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The
taninifrcial
.e a Uk & Quotation Section
Railway Earnings Section
rontrie
INCLUDING
Railway & Industrial Section
Bankers' Convention Section
VOL. 119.
SATURDAY, OCTOBER 4 1924
ghe Tlxranicle
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The Financial Situation
The American Bankers Association has been in
session at Chicago the present week, and it is to be
commended for the sane and sensible position it has
taken on the great questions of the day in the adoption of a series of resolutions as offered by the Resolutions Committee headed by Francis H. Sisson.
Here, for instance, is what they have to say in opposition to legislative interference with the right of
private initiative and private enterprise:
With normal conditions once more established it
should be the resolute determination of all business
men to resist any further effort at political interference with economic processes.
The time is at hand for a thoroughgoing return to
a free play of private enterprise and private initiative under unhampered competitive conditions. Government influence and political interference in respect to business should be reduced to an absolute
minimum.
We as bankers ask no special privileges for ourselves. Equally we are opposed to special privileges
for other groups at the expense of the general welfare. The experience of the past few years has been
one of the greatest demonstrations in history of the
validity of the view that the community interests of
a people are best served by the maximum degree of
private enterprise and private initiative with the
minimum of Government regulation.
We desire to express the deep conviction of the
bankers of the United States in the fundamental
soundness of the existing order and of the American
institutions upon which it is based. With higher
standards of living, a juster distribution of wealth
and opportunity than are enjoyed by the citizens of
any other country in the world we can see no justification other than the ends of political expediency
for the attacks which are made to-day upon the capitalistic system under which they live.
Electric Railway Sectivo
State and City Sectiota
NO. 3093.
Note also the following concerning the position of
agriculture and the farmer:
The farmer, like any other business man, is dependent for his success and prosperity upon his own
abilities and efforts and on conditions in the markets in which he works. The past year has given a
notable demonstration of these facts. Sound farm
finance and efficient agricultural methods, coupled
with an improved world market, have helped to solve
the agricultural problem. We believe that there is
no more justification for Government paternalism
for the farmers than for any class of business men.
It is gratifying to note how far the logic of events
has refuted the sophistries of opportunist politicians. The farmer is seen once more, and sees himself, as a business man and a capitalist of a particularly high type of individual initiative who does not
want aid from the public treasury under whatever
guise it may be proposed.
Equally frank and praiseworthy is what they have
to say in condemnation of the attacks on the Supreme Court, as follows:
Notable among the proposals currently made is
the suggestion that the restraints now exercised on
legislation by the Supreme Court of the United
States should be modified to give greater power to
the legislative body to adopt legislation contrary to
the spirit and letter of the Constitution. The wisdom of the fathers deliberately constituted the Supreme Court to serve as a bulwark against hasty and
ill-considered action by Congress, and this Association is opposed to all changes which would remove
this vital safeguard to the established order.
Not less sound are the remarks concerning taxation and the railroads, but as we print the resolutions in full on a subsequent page, we will not repeat
these statements here. We are in accord, too, with
the declaration they make regarding the need of
some modification in the working of the Federal Reserve System, as expressed in the following:
It was unfortunate that the System should have
begun operation during the abnormal years of war,
and that in consequence the System was compelled
to expand its functions more rapidly than a conservative development might have warranted. As a
result, the Federal Reserve System now furnishes
service of various kinds, without charge, which has
resulted in an unduly increased overhead. The
Federal Reserve banks have been driven, in order to
earn their expenses and dividend charges in these
more normal times, to competefor business with their
own member banks in such fashion that there is danger that in the future the operations of the Federal
Reserve banks may tend to accentuate the swings of
the financial pendulum rather than to keep the
swings of the pendulum from going too far in either
direction. We therefore earnestly recommend that a
careful investigation be made by those who are properly qualified to investigate whether it might not be
1540
THE CHRONICLE
wise to limit the Federal Reserve banks to their primary functions as banks of issue and rediscount.
We shall have more to say with reference to these
suggestions regarding the Federal Reserve System
on another occasion.
Insolvencies were again, as in the preceding
month, somewhat less numerous during September,
business defaults last month being at the low point
of the year. This is quite usual, however, but as applied to the current year it signifies that notwithstanding some recession in leading departments of
trade, which has continued now during a period of
several months, underlying economic conditions
show marked stability. According to the records ofR. G. Dun & Co. there were 1,306 commercial failures in the United States during September this
year. These figures contrast with 1,520 similar defaults during August and 1,226 in September 1923.
For both months -this year the number is smaller
than for any preceding month of 1924, but for each
month since January the number of failures this year
has been somewhat in excess of the corresponding
months of 1923. Compared with 1922, each month
of the current year shows a decrease.
As to the losses, measured by liabilities, the
amounts this year exceed 1923, but are smaller than
for the preceding year. Some large defaults during
September made a further addition to the amounts
involved in these business disasters during that
month, the total as it appears for September 1924
being $34,296,276. The liabilities reported for August were $55,153,981, there being several exceptionally large failures in that month, but in September
1923 the amount was only $28,698,649. For the nine
months of 1924 there were 15,226 commercial failures in the United States, reporting liabilities of
$430,723,454; the corresponding figures for 1923 are
13,500 defaults, with an indebtedness of $358,178,627,
whereas for the nine months of 1922 the number was
18,417 and the amount involved $490,914,495, and for
the year last mentioned the number of failures was
larger than for any preceding year, while the indebtedness was close to the high water mark.
The Assembly of the League of Nations has finished the sessions of its fifth gathering. They were
brought to an end Thursday afternoon. Prior to the
adjournment a resolution was adopted urging the
ratification of the protocol of arbitration and security by all the Governments. The British Parliament
resumed its sessions on Sept. 30. The Irish boundary question has been practically the only specific
matter under discussion. The second reading of the
Irish Boundary Bill was carried in the House Wednesday evening by a vote of 292 to 124. Germany has
taken further steps to enter the League of Nations.
Her representativeg have been in Paris negotiating
a commercial treaty with France. The terms of the
German loan are being worked out in London. The
announcement that Camillo Casliglioni, spoken of
as the richest man in Austria, had failed and fled
the country caused a sensation in Vienna and other
European capitals. The French Finance Minister
has presented a balanced budget for 1925 to the
Chamber of Deputies. There was renewed talk in
London cable dispatches yesterday morning of the
possibility of the British Labor Cabinet being over'thrown, even next week.
[VOL. 119.
Japan has been to the fore this week at the Assembly of the League of Nations in Geneva. Her
delegates first caused considerable apprehension by
bringing up the question of immigration. This was
done on Sept. 26. Two days later strong objection
was made by M. Adachi of the Japanese delegation
to another feature of the immigration question as
dealt with in the protocol under discussion by the
present Assembly. It had to do with the authority
of the League of Nations "to frame a peace and security protocol which would name Japan an aggressor 'if this State takes steps to defend her legitimate
interests.'" The Geneva representative of the New
York "Herald Tribune" said that "there is no doubt
that the Japanese delegation had been ordered by
Tokio to take to-night's [Sept. 281 action, which
threatens the whole League protocol and would, if
maintained, as now seems probable, lead the Japanese to withdraw from League co-operation except in
matters of exceptional intern?.tional interest." According to an Associated Press cablegram from Geneva that was made public here Monday afternoon,
the situation had not been adjusted to any appreciable extent. It was stated that "two members of
the Japanese delegation declared to press representatives to-day that if Japan did not obtain satisfaction of her demand for an amendment to the proposed protocol.of arbitration and security she probably, much to their regret, would be obliged to vote
against the protocol resolution when it was submitted to the Assembly of the League of Nations." The
correspondent declared that "if this happens the
protocol initiated by Foreign Minister Benes of
Czechoslovakia and elaborated by the Disarmament
Commission and its sub-committee, will fail of adoption and consequently the international disarmament
conference, provided for in the protocol and planned
for 'next summer, will not be held." He added that
"powerful efforts on the part of all of the leading
delegates to save the situation continued this afternoon, many of them expressing the conviction that
a saving formula would be found by the committee of
jurists to whom they plan to refer the problem." In
a United Press cablegram dated Osaka, Sept. 29, it
was clearly indicated that the Japanese delegation
at Geneva has the full support of the Cabinet at
home. It was stated in this dispatch that "the Jap-day to maintain an adaanese Cabinet deeded to
mant attitude toward insisting upon reservations to
the League of Nations' proposed arbitration protocol at Geneva. Japan insists first that the Court of
Arbitration should decide whether a question in
dispute is internal or international; second, that the
Council of the League should recommend peaceful
solution of a dispute even when it has been decided
an internal matter. Public opinion, including that
of all important papers, supports the Government."
The Geneva representative of "The Sun" asserted
in a cable message on Sept. 29 that "the problem is
world-wide and acutely affects not only the United
States but also the British Dominions, all of which
will vote against the Japanese contention and some
of which will quit the League if it is carried."
Looking more in detail into the first amendment
to the proposed protocol that was offered by the
head of the Japanese delegation, it develops that it
stipulated that the new provisions "leave unaffected
the Council's duty of endeavoring to conciliate the
parties so as to assure the maintenance of peace and
Oc.r. 41924.]
THE CHRONICLE
of the good understanding between nations." The
New York "Times" representative said that "it was
subtly and politely suggested by several speakers
that the Adachi amendment would require the Council to interfere in matters already declared by the
World Court wholly within sovereign jurisdiction
and thus subject it to the imputation of assuming
functions of the super-State, and that such a course,
far from promoting peace, must continually endanger it." It seems that Sir Cecil Hurst of the English
Foreign Office offered an alternative amendment,
in which "much the same words" were used, "but
added them to the final article of the protocol, where
they applied not to the single case of domestic affairs of a sovereign State, but to the mediatory and
pacific activities of the Council in general." According to the "Times" representative, Sir Cecil
"pleaded that the intentions of his and Adachi's
amendments were identical and that only a question
of method separated the English and Japanese delegations. All in vain. Adachi was adamant."
1541
Council they might succeed in having collective pressure brought by League States on a country against
which Japan might have a complaint."
In a cablegram the next day the same correspondent declared that "a grave crisis prevails to-night in
the peace discussions of the League of Nations
through Japan's insistence upon an amendment to
the proposed protocol of arbitration and security."
He added that "so critical was the situation judged
to be that France suggested that the Japanese
amendment, which concerns the interpretation of
State rights as related to arbitration and which
everybody understands as referring to the immigration problem, should be considered calmly by a subcommittee. A motion by the French to this end was
accepted by the Arbitration Commission."
On Sunday, Sept. 28,"the League of Nations published the text of the draft of the organization which
will be followed in making investigations of the
armament situation in Germany, Bulgaria, Austria
and Hungary when the time comes to transfer arms
The Associated Press correspondent at Geneva control from the inter-Allied board to the League of
explained the situation in a clearer way than any of Nations. The Council of the League of Nations has
the other American newspaper representatives and now given preliminary consent to this scheme, which
did not give the whole matter the sensational and will probably be confirmed at a later public meetalarming touch that the others did. In a cablegram ing. The text shows the investigation will be on a
dated Sept. 26 he said in part: "A somewhat deli- broad scope and that it can be held at any time."
cate situation has arisen in.the peace discussions at The Associated Press correspondent explained that
Geneva growing out of a proposed amendment to the "it will affect the demilitarized zones mentioned in •
protocol of arbitration offered by the Japanese. This the Treaties of Versailles, St. Germain, Trianon and
in effect called upon the Council of the League of Neuilly and will apply to legislation, such as miliNations to endeavor to conciliate and mediate in tary laws and budgets; armed strength, material'
disputes between countries, even if the World Court existing or under construction, including aeronautpreviously had ruled that the disputes had arisen ical material and munitions implements, and all
over matters which were solely within the domestic training for war and new warship construction." He
jurisdiction of the States involved. Article V of the also declared that "the immediate result of the new
proposed protocol, as newly drafted, declares that if scheme is that the Secretariat of the permanent
in the course of arbitration proceedings one of the League Commission on Military and Air Matters
parties claims that a dispute arises over a matter becomes a powerful bureau, with numerous imporwhich, by international law, is solely within the do- tant duties. It must receive and collate the final
mestic jurisdiction of that party, the arbitrators reports of the inter-Allied boards, the reports of the
shall, on this point, take the advice of the World Commission and copies of all military laws. It will
Court of Justice through the intermediary of the receive from the Governments all military, naval and
Council of the League of Nations. It adds that the air information relative to armaments of the four
court's opinion shall be binding upon the arbitrators countries under control and collate information conand that the arbitrators shall confine themselves to cerning rules for discriminating between military
so declaring in their award. This article has ex- and civil information."
Monday evening the Geneva representative of the
treme importance because a subsequent article of the
protocol declares that any State shall be regarded New York "Times" cabled that "the Japanese tenas an aggressor, and hence subject to punitive sanc- sion continues unabated. Or rather it is steadily intions, if it disregards an arbitral award recognizing creasing as one realizes the magnitude of what has
that a dispute concerns a question which is solely already happened, and especially the future portent.
domestic in nature. M. Adachi said he believed that, The fate of the protocol which was to 'kill war,' to
even when a dispute belonged to the domestic juris- 'eut out the cancer of war from the long-anguished
diction of one party, the Council or the Assembly flesh of humanity,' trembles in the balance." The
should not drop the whole matter suddenly and al- correspondent suggested that "Japan is in the posilow the conflict to endanger world peace. As an tion—as Germany was and as both Germany and
alternative proposal he suggested deleting that para- Italy will be—of pressing with superabundant life,
graph in the 'aggressor' clause of the protocol which energy and patriotic ambition against barriers inmakes an aggressor any State which refuses to creasingly painful. In the case of Japan even peaceabide by an arbitral award based on a decision that ful emigration is barred by racial differences in the
the question involved is a purely domestic matter. standard of living and by race prejudice. When the
The British and Australian delegates seemed to be open lands of the world fill up, as they are steadily
particularly disturbed over to-day's developments. doing, this predicament, these statesmen say, will
They expressed the fear that if domestic questions, confront many or most nations—even the United
like immigration, were to come before the Council it States." The Associated Press representative in
would open the door to a wide range of serious prob- Geneva said that "the swing of sentiment to Japan
lems. They remarked that if the Japanese were per- was the outstanding feature of the critical situation
mitted to bring matters like immigration before the in Geneva to-night." He added that "after laboring
1542
THE CHRONICLE
without cessation throughout the entire day the
leaders had to confess that they had not yet discovered the formula which, while satisfying the aspirations of the Japanese, would keep the proposed protocol of arbitration and security strong enough to win
not only the support of the delegations assembled at
Geneva but, what is more important, the ratifications of the world Parliaments." He further outlined the situation by saying that "while no solutions were found, various channels of settlement
have been explored and prominent delegates said tonight that there was an earnest expectation of reaching some accord. There is, however, no weakening
- in evidence among the Japanese, who say they have
unequivocal directions from Tokio to maintain their
attitude of opposition to any protocol plan which
would make Japan an aggressor if she failed to abide
by a World Court decision based on the interpretation of matters supposed to be Within the exclusive
jurisdiction of the other party to the dispute." It
-t
is worth noting that" he Assembly adjourned [Sept.
29] after adopting the 1925 budget, which shows a
reduction from the 1921 budget of 500,000 gold
francs."
A solution of the Japanese incident was found on
Tuesday. The Geneva correspondent of the Associated Press cabled that afternoon that "the revised
protocol on arbitration and security, including
modifications to satisfy the demand of the Japanese
delegation for an amendment, was adopted unanimously this evening by the Arbitration Commission
11 of the League of Nations and will be submitted to
the Assembly for adoption to-morrow." It was
added that "this important step was accomplished
by the work of a special committee, including Louis
Loucheur of France, Sir Cecil Hurst of Great Britain and Signor Scialoia of Italy. With Mr. Adachi
of Japan present and approving, this committee
worked out a definite plan for arranging the protocol to remove the Japanese objections and thereby
prevent an adverse vote by the Japanese delegation
when the protocol reaches the Assembly." Continuing, the correspondent said that "the solution involve,s two points. One takes the form of an amendment to Article V of the protocol and is to the effect
that if a question is held by the World Court or by
the Council of the League of Nations, to be a matter
solely within domestic jurisdiction of a State, the
question shall not prevent consideration of the situation by the Council or by the Assembly under Article
XI of the Covenant. The second point takes the
form of an amendment to the 'aggressor' clause of
the protocol which proclaims as an aggressor any
State disregarding the judicial decree that the dispute arises out of a matter which is solely within
the domestic jurisdiction of another State. This
amendment adds the words, 'nevertheless a State
shall only be presumed to be an aggressor if it has
•not previously submitted the question to the Council
or Assembly under Aticle XI of the Covenant.'" It
was admitted that "the solution is in effect the original Japanese amendment to the protocol which the
Japanese delegates abandoned in favor of a much
stronger one when they found the first one met with
disfavor."
[VoL. 119.
to the protocol, and the delegations of England, Australia and South Africa are reconciled to the means
by which this has been accomplished." He added
that "of Japan's adamantine refusal two days ago to
sign the protocol without violent amendments to
both it and the Covenant, no more is heard. The
reason is that the representatives of Great Britain,
her Dominions and Brazil are now agreed to accept
an alteration in the protocol which on the surface—
and perhaps somewhat beneath it—is identical with
Adachi's original amendment of last Friday." In
explaining the modifications of the original protocol
which had made the agreement possible, and which
were outlined in the preceding paragraph, the
"Times" representative said that "this means, Of
course, that a nation with a grievance not capable of
adjustment under established low or custom can continue to direct attention of the League to its abatement. But the provision for this rests on a very different basis from that of Adachi's proposal. Both
as to the nation's continued agitation and as to its
exemption from the very formidable sanctions provided by the protocol against aggression the present
reading is explicitly based on Article XI of the Covenant. Any war or threat of war is a matter of concern to the whole League, and the League shall take
any action that may be deemed wise and effectual.
This is the solution outlined Sunday night by M.
Loucheur." He further suggested that "In all this it
will be seen there is no fear and, indeed, no possibility that the Council will assume the attitude of the
directory of a super-State toward any member. It
investigates, discusses and endeavors to form a sane
and conciliatory public opinion, but nothing more."
It became known here on Wednesday afternoon,
through an Associated Press cable message from
Geneva that "the amended draft protocol on arbitration and security was presented to the Assembly of
the League of Nations for its approval to-day accompanied by a general report, historical and analytical
in nature, by M. Politis of Greece and Dr. Benes of
Czechoslovakia, official reporters for the two commissions which jointly framed the document." It
was further stated that "two resolutions were presented to the Assembly. One recommends acceptance of the protocol by member Governments, invites
adhesion by non-member States and requests the
Council to arrange for a conference on reduction of
armaments next June at Geneva. The second recommends that all States accept at the earliest possible moment the compulsory arbitration clause of
the World Court with such reservations as are
deemed indispensable to the 'interests of the progress of international justice.'" It seems that "the
morning session of the Assembly was taken up almost exclusively by the reading of the reports of M.
Politis and Dr. Benes, who explained the reports
and urged their unanimous approbation."
Speaking in support of the protocol at Wednesday's session of the Assembly, Aristide Briand, head
of the French delegation, declared, "we shall make
no reservations. We shall sign the protocol as it is."
He was quoted also as saying that "the protocol
framed by the League of Nations constitutes the
most formidable obstacle to war ever devised by the
Commenting upon the favorable turn in affairs at human mind. If it is voted, you, its framers and
Geneva, the representative of the New York "Times" sponsors, will have the right to say you have indeclared that "the Japanese delegation is reconciled stalled peace in the world. I declare to you it is the
OCT. 4 1924.]
THE CHRONICLE
most precious moment of my public life, this in which
I stand before the nations of the world and say to
them in the name of France that she has placed upon
the protocol her signature."
In a cablegram dated Oct. 1 the New York "Herald Tribune" correspondent at Geneva pointed out
what he declared would be the embarrassing position
of the United States under the terms of the protocol,
in case she should be forced into war. He said in
part: "Close study of the draft of the arbitration,
security and disarmament protocol, which the
League of Nations Assembly is expected to adopt tomorrow, reveals that the position of the United
States—if the instrument by some peculiar process
is finally adopted by the member Governments in its
present form with the United States abstaining—
becomes extremely delicate. The immediate prospect is that the Washington Government would be
virtually forced to participate in the international
• conference provided in the protocol, if for no other
reason than to protect American interests. Assuming that the United States is forced to resort to war
on some matter of national honor, the protocol stipulates that unless Washington accepts the intermediary action of the League the United States would
become an aggressor in the eyes of the document and
subject to sanctions by all signatories of the pact.
The same applies to any nation outside the League
pact and protocol." The attitude of the Washington
Administration was outlined in part as follows by a
"Herald Tribune" representative: "Comment for
the present on the action at Geneva on the new draft
protocol on arbitration and security is withheld by
State Department officials until they are fully advised as to just what is intended. The Department,
however, is watching the trend of events with interest, as are also prominent members of Congress,
especially those of the Senate Foreign Relations
Committee. It is still doubted here whether the
Governments which are members of the Assembly of
the League of Nations will approve a plan which
might force the United States to arbitrate a purely
domestic question, such as immigration, or be virtually outlawed."
The Assembly closed its sessions on Thursday.
The Associated Press representative cabled that "the
fifth Assembly of the League of Nations to-day solemnly concluded its work of peace by the unanimous
adoption of a resolution urging that all Governments
ratify the protocol of arbitration and security, providing for the pacific settlement of international
disputes." He added that "all of the 47 States represented in the Assembly subscribed to the resolution on the protocol. The resolution was divided
into two parts. The first recommended to the earnest attention of all members of the League acceptance of the protocol, which, in addition to clauses
covering arbitration and security, provides for the
preparation for an international conference on the
reduction of armaments. The second part asks that
all the countries accede at the earliest possible moment to the compulsory arbitration clause of the
World Court of Justice." It was announced also
that "the Assembly, its tasks cleared away, adjourned at 4.45 o'clock this afternoon after President Motta had delivered the valedictory address."
According to a cablegram from Melbourne, dated
Oct. 2, "declaration that Australia will not accept
1543
the compromise reached by the League of Nations on
the demand by the Japanese for submission of racial
disputes to arbitration, was made to-day by William
Hughes, former Premier of the Commonwealth." It
was reported in a Tokio dispatch under the same
date that "Japanese newspapers are elated at the
success at Geneva of Ambassador Adachi in obtaining amendments to the domestic jurisdiction clauses
of -the arbitration protocol. Reference to the antiAmerican side of the question is avoided. Japan
evidently feels her position among the Powers to be
better established." It was added that, "notwithstanding the amendments, however, Japan may not
sign the protocol. The Foreign Office considers the
text, even as amended, to be ambiguous."
Announcement was made in an Associated Press
dispatch last evening that "the Council of the League
of Nations decided to-day to hold a special meeting
Nov. 15, probably in Geneva, to elaborate plans for
the international conference on reduction of armaments provided for in the protocol on arbitration and
security." It was explained that "the Council as
now constituted probably will not meet in November,
but each of the ten States represented in it will designate representatives qualified to discuss the technical matters involved in the program for the conference." According to the dispatch also, "the opinion seems to be growing here that it will not be possible to convoke the conference June 15 as planned."
The probability of Germany becoming a member
of the League of Nations at a comparatively early
date is still attracting attention in the leading European capitals. It became known here on Monday
afternoon through an Associated Press dispatch
from Paris that "Leopold von Hoesch, German Ambassador to France, to-day handed to Premier Herriot a memorandum setting forth the conditions
under which Germany will make application for
membership in the League of Nations." It was
added that "the text of the memorandum will not be
made public, but it is understood the Germans lay
down no conditions for membership, but make it
clear they will expect to have a permanent seat on the
Council." According to the dispatch, however,"the
memorandum points out that in view of the limitations on the size and strength of the German army
provided for in the treaty, the Reich cannot undertake to participate in the application of sanctions
under a guarantee pact, although Germany offers no
objections to the general principles of such an arrangement." It was stated also that "the document
will be submitted to a Cabinet meeting Thursday and
the general impression in official circles is that it
contains nothing which might form an insurmountable obstacle. France, it is made clear, is willing
that Germany shall have a place on the Council."
According to a special wireless Berlin message to
the New York "Evening Post" on Thursday "Germany's path into the League of Nations was
smoothed to-day by a statement from sources close to
Chancellor Marx that the Government does not insist on an explicit affirmative reply to the questions
submitted on Monday to the ten Powers represented
on the League Council. Dr. Marx does not regard
these representations as conditions to which definite
replies are expected, but will be satisfied if they are
tacitly accepted as the explanation of Germany's
position upon entering the League." In a special
1544
THE CHRONICLE
cablegram to the New York "Times" yesterday morning it was stated that "at a meeting this afternoon of
the Council of Ministers, presided over by the President of the Republic, the thesis of Premier Herriot
at Geneva toward German entry into the League of
Nations was upheld and it was decided that the
French Government should consult London and
Brussels to see if a common response could not be
made to the German memorandum."
Berlin cable advices for several weeks have clearly
,indicated that Chancellor Marx was not having an
easy time holding together the various more or less
discordant factions in his Cabinet. The statement,
therefore, in an Associated press dispatch from the
German capital on Oct. 1 that "Chancellor Marx
has begun negotiations for the reorganization of his
Cabinet with a view to extending the basis of the
Government toward both the left and right and thus
including representatives of all of the parties ranging from the Socialists to the Nationalists," did not
cause surprise. The author of the dispatch further
declared that "indications are, however, that the
Chancellor may not be entirely successful in this
plan. While the Nationalists appear to be ready to
enter the negotiations and have adopted a resolution
to the effect that, in view of the adoption of the
Dawes bills by the Reichstag, they 'consider it a duty
to acquire influence in the interpretation, execution
and improvement of the Dawes pact,' the Socialists
oppose any collaboration with the Nationalists. In
addition the Center Party and the Democrats show
no signs of welcoming such collaboration."
Apparently France's proposed tax of 26% on German exports to Belgium and France has not met
with favor outside of those two countries. In a
wireless message on Sept. 27 the Berlin representative of the New York "Evening Post" declared that
"the decision of France, and prospectively of Belgium, to collect a 26% levy on German exports to
those countries qs part payment of reparations has
caused decided perturbation among American experts connected with the execution of the Dawes program." He also stated that "Owen D. Young, temporary Agent-General, when here, declined to consider the possibility of France taking this action.
Rufus Dawes, his Berlin representative, said to-day
that the French initiative, which, unless checked,
undoubtedly would be followed by the other creditor
Powers, strikes at the very basis of the experts' program, and was so inconsistent with its spirit, he was
sure, that measures must and would be found to
bring about reconsideration of the French decree.
He could not see how the arrangements for the international loan could go forward unless this was satisfactorily adjusted." The correspondent explained
that "the objection to the adoption of this method of
collecting reparations is that it upsets the system of
controlling transfers of reparations payments from
Germany to their foreign recipients through the international transfer committee and threatens the
future stability of the German mark."
Word came from Paris on Oct. 1 that "Premier
Herriot in a formal note dispatched to Germany today, replying to the German protest against France's
imposition of a 26% import tax on all goods from
Germany, makes virtually the same explanation as
he gave to the German Charge d'Affaires when he
presented the protest last week—namely that this
[VoL. 119.
way of collecting reparations is entirely legal and
according to established precedent."
The 1925 budget of the French Government was
submitted to the Chamber of Deputies on
Tuesday. The document had been eagerly awaited.
Cabling Monday evening, the Paris correspondent of the New York "Times" said that
"France is awaiting with keenest interest the
publication of the Government's budget plans,
promised for Tuesday. Premier Herriot during the
campaign promised to reduce taxes, give more pay
to State employees and balance the budget. He has
dropped the plan to reduce taxes, has omitted from
the tentative budget increases for State employees
and in all probability will have to impose new taxes
to balance the budget." Continuing to outline the
predicament of the Premier, the correspondent asserted that, "either way he turns he is sure of much
criticism. If he refuses the increases demanded by
the functionnaires, which will add 3,000,000,000
francs to the budget, he will have trouble with the
Unified Socialists, on whose 108 votes in the Chamber depends his majority, while if he imposes new
taxes he will get criticised by the rest of the country." The correspondent added that"for some weeks
there has been a persistent report in Paris that Herriot intended to make a capital levy. Following a
denial, it is now reported, he intends to levy on the
unearned increment of real estate."
In presenting the chief features of the budget,
Finance Minister Clementel "declared that for the
first time in ten years complete equilibrium of the
entire annual expenditure by budget receipts had
been realized." The Associated Press representative
explained that "his declaration has been eagerly
awaited because reports of the supposed contents of
the budget have been paralyzing the Paris Stock
Exchange for days and compelled the Minister to
issue a denial that any attack on capital would be
made in the budget." Continuing, the correspondent said that "M. Clementel assured the committee
that none of the measures proposed would harm capital or interfere with the activity of the Exchange."
The Finance Minister further declared that "the balancing in the 1925 budget would be maintained in the
future and the Government and Parliament would
have to watch out against any measure causing an
expense to the Treasury without providing corresponding receipts." M. Clementel was quoted directly as saying that "this is an absolute balancing
of the entire budget. It marks the end.of the policy
of raising loans to meet normal charges, a policy
which threatened to engulf France in financial quicksands. Once the deficits due to previous budgets
have been regulated by a loan of liquidation, any
appeal to the national thrift must have but one object—consolidation of the floating debt and completion of the restoration of the devastated region."
In a more detailed dispatch to the New York "Evening Post" the next day it was stated that "the principal financial characteristic of the new budget is
that it no longer will be divided into two parts.
Whereas last year's budget provided for 30,000,000,000 francs expenditure on the ordinary budget, and
an additional 6,000,000,000 for the 'special budget,'
this year's budget incorporates all expenditures under one heading, and totals 32,500,000,000 francs."
He added that, "furthermore, this figure includes
6,800,000,000 francs for the reconstruction of the
OCT. 4 1924.]
THE CHRONICLE
1545
On Tuesday "Prime Minister MacDonald moved
second reading in the House of Commons of the bill
providing for the creation of an Irish Boundary
Commission without the participation of Ulster."
The Associated Press correspondent said that "in
making the motion, the Premier declared it was the
essential duty of every Government to fulfill its obligations. He said he resented the charge that the
Government's move was an attempt to coerce Taster." He added that "Mr. MacDonald contended
that whatever Government might be in power would
find no other possible course than the one he had
been pursuing. After reviewing the events leading
up to the Anglo-Irish treaty, a vital part of which
involved the adjustment of the boundary between
Ulster and the Free State, he said the important machinery for the boundary adjustment was.faulty and
that, in consequence, the whole agreement was jeopardized. The Government now was simply seeking
to find a remedy for the original defect, he said."
Continuing to outline his position, "Premier MacDonald said that even the League of Nations had
been informed that the Irish boundary had yet to be
delimited. He said the Government had exhausted
every possible means to obtain an agreement but had
The British Parliament .reconvened on Sept. 30. failed. Nothing remained, he argued, but to make
It had been reported quite persistently that the Article XII of the treaty effective." According to
Labor Ministry would be opposed strongly on the the Associated Press dispatch, "concluding, he deAnglo-Russian treaty, the proposed British loan to clared that if the Government had to exercise the
the Soviet Government of Russia, and on the Irish power stipulated in the bill it would do so imparboundary question. Prime Minister MacDonald tially and would see that Ulster's interests were repevidently was determined to forestall the opposition. resented by Ulster's choice. He asked the House to
Cabling on Sept. 27, the London correspondent of the pass the bill by a vote which would constitute an
New York "Times" said that "Prime Minister Ram- imperial appeal to Ulster to be loyal to the compact
say MacDonald, speaking to-day at Derby, dared the upon which the continuance of Irish peace deHouse of Commons to censure the Government over pended." It became known here Thursday morning
the Russian treaty. If it did the Government would that"the second reading the Irish Boundary Bill was
go from the House to the public platform, he said, carried,in the House of Commons to-night [Wednesbut he did not believe that the country wanted to day] by a vote of 291 to 124, the motion for its rebreak with the present Labor regime." The corre- jection, moved by Ulster members of the House, thus
spondent said that, "as for the loan [to Russia], the being defeated by a Government majority of 167."
Prime Minister declared that it would be largely
No change has been made in official discounts at
spent in this country, and in explaining that Parliament would be asked to fix its conditions hinted that leading European centres from 10% in Berlin; 7%
/%
it might be in the neighborhood of £30,000,000." Con- in Norway and Denmark;6% in Paris;51 2 in Beltinuing to defend his Ministery, "Mr. MacDonald gium and Sweden; 5% in Holland and Madrid, and
also called for fair play for both Northern and South- 4% in London and SNiitzerland. In London the
ern Ireland, and in asking for moral courage in deal- open market discount rates continued to rule easy,
ing with the peace problem at Geneva denied ex- and short bills finished at 39-16a3%%, against
plicitly that the British navy had ever been offered 3%%, while three months' bills were quoted at
to the control of the League of Nations." "I defy 39-16%, against 311-16% a week ago. Call money
0
Liberal or Tory to say that the name of the country, was firm, advancing to 3%%, but closing at 2%7,
/s70 last week. In Paris open
of the country, the position of the as compared with 23
the reputation
/
country in the eyes of the world, have suffered in the market discounts are now quoted at 51 8%, against
4
/
degree by the existence of the Labor Govern- 5@5%%, although at Switzerland the 33 % rate,
least
ment. When the Labor Party went into office black previously quoted, is still in effect.
flags were flying half mast high, and it was predicted
The Bank of England this week reported a trifling
that grass would soon be growing in our streets.
Lord Rothermere had one eye on the workhouse and increase in its gold holdings, amounting to £810;
the other on an asylum. It was all delicious rubbish also a further expansion in reserve of £1,621,000; the
they talked then. They are now beginning to get result of shrinkage in note circulation to the amount
afraid because we have not ruined the country. Our of £1,620,000. The proportion of reserve to liabilipolitical opponents have been telling business men ties increased to 20.21% from 19.52% last week,
/
that the Labor Ministers were not honest. They 1878% last year and 16.33 in 1922. Public deposits
slandered us and even our per- again expanded heavily, no less than £3,847,000, but
have maligned and
sonal characters have not been sacred. Let them "other" deposits fell £67,000. The bank's temporary
have it. But I give them this warning: We have loans to the Government declined £1,965,000, but
forgotten nothing and we shall forget nothing We loans on other securities increased £4,134,000. Gold
have moved some things, but some things have not holdings now are £128,426,147, compared with £127,659,536 a year ago and £127,422,131 in 1922. Rebeen moved."
devastated regions, which last year was included in
the special budget. Basing his estimate upon
amounts yielded during the first eight months of
last year by existing taxes, M. Clementel figures that
France can collect in 1925, by means of the same
taxes, 29,854,000,000 francs." The chief provisions
of the budget were further outlined as follows: "The
amount needed to make up the difference, 2,602,000,000 francs, is to be raised by special measures to be
enacted, among which are: First, a renewed fight
against tax evasion; second, making non-commercial
professions, such as doctors and lawyers, keep books
to justify their tax reports; third, taxation on gifts
made during the donor's lifetime, which evade inheritance taxes. In addition, three new taxes are
planned: First, exchange transactions; second,
premiums collected by insurance companies, and
third, on sums received by persons selling their business or buildings, when the profit exceeds 10% of
the amount originally paid for the property. As for
the cuts made in the new budget, they are all on
paper. Whether they can be actually carried out
and leave France a going concern is a problem for
the future."
1546
THE CHRONICLE
serve stands at £25,888,000, against £22,626,086 in
1923. and £22,672,456 a year earlier. Loans aggregate £81,251,000, in comparison with £71,260,165 and
£73,589,534 one and two years ago, respectively,
while note circulation is now £122,288,000, against
£124,783,450 and £123,199,775 one and two years ago,
respectively. Clearings through the London banks
for the week were £804,228,000, which compares with
£651,667,000 last week and £782,247,000 a year ago.
No change has been made in the Bank of England's
discount rate, which remains at 4%. We append
herewith comparisons of the principal items of the
Bank of England returns extending over a series of
years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1924.
1923.
1922.
1921.
1920.
0a.2.
Oa. 3.
O2.5.
0a.6.
Oct. 8.
Circulation
122,288,000
Public deposite
17,383,000
Other deposits
110,696,000
Governm't escurities 39,733,000
Other securities
81,251,000
Reserve notes & coin 25,888,000
Coln and bullion-128,426,147
Proportion of reserve
to ilabliftles
20.21%
Bank rate
4%
124,783,450 123,199,775
11,503,591 16,695,645
108,762,384 122,167,207
44,658,834 60,266,973
71,260,165 73,589,534
22.626,086 22,672,456
127,659,536 127,422,131
1834%
4%
16.33%
3%
125,666.690
19,266,387
127,772,217
58,540,907
84,948,639
21,197;151
128,413,841
127,803,975
21,249,755
134,762,490
63,789,255
96,018,994
13,841,479
123,195,454
14.40%
5IS%
887%
7%
An expansion of 195,195,000 francs in note circulation is reported by the Bank of France in its
statement this week. This compares with an increase of 94,258,000 francs in that item last week
and brings the total outstanding up to 40,533,936,000
francs, or very close to the record figure of 40,571,700,000 francs registered on Aug. 7 of this year.
At this time last year the total was 38,529,635,630
francs and in 1922, 37,514,493,050 francs. Just
prior to the outbreak of war in 1914, the amount
was only 6,683,184,785 francs. The gold item
continues to show small gains, the increase this
week being 90,025 francs. The Bank's gold holdings, therefore, now aggregate 5,544,153,675 francs,
comparing with 5,538,447,078 francs at the corresponding date last year and with 5,532,672,323
francs the year previous; of these amounts 1,864,320,900 francs were held abroad in 1924, 1,864,344,927 francs in 1923 and 1,948,367,056 francs in
1922. During the week silver gained 240,000 francs,
bills discounted registered an expansion of 897,135,000 francs, and general deposits were augmented
by 232,255,000 francs. Advances, on the other
hand, fell off 42,672,000 francs, while Treasury deposits were reduced 1,654,000 francs. Comparisons
of the various items in this week's return with the
statement of last week and corresponding dates in
both 1923 and 1922 are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
Status as of
Oci. 2 1924.
for Week.
Oct. 4 1923.
Oct. 5 1922.
Gold Holdings-Francs.
Francs.
Francs.
Francs.
In France
90,025 3,679.832,775 3,674,102,150 3,584,305,267
Inc.
Abroad
1,864,320,900 1,864,344,927 1,948.367,056
No change
Total
90,025 5,544,153,675 5,538,447,078 5.532,672,323
Inc.
Silver
240,000
301,524,000
Inc.
294,976,531
287,470,521
Bills discounted_ _ _InC. 897,135,000 4,882,442.000 3,846,352,367 1,832,365,475
Advances
Dec. 42,672,000 2,716,444.000 2,138,202,490 2,107,459,523
Note circulation_Inc. 195,195,000 40,533.936,000 38,529,635,630 37,514,493,050
Treasury deposits_Dec. 1.654,000
12,969,000
26,184,470
17,124,494
General deposits.
232.255.000 1,959,436,000 2.147,109,977 2,341,345.174
In its statement,issued as of Sept. 22, the Imperial
Bank of Germany reported another cut in note circulation amounting to 53,702,766,000,000,000,000
marks, while other assets fell 23,613,593,000,000,000,000 marks. There were a number of spectacular increases, including one of 145,682,061,000,000,000,000
marks in deposits, 27,134,637,000,000,000,000 marks
in Rentenmark bills and checks, 10,224,869,000,000,-
[VoL. 119.
000,000 marks in bills of exchange and checks and
58,335,833,000,000,000,000 marks in holdings of Rentenbank notes. Investments increased 854,575,000,000,000,000 marks, but holdings of Treasury and
loan association notes were reduced 22,001,000,000,000,000 marks and other liabilities 20,189,512,000,000,000,000 marks. Liabilities resulting from discounted bills payable in Berlin increased 2,000,000,000,000,000,000 marks. Rentenbank loans remain
unchanged. A further small increase of 16,310,000
marks in gold was shown, to 560,080,000 marks, of
which 118,623,000 marks are held abroad. Note circulation now aggregates 1,281,056,380,000,000,000,000 marks, which compares with 8,627,130,000,000,000 marks last year and 290,000,000,000 marks a
year earlier.
The Federal Reserve banks continue to lose gold,
according to the weekly statements issued on Thursday afternoon. At New York there was a reduction
of $19,800,000, while for the System as a whole a
decline of $24,000,000 was reported. Increased demands incidental to Oct. 1 disbursements, were responsible for enlargement of bill holdings. The combined report indicated an increase of $15,000,000 in
rediscounts of Government secured paper; expansion of no less than $46,300,000 in open market purchases, but a decline of $8,300,000 in discounting of
"other" bills. Total bills discounted increased
$6,800,000, to $266,756,000, which, however, is still
far below the total of $881,661,000 reported at this
time a year ago. Earning assets expanded heavily,
namely $54,600,000, and deposits $18,100,000. At
the New York bank changes followed closely parallel lines. Rediscounting of Government secured paper increased $19,000,000; "other" bills fell $465,000, but bill buying in the open market showed an
incrase of $34,600,000. Total bills discounted moved
up $18,600,000, to $53,814,000, agg_thIst $203,976,000
in 1923. Here, also, earning assets and deposits registered large gains, $53,200,000 and $31,600,000, respectively. Federal Reserve notes in actual circulation were $15,100,000 larger nationally, but only
$1,600,000 at New York. Member bank reserve accounts were increased—$7,600,000 for the banks as
a group and $31,500,000 locally. Addition to the deposit items, coupled with continued reduction insold
holdings, was responsible for lowering in the reserve
ratio of the New York Bank to 76.1%, against 80.1%.
The ratio of the System decreased 1.3%, to 79.1%.
Last Saturday's statement of New York Clearing
House banks and trust companies, issued on Saturday, reflected the strain of meeting month-end payments and showed a record expansion in loans and
drawing down of reserves by Reserve bank members,
which resulted in completely wiping out the substantial surplus that had been accumulated and left in
its stead a deficit reserve of over $19,000,000. In
detail, the figures indicate an increase in the loan
item of $133,357,000. Demand deposits were reduced $2,123,000, to $4,638,640,000, which is exclusive of $35,258,000 in Government deposits. Time
deposits, on the other hand, gained $17,818,000, to
$589,881,000. Other less important changes included
a cut in cash in own vaults of members of the Federal Reserve Bank of $298,000, to $47,008,000. This,
however, is not counted as reserve. Reserves of State
banks and trust companies in own vaults declined
R102,000, while reserves of these institutions kelit in
OCT. 4 1924.]
THE CHRONICLE
other depositories fell $1,787,000. Member banks
drew down their reserves at the Federal institution
$77,835,000, and the result was a loss in surplus of
$80,027,700, thereby eliminating all excess held above
legal requirements and leaving a deficit below the
required reserve of $19,587,030, as against last week's
surplus of $60,440,670. The figures here given for
surplus are based on reserve requirements of 13%
for member banks of the Federal Reserve System,
but not including $47,008,000 held in vaults by these
member banks on Saturday last.
The prevailing rate for call money in the local
/
1
2
market has been 2 %. The 3% quotation at the
beginning of the week lasted only for a day and was
attributed chiefly to the shifting of accounts in preparation for the large disbursements on Oct. 1. Time
money was a little firmer—about 1 1% higher—but
/
was. quiet. An abundance of funds was available,
both on call and time. General business conditions
have not changed especially. Broadly speaking, the
tendency is toward greater improvement. The expansion so far has not been sufficient to affect the
money market. Car loadings in excess of 1,000,000
for the third week of September reflected the continued heavy movement of grain and the moderate
increase in other classes of freight, notably cattle
and general merchandise. Conferences with respect
to the terms of the German loan have been help
daily in London, and it is still hoped that a simultaneous offering in Europe and the United States
may be made on or about Oct. 15. The local bond
market has been active and strong, while the offerings of new securities have been on a larger scale.
These features of the investment market are almost
certain to continue as long as money keeps at about
the present rates.
Dealing with specific rates for money, call loans
this week covered a range of 2@3%, which compares
with a flat rate of 2% last week. On Monday the
high was 3%,the low 2% and renewals at that basis.
For the remainder of the week, from Tuesday to
Friday, the undertone was a shade firmer and all
loans on call were negotiated at 2%%, which was
also the renewal figure. On the outside market
funds can be had at 2%. Fixed-date maturities
continue easy and the range for sixty days was
234@,2%, ninety days 23 @3% and four, five
4
and six months' money 3@34%,the same as a week
ago. As a result of the Oct. 1 payments, offerings
were lighter, but as the market was dull and inquiries restricted, actual quotations were not affected
and toward the close of the week time money was
again offered freely, with few takers.
Commercial paper was in fair demand but business
was only moderately active, owing to scarcity of
offerings. Out-of-town institutions were as usual
the principal buyers. Four to six months' names of
4
choice character remain at 3@31 %, unchanged,
while names less well known continue to be quoted at
334®33,6%. New England mill paper and the
shorter choice names are being dealt in at 3%.
Banks' and bankers' acceptances riled at the levels
prevailing last week. A good inquiry was reported
for prime names from both local and country banks.
The supply of bills, however, was light, so that the
aggregate turnover was not large. For call loans
against bankers' acceptances the posted rate of the
American Acceptance Council has been advanced Io
1547
2%, against 1M% a week ago. The Acceptance
Council makes the discount rate on prime bankers'
acceptances eligible for purchase by the Federal Reserve banks 2A% bid and 2% asked for bills running
30 and 60 days 23'
i% bid and 21
/% asked for bills
running 90 days; 2/ bid and 234 % asked for bills
i%
.
%
running 120 days, and 2%% bid and 2 2 asked for
bills running 150 and 180 days. Open market quotations were as follows:
•
Prime eligible bills
SPOT DELIVERY.
90 Days.
214(Oh
60 Days.
214 (42
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
Eligible non-member banks
30 Days
23402
214 bid
211 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 FEDERAL RESERVE BANKS IN EFFECT
OCTOBER 3 1924.
Paper Maiming—
Within 90 Days.
Alter 90 After 6
but
Days,but
Within 6 Within 9
Months. Months.
Carn'rcial Secured
by U. S Bankers
&Livest'k Govern't AccepPaper. Obliga- lances.
n.e.s.
Agricia.• Agricul.
Trade
and
and
ACCeP- Livestock Livestock
Lances. Paper. Paper.
FEDERAL RESERVE
BANK.
314
314
314
334
Boston
3
3
3
3
New York
314
314
3%
331
334
314
Philadelphia
314
314
'3%
314Cleveland
4
4
4
4
4
4
Richmond
4
4
4
4
4
4
Atlanta
4
4
4
4
4
4
Chicago
4
4
4 .
4
4
4
St. Louis
414
434
414
414
414
434
Minneapolis
4
4
4
4
4
Kansas City
4
4
4
4
4
4
Dallas
3;4
314
314
315
334
314
San Francisco
•Including bankers acceptances drawn for an agricultural purpose and secured
by warehouse receipts. he.
a
The sterling exchange market moved within comparatively narrow limits and trading during the week
just closed was dull and uninteresting, with the
general undertone inclined to nervous hesitancy and
the trend downward. As usual, price movements
emanated from London and were followed by sympathetic declines on the local market, but one outstanding influence of the early part of the week was
the widespread observance of the Jewish New Year
holidays, which had the effect of reducing business
perceptibly. The result was to bring about a break
%
of nearly 2 cents in the pound, to 4 443 for demand,
through absence of buying power to take care of
the customary accumulation of commercial bills
over the week end. The weakness proved temporary,
however, and with the resumption of normal business
on Wednesday prices began to move up steadily,
A
until 4 461 was reached; although this was accompanied with only a moderate increase in activity.
Speculative operators are still largely out of the
market and apparently intend to remain so until
international affairs are more stable. Later in the
week the French budget announcement created a
favorable impression and was in some measure
responsible for the recoveries noted. On the other
hand, the British political situation is not liked.
Threats of a general election as a result of dissatisfaction over the distasteful Russian treaties had a
depressing influence, as also did the recent move on
the part of France and Belgium to impose a reparations tax on German imports, a move which is frankly
disapproved by all those responsible for the smooth
working of the Dawes plan. It is felt that this
impost will have to be either removed or modified if
any progress is to be made in collecting reparation
1548
THE CHRONICLE
payments. At the close sterling values sagged again
on unsettling foreign news. Reports received this
week of poor grain crops in. Italy as well as France,
also what is expected to amount to a wheatshortage
in Germany, forced an unusually active demand for
dollars. News from Russia on this score is said to
be disappointing. In addition to this, it is claimed
that several of the smaller Continental nations that
ordinarily have grain sufficient for export, will be
compelled to import owing to partial crop failures.
Referring to the day-to-day rates, sterling exchange
on Saturday last was easier and demand moved down
to 4 46@4 46%, cable transfers to 4 46%.@4 47 and
sixty days to 4 433'@4 443; dealings were light and
the market dull and nominal. On Monday trading
was reduced to a minimum as a result of the Jewish
holiday celebration, and rates broke to 4 44%@
4
4 453/i for demand, 4 45@4 461 for cable transfers
and to 4 423.@4 433/i for sixty days; accumulation
of offerings over the week-end and lack of buyers was
responsible for the weakness. No increase in activity
was noted on Tuesday, but as the supply of bills
was smaller, prices rallied and demand sold up to
5
4 45%@4 45/s, cable transfers to 4 459'@4 45%
and sixty days to 4 42%@4 433/g. Wednesday's
market was quiet but firm and there was a further
advance to 4 463'@4 463/2 for demand, 4 46%@
4.463 for cable transfers and 4 43%@4 44 for sixty
%
days. Dulness characterized Thursday's dealings
and a fractional loss was recorded, which carried
8
demand to 4 45 3-16@4 463/, cable transfers to
4 45 7-16@4 46%, and sixty days to 4 42 11-16@
4 433/s. On Friday trading was quiet and featureless, with the range of prices practically unchanged,
4
at 4 45%@4 461 for demand, 4 453%@4 463/i for
%
cable transfers and 4 43W4 435 for sixty days.
were 4 433' for sixty days, 4 45%
Closing quotations
%
for demand and 4 461 for cable transfers. Commer/
cial sight bills finished at 4 45%,sixty days at 4 4158,
ninety, days at 4 41%, documents for payment (sixty
g
days) 4 413/, and seven-day grain bills 4 453.
4
Cotton and grain for payment closed at 4 453 .
In Continental exchange the most noteworthy feature of an otherwise uneventful week was the promulgation of the new French budget estimates, which,
though not received with enthusiasm, nevertheless
created a favorable impression. It is contended that
it is the best that could be evolved under present difficult circumstances, and the fact that the proposals
contain no really objectionable or radical features
was regarded as a hopeful indication. However,
speculative interests made no attempt to trade on
the figures since the budget has still to pass tilt) Chamber of Deputies and is likely to be subjected to more
or less important revision before approval and acceptance by that body. Another factor which has
of late prevented speculative selling of French francs
is the belief that the Bank of France stands ready to
utilize its $100,000,000 Morgan credit to support
exchange at the first indication of undue pressure.
Still other influences which acted to give the market
pause were the persistent and unsettling political
wrangling which persists in so many parts of Europe.
Very little real activity is expected before the German loan negotiations are completed and the terms of
the new Franco-German commercial treaty agreed
upon. Trading during the first half of the week was
greatly restricted by the Jewish holidays, but later
on a buying movement of moderate proportions was
[VOL. 119.
inaugurated and quotations advanced from 5.22 to
5.31. Antwerp francs hovered alternately above and
below 4.85, with no real activity. Reichsmarks remained motionless at nominal levels, and so did
Austrian kronen. Italian lire were in neglect and
quotations a few points lower, mainly on lack of buying interest. Unfavorable news concerning Italy's
grain crops had a depressing effect on market sentiment but failed to bring about any appreciable
change in values. Exchange on the minor Central
European countries was firmly held but dull. Greek
exchange was also very quiet, with a tendency toward
lower levels. Developments at the Geneva League
of Nations conferences have been closely watched,
though in the absence of speculative manipulation
price levels failed to respond to either "bad" or "good"
news concerning what is being done there.
The London check rate on Paris finished at 84.67,
as compared with 85.05 last week. In New York
sight bills on the French centre closed at 5.26, against
5.273%; cable transfers at 5.27, against 5.28%; com4
mercial sight bills at 5.25, against 5.263 , and com4
mercial sixty days at 5.193 , against 5.213/ a week
2
earlier. Closing rates on Antwerp francs were 4.813/
2
4.823/ for cable transfers, as compared
for checks and
with 4.86 and 4.87 a week ago. Reichsmarks finished
at 0.000000000023%, unchanged. Austrian kronen
%
remained stationary, at 0.00141 . Italian lire closed
4
the week at 4.363 for bankers' sight bills and 4.37%
2
for cable remittances. Last week the close was 4.383/
.
and 4.3932 Exchange on Czechoslovakia finished at
2
2.98%, against 2.999/8; on Bucharest at 0.523/,
against 0.513/2; on Poland at 193 (unchanged), and
.
2
2
on Finland at 2.513/, against 2.513/ Greek exchange closed at 1.73% for checks and 1.73% for
cable transfers, in comparison with 1.75 and 1.753/2
a week previous.
In the former neutral exchanges there is very little
new to report. Trading in guilders and Swiss francs,
also in some of the Scandinavians, was moderately
active, mainly on continued transfers of funds, and
rates were strong and higher. Guilders held all of the
gains of last week and closed at a substantial net
gain. Swiss currency advanced 12 points, to 19.14.
Copenhagen remittances moved up to 17.45, or 23
points up. Swedish krona were not changed, but
Norwegian crowns scored another 9-point gain.
Spanish pesetas ruled slightly under the levels of a.
a week ago, yet fairly steady, chiefly as a result
of official support.
Bankers' sight bills on Amsterdam closed at
38.723/2, against 38.61; cable transfers at 38.763/,
2
against 38.65; commercial sight bills at 38.663/
,
2
against 38.55, and commercial sixty days at 38.303/2,
against 38.19 last week. Swiss francs finished at
19.10 for bankers' sight and 19.11 for cable transfers, in comparison with 19.023/ and 19.033/b a
week ago. Copenhagen checks closed at 17.45 and
cable remittances at 17.49, against 17.22 and 17.26.
Checks on Sweden finished at 26.58 and cablegrams at 26.62, against 26.58 and 26.62, and checks
on Norway closed at 14.18 and cable transfers
at 14.22, against 14.04 and 14.06 the preceding
week. Spanish pesetas finished the week at 13.203
for checks and 13.273/ for cable transfers. This
compares with 13.433/ and 13.453 last week.
As to South American quotations the trend is still
upward, and Argentine exchange established another
new high record level, closing at 36.48 for checks and
OCT. 4 1924.]
THE CHRONICLE
36.53 for cable transfers, as against 35.69 and 35.74
last week. Brazilian milreis finished at 11.14 for
checks and 11.19 for cable transfers, as compared
with 10.55 and 10.60 last week. Trading in neither
of these currencies, however, was really active or sustained. Chilean exchange was likewise firmer, closing
at 11.00 against 10.60 a week earlier. Peru was
weak and closed at 4 12, against 4 16, the previous
quotation.
Far Eastern exchange retained practically all of the
gains of the previous week, mainly as a result of continued buying at high prices of silver. The influence
of this was reflected usually in the Chinese currencies.
Hong Kong closed at 54/
14@54,against 54@543';
Shanghai, 78@7834, against 773/@77%; Yokohama,
2
40%@41 (unchanged); Manila, 501 4@50
(un/
changed); Singapore, 52/@52% (unchanged); Bombay, 3332@33, against 33@33h, and Calcutta,
331 @333 3 (unchanged).
/
/
1549
possible to show the effect of Government operations on the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the
Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Tuesday, Wednesd'y Thursday, Friday,
Oct. 3.
Oct. 2.
Sept. 30.
Oct. 1.
Saturday, Monday.
Sept. 27. Sept. 29.
Aggregate
for Week.
$
$
$
165,000,00 81.000,000 62,000,000 59,000,000 82,000,000 66,000.000 Cr. 415,000,000
Note.
-The foregoing heavy credits reflect the huge mass of checks which come
to the New York Reserve Bank from all parts of the country in the operation of
the Federal Reserve System's par collection scheme. These large credit balances,
however,reflect only a part of the Reserve Bank's operations with the Clearing House
institutions, as only the items payable in New York City are represented in the
daily balances. The large volume of checks on institutions located outside of
New York are not accounted for in arriving at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
The following table indicates the amount of bullion in the principal European banks:
Oct. 2 1924.
Oct. 4 1922.
Banks of
Gold.
28,426,147
47,192,170
22,077,850
b2,000,000
01,394,000
35,567,000
44,300,000
10,819,000
20,197,000
13,698,000
11,642,000
8,182.000
Silver.
Total.
Gold.
I
E
28,426,147 127,659,536
12,080,000159,272,170 146,964,086
1,423,500 23,501,350 28,235,950
b2,000,000 b2,000,000
26,162,000127,556,000 101,027,000
3,422,000 '18,989,000 35,659,000
984,000 45,284,000 48.481,000
2,662,000 13,481,000 10,790,000
3,751,000 23,948,000 21,074,000
13,698,000 15,145,000
1,119,000 12,761,000 11,648,000
8,182,000 8,182,000
Silver.
Total.
127,659,536 •
11.760,000158,724,086
3,475,400 31,711,350
b2,000,000
26,398,000127,425.000
3,022,000 38,681,000
867,000 49,348,000
2,380,000 13,170,000
3,939,000 25,013,000
15,145,000
244,000 11,892,000
8,182,000
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:
England_ _
France a_ _
Germany c
Aus.-Hun_
Spain _ _
Italy
Netherl ds
'
Nat. Belg_
Switzerl d
'
Sweden_
Denmark.
Norway _ _
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
SEPT. 27 1924 TO OCT. 3 1924, INCLUSIVE.
Total week 545,495,167 51,603,5001597,098,667556,865,572 52,085,400 08.950.972
Prey. week547,221,752 51,158.l50'598.379,902556,858,318 52,016,40008,874.718
Country and Monetary
Unit.
Noon Buying Bate for Cab e Transfers in New York.
Value in United States Money.
Sept. 27. Sept. 29. Sept. 30.
Oct. 1.
Oct. 2.
Oct. 3.
EUROPE$
$
$
$
$
$
Austria, krone
000014 .000014 .000014 .000014 .000014 .000014
Belgium, franc
0484
.0480
.0482
.0485
.0482
.0482
Bulgaria, ley
007289 .007300 .007295 .007311 .007291 .007318
Czechoslovakia, krone 029905 .029890 .029845 .029851 .029834 .029870
Denmark, krone
.1741
1724
.1736
.1735
.1741
.1738
England, Pound sterling
4.4647
4.4574
4.4543
4.4646
4.4563
4.4600
Finland, markka
.025112 .025113 .025094 .025108 .025107 .025117
France,franc
.0524
.0526
.0531
.0527
.0527
.0526
Germany, reichsmark
a
a
•
a
Greece, drachma
.017561 .017511 .01;
348 .017170 .017253 .01;368
Holland, guilder
3883
.3861
.3859
.3866
.3865
.3870
Hungary, krone
.000013 .000013 .000013 .000013 .000013 .000013
Italy, lira
.0439
.0438
.0437
.0438
.0437
.0438
Norway, krone
.1403
.1409
.1420
.1416
.1410
.1420
Poland, zloty
.1918
.1921
.1923
.1922
.1922
.1921
Portugal. escudo
.0337
.0346
.0345
.0349
.0357
.0359
Rumania,leu
.005137 .005165 .005155 .005156 .005175 .005231
Spain, peseta
1342
.1335
.1335
.1327
.1338
.1332
Sweden,krona
.2661
.2661
.2661
.2661 .
.2662
.2661
Switzerland, franc_ .11904
.1908
.1906
.1905
.1910
.1909
Yugoslavia, dinar__ .013842 .013893 .013827 .013750 .013613 .013710
ASIAChinaChefoo, tael
7717
.7804
.7792
.7788
.7783
.7779
Hankow,tael
7684
.7758
.7747
.7744
.7741
.7741
.7623
Shanghai, tael
.7566
.7632
.7627
.7021
.7618
Tientsin. tael
.7792
.7888
.7875
.7871
.7867
.7863
Hong Kong, dollar_ .5352
.5368
.5377
.5373
.5366
.5375
.5408
.5421
.5429
Mexican dollar
.5360
.5417
.5413
Tientsin or Pelyang .5367
.5400
.5396
.5388
.5383
.5417
dollar
.5433
.5442
Yuan dollar
.5325
.5438
.5442
.5433
India, rupee
.3293
.3301
.3310
.3322
.3287
.3291
.3988
.3979
Japan, yen
4015
.4005
.3996
.3999
Singapore(SS.) dollar .5188
.5192
.5150
.5147
.5183
.5200
NORTH AMER.Canada, dollar
.999707 .999765 .999639 .999639 .999623 .999629
Cuba. peso
.999297 .999297 .999271 .999297 .999297 .999479
Mexico, peso
.489792 .490000 .487708 .489583 .489375 .488281
Newfoundland, dollar .997031 .997214 .997188 .997135 .997109 .997240
SOUTH AMER..8154
.8172
.8171
.8172
.8239
Argentina, peso (gold) .8127
1039
.1043
.1050
.1054
.1082
.1096
Brazil, milrels
.1083
.1091
.1094
.1094
.1099
Chile, Peso (paper)_-_ .1073
8507
.8523
.8522
.8522
Mornay 0est)
.8578
.8593
a Quotations for German reichsrsarks have been Sept. 27 .000000000000238:
Sept. 29, .000000000000238; Sept. 30, .000000000000238; Oct. 1, .000000000000238:
Oct. 2, .000000000000238; Oct. 3, .000000000000238.
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $3,230,809 net in cash as a result of the currency movements for the week ended Oct. 2.
Their receipts from the interior have aggregated
$4,290,709, while the shipments have reached $1,059,900, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Week Ending Oct. 2.
Banks'interior movement....
Into
Banks.
$4,290,709
Out of
Banks.
Gain or Loss
to Banks.
$1,059.900 Gain $3,230,809
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is no longer
a Gold holdings of the Bank of France this year are exclusive of £74,573,977
held abroad. is No recent figures. c Gold holdings of the Bank of Germany this
year are exclusive of £5,931,150 held abroad.
Insuring Peace by Threats and Force-The
Position of the United States.
The part played by Japan in forcing a radical
modification of the protocol regarding "arbitration
and security" which the League of Nations has been
considering, and which, in its amended form, has
been unanimously recommended to the Governments
of the world, has been discussed in the American
press so much from the standpoint of Japan's interest in the immigration question that the larger significance of what has been done has been somewhat
obscured. Fortunately, the facts of the case are
simple, and all that is necessary is to prune away
the rhetorical verbiage and put them together in
order to perceive how far-reaching is the procedure
to which the League has committed itself, and how
egregiously the pretensions of the League have been
enlarged.
It will be recalled that the protocol, as originally
drafted by the astute Dr. Benes, Foreign Minister of
Czechoslovakia and moving spirit of the Little Entente, classed as an aggressor State any Power
which, having a controversy with any other State
which might result in war, should refuse to submit
its case to the World Court. In an explanatory state:
ment made before the Disarmament Commission of
the League on Sept. 27 in reply to a question by a
French delegate, Dr. Benes declared emphatically
that the definition of an aggressor State was intended to apply to States that were not members of
the League as well as to those that were. "The system," he said (we quote a summary of his reply as
given by the Geneva correspondent of the Associated
Press) "was extremely simple. A country which was
neither signatory of the protocol nor .a member of
the League would be invited by the Council to accept
the procedure of arbitration, and if that State resorted to war in disregard of this procedure, then it
would be considered to have violated the protocol and
1550
THE CHRONICLE
would be subject to sanctions." The protocol further provided, however, that if one of the parties to
a dispute insisted that the matter in controversy
concerned exclusively its domestic policy, and the
World Court sustained the claim, the other
State, were it then to go to war, would itself be
adjudged an aggressor and become. liable to the
sanctions which the protocol provides.
All this was apparently satisfactory to Dr. Benes
and his co-workers. The Japanese delegation, however, threw the Assembly into a panic by pointing out
that it was precisely questions of domestic policy and
national honor that had often precipitated war, and
that if a plea of domestic policy could be successfully
urged against further arbitration, the aggrieved
State would not only be estopped from prosecuting
its case further, but would itself automatically become an aggressor if it resorted to war to uphold its
own claim of right. Japan, accordingly, demanded
the suppression of the provision of the protocol in
question. The danger of rupture which for a time
seemed to impend was finally averted by the intervention of the French, who, while admitting the justice of the Japanese contention, secured agreement
upon an amendment under which the Council of the
League, in case the claim of domestic policy is sustained by the World Court, shall nevertheless be
empowered to go on with a consideration of the dispute with a view to adjusting the difficulty.
We have not hesitated to express our disapproval
of the American policy of restricted immigration,
or to hope that the policy may in the near future be
substantially modified. The problem of emigration
is a very real one for Japan, and while the possibility of a war between Japan and any other Power
over that question seems to us extremely remote, the
large international issue involved must eventually
be faced. If the Japanese Government sees any way
by which, under the amended protocol of the League,
it can profitably keep the ,race question before the
thought of the world until the question is disposed
of, it is not to be begrudged such benefit as it may
derive from the situation. The question of Japanese immigration, however, is a very small factor in
appraising the significance of what the League has
now done. What has actually happened is that the
Council of the League, by an assumption of authority
for which it would be difficult to find a parallel in
history, is henceforth to regard itself as empowered,
in its own discretion, to inquire into the justice or
propriety of any nation's internal policy whether
that nation be a member of the League or not, to
argue with the Governments of the world as to how
they should conduct themselves when opposing national policies clash, and to brand with condemnation whatever it fails to approve. To the menace of
forcible sanctions in which all the States represented in the League may be called upon to join, is
now added a presumptuous claim of right to intermeddle whenever and wherever an international
grievance emerges. If that preposterous claim is
ever to be exercised generally in fact, there will be no
longer sovereign States, but only a sovereign League,
and the larger part of the fabric of international
law will go to the rubbish heap.
The bearing of this impudent pretension upon the
position of the United States is clear at a glance.
Wisely or unwisely as the verdict of history may
adjudge, the United States has developed certain
policies in relation to other nations which it regards
[VoL. 119.
as essential to its own peace and security. It has
developed such a policy in regard to the States of
Central and South America under the name of the
Monroe Doctrine, ad has repeatedly proclaimed and
amplified the policy as occasion has required. It
has developed such a policy regarding the admission
of Chinese or Japanese subjects to residence or citizenship, and has embodied that policy in treaties and
enforced it by legislation. Its protective tariff policy is another illustration of the same right of national decision, and its prohibition policy still another. Every one of these policies interferes to
some extent with the political or economic life of
other nations or with their ambitions, but the reasons which have led to their adoption are of our own
devising, and not until now has it been seriously
claimed that they were not our own business and our
own business alone. Under the specious guise of
overting war and establishing national security,
however, every one of these national policies, should
any other nation that felt aggrieved choose to lodge
its complaint with the World Court, may now be
dragged into discussion as an international concern
before the Council of the League, notwithstanding
that the World Court may have held them to be
purely domestic matters, and entitled, by the uniform precedent of nations until the League began its
interference, to be regulated exclusively by ourselves.
If such high impertinence is hereafter to be the rule
of the world, no American President can take a stand
on public affairs, no treaty can be negotiated, no
Federal statute can be enacted, and no action of the
Government can be reviewed by the courts without
regard first being had to the possible attitude of an
international body in which the United States is not
represented, and of an international court whose
jurisdiction is wholly foreign to our Constitution
and laws.
We have already said more than once, and we say
again with added emphasis, that this is not the way
to world peace. The loudly acclaimed program of
disarmament and security which the League has embodied in its protocol is not the bona fide document
that its framers would have the world believe; it is
rather a covert attempt to force the United States to
join the League by threatening it with obloquy and
international trouble if it stays out, and then, once
it is in, to entangle it in schemes from which the
United States thus far has happily kept itself free.
There is no sign, among the Powers assembled at
Geneva, of a righteous purpose to abandon war or to
cease warlike preparations. The very agreement by
which war is to be made impossible perpetuates the
old system of alliances by the blessing which it pronounces upon the regional understandings regarding
the armed forces which the members of the League
shall jointly or severally hold in readiness for coercion, and by its careful abstention from any condemnation of the actual or virtual alliances, in part open
and in part widely believed to be secret, to which
France, Italy and the States of Dr. Benes's Little
Entente are notoriously parties. At the very moment, as it happens, when the League is debating how
best to intermeddle in national affairs in the alleged
interest of peace, and the dust of Japanese immigration is being industriously thrown up as a smoke
screen, the Polish Minister of War plans a journey
to Paris to secure, if possible, the payment in full by
the Herriot Government of the credit of 400,000,000
francs previously accorded by the impoverished
OCT. 4 1924.]
THE CHRONICLE
French Treasury to outfit the Polish army, the demand being prefaced by the statement, handed to
the press with evident self-satisfaction, that the
Polish war budget for 1925 amounts to only 35%'of
the total administrative outlay, instead of 40% as
in 1924, and that the French credit is therefore increasingly necessary "as the equipment of the Polish
army on modern lines is not yet completed"!
The United States can have no dealings with a
super-State which, at one and the same time, proposes to tear up accepted principles and guarantees
of international law, threatens non-member States
with solemn condemnation and organized coercion
if they do not tamely conform, and winks at the
preparation for war actually carried on in public
view by its own members. To the extent to which
the League is capable of rendering any useful service to the cause of peace, the United States will
wish it well, but the extraordinary action which has
been planned at Geneva has apparently already gone
far to alienate what little regard for the League the
American people have entertained. Of the changed
tone of American public opinion the outspoken editorial utterances of leading American newspapers
have lately afforded striking proof. The agitation
in this country in behalf of the League has been kept
alive from the first only by the use of stimulants and
artificial respiration, and now that the purpose of
the League has been laid bare beyond possibility of
doubt and intrusion at discretion into American
affairs has been made a part of its policy, there is no
reason why the League should any longer be regarded as anything other than what it is, namely an
organization whose pretensions are at bottom inimical to the national independence of the United
States.
A National Educational Campaign on
Investment Principles.
The adoption of the Publicity Committee's plan
by the Investment Bankers Association at its Cleveland meeting, gives assurance of wider dissemination
of a knowledge of credits, both as to the public and
personal welfare. One of the by-products of the
World War, and one of the very few good ones, was
an enormous increase in the number of small bondholders. The majority of these made little investigation of the subject of credits in general. To them
• the obligation of the Government was sufficient as
to security. Yet the mere fact that a bond was
owned, not only became evidence of a duty performed, it served to familiarize the owner with a new
form of investment carrying with it a lesson in thrift
and economy. This initial lesson, we presume,
though we are not directly advised, the Publicity
Committee's campaign will now capitalize by spreading wholesome advice as to the benefits of other bond
holding. This will have a public as well as private
helpfulness.
Efforts are made,from time to time by the States,
to prevent the issuance of "wildcat" securities. Laws
known as "blue sky laws," attempt to prevent the
unwary from being fleeced through the purchase of
fraudulent stocks and bonds. The difficulty of applying these laws without interference with the security markets suggests the education of the people
on "investment principles." As a result, there should
be a wider diffusion of credits and a larger harmony
between what we have come to call big business and
small. Public benefits are obvious. Every citizen
1551
who becomes a bondholder, even though his ownership is small, becomes a capitalist The muchvaunted "contest" or conflict, affording a fat field
for political exploitation, is minimized. As knowledge of the various kinds of domestic bonds increases
the natural unity of all "business" is perceived. The
falsity of the fake cries of "moneyed interests" is
demonstrated.
The real beneficence of credit, as we have pointed
out before, lies in its proper use. Once the people
thoroughly appreciate the fact that issues of Governmental bonds are public debts that must be paid
by common taxation there will be a natural popular
restraint upon over-issues. Placing inhibitions in
charters against unlimited borrowing by subdivisional Governments, well in its time, must now be
supplemented by education as to the evils the communities sometimes bring upon themselves by yielding to a feverish desire for "improvements" they are
financially unable to own. Study of the basis of
security involved by an issue will disclose the essential nature of amortization and fixed charges. The
reaction to this personal investigation by the citizen
who invests his money will inevitably be economy
and frugality in our public living.
The same law applies to public utility and industrial issues. The individual investor will, of course,
always be largely guided by the standing and responsibility of the bank or trust company or brokeragehouse that advises the investment, but he will be
taught by proper publicity some of the fundamental
principles he may himself apply. The distance between the security offered by an established going
and prosperous concern having a solid material investment in plant, serving an interested public with
a necessity of our common life and earning a sufficient margin above costs of operation and fixed
charges to insure payment of principal and interest,
and a mere projected enterprise having everything
to gain and establish, will become so apparent that
the investor will largely be able to protect himself.
A citizenry that will investigate under the spur of
education the needs and operations of the railroads,
through an intelligent purchase of their bonds, will
soon learn the evils of Governmental regulation when
it interferes with free operation of these essential
instruments of transportation. Those who inveigh
against politics, as at present conducted, will not
desire to place these enormous interests in the hands
of a Government run by the politicians. Becoming
holders of the bonds of the railroads as personal investors they will the better understand and appreciate the primal laws of rates and dividends and
fixed charges, and be willing to stand by these cow
porations in their attempts to serve the public by
private ownership and skilled management. In a
word, credit, in all these aspects, is intimately associated with good government and with the "give and
take" principle in all business which makes for common prosperity.
When individual "investors" become a majority
of the citizens there will be less talk of the half-way
socialistic laws that now menace our progress. And
if we take the small owners of property, real and personal, who are borrowers, together with the owners
of our local securities, bonds of small business enterprises and of schools and roads, we doubt not we
already have a large majority of the people. But
wider distribution of the bonds of our large corporations, themselves a necessity to our welfare, will
1552
THE CHRONICLE
serve to unite sections and create a general feeling
of good-will. When employees through ownership of
stocks and bonds participate in the earnings they
will not demand so insistently undue wages and a direct forced share in the management. They will perceive where mutual interest lies, be willing to place
responsibility of conduct where it belongs in a central representative authority, to be met by inside
"collective bargaining."
We pass to the individual phase of this subject
with no misgivings as to the benefits that accrue to
the individual by becoming a bondholder. No one
can doubt the need for great corporations serving
the public both distant and near. No one can believe
that a campaign of education in the purchase of
their securities will not prosper them and at the
same time make them more cautious. Thus there is
a cumulative union between the small investor and
the large corporation. The former has a "safe"
place to put his savings, the latter has a sure market
for its bonds. These are the potential effects. Small
business has its limitations. Wage earners cannot
undertake the building up of new enterprises. Labor
banks are for the time prospering, but industrial
corporations, if we take away responsible management, would, we may well believe, soon come to grief.
• But there are estates to be provided for. There
are benefactions that must earn interest on the endowment. There are families to safeguard from the
pride of one-man business. And there is old age to
make independent and comfortable. Bonds, credit
in manifest safe forms, come to the aid of all these.
But the saver and investor must educate himself as
far as he can—still depending on expert knowledge.
But this expert knowledge, forming the education of
the small investor in fundamentals, will therefore engage in bond flotations of questionable merit, at its
peril. We look upon education in credits as a great
benefit to business and to the people. Let it be given
in a spirit devoted to the public good.
