The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
financial
The
INCLUDING
3ank & Quotation Section
Railway Earnings Section
VOL. 117.
rolltriV
Railway & Industrial Section
Bankers' Convention Section
SATURDAY. OCTOBER 27 1923
Xhe
PUBLISHED WEEKLY
Terms of Subscription—Payable in Advance
For One Year
$10 00
For Six Months
6 00
European Subscription (including postage)
13 50
European Subscription six months (including postage)
7 75
Canadian Subscription (including postage)
11 50
NOTICE.—On account of the fluctuations In the rates of exchange,
remittances for European subscriptions and advertisements must be made
in New York Funds.
Subscription includes following Supplements—
BANK AND QUOTATION (monthly)1RAILWAY& INDUSTRIAL (semi-annually)
RAILWAY EARNINGS (monthly)
ELECTRIC RAILWAY (semi-annually)
STATE AND CITY (semi-annually) BANKERS' CONVENTION (yearly)
Electric Railway Sectict
State and City Sectiet
NO. 3044
to the country's system of independent banks. He is,
of course, not in sympathy with the proposal, and in
giving the reasons for his opposition he has prepared
something that is destined to become a classic. Read
this opening paragraph:
The office of the Comptroller of the Currency is
one of the most independent in the Government service. It is a part of the Treasury organization, but
the Comptroller reports directly to Congress and
his appointment is made by the President on the rec-
ommendation of the Secretary of the Treasury, to be
confirmed by the Senate, and his term is not necessarily or usually concurrent with that of the Secretary of the Treasury. This arrangement was made
WILLIAM B. DANA COMPANY, Publishers,
with the obvious purpose of protecting the national
Front, Pine and Depeyster Streets, New York.
banks with a leadership which would be independent
Published every Saturday morning by WILLIAM B. DANA COMPANY. of undue influence from other Governmental auPresident, Jacob Seibert: Business Manager, William I). Riggs; Secretary. Herbert
D.Seibert; Treasurer, William Dana Seibert. Addresses of all, Office of Company. thority. The Comptroller of the Currency should,in
the Governmental organization, be the representative
and the partisan of the national banks. The suggesClearing House Returns.
tion for the abolition of the office of the Comptro_ller
Returns of Bank Clearings heretofore given of the Currency or the transfer of the essential funcon this page now appear in a subsequent part tions of that office to the control of the Federal Reof the paper. They will be found to-day on pages serve Board would, at one stroke, deprive the national banking system of its independent representa1858 and 1859.
tion in the fiscal plan of the Government.
•
Terms of Advertising
rransient display matter per agate line
45 cents
Contract and Card rates
On request
Cameo° Orrice —19 South La Salle Street, Telephone State 5594.
LONDON OFFICE—Edwards & Smith. 1 Drapers' Gardens. E.C.
The Financial Situation.
• Then read the following closing paragraphs, in
On account of its great importance, we print at which Mr. Dawes shows how completely the Federal
length on subsequent pages (pages 1834 to 1838)
the views of Henry M. Dawes, the new Comptroller
of the Currency, on the subject of Branch Banking
as expressed on Oct. 3 before a Joint Legislative
Committee of Congress. There is a good deal of
originality in what Mr. Dawes has to say, and in
banking circles the matter of branch banking has
suddenly become one of the live issues of the day,
certain phases of it being now up for determination
by the United States Supreme Court. Therefore the
Comptroller's utterances merit the closest study and
the most careful consideration. We imagine his
attitude will command wide popular favor, and certainly there is something fine and appealing in the
loyal way in which he has sprung to the support of
the country's system of independent banks and the
convincing manner in which he has portrayed the
dangers that must beset these independent banks,
threatening their complete destruction, if branch
banking .is encouraged and allowed to pursue its
logical course. We comment editorially on Mr.
Dawes's arguments in a special article on page
1816.
But Mr. Dawes's testimony was not limited to the
subject of branch banking. He also pleaded in defense and justification of the office of Comptroller of
the Currency, which it has been proposed to abolish.
Here his loyalty is as unswerving as his devotion
Reserve Board upon whom it is proposed to devolve
the duties of the Comptroller's office, is lacking in
qualifications for the task, and judge whether we
are exaggerating in our praise of what the new
Comptroller has to say:
The office of the Comptroller of the Currency has
to be organized for quick and summary decisions.
A mob of depositors is never complacent enough to
await the deliberations of a town meeting. If the
Federal Reserve Board is composed of the men of
ability and force of character that has typified this
Board in the past, each member, in self-respect, will
insist on expressing himself and impressing his personality on any proposed methods for relief, and the
fire wagon, if it arrives at all, will approach in orderly and dignified fashion long after the last wisps
of smoke have floated away and the ashes cooled.
Please understand that this statement would still
be made if absolute assurance could be given that the
ablest men in the world would always sit on this
Board. "Boards is Boards."
I cannot resist a feeling little short of resentment
that so many suggestions and so many tendencies
seem directed along lines prejudicial to the national
banking system. If we are to have a national banking system over which the Goverment exercises supervisory control, that control must be in the hands
of an independent executive and not he representative of a preferential creditor. The only fair and
only logical thing to do is either to continue the present system with an independent Comptroller or abol-
1808
TITE CHRONICLE
ish the system entirely. A man ,
:annot serve two
masters, and a trustee who will act for two, conflicting interests is ipso facto incompetent either mentally-or morally.
The proposal to abolish the office of Comptroller
of the Currency never had any better basis anyway
than the dislike which many bank officials conceived
for John Skelton Williams and his methods, and it
should now be relegated to limbo.
[VoL. 117.
France would oppose the latest Hughes proposal.
The British position was emphasized in a speech
which Premier Baldwin made before a convention of
the Unionist Patty in Plymouth, Thursday evening.
He said: "I appeal to him [Poincare] to consider,
for himself, for his nation, for us and for the world,
once, twice and thrice, before rejecting the invitation
for a world conference with American participation." The European cable dispatches yesterday
afternoon and evening indicated that France, Belgium and Italy had accepted "a conference of experts
if appointed by the Reparations Board and the
United States, as proposed in the Hughes aide memoire." At yesterday's Cabinet meeting Secretary
Hughes made "a report on the latest developments."
The belief was expressed in London advices that "the
experts probably would meet in Berlin."
Developments within Germany have been largely
of a destructive nature. The only hope is that they
will lead to something truly constructive. Bavaria
has broken with the Central Government of Germany. An increasingly defiant attitude was shown
by.Bavaria. The so-called Separatists in the Rhine
region endeavored to set up new Governments at various important centres, including Aix-la-Chappelle,
Mayence and Coblenz. There were rumors that the
big industrialists would abandon the Ruhr. Food
riots in Berlin were reported, following a rise in the
price of bread at that centre to 5,000,000,000 marks a
loaf. On Thursday the mark was quoted at 100,000,000,000 marks to the dollar. France declined to
change her attitude as a result of a new note being
sent by the Germans to the Reparations Commission.
The political disturbances in Europe included also amilit—ry uprising in Greece under the leadership of
General Metaxas.
The events that.may prove of the greatest significance to Germany, the rest of Europe, the United
States, and the whole civilized world, occurred altogether outside of Germany. They had their origin
first in additional serious political outbreaks in various German States, under the leadership of so'called Separatists, who endeavored to seize control
of things and set up a new Government, which they
were pleased to style "Republican." Secondly, these
developments had their origin in the well-defined belief of the British and Americans that France's policy with respect to the reparations question would
not only ruin Germany politically, economically and
financially, but also would react most unfavorably
on the French themselves, Great Britain,Europe generally, and even this country, and, moreover, fail
utterly to accomplish its purpose. Thirdly, those exterior events had their origin in the realization on
the part of Great Britain and the United States that
something must be done soon in a determined effort
to bring order out of chaos in Europe, first of all in
Germany. Of course, Great Britain has not favored
he French policy from the start. Former Premier
Lloyd George, throughout his tour of Canada and
the United States, has stressed the idea that if his
country and ours were to join hands in European
affairs no other Power or Powers could withstand
the force of that combined influence, not to menPolitical events in Germany of great significance
tion other agencies that would come out of this and importance have followed one another in close
coalition. American Ambassador Harvey, in a fare- succession. On Oct. 18 "in a confidential statement
well speech Tuesday night at a dinner given in his to the German press conference," Chancellor Stresehonor by the Pilgrims' Society, declared that this mann declared that "we herewith definitely and
nation is willing to help in "any practicable way"in finally discontinue any and all reparations deliverthe settlement of European affairs. The next big ies and any and all reparations payments to France,
development was the publication in this country and and are fully conscious of the consequences—that
Europe yesterday morning of cablegrams recently this measure, dictated to us by utmost extremity,
exchanged between Lord Curzon, the British Foreign probably will signify a break with France." The
Secretary, and Secretary of State Hughes "concern- very next day announcement was made in Berlin
ing an international conference on reparations." It that "attempts to reach an understanding with
develops that Lord Curzon proposed "an interna- France that would permit work in the Ruhr to go on
tional conference on the economic situation in Eu- and bring some settlement of the reparations probrope with particular reference to reparations and lem having failed, the German Cabinet decided this
the finding of some practical way to promote recu- afternoon to send a circular note to all the Allied
peration and re-establishment of economic stability." Powers demanding intervention in the Ruhr." A disSecretary Hughes replied that "the American Gov- patch to this effect came from the correspondent in
ernment is entirely willing to take part in an interna- the German capital of the Chicago "Tribune." He
tional economic conference of 'all' the European Al- added that "the note will be in the form of a memolies chiefly concerned in German reparations." The randum, calling the attention of the Allied Powers
Washington correspondent of the New York "Times" to the efforts of Germany to find a solution of the
said yesterday morning that "while the Coolidge Ad- problem, to the fact that the passive resistance was
ministration stands ready to take part in such a con- given up in the hope that France would consent to
ference if France and other reparations Powers par- negotiate, to the demands of France for virtual conticipate, and also with the understanding that the trol of all of Germany's railway outlets abroad
question of reparations shall not be linked with that through direction by the French of the Wesel-Emmeof the Allied debts to the United States, the Hughes rich and Frankfort-Basle line, and to the refusal to
communication states that this country'must reserve permit German civil officials to return to the occudecision' as to the course to be followed in case not pied area." According to the message, too, "the
all the Powers concerned agree to an inquiry." Ac- offers and suggestions made by Chancellor Stresecording to an Associated Press cablegram from Lon- mann since taking the post of Chancellor are also
don yesterday, the British Govenment feared that outlined and the internal situation of Germany is
OCT. 27 1923.]
THE CHRONICLE
1809
portant functions of the year, political topics, except
for a brief statement by Premier Dr. von Knilling
reaffirming Bavarian loyalty to the Reich, were carefully avoided. The Company, which numbered over
one hundred, tincluded Dictator von Bahr, General
von Lossow and the whole of the Cabinet, municipal
officials and other prominent men. It was, in fact,
a thoroughly representative gathering of the governRupFrom Berlin, likewise under date of Oct. 20, came ing classes of Bavaria. At 10 o'clock as Prince
rose as one
a special wireless dispatch to the New York "Times," precht was leaving, the whole company
Majin which it was asserted that "Bavaria has broken man and clicking heels cried 'Hail to Your
Bavaria became inwith the Reich." In further outlining the situation esty!'" The defiant attitude of
the "Times" representative said that, "in open defi- creasingly pronounced as the days passed. Cabling
ent of
ance of General von Seeckt, Reichswehr Minister on the evening of Oct. 22, the Berlin correspond
York "Tribune" said that "General von LosGoessler, the Stresemann Government and President the New
Ebert as Commander-in-Chief of the German repub- low, until recently Commander of the Reich troops
meslic's army and navy, the Bavarian Military Dictator, concentrated in Bavaria, to-night in wireless
General von Lossow sages sent from Nuernberg to wireless stations at
Dr. von Kahr, has appointed
and
Commander-in-Chief of the Bavarian Division of the Berlin, Stettin, Spandau, Breslau, Dresden
President Ebert had _ousted him Frankfurt-on-Oder called upon the entire German
Reichswehr after
from that position and appointed in his place Gen- army to revolt against the Central Government and
eral Baron Brers von Kressenstein." The Munich stand behind Bavaria in its conflict with the Reich."
correspondent of the Associated Press stated that He added that "this message was caught by the Cen"Dr. von Bahr, military dictator of Bavaria, to-night tral Government here to-night. That the appeal is
[Oct. 20] theoretically kidnapped 12,000 Federal not without response in northern army circles is
troops garrisoned at various points in Bavaria, and proved by the reply wirelessed to von Lossow towill hold them as ransom until such time as a satis- night from Stettin offering to relay the general's
factory accord with Berlin can be reached." Ac- message to other garrisons. Von Lossow's bold acwhen
cording to a Berlin wireless message to the New York tion followed to-day's ceremony at Munich,
t lost 20,000 Federal troops, under command of the mu"Times" the next day the German Governmen
no time in dealing with the Bavarian situation. It tinous General, took the oath of allegiance to BaReich."
was stated that "the Stresemann Cabinet met this varia, thus violating their oath to serve the
y discussed the
afternoon [Oct. 21] and thoroughl
No improvement was shown either in the relations
Bavarian situation. It was decided to make a re"Times"
newed attempt to compromise the conflict. For this between the Reich and Saxony. In fact, the
n Governpurpose the Reichsrat, or Federal Council, will be representative cabled that "the Streseman
General
summoned and the Bavarian problem put up to that ment's conflict with Red Saxony continues.
r Minister Gessler, the Stresebody to gain time,for which the Government is spar- von Seeckt, Reichsweh
ring until the Reichstag reconvenes Friday." In an mann Cabinet and President Ebert have all backed
interview with a New York "Tribune" representative up General von Mueller, even to sending him rein.in Munich, Dr. von Bahr was reported to have "de- forcements and telling him to restore and maintain
manded the retirement of the entire Stresemann Cab- constitutional law and order. Von Mueller, like his
inet, which is now ruling Germany with dictatorial chief, von Seeckt, appears to be lined up squarely
powers." Dr. von Bahr was also quoted as having behind the republic. And of political significance
explained his demand in part as follows: "Bavaria is the fact that the Berlin Government Socialists apseeks an amicable adjustment of the present conflict, prove the sharp offensive against the Communists in
but she is ready to fight if necessary. Bavaria will Red Saxony,at the same time trying to let their 'misnot tolerate a Government at Berlin composed of guided' Socialist comrades in Saxony down easy."
The next most striking political event in Germany
Socialists, or a Government in which Socialists are
influential, as they are in the present Stresemann became known here on Monday morning through
cable advices from Aix-la-Chapelle, which stated that
regime."
"the Rhineland republic was proclaimed here tod Government day." (Oct. 21.) The New York "Times" correIn further defiance of the constitute
it was reported in Munich cable advices dated Oct.22 spondent at that centre cabled that "when this hisred,
that, "with due military pomp and ceremony the toric city awakened this morning it was to find
Reichswehr at 11 o'clock white and green flags flying on all the public buildofficers and men of the
this morning committed the crowning act of mutiny ings. During the night the Separatists had seized
against the authority of the existing Government of the municipal and Government Administrations,
Germany. The troops paraded in full dress uniform and to-day the new republic was proclaimed." It
in the barracks of the former Second Infantry regi- seems that the following proclamation, signed by
ment and after Dr. von Bahr's proclamation had Leo Deckers and Dr. Guthardt in behalf of the Probeen read the form of allegiance was read to them by visional Government was "posted all over the city":
All
General von Danner. It was accepted without demur "Rhinelanders: The Rhenish republic is here.
. Plunderers
by every man present. After a brief address by Gen- resistance will be pitilessly suppressed
puneral von Lossow, the Commander, and the singing of and disturbers of the peace will be severely
The proclamation was dated "Aix-la-Cha'Deutschland ueber Alles,' the troops marched back ished."
ent
to their quarters, apparently in the highest of spir- pelle, Oct. 21 1923." The "Times" correspond
tive cabled said also that about 3,000 troops marched to the
its." The New York "Times" representa
that "at a dinner given by the committee and patrons Town Hall,"a little after midnight, when the ancient
of the German Museum? which is one of the most im- city was peacefully sleeping and occupied the build-
discussed with utmost frankness. The note declares
that France has taken an untenable position, which
is greatly against the common interests of the Allies
and is leading to the utter destruction of Germany.
The note calls for Allied intervention in the name of
humanity for the salvation of Germany and Central
Europe."
1810
THE CHRONICLE
[VoL. 117.
ing under the eyes of the astonished night watch- Chicago "Tribune" representative at the same centre
man." He added that "this operation was followed said that "Dr. Joseph Matthes's attempt to establish
by similar coups at other public offices and by 4 a Provisional Government and would-be capital at
o'clock all the municipal and Government buildings, Coblenz resulted in a failure to-day." (Oct. 23.) In
the law courts, the Reichsbank and the post and a cable message from the same centre the next day
telephone office were in the hands of the republi- it was said that "the territory under control of the
cans." Continuing his account of what happened new Rhineland republic appears to be limited to
that eventful night, the correspondent said that about one-third of the area occupied by the Allied
"meanwhile the leaders called at police headquar- troops, according to advices on the status of the
ters. Received by the Chief of Police, they notified movement up to this forenoon." The latest European
him the Separatists were taking the Government into cable advices last evening tended to show that the
their hands. 'We just want to tell you we have got Republican movement had made little or no addi3,000 men armed here who will act if you interfere,' tional progress.
they told the Chief. 'What do you intend to do?'"
According to the "Times" message also, "the answer
The dispatches from Duesseldorf made public here
was that as no orders had been received to resist and a week ago this morning contained predictions that
on the other hand it was impossible to get help, the the Germans were about to abandon the Ruhr. The
only thing to do was to order all police into their New York "Times" representative at that centre
barracks and keep them there pending further de- cabled that "the next few days, according to both
velopments. This arrangement was accepted by the French and German opinion, may bring events which
Separatists, who left a strong cordon guarding the must influence the whole future history of Europe.
building." That same night Herr Kaiser, "Chief of Suspicion is rapidly spreading that the Berlin Govthe Political Section," was reported to have told the ernment intends to abandon the Ruhr to its fate,
"Times" representative that, "having succeeded in withdrawing not only material but moral support,
obtaining control here, we to-night will seize the thus placing both France and her own great western
cities of Wurzelen, Herzogenrath, Marstein, Geilen- provinces before an entirely new problem." He exkirchen, Stolberg, Iftenchen-Gladbach, Crefeld and plained that "the first step toward this will be, it is
Rheidt. By to-morrow morning almost the whole expected, the failure to-morrow [Oct. 20] to pay the
Belgian occupied zone will be in our hands." May- final week's salary to the passive resistance strikers.
ence was reported to have been occupied at 4.30 a. m., When Berlin abandoned resistance the workers were
Oct. 22. The statement was made in a Berlin cable- promised the last payment on Oct. 20. From then
gram to the New York "Herald" that "the German onward the industrialists must make their own arGovernment to-night [Oct. 21] decided to protest rangements. Now it appears funds are not forthcomformally to Paris and Brussels against the proclama- ing from Berlin." The further suggestion was oftion of a Rhenish republic at Aix-la-Chapelle, which, fered that "the economic problem arising is clear,
it is hoped and believed in official quarters here, is but the political results, although less violent, may
of purely a local character." The Associated Press well eclipse all else. The industrialists will be left
correspondent at Aix-la-Chapelle cabled Oct. 22 that with the alternative to allow the workers to starve
"six towns are known to have been occupied by the or abandon all their vast mining and other properSeparatists up to this evening in addition to Aix- ties to destruction or find means to pay wages, in
la-Chapelle. They are Muenchen-Gladbach, Crefeld, part at least, until the return to normalcy of the •
Julich, Montjoie, Cleve and Duren. The present railroads permits a return to production and emplan as learned to-night calls for the occupation of ployment."
Coblenz to-morrow. Coblenz will be declared the
capital of the republic." While the cable advices
From Berlin came the announcement that Fritz
Tuesday evening indicated that "the Rhineland re- Thyssen, "executive head of the great coal and steel
publican movement was extended in some quarters corporation founded by his father," had addressed a
of the occupied area that day, it seemed to.be reced- letter to General Degoutte, Commander of the
ing in the districts first affected." It was also stated French forces of occupation, in which, according to
that "Berlin maintains that the movement has been the New York "Herald" representative, "Thyssen
generally defeated." According to a cablegram from flatly rejects the French demands, which, he dethe German capital Oct. 23, "reports from various clares, cannot be borne by industries exhausted 'by
points in the Rhineland this afternoon indicate the nine months of paralysis,'and threatens to shut down
Separatists have been generally defeated, especially all mines and plants in the event the French position
at Aix-la-Chapelle, Muenchen-Gladbach and Bonn." is maintained. 'Responsibility for the impending
The cable advices from Germany throughout Wed- closing down and its consequences rests exclusively
nesday continued to indicate that the Separatists with the French'authorities, he says." The correwere not making any real progress, but were losing spondent added that "the significance of Thyssen's
ground if anything. The Associated Press corre- declaration is enhanced by the fact that he was the
spondent at Coblenz cabled that "the pendulum in leader of the six German industrialists who last
the bitter struggle which has been raging since Sun- January were imprisoned and fined an aggregate
day between the Separatists attempting to install a equivalent to $20,000 for refusal to carry out orders
Rhineland republic by force of arms and National- given them by the French to make reparational deists, Communists and certain elements of the work- liveries from their plants. The others were Herr
men's unions opposing such action, is swinging back Offe, Herr Spindler, Herr Kesten, Herr Wuesstenand forth, with alternate advantages to the contend- hoeffer of the Mine Association and Herr Tengeling sides. But to the neutral observer it appears that mann of the Essen Anthracite Coal Co." He also
the republicans have made little headway since their asserted that "Thyssen's views are known to coin-.
green, white and red emblem was first raised over cide with those of the great majority of his fellow inAix-la-Chapelle's City Hall three days ago." The dustrialists, including Hugo Stinnes and the Krupp
OCT.27 1923.]
THE CHRONICLE
firm. His letter was submitted to his more important associates before he signed it. Consequently
there is every reason to suppose that the owners of
the collieries and steel mills actually will bring their
enterprises to a halt rather than accede to the conditions laid down by France."
In cable messages from Berlin dated Tuesday evening, Oct. 23, there were rumors to the effect that the
reconstructed Cabinet of Chancellor Strasemann
might fall soon. For instance, the Associated Press
representative asserted that "another Parliamentary
crisis, and one which will harbor far more serious
internal ramifications than that which recently carried Dr. Stresemann into office for a second time at
the head of a loosely jointed coalition, is an early
prospect in the opinion of political leaders. Socialistic impatience with the Stresemann Government's
tolerance of von Bahr, the Bavarian dictator, and
the indignation of the radicals over the resolute
manner in which Saxony is being dealt with under
the existing state of military law, already constitute
points of divergence which threaten the Socialists'
defection from the present coalition." The correspondent added that• "the Chancellor's failure to
make prompt and categorical use of his dictatorial
authority in enforcing urgent remedial measures is
also causing restiveness in the ranks of the Radical
Party, and its principal organ,‘Vorwarts,' which is
not holding back plain-spoken criticism of the Government, in which the party is represented by three
Ministers."
On Tuesday, in London, General Jan Smuts, Premier of the South African Republic, made what the
New York "Tribune" representative at that centre
characterized as "a remarkably outspoken speech."
According to the "Tribune" dispatch, "the distinguished statesman disclosed that "negotiations are
afoot to bring about a general conference of the
European Powers looking toward a reparations settlement." He added that General Smuts "openly
charged France with following a militarist policy
and plainly hinted that pressure would be used to
force France to come into the prospective general
conference." This speech, that of American Ambassador Harvey at the Pilgrims' dinner in London
Tuesday evening, the repeated urging of former Premier Lloyd George that the United States and Great
Britain join hands in settling the European situation, and the making public simultaneously in London and Washington of the Curzon and Hughes notes
the very day that Lloyd George arrived in our national capital would seem more than a mere coincidence.
1811
protecting the property have been attacked by
crowds and street fighting is proceeding." The
"Tribune" correspondent cabled that "Berlin and
many other northern centres in Germany are to-day
in the throes of a most acute bread and money crisis.
The capital is virtually without bread, following the
rise of the price 5,000,000,000 marks a loaf. In the
poorer working sections, bread was utterly unobtainable to-day, while even the fashionable hotels and
restaurants were unable to serve it." In a wireless
dispatch Wednesday evening the Berlin correspondent of the New York "Times" stated that "the Stresemann Government has under serious consideration
the proclaiming of a Free State of the Rhineland,
and may be of the Rhineland and Ruhr, as a checkmate to the Rhenish republic. The details have not
been worked out yet, but it is figured that if prominent Rhenish personages who at the same time are
Fatherland patriots were to proclam a free Rhineland State within the framework of the Reich, either
in Cologne, in Hagen, Westphalia, or the Ruhr periphery, or in Berlin,such a move would take the wind
out of the sailes of the Rhenish Separatists." He
added that "such a move would be made under Article 18 of the Constitution of the German Republic,
which prescribes a local referendum the result in
the event of the decision being in favor of separation
to be sanctioned by a special law passed by the
Reichstag." According to an Associated Press cablegram from Berlin last evening, "Chancellor Stresemann,speaking to the industrial and labor leaders of
the Ruhr and Rhineland at Hagen, Westphalia, the
day before, said that Germany will make no further
deliveries to the Allies 'because the occupation of the
Ruhr is inadmissible.' He asserted that Germany
had reached the end of her economic strength and
that her rights must no longer be infringed."
Trouble of a new nature developed in Bavaria on
Wednesday. According to a wireless dispatch to
the New York "Times" from Munich,"an attempt to
establish a Palatinate Republic has begun at Ludwigshafen, where a Provisional Government was set
up to-day." The correspondent added that "in consequence a proclamation is being issued by the Bavarian Cabinet to-night denouncing this action as an
act of treason and measures are to be taken immediately to stop all traffic in foodstuffs between Bavaria
and the Palatinate."
Among the new developments in the greatly confused and rapidly changing German situation noted
in yesterday morning's cable advices was the statement in a Munich dispatch to the New York "Times"
that "stabilized currency is to be issued by the Bavarian Government. This will take the form of $1,
$2 and $5 bonds guaranteed by the resources of three
great power works now being constructed, namely
Walschen Lake, Middle Isar and Rhine-Main Danube." It was added that "the bonds are redeemable
in four years' time at a premium of 25%. They will
be employed to purchase grain, potatoes and cattle
from farmers who are urged to deliver their stock
now that they are to receive payment in gold
bonds."
Conditions in Berlin and various other large German centres were outlined in part as follows in a
Central News cablegram from the German capital
Tuesday night: "Berlin to-night presented a gloomy,
threatening spectacle. Thousands of people, unable
to buy food,are parading the streets in an ugly mood.
The shops are closed and very few lights are seen.
The police are strongly armed and alert. Sporadic
shooting has been heard in the neighborhood of the
police headquarters and the Rathaus. Similar reports come from most of the industrial towns in the
France found support for her reparations demands
country, workless and foodless demonstrators urging
the more passive to demonstrate with them. At Stet- upon Germany in action taken by the Reparations
tin the dockyards have been thrown idle. All have Commission on Oct. 19. The New York "Times" corbeen discharged from the Vulkan yards. The police respondent at the French capital cabled on that date
1812
THE CHRONICLE
that "the Reparations Commission to-day approved
the demands upon Germany by France, Belgium and
Italy for immediate delivery of various categories of
materials which come under the general heading of
deliveries in kind. Sir John Bradbury, the British
member, voted for these orders which to-night were
addressed to the War Burdens Commission in Germany." The correspondent pointed out that "thus
Germany's refusal to pay for deliveries in kind now
puts her in opposition to all the Allies, whereas before to-day's action by the Reparations Commission
she was defying only France and Belgium who occupy the Ruhr. This action by the Commission is
similar to the routine followed before the occupation
of the Ruhr, when Germany was making current deliveries on account of reparations in kind."
A new German note on reparations was delivered
to the Reparations Commission in Paris Wednesday
afternoon. The Paris representative of the Associated Press cabled that it "asks the Commission to
begin an examination into Germany's capacity for
payment and to allow representatives of the Berlin
Government personally to explain the situation and
the measures taken by Germany for reforming her
budget and stabilizing her currency." He added
that it also "suggests that German representatives
should be heard by the Commission regarding the
documents containing the results of the Belgian technical studies of the reparations problem. The German Government, calling attention to the cessation
of the passive resistance, expressly declared its.readiness in principle to resume the execution towards
the Powers occupying the Ruhr of the stipulations of
the Treaty of Versailles, but sets forth that it is unbale at present to resume financing of this work owing to the economic situation of Germany."
It was doubted in advance that the new German
note would cause the French to recede from the position that they had taken all along on the question of
reparations. According to a Paris cablegram Thursday afternoon the only comment offered in French
official circles • was that "as long as the Germans
could pay they said they wouldn't, and they have
waited until they couldn't pay to say they would."
The correspondent added that "the official viewpoint
is that the German note is strictly a matter for the
consideration of the Reparations Commission. It
was not addressed to the Governments and the
French Government will have nothing to say regarding it." Up to the time of going to press the results
of yesterday's meeting of the Commission had not
come to hand.
Political trouble has broken out afresh in Greece.
According to an Associated Press dispatch from Athens under date of Oct. 22, "a military rising has
broken out under the leadership of the Royalist General Metaxas. The number of mutineers is estimated
at 2,000, and their equipment includes six cannon."
In another cablegram from the same centre, also on
Oct. 22, it was stated that "Colonel Plastiras, virtual head of the Greek Government, announces that
martial law will be re-established, the extent to which
it is applied being left to the military authorities
throughout the country." It was added that "the
announcement is contained in a proclamation to the
army of the Peloponnesus, in which a reactionary
movement on the part of two generals and some officers is condemned. The document asserts that the
(VOL. 117.
revolutionary Government will use every means to
maintain order."
The uprising was explained in greater detail in a
cablegram from Athens sent out later the same day.
It was stated that"some 2,000 men,led by the Royalist General Metaxas, have revolted against the military Government of Premier Gonatas. The proclamation announcing the revolution, signed by the
Venezelist Generals Leonardopoulos and Gargalidis
and Colonel Giras, was published this morning in the
Opposition newspapers and also scattered over the
capital from airplane:" The correspondent added
that "the _military Government immediately took
measures to quell the revolt, which in Government
circles is declared to be of no great importance.
Some arrests were made daring the day and it was reported this afternoon that the rebels had been dispersed. Martial law was declared by Colonel Plastiras." An Associated Press cablegram from the
Greek capital Tuesday evening was quite assuring in
saying that "it is reported from Clacis that most of
the provincial soldiers who revolted under the leadership of General Metaxas, the Royalist, are returning to the ranks. The men assert that they were
duped by their officers, whom they followed under
the belief that they were wanted for regular service."
In a subsequent dispatch the same evening it was
claimed that "official information shows that the
Government has been successful in its struggle to
put down the revolt started Monday with General
Metaxas as its leader. It was not without fighting,
however, that the Government forces were able to
break the revolt." Last evening's advices stated that
the final blow against the revolution was about to be
dealt.
No changes have been noted in official discount
rates at leading European centres from 90% in Berlin;6% in Denmark and Norway;5 % in Belgium;
/
1
2
5% in France and Madrid;4 % in Sweden and 4%
/
1
2
in London, Switzerland and Holland. Open market
discounts in London were not materially changed.
Short bills were a shade easier at 2 15-16@3%,
against 3%, while three months bills closed at 3/
12
@ 3 3-16% against 3 (P 3-16% last week. Call
/
1
2
money closed at 2%%, unchanged. In Paris the
open market discount rate advanced to 5%, against
4 % last week, while in Switzerland it remained
/
1
2
unchanged at 2%.
The Bank of England this week reported another
addition to gold holdings, this time of £2,858, making
the total £127,673,564, as against £127,432,534 last
year and £128,413,527 in 1921. Reserve expanded
£255,000, because of a further reduction in note circulation amounting to £252,000. Public deposits
were decreased £1,835,000, but "other" deposits increased £1,682,000. Loans on Government securities
declined £475,000, although as against this, loans on
other securities increased £141,000. The proportion
of reserve liabilities again advanced, this time to
20.33%, which compares with 20.09% last week,
19.14% last year and 13.11% a year earlier. The
bank's reserve now stands at £24,313,000. In the corresponding week of 1922 it was £23,996,084 and the
preceding year £22,947,697. Note circulation is
£123,111,000, as contrasted with £121,886,450 last
year and £123„915,830 in 1921, while loans amount to
£71,872,000, against £71,435,208 and £82,203,184 one
and two years ago, respectively. Notwithstanding
OCT.27 1923.1
THE CHRONICLE
repeated predictions of an increase in the official
discount rate, no change was made, and the 4% rate
is still in effect. Clearings through the London
banks for the week were £696,618,000, against £671,730,000 last week and £683,813,000 a year ago. We
append herewith comparisons for a series of years of
the different items of the Bank of England returns:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1922.
1921.
1923.
1920.
1919.
Oct. 25.
Oct. 26.
Oct. 24.
Oct. 27.
Oct. 29.
123,111,000
Circulation
13,957,000
Public deposits
105,641,000
Other deposits
Governm't securities 41,134,000
71,872,000
Other securities
Reserve notes &coin 24,313,000
and bullion_127,673,564
Coln
Proportion of reserve
to liabilities
20.33%
Bank rate
4%
121,886,450
15,201,277
110,180,337
47,653,803
71,435,208
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
84,455,485
22.753,017
116,181,719
53,907,902
80,714.993
22,058,400
88,063,885
19.14%
3%
13.11%
554%
10.26%
7%
154%
5%
The Bank of France in its weekly statement shows
a further small gain of 401,975 francs in the gold
item. The Bank's aggregate gold holdings are thus
brought up to 5,539,030,700 francs, comparing with
5,533,159,918 francs on the corresponding date last
year and with 5,523,865,962 francs the year previous;
the foregoing amounts include 1,864,320,900 francs
held abroad in 1923, 1,897,967,056 francs in 1922 and
1,948,367,056 francs in 1920. Silver during the
week increased 317,000 francs, bills discounted were
augmented by 57,456,000 francs, Treasury deposits
gained 33,663,000 francs, and general deposits rose
10,726,000 francs. Advances, on the other hand,
fell off 17,698,000 francs. A further contraction of
416,955,000 francs occurred in note circulation,
bringing the total outstanding down to 37,670,009,000
francs. This contrasts with 36,693,634,730 francs
at this time last year and with 37,154,458,915 francs
in 1921. Just prior to the outbreak of war, in 1914,
the amount was only 6,683,184,785 francs. Comparisons of the various items in this week's return
with the statement of last week and corresponding
dates in both 1922 and 1921 are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
Status as of
for Week.
Oct. 25 1923. Oa.26 1922. Oct. 27 1921
.
Odd Holdings—
Francs.
Francs.
Francs.
Francs.
In France
Inc.
401,975 3,674.709,800 3,635,192,862 3,575.498.906
Abroad
No change 1.864,320,900 1,897,967,056
1.916,367,056
Inc.
Total
401,975 5,539,030,700 5,533,159,918 5,523,865,962
Ins.
Silver
317,000
295,540,000
287,827,014
278.421,175
Bills discounted_ _
57,456,000 3,068,657,000 2,152,620,337 2,472,963 951
Advances
Dec. 17,698,000 2,197,794,000 2,122,428,461 2,230,177.077
Note circulation —Dec416,955,000 37,670,009,000 36,693,634,730 37,154,458,915
Treasury deposita Inc. 33,663,000
55.414,000
60,289,461
42.271,773
General deposits. _ _ Inc. 10.726,000 1,978,043,000 2,109.258,778 2,521,133.422
Another colossal addition to note circulation was
shown by the Imperial Bank of Germany in its statement for the week of Oct. 6. The exact amount was
18,704,185,920,332,000 marks. Discount and Treasury bills increased 25,015,250,774,471,000 marks, deposits 10,176,752,408,377,000 marks, bills of exchange and checks 2,941,822,976,000 marks, other assets 2,591,400,310,149,000 marks,and other liabilities
2,608,842,347,564,000 marks. Lesser increases were
reported in notes of other banks 313,946,760,000
marks, advances 193,807,014,195,000 marks and investments 812,780,748,537,000 marks. Treasury and
loan association notes declined 65,592,455,530,000
marks and total coin and bullion (which now includes aluminum, nickel and iron coins) 2,598,303,000 marks. Gold was unchanged and remains at
443,927,000 marks, against 1,004,855,000 marks a
year ago and 1,023,699,000 marks in 1921. The bank's
latest addition to note circulation has brought the
1813
grand total up to the monster sum of 46,932,402,390,000,000 marks. This compares with 344,171,000,000
marks in 1922 and 87,728,000,000 marks a year earlier.
The Federal Reserve Bank statement, issued
Thursday afternoon, showed a gain in gold and material reductions in discounting operations, locally
and nationally. The combined statement revealed
an expansion in gold reserve of $11,000,000. Rediscounts of all classes of paper decreased $18,000,000
and bill buying in the open market was reduced $10,700,000. As a result, total bill holdings showed a reduction of $29,000,000. Earning assets fell $35,000,000 and deposits $52,000,. At New York the same
general tendencies were in evidence. Gold holdings
increased $13,600,000. Discounting of Government
secured paper was reduced $5,500,000. There was a
small falling off in discounts of "all other," and contraction in open market purchases of $7,600,000.
Consequently the aggregate of bills held has fallen
$14,900,000. Substantial reductions were recorded
in earning assets and deposits—$22,000,000 and $19,900,000, respectively. In both statements the amount
of Federal Reserve notes has declined, $6,500,000
locally and $17,000,000 for the System as a whole.
Member bank reserve accounts declined approximately $43,000,000 for the twelve reporting banks
and $17,000,000 at New York. Because of the decrease in deposits and increase in gold holdings, reserve ratios have advanced 'slightly. The System's
ratio moved up to 76.8%, an advance of 1.5%, while
at the New York bank there was a gain of 3.1%, to
85.7%.
An improving tendency was shown in last Saturday's return of the New York Clearing House banks
and trust companies, the final result being an addition to surplus reserve of more than $17,000,000.
Loans increased $10,590,000, and this was accomplished by an expansion in demand deposits of *48,115,000 to $3,710,027,000. These figuxes are exclusive of Government deposits to the amount of $23,506,000, a decline for the week in the latter item of
$14,613,000. In time deposits there was an increase
of $10,940,000, to $467,661,000. Cash in own vaults
of members of the Federal Reserve Bank fell $3,113,000, to $48,032,000 (not counted as reserve). Reserves of State banks and trust companies in own
vaults increased $72,000, while the reserve of these
same institutions kept in other depositories increased
$223,000. Member banks added to their reserves at
the Federal Bank $23,819,000, and this served to offset expansion in deposits and bring about a gain in
surplus of $17,476,520, to $32,100,730, as compared
with $14,624,210 a week ago. The above figures for
surplus are on the basis of reserve requirements of
13% for member banks of the Federal Reserve System, but do not include cash in own vault amounting
to $48,032,000 held by these banks on Saturday last.
Continued ease has been the chief characteristic of
the market for both call and time money. The prevailing rate for the latter was 514%,while the range
/
on day-to-day accommodations was roughly 414@
/
4%. Various reasons have been assigned, even in
banking circles, for the present state of the money
market. Considerable has been made of the reports
that crop moving money was returning to this centre
in a surprisingly large volume. Those pessimistic-
1814
,
[vol.. 117.
THE CHRONICLE
ally inclined have asserted that a falling off in general business is the chief cause of the increasing
abundance of funds. As to this idea there has been
a rather wide difference of opinion. After a period
of greater activity in the investment market, some
slackening has been reported again. Liquidation and
the professional character of the speculative stock
market have lessened the demand for funds, but this
feature of the situation is not especially different
from what it has been for some weeks. Withdrawals
from local banks by the Government have totaled
less than $4,000,000. The oil producing and distributing companies are still in the market for temporary
loans, and from now on will attempt to finance their
borrowings and future needs through the sale of securities. Other industries, except rubber tires, appear to be in a pretty healthy state. It is thought
there may be a brief stiffening in call money notes
next week as the first of the month comes, but it is
expected that rates will soon relax again. The situation with respect to international loans to Europe
was less promising than ever until the exchange of
the British and American notes became known. In
spite of that event and the reported acceptance of the
oposal by France, Italy and Belgium, they would
seem still to be quite remote, except possibly in the
case of some former so-called neutral Powers.
prime bankers' acceptances eligible for purchase by
the Federal Reserve banks 41 % bid and 4% asked
A
for bills running for 30 days, 44% bid and VA%
asked for bills running for 60 and 90 days, 4/%
bid and 44% asked for bills running 120 days, and
432% bid and 44% asked for bills running 150 days.
Open market quotations are as follows:
SPOT DELIVERY.
90 Days.
Prime eligible bills
60 Days.
434034
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
Eligible non-member banks
30 Days
431@)434.
434 bid
43.4 bid
There have been no changes this week in Federal
Reserve Bank rates. The following is the schedule
of rates now in effect for the various classes of paper
at the different Reserve banks:
DISCOUNT RATES OF THE FEDERAL RESERVE BANKS
IN EFFECT OCT. 26 1923.
Payer Maturing—.
FEDERAL RESERVE
BANK.
Within 90 Days.
After 90 After 6
Days, but
Dia
Within 6 Within 9
Months. Months.
Com'rciat Recur, by
Agricui.* Agricul.
Agricul. U. S. Bankers' Trade
and
and
Accep&Livest'k Govt.
Accep- Livestock Livestock
Payer. Obliga- lances. lances. Payer. Paper.
n.e.s.
lions.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louie
Minneapolis
Kansas City
Dallas
San Francisco
434
4%434
434
4A
iN
43i
434
434
434
434
434
434
434
434
434
434
431
434
434
434
434
434
434
434434
434
4
4
431
434
434
4g
434
434
4
431
434
434
434
434
434
434
434
434
434
434
434
Of
434
434
434
434
434
434
434
434
434
431
5
434
is
434
434
434
434
434
434
434
434
$94
Dealing with specific rates for money, loans on call
this week remained almost stationary. On Monday,
Tuesday, Wednesday and Thursday the range was
• Including bankers' acceptances drawn for an agricultural purpose and secured
not changed from 4@432%, with 43/2% the renewal by warehouse receipts. &c.
stiffening
figure on each of these four days. A slight
The sterling exchange market suffered a further
developed on Friday, so that a high quotation of 5%
was touched just before closing, while no loans were setback this week and price levels were forced to
put through under 432%; renewals, however, con- new low levels on the current downward movement.
tinued to be negotiated at 4
the same as earlier Demand bills after opening at 4 50 11-16 dropped:to
in the week. The above figures are for both mixed 4 474,the lowest figure touched since the latter part
collateral and all-industrial loans alike. For fixed of last November. Subsequently there was a partial
date maturities very little change has taken place. recovery to 4 49. While the outstanding feature
The range on time money from sixty days• to five has of course been the attempt by warring political
months remains at 5@54%, the same as last week, factions in Germany to establish a Rhine Republic,
but for six months a flat figure of 54% is now it is claimed that repeated rumors (though later offiquoted. Toward the close, while actual quotations cially denied) of an inflationary movement in Engremained the same, offerings were freer and a gener- land, coupled with less favorable trade prospects, had
ally easier feeling was reported. It was noted that a strongly depressing effect. The German crisis,
the bulk of the business for the shorter maturities however, resulted in heavy selling abroad for the purwas put through at the inside figure. Local broker- pose of shifting balances. London remittances were •
age firms have not been active, but a fair demand has under heavy pressure and cable rates from the British
been reported for foreign account. The former centre were sharply lowered. For a time rumors
differential between quotations on regular mixed that the Bank of England rate would be raised had
collateral and all-industrial money is no longer the effect of steadying rates, but at the end reaction
again set in and the close, though steady, was under
observed.
Mercantile paper has been moderately active. the best.
Banking opinion on the future of exchange is much
Prime names have been in good demand, with country
banks still the principal buyers. Quotations for sixty divided. Many believe that for the time being rates
and ninety days' endorsed bills receivable and six for sterling will go lower, but just how far seems an
months' names of choice character continue at 5@ open question with them. Some view the German
53.%, with the bulk of the business at the higher Separatist movement 'favorably, on the ground that
rate. Names not so well known now require 54%, if successful it would hasten the end of the trouble-,
%
some and ever-present reparations bugbear. Others
as against 54@532 last week.
Banks' and bankers' acceptances have been less predict a further delay in the adjustment of the whole
active, owing partly to a scarcity of offerings. Prime indemnity matter and increased strain between
acceptances have been absorbed to a moderate France and Germany. An influence in depressing
extent by both local and out-of-town institutions. prices during the last few days has been, it is.claimed,
The undertone has been steady' with quotations the the selling of United Kingdom bonds in this market,
same as heretofore. For call loans against bankers' also increased offerings of commerical bills of all sorts,
acceptances the posted rate of the American Accep- particularly cotton. Trading throughout in the local
tance Council has not been changed from 44%. market was spotty. The purely speculative element
The Acceptance Council makes the discount rates on has been largely absent from the market and the
OCT.27 1923.]
THE CHRONICLE
volume of business transacted has been of moderate
proportions.
Referring to the detailed quotations, sterling
exchange on Saturday last was easier and demand
bills declined sharply on disturbing news from
Germany, touching as low as 4 50 11-16@4 51 1-16
for demand, 4 50 15-16@4 51 5-16 for cable transfers, and 4 48 7-16@4 48 13-16 for sixty days;
trading was dull with free offering of bills and few
takers. On Monday there was a sharp break which
carried demand down to 4 49@4 503', cab!e transfers to 4 493@4 503/2 and sixty days to 4 46%@
4 48; the news was partly in response to the revolt
in the Rhinelands and partly to the reputed inflationary movement in England. Increased weakness
developed on Tuesday; as a result prices were weak
and declined to 4 473@4 49 7-16 for demand,
4 473/@4 49 11-16 for cable transfers, and 4 45@
4 47 3-16 for sixty days; trading was inactive.
Wednesday's market was quiet and irregular, but
a trifle firmer and the range for demand was
4 48 15-16@4 49%, for cable transfers 4 49 3-16
@,4 49% and for sixty days 4 46 11-16@4 47%.
Dulness prevailed Thursday and small losses were
recorded; demand receded to 4 473/2@4 493.', cable
transfers to 4 47%@4 49%, and sixty days to
4 45@4 46%. On Friday the undertone was firmer,
with a fractional advance to 4 49@4 50 11-16 for
demand, 4 494.@4 50 15-16 for cable transfers and
3
A
4 463/2@4 483 for sixty days. Closing quotations
were 4 473/2 for sixty days, 4 50 for demand and
4 503. for cable transfers. Commercial sight bills
finished at 4 49%, sixty days at 4 47A, ninety days
at 4 45%, documents for payment (sixty days) at
4 47% and seven-day grain bills at 4 49%. Cotton
and grain for payment closed at 4 49 8
.
The only gold reported as arriving this week has
been a consignment of $4,000,000 on the Paris from
France for J. P. Morgan & Co., and $3,115,000 on
the Mauretania from England. There were no
exports.
Irregular weakness characterized movements in
the Continental exchanges and nearly all of the
European currencies suffered losses as a result of the
alarm felt over the German political disturbances.
Reichsmarks sank to still lower depths and the
quotation (nominal so far as this market is concerned)
was reduced to the incredibly minute figure of
0.0000000010, the equivalent of 100,000,000,000
marks for $1: No actual business, however, was
reported. Attempts to sell marks in Berlin and elsewhere on the Continent were still in evidence, but
the weakness was largely a matter of sentiment, since
the mark is to all intents and purposes utterly discredited even in Germany. It was reported toward
the end of the week that the printing of the new gold
currency had commenced. French francs also lost
ground, but relatively less than some of the other
exchanges, and it was alleged that the Separatist
effort to establish a Rhenish republic on the Rhine
was favorable to French ambitions. The week's
range was 5.94 and 5.721 for sight bills on Paris,
4
with the range for Belgian currency 5.123/2 and 4.87.
Considerable quantities of exchange changed hands
and speculative interests were active at intervals.
Experts attach very little weight to the statement
that the revolt will in realty aid France. As a matter
of fact there was a fresh accession of weakness toward
the close, although the French Bank statement made
1815
a favorable showing, recording a material reduction
in note circulation. Lire continue to rule quiet.
Italian currency, it is true, shared in the downward
movement, but only to a minor extent. The same
is true of Greek drachmae and the minor Central
European exchanges. Polish marks dropped to another low record figure of 0.0000%, in sympathy
with Berlin marks. It is regarded as rather significant that the minor European currencies have been
so well maintained during this period of acute
uneasiness over the chaotic conditions prevailing in
Germany; though the probable explanation is the
exceedingly small volume of transactions now passing.
International trade for many of these small countries
is at a practical standstill and in consequence the
volume of commercial bills offering very light.
The London check rate on Paris closed at 76.20,
comparing with 74.35 a week ago. In New York
sight bills on the French centre finished at 5.92,
against 5.97%; cable transfers at 5.93, against 5.98%;
commercial sight bills at 5.91, against 5.96%, and
commercial sixty days at 5.85k, against 5.913/2 last
week. Antwerp francs closed at 5.10 for, checks
and at 5.11 for cable transfers, comparing with
5.17 and 5.18 a week earlier. Final rates for Berlin
marks were 0.0000000017, against 0.000000085 in the
week preceding for both checks and cable transfers.
Austrian kronen have held steady, despite the
German agitation and finished the week at 0.00143/g,
the same as heretofore. Italian lire closed the week
at 4.52 for bankers' sight bills and 4.53 for cable
transfers. A week ago the close was 4.51 and 4.52.
Exchange on Czechoslovakia finished at 2.95%,
against 2.983; on Bucharest at 0.473/2, against
0.473; on Poland at 0.0000%, against 0.0001 A,and
on Finland at 2.68 (unchanged). Greek exchange
closed at 1.573/2 for checks and 1.58 for cable transfers. This compares with 1.623/2 and 1.63 last week.
In the exchanges on the former neutral centres,
movements were in line with sterling and the other
Continentals and heavy losses occurred throughout
the list. Guilders suffered severely on the theory
that establishment of a Rhine republic under French
and Belgian domination would greatly curtail
Holland's trade, though recovering some of the loss
before the close. A loss of some 30 points was shown.
Swiss francs lost 10 points and the Scandinavians
from 10 to 15, with pesetas more than 20 points off,
all on dull trading.
Bankers' sight on Amsterdam finished at 38.90,
against 39.12; cable transfers at 39.94, against
39.16; commercial sight at 38.76, against 39.06, and
commercial sixty days at 38.84, against 38.70 a
week ago. Swiss francs finished at 17.86 for bankers'
sight bills and at 17.87 for cable remittances. Last
week the close was 17.91 and -17.92. Copenhagen
checks closed at 17.36 and cable transfers at 17.40,
against 17.50 and 17.54. Checks on Sweden finished
at 26.34 and cable transfers at 26.38, against 26.33
and 26.37, while checks on Norway closed at 15.36
and cable transfers at 15.40, against 15.43 and 15.47
the previous week. Spanish pesetas finished at
13.39 for checks and 13.41 for cable transfers, in
comparison with 13.54 and 13.56 last week.
With regard to South American exchange the same
general downward trend was noted and the Argentine
check rate declined to 32.20 and the rate for cable
transfers to 32.25, which contracts with 32.50 and
32%. Brazilian milreis declined sharply, finishing
1816
THE C EfRONTCLE
[vol.. 117.
-The foregoing heavy credits
mass of checks which come
at 9.40 for checks and 9.45 for cable transfers, against to Note.New York Reserve Bank from reflect the huge country in the operation of
the
all parts of the
the Federal Reserve System's par collection scheme. These large credit balances,
9.75 and 9.80 a week ago. Chilean exchange sagged 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
slightly, to 11.90, but rallidd and closed at 12.00, daily balances. The large volume of checks on institutions located outsidethe
of
New York are not accounted for in arriving at these balances, as such checks do
not pass
unchanged while Peru remained at 4 08, unchanged. Bank through the Clearing House but are deposited with the Federal Reserve
for collection for the account of the local Clearing House banks.
Far Eastern exchange was steady and firm,
especially for Chinese currencies. Hong Kong closed
The following table indicates the amount of bulat 52@52%, against 513'@52; Shanghai, 70%@71, lion in the principal European banks:
against 69%@70; Yokohama, 493.@493, against
Oct. 25 1923.
Oct. 26 1922.
49@493'; Manila, 4998@49% (unchanged); Singa- Banks of
Gold.
Silver.
Total. i
Gold.
Silver.
Total.
4
pore, 533'©53% (unchanged); Bombay, 311 @313/
2
I
2
I
2
I
£
I
£
£ I127,432,534
127,673,564
against 313'@31V1., and Calcutta, 31 @31% (un- England __ 146,987,431 11,800,000 127,673,584127,432,534, 11.480,000156,887,718
France a__
158,787,431 145,407,718
Germany _ 27,235,950 b3,475,000 30,710,950 50,111,130 2,157,750 52,268,880
changed).
Aus.-Hun. 10,944,000 2,369,000 13,313,000 10,944,000 2,369,000 13,313,000
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different countries of the world. We give below a record for the
week just past:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
OCT 20 1923 TO OCT. 26, 1923, INCLUSIVE.
Noon Buying Rate for Cable Trahsfers in New York.
Value in United Stales Money.
Country and Monetary
Oct. 20.
Unit
I
EUROPE$
Austria. krone
.000014
Belgium, franc
.0510
Bulgaria, lev
.010286
Czechoslovakia. kron .029774
Denmark. krone
1747
England, pound ster
4.5104
Mg
Finland, markka
026789
France, franc
0590
Germany, reichsmark
a
Greece, drachma
.016273
.3909
Holland, guilder
Hungary, krone
.000055
Italy, lira
.0450
Norway, krone
.1540
b
Poland. mark
Portugal, escudo
.0402
Rumania,leu
.004731
Spain. peseta
.1342
Sweden,krona
.2631
Switzerland, franc
.1787
Yugoslavia, dinar_ __ .012073
.
ASIAChinaChefoo Mel
7171
Hankow tael
7125
Shanghai tadl
.6973
Tientsin tadl
7233
Hongkong dollar__ .5175
Mexican dollar____ .5065
Tientsin or Peiyang
dollar
5067
Yuan dollar
.5100
India. rupee
.3106
Japan, yen
.4880
Singapore(S.S.)dollar .5304
NORTH AMER.Canada. dollar
.986801
998938
Cuba, peso
483833
Mexico, peso
Newfoundland, dollar .984141
SOUTH AMER.Argentina. peso (gold) .7316
Brazil, milreis
.0936
Chile. peso (paper)___ .1181
7316
Uruguay. Peso
Oct. 22.
Oct. 23.
$
.000014
.0499
.010086
.029682
.1741
$
$
$
.000014 .000014 .000014
.0491
.0497
.0498
.010193 .010271 .010371
.029568 .029595 .029536
.1733
.1740
.1740
4.4973
.026678
.0580
a
.015665
.3897
.000055
.0446
.1530
b
.0404
.004733
.1334
.2629
.1782
.012170
Oct. 24.
4.4820
4.4954
.026675 .026689
.0576
.0580
aa
.015385 .015425
.3876
.3888
.000055 .000055
.0442
.0446
.1532
.1540
b
b
.0397
.0399
.004717 .004719
.1325
.1335
.2625
.2632
.1778
.1783
.012238 .012120
Oct. 25.
$
.000014
.0509
.010233
.029
.173
4.5004
4.4810
.026756 .026689
.0590
.0577
a
a
.015785 .015720
.3892
.3882
.000055 .000054
.0453
.0446
.1538
.1534
b
b
.0398 s
.0397
.004717 .004725
.1336
.1329
.2637
.2631
.1785
.1780
.011980 .011723
.7208
.7163
.7020
.7267
.5209
.5093
.7138
.7092
.6975
.7196
.5175
5.060
.7146
.7100
.6982
.7204
.5168
.5065
.7158
.7179
.6984
.7217
.5165
.5066
.7154
.7175
.6979
.7213
.5174
.5063
.5104
.5146
.3111
.4880
.5296
.5071
.5079
.3111
.4880
.5283
.5083
.5100
.3127
.4881
.5238
.5083
.5117
.3124
.4879
.5267
.5088
.5113
.3132
.4878
.5267
.986134
.998563
.484792
.982969
.985957
.999188
.484625
.983359
.984673
.999188
.483969
.981953
.982469
.999188
.484458
.980000
.983638
.999188
.483969
.980938
.7261
.0940
.1182
.7311
.7201
.0931
.1164
.7237
.7243
.0930
.1165
.7234
.7270
.0927
.1158
.7270
.7265
.0923
.1162
.7271
The New York Clearing House banks in their
operations with interior banking institutions have
gained $3,838,051 net in cash as a result of the currency movements for the week ended Oct. 25.
Their receipts from the interior have aggregated
$4,697,751, while the shipments have reached $859,700, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Banks'Interior movement
Into
Banks.
$4.697,751
Out of
Banks.
Gain or LOS.
to Banks.
$859,700 Gain $3,838.051
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 HANK
AT CLEARING maxim
Saturday, Monday,
Oct. 22.
Oct. 20.
Tuesday, Wednestry, Thursday, Friday,
Oct. 24.
Oct. 25,
Oct. 26.
Oct. 23.
64,000.000 73,000.000 64.000,000 65,000,000 73.000.000 63,000,000
Total week 564,879,945 53,950,000818,829,945584,917,382 52,129,750637,047,132
Prey. week 563,914,008 54,079,400607,990,408 584,896,029 51.357.160636.253,179
a Gold holdings of the Bank of France this year are exclusive of 274,573,797 bent
abroad. 13 It is Bo longer possible to tell the amount of silver held by the Bani
of Germany. On March 15 1923 the Reichsbank began including in its "Meta
Reserve" not only gold and silver but aluminum, nickel and iron coin as well. The
Bank still gives the gold holdings as a separate item, but as under the new practice
the remainder of the metal reserve can no longer be considered as being silver, there
Is now no way. Of arriving at the Bank's stock of silver, and we therefore carry it
along at the,figure computed March 7 1923.
Oct. 26
a Germany (reichsmark): Oct. 20, .0000000000647; Oct. 22, .0000000000244:
Oct. 23, .0000000000122; Oct. 24, .0000000000124; Oct. 25, .00000000000979:
Oct.26,.0000000000139. b Poland (mark): Oct.20,.00000105: Oct.22,.00000100;
Oct. 23, .000000938; Oct.24,.000000925; Oct. 25, .000000675; Oct. 26, .000000654.
Week ending Oct. 25.
Spain
101,038,000 25,960.000 126,998,000100,936,000 25,501,000126,437,000
Italy
35,673,000 3,034,000 38,707,000 34,628,000 3,035,000 37,663,000
Netherl'ds 48,481,000,
811,000 49,292,000 48,482,000
722,000, 49,204,000
Nat. Belg. 10,790,000 2,447,000 13,237,000 10,664,000 2,053,0001 12,717,000
Switzerl'd_ 21,091,000 3,830,000 24,921,000 20,250,000 4,573,0001 24,823,000
Sweden_ _ 15,137.000
15.196,000
I 15,137,000 15,196,000
Re ay
onmark3 1L(1 14
: : 0g
3
224,000 11,871,000 12,683,000
239,000 12,922,000
I 8,182,000 8,183,000
8,183,000
Aggregate
for Week.
C.402,000,000
Branch Banking and the Comptroller
of the Currency.
The opinion of Attorney-General Daugherty of
Oct. 3 adds a new element to the discussion of the
branch banking controversy discussed in our issue
of July 7 last. It will be remembered that the traditional and time-honored position of the Comptroller's office has been that it was illegal for a national
bank to establish a branch bank. This view was supported by the opinion of Attorney-General Wickersham given in 1911. The growth of State legislation
permitting State banks to engage in branch banking
began to make it very difficult for national banks in
some localities to retain their business in outlying
districts, except by the extensive and laborious process of gaining control over a State bank with
branches, and, under the amendment of 1865, converting the State bank into a national bank, and
electing to retain the branches, and then consolidating with such converted bank and retaining the
branches. By this roundabout procedure a number
lof national banks acquired a sufficient number of
branches to meet the situation.
Comptroller Crissinger was the first Comptroller
to permit a national bank to establish what he called
"additional offices." This upon the theory that such
offices would not be operated as branch banks, but
simply as administrative agencies through which the
bank would perform certain routine services. Unfortunately, Mr. Crissinger permitted this procedure
without an authoritative legal definition of the situation and without promulgating rules and regulations
governing the operations which might be carried on
in such offices.. It is understood that about one hundred of these offices were authorized by him.
When Comptroller Dawes succeeded Mr. Crissinger last May,it was well known that he was strongly
opposed to branch banking. It is understood that
one of his first acts was to seek a legal definition
both of his powers and duties and of the powers of
the national banks with reference to the question of
"additional offices." In the meantime he refused to
grant permission to any national bank to extend its
services in this manner. It was in answer to his
questions that the Attorney-General rendered the
opinion referred to above. It affirms the former
opinion of Attorney-General Wickersham in holding
OCT.27 1923.]
THE CHRONICLE
1817
that it is illegal for a national bank to establish a Comptroller in his suggestion that the
Federal Rebranch bank. A branch bank as the term is here serve Board make a ruling excluding from
memberused may be defined as an institution which conducts ship State banks desiring to come in with
branches.
a general banking business upon capital allocated to No such action should be taken unless
express auit, has its own officers and personnel and is co-ordi- thority for it is to be found in the Federal
Reserve
nate with the parent bank. In other words, a branch Act and its amendments, and such authorit
y appears
bank thus defined is simply another banking house to be entirely lacking. In the absence of express
under the same board of directors.
provision to that end, the Reserve Board should not,
The opinion of Attorney-General Wickersham sug- in our estimation, arrogate the power to itself.
That
gested that a national bank might under its inciden- would be as reprehensible as the action of
Mr. Cristal powers perform certain services at a place other singer in violating all the precedents of the Compthan its banking house. He did not, however, enu- troller's office and permitting national banks
to esmerate or define these functions. It is at this point tablish branch offices
in the city of their location.
that the opinion of Attorney-General Daugherty As we said last July in comment
ing on Mr. Crissinmakes its contact with the earlier opinion. He has ger's course in that respect,
the idea of having an
held that under the provision of the National Bank official (or a board),
howevei good his or their moAct permitting a national bank to perform such acts tives, read something into
the law not plainly to be
as may be necessary for the conduct of its banking found there, should never
be tolerated. If existing
business, a national,bank might under certain condi- provisions of law are inadequa
te or need amending,
tions open and operate offices at places other than correction should be by
Congressional Act and not
its banking house for the performance of such rou- by official interpretation.
If in the present instance
tine services as the receipt of deposits and the cash- it is by no means certain
that Congress would coning of checks for its customers. He further held that sent to the restrictions
proposed against State banks,
a national bank could not establish such an office that is all the more reason
why the Reserve Board
beyond the city limits of the place where it was lo- should not usurp what
are exclusively Congressional
cated.
powers.
An important element of the opinion is the stateComptroller Dawes also took the occasion of his
ment that the manner of the exercise of these inci- appearance before the committe
e to outline his policy
dental powers by a national bank are subject to the in making application of the
recent opinion of the
general supervision of the Comptroller of the Cur- Attorney-General. He informed
the committee that
rency.
he would not permit any national bank to open such
Comptroller Dawes appeared before the joint Con- an office in any city in those States where
under the
gressional committee investigating the banking situ- local banking laws or regulations
State banks were
ation on Oct. 3, a few hours after the opinion of the denied similar privileges. In other
words, he would
Attorney-General had been rendered. His state- see to it that no national bank
would be allowed to
ment before that committee was the strongest pres- use the opinion of the Attorney
-General as an excuse
entation of the case against branch banking yet for pioneering in this manner
in a community in
made. He reviewed the branch banking situation which local opinion and
local banking practices were
which is now before the Federal Reserve Board and in opposition to such
procedure. He would confine
took the position that if the Board would not make a the operation of the
opinion of the Attorney-General
clear cut ruling excluding from membership State strictly within
the limits of cities in those States in
banks desiring to come in with branches, and prohib- which
the national banks were being put to a disaditing State banks already members from establish- vantage
through branch banking methods by State
ing additional branches, the American people would
banks operating under the permission of State laws
shortly be faced with the question of dealing with and
regulations.
private reserve systems of greater strength and presIn those cities in which national banks will be pertige than the Federal Reserve System. He argued mitted
by him to establish one or more offices, the opwith great force that branch banking and the Fed- erations
of such offices, the Comptroller said, will be
eral Reserve System were fundamentally antagon- governed
by rules and regulations which would conistic to each other and could not exist in the same fine their
activities, for all practical purposes, to the
organization.
receipt of deposits and payment of checks. The AtHe made a comprehensive review of the develop- torney-Gener
al held that no discretionary powers of
ment of the American system of banking and painted the bank
could be exercised at such an office and this
an eloquent picture of the part the small unit bank is taken to
preclude making loans or investments.
• had played in the pioneer economic development of Here
it might be urged that too much is left to the
our civilization in its gradual march from the Atlan- arbitrary
discretion of the Comptroller. If the right
tice seaboard towards the Pacific. These words may
of national banks to open additional offices in the
well be quoted from his testimony: "The genius of
limited way indicated in the Attorney-General's opinthe American people for independence in matters of
ion exists, is the Comptroller really justified in reself-government is thoroughly ingrained and will
stricting the right so as to permit its exercise only in
never succumb in any clean-cut issue where the
certain offending States which have contracted the
choice rests between centralized control and personal
bad habit of encouraging branch banking?
and community independence." His searching analThe Federal Government has the present week obysis of the fundamental weaknesses, from the standtained permission to intervene in the St. Louis
point of public policy, of the branch banking theory
branch bank case, and it is probable, therefore, that
leaves little to be said on this phase of the matter.
the position of the Comptroller • on all the various
No more convincing tribute to the country's indematters involved will be brought to the attention of
pendent banking system has ever appeared in any
the Supreme Court of the United States. While
official document as far as our knowledge goes. On
there appears to be little likelihood that the case will
the other hand, we are not in accord with the new
be decided on other than jurisdictional grounds, it
1818
l
THE CHRONICLE
would be highly regrettable if the Court should consider the merits of the branch banking issue as applied to national banks without having before it an
adequate view of the discretionary powers of the
Comptroller of the Currency. This St. Louis case, it
will be recalled, is the result of a suit by the State of
Missouri against a national bank and one of the principal questions is, can a State exercise visitorial
powers over a national bank?
Communist and Communism—The Stand of the
American Federation of Labor.
The expulsion of a communist from a seat in a
union labor convention is well, as far as it goes. But
the expulsion of the membership which sent him
there would be better. "Cleaning house" in so large
an organization as the A. F. of L. is a big undertaking. The good work should go on and not be allowed to take on the form of a "magnificent gesture."
When it comes to a reorganization of this Labor
Union so that the principles, practices, and utterances of the order no longer contain revolutionary
material calculated to disorder the minds of the
,"discontented," the task assumes new proportions.
Definitions of socialism and communism are as various as the views of those who attempt the definition. Taking a stand definitely on the ground that
ours is a Government of limited powers based on the
sovereign rights of the individual all effects to coerce
that'Government, or to beseech it as paternalistic,
are contrary to its spirit and form and are therefore
socialistic and communistic. Class rule of any kind
is in essence the rule of the commune.
Examining the principles of the A. F. of L. by this
test, what shall we say of a declaration for the closed
shop or collective bargaining by the union? Is this
not peculiarly and emphatically communistic? Here
is an organization of workers outside the plant, some
of whom may work in it (or all may work in it) but
an organization not of it, owning none of its capital,
paying none of its losses, assuming none of the financial responsibilities of management, that comes
boldly to its owners and demands a voice in the management, perchance a division of the profits, and at
the least a right to contract as to the wages to be
paid employees. What is this but a commune? The
local union so engaged even undertakes to set aside,
if it can, the committee of the workmen formed inside
the plant to deal with the employers. The fact that
such a local union is made up of mechanics, of workmen such as are employed in the plant, does not entitle it to be heard so long as the right of a single
workman, or a set of workmen,inside the plant may
desire to exercise the inviolate privilege of contract.
To say that this right is not imbedded in our constitutional form of Government is to deny its very autonomy. To attempt to prevent the right of free contract is revolutionary.
One more step. The assumption of the right to
supervise and succor a "strike" (allowing that men
may vote as members of a union that they will strike
as individuals in concert) in furtherance of establishing a condition called "recognition of the union"
is nothing less than a conspiracy to coerce, and is
nothing short of the communistic exercise of power
to compel owners and operators to award such wages
and working conditions as this outside order, this in
essence commune, may dictate. There can be no freedom of contract under such circumstances. There
can be no exercise of the inalienable rights of the in
[VoL. 117.
dividual to life, liberty and the pursuit of happiness
under such conditions and in such an environment.
The individual worker is smothered in the commune.
The owner or operator is thwarted in the use of his
property. And the people at large suffer because a
small combine by its coercive practices prevents the
orderly procedure of manufacture upon which the
people have come to depend. Will the A. F. of L. accept this view and purge itself of this evil menace?
There is so much loose talk by labor union leaders
about the sacred rights of the workingman that the
trend of the thought of many is toward communism
though they may not know it. The idea so often repeated that "all wealth is created by labor" insidiously instils into the mind the belief that those who
own property hold something that by right belongs
to others. ..&o distinction is made between labor past
and labor present. A manufactory, that has been
running for. years, originally built by capital the
workers did not supply, fostered by reinvested profits made by good management in the open markets
of the world, is suddenly confronted by a "strike"
ordered by a labor union outside the plant, and finds
itself, in an attempt at settlement or arbitration, in
the toils of a sinister feeling that it possesses the
unpaid-for work of employees who have drawn out
nothing but wages. Demand is made for a share in
"management," for "living conditions" that have no
basis but the desires of men who listen to this talk of
"robbery" and "oppression." What is this but fostering revolution, though it be peaceful, what is it
but creating a spirit that in extremes will not hesitate upon seizure and division?
All talk of "equality" is revolutionary—for our
Government in guaranteeing to every man the fruits
of his toil recognizes the fact of a state of perpetual
inequality among those who work and own. And it
matters not whether the State is to own all, which is
socialism, or a class or trade is to own a part, which
is communism,the outside organism, which exercises
power, or assumes the right to exercise a power, not
based on ownership, is in principle a commune. In
principle you can scarcely insert the "thin blade of
a knife" between these two. And it must be understood, that, though men may exercise the right to advocate a "change in government," when they do declare that they believe in a right-about-face in private
ownership of property legally held in to-day,in effect
they are advocating "overthrow" though it be peaceful, and such violent change that it is nothing short
of "revolutionary." Violent reactions have their
origin in remote times, in slow growth, in the smouldering passion that seems to suffer long in hate, discontent, and disordered beliefs. Those of to-day who
preach the doctrine of "something essentially wrong"
in "things as they are," things based on present government, who rail against the."capitalistic class"
and the "employers," are but preparing the way toward "communism."
"Wealth" and Its Ownership.
In the course of his campaign talks, Senator-elect
Magnus Johnson declared that 2% of the people of
this country own 65% of the wealth; he might have
made it two-thirds, but perhaps to simulate a precise exactness gives an added appearance of accuracy. It is entirely safe to assume that Mr. Johnson
took this statement at second hand, repeating it without inquiry.
OCT.27 1923.]
THE CHRONICLE
1819
In a recent issue of the "Iron Age," Dr. W. R. production; it sets peoples back by not only extinIngalls, author of a monograph entitled "Wealth guishing much of what is already achieved, but by
and Income of the American People," undertook an crippling the agencies of further achievements. It is
inquiry into the source and the probable correctness "the climax of conflagration," and its supreme folly
of this statement. He traced it back to a work bear- is that it both retards progress and puts obstacles in
ing almost the same title as his own, by Dr. Willford the path of progress. Of course everybody knows
I. King, a statistician of some note; but repetition this, but its re-statement may serve to emphasizehas naturally enlarged the statement somewhat, for and illumine the economic fact that "wealth" is not
originally it was that "more than one-half, in fact limited by either the total of external visible value int
almost three-fifths, of the property is possessed by sight or by the total of money and capital-credit,.
this fiftieth part of the people." But Dr. King seems but includes the potential productive power of all
to lack confidence in this statement, for he admits the people.
it to be eight years old, and to have been drawn from
It is true that there are some persons who do not
the probate records of Massachusetts and Wiscon- "have to work for a living" and have
not enough
sin. Some calculations of the distribution of in- manly force to keep usefully busy, so that idle
enjoycome made in the last three years by the National ment is their aim. Yet the
wealth owned by even
Bureau of Economic Research of which Dr. King is these is not idle. It is a
popular delusion that there
a member show that in 1918 persons receiving sal- is a mass of idle wealth; on
the contrary, the very
aries and wages got 77.3% of the national income, first rule of the managements
of accumulations of
against 22.7% other than agricultural while only the funds of others, whether
in the form of bank de22.7% went to those receiving the yields upon prop- posits or of insurance contribu
tions, is to keep money
erty and compensation for managing property.
at work; the best management is that which, without
In his recent article Dr. Ingalls uses two methods taking undue risks, loses
the least time. Furtherof reaching estimates. The first takes an inventory more, the money which is
working most steadily,
of all property in the country and determines its working the hardest, and working
most usefully, is
probable ownership, item by item; the other takes that which is owned by large
masses of persons.
sources of known income and capitalizes them. Set- And if it were true (as it certainl
y is not) that a nuting these two methods against each other, he con- merical minority of the population "own"
.
more than
cludes that 2% of the people cannot own more than one-half of the total wealth, it would still
be immovone-half of all the country's wealth but may own ably true that the mass of the people,
the "common"
something less than one-fourth; he thinks the truth people, are the power in our country
and are certain
may be somewhere between these extremes, and that to remain so.
30% is probably the nearest to correctness.
It is therefore unfortunate and hurtful to have
All generalizations of this nature may, however, disquieting untruths dinned in
their ears. This is as
be treated as conjectural and of no great value. Ex- true now as when Goldsmith
wrote the couplet, that
treme statements like those repeated by Mr. John- "ill fares the land, to
hastening ills a prey, where
son are also contradicted by statistics which are wealth accumulates and
men decay," but what reaofficial and indisputable,such as the wide and widen- son is there to fear the
decay of men in our own couning distribution of ownership of railway securities, try, the world's country
of opportunity? Here, the
the swelling accumulations in life insurance com- worker at the bench
goes to the counting-room, if he
panies, the growth in savings bank deposits, and has the right stuff
in him. The brakeman on a raileven by figures which to some persons seem disquiet- road
becomes superintendent or president of the
ing, the sums spent for "movies" and other nomneces- road.
The worker at the puddling furnaces becomes
saries. Granted that such figures do not directly head
of a great industrial plant. There is nothing—
indicate how many people own the aggregate wealth,
in a country where once a rail-splitter who got his
they do bear indirectly to condemn any such state- first
knowledge of books by the feeble light of a firement as that a mere handful of the population own place
became a great leader and rose high among the.
two-thirds of the wealth or anything like that. Such
immortals—to which the humblest man may not attalk is "catchy" and is therefore suited to the orator tain,
if, instead of railing at destiny and cursing rich
of the cart-tail species. He offers no authority and men
as robbers he cherishes ambition and buckles
no proof, and his listeners demand neither. They down
to hard work.
instantly assume that it is so, and thus the pestilent
notion that an indefined small class called "the. Offering of Portion of $10,000,000 Issue of Debentures
of Federal Intermediate Credit Banks.
rich" are drones subsisting on the proceeds of the
A syndicate consisting of the Guaranty Co. of New
"toiling masses" (that being another taking phrase
York,
constantly mouthed) is strengthened, and the unrest the Hibernia Bank & Trust Co., the National City Co., the,
Bankers Trust
which assumes that things need to be undermined the Manhatta Co., the New York Trust Co., the Bank or
n Co., the Continental & Commercial Trust &
and overturned is strengthened also.
Savings Bank, the First Trust & Savings Bank
and the Old
And it is necessary to consider what wealth is and Colony Trust Co. offered on Oct. 22 a portion of the recent
issue of $10,000,000 Federal Intermediate
what property is. Outside of land—and land itself
Credit Banks
/
has value only as a product by labor and as poten- 43 2% six months' notes, due March 14 next, at a price of
100 and interest, yielding 4.50%. The
notes are exempt
tially capable of aiding in further production—"cap- from all Federal
income, State, municipal and local taxation.
ital" is the unconsumed product of labor. If the The sale by the Federal
Intermediate Credit Banks of this.
products of agriculture and of industrial plants, and the second issue of intermediate debentures, to a group of
also the plants themselves, were used up at the end bankers was referred to in these columns Oct. 13, page 1618.
of the year there would be no progress, and capital The notes are issued in denominations of $1,000, 85,000 and
$10,000. Principal and interest are payable at the bank of
would remain—what capital always largely is— issue or the
Federal Reserve
merely opportunity. The great economic curse of pointed out that these notes Bank of New York. It is
are issued under the Agriculwar is that it wipes out not merely existing products tural Credits Act of 1923 by the twelve Federal Intermediate
Credit Banks, each of which is
but the instruments and also the human agents
of ment of interest and ultimatel primarily liable for the pay
y for the payment of principal
[Vol.,. 117.
THE CHRONICLT
1820
of any debenture issued by any other Intermediate Credit
Bank, and are under the direct supervision of the Federal
Farm Loan Board. The following is taken from the official
circular:
The Federal Intermediate Credit Banks were created for the purpose
of providing additional credit facilities for the agricultural and livestock
interests of the country. They may discount bills and make loans to
individuals through commercial banks and trust companies, or duly capitalized agricultural and livestock loaning corporations—and they may make
advances to co-operative marketing concerns upon properly warehoused
staple agricultural products. Such loans not to exceed 75% of the market
value of the collateral products.
gach intermediate credit bank has a subscribed capital of $5,000,000.
.
and the total capital of $60,000,000 is to be held and owned bylthe United
States Government, which capital has already been subscribed by the
Secretary of the Treasui y and is payable upon thi.ty days' ct h. Of the
subscribed capital $19,000,000 have been called and paid by the
Treasury.
Including this issue of debentures, the total of the outstanding debentures
of the twelve banks is $20,500,000, or only one-half of the amount for which
the banks may still call upon the Treasury.
The Act under which these notes are issued provides that the notes shall
be held to be instrumentalities of the United States Government. and, as
such, they and the income derived therefrom shall be exempt from all
Federal income, State, municipal and local taxation.
The offering of a part of the new issue of debentures by
Salomon Bros. & Hutzler was referred to by us last week,
page 1729.
The New Capital Flotations in September and the
Nine Months Since January 1
The new capital flotations from month to month, according to our elaborate monthly publications, are now only
moderately heavy, judged by recent standards, and yet reach
aggregates which a few years back would have been considered large. Our tabulations to-day cover the month of September and, 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
aggregate of the offerings of new securities under these various heads during September 1923 was $249,734,549. This
compares with $224,867,650 for August, and with $197,467,011 for July, when the new offerings were the lightest
of any month of any year since March 1919, but with
$536,577,225 for June, $312,635,831 for May, $458,133,469
for April, $392,262,540 for March, $380,187,119 for February,
and with no less than $879,268,265 for January, the latter
having, however, as previously explained, been swollen to
exceptional proportions by the bringing out of several issues
of unusual size—the Anaconda Copper Mining Co. alone by
its financing having then added $150,000,000 to the total
and Armour & Co. $110,000,000, with the result that January
broke all records for new capital flotations in the United
States, the highest previous amount for any month of any
year having been $655,817,946 for April 1922.
Except for the bringing out of an Argentine temporary
loan for $55,000,000, the September aggregate of new issues
the present year would have been smaller than that for July,
which as already stated, showed the smallest offering of any
month of any year since March 1919. The new issues were
light under every leading head. A good idea of their relatively small magnitude is furnished when comparison is
made with the totals in the corresponding months of the
years immediately preceding. As against a grand total of
$249,734,549 the present year, the amount last year in September was $569,822,056, and in September 1921 $397,093,857. There was only one foreign Government issue the present year, namely the Argentine loan already referred to, and
$50,000,000 of this, it is proper to say, went to meet a maturing issue for that amount of the same country. But in September last year no foreign Government loan of any kind
was floated here. Under all the other principal heads the
new capital applications in 1923 were much smaller than in
the same month of either of the two years preceding. For
Instance, the corporate offerings were only $141,280,160 in
1923, against $368,680,400 in 1922 and $217,279,600 in 1921,
and the State and municipal issues only $50,844,389, against
$99,776,656 and $88,656,257, respectively, in the two years
preceding.
Going into detail with reference to the corporate offerings,
we find that industrial issues during September amounted
to $75,755,040, as compared with $59,693,036 for August.
Public utility financing totaled only $40,715,120, as against
$47,457,050 during August, while railroad offerings continued light, the amount for September being $24,810,000,
against $25,895,000 for August. The total of all corporate
issues brought out during September as already noted, was
$141,280,160, and of this amount more than 75%, or $108,260,000, comprised long term issues, only $3,150,000 short
term, while stock flotations amounted to $29,870,160. Substantially all of the corporate issues represented appeals
for new capital, as only $4,182,000 was for the purpose of
refunding existing securities; of this amount $3,182,000 consisted of new long term issues to refund existing issues of
the same character and $1,000,000 was in the form of a new
preferred stock issue to refund an existing long term issue.
The largest corporate issue was $20,000,000 Union Pacific
RR. 1st Lien & Ref. Mtge. bonds bearing 5% interest, offered
at 99%, to yield about 5.15%. The most prominent public
utility issues included: $10,000,000 Pacific Gas & Electric
Co. 1st & Ref. Mtge. 5%s, Series "C," 1952, offered at 95%,
yielding 5.80%; $7,000,000 Ohio River Edison Co. 1st Mtge.
6s, 1948, offered at 95, yielding 6.40%, and $6,000,000 Ohio
Power Co. 1st & Ref. Mtge. 6s, Series "C," 1953, offered at 99,
yielding 6.07%. Industrial companies were featured by.the
following new flotations: $10,000,000 Willys-Overland Co.
1st Mtge. 6%s, 1933, sold at 98, yielding 6.75%; $8,000,000
California Petroleum Corp. 6%s, 1933, sold at 96%, yielding
7.00% and $10,000,000 Associated Oil Co. capital stock offered by the company to stockholders at par,$25 per share.
Two separate issues of farm loan bonds, aggregating
$2,000,000, were sold during the month, the yields of which
ranged from 4.66% to 4.70%. One foreign Government loan,
the largest so far this year, was floated during the month,
viz: $55,000,000 Government of the Argentine Nation Six
Months 6% Treasury Gold bonds, due March 1 1924, offered
at 99%, yielding 7.00%.
The following is a complete summary of the new financing
—corporate, State and city, foreign Government, as well as
Farm Loan issues—for September and the nine months 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.
1923.
SEPTEMBER—
Corporate—Long term bonds and notes_
Short °term
Preferred stocks
Common stocks
Foreign
Total
Foreign Government
Farm Loan issues
War Finance Corporation
Municipal issues by U.S. municipalities_
By Can. Govt.& municipalities in U.S
By United States Possessions
Refunding.
s
$
Total.
$
105,078,000
3,150,000
5,350,000
23,520,160
3,182,000
137,098,160
5,000,000
2,000,000
4,182,000
50,000,000
141,280,160
55,000.000
2,000,000
50,180,889
663,500
50,844,389
610,000
1,000,000
108,280,000
3,150,000
6,350,000
23,520,160
610,000
54,845,500 249,734,549
194,889.049
Grand total
9 MONTHS ENDED SEPT. 30—
Corporate—Long term bonds and notes_ 1,328,027,057 336,808,543 1,664,835,600
125,495,700
22,916,800 148,412,500
Short term
219,998,847 68,609,830 288.608,677
Preferred stocks
227,462,274
3,266,760 230,729,034
Common stocks
24,100,000
Foreign
24,100,000
1,025,083,878 431,601,933 2,358,085,811
Total
145,845,000
56,000,000 201,845,000
Foreign Government
245,118,000
55,032,000 300,150,000
Farm Loan issues
War Finance Corporation
15,231,198 743,910,594
Municipal issues by U.S. municipalities_ 728,679,396
By Can. Govt.& municipalities in U.S
26,308,000
14,100,000
40,408,000
By United States Possessions
3,323,000
3,323,000
Grand total
3.074.357.274
571.965.131 3.646.322.405
In the elaborate and comprehensive tables, which cover
the whole of the two succeeding pages, we compare the foregoing figures for 1923. 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.
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE MONTH OF SEPTEMBER FOR FIVE
YEARS.
1923.
MONTH OF SEPTEMBER.
New Capital.
1922.
Refunding.
Total.
Corporate--Long term bonds and notes___
Short term
Preferred stocks
Common stocks
Foreign
$
105,078.000
3.150,000
5,350.000
23,520,160
$
3.182.000
1,000,000
108.260,000
3.150.000
6,350,000
23,520,160
Total
Foreign Government
Farm Loan issues
War Finance Corporation
Municipal
Canadian
U. S. Po
ions
137,098,160
5,000,000
2,000,000
4,182,000
50.000.000
50,180.889
663,500
Grand total
New Capital.
Refunding.
$
131,066.900
425,000
29.763.500
124,925,000
S
82,500,000
141,280,160
55,000.000
2,000.000
286,180,400
82,500,000
50,844.389
1.294,311
3,885,000
87.679.311
89.700,000
610.000
•
610,000
98,482,345
2,638,000
5.142,000
194,889,049
54.845.500
249.734.549
482.142.745
1921.
Total.
New Capital.
$
213,566,900
425.000
29,763.500
124,925,000
$
173,428,500
4,743,600
368,680,400
Refunding.
1920.
Total.
New Capital.
Refunding.
1919.
Total.
$
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
$
2,223,000
178.172,100
50,000.000
8,250.000
39.107,500
217,279.600
50,000,000
8,250.000
109,631,685
20,000.000
99.776,656
6,523.000
5,142,000
87.773,257
32,908,000
883.000
88.656.257
32,908.000
48.443.268
2,300,232
1.377,500
49,820,768
2.300,232
569.822,056
357 103.357
39,990.500
397.093.857
180.375,185
104.319.580
.
284,694,765
89,700,000
New Capital.
Refunding.
Total.
250,000
469.080
$
80,132,000
8.225,000
16,837,900
7,378,865
$
17,177,000
58.856,200
77,315,510
79,641.520
$
862,000
25,239,800
16,150,800
131,800
$
18,039,000
84,096,000
93,466,310
79,773,320
2,942,080
100,000,000
112,573,765
120,000,000
232,990.230
42.384.400
275,374,630
70,438,284
.
401.350
70.839,634
305,428,514
42.785,750
348.214.264
2.000,000
2,000,000
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE MONTH OF SEPTEMBER FOR
1923.
MONTH OF SEPTEMBER.
New Capital.
Long Term Bonds & Notesaliroads
ubllc utilities
on, steel, coal, copper. &c
quipment manufacturers
Lotors and accessories
ther industrial & manufacturing
u
and, buildings, &c
ubber
lipping
:Iscellaneous
Total
Short Term Bonds & Notesailroads
ablic utilities
on. steel, coal, copper, &c
quipment manufacturers
otors and accessories
ther industrial & manufacturing_
11
and. buildings, &c
ubber
lipping
iscelianeous
Total
Stocksallroads
lblic utilities
Iron. steel, coal, copper. &c
luipment manufacturers
otors and accesaories
0Gher industrial & manufacturing
011
incl. buildings, &c
ubber
Silipping
iscellaneous
Total
TotalItailroads
'
Piablic utilities
"
Jron, steel, coal, copper, &c
quipment manufacturers
[otors and accessories
Bier industrial & manufacturing
0il
and, buildings, &c
ubber
SItipping
iscellaneous
Total corporate securities
Refunding.
1922.
Total.
New Capital.
S
23,810,000
31,135.000
1,275,000
$
1,000,000
1,150,000
S
24,810,000
32,285,000
1,275,000
$
30,637,400
29,084,500
7,225,000
10,000,000
9,568,000
8,000,000
17.520,000
382,000
10,000,000
9,950,000
8,000,000
17,520.000
11,015,000
30,000,000
3,205,000
3,770.000
650.000
4,420.000
19,900,000
105.078.000
3,182,000
108,260,000
131,066,900
Refunding.
3,150.000
$
1921.
Total.
New Capital.
Refunding.
S
30,637,400
51,584,500
7,225,000
S
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
318.600
750.000
500.000
22,500.000
3,150,000
$
28,107,500
8,000,000
1920.
Total.
$
133,020,000
37.016,000
650.000
300.000
23,750,000
250,000
4,050,000
10,000.000
1919.
New Capital.
Refunding.
Total.
New Capital.
Refunding.
$
$
$
$
$
40,249.000
20,000,000
3,700.000
1,398,000
7,177.000
500,000
480,000
262,000
7,439,000
500,000
480,000
3,700,000
600.000
4-,3cso- 666
,
g:13W,E1156
125,000
11,775,000
100,000
1,910,000
300,000
700,000
1.000,000
209,536,000
77,909,000
2,223,000
80,132,000
17,177,000
862,000
18,039,000
818,600
750,000
1.000,000
1.000,000
52,656,200
20,500,000
4,739.800
20,500,000
57,396.000
3,150,000
3,150,000
5,280.120
5,280,120
6,800,000
10.000,000
800,000
5,990.040
675,000
1,500,000
425,000
675,000
1,500,000
4,743,600
700,000
500,000
5.243,600
8,225,000
8,225,000
2,500,000
16,038,500
124,225.000
5,000,000
2.500,000
10.000,000
500,000
10,000,000
500,000
3,535,000
1,000.000
5,990,040
5,890.000
5,890,000
154,688,500
29,870,160
154,688,500
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
9,760,040
1,000,000
650.000
1,000,000
10.410,040
25,790,000
60,000,000
137.098.180
4.182.000
141.280.160
286.180.400
R2 nnnnnn
22,500,000
2,500,000
46,675,900
175,809,500
12,225,000
133.338.600
9,658.500
650,000
•
14,850,000
30,000,000
3,330.000
85.790.000
2RR Asin Ann
5,800,000
250,000
150.000
•
58,856,200
25,239,800
84,096,000
4.069.080
9,022.685
9,500,000
3,000.000
23.949.200
34,661,270
26,246.560
300,000
49,500,000
.750,800
131,800
9.500,000
3.000,000
24,700,000
34.793,070
26,246,560
300.000
64,500,000
625,000
625.000
1.000,000
5.800,000
250,000
150,000
9,800,000
400,000
10,200,000
156.957.030
16,282,600
173,239,630
20,500,000
5,001,800
20,500.000
64,835,000
10.000,000
3,480.000
30,500,000
39,343.070
26,396,560
4.145.000
64.500.000
•
3,535,000
28.870.160
1,475,000
225,000
1,650.000
1,150.000
3,500,000
3,600,000
8,772.685
6,800.000
10,000,000
800.000
1,000.000
425,000
.
16,038,500
124,225,000
5,000.000
225,000
1,650,000
1,150,000
3,500.000
700,000
'
125.000
3,845,000
1.475,000
1,500,000
300,000
125,000
S
41,647,000
20,000,000
3,700,000
11,775,000
100,000
1,785,000
500,000
1.500,000
300,000
Total.
1,800,000
15,750,000
925,000
5,550.000
10.000.000
2,500,000
500,000
30,607,500
133,838,600
40,266,000
650.000
r
8,000,000
500,000
1752179 - nn
I
1,800,000
23,750,000
925.000
5,550,000
10,000,000
500.000
so
In, non
ni., owt ann
469.080
250,000
16,000f,666
23,497,685
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
1.398,000
52.647.000
20.500,000
3,925,000
4,069.080
22,447,685
1,250,000
5,410,000
1,000,000
625.000
700,000
1,700,000
625,000
11.275,000
400,000
11,675,000
0 nAn non
Itn enn nee
nneeeeene
.eee. ..-....
4Z.354.4UU
....--...-- --Z1b,;174,03U
in
aol aom
469.080
250,000
125.000
.G.17.2A.VOU
11A,010.100
59,833,200
10,000,000
3,480.000
29,749,200'
38,611,270
26,396,560
4,145.000
49,500,000
haL*VIM
750,800
731,800
,
1,
1:10:15(50
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE NINE MONTHS ENDED
NINE MONTHS ENDED
SEPTEMBER 30.
1923.
New Capital.
Refunding.
New Capital.
Refunding.
1921.
Total.
New Capital.
Corporate—
$
Long term bonds and notes_ __ 1,328.027,057
Short term
125.495.700
Preferred stocks
219.998,847
Common stocks
227,462.274
Foreign
24,100,000
$
$
$
336.808,543 1,664.835,600 1,245.535.935
22.916,800 148.412,500 105.126,000
68,609,830 288,608,677 234,791.100
3,266,760 230,729,034 228.613,332
24.100.000
80,445.000
$
$
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
1.250,000
81,695,000
Total
Foreign Government
Farm Loan issues
War Finance Corporation
Municipal
Canaciii n
U. S. Possessions
431,601,933 2,356,685,811 1,894.511.367
56,000.000 201,845,000 354.305,000
55.032.000 300.150,000 312.040,000
593,781.040 2.488,292,407 1.350,715,601
15.000.000 369,305.000 239,0)0.000
48.250,000
42.000,000 354,040,000
1 925,083,878
145.845,000
245.118.000
728.679,396
26.308.000
3,323.000
Grand total
3.074.357.274
15,231,198
14,100,000
743.910.594
40,408,000
3,323,000
895.615.624
72.994,650
36,976,000
571.965,131 3,646,322.405 3.566,442.641
23.239,269
107.135,000
FIVE YEARS.
-
1922.
Total.
SEPtEStitER SO FOR
918,854,893
180,129,650
36.976.000
$
969,066,720
143.267,766
36.376,900
186,854,215
15.150,000
748,473,688
59,232.000
25,022,000
781.155,309 4.347.597,950 2,470,693,287
Refunding.
1919.
1920.
Total.
$
$
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
New Capital.
$
778.319.245
386.698.252
447,331.187
461.129.058
26,675,655
Refunding.
$
72.112.755
87.274,248
21.268.533
14.629.830
Total.
$
850.432.00C
473.972,500
468.599.72(
475,758 888
26.675.655
New Capital.
31
426,205.b50
288.088,300
494,548,885
413,208,249
19,113,000
Refunding.
$
97.933,250
178,594.400
31,117.900
8,683.960
Total.
$
524.135.800
466.682.700
528,666.785
421.892.209
19,113,000
480.223,474
29.355.232
10.015.000
195,285.366 2,295,438,763 1.641,163.984
80.000,000
100,000,000 245.000,000
75.030,000
200,000,000
8,952,749 489.176,223 508,344,941
12,005,300
7,498.000
36.853,232
10.200,000
10.015.000
319.326.510 1,960,490.494
28,179,000 108,179,000
75.000,000
__
_ 200,000.000
11,4,813 519.669,754
87.005.300
75,000.000
10,2.00.000
515,705,517 2,986.398.804 2,764.747.103
311.736,1153.076,483.218 2,526.714.225
433,830,323 2,960.544.548
459,664,58) 1,810.380,181 2,100.153,397
50,000.000 289,000,000 145,000,000
48,250,000
6.040.937
'
754,514.623
59.232.000
25.022.000
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE NINE MONTHS ENDED SEPTEMBER 30 FOR FIVE YEARS.
1993.
New Capital.
Long Term Bonds & Notes—
Railroads
Public utilities_
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial & manufacturing
011
Land. buildings, &c
Rubber
Shipping
Miscellsneous
Refunding. I
1922.
Total.
$ $
I/
293.404500
,
27.073.000 320477500
971 165,319,629 526..715..600
361,395.
46,806,861 282.825.000
I 236.018.139
8,210,000
8,210.000
21,962,000
4,288,000
26.250,000
115,739,447
25,139,053 140.878.500
66.016,000
30,084,000
96.100.000
148.369,000
1,250,000 149.619.000
1.335,000
665.000
2.000.000
2,568,000
107.000
2,675,000
97,109,000
36,076,000 133.185,000
Total
1.352.127,057
Short Term Bonds & Notes—
Railroads
9,087,500
Public utilities
36,802.200
Iron, steel, coal, copper, &a
9,850,000
Equipment manufacturers
830.000
Motors and accessories
15,496,000
Other industrial & manufacturing
3,000,000
Oil
44,814,000
Land, buildings, &c
1.080,500
Rubber
Shipping
1,000,000
Miscellaneous
3,535,500
•
New Capital.
Refunding.
•
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
73,149,301
98,594,000
3,600,000
19,n0,000
135,331,335
2,500,000
56.464,119
108.220,700
8,530,000
26,200,000
1,500,000
74,568.865
14,150,000
186.015,000
181,370,000
107,124,000
29,800.000
20,610,000
209,900.200
336,808,543 1.688,935,600 1.325.980.935
530,178.415 1.856,159,350
New Capital.
1921.
Refunding.
1919.
1920.
Total.
New Capital.
Refunding.
$
$
$
250465,420 292,018.580 542,484,000
,
212.
383,000
68.817,000 281,200,000
19,340.000
10.537.000
29.877,000
6.195,000
6.195,000
15,400,000
600.000
16,000,000
145,152,300
22,569,400 167,721.700
139,400,000
28.000,000 167,400,000
25,010.000
650.000
25,660,000
77,500.000
77.500,000
2,335,000
3.950.000
6.285,000
86,161,000
8,489,000
94.650,000
$
259,622.500
126,069,500
48,316,000
20.310,000
2,675,000
78.870,245
19,320,000
64.004.000
20,100.000
7.326.000
131,606,000
$
24,000,000
5,657,000
12,394.000
979.341,720
435,630.980 1.414,972,700
Total.
New Capital.
Refunding.
$
$
35,196,000
99,671,000
53,846,000
M7,235,060
2,260,000
35,623.000
10,390,000919:666
4,981,000
4,504,750
44.965,250
36.500,000
36,097,000
700,000
8,834,000
IS
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
_„___
20.369,758
158.000
Total.
$
134.867,000
161,081,000
37,883,000
10,390,000
5.900,000
49.470,000
36,500,000
36,097,000
1,204.500
3,150.000
48.797,800
426,205,550
97,930,250
524,135.800
17,400,000
116,205,300
15,150,000
525.000
8,850.000
40.080,000
51.050,000
1,686,000
1,000,000
905.000
35,237,000
55,750,000
91,894,400
4.000,000
26.500,000
3,150,000
47.593,300
9,604.000
1.800,000
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
11,512,800
9,087,500
48,315.000
9,850,000
830,000
25,100,000
4.800.000
44.814,000
1,080.500
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
450,000
73.150,000
208.1.99,700
19,150.000
525,000
8,850,000
66,580,000
51,050,000
1,686.000
1,000.000
905,000
35,687,000
128.137,000
144,767,766
20,758,000
165.525,766
402,698,252
87.274,248
489,972,500
288.088.300
178,594.400
466,682.700
102.986,990
8.678,225
2,500,000
105.486,990
8.678.225
5,394,250
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
14.039,730
12.928,883
50,000
7.887.500
250,000
8.137,500
40,237,290
44,339,680
600,000
105,774,595
342.403,801
232,163,502
11,516,047
49,163,600
15,853.500
77,083.885
45,631.540
44.339.680
600.000
119.814.325
355,332,684
232,213.502
11,516,047
49.238,600
15.853.500
80,494,385
30,266,200
70.566.500
3.000.000--_-____104,039.200
5.750.801
207,651.445
6,693,600
290.957.223
7.872,160
4,850.000
----__-91.966.800
15.410,000
12,000.000
-__-_
111,572,766
7,675.300
arlDIKOZIHO
NINE MONTHS ENDED
SEPTEMBER 30.
30,266,200
70,566,500
3,000,000
109,790.000
214,345,045
298,829,383
4,850.000
107,376,800
12,000,000
118,648.066
32,351,800
18,245,000
404,200
3,000,000
20,011,000
35.351,800
38.256,000
404,200
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
3.000,000
1.250,000
1.250,000
Total
Stocks—
Railroads
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial & manufacturing
011
Land. buildings, &c
Rubber
Shipping
Miscellaneous
125.495,700
22,916.800
148,412.500
105.126,000
300.000
129.056,506
28,012.246
11.076,000
4.896,760
300,000
140.132,506
32,909.006
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
Total
Total—
Railroads
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial & manufacturing
Oil
Land, buildings, &c
Rubber
Shipping
Miscellaneous
447.461.121
71.876,590
519,337.711
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
926,870,134
42,801,860
969.671,994
302.792,000
527,254,677
273,880,385
9,040,000
60,813,325
243,648,630
171,079,013
160,597,500
1,685,000
3,568,000
170,725,348
27.073.000
187,908.429
51,703,621
329,865.000
715,163,106
325,584.006
9,040,000
76.040.325
287,546,823
202,147.703
161.847.500
2.350.000
4,675,000
242,426,348
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
292,518,580
87,940.000
10,537,000
546.602,600
425,681.990
82.555.225
6,420,000
23,282,000
198,158,700
298,075,000
32,515,000
77,500.000
6.560.000
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
27,216,060
131.039,325
52.1,681.684
382,195,502
83,113,047
99.738,600
30,964.500
231.859.385
117.071,000
90,946,000
253.706,500 145.740,400
121.339,500
6,260.000
13.915,000
_______
117.870.200
6,669,800
292.696.695
37,698,350
378.507,223
7.872,160
42,633,000
92.966.800
15.410,000
16,055,000_-------194.403.066
8.729,800
208,017,000
399,446,900
127,599,500
13,915,000
124.540,000
330,395,095
386,379,383
42,633,000
108,376.800
16.055.000
203,132,866
23.355.325
124.909,183
60,249.013
11,148,000
350,000
70,080,848
, nne no.,.ol o
o•ro
.aco.voo
1.335,000
24,690,325
16.959,140 141,868,323
61,233,703
984,690
, 11.148,000
350,000
1,000,000
1.000.000
35,625,000 105,705,848
15,227,066
43.898.193
31,068,690
1,250,000
665.000
1,107,000
71.701.000
.101 en, no., o oxa nom 411
a
23,011.000
26.318,625
1.393,000
4,900,000
7.980,000
53.743.000
1 Ond Si 1 .)A7
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
53,743,000
75,000
,- ___
3,410.501
limo
174,328.700
267,575.000
31.865.000
77.500.000
2,610.000
103.890,666
MR 701 nein 0 dee 001 Are, 1 Qkn 71K Rill
,
600,000
23,830,000
30.500,000
650,000
3.950,000
9,139,000
etc() Red ken 1 010 250
151
2 1no_152 2197
14,039,730
36,298,638
1,300,000
1,408,000
75,000
700,000
12.244.500
195.255.388 2.29.5.438.763
1.641.163.984
319.326.510 1.960.490.494
0
OCT.27 1923.]
THE CHRONICLE
1823
LONG TERM BONDS AND NOTES (ISSUES MATURING LATER THAN FIVE YEARS).
Amount.
Price,
• Purpose of Issue.
To Yield
About.
Company and Issue and by Whom Offered.
3
Railroads
900,000 New equipment
5.40 Indiana Harbor Belt RR. Equip. Tr. 5s, 1924-38. Offered by J. P. Morgan & Co.. First National
Bank and National City Co.
6.50 Live Poultry Transit Co.,Equip,6 Ms,due serially to 1934. Offered by Illinois Tr.& Say.Bk.,Chic.
100
200,000 New equipment
Long Island RR. Equip. Tr. 5s, 1924-38. Placed privately by Kuhn, Loeb & Co.
Placed privately.
1,710,000 New equipment
6.10 Port Arthur Canal & Dock Co. 1st Mtge. 68, "A," 1953. Offered by Ladenburg, Thalmann &
2,000,000 Refunding.add'ns, betternfts, &c. 98M
Co. and National City Co.
5.15 Union Pacific RR. 1st Lien. A Ref. Mtge. bonds bearing 5% interest, due 2008. Offered by Kuhn,
99M
20,000,000 Additions, extensions. &c
Loeb & Co.
24,810,000
Public Utilities
1.000,000 Acquisitions,extensions
993)
9535
250,000 Extensions, betterments
97
1,150.000 Refunding
96
430,000 General corporate purposes
1,000,000 Add'ns,extensions& improvements
96
2,800,000 Additions
9631
250,000 Additions and betterments
380,000 General corporate purposes
6.000.000 New station; Other construction
9034
9254
99
_
7,000.000 Capital expenditures
10,000,000 Additions, extensions, &c
95
9534
.500,000 General corporate purposes
94
400,000 General corporate purposes
91
800,000 Capital expenditures
325,000 Additions and betterments
9294
9354
6.05 California-Oregon Pr. Co. lot & Ref. Mtge. 6s, "B," 1942. Offered by E. H. Rollins & Sons;
Harris, Forbes & Co.; National City Co. and Mercantile Trust Co., San Francisco.
6.35 Coast Valleys Gas & Electric Co. 1st Mtge.6s, 1952. Offered by E.H.Rollins & Sons and Hunter.
Dunn & Co.
6.75 Eastern Wisconsin Electric Co. lot Lien & Ref. Mtge. 6345, "B," 1948. Offered by HUI,Joiner
& Co.; Paine, Webber & Co., and Halsey, Stuart & Co.
6.30 Empire Gas & Electric Co. Gen. & Ref. Mtge. 68, "A," 1952. Offered by W. C. Langley & Co.,
New York.
6.35 The Kansas Electric Pr. Co. 1st Mtge. 68, 1943. Offered by Bonbright & Co., W. C. Langley &
Co. and Goodwillie & Co.
5.25 New England Pr. Co. 1st Mtge. 55, 1951. Offered by Baker, Ayling & Young; Blodgett & Co. and
Arthur Perry & Co.
6.05 New Jersey Pr. & Light Corp. 1st Mtge. 58, 1936. Offered by Halsey, Stuart & Co.
6.60 Northern Ohio Trac. & Light Co. Gen. & Ref. M.6s,"A," 1947. Offered by National City Co.
6.07
The Ohio Pr, Co. 1st & Ref. Mtge.68"C," 1953. Dillon, Read & Co.; Lee. Higginson & Co.and
Continental & Commercial Trust & Savings Bank, Chicago.
6.40 Ohio River Edison Co. 1st Mtge.6s, 1948. Offered by Bonbright & Co.and Eastman. Dillon & Co.
5.80 Pacific Gas & Electric Co. 1st & Ref. Mtge. 530,"C," 1952. Offered by National City Co.,E.H.
Rollins & Sons, Mercantile Securities Co. of California, and Blytb, Witter & Co.
6.50 Portland Ry. Lt. & Pr. Co. 1st 6c Ref. Mtge. 6s. "B," 1947. Offered by National City Co. and
Halsey, Stuart & Co
6.75 Southern Colorado Pr. Co. 1st Mtge. 6s, "A," 1947. Offered by H. M. Byllesby & Co., Federal
Securities Corp., Chicago; Spencer Trask & Co., and Janney & Co., Philadelphia.
61-4 Southern Counties Gas Co. of California 1st M.534s, 1936. Offered by 13lyth, Witter St Co.
6.50 Vermont Hydro-Electric Corp. 1st Mtge. 68, "B," 1953. Offered by Halsey, Stuart & Co.
32,285,000
Iron, Steel, Coal, Copper, &c.
1,275.000 Retire curr. debt; working capital_
Motors and Accessories
10,000,000 Working capital
Other Industrial & Mfg.
250,000 Add'ns., capital expenditures
600,000 Improvements
834-7 The Maher Collieries Co. 1st Mtge.630, 1924-38. Offered by Union Trust Co., Cleveland and
Cassatt & Co. and Graham, Parsons & Co., Philadelphia.
98
.
6.75 The Willys-Overland Co. 1st Mtge. 6 M s, 1933. Offered by National City Co.
7.10 Aero Alarm Co. Coll. Trust 78,"A," 1937. Offered by Metropolitan Bond Co., Seattle, Wash.
6.00 Dells Paper & Pulp Co. 1st Mtge. 6s. "A," 1926-33. Offered by First Wisconsin Co., Milwaukee;
First National Bank, Neenah, Wis., and Oshkosh Sayings & Trust Co., Oshkosh, Wis.
1.500,000 Additional capital
98
7.20 Farmers' mfg. Co. of Va. 1st Mtge. 7s, 1943. Offered by Dillon, Read & Co.
Morris F.
350,000 Enable mgt. acquire interest in co_ 100
6.50 Gurney Refrigerator Co. (Fond du Lac, Wis.) 1st M. 6165, 1924-35. Offered by
Fox & Co., Milwaukee.
A. C. Allyn & Co.,Chicago.
350.000 New capital
100
7.00 Hart Grain Weigher Co.(Peoria, III.) 1st Mtge. 75, 1938. Offered by
400,000 Additional capital
100
7.00 The Lakewood Engineering Co. 1st Mtge. 7s, 1933. Offered by Otis & Co.. Cleveland, and
Gorrell & Co., Chicago.
1,000,000 Refunding; retire bank loans
100
7.00 Monongah Glass Co. (Fairmont, W. Va.) 1st Mtge. 75, 1943. Offered by Mackubin. Goodrich
& Co.; Robert Garrett & Sons, Baltimore, and McLaughlin, MacAtee & Co., Pittsburgh.
700,000 Acq.partnership I.Newman &Sons 100
7.00 I. Newman & Sons. Inc., Deb. 7s, 1933. Offered by Chas. W. Scranton Co.. Putnam & Co. and
Hincks Bros. & Co.
350,000 Acquisitions; working capital
100
7.00 The Queen City Paper Co.(Cincinnati) 1st M.78, 1933. Offered by Geo. W.Stone & CO., Cleve.
2,300,000 Acq. Heidenkamp Plate Glass Co_ _
6.62 Standard Plate Glass Corp. 1st & Ref. Mtge.6 M 5, 1943. Offered by Redmond & Co.and Otis & Co.
9854
1,250,000 Acq. Heidenkamp Plate Glass Co_ - 9754
7.35 Standard Plate Glass Corp. Cony. Deb. 7s, 1933. Offered by Otis & Co., Frazier & Co. and
Howe, Snow dr Berties, Inc.
750,000 Corporate requirements
Placed radvately.
Tubize Artificial Silk Co. of America lot Mtge. Ss, "A." 1933. Placed privately by Dillon,
Read & Co.
150,000 Retire curr. debt; other corp. puny. 100
7.00 The Williams Sealing Corp. 1st Mtge. 7s, 1925-33. Offered by N. L. Rogers & Co., Peoria, Ill.
9954
100
9,950,000
Oil8,000.000 Wkg. cap.: cap. expenditures
Land, Buildings, &c.
3,000.000 Finance construction of hotel
390,000 Additional building
9634
100
100
1,100.000 Finance construction of apartment. 100
300,000 Finance construction of apartment. 100
1,500,000 Finance construction of apartment. 100
400,000 Finance construction of apartment. 100
675,000 Finance construction of apartment.
1,350,000 Finance construction of hotel
400,000 Finance construction of apartment.
290.000 Finance construction of apartment.
275,000 Finance construction of hotel
225,000 Finance construction of building..
350,000 General corporate purposes
1,400,000 Remodel buildings
1,375,000 Finance construction of building..
275,000 Finance construction of apartment.
100
100
100
100
100
100
100
100
100
100
100,000 Finance construction of building.. 100
450,000 Financeconstruction of apartment. 100
200,000 Finance construction of building
100
215,000 Finance construction of building_ _
375,000 Finance construction of apartment
100
100
800,000 Finance construction of building.. 100
675,000 Finance construction of apartment
100
1,200,000 Finance construction of building.. 100
200,000 Finance construction of apartment
98
7.00 California Petroleum Corp. 630, 1933
Offered by Blair & Co., Inc., and Hallgarten & Co.
7.00 Atlanta-Biltmore Hotel Co. (Atlanta, Ga.) 1st Mtge. Guar. 75, 1925-43. Offered by Citizens
& Southern Co., Atlanta, and Whitney Central Tr. & Says. Bank and Marine Bank & Trust
Co., New Orleans.
6.00 Baptist Hospital, Inc. (Houston, Tex.) 1st Mtge. 68, 1924-33. Offered by Mississippi Valley
Trust Co., St. Louis.
6.50 Broadway & 108th St. Apartment Bldg.
Y. CirY) 1st Mtge.645, 1925-35. Offered by S. W.
Straus & Co.
A tla u ry
7.00 Canter bn ta Manor Apts. (Atlanta, Ga.) 1st Mtge. 75, 1926-38. Offered by G. L. Miller & Co..
.
(•-•
6.50 Concourse Plaza Apt. (N. Y. City) 1st Mtge. 654s, 1924-38. Offered by Commonwealth Bond
Corp. New York.
7.00 Crescent'
Apartments(Tampa, Fla.) 1st Mtge. 75, 1925-35. Offered by Adair Realty & Trust
Au
Co..
6.00 1133 Park Avenue Apartments(N.Y. City) 1st Mtge.6s, 1925-33. Offered by S. W.Straus & CO.
6.50 Flanders Bldg. Corp. (Chicago) 1st Mtge. 654s. 1926-41. Offered by S. W. Straus & Co.
7.00 Garfield Park Apartments(Chicago) 1st Mtge.75, 1925-33. Offered by A.J. Stall & Co., Chicago.
6.50 Harding Court Apts.(Forest Hills, N. Y.) 1st Mtge.635s. 1925-33. Offered by S. W.Straus & Co.
6.50 Hotel Harding (Marlon, Ohio) 1st Mtge.6 54s, 1926-38. Offered by E.II. Kisor Co.,Columbus.0.
7.00 Howard-Buick Bldg.(Los Angeles) 1st Mtge. 7s, 1925-34. Offered by California Co., Los Angeles.
6.50 Huntington Woods Co.(Detroit) 1st Mtge.6 34s1925-33, Offered by Watling, Lerchen & Co.,
6.00 Madison Properties, Inc.(N. Y.City), 1st Mtge.& Coll.6s, 1925-38. Offered by S. W.Straus & Co
6.50 National City Bank Bldg.(Los Angeles) 1st Mtge.635s, 1925-41. Offered by S. W.Straus & Co.
7.00 Peachtree Terrace South, Apts.(Atlanta, Ga.) 1st Mtge. 78, 1926-36. Offered by G. L. Miller
treT Atrrnta.
ela
Co.,
7.00 The Pickwick Corp.(San Francisco) 1st Mtge. 7s, 1927-36. Offered by M. H. Lewis & Co., Los
Angeles.
. 8
7.00 Potomac Park Apts. (Washington. D. O.) tat mtge 7 , 1925-33. Offered by F. H. Smith Co..
Washington, D. C.
6.50 Santa Ana Development Co.(Santa Ana, Calif.) 1st Mtge. 6348, 1926-38. Offered by Carstens,
& Earles, Inc., Los Angeles; Leo G. Mac Laughlin Co., Los Angeles, and First National Bank.
Santa Ana, Calif.
6.50 Santa Barbara Bldg. Corp. 1st Mtge.63-4s, 1926-43. Offered by E. H. Rollins & Sons, Los Angeles.
6.50 Sherbrook Apts.(264 Lexington Ave., N.Y. City) 1st Mtge.6148, 1926-35. Offered by Columbia
Mortgage Co., New York.
6.50 Taft Bldg., Inc., lot Mtge.634s, 1926-45. Offered by Bond & Goodwin & Tucker, Banks, HuntleY
& Co. and Hunter. Dulin & Co. •
6.50 33 Fifth Ave. Apts. (N. Y. City) 1st Mtge. 634s, 1925-35. Offered by American Bond & Mtge
Co., New York.
6.00 2-8 West 46th St. Bldg.(N. Y. City) 1st Mtge.6s, 1926-38. Offered by S. W.Straus & Co.
6.25 Walnut Lane Apts. (Germantown, Pa.) 1st Mtge. 6s, 1933. Offered by Paul & Co., Phila.
17,520,000
Miscellaneous
1,750,000 Acquisitions; improvements
6.5
45,000 Retire bank loans; working capital_ Price on applicat'n
435,000 Additional capital
700,000 Working capital; other corp. purp_
100
6.7
7.0
300,000 Finance construction of bridge_ _ _
100
7.00
65,000 General corporate purposes
125,000 Development of property
105
100
5.35
7.00
100
7.00
1,000,000 Refunding;improvements
4,420,000
Central Manufacturing District, Inc. (Los Angeles) 1st Mtge. R. E. 6s, 1926-38. Offered by
Hunter, Dunn & Co., Los Angeles; 131yth, Witter & Co., Citizens Nat. Bank. Los Angeles, and
Jackson & Curtis.
Dexter-Farmer Canning Co., Inc. 1st Mtge. 7s, 1925-33. Offered by Donahoe Investment Co..
Des Moines, Iowa.
Kirkman Nurseries 1st Mtge. 6Ms, 1928-37. Offered by Blyth, Witter & Co.
Mutual Creamery Co. (Salt Lake City, Utah) lot Mtge, 78, 1924-38. Offered by First Securities
Co., Los Angeles.
Oregon-Washington Bridge Co. 1st Mtge. 7s, 1926-38. Offered by Clark. Kendall & Co., Portland, Ore,
Ricou Farms (Stuart, Fla.) 1st Mtge. 6s, 1933. Offered by J. L. Marks & Co., Chicago.
Rio Plume Orchard Co.(Sutter County Calif.) 1st mtge. 7s, 1925-37. Offared by G. E. Miller
& Co., San Francisco.
Southern California Corp. 1st Mtge, 7s, 1933. Offered by Alvin H. Frank & Co., Cass, Howard
& Sanford, Inc., and G. E. Miller & Co., Los Angeles.
1824
THE CFERONTCLE •
[Vot. 117.
SHORT TERM BONDS AND NOTES (ISSUES MATURING UP TO AND INCLUDING FIVE YEARS).
Amount.
Purpose of Issue.
Public Utilities—
1,500,000 Additions, extensions, &c
550,000 Acquisition of properties
To Yield
About.
Price,
7.00 Monongahela West Penn Public Service Co. 1st Lien de Ref. Convertible 68,"A," 1928. Offered
by Halsey, Stuart & Co., E. H. Rollins & Sons, W. A. Harriman & Co., Hambieton & Co. and
Dominick & Dominick.
7.00 Orange County Public Service Co., Inc., 2-Year 65, Sept. 1 1925. Offered by Love, Macomber
. & Co., Floyd Jones, Vivian & Co. and Kelley-Drayton de Co.
7.25 Toledo Traction, Light & Power Co.2
-year Secured 61is, Aug. 1 1925. Offered by Harris, Forbes
& Co.
961i
99
98
1,100,000 Acquisitions
Company and Issue and by Whom Offered.
3,150.000
STOCKS.
Par or
No.ofShares
Purpose of Issue.
Public Utilities—
300,000 General corporate purposes
a Amount Price
To Yield
Invoiced. Per Share. About.
300,000
92
*52,980Shs Extensions to plant
4,980,120
94
Other Industrial & Manuf.-•140,000shs Additional capital
4,000,000 Additional capital
2,800.000
4,000,000
Company and Issue and by Whom Offered.
7.60 New York Steam Corp.7% Cum.Pref., Series "A." Offered by Prince de Whitely and
Thayer, Baker AL Co.
Public Service Co. of Northern Illinois Common. Offered by company to Preferred
and Common stockholders.
5,280,120
20
Congoleum Co., Inc., Common. Offered by Company to Common stockholders.
7.50 Remington Arms Co.,Inc., let 7% Cum,Pref., Series"A." Offered by Lee. Higginson
de Co.
6,800,000
Oil—
10,000,000 Purchase & storage of oil
10,000.000
25 (par)
Land, Buildings, &c.—
500,000 Finance construction of building—
500,000 100
300,000 Finance construction of building
300,000 100
Associated Oil Co. capital stock. Offered by compapy to stockholders; underwritten by
Pacific 011 Co.
6.00 American Office Building Corp. (Richmond, Va.) 6% Cum. Pref. Offered by
Wheat, Williams & Co., Richmond, Va.
6.00 Tuttle Realty Co.(South Bend,Ind.)6% Real Estate Preferred. Offered by Meyer
Kiser Bank, Indianapolis.
800,000
Shipping—
1,000,000 Refunding
1,000,000 105
Miscellaneous
1,000,000 Expansion of business
1,500,000 Additions; other corp. purposes_ _ _
1,000,000
1,500.000
*49,952 shs. Working capital
10 (par)
10 (par)
999,040
1.125,000 General corporate purposes
250,000 Additional capital
7.60 Great Lakes Engineering Works8% Cora. Tref. Offered by J. G. White & CO.. N.T.
20
2,250,000
2
250,000 100
Blyn Shoes, Inc., Common. Offered by Bamberger, Loeb & Co., New York.
Foster & Kleiser Co. Common "A." Offered by Shingle. Drown & Co., Stephens &
Co., McDonnell & Co., Geary. Meigs ,k Co. and Stevens, Page & Sterling.
International Combustion Engineering Corp. Capital stock. Offered by company
to stockholders; underwritten.
oltwei
Phillipsborn's, Inc.(Chicago) Common. Offered by company to stockholders; underwritten.
7.00 The Sun Drug Co.7% Cum.Pref. Offered by Alvin H.Frank & Co., Los Angeles.
5.999,040
FARM LOAN ISSUES.
Amount.
Issue.
Price.
1,000.000 First-Trust Joint Stock Land Bank of Dallas, Texas, 58, 1933-53
102%
1,000,000 Oregon-Washington Joint Stock Land
Bank (Portland, Ore.) 5s, 1933-53
102li
'
To Yield
About.
Offered by.
4.70 First Trust & Savings Bank, Chicago.
4.66 Brooke, Stokes de Co., Philadelphia.
2,000,000
FOREIGN GOVERNMENT LOANS.
Amount.
Issue.
Price.
To Yield
About.
Offered by
55,000,000 Government of the Argentine Nation Sixmonths 6% Treasury Gold Bonds, March 1
1924
7.00 Kuhn,Loeb & Co.and Blair & Co., Inc
991.6
•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.
Indications of Business Activity _1
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, Oct. 26 1923.
There is some improvement in trade here and there, but
it is not by any means universal. The note of caution is
still very plainly perceptible. And in some parts of the
West and also in the East the weather has been too warm for
the best results to business. In other parts heavy rains have
retarded business to a certain extent. In the West and
Southwest, and also to some extent in the eastern Gulf
States, there have been frosts. The weather has been
changeable and has certainly militated against business.
Latterly, however, weather conditions have been better, and
jobbing trade for prompt delivery has been brisk. Retail
trade, which suffered for a time, has latterly improved to a
certain extent. But it is still a fact that production outruns
consumption for iron, steel, textiles and leather. Bank
clearings, it is true, outside of New York, are in many instances larger than they were a year ago. It is also gratifying to notice that carloadings are but little below the high
point of September. Also, trade In print cloths of late has
increased at Fall River. The sales are put at some 130,000
pieces for the week, as against 50,000 last week and the week
before. It may be added that in Manchester, England, trade
Is better and this has reacted favorably upon the raw cotton
trade in this country. Spinners of the world are taking
more American cotton week by week. The exports of cotton
from this country thus far this season are 300,000 bales
larger than at this time last year. Even Germany is buying
American cotton on quite a liberal scale, a much larger one,
indeed, than last year. It is even said that Soviet Russia is
arranging or will arrange to buy American cotton. Germany is paying cash for it and Russia will have to do the
same. Cotton has advanced $5 to $6 a bale this week on
larger buying by the mills at home and abroad. England
and France have latterly been buying here. It is regrettable
that the weather recently has not been favorable for the
cotton crop in this country, and that the rise is largely attributable to this fact. There is a noticeable tendency to
reduce crop estimates. The Government, contrary to its
usual habit, will issue a report on the cotton crop next Friday, and it is awaited with no small interest. There has
been a project mentioned for Germany to buy 50,000,000
bushels of wheat in this country on a credit of two years or
more, but there seems little likelihood that such a length of
time would be granted. But wheat has advanced during the
week, though this was partly due to a hope that the Government will increase the tariff and also reduce railroad
freight rates on wheat. Japan is trying to buy considerable
tonnages of steel supplies, and no doubt arrangements to
facilitate such purchases will be made.
Meanwhile general trade, as already intimated, is under
the restraint of cautious buying, not only for immediate delivery, but as a rule for the spring trade,to say nothing of the
later period. Yet it appears to be a fact beyond dispute that
iron and steel have sold on a larger scale this month thus
far than was the case in September. The bituminous coal
trade and the lumber and furniture industries do not show
the life that they did a while back. The general opinion
OCT.27 1923.]
THE CHRONICLE
seems to be that bituminous coal prices will have to go
lower. Meanwhile there is a sharp demand for anthracite.
And the automobile industry shows unmistakable life. It is
stated that it is operating at not much below 100%, something which seems to be authenticated by the big buying of
steel by automobile companies. Raw silk has been declining
and it would appear that the industry did not suffer as seriously by the Japanese earthquake as was at one time supposed. Depression is still noticeable in the petroleum trade.
The trouble is that while the California output has been reduced the production in other fields has been increased. It
certainly presents a knotty problem. The wool sales abroad
have been at firm or higher prices, and this fact has been
reflected to some extent in the wool trade on this side of the
water. Not that there is any large business in wool in this
country, but there are some indications of a rather better
demand here and there, under the stimulus of the very favorable advices from the London sales. It is said, too, that
some buyers would purchase textiles for delivery as far
ahead as spring, notably of cotton goods, but the mills are
loath to sell. The South is prosperous in spite of the rather
disappointing cotton crop, for it is getting high prices for its
products. Copper has been declining on a big production and
a disappointing demand. It seems to be in somewhat the
same boat as petroleum, and prices have latterly been at the
lowest seen for over two years. Meanwhile the stock market
has shown more or less irregularity and weakness. Foreign
exchange, not excepting sterling, made a noteworthy decline. But to-day sterling, francs and even marks advanced
with the news from London that France, Belgium and Italy
will take part in a reparations conference, with the United
States. It is provided that experts are to work under the
present Reparations Board. Sec. of State Hughes has laid a
report on the latest developments in the matter before President Coolidge and the Cabinet. He is quoted as saying that
he has no doubt that competent American citizens will be
willing to take a part in the economic inquiry. It is supposed that Mr. J. P. Morgan will be one of the representatives. It is a rare opportunity for men of mark to serve
their country, the world in general and the cause of human
civilization. A successful solution of the vexed question of
the reparations to be paid by Germany will take a thorn
from the side of Europe and the United States, and will be
the signal'for a historic and much needed rejuvenation, politically, socially and commercially, of the civilized world.
At Manchester, N. H., on Oct. 22, a few of the cotton departments were opened by the Amoskeag Mills. The mills
will endeavor to develop a more diversified line of manufacture to take the place in part of the lessened gingham
trade. On Oct. 25 it was stated that the Amoskeag Mills
will resume work at full time at their bag mills on Monday
and at four other mills on part time. New England mills
are subjected not only to high costs for labor and raw material but to high taxes. Cities take their cue from the Federal Government and levy high and steadily increasing
taxes. The Amoskeag Manufacturing Co. has brought suit
against the city of Manchester, N. H., to recover taxes paid
to the extent of $298,054, which it claims was unjustly assessed against it in 1923. The company also has another
suit pending against that city for $157,104, which it claims
was unjustly assessed in 1922. These cases are to be heard
before a referee next week. A Cleveland dispatch gives it
as the opinion of Colonel Peck, the Works Manager of a local
drill company, that standardization is the only way hi which
industry can keep pace with the increasing labor costs.
At Providence, R. I., the Brown & Sharpe Manufacturing
Co., employing normally more than 6,000 workers, will reduce operations to 40 hours a week next Monday. At Fitchburg, Mass., the Star Worsted Mill will operate four days a
week until orders increase. Some departments of Arden and
Beoli mills of the American Woolen Co. are running on short
time. At Clinton, Mass., the Cameron plant of the Lancaster
Mills, with 600 looms and 150 operatives, will close for an
indefinite period owing to dulness of the gingham market.
At New Bedford several cotton mills are, it is said, running
on full time. At Woonsocket, R. I., the Nyanza No. 2 mill has
been sold to Masurel Bros. of Roubaix-Tourcoing, France.
At Saco, Me., the York Manufacturing Co. closed on Monday
750 looms engaged in gingham out of a total of 5,000. At
Waxhaw, N. C., the Rodman-Heath Cotton Mill, which has
been idle for some time undergoing repairs will start up
about Nov. 1. At Charlotte, N. C., the High Park Mills will
close four mills using white cotton beginning Saturday. On
Monday the Southern Power Co. of Charlotte, N. C., began
1825
the curtailment of power service because of low water due
to drouth. At Paterson, N. J., silk mills were reopening this
week. Others are to start at the first of next week.
At Lynn, Mass., on Oct. 22, with the sanction of the Joint
Council of the Amalgamated Shoe Workers of America a
strike of 150 operatives in the factory of Sullivan & Cruise
was called because five operatives discharged for cause
were not reinstated. Richard J. Cruise, a member of the
firm, declared that the firm would not listen to any arbitration and would continue to make shoes in Lynn, unless
forced to quit. It is understood that the company has been
considering a location in Weston, Mass. The company has
just filed a suit in equity against Lynn officers of the Amalgamated Shoe Workers of America and of Stitchers' Local
43, asking an injunction restraining them from participating
in any strike, paying money to strikers or interfering with
the conduct of the plaintiff's business in connection with the
strike recently ordered by the Amalgamated.
The water shortage in North Hudson and Bergen counties
which crippled more than 350 manufacturing plants in the
section for a week has come to an end as the result of the
heavy rains which refilled the reservoirs whose water supply had been steadily sinking. The Hackensack Water Co.,
which supplies northern New Jersey, announced Wednesday
night that it would resume normal service for factories on
Thursday. The rainfall of two inches or more, it is estimated, has enabled 8,000 workers to return to their various
employments.
Corn huskers at the West in some cases, it is stated, demand 10% of the price of corn and are making $8 to $10 a
day. Before the war they received $2 to $3.
A 70-mile northeasterly gale and rains swept the Atlantic
Coast on the 23d inst. from Maine to Florida. It broke the
drouth which had prevailed for many weeks in the Atlantic States. It also did a good deal of damage. The Weather
Bureau called the gale the worst of the season. At Atlantic
City the wind blew 80 miles an hour. A northeast gale on
Wednesday night and Thursday caused a delay of boats on
Lake Erie between Buffalo and Cleveland. Several ore and
grain vessels were held up at Conneaut, Ashtabula and at
Cleveland.
Price Changes in the Automobile Industry.
Few price changes have occurred during the week just
passed in motor cars, the most notable being announced by
the Oakland Division of the General Motors Corp. The
new list follows:
Five-passenger touring, $998, formerly $1,095; two and four-passenger
sport, $1,050, formerly $1.270; five passenger sedan, $1,365, formerly
$1,665; five-passenger coupes, $315. formerly $1,560, and two-passenger
coupes. 81,045, formerly 81,290.
The Petroleum Situation Continues Unsettled, but
with Fewer,Price Changes.
Fewer changes occurred in the prices of crude oil and
gasoline during the week just passed. Humble Oil dr Re,
fining Co.on Oct. 20 cut the price of Ranger and Burkburnett
crude from 10 to 20 cents per barrel on all grades, except
the lowest, making the new prices $1 30 a barrel for 39 gravity
and above, declining, according to gravity, to 90 cents barrel
for 30 gravity and below. The latter prices showed no changes
The Midwest Refining Co. on Oct. 22 reduced the price
of Osage crude 15 cents to $1 20 per barrel.
That the present prices for gasoline are too low for the
permanent welfare of the industry is the belief of Walter C.
Teagle, President of the Standard Oil Co. of New Jersey,
according to a statement appearing in the "Wall Street
Journal" under date of Oct..20. The statement follows:
"The recent reductions in gasoline prices in Eastern States, as I see
them," Mr. Teagle said, "are a natural result of an oversupply, with
consequent pressure to sell. Surplus production over demand always
fixes prices in a free market and lower gasoline quotations are an effort
to find an outlet for this surplus. In such a situation a manufacturer
cannot always get his costs back."
Mr. Teagle said he welcomed an investigation into the oil industry
such as was suggested by Acting Mayor Hulbert.
"The petroleum industry has just been through a Government investigation, which proved of no value either to the public or the industry," he
said. "An honest investigation by intelligent men would show that
gasoline prices to-day are too low for the permanent welfare of the oil
industry or the ultimate good of the public.
"There is evidently an impression here that other sections of the coutm7
have enjoyed much bigger reductions in gasoline prices than the East.
This is not so. From the tank wagon price prevailing early in April this
year, the high point, there has been a decline of 6.6 cents in Chicago,
8.6 in Detroit, 6.5 in New Jersey, 7 in Washington, D. C., 7 in San Francisco, Philadelphia and Los Angeles, and 6 in Portland, Ore. In the
same time the tank wagon price in New York has dropped 8 cents, or
from 24.5 cents in April to 16.5 cents to-day.
[VOL. 117.
THE CHRONTOLE
1826
"There is some confusion between quotations for so-called Navy specification gasoline which is the grade being generally shipped from California and
for theconsiderablyhigher grade to which this market is accustomed. However, gasoline bought in California, moved 4,200 miles by boat and ultimately distributel in this s?ct'on cannot be delivered to the trade much
under the present tank wagon price of the more valuable grade being
supplied here. Moreover, there is not enough surplus gasoline produced
In California to supply any material part of Eastern requirements."
eggs. 17%; pork chops, 14%; butter, 6%; lard, 5%; plate beef, 3%; fresh
milk, cheese and cornmeal, 2%; rib roast, chuck roast, bacon, ham,lamb,
hens, vegetable lard substitute, rice and canned corn, 1%. Canned
salmon, oleomargarine, nut margarine, tea and oranges increased less than
five-tenths of 1%.
Eight articles decreased in price as follows Potatoes, 8%; onions, 5%;
cabbage, 4%; raisins and bananas, 2%; macaroni, navy beans and prunes,
1%.
Thirteen articles showed no change in price during the month. They
were as follows Sirloin steak, round steak, evaporated milk, bread, flour,
rolled oats, corn flakes, wheat cereal, baked beans, canned peas, canned
tomatoes, sugar and coffee.
For the year period Sept. 15 1922 to Sept. 15 1923 'the increase in all
articles of food combined was 7%.
For the 10
-year period, Sept. 15 1913 to Sept. 15 1923, the increase in
all articles of food combined was 46%•
The city of Charleston, W. Va., has dropped its plan of
selling gasoline at actual cost, since the reductions in price
announced last week bring gasoline down to 21 cents per
gallon in the State. The plan was devised at a City Council
meeting about Oct. 1 and the city was to sell the fuel from
two city filling stations at 18 cents a gallon.
Changes in Retail Prices of Food, by Cities.
In Detroit, Mich., on Oct. 20 the Standard Oil of Indiana
During the month from Aug. 15 1923 to Sept. 15 1923 the average family
and the Sinclair Refining Co. met the reduction announced
Los Angeles, Louislast week (see page 1718) by the White Star Refining, expenditure for food increased in 46 cities as follows:Buffalo, Cincinnati,
ville and St. Louis,
Baltimore, Bridgeport,
Wayco Oil, and Detroit Independent Oil companies. Gaso- Columbus, Fall River,4%;
Memphis, Mobile, New Haven, New Orleans, Portland, Ore., San Francisco and Seattle, 3%; Birmingham, Chicago, Cleveline is now selling there at 12.8 cents per gallon.
Reports on Tuesday, Oct. 23, stated that the Central land, Dallas, Detroit, Kansas City, Little Rock, Milwaukee, Minneapolis,
Newark, New York, Norfolk, Omaha, Pittsburgh, Providence, Richmond,
Oil Co., which was supplying 150 dealers in the Detroit Rochester, St. Paul, Scranton and Springfield, Ill., 2%; Atlanta, Denver,
district with gasoline at 12.8 cents per gallon, announced an Houston, Indianapolis, Jacksonville, Peoria, Philadelphia, Salt Lake City,
in
Savannah
increase offour cents a gallol to 16.8 cents. Other companies as follows:and Washington, D. C., 1%. Three cities decreasedless price
than
Manchester, 1%; Charleston and Portland, Me.,
made no announcements along the same line, although at five-tenths of 1%;Boston and Butte showed no change during the month.
For the year period, Sept. 15 1922 to Sept. 15 1923, all of the 51 cities
the low price mentioned sales are said to be at a loss.
showed an increase. Cleveland, 11%; Bridgeport, Detroit, Indianapolis
On Oct. 24 the Northwestern Pennsylvania refiners an- and Philadelphia, 10%; Baltimore, Chicago and Scranton, 9%; Boston,
nounced a reduction of M cent to 11 cents a gallon. On the Columbus, Denver, Fall River, Louisville, Manchester, Milwaukee, New
same day press reports from Los Angeles stated that a "price Haven, Pittsburgh, 8%; Birmingham, Buffalo, Mobile, Newark, New
York, Norfolk, Omaha,
Washington, D. C.,
Rochester
war" will come soon unless undercutting halts and the price 7%; Atlanta, Cincinnati,Providence,Richmond, and Louis, St. Paul, Salt
St.
Memphis,
be forced below ten cents, possible as low as six cents, Lake City and Savannah, 6%; Charleston, Jacksonville, Kansas City,
will
a gallon. Several companies have posted prices of 15 cents Little Rock, Los Angeles, Minneapolis, Peoria, Portland, Me., San Francisco and Springfield, Ill.,
for gasoline, including the State tax of two cents per gallon. Dallas, Portland, Ore., and5%; Butte, Houston and New Orleans, 4%;
Seattle, 3%.
As compared with the average cost in the year 1913, food in Sept. 1923
Some of the smaller independents advertised 13 cents, war
was 59% higher in Detroit and Richmond, 58% in Washington, D. C.;
tax extra, and others as low as 11 and nine cents, with no 57% in
Baltimore,Chicago and Providence,56% in Buffalo,55% in Boston,
mention of tax. These methods are blamed for the bitter Now York and Scranton; 53% in Fall River, New Haven and Philadelphia;
52% in Manchester and Milwaukee; 51% in Birmingham, Cleveland and
fight in which no one is making money.
Louis; 47% in
Late last night (Oct. 26) it was reported that another Pittsburgh; 49% in Charleston and Newark; 48% in St. in Minneapolis
Atlanta, Cincinnati, Indianapolis and San Francisco; 46%
reduction of two cents per gallon had been announced by the and Omaha; 45% in New Orleans; 44% in Dallas; 43% in Los Angeles;
Standard Oil Co. of New York. This brings the price to 42% in Seattle; 41% in Little Rock and Memphis; 40% in Jacksonville,
Kansas
Portland. Ore., and 28%
16 cents per gallon. The independent companies quickly in Salt City and Louisville; 36% in Denver and from Bridgeport, Butte,
Lake City. Prices were not obtained
revised their schedules, one of them dropping the price Columbus, Houston, Mobile, Norfolk, Peoria, Portland, Me., Rochester,
St. Paul, Savannah and Springfield. Ill., in 1913, hence no comparison
to 15 cents.
The price of export kerosene has been advanced one cent for tho 10-year period can be given for those cities.
The Bureau also furnishes the following index numbers
a gallon to eight cents per gallon for water-white in bulk
of retail prices of the Principal Articles of Food in the
and seven cents per gallon for standard white.
United States:
Crude Oil Production in Texas Increases as Decrease INDEX NUMBERS OF RETAIL PRICES OF THE PRINCIPAL ARTICLES
OF FOOD IN THE UNITED STATES.
Occurs in California.
Year and Stern fend Rib Ck'ck Plate Pork BaBut
Month. Steak. Steak* Roast.Roast. Beef. Chops con. Elam. Lard.Hetut. Eggs. ter.
1922.
January.. 139
February. 139
March ___ 141
143
April
May
148
June
151
July
154
August..... 154
3eptember 152
151
Dctober
Novembex 147
December_ 145
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
126
127
125
125
124
123
121
106
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
164
173
185
188
191
193
194
189
180
177
172
169
97
101
109
107
108
109
109
109
109
111
111
111
173
173
177
177
177
173
188
164
164
183
159
168
145
140
92
92
97
99
104
108
130
157
187
193
Av.for yr_ 147
145
139
123
106
157
147
181
108
189
129 125
1923.
ranuary
146
ebruary. 146
darch
147
kprll
149
day
152
rune
158
[lily
161
kugust
162
leotember 182
142
141
142
145
148
155
159
159
159
139
139
139
140
142
145
148
147
148
123
122
123
123
124
128
130
130
132
107
106
106
105
106
104
106
105
108
140
137
135
135
143
142
149
153
175
147
146
145
145
145
144
145
145
146
168
187
167
168
169
171
171
172
173
oOQO
CJGOCO.DOZ0 00
The American Petroleum Institute estimates that the
daily average gross crude oil production in the United
States for the week ended Oct. 20 was 2,263,450 barrels,
as compared with 2,125,350 barrels for the preceding week,
an increase of 138,100 barrels. It is also an increase of
686,850 barrels over the daily average in the corresponding
week of 1922. An increase of 70,000 barrels as compared
with the preceding week in the daily average production of
the Powell field in Texas, together with the resumption of
normal producing conditions in Wyoming, accounts for
substantially all of the increase of 138,100 barrels per day.
The daily average production east of the Rocky Mountains
was 1,442,950 barrels, as compared with 1,304,350 barrels,
an increase of 138,600 barrels. The following are estimates
of the daily average gross production for the weeks indicated:
118
120
120
118
117
117
119
115
122
133
143
157
162 161 154
167 134 151
168 112 150
169 100 160
170 102 136
166 103 131
163 108 128
162 120 135
164 141 144
Daily Average Production.
Oct. 201923. Oct. 131923. Oct.6 1923. Oct.21 1922.
(In Barrels)399,650
410,900
Oklahoma
398,400
396,950
73,200
Kansas
72,850
89.900
71,450
69,200
70,650
North Texas
58,300
67,800
351,150
Central Texas
283.500
136,900 INDEX NUMBERS OF RETAIL PRICES OF THE PRINCIPAL ARTICLES
265,400
OF FOOD IN UNITED STATES.
55,550
North Louisiana
91,800
57,000
56,500
Arkansas
133,100
34,700
124,650
122,350
95,050
114,600
Gulf Coast
99,950
101,100
Year and
AU
Eastern
107,000
107,500
Month. Clete.Milk.Bread'
Flour Corn Rice. Pota- Sugar Coffee Tea. Articles.
Wyoming and Montana_
159,050
*89,850
IOU.
meat.
COMbifitd,
California
435,000
820,500
821,000
I
834,000
1922.
2,263,450 .2,125,350 2,157,400
Total
1,576,600 January____ 149
153 157 148 130 107 194 113
125
142
February-__ 149 148 154 155 130 107 194 116
125
142
* Decline caused principally by storm and flood in Salt Creek district.
March
149 146 155 161 130 107 182 118
124
139
California production was 820,500 barrels, as compared with 821,000
146 143 155 161 130 108 171 122
124
139
barrels the preceding week, a decrease of 500 barrels. Santa Fe Springs is AprIl
139 140 157 161 127 109 176 120
May
125
139
reported at 275,050 barrels, no change; Long Beach, 248,000 barrels, no June
141 140 157 161 130 110 206 129
125
141
change, and Huntington Beach, 82,000 barrels, no change.
July
143 144 157 158 130 110 212 138
125
142
August
144 145 155 155 130 110 153 147
125
139
September 145 147 155 148 130 110 135 144
125
140
Increase in Retail Prices in the United States During October
154 149 155 145 130 110 129 144
125
143
November
161 151 15.5 145 130 110 124 147
126
145
September.
December
166 154 154 148 133 109 124 151
126
147
T:288
tito to to b.) to to to to
IR(428
The retail food index issued by the United States Department of Labor through the Bureau of Labor Statistics, shows
that there was an increase of 2% in the retail cost of food in
September 1923, as compared with August 1923. In August
the index number was 146, in September 149. The statement issued by the Department of Oct. 18 continues:
During the month from Aug. 15 1923 to Sept. 15 1923, 22 articles on
which monthly prices are secured increased in price as follows Fresh
Av. tor year 149
147
155
155 130
1923.
January..
February
March
April
May
June
July
&Willa
September.._
154
154
153
153
152
152
153
154
157
155
155
155
155
15.5
155
157
155
155
148 133 109 124
148 133 108 124
145 133 108 129
148 133 108 147
145 133 108 159
145 133 108 188
142 137 108 247
136 137 108 218
136 140 109 200
169
170
168
164
161
163
164
164
167
109
165
133
121
125
142
151 124 126
158 126 127
185 127 127
193 128 127
204 128 127
202 127 128
191 127 128
175 126 128
175 126 128
144
142
142
143
143
144
147
146
140
THE CHRONICLE
OCT.27 1923.]
National Industrial Conference Board on Continued
-No Change in Rents
Increase in Cost of Living
Twenty-Eight Wage Increases Noted.
Increased prices for food and clothing are cited as responsible for a further rise in the cost of living by the National
Industrial Conference Board of 10 East 39th Street, which
reports on Oct. 19 that the rise on Sept. 15 last was slightly
more than 1% higher than on Aug. 15. Figures just collected by the Board's research staff show that this increase
was solely due to the two items of what the American family
eats and wears.'
Rents, fuel and light and sundries show no
change over the previous month. The Board says:
Food prices rose in the month 2.1%. and clothing prices 2.4%. Between July 1914 and September 1923 the cost of living increased 63.4%.
This takes account of a decrease of 20.1% between July 1920, when the
peak of the rise in the cost of living since 1914 was reached, and September
1923.
The Board's monthly compilation of wage changes shows that during
the month from Sept. 15 1923 through Oct. 14 1923, there were 30 wage
changes, as compared with 23 in the month previous and 77 in the month
before that. Of the 30 changes,28 were increases and two were reductions.
Of the total number of increases, 14 took place in the printing industry,
the increases here ranging from Si to $5 a week. Next in order followed
textile manufacturing with five increases and street railway employment
with three.
The following is also supplied by the Board:
Index Numbers of the Cost of Living (September 1922= 100).
Derived from National Industrial Conference Board index numbers
based on July 1914 as 100, by dividing each by the index number for
September 1922.
Index Numbers of the Cost of Living.
DateJuly 1914=100. Sept. 1922=100.
1922
September
155.6
100.0
October
157.1
101.0
November
158.4
101.8
December
158.9
102.1
1923
January
February
March
April
May
June
July
August
September
158.1
157.5
159.2
159.1
160.3
160.1
161.9
161.6
163.4
101.6
101.2
102.3
102.2
103.0
102.9
104.0
103.9
105.0
Frederick W. Gehle on Business Prospect for 1924.
In inquiring into the business prospects for 1924, Frederick W. Gehle, Vice-President of the Mechancis & Metals
National Bank of New York, says in part:
•
Measured by figures, there is nothing wrong with the volume of trade in
the United States. Yet one cannot fail to sense a spirit of caution that
holds optimism in check, nor can one overlock the significance of a hesitant
forward buying of goods and a depressed stock market. Every reasonable
assurance that good business is in store for the months immediately ahead.
on a scale well above that of 1921 and 1922. have failed to stir the business
of financial imagination, consequently a common criticism on the part of
those who insist upon being cheerful is that something is wrong with the
country's psychology. Perhaps that is so. Perhaps, on the other hand,
It is not alone psychology, but the uncertainties of politics, agriculture,
labor, prices and foreign affairs, which, in the popular mind, offset business
assurances and account for the check that is placed on optimisn at the
present time.
There are those to whom the possible slowing down of business in 1924,
because of the phenomenon of overproduction, seems decidedly remote.
Because human wants are too great ever to be fully satisfied they are assured
of a demand for all that is produced, and on the basis of that assurance they
look for continuing industrial activity as time goes on.
Human wants, it is true, are never fully satisfied. What men and
women use is limited throughout the world nc t by what they want but
by what they can get. What they can get, in turn, is limited by what is
produced. And what is produced-be it bread, shoes, coal, motor cars
or any of the necessities or luxuries of life-never is enough to satisfy everybody. Such a thing as a general glut of goods, when there are human
beings unclad, shelterless and destitute, is out of the question.
But as a practical proposition, overproduction in a given locality or a
given country is possible when the distribution of output Is Interfered with.
Buying power, or lack cf buying power, is after all the determining factor
In the case. Buying power governs distribution, and distribution governs
output.
Lack of buying power on the part of the American farmer, and lack of
buying power on the part of the foreign consumer, are factors calculated
to interfere with the distribution of American manufactured goods. In
brief, then, the prospective danger to American industry turns upon a
possible destruction of the equilibrium between the rate of output in established lines of production, and the rate of distribution, as determined by
• buying power.
The improvement in grain prices has to some extent relieved the concern
over the farmer's buying power in the immediate future. But the impoverishment of Europe, and the prospects of our export trade, hold out no
promise of a great and broadening outward stream of goods from our
shores. Of course, this touchft the question that comes up with con,
tinuing regularity as to how far we may be able to get along in the future
without Europe and the other parts of the outside world. American expansion ana production, we are told on one hand, now virtually equal
domestic consumption. Foreign trade will have to broade.t, we are told,
on the other hand, or else American production will collapse.
Whichever statement proves to be correct, this much we know: mass
production of goods, made possible by, and dependent upon a wide distribution through the channels of trade, has become an outstanding feature
of America's economic system. So long as the supply can be profitably
distributed, the advantages of this mass production are pronounced.
1827
-But in any reaction the perils of the system which the country has developed will make themselves manifest. Even so short a depression as
that of 1920-21, it will be recalled, resulted in an overproduction of goods,
temporary, to be sure, but so severe that 5,000,000 workmen were plunged
into idleness in the United States.
The whole thing, after all, gets back to the relations of industry and
commerce to the general social order. Not many generations ago that
social order was vastly different; the affairs of one community or one
country bore little relation to affairs elsewhere, and the problem of distribution was never urgent. Our communities, a century ago, were for
the most part dependent upon themselves, and the social order was adjusted
accordingly. Enterprise was individual. Communication was slow.
Manufacturing, trade and everything else was conducted in a primitive
manner and in small units. Joined together at home only by dirt roads,
and across the sea only by sailing ships, people supplied their own wants.
The farmer produced the grain, the cobbler made the shoes and the carpenter fitted the doors for an entire village, and only for that village.
The women spun their own cloth: There was no concern then about
overproduction. Each community consumed what it produced and set
its own living standard. If it prospered, it prospered locally. If hard
times came, the depression was limited. If in Connecticut, for example.
there was a good year, enriching the people, that had no effect on the
affairs of Ohio, nor did it affect conditions in France. If in New York
there was a period of depression, reducing the purchasing power of the
people, that did not necessarily involve the planters in South Carolina
or the manufacturers and laborers in England.
Science has revolutionized communication, and the devices of moderh
industry have made the area of enterprise and accomplishment worldwide. Our whole social and industrial system has tremendously expanded.
By enlarging the commercial world, and weaving it into an economic
whole, the forces of progress have lowered the cost of production and
facilitated distribution; thus they have widened the avenues of opportunity,
enlarged the total of human conveniences and comforts, and added to
human happiness. With the doubling and trebling of the average output
of each worker the total of human possessions and the number of articles
of common use and enjoyment have multiplied until, as someone has
said, "There has been created such a vast increase of articles'of common
use that they have been pressed into more and more homes by the very
economy of production which followed their enlarged production."
Butfrom an economic angle we must not overlook the fact that in making
over our system of industry and commerce, we have also made over the
relationship of the human family. Where under the old order people
prospered or suffered individually, now they prosper or suffer together.
No community is any longer sufficient unto itself. No community is
any longer apart from the world. Each is a portion of a whole, and there
can be no upheaval in one group without it being transmitted, in the
long run, with more or less severity to every other group. In the complexities of our civillzation, the need for markets has grown with the growth
of output. Mass production is the system upon which modern life has
come to be based. With mass production has come mass distribution,
and commerce is now a vital element of prosperity. A million freight cars
are loaded in the United States in a single week for the distribution of
American goods; thousands of motor trucks on every highway; scores of
steamers leave our ports daily for the same purpose.
Capital, enterprise, organization and commerce having brought the
human family closely together, it must be clear that if the people of this
country all together are to go on producing enormous qnuatities of goods
quantities, that is, which are beyond their own immediate necessities and
the sale of which will contribute to their prosperity-eontinuing equilibrium
between the rate of output in established lines of production, and the rate
of distribution, will have to be seen. Mass production of steel in Pennsylvania, of shoes in Massachusetts, of automobiles in Michigan, of coPPer
In Montana, or cotton in Texas, of hogs in Iowa and of wheat in Kansas,
and the prosperity of those places, depend in the long run upon a wide
distribution of steel, shoes, automobiles, copper, cotton, hogs and wheat.
A wide distribution of those things depends, in turn, on a balanced prosperity, not alone of our urban communities, but of our agricultural sections,
and of foreign countries as well.
Time will show just how far we shall continue to be dependent upon the
markets of the outside world which between July 1 1913 and July 1 1923,
a period of ten years, took in excess of $50,000,000,000 of merchandise of
American production. If events abroad shape themselves toward a crisis
and threaten further to diminish our outward movement of goods, there
will be need to consider the possibility of growing competition in order to
sell at home the goods for which a foreign outlet is blocked. Despite all
the statements which have been made about the United States being wholly
self-contained, there are still those who believe that if we are obliged to
depend upon home markets to absorb what is produced at home,competition
will grow in intensity as time goes on, the proposition becoming an increasingly difficult one. Rightly or wrongly, these people believe that our
producing capacity is still much in excess of our domestic requirements.
"Necessity Buying" the Chief Feature of the Steel
Market
-Pig Iron Price Continues to Decline.
Some expansion in automobile manufacture, sustained
structural steel activity and, for Japan, buying and definite
inquiries, stand out in an otherwise featureless steel market,
while in pig iron the story is one of scattered sales at prices
50c. and $1 below those of a week ago, says the "Iron Age"
of this city for Oct. 25 in its regular weekly summary of
conditions in the market, and then proceeds as follows:
In bookings of finished steel the rate so far in October approaches 10%
better than for the same period in September. Mills devoted to one or
two products have not done uniformly so well, orders with some plate
makers not exceeding 30% of capacity.
An improved stale of buying appears to wait on a flow of railroad equipment inquiries, which are expected to gather in volume in December.
Meanwhile necessity purchasing describes the present and immediate outlook. Taking 60 to 65% of capacity, new orders and specifications on
contracts are neither large enough to indicate that price cutting would
bring an increase nor small enough to allow buyers to cease watchfulness
for the upward turn.
The Pennsylvania }M.'s distribution of rail purchases is expected hourly
at this writing, yet two roads in the West have asked for suspensions on
old orders, one for 10,000 tons and the other for 60.000 tons, possibly for
financial reasons. The Missouri
-Kansas-Texas placed 18,750 tons with
the Steel Corporation, 10.000 tons to be rolled by the Illinois company and
the remainder in Alabama. Three roads have asked for 70,000 kegs of
spikes, 30,000 kegs of bolts and 18,000 tons of tie plates.
1828
[VOL. 117.
THE CHRONICLE
Japan's purchases have included 1,300 tons of light rails. 11,000 tons of
black sheets, several thousand tons of pipe and 800 tons of structural
material, and that country is actively inquiring for upward of 25,000 tons
ofsheets and a round tonnage oflight and standard rails. England's sold-up
condition in sheets is requiring Japan's taking No. 28 and No. 38 gauge in
place of the lighter sheets desired.
A Cleveland mill sold 8.000 tons of shoot bars on account of the Japanese
orders and has reserved 40,000 tons for the first quarter, subject to prices
prevailing at time of shipment.
Supplementing 6,100 tons bought for October and November. WillysOverland has closed for 1,600 tons additional steel bars for early shipment.
A Cleveland maker of automobile parts wants 1,000 tons of molybdenum
and 1,000 tons of carbon spring steel. Detroit reports indicate automobile
manufacturing clos3 to capacity.
Among fabricated steel inquiries are some 6,000 tons of bridge work,
the largest in sometime,and 10.000 tons for apartment houses in New York.
Awards call for upward of 11,000 tons. September's bookings at 132,500
tons were substantially the average Of the preceding three months.
The Canadian National Rys. has placed two car ferries at Toledo, requiring 5,200 tons of steel.
Strip steel continues weak, with quotations ranging from 2.85c. to 3c.
and as low as 2.75c. for widths in competition with blue annealed sheets,
tight plates and skelp.
Price irragularities mark rerolled light rails, which are obtainable as low
as 1.80c., and spikes, which have sold at 3.10c. A quotation of 3.70c.
has appeared in black sheets.
Hope of pig iron sellers of being able to stop the downward trend of prices
l]as rested on decrease of production and a number of merchant furnaces
lhave either been blown out or will soon be put on the idle list. Whether
this curtailment of operations will proceed rapidly enough to stop further
price declines is not certain. Only five merchant stacks are now in blast
in the Pittsburgh and Valley districts. Price recessions continue. At
Pittsburgh basic and foundry grades have been marked down $1, while
prices in nearly all other centres have been reduced from 50c. to $1. Canadian iron is increasingly prominent. It lain active competition with United
States furnaces in Michigan and has been sold not far distant from Chicago.
Large inquiries have encouraged cast-iron pipe makers.
Prices of old material are very weak and reductions ranging from 50c.
to $3 have been made, particularly in the Pittsburgh and Philadelphia
districts.
The recessions in pig iron, both Valley basic and at Philadelphia, have
reduced the "Iron Age" composite price to $22 96 from $23 54 last week.
This is the lowest figure since early May of 1922.
No change having occurred in the "Iron Age" finished steel composite
price, it remains at the 2.775c. per lb. established three months ago. Last
year at this time it was 2.467c. per lb.
The "Iron Ago" composite price table is as follows:
In these orders sheets predominate. One Ohio independent maker has
recently taken 15,000 tons and another in the same territory is credited
with a larger amount. An Eastern mill took 5,000 tons -of 11,000 tons
placed this week. Another lot of 30,000 tons of 30-gauge and heavier is
expected to be distributed this week. Presumably this is against the outstanding Japanese inquiry recently referred to on several occasions and
now understood to call for 30,000 tons of black, 30,000 tons of galvanized
and 3,500 tons of corrugated sheets as well as for 3,000 kegs of nails. Another
new inquiry calls for 2,200 tons of structural shapes. Japanese interests
also have bought 10,000 tons of sheet bars of a northern Ohio mill for conversion in this country.
Bituminous Coal Production Continues Heavy and
Anthracite Production Back to Normal.
According to figures compiled by the U. S. Geological Survey, the output of bituminous is proceeding on the same large
scale as heretofore, subject only to minor variations from
week to week. For the week ended Oct. 13 the amount of
bituminous mined increased by M000 net tons as compared
with the week preceding, while the production of anthracite
decreased 6,000 net tons. The details as stated by the
Survey follow:
Production of soft coal remained practically unchanged during the second
week of October. The total output,including mine fuel, local sales and coal
coked at the mines, is now estimated at 10,771.000 net tons, an increase of
71,000 tons over the revised figure for the week preceding.
Early reports of car loadings for the first three days of the present week
(Oct. 15-20) indicate an appreciable decrease in production, and it seems
probable that the total will be between 10.400.000 and 10,600,000 tons.
Estimated United States Production of Bituminous Coal (in Net Tons),
Including Coal Coked.
1922
1923
Cal. Year
Cal. Year
Week.
to Date.
Week.
to Date.
Sept. 29
11.347.000 413.474.000
9,822,000 271.015,000
Daily average
1,891.000
1,798,000
1,637,000
1,174,000
Oct. 6a
10,700,000 424.174,000
9,736,000 280,751,000
Daily average
1,186,000
1,795,000
1,823,000
1.783,000
Oct. 13b
10,771,000 434,945,000
10,110,000 290,861,000
Daily average
1,198,000
1,795,000
1,685,000
1,795,000
a Revised since last report.
b Subject to revision.
Production during the first 242 working days of 1923 was 434,945,000
net tons. During the corresponding period of the six preceding years it
was as rollows:
Years of Activity.
Years of Depression.
433,822,000 net tons 1919
375,482,000 net tons
1917
486,705,000 net tons 1921
321,306,000 net tons
1918
431.504,000 net tons 1922
290,861,000 net tons
1920
Composite Price Oct.23 1923,Finished Steel, 2.775e. per Lb.
2.775c.
Based on prices of steel bars, beams, tank Oct. 16 1923
2.775c.
plates, plain wire,open-hearth rails, black Sept. 25 1923
2.4670.
pipe and black sheets, constituting 88% Oct. 24 1922
10-yearpre-waravorage,1.689c.
of the United States output
ANTHRACITE.
Composite Price Oct. 23 1923, Pig Iron, $22 98 per Gross Ton.
Anthracite production continues at a rate Just above the 2,000,000-ton
Based on average of basic and foundry Oct. 16 1923
$23 54
irons, the basic being Valley quotation, Sept. 25 1923
24 38 mark. The total output in the week ended Oct. 13, including mine fuel,
the foundry an average of Chicago,Phila- Oct. 24 1922
30 02 local sales and the product of dredges and washeries, is estimated at 2,009,delphia and Birmingham
10
-year pre-war average, 15 72 000 net tons. This was a decrease of 6,000 tons. A local strike at the
The "Iron Trade Review" of Cleveland in its isrmo of mines of one of the largest producers was responsible for the failure to reach
Oct. 25 expresses closely similar views regarding conditions the record of the week preceding.
Estimated United States Production of Anthracite (in Net Tons).
in the iron and steel industry, saying that conservatism still
1923
1922
Cal. Year
Cal. Year
predominates in buying against future needs generally,
to Date.
Week.
to Date.
Week.
Period ended"making the improvement of the steel market very gradual." Sept. 29
2,025,000 71,264,000
1,982,000 28,673,000
Oct. 8
2,015,000 73,289,000
1.994,000 30.667.000
The Cleveland publication summarizes the situation in Oct. 13
2,000,000 75,298,000
2,112,000 32,779,000
these words:
Much dependence for a substantial revival of the steel market in the near
future still is placed in the railroads. A growing number of negotiations
for cars, locomotives, rails, bridges, track material and miscellaneous steel
from this source are going forward and the prospects for large orders being
placed soon are good. Building activity is more promising than was anticipated at this season. Demands in some other lines show a tendency to
expand.
Mill order books still are shrinking as consumers continue to draw on
the mills in large volume but refrain from placing replenishing tonnage very
far ahead. Production shows little change from recent levels. The
Carnegie Steel Co. is operating at 89% of ingot capacity, Illinois Steel Co.
9134% and independents at 70 to 75%.
Pig iron is responsible for the continuing decline in "Iron Trade Review"
composite of fourteen leading iron and steel products. The average this
week is down to $43 70 compared with $43 90 last week and $44 06 two
weeks ago.
New vessel construction is demanding a considerable tonnage of steel.
About 7,000 tons will be required for two vessels placed by the Old Dominion
Line and 5,000 tons for two car ferries for the Canadian National Rys.
awarded a Toledo yard. Other new work is being negotiated on the Lakes.
To the largo inquiries for cars, some of them negotiated quietly, has been
added the definite request for 13,500 cars for the Union Pacific RR. This
makes at least 25,000 to 30,000 cars in an active state. The Great Northern
and the Northern Pacific are about to issue inquiries, but the large lot expected from the Southern Pacific is yet to appear. The Chicago & Alton
has placed 600 cars and car bodies. Heavy locomotive orders also remain
in prospect. Track material requests are heavy, 70,000 kegs of spikes,
30,000 kegs of bolts and 18,000 tons of tie plates being up at Chicago.
The Louisville & Nashville placed 14,000 kegs of spikes. The Missouri
Kansas & Texas has distributed 18.750 tons of rails. The Reading order
calls for 35,000 tons instead of 20.000 tons as reported last week.
New steel demands for buildings are growing heavier. Present inquiries
at New York are estimated 50,000 tons, which is the largest total of any
one time since last spring. Principal inquiries include 8,000 tons for a
power house and 4.400 tons for rapid transit construction. Bids are asked
on 15,000 tons for extensions of the Fcrd Motor Co. plant, Detroit. This
proves to be for the enlargement of the foundry plant rather than for a
steel works and finishing mills as previously reported. The latter still is
in contemplation. New bids have gone in on 10,000 tons for a Ford
assembling plant at St. Paul. Building awards reported this week total
10,642 tons and new inquiries 35,745 tons.
Several additional merchant furnaces are being put out, particularly in
the East, in a further effort to balance pig iron production with shipments.
At present stocks in makers' hands still are accumulating, though more
slowly. Reported negotiations by the American Radiator Co. for 25,000
to 50,000 tons for various plants is an interesting development in a continuing weak market. Valley Iron has sold at $22 50. Reconstruction needs
of Japan now are furnishing each week a large tonnage of new business.
Production of Anthracite in September.
Estimates based on the final returns of anthracite shipments in September place the total output at 2,917,000 net tons, thus establishing a new
low record for that month. This was 5,951,000 tons less than production
in August, a decrease that may be attributed to the 3-weeks' strike of anthracite miners. The table below, which gives statistics for the month of
September during. the last 10 years. shows that production in the month
Just past was a8% loss than the previous low record, set in 1920.
Despite the loss of production during the strike, however, the cumulative
output during the first nine months of 1923 compares favorably with that
in years of large production. The total output up to Sept. 30 stood at
71,274.000 tons, excoeding the figure for any similar period except in 1917
and 1918. In those years production at washeries was at high rate under
the stimulus of wartime demand for steam sizes.
Production of Anthracite in September, and Cumulative Production in Firs'
•
Nine Months of the Last Ten Years (Net Tons).
Total
SeptemTotal
Septem-.
ber.
.
Jan. 1-Sept 30
Year.
Jan. 1-Sept. 30 Year.
.
ber.
86,536,000 1919
7,494.000
8.301,000
63,488,000
1914
63,658,000 1920
4,691.000
7,423.000
65,520,000
1915
7,208,000
64.901,000 1921
7,385.000
69,302,000
1916
74.816.000 1922
5,075,000
1917 a
8,230,000
28,349,000
8,038.000
76,522,000 1923
2,917,000
1918 a
71,274,000
a Years of very large washery production.
BEEHIVE COKE.
The trend of coke production continues stormily downward. The tota
output in the week ended Oct. 13 is now estimated at 284,000 net tons,
against 312,000 tons the week before. The principal factor contriouting
to the decline was a decrease of 28,000 tons in Pennsylvania and Ohio.
Production in the Connellsville region, as reported by the Connellsville
"Courier," decreased from 220,490 to 207,840 tons. The "Courier"further
states that there was a reduction of 1,381 in the number of active ovens.
Cumulative production during 1923 to date stands at 15,099,000 net
tons. In comparison with the average for 1921-22, this was an increase of
220%,and it is but 7% behind 1919-20, when coke production was large.
Estimated Production of Beehive Coke (Net Tons).
-Week Ended
Oct. 13
Oct. 6
Oct. 14
1923
to Date.
1923.b
1922.
1923.a
Penna. and Ohio
225,000 253.000 140,000 12,192,000
West Virginia
16.000
14,000
15.000
877.000
Ala..Ky.,Tenn. & Ga. 21,000
20,000
11.000
886.000
Virginia
13.000
9,000
12,000
614,000
Colo. & New Mexico_ 6,000
6,000
6,000
308,000
Washington & Utah
4,000
5.000
5.000
202.000
1922
to Date.
3,912,000
321,000
349,000
242,000
165,000
155,000
United States total_ _:284.000 312,000
Daily average
47,000
52,000
5,144,000
21,000
185,000
31,000
15,099,000
61,000
a Subject to revislon.Ib Revised from last report.'
OCT. 27 1923.]
THE CHRONICLE
Slow Demand the Outstanding Feature of Coal Market
—Views of the Trade Journals.
Little change in market activities is noted by the "Coal
Trade Journal" in its review of conditions in the trade ill
general. Its remarks in substance follow:
The third week in October was a good one for the pessimists in the
bituminous coal trade. The Eastern spot market is a thing of unrelieved
gloom and Western markets are doing a continuous somersault. One
week it is prepared coal that rides on top; the next, steam grades.
Where the optimists score is in the fact that production has been so
long sustained at a weekly rate that a few years back would have occasioned great rejoicing.
Although there was a gain of one cent in the straight average maximum
prices for the week, the general tendency was downward. Compared
with quotations for the week ended Oct. 13, changes were shown in 50.7%
of the figures. Of these changes 62.2% represented reductions ranging
from five to 50 cents and averaging 18.4 cents per ton. The advances
ranged rom five to 25 cents and averaged 14.3 cents. The straight
average minimum for the week dropped four cents to $1 82; the average
maximum was $2 26. A year ago the averages were $3 68 and $4 23.
respectively.
Considering the cumulative totals already set up, Lake cargo dumpings
of bituminous coal hold up remarkably well. During the week ended
at 7 a. m. Oct. 15, the total was 817,044 tons, while the total for the season
was over 4,000,000 tons ahead of 1921. During the week ended last
Saturday the docks at the Head of the Lakes unloaded 32 cargoes, containing approximately 308,000 tons. Commercial stocks on hand at
Superior and Duluth approximate 3,800,000 tons. Tidewater trade, on
the other hand, is particularly weak. Weekly dumpings at Hampton
Roads are 30,000 to 40,000 tons below the yearly average and prices on
low-volatile coal have sunk to the lowest levels since the war.
Although there has been no let-up in anthracite demand, the first indications of greater discrimination as between the different domestic sizes
is noticed. This is taken as a sign that the danger point in supply has
passed. Indeed, in some of the Western markets interest in hard coal
is light. The steam sizes continue in oversupply and all sorts of prices
are made for steam offerings. Beehive coke is still weak, as curtailment
in production has not yet overtaken curtailment in demand.
Practically the same views are expressed by the "Coal
Age"in its survey of market conditions issued Oct. 25. The
report in part follows:
The soft-coal market continues to show practically the same conditions
that have prevailed for several weeks. Demand continues slow. Steam
coals are moving slowly, while domestic coals show a slightly better demand
in some parts. The railroads are reported by the American Railway
Association to hold 17,663,448 tons of bituminous coal, of which 15,605.415
tons is in stockpiles and 2,058,033 tons is in cars. This total compares
with 16,365,693 tons in reserve on Sept. 1 and 6,756,886 tons on Jan. 1.
Spot prices in some districts show a slight advance but these are almost
offset by declines in others.
"Coal Age" index, for the first time in seven weeks, shows an advance,
registering 186 on Oct. 22, an increaes of one point from the previous
week, with an average price of $2 25. Increases in southern Illinois,
Springfield, Standard and Kanawha coals were practically offset by
declines in eastern and western Kentucky, Clearfield, Cambria, Somerset
and Pocahontas fields.
Market dullness is reported in nearly all sections. Consumers are
reluctant to buy, as they are well stocked. A slight movement in spot
buying is reported from the Middle West, particularly for domestic coals,
due to slightly lower temperatures, while domestic business in St. Louis
is tied up because of mild weather, and there is no demand for anthracite,
coke or smokeless coal. The Kentucky markets are in bad shape, while
the situation in the Northwest is not at all satisfactory.
The Ohio markets are quiet, with no change reported from the Pittsburgh field. Dullness in the textile industry, with heavy reserve stocks
of coal on hand, continue to dominate the New England situation. Prices
are at low levels. Domestic coals continue in heavy demand, while steam
coals move slowly.
All-rail shipments of bituminous coal into New England during the
period April 7
-Sept. 29 amounted to 111,497 cars, according to a survey
of the coal industry issued by F. R. Wadleigh, Chief Coal Division, Department of Commerce. During the corresponding periods of 1922 and
-rail
1921 the shipments were 28,601 and 73.100 cars, respectively. All
shipments of anthracite into the same territory during the same period
were 83,273 cars in 1923, 17,801 cars in 1922 and 82,081 cars in 1921.
During the five months April-August, bituminous coal dumped into
vessels at North Atlantic ports destined for New England amounted to
5.192,036 tons.
Export demand is slow and the outlook is not encouraging; the German
situation is being watched closely. Dumpings at Hampton Roads for
all accounts during the week ended Oct. 18 amounted to 274.855 net tons,
as compared with 339,332 net tons the previous week, a decrease of
64,477 tons.
1829
The year has seen the progressive disintegration of German public finance,
the acute tension created by the occupation of the Ruhr, critical episodes in
the diplomatic relations of France and England, revolutions in Italy and
Spain, grave complications involving Turkey and Greece and the western
powers, the progressive piling up of public debt among the
Continental belligerents in Europe, revolution and counter-revolution In
Bulgaria, agricultural depression in many parts of South America, growing
financial tension in Portugal and Brazil, threatened war between Italy and
Greece, tension between Italy and Jugoslavia, and finally an earthquake of
unprecedented violence and destructiveness in Japan.
The political and economic worlds are obviously in unstable equilibrium.
Movement and counter movement take place and obviously must continue to
take place before a stable equilibrium, political or economic, can be restored. In the midst of these disturbances, however, the giving and taking
of credits in the United States continues, functioning smoothly and effeelively on the whole, with the general position impregnably strong and with
few mistakes of considerable magnitude even in matters of detail. Business
gees on. Debts are created and debts are liquidated. The ebb and flow of
funds moves with approximate normality as the seasons change and as the
activity of industry waxes or wanes.
All of this is, I submit, an extraordinary achievement on the part of
American bankers and American business men. It is an achievement and not
an accident. It is, moreover, an achievement, not of a few great leaders
blindly followed by the rest, but rather is due to the activity of a multitude
of intelligent men carefully planning their individual projects, carefully
watching matters of detail. The rate policy of our central financial authorities in/the Federal Reserve System has not been calculated to restrain
the granting of credits or to compel economy in the use of credits. Rather
Federal Reserve rediscount rates have been kept below market rates, creating
a situation which invites banks to borrow to re-lend at a profit, and makes
easy an undue expansion of credit. The success of our credit policy has been
due primarily to the forbearance and prudence of our individual bankers, to
the skill of our credit men, and to the sagacity and prudence of our merchants, manufacturers and other borrowers.
The great essential in credit and business policy in a period of unstable
equilibrium is to be found in the word "liquidity." Safety is to be found
in maintaining an unusual margin of capital and, above all, in
an unusual margin of liquid capital.
Sound policy involves the
conservation of profits, the paying out of dividends in an unusually moderate way, and the making of unusual additions to surplus out of profits.
It involves limiting commitments, carrying moderate inventory, producing.
for the market rather than producing for stock.
If greater caution were all, however, we should not have had the business'
activity which the past year has witnessed. With the greater caution, there
Is also greater courage. It is not the courage of blind optimism. It is nor
the courage of ignorant folly. It is rather the courage of the prudent man*
who knows that he has taken precautions, who has measured the dangers oft
his course, and who believes that the precautions which he has taken are sawficient to justify him in going ahead. Business is going on and must go off.
There is work to be done, and there are profits to be made. The experiences
of the past nine years have not been lost upon American business men. As
never before, business men and bankers are pondering their problems. They
are seeing the relation of their individual businesses to other businesses and
to the general world situation. They are studying the network of national
and international relations and of relations among the industries as never
before. Out of their knowledge comes caution, but out of it also comes
courage.
The pre-war world was sensitive to minor happenings which move us
scarcely at all. The London money market and the New York and London
stock exchanges used to respond to rumors of disturbances in Persia or China
which they will ignore entirely to-day. Events to-day which might affect
the prices of A particular set of bonds would, ten years ago, have demoralized
the whole stock and bond list. We are much more proof against psychological contagion and sudden panic than we used to be.
Failure of Zeeman & Grossman Brothers,
Clothing Manufacturers.
The affairs of Zeeman & Grossman Bros., one of the larger
manufacturers of men's ,clothing in the New York market,
have recently been placed in the hands of a receiver, following the institution of involuntary bankruptcy proceedings..
Samuel Leidesdorf, auditor, was appointed receiver by the
U. S. District Court. Liabilities of Zeeman & Grossman'
Bros., when the petition in bankruptcy was filed, were estimated at about $650,000, of which $200,000 was said to bedue to various banks. The remaining $450,000 was due to
creditors for merchandise, it is stated. With regard to the
continuation or sale of the business no decision has as yet
been made. This is the second large failure in the wearing:
apparel trades of New York recently, the business of J. M.
Business and
Benjamin M. Anderson, Jr., on
Gidding also having been placed in the hands of a receiver,
Underlying Factors.
A discussion of "Business—Underlying Factors,' by Ben- as previously noted in these columns.
jamin M. Anderson, Jr., Ph.D., Economist of the Chase National Bank of New York, was entered into before the Boston
Activity in the Cotton Spinning Industry for
Chamber of Commerce at the Copley Plaza Hotel on Oct. 18.
September 1923.
Declaring that "business men and bankers in the United
The Department of Commerce announced on Oct. 20
States have steered an amazingly skillful course since the that,
according to preliminary figures compiled by the
crisis of 1920, Mr. Anderson said:
Bureau of the Census, there were 37,491,706 cotton spinning
During the past year, achievements have been particularly noteworthy.
We have had an intense boom and a sharp reaction without anything that spindles in place in the United States on Sept. 30 1923, of
even suggested credit disturbance, and we are now in the midst of a cautious which 33,929,885 were operated at some time during the
fall revival. We have gone through a year in which disturbing events of the month, compared
with 33,708,667 for August, 34,237,887
first magnitude have occurred in many foreign countries, without even a
momentary credit shock. On Bradstreet's index number, the general average for July, 34,843,421 for June, 35,390,137 for May,35,515,791
of prices rose 15% from August 1922 to April of 1923, falling 8% in the for April 1923, and 33,316,444 for September 1922. The
four months that followed. Various individual commodities have had much aggregate number of
active spindle hours reported for the
sharper price fluctuations. Wheat, for example, rose from 97%c. in August of 1922 to $1 28% in December, declined sharply, and rose again to month was 7,482,060,995. During September the normal
$1 274 in April of 1923, falling again to 96c. in July 1923. Copper rose time of operation was 24% days (allowance being made for
/
2
from under 13c. in March of 1922 to 171c. in the spring of 1923, faAing the observance of Labor
Day in some localities), compared
agaih to slightly under 13c. in October of 1923. There have been extreme
fluctuations in the price of cotton. Other commodities have had marked with 27 for August, 25 for July, 26 for June, 263 days for
vicissitudes, both in price and in production.
May, 24 2-3 days for April, and 27 for March. Based on
1830
THE CHRONICLE
an activity of 8.74 hours per day, the average number of
spindles operated during September was 34,941,676, or at
93.2% capacity on a single shift basis. This number cornstared with an average of 32,075,013 for August, 32,657,966
for July, 36,897,371 for June, 40,192,970 for May,40,759,979
_for April, 40,389,029 for March, and 34,911,360 for September 1922. The average number of active spindle hours per
.spindle in place for the month was 200. The total number
.of cotton spinning spindles in place, the number active, the
mumber of active spindle-hours and the average spindle hours
per spindle in place by States, are shown in the following
statement:
Spinning
Spindles.
Stale.
In Place
Sept. 30.
Active
During
September.
Active Spindle Hours
far September.
Total.
Avg. per
Spindle
inPlace.
United States
37,491,706
33,929,88.5
7,482,060,995
200
Cotton-growing States
All Other States
16,560,409
20,931,297
16,011,049
17,918,836
4,397,323,767
3,084,737,228
266
147
Alabama
Connecticut
Georgia
Maine
Massachusetts
New Hampshire
New Jersey
New York
North Carolina
Pennsylvania
Rhode Island
South Carolina
Tennessee
Virginia
All Other States
1,254,734
1,328,756
1,258,694
1,342,692
2,591,269
2,692,175
1,077,028
1,110,928
11,956,406
9,960,242
1.147,910
1,449,700
446,882
400,771
1,039,914
889,848
5,390,915
5,598,257
205,521 . 155,952
2,633,558
2,871,702
5,039,484
5,136.927
424,447
431,068
651,638
678,082
1.053,385
1,165.696
325,687,990
233,771,223
678,363,396
188,348,675
1,616,973,454
186,858,809
67,668.438
173,941,282
1,534,384,049
29,171,561
514,870,358
1,425,690.061
98,121,631
158,931,941
249,278,127
245
174
252
165
135
129
151
167
274
142
179
278
224
234
214
Chicago
Clothing Market January 1.
What is regarded as one of the most unique contracts ever
entered into between employers and employees in American
Industry and said to be the first of its kind ever drawn up
between a union and a manufacturers' association has recently been signed in the Chicago men's clothing market, the
contract providing unemployment insurance for about 35,000
workers. The agreement, entered into between the Amalgamated Clothing Workers of America and the Chicago manufacturers, will come into effect Jan. 1 1924. The Unemployment Insurance Ftmd, as it is called, was organized last
May, and the contract signed recently. Under the plan the
unemployment fund is raised by joint contributions from
members of the unions and employers. Under the insurance
fund the employees each week pay 11 f% of their earnings
,
into the fund and the employers contribute an equal amount.
The money is paid to a board of trustees, which administers
the fund. The board consists of seven members, three manufacturers, three employees and # chairman designated by
both. The present Chairman is Professor John R. Commons
of the University of Wisconsin. Contributing employees entitled to unemployment benefits will receive such benefits at
the rate of 40% of the average full time weekly wage, but In
no case in excess of $20 for each full week of unemployment.
The agreement further provides that:
Unemployment Insurance Goes into Effect in
In no case shall a contributing employee of the union receive more than
an amount equal to five full weekly benefits in a single year. always provided
however, that there shall be no benefit payment made hereurder unless
there are moneys in the fund available for the purpose.
rp It Is agreed that benefits shall be paid only for such involuntary unemployment as results from lack of work, and that no benefit shall be paid
to an employee who voluntarily leaves his employment or to an employee
who is discharged for cause or who declines to accept suitable employment.
It is agreed that no benefits shall be paid or distributed for unemployment
that directly or indirectly results from strikes or stoppages or any cessation
of work, in violation of the trade agreement now in force between the
manufacturer and the union; nor shall any benefits at any time be paid or
distributed to employees who at the time are engaged in strikes or stoppages
orlwho have ceased work in violation of said trade agreement.
IP A contributing employee who has voluntarily interrupted the regularity
of the payment of his contributions shall not receive benefit out of the fund
in excess of one full weekly benefit for every ten full weekly contributions
in a single year.
In complete unemployment the contributing employee shall promptly
register with the employment exchange, and such unemployment shall be
deemed to begin on the date of such registration.
D. R.ICrissinger, of Federal Reserve Board, Presents
Optimistic View of Business.
In an address entitled "An Optimist's Birdseye View of
Business Conditions and Prospects," D. R. Crissinger, Governor of the Federal Reserve Board, undertook briefly "to suggest why, in a broad and liberal survey of the political state
of mankind, many reasons for hopefulness and even optimism may be discovered." The final analysis of the whole
matter," he said, "Is that the current year has been on the
whole a year of conservation and moderation in both business and politics." He added:
[VOL. 117.
The greatest difficulty about economic rehabilitation since the war has
been that the world has had to deal with its economic problems in an atmosphere surcharged with politics. Politics and economics have been inextricably mixed. In both business and the broad field of world relationships
we find disposition to caution, to moderation, to patience and reasonableness. This should be altogether gratifying. The situation may not be to
the liking of those extremists who believe things cannot begin to get better
until they have got very much worse. It may not be satisfactory to the opposite group, who believe that by this time we ought to be in the midst of
an economic millennium. But it does contain many elements—let me say, a
decided preponderance of the elements—of reassurance to the great majority
of people who do not expect and do not want either a millennium or a revolution.
Governor CrIssinger, whose address was delivered before
the Pennsylvania State Chamber of Commerce at Harrisburg on Oct. 18, also said in part:
The hard experiences, the grim realizations that have come to men in the
last five years, have not changed that underlying purpose to make this a more
livable world, to make our country a more lovable country, for the great
mass of the people. But these recent years have brought much of postponement and disappointment. Hope deferred maketh the heart sick. In these
five years of the struggle for restored peace, hope deferred has made the
heart of mankind cynical, dubious about the better day that was to come with
its to-morrow of peace.
Let us now inquire briefly whether there are not some justifications for
a more cheerful view of the situation. In an early period of the struggle to
restore peace and its real blessings, I recall reading somewhere a compilation of pessimism which set forth that the world, instead of having one big
war on its hands, had, I believe, 21 minor wars going on. We were assured,
therefore, that the peace was a mere fiction. It did indeed look so for a
time. But where are those 21 little wars to-day? Some of them, I guess, are
not yet entirely liquidated, but on the whole the world has made this much
progress: It has substituted something like an armed peace for pretty widespread war.
The Great War is ended.
The effort of Bolshevism to drive its way westward and subjugate Central
Europe has been thwarted.
The later effort of Bolshevism to annex Asia has likewise failed.
The fear of Russian communism spreading itself over Germany and becoming a new and greater menace to Western civilization, has been pretty thoroughtly dissipated.
Russia, by all accounts, is making progress on the way back to sanity.
Some people are even worrying lest Russia shall in the coming year resume
a considerable capacity for export of its staple products, and thus become
once more a competitor for the agricultural markets of the rest of the world.
But there is less fear in this regard than there would have been two or three
years ago, because there is ,now a well-established realization that your
neighbor's hard luck is not readily translatable into your own prosperity.
Almost everywhere there is increasing disposition to extend a helping hand
to both Germany and Russia, because there is realization that the world
needs both Germany and Russia, and needs them competent, capable, productive and prosperous.
All this is entirely to the good. All this is sign that the spiritual and
mental attitude of men is gradually becoming one of real invitation to permanent peace.
It will be worth while to consider some of the evidences that society is
not, after all, bent on committing suicide.
The German republic still lives, and has demonstrated its capacity to maintain itself under most distressing conditions.
The threat of a Bolshevik revolution in Italy, concerning which at once
time we heard a great deal, has not been realized.
The public opinion of the world has demonstrated itself powerful enough
to intervene successfully and prevent a contest between Italy and Greece.
The fearfully inhuman struggle between Greece and Turkey has been
brought to an end.
Ireland has achieved real self-government, with the Dominion status in the
British commonwealth of nations, and peace has been restored on terms which
seem to promise permanence.
Of all the problems which distintegration presented in Central Europe for
a long time after the armistice, the state of Austria seemed at once the most
• distressing and the most hopeless. To-day we point to Austria as our best
exhibit in support of the view that the wiil to peace, to restoration, to rehabilitation, is capable of accomplishing the seemingly impossible.
Austria has been put on its feet and given a chance, chiefly by the cooperation of those who were its enemies. To-day instead of being a testimony to the destructiveness and unworkableness of the peace, Austria is held
up as a cheering demonstration that none of the wreaks of the war are beyond the possibility of salvage.
If we will turn to political concerns immediately involving our own country, our thought must immediately centre upon Japan and Mexico. The
Washington conference put an end to the dangerous and long-continued friction between the United States and Japan. Three years ago there was a
,
good deal of evidence that Japan and America were drifting toward conflict.
Thanks to good sense and intelligent statesmanship on both sides, thanks to
that generous co-operation among nations which made the Washington Conference successful, the menace of conflict in the Pacific has been removed.
To-day we see in the Pacific a maritime mobilization, not of fleets and
arms bent upon destruction, but rather of the argosies of mercy, devoting
themselves to one of the greatest works of benevolence and humanity that
has ever been inspired by the contemplatidn of a supreme disaster.
I submit that if we will look on these brighter aspects of the world panorama as it has been unfolding before us, we will have to recognize that it
demands a good deal of perversity to remain at all times an unqualified
pessimist.
I mentioned Mexico a moment ago as a problem which, fraught with menace, was of especial concern to our own country. We are entitled to view
the present Mexican situation with particular satisfaction because it demonstrates that patience and forbearance in trying circumstances will bear good
fruit. There have been patience and forbearance on both sides. Beyond
that, there have been gratifying evidences that the Mexican people are determined to lift themselves up by their own efforts to a better estate in the
world. There is to-day a better outlook for a mutually helpful co-operation
between the American and the Mexican peoples than at any time since 1911.
Mexico is one of the world's storehouses of natural wealth and opportunity.
It has needed capital, guidance, political stability and a fixed purpose of
bettering its position as a nation in the world and as a people in their own
country. We cannot reasonably question that in these directions it has recently kften making great progress, which we are justified in hoping mai be
reasonably permanent.
I have attempted briefly to suggest why, in a broad and liberal survey of
the political state of mankind, many reasons for hopefulness and even op-
OCT.27 1923.]
THE CHRONICLE
1831
and intimiam may be discovered. Let me turn now to the economic side,
Dissolution of Cement Combine Ordered by Federal
quire whether there are any cheerful reflections from our political mirror.
Court.
Here, as in the realm of politics, we find grounds for cheerfulness, even if
not a uniformly gratifying condition. Great Britian approaches the winter
Under a decree issued on Oct. 23 by Judge John C. Knox
with no pleasant vision of its prospects. Unemployment is very great. The In the United States District Court, this city, the dissolution
burden of taxation is onerous just in proportion to British determination that
main- of the Cement Manufacturers' Protective Association, comevery national commitment shall be executed and the national credit
tained.
prising the Atlas Portland Cement Co. and 18 other corporaEspecially is British agriculture in a state of profound depression; and I tions enagged in the production of cement, is ordered. The
think if we will examine agricultural conditions in Great Britain and in
held to be a combination in restraint of
our own country, we will be impressed that the agricultural troubles of dif- association was
ferent countries in this after-war epoch are curiously alike.
trade under the provisions of the anti-trust law. The folThe other day my eye lighted on a paragraph in a newspaper, telling of lowing regarding the proceedings and the conclusions of
some resolutions of the Farmers' Union. They set forth that, "Failing large
the New York "Times" of Oct.
further measures of State assistance, the farmers will be compelled to put Judge Knox are taken from
their industry on an economic basis, by letting much land go to waste al- 24:
violators of the
together . . . and, generally, to reduce our commitments, to reduce marIt was another victory for the Government in its war on
ginal costs by diminishing production, and to divert remaining commitments Sherman law and was one of the results of the Lockwood Committee inquiry.
