good. The statistical position continues to improve. The 58 to 59c.; 34-blood unwashed, 58 to 59c.: 34-blood unwashed. 57to 58c.:
Missouri. and average New England; 34-blood, 57
visible supply is estimated to be 23,000 tons less than six Wisconsin. to 57c.; 34-blood. 55 to 56c. Scoured basis, Texas. fine
34-blood. 56
months ago, when the Far Eastern pool stocks are included. 12 months (selected). $1 45 to $1 50; fine 8 months, 8130 to 81 35.
Spot tin here was quoted at 51%c. Late in the week the
price advanced to 51%c., in sympathy with London and
COTTON.
higher prices for other metals.
Friday Night, October 24 1924.
Smelting & Refining Co. advanced •
-The American
LEAD.
THE MOVEMENT OF THE CROP, as indicated by
New York. This is the first
the price $5 per ton to 8.25c.,
telegrams from the South to-night, is given below.
change made by this company since Aug. 16. Some expect our the week ending this evening the total receipts have
direction very shortly. The For
another advance from this
reached 339,292 bales, against 441,485 bales last week and
'advance by the leading refiner caused a good deal of covering 320,698 bales the previous week, making the total receipts
caused a sharp
and this, together with higher London cables,
the 1st of August 1924, 2,637,203 bales, against
advance in the outside market. East St. Louis was quoted since
an inmarked up 2,318,866 bales for the same period of 1923, showing
at 8.25 to 8.35c. Later on the leading refiner
crease since Aug. 1 1924 of 318,337 bales.
the price $3 per ton to 8.40c.
Total.
Mon. Tues, Wed. Thurs. Fri.
Sal.
ZINC, though quiet, has advanced with other metals and
Receipts alEast
'
'a higher London market. Spot New York, 6.75c.; with Galveston
25.050 16.799 163,523
26,073 20,755 49.548 25,298
2,538 2,538
St. Louis, 6.40c. Zinc ore has been tending higher large Texas City
100 3,450 24,093
8,140 8,684
3.719
Houston
prices $42 50 to $43. Buying of ore has been on a
New Orleans_ _ _ - 7,082 14,640 14.154 17,100 11,993 9,884 74,853
780 3,610
761
785
203
744
337
scale.
Mobile
5.180 3,517 5,702 2,310 3,421 3,602 23,732
STEEL, aside from a good railroad business, has been Savannah
1,658 3,284 1,596 2,019 1,630 2.028 12,215
Charleston
850 5,104
the
632
372 1,327
706 1.217
selling as a rule only in small lots pending the result of of Wilmington
2,087 2,694 5.028 3.325 4,935 3,965 22,034
abolition
6,357
national election on Nov. 4. Moreover, theunsettlement; Norfolk
6,357
New York
1.233 1.233
some
• the "Pittsburgh plus" system still causes pinches here and Baltimore
the new shoe
'pricing is problematical, elsewhere. Meanwhile prices in rntskis this week 45542 5R.20R 54 742 An AAR 45 522 45.120330.202
• there, if it is easy enough are lowered to secure orders that
The following tab e shows the week's total receipts, the
some eases, it is believed,
1 1924 and stocks to-night, compared with
the best sus- total since
are worth while. Steel bars are probably now and then last year. Aug.
weaken
tained-i. e., at 2c. Concrete barsbusiness in Chicago is
Stock.
under keen competition. October
1923.
1924.
September, when it was far
'said to have been as good as in about 100,000 tons of rails
Receipts to
This• Since Aug This Since Aug 1924.
Oct. 24.
1923.
better than in August. Sales of
Week. 1 1924. Week. 1 1923.
Leading Western
have been made in the past 10 days. 70% of capacity.
444,821 328.537
163.523 1,292.124 134,820 1,273,334
Galveston
it is said, operating at 65 to
makers are,
3,165
. so
11.813
the election. Heavy
11,925 1,004
2,538
The West is inclined to disregardton higher at Chicago. Texas City
Houston
24.093 426.528 21,404 371.709
scrap is 25 cents per
Port Arthur,
melting steel
Prices are 1.60 to New Orleans &c.. 74,853 448.134 42,613 264,553 241.919 127,745
Plates are as a rule slow of sale here. quiet but steady. Gulfport
11,430
8,014
10,701
. Sheets have been
45,634 1.920
3,610
Mobile
1.70c. Pittsburgh
1.626
3.500., blue annealed Pensacola
5,258 1.109
1,041
2,296
713
Black sheets sell, it is stated, at 3.40 to
19
858
to 4.60c. Semi- Jacksonville
68,153
84,300
at 2.60c. to 2.70c. and galvanized at 4.50 and open-hearth Savannah
23,732 262,274 21,237 132,912
30
217
106
89
Both Bessemer
Brunswick
finished steel declined.
34.950
49.002
62.354
51,676 16,515
.
12.215
billets are off 50c.per ton to $35 50 per gross ton,Pittsburgh Charleston
Georgetown
rods have Wilmington
12,917
49,284
32,098
,
5,10? 19,364 9,112 132,104
Forging billets are 50c. lower now, $40 50. Wire
38,861
74,190
45.635 26,918
1.90e. Norfolk
22,034
fallen $1 per ton to $45. Skelp is off $2 per ton to 500.
N'port News, &c_
600 193,452
25,841
15,606
grades of scrap are down
1
6:58.
per lb. Pittsburgh. A few
New York
1,228
3,406
2,540
71
2,597
Boston
2,840
1,733
435
1.040
9,397
PIG IRON has been quiet here in the East pending the Baltimore
1.233
3,375
811
4,286
downward. The Rice Philadelphia
104
election and prices have been tending
paper mill machinBarton & Pales Co., Worcester, maker of
339.292 2,637.203 277,177 2.318.866 1.057.081 742,556
Totals
ery, recently, it is stated, bought 600 tons of iron of silicon
OCT.'25 1924.]
1HE CEIRONICLE
1971
In order that comparison may be made with other years, goods. The English trade is plainly more hopeful. German
we give below the totals at leading ports for six seasons:
bonds have been selling at a good premium in London.
England seems less apprehensive of German competition.
Receipts at1919.
1920
1921.
1924.
1922.
1923.
Another interesting circumstance is that in the English elecGa1veston___- 163,523 134.820 116.996 110.771 137.860 108,771 tions the drift, as far as can be made out, is towards the
Houston. &c_
1.735
13.506 Conservatives. If that really takes place there will be no
31.097
41.624
21,404
24.093
New Orleans_
54.437
50.346
47,499
80.039
42,613
74,853
Mobile
15,061 more coquetting with Soviet Russia. On this side of the
3,673
4,615
4.614
1.920
3,610
Savannah _ _ _
25,404
25,063
19.183
23,732
75.477 water the trend, according to the popular belief, is towards
21,237
Brunswick
1.100
1,100
100
9,000
Charleston
23,014 the election of Mr. Coolidge and the avoidance of such a
3.160
2,239
16,515
4,762
12.215
Wilmington
3,160
6,154
9,112
7,498 regrettable thing as throwing the election into the House of
3,936
5.104
Norfolk
13,570 Representatives
14.694
8.329
12,992
26,918
22 034
and the Senate. Meanwhile stocks at times
N'port N.,&c.
27
46
76
10,128
2,638
All others____
3.471 have advanced and money remains cheap, that is call loans
2,659
10,075
4.830
-day loans 3%. General trade in this
Total this wk_ 339,292 277,177 297.539 217.599 271.682 316.943 have been 2% and 90
country is believed to be gradually increasing. Reports
al..... Am. 1 9 /199 9111 9 912 ass 9 070 099 9 082 QA2 1 410 770 1.5115.190
from the chain stores seem to make that plain.
As far as the cotton trade is concerned, one of the most
The exports for the week ending this evening reach a total
of 116,273 bales, of which 34,906 were to Great Britain, striking features is the high basis obtainable everywhere
1,549 to France, 25,529 to Germany, 6,346 to Italy, 39,881 east and west of the Mississippi River. Holders are by no
to Japan and China and 8,062 to other destinations. In means anxious to sell. Offerings generally are very modthe corresponding week last year total exports were 101,511 erate, where they are not very small. In some parts of
bales. For the season to date aggregate exports have been Texas the basis is declared to be the highest ever known,
1,608,874 bales, against 1,452,033 bales in the same period especially for this time of the year. In such circumstances
of the previous season. Below are the exports for the week. there has been very little hedge selling here. There was no
call for it. A quick market for the actual cotton was at the
Southern dealer's elbow. As regards the October situation
Exported to
Week Ended
here it has been distinctly acute. The stock has rapidly
Oct. 24 1924.
Great
GerJapan&
Exports from
- Britain. France. mane. Italy. Russia. China. Other. Total.
increased, but the strength of October has been by no means
affected. In New York the supply has latterly risen to some
Galveston
13,688
14.874
42,762
14,300
Houston
500
2,545
16,779 3.050 22,874 134,000 bales, or an increase since Oct. 1 of some 112,500
New Orleans_ _ _ _ 13,676
1,640 17,392 bales. A year ago the total was only 5,677 bales. In 1922 it
2,076
Mobile
2,200
2,200
Savannah
5,867
5.867 was 49,000 bales, in 1921 110,501, in 1920 14,159 and in 1919
Norfolk
1,942
1,942 50,719, and so on. The present, supply is the largest since
New York
2,850 1,049 4,760 1,725
3,372 13,746 this
time in October 1915, when it approximated 250,000
Baltimore
38
38
Los Angeles__ -650
650 bales. Meantime the October notices issued up to Oct. 23
San Francisco
3,500
3,500
Seattle
5,302
5,302 amounted to nearly 60,000 bales, most of which were stopped
by large Southwestern interests. On Thursday it was preTotal
34,906 1,549 25,529 6,346
39,881 8,062 116,273 dicted that the notices
to-day would reach 75,000 to 100,000
Total 1923
24,237 1,774 30,633 14,709
22,702 7,456 101,511 bales. Yet these figures had practically no effect on the
Total 1922
53.126 15,476 29,427 9.8031
6,420 15,617 129.868 October premium. On Wednesday it closed at
92 and on
Thursday at 88 points over December. This is a reflection
Exported to
From Aug. 1 192
of the state of things at the South. Georgia reported a good
to Oct. 24 1924. Great I
Japan&
Gerspot demand. At Atlanta considerable fixing of prices was
Exports from- Britain. France. many. Italy. Russia. China.
Total.
done by mills. Similar reports came from Texas and South
Galveston
603,683 Carolina. New Orleans
187,526 98,157 112,523
reported a good demand, with little
Houston
423,830
139,735 91,750 85,69
Texas City
8.760 for sale. Spot firms there were buying October. Short
8,760
New Orleans
125,994 staple cotton was selling in eastern Texas, it seems, at 140
35,003 5,542 23,82
Mobile
7.437
6,837
300
Jacksonville ____
122 points off New York December, the highest basis thus far
In
Pensacola
4,434
4,634 this season, and difficult to buy even at that price. Texas
200
Savannah ------63,160 3,128
1,200 111,912 banks, in
the language of one dispatch, are "full of money."
Charleston
2,381
5,485
4.311
12,166
,
Wilmington
5,000 Some of them are said to be urging farmers to hold their
Norfolk
5,427
7,820 cotton for higher
prices. In any case in parts of Texas the
New York
85,769 21,069
21,744 205.712
Boston
2,678
3,082 farmers as a matter of fact are holding their cotton from
Baltimore
'
38 market. Foreign interests
have been buying steadily at the
Philadelphia
42
155
298
Los Angeles
650
11,700 South. Exports have constantly mounted. They show a
San Francisco
44,976 very respectable increase over the
total up to this time last
Seattle
31.710
year. At some of the interior towns shipments are beginning
Total --------535,628219,801 341,625139.66
63,189155,668 1,608.874 to exceed receipts. Opinion, too,
in some quarters is that
Total 1923 ------478.463226,327320,813124,216
138.199j164.015 1,452,033 the crop movement is at or near its crest if it has not passed
Total 1922
-- - 381.030 194,068 227.412 99,603
108,460 154,629 1.165,202 It. The into-sight figures in recent weeks have been far
-Exports to Canada.
-It has never been our practice to include in the larger than even in 1920, when the crop was 13,400,000 bales,
NOTE.
above table exports of cotton to Canada, the reason being that virtually all the
cotton destined to the Dominion comes overland and it is impossible to get returns whereas the highest guess on the present crop thus far is
concerning the same from week to week, while reports from the customs districts 12,835,000 bales. This seems to evidence a persistent deon the Canadian border are always very slow In coming to hand. In view, however, mand for the
actual cotton. And the domestic mills are beof the numerous Inquiries we are receiving regarding the matter, we will say that
for the month of September the exports to the Dominion the present season have ginning to wake up. They missed the market when it was
been 11,067 bales. In the corresponding month of the preceding season the exports recently down
to around 22*,c. and to all appearances are
were 5.000 bales. For the two months ending Sept. 30 1924, there were 15,233
disposed to make the most of the recent decline. The averbales exported, as against 20.241 bales for the corresponding two months in 1923.
In addition to above exports, our telegrams to-night also age idea as to the size of the crop here is about 12,600,000
give us the following amounts of cotton on shipboard, not bales. The range of estimates during the week has been
from 12,140,000 to 12,835,000 bales. The "Commerchil
cleared, at the ports named.
Appeal" makes it 12,771,000 bales; the National Ginners'
Association 12,140,000; a number of other estimates have
On Shipboard, Not Cleared for
been around 12,400,000 bales. Very many say that they fall
Great
GerOther CoastLeaving
to see anything bearish in such figures, or even in a crop of
- Britain. France. many. Conrnt. wise. Total.
Ott. 24 at
Stock.
12,500,000 to 12,600,000. They believe that after election
Galveston _ -- 22,438 20,300 20,000 47,594 20,000 130,330 314,491
4,283 5,460 15,651 13,271 8,455 47.120 194,799 trade will increase very perceptibly in this country. Even
New Orleans__
2.000
Savannah
1.000 3.500
64,653 now, from time to time, it is announced that mills in New
Charleston_ _
2.633 2.633
1 JeS5
Mobile
1:486 200 3,350 32.323 England and at the South have resumed full time. This is
8.080
2,250
Norfolk
2,250
36,611 not general, but there are enough instances of this kind to
6.000 1,666 1,866 7:6456 fdflati 16.500 200,441 make
Other ports*
them rather suggestive. And it is believed that the
Total 1924-- 38,669 27,260 37,151 69,315 33,288 205,683 851.398 condition of Europe is improving, and that it will go on imTotal 1923._ 31.412 21.008 20,899 37,797 21,891 133,007 609,549 proving as the
Dawes plan is carried out. Bickerings disTotal 1Q22__ 57.481 30,371 27.192 64.797 10,512 190,353 900,368
appear and the normal ways of peace are being resumed by
* Estimated.
civilized society all over the globe.
Speculation in cotton for future delivery has been at
On the other hand, however, speculation, as already intihigher prices, though sluggish, as the time approached for mated, is very dull; in fact it is paralyzed by the frequency
the publication of the Government Bureau report on Satur- of the Bureau reports. They are apt to cause an advance
day, the 25th inst. A steady trade demand, strong spot mar- or decline of 1 or 2c, within a few minutes after their reception. It
kets and a very high basis all over the South have braced Nobody has had a deplorable effect on future trading here.
knows what to expect. Each report is a
prices. At one time, it is true, the October premium over Sometimes they are 3 to 5% higher or lower than surprise.
December was down to 61 points, but a few days later it was pected. Small wonder that there is a movementwas exat the
up to 92, in spite of a steady issuance of notices. The Liver- South to return to the old system of monthly
reports, at
pool market has been in the main strong with a steady trade least in the latter part of the season. The
truth is that at
demand there also. At times there has been some buying DO time during the season has the innovation
of bi-monthly
there by Bombay and the Continent. Another important reports proved a benefit to the trade
here or at the South.
thing was the announcement that the American department It keeps the trade in a constant
state of turmoil, quite the
of the Manchester yarn mills would increase their working reverse of beneficial
to the
time per week from 261 to 32 hours, to take effect on Nov. 5. from the field to the mill, at best interests of all concerned
4
home
'
Meantime India has been a steady buyer of Manchester's however, some think that prices and abroad. Meanwhile
are too high. Fall River'
has been quiet. Now and then Worth Street has shown
rather more signs of life, but they soon died out. It remains
to be seen how the market will act after the big October
engagements are filled. If November's engagements are
large many expect a rise in prices; if not, a decline. It is a
regrettable fact that the cotton trade lacks support of speculation. Abuse the speculator as they may; inveigh against
him in Congress and outside, the fact is that he helps to
carry the crop. No one with a glimmering of economics
needs to be told that he is a useful beast of burden. Speculation, to change the figure, is the coadjutor and helper of
trade. Drive it out and the effect is to knock out much of
the underpinning of the trade structure. Apart from all
this, however, the question still to be determined is the size
of the crop. Killing frosts occurred in parts of the central
and eastern belts over Wednesday night; and if such
weather continues it will be useless to count on a top crop.
To be sure, such temperatures did not invade Texas, where
there is some promise of a top yield. As the case stahds
the general run of speculators look for lower prices.
To-day most months fell 20 to 22 points, but October was
a big surprise, dropping 124 points from the high of the
morning. At one time it was 3 to 5 points under December
after recently being 88 to 92 points over that month. It
ended some half a dozen points above December. Everybody was greatly surprised at the action of October. It had
been predicted that it would go to 150 points over December
to-day, but it went all to pieces under October notices for
some 80,000 to 90,000 bales. Fall River's sales of print
cloths were only 40,000 pieces. The into-sight figures are
not so large as last week, but are still large. Killing frost
reported in Texas, Oklahoma, Louisiana, Tennessee, Mississippi, Arkansas and Georgia had no pronounced effect.
It may have had a negative effect. Indeed, some attributed
the smallness of the net decline in most months to a fear
that more or less serious damage may have been done by
temperatures of 26 to 31 in portions of half a dozen States.
Indeed, some dispatches asserted that it had done harm not
only to the top crop, but to other cotton. And the cables
were rather better than expected. Some holding back in
Texas and elsewhere is reported. Liverpool bought October,
if it sold later months. It is said that New England mills
are not offering goods freely. It is declared that this accounts in a measure for the smallness of their business.
Meanwhile, too, the mills keep calling cotton on a noteworthy scale. Spinners also called heavily in Liverpool today. World's spinners' takings again made a good showing.
They have been increasing for some weeks past. Still, the
collapse of October, a crop estimate of 12,875,000 bales by a
manufacturing company and the average guess of members
of the Exchange here of 12,576,000, had a rather sobering
effect. Many were inclined to be skeptical as to any serious
damage having been done to the crop. In any case it is believed some 65 to 75% of it has been picked. The average
guess, as we have seen, on to-morrow's Bureau report is
close to 12,600,000 bales. It means an increase of 80,000
bales over the last report instead of a decrease. The world's
stock is increasing, of course, faster than it was last year
at this time. Final prices show a loss of 18 points on October for the week when it went out at 12 o'clock to-day and
2 to 7 points higher on most other months, with May 3 points
lower than a week ago. Spot cotton wound up at 23.35, a
drop for the day of 60 points. For the week there is a decline of 10 points.
The following averages of the differences between grades,
as figured from the Oct. 23 quotations of the ten markets,
designated by the Secretary of Agriculture, are the differences
from middling established for deliveries in the New York
market on Oct. 30, 1924.
1.10 on 'Middling "yellow" stained_ _8.00 Off
Middling fair
.86 on
Strict good middling
.63 OD
Good middling
.41 on
middling.
Strict
93 off
Strictlow middling
2 08 off
Low middling
3.50 off
*Strict good ordinary
4 78 off
'Good ordinary
Strict good mid. "yellow" tinged. .11 off
tinged_ .49
Good middling "yellow" tinged._ .89 off
off
Strict middling "yellow"
1 88 off
'Middling "yellow" tinged
off
*Strict low mid."yellow" tinged.3.10 off
"Low middling "yellow" tinged_4.63 off
Good middling "yellow stained_1.72
"Strict mld."yellow"stained- ___2.23 off
"Good middling "blue" stalned-1.40 off
*Strict middling "blue" stalned_1.90 off
'Middling "blue" stained
12 on
2 73 °n
Good middling spotted
24 oft
Strict middling spotted
9 off
Middling spotted
2 05 off
*Strict low middling spotted
8.35 off
"Low middling spotted
Good mid,light yellow stained_l 03 off
*Strict mid light yellow stalned.1.49 off
*Middling light yellow stained-2.28 off
.43 on
Good middling -gray"
.90 off
'Strict middling -gray"
"Middling gray"
1. 1e
• These grades are not delivers114 at
cotton in the
The official quotation for middling upland has been:
week
New York market each day for the past
Wed. Thurs. Fri.
Oct. 18 to Oct. 24Middling upland
Sat. Mon. Tues.
23.70 23.35 24.00 24.20 23.95 23.35
YEARS.
NEW YORK QUOTATIONS FOR 32New York on
The quotations for middling upland at
have been as follows:
Oct. 24 for each of the past 32 years
9.44
1900-c
9.35
19.30 1908-c
1916-c
1924_c23.35 191511.10 1899
12.45 1
31.00
1923
11.25 1898
1906
1914------24.10
1922
10.65 1897
14.50 1905
18.80 1913
1921
9.95 1896
11.05 1904
22.50 1912
1920
10.20 1895
9.35 1903
37 20 1911
1919
8.70 1894
14.30 1902
31.55 1910
1918
8.38 1893
14.20 1901
29.90 1909
1917
7.31
5.44
6.12
800
8.50
5.88
8.38
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
closed on same days.
[Vox,. 119.
Tab CHRONICLE
1972
SALES,
Futures
Market
Closed.
Spot
Market
Closed,
Spot. Contet. Total,
Saturday__ Quiet,25 pta. adv _ _ Steady
Monday ___ Steady, 35 pta. dee_ Steady
Tuesday ___ Steady, 65 pta. adv.. Steady
Wednesday_ Steady; 20 pta. adv_ Steady
Thursday -- Quiet;25 pts. dee_ _ Barely steady._
Friday
Quiet; 60 pta. dec.. _ Steady
------
6,200 6,200
6,700 6.700
9.300 9,300
10,600 10,600
32,800 32,800
Total
-The highest, lowest and closing prices at
FUTURES.
New York for the past week have been as follows:
Saturday,
Oct. 18.
Monday,
Oct. 20.
Tuesday, Wednesday, Thursday,
Oct. 22. Oct. 23.
Oct. 21.
Friday,
Oct. 24.
October
Range__ 23.05-23.44 22.91-23.40 23.15-23.80 23.82-24.08 23.70-23.86 22.61-23.85
23.75-23.76 23.90-23.95 23.70-23.72- - Closing_ 23.35-23.45 23.08Nov.
Range,..- - - - -- - --- - 22.85 -26.6023.0022.90Closing_ 22.80 -22.57Dec.
Range,.. 22.47-22.8622.35-22.76 22.53-22.94 22.90-23.15 22.80-22.9822.56-22.85
Closing_ 22.70-22.7522.47-22.50 22.81-22.85 22.98-23.00 22.82-22.83 22.60-22.62
January
Range._ 22.65-22.97 22.45-22.87 22.63-23.04 23.00-23.18 22.92-23.09 22.68-22.92
Closing_ 22.80-22.87 22.58-22.60 22.94-22.98 23.09-23.12 22.92-22.93 22.70-22.72
February-Range.,.- _ _ _ _ _ _ _ _ _. _ _ _ _ -- 22.85 -23.06Closing. 23.00 -22.78 -23.10 -23.24MarchRange_ _ 23.03-23.33 22.81-23.23 23.00-23.34 23.32-23.52 23.22-23.38 22.97-23.23
Closing_ 23.16-23.20 22.93-22.95 23.25-23.27 23.37-23.40 23.22-23.24 23.00-23.02
April
- - -- - -- - -- Range,.,.- - 23.40 -23.50 -23.32 -23.10 --Closing. 23.28 -23.08MayRange__ 23.28-23.54 23.04-23.48 23.20-23.56 23.57-23.74 23.40-23.60 23.17-23.45
Closing_ 23.40-23.44 23.14-23.15 23.45-23.50 23.82-23.65 23.40-23.45 23.20-23.20
JuneRange-------------------23.04-23.25
Closing_ 23.25 -23.00 -23.35 -23.46
July22.98-23.30 2330-23.48 23.10-23.30 22.88-23.10
Range.- 23.10-23.23 22.82-23.17
23.10-23.14 22.88-22.90
23.20-23.25 23.30Closing_ 23.10 -22.85August
-Range,..- - -- - -- - - -22.151-2L55 22.45-22.50
Closing. 22.50 -22.15 -22.50 -22.02 -22.43 -22.25Sept.
- - -22.25-22.25
-- - - -99 IA - - 5i1 -9005 -..99 Ii)Range..-05
99
9990n.......,. 00
Range of future prices at New York for week ending
Oct. 24 1924 and since trading b,ggn on ncv.h
Option for
Oct. 1924_ 22.61
Nov. 1924_
Dec. 1924._ 22.35
Jan. 1925_ 22.45
Feb. 1925.
Mar. I925__ 22.81
April 1925.
May 1925__ 23.04
June 1925_
July 1925._ 22.82
Aug. 1925.. 22.45
Sept. 1925.. 22.25
Range for Week.
Range Since Beginning of Option.
Oct. 24124.08 Oct. 2221,50 Sept. 16 1924 30.00
122.38 Oct. 17 1924 28.90
Oct. 2023.15 Oct. 22 21.17 Sept. 16 1924 29.10
Oct. 2023.18 Oct. 22,21.20 Sept. 18 1924 28.98
,23.40 Sept. 9 1924 28.60
1
Oct. 2023.52 Oct. 22 21.50 Sept. 18 1924 29.06
24.18 Sept. 4 1924 24.18
Oct. 20123.74 Oct. 22 21.72 Sept. 16 1924 29.15
22.55 Sept. 11 1924 25.55
Oct. 20 23.48 Oct. 22 21.40 Sept. 16 1924,27 30
Oct. 24 22.58 Oct. 23 22.45 Oct. 24 1924 23.35
Oct. 24'22.25 Oct. 24 21.80 Oct. 15 1924 22.40
Nov.30 1923
Aug. 1 1924
July 28 1924
July 28 1924
Aug. 20 1924
July 28 1924
Sept. 4 1924
July 28 1924
Oct. 2 1924
Aug. 6 1924
Oct. 10 1924
Oct. 14 1924
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks, as
well as the afloat, are this week's returns, and consequently
aH foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States
including in it the exports of Friday only.
Oa. 24Stock at Liverpool
Stock at London
Stock at Manchester
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
1024.
bales_ 368,000
2.000
30,000
1923.
373,000
2,000
25,000
1922.
621,000
4,000
45.000
1921.
763, II
1,00
56,00
400.000
1.000
60,000
82.000
5,000
34.000
13.000
3.000
1,000
400,000
670,060
51,000
74,000
4,000
62,000
2.000
2,000
1,000
102,000
131,000
7.000
61,000
30,000
9,000
1,000
820.00
28,00
314,00
181.00
12,00
85,00
3,
17.00
14,000
4,000
199,000 210,000 345,000 640,0
stocks
599,000 610,000 1,015.000 1,460.00
Total European
68.00
41,000
87,000
22,000
India cotton afloat for Europe_
cotton afloatIv Europe 511.000 420,000 398,000 527,48
American
79,00
101,000
67,000
Egypt.Brazil,&c..afloaliforEurope 109,000
163,000 204,000 275.000 285,00
Stock in Alexandria, Egypt
286,000 551,000 898,001
327,000
Stock in Bombay.In ila
S. ports
1,057,081 742.556 1,090,721 1.551,37
Stock in
Stock in U. S. interior towns-- _ _1,057 20(1 1,060.002 1,280.881 1,380.23
39,39
6,150
600
U.S. exports to-day
3.482.708 4.751 602 6.98848
3,845,890
Total visible supply
Of the above, totals of American and other descriptions are as follows
American
bales_ 185,000 158,000 300.000 414,
Liverpool stock
42,
29,000
17,000
15,000
Manchester stock
164,000 156,000 286,000 565,0
Continental stock
511.000 420,000 398.000 527,48
American afloat for Europe
1.057.081 742.556 1.090.721 1,551,37
U. S. ports stocks
1,057,200 1,060,002 1,280,881 1.380.23
U. S. interior stocks
6,150
39,39.
600
U. S. exports to-day
2.989,890 2,559,708 3,384,602 4,519,48
Total American
East Indian, Brazil, Sec.
183.000 215,000 321,000 349,00
Liverpool stock
4,000
2,000
2,000
1,00
London stock
8,000
16,000
15,000
14,00
Manchester stock
59.000
54.000
35.000
75,00
Continental stock
41,000
87,000
22,000
68,00
India afloat for Europe
67,000 101,000
109,000
79,00
Egypt, Brazil, &c.. afloat
163.000 204,000 275,000 285,00
Egypt
Stock in Alexandria,
327.000 286.000 551,000 898,00
Stock in Bombay. India
Total Continental stocks
TT.
Total Bast India. &c
Total American
856,000 923,000 1,368,000 1,769,0
2,989.890 2,559,708 3.384,602 4,519,48
3,845.890 3,482,708 4,752,602 6,288,48
Total visible supply
Middling uplands, Liverpool_ -.... 13.45d. 17.63d, 14.14d. 12.32
23.35c. 31.75c, 23,90c. 19.4
Middling uplands. New York
Egypt. good Sakel, Liverpool__ _ 26.45d. 19.688. 19.50d. 26.
Peruvian. rough good, Liverpool_ 21.00-I. 18.75d. 15.00d. 16.
12.900. 14.50d. 12.25d. 11.55
Broach, fine, Liverpool
13.30d. 15.688. 13.188. 12.30
Tinnevelly, good, Liverpool
Ocr. 25 1924.]
THE CHRONICLE
1973
Continental imports for past week have been 153,000 bales.
NEW ORLEANS CONTRACT MARKET.
-The closing
The above figures for 1924 show an increase from last week quotations for leading contracts in the New Orleans cotton
of 298,465 bales, a gain of 363,182 from 1923, a decline of market for the past week have been as follows:
906,712 bales from 1922, and a falling off of 2,442,599
.
'.
Saturday, Monday, Tuesday, Wednesday. Thursday, Friday,
bales from 1921.
Oct. 18.
Oct. 20. Oct. 21. Oct. 22. Oct. 23. Oct. 24.
AT THE INTERIOR TOWNS the movement
-that is,
October__ 22.60-22.67 22.31 22.7222.85'
22.65-22.07
the receipts for the week and since Aug. 1, the shipments for December_ 22.66-22.73 22.38-22.42 22.78-22.82 22.81-22.87 22.71-22.75 22.50-22.52
22.88-22.90
the week and the stocks to-night, and the same items for the January __ 22.74-22.78 22.43-22.46 22.82-22.85 22.92-22.94 22.75-22.76 22.50-22.54
March
22.71-22.74 23.1523.18-23.20 23.0323.01-23.05
22.72-22.76
corresponding period of the previous year-is set out in May
23.37-23.38 23.2023.3023.20-23.25 22.9222.138-22.82
detail below:
July
22.90-22.95 22.65 -23.10 -23.14 -22.98 -22.67 bid
Movement to Oct. 24 1924.
Towns.
Receipts.
Week. I Season.
.....,-•
A p. n
- a.•n ... n n
.
:
3g4M§wVoctcafggIpro=g22W44F gg=g2g;gro
4
406.0.0;piOooO4NOrc:.7twide;oto6c>nm , .003...0t40000..w MOINM 0 oimt:cim4=n
Ala.,Blrmlng'.; 3,788
Eufaula
1,19
Montgomery. 3,281
3,759
Selma
Ark., Helena- 5,2
Little 1100k_ 15,531
Pine Bluff
20,017
Ga., Albany_ -19
Athens
1,262
Atlanta
11,21
Augusta
11,09
Columbus... 2,86
1,6301
Macon
3,830'
Rome
La.. Shreveport 9,000
Mlsa.,Columb
7,294
Clarksdale- 9,654
Greenwood... 10,859
Meridian_ _ 3,019
Natchez
2,419
Vicksburg
2,442
Yazoo City__ 2,699
Mo., St. Louis_ 22,552
N.C.,Gensboro 1,527
Raleigh
178
Okla., Altus__ 10,597
Chickasha
8,850
Oklahoma__ _ 6,528
S.C.,Greenville 9,075
Greenwood. _
679
Tenn.,Memp
57,144
Nashville...---Texas, Abilene_ 4,355
Brenham
920
3,540
Austin
11.194
Dallas
Houston ....221,673
Paris
4,239
San Antonio_ 6,000
Fort Worth__ 9,467
Ship- Stocks
ments. Oct.
Week.
24.
Movement to Oct. 26 1923.
Receipts.
Week. Season.
Ship- Stocks
ments. Oct.
Week. 26.
2,122 6,633 2,892
8,322 1,6031 4,610
437 5,467
400
2,549
3001 1,273
1,333 21,884 3,162 30,285 2,768 17,755
2,676 20,390 2,852
19,874 1,720 11,271
544
2,542 17.169
4,431 1,067 8,747
9,617 35,840 9,611
33,826 5,041 32,044
12,107 33,759 5,475
14,635 2,380 26,688
369 2,559
43 2,592
133
1,630
637 6,958 3,000
7,442 1,000 15,790
6,961 18,997 11,470 35,348 4,949 23,748
6,361 38,813 12,354 83,774 5,230, 46,101
2,265; 18,829
2,775 3,063 5,502 26,77
1,515 5,989 1.845
7,740 1,087 6.908
2,654 9,885 2,575
9,683 2,456 2,895
8,000 28,000 10,000 53,000 7,000 28,000
6,752
500 5,158
6,420 7,961 1,500
2,515 45,392 6,312 42,296 2,392 42,292
6,807 45,507 18,000 58,118 2,000, 47,407
940' 6.991
1,458
1,709, 16,32
9,01
2,670 6,541 2,350
14.255 1,956 11,243
210 6,233
832
1,224 11,194
4,606
9,544
821 12,104
1,279 14,336 1,263
22,558 1.418 20,2134 92,509 19,410 4,035
927 2,947 3,58(k 11,234 1,545 8,913
900
405
200
4,629
985
9271
7,829 12,441 2,0441 15,128
5701 9,935
11,612 1,265 6,771
7,640 11,337 2,29
1,974 ._I 1,721
5,274 7,544
...I
5,341 14,636 4.6451 23,276 3,0471 14,241
4,926
291 2,519
2421 9,961
921
37,673 85,833 34,97 169,287 23.59 99,644
___
144
4,214 1,387 5,458 31,652 6.071 2,331
5,901
685 4,924
6251 19,80
2,3551 3,47(
2,160 3,210 2.4641 25,82
4,90 15,711
9.380 16,751 4,7941 53.09
147,184459,102 179,0331,873,008 134,131468,991
4,352 6,970 5,823 49,285 5,327 12,861
4,000 10,000 5,0510 41,589 5,000 10,001
8,104 12,341 3,853 45,792 3,496 6,311
nn n n n n n a.n • • Al ...... nein I on
.
•
„
n Ann r.2.1 oten In.. nsennn.
.
•
The above totals show that the interior stocks have increased during the week 158,885 bales and are to-night
2,793 bales less than at the same time last year. The receipts
at all towns have been 130,558 bales more than the same
week last year.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
Oct.24ShippedVia St. Louis
Via Mounds. &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
-----1924-----Since
Week. Aug. 1.