What is Progress? An Inquiry Applied to
Politics.
As we are having a campaign in which the people
are being appealed to, to sanction certain policies because they are "progressive," it may be well to try to
define the nature of progress. It is not necessary to
argue that mere change is not progress. The old
saying that "revolutions sweep backward as well as
forward" is sufficient on this point. We must start
with the proposition that progress is advance toward
a better life. What that better life is must be determined by reason. But reason must have an infallible
guide in order to ascertain, before change, the goal
to be attained. This we do not have, since experience
always enters in to analyze conditions and re-state
our definition. When the declaration was made "I
know of no lamp by which my feet are to be guided
but the lamp of experience" only a half truth was
stated. Experience may demand change, but reason, as far as may be, must direct the course of that
change. If we cannot at any given point of time
prevision the conditions to follow change we are but
leaping in the dark. Mere adventure in discovery
may lead to a new and a better condition of life, or it
may not. There must be some law of progress, and
perhaps the only law we can predicate is the law of
divine purpose. We shall not ever fully realize this
law,for, as we go forward, our outlook broadens, our
[VoL. 119.
effort widens and intensifies. If, then, we do predicate our advance upon divine purpose, we must always consider man in his relation to environment.
It is not only that man is given the earth for dominion, but he is given a nature for development. In
his social, economic and civic life, he is bound by conformity to the natural laws of dominion and development. He transcends these at his peril. His own
laws cannot change, they can only partially define
the divine purpose. And if there is no divine purpose he is without a guide, for his own reason is not
sufficient to surmount environment al d transform
his own nature.
We admit the extreme difficulty of stating a premise upon which to begin. But if this crude attempt
be accepted then it follows that in all our forward
looking, in all our efforts toward the attainment of
a better life, we must consider the powers of man
and the resources of earth, in their relation to each
other, and in their relation to the final goal—which
is development sufficient unto dominion, that the
divine purpose may be realized. And in dominion
man cannot escape the conquering of self—only thus
can development accord with the divine law. There
are certain principles which inevitably appear. Development must be collective as well as individual.
Dominion must be restricted to the proper uses of
life and environment. Life includes all man's powers; environment includes all earth's resources. We
might here quickly rush into certain modern tenets
of progressivism, such as "collectivism," "self-determination of peoples," world "associations," and "internationalism," but we are restricted by the truth
that these are experimental instrumentalities by
which progress is sought to be obtained and not the
substance of well-rounded development of man's
powers and the best uses of his physical environment.
These, in any rational analysis, can only serve advancement if they work, and can only work if they
further the essential unity of development and dominion. In other words, these are artificial efforts
to give to man new powers and new resources—and
not really interpretations of divine laws evidenced
in the nature of things. For these are political ideas
and ideals that ignore the natural laws of economic
and social life, or at least attempt by arbitrary organization to supersede them. And this leads to the
philosophic key to all progre—s, namely that it is
orderly. The philosophic principle has been stated.
as follows: "The law of reasonable progress
operates universally, automatically and beneficially."
Now, it must seem that we are far away in this
preface from so localized a thing as progressivism in
American politics. Our purpose will be served,
however, if we are compelled to consider this modern cult by the law developed that all real progress
is universal and therefore orderly. And first, empirically this so-called progress is not founded on
experience (such as we have is against its adoption),
it is merely a political maneuver to gain control of
Government as the arbiter of destiny; then it is not
in keeping with the law of universality since it ignores the one fundamental law of all progress—the
use of man's powers (work) applied to the development of natural resources (dominion) by which
alone, in harmony, the divine purpose may be fulfilled. One will say this is not a fair statement, since
social and economic life are not ignored, these being
blended with political. But it must appear at once
OCT. 4.1924.]
THE CHRONICLE
1553
that social and economic life are not per se the creaThe Problem of China.
tures of political power—it must be plain that they
China constitutes one of the greatest, if not the
have an existence independent of Government, that
greatest problems of the world to-day. The late
they control and shape Government in far greater
Premier of Japan, Count Okuma, said: "The Asidegree than Government can ever control them.
atics claim the same right as Europeans to be called
Our "progressivism" in practical politics is a mere
men, and hold it unreasonable that the latter should
storm-gust in the necessary, earnest, consecrated life
have any right to. dominate the former"; and China,
of the people of to-day. It is more a demand for
whether judged by her central position, her age, her
change than a well-reasoned effort to show that the
inherent strength or her size, for she embraces more
change will be beneficent. It ignores the long march
than one-fifth of the population of the world, is the
by which we have reached the present, faulty as that
largest and most important of the Asiatic group.
present may appear. It is a yearning for the new
In 1900 her ruler undertook to wipe out the forand untried; a dream of an Utopian future without
eigners and their religion from her land in the Boxer
a basis in conditions; a protest out of discontent, not
outbreak. Many thousand Christians were martyred
an affirmation out of either reason or experience. It
the end of nearly a century of Christian work in
is wholly political, though it attempts to profoundly and
China was believed to have come. But never in the
influence social and economic life. It is contrary to
of Christian missions has there been such
the natural laws of man as he is impinged against en- history
advance as in the last 20 years. The old order in
vironment, and therefore ignorant of, and ignoring,
has passed and a new era has opened. Into it
the divine purpose of even and orderly development China
pressing the issues which the war in Europe creand dominion. It can by no means be said our social are
ated, and China is brought to the front, while within
and economic life have been in accord with orderly
she is shaken to her foundations. Her condition and
and universal development. We have not followed
her immediate future concern the world.
the natural and divine law, though we perhaps have
The outbreak and extension of the state of secknown better than we acted. We have set reason
tional warfare which has been in evidence since the
upon a throne and undertaken too often by mechanfall of the Empire, together with the threatening
ical and artificial instrumentalities to be our own
of the Manchurian army, increase the politdeliverers. It is no answer to this objection to say return
wise ical confusion and add to the difficulty of under:that we have done the best we could and in no
standing the situation. While there is evidence of
could dispense with reason. For though we have
sense of national life and an increase of
reverently reached and established democracy in a growing
great. Graft,
social, economic, political and civic life, we have not patriotism, the inherent difficulties are
on the part of public officers of every
been temperate in our fredom, tolerant in our laws, especially
long the practice and so unreall-inclusive in our objectives, and unselfish in our class, has been so
strained, that it has come to be regarded as a matter
partial triumphs. The architecture erected on the
is of itself sufficient to make unstable,
shore line of New York City is fairly illustrative of of course. It
it not to defeat, any effort at reform in the administhe unevenness of our accomplishments. And here
creeps in the sub-motive of so-called progressivism-- tration of the Government. It is naturally coupled
to tear down in order to even up. A single example with a prevailing lack of public responsibility on the
is sufficient. Placing the Supreme Court as a co- part of individuals, which makes difficult the adopordinate division of Government below the power of tion of new methods of public, or of corporate busiCongress would destroy our form of government, and ness, and the filling of positions of trust. Long exwith no arbiter to equalize and unify our social and perience of the greed and selfish struggle for advancommercial life we would be plunged in a mode of tage on the part of the Western nations has served
development far worse than that which exists to-day. to establish existing conditions, to strengthen native
With Socialism (for this new progressivism is cer- traditions of every kind, and to emphasize in the
tainly socialistic) we should not be able to study, minds of others the lack in China of the background
much less conform, to natural laws inherent in man for modern systems of Governmentaland civil affairs.
Over against all this are the many and outstandand nature.
further this general prog- itg excellencies which the Chinese possess. First
How, then, may we best
ress? Not by following statute law as means to an may be put their marked strength of individual charend, but by larger conformity to natural law. Not acter. It is rooted perhaps in the inherent strength
by dividing into blocs and bureaus, parties and sec- .ol the national life, which has for more than 20 centions, but by recognizing the freedom in "individual- turies suffered defeat and subjugation by other naism" as the only possible means by which the general tions and has invariably absorbed her conquerors,
level can be lifted—the efforts of all intermingling adopted whatever of good they brought to her, and
in toil and trade, in aspiration and spirit, the more then resumed her own strong life, little disturbed
successful consecrating endeavor and power that and never perverted by her misfortunes. Whatever
those who seek shall find and those who work shall its source, the varied strength of the individual Chiwin. Inequality we can never eradicate while we nese, his capacity for self-control, for industry, for
preserve the freedom of endeavor and enterprise. loyalty, for unselfish service and generosity, as also
But progress is not of to-day or to-morrow—it is for his power of mental acquisition and his exceptional
and of all time. Progress is not piecemeal, not of commercial integrity, are pre-eminent.
Abundant illustration might be given, though it
this class or that, not of this industry or that, not of
or poor or wise or ignorant, but the certain and is hardly necessary. The English Governor of the
rich
unceasing "uplift" that carries mankind onward and Hongkong-Shanghai Bank at the close of his 20 years
upward. It is not the convulsion that lifts a moun- of responsible service, said at a dinner given him on
tain peak high in air too rare for human life, but the the eve of his departure by his Chinese customers,
soil-growth in valleys where all may live and love, that not in a single instance had the bank suffered
loss by the act of a Chinese business man, and that
work and aspire, suffer and succeed!
1554
THE CHRONICLE
[Voi.. 119.
his one fear in leaving them was that their high its, her language, or, in. a word, in herself, of which
standards of commercial integrity might be injured she is fully conscious.
by contact with the foreigners who were now pouring
The question before us is what can the foreigner
in upon them. As to their industry, it is sufficiently do for her? He can supply primarily an unselfish
evident in those who in the humblest forms of labor approach. Outside intercourse from the beginning
have come to dwell among us; and the frequent tes- has been generally forced upon her and has been so
timony of men who know him best at home is that the invariably in pursuit of gain that even ministers of
Chinaman is the strongest physically and the most religion, from the earliest to those of to-day, have enindustrious and capable of sustained labor of any countered the suspicion of having this object. Inworkingmen in the world. In the competition of to- deed, in the face of the Christian achievement, of the
day this means that he has great if not the greatest devotion, the sacrifices, and even the accepted marproductive power.
tyrdoms of the recent century, and the unparalleled
There is already marked evidence of the place benevolences of the decades now upon us, the accuChina may in consequence occupy in the productivity sation of this as their constant practice, even their
of the world. Economic forces are irresistibly, real business, is not thought too preposterous for
though of necessity slowly, changing her into a mod- loud asseveration in journals published here at home.
ern State. She is one of the chief producers of raw We have, then, the task of still approaching China
material, ranking third in cotton, exporting large and the Orient with care to prove that we have no
quantities of silk, both raw and manufactured, and selfish and unworthy aim. The influence of perlately of beans and bean cake. Her coal, iron and sonal character rates as high in China as it does
steel have large promise. More Chinese than foreign elsewhere; perhaps in view of present conditions it
'capital is invested in the new manufactures, though stands higher. Our Government has certainly won
of late, with poor trade, it is withdrawing because such a position. Now that China's need of both forfactories managed yb natives are less successful than eign capital and Western men of enterprise and wisthose under foreign direction. In 1915, when China dom in every line of activity is great, the demand for
had 1,000,000 power-driven spindles, Japan had exceptionally high grade men is pre-eminent.
reached that number 20 years, and India 40 years
The basic principles of our civilization rather than
earlier. China has two Millions to-day. Since tak- its details are needed. The East has its own contriing over Shauntung from the Japanese her manage- bution to make to human progress; and China has
ment of the docks at Tsingtao has proved inefficient every right to look for a new and better appreciation
and the young foreign trained Chinese have been than she has encountered in modern times. In a day
crowded out of office as soon as possible. On the when America was unborn, and Europe was in decay
other hand, the streets of the city and outlying roads in her older, and was barely begun in a new civilizaare reported in good repair; forests were never in tion, China was far advanced. Indeed, the appearbetter condition, and policing is efficient. The rail- ance of her rich and amazingly beautiful fabrics gave
road is earning a fair profit, after paying heavy to Europe its first conception of them; as her invencharges to Japan, because many of the foreign tion of printing, of gunpowder and of art as applied
trained Chinese employees are retained by the Chi- to daily life inspired Europe to new attainment and
nese managing director, who was educated in the furnished new models.
Harvard School of Business Administration.
We are struggling with the question of our relaChina was the first nation to use paper money, tion to other nations in the new conditions of to-day.
but the Government has never had the power to make If we are to save "sovereignty" from being the docits notes pass current. She is burdened, in conse- trine of selfshness, and to keep "influence" from beyuence, with many kinds of currency with constantly ing either a confession of weakness or a cover for
changing value. She has a relatively small public taking advantage of future opportunity, China, in
debt, only about $5 per capita, because the people the hour of her need, and the individual Chinese in
will consent to pay but very few taxes. Her central his struggle to get food and the conditions of a
Government is run chiefly on foreign loans, to-day larger life for himself and his children, while he
hard to get. She now faces the necessity of accept- holds fast the traditions of his family and his home
ing modern business corporations and methods of which are so dear to him, offer us our opportunity.
finance and accounting; as also of changing the form Despite grievous mistakes, we have made a good beof her alphabet and of revising her methods of taxa- ginning; we have won a fair reputation. Leading
tion and revenue. The sense of her weakness and business men are opening the way. A multitude of
choice young American college men and women are
her needs is forced upon her.
The West to-day is dominant. Its science, its already in China, rendering splendid service. It rephysical prowess, its machinery and skill she recog- mains only for our legislators to take no backward
nizes, but she does not think less of herself. The step, and for our people to understand that the race
Washington Conference made possible equal oppor- question which in one form or another is ever with
tunity among Western Powers; for her China meant us, is the one upon which the future turns, and every
freedom from "spheres of influence," special treaty opportunity to free ourselves of prejudice and be in
rights, control of privileges and extra-territoriality. any way helpful is a privilege and a duty. Dealt
Her recent compact with the Soviet Government of with by us as at times in the past, and by others conRussia was largely to bear witness to this. She looks tinually, it may be a tragedy.
for new appreciation of her contribution to civiliza"The history of peace is the history of the intertion and the revival of her literature and her art. course of nations" is the emphasized historical truth
Western civilization has been disturbing to both, but to-day. Civilization means the peaceful co-operation
even Western commercial penetration has not "sunk of many and the sharing of ideas no less than of op• beneath the cuticle of her compradors and middle portunity by one race with another. The existing
men"; is the testimony of those who know. Her barriers and the long struggle show how difficult is
strength lies in her ways of thought, her settled hab- the task.
THE CHRONICLE
OCT. 4 19241
1555
any size it would be of advantage to have this done. I assure you, so far as
Investment Bankers Association
FURTI
-YER REPORTS
Report of Municipal Securities Committee of I. B. A.—
Discussion and Resolutions Thereon.
The presentation of the report of the Municipal Securities
Committee of the Investment Bankers Association of America
by the Chairman, Tom K. Smith, of Kauffman, Smith &
Co., St. Louis, was accompanied by a discussion of the
following questions, proposed for consideration in the
report, viz.:
Should wo endorse the practice now followed by some nationally known
bond attorneys of filing original legal opinions with the official depository
of the Investment Bankers Assoication of America, and should we request
all bond attorneys to adopt such a policy?
II
Should we favor the discontinuance by all States and political subdivisions of tho practice of providing more than one place of payment
for the principal and interest of their bonds?
III
In the case of optional bonds which have been called for payment prior
to maturity, should the Association adopt a policy looking toward the
prevention of lass of interest to bondholders, such as recommending that
paying agents return coupons from called bonds unless they are accompanied by the bonds.
In line with the above, resolutions thereon were prepared
by the Committee and submitted by Chairman Smith. The
first resolution, authorizing and directing all bond attorneys
to adopt the policy of filing legal opinions with the official
depository of the Association, was adopted as follows:
Whereas, Certain of the nationally known firms of bond attorneys
now deposit with the official depository copies of opinions which approve
the legality of issues of municipal bonds,
And whereas, Such practice facilitates the purchase and sale of outstanding issues by the members of this Association,
Therefore Be It Re.soleed, That the Investment Bankers Association of
America endorses the practice of filing original legal opinions with its
official depository.
And Be It Further Re.,olved, That the Chairman of the Municipal
Securities Committee be and he is hereby authorized and directed to request
all bond attorneys- to adopt such a policy and file copies of all legal opinions
issued by them with the official depository.
In part the discussion incident to this resolution was:
Mr. Tom Smith. Mr. President, the members will remember tiatt
last year the committee reported a resolution by the Board of Governors
which was adopted by the convention asking the attorneys to secure the
consent of their clients and deposit opinions. The Municipal Securities
Conunittee was directed to ask the leading bond attorneys to secure this
consent and file opinions under this resolution. As you will see, during
the first six months of this year the number of opinions increased 40%.
At the same time, quite a few of the best attorneys are not filing the:r
opinions. We feel that after a bond issue has been sold and distributed.
and has been delivered for value, that the opinion should go with the
bond. That. is the view taken by a great many attorneys. The man
who buys the bond is entitled to the opinion and we hope that policy
will be adopted. that all of the attorneys will file their opinions, and avoid
duplication.
The President. Is there any discussion?
Mr. Harry E. Well (the Weil. Roth & Irving Co.. Cincinnati). The
question of depositing opinions came before our group. the Ohio Valley
Group, at our last week's meeting. and at that time it was voted in the affirmative that se request the convention to pass a resolution that attorneys
be requested to deposit opinions with the depository. At the same time,
however, there was a question which came before our group and when Mr.
Smith brings it up I want to discuss it further, and that is the second question, on which there is a difference of opinion.
Mr. Smith. I know you will be interested in hearing the views of Mr.
Dennison, of Squire, Sanders & Dempsey of Cincinnati, a member of the
law firm that paws on a great many municipal bonds. We will appreciate
it If Mr. Dennison will give us his views.
Mr. Dennison. Mr. Chairman and members of the Association: We
have not in the past filed our opinions with the depository, largely because
our clients apparently felt no interest in the Matter. We have not been
requested by any of our clients to do so, and that is the only reason why we
have not done so. Our ambition is to be of the greatest service possible to
our clients, and I think that service should be second to none, and I think
that is true of every bond attorney.
I can see that there will be a tremendous advantage in this. Hardly a
day goes by—that is an exaggeration, but very, very frequently we receive
letters asking whether we have passed upon a certain issue or not, and if so,
for a copy of our opinion. That moans going through the files to see whether
we have passed upon that issue or not, and many of these letters are tracer
letters sent to all bond attorneys. In many other instances where they
know we have approved an issue, they write in for a certified copy of the
opinion, and we are very glad to furnish that. There is no reason why we
should not send a copy at the time tho opinion is prepared, in the first instance, to the depository, and I think that will undoubtedly be a saving of
time in the end, as the demand for these opinions increases.
There is no reason that I can see why any bond attorney should hesitate
at all to comply with the request of tho Association as made. I had not
known that the resolution was passed at the last convention. If the word
came to its, it at least did not roach me. At times when the depository has
asked us to do so, we have complied. and at times when they have inquired
we have replied that we would be very glad to do so if our clients requested
it, and asI say,so far as I can recall none of the clients have requested that.
However, I can see a tremendous advantage in having this done. The only
question that occurs to me is possibly one of a minimum limit. It will be of
advantage to have all the copies sent into the depository, it occurs to me.
,,r ,0•1•:•—;
la' -!..11
al* 11.e...t. la to-
we are concerned—and I think you will find that the other bond attorneys
will take the same position—that we will be very glad to comply with it,
since we are requested to do so.
Mr. Smith. We all appreciate Mr. Dennison's statement. It will be
interesting to you to know that the office counsel of the Association takes
the same view, that is, Mr. Chapman's firm. It is not our intention to
pack the house in favor of a resolution. Possibly there is some one who
would like to speak on the other side. Would you like to say something,
Mr. Parsons? Mr. Parsons represents the official depository, the United
States Mortgage & Trust 90., which also is a member of the Association.
Mr. Parsons. Just one or two words in connection with the depository.
We have been carrying on this work for some seven years at a considerable
financial loss. I think it is something like ten years ago, as I remember it,
when the first discussion took place as to the desirability of having a depository. We, not being de lees in municipal seaurities, but having accumulated a large body of opinions in connection with a plan which we had
for the preparation and certification of muniepol issues, felt that possibly
we could render a service to the Association by acting in that capacity.
Some seven years ago the plan was worked out, since which time we have
given what the various committees have been good enough to say has been
a very conscientiou; service in the care of opinions and papers, and in the
manner in which they are kept. But that has been at a considerable financial loss. For a number of years it cost us something like $2,000 a year to
render that service, and we felt that that was r ther more than we could
stand, and so we have made requests of various committee chairmen from
year to year to use various moans to stimulate the depositing of opinions,
and, more than that, the securing of the use of opinions, in order to minimize t at loss. It might be Interesting to know that there are now 197
depositing members. It is still significant to know that there are only
114 members that are requesting opinions. There is a difference there.
We would be very grateful if more members would Just drop all other means
of getting at these opinions, as long as there Is a depository which we are
carrying on to the best of our ab Fty, and jast come to us for these opinions,
and thus increase the servic to the Association and to minimize our loss.
As the Chairman has pointed out. owing to action taken at the last convention, the percentage of increase in the deposit or opinions has been 40%
this year, which Is very gratifying, but the percentage of increase in the Use
of opinions Is only 25%, which a not quite so good. So that we would
heartily welcome any action taken at this meeting which would tend to a
• Wder deposit of opinions and a greater use of them, and I think that your
Chairman is on the right track in this suggestion, bemuse the great body
of opinions comes from the attorneys, and if they will deposit them with us
there will be built up a body of opinions and papers with us that will be
increasingly valuable as time goes on.
The resolution respecting the second question offered for
discussion, was adopted as follows, the only point of difference between the resolution as presented by Chairman Smith
and as finally approved, consisting in the line which we have
italicized, which was added during the discussion:
• Be It Resolved, By the investmear Bankers Association of America
that the Chairman of the Municipal Securities Committee be authtrized
and instructed to endeavor through the efforts of his committee to promote
a discontinuance by all States and p gitic al subdivisions of the practice
of providing more than one place of payment for the principal and interest
of their bonds, and that that one place be a financial c.ntre.
Some of the discussion incident to this resolution is quoted
herewith:
Mr. Tom Smith. It is the experience of the committee that practically
.all of the cases of delinquencies. not all of them, but a large per cent of
the cases of delinquencies that are reported, are due to the fact that there
is more than one place of payment, ordinarily the treasury, the local
treasury, that is the only place you will find the money. I am speaking
principally of smaller communities because, of course, all of our larger
communities never give any one cause to complain as to that. It has
been suggested that possibly it would be out of order to adopt such a
ptecedent or recommend such a precedent because some of the larger
communities might prefer to have two or more places of payment. While
we wouldn't restrict the operation of this resolution, of course, there are
exceptions to every rule and we will never have occasion to use this so
far as the larger communities are concerned, but when the manlier ones
are delinquent and are about to issue bonds payable in half a dozen places,
in some instances in another town.
Mr. Charles W. Wild (Canton). Last week whoa this question came
up before our group, it was put to vote after considerable argument. The
argument took about 45 minutes, pro and can, and so:ne of it was rathr
heated, and was voted upon, and closed favorably to the negative side.
The reasons given by those who gave the majority vote was that if one
place was selected the community would probably select its own treasury,
because the local bank would never keep the money there. If two places
were selected it would be New York and the local community. If one
place was selected it would go to New York. I, of course, cannot talk
in favor of the adoption of one place, which I think is proper for the Ohio
Valley, because the vote was against me, but I think I have the right to
express the opinicn of our own firm and perhaps for the minority. It was
stated, tallcing for tbe minority of our group, whom I discussed the matter
with afterwards, that one place is the proper place where principal and
Interest should be payable. Some of those in our group, however, felt
and those were in the majority, that if that one place should be New York,
New York being the middle or the natural centre of the United States,
that might retard money being deposited in some of the other financial
centres of the United States. It seems to me, however, that one place
is the proper place that bonds should be payable.
The thought also occurs to me that why should a house or the salesman
selling a municipal security place themselves in the position in the thoughts
of their clients that they have bought a security that is worthless? That
Is the first thought that comes up to a client who deposits his coupons in
the bank or: the collecting agency, and in a few days receives word, "no
funds." All of you here, and for that matter. in any ordinary business,
If you deposit a draft ma bank either for collection or attached to collateral.
and the statement comes back from the collecting agency that it is not
promptly met, you immediately wonder why. Now, why should clients
or investors buying securities that have been recommended to them as a
safe investment, and for which there is a promise for prompt payment.
have to be subjected to delay in receiving his payments promptly, or become
alarmed as to the investment?
It seems to me, therefore, that if the members of this Association desire
more than one place of the payment of interest and principal, it should provide that money be deposited in both paying places, the local treasury and
the financial centre. That is the only way that I can think of getting promp
payment of interest and to avoid alarm or worry to the clientele to whom
't-c -^,-* !• ;.
1556
THE CHRONICLE
As to a financial centre, if you do not wish to choose New York, and if
you want to choose Detroit, Cleveland, New Orleans, Pittsburgh, they all
have a branch bank and the collections are rather easy there, and I see no
reason why it must be confined to New York.
Mr. Tom K. Smith. Of course, the objection which Mr. Well mentions
is the question of the place of payment. That is always a matter of negotiation, and the fact that we have had many of our reported cases of delinquencies can be traceable to jealousies between banking institutions.
It is not to leave any opportunity for that that we offer this amendment.
Mr. Howard Beebe. Possibly there is another way of meeting this situation without some of the objections that are made through advocating only
one place of payment. Being on the Eastern seaboard, we encounter this
difficulty. While Western people handle the initial bonds, some material
portion of which are sold and apparently located in the general section where
the municipality lies, it is evident that a good portion of those coupons are
going to come back to the local point for payment. On the other hand,
as to the other portion of those bonds sold in the Eastern part of the country,
it is evident there is objection on the part of those investors to having to send
those West. It entails delay in collections and the cost of collecting is an
Item. It would seem to me one of the great difficulties we have in this
two or three places of payment is that the municipality at the time the place
of payment is made, makes no adequate arrangement for the paying of the
costs of the agency at the point outside of its own locality. It seems to me
that if we could educate these various localities to give the local bank the
benefit of those funds and they lie there some times for indefinite periods,
that they would in turn have to make an arrangement with their New York
paying agent and pay that small fee out of the profits which they make
from those funds, or if they desire to do so, to send those funds on to the
financial centre at a sufficient period prior to the due payment that they can
obviate the cost of that fee. It seems to me that it is largely a question of
seeing that the municipalities understand that definitely and have that
arranged. I do agree with you that in multiple place of payment when it
runs into two or three or four different'places is very objectionable, because
it is utterly Impossible for the Treasurer in most cases to know in what
amounts those funds are going to be required at all those places. I would
much rather see that resolution phrased in some such way as would indicate
that we advocate that the place of payment be the local Treasurer's office,
and one other financial centre, and that adequate provision be made for
arranging for that payment at the financial centre at the time the bonds are
put up. I would like to add to that resolution that that one place shall be
a financial centre.
With regard to the third question of discussion, the following resolution was adopted:
Whereas. In order to prevent the loss of interest on investments called
for payment prior to maturity,
Be It Resolved, That the Chairman of the Municipal Securities Committee
of the Investment Bankers Association of America be authorized and directed to recommend that paying agents return coupons from called bonds
which mature before or on the date of call unless accompanied by the bonds
The following is the report of the Municipal Securities
Committee:
One of the principal functions of the Municipal Securities Committee is
the dissemination among the various communities of information which will
enable them to issue bonds in such form that they will obtain the highest
market price for them. The fact that public officials and civic organizations
are consulting this committee with increasing frequence is indicative of a
desire on the part of our communities to maintain the market position their
securities now enjoy and, at the same time, to carry on the public work
required to meet modern conditions. The policy of our Association as to the
issuance of public securities is so well defined that the committee can now
furnish general suggestions without any great demand upon the time of its
membership. A complete resume of consultations held and suggestions
made by this committee during the past year would involve entirely too
much detail for present purposes. We have endeavored, however, in each
case brought before us to inform the people interested of the ideas of this
Association, as outlined in the resolution adopted by the Eleventh Annual
Convention.
While there are occasioned unfortunate instances of communities refusing
to adopt proper usage,and while too many long term bonds are being issued.
as in the case of some Oklahoma counties, long term optional bonds have
become the exception, and limitations on taxes to pay bonds and interest
are more and more unpopular.
In some States amendments to the constitution are necessary if your
requirements are to be met. As you know, a successful attempt to change
the fundamental law of a commonwealth must be prefaced by an extensive
educational campaign. Deliberation in considering such changes should
not be discouraging because the increasing interest of public organizations
indicates that satisfactory results can reasonably be expected.
Kentucky.
At the next general election In Kentucky, there will be submitted to the
voters for their approval, an Act of the legislature authorizing $75,000,000
State bonds which,in the language of the Act,shall be "the direct obligation
of the Commonwealth of Kentucky" and for the payment of which "the
full faith and credit of the Commonwealth" is pledged. The Act does not,
however, proceed to pledge the full credit of the commonwealth.
The bonds are payable primarily from special taxes, such as the automobile license tax, an excise tax on gasoline sold in the State, etc., supplemented by an ad valorem tax, which, however, is limited. It is absurd.
of course, to state that the "full credit" is pledged and then to limit the
supplementary ad valorem tax.
Before this bill was passed, citizens of Kentucky consulted your committee, and were informed its provisions were inadequate. Suggestions of
proper procedure were made,and we are reliably informed that the Governor
and prominent members of the legislature were put on notice that Kentucky State bonds could not command the confidence of the Investing public
unless provisions were made for the levy of direct ad valorem taxes sufficient
for their payment, in case the primary source of revenue should prove
insufficient.
In spite of this, our recommendations were not adopted. After the passage of the bill, litigation followed which established its regularity and constitutionality. At that time we again urged the public officials to raise the
issue that provision had not been made for the levy of unlimited ad valorem
taxes, but our advice was still unheeded,and the Act will be submitted to the
voters stating that "full credit" is pledged, and at the same time specifically limiting said credit.
This case is regrettable because if the voters approve the proposed bond
issue, they will undoubtedly desire to pledge the full credit of the State for
the payment of the bonds,since in that way only can they obtain the highest
price for them. They are prevented from doing so, however, by the failure
of the officials to accept proper counsel. Apparently the lesson must be
learned at the sale of the bonds, since buying competition will certainly be
limited by the failure to place the full taxing power of the State behind the
bonds.
[VOL. 119.
Legislative Program for 1925.
Since a great number of the State legislatures will be in session next year,
your committee has given careful consideration to the legislative program
for 1925 and has accumulated a large amount of data for the next committee.
There are many obsolete laws on the statute books of the various States
which should be repealed. For instance, the statute in Missouri which
prevents cities from issuing bonds maturing in less than five years, and the
Texas statute requiring plural place of payment. In some places local
regulations result in bad practice, as in Kansas City, Mo., where only
-year term bonds can be issued. In other communities it seems neces20
sary to change the law so as to require the issuance of serial bonds and to
limit their term, as in the cases of Maine and Rhode Island. The more
Important cases of existing tax rate limits on levies to pay bond interest
and principal should receive throughtful consideration and should be corrected.' Bonds issued in Ohio and Kentucky county road bonds furnish
well-known examples of this. Many States would do well to follow the
example of West Virginia and pass a General Revision Act, consolidating
the statutes authorizing municipal bonds. This is true of Michigan and
Iowa, especially in the latter case where there are certain tax rate limits.
The efficiency of the methods of collecting taxes is, in the final analysis.
the test of municipal bonds. Consideration of these methods is an important thing to the prospective purchaser of such securities, especially
in the case of special assessment bonds. To afford the best security for
the bondtolder, collection methods must be such as to make readily available to the creditor, in case of necessity, a merchantable title to the land
involved. In considering the items of remedial legislation necessary.
probably nothing is more important than this. We recommend, therefore.
that in outlining future legislative programs, this be given serious thought.
As a general thing, judicial procedure in foreclosures is advisable, and in
a great many States the regulations governing the redemption of land which
has been foreclosed are too elastic to allow the acquisition of a quick title.
While it is not usually the desire of the bondholder to acquire land in exchange for his bond, every feature that facilitates such procedure renders
default less likely. Improvement of the various statutes affecting the two
points mentioned above will go a long way toward stabilizing investment in
special assessment bonds.
The membership of the Association has been advised that this work is in
progress, but the number of suggestions we have received is disappointing.
Naturally, the members of this committee do not personally come in contact with each case which needs attention and it is only through co-operation
of the entire membership of the Association that results can be obtained.
We urge you to give these matters serious consideration and to suggest
necessary changes to the Chairman or members of the Municipal Securities
Committee.
Relations with Other Committees.
In the conduct of our work it has been a pleasure to co-operate with the
Group Organizations and with other committees of the Investment Bankers
Association. We are also desirous of expressing our appreciation of the
courteous manner in which our suggestions have always been received. It
has been our policy to assist the Business Practice Committee in its consideration of controversies between members of the Association. Obviously our work has overlapped to a certain degree that of the Legislative
Committee and we have also found ourselves in close touch with the Committees on Taxation, as well as the Committee on Public Service Securities.
Should Municipal Holdings and Income Be Reported in the Federal Income
Tax Return?
The Revenue Act of 1924 requires that every person owning any of the
securities enumerated, including obligations of a State. Territory or any
political subdivision thereof, shall in the annual return submit a statement
showing the number and amount of such obligations and securities owned
by him, and the income received therefrom. The validity of this requirement was questioned by members of the Association and, at our suggestion,
referred to Mr. Theo. S. Chapman, Office Counsel, and Paul V. Keyser,
Counsel for the Committee on Federal Taxation. These attorneys agree
that the provisions of the Act are valid. This information is transmitted
to the members of the Association so that they will not be misguided by
previous advice that in the opinion of counsel it was not necessary to comply with a similar requirement in an old law.
Educational Work.
With the assistance of the Educational Director, articles discussing the
policies of the Association have been furnished to a large number of financial
papers. The result of this publicity should be highly beneficial to the
Association, and we recommend that the work be continued and extended.
Service to Association Members.
While numerous matters have come before this committee, both from
the membership of the Association and from non-member dealers, it
appears that the number of complaints of delinquencies is less than heretofore. Your committee has used its best efforts in each case where there
was any possibility of service being rendered to Association members,
the investing public or the issuing community. The results have been
very gratifying. Only in cases where the differences have been clearly
defined and have reached the stage of litigation, has the committee declined
to intervene.
Optional Bonds.
Our attention is frequently called to the loss of interest by holders of
optional bonds when such bonds are called for payment prior to maturity.
It often happens that no notice reaches the holder and he is not Informed
until six months or a year later when the next interest coupon is presented
for payment. There Is at present no uniform method in use which will
assure prompt receipt of notice by the holder that his bonds have been
called. In several cases we have suggested the advisability of instructing
the paying agent to refuse payment of the current coupon unless accompanied by the bond and the return of the coupon with the statement that
the bond has been called. This practice is in use on corporation bonds
but it is important that a precedent be established as to municipal bonds
so that paying agents will have no hesitancy in acting.
In view of the largo number of optional bonds issued during the period
of higher money rates and the general dissatisfaction with present haphazard methods, we feel that some standard of procedure should be recommended by this Association.
Plural Place of Payment.
A large number of the complaints as to delinquencies received by this
committee arise from the fact that the principal and Interest of the bonds
is payable at more than one place and that credit has not been provided
at all of the places. As a rule, the local treasury is named as one place
of payment and, because of the greater convenience, that is probably the
only place where the money is available.
The position of the Association as to plural place of payment should
be fixed, and we recommend this subject for discussion.
Om 4 1924.1
THE CHRONICLE
Official Depository for Legal Opinions.
Last year we reported the change in the plan for the filing of legal
opinions. The official depository is equipped to serve the Association,
but up to the present time opinions have not been filed in sufficient number
to justify the equipment. The change in the plan was based on a desire
to avoid duplication and to get copies of all opinions in the depository.
We find, however, that some attorneys will not request the consent of their
clients to file opinions. On theicontrary,equally well known attorneys hold
that after a bond issue has been distributed,the opinions are public property
and they, therefore, file copies of all their opinions without consulting
the client. A total of 23,725 opinions have been deposited. The number
of opinions deposited during the first six months of this year showed an
increase of 40% over the previous similar period. The situation is not
satisfactory, however, owing to the difference of opinion among attorneys,
and we ask for the recommendation of the Association in this connection.
Report of Publicity Committee of I. B. A.—Campaign
of Publicity Proposed.
Vice-Chairman of the Publicity Committee of the Investment Bankers Association, Robert Steveson Jr., of Stevenson, Perry, Stacy & Co., Inc., of Chicago, in the report
presented at the annual convention of the Association, Sept.
29, stated that the committee "has in the making a plan for
reaching approximately 6,000,000 income tax payers of this
country, their families and their friends, through an advertising campaign, to cost for a year in the neighborhood of
$250,000." "The combined circulation of the media," he
said, "will be something like 11,000,000. It will reach
millions of homes with a strong, interesting story of the
Investment Bankers Association." A resolution approving
the proposed campaign was offered by Mr. Dysart, of St.
Louis, and adopted, as follows:
I move that the report of the Publicity Committee be accepted and filed
and I further move that the recommendations set forth therein be approved
and that the whole matter be referred back to the Publicity Committee
with power to act.
The presentation of the report by Mr. Stevenson, ViceChairman of the Committee, was occasioned by the illness
of the Chairman, John W. MacGregor, of Glover & MacGregor, of Pittsburgh. In part the report said:
The principal part of our report has to do with the proposed advertising
program, not from the technical point of view, nor with the idea of outlining how, when and where it should be carried on, but really from the
standpoint of why it should be carried on. We have a wealth of material
In the Association on whom to call for assistance and expert direction, and
the members may have confidence in the Board of Governors and in their
committees to carry through any program of any kind which may be
undertaken, in a way which will be creditable to the Association and its
members Individually.
Every salesman of every member-house of the Investment Bankers
Association of America knows that there are three steps In his sale:
First, the convincing of his prospect that stocks or bonds are the logical
investments;
Second, that a reputable investment house is the place to buy them; and.
Third, that his particular house can satisfy the requirements of the
particular investor.
All very obvious, you say. But that is exactly why I chose it as a premise
in presenting a co-operative sales plan which your Publicity Committee.
with the approval of your governors, and in response to what seems a
general demand, is offering for your consideration.
Our task is a huge, nation-wide merchandising problem that can be
solved only through education. What have we to merchandise, stocks
and bonds? Yes, but the really. big and important thing we have to sell
is not securities but the integrity, the highly-trained ability, the years of
experience and the truly great service that the investment banker puts into
the business. Great as it is, all that sounds tame to the public. beside the
feverish promises of great rewards offered by gambling and wildcat speculation.
This is a sales plan; it would be of no value to us if it were not. We
aim at a great benefit to the public in guiding them toward savings and
sound investments. Our motive is primarily unselfish, but it will redound
to our own benefit and profit; so let us admit that we hope and expect to
make a profit from it. We want you to see this plan as a forward move
for which the Association is now ready—and toward which our joint efforts
have been tending throughout the years. We want you to see it as the
logical next step in our development.
Much of the Association's work of greatest usefulness is without popular
appeal. It is heavy with economic importance touching the natural organic
laws of business and finance, but is about as susceptible to popular treatment as a chemistry formula. Hence, a complete picture of the work of the
Association and of the business cannot be effectively put on the screen of
public interest. It is too big for the untrained eye to get a birdseye view of
it. This is a condition, not a fancy, that faces our educational and publicity efforts. The public either cannot understand it all or will not take the
time to appreciate it. For that reason only a small part of the Association's
work can attract public interest and in lieu of a use of nothing but specific
exhibits much will have to be presented as conclusions, and somewhat figurative language that is largely generalities.
Before going into specific achievements, the effect of the Association in
establishing the undoubted professional aspect of investment banking has
been one of its greatest achievements. Investment banking is a profession,
as well as a merchandising business. Unfortunately, it has no restrictions
as to who can pretend to practice it. Anyone, regardless of his ability.
integrity, and experience, can call himself an investment banker. The
Association has naturally had the effect of holding down this undesirable
class, a good that is intangible but very significant. In this respect, the
work of the committee on ethics and business practice has been notable.
But how can it be interpreted to gain public appreciation, or even a full
realization by even much of the membership?
One of the early achievements of the Association was a small-big thing
in the form of underwriting, by the Association, and certain members, of a
commercial enterprise that made the then newly popular regulating of
utilities more equitable, scientific and useful and less harmful, wasteful and
ignorant. This effort of the Association put into the hands of the State
utility commissions the annotated reports of all the commissions and made
available to all the data, information and experience on which utilities could
1557
be equitably regulated for the general good. It was done voluntarily without any monetary reward in return.
Extending continually through the years the work of the committee on
municipal securities has undoubtedly saved a vast sum in taxes through the
promulgating of model laws and the proved principles of sound public
finance. Serial maturities, maturity limited to the life of the improvement,
the legitimate purposes to which public credit may be put, these and many
other vital precepts have become more widely known and used because of
the Association's patient, persistent efforts to educate public officials.
Improvement in financing railroad equipment was brought about through
the Association's insistence on a better functioning of the trustees in such
issues. This function had become somewhat lax in some instances. Trustees were acettomed at times to make little or no effort to check up on the
equipment securing an issue and too often there was no recognized practice
that provided for maintenance or replacement of equipment pledged under
the mortgage. A most valuable class of securities was thus in danger of
a harmful development solely because it did not seem the business of any
one to nip thoughtlessness or carelessness in the bud. The Association
made it its business to remedy this condition.
Blue Sky legislation, beginning in Kansas with the Act of 1912, has generally been one of the most misunderstood, wildly sentimental, dangerous
and unsound of popular reforms. The Association has repeatedly had to
explain at length and most laboriously the most glaring fallacies that were
not apparent as such to feverish reformers. It has even had to appeal to
the better understanding of superior courts to prevent acts from going into
enforcement against the welfare of all business generally, as well as against
the interests of the reputable investment business. It is a struggle that is
still going on. The Legislative Committee has adopted a policy of trying
to work out Blue Sky legislation that would be effective and constructive.
This is a Herculean task, made all the more difficult by the ridiculous notions of many who recognize Blue Sky laws as something entirely different
from what they really are.
The group organization of the Association has been effective in combating fraud and unsound legislation. It perhaps has resulted in fraudulent
advertising being reduced close to a minimum. It has been the means of
preventing, repeatedly, the movements of fakers from one field to another,
including the squelching of the epidemic in blind pools a few years ago.
Perhaps the comparing of the Association to a great laboratory, a research laboratory and a laboratory of applied science, gives a good picture
of its operations. That is what it is. It has worked out the principles of
credit and finance and applied them in many instances. All this has more
and more established the professional aspect of the business, setting the
investment banker up in a proper and recognized place, an Impartial, qualified third party standing between the investing public on one side and the
user of capital, the active achiever, on the other, curbing both and reducing the ambition, energy and optimism of users of capital to safe, result
getting form. Nor must it be forgotten that there is in this country a
great secondary bond market that is responsible for the virtual existence of
a long-time credit business. The Association has given form, stability and
rules of action to this market.
We propose to reach the public—the public of approximately 25,000,000
families, 18,000,000 of these native white. We propose to let them know
about us. We shall not give them the specific record of achievements
outlined above, but we shall attempt to Inspire them with the consciousness
that here is an association which really means something—which is doing
something valuable for itself, but because it is valuable to itself it Is performing a service for the public which can only be valuable to it as an Association
if it is a real service to the public. We can not reach them all. We can,
at reasonable expense, reach the 6,000,000 income tax payers—the bulk
of prospective investors—and sell them on the Investment Bankers Association and what it stands for.
And through them we reach in radiating circles of public opinion that
ultimate total public from whom still additional investments of the future
will come.
Does the public want to know about the Investment Bankers Association
of America? Not particularly. Will people read well printed booklets
telling about the Association, who you members are, and what they arre?
Probably not, unless they are first interested in what you are. The major
objectives of a campaign of education may be attained simply by telling the
public who the investment banker is, why he exists, hew he serves the public, and why be is necessary. Having done this, then differences may be
shown,distinctions may be drawn,and the public informed of the difference
existing between one group of men selling securities and another group.
There are actually millions of intelligent persons—wage and salary earners.
merchants, bank directors, members of prosperous communities—in short.
the opinion-making public—who do not know the difference between E. M.
Fuller & Co., and,say, Lee, Iligginson & Co., Dillon, Read & Co., Halsey.
Stuart & Co.. and others of our large national distributing organizations.
Some know the latter names, but do not know the former. The great majority who know all names, think perhaps that the major difference is that
one was lucky and the other was not.
It is a very cruel statement of fact, and may Jar the finer sensibilities
of your Association to feel that the great bulk of the public believes—
and it does believe—that the investment banking firm called John Doe &
Co. probably means a man or a house that makes a fortune speculating
with money entrusted to it to invest. By and large, the term "investment banker" means almost nothing to the average person. On the
other hand, if the workd "bank" or "trust company" is in a corporate
name, the public feels a certain amount c Iconfidence and security in the
company, because familiarity with the word gives a certain degree of
stability to it.
What is to be gained by an Association campaign? First, the molding
of public opinion so as to correct the attitude expressed above. Through
advertising, the public can be convinced that one of the purposes of the
Investment Bankers Association is to exert its influence over its members
in such a way as to protect the public's money. Second, through a campaign much of the $56o,o6b,000 annual waste of funds through the purchase
of fraudulent or worthless "securities" may be prevented; the conversion
of an increasing percentage of savings bank depositors into investors
can be attained; the direction of the rising tide of the buyers of securities
from non-member bankers to member bankers can be assisted; the education
of the public into a sound knowledge of good securities can be expedited.
Your committee, therefore, has in the making a plan for reaching approximately the 6,000,000 income taxpayers of this country, their families
and their friends, through an advertising campaign to cost for a year in
the neighborhood of 250,000. The combined circulation of the media
will be something like 11,000,000. It will reach millions of homes with
a strong interesting story of the Investment Bankers Association.
There are other ways of reaching the public, or part of the public, in a
co-operative effort.
Direct mail is effective where the reader is already informed and interested, "wants to buy" and simply desires to know where, how and bow
much. No large national businesses have been built on direct mail advertising except the mail order houses. Moreover, to accomplish a national
1558
THE CHRONICLE
acceptance of the I. 13. A. through direct mail, the expense would be
almost prohibitive, were the task to be done right.
Your governors have carefully considered every angle of the matter.
taking advantage of expert advice, and have under consideration plans
which will, the committee feels sure, be effective. The broad idea is the
important point for this convention to decide. Details as to media, time
of insertion, &c., can be safely left to those entrusted in carrying out your
decision.
We have had prepared some sample advertisements, simply to visualize
the attractive, convincing stories that lie in the romance and the every-day
service of the investment banking business. These advertisements are
not final. They are typical of what can be done. Well illustrated, these
stories of achievement through sound investment will catch the attention
of readers in their thoughtful moods and drive home,month after month,
the far-reaching contribution to human welfare of investment funds and
the inherent soundness of securities handled by members of the I. 13. A.
And how will each individual member-house gain; how will each salesman
profit?
Let is go back to my opening thought—the three obstacles in every
sale:
ho First, failure to appreciate that stocks and bonds are usually the most
logical investments. Through the plan we propose, the public will learn
that stocks and bonds are behind the enterprises that clothe and house it,
that servo it with light and power, that pay its life insurance. The very
necessities of life depend upon these investments and careful management
makes the investor's principal secure and his return a steady one.
Second, the lack of knowledge as to what distinguishes a reputable
Investment house from the other kind. Our proposed campaign will
make that point not by scare headlines and lurid tales but by slowly,
steadily building confidence In the I. 13. A. name as representng the best
in investments—by making I. B. A. a household symbol for safe investments—by capitalizing that great underlying axiom that familiarity
breeds confidence.
The third and final resistance to the actual sale—the reputation of the
Individual house—will always remain a matter for individual member
action.
IP Co-operative advertising action will sell more stocks and bonds to more
people—will snake stocks and bonds easier to sell.
The individual house will find its present battle far more than half
-won.
In What a happy situation to look forward tot Not competition with
Ignorance and prejudice, but competitive rivalry among ourselves to make
life more interesting as the investment house business rises to higher possibilities and great public service than we have over dreamed of.
Report of Foreign Securities Committee of Investment
Bankers Association.
Inasmuch as the lack of spac_urevented our giving the
report of the Foreign Securities Committee presented to
the annual convention of the Investment Bankers Association of America last week by John D. Harrison in behalf of
the Chairman'of the committee, Charles H. Sabin, we are
publishing the same herewith. Detailed reference to the
report appeared in our issue of a week ago, page 1466. The
report follows:
.-
During the past year this committee has given serious consideration to
several questions pertaining to American investment in foreign securities,
which, it feels, are of equal importance to both the investor and the house
of issue.
In order to facilitate general discussion, those questions are separately
reviewed in the following pages and the recommendations of the committee
are in each case specifically stated:
I. Should there be In this country a permanent committee or incorporated
body prepared to protect the interests of the American holders of all foreign
securities, such as the "Corporation of Foreign Bondholders" in London
or the "Association Nationale des Porteures Francaise de Velours Mobilleres" in Paris?
The committee feels that, while there are doubtless certain advantages
In having a permanent body, such as exists in London or in Paris, to deal
with matters of this nature, nevertheless because of the different conditions
obtaining in this country. it is not advisable to form a permanent committee
or incorporated body at the present time, and that it is better to continue
to follow the American mode of procedure, viz., to form as the occasion
arises protective committees empowered to deal with any particular issue
or group of issues where the investors' interests have been Jeopardized or
disadvantageously affected.
there be any central organization which is prepared to use
—II: Shouldits influence. Working either directly or through the State Department.
to combat any new legislation in this country or abroad which adversely
affects the interest of American investors or dealers in foreign securities?
The committee is of the opinion that, as a general propositien,the attempt
to create an organization qualified and empowered to deal with legislation
- and especially with legislation in foreign countries, is hardly feasible or
.• desirable at the present time. The committee is further of the opinion
• that its activities in this regard should be restricted to specific cases where
• it may seem advisable to make representations either to the Department of
•
• State or to other governmental bodies.
III. Should the Association be prepared to furnish to its members and
•to the investing public information concerning foreign issues held in this
country, the financial status of foreign governments involved, recent developments affecting such foreign investment (all to be based on official reports and other reliable data); should there be a central office equipped to
furnish information to members on request, and finally should the Aaso- elation make an organized attempt to educate American dealers and the
Investing public with the idea of increasing interest in foreign Investment,
ensphasizing its economic importance and strengthening public confidence
' in this type of financing?
This matter is of.far-reaching importance to all concerned, and the recom• mendations of the committee are based on a careful study and consideration
of the many problems involved.
The committee is strongly of the opinion that the Association should take
an active part in the education of the investing public with regard to foreign
Investment in general, actual conditions in the foreign countries whose
loans have been issued here and the type of securities offered to the American
investor.
The only way in which this country can take its rightful place in the world
economic structure is by making available our surplus capital for use in
foreign countries deserving of our credit. Any foreign loan issued in this
_ country inevitably increases to that extent the purchasing power of the rest
ofthe world from the United States, irrespective of whether the resulting
kurchasing poweris used by the original borrower or is transferred to others.
In our opinion, a great service can be rendered by the Investment Bankers
esociation both by creating a better knowledge ani understanding of
[VOL. 119.
foreign countries and their securities, and, at the same time, by protecting
the American investor from offerings of such securities as are unsound in
character. If foreign investment is to be progressively developed in this
country along sound and conservative lines, it is, therefore, of the utmost
importance that American investment in foreign securities be restricted
to the obligations of governments and corporations which are themselves
of high credit and sound character and which offer greatest security to
the investor.
Such a result cannot be obtained unless the investing public is well
Informed regarding general conditions in the various countries coming into
our market, and unless the investment bankers are scrupulously careful
to furnish all the special information pertaining to the terms and provisions
of issue and to the actual conditions of the country involved which affect
in any way the value of security of the investment offered.
With these ideas in mind, the committee wishes to make two recommendations:
First. That the Foreign Securities Committee be authorized to furnish
a complete foreign investment service as outlined below, both to the members of the Association and to other interested dealers and investors.
Second. That this committee be authorized to prepare and after approval
by the Board of Governors publish standard recommendations governing
the kind of information to be furnished by houses of issue in connection
with the public offering of foreign securities in this country and also the
manner of presentation.
I. Kind of Information to be Furnished.
The committee is of the opinion that the proposed information service.
to be complete, should adequately cover all the frreign ccuner'es in which
American investors are especially interested. This information should
Include summaries of all imiscrtant develeements in such countries affecting
the value of securities held by American investors and pertaining to now
financing by these. countries.
For convenience of discussion It may be classified as follows:
1. Financial status—
3. Industrial situation—
al Debt statement.
a) Domestic trade,
b) Revenue and expenditure
(b) Foreign trade.
(c) Budget.
4. Political situation.
2. Economic policy—
5. Historical development.
(a) Fiscal program,
6. Proposed financing.
(b) Government ownership.
II. Sources of Information.
1. Department of Commerce—
(a) Consular reports,
(b) Special articles.
2. Department of State—
(a) League of national reports,
(c) Special reports.
(b) Reparations Council reports,
3. Special reports received direct from countries involved—
(a) Current reports, 1. 0., sent regularly to subscribers as soon as
published.
(by Special reports sent upon specific request.
4. Hand books and financial magazines published in countries involved—
The committee is of the opinion that such an information service
could not be properly maintained without a central office in New
York City and a small but highly trained staff of employees.
III. Operation of Central Bureau Equipped to Furnish Proposed Information
Service.
1. Estimated staff requirements—
.
(a) Personnel: One editor, one assistant, one stenographer. Qualifications: editor and assistant must be trained economists. Staff
must, as minimum, be able to read French. Spanish and German.
2. Publication requirements—
(a) Probably 8,000 to 10,000
-word article per month would be minimum requirement.
3. Estimate cost—
a) Editorial staff
89,000
b) Stenographer
1,500
e) Office supplies
500
d) Cost of official information service from various countries,
including reports and periodicals
1.500
(e) Office space
1.500
(f) Cost of including eight additional pages each number
"I.B.A. Bulletin"
1.000
Total
815,000
IV. Financing of Proposed Information Service.
The committee is of the opinion that the cost of maintaining a central
office in New York and of furnishing the proposed information service
could properly be financed as follows:
1. Service charge to members desiring to subscribe to this service of
$10 per annum.
2. Subscription charge of 625 per annum to all non-member subscribers.
The committee is convinced that the proposed infermation service would
be highly valued by banks, dealers and investors interested In foreign
securities, and that the service would be In general demand throughout the
country. It feels that it could conservatively count en at least 900 member
subscriptions, which would produce an annual revenue of $4,000 and at
least 500 non-member subscriptions which would produce an annual revenue
of $12.500, totaling $16,500.
This service should be in especial demand in the case of the smaller banks
and dealers who maintain no statistical department and are in consequence
often not supplied with adequate information on which to base their decision
to accept or decline participations in new offerings of foreign issues.
The committee is of the opinion that the maintenance of such an information service would be a source of revenue to the Association rather than
an expense. It also believes that It is especially well qualified to furnish
such a service for two main reasons—in the first place, because of the
national character of the Association, foreign governments would be inclined to co-operate closely with its agents in obtaining the official publications and special reports required (parenthetically the committee wishes
to announce that the Department of Commerce has already offered its
fullest co-operation); in the second place, the information supplied by the
Association would be confidently accepted as conservative and reliable
by both member and non-member subscribers.
The committee fully realizes the necessity of furnishing only information
which is of a thoroughly reliable nature. Such information must, perforce.
be based exclusively on official sources, and must in its scope be confined
to.the presentation of official data and to the proper interpretation of such
data. Its special articles and •bulletins must, of course, not attempt to
express opinions, and where foreign conditions are described every effort
must be made to tell the whole story and give the entire picture of the
situation discussed. The committee realized the necessity of closest
supervision over the publication of all information furnished by it and would
be prepared to appoint a special sub-committee which would assume full
responsibility for all published information.
The central New York office, as proposed, would of course be equipped
to furnish authentic foreign investment statistical information to members
on request. It would also be able to build up a library of foreign investment material and official foreign government documents and reports.
Such a library would, in the opinion of the committee, be of great value
to members of the Association.
.
OCT. 4 1924.]
THE CHRONICLE
H. J. Kenner on Progress of the "Before-You InvestInvestigate" Movement at Convention of
• Investment Bankers Association.
H. JT- Kenney, _Vice-President of the Better Business
Bureau of New York City, in addressing the annual convention of the Investment Bankers Association of Am erica
on the co-operation between the Investment Bankers Association and the Better Business Bureau, told of the ,progress
of the "Before you Invest—Investigate Movement," saying
in part:
•
-4•1•Mb
1. •••
,
1559
Bureau work in Utica, subscribed mainly by the banks and investment
'
e
firms of that community.
Better Business Bureaus inform the public about specious arguments and
spurious schemes at the time such arguments and schemes are current in
the community. And when this is done the occasion is taken to spread
also a better understanding of the reasons for and the principles of sound
Investing.
Through the vigilance of Carl H. Sherman, Attorney-General of the State
of New York, the Fraudulent Practices Act known as the Martin Law, has
become a live letter. This statute was enacted in 1921. Since January
1923 it has been exercised continuously. Like the Maryland fraud law,
the Martin Act derives its principal features from a bill against fraudulent
securities practices introduced lathe Congress,in 1920, along lines suggested
by the Investment Bankers Association of America. About 75 actions
have been brought under the Martin Law, in most of which the Better
Business Bureau and the Attorney-General's office have co-operated.
These actions by the Attorney-General have not followed bankruptcies but
have nearly always preceded them. They have not locked the doer after
the horse was stolen but have frequently prevented the theft of that metaphoric animal.
The Martin Law may not represent perfection in securities legislation,
but it is a valuable law and represents marked progress in this field. Its
record of use against frauds in the most seriously infected area of the
country has shown this. It has fitted the New York situation peculiarly
well.
This type of legislation possesses the virtue of permitting the energies of
State officers functioning under it to be concentrated upon those companies
or individuals against which suspicion rests.
In New York, and for that matter in the whole country, the fact that the
New York Stock Exchange has set its hand firmly against abuses in its
market and against any malpractice by its members, has been of wholesome
and helpful force in the work of the Better Business Bureau. The Curb
Association has taken a similar stand. The regulatory and disciplinary
measures of the Exchanges, frequently aided by facts developed by the
Bureau system, have nipped in the bud sundry schemes devised by specialists in sharp practice in various sections of the country.
In 1922 the New York Stock Exchange expressed in tangible form its
belief in the importance of Bureau work by providing,from its own treasury,
$60,000 toward the first year's expenses of the New York Bureau. Since
then its members have subscribed substantially to the Bureau's support
and to that of Bureaus in other cities. Members of the New York Group
of the Investment Bankers Association have given the New York Bureau
whole-hearted support, moral and financial.
For many years your Association, has regarded as one of its first considerations the education of the inexperienced investor and the protection
of the investing public. It may be with no small degree of satisfaction,
then, that you view the vast amount of practical progress, which has been
made in such work furthered by your high purposes and given impetus
by your tangible support.
It is a happy coincidence that your consideration of this important
subject to-day should bo in the State of Ohio, which can pride itself upon
having Better Business Bureaus in five of its principal cities, and in the
city of Cleveland, which holds the distinction of having first applied through
the service of its Better Business Bureau, some give years ago, the pat
legend, "Before you Invest—Investigate." Originating with a Cleveland
merchant, for use in the local Bureau's publicity and its service to small
Investors, this happy suggestion has in five years assumed the character
of the national slogan of a movement which has come to be regarded as
one of the most significant signs of the business times.
The usefulness of this slogan and the value of the definite service to the
public which is behind it, were recognized in a recent proclamation by
Governor E. Lee TrInkle of Virginia, who designated the period Sept. 14
to 20, "Before you Invest—Investigate Week," and urged the use of this
slogan by financial institutions and business houses, by civic and commercial organizations. "To aid in educating the public as to the marks of wildcat promotions and the elements of a safe Investment, that such knowledge
may lesson the losses now occurring through the purchase of fraudulent
and worthless securities." This proclamation was issued conlcident with
the annual meeting of the National Association of Securities Commissioners
at Richmond, last week, and its terms included a tribute to those State
officers and to the work of the Better Business Bureaus and the National
Vigilance Committee.
The depth and broddth of moaning in "Before you Invest—Investigate,"
Is being impressed upon public mind and habit in well-ordered, constructive Investment Bankers' Association—Report of Marine
publicity. An example of this is a piece of literature which will show
Securities ,Committee of I. B. A.
readers what is meant by the recommendation, "Investigate." This was
entire country at their
made available to the Better Business Bureaus of the
Stating that "among he more specific and tangible of our
annual conference, held in Los Angeles, the first week of this month. This
previous recommendations was the revision of our maritime
new help for investors is a serees of articles for newspapers on "How to Invest
of ship mortgages."
your Money," which has been prepared by the Better Business Bureau of code and the clarification of the status
New York City. For distribution by bureaus and by financial firms of McPherson Browning of the Detroit Trust Co., Chairman
-page booklet. These
every kind, this series will be reprinted in a small 40
of the Marine Securities Committee of the Investment Bankarticles discuss in simple language the principles of sound investing and
suggest tests to be applied as to quality and suitability, by the inexperienced ers' Association added:
Investor; they stress the importance of making an investment program and
While no definite action has been taken, there have appeared in various
outline the main pitfalls devised for the unwary purchaser of securities. legal publications several articles on this subject. We believe the matter
When your copy of this educational booklet reaches you hand it to your will continue to receive the attention of attorneys interested in this particular
office boy and your stenographer, your cook and your chauffeur. It is field with the idea of securing aclear decision by the Supreme Court defining
mom/
written to help them.
the status and priority of mortgages on vessels.
This is but one kind of constructive publicity being employed in an
The report also said:
unsophisticated investors to help themorganized, national system to help
which
American merchant marine problems are in a period of transition
selves. Almost every form of advertising media is being used. The press
practically impossible.
of the country is lending invaluable co-operation through both its news makes any definite statement regarding the future
differ
The opinion of experts and men in close touch with shipping matters
and editorial columns.
conclusions reached
The meaning of "Before you Invest—Investigate" is being translated to as widely as the opinions of the average individual and
indecision
confusion and
the people in helpful terms by direct personal service which aids the pros- arc subject to frequent change. That some of tile
and it is possible that conpective Investor to solve his immediate problem and provides him with a is being cleared away, however, is quite evident
themselves definitely during the next few years.
way, as well as encourages his will, to investigate before he parts with his ditions will gradually Fhape
large that any rapid change is
savings. In mooting the average citizen's need of a place to go for disin- The difficulties are so many and the field is so
solution of problems must
terested, authoritative facts, the Better Business Bureaus do not usurp not only impossible but scarcely desirable. The
avoided in order to place
the functions of reliable investment houses, because they do not deal in be slow and sound and artificial remedies must be
facts about standard issues, nor do they in any way recommend or pass on shipping on a firm footing.
The United States Shipping Board is still the dominating factor for the
any kind of securities. They gather and make use of, generally speaking,
American vessels. Conditions
only that brand of information which is usually concealed from the pur- simple reason that it still owns a majority of
Board and the operation of
chaser, and oven such information is distributed constructively and without are such that it seems very probable that this
if not permanently.
indulging in advice or opinion. Many investment bankers, brokers, banks, vessels by the Government will continue for many years
the Board
savings institutions and newspapers have come to rely upon the Bureaus The sale of vessels by the Board is not an easy matter because
this would
for information about questionable issues and unreliable vendors, to which simply cannot sell remaining vessels at sacrifice prices because
outset at
they can add their own opinion or advice as a matter of service to their be most unfair to those individuals who purchased vessels at the
Merhigh prices. Consequently, the Boltrd is faced with the terms of the
clients or readers.
practical obstacle
Constructive, informative publicity, supplemented by concrete informa- chant Marine Act ordering it to dispose of vessels and the
tion in answer to specific inquiries, provides a "Before you Invest—Investi- of business expediency opposing it.
probability.
Due to these various factors, the Shipping Board will in all
gate" system which sets up a permanent and increasing sales resistance
compete with
against which dishonest and irresponsible operations find it harder and continue its operation of Government vessels and thereby
manner and
harder to make headway. Such resistance has stopped prmootions fre- private interests. The Board is working in a more efficient
made a practice
quently which could not be reached by penal or regulatory statutes. In gradually evolving and announcing definite policies. It has
tonnage and
the city and State of Now York there are two recent, shining illustrations of establishing routes which will best serve the demand fcr
entered
of this condition. In one instance, a promoter using spectacular adver- compete as little as possible with other American vessels. It has
therety claims
tising methods, invaded Now York to sell stock in a $30,000,000 oil com- Into direct and active competition with foreign vessels and
the ultiindirectly
pany, having properties in California. The proposition could not stand to have saved American exporters and Importers, and
rates. It is claimed
the test of a thorough Bureau investigation. The company's advertise- mate consumer, large sums of money because of lower
a deficit of $30,000,000 last year, this
ments were not acceptable to New York City newspapers, and to many that although the Board showed
arc much lower
important papers up-State. So the promoter "folded his tents and silently amount is more than offset by the fact that freight rates
on foreign
stole away." In another instance a company to manufacture steam- than would be the case if our shippers were entirely dependent
propelled motor cars, forced to leave its home State to sell stock, began to vessels.
in the Shipping Board during
There has been some change of organization
market four millions of dollars of its issue to New Yorkers. But it withreference
drew in a short time with hands practically empty because it encountered the past year. This Board is now chiefly a regulatory body with
Bureau Investigation, and, as a result of the facts, faced to ocean shipping as is the Inter-State Commerce Commission with reference
a Better Business
Fleet
a barrier to sales which seemed too difficult to be scaled. In a score of to railroads. In addition to this, however, there is the Emergency
other
smaller, but important, instances, the quiet force of a formidable sales Corporation, made up on business principles with a president and
Corporation is the actual operating organresistance has been felt by mia•eprosented ventures even where law could officers, This Emergency Fleet
ization and carries out the policies and directions of the Shipping Board.
not be invoked to chock them.
various
The service which erects such a barrier, is now spread through a con- The Shipping Board is still composed of seven members representing
this
siderable part of New York State through the constant activity of the Bureau sections of the country but much agitation has been going on to replace
single individual.
at Now York City, and its functioning in Central New York through its Board by the appointment of one
One rather important and interesting step being taken by Chairman
branch office at Utica. Close co-operation is maintained in Western
field to
New York with the separate but affiliated Bureau at Buffalo, which is one O'Connor of the Shipping Board is the survey of the entire shipping
assigning cargoes:
of the most efficient units in the nationwide Bettor Business Bureau organi- ascertain the requirements of shippers; their metheds of
they desire
zation. At Utica, the Bureau has developed information service to baffles, their reasons for preferring foreign vessels and,finally, whether AMEriCall
chambers of commerce and newspapers, in more than a score of towns and to co-operate in building up our Merchant Marine by designating
survey will do, it
cities within a hundred miles radius, in addition to its punitive procedure vessels for cargoes in the future. Whatever else this
are friendly or
against fraudulent practices, in co-operation with the State and county should at least indicate whether our exporters and importers
authorities. Ten thousand dollars are being invested this year in the otherwise.
1560
THE CHRONICLE
[Vol.. 119.
While this report deals rather largelylwithlthe/affairs7of theaShipping firms,
members of our Association. The Investment Bankers Association
Board, it seems necessary:to do so betause of its influence on all shipping as an association
does not join in the support of the Better Business Bureau
matters and upon the success of individual operation.
but members do subscribe individually each year. The result of the
work
Developments up to this time have not yet greatly affected the problems of
this bureau here has made it unnceessary for our committee to be active.
referred to in our annual report last year. At that time we stated that the As a matter
of fact, there seems to be very little questionable advertising
first requirement for the issuance of safe marine securities was the stabiliza- being done
in this territory.
tion of tonnage values. While there has been some improvement, it is still
It seems to me that if the various committees of our Association, and the
a difficult matter to determine a fair value of a vessel as the cost of con- various
branches of the Better Business Bureaus could get together and
struction is again very high while the market value of old vessels is very interchange
Information, it would be of considerable help. In view of the
uncertain. The sale price of vessels by the Shipping Board cannot be taken fact that
most States now have blue sky commissions, I think a good deal
as a standard value because of unnatural conditions. Any financing done of good could
be done if some arrangement could be made whereby when
at this time must be on a low valuation,although members of the Shipping any security is
disbarred from any State or any security is investigated In
Board now consider such financing a safe project If confined to old, well any one State
and found to be fraudulent,a notice could be sent to all other
established shipping companies that have lived through the past few years. groups that
they may be posted. Through the committees it would be a
The determining factor should be in this case, more the efficiency and comparatively
simple thing to send out a notice of such disbarment and I
.
honesty of the owner than the market value of the vessel under forced sale. believe that the
result would be very beneficial throughout the country.
Closely related to the finding of a proper value of a vessel for financing
Comment.—Mr. Boynton's suggestion is an excellent one. Your
compurposes is the problem of providing the vessel with full cargoes and estab- mittee has endeavored
to fill this want and has met with excellent colishing its earning power. The two will likely be worked out simultaneously, operation particularly
fre.m the officials of the State of Pennsylvania. but
for as soon as our vessels are loaded to capacity and can make regular runs there would certainly
seem to be a great need of a well organized and effiwith full cargoes the matter of operating at a profit will be solved. It is cient central
clearing house for information, etc. A very considerable
obvious that profit from a trip will result only when the vessel is fully amount of this is being
done at present through the various Better Business
loaded. A vessel which must make a trip not loaded to capacity cannot Bureaus but the work
could be extended and better organized and a more
return a profit to the owner. Every effort is being made to bring about complete co-operation
secured between all the various agencies.
this state of affairs by organizations and by legislation.
Section 28 is one of the methods receiving wide publicity and subject to
New York Group.
much discussion and wide difference of opinion. This section of the MerThe work of the New York Group has been carried on
entirely by the
chant Marine Act provides that railroads shall make no preferential rates Better Business Bureau
of'that city. This bureau was riginally sponsored
on export and import shipments unless the goods are to be carried to and and financed
entirely by the financial community. Several partners
of
from foreign ports in American vessels. This section has not been previ- member
houses of our Association have been prominent In its direction and
ously enforced because the Shipping Board had certified that there was its work has been
active and thorough. As a consequence our committee
not enough American tonnage to handle such commerce properly. It is now has had no duties
to perform.
planned to enforce this provision although it is contrary to our policies
Eastern Pennsylvania Group.
and strongly opposed by certain interests. On the other hand, groups of
manufacturers of special products have met with the Board and decided to
We have not had a regular Fraudulent Advertising Committee working
cooperate in the enforcement of the section. It would seem logical that this past year, the work under that
heading really being a part of the work
this provision should prove effective and have good results. The survey of the Legislative Committee. I will say,
however, that the "Securities
referred to above will also bring to light much information that should prove Act," which went into effect last
August, with the preparation and final
beneficial and help in carrying out Section 28.
passing of which our Legislative•Committee was instrumental, has played
Better progress can be reported in the matter of marine insurance. We practically the only necessary part of the fight
to prevent the issue of fraumade the statement that marine insurance policies were largely determined dulent securities and to put out of
business the dishonest and undesirable
by English companies and that under present conditions there is no method In this territory.
of unconditionally protecting a trustee under a mortgage. The ruling now
In the bureau which was organized after the passing of the Securities
Act
stands that a trustee cannot collect insurance on a vessel if the owner him- to take care of the work incidental to
the Act, no favor is shown nor "pull"
self cannot collect because of careless or intentional destruction of the vessel, recognized in connection with the applications
for registration; merit alone
even though the trustee is entirely innocent. This statement was contra- is the open sesame to being registered.
Through this bureau every Investdicted by several prominent insurance authorities but was justified by a ment banking house in Pennsylvania has been compelled
to fill out a quesrecent decision in the English House of Lords which states definitely that tionnaire, which showed whether or not they were
qualified to be registered.
"a mortgagee cannot recover insurance should the vessel on which he has
In summarizing the first year of the operations of the bureau for the
lent money be scuttled by the owner even though the mortgagee be found successful enforcement el the Act, it is
estimated that the bureau has
innocent of any fraudulent design" We believe this constitutes a real registered dealers and agents representing
securities for sale valued at
danger to mortgagees and bondholders and that Insurance companies 8150,000,000, It has refused or cancelled securities
whose market value
should develop a policy containing a clause fully protecting the trustee or was claimed at 3400,090,000, and is investigating
others who desire to sell
mortgagee. It is now under consideration by several insurance underwriters stocks or securities with a total estimated
value of 675,000,000.
and we feel confident that such results will be attained.
During the first year the Bureau refused 511 applicants. Twenty-seven
In general. nour committee feels that some progress is being made in of these appealed to the Dauphin County Court.
In three cases the Bureau
shipping matters but that such progress is a matter of slow evolution. The was sustained, in four others the defendants
failed to appear for a hearing;
Shipping Board is in a position to promote better conditions and restore 13 are still pending in court for various reasons.
Ten warrants for proseconfidence in marine affairs by outlining definite policies and placing its cutions
viclators of the Act were instituted by the Bureau, and not one
affairs on a premanent basis. The Board has been taking such action and concern shut up by a "closing order" ever
qualified as a legitimate dealer.
should be commended for the efforts it is making to help not only the AmeriDuring the year the Bureau received 6,469 applications for registrations
can shipper but also the private owners of vessels. There should be no real of agents. In 1923, 2,282 agents or salesmen
were registered, and 1,704
obstacles to a policy of co-operation between the Government and private of these renewed in 1924. There were
1.522 original registrations this year
interest in this respect and every effort should tend to remove the present and on Aug. 1 1924 the number of agents
and salesmen registered was 2,807.
feeling of competition between these two parties. Favorable publicity
On Aug. 1 there were 761 dealers registered under the Pennsylvania law.
should be given marine matters at every opportunity with the thought of Fifty-six failed to renew regisOrations
received in 1923 for this year, 17 were
converting the public to a point where it also will support the Merchant revoked by the Bureau, 9 were
cancelled and 82 were held under investigaMarine. With such co-operation, it seems probable that many difficulties tion. The total number of applications
for dealers' certificates was 1,436.
will gradually disappear and investments In ship property will again find a
So that during its first year of operation the Bureau has saved millions of
ready market.
dollars to Pennsylvania investors by banning fraudulent concerns and stockswindling operations from the State. Not only Pennsylvania investors
have been benefited. Banking departments of other States have kept a
close watch on the operations of the Pennsylvania Bureau under
Investment Bankers' Association Report of Fraudulent
the Securities Act, and in many cases companies banned from doing business
in
Advertising Committee of I. B. A.
this State have been stopped from operating in other States.
Our Legislative Committee has been interested in and co-operating with
In his report as Chairman of the Fraudulent Advertising
under the
Committee of the Investment Bankers' Association, George the Bureauthe findings Securities Act since its inception and we are kept
advised of
of the Bureau. We therefore felt that this constiA. Colston of Colston, Heald & Trail of Baltimore, said:
tuted successful fraudulent advertising work and did not consider it
necesThe Fraudulent Advertising Conunittee, in its effort to combat the great sary to appoint a definite committee.