States District Atto the most profitable channels."
The proceedings were begun in July 1921, when United
One was a
It sounded so entirely descriptive of agricultural conditions in this coun- torney Hayward instituted two actions against the association.
and
try that I was a little startled to discover later that the quotation was from criminal action, which involved all of the members of the association
Union of Great 44 individuals, and the other was an action in equity which sought the disa set of resolutions adopted by the National Farmers'
Britain, and not from a pronouncement of the Farmers' Union of the United solution of the alleged illegal combine.
jury and
States
The trial of the criminal case resulted in a disagreement of the
crimCertainly it is suggestive that in England, which produces only a small it was later agreed that in the civil action the testimony taken in the
the disposal
proportion of its food requirements, agriculture is thus described in pre- inal trial should be accepted as the total amount of evidence at
in the United States, a of the Government. Argument was heard about a year ago, but the decision
cisely the terms that might be applied to its troubles
surplus-producing and exporting country whose great difficulty is the col- was delayed because of the illness of Judge Knox. Colonel Hayward and
that
lapse of the foreign market for the surplus.
David A. L'Esperance, a special assistant to the Attorney-General, said
On the point of unemployment in Great Britain, while the condition is an appeal from Judge Knox's opinion was unlikely because appeals in such
Court had
bad, there are some rays of light. Thus, there are high authorities for say- cases had fallen into disfavor since the United States Supreme
ing that while the number of unemployed is large, the number of the pro- declined in several important cases to reverse the lower courts.
ductively employed is probably as large as it ever was, and nearly as large
Charged Restraint of Trade.
as the industrial plant of the country can utilize. The explanation is that a
the
For the purpose of showing the importance of the cement industry
great army of Englishmen and Englishwomen were transferred during the
it entered into competition with
war from the non-producing to the producing class. There are more people Government stated in its complaint that
used in building enterprises
willing to work, and in need of work, than there ever were before. More lumber, steel, brick, stone and all other products
in the rural districts to the subways and
than any other country, England is dependent upon foreign markets, and a "from a small piece of sidewalk
a water trough to an oceanfrom
period in which it finds itself with a positive increase in its force of work- skyscraping office buildings in the cities;
prior
going vessel." Figures were presented showing that in the ten years
ers, coupled with a depressed foreign demand, is bound to be disastrous.
1880 the approximate quantity of Portland cement produced in the
Turning to the continent, I am assured by competent authorities that to
and that in the ten years prior to 1920
within the last few months unemployment has been on the whole steadily United States was 124,000 barrels,
countries, in Holland and in Italy. In Ger- the amount had grown to 864,247,719 barrels.
decreasing in the Scandinavian
To carry out its plan of controlling prices the Government alleged that
many, despite the utter demoralization of finance and money, and the depreswere formed in this city and in Chicago, Dallas,
sion in foreign trade, the people have to an amazing extent gone on work- sectional organizations
and Atlanta, and that through its extensive business intering, tilling their fields, erecting factories and office blocks, building new Kansas City, Mo.,
of 90%
ests the members of the parent association manufactured upward
houses, of which the need has been in many areas very great since the war.
in the northeastern section of the United States.
there is no unemployment, and there has of the quantity produced
In France, by universal reports,
At the meetings of members of the association, according to the Governbeen almost none at any time since the armistice.
complaint, an agreement "sacred to gentlemen" was openly advoBelgium is constantly described as the busiest and one of the most pros- ment's
of
cated, that higher prices were persistently advocated, that curtailment
perous countries in Europe.
production was freely and openly discussed and advocated, as well as withSwitzerland has had on the whole the best season, in 1923, since the war.
that uniform cost accounting systems
holding cement from the market; and
in respect of its vitally important tourist business.
frequently advocated and finally accomplished. What the Government
The disruption of the German money system seems to have gone as far as were
asked for and what the Court has granted was a decision that the defendants
it is possible, and along with the collapse of passive resistance in the Ruhr
in carrying out an unlawful combination and conspiracy in reand the prospects of resuming production there, measures have been initiated were engaged
straint of inter-State trade and commerce in Portland cement and that the
which look to the re-establishment of a money system bearing a calculable
Court "adjudge and decree the Cement Manufacturers' Protective Association
relationship to the gold standard.
the elements composing it, whether corporate or individual," to
Taking Europe as a whole, all reports indicate a highly satisfactory agri- and each of
instrumentality.
cultural yield for 1923. I know how hard it is to convince an American be an unlawful
Finds Competition Feeble.
farmer with an unmarketable surplus on his hands, that big crops in Eufollow
rope are going to help him. But I am one of those American farmers; and
The defendants contended that there was no formal agreement to
I dare say to the rest of them that in the long run the prosperity of Europe the practices of other manufacturers, but Judge Knox stated that such a reas a whole will be to their advantage. Once more let me say, that we will sult would follow and that "manufacturers do naturally follow their most
do better to take our chances in a world that is getting on well, rather than intelligent competitors if they know what these competitors have been doin a world that is starving for the need of our food surplus, but has nothing ing." Another part of Judge Knox's opinion reads:
with which to buy.
"I think that real competitive effort tended to become more and more
From the date of the Armistice, all the diagnosticians of Europe's troubles
feeble. That manufacturers by reason of the exchange of statistics, were
have insisted that what Europe most needed was to get back to producing.
equipped to regulate their production, and by common consent and a concert
Likewise, they have been insisting that what we most needed was to have of action, did so, to the end that the cement supply would at all times be a
Europe get back to producing and therefore to the ability to buy. Now, I lap or two behind the demand;and this created higher prices.
challenge the most enthusiastic pessimist to deny that Europe has made real
"In enabling this to be done the association, its officers and agents, toprogress to getting back to production in this year 1923. Europe's crops are gether with its membership materially limited the full and free operation
probably the best in any year since the war. There is reassuring indication of the contending forces of competition to which the public, under the Sherthat industrial production will be resumed in the Ruhr Basin, which means man law, is entitled, and unreasonably affected inter-State trade and comimmediately better conditions for both France and Germany. If the fortun- merce. The Government may have the decree asked for."
ate European situation as to agriculture this year seems momentarily to
The officers of the association are E. P. Alker, President; C. Raymond
account for some part of the depression in our agricultural values, we may Hulsart, Vice-President; Miss M. B. Phalen, Secretary, and Marion S. Ackfind consolation in the outlook for a general betterment of Europe's industrial erman, Treasurer.
condition in the coming months. That betterment not unlikely will presThe defendant corporations are: The Atlas Portland Cement Co., Allenently restore to a considerable extent our agricultural balance.
town Portland Cement Co., Alpha Portland Cement Co., Bath Portland
1Ve will do well to avoid too much of prophecy. But we may safely let Cement Co., Hercules Cement Manufacturing Co., Dexter Portland Cement
our vision of the future take some tones from our picture of the present. The Co., the Edison Portland Cement Co., Giant Portland Cement Co., the Glens
year 1923 might have been one of disasters. Many predicted it would be. Falls Portland Cement Co., Hercules Cement Corporation, Knickerbocker
There might have been a huge convulsion in the Near East between Turkey Cement Co., Lehigh Portland Cement Co., Nazareth Cement Co., Penn-Allen
and Greece. It was avoided. There might have been a Greco-Italian war, Cement Co., Pennrylvania Cement Co., the Phoenix Portland Cement Co.,
drawing in half the world. It did not come. There might have been revo- Security Cement & Lime Co., and the Vulcanite Portland Cement Co.
lution in Germany, but there was not. The Anglo-French entente might have
In the prosecution of the case against the defendants the Government was
been wrecked under the strains it sustained. But it was not. Europe might represented by James A. Fowler and linger Shale, special assistants to the
typhus, universal turbulence. These have Attorney-General. If the defendants fail to discontinue the practices comhave had bad crops, starvation,
not befallen. Mexico might have had an explosion, involving our own coun- plained of they will be guilty of contempt of court.
try. Instead, Mexico is in better posture than for at least a decade, and our
relations with her more satisfactory. It is needless to multiply cases. Let
us merely keep in mind how many of possible evils we have avoided, how
Paper Industries Exchange in New York—Privileges
much of positive betterment we have gained.
and Facilities Extended to Non-Members for
There is general disposition to conservatism in both industry and finance.
This is particularly to be commended at a time when the price level of the
Limited Period.
world is pretty plainly tending downward. For us, this adjustment to a
A. J. Neuman, Manager of the Paper Industries Exchange
general downward tendency will be the more difficult because of the continuing flow of gold to this country. There is always temptation to infla- in the Pershing'Square Building, announced on Oct. 19 that
tion of the currency when the supply of gold is so generous. A few years ago
beginning on Oct. 22 the privileges and facilities of the Exevery added million of gold that came was greeted as further guarantee of
soundness and prosperity. It was a well-nigh universal assumption that we change would be extended to non-members for a limited pecouldn't have too much money circulating, provided it was all solidly based riod, to enable them to familiarize themselves with the operon gold. At least we know better now. That is something gained, and
Neuman says:
something immensely important. Nobody has yet found a way to stop the ations and purposes of the institution. Mr.
The inauguration of the Paper Industries Exchange in New York has been
movement of gold to us; but many thoughtful people on both sides of the
Atlantic at least realize the menace of this condition, and are giving earnest favorably received by the paper trade in the Metropolitan district. Such an
thought to it. In that fact is a sign of better understanding, more accurate exchange has been needed here for years, and although in operation only a
processes of thinking.' Here in the United States all classes of business men short time, it has had the effect already of tending to stabilize prices, and
recognize the very real danger of having too much gold and the necessity of has demonstrated its value to the trade.
The Exchange's system of trading is similar to that which prevails on all
avoiding inflation by reason of it. This is proof of a great progress toward
other recognized commodity exchanges, where both sellers and buyers *on
safety, sanity and the sound basis for business.
1832
THE CHRONICLE
[voL. 117.
gregate and where trading is conducted by public outcry. This method of
trading in the open as against the old secretive idea, where seller and buyer
worked in the dark, is the keynote to the success of the Exchange.
The Paper Industries Exchange is a branch of the organization of the same name in Chicago, of which John R. Mauff
Is the Executive Vice-President, and to which reference was
made in these columns Sept. 8 (page 1086). Mr. Mauff said
that the greater the membership of an exchange of this
kind, the more widespread its benefits to the paper trade at
large.
third quarter of the year decreased 13% from the second quarter, but this
decrease is no greater than the normal decrease from the second to the third
quarter. During September sales were well in advance of those of last year
in all sections of the country, and averaged 19% higher for the whole country.
The generally prosperous condition of the life insurance business is evidenced by the fact that in no State have the sales to Oct. 1 of this year been
less than in the corresponding period last year. Sales in the eight geographical districts into which the Life Insurance Sales Research Bureau has divided the country show an increase of from 14 to 26% above last year.
The
greatest gains have been made along the Pacific Coast and in the Southern
States, although conditions in both sections showed less improvemen
t in
September than for the year to date. The West Central States have
gained
less during the first nine months of the year than any other section, probably
Increase in Life Insurance Sales in United States.
on account of the poor agricultural situation. During September
sales
According to the Life Insurance Sales Research Bureau of picked up well in North Dakota and Nebraska, but fell behind in South
DaNew York, sales of ordinary life insurance in the United kota and Minnesota. In August and September the New England States,
which have been behind the whole country, picked up in spite of
the fact
continued during the third quarter of this year to that sales in Maine
States
were actually less than a year ago. The sales to Oct. 1
run about 20% above the corresponding period of last year. in this State are just equal to the sales in the same period last year. Sales
gained less than the country's average in September in the Middle
The statement issued by the Bureau, Oct. 22, continues:
Atlantic
and in the Southwestern States, although both sections had
been gaining
Over four billion dollars of insurance was paid for during the first nine more than
the rest of the country earlier in the year. The Central
months of the year, according to reports made to the Life Insurance Sales maintained
States
their 18% increase over last year. The Western States which
did
Research Bureau by companies which had in force over 80% of the outstand- not do
as well in the first nine months showed better than average
gains in
ing legal reserve ordinary business on Jan. 1 1922. These companies issued September.
$1,350,000,000 of ordinary insurance on a paid basis in the third quarter, an
Sales in New York City, Chicago, Philadelphia and Boston,
the only cities
increase of 19% above the same period in 1922 when $1,130,000,000 of in- for which
figures are reported, showed very much greater increases in
surance was sold; and 36% above the same perioi in 1921. Sales during the tember
Septhan were shown in August.
Current Events and Discussions
The Week With the Federal Reserve Banks.
Further decreases of $18,300,000 in the holdings of discounted bills and of $17,000,000 in Federal Reserve note
circulation, also declines of $10,800,000 in acceptances purchased in open market and of $5,800,000 in Government securities, are shown in the Federal Reserve Board's weekly
consolidated statement of condition of the Federal Reserve
banks at the close of business on Oct. 24 1923,
and which
deals with the results for the twelve Federal Reserve banks
combined. Deposit liabilities declined by $51,800,000, as
compared with an increase of $69,600,000 reported the preceding week, while cash reserves increased by $11,100,000.
Mainly because of the substantial reductions in deposit liabilities, the reserve ratio rose from 75.3 to 76.8%. After
noting these facts, the Federal Reserve Board proceeds as
follows:
A decrease of $15,200,000 in holdings of discounted
bills is reported by
the Foderal Reserve Bank of Boston, of $7,400,000
by New York and of
$3,100.000 by Chicago. The Kansas City Bank
shows an increase in its
holdings of $4.100,000 and St. Louis an increase
of $2,600,000, while the
seven remaining banks show smaller changes for the
week. Paper secured
by U. S. Government obligations decllnod by $1,800,000
and on Oct. 24
aggregated $384,300.000. Of the latter amount.
1239,000,000 was secured
by Liberty and other U. S. bonds, 1127,800,000 by Treasury
notes, and
$17,300.000 by certificates of indebtedness.
Decreases in Federal Reserve note circulation
are reported by all Federal
Reserve banks, except those of Cleveland and
Richmond, which show increases of 12,400,000 and $400,000, respectively.
The New York Bank
reports the largest decline, by $6,500,000
; Boston
$5,300.000. Philadelphia a reduction of $2,400.000 shows a reduction of
and San Francisco a reduction of $2.000.000. Smaller decreases are shown
for
Gold reserves increased by 111,200,000 during the the other six banks.
Boston and Philadelphia banks reporting the largest week, the New York,
increases, and the Kansas City and San Francisco banks the largest reductions.
Reserves other
than gold show a nominal decline, and non
-reserve cash an increase of
$2.000.000.
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 1863 and 1864. A summary of changes in the principal assets and liabilities of the
Reserve banks, as compared with a week and a year
ago,
follows:
slight changes. Loans secured by Government
obligations
show an increase of $1,000,000, loans on corporate
securities
a nominal increase, and other, largely commercial, loans
an
increase of $4,000,000. Holdings of United States securitie
s
of all reporting institutions declined by $13,000,000, certificates of indebtedness by $8,000,000, U. S. bonds by $4,000,000 and Treasury notes by $1,000,000. Holdings of corporat
e
securities show an increase of $5,000,000. It should be
noted that the figures for these member banks are always a
week behind those for the Reserve banks themselves.
Loans and discounts of member banks in New York City
increased by $7,000,000. Loans on Government obligation
declined by $1,000,000, and loans on stocks and bonds and
all other loans increased by $4,000,000 each. Total investments of the New York institutions increased by $7,000,000,
Government securities showing an increase of $1,000,000
and corporate securities an increase of $6,000,000. Further
comment regarding the changes shown by these member
banks is as follows:
Net demand deposits of all reporting banks increased
by $126,000,000.
Of the total increase the banks in the New York District
report an increase
of $77,000,000, those in the Boston District an increase
of $34,000,000 and
those in the San Francisco District an increase of
$13,000,000. Time
deposits increased by $13,000,000 and Government
deposits, because of
large withdrawals from Government depositaries in
connection with interest
and other disbursements of the Treasury, decreased
by $78,000,000. New
York City banks report an increase of $11,000,00
0 in time deposits and a
decrease of $19,000,000 in Government deposits.
Reserve balances of all reporting banks increased by
$37,000,000, while
cash in vault decreased by $15,000,000.
Borrowings of the reporting institutions from their respective
Reserve
banks declined from $590,000,000 to $582,000,000, or
from 3.6
of their total loans and investments. For the New York City to 3.5%
banks a
reduction from $138,000,000 to $104,000,000 in borrowings
from the local
Reserve bank and from 2.7 to 2% in the ratio of their borrowings to
total
loans and investments is noted.
On a subsequent page—that is, on page 1864—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 of
assets and liabilities as compared with a week and a year ago:
Increase (+) or Decrease (—)
51
Oct. 17 1923. ace
Oct. 25 1922.
Total reserves
+11,100,000
2,800,000 Loans and discounts—total
Gold reserves
+11,200.000
Secured by U. S. Govt. obligations
+51.300,000
Total earning assets
—34.900,000
Secured by stocks and bonds
—31.300,000
Discounted bills. total
—18.300.000
All other
386,800.000
Secured by U.S. Govt.obligations
—1,800,000
1188,800.000 Investments, total
Other bills discounted
U. S. bonds
—16.500,000
178.000,000
Purchased bills
—10.800,000
U. S. Treasury notes
—77,900.000
United States securities. total
U.S. Certificates of Indebtedness
—5.800,000
—320.400.000
Bonds and notes
Other bonds, stocks and securities
—8.300,000
—126.100,000
U. S. Certificates ofindebtedness__ _
+500,000
—194.300,000 Reserve balances with F. R. banks
Total deposits
—51.800,000
+81,800,000 Cash in vault
Members'reserve deposits
—43.500.000
+72,200.000 Government deposits
Government deposits
—7,800,000
+5.200.000 Net demand deposits
Other deposits
—500,000
+4,4000.000 Time deposits
Reserve notes in circulation
Federal
—17.000,000
—43,200,000 Total accommodation at F. R. banks
The Week With the Member Banks of the Federal
Reserve System.
Changes for the week ending Oct. 17 in the condition of
about 770 member banks in leading cities, from which
reports are received by the Federal Reserve Board include
an increase of $126,000,000 in net demand deposits and a
decrease of $78,000,000 in Government deposits. Loans
and investments of the reporting members, as well as
accommodation at the Federal Reserve banks, show but
Increase (+) or Decrease (—)
Since
Oct. 10 1923. Oct. 18 1922.
+85,000,000 +8656,000,000
+1.000.000
—26,000,000
—97,000.000
+4,000,000
+779 000,000
—8,000,000
--6A,00.000
—4,000,000 —104,000,000
—1.000,000
+183.000,000
—8.000.000
—44,000,000
+5,000.000 —103,000,000
+37.000,000
—55,000,000
—15,000.000
—5.000.000
—78.000,000 —171,000,000
+126,000.000 —120.000,000
+13.000.000
+420.000.000
—8,000.000
+308,000,000
T. W. Lamont Expresses Confidence That Mexico Will
Carry Out Obligations.
Supplementing a statement by T. W. Lamont, of J. P.
Morgan & Co., on Oct. 22 that the International Committ
ee
of Bankers on Mexico continued to have confidence that
the
Mexican Government would carry out its obligations
under
the agreement of June 16 1922, the New York "Evening
Post" announced yesterday (Oct. 26) the following
advices
from Mexico City:
OCT.27 1923.]
THE CHRONICLE
1833
The Herta-Lamont agreement for funding the Mexican foreign debt will
be fully carried out, the Chamber of Deputies was assured by Secretary of
Finance Pani yesterday during his appearance before the House for interpellation regarding the financial condition of the republic and his recent
charges of financial mismanagement while Senor De La Huerta was Financial Secretary.
Senor Pant assured the Chamber that the foreign bankers' committee
would receive the scheduled 30.000,000 pesos. Replying to a query from
Deputy Laurens, he denied that he never said that the Government was
bankrupt. Instead his assertion was that it was "marching straight to
disaster."
Republic of Panama Bonds in Definitive Form Ready
for Delivery.
The Guaranty Trust Co. of New York announced this
week that Republic of Panama 30
-Year 532% External
Secured Sinking Fund Gold Bonds due June 1 1953, in definitive form with coupons maturing Dec. 1 1923, and subsequent attached, would be delivered on and after Oct. 25
1923, in exchange for trust receipts now outstanding, upon
The resignation of Adolfo de la Huerta, Secretary of the presentation of the latter at its trust department, 140 BroadTreasury, was announced on Sept. 22, ill-health being given way, New York City.
as the reason for his resignation.
The statement which Mr.Lamont issued on Oct.22 follows: Certificate of
Incorporation Issued to J. Henry SchroSpeaking for the International Committee of Bankers on Mexico. Mr.
der Banking Corporation by New York
Lamont, Chairman, said to-day that while the committee had noted with
regret the statements emanating from Mexico City as to the Government's
State Banking Department.
financial problem, nevertheless the committee continued to have confidence
An authorization certificate has been granted the J.
that the Government would carry out its obligations under the June 16
agreement. He added that a substantial amount of the $15,000,000 re- Henry Schroder Banking Corporation by the State Superinquired for the first year's debt service, under the agreement with the tendent of Banks, according to an announcement made on
Mexican Government, had been made available to the committee, and he
believed it to be the committee's intention to declare the whole plan opera- Oct. 25. The new corporation, an affiliation of the banking
tive as soon as the balance remaining for the first year's debt service had house of J. Henry Schroder, of London, has been organized
been deposited.
with an initial capital of $2,000,000 and surplus of $500,000,
both fully paid. As soon as the first board meeting has
J. P.Morgan & Co.Deny New $25,000,000 Mexican Loan. been held it is intended to increase the.capital by a further
The following is from the "Journal of Commerce" of $2,000,000, of.which 10% will be paid in, with an addition
to the surplus of $500,000 fully paid, so that the total paidOct. 25:
J. P. Morgan & Co. yesterday denied a cable dispatch in a morning up capital and surplus will be $3,200,000. There will still
newspaper reporting that a representative of the firm is negotiating a be an uncalled capitalization account liability of $1,800,000.
$25,000,000 loan to Mexico. It may be recalled that the interest on
The officers are: Prentiss N. Gray, President; Stephen Paul,
Mexican external bonds has been in default since 1914.
The Finance Ministry at Mexico City has announced that of the 30,000,- Vice-President; F. Seaton Pemberton, Secretary-Treasurer;
000 pesos required for the first year's payments on the debt under the and J. R. Roser, Cashier. Offices have been opened at
Lamont
-De la Huerta agreement 25,000,000 pesos are now on hand, and
25 South Willian Street. An announcement sad:
that the remaining 5,000,000 will be provided next month.
Bulgaria Pays Reparation Gold—First Installment of
Semi-Annual Payment is 2,500,000 Francs.
The New York "Evening Post" announced the following
from Sofia, Oct. 3:
The Bulgarian National Bank has turned over to the Reparation Commission, in behalf of Bulgaria 2,500,000 gold francs, the first installment
of the semi-annual payments provided for in the agreement effected last
spring. The total installment amounts to about 12,500,000 gold leva.
Germany to Restrict Dealings in Foreign Bills to a
Few Banks.
From Frankfort-on-the-Main, Oct. 22, the "Journal of
Commerce" reported the following by radio:
The Berlin Government is considering further restrictions with regard to
trade in foreign bills. Only the big Berlin banks are to be authorized to
conclude transactions in foreign bills, and this at listed prices. All transactions not so authorized will be declared illegal and will be made punishable.
Establishment of the J. Henry Schroder Banking Corporation here is
motivated primarily by the demands of clients of the parent house for
services in New York similar to those rendered in London. Such as
financing the movement of goods, either by means of cash payments or by
acceptance of long drafts, making loans against merchandise and securities,
granting dollar or sterling reimbursement credits, effecting the collection
of documentary drafts, the purchase and sale of securities and dealings in
foreign exchange, &a. The banking corporation will also act as New York
agents for the London house in connection with sterling drafts granted by
J. Henry Schroder & Co. to American clients.
J. Henry Schroder & Co. is one of the oldest merchant banking houses in
London. It was organized in 1804. Present senior partner is Baron Bruno
Schroder. grandson of the original J. Henry Schroder. The other partner is
Frank C. Tiarks, a director of the Bank of England and of the Anglo-Persia
Oil Co. The firm to-day is one of the largest issuing houses in London for
foreign government, municipal, railroad and public utility loans. As
fiscal agents for the State of Sao Paulo, Brazil, it was chiefly instrunemtal
in placing the first coffee valorization loan of £15,000,000 for that State.
Recently the firm issued. in conjunction with other leading banks in London
and New York, the Federal Government of Brazil's valorization coffee loan
of £9,000,000. J. Henry Schroder & Co. have also financed numerous
railroad enterprises, including United Railroad of Havana.
The intention to establish a branch of J. Henry Schroder &
Co. in New York was indicated in these columns Oct. 13,
page 1613.
Berne Bourse Ceases Trading in Marks.
The German mark was withdrawn from trading on the New Labor Bank Formed in This City by Interests
Swiss Bourse on Oct. 22, according to press advices from
Identified with International Ladies'
Berne on Oct. 23, which states that the last quotation was
Garment Workers.
50 centimes for one million marks.
A new labor bank, now being organized in this city under
the auspices of the International Ladies' Garment Workers,
will be opened at Fifth Avenue and Twenty-first Street on
German Gold Loan for Danzig.
Dec. 1, according to an announcement made last week.
According to information received by the foreign depart- The institution is to be formed under the name of Internament of Moody's Investor's Service, and made public Oct. tional Union Bank, and is to have capital stock of $250,000
23, the Free City of Danzig has obtained a loan in Germany and a surplus of $250,000. This will be the third labor bank
of M.5,000,000 (gold). Bonds will be issued by a syndicate to be established in this city; the others are the Amalgamated
of German banks, headed by the Prussian State Bank, and Bank of New York, supported by the Amalgamated Clothing
will be available in denominations of $1, $4, $20 and $250, Workers of America, and the Federation Bank, financed by
with their equivalent in gold marks. The loan is redeemable the Central Trades and Labor Council, State Labar Federaby an annual sinking fund of 2% applied to drawings at par tion, prin'ers and miscellaneous trades.
or purchase below par, commencing Oct. 1 1928. Bonds
carry a 5% coupon and are offered for public subscription
Amendments to Federal Reserve System Proposed by
at 98%.
New England Bankers at Inquiry as to Why
State Banks and Trust Companies Remain
Renewal of French Treasury Loan by Japanese
Out of System.
Government.
During the hearing in Washington on Oct. 9 before the
The Japanese Financial Commission of this city announced
Joint Congressional Committee which has been conducting
on Oct. 24 the receipt of the following wireless message from
an inquiry into the reasons why eligible State banks and
the Japanese Minister of Finance:
trust companies remain out of the Federal Reserve System,
The Imperial Japanese Government decided to-day on the conversion
of 20,000,000 yen Treasury Certificates of French Government,due Oct.26 a delegation representing New England member banks pre1923, into the new French Treasury Certificates of the same amount, and sented a brief proposing amendments to the Federal Reserve
discount rate (7%) by the request of the latter Government.
Act, with a view to bringing about "a more cordial feeling
With regard thereto the Financial Commission says:
toward the System on the part of the disaffected member
The original issue of this certificates (which was floated in Japan MarchOctober 1917 as One of Japan's financial aids to the,Allies) was 26,242,000 banks" and "induce non-member banks to apply for memyen, with discount rate of 6%. Since Oct. 1918 it has been renewed or bership." The proposals of the New England bankers were
converted into new issues yearly until October last year, when it was par- alluded to by us in
these columns of Oct. 13, page 1623, and
tially redeemed and the remainder was converted into new Treasury Cerin our issue of last week (page 1731) we indicated that Sectificates of 20,000,000 yen, with discount rate of 7% and one-year terms.
1834
THE CHRONICLE
retary of the Treasury Mellon in his testimony before the
committee was understood to have stated that the adoption
of the changes in the law proposed by the New England member banks whereby a 2% tax on the uncovered portions of
Federal Reserve notes would be substituted for the present
franchise tax to permit a wider distribution of earnings when
in excess of 6% might help some in attracting country banks
to the System, but the difference in the earnings under the
new plan as compared with the present would not be sufficiently large to make much difference.
The suggestion of the New England bankers that the Reserve banks be permitted to carry one-third of their reserve
requirements in the form of Federal Reserve notes in their
own vaults brought the criticism that Reserve notes representing consumed credits were hardly logical reserve. The
brief submitted by the New England bankers was given as
follows in the Boston "Transcript" of Oct. 9:
We appear before you to-day as representatives of the member banks of
the First Federal Reserve IMstrict, having been appointed by the Presidents
of the Bankers Associations in the New England States. We appreciate
the benefits which have accrued from the operation of the Federal Reserve
System to the agricultural, industrial, commercial and financial interests
of the country, and sincerely hope that as a result of the committee's research it will be able to report to Congress some plan which will bring about
a more cordial feeling toward the System on the part of disaffected member
banks, and will induce non-member banks to apply for membership.
As the Federal Reserve banks do not deal directly with the public and can
rediscount paper only for member banks, we believe it is essential in order
that there may be a wider distribution of the benefits of the System, that
there should be a substantial increase in the number of its member banks.
It is argued by many of the non-member banks,and by some of the member
banks as well, that membership is of greater advantage to banks located
in Federal Reserve cities and in cities which have branches of Federal
Reserve banks, than it is to the greater number of banks commonly called
country banks, which are located in towns and cities which do not possess
these facilities.
Many eligible State banks have not applied for membership in the System
because the Federal Reserve banks do not pay interest on their member
banks' reserve deposits. This objection is often raised by member banks,
and there are many member and non-member banks which never rediscount,
or rarely have occasion to do so, which have a feeling that membership
would be of no value to them unless they have more or less frequent rediscount transactions with their Federal Reserve banks.
It is true that the required reserves which under the law must be carried
in the form of an actual net, or collected balance, with the Federal Reserve
bank are substantially less than the reserves required by the national banking law before the Federal Reserve Act was enacted; and it is also true that
in many States there has been legislation which permits member banks
operating under State charters to carry reserves identical with those required of national banks. Yet even in those States, there is a general feeling
on the part of country banks that the operation of the System is not as
favorable to them as it is to banks which are located in Federal Reserve
or branch bank cities.
The Federal Reserve Board evidently recognized the force of this sentiment when several years ago it authorized the Federal Reserve banks to
pay the costs of transportation of currency to and from their member
banks, but even this concession, expensive as it is to the Federal Reserve
banks, does not entirely rectify the inequality, for the city banks which
have easy access to the vaults of the Federal Reserve banks or the Federal
Reserve branch banks can safely reduce their actual holdings of vault cash
to a very small amount because of their ability to replenish their supply
of cash on a few minutes' notice by presenting their check to the Federal
Reserve bank or branch. Country banks, on the other hand, not being so
favorably situated, are obliged to carry substantial amounts of cash in
their own vaults in order to be ready to meet promptly current or unex
pected demands. As vault cash does not count as a part of a memb
bank's legal reserve, it is clear that the reduced reserve requirements
not as advantageous to a country bank as might appear at first gla
[Vora. 117.
do not advocate the payment of interest by Federal Reserve banks, and in
fact we would be opposed to such action, but there is nevertheless a very
general feeling among the member banks in our section, which we believe
is shared in by banks throughout the country, that there should be some
contingent return to member banks out of the earnings of Federal Reserve
banks, in addition to the cumulative 6% dividends, for which the Act
provides. We respectfully request, therefore, that the committee consider
the propriety of amending Section 7 of the Federal Reserve Act which relates to the distribution of earnings of the Federal Reserve banks. Believing
that the6% dividend on the capital stock is,all the circumstances considered,
a fair return, we do not advocate an increased dividend rate or extra dividends; we do not ask that Federal Reserve banks be exempted from taxation by the Government, nor do we believe that the suggestion which we
are now about to make will affect the revenue received by the Government
which grows out of the payment to the Treasury by the Federal Reserve
banks as a franchise tax of 90% of their annual net earnings after the payment of dividends. What we propose is merely, in our opinion, a more
scientific and equitable adjustment of the tax.
Section 7 as it now stands exempts Federal Reserve banks from all taxes
by the Government until they have accumulated a surplus equal to 100%
of their subscribed capital, and after a Federal Reserve bank has accumulated such a surplus it is permitted to retain as a further additional surplus
10% of its annual net earnings after dividends. The stock of the Federal
Reserve banks is held entirely by member banks. By far the greater part
of their deposits are maintained with them by the member banks, and the
value of the fluctuating deposits carried by the Treasury is more than offset
by the services the banks render the Government as fiscal agents of the
Treasury.
Suggests a Uniform Tax Plan.
We of the member banks which have no occasion to borrow feel that
they derive no direct benefits from the Federal Reserve System, but are
merely carrying dead balances for the benefit of borrowing banks. The
payment of franchise taxes by the Federal Reserve banks has not been
uniform and the tax instead of being definite and fixed, and a first charge
is merely contingent. In fact, one of the Federal Reserve banks which has
not yet accumulated its full surplus has never paid the Treasury one dollar
of taxes. Then again, as the law now stands, any losses which any of the
Federal Reserve banks may incur sufficiently large to reduce its surplus
below the full amount provided for in the Act are in effect borne by the
Treasury, for in such a case the Reserve bank would not pay any franchise
tax to the Treasury until its surplus again amounted to 100% of its subscribed capital. We, therefore, respectfully request that the committee
consider the advisability of amending Section 7 of the Act so as to provide
that Federal Reserve banks shall pay a uniform tax to the Government;
that is, the tax be made a first charge taking precedence of the cumulative
dividends, and that it be levied upon that portion of Federal Reserve
note issues outstanding which is not specifically covered by gold reserve.
We would suggest that this tax be fixed at 2% and that it be paid into the
Treasury in monthly or quarterly installments, that after providing reasonable contingent reserves, Federal Reserve banks be required to pay into the
Treasnry the amount in which their surplus now exceeds 100% of their subscribed capital, and that no further addition to surplus be made except in
cases where the surplus becomes impaired.
We would suggest further that, following the analogy of Section 7 of the
bill which passed the House of Representatives on Sept. 18 1913, any surplus earnings which may remain at the end of each calendar year after the
payment of the tax on Federal Reserve notes, and the regular dividends to
stockholders, be distributed by the Federal Reserve banks among the member banks pro rata according to the average reserve balance carried by each
with the Federal Reserve bank during the year.
We respectfully request that the committee hear arguments from different members of our delegation in support of the recommendations above
made. We believe at the amendments proposed are desirable and that
no other amend
ts are necessary to bring about a greater unity of sentiment among
mber and non-member banks in favor of the Federal R
serve Sys
and to insure it a general and enthusiastic support by th.
banks o • e country.
ewe of Comptroller of Currency Dawes on Branches
of National Banks.
The views of Comptroller of the Currency Henry M.
Dawes on the question of branch banking, so far as national
banks are concerned, were expressed at length on Oct. 3
Relief for Country Banks.
been
The Federal Reserve Act as originally enacted provided that a bank not before the Joint Congressional Committee which has
in a Reserve or Central Reserve city should, after a period of 38 months, inquiring into the reasons why eligible State banks and trust
after the passage of the Act, carry four-twelfths (or one-third) of its required companies have failed to enter the Federal Reserve System,
reserve in its own vaults, five-twelfths with its Federal Reserve bank and
say, as
the remaining three-twelfths (or one-quarter) in its own vaults or with the and a brief account of what the Comptroller had to
Federal Reserve bank, or in both, at the option of the member bank. The gleaned from the newspapers, was given in these columns
Act of June 21 1917 reduced the percentage of reserves required of country Oct. 6, page 1515. Since then the full teit of the Compbanks from 12% of the aggregate amount of their demand deposits and 5%
of their time deposits to 7% of the aggregate amount of their demand de- troller's testimony has come to us, and we are taking occasion
posits and 3% of their time deposits, but required them to maintain the to give it further below. In summarizing the general conentire amount of the reserve required as an actual net balance with the
clusions which he stated he should like to have drawn from
Federal Reserve banks of their respective districts.
We would not look with favor on any amendment to the Act which would his arguments, Comptroller Dawes declared that—
further reduce the required reserves, but would suggest that your committee
First, that the development of branch banking, unless curbed, will mean
consider the advisability of amending Section 19 of tho Federal Reserve the destruction of the national banks, and thereby the destruction of the
Act so as to provide that member banks which are located in towns and Federal Reserve System and the substitution of a privately controlled
cities other than cities in which there is a Federal Reserve bank or a Federal reserve system for a governmental system of co-ordination.
Reserve branch bank may at their discretion carry an amount not to exceed
Second, that if the Federal Reserve Board has net the power to refuse
one-third of their required reserve in their(MI vaults in the shape of Fed- the admission of institutions engaged in general branch banking, and to
eral Reserve notes issued through their own Federal Reserve bank. We curb the further extension of this principle by member banks, they should
do not believe that the strength or efficiency of the Federal Reserve bank be given the power.
Third, that the abolition of the office of the Comptroller of the Currency
would be appreciably affected by this change, as both reserve deposits
and Federal Reserve notes are liabilities of a Federal Reserve bank. There would destroy the independent status of the national banking system In
may, of course, be objections based upon scientific reasons to the use of governmental finance, and that the real issue presented by this movement
Federal Reserve notes as reserves, but the same objections seem to apply is the abolition of the national banking system. as it cannot be subjected
with equal force to the counting of a deposit in a Federal Reserve bank as to the supervisory regulation of an interested creditor. If the national
reserve, and there Is certainly no gainsaying the fact that Federal Reserve banks co not entitled to independent supervision, they should not be
notes in hand are effective in meeting depositors' demand. After all. the supervised at all.
chief object in requiring banks to maintain reserves is to insure their ability
In our Oct. 6 issue, in referring to Comptroller Dawes's
to meet the demands of their depositors. Should this change be made in
the law the country banks would be placed more nearly on an equality testimony, we gave the letter which he disclosed had been
with respect to the use of reserves as immedb tely available in cash with addressed by Attorney-General Daugherty to Secretary of
the city banks, and the volume of currency shipments to and from member
the Treasury Me.11on in which the Attorney-General probanks would be materially reduced, with a corresponding decrease of
nounced his conclusions on the branch bank issue. The foltransportation.
We desire also to call the committee s attention to the point which is lowing is Comptroller Dawes's statement before the Conboth by member and non-member banks, that Federal
frequently made
Reserve banks pay no interest on member banks' reserve deposits. We gressional Committee:
OCT. 27 19231
TI1E CIURONici,m
You have invited me to express my views to your Committee doubtless
for the reason that as Comptroller of the Currency I have general supervision over the national banks. I wish to state clearly at the outset
that the statements which follow are made by me solely upon my responsibility as Comptroller of the Currency. They are not intended in
any way to represent the views of the Federal Reserve Board, of which I
am a member ex-officio.
With your permission I shall confine my discussion primarily to the
subject of branch banking—the outstanding problem in our banking
system to-day. On the side of the national Government this question
Is simultaneously before the Federal Reserve Board and the Comptroller:
before the Board in the matter of the extension of branch banking by the
State member banks in certain States, and before the Comptroller as a
question of preserving the integrity of the national banking system in
those States. Since the national banks constitute the backbone of the
Federal Reserve System, it becomes necessary therefore for me as Comptroller, in this discussion, to refer to the situation before the Federal
Reserve Board.
The organization of the Federal Reserve System was possible because of
the power of the national Government to enforce the co-operation of the
national banks. At its inception it was primarily an instrumentality
of co-ordination, imposed upon the existing national system. At the
present thno, of the 31,000 banks in the United States, 9,916 are members
of the Federal Reserve System, and of the members of the Federal Reserve
System 8,292 are national banks. The assets of the national banks as of
Juno 30 1923, were $21.511,766,000, as compared with the assets of the
State member banks amounting to $12,293,124,000.
The National Bank Act does not permit national banks to engage in
the exercise of general banking functions beyond the limits of the municipalities In which they are located. They cannot, therefore, enter the
general field of branch banking.
These elementary facts are stated in order to bring out the obligation
of the Federal Reserve System to the national banks, and the extent to
which the Federal Reserve System is dependent upon the national banking
system. Except for the national banks the Federal Reserve System
could not have been organized and if a condition is permitted to develop
which should seriously and permanently cripple the national banking
system it would be a direct and possibly fatal blow to the Federal Reserve
System.
The development of the American banking system has been an evolutionary process, and the pre-eminent strength which it possesses in world
finance at the present time is in largo measure due to the fact that it took
its form in a gradual and orderly way, meeting by practical adjustment
conditions as they developed. It is distinctly not an adaption of any
foreign system, nor is it a structure conceived and built by any individual
or group of individuals at a given time involving the rigid enforcement of
a ready-made theoretical plan. Under our system of banking, the most
stable and rapid economic development that the world has ever seen has
taken place.
From time to time efforts have been made to substitute for the old
machinery a system which might seem to be theoretically and technically
more perfect. The frontal attacks of the proponents of foreign banking
systems have invariably broken down without, in any substantial manner,
permanently modifying or affecting the general principles of American
banking. The genius of the American people for independence in matters
of local self-government is thoroughly ingrained and will never succumb
in any clean-cut issue where the choice rests between centralized control
and personal and community independence.
At the present time no direct or open attack is being made on these
traditional principles. The danger which confronts our present
banking
system lies in an insidious and gradual undermining influence which is
not so much the outgrowth of a conscious effort to introduce a new system
as it is the result of a natural desire to secure temporary benefits for
particular individuals and banking institutions without consideration
being
given as to the ultimate effects on the highly complicated
and efficient
machinery of American finance and exchange. It is peculiarly
a time
when these indefinite tendencies should be precipitated
into their essential
elements.
If a new system and theory of banking is in progress
it should be determined whether or not it is a desirable system, and if
a desirable system
It should be encouraged, fostered and put into effect
as rapidly as possible.
If it is not a desirable system that fact should be
developed and steps
should be taken now to eradicate it before a condition has
developed which
would involve a great national disturbance and injustice
to individuals
and communities.
The above remarks are intended to apply to the general
subject of
branch banking. By branch banking I mean an association of
banking
houses operating in one or more cities or towns but all under
the discretionary control of the board of directors of a parent bank and
upon
the capital of such parent bank.
Unless the State member banks enter into branch banking there is
in
my judgment no material divergence of interests between the State
and
national banks. If, however. State member banks engage in unlimited
branch banking it will mean the eventual destruction of the national
banking system and the substitution for it, and eventually for the Federal
Reserve System, of a privately owned and highly centralized financial
control of the banking machinery of the United States.
It is this belief which impala me to discuss at some length present tendencies in branch banking, and if the interest of your Committee is largely
centred on the status of non-member banks it is proper to say that
these
non-member banks aro almost entirely independent unit
banks and any
substitution for the present system would have as vital an
effect on their
future as it would have upon the member banks and on
the old independent unit banking operations of the National Banking
System.
In support of the general contention that the principle
of branch banking
has been carried to such an extent as to constitute
a definite trend in
certain localities the following facts are
submitted:
Branch banking is permitted with various modifications
In the following
18 States: Arizona, California, Delaware, Georgia, Louisiana, Maine,
Maryland, Massachusetts, Michigan, Mississippi, New
York, North
Carolina, Ohio, Oregon, Rhode Island, South Carolina. Tennessee,
and
Virginia.
The laws of some of these States restrict the establishment
of branches
to the city or county of the location of the parent bank,
while others
permit branches to be established in any part of the State.
In California,
for example, 82 of the State banks are operating a total of about
475
branches. In that State, one bank operates 28 branches,
one bank 19
branches, another about 71 branches in 48 different cities, another about
72 branches. Four banks in California operate a total of 190 out of the
475 branch banks in the State. In the State of Massachusetts, chiefly
in the vicinity of Boston, State banks and trust companies are operating
several hundred branches. In the State of Michigan upwards of
300
branches of State banks are in operation. In the city of Detroit 14 banks
are operating about 200 branches and there are in Detroit only three
national banks left in operation. In the State of New York about 251
1835
State banks are operating branches. In the United States to-day it is
reported that 517 State banking institutions have in operation 1,675
branches.
The figures used above are not intended to be authoritative or complete,
and are used only for the purpose of illustration. They are, I believe,
sufficient to indicate that the issue has long since passed the theoretical
stage and has reached the status of a practical condition.
Granting that a State Legislature may properly enact legislation permitting the local State banks to engage in branch banking, the larger
questions remain, first, as to the effect of such legislation upon the national
banks operating in such States under the National Bank Act as administered by the Comptroller of the Currency: and, second, the effect upon
the Federal Reserve System of admitting to or retaining in membership
such State banks engaged in branch banking.
In view of the facts stated above I may safely say that branch banking
already exists in the United States, and that it is distinctly a practical
and not a theoretical issue.
The discussion of branch banking seems naturally to divide itself into
three main questions:
First, is a reserve system, either governmentally or privately controlled.
necessary?
Second, can the present Federal Reserve System survive the imposition
upon it of large and powerful chains of branch banks which, in practice
as well as in theory, are privately owned and privately controlled reserve
systems?
Third, can a general system of branch banks exist simultaneously with
a system of independent unit banks?
If it should be concluded, in the consideration of these questions, that
the Federal Reserve System is necessary and that it cannot survive the
strain upon it of systems of branch banks, and that branch banks will
mean the elimination of independent banks, it will then. I believe, be a
logical and necessary conclusion that the issue is a clean-cut one as to
whether the country prefers a system of privately owned branch banks
or a reserve system under Federal control.
As to the first question, namely, the necessity for a Reserve system, it
seems hardly necessary, in view of the record of the existing organization,
to enter into any extended arguments, but it would, perhaps, be well to
state some of the basic considerations on account of which it was given its
present form. The principle of a central bank has been a controversial
one for over a century. In deference to the widespread and thoroughly
American distrust of the centralization involved in a single government
bank twelve banks were established in different sections of the country in
order to secure the closest possible contact with the local member banks
and a thorough understanding and adaptability to community conditions.
Through the operations of the twelve individual units a proper sympathy
with and understanding of local conditions and needs is secured, while
at the same time, through the Federal Reserve Board, a liaison between the districts is secured and the detachment neceszary for a proper
compromise between local interest and national policy. Through the
Federal Reserve System the transfer of funds from points of surplus to
points of deficit is accomplished with the primary purpose of promoting
the best interests of the whole country and not with a view to enabling
individuals or sections to reap a financial advantage at the expense of
others. If it were assumed that the instrumentality for the transfer of
funds could be provided by a private reserve system, such as a branch
banking institution, it could hardly be fairly contended that the controlling
influence would be other than profit. Necessarily, in adjustments of this
kind the interests of a branch bank or individuals must be private profit
and not public welfare.
The whole Federal Reserve System boars a very striking analogy to the
general principles which underlie the American Government,being founded
upon a system of checks and balances calculated to preserve local independence under centralized and co-ordinating control. It would be so distinctly
a step backward and so manifestly a dangerous proceeding to destroy the
regulated co-operation of banking facilities that it seems to me entirely
unnecessary to discuss further the necessity for some sort of a reserve
system, and the issue is, should it be done by Governmental co-ordination
or private centralization?
The second point referred to, as to the ability of the Federal Reserve
banks to survive the imposition upon the system of large privately controlled reserve systems, is a practical one which, at the present moment.
faces the Federal Reserve Board. The question as to the duties and rights
of the Board to interfere in the extension of a system which, in the opinion
of many might contain the seeds of a development which will mean the
eventual destruction of the Federal Reserve System, is by no means a
simple one, either legally or from the standpoint of policy. The Board,
however, clearly has the moral and legal right to refuse admission to the
system of any institution which either because of its financial condition or
the method of its operation is unsound, and it has the same right to deny
the privileges of the Federal Reserve System to a member bank under
similar conditions. It is reasonable to assume that a bank, for administrative purposes, might safely control ten branches, but the same bank under
American conditions might not, in safety to its depositors and general
creditors, operate a thousand branches. If the Federal Reserve System
takes a neutral position on the general issue of branch banking and refuses
to sanction the admission to the system or request the withdrawal of banks
which are operating more than a safe number of branches they will be
faced continually with decisions of a highly controversial nature, and which
are not susceptible of reduction to elemental formulae. The local situation,
the personal equation, the temporary financial conditions, and a thousand
and one conflicting influences will have to be balanced and considered in
every application for a branch. However wise their decisions the Board
will, of necessity,frequently appear to be arbitrary and improperly partisan.
The publication of their reasons for action in particular cases would frequently be productive of injustice to the individual applicant and disturbance to the financial community. If the reasons for decision in these
matters were not made public, in my opinion, the system would be
subject to such attacks and insinuations as would eventually seriously impair
its standing and be destructive of its dignity and influence. In order
to avoid these consequences the Board has in its power to adopt a general
policy of clarification and control.
The elementary considerations which I have stated above and purpose to
elaborate further seems to me to justify a decision on the part of the authorities to limit definitely the extent to which member banks may indulge in
the establishment of branch banks.
As a practical consideration, aside from the broader aspects of the case,
it must be constantly borne in mind that the Federal Reserve System
can only be successfully maintained if the administrative authorities have
an adequate knowledge of the conditions of the member banks. This
necessitates examination, which. in the case of the national banks,
is
provided by the Comptroller of the Currency. National banks
cannot
engage in banking beyond the limits of the city in which the institution
Is
located. In the examination of State banks the Federal Reserve
System
is compelled to rely on its own examiners and such incidental and
voluntary
assistance as it can secure from the various State officials.
1836
THE CHRONTCLE
The examination of an institution with branches and subsidiaries is a
`very difficult one. The inter-departmental relationships vastly complicate
U. It is more difficult to examine ten institutions of a given size which
are associated in a branch banking system than it would be to examine ten
Independent Institutions, as all of the transactions between the different
trenches have to be investigated and eliminations and adjustments made
to produce a composite picture and prevent the improper manipulation or
thlftIng of assets. This cannot be done satisfactorily without a simultaneous examination of parent bank and each one of the branches. This
alone
1
II:0'be construed as an ex parte statement, but it bears the weight not
office
te my individual opinion but of the employees of the Comptroller's Bank
'who have been engaged in the examination of banks for many years.
examination involves very much more than a mere scL utiny of figures.
Questions of moral character, of local reputation, of valuations of securities,
of conformity to laws and rulings—these and many other elements enter
Into a proper examination. In the case of the examination of a very large
bank,say with 75 to 100 branches, it would be impossible to mobilize a force
of examiners of the ability to make an intelligent analysis of the situation
in each individual community even if it is to be assumed that the character
of the banker is not a factor in the condition of the institution.
The last stated considerations are incidental as compared with the more
Important one which involves the ability of the Federal Reserve Bank to
meet the mobilization demands of an association of institutions under the
control of a single interest having the power to concentrate the requirements
of all of the separate institutions into one demand. This demand might
be made practically without notice in a period of stress, on account of
necessity or with a desire to produce a certain condition in the community
which might be opposed to the general interest but favorable to that of the
particular institution. To say that if a large proportion of the banking
Interests of a State are centralized in the hands of five or six or a dozen
branch banking institutions and that these institutions will not combine,
either as a result of direct conferences or agreement or of mutuality of
Interests, Is to ignore the fundamental basis of human action. If any
lessons are to be drawn from the development of large Industrial enterprises
In the United States it is that the principle of centralization, when once
inaugurated, will proceed, unless interfered with by Governmental action,
to a point of complete concentration in an individual, or a group dominated
by an individual. Should a situation of this kind develop in any Federal
Reserve District the Federal Reserve Bank would either be eliminated as
a factor in the financial community or be virtually under the control of
such a group.
As to the question of whether or not it is possible for independent unit
banking systems to exist and operate In conjunction with a branch banking
system, very definite conclusions may be drawn from the results of the
operations of branch banking systems in other countries.
Branch banking is in vogue in England, Scotland, Ireland. Canada,
Australia, New Zealand, France and other parts of Continental Europe.
I understand It Is also in operation in the Latin American countries. According to figures published in the Bulletin of the American Institute of Banking
for July 1923 in 1842 there were in England 429 banks and in 1922 only 20
banks, of these 20 banks. 5 controlled practically all of the banking of the
nation. There are about 7.900 branches in operation. In Scotland there
are only about nine banks with about 1/.00 branches, and in Ireland about
nine banks with about 800 branches.
In 1885 in Canada there were 41 independent banks. Under the operation of branch banking, the number was reduced to 35 by the year 1905.
I am informed that in Canada to-day there are only 14 banks, operating
about 5.000 branches. There are no independent unit banks in western
Canada—in fact, none west of Winnipeg. Banking control through the
branch system is concentrated in the cities of Montreal and Toronto.
It has been authoritatively stated that there are only six unit banks in
New Zealand, and 20 in Australia. (See "Statesman Year Book"for 1923.)
Experience in other countries definitely indicates that independent unit
banks do not exist parallel with branch banks. As indicating that this
Is not necessarily due to conditions which exist abroad, but might not
exist in the United States, the following points are adduced, which to
my mind, show that there are sueh inherent antagonisms between the two
systems that they could not, under any circumstances,long operate together
in the same country.
Branch banking is, in its essence, monopolistic. The financial resources
of a number of communities are put under the 'control of a single group
of individuals. Funds liquidated in one community may be used to
develop other communities at the discretion of the officers of the central
bank. The economic development, therefore, of a given territory under
the control of a branch would depend upon the policy of the bank. The
hank would have the power to retard or to encourage the development
of a given community or individual enterprise. In this connection it
has been well said that if the sudden creation of great branch banking
systems shall result in withdrawing frunds from the support of rural communities in order that they may be invested in self-liquidating commercial
paper originating elsewhere, then it will be true that sound abstract banking
principles will have been applied, but at a cost to the future development
of the rural communities that will far outweight any advantages that may
be gained.
In a system of independent unit banks, the bank which best serves the
community is the bank which is most certain to live the longest and be
the most profitable to its stockholders. Since the type of man who starts
a bank in a small community is essentially constructive, his natural associations and sympathies are with men of constructive type, and he extends
the facilities of the bank most liberally to them. His loans take into
account as a first consideration, character and moral responsibility. He
Is naturally inclined to encourage young, aggressive, and enterprising
individuals who will, in the course of time, bring business to the institution
as he succeeds, and will develop commercial and industrial enterprises
and be a factor in the creation of corporate and private undertakings, all
of which will be feeders to the bank. As this type of individual is usually
not the possessor of high class collateral at the beginning of his career,
the banker is dependent in a large measure on the character, of which he
can only be sure by personal contact and acquaintance.
The distinctive accomplishment of the banking system of the United
States is its contribution to enterprise and its stimulation of growth; its
criterion is service. The European standard Is safety first, last, and
all the time.
It can well be said that the rapid economic development of America
banks which
has been largely due to the policy of the pioneering unit
reprerecognized this principle of service. It is inconceivable that the
authority
sentative of a non-resident board of directors should be granted the
character,
and the discretion to make a type of loan which is based on
the
knowledge of local conditions and ultimate benefits to be realized by
ability
community and by the banks. While it requires a high order of
would
to make this class of loan, the banking history of the United States
however,
show, in the main, a surprisingly small mortality. These loans,
of asceron account of their small size in individual cases, and difficulty
other
taining their intrinsic value, do not afford a basis for discount with
entirely
banks in case of stress, and no bank could exist If it were dependent
[vol.. 117.
upon them. If, across the street from the unit bank making this sort
of loan, were the agent of a great branch banking institution, this agent
would very quickly acquire the larger and from the narrow banking standpoint, the desirable business of the town. This he could do by offering
lower rates of interest on loans and higher rates on deposits than local
conditions would ordinarily justify, which, in the nature of the case would
probably be withdrawn as soon as the independent unit banks of the
town were finally eliminated. This is a process which has been pursued
in the evolution of our great industrial enterprises which have had to be
-Trust Law and other governmental
curbed by the action of the Sherman Anti
action.
The opportunities for coercion on the part of large institutions with
branches scattered over a whole State are very great. This coercion might
take any one of a number of forms. The connection of the branch banks
with out-of-town customers of the institutions of a community permits
of pressure being readily brought.
Under the Federal Reserve System, and through his relations with his
correspondents, the competent unit banker is able to secure for the larger
customers of his town facilities which are beyond the abilities of his own
institution to grant. The branch banker can, in the case of very large
customers, grant these facilities more directly and to that extent is rendering
a special service to the community, but the ultimate result of these influences is to give the easiest obtainable and most desirable business to the
branch bank, leaving the unit bank to take care of the enterprises of the
town which have not already reached a condition of independence.
The expression has been used as applied to one State where branch banking exists on a large scale that the branch banks skim the cream and the unit
banks are left with the skimmed milk, the result being that the unit banks
have gone out of existence and the borrower who is a good moral risk but
cannot produce a certain form of collateral is left to depend on the good
graces of a representative of a branch bank who is frequently the possessor
of all the discretionary powers of the local railroad agent and no more.
One of the monopolistic influences exerted by the branch banker is the
ability to secure, by the payment of higher salaries, the transfer to other
points of the efficient employees of the unit banks. A general procedure
In the creation of branch banking systems in one of our American States has
been the absorption of local unit institutions. During the first few years
the operations of these local unit institutions have, in many cases, been
successful because the enterprising and pioneering talent that created the
bank is still retained in an official capacity, but men of this type will not
long consent to hold positions wnich are, in their essence, merely advisory
and there is soon substituted therefor the type of employee who must be
bound by rigid instructions and is capable of interpreting them in only a
mechanical way. In case of an acute financial disturbance demanding
immediate action it is necessary for the representative of the branch bank
to refer back to the head office for instructions as to his course °faction,
and a delay is occasioned by red tape which frequently makes it impossible
for them to help in an emergency, even when they have the desire.
The relations of the national bank to operations in branch banking have
been the subject of a very widespread misunderstanding. In order that the
situation might be clarified and defined, the present Comptroller requested
the opinion of the Attorney-General which has just been handed down.
A previous opinion given by Attorney-General Wickersham was to the
general effect that a national bank might not do novo establish a branch
bank. The present opinion from the Attorney-General makes it clear that
none of the major or important incidental functions of a national bank
may be exercised beyond the limits of the city in which the parent institution
is located. This opinion also indicates that certain functions of a national
bank, incident to the banking business, may be carried on at fixed points
within the city limits and outside of the four walls of the banking house.
This opinion Is not inconsistent with that of Attorney-General Wickersham,
and the practical application which will be made of it will be that certain
national banks will be permitted to establish what are virtually tellers'
windows in places more or less removed from the banks, but in the city
limits, where they may take deposits and cash checks. The discretionary
powers which are inherent in such transactions as making loans, purchasing
securities and similar activities will not be permitted to be carried on in
such offices located at a distance from the parent institution.
It seems to me unnecessary at the present time to do more than make
the above bare reference to the legal situation. The force of the opinion
of the Attorney-General just handed down would as a practical matter
remove the national banks from the branch bank controversy since a
national bank cannot engage in the banking business outside of the city
limits of Its location and inside of the city limits it may under certain
conditions perform only limited functions at a distance from the banking
house.
I am of the opinion that the Comptroller could not properly permit the
establishment of these outside activities by a national bank, such as tellers'
windows, in any locality where the State laws or practices prohibit the State
banks from rendering similar services.
Authorization to national banks to establish such additional offices
will be of great advantage in certain localities where the State banks are
already extending their services in this manner. In such cities as New
York, Cleveland, Detroit and California, the national banks will be able
to reach their customers in the matter of making deposits and cashing
checks in the same way that their competitors do in this single important
aspect of the banking business. At the present time, in the city of Cleveland there are only three national banks, and in the city of Detroit only
throe. This will enable the national banking system to really enter these
two great cities, from which they have previously been excluded, perhaps
not on equal terms, but at least on a living basis.
It is my opinion that the major question of branch banking is not in
any way affected by this differentiation of the functions of the tellers'
windows except to mitigate the handicaps that at present exist in some
great cities and that it cannot by any possibility be used for the extension
of the principle of branch banking. The banking arrangements of any
individual city are distinctly a matter for local determination. When
the extension of branches passes the city lines and becomes state-svide,
a condition such as I have previously described is created, under which
the whole balance of the Federal-Reserve and unit banking systems of a
large section of the country is disturbed and the fire will, in my opinion,
very quickly jump over State lines.
lithe branch banking movement cannot use the Federal Reserve System
as an instrumentality for its extension, it will probably never become a
great menace, and with the national banks extended a reasonable mature
of facilities for self-protection within the limits of the municipalities in
which they operate the national banking system and the Federal Reserve
System can be maintained in their present status.
Abolition of Office of Comptroller of the Currency.
The office of the Comptroller of the Currency is one of the most independent In the Government service. It is a part of the Treasury organization,
but the Comptroller reports directly to Congress, and his appointment is
made by the President on the recommendation of the Secretary of the
Treasury, to be confirmed by the Senate, and his term is not necessarily
OCT.27 1923.]
THE CHRONICLE
1837
or usually concurrent with that of the Secretary of the Treasury. This of either the Comptroller or his examiner, or of the responsible official of
arrangement was made with the obvious purpose of protecting the national the Federal Reserve Bank. The present relationship is healthy and natural
banks with a leadership which would be independent of undue influence and would not be improved by the type of hybrid Comptroller that would
from other Governmental authority. The Comptroller of the Currency be under the orders of the Federal Reserve Board.
should, in the Governmental organization, be the representative and the
The principal arguments adduced in favor of the abolition of the office
partisan of the national banks.
of the Comptroller of the Currency are that duplication would be avoided
The suggestion for the abolition of the office of the Comptroller of the and that a force examining all ofthe member banks would be more economicCurrency or the transfer of the essential functions of that office to the con- ally administered than one force under the Comptroller, examining the
trol of the Federal Reserve Board would,at one stroke, deprive the national national banks, and another under the Federal Reserve Board, examining
banking system of its independent representation in the fiscal plan of the the State banks. It should be thoroughly understood that under the present
Government. In spite of the fact that in the number of banks and in total arrangement the examination of the Comptroller of the Currency is for
assets the Federal Reserve System is more national than State. and the supervisory purposes as well as for credit purposes. Examination of the
fact that the compulsory membership of the national banks was the basis State member banks by the Federal Reserve Board is necessary for credit
for the organization of the Federal Reserve System, it is now proposed purposes primarily. The reports of examinations of national banks are
to deprive them entirely of their independent status.
available at the present time to all Federal Reserve banks, and while I
The operation of the national banidng system is under the most rigid naturally think they are good, I also believe that by consultation and
supervision. When a group of individuals subject themselves to this strict co-operation with the officials of the Federal Reserve Board and banks
supervision and to the laws requiring a rigid observance of fixed principles, it will be possible to effect material improvement along the line of credit
it is to be presumed that they should receive some compensating advantages information and promoting the general liaison between the member banks
and that such privileges as they receive should be of a permanent nature and the Federal Reserve bank. It is quite possible that the large organizaand not be taken away from them in a summary manner. The independent tion now maintained in the office of the Comptroller of the Currency might
representation in the Government fiscal scheme by the national banks was be increased so that it could, with economy and perhaps equal efficioncY,
part of the original contract, and while, for the good of the country at large, carry on the credit investigations and examinations now being conducted
the compulsory entrance of the national banks into the Federal Reserve by the Federal Reserve banks. I do not, at the present time, advocate this,
System can be justified, nothing can justify their reduction from their but it would effect the desired economies with much less violence to the
former independent status to one of complete subserviency to an institution fundamentals of the American banking system than would the abolition
which is, in its nature, part privately and part Governmentally controlled. ofthe independence ofthe Comptroller of the Currency. This would possess
The honor of the Government is involved in the observance of all of the the advantage of an examination which would be very independent, but it
would possess the disadvantage of depriving the individual Federal Reserve
implications of any contract which it made.
Assuming that the powers of the Comptroller of the Currency should be banks of control and knowledge of local conditions through their direct
transferred to the Federal Reserve Board, or that the Comptroller or some representatives.
At the present time the most cordial relationship exists between the
one acting in a similar capacity should be under the direction of the Board,
the anomalous condition would be immediately created by which a trustee office of the Comptroller of the Currency and the management of the
relationship would be entered into in which the trustee would have a prefer- Federal Reserve banks. The Bureau of the Comptroller of the Currencl
ential claim against the trust which was administered. With the powers is, in times of emergency, always anxious to assist the Federal Reserve
of the Comptroller of the Currency exercised under the direction of or by banks by the loan of examiners or otherwise, and meets with complete
the Federal Reserve Board, we would have a Federal Reserve System com- reciprocity from them.
The assumption in the above is that the Federal Reserve Board would
posed of one group, the State banks entirely relieved of supervisory regulation, and another group, the national banks, subjected to the supervisory possibly appoint, and certainly have under its control, a single individual
exercising powers to a certain degree analogous to those at present attaching
regulation of its principal creditor.
With his present independent status, the Comptroller of the Currency to the office of' the Comptroller of the Currency. An arrangement of
has a primary duty towards the national banks. If he were under the di- this kind seems to me the only ono which is conceivably practical. The
rection of the Federal Reserve Board,he would be obliged to direct the oper- suggestions, however, usually take the form of having the Federal Reserve
ation of the national banks in the interests of their greatest creditor. The Board, as a Board, assume the functions of the Comptroller of the Curnational banks would be compelled to carry on their affairs under the super- rency. All of the arguments against the type of Comptroller who would
vision of this sort of a creditor's committee, while their competitors. the act in such a capacity would apply with equal force if the Board attempted.
State banks, would operate independently. While the whole principle is as such, to perform these duties. There are, however, additional reasons
wrong, the discrimination would be so unfair and so vicious that the only why it would be impossible for the Board, either directly or through a
possible way to restore equity as between the two types of banks would be subcommittee, to act in this capacity. The office of the Comptroller
to subject State banks to the same supervisory regulation as the national of the Currency has been in existence for 60 years, with all of the responbanks. This would probably be impossible for legal reasons, and if legally sibilities and duties vested in a single person. Around this office have
possible would result in the withdrawal of the State banks from the system. grown up traditions, customs and precedents based upon rulings and
In addition to the injustice of the violation of the direct implication of a decisions. These have become so fundamentally integrated with the
contract and the unfair discrimination as between the two classes of banks, operation of national banks and with the person of the Comptroller that
this proposal would violate the fundamental principle of trusteeship, which it would be impossible, as a practical matter, to attach them to the Board
is that a trustee must not have interests which conflict with the interests or to a committee of the Board. Many of the precedents have been
of his trust, neither must he have conflicting duties as between different established through opinions of the Supreme Court of the United States.
The Court has referred to the Comptroller as a person possessing a quasiclasses of interests.
The authority and powers of the Comptroller of the Currency over na- judicial status. What would become of these precedents and decisions
tional banks is both judicial and supervisory, and if he were under the con- if the office of the Comptroller of the Currency were abolished? In other
trol of the Federal Reserve Board, in passing Judgment and directing words, if the opinions of the Supreme Court and the rulings of the Compoperations he would do so in the position of one who had an interest apart troller's office are based on the general theory that the Comptroller is
and often opposed to the interests of the institutions under his direction. a single person, exercising quasi-judicial, as well as executive. Powers,
Ile would be under constant pressure to direct the operation of the na- and it were attempted to transfer those powers to a Board, would not
tional banks in the interest of the Federal Reserve banks, which are their these precedents and rulings be seriously disturbed? Whoever takes
potential and usually actual creditors.
over the powers and duties of the Comptroller of the Currency must, as a
As the Comptroller of the Currency has responsibility for putting banks legal and administrative necessity, also take over the status of the Compinto the hands of a receiver, and for the operations of the receiver, a dual troller as evolved by customs and precedents and as interpreted by the
relationship between the insolvent banks and the Federal Reserve banks Courts. This can only be done by an individual. The office itself,
would be even more impossible and reprehensible than in the case of operat- therefore, could not be abolished or be transferred to a group of individuals
ing institutions. The Federal Reserve banks are, in most cases, the secured without repealing the fundamental purpose of the National Bank Act
creditors of banks which fail. They have a claim on the selected paper and thereby disrupting the national banking system.
of the bank, and their interest would be to press this paper for payment
The office of the Comptroller of the Currency has to be organized for
as rapidly as possible, regardless of the effect which such action would have
never complacent
quick and summary decisions. A mob of depositors is
upon the depositor, who is a general creditor. In many cases it is found enough to await the deliberations of a town meeting. If the Federal
that the Federal Reserve Bank has pi actically all of the good assets and Reserve Board is composed of the men of ability and force of character
some of the doubtful ones to secure its claim. Quick action frequently that has typified this Board in the past, each member, in self-respect,
destroys equities which are very valuable to the depositors and to the other will insist on expressing himself and impressing his personality on any
subordinate creditors.
Proposed methods for relief, and the fire wagon, if it arrives at all, will
Bankers of the United States are trained to the point of view of proper approach in orderly and dignified fashon long after the last wisps of smoke
administration of trusteeship. It is. to my mind, inconceivable that they have floated away and the ashes cooled. Please understand that this
should, for one moment, without protest, permit a relationship to develop statement would still be made if absolute assurance could be given that
which would clearly result in the creation of a trustee who would not only the ablest men in the world would always sit on this Board. "Boards is
have a dual relationship towards his trust, but a dual relationship for Boards."
I cannot resist a feeling little short of resentment that so many sugobviously conflicting interests. It would be a national calamity to the
depositing classes of the United States if their interests were not to be gestions and so many tendencies seem directed along lines prejudicial to
represented by authority independent of the greatest preferred creditor, the national banking system. If we are to have a national banking system
over which the Government exercises supervisory control, that control
the Federal Reserve banks.
The unadvertised but chief function of the office of the Comptroller of the must be in the hands of an independent executive and not the representative
Currency is keeping banks from failing, and not operating receiverships. of a preferential creditor. The only fair and only logical thing to do is
To accomplish this the Federal Reserve System is the most valuable instru- either to continue the present system with an independent Comptroller
ment conceivable, but to use this instrument for the protection of the bank- or abolish the system entirely. A man cannot serve two masters, and a
ing situation the Comptroller personally and through his examiners fre- trustee who will act for two conflicting interests is ipso facto incompetent
quently approaches the Federal Reserve banks as an applicant for the either mentally or morally.
extension of credit. Can the Comptroller, in this situation, successfully
General Conclusions.
sit on both sides of the counter and represent the needy bank and protect
This committee, of course, is sitting primarily to discuss the reasons why
the assets of the Federal Reserve Bank from which he is trying to borrow? non-member banks do not voluntarily join the Federal Reserve System,
It may be possible to find a few men who are of such judicial nature that and my expressions have been largely confined to the relationship of the
they can fight aggressively on both sides of an issue of this kind, and if national banks who are compulsory members of the System rather than to
so they could satisfactorily fill this position, but it is my observation that the direct objects of your investigations. I am convinced that this comthe type of good fighting examiner who saves banks which are in difficulty mittee would not, in pursuit of its more direct purpose, desire to take any
is not always judicial as regards the protection of prospective creditors of action which would place improper burdens upon the national banks, or
the institution which he is struggling to save. In my brief tenure of office leave undone any possible measure for their protection. On this account
I have found that this situation often produces conflict between the repre- it has seemed to me necessary that this somewhat negative presentation
sentatives of the Comptroller's office and the representatives of the Federal should be made. No measure which injures the national banks can be
Reserve Bank. I am glad that this is so. Each has interests to protect, essentially helpful to the Federal Reserve
System.
which interests aro not absolutely identical. The results of this healthy
The general conclusions, which I should like to have drawn from my
partisanship have been good, and any troubles that have grown out of it arguments, are:
are incidental and minor as compared with what would happen if the'
First, that the development of branch banking, unless curbed, will mean
Federal Reserve Board were charged with entire responsibility of relieving the destruction of the national banks, and thereby the destruction of the
distress and conserving the assets without the stimulating pressure of Federal Reserve System and the substitution of a privately controlled
independent Governmental influence. Where effective co-operation reserve system for a governmental system of co-ordination.
between the examiner and the Federal Reserve Bank is not established
Second, that if the Federal Reserve Board has not the power to refuse
under the present method it is, to my mind, a justification for the removal the admission of institutions engaged in general branch banking, and to
1838
THE CHRONICLE
[Vol.. 117.
curb the further extension of this principle by member banks, they should
be given the power.
Third, that the abolition of the office of the Comptroller of the Currency
would destroy the independent status of the national banking system in
governmental finance, and that the real issue presented by this movement
is the abolition of the national banking system, as it cannot be subjected
to the supervisory regulation of an interested creditor. If the national
banks are not entitled to independent supervision they should not be
supervised at all.
First Regional Trust Company Conference
Nov. 22
-Nov. 23 at San Francisco.
The dates for the First Regional Trust Company Conference to be held under the auspices of the Committee on MidWinter Conferences of the Trust Company Division, American Bankers Association, have been set for Nov. 22 and 23
1923. Leroy A. Mershon, Secretary of the Committee on
Mid-Winter Conferences, in notifying members of this on
United States Supreme Court Grants Application of Oct. 15
says:
Federal Government to Intervene in Branch Bank
San Francisco has been selected as the meeting place and the sessions will
Proceedings.
undoubtedly be held at the San Francisco Commercial Club.
There will be no fee connected with attendance at these meetings.
The U. S. Supreme Courf on Oct. 22 granted the applicaOn Friday evening, Nov. 23, a banquet will be held, at which time worthtion of the United States Government to file a brief and par- while addresses will be delivered. Members expressing interest in this event
ti :pate in the argument in the branch bank proceedings on blank enclosed will be furnished with complete information as to hour and
price.
wl.ich were instituted in Missouri. The intention of the Gov- feature. This opportunity to gather socially should prove a most valuable
ernment to intervene was noted in our issue of Oct. 13, page
The conference immediately precedes the annual football contest between
125; in referring to the application made to the Court in Leland Stanford University and the University of California, which will be
held at Berkeley on Saturday, Nov. 24.
behalf of the Government a Washington dispatch to the
The subjects to be considered at the meeting have been covered in part in
New York "Times" Oct. 15 said:
communications sent from the Trust Company Section of the California
The Department of Justice asked the Supreme Court to-day for permission
to take part in the reargument of the branch bank case, now pending, which
involves the right of a national bank to operate branch banks in the city for
which it is chartered to do business. Solicitor-General Beck, on behalf of the
Government, challenged the right of a State either by statute or by judicial
proceedings to regulate or control national banks.
The branch bank case reached the Supreme Court on an appeal from the
decision of the Supreme Coert of Missouri, holding that national banks could
not lawfully open branch banks in that State. The National City Bank of
New York, the Chemical National Bank of New York and the National Bank
of Commerce in New York were allowed to file briefs in support of the
branch banks, and the Attorney-Generals of Illinois, Connecticut, North Dakota, Washington, Wisconsin, Iowa, Arkansas, Minnesota, Indiana and Kansas filed briefs opposing the banks.
The case was argued in the Supreme Court on May 7 1923. The Court
ordered it reargued on Nov. 12 on the question whether a State has the right
to challenge a national bank as to its methods of carrying out the provisions
of its charter.
Robert C. Morris, on behalf of Missouri, objected that the Government's
request came "inexcusably late."
The Associated Press advices from Washington, Oct. 22,
In indicating that the Supreme Court had granted the Government's application, and that the whole question of the
right of natiOnal banks to establish branches had been ordered opened and argued by the Court, said in part:
—When the Court hears argument in the case Nov. 12 it will have presented to it all the conflicting questions of jurisdiction involved in the controversy. Not only will the contentions of the national banks that they have
a right to establish branches free of all State intervention be advanced by
the First National of St. Louis and the other national banks permitted by the
Court to join on that side of the case, but the Court will have before it also
the attitude of the Federal Government as recently stated by the AttorneyGeneral in an opinion holding that national banks can establish branch
teller windows to receive deposits and pay checks, but not to do other banking
business.
In all, eleven States will join Missouri in the contention that a national
bank, although chartered by the Federal Government, is subject to the jurisdiction of the State in which it is located, and that it can be prohibited by
the State from establishing branches if the State also prohibits State banks
from doing so.
Bankers Association. Members are assured of a well-rounded, interesting
and valuable program. No long addresses will be made. Every opportunity
will be afforded for a free expression of opinion by members of the subjects
to be discussed.
The definite purpose back of the holding of this conference is to impart
Information which will enable those in attendance to return to their own
offices better equipped to give a broader and larger service to their separate
communities. This in turn should result in increased earnings.
The States included in this invitation are: Washington, Idaho, Montana,
Wyoming, Colorado, Oregon, Nevada, Utah, New Mexico, Arizona and California.
The 'final details regarding the meetings and banquet will be covered in a
communication to members on or before Oct. 30. A partial list of the subjects to be presented and discussed at the meetings will also be Included.
Federal Reserve Discount Rate to Be Considered at
Nov. 12 Meeting—Richmond Bank Not
Advocating Changes.
Stating that an important session of officers of the Federal
Reserve banks will be held in Washington Nov. 12, at which
time it is understood that general questions relating to discount rates will be taken under careful advisement, Washington advices Oct. 23 to the "Journal of Commerce" went
on to say:
Some matters bearing upon the theory of rates which have been more
or less held in abeyance for some time past, will be given attention, and the
results may be of considerable importance in their bearing upon Federal
Reserve policies in the future.
Question of Raising Rates.
The perennial question of raising rates is always under discussion and
has been more or less active during the past month. Treasury authorities
have lately expressed the opinion that there would be no rate advances
this year, or at least none during the crop moving season. There has been,
however, a fairly strong feeling among banking authorities that the policy
of uniform discount rates in force for some time past was a mistake and
that rates ought to be higher in those parts of the country where commercial
charges are higher and where loan applications are particularly heavy.
This applies to the situation in some of the southern and southwestern
districts and particularly to those where conditions have appeared of late
to suggest the probability of applications for rediscount accommodations
Issuance of Regulations Governing Establishment by from other Federal Reserve banks. Had there been any development of
such applications it is probable that rates would have been raised before
National Banks of "Tellers' Window" Branches.
now in the districts from which such applications were received.
Announcement was made yesterday of the issuance by
The fact that none has come in has saved the situation and has avoided
Comptroller of the Currency Henry M. Dawes of regulations an immediate advance in rates that would otherwise have been demanded.
So it is quite likely that the section of opinion which always wants low
'governing the establishment by national banks of tellers' rates and which is best represented by the current views of the political
windows, in accordance with the recent ruling of Attorney- authorities will succeed in keeping charges down to their present low level.
Higher Rates Not Far Off.
General Daugherty, limiting branches of national bank': to
But the situation just described is essentially temporary. There is a
the cashing of checks and receiving of deposits. Tho regula- good deal of reason to believe that higher rates are not far off in some
districts. Banking conditions which had become so thoroughly liquidated
tions stipulate:
during the last period of depression have, within the past few months.
A national bank will be permitted to establish such an office only in a city
gradually grown less satisfactory so far as liquidity is concerned, and there
where other banks are engaged in, and under existing regulations are peris a strong opinion that not a few of the Reserve banks, as well as many of
mitted to engage de novo, in banking practices which make it necessary for
their members, will go over into the new year with a considerable load
the national bank in question to operate such an office in order to effectively
of extended paper.
conduct its banking business.
Should they do so, the result would be to cut down their capacity for
National banks will be permitted to establish such offices only within the
local management of the credit situation during 1924, and the outcome might
limits of the city, town or village named in its organization certificate as the be to leave them in a
position which would demand a good deal of help
place where its operations of discount and deposit are to be carried on.
from other districts.
A national bank desiring to establish and operate one or more additional
This ought to be guarded against, and there has grown up a strong
offices shall make application therefor to the Comptroller of the Currency
opinion among Federal Reserve authorities that the time has come to
on a form prescribed or approved by him.
abandon the uniform rate structure and to raise rates very materially in a
Operations of additional offices of national banks established under these
good many parts of the country. Of course there is opposition to any
regulations shall be confined to receipts of deposits and the payment of such measure from those who believe prosperity depends on the maintenance
Cheek's and other routine or administrative functions.
of generally low levels of charge.
No investment in bonds or other securities for the account of the bank
Open Market Question.
shall be made at any such additional office.
No loan or discount shall be made to any customer of the bank through
The Federal Reserve Board tried to help itself out of the difficulty last
additional office that has not been authorized at the banking house by spring by announcing that it was going to adopt an "open market policy"
such
a resolution of the board of directors or by an appropriate committee of on commercial paper. In pursuance of that announcement the Reserve
such board, and no general authority issued by the board of directors shall banks sold a considerable volume of their investment holdings, and it was
vest in any officer or employees at the additional office any discretionary stated that in the future a consistent plan of operating in the open market
authority with reference to making such loans or discounts.
would be employed.
Nothing of the kind has occurred, but, on the contrary, the open market
It is also stated that the regulations provide also that the
operations have been tentative and sporadic, so that it is very difficult to
shall transmit to the parent banking house a say exactly what their outcome has been. It would seem that the result,
branch office
daily statement of its business and that these statements be whatever it may be considered to have been, has been very limited, and that
the sale of the investments merely tended to draw in a little money which
incorporated in the books of the main house.
was pretty shortly let out again on commercial accounts.
The Attorney-General's ruling was given in our issue of
All this merely means that the Federal Reserve System in order to be
successful with an open market policy would have to take very much more
Oct. 6, page 1515.
OCT. 27 1923.]
THE CHRONICLE
1839
DEPARTMENT OF STATE.
Aide Memoire.
Washington, Oct. 15 1923.
In reply to the communication of his Majesty's Charge d'Affaires of
to express the deep interest
Oct. 13, the Secretary of State desires again
of the United States in the economic situation in Europe and its readiness
to aid in any practicable way to promote recuperation and a re-establishment of economic stability. The Government of the United States has
viewed with deep concern the lack, as his Majesty's Government expresses
it, of that unity of thought on the part of the European powers essential
to common action. The views of the Government of the United States
as to the importance of agreement among the Allies and the relations of
the Government of the United States to the questions involved were set
forth in the statement of the Secretary of State to which his Majesty's
Government refers, and these views are still held.
It is observed that his Majesty's Government states that Great Britain
and Germany made it clear that the proffered assistance would be warmly
welcomed by them and that his Majesty's Government has always heartily
approved the suggestion, then made by the Secretary of State. whenever
it has been revived, and that so far as his Majesty's Government is aware,
the sole reason why the proposal has not been proceeded with has been
lack of unanimity among the interested powers.
It is believed that
it imperative that a suitable
The following is from the"Wall Street Journal" of Oct. 22: financial plan should present conditions makeeconomic disaster in Europe,
be evolved to prevent
Board was considering a request the consequence of which would be world wide. It is hoped that existing
A report that the Federal Reserve
for increased discount rates from the Federal Reserve Bank of Richmond circumstances are propitious for the consideration of such a plan inasmuch
is denied by Governor George J. Seay of that institution.
as the abandonment of resistance on the part of the German Government
The trend of reserve ratios in the last few weeks is sufficient to set at win present a freer opportunity and an immediate necessity for establishing
In the four weeks ended an economic program.
rest any question of a higher rediscount rate.
Oct. 17 Richmond's ratio increased from 50.1% to 57.5%. During the
The Government of the United States is, therefore, entirely willing
same period total loans were reduced more than $4,000,000.
to take part in an economic conference in which all the European Allies
With contraction of loans to member banks on part of the Richmond chiefly concerned in German reparations participate, for the purpose of
Federal Reserve Bank there would appear to be more warrant for a report considering the questions of the capacity of Germany to make reparation
that a reduction in the discount rate was under consideration. However, payments and an appropriate financial plan for securing such payments.
there are no indications that change in rates at any of the Federal Reserve It is deemed advisable, however, to emphasize the following points:
banks is contemplated at the moment.
(1) Confirming what was said by the Secretary of State in his statement
of last December to which you refer, the Government of the United States
has no desire to see Germany relieved of her responsibility for the war or
Secretary Hughes in Reply to Lord Curzon of ,Great of her just obligations. There should be no ground for the impression that
a conference, if called, should have any such aim or that resistance to the
Britain Indicates Willingness of United States to
fulfillment of Germany's obligations has any support. It should be
Join in Conference on Reparations.
evident that in the effort to attain the ends in view, regard must be had to
to pay
the fundamental condition of
Important among the week's developments respecting the capacity of Germany without and to reparation payments will be
Germany's recuperation,
which
Germany, the disruption of which has been threatened by impossible.
(2) Such a conference should be advisory: not for the purpose of binding
the Separatist movement, has been the announcement of Governments, who would
naturally be unwilling to pledge their acceptance
efforts toward an economic conference on reparations, in in advance, but to assure appropriate recommendations by a thoroughly
which the United States would be a participant. The mat- informed and impartial body intent upon the solution of the difficult
their
ter has been the subject of correspondence the current pending problems upon State merits. observation in the communication
(3) The Secretary of
notes the
month (and made public this week, Oct. 26), between Lord of his Majesty's Government that the European problem is of direct and
interest to the United States, "if for no other reason because the
Curzon, British Secretary of State for Foreign Affairs, and vital
question of the inter-Allied debt is involved therein." The Government
Secretary of State Hughes at Washington, the former having of the United States has consistently maintained the essential difference
sought from Secretary Hughes the views of the United between the questions of Germany's capacity to pay and of the practicable
States toward its co-operation in an inquiry into the soltition methods to secure reparation payments from Germany, and the payment
the Allies of their debts to the United States, which constitute distinct
of the reparations issue. Secretary Hughes in his reply indi- by
obligations.
cated the entire willingness of the United States "to take part
In the statement of the Secretary of State, to which his Majesty's Governin an economic conference in which all the European allies ment refers, it was said:
"The matter is plain enough from our standpoint. The capacity of
chiefly concerned in German reparations participate for the Germany to pay is not at all affected by any indebtedness of any of the
Allies to us. That indebtedness does
capacitY,
purpose of considering the questions of the capacity of and its removal would not increase hernot diminish Germany's if France
capacity. For example,
Germany to make reparations payment." In his letter had been able to finance her part in the war without borrowing at all from
us, that is, by taxation and internal loans, the problem of what Germany
Secretary Hughes points out that the views of this Govern- could pay would be exactly the same.
concerned,
"Moreover, so far as the debtors
ment "as to the importance of agreement among the Allies they have unsettled credit balances, to the United States are capacity to
and their condition and
pay can
Government of the United States to on these not be properly determined until the amount that can be realized
and the relations of the
credits for reparations has been determined.
"The administration must also consider the difficulty arising from the
the questions involved," were set forth in the statement which
fact that the question of these obligations which we hold and what shall
he (Secretary Hughes) made last December in an address at be done with them is not a question within the province of the Executive.
has
Not
public property of this
New Haven, in which he expressed the view that "dis- dealtonly may Congress deal withcommission and instead sort but itthat
with it. It has created a
of giving
which quite
tinguished American citizens" would be willing to serve on commission broad powers such as the Administration proposed,exercised in
apart from cancellation might permit a sound discretion to be
a commission which would seek to evolve a financial plan accordance with the facts elicited. Congress has placed definite restrictions
upon the power of the commission in providing for the refunding of these
for working out payments which would be "accepted through- debts."
as the most authoritative expression obtainout the world
It is hardly necessary to add, as it has frequently been stated by the
able." Secretary Hughes's address of last December was Government of the United States, that while the American people do not
of the debts of the
the United States or of
given in these columns Jan. 6, page 22. In confirming what favor cancellation people of the United Allies to the burden of Germany's
the transfer to the
States of
he had to say last December, Secretary Hughes in his note obligations, directly or indirectly, the Government of the United States
to Lord Curzon states that "the United States has no desire has no desire to be oppressive or to refuse to make reasonable settlements
as to time and terms of
consideration of the circumstances
to see Germany relieved of her responsibilities for the war, of the Allied debtors. payment, in full that the establishment of sound
It may be added
or of her just obligations," and adds that "there should be economic conditions in Europe, the serious reduction of military outlays
no ground for the impression that a conference, if called, and the demonstration of a disposition of European peoples to work together to achieve the
justice will not fail to have their
should have any such aim." He likewise says: "such a proper influence uponaims of peace and and purpose in connection with
American thought
should be advisory; not for the purpose of binding such adjustments.
conference
In further reply to the communication of His Majesty's Government,
governments who would, naturally, be unwilling to pledge
it may be said that the Government of the United States is not in a position
their acceptance in advance. Secretary Hughes points out to appoint a member of the Reparation Commission, inasmuch as such
that "the Government of the United States has consistently an appointment can not be made without the consent of the Congress.
The Secretary
maintained the essential difference between the questions of citizens would of State has no doubt, however, that competent American
be willing to participate in
inquiry, for the
pay, and of the practicable methods purposes stated, through an advisory body an Mon.:4311C the Reparation
Germany's capacity to
appointed by
to secure reparation payments from Germany, and the pay- Commission to make recommendations in case that course after further
ment by the Arno of their debts to the United States which consideration should be deemed preferable.
As to the further question whether American co-operation in an inquiry
constitute distinct obligations." And he further says: for the purposes described in the communication of His Majesty's Govern"While the American people do not favor cancellation of the ment could be hoped for in case unanimity of the European Powers could
express the
debts of the Allies to the United States or of the transfer to not be had, the Government of the United States must againwithout the
view that the questions involved can not be finally settled
the people of the United States of the burden of Germany's concurrence of the European Governments directly concerned. Other
obligations, directly or indirectly, the Government of the Governments can not consent for them; and it would manifestly be extremely difficult to formulate financial plans of such importance and
United States has no desire to be oppressive or to refuse to complexity without the participation of those whose assent is necessary
make reasonable settlement as to time and terms of payment to their fulfillment.
In view of the existing exigencies it is hoped that the project of such
in full consideration of the circumstances of the Allied
an advisory nature might commend
debtors." The following is the reply made by Secretary an inquiry as is contemplated of the question suggested will not arise.
itself to all these Powers and that
Hughes to Lord Curzon's note:
But If it should arise, through lack of unanimity on the part of the Euro-
vigorous steps than heretofore and would have to apply its policy with a
great deal more energy than ever before.
The subject has been set for discussion at the conference on Nov. 12,
and it is supposed at that time the usual opposing points of view will be
once more indicated, In a general way,it is undoubtedly recognized by the
better-informed officials of the Reserve System that open market operations
are not likely to succeed unless they are associated with decisive measures
based upon rate advances and the careful selection of eligible paper in order
to control or shape the portfolios of the banks and so to assist in the direction
of market rates.
Importance of Conference.
The forthcoming conference has a good deal more than ordinary importance because it bids fair to have something real to discuss. It will be
remembered that in the spring the conference, which then met, gave very
considerable attention to the rate qusetion; and,according to good accounts,
was rather disposed to recommend advances.
These were held in abeyance for the time, particularly, it would seem,
because of Government opposition, but ever since then there has been a
strong feeling that there was a call for rate increases, and this now shows
itself once more. Although business is much slacker than it was in the
spring, the bank situation undoubtedly calls more strongly even than it did
at that time for the aplication of a strong discount policy.
1840
THE CHRONICLE
pean Powers, the Government of the United States-must reserve decision
as to its course of action in order that the developments in such a contingency may be fully considered and that course taken which will give
best promise of ultimate success in securing the desired end of re-establishing
the essential conditions of European peace and economic restoration.
To the attainment of that end, it may be repeated, the Government
of the United States desires to lend its assistance in any manner that may
be found feasible.
The text of the note which Lord Curzon addressed to
Secretary Hughes follows:
The information which reaches America will have acquainted the American Government with the extremely critical economic position that has
arisen in Europe owing to failure to find any solution for the reparation
problem, which daily becomes more acute as the financial and political
condition of Germany grows worse.
There does not appear to be among the European Powers that unity of
thought which either renders common action feasible or will be successful
in finding an early solution. His Majesty's Government have during the
past nine months made a series of proposals to their Allies for meeting these
difficulties, none of which has been so fortunate as to meet with a measure
of acceptance sufficient to bring about common action. And yet without
such action, not merely Germany, but Europe, appears to be drifting into
economic disaster.
In these circumstances His Majesty's Government have for long entertained the belief that the co-operation of the United States Government
is an essential condition of any real advance toward a settlement. America, by reason of her position and history is more disinterested than any of
the European Powers; at the same time she is directly and vitally concerned
with the solution of the European problem, if for no other reason, because
in it is involved the question of the inter-Allied debt.
When Mr. Hughes made his declaration in December last, both Great
Britain and Germany made it clear that they would warmly welcome the
proffered assistance. And whenever the suggestion has been revived it
has met with the hearty approval of His Majesty's Government.
The French Government hitherto has taken a different view. This
lack of unanimity is, so far as His Majesty's Government are aware, the
sole reason why the proposal has not been proceeded with.
His Majesty's Government were already engaged in formulating an
Inquiry to the United States as to the manner in which, in the opinion of
the latter, united action, which is the common desideratum, could best be
brought about, when they read in the press yesterday morning a declaration
reported to have been made by President Coolidge that the American
Government would rest on their proposal of December last.
The Government warmly welcome this declaration and hope that they
are justified in deducing from it that that if the European Powers will join
in such an inquiry America will render the promised co-operation. If the
Government have rightly interpreted the President's statement and if they
may count upon an encouraging reception being given to such a proceeding, they will not hesitate to invite the immediate co-operation of their Allies
in Europe in an invitation to the United States Government to assist in
the proposed inquiry by deputing a delegate, whether official or not.
If, on the other hand, it were proposed to hold such an inquiry, although
complete unanimity had not been forthcoming at this end, might His Majesty's Government and the majority of the Allies still hope for American cooperation?
• Alternatively, if it were proposed that such an inquiry should be entrusted to the Reparation Commission or to a body appointed by it, would
America be willing to participate?
It is in the firm belief that the American Government have it in their
power to render great services to the security and peace of the world that
His Majesty's Government, speaking in the name of the whole British
Empire, as represented in the Imperial Conference now assembled in London. desire to associate themselves with the renewed proposal of the President, and they will be glad to receive from the American Government any
suggestion that the latter may be disposed to offer in reply to the questions
I have ventured to put.
Ambassador Harvey on Hughes Proposal and Readiness
of United States to Assist in Re-establishment
of Stability7of Europe.
The readiness of the United States "to help in any practicable way to promote the recuperation and re-establishment of economic stability throughout the world" was
emphasized in a farewelliraddress which George Harvey,
American Ambassador to Great Britain, delivered in London
on Oct. 23 at the Pilgrims' Dinner. The Ambassador
referred to the fact that "very!reluctantly eleven months ago
Secretary Hughes went as far asTdiplomatic usage permits,
and without even requiring a' formal request from any
Power, offered to provide American adjudication." During
the eleven months that have elapsed, he said, "there is no
material difference in the fundamental situation. The need
of a financial plan to prevent economic disaster in Europe
is obviously no less imperative, and it is quite within the
range of possibility that the preparation of such a plan has
been rendered more feasible by the abandonment of resistance by the German Government." As we indicate in
another item in this issue, Secretary of State Hughes, in
reply to a message from Lord Curzon, has the current
month indicated the willingness of the United States "to
take part in an economic conference in which all the European Allies chiefly concerned in German reparations participate." After sketching at lengthlthe development and
application of the M'onroe Doctrine, Ambassador Harvey
proceeded as follows, according to copyright advices from
London to the New York "Herald":
Reverse the picture. When our sagacious elder statesmen pledged in return for their demand for "no interposition by Europe" in American politics.
"no participation by the United States in the political broils of Europe," the
great Powers on this side of the ocean could but smile indulgently at their
presumptuous tender of payment in kind, so trifling as to be negligible.
Of what value to them was such an offering? What had they to fear from
[VoL. 117.
a few ill knit colonies thousands of miles away? What harm or what help
could ever spring from a land so distant and so desolate? What ill or good,
indeed, then?
But now. How marvelous is the transformation wrought by a short
century of time. We have not changed. We keep our promises that we
would not impose our will upon Europe or upon any part of Europe. And
we will not now or ever hereafter "participate in the political broils of
Europe." Let that be understood.
The Monroe Doctrine is no leas sacred in our eyes now when we are rich
and powerful than when we were poor and weak. It continues to be in all
its phases the cornerstone of our national policy and must be recognized
and accepted as such in all international transactions.
Does this involve or imply selfish aloofness from the trials and tribulations of the world or unwillingness to help our friends? Not at all. Your
own philosopher-poet expressed to perfection the American aspiration when
he wrote with that touch of genius which only Kipling now retains: "Help
me to need no aid from men that I may help such men as need."
More prosaically, but with no less sententious accuracy, our Secretary of
State, Mr. Hughes, only the other day epitomized the same idea in even
fewer words: "Not isolation but independence is the cardinal principle of
the Republic."
A further declaration I add to complete the thought and emphasize
the purpose. It is by President Coolidge. These are his words: "The
constant need cf civilization is for practical idealism which does not attempt
to perform the impossible, which does not seek to reform merely by an
Act of legislation, thinking it can unload its burden on the Government
and be relieved from further effort, which does not undertake to assume
responsibility for all humanity, but realizes that redemption comes only
through sacrifice. It is this kind of practical idealism that is represented
in the history of our country, deep faith In spiritual things tempered by
hard common sense adapted to the needs of this world. It has been
illustrated in the character of the men who planted the colonies in the
wilderness and raised up the States around the church and the schoolhouse,
who bought their independence with their blood and cast out slavery by
the sacrifice of their bravest sons, who offered their lives to give more
freedom to oppressed peoples and who went to the rescue of Europe with
their treasure and their men when their own liberty and the liberty of
the world was in peril, but, when victory was secured, retired from the
field unencumbered by spoils, independent, unattached and unbought.
Such has been the moral purpose that has marked the conduct of our
country up to the present hour. The American people have never adopted
and are not likely to adopt any other course."
Combine these three utterances as set forth—the theory of Kipling,
the principle by Hughes and the application by Coolidge and you have
the Monroe Doctrine—the American principle—unchanged, unchangeable
by any President, by any Congress or any court for the simple reason
that it is implanted in the will of the American people who alone in the
States possess sovereign powers.
Is it a harsh doctrine? Is it narrow? Is it ungenerous? Is it mean?
As one weighs it in the balance the considerations which seem to be actuating
the European Powers, our position, in a relative sense, at any rate, could
hardly be pronounced indefensible. But ignore all that. Wholly disregard the irrefutable fact that billions of our money, borrowed by our
Government and then loaned by our Government, is still being used to
maintain greater armies than ever before existed for purposes surely of
no concern to us; what then?
Tried to Help Win Peace.
Have we not at least tried to help win peace, or, rather, as the absurd
popular phrase runs, once upon a time we tried to help win the War? I
think so.
Consider. Years ago it was an apparently universal opinion in Europe
that the crux of a settlement lay in the determination of the amount of
reparations Germany could really pay, but that sum could not be fixed
because of the contentions of the interested parties. Only an unbiased
and unconcerned yet competent authority could ascertain and certify
to common satisfaction the producable and collectable compensation.
The United States filled the bill. The United States Was disinterseted
because the United States bad waived all reparation claims upon Germany
for the joint account of the Allies. Clearly a moral obligation rested upon
the United States to act.
Such was the opinion, such thejudgment put upon us from all or nearlyial
quarters of the globe. With what result? Very reluctantly eleven months
ago Secretary Hughes went as far as diplomatic usage permits and withoutl
even requiring a formal request from any Power, offered to provide American adjudication.
If you Ic33w th3 United St to as I know it you would realize that that
,
was somewhat of a brave thing to do. Well, Mr. Hughes did it, he did it
publicly. America came to the door of Europe,and le,and behold, the door
was closed. The United States was not wanted. What could the United
States do? What could any self-respecting nation have done? The United
States went home.
Conditions on the Continent have changed somewhat during the eleven
months that have elapsed, but there is no material difference in the fundamental situation. The need of a financial plan to prevent economic disaster in Europe is obviously no less imperative, and it is quite within the
range of possibility that the preparation of such a plan has been rendered
more feasible by the abandonment of resistance by the German Government.
America Still Ready to Aid.
If so, while Secretary Hughes gave no option in perpetuity and could
hardly renew his proffer without seeming to be intrusive, there need be no
question of my Government's entire willingness to take part in such an economic conference as he originally suggested if requested to do so by all the
Allies chiefly concerned in German reparations.
That is to say, in a few words, that under President Coolidge as under
President Harding, the United States stands quite ready to help in any practicable way to promote the recuperation and re-establishment of economic
stability throughout the world. We will willingly "come in", as the saying
is, as soon as we are asked, but surely wo cannot be expected to smash in
the door. No, the Monroe Doctrine forbids.
I am moved by the presence and participation of the Prime Minister of
Australia to make the compliments of a former colony to your splendid
dominions. Their first citizens were here for a conference when I arrived,
and now again are somewhat in evidence. One difference, however, I
seem to perceive. They appear more confident in their footing than on the
previous occasion. Experience, apparently, has made them not more independent, as some might hastily infer, but really more English, if our
greatest philosopher, Emerson, hit the nail on the head, as Yankees occasionally do, when he wrote: "I find the Englishman to be him of all men who
stands firmest in his shoes." Obviously in any case your visiting Premiers
have given sufficient attention to conditions to enable them to express
their needs in attractive alliteration as "men, money and markets." This
should and doubtless does render far more easy the task of your resident
OCT.27 1923.]
THE CHRONICLE
Prime Minister, who is thus spared the bewilderment which might arise
from more tentative and less definite proposals.
No More "Muddling Through."
I would not think for a moment of course, of passing comment upon
strictly family matters, but one thing I may remark, perhaps, because it
seems so heartening. Since the councils of the Empire have been broadened and invigorated by the admission of these loyal sons from afar, a truly
famous phrase has disappeared entirely. Nobody now rests comfortably
upon the assumption that England will "muddle through somehow."
The present disposition is to grapple difficult problems promptly with
energy and determination as in now countries and leave as little as possible
to chance. The change in attitude thus indicated is, I believe, fuller of
hope and promise for this island and its people than any other that has taken
place since the war. To what degree the infusion of blood from the colonies
Is responsible for it I hesitate to venture to surmise.
What perhaps I may venture to speak of briefly without -violating proprieties is the attitude of the United States toward the dominions of the
Empire. This was defined with full clarity by our late President in his
speech at Vancouver on July 26—the first speech ever made by the American
Executive on Canadian soil and the last but one delivered by Mr. Harding.
As such it well may live for all time as a true expression of continuing American sentiment:
"An interesting and significant symptom of our mutuality appears in the
fact that interchange residents are wholly free from restrictions. Our national and industrial exigencies have made necessary for us, greatly to our
regret, to fix limits to immigration from foreign countries. But there is no
quota for Canada. We gladly welcome all your sturdy, steady stock who
care to come as a strengthening ingredient and influence. We none the less
bid godspeed and happy days to the thousands of our folk who are swarming
constantly over your land and participating in its remarkable development.
"Wherever in either of our countries any inhabitant ofone or the other can
best serve the interests of himself and his family is the place for him. I
find that quite unconsciously I am speaking of our two countries almost in
the singular, when perhaps I should be more painstaking to keep them
where they belong, in the plural. But I feel no need for apologies. You
understand as well as I do that I speak in no political sense.
"The ancient bugaboo of the United States scheming to annex Canada disappeared from our minds years and years ago. Heaven knows we have all
we can manage now and room enough to spare for another hundred millions
before approaching the intensive stage of existence of many European
States. No,let's go our own gaits along parallel roads, you helping us and
we helping you. So long as each country maintains its independence and
both recognize their interdependence those paths can not fail to be highways
yonueto be
prosperity.
the supreme factor of modern existence.
of Piogi s
'latta
iITI
Make no mistake about that. But the day of a Chinese wall inclosing a
hermit nation has passed forever. Our protection is in our fraternity, our
armor is our faith, the tie that binds more firmly year by year is an ever
Increasing acquaintance, comradeship and compacts not of perishable
parchment but of fair and honorable dealing which, God grant, shall continue for all time."
So spoke the best beloved of all American Presidents. I need hardly add
that what he said of our nearest neighbor, "our very good neighbor," as he
depicted her, applies with equal force, equal truth and equal sincerity to
every other commonwealth of the Empire. And It is not without significance that quite naturally President Harding, in speaking to • Canada.
referred to England and America as "your mother country across the sea
and your sister country across a hardly visible border."
Surely I can do no better than to leave in your minds to-night this unconscious linking together by a great American magistrate as of one stock
and one spirit all the elements comprising our mighty race. And that I
do with assurance and satisfaction since I know the voice of our President
In his last vital utterance to have been the voice of the people, the whole
people of our great Republic.
1841
appeal not so much for material assistance as for moral support in this
dark hour. and he expressed the belief "that the New World may once
more come in to redress the balance of the Old, as it did one hundred
years ago and again six or seven years ago."
Calls Ruhr Occupation Illegal.
General Smuts spoke of the policy of France toward the occupation of the
Ruhr. Gravely and with carefully measured words he adopted, as Prime
Minister of a great Dominion, the attitude of Great Britain that the
occupation was illegal and was a violation of the'Treaty of Versailles.
"The greatest issue in international relations not only of Europe, but of
the whole world has come to the front," he said. "We are back in August
1914. It is again the scrap of paper."
Then he went on in a speech which he admitted might be regarded as
an indictment of France to argue that the policy of France was not only
illegal, but from her own point of view insane, and he declared: "A very
grave responsibility rests on France befcre history."
"Of the great number of public men," he said, "whose names stand
under the peace treaty there are only two or three who still survive in power
to-day. For better or worse I am one of them, and the responsibility for
what was done at Paris, for the settlement contained in the peace treaty,
weighs heavily on my conscience in spite of the fact that I signed it only
under protest and under a sense of forebcding of future calamities which
have come only too true, and I have, therefore, all the more reason and
inducement to express my views on the situation with complete frankness
and sincerity."
Quotes South Africa's Experience.
General Smuts added that there was another and more important
reas3n why South Africa should speak in the present crisis, and that was
her experience in the Boer War and the peace settlement which followed.
"It was not an impossible peace," he said. "The Boers were not treated
as moral pariahs and outcasts. Decent human relations were re-established
and a spiritual of mutual understanding grew up. The human atmoshpere
improved until in the end simple human fellow-feelings solved the problems
which had proved too difficult for statesmanship. South Africa to-day
is perhaps the most outstanding witness in the realm of politics to the
value of the policy of give and take, of moderation and generosity, of
trust and friendship applied to the affairs of men. What wisdom and
moderation could achieve in Africa they can also achieve in Europe. Let
us have faith in the great human principles and values and our faith will
not be brought to confusion. Human nature is the same in all continents,
and what could be done for the descendants in Africa can surely also be
done for the parent peoples in Europe.
"To-night I am bringing a message from South Africa to the parent
peoples of Europe. We are now more than four years from the peace of
Versailles, but there has been no peace yet. The.war among peoples
has been merely transferred to the economic plane, and is to-day being
carried on in a more intensive and destructive mannerthan during the
great war. Four or five years ago we were singing our songs of victory;
to-day we are all marching to certain and inevitable defeat—victor and
vanquished alike. The international crisis is growing; the economic and
industrial structure of Europe is cracking in all directions; weariness and
despair are sapping the morale of peoples; military hysteria is sapping
their depleted financial resources; everwhere you see armed men, everywhere gigantic armies, even among the small new States which cannot
possibly afford them.
"In spite of the disappearance of the Germany army, there are now
almost a million and a half more men under arms than in August 1914.
The black hordes of Africa have been called in to redress the moral and
political balance of this mother continent of civilization. Human principles are everywhere derided and degraded; standards of living for peoples
are everywhere sinking to lower levels; famine for large numbers is not
far off. Can we continue much longer on this march to destruction, this
pilgrimage, this crusade of suicide on which Europe has started?
General Smuts, Premier of South Africa, Pleads for
Conference of Powers on Reparations—Sees
Structure of Europe "Cracking in All
Directions."
Menace to General Peace Settlement.
"I wish to declare with all the seriousness possible that the situation which
Declaring that "the international crisis is growing, the
has arisen in Europe, partly under the Peace Treaty, partly apart from the
economic and industrial structure of Europe is cracking in Peace Treaty,and partly in defiance and breach of the Peace Treaty,is such
directions," etc., General Jan Smuts, Premier of South as was never contemplated or intended by anybody at the Peace Conferall
Africa, asserted in an address in London on Oct. 23 that "the ence. We are to-day confronted with a situation which not only makes the
execution of important sections of the Peace Treaty impossible, but which is
time has come for the convocation of a great conference of actually a menace to the general peace settlement come to at Paris, and
the Powers who are mainly interested in the reparations there looms before us,not the distant possibility, but the near and immediate
prospect, of the disasters to which I have Just referred.
issue." Bespeaking "a gallant attempt" "to save Europe
"What are we to do? Drift will be fatal. Half measures, palliatives, exfrom the dangers which threaten," the General urged that pedients such as politicians resort to when hard pressed, will no longer avail
"whatever we do let us avoid the process of patching, of anything. Either a comprehensive settlement now, with some measure of
finality about it, or else let the situation drift and develop until it brings
temporizing, of playing with the dreadful reality which has about its own horrible Nemesis and shocks and shames the consciences of
already made possible the slow, steady, fatal deterioration the whole world into action. And who knows what may then happen?
Who can conceive
I vote for a gallant atof conditions." He declared that "the situation is much too tempt now to savethe suffering before it happens? threaten; but, whatever
Europe from the dangers which
difficult and threatening to be dealt with by any subordinate we do,let us avoid the process of patching, of temporizing, of playing with
authorities. Neither the Reparations Commission, nor even the dreadful reality which has already made possible the slow, steady, fatal
deterioration of conditions. All-around
and real statesmanthe Council of the League of Nations," he said, "should be ship are wanted; a thorough overhauling faith, courage into which we have
of the position
called upon to deal with it. They have not the authority or drifted is wanted; radical reconsideration and, where necessary, revision of
responsibility which rests on the Governments of the Pow- existing arrangements are wanted.
Too Big for Reparation Commission.
ers. It is a business for principals, not for agents." General
Smuts expressed it as "vitally important," in his judgment, "The time has come for the convocation of a great conference of the
Powers who are mainly interested
and at this
"that the United States should be there as an active member conference the Governments of thein the reparation question,represented.
Powers should be directly
and bear her full weight, which under the circumstances may The situation is much too difficult and threatening to be dealt with by any
be more decisive than that of any other Power." While ex- subordinate authorities. Neither the Reparation Commission nor even the
Council of
of Nations should be called upon to deal with it.
pressing "profound sympathy" for the people of France, he They have the League
not the authority or responsibility which rests on the Governnevertheless declared himself "in total disagreement with ments of the Powers. It is a business for principals, not for agents. The
the policy of the French Government" in its "Ruhr adven- conference may decide to refer certain inquiries to subordinate bodies, but
it must act and decide itself. Decisions
far-reaching importance will
ture." The following account of General Smuts's speech was have to be taken. There may even be a of a
parting of the ways, and the hiscontained in a copyright cablegram to the New York "Times" tory of Europe may never be the same thereafter.
"If the task before it is to be done, it will be a conference unlike any
from London, Oct. 23:
that has been held in Europe
Conference. Its importance,
A conference of the powers mainly interested in the reparation question
will be called to attempt to settle the European problem if the suggestion
of General Smuts is adopted. Indeed, negotiations for such a conference
are already afoot, and the strongest representations will be brought to bear
upon the United States to be an active participant.
This statement was made to-night by General Smuts at a dinner of the
South African Luncheon Club. Speaking not only as Premier of South
Africa and a member of the Imperial Conference, but also as one of the
few men left in power who were signatories of the Treaty of Versailles, he
made a special appeal "to the great daughter nation in the West." an
since the Peace
therefore, cannot be overestimated. I know that negotiations are afoot
to bring about such a conference, and shall therefore refrain from saying
any more about it, except this I have no reason to think that any of the
Powers concerned would decline to come to such conference, but I am clear
in my mind that the absence of one or other Power should not prevent the
restfrom meeting and dealing with the situation to the best of their ability.
It is, however, in my judgment vitally important that the United States
should be there as an active member and bear her full weight, which under
the circumstances may be more decisive than that of any other power.
In her distress Europe is to-day more than ever turning her eyes and stretch-
1842
THE CHRONICLE
lug out her hands to the great daughter nation in the West. The appeal
is not so much for material assistance as for moral support in this dark
hour. It is the lack of moral justice which is Europe's undoing. The
peoples of Europe have faith in America, they believe in her impartial
justice, and they feel that without the reinforcement of her moral idealism
Europe has no longer strength to save herself.
"I share that faith and that feeling, and I have complete confidence in
America's readiness to act at the right time. President Coolidge has
already in his recent statement taken up the initiative. It is being followed
up and the New World may once more come in to redress the balance of
the Old,as it did 100 years ago, and as it again did six or seven years ago.
Reparations the Main Issue.
"The main issue for settlement at the conference will be the reparation
question, and the stage which this question has now reached renders a
satisfactory solution possible, if only statesmen will be reasonable and desire
a solution at all. It is now universally recognized that the amount filed
by the Reparation Commission in May 1921 (£6,600,000,000) was too
high, could not be paid, and even if it were paid, the consequences for
industry would be calamitous. It would mean that the standard of living
for German workers must be lowered to an extent which should render
industrial production in other countries in competition with Germany
almost impossible. The amount has to be reduced to a reasonable figure,
and from recent correspondence between the British, French and Belgian
,
Governments it appears possible to arrive at such a reasonable figure.
"It would, in addition, be necessary to give Germany a moratorium of
about two years before payments are begun, in order that she may in the
meantime reform her currency re-establish her credit and balance her budget.
I have consulted many of the most competent financial authorities, both in
this country and on the Continent, and they are all agreed that if the total
reparation amount is fixed at a reasonable figure (about which there is also
a great measure of agreement), and if a reasonable moratorium is given in
order to enable Germany to put her financial house in order, large and
increasing annual payments of reparations could thereafter be made by her.
"In short, they are all agreed that if only political questions are out
of the way, the technical and financial questions are all capable of solution, and it may not even be necessary to go as far in the way of credit
assistance to and financial control of Germany as was necessary in the
case of Austria, in view of the greater financial and industrial resources
of Germany and her inherently sounder position. Germany is, therefore,
still in a position to pay reasonable reparations, which will be a very large
amount, and so far to ease the burdens resting on taxpayers in allied
countries.
"The danger is that if the situation is not gripped and stabilized now,
the disintegration, economic and political, may soon be completed, and
then all chance of recovering reparation payments will disappear, perhaps
forever."
"Sympathy with People of France."
"Before I end I beg leave to say a word, in all modesty, to France. My
message is for France, too. Much of what I have said to-night may
sound like an indictment of French policy, and in a sense that is true.
But, while lam in total disagreement with the policy of the French Government, I do feel profound sympathy with the people of France. The
French people sincerely thought they were going to get reparations out of
the Ruhr adventure. and in embarking on it had no deliberate intention
of breaking up Germany.
"I recognize, too, that the French agreement to the Treaty of Versailles was only obtained by the promise of a treaty of guarantee by Great
Britain and America, and the the breach of that promise let the French
down badly and made them feel alone in the world. No wonder that
they were in consequence led to adopt a policy of force as an alternative.
"But it is a barren policy. There is no real security to be obtained
by the sword, and in the end the burden of dominating Europe by force
must prove insupportable. France knows from her own history and last
sufferings that there is a nobler way,and we desire with all our hearts that
she should return to that way. Even now the real, liberal France is
very much alive, although it is no longer vocal or in power, and liberal
France knows that pacts of guarantee are not as powerful as comradeship
of liberal ideals. In the dark period in which Europe is now entering
there is far more security for France in the company of liberal England
and American than in all legions, white and black, which she is mustering
and in all the unstable combinations which her Government is laboriously
building up in Europe."
Prime Minister Baldwin of Great Britain Appeals to
France Not to Reject Invitation to Allied Conference on Reparations—Declares in
Favor of Protection of Home
Markets.
An appeal to Premier Poincare of France to "consider for
himself, for his nation, for us, and for the whole world, once
and twice and thrice," before he refuses the invitation of the
British Government for a conference on reparations, in
which the United States would participate, was made by
the British Prime Minister, Stanley Baldwin, in a speech at
a convention of the Conservative Party at Plymouth, Eng.,
on Oct. 25. The Prime Minister's speech was made on the
very day when the correspondence between Lord Curzon
and Secretary of State Hughes respecting the urgency of such
a conference was given out for publication. This correspondence we publish elsewhere in this issue. The Prime
Minister in his speech relative to Germany and reparations
said: "As to Germany our policy is and has all along been
clear. Reparation is a just penalty of war, but to pay reparations she must be placed in a position to pay. Her currency must be equalized, her finances controlled and adequate guarantees of payment secured." He declared that
"we cannot contemplate with any satisfaction the disintegration or disruption of that country, which must put back for
years her powers of reparation. Nor can we contemplate
the breaking off of any part of Germany into a separate State,
which would at once break the Treaty of Versailles." Premier Baldwin also undertook to set at rest rumors of a proposed
[VoL. 117.
inflation by Great Britain, declaring that the Government
was not "pursuing a policy of active inflation, and we certainly do not propose to proceed in the direction of inflation."
In the closing part of his address the Prime Minister declared
in favor of protecting the British home markets, a declaration
which has occasioned much surprise. The following account
of the speech is taken from a copyright cablegram to the
New York "Times":
"There is so much that I might speak to you about to-night, but there are
perhaps two subjects that transcend all others, and I propose to address you
for a few minutes on foreign affairs. I do that because I have had no
opportunity recently of telling the country the present position, and I want
to take you to-night into my confidence, up to the point which we have
attained.
We have been accused of having no policy. That all depends on what
people mean by the word policy. We have had a definite policy as regards
reparations, debts, guarantees, security of our allies and fulfilment by
Germany of her cbligations. We know what our policy is there. Statesmen on the Continent know it, too, but higher than that is the need of
securing common action in carrying that policy into effect—and when
people talk about our want of policy I think they mean out policy to effect
the common action necessary to bring to a successful end the troubles in
which Europe is to-day enmeshed.
-We have lost no opportunity of endeavoring to secure that common
action. In all the statements that have been made, in the documents
that have been published, are represented, in spite of what our opponents
may say here or elsewhere, the views of the Cabinet, absolutely and entirely
united.
"There was an admirable cartoon in 'Punch, with which I find myself in
sympathy, depicting me in an airplane—the last place in the world to look
for me. And the implication of the cartoon was that I was drifting—no,
not drifting, but looking for a safe place in which to land. And I can tell
you this: all Europe is drifting in airplanes, and if they do not find a safe
place to land, and find it soon, they will all crash.
Negotiating for Our Co-operation.
"Then a question that has been asked is this: Why do you not follow up
the implication of your note of Aug. 11? The answer to that is simple:
Hardly had the replies been received to that note when it became obvious
that passive resistance in Germany was breaking down, and we had been
assured that the surrender of passive resistance would be a prelude to
negotiations that might be fruitful, and we immediately took steps to ascertain if it would be possible to renew negotiations.
"We know, mcreover, that the Prime Ministers of the dominions were on
their way to England, and we felt that in a matter of this great importance
it would be worth much to have their counsel, so that when we spoke in
Europe we and Europe might know that the voice was not only the voice
of lingland, but the voice of a united empire.
"We felt, and we feel now, after so many abortive conferences, it was
most desirable that the policy of conference should only be put forward
under conditions that would insure success.
"Now, to turn to the history of the last four weeks. We had, as I have
just said, good reason to believe that on the giving up of passive resistance
negotiations might be resumed. As I said, we have made inquiries on the
subject, but while waiting for a reply to these inquiries President Coolidge
made a statement in America with which you are all familiar. We welcome
that statement, believing as we do that American participation, having
regard to the length of time that has elapsed in the past negotiations, is indispensable for a settlement in Europe.
'We welcomed his statement. We immediately addressed a communication to his Government. We inquired as to the degree to which, and the
manner in which, we might expect American cc-operation if we addressed
our European allies.
"We were told that if invited by the Allies to do so, the American Government would join in our inter-Allied conferences, or would be represented by
an American expert on a committee of experts under the auspices of the
Reparation Commission.
"We at once addressed the Allies, strongly urging upon them a prompt,
affirmative reply.
Urgently Advises Poincare to Concur.
"I had the pleasure of meeting the French President of the Council.
M. Poincare, in Paris, and establishing with him relations which make it
perhaps not too difficult for me to say what I am going to say now. He
represents to-day the opinion of practically the whole of Franco, and I beg
of him to consider for himself, for his nation, for us and for the world, once
and twice and thrice, before he refuses this invitation.
"As to Germany, our policy is and has been all along clear. Reparation
is a just penalty of war, but to pay reparations she must be placed in a
Position to pay. Her currency must be stabilized, her finances controlled
and adequate guarantees of payment secured. And, having regard to
the events of the last two years, the amount should be ascertained in the
light of the present and the future.
"But we cannot contemplate with any satisfaction the disintegration or
disruption of that country, which must put back for years her powers of
reparation. Nor can we contemplate the breaking off of any part of
Germany into a separate State, which would at once break the Treaty of
-day is grave, but it is to me inconceivable
Versailles. The position to
that if an opportunity be, as it is now, presented for a chance of settlement
there should be any one who could refuse it."
The Prime Minister then turned from foreign affairs, saying that he
would have many other opportunities to discuss them, and proceeded to
take up the question of unemployment. He said:
"My thoughts day and night for long past have been filled with this
problem, not only as Prime Minister but as a man who for years was the
employer of labor and who has lived among the working people.
"Now,it is essential in considering this question that we should dismiss
from our minds much that we have known and seen and learned in the
days before the war. For to
-day there are eight or nine absolutely new
circumstances or conditions in the world which have a direct bearing on
the employment of our people, circumstances that have arisen out of and
since the war, and it is to meet new circumstances that we have to devise
and sharpen a weapon."
Mr.Baldwin turned aside to give the quietus to rumors about the Government's intentions to inflate the currency, and said:
"But let me just say in passing that there is one weapon about which
suggestions have been made in some quarters which the Government is
not going to use. You will, no doubt, have seen, as I have, suggestions
for creating out of nothing an artificial money to finance this, that and
the other. It is not in that way that the problem of unemployment is to
be tackled. There is no truth whatever in any stories that you may hear
from any quarter that any Government of which I am a member will
depart from what is understood in this country to be a sound financial policy,
OCT.27 1923.]
TILE CI1ITIONTC1.E
"It is well that this should be understood clearly at home and abroad,
as great harm is being done to British credit, on which so much depends,
by loose talk about inflation.
"People are about as accurate when they talk about inflation and
deflation as they are in the use of inverted commas. We arc not, in the
present circumstances, any more than we have been for many months,
pursuing a policy of active deflation, and we certainly do not propose to
proceed in the direction of inflation. No such project ever has been
considered. Now I hope this will lay the ghost, and I can proceed to
serious business."
Says Germany Must Have Trade.
The Prime Minister then ran over some of the principal points of unemployment, the further increase of the population in a country already
Industrialized to the saturation point, and the long, long time it would
take to effect the economic reconstruction of Europe. Moreover, he
reminded his audience of what the payment of reparations meant from
an economist's point of view.
"We have to remember," he said, "that whatever those reparations are.
be the amount great or be it small, those reparations can only be paid by
the trade balance of Germany. That is, by her balance of exports. Moreover, as Germany lost under the peace treaty much territory from which
she used to draw food and raw materials, she must import substitutes
and must export more to pay for these. So, when we do get reparations
they can only come out of an enormously increased export trade, and if
German reparations are to stand at some such figures as 100. 125, or 150
million pounds sterling a year, the kind of figure that has been envisaged,
you have got to remember that every pound of that has been needed in
the purchase ofincreased food and imports and hasto be exported somewhere.
"'The question Ls, where are these exports going? Which makes me
think that sometimes in international indebtedness it is not wholly beneficial
necessarily to be a creditor. Now,!believe theoretically, in fact! may say
I am sure that theoretically, in the course of time matters would adjust
themselves. They would adjust themselves more swiftly if there had been
in the world such growth of world trade as occurred, for instance, at the
time of the great gold discovery, but there is little sign of that to-day.
And iethere be not sufficient expansion of world trade to absorb this surplus
of exports quickly those exports will come to be a detriment to every industrial country in the world. The chief industrial country is ours. The
country with the most Open markets is ours, and we shall be the shock
absorbers for the whole world."
1843
principles hitherto sanctioned in the legislation are breaches of that pledge.
I am challenged. I am always willing to take a verdict."
Then once more declaring that unemployment was the crucial problem,
Mr. Baldwin, amid shouts of applause, said:
"If we go pottering along as we are we shall have grave unemployment
with us to the end of time, and I have come to the conclusion myself that the
only way of fighting this subject is by protecting the home market. I am
not a clever man. I know nothing of political tactics. But I will say this:
That, having come to that conclusion myself, I felt the only honest and right
thing as leader of a democratic party was to tell them at the first opportunity what I thought, and submit it to their judgment."
The Prime Minister concluded by premising agriculture that he was doing
his best to work out the situation of trouble, and be referring to the great
hopes he had of co-operation with the Dominion Premiers and from the
Imperial Economic Conference.
Great Britain's Invitation for Conference on Reparations Accepted by France, Belgium and Italy.
The acceptance by France, Belgium and Italy of Great
Britain's invitation for a conference on reparations was indicated in the following Associated Press cablegram from
London yesterday, published in the New York "Evening
Post" of last night:
France, Belgium and Italy have accepted the British invitation for a
reparation conference with the understanding that it shall take the form of a
committee of experts under the authority of the present interallied Reparation Commission (which coincides with the proposal of the American Secretary of State).
It is understood the British members will be the same as those who
served last year on the bankers' committee, on which the United States was
represented by J. P. Morgan.
It is thought that Berlin will be chosen as the seat of the conference, since
the chief function of the committee will be to inquire into Germany's
financial assets.
The feeling among the British people generally is that there is much encouragement for the rest of Europe in the implied promise of the Washington Government, as construed here, that if the debtor nations reduce
their military outlay and work together to achieve aims of peace and justice
Tells Peril to British Trade.
the United States will not fail to give it due recognition in connection with
"Now, in speaking of Germany, there is another peril to our industry,
the time and terms of the payment of debts owed to America.
and it is the only one ofthe points!shall mention which is a potential danger,
Detailed reference to the proposal is made in another
but not the only one of which you have read as much as I have of the
various schemes for the exploitation of German industry by cosmopolitan item in this issue bearing on the correspondence between
financiers. If anything of that kind should come to pass, you may depend
upon it that the first market which will suffer the brunt of the attack will Lord Curzon and Secretary of State Hughes.
be our market, and I would say in passing that if there were a danger—I
won't say that there is a danger—but when the danger is upon us, of
dumping into this country the accumulated stocks from Russia to the Ratification by Italian Cabinet of United States Rhine
detriment of our manufactures, I have no doubt that Parliament, whatever
Army Clain.
party may be in power, whatever pledges may be given, will take steps to
Under date of Oct. 23 the New York "Times" announced
see that no trading of that kind is allowed.
"Then there is a peril somewhat cognate to the question we have been the following wireless message (copyright)from Rome:
considering, of the economic condition of Europe, with its broken exchanges.
‘
At a meeting of the Council of Ministers, over which Premier Mussolini
There is the question of export from the countries where the currency has presided to-gay, he in his capacity as Minister of Foreign Affairs proposed
depreciated, a form of expert from which we have suffered to some extent, a bill for thb approval and application of the agreements stipulated in Paris
and aro suffering oven now. The whole problem is so new it is difficult on May 25 last by the British, French, Belgian and Italian Governments
to see whence or how the attack on our markets may come, but we have on the one hand,and the Government of the United States on the other
seen quite recently that with the fall of the franc a competition hitherto hand,for the
reimbursement of the occupation expenses of the United States
unknown in England from France has come to displace our own goods in Army on the Rhine. This bill was passed
unanimously by the Cabinet
our markets. And no man can speak with certainty to-day as to the and will become effective on the part of Italy as soon as it is published in
course of currency in any country, even in France. We have to remem- the official bulletin, which probably means at the end of this month.
ber that, when our object is to safeguard our own people.
"Now, there is another thing that I have very little 'comment upon,
but it is a fact that, owineto the war, there is a largely increased productive
Loan to Little Entente—Government Proposes
capacity In certain staple trades, and that means that countries which have French
Advances of $90,000,000 to Arm Small Nations.
that increased capacity can make use of our markets into which to put their
goods, when we with our Increased capacity have no similar privilege. And
The following cablegram (copyright) from Paris, Oct.25
we have found since the war that there is hardly a country of importance
that has not raised its tariffs, made it more difficult for us to sell, diminished appeared in the New York "Times" of yesterday:
our profits in competing, and we have to suffer it with nothing wherewith
The revelation that the French Government will ask Parliament on
to bargain."
reconvening next month to make loans totalling 1,500,000,000 francs
Mr. Baldwin referred to the heavy burden which unemployment placed to her Central European allies—Poland, Yugoslavia, Czechoslovakia
-controlled press
on the rates and taxes, and through them on industry, and then said:
and Rumania—is published by to-day's Government
"And one thing more, wo are paying our debt to America. I gather without comment. It is said 1,000,000,000 francs of this sum will go
way in which you have received that statement that you agree to Poland.
from the
with me that we did the right thing, but I want to point out one or two conThese new loans represent nearly $90,000,000.
siderations to you with reference to that. We can only pay that debt by
It should be understood it is not a question of money being sent out of
increasing our export trade or by reducing our imports, or both, but the France but of credits to be expended in this country, in all probability
enforced pushing of your exports over and above your normal sale of exports largely for military equipment, since the French are anxious to see the
is apt to necessitate sales overseas at prices which show continuously new Polish Army, which will number half a million, equipped.
diminishing profit. And this unsatisfactory business reacts on the terms
Because Premier Poincare is negotiating a closer alliance with Prague
on which other export business is done, so that the whole is rendered less it is easy to understand that the larger Paris papers are sympathetic with
profitable. It is perfectly possible that the United Kingdom at this mo- his project, which they regard as for the safety of France, and would say
ment is already suffering from making these payments. If it be possible nothing to hamper him, since it may easily be possible there is a conto replace to any extent imports from abroad by the same goods manu- nection between the loan and the proposed treaty.
factured at home, you will, other things being equal, tend to make your
It is interesting to note that ten days ago when news dispatches from
debt payments to America easier, ad nyou will tend at the same time to get German sources said Franco was preparing a large loan to the Little Entente
basis and see an abolutely staple currency countries, official denial was given here. It may be taken for granted,
your pound back to the gold
once again in this country."
however, that the statement by Senator Henri Berenger, published in
The Prime Minister turned aside to answer certain criticisms made by Mr. to-day's papers, will not be denied, Senator Berenger having just returned
Asquith of the Government proposals to deal with unemployment and con- from a tour of the countries in question, lie also is Chairman of the
tended that his Government had done more to provide work for the unem- Senate Finance Committee.
ployed than the Liberals had ever suggested.
"Oeuvre" to-day prints a sarcastic editorial article on the project.
Plymouth is a great dockyard town, and so he began to talk of shipbuild- saying if the Central European countries are as prosperous as Berenger
ing. He said.
paints them, It is strange they have to borrow from any one. "Oeuvre"
"There is one special feature of unemployment that has caused me perhaps fears the loan would not make a good impression among France's creditors.
that is the position in the various shipmore anxiety than any other, and
yards throughout the country. I am glad to be able to announce to you
that the Government has decided to lay down several light cruisers. The David Lloyd George on the German Reparations Issuc—
cruisers projected are in replacement of the county class cruisers, replaceFavors Hughes Proposal for Commission.
moat of which is many years overdue. Those ships were used for protection
of the trade routes in the great war, and the building program is in strict
David Lloyd George, Great Britain's former Prime Minisconformity with the terms of the Washington Conference."
ter, whose speech making tour of Canada and the United
Then, dealing with distressed industries, the Premier declared amid enthusiastic cheers that if any appeared to be suffering from unfair competi- States was referred to by us at length in our issue of a reek
tion he would not hesitate to ask the Chancellor of the Exchequer to do what ago (page 1734), has on several occasions since his arrival in
he could to safeguard them. Boner Law gave a pledge that there would be
issue, and incidentally to
no fundamental changing in the fiscal arrangements of the country, and America dealt with the reparations
Mr. Baldwin said.
the proposal some months ago by Secretary of State Hughes
"That pledge binds me, and in this Parliament there will be no funda- for the
appointment of a commission of business men to
mental change. I take those words strictly. I am not a man to pkty with a
pledge, but I cannot see myself that any slight extension or adaptation of determine Germany's capacity to pay. With his arrival in
1844
THE CHRONICLE
[voL. 117.
the United States on the 5th inst., Mr. Lloyd George was une." As to.what he had to say, we quote as follows from
quoted as saying that the acceptance of Secretary Hughes's the "Tribune" account:
proposal "would have helped the uncertain conditions in
Mr. Lloyd George was shown the editorial which appeared in
Europe"; conditions, he added, "are much worse now than the "Tribune" on Wednesday, in which the American position on the
Hughes reparations
at that time, but it is not too late to adopt the plan to this his comment settlement plan was clarified. After he had read
was: "The debt was a bond given by each of the Allied
appoint a commission of business men to determine what nations to the United States. The proposal cf Mr. Secretary Hughes had
reference to reparations. The Versailles Treaty made provisions for the
Germany is capable of paying in reparations." "There is
amount Germany
But under
no improvement in the Ruhr situation as far as I can see," he that treaty it wasshould be required to pay by a commission. part in the
the duty of England and France to have a
continued, "but there have been so many changes since I fixation of the amount to be Iarged against Germany. When the United
have left Ergland that I cannot discuss this matter now. States failed to approve the treaty the situation was changed."
Mr. Lloyd George was asked if he
There is no trouble with the Versailles Treaty, but the restored the Reparation Commission considered that the Hughes proposals
as originally constituted.
trouble is with the.way it haq been carried out; that is a lox g
"The Hughes proposals," he replied. "are in effect an acceptance of the
principle involved in the Reparation Commission, but with this important
story. I am afraid that the League of Nations was weakened
differentiation, that the Versailles Treaty provided a commission with
by the recent Itnlian-Greek controverEy, and there is no compulsory powers and authority, while the Hughes proposals contemplate
doubt that the covenant will not be a going concern without an advisory body simply.
the United States." In reiterating at Montreal on Oct. 8 "But the important thing, the vital thing about the whole reparation
question, is that with the United States taking part in the fixation of the
that in his opinion the Hughes plan "is not too late for con- amount which Germany is capable of paying there would be a disinterested
party' involved. The United States is the only wholly disinterested nation
sideration," Mr. Lloyd George said further:
of all those which fought in the war so far
It is absolutely the best hope of the settlement of reparations. Of The United States has no personal interest inas reparations are concerned.
the reparations. She wishes
course, since the plan was first broached the ability of Germany to pay
is much less. The greater the delay the closer the situation approaches
chaos. I hope that serious consideration of Mr. Hughes's plan may be
taken up even at this late date, and I repeat that it is the best hope of a
successful settlement."
A dispatch from Washington on Oct. 6 to the Now York
"Tribune" stated that it was learned "on unquestioned authority" that President Coolidge is in entire agreement with
Lloyd George that the proposal for a decision of the reparations issue by economic experts made by this Government
nearly a year ago should be accepted even now by the countries interested. The initiative, however, it was declared
(said the dispatch), rests with the French Government, and
no move will be made by this Government until France indicates a willingness to put such a plan in operation. In
indicating the attitude of France in the matter a Paris cablegram (copyright) to the New York "Times" Oct. 11, said:
Lloyd George's revival in America of the proposal for the assessment
of Germany's capacity to pay reparations by an international commission
arouses a cynical interest here but leaves the French absolutely cold.
Premier Poincare is credited with the following reply to the question why
he would not accept a commission
"I don't know what Germany can pay 20 years from now. Neither
does Mr. Morgan. Any sum Mr. Morgan and other bankers fixed would
be a guess. When it comes to money due us we prefer to do our own
guessing."
M. Poincare may or may not have said these words, but, from frequent
conversations with him on the subject. I know he is adamant against the
proposal as offered. Indeed, it may be said the refusal to accept this
proposal is a basic part of his reparations program.
If America had coupled with Mr. Hughes's New Haven proposal a
promise to see that Germany paid what total the commission might fix,
the idea would have looked different to the French. But it is not of
record that America proposes any such thing. Official utterances have
given the French to understand America would help fix Germany's bill,
but would not assume any responsibility for its payment. This causes
the French to believe that the best they could get in the transaction would
be the worst of it. In other words, they would be still obliged to use
force or the threat of force to make Germany pay and would have their
claim reduced for no advantage in return.
True enough, it may be argued, the French would have a better chance
of profiting from an international loan if Germany's indebtedness. were
fixed at a sum Germany accepted as just, but this prospect has never
appealed to the French who add no sum which could possibly satisfy
the French would be regarded by Germany as just.
Perhaps the worst thing which could have happened to the proposal
was that it should be boosted by Lloyd George on his American tour.
The French generally are suspicious of anything favored by Lloyd George
and specially suspicious of what he does on his American trip. He has
been an unceasing critic of Poincare's reparation policy and France, which
is really backing Poincare, sees little good in any idea approved by the
former British Prime Minister.
Poincare's reparation claim for France is 26,000.000.000 gold marks,
plus what France must pay America and England. The 26,000,000,000
would represent her share of 50,000,000.000 gold marks. Out of this
50,000,000.000 England would get 11,000.000,000 of the 14,000,000,000
she asksfrom the Continent to pay America. If America insists on payment
of what France owes her, then Poincare's reparation total is 50,000,000,000.
plus 12,000.000.000 for America plus 3,000,000,000 for England, or about
65,000,000,000 gold marks,to which should be added perhaps 3,000,000,000
which the other Allies could claim.
This total of 68,000,000,000 gold marks represents about $17,000,000,000
If Germany paid that she would have shouldered a smaller war cost than
either America, England or France, since the fall of the mark has wiped
out her domestic war debt.
M. Poincare cannot see why this is not just, and to the agrument that
Germany cannot pay any such sum now he replies that France will wait
in the Ruhr until she can. Regarding the basic wealth of Germany as
unimpaired. Poincare's policy may be expressed as follows:
"Two things may happen, depending entirely on German good-will—
either Germany may recover and pay or she may not recover and not pay.
But what shall not happen is that Germany shall recover and not pay."
lib He thinks the pursuance of this policy will make Germany realize finally
that payment of reparations is the cheapest way out, and believes the
day Germany realizes that, the reparations problem will be solved. Holding
Germany can pay what is asked he sees no use in naming an unresponsible
commission to decide she cannot pay so much.
On the 11th inst. Mr. Lloyd George commented further on
the reparations issue in an interview with newspaper correspondents on his specill train en route from Toronto to Niagara Falls, Out., his remarks on that occasion having been
prompted by an editorial appearing in the New York "Trib
nothing from Germany. This fact I consider of vital importance. There
should be at least one party to any successful agreement without selfish
interest in the amount which Germany can pay.
"Of the four other nations represented on the Reparation Commission
all are interested, but Great Britain is the one most disinterested, because
Great Britain is far more anxious that the thing should be settled than she
is in getting the cash for herself."
Presenting in Chicago on Oct. 17 what he termed "a calm,
unemotional, muletorical and, I trust, strictly fair and unbiased view of the position in Europe," Mr. Lloyd George
declared that "the most serious local disturbance" was that
associated with reparations. In part he said:
The condition of Europe is of importance to every great business community throughout the world, and the greatest business community of all,
the United States of America, is no exception. You can afford to put up
with these disturbances better than we can, but I have had some evidence
since I reached these hospitable shores that they are prejudicially affecting
some important sections of your producers and in the end it will reach all.
Representatives of your farmers have informed me that they are suffering very materially because of the serious impairment of the purchasing
capacity of Europe. The European need of your product is as great as ever.
Nay, it is greater than ever, but the capacity to pay and therefore to purchase is less than it has been for many a year.
Until European prosperity is restored, that Continent cannot be relied
upon as a customer for world products. . . .
Undoubtedly the most serious local disturbance is that which is associated
with the question of reparations. Upon that I should like to dwell, for it is
the problem of the moment—it is more it is the problem that dominates
the future of world peace.
I propose to give you, with your permission, the British view of this
problem—not merly mine,but that of the two Governments that succeeded
mine, in so far as I am able to appreciate their attitude.
The British view is a traditional one. This is not the first great European war that Britain has been engaged in. She has upon two or throe
other occasions been forced to enter into combinations for the purpose of
overthrowing despotisms that were threatening the liberties of Europe,
and she has invariably played a large, and I might say a decisive part.
So when Britain to-day takes up a temperate and restrained attitude,
free from the spirit of vengeance,she is simply pursuing a traditional policy,
which upon two occasions saved France from the fate which is now being
inflicted upon Germany.
What is the British attitude toward this all important question of reparations? It is this That Germany ought to pay to the limit of her capacity.
She has been guilty of inflicting wanton damage upon neighbors who were
only anxious to live in peace by her side. By every principle of jurisprudence which obtains in every civilized land, she is liable to make good the
damage she has inflicted.
But she can only pay to the extent of her capacity, and that capacity
must be reasonably interpreted. Any attempt to extort more than a country can pay stands in the way of recovering what she can. In addition to
that. Britain is opposed to any policy which utilizes the obligation to pay
reparations as a means of destroying the prosperity, the well being and the
integrity of the defeated country.
It is therefore a question of capacity. What can Germany pay? Here
the world is confronted with almost a new problem,how huge sums of money
due from one country can be paid in a currency acceptable to another. We
were confronted with it when we came to deal with our debt to you. We
have settled it. But here the debt I sbarely one-sixty of that which is duo
from Germany. It is not much more than one-third of what it is supposed
Germany can pay.
When you are considering what a country can pay it is no use reckoning
up and assessing the value of her assets, land, forests, railways, canals,
factories. There are some people who say: "Are not these valuable
possessions worth many thousands of millions of dollars and can not
Germany hand over a proportion of them for the payment of reparations?"
Twenty-two per cent of the total has been allocated to the British
Empire. Germany sank eight million tons of our shipping. She destroyed
a good deal of property by bonbarding our towns, and in addition to that
there is the claim in respect of compensation to those who were mutilated
or killed, and no one can less afford to give up that claim than we can.
The war cost us more than any other country. It cost is forty thousand
million dollam. We have advanced enormous sums to the Allies, which
they display no special readiness to pay. The result is that we are the
heaviest taxed country in the world.
We decided to make our budget balance and to pay our way whatever
the burden, and our people are paying the taxes. We are the only people
who are paying our debts to others. We have already paid out one thousand
two hundred millions of dollars, and we are liquidating a debt of four
thousand million dollars due to this country. No other country has
undertaken those responsibilities.
Our trade is suffering more than in any other land. We have a million
three hundred thousand unemployed,a nd their maintenance and the
maintenance of their families costs us four hundred million dollars a year.
We have no special interest in being tender to Germany, Germany was
our greatest trade rival before the war. If we, therefore, take a restrained
view of the policy to be adopted in reference to the enforcement of repara-
OCT.27 1923.]
THE CHRONICLE
tlons, it is not because we have any special interest in letting Germany
off, for we have a deep Interest in securing our share of reparations.
Why, then, have we adopted the attitude which we have of disapproval
of the violent methods which have been recently adopted to collect dantages? It is because we are firmly convinced that it is the worst way of
attaining that end; that so far from obtaining reparations you will get
nothing but trouble, some trouble to-day, worse trouble to-morrow and
perhaps the worst trouble of all the day after to-morrow.
If we are convinced that Germany was a rich country that was shatnming insolvency in order to avoid payment of her debts; if we were convinced that she was deliberately tricking us out of our dues, there is no
country in the world that would be readier to Join with the present French
Government in any action that would be necessary to force Germany to
liquidate her legitimate debts. We are not convinced.
Has Germany paid anything since the date of the treaty? She has.
Take first of all her position. Her best iron deposits have been taken away
from her. Her potash, her coal fields in the Saare, and a large number in
Silesia she has been deprived of. Her richest agricultural district has been
added to Poland. Her mercantile marine has been distributed among the
Allies and so also have her colonies. She is a defeated country with all
that that means in loss of prestige and credit. Nevertheless, she has
paid in respect to her reparations and the cost of the army of occupation
since the date of the peace treaty two thousand million dollars in cash and
in kind, more than twice what France paid afttr 1871, and nearly twice
what we paid in respect of our external debt.
Can she pay more? That can be ascertained without sending invading
armies to occupy her provinces. In fact, you cannot examine ledgers with
bayonets. There are much better means of ascertaining how it can be
done. You then ask me, "What would you do under the circumstance?"
What is needed is to ascertain, with some approach to accuracy, whether
Germany is capable of paying more. If so, how can she pay?
Mr. Secretary Hughes made a proposal in his famous New Haven speech
which always struck me as being the right way of dealing with the situation.
He suggested setting up of a committee or commission of experts to inquire
into German capacity. He made it clear that every facility would be given
for the appointment of an American expert on that commission. He also
said that the report would not be obligatory on the Allies. If they did not
like it they might reject it. What conceivable objections can there be
to that proposal?
America was originally represented on the Reparations Commission, to
which the Treaty of Versailles delegated the consideration of German
capacity. This proposal is substantially a restoration of that part of the
treaty. The United States of America is impartial, but no one can doubt
her friendliness toward France. Once this committee had concluded its
task and Germany then refused to pay the Allies could then march together
to deal with her recalcitrancy, and Germany has indicated through her
Chancellor her readiness to accept such a report. In the absence of some
such inquiry a harassed world is committed once more to the hands of
blind force. Justice is sure, but it is also temperate and patient. Vengeance
is justice without wisdom.
If the present policy is pursued. I venture to predict that, in the course
of the next three years, France and Belgium will not recover from the date
of the occupation of the Ruhr one-half the amount which was recovered
In the preceding three years. There will be no reparations. There may
be revolution. Sixty millions of people are being driven into despair.
There is an old saying that to escape from fire men would plunge into boiling
water. That is my fear with Germany. There are signs of subterranean
movements throughout the country. The present dictatorship may suppress them, but who will guarantee that it can continue to do so if the people
are driven into despair?
I recollect a story I read of General Hoffman, who was one of the German
delegates at Brest-Litovsk. who had rather a rough peasant sitting by his
side at one of the repasts which characterized that conference and he asked
him whether he would take red or white wine. His answer was "which is
the strongest?"
I remember, and so do you, something of the joys and hopes of Armistice
Day. I remember the note of triumph when General Pershing with a
contingent of your troops, and Marshal Foch and the Italian General
marched in the procession through the crowded streest of London amid
the acclamations of a happy throng. It was a red dawn, but it was the
dawn of peace.
There is an old Oriental saying, "Hast seen the dawn? Thou hast not
yet seen the dusk." The skies are full of menace: the storm clouds are
gathering, and, unless the mariners who are in charge of the ship of civilization navigate it with caution, wisdom and cool heads, the craft will
inevitably be wrecked with its valuable cargo of achievement and hope.
1845
shown interest, the construction work which is now scheduled to take close
to twenty years, could probably be carried out in five years, and within this
period there would begin the exploitation of the minerals to be found in a
zone 25 miles along the railroads (12;i miles on each side of the railroads), which, according to estimates based upon British, German, Russian
and other reliable surveys, cover:
1. Oilfields of from 4,000.000,000 to 8,000.000,000 barrels potentiality.
Including the famous oil fields of Mosul and the equally potential oil fields
of Van, Bitlis, Erzeroum and Trebizond.
2. Copper deposits comprising over 400,000,000 tons of rich coprus ore,
Including the historic Arghana copper mines.
3. About 500 gold, platinum, silver, manganese, iron, till, zinc, salt
and coal mines and deposits.
Owing to the present lack of railroads in the territories where these vast
mineral resources are located, the exploitation on a large scale can only
proceed when and as the railroads are bunt and in operation.
The Ottoman American Development Co., the owner of
the concessions from the Turkish Government, with a capital
stock of 50,000 shares, will be the parent company to the
Ottoman American Operating Co., which will be organized
under Turkish laws. The latter concern will be the holding
company for many subsidiaries.
Granting of Oil C0neoszion in Costa Rica under
Tinvco Regime Held Invalid by Chief Juotice
Taft, as Arbitrator.
An award holding invalid the granting of an oil concession in Costa Rica to Amory & Sons of New York by the
Costa Rican Government during the regime of the dictator,
President Tinoco, was handed down on Oct. 19 by Chief
Justice Taft, arbitrator between Costa Rica and Great
Britain under a special treaty. The concossior had been
transferred by Amory & Sons to British interests and was
said to have applied to about one-half of the entire territory
of Costa Rica. The Royal Bank of Canada also had entered
the proceedings as claimant for $200,000 paid to Tino2o
and his brother in connection with the transaction just before
Tinoco fled from Costa Rica in 1919. Upholding the position
of the present Costa Rican Government, which outlawed
the concession, Chief Justice Taft, according to the daily
newspapers, held that the advance made by the Royal Bank
was "for obviously personal and unlawful uses of the Tinoco
brothers." The award assigned to the bank, however, a
mortgage for $100,000 now held by the Costa Riian Government on the estate of one of the Tinoco brothers. The
Chief Justice also held that in decreeing the invalidity of the
Amory concession Costa Rica had "worked no injury" to the
British interests to whom the concession had been consigned.
Government Will Issue Cotton Report November 2.
A cotton report showing the condition of the crop on Oct.
25 and forecasting the production in bales will be issued by
the Crop Reporting Board of the United States Department
of Agriculture, Nov. 2. It was originally decided to issue
the report Nov. 1, but the date was changed in response to
an appeal by the New Orleans Cotton Exchange that Nov. 1
Is a legal holiday in Louisiana, and that the Cotton Exchange is closed on that day. The report will show cotton
conditions as of Oct. 25 in comparison with conditions at the
same date in 1922 and 1921, together with a forecast of indicated total production in bales, based upon the reported condition and upon yield, picking, ginning and other data in the
possession of the Cron Reporting Board.. Save for a special
report on condition of cotton on Oct. 25 1919, this is the first
November cotton report to be issued by the Department, and
marks the inauguration of the practice of issuing November
reports annually hereafter.
The constant demands for a report early in November to
bridge the gap between the reports heretofore issued about
Oct. 1 and Dec. 1 led the Department to begin in 1919 the
collection of information on cotton conditions as of Oct. 25.
The background of data so assembled was considered by the
Board to be sufficient to justify the inauguration of the
November report this year.
During this interval when the picking, ginning and marketing of cotton is at its height and the autumn weather
and other factors may greatly alter the final outturn of the
crop, there has been no estimate issued by the Government
to show the changes taking place, except the reports of actual
Plans Announced for Development of Concessions
Secured by Chester Syndicate in Turkey.
The organization plans of the Ottoman American Development Co., which was formed to take over and operate
the concessions granted by the Turkish Government to
Rear Admiral Colby M. Chester and his associates, were
made public by the company on Oct. 20. They provide for
fifteen main units, according to the newspapers, and 210
subsidiary units of the concession, "each being capable of
being operated separately and having substantial revenue
value if it is decided to operate them direct or through subsidiary companies, or a definite market value if it is decided
to sublet them to American or foreign groups, who have
been bidding for sections of these concessions." The statement said the offers included one from British interests to
underwrite £5,000,000 to £10,000,000 for the exploitation
of certain sections, and others from French and Italian
groups to underwrite subsidiary companies and participate
financially in the Ottoman American Development Co.
The plans also emphasize that while the concession permits ginnings.
almost twenty years for the completion of the construction
of twelve railroads and three ports, it probably could be Convention of American Cotton Association—Resolufinished in a five-year period if sections were sublet to bidders.
tions on Government Crop Reports, 36
-Cent
There are 225 main separate units to this concession, each being capable
Cotton, &c.
of being operated separately and having a definite market value in the event
it is decided to sell them, or having a revenue value in the evcrit the Ottoman-American Dovelepment Co. sublets them.
By accepting the bids already made by American, Turkish, British,
French and Italian groups, and inviting bids from groups that have already
Disapproval of the crop reports issued by the United
States Department of Agriculture, in which figures are
given to the public purporting to show the estimated acre-
1846
[Vol.. 11 7.
THE' CHRONICLE
ages to be planted to cotton, as based on reports of "inten- in part are taken as follows from the "Journal of Comtions" of farmers to plant, was expressed by the American merce":
Cotton Association in a resolution adopted at the closing
The extensive planting of cotton and overproduction of the staple which
session of its fifth annual convention at Columbia, S. C., on for fifty years held the South in agricultural bondage has been reversed
and the idol of the farmers shattered by the hand of Providence and the
Oct. 16. "We feel that the cotton acreage is a matter of too devastating powers of war. The destructive influences of the boll weevil
significant and serious concern to the growers and the cot- have forced the growers to a wider adoption of a better balanced system
ton trade generally for estimates on acreages planted to be or agriculture and caused thousands of them during the past few years to
shake off the yoke of cotton slavery and aspire to a more independent and
hazarded by guess work," said the resolution, which urged profitable system of farming.
The boll weevil and adverse climatic conditions during the past three
that Congress pass such legislation and provide necessary
years
funds to enable the United States Department of Commerce spond have protected the price of cotton by reducing production to correwith the heavy decrease in exports resulting from the disruption of
to take a correct and dependable census each year after the industry in Europe and a failure to ratify world peace.
Since 1914 to 1922 inclusive the shortage in the exports of. American
cotton crop has been planted to ascertain the approximate
cotton has amounted to over 20.000.000
staple as compared
acreage planted, on returns to be accurately filled out by with the same period of time under pre-warbales of the No greater tragedy
conditions.
every grower who plants cotton in the United States. Ac- In financial depression could have afflicted the cotton South of 1923, with
cording to the New York "Commercial," the association in an unprecedented acreage in cotton, than to have been favored with good
season, light weevil infestation and an abnormally large yield of cotton.
criticising the action of the Department in issuing on April
The farmers of the South are learning one important lesson as a result
replanting cotton acreage report based on the "Inten- of the past few years' experience, which is that large crops with an unwieldy
20 a
surplus mean low prices &low the cost of production, while limited protions" of farmers to plant, said:
The report estimated an increased acreage of 12% over the acreage
planted in 1922, forecasting the anticipated planting of the largest acreage
in the history of the cotton-growing industry. When this report was published, without previous knowledge to the farmers and cotton trade that
such an innovation was to be undertaken, it created an intensely bearish
situation and prices decreased about 700 points, or $35 a bale. On July 1
the Crop Reporting Bureau promulgated its estimate on cotton acreage
planted and in cultivation up to June 25, amounting to 38,287,000 acres,
or an increase in the acreage of 123,1 %, practically affirming the April 20
preplanting acreage based upon the "intentions" of farmers to plant. The
acreage indicated in these reports is found to be about 1,500,000 acres
larger than the estimates of the many private agencies issuing reports on the
subject.
The association likewise voiced its disapproval of the issuance by the Government of reports on ginning, acreage, condition and production during active trading hours of the cotton exchanges and suggested that these reports be issued
after the closing hours. The association's argument for this
change is reported as follows in the "Commercial":
duction is followed by comparatively good prices and more profitable
farming. Application uniformly of these experiences in the 800 cottongrowing counties, backed by a practical system of balanced and self-sustaining farming, will in a few years create a condition in Southern agriculture
that will be permanently attractive and profitable.
Cotton Prices Analyzed.
As bearing out the authenticity of the statement that limited crops of
cotton always sell for higher prices than largo crops with an unwieldy surplus, I beg to present for your earnest consideration a table of comparisons
in prices of large and small crop yields
Yield.
Bales.
1898--11,256,000
1899..- 9,363.000
1903-- 9,820,000
1904_ _13,451,000
1908-13,432,000
1909-10,386,000
1911_16.109,000
Average Price.
6c. to 636c.
,
934c. to 10%c.
133.ic. to 17c.
75‘c. to Sc.
9c. to 10c.
15c. to 19c.
9c. to 12c.
Bales.
Yield.
1914_16,738,000
1916-12,664.000
1919__11,326,000
1920....l3.271,000
1921__ 7,978,000
1922__ 9,729,000
Average Price.
”ic.to 9c.
15c. to 27c.
290. to 43c.
10c. to 13c.
17c. to 23e.
21c. to 31e.
It will be noted from these comparisons that prices for the staple averaged
from $25 to $125 per bale higher for reasonably small crops as the prices
received for the larger and unwieldy crops. A review of these statistics
should convince every cotton grower of the unwisdom of planting for an
abnormally largo production of cotton.
On Oct. 2 there was issued a report on cotton ginned up to Sept. 25 by
the Census Bureau,and on the sarae date a report was issued by the Federal
Crop Reporting Bureau forecasting the probable production of cotton from
the 1923 crop, estimated on the September growing condition of the crop
Cost and Selling Price.
up to Sept. 25. The Census I3nreau report on ginnings was issued and ' At considerable expense the American Cotton Association has this
posted on the Cotton Exchange boards at 10 o'clock a. m. The report season obtained an estimate through its thousands of reliable county correwas considered "bullish" by traders in cotton futures contracts and the spondents just what the average cost of growing cotton throughout the
market immediately advanced 100 points, or $5 a bale.
belt in 1923 amounted to. The average cost as tabulated was estimated
At 11 o'clock, just one hour later, the report of the Crop Reporting Bu- at 29c. per lint pound of all grades. The average estimate by the same
reau forecasting production for 1923, was issued, and posted on the Ex- correspondence for a selling price bulk line of all grades, in order to insure
change boards. This report was analyzed as "bearish" and before 12 to the growers a fair and reasonable profit above cost, was fixed at 36c.
o'clock, or one hour later, the market was crashed by heavy short selling per lint pound.
and prices declined 177 points, or $8 85 a bale. Between 10 and 12 o'clock
We are more vitally interested in the profit price than the cost, yet the
on Oct. 2, within which period these two reports were issued, the fluctua- basis for a reasonable profit cannot be estimated until the cost of production
tions in the market values of cotton, up and down, amounted to 277 points, has been ascertained. I believe that the selling price as suggested and
or $13 85 a bale, representing a decline in the value of the crop at present recommended by our farmer correspondents in the statistics are shown to
prices of about $100,000,000. The issuance of the two conflicting reports be reasonable, fair and conservative.
was responsible for immediate wild and unauthorized speculation, which
greatly disturbed the orderly markets for cotton in every department of
Spinnable Cotton.
the cotton trade.
The United States has for years supplied 84% of the world's spinnable
Other resolutions adopted proposed indorsement of co- cotton of three-quarter of an inch and above. No country in the world
operative marketing associations; better protection of lint has ever produced the even grades and staples comparable to American
cotton and an outstanding difficulty in foreign production has been to
cotton in harvesting, and advocacy of the extension of the secure uniformity in grades and staples. Tho foreign mills of the world
association's boll weevil control campaign; indorsement of fully realize this fact and openly admit that for many years at least they
will depend upon the American staple to meet their textile requirements.
the organization of county chambers of agriculture to furThe Department of Commerce has now completed through its domestic
diversification; conversion of "cotton news" into and foreign staff, in co-operation with the Department of Agriculture, a
ther crop
an attractive magazine and enlarging its circulation; ap- preliminary world cotton survey for the year ending July 31 1923. A.
usual the figures
which
of
proval of preventive measures in boll weevil control; con- no figures exist. include some portion andunspinnable cotton as toending
The estimated supply
distribution for the year
trolling cotton production by planting not more than eight July 31 1923, compared with the previous year, are as follows
1922-23.
1921-22.
acres to a plow in 1924, and that the acreage be intensively
Bales.
American in All Countries-Bales.
5.123,000
9,351,000
cultivated and boll weevil poison be applied; deploring the Stocks beginning of season
9,762,000
7,954,000
Production
"discrimination against the cotton farmers shown by the Total supply
15,431,000
17,460,000
12,430,000
12,293,000
Tariff Act of 1922," which particularly affected imports of Consumption season
3,100,000
5,123,000
Stocks end of
All
long staple cotton.
9,536,000
14,752,000
Stocks beginning of season
17,540,000
14,741,000
Citing figures showing that the average cost of production Production
27,568,000
29,602.000
Total supply
20,950,000
20,047,000
for cotton in all States in 1923 was 29 cents a pound of lint Consumption
6,400,000
9,536,000
Stocks end of season
cotton, bulk line, and endorsing that figure
as conservative,
under the adverse weather conditions, heavy weevil damage
and the average low yield of lint cotton to the acre throughout the cotton belt States, the convention approved a resolution favoring a minimum average selling price of 36 cents a
pound, and recommended the same for adoption by all cotton growers and controllers of cotton throughout the South.
Tabulating its report on returns received from a questionnaire mailed out to 6,500 county correspondents of the association residing in 12 cotton States, the resolution presented
by the committee, which was adopted, recommended that the
selling price for all grades in the 12 States be as follows:
North Carolina, 32 cents; South Carolina, 35 cents; Georgia,
41 cents; Florida, 41 cents; Alabama, 39 cents; Mississippi,
40 cents; Louisiana, 39 cents; Texas, 31 cents; Arkansas,
35 cents; Tennessee, 35 cents; Oklahoma, 32 cents, and Missouri, 28 cents.
Crop diversification was urged at the meeting by J. S.
Wannamaker, President of the Association, whose remarks
Supplies and Consumption.
The carryover of American cotton at the end of the 1922-23 season ended
July 31 is estimated to be 3,100,000 bales by the United States Department
of Commerce. This represents the smallest carryover in recent years and
Is dangerously near a critical depletion of stocks available to the world
textile industry. The same authority shows a total world consumption of
American cotton for the twelve months ended July 31 to be 12,450,000
bales. Of this domestic mills consumed 6,664.710 bales and 5,785,290
bales were consumed abroad.
It is now generally agreed by leading statisticians and the best cotton authorities that the yield of the 1923 crop will not exceed 10,500,000 bales.
Exports are showing a decided increase over exports one year ago for the
same period and domestic consumption will doubtless parallel the consumption of 1922. Assuming that exports of the staple will be equal to those
of 1922, which amounted to 6,300,000, and domestic consumption for the
same year aggregated 6,600,000 bales, we have the following situation
facing supplies and demand:
Bales.
3,100,000
Carryover July 31 1923
Estimated production 1923 crop
10,500,000
Total available supplies
Estimated domestic consumption
Estimated exports
13,600,000
6,000,000
6,300,000
12.900,000
Estimated carryover Ally 31 1924
700,000
OCT.27 1923.]
TITE CHRONICLE
With the world available stocks of American cotton depleted to 700.000
bales by Aug. 1 next year, it means nothing short of famine comparable to
the almost complete exhaustion of supplies in 1865. It would mean the
forcible closing down of hundreds of mills and the checking of the textile
Industry throughout practically every country in the world. The situation
is serious and is fraught with great danger, to the textile industry and the
consumers of cotton fabrics in this country and abroad.
What the hazards of production in 1924 will be with the whole South infested with the weevil menace, shortage of labor and continued financial
depression, it is difficult now to predict. The planting of an abnormally
large cotton acreage in 1924 will not solve the problem. Restricting and
Intensifying the culture of cotton per plow with a determined and widespread united fight on the weevil, may enable the South to produce an increased yield of lint per acre and supply the imperative world needs for the
staple.
Bankers and merchants throughout the cotton belt should co-operate
with the growers along sound protective lines that will tend to induce the
speedy adoption of self-sustaining farming, the intensive culture of cotton
limited to a maximum of eight acres to the plow and uniformity in weevil
control methods.
Boll Weevil Campaign.
To induce the intensive culture of cotton, establish economic methods of
weevil control and formulate a constructive plan for a balanced system of
agriculture in the South, the American Cotton Association has this season
conducted a Southwide boll weevil control campaign.
A total of 933 cotton demonstration farms averaging about eight acres
each were located in co-operation with selected cotton farmers in the eleven
leading cotton-growing States.
Carefully tabulated returns from the operators of hundreds of the demonstration farms show that the average increased yield of seed cotton per acre
on such farms this season amounted to over 37% as compared with the yield
of lands planted to cotton in the surrounding neighborhood.
Many of these farms show a yield of from one to one and one-half bales
of cotton per acre, while the average for the South this season as a whole
will be about one bile to 3 2-3 acres of land planted and cultivated.
Weevil Losses.
The following data from carefully prepared statistics compiled by the
of Agriculture vividly portray the fearful losses
United States Department
Imposed upon the American cotton crop each year from depredations and
destructive influences of the boll weevil:
TotalLoss
Crop
Losses
Weevil,
All Causes. per Acre.
Picked.
Year.
144.9
9,369,000
1,368,000
10,005,000
1909
128.5
8,702,000
1,297.000
11,609,000
1910
91.5
6,893,000
15,693,000
338,000
1911
99.8
7.243,000
13,703.000
714.000
1912
102.4
7.957.000
14,156,000
1,579,000
1913
77.0
5,937,000
16,135,000
1,381,000
1914
111.9
7,346,000
1,983,000
11.192,000
1915
130.0
9,505,000
11,450,000
2,994,000
1916
8,954,000126.6
2.095.000
11,302,000
1917
121.4
9,136,000
12,041.000
2.325,000
1918
125.8
8,825,000
2,780,000
11.421.000
1919
119.7
8,975.000
4,595,000
13.440,000
1920
163.1
10,712,000
6,277,000
8,954,000
1921
The aggregate losses above enumerated equitably prorated over the period
years involved show an average yearly loss of $682,060,000,or a per capita
of
loss each year of $252 for the two and a half million men, women and children engaged in the production of cotton in the Southern States. No industry can withstand such losses and continue to produce what the world
cotton trade calls cheap cotton. It is conceded by the best authorities
that the losses in 1922 and 1923 have exceeded even the stupendous losses
of 1921; actual statistics not yet compiled.
1847
ture has been inaugurated and permanently adopted by the farmers, aided
and encouraged by their local allied banking and business interests.
The association will establish 5,000 demonstration cotton farms throughout the belt in 1924, or about six farms to each county, geographically
located, so as to reach all the growers in their respective communities.
Four thousand of the farms will be operated by selected white farmers and
1,000 farms are to be cultivated by negro farmers.
It is our purpose to continue these demonstration farms for a period of
five years, increasing the number each year, and it is confidently believed
that when all the growers have been educated to efficient methods of
weevil control and economic production of cotton per acre under an intensive
can be consystem of culture, that the migratory damages of the insects
trolled and normal crops of cotton profitably grown.
now being promulgated
The plan of the American Cotton Association,
active chambers
widely over the South in behalf of organizing strong and
full endorsement and
of agriculture in each cotton county, should have the
the length and
support of local bankers, merchants and farmers throughout
and virile leadership in
breadth of the cotton belt. We need men of vision
to take charge of the local
each county from among the business interests
of efficiency and
work and develop the movement to the highest point
success.
agriculture, economic
To establish a well balanced system of self-sustaining
rebuilding the soils
production of cotton, planting many staple crops and
development will, in a few short
by a system of rotation and live stock
truly the garden
years, revolutionize agriculture in the South and make it
farming section of the world.
Cotton Staple
A. W. Palmer on Need for Universal
Great Britain.
Standards in
for
Need for the adoption of universal cotton standards
leading spinners in
length of staple is felt by many of the
specialist
Great Britain, reports Arthur W. Palmer, cotton
Agriculture, who has
for the United States Department of
American
just returned from Europe. The adoption of
with general satisfaction and
standards for grade is meeting
with
has led to tte hope that similar action may be taken
staple, Mr. Palmer said. He reports:
regard to length of
encourage the
Renewed efforts are being made by the British trade to
high price of
growing of cotton in other parts of the world, in view of the
Australia is beAmerican product. Cotton from Brazil, Argentina and
the
of cotton men.
ing bought by English spinners, but in the view of a number constitute an
production in these countries will not be sufficiently large to
important factor in world cotton trade for at least ten years.
the resulting
Failure of the South to produce a large crop this season and
which had
high prices have been very discouraging to the Lancashire mills
and the Far East. The
hoped to be able to revive their business in India
measurably repurchasing power of the people of these countries has been
that have obtained
duced since 1920, while the high prices of cotton fabrics
of dress. The
in the past two years have brought about a lowered standard
the Maneffect of this doubly adverse situation has fallen most heavily on
for the most part Egypchester group of mills. Pine goods mills, spinning
mills running on
tian cotton, appear to be operating more profitably than
American cotton, whereas on the Continent the reverse is true.
by comThe position of the Continental mills as a whole is much better
purchases
parison. Prospects in Germany this year were for much smaller
in conditions in Italy
of cotton than last year, but considerable improvement
resistance
is noted. Owing to the uncertainties of exchange and the general
observed in to increasing prices, the tendency of all of Europe is to buy on a day-to-day
Prior to the opening of the convention it was
special advices to the "Journal of Commerce" from St. Mat- basis.
General business conditions in Central Europe outside Germany are also
thews, S. C., that a question which appeared to arouse the considerably improved. British banks in this territory have reoccupied their
purposes.
widest interest and excite the greatest concern was as to the pre-war field and credit is now generally available for business American
in pounds, whereas purchases of
Credit is furnished by
regarding the reduction of cotton have to be paid these banks so that spinners in Austria and Czechoaction the convention might take
for in dollars,
cotton production. These advices stated:
slovakia are subjected to the risks involved in exchange fluctuation, and the
itself of the credits offered is limited.
In the cabled exchanges of fact and opinion which have taken place on extent to which business may avail
that American banks have not been
this subject between Sir Charles Macara, representing the foreign buyers, Business men in Vienna express regret
in that territory.
and President Wannamaker,representing the American Cotton Association, more ready to establish themselves
the former insists that the South would be working against its own best
Interests to reduce acreage and supply. President Wa namaker's reply is
Farmers Urged to Develop Home Markets.
that this Is In conflict al'h Sir Charles Macara's well-known advocacy
the foreign cotton trade at the cheapest possible prices.
of cotton supplied to
Cutting of food costs to consumers and increasing the reThe English view, which is that of course of the foreign market, is that to turns to producers by encouraging farmers to meet. better
conditions would be unreduce acreage or supply of cotton under existing
position that it would be a the demands of local markets is seen as a possibility )y the
sound economics, but the producers take the
acreage as heretofore, owing
of Agriculture. In a statement
suicidal policy to attempt to plant as large an
and the hazard attendant United States Department
to the enormous increased expense of production
to this effect Oct. 12 the Department said:
upon production under boll weevil conditions.
of
Much of the food consumed in cities comes from distant producing secA further contention is made in the English cables that a continuance
of tions. Some of this food could be produced in nearby farm sections, thus
the present prices for cotton will result in loss to the South of its control
the association and the shortening the route from producers to consumers and effecting savings in
cotton production. The reply made in behalf of
by both producers and consumproducers it represents was to the effect that if any other section of the world marketing costs that might well be shared
desired to produce cotton at present prices, or lower prices, it was at perfect ers, the department says.
Studies of the extent to which farmers meet local food demands are now
liberty to do so, so far as Southern farmers are concerned.
the Pennsyl.
It was insisted that the South would never again consent to produce being made at Altoona, Pa., by the Department of Agriculture,
and the Blair
cotton on a starvation wage basis and that 35,000 carefully kept reports vania State Bureau of Markets, Pennsylvania State College,
far shows that the farmers in Blair
have been 29c. per pound.
County Farm Bureau. The survey thus
showed the cost of producing the present crop to
of
County, in which Altoona ii located, produced last year less than 10%
the eggs, less than 12% of the potatoes, and less than 22% of the dressed
J. S. Wannamaker on Labor Shortage in Cotton Belt. poultry used in the Altoona consuming district.
Poultry and egg production, potato growing and dairying are the most
The labor situation in the South was dealt with in the
profitable enterprises in the agricultural section surrounding Altoona, th
address of President J. S. Wannamaker at the annual con- survey shows. There is great opportunity for further increasing the poultry
the advantag
vention of the American Cotton Association at Columbia, and potato enterprises, the Department says. To indicate districts, it i
which Blair County farmers have over farmers in remote
S. C., on Oct. 16. His remarks were given as follows in the shown in connection with potatoes, for example, that the freight charg
"Journal of Commerce":
alone on the potatoes required to meet the deficit in Altoona between Sep4o cents per bushel. At th
Carefully gathered statistics by State and Federal agencies on the subject tember 1922 and May 1923 ranged from 15 to
conclusion of the survey, a program of production will be formulated by th
of migration of white and colored labor from the cotton farms of the South
Blair County Farm Bureau and the local and State agricultural authoriti
show a startling and serious situation. The statistics show a migration
will assist farmers in putting the program into effect.
of approximately 300.000 persons from the farms in the cotton States east
Many instances are known to Government marketing authorities where pro
of the Mississippi River from Jan. 1 1922 to March 1 1923.
to develop distant outlets. Fo
In Georgia and South Carolina a careful census shows the total abandon- ducers neglect near-by markets in an effort
been launched in the South to devel
ment of 25,000 farms in those two States in 1923, such lands lying out example, numerous campaigns have
Northern outlets for sweet potatoes, while at times it has been virtually im
untenanted, unproductive and a liability for taxes and maintenance instead
possible for Southern consumers to buy sweet potatoes produced on nearb•
of an asset to their owners.
farms. Other cases are known where a city's supply of a commodity i
The migration offarm labor and the abandonment of farms will continu
brought from distant sections when the same commodity is being grown i
unabated in the cotton belt until the weevil menace has been overcome and
to cities hundreds of miles away. Th
a more profitable and attractive system of independent diversified agricift- the immediate territory and shipped
1848
THE CHRGNICLE
savings on transportation alone would go far toward reducing distribution
costs, the department says. Railroads would also welcome the more efficient use of cars resulting from a better development of home markets.
Surveys similar to that at Altoona are to be made by the department at
other consuming centres. It is expected that much general information will
be developed in these surveys that can be applied to all producing and consuming centres throughout the country. The Federal Government cannot
undertake to make such studies for all sections, but it hopes to suggest a
method of making such studies that may be applied by local authorities.
New Bulletin on Operation and Financing of
Irrigation Districts.
A new bulletin containing valuable information for those
Interested in the formation and management of irrigation
districts has just been issued by the United States Department of Agriculture as Department Bulletin 1177, Irrigation
District Operation and 'Finance, by Wells A. Hutchins. An
announcement Oct. 8 said:
The author has made a complete study of the management and financing
of irrigation development in this country since its beginning and the publication sets forth important conclusions well supported by facts drawn from
the past experiences of irrigation enterprises as to the methods of administration and financing likely to insure the success of such enterprises.
It is stated that the following elements have proved necessary for the success of irrigation districts: productive land, sufficient water, reasonable
capitalization and adequate land settlement. Each of these points is discussed in detail. Seventeen Western States now have legal machinery for
the organization of irrigation districts and the various laws and methods of
procedure are discussed.
Briefly stated, the purpose of the publication is to furnish information
both to farmers and investors as to methods of procedure and the elements
necessary for success.
Australian Wheat Acreage.
The acreage sown to wheat in Australia fol. the 1923-24
crop is estimated at 10,000,000 acres, as compared with
9,804,000 acres in 1922-23, according to a cable message to
the United States Department of Agriculture, Oct. 9, from
an International Institute of Agriculture at Rome.
[VOL. 117.
Commissioner of Markets O'Malley Charges Coal
Companies with Unfair Practices.
Edward J. O'Malley, Commissioner of Public Markets in
this city, in a statement on Oct. 20 charged the "old line coal
companies," which claim to be offering coal to consumers at
the lowest prices, are resorting to unfair methods and sending most of their production to independents at increased
rates. Mr. O'Malley asked for an investigation. Mr. O'Malley said he had been told that while the companies which
control 80% of the anthracite advertise coal at low prices,
and actually send out a certain quantity at these prices, the
balance of their production is sold to the independents at
all increased rate. This, he said, was characterized as "backdoor coal." "In order to control the entire coal situation,"
said Commissioner O'Malley, "the old line companies sell
only a limited quantity•to a favored few retailers. The retailers out of the ring are not permitted to buy of the old•
line companies and are therefore forced to purchase coal of
the high-priced independents, to whom the old-line companies have sold by way of the 'back door.' These unfortunate retailers are obliged to charge the consumer what are
apparently exorbitant prices." On Oct. 18 Commissioner
O'Malley made public several letters which he had written
In an attempt to get adequate supplies of good coal this
winter for the residents of this city. In a joint letter to the
Presidents of leading coal companies requesting their cooperation in getting a larger allocation of domestic sizes,
Commissioner O'Malley suggested that the daily maximum
for October and November, which is 25,000 tons, should be
increased 10%. He also sent a letter to John Hays Hammond, Chairman of the Federal Coal Commission at Washington, requesting information by which it might be determined whether New York is getting its proper allocation,
and to the Anthracite Bureau of Information, in Philadelphia, asking for data on the same subject. Letters urging
co-operatioi were sent to W. J. Richard, President of the
Philadelphia & Reading Coal & Iron Co.; G. N. Wilson,
President of the Lehigh Coal Co.; D. S. Williams, President
of the Hudson Coal Co., Scranton; S. D. Warriner, President
of the Lehigh Coal & Navigation Co.; J. F. Birmingham,
President of the Delaware, Lackawanna & Hudson Coal Co.,
and C. F. }Tuber, President of the Lehigh & Wilkes-Barre
Coal Co. of Wilkes-Barre, Pa.
Too Many Wholesalers in the Coal Industry, United
States Coal Commission Finds—Removes Responsibility for High Prices from Retailer in Final
Report.
Wholesalers in the coal industry during recent years have
been taking at a rate of more than 200% over their pre-war
margins, the United States Coal Commission reported on
Oct. 21, while retail dealers, in spite of increasing costs, have
been taking less. The Commission's study of coal distribution resulted in its recommendation to President Coolidge
and Congress that the Federal Government be empowered to
regulate fuel distribution in times of shortage but that the Judge Elbert Gary at Meeting of American Iron and
Steel Institute Urges Co-operation of Business
retail handling of coal be left chiefly for local treatment.
Men With President Coolidge.
Though the Commission ceased its work Sept. 22, the text of
Referring to the business outlook, Elbert H. Gary, in his
its report on coal distribution became available on Oct. 21
In complete form for the first time. The conclusions ad- address at the Hotel Commodore, this city, on Oct. 25, as
vanced were unanimously adopted by its membership, includ- President of the American Iron and Steel Institute, declared
ing the Chairman, John Hays Hammond, Thomas R. Mar- that "there are many reasons for confidence in the economic
shall, Clark Howell, Dr. George Otis Smith, Edward T. De- future in this country, outside of those which are basic
vine and Charles P. Neill. Regarding the wholesalers' opera- and permanent,including our enormous wealth and immense
tions, the report of the Commission says: "The Commis- yearly income, which increases as the years go by." He
sion's study indicates that there are altogether too many further said:
If the business men will do their part and
the
wholesalers, but that, notwithstanding this fact, the whole- and his assistants in conducting their affairsco-operate with withPresident
in conformity
the high
sale trade has made large profits in most of the ten-year ideals which we believe actuate the President in the performance of his
duties as the Chief Executive, there is no reason to fear there will be a serious
period from 1913 to 1922, inclusive, and excessive profits in
financial or commercial disturbance or depression during the next few
the panic years 1917 and 1920. The year 1922 generally months.
There are, as always, some hindrances to the natural progress and prosshowed more moderate and even small earnings on account
turbulent
perity in the United States. Those patent
of the curtailment of the tonnage by strikes. The Commis- conditions in other countries, already alludedto everyone are the high and
to: the unreasonably
sion's study also indicates that in time of shortage the pyra- burdensome taxes, national. State and municipal: the high costs of producmiding of wholesale margins through the speculative activ- tion, in some lines unconscionable: and the high costs of living, measurably,
though not altogether, brought about by those who complain the most.
ity of wholesalers results in the enhancement of prices with- ' For the calendar year the iron and steel industry will show considerable
out furnishing the public an equivalent in distribution ser- profit, though not as much as the capital invested should produce. The
vice. The American Wholesale Coal Association, the Com- new orders are not up to productive capacity, but together with those heretofore accumulated, have resulted in large shipments. In some linos the
mission declared, had advocated an unfair profit standard. demand for immediate consumption has been, and still is, in excess of the
ability to supply.
adding:
From this showing it would appear that with margins of 8% on coal,
which figure is advocated by the American Wholesale Coal Association, the
entire wholesale trade and particularly the wholesalers handling anthracite,
would make exorbitant profits. Such a margin would neither be necessary
nor desirable. Its presence in the trade would not only be a public injustice
but would still further stimulate the already over-developed wholesale trade.
What is really needed is stability in the industry, so that with normal tonnage and demand real competition can operate.
Turning to the retailer, the Commission remarked that
criticism of prices there was frequent, sometimes well
founded, but often based on "lack of knowledge that causes
are beyond 'control of the retailer." Better public understanding and local treatment of the problems were advocated. Average rates of retail profits on coal since 1918, the
Commission said, have been "generally moderate and much
less than those of wholesalers."
It may be stated with confidence that the outlook is good. Inquiries for
iron and steel are unusually large, many of them urgent. Purchases for
railroad and general building purposes, for oil development and production,
for canning purposes,for the automobile trade and many other lines are now
very large as a total and from appearances may be expected to materially
Increase in volume during the next six months, unless something unforeseen
and unwarranted shall be precipitated.
The actual purchasing necessities of our commodities are very great at
present, and there is plenty of money to pay for whatever is needed. It is
up to business management in every line to take advantage of the opportunities offered. Let us have faith in the future and do our part, proceeding always with good judgment, prudence and within the limits of our resources, but steadily forward towards the goal of the prosperity which we
know is ahead and will be greater than ever before.
After the colossal world war of destruction of life and property for
four years and more, the armistice was signed Nov. 11 1918. The disasters of this war are not yet appraised. The full cost is not yet known.
The final effect will not be ascertained perhaps during the life of any
person living when the war closed. Reparations have not been made.
International enmities are-at fever heat. Governments have been over-
."4 ,
(
4
4C
3 ;411i
;
THE CHRONICLE
1849
thrown, still ot. rs
thr
ed. Nations have become prac- uniformity in the agreements. The decision followed close
tically bankrupt. 1V8
en, women and children have been
and are starving. E
money has become valueless. European upon another denying an increase to signalmen, referred to
countries are drifting, perhaps some toward the rocks of destruction. in the "Chronicle" last week. The present decision reads:
Suspicion and distrust are predominant in the minds of men. Hate,
In the case of the signalmen, their present rates of pay and the very
revenge, brutality, crime are in evidence throughout Europe. A merciful
and yet a just God has not yet disclosed to us the fate of our neighbors favorable treatment they had received in previous wage orders and adjustments, made it seem inequitable to award them an increase of wages under
in Europe.
It is doubtful if our Government can at present be of much assistance the state of proof before the Board. In the case of the clerical employees
proper, it is undoubtedly true that their present wages and the previous
in attempts to restore the equilibrium of Europe. Voluntary advice or
sympathy just now would not be acceptable. Practically, We can be of wage awards and orders affecting them through a long period of years,do
not show that they have ever received treatment which could be termed
benefit only by example.
It would not be appropriate for us to take sides in European controversies preferential.
nor to condemn individual attitudes or conduct; but we know the great
The employees affected by the present decision were repseas are not wide enough to separate us from the influences cf disaster
in Europe. We are affected in our finances, our commerce, our indus- resented by the Brotherhood of Railway and Steamship
tries, our civic, political and social life and our morals. Citizens of Europe Clerks, freight handlers, express and station employees, by
are embarking for the United States whenever,possible; not always the
the BrotherItood of Railway Station Employees, and by the
most worthy are included, which is a pity. Their ideas permeate our
social and business life. The whole structure of civilization has been International Longshoremen's Association. Following is a
shaken.
list of the railroads affected by the decision:
If the European atmosphere and conditions dominated our affairs, our
Atchison Topeka & Santa Fe.
New York Ontario & Western.
business men might be depressed and somewhat doubtful of the future: Atlantic Coast Line.
New York Chicago & St. Louis (including
but unfortunately they do not. We are, or at least we may be, independent Boston & Albany.
Lake Erie & Western district).
of all other countries so far as business progress and prosperity are con- Boston & Maine.
Pere Marquette.
Richmond Fredericksburg & Potomac.
cerned. If we properly conserve and utilize our natural resources and Chicago & Eastern Illinois.
Chicago & Northwestern.
St. Louis Southwestern.
legitimately manage our private and public affairs, availing ourselves Chicago & Western Indiana.
St. Louis Southwestern (of Texas).
of the opportunities that are presented, we may and will continuously Chicago Indianapolis & Louisville.
St. Paul Union Depot.
Chicago Milwaukee & St. Paul.
San Antonio & Aransas Pass.
and adequately prosper.
Chicago Rock Island
Seaboard Air Line.
It is not necessary at this time to give facts and figures relating to the Chicago Rock Island & Pacific.
& Gulf.
Southern Pacific Co. (Pacific System).
growing wealth and enlarging production and corresponding increase of Chicago St. Paul Minneapolis & Omaha. Southern Packfic Lines in Texas and
Income. These have been frequently referred to. If these are protected, Cincinnati New Orleans &. Texas Pacific.
Louisiana.
Colorado & Southern.
Southern.
developed and utilized, we need have no fears for the future.
Alabama Great Southern.
There will be temporary interruptions, recessions, and there will be Denver & Rio Grande Western.
Rio Grande Southern.
Atlantic & Yadkin.
fluctuations, but the man of business courage, with a reasonably clear Denver Union Terminal.
Cincinnati Burnside & Cumberland River
vision of the long future, pays little attention to temporary hesitations in Duluth South Shore & Atlantic.
Cincinnati New Orleans& Texas Pacific.
Georgia Southern & Florida.
business progress. He knows that the current of prosperity in the United Mineral Range.
Erie.
Harriman & Northeastern.
States is so strong that even though it may be occasionally modified by Fort Worth & Denver City.
New Orleans & Northeastern.
unnatural or unreasonable obstructions, this will result in accumulation Wichita Valley.
New Orleans Terminal.
Northern Alabama.
of volume and force which will soon be overwhelming and stronger than Grand Trunk (Lines in United States).
Great Northern.
St. John's River Terminal.
ever before.
Illinois Central.
Trans-Mississippi Terminal.
As all fair-minded men will admit, the first essential to the welfare and Yazoo & Mississippi Valley.
Union Pacific System.
prosperity of a nation and all its people is protection, that is, safety of Joplin Union Depot.
Los Angeles & Salt Lake.
Ogden Union Railway & Depot.
property and persons, the uninterrupted maintenance of law and order. Kansas City Southern.
Texarkana & Fort Smith.
Oregon Short Line.
For this everyone is responsible, more or less, private individuals, public Kansas
City Terminal.
Oregon-Washington Railroad & Navigaofficials, every department of Government, municipal, state and national. Maine Central.
tion Co.'
& Grand Island.
The eight-hour day and the development of the iron and Portland Terminal. & Sault Ste. Marie. St. Joseph aciflc
Western .
Minneapolis St. Paul
steel business were attended to by Mr. Gary in his address
at this week's annual meeting of the Institute, as to which
Ballot Shows More Than 85% of Pennsylvania Shopmen
he said in part:
Favor Company's Reorganization Plan.
Hearty congratulations are extended to the members of the American
Iron and Steel Institute upon the abolition of the twelve-hour day in the
The vote polled in the recent elections by shop employees
Iron and steel industry of the United States of America. Long years ago,
before most of the business organizations represented here to-day were of the Pennsylvania Railroad System for representatives on
created, the twelve-hour working day became established. To quote the the various shop craft committees indicates that more than
words of Mr. Smith, an intelligent, fair-minded workman connected with
85% of all the shop employees have signified by secret balthe American Sheet & Tin Plate Co., at the annual meeting of the United
States Steel Corporation, held in April 1914: "The employer never lot their approval of the Pennsylvania plan of employee
established the twelve-hour day. Every working man who helped to build representation for the settlement of disputes that may arise
up the iron business helped to establish it, and the refusal in many cases to
between the men and the management. A final report of the
grant the twelve-hour day would have been a sufficient cause for a walkout many a time." Because a committee, appointed by the Chairman of elections held this year in the four operating regions and Althe Steel Corporation in 1911 and headed by the late Stuyvesant Fish, toona works shows that 85.9%
of all the shopmen on the
recommended elimination of the twelve-hour day at its plants, provided
the iron and steel industry generally would do likewise, the corporation entire System voted in these elections. The company's anactively and persistently took steps to carry into practical effect the recom- nouncement says:
mendation referred to. The records of these efforts are preserved and
are clear.
From the date of the Fish report there has never been a statement by a
prominent steel manufacturer in favor of the permanent continuance of the
twelve-hour day in the steel industry, nor against its abolition whenever
practicable.
Now that you have concertedly, with practical unanimity and with
most remarkable promptness, relegated to the past a practice you did not
inaugurate, but have been willing to recognize as undesirable, you are
entitled to praise for having risen to a great occasion involving, as we
believe, no question of morals, but one that became a matter of public
interest and concern.
The iron and steel business in this country has grown by leaps and
bounds until it has become one of the greatest of all the large industries.
We have a productive annual capacity of about sixty million tons of steel.
We employ a maximum of about six hundred thousand men, who with their
families aggregate a population of two and a half million people. We
transact a business of two billion dollars or more annually. Needless to
say, we are important in the industrial life of this country. We have a
decided influence for good or bad. With this goes a great responsibility.
We could not shirk it if we desired. Each one of us must share In and
must render an account concerning this responsibility. .