22,558
82,750
7,500
45.290
350
1,668
1,791
13.417
4,648
45,880
7,512 104,978
Total gross overland
44.359
Deduct Shipments
Overland to N, Y., Boston, dtc__ 7,590
Between interior towns
429
Inland. &c.,from South
12.324
deducted
Total to be
20,343
293.983
-----1923----SOW
Week. Aug. 1.
91,183
19.410
30,100
4,620
768
413
4,568
1.136
42,917
3.850
6,920 104.966
36.349
274.496
Tone
Spot
,-,..........
Steady
Steady
Steady
Steady
Steady
0............
0..........
CI...nth,
Atsbe.lv
Quiet
Rt....iv
Tlen. re...e..11.1
CENSUS REPORT ON COTTON SPINNING IN
SEPTEMBER.
-This report, complete, will be found in an
earlier part of our paper in the department beaded "Indications of Business Activity."
CENSUS REPORT ON COTTONSEED OIL PRO-Persons interested
DUCTION DURING SEPTEMBER.
in this report will find it in our department headed "Indications of Business Activity" on earlier pages.
CROP BOARD TO PUBLISH COTTON ABANDONMENT FIGURES.
-Secretary of Agriculture Wallace has
authorized the Crop Reporting Board to release cotton
abandoment figures collected by the Board this year.
These figures will be published Oct. 25 as a supplement to
the regular crop report issued on that date, and will show
abandonment between June 25 and Aug. 16, and between
June 25 and Sept. 16.
The decision to release the abandonment figures is in
response to widespread demand for such a report. The
Board points out, however, that it has already taken into
consideration the question of abandonment in making its
forecast during the season, and will continue to do so in its
remaining reports. Abandonment, therefore, is already
discounted in the forecasts.
The abandonment figures will be published without
interpretation by the Crop Board, inasmuch as there is no
comparable data as of the same dates for previous years.
The ten-year average abandonments as reported by correspondents on Dec. 1 in previous years will also be given.
The Board points out that in making comparison between
the figures for this year and previous years, the figures for
this year relate to abandmment between June 25 and Aug. 16
and between June 25 and Sept. 16, whereas the figures ofthe reported average abandonment for previous years cover
the period between June 25 and Dec. 1.
It is announced also that in the Oct. 25 forecast consideration will be given not only to the pars, but also to the
estimates of probable yield per acre which are being secured
from its correspondents, the quantity of cotton ginned to
Oct. 18, and all other known factors.
•
THE PROCTER & GAMBLE CO. REPORT ON
COTTON-PRESENT PROMISE OF A CROP OF
12,875,000 BALES.
-The Procter & Gamble Co. of Cincinnati, Ohio, through F. M. Barnes, yesterday (Oct. 24)
issued their cotton crop report covering conditions surrounding the cotton crop from Oct. 3 to Oct. 22 inclusive,
as follows:
SUMMARY.
7,657
Weather
6.308 have been conditions over the entire cotton belt during October. to date,
most exceptional for the maturing of late cotton, as well as
140.917 favorable to
the rapid gathering and ginning of the crop. Little or not
21.979 154,882 rain fell and temperatures have been normal or above. This has done
145.446
much toward filling out the bolls and insuring a full yield from the fruit
on the plant, which
Leaving total net overland *.--24,016 148,537
14.370 119.614 Individual States. is going to be reflected in the size of the crop in the
* Including movement by rail to Canada.
Picking has been practically completed over the southern half of the
The foregoing shows the week's net overland movement belt, with but a few scattered fields remaining to be picked out: is well
this year has been 24,016 bales, against 14,370 bales for the advanced over the north. The movement has continued very heavy and
we anticipate record-breaking figures in the coming ginning report.
week last year, and that for the season to date the aggregate
The top crop over the north is making daily and the frost date is becoming
net overland exhibits an increase from a year ago of 28,923 less of a factor as the season advances: another two weeks of present weather
conditions would practically eliminate any damage from this source, other
bales.
than the fact that there will always be some cotton made as long as the
plant continues alive.
1924
-1923
In Sight and Spinners'
Note below comparative condition figures, together with last year's
Since
Since
Takings.
Week. Aug. 1.
(192 te_ and our estimate of the 1924 crop, exclusive of linters:
sta crop
3)
Week. Aug. 1.
Receipts at ports to Oct. 24
339.292 2,637.203 277,177 2,318,866
Govt. Con.
P. it O. Con. P.& O. Est.
Net overland to Oct. 24
24,016
148,537
14.370
119,614
02
.000
Oct. 11924.
Oct. 18 1924. Crop 1924. Crop
Southern consumption to Oct. 24- 85.000
857,000 69,000 1.042.000 North Carolina_ _
1
9 02'
3
47
47
South Carolina.. _ _ _
675.000
42
42
793.817
marketed
Total
448,308 3.642.740 360.547 3,480.480 Georgia
1.148.000
54
612,812
53
Interior stocks in excess
158,858
872,158 113.810
789,107 Alabama58
964.000
599,140
58
Excess of Southern mill takings
1,153.000
Mississippi
622,617
59
57
over consumption to Oct. 1---- ...... *112,454
*172,080 Tennessee
405.000
58
235,344
57
Arkansas
1.101.000
60
58
643.643
Came into sight during week-607.166
474,357
429.000
Louisiana
50
49
373,812
Total in sight Oct. 24
4,402,444
4.097.501 Oklahoma
1,283.000
64
63
665.904
4,519.000 4,212,248
Texas
55
51
337.484 67.834
North. spinn's' takings to Oct. 24- 39,478
405.586 Others
496,000
--357,955
*Decrease.
12.875.000 10.170.694
United States....
55.6
53.5
QUOTATIONS FOR MIDDLING COTTON AT
-Weather conditions have been generally favorable
-Below are the closing quotations for to North Carolina. of late cotton in North Carolina: however.it will require
OTHER MARKETS.
the development
of rotten
a late season
middling cotton at Southern and other principal cotton lowered as a to mature this crop. Reports during bolts and grades
result of very unfavorable weather
September. Cotton
markets for each day of the week:
opening better, with picking progressing more satisfactorily. Ginning
below the average to date, due to the slow September movement, but now
making good progress. Our reports indicate a crop of about 702.000 baled
Closing Quotations for Middling Cotton on
South Carolina -Like North Carolina, warm,dry weather, very favor ,ble
Week ending
Tuesday. Wed'day Thursd'i. Friday. to the maturing and gathering of the crop. Previous unfavor .ble weather
Saturday. Monday.
Oct. 24.
affected yields and grades. Cotton practically all open in the north,
with fields becoming well picked out in the south. While ginning now
23.05
22.90
22.90
Galveston
22.50
22.70
22.70
making good headway, it is running under the average. The outlook
22.90
New Orleans.._ 22.65
22.75
22.80
22.40
22.50
is for a crop of about 675,000 bales.
Mobile
22.50
22.35
22.25
22.00
22.25
22.00
Georgia.
-Warm. dry weather over the entire State throughout the
Savannah
23.10
23.10
22.90
22.95
22.75
22.70
period has been very favorable and the cotton plant is now maturing
Norfolk
23.25
23.13
23.13
22.75
23.00
22.63
under ideal conditions. Outlook for a top crop with a late frost. Picking
Baltimore
23.75
23.75
23.25
23.25
23.25
and ginning are making rapid progress: about at the peak in central Georgia
Augusta
23.00
22.50
22.81
22.75
22.38
22.44
with fields well picked out in the south. No material change in condition.
Memphis
22.75
22.50
22.50
22.50
22.25
22.25
Outlook good for a crop of about 1.148.000 bales.
Houston
22.70
22.90
22.50
23.10
22.90
22.70
Alabama -Almost perfect weather conditions resulted in excellent
Little Rock_ _ _ _ 22.50
22.62
22.50
22.50
22.26
22.25
Progress over the entire State in maturing and gathering of the crop
i
Dallas
22.25
21.95
22.05
21.70
22.05
21.85
Picking and ginning general over the northern half of the State and proFort Worth_ __ _ _-_22.10
21.75
22.25
22.10
21.90
ceeding rapidly PicW.ng is practically completed in the south, with a
27.704
6.211
111.531
506
597
20,876
1974
noticeable slackening in ginning in that section. Inclinations are for a
crop_ of about 964,000 bales.
Missisa(PPL-Cotton is practically all open over the northern part
et the State. Picking and ginning progressed rapidly with continued
favorable weather conditions. The crop is being harvested much earlier
this year than last and a large percent has been picked out; there is very
little cotton left in the fields over the southern half of the State. Good
yields are indicated and the outlook is for a crop of about 1,153,000 bales.
Tennessee.
-Weather fair, with temperatures normal or above; very
favoi aide to the maturing of late cotton and the harvesting of the crop
generally. Ootton mostly open and being picked rapidly, with ginning
well advanced. The prospects for a top crop are good and a late frost
date will add considerably to the crop. Our reports indicate a crop of
about 405,000 bales.
Arkansas.--Ootton has responded to the very favorable weather which
has prevailed during the period and which has done much to mature the
late crop. Some top crop already assured and a late frost will increase
Its yield materially. Picking and ginning made rapid progress. The outlook is very fasorable; reports indicated a yield of about 1,101,000 bales.
Louisiana.
-Louisiana is further advanced, comparatively speakic,g,
than any other &ate in the picking and ginning of this year's crop. Large
areas are picked out except in the north. Outlook unchanged; crop about
429.000 bales.
Oklahrrma.-Weather conditions have been mostly favorable and picking
and ginning have made sasisfactory progress. The cotton crop in Oklahoma, this season, has been produced under almost ideal weather conditions throughout the entire growing and maturing period and the outlook
for the State is for a bumper crop. A good top crop is in the making;
the size is dependent upon the frost date. Present indications are for a
crop of about 1,283.000 bales, with an average frost date.
Texas.
-Temperatures were above normal and the weather almost perfect
as far as the season is concerned, and most beneficial to the maturing of
the cotton crop of Texas. Picking and ginnifig have made excellent
Progress and fields are becoming well picked out over large areas except
in the northern, western and Panhandle sections. The movement continues very heavy and has kept pace with the advance of the picking.
The yield in south Texas is poor. The outlook in eastern, central and
northern sections ranged from poor to good, however, rains late in the
season have filled out the late bolls and yields in many counties are turning
out much better than previously expected. Conditions in the west and
northwest are very good. Considering the State as a whole, we feel that
a large yield is assured; our reports indicate a crop of 4,519,000 bales
with an average frost date.
COTTON CROP REPORT OF THE "COMMERCIAL
APPEAL."
-The report of the "Commercial Appeal" of
Memphis indicates that the condition of the cotton crop on
Oct. 15 was 55.7% of a normal. The indicated condition
points to a crop of 12,771,000 bales, Government acreage,
allowing 1% for abandonment, linters are excluded. The
report continues as follows:
The plant has responded to the favorable weather since Oct. 1, where
maturity had not advanced to a prohibitive point or drought damage was
not complete. Every day that frost has been delayed has added to the crop.
North Carolina still has a chance to produce a better crop than was
thought probable, though the condition in the State is very poor. The
same thing may be said of South Carolina. Both are recovering somewhat
from the unfavorable weather that prevailed up to Oct. 1, but North Carolina is still suffering from the effects of six weeks of drought followed by
some three weeks of wet weather.
It is along the rim of the belt and over western sections that the farovable
weather has been most beneficial. For the full benefit, however, killing
feast must be still further delayed.
Little rainfall has occurred in any section of the belt during October.
This has enabled growers to keep the pickers in the field practically every
day,resulting in an unusually heavy ginning. It is estimated that between
55 and 60% of the crop has been gindbd. Ginning is keeping up with
nicking in most localities. While picking has been completed in a few
Localities, not more than 10% has been gathered in some of the late sections.
Boll weevils have made their appearance in greater numbers and are doing
some damage in South Carolina and some eastern and central coast sections.
limiting the possibilities of a top crop. The general impression seems to
prevail that the top crop will not be as good as at one time seemed likely.
This report is based on correspondence covering in detail 803 counties or
parishes embraced in the principal cotton-producing States, but is general
as to all others.
WEATHER REPORTS BY TELEGRAPH.
-Reports
to us by telegraph from the South this evening indicate that
favorable weather has continued throughout the cotton belt.
With the exception of light local showers in a few places the
cotton belt has been practically dry during the week. Picking and ginning have made excellent progress in every part
of the belt.
Galveston, Texas.
-The top crop has made very good
progress in central and northern Texas.
Mobile, Ala.
-It has been much cooler with a light frost
this morning. The drought continues. Picking is finished
and small ginnings continue.
Galveston, Texas
Abilene
Brenham
Brownsville
Corpus Christi
Dallas
Henrietta
Kerrville
Lampasas
Longview
Luling
Nacogdoches
Palestine
Paris
San Antonio
Taylor
Weatherford
Ardmore, Okla
Altos
Muskogee
Oklahoma City
Brinkley, Ark
Eldorado
Little Rock
Pine Bluff
Alexandria, La
Amite
New Orleans
Shreveport
Okolona, Miss
Columbus
Greenwood
Vicksburg
Mobile,Ala
Decatur
Montgomery
Selma
Gainesville. Fla
Madison
Savannah,Ga
Athens
Augusta
Columbus
Charleston,S.C
Greenwood
Columbia
Conway
[voL. 119.
THE CHRONICLE
Rain. Rainfall.
dry
dry
dry
dry
Charlotte, N. C
Nembern
Weldon
Memphis, Tenn
Tluoinorneter------high 82 low 36 mean 130
high 85 low 39 mean 62
high 84 low 38 mean 61
high 84 low 40 mean,62
The following statement we have also received byItelegraph, showing the height of rivers at the points named at
8 a. m. of the dates given:
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Oci. 24 1924. Oct. 2651923.
Feet.
Feet.
2.9
2.6
5.2
9.0
6.8
6.9
5.1
23.1
18.6
13.7
Above zero of gauge..
Above zero of gauge_
Above zero of gauge.
Above zero of gauge..
Above zero of gauge..
-The folRECEIPTS FROM THE PLANTATIONS.
lowing table indicates the actual movement each week from
the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.
Receipts at Ports.
Stocks at Ituerior Towns. • ceiptsfronsPlantations
Week
ending 1923-241922-23 1921-22 1923-24 1922-23 1921-22 1923-24 1922-23 1921-22
Aug.
1__ 35,170 27,686 32,031 182.54 270,233 355,159 11,719 19,528
8_ _ 13,558 29,720 24,012 '183,738 264,913 345,726 14,747 24,400 14,579
15_ 49,702 46,080 33,716 158,959 268,226 341,510 24,923 51,252 29,509
22... 35,004 62,758 44,317 164,199 302.781 351,079 40,244 97,312 53,877
29._ 113.414142,595 91,625 186,946 331,947 385.704 136,161 171,762 96,250
Sept.
5_ _ 165.180146,130 95,017 224,72' 377,401 416,161 02.954 191,584 155,474
12... 222.121 170,272 163,102 306,499 442,507 471,525304,900 235,3781.470
19__ 276,400256,747205,404 415,061 519,567 600,540384,961 333.807834,415
26 _ _ 291,228288,759253,298 544,092 577,954 743,160420,260 147,146 305,164
Oct.
3...368,406329,049275,188 603,535 670,922 897,611 425,849422,917380,501
10..320,898273,052250,881 796,03 811,088.1,067,545513,103413,218420.015
17._ 44l,485287,213326,020 898,351 946,192 1,188.813543,806422,317445,288
24._ 339.292 277.177297,53' 1,057.209 1.080.0021.280.881'498.150390.987391.607
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1924 are 3,510,361 bales;
in 1923 were 3,108,580 bales, and in 1922 were 2,846,009
bales. (2) That although the receipts at the outports the
past week were 339,292 bales, the actual movement from
plantations was 498,150 bales, stocks at interior towns
having increased 158,858 bales during the week. Last year
receipts from the plantations for the week were 390,987
bales and for 1922 they were 391,607 bales.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons, from all sources from
which statistics are obtainable; also the takings, or amounts
gone out of sight, for the like period.
Cotton Takings.
Week and Season.
1924.
Week.
Season.
1923.
Week.
Season.
Visible supply Oct. 17
3,547.425
3,293,246
2,024,671
Visible supply Aug. 1
2,190,493
American in sight to Oct. 24-- 607,166 4,402,444 474,357 4,097,501
112,000
Bombay receipts to Oct. 23...-4.000
6,000
75,000
51,000
Other India ship'ts to Oct. 23..
31,000
5,000
306.400
Alexandria receipts to Oct. 2248,000
367,800
70,000
56,000
Other supply to Oct. 22 *b
5,000
75,000
5.000
Total supply
Deduct
Visible supply Oct. 24
4,211,591 7,141,737 3,853,603 6,647,572
3.845,890 3.845,890 3,482.708 3,482,708
Total takings to Oct. 24 a
Of which American
Of which other
365,701 3,295,847
288,701 7,218,847
77.000
949.800
370,895 3,164,864
309,895 2,373,464
61.000
791.400
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
Rain. Rainfall.
Thermometer
a This total embraces the total estimated consumption by Southern mills,
dryig 86 low 54 mean 70 857.000 bales in 1924 and 1,042,000 bales in 1923
-takings not being
1 day 0.04 In. high 82 low 50 mean 66 available-and the aggregate amounts taken by Northern and foreign
dry
high 87 low 45 mean 6,$ spinners, 2,438,847 bales in 1924 and 2,122,864 in 1923, of which 1,489,047
dry
high 86 low 54 mean 70 bales and 1.331,464 bales American. b Estimated.
2 days 0.11 in. high 82 low 56 mean 69
dry
high 84 low 40 mean 62
INDIA COTTON MOVEMENT FROM ALL PORTS.
1 day 0.25 in. high 87 low 39 mean 63
2 days 0.24 in. high 87 low 42 mean 65 The receipts of India cotton at Bombay and the shipments
dry
high 88 low 47 mean 68
dry
high 85 low 44 mean 65 from all India ports for the week and for the season from
dry
high 85 low 52 mean 69 Aug. 1, as cabled, for three years, have been as follows:
dry
high 85 low 41 mean 63
dry
high 84 low 42 mean 63
1922.
1924.
dry
1923.
high 90 low 40 mean 65
3 days 0.36 in. high 86 low 48 mean 67
Receipts at
Since
Since
dry
October 23.
high __ low 42 mean __
Since
dry
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
high 83 low 38 mean 61
dry
high 89 low 37 mean 63
dry
high 86 low 40 mean 53 Bombay
4.0001 75,000 8,000 112,000 2.0001 124,000
dry
high 87 low 34 mean 61
dry
high 85 low 37 mean 61
Since August 1.
For the Week.
dry
high 88 low 34 mean 61
dry
high 88 low 36 mean 62
Conti- Japan cb
Exports,
Great
Great Conti- Japan&
dry
high 86 low 41 mean 64
China.
Told,
neat.
From Britain. neat. China. Total. Britain.
dry
high 91 low 39 mean 65
dry
high 85 low 42 mean 64 Bombay
dry
high 87 low 45 mean 66
35,000 183,000 212,000
14,00
1924
1,
5,000 5.000 11,000
dry
high _
low _
mean 74
1923
13,000 31,00 113,000 77,000 221,000
8,000
dry
high 87 low 41 mean 84
12,000 79,500 193,500 285,000
1922
1.000 7,000 20,000 28,
dry
high 92 low 33 mean 63 Other India
dry
high 90 low 34 mean 112
4,000 27,000
31,000
1924
dry
high 89 low 32 mean 61
8,000 43,000
51,000
5,000
1923
5,00
dry
high 85 low 38 mean 62
5,000 49,5
1,000
54,550
1922
1,000
dry
high 85 low 47 mean 68
dry
high 83 low 33 mean 58 Total all
dry
high 84 low 41 mean 63
1924
5,000 11,000 18,000 62,000 163,000 243,000
1.000 5,
dry
high 81 low 38 mean 59
18,000 39,000 150,000 77,000 272,000
1923
7,000 11,000
1 day 0.05 in. high 82 low 46 mean 64
1922
8,000 20,000 29,000 17,000 129,050 193,500 339,550
1,000
dry
high 84 low 40 mean 62
dry
high 78 low 45 mean 62
dry
high 85 low 36 mean 61
According to the foregoing, Bombay appears to show a
dry
high 86 low 39 mean 63
dry
high 86 low 41 mean 64 decrease compared with last year in the week's receipts of
dry
high 78 low 45 mean 62 2,000 bales. Exports from all India ports record a decrease
dry
high 80 low 35 mean 58 of 7,000 bales during the week, and since Aug. 1 show a
dry
high __ low 38 mean _ _
dry
high 86 low 38 mean 62 decrease of 29,000 bales..
I
OCT. 25 1924.]
THE CHRONICLE
1975
ALEXANDRIA RECEIPTS AND SHIPMENTS.
-We
LIVERPOOL-By cable from Liverpool we have the folnow receive a weekly cable of the movements of cotton at lowing statement of the week's sales, stocks, &c., at that port:
Oct. 3. Oct. 10. Oct. 17. Oct. 24.
Alexandria, Egypt. The following are the receipts and Sales of the week
32,000
38.000
32,000
28.000
Of which American
16.000
15.000
17.000
15.000
shipments for the past week and for the corresponding week Actual export
1,000
1,000
2,000
2,000
of the previous two years.
Forwarded
55,000
58.000
67.000
67,000
• Alexandria. Egypt.
Oct. 22
1924.
1922.
240,000
1,845.980
Receipt., (cantars)I%Is week
Since Aug. 1
1923.
350,000
1.529,603
350.000
1,458,412
Since
Since
Week. Aug. 1. Week. Aug. 1.
Exports (bales)-
Since
Week. Aug. 1.
To Liverpool
34,063 5.500 29,301 5,000 24,867
To Manchester, Stc
-_- 28,994
34,934 7,500 32.501
To Continent and India- 6.000 56,755 15,500 71.857 15.500 55.638
To America
5,215
200 18.533
200 9.119
Total exports
6.000 130.987 26.700 142.778 20.700 128.032
Total stock
Of which American
Total imports
Of which American
Amount afloat
Of which American
320,000
117.000
59,000
40,000
320.000
223,000
356,000
161,000
96,000
82.000
258,000
163.000
336,000
149,000
55,000
37.000
331,000
230.000
368,000
185,000
112,000
83,000
271.000
183.000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Monday.
Saturday.
(I
Market,
12:15 i
P. M. i
Dull.
Quiet.
Tuesday. Wednesday. Thursday.
Friday.
A fair
business
doing.
Quiet.
Quiet.
Quiet.
M1d.Upl'
13.43
13.52
13.33
13.65
13.62
13.45
1Note.-A canter is 99 lbs Egyptian ba es weigh about 750 lbs.
This statement shows that the receipts for the week ending Oct.22 were
240.000 cantars and the foreign shipments 6,000 bales.
Sales
2,000
5,000
6,000
5,000
5,000
4,000
MANCHESTER MARKET.
-Our report received by
cable to-night from Manchester states that the market iii
yarns and cloth is steady. Merchants are not willing to pay
present prices. We give prices to-day below and leave those
for previous weeks of this and last year for comparison:
Market, ( Steady, Quiet but Barely sty, Quiet but
Quiet. Bar.steady
4
i 5 to 9 pts. st'dy, 3 to 6 to 8 pts. st'dy, 10 to 5 toll pts 9 to 13 Pts
P.M. ii decline. in nta adv. advance. 16 ins.adv. decline.
decline.
1924.
Aug. d.
1 2634
26
15 2534
22 25
29 25
Sept
24
12 24
19 23
26 23
Oct.
a 23
10 24
17 2331
24 2394
is
is
is
is
is
d.
28
2794
2630
2694
26
8% lbs. Shirt- CoPn
tags. Common Mid.
to Finest.
Upl's
s. d.
a. d. d. d.
19 6 (320 2 18.18 20
19 6 020 2 17.38 20%
19 6 020 2 16.94 2034
19 6 0E20 2 16.08 2094
18 2 0318 4 15.76 2030
is 2594 18 0 018 '4
is 2594 18 0 018 3
is 24% 17 2 017 6
is 25% 17 4 018 4
is
03
is
is
32s Cop
Twist.
2530 17 6
26 180
2554 17 5
253( 17 5
018 6
018 4
018 1
018 1
15.16 2194
14.21 2234
13.54 24
14.0924
COCO OCaae
32s Cop
Twist.
1923.
15.23 22%
14.09 22%
13.5323
13.45 24
is
is
is
424
830 Ws. Shirt- Coen
ing, Cassmon Mid.
to Finest.
s. tl. d.
1.
16 0 016 2 13.71
16 1 @IP 2 14.57
16 1 016 5 15.61
16 0 016 4 15.19
16 0 016 4 14.93
.
2294 16 2 016 6 15 87
23 16 5 017 2 16.89
2530 16 5 017 1 17.95
2534 16 5 017 2 16.91
d.
2094
21
2194
2134
2100
2430
24
24%
24%
16
16
16
16
5
5
5
7
017 2
017 0
017 2
017 3
16'46
16.50
17.04
17.63
Futures,
Quiet
Market It
but
opened ( steady,
Quiet
Dull,
Quiet,
Very st'dy. Steady,
1 to 7 Pt,,. 3 to 5 pts. 17 to 22pts 4 to 10 pts 3 to 5 pts.
decline.
advance,
decline, advance, advance.
Prices of futures at Liverpool for each day are given below:
Oct. 18
to
Oct. 24.
Sat.
I
Mon.
I
Tues.
Wed. I Thurs. [
Fri.
1230 12341 12341 4:001 12311 4:00 12301 4:00 12301 4:00 1230 4:00
I
d. 1 d. d. I
d. d.
October....... ---- 13.10 13.17113.07 13.03 13.1313.35 13.28 13.32 13.19 13.15 13.07
November _
12.99,13.04 12.95 12.91 13.03 13.24 13.18 13.34 13.10 13.07,13.00
December.....
12.95 13.01112.92 12.86 13.00 13.22 13.16 13.21 13.08 13.05112.97
January
12.99 13.05 12.96 12.92 13.04 13.25 13.19 13.25 13.12 13.09 13.00
February.....
13.01'13.07112.97 12.92 13.04 13.25 13.19 13 25 13 12 13.09 13.00
March
13.0513.1013.01 12.98 13.09 13.28 13.23 13.30 13.18 13.1513.05
April
13.06113.11113.01 12.98 13.09 13.28 13.23 13.30 13.18 13.15 13.05
May
13.09 13.1313.03 12.99 13.10 13.29 13.24 13.32 13.19 13.1613.06
June
13.03 13.07112.96 12.93 13.03 13.22 13.17 13.2513.12 13.03 12.99
12.98 13.0212.91 12.87 12.98 13.16 13.11 13.19 13.06 13.02 12.93
July
August _______
12.83 12.84 12.73 12.69 12.80 12.98 12.92 13.02 12.81 12.8212.73
September_ _ _ _
12.5712.63 12.51 12.47 12.58 12.75 12.18 12.76 12.61 12.5612.52
BREADSTUFFS
Friday Night, Oct. 24 1924.
SHIPPING NEWS.
-As shown on a previous page, the
Flour has been slow, buyers still pursuing a cautious polexports of cotton from the United States the past week have icy as wheat now and then declined and certainly was irregreached 116,273 bales. The shipments in detail, as made ular. Domestic trade was
slow. So was export trade. On
up from mail and telegraphic returns, are as follows:
the 21st inst., however, exports were large, reaching 139,708
Bales.
NEW YORK
-To Piraeus
-Oct. 17
-Byron, 100
100
To Trieste-Oct. 17
-Lucia, 100
100
To Antwerp-Oct.15
-Francisco,37
-Lapland,835Oct.17
872
To Bremen-Oct. 17
-Columbus, 1,550-_Oct. 21-America,
3,200
4,750
To Genoa-Oct. 17
-Conte Rosso, 925
925
To Rotterdam-Oct. 17-Westerciljk, 2.100.....Oct. 21-Breedljk, 100
2,200
To Liverpool
-Oct. 17
-Celtic, 2.700
2,700
To Barcelona-Oct. 18-Masaniello, 100
100
To Genoa-Oct. 20--Giuseppi Verdi. 700
700
To Havre-Oct.21-Paris,___,1 049
1.049
To -.1anchester-Oct. 22
-West Cobalt 150
150
To Copenhagen-Oct.22
-United States, 100
100
-To Liverpool
NEW ORLEANS
-Oct. 16
-West Selene, 7,546
Oct. 17
-Songster, 5,650_
13,196
To Manchester
-Oct.17
-Songster,480
480
To Porte Colombia-Oct. 10-Hered1a,40
40
To Venice-Oct. 17--Scantic, 122_ _ _Oct. 22
-Anna, 1,754- 1,876
To Porto Rico-Oct. 18
-Mariana, 300
300
To Antwerp-Oct. 18-Gothland, 400_ _Oct. 21-Andalusia,
700
1,100
To Barcelona-Oct. 18-Infanta Isabel, 200
200
To Trieste-Oct.22
-Anna.200
200
GALVESTON-To Liverpool-Oct. 20
-Specialist, 12,546
12,546
To Manchester-Oct. 20
-Specialist 1.042
1,042
To Japan-Oct. 18
-Canada Maru, 3,800_ _ _Oct. 22-Hofuktt
Meru, 10.500
14,300
To Bremen-Oct. 21-August Leonhardt, 1,200.. Oct. 22
New Brunswick, 13,674
14,874
HOUSTON-To Japan-Oct. 18-Hotuku Marti, 2,500---Oct. 20
-Silveriarch, 4,145
6.645
To Genoa-Oct.17
-Valentino Cody.2,545
2,545
To China-Oct. 20--Silverlarch, 1.450
•
1,450
To Bremen-Oct.21-Soydlitz,3.950: August Leonhardt,4,659 8,609
To Hamburg
-Oct. 21-August Leonhardt. 75
75
To Gothenburg-Oct. 22-Braheholm, 100
100
To Havre
-Oct. 24-Middleham Castle, 500
500
To Antwerp-Oct.24-Middleham Castle, 50
50
-Oct. 24-Middleham Castle, 1,900
To Ghent
1,900
-Taurus, 100
To Christiania-Oct. 24
100
To Copenhagen-Oct. 24
-Taurus, 900
900
BALTIMORE-To Bremen-Oct. 16-Koenigsberg, 38
38
-Maiden Creek, 1,800
MOBILE-To Liverpool-Oct. 15
1.800
-Maiden Creek, 400
To Manchester-Oct. 15
400
-West Cobalt, 764___
-To Manchester-Oct. 20
NORFOLK
-Manchester Shipper, 500
Oct. 22
1,264
-Siberian Prince,678
To Liverpool-Oct.23
678
-President Madison,
PORT TOWNSEND-To Japan-Oct. 10
2,625_ Oct. 18-Toyooka Mqru, 2,402
5,027
-President Madison, 275_
• To China-Oct. 10
275
-West Faralon, 3,500 SAN FRANCISCO-To Japan-Oct.20
3 500
.
SAN PEDRO-To Liverpool-Oct. 22-Lancaster. 650
650
SAVANNAH-To Bremen-Oct. 23-Modig, 5,867
5,867
sacks; 85,000 were for Hamburg. Latterly business has
come nearly to a standstill, with wheat prices falling. Buyers are awaiting a further decline. Deliveries are good on
old orders, but new buying is very light, both for domestic
and foreign account. Stocks at terminals here are reported
at 1,060 cars, against 982 last week and 1,197 last year. The
"Northwestern Miller" said: "Present movement of grain
from country points being 700 cars per day, approximately,
in excess of daily shipments from the terminals at Minneapolis and Duluth, and the further fact that storage facilities at these terminals are practically full, may bring the
situation within a week's time to a point where complete
embargo on shipments of grain to these terminals will have
to be effected, to avoid serious congestion of transportation
facilities. In the event embargo should be placed it, of
course, would probably not continue longer than a week or
ten days."
Wheat declined on good weather and an overbought market, with prospective supplies to all appearances larger in
Australia and Argentina. Liverpool broke 11 to 2%cl. on
/
2
Thursday. Buenos Aires and the Northwest weakened. On
the 20th inst. Winnipeg fell 2 to 3 c., though, after all,
/
1
2
/
1
2
Liverpool dropped only / to %d. per cental in the face of
1
2
such remarkable world's shipments as 18,539,000 bushels.
leading up to an increase in the quantity on passage of
4,000,000 bushels. A large percentage of the wheat and
flour afloat was from North America, I. e. 15,200,000 bushels. Liverpool at first received with noticeable coolness
reports of beneficial rains in Australia, where the exportable surplus moreover was estimated at 85,000,000 to 96,Total
116,273 000,000 bushels, against previous estimates of 70,000,000 to
-Current rates for cotton from 75,000,000 bushels. Also, it was said recent rains in ArgenCOTTON FREIGHTS.
New York, as furnished by Lambert & Burrows, Inc., are tina had led to bigger crop estimates, but Buenos Aires for
a time was %c. up. On Tuesday, at an advance, the comas follows, quotations being in cents per pound:
High
High
High
BandStandStand- mission house business was better and expressoins were
ard.
Density.
Density.
Density.
ant.
ant.
heard that the decline was possibly over for the time being.
Liverpool .350, .500. Stockholm .50c. .650. Bombay
.50c. .65c.
Manchester .35o. .500. Trieste
.45c. .600. Gothenburg
Weather conditions were favorable in the Canadian NorthAntwerp .300. .450. Fiume
.35c. .500."
.45c. .60c. Bremen
Ghent
.350. 50c. Lisbon
.500. .650. Hamburg .2734c. .42340. west and the day's grading there was about 70% of contract
Havre
750. .90c. Piraeus
.300. .450. Oporto
.600. .750.
Rotterdam .300. .45c. Barcelona .300. .45c. Salonica
.50c. ,75c.
wheat. Buenos Aires was relatively firm and did not decline
Genoa
.40o. .500. Japan
.42340. .57340.
Christiania .40c. .55c. Shanghai .42340. .5734c.
with the American markets. Tuesday's sales in all positions
1976
THF CHRONICLE
overnight were estimated at 500,000 to 600,000 bushels, with
rumors of larger amounts current, but no confirmation as
yet. Spring wheat premiums were weak and reports were
that Duluth No. 1 northern spring had sold at from 2%c.
over down to 1%c. over, or about 2c. lower than on Monday, and off nearly 9c. from the extreme highs. Some said
that the premium was at its low point and was at cost. On
Thursday Northwestern weakness was due to the continued
hedge selling and the excellent weather, which gives promise of a big crop movement to terminal markets. There was
some export buying, estimated at 1,000,000 to 1,500,000 bushels, mainly for the Continent, for deferred shipment and
largely American hard and spring wheat. The Canadian
carryover of wheat this year, it is recalled, was officially
reported at 28,358,000 bushels, against 11,750,000 last year,
an increase of 16,600,000 bushels, which, added to the official estimate of the crop, would make a total supply of about
309,000,000 bushels. Some expected that there will be an
unusually large percentage of damaged wheat this year.