We hold ourselves ready and willing to co-operate with the
evil of the sale of fraudulent securities to the public, has continued its work
Fraudulent
this year along the same general lines which have been followed now for Advertising Committee of the National Association and I hope you will not
several years past. It is unnecessary to relate again the wide extent of this hesitate to call upon us at any time.
For some time there was a Better Business Bureau here
evil and the great economic loss resulting from It. We are all familiar with
in Philadelphia.
the huge total of the money lost each year, with the fact that it is prevalent but it has become inactive.
We have no financial arrangement with the Bureau under
in every section ofthe country,and we are also well aware that this is a fight
the Securities
which can never be ended. There will unfortunately always be rascals to Act.
sell and the foolish or ignorant to buy. It is, however, most gratifying to
In conclusion Mr. Colston said.
note the steadily increasing interest on the part of the general public, the
To summarize the above, twelve out of our sixteen
greater vigor and efficiency of the campaign which is being waged and the
groups appear to be
decidedly better results that are being accomplished each succeeding year. actively at work. Of these, seven carry on their work practically entirely
The various agencies such as the United States Government through the through the Better 13usiness Bureaus in their
.
territory, being represented In
Post Office Department, the Blue Sky Commissioners and other State most cases in their management and contributing
to their support by either
authorities, the Better Business Bureaus and the press have continued their a group contribution or by voluntary subscriptions; three work through
the
efforts and co-operation during this year. and while no such startling results State Commissions and two through outside voluntary organizations,
cohave occurred this year, such as the cleanup of the Texas oil frauds and operating closely in each case with
State officials. In the case of the inBartle of the work in New York City which made 1923 memorable, a vast active groups it would appear that this State due more
to good conditions.
is
amount of good has been accomplished. It has been impossible for your In their territory than to any neglect or
lack of interest on their part. It
committee with a limited organization and funds at its disposal to plan at should be borne in mind too that in many sections the country
of
our memany time in the past any country wide campaign. Its function has been to bership is very limited or perhaps concentrated in one
large city and it is
act as a clearing house for information, advice and active help where neces- extremely difficult for any committee to carry on a very active campaign
sary and possible among the committees of the various groups. The brunt under such circumstances.
of the active work, therefore, has fallen upon these committees and this
Your committee has had presented to it during the year a proposal from
report must necessarily therefore be largely a recital of their activities and the Better Business Bureaus of the Associated Advertising Clubs, that this
of the varying methods they have adopted in their work. From reports Association turn over to them the entire anti-fraudulent securities work in
made to me during the past year. I would briefly summarize their work. which we have been engaged. No concrete plan has been submitted to us,
but we presume this would involve
on the part
From his summary we give the account of the following of our Association to their funds anda substantial contribution in the direca responsibility and share
tion of their work. As stated above, many of our group committees already
three groups:
are closely allied with Better Businesa Bureaus in their territory, in some
New England Group.
cases the work has been handed over to them entirely. In other groups
We have here in Boston a very active department of the Better Business.
there is, however, little or no connection, only a certain co-operation,
Bureau and to them we turn over all cases which appear to us as "frauduexchange of information, etc. We believe a closer co-operation would unlent." Although there is no interlocking directorate or anything of that
doubtedly be of value; there would be a centralization of the work;
prosesort, the executive committee includes one or two men who are p3rtners of
cutions under the auspices of the Better Business Bureaus would remove the
OCT. 4 1924.]
THE CHRONICLE
our own committees.
charge of selfish interest occasionally brought against
many localities and even
The Better Business Bureaus are organized in
therefore slight resources
States where this Association has few members and
over volunteer
for this work, and the advantage of paid whole-time officers
committees is obvious.
committees should be
For the present, however we belleve the group
and adopt their own
left free to conduct their work, to form their alliances
e, upon their own
methods without mandate from the General Committe
of conditions in their own
responsibility and as their particular knowledge
and we recommend its
territory should dictate. This is the present plan
continuance.
be changed to
We would also recommend that the name of this committee
this committee was
"Fraudulent Securities Committee." Originally
our own members but
charged with the supervision of advertising done by
Committee, and
as this duty is now in the hands of the Business Conduct
fraudulent scheme,
as advertising is frequently now only a small part of the
would seem to more
and indeed is often entirely absent, the proposed name
clearly describe the duties and work of the committee.
Report of Committee on Business Practice of Investment Bankers Association.
John A. Prescott, of Prescott, Wright, Snider & Co., of
Kansas City, in his report as Chairman of the Committee
on Ethics and Business Practice of the Investment Bankers
Association stated that "the work of the Committee on
Ethics and Business Practice during the last year has consisted largely of the study of certain problems or questions
referred to it by the Board of Governors, the officers of the
Association or the various working committees. The results
to
of such study have been reported upon from time to time
been
the Board of Governors, some of these reports having
published in the `Bulletin'."
said.
Under the head "Corporate Bond Titles" the report
1561
is
(3) That probably in most cases the title of the bond in question
approved by the counsel of the bankers;
within the
(4) That in many cases the name given the security, while
limits of legality, may in reality be misleading as to extent and character
of the security;
to
(5) That the use of misleading bond titles is not exclusively confined
within
investment houses whose business reputations might be classified as
the "twilight zone";
bankers and
(6) That there is a wide variance of opinion, both among
and that
attorneys,not only as to whati s legal but as to what Is fair practice,
there seems to be a total absence of recognized standards.
The following is also taken from the report:
the
Principles of Business Conduct Proposed by the Chamber of Commerce of
United States.
Prior to the meeting of the Board of Governors in July this committee
States,
received from officers of the Chamber of Commerce of the United
that we
of which this Association is an organization member, a request
Business Conduct," which had been
formally adopt a code of "Principles of
held in Cleveland,
approved at the twelfth annual meeting of the Chamber
to this report.
Ohio, May 8 1924. A copy of the proposed code is attached
by the
The question of the adoption of these principles was considered
held at the beginning of
board both at the July meeting and the meeting
this convention.
business conduct in
The Board of Govermss considers these principles of
ds their formal
accord with the standards of our Assocuation and recommen
adoption by the convention.
of mankind,
The function of business is to provide for the material needs
happiness of life.
and to increase the wealth of the world and the value and
opportunity for
In order to perform its function it must offer a sufficient
motives which
gain to compensate individuals who assume its risks, but the
with the
lead individuals to engage in business are not to be confused
y carried
function of business itself. When business enterprise is successfull
production
on with constant and efficient endeavor to reduce the costs of
to give fair
and distribution, to improve the quality of its products, and
public
treatment to customers, capital management, and labor, it renders
service of the highest value.
fundamental
We believe the expression of principles drawn from these
as a whole
truths Will furnish practical guides for the conduct of business
and for each individual enterprise.
from integrity
I.—The Foundation of business Is confidence, which spring
fair dealing, efficient service, and mutual benefit.
plus a
11.—The Reward of business for service rendered is a fair profit
exercised.
safe reserve, commensurate with risks involved and foresight
manage111.—Equitable Consideration is due In business alike to capital,
ment, employees and the public.
of the
IV.—Knowledge—thorough and specific—and unceasing study
to a lasting
fact.and forces affecting a business enterprise are essential
individual success and to efficient service to the public.
business.
V.—Permanency and continuity of service are basic aims of
established and
that knowledge gained may be fully utilized, confidence
efficiency increased.
y to
VI.—Obligations to itself and society prompt business unceasingl
nt,
strive toward continuity of operation, bettering conditions of employme
ies of individual employees.
and increasing the efficiency and opportunit
performed
VII.—Contracts and undertakings, written or oral, are to be
on
In letter and in spirit. Changed conditions do not justify their cancellati
without mutual consent.
truthfully made
VIM—Representation of goods and services should be
and scrupulously fulfilled.
or natural
IX.—Waste in any form—of capital, labor, services, materials,
toward its
resources—is intolerable and constant effort will be made
Practice gave some
The previous committee on Ethics and Business
recommendation the
attention to the use of misleading bond titles. On its
committee.
future study of this subject was assigned to the present
as a representation
The corrdct naming of any article of sale is important
purchasing public.
and has a distinct bearing upon the confidence of the
its importance in mercanThere has been of late an increasing recognition of
developed by the
tile circles. To a considerable extent this has been
of more effective
activities of the Better Business Bureaus in the interest
of statement. What is
advertising based upon dependability and fairness
with regard to the sale of
true of articles of merchandise is oven more so
things be purchased
Investment securities which must in the nature of
the purchaser cannot
largely upon faith and confidence, because usually
merits of the securities offered
personally investigate or inspect the real
to him.
that, there has been,
Investment bankers have for some time realized
part of some offering houses
to say the least, laxity and carelessness on the
and there has been a growing
In selecting titles for the securities Offered,
dealers in securities for
interest and desire on the part of conscientious
better practice in this respect.
misrepresentation, parMisleading bond titles are an insidious form of
makes the first sharp
ticularly vicious in its effect because the name usually
upon the mind
Impression of the kind and quality of the security offered,
with the investor's
of the investor, and this first impression, together
often decisive.
confidence in the representations of the offering house, is
titles are chosen
There are cases, doubtless, where misleading bond
probably in most cases the
deliberately for the purpose of deception, but
s carelessness
unfortunate and misleading choice is rather due to unconsciou
may be done
and failure to appreciate the full extent of the damage which
involved
and the responsibility of the offering house for the representations
In the title under which the security is offered.
its disapproval of any form of
The Association has frequently declared
houses and
misrepresentation in the offering of securities by the member
the fundamental printhere can be no doubt of its attitude with regard to
deliberate or careless.
ciples violated by the use of misleading titles, whether
from some of the
This committee has sought information and opinions
t houses in America and of a number
'largest and most experienced investmen
and through one
of leading corporation lawyers in the large Eastern cities
e of the
of its members has had conferences with the Ethics Committe
through a subAmerican Bar Association. It has also given consideration
investigations the committee
committee to many specific cases. From these
has found, among other things:
gives the investor the
(1) That the title of a corporation bond usually
first strong impression of the character and quality of the security;
make the corporate title
(2) That the house of issue usually endeavors to
as strong as possible;
X.—Excesses of every nature—inflation of credit, over-expansion, overconditions and
buying, over-stimulation of sales—which create artificial
produce crises and depressions are dconemmed.
bad faith.
XI.—Unfair Competition, embracing all acts characterized by
is wasteful.
deception, fraud, or oppression, including commercial bribery,
success on the
despicable and a public wrong. Business will rely for its
excellence of its own service.
agreeXII.—Controrersies will, where possible, be adjusted by voluntary
ment or impartial arbitration.
the moral obligations
XIII.—Corporate Forms do not absolve from or after
conscientiously
of individuals. Responsibilities will be as courageously and
when acting for
discharged by those acting in representative capacities as
themselves.
useful business
XIV.—Lawful Co-operation among business men and in
is commended.
organizations in support of these principles of business conduct
ry through
XV.—Business should render restrictive legislation unnecessa
.
so conducting itself as to deserve and inspire public confidence
STATES.
CHAMBER OF COMMERCE OF THE UNITED
the
Endorsement of these principles was indicated with
adoption of the report.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, Oct. 3 1924.
There is a slow expansion of trade in this country. It is
not uniform. On the contrary, some branches of business
lag behind. Retail trade is hardly up to expectations in all
parts of the country. Textiles are still rather slow, although
there is some improvement in the woolen industry. Cotton
manufacturing business leaves a good deal to be desired.
The Amoskeag Manufacturing Co. of Manchester. N. H., in
its annual statement showed an operating loss for the year
1923-24 of $2,851,131, due to the restrictive effect of high
prices for cotton and the high cost of manufacturing generally. The cost of labor was no doubt a large item; it
always is. Some descriptions of cotton goods have met with
a ready sale in supplying immediate wants, but there is an
Some
absence of snap in the business for forward delivery.
have risen 5 to 32% cents
woolen goods, on the other hand,
a yard. There is a brisk business in knitted goods for the
fall and winter trade. On the other hand the broad-silk
business is quiet. Japanese raw silk has declined very
noticeably. The output of automobiles in September was
not up to expectations. It was expected to show an increase over that of October, but it did not. What is more,
It was much smaller than in September last year. Cool
weather in many parts of the country, has helped the coal
trade. Retail prices of coal are tending upward; the bituminous trade is broadening. Pig iron has been quiet and
the September production showed no very marked gain. In
the steel trade the only good buyers are the railroad comtenpanies, and prices have shown something of a sagging
1562
THE CHRONICLE
[VOL. 119.
.dency. The steel trade makes the best showing at the
West. much uneasiness among American experts connected with
The East feels the effect of readjustments growin
g out of execution of the Dawes program. To ask a man to do somethe abandonment of the Pittsburgh plus system.
thing and then throw obstacles in the way of his doing it
'It has been a memorable week in the grain
trade, with seems illogical, to say the least.
enormous buying of wheat and rye by Europe
. It now looks
Some, in gauging the present business situation, stress'the
as though Europe will have to buy more grain
than was at easy rates for money everywhere throughout the United
one time expected. Germany has had a wet harves
t and in States; the better position of the grain farmer; the excess
other parts of Europe the food crops are by no
means up to of exports over imports, the enormous outflow of
grain,
expectations. It is suggested in cable dispat
ches that Ger- notably wheat and rye, the increasing exports of cotton
as
many may yet have to reintroduce potato bread.
Wheat has European spinners grow nervous over the crop outlook;
the
advanced 5 to 7 cents per bushel in Chicago, corn
and oats increased production of automobiles; the 100,000 output
of
4 to 5 cents and rye, strange as it sounds,
fully 18 cents a automobile tires at Akron, Ohio, matching
the best record
bushel on big buying by Germany and Scandi
navia, espe- in past war years; a gradual broadening of retail trade.;
proscially Scandinavia. The visible supply of rye in
this coun- pects for at least a fair business in general mercha
ndise
try is rapidly disappearing. The tendency
will be towards this fall; the large car loadings exclipsing
the best weeks
larger European buying of wheat, as rye mounts
upward and this year up to this time; the activity in the buildi
ng trades;
supplies vanish. Wheat this week reached
the oft-pre- the satisfactory volume of savings banks deposit
s.
dicted $1 50 point, and May rye closed at $135 per
bushel.
Nobody claims that betting is any argument. but on the
Exports of wheat thus far this season are close
to 100.000,- national election the odds in favor of Presid
ent Coolidge
000 bushels, or some 20,000,000 bushels larger
than up to this are now 3% to 1 as against 3 to 1
recently; still 6 to 1
time last year. A large percentage of this is from
the United against La Follette and 5 to 1 as against 3 to 1
recently that
States. The tendency, too, by the way, is to
increase the the election will not be thrown into the House.
estimates of the crop of wheat in this countr
y, so that as
Boston wired Oct. 2: "With the exception of Fall River
yields increase the farmers find the price also
increasing and Manchester, the New England cotton mills have
shown
in the fall of the year instead of at the end
of the season, as encouraging gains in production during the past
few weeks.
has so often happened in the past, when the
farmer himself The rate of production in New England as a whole
is close
got little benefit from rising prices. The
business in lard to 60% of normal capacity. In Fall River produc
tion still
and pork products has been at higher prices,
although the Is about 30% of capacity. At Manchester. N. H., there
has
export trade is hardly up to expectations.
Coffee has risen been little improvement as yet from the low
point. It is
something like 11 to 1% cents per pound
/
4
during the Week, probable that the average rate of production
!n Nev Hamppartly owing to dry weather in Brazil
and partly to reports shire does not exceed 40%. In Maine
the cotton mills are
that the Brazilian Government may
increase the export running at about 50% capacity, at Lawrence
60 to 65% of
duty. Brazilian markets have been
advancing by leaps capacity, at Lowell 50%, at New Bedfor
d 65%. and in
and bounds and New York has had to keep
pace with them, Rhode Island close to 50%. It is noticeable
that the coarse
as Brazilian, European and other interes
ts bought here. goods mills are doing the least. Tire yarn mills
have been
Sugar has advanced. Cotton has fluctu
ated within wide making noticeable gains."
limits, but prices closed somewhat higher
than a week ago.
At Webster, Mass, 800 employees of the North Village cotWithin a short time cotton has risen
5 cents ver pound, ton mill of S. Slater & Sons have
been asked to decide
owing to great rains in the eastern belt,
reports of damage whether they prefer a cut in wages or having
the mill run
to the grade and the cutting down of crop
estimates fully on a half-time schedule. Superintendent Stewart
told the
1,000,000 bales from those current
recently. To-day there workers that conditions in the cotton
cloth market made it
was a sharp export demand reported in
Texas, but in New Imperative to do one of two things—reduc
e wages or operatYork heavy profit selling due to better
weather and the ing time. At Lawrence, Mass., the Americ
an Woolen Co.
imminence of the next Bureau of
Agriculture report caused mills are starting with large orders
which will keep them
a loss of $350 a bale.
running into 1925. At Southbridge, Mass., beginn
ing MonIn the East shoe factories are
doing a better business. day, the plant of the Hamilton
Woolen Co.. which gives
Leather has been firmer. Lumber
business is not up to the employment to nearly 2,000, began
to operate on schedule
level of a year ago as regards either
demand or output. of four days a week. The Central Mills
Co. plant also will
Crude petroleum has declined. Gasoline
is down to the low- be operated four days each week. Since
June both mills
est point in ten years. It is noticed,
too, that the big rains have been operated only eight days
each month. At Manin the South, which have hurt cotton
, have also injured the chester, N. H., the worsted
department preparatory room
tobacco crop. The Kentucky tobacc
o yield will be smaller of the Amoskeag mills will be put
on an operating basis of
than that of last year, but it is said that
the quality will be 90% of capacity next Monday, and one
room in the Coolidge
better; tobacco also suffered in South
Carolina from the mills. will be opened for the first time since
being closed in
great rains, while in Maryland the
crop will be below nor- the early summer. The mills will
run at a decrease in
mal, a fact for which there may be
some compensation in wages of 10% beginning Oct. 4. It
is of interest to notice
higher prices. Mail order business, it
is noticed, is increas- the valuation of the mills was increa
sed from $35,000,000 to
ing at a rate that suggests that Western
retail business may $40,000,000 by the Board of Referees, to whom
the tax abatepossibly be undergoing a certain
evolution; that is, it may ment suit of the Amoskeag mills
was referred, and who
be drifting to some extent into new
channels. Certainly awarded the company an abatement in taxes
for 1922 and
one Chicago mail order concern !mind
that its September 1923 of $132,000. It is expected that attorn
eys for the mill
sales were over 36% larger than in the
same month last will protest against the assessment. At
Bristol, R. I., on
year. Car loadings are only exceeded by
the high point level Sept. 30 a reduction in wages of about
18% on the average,
of last year, with merchandise and
miscellaneous products the shoe division of the National India
Rubber Co. plant at
reaching a total seldom If ever before
known. Copper has Bristol, R. I., resumed operations,
after having been closed
been somewhat weaker. Wool at the
big London auction for three months. The working schedu
le is five days a week
sales has been somewhat irregular, some
grades advancing for the full complement of 2,000 workers.
• At Durham, N. C.,
and others declining. At times the weathe
r at the West has reports were that the Erwin cotton
mills, the two plants in
been too cool for the corn crop, and it is
to be regretted that West Durham, will return to a
full-time operation basis at
the tendency now is to scale down the
estimates to some- once with, It is said, 122 cut in wages.
/
1
%
At Paterson, N. J.,
thing like 600,000,000 bushels smaller than
the crop of last on Sept. 29 silk firms rejected a plea to arbitra
te. They
year. It is not surprising to notice
that the weekly food criticized the Mayor for not observ
ing court orders and deindex is higher. Hogs are the highes
t since 1922. Taking clared that Associated-Workers
' Union are at odds with the
the list of commodities as a whole,
advances in prices are American Federation of Labor. It is said
that 300.000 men
double the number of the declines. Stocks
have been more and women are out of employment in New York.
of which
or less irregular, easing
to-day after an advance of late. 60% are union member
s.
Money continues easy all over the countr
y. In London the . A new low level for this year in numbe
r of commercial
markets have been generally firm, althou
gh sobered some- failures in the United States was reached during
Septemwhat by the British political crisis and
the nearness of set- ber with 1,306 defaults reported to R. G. Dun
& Co. The
tlement day.
decrease from the August total, which had marked the preIs there a serious obstacle
ahead for the Dawes plan in vious minimum, Is about 14%, and the decline
from the high
the decision of France and
prospectively of Belgium to col- point of last January, when there
were 2,108 failures, is
lect a 26% levy on German
exports to those countries as 36%. With fewer business days a simila
r number of depart payment of reparations?
It is said to have caused faults in September was to be expect
ed; yet the reduction
OCT. 4 1924.]
H 141
1563
CHRONICLE
from the August figures la relatively the largest that has Federal Reserve Bank of New York on Indexes of
been recorded since 1917.
Business Activity.
Montgomery Ward & Co. September sales increased
Under the above head the Federal Reserve Bank of New
36.12% over those of September 1923.
York has the following to say in its monthly review of Oct. 1:
On Sept. 30 a great storm, with rain and floods and a 60Moderate increases occurred in August in the majority of this bank's
mile gale swept the Atlantic Coast, causing loss of life and indexes of trade and business activity. Bank debits after allowing for
both in this district and
property. Lives were lost along the coast from South Caro- seasonal variation were larger than in July, and of a year ago. Railway
for the country continued to exteed the figures
lina to New York. Pennsylvania was hard hit by rains and traffic showed a further increase and car loadings for the Week of Sept. 13
floods and eight lives were lost. Hazleton. Pa., reported 18 were tile largest for the year. Loadings of grain, and of merchandise and
levels higher than ever before, and
of 37 anthracite coal mines in that vicinity flooded, with a less than car-load lot shipments,reached since March. While department
coal loadings increased to the largest
consequent cut in production of 50%. Mines in other parts store sales declined, sales by chain stores and wholesale trade showed an
c-f the hard coal fields were idle because of dangerously high increase over July, but were not up to the level of last year. The following
table gives the indexes of businPs activity in percentages of the computed
water in the workings. Railroad washouts and the flooding trend, with allowance for seasonal variation and, where necessary, for price
of highways were also reported from Pennsylvania. Land- changes.
slides had fatal results. Homes and factories were inun1924.
1923.
dated. A washout derailed and wrecked the southbound
August. June. July. August.
Montreal Express at Sabattis, N. Y., on Wednesday. New
York 'Central trains were delayed on the Hudson River Primary Distribution—
100
96
99
Car loadings, merchandise and miscellaneous__ 102
97
Division. High water was reported throughout the Mohawk
93
96
Car loadings, other
118
94
89
76
109
Wholesale trade, Second District
Valley.. Floods occurred at Utica and Rome, N. Y. The great
I/91)
89
92
89
Exports
98P
108
105
99
Imports
storm made it difficult for a time for the big liners to dock
84
42
74
Grain exports
86
116
123
125
here. Here for two days it has been clear and pleasant. It
154
Panama Canal traffic
Distribution to Consumer—
was 68 at 2 p. m. to-day. At Chicago, Cincinnati and St.
87
91
93
101
Department store sales, Second District
95
93
93
98
Chain store sales
Paul yesterday it was 76; at Cleveland, 72; at Kansas, 78;
81
82
81
103
Mail order sales
100
109
105
Life insurance paid for
112
at Detroit, 70, and it was clear throughout the country.
114
98
91
Amusement receipts
•
9
9
ii
102103
Earlier in the week there were frosts in many parts of the
Magazine advertising
,
89
88
100
93
Newspaper advertising
West.
GeneralBusiness Activity—
Bank debits, outside of New York City
Bank debits, New York City
Velocity of bank deposits, outside of New York
City
Veolclty of bank deposits, New York City_ _
Postal receipts
Electric power
Employment. New York State factories
• -- - equals Preliminary.
100
93
99
109
99
112
101
116
Federal Reserve Board's Summary of Business
98
95
98
97
109
103
108
101
Conditions in the United States—Production
99
06
103
94
_iii,
104
105
110
Maintained at Level of Preceding Months—
88
103
90
•
.1
I no
on
I I•
Increase in Factory Employment.
"Production in basic industries was maintained during
August at about the same level as in the two preceding
months and factory employment showed a slight increase," Federal Reserve Bank of New York on Employment and
Wages.
according to the summary of business conditions in various
The following is from the Oct. 1 number of the "Monthly
Federal Reserve districts, made public by the Federal
Reserve Board on Sept. 27. Continuing, the Board s.aysl Review" of the Federal Reserve Bank of New York.
Wholesale prices, especially those of agricultural products, showed a
further advance.
Production.
The Federal Reserve Board's index of production in basic industries,
adjusted to allow for seasonal variations, continued in August at the same
level as in June and July. Production of steel was substantially larger than
in July and the output of pig iron and mill consumption of cotton also
increased. Sugar meltings and production of anthracite and zinc, on the
other hand, were smaller. Factory employment increased slightly in
August and average weekly earnings increased 4% owing to less part-time
employment. Larger working forces were reported in the textile, leather
and automobile industries. Building contracts awarded ,contrary to the
usual seasonal trend, were 3% larger in August than in July.
htall
Crop conditions showed further improvement in August and the Sept.1
estimates of production by tho Department of Agriculture were larger for
wheat, oats, barley and potatoes. Estimated yields of corn, cotton and
tobacco, however, were smaller. Harvesting has proceeded rapidly this
year and the August marketing of wheat was larger than in either of the
past two years.
Trade.
Bank debits, which reflect the volume of business transactions settledby
check, showed about the usual seasonal decrease in August, but were
larger than a year ago. Railroad shipments increased slightly, as a result
of larger loadings of miscellaneous merchandise, grain and coal. Wholesale
trade was 7% larger than in July, owing to seasonal increases in sales of
dry goods, shoes and meat, but continued to be smaller than a year ago.
Department store sales showed less than tho usual increase in August and
wore 7% smaller than last year. Mail order sales increased more than usual
at this season and were 1% larger than in Aug. 1923. Merchandise stocks
of department stores at the end of August for the first time this year were
smaller than on the corresponding date of 1923.
Prices.
Wholesale prices, as measured by the index of the Bureau of Labor
Statistics, increased 2% in August and were at about the same level as a
year ago. The advance was due largely to further increases in prices of
farm products and foods, though all other commodity groups except metals
and fuel also advanced. During the first three weeks of September prices
of wheat,rye,wool and rubber increased while those of cotton,silk, petroleum
and metals declined.
Bank Credit.
Loans and investments of member banks in lending cities continued to
-week period ended Sept. 10 and on that date reached
Increase during the 4
a record figure about $1,000,000,000 above the level of 3 months earlier.
largest increase was in loans on stocks and bonds, and commercial
The
loans also increased, owing partly to seasonal demands for credit. The
growth of investments by member banks continued, though at a somewhat
slackened rate.
At the Federal Reserve banks there was a further increase in the holdings
of Government securities and of acceptances with the result that in the
middle of September, although discounts were at the low point for the year,
the total volume of Reserve Bank credit was higher than at any time since
last spring. Seasonal increase in the demand for currency was reflected
in a decline in cash reserve, and, at the Reserve banks in certain of the
agricultural districts in an increase of Federal Reserve note circulation.
Slightly firmer conditions in the New York money market in late August
and early September were reflected in a slight advance in the rate on commercial paper from 3-3 X to 35i%. After the middle of September a
recurrence of easier conditions followed Treasury operations. The Sept. 15
offering of one-year Treasury certificates borel2U % interest, the same
rate as the six months issue soldLin June.
lP
Roth in New York State and for the country as a whole, the number of
workers employed in manufacturing increased slightly between the middle of
July and the middle of August for the first time since March, according to
reports of the State and Federal Labor Departments. Average weekly
wage earnings increased 1% and 4% for the State and country respectively.
reflecting a reduction in part time employment. Since August reports have
indicated a further gradual increase in factory employment, but a tendency
for out-door work to diminish.
The chiefincreases in employment occurred in industries where it had been
most curtailed, such as iron and steel, automobiles, some branches of the
textiles, the furniture and piano industries, and plants producing leather.
shoes and leather goods. Road construction continued large, and building
labor was generally actively employed.
The chief decreases in emplayment occurred in the building materials
industries, which have heretofore been active, and in knit goods and hosiery
mills and food industries, while in the apparel trades the seasonal increase
in activity has been slow. A surplus of common labor continues in most
sections, and a surplus of skilled mechanics is reported in some localities.
The demand for farm labor has declined somewhat, so that despite the
moderato increase in industrial activity, employment offices generally
continued to find it difficult to place applicants for work.
Changes in wage rates continued comparatively few, and in most cases
were reductions. In New England and the South a number of textile mills
put into effect wage reductions of 10 to 123 % upon resuming more active
,
1
operations.
Federal Reserve Bank of Chicago on Industrial Employment Conditions.
With reference to industrial employment conditions in the
Federal Reserve District of Chicago, the "Monthly Business
Conditions Report" of the Federal Reserve Bank of Chicago
says:
The Seventh Federal Reserve district experienced practically no change
in the volume of industrial employment during the month ended Aug. 15.
An average decline of not more than two-thirds of 1% was reported for
industries employing an aggregate of about 365.000 workers. The State of
Illinois, after an especially heavy decline of the month before, made a slight
gain, the first since last February. Earnings of workers as reported for the
entire district advanced 2.9%, thus partially balancing the loss of 5.7%
experienced during July. The change hero was mainly the result of a termination of the vacation and inventory period and therefore hardly indicative
of the industrial trend.
While aggregate employment may thus be said to have remained stationary,there were a few industries which showed definite signs of an increasing
activity. Lumber and its products showed an upward trend for the first
time in many months, sawmills and planing mills operating at greater
capacity as was the case with most of the furniture factories. Pianos and
other musical instruments have entered upon their active season in preparation for the holiday trade. In the chemical products group there was a
similar improvement after tho sharp decline of the previous months, oils
and drugs making substantial gains. In leather and its products, gains
were general although a continued downward tendency was exhibited by
many Gf the reporting firms. Rubber products continued to make additions
to working forces and payrolls.
Of the industries included under the metals and metal products group.
many reported still further reductions in their forces, but the aggregate
volume of employment was maintained to the level of the previous month.
A heavy seasonal increase in the manufacture of watches and jewelry affected
these figures. The heaviest declines in employment were those recorded
for textile and food products,the only reporting groups for which the weekly
1564
earnings were below those of the month before. For vehicles and the
stone, clay and cement products group, employment fell off a little over
1% but earnings went up nearly 4%.
According to the Detroit Employers' Association report, employment In
that city was 2% higher the first week in September than in the corresponding period of August, the first increase shown for any similar comparison
since February. Indications as to the trend in industrial employment are
also furnished by the reports from State employment, offices, giving the
ratio of the number of applicants to places available. In Illinois this ratio,
standing at 171 for both June and July, fell to 152 for August, while in
Indiana the ratio, after falling from 147 to 109 during the month of July,
rose to 123 for the first week of September.
EMPLOYMENT & EARNINGS SEVENTH FEDERAL RESERVE DISTRICT.
No. of Wage Earners
Week Ended.
Total Earnings
Week Ended.
Industrial Group.
Per Cl.
Aug.15 July 15 Change Aug. 15.
All groups (10)
364,391 365,054
Metals and metal products
(other than vehicles)_ _ _ _ 138,426 138,142
Vehicles
39,467 39,908
Textiles& textile products_ 29,640 30,189
Food & related products_ _ _ 54,250 55,511
Stone,clay dk glass products 12,185 12,328
Lumber .4 its products_ _ _ _ 34,460 33,812
Chemical products
8,582 8,247
Leather products
15,632 15,502
Rubber products
2.837 2,661
Paper and printing
28,912 28,754
July 15.
-0.2 68,694,759 88,447,236
Per Cr.
Change
+2.9
+0.2 2,770,828 2,652,435 +4.8
-1.1 1,135,393 1,094,891 +3.7
698,064 -1.2
683,058
-2.3 1,406,952 1,428,449 -1.5
-1.2 363,121
350,599 +3.6
+1.9 813,163
764,628 +6.3
+4.1
219,321
204,009 +7.5
328,799 +7.1
+0,8
352,089
+6.6
78,859
69,648 +13.1
+0.5
862,975
855.716 +0.8
Expansion in Business in Federal Reserve District of
Philadelphia.
According to the Oct. 1 issue of the "Business Review" of
the Federal Reserve Bank of Philadelphia, business in the
District "has continued to expand during the past month,
but not all industries have shared equally in the improvement." The "Review" continues.
Distribution of goods, as measured by freight car loadings, showed the
usual seasonal increase and the price level again advanced. A further rise
In production of basic commodities took place in August, and recent reports
indicate that the movement was maintained in September. Coincident with
the heavier production schedules came an increase in employment at Industrial establishments.
As was the case a month ago, the textile industries have shown the most
marked recovery. In woolen and worsted yarns, sales have been larger and
some advance business has been booked; manufacturers of woolen and
worsted goods report a similar betterment. The call fer silk goods alto has
strengthened as well as that for yarns, and some orders for future delivery
have been placed. Although prices for cotton goods have declined, in sympathy with lower quotations for raw cotton. The demand has increased for
practically all lines. The iron and steel market too is more active than it
was a month ago, but sales have not been quite as large as had been hoped
for. Building materials are selling more readily than they were last month,
though business is not equal to that of September 1923. Judging from the
number and estimated value of building permits Issued during August,
however, contemplated construction is large.
Crop conditions are not as favorable as they were in August, largely
because of the cold weather that prevailed during the first half of September.
Nevertheless fair-sized yields and higher prices of farm products will insure
a fair profit in most sections of the District.
Heavier production schedules in manufacturing industries were reflected
In rising employment at representative plants in Pennsylvania, New Jersey
and Delaware. In August the number of employees at 1,035 establishments
increased 1.0% and average weekly earnings rose 4.1%, indicating a probable gain of 5% in operations. Preliminary figures for September, received
from approximately one-half of the reporting firms, show that the upward
movement has continued. At 587 manufacturing establishments the number
of wage earners increased 2.8% between Aug. 15 and Sept. 15.
The distribution of goods, as measured by freight car loadings in the
Allegheny district, showed the usual seasonal increase in August, but the
freight movement is still below that of a year ago. Of the eight wholesale
lines reporting to this bank, all but three showed larger sales in August than
In July, but in only one were sales above those in August 1923. Contrary
to expectations, retail trade was 7.9% less than It was a year ago.
Wholesale prices, according to the index of the Bureau of Labor Statistics,
rose from 147.0 in July to 149.7 in August. This compares with 150.1 In
August 1923. The recent increase was due largely to higher prices for farm
products, which were about 5% higher than they were a year ago, and are
now more closely in line with the general price level, using 1913 as a base or
100,than they have been since 1920.
Although money rates strengthened somewhat early in September they
have since declined, and at present are about the same as they were in
August.
Increase in Employment and Wages in Manufacturing
Establishments in Federal Reserve District of
Philadelphia.
In its Oct. 1 "Business Review" the Federal Reserve Bank
of Philadelphia says.
Following a decline since March, employment and wages at 1.035 manufacturing establishments in Pennsylvania, New Jersey and Delaware increased between July and August. Employment rose 1.0% and average
weekly earnings 4.1%,indicating a probable increase in operations of 5.1% •
The textile products group showed the largest gain in employment, an
especially large increase taking place at carpet and rug mills. Of the nine
branches of the textile industry reporting to us only two, clothing factories
and knit goods and hosiery mills, showed a smaller number of employees in
August than in July.
Other industries in which significant increases in the number of wage
earners took place include canneries, pottery plants, boot and shoe factories
and establishments making jewelry and novelties. In some cases these
advances were due to seasonal factors, and in other instances the gain was
attributable to the fact that employment was at a low ebb in July because
of partial shut-downs for repairs. In still other cases the gains represented
a true rise in operations. The largest decline in employment occurred at
sugar refineries, but such a fall is usual at this season of the year. It Is of
Interest to note that in certain industries total weekly wages and average
[VOL. 119.
THE CHRONICLE
weekly earnings increased in the face of a reduction in working forces. This
is probably explained by the fact that the number of working hours was
Increased.
During August, 23 firms reported Increases in wage scales affecting 3,531
workers, while 18 firms reported decreases affecting 2,755 employees. Thegreater number of increases was largely due to a 15% advance In wages at
one important mill. This increase was only nominal, however, as it merely
offset a similar reduction in wages during July.
New High Records in Loading of Railroad Revenue
Freight.
Three new high records were established during the week
of Sept.20 in the number of cars loaded with revenue freight,
according to reports filed by the carriers with the Car Service
Division of the American Railway Association. The new
high record follows:
1. A total of 1.076,553 cars was loaded during the week of Sept. 20, the
greatest number for any one week this year and only 20,721 cars below the
highest week in history, which was that of Sept. 27 1923, when the total
was 1,097,274 cars.
2. The greatest number of cars on record was loaded during the week
with merchandise and less than carload lot freight.
3. More cars were loaded with miscellaneous freight the week of Sept. 20
than ever before in history.
The total for the week was an increase of 15,129 cars
over the preceding week this year with increases being
reported in the loading of grain and grain products, coal,
coke, ore and miscellaneous freight as well as merchandise
and less than carload lot freight. Compared with the
corresponding week last year it was an increase of 15,742
cars while it also was an increase of 115,415 cars over the
corresponding week in 1922. An interesting feature in
connection with the loading of revenue freight is the fact
that had it not been for decreases in shipments of coal, coke
and ore, freight traffic this year would have equaled if not
exceeded that in 1923, when it was the heaviest on record.
Excluding coal, coke and ore, the total loading of all other
commodities from Jan. 1 to Sept. 20, inclusive, this year
has exceeded by 144,222 cars the loading of the same commodities for the corresponding period in 1923. Otherparticulars follow:
Loading of merchandise and less than carload lot freight for the week of
Sept. 20 totaled 257.469 cars, an increase of 3,155 cars over the preceding
week wlich had marked the high previous record for any one week In
history. Compared with the corresponding week last year, this was an
increase of 6,988 cars, while It also was an increase of 23.830 cars over the
corresponding week in 1922.
Miscellaneous freight loading amounted to 397,877 cars. This exceeded
by 315 cars the previous high record which was established during the
week of Oct. 11 1923. Compared with the preceding week this year the
total for the week of Sept. 20 was an increase of 4,170 cars, while it also
was an increase of 22,707 cars over the same week last year and an increase
of 63,536 cars over the same week in 1922.
Loading of grain and grain products for the week totaled 68,563 cars, the
second highest loading for any one week on record. Compared with the
preceding week, the total for the week of Sept. 20 was an increase of 1,992
cars while it also was an increase of 19,668 cars over the same week last
year and an increase of 16,810 cars over the same week two years ago.
Live stock loading totaled 38,572 cars, a decrease of 301 cars below the
week before and 2,587 under the same week last year, but an increase of1,748 cars above two years ago.
Coal loading totaled 188,985 cars, an increase over the week before of
6,670 cars and the largest number loaded during any one week since Feb. 16
this year. The number loaded during the week of Sept .20 was an increaseIf 6,394 cars over the corresponding week in 1923 and an increase of 1,781
cars over the corresponding week in 1922.
Forest products loading totaled 67,777 cars. 1,742 cars below the week
before and 5,869 cars under last year. Compared with the corresponding
week two years ago, It was an increase of 9.496 cars.
Ore loading amounted to 48,367 cars. 533 cars above the week before,
but 27,163 cars under last year, as well as 2,078 cars under two years ago.
Coke loading totaled 8,943 cars, an increase of 652 cars above the preceding week but 4,396 cars under the corresponding period in 1923. Compared with the corresponding week in 1922, it was an increase of 292 cars.
Compared by districts, increases over the week before In the total loading
of all commodities were reported in all districts except the Pocahontas and
Southwestern, while all districts reported increases over the corresponding
week last year except the Allegheny and Northwestern. All showed Increases over the corresponding week two years ago.
Loading of revenue freight this year compared with the two previous
years follows:
1922.
1924.
1923.
4 weeks of January
2,785,119
3,373,065
3,362,136
4 weeks of February
3,027,886
3,361,599
3,617,432
5 weeks of March
4,088,132
4,581.176
4.607,706
4 weeks of April
2,863,416
3,764,266
3,499,210
5 weeks of May
3,841,683
4,876,893
4,474.751
4 weeks of June
3,414,031
4,047,603
3,625,472
4 weeks of July
3,252,107
3,940.735
3,526,500
5 weeks of August
4,335,327
4,843,404
5,209,219
Week of Sept. 6
823,247
028,916
920,979
Week of Sept. 13
937,221
1,060,563
1,061,424
Week of Sept. 20
1,060,811
061,138
1,076,553
Total__
34,615,567
36,205,746
30.329,307
Producers' Milk Price for October Is Unchanged.
From the New York "Journal of Commerce" of Oct. 1
we quote the following:
The producers' price for milk during October will be the same as in
September, according to announcement made at the office of the Dairymen's League Co-operative Association, Inc., 120 West 42d Street.
The schedule per 100 pounds for 3% milk at the 201-210 mile freight
zone is as follows:
Class 1 (fluid milk), $2 60; Class 2-A (milk for cream), $1 90 plus skint
milk value; Clam 2-11 (plain condensed and ice cream), $2 05: Class 2-C
OCT. 4 1924.]
THE CHRONICLE
(soft cheese), $2 05; Class 3 (evaporated, sweetened condensed, milk
Powder and hard cheeses other than American),$1 45;Class 4-A(surplus milk
made into butter), and Class 4-B (surplus milk made into American cheese),
prices to be determined respectively by the average wholeslae price of
butter and cheese during October.
1565
finers had cut gasoline 2e. a gallon, making wholesale price
2
223/e. an imperial gallon and retail price, 26c. to 28c.
On the same date • the Atlantic Refining Co. reduced
gasoline to 16c. a gallon at filling stations and 13c. a gallon
at tank wagons in the New England district.
On Oct. 3 the Standard Oil Co. of Kentucky reduced its
price of gasoline in Southern States an average of 3c. a gallon.
The reduction in Louisville, Ky., amounts to lc., bringing
the quotation down to 17c. a gallon, while at other points
in Kentucky reductions of 2 to 30. were made.
The crude oil market showed fewer price changes than the
gasoline trade, reports from the Mid-Continent section on
Sept. 27 stating that the Prairie Oil & Gas Co. in announcing a cut in the posted price of lower Mid-Continent crude
again changed its classifications by adding another bracket,
or classification, to its schedule. A comparison of Prairie's
old price schedule with the new one follows:
Sweeping Reductions in Gasoline Prices-Price of
Crude Oil Reduced in Some Fields, Advanced in
Another.
A general reduction in the wholesale and retail prices of
gasoline throughout the New England and Middle Atlantic
States was announced on Sept. 30 by the leading companies
operating in these sections. The cuts were immediately
met by the smaller independent companies, and as a result
gasoline is now selling at the lowest level recorded in this
city in ten years, said the "New York Times" of Oct. 1.
The approach of the end of the motor-touring season,
when curtailment of gasoline appears evident, and the fact
Old Price.
New Price.
Grade$1 25
that heavy surplus stocks are being carried by many com- 36 gravity and abcke
1 25
33 to 35.9 gravity
1 10
panies, were given as reasons for the reductions.
1 00
so
30 to 32.9 gravity
85
75
According to the "Evening Post" of Sept. 30 the price Below 30 gravity
The Gulf Oil Co. will meet the new prices announced by
to the continued heavy procutting is attributed not alone
duction of crude oil in the Southwest, necessitating repeated the Prairie Oil & Gas Co. in the Mid-Continent field, accordprice reductions, but also to unfavorable weather conditions ing to dispatches from Pittsburgh.
Sept. 27 brought the news that the Texas Company anin many parts of the country which have served to restrict
nounced that it would purchase at the prevailing posted price
•
consumption.
The first drop in price was made by the Standard Oil Co. of New Jersey. of crude oil, all petroleum held in storage for the account of
This action was followed by the Standard Oil Co. of New York. The former producers with property along the company's gathering lines
cut the wholesale price from 16Mto 15c. a gallon. The latter company
then announced a cut from 17 to 16c., wholesale. Further cuts were made in north and central Texas. The New York "Times" of•
the following day, thus meeting prices announced on Sept. 30 by the Gulf Sept. 27 reported that this action on the part of the leading
Refining Co., when it reduced the price 3c. a gallon in Massachusetts and
factor in the Texas oil industry is viewed in local trade cirother New England States, and 2c. a gallon in New York and New Jersey.
Before the day ended, however,the company made another of lc., making a des as presaging early improvement in the oil situation, so •
reduction of 4c. a gallon for New England and 30. for New York and New far as Texas is concerned, and that an upward swing in crude
Jersey. Under its new schedule the company is quoting gasoline wholedistant. In addition, the
sale at 13c. a gallon in the New England States. 14c. in New York State prices in that State may not be far
'
and 13lie. In New Jersey. The recall prices in all cases varies according to Texas Co. has agreed to absorb all storage charges, amounting
the attitude of the retail dealer. Following these reductions the Standard to 3c. a barrel monthly, provided the offer is accepted by
Oil Co. of New Jersey, the next day, reduced the price of gasoline 2c. a
gallon in New Jersey, bringing tank wagon price to 13%c. Additional the producers piior to Oct. 10.
reports stated that the Standard Oil Co. of New Jersey had reduced the
The Texas Co. has met the Mid-Continent crude oil price tank wagon price of gasoline 3c. a gallon throughout North and South cut announced by Prairie Oil & Gas Co.
Carolina, and 2c. a gallon in the State of Maryland. Under the new price
The Sinclair Crude Oil Purchasing Co. on Sept. 29 met the
schedule the tank wagon price in Maryland Is 13c. net. North Carolina
12c. net. South Carolina 12lie. net, and New Jersey 13%c. net,, The cut in Mid-Continent crude made by Prairie Oil & Gas Co.
the Sinclair Refining Co., which rank next to the Gulf ReTexas Co. and
An advance of 10c. was announced by the Standard Oil
fining Co. as the largest independent organizations operating in the East,
Co. of Louisiana when it posted 85c. as the price for Smackalso reduced their prices to the same level.
Oil men pointed out that if the wholesale price of 14e. over heavy crude oil below 24 gravity.
Haynesville, Eldorado and Homer crudes have been requoted by the Gulf Refining Co. may be accepted as a standard, gasoline is selling in New York City at the lowest price duced 10c. a barrel by the same company.
Press dispatches from Pittsburgh Oct. 2 state that Corning
recorded since the early years of the World War, when it
dropped to 12c. a gallon wholesale, observes the "Times." crude oil has been reduced 15c. a barrel to $1 50 by the JoThe current price of 16e. wholesale quoted by the Standard seph Seep Crude Oil Purchasing Agency.
Oil Co. of New York is still half a cent a gallon above the
The Texas Company, on Oct. 3 announced that it has relow price last year, quoted in December.
adjusted its Smackover crude oil and is now quoting 85c.
Press dispatches frcm Pittsburgh dated Sept. 30 stated that rtsollne
prices in 22 of the States in which the Gulf Refining Co. operates would be a barrel for oil below 26 gravity. This is an increase of from
reduced approximately 3c. a gallon, effective Oct. 1.
5 to 10c. a barrel over the previous price.
George S. Davidson, President of the ccmpany, announced that the cut
was ordered in an effort to bring about a more equitable condition in prices
between communities and districts.
The Gulf Refining Co. announced at Shreveport. La.,that effective Oct. 1
it would reduce the price of gasoline there 3c. a gallon, both retail and tank
wagon sales, making service station price 15lie. and tank wagon price 12lie.
The Jenney Mfg. Co. of Boston, Mass., has cut gasoline prices lc. per
gallon to 16c. tank wagon and 18c. retail. The Colonial Filling Stations
Co. has reduced prices to the same level.
The Tide Water Oil Co. announced it had cut prices to 153.c.a gallon In
New Jersey and 10c. in New York, wholesale.
In Philadelphia it was announced on Oct. 1 that the Atlantic Refining Co.
had cut the tank wagon price in Pennsylvania and Delaware to 14c. and the
service station price to 18c. plus the 2c. State tax. The same company reduced prices in Pittsburgh 3c. a gallon. The prices are: High test, 22c.:
motor fuel, 19c., including tax. This is on same price level with Gulf
Refining.
Reports from Atlanta on Oct. 1 stated that motorists or nine Southern
States enjoy a 3c. reduction in the price of gasoline, made by the Gulf
Refining Co. The States affected are North Carolina, South Carolina,
Georgia. Florida, Louisiana, Mississippi, Arkansas, Tennessee, and Alabama.
A second reduction was announced In Boston on Oct. 1, when the Jenney
Mfg. Co.reduced the price of gasoline 2c. a gallon to 16e. retail and 13c.
tank wagon.
Price Uncertainties Continue in Steel Market-Pig
Iron Output Gains.
Adjustment to the new price bases still overshadows all
else in the steel market; but buying has been on a larger scale
than in the preceding week, due chiefly to the further expansion of railroad demand covering products like rails,
plates, shapes and bars, which are little affected by the
change, declares the "Iron Age" of Oct. 20.
While the Steel Corporation was prompt in putting out
its new price schedules for wire, sheets and pipe, actual sales
in these products have not been in such volume as to determine the competitive lineup. Chicago district buyers get
$3 80 a ton concession from former prices on sheets and wire
and $4 a ton on pipe; but in their adjustments to the new regime both the Steel Corporation and independent producers
start with the prices that have prevailed in recent weeks,
continues the "Age" summary, further extracts of which are
appended:
Colonial Filling Stations has met the cut in gasoline to
Some consumers are disturbed by advantages their competitors will have
retail and 13c. wholesale, announced by the Jenney through plural basing in wire,sheets and pipe. The localizing of operations
16e.
of various independent steel producers was at first dwclt upon as an effect
company.
of the business
a
The Standard Oil Co. of Louisiana on Oct. 2 cut service ofthe new system, butis similar localizing attention. of certain manufacturing buyers of steel
now having more
2c. a gallon and tank wagon price
station price of gasoline
Very largely, independent steel companies are quoting delivered prices,
lc. in Louisiana, Arkansas and Tennessee, making new and Pittsburgh basing is still used even by mills in other districts. One of
the uncertainties in this connection is what steps the Federal Trade Comprices respectively 163/20. a gallon and 143/Ic. These prices mission will take to make its order compulsory on the entire trade
One of the current predictions is that the railroads will be losers by the
in Louisiana include the State tax of 2c. a gallon, but in
abolition
Arkansas the prices are 2c. higher, as the tax in that State cut downof Pittsburgh basing,since it will multiply short nauls on steel and
the profitable long-haul business.
is 4e. The reduction of Gulf Refining Co. was 3c. a gallon,
An unexpected turn in the situation is the probability that Pittsburgh.
establishing filling station price of 15%c. and tank wagon district producers will ask for a reduction In freight rates thattwIll permit
them to serve a wider field as basing points increase. III
price of 123/Ic.
New orders booked by the Steel Corporation in September exceeded those
Notices from Toronto on Oct. 2 state that the Imperial for August. Most independent companies took on somewhat less new busiOil, Ltd., British-American Oil and other Canadian re- ness in September than in August.While the Steel Corporation Is now run-
1566
THE CHRONICLE
ming A'about 83% of capacity, the average for independents is 55% or less.
A further increase in the Steel Corporation's unfilled orders is indicated.
While September shipments were more than those of August, quarterly
contrdetrl'for 'sheet bait and billets swell September orders.
Another September item is an order for 1,600,000 boxes of tin plate,
80.000 tons, placed with the Steel Corporation for shipment this year to
the Pacific Coast and Hawaiian plants of the American Can Co.
''Railroad oar bilking is expected to gain momentum this month as 40,000
cars are being tentatively figured on, including 10,000 for the Santa Fe,
8,060 for the Baltimore & Ohio, 3,000 for the Atlantic Coast Line, 2,500 for
the Chicago & North Western and 2,050 for the Great Northern. The
Reading has ordered 2,000 and may buy 1,000 more this week. The Missouri Pacific has ordered 50 locomotives and the New York Central is figuring on 15 to 45.
The large rail order of the New York Central is about to be given out,
and the Baltimore & Ohio inquiry is put at 60,000 tons. The Illinois Central has just added 15,000 tons to its recent contract for 60,000 tons.
Following the substantial reduction in wire products at Chicago, there
has been better buying, due in part to the improvement in agricultural doStand.
• Quite apart from the recasting of basing prices, there are evidences of
&aria competition for current business in both finished and semi-finished
-ton sale of sheet bars is reported at $35, Pittsburgh.
lines. A 20,000
Pig iron production in September, following the upward turn in August,
gained 10% in the daily rate. Returns wired on Sept. 30, the last day of
the month being estimated,showed a total of 2.016,275 tons, or 67,209 tons
a day,against 1,887,145 tons in August,or 60,875 tons a day.
So far as reported, the net gain in active furnaces was 21 in September,
172 furnaces being in blast at the end of the month, compared with 151
on Sept. 1. The Steel Corporation gained 5,the independent steel compan10012 and the merchant producers 4.
Shipments of pig iron last month exceeded production, notably in Chicage and Philadelphia districts. Buying has not been up to expectations in
leading centres, and October opens with very little activity, the dulness being attributed largely to the unsettled price conditions in the finished steel
market. Recent buying has been confined mainly to cast iron pipe and railroad companies.
, The usual price table isas follows:
Sept. 30 1924, Finished Steel, 2.474c. per Pound.
2.474c.
Based on prices of steel bars, beams, tank Sept. 23 1924
2.510c.
plates, plain wire, open-hearth rails. Sept. 2 1924
2.775c.
black pipe and black sheets, constituting Oct. 2 1923
10
-year pre-war average, 1.689c.
88% of the United States output
Sept. 30 1924, Pig Iron. $19 46 per Gross Ton.
Based on average of basic and foundry Sept.23 1924
$1946
19 46
Irons, the basic being Valley quotation, Sept. 2 1924
23 96
the foundry an average of Chicago, Oct. 2 1923
Philadelphia and Birmingham
10-year prewar average, 15 72
Finished steel, 1924 to date: High, 2.789c., Jan. 15;low, 2.474c.. Sept.
23; 1923, high. 2.824c.. April 24; low, 2.446c., Jan. 2.
Pig iron, 1924 to date: High, $22 88, Feb. 26; low, $19 29, July 8;
1923. high, $30 86, March 20; low. $20 77, Nov, 20.
[VoL. 119.
more than 70% of the country's capacity.N These companies show a gain
of 17 in active furnaces and of 15.7% in output over August, and on this
basis, a production of approximately 2,085,000 tons for September is
indicated. The increase of August over July was
.
September Pig Iron Output.
September operations of blast furnaces, according to returns collected by telegraph by the "Iron Age" on the last
day of the month, show a marked gain in production over
August. With the last day's output estimated, the September total is 2,016,275 gross tosn, or 67,209 tons per day.
The August output was 1,887,145 tons, or 60,875 tons per
day. The September gain, therefore, in daily rate is about
10.5%, against a gain of about 6.5% in August over July.
Twenty-three furnaces were blown in and only 2 were
blown out, making a net gain for the month of 21 furnaces.
The gain in August was 7 furnaces. Of the 23 furnaces
blown in during September, 14 were independent steel company furnaces, 5 were Steel Corporation furnaces and 4
merchant stacks. The 2 furnaces shut down were independent steel units, states the "Age," adding.
On Oct. 1 172 furnaces were active, compared with 151 active on Sept. 1.
Of these 172 furnaces the production of 16 had to be estimated for this preliminary report. The final figures for the month will be published in the
"Iron Age" Oct. 9.
Among the furnaces blown in during September were the following:
3 furnaces at the Lackawanna plant of the Bethlehem Steel Corp. in the
Buffalo district; 1 ft rnace at the Bethlehem plant of the Bethlehem Steel
Corp. in the Lehigh Valley; 1 furnace at the Steelton plant of the Bethlehem Steel Corp. in the lower Susquehanna Valley; No.6 Duquesne furnace
of the Carnegie Steel Co. and 1 Eliza furnace of the Jones & Laughlin Steel
Corp.in the Pittsburgh district; 1 furnace at the Cambria plant of the Bethlehem Steel Corp., and the Perry furnace in western Pennsylvania; the Oriskany furnace in Virginia; 2 furnaces at the Maryland plant of the Bethel
hem Steel Corp. in Maryland; Grace furnace af the Youngstown Sheet &
Ohio furnaces of the Carnegie Steel Co. In the Mahoning
Tube Co. and 2
Valley; the Dover and United furnaces In central and northern Ohio; the
Portsmouth furnace in southern Ohio; 1 furnace of the Illinois Steel Co.,
1 furnace of the Youngstown Sheet & Tube Co. and 1 Gary furnace in the
-Sheffield Steel & Iron Co. and 1 furChicago district: 1 furnace of the Sloss
nace of the Woodward Iron Co. in Alabama.
Among the furnaces blown out or banked in the month of September were
the following' I furnace of the American Rolling Mill Co. at the Columbus
works in central Ohio, and the furnace of the St. Louis Coke & Chemical
Co. in Illinois.
That the readjustment to the new price methods is keeping
the situation in the steel market unsettled is the opinion
Crude Oil Production Shows Decrease.
also of the "Iron Trade Review" of Cleveland, which on
The American Petroleum Institute on Oct. 1 estimated
6772 published the following survey of conditions in the
that the daily average gross crude oil production in the
market: .
States for the week ended Sept. 27, was 2,024,350
'Further progress has been made in establishing new methods of quoting United
steel in place of a general Pittsburgh base, none abandoned by Govern- barrels, as compared with 2,038,850 barrels for the preceding
mental order, but apparently much is yet to be done before the market week, a decrease of 14,500 barrels. In comparison with the
can be restored to a settled basis and confusion disappear. The Steel
corresponding week of 1923, the current
Corp: 1s'gone ahead with its readjustments and now is following a new output during the
pricing procedure in wire products, tubular goods, sheets, tin plate and production is 195,900 barrels less per day. The daily
cold-finished steel. In plates,structural shapes and steel bars,the situation average production east of California was 1,416,850 barrels,
has developed no practical change over that previously in effect.
Independent,sompanies have been feeling their way and the larger as compared with 1,426,050 barrels the previous week, a
interests have been gradually conforming their quotations to the new decrease of 9,200 barrels. California production was
basis adopted by Steel Corp. mills. This usually has been done on a 607,500 barrels, as compared with 612,800 barrels; Santa Fe
mill basis, but some makers still are quoting a delivered price, equalizing
the freight to meet the competition of the largest interest. Where plants Springs is reported at 55,000 barrels, against 56,000 barrels;
are located in the Pittsburgh area, the former Pittsburgh base usually Long Beach, 141,500 barrels, against 145,500 barrels; HunIs named; elsewhere, a m111 price is quoted in terms of Pittsburgh so that tington Beach, 39,000 barrels, no change; Torrance, 52,500
buyers have reaped little or no advantage in price reductions.
Many of the smaller independent companies are expressing serious barrels, against 53,500 barrels; and Dominguez; 30,000
concern over the possibilities of injury to themselves from localized buying barrels, against 29,000 barrels. The following are estimates
and' ruinous competition induced by the new conditions. Should these of daily average gross production for the weeks indicated:
results be borne out, the only remedy they see is by way of consolidations
and some preliminary talk of this kind already is being heard.
A number of new basing points have been announced this week. The
American Sheet & Tin Plate Co. starting with a Pittsburgh price on sheets
and tin plate, is naming $2 per ton higher on shipments from Gary and
$3 higher delibered in Chicago. A Chicago independent maker has met
the Chicago delivered price and has put its mills at Indiana Harbor on
the same basis as Gary. The Youngstown Sheet & Tube Co. has created
new bases On tubular goods at Indiana Harbor, Ind., and Evanston, Ill.,
and put them $1 per ton higher than the Pittsburgh-Lorain base. Cleveland has been made a basing point on cold-finished steel at the same figure
as Pittsburgh. Nuts and bolts are to be sold on both a Pittsburgh and
a Chicago base with the Ohio-Indiana line as the division point. Fine
finished sheets are $3 lower.
Freshsteel buying has been spotty. The Steel Corp. plants apparently
have been profiting from their definite price announcements and have
enjoyed geed bookings while independent companies, holding back to get
their bearings, have experienced a falling off in tonnage. The best reports
of improvement come from the Chicago district, where new inquiry is
declared to be the heaviest in two years. A remarkably largo order for
80.000 tons of tin plate placed with the American Sheet Sr Tin Plate Co.
at Pittsburgh will enable an immediate increase in production.
Pig iron is quiet with a less firm undertone to prices. Scrap has reversed
and prices are lower.
Demands for steel by the railroads still furnish the outstanding news
of the market. Car orders in September exceeded 23,000, the largest
month of the year excepting March. Prospects of continued heavy buying
are good as 26,000 cars now are pending before Western builders. The
New York Central is to a/vard 7,500 and the Baltimore Sz Ohio may place
8.000. Rail orders include 62,000 tons for the Louisville & Nashville
and 20,000 additional for the Illinois Central.
Softness in steel prices has caused "Iron Trade Review" composite of
14 leading iron and steel products to slip again this week to $38 67. This
compares with $38 87 last week, $40 13 three months ago, and $44 23
one year ago.
Pig iron production in September established a goodigain, according
to preliminary reports to "Iron Trade Review" from companies operating
DAILY AVERAGE PRODUCTION.
Sept. 27'24 Sept.2024. Seg1.13'24. Sept.28'23.
(/n Barrels)535,050
546,500
Oklahoma
547,500
405,400
85,050
85,650
Kansas
84,600
71,900
73,900
72,700
North Texas
72,200
67,950
179,400
Central Texas
180,650
187,250
268,450
54,000
North Louisiana
54,150
50,850
57,100
130,050
Arkansas
131,850
134,750
121,000
Gulf Coast and Southwest Texas
143,100
133,250
07,950
127.350
Eastern
107,000
108,500
109,000
108,500
Wyoming, Montana and Colorado.._ 109,300
167,500
112,800
114,450
California
607,500
612,800
614,000 854,000
Total
2 024,350 2,038,850 2,041,450 2,220,250
Weekly Lumber Novement Shows Strength.
The Information Department of the National Lumber
Manufacturers' Association on Oct. 2 reported that the national lumber movement continued to show strength during
the week ended Sept. 27, as reflected by telegraphic reports
from 372 of the chief commercial softwood lumber mills of
the country. Production, shipments and orders all showed
increases as compared with the previous week, with only a
slight increase in the number of reporting mills. The marked
decrease in all three factors compared with tbe corresponding
week of 1923 is not considered to be of much significance
because the lumber movement at that time of 1923 was
abnormally large for the season. Orders were almost at the
peak for the entire year. Production was in about the Same
position and shipments were also exceptional.
The unfilled orders of 257 Southern Pine and West Coast mills at the end
of last_week ampunted to 598,371,085 feet, as against 605,039,043 feet for
OCT. 4 1924.]
THE CHRONICLE
1567
257 mills the previous week. The 136 Southern Pine mills in this combination showed unfilled orders of 241,534.020 feet at the end of last week,
and 237,959,385 feet for 136 mills for the preceding week. For 121 West
Coast mills the unfilled orders were 356,837,065 feet, as against 367.079.658 feet for 121 mills a week earlier.
Of the 372 comparably reporting mills, last week's shipments were 100%
and orders 96% of actual production. For the Southern Pine mills by themselves these percentages were 101 and 106. respectively and for the West
Coast group 106 and 102.
.
lanai
Of the foregoing mills, 349 have a determined normal production for the
week of 233,029,546 feet, according to which actual production was 100%,
shipments 101% and orders 98% of normal production.
Tho following table compares the national lumber movement as reflected
by the comparably reporting mills of seven regional associations for the three
weeks indicated:
Corresponding PrecedingWk.
Past Week.
Week 1923. 1924 (Revised).
Mills
372
380
364
Production
239.994,095
283,331,366
227,811.688
Shipments
239.413,036
222.405.094
270.760,686
Orders(new business)
230,366,261
224,841113
291,038,750
The following figures compare the reported lumber movement for the
first 39 weeks of 1924 with the same period of 1923:
Production.
Shipments.
Orders.
1924
9,133.527.643 9.048,291,783 8,778,042,802
1923
9,545,920,487 9,560,383.825 9,072.685,611
•
the same desperate straits'in which are thdfunion:fields:that compete:with
eastern Illinois and southern West Virginia.
In the Kanawha field, where the operators on the Chesapeake & Ohio are
making a determined drive to eliminate the union, two largo operators,
Mike Gallagher of the Paint Creek Collieries. and Jim Paisley of the Kelly
Creek Collieries continue idle. Each of these operators agreed with John
L. Lewis to sign the Jacksonville scale, which precludes them from joining
the drive to open on a non-union basis. They are remaining neutral by not
reopening their mines as union operations, which incidentally they could not
afford to do. It is understood that this is a bitter disappointment tolMr.
Lewis.
"Coal Age" index of spot prices continues to advance, registering its
fourth successive weekly gain, the figure as of Sept. 29 being 170, the corresponding price for which is $2 06. This compares with 169 andl$2 04
respectively on Sept. 22.
Activity at Hampton Roads showed a sharp reaction last week. dumpings
of coal for all accounts during the 7
-day period ended Sept. 25 totaling
356.557 net tons,compared with 383.710 tons handled during the preceding
week.
Movement up the lakes seems to be definitely en the wane. Dumpings at
Lake Erie ports during the week ended Sept. 28, according to the "Ore &
Coal Exchange," were as follows: For cargo, 734.246 net tons; for fuel,
39.686 tons, compared with 770,331 and 45,957 tons respectively during the
previous week.
The anthracite market is notably active, the demand for independent
coals being good and line companies moving their product without difficulty. There is a heavy call for stove,and chestnut has perked up markedly.
1924 decrease
412,392,844
294,642,809 Egg is moving fairly well also,and though pea is in more limited demand,it
512,092,042
The report from the California White and Sugar Pine Association mills is moving without much trouble. Steam sizes are moving more readily,
was not received in time for publication.
buckwheat showing considerable strength.
West Coast Lumber Trade.
The "Weekly Lumber Review" of the West Coast Lumbermen's Association reported that ,the 12 mills reporting to
West Coast Lumbermen's Association for the week ending
Sept. 20, manufactured 95,252,382 feet of lumber; sold
105,999,928 feet; and shipped 94,008,904 feet. New business
was 11% above production. Shipments were 11% below new
business.
Bituminous Coal Output Gains-Anthracite Steady.
The weekly report on the production of anthracite and
bituminous coal and beehive coke issued by the Department
of the Interior, through the Geological Survey, Sept. 27 1924
shows that the bituminous coal output continues to improve,
while the production of anthracite holds steady and coke
takes a definite upturn.
Substantial improvement Continues to mark the production of soft coal.
The total output for the week ended Sept. 20 is now estimated at 9,902,000
Forty-eight per cent of all now business taken during the week was for net tons, an increase of 373,000 tons, or nearly 4%. This estimate
is based
• future water delivery. This amounted to 50,355,080 feet, of which 30.398,- on the 183.426 cars reported loaded by the railroads and
includes allowances
448 foot was f domestic cargo delivery; and 19.956.632 feet export. New for coal coked, mine fuel and local sales.
' business by ra.. amounted to 1,647 cars.
The upward movement that has prevailed since early August has carried
Thirty-seven per cent of the lumber shipments moved by water. This production to the highest level reached since the first week
of March.
• amounted to 34,434,056 feet, of which 25,373,892 feet moved coastwise and The average daily rate of output is now well above that at
the corresponding
Intercoastal; and 9,060,164 feet export. Rail shipments totaled 1,778 cars. date of 1921, and is but slightly below that of the weeks immediately fol' Local auto and team deliveries totaled 6,234,848 feet.
lowing the strike of 1922. • It is still considerably below the rate in 1920
Unfilled domestic cargo orders totaled 129.485,434 feet. Unfilled export and 1923, years of industrial activity when the demand for coal was heavy.
orders 98.424,224 feet. Unfilled rail trade orders 4.639 cars.
Estimated United States Production of Bituminous Coal (Net Tons),
In the 33 weeks of tho year, production reported to West Coast Lumber
Including Coal Coked.
men's Association has boon 3,501.438,034 feet; now business 3.565,036,453
19241923
Cal. Year
feet; and shipments 3,669.508.790 feet.
Cal. Year
Week.
to Date.
Week.
to Date.c
Sept. 6
7,958,000 302,573,000 10,485,000 376,834,000
Daily average
1.433,000 1,997,000
1.513,000
1,790,000
Bituminous Coal Market Shows Little Change
- Sept. 13_a
9.529.000 312,103,000 11.378.000 388,212,000
Daily average
1,588,000
1,437,000 1,896,000
1,793,000
Anthracite Fairly Active.
Sept. 20_b
9.902.000 • 322,004,000 11,454,000 399.666,000
Daily average
The general trend of the bituminous coal market
1,433,000 1,909,000
1,650,000
1,796,000
ward, despite a slight slowing down of demand, observeTM; a Revised since last report. b Subject to revision. c Minus one day's
New Year's week to equalize number of days in the
"Coal Trade Journal" in its weekly market review, dated production in of soft coal during the first 223 days of the calendartwo years.
Production
year 1924
was 322,004,000 net tons. In the six preceding years it was as follows:
Oct. 1. Says the review;
Years of Depression.
Years of Activity.
Tho fourth week in September saw no material change in the bituminous 1918
427.572,000 net tons 1919
333,015,000 nettons
markets of the country, outside of a slight increase in demand in some 1920
393,876,000
1921
291.127,000
1922
399.666,000 "
quarters. Prices, which gained a little last week, have held their gain with- 1923
268,823,000 "
out further advance. Demand, which for some weeks has been increasing
Thus It is seen that from the viewpoint of the production of soft coal
steadily, has again slowed down, but there is nothing alarming about this. the year 1924 stands 21% behind recent years of activity and 8% ahead
The general trend shows a moderato curve upward and that is all that may of the years of depression.
be expected. Industrial recovery has not been as rapid as was expected
ANTHRACITE.
and there is no use in fooling ourselves that anything like a normal market
The production of anthracite appears to have found a level at just over
exists to-day. Yet we believe, with our old friend Professor Cone, that the 1,800,000-ton mark. Using as a basis!the 35,401
cars loaded, it is
every day, in every way,the bituminous trade is getting better, and better, estimated that the total output in the week ended Sept.
20 was 1,851,000
and better.
net tons, as against 1,820,000 tons in the preceding week. Production In
Certainly, improvement continues to mark the production of soft coal. the corresponding week of 1923 was curtailed
by the miners' strike which
The total output for the week ended Sept. 20 is estimated at:9,902,000 net was called off during the week.
tons, an increase of 373,000 tons or nearly 4%.
As shown in theefollowing table of weekly production, the present rate
Lake shipments of bituminous recovered slightly for the week that ended of output compares favorably with that at the
same date of recent years:
7 a. m., Sept. 21, according to the "Coal & Ore Exchange," amounting to 1924
1,851,000 net tons 1921
1,754.000 act tons
820,747 not tons at the lower lake ports
-781,787.tons of cargo coal and 1923 (strike)
877,000 '
1920 (strike)
722,000 '
47,960 tons of vessel fuel. This was an increase of 68,284,,tons over the 1922
1.897,000 "
1919
1,882,000 "
preceding week.
Estimated United States Production of Anthracite (Net Tons).
At Ilampton Roads there was a substantial increase in tidewater business
1924
1923
In bituminous coal, for the third week in September. The total quantity
Week. Year to Date.
Week. Year to Date.
1,451,000 62,238,000
3.000 68,488,000
handled over the piers was 414.323 net tons, an increase of 33%. Exports Sept. 6
Sept. 13
1.820,000 64,058,000
2,000 68.490,000
totaled 101.652 tons, making the bulk of the increase, these figures repre- Sept. 20
1,851,000 65,909,000
877,000 69.367,000
senting an increase in export business of 112%.
BEEHIVE COKE.
The anthracite market also showed a slight decrease in activity with nut
The production of beehive coke turned'definitely upward in the week
running a close second to stove. Pea and steam sizes continue slow, but
prices remain virtually the same throughout, save for a jump by some ended Sept. 20. The total output is estimated at 121,000 net tons, the
highest weekly figure recorded since June. Compared with the week before
independents of 25c. on stove.
Lake shipments of anthracite for the week ending Sept. 21. continued to there was a gain of 10,000 tons, or nearly 10%, which was due largely to a
decline. They amounted to 67.077 net tons, a decrease of 27,911 tons or similar increase in Pennsylvania and Ohio. According to the Connells.
nearly one-third. In the corresponding week last season last year no vile "Courier," production in the Connellsville region increased to 59,520
anthracite was dumped in the Lake trade. Thus far, however, in the pres- tons.
ent semen, 2,471,428 tons have gone up the lakes, an increase
Estimated Production of Beehive Coke (Net Tons).
over shipWeek Ended
1924
1923
ments for the same period last year, of 96,207 net tons. ealss040.*Voltite
4
Sept. 20 Sept. 13 Sept. 22
to
to
1923.
Date.e
Date.
In a more optimistic vein the "Coal Age" of New York,on Pennsylvania & Ohio_ 1924.a 1924.b
84,000
74,000 273.000 5,605,000 11,409,000
West Virginia
Oct. 2, stated that "further improvement marks the-TZ6,000
6,000
16,000 383,000
828,000
Ala.. Ky.,
14,000
20,000 693,000
824,000
tuminous coal market during the last week." Much of the Virginia Tenn.&Ga. 16,000
8,000
8,000
14,000 295,000
574,000
5.000
7,000 196.000
288,000
increase is seasonal, says the "Age" and extreme caution is Colorado & N.Mex- 4,000
Washington & Utah
3,000
4,000
207,000
5,000 154.000
in evidence throughout the trade. Further extracts from the
summary are appended.
United States total- 121.000 111,000 335,000 7,326.000 14,130.000
Daily average
• 20,000
19,000
62,000
57,000
32.000
loadings, however, are indicative
Such barometers of trade as freight-car
a Subject to revision. b Revised from last report. c Less one day's
of healthy conditions. Advancing prices are due largely to domestic de- production in New Year's week to equalize the number of days covered
for the two years.
ses
mand, offset somewhat by a tendency toward softness in slack.
Cumulative production of beehive coke during 1924 to Sept. 20 stood at
Much attention Is centered on the developments in western Kentucky, 7,326,000 net tons. Figures for similar
periods in earlier years are as follows:
where tho non-union drive is makingtheadway. If this movement is entirely 1920
15,431,000 net tons 1922
.
4,607,000 net tons
successful, it is expected to bring the producers of steam coal in Illinois into 1921
4,191,000
'
' 14,130,000 "
11923
[Vox,. 119.
THE CHRONICLE
1568
for American Woolen Co.'s Woolen
and Worsted Lines of Men's Goods.
Higher prices for raw wool and an increased demand in
the woolens divisions of the men's goods trade led to the
announcement Sept. 26 by the American Woolen Co. of
advances of 5c. to 323e. a yard on staple and fancy woolens
• for the men's-wear trade for the spring of 1925. Thirty of
the company's mills are affected by the advances in three
departments, namely 3A, which handles fancy wool suitings,
• flannels, crashes,summer goods,and top coatings;3-C,staple
wool suitings, flannels and top coatings, and department
7,fancy wool suitings, serges and tropicals.
"Journal of Commerce" made the following comments
• on the advances same day:
Advanced Prices
The regulation also provides that in any other case any two or more dealers or two or more market agencies may be covered by one bond. This
permits a number of dealers or market agencies to cooperate or make joint
arrangements In order to meet the bonding requirement.