Wage Increases on Sixty-Five Railroads Granted by
Railroad Labor Board to Clerks,
Freight Handlers, &c.
The United States Railroad Labor Board on Oct. 21 made
public a decision awarding increases of one to two cents an
hour to clerks, station forces, dock, warehouse and platform
freight handlers and similar employees of 65 carriers. One
provision of the decision is that the "sum of the increases
granted to the employees in each section shall be distributed
by joint action of the representatives of the carriers and of
the employees in such a manner as to bring about just and
equitable rates for the employees in each of the various sections for which increases are provided." The opinion prefacing this and other provisions found that 29 carriers and
employees of the class involved had negotiated agreements
Increasing pay for some of the groups, but that there was no
It will be recalled that the controversy between the United States Railroad
Labor Board and the Pennsylvania Railroad grew out of the first elections
of' employee representatives of the shop crafts. The management believes
that the results of this year's selections, which have now been completed.
removes any reasonable doubt that might have existed as to the real desires
of the Pennsylvania shopment to be represented by employees elected by
themselves rather than by any outside organization.
The last of this year's elections was held a few days ago in the Southwestern region when 92% of the shopmen participated in the balloting.
Similar elections had already been held in the three other regions and
Altoona works.
The complete returns show that 60,845 shop employees were eligible to
vote for employee representatives in this branch of the service. The total
number of ballots cast for employees' representatives was 52,278, or 85%•
Out of the total number of votes cast only 2,601, or less than 5% were
declared to be invalid by the election tellers jointly appointed by the men
and the management.
The participation of the shopmen in these elections is believed to be
greater than that generally in city, State and national elections.
Shopmen's Wages Increased-on Northern Pacific.
Wage increase of 2 cents an hour granted shop crafts employees by the Northern Pacific Railway will increase the
payroll of 5,000 men affected about $250,000 annually. A
change in working rules, eliminating certain restrictions on
the kinds of work different classes are permitted to engage
in, was made to enable employees to fulfill their promise to
promote greater efficiency and increased production in return for the wage increase.
Union Leader in West Virginia Gets Life Sentence for
Murder of Sheriff.
Edgar Combs, union miner charged with the murder of
Deputy Sherif John Gore in the 1921 armed march, pleaded
guilty in the Logan Circuit Court at Logan, W. Va., on Oct.
17, after Judge Robert Bland refused a change of venue for
his trial. A sentence of life imprisonment was imposed.
1850
THE CHRONICLE
Railroad Executives Consider Suggestion of President
Coolidge for Reduced Freight Rates on Grain
and Coal.
At the meeting in this city on Tuesday last (Oct. 23) of
the Traffic Vice-Presidents of the sixteen larger railroads in
Trunk Line Territory, the basis was laid for a reply to
President Coolidge relative to his suggestion that a reduction
be made in freight rates on grain and coal designed for export. The "Journal of Commerce," in its issue of the 24th,
in making a statement to this effect added:
railA report was drawn up which will be considered by the heads of the
roads at a special meeting to be called presently of the Eastern Presidents'
Conference, of which Leonord F. Loree is Chairman.
No separate replies will be made by the carriers to the President's suggestion, a general reply in the name of all the railroads being planned instead.
This will be taken up by the executive committee of the Association of Railway Executives after the Eastern Presidents complete their deliberations,
after which the reply would be put into final form and presented, probably
under the name of Hale Holden, President of the Chicago Burlington &
Quincy and also Chairman of the executive committee of the Executives'
Association.
The meeting of the traffic vice-presidents yesterday considered wheat
rates in the morning session and coal rates in the afternoon. Considerable
fata which had been gathered by the officials, from the records of the individual carriers, was presented and analyzed, and on this material the report to the Presidents will be based.
Following the meeting it was intimated that the precise nature and scope
of the President's intention are still unknown to the railroad officials, although Vice-President Dixon of the PennsYlvania system explained in the
name of President Samuel Rea what the latter's interpertation of President Coolidge's remarks was. R. N. Collyer, Chairman of the Trunk Line
Association, was Acting Chairman ot the meeting.
The Association of Railway Executives will hold its meeting hero on Nov.8
at the Yale Club. As the views of the Eastern Presidents would have to
have been gathered by then,it is astmmed by informed railroad men that tht
call for a special meeting of the Eastern Presidents' Conference will go out
in several days.
The suggestion of President Coolidge was referred to by
us in last week's issue, page 1741.
Howard Elliott of Northern Pacific on Accomplishments
of Road—National Character of Problem
Confronting the Railroads.
The accomplishments of the Northern Pacific Railway Co.
during the last few years were told in a statement made at
St. Paul yesterday, Oct. 26, by Howard Elliott, Chairman
of the Board, upon his return from an inspection trip to the
Pacific Coast. Referring in his statement to the fact that
"the railroads are working under a Governmental plan of
regulation which was developed after many years of debate
and public discussion, and has not yet had a fair trial," Mr.
Elliott said:
It will be unwise to attempt to change it hastily. Some things seem
very obvious to one who has been fortunate to see the Western country
as I have. It would seem
That everybody should do all he can to keep down expenditures of
every kind so as not to increase the already heavy tax burden.
That there should be less dependence placed upon wheat alone as a
source of revenue; in other words, there should be a stronger movement
for diversification of crops.
That the Northwest needs and can support many more people, so that
the immigration question is of importance to the future development of
this part of the country.
That hard work and economy on the part of all will produce better
results than can be obtained by more new laws.
These problems are national in character and the public mind is being
attracted to them now. It is to be hoped that sober and calm judgment
will prevail and that the country will not try remedies which will be worse
than the troubles it is trying to cure.
As to his tour of inspection and what it revealed Mr.
Elliott said:
[VOL. 117.
of this property took 15 cents, leaving about 334 cents for the owners, too
small a sum for healthy development of the transportation facilities of this
growing country.
The reason for this is that in this Northwestern country, and on the
Northern Pacific particularly, the rates paid by the pub ic have increased
very much less than have the expenses, and much less than the rates in
other parts of the country. Some time ago I had the Bureau of Railway
Economics prepare a statement showing the relative rates in various parts
of the country and on different roads. That is an accurate and impartial
organization. Taking the freight rates in 1913 as 100, the Northern Pacific
rate this year is 128, while east of the Mississippi River the rate is 175 as
compared with 100 in 1913. This increase in the rate in the East is absolutely necessary if the railroads there are to develop and furnish necessary
transportation not only for that country, but for the Western country as
well, because many of the products of the West find their market in the
East, but in the West and in the East all classes of expenses, due to higher
wages and higher costs of fuel and materials, have increased anywhere
from 50 to 100%. Just as there has been a readjustment for the Eastern
roads of rates so as to pay higher costs and to support those roads, so there
must be in due time a readjustment in the West, if adequate transportation
Is to be provided for this country, which is such an important part of the
United States, and which will show great growth as time goes on. An increase in the average rate of only two mills for hauling 2,000 pounds one
mile, a very insignificant sum when applied to any given shipment, would
permit the railroads in the Northwest to go on with constructive plans for
the future. Even with the two mills added, the increase in the rates on
the Northern Pacific in 1923 over 1913 would not equal the increase allowed
by the Commerce Commission east of the Mississippi River.
Using the Northern Pacific again, in 1922 the 29,000 employees received
an average of $1,690 each, the 33,000 bondholders $454 each and the 38.000
stockholders $328 each; 32,391 stockholders in the Northern Pacific hold
less than 100 shares of stock; 13,599 of them are women. The road is not
owned by a few rich people, but by 71,000 security holders.
The employees are receiving good wages and the public is getting good
service in many places at less than cost. The security owners are getting
a very modest return—not enough to attract new capital. Under existing
conditions there is no incentive to the owners to put in more money, and
continual borrowing of money is unwise.
The company is devoting its attention to keeping down costs to the
lowest possible point consistent with reasonable preservation of the property
and reasonable service to the public. The situation is difficult, but I have
such faith in the Northwest and the ultimate fairness of the American people
that I believe the country will continue to grow and that there will be an
economic readjustment that will help all.
United States Railroad Labor Board Holds Pennsylvania RR. Must Conform to Its Decisions.
The Pennsylvania RR. must conform to decisions of the
U. S. Railroad Labor Board in cases in which it denied
the Board's jurisdiction, the Board held on Oct. 24. It
also aserted that the abolition of time and one-half for
overtime payment of yardmen of the Brooklyn Eastern
District Terminal was in violation of the Transportation
Act and ordered restoration of the former rate of pay.
According to the daily papers, the Pennsylvania System
was ordered to draw up an agreement with its employees
represented by the American Train Despatchers' Association which shall embody rules promulgated by two previous
decisions of the Board covering working conditions.
Simultaneously the Board issued an addendum, it is stated,
to the second of the previous decisions ordering the inclusion
of the Pennsylvania System and its train despatchers
therein. The first of these decisions related to the dispute
in which the railroad denied the jurisdiction of the Board.
The road was not represented at the hearing, but stated
that its position was set forth in a letter disputing the Board's
jurisdiction.
Brotherhood of Railway & Steamship Clerks Wins
Vote for Employee Representation on the
Southern Pacific.
The Brotherhood of Railway & Steamship Clerks won
the right to represent the clerical employees on the Southern
Pacific lines in Texas and Louisiana when the ballots east
on the subject of representation were counted in the offices
of the Railroad Labor Board, Chicago dispatches say. The
Association of Clerical Employees of the Southern Pacific
lines in Texas and Louisiana and the Brotherhood both
claimed representation of this class of employees. The
Board ordered a ballot taken, prescribed rules governing
the voting and, to avoid any charges of interference, ordered
ballots counted in the Board's office.
In the last few years the company has added to its equipment 120 heavy
locomotives, nearly 6.000 new freight cars, and rebuilt many thousands of
cars. Many improvements have been made, particularly at terminal
points, so as to give better service to the public, better working conditions
for the employees and to obtain greater efficiency and larger output per
hour of work. These additions required the investment by the owners of
many millions of dollars. They made this investment with faith in this
great Northwestern country and with a belief that the Government, both
State and national, would treat them fairly.
The volume of freight handled west of the Rocky Mountains is greater
than at any time in the history of the company, showing marked activity
in all kinds of business in that part of the territory served. East of the
Rocky Mountains there is a very substantial business but the volume is
not so large as the company has at times handled in the past, due to causes
that are too well known and are now being discussed generally, and which
for the time being are difficult and perplexing and engaging the attention of
all interested in the present and future welfare of this country. Practically Grain Rate Investigation Ordered by Inter-State
everywhere we went there was a strong, hopeful spirit, very marked even
Commerce Commission.
In North Dakota. where there has been more or less comment about difficulties, which I believe have been exaggerated.
As was indicated in our issue of Saturday last (page 1741)
As a result of this 5.700 mile trip, and meeting a great many people, I
the Inter-State Commerce Commission on Oct. 16 announced
am as great a believer as ever in the States between Lake Superior and
Puget Sound, and while there may have to be a period of readjustment, that an investigation had been ordered by it into the subject
I believe the future will show much improved results for the country and of rates and charges on grain and grain products to deterfor the railroads that are so necessary for the welfare of this country, which mine
whether the present rates applying in inter-State and
has such vast possibilities.
Financial results on the roads in the Northwest have been unsatisfactory. foreign commerce are justifiable. Details of the Commission's
'rake the Northern Pacific as an example. In 1922, out of every dollar order were given as follows in the "Railway Age" of the
received from the public for transportation it paid back into the territory
20th inst.:
,
served 49 cents in wages and 835 cents in taxes. There was paid 24 cents
The preamble to the order for the general grain rate investigation conlarge part of which in the form of coal and
for materials and supplies, a
as affecting the agricultural
lumber was purchased in the States served. This took 81% cents of each tained the words, "The matter of freight rates
consideration," and it is understood that the Com.
dollar, and then interest on the bonds issued in connection with the creation industry being under
OcT. 27 1923.]
THE CHRONICLE
1851
Effect of a Reduction on Carrier's Revenues.
mission had at first considered an investigation of the rates on agricultural
The carriers have also presented many of the same arguments that
products generally. The investigation was ordered "with a view to dewere advanced in Rates on Grain, Grain Products, and Hay, supra. For
termining whether and to what extent the rates, charges, regulations and example, they point to the excessive loss-and-damage claims on grain
practices of carriers subject to the Inter-State Commerce Act, in respect and grain products compared with other traffic, and to the special services,
of the transportation of grain and grain products, in inter-State or foreign such as transit, accorded to this traffic on the basis of the through ratesfrom
commerce, are or for the future will be unjust, unreasonable or otherwise point of origin to destination. They also claim that the improvement in
the financial condition of the farmer is indicated by the record. They
unlawful, and in such case to prescribe just, reasonable and lawful rates, place their main reliance, however, upon their own financial circumcharges, regulations and practices thereafter to be observed."
stances, and upon the requirement of the law that we initiate, modify,
All carriers by rail or by water or by rail and water, subject to the Inter- establish, or adjust rates so that carriers as a whole or in designated rate
groups will earn a fair return upon the aggregate value of the railway
state Commerce Act, were made respondents and the State authorities property
held for and used in the service of transportation. The rate
were notified by sending copies of the order to the Governors and regulating of return as fixed by us is shown as 5.75%, and the 1922 return of carriers
commissions. The proceeding will be assigned for hearing at such times in the Western group averages less than 4%. For the first four months
of 1923 the average was about 4.1%. The subsequent and present rates
and places as the Commission may hereafter direct.
of return are not in the present record as to the carriers in the group as a
whole or as to particular carriers.
In all proceedings involving general reductions in rates, we have to
Reduction Not Justified by Western Roads' Earnings.
before us.
look to the future and exercise our best judgment on
In its decision in the Kansas case the Commission said that the reduc- In former cases reduction and savings' in carriers'the record expenses,
operating
tions asked by the complainants would take from the revenues of Western present or in prospect, and prospective increases in tonnage were transroads approximately $17,000,000 to $20,000.000 annually, and that re- lated into reductions in rates. The situation which now confronts us is
ductions in the rates alone would not solve the farmers' problems while more difficult. In spite of the fact that the past year has been better
than the average from the standpoint of
handled, the revenues
the effect on the carriers would be serious to certain individual lines unless of the defendants are not shown on this tonnageto have been excessive
record
other means of increasing revenues or reducing expenses can be found. or in violation of law. In fact, as stated, carriers in the Western group
It was pointed out that the rates had not been shown to be unreasonable have been and are now earning considerably less than the prescribed
by the usual standards nor discriminating in relation to other rates and return, and apparently less than the fair return to which they are entitled
under their constitutional rights
of Section 15-a.
that the record had not shown how the loss in revenues which would result If, as complainants contend, grain,entirely independent
grain products, and hay in the Western
from the reduction sought could be made up by increases in other rates.
group are now bearing more than their proportionate share of the transThe Commission also said that the Western roads are earning con- portation burden the inference is that other commodities are paying less
than
fair share.
siderably less than the prescribed return and apparently less than the fair from theirrecord, it is The latter have not been pointed out. Seemingly,
the
improbable that, a reduction
present rates
return to which they are entitled under their constitutional rights, aside on the commodities in issue would so increase the in the
movement of these
commodities as to enable the carriers to make up to any appreciable extent
from Section 15-a.
The complaint filed by the Public Utilities Commission of Kansas on the loss in revenue should a general reduction in these rates be ordered.
Of prime
agricultural industry and to the country in
behalf of all grain and hay shippers of that State, related to the reasonable- general is importance to the efficient
an adequate and
transportation service. The extent
ness and propriety of the level of inter-State rates for the transportation to which a marked rate reduction would disable the carriers generally or
of grain, grain products, and hay, in carloads, between points in the particular carriers in the performance of this service is of great consequence.
This record affords no basis even for a suggestion as to a re-allocation
Western group. While violations of Sections 1 and 3 were alleged, no
of the transportation burden, nor could we
maladjustment in relationship between particular localities and markets other commodities make such readjustmentin fairness to the shippers of
without giving them oppordescription of traffic stated as tunity to be heard. This is not to say that reductions in rates can in
had been pointed out, and no particular
the recipient of an undue or unreasonable preference or advantage, the no case be made without contemporaneous increase if carriers are not
Commission said. Little evidence was offered to support a violation of making the prescribed return. If the usual tests of the reasonableness
of rates, approved by experience and valid in law show the basis as to
:
Section 3, and the complaint in that regard the Commission finds not any commodity to be too high it would be our duty under Section 1 of the
sustained.
Act to find such rates to be unreasonable. Many of the rates here assailed
Intervening petitions in support of the complaint were filed by the have been prescribed by us: others are depressed by competition of various
kinds. So far as the usual tests of the reasonableness of rates shown by
rate-regulating commissions of Iowa, Minnesota, Missouri, Nebraska, the
record, other than perhaps the values of the commodities when viewed
North Dakota, South Dakota, Louisiana, and Oklahoma, and also by from the standpoint of existing prices, may be applied to the question
the American Farm Bureau Federation, Atchison Board of Trade, St. before us, they do not indicate that the general basis of rates on the comJoseph Grain Exchange, Omaha Grain Exchange, Kansas City Board of modities here in issue is unreasonably high. The case has not been tried
upon the theory that
same commodities
Trade, Southern Minnesota Mills, South Dakota Department of Agri- in other territories, or by comparison with rates upon thethe same territory,
between analogous commodities in
culture, and Southwestern Millers' League.
or with reference to the earnings of the carriers under investigation, any
Several hearings were held and an extensive and voluminous record reductions can or should be made. These comparisons, when properly
made. The evidence dealt largely with the broad agricutukal and economic made, we have found to be helpful. Upon the present record we would
be led to conclude that the general
of
conditions which were said to prevail with considerable uniformity over and hay within the Western group basisnotrates on grain, grain products,
has
been shown to he unjust, ungreat gain-and-hay producing areas cultivated under substantially like reasonable, unduly prejudicial, or otherwise in violation of the Interconditions, and which find price equalization in the same general markets. State Commerce Act.
While this case has been before us under consideration since its subAfter a review of the increases in rates made in 1918 and 1920 and of
mission, we have given careful study to the situation presented in the
the reductions ordered in 1921 and 1922 the Commissioner's report con- Western group. It as desirable that the existing record should be suppletinued in part as follows:
mented by a showing as to the important changes in conditions which have
since occurred, and as to the lack of changes if the permanency of trends
Condition of the Farmers.
Is there by made more manifest. It will also be helpful in the proper
Here, as in Rates on Grain, Grain Products, and Hay, supra, com- disposition of so important a matter if the usual tests in rate cases are
plainants have placed great stress upon the economic and financial con- applied so far as they are serviceable, and if the record is made to cover
dition of the agricultural industry. The agricultural industry in the more comprehensively the situation over all of the territory affected inWest is still heavily mortgaged and deeply indebted to the banks. The stead of being so largely centred in a particular portion of it. The present
labor and capital of the grain-and-hay farmer in parts of the western and prospective financial and service needs of the carriers should also
district receive a reward much lower than in any important gainful pursuit, be developed. Without indicating viewil as to the final disposition of
and this at a time when many other industries have shaken off the de- the matter, the case will be re-opened and set for further hearing to give
pression and have made rapid and substantial strides toward recovery. interested parties an opportunity to develop the foregoing and other
In former reports we have alluded to the unusual period of readjustment pertinent matters. We will enter an order to that effect.
which has followed in the wake of a world catastrophe. The record
Commissioner Campbell wrote a dissenting opinion on the ground that
Indicates, as of the time of submission, that agriculture had passed through
the worst stages of the economic and financial depression,although recovery the record Justified the reduction asked. Commissioner McChord also
has been slow.
dissented and Commissioner McIlanamy did not participate in the conComplainants lay much stress upon the price relationship of farm
disposition of the case.
products to the commodities which the farmer must buy, and to other sideration or
non-agricultural commodities. Some of the latter are quoted at prices
almost double those prevailing in 1913. but pay freight rates little higher,
relatively, compared with their 1913 rates than do agricultural products, American Peace Award Created by Edward W. Bok—
the wholesale price of which during 1922 averaged by 33% higher than
Jury of Award—Conditions of Award.
1913 prices, although the total money value of farm products in the United
States was 45% higher in 1922 than In 1913. Examination of the DepartThe Jury of Award which will decide upon the winner of
ment of Labor a index numbers of wholesale prices by groups. using 1913
as a basic, shows that for 1922 the index number for farm products was
133, as compared with an average of 149 on all commodities. For the the American Peace Award created by Edward W. Bok,
first four months of 1923 the index numbers were 142 and 158, respectively. met last week, organized and elected
Elihu Root as ChairThe index for farm prices of crops for 1922 was but 113. It is this price
relationship situation that constitutes the foundation of complainants, man. With Mr. Root on the Jury of Awaid are James
contention that, taking into consideration the prices received by the
farmer for his product, compared with prevailing prices on other com- Guthrie Harbord, Edward M. House, Ellen F. Pendleton,
modities, agriculture is contributing more than its proportionate share
to the maintenance of the transportation machine in the western group. Roscoe Pound, William Allen White and Brand Whitlock
Generally speaking, the present rates on the commodities in issue are Reference to the $100,000 award created.by Mr. Bok for
on an average 45% higher than the 1913 rates. Rates on other commodities are approximately 52% higher than the 1913 basis. Assuming the "best practical Plan by which the United Sttates may cothat all rates were reduced by the exact amounts authorized by our decisions, those on wheat and hay are now 117.5% of the rates in effect operate with other nations to achieve and preserve the peace
Aug. 25 1920,the date of the last general increase, on coarse grains 105.75%
and on commodities generally 121.5%. While we said in Reduced Rates of the world" was made in these columns July 21, page 284.
1922, supra that "the needs of commerce can not be met if rates are to It is announced that althoughthe closing date of the competifluctuate with market prices of commodities," this, of course, would
not apply to any permanent or long-persistent shift of price levels. The tion is not until Nov. 15, at midnight, the Jury has already
element of value of a commodity and the principle of "what the traffic
begun the work of going over the plans. Immediately upon
will bear" would be given due weight in such a case.
Summing up, it may be said that up to the time the case was submitted
prices to the Western farmer for his product had somewhat improved the close of the competition the total number of plans resince our decision in Rates on Grain, Grain Products, and Hay, supra, ceived will be announced to the press. The postmarks show
and that be thus had more dollars with which to pay his debts. The
purchasing power of his product had not, however, materially
that the plans thus far received have come from literally
19n the whole, the record seemed to indicate a hopeful trend. improved.
Removal of the remainder of the 1920 increases on wheat and a con- every State in the Union and from many foreign countries.
tinuation of the 90% basis on coarse grain, as requested by complainants, Requests for conditions were
received from a large number
would mean an aggregate reduction of slightly more than 14% in all grain
rates in the Western group, and, it is estimated, would take in revenue of persons in thirty-two foreign countries. It is also stated
from the carriers approximately $17,000.000 to $20.000,000 annually.
It is impossible to do more than estimate just what this would mean to that in spite of the fact that the competition is open only to
the individual farmer. Obviously it would be more material to the farmer
at a greater distance from market than to one who ships for shorter dis- American citizens, there has been great interest in the Award
tances. Assuming an average saving in freight charges of $50 per farm abroad.as evidenced by
requests from these individual citiannually, it is inferable from a perusal of the farm prices of wheat, which
during 1922 ranged from $O 88 to $1 21 per bushel, that such
zens and by editorial comment in the foreign press. It is
from week to week and even from day to day are frequentlyfluctuations
Just as important as a substantial change in freight rates. Reductionss in freight also made known that 81 national organizations co-operating
rates from Western farms to Western primary markets alone will not
solve the farmers' problem, while the effect on the carriers' revenues of with the Award represent practically every great organization
the reduction sought would be serious to certain individual lines, unless in the country. It is further
stated in an official announceother means of providing revenue or reducing expenses can be evolved
to compensate them for the loss which would be sustained. There have ment of last week:
been brought to our notice insistent claims that relief should be secured
The eighty-one national organizations have co-operated in the following
by reduction in the export rates. Grain and its products in 1922 constituted 28% of the Minneapolis St. Paul & Sault Ste. Marie RR.'s tonnage; ways: They have placed the conditions before their members. In many
20% of the Burlington's: 15% of the Santa Fe's: and 14.5% of the North Instances they are submitting group plans. And perhaps most important
Western's. Wheat alone constituted almost 50% of all tonnage originating of all, they are assisting in conducting the wide popular "referendum" on
in North Dakota and shipped over the Great Northern.
the winning plan which will be taken throughout the country in January.
1852
THE CHRONICLE
As soon as the Jury of Award has made its selection, the plan chosen
will be at once submitted to the people of the country through this informal
referendum conducted through the daily and weekly press, so far as their
co-operation is available; through these 81 national organizations, and
through a large number of local and State organizations which, while not
always formally connected with the national organizations forming the
Council, are interested in the award and desire to take a referendum of
their members.
Very definite plans for the method of taking the referendum of their
members have been laid by most of the organizations, and the meeting of
this week was for the purpose of comparing notes among the representatives
of the organizations and determining finally the exact method by which
each organization could best and most promptly reach its complete membership with the winning plan.
The aim ofthe Committee in charge ofthe award is to give every interested
man and woman in the country an opportunity to participate in this referendum. It is the first opportunity that the individual in this country
has had to make effective his opinion as to what part the United States
should play in a plan for international co-operation looking toward the
prevention of war.
Organizations whose membership totals between forty and fifty million
people have already definitely agreed to participate in the referendum.
The conditions of the award, which were made known
July 22, define broadly the scope of the plan sought as follows:
The winning plan must provide a practicable means whereby the United
States can take its place and do its share toward preserving world peace,
while not making compulsory the participation of the United States in
European wars if any such are, in the future, found unpreventable. The
plan may be based upon the present covenant of the League of Nations or
may be entirely apart from that instrument.
The conditions set forth that the competition is open to
every United States citizen, whether by birth or naturalization. Plans may be submitted not only by individuals, but
also by organizations, national, State or local. Every plan
submitted must be accompanied by a summary of not over
500 words. The total length of the paper, exclusive of the
summary, is not to be over 5,000 words. Manuscripts
must be typewritten. Manuscripts must not bear the
author's name, or any identifying sign. Each manuscript
must have attached to it a plain sealed envelope containing
the author's name and address. All plans must be received
at the offices of the American Peace Award by midnight
on Nov. 15 next. It is possible that in addition to the
main award of 8100,000, several smaller awards may be
made. The Jury of Award may select a plan which is
a composite of the best plan and of ideas or sections taken
from each of several other plans. If the Jury decides
to select a composite plan of this kind, there are also offered
by Mr. Bok a second, third, fourth and fifth award of
85,000 each, for any plans or portions of plans used by the
Jury in a composite plan. If, however, the Jury of Award
accepts one plan in full, making no additions to it from other
plans, no subsidiary awards will be made.
The main award of $100,000 is to be made in two payments
—850,000 will be paid to the author of the winning plan as
soon as the Jury of Award has selected it. The second
$50,000 will be paid to the author if and when the plan, in
substance and intent, is approved by the United States
Senate; or if and when the Jury of Award decides that an
adequate degree of popular support has been demonstrated
for the winning plan. The above is a summary of some of
the principal conditions. The conditions in full are as
follows:
This award will be given to the author of the best practicable plan by
which the United States may co-operate with other nations to achieve and
preserve the peace of the world.
The award is offered in the conviction that the peace of the world is the
problem of the people of the United States, and that a way can be found
by which America's voice can be made to count among the nations for peace
and for the future welfare and integrity of the United States.
The purpose of the award is to give the American people from coast to
coast a direct opportunity to evolve a plan that will be acceptable to many
groups of our citizens, who, while now perhaps disagreeing as to the best
method of international association, strongly desire to see America do its
share in the prevention of war and the establishment of comity among the
nations of the earth.
FOUR SUBSIDIARY AWARDS.
Since the plan finally selected by the Jury may be a composite of more
than one plan, there are also offered, in addition, second, third, fourth
and fifth awards of $5,000 each for any plans or portions of plans used by
the Jury of Award in a composite plan.
If the Jury accepts one plan in full, making no additions to it from other
plans, no subsidiary awards will be made.
CONDITIONS OF AWARD.
Qualifications of Contestants.
The contest is open to every citizen of the United States, by birth or
naturalization.
Plans may be submitted either by individuals or by organizations of
every kind, national, State or local.
Scope of the Plan.
The winning plan must provide a practicable means whereby the United
States can take its place and do its share toward preserving world peace,
while net making compulsory the participation of the United States in
European wars, if any such are, in the future, found unpreventable.
The plan may be based upon the present covenant of the League of
Nations or may be entirely apart from that instrument.
Time and Manner of Payment of Award.
The purpose of the award is two-fold: First, to produce a plan; and
s3condly, to insure, so far as may be. that it will be put into operation.
[VOL. 117.
The award is, therefore, to be made in two payments: $50,000 will be
paid to the author of the winning plan as soon as the Jury of Award has
selected it; the second $50,000 will be paid to the author if and when the
plan, in substance and intent, is approved by the United States Senate; or if
and when the Jury of Award decides that an adequate degree of popular
support has been demonstrated for the winning plan.
The question of whether amendments which may be made in the Senate
materially affect the intent of the plan submitted, and the acceptance or
rejection of these amendments are left entirely to the judgment of the
Jury of Award.
The second half of the award, or $50,000, shall not be deemed to have
been won unless the conditions above mentioned as to the approval of the
plan shall be fulfilled on or before March 4 1925.
The subsidiary awards are to be paid upon the same basis as the principal
award; that is, $2,500 will be paid to the author at the time the $50.000 is
paid, and the remaining $2,500 if and when the composite plan,in substance
and intent, shall have been accepted by the Senate of the United States;
or if and when the Jury of Award decides that an adequate degree of popular
support has been demonstrated for the winning plan.
Form of Plan.
Plans submitted should not be in the form of bills, resolutions, or treaties
suitable for presentation to the Senate.
The paper submitted may include not only the exposition of the plan,
but also argument for it.
A summary of not exceeding 500 words must accompany every plan.
Length.
The total number of words submitted, exclusive of the summary, must
not exceed 5,000.
Rules for Contestants.
Only one plan may be submitted by any one contestant.
Manuscripts must be typewritten, and on only one side of the page.
Manuscripts must not be rolled.
They must not be accompanied by letters.
They must not bear the name of the author or contain anything by which
the author might be identified. Each manuscript must have attached to it
a plain sealed envelope containing the author's name and address. As
they are received the manuscript and envelope will be marked for identification with the same number. The envelopes will not be opened until
the Jury of Award has made its selections.
No manuscripts will be returned. No postage for the return of menuscribts should, therefore, be included by the sender.
Time Limitation.
All manuscripts must be received at the office of the American Peace
Award by 12 o'clock midnight on Nov. 15 1923. Manuscripts received after
that time cannot be considered.
It is expected that the Jury will be able to announce the selection of a
plan for the first part of the award in time for the plan to be presented to
the Senate early in 1924.
Right of Publication.
The submission of any manuscript, whether or not it receives an award,
shall give to the committee full rights to publish the same in such manner
and at such time as it may choose.
CO-OPERATING COUNCIL.
Working in direct co-operation with the Policy Committee of the Amenl
can Peace Award, are the most prominent and effective organizations, civic'
religious, and economic, throughout the United States.
A co-operating council has been formed for the American Peace Award,
consisting of one delegate from each of these organizations.
JURY OF AWARD.
It is expected that the personnel of the Jury of Award will be announced
as soon after Sept. 1 as possible.
The members of the Policy Commission of the American
Peace Award are John W. Davis, Learned Hand, William
H. Johnston, Esther Everett Lape, member in charge,
Nathan L. Miller, Mrs. Gifford Pinchot, Mrs. Ogden Reid,
Mrs. Franklin D. Roosevelt, Henry L. Stimson, Melville
Stone, Mrs. Frank A. Vanderlip, and, Treasurer, Cornelius
N. Bliss, Jr.
The offices of the American Peace Award are at 342 Madison Ave., this city.
Secretary of Agriculture Wallace Corrects Misleading
Statements Regarding Alaska.
Secretary of Agriculture Wallace made public on Oct. 18
a letter which he had addressed to the "Paper Trade Journal"
and in which he undertook to correct what he termed
"misstatements" in an editorial in that paper. Summarizing
the misstatements in the sentence "Thus Alaska has little
water power, a limited area of richly timbered land, and
bad transportation," Secretary Wallace declares that he is
"at a loss to understand the prevalence of the idea that
southeastern Alaska lacks water power or that its water
power resources are unsuitable for use in the manufacture
of pulp and paper." "Alaskan water power, timber, and
transportation conditions make inevitable the development
of an important pulp and paper industry in the southeastern portion of the Territory," declares Secretary Wallace,
whose letter to the "Paper Trade Journal" follows:
My attention has been called to the leading editorial in the Sept. 27
issue of the "Paper Trade Journal," entitled "Alaska's Problem." This
editorial, while properly expressing a caution against any expectation of
sudden and great developments in Alaska, contains certain misstatements
in regard to which I am sure both you and your readers would welcome
correct information. These misstatements are summarized in the sentence.
"Thus Alaska has little water power, a limited area of richly timbered land
and bad transportation."
OCT. 27 1923.]
THE CHRONICLE
I am at a loss to understand the prevalence of the idea that southeastern
Alaska lacks water power or that its water power resources are unsuitable
for use in the manufacture of pulp and paper. The editorial states that in
this part of Alaska "The Continental divide is backed right up against the
seacoast. This offers a good chance for rafting logs but precludes the
possibility of water power. The streams are all small, even though the
fall in many cases is great. The water has not enough bulk to turn a
turbine." The facts are otherwise. Co-operative investigations conducted by this department and by the Federal Power Commission have
disclosed the presence of numerous excellent water power sites, many of
which can be developed very cheaply compared with water power now
under development elsewhere in the United States, in units of from 5.000
horsepower to over 30,000 horsepower. The total available horsepower
in such units now known is over 325,000 horsepower. These estimated
power capacities are believed to be conservative and have been found so
in those instances where the work of the engineers employed by the Government has been checked by engineers in private employ. Turbines are
actually being turned by water power in southeastern Alaska and the
power used directly for grinding wood at the rate of 40 tons of baled pulp
a day, with less than a 15% development of the particular power site used,
and furthermore, other turbines are being turned to develop electrical
Power for commercial and domestic use in the cities of Juneau and Ketchikan
and in the mining, fish packing and other industries near these cities.
The "limited area of richly timber land" is spread over a region approximately 300 miles long by 100 miles wide, larger than the spruce region of
the Northeastern United States, or than the State of Washington west of
the Cascade Mountains and contains a present stand of timber of at least
70 billion board feet, chiefly spruce and hemlock. From the general tenor
of the editorial it would hardly be inferred that the timber resource of the
Alaskan Panhandle is sufficient to maintain permanently an output of two
million cords of pulpwood annually but this is the conservative estimate of
those foresters and timbermen who are familiar with the region.
Similarly the transportazion facilities in the portion of Alaska where the
pulp industry is developing can not be termed "bad" in such a discussion
as that of your editorial without causing the situation to be misconceived,
unless the facts are further explained. The important matter is not freight
rates and service on existing Alaskan lines, nor the presence or absence of
railroads, but the facilities for and costs of shipment that pulp and paper
plants would have to‘count on. Transportation in the region is and
probably always will be almost wholly by water, which is cheaper than by
rail for such long shipments as would be involved here. The coast region
of southeastern Alaska is cut up by innumerable inlets and channels,
giving sheltered, navigable waterways available not only for moving logs
to power sites, but also for transporting the products to market. Most of
the water power can be developed directly on the shore line of these navigable
waterways, which are open throughout the year. so that the storage sheds
for pulp and paper plants can be on docks to which ocean-going steamers
could tie up and from which the steamers could go to any port in the world.
The pulp industry will, of itself, provide freight for such steamers. The
Opportunities for transportation in southeastern Alsaka are the same as
those available for several of the successful pulp and paper mills in British
Columbia Just to the south. A glance at a large-scale map of the Panhandle
of Alaska will show you that the region is comparable, so far as water
transportation is concerned, with the country around Puget Sound and the
coast of British Columbia, with its numerous inlets, canals and passages.
In short, the rate of development of the pulp and paper industry in the
Territory will be controlled by the economic factor of distance from present
consumption centres, and by the necessity, inherent in the industry itself.
for large capital investments, rather than by physical disadvantages. The
physical conditions in southeastern Alaska—presence of cheaply developed
Power, an enormous supply of inexpensive wood, and the availability of
water transportation—are the very factors which make inevitable the
expansion of pulp and paper manufacturing in the Territory.
Annual Meeting of Investment Bankers Association of
America Next Week.
The twelfth annual meeting of the Investment Bankers
Association will be held in Washington, D. C., next week—
Oct. 29, 30 and 31. According to Frederick R. Fenton,
Secretary of the organization, a strong fight will be made on
the so-called Dennison "blue-sky" law. Mr. Fenton declared the legislation "was born in iniquity and conceived in
crime," and that the association had legislation that probably
would be reported to Congress when it convened as a substitute.
It is understood that the convention will be
addressed by Secretary of Commerce Hoover, Secretary of
Agriculture Wallace and Postmaster-General New. Many
important questions will be taken up, among them being
business ethics, legislation, railroads and the taxing of
securities. It is said that the soldier bonus will be bitterly
opposed and that tax-exempt securities are under the ban
of .the organization.
1853
at two months intervals since its organization. On April 14
the total resources amounted to $747,000 with 800 depositors; on June 14, 1,637,000 resources and 3,593 depositors; on
Aug. 14, $2,210,000 and 4,762, while on Oct. 14 there were
$2,514,000 resources and 5,613 accounts on its books. The
Amalgamated Bank of New York, which is owned and controlled by the Amalgamated Clothing Workers of America,
is the first bank to develop on a large scale the business of
transmitting actual American dollars to persons and firms
in Soviet Russia. Since the organization of the bank's Russian money order business, it is stated, 38,135 clients, including thousands of workers in the city's needle trades, have forwarded dollars to friends and relatives in all parts of Russia,
Ukraine and Siberia. The organization and opening of the
bank was noted in these columns Feb. 10, page 500 and April
21, page 1715.
At a meeting of the board of directors of the New York
Title & Mortgage Co. this week. a resolution was adopted
recommending to the stockholders at a meeting called for
Nov. 8, an increase in the capital from $5,000,000 to $6,000,000, the stockholders to be given the right to, subscribe for
one share of stock for each five now held at a price of $125
per share.
Nearly fourteen and one-half billions of dollars is the impressive total of resources held by the trust companies of the
country, according to "Trust Companies of the United
States" just published by the United States Mortgage &
Trust Co. of New York. Institutions reporting numbered
2,478, as compared with 2,372 a year ago. The actual figures
for the year ending June 30 last, are $14,441,460,650, as compared with $12,739,620,733 in 1922, representing a gain of
$1,701,839,917. Deposits climbed from $10,470,475,000 to
$11,828,983,000. California and Ohio for the first time report trust company assets in excess of a billion dollars each.
Commenting on the excellent showing, as above set forth,
John W. Platten, President of the United States Mortgage &
Trust Co., says:
These figures speak for themselves. They also testify in no uncertain
manner to the growing popularity and added appreciation of the helpful
service being rendered by the trust companies to their respective communities throughout the United States. Such concrete evidence of confidence
can only lead to an ever-widening and deepening influence on the part of
these institutions.
As has heretofore been noted in these columns, this yearly
publication is not limited to trust companies per se, but embodies statistics of all companies with the word "trust" in
their titles, actively engaged in business in the United States
and territories, coming under the jurisdiction of the State
Bank Commissioner, Auditor, etc., and doing either a trust
or banking business, or both, and those banks, banking associations or institutions acting in a fiduciary capacity without
the word "trust" in their titles, but supervised as above and
commonly classed as trust companies by the State officials
to whom they are amenable.
At a meeting of the board of directors of the Puritan Mortgage Corporation, held on Wednesday at its executive offices, 277 Madison Avenue, New York, Alfred P. Walker was
elected a member of the board. Mr. Walker is President of
the Standard Milling Co. and also a director of the Metropolitan Trust Co. of New York. The Puritan Mortgage Corporation deals in first mortgage real estate bonds and has
branch offices in Boston, Springfield, Providenee, Philadelphia and Washington.
The officers and directors of the Flatbush State Bank, of
1505 Avenue J, Brooklyn, N. Y., will hold a reception to
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC. celebrate the opening of the bank to-day (Oct. 27) and
Michael F. Bauer has been made Assistant Cashier of the Monday, Oct. 29 1923, from 9 a. m. to 9 p. m.
Chatham & Phenix National Bank of this city, with office
at the Broadway and Howard Street branch. Mr. Bauer for
The Manufacturers National Bank of Troy, N. Y., and
the last seven years has been with the Pacific Bank in a the Peoples Bank of Troy (Lansingubrgh section)
will be
similar capacity.
joined by the exchange of 1,000 shares Manufacturers Bank
stock for 1,000 shares of People's Bank stock, the value of
During its first six months of business the Amalgamated each stock being about $300—and an additional $30,000 sold
Bank of New York, the first labor bank opened in this city, at par to present stockholders of the Manufacturers Bank
has increased its total resources from $747,000 to $2,514,000 on the basis of one share for two at par. The date for payand its number of depositors has grown from 800 on the ment is Nov. 19. In furtherance of these plans the stockholdopening day to 5,613 on Oct. 14, according to an announce- ers of the Manufacturers National at a meeting on Oct. 10
ment of the bank's board of directors issued on Oct. 22. The adopted a resolution providing for the issuance of $400,000
steady progressive growth of New York's first labor bank, of new stock, whereby its capital will be increased from
which opened its doors on April 14 at 103 East 14th Street, $600,000 to $1,000,000. Connected with the Manufacturers
Is indicated by the figures on total resources and depositors National Bank is the Securities Properties Co., very similar
1854
THE CHRONICLE
[VoL. 117.
to the Chase Securities to the Chase National Bank, and for
that the stockholders of the Manufacturers Bank and the
Peoples Bank are to pay an additional $25 per share. The
notice to the stockholders of the Peoples Bank under date of
Oct. 17 says:
while John W. Philips, President of the Phoenix Trust Co.,
will be First Vice-President; William Morris, Vice-President
and Treasurer of the Phoenix, will be Second Vice-President,
and Wilmer B. Baum, Secretary and Treasurer of the Metropolitan, will hold similar offices in the new institution.
For some months past the officers of the Peoples Bank have been in conference with Mr. Howe, President of the Manufacturers National Bank of
this 'city, looking to joining the Peoples Bank with the Manufacturers National Bank.
The result of this conference was a tentative acceptance of its offer by
the officers of this bank, to accept from the Manufacturers Bank 1,000
shares of its stock for 1,000 shares of the stock of the Peoples Bank. In
addition to the stock of the Manufacturers National Bank, each share owner
of the Peoples Bank is required to purchase from the Security Properties
Co., Inc., an equal number of shares of that company's stock to correspond
to the number of the shares of the Manufacturers National Bank stock received in exchange for the Peoples Bank stock and such Securities Properties
shares must be paid for at the rate of $25 per share. This is necessary, as
no share of the Manufacturers National Bank can be delivered without an
accompanying share of the Securities Properties Co.
At a meeting of the stockholders of the Manufacturers National Bank, held
Oct. 10, it was unanimously voted to accept the plan of merger, and consequently a meeting of the stockholders of the Peoples Bank will be held Nov.
8 1923 to vote on the proposed merger.
Your board of directors has approved of the plan and recommends action
by the stockholders of this bank for the adoption of a resolution which will
be presented at the meeting, and which resolution is as follows:
"Resolved, That the Peoples Bank of Troy be closed and.its business wound
up, pursuant to the provisions of Section 486 of the Banking Law, constituting Chapter 2 of the consolidated Laws of the State of New York.
"Resolved further, That the officers of this bank be and they are hereby
authorized and directed to do all acts and things necessary in the premises
to carry out the purpose of this resolution."
On Monday last (Oct. 22) the proposed amalgamation of
the Peoples Bank and the Peoples Trust Co. of Philadelphia
to form the Peoples Bank & Trust Co., went into effect. The
new bank began business with a capital of $1,000,000; surplus and undivided profits of $334,895; deposits of $10,569,008 and total assets of $12,155,345, of which $1,143,831 represented cash and due from banks. Besides two central
offices, namely at Ninth and Walnut streets and at Twelfth
and Arch streets, the new bank has three branch offices in
Philadelphia. These are located at Girard Avenue and Seventh Street; Bainbridge and Fifth streets and at Wolf and
Seventh streets. The personnel of the institution is as follows: Charles Lipshutz, Chairman of the board of directors; Henry R. Robins, President; Maurice L. Wurzel and
Anthony G. Felix, Vice-Presidents; William B. Vrooman,
Secretary-Treasurer; Albert N. Grayer, Emanuel M. °liner,
A. Reed Engle, Louis M. Klingsberg and Howard V. Milbourne, Assistant Treasurers and Walter L. Rodman, Title
and Trust Officer. The new bank is a member of the Federal Reserve System.
A resolution adopted by the stockholders of the Security
Properties Co., Inc., on Oct. 10 provides for the amendment
of the certificate of incorporation of the company so as to
Increase the number of shares without nominal or par
value, which the company may issue, from 6,000 to 10,000
shares. The resolution says in part:
William M. Anderson has been elected a director of the
Union National Bank of Philadelphia., Mr. Anderson is
President of the Springfield Worsted -Mills, Bordentown,
N. J., and was appointed to fill the vacancy caused by the
death of William H. Carpenter.
2. That Security Properties Co., Inc., issue 1,000 shares of its increased
capital stock to the stockholders of the Peoples Bank of Troy, in the proportion of one share of Security Properties Co., Inc., for every share of
stock in the Peoples Bank of Troy held by said stockholders on Nov. 10 1923,
upon payment into the treasury of this corporation by said stockholders of
the sum of $25 per share for each of said shares so transferred.
3. That Security Properties, Co., Inc., offer, and hereby does offer, to
each stockholder of record on the 10th day of October 1923, of any of its
then outstanding shares of capital stock, the right to subscribe, on or before
Nov. 10 1923 for the balance of said additional capital stock at $25 per
share ratably and in the proportion, one share of such additional capital
stock for each two shares of capital stock of this company then outstanding
and held by him. Each such stockholder may assign, in writing, his rights
to subscribe and, after subscription made by him, his subscription rights
thereunder.
The Delaware County National Bank of Chester, Pa., has
increased its capital stock from $300,000 to $600,000 and
transferred $200,000 to surplus account. As voted by the
stockholders on July 23 1923, the stockholders on that date
were permitted to subscribe to the new stock—the number
of new shares equaling the number of shares they already
held. The increased capital became effective Oct. 1.
A plan to reopen the City Bank of York, Pa., which was
closed in April last following the discovery,of a shortage in
Its funds of approximately $1,000,000, is gaining headway,
according to press dispatches of recent date appearing in the
New York and Baltimore daily papers. Under the reorganization plan, it is said, all depositors having less than $200 in
the bank will be paid in full, while the others will be given
75% in cash and 25% in stock of the new bank. Reference
was made to the failure of the City Bank in these columns
in our issue of May 5 and subsequent issues.
The Manufacturers National on June 30 reported a capital
of $600,000, surplus fund of $600,000; undivided profits of
$207,511, deposits of $21,841,040 and total resources of $24,815,034. The statement of the Peoples Bank shows capital
$100,000, surplus $100,000, undivided profits given (and not
visible) an additional $100,000, deposits about $1,200,000.
Frank E. Howe is President of the Manufacturers National
Bank; F. B. Twining is President of the Peoples Bank and
Frank E. Norton is President of the Security Properties Co.,
The Merlon Title & Trust Co., of Ardmore, Pa., has added
Inc.
$150,000 to its surplus account. It now has a capital of
substantial amount in undiThe Buffalo Trust Co. of Buffalo, N. Y., increased Its $500,000, surplus $500,000 and a
vided profits.
capital the current month from $1,250,000 to $1,500,000 and
Its surplus from $1,000,000 to $1,250,000.
John McHenry, Treasurer of the Mercantile Trhst & Deposit Co. of Baltimore (Md.) has been elected Secretary of
On Dec. 5 stockholders of the Jefferson Title & Trust Co. the company to fill the vacancy caused by the resignation of
of Philadelphia will meet to vote on a proposition to increase T. H. Fitchett. Mr. McHenry will officiate in both capacithe capital stock from $150,000 to $200,000. It is planned to ties. Mr. Fitchett resigned to become Vice-President of the
dispose of the new stock (par $50) at $65 per share. The Equitable Trust Co. of Baltimore. In addition to the forenew capital. will become effective about Jan. 1 1924.
going, we are advised that Douglas Thomas has resigned as
Assistant Secretary and Treasurer of the Mercantile Trust
The Phoenix Trust Co. and the Metropolitan Trust Co. of & Deposit Co. of Baltimore, to become President of the CenPhiladelphia will shortly consolidate under the title of the tury Trust Co., and that W. P. Duvall has been elected AsMetropolitan Trust Co. of Philadelphia, according to recent sistant Secretary and Treasurer and F. B. Blake, Assistant
newspaper advices from that city. The directors of both the Treasurer of the Mercantile.
Institutions have given their consent to the union, it is said,
and special meetings of the stockholders of the respective
Announcement is made by the Comptroller of the Curbanks will be called in the near future. The merger plan rency that the title and location of the First National Bank
provides, it is said, for the institutions to enter the merger of Higginsport, Ohio, has been changed to the First National
on the same footing, the stock of each to be exchanged for Bank of Winchester, Ohio.
shares of the new institution on a basis of $60 a share.
Stock-holders not desiring to make the exchange, it is said,
A consolidation of the First National Bank of Port Clinwill be offered $60 a share cash for their stock. The present ton, Ohio (capital $53,000) and the Magruder National
capital of the Metropolitan Trust Co. is $500,000, with sur- Bank of that place ($50,000) has been ratified by the stockplus and undivided profits of $121,000 and total resources of holders of both institutions, according to a press dispatch
$3,024,971; while the Phoenix Trust Co. has a capital of from that place appearing in the Cleveland "Plain Dealer"
$300,000, with surplus and undivided profits of $77,883 and of Oct. 10. The consolidated institution, which will be
resources of $1,577,007. The present offices of the Phoenix known as the First National Magruder Bank, it is said, will
Trust Co., it is said, will be operated as a branch of the en- occupy the entire first floor of the First National Bank
larged bank. Frank H. Tuft, the President of the Metropoli- Building which is to be remodeled to meet its needs.
tan Trust Co., will head the consolidated bank, it is said,
OCT. 271923.]
THE CHRONICLE
H. E. Scott, Ohio State Superintendent of Banks, on Oct.
13 ordered the closing of the Miamisburg Banking Co.,
Miamisburg, Ohio, a small institution with capital of $25,000,
and the arrest of John J. Schwartz of Dayton, its President,
for the alleged embezzlement of the institution's funds.
Upon closing the institution Mr. Scott issued a formal statement which said in part:
The misappropriation of the funds of the bank by John J. Schwartz, President, of more than $50,000, admission of which is made by him, make necessary the closing of the bank pending further investigation of the accounts.
Schwartz, by his own admission, states that he speculated in stocks, funds
for which were obtained on notes made on forged signatures of depositors and
on fictitious notes signed by Schwartz.
The accused President waived a preliminary examination
and was placed in the county jail at Dayton in default of
$50,000 bail. Based on the assumption that all stockholders
of the failed bank will be able to pay the double liability required by law, it is estimated depositors will receive 80 cents
on the dollar. C. W. Miller, Deputy State Bank Superintendent, has taken charge of the liquidation proceedings of
the institution.
A press dispatch from Dayton on Oct. 19, appearing in the
Cincinnati "Enquirer" of the following day, stated that
Schwartz on that day pleaded "guilty" to the embezzlement
of $104,000 of the bank's funds before Judge Robert C. Patterson and was sentenced by the court to 30 years at bard
labor in the Ohio Penitentiary at Columbus.
C. H. Handerson, Advertising Manager of the Union Trust
Co., Cleveland, Ohio, was in attendance at the Direct Mail
Advertising Association convention in St. Louis, Oct. 24-26,
where he addressed the financial departmental meeting
upon the subject of "Direct Mailing—'The Save at the Shop
"
On Sept. 25 1923 the stockholders of the Boulevard Bridge
Bank of Chicago adopted a resolution whereby the capital
of the bank will be increased from $200,000 to $400,000 and
the surplus from $50,000 to $100,000. The new capital will
become 'effective about Nov. 25. The additional stock (par
$100) will be•disposed of at $150 per share.
On Oct. 16 a small Indiana bank—the Hope State Bank at
Hope, a place near Columbus, Ind., was closed pending an
audit of its accounts by State Bank Examiners. A shortage
of $39,000 was subsequently found, due, it is said, to the
methods with which the Cashier R. K. Ferry, conducted the
bank's business. Upon discovery of the shortage, it is said,
Mr. Ferry was relieved of his duties as Cashier. He claims,
It is said,that the loss was brought about by his being "easy"
with J. M. Sims, President of the Republic Refining Co., a
, concern in which he, the Cashier owned, it is said, a small
amount of stock.
The following press dispatch from Mitchell, S. D., on Oct.
16, appearing in New York daily papers of Oct. 17, reports
the failure of the First National Bank of that place and its
subsidiary institution, the First Trust & Savings Bank. The
dispatch reads:
The First National Bank, Mitchell's oldest banking institution, and its
subsidiary, the First Trust & Savings Bank, with combined deposits of more
than $1,000,000 were closed to-day by orders of the Federal Banking Department and the State Banking Department. The action was made necessary because of a depleted reserve, caused by the bank's inability to make
collections on farm paper.
The combined capital of the banks was $150,000. R. J.
Harrison was President of both institutions.
According to a dispatch from Roswell, N. M., under date
of Oct. 18, to the New York daily papers, the Citizens National Bank of Roswell with deposits exceeding $1,000,000,
was closed by a National Bank Examiner on that day. No
statement was made.
The formal opening of the handsome new banking quarters of the Richmond Trust Co., at the corner of Main and
Seventh streets, Richmond, Va., took place on Wednesday,
Oct. 17. The institution has a capital of $1,000,000, with
surplus and undivided profits of $250,000. Its officers are:
John Skelton Williams (former Comptroller of the Currency), Chairman of the board; E. L. Bemiss, President;
J. D. Crump, C. J. Anderson and W. H. Slaughter, VicePresidents; R. J. Willingham, Jr., Secretary and Treasurer;
Deane Maury, Trust Officer; G. F. Brodie and A. H. Vin'cent, Assistant Treasurers, and Samuel M. Bemiss, Assistant
Secretary and Assistant Trust Officer.
1855
stated that information which had reached it and had subsequently been made the subject of careful inquiries in Toronto, Ottawa, Stratford and Kitchener, established the fact
that as far back as 1914 some of the trusted officials of the
bank had expressed alarm regarding the bank's future and
had asked for an inspection and inquiry by thd Board of
Directors. At that time, it is said, news of so startling a
nature was conveyed to the bank's three Western directors,
W. N. Machaffie, then Manager of the bank's Western business, that investigations were at once commenced. Mr.
Machaffie obtained information regarding some transactions
from one of the bank's officials in Toronto. In this regard
the "Globe" in its issue of Oct. 16 said:
While the three former Western directors of the Home Bank refuse to
make any comment upon the information which was given them regarding
the alarming condition of the bank eight years ago, some of the allegations
which caused them at that time to start an investigation were placed in the
hands of Attorney-General Nickle yesterday.
It was stated that late in 1914 the three Western directors, Messrs. T. A.
Crerar, John Kennedy and John Persse, demanded some investigation at the
head office of the Home Bank. Among other things, they had heard that a
loan of $4,500,000 had been made to a company 'of which Colonel Mason
(afterward General Mason), then President, was a direetor, and that the
bank's directors knew nothing about it.
At first the Eastern directors opposed the demand of the Western men for
a probe, and Colonel Mason offered to furnish full information of all transactions. However, it is said, suspicions were aroused, and the Eastern directors acceded to the Western pressure for a probe and an inspection. The resulting situation was sumnied up by an official of the bank at the time as
follows:
"This investigation has recently been completed, in spite of Colonel Mason's effort to balk it, and all the directors now know that Colonel Mason's
hopeless incapacity and wrong-doing have brought the bank to a position
where its continued existence is most seriously threatened. The directors,
however, fear to remove Colonel Mason, because of the probable effect on depositors (the bank being in no position to meet a run), and also because of
his threat that under certain circumstances he would 'close our doors.'"
The directors of the Home Bank as of April 1915 were: Col. James Mason, Thomas Flynn, E. G. Gooderham, C. B. McNaught and A. Claude Macdonell, all of Toronto, and John Persse and T. A. Crerar of Winnipeg, and
John Kennedy of Swan River, Manitoba.
Attorney-Peneral Nickle stated yesterday that he had issued instructions
to G. T. Clarkson, whose firm is conducting an audit of the Home Bank
books, to look into the accounts which were the basis of the allegations of
Mr. W. N. Machaffie, the former Assistant to the President, which were published in the "Globe" of Saturday. According to Mr. Nickle, this will be
done immediately, though he was unable to tell when a report will be made
to him.
"Mr. Clarkson will probe thoroughly, and. action will be taken if the statements are tree," stated the Attorney-General.
Special attention will be paid to the loan ledgers of the bank, because the
burden of Mr. Machaffie's allegations was that the unpaid interest on loans
was added to profits. So far, no report has been made to Mr. Nickle. The
fact that one of the bank's former officials, Mr. J. H. Kennedy, now of
Kitchener, stated that he and others years ago "could not make head or
tail" of the Frost loan indicates that the present auditors Will have no light
task.
Mr. H. J. Scott, K.C., who holds a watching brief for the Department of
Finance at Ottawa in the case, had an interview with the Attorney-General
yesterday afternoon.
An interesting comment was made on the bank's affairs yesterday by James
Fisher, K.C., of Winnipeg, who was retained by the three Western directors
in 1916 to present their case to Sir Thomas White, then Minister of
Finance.
"In 1915 or 1916," said Mr. Fisher, "I was asked to investigate the Home
Bank situation for the Western directors. There were certain matters they
did not like. I went to Toronto and saw the solicitor for the Home Bank.
There was, I remember, a New Orleans matter we did not like, also loans to
some Montreal and Toronto men."
Mr. Fisher admitted that the report of Z. A. Lash, K.C., which was demanded by Sir Thomas White, had been favorable to the bank. "We were
dissatisfied," he added. "My clients wanted to resign at once. I advised
them not to do go immediately or in a sensational way, but I believe Mr.
Persse did not wait for the others, but resigned in 1917."
Sir Thomas White yesterday again returned to answer the "Globe" editorial. He challenged the "Globe" to point to a single case in connection
with any Canadian bank which had afterward suspended where any Minister
of Finance had taken as much trouble to protect the public as he had done.
He claimed that had he sent in an outside auditor following the Maclaine
complaints in 1918 the probable effect would have been of grave consequence,
and a particularly grave responsibility in time of war.
"All that any Minister of Finance could fairly do was to exercise his
judgment honestly, having regard to the circumstances in each particular
case," said Sir Thomas.
"I not only sent the letter to Mr. Lash, but I also took the trouble to obtain copies of the actual ledger entries in the Frost timber account, and to
ascertain the information that subsequent to the fiscal year 1916-17 accrued
interest up to Nov. 30 1918, amounting to $253,737 had not been taken into
profits. This was the result of my action at the instance of Mr. Fisher.
"It was entirely proper," said Sir Thomas, "that the Machaffie letter
should be brought to the attention of Mr. Lash and the bank directors, because Mr. Machaffie had charged that 'much important information was withheld from Mr. Lash.'
" This Mr. Lash explicitly denied.
"In his letter, Mr. Meehanie said that the 1918 dividend was based on
anticipation of a profit in a British Columbia shipbuilding enterprise in
which it was alleged that a considerable amount of the bank's funds had
been locked up. The board pointed out that this account had been liquidated
at a profit prior to Dec. 31 1917. Mr. Machaffie's letter indicated no lack
of confidence in Mr. Lash, but quite the contrary."
The portion of the Machaffie letter dealing with the anticipation of a
profit in a British Columbia shipbuilding venture was omitted from the
missive published in the "Globe." Mr. Machaffie said his memory was not
exactly clear on this transaction, and he preferred not to have that paragraph
made public. He felt, however, that were he given access to the bank's
books he could verify the statement in his letter.
With further reference to the affairs of the failed Home
In its issue of Oct. 17 the Toronto "Globe" printed the folBank of Canada, the Toronto "Globe" in its issue of Oct. 13 lowing from Ottawa regarding the question of appointing a
1856
(voL. 117.
THE CHRONICLE
Royal Commission to investigate the affairs of the defunct t o 40% and closed to-day at 403/3. Motor Products Corp
new stock improved from 193/i to 22. Trading in oil shares
bank:
Referring to the numerous questions in the press and elsewhere concerning was less conspicuous than in past weeks. Standard Oil
the appointment of a Royal Commission to investigate Home Bank affairs, (Indiana) advanced from 553 to 56%, reacted to 54%
Rt. Hon. NV. S. Fielding, Minister of Finance and Acting Prime Minister, and finished to-day at 55. Prairie Oil & Gas moved up
said to-night that there had been no decision to appoint such a commission,
from 167 to 1723/, fell back to 167 and closed to-day at
2
and he hoped that such appointment would not be found necessary.
Mr. Fielding said that the Finance Department, from the beginning, had 168. Cumberland Pipe Line advanced from 107 to 112.
been carrying on investigations through its officials. A few days after the Eureka Pipe Line after early gain of a point to 97 sold down
bank suspended, he said, and while the institution was in the hands of the
333/i to 373
Curator, a skilled accountant representing the Finance Department was sent to 95. Humble Oil & Refining ran up from
into the bank to make such inquiry as at that moment seemed to be neces- and reacted finally to 363'2. Illinois Pipe Line and Ohio Oil
sary. Information obtained by the Finance Department from such inquiry each lost two
points, the former resting at 152 and the latter
was the basis on which proceedings were taken at Toronto against the bank's
at 53. South Penn Oil improved from 114 to 119, but fell
President.
The Curator's duties have now ceased, added the Minister, and the affairs back to 115, the close to-day being at 1153. Standard Oil
of the bank are in the hands of the liquidator appointed by the court. The of New
York sold up early in the week from 41% to 4332,
investigations of the Finance Department, however, are still being carried on.
%
Mr. Fielding said he thought that the information that was being obtained subsequently dropping to 403 , with the close to-day at
in this way, and that would be obtained from the trial of the officials in To- 409. Gulf States Oil & Refining was off from 6% to 53/s,
ronto, would elicit all knowledge of the bank's affairs that would serve any
the close to-day being at 6.
useful purpose.
A complete record of Curb Market transactions for the
following press dispatch from Toronto was printed in
The
week will be found on page 1877.
the Montreal "Gazette" of Oct. 17:
A change in the arrangements for the meetings of the shareholders and
creditors of the Home Bank provides that these meetings shall be held on separate days. The creditors will meet at Massey Hall on Dec. 6 at 2.30 p. m.
and the shareholders meet the following day at the same place and hour.
The order made by Mr. Justice Fisher as settled has reached counsel engaged in the liquidation. According to its terms, among other things which
may properly be considered by these meetings, besides the appointment of
permanent liquidators, are:
(a) To approve and confirm any action taken with the approval of this
court by the provisional liquidators in borrowing sufficient moneys to pay
an immediate dividend of 25 cents on the dollar to the creditors of the bank.
(b) If such dividend be not paid by the said provisional liquidators, then
to authorize the liquidators hereafter appointed to borrow sufficient moneys
for such purpose.
(c) As a means of dealing with all or any part of the assets of the bank,
to transfer the same to a realization company or companies if and when organized, and to authorize the liquidators to carry out such plan in respect
thereof as this court shall approve.
The court has followed up the winding-up order by directing that all negotiable securities other than promissory notes, checks and bills of exchange,
held by the Home Bank, shall be deposited in a safety deposit vault in the
Bank of Commerce, and that the moneys of the Home Bank shall be deposited
in the Canadian Bank of Commerce subject to withdrawal on joint order of
the provisional liquidators countersigned by the Master of the Supreme Court
or such other officer as may be appointed.
The provisional liquidators, J. T. Clarkson and I. E. Weldon, have given
security to the extent of $100,000, as required by the court, "for the due
performance of their duties as novisional liquidators."
CURRENT
NOTICES.
-A special meeting and dinner of the American Statistical Association
will be held at the Aldine Club, 200 Fifth Ave., corner of 23d Street. this
City, Friday, Nov. 2, at 6:15 o'clock. The general topic will be "Phases Of
the Business Cycle and Variations in Trade." Professor E. W.Kemmerer,
Princeton University, will be the Chairman, and the topics and speakers
will be as follows: "Interest Rates and the Business Trend," Warren M.
Persons, Harvard University; "Employment and Output in the Business
Cycle," W. I. King, National Bureau of Economic Research; "A New
Index of the Volume of Trade," Carl Snyder, Federal Reserve Bank of
New York; "Agriculture and the Business Cycle," David Friday, New
School for Social Research; "Bank Credit and Production," Walter M.
Stewart, Federal Reserve Board, Washington, D. C.;"Financial Factors in
Forecasting," Leonard P. Ayres, Vice-President, Cleveland Trust Co.;
"An Index of Automobile Production," F. Leslie Hayford, General Motors
Corporation; summary by the Chairman. Warren M.Persons is President
of the Association.
-G.A. Stalker Is now associated with R. W.Pressprich & Co., in charge
of their railroad bond department. H.A. Ascher has also become associated
with that firm in charge of their municipal bond department.
-Howard M.Smith has become a member of the investment house of
Keane, Hight° & Co., Inc.
COURSE OF BANK CLEARINGS.
Bank clearings continue to show a decrease compared
with a year ago. Preliminary figures compiled by us, based
upon telegraphic advices from the chief cities of the country,
indicate that for the week ending to-day (Saturday, Oct. 27)
aggregate bank clearings for all the cities of the United States
from which it is possible to obtain weekly returns will show
a decrease of 6.6% as compared with the corresponding week
last year. The total stands at $7,449,105,680, against
$7,975,911,116 for the same week in 1922. At this centre
there is a loss of 12.5%. Our comparative summary for the
week is as follows:
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
It has again been a week of great depression on the Stock
Exchange, with the railroad shares particularly under pressure, and Milwaukee & St. Paul, Rock Island, St. Paul &
Omaha, Lackawanna, Louisville & Nashville, Great Northern, Northern Pacific, Missouri Pacific, Pere Marquette
and a number of others, established new loan records for the
year. Sharp alternate advances and recessions in the
general list were almost a daily occurrence, the general
Per
trend being toward lower levels. Following the last hour
Clearings-Returns by Telegraph.
Cod.
1922.
1923.
Week ending Oct. 27.
rally on Friday, the market developed considerable strength
$3,221,000,000 $3,681,272,735 -12.5
New York
in the short session on Saturday, and the tone was also good Chicago
+1.3
488,506,629
494,983,092
424,000,000 -2L9
331,000,000
in the early hours on Monday. The recovery was not main- Philadelphia
-2.5
314,000,000
306,000,000
Boston
tained, however, as the day advanced, and practically all the Kansas City
-8.5
119,094,732
108,994,381
a
a
a
St.
gains of the morning were lost in the afternoon. The rail- SanLouis
132,500,000
-2.0
129,900,000
Francisco
91,619,000 +34.0
122,768,000
road group was under increased pressure Tuesday.afternoon. Los Angeles
4
'134,000,000
+6.8
143,142,595
Pittsburgh
100,172,219 +20.5
120,738,084
The market was again irregular on Wednesday, We most Detroit
82,661,748
+4.0
85,902,909
Cleveland
76,667,547
important movements being toward lower levels, the weak 13altimore
-0.9
75,960,163
61,322,932
-0.1
61,285,828
features being the railroad issues, St. Paul and Missouri New Orleans
$5,201,675,052 $5,705,717,542
-8.8
Total 12 cities, 5 days
Pacific leading in the downward movement. The copper
1,005,913,015
940,875,055
+6.9
Other cities, 5 days
shares were also greatly depressed, and,several of this group,
$6,207,588,067 $6,646,592,597
-6.6
Total all cities, 5 days
including Anaconda, Kennecott and Inspiration, made new
1,241,517,613
-6.6
1,329,318,519
All cities, 1 day
low records for the year. The weakness of the railroad
87.449.105.680 87.975.911.116
-6.6
m.....1 .11 Milan few arsak
shares was again manifested on Thursday, and it eventually
a Win not report clearings. •Estimated.
extended to the general list. The tone was fairly strong in
Complete and exact details for the week covered by the
the early trading on Friday, but about midday prices again foregoing will appear in our issue of next week. We cannot
sagged.
furnish them to-day, inasmuch as the week ends to-day
(Saturday), and the Saturday figures will not be available
THE CURB MARKET.
until noon to-day. Accordingly, in the above the last day
Higher prices ruled in the trading on the Curb at the of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
opening of the week, but thereafter business lapsed into the
usual dull state with prices fluctuating irregularly. There present further below, we are able to give final and complete
was a heavy undertone to the market to-day. Park & results for the week prer:ous-the week ending Oct. 20. For
Tilford continued a feature in the industrial list, advancing that week there is a decrease of 12.4%, the 1923 aggregate
from 307' to 343/i and reacting finally to 333'. Checker of the clearings being fl,'8,124,576,962 and the 1922 aggregate
Cab Mfg. class A stock gained over five points to 353j. $9,278,268,009. Outside of this city there is an increase of
Chicago Nipple A stock sold up from 383/i to 42 and closed 0.7%, the bank exchanges at this centre having fallen off
%
%
to-day at 413 . The B stock advanced from 183 to 21. 22.4%. We group the cities now according to the Federal
%
Durant Motors dropped from 263 to 25 and ended the week Reserve districts in which they are located, and from this it
at 25%. Ford Motor of Canada moved down from 417 to appears that in the Boston Reserve District there is a de397 and sold to-day at 401. Hartman Corporation, new crease of 8.7%, in the New York Reserve District (because
stock, was active and advanced from 393' to 42%, reacted of the loss at this centre) of 22.1%, and in the Philadelphia
OCT. 27 1923.]
THE CHRONICLE
Reserve District of 5.6%. In the Cleveland Reserve District there is an improvement of 8.3%, in the Richmond
Reserve District of 5.1%, and in the Atlanta Reserve District of 6.7%. In the Minneapolis Reserve District the total
are smaller by 2.1% and in the Kansas City Reserve District
by 17.6%, but the Chicago Reserve District has an increase
of 0.1%. Clearings in the St. Louis Reserve District are
better by 6.4%, in the Dallas Reserve District by 8.5%,
and in the San Francisco Reserve District by 20.7%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week ending Oct. 20 1923.
1923.
1922.
Federal Reserve Districts.
(1st) tiostun
11 . h ietz 483,426.195 529,645,637
(2nd) New York
10 " 4,178,970,149 5,362,072,158
(3rd) Philadelphia_
585,169,253 619,582,154
i0
(4th) Cleveland
425,667,232 392,920,460
9
(5th) Richmond
204,771,146 194,905,106
5
(6th) Atlanta
215,189,707 231,506,569
12
(7th) Chicago
915,693,254 914,529,595
10
(8th) St. Louis
92,161,476 86,638,723
7
142,220,997 145,348,161
(9th) Minneapolis_ __ 7
(10th) Kansas City_.._II
240,348,401 291,660,963
(11th) Dallas
87,791,166 80,918,958
5
(12th) San Francisco_._l6
553,167,986 458,459,325
Itte.or
Dec.
1921.
1920.
-8.7 389,087,340 451,582,589
-22.1 3,896,559,542 4,932,744,248
-5.6 465,723,334 551,760,699
+8.3 363,244,731 488,134,138
+5.1 149,790,399 193,924,376
+6.7 173,053,851 213,098,774
+0.1 733,487,204 889,337,060
+6.4 68,742,528 73,790,065
-2.1 129,119,274 175,407,070
-17.6 269,719,791 360,006,236
+8.5 62,470,427 85,829,712
+20.7 370,931,838 422,411,181
Grand total
122 cities 8,124,576,962 9,278,288,009 -12.4 7,071,930,259 8,838,026,118
Outside New York City
4,023,984,316 3,995,392,078 +0.7 3,238,383,316 3,986,146,805
Canada
29 ellies 776,921,881 344,840,642 +125.3 357,804,839 403,831,681
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ending October 20.
Clearings at
1923.
1922.
inc. or
Dec.
$
$
%
First Feder 1 Reserve Dist rict-Boston Maine-Bangor
804,431 +48.9
1,197,574
Portland_ _ _ _ _
2,452,450 +20.9
2,963,868
-Boston
Mass.
428,000,000 476,000,000 -10.1
Fall River......
2,425,557 +25.9
3,053,104
Holyoke_--a
a
Lowell
1266,544
1,471.190 -0.3
Lynn
a
a
a
New Bedford
1,800,007
2,397,948 -24.9
Springfield. .._
5,744,575
5.637,322 +1.9
Worcester_ _
4,118,000
4,432,000 -7.1
Conn.-Hartfo d.
10,948,904
:
11,107,566 -1.4
New Haven_
8,046,319
6,994,973 +15.0
R.I.-Provide ,ce
16,087,300
15,922,200 +1.0
1921.
1920.
$
$
1,012,669
2,000,000
344,144,978
1.826,959
a
1,574,428
a
2,167,113
4,113,594
3,713,000
7,724.028
5,473,071
15,337,500
850,000
2,700,000
394,454,975
2,081,804
•
1,473,043
a
2,048,932
5,415,649
4,850,132
9,908,867
6,654,987
21,144,200
1857
Week Ending October 20.
Clearings at
1923.
1922.
Inc.or
Dec.
1921.
1920.
Seventh Feder al Reserve D istrict-Chi natioMich.
-Adrian _
231,284
225,827
173,789 +33.1
243,9.56
Ann Arbor_ _ _
758.922
585,194
786,682 -3.5
661,119
Detroit
144,384,743 122,311,093 +18.0 109,044,479 120,000,000
Grand Rapids_
6.525,988
6,033,570
6,706,425
6,420,636 +1.6
Lansing
2,289,695
2,441,739
2,062,190 +11.0
1,955,130
Ind.
-Ft. Wayne
2,648,659
2,170,854
1,709,678
2,043,993 +29.6
Indianapolis_ _ d21,110,000
16,674,000
19,500,000
19,247,000 +9.7
South Bend...' . 2,970,000
1,700,000
2,042,800
2,603,000 +14.1
Wls.-MUwaukee
39,076,158
29,386,342
32,572,938
33,884,778 +15.3
Iowa-Ced. Rap.
2,498,643
1,843.957
2,480,606
2,227,680 +12.2
DesMoines...
11,652,845
11,548,700
9,075,669
10,550,159 +10.4
Sioux City.. _ _
6,833,997
8,400,000
5,161,238
5,982,912 +14.2
Waterloo
1,624,039
2,013,315
1,589,759
2,093,076 -22.4
Ill.
-Bloomington
1,706,061
1,523,816
1,230,160
1,376,420 +23.9
Chicago
659,768,514 692,763,585 4.8 537,758,810 666.401,213
Danville
a
a
a
a
Decatur
1,487,467
1,458,988
1,170,185
1,289,698 +15.3
Peoria
5,007,945
5,000.000
4,244,244 +18.0
3,555.264
Rockford
2,391,923
2,700,000
2,059,086 +16.2
1,700,000
Springfield....
2,726,371
2,409,574 +13.1
2,300,000
2,258,533
Total(19 cities)
915,693,254
914,529,595
+0.1
733,487,204
889,337,060
Eighth Faders I Reserve DI. trict-St.Lo uis-Evansville.
Ind.
6,292,904
4,613,460 +36.4
Mo.-St. Louis..
a
a
Ky.-Louisville._
35;22,789
31,310,322 +13.5
Owensboro....
486,758
355,963 +36.7
-Memphis
Tenn.
31,737.758
33,246,372 -4.5
Ark.-Little Rock
16,201,457
15,290,140 +6.0
-Jacksonville.
Ill.
378,990
397,076 4.6
Quincy
1,540,820
1,425,390 +8.1
4,867,624
a
25,397,577
331,419
24,828.257
11,775,437
296,154
1,246,060
4,605,662
a
31,835,018
454,743
21,944,770
12,987,854
454,250
1,707,770
+6.4
68,742,528
73,790,065
Ninth FederaliReserve Dist rict-Minne spoils
d10,735,343
8.926,653 +20.3
Minneapolis..
85.639,334 -2.2
St. Paul
39,176,471
41,092,616
-Fargo..
N. D.
2,846,921
2,540,986 +12.0
-Aberdeen.
1,457,564
S. D.
1,492,590 -2.3
Mont.
-Billings.
645,561
703,679 -8.3
Helena
3,602,000
4,952,303 -27.3
7,311,289
87,397,317
34.558,708
2,554,787
1,412,601
750,156
4,134,416
13,216,053
101,503,179
50,210,063
4.416.374
2,213,013
1,759,747
2,088,641
129,119,274
175,407,070
Total(7 cities)_
Total(7 cities).
92,161,476
142,220,979
88,638,723
145,348,161
-2.1
Tenth Federal Reserve Dist act- Kansa s City
Neb.-Fremont..
d246,975
406,464 -39.2
521,344
Hastings
520,313 +0.2
Lincoln
4,207,413
3,241,949 +29.8
45,359,620
Omaha
45,635,350 -0.6
Han -Topeka...
3,227,575
3,277,306 -1.5
d7,311,549
Wichita
10,281,483 28.9
Mo.-Kan. City_ 136,544,722 172,510,393 20.9
a
St. Joseph
a
a
a
Okla.-Muskogee
•
a
Oklahoma City d19,606.511
28,525,942 31.3
a
Tulsa
•
a
1,138,104
-Colo. Spr.
Colo.
1,044,240 +9.0
21,295,036
Denver
25,330,296 -15.9
e889,552
Pueblo
887,227 +0.3
828,392
458,925
504,912
858,476
3,060.299
4,402,236
39,129,780
57,758,601
3.449,567
3.469,567
11.310,575
13,132,086
163.262,447 216,296.293
a
a
a
a
27,557,598
35,155,630
a
a
900,794
1,001,858
26,468.747
19,280,098
804,796
1,038.320
Total(11 cities) 240.348,401 291,660,963 -17.6 269,719,791 380,008,208
Total(11 citi a) 483.426,195 529,645,637 -8.7 389,087,340 451,582,589
Eleventh Fade ral Reserve District-D alias
1,915,679
Texas-Austin...
Second Feder al Reserve D Istrict-New York
1,670,229 +14.7
1,623,002
1,650,000
52,443.249
Dallas
N. Y.
45,666.387 +14.8
-Albany
6,061,608
34,013.890
48,212,428
5,123,234 +18.3
4,188.667
5,000.000
16,530,298 -15.4
Fort worth.... d13,987,160
Binghamton_
1,234,000
22,186,413
14,300,588
1,162,078 +6.3
1,082,590
1,217,300
• 13,119,629
Buffalo
Galveston
11,451,186 +14.6
d48,563,183
11,080.871
52,627,785 -7.7
8,223,850
41.335,567
50,999,745
•
Houston
Elmira
a
•
a
761,323
792,220 -3.9
a
6,325,449
Jamestown._
5,600,858 +12.9
c1,335,902
4,309,097
1.228,036 +8.8
4,700,000
1,200,128
1.487.279 La -Shreveport.
New York._
4,100,592,646 5,282,875,931 -22.4 3,833,546,943 4.852,879,313
87,791,166
Rochester_ _
Total(5 cit es)80,918,958 +8.5
11,466,987
62.470,427
10,668,023 +7.5
7,987,269
85,829,712
12,551,666
Syracuse
Twelfth Feder al Reserve D !strict-San Franci sco5,042,417
4,276,794 +17.9
3,918,939
4,208,633
Clann.-Starai
47,203,225
Wash.-Seattle _
36,872,811 +28.0
c3,447.859
2,878,257 +19.8
32,698,596
39,312,816
2,919,846
3,881,608
N. J.
Spokane
-Monte dr
14,188,000
464,224
439,800 +5.6
13,032,000 +8.9
11,481,666
15,155,790
379,593
518,704
•,
Tacoma
•
a
a
a
Total(10 citi a) 4,178,970,149 5,362,072,158 -22.1 3,896,559,542 4,932,744,248
1,923.875
Yakima
1,716,587 +12.1
2,133,514
2,047,937
52,490,615
Ore.
-Portland.
40,577,994 +29.4
38,258,741
40,704,796
Third Federel Reserve Dist rict-Philad el phia18,895,426
Utah-S. L. City
16,893,954 +11.9
14,240,147
18369,9 7
4
Pa.
-Altoona_ _ __
1,788,358
a
1,372,270 +30.3
•
1,011,835
•
a
1,141,267 Nev.-Reno
•
Bethlehem _
4,239.518
•
3,992,681 +6.2
a
2,423,572
•
•
a
4.084,716 Aris.-Phoenix
Cheater
1,999,625
5,637,452
1,679,565 +19.1
Calif.-Fresno_ _ _
1,084,459
8,434,550 -33.2
7,878,300
1,353,055
Lancaster
3,469,321
3,115,829 +11.3
Long Beach _
10,250.287
8,085,012 +68.4
2,570,333
3,712.955
2,812,309
:14.0
Philadelphia . 553,000,000 591,000,000 -6.4 442.000,000
_
Los Angeles_ _
175.398,000 121,484,000 +44.4
89,709.000
524,235.963
85,624,000
Reading_ _ _ _
4,003,000
3,068,760 +30.4
18.275.918
Oakland
2.565,816
13,419,207 +36.2
2,900,000
10,811,943
10,356,323
Scranton_ _ _ _ _
.
6,385,725
5,825,044 +9.6
6.509,476
Pasadena
5,285,095
4,661,024 +45.9
3,149,338
3.890.683
6,424,928
Wilkes-Barre
d3,278,127
3,890,286 -15.7
Sacramento _ _ _
d8,033,067
3,331,972
8,945,460 -10.2
7,105,887
3,396.384
7,902,449
York
1,662.999
1,369,115 +21.5
4,063,441
San Diego_ _ _ _
1,243,415
smoomo +16.1
1,457,141
2,713,029
2,598,851
N.J.
-Trento
5,342,580
4.268,604 +25.2
San Francisco_ 183,200.000 175,500,000 +4.4 141.100,000 172,900,000
4.206,837
3,954,936
Del.-Wilmin t'n
a
a
•
a
San Jose
3.180,663
3,426,387 a
2,480,194
7.2
3,076,830
1,271,541
Santa Barbara_
1.042,839 +21.9
843,698
728,458
Total(10 citi 36) 585.169,253 619.582,154 -5.6 465,723,334 551,760.699
Stockton
c2.647,000
3,067,500 6,913.900
13.7
2,744,100
Fourth Fedler al Reserve D Istrict-Clev eland-Tote (16 cities) 553.167,986 458,459,325 +20.7 370,931.838 422,411,191
Ohio-Akron.
d7,803,000
5,947.000 +31.2
6.560,000
8,824,000 Grand total (122
Canton
5.457,236
__
4,699,789 +16.1
claps)
3,964,365
8.124,576,962 9,278,268,009 -12.4 7,071,930,259 8.838,026,118
3.720,000
Cincinnat _ __
77,326,990
71,728,096 +7.8
61.352,425
4,023,984.316 3.995,392,078 +0.7 3,238.383.316 3,986,146,805
78,311,621 OutMe N. Y
Cleveland._
125,317,114 118,030,232 +6.2
94,464,948 160,000,000
Columbus_ _
15,063,300 -0.9
d14,925,000
12,308,500
14,146,000
Week ending October 18.
Dayton
a
a
a
a
..
a
Clearings at
Lima
a
a
a
a
a
Inc. or
Mansfield_ _ _
2,202.062 -4.0
d2,113,680
1,449,214
1,864,133
1923.
1922.
1920.
Dec.
1921.
Springfield..
a
a
a
a
a
Toledo
•
a
a
a
•
$
Youngstown -_-_
4.425,787 -1.8
d4,347,112
3,414.250
4,032,553 Montreal
228.025,609 100,352,169 +127.2
98.953,881 133,310,418
Pa.
-Erie
a
a
a
a
a
Toronto
386.467,093
89,492,789
93,354,534 +314.0
98,230,003
. 183,354,824 *167.000,000 +0.8 175,000,000 212,135,831 Winnipeg
Pittsburgh-_
78,781.320
78,675.964
75,337,978 +4.9
86,412,879
5,022,276
w.va.-wheellng
3,824,194 +31.3
4,731,029
5,100.000 Vancouver
14,360.263
13,604,729 +5.6
13.710,692
12,271,199
Ottawa
7.796.906
8,803,726
7,531.926 +3.5
8.765,384
Total(9 citl 6_ 425,667,232 392,920.460 +8.3 363,244,731 488,134,138 Quebec
7.008,621
6,195,722 +31.2
5,602,881
6.534,497
Halifax
3,120.281
3,176,054 3.149,984
1.8
4,074,285
Fifth Feder at Reserve Dist rict-Richm ondHamilton
7,409,171
5,751,938 +28.8
5,837,841
7,079,430
W.Va.-Hunt'en
1,855,833 +20.5
2,235,778
1,495,003
2,186,494 Calgary
7,218,685
5,893,188 +22.5
7,586,245
9,886,728
Va.-Norfolk_ _
d9,607,183
8,808,310 +9.1
7,610,218
9.790.892 St. John
3,235,763
2,382,359 +35.8
2,960.265
2,662,769
55,775,275 +4.3
58,177,000
Richmond... _
47,001,736
64,155,500 Victoria
2,778,429
2,081.343 +33.5
2,132,008
2.500.000
b
-Charlest. 11
b
b
S. C.
b
;
b
London
2,942,318
2,577,508 +14.2
3,567,711
2,919,931
Md.-Baltimo e_ 102,300,185 108,080,323 -5.3
75.430,876 100,722,814 Edmonton
4,074,145
4,578,732 11.0
4,924,643
5,395,011
20,405,565 +59.0
D.C.-Washin en d32,451,000
18,252,566
17,068,676 Regina
5,128,544
4,905,038 +4.6
4,985.578
4,689,302
Brandon
763,315
835,764 -8.7
974,749
1,904.613
Total(5 sill q _ 204,771,146 194,905,306 +5.1 149,790,399 193,924,376 Lethbridge
913,352
897,409 +1.8
1,092.757
800.226
Saskatoon
2,270,775
2.072,572 +9.6
2,502,194
2.379,839
Sixth Federal Reserve Dist rict-Atlant a
Moose Jaw
1,748,443
1,812.573 -3.5
2,339,104
1,791,327
e7,362,557
Tenn.-Chatt' ;a_
5,494,902
7,233,930 +1.8
8.292.691 Brantford
1.392.606
1,190,492 +16.1
1,349.986
1,310,398
2,807,206
Knoxville_ _ _
2,783,159 +25.6
3,496,112
3,160,491 Fort William
1.007,742
987.760
1,024,293 -1.6
855,371
18,388,718
Nashville _ : d23,564,000
22,128,551 +6.5
.
24,792,511 New Westminster
Z.16,0S2
454,409
575,043 +1.9
689,614
67,505,215
53.277.705
Ga.-Atlanta.._
56,892,478 +18.7
66,681,255 Medicine Hat.._
473,198
762,263
434,540 +8.9
603,752
2,094,157
Augusta- _
2,662,847 +9.6
2,919.645
3,448,664 Peterborough_
840,629
909,639
730,391 +15.1
853,721
Macon
1,706,280
1,512,705
1,486,815 +14.8
*1.700,000 Sherbrooke
826.059
1,258,183
771.705
910,467 -9.3
Savannah...
a
a
a
a
a
Kitchener
1,044.306
1,028.900
912,499 +14.4
982,524
Fla-Jacksonv III;
10,918,903 +22.8
9.513,702
13A11,376
9,000,000 Windsor
4,741,146
3,987,019
3,387,695
3,426,166 +38.4
Ala.-131rming'm. 26,141,083
32,385,454 -19.3
23,063,068
21.103,897 Prince Albert__ _
345,632
444,432 -22.2
Mobile
2,764,247 Moncton
1,568,000
1,997,714 -9.8
1,802,172
934,356
681,698
1,105,059
1,089,517 --14.2
Miss -Jackson
838,953
862,038 +40.6
1,212,073
741,840 Kingston
687,092
755,971
752.266 --8.7
Vicksburg_ _ _
554,297 -19.1
448,599
390,272
395,682
La.-NowOrleatis
65,620,595
54,099,683
61,682,383 +6.4
71,022,906
Total(29 cities) 776.921,881 344,840.642 +125.31 357,804,839 403.831,681
Total(12 citi a) 215,189,707 201,586,569 +6.7 173,053,851 213,098,774
a No longer report clearings. 13 Do not respond to requests for figures. c Week
ending Oct. 17. d Week ending Oct. 18. e Week ending Oct. 10. • Estimated.
,i.a
[VOL. 117.
THE CHRONICLE
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. 10 1923:
$252,414,972
$2,252,997
48,174,185
60,791,881
44,070,443
$4,809,595
60,813,663
70,571,732
131,027,885
8155,289,508
Total
$267,222,875
+2130.556,918 -214,867,903
Balance, deficit (-) or surplus(+)
INTEREST-BEARING DEBT OUTSTANDING.
Interest July 31 1923. July 31 1922'
$
$
Payable.
Tttle of Loan599,724,050
-J. 599,724.050
Q.
is. Consols of 1930
118,489,900
-F. 118,489,900
Q.
is, Loan of 1925
48,954,180
48,954,180
-F.
Q.
2s of 1916-36
25,947,400
25,947,400
Q -F.
2s of 1918-38
50,000,000
49,800,000
-M.
Q.
3s 01 1961
28,894.500
28,894,500
-J.
Q.
is, Conversion bonds of 1946-47
J -J. 1,005,131,000 1,733,621,500
Certificates of indebtedness
70,500,000
-J.
Certificates of indebtedness under Pittman Act-J.
J -J. 1,409,999.050 1,410,002,050
334s. First Liberty Loan, 1932-47
9,811,600
12,231,850
J -13.
kg, First Liberty Loan, converted
526,115.400
.1 -D. 528,445,450
Oka, First Liberty Loan, converted
3,492,150
3,492,150
Ms, First Liberty Loan, second converted__ ...I.-D.
53,248,850
42,154,300
-N.
M.
Is. Second Liberty Loan, 1927-42
3,156.692,850 3,257,230,500
tqs, Second Liberty Loan, converted
-S. 3,397,223.850 3,473,777,500
M.
445, Third Liberty Loan 01 1028
A.-0. 6,328,207,150 6,345,208.750
434s, Fourth Liberty Loan 01 1933-38
.
763,954,300
ihs, Treasury bonds 01 1947-52
1,981,131,100
J -D.
45(s, Victory Liberty Loan 01 1922-23
689,877,496
Mat. 342,778,056
45. War Savings and Thrift Stamps
11,861,000
11,877,900
.1.-J.
234s. Postal Savings bonds
J.-13 4.087,854,200 2,256,248,650
to 534s. Treasury notes
534s
21,959,431,886 22,716.546,826
227,068,413
242,936,634
c14,673,240
68,586,890
Aggregate of interest-bearing debt
Bearing no interest
Matured,Interest ceased
022,270,935,410 22,958,288,479
+130,556,918 -14,807,903
Total debt
Deduct Treasury surplus or add Treasury deficit
d22,140,378,402 22.973,096,382
Net debt
a The total gross debt July 3 1923 on the basis of daily Treasury statements was
$22,270,370,071 55, and the net amount of public debt redemption and receipts in
transit, &c., was $565,338 03.
S No deduction is made on account of obligations of foreign Governments or
other investments.
c Includes $8,486,500 Victory 334% notes.
Imports and Exports for September.
The Bureau of Statistics at Washington has issued the
statement of the country's foreign trade for September and
from it and previous statements we have prepared the following:
Totals for merchandise, gold and silver for September.
FOREIGN TRADE MOVEMENT OF THE UNITED STATES.
(In the following tables three ciphers are in all cases omitted.)
Gold.
Merchandise.
I
0003
omitled,
Excess
Exof
Exports. ports.
DriExports. Lrorts.
$
381,0001
313.197
324,863
604,686
595,214
550,396
454,507
514.024
$
126,000
14.704
145,571
241,396
159,765
288,727
218,300
2.50.5551
$
255,000
298,493
179.292
363,2
435,44
261,669
236.197
intim
$
1,024
1,399
2,449
17,129
29,650
2,284
31,333
6.849
Silver.
Excess
Exof
Intports. Exports ports.
Excess
of
Intporn. Exports
3
8
27,804 128,780
24,404123,065
66,085 163,636
39,110 /21,980
1,472 27,578
/327
2,611
4,172 27,161
92.562185.713
$
8,123
3,73
4,947
6,577
12,92
10,340
10,48
6.53
$
$
8,532
409
6,370 12,635
459
4,488
6,501 76,406
7,539 5,389
7.172 8,168
5,796 4.889
2.880 3.850
I Excess of imports.
Totals for nine months ended September 30:
Gold.
Merchandise.
000s
omitled,
$seCisli
,
MC4.0, 0011 0
3
NVINN.......-1
0001000200
The silver quotations to-day for cash and forward delivery are respectively
5-16d. and 3-16d. below those fixed a week ago.
$285,848,424
Deduct outstanding obligations:
Treasury warrants
Matured interest obligations
Disbursing officers' checks
Discount accrued on War Savings Certificates
Exports.
Iraports.
Excess
Exof
Exports, ports.
Silver.
Excess
Exof
Imports. Exports ports.
Excess
Ins- I of
ports. Exports
1
GOLD.
The Bank of England gold reserve against its note issue on the 3d inst.
was £125,831,765, as compared with £125,828,205 on the previous Wednesof
day. Indian requirements being small, most of the moderate amount
gold available this week will probably be taken for the United States of
America. Gold valued at $3,570,000 has arrived in New Yorkfrom London.
SILVER.
The market has been dominated by the demand for prompt shipment
this week's steamer, due to arrive in time for the October
to Bombay by
settlement in that city. This has tended to uphold the cash price, though,
of course, after the 4th inst. buyers at the cash price (delivery within
day
seven days) could not count on obtaining their silver by the 11th, the
of shipment, and a substantial premium has had to be paid. At present,
the quotation for forward delivery seems rather too low to encourage sales
from China and too high for China to replace recent favorable sales made
here for that quarter. When the present stress is over, it is reasonable
to expect some easement in prices. America is more disposed to feed
our market, but the Continent is not selling with any freedom. A movement on the part of a Continental country towards silver currency is
worth noting. It is stated in the press that the Latvian Government has
decided to mint 10.000.000 silver "lets," each equal to one franc of the
Latin Union, and that negotiations are proceeding between the Latvian
Government and the British Royal Mint with that end in view. As it is
possible that the material will all be obtained from demonetized metal,
the operation is not likely to affect the silver market. We have been
informed that the Latvian Government decided on Aug. 3 1922 that the
unit of Latvian currency should be the lat, representing .2903226 grams
of fine gold. After the establishment of the Latvian Republic, the Government issued circulation notes in rubles guaranteed by all the property
of the State. The exchange rate of those notes fluctuated to a certain
extent and was finally stabilized at 50 Latvian rubles to 1 gold lat. The
ruble notes were issued to the extent of about 1,800,000,000, but in the
spring of 1922 the issue of additional ruble notes was stopped. When
the Bank of Latvia (Latvijas Banks) commenced its operations on Nov.
1 1922, it issued temporary 101at notes by simply overprinting the existing
500 ruble notes. as the Latvian Government had undertaken to maintain
the relation between the lot and the ruble at 1 lat=--50 rubles. In order
to do away with the dual monetary system (Latvian rubles and lats) the
Latvian Government have decided to withdraw all ruble notes and to
replace them by lat notes of 1, 2. 5, 10 and 20 late denomination. Later
in the year, 10,000,000-lats' worth of the Government notes were replaced
by copper and nickel coins of 1, 2, 5 santims, and 10, 20, 50 santims denomination respectively. The issue of notes in Latvia is strictly limited
to the amount of cover, and notes can be encashed in gold, though there
Is not much inclination on the part of the holders to do so, as the note
issue is so popular. The export of gold from Latvia is not forbidden.
According to Reuter, a recent silver find at Cioncurry, Queensland, is
described as "fabulously rich" the outcrop extending for five miles. The
assays are said to have proved sensational, showing 2,000 ozs. of silver
to the ton with 50 to 60% of lead. We are advised, however, that no
official information has yet been received in London respecting this
discovery.
INDIAN CURRENCY RETURNS.
Sept. 15. Sept. 22. Sept. 30.
(In Lats. of Rupees)17929
17789
Notes in circulation
17736
9749
9606
Silver coin and bullion in India
9553
Silver coin and bullion out of India
2432
2432
Gold coin and bullion in India
2432
----Gold coin and bullion out of India
5748
5751
(Indian Government)
Securities
*5751
Securities (British Government)
No silver coinage is reported during the week ending 30th ult. The
stock in Shanghai on the 6th inst. consisted of about 27,200,000 ounces
n sycee, 39,000,000 dollars, and 1,220 silver bars, as compared with about
26.700,000 ounces in sycee, 37,500,000 dollars, and 4,330 silver bars on
the 29th ult.
Bar Cold per
-Bar Silver per Or. Std.Or. Fine.
Cash.
Quotations2 Mos.
90s. 7d.
31 15-16d.
Oct 4
31 d
90s . 4d.
3150.
Oct 5
31 3-16d.
31%d.
Oct 6
31 3-16d.
90s. 6d.
31%d.
Oct 8
31d.
90s. 5d.
31 7-16d.
Oct 9
313d.
31%d.
90s. 5d
Oct. 10
31 3-16d
90s.1.4d
31.604d.
Average
31.177d.
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
July 31 1923. July 31 1922.
$282,853,795 $252,377,343
Balance end month by daily statement, &c
-Excess or deficiency of receipts over
45d or Deduct
+37,629
+2,992,629
or under disbursements on belated items
000000300
.....NDNININ
7,40000.1.DC4
I. oll.i.
1858
$
$
8
I 8
$
$
$
35,466; 28,039 220,5211194482 46,64
,941,0172,905,551
.736.7322.251.04 485,683 13,143 209,556/196413 46,026
34,844
3.551,410 1.872,696 1.678.714 13.546561,1771547631 98,682
198,756 60.475
,
6,079,989 4,358,019 . .
5.866.4502,697.035 3,169.421 225.922 56,254 169,668 177,104
4.559.104 2,322,553 2,236.551 34.263 56,503 122,244 165,332
4,603,949 2,282,795 2,321,154 348.968 528,332/179364 62,234
3.950.428 1,831,174 2,119,252 94,43038 , J288458 47,724
$ I $
54.0971 /7,448
63,163 17.137
44,3051 /9,461
73,496 25,188
63,984 113,120
54,783 110,509
33,050 29,184
.
23,235 24,489
IExcess of imports.
-PER CABLE.
ENGLISH FINANCIAL MARKETS
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Oct. 20. Oct. 22. Oct. 23, Ocf. 24. Oct. 25. °a. 28.
London,
Sat.
Mon. Tues.
Wed. Thurs. Fri.
Week ending Oct. 263115-16
3113-18 31%
3134
323
d 31%
Silver, per es
928. Id.
91s. 4d. 91s. 50. 92s. 3d. 913.11d. 92
ounce
Gold, per fine
5834
58%
58
58h
Consols. 234 per cents......
5834
10034
103
10234
10214
British,5 per cents
10234
.......
99%
9934
9934
9934
98
British. 434 per cents
55.15
55.5
55.10
55.5
55.20
French Routes (in Paris), fr.
73.5
73.50
73.80
73.70
Loan(inParis)
French War.
73.60
The price of silver in New York on the same day has been:
.
Sliver in N.Y., per oz (cts.):
6334
Foreign
8334
8334 . 833
6355
8334
-Completed Return
Public Debt of United States
Showing Net Debt as of July 31 1923.
The statement of the public debt and Treasury cash
holdings of the United States as officially issued July 31
1923, 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 1922.
Continuation of list of sales from page 1865.
STOCKS.
Week ending Oct. 26.
Sales
for
Week.
Range for Week.
Lowest.
Highest.
Range since Jan. 1.
Lowest,
Highest.
Par. SharesI8 per share. $1 per share. $ per share.$ Per share.
Indus.& Misc.(Concl.)
Apr
Apr 104
100 103 Oct 20 103 Oct 20 102
Penney (J C) Co, pf_100
oi
p 4001 3334 Oct 24 3334 Oct 24 3334 Oc 431.1 Apr
Penn Coal & Coke_
Oc 106
Feb
Oct 20 90
Oct 20 96
100 96
Penn Edison, pref __ _1
1029,0001 1934 Oct 26 2234 Oct 22 1134 July 2234 Oct
Philip Morris
Mar
Aug 47
Phoenix Hosiery
51 4001 28 Oct 22 28 Oct 22 28
Philadelphia Co6% Df 501 1001 4134 Oct 23 4134 Oct 23 4134 May 4534 Feb
Apr
Ja 98
2 95 Oct 26 92
Pittsburgh Steel, pref 100 2001 95 Oct
July 1134 Sept
200 10 Oct 26 1034 Oct 25 10
Pittsb Utilities, pref...1
Oct 10834 Mar
9934 Oct 2310234 Oct 28 98
P SCorp ofNJ,pf 8%__ 1,500
100 90 Oct 26 90 Oct 26 70 Sept 10434 Apr
100
7%
Schulte Retail Stores__• 6.6001 9234 Oct 20 9534 Oct 23 88 May 0934 July
Jan
flimma Petroleum _ _ ._l 5.6001 734 Oct 26 834 Oct 23 634 Jul 18
Simmons Co
• 1,3001 2434 Oct 24 2534 Oct 20 23 July 3434 Mar
90 Oct 22 9034 Oct 23 90 Jun. 9834 Apr
6001
Shell Union Oil, pref_10
Oct
h Oct 1
Oct 20
h Oct 25 1
Rights
55,5361
Aug 9934 Feb
1001 8434 Oct 25 8434 Oct 25 80
Sinclair Oil, pref._ _ _1
Mar
24 9634 Oct 23 9234 Jan 100
So Porto Rico Bug,pf 100 2001 98 Oct
Superior Steel, 1st pf.1
1001 9934 Oct 2 9954 Oct 26 9554 Jun 100 Sept
Tobacco Prod, pref__100 3,200111054 Oct 2211534 Oct 2. loot Fe 11534 Oct
900j 37 Oct 24 38 Oct 22 3534 Au 4134 June
Underwood Typew'r2
Oc 223
Feb
Oct 23 170
United Cigar Stores_ _100 300170 Oct 2 171
500 9034 Oct 2610034 Oct 23 9734 Au 10834 Mar
US Realty dr Imp full pd
Jan
100 500 3134 Oct 26 3234 Oct 21 3134 Oc 84
Van Raalte
Waldorf System, new _• 300 16 Oct 20 18 Oct 2 1434 Jun 20 May
Tn.
Clot an
eu.t 94 5241 Clot 22 62
,
v,,,,,,,, ,, cihnat A. rr,,,... • 1 Ina ao
• No par value.
THE CHRONICLE
OCT. 27 1923.]
gratumerciai autiMiscellattermsgem_
-The following information regarding
National Banks.
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.
Capital.
Oct. 15
-The Farmers & Merchants National Bank of Bakers$150,000
field, Calif
Correspondent, John Kelly Russell, Bakersfield, Calif.
25.000
Oct. 17
-Kings Park National Bank, Kings Park, N. Y
Correspondent, W. Ward Smith, Kings Park. N. Y.
25,000
Oct. 20
-The First National Bank of Sherman, So. flak
Correspondent. Carl Digre, Sherman, So. flak.
25,000
-The Citizens National Bank of Oneida, Tenn
Oct.20
Correspondent, Geo. W. Cross, Oneida, Tenn.
APPLICATIONS TO ORGANIZE APPROVED.
$25,000
-The Heliport National Bank. Heliport, N. Y
Oct. 15
Correspondent,John Kennedy Ewing Jr., Heliport, N.Y.
50,000
-The First National Bank of Narrowsburg, W. y
Oct. 15
Correspondent, M. P. O'Connor, Callicoon, N. Y.
60,000
-The Citizens National Bank of Llano, Texas
Oct. 17
Correspondent. C. II. Appleton, Llano, Texas.
50.000
-The Grape Belt National Bank of Westfield, N. Y_ _
Oct. 20
Correspondent, Royal M. Bates, Jamestown, N. Y.
-The United States National Bank of Galveston, Texas_ _1,000,000
Oct. 20
Succeeds Texas Bank & Trust Co. of Galveston.
Correspondent, R. Lee Kempner, Galveston, Texas.
APPLICATION TO CONVERT RECEIVED.
-The Washing on County National Bank of Johnson
Oct. 17
$100,000
City, Tenn
Conversion of the City Savings & Trust Co., Johnson
City, Tenn.
VOLUNTARY LIQUIDATIONS.
$400,000
-The First National Bank of Burlington. Iowa_ _
Oct. 15
-351
Effective Oct. 15 1923. Liquidating committee, C. E.
Perkins, Wm. Carson and H. S. Rand, Burlington,
Iowa. Absorbed by the First Iowa State Trust &
Savings Bank, Burlington, Iowa.
25,000
-10851-The First National Bank of Hamlet, No. Caro
Oct. 15
Effecitve July 10 1923. Liquidating agent, E. N.
Rhodes, Hamlet, No. Caro. Absorbed by the Page
Trust Co. of Aberdeen, No. Caro.
-Among other securities, the following,
Auction Sales.
not usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Mul er & Sons, New York:
Price.
Shares. Stocks.
$18 West India Sugar Finance
$50 lot
Corp., com
$750 lot
75 Dunn & Jewesson.Inc
525 lot
486 Industrial Motors Corp
Ames Automatic Shock Ab'r_ _SI lot
250
51 lot
100 Lake Erie Motor Co
1,000 Amer. Raylo Corp.,Pref.-8100 lot
100 J. G. White Engineering Co.
$77I5 per sh.
7% cum. met
1,371 Shell Union Oil Co.. _51314 per sh.
1.071 Industrial motors dorp_ _ _ 425 lot
1,000 Ifedloy Gold Min., $10 00.5625 lot
3,000 Grand Pacific Goon.. $1 ea.$20 lot
$1 lot
1 Mon Bay Iron Co
25 Price Campbell Cotton Picker
Corp., pref
53 Price Campbell Cotton Picker
$10 lot
Corp., scrip. Prof
53 Price Campbell Cotton Picker
Corp., com. & $71 scrip v.t.c.
$1 lot
250 U. S. Steamship Co
Shares. Stocks.
Price.
150 Tiffin Products, Inc.. pref_1560 lot
80 Tiffin Products. Inc., pref. III
43,802 Meridian Petroleum Corp.
corn. at& of dep. $10 each_ _ $50 lot
280 Societe Gen.de Commerce off
'
Athens. Greece, 500 dr. each-- $30 lot
280 Spoleto Gen. de Commerce of
Athens, Greece, 500 Or. each
339 4-10 Dillon Mills, com
$100 lot
30,000 Economy Mines, $1 ea_ 575 lot
100 Manhasset Mfg. Co.8% pref.
certif. of deposit
$55 lot
I Doctor Pettit Camps,Inc
310
63i Deep Sea Fisheries. Inc, no pa?'lot
1 Seaview Gold Club
Bonds.
Price.
$10,000 Connecticut Zinc Corp. 75
1923
$210 lot
$6,000 St.Joseph(Mo.) Water Co.
5s, 1941
72%
$100 Glen Ridge Club 4s, 1938._ _.540
By Messrs. R. L. Day & Co., Boston:
Price.
Shares, Stacks.
10 Naumkeag Steam Cotton Co.
156
(new)
101%
6 Arlington Mills
6 Nashua & Lowell RR.Corp_ _107 ex-div
1 Converse Rubber Shoe Co., pref. 8114
40 Interpreter Publishing Corp., pi. I
5
1.000 Cowan Truck Co
21%
I Boston Belting Co., prof
3 units Ivar-Lite Corp, $10 each._145
6 Charlestown Gas & Elec., $50 ea_145%
1 Lowell Elec. Lt. Corp--109 ex-div.
Shares. Stocks.
Price.
100 Asbestos Corp. of Am., pref... $5 lot
100 Asbestos Corp. of Am.,corn_ _
39 Riordan Co., Ltd., 1st met____ .03c.
9 Riordan Co.. Ltd.,common.... .01c.
6 Plymouth Cordage Co
105%
10 Mass. Lighting Cos., 8% pref.-108
10 Smith & Dove Mfg. Co., pref.- 90
10 Tinkled Gold Mining Co., pref-152 lot
10 Trinidad Gold Mining Co.,comj
2 Draper Corporation
161%
By Messrs. Wise, Hobbs & Arnold, Boston:
Price,
Price. Shares Stocks.
Shares. Stocks.
100 Liggett's International. Ltd.,
10 National Shawmut Bank,Boston209
•
8% pref., ex-div
51%
5 Ludlow Mfg.Associates
141%
7-100 State Theatre Co., pref
62c.
30 Queen,Run Refractories, corn- 10
18 Plymouth Cordage Co
105%-34
By Messrs. Barnes ex Lofland, Philadelphia:
Shares. Stocks.
Price.
950 King Midas Milling Co
53
10 Western Land Association
130
6 Phila. Life Ins. Co., par $10
10%
5 Independence Fire Insur. Co.... 26%
5 Jenkintown Water Co
35
9 Jenkintown Bank & Trust Co__ _201
15 Continental-Equitable Title &
Trust Co., par $50
175%
15 Tradesmen's National Bank..._290
10 Bank of North Amer.dr Tr. Co_288%
5 Corn Exchange National bank_ __410%
20 (rights) Media Title & Trust Co.
at $50
1014
46 Girard Ave. Farmers' Market
Co., par 850
34
1931 Drovers & Merch. Nat. Bank_151
2 Corn Exchange National Bank-410
21 Philadelphia National Bank--390
20 United Security Life & Trust Co.15531
10 Union National Bank of mt.
125
Holly, N. J
185
10 Phila. Co.for Guar. Mtges
/ Real Estate Title Ins.& Trust Co.481
20 Logan Bank & Trust Co., par $50 60
Shares. Stocks.
Price.
20 Peoples Trust Co., par $50
7814
10 Penn. Co.for Insurances on Lives
578
dr Granting Annuities
250 Penn. Garage & Service Co_ -$10 lot
100 Notaseme Hosiery Co., 1st pref.
voting trust certificate
$12 lot
50 Notaseme Hosiery Co., 1st pref38 lot
29 Ventnor Syndicate
34
40 West Jersey Securities Co
3
5 American Academy of Music_ _ _697
14 Victory Insurance Co.,par 515- 9931
10 Cadet Hosiery Co., pref
100
50 Alfreds, Inc., pref
$25 lot
100 Western N.Y.& Penn. Hy_ _ _ _ 1231
50 Phila. Warehousing & Cold Stor_104
19
10 Philadelphia Bourse
40
40 Cambria Iron
Price.
Bonds.
$10,000 Columbus Buckeye Lake &
Newark Traction Co. 5s. 1921..540 lot
$500 Manufacturers Club of Phila.
6s, 1940
9031
54,000 Duquesne Trac. Co.5s, 1930 84
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the current week. Then we follow with a second table, in which
we show the dividends previously announced, but which have
not yet been paid.
The dividends announced this week are:
1859
Per
When
Cent. Payable.
Name of Company.
Books Closed.
Days Inclusive.
Railroads (Steam).
Central RR. of New Jersey ((Mar.)
*2
Nov. 15 *Holders of rec. Nov. 7
Cleveland & Pittsburgh, guar. (guar.)... *8711c Dec. 1 *Holders of rce. Nov. 10a
Special guaranteed (guar.)
*50c. Dec. 1 *Holders of rec. Nov. 106
Norfolk & Western, common (quar.)-- -- '131 Dec. 19 *Holders of rec. Nov.30
Pennsylvania RR.(guar.)
•75c. Nov.30 *Holders of rec. Nov. 1
Vicksburg Shreveport & Pacific. com_ _ _ 2% Oct. 30 Holders of rec. Oct. 19
Public Utilities.
Brooklyn Edison Co.(guar.)
2
Dec. 1 Holders of rec. Nov.20a
(qu.) ..8131 Nov. 15 *Nov. 1 to Nov. 15
Connecticut Ry.& Ltg., corn. & pf.
Consolidated Gas, common (quar.)
$1.25 Dec. 15 Holders of rec. Nov. 80
Duquesne Light, 1st pref.. Series A (qu.) 131 Dec. 15 Holders of rec. Nov. 15
Eastern Shore Gas & Electric, pref.(qu.) *2
Dec. 1 *Holders of rec. Nov.15
Edison Elec. Ilium. of Brockton (quar.). 234 Nov. 1 Holders of rec. Oct. 230
Extra
4
Nov. 1 Holders of rec. Oct. 236
Lowell Electric Light (quar.)
234 Nov. 1 Holders of rec. Oct. 240
Extra
5
Nov. 1 Holders of rec. Oct. 240
Massachusetts Gas Companies, pref
Dec. 1 *Holders of rec. Nov. 15
*52
Pacific Gas & Electric, pref. (quar.)...- 134 Nov. 15 Holders of rec. Oct. 316
Southern California Edison,corn.(guar.) *2
Nov. 15 *Holders of rec. Oct. 20
Southern Canada Power,com.(No. 1) *51
Nov. 15 *Holders of rec. Oct. 31
Tampa Electric Co. (guar.)
234 Nov. 15 Holders of rec. Nov. 10
Banks.
Chemical National (hi-monthly)
Fire Insurance.
Pacific Fire (extra)
4
Nov. 1 Holders of rec. Oct. 200
$1.25 Oct. 24 Holders of rec. Oct. 23
Miscellaneous.
American Metals, common (guar.)
•75c. Dec. 1 ,
'
Holders of rec. Nov. 17
4.1 h
Preferred (guar.)
Dec. 1 *Holders of rec. Nov. 19
Amparo Mining (guar.)
3
Nov. 10 Nov. 1 to Nov. 11
Beech-Nut Packing, com.(In corn. stk.) ;150 Dec. 10 *Holders of rec. Dec. 1
Bethlehem Steel Corp., corn. (guar.)_ _ _ *114 Jan. 2 *Holders of rec. Dec. 1
Bond &'Mortgage Guarantee (quar.)_ _ _ 4
Nov. 15 Holders of rec. Nov. 8
Brunswick-Balke-Collender, com.(au). *11( Nov. 15 *Holders of rec. Nov. 5
_
Canadian Connecticut Cotton Mills, pf._ 52
Nov. 15 Holders of roc. Nov. 1
Carleton Dry Goods, pref. (guar.)
131 Nov. 1 Holders of rec. Oct. 26
Central Oil & Gas Stove, corn.(quar.)
$2
Nov. 1 Holders of rec. Oct. 25
Preferred (quar.)
2
Nov. 1 Holders of rec. Oct. 25
Chicago Mill & Lumber, common
50c. Nov. 15 Holders of rec. Nov. 1
Chili Copper(quar.)
*6231c Dec. 29 *Holders of rec. Dec. 1
Cities Service
Common (monthly pay.in cash scrip) _ 0I4 Dec. 1 Holders of rec. Nov. 15
Common (payable in com. stock scrip) 0114 Dec. 1 Holders of rec. Nov. 15
Preferred and preferred B (monthly)_ _
15 Dec. 1 Holders of rec. Nov. 15
4
Nov. 1 Holders of rec. Oct. 25
Columbian Manufacturing
Congoleum Co., corn.(In corn. stock)_ _ */300
Holders of rec. Dec. 12
Conlaga Mines
•234 Nov. 1 *Holders of rce. Oct. 19
Dominion Bridge (guar.)
1
Nov. 15 Holders of rec. Oct. 31
Elsemann Magneto Corp., Pref.(guar.)- 1% Nov. 1
Elgin National Watch (extra)
*5
Dec. 20 *Holders of rec. Dec. 3
114 Nov. 1 Holders of rec. Oct. 26
Emerson Shoe, preferred (guar.)
Everett Mills
6
Nov. 1 Holders of rec. Oct. 23a
Farr Alpaca (Veda]
12
Nov.30 Holders of rec. Oct. 28a
)
Firestone Tire & Rubber,7% Pref.(qu.) 1% Nov. 15 Holders of rec. Nov. 1
•10
Nov. 15 *Holders of rec. Nov. 5
Ford Motor of Canada
Globe Automatic Sprinkler, Class A (qtr.) *62I4c Nov. 1 *Holders of rec. Oct. 20
Goodrich (B. F.) Co., preferred (quar.)_ 1.14 Jan. 2 Holders of rec. Dec. 22
*2
Nov. 15 *Holders of rec. Nov. 8
Great Lakes Dredge & Dock (quar.)
1
Nov. 1 Holders of rec. Oct. 22
Hamilton-Brown Shoe(monthly)
134 Nov. 1 Holders of rec. Oct. 26
Harmony Mills, preferred (guar.)
*82
Dec. 1 ;Holders of rec. Nov. 1
Hartman Corporation (guar.)
Hart,Schaffner & Marx,Inc.,com.(Ou.)- .134 Nov.30 *Holders of rec. Nov.16
1% Nov. 1 Holders of rec. Oct. 20
Holt Manufacturing, let pref.(guar.)_ _
*75c. Dec. 1 *Holders of rec. Nov.15
Household Products, Inc. (guar.)
*1% Nov. 1 *Holders of rec. Oct. 25
Ipswich Mills, preferred (quar.)
Johnson Educator Biscuit, Class A (qu.) 50c. Nov. 1 Holders of rec. Oct. 25
Nov. 15 ;Molders of rec. Nov. 1
•2
Lake Shore Mines
Nov.30 *Holders of rec. Oct. 31
*$1
Lehigh Coal & Navigation (guar.)
1
Nov. 1 Holders of rec. Oct. 29a
Lessing's, Inc. (guar.)
Nov. 1 Holders of rec. Oct. 15
Loew's Buffalo Theatres,Inc., pref.(qu.) 2
2
Nov. 1 Oct. 23 to Oct. 31
Loew's Ohio Theatres, Inc
Madison Square Garden,Class A (guar.) *50c. Nov. 1 *Holders of rec. Oct. 25
1% Dec. 1 Holders of rec. Oct. 24
Merrimac Manufacturing (guar.)
135 Nov. 1 Holders of rec. Oct. 20
Missouri Portland Cement (quar.)
Morris Plan Co.(Cleveland) (guar.)
134 Nov.
Holders of rec. Oct. 25
Munsingwear, Inc
*75c. Dec.
*Holders of rec. Nov.20
Narragansett Mills (guar.)
134 Nov.
Holders of rec. Oct. 200
Nov.
National Carbon, preferred (guar.)
2
Holders of rec. Oct. 23
*1
Nov. 1 *Holders of rec. Nov. 1
National Fireproofing, preferred
*1
Feb. 1 *Holders of rec. Feb. 1
Preferred
May 1 *Holders of rec. May 1
Preferred
National Supply Co. of Del., com.(cm) 75c. Nov. 1 Holders of rec. Nov. 5
New Mad.Sq. Gard. Corp., Cl. A (qu.). *50c. Nov. *Holders of rec. Oct. 25
Nov. 15 Holders of rec. Oct. 31
Ontario Steel Products, com.(guar.).
- 1
114 Nov. 15 Holders of rec. Oct. 31
Preferred (quar.)
Otis Company
4
Nov.
Holders of rec. Oct. 29
Nov. 16 *Holders of rec. Oct. 30
Pacific Lighting Corp.,corn.(guar.)._ _ _ •4
Pacific Mills (quar.)
1% Nov. 1 Holders of rec. Oct. 250
Pennsylvania Coal & Coke (guar.)
$1
Nov. 10 Holders of rec. Nov. 5
Producers & Refiners Corp., pref.(guar.) •8734c Nov. 5 *Holders of rec. Nov. 3
Pure 011 Corporation, corn.(guar.)
•3714c Dec. 1 *Holders of rec. Nov,15
Revillon,Inc., preferred (quar.)
2
Nov. 1 Holders of rec. Oct. 20
Rosenbaum Grain Corp.. pref.(guar.)
Nov. 15 *Holders of rec. Nov. 7
- •2
*114 Nov. 1 *Holders of rec. Oct. 27
Roxbury Carpet, preferred (quar.)
.5
Nov. 1 'Holders of rec. Oct. 24
Sagamore Manufacturing (guar.)
• 4 Jan.
1
Shawmut Mills, common (quar.)
2 *Holders of rec. Dec. 20
Preferred (guar.)
*131 Dec. 31 *Holders of rec. Dec. 20
Southern States Oil (monthly)
100. Nov.20 Holders of rec. Nov. 1
Standard Sanitary Mtg., corn. (quar.).. $1.25 Nov. 15 Holders of rec. Nov. 1
Preferred (guar.)
1% Nov. 15 Holders of rec. Nov. 1
Sterling Products, Inc. (extra)
*SI
Dec. 10 *Holders of rec. Nov.20
Stewart-Warner Speedometer (guar.) _ _ $2.50 Nov. 15 Holders of rec. Oct. 31
Tren.Poet., cum.& non-cum., pt.(am)_ 2
Oct. 25 Holders of rec. Oct. 180
Troxel Manufacturing, preferred (guar.) 114 Nov. 1 Holders of rec. Oct. 25
Union-Buffalo Mills. common
4
Nov. 15 Nov. 9 to Nov. 15
Common (payable In common stock).. 150 Oct. 30 Holders of rec. Oct. 180
First preferred
3% Nov. 15 Nov. 9 to Nov. 15
First preferred
334 My15'24 Holders of rec. May Sc
Second preferred
214 Nov. 15 Nov. 9 to Nov. 15
Second preferred
2% M515'24 Holders of rec. May 8a
Union Manufacturing (guar.)
•134 Nov. 1 *Holders of rec. Oct. 24
United Drug,2d pref.(quar.)
$1.50 Dec. 1 Holders of rec. Nov. 15
U.S. Cast Iron Pipe & FdY.. Pf.(extza). •2
Dec .15 *Holders of rec. Dec. 1
•1
U.S. Playing Card (guar.)
Janl'24 *Holders of rec. Dec. 21
Extra
*50c. Jan1'24 *Holders of rec. Deo. 21
Van Raalte Co., preferred (guar.)
'131 Dec. 1 *Holders of rec. Nov. 15
Warwick Iron & Steel
*30c. Nov. 15 ;Holders of rec. Oct. 31
Weetamoe Mills(guar.)
,,
•134 Nov. 5 *Holders of rec. Oct. 24
Westfield Manufacturing, corn. (quar,).. 75e, Nov. 15 Holders of rec. Oct. 31
Preferred (guar.)
2
Nov. 15 Holders of rec. Oct. 31
Will & Baumer Candle,corn.(guar.)._ _ •25c. Nov. 15 *Holders of rec. Nov. 1
Wright Aeronautical Corp.(guar.)
250. Nov.30 Holders of rec. Nov. 15
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding'table.
Name of Company.
Railroads (Steam).
Atch. Top. dc Santa Fe, com.(quar.)__.
Baltimore Or Ohio, com.(guar.)
Preferred (guar.)
Per
When
Cent. Payable.
Boobs Closed.
Days Inclusive.
1% Dec. 1 Holders of rec. Oct. 260
134 Dec. 1 Oct. 14 to Oct. 15
1
Dec. 1 Oct. 14 to Oct. IF
1860
Name of Company.
Per
When
Cent. Payable
Books Closed.
Days Inclusive.
Railroads (Steam) (Concluded).
Cln. Sandusky & Cleveland, pref
$1.50 Nov. 1 Oct. 26 to Nov. 1
Cubs Railroad. preferred
FebV24 Holders of rec. Jan.19'246
3
Nov.i5 Holders of rec. Nov. 16
Gulf Mobile & Northern, pref.(No. U... $1
30c. Nov. 1 Oct. 21 to Nov. 1
Hudson Companies
Illinois Central, common (guar.)
131 Dec. 1 Holders of rec. Nov. 26
Internat. Rys. of Cent. Am., pt.(gu.)-- 1X Nov.15 Holders of rec. Oct. 31
Nov. 1 Holders of rec. Oct. 226
MahonIng Coal Bit., common
$10
2
Nov. 1 Holders of rec. Oct. 24
Morris & Essex Extension RR
131 Dec. 1 Holders of rec. Nov.200
New Orleans Texas & Mexico (qua:,)
131 Nov. 1 Holders of rec. Sept. 286
New York Central RR (guar.)
Nov. 19 Holders of rec. Oct. 310
Norfolk & Western. ad. pref. (qua:.). 1
131 Nov. 1 Holders of rec. Oct. 20
Northern Pacific (guar.)
Nov. 1 Holders of rec. Oct. 24
2
Passaic & Delaware Extension RR
Pere Marquette,five per cent preferred.. 131 Nov. 1 Holders of rec. Oct. 15a
131 Nov. 1 Holders of rev. Oct. 150
Priorpreference (qua:.)
Pittsburgh & West Virginia, pref. (oil.). 134 Nov.30 Holders of roe. Nov. 16
1.3i F eb 29'24 Holders of rec. Feb.1'24a
Preferred (guar.)
Nov. 8 Holders of rec. Oct. 160
Reading Company,common (guar.) - $I
50e. Dec. 13 Holders of rec. Nov 27a
First preferred(MO
234 Oct. 31 Holders of rec. Oct. 20a
Southern By., pref
Nov. 1 Holders of rec. Oct. 24a
3
Syracuse Binghamton & New York
Nov. 1 Holders of rec. Oct. 13
3
Utica Chenango & Sum. Valley
Public Utilities.
134 Oct. 29 Holders of rec. Oct. 15
Amer. Dist. Teleg. of N.J.(guar.)
131 Nov.15 Holders of rec. Oct. 310
Amer.Elec. Power, pref.(guar.)
75c. Nov. 1 Holders of rec. Oct. 13
Amer. Gas & Elec.. pref.(guar.)
1
Nov. 1 Oct. 12 to Oct. 25
Amer. Light & Traction. corn. (guar.)._
Nov. 1 Oct. 12 to Oct. 25
Common (payable in common stock)_ _ 11
134 Nov. 1 Oct. 12 to Oct. 25
Preferred (guar.)
Amer.\Vat. Wks.& El„ Inc., 1st pf.(qu) 131 Nov.15 Holders of rec. Nov. la
Six per cent partly. pref. (quar.)
1
Nov. 15 Holders of rec. Nov. la
Appalachian Power, 1st pref. (quar.).. 131 Nov. 1 Holders of rec. Oct. 15a
Bangor Railway & Electric, cons.(guar.) 1
Nov. 1 Holders of rec. Oct. 10
Brazilian Tr., Lt.& Pow.,ord.(guar.)__
1
Dec. 1 Holders of rev. Oct. 31
Cape Breton Electric Co
Nov. 1 Holders of rec. Oct. 100
3
Carolina Power & Light. corn. (guar.).34 Nov. 1 Holders of rec. Oct. 17
Cedar Rapids Mfg.& Power (quar.). _
31 Nov. 15 Holders of rec. Oct. 31
Cleveland Elec. Ill., 6% pref. (quer.)_ _
134 Nov. 1 Holders of rec. Oct. 25a
Columbia Gas & Elec. (quar.)
85c. Nov. 15 Holders of rec. Oct. 316
Columbus Ry., Pow.& Lt., core.(qu.)
Dec. 1 Holders of rec. Nov. 156
I
Preferred, Series A (guar.)
134 Jan2'24 Holders of rec. Dec. 15a
Holders of rec. Oct. 1116
Preferred, Series B
231 Nov.
Commonwealth-Edison (guar.)
Nov. 1 Holders of rec. Oct. 130
2
Commonwealth Power Corp.,6% pf.(qu) 134 Nov. 1 Holders of rec. Oct. 19
Dallas Power & Light, pref. (quar.)____
131 Nov. 1 Holders of rec. Oct. 20
Detroit United Railway (guar.)
134 Dec 1 Holders of rec. Nov. 10
Edison Electric Ilium. of Boston (guar.). 3
Nov. 1 Holders of rec. Oct. 15
Electric Bond & Share. pref.(quar.)____
134 Nov. 1 Holders of rec. Oct. 15
Fall River Gas Works(guar.)
Nov. 1 Holders of rec. Oct. 170
3
Ft. Worth Power & Lt., pref.(guar.) _
131 Nov. 1 Holders of rec. Oct. 15
Havana El. By. L. & P. corn. & pref._ 3
Nov. 15 Oct. 28 to Nov. 15
. Houghton Co. El. Light, pref.(quar.)-- 75c. Nov. 1 Holders of rec. Oct. 220
131 Nov. 1 Holders of rec. Oct. 16
Idaho Power, preferred (guar.)
, Illinois Northern Utilities, pi.(quar.)
*134 Nov. 1 *Holders of rec. Oct. 15
Nov. 15 Holders of rec. Oct. 31
Kaministiquia Power (guar.)
2
Keystone Telephone. pref.(qu.)(No.1) 'Si
Dec. 1 *Holders of rec. Nov. 20
2
Lawrence Gas (guar.)
Nov. 1 Holders of rec. Oct. 10
Massachusette Gas Cos.,corn. (guar.).- 144 Nov. 1 Holders of rec. Oct. 15
Milwaukee El. Ry.& Lt., pref.(guar.).- 144 Oct. 31 Holders of rec. Oct. 206
Montreal Light. Heat & Power (quer.).- 2
Nov. 15 Holders of rec. Oct. 31
Montreal Lt„.11t. & low. Cons.(guar.) 134 Nov. 15 Holders of rec. Oct. 31
Montreal Tramways(guar.)
234 Nov. 2 Holders of rec. Oct. 22
Montreal Water & Power,common
13231c Nov. 15 Holders of rec. Oct. 310
Preferred
334 Nov. 15 Holders of rec. Oct. 31a
Municipal Service Co., preferred (guar.) 134 Nov. I Holders of rec. Oct. 156
Nevada-California Elec. Corp., pf.(qu.) 131 Nov. I Holders of rec. Sept.30
Newp. N.& H.By.,Q.& E.,corn.(qu.) $1.25 Nov. 1 Holders of rec. Oct. 15a
Northern States Power. common (quar.) 2
Nov. 1 Holders of rec. Sept. 29
Preferred (quar.)
134 Oct. 20 Holders of rev. Sept. 29
Pacific Power & Light, pref.(guar.).- 131 Nov. 1 Holders of rec. Oct. 18
Philadelphia Co. corn. (guar.)
Si Oct. 31 Holders of rec. Oct. 16
8% preferred
31.50 Nov. 1 Holders of rec. Oct. 16
Philadelphia Rapid Transit(guar.)
75c. Oct. 31 Holders of rec. Oct. 150
Pittsburgh Utilities, common (No. I)--- al
Nov. 1 Holders of rec. Oct. 15
Common (extra)
Nov. 1 Holders of rec. Oct. 15
(1)
Preferred (No. I)
35e. Nov. 1 Holders of rec. Oct. 15a
Preferred (extra)
25c. Nov. 1 Holders of rec. Oct. 15a
Portland Gas & Coke, pref.(guar.)
131 Nov. 1 Holders of rec. Oct. 18
Public Service Co. of Nor.111.,com.(qu.) 131 Nov. 1 Holders of rec. Oct. 15a
No par common stock (guar.)
$1.75 Nov. 1 Holders of rec. Oct. 15a
Preferred (guar.)
135 Nov. 1 Holders of rec. Oct. 15a
Public.Service Investment, corn. (guar.) 131 Nov. 1 Holders of rec. Oct. 15a
Preferred Mar.)
131 Nov. I Holders of rec. Oct. 156
Sierra Pacific Electric Co., pref. (quar.)_
14$ Nov. 1 Holders of rec. Oct. 130
Texas Electric Securities. corn.(guar.).- 1
Dec. 1 Holders of rec. Nov. 15a
Second preferred (guar.)
134 Nov. 1 Holders of rec. Oct. I5a
Texas Power & Light. pref. (guar.)_
131 Nov. 1 Holders of rec. Oct. 17
United Gas Improvement, pref.(guar.). 8734c Dec. 15 Holders of rec. Nov. 306
United Light& Rys.,corn.(guar.)
131 Nov. 1 Holders of rec. Oct. 15s
Common (extra)
31 Nov. 1 Holders of rec. Oct. 151
Participating preferred (extra)
31 Jan 2'24 Holders of rev. Dec. 15
United Rys.& Elec., Bait., corn.(guar.) 50c. Nov. 15 Holders of rec. Oct. 250
West Penn Company.8% pref. (guar.)_
134 Nov. 15 Holders of rec. Nov. 16
Seven per cent preferred (guar.)
pi Nov. 15 Holders of rec. Nov. la
WestPenn Power Co., pref.(guar.)
134 Nov. 1 Holders of rec. Oct. 15
York Railways, preferred (guar.)
8234c Oct. 30 Holders of rec. Oct. 206
Banks.
Bowery (guar.)
Extra
Corn Exchange (guar.)
Pacific (guar.)
Extra
Trust Companies.
Farmers' Loan & Trust (quar.)
Miscellaneous.
Allied Chemical & Dye Corp.. con).(111.)
Allis-Chalmers Mfg., common (guar.)._
Amalgamated Sugar,first pref.(quar.)_
American Bank Note,corn.(guar.)
American Can, corn.(guar.)
American Cigar, common (guar.)
American Coal(guar.)
American Glue, preferred (guar.)
Am.La France Fire Eng„Ine„com.(qu.)
American Linen (guar.)
American Machine & Foundry (guar.)
American Radiator, common (guar.) -Preferred (guar.)
American Sales Book, pref.(guar.)
Amer. Shipbuilding, corn. wean)
Common (guar.)
Common (guar.)
Common (guar.)
Pref. (guar.)
Amer. Smelt. & Refg., corn.(guar.).Preferred Mar.)
American Soda Fountain (guar.)
Amer.Vitrified Products,common
Pref.(guar.)
Amoskeag Mfg.(guar.)
Archer-Daniels-Midland Co.. pf.(qu.)
Art Metal Construction (guar.)
Associated Dry Goods,corn.(guar.)._
First preferred (guar.)
Second preferred (quar.)
Atlantic Refining, pref. (guar.)
[VoL. 117.
THE CHRONICLE
3
12
5
2
2
Nov.
Nov.
Nov.
Nov.
Nov.
1
1
1
1
1
Oct. 27 to Oct. 31
Oct. 27 to Oct. 31
Holders of rec. Oct. 31
Oct. 27 to Oct. 31
Oct. 27 to Oct. 31
Nov. 1 Holders of xec. Oct.d20a
81
Nov. 1 Holders of rec. Oct. 156
1
Nov. 15 Holders of rec. Oct. 240
2
Nov. 1 Holders of rec. Oct. 17
51.25 Nov. 15 Holders of rec. Nov. la
131 Nov. 15 Holders of rec. Oct. 3Ia
134 Nov. 1 Holders of rec. Oct. 156
$1 Nov. 1 Oct. 12 to Nov. 1
2
Nov. 1 Holders of rec. Oct. 18
25c. Nov.15 Nov. I to Nov. 14
*2
Nov. 1 *Holders of rec. Oct. 20
134 Jan 1'24 Holders of rec. Dec. la
$1
Dec. 31 'Holders of rec. Dec. 15a
144 Nov. 15 Holders of rec. Nov. la
134 Nov. 1 Holders of rec. Oct. 15
2
Nov. 1 Holders of rec. Oct. 156
2
Febl'24 Holders of rec. Jan.15'240
2
May1'24 Holders of rec. Apr.15'240
2
Augl'24 Holders of rec. July 15'246
131 Nov. 1 Holders of rec. Oct. 15
131 Nov. 1 Holders of rec. Oct. ha
131 Dec. 1 Holders of rec. Nov. 90
131 Nov. 15 Holders of rec. Oct. 31
50c. Dec. 15 Dec. 6 to Dec.15
144 Nov. 1 Oct. 21 to Oct. 31
75c. Nov. 2 Holders of rec. Oct. 160
*1. Nov. 1 *Holders of rec. Oct. 20
,
ra
25c. Oct. 31 Holders of rec. Oct. 12
1
Nov. 1 Holders of rev. Oct. 136
134 Dec. 1 Holders of rec. Nov. 106
134 Dec. 1 Holders of rev. Nov. 100
134 Nov. 1 Holders of rec. Oct. 15a
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Atlas Powder, pref.(qua?.)
134 Nov. 1 Holders of rec. Oct. 200
Austin, Nichols & Co., Inc., pref.(qu.). 131 Nov. 1 Holders of rec. Oct 25a
Bang Service Stations. pref. (qua:).... 2
Nov. 1 Holders of rec. Oct. 150
Barnhart Bros. & Spindler
First and second preferred (guar.).--134 Nov. 1 Holders of rec. Oct. 28a
Beacon Oil, preferred (quar.)
1.874$ Nov. 15 Holders of rec. Nov. 10
Bethlehem Steel Corporation-.
Seven per cent cum. pref. (guar.) --- 134 Jan 2'24 Holders of rec. Dec. 15a
Seven per cent non-cum. pref. (guar.) 131 Jan 2'24 Holders of rec. Dec. 15a
Eight per cent preferred (guar.)
2
Jan 2'24 Holders of rec. Dec. 15a
Bigelow-Hartford Carpet, corn. (guar.). 2
Nov 1 Holders of rec. Oct.d20a
Preferred (guar.)
134 Nov. 1 Holders of rec. Oct.d20a
Borden Company, preferred (qua:.)__.. 134 Dec. 15 Holders of rec. Dec. 1
Bourne Mills (guar.)
*3
Nov. 1 *Holders of rec. Oct. 17
Bridgeport Machine Co. (guar.)
25c. Jan 1'24 Holders of rec. Dec. 200
Quarterly
25e. Apr2'24 Holders of rec.Mar.20'24a
Brill (J. G.) Co., pref. (guar.)
134 Nov. 1 Oct. 25 to Oct. 31
British Empire Steel Corp., M.B (quar.) 131 Nov. 1 Holders of rec. Oct. 13a
Brown Shoe. pref. (guar.)
134 Nov. 1 Holders of rec. Oct. 20a
Buckeye Pipe Line (gear.)
$1.50 Dec. 15 Holders of rec. Nov.20
Bunte Bros., pref.(guar.)
1)4 Nov. 1 Oct. 26 to Oct. 31
Burns Bros., prior preference (guar.) --- 131 Nov. 1 Holders of rec. Oct. 19a
Class A common (guar.)
$2.50 Nov. 15 Holders of rec. Nov. la
Class B common (guar.)
50c. Nov. 15 Holders of rec. Nov. la
Burroughs Adding Mach. (quar.)
$2 Dec. 31 Holders of rec. Dec. 20
Butler Bros.(guar.)
334 Nov. 15 Oct. 28 to Nov. 15
California Packing Corp.(quar.)
$1.50 Dec. 15 Holders of rec. Nov.30a
Canada Cement, pref. (guar.)
144 Nov. 16 Holders of rec. Oct. 31a
Canadian Car & Foundry Co.Preferred (account accum. dividends). 5331 Jan1924 Holders of rec. Dec. 29
Canadian Converters (guar.)
131 Nov.15 Holders of rec. Oct. 31
Canadian Explosives. common (guar.).- 131 Oct. 31 Holders of rec. Sept.29a
Cartier, Inc., pref (qua:.)
131 Oct. 31 Holders of rec. Oct. 15
Century Ribbon Mills, pref.(Qua:).... 131 Dec. 1 Holders of rec. Nov.150
Cerro de Pasco Copper (quar.)
Si
Nov. 1 Holders of rec. Oct. 18a
Checker Cab Mfg., class A (quar.)
• $1.25 Nov. 1 Holders of rec. Oct. 15a
Class A (guar.).
$1.25 ebl'24 Holders of rec. Janl5'24a
Chic. Wilm.& Franklin Coal, pt.(q11.)
134 Nov. 1 Holders of rec. Oct. 18a
Chicago Yellow Cab (monthly)
331-30 Nov. 1 Holders of rev. Oct. 20a
Cities Service Co.
Corn.(monthly, pay. In cash scrip)._
034 Nov. 1 Holders of rec. Oct. 15
Corn. (pay. In corn, stock scrip)
g131 Nov. I Holders of rec. Oct. 15
Preferred and preferred B (monthly)__
44 Nov. 1 Holders of rec. Oct. 15
ClInchfield Coal, pref. (guar.)
131 Nov. 1 Holders of rec. Oct. 26a
Cluett, Peabody & Co., com.(guar.).
- 134 Nov. 1 Holders of rec. Oct. 20a
Columbian Carbon (qua:.)
$1
Nov. 1 Holders of rec. Oct. 20a
Connecticut Cotton Mills, 1st pref.(qu.) 144 Nov. 1 Holders of rec. Oct. 18
Consolidation Coal (guar.)
134 Oct. 31 Holders of rec. Oct. 15a
Continental Can.common (guar.)
$I
Nov 15 Holders of rec. Nov. 5a
Crucible Steel. common (guar.)
1
Oct. 31 Holders of rec. Oct. 15a
Cuba Company. common (guar.)
*51 Dec. 1 *Holders of rec. Nov.15
Cuban-American Sugar.common
75c. Nov. 15 Holders of rec. Oct. 240
Common
75c. Jan 2'24 Holders of ree. Dec. 8a
Cudahy Packing, 7% preferred
344 Nov. 1 Oct. 21 to Oct. 31
Six per cent preferred
3
Nov. 1 Oct. 21 to Oct. 31
Cumberland Pipe Line
10
Dec. 15 Holders of rec. Nov.30
Cushman's Sons, Inc., common (qu.). 75c. Dec. 1 Holders of rec. Nov.15
Seven per cent pref.(quan)
131 Dec. 1 Holders of rec. Nov.15
Eight per cent pref.(qua:.)
2
Dec. 1 Holders of rec. Nov.15
Davis Mills(quar.)
4334 Der. 22 Holders of rec. Dec. 8a
Derby Oil& Refining. pref.(qua:.)
$1
Oct. 20 Holders of rec. Oct. 17a
Detroit Brass & Malleable Wks.(mthly.) *44 Nov. 1 *Holders of rec. Oct. 26
pictograph Products Corp..
Preferred (guar.)(acct. accum.diva.). 52
Nov. 15 Holders of rec Oct. 31a
Dominion Coal, Ltd., pref.(guar.)
141 Nov. 1 Holders of rev. Oct. 12
Dominion Steel Corp.,Ltd.,pref.(guar.) 14$ Nov. 1 Oct. 16 to Nov. 1
duPontGE.I.)de Nem.Powd..com.(qu.). 14$ Nov. 1 Holders of rec. Oct. 20a
Preferred (quar.)
144 Nov. 1 Holders of rev. Oct. 200
Durham Hosiery, pref.(quar.)
144 Nov. 1 Holders of rec. Oct. 25a
Elsenlohr (Otto) & Bros.,corn.(guar.)
14$ Nov. 15 Holders of rec. Nov. la
Elgin National Watch (guar.)
2
Nov.
Holders of rec. Oct. 18a
Esmond Mills, common (guar.)
134 Nov.
Holders of rec. Oct. 25
144 Nov.
Preferred (guar.)
Holders of rec. Oct. 25
Eureka Pipe Line (quar.)
2
Holders of rec. Oct. 156
Nov.
Exchange Buffet Corp.(quar.)
50c. Oct. 3 Holders of rec. Oct. 20a
Fair (The), preferred (guar.)
144 Nov.
Holders of rev Oct. 20a
Fajardo Sugar (quar.)
244 Nov.
Holders of rec. Oct. 20
Extra
24$ Nov.
Holders of rec. Oct. 200
Famous Players-Lasky Corp.. pref.(qu.) 2
Nov.
Holders of rec. Oct. 15
Federal Sugar Refining, cont.(guar.)--- 1
Nov.
Holders of rec. Oct. 22a
Preferred (guar.)
114 Nov.
Holders of rec. Oct. 22a
Fifth Avenue Bus Securities (Quar.)---- 18e. Nov. 1
Holders of rec. Nov. la
Fisher Body Corp., common (guar.).- $2.50 Nov.
Holders of rec. Oct. 20a
Fleishmann Co., common (guar.)
50c. Jan 1'2 Holders of rec. Dec. 15a
Fulton Iron Works,common (quar.).... Si
Oct. 3 Holders of rec. Oct. 20
General Cigar,common (guar.)
1;4 Nov.
Holders of rec. Oct. 230
Preferred (guar.)
1)4 Dec.
Holders of rec. Nov.24a
Debenture preferred (guar.)
131 Jan.
Holders of rev. Dec. 240
General Development (quar.)
25e. Nov.2 Holders of rec. Nov. 10a
General Motors Corp.7% deb.stock(qu) 131 Nov.
Holders of rec. Oct. 80
Six per cent debenture stock (qu.)... 134 Nov.
Holiera Of tee. Oct. 80
Six per cent preferred stock (guar.)._
134 Nov.
Holder§ of rec. Oct. 8a
General Petroleum Corp.,corn.(quar.) 50e. Dec. 1
Holders of rec. Nov.30
4331e. Dec.
Prefer,ed (quar.)
General Tire & Rubber,common (guar.) 76c. Nov.
Holders of rec. Oct. 20
Gillette Safety Razor (guar.)
$3
Dec.
Holders of rec. Nov. 1
45
(Stock dividend)
Dec.
Holders of rec. Nov. 1
Holders of rec. Oct. 15a
Gimbel Bros.. pref.(guar.)
134 Nov.
Gossard (H. W.)& Co.. coin.(monthly) 25e. Nov.
Oct. 21 to Oct. 31
256. Dec.
Nov.21 to Nov.30
Common (monthly)
144 Nov.
Oct. 21
to. Oct. 31
Preferred (guar.)
2
Holders of rec. Oct. 15a
Gray & Davis, preferred (guar.)
Nov.
Gulf States Steel Co.
First and second preferred (guar.).-- 131 Jan 22 Holders of rec. Dec. 14.
Halle Bros Co.. lst & 2d pref.(guar.).-- 1% Oct. 3 Oct. 25 to Oct. 81
131 Nov.
Holders of rec. Oct.d10
Harris Bros. Co., pref. (guar.)
*75e Dec. 1 'Holders of rec. Nov.30
,
Hoye, Wheel (qua:.)
131 Nov. 1
Hercules Powder. prof.(guar.)
Nov. 6 to Nov.14
234 Nov.
Holders of rec. Oct. 18
Hill Mfg. (guar.)
1
Nov.
Holders of rec. Oct. 18
Hollinger Consolidated Gold Mines
15.4 Nov.
Hood Rubber, pref. (guar.)
Oct. 21 to Nov. 1
Hupp Motor Car Corp.,coin.(qua:.)... 25e. Nov.
Holders of rec. Oct. 156
Independent Brewing,Pittsburgh, pref.- 331 Oct. 3 Holders of rec. Oct. 19a
2
Nov. 1
Indiana Pipe Line (guar.)
Holders of rec. Oct. 19
Internat. Combustion Engineering (qu.) 500. Oct. 3 Holders of rec. Oct. 23a
International Nickel, pref. (guar.)
134 Nov.
Holders of rev. Oct. lla
International Shoe, pref.(guar.)
50o. Nov.
Holders of rec. Oct. 15
Intertype Corporation,common (guar.). 25e. Nov. 1
Holders of rec. Nov. 10
1111
Common (in comm
Nov. 1
stock)
Holders of ree. Nov. la
2
Iron Products Corp., pref.(quar.)
Nov. 1 Holder, of rec. Nov. la
Kaufmann Dept. Stores, corn,(qual.)
*31 Nov.
*Holders of rec. Oct. 20
Oct. 3 Holders of rec. Oct. 23
Kellogg Switchboard & Supply (qual.).- 2
Kelly-Springfield Tire, pref. (guar.)
Nov. 1 Holders of rec. Nov. la
-- 2
154 Nov.
Kelsey Wheel, preferred (quar.)
Holders of rec. Oct. 20a
Kidder Peabody Accept. Corp."A"(qu.) 234 Nov.
Holders of rec. Oct. 15
2
Kinney (G. R.) Co., pref.(guar.)
Dec.
Holders of rec. Nov.20
1
Nov.
Kress(B. H.) Co., common (guar.)
Holders of rec. Oct. 20a
234 Dec.
Lancaster Mills, common (guar.)
Holders of rec. Nov.23
144 Nov.
Holders of rec. Oct. 24
Preferred (guar.)
2
Lincoln Mfg. (guar.)
Nov.
Holders of rec. Oct. 186
134 Nov.
Lindsay Light, preferred (guar.)
Holders of rec. Nov. 15a
131 Feb11'2 Holders of reo.Feb.7'24a
Preferred (guar.)
Loew's Boston Theatres, corn. (guar.).- 1
Nov. 1
Holders of rec. Nov. 3
Loose-Wiles Biscuit
2d pref. (acc't accumulated dividends) 37 Nov.
Holders of rec. Oct. Ha
Lord & Taylor, 1st pref.(guar.)
*Holders of rec. Nov.17a
•134 Dec.
24 pref.(quar.)
2
Nov.
Holders of rec. Oct. 20a
Luther Mfg. (guar.)
*2
Nov.
*Holders of rec Oct. 18
131 Nov.
Holders of rec. Oct. 181)
Macy (Ft• H.)& Co., Inc., pref.(quar.)
Martin-Parry Corp. (guar.)
75e. Dec.
Holders of rec. Nov.150
3
Massachusetts Cotton Mills (qt'ar.).
Nov. 1
Holders of rev Oct. 18
TIT' CHRONICLE
OCT.27 1923.]
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive
•
1861
•
Weekly Return of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending Oet. 20. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
Miscellaneous (Concluded).
McCrory Stores
Dec.
*Holders of rec. Nov.20
Corn. A & B (quar.)(Pay.In com.stk.) *ft
*Holders of rec. Nov.20
Dec.
Com. A & B (extra)(pay.in com.stk.) 4.15
1M Nov.
Holders of rec. Oct. 200
Preferred (quar.)
Holders of rec. Oct. 22
500. Nov.
Melville Shoe Corp.,corn.(quar.)
Nov.
Holders of rec. Oct. 22
2
Preferred ((mar.)
Nov.
Holders of rec. Oct. 250
Merchants Mfg. (quar.)
12
50o. Nov.1 Holders of ree. Nov. la
Miami Copper Co. (quar.)
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
*Holders of rec. Oct. 25
•25c. Nov.
Michigan Drop Forge (monthly)
Holders of rec. Oct. 150
750. Nov.
(Stated to thousawls of dollars-that is. three ciphers (0OO) osattal.)
Moon Motor Car (quar.)
Holders of rec. Oct. 150
2.50 Nov.
Extra
Oct. 21 to Oct. 31
$2 Nov.
Motor Products, Class A (oiler.)
Nov.
Holders of rec. Oct. 16
New I
2
Mullins Body Corp., pref.(quar,)
14( Nov.
Holders of rec. Oct. 190
Reserve
Capital. Profits Loans,
Nash Motors. prof. A (guar.)
Time Boat
NM
with
750. Jan152 Holders of rec. Dec. 310 Week ending
Discount Cash
National Biscuit, common (quar.)
Prow
IN Nov.3 Holders of rec. Nov. 160
Legal Demand
Oct. 20 1923
ate, -ept.14 Investin
Preferred (quar.)
Deposits. Posits. ;aNov.
Holders of rec. Oct. 150
State. Sept 10 ments, Vault. DeportNational Dept.Stores, let pref.(quar.). 155
Sas.
((000 warned.) Tr.Cos.Sept.10
1% Dec.
Holders of rec. Nov. 15
ate.
tortes.
Second preferred (quar.)
110
Nat. Enameling & Stamping. pref.((u.)_ 1% Dec. 3 Holders or roe.
Holders of rec. Nov. 230 Members of F d. Res. Rank. Average Average Average Average AMMO AVIS.
154 Dec. 1
i
National Lead, pref.(quar.)
$
Bank of N Y &
$
$
$
National Refining, corn. (quar.)
$
i
154 Nov.1 Holders of rec. Nov. 1
47,502 6,922
Holders of rec. Oct. 19
Trust Co.__ 4.000 12,108
64,50
1% Nov.
806 6,681
National Tea. pref. (quar.)
101,590 20,287
Nov.1 Holders of rec. Oct. 310 Bk of Manhatrn 10,000 13.616 134,051 2,2
13,984
2
New Jersey Zinc (quar.)
Mech &Met Na 10,000 16.849 161,51
140,51
,
Nov.
Holders of rec. Oct. 20
2
4,586 18,525
New Niquero Sugar
77,37!3,153
Bank of Amer
6,500 5,648
114 Oct. 3 Holders of rec. Oct. 20
77,071 1,71 10,372
New River Company, preferred
Nat City Bank. 40.000 5.1.2 -1 507,812 4,478
.524,30 75,928 2;i5i
Oct. 16 to Oct. 30
,
Newton(Geo. B.) Coal,lst pref
334 Nov.
345
Nov.
Holders of rec. Oct. 5a Chem Nat Bank 4,500 16.55
95,991 5,81
1,08 12,821
118,30
New York Air Brake, corn.(quar.)
in
296
32
152
500
Holders of rec. Dec. 3a Nat Butch ds Dr
5,171
41
5341
3,70
$1 Jan.
Class A (quar.)
Holders of rec. Oct. 22a Amer Each Nat 5,000 8.12 • 91,99
77,422 6,26 4,942
90 10,43
$1 Nov.
New York Shipbuilding
Nat Bk of Corn.. 25,000 39.449 312,01
258,554 16,403
96 34,540
10e. Nov. 1 Holders of rec. Oct. 31
011 Lease Development(monthly)
28,304
23,659 1,653
300. Oct. 3 Holders of tee. Oct. 150 Pacific Bank._. 1,000 1.723
814 3,733
Packard Motor Car, corn.(guar.)
Dec.) Holders of rec. Dec. 200 Chat & Phen Nat 10.500 9,791 145,302 5,163 16,953
111,56 26,703
Peerless Trick k Motor ((131st)
_ $1
Hanover Nat Bk 5,000 21,904 116,287
Nov.) Holders of rec. Nov. 5
305 13,579
102,594
Penmans, Limited, common (guar.).. 2
Holders of rec. Oct. 20
Corn Exchange. 9,075 12.876 179,08
5,474 22,126
159,34 24.16i 13-t
134 Nov.
Preferred (quar.)
Holders of rec. Oct. 200 National Park.. 10.000 24,0 0 160,999 1,029 16,505
127,09
134 Nov.
Phillips-Jones Co., pref. ((mar.)
832
15,912
Holders of rec. Oct. 2
374 1,694
East River Nat. 1.000
11,899 5 4°7
:
40c. Nov.
Pick (Albert) Co.,common (quar.)
7
:
,
Holders of rec. Oct. 2
537 24.634
First National__ 10,000 55,943 266.977
185,026 19,951 7 124
130. Nov.
New common(guar.)
Nov.
Holders of rec. Oct. 200 Irving-Bk-Coar 17.500 11.407 246,912 4,187 32,22
244,387 14,377 -- -2
Pierce, Butler dr Pierce Mfg., pf. (U.)
373
158
7,615
956
,
Continental Bk_ 1,000
1% Oct.d3 Holders of rec. Oct. 17
Plant (Thomas G.) Co.(guar.)
Holders of rec Oct. 200 Chase National. 20.000 23.250 336,500 4,519 38,808, 289,921 24,287 1,088
75e. Nov.
Poetum Cereal, corn. (quar.)
24,204
Holders of rec. Oct. 20
658 2,923
81
21,613
--- ---Fifth Avenue__
500 2,525
2
Nov.
Preferred (quar.)
10,363
611 1,189
8,999 1,004 ---600 1.011
Oct. 3 Holders of rec. Sept.29a Commonwealth.
Prairie Oil dr Gas (quar.)
2
28
396_ 7_
14,371
2,0561
13,657
000.3 Holders of rec. Sept.290 Garfield Nat_ _. 1.000 1,642
37
2
Prairie Pipe Line (quer.)
246
219 2
040
20,262
1.190
16.320 1,
Nov.) *Holders of rec. Oct. 25
Fifth National.. 1,2
Procter dr Gamble Co.,corn.(guar.) _
*5
85,709
7,358
82,026 2,311
884 10.785
4.
Nov. 1 Holders of rec. Oct. 310 Seaboard Nat_
Pullman Company (guar.)
2
16.091
13,395
863 410
290 1,892
$1.25 Nov. 1 Holders of rec. Oct. 290 Coal & Iron Nat 1.500 1,283
Punta Alegre Sugar,common
24.228 246.29
1,111 27,3911 *214,426 24,728
Oct. 20 to Oct. 31
Bankers Trust. 20.
Pyrene Manufacturing, common (quar.) 2% Nov.
44,183 2,685
988 5,723
Quaker Oats, preferred (quar.)
154 Nov.3 Holders of rec. Nov. la U S Mtge & Tr. 3.000 4,4 8 49,132
Holders of ree.Sept. 140 Guaranty Trust 25.000 18,330 355,029 1,452 39,121 *360,658 47.482
500 Nov.
Reynolds Wing.corn.((u.)(No.1)____
18,184 2.019
374 2,455
22,134
Fidel-InterTrust 2,000 1.945
25e. Dec. 2 Dec. 9 to Dec. 20
Joseph Lead (guar.)
118,334 16.92
546 15.794
Dec. 20
Extra
25c. Dec. 2 Dec. 9 to
N Y Trust Co.., 10.000 18,342 151,45
39.293
580 4.673
Metropolitan TT 2,000 4,01
Holders of rec. Oct. 20
St. Lawrence Flour Mills, corn.(quar.) _ 1% Nov.
*85,647 25,833
603 11,949
Holders of rec. Oct. 20
Farm Loan & Tr 5,000 16,171 121,64
Preferred (quar.)
134 Nov.
L.,224 218,601 1,770 25.863 12219,885 17.04
Equitable Trust 23.
St.Louis Coke dr Iron,7% pref.(quar.)_ 1% Nov.2 Holders of rec. Oct. 31
St. Louis Cotton Compress (guar.)
Holders of rec. Oct. 210
2
Nov.
Salt Creek Producers (quar.)
Oct. 16 to Oct. 31
Total of averages 289.375440.179 4,350.91 49,892 488,095c3,603.312403.379 32 315
200. Nov.
.
20e. Nov.
Oct. 16 to Oct. 31
Extra
Totals, actual condition Oct. 204,338,826 48,032512,35803,606,924407,51832.306
Holders of rec. Oct. 15
Savannah Sugar Refining, pref. (quar.) _
1,4 Nov.
Dec.
Holders of rec. Nov. 150 Totals, actual condition Oct. 134.328,575 51,145 488,53903,560,846 396.50332,286
dehulte Retail Stores,°out (In pref. stk.) m$2
Common (payable in preferred stock). m$2
Mr 1'2 Hold,of rec. Feb. 15'240 Totals, acme condition Oct. 64,362.731 48,691 491,01603,567,969 401.94632,434
State Banks Not Members of Fedi Res've Bank. I
Nov.) Nov. 7 to Nov. 14
Scotten-Dillon Co. (quar.)
3
18,511 1,710 2,166
19,3481
Greenwich Bank 1,000 2,337
Extra
Nov. 7 to Nov. 14
3
Nov. 1
2,793 2,053
350,
3911
5,546
879
250
Scott Paper, pref. (quar.)
,Holders of rec. Oct. 240 Bowery Bank_
134 Nov.
88,60
3,5491 1,863
29,120 55,591
2.500 5,009
Scruggs dr V.B.Dry Goods,corn. Mar.) 2
Holders of rec. Oct. 25
State Bank
Nov.
'Holders of rec. Oct. 15
Seaboard 011d: Gas (monthly)
'1340.Nov.
51,261 57,648 ____
*Holders of rec. Oct. 15
Total of averages 3,750 8.226 112,662 5,609, 4,420
Monthly
'134c. Dec.
Monthly
'134c. Jan 1'2 'Holders of rec. Oct. 15
113,138 5,7041 4,454
51,852 57,720
of rec. Nov. 3a Totals, actual co ndltion Oct, 2
Shell-Union Oil, pref. her. A (quar.)
Holders
13.4 Nov. 1
51.194 57,497
Shove Mills (quar.)
Holders of rec. Oct.d27a Totals, actual condition Oct. 131 112,775 5,6221 4,082
d154 Nov.
49,683 57,331
Holders of rec. Oct. 15a Totals, actual condition Oct. 6j 111.155 5,6771 4,061
Simmons Company, pref. (guar.)
134 Nov.
Sinclair Consolidated 011, corn.(quar.)
500. Nov.3 Holders of rec. Nov. la Trust Compsn les Not Members of Fed 'I Res'v e Bank.
57,750 1,708 3,487
34,549 1,770
Preferred (quar.)
2
Nov. 1 Holders of rec. Nov. la Title Guar & Tr 10.000 13.616
651
16,190
8671 1,612
26,134
Holders of rec. Nov. 170 Lawyers Tit & T 6,000 5.480
Spalding (A. G.) & Bros., 1st pref. (qu.) 134 Dec.
Holders of tee. Nov. 17
Second preferred (quar.)
2
Dee.
80,884 2,5751 5,099
50,739 2.4211 ____
Holders of rec. Oct. 150 Total of averages 16.000 19.046
Stafford Mills (war.)
Nov.
154
Standard Milling, corn. (guar.)
13.4 Nov.3 Holders of rec. Nov.200
80,770 2,5571 5.1751
51,231 2,423,
Preferred (quar.)
154 Nov.3 Holders of rec. Nov.200 Totals, actual co ndition Oct. 20
80,794 2,5671 5,324
49,872 2.4211
Holders of rec. Oct. 26
1% Dec.
Standard 011 (Ohio), prof.(guar)
Totals, actual co ndltion Oct. 13
82,460 2,5741 5,130
51,070 2.598
Steel Co. of Canada, corn.& pref.(qu.)_
1,5 Nov.
Holders of rec. Oct. 5
Totals, actual co ndltion Oct. 6
Holders of rec. Oct. 150
Sterling Products(quar.)
El
Nov.
*Holders of rec. Nov.15
Stern Bros., prof. ((uar.)
*2
Dec.
Gr'd aggr., aver.309,125467,502 4,544,456 58,076497,614 3,705,312 463,44832,315
Oct. 21 to Oct. 31
Stover Mfg. & Engine, pref.(quar.)_
1% Nov.
Comparison wit h prey. week _ _ +10,579 -536 +5,6941 +39,454 +4,172 -24
Sugar Estates of Oriente. pref.(quer.)._
Holders of rec. Oct. 150
2
Nov.
Nov. 1 Holders of rec. Nov. la Gr'd
Superior Steel Corp., 1st & 2d p1.(qu.). 2
aa'l cond'n Oct. 204,532.734 56,293521,987 3,710,027 467,661 32,306
Thompson (John R.) Co., corn.(mthly.) 250. Nov.
Holders of rec. Oct. 230 Comparison with prey. week _ - +10,590-3.041+24042 +48.115+10940 +20
Common (monthly)
250. Dec.
Holders of rec. Nov.230
1% Nov.1 Holders of rec. Nov. la Ged aggr., creel condo Oct. 134,522,144 59.334497,94 3,661,912 456,721 32,286
Tobacco Products, Class A ((mar.)
4,556,346 50,942 400,207 3.668,722 461.87532.434
50c. Dec.
Holders of rec. Oct. 25
Union Copper Land & Mining
Gr'd aggr., aa'l condo Oct
81c. Oct. 2 Holders of rec. Oct. 10
Union 011 Associates (quar.)
(It'd aggr., ace!condo Sept.29 4,578.339 55.657511.529 3,695,217 469,932 32,297
Union 011 of California (quar.)
51.80 Oct. 2 Holders of rec. Oct. 150 (It'd acer., ad'Icond'n Sept.22 4,539,958 54.496 475,825 3,647,464 475,816 32,402
Holders of rec. Nov. 50 Gr'd aggr., acel;cond'n ep 15 4,527,458 65,353494,759 3,661,400471,371 32,439
114 Dec.
Union Tank Car,common (quar.)
Holders of rec. Nov. 5a (It'd aggr., actloond'n Sept. 84,486,188 58,007479,955 3.600,319472.482 32,50,3
1% Dec.
Preferred (quar.)
Nov.
3
Holders of rec. Oct. 1130
United Cigar Stores, common (guar.).
114 Dec.
Holders of rec. Nov. 150
United Drug, corn.(quar.)
Note.
-U. S. deposits deducted from net demand deposits in the general tots
Holders of roe. Oct. 152 above were as follows: Average total Oct. 20, 527,610,000; actual totals Oct. 20:
87 A c Nov.
let pref.(guar.)
Jau2'2 Holders or rec. I WO. 15,i 523,506,000; Oct. 13. 838,119,000; Oct. 6, 543,300.000; Sept. 29, $45,220,000.
United Dyewood, pref. (guar.)
15e. Oct. 2 Holders of rec. Oct. 8
United Eastern Mining (quar.)
Sept. 22, 345,185,000. Bills payable, rediscounts. acceptances and other liabilities.
Holders of rec. Oct. 50 average for week Oct. 20, $421,079,000; Oct. 13,$430,663,000; Oct.6.8419.114.000:
Nov.
United Verde Extension Mining (guar.)- $1
Holders of rec. Dec. la
U.S.Cast Iron Pipe & Fdy.. prof.(q113- 11( Dee. 1
Sept.29,3416,720,000: Sept.22,8378,127,000. Actual totals Oct. 20,3410,913.000:
115 S. Glass (quar.)
50c. Oct. 3 Holders of rec. Oct. 25a Oct. 13, 5439,118,000; Oct. 6, 8451,054,000; Sept. 29, 5439,670,000; Sept. 22,
Holders of rec. Oct. 20a 8393,294,000.
U.S. Realty & Impt., pref.(quar.). 1% Nov.
_
Oct. 3 Holders of rec. Oct. 15a
2
United States Rubber. let pref.(quar.)
•Includes deposits in foreign branches not Included in total footings as follows:
Holders of rec. Oct. 15
50e. Nov.
Ventura Canso'. Oil Fields(guar.)
511,685,000; Guaranty
Holders of rec. Oct. 24a National City Bank, 3120,896,000; Bankers Trust Co.,
50e. Nov.
Wahl Co., corn. (monthly)
Trust Co., $76,916,000; Farmers Loan & Trust Co.. $216,000; Equitable Trust Co.,
Holders of ree. Nov.23a
50c. Dec.
Common (monthly)
carried in banks in foreign countries as reserve for such
'2 Holders of rec. Dec. 24a 827,767,000. Balances City
50e.J an 1
Common (monthly)
National
Bank, $22,290,000; Bankers Trust Co., $1,421.000:
155 Jan 1 '2 Holders of rec. Dec. 24a deposits were:
Preferred (gust.)
Guaranty Trust Co.. 36,787,000; Farmers' Loan & Trust Co., 5216,000; Equitable
Oct. 17 to
2
Nov
Oct. 31
Wampanoag Mills (gust.)
Trust Co., 32,583.000. c Deposits in foreign branches not included.
*300. Nov.)
Warwick Iron & Steel
$1.25 Dec. 2 Holders of rec. Nov.200
Wells Fargo & Co
,
The reserve position of the different groups of institutions
100. Oct. 3 Holders of reo. Oct. 15
Western States 011 (monthly)
$1.40 Oct. 3 Holders of rec. Sept. 29s on the basis of both the averages for the week and the actual
Westinghouse Air Brake(quar.)
Oct. 3 Holders of rec. Sept.28a
Westinghouse Elec. dr Mfg.,corn.(quar.) $I
condition at the end of the week is shown in the following two
$1 Dec. 3 Holders of rec. Dec. 20
White Motor ((uar.)
1.14 Oct. 3 Holders of rec. Oct. 25a tables:
White Rock Mineral Spring, pref.(qu.)_
Nov. 1 *Holders of rec. Nov. 15
Wolverine Portland Cement
Holders of rec. Nov. 90 STATEMENT OF RESERVE POSITION OF CLEARING HOUSE B •NKS
Dec.
2
Woolworth (F. W.) Co.(guar.)
AND TRUST COMPANIES.
Oct. 28 to Oct. 31
Wrigley(Wm.)Jr.& Co.,corn.(mthly.) 500. Nov.
Holders of rec. Oct. 25
25.0. Nov.
Common (extra)
Nov.24 to Nov.30
50c. Dec.
Common (monthly)
Averages.
Holders of rec. Nov. 24
25c. Dee.
Common (extra)
50c. Janl '2 Dec. 25 to Jan. 1 1924
Common (monthly)
a
Cash
Reserve
25e. Jan1'2 Holders of rec. Dec. 24
Common (extra)
Surplus
Reserve
Total
in
Reserve
50e. Fent .2 Jan.26'24 to Jan.31 '24
Coin mon (monthly)
Reserve
Required.
in Vault. Depositaries Reserve.
25e. Febl'2 Hold, of rec. Jan 25'24
Common (extra)
250. Marl'2 Hold. of rec. Feb 25'24
Common (extra)
3
Members Federal
25e. Aprl'2 Hold.of rec. Mar 25'24
Common (extra)
488.095,000 488,095,000 480,531,930 7,563,070
Reserve banks..
Holders of rec. Oct. 25a State
Yellow Cab Mfg., class B (monthly) _ _ 41230 Nov.
802,020
5.609.000 4.420,000 10,029,000 9,226,980
banks.
63,150
E change has ruled that stock Trust companies_ - - 2.575,000 5,099.000 7.674,000 7,610,850
• From unofficial sources. t The New York Stock
will not be quoted ox-dividend on this date and not ntll further notice. 1 The
Total Oct. 20_ --- 8,184,000 497.614,000 505,798.000 497,369,760 8.428,240
New York Curb Market Association has ruled that stock will not be quoted exTotal Oct. 13_ --8,078,000 491,920,000 499,998,000 492,077,380 7,920,620
dividend on this date and not until further notice.
Total Oct. 6 _. - 7,948,000 495,851,000 503,799,000 497,189,310 6,609,690
a Transfer books not closed for tills dividend. d Correction. e Payable in stock.
Total Sept. 29........ 7,086,000 486,546,000 494,352,000 489,262,580 5,089,420
Payable in common stock. g Payable In scrip. h On account of accumulated
dividends. m Payable in preferred stock. ra Payable in Canadian funds.
• Not members of Federal Reserve Bank.
a This Is the reserve required on Oct demand deposits in the case of State banks
o New York Curb Market rules British Amer. Oil be quoted ex-div. On OCT. 1.
P All transfers received in London on or before Sept. 3 will be in time for PaYmen 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:
of dividend to transferees.
Oct. 20, 512,101,370; Oct. 13, $11,978,190; Oct. 6, 812,165,120; Sept. 29, 512,r Subject to approval by stockholders.
317,430.
I Extra dividend on corn. $96,250.
-514
1
1
1
1862
T1 EE CHRONTCLE
Actual Figures.
Cash
Reserve
Reserve
in
in Vault. Depositaries
Members Federal
Reserve banks_ _
State banks.
Trust companies_ _
Total Oct. 20.-- Total Oct. 13_-_
Total Oct. 6_ _ _ _
Total Sept. 29_
Total
&MM.
But
Reserve.
Reserve
Required.
[VOL. 117.
Boston Clearing House Weekly Returns.
-In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
$
$
$
$
512,358,000 512,358,000 481,125,880 31,232,340
5,704.000 4,454,000 10,158.000 9,338,980
821,040
2,557,000 5,175,000 7,732,000 7,684,650
47,350
8,261,000,521.987,000 530,248,000 498,147,270
8,189,000 497.945,000 506,134,000 491,509,790
8,251,000 500,207,000 508.458.000 492,497,790
7,804,000511,529,000 519,333,000 496,182,440
32,100,730
14,624,210
15,960,210
23,150,560
•Not members of Federal Reserve Banks.
b This Is the reserve required on net demand deposits In the ease 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. 20, 512,225,540; Oct. 13, 311,904,090; Oct. 6, 512,058,380; Sept. 29, $12.303,870.
Oct. 24
1923.
Changes from
previous week.
Oct. 17
1923.
Oct. 10
1923.
$
$
8
$
Capital
57,300,000 Unchanged
57,300,000 57,300,000
Surplus and profits
83,591,000 Dec. 793,000 84,384,000 84,437,000
Loans, disc'ts & Investments- 871,187,000 Dec. 16,085,000 887,272,000 887,714,000
Individual deposits,incl.U.S. 639,044,000 Inc.
160,000 638,884,000 607,559,000
Due to banks
121,908,000 Dec. 3,029,000 124,937,000 115,954,000
Time deposits
308,000 127,927,000 128,274.000
128,233,000 Inc.
United States deposits
20,401,000 Dec. 8,427,000 28,918,000 37,653,000
Exchanges for Clearing House 25,826,000 Dec. 4,745,000 30,571,000 21.737,000
Due from other banks
72,962,000 Dec. 10,811,000 83,773,000 66,088,000
Reserve in Fed. Res. Bank
74.087,000 Inc. 1,796,000 72,291,000 70,087,000
Cash In bank and F. R. Bank 9,228,000 Dec. 393,000 9,621,000 9,483,000
Reserve excess In bank and
Federal Reserve Bank
3.127.000 Inc.
478.000 2.1149.000 1.7118.000
State. Banks and Trust Companies Not in Clearing
Philadelphia Banks.
-The Philadelphia Clearing House
-The State Banking Department reports weekly
House.
figures showing the condition of State banks and trust corn-. return for the week ending Oct. 20, with comparative figures
panics in New York City not in the Clearing House as follows: for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER are 10% on demand deposits and 3% on time deposits, all
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
to be kept with the Federal Reserve Bank. "Cash in vaults"
(Figures Punished by State Banking Departmeht.)
Differencesfrom is not a part of legal reserve. For trust companies not memprevious week.
Oct. 20.
bers of the Federal Reserve System the reserve required is
Loans and investments
$811,090,100 Dec.$8,317,100 10% on demand deposits and includes "Reserve with
legal
Gold
3,307,100 Inc.
67,600
Currency and bank notes
872,300 depositaries" and
21,921,700 Inc.
Cash in vaults."
Deposits with Federal Reserve Bank of New York
77,166,400 Inc. 2,697,500
Total deposits
846,826,900 Inc. 3,336,400
Week Ending Oct. 20 1923.
Deposits, eliminating amounts due from reserve deTwo Ciphers (00)
Oct. 13
positaries and from other banks and trust comTryst
omitted.
Membersof
1923.
panies In N.Y.City,exchanges and U.S.deposits 798,514,700 Inc. 3.190.600
F.R.System Companies Total.
Reserve on deposits
137,167,800 Inc. 6,406,200
Percentage of reserve, 22.3%.
Capital
839.375,0 $5,000, , $44,375,0 $44,735.0
RESERVE.
107,774.0 15.513,0 123,287,0 123,287,0
- Surplus and profits
-Trust Companies
-State BanksLoans, disc'ts
Cash in vault
572.343,200 16.58% Exchanges for & investm'ts 707,740,0 43,588,0 751.326.0 759,327,0
.$30,052,000 16.93%
359,0 33,090,0 30,813,0
Clear. House 32,731,0
Deposits in banks and trust cos __ 9,547,900 05.38%
25,224,700 05.78% Due from banks
13,0 111,109,0 101,324,0
111,096,0
Bank deposits
834.01 126,837,0 124,094,0
126,003,0
Total
$97,567,900 22.36% Individual deposits
539,599,900 22.31%
537,813,0 28,340,0 564,153,0 557,939,0
Time deposits
949,0 55,435,0 55,547,0
54,486,0
* Includes deposits with the Federal Reserve Bank of New York, which for the Total deposits
718,302,0 28,123,0 7413,425,0 737,580,0
State banks and trust companies combined on Oct. 20 was $77,166,400.
U.S. deposits (not incl.) _
13,772,0
Res've with legal deposit's
3.043,0
3.043,0
3,063,0
Reserve with F. R.Bank_ _ 55,724,0
55,724.0
54,547.0
Cash in vault.
1,256.0 10,794,0 11,448,0
9,538,0
1
Total reserve and
4,299,0,
69,158,0
-The Reserve required cash held 65,262,0 4,067.0, 69,581,0 60,355,0
Banks and Trust Companies in New York City.
60,891,0
56,624,0
averages of the New York City Clearing House banks and Excess res. & cash in vault 8,638,0
232.0' 8,870,0
8,803.0
trust companies combined with those for the State banks • Cash in vault not counted as reserve for Federal Reserve members.
and trust companies in Greater New York City outside of
the Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
'
'Total Cash
in Vaults.
Loans and
Investments.
$
5,455.575.600
5.521,531,400
5.467,089,000
5,404,780,500
5.350.244.500
5,335,175.500
5,287,688.600
5.268,838,700
5.229,446,600
5.257.620,900
5.299,993,700
5,305,103,700
5,343.149,700
5,351,110,900
5,389,173,500
5,353,284,200
5.355.546.100
Weekended-.
June 30
July 7
July 14
July 21
Any 28
Aug. 4
Aug. 11
Aug. 18
Aug. 25
Sept. 1
Sept. 8
Sept.15
Sept. 22
Sept. 29
Ott. 6
Oct. 13
Oct. 20
Demand
Deposits.
$
4,543,063,300
4.614,315,200
4,555.262.200
4,527,081,500
4,469,997,800
4,452,081.300
4,372,278,000
4.350.022,600
4,338,781,700
4.354,662,100
4.380.653,300
4,404.072,200
4,458,769,600
4,422,478,500
4,488.842,200
4,461,182,100
4.509 soil win
Reserve in
Depositaries
$
80,871,000
83,510.400
85.305,800
79,020,500
78,711,400
78,048,100
80,142,000
79,734,800
78,651.400
79,233,800
79.476,700
82,333,900
79,777.500
79.056,100
80,036,500
82,900,900
9:4.304.800
$
606.940,200
633.640.100
608,094,400
809,843,200
588.988,700
591.712,400
578,778,900
581,500.000
573,572,600
577.416,800
584.092,300
591.433,500
601,935.000
587,766.500
602.701,800
598,292.700
600.034.000
New York City Non-Member Banks and Trust Cornpanies.-The following are the returns to the Clearing House
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
-that is, three ciphers [0001 omitted.)
(Stated in thousands of dollars
I
Net 1Loans
Net
Nat'l
CLEARING ,Capital.Prelits. DL,
Reserve Net
counts. Cash
NON-MEMBERS
with Demand Time Bank
Nat.bks. Sep.14 Invest- In
De- CircuDeLegal
Week Ending Statebks.Sep.I0 ments. Vault. Deposi- posits. poets. lation.
Oct. 20 1923. Tr.cos Sep. 10 Ac.
tories.
Members of
Fed'I Res've Bank
W.R.Grace & Co.
500
500
200
800
388 6,537
2,2171 21.6
719
347
2,515. 1,49
8,770 1,444
21,086 ..--
Total
Trust Company
Not Member of
Fed'I Res've Bank
Mech.Tr.,Bayoian
1,000
2,605 28,137
3,2341
1,837
26,856
1,444
390
61
3,034
5.725
Total
500
407
407
8,907
8,907
Grand aggregate- 2,000 4,580 43,349
Comparison with previous week _ _ +369
3981
51
3.034
5,725
3,652 2,253 101,509 10,098
+1.655
+20 -13
*31,157 8,443
Gr'd aggr., Oct. 13 2,000 4,580 42.980 3,632' 2,3
230,382 9,693
Gr'd aggr., Oct. 6 2,000 4,580 42,187 3.429, 2,1
Gr'd aggr.,Sept.29 2,000 4,580 42,129 3.369 2,17 .29,976 9,838
Gr'd aggr., Sept.22 2.000 4,406 42,548 3,4181 2,31 .30,339 10,181
•United States deposits deducted, $186,000.
Bills payable, rediscounts, acceptances and other liabilities, $145,000.
• Excess reserve, 11187,160 decrease.
$44,375,0
123,287,0
760,473,0
31,045,0
102,697,0
126,704.0
580.866,0
58,217,0
743,787,0
9,426,0
3,143.0
58,373,0
10,806,0
70,322,0
60.836,0
9,488,0
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. 24 1923 in
comparison with the previous week and the corresponding
date last year:
Oct. 24 1923. Oct. 17 1923. Oct. 25 1922.
$
182.908,637 183,231,657 161,429,000
151,348,881 140,835,587 198,541,000
ResourcesGold and gold certificates
Gold settlement fund-F. R. Board.
Total gold held by bank
Gold with Federal Reserve Agent
Gold redemption fund
334,257,499
634,442,670
8,859,241
324,087,244
034,527,570
5,332,464
359,970,000
680,984,000
8,438,000
Total gold reserves
Reserves other than gold
977,559,410
19,041,107
963,927,279 1,049.392,000
18,297,733
34,407,000
Total reserves
996.600,517
'Non-reserve cash
11,117,502
Bills discounted:
Secured by U. S. Govt. obligations... 111,000,525
All other
52,440,552
Bills bought in open market
36,097,373
982,225,012 1,083,799,000
10,748,671
116,593,101
54,215,458
43,726,958
63.061.000
22,865,000
78,670,000
199,538.450
1,348,750
214,535,515
7,643,750
164,596,000
38,184,000
3,200,000
4,425,000
10,000,000
50,927,000
204,087,200
Total earning meets
13.762,430
Bank premises
5% redemp.fund agst. F.R.bank notes_
138,274,414
Uncollected Items
1,098,389
All other resources
228,604,265
13,755,634
Total bills on hand
U. S. bonds and notes
U. S. certificates of Indebtedness
One-year certificates (Pittman Act)
Allother
Total resources
193,389.628
1.057,182
263,707,000
9,938,000
499,000
143,959,000
2,028,000
1,364,940,456 1,427,780.395 1,503,930,000
itabEt les23,302,100
Capital paid In
59,799,523
Surplus
Deposits
4,513,143
Government
-Reserve account.
- 688,145,214
Member banks
13,342,408
All other
29,302,100
59,799,523
27,770,000
60,197,000
7,182,613
705,579.140
13.194,322
8,236,000
685,870,000
9,869,000
706,000,766 725,956,075 703,975,000
Total
457,029,287 463,506,806 595,140,000
91 Average Average Average Average Average71erswe F. R. notes in actual circulation
8,311,000
F. R. bank notes in circu'n-net liability
$
108,255,753
144,789.193 103,053,000
Deferred availability items
_
1,567 6,30521
. 355
1,619 2,92
4,553,027
4,426,696
5,484,000
All other liabilities
1,567 6,305
1,619
22.
355
1,364.940.458 1.427.780,395 1,503,930,000
Total liabilities
Total
State Banks
Not Members of
Fed'IRes've Bank
Bank of Wash. Hts
Colonial Bank_ _ _ _
500
Oct.6
1928.
Ratio of total reserves to deposit and
85.7%
F. R. note liabilities combined
Contingent liability on bills purchased
14,374,191
for foreign correspondents
• Not shown separately prior to January 1923.
CURRENT
82.6%
15,343,595
83.4%
15,509,688
NOTICES.
-Cyrus Peirce & Co. announce that their corporate name has been
changed to Peirce, Fair & Co. Harry H. Fair, whose name Is now included
in the company title, has been Vice-President and General Manager since
the organization of Cyrus Peirce & Co.
-L.B. Weldon, formerly Manager of the bond department of Goodbody
& Co., has become associated with Paul Panikett in their bond department.
-A.C. Allyn & Co. announce that Charles W. Yant Is now associated
with them as Vice-President in charge of sales.
-DeRidder, Mason & Minton announce the removal of their offices to
the Blair & Co. Building, 24 Broad Street.
1863
THE CHRONTCLE
OCT. 27 1923.]
Weekly Return of the Federal Reserve Board.
The following is tne return issued by the Federal Reserve Board Thursday afternoon, Oct.25,and showing the condition
for the system
of the twelve Reserve Banks at the close of business on Wednesday. In the first table we present the resultsweek last year.
as a whole in comparison with the figures for the seven preceding v,eeks and with those of the correspondingReserve Agents'
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Comptroller and
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the
for the latest
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns
week appears on page 1832, being the first item in our department of "Current Events and Discussions."
BUSINESS OCT. 24 1923.
RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF
COMBINED
Oct. 24 1023. Oct. 17 1923. Oct. 10 1923
3
375,456,000
618,424,000
RESOURCES.
Gold and gold certificates
Gold settlement fund, F. R. Board
Total gold held by banks
Gold with Federal Reserve agents •
Gold redemption fund
Tots gold reserves
Reserves other than gold
3
387.835.000
607,734,000
$
384,693,000
623,054,000
Oct. 3 1923. Sept. 26 1923. Sept. 19 1923. Sept. 12 1923. Sept. 5 1923. Oct. 25 1922.
$
357.135,000
643,874,000
$
$
359,664,000 357,345,000
641,647.000 638,892,000
3
349,597,000
633,454,000
s
3
344,746,000
645,876.000
277,629,000
615,876,000
893,505.000
993,380,000: 975,569,000 987.747,000 1,001,059,000 1,001,311,000 996,237.000 983,051,000 990,622,000 2,124,432,000
2,089,358,060 2,087,371.000 2,074,372,000 2.055.863,000 2,061.965,000 2,066.488,000 2,070.557,000 2,060,700,000
67,156,000
50,688.000
57.053.000
53.328,000
59,245,000
59,108,000
60,275,000
53,174,000
62,229,000
3,085,093.000
3,136,412.000 3,125,169,000 3,122,394,000 3,115,830.000 3,116,604,000 3,121,970,000 3,110,861,000 3,102,010,000 126,835.000
78,324,000
77,004,000
76,094,000
77,832,000
72,160.000
71,529,000
72,854,000
72.710,000
3,209,122,000 3,108,023.000 3,193.923,060 3,187,990,000 3,192,698,000 3,199,802,000 3,187,665,000 3,178,334,000
Total reserves
65,782,000
77,139.000
74,248.000
72,354.000
84,295,000
68,932,000
74,877,000
76,872,000
'Non-reserve cash
Bills discounted:
389,071,000 399,118,000
Secured by U. S. Govt. obligations- 334,346,000 336,175.000 406,269,000 400,158.000 402.141.000 324.640,000
451,892,000 468,346,000 462,748,000 481,503,000 459,867,000 449,600,000 452,288,000 450,976,000
Other bills discounted
179,747,000 190,518,000 182.407,000 172,902,000 172.124.000 171,044,000 179,313,000 174.563,000
Ms bought in open market
1,015,985,000 1,045,039,000 1.051.424,0001.054.563,000 1,034,132.000 945,284,000 1,020,872.000 1,024.657.000
Total bills on hand
96,320.000
87,737,000
94,713,000
84,670,000
89,628,000
86,808,000
79,907,000
86,251,000
U. B. bonds and not
2,452,000
4,148,000
5,139,000
5,514,000
7,919,000
5,075.000
8,286,000
7.790,000
U. S. certificates of indebtedness
317,000
20.000
20.000
317.000
317,000
317,000
317,000
317,000
Municipal warrants
3,211,928,000
•
000
195.510,
273,889,000
000
257.691,
727,090,006
206,060,000
202,576,000
27,000
1,104,495,000 1,139,397,000 1,143,624.000 1,150,022.000 1,126,334.000 1,038,190.000 1,120,549,000 1.123,449,000 1,135,753.000
Total earning assets
45,241,000
54,269,000
55,023,000
54.361.000
54,915,000
55,173,000
55,202.000
55,895,000
55,640.000
Bank premises
3,750,000
28,000
28,000
28,000
28,000
28,000
28,000
28,000
28,000
6% redernp. fund agst. F. R. bank notes
660.460,000 840,286,000 646,278,000 663,543,000 616.211,000 747,873,000 670,862.000 594,984,000 653,483,000
Uncollected items
14,940,000
13,339,000
13,717,000
13,532.000
13,332,000
13,118,000
13,470,000
13,690,000
13,470,000
All other resources
5,120,342,000 5,321,941.00015,121,457,000 5,142,233,000 5,078,259,000 5,138,435,000 5,124,136,000 5,030,185,000 5,065,095,000
Total resources
LIABILITIES.
Capital paid in
..
Surplus
-Government
Deposits
Member bank-reserve account
Other deposits
109,709,000 109,688,000 109,676,000 109,660,000 109,657,000 109.644,000 109,682.000 109,718,000 106,277,000
. .
218,369.0001 218,369,000 218,369,000 218,369,000 218,369,000 218,369.000 218,369,000 218,369,000 215 398 000
23,659,000
56,279.000
39,597,000
38,534,000
37,970,000
30,065,000
36,575,000
20,151,000
28,823.000
1,872,179,000 1,915,740,000 1,863,850,000 1,884,046,000 1,851,790.000 1,825,005.000 1.872,773,000 1.843,085,000 1,799.931,000
18,180,000
20,776,000
22.004,000
24.086.000
24,865,000
22,126.000
22.536,0001 23,007,000
21,754,000
1.923,538,0001 1.975.322,00011.905,755.000 1,936,237,000 1,930,073,000 1,887,840,000 1.936,456,000 1,902,375,000 1,841,770,000
Total deposits
2,255,354,000 2,272,391,000 2,288,580,000 2,272,308,000 2,247,830,000 2,254,764,000 2.262.525.000 2,257,278,000 2,298,536,000
F. R. notes in actual circulation
509,000
37,995,000
509,000
492,000
497,000
480,000
485,000
529,000
473,000
V.A.bank notes In eiteulation-net Ilab
539,773.000
589,636,000 723,251,000 576.277,000 583,742,000 550,527,000 645,866.000 576,015,000 522.057,000
Deferred availability Items
25,346.000
19,879,000
21,311,000
20,580.000
21,455,000
21,423,000
22,320,000
23,207,000
22,447,000
All other liabilities
5,065,095,000
5,120,342,000 5,321,941,000 5,121,457,000 5,142,233,000 5,078,259,000 5,138.435,000 5,124,136,000 5,030.185,000
Total Itabilitles
Ratio of gold reserves to deposit and
74.5%
74.6%
74.6%
74.1%
75.4%
74.4%
74.4%
75.1%
73.6%
F. R. note liabilities combined
Ratio of total reserves to deposit and
77.6%
76.4%
75.9%
76.4%
77.2%
75.8%
78.1%
75.3%
76.8%
F. R. note liabilities combined
Contingent liability on bills purchased
.