Last year the total damage and unmerchantable was placed
at 38,000,000 bushels out of the immense crop. With a requirement of about 45,000,000 bushels for food, 30,000,000
bushels for seed and 40,000,000 for feeding and miscellaneous
needs, it is suggested that the damaged wheat may be absorbed. The American visible supply last week increased
1,787,000, against 689,000 in the same week last year. This
made the total 85,358,000 bushels, against 66,529,000 a year
ago. Broomhall cabled that showers had fallen in the western parts of the Argentine, also in the Pampas and in parts
of the Province of Buenos Aires. This precipitation was
very beneficial for the growing wheat. Rains were badly
needed in parts. Argentine port stocks of wheat decreased
to 5,500,000 bushels. A cablegram from the International
Institute of Agriculture states that the official preliminary
estimate of the wheat crop of France is 282,340,000 bushels,
against 275,572,000 last year. A Chicago firm received a
letter from a grain firm at Riga which said: "We are importing at Riga and Libau about 7,000 tons of wheat and
10,000 tons of rye monthly. I would like to work this directly with America, as recent business proves that steamers
can be chartered in America for grain direct to Riga and
Libau. Will you make us offers on 3,000 tons Manitoba
No. 1 wheat and 3,000 tons Western No. 2 rye October shipment?" This was considered significant of Europe's dire
need. Melbourne, Australia, cabled Oct. 21: "The Legislative Council, by a vote of 17 to 13, rejected the bill passed
in the Legislative Assembly providing for a compulsory
wheat pool." A dispatch from Melbourne Oct. 14 announcing the passage of the wheat pool bill by the Assembly said
the latest estimate of the Australian wheat crop was approximately 119,000,000 bushels, or about 4,000,000 bushels
less than the 1923 crop. Broomhall cabled: "The Australian agent of the London 'Times' estimates the wheat surplus for 1925 in Australia at 96,000,000 bushels; last year's
estimates by Broomhall's agent was 72,000,000 bushels. Previous estimates have placed the 1925 crop at 120,000,000
bushels, and surplus at only 70,000,000, but since then good
rains have fallen and a heavy yield is indicated." To-day
prices declined 1% to 3%c. net at Chicago and 3% to 4Y4c.
at Winnipeg. Liverpool was rather firmer, but American
markets gave it no heed. Winnipeg was inclined to sag.
American prices dropped to a point 11 to 111hc. below the
high point of the season reached last week. Contributory
causes to the decline were rains in Argentina, large receipts
at American points, and increasing stocks at terminal markets, as well as heavy liquidation. Most of the week it has
been plain enough that the market was overbought. The
technical position is better, however, than it was a week or
10 days ago. And export demand persists. To-day's sales
were estimated at 1,300,000 to 1,500,000 bushels, most of it
American wheat. On the declines the market taps foreign
buying orders. Exports for the week are nearly 18,000,000
bushels. The world exports this week may exceed 20,000,000.
Possibly that may affect Liverpool adversely on Saturday.
As the case stands, North American exports for the season
exceed 146,000,000 bushels, or some 38,000,000 bushels larger
than for the same time last year. And receipts at the Northwest may shortly decrease. Threshing there is practically
over. Meantime the weather is favorable in Canada and
also in the Southwest,for new winter wheat. But in Canada
the grading is still low. At the close Winnipeg October was
12e. over Chicago December and Buenos Aires November
was 141
4c. over Chicago December. In other words, wheat,
high as it is, is still on the bargain counter in this country.
It is the cheapest market in the world. That is a conspicu4d. lower to-day and Buenos
ous fact. Liverpool was only 1
Aires lc. Clearances from Argentina for the week have
risen to 4,372.000 bushels. Final prices show a decline for
the week at Chicago of 51 to 914e.
/
4
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 red
163% 164% 161% 158%
cts_166% 161
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed.Thurs. Fri.
December delivery in elevator_cts_150 145% 1469 147% 144% 144
May delivery in elevator
146
153 149% 150% 151% 149
July delivery in elevator
134% 131% 132% 13334 131% 130
[VoL. 119,
DAILY CLOSING PRICES OF WHEAT'FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
October delivery in elevator— -cts_162% 156% 156 160 157% 15334
December delivery in elevator
15434 150 151
15234 149% 14634
157
152% 1543i 155% 153% 150
May delivery in elevator
Indian corn declined on fine weather, better crop prospects, the fall in wheat and considerable liquidation. Argentina shipped most of the corn last week exported to Europe.
The total was 682,000 bushels. The main features were good
weather for drying the corn and the downfall in wheat.
/
Sales were said to have been at 1014e. over December to
Rotterdam f.o.b. Atlantic. Liverpool was reported asking
for offers of corn for quick shipment. On the 21st inst.
there was active buying, owing to heavy frost in the lake
region and predictions of frost in the Ohio Valley. Three
loads, according to some reports, were said to have been sold
to Holland, at a relatively low price in guilders. Most bids
still seemed to be 5e. too low. A London cable declared
there was a world's shortage in corn. Export demand was
reported and talk was of 10 loads taken for Rotterdam, this
business being reported from Chicago. A private estimate
that only 1,090,000,000 bushels were available for merchantable purposes in 12 States this year attracted attention. The
American visible supply increased last week 575,000 bushels,
against a decrease in the same week last year of 53,000
bushels. The total is now up to 8,395,000 bushels, against a
mere 987,000 a year ago. St. Louis wired: "In spite of
5%c. decline, old corn since last Thursday, unable to sell a
single car. Country selling new corn quite freely. Bought
No. 2 corn at $104 St. Louis first half December shipment
on overnight bids." Clement, Curtis & Co. corn crop statement said: "Reports from 500 stations as to amount of old
corn remaining on farms indicate about 4%, or approximately 120,000,000 to 125,000,000 bushels. Last year the
stocks on Nov. 1, as estimated by the Goverrunent, were
83,000,000 bushels, and the average of the preceding five
years was 157,000,000 bushels. In the North Central States
present stocks are estimated at 86,000,000 to 90,000,000 bushels, compared with 61,000,000 on Nov. 1 last year." An official Italian statement says exportation of corn is prohibited;
flour must contain a larger percentage of bean than at present; the price of white bread is to be controlled. To-day
prices declined 3% to 3%c. under heavy liquidation. Also,
the decline in other grain had a depressing effect. Chicago
reported sales of 400,000 bushels to exports, but it had no
influence. It was understood to have been sold to Canadian
exporters. The weather was good and receipts fair. The
cash demand in this country is poor. That is one of the sore
points. Most of the buying was by shorts. Of course that
was not a good sign. It weakened the technical position.
December touched 14e. below the high point of the month
and nearly 20c. below the high price of the season. Last
/
1
2
prices were 6 to 7 c. lower for the week.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_128% 126
128 127% 12534 118
No.2 mixed
CLOSING PRICES OF CORN FUTURES IN CHICAGO.
DAILY
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery in elevator_cts_109% 106% 108% 107% 105% 101
11134 10854 110% 109% 108 104
May delivery in elevator
1113', 10934 110% 110
July delivery in elevator
10834 105
Oats fell with the rest of the grain list. One thing that
tended greatly to depress the price, however, was another
huge increase last week in the American visible supply, 1. e.
4,607,000 bushels, or an increase in three weeks of no less
than 14,779,000 bushels. There was no ignoring such an increase. It lifted the total to such unwieldy figures as 62,785,000 bushels, against 19,616,000 a year ago, when the increase for the week, by the way, was only 1,634,000 bushels.
And early in the week the receipts were still large. The
visible supply is of a size that eclipses anything seen for
years past. To-day prices wound up at 3c. decline after active trading. It was mostly "long" liquidation. Also, there
was a good deal of hedge selling. This, with a decline in
other grain, cut the ground from under the price. Moreover, receipts were large. Stocks at leading markets are
steadily rising. The cash demand cannot cope with it, or
begin to. From the season's high level prices are down 11
to 12c. The closing prices to-day were 41 j to 52 lower
/
/
1c.
than a week ago.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 white
cts 6234 61
6134 6134 6036 58
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
5
December delivery in elevator_cts_ 53% 5234 5236 52% 514 484
5634 55% 52%
May delivery in elevator----56% 57
58
53% 50%
July delivery in elevator
543 54
5554 54
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Tues. Wed. Thurs. Fri.
Sat. Mon.
6034 oog 57
October delivery in elevator_ _ _cts. 63
60
60
60% 6134 60% 57
December delivery in elevator
6354 60
63% 6434 637460
May delivery in elevator
65% 633
Rye declined with other grain. On the 20th inst. it fell
2% to 314c. Export demand, too, was disappointing. Coming to expect 500,000 to 1000,000 bushels a day, it was something of a shock to find the total sales to Europe on the 20th
Inst. were only 350,000 bushels. Last Saturday they were
only 200,000. The American visible supply, too, increased
last week 738,000 bushels, against 543,000 in the same week
last year. Even so, the total, to be sure, is only 13,683,000
bushels, against 16,423,000 a year ago. Chicago wired Oct.
20: "Three cargoes of Duluth rye and a moderate quantity
of Minneapolis rye has been purchased for shipment to Chi-
OCT. 25 1924.1
1977
THE CHRONICLE
cago; this is not surprising with Minneapolis and Duluth at
such a big discount." On the 21st inst. about 1,000,000 bushels are reported to have been sold from Duluth and Minneapolis to go to Chicago. So far this season exports have
been 24,000,000 bushels and minimum estimates of unshipped
sales about 10.000,000 bushels more, making 34,000,000 bushels, exported or destined to be. On the basis of average
home distribution, the export surplus is figured at about 45,000,000 bushels. Duluth has received about 20,000,000 bushels since Aug. 1 and Minneapolis about 4,000,000 out of a
total crop for the Dakotas and Minnesota of about 34,000,000
bushels. To-day prices declined about 5c. The weakness
in wheat had an unmistakable effect. Stop orders were
caught on the way down. Liquidation was heavy, with export demand disappointing. The sales to foreign markets
were not estimated at over 100,000 bushels, although Norway
was said to be inquiring for 1,000,000 bushels for December
shipment. It bought to-day on a small scale. On Thursday,
it turns out, two cargoes of rye were sold to exporters and
not then reported. To-day 100,000 bushels of barley were
sold for export, mostly to Germany. Prices show a decline
for the week of 8 to 9c. At the low point to-day they were
down 12 to 14c. from the high of the season, which was
reached this month.
The/destination ofitheseLexportsifor the week and since
July 1 1924 is as below:
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery in elevator_cts_135
131% 131% 130% 130
125
May delivery in elevator
134% 131% 132
1311 131k 126
July delivery in elevator
117
117
113
113%
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
396,000 1,5.50,000
32,000
North Amer_ 15,282,000140,439,000 110,743,00
606 000 5,798,000
34,000 7,418,000 2,475,000
Black Sea__
32,000 2
Argentina_ _ _ 1.817,000 32,243,000 35,162,000 3,616.000 90,238,000 51,974,000
Australla____
656,000 14,136,000 13,248,000
India
752,000 12,904,000 10,744,000
95,000 9,3.50.000
0th. countr's
1,584,0001
The following are closing quotations:
FLOUR.
Spring patents
tents
$7 25068 00
67 75 $825 Rye flour,
Mears, first spring
7 on
7 50 Sentinels No. 2. lb
Soft winter straights-. 7 00 750 Oats goods
320@ 330
Hard winter straights- 7 25
7 75 Corn flour
3250. 340
Hard winter patents- 7 75 8 25 Barley goods'
Hard winter clears
6 50
725 Nos. 2,3 and 4
Fancy Minn. patents_
9 10
9 75 Fancy pearl. Nos.2.3
City mills
700
25
975
and4
GRAIN.
Wheat, New York:
Oats:
No. 2 rod, fob
58
158%
No. 2 white
No. 1 Northern
57
156%
No. 3 white
No. 2 hard winter, to.b
155 Rye, New York:
133
No. 2 c. 1. f
Corn:
Barley. New York:
No.2 mixed
103 14105
118
Malting
No. 2 yellow
83 4. 91
120
ChIcago
400
Flour.
Exports for Week
and Since
Week
Since
July 1 to-oa. 18 July 1
1924.
1924,
United Kingdom_
Continent
So.& Gent. Amer_
West Indies
Brit.No.Am.Cols_
Other Countries__
Wheat.
Week
Oct. 18
1924.
Corn.
Since
July 1
1924.
Week
Oct. 18
1924.
Bushels. Bushels.
Bushels.
Barrels. Barrels.
103,355 1,348,460 2,657,567 37,886,726
317,920 2,624.624 4,652,411 60,220,028
26,000
263,600
5,000
366,713
10,033
59,000
28,428
430,237
2,705
151,500
235,152
8,998
488,734 5,007,891 7,314,978 98,580,8.54
247 714 2 762 CIA2 6 222 678 71.949.188
Total 1924
Total 1023
Since
July 1
1924.
Bushels.
580,830
474,810
3.900
26,000 1,069,540
27.000 1.367.026
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ending Friday, Oct. 17, and since July 1 1924 and 1923,
are shown in the following:
Corn.
Wheat.
1924.
Week
Oct. 17.
Total
Since
July 1.
• 1923.
Since
July 1.
1924.
Week
Oct. 17.
Since
July 1.
1923.
Since
July 1.
18,539,000202,418,000177,279,000 3,682,000 98,147,000 65.849.000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday Ont. 18, 1924 was as follows:
9
GRAIN STOCKS.
Bartell.
Rye,
Oats,
Corn,
Wheat,
bush.
bush.
bush.
United Statesbush.
bush,
374.000
952,000
1,188,000
New York
42,000
965,000
8,000
2,000
35,000
Boston
26,000
73,000
306.000
Philadelphia
1,069,000
88,000
231,00
0
459,000
Baltimore
316.000 1.080,000
74,000
1,097,000
116,000
Newport News
1,000
36,000
357,000
New Orleans
373,000
2,847,000
54,000
Galveston
3,143,000
474,000
Buffalo
4,230,000 1,721,000 2,147,000 1,323.000
574,000
50,000
1,527,000
" afloat
1,366,000
1.000
9,000
759,000
The statements of the movements of breadstuffs to market Toledo
34,000
1,865,000
12,000
250,000
Detroit
20,000
210,000
indicated below are prepared by us from figures collected by Chicago
268.000
12,605,000 2,935,000 19,020,0® 4,357,000
65,000
the New York Produce Exchange. The receipts at Western
" afloat
315,000
210,000
219,000
101,000
614,000
249,000 2,440,000
lake and river ports for the week endling last Saturday and Milwaukee
953,000
Duluth
325,000 8,914,000 2,502,000
11,331,000
since Aug. 1 for each of the last three years have been:
Minneapolis
9,447,000
337,000 18,622,000 1,528,000 1,133,000
12,000
4,000
Sioux City
189,000
690,000
283,000
2,000
25,000
St. Louis
343,000
3,630,000
87,000
7,000
Receipts atFlour.
Wheat.
Corn.
Oats.
Barley.
Rye.
160,000
Kansas City
18,995,000
248,000 1,911,000
Wichita
2,905,000
3,000
bbls.19610s.bush. 60 lbs.bush.56 lbs. bush. 32 lbs.bush.4816s.bush.561bs. Bt. Joseph,Mo
17,000
1,311,000
202,000
283,000
Chicago
1,000
260,000 2,322,000 1,636.001 3,024,000
394,001
123,000 Peoria
968,000
6,000
Minneapolis
3,145,000
94,001 1,586,000855,111
699,000 Indianapolis
49.000
531,000
817,000
283,000
Duluth
7,498,000
42,161
19,000
710,051 2,888,000 Omaha
596,001
216,000
4,221,000
427,000 2,040,000
Milwaukee_
76,000
144,111
399,000
862,115
58,000
376,151
275,000 On Lakes
354,000
1,843,000
545,000
Toledo
405,000
108,111
51,665
9,000 On Canal and River
343,000
546,000
97,000
623,000
Detroit
24,000
6,115
16,00'
Indianapolis
312,5,,
62,000
140,111
Total Oct. 18 1924____85,358,000 8,395,000 62,785,000 13,683,000 5,0 000
E5_
111,000 1,138,00(
St. Louis_ _.
598,111
88,111
8,000
574,000
00U
Total Oct. 11 1924____83,571,000 7,820,000 58,178,000 12,945.000 5.5.10.
51,00g
Peoria
33,000
377,115
44,111
286,1)1
2,000
Total Oct. 20 1923_ ...-66,529,000
987,000 19,616,000 16,423,000 3,721,000
Kansas City-2,469,000
268,011
101,000
Note.
-Bonded grain not included above: Oats, New York, 305,000 bushels:
1,449,000
Omaha
224,001
296,000
Baltimore, 6,000; Buffalo, 252,000; Duluth, 12,000; total. 575,000 bushels, against
317,000
149,006
St. Joseph.-380''
164,000 bushels in 1923. Barley, New York, 272,000; Baltimore, 100,000; Buffalo,
680,000
2,005
Wichita
bushels, against
Buffalo afloat,
55,000
66,001
100,000
9,111
Sioux City5,000 432,000;bushels in 1923. 386,000; Duluth, 91,000: total, 1,281,000
245,000
Wheat, New York,297,000 bushels; Philadelphia, 269,000:
Duluth, 151,000:
498,000 10,006,000 3,802,001 7,894,000 2,476,151 4,009,000 Baltimore, 323,000; Buffalo, 1,221,000; Buffalo afloat, 823,000;against 5,321,000
Total wk. '24
Same wk. '23 420,000 9.574,000 4.228,1 s i 7,403,000 1,168,111
671,000 Toledo, 46,000; on Lakes, 765,000; total, 3,895,000 bushels,
Same wk. '22
535,000 10,907,000 6,812,005 5.247,61) 1,110,101 1,575,000 bushels in 1923.
Canadian
527,000
Montreal
1,597,000
Since Aug.1432,000 1,151,000
236.
000
248 000
5,817,000238,368,000 56,613,0100 109,365,000 24,512,6 i 1 28,420,000 Ft. William & Pt. Arthur_122.,568097:000000
:3 :000
1924
3 643 000 1:046:000 2,335,000
4 22
1,045,000
1923
4;935,000 142,943,000 50,511,000 76,629,000 13,604,111 10,354,000 Other Canadian
1022
11 427.000155.123.000 79.184 000 112 A77 nnn 12 244
30 621 nnn
Total Oct. 18 1924-16,973,000
432,000 9,116,000 2,530,000 3,907,000
Total receipts of flour and grain at the seaboard ports for
Total Oct. 11 1924_-__14,775,000
155,000 8,652,000 2,141,000 3,594,000
Total Oct. 20 1923-24,472,000
40,000 2,321,000 2,557,000 1,889,000
the week ended Saturday, Oat. 18 1924, follow:
Receipt at,
New YorkPhiladelphiaBaltimore_ _
N'port News_
Norfolk
New Orleans•
Galveston_
Montreal_ _ _
Boston
Flour.
Wheat.
Corn.
Oats.
Barley.
Bushels.
Barrels.
Bushels.
Bushels,
Bushels.
252,000 2,386,
4,
324,000 1,298,
70,
515,0
67,
28,000
89,000
342,000
10,000
57,000 535,00
7,000
5.000
81,000 1,403,
130,
38,000
952.000
55,000 5,628,000
7,00
464.000
1,000
35,000
27,000
Rye.
Bushels.
386,000
85,000
462,000
747,000
1,000
218,000
938.000 2.062,0001 1,681,000
Total wk. '24 594,000 11,227,000
Since Jan.1'24 20,529,000222.972,111 16.939,000 41,328,000 16.676.00025,364,000
182,
757,000 687,000 809,000
Week 1923.... 511,000 8,932,II'
Since Jan.1'23 19,008.000202.564,000 36,237,000 32,506,00013,649,000 31,617,000
Receipts do not include grain passing through New Orleans for foreign ports
•
on through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, Oct. 18 1924, are shown in the annexed
statement:
Exportsfrom-
Wheat.
Corn.
Flour.
Oats.
Rye.
Barley. peas.
Bushels. Bushels Barrels. Bushels. Bushels. Bushels. Bushel,.
236,734 591,103 937,976 934,026
1,292,978
New York
52,000
32,000
Boston
17,000
1,000
288,000
Philadelphia
28,000 312,000
50,000
62,000
299,000
Baltimore
5,000
Norfolk
7,000
Newport News
26,000 30,000
15,000
New Orleans...-. 445,000
14,000
1,079,000
Galveston
113,000 251,000 1,983,000 381,000
3 879,000
Montreal
Total week 1924_ 7,314,978
e- ..,.-..tr 1021 R Raf) 6711
26,000 488,734
27.000 347.714
907,103 3,015,978 1627026
56.000 873.877 313,249
Summary
American
Canadian
85,358,000 8,395,000 62,78.5,000 13,683,000 5,047,000
16,973,000
432,000 9,116.000 2,530.000 3,9075000
Total Oct. 18 1924_102,331,000 8,827,000 71,901,000 16,213,000 8,954,000
Total Oct. 11 1924.....98,346,000 7,975,000 66,830,000 15,086,000 9,177,000
Total Oct. 20 1923_ -91,001,000 1,027,000 21,937,000 18.980.00° 5,610,000
WEATHER BULLETIN FOR THE WEEK ENDING
OCT. 21.
-The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the
influence of the weather for the week ending Oct. 21, follows:
The stagnant high pretsure conditions over the eastern half of the country. referred to in last week's bulletin, persisted throughout the week Just
closed, with a continuation of pleasant, sunshiny weather in nearly all
sections of the country. A tropical storm was present in southern waters.
however, which moved slowly in a northward direction, reaching the southern Florida Peninsula near the close of the week,accompanied by high winds
and excessive rainfall in some districts: Miami, Fla., reported 9.20 inches of
rain for the 24 hours ending at 8 a. m.. Oct. 19. There was also moderately
heavy precipitation the latter part of the week in some middle Rocky Mountain districts, and substantial rain occurred earlier in parts of the Pacific
Coast area; otherwise there was very little precipitation in any section.
Temperatures continued high for the season until the close of the week when
much cooler weather overspread Central and Northern States from the
Ohio and Missouri Valleys northward.
Chart I shows that the week averaged much warmer than normal in
nearly all sections of the country. It was especially warm In the interior
valleys where the weekly mean temperatures ranged from 9 to 15 degrees
above normal. Freezing weather was report.ea only from the central
Appalacnian Mountains and interior of the Northeast. the extreme western
upper Lake region, and parts of the western mountain districts. It was
again free from freezing or killing frost in practically all the principal agricultural districts. Chart II shows that the week was practically rainless in
all sections east of the Great Plains, except in the Florida Peninsula. Substantial rain fell in the middle Rocky Mountain districts, and moderate to
fairly heavy amounts in central and northern Pacific sections. The week
was practically cloudless in Central and Southern States. exeept the extreme
Southeast.
There has been little or no killing frost of agricultural importance reported since the first of the month. At that time frost occurred southward
to about the latitude of the average date of occurrence for the season, but
1978
THE CliKONICLE
so far it has not extended farther south, though the average frost date line
for Oct.20 runs as far south as central-northern Tennessee.extreme northern
Arkansas, and extreme northeastern Oklahoma. Thus killing frost in most
interior valley States this year is generally later than the average.
The persistence of dry, sunshiny, and pleasant weather in practically
all parts of the country gave ideal conditions for maturing late crops.
for all outdoor operations, and for fall seeding, except where it was too
dry for the latter work, principally in the South. In the Southeastern
States the third successive week of dry weather, following the heavy rains
of September. has dried out the soil rapidly and more moisture is again
needed for plowing, fall seeding and for truck crops. Truck was considerably damaged in central and southern Florida by high winds, tide and excessive rains accompanying the tropical storm at the close of the week.
In the central and west Gulf districts droughty conditions were further
intensified by the absence of rain and more moisture is badly needed. In
general, the'Central and Northern States had sufficient soil moisture for
present needs, though a good many sections were becoming too dry. The
rains of the last week put the soil in good condition in the northern and
northwestern plains and plowing made good progress in those sections,
while the increased moisture during the present weew was helpful in the
central Rocky Mountains and west-central Great Plains. Better conditions are prevailing as to moisture in the Pacific Coast section from central
California northward, but east of the mountains, in the northern Great
Basin section, the drought continued unrelieved, while rain was needed in
most of the Southwest.
SMALL GRAINS.—Winter wheat seeding was nearing completion in
the central valley States and the Great Plains area, and the early-seeded
grain has come up to a good stand. The crop would be benefited by rain
in the lower Ohio and upper Mississippi Valleys, in Nebraska, and from
Oklahoma southward, but elsewhere in the central valley States the soil
is mostly in good condition. In the far Northwest conditions are favorable for wheat in Montana, Idaho and west of the Cascades in Washington and Oregon, but it cox tinned too dry east of the mountains. Wheat
grew rapidly in Kansas and Missouri. and has practically covered the
ground in the former State. Winter oat seeding mane slow progress in the
South, because of deficient moisture.
CORN.—tlader the influence of the warm. sunshiny weather in the
principal corn-producing States this crop matured and dried out rapidly,
and harvest was generally well advanced. No serious frost damage has
occurred to corn since the first of the month, and generally good weather
prevailed during this time for maturing the crop. The frost damage
=kit three weeks ago was confined largely to the northwestern portion of
the belt, principally to Iowa and the adjoining portions of other States to
the north and northwest. No widespread damage has been done east of the
Mississippi River, while Missouri and Kansas almost entirely escaped, and
much corn in Nebraska was safe before the frost came.
COTTON.—The week was warm, rainless and sunshiny throughout the
cotton-producing States. Except in the extreme northwestern portion
of the belt there was no rain reported from any point with substantially
100% of sunshine in practically ail sections. This made ideal weather for
picking and ginning and also for maturing the late crop in the more northern
districts.
The top crop made vety good progress in central and northern Texas
and also in Oklahoma. There was still some cotton opening in northern
Louisiana and the crop gained somewhat in Tennessee where the warmth
helped greatly to bring bolls to maturity in the northern !portion. Some
improvement was noted also in North Carolina. but the bolls were opening
slowly in the northern part of the State where the crop in general is about
three weeks late. The warm,sunshiny weather was favorable for maturing
late cotton in central and northern South Carolina.
Picldng made excellent progress everywhere and has been largely completed in the southern sections of the belt. It Is so well advanced in Georgia
as to be practically finished in another lu days with favorable weather.
Harvest is nearing completion also throughout Alabama and is about
finished in the southern two-thirds of Mississippi.
•timi
[Vol.. 119.
ime4.. THE DRY GOODS TRADE.
Friday Night, Oct,24,1924.
Pre-election quietness prevailed in markets for textiles
during the past week, although the advent of cooler and
more seasonable weather tended to create a cheerful sentiment. Orders from all sections of the country were received
in fair volume, and merchants have been more inclined to
look for a better distribution of fall and winter goods generally. Filling-in business, which has been of moderate
proportions, continues without much change. Thus far the
fall expansion has been about normal, although there has
been an absence of speculative buying which usually makes
its appearance during trade recoveries. Within another
fortnight all uncertainties in connection with the election
will have disappeared, and much deferred business is expected to be placed. In the meantime, various divisions are
more or less active. Woolens have maintained a firm undertone, and numerous price advances have been announced
of late. There has also been a revival of trade in the rug
and carpet divisions, and selling agents claim that the improved agricultural conditions which have given a greater
purchasing power to a wider area are largely responsible.
On the other hand, the cotton goods section fails to develop
any degree of activity or strength. Close selling has been
the rule, with competition for business keen. In regard to
silks, production appears to be increasing, though producers
are working under the added disadvantage of higher raw
silk prices. Merchants nevertheless are optimistic in regard to the future and predict a large consumer demand.
DOMESTIC COTTON GOODS: Markets for domestic
cottons have been rather unsettled during the week. Uncertainties in connection with the forthcoming Government
estimate of the cotton yields have had a tendency to check
buying activities, while some mills have offered more freely
at slight concessions. Ginghams in particular, have ruled
unsettled. During the early part of the week, one of the
2
1
/
leading Southern manufacturers named prices 2 cents a
yard below those announced by Eastern mills the week previous. This, however, was not altogether unexpected by
the trade, as Southern mills have succeeded in instituting
lower production costs through wage revisions. Thus they
business on a more attractive basis.
The Weather Bureau also furnishes the following resume are in a position to do quick recovery in production among
which has resulted in a
of the conditions in the different States:
hand, print cloths, converVirginia.—Richmond: Warm and dry; very favorable for farm work Southern mills. On the other
and good progress made in picking cotton, sowing winter grains, and filling tibles and sheetings have been a little firmer. Jobbers consilos. Sweet potatoes mostly dug; reports favorable. Apple harvest well
good filling-in business, which has
advanced; but weather rather warm for fruit. Pastures and meadows tinue to report a fairly
continue in good condition.
been stimulated of late by the more seasonable weather
North Carolina.—Ralolgh: Another week of bright, sunshiny weather;
country. The fact that the majority of orfavorable for cutting hay, saving forage, gathering applies and digging throughout the
sweet potatoes, but rain needed for small grain. Some improvement in ders received call for prompt shipment of goods is taken to
late corn; practically all matured in mountains. Continued dry and clear indicate that supplies in the hands of retailers are smaller
and very favorable for cotton; some improvement and good progress in
picking and ginning; opening rapidly in south and central, out slowly than usual at this time of the year. While retail trade
along north border where nearly three weeks late.
with every blast of cool weather, the public is not
South Carolina.—Columbia: 'Third week with bright, clear weather and quickens
seasonable temperatures; favorable for harvesting corn, forage and late rushing to buy and is said to be super-critical of values.
especially in developing late cotton in central and north, which especially in the medium-priced lines. Nevertheless, the
crops and
is exceeding expectations in some sections. and picking and ginning progressing well. Wheat and oats being planted with fair germination. Rain keen interest in the fine quality merchandise continues a
needed for truck and to soften soil.
feature of business in many of the large metropolitan estabGeorgia.—Atlanta: Warm, dry, sunny week; very favorable for harvestpercales and
ing. Cotton all open and probably 80% gathered; will be practically all lishments. The steadinesss of small orders for
out by Nov. 1. Housing corn. digging sweet potatoes and peanuts, cutting fancy printed goods is doing much toward making printers
and saving late hay crops made very rapid progress. Some oats SOwn,
cane
more confident of spring trade after election. Print cloths,
but soil getting too hard to plow.
Florida.—Jacksonville: Dry, except in portions of central and south 28-inch, 64 x 64's construction are quoted at 7c., and 27-inch,
flooded. Absence of rain in north and west favorable for
where lowlands
68 x 72's con2
1
/
harvesting, but lowlands in most sections too wet due to heavy rains of 64 x 60's, at 6 c. Gray goods in the 39-inch,
-inch, 80 x 80's, at
previous weeks. Truck in central and south damaged severely by high struction are quoted at 9%c., and the 39
winds, tides and rains, and shipments suspended. Citrus dropping and 12%c.
•
splitting and groves in south damaged by high winds;some groves flooded.
abama—Montgomery: Continued drought and unseasonably warm;
Al
WOOLEN GOODS: Markets for woolens and worsteds
springs failing locally. Favorable for harvesting, but unfavorable for
growth and development of growing crops. Sowing oats progressed slowly. maintained a firm tone during the week. Commitments in
Sweet potatoes and minor crops made slow progress. Truck and pastures the women's wear division, however, were not quite as acmostly poor; pastures deteriorating badly. Cotton picking practically
finished in south and many central areas; nearing completion in extreme tive as in the men's, owing to the fact that numerous manunorth where condition mostly fair to good.
their new lines.
Mississippi.—Vicksburg: Generally abundant sunshine; dry and warm. facturers have not as yet formally opened
Very good progress in picking and ginning cotton; practically complete in The latter has been attributed to the recent holidays, the
southern two-thirds. Fair progress in harvesting corn; largely housed in heavy operations on fall demand and the recent unseasonable
southern half. Progress of fall plowing and seeding poor. Progress of
weather. In regard to the men's wear division, the Americane, gardens, pastures and truck mostly poor.
Louisiana.—New Orleans: No rain, and drought severe in all sections; can Woolen Co. named further price advances ranging from
stock water and pastures seriously deficient and many forest fires. Cotton
in spring
and
2
1
/
still opening in north where some top crop developing, but picking very 2%c. to 7 c. per yard on 171 different piece goods
nearing completion. Cane
trade, in fact.
ginning well advanced. Rice harvest still
Too dry for lines. The advances so far have not checked
being delayed. T
and harvest
poor; showing no Pe
it continues to improve. Mills are said to be trying to
fall plowing and planting
Texas.—Rouston: Warm and dry, except moderate rain in extreme adjust values to a level that will protect themselves and at
sections
south and northwest. Ideal for harvesting, but too dry in mostof earlyof seed. Condition
time warrant the purchase of raw wool at the
for normal plant growth and germination good; of pastures, fall gardens, hthigehesar
very
planted winter wheat and oats fair to dry. Citrus favorably affected and
costs.
and cane poor where
sweet potatoes
about finished, except
shipments increasing. Cotton fruitingmade very good progress.locally in
FOREIGN DRY GOODS: Linen markets developed more
Picking
central-north and west where top crop Amarillo: Precipitation scarce, but activity during
the week, though business was generally conadvance.
and ginning made excellent
ranges in north and northwest reported good; livestock fair to good.
ducted at the expense of the usual profit margin. This was
City: Warm and dry week. Ideal weather for
Oklahoma.—Oklahoma
in regard to household linens,
maturing and harvesting late crops. Cotton opened fast and picking and said to be particularly true
very good.
ginning progressed rapidly; progress of top crop generally and growth, where a large percentage of the goods sold was moved below
wheat; early-planted good stand
Excellent progress in seeding
Several of the larger houses made sucbut needs rain most sections. Satisfactory progress in gathering corn, replacement cost.
kafir and forage crops; pastures fair to good. favorable for maturing and cessful attempts to reduce burdensome inventories. Retailvery
Arkansas.—Little Rock: Weather
ers found many opportunities to make purchases at prices
gathering all crops. All cotton open in southern, nearly all open in central
and most northern portions: picking and ginning progressing very rapidly. which would assure success to special sales for which the
Too dry for late truck and for sowing wheat and oats, except in northwest goods were wanted. A fairly good volume was reported in
where favorable.
Tennessee.—Nashville: Continued dry, warm weather very favorable the 'dress goods division, with transactions ,about equally
for maturing crops and for harvesting, but mostly too dry for germination divided between the plain and fancy weaves. In regard to
and growth of fall-sown grains and grass and for plowing. Cotton gained
to arrive for the holisomewhat in top crop and warm weather helped greatly to secure crop in handkerchiefs, shipments have begun
northern counties; good progress in picking and ginning; staple unusually day trade. Burlaps ruled slightly easier. The sharp adfavorable.
clean. Corn nearly all ripe; conditions
apparently appeared to be too
Kentucky.—Louisvillo: Week warm and dry. Late tobacco all cut and vance of the week previous
corn safe; both drying speedily. Late potato vines dying prematurely. rapid, as many buyers withdrew from the market. Light
Rye and pastures good but grass deteriorating. Wheat slow or failing to
weights are quoted at 8.20c. and heavies at 10.25c.
germinate: sowing nearly completed. Stock water scarce in west.
OCT. 25 1924.]
THE CHRONICLE
ffitate ana City Department
NEWS ITEMS.
-In
-Measures on November Ballot.
Arizona (State of).
all six measures will be submitted to the qualified electors of
this State at the general election Nov. 4:
1979
to 4 rounds, shall be subject to provisions of this measure and under sole
jurisdiction of such commission when admission fee is charged.
8. County Officers.
-Senate Constitutional Amendment 15. Amends
Section 9 of Article XI of Constitution, which prohibits increase in salary
of county officer, by inserting therein a proviso authorizing Legislature by
general laws to provide that such additional deputies or assistants as may be
necessary and proper be allowed to the principal in any county office during
his term and also provide that the compensation of such deputy or assistant
be Increased during the term of office ofsuch principal.
9. Taxation.
-Assembly Constitutional Amendment 30. Adds Section
123. to Article XIII of Constitution. Authorizes taxation of notes, debentures, shares of stock, bonds, solvent credits or mortgages, not nos
exempt, in manner, at rate or proportionate to value, different from other
The first on the ballot Is an amendment to the State Constitution, pro- property, and in lieu of all other property taxes thereon,requiring equitable
posed by the State Legislature. It would affect Section 1 of Subdivision 2, distribution thereof to political subdivision wherein levied: rates not to
Article IV. The amendment,if carried, would authorize the redistributing exceed those on other property not exempt, and when fixed by Legislature
altered only by two-thirds vote of each house; property taxed for State
of the legislative districts in the State.