Duplicates of all bonds must be filed with the Packers and Stockyards
Administration and notice of termination of a bond must be Oven to the
Government at least ten days before the effective date of the termination.
The bonds must be surety company bonds or in any form which gives protection substantially equivalent to that of a surety company.
Large Exports of Cotton—Small
Exports of
Cotton
Manufactures.
On Sept. 23 the Department of Commerce at Washington
gave out its report for the month of August and the eight
months ending with August of the exports of cotton, cotton
cloths, yarns, thread and hosiery. The exports of raw
cotton have increased, both in quantity and in value, as
Local executives of the company were averse to mentioning percentage compared with the preceding year, but proportionately more
exadvances because they were held to be misrepresentative, but it was
in the latter than in the former because of the high prices
plained that the higher prices were the direct result of higher costs estabthe fact was emphasized that prevailing. Thus, for the eight months the exports in
lished for raw materials. Incidentally,
business in the woolens division of the men's goods trade has been suf- quantity increased from 2,202,390 bales in 1923 to 2,728,457
ficiently well sustained to warrant the advances, despite the apparently
bales in 1924, or about 23%, while in values there has been
dissatisfied feeling in the market generally with the development of spring
trade. However, it has been established during the five weeks since a jump from $317,162,360 to $428,967,555, or over 35%.
the opening that the market leaned much more notably toward woolens The exports of cotton manufactures for the eight months
than worsteds.
have quite generally declined, both in quantity and in value.
Advances, ranging from 5c. to 2734c. a yard over the
Below is the report in full:
opening prices, were also announced Oct. 2 by the American
OF COTTON. COTTON CLOTHS, YARN, THREAD
Co. on staple and fancy worsted goods, uniform DOMESTIC EXPORTS
Woolen
AND HOSIERY.
wear trade for the
cloth and specialties, for the men'sMonth of August. I 8 Mos. Ended August
. spring. Twenty-three of the company' mills are affected
1924.
1923.
1924. I
1923.
namely departement 1, which handles
in four departments,
2,728,457
2,202,390
277,647
244,415
• staple worsteds; department 2, fancy worsteds; department Raw cotton, Incl. linters...bales $33,306,514 240,670,586 2317,162,360 2428,967,555
Value
7, worsteds; and department A,uniform and specialty cloths. Cotton manufactures,total__ _ _ $11,298,058 $13,033,173 $93,977.039 284,986,327
38,550,361 49,366,77 309,516,430 291,604,965
Following we take from the "Wall Street News," Sept. 30: Cotton cloths, total__ _sq. yds. 55.501.792 $7,927,625 $53,735,603 $49,281,026
The American Woolen Co. has advanced the price of men's wear fabrics
made from worsteds and wool, 50. to 20c. a yard. This will affect ten different factories and reflects the increase of woolen contents. Last week the
company advanced the quotation for all of its woolen materials but has made
• no change in its materials made entirely from worsteds.
American Woolen Co. Withdraws Woolen and Worsted
Lines from Sale—Increased Operations in Mills.
• The American Woolen Co. announced, Oct. 2, that woolen
fabrics sold through department 3 and manufactured by the
Webster, Assabet, Pioneer, Kennebec, Dunegan and Ray
" mills, were withdrawn from sale because of their sold-up
• condition; while the Globe mill woolen fabrics sold through
department 7 also have been withdrawn, as have worsteds
• made by the Shawsheen Mill, and sold through departments
• 1 and 2.
- The company next day withdrew all women's worsted wear
fabrics manufactured by the Wood Worsted Mill and the
- Washington Mill, the largest worsted units in the country,
as well as lines shown by the Arden Mill, for the spring
season, the entire production of those mills on that class of
goods having been sold.
A dispatch from Lawrence, Mass., Oct. 3, to the Brooklyn
"Eagle," stated:
The American Woolen Mills here will increase their operating personnel
night crows
for the rest of the year. Woolen has started on overtime, with
Washing,
having received allotment of 250,000 pieces ofcloth. The Atwood,
Prospect and Ayer mills employees are being put back to work daily.
•
New Regulation Announced
by Department of Agrito
culture Under Which Bonds Will Be Required
Cover Business of Packers.
A new regulation, effective Nov. 1 1924, was announced
on Sept. 26 by the Secretary of Agriculture under which
bonds will be required to cover the business transactions of
commission men, traders, packer buyers and other dealers at
all public stockyard markets. Heretofore commission men
only have been required to be bonded and it has been urged
that transactions of other classes of business agencies in the
same markets should also be covered by bonds. The Department's announcement continueds:
Secretary of
Authority to make such a requirement was granted to the
the new bonding
Agriculture in the last Agricultural Appropriation bill, and
regulations
requirement is in the form of an amendment to the existing
under the Packers and Stockyards Act.
agencies and dealers buying
The bonds now to be required of all market
in amount from
or selling livestock at public stockyard markets are to range
to the volume of
a minimum of $1,000 to a maximum of $50,000, according
business handled, plus 10% of the amount of the business over 350,000.
of sales or
The amounts are to be determined either by the largest amount
preceding
purchases, or both combined, on any one business day in the
days
twelve months, or by the average of such transactions for two business
based on the total number of business days and the total transactions in the
preceding twelve months, as the market agency or dealer may elect.
are the emThe regulation also provides that when two or more dealers
covered by a
ployees or agents solely of the same principal they shall be
all the business
single bond based on their total business. This permits
covered
transactions in the public stockyard markets of any packer to be
by one bond.
Value
sq. yds.
Cotton duck
Value
Other cotton cloths—
sq. Yds.
Unbleached
Value
sq. yds.
Bleached
Value
8q. Yds.
Printed
Value
8q.
Piece dyed
Value
Sq. yds.
Yarn dyed
Value
Cotton yarn, thread,
!be
Carded yarn
Value
lbs
Combed yarn
Value
Sewing, crochet, darning dr
embroidery cotton_ _ _ _lbs
Value
- doz. firs.
Cotton hosiery
Value
843,185
$364,879
7,771,713
$1,031,135
7,618,353
$1,158,692
7,944,704
21,141,047
8,180.040
$1,593,798
6,192,366
$1,212,241
1,069,241
$407,151
5,791,457
$2,641,584
5,988,916
$2,677,415
9,892,732 65,593,746 61,774.075
$1,290,240 $8,776,068 $8,227,600
7,710,605 48,467,373 52,745,356
$1,113,339 $7,959,027 $7,811,402
10,450,529 69,125,240 62,931,335
$1,445,220 $10,645,984 $9,318,218
11,266,130 72,635,861 60,063,588
$2,018,194 $14,258,384 211,817,925
8,977,641 47,902,753 48,103,695
21,653,481 $9,454,556 $9,428,466
594,328
2244,725
415,149
$258,039
712,728
2329,254
545,032
2364,207
5,466,310
$2,486,753
3,111,273
$2,244,652
3,809,070
$1,776,482
3,382,250
$2,347,877
146,339
$156,090
398,719
2880.222
127.720
$139,433
507.085
2926,888
1,199,862
$1,330,475
3,895,845
$8,125,166
1,047,195
$1,207,659
3,194,627
$5,975.181
New York Cotton Exchange Warns Traders in South
Against Unscrupulous Cotton Brokerage Firms.
Due to the operations of irresponsible firms who are flooding the mails with literature describing the large profits to be
made by trading in cotton at this time,investors in the South
face the danger of losing millions of dollars during the next
few months. Last year, it is estimated so-called cotton
brokers of this type fleeced the South of more than $5,000,000. In an effort to prevent a repetition of such losses, the
New York Cotton Exchange, in co-operation with the authorities, is endeavoring to warn traders in the South to
make certain of the standing and responsibility of cotton
brokerage firms before entrusting money to them. During
the past few weeks the Exchange, it is stated, has received
scores of letters from persons of small means who have been
induced to speculate in cotton through the lure of big profits
held out by irresponsible firms posing as cotton brokers.
Many of these so-called brokers are members, it is said, of
newly-formed cotton exchange which claims to furnish a
market for odd lot dealings and which have their offices in
New York and New Orleans. None of these odd lot exchanges
has any connection with the New York or New Orleans
Cotton Exchanges. In discussing the activities of brokers
and exchanges of this type Louis Brooks, Chairman of the
Business Conduct Committee of the New York Cotton
Exchange, on Sept. 28, said:
'Unless there is prompt and drastic action on the part of the State and local
authorities, I am satisfied that before the cotton season has terminated the
South will again contribute millions of dollars to unscrupulous firms posing
as cotton brokers. The Business Conduct Committee of our exchange now
has before it hundreds of letters from traders in the South complaining of
their dealings with firms of this type. Where the committee believes the
facts warrant prosecution, these complaints will be turned over to the
authorities.
Firms of this type usually have membership in some of the numerous
small odd lot exchanges through which their orders are supposed to be
executed. Two odd lot exchanges in New York which were put out of
business by the authorities were as irresponsible as the firms which composed
their membership.
Mr. Brooks declared that two things were necessary if
investors and traders in cotton of small means were to be
Ocr. 4 1924.]
THE CHRONICLE
protected from unscrupulous firms posing as legitimate
brokers. "First, the Martin Act must be amended so as to
include commodity exchanges and more teeth put into the
law," he said. "Second, cotton bucket shop operators who
have been under indictment in New York County, in some
cases for more than two years, should be brought to trial at
once. The failure to prosecute, in such instances, is an invitation to others to violate the law."
The Country's Foreign Trade in August—Imports and
Exports.
The Bureau of Statistics of the Department of Commerce
at Washington on Sept. 12 issued the statement of the
foreign trade of the Unite1 States for August and the eight
months ending with August. The value of merchandise
exported in August this year was $331,000,000, as compared
with $310,965,891 in August last year. The imports of
merchandise were $254,000,000 in August 1924, as against
$275,437,993 in August last year. This left a trade balance
in favor of the United States on the merchandise movement
of $77,000,000 for the month in 1924, as compared with a
favorable balance for the corresponding month in 1923 of
$35,527,898. Imports for the eight months of 1924 have
been $2,3S2,503,666, as against $2,650,491,662 for the
eight months of 1923. The merchandise exports for the
eight months have been $2,697,459,977, against $2,558,711,105, giving a favorable trade balance of $314,956,311,
against an unfavorable balance in 1923 of $91,780,557.
Gold imports totaled $18,149,981 in August this year, against
$32,856,097 in the corresponding month last year, and for
the eight months they are $263,226,690, as against $192,718,004. Silver imports for the eight months have been
$48,688,060, as against $45,564,774 in 1923, and silver
exports $69,399,769, against $38,525,927. Some comments
on the figures were given by us Sept. 13 in our article on
"The Financial Situation." Following is the complete
official report:
TOTAL VALUES OF IMPORTS AND EXPORTS OF THE UNITED STATES.
(Preliminary figures for 1924, corrected to Sept. 11 1924.)
MERCHANDISE.
8 Months ending August.
August.
Increase(+)
Or
1923.
1924.
Imports
Exports
1924.
1923.
Decrease(—)
•$
$
3
$
$
254,000,000 275,437,993 2.342,503,666 2,650,491,662 —2'
17,987,996
331,000,000 310,965,891 2,697,459.977 2.558,711,105 +138,748.872
Excess of Impts
Excess of expts 77,000,000 35,527,898
91,780,557
314,956.311
IMPORTS AND EXPORTS OF MERCHANDISE BY MONTHS.
1924.
1923.
Imports.
$
i
January_ __ 295,506,212 329,253,664
February-. 332.323,121 303.406,933
March _--- 320.482,113 397,928,382
324,369,966 364,252,544
April
302.987,791 372,544,578
May
274,015.523 320,233.799
June
276,818.940 287.433,769
July
August_
254,000,000 275.437.993
253,645,380
September_
October.._308,290,809
November_
291.333,346
December _
288,304,766
1922.
3
217.185,396
215,743,282
256,177.796
217,023,142
252,817,254
260,460.898
251,771,881
281.376,403
298,493.403
276,103.979
291,804,826
293,788,573
1921.
8
208,796,989
214.529,680
251,969,241
254.579.325
204,911,186
185.689,909
178,159,154
194,768,751
179.292.165
188,007,629
210.948,036
237,495.505
1913.
8
163.063,438
149.913,918
146,194,461
155,445,498
133,723.713
131,245,877
139,061.770
137.651.553
171.084,843
132.949,302
148,236.536
184,025,571
8 mos. end.
August__ 2,382,503,666 2,650,491,662 1,052,556.052 1,693,404,235 1,156,300,228
12 mos end
Decemb'r
3.792.065,063 3,112,746,833 2,509,147,570 1,792,596,480
Exports.
January--February.March —_
Aprll
May
June
July
August..
September_
October _ .
November_
December -
395,271,187
365.774.772
339,755,230
346.935,702
335,000,875
306,988,456
276,733,755
331,000,000
335.416,506
306.957.419
341,376,664
325.492,175
316.359,470
319.956.953
302,186.027
310.965,891
381,433,570
399.199.014
401,483,872
426,665,519
278,848,469
250.619.841
329,979.817
318,469.578
307,568.828
335.116,750
301,157,335
301,774.517
313,196.557
370,718,595
379,999,622
334.327,560
654,271,423
486,454.090
386,680.346
340,464.106
329,700,579
336,898,606
325.181.138
366.887,538
324.863,123
343.330,815
294,092.219
296,198,373
227,032.930
193,996,942
187,426.711
199.813.438
194.607.422
163,404,916
160,990,778
187.909,020
218.240,001
271,861,464
245.539.042
233,195.628
8 mos. end.
August__ 2,697,459,077 2,558,711,105 2,423,535,135 3,226,546,826 1,515,182.157
12 mos.end.
_ 4.167.493.080 3.831.777.469 4.485.031.356 2.48441144292
TInnnvInhar
GOLD AND SILVER.
August,
8 Months end. August. Increase(+1
Or
1924.
1923.
1924.
1923.
Decrease(—)
Gold—
Imports
Exports
i
8
3
$
$
18,149,981 32.856,097 263.226,690 192.718,004 +70,508.686
2,397.457 2,200,961 6,579,709 25.015,337 —18.435,628
Excess of Imports_
15,752,524 30,655,136 256.646.981 167,702.667
Silver—
Imports
Exports
7,041,630
8,632,067
Excess of Imports_
Exectm nt estanrta
1500427
6,465,949 48,688.060 45,564,774
+3,123,286
7,032,221 69,399,769 38.525,927 +30,873,842
7,038,847
566.272 20.711.709
1569
IMPORTS AND EXPORTS OF GOLD AND SILVER, BY MONTHS.
Gold.
Silver.
1924.
Imports,
January ___
February __
March ____
April
May
June
July
August
September ..
October
November.
December__
1923.
1922.
$
45,135,760
35,111.269
34,322,375
45,418,115
41.073,650
25.181.117
18,834.423
18,149,981
$
32.820,163
8.382,736
15,951.357
9,188,470
46,156,195
19,433,539
27,929,447
32,856,097
27,803,961
29.795,185
39,757,436
32,611,226
$
26.571,371
28.738.920
33,488.256
12,243.555
8,993,957
12,976,636
42,986,727
19,092,208
24,464,235
20,866.156
18,308,087
26,439,677
1924.
1923.
3
$
5.979,758 5.824.637
7.900,409 3,792,387
6.220,934 4,626,376
3.907,745 4,261,869
5,639,582 4,461,146
4,870.389 6,065,947
7,127,613 10,066,463
7,041,630 6,465,949
8,517,971
6,929,311
5,269,173
8.172,301
1922.
S
6.495,758
4,785,957
6,953.105
4,799.873
5,511.553
6,345.744
6,957,298
4,943,762
6,370.279
3,940,349
5.855,405
7,847,570
8 mos. end.
August ... 263,226,690 192,718,004 185,091.630 48,688,060 45,564,774 46.793.050
12 mos.end.
74,453,530 70,806,653
December
322,715,812 275,169,785
Exports.
January ___
February..
March ____
Aprll
May
June
July
August
September.
October
November December..
3 mos. end.
August..
12 mos.end.
December
862,983
280,723 8,472.198
505,135 1.399,089 1,731.794
963,413
817,374 10,392.100
1.390,537
655.235 1,578,867
593,290
824,444 3,406,658
268,015
548.484 1.600,754
327,178
522.826
643.714
2,397,457 2,200,961
955,853
862,697 1,398.607
1,307,060 17,591,595
746,794 3,431.065
711.529 2,709,591
8,208.644
8,876,713
8,355.278
7,801,689
9,686,517
8.648,499
9,190.362
8,632,067
6.921,002
2,191,059
4.731,705
4,336.338
3,499.358
3,581,081
6.233,163
7.032,221
8.123.460
7,522.845
8.775,474
9,521.083
3.977,118
7.091.665
4,302,182
5,108,732
5.676,755
6.004,421
6.268.953
3.861.180
3,735,178
3.268.731
6.599.171
6,913,200
8,579,709 25,015,337 11,744,036 69,399,769 38,525,927 42.291.006
28.643.417 38.874.894
72.468.789 62,807.286
Monthly Labor Review—Effect Of Immigration Act.
An article showing the effects of the Immigration Act of
May 1924 in restricting the entrance of aliens into the
United States was contributed to the August issue of the
"Monthly Labor Review by Ethelbert Stewart, U. S. Commissioner of Labor Statistics. The Act provided that a
statement should be prepared and submitted to the President by the Secretaries of State, Commerce, and Labor
showing the quota of each nationality entitled to immigration
vises under the law and a committee of six, of which Mr.
Stewart was a member, was appointed to prepare the basic
statistical material upon which the report could be based.
The Bureau of Labor Statistics, in announcing this Aug. 18,
said:
The article affords a comparison, not only of the present with former
quotas, but also shows some of the results which may be expected through
the operation of the law. While the number of aliens who may be admitted
from quota territory is fixed it must not be assumed that the law places
any limit on total immigration because of the exemptions and the fact that
nearly all of the Western Hemisphere is not subject to quota restriction.
The quota, as a whole, under the new law, is reduced more than one-half
from that of 1923, the greatest reductions being effective in the countries
of South and East Europe. The large amount of immigration from nonquota countries is shown by the fact that during the fiscal year ending
June 30 1924. 46% more aliens were admitted outside the quota than were
admitted under it. In spite of the large number of entries, however, "the
fact remains that the quota theory of immigration has justified Itself as a
working method of real restriction."
A study of the purchasing power of the pre-war dollar from January 1920.
to June 1924. for various groups of commodities shows that for all groups
combined the lowest value was reached in May 1920, when it equaled only
40 cents. In the second half of 1921 and the first half of 1922 the buying
power of the dollar had advanced above 70 cents and from that time to the
middle of 1924 there has been little change,the real value of the dollar having
Increased from 66 cents in January 1924, to 69 cents in June 1924.
Other special articles in this number of the "Review" include one on the
problems arising in Massachusetts from the enforcement of the minimum
wage and 48-hour laws, and one on labor legislation enacted recently in the
State of Nayarit, Mexico, which continues a series of articles on Mexican
labor laws.
A general survey of wages and hours covering rerrentative plants in ten
departments of the iron and steel industry in 1924 has been completed by the
Bureau of Labor Statistics. Summary figures for bar, blooming, plate,
puddling and standard rail mills published in this issue show clearly the
effect of the movement to abolish the long 12
-hour turn in the industry.
Only a small percentage of the plants covered in the study were found to
have retained the 12
-hour shift and the 84-hour week. While full-time hours
per week have in general greatly decreased hourly earnings have increased
to an even greater extent, so that the reduced hours are more than counterbalanced, and weekly earnings show an increase in each department except
plate mills. Hourly earnings in puddling mills in 1924 advanced 51% over
those for 1922, in blooming mills 31%. In plate mills 24%. and in bar mills
19%. Comparative data for rail mills were not available. Although the
1924 earnings in the ten departments investigated are less than in 1920,they
are still much higher than the average for the pre-war period.
In addition to these articles the "Review" contains notes and articles on
Industrial relations and labor conditions, prices and cost of living, wages and
hours of labor, woman and child labor, labor agreements, employment and
unemployment, housing, industrial accidents and hygiene, workmen's
compensation and social insurance, minimum wage, labor laws and court
decisions, rehabilitation, cooperation, strikes and lockouts, conciliation and
arbitration, Immigration and factory inspection.
Total Values of Imports and Exports of Merchandise
by Grand Divisions and Principal Countries.
The Bureau of Foreign and Domestic Commerce of the
Department of Commerce at Washington on Oct. 1 issued
its report showing the merchandise imports and exports by
grand divisions and principal countries for the month of
THE CHRONICLE
1570
[VOL. 119.
Of the 528 establishments reporting for 1923, 105 were
August and the eight months ending with August for the
years 1923 and 1924. The following is the table complete: located in Ohio, 70 each in Massachusetts and New Jersey,
50 in New York, 35 each in Illinois and Pennsylvania, 24
Eight Months Ended August. in California, 23 in Connecticut, 19 in Indiana, 13 each in
Month of August.
1924.
1923.
1924.
Missouri and Wisconsin, 12 in Michigan, 8 in Rhode Island,
1923.
6 in Texas, and the remaining 45 in Alabama, Colorado,
3
Imports from
s
5
$
Grand DIV181011/:
1
Delaware, Georgia, Iowa, Kentucky, Louisiana, Maine,
84,504,509 79,923,369 779,460,987 682,260,553
BUMP°
North America
69.395,581 70,051,252 706,765,462 705,691,002 • Maryland, Minnesota, Nebraska, North Carolina, Okla20,156,700 34,433,446 330,537.350 307,281,084
South America
85,950,735 65,319,695 714,145,219 600,557,811 homa, Oregon, Tennessee, Virginia, Washington and West
Asia
37,260,902
50,876,187
2,486,867 2,054,438
Oceania
49,836,373 Virginia. Of these establishments, those engaged primarily
68,706,457
3,943,601 2,847.699
Africa
in the manufacture of rubber tires and inner tubes numbered
275,437,993 254,829,899 2,650,491,662 2,382,867,725
160; of rubber boots and shoes, 25; of rubber belting and hose,
Principal countries:
44,522,047 22; and of miscellaneous rubber goods, 321.
44,998,733
6,450,313 4.854,876
Belgium
4,716,362
4,533,460
294,283
424,534
Denmark
The statistics for 1923 and 1921 are presented in detail,
92,735.337
97,212,616
11,029,868 11,059,796
France
87,769,529 for the United States as a whole, in the accompanying tables.
13,776,600 11,886,223 104,700,251
Germany
20,714,370
11,639,179
54,174 1,504,618
Greece
43,163,431 (The figures for 1923 are preliminary and subject to such
57,715,820
5,645,994 4,107,541
Italy
51,566,003 • 44,201,169
5,875,149 5,804,615
Netherlands
12,531.211 corrections as may be found necessary upon further examina12,883,130
1,811,922 1,170,777
Norway
4,594,508
978,856
12,358
151,807
Russia in Europe
18.648,787 tion of the returns.) Table 1 gives "general statistics" for
20,198.319
1,995,487 1,313,987
Spain
23,900,622 the group of four rubber industries and for each industry
23,297,935
3,526,060 4,274.901
Sweden
21,602,387
23,466,506
3,584,712 2.826,789
Switzerland
24,720,612 25,876,617 288,488,154 222,232,200 separately, and Table 2 presents detailed statistics of prodUnited Kingdom
35,793,516 30,278,854 270,650,996 262,490,271
Canada
28,123,726 ucts for the entire group. The difference between the total
29,003,149
1,370,156 2,882,012
Central America
91,463,307 112,500,855 value of products shown in Table 1 for any one industry
9,147,966 13,267,281
Mexico
20,625,355 21.321,085 295,892,070 281,881,001
Cuba
4,313,960 for example, the tire and tube industry-and the total
3,522,973
369,529 • 499;283
Dominican Republic
98,068,702
54,299,202
6,017,387 4.276.677
Argentina
85479,465 105,509,914 value of the corresponding class of products as given in Table
8,315,817 13,803,916
Brazil
68,999,379 2,-is due to the fact that some of the establishments in each
69,146,624
8,976,358 6,426,560
Chile
40,787,693
28,701,349
4,292,204 5,445,746
Colombia
-4,610,802 industry manufacture small quantities of products other than
516,289
4,195,721
237,106
Ecuador
15.724,508 those normally belonging to the industry. For example:
11,691,657
1,942,171 2,177,029
Peru
5,216,451
20,422,733
462,684
363.594
Uruguay
10,620,687 Some of the establishments engaged primarily in the manufac8,522,688
654,537 1,143,991
Venezuela
68.643,084 ture of rubber tires and inner tubes also produce miscellane94,314,891
9,607,697 6,748,228
British India
99,043,858
11,474,276 8,759,301 112,579,400
Straits Settlements
75,268,133 ous rubber goods; and some plants which are classified as
15,101,022 7,083,627 125,021,558
China
38,679,278
36,219,973 manufacturers of miscellaneous rubber goods also produce
4,027,411 2,488,622
Dutch East Indies
31,947,700 29,613,084 234,517,775 207,166,085 considerable quantities of belting and hose. The figures in
Japan
73,287,742
60,029.257
9,442,435 6,827,196
Philippine Islands
25,786,074 Table'1 are industry totals and refer to all products, primary
998.065
36,168,092
1,601,300
Australia
10,035,059 and secondary,'manufactured by the establishments classi12.787,849
947,589
727,720
New Zealand
5,260,461
11,604,504
264,061
269,919
British South Africa
20,384,135 fied in the respective industries; those in Table 2 relate to
242,942
31,092,038
313,693
Egypt
the classes of products specified regardless of whether manuExports to
factured in one industry or another.
Grand Divisions:
Europe
North America
South America
Asia
Oceania
Africa
136,763.200 156,349,098 1,212,552,199 1,339,514,257
99,050,012 94,513,089 733,558,805 674,249,865
24,419,614 30,535,723 183,257,829 201.262,142
30,956,368 30,689,237 292,957,830 332,734,519
94,842,088 103,298,133
14,954,467 12,686,069
41,542,554
46,296,786
4,822,230 6,122,509
310.965,891 330.895,725 2,558,711,105 2,697,355,702
Principal Countries:
Belgium
Denmark
France
Germany
Greece
Italy
Netherlands
Norway
Russia in Europe
Spain
Sweden
Switzerland
United Kingdom
Canada
Central America
Mexico
Cuba
Dominican Republic
Argentina
Brazil '
Chile
Colombia
Ecuador
Peru
Uruguay
Venezuela
British India
Straits Settlements
China
Dutch East Indies
Japan
Phlitppins Islands
Australia
New Zealand
British South Africa
Egypt
7,698,948
2,188,516
18,536,982
23.260,431
342,574
8,928,531
9,241,719
1,603,011
151,885
5,492,393
2,962,296
437,423
53,000,967
60,579,209
4,185,024
10,761,854
17,726,783
1,382,201
11,783,040
3,398,516
3,155.045
1,478,882
335.080
1,696,791
1,128.783
838,812
2,466,669
672,272
7,353,211
731.627
13,168,627
3,919,537
12.025,265
2,735,216
2,210,248
507.594
7,809,519
2,409,876
20,599,985
19,280,842
1,052,960
13,224,848
10,870,769
1,479,146
1,233,022
5,791,391
2,805,522
539,377
65,725,227
50,348,166
7,184,770
11,227,229
19,788,589
1,359,740
12,399,137
6.148,724
3,156,281
2,531,784
358,007
1,953,571
1,576,540
1,627,311
2,917,534
885,912
7,358,478
1,972,806
9,630,140
4.944,713
9,690,452
2,853,591
3,332,736
526.745
63,385,597
62,178,301
26.561.178
28,184,800
155,200,140 162,099,148
191,994,482 237.392,262
8,268,535
6,782.041
94,534,136 105,816,240
76,732,033
69,311,552
12,215,914
20,343,139
32.342,647
2,706,917
42,168,099
34,388,125
25,857,175
25,979,413
6,129,970
3,363,110
478,594,089 518.270,382
448,891,489 375.217,213
42,116,234
35,855,666
79,985,068
86.015,016
128,447.365 130,038,919
9,665,548'
8,319,380
73,890,480
80,191,418
41,502,644
29,300,626
20,430,473
21,193,347
15,318,720
16.978,857
3,689,314
3,268,639
15,693,482
12,514,010
10,174,317
12,764,932
11,489,982
7,109,223
23.072,436
19,282,599
5,025,860
4,897.205
80,490,246
65,220,762
10,276,578
7,055,814
141,916,345 147,609,555
38,293,457
29,612,543
82.318,629
76,294,667
17,335,668
19,703,266
24,160,426
19,038,905
4,029,297
4,087,152
Increase in Rubber Production Between 1921 and 1923.
According to data collected at the biennial census of manu_
factures, the establishments engaged primarily in the manufacture of rubber products reported for 1923 a total output
valued at $953,643,355, of which amount $567,217,141 represents rubber tires and inner tubes; $134,986,897 rubber
boots and shoes; $58,115,453, rubber belting and hose; and
$193,323,864, other products, consisting of rubberized fabrics, rubber clothing, rubber heels, druggists' and stationers'
sundries, hard rubber goods, &c. The total value of products shows an increase of 35.3% as compared with 1921, the
last preceding census year.
The total production of pneumatic tire casings for automobiles and trucks increased from 27,297,919, valued at
$377,829,338, in 1921, to 45,362,747, valued at $457,374,439,
in 1923, the rates of increase in number and .value being
66.2% and 21.1%, respectively. During the same period
the output of inner tubes for automobiles and trucks increased
from 32,082,002, valued at $52,858,181, to 56,933,646,
valued at $74,660,021, the rates of increase in number and
value being 77.5% and 41.2%, respectively.
--GENERAL STATISTICS FOR THE RUBBER INDUSTRIES
TABLE 1.
1923 AND 1921.
.
Pei. Ct
The Group as a Whole
1923.
1921.
/nc.a
Ali Rubber Industries Combined528
496
6.4
Number of
p
169,789
124,738. 28.1
104
95 _
Proprietors and firm members
21,982
21,370
21)
-.
Salaried emPloYees
137,703
103.273 33.3
Wage earners(average number)
Apr. 152,700 Aug. 113,788
Maximum month
Oct. 122,886 Feb. 86,838 - _ _ _
Minimum month
80.5
76.3 __ ...
Per cent of maximum
$230,256,622$170,868,015 34.8
Salaries and wages
348,412,658 $47,255,142
2.4
Salaries
1181,843,964 $123,612,873 47.1
Wages
$866,603
$279,584210.0
Paid for contract work
Cost of materials (including fuel and containers).$497,673,799 $377,879,372 31.7
$053,643,355 $704,903,13335.3
Products,total value
$455,969,556 $327,023,761 39.4
Value added by manufacture_b
c
603,308
Horsepower
-2,237,946
c
Coal consumed (tons of 2,000 lbs.)
Rubber Tires and Inner-Tubes
160
Number of establishments
178 -10.1
86,939
68,872 26.2
Persons engaged
Proprietors and firm members
2
8
"
.
Salaried employees
13,070
13,368 - 2_..i_
5
5,496 33.1
73,867
Wage earners (average number)
Maximum month
Apr. 86,552 Aug. 68,075
Minimum month
Oct. 60,274 Jan. 38,092
89.6
58.0
Per cent of maximum
$139,511,405 $107,118,985 30.2
Salaries and wages
$31,048,439 $32,064,837 -3.2
Sa'aries
8108,462,966 $75,054,148 44.5
Wages
$54296 -91.9
$4420
Paid for contract work
Cost of materials (including fuel and containers)-$364,586,403 $291,554,377 25.0
$643,336,253 $496,123,335 29.7
Products, total value
•
$278,750,850 $204,568,958 36.3
Value added by manufacture_b
370,560
c
Horsepower
c
1,478,261
Coal consumed (tons 01 2,000 lbs.)
Rubber Boots and Shoes
25
24 _ _
Number of establishments
32,993
27,437 20.2
Persons engaged
4
Proprietors and firm members
1
3,554
0
.2
Salaried employees
3,648 - 29,435
Wage earners (average number)
23,888 23.2
Maximum month
Nev. 30,697 Jan. 28,630 _--Minimum month
Jan. 26,996 June 16,418 -Per cent of maximum
88.2
67.3 -Salaries and wages
$39,430,595 828,964.473 36.1
4.0
Salaries
15,759,785 $5,536,358
Wages
$33,870,810 $23,428,116 43.7
47 3
Paid for contract work
32 140 3 .
32,111:552 2 0 5
Cost of materials (including fuel and containers)_ 145.26%,98 $
3 87
9
8
Products,total value
$131,739,742 $94,032,524 40.1
77
899,582 : :
Value added by manufacture_ b
$86,470,754 $81,c
Horsepower
68,184
c
Coal consumed (tons 01 2.000 lbs.)
120,626
Rubber Belting and hose
18
22
Number of establishments
23
.1
3,825 1---•5
Persons engaged
3
Proprietors and firm members
615 tifio
8,0901,279
Salaried employees
3,007 126.6
(averagonumber)8,815
Wage earners
:0
4 .45
3
Mav. 5,154 5e bt 3 346
m r. 7 57 Fep .. 2 03
Maximum month
Minimum month
80.1
Per cent of maximum
-- .3
4
$11,608,620 $4,232,445 17 Salaries and wages
$3,184,878 81,124,848 181.4
Salaries
$8,443,742 13,107,597 171.7
Wages
$16,601 __ _
Paid for contract work
:
Cost of materials (including fuel and containers)_ $21,990,592 $7,242,824 213:.6
$42,781,459 $14 880 277 187 5
: :
7.
22
Products,total value
Value added by manufacture_b
•
•
c
38,137
Horsepower
lbs.)c
94,954
Coal consumed (tons of 2,000
Other Rubber Goods321
276 16.3
Number of establishments
31,758
24,804 28.0
Persons engaged
93
Proprietors and firm members
4,079
4, ) -1.i
41
3
.
Salaries employees
27,586
20,882 32.1
Wage earners (average number)
Apr. 29,562 Dec. 22.556 -...:i
Maximum month
Sept. 25,547 Jan. 18,267
- Minimum month
86.4
81.0
Per cent of maximum
THE CHRONICLE
OCT. 41924.]
1571
Per CI.
inc.a
1921.
830,552,112 30.0
38,529,099 -1.0
$22,023,013 42.0
$207,537 313.6
$46,949,229 40.2
399,866,997 36.0
$52,917,768 32.2
-- C
Wage Earners' Rent Rises 6% in a Year.
Rents for wage earners' houses have increased slightly
over 6% in the period between July 1923 and July 1924, according to the National Industrial Conference Board of 247
Park Avenue, New York. The board finds after a comprehensive survey of the rental situation in 178 cities that compared with the rentals of ten years ago, rents are 86% higher.
base is less
a Minus sign (-) denotes decrease. Per cent not computed where
This applies to accommodations of four and five unheated
than 100. b Value of products less cost of materials. c Not reported.
usually occupied by wage earn& 1921. romps with bath, such as are
-DETAILED STATISTICS OF RUBBER PRODUCTS: 1923
TABLE 2
ers, and does not relate to more expensive houses and apart(For explanation of difference between values of specified classes of products
as given in this table and values of products for corresponding industries as given ments. Despite the fact that the increases in rents for the
In Table 1, see last paragraph of text.)
P.C. of country as a whole in July 1924 was 86% higher than in 1914,
1921. Increase.
1923.
$953,643,355 $704,903,133 35.3 the investigation by the board shows that there were sixtyTotal value
greater average increase than this
$567,217,141 3450.339,135 26.0 nine cities which had a
Tires and inner tubes, total value
Pneumatic
and five cities where rents were 150% higher than in 1914.
Automobile and truckThe cities in the latter group are Binghamton, N. Y.; Johnscasings
45,362,747 27,297,919 66.2
Number
$377,829,338 21.1 town, Pa.; Los Angeles, Cal.; Richmond, Ind.; and Scranton,
$457,374,439
Value
Inner tubes
.cities reported average rents as having in56,933,646 32,082,002 77.5 Pa. Forty-four
Number
$74,660,021 $52,858,181 41.2 creased 100%, but less than 150% since 1914.
Value
Motorcycle and bicycle
For the four-months period, March to July 1924, no
Casings and single-tube tires
1,623,772 125.9
3,668,114
Number
cities; there were de$5,016,050 33,946,066 27.1 change in rents was reported from 93
Value
Inner tubes
creases in 51 cities and increases in 33. The greatest number
351,281 83.1
642,696
Number
$317,109 112.2 of increases in average rents were reported from the eastern
$672,955
Value
Seidlsection of the country and the greatest number of decreases
Truck
401,388 130.1
923,549
Number
section. In the East there were
$28,203,142 $14,735,925 91.4 from the middle-western
Value
3652,516 97.8 19 cities where rents increased. The largest increase noted
$1,290,534
All other,value
Rubber boots
6,532,212 54.6 in this section was between 11% and 20% in Johnstown, Pa.
10,097,896
Pairs
$23,573,097 315,104,058 56.1
Value
Eighteen other cities reported increases of 10%, amongst
shoes
Rubber
37,125,061r
New
Pairs
5.1 these were: Baltimore, Boston, Bridgeport, Buffalo,
339,745,6141 57,191,040
Value
I 860,759,215 36.7 York, Philadelphia, Pittsburgh, Providence and Yonkers.
Rubber overshoes
22,977,714]
Pairs
$43,285,928]
Decreases averaging 10% or less were reported from 10 cities.
Value
Shoes, canvas, with rubber soles
In the Middle-West 23 cities reported decreases in rents
71.4
26,114,073 15,236,590
Pairs
$28,382,258 $18,943,756 49.8 and 8 other large cities an increase of 10% or less. From the
Value
Rubber heels, for sale as such
288,493,357 137,498,617 109.8 South the reports of changes in rents indicated that there
Pairs
$23,650,196 $14,527,762 62.8
Value
were average decreases between March and July 1924 in
Rubber soles, including composition or fiber
5,002,787 170.0
13,509,232
only 2
Pairs
$1,739,848 182.1 11 cities while 4 reported increases. In the far West,
$4,907,662
Value
cities reported increases in rent. They were San Francisco
fabrics, sold as such or on hand
Rubberized
Automobile and carriage
33,038,756 15,544,831 112.5 and Seattle where, rents increased 10% or less. The survey
Yards
$14,188,553 $6,910,363 105.3
Value
made by the board brings out some interesting comparisons of
Hospital sheeting
4,921,7861
Yards
rent increases in relation to the sizes of cities, as follows:
$2,020,2011
Value
$4,308,414 52.5
There were 8 cities of 500,000 population or over where
All other
13,178,870]
Yards
$4,549,415)
average rents increased not more than 10%; 2 with 10% or
Value
$24,266,881 $13,068,798 85.7
Rubber belting, value
In cities
$33,848,572 $18,139,651 86.6 less decrease, and 2 which reported no change.
Rubber hose, value
$5,627,589 $4,460,127 26.2 where the population was between 250,000 and 500,000, 6
Rubber packing, value
512,975,862 $4,083,803 217.7
Rubber clothing, value
$19,832,592 $13,501,400 46.9 had an average decrease in rents of 10% or less; only 2 had
Druggists' and stationers' sundries, value
526,019,468 311,940,940 117.9
Hard-rubber goods, value
$65,719,746 847,035,064 39.7 increased 10% or less; and in 5 there was no change. In the
All other manufactures of rubber, value
Reclaimed rubber, sold and on hand
there was one
121.541,445 68,276,588 78.0 cities with a population of 100,000 to 250,000
Pounds
$11,714,438 87,424,453 57.8 with an increase of 11% to 20%; 4 with increases of 10% or
Value
$2,118,142 $12,616,346
All other products*
less; 12 with decreases of 10% or less; and 26 where no change
*Figures for 1923 and 1921 not comparable.
in average rents was indicated. In the cities.with a population of 50,000 to 100,000, 13 increases of 10% or less were
reported; 2 increases of 11% to 20%, but decreases in this
Analysis of Imports and Exports of the United States group were 10% or less in 19 cities, 11% to 20% in 2 cities,
for August.
while in 32 cities no change had taken place. Among the
The Department of Commerce at Washington on Sept. 29 42 cities with a population of less than 50,000 from which
issued its analysis of the foreign trade of the United States reports were received by the board, more than one-half
for the month of August and the eight months ending with recorded no change in rents during the period from March
August. This statement enables one to see how much of the to July 1924.
merchandise imports and exports for 1924 and 1923 consisted
of crude materials, and how much of manufactures and in Rents Fall in Chicago-City Council Hears That
Thousands of Flats Are Vacant.
what state, and how much of foodstuffs and whether crude
or partly or wholly manufactured. The following is the
The following Chicago advices, Sept. 15, appeared in the
report in full.
New York "Times:"
(Values in 1,000 Dollars.)
1923.
$39,706,002
Salaries and wages
$8,439,556
Salaries
$31,266,446
Wages
$858,304
Paid for contract work
(including fuel and containers) _ $65,828.816
Cost of materials
$135,785,901
Products,total value
369,957,085
Value added by manufacture_b
138,425
Horsepower
544,105
Coal consumed (tons of 2,000 lbs.)
Groups.
Imports
Crude materials for use in
mtuzufacturing
Foodstuffs, crude and
food animals
or
partly
Foodstuffs
wholly manufactured
Manufactures for further
use in manufacturing_ _
Manufactures ready for
consumption
Miscellaneous
Rents in Chicago and suburbs are coming down because apartments are
vacant in all sections of the city, according to a report submitted to the
Eight Months Ended August.
Month of August.
City Council Committee on High Costs to-day by Secretary Joseph Rushkewicz.
1924.
1924.
1923.
1923.
"In one Sunday paper there were 43 columns of flats for rent and four
Value. P.C. Value. P.C. Value. P.C. Value. P.C. columns of suburban apartments," Mr. Rushkewicz said. "In all, there
were approximately 5,000 vacant flats in the city advertised and close to
94,589 34 83,630 33 1,018,310 38 801.019 34
In the suburbs. In all probability there are an equal number, if not more,
9 275,151 12 which are not advertised.
8 31,480 12 226,699
21,05
"Very few landlords are attempting to boost rents, the high peak having
33,010 12 30,400 12 384,970 15 388,116 16
been reached with the result that there will not be many moving this fall.
58,130 21 47,211 18 508,017 19 424,599 18 This means that thousands of flats will stand vacant unless the owners
reduce rents. They cannot carry the load longer and rents must come
66,983 24 60,128 24 504,698 19 482,938 20
down."
1
1 1,781
7,798
1,668
11,045
275,438 100 254,630 100 2,650,492 100 2,382,868 100
Total imports
Exports
materials for use in
Crude
54,448 21 62,913 19 577,880 23 671,205 25
loo manufacturing
Foodstuffs, crude and
7 125,967
8 31,596 10 179,225
5
23,897
I& food animals
or
partly
Foodtsuffs
42,635 14 44,534 14 377,187 15 357.498 14
manufactured
wholly
Manufactures for further
45,813 15 47,176 14 372,873 15 402,985 15
use in manufacturing
Manufactures ready for
126,779 42 138,369 43 995,907 40 1,073,991 41
consumption
3,809
3,787 _
477 --186 __
Miscellaneous
Total domestic exports 304,758 100 325,065 100 2,506,881 100 2,835,431 100
51,830
61,925
6,208 ___ 5.831 --Foreign exports
2,697,356
330,896 _- 2,558,711
310,966
Total exports
500
President Coolidge at Druggists' Convention Pledges
Administrative Economy and Peaceful Foreign
Relations - His Message to Massachusetts
Republicans.
"I pledge you my efforts to continue to secure economy
of administration that there may be reduction of taxation,
and harmony in our foreign relations that there may
be peace and prosperity," President Coolidge said in a
speech on September 24 to the delegates to the 26th
annual convention of the National Association of Retail
1572
THE CHRONICLE
Druggists, assembled in the grounds of the White House.
In the opinion of Mr. Coolidge, success of the modern
business depends not entirely upon profit and sharp dealing,
but more and more upon service and mutual consideration.
Business and Government are constantly coming in contact,
and this new attitude helps "to make easier and more satisfactory" the relations between them. Just as business aims
at becoming more useful to the public, said the President,
will it meet less and less interference by the agencies of
government. President Coolidge spoke as follows:
Not merely because it was a pleasure to do so, but because it was also
an
opportunity. I invited the members of your organization to meet me here
to-day. I extend to you in behalf of your Government the warmest
of
welcomes to the capital city. I hope that your gathering may be profitable
to all of you as your presence here relates primarily to business concerns.
Beyond that I trust your visit in Washington may serve to bring to all
of
you a little better realization of the workings of the national Government.
The machinery of government has been set up here to serve all of the people.
It will accomplish its real purpose just to the extent that it renders such
service.
I feel strongly that whenever such an organization as yours brings to
Washington a great representative body of business men. it is bringing a
sect:on of the people that much closer to their Government. It is affording
the opportunity to familiarize themselves with the character, the extent
and the infinite ramifications of a great political and also great business
organization. It cannot but be a reminder of the intimate relationship
which exists between the people and their government. It is not something
afar off, but near and vital to their interests. I hope that your experiences
In Washington will be a reminder also of the fact that the Government is
your Government. that its agencies are set up to serve you.
It is no part of the theory of our Republic that government is something
imposed from above. Rather, it is intended and presumed to be a useful
part of the social organization, which comes up from the people, and is
Justified to the extent that it preetcts, extends and promotes their broadest
interests.
It has seemed to me that in the conduct of business, and on its development in recent years. may be found an object lesson for those of us who are
charged with the responsibilities of governmental administration. In
recent decades it has come to be an axiom of successful business that profit
Is not the sole end to be sought. Business success, in whatever field, is
more and more the result of policies Which look to giving service to the
public. The business which on the whole Is likely to prosper most is that
business which aims to give the customer something more than the commodity which he comes to buy. If he comes with a somewhat indefinite
idea of precisely what he wants, he is helped. If he Co11103 imagining that he
wants something that he would be better without, the business man who
I
(77.1zrrent
convinces him of his error, even at the cost of a sale, is pretty
certain to
profit in the long run by his candor and disinterestedness. The
successful
merchant no longer attempts to thrive on sharp dealing, but on
service and
mutual consideration. It is the realization of just such truths as
these, the
application of the common interest between merchant and customer,
the
sense of responsibility on both sides, that has in recent times
introduced
more and more the moral element into business transactions. Your
own
business has been notably touched by the introduction of this element,
and
It is one of the reasons for its prosperity. I am glad to say throughout
the
entire structure of business in this country,great and small, there is evidence
of this new conception. It marks a long step toward higher and
better
social purposes and methods.
Just in proportion as this new attitude shall affect the relations of the
merchant and his customers it will help to make easier and more satisfactory
the relations between business and government. Under our complex social
and industrial order it is inevitable that government and business shall come
a good deal in contact. It should be the aim of governmental administration
to make these contacts as few as possible and to reduce their burdens
and
annoyances to the minimum which is consistent with conservation of
the
broadest public interest. On the whole, business will meet less and less
interference by the agencies of government lust as it more nearly approximates to the ideal of usefulness to the community. We are all entitled
to a
sense of gratification that business is now constantly progressing
toward the
best realization of this important fact.
So, once more, with the feeling that you gentlemen represent only
one of
the lines of business that has gone far along the way toward establishing
the
best relationship between the business man and his customers, between
business and government, I welcome your convention, on behalf of
your
national Government, to your nation's capital city. I pledge you
my
efforts to continuo to secure economy of administration that there may be
reduction of taxation and harmony in our foreign relations that there may be
peace and prosperity.
On the occasion of the Republican and Democratic State
conventions, held at Worcester, Mass., Sept. 20, Mr.
Coolidge sent a telegram to Frank H. Foss, Chairman of the
Republican State Committee, emphasizing economy,stability
and common sense in government as the issues upon which
he predicted his party would gain victory. His greeting said:
This is the first time in many years that I have not been able to attend
the Republican State convention in Massachusetts. I wish you would communicate my best wishes to the delegates and express my appreciation of
the loyal support which they have given me. Present developments indicate that in the coming election the Republican Party is the only hope which
America has for economy, stability and common sense in government. The
appeal which it now makes to the patriotism of the nation for present support has not been exceeded in many years. I know that we can depend on
Massachusetts. I believe we can depend on the nation.
Events and Discussions
The Week With the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on Oct. 1, made public by the Federal Reserve
Board, and which deals with the results for the twelve
Federal Reserve banks combined, shows an increase of
$46,400,000 in holdings of acceptances purchased in open
market, of 86,900,000 in discounted bills and of $1,400,000
in Government securities. As a result of these changes
total earning assets were $54,600,000 above the amount
reported a week ago. Federal Reserve note circulation rose
by $15,100,000 and total deposits by $18,100,000, while
cash reserves declined by $25,000,000.
The New York Reserve Bank reports an addition of $18,600,000 to its holdings of discounted bills, while Dallas
shows a decline of $2,700,000, Boston of $2,500,000, Richmond of $2,300,000 and Cleveland of $2,200,000. The
remaining banks show relatively small changes in this item
for the week. Holdings of paper secured by U. S. Government obligations went up by $15,300,000 to $104,800,000.
Of the latter amount, $77,900,000 was secured by Liberty
and other U. S. bonds, $25,400,000 by Treasury notes and
$1,500,000 by certificates of indebtedness. After noting
these facts, the Federal Reserve Board proceeds as follows:
An increase of $34,700,000 in holdings of acceptances purchased in
open market is reported by the Federal Reserve Bank of New York, of
$2,800.000 by Chicago, and of $2,300,000 each by the San Francisco and
Boston Reserve banks. Holdings of U. S. Government bonds rose by
$600,000 and of certificates of indebtedness by $800,000, while holdings of
Treasury notes remained practically unchanged.
All Federal Reserve banks report a larger volume of Federal Reserve
notes in circulation, except Cleveland and Chicago whose note circulation
fell off by $1,400,000 and $1,600,000. respectively. The largest increase—
$5,100.000—in Federal Reserve note circulation is shown for the Philadelphia Bank, Boston reports an increase of $3,200,000 and Dallas an
Increase of $2,000,000. Gold reserves declined by $23,900,000 during the
week, reserves other than gold by $1,100,000. and non-reserve cash by
$3,400,000.
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 1602 and 1603. A
summary of the changes in the principal assets and liabilities
of the Reserve banks during the week and the year ending
Oct. 1 1924 follows:
[VOL. 119.
Increase (-1-) or Decrease (—
Durinp
Week.
Year.
Total reserves
—$25,000,000 —$57,000,000
Gold reserves
—23.900,000
—70,600,000
Total earning assets
+54,600,000 —167,100,000
Bills discounted, total
+6,900,000 —614,900,000
Secured by U. S. Govt. obligations_ _ _ _ +15,300.000 —295,400,000
Other bills discounted
—8.400.000 —319,500.000
Bills bought in open market
+46,400.000
—34,600,000
U. S. Government securities, total
+1.400,000 +480,800,000
Bonds
+600,000
+15,600,000
Treasury notes
+330,200.000
Certificates of Indebtedness
+800.000 +135.000.00a
Federal'Reserve not.e9n circulation
+15.100,000 —527,300,000
Total deposits
+18,100,000 +277,800,000
Members' reserve depbsits
+7,600.000 +243,900,000
Government deposits
+9.600,000
+25,500,000
Other clepo,its
+900,000
+7,400,000
The Week with the Member Banks of the Federal
Reserve System.
Further gains of $136,000,000 in loans and investments
and of $42,000,000 in time deposits, together with a decline
of $138,000,000 in reserve balances with the Federal Reserve banks and a loss of $158,000,000 in net demand
deposits, are shown in the Federal Reserve Board's weekly
consolidated statement of condition on Sept. 24 of 747
member banks in leading cities. It should be noted that
the figures for these member banks are always a week behind
those for the Reserve banks themselves.
Loans on corporate stocks and bonds increased by $51,000,000 and "all other" loans by $58,000,000. Loans
secured by U. S. Government obligations declined by
$9,000,000. All classes of securities show larger figures
than for the preceding week; holdings of Treasury notes
advanced by $17,000,000, of certificates of indebtedness by
$6,000,000 and of other bonds, stocks and securities by
$12,000,000.
Total loans and discounts of the New York City reporting
members increased by $93,000,000. Loans on Government securities were $9,000,000 less than a week ago, while
loans on other securities and "all other" loans show gains
of $50,000,000 and $52,000,000, respectively. Holdings of
OCT. 4 1924.]
THE CHRONICLE
1513
Co. or of temporary bonds will be made
Government securities increased by $23,000,000 and hold- Brown Brothers &
Oct. 16 1924.
ings of corporate securities declined $2,000,000. Further on or about
comment regarding the changes shown by these member
Offering of Bonds of City of Christiania, Norway.
banks is as follows:
On Oct. 1 Kuhn, Loeb & Co. of this city offered at 98%
Of the total reduction of $158,000,000 in net demand deposits, $99,banks
000,000 is reported by banks In the New York district. $15.000,000 by
and accrued interest, to yield about 6.15% to maturity,
in the Chicago district and $11,000,000 each by banks in the Boston and
-year 6% sinking
city of Christiania (Norway)30
Cleveland districts. Time deposits increased by $42,000,000, of which $2,000,000
fund gold bonds. It is noted that the present offering repre$28,000,000 is shown for the New York City banks.
Reserve balances maintained at the Federal Reserve banks declined by sents the entry of Christiania for funds in the local market
$138,000.000 and cash in vault increased by $4,000,000, the New York
1920. The bonds will become dueCity banks showing a loss of $137,000,000 and a gain of 32,000,000, re- for the first time since
Sept. 1 1954 and the entire issue outstanding is to be respectively. under these heads.
On a subsequent page—that is, on page 1603—we give the deemable, as a whole, at par, at the option of the city, on
figures in full contained in this latest weekly return of the any interest date on or after Sept. 1 1934, on six months'
member banks of the Reserve System. In the following is previous notice by advertisement. The bonds are in coupon
furnished a summary of the changes in the principal items form in denominations of $1,000 and $500 each. Principal
as compared with a week ago and with last year:
and interest will be payable in New York City in United
Increase (©) or Decrease (—)
States gold coin, of or equal to the present standard of weight
During
Year.
and fineness, at the office of Kuhn, Loeb & Co. without
Week.
+$100,000,000 +$799,000,000 deduction for any Norwegian Government or other NorLoans and discounts, total
—68,000,000
—9,000,000
Secured by U. S. Govt. obligations
announcement says:
+729.000,000 wegian taxes, present or future. The
+51.000.000
bonds
Secured by stocks and
+138,000,000
+58,000,000
All other
+785.000.000
+36,000.000
Investments, total
+329,000.000
+1.000,000
U. S. bonds
—249,000.000
4-17.000,000
U. S. Treasury notes
+179.000,000
+6,000,000
U. S. certificates of indebtedness
+526.000.000
+12,000.000
Other bonds, stocks and securities
+246.000,000
Reserve balances with Fed. Res. banks —138,000,000
—1,000.000
+4.000,000
Cash in vault
—158,000.000 +1.739.000,000
Net demand deposits
+045,000.000
+42,000,000
Time deposits
—5,000.000
Government deposits
—2,000,000 —499.000,000
Total accommodation at Fed. Res. banks_
Loeb
Beginning Sept. 1 1929, the city of Christiania Is to pay to Kuhn.
& Co., In semi-annual instalments, the sum of $80,000 per annum, as a
sinking fund, to be applied towards the purchase of bonds in the open market, if obtainable, at or below par and interest, or, if bonds are not so obtainable, towards the redemption of bonds by drawings at par.
The offering also announced the receipt of the following
information, by cablegram,from J. Hoe, First Mayor of the
city of Christiania:
Offering of City of Bergen (Norway) Bonds.
At 98 and accrued interest to yield over 6.15%, Brown
Brothers & Co., White, Weld & Co., and Blair & Co., Inc.,
are offering an issue of $2,000,000 city of Bergen (Norway)
-year 6% sinking fund gold bonds. The issue designated
25
the Municipal External Dollar Loan of 1924, will bear date
Oct. 1 1924, and will become due Oct. 1 1949. The bonds
are not subject to redemption prior to Oct. 1 1929, but are
redeemable at 100 and accrued interest on that date or on
any interest date thereafter as a whole only (except through
operation of the sinking fund). The sinking fund, operating
annually, first payment April 1 1930, is sufficient to retire
at least one-twentieth of total issue each year, through purchase in the market at not exceeding 100 and accrued interest or through call by lot at 100 and accrued interest. The
bonds, coupon, in interchangeable denominations of $500
and $1,000, are registerable as to principle. Interest will be
payable April 1 and Oct. 1, and principal and interest will be
payable in time of war as well as in time of peace, irrespective
of the nationality of the holder, at the office of Brown
Brothers & Co., New York, fiscal agent for the loan, in
United States gold coin, without deduction for any Norwegian taxes, present or future. The proceeds of the issue
are to be used to defray a part of the cost of the construction
of a 33,000- h. p. hydro-electric generating station near the
city. The following information obtained from the Mayor
and the Finance Burgomaster of Bergen and from other
sources, is taken from the offering circular:
The city of Bergen,founded in the year 1070, is the second city of Norway
in size, wealth and commercial importance. The industries of the city
include shipbuilding, ship ownership and operation,fishing and the preparation of fish products and the manufacture of paper, textiles, shoos. pottery,
rope and margarine. The oppulation of Bergen is approximately 96,000.
The city of Bergen has always enjoyed high credit as a result of its excellent record for faithfulness to its obligations. Prior to the war the total
funded debt of the city consisted of loans issued between 1886 and 1913
bearing rates of interest of 3ji% and 4%. Four of the city's loans listed on
the London Stock Exchange were quoted on Sept. 22 1924 at prices to afford
an average yield to maturity of about 5.75%. There is no record of any
default ever having occurred on the debt of the city of Bergen.
The total funded debt of the city of Bergen as of June 30 1924 amounted
to Kr. 88,150.000 ($12,517.300). The major part of this debt was created
for the acquisition and development of revenue producing assets such as
electric power plants, housing projects, harbor improvements and water
works. The total value of the property owned by the city is estimated at
Kr. 159,000,000 ($22,578,000). or considerably in excess of the city's total
funded debt. For the fiscal year ended June 30 1924 the net revenues from
city owned properties and other income excepting taxes amounted to
Kr. 11,600,000 ($1,647.200) which is equivalent to 2;4 times the interest
charges on the city's entire funded debt for the same period.
Total taxable property values in Bergen. including both real and personal
property, are estimated at Kr. 504.500,000 ($71,639,000). For the year
ended June 30 1924, the total income of the city's population is estimated at
Kr. 172,130,000 ($24,442.460) of which Kr. 122,000,000 ($17.324.000) Is
subject to taxation.
Christiania, which is the capital and She principal port of the Kingdom of
Norway, has a population of about 260,000. Its financial standing has
always ranked very high. Previous to the war it borrowed abroad at the
rate of 4% to
%. There has never been any default on a loan of the
city.
The city's total debt, exclusive of the present issue, is Kr. 226.698.000
(Kr. 1 +$0.268 at gold parity), of which Kr. 144,223,000 is funded debt.
City-owned properties on June 30 1923, wore valued at about Kr. 416.000.000. City-owned assets are, therefore, largely in excess of the total debt,
including the present loan. The proceeds of the present loan will be used
for productive purposes, such as housing facilities and harbor improvements.
The budget for the fiscal year to end June 30 1925, which amounts to
about Kr. 100,800,000, balances.
The bonds are offered if, when, and as issued and received
and subject to the completion of their purchase and approval
of counsel. Interim receipts, exchangeable for definitive
bonds, when prepared, may be delivered against payment in
New York funds. Application will be made to list the bonds.
on the New York Stock Exchange.
Offering of Capital Stock of Lower Austrian Discount
Company of Vienna.
Robert C. Mayer & Co. of this city announced on Oct.
an offering of a block of stock of the Lower Austrian Discount
Co. of Vienna (Niederoesterreichischc Escompte Gesellschaft). The stock par value Kr. 400 was offered at $4 90
per share. It is listed on the Vienna Stock Exchange.
Exchange of Money Orders Between the United States
and Finland.
Beginning Oct. 1 a direct exchange of money orders between the United States and Finland was inaugurated. The
money orders for Finland will be issued in United States
currency and converted into foreign money in Finland at the
approximate rate of exchange prevailing on the date of the
arrival of the list in which the orders are certified. Prior
to the convention between the United States and Finland,
money orders for Finland were sent through the intermediary
of Sweden. International money orders are procurable at
the main office and at all the classified stations. The hours
for the issue of money orders are from 8 a. m.to 8 p. m. The
international money order system affords a safe and convenient means for sending money abroad.
Offering of $50,000,000 Mexican Bonds by J. L. Arlitt
of Austin, Texas.
The offering this week of $50,000,000 United States of
Mexico oil tax external loan 6% gold dollar bonds by J. L.
Arlitt of Austin, Texas, has been more or less of a mystery
in local banking circles, where public offering has been made
of the issue. In a copyright cablegram from Mexico City
on Sept. 30, the date of the offering, the New York "Herald
Tribune" said:
Mexico City financiers are again in turmoil over reports published hero
.
0
er oa 3.50 L. mo 6 ofgola doua, bon Auf the unit, ha- anrk thft J.,00 Arlitt 70 thdt cltyr andds ostin, Tex.ed States
s
All conversions of kroner into dollars have been made at fronicti
noun ewhY ff
t e
current rate of exchange, approximately 5.142. The bonds of Mexico.
Such excitement has not invaded Mexico City financial circles since the
are offered when, as and if issued, and accepted by the ofMexico
fering houses, subject to the completion of their purchase famous offer of a $40,000,000 loan to visit was published here in connection with the Wolvine Line and the
of former Senator J.
and the approval of counsel, Cotton & Franklin, New York, Lewis last June. Bankers and financiers are frankly perplexedHamilton
Delivery of interim receipts of report, all maintaining that they knew nothing of the deal. Oneover the
and of Norwegian counsel.
of then
THE CHRONICLE
[VOL. 119.
said that Arlitt was a reputable, though small bond dealer to whom such a
statement could be credited as true.
ing the fact that oil production tax redemption certificates, described elsewhere herein, are provided for and to be sold by the fiscal agent in New
York,and proceeds thereof to be retained by said fiscal agent for the purpose
Foreign Bankers Perplexed.
The American and British bankers here, however, are in the dark, al- of paying principal and interest on this loan; said oil production tax redempthough keenly interested in the rumor. They admit that "such rumors have tion certificates are accepted at par by the Mexican Government in payment
been afloat during the last eight days," but they cannot offer any concrete of oil production taxes. The remainder of the proceeds of this loan are to be
explanation. They intimate, however, that there are "suggestive features used by the Mexican Government for general governmental purposes and
about the Arlitt scheme," such as the steady rise of Mexican bonds on the for application to the payment of the floating debt.
New York market, but they all say that it is scarcely likely that any large
The bonds, it is announced, are to be dated Oct. 1 1921
,
financial deal could be negotiated with Mexico unless the United States Gov- and
will be issued in coupon form in denominations of
ernment was informed, and that such a deal would necessarily come through
$1,000, $5,000 and $10,000. The following is also taken
.1. P. Morgan & Co.
011 men are silent on the subject, disclaiming any knowledge of it. It from the circular:
was pointed out that Finance Minister Pant, in a statement last week, had
Redemption Before Maturity.
said that Mexico did not contemplate any loan or any advances in oil taxes.
Subject to redemption at par as a whole and
or in part at 100 and inPani's spokesman to-day said that the Minister would not make a statement terest
upon sixty days notice.
one way or the other regarding the Arita issue.
Payable at New York.
There is the possibility that such a deal has been negotiated with EuroBoth principal and semi-annual interest (April 1 and Oct. 1) payable in
pean bankers, such as the Germans, who have never invaded the Mexican
United States of America gold coin of the present standard of weight and
financial circles upon which Morgan is virtually credited with "holding an
option." It is also pointed out that such deals are not common when a fineness at New York, N. Y., without deduction for any Mexican taxes,
present or future.
country's Administration has only two more months to go.
Within Debt Limitations.
Eduardo Iturbide, representative here of Speyer & Co., New York bankEach bond of this issue contains a recital that it does
ers, said that, several days ago, he received advices from New York regardnot exceed any
ing the Arlitt bonds and made efforts to verify the story here, but was unable constitutional or statutory limitation ofindebtedness.
to do so. He said that it was possible that Arlitt had been authorized to
Exemption from Mexican Taxes.
negotiate the loan. Iturbide is a personal friend of Pani and is credited with
These bonds and the annexed coupons are forever exempt from all
being well advised on all finance ministry matters,
Mexican taxes and assessments, whether by an existing or a future law.
The same paper published the following advices from
Authority for Issue.
Austin, Texas, Sept. 30:
An Act of the Congress of Mexico, promulgated May 8 1917, and duly
J. L. Arlitt, an investment broker well known in Texas, has obtained from published
in the "Diario Oficial" (official journal of the Government),
the Mexican Government a concession for floating a 150,000,000 gold bond grants to the
Federal Executive Power of Mexico extraordinary powers in
issue secured by receipts from Mexican oil production taxes, he announced
all matters financial. Pursuant to this Act of Congress, the Federal Exhere to-night.
ecutive power of Mexico has authorized this issue of $50,000,000 bonds payQuite unflurried. Arlitt returned to his Austin office to-day from New able
in gold coin currency of the United States of America, bearing 6%
York City and answered a report that Finance Minister Pan!of Mexico had
interest, payable semi-annyally, both principal and interest payable in the
denied any plans to float a Mexican bond issue with the announcement that
United States of America. The bonds are guaranteed and secured by an
Arlltt had closed a contract with the Mexican financial agents in New York
irrevocable pledge of the oil production tax, levied by the Mexican Governfor the sale of the bonds, the latter entering the contract on written and
ment and collected by said Government from all oil companies producing oil
telegraphic instructions from Minister Pani.
within the United States of Mexico.
In a statement to-day Mr. Arlin said:
The bonds, it is announced, will be payable in gold dollars
"The purpose of the $50,000,000 gold loan offered by me under my contract with the Mexican Government is as follows:
of the 'United States of America. It is also announced
"1. Payment of balance of amount, due July 1 1924, to the international that
definitive bonds will be ready.for delivery about Oct. 15.
bankers' committee on Mexico, totaling $8,750,000. part of which has been
paid off and the remainder defaulted because of expenses of the De la IIuorta A Houston, Texas, dispatch Oct. 1, published in the New
revolution.
York "Journal of Commerce," said:
"2. Payment of $8,750,000, due Jan. 1 1925, to international bankers'
Sixty-five per cent of the 150,000,000 Mexican gold bond issue already
committee.
has been disposed of to buyers throughout the United States, and all of the
"3. Payment of first interest coupons of this loan, due April 1 1925, remaining bonds probably will be sold within
the next two weeks, according
totaling $1,509,990,
to J. L,Arlitt, bond dealer, of Austin, who obtained the concession from the
"4. For general government purposes and for reducing the floating debt, Mexican Government for floating the issue.
131,000,000."
These bonds will be exempt from all Mexican taxes, Arlitt says. By edict
of the Mexican Government oil producers are permitted to purchase those
Brazilian Coffee Bonds Drawn.
bonds at the discount offered in the United States and to redeem them at
full value of oil tax certificates to an amount one-half of their tax annually.
Dillon, Read & Co. announced on Oct. 1 that bonds had
Money derived from this exchange will be deposited direct in New York for
redemption of the issue without passing through the hands of the Mexican been drawn by lot in London on Sept. 17 last, for redemption
in accordance with the contract for the United States of
Government, he explained,so reducing the risk of collection.
Reports from New York received by "The Austin American" that Henry Brazil 73'% coffee security loan of
1922. The bonds, so
Ford, automobile manufacturer, is one of the underwriters of the issue,
brought no statement from Arlitt other than the announcement.that he drawn, are payable now at par in sterling, or the equivalent
in dollars at the current rate of exchange, at the office of
had nothing to say.
From the "Wall Street News" of Oct. 2 we take the Dillon, Read & Co. The numbers of the .£1,000 bonds run
from 61 to 2447; the £500 from 2795 to 6964, and the £100
following: .
It is possible for the "New York News Bureau" to clear up points in con- from 7031 to 48827.
nection with this transaction over which there has been considerable mystery and discussion.
In the first place, the bonds were authorized by President Obregon under
the terms of an Act adopted by the Mexican Congress on May 8 1917, giving the President extraordinary powers with respect to financial matters.
It is stated in Mexican circles that when Congress resasembles, the Chief
Executive will make a report to that body on what he has done with respect to this bond issue, and not oven confirmation by Congress will be
-cosy to make the bonds absolutely a legal obligation of the Mexican
nonce
Government.
The contract for the sale of the bonds by the Mexican Government to
J. L. Arlitt was signed in New York on Sept. 23 by a duly accredited representative of the Mexican Government.
The bonds are being printed by the E. L. Stack Co. of Austin, Tex.
According to a letter received from that firm recently by Mexican Government officials, the delivery of the first 515.000,000 of the bonds is promised
for Oct. 10, the remaining 135,000,000 between Oct. 17 and Oct. 20.
It is stated in Mexican Government circles that the negotiations with
respect to this transaction have been in progress in Mexico City and New
York since last May or June.
The point is stressed that in entering into this undertaking the Mexican
Government had no desire or intention to oppose the international committee
of bankers of Mexico. but simply was desirous of raising the funds with which
to make good its obligations to that committee, on which it became necessary to defer temporarily because of the extraordinary expenses in connection with the its la Huerta revolution.
Not having received a loan through the committee or from any group of
American bankers, more or loss closely associated with the committee, it is
stated in Mexican Government circles that President °Ireton and his associates began the negotiations with Mr. Arlitt with a view to raising the
money necessary to meet the balance of the coupons due on Government
bonds in 1924 under the terms of the agreement with the committee, and to
clear up other obligations of the Government.
Austria Is Shaken by Big Bank Crash—Castiglioni,
Richest Man in the Country, Known as a PostWar "Ponzi," Flees to Italy.
The following copyright cablegram from Vienna Sept. 29
appeared in the New York "Times":
The real bank scandal that all Vienna has been looking forward to for
months past has now broken loose and Camillo Castiglioni, known as
the
richest man in Austria, has gone bankrupt. All previous bank
scandals in
Vienna were only a preliminary skirmish compared to this great and
final
crash.
Castiglioni was a sort of post-war "Ponzi," and probably the
richest man
in Central Europe up to a few days ago. This collapse was
foreseen as
inevitable and is the result of the artificial prosperity which followed Austria's inflation period and of which Castiglioni was the chief exponent.
The trouble really began two years back, when the great speculation fever
spread throughout the newly formed republic. The drama now being enacted is the regulation detective play equivalent to the old-fashioned American Wild West gold rush, when every one got in. It is accompanied by all
the appendages of Austrian post-war financial smashes—suicides, secret
doors in banks, "listening-in" rooms, stolen documents and State investigations. It is even whispered that one man jumped out of a bank window
when ordered to by his chief.
Counts on Fascisti's Protection.
It has been rumored for some time that Castiglioni, who is an Italian, has
supported the Fascisti movement in order to count on the protection of
Italy.
The Government announces that if Castiglioni will deposit a security of
14.200.000 he can return without molestation.
Castiglionl's bank
In setting out the purpose of the loan, the offering circular that it repudiates all issued a statement yesterday to the authorities saying
responsibility for the consequences if the Government
says:
starts criminal procedure now.
The purpose and effect of this loan Is to renew the payments of debt
The trouble began in April with the scandal of the alcohol syndicate, a
service due the International Bankers Committee on Mexico, the payment side show of Castiglioni's. A civil suit was brought against Castiglioni
of which was suspended on July 1 1924, and further to provide for the pay- and other directors for diverting the profits of this syndicate.
ment of debt service that will be due said committee on Jan. 11925, all in
Then followed the crash of the Depositen Bank and the suicide of one of
accordance and under an existing agreement with said committee dated its directors, who was also implclated in the syndicate. A subsequent
June 16 1922. The fiscal agent in New York City is authorized under the Government inquiry was interrupted by the sensational disappearance of
loan agreement to deduct 51,500,000 from the proceeds of this loan, and to a most important batch of documents during a lunch recess. This led to
be held by said bank for the purpose of paying the interest due on this the discovery of a secret door in the Depositen Bank connecting with rooms
issue on April 1 1925; this safeguard is given the bondholders, notwithstand- of the Orion Match Co., another side show of Castiglionrs.
THE CHRONICLE
OCT. 4 1924.]
Took Assets to Italy with Him.
President Goldstein and
A 'warrant for the arrest of Camillo Castiglioni,
batted yesterday, but
General Director Neuman on grounds of fraud was
Coy were already across
too late, as the men had fled. Castiglioni and
great crash and the probthe border on Italian soil, having anticipated the
ability of arrest.
Two Years
The origin of the present scandal reaches still further back.
the Depositen Bank.
ago Castiglioni ostensibly severed relations with
his manipulations.
owing to the pressure of stockholders dissatisfied with
agreement whereby
The breach, however, was camouflaged by a secret
non-paying Joint
all of Castiglionrs debts to the bank were canceled and
thus Castiglioni
undertakings were transferred to the bank alone, and
retained control of lucrative enterprises.
$13,000,000, but it
CastIglionl's liabilities last April amounted to over
of property.
is said that this has been halved by his sale and mortgaging
e assets which
It is believed that Catsiglioni still possesses very considerabl
he has taken intact to Italy.
yesterday when
Another suicide in connection with the crash occurred
near Vienna.
Bank Director Oswald Pick took his life in a Baden villa,
of the Depositen
It appears that he had organized over sixty branches
the turnover of
Bank with the sole purpose of collecting a commission on
himself huge salsham transactions with the Central Bank. He also paid
aries and approved his own inflated expense vouchers.
-Turns Over First October
Germany Pays $3,500,000
ent on Reparations Account.
Installm
ept.
30 are taken from
The following advices from Berlin
the New York "Times":
). due
The reparations installment of 14.000,000 gold marks ($3,500,000
General for ReparaOct. 1, was placed at the disposal of the Deputy Agent
tions to-day.
on Thursday
Dr. Luther, German Finance Minister, will arrive in London
British and
to participate in the preliminary negotiations with American,
1200,000,000
Continental bankers in connection with the flotation of the
loan to Germany under the Dawes plan.
since no formal
Dr. Luther will be accompanied only by secretaries
delegation is planned.
Poland to Fund Debt to America.
1575
figures as the imThe trade balance for July shows extremely favorable
Mill. Kr. and the
port amounted to 177 Mill. Kr. and the export also to 177
against 36 Mill. Kr. in
import in excess of the export thus is reduced to 0
export in July this
July 1923. The favorable relation between import and
products
year is mainly due to a considerably greater export of agricultural
-July inclusive the excess
than in the same month last year. For January
in JanuaryImport in 1924 was only 147 Mill. Kr. against 217 Mill. Kr.
July 1923.
Kr. for cattle,
The value of the export in July was divided with 7 Mill.
for butter, milk and
46 Mill. Kr. for pork and meat products, 63 Mill. Kr.
cheese and 21 Mill. Kr.for eggs, lards, etc.
than in July
The agricultural export in August was considerably greater
eggs and pork. and
with regard to cattle, almost unchanged with regard to
to 22,442
somewhat less for butter. The average weekly export amounted
38,362
hkg. of butter (July 25,169), 1,072,400 score eggs,(July 1,077,200),5,160).
hkg. of cattle (July
hkg. of bacon and pork,(July 38,014) and 8,089
the exported goods were constantly
The prices which were obtained for
all the goods.
very satisfactory and were higher than in July for nearly
were thus: 560 Kr.