33,377 000
33,784,000
34,304,000
33,794.000
33,752,000
34,276.000
36,015,000
40,528,000
42,331,000
for foreign correspondents
5
. 5
Distrttrullon by Maturities68.283,000
54,198,000
1-15 days bills bought in open market.
487,038,000 558,679,000
1-15 days bills discounted
1-15 days U. S. certif. of Indebtedness.
4,595.000
3.200.000
1-15 days municipal warrants
21,767,000
25,647,000
16-30 days toills bought in open market_
129,496,000
78,705,000
16-30 days bills discounted
16-30 days U. B. certif. of indebtedness
266,000
16-30 days municipal warrants
51,320,000
44,871.000
31-60 days bills bought In open market_
•125,902,000 126.020,000
31-60 days bills discounted
1,601.000
163,000
81-60 days U. S. certif. of indebtedness_
266,000
31-80 days municipal warrants
44,851,000
51,484.000
61-90 days bills bought in open market_
76,596.000
76,515.000
61-90 days bills discounted
1,000
61-90 days U. S. certif. of Indebtedness.
41,000
41.000
01-90 days municipal warrants
3,735,000
4,113,000
Over 90 days bills bought in open market
17,206,000
14.602,000
Over 90 days bills discounted
3,484,000
3,032,000
Over 90 days certif. of Indebtedness....
10,000
10,000
Over 90 days municipal warrants
3
65,797,000
288,140,000
5,806,000
3,000
35,594,000
47,353,000
100,000
$
63,939,000
578,169,000
1.923.000
$
57,237,000
585,560,000
4,053,000
5
56,831.000
571.155,000
2,375.000
$
56,621,000
482,783.000
6.120,000
$
61,971.000
558,412.000
4,452.000
5
60,115.000
572,012.000
1,827,000
27,447,000
80,062,000
32,222,000
85,064,000
.0
34.308 0 0
81.295,000
-----
33.483,000
83,725.000
34,545,000
76,545,000
33,815,000
74.317,000
42,953,000
121,813,000
39,403.000
117,004.000
38,148,000
120,935,000
39,976.000
121,103,000
45,662,000
119,401,000
48,277.000
117.292,000
69,753,000
73,473.000
42,699,000
266,000
43,728,000
75,599,000
281.000
41,000
4,340,000
13,374,000
2,891,000
10,000
266.000
39,500,000
80,435,000
361,000
266,000
38,749.000
75,155.000
264.000
33,300.000
71,152.000
1.000
28,501,000
68.487,000
4,540,000
13,598,000
1,100,000
51,000
4,038.000
13,468,600
1.509.000
51,000
38,374.000
72.793,000
392,000
266.000
2.590,000
13,836,000
1,407.000
51.000
3,835.000
15.849.000
686,000
20,000
3,855.000
17,986,000
625,000
20,000
74,176,000
39,180.000
5,220,000
24.000
12,371.000
20,623.000
148,751,000
Federal Reserve Notes
Outstanding
Held by banks
2,736,852,000 2.743,726.000 2,739,884.000 2.736,500.000 2,725,864.000 2.721,735.000 2,716.690.000 2,701,577.000 2,688,822,000
481,498.000 471.335.000 451,304,000 464,192,000 478,034,000 466,971,000 454,165,000 444,299,000 390.286.000
In actual circulation
2,255,354.000.2.272,391.000 2 288.580.000 2.272.308,000 2,247,830.000 2,254.764.000 2.282.525.000 2,257.278,000 2,298,536,000
.
3,531,074,000
Amount chargeable to Fed.Res. Agent 3,814,101,0003.617,660,000 3,600,728,000 3,598,004,000 3,610,978.000 3.607,199.0003.584.439.000 3,563.431,000 842,252,000
877,249,000 873,934,000 860.844,000 861,504,000 885,114,000 885,464.000 867,749,000 881,854.000
In bands of Federal Reserve Agent
2,736.852,000,2.743,726.000 2,739,884,000 2,736,500,000 2,725,864,000 2.721,735.000 2,716,690,000 2,701,577,000 2,688,822,000
Issued to Federal Reserve Banks
How Secured
By gold and gold certificates
By eligible Paper
Gold redemption fund
With Federal Reserve Board
Total
320,534,000 320,534,000 320,534,000 320,534,000 320.959,000 320,959.000 321.359,000 320,924,000 386,507,000
4 390 000
647,494,000 656,355.000 665,512,000 680,837,000 663.899,000 655,247,000 646,133,000 640,877.000 56 . .
113,435,000 122.860,000 112.074,000 114.668,000 120.813,000 116.797,000 119,921,000 119,710,000 127,104,000
1,655,389,000:1,643,977.000 1.641,764,000 1,620.461,000 1,820,193,000 1.628,732,000 1.629,277,000 1.620,066.000 1,610,821,000
2,736,852,0002,743,726,000 2,739,884,000 2,738,500,000 2,725,864,000 2,721,735.000 2,716,690,000 2.701,577.000 2,688,822,000
985,076,000 1,005,838,000 1,007,544,000 1,014,798.000
Eligible paper delivered to F. R. Agent
•Not, shown separately prior to Jan. 1923.
991,115,000
899,924.000
980.070,000
930.947,000
706,102,000
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS OCT.24 1923
Two ciphers(00) omitted.
Federal Reserve Bank of-
Boston. New Fort. Phila. Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Han. CBI/ Danas• San Fran.
s
$
$
s
$
$
$
s
$
$
$
182.909,0 37,955,0 13,436,0 12,477,0 5,865,0 52,484,0 4,406,0 8,671,0 2,906,0 11,571,0 21,344,0
151,349,0 41.177,0 94,020,0 32,191,0 14,088.0 77.764,0 26,067,0 22,168,0 31,222,0 17,785,0 42.972,0
Toila•
$
$
RESOURCTS.
21,432,0
we and gold certificates
lold settlement fund-F.R.B'rd 67,621,0
375,456,0
618,424,0
Total gold held by banks
/old with F. R. Agents
/old redemption fund
89,053.0
210.451,0
10,184.0
334,258,0 79,132,0 107,456,0 44,668,0 19.953,0 130.248,0 30.473,0 30,839,0 34,128,0 29,356,0 64,316,0 993,880.0
634,443,0 165.953,0208,805,0 44,822,0 66,868,0 401,053,0 34,125,0 37,461,0 35,464,0 29.052,0 221,061.0 2,089,358.0
53,174,0
8.859,0 5,054,0
205,0 30377,0 4,013,0 5,144,0 3,525,0 2,024,0 4.682,0 2,309.0 3,498,0
Total gold reserves
teserves other than gold
309,688.0
5,141,0
977,560,0 250,139,0 316,466.0 92,967,0 90,834,0 536,445,0 38,123,0 70,324,0 74,274,0 60,717,0 288,875,0 3,136.412,0
72,710,0
19,041,0 6.148,0 3,655,0 3.285,0 5,447,0 8,205,0 9.433,0 1,255.0 2,817,0 6,392,0 1,891,0
314,829,0
Total reserves
15,785,0
Ion-reserve cash
fills discounted:
Secured by U.8.Govtobligalui 14,602,0
16,277,0
Other bills discounted
10.734,0
tills bought In open market
996,601,0 256,287,0 320,121,0 96,252,0 96,281,0 544,850,0 77,556,0 71,579,0 77,091,0 67.109,0 290.768.03,209.122.0
76,872,0
11,118,0 1,866,0 3,515,0 1,555.0 8,639,0 6,584,0 8,191,0 1.356,0 4.457,0 2.946,0 10,860,0
41,613,0
3,567,0
199,538,0 78.652,0 92,202,0 72,313,0 89,111,0 149,702,0 74,585,0 30,121,0 58,368.0 49,480,0 80,300,0 1.015.985,0
79,907.0
1.349,0 17.387,0 9,953,0 1,341,0
13,867,0 9,838,0 6,279,0 9,185,0
252,0 8,859,0
8.286,0
178,0 2,500,0
3,200,0
18,0
1.0 1,755.0
41,0
593,0
317,0
51,0
266.0
45.180,0
204,087,0 96,060,0 102,748,0 73,654.0 89,415.0 158,316,0 74,585,0 44,006,0 68,700,0 58,259,0 89,485,0 1,104,495,0
Total bills on band
I. S. bonds and notes
I. B. certificates of Indebtedness_
durdcipal warrants
TOtal earning assets
111,001,0 37,825,0 35,954,0 26,874,0 20,339,0 56,574,0 24,740,0 6,507,0 24,217,0 3,856,0 21,857,0
52,440,0 20,558,0 27,354,0 44.173,0 63,101,0 55,377,0 49.838,0 23,563,0 32,631,0 18,497,0 48.083.0
36,097,0 20,261V 28,894,0 1,266,0 5,671,0 37.751.0
7,0
51,0 1,520,0 27,127,0 10,360.0
384,346.0
451,892,0
179,747,0
01864
[VOL. 117.
THE CHRONICLE
RESOURCES (Concluded)
Two Mhos:(00) omitted.
Bank premises
6% redemption fund
F. R. bank notes
Uncollected Items
All other resources
Boston. New
York.
$
13,762,0
$
4,434,0
'
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City Dallas. Ban Fran
Phila.
$
$
9.720,0 2.617.0
$
744,0
3
2.909,0
$
8,715,0
$
1.220,0
$
1,842,0
8
4,970,0
$
1,951,0
Total.
$
3,011,0
8
55,895,0
28,0
138.274,0 54,719,0 62,749,0 65,603,0 26,027,0 84,054,0 36,216,0 16,417,0 39.151,0 31,855,0 42,642.0
354,0
477,0
648,0
507,0
1,098.0
312,0
50,0 2,523,0
913,0 2.842,0 3,820.0
28,0
660,460,0
13.470,0
against
62,753.0
128,0
443,107,0 1,364,940,0 409,988,0 499,207,0 240,158,0 223,919,0 802,826,0 197,818,0 137,723,0 195,282,0 164,990,0 440,384,0 5,120,342.0
Total resources
LIABILITIES.
7,867,0
29,302,0 9,865.0. 12,242,0 5,742,0 4.435,0 15.209,0 4,993,0 3,521,0 4,548,0 4,195,0 7,790,0 109,709.0
Capital paid In
16,312.0
59,800,0 18,749,0 23,495,0 11,288,0 8,942,0 30,398,0 9,665,0 7.473,0 9,488,0 7,496,0 15,263,0 218,369,0
Surplus
2,798,0
4,513,0
335,0 1.299,0 2,141,0 1,987,0 3,650.0 1,897.0 2,162.0 2,001,0 2,620,0 3,420,0
28,823,0
Deposits: Government
Member bank-reserve acet 128,719.0 688,145.0 118,949.0 159,751,0 61,635.0 52,969,0 268,524.0 67,128,0 47,418,0 75,213,0 56,865,0 146,863,0 1,872,179,0
617,0 1,058,0
125,0
188,0
197,0
13,343,0
971,0
439,0
504,0
237.0 4.515,0
332,0
22.536.0
Other deposits
131,714,0
Total deposits
fe. R.notesin actual circulation_ 226,597,0
F. R. bank notes in circulation
net liability59,581.0
Deferred Availability Items
1,036,0
All other liabilities
706,001.0 119,901,0 162,118,0 62,901,0 55,144,0 273.145,0 69.464,0 49,912,0 77,718,0 59,722,0 154,798,0 1,923,538,0
457,029.0 210.635,0 243,964,0 97,166,0 133,911,0 410,865,0 75,310,0 59,379,0 62,503,0 59,509.0 218,486,0 2,255,354,0
529,0
10.256,0 48.995,0 55,388,0 60.606,0 19,975,0 70.920.0 37,007,0 15,922,0 39,864,0 31,278,0 41,846,0
1,512,0 2.289.0 1,379,0 1,516,0 1,161,0 2,261,0 2,201,0
4,552,0 1,843,0 2,002,0 1,455,0
529,0
589,636,0
23,207,0
443,107,0 1,364.940,0 409,988,0 499,207,0 240.158,0 223,919,0 802,826,0 197,818,0 137.723,0 195,282,0 164,990,0 440,384,0 5,120,342,0
Total liabilities
Memoranda.
Ratio of total reserves to deposit
and F. R. note liabilities com59.8
87.9
85.7
77.5
78.8
50.9
79.6
53.6
55.0
56.3
65.5
77.9
76 8
bined. per cent
Contingent liability on bills pur14 174 n 2 275 A 4 MS n 9 999 11 1 759 n
k oan A
1 52520 A
1 402 A
1 0200 1 042 n 0 004 A
49 001 n
chased for foreign correspond'te
STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINESS OCT. 24 1023.
Boston. New York Phila.
Federal Reserve Agent at
-
Cleve. Riattn'd Atlanta Chicago. 14. L. Minn. IC.Otty. Dallas. San Fr.
$
11,080 13,052
--7,391
___ 320,534
9,409 2,045 1,409 2,104 4,161 17,360 113,435
391,644 21,000 23,000 33,360 17.560203,701 1,655,389
60,201 55,955 25,376 37,903 34,729 40,424 647,494
89,359 18,520 3,220 20,342 14,112 39,046 318,182
584,602 1,840,679 511,554 593.457 250,126 384,148 1,145,067 223,070 140,189 202,589
Total
LtantlatesNet amount of Federal Reserves notes received from
332,538 1,033,533 279,680 299,317 133,600 228,287 594,454 114,470 74,132 108,880
Comptroller of the currency
210,451 634.443 165,953 208,805 44,622 66,868 401,053 34,125 37,461 35,464
Collateral received from!Gold
41,613 172.703 65,941 85,335 71,904 88,993 149,560 74,475 28,598 58,245
Federal Reserve Back I Eligible PaPer-- .....
s
s
235,531 7,000
27,912 11,564
371,000 147,389
85,830 63,107
86,873 2,834
a
$
Total.
133,200 24,390 11,295 35,513 24,164 65,800 877,249
461,254 90,080 62,837 73,387 63,781 261,485 2,738,852
8,780
2,400
15,025 3,827 6,468
185,000 40,795 58,000
60,812 63,028 84,392
24,523 8,876 4,601
$
$
$
3
S
$
s
313,260 50,600 29,700 25,950 77,027
720,273 229,060 269,617 107,650 151,260
(In Thousands o, Dollars)
i
86,350
Federal Reserve notes on hand
246,188
Federal Reserve notes outstanding
Collateral security for Federal Reserve notes outstanding
35,300
Gold and gold certificates
12,151
Gold redemption fund
163,000
Gold Fund-Federal Reserve Board
35,737
Eligible plead Amount required
Mecum amount held
5,876
Resources
165,838 627,816 6,669,135
87,945 327,285 3,614,101
29,052 221,061 2,089,358
48,841 79,470 965,676
584,602 1,849,679 511,551 593,457 250,126 384,148 1,145,067 223,070 140,189 202,589 165,838 627,816 6,669,135
-246,188 720,273 229,060 269,617 107,650 151,260 461,254 90,080 62,837 73,367 63,781 281.485 2,736,852
50,389 14,770 3,458 10,864 4,272 42,999 481,498
19,591 263,244 18,425 25.653 10,484 17.349
Total
Federal Reserve notes outstanding
Federal Reserve notes held by banks
990 5(17
Federal Reserve notes In actual circulation
457(120 210.635 243.964 97.166 133.911
410.865 75.310 59.379 62.503 59.509 218.486 2.255.354
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal R3serve Board, giving the principal items or the reiour,,, s
and liabilities of the 770 member banks, from which weekly returns are obtained. These figures are always a week behind
those for the Reserve Banks themselves. Definitions of the different items in the statement were given in the statemen t
of Oct. 18 1917, published in the "Chronicle" Dec. 29 1917, page 2523. The cdmment of the Reserve Board upon the figures
for the latest week appears in our Department of "Current Events and Discussions," on page 1832
I, Data for all reporting member banks in each Federal Reserve District at close of business Oct. 17 1923.
Federal Reserve District.
Number of reporting batiks
Loans and discounts. gross:
Secured by U.S. Govt.obilgatJons
Secured by stocks and bonds
Mother loans and discounts
Total loans and discounts
U.S. pre-war bonds
U. S. Liberty bonds
U. 8. Treasury bonds
U. B. Treasury notes_
U. S. Certificate(' of Indebtedness_
Other bonds, stocks and 1313CUritiell_.
Boston
New York
Phila.
Cleveland Richmond
Atlanta Chicago St. Louts Minus?). Kan. City
.
39
106
28
76
36
'Dallas
3
9,794
120,162
338.043
8.989
38,147
66,526 584,161
355,903 1,166,219
12,392
140,964
315,906
4,601
38,807
200,072
7,101
82,270
351,884
2,883
58,483
218,932
467,999
29,427
27.799
3,739
14,895
2,753
51,127
431,418 1,788,527
14,470
24,802
13,495
94,531
1,670
12.185
6.033 120,705
4.913
20,302
43,445 332,378
469.262
15,204
23,551
7.610
18,410
5,861
83,532
243,480
8,661
13,033
955
27,826
3,346
27,369
441,255
11,423
48,757
5,450
19,329
3,842
60,875
280,298 1,000,432 11,961,370
30.391
274,278
20,516
95,349 1,042,500
14,323
12.460
85.409
1,998
15,373
41,849
874,010
90,863
10,707
4,044
11,559 154,604 2,144,561
597,739
37,377
14,084
340,620
151,584
4,726
515,474 2,393.160
33,10 • 203,137
10.562
55,280
262,448 1,466,097
179,415 788,754
13.368
6,880
623,430
39,530
8,183
333,606
190,183
5,658
324,670
20.896
5.647
198,315
83.026
2,567
590,931
46,368
12.321
416,032
133,814
1,635
348,111 1,345.792 16.472.991
27,891 100,850 1,409,948
23,297
290,422
10.171
247,734 751,336 11,186,050
75,905 542,080 4,023.620
10,884
131,371
5,061
31,616
25 flan
8,215
6.694
18,112
19.370
81
77
$
$
$
$
12,364 102,608
27,898
18,841
241.288 1,472,601 265,137 -410.624
642,580 2,597,123 353.607 694,028
,
896,2324,172,332 837,585 1,132,550
12.566
47,990
48.130
10.608
78,104 471.003
43,887 118,888
4,838
4,697
3,269
26,538
33,939 468,042
58,267
49,312
5,695
9,778
16.126
3,766
173,160 730,394 180,044 296,074
43
112
Total loans & disc'te & Investm'ts_ 1,204,534 5,932,565
92.140 633,169
Reserve balance with F. R. bank
21,069
80,422
Cash in vault
848.651 4,717.232
Net demand deposits
268,937 908.734
Time deposits
23,086
32,027
Government deposits
Bills payable and rediscounts with
Federal Reserve Bank:
7.179
97,934
Secured by U.S. Govt. obligations
22 728
4(1170
55
928,561 1,688,024
68,677 108,311
32,783
16,623
686,309 917,670
104,785 598,423
15,741
9,758
18,991
14 1190
17,481
900211
Three ciphers (000) omitted.
17,890
95050
s
15,370
25220
$
45,027
29 599
s
s
$
s
52
2,298
5.852
Ban Iran.
Total
65
770
$
$
258,451
12,883
183,889 3,664,912
803,710 8,038,007
18,197
30.717
280,316
301.625
2. Data of reporting member banks in Federal Reserve Bank and branch cities and all other reporting banks.
New York Ctly.
Three Sildiert (000) omitted.
City 01 Chicago.
AU F. R. Bank Miss.,. R. Branch Mies Other Selected Cities.
Total.
;Oet. 18'22.
Oct. 10. Oct. 17. Oct. 10. Oct. 17. Oct. 10. Oct.17'23.Oct. 10'23.
Oct. 17. I Oct. 10. Oct. 17. 1 Oct. 10. Oct. 17.
306
770
770
787
258
258
206
206
305
49
68
of reporting banks
Number
66
'49'
$
$
$
$
$
$
$
$
$
$
$
$1
Loans and discounts, gross:
8
35,958
258,451
36,486
257,452
284,015
179.894
179,469
42,071
42,025
94,121
28,307
95,141
Secured by U.S. Govt. obligation
29,502
1,292,1491,287,997 437,555 436,4671 2,569,490 2,567,154 596,411 600,350 499,012 497,209 3,664,912 3,664,713 3,761.800
Secured by stocks and bonds
2,275.72212,272,127 680,363 684,315; 4,977,448 4,985.794 1,660,51: 1,654,702 1.400,041 1,393,261 8,038.007 8,033,757 7,259,054
All other loans and discounts
,
3,661,992 3,655,265 1,155,420 1,149,089 7,726.832 7,732.4172,298.9992,297,0771.935,5391.026,428 11,961.370 11,955,02211,304,869
Total loans and discounts
274,278
274.029
92,99
76,641
92,740
76,62. 104.888 104.409
37,275
37,428 . 4,113
4,1171
D. 9. pre-war bonds
629.846 243,416 247,355 167,100 168,183 1,042,500 1,045,385 1,506,289
405,491 405,759
31,778, 831,984
37,689
U. S. Liberty bonds
19,826
85,409
85,997
45,234
20,038
41,388
20,937
20,98
18,451
5,198:
18,462
5.206
13. B. Treasury bonds
82,619
641,214 148,58
81,849
874,010
875,300 .891,367
643,57o
433,500 431;151
72.824! .
151,557
73,205
U S Treasury notes
inriehtemem_ _
17,436
90,863
99,365
17.306
135.290
39,228
41,528
34,32
6,2371
40,401
12.151
5,7181
,
U S. Certificates of
ec
583,516 425,032 431,689 2,144,561 2,139,838 2,247,115
Other bonds, stocks and securities.. 525,799 519,731 158,7211 157,932 1,132,581 1,124.633 585,94
.
Total loans & disc'us & Inv en ts_ 5,091,1015,980,4471,441,0721,132,175 10,311,333110,307,8673,409,9013,417,46 2,751,7522,750,59016,472,991 16,475,926 15,884,930
175,243 161,323 1,409,948 1.372,450 1,465,215
Reserve balance with F. R Bank_ 580,787 579.552 142,603 132,722 1,001,8171 986,203 233.038 224,92
290,422
295,809
83,005
305,200
144.544
155,783
82,002
63,876
66,411
65,311
73.473
30,248, 30,8071
Cash in vault
4,227,681 4,110,437 985,4911 981,659 7,531,10 7.509,9581,906,4371,903,714 1,606,50 1,648,22311,186,05011,059,89511.305,835
demand deposits
Net
861,801 838.299 4,023,620 4,010.199 3,603,873
617,449 608,717 369,154, 358,034' 1,962,943 1,952,091 1,193,876 1,219,80
Time deposits
18.683
131,371
209,040
302,581
85,531
135,511
11,327
31,513
28,130 47,026
9,327
54,846
0,340
1
Government dePOti111
Kills payable and redismoints wit
F. R. Sank:
0 177,081
207,920
119,957
80,19:
42,549
42,065
280.310
67,765
18,507: 157,5
78.79
98,111
28,506
Secured by U.8. Govt.obligation
54,097
51,556
301,623
291,726
165,917
80,913
153,620
165,683
74,253
35,907
18,512; 14.905
39,739
All other
bills payable & rediscoun
Ratio of
I
I
toml loaf
With P. R. Bank to
3.4
3.5
1.7
2.0
2.3
3.1
3.3
4.7
4..
3.5
2.7
33
3.6
- -Includes Victory notes
OCT.27 1923.]
THE CHRONICLE
loan ken' Oiazettt
Wall Street, Friday Night, Oct. 26 1923.
Railroad and Miscellaneous Stocks.
-The review of the
Stock Market is given this week on page 1856.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY WEEKLY AND YEARLY.
Stocks,
Shares.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Sales at
New York Stoat
Exchange.
Railroad
&c.
Bonds.
288,730
478,875
549,645
543,500
565,820
692,000
Week Ending Oct. 26.
82,878,000
.4,390,000
5,006,000
5,066,450
7,055,750
5,905,000
State,
& Municipal
Foreign Bds.
8672,000
1,190,000
1,320,000
1,659,000
1,474,000
888,000
United
States
Bonds.
$1,656,000
1,960,000
2,486,000
3,412,000
4,267,000
2,973,000
I(105570 $37 35a 200 I 37 203 non 318.754.000
Week ending Oct. 26.
Jan. 1 to Oct. 26.
1923.
1922.
3,098,570
5,675,690
1928.
1922.
• 1865
Exchange at Paris on London 76.20 francs; week's range
76.20 francs
high and 77.85 francs low.
The range for foreign exchange for the week follows:
Sterling ActualSixty Days.
Cheques.
Cables.
High for the week
4 48 13-16
4 51 1-16
4 51 5-16
Low for the*
4 45
4 4731
4 4734
Paris Bankers' Francs
High for the week
5.894
5.96
5.97
Low for the week
5.66
5.724
5.734
Germany Bankers' Marks
High for the week
0.0000000065 0.0000000065
Low for the week
0.0000000010 0.0000000010
Amsterdam Bankers' Guilders
High for the week
38.64
39.06
39.10
Low for the week
38.22
38.64
38.68
Domestic Exchange.
-Chicago, par. St. Louis, 15025c. per $1,000
discount. Boston, par. San Francisco, par. Montreal, 817.1925
per
$1.000 discount. Cincinnati par.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week ending Oct. 26.
Sales
for
Week.
Range for Week.
Range since Jan. 1.
Highest.
Railroads.
Par. Shares1 Per share. $ per share. $ per share.$ per share.
Bklyn-Manh 'Fran ctfs..• 1,400 $
1094 Oct
37,356,200 827,217,800
$659,970,775 31,404,011,765
Voting trust certifs...' 1,100 3494 Oct 26 1154 Oct 2 1054 Oct 1134 Oct
26 3734 Oct 23 3494 Oc 3734 Oct
7,203,000 10,624,500
Full paid
366,098,900
500,669,500
Oct 24 30
Oc 34 Sent
16,754,000 55,760,800 1,257,387.00 *1,739,904,150 Central RR of N J._ _ 100 400 30 Oct 28 31
100200 Oct 23200 Oct 23 175
Jul 231
Feb
Colo& South, lst
Total bonds
Oct 60
Feb
$81,313,200 393,603,100 82,468,519,578 83,644.585.415 Duluth 88& AU_pref100 100 49 Oct 23 49 Oct 23 47
_ _100 40( 2 Oct 23
.
254 Oct 23 2
Oc
334 June
Illinois Central, pref_100
• Corrected total.
00010634 Oct 22 108 Oct 23 10644 Oct
Rights
9,871 5-16 Oct 25 7-18 Oct 20 5-16 Oc 11834 Mar
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
% Oct
Int & Gt No Ry(w 0.100 7001 18
Oct 23 1834 Oct 23 15
Au 2534 Feb
Manh Elev Mod Gtd.100
STOCKS (No. Shares).
BONDS (Par Value).
3034 Oct 26 31
Oct 2 3034 Oct 4534 Apr
Nat Rys Mex,1st pf_100 2
494 Oct 23 43.4 Oct 23 454 Oct 934
Week Ending Oct. 26. ind.&mts.
Mar
OS.
Mining. Domestic. For'n Govt. N Y Chic & St L, w 1.100 1,0001 73 Oct 23 7394
Oct 22
Preferred, w I
100 4,600 8794 Oct 20 8734 Oct 20, 673.4 Au 7994 Oct
Oct
Saturday
9,350
21,800
203,200 $132,000 $121,000 Pacific Coast
100 1001 1034 Oct 23 1044 Oct 23 8744 Sept 9544 July
. 434
Monday
Pitts Ft W & Chlc, pf 100
41,725
115,375
260,775
316,000
117,000 Rapid Transit
1013734 Oct 2213734 Oct 22 128 Jun 13
Tuesday
18
3
J.Vtd
59,630
79,050
239,750
Corn- •
II 1134 Oct 21 1134 Oct 22 944 Jun 184 liar
272,000
129,000
Wednesday
Apr
38,580,
Preferred
81,900
369,600
100 Iii 3734 Oct 22 3744 Oct 22
314,000
75,000 Virginia
3134 Jul 49
Thursday
Apr
32,785'
87,190
Ry
329,460
274,000
3444 Oct 26 3434 Oct 26 3031 A
101,000 West Penn at Power-100 1
Friday
3694 Oct
34,550, 124,040
250,600
100 7
223,000
44 Oct 20 4744 Oct 26 3844 Ap 5234 May
99,000
Preferred
100 1
87 Oct 20 87 Oct 20 7544 Ay 88 June
Total
218,620
509,355 1,653,385 $1,531,000 $642,000
Preferred 6%
100 200 87 Oct 20 87 Oct 20; 87
Oct 87
Oa
Preferred 7%
900 89
DAILY TRANSACTIONS AT THE BOSTON, PHILADE
Oct 25 90 Oct 2$ 85 Sep 90
Oct
.
LPHIA AND
Industrial & Misc.
BALTIMORE EYCHANGES.
I
All America Cables_ _100 700 95 Oct 24
08 Oct 221 95
Oct
Jan
Amer Beet Sugar, p1_100
'
Roston.
100 70 Oct 24 70 Oct 241 65 Jun 106
pntiadelphia.
Baltimore.
80
FesAmer Chain, Class A_ _25 900 2194 Oct 25
Week ending
2234
Amer Teleg & Cable_100 200 45 Oct 25 45 Oct 201 2034 Jun 2534 Mar
Shares. Bond Sales Shares. Bond Sates, Shares.
OW.26 1923.
.
Oct 25 45
Bond Sates, Armour, pref
Oc 5834 Feb
• 1.000 89 Oct 22 91
Oct 241 8834 8
Oct
Saturday
Arnold constable
8,462
5,500
• 900 1534 Oct 22 1644 Oct 20 12 Ma 91
3,204
13,000
617
1894 Apr
2,400 Atlas Powder, new_ __25
Monday
12,281
57.850
5,156
179,300
941
Jul 5794 June
17,000 Amer Roll Mill, pref_100 200 53 Oct 22 5394 Oct 23 51
Tuesday
16,107
24,900
100 9754 Oct 28 9734 Oct 26, 96
6,559
513,400
A 10034 JIIII
605
18.600 Associated Oil, new......25 2,200
Wednesday
14,985
11,650
8,001
2534 Oct 26 2634 Oct 231 25 Sep 2734 Oct
409,800
898
38,100
Thursday
14,596
Rights
3,100
19.500
7,574
94 Oct 221
515,850
94 Oc
1,643
34 Oct
12,000 Atl Fruit Col T Co ctf dp 600 1% Oct 25
Friday
13,289
11,000
9,396
Oct 20 1
Oct 20. 1
52,000
Sept 23.4
380
15,400 Auto Knit
• 5,100 734 Oct 24 1144 Oct 201 744 Oc 2844 Feb
Apr
Total
Auto Sales
79,720
130,400
50 900 3 Oct 24 3 Oct 24i 2
39,890 1,683,350
Ja
5.084
434 Feb
103.500
Preferred
50 500 12 Oct 24 12 Oct 241 11
Jul 1434 Feb
prev week revised
Bayuk
64,131 $581.150
44.5671 35211.100
4551 1120 41111 Brown Bros, 1st pref_100 200 9594 Oct 25 9594 Oct 251 95
00512434 Apr
Shoe, Inc, p1_100 2
85 Oct 26 88 Oct 261 85
Oc 99
Jan
Rush Term Bldg, pf_100
100 9034 Oct 23 9034 Oct 23 90
Daily Record of U. S. Bond Prices. Oct. 20. Oct. 22. Oct. 23.
Jul
Oct. 24 Oct. 25. Oct. 26. Calumet& Heels,new.25 2,000 1794 Oct 28 1834 Oct 22 1744 Oc 9644 Mar
2034
Case(J I) Thresh Mach• 800 20 Oct 25 24 Oct 24 20 Oc 42 Oct
First Libert Loan
Mar
High 9911,2 9911ts
Century Rib Mills, W100 1
93 Oct 22 93 Oct
gyi% bonds of 1932-47._ Low_ 9924n 991431 991112 99" 1001,2 100%
Cluett, Peab & Co, pf100 3 10194 Oct 23 101% Oct 22 9144 Oct 9834 Mar
9914n 992on 9930n
(First 3340
23:10134 July 110
Feb
Close 991332 991,32 991931 9910n 101118, 1001i, Coca-Cola, pref
lOOi 200 9434 Oct 22 9434 Oct 22 9244 Jun 99
1001
Total sales in $1,000 units__
June
13
55
11) Columbia Carbon
178
66
154
Converted 4% bonds of (High
'I 80 43 Oct 25 4335 Oct 24 41
Oct 4934 May
___
Congoleum
*10,9314135 Oct 23148 Oct 26 135
193247 (First 4s)__.I.ow
Oct 148
Oct
Conley Tin Foil
• 200110 Oct 26 1094 Oct 25 10
OctI
Commercial Solvents, A• 1
33 Oct 22 33 Oct 22 2554 Jul 224 Jan
Total sales in MOM units_' B
4934 May
• 714 22 Oct 22 25 Oct 22 15
Converted 444% bonds {High 9710ts 971132 9714n
July
ApIl 28
Cooden de Co, pref_100 700 86
97",,98 66 98
Oct 26 8734 Oct 26
; Cuban Dominion
-1
of 193247 (First 444s) Low_ 9714n 9711n 97lin 9721
Aug 10934 Feb
Bug....• 700 4 Oct 26 434 Oct 23 85
2,
,
3 Jul 1234 mar
Close 9711n 9711,2 971 l,, 971?n 97"1, 97:0,
Preferred
100 400 30 Oct 23 31
9730
,,98.,, Cuyamel
Oct 26 30
Total sales in $1,000 units...
Au 5834 Mar
38
55
62
Fruit
47
• 1,900 5744 Oct 26 81
41
19
Oct 22 5444 Jul 7034 Juhe
Second Converted 444% High
____
____
__ _ _
____ 97,,,, 9713., Deere & Co, pref _ _ _ _100 400
6034 Oct 20 61
bonds of 1932-47 (First Low_
Oct 23 6034 Au 7394 Jan
Devoe & Rey, 1st p1.100
100 93 Oct 23 93 Oct 23 90
Second 448)
Jul
Close
Douglas Pectin
• 111 1134 Oct 22 114 Oct 22 11
Total sales in $1,000 units_ _ _
__ _
Oc 9 % june
14 June
6
-- -_ ___
5
1 Eastman Kodak, pref100 113 108H Oct 2210834 Oct 2210834 Sep
Second Liberty Loan
High
__
____
Apr
__ 9714.2
-- - - 97"1, Eaton Axle & Spring_ _ _• 'II 2054 Oct 24 2144 Oct 23 2031 Sep 11454 July
4% bonds of 1927-42.... Low.
____
27
____
_--- 971.12 . • 97"a, Elk Horn Coal, pref__
11 1 30 Oct 23 30 Oct 23 30
• (Second 48)
Close
Ap 36
_-- - -Jan
-__- 971112
. 9723, Emerson-Brant pref-1
.. _ _
111 15 Oct 22 16 Oct 221 15
Total sales in $1,000 units__ _
_.__
____
Oc
____
Feb
10
34111334 Oct 2011334 Oct 2510254 Ja 3034 Feb
-- -4 Fld Phen Fire Ina NY 2
Converted 444% bonds High 9711n 9711
. 9711.1 97"12
Fleischmann Co
2,000 42 Oct 26 43 Oct 2( 3734 J 138
98'31
of 1927-42 (Second {Low _ 9712n 9711n 97"n 9714,1 981 11
4734 May
• 1,600 60 Oct 28 6594 Oct 20 60
9711n 9711n Foundation Co
Cloos 9711,2 9711
49411)
Oc 7834 July
9714,1 9711n 9711n 9711 , Gen Am T Car 7% pflOOI 500 91
Oct 22 9434 Oct 21 91
Total sales in $1.000 units- _
325
Oct 103% Mar
282
388
796
• 800 87 Oct 20 95
672
573 Gen Baking Co
1
Third Liberty Loan
High 9814,1 Nun 98",, 98"s, 99.00
Jul 95
Oct
Gen Cigar Inc pref..lOOj 100 10894 Oct 2310854 Oct 23 72
99.00
434% bonds of 1928- Low_ 9811,1 98148 9811,2 9811n
Oct 23,104% Ja 110
Feb
Gimbel Bros pref _ _
9811n
2
9844 Oct 2610034 Oct 22' 9634 Jan 10234 Feb
(Third 4345)
Close 9811n 98"n 98un 9827,3 9811.1 9811., Goldwyn Pictures _ _ 1
1,900 10 Oct 26 1244 Oct 20 10
new_'
Total sales in $1,000 units, _ _
1,001
Oc 2244 June
854 1,403 1,824 1,756 9811 , Goodyear Tire pref__100 1,000
1,419
35 Oct35
Oct 26 36 Oct 22
Fourth Liberty Loan
fHigh 9714n 9711.1 971132 9711t, 981n
Oc 61% Apr
Prior preferred. _100 1,2
89
91%
Oc 99
434% bonds of 1933-38._ Low_ 97" 9715n 97"n 971.3, 9710st 981n
Feb
Great West Sue, pref 100 6 10444 Oct 26 105 Oct 22 89
Oct 22 10294 A low Mar
(Fourth 4448)(Close 9710
: 97":, 971l,, 9730n 97"s, 9731+1 Hanna 1st pref A_ ___100 100 91
97"11
Oct 23 91
Oct 23 903.4 Oc 97
Toted soles in $1,000 units._
469
224
336
Aug
535
Hartman Corp
814
100 14 2
619
8094 Oct 20 8634 Oct 22 80
Treasury
00 9434 Feb
High 99,
,, 99 s,
,
99,, 99'n
Rights
99",s 9911 3,
43,700 2 Oct 20
234 Sept
Low_ 98", 99 a,
434a, 1947-52
,
99is, 90 ,, 9911,
,
Household Prod tem ctf• 2.000 3094 Oct 22 494 Oct 22 154 Sep
3134 Oct 22 2854 Jul 3994 May
Close 99,
12
994n
9933,
991n
991,,
Ind Oil& GELB
• 400 434 Oct 26 494 Oct 22 354 Sep 1194 May
M ...1 ...?.. I.. •1 MA etea41.
.,
991.5
30.
154
113
104
Tan
3.. Inland Steel w 1
• 1,300 3344 Oct 24 35 Oct 22 3134 Jul 4034
Apr
Preferred w 1
Note.
-The above table includes only sales of coupon International Salt_100 61110131 Oct 2510154 Oct 24 9694 Jun 105% Apr
111 80 Oct 24 80 Oct 24 77
Jul 92
Feb
Internat'l Shoe, pref...*
bonds. Transactions in registered bonds were:
10011454 Oct 2511454 Oct 25 11434 Sep 12034 Mar
Int Tele!)
let 344s
9923 to 992115 2d 434s
.2
45(s38
975,2 to 973an I ntertype & Teleg__ _100 100 64 Oct 26 134 Oct 26 64
Oc 7154 Apr
4 let 4448
Corp
• 3
971421 to 97383230 3d 4%.
30 Oct 25 304 Oct 22 2654 Jul 4134 Mar
98"n to 982432 Iron Products ctfs
1 2d 4s
97
"n
98 4th
700 44 Oct 25 48 Oct 20 3154 Au 48
98"3, to 98
Oct
Kelly Spring( Tire
6% preferred
100 2
Quotations for U. S. Trees Ctfs. of Indebtedness,
7034 Oct 24 71
Oct 24 7034 Oc 96
AugKelsey Wheel Inc p1.1
itc;.
100 99
Ins.
Kress, BE dc CO_ - _100 200 155 Oct 20 99 Oct 20 98 Ma 10444 Apr
lat.
Oct 24 160 Oct 25 15034 M 160
Maturity.
Oct
Rats. BM. Asked.
Lorillard, pref
Maturity.
1
Rate.
10011494
Md. Asked
Ap 119
Jan
Macy (R H), pref_100 20011294 Oct 221144 Oct 22 112
Oct 23113 Oct 26 11134 Jul 115
June 15 1924_ 534% 100% 101
Feb
Magma Copper
Sept. 15 1926. . 444% 99%
• 1,6001 2734 Oct 28 2834 Oct 22 2794 Oc
99%
Sept.15 1924.... 04% 100% 101
384 mar
,
4
Manila Electric
June 15 1925_ 43.4%
1
600 93 Oct 22 94 Oct 20
Mar.15 1925... 434% 10034 10044 Dec. 15 1927... 4)4% 9916,6 10011, Maracaibo Oil
Jul 94
Oct
• 2,000 1734 Oct 28 1834 Oct 24 87
99311, 100 n
16
,
Mar.15 1926_ ot% 100 0
Bei, 2234 July'
,
Montana Power, prefl
Dec. 15 1923_ 4%
200 104 Oct 24 104 Oct 24 103
99"n 100
Dec. 15 1925...
Oc
9934
Apr
99% Mar. 15 1924_ 434% 100
Munsingwear
800 3144 Oct 26 34 Oct 25 3134 Oc 112
100%
34
Mar. 15 1927_ 434% 100sn
Oct
Nat Cloak & Suit. pf_100 100 9134 Oct
23
100",
Feb.
Mar 15 1924._
National Dept Stores..' 700 83 Oct 26 9334 Oct 26 8954 Jun 104
44% ggn., 100112
3934 Oct 24 3494 Jun 4234 Apr
' Nat Enarq & Stpg, p1.1
300 9044 Oct 20 92 Oct
Oc 102
25
Feb
National Supply
Foreign Exchange.
-The market for sterin g
1,000 55 Oct 25 5634 Oct 20 1 88
55
Oc 5854 Oct
New York Canners....,.' 100
has been dull and weak the present week, with exchange New York Steam, pref._ 100 28 Oct 24 28 Oct 24 2744 A 3234 June.
quotations Ohio Fuel Supply
92 Oct 26 92 Oct 25 92
Oc 92
Oct
at the lowest level since last November, on Barlow
25 SOO 31
Oct 20 3154 Oct 25
Mar
• 100 3244 Oct 26 3234 Oct 26 31 Jun 87
Continental rates were nervous and irregular, with a trading. Onyx Hosiery
Apr.
3234 00 50
Preferred
100
100 88 Oct 28 88 Oct 26 88
renewal Otis Steel, pref
Apt
Oc 98
of spectacular weakness in marks.
100 100 4.5 Oct
Oc 7231 Mar
Pacific Tel ,k Tel_ _100 200 88 Oct 22 45 Oct 22 45
To-day's (Friday's) actual rates for sterling exchange
22 90 Oct 22 67
Ja 90
Oct
were 4 46340 Packard Motor, pref_1
200 91
44834 for sixty days, 4 4904 50 11-16 for cheques and 4
Oct 24, 92
Oct 22 9044 Jun 99
Feb
for cables. Commercial on banks, sight 4 4813404 50 49404 50 15-16
• No par value.
9-16, sixty days
4 463404 47 13-16, ninety days 4 44404 460-16. and
For continuation of above list see page 1858.
documents for
payment (sixty days) 4 465404 48 1-16; cotton for
4 509-16. and grain for payment 4 483404 50 9-16. payment 4 48340
The Curb Market.
-The review of the Curb Market is
To-day's (Friday's) actual rates for Paris bankers'francs
were 5.754
given this week on page 1856.
5.8934 for long and 5.8205.96 for short. Germany
bankers' marks are
not yet quoted for long and short bills. Amsterdam
A complete record of Curb Market transactions for
38.42038.49 for long and 38.78038.85 for short. bankers'guilders were
the:
will
Stocks
-No. shares__ _
Bonds.
Government bonds__ _
State and foreign bonds
RR.and misc. bonds__
185,062,303
214,012,378
be! ound on page 1877.
•
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
1866
HIGH
OCCUPYING FOUR PAGES
For sales during the week of stocks usually inactive, see preceding page
-PER SHARE. NOT PER CENT.
AND LOW SALE PRICE
Saturday,
Oct. 20.
Monday,
Oct. 22.
Tuesday,
Oct. 23.
Wednesday. Thursday
Oct. 25.
Oct. 24,
1.
Fridat
Oct. 26.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER Mirixtv
Range Jana Jan. 11923.
On basis of 100-share lots
Lowest
Railroads
Par
$ per share 8 per share $ per share S Per share S per share 3 per share Shares.
100
Ann Arbor preferred
32
•25
30
•21
32
32 .25
*25
.25
35
*25
33
8
9618 964 9612 984 9612 963
4 96
9612 957 9618 39414 9478 4,000 Atch Topeka & Santa Fe_100
100
Do pref
4 1,600
8
8 8714 8712 875 873
s 8714 873
8 8714 873
.8712 88
8712 877
4 1,300 Atlanta Birm dc Atlantio_100
8 •112 13
4 .112 15
13
112
8
158 .118 15
158
.113 158
300 Atlantic Coast Line RR__ _100
.11012 11112 11012 11012 .11012 111
•111 112
112 112 .11012 112
100
17,700 Baltimore & Ohio
8
5612 5618 5612 555 564 5514 .56
5618 5658 5618 5634 56
100
Do pref
1,200
56
56
5613 57
57
8
5714 567 57 .56
5714 5714 57
Brooklyn Rapid Transit__ _100
_ ____ _ _ _ ____ __ _
_ ____ _ _ _ ____
Certificates of deposit
-18
18 s---4•-- - -13 •----18 •----18 .---•--100
4 3,500 Canadian Pacific
8
8
1434 14314 1423 14278 14314 14314 1425 14278 14314 1433
14314 144
100
4
4 6513 663 12,100 Chesapeake & Ohio
6612 6738 653 663
4
5
6612 65 8 66
66
6612 67
100
Do pref
200
9834
4
4
8 983 983 *98
987
8
9812 .9778 987 .98
9813 98
.98
100
8 5,100 Chicago & Alton
4 27
23
4
258 23
278 3
8
234 27
24 212
.213 3
100
Do prat
74 74 3,500
8
7
7 8 77
74 8
7 18
7
8 •74 714
73
.7
100
400 Chic at East Ill RR
27
27
27
27
30
28 .27
28
30
.28
30
.28
100
Do pre!
100
5112
.50
52
4312 52
*43
54
54 .52
*52
53
.52
2,400 Chicago Great Western
100
4 4
23
4 4
4 *33
4 33
3
8 4
7
.37
4
34 3 8
4
100
Co pre!
8 712 4,700
67
.9
812
8
94 *83
4,
4 83
83
4 914 * 4 914
83
-100
1214 21,800 Chicago Milw dr St Paul.
8
117
8 1214 144 1114 13
143
4 1414 1434 14
1412 143
Do pref
100
2378 2158 2234 30,000
8
8
247 2518 235 254 21
2512 2578 2514 26
4 5913 603
4
8 593 603
8
5934 583 5912 7.300 Chicago & North Western-100
8 59
4
607 623
:
611 62
. Do pref
100
.101 108 .100 108 *101 108 .100 110 .101 110 .100 108
2012 1918 2018
11,700 Chicago Rock 151 dr Pacific_100
1938 20
2114 2012 204 20
8 21
214 213
100
78t2 7513 76
7% preferred
1,100
7412 75
77 '76
77
79
7712 7712 *77
100
6% preferred
64
6514 6318 634 1,800
65 .6514 66
6514 6514 6514 65
65
200 Chi,/ St P Minn & Omaha_100
50
8
483 4812 .47
.484 51
51 .4813 51
.48
51
.47
100
600 Colorado & Southern
18 .16
1714 *153 18
1818 .17
18
19
4
8
.1812 203 .18
100
106 10612 1,900 Delaware & Hudson
107 10712 10814 1084 1053 103
4
•10712 109 .107 109
8
4
,1
8
1123 1123 1103 1103 11114 11112 111 11113 11012 11012 1097 11012 1,600 Delaware Lack & Western_ 50
4
100
8
133 13,100 Erie
8
1312 13
8 135 14
13
8
7
1312 13 8 133 133
7
13 8 14
Do 1st preferred
100
8
4
2218 213 22
213 2218 21
8
4 207 2112 9,900
213
8 22
2214 225
Do 2d preferred
100
1612 153 153
1612 163
1618 1512 1612 16
4 1518 1514 2,600
8
4 16
100
514 5212 15,100 Great Northern pref
52
5114 53
53
8
505 52
5212 5414 5314 54
4,3001 Iron Ore Properties_No par
4 2814 2813 2914 2978 2834 2914 2812 29
2912 2814 283
.29
400, Gulf Mob di Nor tr etfs___100
*1012 1114 .
1012 1114 1012 1012 "
1012 114 "1012 1114 101: 114
190
2001 Do pref
4812
4913 *46
49 .46
49
46 .45
46
4912 .47
.47
100
8 1,500' IllInoW Central
8
1037 1037
8
4
1033 1037 104 10414 1035 104
8
104 104
104 104
Interboro cons CorP__No par
Do pref
100
------------- ---- •12- ---- .12 ---- .1178 ---- *I Fa 121- 11
400 Interboro Ran Tran
100
11
-2
1212
1234
4
123
1214 1214
100
4 2,400 Kansas City Soutbern
.1714 1712 1714 1714 165 1718 167 17
8
8
4 1614 163
8
163 163
Do pref
400
100
5012 504
54 '52
*52
54
*52
511: 52
54
54
*52
Lake Erie dr Western
100
Do prat
100
50
38 4
8 - 1 2,66 Lehigh valley
5
5;
ili
iu34 Li*. -7
s
,
ii 18 8 ;iii4 iliz io - Li 1912
400 Louisville & Nashville__ 100
86
85
86 .863 873 '8513 87 .8514 87
4
86
4
88
.87
Manhattan By guar
100
45
45 .40
45 .40
45 '40
45 .40
45 .3812
.40
En Tr Co of NY ettdep-100
3312 '32
4
333
331/ •32
.3118 33 .31
100
200 Market street By
va 84
.813 912 •8 To
.814 1014 .813 1012 .8 4 10
3
Do pref
100
300
26
26
4
40
273
40 .29
27
40 .28
40 .28
•28
Do prior prat
100
400
654 6212 64
6014 6014
65 .84
66 .64
66 .64
.64
400
100
Do 2d pref
20
19
19
174 174 .16
20
2212 204 2018 20
.20
118 4,000 Minneap de St L (nets)__ _100
118
118
118
118
lls
118 118
14 118
118 1 18
100 Minn SIP &S Et Marie__ _100
55 •____ 5018 •-___ 52 •_ 52
*48
55 .
.504 5013 .48
_
_
_
Missouri Kansas & Taxa/4_100
5.400 me-Kan-Texas
4 iois 10
lois 11
-2 ii Ilia
-7.
i1f2 11 8 iIi2 1112 1152 111
3,500
Do prof
8
2714 257 27
: 26
4
4
4 273 281
.283 2912 28
283
2812 2912
8 8,600 Missouri Pacific trust ctfa-100
814 83
814 84
814 94
914 914
4 914
9
918 914
100
Do prof trust els
8 2212 2318 13,500
2214 245
2614 2614 2613 2611 2512 26
4
243 26
100
600 Nat Rya of Mex 2d pref
212
212 .2
218
8 23
23
238
8 .238 234
.238 24
238
4 8518 8513 1,100 New Orb Tex & Men v t e_100
.8412 8518 .8413 86
84
84
8513 863
6
8512 8
100
4
4
10018 993 10013 11,900 New York Central
994 100
10012 10013 993 101
100 1004 9913
NY Chicago & St Louie_ _100
-...... --“ .... ---- ...
a... .... -”- -.--...-..
-.... ......
100
Do 2d preferred
100
4
118 1134 10 4 115
114 1114 1114 1118 11141 114 11141 11,3001 N Y N H & Hartford
8 11
3
500 N Y Ontario & Western
100
*1413 1512
16
*1534 16 i 1512 1512 15
1518 .15
16 1 .15
Norfolk Southern
100
8
.834 12
4,878 12
*878 12
.878 1111' •87 1112 .874 12
100
103 10312 5,300 Norfolk dr Western
10213 103
104
102 102
8
10234 10314
102 1027 103
Do pr
100
75
.74
77 .74
75
77 .74
77 I .74
77 .74
.74
100
4
5018 503 37,100, Northern Pacific
8 5118 .527
527
8 5018 513
8 5034 5134 494 51
51
50
8 4134 10,200; Pennsylvania
4178 42
4134 42
4178 42
8 415
4178 417
8 413 417
4
1001 Peoria & Eastern
100
812
9
.9
834
11
11
.812 11
11
11
.9
*9
10.200 Pere Marquette
100
4 404 401
4014 40 8 395 4014 394 40
4014 403
8
08
3
4014 4 5
Do prior pref
2001
100
70
6812 681 .66
70 .67
6812 674 6712 *6612 6812
.67
100
58 58
.5712 60 .5712 60
.571: 60
4001 Do pref
5712 5712 5713 5712
100
37341 2,700 Pittsburgh & West Va
3813 38
8 38
3813
383
3834 384 *3
3814 3712
813 39
Do pref
400
100
86
88
87
87
88 .86
*88
87
8612 8612 86
87
50
741: 19,600 Reading
8 7414 7518 745 753
8 7514 763
8
8 73
8 744 745
7512 757
Do lot preferred
900
4
50
5 14 55 1
8
54 .3
5
54 3 544 545 5458 5414 5414 *533 541z54
Do 2d preferred
50
.534 544 *5312 54
5312' 1,000
5312 5312 533 54
5312 5334 .53
4
Rutland RR pre!
100
30
30 .25
30 .25
30 .26
30 .2518 30 .25
.25
1714 3,900 St Louis-San Fran tr ctfa_ _100
18 .173 1814 173 18
4
3
18 8 1812 18
4
1718 1712 17
Do pref A trust ctfa
100
8 1,400
4012 423
44
4318 4318 43
45 .43
.43
43
4318 43
2612 2,700 St Louis Southwestern,._ 100
4 27
273
.27
2614 26
27
26
2812 2612 2613 2
8
'
Do pref
100
4 5512 563
4 5512 5512 .55
564 583
56
554 543 543
4 1,800
55
4
200 Seaboard Atr Line
100
5
538 5 8
4
53
534 .5
3
5 4 54 *5
*513 6
.512 8
Do pref
7001
100
913 912
.97 11
10
4 10
8
103
10
.10
10
2 978
97
100
8
8578 8618 8578 881g 8558 83
7
854 85 8 8414 854 8412 853 13,900 Southern Pacific Co
100
3212 22,700 Southern Railway
3213 327
8
8 325 327
8 324 3278 32
3314 3412 33
33
Do pref
100
3g 66
3
66 8 66
86 I 8814 661: *6512 6614 6512 6614 2.200
66
66
100
1614 2,600 Texas & Pacific
16
17
1813 1834 18
1814 177 18
16
8
8
.187 19
100
900 Third Avenue
9
9
913 912
10
8 913
93
10
8 9
85
4
*93 10
Twin City Rapid Transit_ _100
65
.62
65 , .63
65 .63
65
65 .60
'
4 60
67
.64
100
8
4
12734 12914 12818 1285 128 12834 12858 12914 1273 12812 12712 12811 8,700 Union Pacific
100
Do prof
800
8
4 7112 7112 7214 723
4
*7114 713 .7114 713 .704 714 7112 715
100
8 1,800 United Railways Invest
812 87
4 918
83
958
958
.912 101
934 *918 10
.9
100
Do pre(
1,800
2812 29
32 .3112 32
2912 31
3218 324 32
33
*32
100
918 914 3,900 Wabash
918
9
918 918
914
9
914 912
8
95
3
98
100
Do pref A
8
2934 307 24,400
304 3114 307 313
8
32
8
4 303 31
8 31
4
303 315
100
Do prof B
2114' .20
2114 .20
2111 .1912 214
.20
2114 •20
2114 .20
100
2,300 Western Maryland
4 9
83
834
834
4 9
83
7
9
7
8 8 8 8'
9
7
7
88 88
100
Do 2d preferred
1412 1513 2,000
1538 1534
4
.16
4
17 .16
153 16 I .153 17
17
100
1,300 Western Pacific
13
1313 13
14
14
14
14
14
14
.134 144 13
100
Do pref
200
56
•54
58 .54
56
.56
54 .54
58
8
557 557
8 54
814 4,700 Wheeling & Lake Erie Ry_100
0
612 658 .614 613
8
8 65
63
614
6
614 64
100
Do pref
300
12
.1112 12
12
1014 1012 .104 1114
12 .114 12 .11
100
700 Wisconsin central
24
25 .23
25
25
2318 24 1 234 231s .23
25
25
8 Per share
22 July 31
9414July 31
8678July 5
14 Aug 14
8July 31
1097
4018 Jan 17
4May 7
553
4 Oct 4
18 Aug 9
13934Sept 21
57 June 27
96 June 29
2 May 21
334 Jan 12
19 Aug 6
4613 Aug 15
4
23 Oct 26
8
67 Oct 26
1114 Oct 25
21 Oct 25
5812 Oct 17
105 Oct 16
1918 Oct 25
72 Aug 4
8
607 Aug 4
483 Oct 25
8
18 Oct 17
9314July 7
1097 Oct 26
8
1018May 22
15 Jan 17
4May 21
103
504 Oct 25
25 July 2
:
91 Aug 22
8
447 Jan 9
10312Sept 25
4 Jan 17
14 Mar 2
912June 30
8July 31
155
4858July 30
284may 22
65 June 7
54 June 30
85 Oct 26
3814June 28
354 Jan 25
713 Oct 26
26 Oct 26
6014 Oct 28
174 Oct 25
8
7 Aug 15
50 Oct 16
814 Apr 28
10 July 5
25 July 5
814 Oct 24
22,4 Oct 25
24 Oct 25
8212 Aug 14
9012May 4
68 May 22
:
761 Jan 2
958July 5
144June 28
9 Sept 1
100 July 30
72 Sept 7
4
493 Oct 25
4112June 30
8 Oct 1
36 Jan 11
6713 Oct 25
574 Oct 25
3378 Jan 17
8512June 29
6812June 29
44 June 28
45 June 28
2212 Oct 1
17 July 31
3212 Jan 3
2512 Aug 4
3
54 8June 28
434 Aug 15
814 Aug 1
8414 Aug 14
2434 Jan 6
63 July 2
14 Aug 4
8
83 Oct 25
5814 Jan 19
12114 July 31
704 (Ic 9
81:June 26
2612 Jan 17
7 Mar 10
2314 Jan 17
164 Jan 18
8 Sept 27
14 Sept 27
12 Sept 28
63 May 7
6 Oct 25
1014 Oct 25
23 Aug 4
Industrial & Miscellaneous
100
694 1,100 Adams Express
70 .68
69 69 .67
4
704 683 69 .67
704 .67
100
700 Advance RumelY
9
.7
718 734 .7
634 718
812
74 74
*74 712
, Do pre!
100
27
2912 .27
•27
2913 .2812 2012 .2612 2812 *2612 2812 .25
800 Air Reduction, Inc____No pa
7
638 64
6414 •63
64
63
.62
63
6212 8212*6114 63
50
Ajax Rubber, the
512 534
512 512
514 53
54 614 2,300 Alaska Gold Mines
514 514
4
54 514
10
18 2,500
4
14
14
14
14
18
4
14
14
*18
14
10
114 4,400 Alaska Juneau Gold Min
114
114
14 112
134
118 114
112
114
8
113 15
8 7,100 Allied Chemical & Dye_No par
633
62
6312 63
6212
4
6334 624 63
8
623 623
4
623 63
100
Do pref
300
107 107
107 107
9.0613 lova 906 4 107
3
107 107 .1063 107
4
100
600 Allis-Chalmers Mfg
8
383 3838
39
.40
4012 3912 397 *384 394 39
8
4012 .40
100
Do pref
300
.8914 92
91
92
*91
91
:
911 .89
92 92
•89
91
Amer Agricultural Chem_ _100
2 1114 1112 1113 1112 3,000
.1218 124 1218 121g 1112 1134 1114 113
100
Do prof
4 1,300
8
303 .3014 303
3113 3112 3114 3134 3012 3012 3018
32
32
50
100 American Bank Note
89
.87
89
88 .87
89 •87
.87
89
87 .87
87
50
Do pref
5518
5512 .52
5514 .52
5514 .52
5514 *52
5514 .52
.52
100
700 American Beet Sugar
8
8 327
325
33
8 33
8
34 .33
8 327 327
337
.3418 3512 34
Bosch Magneto_No Par
8 241: 2412 2,000 Amer
:
25
25
25
2412 2434 241 241: 2458 247
25
400 Am Brake Shoe & F__-No par
.7012 7112
4
8
8
717 717 .71
724 7112 7112 703 71
72
.71
100
Do pref
200
:
104 10418 .104 1041 •104 104'2
.103 106 .104 106 .1044 106
100
•
9312 113,200 American Can
9312 92
944 92
8 93
9412 933 937
4
8
923 937
8 9318
100
Do pref
800
4
1063
4
4
4
10614 10614 1063 1063 .10612 1063 10812
8
10678 1067 .1063 107
8
200 American Car & Foundry-100
4
4
*155 15612, 15613 15612 *11534 15612'1553 15512 1554 1553 •15513 15612
100
Do pref _ . .
*11512 122 *11912 121
..
_
.
_ _
_
011814 122 I*11814 125 *119 122 *11814 122
•nin,A
A .1.•••••••••
•
1.1
1 14
*111 111. 111 12 ' 11,4
67 Sept 28
634 Oct 26
2812 Oct 19
56 July 2
414 Oct 16
4 Aug 16
4
3 oet 9
5914 Aug 9
18514 Aug 16
3734June 28
8July 19
897
1018July 3
29 July no
77 Jan 6
5012June 29
25 Aug 4
23 Oct 10
70 Jan 3
102 July 3
8918 Sept 13
11/6 Sept 6
11814July 12
117 Sept 17
Bid and naked prim. •lia
-d13324313.
Highest
I
raze XI A.1UL
Range for Previous
Year 1922.
Lowest
Highest
8 Per share $ Per share $ Per share
8
277 Jan .52 Aug
45 Feb 23
9144 Jan 10812 Sept
10518 Mar 3
8
845 Jan 954 Aug
904 Mar 6
513 Apr
4
1 Jan
314 Feb 21
8
83 Jan 1247 Sept
127 Feb 26
3312 Jan 6014 Aug
4
593 Oct 8
5212 Jan 6614 Aug
6078 Mar 21
Jan 29 June
6
1614 Jan 2
8
5
5 8 Jan 247 June
13 Jan 12
4
/
160 Apr 18 11918 Jan 1511 Aug
Jan 79 Aug
54
3
78 8 Jan 30
8
8
1047 Feb 23 1004 Dec 1055 Oct
1214 Ma7
4
13 Jan
34 Feb 13
8
318 Jan 207 May
Oot 8
5
98
4
1214 Jan 433 Aug
384 Feb 13
314 Jan 6412 Aug
624 Mar 28
4
3
3 4 Dec 103 May
7 Feb 7
7 Dec 244 May
17 Feb 6
1714 Jan 3638 Aug
8
263 Mar 5
Jan 554 Sept
29
4512 Mar 5
Jan 9512 Sept
59
88 Mar 5
Jan 125 Aug
11818 Mar 21 100
3013 Dec 50 Sept
8
377 Mar 21
8314 Jan 105 Sept
95 Feb 9
7014 Jan 95 Sept
8.5 Mar 5
Jan 90 Sent
51
78 Mar 5
Jan 531: Apt
38
4513 Feb 13
12413 Feb 13 10634 Jan 1411: Sept
Oct
13012 Feb 8 108 Feb 143
4May
Jan 183
7
164 Aug 25
1118 Jan 2812 Aug
254 Aug 24
718 Jan 2014 May
1812 Aug 24
8
7014 Jan 957 Oct
80 Mar 5
5
2815 Nov 45 8 Ape
36 Mar 19
Jan 19 May
5
20 Mar 5
Oct
Jan 47
8234 Feb 21
16
4
9712 Jan 1153 Sept
11712 Feb 21
5 Apt
18 Dec
8
3 Jan 4
8
3 Dec 124 Apt
4 Jan 5
1734 Dec 3214 Aug
7
22 8 Mar 14
17 Nov 3914 Ape
8Mar 21
247
5214 Nov 594 Apl
5734 Mar 5
10 Feb 3978 June
34 Jan 2
264 Feb 77 Sept
75 June 26
8
565 Jan 72 Sept
714 Feb 7
8
Jan 1447 Oct
155 Feb 26 108
Jan 58 Aug
35
60 Apr 17
:
4413 Aug 551 Aug
44 Feb 13
11 Mar
318 Jan
22 Mar 12
Jan 5014 Ape
17
6813 Mar 12
Jan 76 Nov
35
87 Mar 12
Apt
534 Jan 32
5814 Mar 12
1412 Ape
5 Jan
91b Feb 13
4
55 June 755 Oct
731:Mar 5
1514 Dec
8
3 Jan
12 Feb 6
74 Jan 194 Aug
17 Feb 15
4
2412 Jan 483 Aug
451: Feb 14
1512 Nov 2514 Apt
3
198 Feb 14
4
40 Nov 635 Sept
49 Feb 10
74 May
/
23 Nov
474 Feb 15
544 Jan 874 Dec
105 Mar 26
724 Jan 1014 Oct
10418June 13
5118 Jan 911: Oct
84 Jan 29
4
613 Jan 93 BePt
95 July 3
121: Jan 38 Aug
2212 Jan 30
1812 Dec 3012 Apt
214 Feb 13
4
1838 Feb 9
83 Jan 2212June
9614 Jan 12513 Sept
8
1175 Feb 9
Oct
Jan 82
72
:
781 Aug 15
73 Dec 904 Aug
dll:Mar 5
3314 Jan 494 Oct
8
477 Apr 4
8
4
17 Mar 21
103 Jan 2C3, Aug
8
Jan 405 Aug
19
474June 11
Jan 82 Aug
63
4
763 Mar 5
504 Jan 7.04 Aug
7012 Jan 9
8
Jan 415 Aug
23
505
8May 10
Jan 95 Nov
78
93 Jan 9
7118 Jan 8718 Oct
811s Feb 7
43 Mar 57 May
:
561 Feb 7
Jan 5912 Ma,
45
4
563 Jan 30
174 Feb 5314 June
374 Jan 10
8
204 Dec 323 Aug
27 Mar 21
4
343 Nov 56 Aug
50 Mar 5
8
8
203 Jan 367 Nov
8
363 Feb 10
8
8
323 Jan 597 Nov
7
63 8 Mar 21
Ape
10
8
25 Jan
713 Feb 10
44 Jan 14% An,
1314 Mar 23
7818 Jan 9814 ow
954 Feb 21
8
1714 Jan 285 Aug
4June 13
373
Oct
Jan 71
46
8
707 Mar 22
Ape
36
4
185 Nov
29'8 Mar 21
8
255 May
1312 Nov
1914 Feb 10
Jan 6212 Sept
34
7712June 11
4
Jan 1545 Sept
8
1447 Feb 26 125
7114 Jan 80 Aug
7612 Jan 6
197 Ape
8
74 Jan
2178 Mar 8
2014 Jan
mix Apt
62 Mar 5
8
143 May
Jan
6
1112 Mar 22
Jan 351: Aug
19
3418 Mar 22
1214 Jan 2478 Aug
2212Mar 22
814 Jan
1714 Aug
15 Feb 9
Jan 281: Dec
13
4Mar 22
263
8
134 Jan 247 Apt
2014 Mar 5
8
5112 Mar 647 Sept
8Mar 5
633
161/ June
6 Feb
:
101 Feb 13
8
94 Jan 295 June
19 Feb 13
Jan 3314 Mat
35
3512 Feb 23
82 Mar 3
1912Mar 6
8
543 Jan 14
7238 Mar 19
8
147 Mar 14
58 Mar 9
14 Oct 19
80 Jan 2
112 Mar 2
5114 Feb 16
9712 Jan 27
364 Feb 21
687, Feb 21
9113Mar 7
5514 Aug 14
:
491 Feb 13
60 Mar 6
8314 Feb 16
110 Jan 14
106 Mar 6
115 Feb 20
189 Mar 7
12578 Jan 18
Jan
48
1078 Jan
8
313 Jan
4512 Jan
913 July
18 Dec
118 Jan
5538 Jan
Jan
101
4
373 Jan
8612 Jan
2714 Nov
Jan
56
Jan
58
51 July
3134 Jan
3114 Jan
Jan
51
9814 Jan
3214 Jan
9314 Jan
141
Jan
11612 Jan
Oct
83
23 Aug
3012 Ang
Oct
66
4
183 Apt
78 May
2 May
9134 Sept
1151: Sept
4
593 Sept
104 Sept
4278 June
7214 Sept
91 Dec
554 Dec
49 June
Apt
49
881: Beni
ow
113
784 Nos
11378 Dec
Oct
201
12612 Nos
New York Stock Record-Continued-Page 2
1867
For sales during the week of stocks usually Inactive, see second page
preceding
HIGH AND LOW SALE PRICE
-PER SHARE, NOT PER CENT.
Saturday,
Oct. 20.
Monday. I Tuesday,
Oct. 22.
Oct. 23.
Wednesday I Thursday,
Oct. 24.
Oct. 25.
Friday.
Oct. 28.
Sales
for
the
Week.
STOCK
NEW YORK STOCK
EXCHANGE
PER SHARE
Range since Jan. 1 1923.
On basis of 100-share lots
Lowest
Highest
Per share $ Per share
per share $ Per share $ per share $ per share Shares. Indus. & Miscall.(Con.) Par
per share
$ per share
638 6% .81
618
6
614
6
57
6
2,100 American Cotton 011
.58 58
100
334July 11 2034 Jan 4
1914 19% 1978 19% 1812 1812 19
194 18
1812 173 1814 1,600
4
Do pref
100 14 May 18 3834 Jan 4
6l
6!
1318 •6
618 618
618
6
614
6
6
4 1,400 Amer Druggists Syndlcate_10
53
4 53
758 Feb 23
448ept 19
911g 9112 *9014 95 *9014 924 91
91
90
903. 8934 893
1,600 Amer.can Express
100 8934 Oct 26 14312 Mar 2
.
64 714 •612 712 .6
65
8 6% .6
7
634 .6
7
100 American Hide & Leather-100
618 Aug 9 1334 Mar 7
3612 3312 3512 33% 35
.35
34
35
33
3334 33
3312 1,800
Do pref
100 2914 Aug 9 7434Mar 7
•86 90 .86
18612 8712 86
8734 .
8614 8234 86
83
83
5,200 American Ice
100 8234 Oct 25 1114 Apr 2
•80 82 •80
82 .80 82 .8012 82
80
8018 .7812 80
Do pre!
200
100 78 June 27 89 Feb 21
1818 19
17% 18% 17 17% 1734 1834 1758 183. 17
18
6,500 Amer International Corp 100 16 Sept 25 3312 Mar 28
11
1118 11% 11% 114 114 114 1118 1118 1114 *II
113. 1,100 American La France FE... 10 104 July 6 13 Mar 1
.
16% 17 *164 17
/
4
16
1618 141 15% 1418 1414 153. 1512 1,600 American Linseed
100 1418 Oct 25 88 Mar 5
•
3412 344
30
•30 35
30
30
31
30
30
800
Do pref
100 30 Oct 24 59 Feb 15
69l 69 4 6914 7018 6858 6918 6914 6978.6834 6912 6814 694
6934
3
/
3
•118 119 •117 118 *117 118 •117 118 .117 118 *117 1181 10.300 American Locom, new .No par 64 4July 5 75% Aug 22
Do pref
100 11412Sept 15 122 Feb 9
*45 4512 45 45
45 4512 4514 4512 45
45
45
45
1,800 Amer Metal temp otfet. _No par 4014June 30 55% Mar 5
1180
8212 81
8212 *81
.81
81
814 .80
81
8018 8018
200 American Radiator
25 76 'an 2 8812 Apr 19
5% 5
/ •53
1
4
4 6
6
6
614
*53
57
4 5%
618 3.400 American Safety Razor_ _ _ _ 25
53
4 .
/ dne 27
1
4
9% Feb 19
1112 1112 1034 113
10
4 103 11
/ 113
1
4
4
8 1134 1134 1014 103
4 3,300 Amer Ship & Comm_ -No Par 103
8July 2 2138 Jan 5
55 4 1514 5434 56
3
52% 53
5318 .55
/ 5134 525, 5114 52% 13,600 Amer Smelting & Refining_100 515
1
4
8 Oct 26 6912 Mar 2
*9712 98 .9738 9758 97 97
97
97
963. 9612 .96
97
400
Do pref
100 93 June 27 10238 Mar 6
.
13212 139 *13212 139 •13212 137 *13212 139 .13212 139 *13212 139
American Snuff
3412 347
345 35
8
343. 3438 3412 34 8 345 3412 3418 3438 3,000 Am Steel Fdry tern ctfs_33 100 130 June 30 15214 Feb 14
7
1-3 31¼ July 2 4078 Mar 21
*9934 10114 .9912 101 .9912 10014 *9912 10034 *9912 10034 *9912 1003
Do pref temp ctfs
4
100 9774
14
59 59
587 59
3
5614 58 4 5512 577
5212 5512 514 537 12,100 American Sugar Refining_100 514 Aug 26 10514 Feb 9
Oct
8.5 Feb 13
99 99
994 9918 984 9814 9812 981
9613 9612 9454 9414
800
Do pre!
100 9414 Oct 26 1081 Jan 3
4
1934 2038 2012 2114 .
1912 2038 1912 1912
1812 1912 1718 1838 2,700 Amer Sumatra Tobacco
100 16 July 2 38% Feb 14
.363 55 .4614 55 .365, 55 *385 55
8
8
*3658 45 , .3638 45
, Do pref
100 3212July 11 6534 Feb 13
12312 12312 123% 12314 12312 1233 123% 1233 1234 1233 1234 12331 4,600 Amer Telco
4
4
4
& Tales
100 11918June 29 1251:Mar 5
150 15118 1504 15112 1.50 151
/
1
1.51 15278 15214 15238 147 14914 5,800 American Tobacco
100 14014 July 3 16134 Feb 13
.102 10312 *102 10312 10312 10312 10314 10314 1025 10258 1021410214
8
600
Do pref
100 1001Sept 21 10578 Mar 3
/
4
14938 1497 *14812 150 •147l2 149
14978 15012 14712 14934 14514 148
5,600, Do common Class B
100 140 May 20 159% Feb 9
*3512 374 .3512 3812 *3512 384 .36
37 4 363 383
3
4 36
4
37
400: Am Wat Wks & El v t 0_ ._100 271: Jan 29 44% Apr 26
9134 9134 9214 9214 •9114 92
91
91
*9134 92 I *90% 91
Do lert pref(7%) v t 12_100 85% July 3 93 Jan
500
61
6112 614 *6012 6214 611: 6212 62
61
6212 63
63
1,500, Do panic p1(6%) v t 0.100 484 Jan 3 8312 Oct 16
9
*91 100 091 100 .91 100 .91 100
*91
971 .91
92
I Amer Wholesale, pref
100 93% Jan 2 984 Jan 31
7212 7118 73
71
701 7112 703 711
/
4
4 697 703
s
4' 6514 70% 60,700, American Woolen
100 653. Oct 26 1098s Mar 21
.10018 101
10018 10018 100 100
99% 100
99
/ 997
1
4
8 97
99% 1,8001 Do pref
100 97 Oct 26 111% Jan 3
• 8 314 *238 3
25
*253 3
.25
1
212 238: 2
3
212
700 Amer Writing Paper pref_100
2 Oct 26 34 Mar 7
*7
714 *7
74
7
7
7 4 *7
3
7
7 I *7
712
300' Amer Zinc, Lead & Smelt---N 2 Sell 1( 1914 Feb 16
6
7
)
1
30
30
30 .30 *284 30 .2812 30
28
2818 •26
2612
600
Do pre(
3512 3534 35
3512 3478 351
3234 33341 324 333. 35,435 Anaconda Copper Mining_ 50 3212 Oct 26 • 5814 Feb 27
338 347
5312 Mar 8
•77 7712 773 78
4
7814 7814 784 .7.5
78
/
1
77 •75
7712 1,000 Associated Dry Goods_
100 824 Jan 5 89 Mar 19
.82 85 .
84 .82
81
84 •82
85 .80
85 .82
8.5
Do 1st preferred
100 824 Jan 18 89 Feb 13
.
83 88 *83 88 •84 88 •133 88 •83
88
84 84
Do 2d preferred
100
100 84 Oct 26 934 Feb 26
*102 107 *102 108 10712 10712 .102 106
----------------100 Associated Oil
100 9814Sept 28 133 Jan 12
*1
114
1
.1
1
114 .1
11
1
1
.1
14
200 Atlantic Fruit
No Par
34 Feb 14
%Sept 26
•1312 1412 134 1438 13
131: 13's 13
13
13
13
13
1,300 Atl Gulf & W 1 SS Line-10
0
3
T p
: ul
s l
;
34 Mar 19
•11
13
13
13
12
12
13
12 •11
12
11
11
Do pref
800
27 Mar 19
.
1004 103 103 ' 10311 •100 10314 *102 105
102 102
101 101
1,000 Atlantic Refining
100 9918Sept 18 15312 Jan 10
*116 117 *116 117 *116 117 *118 117 .116 117 .11612 117
Do pref
100 115 May 2 120 Jan 18
•105 1214 •10% 113 •105 12 .1058 111 *1038 1112 •1038 11
8
8
4
Atlas Tack
No par 1034June 27 201: Feb 14
2434 24% 25
254 *248 2514 .241: 25'8 244 243
248 2434 1.500 Austin, Nichols & Co No par 17 July 6 3512 Jan 12
.84
8514 8514 8514 .80 8612 .80
861 .80
83 *80
Do pref
83
100
100 7834June 21 894 Jan 23
116% 118% 11714 119
1157 1175 1167 1177 11614 1171 11512 11738 111,200 Baldwin Locomotive Wka-100 1101: Aug 4 14414 Mar 19
8
/
4
•113 11612 •113 11614 •113 11612 *113 1161 .113 11612 *113 1161
100 111 Apr 2 116% Jan 4
•
25
36 .25 38 •25 38 •25
36 .25
4
.25
36
Barnet Leather
32
No par 30 Sept 13 55 Feb 16
1212 1112 1214 11
•12
97 101
*10 8 11
11
5
*104 11
1,900 Barnsdall Corp, Class A_.. 25
978 Julg 2
1s A tt y 3 35 Mar 23
2
714 718
73
8 73 •
812 .7
8t
: 7
7
812 *7
7
8
Do Class B
2
500
638Sept 18 22 Jan 2
•18
14
*4
14
*18
14
*18
14
Batopllas Mining
2
"8
4
•18
% Aug 31
14
5914 5914 5914 5914 584 5858 58 58
56
574 *5612 57
1,100 Ilayuk Bros
No Par 50 June 21 62% Apr 4
70
70
70
691 703
70
/
4
4 70% 721: 7012 7114 6712 711
20 51 Jan 2 8414 Mar 26
8,300 Beech Nut Packing
4758 4838 47% 4838 4634 4714 4718 4712 4612 47% 4634 4714 14,600 Bethlehem Steel Cori/
100 413.June 29 70 Mar 3
Do Class B common_ _ _100 601 Jan 16 7178 Mar 3
100 9314 Feb 1 964 Jan 2
Do pref
siei- 106 •
106 *165" 166- *165- iiii- •165" 166 •ioi" iciti"
i Do cum cony 8% pref-100 100I4June 21 11114 Mar 12
'881g 90 '893t 904 . 4* 904 *8934 9012 8914 8934 .8814 90
893
Preferred new
100 87 July 2 9712 Mar 9
300
*44 412 .0414 43
4
44 414
4
4
3 4 3% .4
3
41: 1,600 Booth Fisheries
No par
334 Oct 25
718 Jan 18
.412 6 •-...412
6
.412 8
57 Sept 25
British Emigre Steel
100
978 Mar 2
;i434 60 .
5434 5712 *55 _
*55 _ ___ •
.
55 '55 ----------Do lst preferred
Do
100 5712 Oct 17 694 Mar 13
*1412 1612 •14
1512 •15
154 *15
1518 15
15 •14% -1151. ___ ia
2d preferred
Do
100 15 ().t 18 261z Feb 20
•10734 1010 108 108
108 108
1084 1074 108
108
10718 10814 1,500 Brooklyn Edison. Inc
100 1044May 22 12112 Jan 9
.111 114 •11112 114 •112 114 .112 114 ,•110 114 *110 114
Brooklyn Union Gas
100 10312May 11 128 Feb 7
.4212 44 *4212 44
42% 4234 .42:2 44 I 4253 43 .4212 43
1,200 Brown Shoe Inc
100 4212July 5 65% Apr 2
•118 14 •114 112 •114 112 *114 112 *1
11
•1
Brunsiwck Term & Ry Sec_100
112
1 Aug 7
2% Jan 25
•104 106 .104 10612 105 105 .1044 10534 *104% 105
104 10438
600 Burns Brothers
100 100 Sept29 1443.Mar 23
26 .2334 26
*24
2334 23% .24 25
2418 2418 244 2412
Do new Class B corn
300
2112Sept 29 43 Jan 2
458 43
43
4 43
4
458 434
4
45
458
4% 4% 2,900 Butte Cooper & Zinc v t c 100 1438 0ee 21 11% Feb 14
5
3 4.16nt 26
,
1774 17% 1712 1712 •1712 18
19
*118
174 171
17
171
600 B tterick
22 Aug
141 .1378 141
14
14
14
1318 14 .134 131
134 13% 2,400 Butte & Superior Mining__ 10 1278 Oct 1 3774 Mar 18
1
•158 2
2
•158 2
.158 2
.112 iz
1': 112
100 Caddo Cent Oil & Ref _No par
112 Aug 4
9% Feb 16
• 78% 787 •7812 78
/ 7834 783 *79
1
4
4
7914 •79
791
78% 79
600 California Packing_ __No par 77 Aug 4 87 Feb 9
1812 183
18% 1818 1812 183. 18 8 1818 181
1814
5
178 1838 6.600 California Petroleum, new-1
:a i0
1; 113:11.1 i? 29
71
6
/
1
4May 31
*9134 93% . 4 9338 .
9112 93 8 9134 92 1 *92
,
913
93
92
92
Do pref
500
11012May 23
414 41
414 4%
4
4
414
4141 .4
41
37
8 3 8 7,100 Callahan Zinc-Lead
7
10
38 Oct 26 12% Feb 20
*4512 461
46 •4514 48 *44
46
455 .44
8
451
42
444
200 Calumet Arizona Mining
10 42 Oct 26 66 Mar 1
51
51
51
•- -- 512
Carson Hill Gold
*11
518SePt 8
1
9% Feb 19
1
14
4
3
3
4
...38
3
4
53a
3
800 Case (J I) Plow
No pa
as
oct 2
o 11
e
434 Feb 21
8534 853 *6512 671 .6512 6712 •66
6712 66
66 4 6712 6712
400 Case (J I) Thresh M pt otf.100 6514
85 Apr 9
1418 141
11% 13% 1238 1234 113 1212 12
1314 141
4
1214 12,300 Central Leather
100 11% Oct 25 401/Mar 7
3418 353
3434 33
35% 371
34
374 371
344 33% 335 11,900
Do pref
100 33 Oct 25 7934 Mar 7
3818 381
:
3818 3858 3734 3814 361 384 364 37
3714 3712 10,000 Cerro de Pasco Copper-No pa
364 Oct 24 5012 Mar 28
/
1
30
29 29 •____ 30
30 .___ - 30
100 Certain-Teed Prod......
.No par 23 July 18 45 Mar 14
48
45
463
46
46
4534 471
4612 4512 4618 4418 451: 5.000 Chandler Motor car......No
pa
43 Oct 13 76 Mar 14
81% 81.4 •80
811
58034 8214 *804 821
81
81
•80
81
400 Chicago Pneumatic Tool_ _100 7512June 20 90% Mar 21
251: 25% 2511 2553 2532 255* 253 26
2534 25% 2538 257
10,200 Chile Copper
2
2418June 20 303 Mar 1
s
15% 1618 151 1514 15
1633 161: 1614 161
161
16
1512 8.700 Chino Copper
1434 Aug 30 31% Mar 2
68 68 1 67 67
.
69
88
70 •
68 68
70
6514 653
600 Cluett, Peabody & Co_
4
100 60 July 2 7614 Mar 28
6934 71
69
7018 71
691: 71
6914 703
71
, 681* 7018 19.500 Coca Cola
No par 6818 Oct 26 8314June 8
2512 26 *25% 261 .2514 26
*25% 26
25
2514 26
26
800 Colorado Fuel & Iron
100
35 sMaY 31
3
333 33%. 33
32% 32% 33
334 33 331
3318 327 3314 3.100 Col Gas & Else, new _No par 25 June 28 37%
8
Apr 19
3014Jutte 28
4
t
8
18
18,
4 4
IS
4
14
18
14 18,700 Columbia Graphophone No pox
274 Feb 8
43,,
1
% Oct 16
4
141
314
12
1
.8
14
14
7
8
3
8
14 5,200
Do pref
100
14 Oct 22 124 Jan 15
7012 7012 6918 6918 *6912 71
.
7012 72
70
7114
600 Computing-Tab-RecordNo Par 67 June 30 834 Apr 9
*17
1612 164 *161: 18
19
1712 1712
15
1612 2,300 Consolidated Cigar._ __No par 15 Oct 26 3934 Jan 3
• __
. . 6512 *--- 6512 ........ 8512
6512 •_
6512
Do pref
100 62 Oct 11 83 Feb 17
14
ConsolDistrIbutorsanc No par
38 Jan 30
talune 6
Consolidated Gas(N
100 120 Jan 2 187 Jan 26
4
613 611s -6684 - -14 -6. 1 WIT. 12:666
-61 6114 61 61¼
8
6
6
When issued
No par
63
4 834
634 678 614 634 Pa 613 6,200 Consolidated Textile.._.No par 5834July 2 13958 Feb 7
634 634
6% 678
144 Feb 9
64July 3
-- --Continental Can. Inc
100 115 Jan 2 131% Jan 31
4783 "473
4713 48
4712 48
47 * 47 17 - 4638 471 15,100
7
113
When issued
No par 427
4May
5512Sept 11
95 .92
9412 *9212 95
95
.92
892
05 *92
1192
94
Continental Insurance- _ 25
9
38
8 64
5
64 614 •61 63
534
54 514
/
4
s
54 54 12.100 Continental Motors......No par 90 Aug 24 104 Jan 31
/
1
5 Oct
1214 Jan 19
8
12414 1245 123 1245* 12214 12418 9,200 Corn Products Refining._
124 12434 124 12514 123 124
-100 11438July 5 13914 Feb 6
•11534 117 .116 117 *11614 117
116 116 .11514 11612 116 116
Do pref
200
100 116 Sept 28 12238 Feb 24
2514 2578 243 253 22.800 Cosclen & Co
26
2614 2512 2612 2434 2512 2514 26
4
4
No par 223 Sept 19
4
Feb
5912 6012 5912 614 5858 5912 594 6012 5858 593
4 5812 60
12,100 Crucible Steel of America_ _100 5712Sept 27 634 Mar 17
8412
21
.
8712 .87
85 90 •85 90 .
90 .86
90 *86
86
8712
Do prof
100 85 4 Aug 6 94I Mar 2
3
4 1053 1034 105 103
1112 1078 11
•11
1068 103
4 10% 103
4 2,700 Cuba Cane Sugar
No pax
84 Aug 2 20 Feb 13
454 451: 4414 4512 44 4412 441 445
434 438 4212 434 5,350
Do pref
100 331: Aug 4 6414 Mar 15
2978 30
/
4
29 4 303
3
2838 10,300 Cuban-American Sugar
8 291 2934 284 2914 2814 2834 28
10 23 Aug 1 37% Feb 13
•9312 97
96 • •9312 96 .934 96
96 96 .94 94 .94
Do pref
100
4612 47
4638 4778 474 4934 494 5118 4752 4958 454 4918 100,200 Davison Chemical v t c_No 100 92 July 12 106 Apr 5
par 2018May 21 72 Aug 30
.218 224 .2114 2112 *2012 2112 2058 204, .2058 215 *21
8
214
,100 De Beers Cons Mines_ _No par 20% Oct 24 28
Mar 1
*1034 10312 .10314 10312 10314 10314 10314 10312' 10314 1034 103 103
700 Detroit Edison
100 10014June 26 111 Mar 2
1137 3712 37 37
3634 363
4 3512 3612 345 334 12,800 Dome Mines. Ltd
364 37
10 3034May
44%
*104 107 *10414 1071 10478 1047 105 105 I 105 105
10212 105
8
/
4
1,700 Eastman Kodak Co_ No par 89% Jan 22 11534 Jan 4
2
Apr 3
8
1263 1274 12634 1288 12512 1273 12614 12814, 12514 12634 126 12758 34,800 HI du Pont de Nem & Co_..100
4
10614 Jan 17 14812 Apr
•
82 85 *82
8412 .
8412 •82
8214 84 .82 8411 .82
85
6% cumul preferred_ ...100 814 Apr 12 8914 Apr 28
10
58 58
58
584 5712 58
584 5612 57
/
1
58
5714 58
3.400 Elm Storage Battery-No par 52 July 5 6718 Mar 21
• 4 14% *131: 1412 .1.1312 14 *1312 144 *1312 1412 1312 1312
143
200 Elk Horn Coal Corp
50 1312July 11 203 Jan 2
4
11
11
11 2
1
1
.1
2 , •1
112
1% 153
600 Emerson-Brantlugham
100
1 Oct 15
74 Feb 20
61
6114 6018 603
8 5934 6012 60 4 61 I 601: 61
3
601: 61
6.000 Endicott-Johnson
50 5914 Oct 17 94% Jan 2
•111111121 1 .11111 1121 1 1121, 11211 113 113 .11034 1111, .1108 11114
Do nret
200
100 111 May 2 118 Jan 3
3
•510 and asked vrooedn no sake on this day. s Ex-dividend.
PER SHARE
Range for Previous
Year 1922.
Lowest
Highest
8 per share per share
15% Nov 3012 May
3312 Nov 61 May
44 Jan
714 Aug
126 June 162 Oct
1018 Dec 17% Apr
58 Jan 74% Sept
78 Jan 122 Snot
72 Jan 9514 Aug
24 4 Dec 504 June
5
918 Jan 14 July
28 Nov 424 Oct
48 Nov 8412 Oct
112 Jan 1224 Dee
44 Sept 534 Dec
82 Jan 129 Oct
872 Oct
3% Jan
54 Jan 244 May
43% Jan 671k May
8618 Jan 1044 Oot
10912 Jan 159 Sent
3034 Jan 4814 Sept
91 Feb 10814 Oct
5418 Jan 8572 Aug
84 Jan 112 Aug
2314 Feb 47 May
Jan
52% Feb 71
11412 Jan 12814 Aug
12918 Jan 1694 Sept
9812 Jan 1083 Oct
8
126 Jan 165% Sept
6 Jan 334 Nov
67 Jan 934 Sept
1714 Jan 554 Oct
86 Oct 95 Jan
7814 Jan 105 Oct
102 Jan 11114 Dec
2212 Jan 5514 Sept
12% Jan 21 Sept
36 Jan 57 Sera
45 Nov 57 May
43 Jan 707 Dec
8
75 Jan 88 Oct
76 Jan 9112 Oct
99 Jan 1384 May
54 Apr
14 Dec
1952 Dec 4314 May
15 Dec 31% Ma7
117 Dec 1575 Oct
113 Jan 11912 Dec
1312 Feb 224 May
94 Jan 4038 Sept
68 Jan 91 Sept
9312 Jan 14234 Oct
104 Jan 118 Oct
40 Jan 67 5 Sept
3
19% Jan 5614 Apr
17 Nov 39 Apr
1% Mar
4 Dec
33 Apr 85 Sept
30 July 5338 Dec
Jan 79 May
51
554 Jan 824 May
9078 Mar 106 Nov
104 Jan 116% June
Oct
94 Nov 101
4 Nov 104 Aug
812 Jan 15 Sept
68 Mar 7634 Apr
1918 Mar 39 Sept
8
100 Jan 1245 Aug
70 Jan 1244 Nov
42 Jan 647 Sept
8
14 June
5% June
1134 Jan 147 Dec
28% Jan 53 Oct
54 Mar 10% Dee
15 Nov 34 Feb
20% Jan 35% OM
6% Dec 1518 Apr
68 Jan 864 Sept
_
83 Jan 981k Apr
54 Feb 113 Mag
8
504 Nov 6614 JUDO
64 Dec 16% Mar
94 June
3 Mar
68 Feb 934 At g
2932 Jan 444 Sept
63% Jan 8234 Sept
32% Jan 4638 Dee
34 Feb 5318 June
47% Jan 7914 Apr
60 Jan 89% Sept
1518 Jan 2914 Nov
2214 Nov 3338 June
43 Jan 7014 Dec
41 Jan 82% Oct
24 Jan 37 May
14
5
5514
18%
47
14
8512
5778
9
6584
55g June
Jan
Feb 21 June
Jan 7934 Apr
Feb 42% Oct
Feb 8714 Nov
Feb
214 Mar
Jan 145% Sept
Dec 6234 Dec
July 15% Apr
Jan 115% Dec
68 Jan
1114 Dec
9114 Jan
Jan
111
31% Jan
5234 Fe
80 Jan
84 Jan
154 Jan
1412 Jan
7818 Jan
234 Nov
154 Jan
100% Jan
184 Jan
70 July
105 Dec
80 June
4012 June
1414 Jan
2% Jan
7614 Jan
104 Jan
93% Aug
18% Dec
134 4 Oct
3
122% Nos
54 Des
98% Sept
100 Sent
19% Mar
4178 July
28 Aug
1024 Dec
6538 Apr
8
255 Sept
11812 Aug
4812 Nov
904 Dec
169% Nov
904 Sept
5834 Dec
244 Deo
114 June
94% Dec
119 Der
New York Stock Record-Continued-Page 3
1868
For sales during the week nf stocks usually Inset1.e, see thl rct osge preceding.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICE
Saturday,
Oct. 20.
Monday, I
Oct. 22.
Tuesday,
Oct. 23.
Wednesday.1 Thursday,
Oct. 24.
Oct. 25.
Friday,
Oct. 24.
Sales
for
the
'Week.
per share $ per share 5 'e'share $ per share 3 per share $ per share Shares.
*2112 23
23
*21
23
*21
23
*21
23 .21
23 .21
5212 6212 88,300
4
4 643 66
34 653
3 63
6914 6912 673 70
8
653 677
4
1,600
83
8412 88
851. 8512 •80
8
897 897
8 8812 8812 8312 89
1,100
4
*93 10
10
914 1018 10
914
914 *6
914 *7
*8
900
41
*40
41
*40
41
3912 3912 395*
*3912 41
41
*39
8
918 95
912
9
914 914 9,500
914 912
912 10
4 924
93
200
158 160 *160 175 •16212 170
*15812 170
•15812 170 *15812 170
098 100
100
9914
9912 983 933 "93
*99
4
4
*98 100
*98 100
638 612 4,000
638 612
618 614
614
6
578 6
8 618
57
3,800
1012 11
11
8 11111 1112 11
1112 1134 1138 1178 1158 115
*4012 43
*4012 43
43
*41
43
43 .41
*41
*4112 43
2612 3.300
26
27
8 26
8
2778 2778 2712 281 1 27 2718 275 275
65
100
63
*58
6434 *6318 6434 *6318 6314 6318 6318 *58
.58
8
4 83 83
82
8214 817 8234 3,800
s
8
8312 833 833 zS1l 823
83
100
10412 106
4
3105 1083 *104 106
10514'
10514
•104 106 .104 100
171 17112 4,400
17082 17012 17012 17214 17112 17338 173 173
170 170
8
1014 103
8 1014 103 10,200
8
103 1012 1014 1012 1014 1012 1014 103g
23,109
8
8 1353 137
4
2 133 137
4
8 133 14
133 137
8
8 137 14
8
137 137
300
80
80
8
s
*8014 8112 *8018 8112 *7978 8112' *797 8112 797 SO
•8014 8112 8014 8014 8014 8012
4
4
943 97 •943 96
4
•943 97
8
8
477 477
48
4734 4734 *46
.7
7
7
7
7
712
8 80
803
80
80
9414 943 *9334 96
4
47
*46
4678 47
4 7
*63
7
7
7912 80
*9334 97
4718
47
712
*7
1,300
200
1,300
500
STOCKS •
NEW YORK sTocic
EXCHANGE
Lowest
Indus. & Misceil.(Con.) Par
Exchange Buffet
No par
Famous Players-Lasky_No par
Do preferred (8 %)_ _ _ _100
Federal Mining 42 Stneirg_100
Do mei
100
No par
Fifth Avenue Bus
Vo par
Fisher Body Corp
Fisher Body Ohio pref _ _100
Fisk Rubber
No par
No par
Freeport Texas Co_
Gen Amer Tank Car. .No par
100
General Asphalt
100
Do pref
General Cigar. Inc
100
Debenture preferred__ _ _100
100
General Electric
10
Special
General Motors Corp. No Par
100
Do pref
Do Deb stock (6%) _100
Do Deb stock (7%)_ ..100
No par
Gimbel Bros
No par
Glidden Co
No par
Goldwyn Pictures
Goodrich Co (B F).,...No par
Do pret
100
Granby Cons M.Sm & Pow 100
Gray & Davis, Inc_ _ _.No par
Greene Cananea Copper__.100
Guantanamo Sugar._ _.No par
Gulf States Steel tr ctfs_..i00
Habirshaw Elec Cable_No par
100
IIayes Wheel
Hendee Manufacturing.. 100
100
Homestake Mining
100
Houston Oil of Texas
.No par
Hudson Motor Car...
10
Hupp Motor Car Corp
Hydraulic Steel
No par
Indlahoma Refining
10
Indian Refining
Inspiration Cons Copper_ 213
Internet Agrlcul Corp
100
100
Do pref
International Cement_ _No par
Inter Combtut Englae_NO Par
100
Internet Harvester
.100
Do pre(
Int Mercantile Marine _ _ _100
100
Do pref
International Nickel (The) 25
100
Do pref
100
International Paper
Do stamped preferred_100
Invincible Oil Corp_ _ _ .No par
Iron Products Corp_ _ _ _No par
10
Island Oil & Transp v t c
100
Jewel Tea, Inc
100
Do pref
100
Jones Bros Tea, Inc
Jones & Laughlin St. pref..100
10
Kansas & Gulf
Kayser (J) Co, v t c ...No par
No par
Do 1st pref
25
Kelly-Springfield Tire
7,500
1812 1812 1818 19
1814 19
8
4
11 - 1814 1834 173 18
-18- - 3
*7012 7114 7012 7112 4,700
4
8 673 6914 6912 71
703
4
673 71
.14 69
1512 15
1234 13
1212 1312 3,400
13
12
15
15
*1512 16
200
*61. 8
*612 8
8
"7
*718 712 •712 8
7
7
1,200
1458 15
1412 1412 *1358 14
15
•15
1512 1518 1518 15
400
514 6
8
514 514
8 53
53
612 *518 612 *514 612
•6
33.800
8 7213 733
753
4 Ms 7414 7214 7312 7134 74
8 73
8
735 747
34
700
12
12
*313
*3's
8
3
12
313
12
8
3
*12
2,000
34
4
8 34
8
•3414 343 *3414 3412 333 3414 3338 333
4
343 35
1512 1,100
1518 15
315
16
16 '
•15
15141 1512 15
•1512 16
300
62
62
62
62
4
*613 62 .6134 62
62
62
62
*61
1,100
8
4714 49
8
497 49% 495 4958 4814 49
51
5012 *48
50
8 2312 233
4 2312 233
4 2312 2312 3,700
4 2312 235
* 2312 233
3
23 4 237
2,100
16
16
8
1614
•1618 1612 163 1612 1614 1614 1618 1618 16
03, 1
5
700
.7, 1
1
8
1
4
3
4
3
34
178 • 184
8 1,000
15
8
17
118 114
8 *114
17
8
112 *13
112
gig
100
*414 5
0412 5
414 *412 .5
5
*414
414
*414 5
8 2314 243
4
233 2418 15,300
8 233 24
8
4
2518 251s 2412 2.518 237 247
112 .it, 182
500
118
112
112 •118
112 •118
112 *118
*118
.5
5
8
514 2,100
8 538
53
6
,
.5
6
512 5 2 0514 53
35 1 1.400
35 1 35
35
35
36
35
3418 3418 3512 3512 35
4
4
2012 2112 21
21
8 203 213 10,200
213
8
2112 2114 217 x21
21
8
8
7418 7412 723 7414 7318 7312 7214 7312. 7114 7214 685 '7134 13,500
10612 10612 *10612 107 *10612 107 I 10612 10612 10612 10612 2,900
•106 107
4 3,960
4 63
63
7 1
7
4 714
8 712'
67
2 713 *63
67
714 714
28 1 2612 2734 2638 277s 10.900
26
26
2714 2512 2714 2478 26
4
8
8
1118 105 11 1 103 103 10,500
1114 11
11
1118 1112 1114 11
100
7612
*74
75
76 I 75
75
*7412 76 •
.
*741 7612 •7412 76
4,500
8
8 283 293
4 277 29
8
4
3112 2912 303
4 295 303
s
305 3058 *31
1,000
60
64
60 1 60
60
4
613 6212 BO
*6214
6114'
*6212 64
814 3,900
8
818 8141
814 814
814 *815 8 4
'8 814t
8
,
*8
100
43
42 I .41
4312 041
4 4114 4114 *41
433
4312 *41
*41
1g 18.000
1,
1
13
Is
18,
18
18
300
16 I 0153 1612 1614 1614
4
1612 16
4
4
16, 16, •16
*1534 16
200
70 I 6612 6612
*66
6612 6612 •67
70
*6612 70
70
*65
8 4,200
27
28 I 2512 267
2712 28 i 27
29
28
29
29
29
100
*107 108 *107 108 •10612 108 •10612 10812 *10612 10812 10712 10712
3
3,
*14
8
3
•14
8 1,300
*14
att
14,
14
8
3
14
14
4 2,400
343
3514 3412 3412 35
35
4
343 35
4 3412 3618 34
353
100
98 98
*95 101 I *95 101 I *9812 101
98
8
*967 102 •96
4
8
8
8
4
2214 2353 217 2312 2114 2214 213 23 ' 215 2212 217 223 12.730
100
8% pref
100
85
80
8712. .70
80
89 •75
*70
89
*75
89
•70
100
300 Kelsey Wheel. Inc
79
79
•76
85
*77
85
*77
85
*76
85
85
*77
No Par
14 32,600 Kennecott Copper
3218 3114 32
8
8 295 3018 293 30
3014 315
8
3212 3214 32
3,300 Keystone Tire & Rubber__ 10
2
2
2
2
178 2
2
2
178 2
178 2
100
1,200 Kresge (58) Co
249 249
*235 23912 23912 24514 250 252 *251 250 *240 250
Laclede Gas (St Lout54____100
80
80 .76
80 .7612 80
*76
*75
80
*7612 80
*75
2,200 Lee Rubber & Tire_ _No par
1134 12
1218 1214 121.1
1218 1214 12
8
8 123 13
1238 127
.100
200 Liggett & Myers Tobacco.
217 21834 *200 217 *200 216
•215 223 *215 223 •200 219
100
Do pref
300
11414 11414 *114 11412 11418 11418 114 114
•114 115 •114 115
11,500 Lima Loc Wks temp etf.No par.
8 633 6434 6318 6312 6312 65
4
6414 6314 637
6414 6312
64
.No pat)
4,150 Loew's Incorporated..
1614 157 16
*18
71
16
157 16
16
8
1512 16
16
16
No par
6
800 Loft Incorporated
6i, •6
8 638 06i, 612
63
618
Vs
8
63
s 612
*63
100
800 Loose-Wiles Biscuit
4912
493
4912 *49
4 4812 49
*49
•4912 5012 •4912 5012 48
100
1,000 Lorillard (F)
165 165 4 164 18412 162 162
3
164 16434 •163 160 •162 166
100
Mackay Companies
4
•111 113 *1093 113 •109 11112 *108 109 *108 111
•111 114
100
Do pref
100
•6512 67
4
.
*651 67 •653 67 .6512 6613 651, 651, *6512 6614
No par
6,600 Mack Trucks, Inc
71
7112 72
11 7012 71
71
8
7112 70
7218 7212 713 727
100
Do let preferred
91
4
•89
.893 93 •893 91
91
•8912 91
4
•89
*8912 91
Do 2(1 preferred
100
200
86
085
86
86 .85
•84
8512 833 85 •82
4
86
*84
No par,
400 MACY
8
625 63
63
.6112 6273
62 62
*6014 63 "62
*6014 6212
8,200 Mal1Inson (II R) & Co-No Par
8 2812 2014 285 29
2
8
3014 3114 293 3012 2914 303
31
30
100,
300 Manatl Sugar
52
50
5214 •
54
*50
54 .48
4
533 533
4 52
•5112 54
100.
Do pref
100
65
*76
72
83 •
80
80
*65
•85
80
72
83
•72
Manhattan Elec suppiyNo par
100
*36
3578 36
37
37
*35
*3614 37 .3614 37
37
•311
25
4112 4112 04034 4178 *403 417
800 Manhattan Shirt
8
4
8 4112 42
4
*403 4112 4114 417
No pax
221, 227, .23 223 12,300 Marland Oil
3
4 2212 5
223 .
21 4 5 41
4
5
.2
2312 2312 223 2312 22
2
No par,
Marlin -Rockwell
5
•2
5
*2
5
.2
No par
*2712 28
100 Martin-Parry Corp_
*2712 28
27
8
•263 2712'
27
8
*275s 28 .275 28
3212 2,500 Matt:Union Alkali Works__ 50
*3158 32
32
5
8
335 33 8 3114 3312 3112 32
34
34
40
4112 4012 4218 3912 4114' 14,200 Maxwell Motor Class A___100
3918 40
42
39
41
3818
11
11
1134 12
123
4 1214 123
8 6,700 Maxwell Motor Class B No par,
1112 11
1114 11
11
867
8 84
8412 86 I 25,900 May Department Stores...100
85
8
4
823 8388 825 8412 8312 863a 85
1684 1612 165 1658 1618 1612 1,800 McIntyre Porcupine 51ines___I
8
1614 1814 1614 1614 1614
1614
100:
Mexican Petroleum
---- ---- ---- ---- -__ _....1
100I
Do pref
_
_ . _ __
2,800 Mexican Seaboard Oil_ _No par l
64
;
914 -- 1- -01. -- 3 --64 0
91
9
s - -12
9,
•9
914 914
Voting trust certificatce____
9
I 1,500
9
9
9
4 9
*81
9
834
9
*812 9
5,
32,200 Miami Copper
8
8 2178 2212 215 213
8
8
4 213 2115
8
8 225 225
2278 2278 225 225
478 518 20.100 Middle States 011 Corp._ _ _ 10:
5 1a
5
518
5
'8
5
5
514
518 518
5
8
*247 26
s: 1.100 Midvale Steel & Ordnance_ 60;
2434 25
4
*243 26
8
247 247
26
2512 *25
2514
100,
5914 59
8 1,200 Montana Power
593
59
59
5912 5912 59
1
59 4 60
'5912
8 223 223
8
8
8 2218 2212 11,200 Mont Ward & Co Ill Corp_ 10
*
234 225 2312 2238 2318 227 227
No Par
2012 2112 2012 203
8
8 2012 2053 1,400 Moon Motors
21 14 2114 203 207s •
2114 22
818
718 73
8 814 15.800, Mother Lode Coalition_No par
75
8
4
,
72 8
818 818
811 814
No par
I Mullins Body
4
51312 153
4'
4
4
4
•1312 153 •1312 153 •1312 153 •1312 153 .1312 16
No par
200. Nash Motors Co
88
•
90
89 '
•87
89
•87
89
90
9312 90
*91
100
preferred A
Do
*9612 98 • 2 98
.9612 98I
96,
*9612 93 *9612 98
*9612 08
50
300 National Acme
4 .83, 9
834 83
8
• 54t 9
*812
8 838 *812 9
85
25
National Biscuit
47
47 I 4614 4634 4614 463
4 3,200
4714 4714 4714 4612 47
47
100
Do pref
100
4
4
12034 1203
4
122 *120 122 *120 122 *1203 122 1.1203 122
•120
500 National Cloak & Stilt_ _.100
56
56
56 I
n57 56
4
•533 58
56
8
*5312 58 .533 58
14
12 2,100 Nat Conduit & Cable. _No par
.14
14
12
8
3
8
3
14
•14
8
3
33
•14
:
4
393 41 I 3858 40 I 3834 3978 15 000 Nat Enam'g & Stamping_ _100
8
383 41
42
39
41
38
100
National Lead
4
1173 118 I
3
11814 11814 11912 11912 118 4 119 *11012 11212 11612 117 I 11434 11618
100
Do pref
100
311012 11212 110%1 110
'
10,8
1034
0
- *11012 11212 *11012 11212
.
8,900 Nevada Consol Copper_ _ _ 5
101 g 1012'
978
11
11
11
1112 11
•11
Brake temp(Ara No par
1,600 NY Air Br
3414, 3312 34
8
.
8 341 3412 345 35 I 33
1 2 35
357
35
*35
No par
Class A
200
8
467 4678, *4634 47
*4634 47
4
4
*453 47 •463 47
47
47
100
New York Dock
•16
17 I *1534 17
4
*153 17
4
*1614 173 .1618 17
•16114 17
100
Do pref
SOO
40
39 •39
40
*391.1 40
40
39
.3812 40
.3812 40
8
4
8
8
4 203 203 11,700 North American Co. new.. 10
203 20 4 203 2058 2012 203
2
4
2012 2034 2012 203
50
Do pref
500
4312' 4312 4312 4312 4312
4312 4312 4312 4312 *43
77
•74
Nova Scotia Steel & Coal__100
•1412 17 I *1412 17 I *1414 10
*1412 17
17
*14
18
•15
100 Nunnally Co(The)_ _No par
4 9 I *734 9
*73
9
*8
4 9
*73
77, *734 9
77
200 Ohio Body & Blower__ _No par
8 212
212
238 238 *214
8 212 *23
212 212 *23
*212 318
5
112
400 Okla Prod & Ref of Amer
118 114' *1
*114
114
114 •Ilti
114
114
112
•114
Ontario Silver Mining___ _100
*4
6 I *4
6 1 04
16
5414 0
614 *414 6
*412
1
18 I 1712 18 I 17127 4 4,600 Orpheum Circuit, Inc
3
18
18
18
1838 1838 •1818 1812
100
300 Otis Elevator
4
*12114 12412 •12112 12412 12112 12112 12112 1213
*12212 12412 .12112 12412
Ind and asked prices no alee Ole day. I Ex dividend
•
9
--4 --
2234
60
PER SH ARE
Range since Jan. 1 1923. !i
On basis of 100-share lots o
$ per share
20 Sept 4
5212 Oct 26
8412 Oct 24
5 June 6
3414June 4
714 Sept 21
140 July 3
94 July 3
8
57 Oct 19
912July 2
40 Sept 18
23 Aug 9
6(1 Sept 27
8018June 28
10412 Jan 2
168 Sept 20
101 1 Oct 19
123
4June 28
79 July 10
4
783 July17
9414 Oct 24
3912June 27
6 Sept 22
312June 28
8
173 Oct 23
4
673 Oct 20
12 Oct 24
7 0 10
1412 Oct 25
5 Sept 19
66 June 28
14 Aug 8
31 July 5
12 July 2
60 May 23
4
403 Aug 4
20 June 28
18 Oct 19
58 01,13
1 Oct 19
4 Sept 19
2314 Oct 24
12 Oct 26
5 Oct 26
31 June 28
8June 28
195
8
685 Oct 26
10618 Oct 17
8
47 Aug 9
1812 Aug 8
8
103 Oct 26
4
693 Jan 4
8
277 Oct 26
60 Oct 24
8 Aug 15
3212 Aug 6
Oct 3
8
153 0,111
62 June 20
2512 Oct 8
107 Mar 19
14 Aug 6
28 July 2
96 July 2
2012 Oct 17
80 0 •t, 11
75 Oct 18
8
293 Oct 26
8
15 Oct 19
177 Mar 2
75 July 5
8
113 Oct 10
4May 21
1903
4
1113 Apr 4
5814June 28
14 June 21
6 Sept 8
3814July 7
148 June 21
103 May 23
6412July 30
5818 Jan 2
87 July 3
72 June 29
57 July 2
21 June 27
43 July 31
72 Oct 22
35 Oct 18
4114 Oct 22
2014 Sept 19
7 July 5
26 July 31
3114 Oct 23
38 Om 13
1014 Oct 2
8
675 Jan 5
15 Sept 18
182 Sept 14
10014 Feb 28
534 Aug 15
6 Aug 15
8
213 Oct 26
4Sept 21
43
2112June 29
5412June 28
1814May 22
4
173 Jan 17
718June 20
1018 Aug 21
7518 Jan 2
Lowest
Highest
Highest
per share $ Per sharp
3 per share
2612 Deo 3113 Oct.
31 Jan 10
93 Jan 2 I 7518 Jan 107 Sept
9112 Jan 1073 Sept
8
9954 Feb 14
Jan
9
1612
4
123 Feb 18 1
6012 Feb 13 ! 3782 Mar 6254 Sept
834 Dec 1058 Dec
8
103 Jan 2 1
Jan 218 Dec
21214 Jan 11 I 75
7612 Jan 10314 June
8June 14
1023
8
105 Nov 1912 Apr
1612 Feb 13
22 Jan 13, 1214 Jan 2714 Oct
4534 Jan 80
Oct
8
717 Feb 20
4
54 Mar 71 3714 Nov 733 July
69 Nov 111 July
83 Mar 7
65 Mar 8334 Dec
3
94 8 Mar 14
Oct
Jan 109
110 Apr 2 , 94
Jan 190 Dee
19015 Feb 2 136
12 Jan 2
1012 Oct 12 Sept
814 Jan
1514 July
1712 Apr 18 ,
Jan 86 Sept
69
89 Apr 17
.4
673 Mar 9614 Get
90 Apr 7
7914 Mar 100 Sept3
105 Apr 10
5112 Apr 24
3818 Oct 451g Oet
934 Nov 1814 June
1238 Feb 9
43 Dec
81 Oct
4
778 Mar 9
2812 Nov 4478 May
4118 Mar 22
Apr
7912 Nov 91
9212 Mar 6
22 Nov 35 May
33 Mar 23
8 Nov
8
197 May
1558 Mar 7
345 May
22 Nov
8
3418 Mar 6
145 Mar
7 Feb
8
1412 Feb 14
8
447 Jan 947 Oct
8
10458 Mar 21
34 Jan
8
37 Mar
212 Jan 12
44 Apr 11)
Jan -283- Sept
15
4
4
233 Feb 16
Jan 82 Nor
55
7972 Jan 2
6114 Nov 913 Oct
4
78 Feb 16
1912 Aug 263 Dec
8
3234 Mar 8
8
107 Jan 2618 Deo
3012 Apr 2
1418 June
312 Feb
012 Jan 8
314 Jan
4
153 Deo
19 Mar 19
Jan
5
8
115 June
812 Apr 6
31 Nov 45 June
4
433 Mar 1
8
55 Dec 113 May
4
11 Feb 20
2812 Nov 4318 Mar
3978 Feb 23
Jan 384 May
26
44 Mar 19
2018 June 3012 Sept
2718 Apr 6
8
9812 Feb 7
793 Jan 1154 Aug
11614 Jan 4 10512 Feb 119 Sept
4
83 Dec 2718 May
8
115 Feb 14
8
4158 Dee 873 May
47 Jan 5
1934 Apr
1114 Jan
1614 Feb 18
Jan
Jan 85
60
83 June 12
8
4312 Mar 837 Oct
8
585 Mar 6
59 Mar 80, Sept
2
7.61s Jan 5
1218 July 2014 Apr
1914 Mar 7
Jan 531g Oct
24
5814 Mar 8
Jan
3
8
3 Feb 24
14 Nov
Jan 2212 May
10
24 Mar 15
8
3812 Jan 763 Dec
82 Feb 28
3412 Feb 577 Sept
8
6338 /Mar 16
8
11012Sept 4 10718 Dec 1093 I)eo
112 Dec
712 Jan
312 Jan 12
34 May 485 Aug
1
4578 Feb 23
94 May 10612 June
04 Mar 23
3414 Jan 5334 Me Y
6218 Mar 22
4
9012 Jan 1073 May
108 Jan
Feb 11512 Dec
61
Mar
11714
8
2512 Jan 395 May
45 Mar 1
434 Nov 243* May
1118 Mar 24
Jan 18912 Nov
252 Oct 23 110
Jan 9412 Aug
43
8June 9
893
244 Nov 3518 Mar
4
313 Mar 22
Oct
225 Oct 16 15314 Feb 235
Jan 12312 Nov
11818 Jan 8 108
8
52 Nov 1177 May
8
747 Mar 20
1058 Jan 234 Sept
2114 Feb 14
Jan
1414 May
9
1134 Jan 5
Jan 6778 Sept
88
6314 Mar 2
8
1785 Feb 9 14714 Jan 180 Sept
Jan 117 Dec
72
121 Feb 8
71) Nov
Jan
57
7013 Feb 16
2512 Jan 6178 Sept
0312 Apr 0
Feb 9412 Deo
68
9914 Mar 12
Jan 8784 Sept
54
92 Mar 5
59 Nov 02 Dec
7112 Jan 20
40 Aug
1512 Jan
40 Jan 2
soli Jan 52 Mar
7514 Mar 14
7314 Apr 8414 Sept
90 Feb 20
41 Mar 6934 Apr
86 Mar 21
32 Mar 684 Oct
4778 Jan 6
4638 June
8
225 Jan
5958 Apr 2
8
512 Mar 263 Mar
16 Feb 26
June
2014 Jan
3734 Apr 17
Jan 54 Nov
22
6412 Mar 14
4
4114 Nov 743 May
6314 Mar 8
Feb 257 June
8
11
21 Apr 5
6512 Dec 17414 Dec
8
867 Oct 24
8
215 Mar
8
105 Jan
2012May 4
4
293 Jan 2 1083 Jan 322 Dec
7914 Jan 108 Dee
10514 Mar 18
Oct 3412 July
15
4May 28
233
Oct 321s July
12
2314May 28
25 Nov 314 May
Feb 23
3011
Apr
18
11 Nov
1214 Jan 12
2618 Dee 4514 May
8
333 Apr 18
Jan 763 Sept
83
8
75 Mar 8
12 Feb 254 Aug
26 Feb 13
Me Dec
13 Aug
4
/
291 Mar 22
9311 Nov 1214 Dec
14 Feb 20
1714 Dec 34 Mar
11
297 Mar 15
70 Dee 525 July
11412 Jan 12
may
le
3614
16
8
6 A pn 6 4814s
3
9 12 .,a r 23 10132 ::7
814 scot 28 1818 Feb 19
11812July 5
40 June 18
14May 31
35 Oct 18
108 July 5
10712June 28
912 Oct 26
26158 Jan 2
4514 Aug 23
1514June 30
3734 Aug 14
1712May 21
4212July 2
1412 Oct 1
773
3e
,7 (ct
-38 )i N
118 Oct 24
3 July 21
1614June 21
11412July 30
PER - SH ARE
Range for Previous
Year 1922.
125 Feb 2
6714 Feb 21
112 Feb 24
73 Mar 14
4
1363 Mar 20
114 Jan 4
8
183 Mar 5
41 Apr 25
51 1g Feb 13
27 Apr 2
5112 Mar 15
2418 Apr 13
4812 Fob 14
29721Mar 3
Feb
188188 nn 21
318 Feb 8
8May 7
77
8
215 Apr 26
153 Feb 16
10111
912
8
367
11312
28
1
4
303
85
108
1318
2412
4513
20
46
Aug
Nov
Dec
Jan
Jan
1)ec
Jan
Jan
Jan
Nov
Nov
Nov
Nov
Nov
108 Dec
2114 Apr
270 Deo
126
Oct
8
667 Sept
418 Apr
6812 Oct
12914 Dec
117
Oct
1918 June
4158 Sept
5114 Oct
46 June
6812 June
Jan
38
473* Aug
4
203 Feb 40 Sept
8 July
4
123 Mar
5 Nov 1414 Apr
184 Dec
8
43 June
938 Mar
44 Jan
8
123 Jan 28
Oct
116
Jan 1683 Oct.
4
New York Stock Record-Concluded-Page 4
1869
For sales during the week of stocks usually inactive. see fourth page preceding.
HIGH AND LOW SALE PRICE
-PER SHARE, NOT PER CENT.
Saturday,
Oct. 20.
S per share
•71
7%
43
43
.12
3
4
78
78
9
9
37% 3818
1118 1114
543 55%
4
5112 523
4
v
13
4
*914 93
4
2
2
.8912 90
4212 4212
.55
60
234 24
•8
83
4
•20
203
4
134 I%
.20
23
Monday. I Tuesday,
Oct. 22. ' Oct. 23.
$ per share
714
73
8
43
43
*13
3
4
78
78
814
878
37
3858
1034 1114
5512 5612
5212 535
*118
13
4
10
10
13
4 2
.89
90
.42
43
.55
60
2312 243
814 83
4
2018 2012
112 13
8
2012 201211
$ per share
.714
712
41
4212
11
%
763 7714
4
8
8
365 3714
97 1012
4
543 557
5134 523
4
.118
134
*914 10
13
4
17
8
8912 8912
42
42
.55
60
22% 2312
.8
83
4
1034 193
4
15g
13
4
.20
2212
Wednesday. Thursday,
Oct. 24.
Oct. 25.
S Per share
718 74
4112 42
.12
%
78
82
*8
93
8
37 ! 374
10
104
55% 56
5214 523
112 112
.914 10
14 1%
.8914 8912
4178 42
.55
60
2212 227
8
.
8
88
19
19
1 12 112
20
20
Friday,
Oct. 26.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Ranoe since Jan. 11923.
On Oasts of 100
-share lots
Lowest
I
Htlhest
PER SHARE
Rano for Previous
Year 1922.
Lowest
Illohest
3 per share $ per share Shares. Indus. & Miscell.(Con.) Par $ per share
$ per share $ per share
per share
714
714
7
7 18 1,800 Otis Steel
No par
4
7 June 30 143 NIar 21
67 Nov
8
1612 Apr
05 365 Jan 2 523 Apr 2
4118 41 12 4118 414 5.700 Owens Bottle
24
Jan 4238 Sept
8
4
4 Dec 144 Apr
300 Pacific Development
12
12 Jan 2 2 14 Mar 5
12
12
1
794 7912 787 738 2,500 Pacific Gas & Electric
8
100 73 July 2 8518 Aug 20
Jan 9118 Sept
60
734
73
4 *712 812
1-00 Pacific Mall Stearnship
Jan
5
11
19 June
7 July 2 1234 Mar 14
363 3634 363 368 13,500 Pacific 011
8
8
3114 Sept! 19 487 Jan 4
4212 Nov 69% May
8
1018 1014 1018 1014 15.603 Packard Motor Car
10 97 on.23 1512 Mar 22
10 Dec 21 Nov
8
547 554 5418 5514 21,303 Pan-Amer Petr dr Trans.__ 50 .53 Sep 28 9312 Feb 7
8
48% Jan 1007 Dec
8
513 52% 5114 523 31,800
8
Do Class B
50 5012 Oct 19 86 Feb 7
4
4012 Feb 953 Dec
114
114
.114 2
200 Panhandle Prod & Ref_No par
114 Oct 26
3 Dec 1212 Jan
614 Apr 5
*914 10
*814 11
200 Parish & 131ngham
No par
9 May 23 1512 Mar 13
712 Nov
17
Apr
13
4
13
4
15
8
1%, 3,509 Penn-Seaboard St'l v t eNo par
112 Oct 8
2% Dec 133 May
8
6 Apr 4
8913 00
8918 893
41 1.000 People's 0 L dr C(Chic)_100 86 Apr 27 9412 Jan 30
4
593 Jan 99 Sent
4134 413
4 4134 42
1,600 Philadelphia Co (Pittsb) . 50 41 July 2 5014 Mar 19
3112 Jan 45% Sept
.55
60 .55
60
Phillips-Jones Corp
No par 55 Aug 9 SO Apr 4
7314 Oct 1054 Jan
225 234 2212 2314 19,200 Phillips Petroleum .
8
__No par 193
2814 Jan 5914 June
4Sept 18 6952 Apr 5
800 Plerce-Arrow Mot Car_No par
.
8
83
8
73
4 8
6l4 July21 1514 Jan 14
8
8 July 245 Apr
.1812 19
1812 19
1,600
Do pref
Apr
100 1312July 2,' 35% Jan 9
187 July 49
8
112
112
112
15
8 5,400 Pierce Oil Corporation
Jan
25
112July 51
3% Dec 12
6 Feb 13
5
.1812 20
1812 19
700
Do pref
Jan
100 16 Oct 11 45 Jan 4
32 Sept 71
Pigg WiggStor Inc"A" No par 5514 Jan 17 124 Mar 20
39 Nov 59% Dec
61
.59
.59
6012 59
60121 *58
59
6012 60
60
60
700 Pittsburgh Coal of Pa
100 58 Jan 16 (37% Mar 7
8
55 Nov 723 Sept
98 98
•9713 9812 *9712 9812 973 973
4
9712 9712 96
96
Do Prof
600
9018 Feb 10012 Sept
100 96 Oct 26 100 Apr 5
Pond Creek Coal
10
914 Mar 1 47% Feb 15
1414 Feb 41 Dec
51
52
*5012 52
*4914 52
51
51
4914 50
•5012 52
1,000 Posturn Cereal
Oct
No par 47 July 5 134 Feb 6
65% Apr 120
•107 112 .109 11214 .109 11214 .100 11214 .109 11214 .109 11234
Do 8% preferred
100 10812June 30 11414 Jan 25 10512 Apr 1124 Oct
44
44
44
44
4212 4212 4212 4312 4412 45
45
48
3,500 Pressed Steel Car
100 4212 Oct 23 8112 Jan 2
Jan 9514 Sept
63
8418 8418 83
84
8312 8312 1,700
80
82,2 8212 8212 8112 83
Do Prof
100 80 Oct 23 99% Jan 5
91 Feb 106 Sept
7
2112 22
2118 2212 21
8 2014 21
20, 213
213
2014 207 56,380 Producers & Refiners Corp_ 50 2018 Sept 18 5818 Mar 20
8
2418 Jan 51 Sept
4212 426
8
4212 4212 4212 4212 423 43
4212 4314 431 4 435
2,500 PubServCorp ofNJ.new No par 42 Sept 18 5112 Apr 16
116 116
116 11612 1164 11614 11512 116
1153 116
4
1153 116
2,300 Pullman Company
100 11012July 2 134 Mar 8 105's Jan jai% Sept
5118 5214 5134 52
5134 5212 513 5212 8,700 Punta Alegre Sugar
53
53
5212 53
4
50 417
8July 31 6914 Apr 19
Jan 5314 June
31
173 1738 173 1712 1738 1712 1738 1738 1718 173
8
8 1718 17% 4,800 Pure 011 (The)
25 1614 Sept 21
8
32 Feb 13
264 Nov 385 Jan
.8712 8912 .8712 89 .8712 89
*8712 89
8712 8712 .85
88
100
Do 8% preferred
100 8212 Aug 28 100 Mar 9
4
94 July 1023 Apr
•100 10312 *100 10212 .100 10212 •100 10212 .100 10212 100 100
200 Railway Steel Spring
100 097
8Scpt 19 123 Mar 17
94
Jan 12614 Sept
.30 4 32 .3014 32 .293 32 .293 31
3
4
.3018 31
4
.3012 31
Rand Mines Ltd
No par 2914July 16 343 Feb 19
8
194 Jan 3612 Sept
12
1218 12
1218 1178 12
1114 12
107 11 14
8
11
1112 15,100 Ray Consolidated Conner_ 10
9% Sept 21 1714 Mar 1
19 May
1218 Nov
.34
343 .3312 35
4
4
3318 3312 323 3312 3314 333
4 32
32
800 Remington Typewriter v t e100 24 June 27 4818 Mar 6
Jan 42 Mar
24
•86
93
•86
95 .88
93
94
95 .88
*88
•88
95
100 96 Aug 29 104 Feb 13
1st preferred v I e
Jan 105 Dec
55
92
92 .90
94
98
*90
98
98 •90
•90
98
•90
100
26 preferred
100 80 Jae 3 98 Sept 25
5012 Feb 803 Dec
4
83
4 83
4
85
8 83
4
8
812 83
814
4
8
84 812
81/1 2.650 Replogle Steel
No Par
8 0.1 25 313 Feb 16
4
21 Nov 384 May
4434 4312 4438 4314 44
44
434 44
4212 4312 4214 427
g 7.100 Republic Iron & Steel
m2 Mar
100 9018June 30 6634 Mar 21
484 Nov
*8712 8812 •88
8912 88 88
88 .88
8312 *8813 89121
88
300
Do pref.. . ......
100 84% Oct 1 96% Mar 21
74 Feb 9534 May'
.2014 2012 20
1934 1912 20
2014 19
1914 193
4 19
19 I 1,703 Reynolds Spring ....No par
14 Juue 30 297 Apr 17
8
1214 Nov 503 June
4
7114 72
.8 7238 7312 72
7314 7138 73
727
z 72
7118 721 , 24 300 Reynolds(RJ)Tot, Class B 25 47 Jan 10 7312 Oct 22
43 Mar 633 Nov
4
•11614 118 *11714 118
11718 116 118 *11614 118 .11712 118 1
117
200
100 114 July 9 118 Feb 9 111 18 Apr 118% Oct
Do 7% preferred
45
4514 443 45
467 1 6,600 Royal Dutch Co(N Y shares). 4012 Aug I
4
444 444 447 4514 453 4538 46
8
554 Feb 19
473 Jan 67 June
8
19
19
19
1914
20
1914 1914 195 197
20
8
1938 193
8, 3,600 St Joseph Lead.........._ 10 17 June 29 2258 Mar 0
125 Jan 2014 Sept
8
*112 2
.112 2
.112 2
.112 2
.112 2
112
1121
200 San C13111118 343114a4 V I a-No par
114 Oct 4
5 Feb 14
112 Jan
614 Mar
314 3112 317
3114 3012 3012 303 3018 2.303 Savage Arius Corporation_100 1812 Jan 3 333 Sept 5
31
31
303 307
8
4
10 14ug 2478 Apr
78 4 783
3
4 78
80
814 79
7812 814 80
797
7812 7) 1 6,039 Sears, Roidniek & CO
8
100 6534June 30 923 Feb 13
59% Feb 947a Aug
•105 113 *107 113 .107 113 .107 110 *107 109 1 109 109
KO
DO pref
Jan 112 Aug
100 10612June 4 11312June 12
91
•64 7
67
8 67
5
614 612
512
47
57
5% 5.403 Seneca Copper
64
'Jo par
478 Oct 26 1212 Mar 3
6 Oct 2314 Jan
*512 6
*5 2 6
,
538 •
5
54 .
5
5
5 18!
814 5
4
612 Nov
800 Shattuck Arizona Conner__ 10
5 Oct 15 107 Mar 2
12 June
8
4
.29% 314 .304 313 •303 3112 81, 3114 32
4
8
32 i 327 3318
933 Shell Transp & Trading__ 32 294 Oct 3 4114 Mar 7
3412 Dec 4818 May
4
133 1418 1358 137
143 15
8
8 1338 137
8 13 8 133
,
4 13% 1338 27,600 Shell Union Oil
No par 12% Jan 8 1914May 23
1218 Dec 1314 Dec
1812 19
1812 19
183 1838 1812 183
,
4 183 1838 184 1438 13,400 Sinclair Cons 011 Corp_No par
8
10 Sept 18 39% Mar 19
1834 Jan 333 June
4
16
16
153 16
4
1534 1534 153 153
4
1512 1538 1518 153
8 9.700 Skelly 011 Co
958 Jan 2 35 Mar 31
10
85 Nov
8
11% Oct
42 .40
*40
42
*40
42
41
4014 4014 40
.3934 40
409 Sloes-Sheffield Steel & Iron.100 3914July 11 60 Apr 26
3412 Mar 5412 May
81
*72
81
.72
.72
82 .72
82 .72
82
72
82
100 68 Jan 13 90 Mar 16
Do prof
66 Mar 80 Aug
5212 5212 5082 5114 .49
53
.51
51
49
49
48
48
800 South Porto Rico Sugar__ _100 3814 Aug 4 6414 Mar 19
33 Nov 5714 Mar
*13
144 .1312 1412 .13
1414 .13
1414 13
13
13
13
900 Spicer Mfg Co
No Par 1114June 30 2714 Feb 16
15 Nov 24 June
•87
DO
.87
91
.88
901 *88
90 .87
91
*88
Do pref
100 88 Oct 19 977 Feb 2
90 8
,
8
84
Apr 96 Sept
66 .62
.6512 66 .61
67 •_ _ __ 66
654 653 *60
4
66
100 Standard Milling . ..-..100 653 Oct 25 9012 Jan 23
4
843 Dec 141 Sent
4
52
52
5182 5214 51
5112 5118 5112 504 5118 5038 5114 10,000 Standard Oil of Callforla_ 25 4715July 30 12312 Jan 2
is
Oct
9134 Jan 135
327 33
3214 323
4 3214 3212 3214 3212 3218 3212 3138 3214 18,8b0 Standard 0 lot New Jersey 2
4414 Mar 3
30%July 31
384 Dec 25012 Oct
•117 11712 .117 11712 11714 11738 11718 11712 117 117
117 117 ... . Do pref non-voting.
.
60.0
100 11434 Aug 24 11814July 27 113% Jan 11612 Nov
- --____
____ •111
____ *111
'111- - - •
Steel & Tube of Am, pref _ _100 85 Jan 2 1105 Aug 9
8
68 Mar 90 May
56 .5412 55 .5412 5512 5412 5112 56
.54
56
56 - -156 3
900 Sterling Products
51 June 29 6758 Mar 2
No Pa
454 May 63% Dec
•113 116 *113 116 *113 116 .113 116 .113 116 *113 116
Stern Bros. pref (8%)
100 10912 Jan 2 115 Jan 5
Jan 109 Doe
81
833
4 81
8371 81
83
8 8114 814 80
8212 8182 827
82
11.700 Stewart-Warn so Corp-No pa
74 July 5 12413 Apr 17
2412 Jan 79 Dee
6212 6212 6138 63 1 61
6112 62
6312 6218 627s 61
634 2,700 Stromberg Carburctor_No pa
5912July 2 9414 Mar 6
3514 Jan 71 Dec
964 9818 965 983
8
81 954 97
9638 973
9534 961
95
9718 103,700 Studebaker Corp (The)
100 933 Oct I 12614 Mar 21
4
4
794 Jan 1413 Dec
•115 11814 .115 118141.115 119 .115 119 .115 119
115 115
Do pref
100
100 112 Jan 4 11612 Aug 16 100 Feb 11814 Nov
10
1014
98 108
93 10
4
93
97
97 104
3
93 .10
4
7,200 Submarine Boat
34 Jan
4No
pa
7 Jan 3 15 Apr 6
87 Nov
8
*214 23
4
214
23
8
2
214 .2
24
2
2
2
2
1,600 Superior 011
No pa
2 Sept 18
4 Nov 1014 Juno
63 Feb 15
4
o 2312 237 *2312 24 .2313 24 .2313 24 .2313 24
.2312 237 .
8
Superior Steel
100 24 June 29 89 Mar 22
Jan 3912 Apr
26
2% 212
2% 212
23
8 212
212 3
23
4 27
8
23
27 32,300 Sweets Co of America
1
1% Nov
5 Mar
1 June 4
3 Oct 24
.83
4 9
.883
4 9
87
87
s •83
4 8
7
838 83
4
8 8 85, 1,100 Tenn Copp & C tr ctts..Vo pa
5
1254 May
8 June 21 1234 Feb 21
81 Nov
8
403 41
4
4012
,
4038 40
4038 393 4014 34.030 Texas Company (The)
2
3914 Sept 18 5278 Mar 20
42 Mar 5214 Oct
577 5818 58
5818 5718 5713 573 58
8
5712 5712 5614 577k
5314 July2 65 Jan 15
4,800 Texas Gulf Sulohur
3812 Jan 6718 Nov
1
vs
718
6
7
6i4 613
614 65
8
614 638
6
614 9,900 Texas Pacific Coal & Oil__ 1
.
1818 Nov 3234 June
6 Oct 22 2414 Feb 2
*984 100 I 99
99
100 100 *10012 104
100 100
100 100
400 Tidewater 011
Oct
100 94 July 2 144 Mar 2 1093 May 154
4
344 344 35 35
34
348! 3.113 3412 31
34% 335 34
3.000 Timken Roller Bearlug_No pa
Oct
2812 Sept 35
3318 Jan 2 45 Mar 8
7 60 •
k
58
5838 583 594 5812 6038! 593 6014 55
5
s
537 561 76,700 Tobacco Products Corp.. _100 4634 Aug 4 8112 Apr 27
4914 Nov 8414 June
877 8812 8814 8912 883 90 1 8938 9038 8812 9038 884 90
4
8
74,603
Do CIA (since July 15) 100 7612July 2 90% Oct 25
76% Aug 894 Sept
218 24
2
2 14
24 241
IN 218
114
17
8
114
112 54,400 Transcontinental Oil _ .No pa
114 Oct 25 1412 Jan 5
712 Mar 2018 May
4
.5912 6212 593 593
4
4 5914 593
5812 57
4 5912 593 .58
58
600 Union Bag Qs Payer Corp 100 57 Oct 26 7712 Mar 28
55 Mar 78 Sent
•____
18
18
18 *____
18
ig Dec 25 June
3,800 Union 011
84 Jan 3
No par
18 Jan 4
38
•88
95 .87
95 .8712 95 .87
95 ! .87
90 .87
90
4
100 81 Feb 1 993 Mar 19
Union Tank Car
85 Dec 1341 Dec
4
.10714 10812 •10714 10912 .10714 10812.10714 10812 .10714 10312 •10714 10883
100 106 Sept 6 112 Jan 19 102 Feb 113 Sept
Do Prof..
.30
31
.30
31
.30
31
*30
31 1 30
30
.30
31
Jan 4114 May
300 United Alloy Steel
No par 29 July 31 3912 Mar 21
25
.7414 75
78
75
7512 76
77
7512 7512 .75
•75
4
76
(2
Oct
703 United Drug
100 743 July2 8534 Feb 26
8
607 Mar 85
•4638 48 .467 48
467 467 *46
4712 .4638 4714 .4614 4714
100
50 4614 Feb 14 49 July 1
Do 1st preferred
41 18 Feb 51% Oct
•171 174 .172 174
172 173
172 172 ,.17() 174 •170 172
4
100 15212 Jan 17 183 Mar 2 1193 Jan 162
Oct
300 United Fruit
5
5
*5
7
*5
7
*5
7 ! *5
7
.51
. 7
100 United Retail Stores___No Par
a+ Oct 16 8418 Apr 17
4312 Feb 8712 Oct
3814 3838 37
385
8 3612 3718 37
394 3714 3938 363 33
8
11,700 US Cast Iron Pipe & Fdy_100 20 July 3 403 Oct 8
4
1618 Jan 39 Aug
82
82 .81
813
4 7912 7912 804 82 , 8112 82i2 80
Do pref
Jan 79 Aug
80
2,200
100 64 June 21 323 Oct 8
SO
4
414
584
43
414 512
418 412
438 *4
44 44
234 Feb
1018 Jan
612 Mar 19
Is June 28
'2 6,000 U S Food Products Corp_ _100
•15
1514 1512 1512 .15
16
15
15
1334 15
15
15
900 US Hoff'n Mach Corp-No par
1812 Nov 257 May
8
133 Oct 26 25 Jan 27
4
• 5114 53
51 14 5318 5014 5138 513 5212 5034 52
8
5018 517 18,800 U 8 Industrial Alcohol__..100 40 June 29 734 Mar 16
Jan 727 Oct
37
8
.00
9812 .06
9812 .0612 9103 97
97 ! .9612 97
•11612 97
100 9514June 29 101 Mar 28
100
Do pref
Oct
72 13 Dec 102
.914 9212 9218 9213 913 9212 9118 914 91
4
91
89
9014 2,300 US Realty & I rnprovement100 8818July 2 106 Mar 5
56
Jan 92% Oct
3412 353
4 323 3534 3212 3338 334 34
4
313, 3314 303 317 31.800 United States Rubber
100 -303 Oct 26 64% Mar 22
46 Nov 674 Apr
8
8512 87
7
83
8514 81
82% 82
83
7934 8214 763 804 16,200, Do 1s1 preferred
100 743 Oct 2.5 105 Jan 13
4
01 Sept 107 July
4
207 207
8
8 207 207
s
8 2038 207
2012 20
8 20
50 20 June 28 433 Mar 2
20
20
20
8
3,000! US Smelting. Ref &Min
33 Feb 493 Oct
4
.4012 404 4012 4013 .40
407 .40
8
403
40
40
.3912 4013
200
513 40 Oct 25 484 Jan 3
Do Prcf
4214 Feb 49 Aug
87% 8814 873 88381 861 , 874 87
.
8
88 ! 8634 87 4 863 8738 74,300 United States Steel Corp._100 8512July 31 10958 Mar 21
,
Jan 1114 Oct
82
1187 1187 11812 119 *11814 11878 1183 1185, •1181g 11814 11818 11813
8
100 11618 Aug 6 12312 Jan 15 113% Feb 123 Sept
SOO
Do met
*5712 573
4 5712 57151 563 575
57 I 5512 56,4 553 563
4
8 56
10 5512 Oct 25 7612 Mar 5
4
8 8.300 Utah Copper
59 Nov 7112 Sept
•143 15
4
1434 15
1414 145
8 1454 141
8 143 143
4
100 1418Ju0e 27 2458 Feb 16
4 2,100 Utah Secarities v t e
4 1414 143
9% Jan 2318 Sept
2834 2914 283 283
,
41 2812 2812 2814 28141 273 28
8
No par 24/,July 5 4458 Mar 20
2712 275
8 4,300 Vanadium Corp
3014 Jan 53% Aug
•80
90
090
801 380
89
380
89
380
89
100 85 Oct 5 98 Jan 25
Van Raalte, lst Prof
.80
90
Oct
Jan 100
92
813 813 *712 812 *712 8
71g
73, 75
712
73
4 73
1,600 Virginia-Carolina Chem. -100
6143une 27 27 Feb 20
2314 Nov 36% Mar
25
25
253 253
4
24
4 223 2212 *23
112212 231222 8 2313
8
5
100 17 June 27 69 Mar 15
Do Pref
900
Oct
58 July 83
.52
54
*53
54 .52
54 .53
59 I .52
59 .52
Virginia Iron. C & 0 .....100 52 July 2 63 Mar 5
58
43 Mar 9412 Jan
.81
90 .81
89 .81
85 .81
85 1 .80
83 .80
100 7712June 28 85 Apr 23
Do pref
85
Oct
66 Mar 86
157 157
15
16
12
4
1438 1438 1514 143 15
No par
618 Jan
12 Oct 23 23 Mar 22
1414 141 16,000 Vivaudou(V)
16 Dec
*1312 141 •1312 143
8 14
14% 1338 13% •135 145 *134 1411 1,000 Weber & Hellbroner-No par 124 Jan 27 15% Mar 8
8
Apr
8
107 Oct 17
*3712 381k 3783 3712 •36
361 .36
37 .36
3712 .36
3613
100 3412July 11 105 Mar 2
200 Wells Fargo Express
6614 Jan 98% Oct
10514 10514 1057 10714 10738 1073 1063 10614 105 106
4
4
1047 1051
8
3,200 Western Union Telegraph -100 101 18July 5 11912 Feb 20
89 Feb 12114 Aug
•795 8O7e 7912 7912 7988 79,
8
8 7012 7913 7914 7914 7912 80
800 Westinghouse Air Brake... 50 76 July 5 120 Feb 17
80 Mar 114 Dec
57
57
563 57
4
563 5738 563 578 5638 5678 557 57
4
9,400 Westinghouse Eire ,Ir Mfg_ so 5212June 30 674 Feb 113
4912 Jan 6518 Aug
.21
213
8 21
214 *21
2118 21
21 I 21
21
No par 2013 Sept 18 3038 Mar 20
207 207
900 White Eagle Oil
8
s
25 May 333 Nov
4813 483a 4813 481z 4813 483 4914 433 483
.48
4
4
50 45 June 28 607 Mar 19
3518 Jan 54 Sept
4134 4S'4 2.200 White Motor
8
3,
14
3
8
313
38
18
14
12
3
3
14 Oct 19
%
57 Feb 19
8
218 Dec 12 May
*3
8
38 3,200 White Oil Corporation-No par
•5
6
53
4 57
.512 6
5
53
4
5
514
5
538 2,300 Wickwire Spencer Steel- 5
512 Nov
217 May
8
5 Oct 17 14 Feb 13
67
634 7'o
7
67
8 7
63
4 7
63
4 7
634 7
25
10 May
11,400 Willys-Overland (The)
5 June 21
44 Feb
814 Jan 5
677 693
675 70
6718 68
8 6718 633
673 687
100 4212 Jan 2 705 Sept 1
Do pref
24 Feb 4912 July
673 6813 13,200
4
8
21
21
204 2012 .2018 21
*204 21 I 20
2
018 1918 1912
2714 Jan 5
700 Wilson & Co. Inc. v t e-No par 19 June 27 423 Mar 7
4
04 Sept
.70
75 I •70
75 *
100 64 July 13 89 Feb 8
Jan 91 Sept
65
Do prof
66
I
213g
-2/1 27314 276
271 2753 270 273
4
273 2768
Jan 223 Nov
6,700 Woolworth Co (F W)
100 19918 Jan 24 2763 Oct 26 137
4
2414 2414 .23
26 .2312 27 .23
26 .23
26
•23
26 1
100 Worthington P & M v t c_100 23 Oct 15 4018 Feb 15
8
267 Nov 55% June
1197 10
8
*97 10 ' 10
10
10
.97 10
8
10
10
1012 4.400 Wright Aeronautical_ _No par
814 Jan 17 11 May 17
6
Jan I 11
Aug
•Bid and 8.k.11
It, dividend
ee •sio.
(hl.
a After distribution of dividend In Shares of United Cigar Store at the rate of 38.85 shares for 100 shares of
United Retell Stores.
40
4014 4034
40t4
1870
New York Stock Exchange-Bond Record Friday Week y
Yearly
Jan. 1 1909 the Exchange method of quoting bonds was changed and prices are now -and interest"--ezcep for income and defaulted bonds
BONDS.
N. Y. STOCK EXCHANGE
Week ending Oct. 26.
a
t
.t
',e,
Price
Friday
Oct. 26.
Week's
Range or
Last Sale
w1.,
Range
Since
Jan. I
BONDS.
N. Y. STOCK EXCHANGE
Week ending Oct. 26.
.4.
Price
Friday
Oct. 26.
Week's
Range or
Last Bak
High No. Low
Bid
U.S. Government.
High No.
Ask Low
Ask Low
Bid
High
Atl & Birm 30-yr 1st g 4s_e_ _1933 M S 678 687 6812
1
6812
First Liberty Loan8
J D 100132 Sale 9925 , 100232 495 99233101.90 At! Knox,& Cin Div 4s_ _ _ _1955 MN 838 8412 8312 Oct'23
3%% of 1932-1947
1 D 92143 ___ _ 971542 Oct'23 __-- 9723. 98.90 Atl Knox dr Nor 1st g 58____1946 J D 9918 ____ 9834 May'23 ---•
Cony 4% of 1932-1947
J D War Sale 9715o 9834: 262 96223399.10 AU dr Chad A I. 1st A 4%5_1944 J J 91% 93 98% Sept'23 --_)2% of 1932-1947
Cony 4
6 97.0099.00
1941 J J 97% 98% 9712
-year 58 Ser B
J D 971031 98 9710o 972431
Ist 30
26 cony 4) % of 1932-1947
1
,
9818 13
At! Coast Line 1st con 45 _61952 M S 8714 Sale 86
9
8715
Second Liberty LoanMN 97243 - - -- 972331 972333 14 91314198.70
1930 MN 10612 1063 10612 °eV/3 -10
4
-year secured 75
4% of 1927-1942
MN 97243 Sale 971233 9843 303 9824198.88
General unified 4246
1964.2 D 86% 863 86
4
Cony 43j% of 1927-1942
L & N coll gold 4s
01952 M S 8112 Sale 8138
Third Liberty Loan751 Sept'23 -- -S 982133 Sale 981333 99.00 8257 97142 99243 All & Danv 1st g 45
1948.2 J 7314 76
432% of 1928
2d48
1948.2 J 6212 __- 65 Aug'23 ---Fourth Liberty LoanA 0 972I Sale 971643 98532 2997 9713. 99.04 At!& Yad 1st g guar 48
1949 A 0 76% 80
7612 Oct'23 ---1933-1938
43(% of
A 0 995.2 Sale 98213, 99114, 1508 9810
.2100.04 A & N W 1st gu g 55
1941 J J 9378 97 937 Oct'23 ---Treasury 43is 1947-1952
.
01930 Q J --------10412 July'23 ____ 10214 1042
213consol registered
103 Bait & Ohio prior 3)45
01930 Q J --------103 July'23 -__ 102
98a 108
1925 J J 96:2 Sale 961
26 consol coupon
1925 Q F --------104 May'23 __-_ 103
104
83925 Q J 95
964 9412 Oct'23 ____
Registered
45 registered
ki948 A 0 7934 Sale 7878
1925 Q F _-__ --: 10314 Aug'23- 10318 103%
793 171
let 50
-year gold 45
48 coupon
100 July'21 _ _
4
771
k1948 Q J 7712 Sale 77%
Registered
l?
l
Panama Canal 10-30-yr 26--ki
li 94 Apr'23
8312 133
4'14 "gY" 10-year cony 4)411
1933 M 8 8314 Sale 83
' Panama Canal 36 gold
1961 Q M --------9234 Sept'23 ____ 9234 984
Refund & gen 5s Ser A
I995 J D 8312 Sale 8312
837s 62
Registered
10-year 138
1929 J J 10118 Sale 10078 10114 135
State and City Securities.
9814 101
8
993 9814 Oct'23
4
P Jet & M Div 1st g 3)48_1925 M N 943 9512 95 Oct'23 -- __
-4)5s Corp stock_1960 M 8 99
N Y City
99% 10278
1984 M 33 99% 9918 985 Oct'23
s
P L E dr W Va Sys ref 45_ _1941 MN 7578 Sale 75
&Ks Corporate stock
8
100 10212
1968 A 0 9918 995 100 Sept'23
Southw Div 1st gold 3348-1925 J J 9534 Sale 951
75 4 15
96718 132
4)25 Corporate stock
10312 108
18
67
1971 J D 10312 __-- 10312 Oct'23
To!dr On Div 1st ref 46 A-1959 J J 6618 Sale 6618
4%8 Corporate stock
1013 10712 Battle Cr & Slur 1st gu 3s 1989 J D 5212
__ 5718 Apr'23 --__
4
414s Corporate stock_July 1967.2 J 10314 -- -- 10218 Oct'23
8
781
1013 107% Beech Creek 1st gu g 46
1965.! D 10314-- _ 10334 Oct'23
4
1936 J J 8712 9114 7812
4)45 Corporate stock
1963 M S 10314 104 10212
I 10218 1073
10212
1936 J J 8714 __ -- 88 Feb'23 -s
Registered
4%s Corporate stock
104 May'16 ---95 10014
1
1959 MN 954 ____ 9512
9512
26 guar gold 56
1938 .1 J
4% Corporate stock
95 997 Beech Cr Ext 1st g 3)4s. _ _31951 A 0 7514
1958 MN 953
95 Oct'23
_ 60 July'22 -4
8
4% Corporate stock
1957 MN 9534 ____ 96 Sept'23
96 10018 Big Sandy 1st 48
1944.2 D 8012 82 8014 July'23 ---4% Corporate stock
6514 63 Oct'23 ---95 9912 B & NY Air Line 1st 48._ _ _1955 F A 53
4% Corporate stock reg..-l956 M N 9412 ----95 July'23
1957 M N 10318 _ ___ 102 Oct'23
10112 107 Bruns & W 1st gu gold 45_.
891 82 Feb'23 ---_1938 J J 86
4346 Corporate stock
10112 10711 Buffalo R & P ten gold 58_ _1937 M S 971 9918 100 Oct'23 ---- 10112 Oct'23
04% Corporate stock_ 1957 M N 10318
8512 91
88 88 Oct'23
1957 M N 87
3%% Corporate stock-4_1954 MN 853 If 8512 Oct'23
4
Consul 4345
1961 M 8
10112 10312 Burl C R & Nor let 53
- 10212 June'23
1934 A 0 9538 9614 9534 Oct'23 --- New York State-48
5
1023 10212
Canal Improvement 4s__ _1981 J J -- - - ____ 10212 June'23
9834 15
11214 11214 Canada Sou cons gu A 5s..1982 A 0 9814 Bale 9834
Highway Improv't 434s_1963 M S --------11214 July'23
11312 30
Highway Improv't 4gs 1965 M S --------10412 Apr'22
6934---- ---- Canadian North deb et I 75.1940 J D 11314 Sale 113
11218 42
1991 J J
1948 J .1 11118 Sale 11118
7114 Oct'20 -------------Virginia 2-38
t deb 13345
25-years
8034 196
anadian Pac Ry deb 48 stock__ J J 8012 Sale 7934
9212 Oct'23 ---_
Foreign Government.
Carb & Shaw 1st gold 48._ 1932 M S 8412 90
1927 F A 10178 Sale 10134 10214 119 10014 10318 Caro Cent 1st con g 4s
69% Oct'23 --__
Argentine (Govt) 78
1949 J J
20
02
4
92 913
2
Argentine Treasury 53 of 1909_ _ _ M 13 8112 82 8134
8134
7712 854 Car Clinch &0 1st 3-yr 58-1938 J D 91
1943.2 D 8775 gale 8634
3
83 4 93 4 66
1952 J 12 96 Sale
Austrian (Govt) 78 w 1
884 316
3
7
75
9 38 Oct'23 -6.!
9114 10312 Cart & Ad 1st gu g 45
1981 J D
4 96
993
Belgium 25-yr ext s f 734s g_1945 j D 9734 Sale 9734
Jan 1925.1 J 9638 Sale 9638
1948 J D 6518 871: 6614 Oct'23 --9714 72 93 98% Cent Br UP 1st g 4s
5-year 6% notes
,
93 10314 cent New Eng 1st gu 45
10
88
52
1981 J .1 5218 541 5134
20-year s f 88
1941 F A 9934 Sale 9912 1001
. 9334 Dec'22 -._
1930 M 5 9238 __ _
1945 M N 107 Sale 107
107% 20 107 10912 Central Ohio 4345 1930
Bergen (Norway) a 1135
-1945 M N 107 10818 10724 10812 13 10712 11314 Central of Ga let gold 5644p1945 F A 100 102 100 Sept'23 .
Berne (City of) s f 88
9514 18
94
86
84
1945 MN 95% Sale 95
88
consol gold 58
Bolivia (Republic of) 88„ _ _1947 MN 8718 Sale 87
June 1929 J D 10012 Sale 10018 10011 19
7912 27 694 8312
Bordeaux (City of) 15-yr 65-1934 MN 78 Sale 78
10-yr secur es
7
1941
D 9312 Sale 9314
82 914 99
93
Brazil. US external 88
Chatt Div pur money g 48_1951 J D 7534 7914 74 Oct'23
7712 _8614
1952 D 7934 Sale 7818
7934 183
Mac & Nor Div lat g 5s__ 1946 J .1 9378 ___ 9838 Sept'23
75 (Central Ry)
1947.2 .1 93% _ _- 94 July'23 --3
96 4 104
29
99
(Coffee Security)__ _1952 A 0 9834 Sale 9838
Mid Ga & All Div 56
7345
9814 9712 Oct'23 --99 10134Mobile Division 56
1946.2 .1 97
64
Canada (Dominion of) g 58-1928 A 0 9978 Sale 9934 100
99 102 Cent R Rdr B of ga con g 56._ _1937 MN 9114 934 9114 Oct'23 - -34
do
56_1931 A 0 9934 Sale 9934 100
do
do
.
10
MS 10212
103% 16
1929 F A 10114 Sale 101
10112 102
Central of N J gen gold 58.1987 J J . 3_1! Sale_ 1033
10
-year 5145
9778 102
k1987 0 J
1952 MN 9912 Sale 9914
997 138
58
Registered'
. _1949 F A 86% Sale
Chile (Republic) ext is I 13/1_ _1941 F A 10334 Sale 10334 10412 46 100 1041 Cent Pac let rot gut 48
2'22
8
2
9134
1926 A 0 10314 Sale 10234 10314 11 100 10418
-year s I 88
External5
Mort guar gold 332s..._ _k1929 J D 911 Sale 9134
9312 964
7
82
1942 M N 94 Sale 94
9512 42
Through St L let gu 46..1954 A 0 821 87% 808
75
Savannah 78.1938 J J 113 ---. 11412 June'23 -1946 MN 10334 Sale 1033
38 10
8 f Pa
-year
25
012 105 Charleston &
4 10414
3
41
4
521 Ches & Ohio fund & impt 5s.1929.2 J 95 4 Sale 9514
Chinese(Hukuang Ry)Se 4_1951 J D 4612 Sale 4512
5
4
953
4612 30
8
2
997
1939 M N 9934 Sale 9934
Christianla (City) 8 f 884_1945 A 0 10734 Sale 10734 10814 14 10712 11212
1st consol gold 55
8
1939 MN 967 99 9812 May'23 --- _
8812 95
9414 56
Colombia(Republic)8%5_ _ _1927 A 0 9334 Sale 9334
Registered
4
904 99927182
88
8414 12
1992 MS 833 Sale 8334
Copenhagen 25
-years 15)0_1944 J J 8814 Sale 8814
891g 38
General gold 41.45
M
R1992 S --------81
Oct'23 -- - _
1944 1111 S 96
.
Cuba 58
9612 9534 Oct'23 __
8714 78
Eater debt of 58'14 Set A_1949 F A 9012 ____ 96
8711 96
red
16
:
96
ebtg
20-year onvertible 4346_ _1930 F A 87 Sale 863
8878 118
1949 F A 85 Bale 8434
External loan Ois
7 81% 8
85
30-year cony secured 58..1946 A 0 88 Sale 8712
9
90 993
1953.2 .1 9112 Sale 9114
1940.2 J 9218 ___. 9134 Sept'23 -4
4
913 633
Craig Valley let g 58
5558
8 61
237
77 9612
Czechoslovak (Repub of)88_1951 A 0 9212 sale 9112
Potts Creek Branch let 45_1916 J J 7312 8212 7814 May'23 -7978 803 Oct'23 -Danish Con Municip86"A"_1946 F A 10714 108 10714 108
R & A Div 1st con g 45_ _1989 1 J 79
8 10612 1094
3
4
1946 F A 10714 108. 108
1989 J J 74 s 774 743 Aug'23 -Series B
,
4
2 1083 109 4
26 conaol gold 45
10814
1945 A 0 109 Sale 108
33 10734 110s
Denmark externals 1 8s
109
Warm Springs F 1113 11 51-1941 M 8 9113 95
590334
2
1942.2 J 9418 Sale 94
96
-year es
20
94 99 Chic & Alton RR ref g 35_ .. _1949 A 0 54 Sale 54
91
544 44
2 9514 102
Dominican Rep Con Adm s f 55'58 F A 99
99% 100 Oct'23
July'23
New York Tr Co Otis
50 2 5_2
._______ 50% . ._ 52 sept 23 -.:-...
1942 M S 8618 Sale 8618
5 S m'3
87
18
.
t
Stamped,Oct'22 int- _ _ 5345
84
00
Dutch East Indies ext es__ _1947 J J 9634 Sale 9614
924 9814
Stamped Apr '23 int__ _ _. ._
9712 171
1982 M 8 9614 Sale 9512
3112 116
92 973
0
4 -year 136
4
4
233
It/50 J J 303 Sale 3034
97
Railway 1st Ilen 3)45
1953 M 8 91% Sale 91
8734 044 Chic Burl & Q-II1Div 3343 1949.2 .3 8014 Sale 8014
8058 10
5348 trust rcts
9112 74
90 101
25
88
1949 J .1 88 Salo 863
French Repub 25-yr ext 88,_1945 M S 984 Sale 9734
Illinois Division 45
4
993 382
957
10
Nebraska Extension 48-.1927 M N 9534 96 958
20-yr external loan 7%6..1941 J D 9412 Sale 933
95 489 8
4
97
1927 M N 9412 ____ 9618 July'23 ---Gt. Brit dr Ire(UK of) 5345_1937 F A 1014 Sale 10018 10112 323 1004 1044
Registered
s
1929 F A 11018 11034 1014 1105 702 1097 116.
37
85
1958 M 13 85 Sale 8434
-year cony 5345
10
8
General 45
1952 M N 75% Sale 7534
9834 60
Greater Prague 7%8
1971 F A 9814 9914 9834
let & ref 511
%
641 65 82
78
1
1952A 0 92 Sale 91
Haiti (Republic) es
92 . 36, 8912 9_8 Chic City & Conn Rye 58_ _ _1927 A 0 524 53 5334
53% 15
97
28. 9211 117_4 Chicago & East III 1st Os_ _ .1934 A 0 10218 .
Italy (Kingd of) Ser A 6345-1925 F A 97 Sale 27
1
10418 June'23 -- --L loan 4%8_1925 F A 9318 9312 9234
Japanese Govt
4
_
9338 95' 90 931 C & E Ill RR(new co) ten 56_1951 MN 77 Sale 7834
774 35
1925.2 J 9178 Sale 9178
2
92
3
mrs 933 Chic dr Erie 1st gold 56
8 58
927
Second series 4145
3 42
8
41 12 9
1982 M N 9234 4212 9
1931
4
763 827 Chicago Great West let 45_1959 M S 45% Sale 443
4
1
7978 Sale 7878
7978 98
Sterling loan 4s
4514 55
8814 9312
Oriental Development 65.1953 111 13 8914 Sale 8814
With Sept'24 coupon on
894 78
801
81
4 23
694 8334 Chic Ind & Loutsv-Ref 65..1947 J .1 10312 106. 10334 Oct'23 -1Lyons (City of) 15-year es. _1934 M N 7914 Sale 79
e
95% 94 Oct'23 -- -8912 8312
1947 J J 94
Refunding gold 58
Mars illes(City of) 15-yr 88_1934 MN 78 Sale 78
46
79
30 42
M N --------3024 Oct'23
45 Series C_ _ _ _1947 J J 7934 85 80% Oct'23 - -- Mexican Irrigation 4345
1945 Q J 4512 Sale 45
1968 M N 7912 80 79% Oct'23 - ---5s of 1899
55
Mexico
4934 -1-5-42
96
agag J J 95
9534 98
1954 J D 2912 Sale 2614
a
e
- neral rs
_
2912 45
Gold debt 48 of 1904
73 6812 Oct'23 - --19521.2 D 8534 88 8534
10 85 91%
86
Ind St Louisville 1st gu 48_1956 J J 70
Montevldeo 75
9612 10212 Chic Ind dr Sou 50
8
-year 45__1956 5 J 823 84 8212 Sept'23 -- -Netherlands es (fiat prkes)_ _1972 M 8 9612 Sale 98%
9778 132
1234
3
9
0
4
1940 A 0 11034 Sale 11012 111
,
38 10 12 100 Chic L S & East 1st 4348 _1969 1 D 863 ---- 8812 June'23 -Norway external s f 88
29
53
1952 A 0 93% Sale 9312
65
9312 9652 C M & Puget Sd 1st gu 45_1949 J J 50 Sale 50
9414 29
7212 02
J J
1943 F A 9312 Sale 9312
es (interim certificates)
9414 248
9434 9734 ChM & St P gen et 4623er A _ e1989 j j 7112 Sale 7114
8
62
8
61
63 607
General gold 3348 Ser B__81989
Panama(Rep)5%5 Tr recta-1953 .1 D 97 Sale 9614
9712 20
7914 39
11
_
General 4)46 Series C___e1989 J . 78 Sale 78
Porto Alegre(City of)8s__ _ _19131 J D 9614 Sale 96
93 0911
9614 10
A
50% 197
Gen & ref Series A 4%.3_ _02014 A O 4814 Sale 48
Queensland (State)ext sI 713_1941 A 0 106 Sale 106
107
20 10512 10911
5634 81
5312 Bale 525
1947 F A 10038 Sale 10012 101
Gen ref cony Ber B 58.-02014F
-year (45
25
31 100 10284
554 241
1932 1 D 51% Sale 5112
Convertible 4345
1940 A 0 9534 Sale 9534
Rio Grande do Sul 8s
4
91711 22
9612 18
128
73
1925 J D 8938 Sale 68%
894 97
-year 8 f 88_1948 A 0 90 Sale 8938
48
Rlo de Janeiro 25
901g 32
108
50
89
9712
1934 J 1 4814 Sale 4634
-year debenture 45
1947 A 0 89 Sale 89
25
85
9012 13
9 93 12 99 4
9612
96i2 9312
,
5
Chic & Mo Rh Div 58-.1926 J .1 9618 9814 9712 Oct'23 - -1952 M 13 96
San Paulo (City) 5 f 8s
i
98
..
N'west Ext 4818Se-1926 F A 954 ____ 96
San Paulo (State) ext s f 88_1938 .1 J 99 Sale 99
9912 20
_54 100 Chic &
9
1888-1928 F A 9438 9535 95 Oct'23 -- - Registered
1942.2 J 844 Sale 84
Seine (France) ext 75
87
150
. 90
LO
_.
3
71
1987 M N 7038 71% 71
General gold 3)48
Serbs, Croats & Slovenes 83_1962 MN 66% Sale 68
4
8
667 106 0 '2 A22
Registered
1938 M N 83 Sale 83
181987 Q F 69% 704 8814 Oct'23 - - - Saloons(City)65
83
25
6612 230
1987 M N 8112 8138 814 Oct'23 - - - _
General 48
1939.2 D 104 Sale 10378 10412 27 103% 106
-year 65
Sweden 20
11112 11914
48
1987 MN 7614 87 85 Oct'23 -- - _
Stamped
11212 37
SWIS8 Confereen 20-yr s f 85_1940 J J 11112 Sale 11112
3
9978
99% 99%
jog7 M N 99
M S 68
General 5.1 stamped
67 67
Tokyo City 55 loan 01 1912
5 67 77
6714
4
Sinking fund es
1879-1929 A 0 1027 1043 101 Aug'23 ---9914 107
8
Uruguay Republic ext884_1946 F A 103 Sale 10112 102
1079-1929 A 0 9918 ____ 0178 Apr'22 -- - 1945 A 0 10834 10912 109
Registered
Zurich (City of) 5 f 843
7 10814 113%
109
6
974
8
1879-V129 A 0 961 9912 9734
Sinking fund 58
23.5=J
Railroad.
Registered
1879-1929 A 0 9618 ____ 9712 Mar'23 ---993
1
9934 993
1943 J D 943 9512 96 Oct'23 ____
Sinking fund deb 58
1933 M N 99
9218 96
Ala Gt Sou 1st cone A 56
2933 M N 93 100 97 Aug'23 - - -1928 MN 100 ____ 100 Oct'23 _ _ _
994 10134
Registered
Ala Mid let guar gold 5s
78 811s
1946 A 0 78
79 78 Oct'23 ____
-year secured 76 g
10
1930J D 10638 Sale 10814 10612 15
Alb & Snag cony 3345
82 834
. _1936 3 1 8 10738 10758 30712 10778 15
81
3
15-year secured 634s g _ .
82 Aug'23 _ __
Alleg & West 1st g 48 gu____1998 A 0 78
8
7834 22
87% Sale 87
1942 M
...nee Val gee guar g 4.3
87%
,
9
3 Ei2 6034 Chic R 1 & P-Railway ten 48'88 J J 783 Sale 78
r
J J 74sy -- -- 74 Sept'23 -,...,
Registered
k1995 Q .7 54
56 54
18
55
Ann Arbor 1st g 48
74118 121
8414 9112
Refunding gold 45
1934 A 0 74 Sale 74
g 48_1995 A 0 8834 Sale 88
-Gen
7
88 8 227
Atch Top & S Fe
81
1995 A 0 -------- 8634 se/n.23 _ _ __
11108 Chic St L & NO gold 58_4_1951 .1 D 9712 10058 100 Sept'23 --Registeree
2 D 9414 __ 95 5June'23 - --__
7512 8212
1
Registered
k1995 Nov 793 Sale 783
4
Adjustment gold 48
7934 35
7834 May'23 --- Gold 334s
83995 Nov 7912 Sale 7912
7614 8212
1951 J D
7978 16
Stamped
1955.3 n 8258 8312 8214 Oct'23 ____
78 84 Joint lit ref 55 Series A__ _1963 J D 93 9334 934 94 35
Cony gold 45 1909
8212 78 Sept'23 -- -76 84
Memph Div 1st g 45
1951 J 0 78
1955 J D 824 Sale 8214
8234 27
Cony 4. 1905771, 10414 Cat L & P lst cons g 53_41932 A 0 994 ____ 991 Sept'23 -- -3
4
8214
Cony 4 vane of 1910.-1980 1 D 7814 833 824
9334 96% Chic St P M & 0 cons es_ _1930 J D 10414 Sale 1944 10434 11
$
9518
ply bet g 45_ _ _ _1928 M 13 9518 Sale 9518
East0
9112 92% Mar'23 -- -774 83
Cons 65 reduced to 33'45_1930 J D 90
83 7934 Sept'23 __ _ _
Rocky Mtn Div 1st 451-__ _1965 J J 80
8
9514
9412 9412
Debenture 58
1930 M 61 94
827,
8
5 815 86%
8278
Trans
-Con Short L 1st 48_1958 J J 83 84
87% 93 Chic TB & So East 1st 56_1960
2
911,
9114
91
82 Sale 82
18
83
Cal-Ariz 1st & ref 4248"A-1982 al S 90
4
Z25 11
,,,,
2?; ____
"IN ii
134 27:42 Genera! A
Range
Mace
Jan. 1
Low IBA
65 6972
8084 Be1g
9884 WU
6
.
88 91
96 100
8232 89
106. 108
82 89 2
8
7612 8532
4
7372 793
6112 68 s
7
7612 7812
934 97 4
1
9312 97
12
031: 942
7453 80
7412 78 8
8
831$
77
7932 85
99 10172
9114 96
73
794
914 954
6112 68
5712 60
7812 8912
86
86
Jar. 8434
63
761z
89
100
8614
95
89
1015
2
924
9912
94 1004
112 116
2
1105 11384
764 80 4
8
68
8814
89
4
768
6614
48
W94
8
98 2
77%
Wit
68
ioa- fir
92% 98%
99% 101%
74 81
91- 94
s
943 9712
90% 97%
102% 108
1024 1054
79% 884
81114 913
4
7932 84
114% 11412
94% 97
9734 103
14
974 9812
8
2
805 86 4
8014 81
8218 8912
964
84
9014 96
784 7814
2
763 81
7414 76
90% 9034
501s 564
4814 53
49% 52
464 5012
2518 33%
7812 85
8512 904
9511 97
95114 9618
83 8912
9638 10118
47 66
104 106%
76
8112
867 974
s
64
60
4182 46
2
1033 1074.
92 9712
7915 861
S
7918 84
9412 98
6812 78
81
8412
8684 90
50
6812
704 704
607 654
6
7712 8382
48
4
623
4
523 70
5112 68
6818 84
4
483 63%
98
96
94% 96
9338 9512
6934 77
6814 6812
8018 87
79 871
4
984 10812
101 10814
91 1001
9712 9712
97 103
97
9914
105 110
106 111
82
76
74
8
80 4
7212 8312
95 10112
95% 95%
78% 7912
91% 97%
78
834
4
99% 1001
104 10712
92% 9212
9238 968
4
2
761 83
*No price Friday: latest bid and asked. a Due Jan. 4 Due AVM. e Due May. g Due June. 8 Due July. k Due Aug 0 DUe Oct. 18 Due Nov. g Due Dee. s Option sale.
New York Bond Record-Continued-Page 2
BONDS
N. Y. STOCK EXCHANGE
Week ending Oct. 26.
11
Price
Friday
Oct. 20.
Week's
Range or
Lan Sale
4,248
Range
SOW
Jan, 1
BONDS
N. Y. STOCK EXCHANGE
Week ending Oct. 26.
.84
1871
Price
Friday
Oct. 26.
Week's
Range or
Lau Sale
Rance
Since
Jan. 1
Ask Low
81/1
High No. Low
High Illinois Central (Concluded)
Bid
Ask Low
High No, Low
High
Chic Un Stan 1st gu 4%8 A_1963 33 8914 Sale 8914
6
8778 9258
Purchased lines 334s
1952 J3 7514 78
89%
75% 80 8
,
7512 Sept 23
58B
4
1963 33 95 Sale 95
Collateral trust gold 45__ _1953 MN 7934 Sale 7912
95 10012
77
/ 83
1
4
05
8012 82
1st Series C 6M13
1963 33 11314 Sale 113
Registered
76% 7814
1953 MN
11314 28 11212 11512
77 Sept 23
Chic & West Ind gen g 6s e1932 QM 105
10412 105
Ref 5s
99% 10012
10458 Sept 23
1955 MN 100 Sale 99% 100
57
Consol 50
1952 3, 7058 Sale 7012
-year 48
68% 75%
15
-year secured 5345
1934 33 10118 Sale 10052 1011s 28 100 1027
s
7034 35
15
1 10112 10314
1935 MS 103 Sale 103
-year 5 1 75'0
15-year secured Ois g1936 3' 108 Sale 108
4 10718 111
103
10812
Choc Okla & Gulf cons 58-1952 MN 9438 9614 94
94 97
Cairo Bridge gold 4s
1950 3D
Oct 23
82% 87
8312 June 23
C Find & Ft W lat gu 48 2_1923 MN
Litchfield Div let gold 33_1951 J J
88 Mar 17
2 68 73
12
70
7012
C1n H & D 2d gold 4%e
1937 J
8712
-gra 11634 Louisv Div .4 Term g 334s 1953 3, 6838 75 6912 74
87
1
7212 79 s
/ Oct 23
1
4
7
7412
74
ggla 907g
31936 Q F 9012
CIStL&Cletg4s
90
/ Oct 23
1
4
Omaha Div let gold 3s_ 1951 FA 683 -- 6814 Oct 23
1
6714 69 4
8
31936 Q F 88
Registered
St Louis Div & Term g 38_1951 3, 6814 70
68 71
9012 Oct 22
70 June 23
ClnLeb&Norgu4sg
8
1942 MN 845
841 June 23
Gold 3%s
-a; 8534
1951 3,
75 80
70 May 23
Cin E582 Ci cona 1st g 5s
1928 .1
97 99
SprIngf Div lat g 334e__ -1951
9738 Aug 23
3 7612 -- 7812 May'22
97 2
,
Clearf& Mah let gu g be_ _ _ _1943 J
9414
93 94
93 Mar 23
Western Lines let g 4s__ _ _1951 FA 8214
11"
-- 83 May 23
Cleve Chi Ch & St L gen 48_1993 3D 793 1240e- 7814
76
8212
Registered
4
1951 FA 784 - - - 92 Mar 10
7934 53
1931 .1
20
-year deb 43s
9214 9228 90
9 90
85 e 871,
7
9313 Ind B & W lst pref 48
9212
1940 AO 8918
86 Mar 23
1993 3D 9712 99 9732 Oct 23
General 5s Series B
9556 100 Ind III & Iowa let g 4s
7
2 8212 85 2
1950 33 8414
8418
8418
Ref & impt 68 Series A-1929• J 102 Sale 10112 102
57 100 1027 Ind Union Ry 58 A
8
9412 100
1965 J
954 9812 9412 Oct 23
13s C
1941 J J 103 Sale 103
6 10012 103 Int & Great Nor adjust 6s 1952 33 39 Sale 39
103
33 4014
48
40
Cairo Div let gold 4s
1939 33 85
8018 88
86 8512 Oct 23
let mtge 68 etre
8612 97
1952 33 874 88 8714
19
1s
88
Cin W & M Div 1st 48._1991 J J 77 Sale 77
7514 783 Iowa Central lst gold &L.-1938 D 5812 637 5812
8
77
57 73%
5
8
5912
St L Div let coil tr g g 411.-1990 MN 7812 7914 7834
74 811
/
1
4
/
4
30
Refunding gold 4s
79
10
14 60
1951 M
16 Sale 16
16
Bpr & Col Div let g 4s. _1940 MS 8312
2 8218 84
8358
8358
W W Val Div let g 4s_ _ _1940 S i 8212
80 824; James Frank & Clear let 48_1959 3D 8114 ---- 82 Oct 23
/
1
4
8258 Sept'23
82 87
CCC & Igen consg 68
1934 J J 104 16612 10312 Sept 23
10318 1063
8
Clev Lor & W con let g 5e 1933 AO 9612 985 9612
2
9412 98 Ka A & G R 1st gu g 58
1938 J J 89
4
961
Cl & Mar 1st gu g 4s
1935 MN 94
M 1st gu g 48
9212 95 Kan &
9413 Sept 23
1990 A0 76
•-75 VIA
7778
Sept 23
Clev & Mahon Vail g 5a
8
93 Mar 22
1938 is 905
2d 20
-year 58
1927 Si 97
4
95 s 9
7 8
99
CIA P gen gu 4%a Ser A-_1942 J
KC Ft BA M cons g 63.- 1928 MN 10138 Sale 10114
9212
91 Mar 21
1
10138 13 mph 102 4
Series B
10412 Dec 15
1942 AO 9212
---- K C Ft B & M Ry ref g 4a__ _1936 AO 74 Sale 74
1
73 791
30
75
..l942 AO 79
KC&MR&B 1st gu 56_1929 AO 93
Int reduced to 3e.
9612 Feb 12
-...
/ 9734 9318 Oct 23
1
4
92 95
1s
Series C 3%s
gold 38_1950 A0 72 Sale 70
904 Dec 12
1948 MN 79%
Kansas City Sou 1st
36
63 4 72
1
72
Series D 33.5
67 Jan 21
Apr 1950 33 85 Sale 8438
1950 FA 7978
Ref & impt 58
gg1 42
/
4
83 89 s
1
1eve Sher Line 1st HU 438_1961 AO 9078 92 89
894 98 Kansas City Term 1st 4s_ ---1960 33 8212 Sale 81
/ Oct'23
1
4
1
76 83 4
1s
8212 44
Cleve Union Term 5%e
1972 AO 10212 Sale 10214 10212 26 101 106 Kentucky Central gold 4s_.1987 33 804 83 83
1
/
1
81 83 1
7
83
Si (w 1)
95% 49 •9414 9512 Keok & Des Moines 1st 55-1923 AO 6518 Sale 6518
1973 AO 95 Sale 9478
6514 12 64 92
7978 8018 June'23
Coal River Ry let gu 4a.. 1945 D 79
Ms 85 Knoxv & Ohio lets 65
1925 33 10012
/
1001s 101 4
10012 Oct'23
Colorado & South lst g 4s
1929 FA 93 Sale 9178
59
93
90 4 9312
6
Refunding & exten 4%s_ _1935 MN 8112 Sale 813g
82
38
8012 871s Lake Erie & West lets 58- 1937 J
93
/ 9412 9412 Oct'23
1
4
914 97
8018
Col & H V lat ext 03
801g Sept'23
1948 AO
1941 J J 85 Sale 85
78 8013
id 5s
3 8114 87
85
Col & Tel lot ext 4e
14
1955 FA 80 Sale so
76 80 4 Lake shore gold 3340
1997 3D 7414 75 74
80
1
72 4 784
1
15
75
Cuba RR 1st 50
4
-year 52g-19523, 833 Sale 8313
1997 3D
Registered
80 87
844 39
/
1
7212 76
7212 Sept423
lot ref nis
1938 3D 100 103 10112 10212
2 100 10512
1928 M S 94
Debenture gold 48
90 96
.
7
9414 94
9418
1931 MN 911 Sale 9112
/
4
25
-year gold 4s
906s 93
1s
9134 20
Day & Mich 1st cone 4e._.1931 33 91
91
9118 June'23
1931
N 9058 ____ 8512 July 23
92 4
Registered
1
Del& Hudson 1st & ref 4e__ -1943 MN 841 Sale 83 4
/
4
8214 90 Leh Val N Y 1st gu 4%11---1940 33 9252 9312 9228
3
8434 92
4
8 0 97
923
8
20-year cony 58
1935 AO 913 923 9212
4
4
90 98
1940 J J 8912
Registered
_ 9012 Oct 23
923
4 14
90 9 /
24
15
-year 5%s
1937 MN 98 Sale 9712
4
83 971 10212 Lehigh Val(Pa) cons g 421-2003 MN 7712 Sale 764
98
761s 8112
/
1
7712 11
10
-year secured 78
1930 3D 10812 Sale 10814
84
9212
2003 MN 8512 86
General cons 4345
9 103 11114
10812
8538 Oct 23
D RR 32 Bdge lot gu 48 g
8918
87 May'22
1936 P A
_ 102 1014 1011 13 0;1078 10212
Leh V Term Ry let gu g 55-1941 AO
/
1
/
4
6938 Sale 6938
Den & R Or
-let cons g 46.-1936 J
1941 A0
100 100
Registered
7014 17 -ars VIP;
100 Sept 23
Consol gold 043
1936• J 75 Sale 75 Oct'23
75 80 Leh Val RR 10-yr colt 6s_n1928 MS 10258 10234 10228
1
1001s 105
10228
Improvement gold 58-1928 in 82
84 82
8014 891
2
85 893 Oct 23
8252 16 82 88 Leh & N Y let guar gold 4s--1945 MS 82
8
tat & refunding 55
4115 68 Lax & East let 50-yr Ets gu 1965 A0 9878 Sale 981g
1955 FA 4112 4212 43
2 97 100
4338 42
981
8
do Registered
1962 MN
81 81
4912 Aug 20
81 Mar 23
Little Miami 4s
4012 46 43
107 107
Farmers L&Tr rots Aug '55_
1935 AO 10634 1087 107 Aug 23
43
3 4212 6 14 Long Dock consol g 66
8
3
Bankers Tr ctfe of dep
4014
40
7 95 98
40 50 Long Ield let cons gold 58-01931 Q J 9614 98 9634
1s
Oct 23
963
4
38
do Stamped
9062 9214
51931 Q J 89
92 9212 May 23
46 June 23
46
50
let consol gold 46
42
Am Ex Nat Bk Feb '22 Ws_
81
8612
1938 3D 8512 88 8612
43
42 46
51
8612
5
General gold 45
43
25
1932 3D 81% __
do Aug 1922 call
57
8112 814
8112 July 23
Gold 48
Des M & Ft D let gu 4a_ ---1935 .1
S 77% ____ 75 July 23
36 Sale 36
1949
75 81
2
85 45
Unified gold 45
36
Des Plaines Val 1St gn 4%8--1947 MS
1934 3D 89%
_
91
04
9314 Sept 22
92
Debenture gold be
Oct 23
Det & Mack-let Ilen g 48...1995 3D 601g
1937 MN 83 Sale 83
-65
65 Aug 23
15
12
-year p m deb 58
7518
20
833
4 16 82 85
Gold 48
Guar refunding gold 4s-1949 M
7814 Sale 7814
75 83
1995 J D 55 (4 7314 Aug 23
60 7314
7814
1
Det Riv Tun 4s
8814 87
87% 11
92 93
1961 MN 87
9034
_ 93 June 23
85
Nor sh B let con g gu 58_01932 Q J 9114
Dul Missabe & Nor gen 56..1941 ii 981g
9712 July 23
9314
93 98
9814 9912 Louisiana 5s Ark let g 58-1927 MS 95% 98 95
4
Dul & Iron Range 1st 58.- 1937 AO 9734 9812 98% Oct 23
81
981s 10034 Lou a; Jeff Bdge Co gu g 42_1945 MS 80
77
83
7828 Oct 23
Registered
95% July'23
1937 AO 9414
9518 9812 Louisville dc Nashville 58-.A937 MN 10014 102 1004 Sept 23
97% 103
/
1
Dui Sou Shore & Atl g 5a
78 Oct'23
79
8714 92
1937 is 77
1940 3' 89 Sale 884
74 80
Unified gold 48
8914 70
1940 3,
Registered
9014 9014
9014 May 23
E Minn Nor Div'Mg 4s_ _ __1948 A 0 84% _
8412 July 23
97 101
/
1
4
Collateral trust gold 5s_ _1931 MM 9712 9812 9712 Oct'23
8412 90
E Tenn reorg hang 58
9058 95 9312 June 23
1938 M
1930 MN 10614 107% 10614 10614
9112 9312
-year secured 75
10
3 106 109
E T Va & Ga Div g 58
19303 J 9838 98 98%
/
1
4
4
2003 AO 10452
9812
97 100
let ref 534e
10418 105
19 10114 1051
Conti 1st gold 55
99 Oct 23
1956 M N 9712
95
964
gs B
.
9612 9912
2003 A0 9534 Sale 95
/
1
4
957 228
Elgin Joliet& East lets 58_1941 MN 98
99 98
98
9728 10014
10138 103
1930 is 103% 105 10228 Oct-23
N0&MletgOld6e
Erie let consol gold 70 ext. 1930 M
10418 Sale 10418
10414 17 10213 10434
'3 98%
9712 10112
1930
2d gold 6s
10112 Feb 23
lot cons g 4s prior
572
4 59
1996 J J 5718 Sale 57%
6412 60
8214 841s
Paducah & Mem Div 48_1946 FA
85 83 Sept 2
Registered
1996 J J 5214 56 57 Mar 22
5812 63
St Louis Div 2d gold 38_ -1980 MS 6138 6178 6158
13
617
L‘t
m ar m let 4%8 1945 M
1st consul gen hang 424..1996
4313 52
8
.1 49 Sale 487
497
s 33
9212 96
94
9334 Sept 2
Registered
4714 48
1998 J J
Oct 23
43 48
80114
72
L & N South Joint M 48-1952 33 78% 161- 72
4
2
72
Penn coil trust gold 48..1951 F A -Wilt 90 893
4
8978
8934 53 82
7312 734
51952 Q3 72
Registered
7312 Apr 23 --year cony 48 Ser A 1953 A 0 5112 Sale 5112
50
52% 52
414 54 Loulsv Cin & Lea gold 43411.1931 MN 9578 968 95%
/
1
4
942 97
8
/
1
4
1
957
do Series B
1953 A 0 5112 5212 52
60
5212
4214 55
Gen cony 4s Series D
1953 A 0 5512 Sale 5.514
555
3 89
4334 58 Mahon C'1 RR 1st 55
1934 33 9812
9812 9812
9812 -filly 2
Erie &JerseY late 168
19553 J 87 Sale 87
8778 43
84
71
61
8918 Manila RR (Southern Lines) 1939 MN 6034 6312 61
Oct 23
Erie & Pitts gu g 3sB........1040 3 J 8018
_ 84
Oct 23
8334 85 Manitoba Colonization 5s_ _1934 in 9712 9734 9714
9.5 9
/ 813
1
4
971
Series C
1940 .1 .1 8012 _ _ _ 82 July 23
82 8314 Man GB&NW 1st 3%3-1941
82 83
J 8034 83 82 Sept 23
Evans T 1S lst gen g 541._.1942 A 0 -- - - - - - 88 Apr 21
Max Internat'l let cons g 48_1977 M S - --77 Mar 1
Sul Co Branch let g 55-1930 A 0 -- - - - - - 69 2 Apr 21
,
-9958 161'
Michigan Central be
1931 MS 9712 -101 Aug 23
_ 9914 Oct 23
9914 9912
Fargo & Sou 6e
19243 J 9938
9734 loolz
Registered
1931 QM 9618
10012 May 23
_ 9412 June 23
Fla Cent & Pen let ext g 55.19303 3
8534 88
9412 9.414
4s
1940 33 86
88 853 Oct 23
4
9434- 9512 Sept 23
Comol gold be
1943 J J 9434 96
01
96
86 86
Registered
8612 86 May 23
1940 33 85
Florida E Coast lat 4%0
Oct 23
1959 J D 86% 8712 86
8512 89
80
80
J L& 81st gold 3345
1951 MS 7412 78 80 Feb 23
4
Fonda J & Glov 45s
1952 MN 6478 673 6734 Sept 23
65 72
7618 84
let gold 33'4s
1952 MN 78
793 7615 Oct'23
4
8312 8134 Oct 23
Fort St U D Co let g 4%11-1941 J J 82
79 813
4
20
893 93
s
-year debenture 4s
1929 A0 9214 93 91%
9214 49
Ft W & Den 0 let g 5;is_.-1961 J D 9812 99% 9934 Oct 23
9934 103 Mid of N J 1st ext 53
87 8
7
1940 AO 8018
87 Apr 23
8
8258 Oct 23
Ft Worth & Rio Or 1st g 48-1928 J J 835 85
82 87 Mllw L S & West imp g bs_ _1929 FA 97
981g 100
/
1
4
9934 Aug 23
4
107
106 109
Frem Elk & Mo V 1st 6s_
1933 A 0 10712 1073 107
Ashland Div 1st g 6s
1925 MS
10112 May 22
GH&SAM&Plat5a
1931 MN 96% 97% 9534 Oct 23
9513 99
16614 1667i
/
1
4
Mich Div let gold 6s
1924 33 ioi62
10014 Aug 23
963 98 July 23
4
2d eaten 58 guar
1931 J J 95
934 98 Milw & Nor 1st ext 4 Hs_ _1934 3D 88% 92 91
9734 921s
Oct 23
Galv Roue & Bend let 53.-1933 A 0 8812 90 8818 Oct 23
8514 897
91
2
89
Cons extended 41-4e
1934 3D 89% 92 8912 Sept 23
,
Genesee River lote f 6s
8612
82 88 MR Spar & N W let gu 4a__ _1947
/
1
4
1957 J J 85 2 86 86
8312 89
2
86
S 8334 8612 86
8412
85
Ga & Ala Ry lst co a5a..Ol94SJ J 8012 85
7912 85 Milw & 8 L lot gu 354s
7
1941 33 783g 86 6618 Aug 21
9038
9038
Ga Car & No 1st 22 g 58.-1929 J J 90% 91
90
9112 Minn & St Louie let 78
-el 1615
4
1927 3D 99%
- 9934 Oct'23
63 6134 Oct 23
Ga Midland let 3a.