The second measure proposed by initiative petition of the people would purposes under Section 14 ofsame article unaffected hereby.
amend the Constitution by adding a new section, Section 5a. to Article IX
10. State Taxation.
-Assembly Constitutional Amendment 51. Amends
Under this amendment the State would have authority to become addition-to the amount Section 14 of Article XIII of Constitution. Exempts from the State tax
ally indebted-that is, in addition to all other States debts
the issuance of bonds in that amount for paving of a on insurance companies county fire insurance companies organized under
of $3.500.000 through
highway from the Hassayampa River to the Colorado River and a Colorado Act of April 1 1897; provides that State shall reimburse all counties for net
River bridge. On the official ballot the bonds are referred to as the "Blythe loss in county revenue occasioned by withdrawal of property from county
taxation, and directs Legislature to provide for reimbursement from county
Highway Bond Issue.'
The third measure on the ballot would amend Paragraph 3025 of Chapter general funds to districts suffering loss from such withdrawals.
XII. Title 12, Revised Statutes of Arizona, 1913. Civil Code, pertaining to
11, Klamath River Fish and Game District.-InItiative measure.
duties of Boards of Election, and provides that any candidate at a primary
election receiving 51% or more of the total vote cast at such primary elec- Creates Klamath River Fish and Game District consisting of Klamath
tion for all candidates for such nomination would be declared the only River and waters thereof following its meanderings from confluence of
nominee whose name would be placed on the official ballot at the ensuing Klamath and Shasta rivers in Siskiyon County to mouth of Klamath River
In Del Norte County. Prohibits the construction or maintenance of any
election. Referendum ordered by petition of the people.
The fourth is an Act to regulate the racing of horses in the State of dam or other artificial obstruction in waters of said district, prescribes
Arizona, to establish a State Racing Commission, to define its powers and penalties therefor, and declares any such artificial obstruction to be a public
duties, to authorize the operation of pari-mutuels. and to prescribe a nuisance.
•
penalty for the violation thereof. The Act is proposed by initiative petition
12. Municipal Courts.
-Senate Constitutional Amendment 25. Amends
of the people.
proposed by initiative Sections 1.5. 11, 12, 14, 18.23 and 24 of Article VI of Constitution, relatUnder authority of the fifth measure,if carried, also
petition of the people, a State Highway Commission, to serve without ing to courts and their jurisdiction, by providing therein for the establishsalary, would be created. Three elective State officials, the Governor. ment of municipal courts as courts of record in any city or city and county
Secretary of State and State Auditor, and two citizen members would and for their jurisdiction for the establishment of appellate departments of
the superior court in any county or city and county wherein any municipal
compose the Commission under the terms of the proposed measure.
The other measure would direct the Board of Directors of the State court is established.
•
Institutions to make an engineering Investigation, survey, estimate of cost
13. Poll Taxes -Assembly Constitutional Amendment 47. Amends
and report upon the possibility of power and irrigation upon the Colorado Section 12 of Article XIII of Constitution. Declares Legislature shall
of provide for
River to the State of Arizona, to investigate and report upon the ability
levy and collection of an annual educational poll tax of not
the State to finance any projects on the Colorado River, to make filings and less than $5 on every male inhabitant of this State over 21 and ceder 50
do other things to protect the rights of Arizona in said river, and to accept years of age, except those holding honorable discharge or discharged under
by gift, filings, rights with respect to said river. To cover the expense of honorable circumstances ftom United States army, navy or marine corps,
this work an appropriation of $100,000 is authorized by the measure.
those paying real or personal property tax amounting to at least $5 per
annum, paupers, idiots, insane persons and imbeciles; such poll tax to be
-Proposed Amendments to State paid into State school fund.
Arkansas (State of).
14. Bonds.
-At the regular State
-Assembly Constitutional Amendment 49. Amends Section
Constitution Fail at State Election.
of
XIII of Constitution. Declares that all bonds hereafter issued
election held on Oct. 7, three proposed constitutional amend- I theArticle of California, or by any county, city and county, municipal
State
by
ments submitted to the voters all met with defeat. The corporation or district. including school, reclamation, irrigation and public
amendments were numbered from 10 to 12, inclusive. No. utility districts, within this State, shall be free and exempt from taxation.
15. Tax-Exemption.
-Assembly ConstitutionaliAmendment 52.
10 was to increase the pay of Supreme Court Judges and add Section I of Article XIII of Constitution by inserting a proviso Amend
therein
two Judges to the bench. This received 52,199 affirmative declaring exempt from taxation property not exceeding in value in any one
under the
and 40,532 negative votes. No. 11 provided for the issu- county 850.000, used exclusively as air-ports or aviation fieldsunder such
- control of United States Government and while so used and
ance of interest-bearing bonds by counties and municipal! control.
ties to take up outstanding warrants. The vote on this
16. Water and Power.
-Initiative measure adding Article XIV° to
Constitution. Creates board, appointed by Governor and
amendment was 57,661 for to 35,089 against. No. 12 was authorized to develop and distribute water and electric subject to recall,
energy, acquire by
to prohibit local legislation by the General Assembly. On any legal means any property therefor and do anything convenient thereto.
this amendment 56,934 voted in the affirmative and 34,200 including using and reserving State lands and waters; gives State and poas against privately owned
in the negative. While the different amendments all show litical subdivisions certain preferential rightsto public; authorizes issuance
public utilities selling water or electric energy
a majority, it was necessary that they should receive a ma- of bonds not exceeding $500,000,000. to further such purposes, reqniring
jority of all the votes cast at the election, which was ap- board to fix rates to meet expenses and retire bonds in fifty years.
17. Eminent Domain.
-Assembly Constitutional Amendment 31.
proximately 124,000. The figures given are from the "Ar- Amends Section 23a of Article XII of Constitution, which now empowers
kansas Democrat" as published in the "Memphis Appeal" railroad commission to exercise such power as Legislature confers upon
It to fix compensation to be paid for taking property of public utility in
on Oct. 17.
eminent domain proceedings by the State or any county municipality or
municipal water
commission
- such power whendistrict, so as to authorize that an irrigation to exercise
-Measures on November Ballot.
California (State of).
such proceedings are taken by
disaict or
At the general election to be held Nov. 4 the voters of this other public corporation or dsitrict.
-Assembly Constitutional Amendment 24 amending SecIS. Suffrage.
State will vote on eighteen measures which include sixteen
tion of Article II by inserting
proposed amendments to the State Constitution. The meas- duly Iregistered as an elector in therein proviso declaring that any person
one precinct and removing therefrom to
ures will be designated and appear on the ballot as follows: another precinct in the same county within thirty days of an election
shall for the purpose ofsuch election be deemed to be a resident and qualified
-In- elector of the precinct from which he so removed until after such election.
1. State Taxation of Highway Transportation Companies.
itiative measure adding Section 15 to Article XIII of Constitution. Requires companies owning or operating, as common carriers, upon public
Cuyahoga County (P. 0. Cleveland), Ohfo.-Injunchighways, jitney busses, stages or motor vehicles, to pay annual State
tax upon their operative property of 4% of their gross receipts from opera- tion Proceedings Instituted Against County Commissioners.
tions, in lieu of all other taxes and licenses thereon except ad valorem tax to Injunction proceedings have been started, reports the "Wall
bonded indebtedness! outstanding Nov. 4 1924,
meet deficiencies or to pay
of political subdivisions; empowers legislature by two-thirds vote to change Street Journal" of New York in a recent issue, by L. R.
such percentage.
Landfear, of the law firm of Landfear, Baskin & Price, to
-Senate Constitutional restrain the County Commissioners of Cuyahoga County,
2. Salaries and Expense of Legislature.
Amendment 23. Amends Sections 23 and 23a of Article IV of Constitution. Ohio, from placing a bond issue on the Nov. 4 ballot calling
Declares members of Legislature shall receive $100 per month payable
monthly in even numbered years, and during regular session as may be for the construction of a $10,000,000 bridge across the Cuyaprovided by law, and mileage not exceeding 5 cents per mile: Legislature to hoga River. Mr. Landfear states the issue is illegal. The
provide for selection of all officers and employees and,when advisable,under
civil service, limiting total daily expense thereof to $300 for either House County Prosecutor will decide the question, it is stated.
during regular session, and $200 for both Houses during special session.
Fifth-Louisiana Levee District (P. 0. Tallulah), La.
-Assembly Constitutional Amendment
2. Deposit of Public Moneys.
Two-Day Default on Bond Interest-Oversight Was Cause.
46. Amends Section 16 t4 of Article XI of Constitution by extending to any
political subdivision, the provisions permitting the deposit in banks of this A two-day default last week in the payment of interest on the
State of moneys belonging to or in the custody of the State of any political bonds of the Fifth Louisiana Levee District was due to an
subdivision.
accidental omission of a check from an envelope in the office
-Assembly Constitutional Amendment 2 amending
4. Inferior Courts.
of the State Treasurer, it was learned yesterday, when news
Section 11 of Article VI of Constitution. Changes provision therein which
confers on inferior courts created by Legislature concurrent jurisdiction of the delay in payment leaked out in financial circles, acwith superior courts in cases of forcible entry and detainer where rental cording to the "New Orleans Times-Picayune" of Oct. 19,
value does not exceed 925 per month, and where whole amount of damages
claimed does not exceed $200 by declaring such concurrent jurisdiction shall which further said:
exist where such rental value does not exceed $75 per month and the whole
Although the matter had been kept quiet several days, it was admitted
amount of damages claimed does not exceed $300.
yesterday at the Hibernia Bank. fiscal agent for the payment of the interest
Constitutional Amendment 20. Amends coupons, that failure of the State Treasurer to mail a check for the bond
-Senate
5. Transfer of Funds.
Interest brought about a temporary mix-up which later was rectified. The
Section 31 of Article IV of Constitution. Adds proviso requiring city or levee district itself is in flourishing financial condition, it was declared, and
county treasurer, having custody of funds of political subdivision payable its bonds have always enjoyed a high rating.
solely through his office, to make, on or before last Monday in April in each
At the Whitney-Central Bank, which was first said to be the transfer
current fiscal year, temporary transfers therefrom, not exceeding 85% of agent, James Gilly Jr., Assistant Cashier, said he had no knowledge of the
taxes accruing to such subdivision, to meet obligations incurred by such levee district bonds. Later Mr. Gilly, after a consultation with Leeds
subdivision for maintenance purposes, and to replace same from such taxes Eustis. the Cashier, reported that while the bank had no direct connection
before meeting other obligations therefrom.
with the bond issue, it was understood the coupons had been paid. Mr.
-Assembly Constitutional Amendment Gilly couldn't say just when the interest payment was made, but said the
6. Personal Property Taxes.
Bank was acting as fiscal agent.
57. Adds Section 9a to Article XIII of Constitution. Declares taxes levied Hibernia V.
Louis
De Gruy, Trust Officer at the Hibernia Bank. admitted that
on personal property for any current tax year, where same are not secured When
it was discovered the
by real estate, shall be based upon tax rate levied upon real property for State the day came to pay interest on the levee bonds,
Treasurer had failed to send a check for the amount.
prohibit the equalization each
preceding tax year; but nothing herein shall
L. B. Baynard, Treasurer, was immediate:1 called on the telephone.
Year of the a.ssessment of personal property in the manner now or hereafter according to Mr. De Gray. Mr. Bayaard was greatly surprised to learn
provided by law.
the interest check had not been mailed. An investigation in the office of
7. Boxing and Wrestling Contests.-Initiativo measure. Authorizes the State Treasurer revealed that two checks were supposed to go forward
boxing and wrestling contests for prizes or purses, or where admission fee to the bank, but that the check for the levee bond interest was left out of
is charged, limiting such boxing contests to 12 rounds; creates athletic the envelope.
The missing check was located and rushed to the city by special delivery.
commission empowered to license such contests and participants therein;
prescribes conditions under which licenses shall be issued and contests Accompanying it, according to Mr. Do Grey, was a letter from the State
held; declares amateur boxing contests, conducted under Section 412 of Treasurer detailing the oversight which brought about the temporary
l'onal Code which prohibits prize fights and limits amateur boxing contests default.
1980
THE CHRONICLE
• Georgia (State of).—Proposed Constitutional Amendments to Be Voted on at November Election.—The voters of
Georgia will have submitted them at the general election
Nov. 4 for their approval or disapproval eight proposed
amendments to the State Constitution:
One affects Paragraph 3 of Section 4, Article III, and provides for biennial session of the general Assembly and would increase the length of
sessions to sixty days. The sessions are now held annually and are limited
to fifty days under present provisions.
Another proposes to add a new Paragraph to Article VII, Paragraph 2A,
and would exempt certain manufacturers and Industries from taxation for a
period not exceeding 5 years.
Paragraph 1 of Section 7, Article VII would to be amended by another
and would authorize the city of Brunswick to incur an Indebtedness up to a
maximum of 14% of the assesed value of taxable property therein.
Another one of the 8 proposes an amendment to Paragraph 1 of Section 3.
Article XI, which would authorize the General Assembly to consolidate the
offices of Tax Receiver and Tax Collector in several counties.
The fifth amendment would add a new paragraph. Paragraph 21t, to
Section 1, Article XI and is in reference to the consolidation of city and
county goveramert in counties having therein a city with a population of
52,900 or over.
The sixth amendment affects Paragraph 1 of Section 7, Article VII,
which would, if carried, authorize an increase In the bonded indebtedness
of the city of Savannah.
The seventh amendment proposes to add a new sub-paragraph, Paragraph Id, to Paragraph 1, Section 7, Article VII under which a new district,
which would be known as the Coastal Highway District, to be composed
of the territory of the counties of Chatham, Bryan, Liberty, McIntosh.
Glynn and Camden, would be created. The district under further provisions of the amendment would be allowed to issue bonds not exceeding
$900.000 for paving purposes provided, however, that their issuance is
approved by the voters of the district.
Under the last of the eight amendments which affects Paragraph 2 of
Section 1. Article XI. a new county under the name "Peach County" would
be created.
Missouri (State of).—Measures up Before Voters this
November.—At the general election on Nov. 4 the voters
will have submitted to them for their consideration eight
measures,including six proposed Constitutional amendments.
The measures are number 1 to 8 inclusive, the amendments
being numbered 1, 2,3, 4, 7 and 8, and the other propositions
to be voted on, 5 and 6. In numerical order, as they
appear on the official ballot, the amendments and propositions are:
No. 1.—Adding two new judges to the Supreme Court, making the
number nine, and dividing the Court into three instead of two divisions.
No. 2.—Prescribes the methods and means of amending the State
Constitution now contained in the present Article XV of the Constitution,
but which article would be repealed under the proposed amendment
and replaced with a new one which would also be known and numbered XV.
No. 3.—Would amend Section 22 of Article IX so as to provide for
two houses of the Municipal Assembly of St. Louis, instead of one.
No. 4.—This amendment proposes a new Section 16 to Article IV to
replace the Section 16 now existing and if carried would increase the pay
of members of the General Assembly from $5 to $10 per day and prohibit
practice of nepotism in connection with employment of clerical help in
the two houses of Assembly.
No. 5.—Initiative proposition. an Act to provide funds for the completion of the construction of,and for the maintenance of,the State Highway
System as designated by law, by a license tax equal to 2c. per gallon of
motor vehicle fuels used in motor vehicles on the public highways of this
State, by increasing the fees for State registration of motor vehicles and
by authorizing the Board of Fund Commissioners to issue bonds authorized
by the Constitution and statutes for State highway construction not to
exceed 15 million dollars per year: providing for the distribution of the
funds authorized by this Act and providing penalties for the violation
of the Act. Authority to the Board of Commissioners to issue the bonds
is granted by Section 16 of the proposed Act, which reads as follows:
"Board of Fund Commissioners authorized to issue 15 million dollars
in bonds per year.—To faciliate the completion of the construction of the
State highway system. the Board of Fund Commissioners shall, at the
request of the State Highway Commission, issue bonds not exceeding 15
lion dollars par value during each of the years 1925, 1926 and 1927 as
authorized by the Act approved Aug. 27 1921 and amendments thereto
relating to the issue and sale of bonds to the amount of $60.000,000 in
accordance with the provisions of Section 44a, Article IV of the Constitution of the State of Missouri, and if there shall be issued less than 15
million dollars par value of said bonds in either of the years 1925. 1926
and 1927, the aggregate of the bonds unissued in such year or years may
be added to the amount of bonds herein authorized to be issued In any
succeeding year. Nothing contained in this Act shall be construed to
authorize the use of proceeds from the sale of State highway bonds for
any other purpose than the construction of State highways as under
existing law."
No. 6.—Proposition by initiative. an Act providing a system of compensation for workmen injured in industrial accidents.
No. 7.—Proposed by initiative, an amendment to the State Constitution
affecting Article IX. This would authorize the voters of the City of St.
Louis and St. Louts County to consolidate the territories and governments
thereof Into one local subdivision of the State.
No. 8.—Proposed by initiative petition, an amendment to the State
Constitution of Missouri providing for the exemption from taxation of
certain property used exclusively for religious worship and property including endowments of income used exclusively for educational and
charitable purposes or for any agricultural or horticultural societies not
formed for profit.
New York City.—Tentative Budget for City Put At Nearly
$400,000,000.—The budget for the year 1925, as proposed
for adoption, is $398,959,172 29, according to figures made
public by Mayor Hyman in a statement issued on Thursday
night, Oct. 23. The amount, it is said, is the largest ever
made and is an increase of approximately $23,000,000 over
the 1924 budget. With reference to the increase Mayor
Hylan made the following explanation:
The budgetfor the year 1925, as proposed for adoption is $398,959.172 29.
This is an increase of approximately $23,000,000 over the budget for this
year.
$12,228,904 for Debt Service.
About one-half of this increase, or $12,228,904, is due to the necessity of
larger appropriations for debt service purposes.
The interest and redemption of bonds, issued for the acquisition of sites
and the construction of public schools, as well as for other public improvements such as water supply and rapid transit, represents $8,900,000 of this
-You-Go law accounts for an increase of
debt service increase. The Pay-As
53.300,000,for the redemption of tax notes issued for the repaving of streets
-year bonds or those exand park roads which, heretofore financed by 10
tending to the minimum life of an improvement, must now be redeemed
through the budget succeeding the year of their issue. The redemption of
special revenue bonds, issued for emergency purposes or pursuant to mandatory requirements, and redeemed in the tax budget of the year after their
issue, necessitated an increase of $1,000,000. Owing to lower interest rates
on temporary debt, a saving of nearly $1,000,000 has been effected, so that
the net increase in the debt service item is about $12,000,000.
The growth of population and the inevitable expansion of municipal activities have brought increased demands for additional service. The major
portion of the increases in the 1925 budget, other than those for debt service,
is reflected in the budgets of the Pollee. Fire and Street Cleaning Departments and the Boards of Education and Child Welfare.
[VOL. 119.
for the current year. This increase is due to need of appointing during next
year an added force of 1,000 policemen, costing in excess of 51,000,000;
and an additional appropriation of 51,525,000 over this year's allowance is
required to pay the salaries of patrolmen at $2.500 per annum as determined
by the citizens of the city. Provision was made in the 1924 budget for the
appointment of 434 policemen at various dates during the year. A full
year allowance for these men must be provided for 1925. This will add
5325.000 to the budget. Annual salary Increments of patrolmen due to
advancement in grades requires another 8236.000. Police Sergeants have
been advanced from $2,700 to $2,900, requiring $153,000.
The Detective Bureau has been increased by 100 additional men with an
increase in compensation of $200 per annum for 300 of the present detectives.
This will cost $350.000. There is also an added allowance of $400,000 to
put the police buildings in good serviceable condition; $184.000 was also
provided tel increase the number of meter cars which have demonstrated
their usefulness in giving efficient service, particularly in the patrol of the
outlying sections of the city; there are also added allowances for two rescue
trucks to answer emergency calls and for a radio receiving equipment to
permit of alarms being transmitted simultaneously to the 77 police stations
throughout the city; a new speed boat and a new boat to replace the Manhattan is also provided, and an increase in the appropriation for contingencies has also been granted.
Increase in Fire Department.
Fire Department.—There is provided to this department the sum of
$19,085.899, an increase of about a million dollars over the present year.
This is due in part to the increase of first grade firemen to $2,500, approved
by popular vote, costing $939,000; advancement of grade of firemen.
amounting to $155,000; full time to fire companies in 1925, provided for
only a part of the current year, costing $101,000; new rescue company with
equipment, amounting to $35,000; repairing and installing oil boilers in
certain fireboats, costing $64,000. The total increase is reduced by certain
savings.
Street Cleaning Department.—The sum of $20.234,995 is provided in the
1925 budget to this department, an allowance of approximately 52,400.000
over the current year. Since 1914 there has been an increase of about 20%
in the area of streets to be cleaned by this department, due to the opehing
of new sections in Brooklyn and the Bronx, and to a small measure in Manhattan. The sweeping force since January 1914, up to the current year
had been increased only by 81 sweepers. In order to meet the situation in
hand an added force of 200 sweepers is provided for 1925, costing about
$317,200.
More Ash Cart Force.
Due likewise to the development of the outlying sections of these three boroughs, it is necessary to add to the forces engaged in the carting of ashes,
garbage and rubbish. This added force of 300 men will require an additional
appropriation of $511.000; the supervision force is also increased. adding
$142.000 Owing to the increased use of motor vehicles in this department,
the mechanical
force is to be increased by about $200,000.
There has also been a large increase in the number of motor trucks, to be
used in the collection of refuse material, estimated at 12% over the preceding twelve months. These trucks cost $414,000, with an added amount for
miscellaneous equipment of$102,000. The added allowance for gasoline and
motor vehicle parts approximate $151,000. These items account for practically the entire increase.
Board of Education.—The city's appropriation to the Department of
Education for next year is $79.724,527 18, an increase of about $1,730,000.
Of all the appropriations made in the annual budget, the Department of
Education receives 20.%, in other words, out of each dollar so appropriated
20 cents goes to this department, exclusive of the State's contribution for
the support of common schools, anticipated for 1425 a t • n^oximately
,,
$21.000,000. The total increase to this department is $2,796839. but part
of this will be met by the State appropriations reducing the city's share, as
heretofore stated, to $1,730,000.
For Additional Teachers.
This increase is accounted for by the employment of additional teachers to
take care of the ever-increasing number of school children, who to-day show
a registration close to 1.000,000, adding $1,825,000; salary increases of
school teachers provided by law requires $883,000; an increase due to the
extension of the continuation schools necessitates $540,000 more; and there
are also a number of smaller additions. Including evening schools. There
has been an increase of $4473,000 required for janitorial service, including
supplies, made necessary by the opening of new schools during the fall of
this year and those to be opened next year.
All these increases may be properly termed mandatory ones, as the city
authorities must necessarily provide for them or curtail the educational
facilities in this city, a proposition no fair-minded citizen would countenance. These mandatory increases as already stated amount to over
$4,000,000. The entire increase including the State's contribution is only
52.800.000 so that it might be truthfully said that by the application of
efficiency and economy the city has reduced existing expenditures for next
year for this department by $1.500.000, and yet has made full and ample
provision for the expansion of the city's educational program.
$1,000,000 More for Widows.
Widows' Pension.—The appropriation for the payment to widows for the
care at home of their children, who might otherwise become public charges
in Institutions, has been increased by $1,000,000. This is based on the fact
that the present experience has shown that this year's appropriation is
inadequate and that an allowance of $1,000,000 more will be required.
Miscellaneous.—In addition to the increases heretofore mentioned the
necessary increases have also been provided for the following activities:
One and a half million dollars for a discretionary increase of 10% in salaries of clerks and others receiving from $1,200 to $2.400 per annum:
$720,000 for the Teachers and City Employes' Retirement Systems; $538,000 for increased street claming force for the Borough of Queens; $671,000
additional for highway maintenance; $615.513 for expanding activities of
borough government, such as sewer maintenance and enforcement of the
zoning law care of buildings and other charges; $180,000 for an added force
in the Finance Department; $230,000 to the Department of Plant and
Structures for an increased painting force and for painting supplies.
Administration Criticised.—Tho Citizens Union gave out a
statement on Thursday night saying:
The proposed city budget for 1925 shows that the Hylan Administration
has increased the city payroll nearly 100% in the seven years it has been
in office. The payroll cost for 1925 is fixed at $205,000.000, as against
$104.500,000 in the 1918 budget, an Increase of $100,500,000. This compares with an increase of only about half that rate for purposes other than
personal service, debt service and State tax—that is, chiefly for material,
equipment and supplies. There the figures aro $74,500,000 for 1925, as
against $49.500,000 in 1918 an increase of $25,000,000, or about 50%.
For debt service the appropriation has jumped from $75,600.000 In 1918 to
$103.500,000 in 1925. an increase of $27,900,000, or over 35%. This is due
to the Hylan scrapping of the pay-as-you-go policy. The per capita cost of
the city Government has increased from $43 30 in 1918 to $65 42 in 1925.
an increase 0(822 12, or over 50% for every man, woman and child in the
city.
Oregon (State of).—Constitutional Amendments and
Measures to Be Acted on in November.—Appearing on the
general election ballot this year are four proposed constitutional amendments and three other measures—seven in all.
Nov. 4 is the date of the election. The amendments and
measures will appear in the following order on the official
ballot:
Voters' Literacy Amendment.—Purpose: To amend Section 2 of Article II of the constitution by adding to the qualifications of voters the requirement that they shall be able to read and write the Bucclish language,
and authorizing the means of testing the ability of such citizens to read and
write the Engllsh language to be provided by law: also ratifying any Act
passed pursuant to and in accordance with this amendment.
Public Use and Welfare Amendment.—Purpose: To amend Section 18
of Article I of the constitution to provide that the use of all roads, ways
and waterways necessary to permit the transportation of the raw products
of mine, or forest, or water for beneficial use or drainage, is necessary to
the development and welfare of the State and is declared a public use.
More Money for Police.
Bonus Amendment.—Purpose: To amend Article XI-c of the constiPolice.—This budget provides a total appropriation to the Police Depart- tution, which provides a cash bonus or loan for World War soldiers, sailors
ment of$37.928.603 01, which is about $4,700,000 larger than that provided and marines, to include as eligible therefor female employees of the War
OCT. 25 1924.]
THE CHRONICLE
Department who served in the United States Army, Signal Corps or Marine
Corps, or the army of any ally of the United States, and in the American
expeditionary forces: also veterans of the Spanish-American war who
served ninety days therein; and extending loan privilege to unmarried widow
or dependent father or mother of any person who died in the service and who
would have been entitled to loan.
-Purpose: To make unlawOleomargarine and Condensed Milk Bill.
ful the manufacture,sale, exchange, &c., of the following: 1. Any substitute
for butter containing milk or milk products and also containing any vegetable fat. 2. Any condensed or evaporated milk, containing any vegetable
fat. 3. Any substitute for butter containing milk or milk products, unless
the milk therein is pure, clean, fresh, unadulterated milk from which no
cream or butterfat has been removed. 4. Condensed or evaporated milk,
or any substitute therefor, which contains, or in making which is used,
milk which is not pure, clean, fresh, healthful and unadulterated.
Naturepath Bill-Purpose: To authorize and regulate the practice of
naturopathy in the State of Oregon, create a State board of naturopath examiners and provide for their appointment and compensation, and define
their powers and duties; to define naturopathy and provide for the licensing and examination of naturopaths in the State of Oregon, and fix.the fees
therefor: to provide for prosecution and penalties for violations of said Act,
and for appeals from decisions of the State board of naturopatlaic examiners.
Workmen's Compulsory Compensation Law for Hazardous Occu-This amendment would add
pations.-Propoced Amendment to Acidic I.
a new section, Section 39. Purpose: To secure all citizens the benetits
of the Workmen's Compensation Law; making all employers and employees, public and private, in hazardous occupations subject to said law,
except those withi., jurisdiction of United States laws; providing for graduated scale of contributions to accident fund according to hazard, and for
defining hazardous occupations; providing for limiting and regulating
workmen's contributions for medical and hospital service; providing for
inquiry and decision whether injury, disease, or death is caused by failure
to provide safety appliances, and for payment for such failure; requiring
referendum of all Acts changing or repealing Workmen's Compensation
law or regulations.
Income Tax Repeal.
-Purpose: To repeal Chapter 279 of the General
Laws of Oregon of 1923. known as the Income Tax Act.
-Legality of Bonds
Port Arthur, Jefferson County, Tex.
-On Oct. 9 the Court of
Upheld by Court of Civil Appeals.
Civil Appeals upheld the legality of the several issues of 5%
-year serial bonds, aggregating $1,030,500, which had been
40
offered for sale on April 15, but not sold on that date(V. 118,
p. 2095). The bonds had been previously attacked in
Fifty-Eighth District Court at Beaumont, where Judge
George C. O'Brien refused to make permanent a temporary
writ restraining the city from selling the bonds (see V. 118,
p. 2730). The case had come before him [Judge O'Brien1
on the application of one man who had the suit brought attacking the issue of the bonds on several counts and aIso
bringing in the question of the legality of the last territory
brought into the city limits. It is stated that the bonds may
be re-offered soon.
South Dakota (State of).
-People to Vote on Five Measures at General Election this Year.
-One of the five measures
up before the voters of this State at the general election
this year, to be held Nov. 4, is a joint resolution proposing
and recommending a Constitutional Convention for the
purpose of revising the State Constitution. The other
four on the ballot are referred to as "Referred Laws."
These laws, says the explanation on the official sample
ballot, have been passed by the Legislature and signed
by the Governor, but do not go into effect because a referendum containing 5% of the voters of the State has been
filed, in accordance with the Constitution, and these laws
will not become operative until endorsed by the people.
They are as follows:
-An Act entitled. "An Act Amending Section 5846 of the South
No. 1.
Dakota Revised Code of 1919, as Amended by Section 1 of Chapter 354.
Session Laws of 1919. Relating to Unorganized Counties and Providing
for the Transfer and Transcribing of the Books, Flies and Records of the
Unorganized County of Todd."
Explanatory statement by the Attorney-General:
"Section 5846 of the Revised Code of 1919, as amended by Chapter 354,
Session Laws of 1919, provides that the unorganized County of Todd is
attached to the County of Lyman for judicial purpose and for all purposes
connected with the filing of chattel and real estate mortgages and deeds,
and for the foreclosure of chattel and real estate mortgages. The amendment enacted by the Legislature of 1923 would attach the unorganized
County of Todd to Tripp County for judicial and other purposes herein
mentioned.
-An Act entitled, "An Act Relating to the Nomination and ElecNo. 2.
tion of Judges of the Supreme Court, Circuit Court and County Court,
and Repealing Section 7121, Revised Code of 1919 and Chapter 224 of the
Laws of 1921.
Explanatory statement by the Attorney-General:
"Chapter 224, Session Laws of 1921, provides that the llamas of all
candidates for the offices of Judge of the Supreme Court, Circuit and County
Courts shall be presented for nomination by individual nominating petitions,
and when there are three or more candidates for an office, their names shall
be placed on a separate ballot entitled 'Non-Political Judiciary Ballot,
at the primary election. The names of the nominees at the primary election.
under the present law, are placed on a separate ballot at the general election
in the same form as the primary election and without party designation.
The effect of the proposed measure would be to repeal the present statute
relating to the nomination and election of judges, and judges of the Supreme
and Circuit Courts would be proposed at the State proposal meeting,
nmennated and elected in the same manner as other elective State officers;
county judges would be nominated and elected in the same manner as
other county officers."
-An Act entitled. "An Act to Amend Sections 7098. 7104. 7106,
No. 3.
7107. 7108, 7117, 7120, 7122. 7132, 7134. 7135, 7157 of the South Dakota
Revised Political Code of 1919, Relating to the Holding of Primary Elections."
Explanatory statement by the Attorney-General:
"This Act would amend provisions of the present primary election laws.
In Section 7106, Revised Code of 1919, the date of the precinct initiatory
election would be changed from the second Tuesday in November of each
odd numbered year to the first Tuesday in March of each even numbered
year. Under the present provisions of statute, the election must be held
open for two hours; under amendment, the initiatory election would be
held open from 11 o'clock a. m. to 4 o'clock p. m., or 88 much longer as
mar be necessary to enable all the electors present to cast their ballots.
'
The amendment of Section 7107 R. C. would change the time of the
first county proposal meeting from the third Tuesday in November to the
second Tuesday in March. The date of the second county proposal meeting
would be changed from the fourth Tuesday in December to the first Tuesday
in April following the initiatory election.
'Section 7108 R. C. relates to the party State proposal meeting. The
Proposed amendment of this section would change the time of such meeting
from the first Tuesday in December of each odd numbered year to the third
Tuesday in March of each even numbered year.
"Under the provisions of Section 7134 R. C. the primary election is
held on the fourth Tuesday in March. The amendment of this section
would change the date to the fourth Tuesday in May. This Act would
also require the filing of individual candidate proposals petitions on or before
April 15 before the date of the primary election. Under the present law,
such filing must be made on or bofore Jan. 1."
1981
No. 4.
-An Act entitled, "An Act to Amend Sections 9748, 9749. 9750.
9751, 9752. 9753, 9754. 9755, 9762 and 9764 of the Revised Code of 1919.
Relating to Public Warehouses."
Explanatory statement by the Attorney-General:
• "This is an Act relating to elevators, flour mills purchasing grain for
reshipment, and warehouses in this State wherein grain is purchased and
received or handled; they are designated as public warehouses. This Act,
as the title indicates, would amend existing sections of the Revised Code
of 1919. The amendment,it approved, would require all public warehouses
defined by the provisions of this Act to receive for storage all grains offered
for such purpose, except corn, which at the time of offer is suitable for
storage, except when the capacity of the warehouse is exhausted or when
the owner or manager is prevented by inability to obtain cars to ship grain
to a terminal market. The amendment would require every public warehouseman to retain possession of all grain received for storage in the warehouse, or in a bonded warehouse located at some terminal market. Stored
grain could be shipped to a terminal market, and there stored, providing
that such terminal warehouse is bonded under Federal law or the laws of
the State wherein the terminal warehouse is located. Grain must remain
in storage until dispoed of by the owner. Under statutes now in force,
there is no provision with reference to shipment to and sttage of grain in
bonded terminal warehouses.
"The proposed amendment of Section 9751. R. C., would require a
public warehouseman to furnish a bond of $3,000 conditioned for the faithful
performance of his duties as a public warehouseman where the capacity
of the warehouse does not exceed 10,000 bushels. and $.3,000 for each
additional 10,000 bushels capacity, or fractin thereof. Monthly reports
to the Board of Railroad Commissioners would be required, showing the
amount of grain in storage, and if the report should disclose that the value
of the grain in storage exceeded the amount of bond already furnished,
the warehouseman would be required to furnish an additional bnnd, the
amount of which, together with the original bond, would equal the value
of the grain stored. The statute now in effect requires a bond of not less
than $2,000 and not more than $50,000, proportioned to the capacity of
the warehouse by the Board of Railroad Commissioners.
"Section 9762, R. C., requires licensed warehousemen to fix, subject
to the approval of the Board of Railroad Commissioners, and publish a
schedule of rates for storage of grain. The amendment of this Section
would require the Board of Railroad Commissioners to fix Just and reasonable
rates which would be uniform throughout the State. and the storage of
grain without charge is expressly prohibited."
BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
-Garrett & Co. of
-BOND SALE.