The average for the official weekly quotations in August
bacon (July 225 Ore)
for butter (July 519 Kr.) per 100 kg.; 242 Ore for
Ore for meat (108) per
per kg.: 282 Ore for eggs (254 Ore) per kg., and 107
100 kg. live weight.
The percentage
There is considerably less unemployment than last year.
against 8,0% In
of unemployment at the end of August was only 5,4%
was 6,8 against 10,1 in
August 1923. In the industries the percentage
August 1923.
consumption was 14,7
The Government receipts of taxes on articles of
custom receipts
Mill. Kr.(against 15,8 Mill. Kr. in July 1923) of which the
were 4,6 Mill. Kr.(July 1923 5,4 Mill. Kr.).
Increase in Postal Savings Deposits in August.
0 during
Postal savings deposits increased $1,014,00
public
August, according to the monthly statement made
er-General, and which we give
this week by the Postmast
herewith:
THE MONTH OF
STATEMENT OF POSTAL SAVINGS BUSINESS FOR OF JULY 1924.
AUGUST 1924, AS COMPARED WITH THE MONTH
$132,915,405
Balance on deposit July 31
1,014,000
Increase during August
$133,929,405
Balance on deposit Aug. 31
e" we take
From the New York "Journal of Commerc
Depositors' Inc.(4)
Depositors' Inc.(+)
Balance. Dec.(-)
Balance.Dec.(-1
following advices from Washington Sept. 30:
the
Post Office
begun negotiaPost Office
Representatives of Poland, it was learned to-day, have
Island City,
for the funding of the New York, N. Y_41,196,393 +114,230 Long Y
-758
$186,749
N.
tions with the American Debt Funding Conunisslon
_11.505,942 +51,153
-165
Polish debt amounts to Brooklyn, N. Y__ 7,385,490 +88,683 Duluth,Minn
185,160
Boston. Mass
Polish obligations to the United States. The
6,066,148 -5,206 Fairbanks, Alaska_ •180,685 +1,148
Chicago, Ill
of which 1155,930,000 represents principal.
about $182,000,000,
+19,039 Bingham Canyon,
3,056,119
toward the tentative Seattle, Wash
+3,932
The negotiations are understood to be tending
179,714
Utah
2,560,969 +6,057
would provide Philadelphia,Pa
+2,586
177,420
adoption of an agreement to be ratified by Congress, which
Pittsburgh, Pa_ _ __ 2,146,575 -39,828 Birmingham, Ala
172,195 +7,624
Wis
on substantilaly similar terms to Detroit, Mich
1,609,635 -32,698 Hurley.
for the liquidation of the Polish debt
169,015 +3,585
Poland, however, is understood to be Kansas City, Mo__ 1,584,810 +23,139 Sioux Falls, S. D
those accorded Great Britain.
-243
168,776
which would Tacoma, Wash_ _ _ _ 1,531,194 +35,054 Jamaica, N. Y___ _
seeking the incorporation of a proviso in the agreement
1,413,338 +81,019 Baltimore, Md____ 166,647 -2,358
in order that the Portland, Ore
+531
-753 Wilmington, Del_ 164,801
1,309,574
permit of the revision of the contract at a later date
N.J
Newark,
+2,871
more favorable St. Paul, Minn_ _
163,370
1,162,443 +27,484 Havre, Mont
Polish Government might be given the advantage of any
+5,744
161,363
1,012,426 -6.021 Bayonne, N. J._ _
to any other foreign debtor nation by this Uniontown. Pa_ _
terms which might be given
995,025 +9,568 New Orleans, La__ 159,986 -3,168
reception from the St. Louis, Mo
-725
country. This suggestion is meeting with a cool
816,170 +14,994 Camden, N. J____ 155,540
Butte, Mont
+205
-71 Memphis, Tenn.__ 154,587
American Commission.
Calif. 807,367
Los Angeles.
151,031 -2,781
San Francisco,Calif 694,825 -4,841 Dallas, Texas
Milwaukee, Wis.... 649,558 -11,811 Des Moines, Iowa_ 151,030 +2,273
-629
149.913
+4,832 Missoula, Mont.__
Jersey City, N. J.. 588,251
Soviet Russia Stops Exportation of Grain.
+7,863
149.272
Great Falls, Mont_ 580,002 +13,555 Boise, Idaho
149,095 +4,187
564,147 +17,467 Phoenix, Ariz
The following Washington advices Sept. 26 are taken Denver, Colo
-914
148,671
+3,104 Gary, Intl
Cincinnati, Ohio__ 508,679
Providence, R. I_ 488,717 -6,395 Miles City, Mont.. 146,064 +16.336
from the New York "Journal of Commerce":
145,120 +2,571
Elizabeth, N. J.__
486,465 +7,721
N.Y
Soviet Russia is suspending the exportation of grain, according to Buffalo,
Minneapolis,Minn. 449,829 +7,004 Paterson, N. J___. 144,849 -5,723
+748
143,626
-242 Akron, Ohio
cabled advices to the Commerce Department to-day from Commercial Columbus, Ohio.._ 424,221
the Ironwood, Mich.__ 419,665
+510 Anchorage,Alaska_ •140,884 +9,311
Attache Mayer at Riga. As a result of this action, he reported,
136,004 +19,607
+2,057 Casper,Wyo
Cleveland, Ohio_ __ 407,892
demands of Latvia for American grain are increasing.
+3,854
135,494
373,500 -2,845 Miami, Fla
Passaic, N. J
+5,163 Salt Lake City,
Aberdeen, Wash_ _ _ 363,146
+2,627
134,242
Utah
361,606 -1,844
McKees Rocks,Pa.
123,844 +3,051
+723
Economic and Industrial Conditions in Denmark *Sioux City, Iowa__ 359,122 +1,797 Tampa,Fla III... 123,045 -1,480
Christopher.
D. C_ 334,896
Washington,
During August 1924.
McKeesport,Pa_ _ _ 333,279 -6,014 Monongahela,Pa_ _ 120.658 +2,638
Bridgeport,Conn_ _ 325,925 -3,566 Centralia. Wash_ _ _ 120.204 -2,749
+641
of Copenhagen and the Statistical Leadville,Colo__ __ 302,940 +2.814 Everett, Wash.... 119.603
The National Bank
Pocatello,Idaho__ _ 291,226 +11,742 Brownsville, Pa... 119,700 -4,290
+800
118,191
Department of the Danish Government have issued the fol- Lowell, Mass
290,518 +2,913 Export, Pa
+565
117,428
285,743 +13,027 Dayton, Ohio
in Astoria, Ore
lowing statement of economic and industrial conditions
+6,041 Manchester, N.H. 117.320 +2,756
282,017
Toledo,Ohio
to the Roslyn, Wash
-4,988 San Antonio. Texas 116,268 +2,623
269,916
Denmark during the month of August 1924, according
Atlantic City, N.J. 266,420 +45,763 Oklahoma City,
116,093 +1,507
Okla
+9.088
262.722
Consulate General of Denmark:
Omaha, Nob
Calif.__ 115,897 +13.624
The value of the Danish crown has not changed very much in the month of Roundup, Mont_ _ _ 260,996 -2,696 San Diego, Pa... 115,759 -8,120
to Kansas City, Kan_ 254.546 +5,040 Masontown,
August, as the average quotation was Kr. 6.18 for one dollar (equal
Hartford, Conn.__ 249,535 +3,643 El Paso, Texas_ _ _ _ 114,466 +13,496
+542
16.18c. for one crown) against Kr. 6.25 (equal to 16c. for one crown) in New Haven,Conn_ 238,101 -7,989 Raymond, Wash.. 114,236
235,367 -4,800 Rochester, N.Y__ _ 113,422 -1,247
for a pound sterling against Kr. 27.23 in July.
Erie,Pa
July, and Kr. 27.74
112,613 -1,431
Ind._
The rise in the sterling exchange shows that the rise of the pound in rela- Pawtucket, R.I_ _ _ 235,281 -2,782 Indianapolis, _ _
+507
109,230
225,104 -1,821 Norwich Conn
Mt. Pleasant, Pa
+3,188
109,146
tion to the dollar is more pronounced than that of the Danish crown; the Pueblo, Colo
+930 McA iester,Okla_ _ _
219,186
+270
to improve com- Staten Island. N. Y 214,340
+41 Breckenridge, Tex_ 107,484
crown shows, however, as will be noted, also a tendency
107,343 -2,107
207,920 -4,035 Helena, Mont
pared to dollars, a tendency which is further strengthened in the beginning Pensacola,
-56
107,362
+3,355 Windber, Pa
___
to 16.89c, for Oakland, Calif. . 197,901
+110
of September, as the quotation on Sept. 9 was Kr. 5.92 (equal
Jacksonville, Ha.. 195,283 -3,345 Springfield, Mo... 105,604
+2,583
Ohio...105,558
crown) and Kr. 26.15 for one pound sterling. The rise in the value of Altoona, Pa
one
194,838 -1,952 Conneaut,
+1,438
on Red Lodge, Mont_ 193,027
+2,495 Maynard, Mass_ _ _ 104,623
the crown is presumably connected with the fact that the uneasiness
+5,236 Greensbrug, Pa... 103,354 -3,676
account of the closing of Kcbenhavens Diskontobank has subsided, and Bellingham, Wash_ 190,420
+9,186
D___ _ 102,900
+1,226 Mitchell, S.
very Louisville, Ky__ _ _ 190,164
that the unusual promising harvest is now being gathered under
+3,673 New Kensington,
189,589
Flushing, N. Y__ _ _
102,694 -2,433
weather condition.s. The trade balance also shows favorable Norwood, Mass__ _ 187,111
Pa
+4,045
fortunate
market for foreign Billings. Mont_ ___ 185,199 +13,496 E. Pittsburgh, Pa. 100.973 -6,584
figures, as stated below, and the former uneasiness in the
exchange has had the effect that the trade has covered its needs in foreign
•July balance.
money at an earlier date than formerly.
the National Bank were 497 Mill. Kr.
At the end of August the loans of
Kr.), while the three private main banks dur- Walter M. Bennet on Conditions in Italy, France and
(on the last of July 477 Mill.
ing the course of the month have reduced their loans from 1391 Mill. Kr.
Germany-Sees Workers of Italy Least Depressed.
to 1376 Mill. Kr. and also have reduced their net indebtedness abroad with
of
circulation is almost unchanged; 471 Mill.
According to Walter M. Bennet, First Vice-President
about 28 Mill. Kr. The note
six
Kr. on the last of July.
The Bank of America, who has just returned from a
Kr. on the last of August against 470 Mill.
the Copenhagen Exchange has
The transaction in stocks and bonds on
the workers of Italy seem the least
in July. as the average weekly months', visit to Europe,
been considerably smaller in August than
and the 2,7 Mill. Kr. for bonds depressed of all the European working. classes. Of general
circulation was 2,4 Mill. Kr, for stocks,
the
(July 3,6 and 3,3 Mill. Kr.).
business in Italy he said the outlook was good, and that
show an increase for stocks
"
financiers
The index in exchange quotations in August
banks appeared to be in sound condition. "While
but an inconsiderable decrease for bonds; as the index for stocks was 92,4,
1924 is fixed he said, "are contending with a difficult problem in the form
bonds 97,1 (in July respectively 91.5 and 97,3) when January
maat 100.
of an adverse trade balance due to Italy's lack of raw
for
The price index in the "Finanstidende" (The Financial Times) has
principally coal, relief is, nevertheless, in sight
terial,
during the course of the month fallen two points from 233 to 231.
1576
THE CHRONICLE
[vol.. 119.
large sums are to be expended in developing many
sources
of water power in an effort .to decrease coal consumption."
In France he found that of .22,000 factories destroy
ed
during the World War, upwards of 20,000 were again in
operation. "This work has cost billions but results have
justified the expenditure," said Mr. Bennet. He added:
He was President of the New York Cotton Exchan
ge from
1874 to 1876 and Vice-President the two previous
years.
He served on the board of managers of the
Exchange and on
important committees for many years. He retired
in 1918
from active connection with his firm, but retaine
d a special
partnership for several years afterward. Up until two
Business is good, prosperity is in evidence everywhe
years
re and the people ago, when his health
richer probably than they have ever been.
began to fail, he visited his office weekly.
Prices in Paris are high, but
outside the franc has not lost its buying power
to anything like the same Mr. Hentz saw the New York Cotton Exchange grow in
extent. For example, in Southern France
at a good hotel, a fine double importance and size from the occupa
ncy of a little trading
room and bath with board for two people,
cost the equivalent of $7 50 our room at
142 Pearl Street, its original home, to India House
money, per day. In towns in Northern France
the same accommodations
cost $4 per day. Ten francs, or. say, a little
more than fifty cents, was the in 1872, its own building in 1885 and its present home in
regular price for dinner."
1923. A life-long member of the Chamber of Commer
ce of
Germany, he said, was primed to go to work intensively the State of New York, Mr. Houtz last year was
made an
as soon ak the great question of reparation is settled.
Her honorary member for distinguished services to the instituplants are in the best of shape and the people are anxious tion. On the wall of Mr. Hentz's
old office an oil painting
to work. Mr. Bennet says:
hung to which the following inscription was attache
d:
There are
a good many people in France and England who predict another
Henry Hentz sailed on the Baltimore clipper
brig Putnam of Philadelphia
continental war before many years, but my impressio
n is that German war before the mast from Philadelphia Nov. 10 1847, bound for Pernambuco,
talk is merely a bluff for its effect upon the reparatio
n settlement. Ger- Brazil. Outward passage 42 days: homeward 44 days. Under the name of
many's next effort at conquest will not be by force
of armaments but by "The Echo" she landed a cargo of slaves near Charleston, S. C. in 1860.
force of arms exerted In factory and field, industria
l conquest to build She was subsequently renamed "Jefferson Davis" and was the first war
up the wealth and strength of the country that will
occupy many years. vessel owned by the Southern Confederacy. Was lost in 1861 on the
After that, who can tell? I think Germany offers
a great field for the Florida reefs.
employment of capital, probably the greatest in Europe.
On the whole, I
Mr. Hentz for many years attended Plymouth
returned with the belief that Europe has turned
Church in
the corner and Is on the
Brooklyn and was a great friend of Henry Ward
road back to normal.
Death of E. C. Bacon of J. P. Morgan & Co.
Elliot C. Bacon, one of the youngest members of the firm
of J. P. Morgan & Co. died after a brief illness a week ago—
Saturday, Sept. 27. Mr. Bacon, who was but thirty-six
years of age, had been admitted as a partner in the firm four
years ago, at the time Junius Spencer Morgan, Jr., son of
the senior member, and George Whitney became partners.
Mr. Bacons' death was due to orebral embolism following an
arterial disease, unusual in a man of his years. He was a
son of the late Robert Bacon, former Ambassador to France
and Secretary of State under President Roosevelt. Ambassador Bacon had likewise been a partner in the Morgan firm.
In announcing the suspension of business on the day of
the
funeral, Monday, Sept. 29, a statement issued by J. P.
Morgan & Co. on Sept. 28 said:
Owing to the death of Mr. Elliot C. Bacon, Messrs. J.
P. Morgan & Co.
announce that, except for the transaction of necessary routing
business and
items in transit, their office will be closed Sept. 29.
Beecher
when the latter was pastor there. He was a member
of the
Hamilton, Downtown and other clubs. Mr. Hentz is
survived by two sons, Henry Jr., and Leonard S. Hentz,
and
two daughters. Edward E. Bartlett, Jr., President
of the
New York Cotton Exchange, declared that the passing
of
Mr. Hentz would be mourned by the whole cotton trade.
He said:
For more than half a century Henry Hentz was an
outstanding figure in
the cotton trade and his retirement from active lire several
years ago cauSed
wide regret. He was a man of the highest character
and standing and
representative of the best traditions in the cotton
trade. He enjoyed for
many years the distinction of being the sole surviving
charter member of
our exchange. The cotton industry and the exchange
owe a debt to Mr.
Rentz, for It was his sound understanding of the
fundamentals of the
business and his vision in seeing the all-important part
the exchange was
destined to play in this great industry that was no
small part responsible
for the development of our imstitution. The whole
cotton trade will feel
keenly the passing of Henry Hentz.
At a special meeting of the Board of Managers of the New
York Cotton Exchange on Sept. 29 1924 the following resolutions were unanimously adopted:
Whereas, The New York Cotton Exchange has suffered
an irreparable
loss through the death of Mr. Henry Hentz, former
Mr. Bacon's death occasioned the return of Dwight W. surviving
President and last
charter member of the
Morrow, who had been scheduled to address the Chicago his home at Madison. N. J.; and Exchange, on Sunday. Sept. 28 1924, at
Whereas, The late Mr. Heinz, up to the time of his
Convention of the American Bankers' Association.
retirement, had been
At the
funeral services at Grace Church, this city, on Monday an outstanding figure in the cotton trade for more than half a century and
had contributed generously of his time and services
afternoon, there were present, besides the partners and staff development of the New York Cotton Exchange in the upbuilding and
; therefore, be it
Resolved, That the Board of Managers of
of the firm, members of the 304th Field Artillery
of the responsive to the wishes of the membershthe New York Cotton Exchange,
ip, do hereby record our deep
Seventy-seventh Division, in which Mr. Bacon served as
a regret at the passing of our beloved fellow
Captain during the war. Except for the fact that the coffin sympathy and condolence to the members ofmember and do express our
his family in their bereavewas draped with an American flag, there was no military ment; and be it further
Resolved, That out of respect to Mr. Hentz's
memory trading on the
display. The honorary pallbearers were John Chapin
of Exchange be temporarily suspended at 2 o'clock on the afternoon of WednesBoston; W. Fellows Morgan of New York; John Thayer
day, Oct. 1, the day of the funeral.
of
Resolved, That the President be directed to appoint
Boston; Thomas S. Blumer of Boston; Gilbert Mather
a committee of
of members to represent
at
Philadelphia; Roger Armory of Boston; Sullivan Sargent of Church, Brooklyn. atthe Exchangem. the services to be held at Plymouth
2 o'clock p.
on Wednesday. Oct. 1 1924.
Resolved, That these resolutions be spread in full upon
Boston; George Peabody Gardner of Boston; George West of
the minutes and
Boston; Robert W. Morgan of New York; John K. Hollins a copy of them sent to the family of the deceased.
On the day of the funeral, on Wednesday, Oct. 1, trading
of New York; and Barclay Parsons of New York. All were
members, with Mr. Bacon, of the class of 1910 at Harvard. on the New York Cotton and the New York Coffee and
Following his graduation from the university Mr. Bacon Sugar Exchanges was suspended as a mark of respect to
served as Secretary to the late Whitelaw Reid when the Mr. Hentz's memory. At a meeting of the Board of Manalatter was Ambassador to the Court of St. James. Later he gers of the New York Coffee & Sugar Exchange the following
was Secretary to W. Cameron Forbes, Governor-General of resolution was adopted:
In the
the Philippines. He entered the employ of the Morgan Februarydeath of Mr. Henry Rentz, the oldest of our membership, elected
10 1882, the New York
& Sugar Exchange, Inc., has lost
firm following his return from the Philippines, becoming one of its most valuable members,Coffeewhom none
than
was higher in standing
office manager some years before his admission as a partner for probity of character, clarity of judgment and equanimity of temperament. As president, vice-president and member of
the board of managers
in 1920.
for many years, his advice, leadershi
Death of Henry Hentz, Last Surviving Charter Member
of New York Cotton Exchange.
Henry Hentz, last surviving charter member of the New
York Cotton Exchange and for more than half a century one
of the outstanding figures in the cotton trade in America,
died on Sunday, Sept. 29, at his home in Madison, New
Jersey, in his ninetieth year after a brief illness. Mr. Houtz,
who had the distinction of having sailed on the first vessel
owned by the Southern Confederacy, was one of the
prime
movers in the organization of the New York Cotton Exchan
ge
in 1870. He founded in 1856 the firm of H. Hentz & Co.,
which to-day holds membership in the New York Stock,
the New York Cotton, the New Orleans Cotton Exchanges
and associate membership in the Liverpool Cotton Association.
p and co-operation were of the greatest
value to the exchange, as a merchant he represented
the highest standards of
wisdom and integrity, as a public-spirited, influentia
l citizen he always
advocated and fought for the best interests of our
city, State and country;
be it, therefore.
Resolved, That the New York Coffee & Sugar Exchange
express its deepest
regret at the loss of so revered, respected and beloved
a fellow-member,and
Its sincere sympathy to the bereaved family, to whom
an engrossed copy
of these resolutions be sent.
Delegations from both the Coffee & Sugar
Exchanges were in attendance at the services, and Cotton
which were
held at Plymouth Church, Brooklyn. The pallbear
Edward S. Dieroks, William Bayne Jr., Charles ers were:
Max R. Mayer, Levis W.Minford, Louis Seligsb M. Bull,
urg, Charles
H. Taylor and Charles J. Walter.
Comparative Figures of Condition of Canadian
Banks.
In the following we compare the condition of the
Canadian
banks as reported for July 311924, in
figures for June 30 1924 and July 311923comparison with the
:
711-1
OCT. 4 1924.]
1577
CHRONICLE
Bankers Association.
the co-operation of the members of the American
less than to the
for the questions involved are of interest to bankers no
$
Government and to the public.
$
$
'urrent gold and subsidiary coin—
demand has developed
58,128,237
44,027,771
44,401,413
During the last three years an unprecedented
,In Canada
12,476.248
14,781,021
is particularly
13,028,384
for paper currency of the smaller denominations. This
l Elsewhere
large numbers.
1,
70,604,489 true of $1 notes, which are being used in increasingly
58,808,796
57,429,800
ons of unfit and
Total
In order to supply the demand and to meet redempti
)ominion notes
134,202,609 129,342,896 157,458,562 mutilated dollar bills, it is necessary to print and put into circulation
1n Canada
18,612
20,601
15,941
rushed through
, Elsewhere
of these bills each month. A note which is thus
unfit for circulation within seven
P
134.218,550 129,363,498 157,477,174 the process of manufacture becomes
;Total/
45,808,525 or eight months of issue, whereas notes which have been given a reasonable
19,021,209
12,602,532
rotes of other banks
25,023,752
25,931,057
in circulation from ten to eleven months.
ratted States & other foreign currencies_
97,223,236 period of seasoning will continue
96,761,613 123,936,929
y complaining of the poor
:becks on other banks
Bankers throughout the country are constantl
Treasury is aware of the situaAzans to other banks in Canada,secured,
quality of the paper money, and while the
bills rediscounted
ion
including
power to rectify it, we must ask your co-operat
)eposits made with and balances due
4,508,334 tion and is doing all in its
3,869,546
4,080,003
from other twits in Canada
if the desired results are to be obtained.
supply of currency sufficiently
)ue from banks and banking correspon
7,646,501
Obviously, we must build up a reserve
7,094,258
6,027,123
dents in the United Kingdom
process of seasoning. This is
large in amount to keep a portion of it in
)ue from banks and banking correspon
from
do. It will be necessary to obtain
dents elsewhere than in Canada and
48,862,791 what the Treasury intends to
71,604,379
3
64,022,11
to build up an adequate
the United Kingdom
Congress an additional appropriation with which
Government and Provincial
result in increased saving
)ominion
318,770.716 317,254,987 241,804,212 reserve stock, but in the end such a program will
Government securities
cent to manufacture
to the taxpayers. A dollar note costs to-day 0.017
;anadian municipal securities, and Britby two months, so
and colonial public securiin circulation. If its life can be prolonged
ish foreign
136,870,880 142,122,558 110,989,958 and keep
yearly saying
ties other than Canadian
46,818,263 that it remains in circulation ten months instead of eight, a
50,572,867
51,483,252
Lailway & other bonds, debens. & stocks
alone.
of $1,666.000 will be effected in this denomination
;all and short (not exceeding 30 days)
reserve will take time. One
The building up of an adequate currency
loans in Canada on stocks, debentures,
the number of standard
bonds and other securities of a suffi95,701,912 way of facilitating the operation is to increase
100,175,306 102,335,491
hopes to do. In
cient marketable value to cover
silver dollars in circulation, and this also the Treasury
;all and short (not exceeding 30 days)
reserve of paper dollars
this way we shall be able immediately to pile up a
than in Canada on
loans elsewhere
put into circulation.
stocks, debentures, bonds and other
in the amount of the standard silver dollars which are
normal. During
securities of a sufficient marketable
The number of silver dollars in use to-day is far below authorizing the
166,372,727 176,825.772 191,591,179
value to cover
986,366,36 1,048,598,084 the war, as you know, Congress passed the Pittman Act
3ther current loans and discls in Canada 973,413,984
as bullion for use
Treasury to melt standard silver dollars and sell them
3ther current loans and discounts elsethe silver
where than in Canada after making full 186,629,115 181,475,190 152,834,074 of the British Government in India. The greater portion of
In addition to this
Provision for bad and doubtful debts-thus sold was represented in currency circulation.
:4ans to the Government of Canada_
5,503,417 decrease in the circulating medium, the number of silver dollars in cur13,277,877
5,501,482
rens to provincial governments
on July
to
in
:4aus to cities, towns, municipalities and
73,891,845 rent use has dropped from
79,706,323
70,221,834
, the Treasury is
school districts
7,213,428
When silver again becomes available for purchase
silver dollars, which
3verdue debts
11,128,574
11,235,521
required by law to buy siPver and coin new standard
Non-current loans est. loss provided for.
6,100,390
s are now com7,730,467
7,907,421
would replace those sold during the war. These purchase
Real estate other than bank premises 3,366,997
3,595,170
, by at least 30.3,568,379
the bank
pleted, but the Treasury has not succeeded in restoring
Vlortgages on real estate sold by cost,less
lank premises at not more than
69.730,735 000.000, the number of silver dollars in circulation in
79,197,419
72,362,016
amounts (if any) written off
be restored to its
There are many reasons why the silver dollar should
Liabilities of customers under letters of
17,622,947
first place, the
50,808,086
2
56,222,34
former importance in the currency structure. In the
credit as per contra
that of a
Deposit with the Minister of Finance for
6,124,227 life of a standard silver dollar has no reasonable limit, whereas
6.181,922
6.242.384
the security of note circulation
57,102,533 paper dollar does not at most exceed ten months. A paper dollar, as
62,252,533
58,302,533
in the central gold reserves_ - 'Deposit
ure and keep in cir6,256,219
6.664,116
was pointed out above, costs 0.017 cent to manufact
Mares of and WILDS to controlled cora plea
to circulation 30.000.000
Dther assets not Ind.under the foregoing
4,336,279 culation. If the Treasury, therefore, can restore
3,670,353
3,837,924
possessions,
heads
dollarsin continental United States and 10,000.000 in our insular
effect an annual
2.636,854,829 2,712,180.6742,571.461,677 we can displace equal amounts of paper currency and
Total assets
the interest
saving on this item alone of $828,000, which is equivalent to
LIABILITIES.
on $21,000,000 of the public debt.
155,361,441 171,398,223 163,043,856 at
n. It has merely lost
circulation
Notes in
The use of the silver dollar is not an innovatio
Balance due to Dominion Government
, and all that
place temporarily in the circulation in certain localities
after deducting advances for credits,
33,018,267 its
55,929,220
coins as auxiliary
48,204,310
is proposed is to restore a very limited amount of these
pay lists, &c
19,200,000
19,700,000
must have
Advances under the Finance Act
29,212,037 to the paper currency. If we are to succeed in this plan, we
33.326,316
32,994,382
their cashiers
Balances due to provincial governments_
your co-operation. It is necessary for the banks through
payable on deDeposits by the public,
489,549,347 529,111,173 506,545,000 and paying tellers to explain to their customers the Governments' reasons
mand in Canada
with their
Deposits by the public, payable after no- 1,189,156,166 1,189,018,091 1,200,052,356 for wanting every one to take at least one or two silver dollars
public will co-operate
tice or on a fixed day in Canada
320,516,736 340,770,351 296,845,947 paper currency. I am fully convinced that the
Deposits elsewhere than in Canada
in a direct
if they know that such action on their part will result, first
Loans from other banks in Canada, seres for cursaving to the Government through a reduction of expenditu
cured, incl. bills rediscounted
currency
made by and balances due to
Deposits
11,075,707 rency, and, second, in an improvement in the quality of paper
13,712,215
10,455,218
in process of
other banks in Canada
by making possible the accumulations of a currency reserve
Due to banks and banking correspon4393,629
6,222,463
5,049,026
seasoning.
dents in the United Kingdom
If a proper
Due to banks and banking corresponSilver dollars cannot be forced upon an unwilling public.
dents elsewhere than in Canada and
32,226,790 appeal is made, however, and the appeal is backed by logic and reason.
29,611,244
33,841,311
the United Kingdom
7,497.508 the American public can be counted upon to co-operate with the Govern8,721,407
9,567,768
Bills payable
50,808,086
58,222,342
the currency requirements of the country.
Letters of credit outstanding
17,622.947 ment in its effort to supply
Acceptances under letters of credit
2,239,684
1,786,292
1,793,087
not incl. under foregoing heads
announced in press advices from Washington
Liabilities
It was
810,298
1.239,391
a
Dividends declared and unpaid
124,875.000 124,875,000 123,625,000 Aug. 16 that the Treasury Department had embarked on
Rest or reserve fund
121,909,560 121,909,560 123,404,770
Capital paid up
gn to restore the silver dollar—the "cartwheel"
campai
general
2,620,435,143 2.697.207,997 2,303.873.890
Total liabilities
which was so widely used twenty years ago—to
170,175,000 182,175,000
170,175,000
Capital authorized
circulation. The press accounts of that date continued:
122,072,300 122,072,300 123,572,300
Capital subscribed
5,000 TreallS17
One of the coins was placed in the pay envelopes of each of
Aggregate amount of loans to directors,
d to other Government bureaus.
and firms of which they are partners,
6,814,686 employees. Similar action will be suggeste
14,676,703
13,587,213
, of which some
are guarantors
-wheels" available
and loans for which they
Thereare about 5509,000,000 in "cart
Average amount of current gold and sub74,708,627 $439,000,000 are required by law to be held in the Treasury against silver
60,479,277
61,238,463
about
sidiary coin held during the month__
notes outstanding. Officials said
Average amount of Dominion notes held 131,397,740 119,982,798 156,416,663 certificates and silver Treasury
e distribution if
during the month
$30,000,000 might be considered as available for immediat
the bank in
Greatest amount of notes of
173,888,873 175,036,329 the public demand required that amount.
circulation at any time during month_. 175,422,424
save the
is in Dominion notes.
• Of this deposit $9,502,533 is in gold coin,the balanceMal reports, the footings In
In stating that token money might be used to
Note.—Owing to the omission of the cents in the of
of paper bills, a dispatch to the
cost to the Government
he above do not exactly agree with the total given.
ASSETS.
July 31 1924. June 30 1924. July 31 1923.
48,000,000
84,000,000 1919 54,000.000
11924.
1919.
4%
Secretary of Treasury Mellon in Message to American
Bankers Association Urges that Silver Dollar
Be Restored to Circulation.
message to the American Bankers Association, in
In a
y
convention at Chicago this week, Secretary of the Treasur
asked the bankers to assist the Treasury in restoring
Mellon
the currency
the silver dollar "to its former importance in
ry Mellon
structure." In giving his reasons therefore, Secreta
the first place the life of a standard silver
stated that "in
dollar
dollar has no reasonable limit, whereas that of a paper
most exceed ten months." He points out that a
does not at
and keep in
paper dollar costs 0.017 cent to manufacture
circulation and says:
New York "Journal of Commerce," Aug. 18, said:
restore to circulation 30,000.000 dollars
If the Treasury, therefore, can
10,000,000 in our insular possessions,
In continental United States and
paper currency and effect an annual
we can displace equal amounts of
which is equivalent to the interest
saving on this item alone of
of the public debt.
at 4% on
521.000.000
$828,000,
quote Secretary Mellon's message herewith:
We
with the need for Improving
The Treasury has been concerned recently
sure that we can count o
the currency. In solving this problem, I am
Traesury as a method of
Token money was suggested to-day at the
the country and reducing
lessening the amount of paper currency in use in
bills in as large quantities
the expense of supplying the public with paper
of encouraging the use of
as at present. Commenting on the new policy
on, high officials suggested
silver dollars to reduce paper currency circulati
could be issued there might
that if a substitute for the unwieldy silver dollar
be less antipathy to its use in the East.'
n of silver dollars could
Officials were confident that a greater circulatio
Government in the expense
be accomplished with a resulting saving to the
dollar bill is now estimated at
of replacing paper bills. The life of a paper
a year for each new dollar
about four months, so that three replacements
bill are necessitated.
a standard silver
Statutory requirements as to the silver content of
to increase in popularity
dollar prohibit the reduction in the size of that coin
will absorb addiin the East. Officials believe that the West ad South
more are put into
tional quantities of the silver dollar at its present size if
would authorize the
circulation. However, it was felt that if Congress
containing less silver
coinage of a substitute for the standard silver dollar,
penny represents
than at present, or of some other metal,just as the copper
coin than the
a cent but does not have that intrinsic value, a more portable
used.
silver dollar could be developed which would be more widely
paper dollar
It is estimated that the printing and distribution of each
dollars. were printed
bill costs about 1 ;.4 cents. Some 428,000,000 paper
reduced by one-third
last year. If the circulation of dollar bills could be
annually. The life of
the Government would save upwatd of $2,000,000
dollar.
bills of larger denominations are longer than the
1578
THE CHRONICLE
Governor Strong of New York Federal Reserv
e Bank
Urges the Use of More Silver Half-Dollars and
Less
Quarters.
The desire of the Treasury Department that
there be
used more silver half-dollars and fewer quarter
s, particularly
during the next few months, is the subject of
a
addressed to member banks by Governor Benjamin circular
Strong,
of the Federal Reserve Bank of New York. There
is, it
announced, "an ample supply of silver halves on hand, is
and
a fair, but smaller supply of quarters," and the
increased
use of halves is urged with a view to relieving
the mints as
much as possible in the coinage of quarters. The
following
is Governor Strong's ciicular:
FEDERAL RESERVE BANK OF NEW YORK.
Circular No. 630.
Distribution of Silver Half-Dollars.
Oct. 1 1924.
To AU Banks, Trust Companies and Savings Banks
in the Second Federal
Reserve District:
As you are aware the demand for subsidiary
silver and minor coins
for holiday purposes is particularly heavy
each year from about the first
of October until Christmas. In this connecti
on the Treasurer of the
United States calls attention to the fact that there
is an ample supply of
silver halves on hand and a fair but smaller supply
of quarters.
In view of the large supply of halves available
for circulation and in
order to relieve the mints as much as possible
in the coinage of quarters
we shall make every effort to co-operate with the
Treasury Department,
and, as asked by it, to use more halves and
fewer quarters, particularly
during the nest few months. It is therefore
respectfully requested that
you accept this denomination in lieu of quarters
in so far as it may be
possible. The Treasurer of the United States has
expressed the hope that
in orders for coins banks will be able to increase
the amount of halves and
decrease the amount of quarters by approxim
ately 25%•
Your co-operation in this matter will be apprecia
ted.
Very truly yours,
BEN.?. STRONG, Governor.
[vol.. 119.
whether this is a correct assumption. However
, the present Federal Trade
Commission has rendered an opinion after
a long stand in opposition which
encourages the association to proceed.
Foreign Production.
"Furthermore, it is perfectly plain that such a
combination, if legal,
would apply only to United States products
, which would exclude silver
produced in both Canada and Mexico. Without
this silver, and preferably
also that from South America, no such combinat
ion could hope to be effective, because, while these four countries produce practical
ly all of the world's
silver, the United States produces only about
30% of it.
"The financial administration of such
a silver holding and exporting
scheme would necessitate the complete remodeli
ng of the entire scheme of
the purchase and smelting of silver
ores. At the present time the miner,
as an individual, has no banking credit
of moment and sells the silver content of his ores to the smelter at the quotatio
n of the day.
Heavy Expense.
"A smelting company which produces purchase
,
s and smelts 35,000,000
or 40,000,000 ounces per year would,
under a scheme such as has been suggested, become the greatest speculati
ve organization in the world, carrying
perhaps its entire produce for a year, waiting
for a rising market which
would involve in the neighborhood of
$30,000,000 or 640,000,000. No
financial mining or metallurgical enterprise would
be justified in doing this
If it were able, and if it were able, probably
would not be permitted to do so
by our people.
"To obviate this difficulty, the miners themselv
es would have to turn in
their silver as members of such an exporting organiza
tion, which would require an entirely new conception of the selling of
their product, and would
involve the creation of new machinery, unlike anything which now exists,
and which is impracticable and probably impossib
[e."
Civil War in China—Chang Tso-Lin, Manchurian
Leader, Advancing Toward Peking—Trade Disorganized—Fall of Shanghai Expected.
The war clouds hanging over China have become blacker
and more extensive, and since our last review of the situation
on Sept. 13, when operations were confined more or less to
a struggle between the provincial forces of Chekiang and
In another item we refer to the message of Secreta
ry of
the Treasury Mellon to the American Banker
s Association Kiangsu for possession of Shanghai, other military leaders
urging the use of silver dollars in preference to paper
have thrown their weight into the affray until a state of
currency.
civil war now exists throughout the country. General
Chang Tso-Lin, military leader of Manchuria, issued a
Why Silver Price Is Made in London—While
England proclamation Sept. 16 declari
Does Orient's Banking Figure Must Be Made
ng war on Tsao Kun, President
There.
of China, thus falling into line with Lu Yung-Hsiang, Tuchun
The following is from the "Wall Street Journal" of
Sept. 25: of Chekiang, who also is fighting in opposition
to the forces
Control of the silver market cannot be wrested
from London,it is asserted of the Central Govern
ment. Sept. 18 the Peking Central
by "Mining and Metallurgy," official journal
of the American Institute
of Mining and Metallurgical Engineers.
"There is much complaining and Government officially declared war on Chang Tso-Lin, and
flaunting of nationalism because the silver prices
are dominated in London," appointed General Wu Pei-Fu commander-in-chief
of the
it says. "There is no earthly way that can
be changed arbitrarily. Fifty Federal Army.
years or two or three generations from now
it might be.
"At present the price of silver in London is governed
Fighting west of Shanghai, where the Chekiang troops
solely by the demand
for exchange to settle the Oriental trade
balances. These Oriental drafts are defending the city against the
Kiangsu onslaughts,
are drawn on London by the British banks
of the East. These drafts are continu
es with unabated intensity with resultant heavy
matched against the silver supplies daily in London
and the daily quotation
of silver determined thereby.
casualties to each warring force. The battle generally is
"Until the commerce of the Orient, now
handled by British houses pitched along a line stretching
northwest of Shanghai to
through London banks, is transferred to America
n business and handled Kiating
, between Liuho and the line of the Shanghai-Nanking
through the banks of this country, there is no possible
way that the control
of the price of silver can be wrenched from
Railway and to Hwangtu, on the railway line. Fierce
the British.
exchanges have also taken place near Ihing, west of
Oriental Stocks.
Tai
"Moreover, there is in India a stock of silver estimate
Lake, while on Sept. 15 Chekiang soldiers, advancing south
d to be not less
than 375.000,000 ounces and in China a stock of not
of the railway beyong Anting, 20 miles from Shanghai, were
less than 75,000.000
ounces. The banks of Hong Kong and Shanghai are
in an impregnable caught in a barrage
of machine-gun fire and suffered severe
position, as is also the Bank of India. Against these
enormous reserves of
silver what could an American export association
hope to do with its total losses.
annual production of 60,000,000 or 70,000,000 ounces?
A revolt of the third Chekiang army on Sept. 18, whose
"If an export association held its entire product
from the market in an task it was
to guard the province against invasion while the
effort to advance the price, the London banks need only
draw on these
tremendous reserves of silver, offer them on the market,
whereupon the first and second armies fought the Kiangsu attackers was
American association must either purchase them to support
the market at believed to be the forerunner to an early surrend
er of Shangthe price they had established or sell their stock of bullion at
whatever the hai, but
this has not proved to be the case, although the
market would bring.
Outlook for Silver.
general belief is that the Kiangsu forces, superior in
numbers
"'The economics of the situation encircle the globe. The total
amount and equipment to their opponents, will eventua
lly be
of silver consumed annually in the arts is about 15,000,000 ounces.
Most victorious. Tuchun Lu Yung-H
of the nations of the world have demonetized silver and
siang, who evacuated his
are either not
capital, Hangchow, when his army revolted, has
using it at all for currency or have debased what little they do
use, although
received
there seems to be a better prospect since last fall.
strong reinforcements of Shantung troops, and
the evidences
"About 15,000,000 ounces are used annually for currency, other than
in are that the defense of
Shanghai will be prolonged.
Oriental countries. The main market for the world's silver is east of
Suez.
Whether much or little silver will be consumed in India, the biggest
A menace to the Chekiang army from the south is contain
market,
ed
depends on whether they have a monsoon at the right time
and, therefore, in the advance, reported by Associa
ted Press Sept. 19 of
a favorable crop.
Sun Chuan-Fang, Tuchun of Fukien, and support
"The Indian, the Hindu and the Chinaman are all paid for
er of
their services
in silver, when they amount to enough to be covered by silver coinage, Wu Pei-Fu, upon Hangchow, capital
of Chekiang province.
and the rice and Jute and tea which they raise are paid for
in sliver."
A later message Sept. 22 stated that the Fukienese general
inflicted a defeat upon the Chekianese army defendi
ng
United States Silver Export Combine Opposed—Plan Shucho
w, south of Hangchow.
Would Entail Heavy Expense and Would Meet
Dr. Sun Yat-Sen, ruler of Southern China, has declare
d
Keen Competition, Is View—Abandonment
his intention of sending an army to the aid of Chekiang,
and
Is Commended.
General Li Lieh Chun, formerly commander-in-chief of
the
Under the above head the New York "Evening Post" Canton army, is in
Shanghai endeavoring to raise funds for
printed the following in its issue of Sept. 24:
the expedition, according to a Shanghai message to the
The decision of the Silver Producers' Association to refrain from
entering "Evening Post," dated Sept. 29.
the export business has been commended by "Mining and Metallur
gy,"
Japan's large economic and industrial interests in China,
the official journal of the American Institute of Mining and
Metallurgical
Engineers. This journal contends that reserves
in the Orient would swamp particularly in Manchuria where she owns the Southern
American producers if such a policy were adopted
and an attempt made Manchurian Railway over which Chang
to maintain a higher than normal
Tso-Lin was granted
price. The article says:
permission to transport his troops, makes her unusual
"The Webb-Pomerene Act is too often considered simply as a
ly
cloak under
which certain combinations, otherwise illegal. may be effected,
provided anxious that peace be restored amongst the warring Chinese
they are intended solely for exporting purposes. It is very
questionable provinces. The Foreign Office at Tokio
explained Japan's
OCT. 4 1924.]
THE CHRONICLE
1579
Manchurian army
position with regard to the railway in the following from the Government, and the advance of the
south towards Peking, the headquarters of the Government.
New York "Times" Sept. 20:
that a battle of large proportions is
The Foreign Office announced to-day that the South Manchuria Rail- Latest adviees indicate
ways granted the request of Marshal Chang Tso-Lin to use the line for the brewing on the Manchurian front, where Chang Tso-Lin and
transport of his troops to the front. It was stated that the Japanese Gov- Wu Pei-Fu, the Federal leader, are understood to be massing
ernment is in accord with this move. The request of Marshal Chang was
it is said, will be able to
made directly to the Administration of the South Manchurian Railways at their forces, and each General,
Mukden, which granted the permission after having ascertained from the place 200,000 fully-equipped men in the field. General
Japanese Government that there was no objection to this action.
Wu's confidence as to the outcome of the war and evidence
It was stated in official circles to-day that the permission granted to
and equipment appear in an
Marshal Chang should not be construed to mean that Japan is extending of his strength in numbers
aid to the Mukden war lord, and that similar facilities would be accorded Associated Press message from Peking, dated Sept. 20,
to Marshal Wu Pel-Fu if the occasion arose and he mado a similar request.
which said:
It was said that there was no reason for the railways refusing to transport
the troops of either party.
Officials compared the status of the South Manchuria Railways with the
railway from Shanghai to Nanking, built with British capital, but under
Chinese control, and which is being used by Marshal Wu for the transport
of his troops. It is further asserted that the action of the South Manchuria
Railways does not indicate any change in the Japanese policy of non-interference in China.
The Kenkyukai, which is the majority party in the House of Peers, has
adopted a resolution calling upon the Government to exert its efforts in
connection with the Governments of the United States, England, Franco
and Italy to bring about peace in China.
The resolution, which will be presented to Premier Kato and Baron Shidehara, Minister of Foreign Affairs, reads as follows:
"War in China seriously hinders Japan's trade with that country. It will
deal a severe blow to economic conditions in Japan, while the life and property of Japanese residents in China are exposed to constant menace. It also
obliges Japan to consider the defense of her frontier line. Japan's attitude
of non-interference must be supported, but it is more important for Japan to
bring about peace in China in conjunction with other Powers."
d
The Koseikai, which lathe opposition party in the House of Peers,adopte
a similar resolution.
The attitude of the various Powers, meanwhile, remains
that of "non-interference," while thorough preparations are
being taken to insure the safety of residents in the foreign
quarters of the cities in the neighborhood of the fighting
fronts. As the fall of Shanghai appeared probable, following
the revolt in the Chekiang defending army, existing defense
organizations in the city, which include men of the various
navies and the Shanghai volunteer corps, were strengthened
by 150 Russians. The following, which appeared in the
New York "World" Sept. 25, summed up the American,
British and Japanese attitude:
With 200,000 troops ready to take the field, aided by four squadrons
of airplanes and the combined Nanking, Shanghai and Tsingtao fleets,
Wu Pei-Fu expects to put an end to Marshal Chang Tso-Lin's reign in
Chief
Manchuria within two months, the Peking Government Military
informs the Associated Press to-day.
of Gen. Chang
Based on one experience in which he defeated the forces
in 1922, when the Manchurian War Lord was the aggressor and attempted
the statement that he
to invade Chihli Province, Gen. Wu authorized
in China
intends to pursue the campaign until the Central Government
in
again is in position to administer the affairs of throe eastern Provinces
defeat.
which the Tuchung Chang has maintained himself since his
-assumed dictatorship
Nothing but Chang's resignation from his self
will stay
and his complete elimination from the political affairs of China
Manchurian
the avenging hand of the Peking Government against the
Tuchun, Gen. Wu added.
forces
In this connection, he pointed out that Chang had mobilized his
on the Manchurian-Chihlian border against the Peking Government.
taxa"We must relieve the people of Manchuria of the heavy burden of
Mantion imposed by Chang Tso-Lin," he said. "Japanese interests in
disturbed by the
churia, including the South Manchurian Ry., will not be
Peking Government."
interest
When it became apparent Chang was taking an extraordinary
Government
in the sectional civil warfare near Shanghai, the Peking
sent a representative to Mukden, principal city of Manchuria, in an effort
to arrive at an understanding with the Tuchun.
The Manchurian refused to listen to all reasonable overtures, Gen. Wu
continued, and mobilized his forces for an attack on the Central GovernMukden.
ment. Later he interrupted railway traffic between Peking and
"that
"It was only in view of this attitude on his part," said Gen. Wu,
expeditionary force against Mukden.
I have been appointed to lead the
force,
It is much against the wishes of the President to resort to military
but it is the only means of establishing peace and order in Manchuria."
result in the
Gen. Wu said he expects the Manchurian campaign to
capture of Mukden within two months.
A warning by Chang Tso-Lin to British and American
to bomb certain towns on the ChihliBritish, American and Japanese authorities in Shanghai, for which rival consuls of his intention
of inChinese factions are fighting, have publicly disclaimed any intention
Manchurian border, was reported Sept. 21 by Associated
tervening in the civil war, according to a message broadcast yesterday by Press, as follows:
the official British wireless and picked up by the "World."
Chang Tso-Lin, the Military Dictator of Manchuria, to-day requested
It is felt any attempt at mediation would be rejected anyway and might
warn their countrymen at Chinwangtao,
be open to misinterpretation because of unfortunate experiences in the past the American and British consuls to
border, and Shanhaikwan. an adjoinin China. It might oven react against the foreign communities in China, a gulf port on the Manchurian-Chihli
were asked
ing town, of his intention to bomb these places. The consuls
the messgge said.
to to advise the foreigners to leave.
Consequently the Powers will take only such action as is necessary
of gunboats
General Chang also suggested that foreign ships stand clear
protect foreign lives and property. Certainly no effort at mediation, it was
Chinwangtao since his planes intended
said, would be undertaken without the most complete consultation among of the Peking.Government lying off
to bombard them.
the Powers first.
leading foreign residents to his headquarters
He invited
Indications of Japanese uneasiness, however, were con- and expressed the consuls andthe good relations existing. He assured them
appreciation of
"Tribune" of his efforts to afford protection, but asserted that he was engaged in a
tained in a Shanghai message to the Chicago
life-and-death struggle and could not stop at half measures.
Sept. 29, which said:
The China Merchants' Steam Navigation Co., the largest Chinese shipA Tokio message from the same source Sept. 23 said:
ping company, to-day stopped all Failings northward, further isolating
northern
General Chang Tso-Lin's army captured Chaoyang, a town in
Shanghai. One reason was the seizure of ships by General Wu Pel-Fu,
dispatch received
Chihli Province, at 6 o'clock this morning, according to a
commander of the Peking forces.
from Chang's headquarters.
Mukden,quoting a communique
Japan may change its policy of neutrality to armed intervention, accord- to-day from
troops prisoner
Tho communique said that Chang's forces too 600 Peking
ing to dispatches from Tokio this morning. The party leaders in the Diet
rifles
battle and captured six field guns, eight machine guns, 2,000
in the
have decided to interview the Government.
It is also known that the Peking Government is exercised by the reported and other stores.
Chienchang, fifteen
The Chihli troops were reported in retreat toward
use of the South Manchurian Railway in transporting war supplies to Genof the Manchurian-Chadian border.
eral Chang. and It is reported here that China intends to refer it to the miles south
League of Nations.
The capture of Chaoyang, in northern Chihli Province,
The Fourth Regiment of Marines, based at San Diego,
Cal., is being held in readiness for duty in China, according to
an announcement Sept. 22. No definite word had been received, it was stated, although it was believed At San Diego
that the regiment may be taken across the Pacific in the
transport Argonne.
The effect of internal strife on China's foreign trade has
been complete disorganization, with a practical cessation of
movements of products from the interior, while import merchants are reported to be badly hit through cancellations.
A Washington dispatch to the "Journal of Commerce"
Sept. 18 had the following to say regarding the situation:
The civil war in China is spreading, which makes it inevitable that the
trade of China Will be completely disorganized for a very considerable period,
cable advices to the Department of Commerce to-day from Commercial
Attache Arnold at Peking report. The outlook for both exports and imports is most discouraging.
The movement of China products from the interior has practically
stopped. Import merchants are faced with heavy cancellations. Little
business of any kind can be done until hostilities cease.
The heavy rains have ceased and the flood waters are receding in most
sections. An estimate of total flood damage is not yet possible, although
there is little doubt that the cotton crop has been seriously affected and
that other crops have suffered in proportion.
It is probable also that next year's wheat crop will be considerably reduced, since the flood conditions are retarding the fall sow:ng.
The declaration of war by Chang Tso-Lin on the Central
Government Sept. Ili divided the civil war raging in China
into two sections—the defense of Shanghai by the Chekiang
army against the Kiangsu forces, supported by the Central
Sept. 23, by Manchurian troops, was followed by a period
of calth, during which men, guns and airplanes were rushed
to the front by both sides, in preparation for what was expected to be a tremendous battle. We quote a Peking cable
to the Philadelphia "Ledger," Sept. 25:
by an
Save for minor encounters, the Manchurian front is pervaded
weapons of modern
ominous calm. A tremendous battle, employing all the
warfare, is expected.
possible scale.
Troop concentrations are proceeding on the greatest
Peking all but
monopolizing virtually all railway rolling stock and leaving
and mules
cut off from the outside world. Men, guns, airplanes, camels
tell foreigners it is imare being rushed to the front, while travel agencies
The
possible to predict the departure of passenger trains from Peking.
to depart.
only course is to go to the station and await an opportunity
Virtually the only chance for travel is by boat from Tientsin.
Government
Hostilities are now largely on paper, however, with the
issuing decrss depriving Chang Tso-Lin, the Mukden warrior, of his titles
and decorations and Chang sending airplanes over Shanhaikwan, dropping
heavens
circulars which declare that the recent Peking floods show that the
are on Mukden's side.
keep the
The indications are that the Southern rebels will endeavor to
vicintiy of
largest possible number of Government troops engaged in the
the
Shanghai, while Chang wages a long-drawn war in the North, sapping
Government's resources by a constant drain. The Government is expected
to endeavor to win on both fronts as soon as possible.
Associated Press, Oct. 1, reported an announcement from
Mukden, Chang Tso-Lin's headquarters, to the effect that
Chihfeng, 150 miles north of Jehol, had been captured by
Mukden troops; also Chienchang, 15 miles from the ChihlianManchurian border, where the Central Government troops
retired following the evacuation of Chaoyang, Sept. 23.
1580
THE CHRONICLE
[vol.. 119.
Foreign Ministers at Peking, Sept. 25, issued an appeal to retreat two
miles to new positions, according to the
and warning to the rival forces to quit bombing unfortified following
Associated Press telegram from Shanghai Oct. 3:
towns from the air. Associated Press said:
An offensive for which the invading Kiangsu forces attempting to take
The warning was sent to General Chang Tso-Lin and the Peking Government in view of the bombing of the border town of Shanhaikwan by
an air
squadron of Chang's, and because of authentic reports that he was planning
an air raid on Peking. The Ministers asked both sides to refrain from
bombing at points except where armed forces are in the field or fortified
places or
naval units.
The appeal was based on humanitarian grounds, but at the same time a
warning was issued that if foreign lives were taken or foreign property
damaged as the result of such attacks on capital cities or treaty ports, the
authority who ordered the attack would be held strictly responsible. It
was pointed out that such air raids lack military value and can only result in
the destruction of historic buildings and damage to the legations of friendly
nations.
By bombing unfortified towns, the lives of foreign nationals who are not
taking any part whatsoever in the actual conflict and intend to maintain
absolute neutrality in this domestic quarrel, would be put in grave and constant danger, the note points out.
Shanghai have been gathering men and munitions for three days, started
last night southwest of Sungkiang, at a point 35 miles south of Shanghai.
The defending Chekiang troops were forced to retreat two miles to new
positions after intensive night fighting in which both sides employed
artillery.
According to an observer, the Chekiang troops were pushed back to
positions five miles southwest of Sungkiang. The railway station at
Sungkiang last night was a bedlam of terrorized residents, the remnant
of thousands of refugees who had previously fled to Shanghai.
As the offensive of the Kiangsu troops proceeded it assumed the aspect
of a general engagement, the observers said.
On the front west of Shanghai occasional firing was reported, but the
Klangsu offensive expected in that area to-day by the Chekiang forces
had not developed.
Charles B. Brewer Before Committee Investigating
Bureau of Engraving and Printing Alleges Bond
General Wu Pei-Fu in a manifesto issued Sept. 27 reasDuplication and Treasury Frauds—Secretary
sured foreigners of protection in connection with his'expediMellon Denies Previous Charges.
tion against Chang Tso-Lin, who, however, continued his
Following charges alleging the duplication of Liberty
bombardment of Shanhaikwan and other frontier towns.
bonds and other alleged fraud affecting the public debt,
Following is a report from Peking, Sept. 29:
All women and children have been ordered to leave Shanhaikwan, the made by Charles B. Brewer, Department of Justice Attorcity on the Peking-Mukden Railroad at the Manchurian border, which has ney, and denied by Secretary of the Treasury Mellon in
been bombed by airplanes of General Chang Tso-Lin.
a letter to President Coolidge under date of Feb. 13, further
A train has been made up here to remove the non-combatants. It is
estimated that there are about forty foreigners there, chiefly British, and a charges of bond duplication, premature payment of interest
greater number at Chinwangtao, where the Kailan Mining Co. maintains coupons and inefficiency in the Treasury Department were
its foreign staff.
brought by Mr. Brewer Sept. 17 before a special house
The bombing of Shanhaikwan by General Chang's planes continues and
committee investigating the Bureau of Engraving and
the number of casualties is increasing.
West of Shanghai fighting between the attacking Kiangsu Printing. Mr. Brewer alleged to have "positive proof of
forces and the defending Chekianese, which has been carried bond duplication; also that interest coupons, due 1926,
on with great ferocity, reached its fiercest this week when, had been paid in 1920 "by somebody ingeniously changing
under repeated Kiangsu attacks, the fall of Shanghai seemed the 6 to an 0 and passing them through." Mr. Brewer
imminent. Sept. 2 it was reported that Chekiang head- further stated that a theft of bonds amounting to between
quarters had ordered troops across the Whangpoo River, $9,000 and $10,000 in October 1918 and September 1919
harbor of Shanghai, to prepare a new defense line east of was not discovered until Feb. 2 1921. The bonds, he said,
the city, between the river and the Eastern Sea. Associated were stolen in the Treasury Department and duplicates
were issued, both being redeemed by the Government. A
Press described the battle Sept. 29 as follows:
Hundreds were killed and many wounded this morning on a six-mile declaration that he had been blocked in his investigation
front from Niansang to Mulu when the battle for possession of Shanghai by James F. Macoughtry, manager
of the securities section
continued with impetuous intensity.
According to a witness who returned this afternoon after traversing of the Treasury, resulted, said an Associated Press message
the sector from Niangsang to Mulu west of Shanghai, both sides were Sept. 18, in an agreement next day that the committee
drenching the lines with shrapnel.
should keep Mr. Macoughtry's books through the day
Relief stations were filled with wounded.
The dead have been left where they fell, according to the witness. The and have them returned to the Treasury at night. Assooffensive, marked by continuous firing since it opened Saturday morning. ciated Press wrote Sept. 17 from Washington as follows:
has enabled
the Chekiang forces to drive the Klangsu troops back six
miles, according to General Hsia Chao-Lin, Chekiang commander, in
the centre.
Sungiciang, a city of 50,000, 28 miles south of Shanghai, was being looted.
reports to-night said.
More Cheldang airplanes flew over the western district of Shanghai
to-day on their way to the front.
Four hundred Kiangsu troops were killed, Chekiang
leaders stated, in fierce hand-to-hand bayonet fighting near
Hwangtu, on the line of the Shanghai-Nanking Ry., according to Associated Press Oct. 1:
Firing along the entire battle line just west of the city had become desultory at midnight. Positions of the opposing armies were unchanged
throughout tho day.
The fighting last night reached hand-to-hand bayonet encounters, when
a fierce Kiangsu counter-attack was launched near Hwangtu, on the line of
the Shanghai-Nanking Ry. Machine-gun fire, however, finally forced
their retreat with heavy losses.
When they retreated, Chekiang leaders asserted, they left 900 dead
on the field. Chekiang leaders also said that their soldiers had captured,
and were holding, an advantageous salient in the Hwangtu area..
Field headquarters of the Chekiang armies at Niansang were moved
after several Kiangsu airplanes had dropped bombs into the town.
Upward of 500 wounded Chekiang soldiers were brought into Shanghai
yesterday, and the reported losses on the Klangsu side were even greater.
Brewer declared that not only did he have "positive proof" of the duplication of bonds, but that interest coupons on bonds had been paid in 1920
which were not duo until 1926.
"This was done by somebody ingeniously changing the 6 to an 0 and
passing them through," he added.
The witness asserted that Treasury officials had made repeated efforts
to destroy bonds which could be used as proof of duplication, and that they
had defied an order from President Harding to cease the destruction.
The destruction continued, he said, until a number of employees had been
removed and Louis A. 11111 was appointed director of the Bureau of Engraving and Printing.
Brewer said that when Hill told President Harding the Treasury Department had not stopped the destruction of the bonds, the President "grabbed
a pad and wrote a note to Mellon ordering the destruction stopped, and it
was then stopped."
"In other words, Mellon was bent to destroy those bonds," interrupted
Representative King, Republican. Illinois.
"Duplicate bonds appeared at Boston, Mass., and Noblesville, Ind."
Brewer testified, adding that "the only thing the Treasury officials did was
, mark the bonds 'duplicate' and made no investigation."
4
to
Inefficient methods in the Treasury Department, Brewer said, were
shown by the fact that a theft of bonds amounting to between $9,000 and
$10,000 in October 1918 and September 1919 was not discovered until
Fob. 2 1921. He charged the bonds were stolen in the Treasury Department and duplicates were issued, both being redeemed by the Government.
The duplication and theft could have been discovered immediately,
he
asserted, if the bonds had bean compared.
He declared he had been blocked in his investigation by J. F. Macoughtry,
head of the securities section of the Treasury, after ho had been granted
authority by Under-Secretary Winston.
The capture by Central Government troops of Hwangtu,
15 miles west of Shanghai, was announced from Peking on
Oct. 1. A new line of attack by Kiangsu was opened,
An answer to charges alleging the duplication of Liberty
said an Associated Press telegram Oct. 2, nine miles southwest of Sungkiang, along the line of the Shanghai-Hangchow bonds, and other alleged fraud affecting the public debt, is
Ry. Sungkiang, a city of 50,000 inhabitants, is 28 miles made by Secretary of the Treasury Mellon in a letter addressed to'President Coolidge under date of Feb. IX The
south of Shanghai. The telegram announced:
Shanghai this morning was crowded again with refugees, this time charges were made by Charles B. Brewer, and a
fleeing from the area around Sungkiang. a city of 50,000 inhabitants, resolution proposing an investigation into the charges
28 miles southward, where an attack by Kiangsu troops from the south is was
Introduced In the House of Representatives on
threateneu.
Fighting already is reported to have started southwest of Sungkiang, February 7 by Representative La Guardia of New
where a contingent of Chekiang-Shanghai troops is on the defensive.
York (Republican). In his advices to President Coolidge,
Further defense preparations for the fighting on the new front beyond
Secretary Mellon says that, following an investigation, "I
Sungklang were heightened by the announcement that General Ma-Liang,
former Anfu Party (pro-Japanese) leader, and one-time Defense Commis- am satisfied that the charges are unfounded; that there has
sioner of Tsinan, Shantung, had raised 1,500 troops here to assist the been no fraudulent
duplication, or overissue of the public
Chekiang soldiers.
Luotien, six miles from Liuho, was on fire this morning. Chekiang debt, and that there is no occasion for any public uneasiness
leaders said spies of the Klangsu armies were responsible, and that two of as to the integrity of either the Government's outstanding
them had been captured.
obligations or those branches of the Treasury service which
The Klangsu forces launched a local offensive at 10 a. m. on Tuesday,
nine miles southwest of Sungldang, along the line of the Shanghai-Hang- have been engaged in the handling of the public debt securichow By.,firing across a stream where the Chekiang forces were entrained. ties." Secretary Mellon states also that "instead of
the exA vigorous offensive opened by Kiangsu forces southwest cessive payments of interest which would be expected if
of Sungkiang on Oct. 2 compelled the Chekiang defenders there were large duplicate issues of bonds, the interest pay-
OCT. 4 1924.]
THE CHRONICLE
1581
Liberty bonds originally issued, as a result of which the temporary bonds
have been surrendered to the Treasury for retirement.
Over 101,000,000 pieces of temporary bonds were delivered in the first
instances by the Bureau of Engraving and Printing. Of these, there
were outstanding in the hands of the public on Nov. 30 1923 only 481,241
Undoubtedly some imperfectly printed and some imperfectly numbered
aggregate face value of $37,108,450. In other words.
bonds were not detected and ultimately reached the public, but only bonds, having an
over 100,000.000 pieces of temporary bonds have already been retired
against payment therefor in regular course, so that there was no duplication
and delivered to the Registrar of the Treasury for final examination and
or over-issue of the public debt on this account.
Undoubtedly, also, there have been bonds and other securities with audit.
The examination of these millions of pieces is practically current, and
duplicate serial numbers, and contrary to Mr. Brewer's assertions, there
in each case against the numerical records, it would
it
have been such duplications of numbers with registered as well as coupon since involves a check
be certain to disclose duplicate issues if any had been made. As a matter
bonds. Even now duplication occasionally occurs in printing, through
of fact, the examination has not disclosed any duplication, and shows that
variations in the numbering machinery.
check up, by loans and denominations, without
All the duplicate serial numbers discovered by the Treasury are checked the issues and retirements
up as promptly as possible, and none has yet been found to involve any any over issue.
integrity of the Liberty Loan issues is furnished by
Another check on the
duplication whatever in the public debt. For the most part, the duplicate
and unpaid on the public debt. These
numbers have been found, on investigation, to result from mechanical the accounts of the interest accrued
figures indicate that instead of the excessive payments of interest which
errors in numbering either through aberrations in the machinery or through
duplicate issues of bonds, the interest
mistakes in numbering makeup bonds, or to be only apparent duplications, would be expected if there were large
payments As a matter of fact have constantly been far below the actual
resulting from errors in recording.
In many other cases it appears that the numbers have been altered while accruals upon the outstanding public debt.
For example, according to the public debt statement for Nov. 30 1923,
the bonds were outstanding, thus creating an apparent duplication in
that date matured interest
numbering when returned to the Treasury. When it is remembered that the latest available, there were outstanding on
amount of $64,604.085 85.
there were over 100,000,000 pieces of temporary Liberty bonds alone coupons and interest checks to an aggregate
the Government has
issued by the Treasury, each with a serial number, it is not surprising that In other words, instead of an over-payment of interest
than has accrued on the bonds
duplicate numbers should occasionally appear, the total up to date being actually had to pay considerably less interest
and other securities which.are admittedly outstanding. The public debt
only about three thousand.
statements, moreover, are made upon a cash basis, the amounts shown
The Secretary's letter to President Coolidge follows:
as ssued being taken up only against cash actually received. The figures
for the public debt on this bas's agree with the figures reached independently
Feb. 13 1924.
securities issued, and
Dear Mr. President —I am writing to advise you of the situation which by the Division of Loans and Currency on the basis of
been no over-issues.
has developed in connection with the charges made by Charles B. Brewer this of itself furnishes conclusive proof that there have
Beyond all this, the audits which have been made of the paper accounts
as to alleged duplicate issues of Liberty bonds and other alleged fraud
Bureau of Engraving and Printing over the whole period snce
of the
affecting the public debt.
were no discrepancies in these
Mr. Brewer has been conducting his investigation for over two years and the beginning of the war show that there
expected
report reached accounts beyond the petty discrepancies that naturally would be
he has made this report under date of Jan. 15 1924. This
several hundred millions of distinctive paper.
me on Jan. 26, and the Treasury has since been checking it up, with a view In transactions involving
distinctive paper for which the Bureau of Engraving and
The balances of
to answering it item by item at the earliest possible moment.
and from time
In the meantime, however,the report has become public through proceed- Printing is accountable appear on the books of the Treasury,
to time it Is the practice to check and verify these balances through audit
ings brought by Mr. Brewer in the District of Columbia courts against the
the Bureau have
Secretary of the Treasury and the Attorney-General, and since it is calcu- by an independent committee. Security papers issued to
deliveries of perfect securities to the Division of
lated to disturb the public mind by suggesting doubts as to the integrity to be accounted for either by
are destroyed.
of the public debt, I believe it is time to make a clear statement of the Loans and Currency or by imperfect or spoiled securities,which
There have been three audits of the paper accounts covering the period in
facts and answer once and for all the charges which Mr. Brewer has brought
question—the first in 1920, after the issue of the last Liberty Loan, when
against the Treasury.
of securitty
Mr. Brewer charges in substance that there have been large issues of Secretary Glass designated a committee to verify the balances
committee
duplicate Liberty bonds and at least implies that there has been a con- paper charged to the Bureau of Engraving and Printing. This
verificaspiracy, affecting even the higher officials of the Treasury, to suppress submitted its report on Aug. 5 1920, after having made a complete
count all paper
the facts and make it possible for the guilty parties to realize on the cupli- tion of all open balances of paper and examined by actual
the differcate bonds. His charges cover principally the issue of temporary bonds at the Bureau. No substantial discrepancies appeared, most of
during the years 1917. 1918 and 1919. and, as appears from the report, ences being found to be accounting errors.
In April of 1922 I designated another committee to make examination of
were made first by J. W. McCarter of South Dakota, in letters published
April
in September 1920 in the name of the "McCarter Corp." a family cor- the securities paper accounts. The report of this committee as of
paper
poration organized by McCarter in the interests of the Non-Partisan 1922 showed there were no substantial discrepancies in the distinctive
accounts, and that the total differences affecting the original issues of
League.
notes (including the item shown by the 1920
It appears from the records of the Treasury that Secretary Houston Liberty bonds and Victory
for
made a thorough investigation into the matter at the time and subsequently report above mentioned) were as follows: A net shortage of 49 sheets
stated in two letters, which were made public on Sept. 28 1920 that the the first 334s. a net shortage of 2834 sheets for the first 4s and second 4s: a
charges were without foundation, that they were manifestly based on net average of 1 3-16 sheets for all of the 431% Liberty bonds;a net average
misinformation and misunderstanding, and that though there were in- of 53j sheets for Victory notes.
It is estimated that the differences in the 334% First Liberty lean
stances of duplicate serial numbers on Liberty bonds no evidence had
been found of any duplicate issues or other fraudulent over-issue of Liberty paper accounts could not involve a money value of over $3,690. while the
differences in the first 4% and second 4% paper could not involve a money
bonds or other Government securities.
It appears further from the records that McCarter had been for a time value of over $2,783 41.
I
,
Against these shortages there are, as stated, overages in the 43 % bond
Assistant Registrar of the Treasury under the Democratic Administration,
that his conduct in office had been inefficient and generally unsatisfact- paper and in the Victory note Paper accounts. The conclusions of this
permitted to resign, though report were substantiated by the report of the auditors of the Department
tory, and that in July of 1920 he had been
Secretary Glass had first asked and obtained authority from President of Justice, which made an independent examination as of the same date
Wilson to remove him from office, for reasons which lie summarized as and found substantially the same discrepancies.
The check which has thus been made in the paper accounts of the Bureau
follows:
"I am obliged to ask your authority to remove from office James W. of Engraving and Printing conclusively negatives the possibility of any
McCarter, Assistant Registrar of the Treasury. He has conducted him- material duplication or over-issue of any of the Liberty bonds or other
self in his office in a manner not only wholly inefficient but grossly offensive public debts securities since the beginning of the war. As a matter of fact.
to the members of his organization. He has been given warning and ample the audits show that the Bureau of Engraving and Printing printed and
opportunity to amend his ways and I feel that nothing but peremptory delivered in connection with the war issues over 215,000,000 pieces of securities, with an aggregate face value exceeding $137,000.000,000. The
action will make it possible to restore the efficiency of the organization."
Shortly after his withdrawal from office McCarter published his charges percentages of differences in relation to these totals is insignificant and
of duplication in the issues of Liberty bonds, and Brewer, to whose atten- certainly not more than would be expected in operations of this magnitude.
After printing and delivery by the Bureau of Engraving and Printing the
tion they subsequently came, has since been endeavoring to develop them
bonds and other securities all received a critical examination, the seal of the
through his investigations.
For the most part the charges of McCarter and Brewer relate to matters Treasury was affixed and they were initialed by examiners. In the various
preceding my administration of the Treasury, as to which I have no per- processes the securities were subjected to successive piece counts, and
sonal knowledge. I have made independent investigation, however, adequate checks were imposed at the Treasury and the Federal Reserve
with all the facilities at my command, and I am satisfied that the charges banks to insure that no deliveries would be made except against payment
are unfounded; that there has been no fraudulent duplication or over-issue therefor in proper form.
During the course of examination, and before issue, thousands of imperof the public debt, and that there is no occasion for any public uneasiness
as to the integrity of either the Government's outstanding obligations fectly printed bonds, including many bonds and notes with imperfect or
or those branches of the Treasury service which have been engaged in incorrect serial numbers, were detected by the examiners and returned to
the Bureau of Engraving and Printing for destruction. Undoubtedly some
the handling of the public debt securities.
The Treasury has been on the alert at all times to guard against fraudu- imperfectly printed and some imperfectly numbered bonds were not delent dealings in public debt securities, and has been at the greatest pains tected and ultimately reached the public, but only against payment therefor
to provide for handling both security issues and security redemptions in in regular course,so that there was no duplication or over-issue of the public
such a way as to safeguard the Government's interests at every point. debt on this account.
Undoubtedly, also, there have been bonds and other securities with dupliIts record in this regard invites the fullest inspection, and the results
which it had achieved in dealing with the unparalleled issues of war bonds cate serial numbers, and contrary to Mr. Brewer's assertions, there have
been such duplications of numbers with registered as well as coupon bonds.
and other securities do it the greatest credit.
It should be clear in the first place that the securities to which the Even now duplication occasionally occurs in printing, through variations
are the so-called temporary Liberty bonds, which in the numbering machinery.
charges principally relate
All the duplicate serial numbers discovered by the Treasury are checked
were issued in 1917 and 1918, with only the first few coupons attached,
and the Victory notes, which were issued in 1919. The Victory notes up as promptly as possible, and none has yet been found to involve any
have since matured and were paid off in 1923. The temporary Liberty dpulication whatever in the public debt. For the most part, the duplicate
bonds became exchangeable for permanent bonds, with all coupons to numbers have been found, on investigation, to result from mechanical
maturity attached, in 1919 and 1920, and the exchanges of temporary for errors in numbering either through aberrations in the machinery or through
permanent bonds are now practically complete, only about $37,000,000 mistakes in numbering make-up bonds, or to be only apparent duplications
face amount of temporary bonds being still outstanding out of a total of resulting from errors in recording.
In many other cases it appears that the numbers have been altered while
nearly $15,000,000,000 of outstanding Liberty bonds.
In other words, the Liberty bonds now in the hands of the public are the bonds were outstanding, thus creating an apparent duplication in numpractically all permanent bonds, which are not in any way affected by bering when returned to the Treasury. When it is remembered that there
the charges, so that there is no occasion for any public uneasiness in this were over 100,000,000 pieces of temporary Liberty bonds alone issued by
the Treasury, each with a serial number, it is not surprising that duplicate
regard.
The exchange of temporary for permanent bonds has also given an numbers should occasionally appear, the total up to date being only about
excellent chock upon the integrity of the issue of temporary bonds, and three thousand.
it furnishes a conclusive answer to the charges of duplication in the public
When it is remembered also that in the ordinary course of business United
debt. It has involved practically a complete turnover of the coupon States coupon bonds and other bearer securities are handled by the public
ments as a matter of fact have constantly been far below
the actual accruals upon the outstanding public debt." In
his letter Secretary Mellon further says:
1582
THE CHRONICLE
Without regard to their serial numbers, and that even in the Treasury
the serial numbers are important only for purposes of original issue and
again on the final audit when received for retirement, it will be appreciated
how little significance for practical purposes attaches to the duplications in
serial numbers which have been discovered.
No case which the Treasury has yet investigated in the course of its examination of the Bureau report throws any doubts on these conclusions or
indicates any duplication or over-issue of the public debt. Many of the
specific cases mentioned, in fact, had already been fully explained to Mr.