604 6472
1948 A 0 62
55
76
let consol gold 58
8
1934 MN BO% 62 60
60%
/
1
4
Gila V G & N let gu &L.-1924 M N 9912 _ _ 99 July 23
9914 9913
1942 MS 1834 1912 18
16
40
let & refunding gold 4s
7
1812
__
Gou & Oswegatch 55
1942 J D 943
lgts
1612 10
14
Ref & ext 50-yr 5s Ser A 1982 Q F 1512 16
39 4
6
4- 4
89 92 M StP&SEIM con g 48 int gu'38 33 8713 8734 87
Or It & ea 1st gu g 4i42.-1941 J .1 8014 923 -51 July i8
8412 9011
5
/
1
4
8712
11312 16 1111 115
2
Grand Trunk of Can deb 75_1940 A 0 113 Sale 113
18t cons 55
98 1004
99 Oct'23
1938 33
/ 103
1
4
/ 26 10214 105
1
4
103% Sale 103
15
-year of 6e
1936 M
10
-year cell trust 634e_ _1931 MS 10114 Sale 10114
102
20 10014 106
Grays Point Ter 56
1947 J D 85 - - _ 10112 Apr 07
63 A
10511
1948 33 9912 100 9918 002'23
4
Great Nor gen 76 Series A1936 J J 10612 Sale 10614 1063 129 10512 11112
let Chicago Terms f 4e_._1041 MN 9112 _- 9212 Dec'22
8612 42
861 8512
4
lot & ref 41(e Series A
8512 9212 MS BM & A lstg 4s lot 211_1926 J, 963 9714 903
1961 J J 86
904 lif4
903
4
4
90 May 23
88 4 90 MissIseippl Central let 5o_1949 33 8712 __ 8814 Oct'23
1
Registered
1361 J J
8814 loo
97
K & okia let guar 5s_ _1942 MN
96 10216
510 Series B
19523 J -0012 tioAe 9638
65
9134 May'23
9134 94
_
8
64 603 June 23
60 75 Mo Kan & Tex-1st gold 4E1990 3D 7428 Sale 74
Green Bay & W deb Ms"A"____ Feb
74% 63
734 8014
712 Oct 23
714 8
7
1314 Mo-K-T RR-Pr I 5s Ser A _1962 J J 7712 Sale 7718
Debenture title"B"
Feb
7434 832
8
77% 202
8412 8412 40
Greenbrier Ry let gu g 444._1940 M N 83 ____ 8412 Oct 23
-year 40 Series B
1962 33 6338 Sale 63%
6334 83 6112 6712
79
78
8412
Gulf & B I lst ref & t 58..31952 J J 79 Sale 79
10-year 65 Series C
1
1932
'3 94 Sale 93%
4
9234 963
94
24
7134 7014 Oct 23
67 7812
Harlem R & Pt Chee lot 4s_ _1954 M N 71
Cum adjust 58 Series A.1967
'3 4912 Sale 4912
683 63
s
50% 231
8318 Sale 827
s
8318 16
80 86 Missouri Pacific(reorg
Hocking Val let cons g 4%8_1999 J
8113 July.23
4
81
8112
B.refunding 5a Ser A 1965 FA 7212 7312 73%
Registered
1999 J .11 783
7312 867
2
76
50
97% Oct 23
95% 973
4
let 2: refunding 55 Ser C 1926 FA 9512 97 95 4
H & T C lst g 58 int gu
1937J J 9712
9512
9428 963
4
6
,
Oct 23
_86
93
let & refunding 688er D_ _1949 F
Houston Belt & Term lot 58_1937 J J 88% 91 90
86 99
40
89
86 Sale 86
93 98
8
General 4e
HousE&WTletg 5s
1933 MN 9414 967 90 July'23
4712 634
1975 MS 48 Sale 4712
289
50
9312 98 Missouri Pacific
let guar 53 red
1933 M N 9414 98 93% July 23
87 87
85 87 May'23
321 7e Fxtended at 4% _ _ _1938 MN gots Sale 8018
2912 8134
Housatonic Ry cons g be_ _ _ _1937 MN 80
2
801
/
4
82
7672 8472 Mob & Bir prior lien g 58_ _ _1945 33 9218 -_-_ 93
118
Bud & Manhat 58 Series A 1957 F A 82 Sale 814
9178 93
1
93
60 354
55 6413
Mortgage gold 413
Adjust Income be
6912 733
1957 A 0 ge Sale 5714
4
1945 33
6912 Sept'23 __ - 8812 92% Mobile .4 Ohio new gold 62_1927 3D 10234 Sale 10212 1023
Illinois Central let gold 48..1951 3 J
2
- 89
'3
89
'3
4
9 100 10412
8414 88 8318 Sept'22
99% 103%
let ext.gold 65
Registered
1951 J J 8751927 Q J 100 102
10032 Oct'23 ___ _
78 July'23
80
77le 83
1st gold 3lis
General gold 42
72
/ 7812
1
4
19513 J 78
1938 MS 9614 Sale 74
7614
3
80
Oct'22
Montgomery Div lot g 511.1947 FA 8714 93 9214 Sept'23 - _ _
Registered
90
94
1951 J J
/
1
4
"ii 88
St Louis Div Se
- -- 83 Feb'23
Extended lot gold 330.-1951 A 0
2
94
9512
9434
1927 3D 9018 _ _ 9434
7614 Sept 23
7614 794 Mob & Ohio coll tr g 45
7412 7912
Registered
75. 78
7614 23
1951 A 0 761938 MS 7614 Sale 75
let gold 3s sterling
Mob & Mal let go 2 4s
1
81 821
1951 121 S 5934 72 8312 Mar 22
2
1991 MS 80% _ _ _ _ 81
81
84
s
Collateral trust gold 45.__1952 M S 8312 833 8334
11 "Hi 8558 Mont C let gu gIs
Oct'23 _ _ _
4
1937 J
107 111
10712 109 107
957 Sept 17
Registered
1952 A 0 78,2
Registered
1937 3, 106 109
12 33 82 - 7
let refunding 48
:
- 18 4
lot guar gold 51
84
'
_ -_
8412 Sale 8312
_ _1955M N
rt
1937 33 9938 100 10014- iet; - 251- : 9914 10158
•No price Friday:I atest bld and asked this ',flak.
aDue Jan
ODueFeb.
Mullane. hDfleJflly, Is Due MO
0 Due Oot. $ OptIonisale.
1872
BONDS
N. V.STOCK EXCHANGE
Week ending Oct. 26.
New York Bond Record—Continued—Page 3
Price
Friday
Oct. 26.
Range
Singe
Jan, 1
Wear,
Range or
Last Sale
BONDS
N.Y.STOCK EXCHANGE
Week ending Oct. 26.
Pries
Friday
Oct. 26.
Week's
Range or
Last Sale
Range
Since
Jan. 1
HO No, Low High
Bid
Ask Low
High No, Low
Bid
Ask Low
High
71
71
13 683 78
1 99
0
74
78 Peoria & East 1st cons 4s-__1940 A0 695 71
M & E 1st eu 334e
74 4 10
,
2000 3D 7414 Sale 7414
4
2
4
Income 4s
25
Apr. 24
9852 101
9914
2038 30
6
25 24
Nmhv Chatt 42 St L 1st 513.._1928 AO 9914 Sale 9914
9614 98 Pere Marquette lot Ser A 5a 1956 J J 9334 Sale 03 4
95
6
944 104
1937 FA 9614 99 9814 Oct'23
9214 98
N Fla & B Isteu g 58
,
2412 30 Sept'22
1st Series B 45
7612 8212
33 774 Sale 7714
7814 33
Nat By of Mex pr lien 434a-1957 3, 24
17
25
23 114 Phila Bait & W 1st g 4s
20
25 234
8714 924
2
1943 MN 8734 894 88
88
July coupon on
29
29 Mar'23
4978
42
35 Philippine By 1st 30-yr s f 4s 1937 33 42 Sale 4134
41
6
do off
1977 A 0
2818 28% PCC&StLeu4348A
264 July'23
924 gr4
1
1940 AO 9318 95 0212
9212
General 4s(Oct on)
23 22 Sept'23
213 90
934 97 3
Series B 434e guar
1942 AO 934 94 9334 Oct'23
4
7
April coupon on
1
20
9134 944
23
23 Sale 23
Series C 434e guar
194 MN 934 _ _ _ 9134
95
42
2912
913
4
do off
384 June'22
MN 8612 89 914 Oct'23
Series D 42 guar
8934 93
Nat RR Mex prior lien 430_1928 J .5
2412 if" Series E 334s guar gold__ _1949 FA 8334 91
5,44 93 4
M4 Sale 2412
1
9038 Oct'23
37 4
,
July coupon on
4 34 444
34
39 34
Series F guar 4s gold
1953 3D 853 --- 9112 June'23
89 913
4
do off
4
28 Apr'23
27 28
Series 48 guar
1957 MN 8534 9212 93 Sept'23
895 93
2
let consol 45 (Oct on)___-1951 A 0
2114 2612
23 23 Oct'23
Series Icons guar 434e
1963 FA 9014 -- 904
9014 94 s
9014
6
April coupon on
2412 20
1812
184 284
22
9112 94
Series J 4345
1974 MN 9014 -- - 9112 Oct'23
960
do off
6812 May'23 _
1954 M N 68
General 55 Series A
684 681s
3D 9534 9612 954
Naugatuck RR let 4a
954
93 9915
5a
75
9012 Pitts & L Erie 2d g 55
884 75 Aug'23
1945 J 1
a1928 AO 9612 99 Nov'22
New England cone 58
1
64
7514 Pitts McK & Y 1st gu 85.._19 4 3' 10318
64
8
19453 J 763 8778 64
1 92
3
105 Dee'22
Consol 48
82 82
2d guaranteed 6s
lat 48_ __ _1988 F A 8812 76 82 Jan'23
• J 9938 — -- 9514 June'20
NJJunc RR guar
9714 16
77 811: Pltta Sh & L E 1st e 58
.
6"
1940 AO 9814 993 984
4
N O&NE lst ref &imp 434a A'52 J 3 7918 _ _ -- 7734 Oct'23
9812
4
7534 11
1st consol gold 5s
734 7934
1943 33
100 100
New Orleans Term 1st 4s-1953 J .1 752 Sale 75
100 Feb'23
15 100 10112 Pitts Y & Mb 1st cons 5s_ _ _1927 MN 994
1
98 June'22
NO Texas & Mexico let 6s_ _1925 J D 100 4 101 10012 101
118
1935 A 0 7512 Sale 75 2
1957 MN 25
721 84 Providence Secur deb 4s
2
3
76
Non-cum income 58
2912 30 June'23
9278 9032 Sept'23
1945 J J 90
1956 MS 711g ____ 8852 Feb'18
8914 9012 Providence Term 1st 4s
N & C Bdge gen eu 434a
NYB&MBletcong58-1935 A 0 924
917 94 Reading Co gen gold 45
2
_ _ 93 June'23
1997 J J 8612 Sale 884
874
4
Certificates of deposit
2
NY Cent RR cony deb 66_1935 M N 1033 Sale 0334 1043: 158 101 1063
861
4
8612 Sale 864
1998 F A 80 Sale 80
7615 83
Jersey Central coll g 4s__ _1951 AO 81
80 86
81
803
4 39
Consol 45 Series A
8214 81
8872 Renee & Saratoga 20-yr68_1941 MN 10812 -84
4
8514 19
Ref & Rapt 4345 "A"_ _ _ _2013 A 0 844 853 85
2013 A 0 9512 Sale 947
1927 AO 9734 98 4 9814 Oct'23
927 98 8 Rich & Dan 55
2
1
"VA
s
Ref &'mat 58
953 410
2
,
Rich & Meek 1st g52
1948 MN 69
72 72
NY Central & Hudson River—
73 72 .Mar'23
1997 3 .1 7372 Sale 7334
95 100
1952 .1
72 7714 Rich Ter 52
74
Mortgage 334e
0512 97 9514 Oct'23
55
1997 J J 7278 Sale 7278
1939 J D 8412 87 83 Oct'23
Registered
83 87
3 694 7312 Rio Or June 1st gu 58
727
s
34 9
1934 M N 8912 Sale 883
8612 913 Rio Or Sou 1st gold 45
Debenture gold 48
4
3, 54 8
8
8912 19
74 Oct'23
1942J J 8514 Sale 8514
11
8
1941 3'
9
30
-year debenture 48
Guaranteed
8
8
85 4 35 844 9014
,
72 78
1939 3, 75' Sale 754
681s 76 Rio Or West 1st gold 48
Lake Shore coil gold 330_1998 F A 71 Sale 71
2
7134 57
7512
6
1998 F A 887 73 7038 Oct'23
69
73
Registered
Mtge & coil trust 48 A _ __1949 AO 61
8
6338 10 6012 68
6314 6234
7134 81
71
7614 RI Ark & Louis lat 434s_ _ _1934 MS 7312 Sale 734
Mich Cent coil gold 334e.._1998 F A 71
7232 71
7118
21
74
6
70
69 2 75 Rut
/
Registered
1998 F A 694
1949 .1
70
-Canada 1st gu 4s
6712 70 70 June'23
6938 Sept'23
79 804
1937 A 0 8834 Sale 8814
1941• j
N Y Chic & St L 1st g le
,
79
79
7
2
884 13 83 e 90 4 Rutland 1st eon e 434s
864 88 St Jos & Grand Da g 4s
1937 A 0 87
694 763
4
1947 j
89 88 Oct'23
Registered
694 72 6914 June'23 9212
Debenture 48
1931 M N 8712 Sale 8712
91
1996• .1 8918 93 2 98 Apr'23 83 89 St Lawr & Adir let g 5e
52
875
, 12
,
98 101
2d8sABC
1931 M N 10014 Sale 10014 10072 101
954s 91111
4
2d gold 1313
1998 A0 074 100 9778 Oct'23 :
90
844 887 St L & Cairo guar 48
2
1931 _1
N Y Connect ist gu 4%e A 1953 F A 5614 ggi 8534 Oct'23
87
88 894 8712 Oct'23
81 81 Eit L Ir M & gen con g 5(3_1931 A0 9412 943 9414
1947M N
931e 994
N Y & Erie 1st ext e 45
81 Sept'23
4
94 4 35
,
1933 M 8
95
9912
1931 AO
Gen con stamp gu 5s
3d ext gold 434s
102 july'14
_
95 May'23
934 94
iiifs
1929 ▪ j gni Sale 83
1930 A 0 94
Unified & ref gold 45
gth ext gold 5s
9438 Sept'23
833
4 15
72 88
914 913
4
1933
5th ext gold 4s
1928 3 D 92
Rh & Div 1st 48
,
N 7214 Sale 7214
9134 Aug'23
733
4 21
72 72 sa L m Bridge Ter gu g 5s_1930 A0 9614 99
96
99
1946 M N
N Y & Green L gu g 58
9714 July'23
72 July'23
707
2
7312 773 St L & Ban Fran (reore Co)45-'50 J
2000 M N 733 ---- 74 Sept'23
8
N Y & Harlem g 3,t4e
66 Sale 853
4
683 152 65
8
2
80 857
i
9914 100
Prior lien Ser B 5s
NY Lack SZ Western 6e..
1923 F A
3, 8012 Sale 80 8
8 48
9914 June'23
807
,
97 1004
19
921
Prior lien Ser C 65
1973 M N
let & ref 58
99
19
97 Sale 9738
8734 925
s
9512 97
1942
' 88
3
let & ref 4348
1973 It N 9412
90
89 89
5358
13
651;fleicti3
.
673 90
4
5
5
a 6
103 103
Cum adjust Ser A 6s__519 0 AO 676 Sale 6734
N Y L E & W lat 7a ext._ _1930 M S
684 183
8
- - 103 June'23
5312 67
94
984
Oct 933 Sale 5312
Income Series A 65
5518 223
98
19433 J 9914- - 9812 June'23
9712
Dock & Imp 58
4
1024 104
2
1932 F A 9812 Sale 961s
N Y & Jersey lot 5a
10318 --- 1034 Sept'23
9815 10 (314 987 St Louis & San Fran gen 68__1931
4
1931
General gold 58
9 954 993
9712
N Y & Long Br gen g 48__1941 MS 8412
9718 9812 9714
91 July'23
8212 544
July'23
L & S RR cons g 4s-1998
Hartford—
8212
St
N Y N H&
91
91
347 47
2
Southw Div 1st 55_ _ -1947 AO 883 --- 91 June'23 _
Non-conv deben 33411.___1954 A 0 35
3614 3812
3612
3
5
984 103
473 49 St L Peo & N W 1st ell 58-1948
4
9834 Oct'23
1947 M S 40 57 48 June'23
Non-cony deben 48
4
983 102
_
8812 8912
1931 MS 8812 89 894 Oct'23
4312 48 St Louis Sou let
848
Non-oonv deben 3345
1947 M 0 3512 37 44 June'23
7214 783
4
3714 416s St L s
let g48 bond etre 1989 MN 8812 89 7478
7558 50
Non-cony deben 4s
1955.5 J 40
46 40
4014 15
6632 704
37 50
2d g 48 income bond M63471989 33 8834 6912 8834
1
Non-cony deben 45
1956 M N 40 Sale 40
683
4
4
40
731s 78
1932 3D 7512 Sale 754
34
4612
Consol gold 45
80
78
Cony debenture 3345
1956 J J 351s 3612 38
38
6
7314 8212
7314
1st terminal & unifying 55_1952
Cony debenture 111a
7512 13
7412 Sale 74
1948 J J 5238 Sale 5238
63 52
54
8112
74
2714 4234 St Paul & K C Bb List 4346_1941 FA 7412 7412 7414
7478
4% debentures
1957 M N 26
4
2712 2712
2712 19
9012 90 4
3
5412 81 St Paul & CR Trunk 430_1947 JJ 89
92 904 Sept'23
76 European Loan
1925 A 0 6012 6112 62
62
20
91
93
63
Francs
91
91
7112 St Paul M & Man 45
1925 A 0 585 584 5812
1
9034
8
5912 164
193 3
933
Cons Ry non-cony 46
1930 F A 3514
106
lst consol g 85
1 106 109,4
10414 10812 106
9512 9912
9512
40
4612
Non-cony 48
1954.5 .1 40 6s Reduced to gold 4345 _ _1933
2
95
9614 g512
55 40-40
5
8814 93
387 44
s
1937
Non-cony deben 4s
1955 J J 40- 3878 Oct'23
Mont ext 1st gold 4s
1
8 3
8814 894 85 july8214
88'.&
84
85
40 40
1940
Non-cony deben 4s
1956 J J 40 16 40 Sept'23
Pacific ext guar 45
7052 754
99
1927 A 0 9812-- 99 Oct'23
997 S A & A Pass 1st eu 471._ _1943
2
N Y & Northern 1st I; 5s
72
11
72 Sale 7112
97
99
6014 7072 Santa Fe Pres & Ph 55
NYO&Wref lete4s....g1992 M S 804 gile 6014
1942 MS 965 ---- 97 May'23 _ _
61
,
43
784 8814
57
1955 J D 56
General 48
705 San Fran Terml let 45
8
1950 AO 8012 8112 7978
803
4 18
59 58
58
5
4
107 1081
1942 A 0 72
1934 AO .108 10814 108 Oct'23
NY Prov 42 Boston 45
Say Fla & W 6s
73 Aug'22
993 99 4
4
3
N Y & Pu 1st cons eu e 4a__ _1998 A 0 80 8212 8014 Sept'23
8014 823
55
1934 AO 993 10112 9934 Oct'23
4
4
844 87 5
,
1927M S
95 95 Solo V & N E 1st
N Y & R B lat gold 55
g 49..._..1989
N 8614 Sale 8614
- 95 Apr'23
8614
63
58
50 60 Seaboard Air Line g 4o
1950 AO 5534 82 56 Sep35623 __ _ _
N Y Sum & W lst ref 5a__ _ _1937 J J 1618- 8 53 Oct'23
50
527
5 12
6
t'51344 64391
1937 F A ____ 48 45 Sept'23
62
58
2d gold 434e
42 494
1950 AO 56
Gold 4a stamped__ _
57
49
1940 F A 38 Sale 38
3712
General gold 56
2214 367
11
01949
Adjustment 5e
A 354 Sale 34
38
46
84
Terminal let gold 55
1943 M N 8412 86 89 June'23
39
9352
1959 0 44 Sale 434
Refunding 45
4438 39
_
NYW'ehes&B lstSer I 43401.'46 J J 36 Sale 3512
3215 5014
583 68
4
lot & cons eis Series A__ _.1945 MS 6558 Sale 8518
68
135
3712 36
4
9334 973
71 Seaboard & Roan 1st 5a
Norfolk Sou 1st & ref A 58_1961 F A 644 Sale 6314
61
19 6
36
2
6438 12
9714 - - 9714 Oct'23 _ _ _
Norfolk & Sou 1st gold 58 _ 194I M N 8133 90 8812 Sept'23 _
aols 374
874 9312 Slier FRI& So lat eu g 5a
1943• 13
4
3612 June'23
,
98 101 4
106 10812 S& N Ala eons gu g 5s
Norf & West gen gold 6s__ _ _1931 M N 10814 - - - 10812 Sept'23
P A 99 993 9878 Aug'23
.1
1934 F A 1084 - - - 110 Mar'23
8
Improvement & exte
9812 997
110 110
_ 98
Gen cons guar 50-yr 5e_ _ 91969 A0 9738 99 9834
2
983
4
7
1932 A 0 10712
774 85
New River 1st gold
10614 10714 So Pao Co145 (Cent Pao col)41)3D 84 Sale 8314
X
- 1074 Oct'23
84
125
904 93
/
1
4
8514 9314
N & W Ry lst cons if 45- _1996 A 0 89 Sale $81
: 894 118
-year cony 48
MS 93 Sale 92
20
93
179
1996 A 0 855 87, 8534 Oct'23
98 10212
Registered
85 90
1934 J D 9714 98
-year cony 55
8
20
2
973
8
975
8
1
5
DWI lat lien & gen e 45_1944 J J 8614 8712 86%
823 89 So Pao of Cal—Gu g 58
e
1937 MN 9214 10312 103
103
'3 101 1087
87 4 14
,
1938 M S
88 90
10-25 year cony 434e
101 108 So Pac Coast 1st gu 45 g
1037 3' 883 8912 90 Sept'23 _ _
05 Aug'23
4
83 884
1929 M S 107 dale 07
-year cony 82
10812 1174 So Pae RR 1st ref 45
10
1955
131
87
' 863 Sale 86
3
108
4
55
Pocah C & C joint 4s_ —1941 J D 8512 Sale 8512
3
95 120 924 984
9478 Sale 9438
88
7 844 88 2 Southern-1st cons g 5e_ _ _1994
6614 694
79 83
North Ohio 1st guar g 5e___.1945 A 0 78 85 80
104
- 95 A 0 6778 Sale 673
19 6
0
68
0
4
Develop & gen 4e Ser A
80
1
_1997 Q .1 8258 Sale 8214
Nor Pacific prior lien 48___
10112 96 100 102
4
811 87
10118 Sale 101
83
Otis
196
90 9
1997 Q .1 8138 Sale 8138
Registered
94
5
-M-1956 3 j 9312 9412 04
991 J 3
81
Mem Div 1st g &As
834
8138
1
7514 81
02047
581: 624
.
_
General lien gold 38
5918 Sale 5878
8
7778 787 7818 003.'23 _ _ 5
St Louis div 1st g 48
5914 34
97
993
4
02047 Q F
99
Registered
_ _1929 MN 99 Sale 99
684 60 So Car & Ga lst ext
_ 5878 60 June'23
811 834
4
943 J J
5
8214 9012 Spokane Internat. lot 8 5a_ _ _ 10 5 j D 8218
Ref &'mot 430 ser A---2047 3, 8238 Sale 8212
8212
3
2047 3' 10338 Sale 0338 10414 114 10314 10934 Staten Island Ry 4345
3
2
_ 82 ° t 3
8 % 0 1:220
0
68 ser B
91"Dr 2047 3, 92 9258 9212
1936 J
9214 100 Sunbury & Lew 413
5e C
87s
-- 91 Oct'23
925
8
2047 J
9214 93 9252
56 D
964 - —
93
30 9214 9414 Superior Short L 1st 58 e_ _ _e1930 M
96
9
2
9218
4
-Duluth Div 8 4s_ _1996 Jo 7812
89 89 Term Assn of St List g 430-1939 AO 9134 9312 9312 MaY.18
_ 89 Febt3
St Paul
951 99
2
1944 FA 9618 99 97 Sept'23
984 987
987 .10 223
2
1st cons gold 55
St Paul & Duluth 1st 55.. _1931 Q F 0918 ____ "14 .724n: 3
0
_
77 82
3D
1953 J J 7134 78 773
1968
4
78
7
844 8414
1st consol gold 4e
Gen refund s f g 45
90
9934
' 109 4--10912 Oct'23
3
003 May'23 _
8
3,
108 110 Tex 52N 0con gold 58
Nor Pao Term Co 1st g 6s._ _1933
,
1938 AO 973 101 100 Sept'23
334 Dec'22
100 102 Texas & Okla 1st gu g 58- - 1199413 MS
8
No of Cal guar e Is
3
1930 J J 10138
92
15 "iora 96
2000 3D 92 Sale 904
Texas & Par 1st gold 58
North Wisconsin 1st (is
100 June'22
4011 at
70
(2000 Mar
66
51 Aug'23 _68 Sale 68
28 gold income 58
OS & L Cham let gu 48g._ _1948
68
84 92
J943 MS 894
1931 33 8538 923 88 Oct'23
La Div L 1st st 5s
4
13
Ohio Conn Ry 4s
8938
8938
2 8614 881
9133
4
9512 984 Tol & Ohio Cent 1st eu 5a .._ _1935 JJ
1936
97
97
2 96
9534 Ohio River RR 1st g 5e
9612 984 May'23 _
9214 96
944 6512
1937 AO 9612 _
1935 A0 9314 9812 94 Sept'23 _
General gold Is
Western Div 1st g 5a
9418 Oct'23
_
8714 92
1927
90
90
1
1935 3D
983 100
e
General gold 58
9912 Sale 9938
Ore & Cal let guar g 55
9912 39
28 33
12
1946
30 Oct'23 _ _
843 88 Tol Peo & West 45
5
1917 3'
864 Sale 8852
Ore RR & Nav con e 48
15
87
934 9614
99 10412 Tol St L & W pr lien g 3345_ _ 1935 3' 9514
21
9612 19
9978 10234 101
-- 9552
Ore Short Line—lst cons e 58248
101
7
6815 75
9972 105
1946 JJ 1014 Sale 10112 10114
7352 144
1950 AO 7352 Sale 715a
50
-year gold 4,
Guar con 52
4
9514 96
14
1929
9514 June'23
905a 9278 To1WV120eu434sA
9212 9234 924
Guar refund 4s
J J
0232 58
754 82
9414
2 944 bsIs
Series B 434a
1933 3' 95 957 9411
Oregon-Wash let & ref 45—.1961 JJ 80 Sale 794
2
158
80
75
7952
_
Series C 413
1942 MS 8652 - - -- 864 Nov'22
744 75 75 Oct'23
Pacific Coast Co 1st e 58----1946
84 865 Tor Ham & Buff 1st g 4a___k1946 3D 7912 Salo 793
1938 FA 86 2
8014 13 7812 82
2
2
,
- 8534 Oct'23
Pac RR of Mo 1st ext g 4s
94
9614
944 97 Ulster & Del let Jong g 5a......1928 3D 94
1938
98
96-- _ 96
2d extended gold 55
9612
66
70
91
90
7
0
64 h111r.23
° 9313
t 24
1st refunding g 45
1952 A0 5018 6712 9
Ills 1st s f 4348-1955 JJ 8912 9014 90 Sept'20
Paducah &
8814 9411
654 7812 Union Pacific let a 45
1958 FA 7214 Sale 71
102
1947 3, 9318 Sale
Paris-Lyons-Med RR 6s
7212 177
941 984
4
9514 977a
1942 MS 96
96
49
20-year cony 4s
1027 3 3 9558 Sale 9512
97 9512 Oct'23
By Is
Paulista
993 117 994 100
4
9958 Sale 9912
1st & ref tern') 5s
e2027 M
08
Pennsylvania RR—cons g 4s 1943 MN 88'2-2 8812 9314
885
8
884
80 88
1948 MN 873 8812 8734
8212 114
1st & refunding 4s
(2908 MS 817s Sale 8178
4
6 874 0112
Consul gold 48
8812
85 90
• 3 1023 103 10214 10258 18 1021s 1054
May 1 1908 MN 835 8812 8812 Aug'23
8
10
-year perm secured 65.._1928
8
ga stamped
921 984 U N RR & Can gen 411_ _ _ 1946 MS 90
4
934
1960 FA 95 Sale 9434
90
9212 9112 June'23
2
19 4
19
05
Consol 4345
9914 gg7
a
▪ j 9918 100 9914 Oct'23
1965 13 91 Sale 9018
103 854 9212 Utah & Nor gold 55
91
General 4345
98 1011
91
4
1968
914
9812 Apr'23
1st extended 45
100 Sale 9978 10012 85
5
1933 33 893 - General 56
8515
4
1930 AO 10734 Sale 10712 108
8518
1
8512 8518
58 10612 1103 Vandalia cons g 4,Ser A._ _1955 FA 85
-year secured 76
10
A 10778 Sale 10758 1084 47 10615 1111e
1936
8512 85 May'23
Como! 48 Series B
85
87
1957 MN 85
-year secured 6s
15
34
36 June'23
Vera Crux & Put gu 434a_1934"3
374
Pennsylvania Co—
3012 45
811 83's
3012 Oct'23
4
July coupon on
trust ree A_1937 MS 8312 867g 8412 Nov'22
Guar 334e coil
814 834 Verdi V I & W let g 5e
AA 82
gala geta
9558 99 9814 Mar'23
1926 M
8212 82 Oct'23 _Guar 334s coil trust Ser B_1941 ▪ D
8114 813 Virginia Mid Ser E 52
4
81
1926M S 984 9878 9818 Sept'23
82 8138 Oct'23.981s 983
4
Guar 334s trust ctfa C.__ _1942
974
8112 93
97
General 5,
8
8138 22
1936 M N 974 _ _ -- 97
Guar 334s trust ctfe D-1944 ID 813 Sale 8138
8914 93 Ira & So'w'n 1st gu 5s
911s 9314
9112 Sept'23
94
9112
1
9003 J J 92
4
Guar 15 -year gold 4a__1931 AO 9112 Sale 903
-25
844 903
5
7514 81
1958 A 0 7812 7712 7614 Aug'23
1st cons 50
86 8534 Oct'23
-year Is
1952 MN 85
Guar 4s Ser E
DM Aug. 013 ue Oct. pDue Nov.(Due Dee.•Option sale.
'No price Pride latest bid and asked this west. a Due Jan, 0 Due Feb. g Due June, 5 Due July
--
----
-
_-_-
----
----
----
-__-
----
--.-
__--
--_-
_-__
----
___
a
-.
-iaT2
----
----
New York Bond Record—Continued—Page 4
BONDS
N. Y. STOCK EXCHANGE
Week ending Oct. 26.
Price
Friday
Oct. 26.
Week's
Range or
Last Sale
g
sco
BONDS
N. Y. STOCK EXCHANGE
Week ending Oct. 26,
Range
Since
Jan. 1
1;1
t
1873
Price
Friday
Oct. 26.
Week's
Range or
Last Sale
Range
Since
Jan, 1
Bid
Ask Low
High N o Low
High
High No, Low
Bid
.4sk Low
Mak
Virginian let Is Series A__ __1962 M N 9312 Sale 9312
9412 44
9012 98 Det United 1st cons g 43.s 1932
8512
86
43
82
863
4
4514 Sale 9514
Wabash lot gold 55
1939 61 N
933 99 Diamond Match s f deb 73is 1936• N 11545 Sale 1047
4
9614 47
8 1047 10/12
105
8
8
8
4
2d gold Is
1939 F A 843 85'. 844
7
85
83
9214 Distill Sec Corp cony 1st g Is 1927 AO 5012 53
11
51
5014
47
64
1st lien 50-yr g term 4s_ _ _1954 J J 67
713 71 June'23
;
6814 71
Trust certificates of deposit_ _ _
46
52
4
47
64
5012 Sale 493
Det ds Ch ext tat g 5s_ _ _ _1941 J J 94 10018 94 Aug'23
94
9612 Dominion Iron & Steel 5s__ _ 1042 J J
943
76
7812 14
8112
78 4 Sale 78
,
Des Moines Div let g 413 1939 J J
71
79
71
Oct'23
71
7338 Donner Steel is
.1 J 88 Sale 87
88
18
93
84
Oin Div 1st g 3545
1
1941 A 0 64
867 6414
s
6214 6614 du Pont(E I) Powder 4145 _1936 3D 89
64,
4
8914
1
8914
87 4 90
,
8
'rul & Ch Div g 48
7234 Oct'23
1941 M S 725 80
714 7278 duPont de Nemours & Co 75is'31
97 1054 1094
N 108 Sale 10714
108
Warren 1st ref gu g 3%,"__ _ _2000 F A
7418 Mar'22
Duquesne Lt 1st & coil 68_ 1039
94
6
4
J 1033 Sale 10318
1033 123 101 10411
4
Wash Cent 1st gold 4s
7878 Oct'23
1948 0 61
-i45. 168
Debenture 7Y45
.3.1
10612 June'23
_
106 8 10818
,
0912 99
W 0& W 1st cy gu 45
1924 F A 99
Oct'23
8
977 99 East Cuba Sug 15-yr s f g 7%5'37 11 S 99 3 Sale 99
94 1131
994 70
4
,
783 _ _ _ _ 7812 Oct'23
3
Wash Term 1st gu 33 s___ _1945 F A
,
7612 80 Ed El III Bkn 1st con g 48_1939 ii 887 8912 887
1
887
8
8
86
8
91
1st 40-year guar 4s
1945 F A 8414
8512 June'23
8512 8512 Ed Flee III 1st cons g 58___ _1995 J J 10014 Sale 100
8
10014
99 103
765 8 90 80 Aug'23
W Mln W & N W 1st go 55_1930 F A
80
8712 Elk Horn Coal cony 65
1925 J o 9512 9714 9613 Oct'23
9612 9914
West Maryland let g 4s
1952 A 0 5712 Sale 5712
5812 68
5712 653 Empire Gas & Fuel nis__ _ 1937 MN 90 Sale 90
932
4
8812 93
92
22
9912 Sale 9912
9912
West N Y & Pa 1st g 5s_ _ 1937 J J
2
9013 100 Fault Gas Light .58
MS 933 945 9334
5
93
933
4
8
95
4
Gen gold 4s
2
76
1943 A 0 76 Sale 76
7314 81
Federal Light & Trac 6s
1942 IN
92
Oct'23
915 934 93
8
964
Western Pac 1st Ser A 5s
1946 M S 7014 Sale 79
7912 11
78
83 2
,
7s
6
11
97
983
9912
8
984 Sale 9814
897 Sale 897
8
B 6s
2
8
897
1946M 9
8
86
95 Fisk Rubber 1st I 8s
1943 SI S 1013 Sale 10134
91
5
10314 82 10134 10812
4
7918 Sale 7318
West Shore 1st 45 guar
17
80
2361 .1 J
77
837 Ft Smith Lt & Tr 1st g 5,3_1936 MS 7818 8012 80 Sept'23
8
701s 80
7714
7714 Sale 77
Registered
8
9361 J J
75
82 Frameric Ind & Dev 20-yr 7;i5 42 3.1 9012 Sale 9018
44
1; 2
1
91
8314 9334
9712 98
Wheeling & L E let g 58_ _ 1926 A 0
9814 June'23
97
99 Francisco Sugar 734s
13
MN 101 Sale 10012
101
9914 1033
4
99
96
96
2
Wheeling Div 1st gold 58_1928 J J 94
96
99 Gas& El of Berg Co cons g 551949 3D 924 94
9014 July'23 - 9114 934
973 9112
8
Eaten & inlet gold 58_ _ _1930 F A 90
2
9112
9112 955 General Baking 1st 25-yr 68.1936 3D 100% 101 100
8
Oct'23 -9912 101
483 4814
8
Refunding 434s Series A._1966 M 5 47
1
4814
4514 62 Gen Electric deb g 3Ms
1
8013
1042 FA 8012 81
962
763 8212
3
8012
5
4
RR 1st consol 4s
593
1949 M 5 5813 6012 593
4
57
6518
34
Debenture As
1%.1 S 101% Sale 1013
8
102
9912 103%
52
50
49
Oct'23
Wilk & East 1st gu g 58
1942 J IT 50
60 Gen Refr 1st s f g 68 Ser A_ _ 1057 FA
942
9712 Sale 9712
97 101
975
8
4
WIII & SF 1st gold 5s
I938 J D 994 993 9918 Oct'23
98 101 Goodrich Co 65is
79
.13 97is Sale 9718
9718 1014
983
4
4
7914 Oct'23
Winston-Salem S B 1st 48...1960 J 1 793 82
76
8111 Goodyear Tire& Rub 1st s f 0
N 11414 Sale 11414
1153
8 61 1135 117 3
7
8
78, 763
4
3
4
Wls Cent 50-yr 1st gen 4s_ 1949 J .1 76
763
4
744 82
e1931 FA 9914 Sale 9918
10
-year s f deb g 8s
90
101
991s 106
76 Sept'23
Sup & Dul div & term 1st 4s'36 NI N
75
P con6s 1926 MN
8053 Granby Cons M &
A 2
'8
8812 93
90
94
93
Oct'23
5818 ____ 65 May'22
1943.1 J
W & Con East 1st 41s
Stamped
MN
90
92 June'23
92
92
INDUSTRIALS
Cony deben 88
MN
2
9114 Sale 9114
9114
9114 100
14
80 4
,
Adams Express coll tr g 45..1948 61 9 8014 Sale 80
80
805 Gray & Davis 75
1932 FA
8
,
1
9114 90
90
85 101
17
90
1936 .1 D 90 Sale 89
Ajax Rubber 88
874 9914 Great Falls Power let s f 56_ 1002 MN 987 Sale 983
940
8
3
987
8 13
97 100
014 9
Alaska Gold M deb 68 A_ ....1925 NI 9
5 2 Oct'23
,
.5
8 Hackensack Water 48
J J 7918 80
1
793
8
793
8
7812 82
518 612 54
1
1926 M S
Cony deb (38 series B
518
5
612 Havana E Rv L dr P gen Is A 1954 N1 S 8014 823 81
7
81
8514
8
80
98
3
1928 A 0 9712 9812 98
Am Agile Chem 1st 53
95 10012 Havana Eire consol g 55....._1952 F A
9312 94
9314 Oct'23,--87
94
4
3
99,
1941 F A 983 Sale 98 4
4 38
1st ref s f nig g
96 10434 Hershey Choc 1st a f g 68_1942 M N 9918 Sale 99
9914
98
99141 81
4
9
933
1933 A 0 923 Sale 9234
4
Amerh an Chain 6s
92
978 Holland-Amer Line Os (fiat)-1947 M N 8112 Sale 8112
4
23
83
784 92
87
66
Oct'23
Mn Cot 011 debenture Is.. _ _1931 NI •.' 66
59
8012 Hudson co Gas 1st g 55_ _ _ _1949 M N
9334 9434 9334
934 11
927 95
8
10512 _
_
10578 Dec'22
1037 J ..
936
Am Dock & Impt gu 6s
1 32 A .1
,
Humble Oil & Refining 5.555-1 94 J 0 9714 Sale 967
8
9712 65
9412 99
8514 Sale 8612
2 -85- 904 Illinois Bell Telephone 58 w 11956 i D 934 Sale 9334
8612
Amer Republics 6s
1936 Al N
243
94
9318 955s
9112 121
Am Sm & R 1st 30-yr 5s ser A1947 A 0 9118 Sale 91
8418 923 Illinois Steel deb 055
4
9112 Sale 91
9112 29
924
88
10214 Sale 10218
10212 61
6e B
1947 A 0
99 8 10213 Ind Nat G &0 58
5
79 July'23
77 4
,
79
8014
10112 161 100 104 Indiana Steel 1st Is
Amer Sugar Refining 6s_ ....1937 J J 10014 Salo 100
1952 111 N 9934 Sale 993
4
1004 31
99 1014
8
8
Tele')& Teleg coil tr 45_1929 J .1 927 Sale 923
924 152
Am
904 934 Ingersoll Rand 1st 55
91935 .1 J
9678 9812 96 Nov'22
90
9014 Oct'23
Convertible 48
1936 M S 89
86
9014 Interboro Metrop coil 4348__1956
1012 183 1058 Oct'23
4
81* -- 2
1018
8
-year cony 43.s
10314
1933 M 9 1027 _ _ _ _ 1027
20
2 100 10314
_
Certificates of deposit
183
8 514 Apr'23
5
94
98 Sale 973
4
1946 J D
111
30-year coll tr 58
98
95 101
13,
Guar Tr Co ctfs 16% stamped_
13
8
13
4 12
12 15
8
4
4 11634 44 112 11612 Interboro Rap Tran 1st 58_ _1966 .1 .7 6014 Sale 6014
1925 F A 1163 Sale 1163
7-year convertible 6s
0312 07
63
5612 727
62
2
8414 42
Am Wet Wks dr Elec 5s_ _ _1934 A 0 8414 Sale 84
66
60's Sale 6018
62
Stamped
57% 72%
5212 Sale 5212
567
8 54
1939 J J
Am Writ Paper s f 7-6s
51
1932 A 0 5612 Sale 5612
60
-year 65
11}
524 7318
9512 Sale 9512
963 473
4
Anaconda Copper 68
1953 F A
552218 596814
47
1932 51 S 8514 Sale 8514
8712
78
843 94%
8
1938 F A 9718 Sale 9718
78
983 208
4
34
9718 1043 Int Agile Corp 1st 20-yr 55_ _1932 M N 61 Sale 6012
4
61
55
8112
8
Armour & Co 1st real est 4%51939 J D 845 Sale 84
85
51
:I, 43 79 Sale 784
I
82
90 Inter Mercan Nfarine s f 68_
74
7912 70
908
4
__ _
Atlanta G8,43 Light 58
1947 J D 973
1947
833
8
84
8438 18
85
International Paper 55
81
8812
AtianticFrult cony deb 7s A.1934 J D 20 830
20
20
1 "(5- 161;
15
1947 J .7 8318 833 833
8
84
4
W k8, 68
1et d; ref 58 B
81, 883
8
3,12
4
19
24
20
Trust certificates of deposit_
20
18
4
27
_ 1 962 66 .1 0
(flat prIce).947J S 78% Sale 7818
7912
0
, 0
J u rgen
74
8412
177 18
8
do stamped
177
8
177 44 KansasCity Pow & Lt 5s 1952 It S
177
8
5
8
89
894 63
87
91
Atlantic Refg deb 513
9612
1937I- - .i
97
11
9414 993 Kan Gas & El 65
--18
9212 Sale 9212
4
93
9212 96%
8
Baidw Loco Works 1st 59_ _1940 WI N 1005 101 10018
1005
8
1 100 103 Kayser & Co is
7 1024 107
1942 F A 119007741137,84 0 5 104
,
1041
8 199
01°12
6
Barnsdall Corp s f cony 8% A1931 J .1 95 Sale 9412
95
94 103 Kelly-Springfield Tire 85._ -1931 NI N
16
246
102
983
4
9834 16034
Bell Telephone of Pa 55_ ....1048 .1 J 974 Sale 9712
973
4 77
2
9 14 9918 Keystone Tele') Co 1st 5s_ _ _
, 93
9 2
53
_ _ 7212
7212 7212
7212
Beth Steel 1st ext a f 58
1926 .1 J 9814 984 9834
99
41
1
1937 A 0
9612 100 Kings Co El L & P g 5s
9778
9778
9614 9914
1st & ref 5s guar A
1942 M N 9318 Sale 9318
94
21
1937 j 0 1075 112 110
99 A 3
5
1 10812 1134
9034 974
8
Purchase money 68
110
20-yr p m& Imp 8 f 5s
8
1936 J .7 88 Sale 867
88
22
_
1925 M
10118
_ 977 Sept'23
g
Convertible deb 68
977 104 s
s
95 4 10013
,
3
953 Sale 953
4
65 A
1948F A
4
9712 42
9
0
A 7114 7314 7112 Oct'23
sms 9378 Kings County El let g 4s__ _ 1049 F A
6912 76
1953 F A 88 Sale 874
.5.58
89
34
3
72 Sale 72
76
7934
7218
Stamped guar 48
6is
eg
76
_ 80 July'23
Booth Fisheries deb s f fis_ 1920 A 0
7038 80 Kings County Lighting 5— 1954 J
7514 June'23
5
7514 8012
Braden Cop M coll tr 8 f 68_1931 F A
983 993 9914
7612- -- 3
4
993
8
5
973 100
1954 J J 95
3
4
9512 9o34
96
94 101
8
933
8 11
Brier Hill Steel 1st 53s __ _ _1942 A 0 93 Sale 927
1936.1 D 1013 Sale 1013
9
4 0
00
4
914 98% Kinney Co Vie
1017
8
9912 1024
B'way dr 7th Av 1st c g 5s1943 J D 65 Sale 65
05
13
11
8812
6158 69 Lackawanna Steel 5s A__ - -1950 M S
89
87
9912
Brooklyn City RR 58
1941 .1 .1 8614 8712 86
Oct'23
83
11
88 Lac Gas L of St L ref & ext 551934 A 0
9214
9214
893 96
4
Bklyn Edison Inc gen 53 A_ A949 .1 .1 9738 Sale 974
9712 19
31194
Lehigh C & Nay I 4355 A 1954 J .1 908 9112 91
91
884 924
General 68 Series B
1930 J J 104 Sale 104
104
13 10012 1047 Lehigh Valley C98158
1933 J
9712 99
99
8
99
973 100 4
4
3
4
General 78 Series C
1930 .1
.1 1053 10614 106
106
2 19
05 10812
4% 99
1933 J J
8318 Oct'21
4s
General 7s Series D
1940 J 0 10812 Sale 108
10812 25 108 10934 Lex
& p F 1st gu g 5s-1993 M S 3612 3712 38
Oct'23
37
WI;
Bklyn Man IlapTrsec(tem)68'68 J J 66 Sale 653
4
6713 735
654 743 Liggett & Myers Tobac 75_ 1064 A O 11612 117 117
941FA
1 112 11914
8
117
65 July'23
Bklyn Qu Co & Sub con gtd 58'41 MN
58
66
9614 9612 9618
Is
9612 27
93
981
4
7912 Nov'22
1941 .1 J
18t Is
10 1117 1184
1044 A o 11618 11812 11612
Lorillard Co (P) 78
117
8
8
Brooklyn Rapid Tran g 5s 1945 A 0 723 _ _ _
73
Oct'23
-LK
1951 F A 953 9613 963
4
8
9612 15
Is
931g 9712
723 _ _ _ 7238 Oct'23
8
Trust certificates
54
1952 M N
863 Sale 8614
4
79 Louisville & El 5s
863
4 21
864 8812
1st refund cony gold 4s___2002 .1 .1 5958 _ _ _ _ 604 Oct'23
13 107 120
68 Magma Cop 10-Yr cony g 43 1210 JA 0 109 Sale 10812
64
3
1
78 % A 1
,
3
109
3-yr 7% secured notes,___1921 J .1 88 Sale 88
89
8434 96
12
17
9612 Sale 9612
. £1u gar
an.
2
1112 ty(
98
964 102
9818 _
85
Certificates of deposit
89
15
84
12
5718 Sale 57
9512
cons
s
N
57
5518 647
8
835 _ _ _ _ 8412
8
etts of deposit stamped__
85 '42
78
9518
20133 D
2d 4e
513 5012 July'23
4
5012 66
7814 Sale 773
1050 0 -A
4
liklyn Un El 18t g 4-58
785
3
7813 85 Manila Flee 7s
1
2
0
1942 M N 96 Sale 96
9612 98114
7814 Sale 7814
1950 F A
Stamped guar 4-55
79
3
8218 823 8219 Oct'962132 -- -7812 84 4 Manila Elec RY & Lt 81 58-1953
,
4
813 8473
4
Bklyn On Gas 1st cone g 56_1945 M N 04 Sale 94
9612 10
9312 100 Market St Ry 1st cons 5s_ _1924 NI o 90 Sale 884
0
4
6
0
,,84 2 0
931
A s
914 954
,
1932 M N 10914 10912 10912 10910
78
10713 11678
95 Sale 0412
-year 6% notes
5
944 99
8
1st lien & ref 63 Series A 1947 M N 103 1037 10312 10312
10014 1054 Marland Oils f 84, with war'nts'31 A 0 116 11712 11612 0 t
3
c '23 ---- 109 161%
10812 1095 10912 Oct'23
8
1929 NI N
78
1074 117
:
_1
18
__31 A A
Without warrant attached10_ F O 9812 9912 09, 01(0)9281342 1;) 9853 10712
: :0
105821
2
9112 Oct'23
1932 .1 D 0112 93
Buff & Susq Iron s f 58
11214 Sale 11214
734s Series B
102 159
1952 A 0 —__ 808 81 Sept'23
Bush Terminal 1st 48
0
9711:
81'2 9
9
95
974 98
914 1017i
4
do without warrants
84
1955 J .1 84 Sale 84
Consol 58
1
8258 897 m etriad s & N ef gE2ch
3 M rch: ntist&rI fra 68se
1042 .I D 105 Sale 105
902 F A
95 106
913
4 33
Building 55 guar tax ex_ _ _1960 A 0 9112 Sale 9114
85
93 4
9712 Sale 97,
,
9512 997
2
4
96
191711 N 9612 Sale
9612 21
Cal G & E Carp 5s
9412 9814 Metr Power 6s
8
1953 J D 943 95
9412 9612
9514
9612 14
Cal Petroleum 612s (w 1) —1933 A 0 0612 Sale 9612
9
6% 91353 Mexican Petroleum S I 8s
1037 Sale 1034
8
1936 5;
104
101 109%
06
063 9412
8
9412
Camaguey Bug 1st 8 I g 7s_ _ .1942 A 0
6 04 99 Mich State TeleP 1st 58
100 Sale 993
99% 100'8
100
4
94 Sale 94
9414
Canada SS Lines Istcoll s f 78 '42 11 N
8
9114 97t2 Midvale Steel& 0cony s I 581936 51 S 853 Sale 8518
3
8412 9112
8578 30
1023 124
8
99 10312
Canada Gen Elec Co 65___ _1942 F A 1024 Sale 99
8514 8512 87
_
Certificates of deposit. _ _ _1936
84
90
Oct'23 -14
Cent Dist Tel 1st 30
97 100 1111w Ele2 Ry & Lt cons g 55 1926 FA 985 9914 983
-year 58_1943 J D -08 9812 Sept'23
8
99
_- 4
98
9912
9012 Oct'23
8743 90
.
Cent Foundry 1st s I (is__ _1931 F A
85
4 9914
883 897 89 Sept'23 - - - .1931 :13
4
8
885 9112
Refunding & exten
8
95 Sale 9412
06
Cent Leather 20
364
0412 10018
35
-year g 5S-1925 A 0
93 Sale 9212
Gen 5s A
93
887 9212
8
8
1175
Cerro de Pasco Cop 8s
1931 .1 .1 1155 Sale 115
8 60 115 150
8918
8
19613 D 815 Sale 815
8
82
22
1st 58 B
81
953 9213
8
1
Ch 0 L dr Coke 1st gu g 58_ _1937 J J 92
92 2
,
18
92
94
9412 94
9634 Milwalikee Gas L 1st 4s___ _1927 1111 N
94
927 94%
8
764 Sale 7614
Chicago Rys 1st 58
77
1927 F A
30
25
734 8378 Montana Power 1st 58 A_ _ _ _1943 J J 953 Sale 943
4
4
93
9534
98 4
,
8
094 Oct'23
1923 J D 997 100
Chicago Tel Is
994 10018 Montreal Tram 1st & ref 58_1941
8912
7
J 8814 8834 8812
86% 91
1932 A 0 9812 Sale 9814
Chile Copper Os Ser A
99
145
18
98 10314 Morris & Co 1st f
79
7812 Sale 7814
7312 87%
9,117
Cincln Gas & Flee 1st & ref 58 '56 A 0 9512 07
95,
2
3
9434 9914 Mortgage Bond 48
83
926 .1 0
9 9A 3
0
Apr'14 - - 1961 A 0 9612 Sale 9512
5Yis Ser B due Jan 1
1
95 2
,
.3
95, 9812
2
113-1-2 93
1932A 0
55
93
9112 931k
8612 Sale 8612
Cob F& I Co gen 5 f 5s__ _ _1943 F A
4
8714
8512 8912 Mu Fuel Gas 1st cu g 5s__ _ _1947 M N -92
9312 915 Sept'23
8
89 4 95
3
7413
7412 76
75
Col Indus 1st & coil 58 gu_ _ _1934 F A
12
74
791, !Mut Un gtd bds ext 5%_ _ _1941 MN 904 _ _ _ _ 9518 Feb.
23
9518 951a
9618 963 964
8
9614
Columbia G & E 1st 58
1927 .1 J
14
95
. guar gold 4s
Eiee
55
97% Nags
5734 Oct'23
1951 .1 .1 51
,
,
59 4 67 4
9614 Sale 06
9614
1927 .1 .1
Stamped
19
953 97 Naroual Acme 7345
3
91 Sale 91
1931 J D
9212
91
954
1712 10 Sept'23
,
Col & 9th Av 1st gu g 58_ ,...1993 NI 5 _
10
90
4
,
Nat Enam de Stampg 1st 58_1929
D 953 99 2 9712 June'23
97
974
9234
Columbus Gas let gold 58_1939 J .1
- 9212 Sept'23
92
925 Nat Starch 20
3
-year deb Is._1930 J J
95
95
95 95
7
04 697
Commercial Cable 1st g 4s._2307 0 .1 70 -8
697
8
7
69
7513 National Tube 1st 5s
1952 M N 9914 10112 9912
993
4
97 1011,
88 Sale 87
88
Commonwealth Power 6s_.A947 M N
48
84
8914 Newark Con Gas 58
4
4
1048.1 D 933 943 9334
9214 95
933
4
100
Comp Azu Barn 755s
1937 J i 100 10014 100
2
9812 10112 New England Tel & Tel 58 1952 J D 977 Sale 9714
60
8
974
95 2 100
,
97
99
97
Computing-Tab-lice 5 f 68_1941 J .1 98
1
95 2 10112 New Orl Ry & Lt gen 434 s_ _1935 J .1
,
62 Aug'23
62 62
7714 Sept'23 _ _ _ _
80
Conn Ry & L Ist & ref g 0681951 .1 . 78
1
7612 875 N Y Air Brake 1st cony 68..1928 NI N 10214 10212 10214
3
10212 --12 100 104
79
79
80
Stamped guar 4Sis
Oct'23 _ _ _
1951 J J
3
76
78
8314 N Y Dock 50
79
78
78
7412 80
-Yr 1st g 48- -1951 . A
Cons Coal of Mc] 1st & ref 58 1950 J 0 8512 Sale 8512
8714 44
8412 90 NY Edison 1st & ref 63-4s A_1941 F 0 1093 Sale 10914
8
10912 33 1005 11212
8
A
9234
_ _ 04 Aug'23 - _ _
Con 0 Cool Ch let gu g 511_.1936 J .1
35
90
9554 NYGEL&Pg 5s
4
93
1948.3 D 973 Sale 974
9512 100
86 Sale 854
Consumers Power
86
1952 51 N
14
9
8412 9212
791 8314
8
Purchase money g 4s
82
1949 F A 8112 Sale 8112
Corn Prod Rohl 5 f g be
Oct'23
1931 M N 98 10114 100
9812 100 N Y Munie Ry 1st f 58 A_ _1966 3 J
7958 _ _ 82 June 23
82
76
98
1st 25-yr s I 58
99 100
1934 M N
9914
5
98 101
9718 9812 97
N Y (/ El T. & P let g 55
Oct 23 22
96
1930 F A
99
Crown Cork & Seal 644
4
1943 F A 873 884 873
4
2
4
873
3014 31
87
4 95 N Y Rys 1st R E & ref 4s__ _1942 J J
3212 71
31
2,14 3814
Cuba Cane Sugar cony 78...1930. J 874 Sale 87
8714
1
17
82
304 Sale 3018
94
37%
Certificates of deposit
27
3212
Cony deben stamped 8%l930 i J
9314 Sale 9314
943
8 60
8712 9814
2
13
4
2
g
2
30-year at11 Inc 5s
a1942 A 0
Cuban Am Sugar 1st coil 88_1931 M S 105 Sale 105
10684 37 105 10812
13 Sale
4
14 21
Certificates of deposit ______
13
4
114 74
_
Cum')T & T Ist & gen 5s- - - 1937 J J
2
9212 9312 9212 Oct'23 -- _ _
91
5912 Sale 5912
59
9414 N Y State Rye 1st cons 434s 1962 MN
00
69
_Den Gas it E L Ist&ref s I g Is '51 M N 8512 Sale 8514
8534 31
83 4 99
3
8818 994 88
Oct 23
88
1902 11 N
9713
Dery Corp(D G)75
76
78
1942 M S 77
78
3
55
99 N Y Steam 1st 25-yr 6s tier A 1947 M
934 93 2 931s
,
9314 294
92
148
Detroit Edison 1st coil tr 58_1933 .1 J 9912 Sale 994
9912
944 10012 NY Telco 1st & gen s f 41
4
943 Sale 934
0_1939 MN
9434 28
9034 9514
let & ref fis Series A
81940 11 S 9614 Sale 9534
9614 40
904 98
10538
30-year deben s f 6s_ _ eb 1949 F A 105'4 Sale 10514
,
3
let & ref 68 Series II
65 103 2 1083
81040M 9 103 Sale 1024
10312 58 101 10412 1 20
-year refunding gold 68_1941 A 0 1043 Sale 10412
10418
10914 10714
4
'NO trice Friday:latest bid and asked a Due Jan. 6 045 April. c Due March. a Due May. g Due June. 5 Due July. 8 Due Aug. Due Oct. glJue Dec.
o
/Option sale
3.1
N
7
- 1874
THE CHRONICLE
New York Bond Record-Concluded-Page 5
[VOL. 117.
Quotations of Sundry Securities
All bond prices are "and interest" except where marked'f"
Range
Railroad Equipments Per Cl. Basis
Frice
Standard Oil Stocks Par Bid Ask
BONDS
Friday
Since
N.Y.STOCK EXCHANGE
Ronae or'
Anglo-American 011new_ El .1418 1414 Atlantic Coast Line fis
5.65 5.35
Jan, 1
Oct. 26.
4
co,
Equipment65
Last Sale
Atlantic Refining
100 10014 103
5.50 5.30
Week ending Oct. 26.
5.80 5.40
Preferred
100 11612 117 Baltimore & Ohio 6s
Ask Lew
High Borne Scrymser Co
High No. Low
Bid
Equipment 4e & 53_ _ _ _ 5.60 5.30
100 125 135
4 12
993
9514 101
99% 997 9912
Buckeye Pipe Line Co_ 50 *73
8
Niagara Falls Power let 53 1932 J
74 Buff Roch & Pitts equip 60.. 5.50 5.3C
01932 A 0 104 Sale 10358 10414 12 10112 105
Ref & gen 138
Chosebrough Mfg new.A00 220 230 Canadian Pacific Ois & 63- 5.55 5.25
9712 10012
8
Oct'23 Preferred new
5.60 5.30
100 110 115 Central RR of N J 63
Niag Lock &0Pow let 58.._1954 MN 997 10112 99
4 39
96
913
91
1952 M 8 9114 Sale 91
Continental 011 new.. _ 25 .3612 37 Chesapeake & Ohio 63
No Amer Edison Se
4
92
8912 95
3 7 3 43
5..60 5..30
3
Crescent Pipe Line Co
Nor Ohio Trac & Light 6s__ _1947 M S 92 Sale 8912
Equipment6;is
50 .16
17
16
90
8753 93
89
5.55 5.30
Cumberland Pipe Line_100 Ill 114
Equipment 53
Nor States Power 25-yr 58 A_1941 A 0 8912 90
3 24
997
8
4
983 102
5.65 5.30
Eureka Pipe Line Co_ _ _ _100 95
96 Chicago Burl & Quincy Gs
let & ref 25
-year 68 See B_1941 A 0 993 Sale 9988
4 54 107 1081s Galena Signal Oil corn _ _ _100 60
8
61 Chicago & Eastern III 53e. 6.25 5.50
Nortbweet'n Bell T let 78 A-1941 F A 1073 Sale 10712 1073
_ 9112 May'23
91% 9212
Preferred old
100 110 115 Chicago & North West 4 0 5.45 5.25
North W T 1st fd g 0511 SIO-1934 J 3 9078
6 101 108
106
100 105 106
--1946 A 0 104 105% 106
5.65 5.35
Preferred new
Ohio Public Service
Equipment6s
1947 F A 10012 Bale 10014 10012 11
4
993 10514 Humble Oil & Ref new.. 25 *3612 363
5.55 5.30
Equipment 13)-58
78
4
94
94
8
95
4
94
923 9612 Illinois Pipe Line
100 152 154 Chic RI & Pac 4343 es be.-- 5.80 5.40
Ontario Power N F let 54._ _1943 F A
8 20
985
9214 983 Imperial Oil
5
98 8
1945 MN
93% 95
8
25 *93
5.87 5.50
Equipment63
94
Ontario Transmission 5s
97
5
1941 F A 9618 97 97
96 10112 Indiana Pipe Line Co
50 *85
Otis Steel 88
87 Colorado & Southern Cie.__ 5.75 5.40
6
92
9012 9478 International Petroleum_(I) •143 15 Delaware & Hudson 68
0
66.420 65.080
5..65 5..400
-year f g 7)is Ser B 1947 F A 91 Sale 91
4
let25
8812 9314 Magnolia Petroleum__ --100 130 132 Erie 4)s & 5s
9014 88
i
Pacific G & El gen & ref 58- _1942 J J 90 Sale 8914
8
9212
7
e
897 94
2212
National Transit Co__12.50 *22
Pac Pow&Lt lstaref 20-yr 55 '30 F A 9218 925 9214
Equipment6s
J J 96% 9612 9614
1937
4 10
963
4
943 9912 New York Transit Co_ _ _100 92
5.65 5.40
ip
Pacific Tel & Tel let Se
Eq, m t nt 58 i
Great brorehern(a
1952 MN 9014 901, 8934
9014 35
88
9212 Northern Pipe Line Co_ _100 101 10925
5.65 5.40
5e
19 102 105 8 Ohio Oil new
3
103
25 .5314 54 Hocking Valley 68
5.75 5.40
Pan-Amer P & T let 10-yr 781930 F A 103 Sale 103
9252 94
- 9318 Sept'23
25 .19
5.65 5.40
2112
Pat& Passaic G & El cone 581949 M S 9318
Equipment 5s
Penn Mex Fuel Co
2 104% 108
105
5.45 5.20
Peop Gas & C Ist cons g 68-1943 A 0 104 105 105
Prairie Oil& Gas new- _ _100 167 169 Illinois Central 0.5e & 5e
1947 M S 89
1
s
8914 88%
887
8712 94
5.65 5.35
9812
Refunding gold 58
Equipment68
Prairie Pipe Line new__ _100 98
1944 F A 1001 Sale 100
.
10012 93
9853 10112 Solar Refining
100 168 175
5.50 5.30
Philadelphia Co Sc A
Equipment 78 & 63e
1938 MI 8 88 Sale 8712
8712 911 Southern Pipe Line Co..10091
:
8
88
Syie
92 Kanawha & Michigan Sc... 5.85 5.45
1943 M
74
73
3
4 63
743
6518 82 4 South Penn 011
7314
5.65 5.25
Pierce-Arrow 8e
100 115 117
Equipment43e
1931 J D 75 Sale 75
70
5
80
98
4
Pierce 011 s f 8e
Southwest Pa Pipe Lines_ 100 773 80 Kansas City Southern 5)s. 5.65 5.35
8
903 Standard 011 (California) 25 .51
89
8
903 Sept'23
Pleasant Val Coal let g s 58 19283 J
5114 Louisville & Nashville 68_ 5.65 5.35
8
7. 904 945 Standard Oil (Indiana).- 25 .55
9014
901
Pocah Con Colliers let 8158.19573 J 8814 91
5.55 5.30
,
55'8
Equipment63611
5
9412
9112 9512 Standard 011(Kan)
58_ __ -1935 J J
9412
5.50 5.25
Portland Gen Elec
25 .38
39 Michigan Central be & 6s
1
s
843 88% Standard 011 (Kentucky) 25 *91, 9214 Minn St P & SS M 4;iii St be 5.75 5.40
87
87
Portland Ry let & ref 5s....1930 M N 8612 87
2
81
567 Standard 011 (Nebraska) 100 210 225
83% 24
4
3
815 81
Portland Ry,Lt & P let ref Ss'42 F A 81
Equipment 058 & 'AL.-- 5.
.
85 5 45
1947 M N 9212 Sale 92
91% 9614 Standard 011 of New Jer_ 25 .315 32 Missouri Kansas & Texas 613 6.00 5.50
64
93
68 B
s
6 103% 10714
105
let & refund 7M s Ser A_ _1946 MN 104 Sale 104
100 116% 1163 Missouri Pacific Os & 65i e_. 6.10 5.60
4
Preferred
8
1 1017 106
105
5.55 5.30
Ss
Porto Rican Am Tob Se__ -1931 MN 105 106 105
4
Standard 011of New York 25 *403 4114 Mobile & Ohio 4)is &
19333 J
5
87% 93% Standard Oil(Ohio)
9012
90
Pressed Steel Car 5e
100 272 278 New York Central4e dr be 5.65 5.35
2 108 13312
110
5.70 5.40
Prod & Refs f 88(with waente)'31 J D 109 112 110
100 117 121
Equipment(is
Preferred
100 10812 Swan & Finch
attached__ _ 3 D 10238 Sale 10178 10212
7
Without warrants
5.55 5.35
100 24
Equipment 7e
30
7612 86
Pub Serv Corp of N J gen 58_1959 A 0 7812 Sale 775
3
78 4 17
5.35 5.10
8
Union Tank Car Co--..100 87
90 Norfolk & Western 450.19373 .1 107 1075s 10612 1077
8 53 105 124
5.55 5.30
Punta Alegre Sugar 78
100 10714 0812 Northern Pacific 78
Preferred
1937 M N
8
907 96
9214 Sale 92
9314 21
Remington Arms 6s
25 *4914 493 pacific Fruit Express 7a._ _ _ 5.60 5.35
4
Vacuum Oil new
89
9611 Washington 011
10 *22
Repub I & 8 10-30-yr 58 s f _1940 A 0 9078 Sale 9058
908 13
25 I Pennsylvania RR eq 55 & Se 5.60 5.25
86% 9458
1953 J J 87
5.50 5.30
8712 87
8712 18
5348
Other 011 Stocks
Pitts & Lake Erie 6540
1952 J D --__ 9412 9212 Oct'23
'2'2 99
5.80 5.40
Robbins & Myers s 1 78
(I) .213 234
Atlantic Lobos Oil
Equipment6s
91
91
_
5.35 5.15
50 .6
Jan'23 _ _
Roth & Pitts Coal& Iron 58_1946 MN 904
Preferred
91
12 I Reading Co 4;is & 53
86
80
11
25 *52
86
-Brown Iron Co 713_1942 M N 86 Sale 85
Rogers
5212 St Louis & San Francisco 5s. 5.75 5.50
Gulf Oil new
4 53 Seaboard Air Line Ois & 685.90 5.50
b .43
4;
Mexican Eagle 011
8
793 Mutual 011
.
55 5.10
.
912 83 Southern Pacific Co 4%8._ 5.35 5 30
5
1937 MN 79% 82
77
2
8
793
s
79%
St Jos Ry. L,H & P Se
irn en cif
E e pmPat 7
%
9
100 84
_
_ 854 Dee'22
StJoseph Stk Yds let g 4s 1930 .1 .1 8512
National Fuel Gas
15.65 5.25
Ii2 Salt Creek Producers
1814 Southern Ry 43.s & 53
10 .18
76
8
5
Mt & P58 stmpd-19553, 753 7612 76
St L Rock
s
F
5.85 5.50
5714 62
5712 5714 Sept.23
1924 AO 52
114
5 *1
Equipment63
St Louis Transit 58
Sapulpa Refining
92
93
5.85 5.50
'3 883
1937
4
92 Sept'23
St Paul City Cable 55
Toledo & Ohio Central(is _
5.45 5.25
100 103 s
MS 10212 Sale 0212 103
7
1942
8
Public Utilities
Saks Co 75
Union Pacific 78
(I) .39
90
J
4
945 Amer Gas & Elec new
...1952
40
8
90
Tobacco Stocks
91
90
90
Ban Antonio Pub her So.
87
8
80
50 .42
97 104
43 American Cigar common 100 x73 8
99 12 21
Sharon Steel Hoop let 88 ser A '41 MS 9912 Sale 99
Preferred
M&N 9312 9412
9912 103
1942 A0 10112 Sale 01
6
Preferred
10112
513
,
Sheffield Farms 6)
Deb (3s 2014
achine
8212 8712 Amer Light & Trac com _100 119 17121
7
8413 8414
8412
Sierra & San Fran Power 56.1949 FA 84
Amer Machine & Fdry_ _100 135
24
£1
100 91
92 10112
9314 53
-year 78 1937 MS 9213 Sale 9218
Sinclair Cons Oil 15
23 Britlah-Amer Tobac ord_ 51
Preferred
'
231'2 24
:23
9714 Amer Power & IA corn..100 168
85
1938
8714 73
8612 Sale 8612
6348 B (w I)
52
94 1003
83
1925 A0 97 Sale 9614
(Geo
184
4
97
100 8212 „212 Helm ferred W) Co, new 25 .50
Crude Oil 51i8
Sinclair
pree
Preferred
100 110 113
M&S 91
8
1926 FA
93% 997
6e
96% 40
9614 965 96
8
Deb 13s 2016
17
1942 AO 81
8014 8912 Amer Public UM corn..100 25
Sinclair Pipe Line 55
8214 25
5112 8112
35 Imperial Tob of GB & herd *16
62
100 67
70 int Cigar Machinery _ _ _100 57
9812 102
South Porto Rico Sugar 78_ _1941
1005s Sale 0014
10088 26
7% prior pref
90
47 Johnson Tin Foil & Met_100 80
100 45
3
9412 Sale 9412
90 4 95%
8
South Bell Tel & T lst f 58_1941
4
943
4% partic pref
0
3
3
00 3
100 55
MacAndrews & Forbes_ _ 10 0 197 10
874 92
2
Southern Colo Power fis_ _ _ _1947 JJ 87
85
88
88
6% preferred
Prefd74
96% 10012 Blackstone Val G & E com 50 *72
Stand Gas & El cony s f 6a 1926 JO 99 Sale 984
99
26
100 20
23
94% 9914 Carolina Pow & Lt com_100 78
1930 MN 94% 95i, 95
82 Me gel CoCo
Standard Milling let 58
5
9512
0
7
70
103 104
317
25 100 10712 Cities Service Co com _ _ _100 12912 167; Porto Rican-Amer Tab_ _100 65 83
Steel & Tube gene I 78eer C _1951
03% 104
1
scrip
95
9934
12
Sugar Estates (Orienti) 7s_ _1942 M S 94% 94% 9412
95
100 6758
Preferred
80
92
Syracuse Lighting let g 58_ _1951
14
Oct'23
901s 9112 CitiesServiceBankere'Sbares 1278 133 UnpriveefrserarledLeaf Tob com_100 75
,
93 92
2
93
100 91
8
833 86
8412 8354 Oct'23
Light & Power Co col tr s f Ss'54 Ji 83
Colorado Power corn._ _100 19
0 0
00 1 4
10 100 108_ _
100 91
94 young (J 5) Co
Preferred
TennCoal,Iron&RRgenss'51J J 99 100
9818 101
Oct'23 _
99
34
Preferred
Com'w'th Pow,Ry & Lt _100 33
9914 10112 Com'w'th Pow Corp pref 100 70
Tennessee Cop let cony 63 1925 M N 993 10012 9914 Oct'23 _ _ _
8
Rubber Stocks(Cleveland)
71
9218 95
45
Tennessee Elec Power133._ _1947 3 D 9212 Sale 9218
93
Consumers Power pref. _100 87
Firestone Tire & Rub corn 10 *62 63
5012 62
89
19603 J 5012 Sale 5012
Third Ave let ref 48
100 87
7
52%
97
Elec Bond & Share pref _100 *96
7
6vo% preferredpreferred
4112 6234 Federal Light & Tractional *66
Adjustment income 50....a1960 A 0 4112 Sale 4112
90
100 87
4
433 197
68
19373 J 9212 96
90
Third Ave Ry 1st g 5s
9514
Oct'23 _
94
100 *68
Preferred
70 General Tire & Rub corn 50 .150 155
1931 F A 10238 Sale 1023
98
Tide Water 0116)is
8 1023
100 95
4 21 10112 105
Lehigh Power Securities_(I) *2212 2314
prefernd
834 9
Tobacco Products s f 78._..193l J D 1075 Sale 106
s
10788 26 10234 107% Mississippi My Pow corn 100 1834 20 Goodyear Tire & II corn_100
1941 M S 10614 Sale 10614
77
_100 70
Toledo Edison 78
10612 28 10518 10758
Preferred
83 Goody'r T&R of Can pf.
100 81
9712 974 9814
1925 F A
9712 9912
Toledo Trac, L & P 6s
9812 13
First mtge 55, 1951...3&J 91 10 2 Mason Tire & Rub com _(I) *114 3
terr
92
n
9214 95
_ 9214 July'23
Trenton G & El lst g 58.-1949 M S 9218
17
100 15
S F g deb 75 1935__51&N 101
Preferred
9118
85
62
9314 Nat Power & Lt com_ _ _ (2) *58
100 56
Undergr of London 43s__..1933J .1
Oct'23 -85
60 Miller Rubber
86% 89
100 88
91
1948 J J
9018
8914 Oct'23 Income Ss
Preferred
(I) .8312 8512
Preferred
8
99
5
95
1942 M N 95% Sale 9514
100
Union Bag & Paper 65
J&J 00 8
9612 16
Income 78 1972
ohaw k l
8
0 Misreferre bber
95
97% Northern Ohio Electric_(I
)
30
Union Elec Lt & P let g 5s_ _1932 M S 965 Sale 9688
8
9688 - -612
8814 9212
1933 M N 92
9212 17
9212
58
22 seiberling Tire & Rubber(I) *512 Preferred
100 20
45
100 35
70
70
Union Elev (Chicago)53-1945 A 0 62
70
70 June'23
Preferred
North States Pow corn _100 98 101
_ 21
90
96
1931 J J 9414 95
100 92
011 5s
t Tire & R com.100
red
96 Aug'23 Union
9
64 Swine ha
Preferred
preferr
100
50
9912 10258 Nor Texas Elec Co com.100 60
c1942 F A 9714 99
9934 Oct'23
158
100 68
6 10212 105
104
73
Union Tank Car equip 7a..-.1930 F A 104 Sale 103
Preferred
4
12
50 .10
10914 1133 Pacific Gas & El let pref 100 5712 89
"
S SugarCcs gar Stocks
47
1941 J D 10914 Sale 0914
111
United Drug cony 85
87
.5
9 „1
98
92
5 Cent Aguirre Sugar corn. 20 1
94% 12
Power Securities corn.--(I) .2
94 Sale 94
United Fuel Gas let s f 68-1936 .1 J
8714 9712
17 Fajardo Sugar
preferred
Pitts issue 1926 M N 923 93
65
(I) .13
Second
93
4
933
8
United Rys Inv 5s
.100 9
0 65
5612 6318
82 Federal Sugar Ref corn. 0 60 105
Coll trust 63 1949___J&D 77
8 22
587
United Rye St L let g 42-1934 J J 5713 Sale 5712
4
8712
8612 93
62
Preferred
Incomes June 1949.....13&A j57
87 Sale 87
United SS Co int Ms68_.1937 M N
1) 50
( 0 •7 65
10
98 10112 Puget Sound Pow & Lt_ _100 45
48 Godchaux Sugar, Inc _10
7
1942 A 0 99
99
8
8
995 987
United Stores 68
100 80
Preferred
83
2 10018 103
8
10214 1023 0288 1025
6% preferred
1932 J
4
US Hoffman Mach 8s
88
100 d101
99 10212
03 Great Western Sugar new 25 .85
1
7% preferred
J J 99% 102
100
00
U S Realty & I cony deb g 5s 1924
84
(I) .25
30
8912
0512 Holly Sugar Corp corn..
Gen mtge 7s 1941_M&N 104
8514 81
U Rubber 1st & ref 5s ser A 19413 J 8414 Sale 84
100 74
77
8
Preferred
1930 F A 10258 Sale 0258 10412 37 1025 10912 Republic Ry & Light...100 1312 1512
10
-year 75ie
4 14
993
100 38
8
987 102
39 Juncos Central Sugar_ _ _100 90 110
Preferred
4
US Smelt Ref & M cony 68_1926 F A 993 Sale 9912
856
4
8
N 1023 Sale 02
South Calif Edison com_100 101 12 0212 National Sugar Refining_100' 9
8
1025 162 1003 104
US Steel Corpfcoupon ___d1963
100 114
9
9
100
17 New Niquero Sugar
8% preferred
00 Sept'23 _ _ _ 100 10411
Of 10-60-yrfairegistered _d1963 MN
12
5
4
913 Standard Gas & El (Del) 50 .25
80
29 Santa Cecilia Bug Corp pf 100
8 30
805
8
Utah Light & Traction 5s---1944 A 0 805 9;Ie 8088
55
50 .48
4
49 Savannah Sugar corn_ _ _(2) •50
Preferred
853 92
4
8912 26
1944 F A 883 Sale 88
5s
Utah Power & Lt let
100 76
4
79
Preferred
953 Tennessee Elec Power -(I) •14
95
15
- 9514 Sept'23 _ _ _
,
Utica Elec L& Pow 1st s f 5s 1950 J J 95 4
48 Sugar Estates Oriente pref.. 85
90
9214
89
Second preferred
(I) *46
2
90
-14 90
19573 J 8818 V1
Utica Gas & Elec ref 5e
i
.
28 West India Sug Fin corn 1la _
Western Power Corp__ _ _ 100 27
4
092 10012
Preferred
100 81
84
Preferred
_
. __ _
Oct'23
. 00
Va-Caro Chem let 15-yr 50_ _1923 J D _ _ _
98
75
Short Term Securities
54
54
1947 J 0 83 Sale 8212
7a
9412 Am Cot 011 tis 1924_ .51&52 9814 09 IndustrIal&MIscell
55
1937 J J 6614 Sale 634
6614 40
12
-years f 7Sis
59
9012 Amer Tel&Tel (38 1924 _ F&A 1001s 1001 1 American Hardware__ _ _100 .58
58
1
Without warrants attached_ J J 6034 ____ 6812 Oct'23
9512 Anaconda Cop Min 63'29 J&J 10112 10188 Amer Typefounders corn 100 75
78
92
93 92
Oct'23 -VsIron Coal & Coke let g 58 1949 M S 92
Preferred
100 97 100
87
84
Anglo-Amer 0117Sis'25 A&O 1013 10258
44
4
1934 J J 8614 8612
Va Ry Pow let & ref Se
99
20
95
Bliss (E W) Co new__ - (I) •18
'
8513
Federal Sue Ref 63'24_51.4N
1942 J D 96 Sale 9591.1, 33
Sugar 78
Vertientee
50 .56
62
Preferred
M&N 9734 9814
681933
s 13 101% 106
1941 J D 10234 Sale l023
1033
Warner Sugar 78
984 100
Hocking Valley 6s 1924 M&S 10018 10088 Borden Company corn_ _100 117 119
2
100
1939 J J 995 8
Oct'23
Wash Wat Power s f 5a
100 100 103
Preferred
9312 9714 Interboro R T fie 1922_M&S
stmpd gtd 19503 D 9512 96
Oct'23 -- - 9512
Weetches Ltg g 5s
95
Celluloid Company
904 30
100 85 00
88
K C Term Ry 68'23 M&NIS 997
West Penn Power Ser A 5s_ _1946 M S 9012 Sale 90
100 105 111
Preferred
Jeri 103
fllieJuly 1931
-year 65 Series C__ _ _1958 J D 10138 103 10112 10212 12 100 10212
let 40
4
5125
c1946 F A 10414 1043 10414
1926 9912 993 Childs Company cons_ _ _100 157 160
4
10413 11 10218 10712
let series D 78
8912 Lehigh Pow Sec 63'27_F&A
100 109 113
Preferred
87
1963 M 5 8818 Sale 877
9412 9514
8812 24
Se E
8 17
974
100 104 108
96 100
Sloss-Sheff SAl 623 '29.F&A 9612 97 Hercules Powder
Weetern Union coll tr cur 58_1938 J J 9714 974 967
94
89
S Rubber 7e 1930_F&A 10514 1053
100 103 105
Preferred
Fund & real estate g 43i3-1950 M N 9012 917 9212
9212 12
4
8
100 83
8412
International Salt
1936 F A 109 110 10918
1093
4 31 106 III% Joint Stk Land Bk
Ois g
-year
15
10712 69 10512 10812 Chic Jt Stk Land Ilk 55_1951 100 10112 International Silver pref 100 102 105
Westinghouse E & M 70.. _ _1931 MN 10714 Bale 10718
89
98
77
58
Se 1952 opt 1932
917
100 10112 Lehigh Valley Coal Sales 50 .75
Wickwire Spen Steel 1st 78..1935 J J 9112 Sale 89
9414 102
100 135 150
5;is 1951 opt 1931
9612 39
102 10312 Phelps Dodge Corp
Wilson & Co let 25-yr a f 66_1941 A 0 951.2 Sale 9512
88
8418
83
1928 J D 8412 Sale 8412
3
451s 1952 opt 1932
99 100 Royal Baking Pow com _100 120 130
-year cony a f fis
10
93 105
1931 F A 9612 Sale 9558
4Y4e 1952 opt 1932
100 98 100
971.2 99
Preferred
9612 13
nis
1941 A 0 10312 Sale 10312
10312 14 10012 106
4s 1963 opt 1933
99 100 Singer Manufacturing_ .100 119 120
Winchester Arms 73.511
9312 9912
932 240
Young'n Sheet & T 63(w I)_ _1943 J J 9334 Sale 9312
el Purchaser also pays accrued dividend.
•Per share.
No par value. S Basis.
•No price Frith):latest hid and asked. a Due Jan. 4 Due Apr. C Due Mar. e Due t New stook. /Flat price. k Last sale. n Nominal. x Ex-dividend. y Ex-righte.
Ex Mock dividend. a Sale pries. •Canadian quotation.
May. g Due June. 8 Due July. k Due Aug. 0 Due Oct. y Due Dec. a Option sale.
.
11 •8
'
o 16
E4
.
BOSTON STOCK EXCHANGE-Stock Record
HIGH AND LOW SALE PRICE
-PER SHARE, NOT PER CENT.
Saturday. I Monday,
Oct. 20. I Oct. 22.
Tuesday,
Oct. 23.
Wednesday. Thursday,
Oct. 24.
Oct. 25.
146 148 146 146
146 14612 146 146
145 14613
-.7512 76
7812 75
7612 7512 7614 *7513
78
96 96
94
96 98
94
11512 11512 •1154
*116
_
*116
118 118
984 98 98 •98 - - *98
9812 97
1812
98
10
1012 10
10
10
1012 1013 1012 10
1013
10
12
10
12 •10 • 12 *10
10 •10
10
15
14
14
15
14
14
15
14
14
14
20
20 *--- - 20
20
20
20 •__ _ 20 •
20 *1712
20
•_ - 20 •17
23
24 if" 23 23
23
23 23
21
22
•138
-- •139
_
+1138
_ *138
- •138
23 23
23
23 23 .22 23 '22
2113 - 111 2
*____ 60
60 80
60 60
.56
_ _ _ 56
56 •____ 58
*51
55
34
34
35% 35%
*3514 3512
•364 3812
1/12 *3514 _-_ - 38
36
35
3514
•
2713 •25 2713 •25 2712 *25 2712 .25
2712
;iii2 12
1018 111: 11
1113 114 114 •107 113
2
3
+87 .._
*67 ---- 67 67
67
67
83
88_ 82 • _ 82
68 .65 67 87 67
6412 65
65
27
27
_ 29
Friday,
Oct. 28.
Sales
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
1875
SeeB
f?e7t1 Page
3
Range since Jan. 1 1923.
Lowest
Highest
Shares.
Railroads
164 Boston & Albany
100 143 Apr 3 151 June 14
374 Boston Elevated
7512 7614
100 75 June 29 84 Jan 5
14 Do pref
100 9112 Aug 9 100 Mar 8
25 Do 1st pref
100 11112 Aug 2 125 June 12
97 Do 28 pref
100 97 Sept 24 108 Mar 5
"ior, 101* 517 Boston & Maine_
100 10 Oct 17 204 Mar 2
, 45 Do pre!
100
9 Oct 17 27 Feb 13
358 Do Series A let pref.-100 14 Oct 22 3212Mar 1
220 Do Series B 1st pref 100 20 Oct 20 48 Feb 8
Do Series C lot pint..
.100 22 Sept 24 42 Mar 22
120 Do Series D 1st pref-100 21 Oct 25 59 Feb 7
Boston & Providence
100 135 July 21 16012 Jan 25
4
331 East Mass Street Ry Co 100 18 Feb 15 35 Mar 22
20 2113
97 Do lst pref
60 60
100 60 Oct 2 72 Jan 113
26 Do pref B
100 52 Oct 18 85 Mar 19
28 Do adjustment
100
225 East Maas St KV (tr ct10-100 21 Pglbr
35
35
9
5
3
Maine Central
100 251:Sept 27 43 Jan 2
1113 1113
95g July 5 2212 Jan 30
353 N Y N R & Hartford
100
23 Northern New Hampshlre_100 65 Sept 8 84 Feb 3
Norwich & Worcester pref_100 80 June 12 100 Jan 8
d Colony
100 6412 Oct 25 81 Feb 14
140 Rutland Prof
100 2112 Aug 25 3812 Feb 20
Vermont & Massachusetts-100 72 Oct 3 98 Jan 11
72101
PER SHARE
Range for Proton
Year 1922.
Lowest
Highest
13014 Jan
7313 Feb
944 Mar
118 June
10112 Nov
14 Jan
20 Jan
22 Jan
36 Jan
30 Jan
40 Jan
125 Jan
18 July
68 Aug
51 July
152 May
891: Sept
105 Sept
128 Sept
109 Sept
3112 MaY
37 Apr
4412 Apr
62 May
54 May
7712 May
168 July
26 s July
5
77 July
60 Nov
N Oct
ig Jan 55 IL12
2712
1214
69
58
57
15
78
Jan $4 s May
7
Jan 96 July
4
Jan 1085 Dec
Jan 9814 May
Jan 5278 June
Jan 100 Aug
Miscellaneous
210 Amer Pneumatic Service_ 25
1 Sept 19
414 Jan
212 Dec
312 Jan 9
234 Do pref
50 1212 Oct 23 20 Jan 10 13
Feb 204 Aug
2.322 Amer Telephone & Teleg 100 119 June 29 12554Mar 14 11452 Jan 12814 Aug
184 Amoskeag Mfg
No par 6712 Oct 9 112 Jan 5
DeC
Do pref
No par 72 Oct 9 88 Jan 5 104 Nov 191 Aug
2
80
Art Metal Construe.Inc.. 10 15 Mar 1 1 ,12 Mar 14
14 Nov 2012 Mar
Atlas Tack Corp
o per 10 July 2 201s Feb 14
13 Jan 22 May
15 Boston Cons Gas Co. Pre1-100 104 Oct 17 1084 Feb 24 10454 Aug 107 Dec
1,000 Boston Me:Pet Trus No par .10 Jan 18 .30 Jan 25 .10 Seto •50 May
1.595 Connor (John T)
10 19 July 5 27 Mar 19
1534 Jan 30 2 Dec
7
501 E= Boston Land
10
212 Oct 8
4 Jan 2
6 Apr
3 Jan
278 Eastern Manufacturing
8 Oct 23 1413 Mar 5
/
1
4
5
7 Dec 1414 Feb
25 38 Oct 25 12712Mar 22
Eastern SS Lines,Inc
nes.
3812 Jan 894 Oct
100 1554 Oct 25 172 Jan 3 158 Mar 185 Sept
746 Edison Electric Illum
No par
Elder Corporation
31:June 30 107 Jan 2
2
3 Mar 13 May
lveston-Houston Elec__100
5 July 9 2912 Feb 5
28 Dec39 Aug
No Pox
6 Oct 25 15113Mar 3
20 Gardner Motor
9 Nov164 Apr
25 15 Sept 21 24 Feb 101 17 Dec 2714 Feb
20 Greenfield Tap & Die
No par 534 0:1 11 6312 Mar 13
145 Hood Rubber
43 Mar 5413 Dec
110 Internat Cement Corp-No per 32 July 2 44 Mar 19
Jan 3833 May
26
Internal Cotton Mllls _____ 50 10 Sept 14 22 Feb 19
Jan
20 Nov 32
100 50 May 31 794 Jan 10
62 Do pref
60 Aug 85 Dec
20 International Products-No per .40 Oct 20
3 Mar 20
113 Dec
64 Mar
100
412June 20
512 Dec 17 Apr
Do pref
8 Mar 15
64 Oct 1
812 Aug 20
82 Libby,McNeill & Libby_ _ _ 10
132 Apr 1112 June
25
814June 27 11 Apr 26
48 Loew's Theatres
8 July 13 Jan
63 Jan 91)12 Not
177 Massachusetts Gas Cos...100 7812May 22 8713 Jan 2
100 65 July 7 73 Jan 25 62 Jan 74 Oct
185 Do pref
Oct
40 Mergentbaler Linotype_...100 147 June 19 179 Jan 6 130 Jan 181
/
1
412 Oct 26 144 Feb 19
11 Dec 2733 June
795 Mexican Investment, Inc_ 10
13 Jan 34 Aug
272 Mississippi River Power...100 1812Sept 20 2814 Jan 31
100 80 Jan 16 84 Feb 14
7212 ,Jan 851: Oct
7 Do stamped pref
10
218 Oct 26
854 Feb 13
6 Dec 11% Jan
/
1
4
1,053 National Leather
2 Oct 9
4I±Sept 13 .22 Dec
5 Jan
525 New England 011 Corp tr ale
335 New England Telephone..100 11112 Oct 24 122 Jan 3 109 Jan 125 Sept
1634July 12 2112 Apr 26
13 Jan 28
Oct
100 Orpheum Circuit. Inc
85 Oct 25 190 Jan 2 115 Oct192 Deo
/
1
4
385 Pacific Mills
10 15 June 26 18 Mar 14
1212 Apr 16 July
35 Reece Button Hole
2 Jan 11
10
3 Mar 15
14
2 Reece Folding Machine
11 Doe
/
4
a .50 Oct 25 2 Feb 20 .50 Nov 3 Mar
7l Al r
200 Simms Magneto
100 9812June 26 10912 Jan 6
593 Swift dc Co
9214 Jan 11012 Sep;
25 42 July 31 50 Mar 9
39 July 8112 June
105 Torrington
5
712 Jan 19 11 Mar 7
Union Twist Drill
8 Mar 1414 Feb
_ -2.863 United Shoe Mach Corp 25 3314 Oct 15 5554Mar 8 37 Jan 45 Mar
25 2433June 14 2814 Jan 11
25 Jan 2712 July
177 Do pre
2,281 Ventura Consol 011 Fields_ 5 1914 Aug 23 30 Jan 2
211 Jan 8311 June
/
4
1.391 Waldorf Sys,Inc,new ahNo par l5¼Sept17 22218 Mar 19 21314 Jan 43912 Dec
5 Feb 15 13 Mar 17
155 Walth Watch Cl B com.No pas
24 Nov 1454 Apr
100 1512 Mar 6 2912 M ar 19
Preferred trust ctfs
1
11 Nov 49 Apr
,
2,506 Walworth Manufacturing- 20 1114 Jan 5 1773 .1. 22
712 Feb 13 Oct
50 254 Jan 31 34Ig Mar 14
175 Warren Bros
174 Jan 355 Sept
4
50 31 July 12 3912Mar 14
45 Do lat pref
304 Jan 3814 Oct
50 33 July 10 42 Mar 15
52 Do 25 pref
31 Feb 445 July
4
5 Oct 18 1212 Feb 21
Wickwire Spencer Steel... 5
83 Nov 21 Mar
4
Mining
•.30 .55 '
0.30 .55 •
.30 .55 '.30 .55
.30 .301 •.25 .50
25 .25 Feb 16
50 Adventure Consolidated
1 Feb 28 .50 Jan
1
Ant
25 64 July 5 87 Mar 1
Ahmeek
58 Nov 88 May
-117 .
10
-;.Yo .20
-:io -;.10 .20 •.12 .20
25 .10 July 5 .50 Mar 2 .03 Sept .50 Ain
Algomah Mining
25 15 Aug 9 34 Mar 1
Alloues
19 Dec 3212 Jan
11 --11
2
112
112 -1 2
25 .70 July 3
420 Arcadian Consolidated
414 Mar 5
2 Mar
43 May
3
9
9
9
9
81: 834
858 858 834 81: 8 -8-15 712 Jan 8 1413Mar 2 6 Nov 101:June
380 Arizona Commercial
1513 .15
•15
1512 •15
1512 15
1513 .15
15 •1413 1611
10 15 Sept 19 19 Feb 19
50 Bingham Mines
13 Jan 1834 Sept
1712 18
184 18
184 1733 18
18
17
173
4 173 173
3
2
4.318 Calumet & Hecla
2
17 Oct 25 49 June 15 248 Nov 301 Aug
3
.3
314
3
314 34 •313 34
3
3
3
3 13 1,875 Carson Hill Gold
1
253 Oct 4
933 Feb 13
57e Nov 1684 May
_
1Centetminl
25
7 Jan 18 15 Mar 1
8 Nov 1313 Feb
4 2234 2314 23
25 15 - 234 25
2312 113 -2353 233
4
25 2234 Oct 25 41334Mar 1
1.947,
354 Dec 4 4May
68
21, 212 •214 25 1.920 Copper Range Co
214 212
*212 234
213 21,1'
24 23
/
1
4
212
10
Davis-Daly Copper
214June 28
914 Jan
5 Feb 23
212 Nov
43
4 6
5
44 43
5
5
4 1,810 East Butte Copper Mining_ 10
5
5
5
514 . 514
412 Oct 26 1112 Mar 1
713 Nov 1214 Jan
1
1
1
14
114 +.90 114 '
.75 .75
0.80 14
.80 .80
25 .30 May 22
515,Franklin
/
1
4
3 Apr
1 Apr
233 Mar 5
.112 13
•111 2
*113 134
4
*113 2
14
RI •1
il
25
550 Hancock Consolidated
114Sept 13
4 Mar 5
113 Aug
312 Mar
:
*2934 3012 n912 3012 •2912 3012 •291 3012 *2913 3012 2912 294'
100' Hardy Coal Co
1 2434 Mar 28 8352June 7
•.25 .50 •.25 .50 '.25 .50
10.25 .50 •.25 .50 •
.25 .50
Helvetia
25 .10 Sept 17
114 Feb 20
10034 1011: 102 102
101 102
•10034 1014 10112 102
10112 102731
381 Island Creek Coal
1 97 July 2 11512 Apr 7 -. 1i -?aii lik inns
1112 :-e-° 93 •02
03 93 •92
92 92
93
93 93
+92
93
1 91 Oct 8 10012Mar 28
30 Do pref
88 Feb 9712 Nov
17
•19
20
1613 17 •1534 1612
18
19
1612 1712 18
757 Isle Royale Copper
2
16 Oct 24 3314 Mar 8
18 Nov 265 May
4
212 212
*214 233
234 23
214 2
/ •214 24
1
4
.214 23
4
175 Kerr Lake
35 Jan 2
5
2 July 17
472 Apr
3 Feb
'.85 1
.85 1
.75 .75 •
•.85 112
.75 .7' +1.85 1
30 Keweenaw Copper
2 .60 Sept 4
1 Feb
214 Mar 5
312 Apt
113 113 •112 2
112
11
112
*112 2
1
114 114
773 Lake Copper Co
25
1 Oct 25
214 Feb
IA May
54 Mar 1
•114 2
+114 2
*114 2
11 114 .112 2
/
4
14 112
285 La Salle Copper
25
14 Jan 29
214 Apr
1 Nov
314 Mar 1
/
4
*1113 11 •133 11 •114 17
/
4
2
11 17
/
4
2
2
480 Mason Valley Mine
5
2% Mar 27
132June 15
284May
14 Jan
/
1
114 114
112 •14 113
•1
14 114
114 114
240 Mass Consolidated
25
1 Oct 18
112 Dec
44 Mar 3
454 Apr
2
2
2
2
2
214
4
2
2
13
4 2
13
4 13
4
755 Mayflower-Old Colony.... 25
112 Oct 19
212 Dec
612 Apr
7 Feb 10
•133 2
3 2
3 2
1112 11 •13
•13
/
4
11 1%
/
4
11 I%
/
4
102 Michigan4 Mar 17 .75 Jul
7 Apr
2 .90 July
36
3512 38
35
3112 331
3534 37
37 38
311 3214
/
4
431 Mohawk
25 3112 Oct 25 71 Mar 2
52 Nov 68 June
1814 16
1612 16
1612 1613 *16
171
1812 17
154 1534 1,135 New Cornelia Copper
5 1513 Oct 26 2412 Mar 2
1514 Dec 2012 June
.214 3
•23
2 3
*214
•212 3
*213 3
New Dom. ;:opper
212 Aug 20
4 4 Apr 4
,
44 •37: 44 *37
44
39
39 •37
44 *237
*337
44
25 New River Company
100 35 Apr 18 40 Apr 27
87 Jan 40 Feb
733 733 *734 80
4
733 733 *27334 80
4
*2731: 80 *37313 80
35 Do Pref
100 733 Oct 23 84 Mar 16
4
73 Jan 85 Oct
512 512 '5
15
53
4 *53
*54 512 •914 555
54 51
/
1
2 53
4
145 NiPissing Mines
48 July 5
4
5
634 Feb 20
5 July
7 Jan
133 152 112 17
15
4 13
112 112
8
112 112
4
14 2
/
1
3,110 North Butte
15
112 Oct 8 1254 Mar 1
812 Oct 15 May
.80
.80
.80
Ojibway Mining
23 .70 July 2
412 Apr
252 Mar 5
114 Dee
15 •1413
15 *15
16
15
15
15
15
445 Old Dominion Co
25 1412 Oot 26 3212 Mar 1
Jan
16 N
_
_
_
Osceola
25 2434July 18 48 Mar 1
41
18
25 Nov 17 2 Aug
o
*3
3
*3 - 3141
.
023
200 Park City Mining & Smelt- 5
214 Aug 13
354 Nov
4 Mar 5
212 June
*ma, If" •1314 14 •131414 1314 13141 13 13 13 13
325 Pd (Irk Pocahontas Co_No par 1254May 22 1614 Mar 23 --_- -2113 2012 20% 1912 20
1912 1913 1913 1912 19
21
1912
400 Quincy
25 19 Oct 26 50 Mar 2
30 Nov 16- May
2913 2912 2812 2913
31
297 31
8
*3113 33
3114 3112 30
603 St Mary's Mineral Land- 25 2313 Oct 26 5312 Mar 1
37 Nov 4813 MaY
.50 .50 •
.42 .50 •
.50 .50
.42 .50
.45 .45
.45 .45
525 Shannon
10 35 Sept 6
154May
112Mar 5 .25 Mar
.75 .85 •
.25 .85 •
•.25 .85 •.25 .85 •.25 .85 •
.25 .85
South Lake
25 .10 June 4
14 May
1 Aug 8 .25 Dec
•133 134 •114 134
134 *114 13
134 134 •114
100 Superior
4 *118 15
4
25
114July 18
III Dec
34 Mar 3
414 July
/
1
4
11 11
/
4
11: 11 •114 11.1
1,
8 114 *114 112 1,330 Superior & Boston Copper 10 .90 July 30
/
4
112 13
4
2$4 Oct
Mar
354 Feb
.25 .25
.20 .30
.25 .25
.20
20
.
.25 1.652 Trinity Copper Corp
.25 .25
5 .20 Oct 24 14 Feb 23 .90 Dec We Apr
11
%
15
.85
.75 .75 •_ __
•.80 .85 •
.80 .85 `.80 .85 •
.80
100'Tuolumne Copper
10 .75 Oat 25
15s Aug 18 .40 Nov .92 MAY
•27
2 3
212 23
/
1
212 238 1.075 Utah-Apex Mining
2% 234
4
2
/ 24 .234 3
1
4
5 212 Oct 25 6 Apr 18 Oil Oat 4 Mar
•.95 1
.90 .951 •.79 .80
.95 .99 "
.90 .90
1.95
1
560 Utah Consolidated
1 .90 Oct 24
312June
1 Feb
3 Mar 5
.85
.51 .55
.50 .50
.45 .50 •
.45 .48 2,850 Utah Metal & Tunnel
.50 .50
1 .38 Sept 24
MI Apr
152 Feb 27 .80 Des
•
.75 112 •.75 112
1
1 1 •.20 .25
.60 .60 ..60 1 I
530 Victoria
25 .60 Aug 30
212 Jan
252 Feb 28 .75 Nov
•
.30 .40
.25 .30
.30 .30
.25 .25, .20 .20 3,9111Winona
.30 .30
25 .20 Oct 26
Mt Apr
154 Mar 5 .25 Jan
618
618
6
812 84
64 .84 872
5
6 1 *5
6
185 Wolverine
25
5 July 3 13 Mar 1
714 Nov 18 May
*Bid and asked prices: no sales on this day. a Ex-rights. 0 Ex-dividend and rights. s Ex-dividend. e Ex-stook dividend. a Assessment paid.
ellegInning with Thursday. May 24, trading has been in new shares, of which two new shares of no Par value were given in exchange for,oao share of Old Stook of $10
Dar value. In order to make Possible oomParisons with previous quotations, we have divided all these previous quotations by two.
.
1
•172 214 +14 2
214
.2
214 '2
2
/
1
2
2
2
13
13
1234 13
1213 121: 1234 1234 •1234 1312 1234 13
12312 12312 12313 12312 12314 12368 1233 12334 12312 12334 12314 12334
3
7413 7412 75
74
75
76
75
77
75
75
75
75
'781 79
*7812 79 4
*7813 79 *7811 79 *7812 79
sz15 _ _ *115
*1315
*45 _ _ *45
*10
12 •10
12 *10
12 •10
12 *10
12
105 105 .105 106 *105 108 •105 108
*105 108
.15 .15 +.10 .17 41.10 .17 •.10 .17 "10 .17
•2114 2112 2114 213
22':
2212
2212 2234 22
4 22 23
12 -•212 3
*212 3
212 212 *212 3
*212 3
834 7
*634 7
6% 634 *834. 7
*654 7
•49 41
3934 40
40
40
39
39
38
40
38
39
157 157 158 1567 1553 156
15534 1553 15512 1553 15513 15614
4
4
2
.312 4
•31
*312 4
*312 4
.913 10
10
10
*912 10
912 912
*912 11
612 612 *614 712 *814 712
8
6
*614 613
16
16 •1534 16
*1514 16 •1512 16
•1514 16
.
0
.54
55
54 54 •54
54
54
54
54
55
54
54
•334 35 *234 35
35 35 .3412 38
37
37
•10
12 *10
12 .10
12 •10
12 .10
12
____
56
58
*58 60
56
58 '5513 58
56
56
.40 •
.50 .75 •
.50 .75 •
.50 .75 •
.50 .75
+112 4
.
*113 4
•112 4
•112 4
.112 4
812 838 6% 8% •134 67
7
7
4
-- -*612 63
10
10 *1014
.1014 1032 10
*1013 1014
79 80
+79
79
80
79
79
79
79
79
-ifiT4
1
5814 8814 88 68
68 681
68 88
68
6814
•z155 180
158 158
157 158 *158 160
158 158
i83" 1- 11
*4
5
412 5
5
5
*43
4 51
•19
1912 1834 183 .1834 191
1813 183
4
4 1813 1812 184 19
'280
8234'
148012 823 •8012 8234 81
81
1181
4
823 -4
--2
/ 234
1
4
213 2
/
1
4
/
1
212 234
234 24
2% 2% 24 213
*12
34
338 4
*354 41
4
4
+2
413
3
3
115 116
11434 115
11112 112
11212 114
112 112
113 114
.18
181: .18
1814 18
18 •1713 18 .1714 1734-_
8634 864 884 87
/
1
86
86
883
8614 s85
8512 85
853
_4
*215
1553 *315
1533 •1514 15% 15
/ 153
1
4
4 15
1553 *15
1514
2
2_
.50 .50 ____ _
10134 1014 10114 10112 1013 10134 10114 10134 10112 10134 10118 10112
/
1
3
*434 44
44
44
4312
4312 4312 43 4312 *43
--- 10
10
10
10
2
3413 344 341: 35
5
6 1
i
3432 344 3414 35
21
5
34
2512 3412 -2 - - i
26
26
2534 2534 2513 2513 .2513 26
2434 25
2433 253
3
4 2414 2434 2414 24% 23 4 2414 23
24
1812 16
1614 18
18
151 16
/
4
164 1612 1572 16
18
9
9
*9
10
•9
10
•9
*9
10
10
812 812
19
19 *1712
•17 _ ___
_ *174
- •1713
1712 1734 1712 174 173 - 3 171: 174 17
/
1
lift
12 1712 *29
30 *29
2934 2834 29 •283 2912 2834 2834 2872 ---4
2872
3212 3212 *3213 33
3214 3214 *3112 324 32
32
35
35
*35 37
35
37
35 *35
*34
37
-34- 14 _
-- - -
_
671Ga
Outside Stock Exchanges
Bonds-
-Transactions in bonds at Boston
Boston Bond Record.
Stock Exchange Oct. 20 to Oct. 26, both inclusive:
Bonds-
[vol. 117.
THE CHRONICLE
1876
Friday
Sales
for
Last Week's Rang
of Prices.
Week.
Sale.
Par. Price. Low. High Shares.
Range since Jan. 1.
Low.
High.
99
$2,000 9731 Aug 102
99
Amer Agrie Chem 7301941
4535 46
July 62
16,000 43
At!0& WI SS L 58_ 1950
93
4,000 88)4 May 95
93
Chic June dr US Y 55_1940
Oct 7731
68
68
1,000 68
E Mass St RR Ser B 581948 68
100% 101
11,000 100
July 10231
1936 101
Hood Rubber 75
Apr 8834
K C Mem dr Birm 58_1934 8631 8635 8835 4,000 84
91
90
Apr 95
7.600 89
Miss River Power 55..1957
97
9731 8,000 96% Mar 99%
New England Tel 55_1932
1944 9655 9632 9631 12,000 91
Apr 9935
Swift & Co 55
106 106
1937
5,000 10235 July 115
Warren Bros 7315
1932 9535 9535 9534 18,000 94
Mar 98
Western Tel 58
May
Mar
Mar
Jan
Jan
Jan
Jan
Jan
June
Mar
Feb
Friday
Last Week's Range Sales
Sale.
ofPrices.
for
Par. Price. Low. High. Week.
Amer Gas& Elec 5s_ _ _2007
84
87
Bell Tel 1st 36
1948 9735 9755 9732
Bethlehem Steel 68.. _1998
110 110
Elec & Peoples tr ctfs 45'45
6435
62
General Refractories 65 '52
983.4 9831
Lake Superior Corp 55 1924 12
16
10
Lehigh C & N Cons 4355'54
91
91
Lehigh Val Coal 1st 58.'33
9835 9835
Peoples Pass tr ctfs 48.1943
6934 6974
Phila. Co cons stpd 55_1931
8835 8835
Phila Elec 1st s f 4s_ _ _1966
8035 8035
let 55
1966 98
9734 9935
535s
1947 98% 9855 101
5355
1953 98% 9831 99
65
1941 104
10334 10535
87
Reading general 45...1997
87
United Rys Invest 58_1926
9335 9334
West N Y & Pa gen 48.1943
78
77
Range since Jan. 1.
Low.
High.
$8,100 82 IJuly
6.000 96% June
2,000 110
Oct
July
6,300 60
July
1,000 98
9,000 10
Oct
Feb
1,000 91
3,000 9834 Oct
1,000 65 June
1,000 8831 Oct
500 79 May
50,200 96
Apr
15.000 98% Oct
48,000 9855 Oct
23.400 10234 May
8331 Apr
Jan
11.000 88
3,000 77
Mar
9534 Apr
99
Jan
113 ' Jan
71% Jan
9855 May
31
Feb
94
Jan
10234 Jan
73
Jan
93% Mar
82
Mar
103
Jan
103
Feb
99
Oct
10634 Jan
8835 July
9834 Mar
81
Jan
Pittsburgh Stock Exchange.
-Record of transactions at
-Record of transactions at Pittsburgh Stock Exchange Oct. 20 to Oct. 26, both inBaltimore Stock Exchange.
Baltimore Stock Exchange Oct. 20 to Oct. 26, both in- clusive, compiled from official sales lists:
Friday
sates
clusive, compiled from official lists:
Arundel Sand dr Grav__100
100
Baltimore Brick
•
Benesch (I), corn
25
Preferred
1
Celestine Oil
Ches & Pot Tel of Balt.100 11034
Commerce Trust Co_ _50
25
Commercial Credit
25 25
Preferred
25 2634
Preferred B
Cons Gas,E L & Pow_ _100 109%
100 105
7% preferred
100
8% preferred
Consolidation Coal_ _100
• 47
Eastern Rolling Mill
100
8% Preferred
50 80
Fidelity& Deposit
Houston Oil pref tr ctfs_100
Manufacturers Finance_25
25
First preferred
25
Second preferred
Maryland Casualty Co_ _25 85
Maryland Trust
100
Merch & Min Tr Co__ _100 106
Monon Vail Trac, pref._25 21
Mt V-Wood Mills v t r_100
100
Preferred v t r
New Amster'm Cas Co_100
Northern Central
50
Penna. Water & Pow 100 9934
United Ry dr Electric_ _50
U S Fidelity & Guar_ __ _50 156
Wash Bait dr Annap_ _50
Preferred
50
47
47
414 435
35
35
. 2535 2535
.14 .15
11035 11035
5634 5634
7735 79
25
2535
2631 2634
109 10934
105 10535
11535 11535
82
8235
46
47
83
85
80
8135
84
84
51
51
2431 2435
23
23
84
85
13331 13331
10555 106
21
21
1035 12
55
58
39
38
7334 7355
9935 100
1631 1655
155 156
1655 17
2931 2931
Bondsainsol Gas gen'l 4s.. 1954
8831
Cons G,E L & P 4355_1935 9135 9135
Series A es
1949 10135 10131
Series C 75
1931 100
106
:.'onsol Coal ref 434s _ _1934 89
89
Refunding 55
1950
87
Elkhorn Coal Corp es 1925
9631
Gelington (I4y) St Ry 58'49
8535
%/aeon Dub & Say 55.1947
51
Vfaryland Elec Ry 1st 55'31
93
lid dr Penn inc 4s_ _ _ _1951
2831
N' News de Old Pt let 5s '38
9435
Forth Balt Trac 5s_ _ _1942
97
Forth Cent Ser A 58..1926
9835
Series B 5s
1926
9834
Jnited Ry dr Elec 4s_ _1949 7131 7131
Income 4s
1949 5131 51
Funding 5s
1936 7235 7235
lls
1927
9635
65
1949
99%
iirginia Ry dr Pow 55.1934
85
Nash Balt dr Annan 5s 1941
71
125
305
20
200
1.100
71
50
108
436
451
205
23
28
178
52
169
242
5
35
22
100
30
1
32
25
33
33
375
23
99
135
15
20
10
.
Range since Jan. 1.
Low.
High.
40
Jan
4
Jan
3234 Aug
2535 Oct
.12 Aug
10835 June
5635 Oct
Jan
48
2455 Oct
ssti Aug
10635 July
July
103
114
Sept
Oct
82
25
Jan
Jan
80
7874 July
Aug
80
July
50
2435 Oct
2134 Oct
82 Sept
Jan
132
10435 Aug
Feb
18
10 May
50
Aug
Jan
35
July
72
9831 Sept
1531 Aug
Jan
147
Aug
8
2631 June
4735 Oct
535 Mar
36 June
2634 Jan
.50 Jan
11055 Mar
64
Feb
Oct
80
2534 Apr
2735 Jan
118
Mar
Mar
108
Jan
120
98
Jan
Apt
60
Mar
100
14454 Apr
Jan
95
5735 Jan
2635 Feb
2631 July
Jan
90
135
Apr
Apr
121
Aug
22
1931 Mar
7335 Mar
3935 Oct
Jan
77
10831 Mar
2035 Jan
Jan
164
Oct
17
3131 Feb
8835 52,000 86 May 8831 Oct
9131 4,000 8755 Feb 92% Jan
10135 3,000 10055 Apr 10331 Jan
106
4,000 10531 Oct 10831 Feb
Feb
8935 8,000 8835 July 92
Jan
1,000 8535 May 90
87
7,000 9631 Oct 9955 Jan
965
5
8535 1,000 8531 Oct 8835 May
51
1,000 4955 Apr 5434 June
93
5,000 9234 May 963I Mar
2835 1,000 21
Jan 2835 Oct
9431 2,000 9335 Jan 9435 Feb
97
1,000 9035 Apr 9831 Jan
9835 1,000 9835 Oct 9831 Sept
9835 2,000 9831 Oct 9835 Oct
7131 3,000 7131 Sept 7435 Jan
5131 11,000 5031 Aug 58
Jan
74
8,400 7231 Oct 7735 Jan
Jan
Aug 98
9631 2,000 96
9935 4,000 99
Sept 10231 Jan
85
1,000 85
Oct 86
Mar
72
12.000 7034 July 7715 Jan
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange Oct. 20 to Oct. 26, both
inclusive, compiled from official sales lists:
Stocks-
w rwcty
awes
Last lVeek's Range for
Sale
ofPrices.
Week.
Per, Price. Low. High. Shares.
American Elec Pow Co-50
100
Preferred
American Gas of N J.-100
10
American Milling
•
American Stores
Brill(JO)Co
100
Cambria Iron
so
Congoleum Co Inc
*
Cramp(Wm)& Sons.._ _100
Eisenlohr (Otto), pref.100
Electric Storage Batt'y_100
Erie Lighting Co
•
General Refractories
*
Insurance Co of N A_ _ _10
.
100
Ky Security Corp
Keystone Telephone_
50
Lake Superior Corp__ _ _100
Lehigh Navigation
50
10
Lit Brothers
Penn Cent Light & Pow_ _•
Pennsylvania Salt Mfg_ _50
50
Pennsylvania RR
Philadelphia Co (Pitts)
Preferred (cumul 8%)-50
Phila Electric of Pa_ __ _25
25
Preferred
•
Phila Insulated Wire
pplia Rapid Transit- __50
Philadelphia Traction__ _50
50
Reading Company
Scott Paper Co, pref._ _100
1
Tonopah Stilling
50
Union Traction
50
Gas Impt
United
50
Preferred
Warwick Iron dc steel__ AO
50
Western N Y & Pa
West Jersey dr Sea Shore-50
50
Westmoreland Coal
* No par value.
2431
76
7735
934
2835 2831
7735
40
1344
147
50
9634
5652
2435
49
4831 4655
39
635
255
235
6635
20
60
60
88
8731
4131
3132
3055
3435
39
5335
5535
6
4131
3031
3031
42
3435
59
7435
97
131
3815
53
5.534
6
12
43
66
2535
79
7755
935
2931
7934
40
14835
60
9631
5631
2431
49
4831
39
535
331
6731
2035
60
8831
4235
Rayge sit.ce Jan. 1.
Low.
High.
985 15
Feb 30
300 63
Feb 79
72 7134 Aug 8332
60
8
Mar
935
6,950 20 June 32
1,030 49
Jan 91
112 40
Jan 45
4,092 104
Aug 240
135 50
Jan 59
100 9631 Oct 100
10 5255 July 6631
8 2335 July 27
42 4255 Feb 5931
49 4232 Jan 50
15 3534 Jan 39
100
534 Sept
834
2.310
234 Oct 10%
162 64
Aug 75
410 20
Feb 2231
99 5434 Apr 82
151 79 June 9334
2,935 4155 June 4731
4215
130 41 June
3134 13,684 2755 May
3135 1,232 2931 May
4234
Aug
200 42
35
1.073 30
Jan
59
219 5835 Oct
7434
100 7055 June
97
10 94
Aug
134
135 Oct
50
30
369 35 June
54
863 4734 May
56
149 z5435 May
6
*Oct
19
6
12
Aug
100 12
43
20 33
Jan
6631
55 6515 May
4531
3374
3314
5034
3535
67
80
99
235
4031
56
5635
9
12
4434
861
4
Apr
Oct
May
Sept
Oct
Mar
Jan
May
Apr
Jan
Mar
Feb
Mar
Apr
Oct
Feb
Feb
Jan
Jan
Aug
Apr
Jan
Feb
Jan
Jan
Jan
Sept
Jan
Feb
May
Jan
Jan
Apr
Feb
Feb
Aug
Oct
Mar
Stocks-
Last Week's Range for
Week.
Sale
ofPrices.
Par. Price. Low. High Shares.
Am Vitrified Prod, com_50
Preferred
50
Am Wind Glass Mach_100
Preferred
100
Ara Wind Glass Co, pf_100
Arkansas Nat Gas, com_10
Carnegie I.ead & Zinc__ _5
Consolidated Ice, pref _ _50
Hard-Walk Refrac, com100
Preferred
100
Independent Brew, com.50
Preferred
50
Jones dr Laughlin St, pf 100
Lone Star Gas
25
Mfrs Light & Heat
50
Merchants Say & Trust 100
Nat Fireproofing. corn_ _ 50
Preferred
50
Dhlo Fuel Oil
1
Dido Fuel Supply
25
Dklahoma Natural Gas_ 25
Pitts Bess & L E RR.- _30
Pittsburgh Brew, com__50
Preferred
50
Pittsb & Mt Shasta Cop_ _1
Pittsburgh Oil dr Gas_ _5
Pittsburgh Plate Gh5s5_100
3alt Creek Cons Oil__ _10
3tand San Mfg. corn_ _100
ride' Osage Oil
10
Jnion Natural Gas
25
Ne•Vhouse Air Brake_ _ _50
drhouse El & Mfg,com_50
Nest Penn Rys, pref._-100
110
235
.53
734
1934
12
3134
2235
5
10c
2731
80
5655
BondsIttsburch Brew 6s._ _1949
9
9
6835 7435
88
90
93
93
110 110
434 534
235 235
19
19
115 115
102 102
4
4
834 835
10835 10834
2535 2552
53
5335
48
48
731 735
1835 20
11
12
3134 32
2234 23
2835 2831
174 134
5
5
100 11c
6
835
196 200
735
735
85
85
732 734
2731 28
7934 8034
5831 5831
86
87
8034 8032
§.03
NIC.014 NW.
04.
,
. N^QOONNki.0.0N.40.00. C442
4
..4A.M.N..<00.4NW.
000.00M0000000000.1.0=0004000.000000000
Stocks-
Friday
Sales
Last Week's Range for
Sa.e
ofPrices.
Week.
par. prise. Low. High. Shares.
Range since Jan. 1.
Low.
High.
635 July
935 Oct
65 Sept 7434 Oct
78
July 95
Mar
8935 Aug 10734 Mar
Sept 110
Oct
106
Jan
434 Oct 10
234 Oct
435 Aug
Jan
19
Oct 36
102
Mar 122 May
101
Apr 115
Jan
435 Aug
3 Sept
July
6
Jan 10
Aug
10631 Mar 110
July
23 May 27
51
May 60
Feb
48
Oct 48
Oct
6
July
831 Feb
Oct
1434 July 20
11
Sept . 1834 Feb
30
July 3634 Mar
1855 Mar 363-4 Mar
2834 Oct 2831 Oct
255 Jan
155 Oct
Mar
455 Aug
8
10e June 280 Jan
534 Sept 1034 Feb
aJn
165
Jan 205
634 Sept 1734 Sept
Mar 8535 Apr
73
735 Oct 1334 Feb
Sept
2335 Feb 29
May
87
Apr • 86
50
July 6934 Mar
77
Apr 86 Slay
62
May
81
Jan
St. Louis Stock Exchange.
-Record of transactions on
the St. Louis Stock Exchange for week from Oct. 20 to
Oct. 26, both inclusive, compiled from official sales:
Stocks-
Mal
Filmy
Last Week's Range for
Week.
ofPrices.
Sale
Par. PH,C4. Low. High. Shares.
Boatmen's Bank
First National Bank
Nat Bank of Commerce... 140
Mercantile Trust
Mississippi Valley Trust-. 201
St Louis Union Trust
230
United Railways, preferred
Brown Shoe, preferred_ _ _ _ 9035
Certainteed Prod. 1st pfd__
Chicago Ry Equip, pref.__ ..__ _
Ely & Walker Dry Gds,cm
22H
Second preferred
Fulton Iron Works,corn_
Hamilton-Brown Shoe_ _ _ _ 49
Hydraulic Press Brick, corn
Preferred
5534
Indiahoma Refining Co.
International Shoe,corn- _____
Preferred
Laclede Gas Light, pref.__ ......
Mo Portland Cement
Nat Candy, corn
81
Rice-Stlx Dry Gds,2d yidSouthwest Bell Tel, pref.__ .._ _..
Wagner Electric, common_ 30
Bonds
Alton Granite & St L Tr 55East St Louis & Sub Co 55.
143 143
198 198
140 14035
390 395
261 261
230 230
11
11
9035 9035
74
74
2535 2535
2235 2234
85
85
36
36
49
99
4
434
5335 56
13( 134
72H 7235
11415 115
74
74
9935 9934
8154
81
102 102
102% 103
30
30
60
78
as
60
78
RR
Range since Jan. 1.
Low.
High.
10
1
17
16
12
143
410
15
27
20
558
10
10
110
2
321
120
201
31
2
140
70
60
80
50
Jan
142
19735 Oct
Aug
140
Apr
357
261
Oct
220
Jan
Oct
11
8934 Oct
Aug
70
25 Sept
2034 Aug
Aug
83
Oct
36
47 June
334 Aug
4735 July
134 Oct
6334 Jan
Oct
114
Apr
73
7935 Jan
7335 Aug
10134 Jan
101
July
21
Aug
Apr
148
Jan
210
15334 Mar
Oct
395
270 June
245
Feb
Jan
17
9931 Jan
90
Feb
2734 mar
2531 Mar
86
Apr
5454 Mar
50
July
655 Feb
Feb
60
Mar
19
Apr
75
119
Mar
Mar
78
Oct
101
9134 Jan
104
Mar
10434 June
3555 Apr
$3,000
2
2.011(1
5831 Jan
78
July
AR
net
Mar
63
8334 Mar
54
Ian
-Record of transactions at
Chicago Stock Exchange.
Chicago Stock Exchange Oct. 20 to Oct. 26, both inclusive,
compiled from official sales lists:
Stocks-.
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares
Amer Pub Serf. pref....100 88
8815 88%
American ShIpbuliding.100
68
70
Preferred
100
79
824
Am Steel Foun,com.33 1-3
3455 3455
American Tel & Tel Co._
12394123%
Armour & Co (Del), p1..100
96
89
Armour & Co, pref. -100
79
79)5
Armour Leather
15
735
7)4 7%
Preferred
100 79
79
7031
Balavan & Katz Corp,corn
v t c certifs
'
25 53% 5331 55%
Bassick-Alernite Corp_ _• 31
3034 42
Borg & Beck
• 2634 2535 2634
Bridgeport Mach Co
•
10
10)5
•
Case (J D
54
)5
Si
Central Pub Buy, pref_100
84% 85
Chic City & Con Ry ptshCommon
)5
35
Preferred
6
5
Chicago Elev RY, Pref _100
55
34
34
Chicago Mot Coach,com.5 195
194 197 •
Preferred
95
90
90
• NO par value
Range since Jan. 1.
Low.
377 8355
160 59
210 75
50 34%
12 120
276 8455
645 71
373
754
120 7935
5,465
510
410
165
1,095
353
5254
2754
2234
10
)5
8235
25
34
440
4
680
35
107 118
671 85
High.
Aug 197
June 74
June 83
Oct 3455
July 12455
June 108
June 96
Apr 10
Oct 8735
Feb
Jan
Sept
Oct
Sept
Feb
Jan
Jan
Mar
Oct
Feb
May
Sept
Oct
Sept
56%
42
38%
1834
4H
90
Oct
Oct
Oct
May
Feb
Mar
July
135
Aug 10
Aug
832
May 212
May 99
Feb
Mar
Mar
Oct
Oct
Sales
Friday
Last Week's Range for
Week.
Sale
ofPrices.
Stocks (Concluded) Par. Price. LON. High. Shares.
Chicago Rye part et( Ser 2_
3.3 Part CU Series 4
Commonw'th Edison_ _100
Consumers Co, pref. _ _100
Continental Motors _ _ _ _10
Crane Co, preferred
Cudahy Pack Co. com_100
Daniel Boone Wool Mills 25
100
Deere & Co, pref
100
Diamond Match
Eddy Paper Corp (The)....*
Fair Corp (The), pref _ _100
Gill Mfg Co
Godchaux Sugar,com . 5
Gossard,H W.pref.. ..100
Great Lakes D & D_ _ _100
Hart,Schaff&Marx,com 100
•
Hayes Wheel Co
..25
Hibb,Spen.Bart & Co.
10
Hupp Motor
Hurley Machine Co
Hydrox Corp, com___ _100
100
Illinois Brick
Bader) Pneumatic Tool._.*
25
Inland Steel
Internet Lamp Corp_ _25
Kellogg Switchboard _ _25
Kuppenter & Co,Ine,com_5
100
Preferred
Libby,McNeill & Libby..10
10
Lindsay Light
10
Preferred
Lyon & Healy,Inc, pref.
•
McCord Prod Mfg
•
McQuay Norris Mfg
10
Murray Mfg Co
Middle West 1.1111, com_100
100
Preferred
Prior lien preferred
10
National Leather
Phillpsborn's. Inc,tom.._5
10
Pick (Albert) & Co
Pub Serv of Nor III, com *
100
Common
100
Preferred
100
Quaker Oats Co
100
Preferred
10
Reo Motor
Sears-Roebuck, com _ _100
Standard Gas & Electric _50
50
Preferred
Stew Warn Speed, com_100
100
Swift & Co
15
Swift International
Thompson,J R,corn. _ _25
Union Carbide & Carboni°
United Iron Works v t 0_50
Unit Lt dr Rye, corn__ _100
100
First preferred
Participating pref...100
20
US Gypsum
Vesta Battery Corp, com_*
Wahl Co
Ward, Monte dr Co, p1.100
20
When issued
Class "A"
Western Knitting Mills_ _•
•
Wolff Mfg Corp
25
Wrigley Jr, corn
Yellow Cab Mfg, Cl"B"
10
New
Rights
Yellow Taxi Co
Bonds
Chicago City Rye 5s_ _1927
Chic City & Con Rye .5s'27
Chicago Railways 5s_ _1927
1927
4s,Series"B"
Commonw Edison Os. _1943
Swift & Co lets f g 5s_1944
127
62
5%
34
6031
11235
33
18
16
16
81%
87
631
32
1835
45%
82%
96%
2%
2%
9834
90
222
99
16
2731
80%
10134
1731
49
51%
78
90
80
3034
4531
22%
101
34
6%
11331
Range since Jan. 1.
High.
Low.
51 July
331 Mar
131 2
256
31 Feb
50
% Feb
3.4
3,1
Jan
*Oct 131
1,013 126
126 127
04
Feb
100 5891 Aug 70
62
5% 634 3,815
Jan
534 Oct 12
Feb
10831 10831
23' 10635 Oct 115
51
40 40
June 64% Jan
50
3031 3534 17,111 1934 May 6234 Jan
6031 62
230 4834 June 74% Jan
Jan
112 11331
70 10931 July 121
July
34
33
1,650 2231 Apr 40
Jan
10151 102
190 100
Jan 106
17% 19
865 163-4 June 2851 Apr
831 9
210
731 Aug 26% Apr
26% 28
150 2434 Feb 3531 Apr
7931 80
35 75 June 9431 Feb
Oct
118 118
20 98
Jan 119
3331 34%
85 32
July 4394 Apr
65
65
Feb 66
Jan
15 64
15% 17
2,820 153-4 Oct 2534 Mar
4934
47
150 413-4 July 50% Aug
17
500 153-4 Sept 3231 Apr
16
78
40 60
Apr 96% Jan
77
81% 83
930 8131 Oct 8331 Oct
3331 3334
July 50% June
300 32
Apr
9% 10
730
8 May 32
Sept
42
42
100 3934 July 47
Mar
2631 27
75 2431 Aug 30
Sept 95
87
Jan
87
20 87
9,4 Apr
635 7
5,990
5
July
434 Jan
334 331
55
234 May
73,4 7%
Sept
100
731 Jan 10
94% 94%
10 9431 Oct 10131 Mar
32
Apr
32
June 39
20 26
Apr
1831 19
200 1031 May 26
18
18
July 21
Sept
50 18
4534
45
Feb
315 36% May 53
682 8036 July 8634 Jan
8254 8334
9631 9631
293 96 June 104
Jan
231 3
234 Oct
1,12
8% Feb
2
2% 1,500
2
Sep
38
Jan
1835 19
190 17% Aug 3634 Mar
Oct 10334 Apr
9831 98%
85 98
98% 9831
50 98% Oct 103% Apr
89% 90
95 89% Oct 99
Apr
221 222
Ma 236
Jan
65 210
99
99
185 85 June 100
Jan
16
1.910 1134 Jan 20
May
1634
77% 79%
75 6734 July 93
Feb
27
29
5,135 1734 Jan 3231 Mar
4831
48
875 4634 June 5134 Apr
7931 8431 24,450 6436 July 124% Apr
10131 10131
1.225 9831 June 10931 Jan
17% 1831 3,615 16 June 21% Jan
49
53% 5,240 4334 June 5451 Oct
5131 5231 6,095 5131 July 67% Jan
6
6
100
6
Jan 1334 Feb
13934 141%
45 71
Jan 164
May
7731 78%
232 693-4 July 94
Apr
90
92
00 8931 Aug 99% mar
7535 80
2,430 51
July 104
Oct
29
1,400 1631 Aug 37% Sept
30%
46
4831
1,025 43
July . 5831 Jan
108 108
50 9531 Feb 112 June
2251 233-4 4,546 1831 May 2531 Feb
101 10231
760 93
Jan 105
Sept
600
31 Oct 1034 Mar
31
31
6
580
4% Sep
6%
3531 Mar
112 11331
Jan 118
1,365 100
Sept
10431 103% 114
183 185
12331 11534 128
53
7634
Sales
Friday
Last Week's Range for
Week.
Sale
ofPrices.
Stocks (Concluded) Par. Price. Low. High. Shares.
77
53
76%
4831
95%
96
46,540 100
1,055 175
58,045 7031
7734 817,000
5431 30.000
77%
6,000
4835
2,000
95%
2.000
96
2.000
Oct 114
Oct
Oct 185
Oct
Jan 190% Sept
73% Oct 83%
47
Jan 65%
73
Sept 8231
44
Oct 56
95;4 Oct 105%
9231 Apr 9734
Mar
Mar
Mar
Mar
May
Jan
-Official
New York Curb Market.
transactions in the
New York Curb Market from Oct. 20 to Oct. 26, inclusive:
i..
.
.
.
.
.
Aug
Jan
Jan
Jan
June
Oct
Oct
Oct
July
Apr
Feb
Oct
June
..
7
21
82
434
234
23
73
-4
163.4
96
35%
534
397
238
c.,
-; a
• No par value.
Oct
Oct
Oct
June
June
Oct
July
Feb
July
Oct
Oct
Mar
July
Oct
Jan
July
Apr
Jan
June
Oct
Mar
Jan
Jan
Oct
Sept
Sept
Oct
June
June
June
Sept
Sept
Oct
June
Oct
linniEINgV4gaa g4V,3eggagglag.gg7.°42.g7,23E12A41g
„s
a....7" N
.
634 634
397 417
267 269
134
11
99
31
40
119-4
109
391
25
ii:o
4531
110
99
10
1934
12
1134
736
lite
Pie
75c
234
10
2894
3634
17
128
6434
534
72
70
1234
2031
16
3334
High.
.
.
,..7
123-4
40
94
1035
4
2691
831
1636
0734
Low.
.
a
1134
40
92
934
33
25
835
1696
9634
a.
194 I%
113-4 12
101 101
3834 39
4234 423.4
14
1431
114 121
436 434
2531
25
ioi io%
4531 47
118 118
10034 10036
10
1034
2334 2374
1836 1834
1434 1491
1031 11
Pi* llir
19-4
19-4
17-4
134
336 33-4
21
2131
2974 3534
3831 42
1834 21
128 13031
673-6 6734
534 54
76
78
70
70
1231 1231
2031 2231
1831 19
35
35
1¢100 ,
000Q00000Q00
00Q000000000Q0800§000000Q09 00 0 0
0
00.0001-.00...1,NNO0o0 OQ 00.0000U000C.0 00,00.COMCo.0
MM.CO.N.00*(7
,
0.0C.I
,M
WN.0. gN.0
,
"Ng=.. t•.00..
CM ,
Indus. & Miscellaneous.
10
Acme Coal Mining
Amalgam Leather, com •
Amer Cotton Fabric, pf.100
Amer Gas & Elec, cora_ •
50
Preferred
American-Hawallan SS_ _10 14
Am Light & Trac, coin _100
American Thread, pref _ _5
Archer-Daniels
-Mid Co_ • 25
i0 103.4
Blyn Shoes, Inc
Beech-Nut Packing new w 1 46
Borden Co., common_ _100
Preferred
100
Bridgeport Machine Co..* 1031
Brit-Amer Tob. ord bear.£1 239-4
Brit Int. Corp, Class A..'
Class B
•
Brooklyn City RR
10
Buddy-Buds,Inc
•
lite
Candy Products Corp w I131
Car Ltg & Power, com__25
134
Cent Teresa Hug, pref _ -10
Centrifugal Cast Iron Pipe* 21
Checker Cab mfg. CI A _ _•
Chi Nipple Mfg,new,CI A50 413-4
New Class 13
50 21
Cities Service, corn . _100 12931
._
Preferred
100 6731
Preferred 13
10
67
4
Stock scrip
76
Cash scrip
Bankers' shares_ _ _ _*
Cleveland Automob,cow -• 209.4
Colorado Power Corn.__100 19
Cuba Company
* 35
Curtiss Aeropl & M.corn..
Certificate of depOsit
1231
Preferred
100 40
Del Lack & West Coal_ _50
Dubiller Condenser & Rad* 1034
DuPont Motors, Inc
*
Durant Motors, Inc
• 2534
Durant Motors of Ind...10
Eastern Steel Casting,com•
Electric Bond & Sh pref 100
Federal TeP& Tel
5
63-4
Film Inspection Mach_ _ _• - ___ -Ford Motor of Canada.100 401
Gillette Safety Ilazor
• 268
Range since Jan. 1.
NO..
, WI,
Ob5!JC0 .014 . ZW..40 .4=b,C.01,0
...tO.ONA.W
, .13.o.A.o.
=0
W00.4WOCW 4 0
..
00Cm.COMNQOCONOW...t400040MN..1000.0NMONCP
X XXX'X
=X XXX X
=XXX XX
.
XX XX XX
X
Friday
Sales
Last Week's Range for
ofPrices.
Sale.
Week.
Par. Price. Low. High. Shares.
Week ending Oct. 26.
Stocks-
1817
THE CHRONICLE
OCT. 27 1923.]
Gleasonite Products Co_10
Glen Alden Coal
Gold Dust Corp w
Goodyear Tire & R,com100
Hartman Corp new w I....'
Heyden Chemical
100
Hudson Cos, pref
Mud & Manh RR,corn _100
100
Preferred
Intercontinental Rubb.100
International Carbon.._ _*
Internet Concrete Indus_10
Kresge Dept Stores, corn _*
Kup'h'mer (B)& Co,pt.100
Lehigh Power Securities.. •
Lehigh Valley Coal Sales 50
Libby,McNeill & Libby_10
Lupton(FM)Pub, Cl A_ _•
McCrory Stores
•
New common w 1
Non-voting Class B corn*
Pref(without warr'ts)100
Warrants (stock purch)_
Mesabi Iron Co
*
Midvale Co..
Motor Products Corp,old.*
New company,com_..__*
New preferred
National Leather
10
New Mex & Ariz Land .1
NY Telep 631% pref_ _100
•
Park & Tilford, Inc
Peerless Truck & Motor_50
Pyrene Manufacturing_ _10
Radio Corp of Amer,corn.'
5
Preferred
10
Reo Motor Car
5
Itepettl, Inc
Rosenb'm Grain Corp,pf513
•
Shelton Looms, corn
Singer Manufacturing_ _100
South Calif Edison corn 100
Southern Coal & Iron__ --5
Southwest Bell Telep_ _100
Standard Motor Constr_10
Studebaker-Wulf Rubber_•
Stutz Motor Car
100
*
Swift & Co
15
Swift International
Tenn Flee Power corn__ •
Tob Prod Exports Corp..'
Todd Shipyards Corp _ _ _*
Union Carbide & Carbon.*
United Profit Shar, new_ _1
Unit Retail Stores Candy.*
U B Light & Heat. com_10
10
Preferred
Universal Pipe & Bad. w *
100
Preferred
•
Waring Hat Mfg
5
Wayne Coal
West'n Pow Corp,com_100
WIllys Corp let pf etfs dep.
Yellow Taxi Corp, N Y_
Rights.
Reading Coal w I
Former Standard 011
Subsidiaries
Anglo-American Oil....61
5
Buckeye Me Line
25
Continental 011
25
Crescent Pipe Line
Cumberland Pipe Line_ _25
100
Eureka Pipe Line
Galena-Signal Oil, corn _100
Humble Oil & Refining._25
100
Illinois Pipe Line
Imperial Oil(Can) coup _25
50
Indiana Pipe Line
Magnolia Petroleum__ _100
National Transit__ _ _12.50
100
New York Transit
Northern Pipe Line_ _ _ _100
25
25
Penn-Met Fuel
Prairie Oil & Gas
100
100
Prairie Pipe Line
100
Solar Refining
South Penn Oil
100
Southern Pipe Line_ _.100
Standard 011 (Indiana)...25
Standard Oil (Kansas) _25
Standard 011 (Ky)_ _ _ _25
..25
Standard 011 of N Y..
Stand 011 (Ohio). com_ _100
100
Swan dr Finch
25
Vacuum Oil
10
Washington Oil
Other Oil Stocks
Arkansas Net Gas corn_ _10
Atlantic Lobos 011, com_ _•
Boston-Wyoming Oil....1
Brit Controlled Oil Fields..
Carib Syndicate
5
Creole Syndicate
Derby 00 & Rena,corn •
Engineers Petroleum Co_ _1
Equity Petroleum. pref _10
5
Federal Oil
Gen Petrol Corp, corn_ _25
10
Glenrock 011
Granada 011 Corp Cl A..10
Gulf Oil Corp of Pa __ _ _25
Gulf States 011 & Ref
1
Hudson 011
35
Humphreys 011
Certificates of deposit_ _ _
International Petroleum_ _•
Keystone Ranger Devel_.1
Kirby Petroleum
Lance Creek Royalties_ _1
Livingston 011 Corn
1
Livingston Petroleum_ _ _.•
5
Lowry Oil Corp
Lyons Petroleum
1
Marland 011 of Mexico__ _1
Mexican Panuco Oil_ _ _ _10
Mexico Oil Corporation.10
1
Mountain dr Gulf 011
Mountain Producers-- _ _10
Mutual 011 vot trust certifs
6
New Bradford 011
25
New York Oil
Noble(Chas F)0& Gcoml
1
Ohio Ranger
10
Omar 011 dr Gas
Peer Oil Corporation
Pennsylvania-Beaver 011.1
1031
7231
1851
9
4031
18
10
331
531
1031
76
631
8631
150
22
41
231
231
10934
3334
3031
231
334
16
75c
47
101
10e
231
48%
11
102
4%
49
631
551
11%
126
21%
14%
73
36
17
60
3631
95
130
94
10131
53
168
98%
11534
91%
55
3831
92
40%
49%
22
4%
3
134
2%
5%
4c
60c
52%
6
Sc
49
15
30
231
2%
74e
1%
14
934
4%
7
7c
60c
50c
Range since Jan. 1.
Low.
High.
700
1051
2,200
74
1,200
20
9% 5,500
42% 29,400
200
1
2,500
18
800
10
100
49%
3% 2,700
300
534
900
10%
300
3631
100
8634
500
23
76
7634
100
6.31
100
12
10
56
18%
834
39%
1
1231
8
43
3%
4%
931
3351
85
1731
75%
531
11
Oct
Jan
Oct
Oct
Oct
Sept
Aug
July
Jan
Apr
June
Sept
Sept
Sept
July
Aug
June
Oct
86%
120
80
7431
200
74
50
9435 94%
38
2,300
34
700
536 534
2,200
1734 18
200
150 150
400
19% 22
41
42
200
2% 231
100
900
234 231
425
109% 1097 •
4
3451 73,600
31
30% 31%
300
200
931 9%
2% 3
8,300
3774 3% 4,300
16
1631
1,700
750 85c
300
47
4734
500
19
19
100
11731 117%
10
101
101
10
10c 120
7,000
103 103
100
2% 231
1.000
4834 5231
225
11
11%
300
10031 102
• 60
800
1731 1814
14% 1441
100
4
431 2,400
49
250
49%
62
52
300
5% 6% 2,200
2,000
5% 534
850 90c
1,100
I%
131
200
1,400
16% 17%
300
56% 57
1131 12
400
1
1
600
2731 2734
110
100
334
331
12231 131
600
40%
57
9431
16
4%
1131
102
1935
41
234
231
108
25
2931
9
2%
2514
1331
75e
46%
18
11334
101
8c
10134
2%
48%
10)g
,
98
17
12
2%
47
52
4%
5
80c
90c
1134
55
1174
1
26
3
100
May
Aug
Oct
Aug
Sept
June
July
Oct
Oct
Oct
Oct
June
Sept
Oct
Mar
June
Jan
Feb
Sent
Oct
Aug
Sept
Oct
Oct
July
May
Oct
Sept
June
June
July
June
July
Oct
Jan
Jan
Oct
Jan
Sept
Oct
Oct
Oct
July
June
Feb
8634 Oct
74% Oct
97
Sept
Oct
38
12% Jan
21% Apr
Oct
150
Oct
22
42
Oct
831 Feb
4% Apr
Jan
112
34% Oct
Jan
80
Jan
11
4% Mar
31318 Apr
20% May
Jan
2
54% Mar
27)4 Mar
11734 Oct
10234 July
50c May
-10331 May
334 Jan
5234 Oct
24% Jan
Feb
109
Feb
21
19
Mar
634 Mar
May
60
65% Mar
7
Apr
8
Mar
231 July
331 Apr
2031 Apr
Apr
72
22% Apr
27-4 Jan
42% Jan
1031 Jan
15231 Apr
14% July
23% July
10%
72%
18%
831
3931
1
1731
10
49%
3%
47
4
1036
3631
8631
2231
76
6%
12
2131 22%
3,300
14q 14% 2,300 1335
74
73
310 7234
36
36
300 32%
17
17
100 1534
107 112
100 86
95
95
10 95
60
60%
135 55
3331 3731
13,100 28
152 154
40 152
94
9731
340 92
86
86
10 83%
130 132
110 123
22% 2235
300 22%
9531
93
45 92
10194 102
125 97
53
5555 1.300 48%
1931 21
300 1034
167 17235
1,305 152
985( 99%
1,595 91
173 173
10 161
114 119
300 100
92
91
90 91
54% 56% 68.900 4931
38% 40
500 3631
9131 9254 2,500 80
4031 4331 13,300 3551
271 276
110 270
24
24
10 21
49% 51
14,600 40
2041 22
20 19
4% 5%
234 3
750
650
1% 131
3% 431
231 2%
5
6
Sc
4c
834 831
300
30c
30% • 3034
70c
66o
60c
800
51
52
531 6%
50
4c
49
49
29
29
1434 1534
3c
3e
2
231
lc
10
6c
6c
61c
1
25e
25c
50e
SOc
234 3%
70c
78c
70c
80c
131
13-6
14
14%
8% 9%
431 434
7
7%
7c
8c
Sc
2c
60c
600
76c
80c
50c
60c
1,300
300
300
200
5,500
18,600
1.300
21,000
100
1,000
100
1,700
100
2,900
74,000
18,000
400
200
8,200
38,000
1,400
1,000
4,000
800
2,000
100
1,200
700
23,600
500
3.000
27,700
4,900
600
29,000
2,000
4..,00
300
600
431
231
65c
13.4
3%
131
5
30
831
25e
30%
50c
50c
4334
534
40
27
29
13%
20
131
lc
6e
50c
25e
50c
131
51e
35c
1
1231
834
334
5
7c
lc
45c
75c
60c
Sept
Oct
Aug
June
Jan
Jan
July
Sept
Sept
July
Sept
Sept
Oct
Sept
June
July
Aug
Sent
Sept
Sept
July
Oct
Aug
Sept
Jan
May
July
Jan
July
Oct
1034
7531
24
16%
4241
231
18
1234
50
634
834
10%
36%
9631
25
90
834
22
1934
9431
50
26
115
117
79%
41%
171
123
103
168
29
138
110
8535
28%
275
11834
212%
196
116
69%
67
110
4931
317
39
5534
28
Oct
Apr
Sept
May
Oct
Feb
Oct
Feb
Sept
Jan
May
Oct
Oat
Jan
Mar
Jan
Apr
Jan
Jan
Jan
Feb
Feb
Feb
Apr
Max
Mar
Feb
Feb
Mar
Jan
Feb
Apr
Feb
Feb
Oct
Feb
Feb
Feb
Feb
Feb
Mar
Feb
Feb
Jan
Apr
Feb
Mar
Jan
Mar
Oct 10
May
734 Jan
Sept
134 Feb
Apr
Oct
Sept
7
3% Apr
731
Sept
Apr
Oct 18% Apr
June 25c
Jan
Oct 1534 June
1a
Oct
Oct 3834 Apr
June
2316 Jan
Sept
Feb
3
Sent
Oct
Mar
Jan
Oct 6
:
18
Oct
13
June 49
7
Oct
Oct
2924
June 2434 Feb
ub
Oct 4 0 Fen
4
0
Apr
Feb
May
ear
b
Apr 20c Mar
4220c:
Aug
1
14 Feb
Oct
Feb
Oct
5% Aug
Aug
June
ar
a
2
1.40 Mar
Sent $3
Sept
Fay
July 2 : m eb
0
5
Sept 1534 Mar
July
June 21% Feb
Aug
Sept 3 c Fan
0e j b
7
e
Aug
lull Mar
Sept 13
Mar
Sept
5
Mar
1878
THE CHRONICLE
Friday
Sales
Last Week's Range for
Other 011 Stocks.
Sale
ofPrices.
Week.
(Concluded)
Par. Price. Low. High. Shares.
Pennok 011
10
Pittsburgh 011 & Gas_ _5
Royal Can Oil Syndicate_*
Ryan Consol Petrol Corp_*
Salt Creek Con Oil
10
Salt Creek Producers
10
5
Sapulpa Refining
5
Savoy 011
Seaboard 011 & Gas
10
Southern States Oil
10
1
Turman Oil
1
Wilcox 011 & Gas
Mining Stocks
1
Alaska-Brit Col Metals
Amal L'd & Zinc Sm Corp_
Amer Tin & Tungsten_ _ _ _1
Arizona Globe Copper-- -1
100
Belcher Divide
100
Belcher Extension
Boston & Montana Dev _ _5
1
Butte & New York
Calumet & Jerome Cop 1
1
Canario Copper
1
Candelaria Silver
Central Amer Mines,Inc_l
Consol Copper Mines- -5
1
Cortez Silver
Cresson Con Gold M & N.1
Crown King Cons M,Inc.1
1
Crown Reserve
1
Divide Extension
2
Dolores Esperanza
Dundee Arizona Copper_ _1
1
Emma Silver
1
Eureka Croesus
Fortuna Cons Mining----1
Forty-Nine Mining
Goldfield Cons Mining_ _10
Goldfield Deep Mines--5c
Goldfield Development-1
Goldfield Florence
1
Goldfield Jackpot
Goldfield Oro Mining
Gold Zone Divide
1
Hard Shell Mining
100
Harmlll Divide
250
Recta Mining
Henrietta Silver
Hilltop-Nevada Mining
Hollinger Con Gold Mines5
Homestake Ext Min Co--1
Howe Sound Co
Independence Lead Min_ _ 1
Jerome Verde Developm't 1
Jim Butler Tonopah
1
Jumbo Extension Mln___1
5
Kerr Lake
5
La Rose Mines
Lone Star Consolidated _1
MacNamara Crest M___1
MacNamara Mining
1
Marsh Mining
1
5
Mason Valley Mines
McKinley-Dar-Sav Min_ A
Metals Production Co1
Mohican Copper
50e
National Tin Corp
Nevada OPhIr
1
Nevada Silver Horn __50c
Nevada Wonder
New Cornelia
New Dominion Copper...5
New Jersey Zinc------100
New York Pocupine Min_
Nipissing Mines
5
Nixon Nevada Mining_
Ohio Copper
1
Premier Gold
5
Ray Hercules, Inc
Red Hills Florence
1
Rex Consol Mining
Salida Mining
Sandstorm Kendall
1
San Toy Mining
Silver Horn M & D
Silver King Divide(mu)_
Silver Pick Consol
Silver Queen Mho Corp....
SilversmithMining
1
Simon Silver Lead
South Amer Gold & Plat.1
Spearhead
Standard Silver Lead_ _ _1
1
Stewart Mining
1
Success Mining
Sutherland Divide
1
Teck-Hughes
Temiskaming Mining
Tonopah Belmont Dev ._ _1
1
Tonopah Divide
1
Tonopah Extension
1
Tonopah Mining
5
Trl-Bullion Smelting
Trinity
1
Tuolumne Copper
United Eastern Mining--5
United Verde Extension _50
Utica Mines,Ltd
if S Cont Mines
Unity Gold Mines
5
Wenden Copper Mining --West End Consolidated_5
West End Eaten Mining.._ _
Western Utah Copper...-1
White Caps Min Co_ _..10c
Yukon Gold
5
Bonds
Allied Pack 85, Ser B_1939
Convertible deb 65_1939
Aluminum Co of Am 751933
1925
7s
Amer Cotton Oil 65- A924
Amer G dz E deb (ls-2014
Amer Light & Tree 65_1925
With warrants
Amer Rolling Mill 68.1938
Amer Sumatra Tob 7995'25
Amer Tel & Tel6s--1924
American Thread 65_ _1924
Anaconda Cop Min 68.1929
Anglo-Amer Oil 739s._1925
Armour & Coot Del 5398'43
Assoc Hardware 69513 -1943
Atl Gull & WISS L 5s 1959
Beaver Board Cos8s-1933
Beth Sum! equip 78_1935
Canadian Nat Rys.75_1935
1925
55
1941
Central Steel 88
11%
339
7
18%
191
1%
1
15%
63c
431
10% 11% 1,400
8
6
300
311 3% 3.800
2% 239
400
7
7)9
900
18
1839 3,900
1
291 15,100
199 1%
200
1
1% 18,100
1531 1534 59,600
65c 1,200
600
4% 539 11,700
Range since Jan. 1.
High.
Low.
9%
6
2%
231
631
15%
1
1%
80c
11%
600
4
Jan
Oct
Aug
Oct
Sept
June
Oct
Oct
Oct
Sept
June
Sept
750
82e 2,000 620 Oct
439 4% 1,000
431 Sept
2e 2,000
2c
2c Apr
100 53,000
70
60 Aug
lc
2c 8,000
it July
20 11,000
lc
lo
lc Aug
200 58,000
180
12c
90 Feb
20 1,000
2c
2,3
2c July
100 1,000 10c May
10c
19),
139 131 5,800
131 June
Sc 30,000
3c
2c
Oct
139
,
1
131 6,900
1
Oct
1% 1% 2,500
194 Aug
450
47c
500 17,300 40c Sept
331
2
Apr
334 334 3,200
1%
131 134
600
1)1 Sept
51c
60c
400 32c Feb
5c 1,000
Sc
4c June
92c
92c
500 70c Aug
50c
50c , 50c
200 250 June
it
lc
20 152.000
lc Apr
150
13e
190 64,000
50 Aug
140
8c
320 383,000
5c Sept
10c
100 12,000
Sc
Sc
Oct
60
100 14,000
Sc Apr
10c
10e
12c 37,000
7c Apr
lie
110 18,000
40 Jan
560
550
58c 4,900 290 Jan
450 2,000 350 Jan
it
lc 3,000
lc Jan
2c
3c 10,000
lc Aug
40 49,000
3c
lc Sent
4c
40 7,000
20 Jan
600
891 8%
5% My
4c
Sc 6,000
40 Oct
4c
Sc 41,000
Oct
2e
1134 1034 11% 1,200 10% Oct
199 90c
14
0 2,400 58e Feb
231
2% 234 2,000
2% Oct
30c
25c
300 55,600 16c June
1% 1%
300 950 Apr
30
4c 3,000
lc June
40 1,000
4c
40 Sept
2%
2% 2%
800
July
2
180 1,000 180
150
Oct
2c
2e 1,000
2c June
it
lc 1,000
lc Mar
4c
4c 2,000
be June
lit
its
12c 10,000
60 Jan
2
131 2
5,500
1% June
11c
110 1.000 11c
Oct
139
139 Pis 7,200
Oct
1
140 5,000
Sc
Oct
5c
140
10c
16c 77,000 10o June
12c 5,000
50
60 June
2c
2c 3,000
lc Jan
7c
7c
70 1,000
Oct
7c
1434
1434 1534
300 143 Oct
%
2%
299 3
4,200
234 Jan
138 138
10.000 138
Oct
50c
50e
54c 6,600 30c Jan
534
539 594 1,400
4% July
10
10 27,000
lc Sept
80c
76c
900 35,200 370 Jan
2
231 1,100
1% Aug
200
200
300 8,000 250
Oct
6c
4c
Sc 31,000
be May
2o
2c 5,000
lc July
55e
600 1,500 420 May
2c
20 22,000
lc Apr
4c
40 2,000
lc June
12c
10c
16c 111,200
Oct
4c
Sc
4c
70 15,000
le Aug
3c
3c
3c 7,000
30 June
Sc
150 12,000
Sc Oct
37c
370
370 2,000 37e
Oct
80
6c
60 2,000
90 Oct
339 4
334
2,200
2% Ally
90
8c
100 24,000
40 Mar
150
15c
15c 2,000 15c Aug
20
30 32,000
10 Oct
50c
50c 2,400 32c July
460
360
550 30,800
be Jan
Pis
139 Du
500 810 Jan
27c
270 1,000 26c
Oct
850
658
66e 1,000 570 Sept
44c
44e
44c 3,000 39c Sept
2
1% 2
1,300
1% June
Dis Pie
600
1% Aug
7c
80 6,000
30 Sept
50c
500
200 50e
Oct
Sc
100 12,000
Oct
13e
Du
131 lou 1,000
June
27
27
28
900 26% Jan
10
it 1,000
it
Oct
19c
20c
20c 9,000 13e Apr
3
3
334 3,000
2)1 Oct
82c
750
82c 11,100 28c June
710
740 4,000 67c July
74c
lc
20 6,000
lc May
250
30c
33c 4,000 15c July
30
6c 9,000
2c Jan
75c
75c
80c
800 75c Jan
434
2c
Sc
14%
6
731
6%
14
25%
474
ni
4
26%
1%
10%
15,000 51
Aug 84%
15,000 51% July 76%
19,000 10591 July 106%
13,000 101% Sept 104
5,000 85
Feb 9939
8,000 9139 July 97%
10331
9834
9634
10034
102
1014
10199
1,000
8,000
14,000
28.000
3,000
54,000
42,000
65,000
14,000
17,000
32,000
33,000
33,000
8,000
9,000
103 June
97
July
9531 Jan
1005-4 Sept
101% May
100% July
101% Sept
84% July
91% Oct
42% Oct
6534 Feb
101% Sept
106% May
97
July
108
Feb
Apr
Oct
Mar
Mar
Mar
Feb
Mar
Jan
Apr
Mar
Apr
Jan
2% Mar
6% Mar
20 Apr
85c Feb
Sc Mar
Sc Jan
23c May
50c Mar
220 Feb
2% Jan
380 Jan
131 Oct
491 Mar
139 Mar
3% Oct
1% Oct
72c Apr
130 Jan
231 Jan
Oct
50c
4c Jan
37c Jan
74e Jan
50c Mar
lie
Jan
240 Jan
34c Jan
780 Feb
57c Mar
Sc Jan
Ile Feb
13c Jan
100 Mar
931 Apr
660 Feb
luis Feb
Feb
14
PH Oct
4% Mar
480 Mar
3% Feb
60 Jan
100 Jan
3% Jan
40c Feb
10c Jan
60 Jan
7c Jan
16e May
231 Mar
25c May
1 19 Oct
)
93c Apr
320 Jan
200 Mar
20 Jan
70 Oct
24% Mar
454 Mar
180% Mar
750 June
631 Mar
100 May
Pis Mar
3% Apr
234. Mar
Sc Mar
Sc Feb
1 June
Sc Jan
4c Feb
160 Oct
250 Apr
9c Jan
50c Feb
530 Jan
50c Apr
431 Mar
310 June
28c Feb
8c Jan
680 Jan
Oct
550
1% May
47e May
Pis Jan
89c Mar
4
Mar
2% Jan
16c Feb
139 Jan
67c Feb
2914 Feb
38% Apr
Oct
lc
28o July
539 Mar
Oct
82e
1% Jan
Jan
6c
550 Feb
12c Mar
2111 Apr
6634 65% 67
58
5734 57
105% 10539 106
102% 102% 102%
9834 98% 98%
93% 94
1034 103%
97% 9831
9631 96%
10039 100%
101% 102
101 101%
101% 102%
88% 8999
91% 91% 92%
42% 4239 46
73
76
76
102% 10239 102%
107 107%
99% 9931
10734 107%
[Vox,. 117.
moat,
Last Week's Range Sales
Sale.
ofPrices.
for
Price. Low. High. Week.
110
10031
10034
101%
10331
103%
103%
9694
98%
62
8234
10391
11091
99%
10831
Jan
Jan
Aug
Jan
Oct
Jan
Jan
Jan
May
Jan
Mar
Feb
Jan
Jan
June
Mar
June
Sept
Jan
Feb
Apr
Bonds (Concluded)Charcoal Iron of Am 88'31
Chic RI & Pac 5345_1926
Cities Service 7s, Ser C1966
75,Series D
1988
Columbia Graph 8s_ _1925
Ctfs of deposit
Cons0E L & P Balt 613'49
Consol Textile 8s-----1941
Deere & Co 7915
1931
Detroit City Gas 6s_1947
Detroit Edison 6s
1932
DunlopT&Rot Am 75.1942
Federal Sugar 6s
1933
Fisher Body 65
1925
65
1927
65
1927
1928
68
Gair (Robert) Co 78_1937
Galena-Signal Oil 75_1930
General Asphalt 8s_ _1930
General Petroleum 68_1928
Grand Trunk Ry 6318.1936
Gulf 01101 Pa 5s
1937
Flocking Valley RR 65 1924
Flood Rubber 75
1936
Kan City Term Ry 539s'26
Kennecott Copper 75_1930
Lehigh Pow Sec 65_ _1927
Libby,McNeill&Libby75'31
Liggett Winchester 75_1942
Manitoba Power 7s. -1941
Without warrants
Waracalbo Oil 75
1925
goals& Co 794s __ __ _1930
Victor Products65, w 11943
National Leather 85_1925
New Orl Pub Serv fa__1952
Dhlo Power 55
1952
Philadelphia Elec 6s._1941
539s
1947
54s w I
1953
Phillips Petrol 7395._ _1931
without warrants
Pills Flour Mills 6s, w 11943
?labile Fiery Corp 75_1941
Pub Serv Elec Pow 65_1948
leading Co 5.9. w 1
439s, w 1
thawsheen Mills 7s-1931
Ross-Sheffield El & I 6s 1929
1924
%Ivey & Cie 138
%nth Calif Edison 58_1944
kand 011 of N Y 6%8_1933
7% serial gold deb_1925
7% serial gold deb-1926
7% serial gold deb_ _1927
7% serial gold deb_ _1928
7% serial gold deb- _1929
7% serial gold deb _1930
7% serial gold deb_1931
1931
lun Co 75
;wilt & Co 55_ _Oct 15 1932
-_
Mal-Osage 011 7s._1931
Jnion 011 6s, Series B.1925
1925
Serial 65
Jnited 011Produe 8s._1931
hilted Rys of Hav 7%5'36
1926
racuum 011 65
1937
ralvoline Oil 65
Foreign Government
and Municipalities
,rgentine Nation 6s_ _1924
lexico 48
1945
65 10 year Series A
retherlands(Kingd)6sB'72
'eru (Republic) 813_1932
%Man Govt 6%5_1919
Certificates
534s
1921
witzerland Govt 539s 1929
Ext ST, e notes
1926
8891
8834
8734
16
9939
9939
10139
9291
9739
98
9739
9534
10299
1053
%
9931
10339
99
180
100
964
83%
10331
9899
9931
307.4
52
9634
9%
9
9934
96%
Low.
High.
87
Oct
96
July
8734 Aug
87
July
1234 Aug
10
July
10034 Apr
93
Oct
9831 Jan
99
Sept
100 June
9234 Oct
9631 June
9631 June
97
July
96 May
9431 Mar
94
July
10274 Oct
99 June
9331 Oct
10394 Apr
9339 Mar
100
Mar
100 June
99% Oct
10134 July
9199 July
97
July
10131 Mar
95
Jan
97
Jan
105
Mar
97
Aug
9034 Oct
9539 July
8131 July
8339 July
10291 Mar
9874 Apr
98% Oct
97
Mar
9834 June
9634 Apr
9334 Jan
30
Jan
35
Jan
10394 Jan
106
Feb
10339 Feb
10134 Jan
104
Jan
9754 Apr
9831 May
10034 June
100
Feb
9931 Feb
9894 Feb
9931 Jan
10534 Mar
105
Jan
98
Apr
107
Jan
9739 Jan
100% Apr
Jan
102
998% Oct
10539 Jan
9334 Oct
102% Jan
104 May
10231 Feb
10334 Feb
24939 May
10674 Jan
9034 Oct
102
Jan
8934 Mar
92
Jan
10531 Jan
10254 Jan
9939 Oct
2,000
10,000
17,000
44,000
1,000
1,000
9,000
40,000
8,000
18,000
14,000
22,000
10,000
4,000
2,000
5,000
3,000
9,000
2,000
49,000
9,000
2,000
1,000
13,000
6,000
35,000
2,000
9594
9599
99%
94%
87
86
10391
96
10331
87
10494
10139
103
103
104
104
105
10534
100
8974
100
9991
993.4
78
10374
10531
102
10334
9531
10494
9834
9331
8834
10539
98%
105%
93
10731
106%
106
10754
10734
10891
10939
110
103
94
104
10034
10094
10634
107
10731
10354
141,000
78,000
49,000
38.000
4,000
44,000
46,000
5,000
43,000
73.000
9931
30%
5131
9694
98
9
834
034
9854
95/4
87
8934 19,000
9734 98% 5,000
15,000
8874 89
8734 887,4 36,000
2,000
187.4 19
154 16
2,000
10134 101% 5,000
93
9431 21,000
9,000
9974 100
9939 9931 18,000
10139 10131 19,000
9231 93
81,000
97% 98
36,000
100 100
1,000
984 99
6,000
5,000
9739 98
97% 9791 33,000
9574 9691 21,000
102% 103% 13,000
9,000
10134 102
9399 94
20.000
1054 1054 13,000
9434 95
30,000
100% 10031 2,000
100% 101
12,000
9999 9931 101,000
10334 103% 7,000
9399 9334 3,000
99
9931 3,000
10234 102% 1,000
100 100
1,000
98
993.4 7,000
2,000
180 131
8,000
100 101
9039 905-4 10,000
9631 9631 4,000
8334 8331 22,000
84
84
3,000
103% 10434 17,000
100 10031 10,000
98% 9939 68,000
9839 9891
9591 9591
100% 100 1007.4
96
96
9634
9294 9251
8639 8654
10334 10399
9739 9731 974
104 10494
8839 8899 8954
105% 10591 106
10139 1013410254
103 10339
104% 10431
10591 105 10534
106 10654
106 106%
107% 10734 108
101 1013,4
9134 91% 9154
10034 10039 10254
9939 9954
9994 9954
79
8034
10654 10634
10539 106%
106
10234 10234 10231
993-4
305-4
5194
96%
99
9%
839
9
9934
9675
,
9974
3294
5454
9739
9931
10
9
931
99%
974
Range time Jan 1.
Aug
Oct
Sept
Oct
July
Aug
Oct
Feb
Sept
Mar
Apr
Oct
Apr
Apr
Sept
Apr
Apr
May
June
Mar
Aug
June
June
Sept
Apr
June
July
Jan
Oct
Feb
May
Aug
July
Apr
Feb
May
Jan
Jan
Feb
July
Jan
Jan
Feb
Jan
Feb
Mar
Feb
May
Ayr
Apr
Mar
Jan
Jan
Mar
Sept 9939 Sept
Oct 4434 May
Oct 6339 May
Oct 10299 Aug
Sept 100% Apr
Oct
leg Feb
Oct '.94 Feb
Feb
Oct 16
Aug loe
Jan
Oct 9744 AWE
•No par value. k Correction. m Dollars per 1,000 lire flat. 1 Listed on the
Stock Exchange this week, where additional transactions will be found. 0 New
stock. s Option sale. w When Issued. z Ex-dividend. y Ex-rights. z Ex-stock
dividend.
New York City Banks and Trust Companies.
AU prices dollars per Mare.
Bowery. NJr
America *_ _
B nki
a
Amer E'xch_
id
23
13
(
283
440
160
190
120
155
128
205
844
249
60
538
213
275
35
9
Broadway Cen
Bronx Boro*Bronx Nat
Bryant Park*
Butch & Dro
Cent MercanChase
Chat dc Phen_
Chelsea Ezell*
Chemical
Coal & Iron
Colonial*
Commerce
13
0
Com'nwealth 245
Continental __
450
Corn Each_
Cosmop'ten*_ 115
200
East River
Flfth Avenue* 1250
Finh
243
1280
Flret
270
Garfield
180
Gotham
290
Greenwich
685
Hanover
Bid
Banks
Ask
212 Harriman__ 322
145
- Manhattan
Mech & Met- 378
320
-- Mutual*
Nat American _ _
130 National City 342
135
__ New Neth*
300
135 Pacific•
423
215 Park
348 Port Morris_ 167
807
253 Public
80 Seaboard ____ 375
543 Seventh Ave- 80
185
220 Standard'
347
State*
298 Tradesmen's• 200
245 23d Ware_ 275
150 United States* 165
463 Wash'n Moo- 200
800
125 Yorkville *
356
252
Brooklyn
300
280 Coney Island*
168 First
310 Mechancls' *.
-- Montauk
Nassau
People's
160
320
114
170
230
165
Ask Trust Co.'. Bid
New York
332
148 American _ _
385 Bank of N Y
Trust Co 460
Bankers Trust 350
lab
345 Central Union 478
145 Commercial.. 110
__ Empire
305
428 Equitable Tr- 188
__ Farm L & Tr_ 545
Fidelity Inter 195
250
385 Fulton
90 Guaranty Tr_ 240
202
200 Hudson
354 Irving BankColumbleTr 219
Law Tit & Tr _ 190
172 Metropolitan_ 298
Mutual (West
_
120
cheater)
N Y Trust_
345
Title Gu & Tr 390
U S Mtg & Tr 305
nIted States 1220
170
catches Tr. 210
335Brooklyn
130 Brooklyn Tr- 470
__ Kings County 850
-- Manufacturer 275
385
People's
Ask.
470
353
483•
120
315
191
555
205
265.
244
210
223
197
308
130
359
395
310
250
4511
Banks marked with (*) are State banks. Cr) Ex-di Wend.
New York City Realty and Surety Companies.
See prices dollars per share.
Alliance R'Ity
Amer SuretyBond &
G.
City Investing
Preferred __
Lawyers Mtge
Bid
103
95
281
75
98
150
Ask
Mtge Bond..
NatSurety.-N Y Title &
Mortgage..
IfCasualty156 U S Title Guar
97
287
Bid
105
147
188
160
128
Ask
115 Realty Assoc)
152
(Bklyn)com
let pref._
193
2d pref.
175 Westchester
133
Title dc Tr.
Bid
Ask.
110
83
68
88
73.
200 • 220
kunstuunt anti gailroatt intelligencg.
1879
RAILROAD GROSS EARNINGS
The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from Jan. 1 to and including the latest week or month. The returns of electric railways
are brought together separately on a subsequent page.
Latest Gross Earnings.
'Jan. 1 to
Latest Date. I
Jan. 1 to Latest Date.
Latest Gross Earnings.
ROADS.
ROADS.
I freoeltr
Current
Current Previous
Year.
Year. I
Year.
Previous
Year.
I
$
S
I
I
1
236.249 18k745 1,790.426, 1,412.3n1
Akron Canton & Y_,August
Alabama & Vicksb-'September 300,217 214,4471 2,549,7011 2.199.723
13266417 12924578,627903,6!77,898,175
American Ry EXI3-- I June
Ann Arbor
91,1061 4,212,513, 3.891.553
12d wk Oct 114.444
Atch Topeka & S 1
0-'August
17683514 16797939131062326'115967 469
2,252,329 2.356.848 15,414,297 14,294,396
Gulf Colo & S Fe.1August
840,781 683.29 5,208,380, 4,796.377
Panhandle S Fe_ -1August
389.638 329,435 3,044,809 2.495.342
Atlanta Birm & Atl_ August
238,010 230.1671 1,933,160 1,584,830
Atlanta & West Pt- August
859.510 727,050 3,490.244 3,315.484
Atlantic City
August
5,254,139 4,608,155 53,902,812 46.198.073
Atlantic Coast Line_ August
Baltimore & Ohio-- August
22502756 14104234 173788951 126727416
B & 0 Ch Term August
302,427 274,673, 2,473,2141 1,998,162
396.272 377,0371 4,309,1811 5,271,998
Bangor & Aroost'k- August
9,442
Bellefonte Central:- September
76.506
97,502,
10,3671
Belt Ry of Chicago.. August
621,308 500.753 4.791,795 3.837.393
Bessemer & L Erie August
2.351,263 1.575,265 13,633,0511 7.663.772
50,818
Bingham & Garfield August
23,3171 303,9431 126.162
Boston & Maine--- August
7,776.026 6,975,505 58,059,404 51,402.683
Bklyn E D Terminal September 108.404 124,471, 1,146,126 1,186,194
Buff Roch & Pittsb- 3d wk Oct389,551 510,333 17,797,532 11,529,114
Buffalo & Susq
September 215,934 172,415 2,092,735 1,037,772
Canadian Nat RYs- 3d wk Oct 5,936,715 5,875,121i 198982685' 181537341
220,437 248,568' .,,,131..6201 1,707.638
Atl & St Lawr'ce_ August
Canadian Pacific.-- 3d wk Oct 5,261.000 5,466,000 141660000 136794000
792.713 593.882 6.275.9721 5,081,429
Caro,Clinch & Ohio _ August
Central of Georgia_ _ September 2,053,567 2,088,289 19,710,609 16,719,217
5,353,627 3,796,503 39,066,661 30,682,640
CentralRR of N J_ _ August
759,87 2 446.73 5,161,138 4,366,254
Cent of New Engl'd ugust
746,884 604,639 5,796.910 4,556.861
Central Vermont_ _ _ August
Charleston & W Car August
312,36 5 221.333 2,644.106 2,18,616
Ches & Ohio Lines_ _ August
9,473,221 5,982,593 66.676.076 56,630,225
Chicago & Alton_ _ _ August
3,139,909 1,891,713 22,152,612117,S85,495
Chic Burl& Quincy_ August
14899 151 14502539 113048039 101747 lig
Chicago & East Ill_ _ August
2,370,147 1,810,522 18.810.327115,602,375
Chicago Great Wes August
2,246,481 2,204,138 17,119,5381 15.442,416
Chic Ind & Louisv_ August
1,537.779 1,270.995 11.962.998 10,239,655
Chic Milw & lit Pau August
14916655 14272930 112478865 98,124,034
14561 969 12860888 106259229 93,202,325
Chic & North West August
133.629 133,209
Chic Peoria & St L_ August
908,675 1,439.441
625.896 563,291 4,937.949 4,416.738
Chic River & Ind_
August
1125072 310819 21 181,477.18 76.903,458
Chic R I & Pac
August
519,352 528,638 3,684,306 3.783,184
Chic R I & Gulf_ August
2,546,983 2,731,206 18,501.608 18,110,929
Chic St P M & Om. August
378.660 344,13' 3,063,683
Chic Ind & Western August
Colo & Southern_ _ _ August
1,051,739 1,182,087 8,168,043 8,419,803
Ft W & Den Cit,v_ August
886,936 898,752 5,962,273 6,030,047
Trin & Brazos Val August
431,69
152,422 1,545,538 1,890,578
Wichita Valley... August
117.43
760.640
854.118
98,204
4,566,740 2,399,439 31.892.374 23,487 737
Delaware & Hudson August
Del Lack & Western September 6,297,225 6,564,549 64,876.691 53,770,523
Deny & Rio Grande August
3,102.05 3,133,441 21,235,066 20,492.224
Denver & Salt Lake August
274,94
765,477
165,896 1.635.959
Detroit & Mackinac August
172,588 201,827 1.238,615 1.197,940
Detroit Tol &'rout- August
957,597 719.708 6,919,700 6,021,610
Bet & Tol Shore 1.,- August
322,926 267,884 2,836.474 2,297.350
Dul & Iron Range-- August
1,192,645 1,257,614 5,341,537 4,773,220
Dui Missabe & Nor_ August
3,801,351 3.170.708 13.887,844 9,752,158
Dul Sou Shore & Atl 2d wk Oct 112,152
91,392 4,613,405 3.394.722
Duluth Winn & Pac August
175,498 170,152 1,661.963 1,309,134
East St Louis Conn_ August
224,050 180.024 1.582,364 1.351.742
Elgin Joliet & East_ August
2,418,243 1,097,303 19,18,5981 3.337,175
El Paso& Sou West August
888,844 964,694 8,461,586 7,387,825
Erie Railroad
August
10787760 7.238,682 80,740.143 58,703,158
Chicago & Erie_ _ August
1,034,418 903.307 9,086.200 7.220,640
NJ&NYRR
August
150,419 128,780 1,061.804
991.781
84,919 1,115.444
161.047
EvansInd & T H_ _ _ August
673,491
Florida East Coast_ August
860.395 673,897 11,082.761 9,454,654
Fonda Johns & Glov September
110,399 121,331 1,128,913 1,029,403
Ft Smith & Western September
134,765 156,980 1,143,098 1,174,984
Galveston Wharf_ _ _ September
151.159 142,157 1,028,891 1,071,982
Georgia Railroad.... August
549.439 440,597 4,053.238 3,228.807
Georgia & Florida... 2d wk Oct
39,200
28,600 1,372.357 1,037,857
Grand Trunk Syst-ChDetCan G T Jet August
296.587 172,070 2,335.780 1.493,558
& Milw_ August
Bet G H
616.448 393.918 4.524.468 3,443,117
Grand Trk West_ August
1.804.834 1,694.650 13.415,286 10.660,651
Great North System 1st wk Oct 2,877,984 2,601,859 88,153,16: 75,397,843
Green Bay & West_ September 105,707 105,350
973,184 1.011,656
486,847 333.393 3,890.001 3,057.280
Gulf Mobile & Nor_ August
286.955 258,616 2,184,507 1,948,829
Gulf & Ship Island_ August
August
1.585,002 1.071,434 11.898.445 8,316.023
Hocking Valley15269894 15727040 125068560 107466105
Illinois Cent Syst - August
13613355 14074640 111872860 95,717,659
Illinois Central Co August
1.655,939 1.652,400 13395.700 11.748,446
Yazoo & Miss Vail August
132,871 158,993 1,884,802 1.800,218
Int By Co of Me-- August
1,301,713 1.177.179 9,278.918 8,868.205
Internal & Grt Nor. August
226.620 112.704 1,225.848
HanCity Mex & Or August
890,827
156,199 113,988 1.131.031
HO Mex& 0of Tex August
967,797
1,791,900 1,549.661 13,138,253 11.620.597
Kansas City South- August
244.568 177.909 1,780.504 1,323,708
Texark & Ft Sm.- August
Total System_ -- - September 1,953,199 1,781,560 16,871.956 14,725.865
184,783 268,425 1,681,861 1,822,628
Kansas Okla & Gulf August
191.282 259,386
875,157
Lake Sup & Ishpem- August
735.726
90,939
67.263
Lake Terminal Ry_ - September
874.496
778,988
283,551 153.639 2,025,984 1.503,932
Lehigh & Hud River August
537,912 276,091 4,120,410 2,493.724
Lehigh & New Eng. August
6,952,493 4,697,562 50.058,218 40.177,067
Lehigh Valley
August
2.071.753 1.532.802 15,595,611 12.618,308
Los Aug & Salt Lake August
314,839 280,197 2,510,942 2,206,402
Louisiana & Arkan_ August
292.451 293.588 2,554.511 2,168,578
Louisiana By & Nay August
115.744
La Ry & Nay of T August
455,850
Louisville & Nashv_ August
11973819 8,973.394 89.911,564 80,600.376
319.754 304.884 2,305.296 2,112.411
Louisv Hood & St L August
1.005.505 1.754.220 14.180.758 13,507,096
Maine Central
August
Midland Valley_ _ _ September 386,311 408,462 3,357,930 3.402,646
6,894
365,434
9,839
Mineral Range
2d wk Oct
227.023
Week or
Month.
Current
Year.
Previous
Year.
Current
Previous
Year. I
Yesr.
$
$
1
Minneap & St Louis August
1,431,103 1,277,886 10,760.555 9,940,958
Minn St P & S8 M_ August
4,347.861 4,526.505 32,357.528 28,043,855
Wisconsin Central August
1,792,327 1.885.433 13,845,487,11,986,673
Mississippi Central_ August
145.936 118,3411 1.196.9881 965,203
MissourilKan-Tex _ _ August
3.198,371 2,804,539 22,965.362 20.913.332
Mo K & T Ry of Tex August . 1.780,069 1.645,628 12,708,035 13.222,457
Total system _ _ _ _ August
4.978.441 4.450,167 35.673.398 34,135.789
260,480
Mo & North Arkan_ August
960.616
91,185
141,366
Missouri Pacific_ _ _ _ August
10255028 8,756,702 73,439.762 65,073.700
Mobile & Ohio
1st wk Oct 390.149 366,000,15,542,923 13383.555
983,696
Columb & Greenv August
136,299 133,2141 993,871
Monongahela Conn_ September 241,403 120,144' 2,084,762 1.181.981
596,269
Montour
September
219,870 209 1811 1,894,998
Nashv Chatt & St L August
2.150.926 2,099,888 16.371.12514,088.088
Nevada-Cal-Oregon. 2d wk Oct
8.514
10,532, 289,624
312.892
Nevada North
August
64,0111 621.523
89,005
Newburgh & So Sh_ August
177,322 139,240, 1.413,352 1.284,573
New Orl Great Nor_ August
255.863 208,870 1.908,309 1,694.939
NO Texas & Mex_ _ August
199,157 175,415 1.944,667 1,677,334
Beaum SL & West August
200.173 150,985 1,514.309 1,341.931
L Browusv &M August
758.390 537.150 3.817.154 3.518.341
New York Central- September 34448185 33351446 320602476 256603639
Ind Harbor Belt- August
986.947 875,405 7,718,008 6,305,071
Michigan Central August
8,154,041 7,622,377 64,194,497 51.776,358
Ciev C C& St L August
8,484.030 7,003.195 64.051,930 54,179.681
Cincinnati North- August
450.473 228.887 3,537.739 2,206,703
Pitts & Lake Erie August
4,092,348 2,139,657 30,972.649 15,892,734
N Y Chic & St L.-- August
4,951,671 4,425,478 38,581,612 32,196,811
N V Connecting.-- August
209,858 225,210 2,288,286 1.838,472
NYNH& Hard-- August
11740570 10534 282 89,325,380 78,858.227
N Y Ont & Western August
1,715,812 . .
.
, .
N Y Susq & West August
408.816 298,429 3.334,754 2,607,279
Norfolk Southern September 732,106 664,373 6,775,358 6,122.293
Norfolk & Western_ August
8,758,915 7,903,124 62,229,997 61,477.819
Northern Pacific... August
8,661,337 8.539.793 63.406.979 58,448.288
Northwestern Pac August
883,868 874.785 5.344.431 4.226.200
Pennsylvania Syst_ - August
71175043 63133868 521272519 438232010
Pennsylv RR & Co_ August
64833927 57370667 484735655 404796672
192,702 197,848 1,033.180 1,072.616
Bait Ches & Atl.. August
August
Long Island
3,735,347 3,277,691 22,984,147 20,607,463
132,044 146,465
769.207
732,096
Mary Del & Va.. August
531,442 251,293 3,880,107 2,118,461
Monongahela. - August
174,185 147,012 1,225.713 1,069,435
Tol Peor & West_ August
1,963,311 1,894.763 9,853,388 9,316.179
W Jersey & Seash August
145,958 133.544 1,152,643 1,151.174
Peoria & Pekin Un- August
August
3.976,042 3,386,042 29,986,598 24,614.000
Pere Marquette—
August
106,898 119.515
837.466
749,798
Perkiomen
Phila & Reading— - September 7.454,934 6,782,686 80,431.809 55,691.782
676,881
120,560 117,491
932,937
Pittsb & Shawmut— August
677.118
92,088
116.658
984.487
Pitts Shaw & North August
351,609 191.994 2.473,737 1.795,927
Pittsb & West Va. August
August
206,939
66.789 1,919,235 1,143.678
Reading
August
7,129,528 5,951.687 48,319.229 42,846,815
Pullman Co
93.371
101.199
693,526
841.549
Quincy Om & K C.. August
908,405 895.213 8,312,628 7.138,111
Rich Fred & Potom- August
September 601,193 538,046 5,128,043 4,280.835
Rutland
St Louis-San Fran.. 3d wk Oc 1,652,166 1,571,463 71,772,90965,891.619
7.702,610 6,309,073 56.624,573 52.476,719
St L-San Fran Co August
145.986 122.836
828,221
961,891
Ft W & Rio Grand August
160,222 164,256 1.050,721 1,103.760
St L-S F of Texas_ August
1,622,626 1,503,532 13,629,308 11,181,430
St Louis Southwest_ August
746,926 607,934 5.183.826 4,647,811
St L-So West of T August
2d wk Oct 641,025 576,638 22,612,184 19,344,164
Total
60,972
488.806
574,686
' 88,316
St Louis Transfer August
738,751 551,160 3,667,952 3,465,530
San Ant& Aran Pass August
714.028
123,756 102,523
822.581
San Ant Uvalde & G August
3,719.557 3.397.813 34.320.900 29,034,516
Seaboard Air Line_ _ August
Southern Pacific Sys September 26327828 23797939 209361895 188750281
Southern Pacific Co August
18643069 16717 507 130302916 115875721
1.150,861 977,042 9,054,824 7.496,861
Atlantic S S Lines August
302.344 267,44 2,445.577 2.601,969
Arizona Eastern_ August
2,090,286 1.872.596 14,840.927 13,983.419
Galv Harris & S A August
1.272,535 1,236,62 8,874,110 9,213.478
Hous & Tex Cent_ August
275,044 308,21 1,939,537 2,003.695
Hous E & W Tex_ August
343,714 322,94 2.990.941 2,709,674
Louisiana West'n August
687,239 620.501 5,718,199 5,013.226
Morg La & Texas August
757.605 680,327 5.819.632 5.652.009
Texas & New On. August
Southern Ry System 2d wk Oct 3,853,051 3.760,062 155376160 125123573
Southern Ry Co__ August
12754 333 9.482,594 99,417,379 81,398,509
930,564 374,446 7,209,962 5.570.833
Ala Great South_ August
1.877,395 560,488 15.609.683 10,737.258
Cin,N 0& Tex P. August
GeorgiaSou & Fla August
443.473 315,620 3,494,962 3,041,911
577,945 183,115 4,627,112 3,575,047
New Orl & Nor E _ August
861.742
99,141 1,137,663
159,504
Northern Ala.... August
741.449
782.489
Spokane Internat._ _ August
108.796 107,943
708,676 638.336 5,172,777 4,663,836
Spok Portl & Seattle August
Staten Island R T__ August
258.124 239.582 1,716.590 1,648.232
262.177 185.371 2.058,602 1,526,776
Tennessee Central.. August
446,667 340.558 3,369,293 2.978.966
Term RR AssnofStL August
2.366.611
. •
418.597 323.655
St L Mer Bdge T. August
Texas & Pacific.... 2d wk Oct 711,053 673,29524.272.688 23,398,226
Ulster & Delaware.. August
242,989 205.751 1,266,153 1.132.284
August
Union Pacific
10896004 10233061 71,199.797 63,731.340
Total system.... September 21577642 19297035 150294341 135455655
Oregon Short Line August
3,356,996 3,103,085 23.621,248 22,076,635
Ore-Wash RR &N August
2.733,852 2,758,855 18,300.044 17,732,338
St Jos & Or Island August
276,425 275,271 2,072.805 2.014,567
Union RR (Penn)_ _ August
1,218,594 1,064.255 8,457,777 7,304.420
990,118 1116999
August
Utah
132,773 196.019
Vicks Shreve & Pao_ September 377,912 277.918 3,249,778 2.671,738
Virginian Railroad_ August
1.787,426 1,345,294 14,690,000
August
Wabash RR
6,108,633 4,703.309 43.319,019 313 .245.6067.977.110
Western Maryland_ 2d wk Oct 400,358 433,767 18,505,132 13,833,845
Western Pacific_ _ _ _ August
1,303,728 1,124,213 8,480.423 7,317.294
Western By of Ala.. August
246,301 231,260 1.928.489 1,642,657
Wheel & Lake Erie_ August
1.962,765 990.118 12,483.596 8,995.182
AGGREGATE OF GROSS EARNINGS—Weekly and Monthly.
Weekly Summaries.
2d week Aug (14 roads) ___
3d week Aug (13 reads)---4th week Aug13 roads).— Aug(13
1st week Sept 14 roads).....
2d week Sept 15 roadsi _ --3d week Sept 14 roads — —
4th week Sept 15 roads _ --1st week Oct (15 roads).—
2d week Oct (13 roads)--__
Current
Year.
1
$
I
Previous
Year.
Increase or
Decrease.
$
$
18,272,732 15.953.700
18,385,609 15,443,476
24,549,816 20.458.007
16.173,591. . 19,482,178 18,379,315
17,576,049 16.741,845
27,636,687 26.460,653
21,869.478 20,768.243
19,218,468 18,650,173
%
Monthly Summaries.
Mileage.
I
I
Cur. Prev.Yr.
.Yr.
.
Current
Year.
$
1
I
Previous
Year.