ABILENE, Taylor County, Tex.
Dallas have purchased an issue of $200.000 improvement bonds at 99.92.
-BOND SALE.
-An issue
ADAMS COUNTY (P. 0. Natchez), Miss.
of $75,000 53i% school bonds was disposed of at a premium of $2,057,equal
to 102.74, during September.
-BOND OFFERING.
ALAMEDA COUNTY (P. 0. Oakland), Calif.
Until 10 a. m. Oct.30 sealed bids will be received by Geo.E. Gross, County
Clerk, for $500,000 Highland Hospital bonds at a rate not to exceed 5%.
Denom. $1.000. Prin, and semi-ann. int.(M. & N.) payable in gold coin.
Due $110.000 Nov. 1 1929 to 1932 incl. and $60,000 Nov. 1 1933. A certified check or cash for 2% of bid, pa able to the Chairman of the Board of
Supervisors, required. The assessea valuation of the taxable property of
Alameda County for 1924 is $329,912.967, and the total amount of the bonds
of said county previously issued and now outstanding is $300.000.
ALBANY COUNTY SCHOOL DI$TRICT NO. 1 (P. 0. Laramie),
Wyo.-BOND SALE IN PART.
-Of the $100.000 school bonds offered
on Oct. 20-V. 119. p. 1531-175,000 were purchased by the Stockgrowers
National Bank of Cheyenne taking $18,750 as 5s and $56,250 as 4%s, at
a premium of $141, equal to 100.14.
ALLIANCE, Stark County, Ohio.
-Sealed bids
-BOND OFFERING.
until 12 m. Nov. 15 will be received by Chas. 0. Silver, City Auditor, for
1300.0005% coupon water works impt. bonds. Date Dec. 15 1924. Prin.
and semi-ann. int, payable at the office of the Trustees of the Sinking Fund.
Due 112.000 Dec. 15 1926 to 1950 incl.
A certified or cashier's check drawn on some solvent bank other than the
one bidding, for 3% of the amount of bonds bid for payable to the City
Treasurer must accompany each bid. No bid will be entertained unless
made on a blank form furnished on application to the City Auditor. The
successful bidder shall furnish at his own expense the necessary blank bonds.
ANTONITO, Conejos County, Colo.
-An issue of
-BOND SALE.
$3,000 5% refunding water bonds was purchased by Benwell & Co. of
Denver. Due 1929 to 1934 inclusive.
•ASSUMPTION PARISH ROAD DISTRICT NO. 2 (P. 0. Napoteonville), La.
-BOND OFFERING.
-Sealed bids will be received until 11 a. m.
Nov. 15 by R. L. Baker, President Police Jury,for $20,000 6% road bonds.
Denom. $500.Date Sept. I 1924. Principal and semi-annual interest
payable at office of Parish Treasurer or at any bank,at option of purchaser.
Due Sept. 1 1925 to 1948, inclusive. Legality will be approved by John C.
Thomson. New York City. A certified check fo 5% of bonds, payable to the
Treasurer, required.
ASTORIA, Clatsop County, Ore.
-Henry Makela &
-BOND SALE.
McClean & Williams have purchased $22.591 04 improvement bonds at par.
Date Oct. 1 1924. Interest rate not stated. Due in 1934.
ATLANTA, Ga.-BOND SALE.
-Roosevelt & Son of New York have
purchased the following
% coupon or registered improvement bonds,
aggregating $175,500. offered on Oct. 20 (V. 119. ro. 1867) at a premium of
$2.435 94, equal to 101.38, a basis of about 4.22%:
$4,000 Washita Ave. No. 3. Due Ii.000 Oct. 1 1927. 1929. 1931 & 1933.
2,000 Hilliard St. Due $500 Oct. 1 1927, 1929, 1931 and 1933.
7.000 Houston St. No. 2. Due 11.000 Oct. 1 1927 to 1933.
5,000 Boulevard Circle, Due Oct. 1 as follows: $1.000 in 1927 to 1939
and $1,000 in 1931 and 1933.
6.000 Ward Ave. Duo Oct. 1 as follows: $1.000in 1927 to 1931 and $1.000
in 1933.
2,000 Ivy Place. Due $500 Oct. 11927. 1929, 1931 and 1933.
2,500 Blue Ridge Ave. No. 2. Due $500 Oct. 11926. 1927. 1929. 1931
and 1933.
7,000 Hardee St. No, 3. Due $1.000 Oct. 1 1927 to 1933.
9,000 Highland Ave. No. 2. Due Oct. 1 as follows: $2,000 in 1927:
11,000. 1928 to 1932, and $2,000, 1933.
8,000 Atlanta Ave. No. 2. Due $1.000 Oct. 1 1926 to 1933.
3.000 Barnett St. No.3. Due Oct. 1 as follows: $500 in 1926 to 1929 and
$500 in 1931 and 1933.
2,000 Angier Place. Due $500 Oct. 11927, 1929. 1931 and 1933.
3,000 East Baker St. Due $1,000 Oct. 1 1929. 1931 and 1933.
7.000 Gaston St. Due $1.000 Oct. 1 1927 to 1933.
•
7.000 Louisiana Ave. Due $1,000 Oct. 1 1927 to 1933.
11,000 Kirkwood Road. Due Oct. 1 as follows: 11,000 in 1926. $2,000 in
1927 to 1929. and $1.000 in 1930 to 1933.
2.500 Pennsylvania Ave. Due Oct. 1 as follows: $500 in 1927 to 1929
and $500 in 1931 and 1933.
4,000 Sutherland Drive. Due $1,000 Oct. 11927. 1929, 1931 and 1933.
11,000 Beecker St. Due Oct. 1 as follows: $1,000 in 1926. 12.000 in 1927
to 1929. and $1,000 in 1930 to 1933.
5,000 Oakland Drive. Due Oct. 1 as follows: $1,000 in 1927 to 1929
and $1.000 in 1931 and 1933.
7.0000 St. Due $1,000 Oct. 1 1926 to 1931 and 1933.
5.000 B St. Due $1,000 Oct. 1 1927 to 1929 and $1.000 in 1931 and 1933.
18,000 Jackson St. No. 2. Due Oct. 1 as follows: $1,000 in 1927. $3.000
In 1928 to 1932 and $2,000 in 1933.
12,000 East Pine St. Due Oct. 1 as follows: $2,000 in 1927 to 1931 and
$1,000 in 1932 and 1933
6.000 Atwood St. No 3- Due Oct.1 as follows: 11,000 in 1927 to 1931
and $1.000 in 1.93).
2.500 Seal Place. Due *600 Oct.1 1927 to 1929 and $500in 1931
6,000 Beckwith St. No. 2. Due $1.000 Oct. 1 1923 to 1933. and 1i113.
4,000 Clarke St. Due $1,000 Oct. 11927, 1929. 1931 and 1933.
7.000 Hartford Ave. Due $1.000 Oct. 1 1927 to 1933.
Date Oct. 1 1924.
1982
THE CHRONICLE
The entire issue matures on Oct. 1 as follows: 55.000, 1926: $27,500,
1927: $24,500. 1928; $30,500. 1929: 518.000. 1930: 528,500, 1931; $14,000,
1932. and $27,500, 1933. The following bids were also received:
$176.395 05
Trust company of Georgia, Atlanta
176.385 00
J. H. Hilsman & Co., Atlanta
176,656 55
National City Co.. Atlanta and New York
176.511 00
Citizens & Southern Co., Atlanta
176,612 67
Hibernia Securities Co.. Atlanta
176,182 70
Harris, Forbes & Co., New York
177.498 95
R. W.Pressprich & Co., New York
177,097 95
W. L. Slayton & Co.
-Sealed bids
-BOND OFFERING.
AUBURN, Cayuga County, N. Y.
until 12 m. Oct. 24 will be received by A. D. Stout. City Comptroller, for
*64,60420 4% public impt. bonds. Denotes. 51,000. 5500, and one for
3104 20. Prin. and semi-ann. Int.(M.& N.) payable at the Metropolitan
Trust Co. of New York. Due approximately one-tenth yearly from 1925
3
to 19 4.incl. Legality approved by Reed,Dougherty & Hoyt of New York.
-An issue of
-BOND SALE.
AUDUBON, Audubon County, Iowa.
$38,00u 4Si% funding bonds were purchased by the White-Phillips Co. of
Davenport at a premium of $220, equal to 100.57.
-BOND ELECTION.
BEAVER COUNTY (P. 0. Beaver), Pa.
At the general election on Nov. 4 the question of issuing 32.590,000 road
upon.
and bridge bonds will be voted
-At
-BONDS VOTED.
BLOUNT COUNTY (P. 0. Maryville), Tenn.
an election held on Sept. 20 (V. 119. p. 1424) the voters authorized the
issuance of 5380.000 coupon road bonds. Denom. $1.000. Date Jan. 1
1925. Due 310.000 each year for 38 years. Interest payable sei-annually
(J. & J.). Rate 5%. Date of sale not set as yet. J. C. Crawford, County
Judge.
BOOKER INDEPENDENT SCHOOL DISTRICT (P. 0. Booker),
-The $12,000 514% school
-BOND SALE.
Lipscomb County, Texas.
bonds registered by the State Comptroller of Texas on Sept. 30-V. 119.
-have been purchased by Brown, Crummer & Co. at par, with
p. 1760
accrued interest and $90 premium, equal to 100.50. Due 1948. Denom.
$500. Interest payable May 10 and Oct. 10.
BOYNE CITY SCHOOL DISTRICT, Charlevoix County, Mich.
-A special meeting of the electors was held on Oct. 21
BOND ELECTION.
to vote on a proposition of issuing $25,000 bonds for the erection of a
physical culture building.
-BONDS DE-BONDS VOTED
BRAMAN, Kay County, Okla.
-the voters
-At an election held on Oct. 3-V. 119, p 1.530
FEATED.
the issuance of 515.000 power bonds and $15.000 light bonds,
authorized
but the $25,000 sewer bond issue was rejected by 8 votes.
-D. K.
BRINSON, Decatur County, Ga.-BOND OFFERING.
Taleutt. Town Clerk, will receive sealed proposals until 3 p. m. Nov. 6
507 registered electric and power bonds. Denom. $1 000.
for 53.000
Date Oct. 1 1924. Prin. and semi-ann. int. (3.4.), payable in Brinson.
Due $500 Jan. 1 In 1930, 1932, 1934, 1936, 1938 and 1940. A certified
check for $150 required.
-TEMPORARY LOAN.
BRISTOL COUNTY (P.O. Fall River), Mass.
-The Old Colony Trust Co. of Boston has purchased the temporary loan
-on a 3% discount basis
of $50,000 offered on Oct. 21-V. 119. ro. 1864
plus a $3 25 premium. Date Oct. 21 1924. Due April 211925.
[vol.. 119.
Date Sept. 1 1924. Bids wele as follows:
Rate Bid.
Provident Say. & Tr. Co..
..$4,900 32 W L. Slayton & Co
5,015 26 The Herrick Co
Seasongood & Mayer
Teachers' Retirement Sys--'5•946 54
*No deposit with bid. y Deposit insufficient.
Rate Bid.
y$5.507 80
4.767 00
-The
-BOND SALE.
CASS COUNTY (P. 0. Cassapolis), Mich.
-were
% road bonds offered on Oct. 20-V. 119. p. 1868
sold to the Detroit Trust Co. of Detroit at par and accrued interest plus a
premium of$541,equal to 103.00. Denom.$500 adn $1.000. Date Nov. 1
1924. Int. M.& N. Due 1 to 10 Years.
$18,000
CASS COUNTY (P. 0. Plattsmouth). Neb.-BOND ELECTION.
On Nov. 4 an election will be held for the purpose of voting on the question
of issuing 59,000 Rock Bluffs Precinct road bonds. Geo. R. Sayles,
County Clerk.
-BONDS REGISTERCASS COUNTY ROAD DISTRICT NO.8, Tex.
ED.
-The State Comptroller of Texas registered $42,500 534% serial road
bonds on Oct. 15.
.CENTRAL CITY, Muhlenberg County, Ky.-BOND ELECTION
On Nov.4 an election will be held for the purpose of voting on the question
of issuing $100,000 general improvement bonds at a rate not to exceed 5%•
Due 5 to 20 years.
CHAMBERS COUNTY ROAD DISTRICT NO. 1 (P. 0. Anahuac),
Tex.
-BOND DESCRIPTION.
-The 3100,000 road bonds awarded to
J. C. Mayer & Co. of Cincinnati, as stated in V. 119. p. 1761, bear 54%
interest, payable semi-annually June and October. Denom. $1,000.
Date June 10 1924. Due 1954.
-BOND OFFERING.
CHAMPAIGN COUNTY (P. 0. Urbana), 111.
W. B. Crim. County Auditor, will receive sealed bids until 10 a. m. Nov.3
for $25,000 534% bridge bonds. Denom. $1,000. Date Aug. 1 1924.
Int. semi-ann. Duo $5.000 Aug. 1 1925 to 1929 incl. Cert. check for 5%
of the amount of bonds bid for, payable to N.0. Hoak. County Treasurer.
required.
-BOND SALE
CHARLOTTE, Mecklenburg County, No. Caro.
-We are given to understand that the sale of the various
CALLED OFF.
Improvement bonds, aggregating 51.420,000. which was scheduled to take
place yesterday (Oct. 24) notice of the offering of which was given in
V. 119. p. 1868, has been called off. The amount which was to have been
offered exceeds the 7% debt limit prescribed by the laws of New York
State governing bonds to be considered legal investments for savings banks
in New York State, although this amount does not exceed tha limit of
indebtedness permitted in North Carolina.
-On Oct. 21 a syndicate composed of
-BOND SALE.
CHICAGO, III.
A. B. Leach Az Co. Inc., Central Trust Co. of Illinois, Union Trust Co.
(Chicago), Hill, Joiner & Co., Ire.. Bonbright & Co.. Inc., and A. G.
Becker & Co., all of Chicago, and the Detroit Trust Co. of Detroit has
purchased the following issues of 4% improvement bonds, aggregating
$4.375.0.k, at 99.061. a basis of about 4.11%:
$1,840,000 street improvement bonds. Due yearly on Jan. 1 as follows:
$270,000, 1933 to 1938 incl..and $220.000, 1939.
1,590,000 street improvement bonds. Due yearly Jan. 1 as follows:
5150.000. 1929 to 1938 incl.. and 390.000. 1939.
945.000 bridge and viaduct construction bonds. Due yearly on Jan. 1
BROCKWAY SCHOOL DISTRICT NO. 1 (P. 0. Yale), St. Clair
as follows: 355.000, 1927 to 1942 Incl., and 565,000, 1943.
-An election to vote on the question
ELECTION.
-BOND
County, Mich.
16 1919 and July 1 1924. Coupon gold
Denom.
of issuing $9.000 school construction bonds was held on Oct. 20. Chas. W. bonds with$1,000. Date Dec.
privilege of registration as to principal. Prin. and semi-ann.
Jacobs is Secretary of the Board.
Int. (J. & J.) payable in Chicago or New York (Jolty, at the option of the
-SUIT TO ANNUL holder. Legality approved by Chapman, Cutler & Parkre of Chicago.
BROWNSVILLE, Haywood County, Tenn.
-A number of citizens have instituted a suit to annul the
BOND SALE.
Financial Statement.
sale of 3225.000 514% street Improvement bonds awarded to I. B. Tigrett *Valuation as a basis for taxation, 1923
$3.577,330,758
az Co. of Jackson. see V. 119. p. 1654. The petition asks that the action of Assessed valuation, 1923
1.788.665,379
selling bonds and letting contracts for street improvements be
the board in
65,423,l00
including this issue
set aside. As the application was filed on the last day of session of the cir- Total bonded debt,
5,924.000
cuit court, the city was unable to file an answer. The case will be heard in Sinking fund
the January term of court.
59,499,100
Net bonded debt
-The $10.000
BRUNSWICK, Frederick County, Md.-BOND SALE.
*For purposes of taxation, taxes are levied on only 50% of this valuation.
5% coupon street imnrovernent bond. offered on Sept. 24 (V. 119. p. 1311)
Population, 1920, census, 2,701,705.
have been sold to Mackubin, Goodrich & Co., of Baltimore, at 101.19.
Due in 30 years, optional in 10 years.
-BOND OFFERING.
CHICAGO SOUTH PARK DISTRICT, III.
-On Until Nov. 19 the Secretary Board of Park Commissioners will recevie sealed
BURLINGTON, Racine County, Wis.-BOND ELECTION.
bonds, it is stated.
4 an election will be held for the purpose of voting on the question bids for $1,000,000 park
Nov.
of issuing $30,000 bonds for the building and equipping of a city hall.
-On
-BOND ELECTION.
CLAY COUNTY (P. 0. Henrietta), Tex.
of
-Peterson & Nov. 4 an election will be held for the purpose of voting on the question
BURWELL, Garfield County, Neb.-BOND SALE.
issuing 550,000 hospital bonds.
Schrieber. contractors. of Omaha, have been awarded 59.850 6% sewer
bonds. Date June 11924. Due June 1 1925 to 1938. inclusive.
COAST UNION HIGH SCHOOL DISTRICT, San Luis Obispo
bids will be received by
County Calif.-BOND OFFERING.
BURT COUNTY SCHOOL DISTRICT NO. 83 (P. 0. Oakland), J. G.Driscoll, County Clerk (P.0.San-Sealed
Luis Obispo) until 2.30 p.m. Nov.3
-An issue of $6,000 5% school building bonds has
Neb.-BOND SALE.
bonds. Denom.$1,000. Date Nov.3 1924. Prin.
Aug. 1 1924. Due Aug. 1 1934, optional for *30,0005% school -N.), payable at the County Treasury. Due Nov.3
been sold to a local bank. Date
and semi-ann. int.(M.
Aug. 1 1929.
as follows: um° 1925, 32.000 1926. $3.000 1927 to 1931, incl., and
CADILLAC SCHOOL DISTRICT, Wexford County, Mich.
$4.000 1932 to 1934,Incl. A certified check for 3%,payable to the County
-The taxpayers on Nov.4 will vote on the question of Treasurer, required.
BOND ELECTION.
issuing $53,000 school bonds. The bonds. if voted, would be payable
-On Nov.
-BOND ELECTION.
COLEMAN, Coleman County, Tex.
$2,000 Feb. 1 1926 to 1934, incl., and 317,500 1935 and 1936, and would
15 an election will be held for the purpose of voting on the question of issubfts Interest at 5%.
ing $20,000 6% funding bonds. R. V. Wood, City Secretary.
-BOND SALE.
-The $45.000
CALDWELL, Burleson County, Tex.
6% sewer bonds which were registered on Oct. 10 by the State CompCOOK COUNTY FOREST PRESERVE DISTRICT (P.O. Chicago),
-were purchased on Oct. 21 by Garrett 111.
troller of Texa.s-V. 114. p. 1868
-Sealed bids will be received until Oct. 27 for
-BOND OFFERING.
& Co. and Bosworth, Chanute & Co. at 103.27.
$1,000,000 forest preserve bonds.
-BOND SALE.
-The First
CAMDEN, Ouachita County, Ark.
COOS COUNTY SCHOOL DISTRICT NO.4(P.O. Riverton), Ore.
National Bank of Camden has been awarded an issue of $54,000 paving
-The *10.0006% school bonds offered on Oct. 10-V. 119.
BOND SALE.
district No. 3 bonds.
p. 1761-were purchased by the Lumbermen's Trust Co. of Portland at a
-BOND SALE.
-Warren Pullen premium of$411 10.equal to 104.11. a basis of about 5.26%. Date Nov.15
CANTON, Madison County, Miss.
& Co. of Jackson and the Interstate Trust Az Savings Bank of New Orleans 1924. Due $1,000 yearly Jan. 1 1927 to 1936, Inclusive.
have jointly purchased 460.000 direct obligation and $20,000 separate
school district bonds.
COUNCIL BLUFFS INDEPENDENT SCHOOL DISTRICT (P. 0.
-The
-BOND SALE.
-BOND SALE.
-The Canton Council Bluffs), Pottawatamie County, Iowa. 4j4% school bonds.
CANTON,St. Lawrence County, N. Y.
White-Phillips Co.of Davenport has purchased $30.000
Savings & Loan Association of Canton has been awarded the following issues Denom. $1,000. Date Aug. 1 1924. Prin. and semi-ann. Int. (F.
-A.).
of 5% improvement bonds:
payable at the State Savings Bank of Council Bluffs or at office of above
$3,000 village bonds. Due $250 Sept. 1 1924 to 1935 incl.
55.000 1938 to 1942, Incl.
firm. Due Aug. 1 as follows: $5.000 1936 and
2.000 water extension bonds. Due $250 Sept. 1 1924 to 1931 incl.
Legality approved by Chapman, Cutler & Parker of Chicago.
1.250 refunding bank tax bonds. Due Sept. 1 1924 to 1928 incl.
-J. 0.
-BOND ELECTION.
CRAFTON, Allegheny County, Pa.
-BOND SALE.-Seasongood & Mayer
CANTON,Stark County,Ohio.
election to be held
% bonds offered Schrieber. City Clerk, informs us that at the general
of Cincinnati have been awarded the following issues of
on Nov. 4 the question of issuing $284,500 bonds will be voted uP°11
'
on Oct. 17-V. 119. p. 1761-for $118,930 53, equal to 104.40-a basis
-BOND OFFERING.of about 4.87%.
CRESCENT CITY, Putnam County, Fla.
Clerk, until
$29.614 29 property portion Shorb Ave. paving bonds. Denom. 81.000. Sealed proposals will be received by C. M. Austin. Town
$300 and one for $214 29. Due yearly on Sept. 1 as follows: 3 p• m. Nov.6 for $98,000 6% Series "A" paving special assessment bonds.
Denom. 51,000. Date Dec. 1 1924. Principal and semi-annual interest
$3.214 29. 1926. and 53.300, 1927 to 1934 inclusive.
bonds. Denom. $1,000 Payable at the National City Bank in New Yorg City. Due on Dec. 1 as
18,300 57 property portion Ninth St. paving on
Sept. 1 as follows: follows: $9,000, 1925 and 1926. and $10,000, 1927 to 1934. inclusive.
and one for $300 57. Due yearly
Legality will be approved by Caldwell & Raymond. whose opinion w II be
$2.300 57, 1926. and $2.000, 1927 to 1934 inclusive.
sanitary sewer construction bonds. Denom. furnished purchaser free of charge. A certified or cashier's check on an
12.10041 property portion
$1.000 and one for 3100 41. Due yearly on Sept. 1 as follows: incorporated bank or trust company, chartered under the laws of Florida,
or a national bank, for 52.000, payable to the above official, required.
$3.100 41. 1926. and $3.000. 1927 to 1929 inclusive.
17,700 00 city's portion Garfield Ave. paving bonds. Denom. $1.000 Bonds will be delivered in Crescent City. Jacksonville or New York City, as
and one for $700. Due yearly on Sept. 1 as follows: $1,700, purchaser elects.
1926. and $2,000. 1927 to 1934 inclusive.
CROOKSVILLE VILLAGE SCHOOL DISTRICT (P. 0. Crooks.
2,400 00 city's portion Buckeye Place paving bonds. Denom. $250
.Until 1 p. m.Nov. 10,
-BOND OFFERING
and one for $400. Due yearly on Sept. 1 as follows: $400. ville), Perry County, Ohio.
inclusive.
L. D. Stoneburner, Clerk Board of Education will receive sealed bids for
1926. and 3250. 1927 to 1934
Denom. $1.000. Date July 16
8.800 00 Central Fire Station impt. and equipment bonds. Denom. $30,000 5 Ji% school impt. bonds. as follows: 51.000. 1925 to 1942 1924.
incl.;
$1.000 and $200. Due $2,200 yearly on Sept. 1 1926 to Int. A. & 0. Duo yearly on Oct. 16
$2.000. 1943 to 1948 incl. Cert. check for 5% of the amount of bonds bid
1929 inclusive.
25,000 00 real estate purchase for sewage disposal works bonds. Denom. for, payable to the Treasurer, required.
$100. $500 and $1,000. Due yearly on Sept. 1 as follows:
-BOND ELECTION.
-On Nov.4
CROWLEY,Crowley County, Colo.
$1.200. 1926: 4600. 1927, 1929, 1931, 1933, 1935, 1937, 1939,
the purpose of voting on the question °flaming
1941, 1943. 1945. 1947. 1949, 1951 and 1953. and $1.100. an election will be held for amount of bonds was voted and sold to Boett$8,000 water bonds. A like
1928, 1930, 1432, 1934. 1936, 1938, 1940. 1942, 1944. 1946,
cher. Porter dz Co. of Denver during August. See V. 119. p. 971.
1948, 1950, 1952, and 1954.
OCT. 25 1924.]
THE CHRONICLE
1983
-BOND OFFAIR HAVEN, Rutland County, Vt.-BOND SALE.
-The Allen
CURRITUCK COUNTY (P. 0. Currituck), No. Caro.
FERING.
-Sealed bids will be received until 2 p. m. Nov. 22 by Jas. A. National Bank of Fair Haven has been awarded the $35,000 414% coupon
-at 100.25.
Taylor, Clerk to Board of Commissioners, for $16,000 6% tick eradication serial public inapt. bonds offered on Oct. 18-V. 119, p. 1762
funding bonds. Date Dec. 1 1924. Denom. $1,000. Principal and semi- a basis of about 4.22%. Date Nov. 1 1924. Due yearly on Nov. 1 as
ann. int. (J.
-D.) payable at the National Park Bank, New York. in gold follows: 32.000, 1925 to 1941 incl., and $1,000, 1942.
coin. Duo $4.000 yearly on Dec. 1 1925 to 1928 incl. A cert. check for
FAIRMOUNT,Richland County,No.Dak.-BOAD ELECTIOA.-On
$100 upon an incorporated bank or trust company required. Bonds will be
Oct. 28 an election will be held for the purpose of voting on the question of
delivered at Bank of Currituck, Moyock, No. Caro.
issuing $15,000 bonds bearing interest at 6% for repairing and extending
DALLAS COUNTY LEVEE IMPROVEMENT DISTRICT NO.3, Tex. the water works system.
-The State Comptroller of Texas registered
-BONDS REGISTERED.
-BOND SALE.
-An iSS1.10 of
FALLS COUNTY (P. 0. Marlin), Tex.
320,000 6% serial levee bonds on Oct. 14.
$170,000 road and bridge refunding bonds was purchased by the BrownCrummer Co. of Wichita at 96. Interest rate 6%. Due in 1-20 years.
-BOND OFFERING.
DAYTONA BEACH, Volusia County, Fla.
Until 2 p. m. Oct. 28 sealed bids will be received by E. A. Donovan, City
-BOND ELECTION.FARMINGHAM, Oakland County, Mich.
Clerk,for $96,000 6% paving coupon bonds. Date Nov. 1 1924. Denom. An election was held on Oct. 20 to vote on the question of issuing $30,000
$1,000. Due $10,000 in 1925 to 1933 incl., and 36,000 in 1934. Prin. and water system bonds.
int.(M.
-N.) payable in Daytona Beach. Legality approved by John C.
-Until
-BOND OFFERING.
Thomson. New York City. A certified check for $3,000 required.
FLORENCE, Marion County, Kan.
8 p. m. Nov. 6 sealed bids will be received by J. 0. Riggs. City Clerk,
- for $10,000 refunding bonds to bear interest at a rate not to exceed 5%.
-BOND OFFERING.
DE FUNIAK SPRINGS, Walton County, Fla.
Until 12 m. Nov. 7 sealed bids will be received by Duncan Gillis, Town Date Nov. 1 1924. Denom. $1.000. Due 81.000 yearly on Nov. 1
1925 to 1934 incl. A certified check for 2% of the bid required.
Clerk, for the following 6% bonds:
$20,000 street impt. bonds, maturing $2,000. 1925 to 1934 incl. lot
-An issue of
-BOND SALE.
FORT MILL, York County, So. Caro.
A.-0. Date Oct. 1 1924. Denom. $1,000. Certified check
$10,000 6% water works bonds was awarded to J. N. Hilsman & Co. of
for $500 required.
Atlanta at a premium of $280. equal to 102.80.
5,000 street impt. bonds maturing $500, 1925 to 1034
Date July 1 1924. Denom. $500. Certified check for $200
-At a recent
-BOND SALE.
FORT SMITH, Sebastian County, Ark.
required.
offering $230,000 Improvement bonds were sold as follows:
Prin. and int, payable at the Town Treasurer's office or at a bank to be $175.000 5%
water bonds at 100.70.
agreed upon by the purchaser and Town Council.
17.000 Paving District No. 296 at 99.
38,000 Paving District No. 306 at 99.11.
-BOND SALE.-Assel,
DENNISON, Tuscarawas County, Ohio.
Goetz & Mocriein of Cincinnati have purchased the following two issues
-An issue of
-BOND SALE.
FOUNTAIN, El Paso County, Colo.
of
% couix'n sewer bonds offered on Oct. 4-V. 119. p. 1531-at $20,000 transmission line bonds was purchased by Boettcher, Porter &
101.47, a basis of about 5.09%:
Co. of Denver. Interest rate 534%. Due in 1939. Bought at 92.12.
$7,000 North Third St. storm sewer construction bonds. Denom. $1,000.
-R. C.
FRANKLIN, Warren County, Ohis.-BOND OFFERING.
Due $1.000 Nov. 1 1926 to 1932 inclusive.
ohy Ave. sanitary sewer construction bonds. Denom. $500 Boys, Village Clerk, will receive sealed bids until 12 m. Nov. I for $10.000
1.812 McCart
and one for $312. Due yearly on Nov. 1 as follows: $312, 1925, 534% refunding bonds. Denom. 81.000. Date Nov. 10 1924. Int. semiann. Due $2,000 May 10 1926 to 1930 incl. Cert. check for 5% of the
and 5500, 1926 to 1928 Inclusive.
amount of bonds bid for, payable to the Village Treasurer, required.
Date Sept. 11924.
-BOND OFFERING.
FRANKLIN COUNTY (P.O. Columbus), Ohio.
-BOND ELECTION
DENTON GOUNTY (P. 0. Denton), Tex.
proposals until 10 a. m.(Eastern standard time) Nov. 5 will be
BOND SALE.
-Subject to being voted at an election to be held on Nov.22 -Sealed by
received
Opha Moore, Clerk, Board of County Commissioners, for
$100.000 hospital bonds have been awarded to Burke & Co.at a premium of $25.000
5% Haldy Road improvement bonds. Denom. $1,000. Date
$2,105 (102.10) plus expenses.
Nov. I 1924. Prin. and semi-attn. kit.(M. & N.) payable at the office of
the County Treasurer. Due yearly on Nov. 1 as follows: $2,000. 1926 and
-BOND SALE.-Antonldes &
DENVER (City and County of), Colo.
transcript of all proceedCo. and Bosworth, Chanute & Co., both of Denver, have jointly purchased 1927. and 53.000, 1928 to 1934 incl. A complete
awarding those bonds
had
an issue of $282,300 514 local improvement bonds at par, plus a premium ings be in the matter of authorizing. advertising and the award, and bids
will
furnished the successful bidder at the time of
of $5,120, equal to 101.78.
conditioned on the acceptance of bonds bid upon only upon the approval
BOND SALE.
-We are advised by our Western correspondent in a of the proceedings by the attorney of the bidder will be accepted and conspecial telegraphic dispatch that the following 514% various improvement sidered, and a reasonable time will be allowed the successful bidder for the
districts bonds, aggregating 5387.400. were purchased on Oct. 21 by Bos, examination of the transcript before requiring compliance with the terms of
worth, Chanute & Co. of Denver at 102.91:
this notice or any bid made thereunder. All proposals shall be accompanied
by a certified check or cash in an amount equal to 1% of the par value of
Peel
Storm Sewer3600 all bonds bid upon. If a certified check is deposited the same shall be drawn
Washington Park No.3
$29,200 Capitol Hill No. 3
500 on a solvent national bank or trust company and made payable to the order
Capitol Hill No. 5
S ecial Sanitary Sewer15,900 of the Board of County Commissioners. If cash is tendered, it shall be
Olobeville
400 Capitol Hill No. 7
13.100 United States legal tender. None of the bonds will be sold for less than par
Capitol Hill No. 12
Improvement25,800 value thereof with accrued interest to date of delivery. Bonds will be deEast Side No. 10
7,400 Capitol Hill No. 13
38,200 livered free of charge to any bank designated in the City of Columbus.
North Side No.32
16.000 Capitol Bill No. 14
400 Purchaser must pay charges,if any,for delivery outside the City of ColumNorth Side No.33
16,000 Capitol Hill No. 15
25,000 bus.
North Side No.34
25,000 East Denver No. 13
South Denver No. 17
61,600
19,000 North Denver No.4
BOND SALE.
-On Oct. 22 the 37,900 51470 Seewer District Mifflin
45,200
Surface and SidewalkNorth Denver No.6
-V. 119. p. 1655-were sold to the GuarNorth Denver No.6
500 No. I bonds offered on that day
3,500 South Denver No. 1
200 dian Savings & Trust_Co. of Cleveland for $8,148 06. equal to 103.14. a
Denver No. 4
South
basis of about 4.60%. Date Oct. 1 1924. Due yearly on Oct. 1 as folNorth Denver No.7_ _ _
24,500
lows: $900, 1926. and $1,000, 1927 to 1933 incl. Bids were as follows:
Alley PavingSidewalk
Premium Bid.
District No, 113
100
6,800 Elyria
$222 78
District No. 114
Provident Savings Bank & Trust Co., Cincinnati
11,900
223 00
District No. 115
Seasongood & Mayer, Cincinnati
600
231 50
Breed, Elliott & Harrison, Cincinnati
DE SOTO COUNTY (P. 0. Hernando), Miss.
-A77. Guardian Savings & Trust Co., Cleveland
-BOND SALE.
248 06
Tigrett & Co., of Memphis. have purchased 575,000 6% highway bonds at Ryan. Bowman & Co., Toledo
205 70
101.33.
W. L. Slayton & Co., Toledo
61 62
Citizens Trust & Savings Bank, Columbus
206 50
umbus
DUNLAP, Harrison County, Iowa.
-An issue of
-BOND SALE.
$24,170 5% (M. & N.) funding coupon bonds was purchased by the Des
FRANKLIN COUNTY SCHOOL DISTRICT NO. 19 (P. 0. Pasco),
Moines Asphalt Paving Co. Date Aug. 22 1924. Denom. $500. Due Wash.
-PRICE
-BOND DESCRIPTION.
-The $1,000 6% school bonds
Nov. 1 1925 to 1944 incl.
purchased by the State of Washington on Oct. 1-V. 119. 1: 1763 were
1•
bought at par. Interest payable in October. Denom.Sat $100. 1 at $200.
DUQUESNE% Allegheny County, Pa.
-BOND SALE.
-The $187,000 Due serially beginning 1926: optional one year after date.
4 yi% "tax free' sweet and sower impt. bonds offered on Oct. 20-V. 119,
-have been sold to M. M.Freeman & Co.of Philadelphia at 1,2.05.
p. 1762
GARFIELD HEIGHTS(P.0. Bedford), Cuyahoga County, Ohio.
a basis of about 4.11%. Date July 1 1924. Due yeraly on July 1 as BOND OFFERING.
-Sealed bids will be received by Herman Bohning.
follows: $10.004, 1940 to 1947, incl.: $15,000, 1948 to 1953, incl., and Village Clerk, Until 8 p. m. Nov. 11 for the following issues of special
$17,e00, 1954.
assessment bonds:
$2,508 80 5347 East 128th St. water-main bonds. Denom. $250 and
0
DWIGHT TOWNSHIP SCHOOL DISTRICT (P. 0. Dwight), Livone for $258 80. Due yearly on Oct. 1 as follows: $258 80,
ingston County, III.-BOADS DEFEATED.