Brewer, and had no proper place in the report. The examination will be
finished to completion as rapidly as possible and I will advise you further
as to the final results.
I think in the meantime the public can rest assured that there has been
no over-issue of Government securities and that the integrity of the public
debt cannot be attacked.
Faithfully yours,
A. W. MELLON,Secretary of the Treasury.
Secretary of the Navy Wilbur Recalled—President
Coolidge Denies Californian Speeches Were
Cause—Reference to Japan in San
Francisco Address.
Reports that President Coolidge had requested Secretary
of the Navy Wilbur to return to Washington because of
the nature of a speech which the latter made at San Francisco Sept. 5, called forth the following statement from the
White House Sept. 17:
It was officially denied that the President had heard of any criticism
of any speeches made on the Coast by Secretary Wilbur, or any comment
concerning them other than that they had been very helpful. The President
has the highest regard for the character of service Secretary of the Navy
Wilbur has rendered and sent for him solely to consult on matters of purely
domestic concern relating to the navy, telegraphing him that important
naval matters made it necessary to see him at once.
Following a review by him of the progress of the United
States navy from 1776 up to the present year, Secretary
Wilbur, in the course of an address at a luncheon given by
the Chamber of Commerce and Commercial Club at San
Francisco Sept. 5, made a few remarks regarding American
and Japanese relations. Concerning these remarks a Washington dispatch Sept. 19 to the New York "Times" says:
Simultaneously with the return of Secretary Wilbur in response to the
President's summons, it became known to-night that it was in his address
at a luncheon given by the Chamber of Commerce and Commercial Club
at San Francisco on Sept. 5 that Mr. Wilbur spoke some of the sentences
that have offended the Japanese. It was in this speech that Mr. Wilbur
referred to the basing of the American fleet on the Pacific Coast "for
the protection of our coast both East and West from the aggression" of
people influenced by real or fancied insult, and in the same address that
he gave utterance to the remark: "There is nothing as cooling to a hot
temper as a piece of cold steel." This was one of the sentences to which
the Japanese object, according to Tokio dispatches.
[VOL. 119.
provision written with the blood of the Union soldiers. The fact is that
there is only one issue in American politics and has been only one great
Issue since the division between the Republican and Democratic Parties
and that lathe issue of the negro. The white men of the South are Republicans in their attitude toward their country. They believe in a strong
nation. They believe in the American flag. They want the blue and white
to remain in the national emblem. They offer their sons freely for the
nation. They send their sons to West Point and Annapolis. They believe
In the protection of American industries and although they vote for free
trade they pray for the protection of their own industries. They are a
fine type of men and women and are Democrats for one reason and for one
reason only, aside from the hereditary, and that is fear of the negro. The
short taste of negro domination they got after the Civil War has so frightened the white men of the South that they will never vote the Republican
ticket under any circumstances.
Regarding the war period and the League of Nations,
Senator Caraway read the following from the manuscript:
But Mr. Davis said the Democrats are proud to remember, and he recounts the glorious deeds of this nation in the World War when Woodrow
Wilson was President and when he had a Democratic Administration. I
am not disposed to spend time criticizing the Administration of President
It is true that he was re-elected by the slogan: "He kept us out of war,"
and found himself compelled to ask Congress to declare war within a month
after he took office. I will not complain of the fact that he must have
known long before he took office and long before the election that we could
not possibly keep out of war if it continued. It was his business as President to know the drift of the war and he must have been advised that the
Germans intended to resume unrestricted warfare as soon as they had
completed the submarines necessary for that warfare which they were then
building.
I was and am a believer in the League of Nations. I believed that if we
went into that League immediately upon cessation of hostilities we might
save Europe from bankruptcy. I therefore sympathized with Woodrow
Wilson in his campaign for the League of Nations and 1 would now rather
praise him for his attitude than to blame him, because when he had the
power to wake America a member of that League by making reasonable
concessions to the members of the Senate, who were equally responsible for
determining our attitude, he refused to recognize their judgment and responsibility and stood for the unqualified and unreserved endorsement of
the League of Nations.
I may say in passing that I am not now in favor of America entering the
League of Nations. I am speaking my own personal views. We have already suffered all the disadvantages which could have arisen from keeping
out of the League, and we have all the advantages of independent action
resulting from our separation. During the heat of war America, by her
example and her practice, did more to coordinate the forces of the Allies
than had been done in the three previous years of war. This complete and
Unqualified and unreserved coordination gave the Allies victory; but such
coordination was only possible under the threat of destruction and in the
heat of conflict.
I am glad that America is out of the League of Nations, and I am thankful
that out of the conflict and sacrifices of a great war America has secured one
great boon, namely, the limitation of armament agreement, by which for the
first time in human history great nations have agreed to regulate the amount
of their armament in accordance with an agreement recognizing a definite
ratio for naval armament. I believe conscientiously and fully that this
agreement for disarmament will do much for the peace of the world if not
more than the League of Nations has or could.
Reference to "Cold Steel."
Reference was then made to the President's silence on the
After declaring that "no decision has been rendered against a Japanese
because of color or nationality," Mr. Wilbur concluded his San Francisco oil scandal:
speech with this paragraph:
Mr. Davis says the Republicans are anxious to forget and the Democrats
"It has been a great personal satisfaction to me to come down the coast are glad to remember. I have taken advantage of this expression to recount
with 14,000 sailors wearing the American uniform in ships adequate for In a brief way some of the things the Republicans are willing and glad to
their own protection and for the protection of our coasts. both East and remember and some of the things they are willing and glad to forget, but in
West, from the aggression of any people influenced as all people may be doing so I am not oblivious to the fact that Mr. Davis was addressing his
by some extension of the mob spirit, some outburst of passion or some remarks to the Republican Administration of Mr. Harding and particularly
real or fancied insult. There is nothing so cooling to a hot temper as a toward the so-called oil scandal. He was trying to impress upon the people
piece of cold steel. There is nothing so conducive to calm and cool de- that the Republicans were willing and anxious to forget and have the people
liberations as the contemplation of adequate means of defense of our forget that there had been any oil scandal. so-called. The attitude of Mr.
opponent."
Davis concerning the oil scandal is an interesting one when you consider
In the same speech Mr. Wilbur declared the Washington Arms Con- him as candidate for President of the United States.
ference Treaty had given us a standard for the fixed naval policy of a
It is true that if there has been fraud or corruption in high places in the
navy equal to Great Britain's and 40% superior to Japan.
Government, the Republicans are sorry. Anything that affects the integ"It is the policy of the Administration," said Mr. Wilbur, "to build rity of the Administration at Washington is of consequence to every Ameriup to this treaty limitation."
can citizen. We do not want our Government to become corrupt, and when
by the
Senator Caraway of Arkansas opened a new attack upon we see suggestions of corruption in high offices we are appalled defense
has made no
situation. Mr. Davis
Secretary Wilbur on Sept. 23 at a meeting of the Davis and In connection with the complained that the President President has made
oil scandal. That is true. The
Bryan Democratic Club of the District of Columbia, when no defense for two reasons: 1. No charge has been made against him as
of
he read part of what he claimed was a copy of Mr. Wilbur's President. 2. Because he has neither the disposition to nor the purpose
defending wrongdoing.
was scheduled for delivery at Denver, Saturspeech which
The President's attitude is that. I think, of the average American citizen.
day, Sept. 20, five days after the Naval Secretary left Cali- Mr. Davis does not charge and does not believe that President Harding was
Interior, but he
fornia for Washington in response to President Coolidge's guilty of corruption in naming Mr. Fall as Secretary of thejudgment which
wishes you to believe that he committed a political error of
summons. The speech represented Mr. Wilbur as being in can only be corrected by selection of him, Mr. Davis, as President. This Is
favor of the League of Nations and discussed the Negro and because of what he characterizes as party responsibility. The Republicans
man to
are responsible,
Civil.War problems. This and other speeches which Mr. occupy high he thinks, for this unwitting selection of a corrupt because
office. He argues, therefore, that all Republicans
Wilbur had delivered during his visit to the Pacific Coast, they belong to the party, are responsible for this wrong-doing and that the
said Senator Caraway, induced the President to send an only method by which they can purge themselves of this wrong is by voting
ticket.
urgent call for the Secretary s return. The address read in the Democratic that
human
We recognize
sin is not the result of party affiliations but of
part:
frailty, and if President Harding in accepting a member of the United
Perhaps the best index to the campaign issues is found in the speeches States Senate, who had been repeatedly selected by people of his own State
of the Presidential candidates. Mr. Davis, the Democratic nominee, has to represent them, had committed a grievous error, he committed no greater
stated that in his judgment the difference between a Republican and a Dem- error than the people of that State in returning him to office.
ocrat is the difference between a man who wants to forget and a man who is
It has been claimed that the Administration attempted to prevent the
glad to remember.
Senatorial Committee from conducting its investigation. This is a plain
Now there is a good deal of truth in this statement. The Republicans have falsehood unworthy a candidate for the office of President of the United
been trying since 1865 to forget the difference between the North and the States. There were Republicans on the committee. Its Chairman was a
South. They have tried to forget that the fields of the South are dotted with Republican. The fact is the committee opened the doors wide not only to
graves of Republicans fighting under a Republican President for liberty and proper evidence but to hearsay testimony. The lie of McLean and the lie of
for the Union and that they were slain by Democratic bullets fired by those Fall concerning the $100,000 were not sworn testimony. Otherwise a plain
who sought to destroy the Union and maintain human slavery. The Repub- case of perjury would have resulted. The President of the United States
licans are willing and glad to forget the slaughter and bloodshed of the Civil believed, and every lawyer of the United States believed, that the place to
War in their pride over a united country with its forty-eight States, its Investigate crime and graft is before a Grand Jury charged with the oblimagnificent expanse of territory, its united front to the world, its possibili- gations of such Investigation and empowered to return indictments for
ties for the peace of the world, and its spiritual unity.
wrongdoing. The President believed in this method of investigating crime.
Mr. Davis says that the Democrats want to remember, and that is true.
Now, I have mentioned the so-called oil scandal because frankness reThey still remember that the colored men were once slaves and they insist quired me to do so, but I do not wish to be charged with apologizing for
that these former slaves shall not vote notwithstanding the constitutional crime. If Fall and Dcheny were guilty of bribery or corruption. I want to
NW-
OCT. 4 1924.]
THE CEIRONICLE
1583
was one of the outstanding charges urged in connection with the passee the utmost penalty of the law exacted from them. But I refuse to admit this
of the resolution of inquiry.
directly or indirectly or by implication that as a Republican and as the sage
RepubliSays Charges Were Not Proved.
Chief Justice of the Supreme Court of the State of California, a
for that
can, that I am in the slightest degree connected with or responsible
The efforts made by corrupt means to connect me with alleged improper
corrupt
corruption, and I resent the suggestion that Republicans are more
transactions upon the part of others failed utterly, despite the indecent
than Democrats.
methods and prejudicial conduct of the Senate Investigating Committee.
No lawyer, much less one of your recognized ability, would, under any circumstances, tolerate for one moment the character of testimony with which
Against John W. Davis's the committee burdened its records.
Harry M. Daugherty Protests
One of these witnesses (Remus), shortly after your Sea Girt speech in
Campaign Speeches—Gaston B. Means Repudiates
which you made reference to his testimony, published a full retraction and
Evidence Before Wheeler Committee in .
His
repudiated his testimony before the committee. The whole contemptible
Letter Made Pubfic by Former Attorneyconspiracy of fraud and deceit will be laid bare in due season. When that
time comes you and the country will be astounded by the revelations, even
General.
the two of the members of the Senate Committee who are now seeking
Harry M. Daugherty, former Attorney-General, made high political places in the nation.
In further support of the facts I hand you herewith copy cf a signed
public on Sept. 22 the following letter sent by him from
Democratic statement dated Sept. 11 1924, by Gaston B. Means, whom all will recall
Columbus, Ohio, Sept. 19, to John W. Davis,
was the frequent star witness of the Brooldiart-Wheeler committee. You
nominee for President, protesting against the latter's will observe that Means repudiates his testimony In tote and lays bare the
attacks upon the manner in which Mr. Daugherty con- details of the conspiracy of a majority of the Senate Committee net only to
with the Administration, but to discredit the
ducted affairs while in charge of the Department of Justice. ruin me and those connected
Department of Justice. Means and Remus are the only witnesses who
Daugherty embodied in this letter one which we have ever testified to having paid money supposedly for improper purposes,
Mr.
me.
also publish, dated Sept. 11, and signed by Gaston B. which money it was attempted to be shown was intended to reach and
Both these men now deny completely any and all such transactions
Means, one of the principal witnesses before the Brookhart- repudiate their testimony entirely.
Wheeler Senate Investigating Committee into the conduct
In view of these statements voluntarily offered, what will now be said of
in its virtuous
of the Department of Justice, who repudiates his evidence the Senate Committee that has paraded itself before the public is a candidate
endeavor and upon which record one of its members now
that committee. The letters, which included alle- (7)the Vice-Presidency after betraying the Democratic Party while holding
before
for
gations of unfairness and corruption on the part of the a seat in the United States Senate which he obtained as a Democrat. His
as an aspirant for office is predicated upon the cominvestigating committee, drew forth replies from Mr. Davis whole stock in trade rapidly falling to pieces from its very rottenness.
Daugherty's letter is as follows: mittee's record, now
and Senator Wheeler. Mr.
Refers to Wheeler Indictment.
Columbus. Ohio, Sept. 191924.
It may be said that Remus and Means, the former now in Atlanta PeniPresident:
tentiary and the latter under sentence to prison, are not men of sufficient
lion. John W. Davis, Democratic Nominee for
Sfr—At the time of the formal acceptance of your nomination and credibility. It is entirely adequate to answer that they were the witnesses
since the newspapers have quoted you as referring to me whom the Committee offered to the public and upon whose testimony it
several times
my in- was hoped to destroy my eharaster and injure the Department of Jestice.
by various insinuations implying misconduct on my part during
cumbency as Attorney-General of the United States.
Means was the principal agent, the indefatigable investigator and witness
to my notice is that reported to producer, whose testimony was luraided more vociferously through the
The latest of these references coming
by you at Eastwood Farm, Bunceton, Mo., on Sept. 15 press than that of any other, and whose conviction at the hands of the
have been made
last, wherein again by innuendo you suggested improper conduct by me Federal Court the committee had hoped to avoid. Some of the same
in my official capacity.
testimony he gave before the Senate Committee was tendered to the Court
On that occaion you are quoted as saying "that my party did not at the time of his trial, but was rejected by the Court as it should have
candidate to give lessons in political etiquette." This been by the Committee.
•
choose me as the
corremark seemingly was explanatory of your references to alleged
If I recall correctly in your speech of acceptance you took occasion to
ruption on the part of persons formally or informally so charged, about characterize the indictment of Senator Wheeler in Montana as a "frame-up."
which you had been speaking.
moaning, doubtless, to say that there was something improper in that
It is probable that you were not chosen as a Presidential candidate to action. As a lawyer and as a former officer of the Department of Justice
in "political etiquette," whatever that term implies. Men you know that all indictments for crime are founded upon probable guilt
give lessons
should
are chosen for that distinguished honor as having qualifications that
and aro in their very nature ex parte matters. Did you make inquiry at
characterize gentlemen in debate upon public questions, as well as pos- the Department of Justice since I left it to ascertain what the present
regard for the public intelligence, and the Attorney-General thinks about that indictment? You certainly must know
sessing exalted ideals, a proper
capacity to distinguish the false from the true.
that the jury in Montana which indicted Wheeler did not even meet until
The reputation you have enjoyed among your fellowmen as a high- some time after my retirement as Attorcy-Genoral and your gratuitoub
minded man, your standing at the American bar and your varied public characterization of the indictment as a "frame-up" was unwarranted when
experiences would lead me to bxpect something different from you than you knew nothing of the essential facts upon which Wheeler was indicted.
the personal references to which I have alluded.
In view cf the foregoing, which constitute only a part of my reasons
Possessing the qualifications of a lawyer which equip you for weighing therefor, you may now understand why I did not appear before the Senate
the value or want of value of reckless charges made against public ser- Committee when it invited Inc to appear after three months of villification
vants, and with every facility to review the attempts by the Senatorial and after the Court had denied the authority of the Committee to conduct
investigating committee to besmirch me, you should have been better its so-called investigation. Had you followed the proceedings of the Cominformed than your quoted utterances indicate. To connect my name mittee you would have known that at no time, from the introduction of
with others and insinuate something improper to me is neither in harmony the resolution of inquiry in the Senate. had there been any intention to
with the facts or consonant with the reputation you have enjoyed—a conduct in good faith an investigation of the Department of Justice and my
thing which would not be eAcusable in any lawyer of considerably less official acts. To use the phrase common to those directing the Committee.
repute than yourself. The exigencies of a political campaign do not war- the whole purpose was "to get Daugherty."
rant such liberties.
Hero you might properly say there was a "frame-up" on me. By denial
Calls Investigation "Crooked."
of witnesses in my behalf from the outset, frequent insults to my counsel,
references to me are usually vague and all the more reprehensible, procured witnesses, introduction of immaterial and irrelevant matters,
Your
If you are attempting to connect me with the much-discussed oil leases, wilful failure to adduce the truth when it would have justifiably favored the
permit me to remind you that in the bill of complaint drawn by the Govern- Department of Justice and me, constant exhibition of malice toward the
ment's special counsel, Messrs. Pomereno and Roberts (paragraph 24), Department and Itle by a majority of the Committee, contempt for all rules
there is a complete exoneration of me from any connection whatever with of evidence and the rights of individuals, heartlessness and cruelty toward
all whom the majority of the.Committee could not bend to the purpose
the oil leases.
I may add also, since you have seen fit to include Mr. Denby.former Sec- of slandering those connected with the Administration, are but a few of the
the report of the Walsh many reasons for my refusal to appear, In addition to the fact that after
retary of the Navy, in your list of accused, that
committee of the Senate investigating the ell leases (p. 21 Senate Doc. 794), three Months of this outrage there was not produced a single specification
exonerates him also from any improper complicity in these leases, so that of irregularity or inefficiency against me.
your imputations upon Mr. Denby are without warrant or excuse and to a
Says Charges Are Rased on Slander.
wrong to a worthy gentleman. These facts were easily ascertainable by
No inquiry whatever was made by the Committee regarding the subject
you, since they are a part of the public records and have been clearly set
matter of a single complaint set forth in the resolution or uttered under
forth in the public prints quite frequently.
.Now as to the alleged investigation by the Brookhart-Wheeler committee, immunity on the floor of the Senate by irresponsible United States Senators.
to which you have doubtless meant to direct public attention as relating to What man with any self-respect would have offered himself to a committee
that had covered itself with such infamy?
me, though your references are quite veiled, let me say this:
These, Mr. Davis, are a few thoughts I take the liberty of bringing to
It would seem but proper that before you lend the powerful influence
of your position as a former President of the American Bar Association Your attention in the belief that you have assumed some truth in the slanderthe Brookhart-Wheeler
and as a Presidential candidate, to the spreading of slanderous reports ous stream that flowed through the channels of
upon me and the Department of Justice, with which you were once con- committee for many weeks to find its outlet in scare headlines of a press
would have made sure of your grounds by examining into the not always fair.
nected, you
Your continued effort to gain political favor by setting up my official
sources of these slanders, weighing the evidence so-called and learning all
acts as an issue, and basing your remarks solely upon falsehood and slander,
of the crooked ramifications connected with that alleged investigation.
I am convinced, however, that you have no knowledge of the record in will avail you little politically as a candidate and thereafter as an American
There is something more imthis matter, but that you, like many others, have gained your information citizen and a leader of the American bar.
to office or political SUCC053.
and drawn your conclusions from newspaper headlines and imperfect portant in this year of grace than election
newspaper reports, something a careful lawyer always guards himself The fundamentals of this nation are besieged by a desperate element
against. It was and is a matter of common knowledge in Washington at composed of the malcontents, the misguided, the revolutionists and the
-minded, ever ready for a change, no matter What.
/Al
least that this whole matter was a conspiracy of deep purpose and devilish light
It should be the duty of all men and women who believe in our form of
ingenuity. Had you taken the precaution to analyze the record you would
risked your reputation by giving seeming approval to these sland- Government, who revere its founders, who treasure all its splendid traditions
not have
and who appreciate its greatness achieved under our institutions—this land
ers.
For your better information, and since it is impossible, as I trust it is of opportunity and success where there is a broader and more general dismass of infamy before the Senate Committee, tribution of wealth than in any country, and where the highest attainable
unnecessary, to go into all the
let me say that I have yet, despite the suborned testimony and the desperate is within the sphere of any who strive—to preserve this ark of liberty's
4116
attempts of the motley array of so-called witnesses, actuated by the most covenant.
It is not so much whether we are Republicans or Democrats this year.
unworthy motives, to be charged with one specific offense reflecting upon
Even the Brookhart Committee, The test is. are we real Americans and are we against those who seek the
my official integrity or personal honor.
perhaps reluctantly and from motives which will be revealed at another overthrow of this Government under leaders fresh from a baptism of Bolshein connection with the prosecu- vism in lurid and suffering Russia. Our forefathers, with an astounding
time, acquitted me of negligence or failure
ion, under my direction, of the cantonment and war fraud cases, though vision, set up here a nation for us, with a scheme of government that has
1584
THE CHRONICLE
withstood the test of a century and a half and has been the pattern for all
free governments since, one of which is not Red Russia. where the only
freedom the unfortunate enjoy is the freedom to die to escape a worse fate.
Very respectfully yours,
H. M. DAUGHERTY.
[VOL. 119.
By quick review of the testimony before the Wheeler committee, witn
the documentary evidence available, It can be proved conclusively that
Senator Wheeler knew that he was framing Mr. Daugherty and the Republican Administration, and to some extent this involves the oil investigation.
because Senator Wheeler was constantly in touch with Senators Walsh
"The testimony given before the Wheeler Committee," and La Follette in connection with this inquiry.
runs the letter signed by Gaston B. Means and made public
Says Wheeler Made Witnesses Lie.
While thisframe-up was going on I was in conference with Senator Walsh,
by Mr. Daugherty,"by Roxie Stinson, R. Momand, myself
Senator Wheeler, Senator
and the majority of the other witnesses was nothing but a have in my possession a Dill, Robert La Follette and Philip La Follette. I
subpoena issued by Senator Dill for
appear
tissue of lies put in the mouths of these witnesses by Senator before the Walsh committee and to testify to evidence thatme to framed
they
up, and which plan was abandoned because Senator Wheeler decided that
Wheeler primarily to confound and discredit the Departhe did not want any favorable publicity withdrawn from him in connection
ment of Justice and the Administration." The letter is With the Daugherty investigation
that might revert to Senator Dill and the
as follows:
Walsh committee.
Briefly, there is available now all of the papers, documents and other
To Whom It May Concern:
I, Gaston B. Means, desire to make the following statement of facts material In connection with the Daugherty investigation, which will absoregarding my connections with the attack recently made by the Brookhart- lutely offset the unfavorable record as it now stands; also in connection
Wheeler Senate Investigating Committee against former Attorney-General with these documents is a great deal of material in connection with the oil
Harry M. Daugherty and the Department of Justice in particular and the matter, including McAdoo's correspondence with Senators Walsh and
Wheeler.
current Administration.
The testimony given before the Wheeler committee by Rosie Stinson,
On Feb.8 1924. at Palm Beach, Fla., I received a telegram from my wife
in Washington, stating that United States Senator Burton K. Wheeler of R. Momand, myself and the majority of the other witnesses was nothing
but a tissue of lies put in the mouths of these witnesses by Senator Wheeler
Montana, through a very close friend, had requested that I see him in connection with the above mentioned investigation. The information in this primarily to confound and discredit the Department of Justice and the
telegram came to me in connection with other information at that time. I Administration.
These witnesses and myself were persuaded to make these false statepromptly reported this to a close friend of Mr. Daugherty. The suggestion
was made that I see Mr. Daugherty and arrangements to this end were ments by Senator Wheeler under threats of indictment in some cases and
thought to have been perfected, but no such arrangement culminated suc- by promise of gain and aid in others.
Briefly stated, the letters, correspondence and documents available will
cessfully.
I was advised to go ahead and get in touch with Senator Wheeler and absolutely refute and confound the Wheeler-Daugherty investigation findfind out what information Senator Wheeler was seeking and what was the ings, and throw an absolutely different light on the oil investigation—where
basis of any attack Senator Wheeler was about to launch against Mr. prominent Democrats were urging that their names not be drawn into the
Daugherty and the Department of Justice. I called to see Wheeler and held matter.
I spent weeks with Senator Wheeler, talked personally to nearly every
numerous conferences with him, both at his home and at his office, all of
witness that appeared before the committee and gained Senator Wheeler's
which I have a record of.
The only evidence that Wheeler had of any possibility of an attack on the confidence to the extent that I read, assorted and handled most of the letDepartment of Justice and Mr. Daugherty which he disclosed to me were ters, documents, Sze., that came to the committee.
some records in regard to bringing into Washington of moving pictures of
(Signed) GASTON B. MEANS.
(Four lines drawn in ink.)
the Dempsey-Carpentier fight. Senator Wheeler had this evidence more or
(Signed) Above four lines made by me, G. B. M.
less in documentary form and stated to me he was going to use this as an
Dated Sept. 11 1924.
:attack on Secretary of State Hughes, President Coolidge and others who attended the exhibit of these pictures. A former agent of the Department of
Justice, either directly or through some friends, had furnished Senator
Wheeler with this information and evidence. I reported to friends of Mr. Gaston B. Means Says He Signed Repudiation Letter
Daugherty that this was the only evidence that Senator Wheeler had.
for Purpose of Getting "Documentary Evidence"—
In the meantime Senator Wheeler, because of publicity that he was about
His Challenge to Mr. Daugherty.
-to or had offered a resolution to investigate the Department of Justice
Gaston B. Means, one of the chief witnesses before the
and Mr. Daugherty. began to have many callers at his office with the
most sensational statements and stories as to conditions that existed at Daugherty Investigating Committee, who caused a sensation
the Department of bustico. In each and every instance I explained to him
in political circles at the beginning of last week by signing
that there was nothing of substance in the statements that the visitors were
giving him, and showed why the statements could not he true and that they a statement, made public by former Attorney-General
were emanating from people who had been discharged from the Department Harry M. Daugherty Sept. 22, in which he repudiated
his
of Justice.
evidence before the investigating committee, issued a state-Up" Was Reported.
Says "Frame
Upon my return from Florida and at a conference with Senator Wheeler ment at Concord, No. Caro., Sept. 27, asserting that he
it was agreed that I was to assist him in the investigation of the Attcrney- signed the repudiation of his testimony simply in ardor to
General and the Department of Justice in the way of furnishing of evidence, be
able to get documentary evidence to show that "witnesses
examination and coaching of witnesses, er.c.
Wheeler grew desperate in his efforts to find some information on which were being approached illegally for the purpose of getting
he could base charges against the Administration and against the Depart-. them to repudiate their testimony.
Declaring that the
meat of Justice, saying that he was working with La Follette and had
signed repudiation was first sent to E. B. McLean at
certain plans in view that made it imperative that he make good in connection with his public statements as to the conditions in the Department Washington and then to Mr. Daugherty, Means challenges
of Justice, and that the Department of Justice be connected with the al- the former Attorney-General "to publish the accompanying
leged oil scandals.
These facts, and what was going on in Senator Wheeler's office and that letter received by him from Mr. McLean when the latter
an effort was being made to frame Mr. Daugherty, were reported to Colonel sent him the signed requisition.
Means declares he was
Thomas Miller, the Allen Property Custodian, an official and personal constantly in touch with Senator Wheeler
and later with
Daugherty, with the request that he give this information to
friend of Mr.
Mr. Daugherty. Colonel Miller reported back that Mr. Daugherty said Senator Ashurst. The New York "World' Sept. 28 pubthat it would be impossible for anybody to successfully frame him up, and lished the following from Concord, No. Caro., regarding the
that he "did not give a damn"about what was going on in Senator Wheeler's matter:
office. However, Colonel Miller. understanding more of the details of
what was going on. requested that the efforts to secure this information
In a lengthy statement issued here this afternoon Gaston B. Means
assrted he signed the repudiation of this testimony before the Daugherty
be not dropped, but be reported to him, which I did,from day to day.
In the meantime. Senator Wheeler had soeured some of the copies of the Investigating Committee solely for the purpose of securing documentary
letter that Jess Smith had written to Reale Stinson, and with these letters evidence and issued a challenge to former Attorney-General Daugherty
as a basis allowed them to be read in a way that was never intended on the to tell all be knows about that repudiation statement.
"The repudiation statement that I signed was not properly executed,
part of Jess Smith, and interpreted in a different way. All such letters
were used as the basis for the frame-up. Wheeler taking the position that or sworn to, or witnessed," Means declared. "and In signing this document
he was forced to connect Jess Smith and Howard Mannington and others my solo purpose was, following the instructions of Senators Wheeler and
directly with Mr. Daugherty, all the while having in his possession (and he Ashurst, to get in my possession documentary evidence to show that
has now)the original statements taken from underworld characters and boot- witnesses were being approached illegally for the purpose of getting thorn
leggers that not at any time did they hear that Mr. Daugherty or the to repudiate their testimony."
Means also declared that the signed repudiation statement was not
Administration were involved in any way in any fraudulent transactions.
Senator Wheeler suppressed such information and would not allow any sent directly to Daugherty, and in his challenge he said:
witnesses who supplied him with statements and information showing con"Now if Mr. H. M. Daugherty has in his possession any repudiation
clusively that Mr. Daugherty was not involved in any fraudulent matters signed by me. and I have been confidentially advised that he has such,
it was sent to him after it had been sent to E. B. McLean at Washington,
at all.
Promises Documentary Evidence.
and it is highly proper that a meeting of the Brookhart-Wheeler comPeople who called to see Senator Wheeler furnished him with letters mittee be called to make Mr. Daugherty testify under oath as to where
they had received showing that any attempt to reach Mr. Daugherty in he got the signed document.
"I call upon Mr. Daugherty to publish the accompanying letter received
any manner would prove disastrous to them. I have all this documentary
evidence, which will throw an entirely different light on the Wheeler in- by him from Mr. McLean when the latter sent him the signed repudiation."
Kept Committee Informed.
vestigation. This documentary evidence is absolutely irrefutable.
Means stated that he signed the repudiation statement in the office
Up until the time I took the stand in the investigation I understood that
I should seek information as to what Senator Wheeler was going to do, and of Thomas B. Felder, his counsel, and while in that office secured a letter
on the day before I took the stand received information that Mr. Daugherty which he says was "the documentary evidence I sought." Tho copy of
said I could "go to hell" so far as he was concerned. Except for this mes- the letter in Means's possession was signed "II.' M' Daugherty" and was
sage, I would not have taken the stand the day I did, but would have dated Aug. 28.
Means declared that while negotiations were under way loading to
stalled the situation along. I can and will review my testimony, pointing
out statement for statement that I made for Senator Wheeler at his sug- the signing of the repudiation statement ho was in almost constant comgestion that I knew not to be true, but in order that it would complete munication with Senator Wheeler and he added that later he kept Senator
Senator Wheeler's chain of circumstantial evidence; and in addition to that Ashurst advised.
Blair Coan, representative of the Republican National Executive ComI can show by physical evidence that my statements could not be true, and
at the time I called Senator Wheeler's attention to the fact that it was prob- mittee, met him, Means said, and after the "preliminary conversation
these statements could not be true. In other words. I was at under such circumstances" advised him that in the past few days he (Coan)
'able that
some other place, and the records will so show,entirely different from where had been in conference with Attorney-General Stone and that the intention of the Government was not only to "railroad him" to the peniI alleged to have been at the time.
The only reason I made the statements the way I did was because of tentiary on the liquor case recently ended in New York, but on a number
of others.
the message received from Mr. Daugherty just before I took the stand.
OCT. 4 1924.]
THE CHRONICLE
Clemency Suggested.
He said Coan also told him that if he would repudiate the testimony
committee it would be arranged for any cases pending to
given before the
be nolle pressed and any necessary extension of the time would be granted
In connection with his appeal. He said Coan also told him to get in
touch with Raymond and Sherman Burns in New York.. Means said he
reported these matters to Senator Wheeler as soon as possible.
Former Attorney-General Daugherty was in New York on Sept. 10,
Means said, and conferred that day with Col. Felder. Means said he
signed the repudiation on Sept. 11 and saw Felder mall it, special delivery,
to E. B. McLean.
Means said Felder sent the repudiation statement to McLean so officials
in Washington could see it. "I didn't care what he did with the statement." Means said. "I wanted documentary evidence."
1585
speeches upon the former Attorney-General's conduct
while in charge of the Department of Justice. Regarding the repudiation of Gaston B. Means of his former testimony before the Senate investigating committee, Mr.
Davis says "that since your letter was delivered to me he
has once more recanted and repudiated his repudiation.. . .
The appointment of such a man," Mr. Davis writes, "in
the Department of Justice was of itself ample warrant for
the summary removal of the Attorney-General by whom
he was appointed." Following is Mr. Davis's letter:
Sept. 23 1924.
Hon.flurry M.Daugherty, Columbus, Ohio.
Sir: Your letter of the 19th, addressed to myself, was handed to use upon
Senator Wheeler Declares Repudiation of Evidence by my return to Now York on the night of the 21st. I reply without delay.
You state in your letter that such references as I have made to you are
Gaston B. Means Was Due to Promise of Aid from
"usually vague and all the more reprehensible" and that my allusions to
Former Attorney-General in Conviction Apyou "are quite veiled." You are entirely mistaken. All reference which
peal—Means Sued for Income Tax.
I have made to yourself have been both direct and specific. I beg to call
them.
Senator Wheeler, commenting Sept. 22 OD the letter made your attention toof acceptance I spoke of an Attorney-General—meaning
In my speech
public that day by Harry M. Daugherty and signed by yourself—"admitting bribe-takers to the Department of Justice, making
for purGaston B. Means,in which the latter repudiated his evidence them his boon companions and utilizing the agencies of the lawreference
to say, with
the Depart- poses of private and political vengeance." I went on "when discovery was
given before the Senate committee investigating
to the Congressional investigations, in general, that
ment of Justice, gave it as his opinion that the letter was the threatened, instead of aid and assistance from the executive branch there
result of a promise by Mr. Daugherty to aid Means in his were hurried efforts to suppress testimony, to discourage witnesses, to
to frighten
- spy upon investigators and finally, by trumped-up indictment,
appeal from a conviction of conspiracy to violate the Vol and deter them from the pursuit. The spying on Senators and Congressstead Act, according to a Chicago dispatch to the New York men; the hasty interchange of telegrams in department cede; the refusal of
those accused to come forward, under oath, to purge themselves—all these
"Herald Tribune" Sept. 23. We reproduce the dispatch:
things serve to blacken a page that was already dark enough."
Gaston B. Means repudiated the testimony he gave before the Senate
These paragraphs embrace, with one exception—to which I shall refer
committee investigating the Department of Justice because of a promise
later—the substance of what I have said in these or later speeches concerning
by former Attorney-General Daugherty to aid him in his appeal from a conyourself. I regret to say that I find no warrant whatever for withdrawing
viction of conspiracy to violate the Volstead Act, it was intimated here
any single statement which they contain.
to-day by Senator Wheeler, of Montana. Means was convicted in New
In so far as the man Gaston B. Means is concerned, I have read the
York City on July 2,sentenced to two years in the Atlanta prison and fined
repudiation of his former testimony which you enclosed in your letter. I
$10,000.
observe that since your letter was delivered to me he has once more recanted
According to Senator Wheeler, who conducted the investigation of Daughand repudiated his repudiation. When he testified before the Brookhart
erty's office and is charged by the latter with "framing" him, Means came
I expressed the opinion, which I see no reason to change. that
to his home shortly after his conviction and told him he was "broke" and committee
no man should be convicted of any offense on the uncorroborated testimony
could not finance an appeal.
of a witness whose evil character was so generally known as his.
"I haven't had an opportunity to go over the statement given out by Mr.
It was you, however, who appointed him to a confidential position in the
Daugherty, in which Mr. Moans is said to have repudiated his testimony,"
of Justice. You brought him into the circle of your official
said Senator Wheeler. "I had anticipated, however, that he might give Department
You created him a Government agent. You gave him his creout some statement such as he did, for the reason that a short time after intimates.
the time you did so his character was already notorious, and
his conviction in Now York he came to my house and said that he was broke dentials. At
if I am not misinformed there was then to be found, in the Bureau of Inand that he didn't have the money to press his appeal.
of tho Department of Justice, a file in which his previous his"He further stated that Herman Todd, who acted as special prosecutor vestigation
tory was fully disclosed. I can imagine no maladministration in any Govwas a close personal friend of Harry Daugherty nad that Daugherty might
department more vicious than the employment of men of such
be able to aid him. Ile also stated that Blair Coon, who has been working ernmental
for the Republican National Committee and wont to Montana with Depart- character.
At the time I gave voice to the opinion above quoted, I expressed a sentiment of Justice agents to 'frame' me, came to him (Means) and wanted
ment which I still entertain; that the appointment of such a man in the DeMeans to repudiate his testimony.
itself ample warrant for the summary removal
"Means informed me that ho later got in touch with Coan and that Coan partment of Justice was of
the Attorney-General by whom he was appointed.
went to Columbus. Ohio, and that Daugherty promised Coon that he would of
As to the indictment against Senator Wheeler, a committee of the Senate,
help Means out in his case provided he would repudiate the story.
Senator Borah, has investigated the matter, as you know, and
"Means also told me, and told others. that Daugherty promised to assist headed by
The sighint in his appeal. Moans told me of consulting with the Burns people, and has declared the indictment to be utterly without foundation.
Is that no effort to find such an indictment was
yesterday he called me on long distance telephone, stating that he wanted nificant thing, however,
made until Senator Wheeler had assumed a leading part in criticism of
to see me. He stated that he had documentary evidence showing further
crooked dealings on the part of Mr. Daugherty and others high up in the the Administration and of yourself; that thereafter, as a result of conferthe
Republican Party, and asked me to call the committee together, stating ences between the Secretary of the Republican National Committee and
that he would produce documentary evidence of what he (Means) told me Chief of your Bureau of Investigation, agents of the Department of Justice
with directions to investigate him;and that the Secrewere sent to Montana
on the telephone.
"I replied that I couldn't cancel my speaking dates and campaign duties, tary of the Republican National Committee himself sent a representative to
Ashurst or Senator Brook- Montana with like instructions. What other possible conclusion can be
and told him to take the matter up with Senator
securing of
hart, and to tell them the matters which he told me over the telephone, and drawn from this combination of circumstances except that the
the
that he should make the statements to them that he made to me and give this indictment was prompted primarily by motives of revenge on
part of yourself and the Republican Party, and not by a sincere desire to
the documentary evidence to them. He informed me he had talked with
enforce the law?
Senator Asharst and had given him the same information he gave me.
It is your statement that a majority of the Brookhart committee exhibited
"I offer to the country Mr. Means as an exhibit of Daugherty's associates,
that
of the men he had working in the Department of Justice, trying to get evi- such malice toward you and such dhiregard for the rules of evidence
your self-respect debarred you from offering yourself as a witness before
dence on others.
conduct
"I also desire to call to the attention of the country that W. J. Burns them. In view of the fact that your personal honor, your official
the malice
stated that Mr. Means was one of the best detectives that he knew. How and the character of your associates were brought in question,
me rather
preposterous it would be for me to put words into the mouth of one of Mr. of the committee and the falsity of the evidence would seem to
to increase than diminish the natural desire of any man, much less an AtBurns's best detectives."
torney-General of the United States, to meet his accusers on their own
The "Journal of Commerce" Sept. 24 published the fol- ground, and deny their accusation at the first moment in the place where
it was uttered. I confess that your failure to do so, as well as the refusal of
lowing from Concord, N. C.:
Gaston B. Means, star witness in the Senate investigation of the Depart- your brother to furnish information demanded of him in turn, produced on
ment of Justice, tonight issued a statement declaring he would have nothing me, and I think upon the country, an exceedingly painful impression.
The remaining comment which I have made concerning you has to do
further to say regarding his testimony, or the repudiation of it bearing his
name made public Sunday night by former Attorney-General Daugherty, with the circumstances of your removal from the position of Attorneyuntil he ascertained whether the Committee would be called in special General. I need not remind you that this was accomplished only as a result
of continued pressure exerted by members of the Senate and House. The
session in the near future.
Moans asserted that there were many angles to his work which could not reason finally put forward was, in short, that you could not be trusted to
be discussed at this time. He declared, however, if no meeting of the decide to what extent the records of your office should be investigated.
Committee was called he would be glad to furnish any of its members such Concerning the reluctant action taken in this respect I have said, and now
repeat, that if you were unfit for the high position you held, the President,
information and facts as were in his possession.
should have accepted it when
The following from Washington also appeared in the Instead of twice refusing your resignation,
first tendered; or, better still, have demanded it as soon as he assumed
24:
"Journal of Commerce" Sept.
office. If, on the other hand, you were a fit person to occupy the office of
Gaston B. Means was charged in District Supreme Court here to-day Attorney-General, some better reason for your dismissal should have been
repudiated his income tax. Internal Revenue Collector Tait found than the poor pretext which was finally adopted.
with having
With one sentence of your letter I heartily agree, namely, that "There is
filed a tax lien judgment for a total of $267,614 40, which covers unpaid
income tax for the last three years and added penalty for non-payment. something more important in this year of grace than election to office or
to pay is $53,522 88.
political success." That something I believe to be that the moral sense of
The tax is $214,091 52 and the penalty for failing
Means in his testimony in the Daugherty investigation which he re- the American people shall be aroused to condemn and not condone the bea signed statement, and later to some inquirers disclaimed the trayal of official trust. This issue cannot be obscured by your forced efpudiated in
repudiation while he affirmed it to others, described himself as an investi- fort to represent the real contest of this campaign as one between the
gator of wide activities drawing large fees, some of them at times from defenders of the Constitution and those who seek to overthrow it under
leaders "fresh from a baptism of Bolshevism in lurid and suffering Russia."
foreign Governments.
If the Constitution is to endure, the first requisite is that men who hold
office under it shall be honest and faithful to their trust. Its real enemies
John W. Davis Refuses to Withdraw Attack Upon are not the Reds and Bolshevists of whom you speak, whose shadows
frighten you, but corrupt and impotent public officials and their associates.
Former Attorney-General's Conduct.
I am. truly yours.
Rep ying on Sept. 23 to Mr. Daugherty's letter of Sept,
JOHN W. DAVIS.
19, John W. Davis, Democratic Presidential nominee.
An Associated Press message from Columbus, Ohio, Sept
refused to withdraw the attack he made in his campaign 22, states that Miss Roxie Stinson, one of the Senate Com:
1586
THE CHRONICLE
mittee's star witnesses in the investigation of the administration of Harry M. Daugherty, characterized as "ridiculous," the purported statement from Gaston B. Means, in
which Means repudiated his testimony before the committee.
The following is the Associated Press dispatch referred to:
Miss Rosie Stinson, one of the Senate Committee's star witnesses in the
investigation of the admini.stration of Harry M. Daugherty, former Attorney-General, to-day characterized as "ridiculous" a purported statement
from Gaston B. Means,former Department of Justice agent, to the former
Attorney-General in which Means repudiated his testimony before the committee. Miss Stinson, the former wife of Jess Smith, whose name also figured conspicuously in the investigation, denied statements contained in
Means's repudiation in which he declared that Miss Stinson, "like himself,
had given testimony inspired by Senator Burton K. Wheeler, prosecutor
of the investigation," and denied that coercion had been used in obtaining
her testimony. "It is perfectly ridiculous," she said. "I am only casually
acquainted with Mr. Means. How could he know anything about my
testimony? I did not say anything under coercion. No one forced me to go
to Washington."
Concerning the resumption of hearings by the Senate Committee which has been investigating the Department of
Justice, the following is an Associated Press message from
Camp Perry, Ohio, Sept. 23:
Senator Smith W. Brookhart, Chairman of the Senate Committee which
investigated the Department of Justice, declared in a statement to-night
that Senator Ashurst, another member of the committee, had authority to
call a session of the committee to take up the allegations made by Gaston
B. Means regarding the conduct of the Department of Justice under Harry
M.Daugherty,former Attorney-General.
Senator Brookhart said he himself would be unable to attend a committee
hearing and that he had received a telegramtrom Senator Wheeler, another
member of the committee,stating he also would be unable to attend, due to
political engagements.
Senator Brookhart said Senator Ashurst had "full authority to call the
committee into sesSion" and he would so wire him to-morrow. He added:
"If the committee is called into session, Harry Daugherty should and will be
called as one of the first witnesses," to explain his recent letter to John W.
Davis, which contained a statement from Means repudiating testimony
given before the Senate Committee.
[vol.. 119.
Albert B. Fall, then Secretary of the Interior of the United States, and
one
H. F. Sinclair, then acting in that behalf for the Mammoth 011 Company,
one of the defendants in this cause."
The basis of the charge is contained in Article 9 of the affidavit,
which
reads as follows:
"9. That during the course of preparation for the trial of said action in
the said District Court of Wyoming we have obtained evidence and proofs
which we believe will show:
"(a) That at about the time of the making of said lease contract set
forth in said bill in equity said Albert B. Fall, Secretary of the Interior of
the United States, came into possession of certain bonds of the United States
known as First 335% Liberty Loan bonds.
,
"(b) That said bonds just prior to their possession by the said Fall were
purchased and held by the Dominion Bank, New York agency, said Dominion Bank being a corporation under the laws of the Dominion of Canada.
"(c) That said bonds were purchased by the said bank for the account of
a limited company duly authorized and existing under the laws of the
Dominion of Canada known as Continental Trading Company, Ltd., and
were so purchased at the special instance and request of H. S. Osier, one of
the witnesses directed to be examined by the said order of the Hon. Mr.
Justice Wright, acting in that behalf as President of the said Continental
Trading Company, Ltd.
"(d) That at the like instance and request of the said H. S. Osier, as
such President, said bonds, among others, were delivered to the said H. S.
Osier in person on or about May 8 1922.
"(e) That by the said H. S. Osier or some officer or agent of the said Continental Trading Company, Ltd., which will hereinafter, for convenience.
be described as 'Continental,' said bonds were distributed to stockholders
and holders of stock warrants of said Continental.
"(f) That all of the witnesses mentioned in the order of the Hon. Mr.
Justice Wright (except the witness O'Meara) were or are directors and or
officers of said Continental.
"(g) That the said Continental was organized in 1921, and immediately
thereafter entered into a certain written contract, dated Nov. 17 1921, to
purchase crude oil from certain corporations, viz.: Humphreys Texas Company and Humphreys Melia Company, which owned certain oil wells in
the State of Texas, U. S. A., if, as and when the said crude oil should
run from the wells, up to a total of 33,333,333 barrels, and to pay for the
same $1 50 per barrel.
Sells Oil to Sinclair and Prairie.
"(h) That performance of said contract by the Continental was in writing
guaranteed to the vendors of the said oil by Sinclair Crude Oil Purchasing
Co., a corporation, and Prairie Oil & Gas Co., a corporation (hereinafter
for convenience referred to as 'Sinclair Crude' and 'Prairie' respectively);
Affidavit, Filed in Toronto by United States Governthat on the same day on which said contract was made Continental by a
ment Oil Counsel, Alleges $90,000 Liberty Bonds
written contract bearing that date resold said 33,333.333 barrels of crude
Were Traced to Albert B. Fall, in Oil Dividends.
oil to Sinclair Crude and Prairie jointly at an advance, which by the terms
of the contract was In no case to be less than 25 cents per barrel, and by
An affidavit, filed in Toronto, Can., by Altee Pomerene
the same contract Sinclair Crude
agreed and undertook to do
and Owen J. Roberts, special counsel appointed by President and perform all the matters andand Prairieconnection with the taking,
things in
Coolidge to prosecute the oil lease cases, and made public storing and shipment of the said oil which Continental had undertaken with
its vendors, and also to
at Washington, Sept. 30, alleges that Liberty Bonds of a from any loss or damage indemnify and save harmless Continental of and
by reason of Continental
the
value of $90,000 were traced to Albert B. Fall, former Secre- first mentioned contract with its vendors, and thehaving entered into the
difference between
tary of the Interior, in dividends paid by the Continental purchase price and the sale price of said barrels of oil under the terms of
the said two contracts was
Trading Co., Ltd., a Canadian oil undertaking, which had the terms of the said two not to be less than 38,333,333 33; that under
contracts Continental
no matter or thing to
completed a profitable deal with two Texas oil companies, perform or do (all of its covenants being assumedhad its vendees. (Sinclair
by
the Sinclair Crude Oil Purchasing Co., and the Prairie Oil Crude and Prairie). save and except receiving the payments from its venpayments to its vendors, and
& Gas Co., for the purchase and resale of a large quantity dees and making theprice of the two contracts. taking the profits shown
by the difference in
of crude oil. The filing of the affidavit, which furnishes a
"(j) That between Jan. 1 1922 and May 26 1923 in excess of 8.700,000
lengthy description of the ground covered by counsel in their barrels of crude oil were delivered by the vendors of the Continental direct
to
investigations, was rendered necessary under Canadian law, to Sinclair Crude and Prairie, its vendees; were paid for by the said vendees
Continental, and were paid for by Continental to its vendors, thus giving
in order to obtain evidence from certain witnesses whom a profit to tiontinental in excess of $2,000,000 on the mere technical purchase and resale of the oil, and without any responsibility or obligation
they had sought unsuccessfully to examine.
on the part of Continental; that the contracts were so
that
The affidavit sets forth that on Nov. 17 1921, A. E. tinental received its payments for the oil on the 10th arrangedmonthConof each
and
Humphreys, President of Humphreys Texas Co. and Hum- paid its vendors on the 15th of the same month in which they were respectively received; and that on May 26 1923 there remained approximately
phreys Mexia Co., both of Texas, wishing to dispose of one- 25,000,000 barrels of oil to
run and deliver under
which if
half of the production of these companies, came to an agree- taken would have shown a profit to Continental ofsaid contracts, $8,000.approximately
ment at a conference in New York under which he was to 000; that except as hereinafter in paragraph (n) stated, the only business
by
sell to the Continental Trading Co. 33,333,333 barrels of conducted fromContinental during the period mentioned was the receipt
of moneys
its vendees and the payment of money to its vendors,
crude oil at $1 50 a barrel. It is alleged that performance that the profits shown by these transactions were from time to timeand
inof the contract by the Continental was guaranteed by the vested by the said Dominion Bank by direction of the said H. S. Osier,
as President of Continental, in First 3 % Liberty Loan bonds of the
Sinclair Crude Oil Purchasing Co. and the Prairie Oil & United States, which bonds, as above set forth, were then held
by the DoGas Co., whose representatives, including H. F. Sinclair, minion Bank subject to the order of said H. S. Osier as Proddent, as aforepresent at the conference. On the same date, states said; that said bonds were from time to time delivered to the said II. S.
were
Osier and by him, or under his direction,
the affidavit, the Canadian concern entered into a contract Continental or holders of its stock warrantsdistributed to stockholders of
as dividends.
"(k) That 50% of the capital stock of Sinclair Crude is owned
with the Sinclair Crude Oil Purchasing Co. and the Prairie
by Sinclair
Consolidated Oil Corporation, a corporation of which H. P. Sinclair is
Oil & Gas Co. to sell the oil to these undertakings at an an officer and stockholder,
and the remaining 50% of said stock is owned
advance of 25 cents per barrel. It is alleged that up to by the Standard Oil Co. of Indiana. That the former company is a large
May 26 1923 more than 8,700,000 barrels of oil were delivered stockholder of Mammoth Oil Co., one of the defendants in the said case
by the Humphreys companies, making a profit of more than as is also H.F. Sinclair. That about 90% of the stock of Midwest Refining
Co., an oil-producing corporation, is owned and controlled by tho
$2,000,000 for the Continental Trading Co. These profits, 011 Co. of Indiana. That one H. M. Blackmer is President ofStandard
the said
says the affidavit, were, under the direction of H. S. Osler, Midwest Refining Co., and that the said II. S. Osier was interested as a
stockholder, director or officer in the Midwest Refining Co.or said Standard
President of the company, invested in United States Liberty Oil Co. of Indiana or both.
Bonds, which, it is alleged, were distributed to stockholders
or holders of stock warrants of the Continental Trading Co.
It is further stated that in the beginning of 1924 the
Canadian undertaking having assigned its contract to the
Sinclair and Prairie companies jointly for a price of $400,000,
went out of business, and all records or papers were destroyed.
Following is the New York "Times" account of the affidavit,
which was given Oct. 1 in part:
Relates Oil Negotiations.
"(I) That the President of the vendor companies above mentioned known
as Humphreys Texas Co. and Humphreys Mesta Co. is one A. E. Humphreys, who in the autumn and winter of 1921 was willing and desirous to
sell one-half of the crude oil produced by the said two companies, and to
that end the said Humphreys had in the autumn of 1921 negotiations with
said Blaclaner, with Robert W.Stewart, Chairman of the board of directors
of Standard Oil Co. of Indiana, and with the said H. F. Sinclair, which
negotiations did not eventuate in a contract; that subsequently in Nov.
1921 the said Humphreys was requested to meet said Blackmer in New
The affidavit of Mr. Pomerene and Mr. Roberts after the customary set- York to
discuss such a contract, that said Humphreys and said Blacknaer
ting forth of their status as special counsel to the United States in the case negotiated;
that said Humphreys's understanding was that Blackmer was
against the Mammoth Oil Company et al., set forth in part:
negotiating on behalf of what was termed 'Standard 011 Co. of Indiana
"That as appears by said pleadings the action is to set aside a certain Interests,'
which included Sinclair Crude; that at said conference in New
contract of lease for certain public lands of the Government of the United York
with Blackmer said Humphreys agreed to sell one-half his production
States of the extent of approximately 9,300 acres and of great value, on the up to
30.000,000 barrels to 131ackmer's principals; thereupon Illacluner
ground inter alla that such lease contract was entered into and procured requested
Humphreys to come later to a room in the Vanderbilt Hotel,
as a result of fraudulent practices and a fraudulent conspiracy between one New York;
that Humphreys went to the Vanderbilt Hotel at the time
OCT. 4 19241
THE CHRONICLE
appointed and there found said Blackmer, said H. S. Oiler, said Stewart,
said Sinclair and James E. O'Neill, President of Prairie; that some one of
said persons stated that the proposed sale contract should be made by
Humphreys with Continental; that Humphreys had never heard of Continental and stated he would make the contract with it only if he received
some guarantee of performance thereof by Continental; that said Sinclair
and said O'Neill stated that Sinclair Crude and Prairie would in writing
guarantee such performance; and that Humphreys then agreed to make the
contract with Continental.
"(m) That at the said conference the only person present who purported
to represent and act for Continental was said H. S. Osier, who purported
then and there to act as its President and to speak for it; the only persons
present purporting to represent and act on behalf of Sinclair Crude were
said Sinclair and said Stewart; the only person who purported to represent
and act for Prairie was said O'Neill.
Two Contracts Drawn Up.
"The only other person present not represen ,ing or interested with Humphreys as vendor was said Blackmer; at said conference it was agreed that
the amount of oil to be sold to Continental should be 33,333,333 barrels,
Instead of 30,000,000 barrels.
"At said conference said Humphreys was asked whether he would execute
an additional contract whereby he would sell one-half of the production
of the Humphreys Companies to Sinclair Crude and Prairie jointly so long
as oil should run at the posted field price, said contract to come into effect
and be operative after the delivery of the full 33,333,333 barrels covered by
said first contract. Humphreys so agreed and thereupon the said two contracts were drawn up and were then or subsequently executed, both under
date of Nov. 17 1921, by the respective officers of the respective corporations.
"Said Humphreys had no further or other interest in the matter except
the sale of his oil at a price which he deemed proper and adequate; had no
connection with Continental and has had none at any time; the same is
true of the companies which he represented at said conference; that immediately the contract had been closed, guaranteed in writing by Sinclair
Crude and Prairie, and the additional contract for Humphreys additional
production had been made with Sinclair Crude and Prairie, Humphreys
left the conference; and immediately thereafter Continental entered into a
written contract of the same date with Sinclair Crude and Prairie, turning
over the oil just bought from Munphreys's companies at the profit above
stated and under the terms and conditions above set out.
"(n) That about Dec. 28 1921 Continental, acting through said Osier, purchased and took an assignment of a contract made by Western Oil Fields
Corporation whereby Continental became entitled to delivery of 3.000,000
barrels of crude oil to be produced by Western Oil Fields Corporation at a
price of $1 20 per barrel; that on the same day Continental resold said oil
to Sinclair Crude and Prairie at a price of $1 45 per barrel, that we do
not know the exact amount of oil delivered under this contract, but all of
it was taken directly from the Producers' Western Oil Fields Corporation by Sinclair Crude and Prairie and paid for at said advanced price of
Si 45 to Continental. Continental in turn paying for it to its vendor at the
rate of $1 20 pre barrel; that the profit so accruing was invested in United
States Liberty bonds of the same kind as above mentioned, which bonds
were distributed as dividends by the officers of Continental.
Bonds Distributed as Dividends.
"(o) That on May 28 1923 Continental assigned its said two contracts,
one with the Humphreys Companies and the other with the Western Oil
Fields Corporation, to Sinclair Crude and Prairie jointly for a price of
$400,000, one-half of which was paid by Sinclair Crude and the other half
by Prairie. The said $400,000 was likewise invested in similar Liberty
bonds and said bonds were distributed as dividends by Continental or its
officers.
"Since that date over 8,000,000 barrels of crude oil have run and been
delivered under the Humphreys contract to Sinclair Crude and Prairie as
assignees of said contract, but at the original price named in the Humphreys
contract of $1 50 per barrel, and not at the Continental price of $1 75.
"(p) That after said assignment Continental went out of business and
that in January or February 1924 all of its records, books or papers were
destroyed. The said Osier not only was a stockholder or stock warrant
holder in said Continental but was President and chief executive officer of
Continental; that all of the acts which he did, as above set forth, or ordered
to be done, were done by him as such President of the said company.
"The facts within the knowledge of the witness Suneva M. Fordyce and
the other witnesses mentioned in said order (except the witness O'Meara)
are within their knowledge as officers and directors of Continental. The
correspondence of Continental was largely conducted by the witness
Fordyce and the records kept largely by her under the direction of said
II. S. Osier as President.
"(2) That on April 13 1922 three brokerage firms in New York sold and
delivered to the Dominion Bank $250,000 par value of said bonds: that on
April 17 one of said firms sold and delivered to said bank $50,000 par value
of said bonds. We have ascertained the serial numbers of all of said bonds.
Said bank while showing said transactions on its books has no record of
said numbers.
"Said bank, however, has records showing the delivery by it of said
same $300,000 of bonds on May 8 1922 to said II. S. Osier as President
of Continental; that said bonds so delivered were taken by said H. S. Osier
in order to divide among the stockholders of Continental as dividends;
that he did so divide them, and that they were delivered against stock
warrant coupons; that this was done after May 8 1922; that on or about
June 15 1922, $90,000 of said $300,000 bonds. Identified by their numbers,
were in the possession of the said Albert B. Fall, the person who It is alleged
In this case conspired with said Sinclair to defraud the United States in
the matter of said lease, which said lease was executed in the month of
April 1922.
"That now produced and shown to us marked Exhibit'E' to this affidavit
Is a photostatic copy of the ledger account of said Continental with said
Dominion Bank, New York Agency, a like copy of the bond account of
Continental with the same agency, a like copy of the personal bond account
of said H.8. Osier with said agency, and a like copy of a letter of said it. S.
Osier to said agency ordering the purchase of said $300,000 of bonds."
The affidavit gave as sources of the information set forth: Thomas B.
Foster of San Francisco and M. P. Bolan, investigators; statements by
H. S. Osier; records of the Department of State at Ottawa; the original
contracts between the respective oil and bond interests; governmental
and company statements; statements by A. E. Humphreys and Henry L.
Phillips, President of the Sinclair Crude Oil Purchasing Co., and inspection
of various pertinent data.
The testimony of the witnesses was believed to show in the proceedings
In the District Court of Wyoming Just who were the persons involved and
what were the channels of the various transactions.
• The Ontario Supreme Court, it was announced Oct. 2,
set Monday next (Oct. 6) as the date for hearing the ease
1587
for and against the attempt of the U. S. Government to
investigate a Canadian aspect of the Teapot Dome case.
One motion,filed by the attorneys for the U.S. Government,
asks that H. S. Osier, lawyer and official of the Continental
Trading Co., be declared in contempt of court for refusing
to answer certain questions, and another, filed by Mr. Osier,
questions the. decision of Justice Wright confirming the
appointment of U. S. Consul Shanty as a commission to
take the evidence.
Arthur W. Loasby in Address to American Institute of
Banking Tells of Need of Young Men in Banking
Field.
Pointing out that the banker needs the assistance of the
younger men, Arthur W.Loasby, President of the Equitable
Trust Co. of New York, in addressing the members of the
New York Chapter of the American Institute of Banking at
the Hotel Astor on Sept. 26, declared that "the men who are
successful in banking to-day got ahead by thinking, hustling
and having faith. We who are at the head of our respective
organizations are too occupied with administrative details
to be alone the creators of new thought for the improvement
of our profession. We need the assistance of you younger
men and are only too willing to reward those of you who contribute the things which in turn contribute to greater service, and hence to the growth of our respective banks. Mr.
Loasby also said:
To-day the institution is greater than the individual. The bank President has become just a nickel-plated cog in the machine, dependent upon
the other cogs working with him for success in his office. The executives
are men who have worked themselves up from the ranks. I do not know of
one officer connected with my bank who has not gotten his position strictly
on merit, and in no case has he received his position through outside influencepr so-called "pull." The scope and functions of banking are increasing to such an extent that new positions and new responsibilities are constantly being created. In the old days you waited for the man ahead of
you to die before you stepped up. Nowadays you can look about you,take
stock, stir your imagination, and set out to create a job for yourself.
If I were starting out again, and had my experience to guide me,I think
I would study these subjects:
1.—Myself. This banking business is a peculiar one. The manufacturer
and the mercnant have something tangible to sell—something which can
be seen or felt or weighed. But we have to sell the most intangible thing in
the world—service. And since service cannot be seen or felt or weighed.
its measure of value is the spirit in which it is rendered and the little things
which are the outward symbols of service.
So I would first of all study myself. I would try to cultivate personality
and the traits associated with an attractive personality. You do not have
to be handsome to have an attractive personality. Courtesy, interest,
agreeableness, sympathy, fair-mindedness, patience, consideration of
others, and so on, go to make up an attractive personality. I would remember that to every one who meets me in my official capacity I am the
bank, and that whatever impression I create is the impression of the bank
which a customer or a caller takes away with him.
An old friend of mine given to rather blunt comparisons says: "If the
office boy is disagreeable, you can bet the boss is too."
I would cultivate personality, too, for the importance it has in my association with those who work with me. The man who wants to be "on his
own" won't get very far. It's team work that counts; and I should want my
fellow-workers to be my greatest boosters and well-wishers.
2.—People. I would study people,for the human equation is the biggest
factor in the business of banking. Some people feel that they are conferring
a favor on a bank when they do business with it. Many are secretly embarrassed when they come into a bank. I should turn all this into capital by
so treating them that they would go away with a warm feeling about me
and my bank.
I would study my customers individually, too. If I were at a bank
window, for instance, I would feel that my opportunity was particularly
groat and I would make my customers feel that I was more than a clerk who
took deposits or cashed checks. Their good words would come to the ears
of my superiors fast enough. The average man or woman is appreciative
enough, and quick to give credit where it is due.
But I would try to do all this sincerely and intelligently. The teller who
thanks a depositor as he hands back the latter's pass book always makes an
impression. Remember that we are doing business with other people's
money.
3.—My Business. I have said a good deal about the necessity of cultivating ones own personality and of cultivating other people. But that is
only a start.
Study this business of banking,just as you are doing now. I would know
what it is all about, what it is for, and how it is done. Then I would look
around, and at myself, and say: "In what special way can I fit into this
organization? What particular thing can I contribute which will help my
bank and help me?" Some of us are more fitted as specialists, you know,
than as general executives.
I would take what I had learned in this training school and what I had
observed, and I would put them together to see if I couldn't give birth to
some idea which would be helpful and, as a consequence, would single me
out as a man of mark. Don't go off half cocked. Be sure of your ground.
The progress of the world and of any business depends upon the origination
of new ideas which have a pasis in experience and practicality.
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As both a business and a profession, we are one of the oldest in the world.
There is no patent on the banking business, and competition is keen. There
were bankers just as soon as men began to exchange the products of their
handiwork. But it is only in recent years that we have.begun to awaken
to our true place in the world.
And so I say, in conclusion, with all the earnestness of a man who has
been through the mill and who thinks he has grasped some vision of the
future of our business, and who realizes the dependence of present executives
on those with whom they work: Study, think, have courage and faith.
For up to to-day we have only scratched the surface of the possibilities
of financial service, and those of you who go deeper into its possibilities will
not only benefit materially but will have the greater satisfaction that comes
from the realization of having contributed something to the happiness and
the progress of your fellowmen.
THE CHRONICLE
Convention of American Bankers Association—Discussion of Branch Banking, &c.
Opening the fiftieth annual convention of the American
Bankers Association at the Auditorium Theatre in Chicago
on Sept. 30, Walter W. Head, President of the organization,
unequivocally opposed Government ownership of railroads
and other great basic industries, urged the bankers to combat
vigorously all efforts to give Congress the power to over-ride
decisions of the Supreme Court, and declared that the causes
Of the agricultural crisis were predominately economic and
the remedy lay in the application of sound economic principles rather than in the pursuit of political panaceas.
The convention concluded its sessions on Thursday
(Oct.2), having the previous day (Oct. 1)adopted resolutions
bearing on the Federal Reserve System, taxation, the proposed German loan, &c., to which reference is made under a
separate heading in this issue. The subject of branch
banking figured in the deliberations, and, according to the
Chicago "Journal of Commerce," the enactment into law of
the McFadden-Pepper bill, with the so-called Hull amendment attached, was urged on Oct. 1 by the delegates attending the general convention, through the adoption of a
formal resolution. The paper referred to says:
[Vot.. 119.
It is the hope of the friends of the Federal Reserve System that this maybe effective in checking the tendency by national banks to surrender their
charters and accept State regulation. Since national banks compose the
only compulsory membership lathe system,some such move is held essential
to the perpetuity of the system.
Senator George Wharton Pepper, of Pennsylvania, addressed the Association on Oct.2in support of the McFaddenPepper branch banking bill.
At the meeting of the Trust Company Division on Sept.
29, following an address by James Dunn, Jr., Vice-President
of the Union Trust Co. of Cleveland, describing as unfair the
gift tax provision in the Federal Revenue Act, the following
resolution was adopted:
Resolved, That the present system of imposing estate transfer and succession taxes in the United States, by which the Federal Government and the
several States impose separate, diverse and accumulative taxes, resulting
In the duplication of such taxes, added expense of administration and an
unnecessary delay bearing unequally upon different estates and maldng
possible the practical confiscation of estate, has become well nigh intolerable.
The appointment of a committee by the President of the
Division for the purpose of investigating the subject with a
view to suggesting a uniform method of taxation by State
and Federal governments was authorized.
The death of one of the members of the firm of J. P.
Morgan & Co.—Elliot C. Bacon—caused the recall from the
convention of Dwight W.. Morrow—a partner in the firm,
• -- who had been scheduled to speak on "International Loans."
This measure provides that no branch bank shall be established in a
Commonwealth where a statute exists making unlawful the organizat on As a result the address was withdrawn.
of branches to State banks; also that in the event any new legislation in
The need of a better realization on the part of business
any State be passed after the enactment of the bill. the McFadden-Pepper
men of the fact that agriculture is absolutely controlling in
bill will not apply to that particular State.
Tho resolution, which was presented by John D. Phillips, retiring head all business was stressed by former Secretary of Agriculture
of the State Bank Division, read in part as follows:
address before the general convention.
"The branch bank question has for many years sorely disturbed the E. T. Meredith in an
banking fraternity of America. Upon at least three ()erosions the mem- The railroads are in the first line of defense against those
bers of this Association in convention assembled have expressed their oppo- who would make this country a second Russia, C. H. Marksition to branch banking."
ham, President Illinois Central RR. Co., declared in an
To Protect Individual Bankers.
address on the 1st inst., in which he attacked proposals for
"It was believed by many that the method of granting relief to these
national banks, located in the cities where branch banking was extensively Government ownership of the roads.
practiced by State institutions, was fraught with grave possibilities. To
Characterizing Robert La Follette as the nation's chief
safeguard the interests of thousands of individual bankers, to insure that
liability, John E. Edgerton, President of the National
to the needs of this
our independent banking system particularly adapted
country—should continue to make certain that branch banking should be Association of Manufacturers, said that "the elements of
limits, two important amendments were proposed
confined to its present
distrust and suspicion, prejudice and hatred, discontent and
to Sections 8 and 9 of the McFadden bill. These amendments have been
have been multiplied and are being brought toaccepted by the author of the original measure and others in Washington vengeance
bill as introduced. gether into a dangerous power by an enterprising genius
who were active in creating favorable sentiment for the
"The exact wording of the amendments having been submitted to this from Wisconsin who is normal only when he is abnormal,
convention and a clear and concise explanation of their several conunendable
when conspicuous as either a
features given, It is therefore the sense of this convention that the amended and never happy except
McFadden bill should be enacted in its present form at the earliest moment. destructionist or obstructionist."
The amended measure will come before the December session of Congress
Efforts to amend the National Bank Act so as to increase
of this body
and the executive officers and Federal legislative committee
the scope of operations by national banks in the real estate
instructed to aid to the utmost in the enactment of the bill."
are
From the New York "Evening Post" we quote the follow- loan field were deprecated by S. M.McAshan, Vice-President
South Texas Commercial National Bank, Houston, Texas,
ing from its advices from Chicago yesterday (Oct. 3):
For the first time in the memory of men, bankers have quit quarreling in an address before the National Bank Division on the 1st
about branch banking and are prepared to do something about it. They inst. He said that he would like to see the Act amended to
in legislative
have come to realize that compromise and reason get further
permit the Comptroller to refuse applications where a new
affairs than strong language.
The annual session of the American Bankers Association was the occasion bank is not needed. He would also empower the Comptroller,
The prospect now is the
for the pacification of the warring factions.
where he finds existing national banks unable to operate at
McFadden Anti-Branch Banking Bill should pass early in the next session
of State and national banks, big and little, a profit and seeking expedients to enable them to continue
of Congress, with the support
Independent as well as branch bank operators.
to exist, to take action aimed to protect all concerned from
from a few of the largest
In fact, there is in sight to-day opposition only
the collapse that is apt to result.
banking chains, whose operations are State-wide in scope. Branch bankers
in favor
a
The danger of newly fledged companies, high-powered
who operate within the limits of a single city will show majority
of the bill.
salesmen and full-page advertisements in the mortgage loan
Is A Western Problem.
and sorrow to innumerable persons
by field, the possible loss
The proposed amendment to the original McFadden bill. indorsed
hard earned savings, and the
Bankers Association, is not precisely the same as that agreed who cannot afford to risk their
the American
the last Congressional session by the proponents of the McFadden need of unqualified opposition to methods, practices and
to during
anti-branch bankers. However, there is
bill and the extremists among
principles which will make questionable this whole class of
seriously.
nothing in its terms that should offend either
a Western problem. Undoubtedly, the anti-branch investments, were stressed by Frank J. Parsons, ViceThis is particularly
long ago and certainly it would President of the United States Mortgage & Trust Co., New
banking legislation would have been passed
it had not been for the inability of
have been passed in the last Congress if
York, in an address to the members of the Savings Bank
their differences.
certain conflicting groups of the West to reoncile
the West as has been generally Division on Sept. 29.
Branch banking is not as popular in
the branch banking
supposed, even among those engaged in it. Perhaps,
The diminishing relative importance of national banks as
vote, but it is virtually
law in California might be sustained by a popular
referendum. as a whole has brought about a situation which threatens
from a
certain that in no other State would such a decision result
has run wild, many of the existence of the national banking system, although the
In Detroit, for instance, where branch banking
to it wish they were relieved of its burdens. banks individually are stronger than ever, T. R. Preston,
those most deeply committed
branch banks are
Detroit has many neighborhoods in which two and three
up to get business President National Bank Division, American Bankers
established on opposite street corners, the first being set
Association, declared. Quoting figures to show the relative
and the second and third to save business.
The Committee on Branch Banking of the American Bankers Association decline in resources and influence of national banks, Mr.
Grant Mcwas essentially a Western group, under the chairmanship of
Congress Preston stated that forty years ago the national banks
Pherrin of Des Moines. In the final days of the last session of
line of action of possessed 75% of the banking power of the United States
this committee took a tangent quite divergent from the
promoting
the Chicago anti-branch banking group and of those who were
"The principal reason
of the bill in whereas they now possess but 48%
the McFadden bill. This had much to do with the failure
for the decline of the national banking system," he said,
Congress.
Elements Now Reconciled.
"is the broader and more liberal charter powers granted to
and the
banks. Especially is this true
Just recently these elements have been reconciled completely,
Ame4ican State banks than to national
work of conciliation was sealed at the present convention of the
strong opposiopposition to the McFad- as regards branch banking. There is properly
Bankers Association. At present the only visible
of California and a number of tion to branch banking in this country. It is contrary to
den bill comes from the State Bank Examiner
banking,
his clients, who are intent upon perpetuating State-wide branch
the spirit of America. There is a way to stop branch banksuch as is epitomized in the Bank of Italy.
clauses are those ing. The practical solution is the McFadden bill, which
Perhaps more important than its anti-branch banking
paragraphs of the McFadden bill that seek to adjust many ancient handi- will come up for Congressional consideration in December..
institutions.
caps imposed upon national banks and not suffered by State
This measure attempts to grant broader powers to national
The bill would put the two groups of banks,upon an equal footing.
OCT. 4 1924.]
THE CHRONICLE
banks so they can compete fairly with State chartered
institutions."
In our "American Bankers Convention Section," to be
published at a later date, we shall give in full these and other
addresses presented to the convention.
1589
tions. Government influence and political interference in
respect to business, should," it added, "be reduced to an
absolute minimum." The resolutions which were submitted
by Francis H. Sisson of the Guaranty Trust Co. of New
York,follow in part:
Financial
Financial Conditions.
throughout the entire country are
conditions
exceptionally
Message from President Coolidge to Convention of strong,reestablishment of normal conditions having been brought about by
purely economic influences. The time is at hand for a thorough-going return
American Bankers Association Commends Federal
to a free play of private enterprise and private initiative under unhampered
Reserve System's Usefulness.
.
competitive conditions. Government influence and political interference in
At the opening session of the general convention of the respect to business should be reduced to an absolute minimum.
We can see no justification other than the ends of political expediency for
American Bankers' Association in Chicago on Sept. 30 a
the attacks which are made to-day upon the capitalistic system under which
message to the President of the Association, Walter W.Head we live.