Increase or
Decrease.
$
$
%
+2,319.032 14.54 November —235,748 235.679 523,748.483 466.130,328 +57.618.155 123.
+2,942.133 19.10 December_ _ _235.290 236.121 512,433.733 434,698.143 +87.735.590 20.66
+4.091.839 20.00 January ___ _235.678 235.827500,816.521 395.000,157 +70.803.472 21.0(i
+1.396,870 9.45 February — -235.399 235.528444,891,872 40q.146,341 +44.745.
531 11-18
+1,102,863 6.00 March
235.470 533.553,199 473,747,009 +59.806,190 12.63
+834,204 4.98 APril
234.970 235.839 521,387.412 415.808.970 +1055784422539
+1,176.034 4.44 Ma3
235.186 235.472 545.503.898 447.993.844 +97.510.05421.77
+1,101.2356.30 June
236.739 238,683 540,054,185473,150.664 66,903.501 14.14
+568.295 30.4 July
235.477 235.813, . ,..
+91.878,6792070
. ••
Rd week Oct, ( 4 snarls)
12 920.422 12 422.017
—182.485 1 RA einnisr
925 257 915 ROR Rag on') ins 4.7R lin 122. -...cui 181.087 1C1 nn
Note.—Grand Rapids & Indiana and Pitts. Gin. Chic.& St. Louis nciuded In Pennsylvania RR. Lake Erie &Western included in New York Central.
Toledo St. Louis & Western included in New York Chicago & St. Louis.
1880
THE CHRONTCLE
Latest Gross Earnings by Weeks.
-In the table which
follows we sum up separately the earnings for the third week
of October. The table covers 4 roads and shows 1.36%
decrease from the same week last year.
1923.
1922.
$
Third Week of October.
$
Buffalo Rochester & Pittsburgh
389,551
510,333
Canadian National •
5,936,715 5,875,121
Canadian Pacific
5,261,000 5,466.000
St. Louis-San Francisco
1.652,166 1,571,463
Total (4 roads)
Net decrease (1.36%)
13,2d9,432 13,422,917
Increase. Decrease.
$
128,782
61,594
205,000
80.703
142.297
325,782
183,485
In the following table we also complete our summary for
the second week of October:
.
.
Second Week of October.
1923.
$
1922.
$
Increase. Decrease.
$
$
Previously reported (2 roads)--- 5,580,084 5,657,332
77,248
114,444
Ann Arbor
91,106
23,338
5.921,014 5,793,579 127.435
Canadian National
112,152
Duluth South Shore & Atlantic_
91,392
20,760
Georgia & Florida
39,200
28,600
10,600
9,839
Mineral Range
6,894
2,945
8.514
Nevada-California-Oregon
10,532
2,018
Francisco
1,827,734 1,526,976 300,758
St. Louis-San
St. Louis Southwestern
641,025
576.638
64.387
Southern Railway
3.853,051 3,760,062
92.989
Texas & Pacific
711,053
673,295
37,758
Western Maryland
400,358
33,409
433,767
Total (13 roads)
19,218,468 18,650,173 680,970 112,675
NetIncrease(3.04%)
588,295
Net Earnings Monthly to Latest Dates.
-The table
following shows the gross and net earnings with charges
STEAM railroads reported this week:
of
-Gross from Railway- -Net from Railway- -Net after Taxes
1923.
1922.
1923.
1922.
1922.
1923.
$
$
$
$
$
$
Alabama & Vicksburg
September _ 300,217
214,447
49,048 -11,215
71,299
5,214
From Jan 1 2,549,701 2,199,723
627,944
141,913
360,245
315,702
Bellefonte Central
September _
9,442
10,367
312
2,421
192
2,541
From Jan 1
97,502
76,506
13,079
5,585
4,485
14,159
Brooklyn E D Terminal
September _
108,404
124,471
34,186
27,660
42,828
49,040
From Jan 1 1,146,126 1,186,194
424.211
487.757
412,345
482,173
Buffalo & Susquehanna
September, 216,934
172,415 -10,315
24,574 -16,415
17,996
From Jan 1 2,092.735 1,037,772
108,427 -94,120
210,128 -81,498
Central of Georgia
September - 2,053,567 2,088,289
289,203
474,837
From Jan 1 19,710.609 16,719,217
2,995,849 2,943,996
Delaware Lackawanna & Western
September _ 6,297,225 8,584,549 1,011,751
551,682
97,490
474,035
From Jan 1 84,878,891 53,770,523 12,522,944 8,238,775 8,611,783 4,545,501
Fonda Johnstown & Gloversville
September. 110,399
121,331
48,065
40,816
51,840
32,976
From Jan 1 1,128,913 1,029,403
367,048
437,461
419,021
366.901
Fort Smith & Western
September - 134,765
156,980
15,376
9.570
44,329
37.903
From Jan 1 1,143,098 1,174,984
155,058
147,413
201,133
102,353
Galveston WharfSeptember- 151,159
From Jan 1 1,028,891
Green Bay & westernSeptember- 105,707
From Jar, 1 973,184
Kansas City Southern
September _ 1,953.199
From Jan 1 18,871,958
Lake Terminal
September _
90,939
874,496
From Jan 1
-Midland Valley
September
. 386,311
From Jan 1 3,357,930
142,157
1.071,982
59,996
266,240
48,401
152,784
39,996
104,152
-4,369
87,979
105,350
1,011,656
30,269
-1,362
-9,268
130,923
1,781,580
541,045
461,885
440,581
355,728
14,725,865 4,5131,929 3,732,390 3,885,915 2,784,957
87,263
778,988
6.584
61,584
-8,853
200,590
408,482
119,813
146,899
3,402,848 1,089,568 1,295,349
650
4,993
-12,994
150,053
104,597
130,115
931,142 1,163,240
-Monongahela Connecting120,144
septe,mber. 241,403
_
49,087 -14,130
48,373 -18,165
From Jan 1 2,084,762 1,181,981
392,533
187,015
167,683
370,599
'Montour
209,181
51,629
September. 219,870
41,099
116.656
114,798
596,269
640,185 -15,890
From Jan 1 1,894,998
522,087 -35,271
New York Central
September _34,448,185 33.351,448
6,011,007 3,607,935
From Jan 1320602,476 256603,639
60,496,603 35,087,988
Norfolk Southern
684,373
182,559
September _ 732,108
141,843
143,479
109,523
From Jan 1 8,775.358 8,122,293 1,557,456 1,210,894 1,211,485
933,042
-Philadelphia & Reading
819,096 1,573,662
September - 7,454,934 6,782,686
348,439 1,424,712
From Jan 1 80,431,809 55,891,782 25,030,217 10,454,217 22,234,091 8,890,294
Rutland
538,046
September - 601,193
97,384
81,327
From Jan 1 5,128,043 4,280,835
708,952
351,785
Union Pacific
September _21,577,642 19,297,035 7,672,111 4,704,730 6,572,518 3,558,901
From Jan 1 150294341 135455,655 37,6313,739 31,746,224 27,872,382 21,429,647
Vicksburg Shreveport es Pacific
277,918
97,386
September _ 377,912
21,890
73,199
4,283
940,294
285,678
From Jan 1 3,249,778 2,671,738
436,804
862,591
Electric Railway and Other Public Utility Net
Earnings.- The following table gives the returns of
ELECTRIC railway and other public utility gross nnd net
.earnings with.charges and surplus reported this week:
Companies.
-Gross Earnings- -Net Earnings
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
$
Sept 721,677
537,319
Alabama Power Co
mos ending Sept 30._ 7.295,912 5,177,214
12
Amer Elec Power Co_ --Sept 1.657,198 1,604,947
9 mos ending Sept 30...15,674,674 14,153,919
Amer Power & Light Co Aug 2,391,585 2,263,854
12 mos ending Aug 31_ _30.641,262 28.024,139
Sept 106,174
85,071
Colorado Power Co
992,302
12 mos ending Sept 30_ _ 1,143.795
_Aug 841,884
776.202
zSouthwestern Pr & Lt _
.
12 mos ending Aug 31-10,657,099 9,680,888
x Earnings for subsidiary companies only.
$
$
228,823
382,540
3,289,776 2,640.369
54,465
116,250
655,192
1,191,939
881,161
938,781
12,506,515 11.689,768
36,882
57,825
439.683
581,479
336.058
349,459
4.996.325 4,660.928
[VoL. 117.
Gross
Earnings.
S
Brooklyn City RR Sept '23 1,011,410
Net after
Taxes.
$
Fixed
Charges.
196,340
12,365
Co
'22 1.017,207
242,935
52,506
3 mos ending Sept 30 '23 3,011,831
642,241
155,803
'22 2,948,496
610,473
150.162
Cleve Painesv &
Aug '23
64,324
12,930
13.704
Eastern
'22
70,570
18.899
14.310
8 mos ending Aug 31 '23
471,334
98,277
110,022
'22
142,933
486,896
111,519
Ft Worth Power
Aug'23
245,187 *103,312
17,979
Light Co
'22
19,104
203,073 *101.102
12 mos ending Aug 31 '23 2,877,528 *1,345,299
227.867
'22 2,475,155 *1,305,330
212,286
Idaho Power Co
Aug '23
237,448 *122 304
63,798.
'22
232,918 *128.349
58.776
12 mos ending Aug 31 '23 2,532,270 *1,406,748
746.866
'22 2,382.287 *1,406,311
700,823
Kansas City Power Sept '23
667,063
308,811
80,191
& Light
'22
253,598
613,826
89,188
12 mos ending Sept 30'23 8.807,954 4,218,779
887,715
'22 7,553,847 3.551,853 1,213,872
Kansas Gas &
Aug '23
372,624 *110,038
91,116
Electric Co
'22
*97,114
346,449
64,192
12 mos ending Aug 31 '23 5,437.353 *1,819,269
898,666
'22 4,963,054 *1,678.871
768,477
Lake Shore Elec
Aug '23
70,873
259,453
35,329
'22
244,763
70,748
•34,353
8 mos ending Aug 31 '23 1.847,099
400,780
283,813
'22 1,635,545
412.472
276.405
Nebraska Power
Aug' 23
295,716 *126,933
54,375
Company
'22
*88.830
280,232
51,282
12 mos ending Aug 31 '23 3,743,886 *1,632,939
652,252
'22 3,294,487 *1.313,103
609,803
New York Dock
Sept '23
267,499
149.410 x108,740
Co
'22
298,170
160.389 x117,175
9 mos ending Sept 30 '23 2,489,934 1,382,736 z974.685
'22 2,974,157 1,613.937 z1,072.664
Pacific Power &
Aug'23
267,564 *133,638
60.698
Light
126,214
22
260,375
55,607
12 mos ending Aug 31 '23 3,059,645 *1,479.090
671,975
'22 2.952,013 *1,367,456
676,474
Portland Gas &
Aug '23 262,319 *87.284
40,299
Coke Co
'22
275.635 *101.520
36,498
12 mos ending Aug 31 '23 3,374,601 *1.248,902
435,735
'22 3.337,186 *1,029,603
442,874
Texas Power &
Aug '23
398,090 *131,681
58,409
Light Co
'22
374,181 *136.398
71,810
12 mos ending Aug 31 '23 5,255,137 *2,160,105
725,172
'22 4,787,315 *1,954,742
763,458
Virginia By &
Sept '23
859,469 *319,438
99,085
Power Co
'22
846,781 *320.837
97,753
9 mos ending Sept 30 '23 7,777,696 *2,937,339
892,136
'22 6,830,822 *2 385 857
889,561
York Utilities Co
Sept '23
x4,242
16,590
*-21
'22
19,375
*6,296
z4,091
9 mos ending Sept 30 '23181,817
*21.325
'99
177 Isa
* 125
* After allowing for other income. z Includes taxes 36:773
.
Balance,
Surflus.
143,975
190,429
486.438
460,311
-774
4,589
-11,745
31,414
85,333
81,998
1,117,432
1,093,044
58,506
69,573
659,882
705,488
228,620
164.410
3,331,064
2,337.981
18.922
32,922
920,603
910,394
35,544
36,395
116,967
136,067
72,558
37,548
980,687
703,300
40,670
43,214
408,051
541,273
72,940
70,607
807,115
690.982
46,985
65.022
813,167
586,729
73,272
64,588
1,434,933
1,191,284
220.353
223.084
2,045,203
1,496.296
-4,263
2,205
--15,985
21,352
FINANCIAL REPORTS
Annual, &c., Reports.
-The following is an index to at
annual and other reports of steam railroads, street railways
and miscellaneous companies published since and including
September 29 1923.
This index, which is given monthly, does not include reports in to-day's "Chronicle."
Bold face figures indicate reports published at length.
Page. Industrial(Concluded)Steam RoadsPage.
1552 Houston 011 Co.(of Texas)
Alabama Great Southern RR
1783
Ann Arbor RR
1460, 1552 Hurley Machine Co
1468
1771 Independent 011 & Gas Co
Atlantic Coast Line Co
1783
Baltimore & Ohio RR
1460 Indiahoma Refining Co
1458
Boston & Albany RR
1555 Intertype Corporation
1784
Fort Smith dc Western RR
1774 Invincible 011 Corp
1784
Georgia Southern & Florida By
1770 Iron Products Corp
1581
Interborough Rapid Transit Co--1775 Island Creek Coal Co
1784
Kentucky Securities Corp. dr subs__ 1661 Italian Power Co. (Dol.)
1784
1771 (Julius) Kayser & Co
Mississippi Central RR
1773
Mobile & Ohio RR
1558, 1659 Kentucky Utilities Co
1669
New Orleans North Eastern RR_ __ _1770 Kerr Lakes Mines Ltd
1459
Phila. & Reading Coal es Iron Co_ -.1659 Lake of the Woods Milling Co., Ltd
Southern Railway Co
1659
1562, 1661
Electric Railways
Libbey-Owens Glass Co
1670
New Orleans Public Service Inc ...._1462 Magor Car Corp
1870
1582, 1670
Portland By., Lt.& Power Co.1483, 1664 Marlin-Rockwell Corp
1871
United Gas & Electric Corp
1557 Middle States Oil Corp
Industrial
Moon Motor Car Co., St. Louis.- 1458
1562
1773 Nash Motors Co
American Seeding Machine Co
1785
American Shipbuilding Co_ _ _ _1465. 1554 National Steel Car Corp., Ltd
1671
.1458 National Supply Co. of Del
American Smelting & Refining Co.
1780 Nevada-California Electric Corp. l469
American Sumatra Tobacco Co
American Telephone & Telegr. Co...1772 New England Telephone & Telegraph
1785
1780
Co
American Window Glass Co
1470
1558 New England Power Co
Amoskeag Manufacturing Co
1469
New Haven Dalry Co
Associated Gas & Electric Co.,
1558, 1660, 1685 New York State Gas & Elec. Corp,_1563
1465 New York Steam Corp
147
Associated Oil Co
1780 Niagara Falls Power Co
1785
Barnett Leather Co., Inc
1405 North American Co
1470, 1583
Dates Mfg Co. Boston
1455 North American Provision Co
1785
Beacon Falls Rubber Shoe Co
1559 Ogilvie Flour Mills Co., Ltd
1785
Boston Consolidated Gas Co
.1559 Otis Elevator Co
1788
Boston Woven IIose & Rubber Co.
1559, 1688 Ottawa Light Heat es Power Co__ -.1470
Canada Breaa Co., Ltd
1553
Canadian Locomotive Co., Ltd. A458 Pacific Coast Co
1867 Pacific States Lumber Co
1563
Charcoal Iron Co. of America
1887 Penn Seaboard Steel Corp_ _ _1470, 1563
Cincinnati Gas es Electric Co
1553
1559 Pennsylvania Salt Mfg. Co
Cities Service Co
1788
Columbia Graphopbone Mfg. Co--.1780 Pepperell Mfg. Co
1788
1867 Pillsbury Flour Mills Co
Commercial Chemical Co
1772
Commonwealth Power Corp
1468 Pittsburgh Steel Co
1563
1667, 1782 Plymouth Cordage Co
Congoleum Co., Inc
1687 Queen City Paper Co., Cincinnati,
Consolidated Naval Stores Co
Ohio
1668
Consumers Power Co
1788
Continental Can Co., Inc_ _ _ _1668, 1782 Republic Iron & Steel Co
1771 Russell Motor Car Co., Ltd
1773
Crucible Steel Co. of America
1788
1468 St. Lawrence Flour Mills Co
Cuban-American Sugar Co
1580 Singer Mfg.Co
Cuyamel Fruit Co
1565
1782 Southern Counties Gas Co
1471
Dallas Gas Co
1868 Standard Milling Co
1881
Dayton Power & Light Co
1608 (James) Stewart & Co.of N.J
Dryden (Ontario) Paper Co
1471
1467 Stromberg Carburetor Co. of AmerDwight Manufacturing Co
lea, Inc
Edison Electric Illuminating Co.__ A560
1471
1467 Superior Steel Corp
Edwards Mtg. Co., Boston
1471
Famous Players-Lasky Corp_ _1888, 1782 Tonopah Belmont Development Co-1873
Trant & Hine Mfg. Co
Ford Motor Co. of Canada, Ltd.,
1787
1660 Universal Leaf Tobacco Co., Inc...1459
Ford, Ontario
Foster & Kielser Co.,San Francisco-1868 Waldorf System, Inc
1787
Francisco Sugar Co
1783 Western Canada Flour Mill Co.,
Ltd
Godschaux sugars, Inc
1459
1673
Hartman Corp., Chicago
1467 Western Power Corp
1472
Western Union Telegraph Co
Haverhill Gas Light Co., Haverhill,
1788
1783 (R. H.) White Co., Boston
Mass
1568
Hendee Manufacturing Co
1869 White Oil Corp
1673, 1788
Williams Sealing Corp..Decatur,111-1788
OCT. 27 1923.]
THE CHRONICLE
Third Avenue Railway Co.
(Annual Report for Year ended June 30 1923.)
President S. W. Huff Oct. 10 wrote in substance:
Entire System included.
-The company and its subsidiary corporations,
which comprise the Third Avenue System, are treated in this report as a
system, and the statements are consolidated statements, with inter-company charges and credits eliminated.
Results.
-For the year ending June 30 1923 operating revenue of the
system was 314.406.784. an increase of $265,371, or 1.88%. as compared
with 1922; operating expense was 310.726,984. an increase of $171,957, or
1.63% as compared with previous year; net income of $301,276, or an
Increase over the previous year of $93,802. With the increases that have
prevailed in costs of labor and material, we have felt we were fortunate in
being able to keep the increase in operating expenses below the increase in
receipts.
Increased Costs a Heavy Burden.
-You no doubt realize the very difficult
position in which we are placed by the inability to pass on to the riding public the increased costs of labor and material. In most enterprises such increased costs can be taken care of by increasing the price at which the
product is sold, but with the fare remaining at 5 cents, the management
has been confronted with costs of operation doubled, with no opportunity
to pass this on to a consumer who is paying for almost everything else that
he uses two or three times as much as he formerly paid.
The fact that we must continue to furnish the consumer more than he
pays for, in order to be able to sell our product at all, renders it very difficult, if not impossible, to earn a fair return upon your investment. Such
a period of prosperity as prevails at the present time, when costs of labor
and materials are abnormally high, is a particularly difficult one for street
railway properties with a fiked and invariable fare.
Interest on Adjustment Bonds.
-The property earned, during the fiscal
year. a fraction more than 6% on the 5% Adjustment bonds and directors
authorized two interest payments of 3% each, making 6% for the year,
5% being the current interest and 1% being a payment upon the accumulated interest on these bonds. There remains as interest still unpaid upon
these Adjustment bonds 213(i%•
Depreciation and Contingency Account, &c.
-There has been some misunderstanding as to the amount that is available for payment of accumulated interest on these bonds, due to the fact that all our cash or its equivalent in securities has been carried heretofore in the current assets account,
without reference to the amounts that were due to depreciation and contingencies and other reserve accounts. With this report is submitted a balance sheet which shows cash or securities to the amount of the depreciation
and contingencies account, set apart so that it can be seen just what current
assets the company has available for general purposes. It will be seen that
these assets are not more than are necessary for the safe operation of the
companies and the protection of your interest in the property.
It is true that at times the current assets have been less, but it is also true
that at such times your interests were seriously jeopardized by reason of
the company's shortage of cash. It was then unavoidable, but directors
do not feel that such risks should be taken unless it is absolutely necessary.
They believe that sufficient cash or its equivalent should be kept available
at all times for the purposes of the company, and that the surplus that has
been already created should be maintained for the protection of the property. They have, however, paid out in interest on the Adjustment bonds
approximately all that has been earned during the last two years,5% being
paid last year and 6% this year.
After the reorganization of the Third Avenue Ry. In 1912. 20% of the
gross receipts of the companies of the system was set aside for maintenance
of the property, depreciation and contingencies. Under the low costs of
labor and material prevailing prior to the war, this provided for the maintenance of the property and created a depreciation and contingency fund,
Which was invested in the securities of the company as follows: 32,022,498
Third Avenue Ry. 1st Ref. 4% bonds. 9254,388 Third Avenue Ry. 5%
Adjustment bonds.
With the high cost of labor and material prevailing during the war and
since, it was necessary to increase this percentage of gross receipts for
maintenance, depreciation and contingenices from 20% to 25%, and during a portion of the time it required the entire 25% to maintain the property or to take care of deferred maintenance, but there have been periods
In which a substantial part of the 25% went into the depreciation and contingency account. During the past year about $750,000 passed into that
account, partly due to the fact that it was difficult to secure sufficient labor
to carry on the maintenance work, and partly to the fact that it was not believed to be economical to perform under present costs, maintenance work
that might be deferred to a more favorable time for the purchase of material
and employment of labor, and when the money could be expended more
economically for maintenance work.
It is important that a depreciation and contingency fund be created and
that actual cash or its equivalent be set aside to cover this account, not only
because or the necessity for actually purchasing from time to time additional equipment to replace that which has worn out or become obsolete.
but because it would seem particularly desirable to have a cash fund available from which to borrow. in order to cover the actual cash expenditures
that have to be made under capital account.
So long as accumulated interest on the Adjustment bonds remains unpaid, It is not permitted to acquire or construct additional lines, for which
additional capital might have to be issued. It is necessary, however, in
order to operate lines already owned or controlled, that from time to time
expenditures should be made on account of additions to capital. The city,
for example, requires the paving of streets upon which we have tracks, and
upon which there has not previously been any paving; or it requires a more
expensive type of paving; or our car equipment requires additions and
Improvements, all of which may be additions to capital. The amount
thus expended during the past fiscal year was $533,607. All of these expenditures that are an addition to capital are passed on by the Transit
Commission and their capitalization approved. Under the ordinary conditions of operation, additional securities would be issued to cover these
additions to capital. Under the present conditions, you appreciate, of
course, it would be almost suicidal for the company to undertake to market
additional securities, and these expenditures must of necessity, therefore,
be taken care of out of the surplus of the companies, or borrowed from its
depreciation and contingencies fund.
The increased actual physical property of the companies, upon which
they are entitled to increase their capitalization, is an offset against the
depreciation of the property that has already taken place,or is to take place.
and it is perfectly legitimate to borrow from the depreciation and contingency account in order to meet the requirements of the capitalization account. It would seem under present conditions that this would be a wise
procedure and for the best interests of the security holders of the companies.
At any time that conditions might be favorable, additional securities can
be issued for the capital account. And the depreciation and contingency
account reimbursed for the funds borrowed from it, while for the present the
properties are saved the great sacrifice that would result from an effort to
market securities under present conditions.
If the issuance of additional securities can be avoided, with the increase
of gross receipts that must result from the growth of the territory of the
companies, the financial position of the company should be greatly strengthened, regardless of any temporary setbacks that may come due either to
Increases in the cost of labor and material, or to the temporary loss of receipts.
CONSOLIDATED STATEMENT OF INCOME OF THE COMPANY AND
CONTROLLED COMPANIES, YEARS ENDED JUNE 30.
Operating Revenue1921.
1922.
1923.
1920.
Transportation
$14,008,415 $13,783,348 $13,158,414 $11,431.402
Advertising
121,756
120.000
150.000
108.244
Rent of equipment
34,552
5,327
Rent of tracks & termls_
26,868
31.593
26,005
58.887
Rentofbldgs.& oth.prop.
196,746
174,695
168,011
122,163
Sale of power
12,695
21.209
13.117
26,047
Total oper. revenue_314.406,785 $14,141,413 $13,499.226 $11.752,070
Operating ExpensesMaint. of way & struc_ - $1,425,234 $1,667,319 $1,696,067 31.607,497
Maint. of equipment_ _ 1,334,189
1.211,766
1,347,667
1,218,981
Depreciation accruals-- 597.178
733,347
376,718
112.320
Power supply
1,119,464
1,223,969
1,257,292
923,434
Operation ofcars
4,574.374 4,492.966 4,896.977 4,102,992
Injuries to pers. & prop930,970
871,077
925,325
832.415
General & misc. expense
535,364
564,795
537,560
487.083
Total opor. expense_ -$10,726,984 $10,555.027 $11,037.607 $9,284.722
1881
1921.
1923.
1920.
1922.
Net operating revenue__ $3,679,800 $3,580,386 $2,461,620 32,4b7,347
Taxes
879,319
964,970
816,939
968,044
Operating income_ _ _ _ $2,711,756 $2,621,417 $1,582,301 31.650.408
Interest revenue
213,486
191,909
287,349
261,537
Gross income
$2,999.105 $2,882,954 $1,795,787 $1.842.317
Deductions
$548,080
$548,080
Interest:(1)lstM.bonds $548.080
$548,080
(2) 1st Ref. M.bonds_
879,620
879.620
879,620
879,620
(3) xAdust. M. bonds
. (unpaid since Oct. 1
1.126,800
1,126.800
1,126,800
1,126,800
1917)
Track & term'l privileges
12,436
14,331
14,767
14.524
Misc, rent deductions
12,903
11.558
9,794
7.783
19.786
Amort.debt disc. & exp_
20.274
20.783
21,315
33,480
Sinking fund accruals..
33.480
33.480
33,480
54,581
Miscellaneous
38,255
42,156
66,226
Total deductions
Net income
$2,697,829 $2.675,479 $2.672.398 32.687,713
$207,474 def.3876,611 def.$845,396
5301.276
Note.
-Interest on Adjustment Mtge. Income bonds is included in the
above at the full rate of 5%. An initial payment of 1 % on the Adjustment bonds was paid April 1 1913 for the 6 months ending Dec. 31 1912.
Regular semi-annual diva. of 2 % each were paid to and incl. April 1917.
In Oct. 1917 paid 1q%;in April and Oct. 1918, nil. None thereafter until
April 1 1922, when 11% was paid for the six months' period ended Dec.31
1921. The directors on Aug. 29 1922 authorized the payment of 351%
int., payable Oct. 1. making a total for the fiscal year of 5%. During the
fiscal year ended June 30 1923 6% was paid, leaving 21 % accumulated
int. still unpaid (see text above).
BALANCE SHEET JUNE 30.
1923.
1922.
1922.
1923.
Assets
$
Liabilities$
Railroads & equip_80.941,211 80,557,852 3d Av.Ry.stock_ _16,590,000 16,590,000
Sinking funds__ 217,392
206,405 Controlled cos.stk. 390,600
420,600
Special deposits_ _ _x1,218,371 1,187,331 Fund.debt(bds.)Deprec.&°opting_ 2,022,498 2,022,498 3d Av.By.Co_y49,526,500 49,526,500
Investment fund._ 254,389
254,389
Controlled cos__ 6,623,361 6,628,361
U.S.Govt.securs_ 1,924,980 1,923,280 Accts.& wages pay. 476,010
392,635
Misc. securities_ _ 234.000
282,750 Int. mat'd & unpd. 711,285
652.508
Cash
1,243,078 1,414,958 Interest accrued__
78,605
78.605
Accts.receivable
510,662
270,354 Tax liability
785,363
819,007
Materials & suppl_ 824,752
615,270 Int. on Adj. Mtge.
Unexp. ins. prem_
2,663
39,321
bonds
5,171,620 5,566,000
Unamort. debt dis. 1,149,848 1,171,164 Reserve for adj.
MLscellaneous
7,256
19,434
deur., conting.,
Deficit
1,943,493 2,280,592
sink. funds, &e_12,102,603 11,605,026
Total
92,494,591 92,245,598
Total
92,494,591 92,245,598
x Includes deposit with City of New York, $85,250; lessees' deposit.
$43.159; deposit in lieu of mortgaged property sold. $57.669; cash. $81.584:
matured coupon interest, $711,285; tnislellaneous. $2,500. y Includes 1st
Mtge.5% bonds, 35,000.000: 1st Ref. Mtge.4% bonds, $21,990,500; Adj.
Mtge. 5% bonds, 322.536.000.-V. 117, p. 1778. 1665.
American Window Glass Co.
(Report for Fiscal Year ended Aug. 31 1922.)
President William L. Munro reports in substance:
Operations.
-At the beginning of the fiscal year just closed company
was operating ten of its 13 tank furnaces. In November company shut
down one of the furnaces at the Kane factory on account of a shortage
of natural gas. At the end of June it shut down one of the furnaces at
the Belle Vernon factory on account of a shortage of labor; and In July
It shut down one of the large furnaces at the Arnold factory for the same
reason. During the year company was also obliged to shut down two
other furnace for cold repairs, one of which resumed operations after a
shutdown of two months.
Notwithstanding this reduced operation, the factories produced the
largest amount of glass in the history of the company.
Not only in the matter of quantity of production have the factories
surpassed all previous records; they have also excelled in the quality of
the output. There never has been a time when the factories could so
easily produce whatever sizes and qualities were demanded by tee trade as
during the past fiscal year. To such an extent have the factories improved
the quality of the product that they are able to produce more glass of better
quality than we are able to sell.
The amount of glass of inferior quality produced with our process is
so small that we prefer to remelt it rather than market it as an inferior
quality at a lower price. To such an extent are many of our competitors
marketing these inferior qualities at materiallylower prices, that we have
been compelled to market a limited amount of It to our customers who
demand it in order to enable them to compete with the lower priced inferior
qualities of these competitors.
During the past year, on account of the shortage of labor, operations
were carried on under even greater difficulties than during the boom of
1919-1920, when the labor shortage was so acute. The turnover ofcommon
labor was enormous; and was undoubtedly greater on account of the great
shortage of dwelling houses and boarding accommodations in the factory
towns.
In July 1922 the box shop and lumber yard at our Arnold factory were
completely destroyed by fire. This did not compel the shutting down of
the furnaces at that factory. The new box shop at Arnold was ready
for operation after two months.
In March last we had another fire at the Arnold factory, which destroyed
a large portion of the cutting-room and a portion of the flattening house.
This compelled us to close down one of the furnaces then in operation for
a cold repair, while the balance of the factory continued in operation.
By extraordinary efforts the destroyed portions of the plant were rebuilt
in about two months, and operations were again resumed on the furnace
that had been shut down.
The company gave a 20% Increase in wages to its labor, effective Aug.
26 1922, in line with the increase granted similar labor by other manufacturers; and again on April 1 last gave a 10% increase in wages in order
to pur our factories in position to compete with other manufacturers in
the labor market.
Improvements.
-After the box shop at Arnold was destroyed. we built
a much larger box shop of brick and steel, which will be sufficient for
any future extension of the factory. This box shop was built as nearly
fireproof as possible, and is considered by insurance men one of the finest
in the country.
During the year contracts were let for the following new Installation
at the Jeannette factory:
No. 3 furnace building, equipped with storage bins and hot cullet conveyors; producer plant, equipped with mechanically fed and poked producers; coal crusher and cold storage bin; boiler house and power building;
second story cutting room 920 ft. long, containing 80 cutting stalls; the
necessary flues to connect up the new producer plant with the gas flues
in the flattening house and to the furnaces; and a central cutlet crushing
and storage bin. Entire installation is most modern and up-to-date, and
includes many improvements which are not found in any other installation.
We have also decided to erect a new office oullding at this factory, which
will no U keeping with the rest of the work at that plant.
We have experienced very great delay in the completion of these contracts. The No. 3 furnace building, which was to have been completed
by May 1. will not be finished for a few weeks. By that time the new
No. 3 furnace, which we are building ourselves, will also be completed.
This furnace wilt have a capacity of 1,000,000 50
-ft. Poxes of single-strength
glass per annum. When all the improvements at the Jeannette factory
are finally completed. It will be an Installation of which the company may
justly be proud, and one that will enable us to produce glass at a very
favorable cost.
No new work of any great importance has been found necessary at the
other factories. The buildings and equipment at all the factories have
been maintained in good order and repair.
Sales.
-As production during the past year surpassed all records, so also
did the volume of our sales. The demand for our glass was very good
from the beginning of the Used year down to May 1. when it dropped off
very decidedly, along with demand in other lines. It has continued very
1882
FoL. 117.
THE CHRONICLE
light down to the close of the fiscal year, but with the large volume of
building still being carried on, we confidently expect a substantial improvement before the winter months.
As a result of the 20% increase In wages given the latter part of August
1922. the company finally found it necessary to make a corresponang
increase in its selling price, which was not done, however, until Oct. 17
1922. at which time the selling price of our window glass was increased
In an amount just sufficient to equal the increase in the wages of our labor.
Notwithstanding the gradual and continuous increase in our material
and fuel costs, and the additional increases in wages given In April 1923,
no further change was made In the selling price of single and double-strength
glass during the entire year.
e- In addition to the large demand for domestic glass a very large amount
has been imported. Comparatively little of this has been imported on
the Atlantic seaboard. Nearly all of it has been imported from Belgium,
on the Pacific Coast. So far as we can learn the total imports to all ports
-ft. boxes during the
In the United States amount to about 800.000 50
past year. This represents about 8% of the total amount of glass produced In this country during that period. As has been previously pointed
out, this great volume of imports Is possible under the present tariff, due
of
to the lower costs of labor and raw materials in Belgium, and as a result as
the difference in freight rates from Antwerp to Pacific Coast points,
the rates from Pittsburgh to the same points. The precompared to
vailing freight rate on window glass from Antwerp to Pacific Coast points
through the Canal is 29}ic. per 100 lbs. The freight rate on window
glass from Pittsburgh to Baltimore is 31c. per 100 lbs.: while the rate from
Pittsburgh to Pcaific Coast points. via Baltimore and the Canal, is 81c.
per 100 lbs.: and the all-rail rate from Pittsburgh to Pacific Coast points
Is 31 45 per 100 lbs. The difference between the Antwerp ocean rate and
the Pittsburgh-Baltimore ocean rate, 513c. per 100 lbs., makes our laiddown cost 50c. per box higher than the Belgian glass, without taking into
consideration the fact that with the conditions prevailing in that country
they are able to produce and sell window glass at a much lower price than
it can be produced in this country at this time.
Although the Belgian glass was laid down on the Pacific Coast at very
much lower prices than ours, we were able to market a considerable quantity
of our glass there on account of our superior service and better quality.
At all times we are able to secure from 10 to 15% more for our glass than
the cost of Belgian glass laid down in the same market. but In spite of
this preference given us by the buying trade, it was necessary for us to
absorb a large amount of the freight to the Pacific Coast in order to prevent
the Belgian glass entirely supplanting us in that market.
During the year we have had a very large demand for our 3-16 glass,
and were able to market all that we could produce at very favorable prices.
The quality of this glass. Its absolute flatness and uniformity in thicicness,
has won for it a place in the market from which it will not be possible to
displace it.
-oz. picture glass that we have
We also sold the largest amount of 16
ever sold in any year. We are still the only manufacturer in the United
States able to produce glass of this kind, and it is meeting with increased
favor with the trade. The quality of it continues to be superior to the
Belgian picture glass.
The company has lost practically all of its export trade by reason of
being undersold by the Belgian manufacturers in the foreign markets,
and was obliged to close its Buenos Airess office, as it was no longer a paying
proposition. We are still doing a small export business, but the volume
Is of no importance.
-Very little new work has been
Western Pennsylvania Natural Gas Co.
done by this company during the past year. The only wells drilled were
in the Kane field, where we drilled four wells. These wells were all small
ones, but with the long life we secure from wells in that field, they will
show a substantial profit to the company.
The supply ofgasin the three gas fields is steadily decreasing, but not very
rapidly. The operations of the company continue to show a satisfactory
profit.
CONSOLIDATED DEFICIT ACCOUNT YEAR ENDED JULY 31 1923.
Operating deficit
$2,148,409 Loss for year ended July 31 '23 $508,600
Add-Ad.:1'1 Fed. tax. (yr.'20)
2,886
Loss on Cons. Cig. Corp.stk. 110,141
Operating deficit at July
Pref. diva. on Grlf. Tob.stk.
31 1923
4,788
$2,930,008
Extraord. amort. of disc. &
Less capital surplus
560,889
comm. on 5
-year notes repurchased and retired
Net deficit at July 31 1923..$2,309,119
155,184
CONSOLIDATED
1923.
Assets$
Real est.,b1dgs.,&c. 8,725,088
Equipment
368,138
Good-will
911,427
Bk.fd.pref.stock of
Griffin'rob. Co- 107,095
Claims
58,141
92
734% notes
Investments
Notes & accts. rec. 4,395,167
Cash
627,500
Inventories
1,232,638
Crop-growing exp. 3,212.182
Livestock & suppl_ 388,178
Deferred charges
198,938
Int.accr.on notes rec. 46,200
BALANCE SHEET AS OF JULY 31.
1923.
1922.
1922.
Liabilities$
$
$
.
8,607,928 Preferred stock_ _ 1,963,500 1,963,500
376,695 Common stock
x12,079,466 12,861,088
equity
911,427
Pref. stock Griffin
Tobacco Co__.... 150,000
150,000
1309,749
3,690,200 6,583,800
12.164 Gold notes
12,800 Notes and accounts
payable
2,239,885 1,273,427
1,840,000
4,883,124 Accrued taxes, In73,947
110,017
466,712 terest, &c
21,500
10,000
1,838,460 Drafts payable._ _
49,510
52,285
2,423,811 Insurance reserves
347,854
450,792
Total each side-20,270,783 22,981,320
x Represents net equity for Common stock of $14,448,585 (par $100).
This is arrived at by deducting the operating deficit of $2,930,008 and
adding capital surplus of $560,889, or a net deficit of $2,369,119 from the
amount of Common stock outstanding.
-V. 117, p. 1780.
New York Steam Corporation.
(Report for Year ended June 30 1923.)
INCOME ACCOUNT FOR YEARS ENDED JUNE 30.
1923.
1922.
Operating Revenues1921.
62,309,880 $1.994,442 $2,013,238
Downtown district
1,239,201
Uptown district
1,261.853
1,400,473
Total operating revenues
Non-operating revenues
$3,710,353 $3,233,643 $3,275,091
21.062
14,592
8,475
Total gross earnings
Operating expenses
Maintenance expenses
General taxes
Federal taxes
$3,731,415 $3,248,236 $3,283,566
62,446,865 $2,069,423 62,300,670
266.868
286,098
355.616
110,900
138.3401
145,626
30,8751
Net earnings
Bond interest
General interest
Bond discount and expense
Preferred dividends
$848,468
$299,475
9,719
23,258
68.127
$747,089
$300,000
$456,380
$300,000
20,000
70,000
20,000
70,000
Balance. surplus
666,380
$447,887
8357.089
The surplus account June 30 1923 shows: Surplus balance, 6258,460:
add surplus net income before deprec. & Common diva.. 6447,887: total
surplus, 8706.347. Deduct approp. for renewal & replacement res.,
$300,000: sundry surplus charges (net). $5.239: surplus June 30 1923.
$401,108.
COMPARATIVE BALANCE SHEET.
June 30'23, July 31'22,
The comparative income account was published in V.
June 30'23. July 31'22.
Liabilities
Assets
117, P. 1780.
Preferred stock... 1,079,000 1,000.000
Plant, prop., franCOMPARATIVE BALANCE SHEET.
13,542,252 10,214,034 Common stock_x7,320,000 5,262,520
chise, &c
Aug.31'23. Aug.25'22 Invested In stocks
Aug.31 '23. Aug.25'22.
let M.6% bonds- 5,193,000 5,000,000
$
$
Assets42,000
28,721 Notes payable_ _ _
3,427
14,000
& bonds
Fru,g'd-will, &e.20,917.893 21,953,508 Common stock_ .-13,000,000 13,000,000 Deposits & advs..
5,500 Accla payable....277,901
7,085
149,896
4,000,000 4,000.000 Bond disc, in proc.
Materials & supp. 3,512.023 2,875,555 Preferred stock.Cust.see. deposits,
482,041
18,267
70,267 Accts. payable_ _ _ 563,864
Investments
water etals, &c.
57,537
543,168
40,852
of amortization_ 557,282
140,000
5,000
5,000 Pref. div. payable 140.000
Treasury stock...
52,924
42,902 Accrued interest_
19,258
80.887
479,156 Deterred charges
Cash,notes,&c.,ree.1,589,776 3,872,287 Royalty accounts_ 781,291
540,516 Accr. taxes (sub. to
Cash
119.448
2,576,732
79,918
92,501 Res. for dep., &c_
Prepaid ins., &c_
268,744
review by U. S.
Acc'ts
299,546
1,327,771 1,097,742 Notes receivable
Tax reserve
U.S. Lib. bonds &
51,028
Treas. Dept.)
48,217
2,746
1,059
812,500 Profit & loss surp_10,383,850 7.905,944 Mansreceivable
U.S.Treas. Ws. 4,073,900
14,840
Sundry liabilities_
2.459
& supplies
25, 4.
328,614 Accr'd dive., &c..
346,060
(at cost)
30,196,776 29,681,616
Total
30,196,776 29,681,616
Total
Other liabilities_ 126,0.
-V.117, p. 1780, 1351.
Renew. & replace.
167,107
187,081
reserve
American Sumatra Tobacco Co. (Incl. Subsidiaries).
Contingencies res.
75,953
7,728
Other reserves....6,628
(13th Annual Report-Fiscal Year ended July 31 1923.)
43,676
Total(each side) _14,895,416 11,972,945 Earned surplus_ _ _ 401,108
William A. Tucker, Acting Pres., New York, Oct. 19,
x Common stock, authorized and issued, 30,000 shares of no par value.
V. 117, p. 1470, 1244.
wrote in brief:
operations for the year ending July 31 last have not resulted in a
The
profit, as the past fiscal year had to bear the continuing burden of the
business deflation.
The inventory 'of old tobaccos on July 31 1922 (embracing all crops
prior to 1922), amounting to 81,838,461. has been reduced, through sales,
to less than 8500.000 and such tobacco as remained unsold has all been
RAILROADS, INCLUDING ELECTRIC ROADS.
marked down to present market levels.
The following news in brief form touches the high points
Losses on operation in the growing and sale of tobacco during the year
the sum of $159,108, as against 6885,628 for the in the
1923 were reduced to
railroad and electric railway world during the week
previous year. This loss, together with interest charges on the company's
Gold notes and other extraordinary charges brought the total operating just past, together with a summary of the items of greatest
loss for 1923 to $508,599, against a total operating loss of $1,632,092 Interest which were published in full detail in last week's
for the previous year.
or "Current
The amount of approximately 81.700.000 realized by the sale of Con- "Chronicle" either under "Editorial Comment"
solidated Cigar Corp. stock was used towards the purchase and reduction Events and Discussions."
company's outstanding Gold notes. The amount of Gold notes
of the
-27 unions affiliated with
One-Man Cars Opposed in Massachusetts.
outstanding was reduced from $5.813.200 to 83.690.200. Of this reAmalgamated Association of Street & Electric Ry. Employees of
duetion $1.746.000 of Gold notes were cremated and the balance were the
America meet to urge elimination of one-man cars. "Boston News
placed in the sinking fund.
Oct. 24, p. 3.
The company is in a much improved financial position, the ratio between Bureau"
-Board of Conciliation grants
Canadian Way Men Win Wage Increase.
current assets and current liabilities being 4.24 to 1, and the ratio, in- Increase of 2 cents per hour to all maintenance of way employees of Canadian
cluding outstanding Gold notes. being 1.64 to 1.
Canadian National and Temlskaning & Northern Ontario railways.
Pacific,
The company has completed the harvesting of the 1923 crops of tobaccos "Wall St. Journal" Oct. 24, p. 11.
These crops have
In Connecticut, Massachusets, Georgia and Florida.
-By count of 10,000
Y. Central Shoprnen Vote to Abolish Piecework.
proven unusually good ones, both as to quality and quantity, and the to N.
4,000 shopmen favor ending piecework. Case to go to U. S. RR.
work of preparing these tobaccos for the market is now well under way in Labor Board. Oct. 25, p. 21.
the company's warehouses.
Railroads Prepare Report on Rates as Answer to President Coolidge's 'Sug-N. Y. "Times" Oct. 24, p. 30.
gestions for Reductions on Grain and Coal.
INCOME ACCOUNT FOR YEARS ENDED JULY 31.
-13.350 employees in
Atlantic Coast Line RR. Grants Wage Increase.
1923.
1922.
1920.
1921.
mechanical department granted increase ranging from 1 to 3 cents an hour.
Gross profits on sales.... $498,280 loss$18.438 $2,257,683 $5,201.283 effective Oct. 15. "Wall St. Journal" Oct. 23. p. 6.
602.179
865.047
660,101
General & selling turps__
825.413
Y. Auts Resolutions Opposing Changes
55,209
127.834 in Merchants' Association of N.N. Y. 'Times' Oct. 20, p. 22.
72.418
Discount on sales
78,654
Transportation Act of 1920.
-The following
Railroad Statistics from the American Railway Association.
loss$159.108 10586885.628 $1,525,164 $4,208,402 Is
Net oper. profit
Service Division of the American Railway
authorized
369,938
319.253 Association: by the Car
714,287
787,141
Int.on notearoans&mtgs.
comm.
Propor. of disc. &
Car Surplus.
-Even with loading of revenue freight running well ahead
-year notes
re 7M % 5
of previous years,
railroads on Oct. 14 had 27,062 surplus freight cars
86,893
16,419 In good repair and the
131.280
147,858
written off
available for use when needed.
56,985
Miscellaneous taxes_
8,094
64,809
The number of surplus freight cars was a decrease of 7,076 compared
Bad debti written ;off &
with the total on Oct. 7. Surplus box cars in good repair on Oct. 14
50,623
'
reserved
totaled
decrease within a week of 4.598. while there also was a
5,814
9,840 decrease19,231, a in the number of surplus coal cars immediately available
3.671
Miscellaneous charges
7,558
of 1.424
subs. on exp.
Net loss of
for service, which brought the total to 5,674. Surplus stock cars in good
275.199 repair number 977. a decrease of 208 compared with the number on Oct. 7.
account
116,727 while the number of surplus refrigerator cars amounted to 212, or a decrease
Lib.bond & for.exch.loss
173,319 of 847 within a week.
Deprec. bidgs. & equip_
-year
of retiring 10
Car Shortage.
-The reported car shortage on Oct. 14 was 15,920 cars,
Exp
56,937 of which 5,685 represented box cars, or 621 less than on Oct. 7, while
debenture bonds
x1,403,430
Depreciation ofinventory
there also was a reduction of 421 in the total shortage in coal cars, which
Int.rec'd & misc.income Cr.163,778 Cr.110.868 Cr.524,441 Cr.201.482 brought the shortage for that class of equipment to 4,170. The reported
804,173 shortage in stock cars totaled 2,341, or an increase of 738 over the shortgae
75,600
Federal and State taxes_
for that class of equipment on Oct. 7. The reported shortage in refrigerator
Net profit dc loss_ _ _ _noss$508,600*loss$3035522 *5966,637 $2,581,031 cars was 2,275, or an increase of 19 cars within the same period. The total
providing for deprec. of bldgs. x Deprec. of inventory. $1,528,- car shortage for the week ended Oct. 14 was a decrease of 240 from the
* Before
430:less reserve for inter-co. profit at July 311921,now eliminated.$125,000 total for the preceding week.
GENERAL INVESTMENT NEWS.
OCT. 27 1923.]
THE CHRONICLE
1883
Matters Covered in "Chronicle" Oct. 20.-(a) Railroad gross and net quarterly. Prof. stock shall also
over the Common
earnings for August, p. 1712-1715. (b) Eastern railroads in reply to stock in any distribution of assets have a preference up to $100. Pref.
other than profits
Brotherhoods' wage demands ask conference-to present counter demands, stock shall be red. on any dividend date at $110 per share and dividends.
p. 1740. (c) President Coolidge proposes that freight rates be cut on V. 116, p.2881,
grain and coal-railway executives to meet next week-grain rate investigation by Inter-State Commerce Commission, p. 1741. (el) SignalCentral New England Ry.-Guaranty, &c.
men on 45 railroads denied wage increase by RR. Labor Board, p. 1741.
See Hartford & Connecticut Western RR. below.
-V. 117. P. 85.
Algoma Central Terminals, Ltd.
-Bond Interest.
-
It is officially announced that payment will be made to holders of First
Mtge. 5% 50
-year gold bonds at the Bank of Montreal, London, Montreal
or New York, on Nov. 1 next, of interest at the rate of 1 4% for six months
from Feb. 1 1923, upon presentation of Coupon No. 8. This payment will
be made in accordance with a plan of arrangement and agreement already
entered into.
-V. 116. p. 1895.
American Niagara RR.
-Construction of Line.
-
The 1.-S.C. Commission on Oct. 10 authorized the company to construct
a line of road commencing at a point of connection with the railroad of the
New York Central, at or near its junction with the railroad of the Lehigh
Valley RR. in Tonawanda, N. Y. running thence in a southwesterly
direction to the easterly city line of the city of Tonawanda; running thence
southwesterly a distance of approximately 0.25 of a mile to the southerly
city line of the city of Tonawanda; running thence southwesterly and
westerly through the town of Tonawanda; running thence in a westerly,
southwesterly and northwesterly direction to a point on the east bank of
the Niagara River; running thence northwesterly across the east branch
of the Niagara River,said branch being known as the Tonawanda Channel;
running thence westerly across Grand Island to a point on the easterly
bank of the west branch of the Niagara River, known as the Chippewa
Channel; thence across said Chippewa Channel as far as the international
boundsy between the United States and Canada between turning point
No. 143 and turning point No. 144, a total distance of about 10.36 miles.
all in Erie County, N. Y.
Another company, the Canadian Niagara Bridge Co.. has obtained
authority in Canada to build a railroad from the western terminus of the
applicant's line to a point on the Michlsan Central RR. near Welland,
Can. The applicant's line in conjunction with the Canadian company's
line, will form a new connection between railroads on the American side
of the Niagara River and railroads on the Canadian side. Through improvements to be made by the New York Central on its Rochester Division,
Tonawanda Branch, and the connection to be made with the West Shore
RR.at Akron Junction, N. Y., a connection will be had by the applicant's
new line with the West Shore RR., opening for the use of through traffic
the line of that company, which is a heavy tonnage route, but which is
not now used to capacity.
The applicant was incorporated in New York on Dec. 30 1920. Capital
stock authorized is $1,000,000, of which $250,000 has been subscribed,
$25,000 in cash having been paid into its treasury on account of such subscriptions. The New York Central and the Canadian Pacific contro
the applicant.
-V.116, p. 514.
Barcelona Trac. Lt. & Power Co., Ltd.
-Interest.
-
Chicago & Alton Ry.-Listing.The New York Stock Exchange has authorized the listing of the Farmers'
Loan & Trust Co.'s certificates of deposit which are issued and outstanding
representing $7,018,000 34% 1st Lien 50
-Year gold bonds, due July 11950.
and coupons due Jan. 1 1923 and subsequent coupons of Chicago & Alton
By. deposited under the terms of a deposit agreement dated as of Aug. 30
1922, between the holders of certificates of deposit and F. H. Ecker, Bertram Cutler, J. H. Perkins, J. V. E. Westfall and Asa S. Wing, as a committee, and the Farmers' Loan & Trust Co. as depositary; with authority
on official notice of issuance to add such additional amount of such certificates of deposit as are exchanged for outstanding bonds, up to an aggregate
total of such certificates of deposit of $22,000.000.-V. 117, p. 1774. 1555.
Chicago & North Western Ry.-Bonds Authorized.
The I.
-S. C. Commission on Oct. 15 authorized the company to procure
authentication and delivery to its Treasurer of $9,277,000 First & Ref.
Mtge. gold bonds to be held in its treasury until the further order of the
Commission.
-V. 117, P. 1555, 883
.
Chicago Rys. Co.
-New Director.
-
Charles V. Weston has been elected a director, succeeding Williston
Fish.
-V. 116. p. 2515.
Chicsmo Surface Lincs.-Suit Dismissed.
-
Mayor Thompson's suit against the Chicago traction lines to nullify
the franchises under which they operate was dismissed Oct. 19 by Circuit
Judge Friend at Chicago on the motion of Corporation Counsel Busch.
Harry F. Weber. attorney for the surface lines, raised no objection. The
suit has been pending since Nov. 4 1919. The city's move, made with the
concurrence of the City Council, opens the way for the collection of the
$8,189,000, which is the city's share of the net receipts of the lines since
1920. It also makes possible demands on the part of the city for extensions of and improvement in the traction service.
-V. 117, p. 439.
Cleveland Cincinnati Chicago & St. L. Ry.-Tenders.
The Central Union Trust Co., trustee, N. Y. City, will until Nov. 1 receive bids for the sale to it of Gen. 1st Mtge.4% bonds dated Aug.2 1886 of
the Cincinnati Indianapolis St. Louis & Chicago By. to an amount sufficient
to exhaust $63,770 at a price not exceeding 105 and int.-V. 117. p. 433.
Dayton Springfield & Xenia Southern Ry.-Receiver.
Upon the petition of the Wisconsin Trust Co., Milwaukee, Wis., Judge
Smith Hickenlooper,in the U.S. District Court at Cincinnati,0.,appointed
Robert R. Landis of Dayton, 0. as receiver. The company on Oct. 1
last defaulted on the interest on the outstanding $396,000 1st Mtge. 5%
bonds, the principal of which became due on that date.
-V.117. p. 166,2.
The company on Oct. 20 announced that the interest coupon on the 6%
1st Mtge. bonds due Dec. 1 next will be paid at the rate of 1%% This
.
disbursement will bring the total distribution for the current year to
%•
Detroit United Ry.-Resumes Downriver Car Service.
The interest rate on the 1st Mtge. bonds is variable from 2% to 6% as earnService on the Wyandotte division of the company through the downings warrant. The authorized amount of the 6% 1st Mtge. bonds is
river municipalities was resumed Oct. 20 following the issuance of an
/10,500,000. of which /7,535,940 is outstanding.
Since Dec. 1918 the company has paid interest on these bonds at the rate injunction by Judge Henry A. Mandell restraining the village of Ecorse.
Mich., from interfering with the operation of cars through that village.
of 2% per annum.
-V. 117, p. 1232.
The rate of fare will be the same as that in force when service was inter' Birmingham Ry., Light & Power Co.
-To Pay Int. Due rupted Aug. 10. when the village of River Rouge obtained a court order
restraining the company from operating cars through its streets. See also
Nov. 1 on Ref. & Ext. 6s-Majority of Bonds Deposited with V. 117, p. 1347.
ammittee.The committee for the Ref. Ss Ext. Mtge. 6% Gold bonds, L. Carroll
Root (V.-Pres. Newman, Saunders & Co., Inc., New Orleans) Chairman),
In a notice to bondholders Oct. 25, says: "On Oct. 30 1923 the U. S.
District Court at Birmingham, Ala. will determine whether there shall
be a default in the payment of the interest due Nov. 1 1923 upon the
'
Ref. & Ext. Mtge. 6% Gold bonds.
"The committee has arranged to pay the Nov. 1 1923 coupon on bonds
deposited with it, either by purchase of the coupons or loans secured
thereby without interest.
"More than a majority of the bonds outstanding have already been
deposited with the committee. If 60% or more of the bonds are deposited
with the committee and the principal is due by declaration or otherwise,
responsible parties have contracted to buy and the committee has contracted
to sell the deposited bonds on or before May 1 1924 at a price sufficient
to yield to depositors the principal of their bonds and 6% interest from
May 1 1923 to the date of payment.
"Only bonds deposited with this committee are entitled to the benefits
of this contract and of the arrangements made by the committee for the
payment of the Nov. 1 1923 coupon mentioned above.
"No deposits may be made after Oct. 30 1923. except with the consent
of the committee.
"Bonds may be deposited with: Central Union Trust Co., New York,
First National Bank, Birmingham; Canal-Commercial Trust & Savings
Bank, New Orleans; United States Trust Co., Louisville, and Pennsylvania
Co. for Ins. on Lives & Granting Annuities, Philadelphia."
-Compare
also V. 117, p. 1662.
-Fare Plan Approved.
Duluth Street Railway.
The Wisconsin Railroad Commission has approved the agreement
recently reached by the city of Superior, Wis., and the company. The
-cent cash fare in Superior, Wis., with five tickets for
plan provides for a 10
30 cents. See V. 117, p. 1347, 1461.
-Equip. Trusts.
-Drexel & Co. in March last
Erie RR.
placed privately $900,000 53/2% Equip. Trust Certificates,
Series "II", issued under the Philadelphia plan.
Dated April 2 1923, due semi-annually Oct. 1 1923 to April 1 1938.
.
Denom. $1,000 c5 Divs. payable A. & 0. at office of Bank of North
America & Trust Co.. Phila.. trustee. Approved by the L-S. C. Commission.
Certificates were issued in part payment for standard railway equipment
consisting of 400 all-steel double hopper cars of 50
-ton capacity, 400 all-ton capacity and 200 steel underframe produce
steel twin hopper cars of 50
-ton capacity, costing $1,555.000.-V. 117, p. 1774.
cars of 40
Fort Dodge Des Moines & Southern RR.-lst M.5s.-
Bodell & Co. announce that they can supply 1st Mtge. 58 of 1938 at 80
and int. The bankers state that these bonds are selling at a very low price
compared with the strong position of the issue, both as regards property and
earnings. In their opinion there is an excellent opportunity for a substantial profit by the purchaser of these bonds at present prices, and they
recommend them for investment for the following reasons:
Bonds are secured by a direct first mortgage on the entire property,
having a replacement value in excess of double the amount of the First
-Earnings.Boston Elevated Rys. Co.
Mortgage bonds. Mortgage also covers all the equipment. It also covers
-3 Mos. end. Sept. 30- -9 Mos. end. Sept. 30- the electric light and power departments.
Period1922.
1923.
1923.
1922.
Earnings Year ended Aug. 311923.
Total oper. revenues_ _ _ $7.635,187 $7,458,041 $25,004,256 $23,811,345
5,545,954 17,941,104 16,448,771 Gross earnings
$2,466,012
Operating expenses
6.220,256
Operating expenses, maintenance and taxes
1,783,734
$1,414,930 $1,912,087 $7,063.152 $7,362,574
Net earnings
Net earnings before depreciation
$682.277
Operating income
$1,004,110 $1,493,586 $5.765,728 $6,193,010
29,238
280.000
117.205
37,786
Non-operating income211,244 First Mortgage bond interest
Gross income
Deductions
$1.041,896 $1,522,824 $5.882,933 $6,404,254
1.887.152
1,898,105
5,677.007
5,723,047
def4856,209def.$364.326
Net income
-V. 117, P. 1774, 1555.
$205.925
$681,208
--Earnings.
Brooklyn-Manhattan Transit Corp.
Quarter Ended Sept. 30Operating revenue
Operating expenses
Taxes
1923.
1922.
$9,681,053 $9.136,132
6,485,725
5,994,057
650.932
671,389
Operating income
Surplus, after charges
$2,544.395 $2,470,685
$814,696
x On account of receivership and reorganization no comparison with the
1922 is available -V. 117, p. 1555, 1346.
-Stock Off List.
Brooklyn Rapid Transit Co.
The capital stock of the company has been stricken from the list of the
New York Stock Exchange.
-V. 117, p. 1460.
-Director Resigns.
Canadian National Railways.
Richard P. Gough, of Toronto, Out., has resigned as a director -v. 117.
P. 552,
Carolina Power & Light Co.-Cavital Changes.
The stockholders will vote Nov. 5 on the following:
(1) To increase the total authorized capital stock from $8.500,000.
par $100, of which $5,000,000 is Common stock and $3,500,000 is Pref.
stock, to $12.000,000, Par $100. to consist of $6.000.000 Prof. stock and
$6,000,000 Common stock.
(2) When the capital stock shall have been increased as above, to change
the total authorized capital stock of $12,000,000. par $100. Into 120.000
shares of stock without par value, to consist of 60.000 shares of Prof. stock
and 60,000 shares of Common stock, and to exchange certificates with
Par value now outstanding for certificates without par value on the basis
of one share of Prof. stock for each share of Pref. stock, and of one share
of Common stock for each share of Common stock; such Pref. stock to
have the following preferences and to be subject to the following terms,
to wit:
The Pref. stock shall be entitled in preference to the Common stork
to cumulative dividends at the rate of $7 per share per annum, payable
Balance
$402.277
Earnings are well diversified, as net earnings are derived in relatively
equal amounts from its own freignt and passenger business, rental of
equipment and electric light and power.
Bonds are followed by $500,000 7% debentures, $1,363,100 Prof. stock,
on which regular dividends of 7% are being paid, and $2,634,000 Common
stock.
-V.116. p. 2883.
Hartford & Connecticut Western RR.-Ext. of Bonds.
The I.
-S. C. Commission *on Oct. 20 1923 (1) authorized the company
to extend from July 1 1923 to July 1 1933 the date of maturity of $700,000
1st Mtge. bonds, and to increase the rate of interest from 434 to 6%,and
(2) authorized the Central New England By. to assume obligation and
liability in respect of the 3700.000 bonds.
At the present time $683,000 of the bonds have been deposited for
extension.
By a letter dated July 5 1923, addressed to Charles A.Goodwin, Hartford,
Conn., Chairman of a committee representing the holders of $550,000
of the 1st Mtge. bonds, signed by C. L. Bardo, President of the Central.
the Central agreed that during each year of such extension period it would
purchase from the holders in the market, or from holders of bonds determined by lot, at not exceeding par, so many of said bonds as may be
acquired for $70,000, so that at the end of the extension period the entire
issue will have been purchased. This obligation is in addition to any of
its obligations under the lease. Under such agreement the first payment
will be made July 1 1924.-V. 117, p. 781. 86.
Henderson (Ky.) Traction Co.
-To Be Sold.
-
It is reported that the company's property will be sold at auction Oct.29.
The company ceased operation in July last. Interest due April last on the
$105,000 First Mtge. 5% gold bonds, due April 15 1927. was defaulted.
V. 107, p. 2289.
Houston & Brazos Valley Ry.-Reorganization Plan.
The receiver (0.0. Morris) was authorized in Dec. 1922 to issue $100.000
one-year 6% certificates for purpose of financing general rebuilding of
properties. Up to Oct. 1923 $50,000 of these certificates were issued and
outstanding.
In May 1923 the M. K. & T. reorganization committee disposed of the
interests of M. K.& T. Co. in H.& B. V. properties to Freeport Texas Co.
and associates, New York. The M. K. & T. owned a half-interest in the
$12.000 outstanding stock and $131,000 of the $420,000 first mtge. 5%
bonds outstanding,and the Freeport Texas Co.previous to May 1923 owned
THE CHRONICLE
1884
[VOL. 117.
60 steel passenthe remaining $12,000 stock and $79,000 bonds. Of the $420,000 bonds, freight locomotives, 10 Pacific type passenger locomotives,
cars.
one-half were guaranteed by the M. R. & T., principal and interest, but ger cars and 17 steel suburban passenger
Pending the delivery of the equipment,cash equal to the principal amount
the interest had been in default.
the equipment trust agreement,
A reorganization plan, the "Chronicle" learns, mutually satisfactory to of the certificates is to be deposited under
is delivered to the extent
all security holders, has been effected, and the properties are expected to to be withdrawn from time to time as equipment
said equipment is to be leased by the
01 75% of the cost thereof. All the
emerge from receivership prior to December 1923.-V. 115, p. 1532.
trustee to the Missouri Pacific Hr. Co. at a rental sufficient to pay the
-Dominick certificates and dividend warrants.
-Bonds Offered.
Hudson & Manhattan RR.
Guaranty.
-Principal and divs, unconditionally guaranteed by Missouri
& Dominick are offering at market, to yield about 6%%, a Pacific RR.
1957.-V. 117,
-The sale to you of these certificates is subject to the approvIl
Issuance.
block of 1st Lien & Ref. Mtge. 5s, due Feb. 1
-V. 117, p. 1462.
of all public authorities that may be necessary.
p. 208.
-Stockholders' Rights.
Illinois Central RR.
are given the
The holders of Common stock of record Oct. 23 (3 p. m.)
privilege to subscribe at par on or before Dec. 1 1923 for 6% Convertible
Preferred stock, Series A," to the amount of 10% of their holdings. at
Payment for the new shares will be due in two installments, payable
the company's office. 32 Nassau St., New York, as follows: 50% on Dec. 1
1923 and 50% on March 1 1924. Subscribers have the right to make payment in full on or before Dec. 1 1923. Interest at the rate of6% per annum
from Dec. 1 1923 to March 1 1924 on all sums paid on or before Dec. 1 1923
will be allowed to subscribing stockholders.
The shares of this issue shall be entitled to receive out of the surplus or
net profits of the company in each fiscal year from March 1 1924 dividends
at the rate of 6% per annum, payable semi-annually on March 1 and
Sept. 1, which shall be paid or provided for before any dividends shall be
paid upon the Common stock, but such dividends shall be non-cumulative
and such new Preferred stock shall be convertible, at the holder's option,
into Common stock, share for share, after issue.
Such Preferred stock, Series "A," shall be subject to red, as a whole on
days
any semi-annual di. date after Sept. 1 1927 upon not less than 60 shall
prior notice, at a premium of 15%, and dividends. The Pref. stock
prior to the redempcontinue to be convertible up to and not after 30 days
tion date. From and after the date fixed in any such notice as the date of
redemption, unless default shall be made by the company in the payment
'
of the redemption price, all dividends upon the Pref. stock, Series "A, so
called for rWemption shall ease to accrue, and all rights of the holders
right to receive the
thereof, as stockholders of the company, except the
redemption price, shall cease and determine. Upon the dissolution, voluntarily or otherwise, the holders of Prof. stock, Series ".A.," shall be entitled
to receive such redemption price therefor before any distribution of any
part of the assets of the company shall be made to the holders of the Common stock.
-S. C. CommisThe issuance of this stock has been approved by the I.
slon.-V. 117, P. 1663.
onal Ry.,
-Cent Fare Suspended.
-8
Buffalo.
Internati
The New York P. S. Commission has suspended for a period of four
-cent fare which the company had planned to put into effect
months the 8
7
on Oct. 8 in Buffalo, N. Y. The present fare is- cents or four tickets for
25 cents. (See also V. 116. p. 2129.)-V. 117. p. 1017.
-Dividend.
International Rye. of Central America.
The directors have declared the regular quarterly cash dividend of 11i%
The
on the Cum.Pref. stock payable Nov. 15 to holders of record Oct. 31. last
company resumed cash dividend payments on the Pref. stock Aug. 15
after a period of nine years. See V. 117. p. 208, 780.
-Acquisition, &C.
e Public Service Co.
Interstat
to
The Indiana P. FL Commission has authorized the company (a)
purchase the Jeffersonville (Ind.) Water, Light & Power Co. for 3168.750
outstanding, and (b)
and also to assume $98,500 of Jeffersonville bonds
to issue $126.000 6% bonds at 80 and $75,500 7% Prior Lien stock at 90,
-V. 117.
the proceeds to be used to acquire the Jeffersonville company.
p. 1784.
-Harris, Forbes
Iowa Ry. & Light Co.
-Bonds Offered.
& Co.are offering at 93 and int., to yield over 6%,$1,000,000
1st & ref. (now 1st) Mtge. 20-year 5% gold bonds of 1912,
due Sept. 1 1932. The bankers state:
Company.
-Owns and operates, without competition, the electric light
and power properties in Cedar Rapids, Marshalltown, Boone, Marion,
Perry, Tama, Toledo, Nevada, Belle Plaine, Blairstown and Chelsea; a
high-grade interurban electric railroad 44% miles in length between Cedar
Rapids and Iowa City and Cedar Rapids and Mt. Vernon; the local street
railways in Marshalltown, Boone, Tama and Toledo; the gas plant in Marshalltown, and the heating properties in Cedar Rapids, Boone, Marion and
Perry. Population estimated at 140.000. All the electric light and power
properties are connected by transmission lines, the company distributing
34,075
current from central stations with a total rated station capacity ofk.w. is
k.w. Additional equipment with a generating capacity of 13.500
end of 1923
now being installed, part of which will be in operation by the
and the balance early in 1924.
1922.
1923.
Earnings Years Ended Aug. 31$3,495,606 $3,249,760
Gross earnings
2,165.615
2,262.665
Operating expenses, maintenance and taxes
$1,232,941 $1.084,145
Net earnings
Annual interest charge on outstanding bonds requires $443,600.
Authorized. Outstanding
Capitalization
$7.000,000 34,383,654
Preferred 7% Cumulative stock
1.700,000
3,000,000
Common stock
10,000,000 x8,072,000
First and Refunding 5s (including this issue)
per annum
x $500.000 carry additional interest coupons at the rate of 2%
3% per
and $1,000,900 carry additional interest coupons at the rate of
annum.
in the
[The company is reported to have acquired a controlling interest
Wapsie Power Co., Mt. Vernon, lowa.1-V. 115, p. 308.
Kansas City Southern Rv.-Definitive Certificates.-
Equip.
Ladenburg, Thalmann & Co. announce that definitive 515% at their
Trust Gold certificates, Series "E," are now ready for delivery V. 117,
see
office against delivery of interim receipts. (For offering
1663,
p. 1017.)-V. 117, p.
-Stockholders' Protective
Minneapolis & St. Louis RR.
Committee.
News
Chas. E. Graham of New York, Vice-President of the Newport
stockholders'
Shipbuilding & Drydock Co., has become a member of theDavis (Chairprotective committee. The other members are: Pierpont V.
-V. 117, p.
man), W. P. Hawley, W. B. Davids and S. B. November.
1664,1347.
Minneapolis St. Paul & Sault Ste. Marie Ry.-Divs.-
Checks for two dividends of 2% each on both the Common and Pref,
stocks which were declared in March 1922 (V. 114, p. 1180) and in Dec.
mailed
1922 (V. 115, p. 2581) and which had been in litigation have been
to stockholders. The U. S. Supreme Court on Oct. 15 denied the appeal
the Continental Insurance Ce, and the Fidelity-Phenix Insurance Co.,
of
company
New York, in the suit in which they opposed the payment by the
V.
of the above dividends on the Pref. and Common stock. See also
117. p. 1775.
-Kuhn,
-Equip. Trusts Sold.
Missouri Pacific RR.
Loeb & Co., New York, have sold at prices to yield 5.81%
for average maturities, $3,990,000 53i% Equipment Trust
certificates, Series "B":
Nov. 1
Bank of North America & Trust Co., Phila.. trustee. Dated
inclusive. Divs. pay1923: due $266,000 each Nov. 1 1924 to 1938, both
Principal and diva, payable at agency of trustee in New
able M. & N.
to the present standard
York,in gold coin of the U.S. of America or of equalany tax, assessment or
without deduction for
of weight and fineness and than Federal income taxes) which the company
(other
governmental charge
pay or to retain therefrom under any
required
or the trustee may be of the U.to of America or of any State, county,
S.
present or future law
$1,000 c*.
municipality or other taxing authority therein. Denom. new equipment
-There will be vested in the trustee title to
Security.
including the following: 40 Mikado type
costing not less than $5,331,000,
-Stock Dividend.
Municipal Service Co.
The company on Oct. 16 paid a stock dividend of 19-81 of a share of
Common stock to Common stockholders of record Oct. 15. This distribution increased the outstanding Common stock from 40,500 shares to 50.000
shares of no par value.
The regular quarterly dividend of 40 cents per share was paid on the
Common stock on Oct. 25 last to holders of record Oct. 16. A like amount
was paid July 25 last. Compare V. 117, p. 208.
-Acquisition, &c.
New Haven Shore Line Ry.(Conn.).
This company was incorporated in Connecticut in 1923 and acquired
a part of the road formerly owned by the Shore Line Electric Ry. Capital
stock authorized and outstanding, $500,000, far $100. Bonds auth.,
1923, due July 1 1938.
$500,000, outstanding, $400.000. Dated July
Interest at rate of 6% annually, payable Jan. and July at Union New
trustee. Denom. $100. $500 and 31,000.
Haven Trust Co., New Haven,
_Callable on or after Jan. 1 1924 on any int. date at 105 and int. The.
mortgage covers the entire property. See also V. 117, p. 1664.
-Road Cam
New York New Haven & Hartford RR.
-General Manager C. L.
Earn $6,000,000 Surplus in 1924.
Bardo in an address at the eighth annual meeting of the Associated Industries of Massachusetts, Oct. 24, regarding.
the general railroad situation, particularly as it affects New
England, had this to say concerning the New Haven road:
'In the year ending June 3() 1915, the financial result of the New Haven,
the
after the payment of all fixed charges, was a net of $2,307,971. For
ending
year ending Dec. 31 1916 the net was $5,554,977, and for the year greatly
words, in spite of
Dec. 31 1917 the net was $2,404,095. In other
increasing wage rates, increasing prices of material, the congestion brought
on by the mat
-adjustment of traffic due to the increase of the business of'
the war industries, and in spite of the light business in the 1915 year, there
was a surplus after fixed charges. Although this surplus was not great.
it was sufficient to cover the fixed requirements and to leave an additional,
resurplus for improvements. During those years the operating expenses
quired from 67c. to 72c. of each dollar of operating revenue. Government
The problem from 1916 for the next five years, whether
problem.
control had been instituted or not, was primarily 1.n engineering
During this period the New Haven spent about $60.000,000 in additional
engine house
equipment, additional yard and sidetrack facilities, signal and the physical
facilities, including modern shop equipment. As a result, could handle
capacity of the railroad was increased to the point that it the congested.
traffic at least 50% greater than that which was offered during
.
period in 1915 and 1916 and handle it efficiently. The program during
and the money to.
that period was that of spending a dollar to save a dollar fixed charges and
surplus earnings over
be spent had to be obtained from
by loans from the Government and others.
in 1920 and 1921,
What might be termed an engineering period ended
when the great bulk of the improvement program had been completed.
necessary to'
The improvements required from now on will be only those
of fakeep ahead of the increasing volume of business by the replacement other
modern types. In
cilities and equipment which become old with
any railroad in.
t program differs little from that a
words, the improvemen
good physical condition.
period, began what
With the end of what I have termed the engineering
and administration. This remay be termed the period of organization service to make the best use of
quired first the complete adaptation of our
the nece.ssity of again
the additional facilities. Coincident with this was
hands of the mangathering the reins of administration completely in the period of Federal
during the
following the loosening of their grasp that although the local adagement
of the fact
control. We frequently lose sight
those in periods prior to.
ministration was made up of the same officers as
little or no voice in
and subsequent to Federal control, those officers had
importance. Chief of these
the handling of many problems of fundamental
repeated facts frewas in the respective rates of income and outgo.is Oft
The average
quently become so familiar that their significance ignored.
in the vicinity of'
revenue per unit of traffic from 1915 to 1922 increased case of passenger
and about 46% in the
60% in the case of freight service,
this, but changes
service. The actual scale of rates increased more than
in rates.
in character of traffic deprived us of the benefits of these changes
labor from 1915 to 1922 increased
On the other hand, the unit prices of
more than 100%.
slightly more than 100%;the price of coal per ton increasedthose to-day with
While the increases in the price of materials, comparing
of labor and fuel• this.
1915, have not been as great as changes in pricesunit of traffic which we
increase is also in excess of the increased rates per
'problem is shown by the
are receiving. The effect of this fundamental
1915 and 1916,
fact that had the operating ratio in 1922 been 67% as it was in
have been a
our net income, instead of being a deficit of $4,800,000, would
surplus of about 312.500.000.
-with
the
with the future rather than havepast
We are concerned, however,
previously
as I
a prophecy rather than an explanation. We are to-day,on. This work was
stated, in the period of organization and administrati
accompanied by great
started immediately after Federal control and was
were duo first to the benefits
economies in our operating expenses. These
been carried on durof improvement which had s, together with the
derived from the program
improvement
ing the five years 1916 to 1920. The
resulted in a saving of
have
gradual increase in the efficiency of operation, but a definite and tangible
estimate,
315,000,000 in labor. This is not an
our man hours, which were
saving which can be shown by the fact thatwere only 89,000.000 in 1922.
107,000,000 in 1916 and 120,000,000 in 1917,
expressed in revenue ton milesOn the other hand, our freight business as
under 1917, and our paswas higher in 1922 than in 1916 and only slightly than in 1916 or 1917.
substantially higher
senger business in 1922 was
have been effected in fuel and in.
Other economies due to the same results
about $4,500.000. From
per diem, the saving in these two amounting to
therefore, we find a definite and
the point of view of operating economies,t program. A further justificatangible justification of the improvemen
there were periods of serition is found in increased capacity. Although all due to strikes. They
were
ous congestion in 1920 and 1922-23, these had been provided.
to do with the facilities which
had nothing
April we have handled the
The best proof of this is in the fact that since
in the history of the company
largest sustained volume of freight businessconstantly increasing efficiency
accomplished with a
and that this has been
was slightly higher tham
of operation. The volume of business in August cars on our line. To de
that in April and was accomplished with 15,000 lessin car movement. The
new records
this it has been necessary to make
respect is the best during the
performance for the month of August in this This record has been brought
period of ten years covered by our records.
improvements, together with the allabout largely through the program of operating forces.
around increase in the effieiency of our efficiency, the man hours necessary
As another indication of the increased
about 3.700,000 during these
for the transportation service have averaged compared with an average of
last four or five months of heavy traffic, as 1918 and about 4,000,000 in
in
about 4.800,000 in a corresponding period
were handled. The ratio of our
1919, when the other peaks of business revenues for the last four months
transportation expenses to our operating length since 1916. These facts
has been lower than any period of equal
both of which are of vital
have an important bearing upon two factors, are the financial situation
These
importance to New England industries.
and service.
adverse winter conditions,
While the continued results of the strike and
a deficit in the first three or
with the accompanying congestion piled up the balance of the year, the
offset during
four months of 1923 too great to
of 1922. With the contindeficit for 1923 will be substantially below that
with the present greater effiuance of a reasonable amount of business and after fixed charges instead of
ciency of operation, 1924 will show a surplus
a deficit.
surplus will be, not because we
I am not going to prophesy as to what this a definite standard to attain.
or
have no definite figures in our minds
bedoubt that surplus will be secured, but rather
nor because we have any
OCT. 27 1923.]
THE CHRONTCLE
1885
for this guaranty. The annual charge at the rate of 5% on these bonds will
be 818,750. Therefore the net income after chagres of the 23rd Street By.
as shown by the report will be converted into a deficit of $12,042 81. ail
The same report shows that in the case of the 34th Street Crosstown Ry.
there is no income after charges, but,on the contrary,a deficit in the amount
of $10,510.
Under these circumstances, the only constituent companies which are
entitled on the basis of net income after charges to share in the Preferred
Tnorif.i,Renort on Reornanizal"on P' 77,. stock of the consolidated company are the 42nd Street & Grand Street
4
.
,
New V, e Re
The tentative reorganization plan proposed for the New York Rys. Ferry and the Bleecker Street & Fulton Ferry. The net income after'
system by a committee appointed by Judge Mayer was outlined in V. 117. charges of the 42nd Street & Grand Street Ferry RR. as shown by the
p. 1775. Frank D. Pavey, a member of the committee, and who dissented allocation report is $181,050. The interest on the bonds issued in exchange
from the basic features of the proposed plan of the majority committee. for land value ($312.751) at the rate of 6% is $18,765. This leaves addihas filed with Judge Mayer a minority report outlining his objections and tional net income of $162,285. Therefore, the respective percentages of
submitting a proposed plan which he has prepared. The main features of net income after charges and deductions of land value are as follows:
Percentage.
the objections of Mr.Pavey were also given in V. 117, p.1775. A digest of
Amount.
84.9
the proposed plan of Mr. Pavey is given below.
42nd Street & Grand Street Ferry
$162,284 83
Objections to the majority plan were voiced this week before the com- Bleecker Street & Fulton Ferry
15.1
28,779 88
mittee on reorganization, of which Bronson Winthrop is Chairman. The
representatives of the Christopher & 10th Street RR. opposed the plan
100.0
$191,064 71
of reorganization on the ground that they were not receiving a fair equity
If two shares of stock in the new company ($200) are offered in exchange
under the new plan.
for each share of the present stock of the 42nd Street & Grand Street Ferry
The Lexington Ave. & Pavonia Ferry bondholders said that they were in RR., the corresponding offer in the case of the Bleecker Street & Fulton
agreement with the basic principles of the reorganization plan. but objected Ferry RR. Co. will be approximately 3-10 share of stock in the new comto the value that had been placed on their equity, and to the method of pany for each share of the present stock. These offers will result in the
allocation.
following distribution of the Preferred stock:
Representatives of the Columbus & 9th Ave. bondholders contended 42nd Street & Grand Street Ferry
$748,000 @ 220-51,496,000
their property should have been included in the plan, as the revenues re- Bleecker Street & Fulton Ferry
900,000 @ 30- 270,000
ceived from it were sufficient to justify its oeing included.
234,000
Balance in treasury
Samuel Seabury. representing the tort creditors, to whom the road owes
The $8 dividends per share on the Pref. stock ($119,680) offered in ex$1,500,000, asked the right to make farther suggestions later as to the man- change for the present stock of the 42nd Street & Grand Street Ferry, plus
ner of providing for the claims of his clients. Ile said that the details for the int. on the bonds issued for land value (518,765), makes a total of $138.the settlement of these claims were not provided for in the plan.
445, which is less than the net income after charges shown in the report
Objections were heard also from representatives of the Sixth Avenue RR. ($181,050). but more than the present dividend rental under the lease
stockholders' protective committee, the Central Crosstown RR. bond- (18% of 5748.000, or 8134,640).
holders' committee and Thomas O'Shea, a minority stockholder of the New
The $8 dividends on the Preferred stock (521.600) offered in exchange
York Rys. Announcement to the effect that the City of New York is for the present stock of the Bleecker Street & Fulton Ferry is less than the
opposed to the reorganization plan was made by Assistant Corporation net income shown in the expert's report ($28,780). but more than the diviCounsel FalTir J. Kohler.
dend rental under the lease (13.% of 8900,000, or 813,500).
It is also suggested that the offers of Common stock be kept within the
Digest of Proposed Plan of Readjustment Submitted by •
limit of 14,820 shares ($1,482,000). Thus the total issue of Preferred and
Frank D. Pavey.
Common stock of the new company issued in exchange for the present stocks
To Form New Compantes.-organ:zatIon of three operating railroad cor- shall not exceed the total par value of all the present stock (53,248.000)•
porations, designated as Broadway & 7th Avenue RR., New York Cross- In order to accomplish this result the following basis for the distribution of
town Rys., Manhattan Street By.. and one non-operating company desig- Common stock in exchange is suggested;
nated as the New York Railways Assets Realization Co. The purpose of
Distribution of Common Stock.
-The Preferred stock has been distributed
this grouping is to put the railway end of the business in a position where on the relative basis of net income after charges. In the distribution of
it can fulfill its duties to the public; will no longer be open to attack upon Common stock account will be taken of the value of net assets over and
the ground that it is highly over-capitalized and operated solely in the in- above prior mortgage liens and bonds and Preferred stock of the new comterests of security holders; will protect the relative rights of the owners of pany already distributed.
the underlying securities; and will be in an advantageous position for sale
The cost to reproduce new at pre-war prices the property used in railway
to the City of New York in case plans for municipal ownership are ever operation is estimated as follows according to the allocation report:
made effective.
23rd Street Railway
51,778,193
Broadway & 7th Avenue Mt.
-There would be no change in the authorized
901,081
capitalization of this corporation. Its bonds and stock would be as follows Bleecker Street & Fulton Ferry
361,209
assumption that 1st Consol. Mtge. bonds would be issued in 34th Street Crosstown
(upon the
42d Street & Grand Street Ferry
2,233.650
exchange for South Ferry bonds and Broadway Surface bonds):
The mortgages on the 23rd Street By. amount to 51,900,000 (without
First Mortgage bonds
$1:5000
:
.00
First Consolidated Mortgage bonds now issued
000 counting the Broadway Surface guaranty-$375,000). The mortgage on
First Consolidated Mortgage bonds (South Ferry)
350,000 the 34th Street Crosstown Ry. is 51,000,000. There is, therefore, neither
First Consolidated mortgage bonds (Broadway Surface)
1,500,000 net income nor surplus assets in the case of those two companies. The
Capital stock
2.100,000 stock has no value except for purposes of connecting routes.
The mortgage on the Bleecker Street & Fulton Ferry Ry. is $700,000.
The final and exact total would depend upon the disposition made of the The surplus assets (3201.081) have been more than covered by the PreFirst Mortgage bonds; of the cash realized from the sale of the Cable Build- ferred stock issued against earnings ($270,000). Therefore the remaining
ing and (or) the car barn at 50th St.; of the question whether First Consol. stock ($630,000) does not represent either net income or surplus assets and
Mtge. bonds are issued in settlement of the guaranty of the Broadway & has no value except for purposes of connecting routes.
7th Ave. RR, on the bonds of the South Ferry RR. ($350,000) and the
The 42nd Street & Grand Street Ferry has received a total of $1,808,751
Broadway Surface RR. (81,125,000), and the guaranty of the 23rd Street in bends (8312,751) and Preferred stock (31,496,000). It has therefore
By. on the bonds of the latter company ($375,000).
surplus assets of the nominal value of $424,899. The surplus assets include
The Broadway & 7th Avenue RR. will have sufficient cash for working cars valued at $191,251, which have no such actual value. It is therefore
capital if it receives an allowance from the receiver in return for the cash suggested that this surplus value of assets be recognized to the extent of
originally transferred by the lessor to the lessee. If any additional cash 30% of the par value of the stock ($224,400), and that an arbitrary allotIs necessary for those purposes it can be realized from the proceeds of sale ment of Common stock equal to 50% of the par value of the present stock
of the Cable Building and (or) the car barn at 50th St. and 7th Ave.
the other companies. On this basis the distribution of the
In the event of the sale of the carbarn and clock of land at 50th St. and be offered to
Common stock would be as follows:
7th Ave. belonging 'xi the Broadway & 7th Avenue RR.. it would be advan- $3,000,000
42d St. and 0. St. Ferry, $748,000 at 30
$224.400
tageous to the Broadway & 7th Avenue RR. Co. and fair to the creditors
500,000
of the New York Rys. for a part of the proceeds of the sale to be used to 34th St. Crosstown, $1,000,000 at 50
5300.000
purchase the carbarn of the New York Rys. at 54th St. and 9th Ave. It 23d St. Railway, 5600,000 at 50
450,000
Would.be necessary, however, to make some permanent arrangement for Bleecker St. & F. F.,$900,000 at 50
access to the carbarn and the use of the machine shops and repair shops at
Balance in treasury
$1.525,600
146th Street and Lenox Ave.
-In view of the net income after charges of the 42d St.
In view of the fact that one of the litigated questions in the receivership
Working Capital.
has been the validity of the 1st Mtge. bonds of the Broadway & 7th Avenue & Grand St. Ferry, the operations of the receiver during the past 4 years
RR., it would be proper for the Broadway & 7th Avenue RR.to pay a rea- will necessarily show a large cash surplus in favor of the 42d St. & Grand
sonable proportion-e. g., one-fourth-of the expense of the reorganiza- St. and a substantial cash surplus in favor of the Bleecker St. & Fulton
tion of the entire system out of the proceeds of the sale of the Cable Build- Ferry, these cash surplus funds can be transferred to the New York Crossing or carbarn at 50th St. and 7th Ave.
town Rys. as part of the agreement of consolidation provided the 42d St.
New York Crosstown Rys.-This corporation would be a consolidation of & Grand St. Ferry and Bleecker St. & Fulton Ferry receive suitable comthe 42nd street & Grand Street Ferry RR., the 34th Street Crosstown Ry., pensation for this cash. Compensation for this cash can be made in
the 23rd Street By. and the Bleecker Street & Fulton Ferry RR. The bonds of the New York Crosstown Rys. with a suitable bonus of Common
operation of the 8th Street line (Christopher & 10th Street RR.) shows a stock, the value of which will be distributed to the shareholders of the
large deficit ($111,460). This deficit is a drag on the improvement of the 42d St. & Grand St. Ferry and the Bleecker St. St Fulton Ferry.
service on the lines which are profitable and for that reason the Christopher
Replacements &Improvements.
-The question of capital for improvements,
& 10th Street RR. is not included in the proposed consolidation.
deferred maintenance and replacements presents some difficulties but they
are not insuperable. Bonds with a bonus of Common stock are available
Capitalization of New York Crosstown Railways.
for that purpose. In the case of new cars the problem can be solved by
• 8% First & Refunding Mortgage bonds
$6.000,000 the issue of car trust certificates or warrants payable out of earnings.
Preferred stock: 20,000 shares of no par value; issued partly in
-The New York Rys. is the owner of certain pieces
New York Railways.
in full shares and partly in decimal fractional shares: preferred
of franchises and a ear barn at 24th St. and 11th Ave. ($55,597) and subas to principal and non-cumulative dividends at the rate of
station equipment at Avenue B and 14th St. ($289,229) which may be
and redeemable at $100 per share- - 2,000,000 necessary or desirable for the use of this consolidated company. Any such
$8 per share per annum,
Authorized Common stock: 30,000 shares of no par value;issued
properties can be purchased by the appropriate use of bonds and Preferred
partly in full shares and partly in decimal fractional shares
or Common stock or rented on fixed rentals payable out of earnings.
and redeemable at $100 per share
3,000,000
Reorganization Expenses.
-New York Crosstown Rys. would properly
Disposition of $6,000,000 Bonds.
-The bonds would be used for the fol- be chargeable with a reasonable proportion, e.g., one-fourth, of the reorganlowing purposes:
ization expenses of the entire system and this amount could be paid out of
Reserve to retire 34th St. 1st Mtge. 5s
$1,000,000 the proceeds of the sale of bonds.
Reserve to retire 23rd St. 1st M.6s. $250,000;5% debs.. $150,Manhattan Street Railway Co.
-Thiscorporation would acquire the railroad
000; Impt. & Ref. 5s, $1,500,000
1.900,000 properties (so far as desirable) of the Sixth Ave. RR.; the Lexington Ave.
Reserve to retire 23rd St. guaranty on Broadway Surface 1st
laondholders; the Columbus & Ninth Ave. bondholders and the car barns
Guaranteed 5s
x375,000 and machine shops of the New York Rys. on the lines of those railroads
Reserve to retire Bleecker St. & Fulton Ferry 4s
700,000 after the distribution to these units of any cash or value of non-operative
Value of land 42nd St. ez Grand St. Ferry RR
312,751
Balance to provide for working capital. & of new corporation_ 1.712,249 property to which they are entitled on the foreclosure of their mortgages.
Capitalization of Manhattan St.
x The $375,000 of bonds reserved to retire the guaranty of the bonds of
the Broadway Surface could either be used directly to provide funds for 6% 1st Mtge. bonds
$2,500.000
Authorized Preferred stock:45,000 shares of no par value issued
that purpose or they could be deposited with the Metropolitan Trust Co.
partly in full shares and partly in decimal fractional shares;
of New York as trustee under 1st Consol. Mtge. of the Broadway & 7th Ave.
preferred as to principal and non-cumulative diva, at rate of
In case the Broadway & 7th Ave.issues its Consolidated bonds for that pur$6 per share per annum & red. at $100 per share
pose.
4.500,000
-The Preferred stock and Common stock would be Auth. Corn. stock: 60.000 shares of no par value issued partly in
Disposition of Stock.
full shares and partly in decimal fractional shares & red. at
used primarily to acquire the present stock of the constituent companies
which enter into the new consolidated corporation.
$100 per share
6.000,000
Disposition of Bonds.
-Bonds would be issued to pay for the values of
The amounts of Preferred and Common stock to be issued to acquire the
present stock of constituent companies would be fixed partly with a view to land which has a value independent of its use for railroad operations and
keeping the total number of now shares within the limits of the present total to provide working capital and pay for replacements. These land values
number of shares of existing stocks in order that there may be no difficulty are as follows:
$19,085
In securing the necessary official consents. The additional Preferred stock New York Rys.-95th and 96th Sts
223.449
and Common stock will be left in the treasury of the consolidated company New York Rys.-146th St. and Lenox Ave
New York Rys.-140th St. & Lenox Ave
162.159
to be used by it in aid of the sale of its bonds or for other corporate uses.
-25th and 26th Sts
281,094
Lexington Ave.
The present stocks of the constituent companies are as follows:
-99th and 100th Sts
575,207
Lexington Ave.
42d St. & Grand St. Ferry (7,480 shares)
$748,000 Sixth Ave.
-146th St. & Lenox Ave
135.429
Bleecker St. St Fulton Ferry (9.000 shares)
900,000 Balance to provide for working capital, &c
1.103,577
23rd Street (6,000 shares)
600,000
Disposition of Stock.
-The Preferred stock and Common stock would be
34th Street Crosstown (10,000 shares)
1,000,000 used primarily to acquire the
remaining interests of the New York Rys.:
Columbus &
Total of all stocks (32.480 shares)
$3,248,000 the Sixth Ave. RR.. the Lexington Ave. bondholders and theby the ManNinth Ave. bondholders in the railroad properties acquired
The allocation report shows the following net income after charges:
hattan St. Ry. Co.
23rd Street Railway
$6,707
As these units have a large amount of value in buildings and substation
Bieecker Street Sz Fulton Ferry
28,779 equipment and a relatively small amount of actual revenues the Preferred
42d Street & Grand Street Ferry
181,049 stock will in the first instance be issued in payment for this value of buildings
The report did not take account of the guaranty of the 23rd Street By. and substation equipment. The
from bonds and
income
on the Broadway Surface 5375.000 bonds. Provision will have to be made Preferred stock issued in payment for lend,to be derived substation equip
buildings and
cause we are going to depend upon results rather than optimistic assurances.
Our program for 1924 provides that for our operations we shall spend not to
exceed 75% of each dollar of revenue. This is materially below the results
of this year, but not so very much below the results of the last three or four
/. If we
months where the best showing has been between 77% and 785
can attain the 75% ratio, the surplus after fixed charges will be in the
vicinity of 56.000,000.-V. 117, p. 1664. 1462.
1886
THE CHRONICLE
ment win then be subtracted from the net income after charges shown in the
Allocation Report and any balance of net income after charges will be capitalized at 6% and paid for in additional Preferred stock.
Common stock will then be issued to cover any balances in the par value
of the present securities held by the stockholders of the Sixth Ave. RR.
and the Lexington Ave. bondholders and Columbus & Ninth Ave. bondholders.
Proposed Distribution of Securities of Manhattan St. Ry. on Foregoing Basis.
1st Mtge. Pref. Stock Corn. Stock
Cash ea
for
Bonds
for Bldgs. &
Value of
,
Balances
Substation
Non-oper.
for
Equipment. of Securities.
Property.
Land.
$404,693 $1,410,014
New York Railways_ _ _ _
1,561,113 $1.213,410
$1,369,176
856,301
Lexington bonds
771,859
20,859
135.429 x1,071,853
Sixth Avenue
3,000,000
Columbus bonds
1,014,731
1,103,577
Balances in treasury__
x Includes $449,188 for buildings and substation equipment and $622,665
for capitalized balance of net income.
-The Manhattan St. Ry. Co. will be properly
Reorganization Expenses.
chargeable with a reasonable proportion-for example one-fourth-of the
reorganization expenses of the entire system and funds for the payment
of these expenses can be realized from the sale of bonds and Pref. stock.
The New York Railways Assets Realization Co.
This corporation would acquire all the assets of the present New York
Railways, including cash from the sale of real estate and the stock of the
Broadway & Seventh Ave. RR.; New York Crosstown Rys. and Manhattan
St. Ry.. to which it would be entitled under the plans indicated. It would
settle all debts and obligations of the New York Rys. not covered by these
plans. It could issue 4% cumulative income bonds at par to the holders
of the 4% Ref. bonds of the New York Rys.for the par value of any balance
due after the application of any cash distributed to those bondholders and
stock of no par value to the holders of the 5% Adjustment bonds of the
New York Railways at the rate of one share for each $100 of income bonds
now held by them.
By virtue of its control by stock ownership of the Broadway & Seventh
Ave. RR., New York Crosstown Rys. and Manhattan St. Ry., it would
normally become a management company, but ought not to be an operating
railroad company in the technical meaning of that phrase.
The New York Railways Assets Realization Co. will be properly chargeable with a reasonable proportion-for example one-fourth-of the reorganization expenses of the entire system and funds for that purpose would
properly be taken from the cash realized on the sale of real estate and other
marketable assets.
-V. 117, is• 1775.
Norfolk & Western Ry.-Extra Dividend.
The directors have declared an extra dividend of 1% and the regular
quer. div. of FA % on the outstanding Common stock, par $100, both
payable Dec. 19 to holders of record Nov. 30. An extra dividend of like
amount was paid on the Common stock in June 1916. March 1917 and
Dec. 1922. As of Oct. 1 1923 the Pennsylvania RR. owned 4;37,837.200
of the company's outstanding $128,990,500 Common stock, par 8100.
-V. 117, p. 782.
-Earnings.
Northern Ohio Traction & Light Co.
1922.
Twelve Months Ended Aug. 311923.
Gross earnings
$10,160,304 $8,766,536
Operating expenses, including taxes and rentals
7.701.155 6,434,255
1,339,778
Fixed charges
1,330.311
361.385
400.608
Preferred dividends
Balance.surplus
-V. 117. p. 1556.
$728,230
8631,117
Oakdale & Gulf Ry.-Abandonment.The I.
-S. C. Commission on Oct. 11 authorized the company to abandon
a line of railroad extending from Caney in a westerly direction to a connection with the Missouri Pacific RR. at Wards, a distance of 5.13 miles, in
Allen Parish, La. The line was built by the Forest Lumber Co. and the
Bowman-Hicks Lumber Co. jointly in 1915-16 and was leased to the Oakdale road on May 17 1916 for 10 years.
Owensboro City (Ky.) RR.
-In Receivership.
-
W. A. Carson, of Evansville. Ind., has been appointed receiver on a
petition of the American Trust & Savings Co., Evansville, Ind., trustee of
the $200,000 Gen. Mtge.6% bonds dated May 1 1910.-V. 112, p. 470.
[VOL. 117.
Listing.
-Outstanding bonds of this issue are listed on the New York
and Boston Stock exchanges. Application will be made to list these additional bonds.
Data from Letter of President E. N. Brown, Oct. 25 1923.
Purpose.
-Proceeds are to be used for reimbursing the treasury for the
retirement of $2,870,000 Canadian Division bonds and for a portion of the
expenditures made on capital account.
From its organization up to Aug. 31 1923 the present company has expended $36,232,561 on capital account (roadway, equipment, &c.), and has
retired $2,870,000 of Canadian Division bonds. Nevertheless, until the
present issue, no 1st Mtge. bonds have been sold since the original issue
upon the reorganization in 1917.
Bond Issue.
-Authorized, $75,000,000. Upon completion of the sale
of these bonds there will be outstanding in the hands of the public a total of
$42,955,000 1st Mtge.gold bonds, viz.: $34,476,000 Series A 5%,due July 1
1956, red. at 105 and int., and $8.479,000 Series B 4%, due July 1 1956,
redeemable at 100 and int. Except for refunding purposes, additional
bonds may only be issued at par for not over 80% of the actual cost of
construction, additions, extensions, improvements, equipment, real estate
purchased, stocks or bonds of other railways acquired, terminals, &e.
Security.
-Secured by (a) a direct first mortgage on 1,810 miles, being
substantially all of the company's lines owned in the United States; (b) by
a first lien (through pledge of securities), subject only to $3,000.000 of Canadian Division bonds maturing Aug. 1 1932, on 199 miles, being all of the
company's lines owned in Canada;(c) a direct first mortgage on equipment
of an aggregate book value of $30,535.178;(d) a direct second mortgage on
equipment of an aggregate book value of $10,121,000, on which $8,070,000
equipment notes are still outstanding, payable in yearly installments from
Jan. 15 1924 to Jan. 15 1935, inclusive. The mortgage covers all property
of the company now owned or hereafter acquired.
The entire present funded debt of the company, including this issue and
equipment notes, is at the rate of approximately $27,000 per mile of road
owned. Gross earnings for the 12 months ending Sept. 30 1923, are at the
annual rate of approximately $20,000 per mile of road operated.
Assets.-After the completion of the sale of these bonds, current assets
will amount to approximately $14,900,000, compared to Current liabilities
of approximately $7,500,000.
Property.
-Company operates a network of lines in Michigan and also
extends into Ohio, Indiana, Illinois and the Prevince of Ontario, Canada.
connecting Chicago, Detroit, Buffalo, Grand Rapids, Saginaw, Toledo,
&c. As of Jan. 1 1923 mileage totaled 2,247, as follows: 1,810 miles of road
owned and operated in the U. S.; 199 miles in Canada, and 11.32 miles in
the U. S. of road controlled through ownership of at least 99% of all outstanding securities; and 138 miles in Canada and 89 miles in the U. S. of
road operated under lease or trackage agreements. Company also owns
794 miles and controls or leases 70 miles of side tracks.
The companies controlled, through the ownership of at east 99% of all
securities, include the Lake Erie & Detroit River By., constituting its
Canadian lines. Company owns a 51% stock interest in the Fort Street
Union Depot Co., Detroit; a 16.12% stock interest in the Toledo Terminal
By., Toledo, and a 50% stock interest in the Marquette & Bessemer Dock
& Navigation Co. It also owns the entire stock of the Lake Erie Coal Co..
Ltd.
Capitalization After This Financing.
$34,476,000
Series"A" 1st Mtge. 5s, due July 11056 (incl. this issue)
8,479,000
Series "B" 1st Mtge. 4s, due July 1 1956
Lake Erie & Detroit River By. Div. 4 As, 1932 (for the retire3f100,000
ment of which 1st Mtge. bonds are reserved)
67 Equipment notes, payable serially on Jan. 15 of each year
924 to 1935, inclusive
11,200.000
Prior Preference 5% Cumulative
12,429,000
Preferred 5% Cumulative
45,046.000
Common (paying at rate of 4% per annum)
Decem.er SI.
Earnings Years Ended
x Earnings. y Interest.
Earnings. y Interest.
$746,978 42.239,489
1916
$4.786,593 741.687,760 1920
2,385,878
5,489,263
1917
3,661,473 z1,687,760 1921
2,143,748
6,494,309
1918
1.692,462 1922
3,689,875
2,183,170
6,577,803
1,726,822 1923 a
1919
6,593,437
a 3 months estimated. x Balance of income after rentals, taxes and depreciation, but before interest. y Interest on funded debt, &c. z Interest on bonds outstanding on completion of reorganization of Pere Marquette RR.
Income applicable to interest (after rentals, taxes and depreciation)
averaged, during these eight years, nearly 234 times the average annual
interest charges on funded debt, &c. For the year ending Dec. 31 1923
(3 months estimated) such income equals nearly 234 times the interest
charges on the entire funded debt, including this issue.
.
Net Capital Expendituresfor Road & Equip. April 1 1917 to Aug.31'23.1=1
$2,575,737
$2.932,620 1922
1917(9 months)
7,431,101
4,554,6491923(8 months)
1918
2.077,456
1919
3,348,309
1920
$36,232,561
Total
1921
13,312,689
Maintenance (Corporate and Federal Combined).
Maintenance
Maintenance
Total.
of Equipment.
'of Way.
$6,320,377
$3,894,689
1917
$2.425.688
9,934,281
6,143,894
1918
3,790,387
10,627,985
7,132,498
1919
3,495,487
15,085,945
9,776,225
1920
5,300,720
12,741,265
8.161,994
1921
4,579,271
12,256,660
7,750,756
1922
4.505,904
14,965.155
9.583,000
1923(3 months est.)
5,382,155
Pennsylvania RR.
-Sources of Revenue Analyzed.
Last year the Pennsylvania RR. System received on the average over
one and one-tenth cents for hauling a ton of freight one mile and a little
-tenths cents for hauling a passenger one mile, according
over two and eight
to reports compiled at Broad St. Station. •
Taking 81 as representing the total revenues for the year, the reports
show the source of each item of revenue and what relation it bears to the
company's total revenues.
On this basis. 61.28 cents of every dollar which the company took in
came from the transportation of freight and 23.71 cents came from the
transportation of passengers.
The freight and passenger service to the public was equivalent to hauling
more than forty billion tons of freight one mile and nearly 6,200,000.000
passengers one mile.
Other sources of the company's revenues as analyzed in the reports follow:
For the transportation of mail the company received 1.43 cents out of
the total dollar of revenue; for the transportation of express matter, 2.22
cents; other miscellaneous services which the carrier performed brought in
$81,931,668
$52.443,065
6.35 cents and income from corporate investments 5.01 cents.
$29,488.612
Totals
-S. C. Commission (to which
A similar report on the disposition of every dollar received shows that
Issuance.
-Subject to the approval of the I.
largest amounts went into three items: train, station and switching application has been made).
1129.
the
-V. 117, p.
operations and other transportation service, 28.97 cents; maintenance of
locomotives, freight and passenger cars and other equipment, 21.00 cents:
Pittsburgh Cincin. Chicago & St. Louis Ry.-Bonds.and maintenance of tracks,roadbed, buildings, bridges and other structures,
The Philadelphia Stock Exchange on Oct. 19 reduced the amount of
11.25 cents.
list by a total of $1,276,000.to represent
The next largest item of expenditure was 7.71 cents for rental of equip- Cense'. Mtge. bonds on the regular sinking fund Oct. 1 1923.
bonds retired and cancelled by the
ment, joint facilities and miscellaneous rents and income charges. Next
Still Out.
Series.
Still Out. Now Paid
Now Paid. Series,
came fuel which took 6.96 cents of every dollar received.
$1,000 0, 4% 1957 $7,387,000
$2,000 D,4% 1945 $3.502,000
Depreciation on equipment took 3.38 cents: loss, damage and casualties,
17,000 E, 3A % 1949 1.316,000 126,000 I, 4 A % 1963 6,629,000
2.21 cents, and other miscellaneous items such as pensions, legal expenses.
0
1953 7,698,000
&c., 3.28 cents. Taxes took 4.34 cents; interest on bonds and other 1,130,000 F, V/
interest, 5.85 cents, while dividends took only 4.14 cents, being less than -V. 117, p. 1129, 890.
the taxes. This left a balance of only 1.18 cents out of each dollar to be
expended for enlarging and improving theproperty and to provide a surplus
-Bonds Offered.
Portland (Ore.) Ry., Light 8c Power Co.
to create the necessary credit basis.
Co., Inc., New
New Vice-Presidents--Number of Stockholders.-
Elisha Lee has been appointed Vice-President of the Central Region,
with headquarters at Pittsburgh. Pa., succeeding the late Col. James A.
McCrea. Mr. Lee is at present Vice-President of the Eastern Region'
and will take up his new duties at once.
Charles S. lCiick. at present General Manager of the Eastern Region,
has been appointed Vice-Prmident of the Eastern Region, with headquarters
at Philadelphia. Pa., succeeding Mr. Lee.
The number of stockholders on Oct. 1 totaled 141.433. an increase of
4,303 as compared with Oct. 1 1922. The average holdings Oct. 1 1923
were 70.60 shares, a decrease of 2.22 compared with a year ago. Foreign
stockholders totaled 2.852.-V. 117, p. 1778, 1556.
-National City Co. and Halsey, Stuart &
York, are offenng at 92% and interest, to yield over 64%,
$2,000,000 First Lien & Ref. Mtge. gold bonds, Series "B,"
6%, of 1922. Due May 1 1947 (see description in V. 115,
p. 1429, and advertising pages above.)
Data from Letter of Pres. Franklin T. Griffith, Oct. 1923.
Company.
-Supplies electric light and power in Portland and nearly 40
other communities In western Oregon. Does the gas business in Salem
and operates city and interurban railway lines in Portland and adjacent
territory. For the past 15 years the company has generated from water
power over 86% of its total electrical output, and steam power, when necessary,is produced largely from cheap refuse wood available in this section.
Marquette Ry.-Bonds Sold.
Pere
-J. & W. Seligman &
Security -First Lien & Ref. Mtge. bonds ($12,122,000 outstanding,
Co., Kidder,Peabody & Co., Hayden,Stone & Co., National including this issue), in addition to being secured by a direct mortgage on all
the property, share through the pledge of $13,453,000 1st dr Ref. Mtge.
City Co., Harris, Forbes & Co., Old Colony Trust Co., bonds in a first lien on over 75% of its total hydro and steam generating
Boston; First National Co. of Detroit, Redmond & Co. and capacity.
Sinking
-The mortgage provides for a sinking fund
%
White, Weld & Co. have sold at 933 and int. to yield over payments Fund.least $450,000 each year for the purpose of requiring cash
purchasing or
of at
'
5.40%, $12,500,000 1st Mtge. 5% Gold bonds, Series A of redeeming First Lien & Ref. bonds, and a strong general reserve fund
primarily for the maintenance and renewal of the properties.
1916, due July 1 1956 (see advertising pages).
Calendar Years
12 Mos.end.
Interest payable J. & J. Red. all or part at 105 and int. on 60 days'
1921.
1922.
EarningsSept. 30'23.
1920.
notice. Denom.c* $1,000. $500 and $100, and r* $1,000.$5,000 and $10,$9,542,678 $9,902,520 810,100,007 $10,679.999
Bankers Trust Co., New York. and Hugh McK. Landon, Indianap- Gross earnings
000.
olis, trustees. Principal and interest payable without deduction for any Oper.exp.,current maint.
6,221,855 6,372,000
&taxes(excl.Fed.tax.) 6,146,657 6,193,999
tax which the company or the trustees may be required to pay or to retain
therefrom under any present or future law of the U. S. or of any State,
$3,396,021 83,708,521 $3,878,152 11 g2ks ?
: .
Net earnings
county, municipality or other taxing authority therein, except the tax
Bond interest charges...... $1,576,970 $1,740,291 $1,895,576 $2
imposed by the present or any future income tax law of the U. S.
OCT.27 1923.]
THE CHRONICLE
Capitalization Outstanding with Public.
1887
•
Saginaw-Bay City (Mich.) Ry.—Plan Operative.—
Common stock
$11,250.000
Second PreTerred stock
The
5,000,000 Gold protective committee for the Saginaw Valley Traction Co. 1st Mtge.
First Preferred stock
6,250,000 that bonds dated Jan. 10 1899, H. M. Addinsell, Chairman, announces
Prior Preference stock
the
x3,406.900 and the plan of reorganization (V. 117, p. 326) has been put Into effect
Unsecured Five-Year 8 notes. 1926
new securities are now ready for delivery in exchange for certificates
1,117,165
First Lien & RefundingMtge. Series "A," 73s. 1946
4,708.000 of deposit now held. Each holder of $1,000 Saginaw Valley Traction Co.
1st Mtge. bonds (Aug. 1 1921 and subsequent coupons attached) will redo
Series"B"6s, 1947 (including this
'
e)
. ,
First & Refunding Mortgage 5s, 1942
y13,109,000 ceive $1,000 Saginaw Transit Co. 1st Mtge. Gold bonds. Series "A" 5%.
Underlying Divisional bonds, due 1930 and 1935(three issues)--z15,567,000 due 1949, with July 1 1924 and subsequent coupons attached, and 2 shares
x Does not include sales made locally since Sept. 30 1923. y In addition, no_par value Common stock of the Saginaw Transit Co.
The newly organized Saginaw Transit Co. has acquired and is now engaged
$13,453,000 are pledged under the 1st Lien & Ref. Mtge. and $3,190,000
are held alive in a sinking fund. z $1,534,000 additional bonds of one of in rehabilitating the street railway properties In Saginaw, has purchased
25 specially constructed new buses of modern type, and expects to resume
these issues are held alive in a sinking fund.—V. 117. P. 1664, 1463.
operation of street cars and commence operation of buses In Saginaw early
in November.
Public Service Corp. of N. J.—Bonds Reduced.—
The conunittee has served in this matter without compensation. In order
The Philadelphia Stock Exchange on Oct. 17 reduced
amount of to protect the investment represented by the old Saginaw Valley Traction
Gen. Mtge. 5% bonds, due 1959, from $33,592,000 tothe
$33,478,000— Co. bonds, over 95% of which were deposited with it.
$114.000 reported purchased for the sinking fund.—V. 117,P. 1347, 1129.
The committee advises holders of lot Mtge. Gold bonds who have not
deposited their bonds with the committee that they are now entitled only to
Rapid Transit in N. Y. City.—Street Railway Traffic.— their proportion of the proceeds of he sale, amounting to approximately
According to tables compiled by and made public by the Transit Com- $299 66 for each 81.000 of bonds. In case they wish to collect the amount
mission Oct. 21, nearly 2,700,000,000 revenue passengers were carried last so applicable to their bonds and coupons, they should forward them with a
year upon the surface, subway and elevated lines of New York City. This request for payment to Otto Scaupp, trustee in bankruptcy, care of Bank of
Saginaw,Saginaw. Mich.
traffic was divided almost exactly
-60% to the rapid transit groups, eleThrough the efforts of the committee, however. arrangements have been
vated and subway lines, and 40% to the surface lines. The total traffic, made
2,681,206,755, represents an increase of 90.893,027 passengers over 1922, for a whereby holders of the above bonds and coupons still have available,
limited time only, the alternative privilege of obtaining in exchange
each fare paid being computed as a passenger carried.
their bonds and coupons the same amounts of new securities that are to
The figures were collected by the Commission from the monthly reports for received
be
furnished to it by the transportation companies and cover the fiscal year this latter by the depositors. In case they wish to avail themselves of
ended June 30 last. While the returns have not yet been fully checked, monwealthprivilege, they should forward their bonds and coupons to ComPower, By. & Ugh:, Co., 14 Wall St.. N. Y. City, with a request
awaiting the final compilation of the figures from the annual reports of
the
companies,it is stated that the ultimate figures would not shown a variation that such bonds and coupons be exchanged for new securities of the Sagof more than a few thousand passengers at mostfrom the present calculations. inaw Transit Co. in the amounts shown above. This privilege expires
unless bonds and coupons are received in N. Y. City for exchange before
The traffic upon steam railroad and omnibus lines is not
The
principal omnibus lines in New York, however—the Fifthincluded.Coach the close of business Jan. 8 1924.—V. 117. P. 1778.
Avenue
Co.
--carried in the fiscal year 1923 55,974,110 passengers upon its several
Sixth Avenue RR., New York City.—Deposits and Plan.
lines, as compared with 52,940,135 the year before and 51.091.365 in
1921.
The stockholders'committee(James B.Mahon,
NVIdle the general traffic increase for the year was 3.51%. the traffic has
Oct. 22 to the effect that a majority of the stock Chairman)issued a notice
increased more than 30% since the fiscal year 1919, In which year the two
of the company has been
billion mark was passed for the first time. A part of the increase in traffic deposited under the deposit agreement dated Aug. 6 last. The notice
was due to the increase in the habit of riding by New Yorkers. To-day further says:.
"The recent announcement of a tentative plan of reorganization of the
the average New Yorker takes ten times as many rides in a year as he
did New York Railways (V. 117. p. 1775)
in 1860. In the latter year—the first of which there is any competent
renders it, in the judgment of the
record committee, necessary that as large a
—the average ride was 43. In 1923, based upon
proportion as possible of the stock in
of 5.875,996, each New Yorker rode 456 times. an estimated population the Sixth Avenue RR be deposited with the committee in order to enable
He rode 448 times in the committee to act effectively in the
1922 and 437 times in 1921.
interest of the stockholders. Stockholders who have not already deposited their stock
The traffic upon the Hudson & Manhattan tubes, while largely
a traffic the same as soon as possible with the depositary, are requested to deposit
into and out of New York rather than a traffic within the
Central Union Trust Co.,
city, is never- 80 Broadway, New York City."
theless included in the gross figures.
Committee.—James B. Mabon, Chairman, J. Y. G. Walker, Adrian H.
The following table shows the traffic of all the lines—subway,
elevated Larkin, with Daniel A. Hohman, Secretary,
and surface—operated In certain years, with the increases
and Henry V. Poor. Counsel.
in each
Including figures of the Hudson tubes for the years in which those year, —V. 117, p. 670; V. 115, p. 1051, 309.
lines
have been operated:
Light & Traction Co.—Bus Service.—
Utah
Year end. No. of Rev.
Annual IYear end, No. of Rev.
Annual
The Utah P. U. Commission has granted the company permission to
June 30. Passengers.
Increase. June 30. Passengers.
Increase.
a
to ty
wn blts
s , lineejnnAct T.thg ust car 11
o
tai i , estree fare
1903 _ _ _1.000,767,483 61.777,519 1919_ __ _2,079,944,297
SAtte and
104,461.981 garCutherst
1906 _ _1,251.841.173 120.838,479 1920_ _ _ _2.365,587.36
9 285,643.072 —V. 115. P. 2380.
1910.. —1,531,262,914 128,845,272 192L......2,491.909.178 126,321,809
5913, _1,709,876,508 88,962.573 1922 _ _ _ _2,590,313,72
8 98,404,550
Vicksburg Shreveport & Pacific Ry.—Resumes Common
1916 _ ___1.898,735.615 91,102,889 1923 _
_2,681,206,755 90,893,027 Dividends
191.,..,,1.975,482.318 56,670,087
.—The company has declared a dividend of 234%
One of the outstanding features in the
to Common stockholders of record Oct. 19 1923, applicable
the fact that the tremendous traffic loss traffic statistics of the year was
which began on the Manhattan to the calendar year 1922, payable Oct. 30 1923.
elevated lines of the Interborough company
A distribution of like amount was made on the Common stock in Sept.
lines showed a very slight gain, amounting in 1921 was halted, and these
to
year• The total Interborough elevated figure, 7,484 passengers over last 1920: none since. Dividend record on Common stock follows:
however, is still far below 1903. '04. '05. '06-'12. '13. '14-'16. '17.
the 1921 figure. 1922 having shown a falling
'18-'20. '21-'22. '23.
of more
elevated passengers from the previous year. off 1921 the than 25,750,000 2%% 3% 2% None 2% Nono 2X% 24%p.a. None 2%
Manhattan elevated carried about 374,500,000 passengers, In last
Bonds Offered.—Spencer Trask & Co. and Canal-Commerwhile
year and this year
the figure was about 348.500,000, the exact figure for
this year being 348.- cial Trust & Savings Bank, New
524,700. and showing the slight gain noted.
Orleans, are offering at
Still another feature of the traffic year was the
int., to yield about 6.20%, a block of new Ref. &
lnterborough subway. During the fiscal year increase in riding upon the 97 and
1922 the gain upon the Impt. Mtge. Gold bonds, Series "A" 6%.
Interborough's underground system was only a little more
than 5,500,000
Passengers, losses being noted upon practically all parts of the
Dated Nov. 1923, due Nov. 1 1973. Int. payable M.& N. at Canalsystem except Commercial 1
upon the two main trunk lines through Manhattan.
& Savings Bank. New Orleans, trustee, or National
This year, however, Park Bank, TrustYork.
the Interborough subway traffic was 676.650,431,
New
Denom.
a gain of 31,674,957. an entirety on any int, date upon $1,000 c*. Series "A" bonds red. as
The Interborough traffic, therefore, was more
90 days' notice at 107% and int. on or
than the whole traffic upon
all lines in the City of New York 30
prior to Nov. 1 1928 at 105 and int. after Nov. 1 1928 and on or prior to
Years ago.
Another outstanding feature of the report for the year was
Nov.11963.and at 3.i of 1% less than 105 and int. for each succeeding year.
a falling off
in trolley traffic in Manhattan of 5,148,270,
Issuance.—Authorized by the I.
-S. C. Commission (see below).
as against a gain last year of
4,229,743. The loss, however, in trolley, traffic in Manhattan
is a small Data from Letter of Pres. Larz A. Jones, New Orleans, La., Oct. 22.
figure when compared with the aggregate of this traffic,
Property.—Railway owned extends across the State of Louisiana from
and does not mean
any material falling off, being in fact larger than in
any other recent years Delta, through Monroe and Shreveport to Lorraine, on the western
outside of 1921 and 1922 and higher than in any
border
of such railroad operation in Manhattan, with other period in the history ofthe State,a distance of 188.44 miles. There are 67.14 miles ofside tracks.
the exception of the four
In connection with the Alabama & Vicksburg By., the
years 1913 to 1916, inclusive, which were the banner
years of trolley opera- port & Pacific By.forms the main line of the "VicksburgVicksburg Shrevetion in Manhattan, the figure of total traffic being
for each of the four years part of what was known as the "Queen and Crescent Route" (formerly
well over 400.000,000.
Route") between
Meridian, Miss., and Shreveport, La.
The Brooklyn trolley gain for the year was 17,590,624
in
Company also owns valuable water front property in Delta, used in the
490.128,692. The figure of gain for the year previous, a total traffic of
54,500,000, was abnormal, due to the splitting up of lines however, nearly operation of water transfer between that point and Vicksburg. and,together
of added fares thereby, together with an abnormally and the collection with the Alabama & Vicksburg By.. owns all of the stock, except directors'
street car strikes in a part of the previous fiscal year, low traffic, due to shares, of the Louisiana & Mississippi RR. Transfer Co., the owner of
floating transfer equipment.
The Bronx, with a gain of 4,461,261 in a total trolley
traffic
781, shows a somewhat reduced rate of gain over the previous of 116,140,Capitalization Outstanding Upon Completion of Present Financing.
year.
Prior Lien 5% Gold bonds, due Nov. 1 1940 (Mtge.
For the Borough of Queens, in a total trolley traffic
$1.323,000
was shown a gain of 1,026.243, which was also less of 59,852,694, there Gen. Mtge. 5% Gold bonds, due May 1 1941 Mtge.closed)__
closed)_.,
677,000
than last year, but Ref. & Impt. Mtge. Gold bonds,
appreciable.
Series "A," 6%, due 1973
Trolley traffic in Richmond Borough, which showed a rather
(this issue)
1.545,000
abnormal 5% Non-Cumulative Preferred stock
growth last year. In 1923 went back to its practically normal
:50
22:148
85, 0g
2
rate, with an Common stock
increase of 841,085 in a total traffic of 19.408,180.
The total traffic upon the rapid transit lines was 1,609,466,911
Purpose.—Of the
Ref. &
, and on $1.245,000 are being$1,545,000exchange Impt. Mtge. bonds. Series "A,"
the surface railroad lines 1,071;739,844
issued in
for a like amount of Gen. Mtge.
.
The Broadway subway of the B. M.T.system
5% Gold bonds (leaving only $677.000 outstanding) and the proceeds
great traffic gainers. Last year it had a trafficcontinued to be one of the from the remaining $300,000 of bonds will be used to reimburse the treasury
of a little less than 109.000,000, and this year of 119,000,000, a gain of nearly 10,200,000.
in part for expenditures made prior to the current year for additions and
Other
lines in the Brooklyn system which showed big gains
were the Brighton and betterments.
Fourth Avenue subway lines and the Lexington Avenue
Earnings for Calendar Years.
elevated, which
each gained about 3,000,000 passengers; the Fulton Avenue elevated, which
Total. Bal.Avail, Interest Surplus
gained some 2,500,000 passengers; the West End Line.
Operating for Int.
with 2,000,000
on
After Alt
passengers: the Culver, Sea Beach and Myrtle
Revenues, on Bonds. Bonds. Charges.
passengers each, and the Canarsie and Fifth Avenue lines, with 1.000,000 1918
Avenue elevated lines, with
$2.689.104 6351,080 1167.286 $183.794
o00,000 each.
1919
3.323,329 350.430 165.332 185.098
1921
90
2
Street Railway Traffic in N. Y. City (No. of Revenue
4,682,409 284.492 174,207 110,284
Passengers—cash Pares).
4,151,552 490.007 172,044 317.963
Increase of 1922
3.717.970 389,333 166.793 222,539
Year ending June 30—
1921.
1922.
1923.
1923x
1923 over
2.452.132 419.771
Subway .4 Elevated Lines:
95,116 324,655
1922.
nter roug
x Seven months ended July 31.
Subway
639,385,780 644,975,474 676.650,431 31,674.957
-S. C. Commission on Oct. 18 authorized the company to issue not
The I.
Elevated
7,484 exceeding $3.545,000 Ref. & Impt. Mtge. 6% bonds, Series A, as follows:
B. R.T.elevated & subway_ 374,293,051 348,517,216 348,524,700
Hudson & Manhattan tubes_ 404,970,640 444,747,228 480,900.869 36,153 641 (a) $1.323.000 to be exchanged for a like amount of prior lien mortgage 5%
95,607,645
99.104,889 103,390,911 4,286.022 bonds now outstanding:
(b) 61,922,000 to be exchanged for a like amount
Total rapid transit
1,514,257,116 1,537.344,807 1,609,466,911 72,122,104 of general mortgage 5% bonds now outstanding; and (c) 6300,000 to be sold
at not less than 93% and interest to reimburse the treasury for expenditures
Street Surface Lines:
By Boroughs:
heretofore made for capital purposes.
The Commission also authorized the company to procure authentication
Manhattan
384,128,024 388,357,767 383.209,497 *5,148,270 by
Brooklyn
the
418,106,603 472,538,068 490,128,692 17,590,624 held trustee of $455,000 of Ref. & Impt. Mtge.6% bonds, Series A,to be
The Bronx
in its treasury pending further order by the Commission.
107,675,507 114,679,520 119,140,781 4,461,261
The report of the Commission says in substance:
Queens (excl. of B.
-M.T.) 51,944,034
58,826,451
59,852,694 1,026,243
Richmond
The applicant is the successor of the Vicksburg Shreveport & Pacific RR.,
15,797,894
18,567,115
19,408,180
841,065 sold under foreclosure in 1901, subject to the lien of $1,323,000 outstanding
Total surface lines
Prior Lion
977,652,062 1,052,968.921 .1,071,739,844 23,919,193 extended Mtge.6s maturing Nov. 1 1915. Subsequently these bonds were
to Nov. 1 1940. and the interest rate reduced to 5%•
Under date of May 11901. applicant executed its 5% Gen. Mtge. to the
Grand total
2,491,909.178 2,590,313,728 2.681,206,755 90,893,027
Farmers' Loan & Trust Co., trustee. Authorized, $3,500,000, of which
$1,323.000 are reserved for refunding the prior lien mortgage bonds.
• Decrease.
11.922,000 are outstanding, and $255,000 are held in treasury.
Ponulation (est. on basis of
Applicant now proposes to execute under date of Nov. 1 1923 its Ref. &
1-10th of decennial Incese)
5,705,364
5,780,670
5;875,995
Fares per capita
Impt. Mtge.to the Canal-Commercial Trust & Savings Bank, New Orleans,
437
448
456
La. authorizing the issue of not exceeding $.6.000.000 bonds. Under the
—V. 117, p. 326, 670.
mortgage applicant proposes to issue as of Nov. 1 1923, Ref. & lmpt. Mtge
1:
1888
bonds as follows:(1) $1,323,000 to be exchanged for a like amount of Prior
Lien Mtge. 5s now outstanding: (2) $1,922,000 to be exchanged for a like
amount of Gen. Mtge. 5s now outstanding: and (3) $300,000 to be sold and
the proceeds used to reimburse the treasury for expenditures heretofore
made for capital purposes.
In addition, applicant proposes to procure authentication by the trustee
and delivery to it of $455.000 of the proposed bonds to be held in its treasury
The
pending further orders from the Commission for their disposition.reprelatter amount of bonds, and the bonds which it proposes to sell, will
between
sent in full expenditures made for additions and betterments have not
June 30 1908 and Dec. 31 1922, aggregating $1,546,209, which
heretofore been capitalized.
As a part of the plan for exchanging the outstanding general mortgage
bonds, applicant states that the $255,000 of those bonds now held in its
will be
treasury will be canceled. The proposed bonds, which the ratedesignated
of 6% per
Series A. will be dated Nov. 1 1923. will bear interest at
will mature Nov. 1 1973. Redeemable on
annum, payable M.& N., and
the basis of 107% during first five years and 105 during the following 35
years.
years. decreasing % of 1% each year during the remaining tenof the Gen.
The applicant has assurance that the holders of $1.000,000
& Impt. Mtge.
Mtge. bonds will exchange them for the proposed Ref. of approximately
bonds, and has been informally advised that the holders
$250,000 of the Gen. Mtge. bonds will do likewise. It has no information,
lien mortgage
however, concerning the attitude of the holders of the priorbonds received
bonds towards the plan. Prior Lien bonds and Gen. Mtge. the trustee as
by
In exchange for Ref. & Impt. Mtge. bonds shall be held been surrendered,
additional security until all bonds to be exchanged have
when they shall be canceled and the mortgages discharged. proposed
Arrangements have been made for the sale of $300,000 of the
bonds to Spencer Trask & Co.. New York. at 93.-V. 116. p. 1753.
1922.
1923.
$7,777,696 $6,830,822
4,544,189
4,945,333
Net earnings
Other income
$2,832,363 $2,286,632
99.226
104,975
Total income
Interest and sinking fund
Depreciation and renewal reserve
$2,937,339 $2,385,858
889,561
892,136
1,066,875
1.111,227
s933,975
Another Lynn .liars.) Shoe Workers' Slrike.-150 operatives strike.because 5 workers discharged have not been reinstated. The Amalgamated
Shoe Workers' Union sanctioned the strike. "Wall St. Jour." Oet. 23. p. 3.
Matters Covered in "Chronicle" Oct. 20.-(a) Price of milk advanced
one cent, p. 1723. (b) Action against Boston "Transcript" involving constitutionality of advertisement provision of minimum wage law goes to
U. S. Supreme Court, p. 1739. (c) Secretary of Commerce Hoover on
purpose of super-power conference, p. 1742.
-Tenders-- Rorwings.Air Reduction Co., Inc.
The Mechanics & Metals National Bank, N. Y. City, as trustee, will
until Nov. 3 receive bids for the sale to it of 7% Cony. Gold Debenture
bonds, due April 1 1930, to an amount sufficient to absorb $54,508,at prices
not exceeding 105 and int.
1922.
1923.
Quarters ended Sept. 3062,588,691 $1,706,157
Gross income
1,252,179
1,654.853
Operating expenses
Operating income
Additions to reserves
Bond interest and expense
$934,038
249,154
29,180
$453,978
236.014
36,653
$181.312
$655.704
Net profits, before Federal taxes
The company had 173.186 3-5 shares of no par value stock outstanding
at end of quarter. Net amount of Air Reduction Co.7% Cony. Sink. Fund
bonds, duo 1930, outstanding amounted to 81.100,800.-V. 117. P 1558.
556.
-Complaint.
Amalgamated Sugar Co.
-V. 116. p. 2639.
See Utah-Idaho Sugar Co. below.
-Annual Report.
American Cotton Oil Co.
-Earnings.Virginia Railway & Power Co.
9 Months Ended Sept. 30Gress earnings
Oper. expenses, maint., taxes & rentals
Balance,surplus
[Vou 117.
THE CHRONICLE
$429,421
1919-20.
1920-21.
1921-22.
1922-23.
Aug. 31 Years83,259,892 81,689,390 $2,114,512 $1,542,531
Operating loss
850,000
820,000
790,000
760,000
Int. on deb. bds. & notes
611,916
Preferred diva. (6%)
607,113
Common diva.(4%).._ _ _
Balance, deficit
Previous surplus
$4,019,892 $2,479,390 $2.934,512 $3,611,560
9,624,091 13,235,651
4,210,189 6.689,579
$190,297 $4,210,189 $6,689,579 $9,624,091
Total surplus
Loss on property sold
3,907,906
Reserve for property loss 2,000,000
Comparative Balance Sheet.
$5,717,600 sr$4,210,189sr$6,689,579sr$9,624.091
P.& L.deficit _ _
Sept.30'23. Dec.3122.
Sept.30'23. Dec .31'22.
1464.
-V. 117. p. 1665._Liabilities
-duets
_x13,600,500 13,600,500
Common' stock_
Prop., plant. work
-Notes Offered.-Child &
ca n Equipment Co.
A zu
in progress. Ac_49,689,596 48.261,559 Preferred stock_ __ 8,962,500 8,962,500
24,590 Lovering, Chicago, are offering at prices to yield from
24,590
1,314,569 1,274,364 Preferred scrip__
Investments
23,478,626
2,945,594 2,800,147 Funded debt_ __ _y23,951.628
Sinking funds_ _
372,285 6.25% to 7%, according to maturity, $500,000 Secured 7%
588,002 Notes payable__ _ 233,123
Materials & suppi _ 617,596
Gold notes. A circular shows:
24,565 Pay-rolls & accts.
10,753
Notes receivable
883,077
722,409
payable
575,652
417,516
Accts.receivable
Dated Sept. 20 7923; due serially monthly from Jan. 20 1924 to Dec.
18,311
Deferred credits
Deposit to pay int.
20 1928. Callable on any interest date at 101 and interest on 30 days'
empl.
365,942 Custom.
27,316
coupons
notice. Int. payable M. & N. at Central Trust Co. of Illinois, trustee.
115,457
146,665
21,411
cred. Ac
171,266
Adv.to Mill. cos
Denom. $1.000 and $500. Company agrees to pay normal Federal income
968,137 Mat'd mt. & diva.
742,322
Cash
903.556 tax of 2%.
27.193
payable
Security -Secured by an assignment to the trustee of license contracts
Der. charges, arc_ _ 1,800,610 1,396,085
Int., taxes, ins.,
Thirty of these machines
patent rights on
308,297 and used exclusively brickhandling machinery. of the Illinois Brick Co.,
Ac.. accrued....- 981,784
to-day in the ten plants
are
26,018
93,991
Allied to. accounts
Chicago Brick Co., Carey Brick Co.. Bach Brick Co. and Tuthill Building
Deprec. & renewal
& Material Co.and are earning for the company at the rate of about $10.000
4,527,421 4,115,592 per year per machine. Earnings over 13
-year period have been over
reserve
170.428 $9,000 per year per machine.
178,819
Other reserves__ _ _
S.F.bond retirem:t2,853,386 2,674,182
Under a long-term contract with the Illinois Brick Co., which pays a
642,767 royalty of 30 cents a thousand on all brick manufactured and delivered,
1,414,818
Total(each slde)57,737,137 56,275.8641 Surplus
a total of $1,427.878 has been paid since 1909. The machines licensed
z Includes $1,650,000 stock of Norfolk Ry. & Light Co. y Includes to this company have effected an estimated savings and advantages of
.
-V. 117, 13• 1778 1665.
bonds of Norfolk Ry. & Light Co.
$4,000,000
over $4,000,000 in this period. Payments under said contracts are made
monthly directly to the trustee for the benefit of the noteholders.
There has been deposited with the trustee for the benefit of the noteWest End Traction Co.
-Mau Suspend.
The company has applied to the Ohio P.'1.1. Commission for authority to holders the entire capital stock of the American Equipment Co. and the
abandon service. The hearing has been set for Nov. 16 at Columbus, 0. assigned life insurance policies upon the life of R. C. Penfield, President
of the company, amounting to $250,000.
The lines are now being operated at a loss. See also V. 117, p. 1349.
-Hadfield l'enfield Steel Co. of Bucyrus and Willoughby,
Guaranty.
and interest. 75%
Western Maryland Ry.-Refunding of Notes. (1) to issue Ohio, has guaranteed payment of principal owned by Hadfields,of the
Ltd.,
stork of the Hadfield-Pentield Steel Co. is
-S. C. Commission on Oct. 19 authorized the company
The I.
-year 7% secured gold notes: and (2) to pledge 88,700.000 1st Sheffield, England.
$5,800,000 5
The report of the
earnings for the last 13 years have been at the
Earnings.-Averago
& Ref. 5% Mtge. bonds as collateral security therefor.
rate of seven times the maximum interest requirements of this issue and
Commission says in substance:
The applicant represents that it did not and does not now have sufficient over 11 times the average interest charge. Earnings have averaged
which matured $234,643 for the years 1910 to 1922 inclusive.
-year 8% secured gold notes
funds to pay the $5,800.000 3
-18 the owner of machinery and patents for brick handling,
Company.
Aug. 1 1923. It now seeks our authority to issue in refundment of the matured notes new ones for a like amount, dated Aug. 11923, bearing int, at which it leases to brick manufacturers. All of the larger brick companies
the rate of 7% per annum, and maturing 5 years from date; and to pledge In Chicago and vicinity use this machinery under long-term contracts
the same $8,700,000 1st & Ref. 5% bonds as before as collateral security and pay the company monthly under these contracts at the rate of 30
therefor under a note-trust indenture made to the Bankers Trust Co.. New cents per thousand for all brick manufactured and delivered. The patents
have a period of 12 years to run. Company has operated for the past
York, trustee.
To effect the exchange in refundment, the applicant represents that it 13 years in the Chicago district.
has agreed to pay as a bonus or commission to the holders of the notes to
-Bonds Called.
American Factors, Ltd.
be refunded a sum equal to 1%% of their face amount, amounting in the
One hundred seventy 1st Mtge. & Collat. Trust 7% gold bonds, Series
aggregate to $72.500. On that basis the annual cost to the applicant will
"A." of 81.000 each, and 60 bonds of $500 each (total $200,000), have been
be approximately 7.30%.-V. 117. p. 1463, 209.
called for payment Nov. 15 at 102% and int, at the Bank of California,
-V. 114. p. 2016.
National Association, San Francisco, Calif., trustee.
INDUSTRIAL AND MISCELLANEOUS.
American-Hawaiian Steamship Co.-Chanaes in Board.
At a meeting of the board on Oct. 22, the directors voted to change the
*The following brief items touch the most important develplace of meeting of the board from New York to San Francisco for the
opments in the industrial world during the past week, to- reason that the principal office of tho company and the President are located
are on the Pacific Coast.
gether with a summary of similar news published in full at San Francisco and its chief activities
W. A. Harriman has resigned as Chairman of the board but will remain
detail in last week's "Chronicle."
a member of the directorate. The board voted to abolish the office of
Chairman of the board of directors.
Steel and Iron Production, Prices, &c.
R. H. M. Robinson and C. B. Feder resigned as directors, and these
and L. T.
The review of market conditions by the "Iron Age," vacancies were filled for the time being by V. It. Thun.-V.116,Hengstier.
p. 1535.
and Counsellor of the company,respectively
formerly given under this heading, appears to-day on a Treasurer
-New Secretary.
preceding page under "Indications of Business Activity."
American International Corp.
William L. Crozier has been elected Secretary to succeed F. Woodlock.
Coal Production, Prices, &c.
---V. 117. p. 1558.
The United States Geological Survey's report on coal
-Notes
American-La France Fire Engine Co., Inc.
production, together with the detailed statement by the
-Year 6% notes to
-The company has sold $2,000,000 3
"Coal Trade Journal" regarding market conditions, hereto- Sold.
privately at 98M and int.,
fore appearing in this column, will be found to-day on a bankers, who have placed them
preceding page under the heading "Indications of Business to yield about 6.55%.
A current report, believed by the "Chronicle" to be based on fact, says
Activity."
Sales in August were greater than in any preceding month this year.
Oil Production, Prices, &c.
Net in August was approximately $90.000. an increase of about $7,000 over
The statistics regarding gross crude oil production in the July. Final figures for September, it is stated, are expected to show an
-V. 117, p. 1238.
over August.
United States, compiled by the American Petroleum Institute increase in sales and not
-Sale of Missouri
and formerly appearing under the above heading, will be
American Smelting & Refining Co.
-The company on Oct. 23
found to-day on a preceding page under "Indications of Lead Mines to St. Joseph Lead Co.
Business Activity."
authorized the following statement concerning the sale of its
Prices, Wages and Other Trade Matters.
Missouri lead mines to the St. Joseph Lead Co.:
companies reduced
-On Oct. 25 the following
Refined Sugar Prices.
The lead mines owned by the American Smelting & Refining Co. in
prices as indicated: Arbuckle, 15 pts. to 9.10c.; Pennsylvania, 50 pts. to Missouri, through its subsidiary, the Federal Lead Co., are contiguous
0.10c.; American, 15 pts. to 9.10c.; National, 40 pts. to 9.10c.; Revere, to lead mines owned by the St. Joseph Lead Co. Each of the parties has
mining and smelting of the ore bodies in sub30 pts. to 9.10c.; Warner, 40 pts. to 9.10c.
-A general increase of 12%, effective as of Oct. 1, has heretofore carried on the Each has long realized that very largo OCOD0111108
Wage Increase.
stantially the same way.
been granted to all employees of the Colorado Fuel & Iron Co. "Wall could be effected by a single operation of both mines and by a larger
Street Journal" Oct. 26. p. 7.
operation at either of the smelters owned by the respective parties.
-American Smelting & Refining Co. reduced price smeltingmuch study and negotiation a way has been found, under which
Lead Price Reduced.
After
Financial Amer."
from 6.85c. to 6.76c. a pound, effective Oct. 26. "Daily 28. "Wall Street the American Smelting & Refining Co. has sold the mines owned by the
Oct. 26. A further reduction to 6.65c. was made Oct.
Federal Lead Co. to the St. Joseph Lead Co. for 810,000,000 and the
Journal" Oct. 26.
has entered into a smelting contract of 30 years'
-B. F. Goodrich Co. has readjusted its price schedules to St. Joseph Lead Co. two-thirds of the entire output of ore from the
Tire Prices.
during which
established level, reducing Silvertown large-sized tires about duration, property will be smelted by the American Smelting & Refining Co
the newly
cash combined
reduced
15% and increasing Ford size tires slightly. Company also p. 1
The transaction has been worked out in a way which will enable each
discount basis from 5 60 2%. "Wall Street Journal" Oct. 20,
OCT.27 1923.]
THE CHRONICLE
to make as large profits under unified management as it would have made
from the former divided operation, and, in addition, to get its fair share
of the important economies which will be made from the more efficient
operation hereafter carried on. At the same time, a larger production of
lead will be possible, as much ore will be mined which would not pay
under the former methods of operating. The St. Joseph Lead Co. will
continue to operate its Herculaneum smelter, retaining adequate tonnages
for that purpose.
The Smelting company will at once take steps to install at its Federal
smelter near St. Louis additional equipment, which will enable it to smelt
at a reduced cost the greatly increased tonnage it will hereafter receive
for many years.
-V.117, D. 1666.
American Tobacco Co.
-To Acquire Plants of Tobacco
Products Corporation-Subsidiaries Not Affected.
-
1889
Controlled Companies.
-Company owns more than 50%,but less than all
of the outstanding Capital stock of the following companies:
Owned by
ArmourdWo.
Name of CompanyIncorp. Authorized. Issued. of Delaware.
Elkhorn Creamery Co., Idaho
$30,500
$60,000
$100,000
1920
C. E. Blodgett, Cheese, Butter and
Eggs,Wls
50.000
25,500
50.000
1913
A.S.Kinninmouth Produce Co.,Kan 1917
51,000
100,000
120,000
Rathborne Hair & Ridgway Co.,III_ 1893
.189,200
*350,000
.350,000
do
do
x636,900
do
:1,050,000 :1,050,000
1893
T.H.Wheeler Co.,Mass
58,000
60.000
1895
60,000
Nathan Schweitzer Cream'y Co.,N.Y 1915
51,000
100,000
100,000
National Fruit Canning Co., Del_ _ _ 1919
87,500
100.000
100,000
Merritt'Scha eitzer Cream'y Co.,ICan 1908
33,750
50,000
50,000
Jersey City Stock Yards Co., Del
297.500
500,000
1912
500.000
aArmour Leather Co., Del
1920 *25,000,000 *10.000,000 *5,973,300
do
do
do
1920 x15,000,000 :15,000,000 :10,300,335
The officers of the American Tobacco Co. and the Tobacco Products
Corp. have agreed upon plans whereby the former will take over the operation of the manufacturing plants of the latter organization, subject to the
approval of stockholders of both companies. It is expected that special
• Preferred. x Common. a The company also owns all of the founders shares
meetings of stockholders will be called shortly to ratify the action of the of Armour Leather
Co., consisting of 100.000 shares without par value.
directors.
1
e-Properties owned do'17ny include fully equipped packing
.
James M.Dixon, President of the Tobacco Products Corp.,said that the --. "TarierriTs houses at Denver. Colo., covering 11.158 acres; at Jersey CRY, N. J••
transaction would benefit stockholders of both organizations.
Under the terms of the deal, as reported in the financial district, the covering 5.09 acres; Jacksonville, Fla., covering 31.57 acres; Indianapolis.
American Tobacco Co. will take over all of the manufacturing properties Ind., covering 11.653 acres; Fort Worth,Tex., covering 24.53 acres; various
of the Tobacco Products Corp., including trade-marks, supplles and plant auxilliary plants, including soap works, glue works, sandpaper works,
and equipment. The contract runs for 99 years, and will be consummated curled hair works and ammonia works in Chicago, covering 14.507 acres;
upon payment of $12,000.000 in cash to the Tobacco Products Corp. in a modern office building at Chicago; 16 creameries and milk condenseries
addition to a guarantee of $2,500,000 annually to the latter company. It and approximately 140 branch houses and distributing stations located in
is understood that the American Tobacco Co. can carry out the transaction most of the large cities of the United States.
Properties owned through stock ownership include the fully equipped packwithout any new financing.
The terms of the contract, it is declared, will in no way affect any of the ing houses of the Fowler Packing Co.at Kansas City, Kan., covering 19.53
properties of the Tobacco Products Corp. except its manufacturing estab- acres; the Hammond Packing Co., at St. Joseph, Mo., covering 16 acres;
lishments. In other words, the Tobacco Products will retain its interest Now York Butchers' Dressed Meat Co., N. Y.City,covering 49,376 sq. ft.;
in the United Cigar Stores Co.of America, in which it holds 290,000 shares, Fowler Canadian Co., Ltd., at Hamilton, Ont., covering 3.786 acres;
as well as its interest in the Tobacco Products Export Corp. and Stephan° the warehouses and storage plants'of Anglo-American Provision Co. at
Brothers. Thus there will be no affiliation between the American Tobacco Chicago,covering 11.052 acres;the East St. Louis,IU.,Cotton 011 Refinery,
Co.and the United Cigar Stores Co.or any other subsidiaries of the Tobacco with various gins throughout the South; the properties of the Armour
Products organization. United Cigar Stores will do business as in the past Fertilizer Works and its subsidiaries, including 25 manufacturing plants
and 2 large warehouses; the Compania Armour de Cuba, with its large
and be free to promote the output of any manufacturer.
The transaction, according to statements made in the financial district, distribution plant in Havana; the entire South American investments,
is the largest undertaken in the tobacco industry in many years without including the modern packing houses of Frigorifico Armour de la Plata at
Rio Santiago, F. C. S. Argentina, covering 15,749 hectares, 46 ares, 83
Public financing.
It is calculated that the payment of $12,000,000 in cash by the American centaires; and at Santa Cruz, Argentine, the modern packing house of
Tobacco Co. to the Tobacco Products Corp. will enable the latter to retire Sociedad Anonima LaBlanca at Buenos Aires, Argentine, covering 36.207
all of its outstanding $4,000,000 7% notes as well as the $8,000,000 7% square meters. and of Companhia Armour de Brazil, at Sao Paulo, Brazil.
Pref. stock. The $2,500,000 to be paid annually by American Tobacco covering 5,825.08 alquaires, and of Companhla Armour de Rio Grande do
will make up a good part of the annual dividend requirements on the Sul, at Sant' Anna do Livramento, Brazil, covering 47,850,750 square
meters; the storage and refrigerating plant of the North American Provision
Class A issue.
-V. 117, p. 1780, 91.
Co. at Chicago, covering 2.57 acres, together with various other properties
American Window Glass Machine Co.
throughout the United States, and approximately $28.000,000 of Invest-Earnings.
ments.
Apr. 1 '22 to March 31
Year ended
March 31
The company,through the North American Provision Co., one of its
Aug.31 '23. 1921-22.
1920-21. Apr.30'20.
Period ending-(16 Mos.). (12 Mos.). (11 Mos.). (12 Mos.). subsidiaries on or about March 23 1923, acquired the business and properRoyalty received
$3,092,634 $1,292,040 $1,932,668 $3,627,220 ties of Morris & Co.,including packing plants at Chicago,covering 25 acres:
Other income
5.168
29,754
14,207
1.044.286 Kansas City, Kan.. covering 18.65 acres; East St. Louis. Ill., covering 26.7
acres; South Omaha, Neb., covering 15.26 acres; St. Joseph. Mo.,covering
Divs.on A.W.G.Co stk
.
162,490
649,960
19.2 acres; Oklahoma City, Okla., covering 37.44 acres; and approximately
Total income
$3,122,388 $1,459,698 $2,596,835 $4,671,506 150 branch houses and distributing stations in most of the large cities of
the United States and in many cities abroad. With the exception of a
General expenses
$45,525
$31.582
$26,840
$112,429
Taxes
390,249
137,960
1,001,266
2,266,643 number of the Morris branch houses, located on leased land, substantially
Preferred divs. (7%)
612,456
489.965
489,965
489,960 all of the above described property is owned in fee.
Common divs. (cash)974,873(6%)779,898(10)1364,821(8)1.039,888
Detail of Bonds and Gold Notes Payable of the Company and Its Subsidiaries.
Corn.dim.(Lib. bonds)_
(7)909,388
Int. Sink.
Amount
Date.
CompanyMaturity. Rate. Fund. Authorized. Issued.
Balance,sur. or def_sur$1,099,285 sur$20,293 def$286,057 def$147,253
Armour&Co.ofDel.lstM.Jan. 1 '23 Jan. 1 '43 514% None Unlimited $60000,000
-V.114, p. 2016.
Underlying bonds owned
by Armour & Co. of
American Writing Paper Co.
-Time Extended.
Del. & pledged under
The protective committee for the holders of the 1st Mtge. 20
-Year
the 1st Mtge.:
6% Sinking Fund Gold bonds, due Jan. 11939. George G.Lee, Chairman,
Jan. 1 '23 Jan. 1 '43 534% None
Armour de Cuba
964,000
964.000
announces that the time for receiving deposits under the bondholders'
Hemphill Packing Co-Jan. 1 '23 Jan. 1 '43 534% None 2,000,000
Protective agreement has been extended to and including Nov.20 1923.
834,000
Anglo-Am. Provision Co.Jan. 1 '23 Jan. 1 '43 5
None 5.000.000 2.948.000
Bonds may be deposited with Old Colony Trust Co.. Boston; Central
Hammond Packing Co- Jan. 1 '23 Jan. 1 '43 514% None 5.000.000 2,795,000
Union Trust Co. New York, or Springfield Safe Deposit & Trust
Co.. N .Y .Butch .Dr.Mt.Co-Jan. 1 '23 Jan. 1 '43 534% None 7,500,000
Springfield, Mad.
4,843.000
-V.117. p. 1666.
Jan. 1 '23 Jan. 1 '43 53.4% None 5,000,000 2,717,000
Fowler Packing Co
Fowler's Canadian Co_ _ _ _Jan. 1 '23 Jan. 1 '43 534% None 2,000,000 1,028.000
American Zinc, Lead & Smelting Co.
-Earnings.National Woodenware Co.Jan. 1 '23 Jan. 1 '43 534% None 1,000,000
300,000
-3 Mos. end. Sept. 30- -9 Mos. end. Sept. 30
- E.St. Louts Cotton Oil CoJan. 1 '23 Jan. 1
Profit before deprec'n-'43
$31,913
$126,191
$312,753
$286,959 Lookout Oil & Refining CeJan. 1 '23 Jan. 1 '43 534% None 5,000,000 1,794,000
534% None 5.000,000 1,072,000
-V. 117, p. 442, 329.
Works_Jan. 1 '23 Jan. 1 '43 534% None 15,000,000 8,270,000
Armour Fertilizer
Armour & Co. of Delaware.
Tennessee Chemical Co Jan. 1 '23 Jan. 1 '43 534% None 5,000,000
-Listing-Status, &c.
872,000
Jan. 1 '23 Jan. 1 '43 534% None 2,000,000 1,076.000
The New York Stock Exchange has authorized the listing of $50,000,000 Jarecki Chemical Co
temporary 1st Mtge. 20
-Year 5;•6% Guaranteed gold bonds, Series "A." Co. Abona Armour de C_Jan. 1 '23 Jan. 1 '43 534% None 1,515,000 1.515,000
dated Jan. 11923. due Jan. 11943.
Costa & Santini Realty CoJan. 1 '23 Jan. 1 '43 531% None
550.000
550,000
The official statement to the New York Stock Exchange in connection Fit/orifice, Armour de La
Jan. 1 '23 Jan. 1 '43 534% None 11,256,000 11,256,000
Plata
with the listing of $60,000.000 Guaranteed Pref. stock (par $100) affords
Sociedad Anonlma La
the following:
Jan. 1 '23 Jan. 1 '43 534% None 4,200,000 4,200,000
Blanca
Subsidiary Companies.
-The subsidiary companies of the company in
which it owns all of the outstanding Capital stock except directors' qualify- Chia Armour do Brazil
Jan. 1 '23 Jan. 1 '43 3%
Sao Paulo
ing shares and 1,250 shares owned by others in the case of the Lookout
None 8,500,000 8,500,000
Oil & Refining Co.. 365 shares owned by others in Costa & Santini Realty, Companhla Armour do Rio
Grande do Sul Sant'
Co., 150 shares owned by others in Costa & Santini Suers., 20 shares owned
Anna
Jan. 1 '23 Jan. 1 '43 3%
by others in Midway Products Co., 3,240 shares owned by others in
None 4.000,000 4,000.000
Frigorifico Artigas, and 86,000 shares of Pref, stock owned by others in Indebtedness assumed by
North American Prov.
the North American Provision Co. are as follows:
Co. In connection with
Owned by
seq. of prop. & business
Stock
Armour &Co.
of Morris & Co.:
Name of CompanyIncorp. Authorized. Issued. of Delaware°
Morris & Co. let M.bondiauly 1 '09 July 1 '39 4)4% • 25,000,000 18,602.000
Acme Products Co., W.Va
1912
850,000
825,000
825,000
a 3,000,000 1.900.000
Anglo-Amer. Provision Co.,Illinois. 1885
2,000,000 2.000.000 2,000,000 Wm.F.Mosser Co.g.notes.Oct. 1 '20 Oct. 1 '30 8%
Sept.1 '20 Sept.1 '30 734%
Armour Fertilizer Works, N..1
b 15,000,000 14,244,000
1909
1,000,000
1.000,000 1.000.000 Morris & Co
Tennessee Chemical Co., Del- _ 1922
1,000,000 1,000,000 1,000,000
'1.6% annually of largest amount issued. a $75,000 semi-annually to Oct. 1
Mineral Products Corp., Maine
1915
1,000,000 1,000.000 1.000,000
1923. thereafter 8100,000 to April 1
Jarecki Chemical Co., Ohio
•100,000
1891
•100.000
*100,000 b 8250,000 semi-annually to March 1 1929, and thereafter 3150,000 semi-annuallY•
1928; thereafter $500,000 semi-annually.
do
do
do
z1,100.000
1891
:600.000
x600,000
Farmers Fertilizer Corp., W. Vu. 1912
Annual Out put.
-The annual sales of the units and constituent com10,000
10,000
10.000
Midway Products Co., Ind
10,000
1920
10,000
8.000 panies, of which the company is composed, excluding Morris & Co.. for
Co. Abono Arm. de Cuba, Cuba_ 1918
-year period ending Dec. 31 1923 are as follows:
1,000.000
1,000,000 1,000.000 the 5
la'
Santini Fertilizer Co.,Porto Rico_ 1920
25,000
25,000
end. Oct. 31 1921 $191,277,351
25,000 Year end. Oct. 31 1918-$304.867,831
Costa & Santini Realty Co., P. R. 1920
Year end. Oct.31 1919_ 319,896,668 x14 mos. end.D.
100,000
100,000
Dec.31'22 198,141,341
63,490
Hilton Produce Co., Del
Year end. Oct. 31 1920- 285,528.1241y6 mos end. June 30'23. 156,752.302
1922
10,000
10,000
10,000
Costa & Santini Succs.,Porto Rico 1922
50,000
30,000
15,005
Fowler's Canadian Co., Ltd., Ont._ 1898
x The decrease In the total amount of sales was brought about by the
50,060
50,000
56.000
Fowler Packing Co., Maine
1908
2,000.000 2.000,000 2,000,000 sharp decline in prices, rather than by decrease in the amount of tonnage.
Compania Armour de Cuba,Cuba" 1918
1,000,000
1,000,000 1,000,000 y Including sales of the Morris unitsfrom March 31 1923.-I
Compania Morris de Cuba,Cuba_ 1923
a50,000
a50,000
250.000
To Offer Pr jerred OlOCK to Employees.Hill City RI. Co.. Minn
• -4
1915
4 •
200,000
50.000
50,000
The company has evolved a plan to offer its 7% guaranteed pref. stock
North Amer. Provision Co., Ill.__
. 1889 *10,000,000 *10,000,000 *1,400,000
to Its employees on the installment payment plan. The stock is to be
do
do
do
1889 :30,000,000 :30,000,000 :30,000.000
offered at about the prevailing
Atlantic Hotel Supply Co., N. Y.. 1918
200,000
200,000
200,000 at the rate of $1 per week per market rmice, and payments may be made
East St. Louis Cotton 011 Co., Ill
share.
1903
250,000
-V. 117. p. 1666.
250,000
250,000
Lookout 011 & Righting Co., Tenn. 1916
750,000
750,000
624,975
Amoskeag Mfg. Co.
-Mills Reopening.
National Woodenware Co., N. J.
1906
150,000
150,000
150.000
A Boston dispatch says that a few of the cotton departments have been
Kansas Rock Salt Co., Del
1923
100,000
100,000
100,000
Hammond Packing Co., Ill
1898
2,500,000 2,500,000 2,500,000 opened by the company in Manchester, N. H. in accordance with Plans
Hemphill Packing Co.,Del
1923
1,000,000 1,000,000 1,000,000 previously made. The mills, it is stated, will endeavor to develop a more
N.Y.Butch.Dress'd M.Co.,N.Y. 1902
2,000,000 2,000.000 2,000,000 diversified line of manufacture to take the place of part of the gingham
business which has fallen off. See also V. 117. p.
Gotham Packing Co.,N.Y
1922
100,000
100,000
1558.
100,000
Frigorifico Armour de La Plata,
Angola Tire & Rubber Co. of Buffalo.
Buenos Aires, Argentine
-Stop Stock Sales.
1911 1420,000.000 620,000,000 620,000.000
This company and its subsidiaries have agreed by
Sociedad Anordma La 131anca, Arg 1909 b10,000,000 610,000,000 1110,000,000
stipulation
to cease selling stock and memberships as the result ofcorporate
Companhla Armour do Rio Grande
investigation and acdo Sul Sant' Anna, Brazil
1919 c40,000,000 c40,000,000 c40,000,000 tion of the Attorney-General's department. Investigation of the company's affairs disclosed that the company, incorporated in 1917 with a
Sociedad Anonlma Armour del
capital of $1,000,000, to manufacture automobile tires and accessories,
Uruguay, Uruguay
1917
61200,000
d200,000
d200.000 never has manufactured either,
but to Dec. 31 1922 had sold $746,530
Companhla Armour do Brazil,Sao
Paulo, Brazil
1917 c40,000,000 c40.000,000 c40,000,000 worth of stock.
Frigorifico Artigas S. A. MonteArkansas Natural Gas Co.
video, Uruguay
d2,500,000 d2,500,000 d2,176,250
A Pittsburgh dispatch of Oct. 18 stated that the directors have under
Western Casualty Co., III
1915
250,000
250,000
250,000 consideration a plan to segregate the gas and oil holdings of the company.
The present stockholders, it is said, will receive the stock of theteel
•Preferred. x Common. a Pesos. la Argentine gold. c Brazilian mIlrehi.
company on an even basis and still retain their present holdings ifs r
ttigaa is
an
0 Uruguayan gold.
carried through -V.117, p.210.
1890
THE CHRONICLE
[VOL. 117
The directors on Oct. 24 approved the sale of control of the company to
-Sales.
-Arnold, Constable & Co., New York.
Electric Co.
Sales for the first nine days of October were over $300,000. Officials of the General A. E.
President
Dyment says the basis of exchange in the offer by the
the company estimate that the total for the month will run close to $700,000. (American) General
Electric Co. is $62 50 in cash and a $50 par value share
-V.117. p. 1558.
of new 7% Cumul. Prof. stock of the Canadian company for each share of
present Common stock. The Canadian company's outstanding $2,000,000
Atlantic Gulf Oil Corp.
-New Director,
Preferred stock Is to be
American company taking
F. X. Anglin has been elected Vice-President and a director to succeed $2,000,000 of Canadian redeemed at 115, the treasury to
provide funds,
Common out of the
the late W. H. Zahniser.-V. 116, p. 1764.
raising .outstanding total to $12,800.000. The shareholders are asked to
deposit their stock
-Court Dissolves Cement enough is deposited if they approve and President Dyment says when
Atlas Portland Cement Co.
he will call a stockholders' meeting to ratify the proCombine.
posal. Mr. Dyment does not mention the required percentage, but
intimates that the General Electric Co. virtually secured control by
-V.117, p. 210.
See under "Current Events" in this issue.
purchase in the open market. He further says that under the new management company plans to double output.
Bayuk Cigars, Inc., Phila.-Earnings.-V. 115, p. 1432.
1923.
1922.
Three Months ended Sept. 30Central Leather Co.
-Quarterly Report.
$261,188
$291,591
*Net earnings
11,594
Other income
7,932
Results for Quarter and Nine Months ending Sept. 30.
1923-3 Mos.-1922 1923-9 Mos.-1922
$272.782
$299.323 a Profit
Total net income
loss $2,637,267 $1,856,036 $1,098,895 $3,615,981
24,598
19,382 Gen.exp.
Depreciation
loss,
748,662
839,840
2,459,074
2.371.812
60,348
Preferred dividends
45,790 Income from &c
invest'ts
Cr.110,625 Cr.110,252 Cr.324,140 Cr.263,312
Reserve for First Preferred stock
24.200
Balance surplus
$187,837
$210,151
* Net earnings from operations after deducting charges for maintenance
and repairs of plants and estimated Federal tax.
-V. 117, p. 556, 442.
Beech-Nut Packing Co.
-Stock Increase Proposed-May
Declare 50% Stock Dividend.
The company has notified the New York Stock Exchange of a proposed
increase in Common stock from $5,000,000 to $7,500.000.
According to a Canajoharie, N. Y., dispatch, the stockholders will be
asked to approve a resolution of the board of directors to declare from surplus a 50% stock dividend on the $5,000,000 Common stock, par $20,
payable Dec. 10 to holders of record Dec. 1.
The present dividend rate of 60c. per share, it is understood, will be continued on the increased Common stock.
-V. 117, p. 1780, 1666.
Bethlehem Steel Corp.
-Earnings for Quarter Ended
Sept. 30.
-The statement for the quarter ended Sept. 30 1923
is given below:
The directors at their meeting Oct. 24 declared the usual quarterly divi-
dend of 1 % on the Common stock, payable Jan. 2 1924 to stockholders
of record as of Dec. 11923. After the meeting Vice-President Lewis. when
questioned as to business conditions, said that there was a noticeable improvement in new business. Particularly was this true with the railroads.
who were buying rails and accessories in good quantities. A very good tone
is also evident in the tin plate, sheet and wire end of the business, with
structural tonnages also picking up. October operations also indicate an
improvement over September, its steel plants showing practically a 75%
operation. The rail mill at Sparrows Point, Md. is again resuming the
rolling of rails after being shut down since April 1919.
'
Earnings (Bethlehem Steel Corp.. Including Subsidiary Companies).
3 Months endedSept. 30 '23. June 30 '23.
Total net earnings
$10,518,951 $11,601,682
Int., charges, incl. proportion of discount on and
bond:h o o issues
3,245,082
od n
3,197,837
2,930,129
n
obsolescence & deple'n_ _ 2920,511
ProTion for
e
Preferred dividends
1,080,207
1,079,851
2,244.358
2,245,741
Common dividends (1M %)
Balance.surplus
$1,074,655 $2,102,262
Value of orders on hand June 30
$53,134,000 $80,066,000
The Bank of America, trustee, will until Nov. 1 receive bids for the
sale to it of Penn Mary Coal Co. 1st Mtge.5% 20
-Year Sinking Fund Gold
bonds, dated Oct. 1 1919, at not exceeding 102% and int., to an amount
sufficient to exhaust $200,754.-V. 117, p. 672, 443.
Borden's Farm Products Co.
-Acquisition.
-
See Rogers Milk Products Co., Inc.. below.
-V.115, p. 872.
Bourne Mills, Fall River, Mass.
-Balance Sheet.-
AssetsSept.29'23. Sept.30'22.
Sept.29'23. Sept.30'22.LiabilitiesReal est. & constr.
$1,000,000 $1,000,000
Capital stock
machinery,&c._$1,064,152 $1,048,096 Reserve
1 978,450 J227,205
• Cotton, stock in
1526,015
Profit and loss--- -1
process & cloth_ 404,758
283,970
1 259,540
Cash
J 35,328
Accts.& bills rec__I
1135,827
Bonds
250,000
250,000
Total(each elde)31,978,450 $1,753,219
-V. 115. p. 2162.
Buddy Buds, Inc.
-Expansion-Successor Co.
President Gilbert S. Winant, Oct. 6, says in substance:
"The directors have considered that company's business can be developed
materially by manufacturing new brands of candies and confectioneries
instead of restricting its product to "Buddy Buds" alone. Production of
these new brands has already begun and the board believes that the demand
therefor will Increase considerably. The existing plant of the company
is inadequate to take care of present demands and In order to provide for
expansion directors have deemed it advisable to form a Virginia company
termed Candy Products Corp. to take over and operate all the properties of
Buddy Buds, Inc., which new company will install additional machinery
to expand the business. Directors believe that the earnings of the business
can be increased thereby to a considerable extent.
"The consent of a majority of the stockholders of the corporation has
been obtained to the sale of all of the assets, including its good-will and its
corporate franchises, to the Candy Products Corp., in exchange for 199,947
shares of Common stock and 16,500 shares of Preferred stock. The Candy
Products Corp. has an authorized Capital stock of 300,000 shares of Com.
stock, par $2 each, and 25,000 shares of 8% Cumul. Pref. stock, par $5
each. the Preferred stock being convertible into shares of Common stock
at the rate of4shares of Common for each share of Preferred stock. Directors
have set aside 100,000 shares of the 300,000 shares of Common stock for
the purposes of conversion of the 25.000 shares of Preferred stock. Directors
have approved and authorized the sale and exchange and it has been
agreed to by Candy Products Corp.
"Buddy Buds, Inc., Preferred stockholders are entitled to receive, upon
dissolution payment in full for the par amount of their shares and the
unpaid dividends accrued thereon before any amount is paid to tho holders
of Common stock. In lieu of said payments it is proposed that holders of
Preferred stock shall be given Preferred stock of Candy Products Corp.,
share for share, and that the holders of the Common stock shall be given
Common stock of Candy Products Corp., share for share. The stockholders of Buddy Buds, Inc., will vote Nov. 5 on dissolving."
-V. 116,
p.619.
Burns Brothers.
-Earnings.
Earningsfor the five months ended Aug.31 1923 are reported as $639,000.
-V.117, p. 1666, 556.
Burnside Tissue Paper Mills, East Hartford.
-Sale.
-
Charles Boyland, N. Y. City, It was recently reported, bought for about
$125.000 this bankrupt company. It is planned to reopen the mills under
the name of the Hartford Tissue Mills, Inc.
California Cyanamid Co.(of Del.).
-Plant Completed.
It is announced that the company's plant, located in Los Angeles, Calif.,
has been completed and that all the units of the plant are operating in a
manner satisfactory to the management.
-V. 116, p. 2519.
Candy Products Corp.
-To Acquire Buddy Buds, Inc.
See Buddy Buds, Inc., above.
Canadian Connecticut Cotton Mills, Ltd.
-Back Divs.
Net profit
Bond interest
def.$3,366,482 $1,217,626df$1,036,039 $1,507,481
459.552
459,552
1,378,655
1,378,656
Balance,surplus_ _def.b$3,826,034
$758,074df$2,414,694
$128,825
a Total income here indicates the result from the operations of all properties for the quarter after taking into account the expenses incident to
operations (incl. those for repairs and maintenance approximately $501,094)
in 1923. against $480,394 in 1922.
b Deficit for quarter ending Sept. 30 1923, 33,826,034 deficit as of
June 30 1923, $3,954.289: making a total deficit as of Sept. 30 1923,
$7,780,303.-V. 117. p. 443.
Central Steel Co.
-Listing.
The New York Stock Exchange has authorized the listing of its $4,875.000
1st Mtge.20
-Year 8% Sinking Fund Gold Coupon bonds, due Nov. 1 1941.
Income Account for Stated Periods.
6Mos.end. Year ended
6 os.end. Year ended
June30'23. Dec.31'22.
June30'23. Dec.31'22.
$
$
$
$
Gross sales
18,967,452 26,284,530 Adjust. of empl.
bonus
Less allowances &
Cr.248
56,381
adjustments _
131,001
Net income_ _ 1,706.113 2,343,978
Net sales
18,911,071 28,153,529 s rpi 5Cost of goods sold _16,170,495 21,979,852 Previous balance 2,936,293 1,363,774
Adjustments
380,907
Gross profit_ _ _ _82,740,576 $4,173,676
Selling & adm.exp. 530,815 1,102,554
Total surplus_
4,642,408 4,088,858
Adjust, of previous
Net profit
year's Fed. taxes
2,209,761 3,071,122
50,682
Other income_ _ _ 103,106
162,869
192,700 Organization exp_
Misc.charges aPP1•
Gross income_
2,312,867 3,263,822 to prior years._ _
13,390
Discount allowed_ 120,564
158,004 Prem.on 1st Mtge.
Interest paid
200,251
406,320 S. F. bonds reAmort.of bd.disctired through S.F.
2,600
23,958
29,167
Idle expense, loss
495,880
1,354 Pref.8% dividends 247,732
18,541
on securities,&c.
Common dividends 372,138
409,544
Fed, tax provision 243,686
325,000
Profit & lass bai__ 4,019,938 2,936,293
Comparative Balance Sheet.
June30'23. Dec.31'22.
June30'23. Dec.31'22.
Assets-'
Liabilities
8% Prof. stook__ 8,190,300 6,198,500
Real estate, plant
and equipment_20,069,105 19,712,194 Common stock_ ...°1,222,633
819,088
-Year 1st Mtge.
Cash
1,664 339
238,649 20
8% S. F. bonds_ 4,875,000 5,000,000
Notes and trade
395,573 Accounts payable_ 1,656,254
acceptances rec. 4,362.944
716,636
Accounts reedy_ _ _ 2,688,662 2,868,103 Accrued accounts_ 478,404
542,830
244,974 Notes payable__
Marketable secur_ 123,363
63,100
4,872,040 3,869,880 Reserves
Inventories
Other investments 142,645
101,511
Depr. & amort_ 4,203,446 3,835,316
Deferred charges
493,722
Furnace rebuild504,886
ing & repairs_ 130,892
121,283
Empl. nab. Ins_
13,348
13,348
Federal taxes_ __ 243,688
Contingencies __ 317,231
225,000
Miscellaneous
10,472
Capital surplUs___11,074,850 7,442,945
Total(each side), .34,425,983 27,924,611 Earned surplus. _ _ 4,019,938 2,936,293
* Common stock, authorized, 300,000 shares of no par value; issued,
244,561 7-12 shares at a stated value of $5 per share, $1,222,808; less in
treasury, 35 shares, $175.
Contingent liabilities: (1) As endorsers of notes of the Ohio Public Service
Co., $200,000, secured by 2,000 shares of Cities Service Co. stock. (2) As
endorsers of notes of American Stamping & Enameling Co., $55.000.
-V. 116. p. 1536.
Chicago Mill & Lumber Co.
-Dividends Resumed, &c.
A dividend of 50c. per share has been declared on the Common stock,
par $100, payable Nov. 15 to holders of record Nov. 1. This is the first
dividend on the Common since 1921 during which year a total of 3% was
paid on the stock.
President W. E. Paepcke says: "We intend to maintain this dividend.
Orders are coming in at a good rate and somewhat better than that of two
or three months ago."
Earnings for the first 9 months of this year, it is stated, were $581,000.
before dividends on the Pref. and Common stocks. (Compare V. 117.p.92.)
The stockholders on Nov. 12 will vote on increasing the number of directors by two.
-V. 117. p. 92.
-Listing-Earnings.
Chicago Nipple Mfg. Co.
The 6% Cum. Partic. Class "A" shares have been officially listed and
trading began Oct. 25 on the Chicago Stock Exchange.
Earnings for the first 9 months of this year ended Sept. 30 last are unofficially stated to be in excess of $200,000 before taxes, or at the annual
rate of $10 per share, as contrasted with annual dividend requirements of
$3 per share on the 30,000 outstanding "A" shares.
-V. 117, p. 1239.
Chief Consolidated Mining Co.
-Rights.
The stockholders of record Oct. 20 are given the right to subscribe to
additional stock in the ratio of 12 shares for each 100 shares outstanding
at $3 per share, payable all Nov. 10, or half Nov. 10 and the remainder
Feb. 10.-V. 115, p. 1735.
Cincinnati Gas 8c Electric Co.
-Balance Sheet.
fee 3023. Dee .3122.
Assets$
$
Plant & property
(at cost)
56,441,35356,084,218
71,883
Cash
57,966
Cash funds with
214,911
trustees
16,582
Sinking fund assets 500,000
440,000
120,596
Securities owned_ _ 120,598
Quick assets leased
Sept. '06 to Vu.
Gas & Elec. Co_ 336,731
338,731
.ine 3023. Dec .31'22.
8
Capital stock
34,778,100 34,812,800
Funded debt
21,510,000 21,051,500
let M.sk. fd. 5s_ - 590.000
440,000
Notes payable ._
75,000
525,000
Notes called for
red., not pres'd_
11,000
48,000
Accounts payable_
2,303
2,792
Un. G.& El. Co- 225,940
50,628
Surplus
370,885
337.799
Total
Total
57,563,228 57,268.319
57,563,228 57,268,319
The directors have declared a dividend of 2% on account of the unpaid -V. 116. p. 1667.
back dividends on the 8% Cumul. Partic. Pref stock, payable out of the
Cities Service Co.
-Dividends.
net profits for the past fiscal year on Nov. 15, to holders of record Nov. 1.
-V- 116.
.
The directors have declared the, regular monthly cash dividends of; of
784
'
,
:j
1% on the Preferred and Preference "13" stocks, and % of 1% in cash scrip
Canadian General Electric Co.
-Sale to General Electric and 1 % In stock scrip on the Common stock, all payable Dec. 1 to
holdCo. Approved-Terms of Sale.
ers of record Nov. 15. Like amounts are also payable Nov.
OCT.27 1923.]
THE CHRONICLE
Earnings Twelve Months ended Sept. 30.
1923.
1922.
Gross earnings
1921.
$16,657,793 $14,417,560 $15,866,065
Expenses
517.776
432,549
590,137
Interest and dividends
7,624,717 7,087.208 6.911,891
Net to Common stock reserves-$8,515,300 $6,897,801 28,364,036
-V.117. p. 1559, 1352.
1891
Comparative Balance Sheet.
Sept. 30'23. Mar.31'23.
SePt 80'23.Mar.31'28.
Liabilities
Property account. 5,558,598 5,508,338 Capital stock
Bonds
1,152,932 1,070,440 Acc'ts, &c., pay'lex4,290,003 4,290.003
Div. assur. fund- 1,059,471 1,026,840 & tax reserves
339.903
398.865
Call loans
1.250.000 1.015,000 Dividends payable 485,075
250,913
Accla & int. rec._
44,901
40,460 Prepaym't of capColorado Fuel & Iron Co.
Inventories
341,423
305,658 ital
-Quarterly Earnings.
1,766
2.913
Bullion en route to
Deprec.& mine ex&matsfor Quarter and Nine Months ending Sept. 30.
Mint
77,078
20,130
haustion reserve 3,504,411 3,207,243
1923---3 Mos.-1922 1923---9 Alba---1922
Cash
194,711
Gross receipts
226,134 Reserve for oper.
$7,769,532 $7.266,964 $31.132,629 $22,492,
80.027
865 Mine dev. undistr.
Operating expenses
80.027 equalization_ _ _
46.898
40,121
7,096,422 6.376,401 27,562.443 19,993,96
47,174
5 Prepayments, &c.
23,724 Surplus
1,138,259 1.126.694
Net earnings
$673,110
$890,563 $3,570,186 $2,498,899
Total
9,806,315 9,316.752 Total
Other income
9,806.315
105.366
73.392
x Capital stock represented by 476,667 shares of $9 par value. 9,316.752
305.289.
207,387
-V. 117,
P. 1560, 1132.
Gross income
$778,476
$963,955 $3,875,475 22,706,288
Bond int., taxes, &c
712,449
719.407 2,163,335 2,159,417
Donner Steel Co., Inc.
-Earnings.
Depreciation
382,671
376,011
1,148,013 1.128,033
Quarter ended
9 Mos.end.
PeriodSept.30'23. June 30'23. Mar.31 '23. Sept.30'23.
Balance.
2316,644
,•• -V.117. deficit
$131.462 sur$564,127
$581,161 Net from operations
1416.085
$745.103
p. 329.
$603,861 $1.765.049
Int.on bonds & notes_ _ _ _
163,034
167.696
171.376
502,106
Depreciation
Columbia Graphophone Mfg. Co.
100.000
103.000
103,377
306,377
-Reorga
-The readjustment committee, Mortimernization Plan.
Net
N. Buckner, -V. Income
$153.051
*474,407
$329.108
$956.566
Chairman, has notified holders of (1)
117. P. 330.
cates issued by New York Trust Co. Participation certifiEaton Axle & Suring Co.
under the plan and
-Listing-Earnings.
agreement with respect to indebtedness dated April
The New York Stock Exchange has authorized the listing of 9.500 addi6
tIonal shares of Common stock
(2) certificates of deposit of Guaranty Trust Co., New 1922; on official notice of issuance without par value (auth. 250.000 shares).
in exchange for property,
issued under the agreement dated Feb.2 1922,for.the York, amount applied for 229,500 shares of Common stock. making the total
deposit
The Common stook applied for is to be issued for the purpose
of 5
-Year 8% Gold notes, and (3) undeposited 5
of enabling
company
-Year
notes. that a plan of reorganization has been adopted Gold the Brothersto carry out an agreement made bythe on Julyof 1923 with
Cox
Manufacturing Co., Inc., under it terms 11
.
ther details in advertising pages and in V. 117, p. 1780.Fur- Eaton company acquired for cash the patents, patent applicatiwhich the
will and trade-marks of Cox Brothers, and leased for a period ons, goodof 5
beginning Aug. 1 1923, the latter's manufacturing plant at Albany, years
Congoleum Co., Inc.
N. Y..
-To Increase Common Stock
and for a period of one year the latter's finishing and assemblin
to Cleveland, 0. The Eaton company
g plant at
1,000,000 Shares of No Par Value-300% Stock
also agreed
Dividend. machinery, equipment, tools, patterns, inventory andto acquire all of the
The stockholders will vote Nov. 27 on increasing the
all the other property
authorized Com- pertaining to the bumper business of Cox
mon stock from 240,000 shares of no par value to
1,000.000 shares of no and except the patents, patent applicati Brothers, except real property,
par value. If the increase is authorized, it is proposed to
distribute 720,000 purchased for cash, for a sum equal to the ons, good-will and trade-marlm
shares of the new stock to Common stockholders
appraised value of such property.
of record Dec. 12 as a such sum to be paid by delivery of Common
300% stock dividend.
stock without
value of the Eaton company to be valued for such purpose nominal or par
It is reported that the new stock outstanding after
300% stock dividend will be put on a $3 annual basis. the payment of the Pursuant to said agreement, the machinery, equipment,at $30 per share.
tools, patterns.
This will be equiva- Inventory. &c., were appraised at
lent to $12 on the present stock, which is now on
2285.000 on account of which the Eaton
an $8 basis. See also company is obligated to issue and
V. 117, p. 1667, 1782.
deliver to the Cox Brothers company
9.500 shares of its Common stock.
Consolidated Connellsville Coke Co.
-Bonds Called.
- Income Account for 8 Months ended Aug.
One hundred ninety-seven 1st Mtge. 15
-Year 6% Sinking Fund Coupon Sales. $4,188,806; cost of sales, $3,580,35 31 1923 (Subject to Adjustment).
Gold bonds, dated Dec. 1 1910, have been called
0; manufacturing profit--$608.455
at 105 and int. at the Union Trust Co., trustee, for redemption Dec. 1 Administration expenses
307.915
Pittsburgh, Pa.
-V.116, Other Income less other charges
p.2281.
Cr.16.888
Consumers Power Co.
Net income
-Contract with Wolverine Power
$317,429
Co. Dividends paid ($1 30)
Bee Wolverine Power Co. in V. 117, p. 1788.
292.175
Comparative Balance Sheet.
Balance, surplus
*A ug.31'23. Dec.81'22.
$25,254
•Aug.31'23. Dec.31'22.
Assets-Balance Sheet as of Aug. 31 1923 (Subject to Adjustment).
Prop., plant & 00.75,290,998 70,872,476 6% Prof.
Assets-Liabilities
stock...12.694.200 12,739,000
Inv. in & adv. to
Cash
$319,115
527,100 Notes receiv., customers'- $473,570 Accounts payable
aftii. & oth. cos. 3,540,321 1,709,421 6.6% Cum.Pt.stk. 3,727,100
17,852 Accrued pay-rolls
34.240
spec.depos.& fds. 148,989 1,179,957 7% Cum.Pref. stk. 3,438,400 3,654.100 Accounts receivable
1.094,969 Accrued taxes, &c
Common stock_ _ _16,404,300 16,175,900
88,133
Bond disc.&exp.in
Inventories
1,955,623 Divs. payable Oct. 1
44,727,500
149.175
proc. of amort__ 4,791,429 4,353,278 Funded debt
11,263 Purch. money obligation_ 285,000
Customers' depot]. 663,763 41,428.500 Other assets
Deferred charges_ 245,605
409,738 Land, bldgs., machinery.
166,148 Accounts payable_ 344,661
Res. for general conting__ 987.142
Cash
532,646
1,158.110
&c., less reserve
472,173 Accrued interest
4,729.209 Capital and surplus
*6.818.247
Working funds-. 101,891
252,957 Patents amortized
160,386 ..Accr. taxes (Fed. 566,704
237,880
Marketable scour- 1,210,662
Deferred assets
59.241
160.685
Total (each side)
$88.681,052
Accts.& notes rec. 1,494.227 1,579,205 taxes subj. to reRepresented by 220,000 shares of Common stock
view by Treas.
*
Interest receivable
without nominal or
40,736
9,927 Dept.)
-V. 117, p. 786.
al.047,820
970,783 par value outstanding.
Due on subscrip.
Miscellaneous
25,848
168.061
to Prof.stock_ _ _ 355,687
295,609 Deprec. reserves-. 3,811,289 3,297.222
Edison Elec. Illuminating Co.of Brockton.
Materials & sum). 1,839,756 1,014,041 Other oper.
-Extra Div.
An extra dividend of 4% has been declared on the
res'ves 779.247
694,493
Surplus
1,987,577 1,021.363 stock, par $100. in addition to the regular quarterly outstanding caRita
dividend of 234%.
both payable Nov. 1 to holders of record Oct. 23. Dividend record:
Total
90,218,412 81,871,862 Total
Year90.218,412 81,871,882
1910. 1911-1919. 1920. 1921. 1922. 1923
Vubject to adjustment at end of fiscal year.
alIncludes $657.654 for Regular dividends paid-734% 8% p. a•
8%
10%
Federal taxes.
10% 210%
-V. 117, p. 1668. 4447,
Extras
5%
3%
x4%
Corn Products Refining Co.
-Earnings.
x Including those payable Nov. 1.-V. 117. p. 330.
Results for Nine Months ending Sept. 30.
Elgin National Watch Co.
-Extra Dividend.
1923.
1922.
1921.
1920.
*Net earnings
The directors have declared an extra
$9,782,792 $7.757.877 $6,634,991 $14,105,
026 capital stock, par $25, payable Dec. 20dividend of 5% on the outstanding
Other income
702,111
713.079
to holders a record Dec. 3. See
259.144
421,254 also V. 117, p. 1467.
Total income
$10.484,903 $8,470,956
Int. and depreciation.. $2,347,632 $1.918,561 $6,894,135 $14,526,280
Elkhart (Ind.) Gas & Fuel Co.
-To Refund Bonds.
$1,835,655 $1,906,874
Preferred dividendsThe Indiana P. S. Commission has authorized the company - 1.303,417 1.303.417
1,303.417 1,565,917 $722,500
to Issue
Common diva
6% 25
(434%)2,240,280(3)1,493,520(3)1,493,520
-year bonds at 90 and int., the proceeds to be used to
(3)1.493.520 refund
Com,stock extra_ -(234%)1,120.140(134)746,760(1
34)746,760(134)746,760 5% 2d $300.000 of 1st Mtge. 5% bonds, due Jan. 1 1924, and $422.000 of
Mtge. bonds, due Dec. 1 1929.-V. 117. p. 1668.
Balance, surplus
$3,473,437 $3,008.6
Empire Gas & Fuel Co.
•After deducting maintenance and repairs 98 $1,514,783 $8.813.209
-Definitive Bonds Ready.
and estimated amount of
Federal taxes, &c.
Halsey, Stuart & Co., as syndicate managers, announce that the 1st &
-V.117, p. 1560.
Ref. Cony. 3
-Year 7% Gold bonds. Series "B," due May 1 1926, are now
Couch Cotton Mills Co., Inc.
available in exchange for trustees'interim certificates originally issued pend-Sale.
The property located at East Point, Thomson
ing the availability of the
which was recently placed in hands of receivers, and Greenville, S. C., V. 116, p. 2013.)-V. 117,permanent bonds. (For offering of bonds, see
p. 1132.
water Co. of Atlanta for a total of 2380.000.-V.has been sold to the Lull117, p. 785.
Evening News Realty Corp., Baltimore, Md.-Guaran
,
Davis Machine Tool Co., Rochester, N. Y.
-Sale.
teed Bonds Sold.
-Frank B. Cahn SG Co. New York and
At a receiver's sale at Rochester, N.
Oct. 23,
company, appraised at $995,000, was soldY., 2259.000 the property of the Baltimore, have sold at 99
for
and int. $500,000 1st Mtge.
vey, Pres. a the American Woodworking Machine to James E. McKelCo., acting for the 6% Sinking Fund Guaranteed gold bonds.
Union Trust Co., of which he is a director.
-V. 113, p. 1776.
Dated Nov. 1 1923. Due Nov. 1 1933. Guaranteed unconditionally
as to principal by the United States Fidelity & Guaranty Co..Baltimore,
Dexter Horton Building, Seattle, Wash.
by
-S. W.
each bond. Int. payable M. & N. without deduction for
& Co. are offering at par and int. $1,200,000 1st Straus endorsement onincome
tax up
Mtge. normal Federal
63i% Serial Coupon bonds, safeguarded under the Straus trustee. Denom. $1,000 andto 2%.at the Maryland Trust Co.,Baltimore.
$500 c*. Red. as a whole on any int. date
upon 60 days' notice, or callable by
plan.
following prices: On or oefore Nov. 1 lot for sinking fund purposes at the
Date Sept. 11922. Serial maturities, 234 to 16 years.
1924 at 102 and Int.:Nov. 1 1925 at
103 and
tax of4% paid by borrower. Interest payable M.& S. at Federal income int., theint.; Nov. 1 1926 at 104 and int.; Nov. 1 1927 and 1928 at 105 and
premium thereafter decreasing 1% per annum until maturit4
offices of S. W.
Straus & Co. Callable at 103 and interest.
.
Data from Letter of Vice-Pres. John E.Cullen,
The issue Is secured by a first mortgage on a bank and
Oct.151928.
office building
Property and Business.
In the heart of the financial and business district of the city
-The loan Is secured oy a first mortgage upon the
of Seattle.
land and building, located at the northwes corner
Dome Mines, Ltd.
t
of Pratt and Commerce
-No Par Value Shares-Earnings.
streets. Baltimore, embracing an area
-The stockholders of the Dome Mines Co.. Ltd., have been advised
Commerce St., in one of the principal of 60 ft. on Pratt St. and 245 ft. on
that cial district
business, close to the finanthe assets, rights, credits and effects of the company have been vested
of Baltimore. Property centres ofin
in
is owned
fee simple, and with the
Domes Mines. Ltd., incorporated under the Companies Act of Canada additional building to be
construct
July 7 1923 with an authorized capital of 1.000,000 shares of no par value. gage, will represent an investme ed, which is also covered by the mortnt of about $650,000.
All dividends paid hereafter will be paid on the shares of the new comConstruction of a 6
-story
pany. The stockholders of the Dome Mines Co., Ltd., are requested to entire property has been leasedbuilding will commence immediately. The
for a period of 10 years to the Evening News
deposit their stock on or after Nov. 14 with the Empire Trust Co., New Co. at an annual net rental
York,and to receive in exchange two fully paid shares of no par value of the amount sufficient to pay the payable to the trustee under the mortgage, in
interest upon all outstanding bonds, an annual
new company for each share (par $9) of the present company.
sinking fund of 250.000 per annum, and
the stipulated premium on bonds
called by lot for the sinking fund.