-At a special election held
1925, and $250. 1926 to 1934, inclusive.
on Oct.4 the voters defeated a proposition to issue $180,000 bonds for a new
933 45 534% East 128th St. grade bonds. Denom. UM and one
high school py a majority of 175 votes.
for $33 45. Due yearly on Oct. 1 as follows: $33 45, 1925,
and 8100, 1926 to 1934, inclusive.
EAGLE SCHOOL DISTRICT, Sonoma County, Calif.
-BOND
or 534% Paving Series No. 2 bonds. Denom. $1.000
SALE.
-The $33,000 6% school bonds offered on Oct. 16-V. 119. P. *226.627 43 514%.
and one for $627 13. Due yearly on Oct. 1 as follows: $24.1869
-were purchased by the Bank of Italy at a riremium or $2,162, equal
627 43, 1925: $25,000, 1926 to 1928. inclusive: $26.000, 1929:
to 100.90. Date Nov. 11924. Due 1925 to 1944 inclusive.
825,000, 1930 to 1932. inclusive, and $26.000. 1933.
13,485 55 534% East 135th St. and Dressler Road grading and slagging
ELDORA, Hardin County, Iowa.
-BOND ELECTION.
-An election
bonds. Denom. 81.000 and one for $48 555. Due yearly on
will be held during November for the purpose of voting on the question of
Nov. 1 as follows: $1,485 .55. 1925: 81.000, 1926: 82.000. 1927:
issuing $300.000 road bonds.
81,000, e 9 8dand0 92 ; 93. 00, 1930: $1.000. 1931 to 1933,
1 2n $2 1 091 $ 40
.a
0,
2.
ELIDA, Allen County, Ohio.
-BOND OFFERING.
-R. R. Baxter.
Village Clerk, will receive sealed bids until 12 en. Nov. 11 for $12,150 6%
Oct.inclusvDate 1 1924. Certified check for 20% of the amouut of bonds
street bonds. Denoms. $1,000 and $350. Date Oct. 1 1924. Int. semi- bid for, payable to the Village Treasurer, required.
ann. Duo $1,350 Oct. 1 1925 to 1933 incl. Cert. check for 10% of the
* Bids for this issue are asked for either 534% or 534% bonds.
amount of bonds bid for required.
GARNETT SCHOOL DISTRICT(P.O.Garnett), Anderson County,
ELKHART COUNTY (P. 0. Goshen), Ind.
-BOND SALE.
-BOND OFFERING.
-The $30.000 4%% school bonds offered on Aug. 30
- Kan.
Sealed proposals will be received by Roy M. Stark, County Treasurer, until -V. 119. p. 1091-were purchased by Prescott. Wright, Snider Co. of
10 a. m. Oct. 30 for the following issues of 414% coupon bonds:
Kansas City. Date Aug. 11924. Denom. $1,000 and $500. Due $1,500
$8,000 L. M. Garberich et al. road construction bonds. Denom. $200. Aug. 1 1925 to 1944, inclusive.
Due $200 each six months from May 15 1926 to Nov. 15 1945 incl.
-BOND
Wellton), Ariz.
GILA
20,000 Chas. Husband et al. road construction bonds. Denom. $00. SALE. VALLEY POWER DISTRICT (P. 0.purchased by the Security
was
Due $500 each six months from May 15 1926 to Nov. 15 1945 incl. Trust -An issue of $10,0006% power bondsBonds sold at 90. Int. J. & D.
& Savings Bank of Yuma. Rate 6%.
Date Oct. 151924. Int. M.& N.15.
'X,
-TEMPORARY LOAN.
GLOUCESTER, Athens County, Mass.
ELLENSBORO, Rutherford County, No. Caro.
-BOND OFFERING.
Ann. National
Until 3 p. m. Nov. 8 sealed bids will be received by the Town Clerk for A temporary loan a $187.000 has been awarded to the Cape 1 1325.
electric light and power coupon bonds. Denom. um), Bank of Cape Ann on a 2.87% discount basis. Due May
$10,000 6%
Due in 15 years. A certified check for 2% of bid required.
GOUVERNEUR UNION FREE SCHOOL DISTRICT NO. 1 (P. 0.
-The $50.000
-BOND SALE.
EUREKA CONSOLIDATED SCHOOL DISTRICT, Wayne County, Gouverneur),St. Lawrence County, N.Y. (V. 119. p..1763) have been
% coupon school bonds offered on Oct. 21
-Sealed bids will be received until 12 m.
No, Caro.
-BOND OFFERING.
at par and accrued interest.
Nov. 3 by G. E. Grantham, Clerk Board of Commissioners (P. 0. Golds- sold to the Bank of Gouverneur Gouverneur,1950. inclusive. There were
boro), for $25,000 coupon or registered school bonds to bear interest at a Date Jan. 11925. Due $2,000 Jan. 1 1926 to
rate not exceeding 6%. Denom. $1,000. Date Oct. 1 1924. Principal no other bidders.
and semi-annual interest (A. & 0.) payable in gold in New York City.
GRAND FORKS, Grand Forks County, No. Dak.-BOND ELECDue $1,000 yearly on Oct. 1 from 1927 to 1951. inclusive. A certified check TION.
-On Nov. 4 an election will be held for the purpose of voting on the
for 27 of amount bid for, required. The bonds will be prepared under the question of issuing 375.000 building bonds.
supervision of the U.S. Mtge. & Trust Co. of New York. which will certify
sion
as to the genuineness of the signatures of the officials and the seal impressed
GRANDVIEW HEIGHTS (P. 0. Columbus), Franklin County,
thereon, and the validity of the bonds will be approved by Reed, Dougherty Ohio.
-Sealed proposals will be received until 12 m.
-BOND OFFERING.
& Hoyt, of New York.
Oct. 30 at the office of Elmer A. J. Gross, Village Clerk, 1074 Grandview
Ave., Grandview Heights, for the purchase of the following issues of 534%
EUSTIS, Lake County, Fla.
SALE.
-BOND
-The Atlantic National
Bank of Jacksonville was the successful bidder for the following 5%% bonds:
negotiable coupon bonds offered on Oct. 20 (V. 119, p. 1531) paying 99,55 36.000 village park permanent impt. bonds. Denom. $500. Due $500
yearly on Oct. 1 1925 to 1934, incl.
S 13843i8 of about 5.55%:
10,000 fire dept. house completion bonds. Denom. $500. Due $1,000
$25,000 park bonds maturing July 1 1939.
yearly on Oct. 1, 1925 to 1934, incl.
75,000 street paving bonds maturing July 1 1934.
2,000 storm sewer construction bonds. Denom. $200. Due $200 yearly
Data July 1 1924.
on Oct. 1, 1925 to 1934. incl.
1984
THE CHRONICLE
2,200 water mains construction bonds. Denom. $200 yearly on Oct. 1,
1925 to 1930. incl.: $400. 1931. and $200. 1932 to 1934, incl.
12,600 Timberman Road paving bonds. Property owners' share $10.500,
in the denomination of $500, maturing $1,000 Oct. 1, 1925 to 1933,
incl., and $1,500, 1934. Village's portion $2,000, in the denomination of $200, maturing $200 Oct. 1, 1925 to 1934, incl.
5,500 Gladden Road paving bonds. Property owners' share $4,000, in
the denomination of $400, maturing $400 Oct. 1, 1925 to 1934, incl.
Village's portion $1,500, in the denomination of $500 each, payable
$500 Oct. 1, 1925 to 1927, incl.
16,000 Haines Ave. paving bonds. Property owners' share $13,500, in the
denomination of $500. maturing yearly on Oct. 1 as follows: $1,000,
1925 and 1926; $1,500, 1927 and 1928: $1,000. 1929 and $1,500,
1930 to 1934, incl. Village's portion $2.500, in the denomination of
$250, payable $250 Oct. 1 1925 to 1934, incl.
12,000 Hope Ave. paving bonds. Property owners' share $9,500, in the
denomination of $500. maturing yearly on Oct. 1 as follows: $500,
1925, and $1,000, 1926 to 9134, incl. Village's portion $2.500, in
the denomination of $250, maturing $250 Oct. 1. 1925 to 1934,incl.
25.500 Urlin Ave. paving bonds. Property owners' share $24,000, in the
denomination of $500, maturing yearly on Oct. 1 as follows: $2,000,
1925: $2.500. 1926 and 1927; $2,000 1928, and $2,500, 1929 to
1934, incl. Village's portion, $1,500,In the denomination of $300.
due $300 Oct. 1, 1925 to 1929, incl.
Date Oct. 1 1924. Int. semi-ann. Certified check for 20% of the
amount of bonds bid for, payable to the Village Treasurer, required.
-The
-BOND SALE.
GREENVILLE, Greenville County, So. Caro.
$110.000 5% park bonds offered on Oct. 21 (V.119, p. 1655) were purchased
by Eldredge & Co. of New York at 105.33. Due in 30 years.
[VOL. 119.
The National City Co., New York City
National Union Bank,Jackson
Braun, Bosworth & Co.and A.T.Bell & Co.,Toledo
D
,
.
Security Trust CO and Bank of Detroit, Detroit
Harris, Small & Co. and First National Co. of Detroit, Detroit
Stevenson, Perry, Stacy & Co., Chicago
William R. Compton Co., Chicago
Stranahan, Harris & Oasis, Inc., Toledo
Halsey, Stuart & Co., Inc., Chicago
Harris Trust & Savings Bank, Chicago
Premium.
5900 90
3.315 00
*1,344 00
p1.806 00
*1,533 00
*2,310 00
*2,300 00
2,123 00
2,868 00
2,507 00
*3.318 00
*Would furnish bonds ready for signature free of charge.
JEFFERSON DAVIS COUNTY (P. 0. Prentiss), Miss.-BON,D
SAI.E.-The Central Trust & Savings Bank of Nov Orleans and Caldwell
& Co. of New Orleans have jointly purchased $250,000 6% road and bridge
bonds. Donom. 51.000. Date Aug. 4 1924. Principal and interest
(F. & A.) payable at the National Bank of Commerce, New York City,
Due $50.000 Aug. 4 1925 to 1929, inclusive. Legality approved by Wood
& Oakley of Chicago.
KELSO, Cowlitz County, Wash.
-On Nov. 18
-BOND ELECTION.
an election will be held for the purpose of voting on the question of Issuing
$40,000 school bonds.
-CERTIFICATE SALE.
-An
KENYON, Goodhue County, Minn.
Issue of $30,000 57., certificates of indebtedness was purchased by local
investors at par. Due $6,000 Jan. 1 1926 to 1930, inclusive.
-BOND OFFERING.
HALIFAX COUNTY (P. 0. Halifax), No. Caro.
KLAMATH COUNTY (P. 0. Klamath Falls), Oregon.
-BOND
-Until 12 m. Nov.3sealed bids will be received by W.T.Clement, County
-On Nov.4 an election will be held for the purpose of voting
Clerk, for $35.000 county home and funding bonds. Bidders are to name ELECTION.
interest which must not exceed 6%. Denom.$1,000. Date Nov. 1 on the question of issuing $125,000 road bonds, bearing interest at a rate
rate of
1924. Due $1,000 Nov. 1 1925 to 1959, incl. Coupon bonds may be con- not to exceed 535%•
verted into registered bonds. Principal and semi-annual interest(M.& N.)
KNOX COUNTY (P. 0. Mount Vernon), Ohio.
-BOND SALE.
-payable in New York in gold. A certified check payable to the order of the
& Co. of
county, or cash, for 2% of the bid required. Purchaser will be furnished Otis 339, Sec.Cleveland have awarded the $41.885 96 5% coupon I. C. H.
No.
L, bonds, offered on Oct. 21-V. 119, p. 1532
-at par and
with approving opinion of Reed, Dougherty & Hoyt of New York.
accrued int., plus a premium of $2,431, equal to 105.80, a basis of about
-BOND SAKE.- 3.86%. Date Oct. I 1924. Due yearly on Oct. 1 as follows: $3.885 90
HAMPDEN COUNTY (P. 0. Springfield), Mass.
$2,050.000 4% "Hampden County Memorial Bridge Loan Act of 1915" 1925,$3,800 1920 to 1930, incl., and $4,750 1931 to 1934, incl.
The
-have been sold to a syndicate
bonds, offered on Oct. 22-V. 119. p. 1870
L'ANSE, Baraga County, Mich.
-BOND SALE.
-The following two
composed of the Old Colony Trust Co., F. S. Moseley & Co., E. II. Rollins issues of improvement bonds have been sold: $27,000 electric light impt.
& Sons and Edmunds Bros. & Co. of Boston, at 100.9391, a basis of about bonds: $27,000 water works impt. bonds.
3.89%. Date Oct. 1 1924. Due yearly on Oct. 1 as follows: $103,000
1925 to 1934. incl.. and $102,000 1935 to 1944, incl.
LAFOURCHE-TERREBONNE DRAINAGE DISTRICT, Lafourche
and Terrebonne Parishes La.-BOND OFFERING.
-Sealed bids will be
-BONDS VOTED-At an elec- received
HAMPTON, Franklin County,.Iowa.
until
'
tion held here recently the voters authorized the issuance of $45,000 bonds 0. Schriever),11 a. m. Nov. 18 by M. J. Polmer. Secretary-Treasurer (P.
for $175.000 gold coupon drainage bonds bearing interest at
for the erection of a city hall.
a rate not to exceed 6%. Denom. $500. Date Sept. 1 1924. Principal
HAMTRAMCK TOWNSHIP SCHOOL DISTRICT NO.8(P. 0. Ham. and semi-ann. int. (M.& S.) payable in gold at the office of the Treasurer
-BOND SALE.
-A Detroit syndicate of the District. Thibodaux. La., or at any bank or trust company to be
tramck), Wayne County, Mich.
purchaser. A certified check for 2%
composed of the Detroit Trust Co., Matthew Finn and Harris, Small & Co. designated by theLouisiana is required. Legal opinion of issue on some bank
doing business in
of John C.Thomson,
has purchased $140,000 5% school bonds at 108.80.
New York, will be furnished to the purchaser. Due Sept. 1 as follows:
HARRIS TOWNSHIP SCHOOL DISTRICT (P. 0. Elmore), Ottawa $2,500, 1925 and 1926; 53.000, 1927 to 1929: 83.500. 1930 to 1932; 84,000.
-A proposition to issue $135,000 1933 and 1934: 84,500, 1935 and 1936; $5,000, 1937 and 1938; 85,500,
-BOND ELECTION.
County, Ohio.
school erection bonds will be submitted to the electors at the Nov.4 election. 1939 and 1940: $6,000, 1941 and 1942: $6,500, 1943 and 1944: 87.000,
1945: $7,500, 1946: $8,000, 1947 and 1948; 58,500. 1949: $9,000. 1950;
-BOND DESCRIPTION.
HARRISBURG, Harris County, Texas.
- $9,500, 1951: $10,000, 1952 to 1954 incl. These bonds were offered unThe $75,000 6% impt. bonds awarded to the American State Bank of successfully on Sept. 29-V. 119, p. 1764.
Harrisburg as stated in V. 119. p. 1655, are dated Aug. 11924, in denom.
-PRICE PAID.
-The
LAGUNA BEACH, Orange County, Calif.
of $500 each. Int. payable semi-ann. (F. & A.) and mature serially.
Citizens Bank
Bonds were registered by the State Comptroller of Texas Oct. 2-V. 119. $95.000 6% sower bonds awarded to theDenam.$1,000. of Laguna Beach
Due in 19 years.
(V.119. p. 1532) were purchased at par.
p. 1763.
-BOND OFFERING.
LAKE COUNTY (P. 0. Crown Point), Ind.
-BOND SALE.
-The $101,000
HAVERHILL, Essex County, Mass.
County
4% coupon "Haverhill Lower Bridge Act of 1922" bonds offered on Oct. 20 Sealed bids will be received by Geo. M. Poland.bonds. Auditor, until
Denom.$1,250.
have been sold to H. W.& Way Spalding of Haverhill at 1 p.m.Dec. 1 for $125,000 5% bridge construction
(V. 119, p. 1870)
101.01, a basis of about 3.88%. Date April 1 1924. Due yearly on April 1 Date July 11924. Int.semi-ann. Due 56.250 every six months from July 1
Bids were as fol- 1925 to Jan. 1 1935 incl. Cert. check for 3%, of the par value of the bonds,
as follows: $6.000, 1925, and $5,000, 1926 to 1944 incl.
drawn against moneys deposited in any reliable bank in Lake County,
lows:
Role Bid.
Role Bid. required.
R.L. Day & Co., Boston__ _100.63
H. W.& Way Spalding, flay-BOND SALE.
LAKE COUNTY (P. 0. Lakeview), Ore.
-.J.
101.01 Harris, Forbes & Co., Bos_ _ _100.62
erhill
National City Co., Boston100.81 Curtis & Sanger, Boston.. _ _ _100.581 Mason & Co. of San Francisco have been awarded $100,000 bonds.
Oldham & Co., Bos_100.77 Biodget es Co., Boston
Merrill,
100.52
LAKE WORTH INLET DISTRICT (P. 0. West Palm Beach), Palm
Geo. A.Fernald & Co., Bos_ _100.727 Old Colony Trust Co., Boa_ _100.434 Beach County, Fla.
-BOND DESCRIPTION.
-The $410,000 inlet bonds,
un
Kidder,Peabody & Co., Bos_100.653 Edmds Brothers, Boston.. _100.39
awarded to J. C. Mayer & Co. of Cincinnati, as stated in V. 119. p. 1764
Estabrook & Co., Boston-. -100.65
are described as follows: Denom. 81.000, and are dated July 1. Interest
HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 16 (P. 0. payable January and July at rate of 5%%. Average life of bonds 20%
Elmont R. F. D. No. 2), Nassau County N. Y.
-BOND SALE.
-The years. The bonds were purchased on Oct. 6 at 101.588, a basis of about
(V. 119. p. 1763) have been (10%.
$135,000 coupon school bonds offered on Oct
Lamport & Co. of New York at 101.815, a basis of about
sold to A. M.
LARCHWOOD, Lyon County, Iowa.
-At an elec-BONDS VOTED.
4.23%, taking bonds maturing from 1925 to 1934, inclusive, as 436s, and tion held on Oct. 9 the voters authorized the issuance of $12,800 waterbonds maturing from 1935 to 1951. inclusive, as 434's. Date Nov. 11925. works bonds.
Due $5.000 Nov. 1 1925 to 1951, inclusive.
LATTIMORE,Cleveland County, No. Caro.-BONDDESORIPTION.
HETTINGER, Adams County, No. Dak.-CERTIFICATE OFFERin V.
Co.
ING.-Untll 5 p. m. Nov. 3 sealed bids will be received by E. C. Thomas, -The $12,000 electric bonds awarded to Union TrustDateas stated InterNov. 1.
119, p. 1764 are described as follows: Denom.$1,000.
City Auditor, at the County Auditor's office in Hettinger, for $2,000 est payable semi-ann. at 6%. Due $1,000 each year 1920 to 1937 incl.
indebtedness. Denom. $500. Interest at a rate not to excertificates of
ceed 7%. A certified check for 5% of the bid required. Date of maturity
LINCOLN SCHOOL DISTRICT (P.0.Lincoln), Lancaster County,
18 months from date of certificates.
-An election will be held on Nov. 4 to vote on
Neb.-BOND ELECTION.
the question of issuing $3,000.000 school bonds, bearing interest at a rate
HOLT COUNTY SCHOOL DISTRICT NO. 228 (P. 0. Amelia), not to exceed 6% payable semi-annually. J. G. Ludlam, Secretary.
-An issue of $2,800 6% school bonds was purchased
Neb.-BOND SALE.
by local investors. Date Aug. 1 1924. Due Aug. 1 1925 to 1930 incl.
LINN COUNTY (P. 0. Marlon), lowa.-BOND ELECTION.
-On
election will be held for the purpose of voting on the question of
Nov. 4
HOPKINS COUNTY ROAD DISTRICT NO. 3, Tex.-BONDS issuing an
$2,332,811 road improvement bonds.
16 the State Comptroller of Texas registered
-On Oct.
REGISTERED.
$12,000 5 si% road bonds.
LINN COUNTY SCHOOL DISTRICT NO.42 (P.O. La Cygne), Kan.
SALE.
-The $55,000 436%
-BOND SALE.
-The $24.303 79 -BOND1870) were awarded to the school bonds offered on Oct. 21 (V.
HUMBOLDT, Allen County, Kan.
119, p.
Prudential Trust Co. of Topeka at
- 101.57-a basis of 4.37%. Date Oct.
4%% internal improvement bonds offered on Oct. 13-V. 119, p. 1763
1 1924. Due on Jan. 1 as follows:
been sold to W. A. Byerly at a premium of $175, equal to 100.72. $2.000, 1929 to 1933,inclusive; 82,500, 1934 to 1938, inclusive; $3,000, 1909
have
expense of printing bonds. Date Aug. 1 1924.
Purchaser also agreed to pay
to 1943. inclusive; and $3,500, 1944 to 1948, inclusive.
Due serially for 6 years.
LITTLE RIVER, Rice County, Kan.
-BOND SALE.
-The $21,305 39
HUNTINGTON (P. 0. Huntington), Suffolk County, N. Y.
-Sealed bids will be received by Abraham Field, Town 5% bonds offered on Oct. 20-V. 119. p. 1871-were purchased by M. R.
BOND OFFERING.
accrued int. Date May 1 1924. Denom. $1,000.
Amerman at par
p. m. Oct. 31 for $20,000 road 'rapt. bonds not to exceed except bond No. 1and $1,305 39. Int. M.&
Supervisor, until 2
for
N. Due on May 1 as follows:
5% interest. Denom. $1,000. Date June 2 1925. Prin. and semi-ann. 31,305 39. 1925: $2,000. 1926 to 1932 incl., and $3.000, 1933 and 1934.
of the
int. (J. & J.) payable to the office check Town Treasurer. Due $2,000 Bonds are issued for internal improvement purposes.
for $500, payable to the SuperJune 2 1930 to 1939 hid. Certified
-The WhiteLOHRVILLE, Calhoun County, Iowa.
visor, required.
-BOND SALE.
-BOND SALE.
-An issue Phillips Co.of Davenport has purchased 80.5005% grading bonds. Denom.
HUNTINGDON, Huntingdon County,Pa.
-S.) payable at the
$500. Date Sept. 11924. Prin. and semi-ann. int.(M.
of.
of $20.000 4%% sewer bonds has been disposed
office of the above firm or at the First National Bank of Davenport. Due
-LOAN OFFERING.
-Sealed Sept. 1 as follows: $500 in each of the years 1927, 1929, 1931, 1933, 1935.
INDIANAPOLIS SCHOOL CITY, Ind.
received at the office of the School Con.miasioners until 8 p.m. 1937 and 1939 to 1944 hid. Legality approved by F. G. Duncan of Davenbids will be
Oct. 28 for a temporary loan of $200,000. Loan will bear interest at not port.
more than 6%. Date Oct. 30 1924. Payable Dec. 30 1924 at such bank or
LONG BEACH CITY SCHOOL DISTRICT, Los Angeles County,
trust company of Indianapolis as successful bidder may select.
Calif.
-BOND SALE.
-The 5750,000 5%, school bonds offered on Oct. 20
- -V.119,
INTERBAY DRAINAGE DISTRICT, Hillsborough County, Fla.
p. 1764
-were purchased by R. H. Moulton & Co.of Los Angeles
-A.C. Clewis, District Treasurer, will receive bids at and associates at a premium of $25.425, equal to 103.39-a basis of about
BOND OFFERING.
Building, Tampa, until 10 a. tn. Nov. 7 for 466%. Date March 11924. Duo $25,000 yearly March 1 1925 to 1954 incl.
his office in Room 32, Giddens
5749,000 bonds. A certified check for.236% of bid, required.
-BOND SALE.
-The folLONGMEADOW, Hampden County, Mass.
JACKSON SCHOOL TOWNSHIP (P. 0. Frankfort), Clinton lowing issues of 4% coupon bonds offered on Oct. 16(V. 119, p. 1871) have
-Until 2 p. m. Oct. 25 sealed bids will
County, Ind.
-BOND OFFERING.
been sold to It. L. Day & Co. of Boston at 100.62, a basis of about 3.925%:
be received by John K. Wright. Township Trustee, for $70,000 5% coupon
school bonds. Denom. $1,000. Date Oct. 1 1924. Prin. and semi-ann. $25,000 "Sewer Loan of 1924" bonds. Payable 81.000 Oct. 1 1925 to
1949, inclusive.
hit.(J.& J.) payable at the Clinton County Bank of Frankfort. Due $2,500
43,000 "School Loan of 1924" bonds. Payable 33.000 Oct, 1 1925 to
every six months July 1 1925 to Jan. 1 1939 incl.
1927 inclusive, and $2,000, 1928 to 1944, inclusive.
JACKSON UNION SCHOOL DISTRICT (P. 0. Jackson), Jackson
10,000 "Water Bonds of 1924." Payable $2,000 Oct. 1 1925 to 1929. incl.
County, Mich.
-The $210,000 4367,', school bonds offered
-BOND SALE.
Denom. $1,000. Date Oct. 11924.
on Oct. 17-V. 119, p. 1426
-have been sold to the Illinois Merchants
Trust Co.of Chicago for $213,407, equal to 101.62, a basis of about 4.305%.
1.0FtAIN, Lorain County, Ohlo.-BOND OFFERING -Until 12 m.
Date Nov. 1 1924. Due as follows: 810.000, 1927 and 1928: $11,000; Nov. 10, J. C. Standen, City Auditor, will receive sealed bids for $131,612
1929: $12,000, 1930: $13,000, 1931; $14.000, 1932: $15,000, 1933; $16,000. 536% coupon paving bonds. Denom. $1,000 and one for $612. Date
1934; $17.000, 1935: 818.000. 1936; $19,000, 1937; $20,000, 1938 and Oct. 15 1924. Prin. and semi-ann. int. (M. & 8.) payable at the office
of the Sinking Fund Trustee. Due yearly on Sept. 10 as follows: $14,612,
$35,000, 1939. Bids were as follows:
Ocr. 25 1924.1
THE CHRONICLE
1925; $15,000, 1926 to 1930, incl., and 514.000 1931 to 1933 inol.
fied check for 2% of the amount of bonds bid for required.
1985
must be on a form furnished by the State Treasurer and be accompanied by
a certified check on some solvent bank or trust company for 1% of amount
of bonds bid for, payable to above Treasurer. Purchaser or purchasers will
LOS ANGELES COUNTY ROAD IMPROVEMENT DISTRICT NO. be furnished with the legal opinion of Jesse W. Barrett. Attorney-General
259, Cal.
-BOND SALE.
-An issue of 5410,259 21 6% 5 to 25
-year serial of the State of Missouri and also legal opinion of Charles & Rutherford of
gold bonds was purchased by the District Bond Co. of Los Angeles. Date St. Louis, approving the bonds as legal and binding obligations of the State.
Sept. 151024. Denom.$1.000. Principal and int.(J.& 5.2) payable at the Delivery of bonds which may be awarded will be made as follows: $4,000,000
orrice of the Treasurer of Los Angeles County. Los Angeles. Legality ap- on or before Nov. 14, and $2,000,000 on or before Dec. 14 at St. Louis,
proved by Arthur M. Ellis of Los Angeles. The above company is now Kansas City, Chicago or New York at option of purchaser or
purchasers;
offering $410.000 of the bonds to investors at prices to yield 5.50% on all provided, that such option must be exercised by purchaser by notice to the
maturities.
State Treasurer on or before noon Nov. 8 and provided also that the purchaser must advise Treasurer on or before Nov.8 as to the number of bonds
LOUISVILLE, Jefferson County, Ky.-BOND ELECTION.
-On
to him at any or all
also numbers
Nov. 4 an election will be held for the purpose of voting on the question of to be delivered to be so delivered atof said cities and designate or trust comany of cities and the bank
and maturities
issuing the following bonds:
pany where delivery is to be made.
$750,000 park bonds. Date March 1 1925.
5.000,000 sewer bonds. Date Feb. 1 1925.
-The 55.500 6%
MONOWI, Boyd County, Neb.-BOND SALE.
funding bonds were purchased by R. A. Studley of Monowi at a premium
5.000,000 grade elimination bonds. Date April 1 1925.
All bonds are in denom. of $1,000 each and become due 40 years after of 5152 20. equal to 102.76. Due in 20 years. These bonds were voted
date and bear interest at 434%. Principal and semi-annual interest on June 30. V. 119, p. 227.
Payable in gold coin at the National Bank of Kentucky of Louisville, or
MONROE COUNTY (P. 0. Stroudsburg), Pa.
-BOND OFFERING.
at the First National Bank in New York City.
Until 1 p.m. Nov.3 James A.Leber, Clerk Board of County Commissioners
-BOND OFFERING.
LOWELL, Snohomish County, Wash.
-Until will receive sealed bids for $165,000 434% coupon or registered poor dis2:30 p. m. Oct. 20 sealed bids will be received by the City Clerk for 632,000 trict coupon bonds. Denom. $1,000. Date Nov. 1 1924. Int. semi-ann.
water bonds bearing interest at a rate not to exceed
Date Nov. 1 Due yearly on Nov. 1 as follows: $15,000, 1926 to 1928 incl., and $20,000.
6%.
1924. Denom.61.000. Due on Nov. 1 as follows: $1,000 in 1925 to 1932, 1929 to 1934 incl. Legality approved by Townsend, Elliott & Munson of
incl. and $2,000 in 1933 to 1944, incl. A certified check for 5% of bid Philadelphia. Certified check for 2% of the amount of bonds bid for
required.
required.
Certi-
LUBBOCK COUNTY COMMON SCHOOL DISTRICT NO. 21, Tex.
-BONDS REGISTERED.-Ihe State Comptroller of Texas on Oct. 17
registered 66,500 6% serial bonds.
MONTPELIER, Washington County, Vt.-BOND OFFERING.
Timothy R. Merrill, City Treasurer, until Nov. 1 will receive sealed bids
for 2100.000 4% coupon fire station apparatus and equipment bonds.
,Denom.$1,000. Int. semi-ann. Due $5,000 Dec. 1 1925 to 1944 incl.
. .
McALLEN, Hidalgo County, Tex.
-BONDS REGISTERED.
-The
State Comptroller of'I'exas registered 660.000 534% 40-year street imMOREHEAD CITY,Carteret County, No,Ca7.7=ifoND OFFEUiU.
provement bonds on Oct. 14.
-Until 8 p. m. Nov. 3 sealed bids will be received by N. R. Webb, Town
Clerk, for $200,000 street improvement bonds, registerable as to principal
MACON COUNTY SCHOOL DISTRICT NO. 124 (P. O. Decatur), only or both principal and interest and to bear interest at the rate of 6%
-An issue of $6.00J 5% school bldg. bonds was recently per annu.n. Denom. $1,000. Date Nov. 11924. Prin. and semi-ann. hit.
111.
-BOND SALE.
sold to the White-Phillips Co. of Davenport. Denom. $500. Date Aug. 1
M. & N.), payable in gold at the Hanover National Bank in New York.
1924. Prin. and annual int. (Aug.) roayable at the office of the above firm. Bonds are payable $10,000 on Nov. 1 each year after date for 20 years. A
Due yearly on Aug. 1 as follows: $1.000. 1925; $500, 1926 to 1929 incl.; certified check upon an incorporated bank or trust company for 2% of bonds
$1,000, 1930:$500. 1931: $1,000. 1932 and $500. 1933. Legality approved payable to above official required. The opinion of John 0. Thomson of
by Chapman, Cutler & Parker of Chicago.
New York City, as to the validity of the bonds, will be delivered, free of
MADISON, Dane County, Wis.-BOND OFFERING.-Untll 2 p. m. charge, to the purchaser.
Oct. 23 sealed bids will be received by H.C. Buster,City Clerk.for $100,000
MT. CLEMENS, Macomb County, Mich.
-PROPOSITION TO BE
school bonds to bear interest at 434%. Principal and int. payable anrually VOTED UPON IN 1925.
-The City Commission, at a recent meeting,
at City Treasurer's office, Madison. Denom. $1,000. Date Oct. 1 1924. decided that a proposition to issue herds for Market Street bridge, will be
Bonds are serial coupon bonds running from 1 to 20 years, maturing $5,000 submitted to the voters in 1925.
each Oct. 1 1925 to Oct. 1 1944 incl. A certified check for $500 is required
of each bidder. Bidders will agree to furnish blank bonds and legal opinion.
MOUNT MORRIS COMMON SCHOOL DISTRICT NO. 3 (P. 0.
-BONDS NOT SOLD.
-An
MANTUA TOWNSHIP SCHOOL DISTRICT(P. O.Sewell), Glouces- Mount Morris), Livingston County, N. Y.
issue of $3,600
% school
ter County, N. J.
-BOND OFFERING.
-Sealed proposals, until 7:30 Denom. 520. Date Oct. bonds was offered on Oct. 15 without success.
1 1924. Prin. and semi-ann. int. payable at
p. m. Nov. 5. will be received by Charles W. Goodwin, District Clerk, for the
$12.000 5% school coupon (with privilege of registration to the holder as to to Genesee River Nat. Bank of Mount Morris. Due 5200, Oct. 1 1925
1942 incl. The bonds are to be re-offered.
principal or as to both principal and interest) bonds, mentioned in V. 119,
p„ 1R71. Denom. 61.000. Date Sept. 1 1924. Int. semi-ann. Due
MUSKEGON, Muskegon County, Mich.
-BONDS WITHDRAWN
$2.600 Sept. 1 1925 to 1930 incl. Certified check on an incorporated bank FROM MARKET.
-The $100.000 434% coupon special assessment lmpt.
or trust company for 2% of the amount of bonds bid for, required.
bonds. which had been scheduled for sale on Oct.20-V.119. p. 1871-were
MARSHALL SCHOOL DISTRICT NO. 7, Dunn County, No. Dak. withdrawn from the market.
-CERTIFICATE OFFERING.
-Until 2 p. m. Nov. 15(Mrs.) Fred Siverts,
NEWARK CITY SCHOOL DISTRICT (P. 0. Newark), Licking
District Clerk, will receive bids at the County Auditor's office in Man- County,
-Sealed proposals will be received
ning. for $2,000 certificates of indebtedness to bear interact at a rate not to by F. A. Ohlo.-BOND OFFERING.
Woolson. Clerk-Treasurer Board of Education, until 7 p. m.
exceed 7%, payable semi-annually. Denom. $500. Of the total amount of (Eastern standard time)
Nov. 3 for $15.400 5% couPon school building
certificates 1 for $500 will be dated Dec. 1 1924. 1 for $500 will be dated and equipment bonds.
Denom. $1,000 and one for $400. Date Nov. 1
Feb. 11925, 1 for $500 will be dated April 11925. 1 for $500 will be dated 1924.
June 11925. each maturing 6 months after date thereof. A certified check 1927 toDue yearly on March 1 as follows: 61.400. 1926. and $1,000,
1940 incl. Each bidder must file with his bid a certified check
for 5% of the bid required.
upon a solvent bank or trust company doing business in the State of Ohio
MATTHEWS, Mecklenburg County, No. Caro.