We again express the hope that our Government will be impressed with the
of Omaha, from President Coolidge, was read in which the
need that
which will
in some of the
latter observed that "there are multiplied evidences of im- determineit must participate officiallyof the world forzonferencesIt is necesdecades.
the commercial complexion
proving conditions throughout the business structures of the sary for the protection of our future markets and for the proper protection
world." Stating that "our financial establishment assumes of our investors that our Government be in a position to make its influence
from year to year a constantly larger part and a significance felt to the fullest extent.
Foreign Investments.
in the realm of international business and financing." PresiThe proposals of the conference in London imply the granting of liberal
dent Coolidge added:
loans to the Government of Germany during the period of her restoration to
This is an inevitable result of conditions which have placed in our hands
so great a control over the world's reserves of credit and monetary capacity.
Wielded with the same wisdom and care in the future as heretofore, these
forces will contribute powerfully to the rehabilitation of money systems, of
credit, and of business, throughout the world.
The message in full follows:
My dear Mr. Head: You have been kind enough to ask me for a brief
message to the American Bankers' Association at the time of its forthcoming annual convention. I am glad to comply because of my strong
feeling that the bankers of this country deserve a generous recognition of
their services. There will, I think, be a general agreement that the attitude
of the public toward the bankers,and likewise that of the bankers toward the
public, have both become more sympathetic and appreciative in recent years.
We may attribute this in no small measure to the extension of interest-ha
economic and financial problems in recent years. It is in part a consequence
of the increasing insistence of these problems, and in part, also, a result
of the establishment of the Federal Reserve system.
Even so great a calamity as the war has had some good consequences,
and among those we must include a greatly increased attention to matters
that are fundamental to the life of the community. It is not so many years
since banking was a good deal of a mystery,even to the majority of business
men. Nowadays, thanks to the policy of leading banks in taking the public
into their confidence and discussing their problems in simple and understandable fashion, the mystery has largely disappeared. In its place have
come confidence and understanding, which make for the best interests of
both the bank and its customers.
One incident to this new attitude is the general appreciation of the Federal Reserve system's usefulness. It has demonstrated itself as the stabilizing and unifying factor of our monetary and financial structure during a
period which, without it, would certainly have been marked by distress
and disasters. Instead of these, we have seen our monetary system accepted as the world's standard. We have been able to place every reliance
In the soundness of our banks and their ability to adapt themselves to
the most extraordinary requirements.
Our financial establishment assumes from year to year a constantly larger
part and significance in the realm of international business and financing.
This is an inevitable result of conditions which have placed in our hands
so great a control over the world's reserves of credit and monetary capacity.
Wielded with the same wisdom and care in the future as heretofore, these
forces will contribute powerfully to the rehabilitation of money systems,
of credit and of business throughout the world. They will do this, moreover, to the advantage both of our own country and of others.
I feel, therefore, that in extending my good wishes and confidence to the
great banking interests of America I am also expressing a generous and
helpful purpose toward the concerns of sound business everywhere.
There are multiplied evidences of improving conditions throughout the
business structures of the world. American leadership, faith and ready
helpfulness have contributed largely to bringing about this improved outlook, so it is fitting to extend congratulations to you American bunkers upon
your achievements of the past, and likewise upon the bright prospect that
opens before you.
Very truly yours,
CALVIN COOLIDGE.
Resolutions Adopted by A. B. A.---La Follette Proposals
Respecting Supreme Court Opposed—Attitude
Toward German Loan, Etc.
In the resolutions adopted at its annual convention in
Chicago this week, the American Bankers' Association declared itself against the proposal of Senator Robert M. La
Follette, Independent Progressive candidate for President,
for the submission to the people of a constitutional amendment intended to give legislative restraint to the findings of
the U.S. Supreme Court. In its resolutions the Association
Says:
The wisdom of the fathers deliberately constituted the Supreme Court to
serve as a bulwark against hasty and ill-considered action by Congress and
this association is opposed to all changes which Would remove this vital
safeguard to the established order.
The proposed German loan was also dealt with in the
resolutions, the Association stating that:
In view of the importance of the whole world of the re-establishment of
active production and consumption in all the countries which would be
greatly stimulated by renewed prosperity in so important a nation as
Germany, it is believed that American financial interests shmed adopt a
favorable attitude toward such loans.
The Association also declared its stand respecting amendments to the Federal Reserve system, the railroads, taxation,
agriculture, etc., and asserted that "the time is at hand for a
thorough-going return to a free play of private enterprise and
private initiative under unhampered, competitive condi-
normal industrial and financial prosperity, and private loans will undoubtedly be required in large amounts. It is to America that she will turn mainly
for these funds. In view of the importance to the whole world of the reestablishment of active production and consumption in all countries,
which would be greatly stimulated by renewed prosperity in so important
a nation as Germany, it is believed that American financial interests should
adopt a favorable attitude toward such loans.
Gold Resources.
The United States now controls a large part of the gold resources of the
world. In fact, an undue proportion, if the broadest general interests are
taken into consideration. The presence of this gold carries with it the constant menace of inflation, and it would be a definite advantage to have it
more evenly distributed to other countries.
Agriculture.
The farmer, like any other business man,isfdependent for his SUCCe.vi and
prosperity upon his abilities and efforts and on conditions in the markets in
which he works. Sound farm finance and efficient agricultural methods.
coupled with an improved world market, have helped to solve the agricultural problem. We believe that there is no more justification for Government paternalism for the farmers than for any class of business men.
We approve the various efforts to bring about the orderly marketing of
crops and express our belief in the efficiency of cooperative marketing
associations when properly organized and managed.
We take this occasion to point out that as we become more and more
industrialized we shall at the same time depend less and less upon foreign
markets for the disposal of our agricultural products. It is very evident
that in a comparatively short time our own population will consume not
only all we grow ourselves but will even be compelled to import certain of
those commodities which at present we export.
The Federal Reserve System.
The Federal Reserve banking system has now a record of ten years of successful operation. There are•still some who ignore its many manifest and
well proved benefits and would weaken it by subjecting its control to partisan or class influences.
We insist, when the time comes to amend and to develop the Federal
Reserve system, that this work be entrusted to its friends, and not to its
enemies; to those who are qualified experts, and not to those whose sole
object is to gain public office regardless of the destruction which they may
accomplish in order to attain their goal.
The Federal Reserve banks have been driven, in order to earn their
expenses and dividend charges in these more normal times, to cempete for
business with their own member banks in such fashion that there is danger
that in the future the operations of the Reserve banks may tend to accentuate the swings of the financial pendulum, rather than to keep the swings
from going too far in either direction.
We earnestly recommend that a careful investigation be made by those
who are properly qualified to investigate whether it might not be wise to
limit the Federal Reserve banks to their primary functions as banks of issue
and rediscount.
Taxation.
We regret that a confused political situation in Congress made impossible
the consummation of thorough-going and scientific tax revision. Under the
measure finally enacted, although relief is granted in some directions, in
many cases more apparent than real, the handicavon productive enterprise
was not adequately reduced and remains as a serious burden on business
initiative. It is to be hoped that governmental conditions may be established in'Washington which will make it possible to carry outfurther revision
on the basis of a scientific taxation policy rather than of partistn strategy
or class appeal.
We feel that the ever-growing burden of taxation, Federal. State and
municipal, is becoming a deterrent to the free development of trade and
industry in the United States.
Alarm is felt over the extension in many directions of Government interference with the orderly processes of business through taxation, as well as
over the elaboration of Government services in fields which should be
reserved for private enterprise to develop.
Railroads.
Our railroads have gradually recovered from the effects of Government
management during the war, and most of them are now in a position where,
if left alone, they will be able in time to earn a rea.sonable amount on the
capital invested and provide funds for necessary betterments.
We deprecate the unwarranted attempts made to nationalize our railroad systems, and object to the heavy burdens which the Government casts
upon them by its continuous investigations and legislative interference.
Labor.
We have been very glad to note that industrial conditions have become
more stabilized than they were, so that the country has not had to bear the
burden in the last year of serious strikes which have so often crippled
industry and commerce and have proved a detriment to all classes of the
population. We believe, however, that in certain industries liquidation of
wages corresponding to that which has occurred in many lines must take
place before business is again on an even keel.
Citizenship.
A particularly large and dangerous element of economic fallacy has been
injected into the present campaign. It challenges especially the business
1590
THE CHRONICLE
men of all parties to do their part in stimulating as large and intelligent a
participation in the voting as possible. The common sense of the American
people can then be relied upon to demand the continuance of sound principles in the conduct of national affairs.
Supreme Court.
Notable among the proposals currently made is the suggestion that the
restraints now exercised on legislation by the Supreme Court of the United
States should be modified, to give greater power to the legislative body to
adopt legislation contrary to the spirit and letter of the Constitution. The.
wisdom of the fathers deliberately constituted the Supreme Court to serve
as a bulwark against hasty and ill-considered action by Congress, and this
association is opposed to all changes which would remove this vital safeguard to the established order.
William E. Knox Elected President of American
Bankers Association—Other Officers.
William E. Knox, President of the Bowery Savings Bank
of New York, was elected President of the American Bankers Association at this week's annual meeting in Chicago.
Oscar Wells, President of the First National Bank, Rigmingham, Ala., was elected Vice-President, and Melvin A.
Traylor, President of the First Trust & Savings Bank of
Chicago, was elected Second Vice-President of the Association. Lucius Teter, President of the Chicago Trust Co.,
has been elected President of the Trust Company Division;
Alvin P. Howard, Vice-President of the Hibernia Bank &
Trust Co. of New Orleans, has been elected President of the
Savings Bank Division; Edgar L. Mattson, Vice-President
of the Midland National Bank of Minneapolis, Minn., has
been made President of the National Bank Division.
Carl William Allendoerfer,the newly elected President of the
Clearing House Section, is Vice-President of the First National Bank, Kansas City, Mo. William Catron Gordeon,
the newly elected President of the State Bank Division, is
President of the Farmers Savings Bank, Marshall, Mo.,
while W. F. Augustine, the newly elected President of the
State Secretaries Section, is Vice-President of the Merchants
National Bank of Richmond, Va., and Secretary of the
Virginia Bankers Association.
[VOL. 119.
wasted and presents a simple method of protecting your
property.
David R. Loring has been appointed assistant manager
of the foreign department of the Central Union Trust Co.
of New York.
Edward Nicklas Breitung, head of the banking house of
E. N. Breitung & Co. of this city and wealthy mine owner,
died on Thursday Oct. 2 at his residence 139 East 66th St,
New York City, of heart disease after a prolonged illness.
Mr. Breitung was born at Negaunee, Mich., on Nov. 1 1871.
He was educated by private tutors, later attending Columbia
University and the Columbia Law School. His first business
years were spent at Marquette, Mich., his business interests
later taking him to Chicago and New York. His operations
were widespread, including a $10,000,000 irrigation project
in Peru, the largest contract for developing arid lands, it
is said, ever made by a Latin-American Government.
Among his numerous activities, Mr. Breitung was Chairman
of the Board of Directors of the Marquette Iron Co. and of
the Marquette Ore Co., President of the Nevada Silverfields
Co., the Nicklas Mining Co. and the Talc Products Co. and
director and part owner of a dozen other corporations, most
of them in the West. He was appointed to the Foreign
Lands Credit Committee by President Taft and President
Roosevelt.
J. Harry Boardman, former Cashier of the Old Lowell
National Bank of Lowell, Mass., whose indictment for the
alleged embezzlement of approximately $70,000 of the bank's
funds was noted in our issue of Sept. 27, page 1484, pleaded
"guilty" before Judge Morton in the United States District
Court at Boston on Sept. 29. Sentence was deferred.
On Sept. 26 the stockholders of the Jamaica Plain Trust
Co. of Boston unanimously voted against a proposed merger
of their Institution with the Citizens' National Bank of Boston. The directors of the trust company,following the meetMovement at American Bankers Association Convention ing of the stockholders, issued an explanatory statement reToward Formation of Bank Auditors' Organization.
garding their attitude towards the proposed merger. It read
The need of a national organization of bank auditors was tas printed in the Boston "Transcript" of Sept. 26) as folurged by R. H. Brunkhorst, President of the Chicago Bank lows:
Auditors' Conference, who presided over the first national
At a meeting of the stockholders of the Jamaica Plain Trust Co., held
the Citizens' Naconference of bank auditors held in Chicago on Oct. 1 under yesterday, it was unanimously voted to decline the offer of of its assets and
Bank to merge or consolidate with it or to dispose
Clearing House Section of the American tional to the Citizens'. The directors of the trust company at a meeting
the auspices of the
business
Bankers Association. He predicted that the draft on the held earlier in the day had voted unanimously to recommend to the stockwith the Citizens' National Bank be
accounting profession during the next decade for higher ex- holders that the proposition to merge
not approved.
ecutives for industrial organizations will be greater than that
Since the proposition was first made to the trust company at a meeting
of its directors on Aug. 21 a careful survey of the local situation with the
from any other.
it has been made, with the result that strong
The need of a national association of bank auditors was trust company's relation to has come to the surface and made itself emopposition to such a move
also urged by R.H.Fulton, Auditor, the Merchants National phatically felt.
The trust company was developed with local capital for local benefits
Bank, Los Angeles, who said that this is a step froward
and, while its field has broadened, no good and sufficient reason could be
that auditors cannot afford to delay. "Besides having the seen why the independent and local policy of the company with its local
important advantages resulting from the binding together management should not be continued. The growth of the trust company
is made
The board of
of a body of high class men," said Mr. Fulton, "a national has been steady and healthy. who have muchdirectorsas has theup of reprewhole compride,
Jamaica Plain men,
association could undoubtedly raise the standard of the pro- sentative in the name of the Jamaica Plain Trust Co., and they express
munity,
a campaign of education and an interchange of themselves as determined that the past shall be only a promise of what the
fession by
department alone
ideas. Should the plan be carried out, the benefits to be future shall show. aThe deposits in theinsavingsyears of existence. have
eight
reached $2,250,000, creditable showing
derived would be reflected in better service to cutsomers and
in raising the general efficiency of bank employees."
The People's Bank & Trust Co. of Philadelphia this week
At a conference of bank auditors and comptrollers at the announced the purchase of a modern 11-story bank and
Congress Hotel, Francis Coates Jr., President of the Clearing office building at 18-20-22 South 15th Street in that city, in
House Section, American Bankers Association, argued in the heart of the new financial, section midway between
favor of a national association that would work for the recog- Philadelphia's two principal business thoroughfares. Innition of the status of the auditor in the general scheme of creasing growth in the bank's business has made larger
a bank's organizations.
quarters necessary. On or about Oct. 14 the present offices
at Twelfth and Arch streets and at Ninth and Walnut streets
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
will be discontinued and the business of those offices conFrank C. Mortimer has resigned as Assistant Vice-Presi- solidated into the new office. The People's Bank & Trust
dent of the National City Bank of New York,and as President Co. provides day and night service for its patrons. It Is open
of the Number Eight Realty Co. (one of the City Bank from 7.30 a. m. until 12 midnight, daily.
corporations). He has returned to the Pacific Coast where
he expects again to engage in the banking business.
The Citizens Trust & Savings Bank of Columbus, Ohio,
On Sept. 24, Adolphe F. Le Gost was elected President has acquired by purchase the Commonwealth Savings Bank
of the United States Savings Bank at 58th St. and Madison of that city, according to the "Ohio State Journal" of Sept.
Ave. at a special meeting of the board of trustees. Mr. 28. R. H. Schryver, President of the Citizens Trust & SavLe Gost, who succeeds the late William Crittenden Adams, ings Bank, in making the announcement of the purchase on
deceased, began as a clerk in the bank on the day it opened, Sept. 27 said:
Added
May 18 1889. Prior to becoming President he had been will give to our previous group of strong community banks, this purchase
the people and industries of the South Parsons Avenue district
Vice-President and Treasurer of the institution.
the benefit of the city's largest banking system and will assure to the
smallest savings depositor of the South Side community the same benefits
A new pamphlet has been issued by the Equitable Trust of a metropolitan bank which are enjoyed by the largest business enterprise.
The acquired bank had a capital of $100,000, with surplus
Co. of New York under the title "How Long Will Your
Estate Last?" It shows how unprotected estates are and undivided profits of $35,000 and deposits of $500,000.
OCT. 4 1924.]
THE CHRONICLE
1591
Samuel P. Bush, of the Buckeye Steel Castings Co., was its Aug. 27 following a "run" the previous day) on Sept. 19 was
held for trial in November next for the alleged embezzlePresident.
ment of $68,000 of the bank's funds, and for alleged forgery,
The Corn Exchange National Bank of Chicago passed out according to a press dispatch from Denison on that date
of existence on Monday of this week (Sept. 29) when the which appeared in the Omaha "Bee" of Sept. 20. His
physical merger of the institution with the Illinois Mer- brother, D. F. Voss, also formerly associated with the failed
chants Trust Co. was consummated. In the beautiful new bank and jointly indicted with him on the embezzlement
Illinois Merchants Bank Building, opened for business for charge, was held at the same time. Both the accused men
the first time on that day, everything, says the Chicago were immediately released in $16,500 and $10,500, respec"Post," was resplendent. "Giant bouquets of yellow chrys- tively. C. L. Voss is said to be one of the prominent citianthemums and roses in every available corner, roses on zens of Denison and a political power in the community.
every shining new desk and a carnation in the lapel of every Within a few days of the charges being preferred against
official and employee proclaimed to the hundreds of visit- him he resigned as City Treasurer. No question, it is said,
ors (most of whom were out-of-town bankers attending the has been raised regarding his accounts in that office.
'
American Bankers Association convention) that it was a
gala occasion." In the words of a booklet handed to each
Announcement was made on Sept. 26 of the purchase of
visitor, the uniting of the resources, personnel and facilities the Farmers National Bank of Helena. Okla., by the Helena
of the Corn Exchange National Bank with those of the Illi- National Bank of that place, according to a press dispatch
nois Merchants Trust Co. is "significant of the commercial from Enid, Okla, appearing in the "Oklahoman" of Sept. 27.
A brief de- The dispatch further stated that E. D. Immell. President of
and financial progress of the Middle West."
scription of the building was given in the "Chronicle" of the Helena National Bank, continues as President of the enSept. 30, page 1365.
larged institution and J. W. R. Stolabarger is Cashier.
At a meeting of directors in the Illinois Merchants Trust
Co. held Sept. 26, the officers of the Corn Exchange National
A new bank has been chartered by the State Banking
Bank were all elected as officers in the Minos Merchants Department of Missouri to take the place of the First State
Trust Co., pending the consolidation on Sept. 29. Ernest A. Bank of Illmo, whose closing on Aug. 26 last was noted in
Hamill had heretofore been elected Chairman of the Board the "Chronicle" of Sept. 13, page 1253, according to a press
and Charles L. Hutchinson an Advisory Vice-President of dispatch from Jefferson City, Mo., on Sept. 22 appearing in
the trust company. The other Corn Exchange officers Sept. the St. Louis "Globe-Democrat" of the following day. The
26 were elected to offices in the Illinois Merchants Trust Co. new bank will be known as the Bank of Illmo and will be
as follows:
capitalized at $25,000, it is said.
Norman J. Ford and J. Edward Maass, Executive Vice-Presidents; J. G.
Wakefield, E. F. Schoeneck and Lewis E. Gary, Administrative Vice-Presidents, and J. A. Walker, C. Ray Phillips, Frank F. Spiegler and William E.
Walker, Assistant Cashiers.
Of this list Mr. Schoeneck, Cashier, and Mr. Gary, Assistant Cashier of the Corn Exchange National Bank. have both
been promoted to Vice-Presidents of the new institution. In
addition, to the above officers, Mr. Roger K. Ballard. heretofore Manager of the Bond Department of the Illinois Merchants Trust Co., was elected an Administrative Vice-President and will continue in charge of the Bond Department
under that title.
The Union Bank of Chicago of Chicago, Ill., announces
that Judge Harry G. Keats, for 14 years assistant to the
Probate Judge of Cook County, has become associated with
its trust department in the capacity of Assistant Trust
Officers in charge of estates.
Extensive alterations which the Reliance State Bank of
Chicago has been making are now nearing completion. To
provide additional lobby space and increased facilities in
both the savings and real estate loan departments, the safety
deposit vaults, which were formerly located on the main floor,
have been moved downstairs. Additional safety deposit
boxes will be installed shortly. Oct. 18 has been set as the
formal opening date for the enlarged quarters. Deposits
at the present time are approximately $8,500,000, this
being an increase of about $3,500,000 since Dec.,16 1921,
at which time the bank moved to its present location. The
development of the Madison Ogden neighborhood during
the last few years has been rapid, many industrial concerns
having chosen this location for its transportation facilities
and availability of labor supply. With the completion of
the W. A. Wieboldt & Co. third store, now under construction at Ashland, Ogden, Monroe and Adams, it is expected
this will form the nucelus of a retail centre.
Statement of condition as of June 30 last of the Reliance
State Bank of Chicago, just received, shows total resources
on that date of $9,112,194, of which cash and due from banks
amounts to $1,442,370. Deposits are given as $8,285,661
(an increase of $273,081 since March 31 1924), capital at
$500,000 and surplus and undivided profits at $181,621. To
take care of the increased business of the institution and
provide for future expansion, alterations are now in progress in the bank's building at the corner of Madison and
Ogden avenues. The personnel of the Reliance State Bank
Is as follows: R. C. Weiboldt, Chairman of the Board F. 0.
Birney, President; Edward J. Lawler and R. F. Kopperschmidt, Vice-Presidents; W. P. Tatge, Cashier; H. J.
Kehres, Assistant Cashier, and A. C. Cremerius, Secretary.
The Memphis "Appeal" of Sept. 19 printed a press dispatch from Lexington, Tenn., under the same date, which
reported the closing of the Citizens Bank of that place on
the preceding day (Sept. 18). The bank's closing, it was
said, followed a sharp decline in deposits precipitated by the
death the previous week of Henry E. Graper, its President.
The dispatch stated that the affairs of the institution were
in a badly muddled condition and that according to authentice reports on that day a loss, estimated at more than
$100,000, would be sustained. It was further stated that
the night before the institution was closed the directors
passed a resolution • placing the bank in the hands of the
State Banking Department. The bank waived its right to
make answer and to resume business and the Department
will proceed to liquidate its affairs. I. H. Wilson has been
placed in charge, it was said.
On Sept. 22 W. A. Pringle was elected President of the
First National Bank of Thomasville, Ga., to succeed William
H. Rockwell, whose death occurred the previous day, according to a press dispatch from that place printed in the
Savannah "News" of Sept. 23. W. S. Anderson. the Cashier
of the bank, was elected a director to fill Mr. Rockwell's
place in that capacity. Mr. Rockwell had been President
of the First National Bank for the past decade and has been
connected with the institution for many years, entering its
service as a boy of thirteen.
A new institution was to be opened in Alvin, Tex., on Sept.
22, according to a press dispatch from that place on Sept. 19
printed in the Houston "Post" of the day following. The
new bank—the First National—has a combined capital and
surplus of $27,500. M. P. Jensen, heretofore Cashier of the
City National Bank of Galveston, is President.
The Pacific National Bank, the latest addition to San
Francisco's financial institutions, whose organization by
E. W. Wilson and associates was mentioned in these columns in the "Chronicle" of May 31 last, opened for business
on Sept. 17. The new bank is located in the Robert Dollar
Building, 301 California Street, and will engage in general
commercial banking, receive savings deposits and assume
trust responsibilities as permitted by the National Bank Act.
E. W. Wilson heads the institution as President; H. B. Gaither is Vice-President and Cashier; Russel J. Wilson and
Verne R. Pentecost are Assistant Vice-Presidents, and E. 0.
Kaufman Assistant Cashier. The bank starts with a capital. of $1,000,000 (not $2,000,000 as stated in our previous
item) and a reserve fund of $250,000. In regard to this latter the San Francisco "Chronicle" of Sept. 16 said in part:
The opening for business of
C. L. Voss, formerly Cashier of the Bank of Denison, been organized by E. W. Wilsonthe new Pacific National Bank which has
and associates, is officially announced for
institution which closed its doors on to-morrow. Although the formal announcement makes no comment about
Denison, Ia. (a private
[VOL. 1.19.
THE CHRONICLE
1592
capitalization or surplus, it was learned yesterday that the bank will open
on reduced capital. This evidently indicates a slight change in the original
plans. The announcement of the intention to launch this bank in San Francisco, which came through the Associated Press March 27, stated that the
capital would be $2,000,000 and the reserve fund of $500,000 would be
created in addition. Later announcements for the sale of stock gave similar
information to prospective shareholders. It was learned yesterday that an
amended authorization permits the bank to open with $1,000,000 capital
and a reserve of $250,000. According to usage and custom a bank with
$2,000,000 capital would be expected to realize deposits of approximately
$10,000,000 to take care of dividends on a 6% basis and other charges and
conduct a business profitably. By opening on a smaller capitalization the
new bank will have a better opportunity to grow.
According to the San Francisco "Chronicle" of Sept. 24,
announcement was made the preceding day by P. E. Bowles,
President of the American Bank of San Francisco, San
Francisco, of the proposed consolidation. with that institution of the First National Bank of Oakland, Cal., and the
American Bank of Oakland-the latter with branches at
San Leandro, Modesto, Livermore, Tracy, Byron and Martinez, and of which institution Mr. Bowles is also President.
-will be
The consolidation-which goes into effect Oct. 11
the culmination of a plan, it is understood, announced last
spring, looking towards the bringing together of all the socalled Bowles banks into one large organization with, resources of more than $65,000,000. The name of the enlarged
bank will be the American Bank, it is said, and it will have
a combined capital and surplus in excess of $7,000,000.
The Standard Bank of Canada (head office Toronto)
announces that the bank has declared a dividend for the
current quarter ending Oct. 31 1924 at 3%, being at the
rate of 12% per annum upon the paid-up capital stock of
the bank, and which is to be payable on and after Nov. 1
1924 to shareholders of record as of Oct. 17 1924.
According to a press dispatch from Toronto yesterday
(Oct. 3), appearing in the "Wall Street News" of the same
date, a joint announcement has been issued by the respective
directors of the Standard Bank of Canada and the Sterling
Bank of Canada of a proposed consolidation of the two banks
under the name of the Standard-Sterling Bank of Canada.
Under the merger agreement,it was said, two shares of Standard Bank stock will be exchanged for three shares of Sterling
stock. G. T. Somers will be Chairman of the board of directors of the new institution, while Arthur F. White will be
President and Thomas H. Wood, Vice-President. N. L.
McLeod, now General Manager of the Standard Bank of
Canada, and A. F. Walker, the General Manager of the
Sterling Bank, will be joint Managers of the amalgamated
bank. The shareholders of the Standard Bank will meet on
Nov. 17 to vote on the proposed consolidation, and the stockholders of the Sterling Bank will meet on Nov.27for the same
purpose. The last statements (July 31 1924) furnished the
Dominion Government by the two banks showed, it is said,
combined resources of $85,040,336, of which quick assets
amounted to $36,420,488, or 42.8% of the combined liabilities to the public, Government and Provincial bonds
alone aggregating $21,538,705. The head office of each bank
is in Toronto. The Federal Minister of Finance has approved
the proposed merger, it is stated.
Melvin S. Clark, a director of the Nova Scotia Trust Co.
of Halifax since its organization, was on Sept. 26 elected
President of the institution to succeed the Hon. 0. T.
Daniels, according to a Canadian press dispatch from Halifax appearing in the Montreal "Gazette" of Sep.t 27. B.B.
Saunders was elected Vice-President at the same time, it was
said, and a half-yearly dividend of 7% declared.
Course of Bank Clearings
Bank clearings for the country as a whole continue to
show larger totals than a year ago but the ratio of gain is
smaller and, as in other weeks, the improvement follows
largely from the expansion at New York City, the exchanges
at this centre showing a gain for the •five days of 17.1%.
Preliminary figures compiled by us, based upon telegraphic
adviees from the chief cities of the'country, indicate that
for • the week ending to-day (Saturday, Oct. 4) aggregate
bank exchanges for all the cities of the United States from
which it is possible to obtain weekly returns will register an
increase of 8.3% over the corresponding week last year.
The total stands at $9,331,052,040, against $8,418,900,785
for the same week in 1923. Our comparative summary for
the week is as follows:
1924.
1923.
Per
Cent.
34,636,000,000
537,735,297
453,000,000
328,000,000
.120,000,000
53,958,412,877
528,460,016
429,000,000
313,000,000
117,558,265
+17.1
+1.8
+5.6
+4.8
+2.1
a
a
Clearinge-Returne Si, Telegraph.
Week Ending oa. 4.
is only 4.2%, the bank exchanges at this centre showing an
expansion of 22.7%. We group the cities now according to
the Federal Reserve districts in which they are located, and
from this it appears that in the Boston Reserve District
there is an expansion of 15.4%, in the New York Reserve
District (including this city) of 22.3%, but in the Philadelphia
Reserve District of only 6.4%. In the Cleveland Reserve
District there is a loss of 4.7%, in the Richmond Reserve
District of 0.2%.and in the San Francisco Reserve District
of 8.9%. The Atlanta Reserve District shows an improvement of 7.2%, the Chicago Reserve District 7.0% sad the
St. Louis Reserve District 10.3%. The Minneapolis Reserve
District has a gain of 13.7%, the Kansas City Reserve District 5.7% and the Dallas Reserve District 14.1%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
.
a
147,500,000
*120,000,000
136,344,458
107,995,807
102,625,070
90,725,875
68,152,778
189,400,000
123,264,000
137,133,408
107,632,446
98,307,891
87,158,933
56,268,393
-12.9
-2.6
-0.6
+0.3
+4.3
+4.1
+21.1
Twelve cities,5 days
Other cities, 5 days
$6,840,079,285
927,797,415
$6,125,686,234
890,064.420
+11.8
+4.2
Total all cities, 5 days
All cities, 1 day
37,775,876,700
1,555,175,340
87,015,750,654 . +8.3
1.403,150,131
+8.3
ea "V71
te AIR MA '700
---
11K0 nAn
1R "4
a Will not report clearings. *Estimated.
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday), and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ended Sept. 27. For
that week there is an increase of 13.9%, the 1924 aggregate
of the clearings being $8,042,335,458 and the 1923 aggregate
$7,060,939,312. Outside of New York City the increase
OF BANK CLEARINGS.
126.07
Week Ending Sept. 27 1924.
1924.
1923.
Dec.
1922.
1921.
Federal Reserve Districts.
(1st) Boston
11 citi
10 "
(2nd) New York
10 "
(3rd) Philadelphia
$
$
$
%
$ ,
419,497,855 363,371,511 +15.4 341,242,541 293,917,417
,590,927,37t 3,752,327,226 +22.3 4,109,121,003 4,059,304,552
512,394,671 481,583,441 +6.4 464,436,030 400,034,363
8 "
' 343,780,450 360,590,809 -4.7 375,527,398 301,408,566
(4th) Cleveland
6 173,893,447 174,168,723 -0.2 164,931,860 131,383,211
(5th) Richmond
12 "
(6th) Atlanta
189,126,757 176,370,788 +7.2 151,373,700 144009.6 8
0
20 "
838,757,415 780,534,23e +7.0 732,717,573 667,135,019
(7th) Chicago
68,681,186
7 "
67,186,550 60,920,591 +10.3 66,023,102
(8th) St. Louis
118,287,763
Minneapolis -7 "
(91.6)
142,206,40C 125,109,946 -1-13.7 122,993,390
12 "
(10th) Kansas City
253,498,224 239,776,145 +5.7 235,325,501 239,502,731
(11th) Dallas
5 "
66,943,507
81,102,19e 71,083,901 +14.1
58,450,398
(12/h) San Francisco.
..16 "
429,896,210 472,101,993 -8.9 387,568,216 339,608,334
Grand total
124 cities 8,042,335054 7,060,939,312 +13.9 7,219,208,832 8,811,703128
Outside New York City
3,519,997,514 1,376,410,200 +4.2 3,167,752,781 ,803,171,4643
Canada
29 cities
MO R71 00f
101 9Rfl 790
4-11.3
307.375.965
312.791.831
We also furnish to-day a summary by Federal Reserve
districts of the clearings for the month of September. For
that month there is an increase of 18.5%, the 1924 aggregate
of the clearings being $35,272,743,558 and the 1923 aggregate $29,759,894,248. Outside of New York City the
increase is only 8.8%, the bank exchanges at this centre
having recorded a gain of 28.0%. In the Boston Reserve
District the totals are larger by 15.1%; in the New York
Reserve District (including this city) by 27.5%, and in the
Philadelphia Reserve District by 11.4%. In the Clove!
land Reserve District there is a loss, but it is trifling, being
only 0.04%. It should be noted that this is the only dis-
OCT. 4 1924.]
THE CHRONICLE
1593
trict that shows a decrease. In the Richmond Reserve
The course of bank clearings at leading cities of the counDistrict there is an inprovement of 8.1% and in the Atlanta try for the month of September and since Jan.in in each of the
Reserve District of 18.0%. The Chicago Reserve District last four years is shown in the subjoined statement:
BANK CLEARINGS AT LEADING CITIES.
has a gain of 9.0%, the St. Louis Reserve District of 13.8%,
September
Jan. 1 to Sept.30and the Minneapolis Reserve District of 12.3%. In the (000,000s
1924. 1923. 1922. 1921. 1924. 1923. 1922. 1921,
omitted.)
$
$
It
$
$
$
$
$
Kansas City Reserve District there is an increase of 8.2%, New York
19,291 15,071 17,285 15.079 180,225 158,722 162,001 143,006
Chicago
2.544 2.304 2,309 2,073 23.416 23,348 20,484 19,357
in the Dallas Reserve District of 11.6%, and in the San Boston
1,602 0,379 1.305 1,083 15,511 14,296 11,679.10.376
Francisco Reserve District of 2.7%.
Philadelphia
2,074 1,855 1,902 1,648 18.755 18.344 16,186 15,118
Sept Ittbzr
,
1924.
Federal Reserve Diets.
1st Boston_ _ __13 tildes
2nd New York_13 "
3rd Philadelphial4 "
4th Cleveland 15 "
6th Richmond 10 "
Ilth Atlanta ___17 "
7th Chicago ___29 "
8th St. Louis__ 9 "
9th Minneapolls13 "
10th KansasCity15 "
11th Dallas ____12 "
12th San Fran-_27 "
$
1,803,225,832
19,673,875,018
2,267,144,852
1,518,500,341
779,103,427
861,705,274
3,721,616,007
304,165,490
615,307,875
1,147,586,391
690,939,439
1,981,572,582
September Inc.or
1923.
Dec.
$
1,570,815,665
15,432,255,038
2,034,831,650
1,518,758,915
720,955,465
730,472,913
3,413,848,047
.267,243,405
547,663,841
1,030,184,064
529,684,802
1,933,179,943
%
+15.1
+27.5
+11.4
-0.04
+8.1
+18.0
+9.0
+13.8
+12.3
+8.2
+11.6
+2.7
September
1922.
$
1,491,860,554
17,551,249,397
2,033,142,907
1,418,250,759
715,421,561
700,644,360
3,252,157,290
272,249,560
541,563,392
1,081,909,013
458,734,258
1,696,659,504
Total
187 cities 35,272,753,558 29,759,894,248 +18.5 31,242,842,555
Outside N. Y.City
15,982,092,822 14,689,030,877 +8.8 13,958,072,011
Canada
1.
1K1
qoo nee
l21. A7c 211
s
4-11
1
OFF 219 M1
St. Louis
Pittsburgh
San Francisco
Cincinnati
Baltimore
Kansas City
$
1,204,597,411 Cleveland
15,301,631,794 New Orleans
1,748,447,068 Minneapolis
1,368,242,379 Louisville
558,086,231 Detroit
613,420,970 Milwaukee
2,856,865,054 Los Angeles
240,375,862 Providence
557,110,143 Omaha
1,159,042,670 Buffalo
277,108,333 St. Paul
1,397,196,472 Indianapolis
Denver
27,282,124,437 Richmond
12,203,258,126 Memphis
Seattle
1 142 nm AR,
Hartford
Salt Lake City__
We append another table showing the clearings by Federal Reserve districts for the nine months back to 1921:
Ine.or
Dec.
1923.
Federal Reserve Diets.
166 Boston_ ___13 clUe. 17,487,117,768 16,213,805,816
New York.13" 183,824,641,085 162,237,327,601
3rd Philadelphial4
20,580,978,918 20,118,347,386
4th Cleveland 15
14,041,421,937 14,617,538,010
5th Richmond 10 1,
7,243,048,512 6,973,273,666
6th Atlanta _ __17
7,394,632,857 7,006,324,701
7th Chicago_ _ _29
34,089,113,816 33,516,859,740
.1
8th St. Louts__ 9
2,691,383,235 2,711,475,854
9th MinneapollsI3
4,480,695,275 4,744,128,788
10th KansasCity 15
9,253,133,892 10,087,174,812
11th Dallas ___.12
4,003,581,093 3,619,283,911
12th San Fran_ _27
17,977,103,214 17,221,446,509
Total
Other cities
a
581
640
254
367
582
409
205
310
108
482
128
430
45
173
160
139
74
85
205
80
142
41
55
a
635
652
262
360
550
444
205
311
113
549
149
574
44
158
183
140
83
135
204
69
162
42
63
a
640
552
223
274
688
359
198
327
94
407
116
337
38
176
139
133
65
80
158
70
132
38
53
a
5,931
6,183
2,476
3,704
4,768
4,012
2,090
2.660
1,182
5,500
1,410
5,371
447
1,474
1,685
1,173
747
982
2,023
704
1,522
488
568
a
6,141
5,935
2,598
3,597
5,180
4,170
1,940
2,672
1,165
4,974
1.389
3,175
455
1,604
1,738
1.318
788
1,115
1,860
760
1,429
420
551
a
4,829
5.292
2,181
2,911
4,977
3,369
1,668
2,366
967
3,913
1,140
3,701
407
1,452
1,442
1,164
634
1,024
1,616
624
1,216
360
460
a
5,567
4.865
2,093
2,826
5.786
3,612
1.611
2,455
889
3.453
1,073
3.062
381
1,474
1,334
1,235
567
895
1.493
535
1.109
340
471
31,983 26,696 28,496 25.178 288,824 271,684 258,063 234,993
3.290 3,064 2.747 2,142 34,243 27.386 22,339 18,946
Total all
35,273 29,760 31,243 27,320 323,067 299,070 280,402 253.939
Outside New York_15,982 14.689 13,958 12,241 142,842 140,348 118,401 110,933
a No longer report clearings.
Nine Months.
1924.
a
622
699
270
394
590
447
271
389
129
618
151
549
44
182
184
126
81
137
229
77
166
51
66
September
1921.
1922.
1921.
+7.9 13,368,957,717 11,534,937,815
+13.3 164,423,560,460 145,184,747,933
+2.3 17,606,875,101 16,114,437,286
-3.9 11,877,684,348 12,677,830,563
+3.9 5,830,084,664 5,539,065,141
+5.5 5,672,244,445 5,230,107,159
+1.7 28,456,224,583 26,287,153,946
-O. 2,218,192,805 2,063,360,465
-5.5 4,198,418,594 4,415,348,854
-8.3 9,503,351,601 10,028,592,617
+10. 3,102,806,578 2,265,036,970
+4.4 14,144,021,403 12.167,854,879
Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results
for September and the nine months of 1924 and 1923 are given
below:
Month of September.
Nine Months.
Description.
1924.
1923.
1924.
1923.
Stock-Number of shares 18,184,860 14,643,289
172.200,676
178,131,911
Railroad & miscell. bonds 3164.151,400 383.445,500 $1,663,607,400 31,157,932,700
'U. S. Government bonds 49.061.880 45.733.800
574.541.475
706,023,480
State,foreign, &c., bonds 44,918,500 28,790.000
341,651.400
364,124,500
Total
187 eitlee 123,066,853,612 299,070,006,794 +8.0 280,402,422,600 253,558,473,228
Outside N. Y. CRY
142,841,973,233 140,347,592.733 +1.8 118,401,053,228 110,552,269,945
Totalbonds
8258.131.780 8157.969,300 82.733.755.380 32.074 115,575
The volume of transactions in share properties on the New
11,858,528,626 11,629,431,054 +2.0 11,591,669,517 12,617,538,459
York Stock Exchange each month since Jan. 1 in 1921 to
The following compilation covers the clearings by months 1924 is indicated in the following:
since Jan. 1 in 1924 and 1923:
Canada
1924.
MONTHLY CLEARINGS.
1923.
1922.
1921.
No. Shares. No. Shares. No. Shares. No. Shares.
Clearings, Total AU.
Month.
1924.
1923.
Clearings Outside New York.
%
1924.
1923.
%
Jan__ 37.510,792,018 36.411,435,888 +3.0 16,830,663,546 16,633.076,289 +1.2
Feb.__ 32,883,744,565 30,514,376,577 +7.8 14,763 634,719 13,730.398,134 +7.8
March 35.808,562,18q36.269.484,835 -1.3 16.158,335,018 16,501,204.839 -2.1
166 qr. 106212098,763 103195297,300 +2.9 47,752,633,283 46,884,679,262 +1.9
April_ 36,415,480,971 33,831,332,398 +7.6 16.089,619,856 15.821,259,447 +1.7
May.. 36,693,688,644 35.681,649,194 +2.8 15,972,083,900 16,469.894,052 -3.0
June__ 35,302,334,731 34,931,655,881 +1.1 15,343,785,677 16,256.178,231 -5.6
2d qr. 108411504,346 104444637,473 +3.8 47,405,489,433 48,547,331,730 -2.4
6 mos_ 214623603,109 207639934.773 +3.4 95,158,122,717 95,412,010.992 -0.3
July... 37,500,467,823 32,185,630,580 +16.5 16,373,834,798 15,540,141,098 +5.4
Aug __ 35,670,039,121 29,484,547,193 +21.0 15,327,922,896 14,706,409,765 +4.2
Sept... 35,272,743,558 29,759,894,248 +18.5 15.982,092,822 14,689,030,877 +8.8
3rd QU. 108443,250,502 91,430,072,021 +18.6 47.683.850,516 44,935,581,740 +6.1
9 mos_ 323066853.612 299070006.794 +8A 142841973.233 140347592.733 4-1.8
Month of January
February
March
26,857,386 19.914,827 16.472,377 16.144,876
20.721,562 22.979.487 16,175.095 10,169.671
18,310.911 25.964.666 22,820,173 16.321,131
Total first quarter
65,889,859 68,858,980 55,467,64, 42,635,678
Month of April
May
June
18,111.828 20.091,986 30.3134.383 15.529.709
13,513,967 23.155.730 28,921.124 17.236.995
17,003,140 19,754,197 24,080,787 18.264.671
Total second quarter
48,628,935 63,001,913 83,636,264 51,031,375
Total six months
114,518,794 131,860.173 139,103,909 193,667,053
Month of July
August
September
24,318,182-12451,851 -15,118,063 -9.238.054
21,809,031 13,144,641 17,862,553 11.117,035
18,184,860 14,643,289 21,712,046 12,924,800
...Mot thlri1 ntmrt•ar
Ad 210 11,0
An 'on ..Aol
w4 ann can
on onn Inn
We now add our detailed statement showing the figures
for each city separately for September and since Jan. 1 for
two years and for the week ending Sept. 27 for four years:
gLEARINGS FOR SEPTEMBER,SINCE JAN VARY 1, AND FOR WEEK ENDING SEPT 27.
Clearings at
Month of September.
1924.
1923.
i
$
First Federal Rose rve District- Roston
Maine-Bangor
3.283,204
3,077,781
Portland
13,751,459
13,188,306
-Boston
Mass.
1,602,000,000 1,379,000,000
Fall River
7,348,464
10,975,698
Holyoke
3,357,864
3,602,395
4,340,441
Lowell
5,221,841
Lynn
a
a
5,821,747
New Bedford
5,418,421
19,900,104
Springfield
18,028,842
14,558,000
Worcester
13,472,000
51,487,248
.
Conn.- Hartford_ __
42,063,161
28,762,101
New Haven
25,924,120
9,708,200
Waterbury
6,688,800
43,902,000
-ProvidenceR. 1.
44,154,300
Since January 1.
Inc. or
Dec.
% •
1924.
S
1923.
$
%
+6.6
30,466,842
29,205,767 +4.3
+4.3
114,793,843
122,294,918 -6.1
+16.2 15,511,000,000 14,296,000,000 +8.5
-33.0
77,807,345
89,311,143 -12.9
-6.8
34,436,757
36,825,706 -6.5
-16.9
44,052,959
51,366,094 -14.2
a
a
a
-r7.4
50,835,212
56,110,660 -9.4
+10.4
202,445,431
193,173,043 +4.8
+8.1
136,507,375
137,739,619 -0.9
+22.4
488,005.407
420.355.906 +16.1
+11.0
269,224,267
255,396,474 +5.4
+45.1
80,612,600
70,892,486 +13.7
-0.6
446,929,700
455,134,000 -1.8
1,808,225,832 1,570,815,665 +15.1 17,487,117,768 16,213,805,816
Second Federal R eserve Metric t
-New York
-Albany
23,048,094
N. Y.
20,405,882 +13.0
219,298,558
201,063.565
Binghamton
3,941,700
4,058,300 -2.9
39.341,275
43,450,400
183,786,799
Buffalo
182,848,021 +0.5 1,684,556.193 1,738,244,597
Elmira
2,891,760 +25.8
3,638,463
31,667.871
28,252,161
Jamestown
4,542,755 +15.1
5,228,000
46,548,913
45,161,200
New York
19,290,650,736 15,070,863,371 +28.0 180,224,880,379 158,722,414,061
Niagara Falls
3,948,377 -2.8
3,838,094
38.222,726
37,853,606
Rochester
40,232,919 +10.5
44,472,859
439,738,976
412,080.501
18,371,848 +16.6
Syracuse
21,418,107
194,420,094
180,519,292
Oonn.-Stamford
11.136,976
11,661,729 -4.5
117,624,479
116.633,545
N. J.-Montelalr___ _
1,679,384 +40.5
2,338,994
22,528,529
18,128.480
Newark
66,450,161 +13.8
75,599,662
721,848,112
653,792.658
Oranges
4,756,564
4,300,531 +10.6
43,964,960
39.733,533
Total(13 eities)
Week Ending September 27.
Inc.or
Dec.
+7.9
1923.
$
729,309
3,353,840
376,000,000
1,658,774
a
949,000
a
1,238,658
5,002.517
3,329,000
10,858,341
5,994,616
10,383,800
419,497,855
Inc. or
Dec.
1922.
8
1924.
'
,.
$
1921.
.
694.377
3,433,623
302,000.000
1,825,103
a
1,180,939
a
1,176,319
4,217.528
3,207,000
7,883,433
5,191,619
$
508,421
3,000,000
255,827,904
1,718,520
a
oss
1,002,131
a
1,139,273
3,488,709
3,140,000
9,115,835
4,662,924
620,951
3,686,768
321,000,000
2,204,945
a
1,211,321
a
1,294,698
4,614,286
3,082,000
9,026,524
5,715,018
+17.4
-9.0
+17.1
-24.8
a
-21.7
a
-4.3
+8.4
+8.0
+20.3
+4.9
10,915,000
-4.9
10,432,600
10,313,700
363,371,511 +15.4
341,242,541
293,917.417
+9.1
5,179,439
4,779,280 +8.4
3,889,606
3.004,600
-9.5
877,900 -9.6
794,000
838,934
744,618
-3.1 d43,128,718
43,411.159 -0.7
37,371,729
31,060.80
2
+12.1
684,170 -1.0
677,010
516,118
+3.1
c1,083,940
989,145 +9.5
1,108,743
927.172
+14.5 4.522,337.9423,684,529.112 +22.74,050,456,051 4,008,531,670
+1.0
+6.7
10,055,450
8,802,715 +14.2
8,363,645
8,382.197
4,112,324
+7.7
4,688,147 -12.3
3.717.141
3,721,345
+0.8
c2,915,447
3,047.811 -4.3
2,461.332
2,400,522
643,104
+24.3
517,787 +24.2
476.000
454,315
+10.4
+10.6
Tota (13 claw).- 19.673,875,048 15,432,255,038 +27.5 183,824,641.065 162,237,327,601 +13.3 4.590.927,374 3,752,327,226
+22.3 4,109,121,008 4,059,304.552
[VoL. 119.
THE CHRONICLE
1594
CLEARINGS
-(Continued.)
Week end ng September 27.
Since January 1.
Month of September.
Clearings at
1924.
1923.
Inc. or
Dec.
1924.
1923.
Inc. or
Dec.
$
$
%
%
$
$
Third Federal Res erve District -Philadelph is
54,743,223
56,129,099 -2.5
Pa.
-Altoona
6.183,322 +6.0
6,533,438
145,385,405
169,069,280 -14.0
Bethlehem
18,205,917 -17.6
*15,000,000
49,213,106
50,968,809 -3.4
Chester
5,740,549 -7.2
5,327,697
168,838,405
163,352,192 +3.4
17,989,699 +8.3
Harrisburg
19,475,449
113,828,528
125,820,992 -9.5
Lancaster
11.981,797 -7.2
11,113,206
22,535,274
22,105,585 +8.5
Lebanon
2,447,000 -2.9
2,375,231
34,858,053 -3.9
33,493,867
2,118,777 +52.2
Norristown
3,224,131
Philadelphia
2,074,000,000 1,855,114,000 +11.8 18,754,546,000 18,344,322,000 +2.2
133,140,099
130,824,739 +1.8
Reading
12,868,890 +3.5
13,311,097
222.336,926
225,499,159 -1.5
21,581,734 +14.8
24,765,525
Scranton
148,557.966
126,684.309 +17.3
12,269,644 +29.8
15,923,986
Wilkes-Barre
65,842,820
59,976,839 +9.4
5,998,529 +13.1
York
6,785.285
460,845,566
420,583,212 +7.3
44,173,034 +2.9
45,468,396
N.J.
-Camden
207,871,935
179,153,318 +16.0
18,180,758 +31.1
23,841,411
Trenton
a
a
a
a
a
a
Del.
-Wilmington_
Total(14 cities)---- 2,267,144,852 2,034,831,050 +11.4 20,580,978,918 20,118,347,386
Fourth Federal Rase rve District- Cleveland
34,471,000
31,884,000
Ohio-Akron
19,945,948
19,394,809
Canton
289,673,763
261,788,219
Cincinnati
447,331,685
443,602,218
Cleveland
62,798,200
59,697.200
Columbus
a
a
Dayton
3,806,473
3,817,287
Hamilton
a
a
Lima
1,807,475
2,159,066
Lorain
8,156,813
8.447,630
Mansfield
a
a
Springfield
a
a
Toledo
3,491,218
3,075,701
Youngstown
20,349,261
16,380,884
-Beaver Co
Pa.
a
Eriea
1,351,227
1,403,263
Franklin
6,230,283
3,421,801
Greensburg
634,866,837
621,831,236
Pittsburgh
5,582,551
5,487,690
Ky.-Lexington
16,750,532
18,255,187
W. Va.-Wheeling__ _
Total(15 cities)
1,518,500,341 1,518,758,915
Fifth Federal Rase rve District- Richmond
8,225,493
6,549,730
W. Va.-Huntington_
a
a
ira.-Newport News_
31,581,179
28,385,591
Norfolk
203,752,600
229,236,769
Richmond
a
a
N. C.-Asheville
8,834,133
10,056,857
•
Raleigh
a
Wilmingtona
9,397,758
9,140,271
-Charleston_ _ _
5. C.
10,333,901
7,621,021
Columbia
360,232,754
393,982,909
SM.-Baltimore
1,884,027
1,861,778
Frederick
3,242,313
Hagerstown
3.072,100
84,064,271
89,003,939
D. C.-Washlngton
293,213,000
180,002,368
2,475,538,590
4,012,407,792
541,228,800
a
32,138,083
-r0.3
aa
15,001,811
+19.4
71,032,916
+3.6
a
a
a
a
28,828,432
-11.9
171,725,077
-19.5
a
11,917,777
-r3.8
46,099.989
-45.1
-2.1 5,931,274,011
70,074,069
-1.7
160,941,222
+9.0
+8.1
+2.8
+3.0
+0.8
+5.2
1924.
1923.
Inc. or
Dec.
1922.
$
$
%
$
1,614.439 -4.5
5,605,333 -26.3
1,556,668 -17.3
1,213.135
3,140,083
909,038
1,050,000
3,325,618
983,501
2,540,843
2.917.463 -12.9
2,683,709
2,439,133
485,000,000
2,756,273
5,633,578
d3,262,884
1,732,528
453,000,000 +7.1
2,993,184 --7.9
5,415,672 +4.0
3,191.091
+2.2
1,386,937 +24.9
442,000,000
2,748,472
4,279,954
2,515,860
1,382,313
378,000,000
2,427,088
4,843.851
2,873,157
1,382,571
d4,507,879
a
3,902,654 +15.5
a
a
3,583,486
a
2,929,444
a
+6.4
464,438,030
400,034,363
7,299,000 +20.0
4,253,432 -1.3
61,045,752 -1.9
101,385,778 -3.8
11,549.300 +9.5
a
a
6,518,000
3,989.041
60,072,799
87,598,933
12,912.200
a
6,227,000
2,485,301
48,473,682
74,160,203
10,776,300
a
512,394,571
270,172,000 +8.5
192,895,827 -8.7
2,597,882,558 ---4.7
4,189.872.058 -3.8
599,981,300 -9.8
a
a
32,751,089 -1.9
a
T2.7
14,607,985
71,891,356 -1.2
a
a
a
a
30,738,141 -6.2
+2.8
167,078,021
a
a
13,203.211 -9.7
24.2
60.790,999
6,141,203,984 -3.4
82,204,685 -14.8
172,265,007 -6.6
d8,758,000
4,197,774
59,859,757
97,686,278
12,644,400
a
-3.9
s
1,541,171
4,132.933
1,286,882
+2.3
-0.0 14,041,421.937 14,617,538,010
1921.
a
d1,749,658
a
a
d3,905,522
a
481,583,441
a
a
2,028,235 -13.7
a
a
a
a
4,382,628 -10.9
a
a
a
1,392,182
2
a
3,044,243
•
a
a
1,083,388
a
a
2,222,682
a
154,987,064
168,646,686
-8.1 *200.000,000 *156,000,000
343,788,453
360,590,809
-4.7
375,527,398
301,408,558
1,445,211
1,839,352 -21.4
1,802,408
1,486,263
d6,344,103
53,640,000
7,353,998 -13.7
52,225,000 +2.7
6,662,694
47,959,638
5,812,720
33,541,327
-20.4
a
-10.1
+12.5
a
+16.4
a
-2.7
-26.2
+9.4
4
+13.
+5.5
+5.9
71,070,986
a
289,684,243
2,023,240,162
a
91,255,513
a
89,123,764
71,580,249
3,703,745.757
15,928,688
29,511,458
857,929.724
79,816,549 -11.0
a
-1r 1.8
284,604,702
1,860,038,953 +8.8
a
84,931,106
-r7.4
a
a
91,621,284 -2.7
112,788,340 -36.5
3,596,777,765 +3.0
+1.5
15,898,271
30.471,929 -3.2
816,526,767 +5.1
d21,415,000
20,047,808
+6.8
17,854,688
16,243,444
720,955,965
+8.1
7,243.048,542
6,973,273,661
+3.9
173,893,447
174,168,723
-0.2
184,931,886
131,383,211
Sixth Federal Rase rye District- Atlanta25,631,559
24,425,760
['ann.-Chattanooga 12,872,440
14,313,302
Knoxville
82,811,258
78,706,698
Nashville
205,509,168
233,548,877
3eorgia-Atlanta
10,486,689
10,388,902
Augusta
4,408.545
4.122,696
Columbus
6,235.391
7,287,881
Macon
a
a
Savannah
43,551,431
56,067,401
?Ia.-Jacksonville _....
9,394,866
14,114,000
Tampa
97,185,660
109,345,631
kla.-Birmingham-- 7,547,409
8.083,346
Mobile
7.492,259
8,251.138
Montgomery
6,855.438
7,014,957
diss.-Hattlesburg
4,457,739
5,908,089
Jackson
3,197,634
3,531,634
Meridian
1,512,685
1,890,882
Vicksburg
205,427,302
270,623,820
-New Orleans
:41.
-4.7
+11.2
+5.2
+13.7
-0.9
-6.5
+18.8
a
+28.7
+50.2
+12.5
+7.1
+10.1
+2.3
+32.5
+10.4
+25.0
+31.7
238,566,979
122,066,590
734,878,788
2,041,661,502
69,473,406
32,713,168
55,022,120
a
595,418,933
138,557,465
989,023,178
70,480,524
63,320,250
58,268,150
47,705,872
33,493,198
14,228,605
2,089,756,131
244.863,086 -2.6
118,123,085 +3.3
731,348,736 +0.5
+3.7
1,968,203,316
75,404,525 -7.9
33,293,372 -1.7
56,151,868 -2.0
a
a
483,601,254 +23.1
117,214,636 +18.2
950,047,567 +4.1
74,756,146 -5.7
61,794,185 +2.5
62,886,570 -7.3
38,597,412 +23.8
36.443,805 -8.1
13,250,360 +7.4
1,940.344,798 +7.7
d6,197,080
3,204,845
18,497,577
54,390,095
2,063,856
5,851,252 +5.9
2,656,850 +20.6
19,328,219 -4.3
+1.3
53,666.661
2,936,523 -29.7
5,315,010
.2,319,103
17,800,927
47,752,023
1,899,698
4,275,382
2,433,968
15,130,063
45,475.440
2,646,578
1,400,264
a
12.927,271
1,375,287
1,521,670 -8.0
a
aa
10,167,451 +27.1
8,323,911
*1,500,000
a
7,230,726
25,969,460
1,850,858
25,070,963
1.690,653
24.987,985
1,839,449
19.388.907
1,500,000
1,571,000
1,406,917 +11.7
830,741
896,727
380,651
d60,674,000
335,951 +13.3
51,737,678 +17.3
353,928
38,595,638
433,402
43,318,415
730,472,913 +18.0
7,394,632,857
7,006,324,701
+5.5
189,126,757
176,370,788
+7.2
151,373,700
144,009,808
+7.1
+8.7
+10.6
+9.7
+2.9
-1.7
+9.1
+2.2
+20
-1.7
-6.3
-8.9
+0.2
+1.5
-2.3
-4.0
-2.1
-1.8
-24.1
-10.1
+2.1
+0.2
+4.6
-5.5
+0.3
*230,000
1,090,471
155,706,700
200,830 +14.5
857.012 +27.2
130,158,694 +19.6
168,128
710,443
105,350,003
107,092
634,718
86,935,789
Total(10 eitles)
Total(17 eitles)
779.103,427
861,708,274
ieventh Federal Res erve District -Chicago8.448,698
9.048,257
920,269 +8.7
1,001,964
dtch.-Adrian
33,029,205
30,392,135
3,979.824
3,326,806 +19.6
Ann Arbor
548,506,208 +12.6 5,499,770,046 4,973.754,352
617,600,987
Detroit
89,917,219
81,975,077
10,184,000 +4.9
10,680,400
Flint
259,811,745
287.473,078
30,922,375 +1.8
31,467,094
Grand Rapids
87,042,019
68,208,447
7,425,390 -5.9
6,987,208
Jackson
99,95)8,394
91,194,336
13,805,098 -22.5
10,704,980
Lansing
90,545,548
92,511,869
9,243,670 +2.6
9,487,701
nd.-Fort Wayne147,009,511
149,962,281
17,037,000 -12.0
*15,000,000
Gary
788,073,000
747,365,000
82,968,000 -2.0
81.288,000
Indianapolis
95,858,914
89,803,969
10,214,915 -7.4
9.457,787
South Bend
233,588,460
212,758.659
.25.000,000 -14.3
21,423,590
Terre Haute
95,830,790
95,818,980
10,416,294 +0.5
10,471,511
-Madison
Via.
148,508,610 +1.8 1,410,391,345 1,383,824,421
151.102,023
kfllwaukee
28,831,555
28,166,022
3,085,715 +6.0
3,270,851
Oshkosh
97,888,482
93,780,758
10,395,174 +2.2
10,627,116
owa-Cedar Rapids_
408,423,760
399,674,229
43,210,540 -8.9
39,354,734
Davenport
417,801,758
424,684,095
43.733,953 +4.3
45,608,828
Des Moines
24,158,577
18,339,392
2.541,453 -17.1
2,105,704
Iowa City
21,649,216
19,486,425
2,112.386
+0.8
2,129.000
Mason City
245.933,593
240.778,069
25,393,424 +12.9
28,673,817
Sioux City
57,355,881
57,442,343
6,288,937 +11.1
6,986,835
Waterloo
45,657.687
47,761,075
4,943,689 +9.4
5,407,825
-Aurora
11.
59,429.924
56,166,444
6,248,218 +1.3
6,328.112
Bloomington
2,544,263,848 2,304.151.044 +10.4 23,415,617,174 23.347,759,301
Chicago
a
aa
a
Danville
49,941,298
53,448,640
8.7
5,829.588
6,338.259
Decatur
174,939,107
170,761,753
18,172.435 +8.3
19,680,534
Peoria
87,675,492
97,277,595
8,997,694 +8.5
9,757,243
Rockford
98,751,216
+1.6
98,912,961
10,267,106
10,434,432
Springfield
Eighth Federal Re serve District -St. Louis20,281,278
20,983,694
nd.-Evansville -557,186
New Albany
670,486
a
a
-St. Louis
4o.
a
a
Springfield
112,763.359
Cy.-Loulsville
129,099,912
1,435,473
Owensboro
1,683,667
.
9,500,000
Paducah
11,000,000
69,195,106
78,623,853
'enn.-Memphis.
48,333,432
.
56 265,601
ak.-Little RO6S
1.800,958
. 1.685,823
IL-Jacksonvi1le
6,146,474
5,576,613
Quincy
Total(9 cities)
304,185,490
2,492,313
-8.2
1,717,684
2,211.674
88,711,852
90,210,252
-1.7
89,334,856
67,087,783
+3.6
+9.5
6,444,479
6,239,239
+3.3
5,487,676
2,137,324
1,948,042
2,208,938 -3.2
2,168,575 -10.2
1,701,842
2,412,400
5,745,892
-*
2,008,852
1,765,408
17,570,000
1,997,000
5,302,908
18,101,000 -2.9
1,982,000 +1.8
8,082,649 -12.8
16,477,000
1,925.023
15,210,000
4,809,998
33,411,242
33,197,365
+0.6
27,646,301
26,384,619
2,406.581
2,389.664
+1.8
1,880,281
2,005,986
9,905,885
9.987,416
-0.8
8,374,324
8,052,869
6,248,235
1,552,488
5,890,277
1,549,028
+8:0
+0.2
5,604,054
1,438,572
5,509,127
1,201,795
1,334,000
550,997,341
a
1,316,223
4,236,458
2,313,498
2,364,031
+0.2
+5.5
-r 7.0
+2.4
+11.0
+0.2
1.338,482
581,437,374
a
1,333,933
4,272,986
2,152,721
2,274,604
-r- 1.3
+0.9
-7.0
-4.8
1,116,517
543,939,908
a
1,072,947
3,885,558
1,752,398
2,014,218
1,186,601
497,971.785
a
1,064,483
3,500,000
1,482,675
1,077,352
+9.0 34,089,113.818 33,516,859,740
+1.7
838,757,415
783,534,238
+7.0
732,717,573
667,135,019
4,882,775 -13.0
4,372,588
3,871,295
4!
Total(29 cities)__ _ - 3,721,616,007 3,413,848,047
d2,337,481
+3.5
+21.4
a
a
+14.5
+17.3
+15.7
+10.7
+21.4
+5.4
+10.2
190.589,301
6,191,347
a
a
1,182,082,180
17,004,893
95,673,915
704,340,250
426.848,329
13,107,043
55,686,177
174,458,344
5,976,047
a
a
1.164,931,203
18,302,258
100.195,403
759,786,915
417,260,422
14,184,528
58,400,734
+9.2
+3.6
a
4,246,599
-1!1.5
-7.1
-4.5
-7.3
+2.3
-7.6
-1.5
31,511,132
313.159
26,496,855 +18.9
337,751 -7.3
24,839,736
289,880
21,374,126
201,673
17,102,639
12,378,185
347,357
1,287,479
17,172,749 -0.4
10,419,750 +18.8
367,515 -5.5
1,243,396 +3.5
22,739.529
12,493,548
313,824
1,193,997
21,288,279
10,606,762
300,227
1,018,824
287,243,405 +13.8
2,691,383,235
2,711,495,854
-0.7
67,186,550
80,920,591 +10.3
66,023,102
58,8131.186
a
a
a
a
a
OCT. 4 19241
THE CHRONICLE
1595
CLEARINGS-(Concluded.)
Month of September.
Since January 1.
Clearings ra
1924.
Inc. OT
Dec.
1923.
$
$
%
Ninth Federal Res erve District -Minneapoll s
Minn.
-Duluth
53,413,144
42,365,420 +26.1
Minneapolis
388,651,626
311,165,053 +24.9
Rochester
•1,500,000
1,791,439 -16.3
St. Paul
125,953,688
140,469,415 -10.3
No. Dak.-Fargo
7,560,390
9,080,200 -16.7
Grand Forks
6,025,000
5,071,000 +18.8
Minot
1,108,248
1,123,160 -1.3
So. Dak.-Aberdeen_
7,146,598
5,888,059 +21.4
Sioux Falls
4,501,927
11,513,756 -60.9
Mont.-Billings
2,705,311
2.308,373 +17.2
Great Falls
3,544,515
2,958,512 +19.8
Helena
13,197,428
12,629,454 +4.5
Lewistown
f
.1,300,000
Total(13 cities)____
615,307,875
547,663,841 +12.3
Tenth Federal Res erve District Kansas City
Neb.-Fremont
1,772,836
1,649,235 +7.5
Hastings
*2,300,000
2,073,241 +10.9
Lincoln
17,071,341
16,656,013 +2.5
Omaha
182,483,337
158,338,502 +15.3
Kan.
-Kansas City
19,025,658
21,583,490 -11.9
Lawrence
a
a
a
Pittsburgh
a
a
Topeka
12,158,207
11,715,226
--r-3.8
Wichita
32,837,513
31,555,816
+4.1
Mo.-Joplin
6,403,000
6,963,814 -8.1
Kansas City
590,038,363
550,405,017 +7.2
St. Joseph
29,705,265 Not included in total
Okla.
-Lawton
a
a
a
McAlester
1,256,360
1,375,532 -8.7
Muskogee
a
a
a
Oklahoma City__
109,820,806
88,290,180 +24.3
Tulsa
26,123,596
26,308,917 -0.7
Colo.
-Colorado Sp'gs
4,718,071
4,693,191
+0.5
Denver
137,364,882
134,937,824 +1.8
Pueblo
4,212,221
3,638,066 +15.8
Total(15 eities)
1,147,586,391 1,060.184.064
Eleventh Federal Reserve Distr let-Dallas
Texas
-Austin
9,979,688
8,922,349
Beaumont
5,956,217
5,043,633
Dallas
218,421,658
178,733,899
El Paso
.20,000,000
17,963,776
Fort Worth
56,553,858
53,767,321
Galveston
46,242,000
48,591,733
Houston
176,277,127
162,632,343
Port Arthur
2,365,552
2,494,080
Texarkana
3,628,986
3,046,300
Waco
22,581,021
21,022,816
Wichita Falls
8,839,482
7,134,732
La.
-Shreveport
20,093,850
20,331,820
+8.2
Week Ended September 27.
1924.
1923.
Inc. or
Dec.
$
$
%
1924.
1923.
Inc. or
Dec.
1922.
$
$
%
$
269,679,086
2,672,138,239
16,746,089
1,318,060.393
76,578,006
41,865,300
10,390,462
48,252,104
116,340,492
19,034,892
30,185,574
117,636,175
7,221,976
+5.6
-0.5
-0.5
-11.0
-14.3
+12.8
-22.8
-1.7
-64.6
+0.8
-27.4
-16.7
d14,474,476
d91,751,000
10,749,435 +34.6
74,997,000 +22.3
8,766,673
73,359,229
8,509,314
69.822,918
29,164,417
1,555,810
32,497,600 -10.3
2,016,679 -22.8
33,596,252
2,098,781
32,589,675
1,791,004
1,554,959
1,287,551 +20.7
1,143,310
1,260,108
4,480,695,275
4,744,128,788
-5.5
603,341
578,456
+4.3
581,145
614,734
3,162,397
2,983,225
+6.0
3,453,000
3,700,000
142,266,400
125,109,946 +13.7
122,998,390
118,287,753
16,211,037
16,740,299 -3.2
d347,327
19,960,617
20,351,403 -1.9
538,363
156,417,663
163,751,827 -4.5
3,360,132
1,473,993,443 1,603,871,344 -8.2
40,872,444
182,617,026
195,757,633 -6.7
a
a
a
a
a
a
115,065,916
127,391,425 -9.7
e2,808,085
288,465,405
362,435,192 -20.4
d6,840,698
56,859,000
55,611,814 +2.2
4,768,078,170 5,179,503,011 -7.9
129,355,551
269,776,835 Not included in total
d6,272,996
a
a
a
10,360,663
13,376,420 -22.6
a
a
a
840,961,565
835,515,747 -4
.7 d25,602,479
263,406.300
318,054,798 -17.2a
41,974,672
46,640,757 -10.0
1,016,545
981,783,152 1,114,672,186 -11.9 d35,687,000
36,979,263
33,500.956 +10.4
e796,608
320,171
+8.5
411,147 +30.9
*3,000,000 +12.0
35,476,774 +15.2
292,810
491,775
3,962,637
40,273,641
382,640
490,446
2,732,717
35.103,273
2,393,959 +17.3
6,851,081 -0.2
2,585.580
0,567,912
2,337.983
10,197,065
+1.7
-6.5
131,418,183
142,895,475
a
a
19,930,625 +28.5
a
991.738 -72.5
35,883,000 -0.5
687,900 +15.8
a
23,780,893
a
1,044,269
21,235,494
672,307
a
24,017,277
a
800,000
19,921,102
624,753
235,325,501
239,502,731
9,253,133,892 10.087,174,812
-8.3
253,498,228
+11.8
+18.1
+22.2
+11.3
+5.2
-4.8
+8.4
-5.1
+19.1
+7.4
+23.9
-1.2
67,630,865 -7.7
2,304,823
51,779,280 +5.7
1,172,687,344 +27.3
49,121,061
189.769,188 -3.9
403,075,589 +4.6 d13,517,140
307,632,851 -2.9
11.103,930
1,016,793,936 +5.8a
24,279,620 -19.6
20,879,230 +12.4
104,136,888 +7.0
76,336,398 +8.1
184,282,722 -3.1
5,055,244
529,684,802 +11.6
4.003,581,093
3,619,283,911
Twelfth Federal R eserve Distric t
-San Franc iscoWash.-13ellingham _
.
3,700,000
3,516,000 +5.2
Seattle
166,465,436
162,146,481
+2.7
Spokane
54,044,000
50,408,000 +7.2
Tacoma
a
a
Yakima
6,342,366
6,242,460
T1.6
Idaho-Boise
4,750,592
4,736,818
+0.3
Dre.-Eugene
2,005,285
1,740.891 +15.2
Portland
162,448,841
164,110,032 -1.0
Utah-Ogden
7,033,000
6,259,000 +12.4
Salt Lake City_
66,028,424
62,997,001
+4.8
Nev.-Reno
2,874,615
2,860,948 +0.5
Aria -Phoenix
8,560,000
7,049,314 +21.4
Calif.-Bakersfield_ _ _
3,883,990
3,409,240 +13.9
Berkeley
16,955,299
14,147,611 +19.8
Fresno
21,122,527
20.020,090
+5.5
Long Beach
26,277,787
34,98.5,639 -24.9
Los Angeles
548,881,000
574,170,000 -4.4
Modesto
3.908,106
3,159,127 +23.7
Oakland
69,030,296
63,589,890
+8.6
Pasadena
21,318.632
19,087,814 +11.7
Riverside
2,874,157
2,726,839
+5.4
Sacramento
39,514,682
32,515,683 +21.5
San Diego
15,843,720
14,069,242 +12.6
San Francisco
698,900,000
651,500,000 +7.3
San Jose
11,166,706
9,889,823 +12.9
Santa Barbara
5,584,352
4,203,243 +32.9
Santa Rosa
2,407,569
1,954,757 +23.2
Stockton
12,651,200
11,684,000 +8.3
29,461,000
1,521,602,802
419,828,000
a
46,687,253
39,897,002
16,521,182
1,395,538,225
52,421,000
567,657,155
23,387,714
76,710,149
35,656,703
157,134,636
136,483,759
284,496,266
5,370,629,000
27,487,680
617,673,469
219,790,919
30,335,999
315,163.199
159,307,350
6,183,400,000
88,577,142
46,522,746
18,452,557
96,282,307
28,768,000
1, 28,791,628
4
418,824,349
a
48,064,131
37,960,090
14,661,628
1,340,951,962
48,213,000
551,276,463
25,926.821
63,896,657
37,706,172
154,394,115
158,985,884
316,798,036
5,107,505,000
27,290,674
590,442,799
194,303,388
27,904,734
268,547,965
143,018.177
5.935,261,000
91,130,329
43,310,244
20,461,663
102,051,600
Total(27 cities)._
590,939,439
1,984,572,582 1.933,179.943
$
284,889,118
2,659,988,697
14,436,897
1,172,764,771
65,644.672
47,224,694
8,020,047
47,428,542
41,172,347
19,173,358
21,914,559
98,037,573
f
62,412,461
54,717,563
1,493,025,570
182,351,779
421,502,219
298,670,541
1,075,422,900
19.513,086
23,474,515
111,450,855
82,484,489
178,555,115
Total(17 cities)__
1921.
+2.7 17,977,105,214 17.224.446,509
+10.6
81,102,198
+2.4
38,582,403
+6.6
11,600,000
+0.2
a
a
-2.9
1,469,165
+5.1
+12.7
+4.1
37,050,853
+8.7
+3.0
14,970,261
-9.8
a
+20.1a
-5.4
+1.8
-13.1
4,850,000
5,871,235
-10.2
123,782,000
+5.2
+0.7
15,638.006
+4.6
+13.1
4,606,744
+8.7
+17.4
d8,625,136
+11.4
3,189,851
153,300.000
+4.2
-2.8
2,544,270
+7.4
1,023,386
-9.8
c2,792,900
-5.7
+4.4
429,896,210
127,120,469
6,709,281
239,776,145
+5.7
1,935,858 +19.1
1,814,208
1,650,000
34,170,121 +43.8
36,934,740
32,308,861
14,214,690 -4.9
15,759,234 -29.5
a
a
12,796.562
10,818,010
a
10,038,477
10,139,635
a
5,003,978
+1.0
'4.579,987
4,313.425
71,083,901 +14.1
66,943,507
58,450,398
38,614,522
12,278,000
a
1,559,378
-0.3
-5.5
a
-5.8
31,584,417
9,733,000
a
1,225,100
28,009,111
10,037,747
a
1,660,783
39,681,556
-6.6
34,788,512
32,235,787
15,881,012
a
a
-5.7
a
a
12,848,152
a
a
11,773.338
a
a
4,534,371
+7.0
8,320,538 -29.4
147,376,000 -16.0
5,995,000
4,683,665
102,878.000
4,935,361
2,990,889
79,979,000
+1.0
+4.3
14,579,136
3,454,592
10,077,898
2,674,935
7,718,003 +11.8
3,027,215 +5.4
166,700,000 -8.0
2,420,558 +5.1
921,811 +11.0
7.456.458
3.000,000
149,600,000
2,528,998
761,486
5,821,857
2,181,069
140,000,000
1,897,361
667,598
15,484,503
4,416,826
3,067,700
-9.0
2,451,700
4.665,600
472,101,993
-8.9
387,568,216
339,608,334
3sand total(187 cities) 35,272,743,558 29,750,804,248 +18.5 323.066,853,612 2
99,070,006,794
+8.0 8,042,335.458 7,060,939,312 +13.9 7,218.208,8526,811,703.128
)utside New York._ 15,982,092,822 14,689,030,877
+1.8 3,519,997,516 3,376,410,200
+8.8 142,841,973,233 140,347,592,733
+4.2 3,167.752,781 2,803,171.458
CANADIAN CLEARINGS FOR SEPTEMBER,SINCE JANUARY
1, AND FOR WEEK ENDING SEPTEMBER 25.