Comparative Income Account for Six Months Ended September 30.
The entire operating plant of the "Evenin
1923.
1922.
new building upon its completion, and the g News" will ae removed to the
Operating earnings
"Evening News" will undertake,
$1,257,701 $1,230,594 so long as any of these'bonds
Other income
116,949
79,561 production of the newspaper willmay be outstanding, that the mechanical
be conducted in
ing will house the editorial rooms, reportorial this property. The buildTotalincome
rooms, composing rooms.
$1,374,650 $1,310,155 stereotype machinery and presses for
the
Canadian taxes
the "Evening News"
68,909
63,154 and Baltimore "American. and also theproduction offor the production of
'
color presses
Reserve for depreciation and exhaustion of mine_ _ _
299,424
276,704 the colored supplements and magazines for the Baltimore "American."
Dividends
953.334
Earnings.
476,667
-The Baltimore "Evening News" earned substantial profits
each year in the past 10 years. The discernib
in rent, hauling
Balance,surplus
$52,983
$493,630 and storage of paper,saving in paper, &c., whichle savings effected with
should be
the
Profit and loss surplus
1,138,259
711,815 removal a the operating department of the newspaper to the new building
1892
[VOL. 117.
THE CHRONICLE
are calculated to be in excess of $140,000 per annum. More efficient coordination, mechanical processes and modern presses which are being installed, should result in additional savings in excess of $100,000 per annum.
The rental is chargeable to operating expense.
-Hearing on Plan.
Habirshaw Electric Cable Co.
Judge John C. Knox at a hearing in U. S. District Court Oct. 25 declined
to pass upon the reorganization committee's motion for a receiver's sale of
the properties of the company until all dissenting creditors and stockwhich counsel for the disholders could
-May Shut Down senting group be heard. Following argument in
-Denial
Famous Players-Lasky Corp.
charged that there was grave question as to the need of from
$1.500,000 to $2,000,000 of additional capital, which under the plan would
Estate Loan.
-Negotiating Real
be raised by the issue of Preferred stock, Judge Knox set Nov.9 as the date
Attorneys for President Adolph Zukor gave out the following statement for further hearing.
Oct. 24:
No objection was made by any of the many creditors and stockholders
"The statement appearing in some of the newspapers that it had been at the hearing to the proposed settlement of $379,000 cash of Government
testified in the Federal Trade Commission's proceedings that President claims against the company and subsidiaries, which originally amounted
the
Zukor had since 1920 sold all his stock in the corporation and that
to $1,125,000. The claims grew out of war-time contracts, and against
directors of the corporation now hold but little of its stock, is entirely them were claims by the companies against the Government amounting to
erroneous. No such testimony was given and the facts are quite the con- about $500,000, making the net amount of the Government's claims aptrary. Mr. Zukor's stock interests in the corporation are not only large, proximately $625,000, which P. A. Carroll, of counsel for the receivers.
but are even larger now than in 1920."
immediate announced in court had been reduced to the cash payment mentioned.
The corporation will shut down all production work in the
Zukor Judge Knox approved of the settlement on this basis.
future, according to the New York "Herald." which quotes Adolphquoted
Operating profits for first 9 months, according to reports, exceeded $649,of production. He is
as saying that this is due to the excessive cost
over 58.000,000, while unfilled orders totaled
000. Sales,
as saying that production will be resumed "only when we feel that we can $1,298,000. it is said, were
Bookings received in third quarter totaled $2,478,000, it is
on our investment."
get back an adequate return
purpose of re- stated.
1561.
-V.117,p.
In order to secure additional working capital and for the
negoducing its cash equity in the property, the corporation, it is stated, is
Hartman Corporation.-Listino-Dividend.-Earnings.
tiating a mortgage of approximately $3,500,000 on the real estate holdings
The New York Stock Exchange has authorized the listing of 240,000 shares
of the Hill Street Fireproof Building Co. of Los Angeles, complete ownerof capital stock without par value, on official notice ofissuance,in exchange
ship of which it has acquired. See also V. 117,p. 1668, 1782.
for present outstanding certificates of capital stock, par $100, on the basis
-Special Dividend.- of two shares of no par value for each par value share, with authority to
Farr Alpaca Co., Holyoke Mass.
of 12% on the outstanding add 160,000 additional shares, on official notice of issuance, and payment,
The directors have declared a special
400,000 shares of capital stock without
record
$14,400,000 Capital stock, par $100, payable Nov. 3 to holders ofp.211. making the total amount applied forstock without par value to be issued for
par value. Of the 160,000 shares of
-V.117,
Oct. 23. In Nov. 1922 an extra dividend of6% was paid.
cash and property, 120,000 shares thereof are offered to stockholders for
- $4.500,000 cash (as per V. 117. p. 1783).
-Bonds Offered.
Flanders Apartment Hotel, Chicago.
Condensed Income Account 6 Months ended June 30 1923 (incl. subs.).
S. W. Straus & Co. are offering at par and int. $1,350,000
$84,227
merchandise sales_ _ _ _$9,606,438 Interest expense
165.735
let Mtge. 63'2% Serial Coupon bonds safeguarded under Net of merchandise sold_ 4,993.622 Federal taxes
Cost
the Straus plan.
Date Sept. 15 1923; due serially. Int. payable M. & S. at offices of
S. W. Straus & Co. Callable at 1023 and int. Federal income tax of
45' paid by the Flanders Hotel Bldg. Corp.
The issue is secured by a direct closed first mortgage on a new apartment
hotel property to be erected at the corner of Broadway and Buena Ave..
Chicago. The hotel will supply small apartments at reasonable rentals,
meeting the strong demand which exists in the neighborhood for accommodations of this character. Net earnings are estimated at 5213,000.
-10% Cash Dividend.Ford Motor Co. of Canada Ltd.
A 10% cash dividend has been declared on the outstandihg $7.000,000
capital stock. par $100, payable Nov. 15 to stockholders of record Nov. 5.
Distributions of 15% each were made in June and Nov. 1921. and in July
and Oct. 1922; none since.
The directors have created a new office of 3d Vice-President, electing
-V. 117, p. 1660, 558.
George E. Dickert to that position.
-Approves Acquisition of Canadian
General Electric Co.
-Obituary-Officer.
General Electric Co.
The directors have approved the company's proposal to purchase control
of the Canadian General Electric Co. The directors of the latter company
approved the purchase at a meeting in Toronto Oct. 24. For terms of
acquisition see Canadian General Electric Co. above.
Dr. Charles P. Steinmetz, for many years Chief Consulting Engineer for
the company, died Oct. 26.
J. W. Lewis, Assistant Comptroller, has been appointed Assistant to
-V. 117. p. 1783, 1660.
President Gerard Swope.
-Appointment.
General Motors Corp.
Vice-President Alfred II. Swayne,in addition to his other duties, has been
appointed director of the traffic section of the advisory staff, in charge of
he Association of Traffic Representatives of the various operating divisions
-V. 117, p. 1783.
of General Motors.
:
-Earns,9 MOS.end. Sept.30.
General Railway Signal Co.
Gross earnings, 2963,656; other income,$235,323; total income_ _$1,198,979
784.502
Expenses, &c.. $701.519; interest, discount, &c., 582,983
90,000
Preferred dividends
Surplus
-V. 117. p. 1783. 674.
$324,477
-Listings-Earnings.
General Refractories Co.
The New York Stock Exchange has authorized the listing of $4,000,000
let Mtge. 6% Sinking Fund coupon bonds, Series "A," due Aug. 11952.
Statement of Operations for the Six Months Ended June 30 1923.
Sales, net, $5,118,745; cost of sales, $3,881,160; depreciation,
$1,108,502
$97,587; depletion, $31,497; gross profit
$169,604
Selling, administrative and general expenses
Bond disct. & exps. amortized, $6,615; reorganization expenses
43,474
amortized, $36,859; total
Operating profit
Other income
$895,423
14,162
Gross profit_
Interest,$43,493; Fed. tax on bond int.,$1,919; int. on bonded
debt, $119,250
Dividends
$909.585
Net profit
Balance Jan. 1 1923
Miscellaneous adjustments
Surplus June 30 1923
-V. 117. p. 558, 212.
164,662
225,000
5519.922
6,646.468
5,285
87.161,105
-Dividend No. 2.
Globe Automatic Sprinkler Co.
Net income
54,612,816
Gross profit
Surplus Dec.31 1922
Selling, general and ad3,247.131 Profit and loss
ministrative expenses
Not profit
Other income credits
Gross surplus
51.365,685
65,425 Dividends paid
$1.181.147
5.062,058
Dr.21,000
$6,222,205
420,000
Surp. at end of period- -55,802,205
$1.431,109
Gross income
Compare also V. 117, p. 1467, 1561. 1783.
have declared a quarterly dividend of 2% on the present
The directors
outstanding $12,000,000 capital stock, par $100, payable Dec. 1 to holders
of record Nov. I. Dividends at the rate of 7% per annum (151% quer.)
were paid on this stock from March 1920 to Sept. 1923. inclusive.
Chairman David May says that present earnings justify the maintenance
of the increased dividend at the rate of $4 per annum on the new capital
stock of no par value. into which the present stock will be exchangeable.
on the basis of two of the new for one of the old. See also V. 117,P. 1783.
1561.
Havana Dock Corp.-Tendcrs.-
The Old Colony Trust Co., trustee, Boston, Mass., will until Nov. 2
receive bids for the sale to it of 1st Coll. Lien 7% bonds, Series"A," to an
amount sufficient to exhaust 570,652.-V. 116. p. 2643.
-Extra Dividend.
Hawaiian Commercial & Sugar Co.
An extra dividend of $1 per share (payable 50 cents each in Nov. and
Dec.to holders of record Oct. 25 and Nov.25) has been declared in addition
-V.116, v. 1282.
to the regular monthly dividends of 25 cents per share.
-Liberty
-Bonds Offered.
Heine Boiler Co., St. Louis.
Central Trust Co. and Potter, Kauffman & Co. are offering
at 100 and int. $750,000 1st Mtge. 63-% Serial Gold bonds.
Dated Oct. 11923. Due annually Oct. 1 1924 to 1933. Int. payable
A.& 0., without deduction for normal Federal income tax not in excess of
Denom.
2%, at office of Liberty Central Trust Co., St. Louis, trustee. 60 days'
$1,000 and $500 c*. Callable all or part on any int. date upon
notice at 105 and int. Auth., $1,000,000.
Data From Letter of Pres. C. R. D. Meier, St. Louis. Sept. 25.
-Organized in Missouri in 1884 as the Heine Safety Boiler Co.
Company.
On July 7 1921 name changed to Heine Boiler Co. Business consists in the
manufacture and installation of high-pressure steam boilers for large power
plants, office buildings, factories, hotels and steamships. Company also
does a considerable volume of plate work,such as tanks, stacks and special
steel work for the oil refineries.
-Total net earnings for the 10 years ending Dec. 31 1922,
Earnings.
after depreciation but before interest and Federal taxes, have been $2,502,514, or an average per year for the period of $250,251, which is over 5 times
the maximum interest charges on this issue. For the 6 years ending Dec.
31 1922, net earnings after depreciation but before interest and Federal
taxes, have averaged $378,539 per annum, equal to nearly 8 times the maximum interest charges.
-Proceeds will be used to retire 5128,000 1st Mtge. 6% bonds
Purpose.
called for payment Oct. 1 1923,and the remainder for additions to plant and
equipment, working capital and other corporate purposes.
Balance Sheet Aug.31 1923 (After Present Financing).
Liabilities
Assets
$500,000
Real estate, bldgs., &c_ _ _$2,231.021 Capital stock
750,000
1 let Mtge. 6%s
Patents
500,000
819,334 Notes payable
Inventories
208,642
Accounts payable
89,183
Notes receivable
307,729 Accrued wages, commisAccounts receivable
16,649
sions, taxes, &c
11,898
Advances
74,343
19,201 Reserve for contingencies_
Sundry investments
1.806,191
• 274,827 Surplus
Cash
102,632
Deferred charges
$3,855,827
Total
53.855,827
Total
The directors have declared the regular quarterly dividend of 62% cents
768.
V.
a share on the Cumul. Panic. Class "A" stock, payable Nov. 1 to holders - IN.v.
-Name Changed-Par Value
of record Oct. 20. An initial dividend of like amount was paid Aug. 1
Hendee Manufacturing Co.
-V.117. p. 445.
last.
of Common Stock Changed from $100 to No Par.
-Adjusts Tire Prices.
(B. F.) Goodrich Co.
The stockholders on Oct. 24 (a) changed the name of the company to
The company has adjusted its tire prices in order to bring them in line the Indian Motorcycle Co. and (b) changed the authorized Common stock
with those of other leading producers: Ford sizes, constituting 3 and 3%in. from 100,000 shares, par $100, to 100,000 shares of no par value. The new
tires, have been advanced approximately 3%. Prices of Silvertown cords, no par Common stock will be exchanged for the present outstanding Com-in, tires, have been reduced approximately mon stock par $100, share for share.
constituting the 4, 4% and 5
15%.-V. 117, p. 1020. 674.
An official of the company in explaining the action taken by the stock$100
Common
-To Retire $5,000,000 of holders in approving the change in status ofchange willstock from comGoodyear Tire & Rubber •Co.
enable tho
par value to a no par value basis, said: "The
Prior Preference Stock-Earnings, & c.
of the good-will, now carried at 58,300,000,
pany to reduce the book value
The directors on Oct. 24 voted to anticipate at once the retirement of to a somewhat smaller figure and at the same time permit the Common
$5,000,000 Prior Preference stock, leaving a total amount outstanding of stock to find its own true value uninfluenced by the factor of a fixed and
The stock will be retired under contract of purchase by the arbitrary denomination."
$15,000,000.
-V. 117. v. 1669.
company on or kefore Feb. 1 1924. V. 117, p. 1783.
Goodyear Tire & Rubber Co. of Canada, Ltd.
Earnings, &c.
ended
Vice-President C. H. Carlisle says that net earnings for the year
Sept. 30 should approximate double the requirements for yearly dividends.
year, and
Net sales will show, in dollars and cents, an increase over last
in units a material increase. The company has about $400,000 cash on
$1,700,000 reserves and $1,500,000 surplus after payment of divihand,
to the
dends. The company has no fixed or bank indebtedness. Owing
accumulation ofstocks during the winter months and the disturbed financial
country, the directors have desided not to pay any deconditions of the
ferred dividends at present. See also V. 117,p. 1241.
-Earnings.Gulf States Steel Co.
-3 Mos. end. Sept. 30- -9 Mos. end. Sept. 301922.
1923.
1922.
1923.
Period$820,993
$340,287 $1.781.497
Net operating income_ -- 8478,063
262,729
470,844
88.003
141,316
Taxes, depreciation, &c$558,264
5252,284 21,310.653
5336,747
Net profits
-V. 117, p. 331. 212.
-To Increase Stock, &c.Hill Mfg. Co., ewiston, Me.
The stockholders :vill vote shortly on increasing the authorized capital
stock from $1,000,000 (all outstanding) to $1,500,000, par $100. If the
increase is authorized, it is proposed to issue the 5500,000 new stock to
stockholders at par ($100) in the ratio of one new share for each two shares
now held.
It is stated that it is the intention of the directors to recommend early
In 1924 that a 33 1-3% stock dividend be declared. This would bringthe authorized and outstanding capital stock up to $2,000,000.-V. 117. P.
446.
-Acquisition.Hood Rubber Co. Watertown, Mass.
This company, through Its real estate subsidiary, the East Watertown
Realty Co., has purchased the property of Union Carpet Lining Co. on
Arsenal St., Watertown, Mass. This purchase gives to the copmany
about a mile of frontage on Arsenal St. and about 5 Si acres of additional
land for future extension of its business. The property just acquired
consists of factory and storage buildings and 233,191 sq, ft. of land, with
-car side track on the Boston & Maine RR. The assessed value Is
a 10
-V. 116, p.3002.
$144,400, of which $105,400 is on the buildings.
OCT.27 1923.]
-Bonds OfferedHouston (Tex.) Lighting & Power Co.
-Halsey, Stuart & Co., Inc., are offering at 983' and int.,
to yield about 6.10%, $2,000,000 First Lien & Ref. Mtge.
Gold Bonds, Series B, 6% (see advertising pages).
Dated Oct. 1 1923. Due Oct. 1 1953. Interest payable A. & 0. in
New York without deduction for Federal income taxes not in excess of 2%•
Denom. c* 31.000. $500 and 3100, and r $1,000 and authorized multiples.
Redeemable, all or part, upon four weeks'notice at any time at the following
prices, together with interest: on or before Oct. 1 1928 at 106; thereafter
at 1% less for each five-year period to and including Oct. 1 1948; thereafter
to and including April 1 1952 at 101; thereafter to and including Oct. 1 1952
-mill tax refundable.
at 100 ii; and thereafter at principal amount. Penn.4
Data from Letter of Edwin B. Parker, Houston, Texas, Oct. 13 1923.
Company.-Incorp. Jan. 8 1906 in Texas and succeeded to the business
of a corporation of similar name, operating under a franchise which. in the
opinion of counsel, is without limitation as to time, granted in 1882.
During this time the industrial development of Houston and the vicinity
has had a remarkable growth, and between 1900 and 1920 the population
of the city itself increased approximately 210%.
The present generating plant has an installed capacity of 32,500 k. w.,
Including a 10,000 k. w. unit placed in operation in 1922. An extensive
system oftransmission and distribution lines, aggregating 538 miles, radiates
from the centre of the city and extends into the surrounding territory.
Company has under construction at present its Deepwater station designed for an ultimate installation of 180,000 k. w. The initial installation
will consist of two 20,000k. w.turbo-generators with the necessary auxiliary
machinery. The first of these units will, according to the present schedule,
be completed May 1 1924 and the second July 1 1924.
Authorized. Outstanding.
Capitalization132,000,000
a
$
First Lien & Ref. Mtge.Series A 58, due 1953
2,000,000
do Series B 6s. due 1953 (this issue)
2,403.000
5% Sinking Fund Gold Bonds,due 1931 (Closed)
First Mtge.
$2,000,000 c2,000,000
Preferred Stock
2.500.000
2,500,000
Common Stock
a Issuance of further bonds limited by restrictions of mortgage. b In
addition, there are pledged under the First Lien & Ref. Mtge. $2.100,000
of these bonds (auth $5.000,000). exclusive of $497,000 bonds that have
been retired and canceled through the sinking fund. c All sold in territory
served under customer and employee ownership plan.
-Proceeds will be used to reimburse the treasury for expendiPurpose.
tures incurred in the enlargement and extension of its property in order to
meet the greatly increased demand for electric power and light that has taken
place in the last few years within the territory served, and will place the
company in funds to carry on its extensive construction program and for
other corporate purposes.
-Series B bonds will be secured equally with Series A bonds by
Security.
a direct mortgage, subject to $2,403,000 undrelying First Mortgage Bonds
on all the present physical property and franchises, and, through deposit
with the trustee of $2,100,000 First Mortgage Bonds, will share in their
security.
Earnings Twelve Months Ended August 31 1923.
$2.408,055
Gross earnings (including other income)
$813,332
Net earnings after operating expenses, maintenance and taxes
Annual int. on total bonded debt outstanding with public,includ340.150
ing this issue, requires
-V. 117, p. 1783. 899.
-The
-Reorganization Plan.
Hudson Navigation Co.
committee for the $2,080,000 6% Gold Mtge. bonds due
Feb. 1 1936 has prepared and adopted a reorganization plan
dated Oct. 16.
The plan will become effective when assented to by depositors aggregating
more than 50% in amount of the bonds deposited under the bondholders'
agreement dated March 9 1921, and each holder will be presumed to have
assented thereto unless he shall, within 30 days after Oct. 22 1923, have
filed with the depositary written notice of his dissent.
Holders of bonds not heretofore deposited may deposit their bonds with
the coupons due Aug. 1 1921 and all subsequent coupons attached, with the
depositary on or before Dec. 15 1923.
-Thomas Vail, Chairman, Troy, N. Y.: Charles M. Engils,
Committee.
Secretary, N. Y. City; Frank Battles, Philadelphia; Charles Burlingham,
N. Y. City; William J. Roche, Troy, N. Y.. with National Commercial
Bank & Trust Co. of Albany N. Y. depositary, and Graham, McMahon.
'
Buell & Knox, Counsel, 165 Broadway, N. Y. City.
Digest of Reorganization Plan Dated Oct. 16 1933.
-Company was placed in the hands of receivers on
Outstanding Debts.
Feb. 17 1921. At the time the bonded indebtedness, excluding interest,
of the Hudson Navigation Co. was as follows:
81.392,900
New Jersey Steamboat Co.5% bonds,due Mar. 1 1921
203,000
Hudson Navigation Co.5% Coll. Trust bonds, due Jan. 1 1923..
Hudson Navigation Co.6% Gold Mtge. bonds, due Feb. 1 1938 2,080,000
The annual charges for interest on this bonded debt averaged,for a period
of five years from 1917 to 1921, both inclusive, the sum of $218,578 per
annum.
-After the appointment of the receivers,
Foreclosure Proceedings, &c.
actions were commenced in the U. S. District Court for the Southern DisIda of New York for the foreclosure of the New Jersey Steamboat Co.
mortgage and the Hudson Navigation Co.6% mortgage, and the receivership was extended to the 5% mortgage foreclosure on June 17 1921, and to
the 6% mortgage foreclosure on Nov. 28 1921.
-The bondholders under these two mortgages
Bondholders' Committees.
Lively appointed committees to protect their interests. A substanof the 6s are on deposit with the above committee, and a very
i
tial
'large majority of the 5s are deposited with the 55 conunittee.
-The trustee under the New Jersey Steamboat Co.5%
Lien o Mortgage.
Mtge. claims that that mortgage constitutes a lien upon all of the property
of Ole Hudson Navigation Co. That mortgage expressly covers the New
York pier. It probably reaches the Albany leasehold. It also covers the
'existing steamers of the company under the after-acquired property clause.
to the extent, at least, that proceeds of the mortgage reverted into the construction of such vessels. Proofs have been taken on this question in the
foreclosure suit, and there is a real question as to the extent of the lien on
-these vessels which it would take a prolonged litigation to settle. The
steamer C. W. Morse. having been completed prior to the 6% Mtge., is
believed to be subject to the 5% Mtge.
The 5% Mtge., moreover, expressly covers income and therefore occupies a very strong position when the question arises as to the allocation of
the net receivership earnings among the various parties interested in the
.receivership. The lien of the 5% Mtge. is of course prior to the lien of the
•6% Mtge. upon all property covered by the 5% Mtge.great
bulk of the
A reorganization, including all the property and the
receiver's net earnings (now amounting to a large sum of money) can now
be quickly carded out without litigating the vexed questions between the
two mortgage liens if both mortgage interests join in such reorganization.
-Accountants have examined the books and charged against
Earnings.
the earnings, prior to interest charges, the depreciation applied to the
property of the Hudson Navigation Co. by the 1.-S. C. Commission, which
.is approximately 4% annually. The report shows for the period of five
calendar years the following amounts available for interest on the bonds
after depreciation, payable out of the proceeds of operation:
1921.
1920.
1919.
1918.
1917.
3106.332
3393.766
$205.636
$141,724
$60.743
The report shows that after deducting the necessary depreciation the net
.loss after int. charges from operation for each year would have been as follows:
1921.
1920.
1919.
1918.
1917.
profit 867,699
$162,604
$59,145
$118,839
$188,182
shows $151,218 avallaole for interest
For 1922 a supplemental report
charges after depreciation, and a net loss for the year 1922 (if interest on the
bonds were charged) of 359.466.
-The accrued interest up to Nov. 1 1923 on the bedded
Accrued Interest.
debt since the last payment of coupons aggregates $580,893, as follows:
5% Mtge., $208,935; 5% Collateral Trust Mtge., $28,758; 6% Mtge.,
$343,200; making a total due as of Nov. 1 1923 for principal and interest
of $4,256.793 33.
Upon these figures, it is obvious that no reorganization could be effected
which would provide for the present bonded debt by the issuance of new
securities constituting fixed charges in the same amount.
1893
THE CHRONICLE
-Since the formation of the committee it has kept
Obstacles to Overcome.
in constant and close touch with the situation in its efforts to work out the
extremely difficult problems confronting it. When the receiver was appointed it was found that large amounts of taxes and rentals remained unpaid and a multitude of clnAms outstanding, the holders of many of which,
amounting to a very large sum of money, are vigorously asserting priorities
ahead of the mortgages. The committee promptly caused the trustee under the 6% Mtge. to file its foreclosure bill and has co-operated throughout
with that trustee in its efforts both as complainant in that suit and as defendant in the 5%
-Mtge. foreclosure suit to protect the interests of the 6%
bondholders. Until recently the committee of the New Jersey Steamboat
Co. 5% Mtge. bonds insisted upon payment of those ponds in cash in full
for principal, interest and expenses, but the 5% bondholders' committee
has finally consented to recommend to its depositors, provided .reorganiaztion can be effected promptly, that to an amount equal to 25% of the principal face value of their bonds they waive their demand for cash and accept
reorganization securities at par of the same classes and proportions as those
offered in the reorganiaztion to the 6% bondholders, and cooperate in an
endeavor to carry through promptly a reorganization on lines substantially
as set forth below.
New Company.
-A new corporation (or corporations) is to be formed
and to acquire substantially all the assets of the old company.
New Securities to Be Issued.
-To be a lien on the
-Year 1st Mtge. 7% Gold Bonds.
(a) 31,500,000 20
entire property acquired by the new company; 31.250,000 of such bonds to
be presently issued and the balance to remain in the treasury for other
lawful corporate purposes. Mortgage will provide for the creation of a
sinking fund for the gradual retirement of the bonds within that period.
(b) Adjustment Mortgage.
-A second mortgage securing $1,600,000 of
bonds,to be the next lien after the new 1st mtge,on all the property acquired
by the new company and to be an adjustment mtge., providing a lien for
the principal of the bonds secured thereby, but further providing that the
interest (6% per ann.), while cumulative, shall not be a fixed charge, but
shall be paid only if and when earned after proper depreciationcharges:
such adjustment mortgage to be a closed mortgage and to provide that in
the event the new 1st mtge. is paid off, either through the condemnation
and taking of the pier by the city or otherwise, no new 1st mtge. shall be
placed upon the property, but that the adjustment mortgage shall then
become the 1st mtge. with a fixed interest charge of6% per annum.
(c) 6% Pref. (a. & d.) Stock.-(Jumulative after 1925. Authorized
amount. $1,600,000. No other mortgage save the first and second mortgages above mentioned can be placed upon the property without the consent
of at least 75% of the holders of the outstanding Pref. stock.
-20,000 shares of no par value Common stock. Shares
(d) Common Stock.
shall be placed in a voting trust for at least 5 years and the voting trustees
shall be bound by a provision that the majority of the board of directors
of the new company shall if practicable be selected from residents of the
cities of Albany and Troy or their vicinity.
It is contemplated that the Common stock not distributed with the new
adjustment mortgage bonds as below will be utilized as follows: to the
extent necessary, to provide an efficient corporate management for the
new company, the balance to go to the underwriting bondholders and to
be used in procuring a proper bankers' underwriting and a proper management for the reorganization, in proportions to be hereafter determined.
Table of Exchange of Old for New Securities or Cash.
Will Receire--Cash.
Outstand'g. dAdj.M.8s. Pref.Stock.
Existing Securitiesa1,329,900 $171.237 $171,237 8997,425
N.J. Steamboat 5s
750
125
125
Each $1,000
b2,423,200 1,211,600 1,211,600
Hudson Nay.Co.6s
500
500
Each $1,000
115,879
115,879
e231,758
Hudson Nay.Co.as
500
500
Each $1,000
a Holders of these bonds will receive 75% of principal in cash. The
balance, $348,223, will receive 124% in adjustment bonds and 12ii% in
Pref. stock. The accrued interest amounting to $208,935 will be paid
off in cash. b Holders of this issue amounting to $2,080,000 and the accrued interest thereon, amounting to $343,200, will receive 50% in adjustment bonds and 50% in Pref. stock. c Holders of this issue amounting to
3203,000 and the accrued interest thereon, amounting to $28,758, will
receive 50% in adjustment bonds and 50% in Pref. stock. d A certain
proportion of Common stock, not less than 5,000 shares, is to be distributed
pro rata with the adjustment bonds to those to whom such bonds are to
be issued as above.
-It is proposed that the cash raised by the
Proceeds from 1st Mtge. 7s.
sale of these $1,250,000 of bonds, together with cash in the hands of the
receiver and of the mortgage trustees, shall be used to pay off in cash the
New Jersey Steamboat Co. 5% mtge. principal and interest (except the
25% of the principal above mentioned), and to cover all other cash requirements of reorganization, foreclosure, &c., including such priority and other
claims, if any, as it may be necessary to pay in cash, and to provide a sufficient working capital for the new company.
It is expected that the sale of the $1,250,01111 of new 1st Mtge. bonds
will produce 90% net to the corporation. It is contemplated that in the
reorganization the New Jersey Steamboat Co. 5% mortgage bondholders
shall respectively have an option to take new 1st mtge. bonds in lieu of cash.
and that the holders of the Hudson Navigation Co.6% bonds and coll. trust
5% bonds shall respectively have an opportunity to underwrite said new
1st mtge. bonds not so taken, such underwriting to be underwritten by a
banking syndicate.
-V. 114, p. 204.
-May Reorganize.
Hydraulic Steel Co.
The directors were to meet yesterday in Cleveland to discuss a proposed
plan calling for reorganization of the company's financial structure. Reports state that it is expected that the stockholders will ratify some plan
which will call for a reduction of the company's funded indebtedness and
allow it to reduce its capitalization in order to make possible the reporting
of a profit on future operations.
Two committees were appointed some time ago to work out a reorganization. The first committee included W. C. Janney of Philadelphia, G. B.
Johnson, G. H. Ganson, R. A. Wilbur and F. S. Harmon of Cleveland;
W. L. Glenn of New York: J. A. Drain of Washington; T. E. Quisenberry
of Chicago; E. M. Hunt of Trenton, and C. A. Irwin of Milwaukee. The
second committee included A. W. Ellenberger, James H. Foster, H. P.
McIntosh Jr., A. H. Richards and Thomas H. Goodbody of the company.
-V.117, p. 1669.
Illinois Bell Telephone Co.-Listing--Earnings.-
The New York Stock Exchange has authorized the listing of $50,000,000
1st & Ref. Mtge.5% Gold bonds, Series A.
Income Statement for Stated Periods.
Calendar Year
6 mos. end.
1920.
1921.
1922.
PeriodJune 30'23.
1,156,624
1.202,843
1,259,778
Total number of stations
Telephone oper. revs--325,553,679 $47,667,284 $44,469,882 $33,201,708
Telephone oper. exps__- 18,774,669 35.401,645 33,141,840 28,035.962
Net telephone op.rev- $6,779,010 $12,265,639 311.328.042 $5,165,746
2,126
Net other oper. revs
3.699
2,296
Total revenues
86,779.010 $12,267,935 $11,331,742 $5,167,872
48,917
Uncollectible open revs_
171,826
136,828
111,123
Taxes assignable to oper. 2,221,478
2.442,995
3,620,604
3.967,434
Operating income._
Non-oper. rev.
-Net
$4,446,409 $8,128.675 $7,574,310 $2,675.960
157,582
274,810
295.825
500,219
Total gross income
Rent & miscell. deducs
Int. on mtge. debt
Other interest
Dividends
$4,742,235 $8,628,893 $7,849,120 $2,833.543
3135.699
3180,841
$124,308
3203,229
1,271,383
496.707
961.311t 2,042,327
413,170
1.110,7241
3,600,000 3,200,000
4,000.000
2,400,000
$1,308,050 $2,353.629 32.025,952def.$1773539
Surplus
-V. 117, p. 1669. 1561.
-Bonds Offered.
Imperial Electric Co., Akron, 0.
Stanley & Bissell, Cleveland, are offering at par and int.
$225,000 1st (Closed) Mtge. 7% Serial Gold bonds.
Dated Sept. 1 1923. due annually Sept. 1 1925 to Sept. 1 1937. Denote
31.000, 3500. $100 c*. Int. payable(M.& S.) at Union Trust Co., Cleve
1894
THE CHRONICLE
land, trustee. Red. (all or in part) on any int. date upon 4 weeks' notice
at 105 and int. Company agrees to pay normal Federal inome tax to an
amount of 2%. Penn. 4 mill tax refunded.
Data from Letter of Pres. John Hearty. Akron, Sept. 28.
Company.-Incorp. in 1908 in Ohio. Business is the manufacture and
sale of direct and alternating current electric motors and generators,ranging
in size from % to 100 h.p. Company has established an excellent reputation
for the quality of its product, which is used in practically every line of
industry throughout United States, Canada and many foreign countries.
Plant contains approximately 70.000 sq. ft.
Earnings.
-Average net earnings for the past 73.‘ years. after Federal
taxes, available for hat. and depreciation, were $44,318. The maximum
annual interest requirements of this issue are $15,750. Net earnings for
the 6 months ended June 30 1923, after providing for Federal taxes, amount
to $40,872, which is at the annual rate of $81,745, or more than 5 times the
maximum annual interest requirements.
Balance Sheet as of June 30 1923 (After Financing).
AssetsLiabilities
Cash
$56,438 Notes payable
$10,611
Customers' notes & .accts.
Accounts payable
74.019
receivable, &c
102,486 Accrued accounts
3,178
Inventory
206,156 1st Mtge. 7s
225,000
Personal & miscell. accts., &c 62,546 Res.for Fed. taxes & conting
5,000
Land,bldg., mach.& equip.,
7% Pref.stock
285,000
520,966 Common stock
&c
174,200
Deferred assets
36,351 Surplus
207,934
[VOL. 117.
The three guarantor companies have $9,168,548 total funded
debt. TheSwedish Match Co. has $24,120.000 capital stock outstanding, all
one class,
paying dividends of 12% per annum.
Purpose.
-Proceeds will be used by the International Match
acquire additional investments in the match manufacturing Corp.(a) to
industry; and
(b) to provide working capital for the business of the corporation
and its.
subsidiary companies.
Dividend Record of Swedish Match Co.
-The Swedish Match Co. has $24.120,000 capital stock outstanding, all one clams now quoted at about 140%
of par. For the last twenty years the Swedish Match Co.,since its incorporation in 1917, and prior to that date Jonkopings & Vulcan Match Mfg.
have earned a net profit in every year and have paid dividends in every Co.,
year
of that period on Common stock from time to time outstanding. The average net profit earned during the last 20 years has been 26.3% on Common
stock from time to time outstanding, and has during none of the last 16.•
years been less than 17% on then outstanding common stock. The
age diVidend rate paid during the last 20 years on Common stockaverfrom
time to time outstanding has been approximately 9% per annum, and the.
average rate paid during the last 10 years has been 11.7% per annum.
During none of the last 7 years has the dividend on then outstanding Common stock of the Swedish Match Co. been less
rate now being paid on its $24.120,000 present than 12% per annum, theoutstanding Common cap'
ital stock.
•
Earnings Years Ended Dec. 31.
[Consolidated sales and consolidated net earnings available for interest
charges of the three guarantor companies and of International Match
Corp. (represented by its proportionate interests in profits of the'
constituent companies, which it is now acquiring), after depreciation
Total
Total
$984,944
$984.944
and all inventory adjustments.]
-V. 107. p. 1923.
1918.
1920.
1919.
1921.
1922.
Indian Motorcycle Co., Springfield, Mass.
-New Name. Sales
$
25,888,000 30,070,000 42,774,000 35,518,000 39,256,000'
See Hendee Mfg. Co. above.
Net available for
interest charges 5,326,547 6,415,994 7,567,248 6,574,507
Refining Co.
Indian
-No Semi-Annual Statement.
7,056,042
These earnings do not include any profits from investments to be made in
The "Chronicle" has been informed that the company will not issue a
semi-annual statement of earnings for the six months ended June 30 1923.- additional properties by International Match Corp. with proceeds of this.
$1_ 000,000 issue.
V. 116, p. 2121.
Net earnings of International Match Corp. alone, available
International Agricultural Corp.
-Listing-Earnings. charges (represented by its proportionate interests in profits of for interest
the constitThe New York Stock Exchange has authorized the listing of depositary uent companies which it is now acquiring), after depreciation and all incertificates for $10,000,000 Prior Preference stock, par $100, on official ventory adjustments, have in each of the last 5 years been more than twice.
notice of issuance and payment in full of the Prior Preference stock and the $975,000 total interest requirements on this issue, constituting the cor225,000 shares of its Common stock, without par value, on official notice of poration's entire present funded debt.
issuance thereof with such $10,000,000 of Prior Preference stock, with
Properties.
-The Swedish Match Co., through subsidiaries, owns 20.
authority to add 207.933 shares of such Common stock on official notice of match manufacturing plants In Sweden, constituting all of the match manexchange for the now outstanding Preferred and Common stock of the ufacturing plants in that country. The most important of these plants
corporation, making the total amounts applied for $10,000,000 Prior Prefer- are at Jonkoping, Tidahoin, Lidkoping, Uddevaila, Kalmar and Vastervik.
ence stock and 432,933 shares of Common stock. The above stocks are Through its subsidiary companies the Swedish Match Co. also owns a sulto be issued in exchange of present Preferred and Common stock as per the phite pulp and paper mill at Katrinefors, with an annual production of 13000 tons of paper, chiefly used in the match industry. In addition to their•
readjustment of debt and capitalization plan.
large machine shops directly attached to the match factories, the Swedish.
Income Account for Years Ending June 30.
Match Co. and its subsidiaries own three important plants engaged in the
1922-23.
1921-22.
1919-20.
1920-21.
production of nptch
Gross profit on operations $1,650,092 $2,654,726 $1,798,511 $5,735,652 plants manufacturing manufacturing machinery. They also own three
chemicals for the match industry, three lithographic•
Operating, &c., expenses 1,357,328
2,704,590 printing establishments and a number of enterprises auxiliary to the
1,255,906
2,312,906
match
Industry, including sawmills and
Net earnings
8292,764 $1,398,820 1°833514,395 83.031,062 ies own valuable timber lands in transportation companies. The companSweden covering a total of 120,000 acres,
Div.jointly owned corp's
217,650 and also own valuable long-term timber rights. In addition to these interests in Sweden, the Swedish Match Co. has important
Gross income
$292,764 $1,398,820 loss$514,395 $3,248,712 match manufacturing companies in different countries investments in
throughout the
Bond interest
429,322
491,569 world.
449.445
470,950
Out of total properties outside Sweden controlled by the Swedish Match
Balance,surplus
def.$138,558
$949.375 deb$985,345 $2,757,143 Co., and from other important groups interested in the match industry,
Amortiz'n of bond disc't,
control is to be acquired by the International Match Corp. (In which the.
organization exp., &c..
92,842
207,256 Swedish Match Co. is to hold majority stock ownership) of companies own92,841
186.612
Profit on bonds purchased Cr.85,572
Cr.79,602 ing 42 match manufacturing plants in various European and other counCr.79,511 Cr.109,563
Reservefor contingencies
500,000 tries. The International Match Corp. will also own the entire capital
Interest
920,774
1,015.154
stock of Vulcan Match Co., Inc., the sales company for products of the.
Depreciation & depletion
304,220
309,255
Swedish Match Co. and its subsidiaries sold to distributors In the United
Inventory adjustment_ _
1,170,575
States. It is proposed that the International Match Corp. shall acquire,
Preferred dividends
(33()489,581 (5)652,775 with funds made available through the present financing, still further investments in the match manufacturing industry.
Balance, deficit
$1.368.820
$388,363 $2,722,550sur$1476,715
Consolidated Balance Sheet (After Present Financing).
The balance sheet as of June 30 1923 (after giving effect to plan for readjustment of debt and capitalization, and after providing for additional (Consolidated statement of the Swedish Match Co.. Jonkopings & Vulcan.
Match Mfg. Co., United Swedish Match Factories Co. and Internareserves) was given in V. 117. p. 1241.-V. 117, p. 1783,
1669.
tional Match Corp., based upon the Dec. 31 1922 balance sheet of the
International General Electric Co.
three guarantor companies, and Oct. 1 1923 balance sheet of Interna-Orders,
tional Match Corp., adjusted to show present funded debt and to give
Orders for electrical equipment amounting to about $1,500,000 have
effect to the present financing.)
been received by the company through affiliated organizations in Japan.
Among these orders was that of the Municipality of Kyoto for turbines
AssetsLiabilUtesamounting to $250,000.
Plant and equipment
$24,373,207 Bills pay.& trade acceptances $3,225,542
The Kawasaki plant of the Tokyo Electric Co. reports that its present out- Invest, in match. mfg., sellAccounts payable
2,763,357
put is now 10% in excess of its capacity at the time of the earthquake.
lag, &c., assoc. cos
38,041,773 Pension fund
686,576
This company, affiliated with the International General Electric Co., Cash
17.030,418 Int. M.Co.6.50 (tbls issue). 15,000,000,
manufactures electric lamps, wiring devices and meters. While seriously Accounts receivable
9,135.430 Swedish Match CO.
damaged in the recent catastrophe, it is now engaged in turning out elec- Notes receivable
196,980
1st Mtge. 78, Set. A, 1946. 5,360,000
trical supplies immediately needed for reconstruction. V. 117. p• 1354.
Bills receivable
1,674,115
2d Mtge.734s,Ser. B,1931 3,430,400.
Inventory
5,396,997 Jonkopings & Vulcan Match
InternationalMatch Corp.
-Bonds Sold.
-Lee, HigginMfg. Co. let 5s, 1926
378,148•
Int. M.Corp.stock (outst'd'g
son & Co., Guaranty Co. of New York, National City Co.,
1,000,000 shs.). In hands of
Brown Brothers & Co. and Dillon, Read & Co. have sold at
public 499,610 shs.; net
equity applicable
14,089,003
943' and int., to yield over 7%,$15,000,000 63.% ConvertiSwedish Match Co. cap. stk. 24,120,000
ble Sinking Fund Gold debentures (see advertising pages).
Jonkopings & Vulcan Match
-Unconditionally guaranteed by endorsement as to
Guaranty.
4,392,252
principal,
6% Preferred stock
interest and sinking fund, jointly and severally, by the Swedish Match Co.
Reserve fund
19,296,000,
and its two most important Swedish subsidiaries, Jonkopings & Vulcan
Total (each side)
3,127,642
$95,848,920 Profit and loss account
Match Manufacturing Co. and United Swedish Match Factories Co.
Officers of the International Match Corp. will be: Ivar Kreuger, Pres.;
Dated Nov. 11923. Due Nov. 11943. Int. payable M.& N. vrithout
deduction for normal Federal income tax up to 2%. Conn. and Penna. Krister Littorin, V.-Pres.; C. G. Bergman, V.-Pres.; A. E. Hoffman,
4
-mills taxes refundable. Callable all or part at 105 and int. during first Sec. & Treas. Directors will be: Ivar Kreuger, Krister Littorin, C. 0.
5 years, the premium decreasing 1% each 5 years thereafter to maturity. Bergman, Frederick W. Allen (of Leo, Higginson & Co.), Henry 0. Havemeyer, F. L. Higginson Jr.(of Lee, Iligginson & Co.), John McHugh (Pres.
Mechanics & Metals National Bank of the City of New York, trustee.
-Sinking fund, 3% per annum, payable semi-annually, Mechanics & Metals National Bank), New York; P. A. Rockefeller andl
Sinking Fund.
Samuel P. Pryor.
-V. 117. p. 1784.
first payment May 1 1925, sufficient to retire more than $8.000,000 of
these debentures before maturity.
Iowa Southern Utilities Co.
-Acquisition.
Convertibility.-ConvertIble at holder's option into Common stock of
The voters at Kent,Iowa,at a special election, voted to sell the municipal'
International Match Corp., no par value, at $33 1-3 per share (31.000 in electric lighting plant to the above company.
-V. 117, p. 332.
debentures convertible into 30 shares of stock). prior to maturity or up to
five days before redemption.
Island Oil & Transport Corp.
-Gulf States Oil Corp.
Data From Letter of Ivar Kreuger, New York, Oct. 22 1929.
Completes Deal
-No Extension of Time-Plan Opposed.
Corp
International Match Swe -Incorporated in Delaware in June 1923.
Gov.C. N. Haskell, on behalf of the Gulf States Oil Corp.. announces the
llsh Match Co. and other important groups inWill acquire from the
terested in the match industry,the greater part ofor the entire capital stocks completion of the deal with the bondholderie committee of Island 011 &
of companies owning 42 match manufacturing plants in various European Transport Corp. whereby its New Orleans refinery and the 312,000.000
and other countries. It will also own the entire capital stock of Vulcan claim against the Island 011 & Transport and its subsidiaries, also other
Match Co., Inc. the sales company for products of the Swedish Match Co. minor assets, have been acquired. Also,that Gulf States 011 declines to
'
and its subsidiaries to distributors in the United States. The control of extend the time for Island Oil stockholders to avail themselves of the
these companies is to be acquired entirely through the issue of Common opportunity for exchange of stock. Gov. Haskell further says that Gulf
States Oil, having in good faith fulfilled its part of the proposition, regrets
stock of International Match Corp.
The Swedish Match Co.. which will own a majority of the capital stock of that it cannot extend the time for further deposits.
John Tutules. Chairman of the minority stockholders' protective comthe International Match Corp., was incorporated in Sweden in 1917. constituting a consolidation, through stock ownership, of previously existing mittee, has announced that approximately 3,000 stockholders, holding
companies. It controls through stock ownership companies owning all 350 shares of stock, have been registered with the committee for the purpose
the 20 match manufacturing plants in Sweden, the business of the oldest of resisting the proposed readjustment of the corporation as not being
founded in 1845, and match manufacturing and selling companies in other for its best interests. Compare reorganization plan in V. 117. p. 1561.
countries. The International Match Corp. and the Swedish Match Co,
Jeffersonville (Ind.) Water & Light & Power Co.
-Sale
with their subsidiaries, together have more than 25,000 employees and proSee Interstate Public Service Co. under "Railroads" above.
duce more than one-third of all the matches used in the world.
-V. 117.
The constituent companies of the International Match Corp. and the P. 1669.
guarantor companies (above) manufacture 10 billion boxes of matches per
annum,containing an average of60 matches per box,or a total of600 billion
Johnson Educator Biscuit Co.
-Dividend No. 2.
matches per annum.
The directors have declared the regular quarterly dividend of 50 cents per
Capitalization of International Match Corp. (upon Completion of Pres ft share on the Cumul.& Partic. Class"A"stock, no par value, payable Nov.1
Financing).
to holders of record Oct. 26. An initial dividend- of like amount was paid
on the Class "A"stock on Aug. 1 last.
-V.117, p.446.
6347 Convertible Sinking Fund Gold debentures, due-Nov. - - - - - 1$1.5,000,000
1913 (this Issue) -- - --------- tock(authorized1,450,000 shares), no par value, outKanawha & Hocking Coal & Coke Co.
.Capital s
-Tenders.
28,200.000
The Bankers Trust Co., trustee, 10 Wall St., N. Y. City, until Oct. 25.
standing 1,000,000 shares, net assets available
The International Match Corp. has no mortgage debt and no other received bids for the sale to it of 1st Mtge. 6% Sinking Fund gold bonds.
subsidiaries have no mortgage debt (other than $45,024 dated Jan. 1 1920, to an amount sufficient to exhaust $108,822 at prices not
funded debt,and its
real estate mortgagee of one subsidiary company) and no funded debt. exceeding par and Int.-V. 116, p. 2263.
OCT.27 1923.]
THE CHRONICLE
1895
(G. R.) Kinney Co., Inc.
-Operations
-New Stores.
-
of new no par value Preferred stock, carrying annual dividends of $4 and
redeemable at $50, and one share of new Common of no par.
The New York Curb has admitted to trading 62,510 shares of no par
Preferred, 67,500 no par Common shares and a 6% bond issue maturing
in 1943. All securities are to be traded in "when issued."
-V.116.p. 1904.
Knox Hat Co., Inc.
-Bonds Offered.
-Redmond & Co.
are offering at 973 and int., to yield over 63 %,81,000,000
4
15-Year 63/% (Closed) Mortgage gold bonds.
A dividend (No. 2) of 75 cents per share has been declared on the outstanding Capital stock, no par value, payable Dec. 1 to holders of record
Nov. 20. An initial dividend of like amount was paid Sept. 1 last.
V. 117, p. 447.
The New York Stock Exchange has authorized the listing of 200.000
shares of stock of no par value.
Munsingwear, Inc., was incorp. in Delaware on May 8 1923 primarily
to acquire substantially all of the Common stock of the Munsingwear
Corp. and of Wayne Knitting Mills. It owns all of the Common stock
of the Munsingwear Corporation and over 98% of the Common stock of
Wayne Knitting Mills.
Statement of Net Earnings Before Deduction ofFederal Income & Profits Taxes.
Munsingwear Corp.Net Earns. Before Federal
Net After
Fiscal year ended Nov. 30:
Federal Taxes.
Taxes.
Taxes.
1918
$702,570
$1.047,614
$345,044
1919
804,704
1.065,342
260,548
1920
259,358
285,887
26.528
1921
418,127
418,127
1922
1,030.499
106,273
1,136,772
1923(6 mos. to May 31)
274.253
314,253
est.40,000
Wayne Knitting Mills
Fiscal year ended May 31:
1918
$267,680
3359.058
$91.378
1919
329,746
575,760
246,014
1920
716.192
915,901
199,709
1921
105.035
117.474
12,439
1922
281,024
246,333
34,690
1923
308,505
353,505
45,000
-V. 117, p. 447.
President E. H. Krom states that the company's five shoe factories are
operating at capacity and that the company's 152 shoe stores are showing
substantial gains in business over last year's results.
The directors have recently authorized the opening of 50 additional
stores.
-V. 117, p. 1468.
Dated Nov. 1 1923. Due Nov. 1 1938. Int. payable M. & N. at
Chase National Bank, New York, trustee, without deduction for normal
Federal income tax not in excess of 2%. Mass. income tax on the int.
not in excess of 6% per annum and Penna. 4 mills tax refunded. Denom.
$1,000 and $500 c*. Red. all or part at any time on 60 days notice at 105
.
and int. to and incl. Nov. 11928: at 102H and int. to and incl. Nov. 11933,
thereafter to maturity at 101 and int.
Data from Letter of Pres. F. H. Montgomery, New York, Oct. 19.
Company.
-Business was founded in 1838. Present company incorp. in
1914. Founded some 85 years ago as a retail store, dealing in men's hats
largely at that time of foreign importation. In 1890 company established
is1,12.wa manufacturing plant in Brooklyn, conducting it as a separate cor-fioration although under the same management. At the time of incorporation, however, the two branches of the business were consolidated. In
1919 company acquired the business and property of Dunlap & Co., manufacturers and distributers of Dunlap hats, with a plant located in Brooklyn.
Since its inception, 85 years ago, the company has grown steadily and is
to-day one of the largest manufacturers of high-grade hats.
Sales for Calendar Years.
$1,524,45311918
1915
$2,192,594 1 1921
$4,273,000
1,946.199 1919
1916
3.818,000 1922
4,359,000
1917
2,106,879 1920
6.490,000 '23(3mo.est.) 4,800,000
Company's business is divided generally into two departments-the
manufacture and wholesale distribution of men's and women's hats, and the
operation of 7 retail stores In New York, Chicago and San Francisco. In
the company's retail stores in New York and San Francisco there is also
carried a diversified line of haberdashery and men's and women's ready-towear clothing. The "Knox" and "Dunlap" trade-marks are used in connection with the company's hats and other articles of wearing apparel.
-Proceeds will be used to retire an issue of serial 77 bonds.
Purpose.
maturing from 1924-1930, incl., and the balance to provide additional
working capital.
-During 1924 and each year thereafter company will
Sinking Fund.
provide a sinking fund sufficient to retire more than one-half of this issue of
bonds by maturity.
Earnings.
-For the five-year period ending Dec. 31 1923 (three months
estimated) the average annual earnings, after depreciation, but before
Federal taxes, interest and inventory adjustments in 1921 were $310,000,
more than 4H times the annual interest charges of $67,600 on the mortgage
debt,and for the 15
-year period the company's books show average earnings
were more than three times these interest requirements. After deducting
the exceptionally large inventory adjustment occurring in 1921, the average
earnings in the above five-year period were $227,000, approximately 3H
times such interest charges. Based on earnings reported in the first nine
months of this year, it is estimated that net earnings for the year ending
Dec. 31 1923 will be more than six times such interest requirements.
Consolidated Balance Sheet Sept. 30 1923 (After Present Financing).
AssetsLiabilities
Cash
$144,658 Notes payable
$200,000
Accounts receivable
712,925 Accounts payable
227,368
Inventory
1,118,055 Accrued pay-rolls, taxes,
Prop. ins., taxes, int., &c..
37,083
interest, &c
55,473
Land., bldgs., mach., &c_ 1.302,129 15
-Year 6.1is
1,000,000
Office & sales equipment_
186,125 Dunlap mortgage
52.000
Investments
46,404 7% Cum. 1st Pref. stock_ 1,000,000
Deferred charges
181,337 7% Non-Cum. 2d Pf. stk_ 1,250,000
Good-will, trade-mks.,&c. 1.109,963 Common stock
x100,000
Balance, surplus
953,839
Total
$4.838,680
Total
34,838ffle)
x 20.000 shares no ear value,stated capital as per charter.-V.110,p. 65,3
Lowell Electric Light Corp.
-Extra Dividend.
An extra dividend of $5 per share has been declared on the outstanding
92,650,000 capital stock, par $100, in addition to the regular quarterly
dividend of$2 50 per share, both payable Nov.1 to holders ofrecord Oct.24.
-V.116, p. 1769.
Mackay Companies.
-New Cable in Operation to Azores.
-
The new transatlantic cable of the company has been laid as far as the
Azores. This cable, on which work was gegun only last month,
operation. Extension of the lino to Havre will now be begun. is now in
-V. 116.
P• 3004.
McInt7 re Porcupine Mines, Ltd.
-Quarterly Statement.
Quarter ....nded Sept. 30Gross recovery
Operating expenses
1923,
1922.
$681,038 $585.868
407,550
308.816
Operating earnings
Net earnings before depreciation
-V. 117, p. 1785, 1354.
$273,487 $277,052
$277,548 9268.035
Magnolia Petroleum Co.
-Tenders.
-
Munsingwear, Inc.
-Listing-Earnings.
--Div. No. 2
National Acme Co.
-Sales-Earnings.
-
Quarter Ended Sept. 30Net sales
Net profits after bond interest
-V. 117, p. 447, 214.
1922.
1923.
$2,408,862 31,819,687
101,809
30,977
National Cloak & Suit Co.
-Sales, &c.
-
Net sales for the 3 months ended Sept. 30 show an increase of 21% over
the same period of 1922. and an increase of more than 50% over 1921.
October sales, it is stated, will probably the the largest of any month in
the history of the company.
It Is expected that net sales of the company for the current year will be
in excess of $52,000,000. compared with $45,357.566 for 1922 and with
$47.704,428 for 1920. The company is said to be in a strong cash position
and has no bonded debt and no notes payable outstanding.
-V.117. p.1136.
National Fireproofing Co.
-Resumes Preferred Dividend.
The directors have declared a dividend of 3% on the 77. Non-cum. Pref.
stock, payable 1% Nov. 15 1923, 1% Feb. 15 1924 and 1% May 15 1924
to holders of record Nov. 1 1923, Feb. 1 and May 1 1924,respectively. A
special "Christmas" dividend of 1% was paid on the Pref. stock on Dec.31
1920; none since.
-V. 116, p. 1187.
National Refining Co., Cleveland, Ohio.
-Dividend.
-
The directors have declared the regular quarterly dividend of 1 H % an
the Common Stock, par $25, payable Nov. 15 to holders of record Nov. 1.
Like amounts were paid May 15 and Aug. 15 last. In February last a
dividend of 2% was paid on the Common.
-V. 112, p. 567.
National Steel Car Corp., Ltd.
-Balance Sheet June 30.
Assets1922,
1923.
Liabilities1922.
1923.
Pats. & goodwill__
$1
$1 'Capital & surplus$2,395,937 $2,513,950.
Land. bldgs., pl't
Accts. payable___ 2,034,923
458,316
3,291,431 3,271,370 Bills payable
& equipment_
31,081
32,932.
24.806
59.702 Accr. wages, cornCash
Accts. Ac bills rec... 2,552.478 1,030,234
missions, dm-- 76,506
82,406
11,811
5,311 Bank loans (see'd) 1,909.090
Sundry invest'ts
770.0022,686,693 1,651,095 1st M.6% bonds. 1,710,000 1,760,000,
Inventories
French Republic,
Res. for deprec-- 850,152
752.767263,478
263,478
&c.,claims
178,991
89,183
Deferred charges
Total
69,007,688 $6,370,373
Total
39,007.688 $6,370,373-
* Represented by 100.000 shares of Capital stock without nominal or
par value (subject to realization of French Republic and Paris Lyons &
Moditorranzan Ry. Co. claims).
The usual income account was published in V. 117. p. 1785.
Naumkeag Steam Cotton Co.
-Balance Sheet.
June 2'23. Dec. 2'22.
Assets$
Real est.& constr. 6,519.083 4.191,023
786.887
Cash
292,999
2,000
Investment
Accts.receivable__ 1,871,979 1.544.184
2,752,194 3,325,748
Inventory
9,543
Notes receivable
June 2'23. Dec.2 72.
Liabilities$
Capital stock
3.000,000 3.000,000.
Depreciation sect_ 1.283,958
617,442
Reserves
797.561
585,378
Notes payable ._
500.000
Accts. payable_ _ 116,689
.
110.820
Profit and loss_-- 6,955,661 4,328,132
The Irving Bank-Columbia Trust Co., trustee, 60 Broadway, New York
11,941,686
Total
Total
11,941,686 9,353,956
City, will until Nov. 5 receive bids for the sale to it of First Mtge. 6% -V. 117, p. 1785. 1562. 9,353,956
bonds. due Jan. 1 1937, to an amount sufficient to exhaust $86,700.V. 117. P. 1354*
New Bedford Gas & Edison Light Co.
The stockholders recently voted to change the par value of the shares
Maxwell Motors Corp.
-Refunding.
from $100 to $25 (subject to the approval of the Massachusetts Department
The corporation, according to reports, is considering rounding the $3,-V. 117. p. 1469.
of l'ublic Utilities).
889,620 Series "C"7% gold notes due June 1 1024. It is stated that tentative plans call for a long term sinking fund bond issue, which will provide
New England Oil Corp.
-Loses Suit.
funds for retiring notes and provide additional working capital.
The Island Oil Marketing Corp. won in the U. S. Supreme Court its
-V.
-suit
117, D. 1670.
requiring the New England Oil Corp. to pay $921.835 damages for breach
of a crude oil marketing contract. The Supreme Court denied the petition
Merrimac Mfg. Co. Boston.
-Larger Dividend.of the New England Oil Corp. to review judgment of lower courts.
The directors have declared a quarterly dividend of 1H % on the out- V. 116, p. 1770.
standing $2,750,000 Common stock, par $100. payable Dec. 1 to holders
ofrecord Oct. 24. This compares with 1H 7.2 paid quarterly on the Common
New Madison Square Garden Corp.
-Dividend No. 2.
stock from March 1922 to Sept. 1923 incl.-V. 114, p. 744.
The directors have declared the regular quarterly dividend of 50c. a share
on the class "A" Cum. Partic. Preference stock, no par value, payable
Metropolitan 5 to 60 Cent Stores Inc.
-Sales.
Nov. 1 to holders of record Oct. 25. An initial dividend of like amount
1923
-Sept.
-1922.
Increase.' 1923-9 Mos.--1922.
'
-V. 117. p. 447.
Increase. was paid Aug. 1 last.
$568,312
$451,770
$116,542134,759,086
$3,911,437
$847,649
-V. 117, p. 1469, 900.
Newton Falls (0.) Rubber Co.
-Receiver
.A dispatch from Newton Falls says a receiver has been appointed for-the
Mexican Eagle Oil Co., Ltd.
-Dividend.
company, which had formerly acquired the Bubbell tire plant at a receiver's
The company has declared a dividend of 7s. on each 10 shares of
First sale. Claims against the company aggregate $350,000, it is stated.
Preference stock.
-V. 117, p. 891.
Montana Power Co.
-Earnings (Including Sub. Cos.)
-
Results for Three and Nine Months Ending Sept. 30.
1923-3 Mos.-I922.
1923-9 Mos.-1922.
Gross earnings
$1,921,637 $1,772,734 $16.108.104 $5,252,115
Oper. expenses and taxes • 774,351
663,489
2,284.075
2,025.546
Int. and bond discount_
435,018
442,856
1,310,841
1,324.896
Balance, surplus__
$712.267
9666,391 $2,513.188 $1.901,673
-V. 117, p. 676, 447.
Montclair (N. J.) Water Co.
-Proposed Sale.
-
It is stated that a tentative agreement has been reached between
city of Montclair, N. J., and the company, whereby the city is to pay the
S1,700.000 for the company's distribution system and property in Montclair.
-V. 113, p. 1161.
Motor Products Corp.
-Reorganization Plan.
-
According to a Detroit dispatch,stockholders will vote Nov.7 on exchanging the present 67.500 Cla.ss"A"shares and 5,000 Class"B"sharesof
stock for stock of a new corporation on the following basis: For eachno par
share
of the present corporation, one 6% gold 20
-year $100 debenture, one share
New York Steam Corp.
-Listing-Earnings.
-
The New York Stock Exchange has authorized the listing of $1,268,200
Series A 7% Cum. Pref, stock, par $100, with authority to add $50,000
Pref. stock on official notice of issuance, making the total amount applied
for $1,318.200.
Earnings Twelve Months Ended Aug. 31 1923.
-Downtown district, $2,320,098; uptovrn
Operating revenues
district, $1,394,810: total operating revenues
$3,714.908
Non-operating revenues
22.984
Total gross earnings
93,737,892
-Operation. $2.439,579; maintenance. $267,815: taxes,
Deduct
$171,362
2,87151
Interest on funded debt. $3306,405: general interest, $8,191
314,596
Amortization of bond discount and expenses
23,513
Amortization of improvements to leased property
• 1,392
Dividends on Preferred stock
70,215
Depreciation
300,000
Balance
$149,418
A statement of earnings for the fiscal year ended June 30 1923 is given
under "Annual Reports' above.
-V. 117, p. 1470;
1896
[vol.. 117.
THE CHRONICLE
New York Title & Mtge. Co., N. Y.
-To Inc. Stock.
The stockholders will vote Nov. 8 on increasing the authorized capital
stock from 5,000,000 to $6,000,000. par $100. If the increase is authorized, the stockholders will be given the right to subscribe for one share of
-V. 116, P. 1284:
stock for each five shares now held, at $125 per share.
•
.01
V. 115. p. 2803,
- .sso
-Purchases St. Anthony
Northern States Power Co.
Falls Properties.
H. M. Byllesby & Co. announce that the Northern States Power Co.
has purchased from the Pillsbury Flour Mills Co. the properties and power
rights at St. Anthony Falls on the Mississippi River at Minneapolis.
St. Anthony Falls, it is stated. is one of the most valuable hydro-electric
sites in the country, having a drop of 65 ft. and capacity of 60,000 h. p.
Power now being developed at the Falls furnishes energy for operation of
the Pillsbury flour mills, which have a connected load of 32.000 h. p..
and the Minneapolis Street Ry. system, with a connected load of 22,030
h. p. The balance of the power generated at the Falls has been sold
wholesale to the Northern States Power Co.
R. F. Pack, President of the Northern States Power Co.. stated that
although the total consideration was not announced, the property acquired
has a physical valuation of from $4:000,000 to $5,000,000.
A. C. Loring, President of the Pillsbury Flour Mills Co., stated:
"Heretofore, the Pillsbury-Washburn Flour Mills Co., Ltd., a British
concern, owned all the property of the Pillsbury company in Minneapolis,
and the American Pillsbury company leased it, but now they have acquired
complete ownership of the British company's stock. Since we are essentially
a milling company, we have no desire to hold the water power rights,
so we decided to dispose of them to a water power development company
which could make good use of the property. In disposing of the water
power rights to the Northern States Power Co., I feel that we have turned
them over to a cocnern which will develop the facilities to the utmost."
-V.117, p. 1671.
North Missouri Power Co.
-The Liberty
-Notes Offered.
Central Trust Co., St. Louis, are offering at par and int.
-Year 1st & Ref. Mtge. Coll. 7% Cony,gold notes.
$300,000 3
the new will be issued on the basis of 101, giving a 4 point profit. The part
of the $4,000,000 new stock not needed for the exchange is expected to be
offered to the public.
The main offices will be moved from Milwaukee to Chicago. This
change involves the heads of the company and several hundred employees
of the accounting and auditing departments.
-V. 114, p. 2248.
Pan-American Petroleum &Transport Co.
-Acquisition.
According to a Baltimore dispatch, the Pan-American Petroleum Transport Co., under a contract to become operative early in 1924. will acquire a
half
-interest in the American Oil Co., which has general offices in Baltimore,
Md. In the meantime a close working agreement between the two companies will be effected.
-V.117. P. 1356.
Park-l....xington Corp.
-Listing-Earnings, &c.
The New York Stock Exchange has authorized the listing of $5.500,090
1st Mtge. Leasehold 614% Sinking Fund Gold bonds, due July 1 1953.
The statement of income account. Aug. 1 1923 to Aug. 311923. shows:
Total income, $75,893; expenditures, $100,178; net loss for period, $24,285.
Balance Sheet as at Aug. 31 1923.
Assets
-
Liabilities
-
Cash
$140,140 Accounts payable
$50,973
Accounts receivable
132.1,81
34,210 Deferred credits
Deferred charges
8,493
192,931 Tenants'security on leases
Buildings & leasehold_ _ _ _ 9.500,000 1st M. Leasehold ()Ms_ _ 5,500.000
Office furniture & fixtures
82 Def. payments pur. oblige 3,200,000
Deficit
24,285 Capital stock (no par val.) 1.000,000
Total
Total
$9,891.648
$9,891,648
The deficit appearing in this statement for the month of August is due
to the fact that during the summer months, June. July and August, the
income from the exhibition floors is not more than one-half of the average
income from the same source during the other nine months. For the
purpose of this statement renting commissions and tenant's charges have
been pro-rated over the period of the leases.
-V. 117, p. 561.
-Reduces Debts.Park & Tilford. Inc.
.
President David A. Schulte says in substance: "The Schulte interests
ook over Park & Tilford on Aug. 1 1923. at which time that company
Dated Sept. 1 1923, due Sept. 1 1926. IAberty Central Trust Co., owed $1,500.000, had a large proportion of frozen assets, were operating
St. Louis, trustee.
expense and were losing money.
Security.-Secured by deposit with trustee of 1st & Ref. Mtge. 20-Year with an exorbitant overheadhave been practically liquidated, the overhead
"To-day the frozen assets
s% bonds, due 1942, in amount equal to 120% of outstanding notes.
the debt has
to
has been
-Earnings are equal to more than 23!, times interest require- $200,000,decreased $27.000 per monthCash position isbeen decreasedthe
Earnings.
excellent and
which are current bills, the
ments on entire funded debt.
Conversion.-Convertible into First & Ref. Mtge. 8% bonds of 1942 on earnings for the five months. Aug. 1 1923 to Jan. 1 1924 will be approximately $500,000."-V. 117, p. 790, 676.
basis of par for notes and 98 for bonds.
-Territory served includes some of the best agricultural
Territory Served.
-Earnings.
Pennsylvania Coal & Coke Corp.
sections in the State of Missouri. Fifty-eight communities north of the
1922.
Nine Months ended Sept. 301923.
Missouri River in the State of Missouri, and Marysville, Kan., receive their
Gross earnings
$6,787,349 $2,648,264
entire electric light and power service from this company.
-V.116, p. 185.
Net earnings after taxes
869,237
76,053
155,180
Totalincome
914,907
Ohio Bell Telephone Co.-Rette Case.
741,963
96,335
The company on Oct. 17 filed a petition in the U. S. District Court at Surplus after charges but before Federal taxes- Columbus. 0., asking that the Ohio P. U. Commission be enjoined from -V. 117, p. 1470. 561.
enforcing its order of Sept. 7 1923 requiring that the company unify tele-New Officer.Pennsylvania Salt Mfg. Co.
phone service in its Canton (0.) exchange under present Bell rates. The
-President, a new office, recently
Mlers Busch has been elected 1st Vice
petition alleges confiscation of property in violation of the Federal Consti-V. 117. p. 1563, 1553.
Judge Sater granted the company a temporary restraining_ order created.
tution.
sought in the suit and set hearing on the application for Oct. 27.-V. 117,
-Balance Sheet June 30.Pepperell Manufacturing Co.
p. 1244.
1923.
1922.
1922.
1923.
Liabilitiess
$
$
Assetsi
Ohio Fuel SupplyPittsburgh.-Earnings.
7,668,000 7,668,000
Plant account.... 3,000,000 3,000,000 Capital
1920.
1922.1921.
9 Mos. end. Sept. 30-- 1923.
1,318,811 1,002,891
100,463 Depreciation
1.801.960
Total gross income
$12,550,846 $11,026,108 19,672,662 $11,658,193 Cash
211,875
5,664,878 Bllss,Fabyan& Co. 3,338,050 2,102.462 Lew.Bleach'y div. 223.125
4,851,290
Operating expenses.._ _ _1
3,380,331 2,892,489 Unpaid dividends.
2,730
563,419 Agent
966,134
Tax
Taxes
8,937,691
7,310,322
1 Guarantee
1
476,667
803,171 Notes receivable
829,771
Depreciation
1,430.099 2,788,390 Res. for taxes__ __ 200,000
2,249,023
2.278,489 Cloth
Dividends paid
2,675,557
2,673,681
Had debts reserve_ 551,134
Land,water & lumOther credits
Cr.25,008
349,333 Reserve for cotton 800,000
358,583
500,000
her dent
212,501 Res. for machinery 1,224,646 1,196,464
212,501
Investments
$776,445 $2,348,237
Balance, surplus
$962.60e $1,042,105
200,000
U. B. Govt. secur. 500,156 1,510,834 Notes payable.
-V„_117. p. 560.
P. sc L.surplus... 2.035,965 1,677,846
-
Ontario Steez Products Co., Ltd.
-Dividends.
-
The directors have declared the regular quarterly dividends of 1% on
the Common and of 13i% on the Preferred stock, both payable Nov.15
to holders of record Oct. 31. Like amounts were paid Aug. 15 last when
dividends were resumed on the Common stock. See V. 117, p. 447. 676.
Otis Co., Boston.
-Dividend of 4%.-
A dividend of 4% has been declared on the outstanding capital stock.
par $100, payable Nov. 1 to holders of record Oct. 29. See also V. 117,
p.335,215.
Otis Steel Co.-Earnings.Artne Months ended S7"30-
19227
$541,577
701.556
Manufacturing Profit
General expenses, taxes, &c
1923.
$2.271,660
748,179
Operating profit
Other income
$1.523,481 def4159.979
81.872
130.163
Totalincome
Interest, discount, &c
Subsidiary company reserves
$1,653,644 def.$78,107
515,089
491,759
112,275
5,427
Surplus
-V.117, p. 1786,901.
$1,156,458Def.$705,471
Pacific Fire Insurance Co.
-Extra Dividend.-
The company has declared an extra dividend of 5%, payable Oct. 24 to
holders of record Oct. 23.-V. 106, p. 820.
Pacific Gas & Electric Co.
-Earnings 12 Months ended
Aug. 31 1923.
$39,377,086
Gross earnings
Net, after taxes, &c
____ 16,556.709
.
. --Surplus for Pref,stock, after prior charges and depreciation- _ _ _ 6,885,778
3,002.411
Preferred dividend
3,883.367
Balance. surplus
$12 69
Earned per share of preferred stock ___ _
The company as of Oct.24 reports outstan151, -91_____ Preferred
-7
2and $35,630,868 Common stock, both $100 par. Cash aggregated $15,550.000.
Net addition in customers in September totaled 6,331, the largest increase
in the company's history. The increase during nine months ended Sept. 30
was 39,323,or 9,896 greater than the gain over the same period last year.
Wallace M. Alexander has been elected a director to succeed the late
Frank G. Drum.
-V. 117, p. 1786.
Packard Motor Car Co.
-Annual Report.Years end. Aug.31- 1922-23.
1920-21.
1921-22.
Net profit
$7,081,878 $2,115,828 loss$987.366
Preferred div. (7%)---- 1.029.322
1,049,282
1,035,286
Common dividend
2,495.871
297.128
Common div. rate... (10%)
(236%)
,
1919-20.
$6,395,468
1,028,297
1,483.144
(123i%)
14,021,681 12,938,473
14,021,681 12,936,473 Total
Total
The usual income account was published in V. 117, p. 1786.
-Bonds Sold.
-Drexel & Co.,
Philadelphia Electric Co.
Brown Brothers & Co. and Harris, Forbes & Co. have
sold at 98M and interest, yielding over 5.60%, $10,600,000
1st Lien & Ref. Mtge. Gold bonds, 53% Series, due 1953
(see advertising pages).
Dated Nov. 1 1923. Due Nov. 1 1953. Int. payable M. & N. at
Girard Trust Co., Phila., trustee, without deduction for Federal income
taxes up to 2. Penna.4-mills tax refunded. Red. all or part on not less
%
than 30 days' notice on any int. date and for the sinking hind on Nov. 1
at a premium of 73i% on or before Nov. 1 1927; thereafter at a premium
of 7% on or before Nov. 1 1931; thereafter at a premium of6% on or
before Nov. 11935; thereafter at a premium of6% on or before Nov. 1 1939:
thereafter at a premium of 53i% on or before Nov. 11943; at a premium of
5% on May 1 1944; said premium to be reduced by 3i of 1% commencing
Nov. 1 1944, with a like additional reduction commencing on Nov. 1 of
each year thereafter until maturity. Denom. $1,000. $500 and $100 C.
Data from Letter of Jos. B. McCall. President of the Company.
Company.-Opetates under a franchise which in the opinion of counsel is
unlimited in time. Does entire central station electric light and power
business in Philadelphia. Through its principal subsidiary the Delaware,
County Electric Co., does the entire commercial electric light and power
business in the important manufacturing district southwest of Philadelphia,
along the Delaware River, including the City of Chester. Territory served
embraces a total population of over 2,000.000.
The properties of the company and its subsidiaries form a single interconnected system. Its power plants, including two 30.000 kw. units,
Installed in the Delaware station this year. the second of which will go into
inihreofeean mom
r
1
operationaAsi
: lgfelerhave alaggregate cacig of96.230kw
ofw
generatcsn:
j
l
ing stations in the country.
Security.-The First Lien & Refunding Mortgage bonds, of which $29,806,300 will be outstanding, including these $10,000,000 bonds, are secured
by a general mortgage on the entire property and by pledge of $18.750,000
Philadelphia Electric Co. 1st Mtge, Sinking Fund 55, due Oct. 11966, and
$15,000,000 1st Mtge. Demand bonds, and all of the capital stock (except
directors' shares) of the Delaware County Electric Co.
Earnings (of System) for Years ended Sept. 30.
1923.
1922.
Gross earnings
$27,133,905 $22,906,959
15,973,034 14,149,126
Oper. exps., incl. current maint., rentals & taxes
Net earnings
Annual int, on funded debt,incl. this issue
Balance
Capitalization After This Financing-
$11,160,871 $8,757,833
3,601,282
$7,559,589
Authorized. Outstanding.
Common stock (par $25). Paying 8%
$85,000,000 $46,926,325
• 8,332,625
Preferred stock.8% Cumul.(par $25)
8,332,625
60,000.000 x36,663.300
Surplus
$3.556.685 $1,080,542df$2,333,776 $3,884,027 First Mtge. Sinking Fund Gold Sc, due 1966
4s, due 1966
do
.
do
do
x1,671,700
and loss surplus_ _a$8.676.023 S17,004,438415,923,886 $20,757.672
Profit
6s. due 1941
12,380,400
a After deducting 100% stock dividend amounting to $31,885,100 on First Lien & Refdg. Mtge. Gold 530, due 1947-do
do
do
7,425,900
r
-V. 117,
Common stock. b After $2,500,000 reserve for contingencies.
do
534s, due 1953 (this issue)
do
10,000,000
p. 1470, 1356.
x Includes $666.700 1st Mtge. 5s and $27,700 1st Mtge. 4s held in the
sinking fund. $18,750,000 additional 1st Mtge. 5s are pledged under the
Palmolive Co.
-Reorganization.
According to a Milwaukee dispatch the company will be reorganized Indenture securing the First Lien & Refdg. Mtge. boads.
y Authorized amount unlimited, but additional bonds are issuable only
the Palmolive Co. of Delaware with an authorized capital of $12,000,into
000, of which $4,000,000 will be presently issued. The Delaware corpora- under the conservative restrictions of the mortgage.
Purpose.
-Proceeds are to no used for the installation of two additional
tion will take over and operate all plants except the Milwaukee plant and
plant and sales office in Wisconsin. This part of the business will be con- 30,000 kw. turbo-generators and auxiliaries in the Chester Station; one
ducted by a sejoarate corporation which also may be organized in Delaware. additional 30,000 kw. turbo-generator and auxiliaries in the Delaware StaThe holders of the present Preferred stock will be asked to exchange for tion; for the construction of additional sub-stations, extensions to existing
Palmolive Co. of Delaware stock which will pay the same rate. To facili- sub-stations, and for substantial additions and extensions to the transtate the exchange the old stock will be redeemed at 105. the legal rate, and mission and distribution lines of the system.
OCT.27 1923.]
1897
THE CHRONICLE
-Dividends.--Procter & Gamble Co. Cincinnati.
Sinking Fund.
-Mortgage provides for an annual sinking fund equivalent
to 1% on the face value of all bonds of this series then outstanding. Moneys
in the sinking fund are to be applied to the purchase of bonds of this series
at or below the redemption price existing at the next ensuing redemption
date, or if not so purchasable, to their call by lot at such redemption price.
Bonds purchased or redeemed by the sinking fund are to be canceled.
(The Philadelphia Stock Exchange has authorized the listing of 31,508,075
additional full paid Common stock, making the total amount listed $46,914,300. The remaining $5.650 authorized April 12 1923, upon which
the second installment has not teen paid, Is to be listed upon official notice
of issuance full paid.1-V. 117. p. 561.
President Wm. Cooper Procter, Oct. 10, says in substance:
"We have received inquiries as to the continuance of the 4% stock
dividend, and I assume the inquiries have been so general because the
present authorized issue of Common stock is about exhausted. No action
can be taken towards further Increasing the Common until the present
authorized issue has been exhausted. When this is done you will be asked
to authorize such further amount as the directors may deem advisable,
so that stock will be available for declaration as stock dividends or otherwise as the directors may determine.
"It is impossible for the management to announce a rate of dividend or
plan of dividend to be continued into the indefinite future. It always
-Earnings.
Phillips Petroleum Co.
has been the disposition to pay liberal dividends and this policy will be
9 Mos. end. continued to such extent as is consistent with the welfare and earning
Quarters ended
Sept.30'23. June 30'23. Mar.31 '23. Sept.30'23. capacity. In justice to stockholders every effort should be made to avoid
Period$4,291.825 36,022,483 16.037.526 $16.351,834 any sudden change in either rate or character of dividend on the Common
Gross earnings
2.434.269
1,622,598 6.089,943 stock, and I see no reason why there should be any change at present in the
Oper. exp.. taxes, & int- 2,033,076
dividend plan which has prevailed for the past 10 years.
before
"At present the company's organization and position in the Industry are
Net earnings
deprec. & depletion__ $2,258,749 $3,588,217 $4,414,925 $10,261,891 stronger than they have ever been."
Owen Witham, H. B. Hosford and H. S. Martin have been added to the
-v.117, P. 76 677
0.
.
board of directors to represent the employees. See also V. 117, P. 770-
Phoenix (Fire) Insurance Co., Hartford, Conn.
The stockholders on Oct. 22 increased the authorized Capital stock
from 33.000.000 to 55.000.000. par $100. Stockholders of record Oct. 22
will be given the right to subscribe, at par, for the $2,000.000 new stock.
in proportion to their holdings, payment to be made between Nov. 1 and
Dec. 1.0.-V. 117. P. 1563.
Prc &trees & R.sfiners Coro.-Reaular Preferred Dividend.
The directors have declared the regular quarterly dividend of 8734 cents
a share on the 7% Cumul. Pattie. Prof. stock, par $50. payable Nov. 5
to holders of record Nov. 3. On Aug. 6 last the company paid an extra
dividend of 12 34 cents on the Pref. stock in addition to the usual quarterly
dividend of 8734 cents. See also V. 117. p. 216,1023, 1564.
-Sale of St. Anthony Falls
Pillsbury Flour Mills Co.
-Debentures Offered.
Public Service Co. of Colorado.
Properties.
A. B. Leach & Co., Inc., New York, and Federal Securities *
-V.117, p. 1786.
See Northern States Power Co. above.
Corp., Chicago, are offering at 98X and int., to yield about
- 73%, $2,250,000 10-Year 7% Sinking Fund Convertible
-Notes Sold.
Pillsbury Flour Mills, Inc. (Del.).
Goldman, Sachs & Co., Lehman Brothers and Lane, Piper & Gold Debentures (see advertising pages).
Dated Oct. 1 1923. Due Oct. 1 1933. Convertible at any time into
Jaffray, Inc. have sold at 97 and int. to yield about
fully paid and non-assessable 7% Cumulative 1st Pref. stock (par $100)
'
7.43%, $2,000,000 10-year 7% Cony. Sinking Fund Collat- thethe basis of 100 for Pref, stock and 105 for the debentures, with adjuston
ment of diva, and int. in case the debentures are called for redemption,
Trust notes (see advertising pages).
eral
privilege of conversion shall be valid until 10 days prior to date of reDated Oct. 15 1923. Due Oct. 15 1933. Denom. c* $1,000, $500 and
$100, and r* $1,000 or multiples thereof. Interest payable A. & 0. at
Chase National Bank, Now York, trustee, without deduction for any
Federal income tax not in excess of 2%. Red., all or part, on any int, date
on 30 days' notice at 10334 during first 3 years, thereafter at 10334 less
34% for each full year which shall have expired after Oct. 15 1925, except
that the call priceon April 15 1933 shall be 10034. Penna. 4-mills tax,
mills tax, Connecticut personal property tax not exceeding
Maryland 4
4 mills per oiler per annum and Mass. Income tax on the interest not
exceeding 6.6% of such interest per annum refunded.
Conrertible.-Convertible at any time before maturity or redemption date
at holder's option into full paid and non-assessable Common stock of the
Delaware corporation at $45 per share (par $50)•
Data from Letter of A. C. Loring, Pres. of Pillsbury Flour Mills Co.
-To be organized In Delaware, will own over
Pillsbury Flour Mills, Inc.
99% of the capital stock of Pillsbury Flour Mills Co., which stock will be
as security for this Issue of $2.000,000 10
-Year 7% Convertible
pledged
Sinking Fund Collateral Trust notes.
The Pillsbury Flour Mills Co. successor to a business founded in 1872,
concerns in the world. The combined
Is one of the largest flour
capacity of the company's mills, including a modern property now in course
of construction at Buffalo, N. Y., will aggregate in excess of 38.000 barrels
of flour daily. The elevator capacity is in excess of 7.300,000 bushels.
The properties are maintained in excellent operating condition and are
strategically located as regards geographical distribution. [For further
details of the Minnesota company see V. 117, p. 1786.1
CapitalizationIssued.
Authorized.
7% Convertible Collateral Trust notes (this issue)__$2,000,000 $2,000,000
Capital stock (par $50)
x12,500.000 9,451,410
x44,445 shares will be held available to meet conversion rights of the
notes and 1,876.8 shares to be issued in exchange for minority stock interests
In Pillsbury Flour Mills Co. of Minnesota.
Present Ftnancing.-For many years subsequent to 18Z2 the flour milling
properties were owned and operated by American interests. In 1890 these
properties were sold to a British corporation whose ownership has continued to the present time. Since 1908, however, the operation of the
properties has been carried on under lease to, and the business has been
conducted by, the Pillsbury Flour Mills Co. of Minn. Recently the Minnesota company has arranged to purchase all the flour-milling properties,
good-will, brands and other assets of the British corporation.
In order to consummate this transaction and to increase its working
eital,company has recently sold an issue tot$6.000,000 1st Mtge. 20-year
6% sinking Fund Gold bonds (V. 117 P. 1786), and has concurrently
arranged a sale of additional amounts of its capital stock to Pillsbury Flour
Mills, Inc., of Del. The Delaware corporation will finance its purchase
of such additional stock of the Minnesota company by the issue of these
-year 7% Convertible Sinking Fund Collateral Trust notes,
$2,000.000 10
to be secured by the entire 99.06% of the capital stock of the Minnesota
Company which will then be owned by the Delaware corporation.
-Corporation will apply to the retirement of the notes on
Redemption.
or before Oct. 15 of each year commencing Oct. 15 1925(by call or purchase
at not to exceed the then redemption price) an amount equal to 50% of
the excess of the earnings, as defined in the indenture, available for distribution by the Minnesota company upon the stock to be pledged under the
indenture, for the year ending the preceding June 30, over the sum of an
amount equal to the interest charges during such year upon the notes,
the taxes and overhead expenses of the Delaware corporation, plus $200.000:
provided, however, that after the amount of the outstanding notes shall
have been reduced to 31,000.000 the amount to be applied to the retirement
of notes thereafter shall in no year be required to be in excess of an amount
sufficient to retire $200.000 principal amount of notes.
Earnings Years Ended Aug.31 (Applicable to Stock Pledged as Collat. to Notes).
[Earnings of the combined businesses to be owned by the Minnesota
company, applicable to the stock which will be pledged as security for the
notes, after giving effect to the readjustment of funded debt, the saving
of interest resulting from the introduction of additional capital and before
deducting income and profit taxes paid, but after giving effect to Federal
taxes at the present rate of 1234% upon the consolidated net Income.]
1920
11,010,3
5885,797
5490,043 1917
1913
3811921
2.081,044
237,234
664.863 1918
1914
1330,416 1922
831,867
1919
1915
457,557
727,481
1916
789,966 10 months to June 30 1923
The average earnings for the period shown above, computed as set forth,
were $877.532, or equiva out to 6.3 times the annual interest charges on this
Issue of notes, and for the past 5 years and 10 months were $1.044,658. or
equivalent to 7.5 times such interest charges. For the ten months ended
June 30 1923 the earnings computed as above applicable to pledged collateral were $727,481. or 6.2 times the interest requirements for such a period.
Minnesota company's net sales for the 10 years and 10 months referred to
above have aggregated $606,313.373.
Initial Balance Sheet of the Delaware Corporation (After Present Financing).
Assets.
Liabilities.
Capital stock
Investment in the capital
$9,451,410
10
stock of the Pillsbury
-year 7% Cony. Coll.
Trust notes
Flour Mills Co.(Minn.)
2.000.000
Initialsurplus
represented by 99,061.6
1,074.897
shares
$12,526.307
Total
312.526,307
-v. 117. P. 1786.
the
demption. Int. payable A. & 0. In N. Y. City and Chicago without deduction for normal Federal income tax, not in excess of 2%. Irving BankColumbia Trust Co., New York.trustee. Denom.$1.000. 5500 and $100c*.
Red. all or Dart atany time on 30 days' notice at the following prices and
int.: At 107 up to and incl. Oct. 1 1926; at 105 after Oct. 1 1926, and up
to ana incl. Oct. 1 1927; and decreasing 1% for each succeeding year or part
thereof during the next 5 years, and at par thereafter to maturity. Penna.
4-mill tax, Conn. personal property tax not exceeding 4 mills, and Mass.
income tax on the int, not exceeding 6% per annum refunded.
Company -Successor by merger to the properties of the Denver Gas &
Electric Light Co. and the Western Light & Power Co. Is the largest
gas and electric company in the State of Colorado. Without competition,
the company supplies electric light and power service to a number of substantial communities, among which the more important are Denver and Its
suburbs, Boulder, Greeley, Fort Collins, Longmont and Loveland. Colo.,
and, through a subsidiary, serves Cheyenne, Wyo. Company also supplies
other forms of utility service, including the manufacture and distribution
of gas in Denver. The territory includes important commercial, industrial
and agricultural interests. Total population served directly and indirectly
is estimated at 370.000.
-A direct obligation of the company, which will covenant that
Security.
while any of these debentures are outstanding it will authorize no additional
mortgage bonds on its properties other than bonds to be issued under the
mortgage heretofore authorized securing the 1st Mtge. & Ref. Gold bonds.
unless these debentures are ratably secured by the lien thereof, and will
Issue no additional debentures or other evidences of indebtedness (except
bonds secured by any such mortgages) extending more than one year from
date of issue, unless the annual net earnings are equal to at least twice the
annual interest requirements on the company's total outstanding funded
debt, including the securities proposed to be issued.
Earnings.--Consolldated statement of earnings for the 12 months period
ended April 30 1923 shows gross earnings of $7,192.828 and net earnings
of $3,002,894. the latter equal to over twice annual interest requirements
on total funded debt, including this issue of debentures. After deducting
interest on total mortgage Indebtedness, the balance is equal to more than
11 times annual interest on the debentures. Approximately 94% of the
net earnings above referred to was derived from the sale of electric current
.
mii k ht Fdoa wpro
ter ngiog ano pe_ er
vision will be made for a sinking fund of 1125.000
annum, operating quarterly, beginning Oct. 1 1924. This fund will be
per
used for the retirement of the debentures by purchase in the market if obtainable at not exceeding par and accrued interest.
-To provide for part of the cost of the properties being conPurpose.
structed for and acquired by the consolidated company. (Compare furdescription of property, earnings, capitalization, &c., in V. 117.P.
ther
1564, 901.)
Postum Cereal Co., Inc.
-Earnings (Incl. Subsid.).3 mos.end. 6 mos.end. 9 mos.
Sept. 30'23. June 30 '23. Sept. 30 end,
Period'23.
Sales to customers (net), exclusive of
Inter-company sales
$6,382,048 $11,065,787 117.447.835
5.467.452
Cost of sales, mfg. expenses. &c
9,185.467 14,654,919
112.620
Income taxes
242,963
353.583
Net profit
-V. 117. p. 448
$801,978 $1,637,355 $2,439,333
-Increase.
Public Service Corp. of Long Island.
The company has filed a certificate at Albany, N.Y. increasing the authorized capital stock from $500,000 to $5,500.000.-V. 117. p. 336.
Public Service Co. of Nor. Illinois.-Aegutisition.-
The company is reported to have purchased the Interurban Public
Service Corp., an electric utility serving the towns of Resell, Bloomingate,
Cloverdale, Itasca. Wooddale and Meachan, in pupas° County, and
-V.117,p.790,448.
Shaumberg,Bartlett and Ontario,in Cook County.I11.
-Annual Report.Punta Alegre Sugar Co.
1920-21.
1922-23.
1921-22.
May 3
Estimated Years-operrevs_ _417.817.312 $5,780,497 36.817.021
8.176.056
11,922.376 4,512,600
Operating cost
1919-20.
Not
available
$5,894,936 $1,267,897lose$1359035 $8.708,394
Operating profit
Less
5660.913
5750.393
3838.059
$1,309,493
Depreciation on plant
395,904
75.35.5
285.729
Interest on loans
94.102
on bonds
(net)572.929
Interest
Cr.26.436
Cr.13,490
2,379
Miscellaneous
$4,012,514
Net profit
Est. U. S. & Cuban inc.
& excess profits taxes_ $360,883
Deduct
62,030
Adjustments
Res. for loans on plant100,000
ings & doubtful sects_
Res.for shrinkage in val.
of mat'ls in warehouse
Prop. Organ. Exp
Preferred dividenda
Common dividends
33.489.601
Balance, surplus
4,615,392
Previous surplus
8.185
Surplus pd.in on stk.iss.
$141 7291oss$2068867 $7,481,485
$6.000
309.497
Cr.199,899
$853.019
$774.423
Cr.62,186
17,000
200.000
174,017
13.836
38.611
(13%)15I3449(734)791,496
$26.131d1$4,547,756 $5.646.708
4,589,260 9,136.016 2.416.523
1,072,785
1.000
$8,113,178 $4,615,391 $4.589.260 $9,136.016
x 190,000 bags of sugar unsold at Sept. 30 are included at an estimated
price of 4.75 cents per pound f. o. b. Cuba,equal to a valuation of $1543
-V. 117. p. 1786. 1564.
per bag.
Surplus'May 31
-Regular Dividend on Common Stock.
Pure Oil Co.
The directors have declared a regular quarterly aividend of 134%, or
3734 cents per share, on the Common stock, par $25, payable Dec. 1 to
holders of record Nov. 15. A like amount was paid Sept. 1 last. The
,
company previously paid 2% quarterly on the Common stock. (See
aiso-v. 116, p. 2646.)-V. 117, p. 1786.
-Aldred & Co. and
-Bonds Offered.
Quebec Power Co.
Min.sch, Monell & Co., Inc., New York, are offering at 95
-Year
A
and int. to yield about 63 %,$3,540,000 1st Mtge. 30
.
1898
THE CHROvITILE
6% Sinking Fund Gold bonds, Series"A"(see advtg. pages).
These bonds will be offered simultaneously in Montreal
and New York and at about the same time there will be
offered in London the C300,000 of 6% Debenture stock.
fvoL. 117.
of $214,150 in Common stock in Lilly White Oil Co. of Ohio, which has
outstanding $89.390 Pref. stock and $215.820 Conunon stock and which
operates 17 filling stations and 18 tank stations in the district surrounding
Lima, 0.
The company now holds leases on approximately the following amounts
of acreag.e In fields in which production has come in since Nov. 16 1922:
Powell. Texas, 350 acres; Torrance field, Calif., 1,250 acres; Compton
field, Calif., 1,250 acres.
On Sept. 30 1923 the company had through its constituent companies a
complete interest in 948 oil-producing welis and 16 gas-producing wells
and 305 shut in wells. In addition the company had on that date through
its ownership of a one-half interest in Comar 011 Co., a one-half interest in
299 oil producing wells and 13 gas-producing wells.
Consolidated Balance Sheet.
June 30'23. Dec. 31 '22.
June 30'23. Dec. 31 '2 2
AssetsMabffitles$
Property accts-x168,592,474 158,359,667 Preferred stock,
Invest'ts, incl.
Series "A".__ 20,000.000 20,000,000
Union 011 Co.
Common stock y181,912.821 181,912,821
of Calif. stock 35.881,233 34.548,456 Accts. pay., &e_ 5,567,653 4,515,903
Adv.to asso.cos.
1,311,912 Notes & loans
Cash
507,597 3,603,636
payable
6,311,892
551,517
Accts. and notes
Federal taxes_
387,000
167,838
receivable_ _ _ _ 7.468,723 8,576,625 Purchase money
Inventories
13,526,310 8,961.221
obligations_
1,276,466
710,924
Deferred items_
309,533
371,000 Surplus
11,049.201 4,846,351
Total
226,285,871 215,732,516
Total
226,285,871 215,732,516
x Properties, oil lands, leases, pipe Ines, refineries, book value $228,195.
670. less reserve for depreciation and depletion. $59.603.196. y Common
stock represented by 8.000,000 shares of no par value.
-V.117,p. 1672,1357.
Dated Oct. 1 1923. Due Oct. 1 1953. Int. payable A. & 0. at the
Royal Bank of Canada, Montreal, in Canadian gold coin or at the Bank
of the Manhattan Co., New York. in U. S. gold coin. Denom. $1,000,
$500 and $100c*. Red. all or part on any Int. date on 60 days' notice
at 110 and int. up to Oct. 1 1928; at 107% and int. up to Oct. 1 1939; at
and int. to Oct. 11943; at 1025i and int. to Oct. 1 1948, and at 101 thereafter until maturity. National Trust Co., Ltd., Montreal, trustee.
-Shawinigan Water & Power Co. controls the Quebec Power
Control.
Co. through stock ownership.
Capitalization after this FinancingAuthorized.
Issued.
1st Mtge. 67,, bonds (this issue)
?20.000.000 $3,540,000
69' Sterling Debenture stock
£300,000
79 Cumul. Pref. shares (par $100)
4,000,000 $2,402,160
Common shares (par $100)
6.000.000 4.100.000
Data from Letter of Julian C. Smith, President of the Company.
-Company (formerly Public Service Corp. of Quebec) has
Company.
acquired stock control of the Quebec By. Light, Heat & Power Co., Ltd.,
and together with controlled companies handles the entire light and power
business, urban street railway and gas business of the City of Quebec,
and the surrounding industrial district, serving a population of about
225.000. Company and subsidiaries own three hydro-electric plants with
Installed generating capacity of 10.800 h. p.: a steam station of 3.300 h. p.
capacity, and 300 miles of transmission and distribution lines; operates a
gas production and distribution service with a capacity of 1,000,000 cu. ft.
.of gas per day, a street railway in Quebec City and suburbs, and an electrically equipped railroad from Quebec to St. Joachim.
Singer (Sewing Machine) Mfg. Co.-Bal. Sheet Sept. 12.
The companies purchase additional enemy from the Shawinigan Water
& Power Co.and the Laurentian Power Co., Ltd.,under long-term contracts
[As filed with the Massachusetts Commissioner of Corporations.1
thus providing for an adequate supply of electric power for all their requireAssets1923
1922
.
J,iabUUies1923.
1922.
ments.
Real estate
$238,985
$193,720 Capital stock__ _810,000 000 $1,000 000
:
:
-Proceeds will be used in part to reimburse the company for Mdse., material,
Purpose.
Accta. & notes
the cost price of Consol. Mtge. 5% bonds due 1919, pledged under this
stock In pro°. 16,396,876 17.092,116
payable -----34,004.609 39,105,215
mortgage and in part to provide for further additions, improvements and Cash and debts
Special reserve_
150,000
150,000
extensions to the company's properties.
receivable_ _
32,117,072 28,271,009 Surplus
6,679,343 5,813,845
-Secured by a direct first mortgage on all the properties of Investments ___
Security.
80,105
509,686
of the Quebec Power Co. (formerly the Public Service Corp. of Quebec), Autos
914
2.530
consisting of a steam electric station and a distributing system, and in
addition, through pledge of collateral, will have a claim on the physical
Total
$50,833,952 246,069,060
Total
$50,833,952 $46,069,060
properties of the Quebec By. Light Heat & Power Co.. Ltd. The pledged -V. 117, p. 1565, 1357.
collateral also represents control of the Quebec By. Light Heat & Power
Co., Ltd. The pledged collateral is as follows:
Sizer Steel Corp.
-Receivers' Certificates.
$3,000,000 5% Consol. Mtge. bonds of Quebec Ry., Light, Heat & Power
Federal Jqdge John M. Hazel recently signed an order
Co., Ltd., due 1939 of a total authorized issue of $10,000,000. receivers to issue certificates for 850.000 to continue authorizing the
operation of the
2,950,000 5% 30-Yr. Inc. bonds of Quebec By.,Light, Heat & Power Co., company's plants In Buffalo and Syracuse until Dec.
31. John G. Dillon of
Ltd., due 1951, of a total amount outstanding of $3,307,200.
Buffalo was appointed co-receiver at the request of stockholders, creditors
85,000 shares Common stock ($100 each) of Quebec, By., Light, Heat and receivers. C. B. Porter. Pres. of the company,
and S. F. Hancock
& Power Co.. Ltd., of a total issue of 100,000 shares.
of Syracuse are the other receivers.
-V. 117, p. 217.
In addition to the bonds pledged there are now outstanding $7,000.000
'Quebec By., Light, Heat & Power Co., Ltd., Consol. Mtge. 5% bonds,
Skelly Oil Co.
-Stock for Employees.
of which $849,000 are held in excrow to retire a like amount of Quebec
The stockholders on Oct. 18 adopted an amendment to the charter
Jacques Cartier Electric Co.5% bonds, due 1931.
authorizing the issuance of stock to employees. See V. 117. p. 1565.
Combined Earnings of the Associated Companies are as Follows
Sloan & Zook Co., Bradford, Pa.
-Bonds Offered.
1920.
1921.
x1923.
1922.
Glover & MacGregor and Wells, Deane & Singer, Pittsburgh,
Gross earns. (all sources) $2,788,711 $3,065,068 $3,204,908
Oper. exp. & taxes
1.958,634
2,208,660
2.194,056
are offering at 923 and int., to yield about '7.057;8200,000
,
Net earnings
$830,077
$996,248 $1,225,000
$871.012
Total annual int. charges
$650,000
x Estimate for year beginning July 1.
Sinking Fund.
-Trust deed provides for a sinking fund, commencing
Oct. 1 1930, of $25,000 per annum, to be increased Oct. 1 1935 to $40,000
per annum and Oct. 1 1940 to $50,000 Per annum. V • 117. F• 1356,
677.
Rogers Milk Products Co., Inc.
-Sale.
-
Pursuant to the order of Judge Learned Hand, all creditors are required
to show cause Oct. 30 why the bid in the sum of $16,000 submitted by
Borden's Farm Products Co., for milk feeding stations owned by the
Rogers Milk Products Co., situated at Fernwood, Mapleview and Altmar,
N.Y.,and the bid of Leon Miller in the aunt of $50,000 for the plant owned
by the defendant situate at Boonville, N. Y., should not be accepted.
-V. 117. p. 448.
St. Joseph Lead Co.
-Acquisition.
-
See American Smelting & Refining Co. above.
-V. 116, p. 2523.
St. Julie, Co.- Lt/.. Vancouver, B. C.
-Bonds OffPred.
Carstens & Earle, Inc., Seattle, are offering at 99 and int. for 1927 to
1929 maturities and 98M and int. for 1930 to 1938 maturities, yielding
from 7.15 to 7.30%, according to maturity. $385,000 7% 1st (Closed)
Mtge. Serial Gold bonds. Date Sept. 1 1923; due semi-annually Sept.
1 1927 to Sept. 1 1938. Int. payable M. & S. at British-American Bank,
•San Francisco, or Royal Trust Co., Vancouver. B. C.. trustee. Denom.
$1,000, $500 and $1000. Red. all or part (in inverse numerical order)
on any int, date upon 60 days' notice at 102 and int.
The bonds are secured directly by a (closed) first mortgage on the land
and a modern seven-story reinforced steel and concrete apartment building
In course of erection thereon, owned in fee simple by the St. Julien Co.,
Ltd., at Vancouver, B. C. Total valuation of property upon completion
of building, $760,000.
Sharon Pressed Steel Co.
-Sale.
-
1st Mtge. & Coll. Trust Sinking Fund 6% Gold bonds.
'
Dated Nov. 1 1923, due Nov. 11933. Int. payable M.& N.at Commonwealth Trust Co., Pittsburgh, trustee, without deduction for any Federal
income tax up to 2%. Penn. 4 mills tax refunded. Denom. $1,000 and
$500 c*. Red,all or part on any int. date on 60 days' notice at 100 and int.
A sinking fund, operating monthly, should retire a minimum of approximately 90% of this issue before maturity.
Data from Letter of Ralph T. Zook, President, Oct. 12.
Company.
-A Pennsylvania corporation. Business consists of the production of oil and natural gas, the manufacture of gasoline and liquid gas, the
purchase and sale of petroleum and its products and their transportation
largely by its own line of tank cars. Plants located at Kane and. Eldred,
Pa., and producing broperties are situated in McKean and Elk Counties.
Security.
-Secured by a direct first mortgage on all of the real property,
plants and leaseholds, and by pledge of all of the stock of the Sloan &
Zook Tank Car Co., the assets of which consist of 65 unencumbered
tank cars.
Earnings.
-Gross sales for the past 6% years have averaged approximately
$2,500.000 per annum. Earnings, available for interest, depreciation and
taxes have averaged over $83,400 per annum or almost 7 times interest
requirements and 3Si times interest and sinking fund required.
Balance Sheet June 30 1923 (After Present Financing).
AssetsLiabilities
Cash in banks
$52,784 Notes payable (Bank)____
$14,500
Notes & trade acceptances
16,065 Accounts payable
92,152
Accounts receivable
114,380 1st Mtge. & Coll. Trust 6s 200,000
Inventories
41.982 Capital stock
519.550
Plants, prop. & tank cars_
836,370 Surplus
237,800
Prepaid insurance
2,421
Total (each side)
$1,064,001
Smith & Wesson, Inc.
-Balance Sheet July 31 1923.Assets
Real estate, mach. dr equip$1,253.367
Merch., man,stk. in proc 837.245
Cash & debts receivable__
190,595
Patent rights. trade-marks 2,000.233
Furn. & fixtures & autos__
656.386
Deferred charges
35.769
The plant of the company was sold Oct. 23 to Union Trust Co. of Cleveland, which recently foreclosed the mortgage for $500,000. This was the
only bid received. The sale was ordered by the Western Pennsylvania
District Court upon the petition of the Union Trust Co., and the sale price
was not announced. The plant, it is said, will not be started. The company was one of the units of the now defunct Cleveland Discount Co.
Total
117, p. 1471.
-V. 116, p. 188.
Shell Union Oil Corp.
-Listing-Balance Sheet.
-
The New York Stock Exchange has authorized the listing of 2,000,000
additional shares of Common stock of no par value on official notice of
' issuance, making the total amount applied for 10.000,000 shares. The
2,000.000 shares were offered for subscription to stockholders of record
Oct. 10 at $10 per share, payment to be made on or before Nov. 22.
Between Jan. 1 1923 and June 30 1923 company expended $16,486,000
In acquiring the properties indicated: Refineries, $4.950,000; distributing
plants and equipment, $2.990,000; oil lands and improvements. &c.,
$2,810.000; pipe lines, rights of way, &c., 81.172.000; increased facilities
for storage of fuel oil and refinable products, $2,480,000; increased stocks
of materials and supplies. $2,084,000; and since July 1 1923 the company
has expended further amounts in acquiring similar properties.
These expenditures were made in part from the proceedr of loans of
$4,200,000 and $8,340,000 made to the company by banks and by Asiatic
Petroleum Co.(N. Y.), Ltd., and $12,540.000 of the proceeds of the present
Issue of stock will be used in paying off those loans.
The remaining expenditures (above) were made from earnings, and the
balance of the proceeds of the present Issue of stock will be used in reimbursing the company's treasury for those expenditures and supplying additional working capital for operations.
The principal changes in the properties of the company since Nov. 16
1922 have arisen from the acquisition of the properties above mentioned
and from the completion of the exercise by the company of the option on
stock in Central Petroleum Co. Company has acquired under that option,
for $6,000.000 in cash, voting trust certificates for $6,000.000 of Pref.
stock (being all Pref. outstanding) and 8600.000 Common stock, being twothirds of the Common stock outstanding. Of the $6.000,000 paid by the
company for the property so acquired, $3,222.800 was paid prior to Nov. 16
1922 and $2.777,200 has been paid since that date.
Another Important change in the company's properties since Nov. 16
1922 has arisen from the acquisition by Comar Oil Co. of leases covering
560 acres in the Tonkawa field in norhtern Ojlahoma. Roxana Petroleum
Corp., one of the company's constituent companies, owns a sot, interest in
the Comar company, and the Comar company has, in consideration of the
transfer to it of the acreage herein mentioned, paid $2,050,000 in cash and
agreed to pay $1,950,000 in oil.
The only other important change in the company's properties since Nov.
16 1922 has arisen from the acquisition by the company for $578,205 in cash
$5.003.595
Liabilities
Capital stock
$2,500,000
Funded debt
401.000
86,214
Accts. & notes payable__..
Depreciation reserve
1,470.203
Reserve for amortization46,845
Surplus
499,333
Total
$5.003.595
Sonora Phonograph Co., Inc.
-Receivership.
Judge Edwin L. Garvin of the U. S. District Court in Brooklyn Oct. 22
appointed Attorney John B. Johnston as receiver on the application of
Susan B. Ketcham of Philadelphia and Florence B. Rumbough of Hot
Springs, No. Caro., stockholders. "In order to conserve the assets of the
corporation and to reorganize its finances."
-V. 113, p. 1478.
Southern California Edison Co.
-Bonds Offered.
Harris, Forbes & Co., E. H. Rollins & Sons and Coffin dr
Burr Inc., are offering at 983 and int., to yield over 6.12%,
A
$11,500,000 Refunding Mortgage Gold bonds, Series of 6s,
d le 1943. (See advertising pbges.)
Dated Oct. 1 1923. Due Oct. 1 1943. Int. payable A. & 0. In New
York, Chicago or Los Angeles without deduction for the normal Federal
income tax up to 2%. Denom.: c• $1,000. $500 and $100, and r• $1,000.
$5,000 and $10.000. Red. on any int. date at 105 and int. until and incl.
1933. the premium thereafter decreasing M % per annum, the bonds being
redeemable April 1 1943 at 100 and int. Harris Trust & Savings Bank,
Chicago, and Pacific-Southwest Trust & Savings Bank, Los Angeles, trustees.
Issuance.
-Authorized by California Railroad Commission.
Data from Letter of Pres. John B. Miller, Los Angeles, Oct. 24,
-In order to provide for substantial future development
Bond Issue.
of the company and to arrange a simple financial plan, the new Refunding
Mortgage, which will in due course retire all the present outstanding funded
debt, has been authorized by the stockholders.
These bonds will be secured by a direct mortgage on the entire California property of the company subject only to the underlying bonds, for
the retirement of which bonds of this issue are reserved.
Additional bonds may be issued for only 75% of expenditures for additions
and extensions to the company's properties, provided annual net earnings
have been at least equal to I% times the interest on all Refunding Mortgage bonds, including those proposed to be issued, and on all bonds for the
retirement of which Refunding Mortgage bonds are reserved.
Bonds may be issued in various series with such maturities rates of interest, redemption features, &c., as may be determined from time to time.
OCT.27 1923.]
THE CHRONICLE
-Adequate provision for depreciation and renewals
Special Trust Fund.
of the property has been made in the mortgage by means of a special trust
fund which may be increased or decreased by agreement between the trustee
and the company. This fund may be withdrawn for the cost of extensions
and additions against which no Refunding Mortgage bonds shall be issued,'
for renewals and replacements, or at the option of the company for the retirement of Refunding Mortgage or underlyinp, bonds.
-Business of company has steadily broadened until it now
Company.
owns or controls and operates one of the most comprehensive systems in
the world for the generation, transmission and distribution of electric light
and power. The properties include generating plants with a present installed capacity of 503,700 h. p., of which 376,600 h. p. is hydro-electric.
Company's principal development on the Big Creek and San Joaquin
River is the largest hydro-electric project ever undertaken in this or any
other country. The latest power plant of this development was placed in
operation Oct. 11923, and is the largest hydro-electric unit on the Pacific
Coast. The territory served is continually developing and embraces ten
large counties in southern and central California. It has a population in
excess of 1,500,000 and an area of over 55,000 sq. miles.
For the 12 months ended Sept. 30 1923. electrical output increased 25%
over the corresponding previous period, and a gain of 25%, or 45.845, was
made in consumers.
As of Sept. 30 1923 approximately $42,000,000 had been expended on
,...properties from which no revenue was yet being received. The sale of
these bonds completes the funding of these expenditures.
A new hydro-electric plant of 105,000 h. p. capacity was placed in operation Oct. 1 and this, together with a smaller unit which was placed in operation July 1 1923. represents an increase of almost 50% in the company's
hydro-electric power capacity.
Practically none of the revenue from these additions is included in the
current earnings statement below.
Capitalization upon Completion of Present Financing.
$39,997,672
Common stock (paying 8%)
9,229.300
Preferred stock (payin7%)
4,000,000
Original Preferred (paying 8%)
11,500.000
Refunding Mortgage s (this issue)
x4,884.000
Debentures (due serially, 1924 to 1928)
84,414,700
Underlying bonds (closed 'mortgages)
Debentures share equally in the lien of the Refunding Mtge. bonds.
x The
In addition to the stocks shown as outstanding, the company has subscriptions for $1,548,400 Preferred stock and $6,165,300 Common stock
which are being paid on the partial payment plan.
Earnings for Years ending Sept. 30.
1922.
1923.
Gross earnings
$19,485,867 $16,713,280
Operating expenses, maintenance and taxes
8,306,059
6,952,690
Net earnings
Annual interest charge on total funded debt
811,179,808 $9,760,590
5,679,930
1899
Tobacco Products Corp.
-To Sell Plants to
See American Tobacco Co. above.
-V.117, p. 1358.
Am. Tob. Co.
Tonopah Mining Co.
-Earnings.
6 Mos. EndedGross val. ore shipped to mill
Metal losses in mill. & ref
June 30'23. Dec. 31 '22. June 30'22.
$755.806
$670.049
$829,179
51.942
66,276
68,261
Gross value of mill prod
Min., mill., market. & gen. exp
$760,917
525,251
8618,107
439,267
$689,529
525,119
Net profit
Miscellaneous income
$235,665
148,530
$178,839
101,357
$164,409
170,447
$334,857
Net income
$280,196
$384,195
Tonopah Placers Co.,83%% of which is owned by the Tonopah Mining
Co.of Nevada, has a net loss for 6 months, ending June 30 1923. of $670.
Quick assets and invested funds on June 30 1923 were reported as follows:
Cash on hand, $130,828, railroad and public utilities bonds and stock at
purchase price $1,086.011, U.S. Liberty bonds, at purchase price,$411.423.
and due from Mint, $141,934; total, $1,770.198.-V. 117, p. 1358, 98.
Union-Buffalo (So. Caro.) Mills Co.
-50% Stock Div.
and 4% Cash Div. Declared on Common Stock.
The directors have declared (1) a 50% dividend on the Commno stock
par $100, payable in Common stock on Oct.30 to holders of record Oct. 18.
(2) a cash dividend of 4% on the Common stock, payable Nov. 15 to
holders of record Nov. 8; (3) two regular semi-annual dividends of 3%%
on the 1st Pref. stock, payable Nov. 15 1923 and May 15 1924 to holders
of record Nov. 8 1923 and May 8 1924. respectively; (4) two semi-annual
dividends of 23 % on the 2d Pref. stock, payable Nov. 15 1923 and May
15 1924 to holders of record Nov.8 1923 and May 8 1924. respectively.
V. 115, p. 1847.
United Drug Co., Boston.
-Sales.
Net sales
-with all draw-backs and inter-company accounts eliminated
in first nine months of this year amounted to $49.300,000. This compares
with $44.140,000 in the corresponding period last year, an increase of
$5,160,000, or about 12%. Inventories approximate $15,300,000, an
increase of $600,000 over a year ago.
With the opening of three new stores last week the Louis K. Liggett
-the retail subsidiary of United Drug Co.
Co.
-now has 267 retail drug
stores in the United States. This is an increase of 37 since Jan. 1 1923.
("Boston News Bureau.") See also V. 117, p. 1024.
United Oil Producers Corp.
-Bond Interest Deposited.
-
The corporation has made its regular monthly deposit of interest on its
8% Guar. & Partic. Prod, bonds with the Coal & Iron National Bank.
trustee. At the present price of oil it is running at the rate of 11%%
-V. 117, p. 902.
per annum.
Balance for deprec'n, amortization, divs.. &c-- _ $5,499,878
Comparative Statements of Earnings Years Ended Dec. 31.
-Extra Dividend.
U. S. Cast Iron Pipe & Foundry Co.
Gross Earns.
Net Earnings.
Kwh. Sales.
A dividend of 2% has been declared on the 7%_ Non-cum. Pref. stock
1900
$226,143
$104,276
4,522,000
the net profits for the fiscal year ending Dec. 31 1922). payable
1905
1,272,564
743,660
20,778,374 (out of
This dividend is in addition to the
1909
2,895,407
1,409,254
97.178,233 Dec. 15 to holders of record Dec. 1. heretofore declared (V.
share
1914
4.855,141
2,522,977
211.339.843 quarterly dividend of $1 25 perand brings total payments in 116. p. 422)
on the
1923 to 7%
1916
5,034,250
2,800,106
220,399,054 and payable stock. same date
-V.116, p. 1907.
1918
8,735,458
613,900.580 on the Pref.
5,387:034
1920
14,647,896
750,310,127
8.234,212
Playing Card Co.
-Extra Dividend.
United States
1921
16,645,722
840,081,210
9.709,857
An extra dividend of 2%% has been declared on the outstanding capital
1922
16,982,226
10,115,310
901,874,091
in addition to the regular quarterly dividend of 5%, both
1923(12 mos.end.Sept.30) 19,485,867
1,093,345,586 stock, par $20, to holders of record Dec. 21. An extra dividend of 23%
11.179,808
payable Jan. 1
-V. 117, p. 1357, 1248.
was paid in Jan. and July 1923 and in July 1922.-V. 116, p. 1907.
Southern Canada Power Co., Ltd.
-Initial Dividend.
An initial quarterly dividend of 81 per share has been declared on the
outstanding Common stock, no par value, payable Nov. 15 to holders of
record Oct. 31. See also V. 116, p. 2892, 2778.
Standard Textile Products Co.
-Earnings.
3 Mos. end 6 Mos. end 9 Mos.end
PeriodSept. 3023 June 30'23 Sept. 3023
Net prof. after all chgs., & pref. divs_ _
$92,950
$470.748
$563.699
- 117, p. 1358, 336.
V.
Steel & Tube Co. of America.
-Stricken from List.
The 7% Cumulative Preferred stock has been stricken from the New York
Stock Exchange list. V. 117, p. 1024.
-
Stnrlinv Products, Inc.
-Extra Dividend.
It is reported that an extra dividend of $1 per share has been
declared
on the capital stock, no par value, payable Dec. 10 to holders of record
Nov. 20. The regular quarterly dividend of 75 cents per share is payable
Nov. 1.-V. 117, p. 1358, 336.
Stewart-Warner Speedometer Corp.
-Earnings Nine
Months ended Sept. 30 1923.
Net earnings before taxes
Taxes
$6,289,643
741.649
Net earnings after taxes
- 117. p. 1248, 791.
Ir.
$5.547.994
-New Director.
Superior Steel Corp.
James R. Miller has been elected a director to fill the unexpired term
-V.117. v. 1471.
.of Howard F. Hansel Jr.
-Guaranty, itc.Swedish Match Co.
See International Match Corp. above.
-New Director.
Sweets Co. of America, Inc.
Moses L. Annenberg has been elected a director, succeeding E. S. Clarke.
-V. 117, p. 1673.
-Acquisition.
Texas & Pacific Coal & Oil Co.
The company has acquired a half interest in the properties of the Invaders
011 Corp. of Fort Worth, Texas, which has a refinery at Fort Worth with
a capacity of 5,000 bbls., idle at present. It is understood that the Texas
& Pacific Coal & Oil Co. will place the plant in shape to operate at once.
The Invaders 011 Corp., it is statesd, has production in North Texas and
Oklahoma fields and recently completed a refinery at Wynne Wood, Okla.
- 117, p. 1137.
V.
-Earnings.
-Texas Gulf Sulphur Co., Inc.
1923.
Three Months Ended Sept. 301922.
Net earnings after reserve for depr'n & Federal taxes $1,186,515 $1,075,468
Dividends
952.500
635,000
Surplus
$234,015
$440,468
Profit and loss surplus incl. reserve for depletion_ $7,067,517 $6,456,670
During the three months ended Sept. 30 1923 the company also increased
It reserves, including reserve for depreciation and for unpaid Federal
s
taxes, accrued, by $377,188, making the total of these reserves 33,942.340.
-V. 117. P. 791, 448.
-Div. Outlook, dec.
(Joi-n R. Thnmpson Co. Chicago.
-Foreign Holdings.
United States Steel Corp.
See under "Current Events and Discussions" in last week's "Chronicle,"
page 1740.-V. 117. v. 1673, 1248.
-Complaint.
Utah-Idaho Sugar Co.
The Federal Trade Commission has issued an order requiring the UtahIdaho Sugar Co., Salt Lake City; Amalgamated Sugar Co., Ogden, Utah;
B. R. Wooley, and A. P. Cooper, both of Salt Lake City, to discontinue
-V.116,
certain unfair methods of competition in the beet sugar Industry.
p 2648.
Virginia Iron, Coal & Coke Co.
-Earnings.
Quarters Ended
9 mos. end.
Sept. 30'23. June 30 '23. Mar.31 '23. Sept. 30'23.
PeriodGross oper. revenue_ _ _ _42,048,893 x$2,305,0851
1,769,051
Operating expenses
2.092,253J'
Not available.
Net revenue
Interest, taxes, &c
$279,842
109,428
8212.831
97,847
$351,752
108,193
$844,425
315,468
$170,414
Net income
8114,984
$528,957
8243,559
x Includes revenue from other sources, amounting to $43,632 in the three
months ended Sept.30 and $63.951 in the second auarter.-V. 117, p.453.
-Sales
(V.) Vivadou, Inc.
-Earnings.
Sales for the first nine months of 1923 were 35% ahead of last year,
and the net profits for the period, it is stated, were more than sufficient to
cover the full year's dividend on the capital stock at the current rate.
-V. 117, p. 1024.
Washburn-Crosby Co.
-Stock Sold.
The recent issue of $2,000,000 of 7% Preferred stock was all subscribed
for, according to an announcement by the Minnesota Loan & Trust Co.and
the Minneapolis Trust Co.
Consolidated Balance Sheet July 31 1923.
[After giving effect to the proposed readjustment of the capital stock.)
Liabitittes82.050,000
Cash In bank and on hand-- _ _83,573,385 Notes payable-banks
210,430
Call loans and accrued interest 1,501,540
do Individuals
2,058,168
Arrival and sight drafts
1,034,696 Accounts payable
Customers' notes receivable_
81,093 Savings accounts of officers and
911,588
Customers' accts. ree.. less res. 1,964,451
employees
164,593
Miscellaneous accts. receivable
69,164 State and local taxes
374,006
Adv. on grain purchases, &c-- 883.988 Federal income tax
107.627
Inventories
9,744,396 Other expenses
Prepaid expenses
223,785 Special and current reserves__ 2,273,405
Due from stockholders & empl.
82,539 7% Cumulative Pref. stock__ 7,000.000
Stocks and bonds(at cost)-7,000,000
74,343 Common stock
Exchange memberships
1,000.000
87,820 Surplus
Plant and equipment
3,441,776
7,270,392 Undivided profits
Water power and water rights_
1
Trade-marks, good-will. &c.
Total (each side)
1
$26,591,593
See offering of $2,000.000 7% Cum. Pref, stock in V. 117. p. 1565.
Western New York Utilities, Inc.
-Capital InereasPd.The company has filed a certificate at Albany. N. Y., increasing its
authorized Capital stock from $950,000 Pref. stock, par $100. and 27.500
shares of Common stock, no par value, to 31,250,000 Pref. stock, par $166.
and 31,500 shares of Common stock, of no par value.
-V. 116, p. 2893;
V. 115. p. 1543.
President John R.Thompson is credited with stating that with something
like $2,500,000 in surplus on Its books, represented largely by cash or its
Westfield (Mass.) Mfg. Co.
-Dividend Increased.
equivalent, the company is in position to declare a 33 1-3% stock dividend
The directors have declared a dividend of 75 cents a share on the outon the outstanding 240.000 shares of Common stock, par $25. Action
in this respect or the declaration of an extra cash dividend probably will standing 40,000 shares of Common stock, no par value, and the regular
quarterly dividend of 2% on the Preferred stock, both payable Nov. 15
not be taken until the annual meeting in January.
According to Mr. Thompson, earnings of the company are being main- to holders of record Oct. 31. From August 1921 to August 1923 incl.,
tained at a good rate. The report for the first nine months of the year, the company paid quarterly dividends of 50 cents per share on the Common
which will be issued shortly will show approximately the same earnings stock.
-V. 115, p. 2281.
as for the corresponding period of 1922. The volume of business will be
Worcester (Mass.) Gas Light Co.
higher, but as the result of increased labor costs, the operating profits
-To Reduce Par.
will be slightly lower. In the last few weeks earnings have again moved
The stockholders will vote Nov. 1 on reducing the par value of the $1.400.upward and are even with those in the corresponding period of 1922. 000 Common stock from $100 to $25 a share.
'The company will continue on a conservative expansion program, but
A reduction of 5 cents per 1.000 Cu. ft. in the price of gas has been anthere is no intention on the part of the board to merge the properties nounced, making the new price $1 35, effective Dec. 10. The reduction is
with that of any other. The company entered Washington last week the result of increased consumption and improved methods of manufacture.
by opening a restaurant in that city and is negotiating for leases in other The present price, $1 40, has been in effect since Dec. 1 1922, when a reduc,dties.-v. 117, v. 1248.
tion of 10 cents was made.
-V. 115, p. 2701.
1900
THE CHRONICLE
[VOL. 117.
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HIDES-METALS-DRY GOODS-WOOL-ETC.
COMMERCIAL EPITOME
(The introductory remarks formerly appearing here will now be
found in an earlier part of the paper immediately following the
editorial matter, in a department headed "INDICATIONS OF
BUSINESS AC riviTY.-i
4,565 in 1921; exports, 51,828 tons against 53 932 last'week,
51,441 last year and 10,755 in 1921; stock, 165,787 against
207,918 last week, 254,122 last year and 1,163,438 in 1921.
Of the exports the United States received 50,400 tons, Gal
vest= 1,428 tons. Havana cabled "general rains." As
some regard it, the present reaction in raws and futures was
not surprising in view of the fact that after heavy purchases
10 days ago refiners have more or less withdrawn from the
raw market. But it is contended that it will soon be necessary for them to make additional purchases to keep machinery
mdving. To-day Cuba was dull at 53/2c. c.&f. Brazil was
said to have sold at 430.,though this was denied. Louisiana
/
raw, it seems, sold at 7c., delivered by Nov. 20. Willett &
Gray estimate the new Cuban crop at 3,700,000 tons against
3,601,605, the finalloutturn this year; the world's crop for
1923-24 is put at 19,145,000 tons, the largest on record.
The previous record was 18,483,432 tons in 1914-15. The
total for 1922-23 was 17,047,528 tons. Futures to-day
declined slightly on December, but ended unchanged on
March. For the week there is a drop of 8 to 13 points.
Prices closed as follows:
Friday Night, Oct. 26 1923.
COFFEE on the spot has been in fair demand; No. 7 Rio,
3
11% to 11/0. Trade would be larger but for the smallness of supplies. No. 4 Santos, 15 to 153/2c.; Victoria
ic.;
No. 7s, 113/20.; Medellin, 21 V hard Bogota, 203
,c.; fair
to good Cucuta, 17 to 17340. Futures early in the week advanced, despite lower or irregular Brazilian markets, for
Europe was buying. At one time, too, the cables were firm
and one effect of Government restrictions of receipts at
Brazilian points, it is declared, is to reduce the supply of the
better grades of coffee to the detriment of normal conditions
of trade. The premiums on the higher grades certainly seem
to give color to this argument. It is hard, it is declared, to
get a good cup of Santos to the New York market. The
Santos crop, it is pointed out, is a low-grade one. It is said Spot (unofficial)_ 5c.1March3.96®3.97(July
4.10(54.13
4.04154.051
to be of one full grade lower than in most years, because of December_ _4.9504.96 I May
LARD on the spot in fair demand and steady; prime Westrains. Many regard it as peculiarly unfortunate that an
unrestricted marketing is not permitted. Restrictions on ern, 13.80c.; refined Continent, 15c.; South America,,15.25c.;
Brazilian, 16.25c.
shipping to distributing markets in Brazil simply dam up week, a good homeFutures have advanced with hogs this
demand, a fair business with Europe,
the interior. They have to be disposed of some- higher cables and covering of shorts. New York exported
§upplies in
how, sometime, and in the course of time another crop will last week nearly 18,000,000 lbs. of lard and 8,000,000 lbs.
crowd forward. Soft and attractive Santos coffee is said to of bacon. Big packers have been good buyers. Smaller
be so scarce as to constitute a disturbing feature. Small and packers have in some cases sold to a certain extent. for hedge
inferior crops of individuals, it appears, are mixed with good account. At one time prices weakened under lower corn
grades, to the confusion of the trade. Many rejections have markets and larger hog receipts, immature hogs being maroccurred after tender. People are becoming more cautious keted freely, it seems, because of the high price of corn.
than ever in the spot trade. Attorney-General Daugherty Later prices advanced with a good demand. A sharp dehas filed in the Supreme Court a brief in the case against the mand for October from cash interests later braced the whole
New York Coffee and Sugar Exchange, decided against the provision list. October lard touched 12.87c. on the 23rd,
Government in the Federal District Court in New York City a rise of 37 points. Small wonder that the ma ket woke up
and set for argument in the higher Court Nov. 12. The and that buyers, including Eastern interests, took hold of
Government suggests that no material inconvenience would the later months at Chicago with more confidence. Liverresult from the closing of the Exchange, because another pool on that day was unchanged to is. higher. Here in
exchange would be immediately organized which would com- New York lard has been scarce. The difficulty of securing
ply with the law. Should the Court refuse to close the Ex- it has naturally strengthened the price. Meanwhile cash
change, the Government would have it prohibit transactions trade in lard and ribs was good. Secretary Wallace asks the
except by owners or grocers of sugar, &c., and so-called legiti- Chicago Livestock Exchange how it is that during the past
mate hedging. To-day prices declined in spite of some ad- month hog values have declined more than $1 50 per hundredvance in Santos. The demand slackened, although Novem- weight while the price of corn increased 27c. a bushel. Mr.
ber Santos advanced about 37 points. New York for some E. C. Brown, President of the Exchange, said:."Based on
reason was slow in following Santos. The trading here is supply figures compiled by the Department of Agriculture,
very moderate. General conditions seem to be such as to nearly 3,000,000 hogs were marketed during that period,
discourage large operations. Last prices were unchanged indicating a loss to producers by depreciation in value of
for the week on December and 7 points lower on March. about $3 a head, based on an average weight of 200 lbs., or
an aggregate sum of between $8,000,000 and $9,000,000.
Coffee prices closed as follows:
Badly informed advisers of the farmer are said to be largely
Spot (unofficial))LW-% IMarch
8.46 ®8.48 July
7.88 57.90
December_ -9.1709.201May
8.02@8.05 September--7.74 ®7.76 responsible for a semi-panicky feeling in the corn belt agri-Cuba sold down to 53 0. and then to 59o. cultural circles. They have succeeded in stampeding the
SUGAR.
/
and 53/2o. c.&f. Full duty sugars were offered in ncticeably country into throwing young hogs overboard at an inopporquantities. The transactions included a small lot of tune and critical moment, flooding every livestock market
large
Cuba at equal to 7.41 duty paid, Peru middle November in the country with stock of the kind killers cannot utilize
, equal to about 5 9-16c. for Cuba, advantageously and creating a temporary.excessive supply
arrival at 53/2o.
Venezuelas due Oct. 29 at 5 316e., San Domingos loading that will be reflected in scarcity and high prices a few months
at 534o., Cuba afloat at 5 9-16e. and at 53/2o. c.&f. Peru, hence. There is no logic to the present situation at the
it was asserted, was offered for October shipment to the live stock markets. Meat consumption is enormous, stocks
United Kingdom at 43jc. c.i.f. Refined early in the week are low and European demand for hog products unprecewas dull at 8.90 to 9o. from second hands with refiners, it is dented." To-day prices were higher. They end at a net
advance
said, doing business at 9.10 to 9.25e. whatever the nominal DAILY for the week of 35 to 68 points.
CLOSING PRICES OF LARD FUTURES IN CHICAGO.
quotations might be. The Cuban shortage, it is argued,
Mon. Tues.
Sat.
Wed. Thurs. Fri.
will not be made good by the domestic output. Also, it is October delivery---cta-11.37 12.50 12.75 12.62 12.80 12.85
January delivery
11.17
11.17 11.22 11.20 11.20 11.35
contended that if the consumption in the United States
PORK quiet; mess, $25 50(426; family, nominal; short
continues to increase at the rate of scme 75,000 to 80,000
tons a month, the ratio for October, it may bring about a clear, $27@$32. Beef steady; mess, $16©$17, nom.rather acute situation as to the American supply of Cuban packet, $17(:)$18; family, $200421; extra India mess,$31d
sugar. Grinding in Cuba may not begin much before $33; No. 1 canned corned beef, $2 35; No. 2, $4; 6 lbs.,
Dec. 15. The Louisiana crop seems to be 2 to 3 weeks late. $15; pickled tongues, $55 to $66 nom. per bbl. Cut meats
Some infer from recent events that beet sugar will not be quiet; pickled hams, 10 to 24 lbs., 13 to 1734o.; pickled
offered in the Eastern States for some time to come. It is bellies, 6 to 12 lbs., 13 to 14o. Butter, creamery seconds
contended, moreover, that only a limited proportion of the to high scoring, 413/2 to 49o. Cheese, flats, fancy whites
beet yield can be shipped from Western territory on ac- to fancy specials, 263/2 to 273/2c. Eggs, fresh gathered trade
count of transportation difficulties; possibly, too, not very to extra fancy, 263/2 to 540.
much will come further East than the Buffalo-Pittsburgh
OILS.
-Linseed quiet and easier. Spot, carloads, 95e.;
line. It is contended that the statistical position of sugar tanks, 89c.; less than carloads, 98e.; less than five barrels,
that scarcity of available supplies will persist $1 01; boiled, tanks, 91o.; carloads, 97o.; five-barrel lots,
is strong and
for the rest of the year. Even putting the total production $1; less than five barrels, $1 03; refined, barrel carlots, $1;
of domestic sugar by Dec. 31 at 1,000,000 tons and with rail- varnish type, barrels, $1; doubled boiled, barrels, cars 980.
roads working at 100%, it is contended that it means a Cocoanut oil, Ceylon barrels, 94c.; corn, crude, '
3
tanks,
600,000-ton distribution of domestic beet and Louisiana mills, spot New York, 10(4)103/2o.; refined, 100-barrel lots,
cane sugar, which is 180,000 tons more than last year. 13o. Olive, $1 12. Cod, domestic, 66(4)680.; NewfoundCuban port receipts for the week were 9,697 tons against land, 68(4)70c. Lard, prime, 163,1o.• extra strained, 134o.
3
20,047 tons last week, 22,889 in the same week last year and Spirits of turpentine, $1@$1 01. Rosin, $580047. Cot
Orr.27 1923.]
THE CHRONICLE
1901
sizes of anthracite and soft coal were dull.
tonseed oil sales to-day, 26,900 barrels, including switches, poor. Steam sizes of hard coal the demand still outran the
For domestic
Closing prices as follows:
8. E., 1,000.
12.50@12.751December -11.29111.32 March _ _ --11.33 11.35 supply.
Spot
11.35 11.45
0
October _ --12.50 12.75 January_ --11.26 11.27 April
TOBACCO has been in fair demand. Manufacturers
11.471R11.48
November-11.57(§111.59 February--11.25 11.33 May
have shown more interest in the market and some of the
-North Texas crude oil prices were trade are hopeful of even greater attention very shortly
PETROLEUM.
again cut by the Humble Oil & Refining Co., which an- from that quarter. Manufacturers have been recently, it
nounced a new schedule of five grades instead of eight as seems, using more tobacco and under the circumstances an
heretofore, i.e., below 30 deg., 80c.; 30-32.9 deg., 90c.; expectation of an expanding demand in the not distant
33 to 35.9 deg., $1; 36-38.9 deg., $1 15; 39 deg., and above, future seems not unreasonable. Broad leaf, 1922, has
those
$1 30. These prices were 10 tp 20o. lower than higher met with a better inquiry. Taken for all in all the outlook
announced about a week ago, but are still somewhat quotes is considered hopeful. Plans for celebration of the 125th
than those of the Magnolia Petroleum Co., which
anniversary of the establishment of the cigar,industry have
$1 25
$1 10 per bbl. on oil of 32 to 39 gravity and easier. to 40 been made here and now other branches have agreed that
The
systematic cultivation of
gravity and higher. Gasoline quiet and
owing the 300th anniversary of the first
consumption in the Middle West is gradually falling Jersey tobacco in America be commemorated at the same time.
- to the colder weather. The Standard Oil Co. of New
Both events will be combined in the convention and exposiadvanced the export price of kerosene on the 23d inst. lc. tion to be held in the Hotel McAlpin and the 71st Regiment
a gallon, to Sc. for water white and 7c. for standard white. Armory Jan. 28 to Feb. 2 1924.
Kerosene is steady and more active. Export demand is a
COPPER early in the week reached the lowest point since
little better, though still very small. Bunker oil was steady May 1 1922, i. e., 123 0.for electrolytic delivered. Busmoss
/
bbl., f.o.b. New York Harbor refor a time at $1 45 per
d, and the German situation had a depressing
finery. Yet the demand for this oil has been light and there slackeneSome producers were quoting 12780. delivery
/
were reports that offerings were made at $1 40. The tone effect. Valley. Later on the price dropped to 125 c., which
%
easier. New York prices: Conn.
is now weak. Gas oil quiet and
shares on the
U. S. Navy specifications, is the lowest seen since April 6 1922. Copper
Gasoline, cases, cargo lots, 25.15;
Stock Exchange ,have also declined. London has also
11.50; naphtha, cargo lots, 12.50; 63 to 66 deg.,14.50;66 to latterly declined. On the 25th inst. prices dropped Ylo. to
cases, 16.90. Petroleum
68 deg., 16. Kerosene,in cargo lots,
2
3/c.for electrolytic. This is the lowest price reached
123%
refined, tank wagon to store, 14. Motor gasoline, garages since@12 1921. The rapid increase in production in three
Sept.
tern Penn(steel bbls.), 163%. On the 24th inst. Northwes
mines in South America is being featured. It is said that
sylvania refiners cut the price of motor gasoline %e. per big
to
join the owing to this increase the United States is called upon
gallon to lie. Telegrams asking that other cities
before
been sent consume monthly about 400,000,000 lbs. more than
movement for reduction of gasoline prices have
the war. The South American output for 1923 looks to
by Acting Mayor'Hulbert to the Mayors of Philadelphia some like 460,000,000 lbs. against 62,000,000 before the war.
and Boston.
was estimated
$1 47 The United States monthly production in 1913
$ .75 Illinois
$2 50 Ragland
Pennsylvania
90 at 102,000,000 lbs.; imports monthly, 34,000,000; total,
1 50 Crichton
Wooster
1 45
Corning
88
1 68 Plymouth
estimated
1 35 Lima
Cabal]
1 en 136,000,000 lbs. Now the United States output is
1 48 Mesta
1 25 Indiana
Somerset
75,000,000
1 47 California 30---- 76 by some at 125,000,000 lbs. monthly and imports
Somerset, light- -- 1 40 Princeton
monthly supply 200,000,000 lbs.; refined surplus
RUBBER declined on the weakness of the London market lbs.; total to have been 250,000,000 lbs. against a pre-war
Oct. 1 said
and larger offerings. Business in the main has been quiet. average for 6 years ending 1913 of 118,000,000 lbs.
First latex crepe and smoked ribbed sheets, spot, October,
later
TIN was lower with London early in the week, but Con.
6 8c.; December, 26%0 ; January263o.; November, 2 /
Business is small.
4,. In London on Oct. 22 plantation standard on advanced on stronger cables. mouth basis. Spot, 423/2e.
March, 267
sold on the spot at a decline of %d. since Friday. An sumers are buying on a hand-toLEAD steady at 6.85@6.90e. spot New York, and
increase of 469 tons for the week took place in London stocks,
a
tons, against 57,217 tons a week pre- 6.50@6.55o. spot East St. Louis. Buyers are pursuing
which are now 57,686
ago and 69,088 tons two years ago. cautious policy, taking only enough to fill immediate needs.
vious, 69,110 tons a year
owned in
ad.
In London on Oct. 23 rubber advanced Y for plantation The St. Joseph Lead Co. has purchased the mines
In London on Oct.24 plantation southeast Missouri by the Federal Lead Co., a subsidiary
standard, closing at 13%d.
$10,000,000.
standard was 14d., or a rise of 3.0. London dropped on the of the American Smelting & Refining Co., forto smelt twoIt also contracted with the smelting company
%
25th inst. to 135 d., a decline of %d.
the southwest Missouri
-Country have been dull and tending'downward. thirds of the combined output of
HIDES.
Western sold, it is said, at 8c., selected and delivery. Leath- mines of both companies.
ZINC quiet and lower; spot New York 6.65(0.700.;
er's dulness and weakness reacted on country hides. A narto exrow margin of profit on leather militates against trade in East St. Louis, 6.30@6.35c. Exports are not up 5c.;
hides and prices therefor. City packer hides were dull and pectations. Earlier in the week New York was 6.60@6.6 on
firmer
1
nominal at 1440. for native steers, llo. for Colorados and East St. Louis, 6.25@6.30o., but later became
there.
120. for butt brands. Common dry hides were neglected. London cables. There has been a sharp advance
is
Orin000s last sold at 163%c. River Plate frigorifico was That is an outstanding feature of the week. The trouble
quiet although a sale was reported to a United States buyer that, it is said to be because of closely held supplies there
then
of 4,000 Wilson frigorifico steers at $40%, or 143/20. o. & f. rather than a big demand. Here it is said that now and
In Chicago big packer hides were quiet but steady in the a premium of $1 per ton is being paid for prompt delivery.
a
middle of the week. Natives quoted at 12o. Outside lots
STEEL has been in better demand from railroads with
of small packer hides sold at 10c. selected, Chicago freight, good call for structural steel. Automobile makers are having
for natives. Country hides were weak; Minnesota, &o., all a better business and this accounts largely for an expanding
weights, dating back to spring collection, offered at Sc. trade in structural steel. Also Japan has been buying.
selected, Chicago freight. Later prices were weak. Two Prices in the main have been steady, but it seems to have
oars of October salting spready native steers sold, it is said, been largely for the reason that cuts in quotations would
at 17%o.,a drop of 3%'o., and 8,000 Buenos Aires city washed have availed nothing. In some directions trade is poor,and
%
Matadero cows averaging 22 kilos sold at 103 c., c. & f. may remain so for a time, regardless of current quotations.
standby of the steel
FREIGHTS were less active but steady. Cargo Railroads in the meantime are the chiefbridges are wanted
OCEAN
plentiful. Later steamer tonnage was in better trade. Cars, locomotives, rails and miscellaneous steel.
tonnage was
demand. Later business died down. Grain rates became more than ever; also track material and
are considered promising.
always
and
rather iirsottled: shippers from ownors mold notKingdom agree. Along these lines the prospects future needs is being kept
3s, 9d.
Montreal to United
But it is clear that buying for
CHARTERS included grain
of Italy 4s. 4 WI. November;from
November; from Montreal to west coast Sic. January': from Montreal to down to a minimum. Shipments are good, but new mill
Atlantic range to west coast of Italy 17Puget Sound to Shanghai $12 50:
falling off. As the case
3s. 3d. November; lumber from 25 November: two months time orders for the most part show a
Antwerp
coal from Charleston to West Indies $3 25 prompt; coke from Baltimore stands the large manufacturers of steel are having a better
charter in general trade 740-ton steamer $2
to North Hatteras
Japanese buyers are taking
to San Antonio $3 50 November;crude oil from Tampico charter In general trade than the smaller ones.
time
No. 30 and 31 gauge
26 %c. November-November and fixed six months
ean sheets of the heavier gauge, though
Mediterran
is
trade at 5s. 6d. Novemeer: grain from Atlantic range to 15 %c. October
would be preferred. It is said that Secretary Hoover of
oil from Tampico to New Orleans
3s. 9d. December; crude
ports
and $3 15
coal from Atlantic range to West Italy $3 one port November: two from aiding the Japanese in placing orders for some 30,000 tons
coal
October; coal from Atlantic range to Rio Janeiro $4
from Montreal to black sheets, 30,000 tons of galvanized sheets, 8,500 tons of
Atlantic range to Rio Janeiro $3 85 November; grain
to
17c.
ed sheets and 3,000 tons of nails for early shipment
Italy 4s. 431d. November; grain from Montreal to Havre 150s.October:
River Plate
November: corrugat
Piraeus 24c. October: Pitch pine from Gulf to5d. October; ore from Bizerta to Japan. American makers of sheets have sold Japan
His.
cork from Lisbon to North Atlantic port Bizerta to Philadelphia 10s. 3d.
.
some 75,000 tons. A Paris dispatch of Oct. 24 said that no
to Philadelphia 7s. November; ore from
December; grain from
English
October; lumber from Gulf to River Plate isns.
December loading.36s. 2d. attempt will be made to unload on American and
North Pacific to United Kingdom or Continent.
in the
,
or New York to Antwerp-Rotterdam range I3c. markets the enormous stocks of iron and steel seized
grain from Phil delphia
17c. November: coal
October: from Montreal to Antwerp-Hamburg range
- Ruhr since the occupation began. These stocks, it appears,
Brest, $2 25 October
from Atlantic range to La Pallice. Cherbounz and $2 October; coal from
for 180,000 tons
November; coal from Sydney, C. B., to Continent. to United Kingdom or amount to about 850,000 tons. Allowing
'Atlantic range to Callao $3 prompt:lumber from Gulfnorth of Hatteras 70c. contracted for by firms reconstructing the war-stricken
Continent 130s. November; oil from Los Angeles to tic. October-Novemregions of France, the stocks in question will, it seems, be
November: on from Tampico to north of Hatteras 27
months
ber; grain from Montreal to Mediterranean 22%c. December: six
sold to Continental Europe and the colonies of Asia and
2.859 tons. 4s. 6d. November; sulphur from
time charter, general trades,
g to a decision just reached by the French
Hamburg $3 spot: lumber from
Freeport and Galveston to Rotterdam or horses from Norfolk to Spain at Africa, accordin
Government.
North Pacific' to Japan $13 se November;
nitrate from Chile to Galveston-Boston
$32 per head first half November;
PIO IRON continues dull and depressed. Prices have
range $5 25 December.
50c. to
a week. Michigan pig iron is
-Anthracite was in good demand. Soft coal was dropped competit$1 within Canadian in the Central West
COAL.
ion from
meeting
and weak regardless of the smaller output. High vola- on a larger scale than heretofore. Meanwhile the number
dull
tile coal became weaker. Bunker trade was persistently
1902
THE CHRONICLE
[VOL. 117.
of blast furnaces blowing out is steadil
y inceasing.
The
Birmingham market is depressed with $21 quoted,
for
COTTON
year's delivery. It is said, however, that competitive this
points
in the Central West can buy in Birmingham
Friday Night, Oct. 26 1923.
at the $20 base.
It is declared too that even lower prices have
THE MOVEMENT OF THE CROP, as
been accepted
indicated by
for small lots for immediate delivery.
our telegrams from the South to-night, is given
Pittsb
below. For
and foundry grades are off $1 per ton. Sales urgh basic the week
run behind
ending this evening the total receipts have
production. Even with the output gradually decreas
reached
ing 277,177 bales, against 287,213 bales last
it still outruns current demand. The tide has
week and 273,052
not
for the better in the pig iron business. That is turned bales the previous week, making the total receipts since the
a
beyond dispute. British ferro-manganese has dropped fact 1st of August 1923 2,318,866 bales, against 2,070,
922 bales
per ton. It is now $110 Atlantic seaboard, duty $7 50 for the same period of 1922,showin
g an increase since Aug. 1
Pig iron was firm in London with a better business in paid. 1923 of 247,944
both
bales.
manufactured iron and steel. On this side of the water,
however, the outlook at the moment is none too cheerfu
Receipts atl.
Sat.
Mon. Tues. Wed. Thurs. Fri. Total.
The Buffalo price of $22 has caused some increase in buying
, Galveston
18,506 17,890 43,736 21,298 14,721 18,669
according to Cleveland reports.
134,820
Texas City
1,004 1,004
Houston
1.000
--------10,304
WOOL has been steadier, but still quiet. The new
New Orleans
8,375 5,126 9,103 6,723 5,579 10,100 21,404
clip Mobile
7,707 42,613
is reported to be firmly held in South America and
164
717
238
185
181
435 1,920
Aus- Pensacola
.
tralia. In China prices on carpet wools are said to
1,109
-___ 1,109
Jacksonv
be tend- Savannaille
19
19
h
ing upward. Sales of wool here have increased somewh
3,803 3,439 5,310 2,722 2,353 3,610
at, Charleston
1.056 3,524 7,049 1.403 1,520 1.963 21,237
but the market has been anything but active. New
16.515
Wilming
2,438
England Norfolk ton
703 1,405
932 1,831 1,803 9,112
prices recently, 80c. clean basis for the quarter and
3.978 3,556 6,118 4.098 4,216 4,952 26,918
close to Boston
$1 clean for the %s combing; good B lambs, 85 to 88c.; Baltimore
4071
-458
scoured and B supers, 90c. for good wools; C supers
435
50o. to 600. in the grease. Territory low quarter about Tntala this waAk 55,520 RA ORR '7.0.00 57,381 41 584 80 807 977 177
s, clean
basis, about 65e. The Australian clip is stated
The following tab e shows the week's total receipt
at
s, the
bales, the quantity for 1923 being greater than 1,700,000 total since Aug. 1 1923
expected.
and stocks to-night, compared with
Australian wool exports from July to Septem
ber amounted to last year.
136,000 bales.
In Bradford woolens last week were in fair deman
1923.
1922. .
Stock. •
making wools. Crossbred kinds were firmer d on topReceipts to
M erinos
Oct. 26.
This Since Aug This Since Aug
were in better demand, but irregular. Woole
n yarns and
Week. 1 1923. Week. 1 1922.
1923.
botanies sold well, but stocks were large
1922.
and prices
Galvesto
134,820 1,273,334 116,996 1,062.557 328,537 474,961
Crossbreds were wanted at firm prices. Piece irregular. Texas n
goods were
City
1,004
11,813 7,362
24,952
well taken for prompt delivery, mainly
2.450
18,623
Houston
21,404 371,709 41,624 215.596
of foreign wool held in bond at Boston woolen. The export Port Arthur, &c__
is a striking feature. New Orleans
42,613 264,553 80.039 357,152 127,745 244,624
In the week ending Oct. 9 the total
Gulfport
was
ending Sept. 18, 1,300,000; ending Sept. 1,900,000 lbs.; Mobile
1,920
10,701 4,614
34,274
8,014
15,281
25, 97,000, and Pensacola
1.109
1,626
550
1,494
ending Oct. 2, 133,000. It is added
Jacksonv
19
that houses holding Savannaille
713
113
6,413
2,296
6,731
h
the wool in bond have been able to realize suffici
21.237 132.912 19,183 190.130
84.300 102,686
ent advance Brunswick
106 1,100
in foreign markets. How it is asked, a
24.093
217
2,150
Charleston
16,515
62,354 4,762
28,585
49,002 49,587
likely to affect the market in the United is this exportation Georgetown
States?
Wilmington
9.112
49,284 6,154
In London on Oct. 23 the sixth 1923 series of Londo
39,691
32,098
29,922
Norfolk
auctions of colonial wools opened with a total catalogue n N'port News,&c 26,918 132.104 12,992 73,457 74,190 72.889
of New York
140,000 bales of free wools and 60,000 bales
600
78
1,488
25,841
61,584
Boston
71
3.406
275
3,976
2,540
4,707
of the British-Australian Wool Realiza offered in behalf Baltimore
435
2,840 1,697
4,500
tion Association. Philadelphia
1,040
2,789
The series will take seventeen selling
811
564
4,286
4.187
days. On the 23d inst.
the offerings were 12,400 bales, includi
Totals
277,177 2,318,866 297.539 2,070,922 742.556 1,090,721
kinds. Demand brisk. Attendance ng each of the above
large of British, AmeriIn order that comparison may be made with other years,
can and Continental buyers. Merino
s were
changed. Fine and coarse greasy crossbr firm and un- we give below the totals at leading ports for six seasons:
eds were unchanged to 5% higher than at the
1922.
1921.
crossbreds advanced 5 to 10%; last sale. Medium greasy Receipts at- 1923.
1920.
1919.
1918.
scoured slipe crossbreds un- Galvesto
changed to 5% higher, as were
n---Cape wools. Best greasy Houston,&c_ _ 134,820 116,996 110,771 137,860 108,771 40,673
21,404
41.624
merinos brought 31 Md., best scoure
1.735
31,097
13,506
12,492
New Orleans42,613 80,039
50,346
54,437
47,499
45,081
crossbreds 243/2d., scoured crossbr d merinos 52d., greasy Mobile
1.920
4,614
4,615
3,673
des 36'/d., slipe 26Md., Savannah_ -.- 21.237 19,183
15,061
2
2,271
Cape greasy 28d., special combing snowhi
25,063
25,404
75,477
23,116
Brunswick
te 543/2d.
1,100
100
1,100
9,000
In London on Oct. 24 offerings were
7,500
4.762
2,239
3,160 23,014
some 11,800 bales of Charleston,&c 16,515
7,597
Wilmington...
free wools. Demand good. Prices
9,112
6,154
3,160
3,936
7,498
3,261
Norfolk
8,329
680 bales; greasy merino, 243/d. tofirm. Details: Sydney, N'port N.,&c. 26,918 12.992 14,694
13.570
7,944
2
32d. Queensland, 963 All others_ _ _. 2,638
46
27
76
101
bales: greasy merino, 223d. to
10,075
4.830
2.659
3,471
2,218
313/2d.; scoured, 44d. to
573/2d. Victoria, 465 bales; best
Total this wk_ 277,177 297.539 217,599
271.682 316,943 152,254
scoured,48d. New Zealand,5,735 greasy merino, 35d.;
bales; crossbreds,
Since Aug.1 2,318,866 2,070.922 2,052.95
2.1.519.779 1.505,190 1,509,237
83d. to 253'd.; best scoured, 54. bred, 423d.; slipe, greasy,
M bred
lambs, 263d. Puntas, 2,448 bales;
The exports for the week ending
to Continent; also 632 bales Falldands,crossbreds, the bulk of 101,517 bales, of which 24,237this even'ng reach a total
were to Great Britain,
prices up to those of
the September sales; best greasy, both
1,774
scoured, 21d.; Puntas are to France and 75,500 to other destinations Below
aline, 3 breds, 203d.
the exports for the week and since Aug. 1 1923:
In London on Oct. 25 joint offerings
chiefly greasy and scoured crossbreds, were 12,724 bales,
Week ending Oct. 26 1923.
From Aug. 1 1923 to Oct. 26 1923.
Exported toThe bulk went to Yorkshire buyers at and mostly sold.
Exported to-Exports
firm prices; Sydney, from817 bales, greasy crossbreds, 13d. to 223/
Great
Great
2d.; pieces, 9d. to
Britain. Prance Other. Total. Britain. I Prance. Other.
173d.; Queensland, 123 bales, greasy
Total.
30d.; a few bales of scoured combing,merino, 26 Md. .to Galveston
24,84 24,84
178,551 115,92 375,502 689.975
593/2d. Victoria, Houston
21,404 21,404
3,100 bales, crossbreds, greasy, 1234d. to
/
scoured, New Orleans 3,393 1,37 4,18 8,952 123,733 76.890 170,846 371,469
17,01
2,990 17,732 37,737
Mobile
123/2d. to 39d.; pieces, 10d. to 293'd. 253.d.;
1,50
3•
West Australia, Pensacola
1,855
1,109
976 bales, greasy crossbreds, 163'd. to
1,109
1,626
1,628
243'd.; merino, 19d. Savannah
1,520 1,520 30,383
1.1 I
10,19
to 273/2d. New Zealand, 7,601 bales,
41,732
Brunswick
crossbreds, greasy, Charleston so
5,893 12,392 18,42
934d. to 21 Md.; scoured, 13%d. to 263d.; slipe, 103 td. to Wilmington. 8,499
12,370
30,796
/
9,000
25d. Spanish, 96 bales; scoured merino,
9,000
Norfolk_
9,788 32,41
36 d. to 52 Md.
9,123 41,533
New York__ 3,548
At Geelong, Australia, on Oct. 25,
4,83 8,778 74,416 29,375 88,752 192,543
Boston
304
merinos was offered, but a rather poor a fair selection of Philadelphi
622
928
one of crossbreds. Los Angeles.
50
50
Prices were firm compared with those at Melbou
3,
3,000
rne earlier San Fran
7,252 7,252
in the week. England.was the largest buyer
39.727 39,727
crossbreds; Seattle
5,471 5,471
of
31,519 31,519
merinos were taken freely for the
Continent. America
Total_
24,23Z 1,77 I7ii0i.5ii 478,403 226,327 768,7481,473.538
bought a little.
•
The Boston "Commercial Bulletin" will say Saturd
Total 1922_ 53,126 15.47 61,267129,868 381,030 194,06:
597,13 1,172,23
ay:
The demand for wool has continued of fair
week and sufficient headway has been gained proportions during the past
to keep
at last quotations. The goods market is still moving the market steady
along in a somewhat
uncertain manner, but recently a few fair sized
sales of worsted yarns are
renorted.
'London opened rather stronger than expected and
has maintained its
opening pace. The sales in the primary markets indicate
no easing in
values. England being strong for crossbred offerings
and the Continent
keen for merinos. Exports have been fairly heavy this
Mohair is still slow but generally steady. A sealed bidweek.
San Angelo at prices fully equal to the best paid privatelsale was held in
y this year.
The rail and water shipments of wool from Boston
Oct. 25 1923. inclusive, were 116,284,300 pounds, from Jan. 1 1923 to
against 105,169,675
pounds for the same period last year. The receipts
Oct. 25 1923, Inclusive, were 383,962,300 pounds, from Jan. 1 1923 to
against 352.996,511
Pounds for the same period last year.
3
Total 1921.. 58,873 2,45 72,037133,365 394,119
215,0901,002,9381.612,147
NOTE.
-Exports o Canada.
-It has never been our practice to include in
the
above table exports of cotton to Canada, the reason being
that Anna ly all the
cotton destined to the Dominion comes overland and it
concerning the same from week to week, while reports is Impossible to get returns
from the customs districts
on the Canadian border are always very slow in coming to
of the numerous inquiries we are receiving regarding the hand. In view, however,
matter, we will say that for
the month of September the exports to the Dominion the
present season have been
6.163 bales,of which 5,529 bales were to Quebec and 634
bales to Maritime Provinces.
In the corresponding month of the preceding season
the
For the two months ending Sept. 80 this year there exports were 4,672 bales..
were 10,993 bales exported,
as against 18.983 bales for the corresponding two
months last year.
In addition to above exports, our telegrams
give us the following amounts of cotton on to-night also
shipboard, not
cleared, at the ports named.
THE CHRONICLE
OCT.27 192.1
1903
vate reports of heavy frosts or freezing temperatures in
parts of Oklahoma and Texas. As to the coming Government
Other CoastGerGreat
report there is some tendency for the guesses on it to crystalAug. 26 at
- Britain. France. many. Cont'nt. wise. Total.
lize at around 10,500,000 bales. If that is a correct forecast
Galveston
15,874 17,500 8,000 22,386 19,000 82,760 245,777 it is undeniably a case of a third inadequate crop in succesNew -Orleans_ _
2,388 1,208 3,249 9,961 2,591 19,397 108,348
72,900 sion.
300 11,400
Savannah
8,000 1,700 1,400
49,002
Charleston
On the other hand, agood many are afraid of 30-cent cot7,614
400
250
Mobile
150
66,640 ton, to say nothing of 31 cents. Goods are quiet on this side
7,550
7,550
Norfolk
59.268 of the water. Re-sellers cut under the mills. Reports of
11,500
700 5,200
600
Other ports
5,000
have recently come from both
Total 1923-- 31,412 21,008 20.899 37.797 21.891 133,007 609,549 curtailment on the whole
Many think that present
_Total 1922-- 57,481 30,371 27,192 64,797 10,512 190,353 900,368 Northern and Southern mills.
Total 1921_- 45,169 26,486 25,022 67,387 9,718 173,782 1,377,595 prices discount anything at all bullish in the situation. They
*Estimated.
believe a sharp reaction is due. They attribute little importhink most
future delivery has latterly been tance to bad weather at this time, because they
Speculation in cotton for
of the crop has been picked and ginned. There are the poactive at rising prices. Big interests have been engaged, it litical disturbances in Germany. They have become, if anyIs understood, in what is popularly known as scalping the thing, graver than ever with the outbursts of the Separatists
market, awaiting the issuance of the Government crop report movement and the danger of civil war on a great scale. At
on Nov. 2. October showed a strength which bore eloquent times foreign exchange has declined and the stock market
testimony to the firmness of the market for the actual cot- has also fallen. Sterling exchange sold at a new low level
ton. At one time in the middle of the week October was for the year and French and Belgian francs have been falldown even with December, after recently having been as high ing. The speeches of Lloyd George have been pessimistic.
as 70 points over December. But there were some belated He expresses the fear that there may be a big war ahead in
shorts in October or else some of the big spot houses,finding Europe, though there is a movement, it would seem, looking
it difficult to buy good white cotton at the South, turned to to a council of the Allies to settle the reparations question.
To-day prices advanced 35 to 47 points, but lost most of the
October in New York and certainly they bought freely. In
a single day, it is understood, they took some 15,000 to 20,- rise later. In fact, May and July ended slightly lower. The
000 bales here. October went out at noon on the 25th inst. cables were higher. Rains occurred in the Southwest and
here at 31.20c., after being as high earlier in the day as frost in Tennessee. And the forecast was for rains or frost
31.30c. And a striking thing about the October delivery on in the Southwest. Liverpool was higher than due. Manthat day was that it reached a premium of 104 points over chester was doing a better business. Fall River's sales of
December. That was regarded as striking evidence of the print cloths for the week Increased to 130,000 pieces. And
value which conservative cotton merchants put on the actual France and Belgium agreed to take part in a Council of the
cotton. And there was a hint that December might be the Allies in which the United States will participate to deterheir of October's pre-eminence in the market. Certainly mine the question of reparations to be paid by Germany. A
while December has recently maintained a premium over crop estimate of 10,345,000 bales showed the tendency to reJanuary of 50 points and that was the case up to Wednesday duce estimates. Liverpool bought January here freely.
night, it ended on Thursday at 58 points over. Whether this Havre was also a buyer. Wall Street interests are said to
Is the beginning of an upward movement towards a very have bought, supposedly to cover some 30,000 bales, late on
substantial premium over January remains to be seen. Such Thursday. New high prices for the season were reached.
a premium, however, would occasion no surprise. For not There is a big short interest, it is said, in December, both for
the least interesting of the recent developments in the cotton trade and speculative account. But liquidation after a big
industry, has been the increase in the premiums on the. recent advance set in. A good many shorts had covered.
higher grades of cotton. In other words, the grades suitable Many took profits. Big interests are said to be merely
to go on contracts at New York and New Orleans. At the scalping the market on the eve of next Friday's Government
same time the discounts on the lower grades have also been report. Last prices show a net advance for the week of 100
Increasing. This may or may not be an indication that this to 122 points. Spot cotton closed at 31.75c. for middling, a
is a low grade crop. But on the face of things it rather looks rise for the week of 155 points.
so. Besides, there has been a good deal of bad weather
The official quotation for middling upland cotton in the
recently. There have been very many reports to the effect New York market each day for the past week has been:
Oct. 20 to Oct. 26that the grade had been lowered thereby, especially in the
Sat. Mon. Tues. Wed. Thurs. Fri.
30.30 30.30 30.85 31.00 31.75 31.75
Southwest. And spot markets have been active and rising. Middllna upland...,
Liverpool's spot sales which for some time were at the rate
NEW YORK QUOTATIONS FOR 32 YEARS.
31.75c. 1915
12.10c. 1907
of only 5,000 bales a day have latterly risen to 8,000 bales, of 1923
10.95c. 1899
7.31c.
24.00c. 1914
1906
10.65c. 1898
5.44c.
which 50% to-day was American. Exports to Germany make 1922
1921
19.00c. 1913
6.06c.
14.50c. 1905
10.65c. 1897
a good showing and now it is said that Soviet Russia is mak- 1920
22.70c. 1912
11.25c. 1904
7.94c.
10.05c. 1896
37.40c. 1911
8.62c.
9.40c. 1903
10.45c. 1895
ing arrangements to buy cotton in America. What will come 1919
1918
5.81c.
32.40c. 1910
14.45c. 1902
8.70c. 1894
of this remains to be seen. But despite all the financial 1917
28.95c. 1909
8.19c.
14.55c. 1901
8.38c. 1893
18.75c. 1908
8.31c.
9.35c. 1900
9.44c. 1892
drawbacks in the Continent of Europe, Germany is paying 1916
cash. It will be taken for granted that Russia will have to
MARliET AND SALES AT NEW YORK.
do the same thing. Meanwhile European stocks are at a low
Spot
Futures
SALES.
stage. Lancashire is having a better business, both in yarns
Market
Market
and in cloths. On this side of the water the Amoskeag mills
Closed
Closed
Spot. Contr't. Total.
at Manchester, N. H., will resume work on Monday at full
Saturday..__ Steady, 10 pts. adv_ Steady
time in their bag mills and in four other mills on part time. Monday
Steady, unchanged_ Firm
Steady,55 pts. adv_ Steady
And one estimate of the business in print cloths at Fall River Tuesday
Wednesday_ Steady, 15 pts. adv.. Near steady
this week is 130,000 pieces, showing a notable increase. Thursday _ _ Steady, 75 pts. adv_ Steady
1.000 1,000
Steady. unchanged_ Barely Steady
Worth Street has latterly been steady and a little more Friday
active.
1,000 1.000
Total_ An event of the week was the ginning report on the 25th
FUTURES.
-The highest, lowest and closing prices at
Inst. Unfortunately it was marred by a mistake by some•
for the past week have been as follows:
body whereby the first announcement of the total up to Oct. New York
18 was 6,000,000 bales. Under the circumstances October,
Saturday Monday, Tuesday, Wed'day, Thursd'y. Friday,
Oct. 20. Oct. 22. Oct. 23. Oct. 24. Oct. 25. Oct. 26. Week.
which was due to open about 20 points higher, really advanced 50 points at once and later 80 points in all. Before October
29.75400 29.50-.90 29.95435 30.00-.50 30.74-130---29.50-130
Range
December was reached in the course of the opening call, a
29.75-.85 29.80-.85 30.35 -30.50
Closing
few minutes later, the mistake was corrected. Instead of November
Range
being 6,000,000 bales, it proved to be 0,400,578 bales, or about
29.72 -29.75 -30.23 -30.15 -30.63 -30.75 - - Closing
as expected, against 6,978,000 bales up to the same time last December
29.60-.82 29.32-.80 29.84425 29.95437 30.08-.68 30.61405 29.32405
year, 5,497,000 in 1921, 5,754,000 in 1920, 4,929,000 in 1919
Range
29.60-.65 29.60-.80 30.17-.22 30.10-.15 30.58-.65 30.67-.69-- Closing
and 6,811,000 in 1918. The ginning in the Carolinas and January
Texas looked relatively large. Some take the report as a
29.13-.35 28.87-134 29.40-83 29.48-.90 29.58409 30.05,43 28.87-139
Range
29.13-.15 29.26-.34 29.80-83 29.60-.65 30.00-.05 30.03-.08- - closing
whole as the forerunner of a bullish crop estimate on Nov. 2, February
although it is not conclusive evidence to that effect. Nobody
Range
29.40 -29.60
29.40-.60
Closing__-- 29.19 -29.30 -29.83 -29.65 -30.01 -30.06 -- knows what percentage of the crop has been ginner. That
March
November report is now awaited with a good deal of interest,
29.25-.48 28.98438 29.48-.88 29.55-.95 29.65412 30.06-47 28.98447
Range
29.25-.28 29.32-.38 29.85-.88 29.70-.73 30.01,03 30.08-.10- -- Closing
and it must be added, with a certain apprehension. For it is
an experiment. Only once before has the Government April
Range
awing
29.30 -29.40 -29.88 -29.72 -30.08 -30.06 - -issued a crop report in November, and then at the direction
of Congress, but apparently the November report is to be a May
29.33-.55 29.05-.50 29.57-.98 29.66404 29.72420 30.05-.48 29.05448
Range
29.35-40 29.46-.50 29.91-.95 29.75480 30.15 -30.05-.10- regular feature hereafter, and certainly if the Agricultural
Closing
Department has the information at hand it ought to be made June
29.63 Range
29.63
available to the public. Meanwhile the weather, as already
Closing ___ 29.07 -29.05 -29.60 -29.50 -29.78 -29.68 - -Intimated, has been menacing. Many reports say that there July
;
28.78-100 28.52-.95 29.03-.46 29.11-.50 29.15-.64 29.43-.93 28.52492
Range
will be little or no top crop. Heavy frosts amounting to
closing
28.84-.85 28.83-.95 29.38-.42 29.25-.27 29.58-.60 29.43-.50- freezing In some sections seemed to make any important top August
27.60 27.60
Range
crop out of the question. At any rate that is the view of not
Closing.__- 27.53 -27.85 -28.20 -27.80 -28.35 -28.30 - -a few persons in the trade. On the 23d inst. temperatures September
26.62-.70 26.50 -26.55 -27.05 -26.75-e50 27.13-.60 26.50-e6C
Range
were reported of as low as 29 degrees in Arkansas and Lou26.62 -26.70 -27.05 -26.75 -27.50 -27.15 - -Closing
isiana and 30 degrees in Misi issippi. There have been pril
/30. 129. 131. e27.
On Shipboard. Not Cleared for
Leaving
Stock.
1904
THE CHRONICLE
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks, as
well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
Oct. 26Stock 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
Total Continental stocks
1923.
bales 373.000
2000.
25,000
1922.
621.000
4,000
45,000
1921.
763.000
1,000
56,000
1920.
804.000
12.000
69,000
400.000
14,000
hl 000
70AV
4,000
62,000
2,000
2.000
1.000
670.000
4.000
102,000
131,000
7,000
61.000
30.000
9,000
1,000
820,000
28.000
314.000
181.000
12.000
85.000
3.000
17.000
885,000
18.000
73.000
118.000
2,000
30.000
32,000
210.000
345,000
640,000
(VoL. 117.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
-We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
1923
since
Oct. 26.
Shipped
Via St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
1922
Since
Aug. 1.
Week. Aug. 1.
91,183
19,470 117,064
30.100
11,640
49,168
76890
4,568
2:465
15.948
42.917
4,697
41,081
104,960
7.691
113,350
Week.
19,410
4,620
413
1,136
3,850
6,920
Total gross overland
36,349
Deduct Shipments
Overland to N. Y. Boston, &c_ _ _
506
Between interior towns
597
Inland, &c.,from South
20.876
274,496
45,900
336,691
7,657
6,308
140,917
2,050
625
15,511
10,428
6,690
106,346
Total to be deducted
273,000
Total European stocks
610.000 1,015.000 1,460.000 1,158.000
India cotton afloat for Europe
87.000
41,000
68,000
88.000
American cottonafloat for Europe 420,090 398.000 527,481 444,048
Egypt,BraziLdsc-aflot for Europe 67,000 101.000
79.000
39,000
Stock in Alexandria. Egypt
204,000 275,000 285.000 125,000
Stock in Bombay. India
286,000 551,000 898.000 960,000
Stock in U. S. ports
742.551 1.090.721 1,551,377 1,120.134
Stock in U. S. interior towns_ _1,060.002 1,280,881 1,380,236 1,217.067
U.S.exports to-day
6.150
39,395
42,813
Total visible supply
3.482.708 4.752.602 6.288.489 5,194,062
Of the above, totals of American and other descriptions are as fellows:
American
Liverpool stock
bales_ 158.000 300,000 414.000 443,000
Manchester stock
17.000
29,000
42.000
59,000
Continental stock
156,000 286,000 565,000 193,000
American afloat for Europe
420,000 398.000 527,481 444,048
U. S. port stocks
742.556 1.090,721 1.551.377 1.120,134
U. S. interior stocks
1.069,0 2 1,280,881 1,380,236 1,217.067
U. S. exports to
-day
6,150
39,395
42,813
Total American
2,559,708 3,384,602 4,519,489 3,519.062
East Indian, Brazil, &c.
Liverpool stock
215.000 321,000 349.000 361,000
London stock
2.000
4.000
1.000
12,000
Manchester stock
8,000
16,000
14,000
10,000
Continental stock
54.000
59,000
75.000
80.000
India afloat for Europe
87.000
68.000
88.000
41.000
Egypt, Brazil, dm., afloat
67,000 101.000
79,000
39.000
Stocic in Alexandria. Egypt
204,000 275.000 285,000 125,000
Stock in Bombay. India
286,000 551,000 898,000 960.000
Total East India, &c
923.000 1,368,000 1,769.000 1.675.000
Total American
2,559,708 3,384,602 4,519.489 3.519.062
Total visible supply
3,482,708
6,288,489 5,194.062
Middling uplands, Liverpool __ _ _ 17.63d. 4,752,602
14.14d. 12.32d. 16.55d.
Middling uplands. New York
31.75c.
22.20e.
19.45c.
23.90c.
Egypt, good sakel. Liverpool
19.656. 19.50d. 26.006. 45.006.
Peruvian, rough good. Liverpool_ 18.75d. 15.006. 16.006. 27.006.
Broach fine. Liverpool
14.50d. 12.256. 11.55d. 13.856.
Thmevelly, good. Liverpool
15.65d. 13.15d. 12.306. 14.35d.
0 Continental imports for past week have been 199,000 bales.
F The above figures for 1923 show at i crease from last week
of 189,462 bales, a loss of 1,269,894 from 1922, a decline of
2,q15,781 bales from 1921 and a falling off of 1,711,354
bales from 1920.
21,979
154,882
18.186
123,464' •
Leaving total net overland *
14.370
119,614
27.714
213,227
*Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 14,370 bales, against 27,714 bales for the
week last year, and that for the season to date the aggregate
net overland exhibits a decrease from a year ago of 93,613
bales.
1923
1922
In Sight and Spinners'
Since
Since
Takings.
Week.
Aug. 1.
Week.
Aug. 1.
Receipts at ports to Oct. 26
277.177 2,318.866 297,539 2,070,922
Net overland to Oct. 26
14,370
119.614
18.186
203,699
Southern consumption to Oct.26. 69,000 1.042,000
76.000 1,049,000 .
Total marketed
360.547 3,480,480 391,725 3,323,621
Interior stocks in excess
113.810
789.107
94,068
764,891
Came into sight during week_ -474,357
485,793
Total in sight Oct. 26
4.269,587
4,088,512
Nor,spinners* takings to Oct. 26-- 67,834
405,586
66.325
463,726
Movement into sight in previous years:
Week1921-Oct. 28
1920
-Oct. 29
1919
-Oct. 31
Bales.
Since Aug. 1393,768 1921-Oct. 28
427.390 1920
-Oct. 29
462.861 1919
-Oct. 31
Bales.
3,528,896
2,880,827
2,886,260
QUOTATIONS FOR MIDDLING COTTON AT
OTHER MARKETS.
-Below are the closing quotations for
middling cotton at Southern and other principal cotton
markets for each day of the week:
Week ending
Oct. 26.
Galveston
New Orleans_ _ _
Mobile
Savannah
Norfolk
Baltimore
Augusta
Memphis
Houston
Little Rock_ _ _ _
Dallas
Fort Worth_ _ _ _
Closing Quotations for Middling Cotton on
Saturday. Monday, Tuesday Wed'day. Thursd'y. Friday,
29.65
29.88
29.13
29.29
29.13
29.25
29.75
29.60
29.75
29.05
29.80
29.88
29.25
29.45
29.25
29.75
29.38
29.75
29.65
29.50
29.20
29.15
30.20
30.25
29.50
29.79
29.65
29.75
29.75
30.25
29.95
30.00
29.60
29.60
30.00
30.25
29.63
29.53
29.63
30.00
29.75
30.25
29.85
30.00
29.50
29.60
30.40
30.25
30.00
30.00
30.00
30.25
30.13
30.75
30.25
30.25
30.05
30.05
30.40
30.50
30.13
29.94
30.00
30.50
30.00
30.75
30.25
30.38
30.10
30.05
AT THE INTERIOR TOWNS the movement
-that is,
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
NEW ORLEANS CONTRACT MARKET.
-The closing
corresponding periods of the previous year-is set out in
quotations for leading contracts in the New Orleans cotton
detail below:
market for the past week have been as follows:
Movement to Oct. 26 1923.
rowss.
Movement to Oct. 27 1922.
Receipts.
Ship- Stocks
Ship- Stocks
Receipts.
mews. Oa.
ments
Dc'.
Week. Season. Week. 26.
Week. Season. Week. 27.
Ala..Birming'm 2,892
8,322 1,603 4,610 2,949 20,16' 2,263 8,789
Eufaula
400
2.549
301 1,273
2 a
2,890
501 2,013
Montgomery. 3,162 30,285 2.76: 17.755
3,314 38,84• 3,354 20,627
Selma
2,852 19,874 1,720 11,271 3,313 41.51! 3.911 10,607
Ark., Helena
544
4,431 1,067 8.747 2,661
17,342 1.157 16.073
Little Rock
9,611
38,82f 5,041 32.044 15.536 94,566 9.165 63,397
Pine Bluff.__ 5,475
14,635 2,3:1 26.688 15,88
41,104 5,2611 51,056
Oa., Albany
133
1,630
43 2,592
13
109 2,829
5,11
Athens
3.000
7.442 1.1,1 15,790 1,871
11,692 1,5711 17.681
Atlanta
11,470 35,348 4,94 23,748 22.2 I
95.654 8,1691 53.249
12.354 83,774 5,231 46,101 11.47
Augusta
6.678J 66,133
Columbus
5.502 26.779 2,26' 18,829 5,52. 105,08
5,178 13.570
46,88
Macon
1,845
7,740 1,087 6,908 3,271
23,232 2,0621 15.365
2,575
Rome
9.683 2,456 2.895 1,712
17,132 1.3501 7,322
La., Shreveport 10.000 53,000 7,1'1 1 28.000 6.211
;
4.
26,000
43,11'
Mlss..Columbus 1,500
6,752
50
5,158 1,476
14,218 1,264 8,111
Clarkstiale
6,312 42.296 2,392 42,292
431 33,255
66,35
Greenwood- - 18,000 58.116 2,000 47.407 6,017 63.84
7,918
3.830j 55,496
1,458
Mer1dian
9,014
940 6,991 2.26: 23,283 1,152 12,232
Natchez
2,350 14.255 1,956 11,243 2,14
18,879 1.4661 10,526
Vicksburg.
4.606
832
210 6,233 2,065
11,35
9411 9.602
Yazoo City- 1,263
9,544
821 12,104 3,05
17,391
8761 17,554
Mo.,St. Lou1s- 20,213 92,509 19.418 4,030 19,471 117.054 19,0071 11.317
N.C.,Gre'nsboro 3,580 11,234 1 545 8,913 4,565
. 1
19,284 2,9801 14,211
Raleigh
927
4,629
900
408
68
3,691
397
6501
Okla., Altus
2,044
15,128
5791 9,939
3,362.... 4,040
Ch1ckasha
2,299 11,612 1,26
6,771 5,44.
5,36 13,858
36,16
Oklahoma
___
1,974___ 1.725 7,847 29,314 3,13 21,044
9.C..Greenville 4,6451 23.276 3,04 14,245
10,151
55.182 4,008 41,041
Greenwood_ _
921
4,926
2421 9,962
324
2171 10,511
4,17
Tenn.,Memphis 34,979 169.287
23.5951 99,644 54,05 265,651 39,094146,091
___
Nashville_
_-__
299
_..
226
Texas, Abilene- 5,458 31,652 6,071 2,336 4,81. 28,299 4,880 3,537
Brenham
625 19,809
600 5,907
82
14,865
833 4,202
2.464 25,826 2,3591 3,470 2,liu
Austin
27.70
2,460
900
4.794 53,096 4.907 15.712 3,90
Dallas
2,805 20,275
31.4
Houston-- .. _ 179.033 1,873,008134,131468,999 164.754 1,449,40 150.152407.296
5.823 49,285 5,327 12.869 6.264
Paris
49,98
3,973 9,990
San Arg01110_ 5,000 41,589 5,000 10.000 2,1s'
32,88
1,500 3,779
Fort Worth_ 3,853 45,792 3,496 6,393 4,29
36,37. 5.726, 16.496
r....I AA maro42140 1882.963.533260 19a Marlow,.119 ',cm *I non 124/ gid R01
19505111
The above total shows that the interior stocks have increased during the week 113,810 bales and are to-night 220,879
bales less than at the same time last year. The receipts at
all towns have been 32,567 bales less than the same week
last year.
Saturday,
Oct. 20.
Monday,
Oa.22.
Tuesday, Wednesday, Thursday, Friday,
Oct. 23. Oct. 24. Oct. 25. Oct. 26.
October..._ 29.45 bid 29.65 -30.1529.95-30.03
November
December 29.20-29.24 29.26-29.30 29.80-29.88 29.67-29.72 30.09-30.12 30.16-30.19
January _ _ 29.07-29.09 29.15-29.17 29.68-29.73 29.52-29.59 29.96-30.00
29.99-30.00
February March _ 29.05-29.08 29.16-29.18 29.66-29.70 29.48-29.52 29.85-29.89 29.88-29.90
April
May
28.88-28.96 28.60-28.6129.52-29.58 29.40-29.42 29.72-29.75 29.75-29.77
June
July
29.53
29.12-29.15 29.0029.30-29.33 29.27August -September
Tone
Spot
Steady
Steady
Steady
Steady
Steady
Steady
Options _ Very st'cly Very st'cly Very only Steady Very st'dy Barely
CENSUS BUREAU REPORT ON COTTON GINNING
TO OCT. 18.
-The Census Bureau issued on Oct. 25 its
report on the amount of cotton ginned up to Oct. 18 from
the growth of 1923 as follows, round bales counted as half
bales and excluding linters, comparison being made with the
returns for the like periods of 1922 and 1921:
StaleAlabama
Arizona
Arkansas
California
Florida
Georgia
Louisiana
Mississippi
Missouri
North Carolina
Oklahoma
South Carolina
Tennessee
Texas
Virginia
All other
1923.
398.846
22,242
304,531
11,574
9.989
414.119
246.882
351,510
34,419
563,717
213.459
507.909
85,806
3,214.900
14.014
6.662
1922.
610,152
10,258
651.568
4,732
20,296
569,020
275,852
695,608
63,043
443,870
439.824
336,260
203.804
2,641,318
7,936
4,780
1921.
427,023
8,679
467.958
3,922
8,187
636,830
194,083
510,675
40.462
433,257
352,493
493.206
159,997
1,738,558.
7,520
3,614
United States
6,400,579
6,978,321
5.497,364
The statistics in this report Include 173.994 round bales for 1923,
for 1922 and 98.460 for 1921. Included In the above are 8.745 124,869
bales of
American Egyptian for 1923. 8.745 for 1922 and 7,250 for 1921.
The
number of Sea Island bales included is 260 for 1923, 2.525 for
1922 and
1,339 for 1921.
The statistics for 1923 In this report are subject to slight
corrections
when checked against the Individual returns of the ginners being
mitted by mall. The corrected statistics of the quantity of cotton transginned
this season prior to Sept. 25 are 3,235.974 bales.
OCT.271923.1
1905
THE CHRONICLE
CENSUS REPORT ON COTTON SPINNING IN SEPTEMBER.
-This report, complete, will be found in an earlier
part of our paper, in the department headed "Indications
of Business Activity."
-Reports to
WEATHER REPORTS BY TELEGRAPH.
us by telegraph from the South this evening indicate that
generally the weather has been unseasonably cool and in the
north central and northwestern portions of the belt there
has been frost. As a rule there has been very little rainfall.
-The cotton top crop is rather poor generally, but
Texas.
picking is making very good progress. There has been light
frost in scattered localities but the damage is unknown.
Mobile.
-The weather has been very cool and dry and
cotton p'eking is completed. Ginning,' have been moderate
and not much of the crop is left to be ginned.
.
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1923 are 3,108,580 bales;
in 1922 were 2,846,009 bales, and in 1921 were 2,315,950
bales. (2) That although the receipts at the outportd the
past week were 277,177 bal•ls, the actual movement from
Plantations was 390.987 bales, stocks at interior towns having
increased 113,810 bales during the week. Last year receipts
frcm the plantations for the week were 391,607 bales and
for 1921 they were 285,138 bales.
INDIA COTTON MOVEMENT FROM ALL PORTS.
1922.
1921.
Since
Week.lAug. 1.
sines
Week.I Aug. 1.
1923.
Oct. 25.
Receipts at- '
Week.
Since
Aug. 1.
6.000
Bombay
112,000
2.000
124,000 30.000 416.000
Rain. Rainfall.
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
1 day 0.36 in.
1 day 0.11 in.
2 days 0.09 in.
1 day 0.11 in.
dry
dry
dry
1 day 0.30 in.
1 day 0.33 in.
dry
dry
1 day 0.42 in.
1 day 0.55 in.
1 day 0.19 in.
1 day 0.32 in.
dry
1 day 0.39 in.
1 day 0.06 in.
1 day 0.02 in.
0.20 in.
1 day 0.70 in.
1 day 0.04 in.
2 days 0.95 in.
2 days 0.44 in.
1 day 0.41 in.
2 days 0.22 in.
3 days 0.77 in.
2 days 0.66 in.
3 days 2.30 in.
3 days 0.66 in.
4 days 2.21 in.
4 days 1.47 in.
1 day 0.10 In.
1 day 0.01 in.
Thermometer
Since August 1.
For the Week.
high 74 low 56 mean 65
high 70 low 40 mean 55
Corsa- Japan &
Great
Great Conti- J004n.tI
Exports.
high 72 low 41 mean 57
Total.
China.
Britain. sent. China. Total. Britain. nest.
high 80 low 54 mean 67
mean 67
high 78 low 56
•
Bombay
high 71 low 42 mean 57
77.000 221,000
113.11
__ 13.001 31.II
1923
7.''' 6,410
high 69 low 40 mean 55
.111 7.000 20
79. I t 193.500 285.000
.000 28.000 12.015
1922
high 73 low 33 mean 53
,1 o 1 4,111 38.0001 44.000
6 t 1 • 116, ii 392,000 514.000
1921
high 75 low 37 mean 56
high 70 low 39 mean 55 Other Ind 51.000
43,11
5.tos
5.1 I
8, ii
1923
high 74 low 43 mean 59
54.550
49,5 I
.5.00
--__ 1.111
.1 1
1922
high 74 low 31 mean 52
24,000
2.''' 22 ii
2.'''I3.000
1,
1921
high 70 low 38 mean 54
high 71 low 36 mean 54
...._ 18,000 39.001 151,005 77.000 272.000
7.000 11 ell
1923
high 74 low 48 mean 56
1.000 8.1 1 1 20.0001 29.000 17.000 129.051 193.5001 339.550
1922
low 44
6.000 38.000 47.000
8,001 157, 'S 409,0001 574,000
3,000
1921
high 69 low 38 mean 54
high 69 low 88 mean 54
According to the foregoing, Bombay appears to show an
high 72 low 38 mean 55
high 69 low 32 mean 51 ir crease compared with last year in the week's receipts of
high 66 low 43 mean 55
Exports from all India ports record a decrease
high 77 low 31 mean 54 4,000 bales.
high 69 low 33 mean 51 of 11,000 bales during the week, and since Aug. 1 show a
high 65 low 36 mean 51 decrease of 67,550 bales.
high 70 low 33 mean 52
high 78 low 36 mean 57
-We
ALEXANDRIA RECEIPTS AND SHIPMENTS.
high 75 low 32 mean 54
mean 61
weekly cable of the movements of cotton at
high 71 low 39 mean 55 now receive a
high 79 low 34 mean 57 Alexandria, Egypt. The following are the receipts and
high 76 low 34 mean 55 shipments for the past week and for the corresponding week
high 70 low 30 mean 50
high 70 low 37 mean 54 of the previous two years.
high 72 low 41 mean 57
high 75 low 34 mean 55
1921.
1922.
1923.
Alexandria, Egypt,
high 80 low 44 mean 62
October 24.
high 66 low 35 mean 49
high 85 low 39 mean 62
(cantarS)
high 78 low 42 mean 60 Receiptsweek
350.000
350.000
350,000
This
high 82 low 42 mean 62
1.505,129
1.458.412
1,527,641
Since Aug. 1
high 74 low 35 mean 55
high 79 low 39 mean 59
Since
Since
Since
high 85 low 36 mean 61
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
high 81 low 44 mean 63 Exports (bales)
high 73 low 38 mean 56
6.000 30,052 5.000 24,815 6.750 41.041
low 42
To Liverpool
29.002
29,031
8.000 32.912
high 84 low 36 mean 60
To Manchester, &c
high 77 low 44 mean 56
To Continent and India_ 16.000 72.081 15,500 55.692 5.900 54.997
200 18.558 1,500 37.926
8.669
high 75 low 40 mean 58
To America
high 79 low 40 mean 59
30.000143.714 20.700 128,096 14,150 162.966
high 70 low 40 mean 55
Total exports
high 65 low 37 mean 51
-A canter is 99 lbs. Egyptian ba es weigh about 750 lbs.
Nate.
the week ending Oct. 24 were
This statement shows
TAKINGS OF COTTON.