-BOND OFFERING. (a bank or trust company bidding must give a check on some other bank
-L.E. Funderbura, Town Secretary, will receive sealed bids until 1 p. m. or trust company) in the sum of 5% of the amount of the bonds bid for,
Nov.8 for $30,000 coupon or registered electric light bonds bearing interest payable to the Clerk-Treasurer. Purchaser to receive and pay for the
at a rate not to exceed 6%. Denom. $1,000. Date Sept. 1 1924. Prin. bonds within ten days from the time of the award. This bond issue has
and semi-ann. Int.(M. & S.) payable in gold in N. Y. City. Due Sept. 1 been approved by Squire, Sanders & Dempsey, attorneys at law. Cleveland,
as follows: $1,000, 1927 to 1952 incl., and $20,000, 1953 and 1954. A cer- and the successful bidder will be furnished with the unqualified approving
tified check for 2% of amount bid for, payable to the town, required. Le- opinion of said firm. The bonds will be sold to the highest bidder at not
less than par and accrued interest.
gality approved by Recd. Dougherty & Hoyt. N.Y. City.
NEW BREMEN, Auglaize County, Ohio.
-BOND OFFERING.
MIAMI BEACH, Dade County, Fla.
-BOND OFFERING.
-C. W. Sealed proposals will be received by J. M. Brucken, Village Clerk. until
Tomlinson, City Clerk, will receive sealed bids until 9 a. m. Nov. 12 for 12
m. Nov. 7
6177.000 534% coupon public improvement bonds. Denom. 21,000. ment bonds. for $6.360 6% coupon municipal electric light plant improveDenom. $500 and one for $860. Date Nqv. 1 1924. Int.
Date Oct. 1 1924. Prin and semi-ann. int. (A.-0.) payable in gold in M.
Due
Nov. 1 as follows:
New York City. Due April 1 as follows: $9,000, 1926 to 1939 incl.; $3,000, and & N. 1937. yearly on check for 5% of the $500 1926 to 1936, incl.,
Certified
$860
amount of bonds bid for,
1931 and 1932: $2.000. 1933 to 1935 incl.; $11,000. 1936 to 1940 incl.; payable to the Village Treasurer required.
616.000, 1941 to 1943 incl., and $17,000. 1944. A cert. check for $3,540
required. The bonds will be prepared under the supervision of the U. S.
NEWBURG TOWNSHIP (P. 0. Novelty R. F. D.), Geauga County,
Mtge. & Trust Co. of New York, which will certify as to the genuineness Ohio.
-BOND SALE.
-David Robison & Co.of Toledo have been awarded
of the signatures of the officials and the seal impressed thereon, and the the $3,209 6% road inapt, bonds offered on Oct. 10-V. 119, p. 1765
-for
validity of the bonds will be approved by Chester B. Masslich of New York. $3,287 75, equal to 102.45-a basis of about 5.46%. Date Oct. 1 1924.
Due 2320 90 Oct. 1 1925 to 1934 incl.
-BOND OFFERING.
MICHIGAN (St ate of).
-Frank E. Gorman,State
Treasurer, will receive sealed bids until 9 a. m. (Central standard time)
NEW CONCORD,Muskingum County, Ohio.
-BOND OFFERING.
Oct. 29 at the office of the State Administration Board in Lansing for all or Sealed proposals will be received by S. D. Cox, Village Clerk, until 12 m.
any part of $3,000,000 or $3,950.000 4% or 434% State of Michigan High- Nov. 10 for /3.000 6% water-works improvement bonds. Denom. $300.
way improvement coupon bonds. Denom. $1,000. Date Nov. 15 1924. Date Oct. 15 1924. Interest payable annually. Due 5300 Oct. 15 1925
Prin. and semi-ann. Int. payable at the office of the State Treasurer in to 1934. inclusive. Certified check for 5% of the amount of bonds bid for,
Lansing or at the office of the fiscal agent in the City of New York. Due payable to the Village Treasurer, required.
Nov. 15 1944. Coupon bonds may be exchanged for fully registered bonds
if desired. Cert. check for 1% of the amount of bid, payable to the State
NEW KENSINGTON SCHOOL DISTRICT (P.O. New Kensingtno),
Treasurer, required.
Westmoreland County, Pa.
-BOND SALE.
-The Union Trust CO. of
Pittsburgh was the successful bidder for the $160.000 434V school bonds
MILAM COUNTY ROAD DISTRICT NO.6(P. 0. Cameron), Tex.
- offered on
-The $125.000 556% Thorndale Road District bonds offered as follows: Oct. 22 (V. 119, p. 1657). Date Oct. 1 1924. Due on Oct. 1
BOND SALE.
65.000, 1926, 1928, 1930, 1931. 1933 to 1936. inclusive, and
by this county (V. 119, p.608) have been sold to Stern Bros. of Kansas City 1938 to
510,000. 1943: $5.000, 1944 to 1946. inclusive;
at a discount of $1,650, equal to 98.60. This discount has been made up 610.000, 1942. inclusive;
1947; 55.000, 1948; $10,000, 1949; 55,000, 1950, and $10,000,
by the citizens.
1951 to 1954, inclusive.
MINNEAPOLIS, Hennepin County, Minn.
-BOND SALE.
-The
NORTH HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 3
2331.054 02 special street and improvement bonds offered on Oct. 20
-BOND OFFERING.
-Sealed
(V. 119, p. 1534) were purchased jointly by Wells-Dickey Co.and Eldredge (P. 0. Roslyn), Nassau County, N. Y.
bids will be received by Willet Charlick.
& Co. of Minneapolis as 4348 at a premium of 61,530, equal to 100.46, a for $200,000 coupon school bonds notDistrict Clerk. until 8 p. m. Oct. 27
basis of about 4.20%. Date Oct. 1 1924. Denom. $50. $100. $500 or $1,000. Date July 1 1924. Prin. and to exceed 5% interest. Denom.
61.000. at option of purchaser. Due Oct. 1 as follows: $17,054 02, 1925: at the Dank of Hempstead Harbor or thesemi-ann. int. (J. & J.)_ payable
$17,000. 1926 to 1935 incl., and $16,000, 1936 to 1944 ircl. The follovring of New York. Due $10.000 Jan. 1 1934 Irving Bank-Columbia Trust Co.
to 1953 incl. Legality approved
bids were received:
by Clay & Dillon of New 'fork. Certified check for $4,000, payable to
Premium. C. H. Pearsall, Treasurer, required.
Wells-Dickey Co.and Eldredge & Co., Minneapolis, jointly
61,530
Prodden & Co. Minneapolis
1.525
OAK HARBOR, Ottawa County, Ohio.
-BOND OFFERING.
-Until
Ballard & Co., Minneapolis
695 12 m. Nov. 5 sealed bids will be received by R. F. Gratop, Village Clerk.
Co., bifneapolis
Minneapolis Trust
470 for $13,500 59' street grading and paving bonds. Denoms. $LOW and
Minnesota Loan & Trust Co., Minneapolis
400 $500. Date Nov. 1 1924. Int. semi-ann. Due every six months as
All of above bids were for 434% bonds.
follows: 5500 Sept. 1 1925 to Sept. 1 1926,incl., and $1,000 on each March
land $500 on each Sept. 1 from March 1 1927 to Sept. 1 1934. incl. Cert.
-CERTIFICATES AWARDED IN PART.
MINNEAPOLIS, Minn.
for $500. payable to the
Of the $58,865 80 certificates of indebtedness offered on Oct. 17-V. 119, checksatisfy themselves as to theVillage Treasurer required. All bidders
legality of the proceedings of the council
par for 314s to the Minnesota Loan must
p. 1764-540,92940 were awarded at
& Trust Co.of Minneapolis. The balance,$17,936 40, was withdrawn from relating to the issuing of these bonds.
sale. Date of certificates Oct. 15 1924. Due 515.997 Dec. 15 1924; $24.OAKLAND CITY, Gibson County,Ind.
-BOND OFFERING. Sealed
932 40 due May 15 1925. Interest payable at maturity of certificates.
bids will be received by Chas. H.Read,Town Clerk-Treasurer. until 2 p. m.
MISSISSIPPI COUNTY DRAINAGE DISTRICT NO. 9 (P. 0. Nov. 1 for 525,000 5% coupon municipal bonds.
-At an election held recently the
-BOND ELECTION.
Osciola), Ark.
OCEAN CITY, Cape May County, N. J.
-NOTE SALE.
-The First
voters authorized the 1881181)Ce Of $2,000,000 drainage bonds.
Nat. Bank of Ocean City hasbeen awarded the $380.000 temporary finance
-as 434s for S381.574, ellual to
-Sealed proposals will be notes offered on Oct. 20-V. 119, p. 1765
MISSOURI (State of).
-BOND OFFERING.
received until 2 p. m.(Central standard time) Nov. 3 by L. D. Thompson, 104.14, a basis of about 2.125%. Date Nov. 11924. Due Nov. 1 1926.
State Treasurer, at his office in the State Capital Bldg. in Jefferson City,for
26.000,000 4% series "E" road bonds. Elenom. 61.000. Date Nov. 1
OMAHA, Douglas County, Neb.-BOND SALE.
-An issue of $20,000
1924. Prin. and semi-ann. int. (M.
-N.) payable at the Chase National 434% park bonds was awarded to the United States Trust Co. of Oamaha.
Bank, N. Y. City. DUO $2.000,000 Nov. 1 1935 to 1937 incl. Bonds are Date Aug. 11924. Due Aug. 1 1944; optional Aug. 1 1934.
coupon in form in denominations of $1,000 each, registerable as to principal
only or both principal and interest, and are exchangeable for fully registered
ONTARIO COUNTY (P.O. Canandaigua), N. Y. CORRECTION.-bonds in denominations of $5.000. $10.000. $50.000 and $100,000, which The report to the effect that the $210,000 434% highway
bonds, offered
fully registered bonds may again be exchanged for coupon bonds in denomi- without success on March 17. had been sold (see V. 119,
P. 1872)
nations of $1,000 each on payment of $1 per thousand, Each bid submitted erroneous we now learn, as the bonds still remain unsold.
1986
TITE CHRONICLE
ORTLEY INDEPENDENT SCHOOL DISTRICT (P. O. Ortley),
-Until 9 p. m. Oct. 24
Roberts County, So. Dak.-BOND OFFERING.
sealed bids will be received by Carl Melender, Clerk of Board of Education.
for $2,000 school bonds, to bear interest payable semi-annually at a rate not
to exceed 536%. Bonds to run not over 15 years from date of issue.
,
-BOND
OTTAWA SCHOOL DISTRICT, Putnam County, Ohio.
ELECTION.
-At the general election on Nov. 4 the question of issuing
520.000 school bldg. bonds will be voted upon.
PALERMO SCHOOL DISTRICT NO. 83, Mountrail County, No.
-The $5,000 7% certificate of indebtedness
Dak.-CERTIFICZTE SALE.
-were purchased by the Scandiaoffered on Oct 14-V. 119. p. 1658
American Bank of Palermo. Date Oct. 15 3924. Due Oct. 15 1925.
Denom. 31,000. Interest payable semi-annually (A. & 0.).
PAXTON SCHOOL DISTRICT (P. 0. Paxton), Ford County, Ill.
DESCRIPTION.
-Following is a description of the $135,000 high school
building bonds awarded to Paine. Webber & Co. of Chicago as was stated
In V. 119, p. 1872. Denom. $1,000. Date Aug. 1 1924. Int. F. & A.
Due Aug. 1 1927 to 1944 incl. The bonds were sold on Oct. 15, as 43is
for $136.249. equal to 100.92.
PEND D'OREILLE COUNTY SCHOOL DISTRICT NO. 38 (P. 0.
-An issue of $2,000 6% bonds was
-BOND SALE.
Newport), Wash.
awarded to the State of Washington.
[VoL. 119.
Date Nov.5 1924. Int. M.& N.15. Due one bond of the first two issues
every six months from May 15 1926 to Nov. 15 1935 incl., aid four bonds of
the last issue yearly on May 15 1926 to 1935 incl.
POTTAWATTAMIE COUNTY (P. 0. Council Bluffs), Iowa.
-The First National Bank of Council Bluffs has
CERTIFICATE SALE.
been awarded the 360.000 oi% primary road anticipation certificates
offered on Oct. 20 (V. 119, p. 166), paying par plus a premium of $134,
equal to 100.22-a basis of about 4.15%. Date Oct. 20 1924. Due
Dec. 311925.
-BOND OFFERING.
PUNXSUTAWNEY, Jefferson County, Pa.
Until 7 p. na. Oct. 27, sealed bids will be received by T. B. Mitchell,
Borough Treasurer, for 370.000 451% inapt. bonds. Denom. $1,000.
Date Oct. 11924. Int. semi-ann. Due Oct. 11954; optional Oct. 1 1934.
RAPIDES PARISH ROAD DISTRICT NO. 5 (P. 0. Alexandria),
La.
-BOND OFFERING.
-Until 11 a. m. Nov. 11 sealed bids will be
received by B. F. Thompson. President Police Jury, for 320.000 5% road
bonds of Sub District A. Date Nov. 1 1924. Interest payable semiannually (F. & A.), both principal and interest payable at the office of the
Parish Treasurer, Alexandria. Due Feb. 1 as follows: $1,000 1925 and
1926, $2,000 1927 to 1932, incl., and 33.000 1933 and 1934. A certified
check on an incorporated bank or trust company for 5% of bid required.
Delivery of bonds at the Guaranty Bank & Trust Co., Alexandria, on Nov.
12, or as soon thereafter as they may be ready for delivery.
-BOND SALE.
PERRY (P. 0. Perry), Wyoming County, N. Y.
RAPIDES PARISH ROAD DISTRICT (P. 0. Alexandria), La.
The Fidelity Trust Co. of Buffalo on Oct. 22 purchased $15,000 town BOND OFFERING.
-Until 11 a. m. Nov. 11 sealed bids will be received
and county road bonds as 5.70s at 101.628,a basis ofabout 5.19%. Denom. by B. F. Thompson, President Police Jury, for 3150.000 5% road and
31.000. Date Nov. 1 1924. Int. F. & A. Due $3,000 Feb. 1 1926 to refunding bonds. Date Aug. 1 1923. Both princip and semi-annual
1930 inclusive.
interest (F. & A.). payable at the National Bank of Commerce, New
Parish Treasurer, Alexandria. Due Feb. 1
-BOND SALE.
-The $51,- York, or at the office of the an incorporated bank or trust company for
PITTSBURG, Crawford County, Kan.
1943. A certified check on
839 274 t6% improvement bonds wore awarded to the Prudential'Trust Co.
of the bid required. Legality approved by Caldwell & Raymond.
of Topeka at 101.16, a basis of 4.25%. Denom. $1,000. except bond New York. Delivery of bonds on Nov. 12 at the Guaranty Bank and
No. 1 for 3839 27. Date June 1 1924. Due on June 1 as follows:
Trust Co., lexandria.
35,839 27, 1925: 36.000, 1926, and $5,000, 1927 to 1934 incl.
QUINCY, Norfolk County, Mass.
-BOND SALE.
-Wise, Hobbs &
PLAINVIEW INDEPENDENT SCHOOL DISTRICT, Hale County, Arnold of Boston, on Oct. 23 purchased the following issues of 4% coupon
-On Nov. 15 an election will be held for the pur- bonds at 100.44, a basis of about
Tex.
-BOND ELECTION.
3.81%:
pose of voting on the question of issuing $120,000 school bonds at a rate of
$35,000 water main bonds. Due yearly on Oct. 1 as follows: $8,000
not to exceed 5%. J. F. Sander, Secretary.
1925 to 1928, incl., and 53,000 1929.
-WARRANT OFFERING.
- 25,000 sewer bonds. Due $5,000 yearly on Oct. 1 1025 to 1929, incl.
POLK COUNTY (P. 0. Bartow), Fla.
10,000 surface drainage bonds. Due 52,000 Oct. 1 1925 to 1929. incl.
Sealed proposals will be received by J. D. Raulerson, Clerk Board of
4.000 street bonds. Due Oct. 1 1925.
County Commissioners, until 1:30 p. m. Nov. 10 for 3100.000 6% time
warrants. Denom. $1,000. Date Oct. 1 1924. Prin. and semi-ann. int.
Denom. 81,000. Date Oct. 1 1924. Prin. and semi-ann. int.(A.& 0.).
(A. & 0,) payable in gold in Bartow or in N. Y. City, at option of holder. payable at the Old Colony Trust Co. of Boston. The bonds will be certified
Due Oct. Las follows: 320,000. 1925 to 1929 incl. A certified check as to genuineness by the Old Colony Trust Co. of Boston. Legality
upon an incorporated bank or trust company, payable to the Chairman apnroved by Therndike, Palmer & Dodge of Boston.
Board of Commissioners, for $2,000, must accompany all bids.
Other bidders were: Harris, Forbes & Co., 100.40; Geo. A. Fernald
Co., 100.369: Estabrook & Co., 100.358; Merrill, Oldham & Co., 100.34:
-BOND DESCRIPTION. Old Colony Trust Co., 100.272 Curtis & Sanger, 100.261; F. L. Dabney
POLK COUNTY (P. 0. Des Moines), Iowa.
-The 3250,000 road bonds awarded to Iowa National Bank of Des Moines & Co., 100.26; Biodget & Co., 100.23, and R. L. Day & Co.. 100.04.
as stated in V. 119, p. 1766 are described as follows: Denom.$1,000. Date
Sept. 1. Rate 43 %. Due 1938-1939. Interest payable May 1. Purchase
RED BANK SCHOOL DISTRICT (P. 0. Red Bank), Monmouth
paid a premium of $830, equal to 100.33.
-BOND OFFERING -Sealed bids will be received by
County, N. J.
Chas. A. Minton, District Clerk, until 8 p. m. Nov. 10 for the purchase of
POLK COUNTY SPECIAL ROAD & BRIDGE DISTRICT NO. 10 an issue of 434% coupon or registered school bonds, not to exceed $386,000.
-BOND OFFERING.
-Until 1:30 p. m. Nov. 10 no more bonds to be awarded than will produce a premium of $1,000 over
(P. 0. Bartow), Fla.
J. D. Raulerson, Clerk Board of County Commissioners, will receive sealed 3386,000. Denom. $1,000. Date Nov. 1 1924. Principal and semiproposals for 3500.0006% road and bridge bonds. Denom. $1,000. Date arnual interest(M.& N.)payable at the Second National Bank & Trust Co.
Oct. 1 1924. Prin. and semi-ann. int. (A. & 0.) payable in gold at the of Red Bank. Due yearly on Nov. 1 as follows: 514,000, 1926 to 1952, inState Bank of Bartow in Bartow, or at the National Bank of Commerce. clusive, and $8,000, 1953. Legality of the bonds will be approved by
N. Y. City, at option of holder. A certified check upon an incorporated Caldwell & Raymond of New York. whose opinion will be furnished without
bank or trust company, payable to the Chairman Board of County Com- charge to the purchaser. Bids desired on forms which will be furnished by
missioners, for $3,000, required. Legality of issue will be examined by the above officer. Certified check for 2% of the amount of bonds bid for,
Caldwell & Raymond, whose opinion will be furnished purchaser free of drawn upon an incorporated bank or trust company, payable to the order
charge. Delivery in N. Y. City or Bartow on Nov. 25 at option of of the Custodian of School Moneys. required.
purchaser.
Financial Statement.
POLK COUNTY SPECIAL ROAD & BRIDGE DISTRICT NO. 7 Assessed valuatirm taxable property, 1924
$9.531,220 00
-BOND OFFERING.
-Until 1:30 p. m. Nov. 10 Bonded debt exclusive of this issue
(P. 0. Bartow), Fla.
1381,750 00
sealed proposals will be received by J. D. Raulerson, Clerk Board of County
COUNTY CONSOLIDATED SCHOOL DISTRICT
and bridge bonds. Denom. $1,000.
Commissioners, for 375,000 6% road
RICHARDSON
-At an elention
Date Oct. 11924. Prin. and semi-ann. int. (A. & O.) payable in Bartow NO. 15 (P. 0. Dawson), Neb.-BONDS DEFEATED.
or N. Y. City, at opyion of holder. Due serially. A certified check for held on Oct. 18(V. 119, p.1766), the proposition of issuing $45,u01)school$1,000, payable to the Board of County Commissioners, required. The building bonds was defeated.
opinion of Chester B. Masslich, N. Y. City, approving validity of issue,
-BOND OFFERING.
-Until 7:30 p. in. Nov. 3 sealed
RILEY, Kan.
will be furnished successful bidder.
bids will be received by Chas. E. Reece, Otly Clerk, for 329,000 5% waterPOLK COUNTY SPECIAL ROAD & BRIDGE DISTRICT NO. 2 works bonds. Interest A. & 0. Oate Oct. 1 1924. Delivery of bonds to
-BOND OFFERING.
-Sealed proposals will be be made on or about Nov. 1. Domani. $500. Due each six months as
(P. 0. Bartow), Fla.
received by J. D. Raulerson, Clerk Board of County Commissioners, follows: 3500 April 1 1926 to April 119.31. inclusive; $1.000 each Oct. 1 and
in. Nov. 10 for $106,000 6% road and bridge bonds. Denom. $500 each April 1 from Oct. 1 1931 to April 11940.inclusive:and $1.000 each
until 1:30o.
$1,000. Date Dec. 1 1924. Prin. and semi-ann. hat. j. & D.) payable Oct. 11940 to April 1 1945. A certified check for 2% of the bid required.
in Bartow or in N. Y. City at option of holder. Due serially. A certified
RIVERDALE, Buffalo County Neb.-BOND SALE.
-The Lincoln
check for $1,500, payaboe to the Board of Commissioners, required. The
Trust Co. of
opinion of Chester B. Masslich, N. Y. City, approving validity of issue, transmission Lincoln has purchased $3,000 electric light and $5.500 electric
line and system bonds. Date July 1 1924. Due July 1
will be furnished successful bidder.
1934 and 1944.
-BOND SALE.
-The $40,000
PONTIAC, Oakland County, Mich.
ROBERSONVILLE, Martin County, No. Caro.
-BOND OFFERING.
sanitary sewer special assessment bonds offered on Oct. 13-V. 119, p. -Bids will be received by R. L. Smith, Clerk Board of Commissioners,
-have been awarded as 4s to the Detroit Trust Co. of Detroit for until 2 p. m. Oct.31 for $25,000 electric light and power bonds bearing inter1766
$40,011. equal to 100.02. Purchaser will also print bonds.
est at a rate not exceeding 6%-. Date Nov. 1 1924. Denom. 31.000.
Denom. $1.000. Date Nov. 151924. Int. M.& N. Due 1928.
Principal and semi-annual interest payable at the Hanover National Bank.
New York City. Due on Nov. 1 as follows: $1,000. 1925: 32.000. 1926 to
-Chas.
PORTLAND, Cumberland County, Me.
-BOND SALE.
1937. inclusive. A certified check for 2% of bonds bid for, upon an incorGilman & Co., Inc., of Portland and E. H. Rollins & Sons of Boston, porated bank or trust company, payable to W. J. Little, Town Treasurer,
jointly, have purchased the first of the following two issues of 4% coupon required.
-at 99.409, a basis of about
bonds offered on Oct. 20-V. 119, p. 1872
ROCHESTER, N. Y.
-NOTE SALE.
-On Oct. 20 the National Bank
4.06%. The City Sinking Fund took the other issue at par.
Deering High School Loan bonds of 1924, payable 37,000 Nov. 1 of Rochester was awarded the following notes at 2.69% interest:
$189,000
Revenue (payable eight months from Oct. 23 1924):
1925 to 1951 inclusive.
$200.000
General
75,000 new central fire station bonds, payable $5,000 Nov. 1 1925 to
1,000,000
School
1939 inclusive.
100,000
Municipal Hospital (payable five months from Oct. 24 1924)
Denom. $1,000. Date Nov. 1 1924. Other bidders were:
Other bidders were:
Rate Bid.
Prem.
Int.
99.297
Barr Bros. Co., New York
$37
2.75
99.293 S. N. Bond & Co., New York
Beyer & Small, Portland, Me.,and Curtis & Sanger, Boston
7
Salomon Bros. & IIutzler, New York
2.79
99.28
Harris, Forbes & Co., Boston
F. S. Moseley & Co., New York
3.01 ,3
99.26
Estabrook & Co., Boston
99.22
-Sealed bids will be received at the office of J. C
NOTE OFFERING.
Co., Boston
Merrill, Oldham &
99.213 Wilson, City Comptroller, until 2:30 p. in., Oct. 30 for City of Rocheste
Fidelity Trust Co., Portland
99.156 notes as follows:
Jones, Gould, Bartlett & Clark, Portland
98.641 $100.000 local impt. as per ordinance of the Common Council Oct. 14 1924.
Brandon, Gordon & Waddell, New York
98.385
National City Co., Boston
100.000 local inapt. as per ordinance of the Common Council Jan. 22 1924.
98.269
300,000 school construction as per ordinance of the Common Counci
It. L. Day & Co., Boston
May 27 1924.
-The $1,500,000 4% gold water
-DESCRIPTION.
PORTLAND, Ore.
Notes will be made payable four months from Nov.5 1924 at the Centra
bonds awarded to a syndicate headed by the Harris Trust & Savings Bank Union Trust Co., N. Y. City, will be drawn with interest, and will
of Chicago (see V. 119, p. 1766) are described as follows: Coupon bonds deliverable at the said trust company on Nov. 5 1924. Bidder to sta
in denomination of $1,000 each. Date Nov. 11924. Prin. and semi-ann. rate of interest and denominations desired, and to whom (not bearer
int., payable in New York City or Portland. Due 375,000 yearly on Nov. 1 notes shall be made payable. No bids will be accepted at less than par.
from 1935 to 1954, inclusive.
-BONDS CONTEMPLATED
ROCKFORD, Winnebago County, III.
-Until
-BOND OFFERING.
PORTSMOUTH, Scioto County, Ohio.
providing for the issuance of $425.000 bonds and for th
12 m. Oct.27 sealed bids will be received by J. Earl Chandler, City Auditor, -Three ordinancesat a special referendum at the general election on Nov.
submission of same
for $7,500 534% sewer disposal site bonds. Denom. $500. Date Aug. 1 have been submitted to the City Council. The ordinances provide for th
1924. Prin. and semi-ann. int. (F. & A.) payable at the City Trreasurer's
office. Due $500 yearly on Feb. 1 1927 to 1941 incl. Cert. check for 2% following bond issues:bridge across Rock River at an estimated cost o
Construction of
of the par value of the bonds bid for, payable to the above official, required. $250,000. Erectionaof a city hall fire station at an estimated cost of $125
-Until 12 m. Oct. 31 J. Earl Chandler, City Auditor, 000. For the purchase and improvement of a city yard site at an estima
BOND OFFERING.
will also receive sealed bids for $9,226 92 6% coupon sewer construction cost of $50.000.
special assessment bonds. Denom. 31.000 aad one for $226 92. Date
Oct. 11924. Prin. and semi-ann. int.(A. & 0.) payable at the office of the
ROCKFORD SCHOOL DISTRICT (P. 0. Rockford), Winneba
City Treasurer. Due yearly on Oct. 1 as follows: 31,226 92, 1926, and County, III.
-Sealed bids will be received by P.
-BOND OFFERING.
31.000. 1927 to 1934 incl. Cert. check for 2% of the par value of the bonds Peterson. Chairman Finance Committee, until 4y. in. Oct. 27 for 347,
bid for, payable to the above official, required.
434% school bonds. Denom. 31,000 or $500. Int. A. & 0.
-BOND OFFERING.
POSEY COUNTY (P. 0. Mt. Vernon), Ind.
-BOND SALE.-Th
ROCKY RIVER, Cuyahoga County, Ohio.
Albert Murphy, County Treasurer, will receive sealed bids until 2 p.
% sidewalk bonds offered on Oct. 14-V. 119. p. 1766
-hay
39.800
Oct. 29 for the following issues of 5% bonds:
been sold to the Herrick Co. of Cleveland for $9.873, equal to 100.74,
34,000 Walter Jackson et al. road bonds. Denom. $200.
basis of about 5.13%. Date Oct. 11924. Due yearly on Oct. 1 as follows
4,000 A. L. Copeland et al. road bonds. Denom. $200.
82.300 1925 and $2,500 1926 to 1928, inclusive.
35,950 Jacob Theuerkauf et al. road bonds. Denom.$898 75.
OCT. 25 1924.]
THE CHRONICLE
ROOSEVELT COUNTY SCHOOL DISTRICT NO. SS (P. 0. Percales), N.Mex.-PRICE PAID.
-The $16.500 6% school bonds which were
sold to Geo. W. Valley & Co.of Denver (see V. 119, p. 229) were purchased
at 95.
1987
as to prin. or prin. and int. at the option of purchaser. Bidders
quired to bid upon the rate of interest that the bonds shall bear. are reBonds
will be delivered in Seattle. New York City, Chicago.
cinnati. at option of purchaser. A certified check for 5%Boston, or Cinof bid required.
Legality approved by Chester B. Massllch. New York, whose opinion
ROYAL OAK, Oakland County, Mich.
-BOND SALE.
will
-On Oct. 14
the Royal Oak Savings Bank of Royal Oak purchased $430.500 434% be furnished free of charge to the purchaser. These bonds. it is stated, are
special assessment bonds at par. Denom. $100 (or as near as possible). a lien only upon the gross revenues of the municipal water plant and system
of the City of Seattle. .The City of Seattle reserves the right to redeem all
Int. A. & 0. Due Oct. I 1924 to 1928 inclusive.
or any of the unmatured bonds six years from the respective dates thereof,
ST. JOSEPH COUNTY (P. 0. Centerville), Mich.
-BOND OFFER- or on any interest payment date thereafter, on 30 days' notice of such intenING.
-Sealed bids will be received by William H. Horton, Clerk Board of tion.
County Commissioners, until 1 p. m. (central standard time) Oct. 25 for
Statement Relating to the Seattle Municipal Water System.
$14,000 special assessment Sherman Township road bonds. Denom.
The City of Seattle
owned and operated its water system since 1890.
$1,000. Date Oct. 1 1924. Due yearly on May 1 as follows: $1,500, 1926 The total valuation of hasproperty, real and personal, owned
all
by the Seattle
to 1933 incl., and $2,000, 1934. Bidder to name rate of interest. Legality municipal water system, as of date
approved by Miller. Canfield. Paddock & Stone of Detroit. Cert. check accrued depreciation, $4,410.647 Aug. 31 1924, was $21,780,696 70, less
15. or $17,370,049 55.
for $500 payable to the Board of County Commissioners required.
Water fund liabilities Aug. 31 1924:
Revenue bonds outstanding
$2,393,000 00
ST. LOUIS, Mo.-BOND OFFERING.--tintil 10 a. m. Oct. 31 serled
Warrants outstanding
27.966 46
bids will be received by Louis Nolte, City Comptroller,for $2,500,000 4.35
%
Audited claims and pay-rolls payable
409,365 25
semi-annual water works bonds. Date Nov. 1 1924. Denom. $1.000.
Amount retained on contractors' estimates_
84.215 24
Due Nov. 1 as follows: $435 000 in 1929, $100,000 in 1930. $103.000 in
Customers' guaranty deposits
44.024 32
1931, $107.000 in 1932, $112,000 in 1933, $117.000 in 1934. $125.000 in
Unmatured accrued int, on rev. bonds- _
33,275 00
1935, $130.000 in 1936. $135,000 in 1937. $142.000 in 1938, $148.000 in
Miscellaneous accrued liabilities
14,503 94-$3.006.350 21
1939. $153.000 in 1940. $162 000 in 1941, $168.000 in 1942. $177.0 ta in
General Han water bond liability:
1943 and $186.000 in 1944. The bonds .-re coupon bonds, regis erable as
Bonds outstanding-Principal
to principal, or as to principal end int. rest, and re each nee ine for fully
$2,327.790 40
Unmatured accrued interest
registered bonds in denom. of $10.000. $50,000 and $100,000. Fully
18,029 49- 2.345.819 89
registered bonds may ag Ain be esch ,nged for coupon bonds in denom. of
51.000 on payment of $2 per $1,000. Principal and interest p‘yable in
55.352.170 10
The surplus, or excess of assets over liabilities, shown above is $12.017,gold at National Bank of Commerce, New York. Legility approved by
Charles & Rutherford, St. Louis. A certified check for 1% of bonds 879 45. Of this surplus. $289,756 92 has been reserved for water bonds
sinking and redemption funds and $198,261 61 for Water Department debid for, payable to City Comptroller, required.
preciation reserve fund.
• ST. LUCIE COUNTY SCHOOL DISTRICT (P. 0. Ft. Pierce), Fla.
BOND
-John E. Price & Co. of Seattle, bidding 100.63, were
-BOND SALE.
-The $15,000 6% school bonds offered on Oct. 11 (V. 119, recently SALE.
awardad $35,000 6% local impt. distict bonds. Date Dec 30
p. 1429) were purchased by the Ft. Pierce Bank S: Trust Co. at par. Date 1924. Due
1925 to 1936 inclusive.
,
Oct. 1 1924. Denom. $1,000. Int. semi-ann. (A. & 0.). Due $2,000.
1929; $3.000, 1934; $4,000, 1939, and 56,000, 1949.
SENECA FALLS UNION FREE SCHOOL DISTRICT (P. 0. Seneca
Falls), Seneca County, N. Y.
ST. PAUL, Howard County, Neb.-BOND SALE.
-BOND SALE.
-The Equitable Trust Co.
-The
6%,
water bonds offered on July 7 (V. 118. p. 3231) were awarded $8.000 Lin- of New York has been awarded the $320,000 coupon or registered school
to the
coln Trust Co.of Lincoln. Date Aug. 11924. Due Aug. 1 1934 and 1944. bonds offered on Oct. 17(V. 119. p. 1766) as 434s at 102.61. a basis of about
4.295%. Due yearly on July 1 as follows: $2.000, 1925 to 1929 incl.;
SAGINAW, Saginaw County, Mich.
-CORRECTION
-BIDS RE- 55.000, 1930 to 1932 lad.;
JECTED.
-Ail bids received for the $5.920,000 43.% "general water 1954 incl. Other bidders 510,000, 1933 to 1939 incl., and $15,000, 1940 to
were:
bonds." offertd on Oct. 14 (V. 119, p. 1659). were rejected. Last week
Rate Bid.
Rate Bid.
on page 1872, using unofficial reports, we were led to believe and accordingly Sage, Wolcott &
Steele
100.74 Sherwood & Merrifield, Inc_ _101.85
reported that a syndicate headed by Halsey, Stuart & Co., Inc.. of Chicage. Clark,
& Co
101.566 Harris, Forbes & Co
102.187
who had submitted a high bid of 101.731 had bsen awarded Oa bonds. Geo. B.
Gibbons
101.186
At first the City Council rejected all the bids received for the bonds except Union National & Co., Inc_ _102.27 Fidelity Trust Co
Corp
102.176
the above high bid, which it took under consideration. This, too, was
All of the above are located in N.Y.City with the exception of the Fidelity
ultimately turned down. New bids will be solicited and the bonds will Trust Co. of
Buffalo.
be offered in smaller blocks. Before this is done John C. Thomson of New
York will be engaged to pass on the validity of the bond issue. it is stated.
SEWARD COUNTY SCHOOL DISTRICT NO. 27 (P. 0. Goehner),
Bids received on Oct. 14 were as follows:
Neb.-BOND SALE.
-An issue of 59.000 534% semi-annual school bonds
was purchased by James T. Wachob & Co. of Omaha.
Price.
Date July 1 1924
Halsey, Stuart & Co., Inc., Second National Bank, Saginaw
Due July 1 1944.
Watling, Lerchen & Co.; Austin, Grant & Co.; Eldredge & Co.
Second Ward Securities; Kountze Bros.; Barr Bros. & Co., Inc.
SHARON TOWNSHIP RURAL SCHOOL DISTRICT (P.O. WorthPhelps, Fenn & Co.: Security Trust Co.. Detroit; Redmond & Co-101.731 ington),
Franklin County, Ohio.