- 380,000 canters and thethat the recaipts for30,000 bales.
foreign shipments
Galveston. Tex
Abilene
Brenham
Brownsville
Corpus Christi
Dallas
Henrietta
Kerrville
Lampasas
Longview
Luling
Nacogdoches
Palestine
Paris
San Antonio
Taylor
Weatherford
• Ardmore. Okla
Altus
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
Selina
Gainesville, Fla
Madison
Savannah
Athens
Augusta
Columbus
Charleston, S. C
Greenwood
Columbia
Conway
Charlotte, N.0
Newborn
Weldon
Dyersburg, Tenn
Memphis
WORLD'S SUPPLY AND
The following brief but comprehensive statement indicates
-Our report received by
MANCHESTER MARKET.
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 cable to-night from Manchester states that the market in
which statistics are obtainable; also the takings, or amounts both cloths and yarns is steady. Demand for both yarn
gone out of sight, for the like period.
and cloth is improving. We give prices to-day below and
leave those for previous weeks of this and last year for
Cotton Takings.
1922.
1923.
comparison:
Week and Season.
Week.
Season.
Week.
Season.
1921-22.
1923-23.
Total supply
Deduct
Visible supply Oct. 26
3.853.603 6,819,658 5,042,267 8,380.312
3,482.708 3.482,708 4,752.602 4,752,602
370.895 3.336.950 289,665 3,627.710
Total takings to Oct. 26-a
309.895 3.545.550 208,665 2.664,160
Of which American
791.400
81,000
61.000
963,550
Of which other
•Embraces receipts in Europe from Brazil. Smyrna, West Indies, &c.
consumption by Southern mills.
a This total embraces the tote estimated
1.042,000 bales in 1923 and 1.049,000 bales in 1922-takings not being
available-and the aggregate amounts taken by Northern and foreign
spinners, 2.294.950 bake in 1923 and 2,578,710 in 1922, of which 1,503,01
bales and 1,615.160 bales American. b Estimated.
-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.
Weal I
Sadie
Receipts at Porn.
1923. I 1922.
1921.
Aug
Stocks at Interior Towns.
1923.
1922. I 1921.
Receivefrom Plantations
1923. I 1922. I 1921.
27.086 32.031 86.944 270.233 355.15911,099.238 19.528____ 56.951
10-- 29.7201 24.012 74.894 2114.913 345.72611.074,165 24.4001 14.5791 49.821
17_ 46.0801 33.716 84.050 268.226 341,5191,048.597 51.252 29.5091 58.482
o
96.2iso
82,7581 44,317 91.711 301.781 351.0791.0134473 97,312 53.877 58.587
77.235
81__ 142.59 91,625105.024 331,947 355,704 987.684 171.762
Sept.
7-- 140.13 95.017107.847 877.401 416.161 987,030 191.584 155,474 107.193
14__ 170,2721163,102 142.000 442.507 471.529 983.869235.378218.47 138.839
21__ 256.747205,40)018.787 519.567 600.540 1.037.994 334.807 334.415222.912
288.759 253.298 205.490 577.954 743,160 1.147.941 347.146 305.164 315.437
Oct.
5.. 329,949 275,188258.74 670 922 897.611 1.225.3351422.917380.561 336,134
12_1273 012 250.s81275.129 811.08 1,067,545 1,301,337413,218420.815351,131
l9_1287.213 326.020 269.084 911.1921,1811.813 1.312.699422,317 445,288280,446
16._ 277,177 297.530217.599 1.060.012 1.280.881 1,380.236 390,987391.007285,138
814 lbs. Shirt- Cots
ing., Common Mid.
to Finest.
UnCt
au cop
Tootg.
.
1111. d
10 2044
17 2044
24 2044
31 Pox
Sept.
7 2144
14 2244
21 24
28 24
Oct.
5 2234
12 22,4
19 23
26 24
a.
34 21
34 2114
34 21)4
e 21%
s. d.
16 1
16 1
16 0
16 0
324 Cop
Twist.
844 lb*. Skirl- Cogs
tags. Cowen Mid.
UpT.
to Finest.
6. 9. d.
204 15 3
1942 15 2
31)2 15 4
21 160
a. d. d. d.
®16 2 14.57 1844
©18 5 15.61 1844
016 4 15.19 19%
e16 4 14.93 20
'.4. a.
016 1 12.45
3416 0 13.25
016 2 12.60
4016 5 13.70
016 2
©16 2
016 2
016 2
34 21)4 16 2 feui 6
23 16 5 ©17 2
34 2512 16 5 @171
17 2
34 25)2 16 5
15.87 1944
16.8920
17.95 19Is
18.91 19)4
21 15 6
21 15 4
2112 15 4
20)4 15 4
oo 2434
34 24
2431
34 2494
16.64 19 0
16.50 1934
17.04 200
17.63 2014
2014 15 4 016 0
2044 15 4 ®16 o
2194 16 0 3416 4
213416 3 4817 0
6
16 5
17 2
165 ®17 0
16 5 017 2
16 7 017 3
0
Visible supply Oct. 19
4,479.474
3,293,246
2,024,671
Visible supply Aug. 1
3,760,450
American in sight to Oct. 26._ _ 474.357 4,269.587 485.793 4,088.512
112,000
6,000
2,000
Bombay receipts to Oct. 25.- __
124.000
51.000
1.000
5,000
Other India shipm'ts to Oct. 25_
54.550
306.400
70.000
70.000
293.800
Alexandria receipts to Oct. 24_ _
56.000
5,000
4.000
Other supply to Oct. 24_ *_b_ ___
59.000
12.84
13.32
12.83
12.23
12 37
13.15
13.30
14.14 •
-Shipments in detail:
SHIPPING NEWS.
Bales.
-To Liverpool
-Oct. 19--Caronia. 656: Oct. 19NEW YORK
3,548
Winifredian, 2,892
200
To Rotterdam-Oct. 19-Elmsport, 200
-Conde
-West Cawthon, 699: Oct. 19
To Genoa-Oct. 19
2,024
Verde. 1,325
400
To Havre-Oct.23
-Paris,400
60
To Antwerp-Oct.23-Samland.60
-Oct.24
To Piraeus
-Corson,50
50
To Bremen-Oct. 22
2,496
Roosevelt. 2.496
-President
GALVESTON-To Japan-Oct. 20
-Etna Maru,3,500: Oct. 23
To Venice2
-oct. 20-Jolee, 1.750
To Trieste-Oct. 20
-Robe, 2,200
To China
-Oct. 23
-Hanover, 1.750
To Bremen-Oct. 24-Afel. 10.420
To Danzig-Oct.24-Afel,700
To Oporto-Oct. 24-Carden's., 2,825
To Lisbon-Oct. 24-Cardonia, 200
To Parsages-Oct. 24-Cardonla, 200
NEW ORLEANS
-To Liverpool-Oct. 16-Novian, 3,193
To Manchester
-Oct. 16-Novian, 200
To Havre-Oct. 21-Carplaka, 1.374
To Ghent
-Oct. 21--Carplaka, 100
To Oporto-Oct. 20 Cardonla. 200
To Ireus-Oct. 22-Higho, 300
To Venice-Oct. 22-Higho, 385
To Trieste-Oct. 22-Higho, 200
To Rotterdam-Oct. 23 Spaarndam. 300
To Porto Rico-Oct. 25
-Manta,200
To Japan-Oct.24
-Ethan Allen. 2,500
1.750
2.200
1.750
10,420
700
2.825
200
200
3.193
200
1,374
100
200
300
385
200
300
200
K2.600
1906
THE CHRONICLE
[vol.. 117.
750,000 bbls. of wheat flour were really bought in September
for export during the next 60 days or so.
Winnipeg reported that the flour situation there showed
little change. Domestic sales were only fair, but there were
sufficient orders for export account to keep the mills running full time. The "Northwestern Miller" reports that the
head of the largest milling company in Japan stated during
a recent visit to Minneapolis that four of the flour making
plants in Tokio and vicinity were destroyed by the Japanese
earthquake and fire, the combined capacity being about
5,000 bbls.
Wheat advanced in the teeth of declining foreign exchange, the crisis in Germany, the weakness in corn and the
continued dulness of export trade. It is true that the visible
supply in the United States increased only 689,000 bushels,
against 1,747,000 in the same week last year, but the total is
66,529,000 bushels against 35,158,000 a year ago and stocks in
Canada increased 4,170,000 for the same week. World's exports were large, amounting to no less than 16,137,000 bushels, and stocks afloat gained about 5,000,000 bushels. The
Fw COTTON FREIGHTS.-Current rates for cotton from world's shipments included 1,244,000 bushels from Russia
New York, as furnished by Lambert & Burrows, Inc., are and 760,000 from the Danube, and it was said that Russian
as follows, quotations being in cents per pound:
grain for export will now be free; that the tax has been reHigh
StandHigh Stand'High Standmoved. All this is certainly suggestive. But Washington
Density. an!.
Density. ard.
Density. ant
advices seemed to suggest that the Government might do
Liverpool -.300.
40c. Stockholm _.50c. .65c. Bombay_ _ ..50c. .650.
Manchester .30c. .40c. Trieste_ _ _ _ .45c. .60c. Vladivostok ____ _ _ __
something for the farmer. And cold weather prevailed in
Antwerp-- -.22%c. .3534c. Flume
450. .60c. Gothenburg.50c. .65c.
Argentina where the wheat crop is at a critical stage of deGhent----- __ __
____ Lisbon
500. .650. Bremen
250. .40c.
Havre
223ic. .37340. Oporto
750. .90c. Hamburg....250. .400.
velopment. Lincoln, Neb., wired that agents of the Western
Rotterdam_.223ic. .373ic. Barcelona__ 40c. .55c. Piraeus
60c. .750.
Wheat Growers' Association are actively at work signing up
Gi noa
35e. .35c. Japan
454. .60c. Salonica--.600. .75c.
Christiania_ .373.40. .60c. Shanghai_ -45c. .60c.
producers on contracts to market through it next year. They
LIVERPOOL.
-By cable from Liverpool we have the fol- report that in the western part of the State 70% of the farmlowing statement of the week's sales, stocks, &c., at that port: ers have already signed. While they have no data which
Oct. . Oct. 19. Oct.26. they consider reliable enough to base a statement upon, their
Sales of the week
29,606
29,0N
28,000
40.000 impression is that the movement to
Of which American
reduce wheat acreage
9,000
12,000
12,000
14,000
Actual export
2,000
1,000
2,000
4,000 15% has failed. Meanwhile North American statistics and
Forwarded
49,000
55,000
51.000
56.000 Europe's indifference militate against American trade. ExTotal stock
270,000 331.000 339,000 373,000
Of which American
61,000 119,000 125,000 158,000 port sales on the 23d were only 350,000 bushels and two
Total imports
34,000
91,000 110.000 steamers were chartered, one from the Atlantic
84,000
range to ,
Of which American
21,000
60.000
74.000
81,000
Amaunt afloat
307,000 253,000 266,000 202,000 Antwerp and Rotterdam for prompt loading and one from
Of which American
230,000 163,000 187.000 '131,000 Montreal to Havre for November shipment, but most of
the
The tone of the Liverpool market for spots and futures business was believed to be against old engagements
. Beeach day of the past week and the daily closing prices of sides, it was small. There was renewed talk from time to
spot cotton have been as follows:
time to the effect that the Government might do something
for the farmer in the shape of an increased tariff or a reSpot.
Saturday. Monday. Tuesday. Wednesday. Thursday. 'may
.
duction in rail freights. But many are skeptical. Some
Market, f
leading Chicago houses were buying on the 23d inst. and
12:15 i
Dull.
Quiet,
Quiet,
A fair
Good
More
P. M. (
business
there were reports of a shortage of choice milling wheat
demand, demand.
doing.
east of the Rocky Mountains. Also, the September exports
Mid .1.1p1'
17.62
17.42
17.43
17.52
17.59
of wheat from the United States turn out to have been larger
17.63
Sales
2,000
5,000
5,000
8,000
7,000
than had been suspected. It is said that non-European coun8,000
Futures. i
Steady at Steady at Firm at Steady at
tries, China and Japan in particular, will need 24,000,000
Firm
Market t
Firm.
1 to 18 11 to 22
1 to 9
8 to 15 26 to 35pts. bushels more wheat this season than
opened
t
has been expected.
pts. dec. pts. adv. pte. adv. pts. adv. advance.
United States vessel owners, it appears, may co-operate in
Market, f Very st•dy, St'dy, un- Firm at Barely st'y Steady at
Strong
handling Canadian wheat on the Great Lakes. Prices
le . 4
1 33 to 50
20
1
10
PP M. I nte. Adv. changed to nth to 36 nth to 7 nth to 14 37 to 48Pta. advanced
.
IA ntx ape
nith
,
A......
nilv
for a time and then reacted on realizing. There
ntivnneP.
Prices of futures at Liverpool for each day are given below' has been talk about the proposition to sell Germany 50,000,000 bushels on credit for two years or longer. It is scouted
by many. There were rumors of frost in Argentina even if
Sat.
Mon.
Thee.
Wed.
Thurs.
Fri.
Oct. 20
to
1234 1234 1234 4: 1234 4: 1234 4:0 1234 4:001 1234 4:00 they were not confirmed. Buenos Aires declined M to 1
,6c.
Oct. 26.
p.m. p. m. p.m. p.m.p.m.p.m.p.m.p.m. p
.m.P. m P...m.P. m. from the opening on Thursday. Liverpool was Yid. lower.
The upshot was that prices here ended at a slight decline
October
.17.3817.22 17.21 17.33 17.41 17.49 17.39 17.52 17.51
November --------17.0116.8316.8216.96 17.02 17.0917.o0. 17.14 17.78 17.97 for the day. For the week, however, they show
17.62
a rise of
December --------16.8816.7316.7216.8916.9 17.0216.93 17.07 17.04 17 49 17.50 1 to 2
17.37
/
1
4c.
_ 16.7416.83 16.62 16.81 16.85 16.94,16.84 16.99 16.96 17.29 17.42
January
February
__ __16.6 16.50 16.48 16.68 16.73 16.82116.72 16.85i16.84 17.15117.27
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
March
__ __ 16.48 16.40 6.38
HOUSTON-To Jap-m-Oct. 20
-Hanover. 500
500
To China-Oct. 26
-Hanover. 500
500
I, To Bremen
-Oct. 24
-Werra, 10,304
10,304
To•Venice-Oct, 25-Joiee, 2,350
2,350
To Trieste-Oct. 25-Jolee, 425
425
To Genoa-Oct. 25
-Dora Baltea. 5,375
5.375
To Antwerp-Oct. 25-Middleham Castle, 100
100
To Ghent
-Oct. 25-Middleham Castle, 1,850
1,850
'CHARLESTON-To Bremen-Oct. 20-Magmeric, 2,750
2,750
To Hamburg
-Oct. 20-Magmeric, 3,143
3,143
To Liverpool
-Oct. 22-Sacandaga, 6,000
6,000
To Manchester
-Oct. 22-Sacandaga. 499
499
GULFPORT-To Liverpool
-Oct. 24-Coahoma County. 243
243
To Manchester
-Oct.24-Coahoma County,866
866
NORFOLK
-To Rotterdam-Oct. 22-Beemsterdijk, 100
100
To Manchester-Oct. 25
-West Islets,. 3.538; Oct. 26
-Manchester Port, 400
3,938
To Liverpool
-Oct.26
-West Cohas, 5,750
5,750
PORT TOWNSEND-To Canada-Oct. 15
-Fulton, 71
71
-President Madison. 725; Oct. 18-Tokiwa
To Japan-Oct. 16
Maru, 2.475; Oct. 22
-West Cadron, 1,400
4.600
-President Madison,800
To China-Oct. 16
800
-To Japan-Oct. 18
SAN FRANCISCO
-President Lincoln,
-Siberia Marti, 3.952
2,500; Oct. 22
6.452
-President Lincoln, 800
To China-Oct. 18
800
SAVANNAH
-Oct. 20-Hupteroe, 1,400
-To Bremen
1.400
-Oct. 20-Hupteroe, 120
To Hamburg
120
101.511
16.58 16.63 16.72116.62 16.74 16.73 17.05117.16
April
......, 18.3 16.28 16.25 16.46 16.51 16.59,16.49 16.6016.59 16.92117.01
'May
16.18 16.15 16.37 16.42 16.5016.39 16. 16.49 16.81116.90
_ 18.06 16.02 15.99 16.21 16.27 16.3 1'46.22 16.33116.33 16.65116.73
June
,
July
__15.86 15.85 15.82 16.04 16.10 16.17,16.05 16.1 16.17 16.
48116.55
August
15.38 15.35 15.32 15.5415.88 15.89 15.8115.7 15.71 16.00,16.09
'September --------14.6214.5914.6214.8314.9214.96114.9014.95115.01 15.27115.38
B RE ADSTUF FS
Friday Night, Oct. 26 1923.
Flour was for a time barely steady here and at Minneapolis last week fell 20c. Trade here has been fair at times;
.at others quiet. It has not been satisfactory, that is plain.
The idea of many is that it will get worse before it is better.
'Changes in the method of doing business here in the last few
years count for something. Buyers, it would seem, do not
stock up as they used to. Certainly for a long period they
have pursued a policy of buying from hand to mouth. Besides, some of the mills have at times of late been eager to
sell. Buyers have been quite as eager to buy as cheaply as
possible. Stocks here and at the other Atlantic markets are
not large enough to be of themselves a menace to prices.
But neither are they scanty. Buyers can always purchase
with little or no difficulty. Prices have been irregular and
at times rather weak, though some mills making popular
^brands have been more firm than others in maintaining their
quotations. On the whole the drift has been in buyers' favor, though closing steadier. Some export demand prevailed, but so far as reported not much new export business
has been done in wheat flour. About 1,000 tons of rye flour
were sold for November shipment to Riga and Reval. Meanwhile there are reports that particulars of export business
In wheat flour are being suppressed, presumably at the instance of exporters who do not wish it known that they are
buying and thus spoil their buying chances. That would be
no new thing in the export trade in various commodities;
such tactics are old. It is intimated that not very far from
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 red, f. o. b
cts_121
121
121
12434 12434 124
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery in elevator_cts_105$ 10534 105
106
107g 106
May delivery in elevator
110
11034 110
111
111
111
July delivery in elevator
107
107
107
10734 108
107
Indian corn has declined with nearly perfect weather for
curing or drying the crop, somewhat larger offerings of new
corn and apprehension of still larger offerings shortly under
the spur of current high prices. It is suggested that the
crop may be rushed to market earlier than usual to take
advantage of the high premiums ruling. Besides, the demand from feeders has fallen off, owing to the recent big
advance and the fact that other grain is being used. They
are, at any rate, holding aloof from the old crop and awaiting the new. Rye and barley are being used instead of corn
to some extent. The American visible supply of corn decreased last week 53,600 bushels, against 583,000 last year.
The total is now only 987,000 bushels, against 9,158,000 a
year ago. But it is not old-crop statistics which interest
people now so much as the prospective crop which is on the
eve of being marketed and, as many believe, with unwonted
rapidity. Twenty cars of new corn arrived at Chicago on
the 25th inst. A sensational drop on the 23d inst. of 5 to 6c.
in cash corn at Chicago and of 4c. in October was due to
large offerings, fine weather, active husking, a lessened feeding demand in favor of rye and barley, decreased buying
by
the industries and heavy liquidation of December, by which
time it is beginning to be believed the supply may be larger
than was at one time expected. To-day prices advanced
early and then reacted, with wheat, partly, however, owing
to reports of larger receipts of new corn at the West,
where
the weather was favorable. Last prices show a decline
for
the week of about 11c.
/
2
DAILY CLOSING PRICES OF CORN IN NEW
YORK.
Sat.
No.2 mixed, all rail
cts_128
Mon. Tues, Wed. Thurs. Fri.
12634 12234 11934 11934 11934
1907
THE CHRONICLE
OCT.27 1923.]
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri
73% 74
December delivery in elevator_cts- 75A 74% 730 72
71% 71
72% 71A 71
70
May delivery in elevator
73A 72
71
71'7s 71% 72
July delivery in elevator
New York__
Philadelphia__
Baltlmore____
Wport News_
Norfolk
New Orleans *
Galveston__
Montreal_
Boston
Barley.
Oats.
Corn.
Wheat.
Flour.
Receipts at-
Rye.
Bushels.
Bushels. I Bushels.
Bushels,
Bushels.
Barrels.
124,000 324,000 408,000
106,000
230,000 2,431,000
26,000
3.000
3,000
48,000
612,000
I
83,00
30,000
6,000
2010
45,000
616,000
6,000
1,000
5,
23,000
29,001
53,000
102,000
12,000
620,000 275,000 128,000
95,000 5.133,000
42,'''
264,000
34.00'
33,000
26,000
Oats fluctuated, within a narrow margin early in the
week. A small decline took place. The cash demand was
only moderate. The American visible supply increased last
week 1,934,000 bushels, as against a decrease in the same
week last year of 1,072,000 bushels. Here is a difference
757.000 687,000 809,000
182,000
theoretically against the price of 2,700,000 bushels. But it Total wk. '23 511,000 8,932,000
32.506,00013.649.00031.617.000
had no effect, for the total even after this substantial addi- Since Jan.1'2319,008,000202,564,000 36,237,000
705,000 9,177,000 3,178,000 1,336,000 500,000 1,222,000
tion was only 19,616,000 bushels, against 35,774,000 a year Week 1922
57.144.00014.470.00036,091,000
ago. The decline in corn affected oats to only a very slight Since, Jan 1.2220 12i 000205 041 Con 126 162 000
do
include
degree. That looked significant. The oats crop movement on*Receiptsbills notlading. grain passing through New Orleans for foreign porta
through
of
•
has been fair. The cash business might be a good deal betThe exports from the several seaboard ports for the week
ter. Canadian oats have sold on a small scale for export.
shown in the annexed
Corn prices ruled those for oats later on, and, besides, the ending Saturday, Oct. 20 1923, are
statement:
cash situation weakened. To-day prices advanced, but, like
those for other grain, they receded later. The ending showed
Ryr. Bar ey. Peas.
ExportsfromWheat.
Corn. Flour. Oa s.
very little change for the week. If anything there was a
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels. Bushels.
small fractional advance.
62,877 50,249
New York
140,714
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Fri.
Sat.
Mon. Tues. Wed. Thurs.
52
52 @)52 A 52@53
No. 2 white
53
53
cts_ 53
OATS FUTURES IN 'CHICAGO.
DAILY CLOSING PRICES OF
Sat. Mon. Tiles. Wed. Thurs. Fri.
41
,
December delivery in elevator_cts. 41% 41% 41A 41% 41
444 44A 44
May delivery in elevator
4434 44i 44
43A 43 A 4334
July delivery in elevator
Rye early in the week advanced somewhat, with a larger
feeding consumption at the West, due to the high price of
corn: This in a sense took the edge off an increase in the
American visible supply last week of 543,000 bushels, in contrast with a decrease in the same week last year of 280,000
bushels. It made the total 16,423,000 bushels, against 9,275,000 bushels a year ago. In other words, the statistical position theoretically, at least, is against the price. But if rye
is to benefit by big feeding demand because of the high prices
of cash corn-No. 2 yellow $103 at Chicago, against 70%c.
for rye-theory as to supplies on the one hand and practice
in the matter of consumption on the other, may prove antagonistic in this case as it often does in other cases. It may
mean a noteworthy decrease in the next few months in the
visible supply of rye in this country and at least a partial
closing of the gap at 33c. a bushel between corn and rye. In
any case it will be interesting to watch events in connection
with the big disparity in prices for the two grains. New
features have latterly been lacking. Export business was
very small. Yet there has been little pressure to sell. That
has been an outstanding feature. Holders look at the situation from a new angle, I. e. the dearness of corn, the cheapness of rye and the gradually increasing use of rye as a substitute feed for corn on the farm. To-day prices advanced
at first, but fell back later, with other grain. The net
changes for the week show a rise on most months of % to
1%c.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
en'4
December delivery in elevator_cts_ 6934 693-4 61 34i 69 A 70
)
May delivery in elevator
7274 7234 7” 7334 7334 735%
July delivery in elevator
72% 724 73
7234 73
The following are closing quotations:
Wheat, New York:
No. 2 red, f.o.b
No. 1 Northern
No.2 hard winter, to.b
Corn:
No 2 mixed
No.2 yellow
52;4053
51 %052
77%
7734
7034
.
The statements of the movements of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Flour, I
Corn.
Oats.
Barley.
Rye.
48155.l bush.56l1,s.
bbls.1961b3.lbush. 60 lbs. bush. 56 lbs. bush.32 lbs. bush.
1,818,000 323,000,
628,000 1,909,0
193,000
29,000
98,000 1,210,000 410,000, 251,000
3,138,000
113,000
2,000
107,000 331,000
1,294.000
882,000 269,000
148,000
80,000
84,000
51,000
62,000
35,000
635,000
1,000
2,000
44,000
86,000
59.000
211,00
284,000
95,000
844,000
460,00
50,000
774,000
107,000
3,000
382,000
309,000
36,00
73,000
167,0
553,000
1,645,000
394,0
778,000
744,000
124.000
126,001)
304.000
254,000
338,000
8,000
105,000
4,000
Chicago
Minneapolis_
Duluth _
Milwaukee _
Toledo
Detroit
Indianapolis_
St. Louis_ _ _ _
Peoria
Kansas City_
Omaha
St. Joseph _
Sioux City_
Total wk. '23
Same wk. '22
Same wk. '21,
Since Aug.
1923
1922
1921
Wheat.
420,000 9,574,000
535,000 10,907,000
455,000 10,267,000
7,403,000 1,168,000 671,000
5,247,000 1,110,000 1,575,000
4,802.000 1,045,000 617,000
I
I 4,935,000142,943,000 50.511.000 76,629.000 13,604.00010,354,000
I 6.427.000 155,123.000 79,184.000 62,477,000 12,344,00030.821,000
5.797,000160,749,000 95.860,000 72,245,000 9,342.000 6,627,000
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday Oct. 20 1923 follow:
2,718,678
127,000
363,000
687,000
32,000
2,912,000
10,000
20,000
20,000
1,000
6,000
17,000 31,000
129,000
..-58,000
2,000
8,000
46,000 811,000 205,000
Total week 1923- 6,839,678
27,000 347,714
56,000 873,877 313,249
week 1022
7.465.116 1.702447 2117 553 776420 143362.3 214.083
The destination of these exports for the week and since
July 1 1923 is as below:
Flour.
Exports for Week
and Since
July 1 ta--
Week
Oct.20
1923.
Since
July 1
1923.
Corn.
Wheat.
Week
Oct. 20
1923.
Week
Oct. 20
1923.
Since
July 1
1923.
Since
July 1
1923.
Barrels. Barrels.
Bushels. Bushels. Bushels.
Bushels.
641,026
United Kingdom- 130,045 1,272,062 3,220,131 29,466,504
262,000
145,419 1,961,485 2,619,547 42,032,684
Continent
39,000
202,000
83,000
So.dr Cent. Amer_ 4.000
17,000
380,000
4,000
18,000
269,000
West Indies
39,000
10,000
Brit..No.AM.COls.
6,000
244,000
200,405
Other Countries_ 50,250
Total 1923
.rntsd 1022
27,000 1,367,026
.
247,714 3,785,952 6,839,678 71,949,188
307.558 3.847.271 7.465.116 110.396.848 1,702.447 3.606,820
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ending Friday, Oct. 19, and since July 1 1923 and 1922,
are shown in the following:
Corn.
Wheat.
1923.
Week
Oct. 19.
Sinte
July 1.
1922.
Since
July 1.
1923.
Week
Oct. 19.
Since I
July 1.
1922.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels. I Bushels.
1,550,000, 38.253,000
80,00
North Amer_ 11,220,000110,743,000141,988,000
Russ.515 Dan. 1,974,000 5,798,000 2,879,000 221,000 2,475,000 3,560.000
35,162,000 30,382,000 1,640,00 51,974,000 36,256,000
Argentina_ -- 1,717,0
Australia _ _ _ 1,056,000 13,248,000, 8,108,000
8,000
160,000 10,744,000,
India
9,350,000, 3,365,000
765,0
1,584,0001
0th. comae
Total
GRAIN.
Oats:
No. 2 white
124
No.3 white
13734
12474 Rye, New York:
No. 2 c.i.f
11994 Barley, New York:
Malting.
12034
Chicago
FLOUR.
$6 00 $640 Rye flour, patents
Spring patents
4 00
1 4 35
575 Semolina No. 2 med.... 6 25
5 25
Clear.. first spring
640
5 00 Oats goods
4 75
Soft winter straights
85
5 50 6 00 C
flour
2 85
Hard m, Inter straights
2 95
6 00
6 50 Barley goods
Hard winter patents
Nos. 2,3 and 4
4 751 525
Hard winter clears
350
Fancy pearl, No.2,3
- 7 25
7 85
Fancy Minn. patents
and 4
7 15
City mills
6 00
Receipts at
-
Boston
Philadelphia
Baltimore
Norfolk
Newport News_
New Orleans
Montreal
16,127,000177,297.000'183,365.000 2.706,000 65.349.000 81.434 000
The visible supply of grain, comprising the stocks in granary at principal points of accumulation at lake and seaboard
ports Saturday, Oct. 20, was as follows:
GRAIN
Wheat,
bush,
United States770,000
New York
2,000
Boston
659,000
Philadelphia
1,492,000
Bali more
723,000
New Orleans
' 980,000
Galveston
4,236,000
Buffalo
283,000
" afloat
1,855,000
Toledo
Detroit
24,000
Chicago
19,217,000
436,000
Milwaukee
Duluth
4,639,000
1,020,000
St.Joseph. Mo
Minneapolis
12,232.000
2,001,000
St. Louis
10,150,000
Kansas City
223,000
Sioux City
Peoria
60,000
Indianapolis
770,000
Omaha
3,686,000
On Lakes
346,000
On Canal and River.725,000
STOCKS.
Corn,
Oats,
bush,
bush,
47,000
561,000
10,000.21,000
14,000 '175,000
145,000
11,000
99,000
68,000
Rye,
bush
477,000
2,000
57,000
148,000
42,000
92,000
85,000 2,413,000 1,521,000
28,000
20,000
239,000
35,000
39,000
4,000
11,000
14,000
35,000
2,000
59,000
65,000
85,000
85,000
28,000
335,000
23.000
74,000
925,000
3,171.000
243,000
1,322.000
704,000 4,964,000
2,000
125.000
5,435,000 7,200,000
17,000
373,000
121,000
1.541,000
9,000
685,000
373,000
3,000
4,000
278,000
195,000
1,683,000
135,000
342,000
Barley:
bush.
367,000
4,000
2.000
2,000
534,000
3.000
198,000
228,000
688,000
3,000
774,000
3,000
379,000
4.000
105,000
194,000
233,000
987,000 19,616,000 16,423,000 3,721,000
Total Oct. 20 1923_ _68,529,000
Total Oct. 13 1923____65.840,000 1,040,000 17,982,000 15,880,000 3,277,000
Total Oct. 211922.... _35.158,000 9,153,000 35,774,000 9,275.000 2,513,000
-Bonded grain not included above: Oats, New York, 10,000 bushels; BaltiNote.
more, 4,000; Buffalo. 54,000; Duluth. 33,000; On Lakes, 53,000: total, 164,000
bushels, against 128,000 bushels in 1922. Barley, New York, 138,000 bushels:
Baltimore.83,000: Duluth,24,000; total, 245,000 bushels, against 879,000 bushels in
1922. Wheat. New York, 714,000 bushels; Boston, 220,000; Philadelphia, 448,000:
Baltimore, 333,000: Buffalo, 616,000; Buffalo afloat, 1,004,000; Duluth, 196,000:
On Lakes, 1,790.000; total, 5,321,000 bushels, against 11,783,000 bushels in 1922.
Canadian
429,000
406,000
Montreal
258,000
2,019,000
40,000
Ft. William xt Pt. Arthur_19,419,000
1,796,000 1.634,000 1,160.000
300,000
517.000
Other Canadian
3.034,000
267,000
Total Oct. 20 1923......24,472,000
40.000 2,321,000 2,557,000
Total Oct. 13 1923_ -20,302,000
29,000 1,820,000 2,437,000
571,000
Total Oct. 21 1922-33,701,000 1,048.000 2,485,000
Summary
66,529,000
American
987,000 19,616.000 16 423,000
.
Canadian
24,472,000
40,000 2,321,000 2.557,000
1,889.000
1.505,000
2,767,000
3,721,000
1,889,000
Total Oct. 20 1923_-__91,001,000 1,027,000 21,937,000 18.980.000 5,610,000
Total Oct. 13 1923.._..86.l42,000 1,069,000 29,802,000 18,317,000 4,782,000
Total Oct. 21 1922...__68,859,000 10,201,000 38,259,000 9,846,000 5;280,000
1908
THE CITIVINTeLE
(VOL. 117.
their views, but buyers were unwilling to bid higher and
traded reluctantly at the higher levels when forced to make
purchases to cover current needs. In fact there appears to
be a lack of confidence in conditions surrounding the situaThe first part of the week ending Oct. 23 was rather warm for the season tion in general, and the tendency to ascribe it to the high
in the central and eastern portions of the country. A cool wave, however. prices for dry goods is universal in the trade. A feeling
overspread these districts as the week progressed, and the latter part had
unseasonably low temperatures, 'Particularly in the Gulf region and the exists in many quarters that goods are being produced in excentral portion of the Mississippi Valley. The first killing frost of the
season was experienced in Kansas and Missouri, while a hard freeze occurred cess of demand, though th!s opinion is not general. Little
as far south as Iowa and Nebraska. Frost formed the latter part of the
week as far south as the northern portions of the central and west Gulf attention appears to be given to the volume of curtailment
States. There was very little frost damage, as crops were nearly all ma- reported, partly due to lack of water and various other reatured, although some harm was reported from Arkansas and portions of
the Ohio Valley States. Previous frost damage appears heavier than had sons, in addition to the refusal of mills to go on producing in
been thought in portions of the latter area, particularly in Indiana Freer.
ins temperatures were reported as far south as western Kentucky, south- excess of actual orders. Owing to the high cost of raw
western Virginia, and extreme northwestern Arkansas.
Rains that had set in over central Gulf districts at the close of last week material, mills are obliged to keep in mind the possibility of
overspread the east Gulf States and all sections to the northward. Drought their having either to carry over high cost cotton or high
that bad prevailed from the Ohio Valley southward was effectually relieved
by generous rainfall which was heavy in some places, but in most of the cost goods they will make from it, if they go on producing
Atlantic Coast States the amounts were insufficient to be of permanent
benefit, though beneficial in moistening the top soil. The serious water in advance of orders. Therefore accumulations of goods beshortage in some Middle Atlantic Coast States was largely unrelieved at
yond orders in hand are not believed to be extensive. The
the close of the week, particularly in New Jersey.
Rainfall was beneficial in the Ohio Valley States where the soil had trade expects that the supplementary cotton report schedbecome rather dry, especially for fall seeded grain. Conditions continued
in the main favorable in the area between the Mississippi River and Rocky uled to be issued by the Census Bureau on Nov. 2 will disMountains where the usual fall work made good progress. There was
further rainfall in the more northwestern States, which was favorable for close some unexpected conditions and are prepared to befall grains and the range in that area,although there was too much moisture
in southeastern Montana, where threshing was further delayed and grain in lieve more strongly that cotton will rule very high and
stack damaged.
cloths low for some time to come. In view of the varying
More moisture was needed in Nevada and parts of Utah, but otherwise
conditions were generally favorable from the Rocky Mountains westward, conditions, it is not surprising to find even the best sources
with mostly good curing weather over tne southwestern range area. 'Farm
work was somewhat delayed in the central Gulf States and immediate of mercantile opinion more or less unsettled.
Mississippi Valley by frequent rains during the first half of the week, but
DOMESTIC COTTON GOODS: Trading in domestic
otherwise seasonable farm operations advanced satisfactorily east of the
Great Plains.
cottons has been of light volume during the week. The marSMALL GRAINS.—The seeding of winter wheat was well advanced in
the Ohio Valley States, and the early seeded grain was benefited by rains kets have been firm following the rise in raw cotton, but the
during the week, except it continued too dry in the eastern half of Ken- trade in general displays much uncertainty. Traders in
tucky. Seeding has been about completed in Missouri and wheat was
mostly up and looking well, but there was some still being sown in southern gray cotton cloths were not much influenced by the advance
Iowa. The soil was too wet in eastern Kansas during the first part of the in cotton, and certainly not to the extent of forcing them into
week, but was in better condition the latter part: the bulk of seeding has
been done and the plants are coming up to fine stands. Early seeded active operations. They claim that they cannot translate
wheat shows a good stand and made excellent growth in Oklahoma. but high gray goods prices into commensurate values for finthere is much seeding still to be done in that State due principally to wet soil.
There were sufficient rains in the more northwestern States to further ished cloths. Buyers of the latter refuse to operate if full
benefit fall grains and much wheat is up in that area and growing nicely. prices are insisted on, with the result that much of the finDelayed threshing was further interrupted by rains in southeastern Montana ished goods business
is being done on very narrow margins.
and much wheat in stack has been reported damaged, but in the northwestern portion of the State mucn-needed moisture was received. Showers were In more than one quarter it is claimed that considerable of
beneficial also in nearly all sections of the Atlantic Coast area, and were the current business is being transacted at below cost.
very helpful for winter oats in the east Gulf States.
There was some damage to rice in Arkansas by frost, but it was probably There is constant trading going on in yarn and colored cotnot extensive as the crop was nearly ripe. Rice harvest has been nearly ton goods at prices substantially off from what is called
completed in Louisiana and made good advance in Texas and California.
The harvest of grain sorghums made rather slow progress in the extreme common market quotations. This is believed due to the desouthern Great Plains.
sire to liquidate stocks actually in hand. Print cloths, sheetCORN.—Killing frosts or freezing temperatures occurred during the
week over nearly the whole of the principal corn-producing area, but there ings and convertibles generally have been in moderate dewas only a slight amount of damage, as corn had been mostly matured. mand. Mills are d.fficult to deal with for contract deliverConsiderable corn was blown down during the week in Indiana and also in
central and southern Illinois, while previous frost damage in the former ies. It is possisble to buy spot lots from second bands or
State appears heavier than was expected, particularly in the northern from some mill agencies at concessions from top asking
portion where there is considerable soft corn. Only a small amount of corn
was damaged by the freeze in Iowa, but the wet, cloudy weather during prices for goods to be made. Retail demand, however, is
the week was unfavorable, with considerable complaint of molding and claimed to be not far from normal, but the shopping spirit
sprouting; husking was general, but It was too wet to crib and considerable
corn was being hogged down. Conditions, In the main, were fairly favor- among economically inclined people is livelier than has been
able for corn in the extreme lower Missouri Valley and Great Plains States, seen in years. A scattered business has been done in fine
except that it was too wet in the extreme lower Plains where harvest proand fancy combed goods. Mills that have taken considerable
grassed slowly.
COTTON.—The first part of the week was cloudy, and rainy in the business in the past month or two on dimities, silk striped
central portion of the Cotton Belt, but rainfall was light to moderate, as a
rule, in the western and more eastern districts. It was unseasonably cool shirtings and certain numbers on voiles, are unwilling at the
throughout the belt, except in the Atlantic Coast States. Frost occurred in minute to diplicate any part of the orders, being satisfied
the north-central and northwestern portions of the belt and extended south- w.th what they have unitl
it is more definitely settled what
ward to the interior of the Gulf States.but without material damage reported.
- The top crop continued poor in Texas, where picking and ginning ad- the late demand may be. Much of this advance business was
vanced very favorably. with fully half the crop gathered in the northwestern accepted in a number of instances for the purpose of keeping
portion. The progress of cotton continued poor also In Oklahoma, where
damage has been done by wet weather and there was some complaint of looms occupied. Print cloths, 28
-inch, 64 x 64's construction,
sprouting in the fields* bolls continued to open slowly, with picking and are quoted at 8c., and 27-inch, 64 x 60's at 71 Gray goods
/
2
c.
ginning backward. The rainy,cloudy weather retarded picking in Arkansas
in the 39
-inch, 68 x 72's, are quoted at 11%c. and 39-inch, 80
and did some damage to open cotton.
The crop has been nearly all gathered in Louisiana and, while field work x 80's, at 13%c.
was retarded in Alabama and Mississippi, cotton harvest is nearing completion. The crop is mostly in in Tennessee,except in the northern portion,
WOOLEN GOODS: Markets for woolen and worsted
and likewise in southern North Carolina and the central and southern portions of South Carolina. with fair to good results. The weather continued goods have been more active during the week. The cooler
favorable for cotton in Arizona, while the warm weather in California was weather is believed to have been responsible for the improveadvantageous.
ment in the men's wear market during the past few days,
Viroinia.—Boll weevil reported in cotton in Norfolk County.
North Carolina.—Week mostly fair with moderate temperature and favor- which resulted in the liquidation of much stock accumulated
able for maturing and harvesting crops. Cotton picking nearly completed by mills
during the months of inactivity. There has also
in south and well advanced in north with good results, some excellent.
been a better demand for overcoatings from clothing manuMuch yet to be gathered.
South Carolina.—Cotton picking practically completed in many eastern. facturers who see bright spots ahead. Stocks are not large,
central and southern counties and progressing favorably in Piedmont with
and holders of overeoatings can secure good prices. Instead
fair to good results generally.
Alabama.—Local. light frosts but no material damage. Cotton picking, of concessions as were noted about a month ago, it is claimed
though retarded by rains, practically finished in south and central and
that premiums can be obtained for desirable merchandise.
nearing completion in extreme north.
Mississippi.—LIght frost in interior generally. Slow progress in picking There is also a better demand for women's wear, and particucotton but work generally approaching completion in south and central
larly the finer grades. While orders for spring have not
portions. Pair advance in ginning.
Louisiana.—Cool with light to heavy frosts in north and central portions been as large in volume as had been anticipated the filling-in
latter part of week and freezing at a few interior points Tuesday, but no
business for fall is still at its height and the demand for
material damage. Cotton nearly all gathered.
Texas.—Cotten top crop poor. Picking progressed very well generally, early delivery goods has made it necessary for mills to make
with fully half of crop gathered in northwest and three-fourths to all elsewhere. Scattered light frost northeast, northwest, and southwest at close allotments.
of week.
FOREIGN DRY GOODS: While demand for dress linens
Oklahoma.—Progress of cotton generally poor: damaged by wet weather
and some sprouting in fields. Opening slowly and picking retarded by wet has contihued active, normal activity has failed to materialfields.
Arkansas.—Rain with several cloudy days interfered with cotton picking ize in household linens. Despite the fact, however, that
and caused some damage to open cotton. Heavy to killing frost all por- there is nothing in the present situation to promise relief,
tions on 20th to 23d.
Tennessee.—Cotton mostly in except in northern portions. Rain inter- Importers are hopeful that the market will improve in time
to make sales totals normal for the year. The delivery of
rupted picking during week.
Arizona.—Weather favorable for cotton.
dress linens is said to be from three to four weeks behind
California.—Warmth favorable for cotton; ginning continues.
schedule, and importers are beginning to be more or less
Georgia.—Cotton practically all picked.
concerned as cutters are asking to have deliveries begin in
November or sooner. Last year the pinch for supplies came
THE DRY GOODS TRADE
during the summer months. If cutters are short now, the
question is asked, what can be expected later in the year.
Friday Night, Oct. 26 1923.
Burlaps have maintained a firm undertone in face of a less
Although a firm undertone has prevailed in the dry goods active demand.
Spot goods are not burdensome, and sellers
markets during the past week there has been no particular have continued to ask full prices. Afloats, however, have
advance in prices of raw cotton to new high been offered at slight concessions. Light weights on the
activity. The
levels for the season made sellers of cotton goods firmer in spot are quoted at 6.40c., and heavies at 8.00c.
WEATHER BULLETIN FOR THE WEEK ENDING
OCT. 23.—The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the
influence of the weather for the week &Lang Oct. 23, is as
follows:
THE CFITIONTCLE
OCT.27 1923.]
ffitate and Titg Pepartnunt
NEWS ITEMS.
-The County Comm.
-Annexation Valid.
Detroit,Mich.
Redford and
have decided that the annexation of qsenfield, legality of
Gratiot territory, as voted on Oct. V, but the
valid. It was
which was in doubt (V. 117, P. 1798), was
propositions
found that the vote cast against the annexation constitute a
the unaffected parts of the townships did not favorabl
in
defeat for the propositions, and it is held that the the city,
in
votes in the parts proposed to be annexed, and requisites.
the territory is to be joined, are the only
to which
-State's Policy in Road Program to Be
Virginia (State of).
-The question whether the State shall
Decided by Voters.
pursue a pay-as-you-go policy in the road construction
program, or issue bonds for the work, is to be submitted to
the voters of the State on Nov. 6. The electors will be
asked to ballot on the question of issuing $50,000,000 bonds.
Ratification will be considered as granting to the State
Legislature authority to issue the bonds, and rejection will be
deemed an approval of the pay-as-you-go policy. The ques
tion, as submitted in the Act passed at the recent special
session (V. 116, p. 1 tro), rrsa(I a:
1909
Financial Statement Oct. 1 1923.
227,064.904 00
Net valuation for year 1922
758.561 35
Debt limit
945.000 00
Total gross debt, including this issue
$22,910 55
Deductions--Sinldng funds
178.000 00
Water bonds
100,00000
Sewer bonds
16.00000
playground bonds
Park and
316.910 55
$628,089 45
Net debt
Borrowing capacity. $130,471 90.
, Summit
BARBERTON SCHOOL DISTRICT (P. 0. Barberton)6% school
-On Oct. 20 the $140.919 76
-BOND SALE.
County, Ohio.
-were awarded to Spitzer,
-V. 117. 1). 1577
bonds offered on that date
basis of about
Amick & Co. of Toledo for 5143.946 76. equal to 102.14-a
follows: $6,910 76
5.32%. Date Sept. 1 1923. Due each six months as
Feb. 1 and $9.000 Aug. 1 1924 to Aug. 11931. incl.
-BONDS NOT
BARTHOLOMEW COUNTY (P. 0. Columbus), Ind.
bonds offered on
SOLD.
-The $12.400 44% Daniel Harker et al. road
-were not sold.
Sept. 1-V. 117, p. 804
-Sealed
-BOND OFFERING.
BEAVER COUNTY (P. 0. Beaver), Pa.
Commissioners,
bids will be received by II. H. Boss, Clerk Board of County of 4Si% bonds;
issues
until 2 p. m. Oct. 29 for the purchase of the following 1 as follows: $15,000
$175.060 road bonds (Series 3). Due ye any on Nov.
1942 to 1952, inclusive, and $10,000 1953.
on Nov. 1
100,000 court house improvement bonds. Due $10,000 yearly
from 1938 to 1947, inclusive.
amont of bonds bid
Denom. $1,000. Certified chock for 2% of the
for required.
-The $125,-BOND SALE.
BEDFORD, Cuyahoga County, Ohio.
assessment bonds offered
142 15 54%,property owners' portion special the State Industrial Comto
12-V. 117, p. 1368-were awarded yearly on Oct. 1 as follows:
on Oct.
mission at par. Date Oct. 1 1923. Due
$12.000 in all of
212.142 15 1924 and $13.000 in all of the odd years and
the even years from 1925 to 1933 inclusive.
legislatIon directing State
-BOND SALE-The
BELLEFONTAI NE, Logan County, Ohio. private sale (Oct. 13)
(a) Shall the General Assembly of 1924 enact
a
People's Commercial Bank of Bellefontaine at
bond Issues of $50.000.000:
devoted to the
of the proceeds of said bond Issues to behighway systain:con- purchased $6.600 54% property owners' share street inapt. bonds at par.
(b) 80%
Due
struction of roads and bridges embraced In the State devoted to the con- Denoms. $500. 11300 and $200. Date Sept. 11923. Int. M. & S.
to be
(c) 20% of the proceeds of said bond issues several county highway on Sept. 1 from 1924 to 1933, incl.
roads and bridges embraced in the
struction of
Ind.
-BOND OFFERING.
BENTON COUNTY (P. 0. Fowler), Geary,
systems. provided such roads shall be tributary to and constructed from
County Auditor, until
said roads are construcbids will be received by Sherman N.
State highways: and provided farther, that before State highway system Se aledm. Nov. 3 for the following issues of 65 coupon ditch bonds:
by and added to the
a.
10
ted, the same shall be selected
Donaldson Ditch. Denom. 5953 M.
by the State Highway Commission, in addition to roads added to said $9.530 70 Giotzbach Ditch. Denom. $516 17.
5.161 70
system accordina to other laws.
be distributed among the several
Oct. 10 19;3. Interest M. & N. 10. Due one bond of each Issue
Date
(d) The said 20% for the county roads to
money each six months from May 15 1924 to Nov. 15 1928 incl.
counties in the same manner and upon the same conditions as State
aid is now distributed to said counties, except as quaited be subsection (r)
BIENVILLE PARISH SCHOOL DISTRICT NO. 4 (P. 0. Arcadia),
said 20%
Savings Bank of New
above, and that the counties shall not be required to match themay do so La.
-BOND SALE -The Whitney-Central Trust &and equipment bonds.
building
or any part thereof, although the counties, or any one for them,
Orleans has purchased $335,000 6% school and semi-ann. Int. (A. & 0. 15)
at their option.
Denom. $500. Date Oct. 15 1923. Prin, City. Due serially on Oct. 15
(e) Said bonds to be issued in annual installments of $10,000,000 per year. payable at the Chase National Bank, N. Y.
beginning with the year 1924, and to yield the State net proceeds of not less from 1924 to 1938, incl.
Financial Statement.
than the par value of said bonds, with accrued interest. said
bonds to be
(r) The interest and sinking fund for the retirement of
Assessed valuation of taxable property
°
3° °M
$6 5:000
provided for by the levy of a tax not exceeding two cents per gallon on Total bonded cleat (this issue only)
gasoline or other motor fuel, and the present State mill tax for road conPopulation. 3,000.
as may be necessary.
struction, or so much thereof
-BOND SALE.
BINGHAM CANYON, Salt Lake County, Utah: purchased $30.000
Salt Lake City has
The Palmer Bond & Mortgage Co. ofDenom. 51.000. Date Nov. 1 1923.
water works bonds at par.
547
1927 to 1941, incl. In
Nov.
Int. M. & N. Due 52.000 yearly on bonds1 from
in V. 117. p. 1799, the interest
of the voting of these
-The giving the notice
-BOND SALE.
ABERDEEN, Grayl, Harbor County, Wash.
incorrectly given as 6%.
rate was
$200.000 general negotiable coupon bridge construction bonds offered on
.
-BOND
BOONE COUNTY (P. 0. Lebanon), Ind. County OFFERING
Oct. 17-V. 117. P. 1482-were awarded as 44s to the State of Washington
Auditor, until
Stephenson,
Sealed bids will be received by IraCharles W. Cunningham et al road
at par. Date Dec. 11923. Due on Dec. 1 from 1925 to 1943, incl.
10 for $15,000 6%
10 a. m. Nov.
ADA SCHOOL DISTRICT NO. 12, Dickey County, No. Dak.- bonds. Denom. $500. Int. M. & N. 10. Due 51,500 yearly on Nov. 10
-Bids will be received by T. H. McGinnis. District from 1924 to 1933 inclusive. Certified check for $500 required.
BOND OFFERING.
office in Ellendale for
Clerk. until 2 p. m. Oct. 3)at the County Auditor's
-Sealed bids will be
-BOND OFFERING.
BRANT,Erie County, N. Y.
the purchase of $2,500 6% funding bonds. Date Oct. 1 1923. Prin, and
by Frank J. Lehley. Town Clerk (P. 0. Brant). until 2 p. m.
semi-ann. int. payable at the First National Bank, Minneapolis. Due receivedfor 59.390 6% L.ice Shore Road reaistered bonds. Denom. 91.000
Oct. 29
A
follows:
Oct. 11933. ' certified check for 5% of bid required.
and one for 51.390. Interest A. & 0. Due ye mly on April 1 as
-Our Western reore- $2.000, 1925 to 1927. incl., and $3,390, 1928. Certified check for 2% of
-BOND SALE.
ALBIA, Monroe County, Iowa.
the White-Phillips amount of bonds bid for required.
sentative advises us in a special teleyraphic dispatch that
-The
-NOTE SALE.
Co. of Davenport has purchased $80,000 water supply and filtering system
BRISTOL COUNTY (P. 0. Taunton), Mass.
-have been awardbonds.
$60,000 hospital notes offered on Oct.23-V.117. p.1799
& Co. of Boston on a 4.289 discount basis. Date Oct.24 1923
Grafton
ALBUQUERQUE' Bernalillo County, N. Mex.-BOND OFFERING. ed to April 24 1924. Other bidders were: F. S. Moseley & Co., 4.33%
-A special wire from our western correspondent advises us that of the Due a 'premium of $2: S. N. Bond & Co., 4.35% and a premium of $2 25:
250.000 library. $150,000 reservoir. $115.000 sanitary sewer, 585.000 and Parker & Co.. 4.33%; First National Bank. 4.34%, and a premium
storm sewer, $75,000 park and $20,000 fire station bonds, aggregating C. D. and Blake Bros.& Co..4.32% and a premium of$2. All bids were
-see V. 11'7. p. 1689- of55 25,
$495,000, voted at the election held on Oct. 2
on a discount basis.
$375,000 are to be offered on Dec. 5.
-BOND OFFERING.
BRUNSWICK, Rensselaer County, N. Y.
(P. 0. Pittsburgh), Pa.
Supervisor
-BOND SALE.
ALLEGHENY COUNTY
Sealed bids will be received by Merritt A. Roberts. Town
The following issues of 44% tax-exempt coupon bonds offered on Oct. 20 (P. 0. Troy). until 2 p. m. Oct. 31 for 28.000 5°7 coupon or registered
.
'
Or. 117. p. 1577) have been awarded to the Mellon National Bank and the bridge bonds. Denom.51.000. Date Nov. 15 1923 Prin, and semi-ann.
Bank of Troy.
Union Trust Co. of Pittsburgh at par:
int. (M. & N.) payable at the Manufacturers National
$1.250.10J &wet No. 2 tunnel bonds. Date Sept. 1 1923. Int. M. & S. Due $1,000 yearly on Nov. 1 from 1924 to 1931. incl. Certified check for
follows: $41,000 1924 to 1952 Ind, and $61.000
Due yearly as
of the amount of bonds bid for required.
4%
1953.
BUCKLAND SCHOOL DISTRICT( P. 0. Wapakoneta R.. R.(No.9)
1,200,000 Series No. 26 road bonds. Date Oct. 1 1923. Int. M. & S.
-Sealed bids wit be re-BOND OFFERING.
Auglaize County, Ohio.
Due $40,000 yearly from 1924 to 1953 incl.
until I p. m. Nov. 5 for
Invested'
bonds are now being offered to 0,tober 1 at prices to yield 4.125%. ceived by S. V. Scott, Clerk Board of Education,
The
1923.
coupon school bonds. Denman+. 2460 and two for $264 56.
aement as of
$7.014 86 7 Si%
Financial St
Dis$1,978.511,900 00 Date Oct. 1 1923. Prin, and semi-ann. Int. (F. & A.) payable at the
Assessed valuation
1
45,442,000 00 trict Treasurer's office. Duo each six months from Feb. 1 1924 to Feb.
Croat debt (including these issues)
49
some solvent bank, required.
510,594.688
1932 Ind. Certified check for $200. upon
Cs tit.; to fix net debt: Sinking fund 1921
814.801 27
-BOND OFFERappropriations, year
No. Caro.
Balance due of
BUNCOMBE COUNTY (P. 0. Asheville),
Digges,
11.409.489 78
ING.-Selled bids will be received until 12 m. Nov 17 by Geo. A.
Board of County Commissioners, for the purchase of the following
$34,032,510 24 Jr., Clerk 54% bonds:
Net indebtedness
5 5;,4 or
on Nov. 1 from 1928
Population, Census 1920. 1.185.808.
$250.000 court house bonds maturing $10,000 yearly
-BOND SALE.
Ohio.
-Spitzer.
to 1952, inclusive.
ALLEN COUNTY (P. 0. Lima), the $116 500 6%, funding
yearly on Nov. 1 from
bonds
have purchased
200,000 road and bridge bonds maturing $8,000
Itorick & Co. of Toledo
Due yearly on June 1 as follows:
1928 to 1952, inclusive.
offered on Oct. 20. Date June 1 1923. 1933.
payable at the
Date Nov. 1 1923. Prancipal and semi-annual interest
113.000, 1924 to 1932. Incl.. and 312.500.
by
National Bank. New York City. Legality approved for Storey,
-BOND SALE.
2% of
-An issue of Hanover
County, Mass.
A certified cheak
AMESBURY, Essex
Thorndike. Palmer & Dodge, of Boston.
Powwow River Bridge loan
110.000 4 % Amesbury County Boston at par plus a premium bonds has amount bid for, payable to the County Treasurer, required.
of $12 50,
to Grafton & Co. of
been awarded
-BOND ELECTION.
BURKBURNETT, Wichita County, Texas.
equal to 100.125, a basis of about 4.90%. Due $5,000 on Nov. 15 in
the question of issuing
1924 and 1925.
On Nov. 17 an election will be held to vote on system
bonds to purchase privately owned sewer
neau 237.501
ANTLER SCHOOL DISTRICT NO. 32 (P. 0. Antler), Botti
-At the election
-11. A. Fleming,
-BONDS VOTED.
BURLEY, Cassia County, Idaho.
County, No. Dalc.-BOND OFFERING. $12.000 5t5 District Clerk,
school funding held on Oct. 16 (V. 117. p. 1369) the proposition to issue $17,500 funding
will receive bids until 8 p. m. Oct. 29 for
Due Oct. 11943. A certified check for $1,000, and $5,500 park 6% bonds carried. P. Clark, City Clerk.
bonds. Date Oct. 11923.
payable to the District Trea.surer, must accompany all bids.
-DATE OF ELECTION
BURLINGTON, Kit Carson County, Colo.
-The date on which the voters will
ARV1LLA'SCHOOL DISTRICT NO. 114, Grand Forks County; -AMOUNT TO BE VOTED UPON.
-J. F. Sweeney, District Clerk. decide whether or not they are In favor of issuing funding bonds bearing
No. Dak.-CERTIFICATE OFFERING.
$18.500.
(Oct. 26)
received bids until 2 p. m. yesterday of $1.700 at the County Auditor's 5 ag% interest, Is Nov. 10. The amount to be voted upon is
certificates of indebtedness These bonds have been purchased, subject to being voted, by Bosworth,
office in Grand Forks for the purchase
rate not to exceed 7%. Date Oct. 26 1923. Due Chanute, & Co. of Denver. For details, see'V. 117. p. 1036.
bearing interest at a
In 12 months.
-BOND OFFERING.
BUTLER COUNTY (P. 0. Hamilton), Ohio.
bids
Mass.
Marta. Clerk Board of County Commissioners, will receive
ARLINGTON, Middlesex County, receive -BOND OFFERING.
se led bids until 8 p. m. Edward m. Nov. 16 for the purchase at not less than par and interest of
Hardy, Town Tre .surer, will
Charles A.
until 12
be determined
Oct. 29 for $88,000 4 % coupon "school' bonds, issued in denomination 2278.000 5% coupon I. C. II. No. .0 bonds. Denorns. to (M. it S. 6),
Int.
of $1,000 each. dated Nov. 1 1923 and payable $6,000 on Nov. 1 1924 to by purchaser. Date Nov. 11923. Prin, and se•nl-ann. Sept. 6 as follows:
I 1937 and 1938. Interest payable semi- p y
Due yearly on
at the County Treasurer's office.
1936, incl and 25,000 on Nov
check for 5% of
annually May land Nov. 1. Prin. and semi-ann. int.(M.& N.), payable 3.30.000 1925 and 331,000 1926 to 1933, incl. Certified
at the First National Bank of Boston in Boston. These bonds are said to amount bid for, payable to the County Treasurer required.
achusetts and are engraved under the
.-The $500,000
be exempt from tax ation in Muss
-BOND SALE
BUTLER COUNTY (P.O. Butler), Pa.
-have been
supervision of and certified as to genuineness by the First National Bank
Oct. 19-V. 117. p. 1799
of Boston, their leg Any will be approved by Ropes. Or y Boyden & 04% road inapt bonds offered on Nat. Bank of Butler for the National
by the Butler County
Perkins, whose opinion will be furnished the parch ser. All legal p pers purchased and Harris. Forbes & Co. of New York at 101.449-a basis of
Incident to this ISSII0 will be filed with s Id bank where they rin y be in- City Co.
Date Oct. 1 1923. Due $25,000 yearly on Oct. 1 from
pected at any time. Bonds will be delivered to the parahaser on or about about 4.38%. had,, optional Oct. 1 1938.
Alb to 1t47.
ey. 1 at the First National Bank of Boston, in Boston.
BOND PROPOSALS AND NEGOTIATIONS
'k
1910
THE CHRONICLE
[VOL. 117.
CADDO PARISH SCHOOL DISTRICT NO.
1 (P. 0. Shreveport),
six
La.
-BOND SALE.
-The $1,000,000 5% school bonds, for which all bids each 1 months as follows: $571 41 Feb. 1 1924: $600, Aug. 1 1924 and
Feb. 1924, and $650, Aug. 1 1925 to Aug. 1 1931
received were rejected at the offering on Sept.
hid.
19-V. 117, p. 1483
have been purchased by Harris, Forbes &
CONCORDIA PARISH SCHOOL DISTRICT NO. 4
Co. and
Co., Inc., both of New York. at 100. Date July the Hibernia Securities La.
(P. 0. Vidalia),
-BOND OFFERING.
1 1923.
-John Dale, Secretary of the Parish School
Board, will receive sealed
CADIZ VILLAGE SCHOOL DISTRICT (P. 0.
Cadiz), Harrison bonds. Denom. $1.000. bids until 10 a. m. Nov. 21 for $40.000 6% school
County, Ohio.
Due on Oct. 1 as follows: $1,000, 1924 to 1929
-BOND SALE.
-The $13,312 15 6% school bonds offered incl.: $2,000,
on Oct. 13-V. 117, p. 577
1930 to 1937 incl.: $3,000, 1938 to 1943 incl. A cert.
-have
check
for $13,557 15, equal to 101.80, abeen awarded to Milliken & York Co. on some bank in Louisiana for 5% of amount of bid for required.
basis of about 5.50%
1923. Due each six months as follows: $812 15. Feb. 1 Date Oct. 1
CRESCENT CITY, Putnam County, Fla.
1924; $800,
-BOND SALE.
Aug. 11924 to Aug. 1 1928 incl., and 3900, Feb. 1 1929 to
Aug. 1 1931 incl. 500 6% electric light andftater works bonds offreed on Oct. -The $39.Following is a list of the bids received:
17-V. 117,
p. 1369
-were awarded Rally to John McCormick of Brooklyn,
Milliken & York Co..
N. Y.,
and A. A. Clay of Roanoke, Va., at
I Provident Savings Bank &
102. a basis of about 5.80%. Date
Cleveland
$13,559 151 Trust Co., Cincinnati-$13,381 89 Jan. 1 1923. Due on Jan. 1 as follows:
$500.
Breed, Elliott & Harrison,
1 Ryan,Bowman & Co..Tol 13,324 15 incl.; $1,500, 1933 to 1936 incl.; 32,000, 19371928: $1,000, 1929 to 1932.
to 1943 incl., and $3,000
Cincinnati
13,327 15 Durfee, Niles & Co.,Tol__ 13.473 15 1944 to 1948 incl.
Seasongood & Mayer,Cin. 13,436 15 Spitzer, Rorick & Co.,Tol. 13,417 15
CRYSTAL SPECIAL SCHOOL DISTRICT NO.41,Pembina
CAMBRIDGE,Guernesey County,Ohio.
County,
-NO BIDS.
-The two issues No, Dak.-BOND SALE.
-The $8,000 6% funding bonds offered on Oct.
of 53
,
6% property owners' share sanitary sewer bonds, aggregating $2,926, 16, V. 117, p. 1578
-were awarded
Drake-Jones Co. of Minneapolis
offered on Oct. 14-V. 117, p. 1577
-were not sold, as no bids were re- at a premium of $49 plus the cost toprinting
bonds and legal opinion.
ceived. The bonds will probably be sold next spring.
Date July 11923. Due July 11933.ofThe following
bids were received:
CARBONDALE TOWNSHIP (P. 0. Childs), Lackawanna County, Northwestern Trust Co., St. Paul.
-Par and accrued int. No premium
Pa.
Understood that school district was to pay $100 to cover legal
-BOND OFFERING.
-Sealed bids will be received by Frank Ferko,
and
printing expenses.
Secretary of Board of Road Supervisors, until 7 p. m. Oct. 29 for $13,000
Merchants' Trust & Savings Bnnk, St. Paul.
5% road bonds. Denom. $1,000. Date Nov. 1 1923. Payable on
Nov. 1
premium. No charges for opinion and-Par and accrued int. No
1936 or on Nov. 1 1928 or any interest date or dates thereafter. Certified
printing to school district.
Condition, however, that bonds bear 6 % int, instead
ed
check for $500 on a bank or trust company required.
of 6%•
G. B. Keenan & Co.
-Par and accrued mt. No premium. School
CARROLL COUNTY (P. O. Carrollton), 1(7.
district to Pay $240 for legal and printing expenses.
-BOND OFFERING.
Sealed bids will be received by Luther Fothergill, Clerk of the
Minneapolis Trust Co.
-Par and accrued int. No premium. School
County
Court, until 1:30 p. m. Nov.8 for the purchase of
district to pay 3250
and bridge bonds. Date July 1 1923. Denom.351.0005% coupon road W.B. De Nault & Co., for legal opinion and printing expenses.
$100
Jamestown, No. Dak.-Par and accrued
purchaser. Interest semi-annual. Due July 1 1952. or $1,000, to suit
premium. School district to pay $568 80 for legal opinion,int. No
In
printing
satisfactory bids are not received for the sale of said bondsthe event that
and other fees.
whole in 1952, then bonds will be offered at public auction inmaturing as a
lots of $5.000
CUYAHOGA COUNTY (P.O. Cleveland), Ohlo.-BI
each maturing on the first day of July 1935. 1937, 1939. 1941. 1942,
DS REJECTED.
1945, The following bids, received on Oct.
1947, 1948, 1949 and 1950. and $1,000 July 1 1934. A certified check
18 for the $25.000 5,4% coupon
for bonds offered on that date
$500 must accompany all bids.
-V. 117, p. 1484
-were
fact that an injunction was filed against the County rejected owing to the
CARROLL COUNTY (P. 0. Huntingdon), Tenn.
Seasongood & Mayer, Cin_31,036 501N. S. Hill & Commissioners:
Co., Cin
$842 10
-We are advised by our Western correspondent in a-BONDS VOTED. A. E. Aub & Co., Cinspecial
-dispatch that at a recent election $50,000 highway bonds were telegraphic Milliken & York,Cleveland 1.005 00 Guardian Say. & Tr. Co..
voted.
913 OOi Cleveland
827 50
CHEYENNE,Laramie County, Wyo.-DESCRIPTION
W.L. Slayton & Co., I'd_ 497 50
.-The $60,000
5% Paving District No. 1 bonds, awarded to the A.
DALLAS, Polk County, Ore.
H. Reid Co., con-BOND OFFERING.
-3. T. Ford, City
tractors, as stated in V. 116, p. 2548, are described
Auditor, will receive sealed bids
as
31.000. Date Oct. 1 1923. P'dn. and semi-ann. hit. follows: Denom. $11,496 27 6% street-improvem until 8 p. m. Nov. 5 for the purchase of
(A. &
ent bonds. Date Nov. 1 1923. A certified
at the Mechanics & Metals National Bank, N. Y. City. Due 0.) payable check for 10% of amount bid required.
on or before
Oct. 1 1933, the estimated maturities being
$12,000, 1924
DALLAS COUNTY COMMON SCHOOL
1925 to 1932 incl. Although these bonds were purchased and $6.000,
DISTRICT NO. 49, Texas.
by the above BOND SALE.-Breg. Garrett & Co. of Dallas have
contractors, they are being handled by a syndicate
purchased 315.000
posed of Antonides & Co., Este & Co., Boettcher,of Denver firms com- 6% school bonds.
Porter & Co., SIdlo,
Simons, Fels & Co., and the U. S. National Co.
DECATUR RURAL SCHOOL DISTRICT (P. 0.
Decatur), Brown
County, Ohio.
-BOND OFFERING.
CLAIRTON, Allegheny County, Pa.
-Sealed bids will be received by
-BOND OFFERING.
-Sealed C. R. Russell, Clerk Board
bids will be received by P. G.Miller. Borough Secretary,
Education, until 10 a. m. Nov. 10 for $2,until 10 a. m.Nov. 697 30 5%% school bonds.ofDenom.
13 for $45,000 44% coupon city bonds. Denom.
$170 and one for $147 30. Date
$1,000. Date June 1 Oct. 15 1923. Prin. and semi-ann.
1922. Certified check for $1,000 required.
int. (F.
Treasurer's office. Due each six months as& A.). payable at the District
follows: $170 Feb. 1 1924 to.
CLAY COUNTY (P. 0. Brazil), Ind.
Feb. 1 1931, inclusive. and 3147 30 Aug. 11931.
-BOND
proposals will be received by Chas. J. McCullough, OF'F'ERING.-Sealed
County Auditor, until
DEFIANCE SCHOOL DISTRICT NO.32, Mercer County,
10:30 a. m. Oct. 30 for $84,000 5% coupon Brunswick Bridge constructi
No. Dak.
on -NO BIDS.
-No bids were received for the following issues offered
bonds. Denom.$700. Date Oct. 1 1923.
on
six months from July 1 1925 to July 1 1944Int. J. & J. Due $2.100 each Oct. 15-V. 117, p. 1690:
incl. Cert. chec.r for $2,500 $1,400 certificates of indebtedness. Denom.
required.
$100. Int. rate not
7%. Dated $500 Nov. 1 1923; $500 Jan. 1 1924, and $400to exceed
March 1
CLAY COUNTY ROAD DISTRICT NO. 3, Texas.
-BOND SALE.
- 4,000 1924; maturing in 6, 12 and 18 months, respectively.
An issue of $100,000 535% road bonds has been purchased
6% funding bonds. Denom. $590. Date Oct. 15 1923.
by Breg,Garrett
Due
& Co. of Dallas.
Oct. 15 1933.
CLEVELAND HEIGHTS (P. 0. Cleveland
DE KALB COUNTY (P. 0. Auburn). Ind.
), Cuyahoga County,
-BOND OFFERING.Ohio.
-BOND SALE.
-The 315,0005 4% fire-equipment bonds offered on Sealed bids will be received by Carrie P.'Weaver, County Treasurer, until
Oct.6 (V. 117, p. 1369) have been awarded to
the Guardian Savings Bank 1 p. m. Nov. 7 for $19,000 5% Miner Botts et al. road bonds. Denom.
& Trust Co. of Cleveland at 101.28, a basis of
E45. Date Nov. 7 1923. Int. M.& N.
1923. Due $1,500 yearly on Oct. 1 from 1924 about 5.23%. Date Oct. 1 from May 15 1924 to Nov. 15 1943 incl. 15. Due $475 each six months
to 1933 incl.
COLUMBUS, Franklin County, Ohio.
DELHI TOWNSHIP, Golden Valley County, No.
-BOND SALE.
-On Oct. 24
Dak.-CERthe following issues of 5% bonds offered on that
TIFICATE OFFERING.
-H. L. Riles, Township Clerk, will receive
date-V. 117, p. 1369
- at the
were awarded to the First Nat. Bank of New York,
County Auditor's office in Beach until 2 p. m. Oct. 30 for bids
Kissel, Kirmicut & Co., certificates
$700
Redmond & Co. and B. J. Van Ingen &
of indebtedness bearing interest at
Co. of New York at 102.593-a
basis of about 4.68%.
and maturing in 18 months from day of sale. a rate not to exceed 7%
A certified check for 5%
3108.000 Irving Way (No. 39) itnpt. bonds.
of bid required.
Date
yearly on March 1 as follows: $13,000, July 5 1923. Due
1925 to 1928 incl.,
DENVER (City and County of), Colo.
and $14,000. 1929 to 1932 inclusive.
-BOND SALE.
-According to
the Denver "News" of Oct.
400,000 general water works extension (No.
4) bonds. Date July 16 & Co., Bosworth. Chanute 17, a syndicate composed of Boettcher, Porter
1923. Due yearly on Nov. 1 as follows:
dr Co. and the United States National Co. has
$16,000. 1925 to 1932 bought and will offer for sale to-da $102,700
Inclusive, and 317,000, 1933 to 1948
y
Denver special improvement
bonds due partly
157.000 Sidney St. (No. 42) impt. bonds. inclusive.
Date Aug. 7 1923. Due 13 ' north sidein 1935 and partly in 1936 as follows:
-year
yearly on Sept. 1 as follows: $19,000,
district 30 64
$14,000
1925 to 1927 inclusive, 23-year north side district 31
and $20,000, 1928 to 1932 inclusive,
53s
5,200
13
-year north side district 32 530
500.000 large water main extension bonds.
5,600
Date Oct. 1 1923. Due 12
-year district 94, alley 5s
320,000 yearly on Nov. 1 from 1925
.
15,900
12
-year district 96, alley 5558
142,000 Taylor Ave. (No. 43) impt. bonds.to 1949 inclusive.
.
7,700
Date Aug. 29 1923. Due 12
-year district 99, alley 55is
yearly on Sept. 1 as follows:
2.400
-year district 100, alley 5s
$18.000, 1927 to 1932 inclusive. $17,000, 1925 and 1926, and 13
18,900
13
-year district 97, alley 516s
121,000 Leonard Ave. (No. 44) inapt. bonds.
17,000
Date Aug. 29 1923. Due 13
-year district 98, alley 5).s
$15,000 yearly on Sept. 1 from 1925
15.300
to 1931 inclusive, and
$16.000. 1932.
DERRICK SCHOOL DISTRICT NO. 37, Ramsey County,
65.000 Wilson Ave. combined sewer bonds. Date
No. Dak•
313.000 yearly on Sept. 1 from 1925 to 1929 Sept. 15 1923. Due -CERTIFICATE OFFERING -Bids for the purchase of $2,000 certificates
of indebtedness will be received until 2 p. m.
inclusive.
Nov. 3 by Geo.
Following is a list of the bids received:
District Clerk, at the County Auditor's office in Devils Martinson.
Lake. Date
Nov. 3 1923. Interest rate not to exceed 7%.
Lehman Brothers, Kunzi Brothers and Hornblowe
Due Nov. 3 1924. A
New York City, and A. E. Aub & Co., Cincinnatir & WeeksTanket Bid. certified check for 5% of bid required.
, Ohio
$34,637 60
Hallgarten & Co.and Hayden,Stone & Co.,New
DESHLER, Henry County, Ohio.
-BOND OFFERING.
-Sealed bids
York City,and
will be received by A. F. Sam.sel, Village Clerk, until
City National Bank, Columbus, Ohio
Huntington National Bank, Columbus, Ohio; First
$13,000 6% refunding bonds. Denom. $1,000. Date 12 m. Nov. 16 for
Oct. 11923. Int.
National 30 9"00 semi-ann. Due
'
Bank Kissel, Kinnicutt & Co.. Redmond & Co. and B. J.
yearly on Oct. 1 as follows: 31,000 1924 to 1927 incl.,
Van
and $3,000 1928 to IMO incl. Optional Oct.
Ingen & Co., New York
5% of the amount of bonds bid for required. 1 1924. Certified check for
Harris, Forbes & Co., National City Co., Curtis &
Sanger.and 38 713 00
'
Hayden, Miller & Co
DE SOTO COUNTY (P. 0. Arcadia), Fla.
32.205 00
-CORRECTION.
Otis & Co., Estabrook & Co., Roosevelt & Co. and
V. 117, p. 1036, we reported the sale of $60,000 6% road bonds -In
Hannahs,
Bailin & Lee--------to the
-----30,308 00 First National Bank of Ft. Meyers and the Bank of Ft. Meyers at par
H. L. Allen & Co..-------and
isf. Pressprlch
and accrued interest. We are now informed by the First National Bank
& Co., New York, and Grau, Todd & Co. Cincinnati
36,906 96 of Ft. Meyers that this re..rt was in error, as each bank only took $10,000
Bankers Trust Co. and Tillotson & Wolcott Co
leaving the balance ($400 I I) unsold.
Stacy & Braun. Barr Brothers & Co. and Blodget & Co.,
New 20.737 77
York: First Trust & Savings Bank, Chicago, and
DILLON SCHOOL DISTRICT NO.8(P. 0. Dillon), Dillon County,
Old Colony
Trust Co.. Boston
So. Caro.
-BOND SALE NOT COMPLETED
-BOND SALE.
-The sale
Equitable Trust Co., F. C. Calkins & Co. and
of the $30,000 coupon school bonds to the Lowry Bank & Trust
Eastman, Dillon 28.517 00 Atlanta,
Co. of'
8z Co., New York, and Ames, Emerich & Co.,
in V.
Chicago
30,412 41 declared reported The 117. p. 114. was not completed as the bonds were
Halsey, Stuart & Co., E. H. Rollins & Sons, A. G.
illegal.
bonds were re-voted and offered on Sept. 7 (See
Becker and
Brown Brothers
V. 117. p. 1036), and have been re-sold.
30,088 00
Wm. R. Compton Co., Remick, Hodges & Co. and
Northern
DONALDSVILLE, Ascension Parish, La.
-BOND SALE.
Trust Co
31,356 00 000 sewerage and water refunding bonds offered on Oct.16-V.-The $40,
P.F. Cusick & Co. and Lewis S. Rosentiel & Co
117, p.
32,099 50 -were awarded to Sutherlin, Barry & Co., Inc., of New Orleans as 15713
N.
A.B.Leach & Co.,Inc.,Chic.,and Keane,Higbie & Co.,
65 at
par plus a premium of $341 50, equal to 100.853, a basis of about
Item 1, premium
5.86%.
$57700
Date Oct. 15 1923. Due on Oct. 15 as follows: $2,500, 1924
Item 2. premium
14,290 00
$3,000. 1926 to 1928 hid.; $3,500, 1929 and 1930 hid.; $4.000,and 1925:
Item 3. premium
1931 and
1,10300
1932; 34.500, 1933 and 1934. and 32,000, 1935.
Item 4, Premium
18,275 00
Item 5, premium
DOUGLAS COUNTY (P. 0. Alexandria), Minn.
995 00
-BOND OFFERING.
Item 6, premium
-Sealed bids will be received until 10 a. m. Oct. 30 by Fred Bergheim,
840 00
Item 7, premium
Chairman of the County Board, for 360,000 6 -year serial public
-20
111 00
drainage
Blanket bid, premium
ditch bonds, at not exceeding 5 % interest. Date Oct. 11923. Principal
36,191 00
Financial Statement (Officially Reported).
and semi-annual interest payable at the First National Bank. Minneapolis.
Due $4,000 yearly on Oct. 1 from 1929 to 1943, inclusive. Certified check
Assessed valuation, taxable property, 1922
$381,075,370 for $1,000 required. Legality approved, it is stated,
by Lancaster, SimpTotal bonded debt, including this issue
32,944,318 son. Junell & Dorsey, of Minneapolis.
Less water debt
37.464,000
Sinking f
funds
DRAYTON SPECIAL SCHOOL DISTRICT NO. 19,
5,947,901
Pembina
13,411.901 County, No. Dak.-BOND OFFERING.
-W.J. Buchanan, District Clerk,
Net bonded debt (about 53.4% of assessed valuation)
19,532,415 will receive bids at the County Auditor's office in Cavalier until 2 p.
Population, 1920, 237,031.
Oct. 31 for 35,500 6% funding bonds. Date July 2 1923.
Int. J.
-J.
CONCORD TOWNSHIP SCHOOL DISTRICT (P. 0. Troy), Miami Due July 2 1933.
-BOND SALE.
-The 310,221 41 6% school bonds offered
County, Ohio.
EAST CLEVELAND CITY SCHOOL DISTRICT (P. 0. East
-have been awarded to Ryan, Bowman & Co. land), Cuyahoga
on Oct. 18-V. 117. t. 169
CleveCounty, Ohio.
-BOND OFFERING.
-Sealed
of Toledo for $10,23 20, equal to 100.17, a basis of about 5.96%. Due be received by
Chas. Ammeran,Clerk Board of Education; until 12 bids will
M.Nov;
OCT. 271923.]
THE CHRONICLE
1911
-BOND OFFERING.
GEAUGA COUNTY (P. 0. Chardon), Ohio.
5 for $120,316 96 5% coupon school funding bonds. Denom. $1.000 and
one for $316 96. Date Oct. 1 1923. Prin. and semi-ann. interest(F. & A.) Sealed bids will be received by Ethel Thrasher, County Treasurer, untir
payable at the Guardian Savings Bank & Trust Co. of Cleveland. Due 12 m. Oct. 29 for $4,000 6% refunding bonds. Denom. $500. Date
each six months as follows: $7,000 on Feb. 1 and $8,000 on Aug. 1 from Oct. 1 1923. Interest semi-annually. Due $500 yearly on Oct. 1 from 1924
1924 to 1931 incl. Certified check for 2% of the amount bid for on a solvent to 1931, inclusive. Certified check for 10% of the amount of bondsbank required. Purchaser to take up and pay for bonds within 10 days bid for required.
from time of award.
-The $91.-BOND SALE.
GENESEE COUNTY (P. 0. Flint), Mich.
- 000 6% Brock, Cotello and Mason drains construction bonds offered on
-BOND SALE.
EAST LIVERPOOL, Columbiana County, Ohio.
The $8,808 51 6% "City Bonds" offered on Oct. 20 (V. 117, p. 1690) have Sept. 5 (V. 117, p. 1037) have been awarded to the Detroit Trust Co. of
i
been awarded to the Citizens' National Bank of Ea;t Liverpool at 101.50, Detroit at par. Due 1 to 8 years.
a basis of about 5.579'. Date Oct. 1 1923. Due yearly on Oct. 1 as fol-BOND OFFERING.
G1BSONVILLE, Guilford County, No. Caro.
lows: $1,808 51 1925; $2,000 1926 and 1927, and 164500 1928 and 1929.
Sealed proposals will be received by II. R. Story, Town Clerk, until 7:30
-On Oct. 23 p. m. Nov. 6 for $30,000 coupon, with privilege of registration water and
-BOND SALE.
ELMIRA, Chemung County, N. Y.
Geo. B. Gibbons & Co. of New York purchased $15,000 5% bonds at sewer bonds. Denom. $1,000.Date Nov. 1 1923. Principal and semiNational
100.91, a basis of about 4.85%. Denom. $1,000. Date Nov. 1 1923. annual interest (M. & N.), payable in gold coin at the Hanover option or
Bank, New York City, and interest on registered bonds will, at
Due $1,000 yearly on Feb. 1 from 1924 to 1938 inclusive.
Nov. 1 from
-A holder, be paid in New York exchange. Due $1,000 yearly on
-BOND ELECTION.
El Paso) Texas.
EL PASO COUNTY (P. 0.
1926 to 1955,inclusive. Bidder to name rate of interest. A certified check
special telegraphic dispatch from our Western representative advises us upon an incorporated bank or trust company (or cash) for 2% of amount
that an election will be held on Nov. 17 to vote on the question of issuing bid for, payable to the Town of Gibsonville, required. Successful bidder
$1,260,000 road bonds.
will be furnished with the opinion of Reed, Dougherty & Hoyt, New York
ELYRIA SCHOOL DISTRICT (P. 0. Elyria), Lorain County, City, that the bonds are valid and binding obligations of Gibsonville.
-Sealed bids will be received by S. S. Rock-BOND OFFERING.
Ohio.
-Sealed
GLFNS FALLS, Warren County, N. Y.
-BOND OFFERING.
/wood, Clerk Board of Education, until 12 m. Nov. 12 for $81,197 92 534% bids will be received by Kathleen Kelleher, City Chamberlain, until 8 p. m.
school bonds. Denom. $1,000 and one for $1,197 92. Date Oct. 1 1923. Oct. 31 for $125.000 434% sewer bonds. Date Aug. 1 1923. Interest
semi-annual interest, payable at the Clerk's, Board of Education, F. & A. Due $25.000 yearly on Aug. 1 from 1939 to 1943,incl. Certified
Prin. and
office. Due $5,000 each six months from Feb. 1 1924 to Feb. 1 1931, and check for $1,000. payable to the City Chamberlain, drawn upon a national
p6.19792 Aug. 1 1931. Certified check for $3,000 required.
bank or State bank or trust company of the State of New York, required.
-Sealed Conditional bids will not be considered. The legality of this issue will be
-LOAN OFFERING.
ESSEX COUNTY (P. 0. Salem), Mass.
bids will be received by the County Treasurer until 11 a. m. Oct. 30 for the approved by John C. Thompson of New York.
purchase of the following temporary loans:
GOETHE & LAWTON TOWNSHIPS,Hamilton County,So. Caro.
$220,000. Date Nov. 1 1923. Due May 1 1924.
INTEREST RATE.
-The $75,000 coupon road bonds awarded as stated in
15,000. Date Nov. 1 1923. Due May 1 1924.
V. 116, p. 2042, bear 5%% interest. Denom. $1,000. Date March 1
5,000. Date Nov. 1 1923. Due Oct. 1 1924.
1923. Interest M. & S. Due serially on March 1.
-Sealed
-BOND OFFERING.
EUCLID, Cuyahoga County, Ohio.
GOLDEN WEALTH SCHOOL DISTRICT NO. 7, Sioux County;
bids will be received by Charles H. Cross, Villae Clerk, until 12 m.Nov.19 No. Dak.-CERTIFICATE SALE.
-The $2,000 7% certificates offered on
for the purchase of the following issues of 651, coupon special assessment Oct. 15-V. 117, p. 1579
-were awarded as 534s to the Selfridge State
3881 of en. Code.
bonds, issued under Secs. 3914 and
Bank of Selfridge.
$126.772 31 Noble Sewer Dist. No.7. Denom.$1,000 and one for $772 31.
GONZALES COUNTY ROAD DISTRICT NO. 5 (P. 0. Gonzales),
Due yearly on Oct. 1 asfollows: $6,000, 1924 and 1925;$7,000,
-BOND ELECTION.
-An election will be held on Nov. 3 to vote on
1926; $6,000, 1927 and 1928; $7.000, 1929; $6,000, 1930 and Tex.
1931; $7,000, 1932; $6,000. 1933 and 1934; $7.000. 1935: the question of issuing $125,000 road bonds bearing interest at a rate not
$6,000, 1936 and 1937: $7,000. 1938; $6,000. 1939 and 1940; to exceed 53. J. C. Romberg, County Judge.
$7,000, 1941; $6,000, 1942, and $6,772 31. 1943.
GRAND JUNCTION, Mesa County, Colo.
-The two
-BOND SALE.:
one for
226,270 02 Central Sewer Dist. No. 6. Denom. $1.000 and1924 and issues of bonds offered on Oct. 15 (V. 117, p. 1579), have been awarded as
$270 02. Due yearly on Oct. 1 as follows: $11,000.
1925; $12,000, 1926; $11,000. 1927 and 1928: $12,000, 1929; follows: 534% sewer bonds to
Bosworth, Chanute & Co.of Denver at 99.11,
$11,000. 1930 and 1931; $12,000. 102; $11,000, 1933 and $78,000 a basis of about
5.60%.
1934: 312,000, 1935; $11,000, 1936 and 1937; $12,000, 1938;
43,000 Paving District No. 10 bonds to Sidlo, Simons, Fels & Co., of'
$11,000, 1939 and 1940; $12,000, 1941; 311,000, 1942, and
Denver, as 6s, at 98.20, a basis of about 6.22%.
$11,528 82, 1943.
Date Oct. I 1923. Due Oct. 1 1935, optional any time.
361,271 66 Berwick Sewer Dist. No. 4. Denom. $1,000 and one for
yearly on Oct. 1 as follows: $18,000, 1924 to
GRAND PRAIRIE, Dallas County Texas.-PURCHASER.-The
$271 66. Due
1942, incl., and $19,271 66. 1943.
purchasers of the $65,000 sewer installation bonds, sold as stated in V.
373,528 82 East Shore Sewer Dist. No. 2. Denom. $1,000 and one for 117, p. 806, were Breg, Garrett & Co. of Dallas. The bonds bear 6% int.
$18.000, 1924;
$528 82. Due yearly on Oct. 1 as follows:
GRASSLAND SCHOOL DISTRICT NO. 14, Renville County, No.
$19,000, 1925; $18,000, 1926; $19,000. 1927 to 1929, incl.;
-The $7.000 7% certificates of
318,000, 1930; $19,000, 1931 to 1933, incl.; 318,000, 1934; Dak.-CERTIFICATES NOT SOLD.
319,000, 1935 to 1937. Incl.; $18,000, 1938; 319,000, 1939 and indebtedness offered on Oct. 15 (V. 117, p. 1265). were not sold. Due
April 151925.
1940; 318.000, 1941; $19,000, 1942, and $18,528 82, 1943.
167,999 22 West Shore Sewer Dist. No. 1. Denom. $1,000 and one for
GREENFIELD TOWNSHIP SCHOOL DISTRICT NO. 2, Wayne
$999 22. Due yearly on Oct. 1 as follows: $8,000, 1924 and County, Mich.
-BOND SALE.
-An issue of $65,000 school bonds
1925: $J,000, 1926: $8.000, 1927 and 1928; $9,000, 1929; on Oct. 12 was awarded as 5s to Matthew Finn of Detroit at 100.75. The
88.000, 1930 and 1931, incl.; 39,000, 1932: 38.000, 1933; following bids were received:
$9,000, 1934: 38,000, 1935 and 1936; 39,000. 1937; $8,000.
4,4%.
5%.
5%%•
1938 and 1939; $9,000, 1940; 88,000, 1941; 39,000, 1942, and Matthew Finn
104.69
107.10
100.75
$8,999 22, 1943.
100.03
104.04
Harris, Small & Co
Interest semi-ann. Certified check for 10% of the Keane, Higbie & Co
Dated day of sale.
100.46
104.00
amount of bonds old for, payable to the Village Treasurer, required. Pur- R.M.Grant & Co
103.63
chaser to take up and pay for bonds within 10 days from time of award.
11:17:155
100.05
103.35
Detroit Trust Co
103.13
FAIRBANKS SCHOOL DISTRICT NO. 12, Renville County, First National Co
102.88
No. Dak.-NO BIDS RECEIVED.
-The $5.000 7% certificates of in- Dansard & Company
debtedness offered on Oct. 13-V. 117, p. 1691-were not sold as no bids Howe, Snow & Bertles
Matthew Finn also bid $2,022 (discount $96 89) on 434%, and $6,227
were received.
igg.si
,
4
(price $109.58) on 534% bonds.
FAIRVIEW SCHOOL DISTRICT (P. 0. Fairview). Bergen County,
Detroit Trust Co. also bid $1,781 (discount $97 26) on 434%,and $6,500
N. J.
-E. A. Linskey, District Clerk, will receive (price $110) on 534% bonds.ga
-BOND OFFERING.
id
sealed bids until 8p. m. Nov. 12 for the purchase at not less than par and
GREEN TOWNSHIP RURAL SCHOOL DISTRICT (P. 0. Cinaccrued interest of an issue of 6% coupon or registered school bonds not
-BOND OFFERING.-Selled bids
to exceed $20,000. no more bonds to be awarded than will piroduce a premium cinnati), Hamilton County, Ohio.
of 31,000 over $20,000. Denom. 31.000. Date July 1 1923. Prin. and will be received by G. P. Wood, Clerk Board of Education, until 1 p. msemi-ann. int. (J. & J.), payable at the Cliffside Park National Bank of Nov.3 for $5,089 62 6% school bonds. Denom.$300 and one for $589 62.
incl , Date Aug. 1 1923. Interest F. & A. Due each six months as follows:
Cliffside Park. Due yearly on July 1 as follows: $2,000 1925 to
1931'
and $3,000 1932 and 1933. Certified check for 2% of the amount of bonds $300 Feb. 1 1924 to Feb. 1 1931, incl., and $58962 Aug.! 1931. Certified
check for 5% of the amount of bonds bid for required.
bid for, payable to the Board of Education required.
•
FENNVILLE SCHOOL DISTRICT (P. 0. Fennville), Allegan
GRENORA SPECIAL SCHOOL DISTRICT NO. 94, Williams.
-Sealed bids will be received by County, No. Dak.-CERTIFICATE OFFERING.
County, Mich.
-BOND OFFERING.
-G. Bratwold. District
Guy Teed, Sec. Board of Education, until 12 m. Oct. 31 for $50,000 5% Clerk, will receive bids until 1 p. m. Nov.9 at the County Auditor's office
school bonds. Int. semi-ann. Due 1949.
in Williston, for $14,000 7% certificates of indebtedness. Denom. $500.
FERNDALE(P.O. Detroit), Wayne County,Mich.
-BONDS VOTED. Date Nov. 15 1923. Int. J. & J. Due May 15 1925. A certified check
ma
-It is stated that six bond issues were voted Oct. 16 as follows: $107,000 for 5% of bid required.
complete Livernois Road; $50,000 for lateral sewers; 310,000 for sewer
to
GRIMES COUNTY (P. 0. Anderson), Texas.
-BOND ELECTION.
extensions; $30,000 for paving: $30.000 for waterworks; $11.250 for gravel An election will be held on Nov. 10 to vote on the question of issuing
pit.
$450.000 road bonds.
FERTILE SCHOOL DISTRICT NO. 12, Mountrail County, No.
:
.
HAMTRAMACK,
-BOND SALE...I Bulimia,
-Bids will be received by Leota Edwardson, Hull & Co. of DetroitWayne County, Mich.
Dak.-BOND OFFERING.
on Oct. 23 purchased 365,289 25 6% special assessDistrict Clerk, at the County Auditor's office in Stanley until 2 p. m. ment bonds at 100.26.
**WI el
Oast
Nov. 3 for $13,000 6)% building bonds. Denom. $1,000. Prin. and
HANNA SCHOOL DISTRICT NO. 2, Sioux County, No. Dak.semi-ann. int., payable at the Continental & Commercial National Bank
-George J. Fritz, District Clerk, will receive
of Chicago. Due in 20 years. A certified check for 5% of amount of CERTIFICATE OFFERING.
bids until 2 p. m. Nov. 1 at the County Auditor's office in Fort Yates for
issue required.
31,500 7% certificates of indebtedness. Date Nov. 1 1923. Denom.
FINE UNION FREE SCHOOL DISTRICT NO. 2 (P. 0. Oswe- $500. Due as follows: $500 May 1 1924 and $1.000 May I 1925. A cer-BOND OFFERING.
-Sealed tified check for 5% of bid required.
gatchle), St. Lawrence County, N. Y.
bids will be received by Mernie Daniels. District Clerk, until 8 p. m.
-The
HARDIN COUNTY (P. 0. Kenton), Ohio.
-BOND SALE.
Oct. 30 for $15,000 5% school bonds. Denom. $1,000. Date Nov. 1
1923. Prin. and semi-ann. int. payable at the National Exchange Bank $6.000 53% Shillings Joint County Pike construction bonds offered on
Sept. 1-V. 117. p. 919
-have been awarded so the Kenton Savings Bank
in Carthage. Due $1.000 yearly on Nov. 1 for 15 years.
at par and
-BONDS VOTED.
-Reports say-that of KentonSept. 1 fromaccrued interest. Date Sept. 1 1923. Due $1,200
FLINT, Genesee County, Mich.
Yearly on
1926 to 1929 inclusive.
the taxpayers approved bond issues totaling $422,000 Oct. 16, as follows:
353,500 for water mains; $64.000 for paving,
$270,000 for storm sewers;
HARRISON, Westchester County, N. Y
.-BOND SALE.
-The
.
and $34,500 for sanitary sewers. Refunding bonds will be taken over by following issues of coupon bonds offered on Oct. 20-V. 117, p. 1691
General Motors Corp. Frank D. King, City Clerk.
were awarded as 4.608 to Geo. B. Gibbons & Co. of New York at 100.13-BOND OFFERINO.-Sealed a basis of about 4.53%:
FRANKLIN, Warren County, Ohio.
proposals will be received by R. C. Boys, Village Clerk. until 12 m. Nov. 5 $45,000 sewer bonds. Denom.$1,000. Date Sept. 1 1923. Int. M.& S.
Due $3.000 yearly on Sept. 1 from 1924 to 1938, inclusive.
for $5,000 5% 7. fire engine bonds issued under Sec. 3939 of Gen. Code.
10,000 water district bonds. Denom. 31.000. Date Oct. 1 1923. Int.
. Denom. $500. Date Nov. 1 1923. Int. semi-ann. Due yearly on Nov. 1
A.& 0. Due $1,000 yearly on Oct. 1 from 1924 to 1933,inclusive.
as follows: $1,000 1925 and $500 1926 to 1933 incl. The opinion of Peck,
7,500 fire equipment bonds. Denom. $1,500. Date Oct. 1 1923. Int.
Shaffer & Williams will be furnished the successful bidder without extra
A.& O. Due $1,500 yearly on Oct. 1 from 1924 to 1928,inclusive.
charge.
-An election will
FULTON,Fulton County, Ky.-BOND ELECTION.
HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 12 (P. 0
question of issuing $70,000 6% sewerage
be held on Nov. 6 to vote on the
.
East Rockaway), Nassau County, N. Y.
-Sealed
-BOND OFFERING.
bonds.
bids will be received by
-BOND OFFERING.
-Sealed 8 p. m. Nov. 9 for theHerman J. Meyers, Clerk Board of Education, until
GASTONIA,Gaston County, No. Caro.
purchase of the following issues of 5% coupon or
proposals will be received until 12 m. Oct. 29 by W. L. Walters, City registered bonds:
Treasurer, for the following coupon, with privilege of registration as to $17,000 school site. Due $2,000
1942 to 1948.inclusive,and $3,000 1949.
t...
principal only, bonds:
30.000 school house completion bonds. Due $2,000 1935 to 1949, incl.
$200,000 water and electric light bonds, maturing on Feb. 1 as follows:
Denom. $1,000. Date Dec. 1 1923. Principal and semi-annual interest
37.000 1945 to 1964. incl.
$3,000 1925 to 1944, incl., and
(M.& N.), payable at the Lynbrook National Bank of Lynbrook. Certified
250,000 street improvement bonds, maturing on Feb. 1 as follows: $10,000 check for 5% of the amount of
bonds bid for required.
1925 to 1934, incl., and $25,000 1935 to 1940, incl.
50,000 sewer bonds, maturing on Feb. 1 as follows:241,000 1925 to
HENRY SCHOOL DISTRICT NO.
Valley County,
w
1954, incl., and $2,000 1955 to 1964, incl.
No. Dak.-CERTIFICATE OFFERING. 12, Golden
-Frank Nehls, District Clerk,
Denom. $1,000. Date Aug. 1 1923. Prin. and semi-ann. int., payable will receive bids until 2 p. m. Nov. 3 at the County Auditor's office in
in gold in New York City. Bidder to name rate of interest not to exceed Beach for $1,500 certificates of
indebtedness. Denom. $500. Interest
6%. A certified check upon an incorporated bank or trust company (or rate not to exceed 7%. Due In 18 months. A certified check for 5% of
cash) for 2% of amount bid for, required. Legality will be approved by bid required.
John 0. Thomson, N. Y. City., whose approving opinion will be furnished
the purchaser without charge. Bonds will be delivered at place of purHICKMAN, Fulton County, IC .-BOND ELECTION.
-An election
chaser's choice (easi of the Mississippi) on or about Nov. 20 and must will be held on Nov. 6 to vote on the question of issuing $30,000 paving
then be paid for.
bonds.
1912
THE CHRONICLE
[VOL. 117.
HOT SPRINGS COUNTY (P. 0. Thermopolis), Wyo.-BOND Sawyers
Co. of Jacksonvil'e at 98.50-a basis of about
ELECTION.
-Our Western correspondent advises us in a special telegram
6.22%. Date
that an election has been called to vote on the question of issuing $100,000 July 11923. Due July 11933.
road and $100,000 court house bonds.
LAKEVILLE SPECIAL SCHOOL DISTRICT (P.
0. Lakeville),
Holmes County, Ohio.
-BOND OFFERING.
-Sealed bids will be received
HUDSON, Summit County, Ohio.
-BOND OFFERING.
-Sealed bids by S.
will be received by B. S. Sanford, Village Clerk, until 12 m. Nov. 19 for 5 4% P. Kopp. Clerk Board of Education, until 12 m. Nov. 1 for 55.892
school bonds. Denom.$368 and one for $372. Date
$4,000 534% water works improvement bonds. Denom. $500. Date Prin. and
Nov. 11923.
Sept. 1 1923. Interest semi-annually. Due $500 yearly on Oct. 1 from Due each semi-ann. Int.(F.& A.) payable at the Distr'et Treasurer's office.
1924 to 1931, inclusive. Certified check for 5% of the amount of bonds and $372 RIX months as follows: $3611 from Feb. 1 1914 to Feb. 1 1931 incl.
Aug. 11931. Certified check for 2% of the amount bid
bid for required.
for required.
:••
IBERIA PARISH SCHOOL DISTRICT NO. 8 (P. 0. New Iberia),
LAKE WILLIAMS SCHOOL DISTRICT NO. 72,
,
La.
-BOND OFFERING.
McLean County,
-Sealed bids will be received by L. G. Porter, No. Dak.-CERTI
FICATE OFFERINO.-A. T. Anderson, District Clrek,
Secretary of the School Board. until 10 a. m. Nov. 14 for 5150.000 school will receive bids until
1 p. m. Nov. Sat the County Auditor's office in
bonds. A certified check for 53.750. payable to J. E. Verret, Pres. of burn for $5.000
certificates of indebtedness. Denom.52.500. Date WashSchool Board, required. Date Oct. I 1923.
Nov.5
1923. Interest rate not to exceed 7%. Due In 18 months.
A certified
INDIANAPOLIS, Ind.
-BOND SALE.
-Jos. L. Hogue. City Con- check for 5% of bid required.
special telegraphic dispatch that bonds in the amount
troller. advises us in a
LAKEWOOD, Cuyahoga County, Ohlo.-BOND
OFFERING.
of 5300.000 have been awarded to the Merchants National Bank and the Sealed bids will
Indiana Trust Co. of Indianapolis at par and accrued interest plus a pre- 12 m. Nov. 5 for be received by A. 0. Guild, Director of Finance, until
the purchase of the following Issues of 5% special
mium of $1,705, equal to 100.568.
assessment bonds:
INDIANAPOLIS PARK DISTRICT (P. 0. Indianapolis), Incl.- $5.930 Emily Drive sewer main construction bonds.
Denom. 51.000 and
$m. Due 51,186 yearly on Oct. 1 from
-The $30.000 5% coupon "Park District Bonds of 1923"
BOND SALE.
9R
2.250 Emily Drive water main construction 1924 to 19 incl.
!Wile No. 5. offered on Oct. 17-V. 117. p. 1579
-have been awardel to
bonds. Denom. $450.
Due $450 yearly on Oct. 1 from 1924 to 1928 incl.
the Meyer-Kiser Bank of Indianapolis for 530.402 50. equal to 101.34,
6,000 Fischer Road sewer main construction bonds.
basis of about 4.83%. Date Oct. 171923. Due $1,000 each six months
a
Denoms. 51.000
and 5200. Due $1 200 yearly on Oct. 1
from Jan. 1 1926 to July 1 1910 inclusive.
8
12.024 Franklin Ave. paving bonds. Denoms.from 1924 to 199 incl.
INDIANAPOLIS SCHOOL DISTRICT, Ind.
51.000 and $336. Due
-BIDS.
-Following is a
51.336 yearly on Oct. 1 from 1924 to 1931 incl.
list of the bids received for the 51.650.000 414% coupon school bonds
2.030 Iola Ave. sewer main construction bonds. Denom.
$406. Due
awarded to Eldredge & Co. at 98.595
-as stated in V. 117, p. 1811:
$406 yearly on Oct. 1 from 1924 to 1028 incl.
Offer.
Below Par.
1.195 Iola Ave. water main construction bonds. Denom. $239.
National City Co. of N. Y.; A. B. Leach & Co.,
Due
$139 yearly on Oct. 1 from 1924 to 1018 incl.
N. Y.; Kissel, Kinnicutt St Co.. N. Y.;Indiana
12.093S4 Lakewood Ave. paving bonds. Denoms. 51,000,
5314
Trust Co.. Indianapolis
51.615.56500 534.435 00
for $311 54. Due yearly on Oct. 1 as follows: $1,341 54 and one
Eldredge St Co., New York
1924 and
1,626,817 50
23.182 50
$1.314 1925 to 1932 incl.
(3tacy & Braun; Estabrook & Co.: Hannah.%
11.052 Lanning Ave. paving bonds. Denom. 51.000 and $228.
Bailin & Lee; Curtis & Sanger; Minton. LamDue
$1.228 yearly on Oct. 1 from 1024 to 1931 incl.
pert & Co
1,604,295 00 45,705 00
1.050 Lincoln Ave. impt. bonds. Denom. $210. Due $210
yearly on
City Trust Co., Indianapolis; Ames, Emerich &
Oct. 1 from 1924 to 1928 incl.
Chicago; Marshall Field, Glore, Ward &
Co.,
685 Lincoln Ave. water main construction bonds. Denom.
Co.. Chicago; Redmond & Co., N. Y.; North$137.
Due 11137 yearly on Oct. 1 from 1924 to 1928 incl.
ern Trust Co., Chicago; A. G. Becker & Co.,
6,849 Mars Ave. paving bonds. Denom. $500 and $261. Due
Chicago
$761
1,597,035 00 52.965 00
yearly on Oct. 1 from 1924 to 1928 Incl.
Meyer-Kiser Bank.Indianapolis; Breed, Elliott &
Date Oct. 1 1923. Int. A. & 0. Cert. check for 5% of
Harrison: H. L. Allen & Co., N. Y.; Culkins &
bonds bid for, payable to the City of Lakewood, required. the amount of
Co., N. Y.: C. W.McNear & Co., Chicago. _ _ 1,601,001 00 48.999 00
Wm. R. Compton & Co., Chicago; Harris Trust
LAKEWOOD SCHOOL DISTRICT (P. 0. Lakewood), Cuyahoga
& Savings Co
1,626.406 00
-BONDS
23,594 00 County, Ohlo.-NO BIDS
AT PRIVATE
-At
W. A. Harriman & Co.. N. Y.; Guaranty Trust
the offering of the following two issues of 5% school bonds SALE.
on Oct. 8Co.. N. Y.; Bankers Trust Co.. N. Y
1,609.558 50 49,441 Si) V. 117. p. 1371-no bids were receivet The bonds were later sold at a
Emery, Peck & Rockwood. Chicago
private s de to Halsey, Stuart & Co. of Chicago at par and accrued
1.610,40600
39,594 00
interest.
Fletcher Savings & Trust Co.; Fe eral Securities
$270,000 bonds. Due $11,000 yearly on Oct. 1 from 1924 to
1948 incl.
Corp.. Chicago; Taylor. Ewart & Co.. Chicago;
154.000 bonds. Due $7.000 yearly on Oct. I from 1924 to 1945 incl.
Second Ward Securities Co.. Milwaukee
Denom. $1,000. Date Oct. 11923. Prin. and semi-ann. int. (A.
1,611,577 77 38,422 23
& O.)
Fletcher-American Co.: Haligarten & Co., N.Y.;
payable at the Cleveland Trust Co. of Cleveland. The bends
are now
White. Weld & Co.. N.Y
1.622.758 50
27.241 50 being offered to investors at prices to yield from 4.75% to 4.90%.
Financial Statement.
ISABELLA COUNTY (P. 0. Mt. Pleasant), Mich.
-BOND SALE.
The Detroit Trust Co. of Detroit has purchased the $23.450 "Covert Estimated actual value
u00.000,000
Act" Assessment District No. 39 bonds offered on Sept. 4-V. 117, p. Assessed valuation
77,165,650
Total bonded debt
-as 5)45 for $23,556. equal to 100.42. Due from 2 to 10 years.
919
4,529,000
Population 1920 census. 41.732: estimated. 1923, 52.000.
ISLAND COUNTY (P. 0. Coupeville), Wash.
-BOND OFFERING.
LAURINBURG, Scotland County, No. Caro.
Sealed bids will be received until 2 p. m. Nov. 5 by the Clerk Board of
-BOND SALFT=Frt
County Commissioners, for the purchase or $22.400 drainage bonds bearing $142.000 coupon (registerable as to princip ,1 only) water and sewer bonds
offered on Oct. 25-V. 117. p. 1801-were awarded to tete State
Interest at a rate not to exceed 8%. _
of Laurinburg as 5i‘s at a premium of 8468 60, equal to 101.763. Bank
JACK COUNTY (P. 0. Jacksboro), Texas,
-BOND ELECTION
of about 5.34%. Date Oct. 1 1923. Due Yearly on Oct. 1 as a basis
follows:
election will be held on Nov. 10 to vote on the question of issuing 5400.000 52.000. 1925 to 1931 incl.; $3 000.
1931 to 1935 incl.; $4.000, 1936 to 1945,
road bonds.
and $5,000, 1946 to 1960 Incl.
JACKSON COUNTY (P. 0. Gainesbnrn), Tenn.
-130N1) OFFERLEHR, McIntosh County, No. Dak.-BONDS NOT SOLD.
-The
ING.
-Sealed proposals will be received by 0. Lee McGlasson, Clerk
County Court, until 12 m. Nov. 10 for $20.000 5% road bonds. of the 52.5007% funding bonds offered on Oct. 19(V. 117. p. 1802) were not sold.
Date
LEPANTO, Poinsett County, Ark.
Oct. 1 1923. Denom. 51.000. Int. A. & 0. A certified check for 10%
-BOND SAIE.-Rober C. Finn,
of bid, payable to the County Trustees. required. Bonds to be delivered Town Clerk, will receive bids at any titre for the purchase of $94,000 say.
water, light and sewer bonds maturing serial& from 1928 to 1932,
and paid for on Nov. 17 1923.
inclusive.
Denom. to suit purchaser.
JEFFERSON AND MADISON COUNTIES JOINT SCHOOL
DISLEETONIA SCHOOL DISTRICT (P. 0. Leetonia), Columbiana
TRICT NO. 16 AND 31 (P. 0. Cardwell), Mont.
-BOND OFFERING.
- County, Ohio.
D. V. Ogan. District Clerk, will receive bids until 8 p. in. Nov.3 for
-BOND OFFERING.
-Sealed bids will he received by
of amortization funding bonds in an amount not to exceed 52.840. an issue D. H. Schaffer. Clerk Board of Education, until 12 m. Oct. 27 for 511.331 52
A certified check for $250. payable to the above clerk, must accompany all bids. 5% school bonds. Denoms.$500, $100 and one for $131 52. Date Aug. 1
An issue of bonds in an amount not to exceed 52,838 40 was offered on 1923. Prin. and semi-ann. Int. payable at the Farmers' & Merchants'
Sept. 29 (V. 117. p. 1371).
Banking Co. of Leetonia. Due each six months as follows: $831 52 Feb. 1
JOLIET SCHOOL DISTRICT (P. 0. Joliet), Will County, Ill.- and $700 Aug. 1 1924 to Aug. 1 1931 incl. Cert. check for 51.000 required.
BOND SALE.
-The 5200.000 coupon school bonds offered on
LINCOLN SCHOOL DISTRICT NO. 18, Oliver County, No. Dak.Oct. 18V. 117. p. 1691-have been awarded as 4s to Halsey, Stuart & Co. for CERTIFICATES NOT SOLD.
-The $4,000 7% certificates of indebtedness
$201.130
-equal to 100.56.5-a basis of about 4.95%. Date Nov.
offered on Oct. 12 (V. 117. p. 1580), were not sold.
Due yearly on July 1 as follows: 510.000. 1933 to 1942,Incl., and 1 1923.
$100,000
LINCOLNTON, Lincoln Count, No. Caro.
-BOND SALE.
1943.
-The
540.000 coupon, registerahle as to I;nelpal only, paving bonds, offered
KANSAS CITY, Wyandotte County, Kans.-BONDS VOTED.
-V. 117. p. 1580
-were purchased by C. W. McNear & Co. of
- on Oct. I8
According to the Kansas City "Times" of Oct. 24. the voters,
Chicago. at a premium of $1,059 69 equal to 102.64. (Interest rate not
at
held on Oct. 23. approved the issuance of $44.100,000 bonds by an election stated.) Date Oct. 1 1993. Due on Oct. 1 as follows: $2.000
a count of
1925 to
2 to 1. Of the $4.100,000. $2,000,000 will be for extensions to the
light 1938. inclusive, and $3,000 1939 to 1942, Inclusive.
department. $2,000.000 for other purposes, and $100,000
for new stations
LINN COUNTY SCHOOL DISTRICT NO. 5 (P. 0. Albany), Ore.
and equipment for the fire dep artment.
BOND ELECTION.
-An election is to take place on Oct. 29 to pass on the
KENT COUNTY (P. 0. Dover), Del.
-BOND
-Edgar E. question of issuing $40.000 school bonds.
Clements, Clerk of Peace, will receive sealed bidsOFFERING.
until 2
LINTON SPECIAL SCHOOL DISTRICT NO. 36 (P. 0. Linton),
for 3350.000 4147, coupon State and road gold bonds offeredp. m. Nov. 13
unsuccessfully Emmons County, No. Dak.-CERTIFICATE OFFERING.--Blds for the
on Sept. 18(V. I. p 1037). Denom,51.000. Date Sept. 11923.
Prin. purchase of $6,0n0 7% certificates of indebtedness were received by John
and semi-ann. Int. (M. & S.) payable at the Farmers Bank
of Dover. Portz. District Clerk, until 7:30 p. tn. Oct. 20. Date Oct. 26 1923. Due
Certified check for 5% of the amount of bid required.
April 26 1925.
KEYSTONE SCHOOL DISTRICT NO. 7, Dickey
County, No. Dak.
LISBON INDEPENDENT SCHOOL DISTRICT, Texas.
-BOND
-J. C. Cook, District Clerk, will
-BOND OFFERING.
receive bids until SALE.-Breg, Garrett & Co.. of Dallas, have purchased $5,000 6% school
10 a m. Oct. 30 at the County Auditor's office in Ellendale
coupon funding bonds. Denom. $1,000. Dale Oct. I 1923. for $11,000 bonds.
semi-ann. Int. (A & 0.) payable at such bank in Minneapolis Prin. and
LOGAN SCHOOL DISTRICT (P. 0. Logan), Hocking County,
or St. Paul
as the purchaser may desire. Due Oct. 1 1933. A certified check
school -bonds offered on Oct. 19
-The $7,200
-BOND SALE.
Ohio.
for 5% (V. 117, p. 1802) have been awarded6% the Farmers' &
of bid required.
to
Merchants' Bank
of Logan at 101.00. a basis of about 5.72%. Date Oct. 1 1023. Due
KINGSPORT, Sullivan County Tenn.-BOND
SALE.
-The fol- $450 each six months from Feb. 1 1924 to Aug. 11931.
lowing three issues of 6% bonds offered on Oct. 23-V.
'
117. p. 1580
were awarded to Seasongood & Mayer of Cincinnati
LONE TREE SCHOOL DISTRICT NO. 154, Ward County, No.
at a premium of Dak.-BOND SALE.
$1,404, equal to 102.86:
-The 520,000 6'7, funding bonds offered on Oct. 2$20.000 public impt. bonds. Date Sept. 1 1923. Due
-were awarded to the W. B. De Nault Co. of Jamestown
V. 117, p. 1186
Sept. 1 1943.
15.000 city impt. bonds. Date Oct. 1 1923. Due Oct.
at a premium of $104, equal to 100.52, a basis of about 5.96%. Date
1 1943.
14.100 Impt. district bonds. Date Oct. 1 1923. Due in 1 to
Sept. 11923. Due Sept. 1 1943.
9 years.
KINGSVILLE TOWNSHIP RURAL SCHOOL DISTRICT
LONG CREEK SCHOOL DISTRICT NO. 2, Divide County, No. •
(P. 0. Dak.-NO
Kinsgville), Ashtabula County, Ohio.
BIDS.
-The $1,500 7% certificates offered on Sept. 26-BOND OFFERING.-S
bids will be received by J. E. D avis. Clerk Board of Education, until elled V. 117. p. 1372
-were not, sold, as no bids were received.
1 p. in.
Nov. 7 for 55.697 83 6% school bonds. Denom. $360 and one
for $29'7 83.
LONG CREEK TOWNSHIP, Divide County, No. Dak.-CERTIFIDate Aug. 1 1923. Principal and semi-annual interest
(F. & A.) Payable CATE SALE.
-The $3.000 7% 18 months certificates of indebtedneas
at the District Treasurer's office. Due each six months as follows:
$360 offered on Aug. 22-V. 117. P. 808-were purchased by the First
Feb.) 1924 to Feb. 1 1931, inclusive. and 5297 83
State
Aug. 1 1931.
Dank of Crosby.
KITTRELL SCHOOL DISTRICT(P.O. Henderson),
Vance County,
LUBBOCK,Lubbock County,Texas.
-BOND ELECTION.
No. Carn.-BOND OFFERING.
-A special
-Sealed bids will be received Nov. 5 by telegraphic dispatch
from our Western representative advises OR that an
E. M. Rollins. Superintendent Board of Trustees for the purchase of election
will be held on Nov. 21 to vote on $500,000 paving bonds.
545.
000 (I% school bonds. Denom. $1.000. Date
semi-ann. mt. payable in New York. Due as March 1 1923. Prin.
and
LYNDHURST, Cuyahoga County, Ohio.
-BOND OFFERING.
follows: 51.000 1926
to 1934. Incl.. and 52.000 1935 to 1952. incl. Legal proceedings and Be led bids will be received by S. C. Vessy until 12 m. (Central standard
preparation and sale of bonds under the supervision of Bruce Craven, of time) Nov. 19 at his office at 319 The Arcade. Cleveland, for the
purchase
A certified check for 2% of amount bid for, payable
Trinity.
to the of the following two !MIMS of 5si% coupon bonds:
Treasurer. required.
877.100 street Inapt. special assessment bonds. Due yearly on Oct. 1 as
follows: 57.100. 1924: 58.000. 1925 and 1926: $7,000, 1927:
KITTSON COUNTY (P. 0. Hallockl, Minn.
-BOND OFFERING.
$8.000. 1928 and 1929: $7,000. 1931. and $8.000. 1931 to 1033
Wm. F. Davnie.("minty Auditor. will receive sealed bids until 2 p. m. Nov.
17,000 sewer bonds. Due $1,000 yearly on Oct. 1 from 1924 to 1940 incl.
incl.
5 for $33,000 ditch bands bearing interest at a rate not to exceed 6%.
Date Nov. 1 1923. Prin. and semi-ann. Int. (A. & 0.) p iyable at
201. Date Oct. 1 19'3. Due 42.200 yearly on Oct. 1 from Village Treasurer's
Denom. $1.
the
office. Certified check for 5% of the amount of bonds
1929 to 1943, incl. A certified check for 5% must accompany all bids.
bid for, payable to the Village Tre'surer, required. Purchaser to
take up
LAKE COUNTY SPECIAL ROAD & BRIDGE DISTRICT NO. 5 and pay for bonds within ten days from time of award.
-BOND SALE.
ee), Fla.
(P. 0. T
-The 540.000 6% road and bridge
McALLEN, Hidalgo County, Texas.
-DESCRIPTION.
-The 830.000
bonds offered on Oct. 15 (V. 117. P. 1580) were purchsaed by the 0. B. street-Improvement
and 820.000 sewer 5X% bonds awarded to Sutherlln.
r
sou)
OCT.27 1923.]
THE CHRONICLE
Barry & Co., Inc., of New-Orleans, as stated in V. 117, p. 1486. are described as follows: Denom. 51.000. Date Sept. 1 1923. Principal and
semi-annual interest (M. & S.) payable at the Hanover National Bank,
New York City. Due Sept. 1 1953.
Financial Statement.
Estimated actual valuation
55,000,000
Assessed valuation, 1922
2.676,731
Total bonded debt, including this issue
50,000
Population, 1920 Census, 5,331. Population, estimated, 6,200.
MADISON, Dane County, Wis.-BONDS OFFERED.
-H. C. Buster,
City Clerk, received sealed bids until 2 p. in. Oct. 26 for the purchase of
$50,000 4 % coupon water works and extension bonds. Date Oct.1 1923.at
Principal and interest payable at the City Treasurer's office.
MAHONING COUNTY (P.O. Youngstown), Ohio.
-BOND SALE.
The $75.000 sewer impt. bonds offered on Oct. 15-V. 117. p. 1692
have been awarded as 53.4s to the Provident Savings Bank & Trust Co.
of Cincinnati at 102.77, a basis of about 5.10%. Date Oct. 1 1923. Due
yearly on Sept. 1 as follows: $5,000. 1925 to 1933 incl., and $6,000,
1934 to 1938 incl.
MAMARONECK (P.0. Mamaroneck), Westchester County, N. Y.
-The $10,000 5% automobile hook and ladder fire apparatus
BOND SALE.
lighting and water supply bonds offered on Oct. 22-V. 117. p. 1692
have been awarded to Barr Bros. & Co. of New York at 101.597. a basis
of about 4%%. Date Nov. 1 1923.
Due $2,000 yearly on April 1 from
1925 to 1929 Incl.
MARCELINE,Linn County, Mo.-BOND OFFERING.
-L.E. Shelton.
City Clerk, will receive sealed bids until Nov. 5 for the purchase of $75.000
water and sewer bonds bearing interest at a rate not to exceed 5%•
Denom. $1.000. Due in 20 years, optional after 10 years. A certified
check for 2% required.
MARION CITY SCHOOL DISTRICT (P. 0. Marion), Marion
County, Ohlo.-BOND OFFERING.
-Earl T. Smart, Clerk-Treas., will
receive sealed bids until 12 m. (Central standard time) Nov. 7 for $75,77802 6% coupon school bonds. Denom. $1,000 and one for 5778 02.
Date Sept. 1 1923. Int. F. & A. Due each six months as follows:
53.778 02, Feb. 1 1924: $4,000, Aug. 1 1924 to Aug. 1 1925 incl., and
$5.000. Feb. 1 1926 to Aug. 1 1931 incl. Certified check for 1% of the
amount of bonds Jid for required.
MARLBOROUGH, Middlesex County, Mass.
-BOND SALE.
The Merchants National Bank of Boston purchased an issue of 350.000
4% municipal bonds at 101.25. Denom. $1.000. Date Sept. 1 1923.
Due 1924 to 1953 inclusive. Other bidders were:
Harris, Forbes & Co
100.13 Old Colony Trust Co
100.30
F. S. Mosely & Co
100.25 R. L. Day & Co
100.44
Merrill. Oldham & Co
100.29 Curtis & Sanger
100.57
Blodget & Co
100.29 Grafton & Co
100.58
Blake Bros. & Co
100.544
MARLEY SCHOOL DISTRICT NO.89, Williams County, No. Dak.
-CERTIFICATE OFFERING.
-Bids will be received until 2 p. m. Nov. 3
by Mrs. Ernest Scott, District Clerk, at the County Auditor's office in Williston for $500 certificates of indebtedness. Interest rate not to exceed 7%.
Due Feb. 11924. A certified check for 5% of bid required.
MASON CITY INDEPENDENT SCHOOL DISTRICT (P. 0. Mason
City), Cerro Gordo County, Iowa.
-BONDS VOTED.
-By a vote of
632 "for" to 177 "against" the people sanctioned the issuance of the 590.000
new school building bond issue at the election held on Oct. 15. V. 117, p.
1580.
MELVILLE SCHOOL DISTRICT NO. 5, Foster County, No. Dak.
-CERTIFICATE OFFERING.-Bids will be received until 3 p. in. Oct. 27
by Philip Wiseman, District Clerk, at the County Auditor's office in
Carrington for $2,000 7% certificates of indebtedness. Denom. $500.
Due Nov. 11924. A certified check for 5% of bid required.
MICHIGAN SCHOOL DISTRICT NO. 86, Grand Forks County,
No. Dak.-CERTIFICATE OFFERING.
-Bide were received until 2
p.m.Oct. 26 by Mrs. W.H.Strutz,District Clerk,at the County Auditor's
office in Grand Forks,for the purchase of $1,350 certificates ofindebtedness
Date Oct. 26 1923. Int. rate not to exceed 7%. Due Oct. 26 1924.
MILAM COUNTY ROAD DISTRICT NO.2(P.O. Cameron), Tex.
BOND OFFERING.
-Sealed bids will bo received until 3 p. m. Nov. 2 by
Jeff T. Kemp, County Judge, for $100,000 road bonds. Denom. $1.000.
A deposit of$2.500 required. Bonds to be printed at expense of purchaser.
MILLVILLE, Cumberland County N. J.
-BOND OFFERING.Sealed bids will be received by Wilbert T.filmmerman, Director of Revenue
and Finance. until 3:30 p. m. Nov. 2 for $125,000 5% coupon or registered
water bonds; no more bonds to be awarded than will produce a premium
of 31.000 over 3125,000. Denom. $1,000. Date Nov. 1 1923. Prin.
and semi-ann. int. (M. & N.) payable at the Millyille National Bank of
Millville. Due 65.000 yearly on Nov. 1 from 1925 to 1949 incl. Certified
check for 2% of the amount of bonds bid for, payable to the City Treasurer,
required. Legality approved by Caldwell & Raymond of New York.
MILWAUKEE COUNTY (P. 0. Milwaukee), Wis.-BOND OFFERING
-PART OF TOTAL ISSUE SOLD.
-Sealed bids will be
Patrick McManus, County Treasurer, until 2 p. m. Nov. 1 forreceived by
54.200.000
metropolitan sewerage bonds of 1923. Denom. $1.000. Date
June 1 1923. Prin. and semi-ann. Int. (J. & D.) payahle at the office of
the County Treasurer. Due on June 1 as follows: 5430.000. 1934 to 1942.
incl., and $330.000. 1943. These bonds are a part of an issue of $4.300.000
which were offered but not sold on July 11-see V. 117. p. 240. The official
circular offering these bonds states that of the total 44.300.000) $100,01
have been sold,leaving the above amount(54.200.000) ming now offered.
MINERAL WELLS, Palo Pinto County, Texas.
-BOND SALE.
Dreg. Garrett & Co. of Dallas have purchased $40,000 6% refunding
bonds.
MINIDOKA, Minidoka County, Idaho.
-BONDS VOTED
-BOND
-At a recent election an issue of $3,700 light bonds was voted
SALE.
Since being voted, the bonds have been sold to the First National Bank of
Minidoka.
-BOND SALES.
-On Oct. 22 the four issues
MINNEAPOLIS, Minn.
of bonds offered on that date (see V. 117. p. 1692) were sold as below:
$656.600 special park and parkway impt. bonds, awarded to a syndicate
composed of Eldredge & Co. of New York, and the Wells
-Dickey
Co. and Ballard & Co., both of Minneapolis. as 5s at a premium
of 53.725, equal to 166.56. a basis of about 4.81%. Date Oct.
1 1923. Due on Oct. 1 as follows: $121,160, 1924 to 1928
inclusive. and 810.160, 1929 to 1933 inclusive.
The following three issues were awarded to a syndicate composed of
W. A. Harriman & Co., Inc., and Keane. Higbie & Co. of New York,
and the Herrick Co. of Cleveland as 44s, at a premium of $256. equal to
100.30, a basis of about 4.73%:
$33 910 60 special impt. bonds. Date Nov. 1 1923. Due $3.391 06
Yearly on Nov. I from 1924 to 1933 inclusive.
25.00000 auditorium bonds. Date Sept. 1 1923. Due $1,000 yearly
on Sept. 1 from 1929 to 1953 Inclusive.
25,000 00 public market bonds. Date Sept. 1 1923. Due $1,000 yearly
on Sept. 1 from 1929 to 1953 inclusive.
-BONDS VOTED.
MONROE COUNTY (P. 0. Key West), Fla.
-At
-the proposition to Issue
the election held on Oct. 16-V. 117. p. 1372
$300,000 6% road bonds carried.
-BOND OFFERMONTGOMERY COUNTY (P. 0. Dayton), Ohio.
ING.
-Sealed bids will be received until 10 a. in. Nov. 6 by F. A. Kilmer,
Clerk Board of County Commissioners, for the purchase of the following
issues of bonds:
$8,000 Farmer Ave. impt. bonds. Due $4.000 yearly on Nov. 1 1925
and 1926.
5,000 Park Place Inapt. bonds. Due yearly on Nov. 1 as follows: 52.000.
1925 and $3,000, 1926.
24,000 Lorenz Ave. impt. bonds. Due yearly on Nov. 1 as follows:
$4.000 in 1925, 1929 and 1933, and 52.000, 1926, 1927, 1928. 1930,
1931 and 1932.
Until 10 a. in. Nov. 1 sealed bids will be received for the following bonds:
$6.000 Riverview Ave. impt. bonds. Due 52.000 yearly on Oct. 1 from
1925 to 1927 inclusive.
12,000 Martha Ave. inapt. bonds. Duo yearly on Oct. 1 as follows:
$2,000, 1925: 31,000, 1926 to 1928 incl.: 82,000, 1929: 11.000
1930 to 1932 incl., and $2,000, 1933.
The following pertains to all of the issues: Int. at 6%. Denom.$1,000
Date Nov. 1 1923. Prin. and semi-ann. Int. (A. & 0.) payable at the
County Treasurer's office. Certified check for 31.000. payabel to the
43.4%
1913
County Treasurer, required. Legality approved by D. W. & A. S.
Iddings, and Peck, Shaffer & Williams of Cincinnati.
MORTON COUNTY (P. 0. Mandan), No. Dak.-CERTIFICART
OFFERING.
-Lee Nichols, County Auditor, will receive bids until 2 p. m.
Nov. 2 for the purchase of $50.000 certificates of indebtedness bearing
Interest at a rate not to exceed 7% and maturing in 18 months. A certified
check for 5% must accompany all bids.
MT. VERNON, Knox County, Ohio.
-BOND OFFERING.
-Sealed
bids will be received by Howard C. Gates. City Auditor, until 12 m. Nov.
1 for the purchase a the following issues of 54% special assessment
bonds:
$81928 South Gay St. impt. bonds. Denom. $80 and one for $99 28.
Due yearly on Sept. 1 as follows: $99 28, 1924. and $80,
1925 to 1933 inclusive.
9.929 19 Pleasant St. impt bonds. Denom. 51,000 and one for $4429 19
and 8500. Due yearly on Sept. 1 as follows: $429 19. 1924
and $1,000, 1925 to 1933 inclusive.
4.832 16 North Mulberry St. impt. bonds. Denom. $500 and one for
$132 16. Duo yearly on Sept. 1 as follows: $132 16, 1924,
and $500, 1925 to 1933 inclusive.
10,353 32 South Gay St. inapt. bonds. Denom. 51.000 and one for
$35332. Due yearry on Sept. 1 as follows: $1,353 32, 1924
and $1.000, 1925 to 1933 inclusive.
1,073 04 Elliott St. impt. bonds. Denom. $100 and one for $173 04.
Due yearly on Sept. 1 as follows: 8173,04 1924, and $100.
1925 to 1933 inclusive.
5,783 41 East Curtis St. impt. bonds. Denom. $100 and $500. and
one for $383 41. Due yearly on Sept. 1 as follows: $383 41,
1924 and $600. 1925 to 1933 inclusive.
1.081 56 West Curtis St.impt. bonds. Denom.$100 and one for $181 56.
Due yearly on Sept. 1 as follows: $181 56, 1924 and CM
1925 to 1933 inclusive.
312 48 Cemetery Ave. impt. bonds. Denom. $30 and one for $42 48.
Due yearly on Sept. 1 as follows: 542 48, 1924 and $30, 1925
to 1933 inclusive.
3.064 62 North Mulberry St. impt. bonds. Denom. $300 and one for
$364 62. Due yearly on Sept. 1 as follows: $364 62, 1924
and $300. 1925 to 1933 inclusive.
20.084 05 West Vine St. inapt. bonds. Denom. $1,000 and one for
$84 05. Due yearly on Sept. 1 as follows: $2,084 05. 1924.
and $27000, 1925 to 1933 inclusive.
28,950 59 West Gambler St. impt. bonds. Denom. $500 and one for
$450 59. Due yearly on Sept. 1 as follows: $1,950 79, 1924,
and $3,000, 1925 to 1933 inclusive.
14.258 93 East Chestnut St. impt. bonds. Denom. 8500, 51,000. and
one for $258 93. Due yearly on Sept. 1 as follows: $758 93.
1924. and $1,500, 1925 to 1933 inclusive.
Date Sept. 1 1923. Prin. and semi-ann. int.(M. & S.) payable at the
City Treasurer's office. Certified check for 5% of the amount of bonds
bid for, on some solvent bank located in Knox County. required.
MOUNTAIN VIEW SCHOOL DISTRICT NO.12, Bottineau County,
No, Dak.-CERTIFICATE OFFERING.-Bids for the purchase of $2.000
7% certificates of indebtedness will be received until Nov. 3 at the County
Auditor's office in Bottineau by (Mrs.) Pauline Olson, District Clerk.
Denom. $500. Date Nov. 3 1923. Int. semi-ann. Due May 3 1925.
All bids must be accompanies by a certified check for 5%.
MULTNOMAH COUNTY (P. 0. Portland), Ore.
-BIDS.
-The following is a list of the bids received for the $500,000 Burnside St. Bridge
and $500,000 Ross Island Bridge bonds, awarded on Oct. 17:
Harris Trust & Savings Bank, Continental & Commercial
Trust & Savings Bank, Lumbermen's Trust Co
5% *101.270
Freeman, Smith & Camp Co., Wm. R. Compton Co.,
National City Co., Carstens & Earles. and W. A. Harriman
& Co., Inc
5% 101.090
Bankers Trust Co., Hannahs, Bailin & Lee, Dillon, Read &
Co., and Ladd & Tilton Bank
101.004
Stacy & Braun, Anglo-London-Paris Co.. Old Colony Trust
Co., Eldredge & Co., Kissell, Kinnicutt & Co.. and Ralph
Schneelock Co
101.002
Robertson & Ewing & Associates (Burnside Bridge)
100.570
Roberston & Ewing & Associates (Ross Island Bridge)______
100.570
A. M. Wright
101.003
• Successful bid: for previous reference, see V. 117, p. 1803.
MUSSELSHELL COUNTY SCHOOL DISTRICT NO. 64 (P. 0.
-BOND OFFERING.
Roundup), Mont.
-H. M. McCoy, Clerk Board of
Trustees, will receive bids until 2 p. m. Nov. 10 for an issue of amortization
funding bonds in an amount not to exceed $4.606 45. A certified check for
$460, payable to the above Clerk. required.
NASHUA, Hillsborough County, N. H.
-TEMPORARY LOAN OFFERING.
-Proposals will be received until 10 a. m. Oct. 30 by the City
Treasurer for the purchase at discount of a temporary loan of $60,000,dated
Oct. 31 1923 and payable Jan. 4 1924.
NEWARK SCHOOL DISTRICT (P. 0. Newark), Licking County,
Ohio.
-BOND OFFERING.
-Sealed bids will be received by Ben Montgomery, Clerk Board of Education, until 7 p. m. Nov. 5 for $115.881 61
6% school bonds. Denom. 31,000 and one for $881 61. Date Nev. 1
1923. Prin. and semi-ann. int.(P.& A.) payable at the District Treasurer's
office. Due each six months as follows: 57.881 61. Pet). 1 1924: 57.000.
Aug. 1 1924: 57.000, Feb. 1 1925 to Feb. 1 1929: 58.000. Aug. 1 1926:
57.000. Feb. 1 1927 to Aug. 11928: 58.000. Feb. 1 1929 and 37,000. Aug. 1
1929 to Feb. 1 1931. and 58.000. Aug. 1 1931.
Certified check for
1% of the amount of bonds bid for required.
NEW BREMAN VILLAGE SCHOOL DISTRICT (P. 0. New Bremen), Auglaixe County, Ohio.
-BOND SALE.
-The $6,851 07 6%
school bonds offered on Oct. 19 (V. 117. p. 1692) have been awarded to
Durfee. Niles & Co. of Toledo at 100.45-a basis of about 5%. Date
Oct. 11923. Due each six months as follows: $428 Feb. 1 1924 to Aug. 1
1931, inclusive. and $431.07 Aug. 1 1931.
NEW HOME SCHOOL DISTRICT NO. 37, Williams County,
No, Dak.-CERTIFICATES NOT SOLD.
-months'
-The $2,000 6% 18
certificates of indebtedness offered on Oct. 1-V. 117, p. 1267
-were
not sold.
NEW MARSHFIELD RURAL SCHOOL DISTRICT (P. 0. New
Marshfield), Athens County, Ohio.
-The 33.812 16
-BOND SALE.
6% school bonds offered on Oct. 15(V. 117. p. 1692) have been awarded to
Etlanchet, Thornburgh & Vandersall at par. Due each six months as follows: 8428 Feb. 1 1924 to Aug. 1 1931 incl. and $4431 07 Aug. 11931.
NEWPORT TOWNSHIP RURAL SCHOOL DISTRICT,Washington
County, Ohio.
-BONDS NOT SOLD.
-The $5,475 27 debt
-extension
bonds offered on Oct. 13-V. 117. p. 581-were not sold, due to the fact
that the County Auditor could not get the levy placed on the tax duplciate
in time to get money to pay first bonds coming due (Feb. 11924).
NILES, Trumbull County, Ohio.
-BOND SALE.
-The Detroit
Trust Co. of Detroit on Oct. 15 purchased the two issues of 5%% bonds
offered on that date
-V. 117. p. 1372 and V. 117. p. 1487
-for $37,632,
equal to 101.39, a basis of about 5.23
824.914 Robbins Ave. impt. bonds.%:
Date Oct. 1 1923. Due 32.500
yearly on April 1 from 1925 to 1933 incl.. and 82.414 April 11934.
12,200 Sewer District No. 7 bonds. Date April 1 1923. Due yearly on
Oct. 1 as follows: $1,000. 1924 to 1934 incl., and 51.200, 1635.
Other bidders were:
$249 14
Cam512.200
Issue.
bined.
Issue.
Seasongood & Mayer
$101 00.
$49 00
Provident Savings Bank & Trust Co
209 00
109 80
Citizens Savings Bank & Trust Co
26 80
7 20
Tucker, Robeson & Co
$72 25
Breed, Elliott & Harrison
220 00
135 op
Sidney Spitzer & Co
18 12
0
W. L. Slayton & Co
326 80
NIOBRARA COUNTY SCHOOL DISTRICT NO. 2 (P. 0. Monvilla'), Wyo.-BOND SALE.
-The 521,000 534% school-building bonds
offered on Oct. 5(V. 117. U. 1267) were awarded to the United States Bond
Co. of Denver. Denom. $1,000. Date July 11923. Principal and semiannual interest payable at the County Treasurer's office or at Kountze
Bros., New York City. Due July 1 1943.
NOLAN COUNTY (P. 0. Sweetwater), Texas.
-BONDS VOTED.
We are advised by special 'wire from our Western representative that at the
1914
TELE CHRONICLE
{Vox,. 117.
election held on Oct. 20 the $600,000 road bond issue (see V. 117, p. 1372) 22,000 Fox Island Road pavnig assessment bonds. Denom. $1,000. Due
$11,060 Dec. 1 1924 and 1925.
was voted.
Date Dec. 1
semi-ann. int. (J. &
in U. S.
-B. R. Lacy, gold coin of the 1923. Prin. andof weight and finenessD.) payableNational
-BOND OFFERING.
NORTH CAROLINA (State of).
present standard
at the First
State Treasurer, will receive bids until 12 m.Nov. 14 for $10,649,500 coupon Bank of Port Chester or in New York exchange. Certified check for 3%
or registered permanent improvement bonds to bear interest at a rate not of amount bid for required.
POWDER RIVER COUNTY (P. 0. Broadus), Mont.
to exceed 5%. Date Oct. 1 1923. Principal and interest payable in
-PRICE.
-The
New York City or Raleigh. Due Oct. 11963. A deposit of 2% of amount price paid for the 815.000 6% funding bonds by the U. S. National Co. of
Opinion as to validity of issue will be given Denver. awarded to it as stated In V. 117, p. 1582, was par.
bid for must accompany bid.
PURPOSE OF ISSUE.
-The purpose of the $10,000 bond issue awarded
to John E. Price & Co.. of Portland, as stated in V. 117, p. 1155, was for
by Chester B. Massllch, New York City.
The official notice of the offering of these bonds appears on a subsequent construction of steel bridges.
page of this issue.
PROVISO TOWNSHIP HIGH SCHOOL DISTRICT (P. 0. Belle-The following wood), Cook County, 111.
-BOND SALE.
-An issue of $100,000
-BOND SALE.
NORWALK, Huron County, Ohio.
%
three issues of 55i% special assessment bonds offered on Sept. 1-V. 117, high-school bonds has been awarded to Hill, Joiner & Co. of Chicago.
-have been awarded to the Provident Savings Bank & Trust Co. Denom. $1,000. Date April 1 1923. Principal and semi-annual interest
p. 922
(J. & D.) payable at the Continental & Commercial Trust & Savings Bank
of Cincinnati for $22,207 40, equal to 100.13.
$8.241 85 Marshall St.improvement bonds. Denom.$820 and 1 for $861 85. of Chicago. Due $10,000 yearly on June 1 from 1933 to 1942, inclusive.
3,747 57 Rule St.Improvement bonds. Denom.$370 and 1 for $417 57.
RIDGWAY BOROUGH SCHOOL DISTRICT (P. 0. Ridgway),
10,189 15 Wooster St. improvement bonds. Denom. $1,000 and 1 for Elk County, Pa.
-NO BIDS.
% coupon high school
-The $126,500
$1,189 15.
building bonds offered on Oct. 20-V. 117. p. 1488
-were not sold, as no
Date Aug. 1 1923.
bids were received. The bonds will probably be reoffered as 4 Hs.
-BOND OFFERING.
OCEAN COUNTY (P. 0. Toms River), N. J.
RIVER ROUGE, Wayne County, Mich.
-BOND SALE.
-On Oct.
Sealed bids will be received by David 0. Parker. Clerk Board of Chosen 16 the River Rouge State Bank
Freeholders, until 12 m. Nov. 7 for the purchase at not less than par and special assessment bonds at 100.50. purchased an issue of $19,971 75 6%
accrued interest of an issue of 5% county building, Series C, coupon or
ROBERTSON COUNTY (P. 0. Franklin), Texas.
-WARRANT
registered (registerable as to principal) bonds not to exceed 323,500, no
-An issue of $50,000 6% court
-house warrants has been purchased
more bonds to be awarded than will produce a premium of $500 over SALE.
823.500. Denom. $500. Date Nov. 1 1923. Principal and semi-annual by Breg, Garrett & Co., of Dallas.
Ocean County Trust Co.of Toms River. Due yearly'
interest payable at the
ROCKY RIVER, Cuyahoga County, Ohio.
-BOND SALE.
on Nov. 1 as follows: $1.000. 1925 to 1941, inclusive, and $500, 1942 to lowing eight issues of 534% bonds, offered unsuccessfully on -The folAug. 201954, inclusive. Certified check for 2% of the amount of bonds bid for, V. 117, p. 923
-have been sold to various purchasers at par:
payable to the County Treasurer, required.
$6,125 bonds dated Aug. 1 1923. Due yearly on Oct. 1 as follows: $525.
1924, and $700. 1925 to 1932, incl.
OHIO SCHOOL TOWNSHIP (P. 0. Newburgh), Warrick County,
-The $30.000 5% school funding bonds offered on
-BOND SALE.
2,600 bonds dated Aug. 11923. Due yearly on Oct. 1 as follows; $200..
Ind.
1924, and $300, 1925 to 1932, incl.
Oct. 22-V. 117, p. 1581-have been awarded to the Peoples State Bank
47,000 bonds dated July 1 1923. Due yearly on Oct. 1 as follows: $4,500,
of Detroit. Denom. $500. Payable in 15 years.
1924 to 1926, incl.; 55,000, 1927:$4,500, 1928;55,000, 1929;$4,500.
OLD FORT RURAL SCHOOL DISTRICT (P. 0. Old Fort), Seneca
1930: 95,000, 1931; 94,500, 1932, and 55,000, 1933.
-NO BIDS RECEIVED.
County, Ohio.
-The $6,150 5% school bonds
bonds dated Aug. 1 1923. Due $2,000 yearly on Oct. 1 from 1924
-were not sold,as no bids were received. 20,000 to 1933, incl.
offered on Oct.13-V.117, p. 1693
OMAHA, Douglas County, Neb.-BOND OFFERING-BONDS NOT 16.730 bonds dated Aug. 1 1923. Due yearly on Oct. 1 as follows: $1,730,
SOLD.
-Sealed bids will be received by H. W. Dunn. Commissioner of
1924; 81.500, 1925 and 1926; $2,000, 1927; $1,500. 1928 and 1929:
Finance, until Nov. 20 for $500,000 20
$2.000, 1930: 31.500, 1931 and 1932, and 82,000, 1933.
-year 4H% street-improvement
4,800 Westwood Ave. water main construction and installment bonds.
bonds. Denom. $1,000. Date Sept. 11923. Principal and semi-annual
Denom. $500 and bond No. 1 for $300. Date June 11923. Due
interest payable in Omaha. A certified check for $10,000, payable to the
yearly on Oct. 1 as follows: $300. 1923, and $500 from 1924 to
City of Omaha, required. Bonds will be furnished by city. These bonds
•
1932, incl.
were offered on Oct. 23 (see V. 117, p. 1693), but were not sold.
15,000 Wooster Road water mains construction and installment bonds.
ORANGE COUNTY (P. 0. Orland), Fla.
-CORRECTION IN NAME
Denom. 81.500. Date Aug. 1 1923. Due $1,500 yearly on Oct. 1
OF ATTORNEY APPROVING BONDS.
-Last week, on page 1803, in
from 1924 to 1933, incl.
giving notice of the offering of $397,000 5% road bonds, to take place 10,500 Bonnie Bank Road water mains construction and installment bonds.
on Nov. 15. we reported that the legality of the issue had been approved
Denom. $1,050. Date Aug. 11923. Due $1,050 yearly on Oct. 1
by Chester B. Masslich of N. Y. City. The report was incorrect, the
from 1924 to 1933, incl.
legality having been approved by John C. Thomson of N. Y. City. For
ROCKWOOD, Somerset County, Pa.
-BONDS NOT SOLD.
-The
other details of offering see above reference.
-were
- 510,000 4% street impt. bonds offered on Sept. 29-V. 117, p. 1373
ORANGE COUNTY (P. 0. Paoli), Ind.
-BOND OFFERING.
not sold. The bonds are being readvertised for sale.
Sealed bids will be received by William B. Lashbrooks, County Treasurer,
RUTHERFORD COUNTY (P. 0. Rutherfordton), No. Caro.
until 2 p. m. Nov. 5 for $3,600 5% coupon Frank Allen et al. road bonds.
-It is reported that C. N. Malone & Co. of Asheville have
Denom. $180. Date Nov. 5 1923. Due $180 each six months from BOND SALE.
purchased 963,000 bonds at par.
May 15 1925 to Nov. 15 1934 inclusive.
-BOND OFFERST. CLAIRSVILLE, Belmont County, Ohio.
-BONDS NOT SOLD.
ORANGE COUNTY (P. 0. Hillsboro), No. Caro.
-Sealed proposals will be received until 2 p. m. Nov. 5 by J. F. Mc- The $33,900 5H% coupon street paving bonds offered on Sept. 1-V. 117.
ING.
-were not sold.
Adams, Register of Deeds, for $65.000 coupon, with privilege of registra- p. 923
tion as to principal only, school bonds. Denom. $1,000. Date July 1
-The two Issues of
ST.PAUL,Ramsey County, Minn.
-BOND SALE.
1923. Prin. and semi-ann. Int. (J. & J.) payable in gold in New York.
Due $5,000 yearly on July 1 from 1924 to 1936, incl. Bidder to name bonds offered on Oct. 17(V. 117. p. 1582). were purchased by the National
a rate of interest not to exceed 6%. A certified check upon an incorporated Exchange Bank of St. Paul for the account of Roosevelt & Son, of New
bank or trust company (or cash), payable to the County Treasurer, for 2% York, as follows:
of amount bid for, required. Bonds to be prepared under the supervision $500,000 school bonds maturing Oct. 1 1953 as 4Hs at 100.17-a basis of
about 4.49%.
of the United States Mortgage & Trust Co., N. Y. City, which will certify
236,000 water-works bonds maturing $8,000, 1924 and 1925: $9.000, 1926
as to the genuineness of the signatures of the officials signing same and the
and 1927; $10,000, 1928 and 1929; 811,000, 1930 and 1931,•
seal impressed thereon. The approving opinions of Storey. Thorndike,
Palmer & Dodge of Boston and J. L. Morehead of Durham. No. Caro.,
' $12,000, 1932 and 1933:813.000. 1934 and 1935:$14,000. 1936 and
1937; $15,000, 1938;$16,000. 1939 and 1940; 517.000, 1941. and
will be furnished the purchasers. Delivery on or about Nov. 30 1923
/
4s,
$18.000, 1942 as 43 at 100.35-a basis of about 4.71%.
in N. Y. City; delivery elsewhere at purchaser's expense, incl. N. Y. exchange. A like amount of bonds was offered on Oct.8. See V.117,p.1487. 264,000 water-works bonds, maturing 819.000, 1943; $20,000. 1944:
$21,000, 1945 522,000. 1946; 823,000, 1947; $24,000. 1948,•
OREGON (State of).
-BOND SALE.
-The $1.000,000 4H% highway
$25,000, 1949; 826,000, 1950; $27,000. 1951: $28.000, 1952; and
bonds offered on Oct. 22-V. 117, p. 1581-were awarded to Dillon,
$29,000, 1953. as 4345, at 100.35-a Oasis of about 4.43%.
Read & Co. of New York at 99.012, a basis of about 4.59%. Date Oct.
Date Oct. 1 1923. The bonds are now being offered to investors by
1 1923. Due $25,000 each six months beginning April 1 1929 and ending Roosevelt & So, at a price to yield 4.40% for the 4Hs and from 4.45% to
1948 inclusive.
Oct. 1
4.55% for the 4%s.
The following Is a list of the bids received:
OWATONNA,Steele County, Minn.
-A special
-BOND ELECTION.
BiddersWater. P.C. School. % Premium
election will be held on Nov. 5 to vote on the question of issuing $350,000
$11,650
$500,000 4%
municipal light, power and heating plant construction bonds.
1,750
236,000
%
PAINESVILLE SCHOOL DISTRICT (P. 0, Painesville), Lake National Exchange Bank,St.Paul- 264.000
-BOND SALE.
County,Ohio.
-The 840,487 925
school bonds offered
$500,000 434
850
-were awarded to Otis & Co. for $40,779, Eldredge & Co
on Oct. 19-V. 117, p. 1582
par
} 500,000 4% 275,000 4341
equal to 100.70. a basis of about 5.307
0. Date Aug. 1 1923. Due each Wells-Dickey Co
225.000 4311
six months as follows: $2,000 each Feb. 1 and $3,000 each Aug. 1 from
6,950
500,000 4%
Feb. 1 1924 to Feb. 11931,incl., and $33,487 92 Aug. 1 1931.
360,000
140,000
PALMERTON BOROUGH SCHOOL DISTRICT (P.O. Palmerton), Bankers Trust & Savings Bank
par
360.000 4%
Carbon County, Pa.
-BOND SALE.
-The $150.000 4 H% coupon tax
par
500,000
140,000 4
-have been
exempt school bonds offered on Oct. 18-V. 117, p. 1582
6.850
500.000 4% 500,000
awarded to Graham, Parsons & Co. of Philadelphia at 100.811. a basis of R. W.Pressprich & Co
1,750
500,000 4%
500.000 4
about 4.43%. Date Oct. 15 1923. Due $25,000 Oct. 15 in the years Stacy & Braun
500,000 4% 15,300
500,000 4
1928, 1933, 1938, 1943, 1948 and 1953.
F. E. Calkins & Co
3.980
500.000 4% 500,000 434
PELICAN RAPIDS, Otter Tail County, Minn.
-The Kean, Taylor & Co
-BOND SALE.
0
117. p. 1582) were Seasongood & Mayer
815,000 5)47 refunding bonds offered on Oct. 18 (V.
390
500.000 4% 300.000 4341
Farmers & Merchants Savings Bank of Minneapolis at a H.C. Allen & Co
awarded to the
200,000 4),‘ I
premium of $101. equal to 100.97-a basis of about 5.40%. Date Oct. 1 ICissell, Kinnicutt & Co
on Oct. 1 as follows: $1,000, 1928 to 1930, inclusive, and B. J. Van Ingen & Co
1923. Due
500,000 4%
3,305
245,000 4%1 Par 4
92,000. 1931 to 1936. inclusive.
Redmond & Co
255,000
J
PITTSFORD, Monroe County, N. Y..
-On Oct. 18 First National Bank, New York ....
-BOND SALE.
First National Bank,
an issue of $8,000 improvement bonds was awarded to Myron W. Greene The National City Co St. Paul
5004)00 4% 500,000 434
3,090
of Rochester. Due Aug. 1 1924 to 1933 incl.
Guaranty Co. of New York
PLAINVIEW TOWNSHIP, Stutsman County, No. Dak.-BONDS Kalman, Gates. White & Co
500,000 4% 210,000
250
290,000
-The $4,000 6% funding bonds offered on Oct. 15 (V. 117. P.•
NOT SOLD.
500,000 4% 14.555
1693) were not sold.
Bonbright & Co
500.000 4% 500.000 4% 4,317
PLEASANT RIDGE (P. 0. Detroit), Oakland County, Mich.- Harris Trust & Savings Bank
225,000 4311
510
-Sealed bids will be received by A. B. Struthers, Prudden & Co
BOND OFFERING.
275,000 4343
President, until 8 p. m. (Eastern standard time) Nov.5 for $30.000 bonds
not to exceed 67. Denom. $1,000. Date Nov. 1 1923. Int. M. & N. Ames, Emerich & Co
500,000 4% 500,000 4% 17,630
Due from 1 to 3dyears. Certified check for $1,000 required. For further W. A. Harriman Co
Keane, Higbie & Co
information commuincate with G. L. Wessinger, Village Manager.
Equitable Trust Co
COUNTY DRAINAGE DISTRICT NO. 7, Ark.
POINSETT
-BOND Hayden, Stout:4z Co
-The Marine Bank & Trust Co. of New Orleans has purchased J. G. White & Co.,Inc
SALE.
500,000 4% 500,000 4% 17,710
$662,000 5H% drainage bonds.
Paine, Webber & Co
PORT CHESTER, Westchester County, N. Y.
-BOND OFFERING. Wm.It. Compton Co
-Bids for the purchase at not less than par and interest of the following First Trust & Savings Bank
500,000 4% 500,000 4
1,326
9 issues of 5% registered bonds will be received until 8 p. m. Nov. 5 by Old Colony Trust Co
Frederick G.Schmidt, Village Clerk:
Minneapolis Trust Co
$2,000 Oak Street sewer district bonds. Denom. $500. Due $500 yearly Estabrook & Co
500,000 4% 500,000 434
3,000.
on Dec. 1 from 1924 to 1927 incl.
Minnesota Loan & Trust Co
416.000 4%
6,000 Pearl Street sewer district bonds. Denom. $500. Due $1,500
yearly on Dec. 1 from 1924 to 1927 incl.
500,000 4
84,000 4
par
2,000 Barton Place sewer district bonds. Denom.$500. Due $500 yearly Curtis & Sanger
556
500,000 4% 300,000 4341
on Dec. 1 from 1924 to 1927 incl.
Merrill, Oldham & Co
200,000 4%j
20,000 Madison and Terrace Ayes, paving bonds. Denom. $1,000. Due Taylor, Ewart ,k Co
$4,000 yearly on Dec. 1 from 1924 to 1928 incl.
Northern Trust Co
28,000 Pearl and William Sts. paving bonds. Denom.$1,000. Due $4,000 Lane,Piper & Jaffray,Inc
yearly on Dec. 1 from 1924 to 1930 incl.
ST. LANDRY PARISH ROAD DISTRICT NO. 1 (P. 0. Opelousas),
20,000 Fox Island Road paving bonds. Denom. $1,000. Due $4,000
.1
La.
-BOND SALE.
-The $200,000 6% road bonds offered on June 4 (V.
yearly on Dec. from 1924 to 1928 incl.
28,000 Madison and Terrace Ayes, paving assessment bonds. Denom, 117. p. 2046). were purchased by Sutherlin, Barry & Co., Inc.. of New
Orleans. Date July 1 1923. Due on July 1 as follows: $3,000 1924'
$1.000. Due $7,000 yearly on Dec. 1 from 1924 to 1927 incl.
noo. 1925 to 1928. inclusive: $5.000. 1929 to 1932. inclusive; )6.000:
33.000 Pearl and Williams Ste. paving assessment bonds. Denom. $1,000.
1933 to 1935, inclusive; $7,000, 1936 and 1937; $8,000, 1938 an 1939:
Due $11,000 yearly on Dec. 1 from 1924 to 1926 incl.
14)
OCT.27 1923.1
THE CHRONICLE
1915
.9.000, 1940 to 1942, inclusive: $10.000. 1943; $11,000, 1944; $12,000, 1945
SKANEATELES WATER DISTRICT (P. 0. Skaneateles), Onon'end 1946; $13,000. 1947; and $14,000, 1948 and 1949.
daga County, N. Y.
-BOND OFFERING.-Sealed bids will be received
H. F. Dando, Town Clerk. until 10 a. m. Oct. 31 for $88.000 coupon by
Financial Statement.
or
Estimated actual valuation
$6,000,000 registered water bonds not to exceed 6%. Denoms. $1,000 and $440.
Assessed valuation (1922)
2,808,465 Date Nov. 11923. Principal and semi-annual interest (M.& N.) payable
Total bonded debt (Including this issue)
,
250,000 at the National Bank of Skaneateles. Due $4,400 y early on Nov. 1 from
Population (officially estimated). 8,000.
1924 to 1943, inclusive. Certified check for 2% of the amount of bonds
bio f
SALEM SCHOOL DISTRICT (P. 0. Salem), Columbiana County, ydrkor, required. Legality approved by Caldwell & Raymond, of New
Ohio.
-NO BIDS.
-The $9,610 41 5% school bonds offered on Oct. 20
(V. 117, P. 1694) were not sold as no bids were received.
SNOW SCHOOL DISTRICT NO. 47, McLean County, No. Dale.
CERTIFICATE OFFERING.
-J. E. Ulrich, District Clerk, will receive
SALEM TOWNSHIP SCHOOL DISTRICT P.0.Kossuth), Autistic. bids
until 1 p. m. Nov. 1 at the County Auditor's office in Washburn for
County, Ohio.
-BOND OFFERING.
-Sealed bids will be received by z.R.
Hoverman,Clerk Board of Education, until 12 m. Nov.5 for $4,604 5;i E% $2,800 certificates of indebtedness. Date Nov. 11923. Interest rate not
coupon school funding bonds. Denom. 15 for $300 and 1 for $104. Date to exceed 7%. Due in 18 months. A certified check for 5% of bid required;
Aug. 11923. Prin. and semi-ann. int. (F. & A.), payable at the District
SOUTH BEND, St. Joseph County, Ind.
-BOND SALE.
-The folTreasurer's office. Due one bond each six months beginning Feb. 1 1924. lowing four series of 431% water works bonds offered on Oct. 20-V. 117.
Certified check for 2% of the amount of bonds bid for required.
p. 1583
-have been awarded to P. E. Calkins & Co.for $513,980 50
-equal
SANGER, Denton County., Texas.
-BOND SALE.-Breg, Garrett & to 102.79-a basis of about 4.53%.
15100,000 dated Jan. 1 1923.
Co. of Dallas, have purchased $22,000 sewer. $17,500 electric light and $200,000 dated Dec. 1 1923.
100.000 dated Dec. 1 1923.
I 100,000 dated March 1 1923.
$.55,000 water-works 8% bonds.
Denom. $1,000. Payable 20 years from date. Other bidders were:
SANTA MONICA CITY SCHOOL DISTRICT, Los Angeles County,
Pre- Amount
Pre- Amount
Calif.
-BOND OFFERING.
-Sealed proposals will be received by L. E.
mium. Bid For.
mium. Bid For.
Lampton, County Clerk (P. 0. Loa Angeles), until 11 a. m. Oct. 29 for A. h,Leach & Co_ _ _$9,029 $300,000 E.H.Rollins &Sons...34,140 $200,000
$525,000 5% school bonds. Denom. $1,000. Date Oct. 1 1923. Prin. Ronbright &
_ 8.793 300,000 Harris Trust & Say
and semi-ann. int., payable at the County Treasury. Due on Oct. 1 as Minton, Lampert&5,010 300,000
Co__ings Bank
follows: $2,000 1924 to 1929, incl.; $3,000 1930 to 1935. incl.; $4,000 1936
Co
5,145 200,000 Guaranty Co. of
to 1939,incl.; $5,000 1940 and 1941. $8,000 1942 to 1945. incl.: $9,000 1946 Edmunds Bros
6,100 500,000
New York
2,620 500.000
to 1952. incl.* $37,000 1953 to 1958, incl., and $38,000 1959 to 1962, incl.
SOUTH LAKE ROAD AND BRIDGE DISTRICT, Lake County,
A certified or cashier's check for 3% of bid, payable to the Chairman Board
'
Fla.
-BOND SALE.-Prudden & Co. of Toledo have purchased $100.000
of Supervisors. required.
road and bridge bonds at par.
SAUNDERS COUNTY SCHOOL DISTRICT NO.8(P.O. Thompson
STACY, Chisago County, Minn.
-BOND OFFERING.
Falls), Mont.
-E. C. Salter,
-Bids will be received by Lloyd F.
-BOND OFFERING.
Loos, Clerk Board of Trustees, until 4 p. m. Nov. 15 for the purchase of Village Clerk, will receive bids for the purchase of 64.500 6% electric-light
an issue of amortization funding bonds in an amount not to exceed 53.495 33. bonds until 8 p. m. Nov. 2. Denom.$1.000. Date Sept. 15 1923. Interest M.& S. 15. Due $300 yearly on Sept. 15 from 1928 to 1942. inclusive.
A certified check for $500, payable to the above official, required.
A certified check for 10% of issue, payable to the above official,
required.
SCARSDALE, Westchester County, N. Y.
-BOND OFFERING.
STEARNS COUNTY (P.O. St. Cloud), Minn.
-BOND OFFERING.
Sealed bids will be received by Arthur Herbert, Village Treasurer, until
-Bids will be received by Nicholas Thomey. County Auditor.
12 m. Oct. 31 at the office of William C. White, 20 Nassau St., New York,
until 2 P. m
for $50,000 431% fire house bonds. Denom. $1,000. Date May 1 1923. Nov. 13 for the purchase of $2.730 county ditch bonds bearing Interest at
Interest semi-annual. Due $2.000 yearly on May 1 from 1928 to 1952, rate not to exceed 6%. Interest J. & D. A certified check for 5% .
,
inclusive. Certified check for 2% of the amount of bonds bid for required. issue, payable to the County Treasurer, required.
Legality approved by John C. Thomson, of New York.
STOCKTON, San Joaquin County, Calif.
-BOND SALE
. .=1M
..
SCHLENDER SCHOOL DISTRICT NO. 18, Mercer County, No. First National Bank of Stockton has been awarded an issue of $128,914 96
7% inapt. bonds at a premium of $730 55, equal to 100.56.
Dak.-CERTIFICATE OFFERING.
-Bids will be received by Jacob Lang,
District Clerk, until 2 p. m. Oct. 29. at the Counyt Auditt's office in
SULPHUR SPRINGS, Hopkins
-BOND SALE.
Stanton.for $1,000 7% certificates of indebtedness. Denom.$500. Inter- Dreg. Garrett & Co., of Dallas, haveCounty, Texas.
purchased an issue of $25.000 5%
est semi-annual. Due in 18 months. A certified check for 5% of bid water-works bonds.
required.
SYKES SCHOOL DISTRICT NO. 39, Wells County, No. Dak.SCOTT TOWNSHIP RURAL SCHOOL DISTRICT, Brown County, CERTIFICATE OFFERING.
-Forrest Daniel, District
-BOND OFFERING.
Ohio.
-Sealed bids will be received by C. A. Rowe. ton) will receive bids until 8 p. m. Oct. 27 for $4,000 18Clerk (P. 0. Sykes
months
Clerk Board of Education, until 6 p. m. Nov. 2 for $12,620 6% school of indebtedness bearing interest at a rate not to exceed 7%. certificates
A certified
bonds. Denom. $788 75. Date Aug. 1 1923. Interest semi-annual. check for 5% of bid required.
Due $788 75 each six months from Feb. 1 1924 to Aug. 1 1931, inclusive.
SYLVANIA, Lucas County, Ohio.
-BOND OFFERING.
Certified check for 2% of the amount of bonds bid for, payable to the
--Sealed
will be received by Park Wagonlander. Clerk of Council, until 12 m. bids
above Clerk, required.
for the purchase of the following issues of special assessment bondsNov.9
issued
SCOTTS BLUFF COUNTY SCHOOL DISTRICT NO. 14 (P. 0. under Sec. 5914 of General Code:
Gering), Neb.-BOND SALE.
-The United States Bond Co. of Denver $19,181 09 6% Covent Blvd. improvement bonds. Denom. $1,000 and
one for $181 09. Due yearly on Sept. 1 as follows:
has purchased $3.500 5t % school bonds. Date July 1 1923. Due on
July 1 as follows: $1,000," 1933 and 1938. and $1,500, 1943.
33,181 09 1925 and $4,000 1926 to 1929, inclusive.
6.803 33 53i% Maplewood Ave. improvement bonds. Denom. $500
SCOTTS BLUFF COUNTY SCHOOL DISTRICT NO. 53, Neb.and one for $303 33. Due yearly on Sept. 1 as follows:
BOND SALE.
-The United States Bond Co. of Denver has purchased
$803 33 1925 and $1,500 1926 to 1929, inclusive.
$3.000 6% school bonds. Date July 1 1923. Principal and semi-annual
3.853 62 6% Alley improvement bonds. Denoms. $1,000. $500 and
interest payable at the County Treasurer's office in Gering. Due July 1
6250 and one for $103 62. Due yearly on Sept. 1 as
1943. optional July 1 1933.
follows: $603 62 1925 and $750 1926 to 1929, incl.
SEATTLE, King County, Wash.
-BOND OFFERING.
-H. W. 24,249 38 6% Silica Drive improvement bonds. Denom. $1,000 and
one for $249 38. Due y•early on Sept. 1 as follows:
Carroll, City Comptroller, will receive sealed bids until 12 m. Nov. 23
$4,249 38 1925 and $5,000 1926 to 1929, inclusive.
for the purchase of the following coupon or registered bonds to bear interest
3,923 33 6% Sanitary sewer in District No. 1 bonds. Denom. $500.
at a rate not to exceed 6%:
$250 and one for $1,000 and $173 33. Due yearly on
$1,500,000 series "C" bridge bonds, maturing annually commencing with
Sept. 1 as follows: $673 33 1925, $750 1926 to 1928.
the second year and ending with the 30th year after their date.
inclusive, and 51.000 1929.
in such amounts as nearly as practicable, to be specified by
Date Sept. 1 1923. Interest semi-annually. Certified check for $500,
the City Council, by resolution, as will, together with the
interest on all outstanding bonds of the same series. Pe met by payable to the Village Treasurer. required. Purchaser to take up and pay
an equal annual tax levy for the payment of said bonds and for bonds within 10 days from time of award. Only conditional bonds
interest. A certified check for 5% required. Bidders to satisfy will be considered.
themselves as to legality. The official notice of offering states
The above official will also
that these bonds are a general obligation of the city of Seattle. purchase of $13,436 33 5H% receive sealed bids at the same time for the
Erie Street impt. special assessment bonds
1,000,000 municipal light and ;power plant bonds maturing in equal (offered unsuccessfully on Oct. 13-V.
117, p. 1694). issued under Sec.3914
amounts from 6 to 20 years. A certified check for $20.000 of Gen. Code. Denom. $1,000,
$500 and one for $436 33. Date July 1
required. Legality will be approved by Chester B. Masslich, 1923. Interest semi-ann. Due yearly
on Jan. 1 as follows: $2,936 33,
N. Y. City. The official notice of offering states that these 1923. $2,500 1926. 63.000 1927 and
$2,500 1928 and 1929 incl. Certified
bonds are a lien only upon the gross revenues of the light and check for $500 on some solvent bank
required. Purchaser to take up and
power plant system of the city of Seattle.
bonds within 10 days from time of award.
250.000 Beacon Hill impt. bonds maturing annually commencing with pay for
TACOMA SCHOOL DISTRICT NO. 10 (P. 0. Tacoma), Pierce
the second year and ending with the 30th year after their date.
-BONDS VOTED.
In such amounts, as nearly as practicable, to be specified by County, Wash.
-By a vote of 3 to 1 the people authorthe City Council by resolution, as will, together with
ized the issuance of $2,400.000 school bonds.
interest on all outstanding bonds of the same issue, be the
TARBORO SCHOOL DISTRICT (P.Tarboro), Edgecombe
met
by an equal annual tax levy for the payment of said bonds County, No. Caro.
-BOND SALE.
-The $130,1)00 coupon, with privilwe
and interest. A certified check for 2% required.
LegalitY
will be approved by Chester B. Masslich, N. Y. City. The of registration as to principal only, school bonds offered on Oct. 23(V. 117.
p. 1805). were awarded to the if. D. Fellows Co. of Chicago as 53s at a
official notice of the offering of these bonds states that these
premium of $2,653, equal to 102.04-a basis of about 5.32%. Date
bonds are a general obligation of the city of Seattle.
Due on July l'as follows: $3,000, 1925 to 1929,inclusive, and
Denom. $1,000. Date Dec. 1 1923. Prin. and int. payable at the July 11923.
City Treasurer's office or at the fiscal agency in New York. Bids to be $5,000, 1930 to 1952, inclusive.
made on forms furnished by the City Comptroller. Bonds will be delivered
TAYLOR COUNTY (P. 0. Abilene), Texas.
-BONDS VOTED.
-At
in Seattle, New York, Chicago, Boston or Cincinnati at option of purchaser. the elction held on Oct. 16 (V. 117. p. 1488), the proposition to pane
$350,000 road bonds carried by a vote of 1.251 "for" to 34 "against.'
SHARKEY COUNTY (P.O. Rolling Fork), Miss.
-DESCRIPTION.
THOMASVILLE, Davidson County, No. Caro.
The $100,000 Supervisors Separate Road District No. 2 bonds awarded to
-BOND SALE.
-The
Sutherlin, Barry & Co., Inc., of New Orleans. as Wis, as stated in V. 117, Title Guarantee & Trust Co. of Cincinnati has purchased the $365,000
p. 1156, are described as follows: Denom. $1.000. Date Sept. 1 1923. 531% coupon. registerable as to principal and Interest, public impt. bonds
Principal and semi-annual interest (M. & S.) payabe at the Hanover Na- offered on Oct. 23-V. 117. p. 1805. Date Nov. 1 1923. Due on Nov. 1
tional Bank, New York City. Due serially on Sept. 1.
as follows: 58,000. 1926 to 1933 incl.: 310,000, 1934: $11,000, 1935, and
$20,000, 1936 to 1949 incl.
Financial Statement.
Estimated actual valuation
THURSBY BUTTE SPECIAL SCHOOL DISTRICT NO. 37, Mc$4.800,000
Assessed valuation, 1922
1,600.000 Henry County, No. Dak.-NO BIDS.
-There were no bids rceeived for
Total bonded debt
100,000
Population (officially estimated),3,000. Acreage of district,60.000 acres the $61,000 certificatse offered on Oct. 13 (V. 117. p. 1694). Date Oct.15
1923. Due July 15 1933.
SHARPLES SCHOOL DISTRICT, Lucas County, Ohio.
-BOND
TULLAHOMA,
-BOND ELECTION.
-An
OFFERING.
-Sealed bids will be received by J. P. Brick, Clerk Board of election will be heldCoffee County, Tenn.
Education, until 8 p. m. Nov. 2 for $2,960 83 6% school bonds. Denom. bonds for city road on Nov. 3 to vote on the question of issuing $40.000
improvements.
Oct. 1 1923. Principal and send-annual
$185 and one for $185 83. Date
VAL VERDE COUNTY (P. 0. Del Rio), Texas.
interest payable at the Dime Savings Bank of Toledo. Due each six
-BOND SALE.
months as follows: $185 Feb. 1 1924 to Feb. 11931. and $18583 Aug. 1 J, E. Jarratt & Co. of San Antonio have purchased $150,000 53% road
bonds at 100.81.
1931. Certified check for 5% of the amount of bonds bid for, required.
VERO, Saint Lucie County, Fla.
SHEALY TOWNSHIP,Ward County, No. Dak.-BOND OFFERING.
-BOND OFFERING.
-H, G. Red-Emil Pederson, Township Clerk, will receive bids until Nov. 12 at the stone, City Clerk, will receive sealed bids until 8 p. m. Nov. 8 for the
County Auditor's office in Minot for $2,000 53.. % funding bonds, maturing purchase of the following 6% street-Improvement bonds:
$36,000 bonds maturing 41,000 yearly on Sept. 1 from 1924
$1.000 In 5 years and $1,000 in 10 years.
to 1959, inclusive. A certified check for $750. payable to
the City of Vero,
-BOND ELECTION.
SHENANDOAH, Page County, Iowa.
-On
required.
Nov. 12 an election will be held to vote on a proposition to issue $175,000
76,000 bonds maturing on Sept. 1 as follows: 58.000,
1924 to 1926, inclustransmission line bonds.
ive: 57.000. 1927: $8.000. 1928: $7,000, 1929; $8,000 1930; $7,000,
1931: $8,000, 1932; $7,000, 1933.
-BOND SALE.
SIOUX CITY, Woodbury County, Iowa.
-The fol68,000 bonds maturing on Sept. 1 as follows: $7.000.
-were awarded to
lowing 5% bonds offered on Oct. 24-V. 117. P. 1694
1924 to 1931. inclusive. and 56.000, 1932 and 1933.
A. M. Lamport & Co. of New York at a premium of $1,582, equal to
48,000 bonds maturing on Sept. 1 as follows:
101.13, a basis of about 4.79%:
$5,000, 1924 to 1932, inclusive, and 53.000. 1933.
2
$90,000 police fund bonds. Due on Nov. 1 as follows: $5.000, 1924; $8.000.
1925 and 1926: 59,000, 1927 to 1929. incl.; $10.000, 1930; $11.000 of A certified check for *1.500 (for the last three issues), payable to the City
Vero, required. Denom. $1.000. Date Sept. 1 1923. Principal and
1931 and 1932;and $10,000, 1933. A cert. check for $1,800 required. semi-annual
interest (M. & S.) payable at the City Treasurer's office.
50.000 fire fund bonds. Due on July 1 aslollows:$5,000, 1925 to 1928,incl. Bonds to be
and $6,000. 1929 to 1933, Incl. A cert, check for $1,000 required. New York sold subject to the approving opinoin of Caldwell & Raymond,
City.
Date Oct. 1 1923.
VIBORG, Turner
-H. D.
SIOUX COUNTY SCHOOL DISTRICT NO. 813 (P. 0. Harrison) Nelson, City Auditor, County, So. DAIL-BOND OFFERING.
,
will receive bids until 8 p. m. Nov. 12 for $10,000
Neb.-BOND SALE.
-The United States Bond Co. of Denver has pur- street graveling bonds. Date
Nov. 15 7923. Interest rate not to exceed
chased $5.000 5 % funding bonds at par. Date Aug. 11923. Due 1934 to 6%,Payable Jan. and July. A
certified check for 10% of issue, payable to
1943.
the City Treasurer. required.
THE CHRONICLE
1916
-An issue of
-BOND SALE.
WHITESBORO, Oneida County, N. Y.
$7.072 85 6%_ipaving assessment bonds was awarded to Sherwood & Merrifield of New York on Oct. 4 at 100.912, a basis of about 5.67%. Denom.
31.414 57. Date Oct. 1 1923. Due $1,414 57 yearly on Oct. 1 from
1924 to 1928, inclusive.
.WILDROSE SCHOOL DISTRICT NO. 17, Dunn County, No. Dak.
-Bids will be received by S. H. Geiser, District Clerk,
-BOND OFFERING.
at the County Treasurer's office in Manning. for $4,000 6% funding bonds
until 2 p. m. Nov. 1. Date July 1 1923. Interest semi-annual. Due
July 1 1943.
WILNA UNION FREE SCHOOL DISTRICT NO.1(P.O. Carthage),
-The Watertown National Corp.
-BOND SALE.
Jefferson County, N. Y.
of Watertown purchased an issue of $187.000 5% gold coupon or registered
school bonds for Clark Williams & Co. of New York at 105.378-a basis
of about 4.63%. Denom. 51.000. Date Nov. 1 1923. Prin. and semiann. int.(M. & N.). playable in gold at the National Bank of Commerce,
New York, or at the Carthage National Bank of Carthage. Due yearly on
Nov. 1 as follows: $2,000 1928 to 1934, incl.' $4.000 1935 to 1937, incl.;
.
$5.000 1938 to 1941, incl.; 36.000 1942 to 1944. incl.: 57.000 1945 to 1947,
incl.: 58,000 1948 and 1949. $9.000 1950 and 1951. $10,000 1952 and 1953
311,000 1954 and 1955 and 813.000 1956 and 1957.
-The Florida
-BOND SALE.
WINTER PARK, Orange County, Fla.
Municipals, Inc., and the Florida National Bank of Jacksonville jointly
have been awarded an issue of 112.000 6% street bonds at 97.75.
-BOND OFFERYELLOWSTONE COUNTY (P. 0. Billings), Mont.
-Bids will be received, it is stated, until Nov. 17 for the purchase of
ING.
-year serial refunding bonds.
170.000 55i% 1-20
YELLOWSTONE COUNTY SCHOOL DISTRICT NO. 21 (P. 0.
-Until 1 p. m. Nov. 15 J. E.
-BOND OFFERING.
Broadview), Mont.
Essington, Clerk Board of Trustees, will receive bids for the purchase of
34,991 93 6% amortization funding bonds. A certified check for $250
required.
-BOND OFFERING.YOUNGSTOWN, Mahoning County, Ohio.
Sealed bids will be received by A. H. Williams. City Auditor, until 12 m.
Nov. 19 for the purchase of the following issues of bonds (each block must
be bid for separately):
1180,000 53' % judgment. Date Oct. 1 1923. Due $36.000 yearly on
Oct. 1 from 1925 to 1929 incl.
21,0585% East Dewey Ave. paving. Date Nov. 1 1323. Due on
Oct. 1 as follows: $4,058, 1925; $4.000. 1926; $4,500, 1927:
54,000. 1928, anf 84.500, 1929.
3,593 5% Tampa Ave. paving. Date Nov. 1 1923. Due yearly on
Oct. 1 as follows: 8700. 1925 to 1928 incl., and $798. 1929.
7,565 5% Sycamore St. paving. Date Nov. 1 1923. Due yearly on
Oct. 1 as follows: $1,565, 1925. and $1,500, 1926 to 1929 incl.
11,404 5% Parkcliff Ave. paving. Date Nov. 1 1923. Due on Oct. 1
as follows: $2.404. 1925; $2.000, 1926; $2,500, 1927; $2,000. 1928
and $2,500. 1929.
19,990 5% Wesley Ave. paving. Date Nov. 1 1923. Due yearly on
Nov. 1 as follows: $3,990, 1925. and $4,000, 1926 to 1929 incl.
3,999 534% Volney Road paving. Date Nov. 1 1923. Due yearly on
Oct. 1 as follows: 5799. 1925. and $800, 1926 to 1929 incl.
6.495534% Campbell St. sewer. Date Nov. 1 1923. Due yearly on
Oct. 1 as follows: $1,300. 1925 to 1928 incl., and $1,295, 1929.
0
7.7065" Avon St. sewer. Date Nov. 11923. Due yearly on Oct. 1
as follows: 81,500, 1925 to 1928 incl., and $1.706. 1929.
6,218534% Kensington Ave. paving. Date Nov. 11923. Due yearly
on Oct. 1 as follows: $1,218, 1925, and $1,000, 1926 to 1929 incl.
4,399534% Lauderdale Ave. paving. Date Nov. 11923. Due yearly
on Oct. 1 as follows: $900. 1925 to 1928 incl.. adn $799. 1929.
30,182 6% St. Louis Ave. paving. Date Nov. 1 1923. Due yearly on
Oct. 1 as follows: 86.182. 1925. and $6.000 1926 to 1929 incl.
3.249 6% An:tale St. paving. Date Nov. 11923. Due yearly on Oct. 1
as follows: 5600, 1925 to 1927; $700. 1928 and $749. 1929.
6.165 6% Marmion Ave. paving. Date Nov. 11923. Due on Oct. 1
as follows: 51,000, 1925; 11.500, 1926; 11.000, 1927: 11,500.
1928, and 81,165. 1929.
8,499 6% Indianola Ave. sewer. Date Nov. 1 1923. Due yearly on
Oct. 1 as follows: $1.700. 1925 to 1928 incl. and $1.699. 1929.
9,448 6% Manhattan Ave. paving. Date Nov. 1 1923. Due yearly
on Oct. 1 as follows: $1,448, 1925, and 52.000, 1926 to 1929 incl.
9,583 6% Hazelwood Ave. paving. Date Nov. 1 1923. Due yearly
on Oct. 1 as follows: $1,583, 1925. and 52.000. 1926 to 1929 incl.
NEW LOANS
We Specialize in
[VoL.117.
Principal and semi-annual interest payable at the office of the Sinking
Fund Trustees. Certified check for 2% of the amount of bonds bid for
payable to A. H. Williams, City Auditor, required.
YUMA COUNTY SCHOOL DISTRICT NO. 30 (P. 0. Salome),
Ariz.
-BOND OFFERING.
-Clara A. Smith, County Clerk, will receive
bids until 10 a. m. Nov. 5 for $4,000 6% school-building bonds. Denom.
$500. Due in 10 years. A certified check for 5% required.
CANADA, its Provinces and Municipalities.
BELLE PLACE,Que.-BOND OFFERING.-Bids will be received up to
noon Nov.5 by J. N.Legault,Sec.-Treas.,for the purchase of$12,000 53 %
-installment school debentures dated Sept. 1 1923. Bonds are in de20
nominations of $100 and $500 and payable at Bank of Montreal. at
Montreal, or at Vaudreull.
-It is stated that Gairdner,
BRANTFORD, Ont.-BOND SALE.
Clarke & Co. were the successful bidders for $75.000 534% 30-installment
Roman Catholic separate school bonds. At the purchase price of 100.296,
the money is costing the Board approximately 5.47%. 'renders were as
follows:
99.00
Gairdner, Clarke & Co
100.296 Bell. Goulniock & Co
K. V. Bunnell & Co
98.00
99.50 Bird, Harris & Co
Matthews & Co
99.03
-Tenders
HUNTINGDON TOWNSHIP, Ont.-BOND OFFERING.
will be received up to Nov. 1 for the purchase of $10.000 514% public school
debentures. D.L. Fleming. Clerk,'Ivanhoe.
JONQUIERE,QUE.-BOND OFFERINO.-J. M.Lacroix, Town Clerk,
will receive sealed bids until 2 p. m. Oct. 30 for $100.000 514% bonds.
Date Sept. 1 1923. Principal and interest payable at Banque Nationale.
-year bonds.
Alternative bids are asked for 30 and 10
JONQUIERE SCHOOL DISTRICT, Que.-BOND OFFERING.
J. E.Cote, Secretary-Treasurer, will receive sealed bids until 2 p. m. Oct.30
for $40,000 51.5% school bonds. Alternative bids are asked for bonds
payable in 30 installments and bonds payable in 10 years. The bonds are
payable at Banque Nationale.
-Sealed bids will be received
KEEWATIN, Ont.-BOND OFFERING.
by W. J. Cralz, Treasurer, until Oct. 31 for 140.000534% 20-Installment
school bonds. Date Nov. 1 1923.
-Reports say that an
LAVAL.DES-RAPIDES, Que.-BOND SALE.
issue of $20,000 6% 20
-year bonds has been purchased by Municipal Debentures Corporation at a price of 100.19, the money costing the municipality
about 5.98%. A bid of 98.50 was received from Credit Canadien, Inc.
MONTREAL SOUTH, Que.-BOND OFFERING.
-Proposals are Invited up to noon Oct. 29 for the purchase of $50.000 534% 35
-year bonds
dated Nov.11923. Interest is payable at Montreal and New York. Bonds
are in denom. of $500. M. M. Cordon. Clerk.
PUTREMONT PROTESTANT SCHOOL DISTRICT, Que.-BOND
-Sealed bids will be received until 4 p. m. Nov. 1 by Wm. F.
OFFERING.
Rowell, Secretary-Treasurer. at 520 St. Catherine Road for $260.0005%
-year bonds. Date Sept. 1 1923. Denom. $100. 8500 and $1.000.
20
Principal and interest payable semi-annually at Molson's Bank in Montreal.
-An issue of $2,641 6%
RUSSELL TOWNSHIP, Ont.-BOND SALE.
10 annual installment bonds has been sold to Matthews & Co. at 100.41a basis of about 5.92%.
ST. LAURENT DISSENTIENT SCHOOL MUNICIPALITY, Ont.-F. W. Ownsworth, Secretary-Treasurer will receive
BOND OFFERING.
sealed bids until Nov. 5 for 58.500 6% 40-year bonds. Date May 1 1923.
Payable at the Bank of Montreal.
-The Provincial Bank of Canada has
ST. ROSE, Yue.-BOND SALE.
-year bonds at 98.75-a basis of about 5.62%.
purchased $75.000 534% 30
-Sealed bids will be
THREE RIVERS, Que.-BOND OFFERING.
received by Arthur Nobert, City Treasurer, until 4 p. m.Nov.5for $115,000
534% bonds. Denom. $100 of $500 and of 51.000. 87,500 of $100, $37,500
of $500, and $70.000 of 51,000. Principal and interest payable at holder's
option at the Bank of Hochelagra in Montreal or at any of its branch offices
In Three Rivers, Montreal, or Quebec. Certified check for 1% of the
amount bid for required.
NEW LOANS
NOTICE OF SALE
NEW LOANS
FOR SALE.
OF
City of Philadelphia
3s
28
31/
48
/
41 48
/
41 28
5s
/
51 4s
s
1
/
52
Biddle & Henry
104 South Fifth Street
Philadelphia
Private Wire to New York
Call Canal 8437
BALLARD & COMPANY
Members New York Stock Exchange
HARTFORD
Connecticut Securities
F. WM. KRAFT, Lawyer
$10,619,500
$750,000
STATE OF NORTH CAROLINA
SCHOOL BONDS OF THE
PERMANENT IMPROVEMENT
City of Meriden, Conn.
FORTY-YEAR BONDS.
Coupon or registered at option of purchaser.
Principal and interest payable in New York
Free from State of Conn, tax.
City or Raleigh, N. C.
Both bonds and Interest therefrom exempt from
Sealed proposals will be received by the Mayor all State, County or municipal taxation whatsoand City Treasurer of the City of Meriden,
Connecticut, until 2 O'CLOCK P. M., NO- evqiie bonds to be bid for at par at the lowest
VEMBER 1, 1923, for an !Mlle of 8750.000 School rate of Interest not exceeding 5 per cont. It is
Bonds, City of Meriden. to be dated January 1, suggested to bidders to bid on whole numbers 0,
1924, bearing interest at 434% per annum, on quarters, halves, or three-quarters (4 per cent
payable January 1 and July 1 at Importers and 434 per cent. 434 per cent, 434 per cont, 5 per
Traders National Bank, New York City,
.
Janu- cent)
Maturing 525,000 annually, beginning
Bonds dated October 1. 1923. duo October 1.
ary I, 1025, and to be issued in denomination of 1963.
si .00n each.
Two (2%) per cent of bonds bid for must arc
Principal and interest payable in gold coin of company bid.
the United States of America.
For further information apply to me or Mr.
Certified check for 2% must accompany bids.
Chester B. Masslich, Attorney-at-Law, 115
No bid accepted less than par.
Broadway, New York City, who will give his
Right is reserved to reject any and all bids.
opinion on the validity of the issue.
HENRY T. KING. Mayor.
The right to reject any or all bids is expressly
reserved.
WM. II RUSSELL, City Treasurer.
Bids will be received in my office, Raleigh,
PAYNE. City Clerk.
RUTH E.
N. C., until 12 O'CLOCK NOON, NOVEM.
BER 14TH, 1923
B. R. LACY, State Treasurer.
THE
UNITED STATES LIFE
INSURANCE CO.
IN THE CITY OF NEW YORK
AMERICAN MFG. CO:
ROPE & TWINE
Specializing in Examination & Preparation of
County, Municipal and Corporation
Bonds, Warrants and Securities and
Proceedings Authorizing Same.
Rooms 517.520, 111 W. Monroe St.
Harris Trust Building
CHICAGO, ILLINOIS
Organized 1850. Non-Participating Policies Only
Over 70 Years of Service to Policyholders
Good territory for personal producers, under
direct contract.
MANILLA. SISAL. JUTE
Noble and West Stream Brooklyn. N.Y.CIty
HOME OFFICE
New York City
105.107 Fifth Avenue
@FedFRASER