-BOND OFFERING.
Chula 8.curities Co.; Hornblower & Weeks: H. L. Allyn & Co.; Geo
-Sealed bids
will be received by W. W. Fuller, Clerk, Board of E ucation,
until 12 m.
H. Burr & Co.; Matthew Finn; Hemphill, Noyes & Co.; Gibson &
Nov. 3 for $6.600 5% school bonds. Int. M. &
S. Certified check for
Leefe; Stranahan, Harris, & Ostia,-Inc
101.69
5% of the amount of bonds bid for required.
Bank of Detroit; B. J. Van Ingen & Co.; White, Weld & Co.; Blair
& Co., Inc.; Equitable Trust Co.: Hayden, Stone & Co.; A. G.
SHAWANO, Shawano County, Wis.-BOND SALE.
Becker & Co.; Stevenson, Perry & Stacy Co.; Blodget & Co----101.679 Sons
C. Speer
of Chicago have purchased $100,000 school bonds,-11. stated. &
National City Co.; Bankers Trust Co.; Guaranty Co. of N. Y.;
it Is
Keane. Hight° & Co.; E. H. Rollins & Sons: W. A. Harriman &
SHELBY COUNTY (P. 0. Memphis), Tenn.
Inc.; Kean, Taylor & Co.: Hannahs, Ballin & Lee
-NOTE SALE.
101.242
-The
First
Co.. National
Detroit; Harris, Small & Co., Ames. Emerich & Harris Trust & Savings Bank of Chicago was awarded the $180.000 eleCo.and Detroit Trust Co. bid price 100.545 on $500,000. 1 to 10 year bonds. mentary school revenue and $120,000 high school revenue 5% notes offered
Co.,
on Oct. 16 (V. 119. p. 1766) at a premium
of $2,433, equal to 100.81, a
SAN BENITO, Cameron County, Tex.
-BONDS REGISTERED.
- basis of about 3.75%. Date Aug. 1. 1924. Due AIR11 1
1925The State Comptroller of Texas registered $75,000 534% street payLig
SHELDON, O'Brien County, lowa.-BOND SALE.
bonds on Oct. in.
-The WhitePhillips Co. of Davenport has purchased
$10,800 434% funding bonds.
SANDUSKY, Sandusky County, Ohio.
-BOND SALE.-Seasongood Denom. $1,000 and $800. Date
& Mayer of Cincinnati have purchased the $22.000 5% water works interest (J. & D.) payable at the Sent. 1 1924. Principal and semi-annual
office of above firm. Legality approved
pumpli g station bonds offered on Oct. 29-V. 110. p. 1659
-for $22,847, by F. C. Duncan of Davenport.
equal to 103.85, a basis of about 4.53%. Date dept. 11924. Due yearly
SLATON, Lubbock County, Tex.
on Sept. 1 as follows: $1.000. 1926 to 1933 incl., and $2,000, 1934 to
-BOND
-An issue of $100.000 sewer bonds was awarded to Fred Emert & SALE.
1940 incl. Following is a list of the bids received:
Co.of St. Louis at a premium
of $3,500 75, equal to 103.50.
Prem.
Prem.
Seasongood & Mayer, Cin--$847 00 Breed, Elliott & Harrison,
SMITHTOWN UNION FREE SCHOOL DISTRICT NO.
Herrick Co., Cleveland
1 (P. 0.
810 00
Cin innati
1•544 00 Smithtown Branch), Suffolk County,
-BOND OFFERING.
N.
W.L.Slayton & Co.,Toledo- 785 40 Otis & Co.. Cleveland
458 00 Sealed bids will be received by Frank E. Brush,Y.
Well, Roth & Irving Co.,
Ryan, Bowman & Co., Tol
447 15 until 1 p. m. Nov. 3 for $260.0h0 434% coupon Clerk Board of Education,
Cincinnati
or registered
761 20 Provident Say. Bank & 'I rust
Denom. $1,000. Date Nov. 1 1924. Prin. and semi-ann. school beads.
hit .(J. & J.),
Aub & Co., Cincinnati- 761 00
Co., Cincinnati
402 60 payable at the
Milliken & York Co,Cleve_ 741 00 N. S. Hill & Co., Cincinnati_ 368 50 exchange. Dee Bank of amithtovrn, Smithtown Branch. in New York
on Jan. 1 as follows:
Asset, Goetz & Moerlein,
Third National Exchange
and 1929. $5,000 1930 to 1933, incl.; $3,090 1926 and 1927. 54.000 1928
Inc., Cincinnati
728 00
Bank. Sandusky
100 00 1937 to 1939, incl.; 38.000 1940 and $6,000 1934 to 1936. incl.; $7.000
1941, 59.000 1942 to 1944. Incl.;
Detroit Trust Co., Detroit
721 00 The Citizens Banking Co..
310,000 1945. $11,000 1916,
Sec. Ward Sec. Co.,
702 00
Sandusky
56 00 1951. $14,000 1952, $15.000312.000 1947 to 1949, incl.: 513,000 1950 and
1953 and $16.000 1954 and 1955. Certified
A. T. Bell & Co., Toledo
606 00
check for 5% of the amount of bonds bid
for required. These bonds were
SANFORD, Seminole County, Fla.
-The following offered as 4s on Oct. 13 (see V. 119. p. 1659)•
-BOND SALE.
bonds, aggregating $552,000. offered on Oct. 25-V. 119, p. 1766
-were
SOMERSET, Pulaski County, Ky.-BOND ELECTION.
urchased by Fred Emert & Co. of St. Louis as 534s at a premium of
-On Nov. 4
an election will be held for the purpose
15.741 70. equal to 100.28, a basis of about 5.82%:
of voting on the question of issuing
5135.000 street and sewer bonds.
10.000 municipal cemetery bonds.
50.000 public improvement bonds.
SOUTH BEND SCHOOL CITY (P. D. South Bend), St. Joseph
100,000 street improvement bonds.
County, Ind.
-BOND DESCRIPTION.
-Following is description of the
165.000 sewerage system bonds.
$200,000 4 ai% school bonds sold on July 1 to J. F. Wilda Co. of IndianapDate July 1 1924. Due July 1 1954.
&
elms at 105.96 (see V. 119. ip. 1659):
$227.000 6% street improvement bonds. Date July 1 1924. Due on Int.
Denom. $1,000. Date July 15 1924.
J. & J. Due 10 to 20 years.
Jan. 1 as follows: $20,000 1926 to 1934,incl.;$22.000 1935 and $5,000 1936
to 1940 inclusive.
SOUTH ST.PAUL, Dakota
--BOND
-An issue
of515,000 equipment bonds wereCounty, Minn. SinkingSALE.
SANFORD, Lee County, No. Caro.
purchased by the
Fund Committee
-BOND OFFERING.
-Until
8 p. m. Nov. 15 sealed bids will be received by Harvey Kennedy, Town as 43.1s at a premium of $150. e..pial to 101.
Clerk, for $100,000 sower coupon bonds. Denom. 51,000. Date Oct. 15
SOUTHEAST ARKANSAS LEVEE DISTRICT (P. 0. Arkansas
1924. Bidders are to name rate of interest, which must not exceed 6%. City), Ark.
-The $3e0.000 levee bonds offered on Oct.7In case of bidders offering same rate the amount of the premium will V. 119, p. -BOND SALE.
1659
determine the award. The said bonds will mature serially: $2,000 Oct. 15 Pine Bluff as -were purchased by the Merchants & Planters Bank of
534%.
-1927 to 1940. Incl., and $3,000 Oct. 15 1941 to 1964, incl. Principal and
interest (A.-0.), payable in gold coin at the National Park Bank of New
SOUTH RONDOUT FIRE DISTRICT
OF ESOPUS
York. Coupon bonds may be each .nited for registered bonds and interest (P. 0. Rifton), Ulster County, N. OF THE TOWN -The
-BOND SALE.
Ulster
on registered bonds will, at option of holder, be paid in New York exchange. County Savings Institution of MngstonY.
purchased
A certified check for 2%, drawn to order of Town of Sanford, upon an $11,000 5% fire bonds at par. Due yearly on March recently an issue of
incorporated bank or trust company for 2% of bid required. Legality 1925 and 1926 and $1,000 1927 to 1934. inclusite. 1 as follows: $1,500
approved by Reed, Dougherty & Hoyt of New York.
SPRINGFIELD CITY SCHOOL DISTRICT NO. 73 (P. 0. SpringSCARSDALE, Westchester County, N. Y.
- field), Greene County, Mo.-BOND SALE.
-BOND OFFERING.
-The $150.000 5% coupon
Until 12 in. Oct. 28 sealed bids will be received by Arthur Herbert, Village school bonds offered on Oct. 18-V. 119. P• 1873
-were
Treasurer, at the office of W. 0. White, 20 Nassau St., New York City, Harris Trust & Savings Bank of Chicago for 5157.675. purchased by the
equal to 105.11.
for the following issues of 4 Si% coupon bonds:
Denom. $500 and $1,000. Int. payable semi-ann. (M. & N.).
Due
520.500 highway bonds. Denom. $1,000 and one for $500. Due yearly $37,500 every five years.
on Aug. 1 as follows: $1,O00, 1925 to 1943 incl., and 51.500 1944
.
23,000 bridge bonds. Denture. $1,000 and $100. Due yearly oa Aug. 1
STOKES TOWNSHIP RURAL SCHOOL DISTRICT (P. 0. Belle'
fontaine), Logan County, Ohio.
as follows: 51,100, 1925 to 1943 incl., and $2,100, 1944.
-BOND ELECTION.
-Issuance of
Date Aug. 1 1924. Legality approved by John C. Thomson of New bonds in the sum of $100,000 for the erection of a centralized school
building
York. Certified check for 2% of the amount of bonds tid fol, payable will be submitted to the residents of this district at the Nov.4 election.
to the Village Treasurer, required.
TANGIPAHOA PARISH DRAINAGE DISTRICT NO. 1
(P. 0.
SCOTT TOWNSHIP (Carnegie), Allegheny County, Pa.
--BOND Hammond), La.
-The 5550.0006% drainage bonds
-BOND SALE.
OFFERINO.-Sealed bids will bo received by A..1. F. Muszynski, Town- on
offered
(V. 119.
ship Sacretary, at No. 5 Findley Ave., Carnegie, until 8 p. m. Nov. 11 for sonOct. 14Bitting p. 1767) were purchased jointly by Lorenzo E. Ander& Co..
&
$90.000 5% coupon bonds. Denom. $1.000. Date July 1 1924. Due Municipal SecuritiesCo.and the First National Co., allot St. Louis, and the
Co. of Memphis as 534s at par plus a
$30.000 July 1 1927 to 1929, incl. Purchaser to pay for printing of bonds. 56.435, equal to
premium of
101.17. Date April 1 1924. Due 1925 to 1954
Certified check for $1.000 required.
incl.
TARRYTOWN, Westchester County, N. Y.
SEATTLE, King County, Wash.
-BOND OFFERING._
-BOND OFFERING.
-Until 12 m. Sealed bids will be received by J. Wyckoff
Nov. 13 sealed bids will be received by H. W. Carroll, City
Cole, Village Clerk, until 8
Comptroller, Oct. 28 for 535,000 4
p. m.
for $1,000,000 water bonds at a rate not to exceed 6%. Date Dec.
or 414% coupon
11924. Denom. $1,000. Date Dec. 1 1924. Int. J. or registered sewer bonds.
Denom. $1,000. Due Dec. 1 1930 to 1944 incl. Prin. and semi-ann.
&
int. 1925 to 1931 incl. Certified check for 2% of the D. Due 35.000 Dec. 1
-payable in gold coin at a place yet to be designated. Bonds are
amount of bonds bid for.
registerable payable to the Village, required.
l
[VOL. 119.
THE CHRONICLE
1988
Due $790 every
Denom. $790. Date Sept. 1 1924. Int. M. & N. 15.
'six months from:May 15 1925 to Nov. 15 1934 incl.
Lake
WAUKEGAN PARK DISTRICT (P. 0. Waukegan),for theCounty,
it:strand+
-A resolution, providing
III.
-RESOLUTION ADOPTED.
for acquiring additional property, was adopted by the
of $80,000 bonds
Oct. 7.
Waukegan Park Board at a meeting held on
-BOND OFFERWAYNE COUNTY (P. 0. Goldsboro), No. Caro.
the Board of
ING -Until 12 m. Nov. 3 sealed bids will be received byof registration
County Conunissloners for $130,000 coupon (with privilege 5%. Denom.
funding bonds at not to exceed
as to principal and interest)
at Bankers
$5.000. Date Nov. 1 1924. Prin. and semi-ann. int. payable be paid at,
bonds will
Trust Co. New York, and interest on the registeredon Nov. 1 as follows:
Due
the request of holder in New York exchange.
check (or cash) for
$5.000. 1925 to 1948 incl., and $10.000. 1949. A cert.
bid for required. Legality approved by Reed,
-The State Comptroller 2% of amount of bonds
RED.
made in Goldsboro or
-BONDS REGISTE
TEXAS (State of1.
Dougherty & Hoyt of New York. Delivery to be
of Texas registered the following bonds:
City at option of purchaser.
Date Reg. N. Y.
Due.
Int.Rate.
Place.
Amount.
-BOND SALE.-Durfee, Niles
Oct. 15
Serial
5%
WELLSTON, Jackson County, Ohio.
Co. Corn. S. D. No. 21
$2,000 Taylor
% assessment
-years Oct. 16 & Co. of Toledo have been awarded the following issues of
1-40
2,700 Collingworth Co. Corn. S. D. No.8-534
Oct. 16 bonds, aggre sting 127.114 44,offered on Oct. 18(V. 119. p. 1767). together
Serial
2,000 Clay & Jack Co. Corn. S. D. No. 6_ 6
-20
10 -years Oct. 16 with an additional $2,862 80 bonds. for $30,514 04. equal to 101.79:
Corn. S. D. No. 34__
2.000 Callahan Co.
one for
-years Oct. 16
Fourth St. improvement bonds. Denom.$800 and
1,500 Callahan Co. Corn. S. D. No. 38__ 5% 10-20
Oct. 16 $7,351 27 East 27. Due yearly on Sept. 15 1926 to 1934, inclusive.
-20
3,000 Dawson Co. Corn. S. I). No. 5--- 6% 10 -years Oct. 17
9951
-20
ent bonds. Denom.$1,400 and
D. No. 7____ 67 10 -years
improvem
1,500 Dawson Co. Corn. S.
Oct. 16 12,552 85 West Broadway street yearly on Sept. 15 1926 to 1934,inclusive.
-years
20
55
onefor 11,35285. Due
3,000 Driscoll Ind. Sch. Dist
and one for
3,178 00 East Eighth St. improvement bonds. Denom. $350
T NO. 14 (P. 0. OlymTHURSTON COUNTY SCHOOL DISTRIC funding bonds has been
$378. Due yearly on Sept. 15 1926 to 1934, inclusive. and one
2450
-An issue of $3.478 33
-BOND SALE.
Wash.
32 East Seventh St. Improvement bonds. Denom.$432 32, 1926.
pia),
4,032
for 2432 32. Due yearly on Sept. 15 as follows:
purchased by the State of Washirgton. Rate 6%. Due 1926.
and $450, 1927 to 1934. inclusive.
-The Cascade ConOre.
-BOND SALE.
Date Sept. 11924.
TOLEDO, Lincoln County,
bonds on Sept. 22
struction Co. purchased $3,116 65 6% improvement any time after one
-On Oct'
-BOND SALE.
1
WESTERVILLE, Franklin County, Ohio.
at par. Date July 1 1924. Due Julyby1934: optional
Teal. Winfree, Johnson & Mc- 17 the $5,000 544% filtration plant bonds offered on that day (V. 119, p•
year from date. Legality approved
Detroit for 45,145 50, equal
1660) were sold to Benjamin Dansard & Co. of
Culloch of Portland.
Oct. 1
to 102.91, a basis of about 4.89%. Date Sept. 1 1924. Due 1500
-An issue of $25.000 5% fire 1925 to 1934, inclusive. Bids were as follows:
-BOND SALE.
TUSCALOOSA, Ala.
Premium.
Premium.
disposed of at par. Due in thirty years.
station bonds was
$102 80
Co
Elliott & Harrison_ _ _ $51 00 Durfee, Niles & & Co
87 25
-On Oct. 13 Breed,
-BONDS REGISTERED.
87 50 David RobLson
Well, Roth & Irving
TYLER, Smith County, Tex.
were registered by the state Campbell & Co
00 State Teachers itetire't Syst_ 143 00
51
$150.000 5% street improvement bonds
S. B.& Tr. Co 81 00
Benjamin Dansard & Co---- 145 50 The Provident & Co
Comptroller of Texas.
25 00
43 10 W.L. Slayton
-BONDS Ryan, Bowman & Co
UNIVERSITY PARK (P. 0. Dallas), Dallas County, Tex.
-Richard Diehl, City Manager, will receive sealed
BOND OFFERING.
-The State Comptroller of Texas registered $25,000 fire
REGISTERED.
works 534% serial bonds bids until 12 m. Nov. 14 for 17,500 5% improvement bonds. Denom.$500
$50.000 street improvement and $75,000 water
Oct. 1 1925
and $250. Date Oct. 11924. Interest A. & 0. Due $750
on Oct. 14.
of bonds bid for,
to 1934. inclusive. Certified check for 1% of the amount
-The White-Phillips required.
-BOND SALE.
Madison County, III.
VENICE,
Hall bonds. De5%
Co. of Davenport have been awarded $44,000 ann.City (Sept.) payable at
-BOND ELECTION.
Int.
WEST NEW YORK, Hudson County, N. J. submitted to the legal
nom. $1,000. Date Sept. 11924. Prin. and
Treasurer or at the office of the above firm. Due A proposition to issue $850,000 school bonds will be
the office of the City
1931 to 1934 incl. Legality voters at the general election on Nov.4. Chas. Swenson is Town Clerk.
$4,000 Sept. 1 1925 to 1930 incl. and $5,000 Chicago.
approved by Chapman. Cutler & Parker of
D S.4LE.-The Security
WILDWOOD,Cape May County, N. J.-B02V
County, Calif.
-BOND Trust Co. of Camden has been awarded the following two issues or 5%
VINE HILL SCHOOL DISTRICT, Sonoma Oct. 16 (V. 119,
p. 1873) coupon or registered bonds offered on Oct.21-V.119,p.1874-for $100,118..
school bonds offered on
-The $14,000 5%
SALE.
were purchased by the Bank of Italy at a premium of $783, equal to 100.55. equal to 101.12, a basis of about 4.905%:
Int. A. & 0. Duo yearly
150,000 school bonds. Date Oct. 15 1924. to 1934 incl., and $1..000.
Date Nov. 1 1924. Due 1925 to 1938 incl.
on Oct. 15 as follows: $2,000, 1925
0. South Bend), St. Joseph
WARREN SCHOOL TOWNSHIP (P.l 1 p. m. Nov.8 sealed bids will
1935 to 1964 incl.
Date Nov. 1 1924. Int. M. & N.
-BOND OFFERING.-Untl
County, Ind.
49.000 sewer and drainage bonds. follows: 12,000, 1925 to 1933 incl.,
for $55.000 5% school
Due yearly on Nov. 1 as
be received by Elmer Whitesel. Township Trustee, Due $5,000 yearly on
& J.
bldg. erection bonds. Denom. $1,000. Int. J.
and $1.00(). 1934 to 1964 incl.
July 1 1925 to 1935 incl. Payable at the Merchants Nat. Bank of South
DISTRICT NO. 90 (P. 0. GeorgeBend.
WILLIAMSON COUNTY ROAD
-The $20.000 5Si% road bonds purchased by
-PRICE PAID.
-BOND OFFERING. town), Tex.
GTON COUNTY (P. 0. Salem), Ind.
1874) were bought at par
WASHIN
119, p.
receive sealed bids until 2 p.m. Garrett & Co. of Dines (V. Texas registered these bonds on Oct. 16.
-Ellis Rosenbaum. County Treasurer, willet al. road
The State Comptroller of
construction bonds.
Oct. 28 for $15,800 5% Elmer Winslow
-CERTIFICATE SALE.
TAYLOR COUNTY (P.O.Bedford),Iowa.
The White-Phillips Co. of Davenport has purchased $50,000 334% road
and interest
certificates. Denom. $1.000. Date Oct. 1 1924. Prindpal Due Dec. 31
payable at either office of County Treasurer or above firm. Duncan, of
1925. optional at any time. Legality approved by F. C.
Davenport.
-BOND OFFERING.
TAYLORSVILLE, Alexanda County, No. Caro.
Until 2 p. In. Nov. 5 sealed bids will be received by C. C. Monday, Town
bonds. Date Nov. 1 1924.
Clerk, for $120,000 6% street improvement
Denom. $1,000. Due Nov. 1 as follows: $11,000 in 1925 to 1934. incl.,
and $1,000 in 1935 to 1944. incl. Principal acd semi-annual interest
Legality approved
payable at the Equitable Trust Co., New York City. certified check for
A
IV Storey. Thorndike, Palmer & Dodge. Boston.
required.
2% of bid, payable to the Town Treasurer
NEW LOANS
NEW LOANS •
$386.000
NEW LOANS
$3.000,000
BOROUGH OF RED BANK, N. I.,
$3.950,000
SCHOOL BONDS
STATE OF MICHIGAN
or
We
Specialize in
City of Philadelphia
38
1
/
32s
4s
/
41 4s
/
41 2s
5s
45
51/
2
5/
Biddle & Henry
W4 South Fifth Street
Philadelphia
Private Wire to New York
Call Canal 8437
PUBLIC UTILITIES in
growing communities
operated and financed
THEIR SECURITIES
offered to investors.
MIDDLE WEST
UTILITIES CO.
Suite No. 1500
72 West Adams St
Chicago, Illinois
to be issued by the Board of Education of the
Borough of Red Bank,to the amount of $386.000.
Sealed proposals will be received by the Board
of Education of the Borough of Red Bank, Monmouth County, New Jersey, at the Senior High
day of
School. Harding Road, on the 10th M., for
November, 1924, at 8:00 o'clock, P.
of $386,000 school bonds to be
the purchase
issued by the Board of Education of the Borough
of Red Bank. Bonds to be issued in coupon
form with privilege of registration as to prininterest
cipal or principal and interest, bearingsemi-anat 434 per cent per annum, payable
nually on November 1st and May 1st. Bonds
will be dated November 1. 1924. in denominations of 91,000 and fourteen will mature two
years from their date and fourtren in each
year thereafter, up to and including twentyeight years after their date, and eight will
mature twenty-nine years after their date. Principal and interest will be payable at the Second
National Bank and Trust Company of Red Bank.
The amount required to be obtained at such
sale is $386,000. Unless all bids are rejected,
said bonds will be sold to the bidder or bidders
complying with the terms of sale and offering
to pay not less than such sum and to take therefor
the least amount of bonds commencing with the
first maturity and stated in a multiple of $1,000.
If two or more bidders offer to take the same
amount of bonds they will be sold to the bidder
offering to pay therefor the highest additional
price. Bids are desired on forms which will be
furnished by the undersigned and each bidder
must deposit a certified check for 2 per centum
of the amount of bonds bid for, drawn upon
an incorporated bank or trust company, to the
order of the Custodian of School Moneys to
secure the school district against any loss resulting from the failure of the bidder to comply
with his bid.
The legality of said bonds will be approved
by Caldwell & Raymond of 115 Broadway,
New York City, whose opinion will be furnished
to the purchaser without charge. Bonds will be
delivered to the successful bidder at the Senior
High School, Harding Road, or at such other
place within the State of New Jersey as may be
Nomutually agreed upon, on the 17th day of they
vember, 1924. or as soon thereafter as
may be prepared.
No bid at less than par and accrued interest
will be considered. The right is reserved to
reject any or all bids.
Dated October 14th. 1024.
CHARLES A. MINTON.
District Clerk
Highway Improvement Bonds.
receiveThe State Administrative Board will
of Lansing.
sealed bids at its office in the City
OF
the TWENTY-NINTH DAY M.,
Michigan until
o'clock A.
OCTOBER, 1924, up to nineday. for the sale
Central Standard Time of said Million Dollars
of all or any part of Three Nine Hundred
43,000.000 00) or Three Million 00 00) of State
Fifty Thousand Dollars ($3,950,0
bondsof Michigan Highway Improvement coupon
in denominations a one thousand dollars ($1,by the State Adminis000 00). each to be issued of Michigan pursuant
trative Board of the State
ve or
to the provisions of Act number twenty-fiextra
,
the Public Acts of the State of Michigan
of nineteen hundred nineteen as amended.
session
1924,
Said bonds will be dated November 15, will
.
and
and will mature November 16, 1944, and onerate of four or four
bear interest at the
payable semiquarter per centum per annum,
annually.
payable at
Both principal and Interest are
the State of Michithe office of the Treasurer ofat the office of the
, or
gan, Lansing. Michigan
, in the City
eagentof the State of Michigan
l
ofirscitw
York.
fully
be exchanged for check
Coupon bonds may
certified
registered bonds if desired. A the amount of
per cent of State Treesin a sum equal to one order of the
the
the bid, payable to Michigan, must b3 submitted
t
S .
of the bitj to of
with
urer each
reject any or all bids.
The right is reserved to
staGie0
FRANK E.
Treasurer.
STOCKS AND BONDS.
on.
Bought and sold for cash, or carried
conservative terms.
Inactive and unlisted securities.
Inquiries ire/it:Wt.
FINCH, WILSON & CO..
& Tarbell
Formerly Finch
Members New York Stock Exchange.
NEW YORK.
120 BROADWAY
OCT. 25 1924.]
THE CHRONICLE
WINNESH1EK COUNTY (P. 0. Decorah), Iowa.
-BOND ELECTION.
-On Nov. 4 an election will
the question of issuing $767.000 road be held for the purpose of voting on
bonds.
WINTHROP, Suffolk County, Mass.
-BOND OFFERING.
-Harry
W. Aiken, Town Treasurer, will receive sealed bids until
for $280,000 4% coupon "junior high school olan" bonds. 3 p. m. Oct. 28
Denom. $1,000.
Date Nov. 1 1924. Due 828.000 on Nov. 1 1925 to 1934 incl
Principal
and semi-ann. int.(M.& N.) payable at The First National Bank of Boston,
Boston. These bonds, it is stated, are exemnt from taxation in Massachusetts and are engraved under the supervision of and certified
as to
genuineness by The First National Bank of Boston; their legality will be
approved by Ropes, Gray, Boyden & Perkins, whose opinion
ished the purchaser. All legal papers incident to this issue will will be furnbe filed with
the above bank where they may be inspected at any time. Bonds will
be
delivered to the purchaser on or about Nov. 3 1924 at The First National
Bank of Boston, Boston.
Financial StatementVu1y".24 1924.
Net valuation for year 1923
$20,564,550 00
Debt limit 3% of average valuation
579,172 50
Total gross debt
490,000 00
Exempted debt
-Water bonds
$122,000 00
Playground
69,300 00
Shore Road bonds
4.00000
195,300 00
Net debt
$294.700 00
Borrowing capacity. $284,472 50. Population about 15,000.
WOODLYNNE SCHOOL DISTRICT (P. O. Camden),
Camden
County, N. J.
-BOND SALE.
-The $10.000 5% school bonds offered on
Oct. 14 (V. 119, p. 1660) have been sold to Lewis & Snyder
of Philadelphia
at par and accrued interest plus a premium
a basis ofabout 4.755%. Date Sept. 11924. of $870 40, equal to 102.17,
Due $2,000 1926 to 1942 incl.
and $3,000 1943 and 1944.
WYOMING COUNTY (P. 0. Pineville), W. Va.-BON
-A special election will be held after the general election D ELECTION.
for the purpose
voting on the question of issuing $200.000 highway
bonds.
YOUNG TOWNSHIP (P. 0. West Lebanon), Indiana
County,
-Prt:
-BOND SALE.
-Stroud & Co. of Philadelphia
coupon township bonds offered on Oct. have purchased the 830,000
18-V.
-for
F1,536, equal to 105.12, a basis of about 4.375%. 119, p. 1767
Due 8n,000 July 1
932 to 1937 inclusive.
YOUNGSTOWN, Mahoning County
-BOND OFFERING.A. II. Williams. Director of Finance, will Ohio.
'
receive sealed bids
Nov. 17 for 8100,000 5% coupon or registered grade creasing until 12 m.
elimination
bonds. Denom. 81,000. Dave Oct. 1 1924.
Prin.
payable at the office of the Sinking Fund Trustees. and semi-ann. int.
Due 810.000 Oct. 1
1930 to 1939 incl. Certified check for 2% of the
payable to the Director of Finance, required. amount of bonds bid for,
CANADA, its Provinces and Municipalities.
1989
DECARIE, Que.-BOND OFFERING.
-The school municipality of
Dectrie will receive tenders up to 5 p. m. Nov. 1 next for the purchase
of 19,200 6% 15
-year serial bonds. The bonds are redeemable at par upon
previous notice of 60 days. H. Berthlaume. Secretary-Treasurer (P. O.
Ferme Neuve).
FARNHAM, Que.-DESCRIPTION.-Following Is a description of the
$100,000 5% 30
-year bonds sold on Oct. 13 to Arthur Gray of Farnham
at 98.82 (see V. 119, p. 1874): Denom. $1,000. Date Aug. 1 1924. Int.
F.& A. Due Aug. 1 1954.
PRESTON, Ont.-BOND OFFERING.
-Bids will be received up to
12 m.Nov.3 for the purchase of $101.817 534% 20
-annual installment local
improvement bonds. Geo. Wurster, Town Clerk.
QUEBEC ROMAN CATHOLIC SCHOOL DISTRICT, Quo.
-BOND
SALE.
-The Toronto "Globe" of Toronto in its issue of Oct. 21 says in
part: "A syndicate comprising Mackenzie & Kingman and R. C. Matthews & Co. of Toronto and the Credit Anglo-Francais, Ltd.. of this city
was awarded this evening (Oct. 21) bonds of the Quebec Catholic
School
Commission at 99.68, the highest price obtained by the School Commission
since 1914." Bids were as follows:
Rate
Mackenzie & Kingman, R. C. Matthews & Co. and Credit Anglo- Bid.
Francais. Ltd
99.68
Municipal Debenture Corp., L. A. Gaudry & Co. and G. S. Gourdeau & Co
99.643
Mead & Co. and Bell, Gouinlock & Co
National City Co. and Bank of Montreal
99.13
Wood,Goody & Co
99.295
Royal Securities Corp.. Ltd
99.278
Dominion Securities Corp., Ltd
99.176
McLeod, Young & Weir, Ltd
99.11
Harris, Forbes & Co.and Hanson Bros
98.89
Credit Canadien. Inc
98.827
Rene T. Leclerc, Inc.. and L. B. Beaubien & Co
98.805
Versailles, Vidricalre & Boulais, Ltd
98.76
A.E. Ames & Co
98.337
RICHMOND, Ont.-DEBENTURE OFFERING.-Bids will be received
up to 12 m. Nov.6 for the purchase of $25.000 5% 30 annual installmen
t
school debentures, J. Hemphill, Clerk,
ST. JOSEPH, Que.-BOND OFFERING.
-11.
School Commissioners, will receive bids up to 4 p. St. Germain, Sec.-Treas.
m.
St., St. Hyacinthe, for the purchase of 811.000534%Oct. 27 at 93 Monier
-year serial bonds.
payable at St. Hyacinthe or Montreal. Bonds are 20
dated Nov. 1 1924
and are in $100 denominations.
SASKATCHEWAN SCHOOL DISTRICTS, Sask.-DEBENTURES
SOLD.
-The "Monetary Times" of Toronto in its issue
the following as a list of debentures reported sold by theof Oct. 17 reported
Local Government
Board from Sept. 25 to Oct. 1: Robsart, $3,500. 7%,10
years. to Regina
Brokerage & Investment Co.; Piety Hill, 53,600, 634%, to
Geo. Moor
house & Co.; Peerless, $1,700,7%, 15 years, locally;
WelbY. 51.000,
%
.
10 years, to C. C. Cross & Co.
DEBENTURES AUTHORIZED.
-The same paper gives
as a list of debentures authorized during the same period:the following
Vernadette,
not exceeding 8%, 15 years; Peesane, $2,500. not exceeding
8%. 15 years;
Lucky Lake, 84.000, not exceeding 7%. 15 years; Tessler,
$5,000, not
exceeding 7%. 15 years.
BRANTFORD, Ont.-DEBENTURE
-The Council of this
municipality has passed a $80,090 5% 5.S VOTED.
10
and a 820,900 industrial debenture by-law,and 15 year debenture by-law
it is stated.
SHERWOOD,JONES & BURNS TOWNSHIP, Ont.-DE
BENTURE
DELMAS, Sask.-DEBENTURES AUTHORIZED.-ThIs village
-Bids are invited for the purchase of
has OFFERING.
84.500
authorized an issue of
-Year
telephone debentures. H.J.Chapeskie,Clerk (P.O.Barry's 6% 10
7% 8 installment debentures.
Bay.Ont.).
DONNACONA,Que.-BOND OFFERING
VALLEYFIELD, Yue.-BOND SALE.
will receive tenders up to 4 p.m. Oct. 27 for -The School Commissioners
-The 8175,000 534% refunding
the purchase of $80,000 534% bonds offered on Oct. 22-V. 119, p. 1874
bonds, dated Nov. 11924. and redeemable in series
-have been sold to McLeod.
from 1924 to 1934, of Young, Weir & Co. of Montreal
which sum $82,400 are redeemable in
1934. Debntures are payable at Date Oct. 22 1924. Int. M.& N.at 101.23. Denom. 6500 and $1,000.
Montreal, Quebec or Donnacona. .1. E. Jalbert, Secretary-Trea.surer
Due Nov. 1 1934.
.
WESTMOUNT, Que.-BOND OFFERING
DURHAM, Ont.-BONDS TO BE ISSUED.
.-Blds are invited up to
-The
to issue $1,700 .514% 10-year fire protection bonds. Council has decided 8 p. m. Oct. 28 for the purchase of 8200.00020
-year serial bonds. Interest
rate not stated. A. F. Bell, Secretary
-Treasurer.
$3soo
FINANCIAL
FINANCIAL
STATE BANK OF THE U.S.S.R.
(Union of Socialist Soviet Republics.)
Formerly State Bank of the R.S.F.s.R.
Created by Decree of the Soviet oonernm•mt of
Odober 12111. 1921.
Mortimer & Co.
CAPITAL - 5,000,000 Chervonetz
149 Broadway
N. B.-1 cheryonetz contains 119.4826 grains of pore gold
and equals /1. le. 151 d. or 85.1434
Head Office: NEGLINNY PROESD, 12, MOSCOW.
New York
BANKING BUSINESS OV EVERY DESCRIPTION
TRANSACTED.
Branches in Every Centre of European and Asiatic Russia,
CORRESPONDEN
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NEW YORK AGENTS
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Equitable Trust Company of New York. Irving
Company. Public National Bank of New York. Bank-Columbia Trust
The State Bank.
The Bank of United States
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7 Wall St., New York
Capital and Surplus
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The great resources of this instituti
on form
but one reason why it is selected by so
many
out-of-town banks, corporations and
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Our intimate knowledge of
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We invite your correspondence.
MELLON NATIONAL BANK
PITTSBURGH, PA.
STOCKS, BONDS, FUTURES
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Members New York Stock Exchang
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HARTFORD
Connecticut Securities
[VOL. 119.
THE CHRONICLE
1990
jrtnanrtal
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