Month of September.
Clearings at
-
1924.
Canadian
Montreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
13randon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster- _ _ _
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
$
425,880,858
476,592,843
177,153,874
62,931,140
24,595.409
22,850,141
12,041,184
20,971,089
21.456,516
10,223,575
7,978,211
10,416,412
17,360,485
12,791,875
2,527,681
2,231,478
6,289,226
4,497,977
3,634,077
4,978,883
2,769,239
1,215,879
3,274,277
3,104,987
3,662,772
14,043,929
1,237,179
3,678,705
3,003,054
1923.
$
384,074,873
376,276,962
169,258,719
60,354,059
25.560,376
26,282,970
10,861,533
24.962,298
18,887,141
10,928,885
8,058,782
10,965,494
15,659,483
15,247,432
2,838,650
3,012,060
7,243,193
5,271.132
4,036,858
3,903,921
2,472,926
1,386.837
3,326,251
3.385,233
3,872,395
13,486,479
1,349,720
3,609,562
3.100,987
Since January 1.
Inc. or
Dec.
%
+10.9
+26.7
+4.7
+4.3
-3.8
-13.1
+10.9
-16.0
+13.6
-6.4
-1.0
-5.0
+10.9
-16.1
-11.0
-25.9
-13.2
-14.7
-10.0
+27.6
+12.0
-12.3
-1.6
-8.3
-5.4
+4.1
-8.3
+1.9
-3.2
1924.
$
3,783,527,821
3,726,238,311
1,699,335,737
588,193,619
238,840,439
209,096,215
107,741,679
188,993,354
230,532,227
100,463,176
82,381,997
102,576,374
158,806,243
115,865,970
19,475,126
19,336,531
58,214,000
39,176,741
33,891,125
32,609,116
23.011,205
11,789,683
29,206,250
31,729,540
35,218,880
124,089,974
12,026,990
30,375,589
25,684,714
1923,
$
3,760,855,523
3,716,317,137
1,512,795,702
543,295,282
253,901.166
220,152,565
111,506,378
219,529,885
172,385,049
103,003,466
75,139,380
112,225,490
156,027,739
123,446,517
21,167,656
21,352.338
56,682.750
42,891,090
37,616,341
31,415,601
21,392.326
11,411,940
28,285,591
32,142,524
38,157,592
130.617.433
12,498,651
38,137,936
25,080,006
Week ending September 25.
Inc. or
Dec.
1924.
%
+0.6
+0.3
+12.3
+8.3
-5.9
-5.1
-3.4
-13.9
+33.7
-2.5
+9.6
-8.6
+1.8
-6.1
-8.0
-9.4
+2.7
-8.7
-9.9
+3.8
+7.6
+3.2
+3.3
-1.4
-7.4
-5.0
-3.8
-20.3
+2.4
II
99,257,096
136,697,724
40,050,492
14,252,632
5,331,582
5,068,594
2,317,205
4,586,862
5,054,124
2,168,038
• 1,835,015
2,491,791
3,601,042
3,249,844
606,951
463,349
1,423,887
1,053,513
924,024
1,148,911
629,833
298,283
747.018
650,564
961,198
2,740,710
259,710
1,046,025
687,979
Inc. or
1923.
DM
1922.
$$
92,448,360
88,200,700
T7.4
'
90,762,327
95,441,394 +43.2
48,594,938 -17.6
62,567.049
14,663,779 -2.8
12,378,458
5,503,900 -3.1
5,635,491
6,463,866 -21.6
5,070,171
2,460.991 -2.6
2,611,591
5,710,941 -19.7
5,455,791
4,674,576
4,862,577
+8.1
2,713,386 -20.1
2,467,773
1,835,853 -0.0
1,901,044
2,531,328 -1.6
2,569,168
3,974,934 -9.4
4,134,077
3,730,922 -12.9
3,808,935
658,559 -7.8
685,390
710,530 -36.2
725,381
1,892,903 -24.8
1,810,567
1,146,603 -8.1
1,350,782
952,304 -3.0
925,755
1,027,054 +11.8
813,586
555,953 +13.3
553,196
359,468 -17.0
330,282
762,416 -2.0
732,729
753,923 -13.7
690,656
834,886 +15.1
861,759
2,813,126 -2.6
3,599,764
364,634 -28.8
292,205
1,086,673 -3.7
1,019,711
598,416 +15.0
559,050
1921.
$ •
91,154,344
95,457,712
57,975,172
12,654,625
5,484,935
4,805,389
3,008,044
4,728,530
6,149,101
2,533,122
1,912.975
2,446,600
6,555,826
3,337,242
672,293
828,207
1,837,771
1,308,052
985,111
891,846
545,567
400,530
790,291
769,143
875,888
3,011,569
982.435
689,511
mnial Canada (29).. 1.363.399.045 1.219.675.211 +11.8 11,858,528,626 11,629.431.054 +2.0
339,673,996 305.266.720 +11.3 307.375.965 312.791.831
a No longer report clearings. b Do not respond to requests for figures. C Week ending Sept. 24. d Week ending Sept. 25. e Week
ending Sept.26. •Estimated.
No clear logs: all banks closed.
[vol.. 119.
THE CHRONICLE
1596
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
The stock market has been decidedly reactionary during
of
periods of weakness and Samuel Montagu & Co. of London, written under date
the present week, with alternate
industrials have Sept. 17 1924:
strength. Specialties, railroad stocks and
GOLD.
The Bank of England gold reserve against its note issue on the 10th inst.
held a prominent place in the trading, and though further
oil field, oil stocks held amounted to £126,598,695 as compared with E126,597,000 on the previous
•
cuts were announced in the Western
brisk Wednesday.
fairly firm throughout the week. Trading continued
The amount of gold on offer here this week was again small and was
in the short session on Saturday, with railroad shares and readily taken by India and the trade.
The Transvaal gold output for the month of August 1924 amounted to
industrial issues holding a conspicuous place in upward 809,571 fine ounces, as compared with 829,437 fine ounces for July 1924
group Atchison Topeka & Santa Fe and 769,371 fine ounces for August 1923.
swing. In the former
to
came into the foreground with an advance of 1% points
SILVER.
The silver market has been somewhat quieter. The higher level of prices
Iron Pipe & Foundry touched a new high
107%. U. S. Cast
011 shares reached last week attracted selling from bulls and by the 12th inst. the
level at 115, but later declined 2 points to 113.
quotations had receded to 3434d. This fall, however, proved to be rather
with little variation from the prices of the open- overdone, and following some support from America and the Continent, a
held firm,
after recovery took place yesterday to 34 15-16d., at which figure the two prices
ing hour. Prices declined rather sharply on Monday,
point or remained unchanged to-day. The market closes with a steady tone.
a brisk advance in the first hour. Recessions of a
The amount of silver used by the United States for manufacture and the
while most of
more were noted in several prominent issues,
arts is very substantial. The United States Mint report for 1923 gives a
prices. In table showing details of the consumption from 1880 to 1922. The total
the general list closed the day close to the lowest
new and old material for the former year Is shown as
afternoon Anaconda Copper developed consider- consumption of and for the latter as 37,910,099 ounces. We understand
the early
2,793,929 ounces,
nearly two points to 35%. Atchi- that the photographic and cinematograph industries are responsible for
able weakness, and receded
though about 14% of the last-named amount.
son Topeka & Santa Fe went to a new high at 109,
INDIAN CURRENCY RETURNS.
reacted to 107%. Oil shares were weak,
later in the day it
Aug. 22. Aug. 31. Sept. 7(In Lacs of Rupees)
17781
Cosden rea6hing its lowest for the year. General Electric, Notes in circulation
17813
17720
past Silver coin and bullion In India
8417
8448
8355
which had been gradually working upward during the
and bullion out of India
few weeks, showed a loss of nearly seven points. Railroad Silver coinand bullion in India
---2232
-- -2232
2232
Gold coin
_
•
shares were conspicuously prominent in the trading on Tues- Gold coin and bullion out of
--5733
5733
5733
ia-- g 2;6 points to 62%, Missouri Securities (Indian Government)
Ind
day, Lehigh Valley advancin
1399
1400
1400
Government)
Pacific coin, and pref., Gulf Mobile & Northern and St. Securities (British
No silver coinage was reported during the week ending Sept. 7.
also reached new high levels for the
Louis-San Francisco
The stock lc Shanghai on the 15th inst. consisted of about 43.300,000
year. Goodyear preferred was one of the strong features of ounces,in sycee. 46,500,000 dollars, and 1,240 silver bars, as compared with
its about 43.300,000 ounces in sycee, 46,500,000 dollars, and 1,910 silver bars
the day, advancing more than four points and reaching
improved. Speculative on t
Bar Gold
highest record. U. S. Steel common
-Bar Silver per oz. std.Qu Lotionsper oz fine
2 Mos.
Cash.
Industrial shares were the feature of the trading on Wed92s. 100.
34 15-16d.
34 15-16d.
Sept. 11
92s. 7d.
nesday; numerous advances were recorded. American Can Sept. 12
34%d.
34%d.
34 13-16d.
34 13-16d.
Av
improved 41 points to 133. U. S. Cast Iron Pipe & Foundry Sept. 13
92s. 7d.
34 13-16d.
34 13-16d.
/
recorded a net gain of 114 points, and Cosden and Marland Sept. 15
92s. 8d.
34 15-16d.
34 15-16d.
centred Sept. 16
92s. 5d.
34 15-165.
011 ecah registered an advance of a point. Interest
34 15-16d.
Sept. 17
92d.7.4d.
34.864d.
34.864d.
largely in railroad issues on Thursday, St. Louis-San Fran- Average
The silver quotations to-day for cash and two months' delivery are both
cisco pref. standing out conspicuously by reason of its adbelow those fixed a week ago.
vance to a new high level at 73%. The upswing to new 1-16d.
Mo. Pac. and Gulf Mobile & North.
high records also included
-PER CABLE.
ENGLISH FINANCIAL MARKETS
011 shares showed considerable improvement, holding most
s for securities, &c., at London,
during the entire session. On the other hand,
of their gains
The daily closing quotation
American Can, Baldwin Locomotive, U. S. Cast Iron Pipe & as reported by cable, have been as follows the past week:
Wed. Thurs. Frt.
Mon. Tues.
Sat.
London,
Foundry recorded losses of a point or more. The market
Sept.27. Sept.29. Sept.30. Oc1.1. Oct. 2. Oct. 3.
Week Ended Oct. 335 1-16 3534
353-10 3534
3534
d 35
had a severe setback on Friday, a sharp downward reaction Silver, per oz
925. 6d. 92s. 8d. 92s.I0d. 92s. 85. 028. 8d. 928. 95.
tine ounce
5734
occurring in the afternoon, which carried practically the Gold. per23's Per cents
5734
5734
57%
57%
Consols,
10231 10214 10234 102% 102%
British,5 per cents
entire general list to lower levels.
97%
97%
9734
97%
9734
_______
cents
British, 434 Per
French Rentes (In Paris), Jr_ _
_
Loan(inParis)
52.20
64.65
52.30
65.25
52.80
65.70
52.50
05.35
52.20
65.40
French War
THE CURB MARKET.
The price of silver in New York on the same days has been:
in the Curb Market this week for the most part Sliver in N.Y., per oz.(cts.);
Trading
7734
70
7034
70
7034
6931
Foreign
was dull, and prices moved in listless fashion and without
definite trend. At the close business broadened somewhat
but irregularity was the chief characteristic. Standard
FOREIGN E XCHANGE:44
Oil issues were unsettled by the reduction in the dividend
market for sterling exchange was dull -and slightli
Line, which resulted in a drop in the price
The
by Eureka Pipe
of that stock from 91 to 75. The close to-day was at 77. easier, with the range for the week fractionally lower. Condown from 126 to 122. Indiana tinental exchange was irregular but without-important
Illinois Pipe Line sold
Southern
Pipe Line was off some four points to 7034. the week changes.
Pipe Line weakened from 893/g to 84 and ends points to
To-day's (Friday's) actual rates for sterling exchange were 4 4304 4334
45%04 4634 for checks and 4 45%04
at 86%. Southwest Pa. Pipe Line lost over four317, with for sixty days, 4banks, sight, 4 45%04 46; sixty days. 46% for cables.
4 41g 04 41%;
from 295 to
Commercial on
72. Standard Oil (Ohio) com, rose
and documents for payment ( (60 days),
ninety days. 4
Vacuum Oil eased off 4 41%04 4234.40%04 41%.payment. 4 453404 46, and grain for payCotton for
the final transaction to-day at 315.
3
%
at first from 70% to 693 , but recovered to 73%, the close ment, 4 45% ®4 46. actual rates for Paris bankers' francs were 5 190
To-day's (Friday's)
to-day being at 723%. In the miscellaneous section, public 52034 for long and 5 25%05 26% for short. German bankers' marks
new
for long and short bills. Amsterdam
utilities suffered somewhat. Amer. Power & Light at are not yet quotedfor long and 38.59038.69 for short. bankers' guilders
3
corn, declined from 49% to 453% and finished to-day to were 38.23038.3Paris on London, 81.67 fr.; week's range, 84.10 fr. high
Exchanges at
from 110
anTdh8e5r.laOngfer.folor
453%. Commonwealth Power corn. dropped
e wr
reign
foreign exchange for thehe s.follows;
101 and closed to-day at 102. Lehigh Power Securities,
Cables.
Sterling Actualjumped High for the week Sixty Days.
%
447
%
444%
after an advance during the week from 87 to 885 , West
4 45
4 42%
4 44%
Low for the week
up to-day to 91, and reacted finally to 88%. Middle
Paris Bankers' Francs
1
%
531
5 24%
Utilities com, fell from 85 to 74 and closed to-day at 75. High for the week
5 33
22%
5 22%
week
United Light & Power, Class A advanced from 483% to 5634, Low for thoBankers' Marks5 16%
Germany
but to-day fell back to 48, with the close at 52. Del. Lack. High for the week
0.00000000002334 0.00000000002334
0.00000000002334 0.00000000002334
& West. Coal moved down from 1073% to 104%. Dubilier Low for the week
Amsterdam Bankers' Guilders
Condenser & Radio advanced from 5434 to 573%, reacting High for the week
38.79
38.75
38.33
38.58
38.54
finally to 56%. Ginter Co. gained over two points to 2734 Low for the week
--C38.112cago, par. St. Louis, 15025c. per $1.000
Domestic Exchange.
and closed to-day at 273%. Ward Corp. A stock sold down
par. San Frandscok par. Montreal, 50.3125 per
discount. Boston,
%
from 1295 to 1243%.
51,000 discount. Cincinnati par.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
Week Ending 003.
BONDS (Par Value).
STOCKS(No. Shares).
Mining. Domestic. Por'n Cost.
Oil.
Ind..4Mis.
567.000
101.000
74,000
54.000
56,000
762,000
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
76,815
117,680
110,228
114.990
141,615
130,483
53,840
101,740
108.935
94,190
99,090
101,605
153,000 8420.000
233,000 685,000
172,300 850,000
159,200 655,000
139,400 694,000
111,700 631,000
Total
691,811
559,400
968.600 83.935,000 81.114,000
Public Debt of United States-Completed
Return
Showing Net Debt as of June 30 1924.
The statement of the public debt and Treasury cash
holdings of the United States as officially issued June 30
has
1924, delayed in publication ' now been received, and
as interest attaches to the detailq of available cash and the
gross and net debt on that date, we append a summary
thereof, making comparison with the same date in 1923.
OCT. 4 1924.]
THE CHRONICLE
CASH AVAILABLE TO PAY MATURING 013LIGAT1ONS.
June 30 1924. June 30 1933.
Balance end month by daily statement.&c
Add or Deduct
-Excess or deficiency of receipts over 235,411,482
370,939,121
or under disbursements on belated items
+2.618,033
-1,052,305
Total
Balance. deficit(-)or surplus(+)
238,029,515
369,886.816
1,396,323
56,113,477
82,298,683
25,145,875
1,606,057
61,354,030
65,837,604
47,287,770
164,954,358
Deduct outstanding obligations:
Treasury warrants
Matured interest obligations
Disbursing officers' checks
Discount accrued on War Savings Certificates
176,085,461
+73.075.157 +193,801,355
INTEREST-BEARING DEBT OUTSTANDING.
Interest June 30 1924. June 30 1923.
Title of LoanPayable.
$
$
28, Consols of 1930
Q.
-J. 599,724,050
599,724,050
48, Loan 0( 1925
-F. 118.489,900
Q.
118,489,900
38 of 1916-1936
48,954,180
Q -F.
48,954.180
28 of 1918-1938
25,947,400
Q.
-F.
25.947,400
38 of 1961
Q.
-M.
49,800,000
49,800,000
38. Conversion bonds of 1946-1947
Q.
-J.
28,894,500
28,894,500
Certificates of indebtedness
J.
-.J. 807,513,500 1,031,418,500
3545, First Liberty Loan, 1932-1947
.3.4. 1,409,999,000 1,409,999.050
48, First Liberty Loan, converted
J -D.
7,172,050
9,971,850
43(8, First Liberty Loan, converted
J -D. 530,861,550
528,301,150
43(s, First Liberty Loan,second converted_„J.
-D.
3,492,150
3,492,150
48,Second Liberty Loan. 1927-1942
M.
-N.
28,445,000
42,817.400
Cie, Second Liberty Loan, converted
3.076,142,150 3,156,219,400
43(8, Third Liberty Loan of 1928
M.
-S. 2,997,199,950 3,407,787,250
Cie, Fourth Liberty Loan of 1933-1938
A.-0. 6,324,495,550 6,328.565.650
4)(8. Treasury bonds 0( 1947-1952
763,948,300
763,954,300
4s, War Savings and Thrift Stamps
Matured 413,304,040
337,198,674
2548, Postal Savings bonds
j.
-J.
11,893,760
11,860,200
530 to 5348, Treasury notes
J.
-D. 3,735,309,400 4,104,195.150
Aggregate of Interest-bearing debt
20,981,586,430 22,007,590,754
Bearing no interest
239,292,747
243,924,844
Matured,interest ceased
30,241,250
98,172,160
Total debt
a31,251,120,437 22,349,687.758
Deduct Treasury surplus or add Treasury deficit
+73,075.157 +193,801,355
Net debt
(41,178,045,270 33,155,888,403
-a The total gross debt Juno 30 1924 on the basis of daily Treasury statements
was
$21,250,812,989 49 and the nct amount of public debt redemption and
receipts
n transit. &c., was $307,437 34.
S No deduction is made on account of obligations of foreign Government
s or
other investments.
Commercial aralMiscellarteotts4turs
Breadstuffs figures brought from page 1647.
-The
statements below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts at-
Flour.
Wheat.
Corn.
Odes.
Barley.
Rye.
bbls.1961bs bush.60 lbs bush. 56 lbs. bush. 32 lbs.bush.481bs
.bush.5615s.
Chicago
385 1 i 1 1,813,000 3,271,000 2,330,0001 354,000
112,000
Minneapolis_
4,475,000
203,00032.588.000!902,000 376,000
Duluth
5,343,000
72,0003 1,703,000 1,070,000 3,282,000
Milwaukee...
69,001
350,000
208,000
458,000 417,000
91,000
Toledo
462,0001
49,000
233,000
1,000
5,000
Detrolt
102,000
40,0
97,0
Indianapolis_
99,0003
342,00
218,000
St. Louis
122 1 I i 1,227,0003
479,0
458,000
36,000
16,000
Peoria
49 o t 1
60,
392,
179,000
12,000
4,000
Kansas City_
1,925,000
190,000
130,000
Omaha
824,000
464,0003
670,0''
St. Joseph.
226,0001
156,000
84.111
Wichita
490,0001
27,000
2,000
Sioux City.
37.000j
92,000
178,1 i i
4. II
11,000
Total week'24
525,011 17,433,0001 5,985,000 9,326,000 2,786,000
3,897,000
Same wk. '23 484,0.1 9,403,000 3.121,000 5,130,1
i1
Same wk. '22 559,001 13 556,0001 7,991,000 5,425,11' 1,176,000 903,000
.
1,124,000 2,192,000
Shice Aug.1
1924
4,278,111 180,332.00 42,450,000 81,189,000 15,642,000
1923
3,639,001 116,172,0003 40,356,000 56,289,00010.467,000,16,173,000
7,913,000
1022
4 820.00 120.484.
80 033 (Inn 48 5051 onn R 070 onn124 R04 non
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, Sept. 27 1924, follow:
Receipts at-
1597
Flour.
Exportsfor lVeek
and Since
Week
Since
July I toSept.27 July 1
1924.
1924.
Wheat.
Week
Sept. 27
1924.
Corn.
Since
July 1
1924.
Week
Sept. 27
1921.
Barrels. Barrels.
Bushels.
Bushels.
United Kingdom_ 101,405 1,008,240 2,818,258 28,686,574 Bushels.
Continent
195,150 1,541,334 7,714,589 40,615,888
So.& Cent. Amer. 34,030
322,075
237,600
West Indies
329,384
32,620
10,000
59,000
11,360
Brit. No. Am.Cob3
2,705
600
Other countries__ _ 20,140
199,293
32,000
151,500
Total 1924
Total 1923
383,945 3,403,021 10,574,847 89,750,562
228 632 287419R 3.747.182 54.065.532
Since
July 1
1924.
Bushels.
501,830
385,810
3,900
11,360
891,540
18.000 1.304.026
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange,for the week
ending Friday, Sept. 26, and since July 1 1924 and 1923,
are shown in the following:
Wheat.
1924.
Week 1
Sept. 26.
Since
July 1.
Bushels. I Bushels.
North Amer_ 11,425,000, 97,192,000
Russ.& Dan.
48,000' 2,448,000
Argentina_ 1,212,0001 26.781,000
Australia ___
336,000 12,152,000
India
216,0001 11,008,000
0th. countr's
Total
CO771.
1923.
Since
Alb/ 1.
1924.
Week
Sept. 26.
Since
July 1.
1933.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels.
79,666,000
300,000 1,343,000
24,000
2,432,000 492,000 6,806,000 2,078.000
29,989.000 5,176,000 73,886,000 44,358,000
9,840,000
10,416,000
1,584,000
95,000 6,379,000
13,237,000149.581.000133,927,000 5,892,000 81,087,000 54,158.000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard prtso Saturday Sept. 27„ was as follows:
GRAIN STOCKS.
Wheat.
Corn.
Oats.
Barley.
Rye.
United Statesbush,
bush,
bush,
bush.
bush.
New York
772,000
103,000
868,000 1,107,000
461,000
Boston
207.000
7,000
Philadelphia
1,187,000
34,000
212,000
73,000
Baltimore
1,444,000
60,000
338.000
293,000
147,000
Newport News
116,000
New Orleans
1,772,000
473,000
293,000
36,000
3,000
Galveston
3,208,000
41,000
Buffalo
2,774,000
635,000 2,177,000
864,000
296.000
" afloat
1,231,000
81,000
995,000
67,000
286.000
Toledo
1,892,000
31,000
813,000
28,000
1.000
Detroit
160,000
12,000
175,000
10,000
Chicago
16,600,000 1,848,000 14,262,000 5,417,000
276,000
' afloat
196.000
108,000
Milwaukee
497,000
303,000 2,330,000
186,000
322,000
Duluth
6,474,000
190,000 7.340,000 2,123,000 1,396,000
Minneapolis
7,384,000
281,000 11,620,000 2,476,000
755,000
Sioux City
267,000
161,000
724.000
23,000
22,000
St. Louis
3,901,000
300,000
344,000
88,000
45.000
Kansas City
19,254,000
277.000 1,395,000
148,000
18,000
Wichita
2,920,000
St. Joseph, Mo
1,303,000
221,000
230,000
6,000
4,000
Peoria
9,000
949,000
Indianapolis
864,000
210,000
649,000
50,000
Omaha
4,572,000
480,000 1,654,000
68,000
12,000
On Lakes
1,632.000
210,000
359,000
75,000
628,000
On Canal and River
1,047,00013,000
150,000
245.000
236.000
Total Sept. 27 1924......81,559,000 6,040,000
Total Sept. 20 1924_ _ _80,819,000 5.090,000 48,006,000 13,633,000 4,689,000
Total Sept. 29 1923_ _ _J33,924,000 2,052,000 38,198,000 15,080,000 4,064,000
16,515,000 5,428,000 2,902,000
Note.-Bended grain not included above: Oats, New York,
341,000 bushels
Baltimore, 3,000; Buffalo, 541,000; Duluth, 4,000; on Lakes, 93,000:
total, 982,000
bushels, against 85,000 bushels in 1923. Barley, New York,
105,000; Duluth, 44,000; on Lakes, 254,000; total, 406,000 3.000 bushels: Buffalo
bushels, against 444,000
bushels in 1923. Wheat, New York, 181,000 bushels: Philadelphia
. 160,000; Baltimore, 199,000; Buffalo, 88,000: Duluth, 136,000;
Toledo. 6,000; on Canal. 49,000:
on Lakes, 401.000; total, 1,220,000 bushels, against
1,847,000 bushels in 1923.
Canadian
Montreal
1,532,000
244,000 1,072,000
11,000
97,000
Ft. William & Pt. Arthur.. 3,023,000
2,800,000 1,427,000
892,000
Other Canadian
1,563.000
3.4011.000
296.000
300.0
00
Total Sept.27 1924_
6.118,000
244,000 7,278,000 1,734,000 1,289,00
0
Total Sept. 20 1924.... 6,303,000
180,000 8,356,000 1,539,000
873,00
Total Sept. 29 1923.___1O,771.000
42,000 1,447,000 2,153,000 1,442,00
Summary
American
81,559,000 6,040,000 48,006,000 13,633,000 4,689,000
Canadian
6,118,000
244,000 7,278.000 1,734,000 1,289,000
Total Sept. 27 1924- _ _87,677,000 6,284,000 5,284,000
Total Sept. 20 1924._ _ _87,122,000 5,198,000 46,908,000 15.367,000 5,978.000
4.937,000
Total Sept. 29 1923_ _74,695,000 2,094,000 17,963,000 16,285,000 4,362,000
17.581,000
New York City Banks and Trust Companies
AU prices dollars per sears
Banks-N.Y Bid
Ask
Banks
Bid
Ask
Co.'s 854 Aul
Barrels.
(merles•___. 228 234 Manhatuin •_ 163 165 Trust York
Bushels.
Bushels.
Bushels.
Bushels. I Bushels.
New
New York... 300,
2,011,000
71.000
743,000 814,0003 519,000 Amer Exch.. 330 335 Meek & Met. 366 370 American...._
--Philadelphia
64,000
Amer Unions 165 -__ Mutual..-----400 ___ Bank
821,000
5,000
72,000
of N Y
130,000
Baltimore_ ___
52,000
471,000
7,000
286.000 137.000j 102,000 Bowery •_-.. 525 - Nat American 140 155
& Trust Co 555 563
Newport New
10,000
BroadwayCen 155 170 National Ott
Trust 396 400
New Orleans.
69,000 1,114,000
Bronx Boro• 250 -__ New Neth •__ 395 398 BankersUnion 630 635
68,000
78,000
140 155 Central
Galveston_
Bronx Nat... 150 ___ Park
1,182,000
435 445 Empire
295 300
Montreal
50,00
Bryant Park • 170 180 Penn Exch... 105 115 Equitable Tr. 230 233
5,201,000
400,000 138,000 980,000
Boston
58,000
Butch & Drov 138
131,000
29,000
17,000 Cent Mercan_ 180 145 Port Morris_ 178 ___ Farm L & Tr. 1390 695
kr.usesi
184 Public
407 415 Fidelity In
210 220
Total week '24 603,000 10,931,000
Chase
366 370 Seaboard ____
151,000 1,608,000 1,089,000
325 340
__ Fulton
Since Jan.1'24 18,711,000193,003,000 15,779,000 36,839,000 11,883,0001 1,748,000 Chat & Phen_ 265 268 Seventh Ave_ 440
9,976,000 Chelsea
95 105 Guaranty Tr_ 272 275
Etch* 153 160 Standard --- 260 375 Irving BankSHOW
Week 1923... 441,000 6,227,000
Chemical ___ 564 570 States__ .....
223.000
344,000
Columbia
Since Jan.1'2317,424.000 180,202,000 35,516,000 30,689,000 442,000 1,750,000 Coal & Iron._ 224 230 Trade•______ 375 385 Law Tit & Tr 226 229
___
140
Ti 235
11.700,00029.164.000 Colonial
•___. 440 ___ Trademen's• _ 200 ___ Metropolitan. 343 243
•,Recelpts do not include grain passing through New Orleans for
348
foreign ports Commerce... 343 345 23d Wards... 165
___ Mutual (West
on_through bills of lading.
Com'nwealth* 280 _ __ United Statea• 194 198
cheater) _ 140
Continental., 200
The exports from the several seaboard ports for the week Corn Exch... 445 210 Wash'n Ilts•_ 225 ___ N Y Trust
388 393
Cu
475
ending Saturday, Sept. 27 1924, are shown in the annexed Cosmop'tan•.. 115 450 Yorkville •___ 1400 ___ TitleMtg & 1 470 322
125
US
& Tr 316
East. River__ 215 225
statement:
Brooklyn
United Sta
1475
Fifth Avenues 1350 ___ Coney Island* 180
___ Westches Tr_ 245 --.
Fifth
2. 0 257 First
420 430
Brooklyn
First
Corn. Flour.
1835 1850 Mechanics' •_ 140 150 Brooklyn Tr. 590 610
Exportsfrom- Wheat.
Oats.
Barley. peas.
Rye.
Garfield
298 , 305 Montauk 5
... 180
. Kings County 1100 -132 1 137 Nassau
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels. Bushels. Dotham
290 30
Manufacturer 292 -- _
Greenwich •__ 375 . 400 People's
NewlYork
1,243,847
360 161,945 341,638 805,329 564,179
270
People's
425
_870 Hanover
Boston
880 1 _
4,000
32,000
Harriman._ _ 410 , .
Philadelphia _ _ _ 593,000
20,000 200,000
26,000 60,660
---Baltimore
29,000
480,000
70,000 120,000 63,000
•Banks marked with (so are stioe banks
Ex dividend (f) New stock
Newport News..
10,000
-New Orleans.... 1,281,000
11,000 55,000
42,000
New York City Realty and Surety Companies.
Galveston
1,747,000
39,000
____
All prices dollars per share
Montreal
5,198,000
65,000 484,000 1,163,000 123,000
Bid Ask
ka
PM
Bid
Ask
Ail
Lald
Alliance R'Ity 115
Total week'24. 10574847
Mtge Bond.. 115 120 Realty Assoc
11.360383,945 1,137,838 2,114,329 800,179
870 Amer Surety. 112
Same week 1923_ 3.747.182
18.000 238.632 262,074 734,989 214,705
(Bklyn)com 150 155
..... Bond & MG. 338 115 Nat Surety__ 163 166
343 NY 'Title &
1st pref.
90
The destination of these exports for the week and since City investing 98 102 Mortgage.. 250 255 20 pre: _ 85 82
77
Preferred.. 98 105 U S Casualty_ 225
July 1 1924 is as below:
Westchester
Lawyers Mtge 174 178 U S Title Gua 189 192
Title & Ti. 230 260
Flour.
Wheal.
Corn.
Oats. ,
Barley. I
Bye.
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Maturity.
[Vol,. 119.
THE CHRONICLE
1598
Int.
Rate.
Bid.
Mar.15 1925_ 4%% 1011,1
Mar.15 1926..._
% 102%
Dec. 15 1925_ 4%% 1011114
% 1013re
Sept.15 1926-June 151925.- 414% 101%
Asked.
MaturUy.
Int.
Rate.
1013n
102%
101111
11".
101
Dec. 151927...
Mar.15 1927___
Dec. 15 1924Mar.15 1925-__
Dec. 15 1924___
Sept. 15 1925._
414%
%
43(%
4%
23i%
214%
Bid.
Asked.
10214
102/rc
100%
100%
10041
100
1026s
1021111
100%
100%
1011%,
1001ts
-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.
$25.000
Sept. 27
-The First National Bank of Prichard. Ala
Correspondent, W. T. Snyder, 4634 Dauphin St.,
Mobile, Ala.
100,000
Sept. 27
-The First National Bank of San Anselmo, Calif
Correspondent, M. H. Ballou, San Anselmo, Calif.
200,000
Bank of New York, N. Y
Sept. 27
-The Jefferson National
Correspondent. Salvatore DeVita (care I. Gainsburg,
291 Broadway, New York, N. Y.).
25,000
Sept. 27
-The National Bank of Grey Eagle, Minn Minn.
Correspondent, Harry Lee, Long Prairie,
APPLICATIONS TO ORGANIZE APPROVED.
-The Palm Beach National Bank, Palm Beach, Fla_ _ _. 50.000
Sept. 23
Correspondent, Hon. Richard P. Robbins, Palm Beach,
Fla.
25,000
-The First National Bank of Harrison, N. Y
25
Sept.
Correspondent, Benjamin I. Taylor, Harrison, N. Y.
25,000
-The Wylie National Bank, Wylie, Texas
Sept. 27
Correspondent. S. M. McDonald, Wylie, Texas.
APPLICATION TO CONVERT APPROVED.
150,000
-The Delta National Bank of Yazoo City, Miss
Sept. 23
Conversion of the Delta Bank & Trust Co., Yazoo City,
Miss.
CHARTERS ISSUED.
50.000
Ariz
Sept. 24-12581-The First National Bank of Winslow, of WinsConversion of the Union Bank & Trust Co.
low, Ariz. President, R. C. Kaufman. Cashier,
G.T. Stevens.
50.000
-The Chalfont National Bank. Chalfont, Pa..- --12582
Sept. 27
President, James M. Hartzel; Cashier, Harry L.
Weamer.
VOLUNTARY LIQUIDATION.
Sept. 27-11118-Minonk National Bank, Minonk, Ill Danforth, 86.000
Effective Sept. 131924. Liq. Agent,John C.
Minonk, Ill. Absorbed by Minonk State Bank, Minonk, Ill.
CONSOLIDATION.
-American National Bank of Green City. Mo. - 25,000
Sept. 24-8570
City National Bank of Green City, MO. 25.000
-The
and 9029
Consolidated Sept. 24 1924 under the provisions of the
Act of Nov. 7 1918, and under the charter and corporate title of "American National Bank of Green City"
(No.8570), with capital of $45.000.
_
.
.
-Among other securities, the following,
Auction Sales.
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston and Philadelphia on Wednesday of
this week:
By Messrs. Adrian H. Muller & Sons, New York:
$ per sh.
Shares. Stocks.
200 Demmerle & Co., 57 50 per
share paid in liquidation_ __ _51,000 lot
135 The Griot Mfg. Co., 2d pref._ 20
2,500 Amer.Teleg. Typewriter Co.,
$100 lot
aaolia„ par $10•
20.000 Cork Province Mines, Ltd.,
$811ot
par El
$1 lot
36 The Brooklyn Land Co
Armstrong Oil Co., par $1.$15 lot
38.800
500 Nuhelth Garments Co., corn.,)
>$11
par $10
330 Nuheith Garments Co., pref.,I lot
1
par $10
1 subscription trust etfs. exchangeable for one share of stock of the
Llberty Nat.Bank of N.Y._ __MOO lot
2,500 Red Rock Oil& Gas,par 51.565 lot
50 Amer.Foreign Trade Corp.,pf..$12 lot
200 Chalmers Motor Corp.,com__$23 lot
$1 lot
200 Akron Tire Co., no par
500 Nevada Divide Mining Co. of
$1101
Tonopah, par 10 cents
$ per sh.
Shares. Stocks.
250 Am.Foreign Trade Corp..com.$4 lot
100 The Palmer Laboratory,Inc_ _510 lot
20 Realty Inv.Corp.of N.Y.City)
13,100 The Gilpin-Eureka Mines4130
I lot
Co., par Si
200 Indus. Rubber Corp., pref.-550 lot
1,390 IneLs. Rubber Corp.,corn., na
$50 lot
par
Per cent.
Bonds.
$1.690,000 Amer. Writing Paper Co.
-year S. F. Gold bonds,
1stM.20
dated Jan. 1 1919,due 1939, wlth
Jan. 1 1924 and subsequent con10
Pons attached
$24,000 General Alines Corp. of Bo
livia 7% bonds. due 1934, with
$7,500 lot
all coupons attached
220,000 Russian rubles Internal
$580 lot
lie, issue of 1916
5
$200 Island Refining Corp. particieating 10-year 7s, ctf. of dep. 512 lot
By Messrs. R. L. Day & Co., Boston:
$ per sh.
$ per sh. Shares. Stocks.
Shares. Stocks.
10 New England Co., 1st pf_8251 de env.
5 Merchants Nat Bank_ _ _ _295% ex-div. 3 Eastern Machinery Co
30%
141%
10 Newmarket Mfg. Co
86
4 Textile Securities Co
37
20 Great Falls Mfg. Co
$5 lot
Shops, common._ __ 5531 .50 Mitchell Candy, Inc.. corn
4 Saco Lowell
Regular unit First Peoples Trust,
1
74
2 Saco Lowell Shops. 2d pref
78
150 per unit
3 Boston & Chelsea RR., par
3734 ex-div. 6 Special units First Peoples Trust, 7
$50
15 per unit
2 Boston dr Revere Elec. St. Ry___ 70%
Warehouse Co.,
4 Boston pB. Bolding Co., pref.__ 40% 5 Boston Storage
124
common
40%
1 Winnisimmet RR., par $50
2 New Hampshire Fire Ins. Co_ _ _ _300%
Chelsea RR., par
7 Boston &
43 ex-div. 10 Wilson-Jones Loose Leal Co.,pi} 92%
$50
common
do
do
5
10 Milford de Uxbridge St. By.,
76
334 30 Textile Securities Co
Preferred
21
Co., pref
12 Winnisimmet RR., par $50____ 38% 10 Reed Prentice Ry. corn. scrip-21%%
Cordage_11531-116 ex-div. $40 E. Mass. St.
23 Plymouth
25% 524 E. Mass. St. By. 1st pl. scrip-68/i%
4-7 Royal Weaving Co
By Messrs. Wise, Hobbs & Arnold, Boston:
$ per sh.
Shares. Stocks.
72
5 Nashua Mfg. Co., common
55
Sharp Mfg. Co., common
53%
20 New England Co., 2d pref
11 Craton & Knight Mfg.Co.,pref.. 4014
1%
30 Carbon Steel Co., common
5 Boston Woven Hose & Rubber
8014
Co., common
2 Northern Texas Elec. Co., corn.. 57
$ per sh.
Shares. Stocks.
56 Springfield Gas Lt. Co.,Par $255 Griffin Wheel Co., preferred....10034
49310
5 New England Pow.Co.,6% pref.,
10031
dlv. warrants attached
115%
Cordage Co
9 Plymouth
42 Fall River Electric Co., par
33% ex-dIv.
$25
15 Turners Falls Pow.de Elec. Co..110%
$ per sh.
Shares. Stocks.
560%
10 Franklin National Bank
180%
10 Broad Street Nat. Bank
10 Drovers dr Merchants Nat. Bk_150
5 Jefferson Title & Tr.Co.,par 350 6234
3 Cobbs Creek Title de Trust Co.,
69%
par $50
5 Phila. Co. for Guaranteeing
195%
Mortgages
14 Phila. Co. for Guar. Mtges._ _ _195
101
10 Victory Ins. Co., par $50
10 American Pipe & Constr. Co... 5.535
Disney Worsted Mills, Inc., pre50
10
{erred, par 550
2 Camden & Burlington Co. By.- - 2654
$ per sh.
Shares. Stocks.
100 Keystone Telep. Co. of Phila.,
51
preferred
5 Hare & Chase, Inc., pref., with
$500
common
2 shares
50 Commonwealth Casualty Co.,
Si
par $10
30 Phila. Life Ins. Co., par MO.__ 11
5 Fire Assoc. of Phila., par $50_47631
101
4 Reliance Ins. Co., par 850
$150
30 Denison & Son,Inc
Stetson Co., pref., par
5 John B.
84%
$25
10 United N.J. RR.& Canal Cos_ _200
By Messrs. Barnes & Lofland, Philadelphia:
DIVIDENDS.
the
Dividends are grouped in two separate tables. In curfirst we bring together all the dividends announced the
rent week. Then we follow with a second table, in which
we show the dividends previously announced, but which have
not yet been paid.
The dividends announced this week are:
Name of Company.
•
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Holders of rec. Oct. 24a
Nov.
2
Morris dr Essex Extension RR
Holders of rec. Oct. 24a
Nov.
2
Passaic & Delaware Extension RR
& Chicago, com.(qu.) 13( Oct.
Pitts. Ft. Wayne
1% Oct.
Special stock (guar.)
134 Oct.
Preferred and original stock (guar.)._
15
Prof.(No. 1)_ _ *131 Nov. *Holders of rec. Oct. 24
St. Louis-San Francisco,
Holders of rec. Oct.
Nov.
Syracuse Binghamton de N.Y.(quar.). _ 3
Sept.3 *Holders of rec. Sept.29
Shreveport dr Pacific, pref__ _ *2
Vicksburg
Public Utillties.
Nov.1 *Holders of rec. Nov. 5
Amer. Electric Power, pref. (guar.) _ _ _ _
Oct. 3 Holders of rec. Oct. 150
California-Oregon Power,pref.(guar.)_
Oct. 1 Holders of rec. Sept.30
Ches.& Po. Tel. of Balt., pref.(quar.). _
Sept.3 Sept.24 to Sept.30
Chickasha Gas & Elec., corn. (guar.)._ _
Sept.3 Sept.24 to Sept.30
Preferred (guar.)
Oct. 1 Holders of rec. Oct. la
Cleveland Elec. Illuminating (guar.).
Sept.3 Holders of rec. Sept.15a
Coast Val. Gas & Elec.6%,ger. A,(qu.)
Sept.3 Holders of rec. Sept. I5a
7%,series B (guar.)
Nov. *Holders of rec: Oct. 15
Commonwealth Edison Co.(guar.)
Oct. 1 Holders of rec. Oct. 1
Dominion Telegraph (guar.)
Oct. 1 Holders of rec. Oct. 30
El Paso Electric Co., pref. ser. A.(qu.)
Oct. 1 Holders of rec. Oct. 3a
Preferred series 13 (quar.)
Holders of rec. Sept.22
Oct.
Green & Coates Ste. Pass. Icy. (guar.) Oct. 16 to Nov. 1
Nov.
Railways, COM.(No. 1)
Interstate
Oct. 1 Holders of rec. Sept.30a
Laurentide Power (guar.)
Oct. 3 Holders of rec. Oct. 20a
Milwaukee Elec. Ry.& Light, pref.(au.)
Oct. 2 Holders of rec. Sept. 30a
Mountain States Power, pref.(guar.)...
Oct. 1 Holders of rec. Sept.30
Newburyport Gas & Elec.(guar.)
Oct. 1 Holders of rec. Sept.30
(from reserve for dividends)._
Extra
Sept.21 to Sept.30
Oct.
North Shore Gas, pref. (guar.)
Sept. 14 to Sept.30
Oct.
Northwestern Electric Co.,corn
Sept.14 to Sept.30
Oct.
(guar.)
Seven per cent pref.
Sept. 14 to Sept.30
Oct.
Six per cent pref.(guar.)
Sept.18 to Sept.30
Oct.
Omaha dr Council Bluffs St. By.(quar.)_
Oct. 3 Holders of rec. Oct. 2a
Philadelphia Co., common (guar.)
Holders of rec. Sept. 15a
Oct.
Pine Bluff Co., pref.(guar.)
Nov. *Holders of rec. Oct. 15
Pub.Secy.of N.Ill.,com.($100 Par)(qtr.)
Nov. *Holders of rec. Oct. 15
Common (no par value) (guar.)
'134 Nov. *Holders of rec. Oct. 15
Six per cent pref.(guar.)
*IA Nov. *Holders of rec. Oct. 15
Seven per cent pref. (guar.)
of rec. Sept.30
Oct.
San Diego Cons. Gas& Elec., Pf.(aU.)- - 13( Oct. 1 Holders of rec. Sept. 200
1 Holders
orig. p1. (au.). 2
Southern Calif. Edison,
Holders of rec. Sept. 25
134 Oct.
Southern Gas & Power Corp., pf. (au.).
Oct. 1 Holders of rec. Sept. 30a
Southern New England TeleP. (quar.).. 2
135 Bept.3 Holders of rec. Sept.16a
Spring Valley Water (guar.)
Holders of rec. Sept.30
Oct.
United Securities (Canada), Pt. (qu.).
Nov.2 *Holders of rec. Oct. 31
WisconsinRiver Power, pref. (quar.)...
Banks.
Holders of rec. Oct. 31
Nov.
Corn Exchange (quar.)
Holders of rec. Sept.26
Oct.
3
First National (Brooklyn) (guar.)
*Holders of rec. Sept.30
el% Oct.
Gotham National (guar.)
Companies.
Trust
231 Sept.3 Holders of roe. Sept.30e
Corporation (guar.)
Miscellaneous.
corn. (qu.) SI Oct. 2 Holders of rec. Oct. 10
Abitibi Power & Paper, Ltd.,
134 Oct. 1 Holders of rec. Sept.30
Alabama Co., 1st & 2d pref.(quar.)__ _ _
Oct. 1 Holders of rec. Oct. 10
2
Alliance Realty (guar.)
Holders of rec. Oct. 15
Nov.
31
Allied Chem.& Dye,corn.(guar.)
: *Holders of rec. Oct. 24
1
$3
Allis-Chalmers mg., common (guar.)_ _ • 14 Nov
Holders of rec. Oct. 31a
American Can., corn. (guar.)
•13i Nov. *Holders of rec. Oct. 15
American Cigar, corn. (guar.)
Oct. 12 to Oct. 31
Nov.
$1
(guar.)
American Coal
Holders of rec. Sept. 25er
Oct.
$1
American Textile, Inc.(guar.)
Sept.30
1% Oct.
Ancona Company,pref.(guar.)
t.
*Holders of rec. Oct. 10
Art Metal Construction (guar.)
1
5c AT
2 % Gcov.3 Holders of rec. Oct. 15
Atlantic Refining, pref. (guar.)
Sept.30 to Oct. 1
1% Oct.
Augusta Knitting,common (quar.)
Sept.30 to Oct. 1
Preferred (guar.)
Holders of rec. Sept. IS
c
1‘ Oct
Barker Bros., Inc., 1st pref. (guar.)... _ 1 :11 0 1..
Holders of roe. Sept. 15
134 Oct.
Second preferred (guar.)
Holders
Bowman-Biltmore Hotels, 1st pref.(qu.) 134 Oct. 1 *Holders of rec. Sent. 15
of rec. Oct. 18
*20c. Oct. 3
Corp.(guar.)
Continental Motors
rec. Sept.300
Cresson Cons. Gold Min. de Mill (guar.). 10c. Oct. 1 Holders of rec.•Oct. la
Holders
Delaware Lack.& West. Coal(guar.)._ $1.25 Oct. 1 *Holders of rcc. Sept.30
of
Oct. 1
*2
Detroit Motor Bus (guar.)
Oct. 1 *Holders of rec. Sept.30
•1
Extra
of rec. Oct. 15
Doehler Die-Casting, common (guar.)._ •50c. Nov. *Holders of rec. Oct. 15
Holders
Nov.
I
Eureka Pipe Line (guar.)
•500. Oct. 3 *Holders of rec. Oct. 18
Buffet Corp. (guar.)
Exchange
of rec. Oct. 10a
Firestone Tire dc Rubber,corn.(quar.)_ 31 Oct. 2 Holders of rec. Oct. la
131 Oct. 1 Holders
Six per cent preferred (guar.)
*Holders of rec. Oct. 20
corn.(guar.)...Fisher Body Corp.,
Holders of rec. Sept. 24a
ONcotv..
'$2.502
Fiske & Co., Inc., pref. (guar.)
Nov.1 *Holders of rec. Nov. 5
•10
Ford Motor of Canada
*2 Nov. *Holders of rec. Oct. 23
General Cigar, common (guar.)
*Holders of rec. Nov.22
•114 Dec.
Preferred (guar.)
•13( .1an2'2 Holders of rec. Dec. 23
Debenture preferred (guar.)
2 Holders of rec. Oct. 10
45% Oct.
Ginter Company,common (guar.)
131 Oct. 1 Holders of rec. Sept.30
Globe-Wernicke Co.,pref.(guar.)
*Holders of rec. Sept.27
Oct.
*1
Gotham Safe Deposit (quar.)
$1.50 Oct. 1 Holders of rec. Sept.30
Hamilton Woolen (guar.)
Oct.
Sept.23 to Oct. 1
2
(guar.)
Hazel-Atlas Glass,common
134 Oct. 1 Holders of rec. Oct. 3a
HilIcrest Collieries. common (guar.).
13( Oct. I Holders of rec. Oct. 3a
(guar.)
Preferred
Holders of rec. Oct. 15
'134 Nov.
Holly Sugar, pref.(guar.)
1
• ).4 Nov.
Holders of rec. Oct. 15
Preferred (acc't accumul. dive.)
*25c. Nov. *Holders of rec. Oct. 15
Hupp Motor Car, common (guar.)
31 Oct. 1 Holders of rec. Oct. 10
Hurley Machine,common (guar.)
25e. Oct. 1 Holders of rec. Oct. 10
Common (extra)
Sept.30 to Oct. I
Oct.
Interprovincial Clay Prod., pref.(au.)._ 2
Holders of rec. Sept. 20a
Kansas City Clay Co.& St. Jos., pf.(qu.) 1% Oct.
0a
Holders 01 cm,. Sent• 2
134 Oct.
Laclede-Christy Clay Prod., pref.(au).
15
*75e. Nov. *Holders of rec. Oct. 15
Moon Motor Car (guar.)
.*32 Nov. *Holders of rec. Oct. 4
2
CorP.. pref.(guar.)
Mullins Body
Oct. 1 *Holders of rec. Oct.
National Grocer,common
Aug. 16
New York Mortgage Co.,corn.(guar.). _ 50c. Oct. 1 Holders of rec. Aug. 15
Holders of rec.
Preferred (guar.)
of rec Oct. 15a
1 1i Oct.3
30c. Oct.1 Holders
Packard Motor Car, corn. (guar.)
30c. Oct. 3 Holders of rec. Oct. 15a
Common (guar.)
1 Holders of rec. Oct. 3
1-3
43321-3
Pennok 011 Co.(stock dividend)
Holders of rec. Aug. 15a
Oct.
Pittsburgh Generator, pref.(guar.)
.
1. 4 Nov.
1 .25 Oct 1 *Holders of rec. Oct. 31
•$
Punta Alegre Sugar (guar.)
Holders of rec. Sept.20a
Putnam (Robt.) Candy,corn.(quar.)_- Holders of rec. Sept.20a
13( Oct.
Preferred (guar.)
Nov.1 *Holders of rec. Nov. 5
2
•
Penmans, Ltd., corn. (guar.)
131 Nov. *Holders of rec. Oct. 21
•
Preferred (guar.)
*25c. Nov. *Holders of rec. Oct. 15
2
.
Reynolds Spring. common (guar.)
Oct. 1 *Holders of rec. Sept.30
Rickenbacker Motor(guar.)
Holders of rec. Oct. 15
$11.%50 Nov.
Rockland de Rockport Lime, corn.
Oct. 17 to Oct. 31
Nov.
Russell Motor Car, pref. (guar.)
20c. Nov. *Holders of rec. Oct. 15
•
Salt Creek Producers Assn. (guar.)
•300. Nov. *Holders of rec. Oct. 15
Extra
Holders of rec. Sept.20
Oct.
2
Shredded Wheat Co. (guar.)
lc. Oct 1 Holders of rec. Oct. 1
Silversmiths Mines, Ltd
1 .
• 3.4 Nov.
*Holders of rec. Oct. 15
Simmons Co.. pref.(quar.)
Holders of me. Sept. 19
1% Oct.
Soden (G. A.) & Co., corn. (guar.)
Holders of rec. Sept.19
13( Oct.
First preferred (guar.)
Oct.
Holders of rec. Sept. 19
2
Second preferred (quar.)
Holders of rec. Sept. 19
% Oct.
Second preferred (Petra)
OCT. 4 1924.]
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Spalding(A. G.)& Bros., corn.(quar.)_ $2 Oct. 15 Holders of rec. Oct. 4
First preferred (guar.)
134 Dec. 1 Holders of rec. Nov. 19
Second preferred (guar.)
2
Dec. 1 Holders of rec. Nov. 19
Sterling Products, Inc.,(guar.)
Nov. 1 *Holders of rec. Oct. 15
0$1
Sullivan Machinery (guar.)
81 Oct. 15 Oct. 1 to Oct. 14
Superheater Co
$1.50 Oct. 15 Holders of rec. Oct. 4
Traylor Engineering & Mfg., pref. (qu.) 2
Oct. 1 Holders of rec. Sept.27a
United Equities Corp. (guar.)
$1 Oct. 15 Holders of rec. Oct. 10
United 011 of Calif.(guar.)
The. Oct. 15 Oct. 7 to Oct. 15
U. B. Can, common (guar.)
75e. Oct. 15 Holders of rec. Sept.30a
Preferred (guar.)
1% Oct. 15 Holders of rec. Sept.30a
U. S. Paper Goods, pref.(guar.)
11.4 Sept.30 Sept.21 to Sept.29
U. S. Rubber, let pref. (guar.)
2
Oct. 31 Holders of rec. Oct. 15a
United Drug, 2d pref. (guar.)
"21.50 Dec. 1 *Holders of rec. Nov. 15
U.S. Smelt., Ref. & MM., pref. (guar.) 8734c Oct. 15 Holders of rec. Oct. 90
Ventura Consol. 011 Fields (guar.)
50e. Nov. 1 Holders of rec. Oct. 15
Woodley Petroleum (guar.)
40c. Dec. 20 Holders of rec. Dec. 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).
Baltimore & Ohio, corn.(guar.)
Preferred (guar.)
Cleve. Cln. Chic.& St. Louis,corn.(qu.)
Preferred (guar.)
Cuba RR., preferred
Delaware Lackawanna & West. (guar.)
'Georgia RR. Ar. Banking (guar.)
Gulf Mobile & Northern, pref. (quar.)_ _
Joliet & Chicago (guar.)
Kansas City Southem, pref.(guar.)
New York Central RR.(guar.)
Norfolk & Western, adj. pref. (guar.)._
Northern Pacific (quar.)
Pere Marquette, prior preferred (guar.)Preferred (guar.)
Philadelphia & Trenton (quar.)
Pittsburgh & West Virginia, pref.(quar.)
Preferred (quar.)
Reading Company,common (quar.)_
Second preferred (guar.)
Southern Railway,common(guar.)
Preferred (guar.)
United N. J. RR.& Canal Cos.(qu.)_
West Jersey & Seashore
Western Pacific RR. Corp., pi. (qu.)
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
In
Dec. 1 Oct. 12 to Oct. 13
1
Dec. 1 Oct. 12 to Oct. 13
134 Oct. 20 Holders of rec. Sept. 26a
1% Oct. 20 Holders of rec. Sept.26a
3
Feb2'25 Holders of nic Jan 15'25a
61.50 Oct. 20 Holders of rec. Oct. 4a
214 Oct. 15 Oct. 2 to Oct. 14
1% Nov. 15 Holders of rec. Nov. 1
134 Oct. 6 Holders of rec. Sept.21cr
1
Oct. 15 Holders of rec. Sept.30a
144 Nov. 1 Holders of rec. Sept.260
1
Nov.19 Holders of rec. Oct. 31a
134 Nov. 1 Holders of rec. Oct. 3a
134 Nov. 1 Holders of rec. Oct. 16a
134 Nov. 1 Holders of roc. Oct. 15a
214 Oct. 10 Oct. 1 to Oct. 10
1% Nov.29 Holders of ree. Nov. la
(ir) Holders of rec. Feb.2'25a
134
Nov. 13 Holders of rec. Oct. 20a
$1
50o. Oct. 9 Holders of rec. Sept.230
134 Nov. 1 Holders of rec. Sept.23a
1% Oct. 15 Holders of rec. Sept.23o
2% Oct. 10 Sept.21 to Sept.30
Oct. 15 Holders of rec. Oct. la
$1
1% Oct. 20 Holders of rec. Oct. 8a
Public Utilities.
Ail-America Cables (guar.)
134 Oct. 14 Holders of rec. Sept.30a
American Gas Co.(guar.)
134 Oct. 15 Holders of rec. Oct. la
American Gas & Electric, pref. (quar.)
1% Nov. 1 Holders of rec. Oct. 11
Amer. Telephone & Telegraph (guar.)
- 234 Oct. 15 Holders of rec. Sept.200
Quarterly
234 Jn15'25 Holders of rec. Dec. 20a
Quarterly
2% 405'25 Holders of rec.Mar.17'25o
Associated Gas & Elec., pref.(extra)
1234c. Apr.115 Holders of rec. Mar. 15
Preferred (extra)
1234c. July115 Holders of rec. June 15
Preferred (extra)
12%c. Oct.I'2S Holders of rec. Sept. 15
Preferred (extra)
12340. Jan1'28 Holders of rec. Dec. 15
Bell Telephone Co. of Canada (guar.)_ _
2
Oct. 15 Holders of rec. Sept.23
Bell Telephone of Pa.6%% prof.(qu.).- 1% Oct. 15 Holders of rec. Sept.20
Brooklyn Borough Gas, common (guar.) 50c. Oct. 10 Holders of rec. Sept.30a
Brooklyn-Manhattan Transit, pref.(qu.) 81.50 Oct. 15 Holders of rec. Oct. la
Carolina Power & Light, corn. (quar.)_. 134 Nov. 1 Holders of rec. Oct. 15
Central 1111noin Pub. Say., pref. (guar.) 1% Oct. 16 Holders of rec. Sept.30
Central Power, pref.(guar.)
134 Oct. 15 Holders of rec. Sept.300
Chic.Rap.Tran:Co., prior pref.(mthly) 654). Nov. 1 Holders of rec. Oct. 21a
Prior preferred (monthly)
65c. Dec. 1 Holders of rec. Nov. 18a
Cm.Newport& Coy.L.& T.,corn.(qu.) 134 Oct. 15 Oct. 1 to Oct. 15
Preferred (guar.)
13.4 Oct. 15 Oct. 1 to Oct. 15
Commonwealth Gas & El. Cos., pf.((.) $1.50 Oct. 15 Holders of rec. Oct. la
Commonwealth Pr. Corp., corn.(quar.)_ $1
Nov. 1 Holders of rec. Oct. 16a
Preferred (guar.)
1% Nov. 1 Holders of rec. Oct. 16a
liContinental Gas & El. Corp.,corn.((.) 75e. Jan 1'25 'Holders of rec. Dec. 13a
Common (payable In common stock) _ f75c. Jan 1'25 *Holders of rec. Dec. 130
Participating preferred (guar.)
134 Jan 1'25 *Holders of rec. Dec. 13a
Participating preferred (extra)
K Jan 1'25 *Holders of rec. Dec. 13a
•Partic. pref.(payable in corn.stock)
./K Jan 1'25 *Holders of rec. Dec. 130
Preferred (guar.)
134 Jan 1'25 *Holders of rec. Dec. I3a
Prior preferred ((uar.)
131 Jan l'25 'Holders of rec. Dec. 13a
Detroit Edison (guar.)
Oct. la Holders of rec. Sept. 20a
Dominion Pow. & Transm.. pref. (cm.). 134 Oct. 15 Sept.21 to Sept.30
East Bay Water Co., Clam A (quar.)_ $1.50 Oct. 15 Holders of rec. Sept.30
(guar.)
Class B
81.25 Oct. 15 Holders of rec. Sept.30
Fort Worth Power & Light, pref. (guar.)
44 Nov. 1 Holders of rec. Oct. 15
Georgia Ry.At Power. 1st pref.(quar.)_ _ 2
Oct. 20 Holders of rec. Sept.30a
Germantown Pass. Ry.(guar.)
61.31 Oct. 7 Sept. 17 to Oct. 6
Illinois Northern Utilities, pref.(guar.)_ 81.60 Nov. 1 Oct. 16 to Oct. 31
Internat. Teleph. & Teleg. ((uar.)
1% Oct. 15 Holders of rec. Sept. 270
Interstate Pub.Serv.. pr lien stk.(qu.)
1% Oct. 15 Holders of rec. Sept. 10a
Kentucky Securities Corp., Pref.(guar) 1% Oct. 15 Sept.23 to Oct. 8
Kentucky Utilities, pref. (guar.)
I% Oct. 15 Holders of rec. Sept.30a
Louisville Gag & El. of KY.. 1)1. (qu.)-1% Oct. 15 Holders of rec. Oct. la
Manchester Trac.,Light & Power(guar.) $2
Oct. 15 Holders of rec. Oct. 1
Manufacturers' Light de Heat (guar.).
2
Oct. 15 Holders of rec. Sept.30a
Massachusetts Gas Cos., common (qu.)- 1% Nov. 1 Holders of rec. Oct. 15
Massachusetts Lighting Cos.,corn
50e. Oct. 7 Holders of rec. Sept. 25
Six per cent preferred (guar.)
1% Oct. 15 Holders of rec. Sept. 25
Eight per cent preferred (guar.)
2
Oct. 15 Holders of rec. Sept. 25
Michigan Gas dc Electric, pref.(quar.). 1% Oct. 21 Holders of rec. Sept.30
Prior lien stock (guar.)
1% Oct. 15 Holders of rec. Sept.30
West Utilities, pref. (guar.)
Middle
144 Oct. 16 Holders of rec. Sep. 30a
Missouri Gas & Elec.Serv. pr.lien ((u.). 144 Oct. 15 Holders of rec. Sept. 16a
Montreal Telegraph (guar.)
2
Oct. 15 Holders of rec. Sept.30a
Municipal Service Co., corn.(guar.)_ _
40o. Oct. 25 Holders of rec. Oct. 10a
Preferred (guar.)
134 Nov. 1 Holders of rec. Oct. 15a
National Fuel Gas(guar.)
134 Oct. 15 Holders of rec. Sept.30a
Nevada-Calif. Elec. Corp., pref. (guar.) 1% Nov. 1 Holders of rec. Sept.30a
New York Telephone, preferred (guar.). 1% Oct. 15 Holders of rec. Sept.20
4334c Oct. 15 Holders of rec. Sept.30a
Niagara Falls Power. Prof. (guar.)
Nor.Indiana Gas& Elec., pref. A (guar.) 134 Oct. 14 Holders of rec. Sept.30
2
Northern States Power, corn. (quar.)
Nov. 1 Holders of rec. Sept.300
1% Oct. 20 Holders of rec. Sept.30
Preferred (guar.)
6234c Oct. 15 Holders of rec. Sept. 30
Ohio Fuel Supply (guar.)
50e. Oct. 20 Holders of rec. Sept.260
Oklahoma Natural Gas(guar.)
2
Oct. lb Holders of rec. Sept. 30a
Pacific Gas & Electric, common ((uar.)_
134 Oct. 15 Holders of rec. Sept. 300
Pacific TeleP. & voles.. pref. (guar.)._ _
134 Oct. 17 Holders of rec. Oct. 30
Peoples Gas Light & Coke (guar.)
*5
Oct. 10 'Holders of rec. Sept. 26
Phila. & Camden Ferry (guar.)
Philadelphia company.6% pref.(quar.) 81.50 Nov. 1 Holders of rec. Oct. 1
75c. Oct. 31 Holders of rec. Oct. 150
Philadelphia Rapid Transit (guar.)
Phila. & Western Ry., pref. (guar.)._- 62340 Oct. 15 Holders of rec. Sept.300
51
Nov. 1 Holders of rec. Oct. 15
Pittsburgh Utilities, common
$96.25 Nov. 1 Holders of rec. Oct. 15
Common (extra)
35c. Nov. 1 Holders of rec. Oct. 150
Preferred
25c. Nov. 1 Holders of rec. Oct. 15a
Preferred (extra)
Oct. 15 Holders of rec. Sept.20a
Puget Sound Power & Light. coin.(qu.). $1
134 Oct. 15 Holders of rec. Sept.200
Prior preference (guar.)
1*4 Oct. 15 Holders of rec. Sept.20a
Preferred (guar.)
Quebec Power. preferred (guar.)
1% Oct. 15 Holders of rev. Sept. 30a
Shawinigan Water dr Power (guar.).
- 134 Oct. 10 Holders of rec.dSept.26a
South Pittsburgh Water,7% ptef.(qu.)134 Oct. 15 Oct. 5 to Oct. 15
Southern Canada Power, pref. (quar.)_
134 Oct. 15 Holders of roe. Sep. 30a
Southern Cities Utilities, common (m.).
3( Oct. 10 Holders of rec. Sept. 150
Preferred (monthly)
581-3c Oct. 10 Holders of rec. Sept 15a
1599
Name Of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Concluded).
(qu.)
Southern Wisconsin Elec.Co.,com.
Preferred (guar.)
Standard Gas & Electric, coin.(quar.).
Prior preference (guar.)
Texas Electric Ry.,common (guar.)-Second preferred (guar.)
Trinidad Electric Co., Ltd. (guar.)
Union Natural Gas Corp.(quar.)
United Gas Improvement, corn. (qu.)..
Preferred (guar.)
United Light & Power,corn., Cl. A (qu.)
Common,Class A (in Class A stock)
Common, Class B (guar.)
Common,Class B (la Class A stock)
United Light & Rys., corn. (guar.)
Virginia Ry.& Power, preferred (quar.).
Washington Wat.Pow.,Spokane(quar.)
Western Power Corp., preferred (quar.)_
Western Union Telegraph (guar.)
West Penn Power Co., 7% pref. (quar.)_
York Railways, common (guar.)
Preferred (guar.)
2
Oct. 25
Oct. 15
75e, Oct. 25
134 Oct. 25
1
Dec. 1
134 Nov. 1
134 Oct. 10
50e. Oct. 15
8734e Oct. 15
8730 Dec. 15
40c. Nov. 1
(s) Nov. 1
40c. Nov. 1
(s) Nov. 1
2
Nov. 1
134 Oct. 20
2
Oct. 15
134 Oct. 15
134 Oct. 15
144 Nov. I
75c. Oct. lb
02340 Oct. 31
Holders of rec. Sept. 30a
Holders of rec. Sept.304
Holders of rec. Sept.30
Holders of rec. Sept.301
Holders of roe. Nov. 15
Holders of rec. Oct. 15
Oct. 1 to Oct. 10
Holders of rec. Sept.30a
Holders of rec. Sept.300
Holders of rec. Nov.29
Holdere of rec. Oct. 15
Holders of rec. Oct. 15
Holders of rec. Oct. 15
Holders of rec. Oct. 15
Holders of rec. Oct. 15
Holders of rec. Sept. 300
Holders of rec. Sept.256
Holders of rec. Sept.306
Holders of rec. Sept. 26a
Holders of rec. Oct. 15
Holders of roe. Oct. 6a
Holders of rec. Oct. 21a
134
Miscellaneous.
Air Reduction (guar.)
Oct. 15 Holders of rec. Sept.30a
51
Extra
Oct. 15 Holders of rec. Sept. 306
51
Alabama Co., 1st & 2d pref. (guar.)_ _ _ _ "1.34 Oct. 10 "Holders of rec. Sept.30
Allis Chalmers Mfg., pref.((car.)
134 Oct. 15 Holders of rec. Sept.24a
Amalgamated Sugar, pref.(quar.)
2
Nov. 1 Holders of rec. Oct. 170
American Art Works, corn. & pref. (qu.) 134 Oct. 15 Holders of rec. Sept.30
Amer. Bank Note, corn. (quar.)
*81 .25 Nov. 15 *Holders of rec. Nov. 1
Preferred (quar.)
1 J an31'25 Holders of rec. Jan10'25a
American Beet Sugar, cons. (guar.)
1 J an31'25 Holders of rev.Jan.10'250
Common (qua?.)
1
Oct. 31 Holders of rec. Oct. ha
American Coal (quar.)
Nov. 1 Oct. 12 to Nov. 1
El
American Fork dr Hoe. 1St prof
334 Oct. 15 Holders of rec. Oct. lba
American Glue, Preferred (quar.)
2
Nov. 1 Holders of no. Oct. 15
Amer. Greenhouse Mfg., Prof. (quar.)
2
Oct. 15 Holders of rec. Sept.306
American Ice,corn.((mar.)
154 Oct. 25 Holders of rec. Oct. 80
Preferred (quar.)
134 Oct. 25 Holders of rec. Oct. 8a
Amer.La France Fire Eng.,corn.(quar.) 25e. Nov.15 Holders of rec. Nov. la
American Rolling Mill, corn.(quar.)_ _ 50e. Oct. 15 Holders of rec. Sept.300
American Seeding Machine,pref.(quar.) 134 Oct. 15 Holders of rec. Sept.306
American Shipbuilding, common (qua?.) 2
Nov. 1 Holders of rec. Oct. 16
Common (quar.)
2
Feb2'25 Holders of rec. Jan. 15'25
Common((uar.)
2
Wyl*2 Holders of rec. Apr.1525
Common (guar.)
2
Aug.I'25 Holders of rec. July 15'25
Preferred (guar.)
134 Nov. 1 Holders of rec. Oct. 164
American Steel Foundries, corn.(guar.). 730. Oct. 15 Holders of rec. Oct. 16
Amer. Type Foundries, corn. (quar.)- _
131 Oct. 15 Holders of rec. Oct. loa
Preferred (guar.)
IK Oct. 15 Holders of rec. Oct. 10a •
American Vitrified Products (guar.).
50c. Oct. 15 Holders of rec. Oct. ba
American Woolen. preferred (quar.).
134 Oct. 15 Sept. 16 to Sept.23
Asbestos Corp. of Canada, pref.(guar.). 134 Oct. 15 Holders of rec. Oct. la
Associated Dry Goods,common ((uar.)_
134 Nov. 1 Holders of rec. Oct. 11
First preferred ((uar.)
1% Dec. 1 Holders of rec. Nov. 8
Second preferred (guar.)
134 Dec. 1 Holders of rec. Nov. 8
Associated Industrials. pref. (quar.)...
2
Oct. 15 Holders of rec. Oct. 14a
Associated Oil (guar.)
3734e Oct. 25 Holders of rec. Sept.300
Atlas Powder,pref.(quar.)
134 Nov. 1 Holders of rec. Oct. 200
Austin, Nichols & Co., pref.(qua?,)...
134 Nov. 1 Holders of ree. Oct. 153
Between & Wilcox Co.(guar.)
lit Jan115 Holders of roe. Dec. 200
Quarterly
134 Aprl'25 Holders ofrec.Mar.20'250
Barnhart Bros. & Spindler
First and second preferred (guar.)
1% Nov. 1 Holders of rec. Oct. 25a
Dayuk Cigars, 1st pref. (guar.)
1% Oct. 15 Holder, of rec. Sept. 300
Convertible second preferred (guar.)
1% Oct. 15 Holders of rec. Sept. 300
Eight per cent second pref. ((uar.)- _
2
Oct. 15 Holder, of rec. Sept. 300
Beach Royalties Corp. (monthly)
lc. Oct. 10 Holders of rec. Sept. 15a
Beacon 011, preferred (guar.)
$1,875 Nov. 15 Holders of rec. Nov. 1
Beech-Nut Packing, corn. (guar.)
60o. Oct. 10 Holders of rec. Oct. la
Preferred B (guar.)
131 Oct. 15 Holders of rec. Oct. 1.0
Borden Company, preferred (quar.)134 Dec. 1
Holders of roc. Dec. 16
Borne ScrYmser Co
4
Oct. 15 Sep2.21 to Oct. 14
Extra
2
Oct. 15 Sept.21 to Oct. 14
Burns Bros., prior preference (guar.) _
13.1 Nov. 1 Holders of rec. Oct. 20a
Cadillac Storage Co., common (quar.)_ _
134 Oct. 1
Oct. 1
Common (extra)
*5 Oct. 1
Oct. 1
Canada Cement Co., Ltd.(guar.)
1% Oct. 16 Holders of rec. Sept.30
0
"Canada Dry" Ginger Ale. A stk.((.). 75c. Oct. 1 Holders of rec. Oct. 1
Canadian Car & Fdry., pref.(quar.)
134 Oct. 10 Holders of rec. Sept.260
Preferred (acct. :locum. diva.)
Sept.26a
Oct. 1 Holders of rec.
Canadian Explosives, common (guar.)._ 2
Oct. 3 Holders of rec. Sept.300
Preferred (quar.)
134 Oct. 1 Holders of rec. Sept.306
Canadian Industrial Alcohol (quer)._
Holders of rec. Sept. 30a
234 Oct. 1
Cartier. Inc., preferred ((uar.)
134 Oct. 3 Holders of rec. Oct. 150
Central Foundry. prof
*5
Oct. 1 *Holders of rec. Sept. 30
First preferred (guar.)
"2
Oct. 1 *Holders of rec. Sept.30
Central Steel, common (guar.)
81
Oct. 1 Oct. 1 to Oct. 9
Century Ribbon Mills. corn. (guar.)
50e. Oct. 3 Holders of rec. Oct. 160
Chicago Pneumatic Tool ((liar.)
1% Oct. 2 Holders of rec. Oct. I50
Chicago Yellow Cab(monthly)
33 1-3c Nov.
Holders of rec. Oct. 200
Monthly
331-3cDec.
Holders of rec. Nov.200
Ogee Service Co.
Common(monthly pay.in cash scrip)_
Holders of rec. Oct. 15
034 Nov.
Corn.(mthly., Day in corn. stk. serif))- 0134 Nov.
Holders of rec. Oct. 15
Preferred and preferred B (monthly)__
K Nov.
Holders of rec. Oct. 15
City lee & Fuel(Cleveland) ((uar.)__ - 2
Holders of rec. Nov.206
Dec.
Congoleum Co., corn. (guar.)
730. Oct. 3 Holders of rec. Oct. 15a
Preferred (quar.)
*Holders of rec. Nov. 15
•13d Dec
Consolidated Car Heating (guar.)
134 Oct. 1 Holders of rec. Sept. 300
Consolidated Royalty Oil (guar.)
3c, Oct. 2 Oct. 16 to Oct. 20
Corn Products Refining, cons. (guar.)
50c. Oct 2 Holders of rec. Oct. 60
Preferred (guar.)
134 Oct. 15 Holders of rec. Oct. 6a
Craddock-Terry Co.. common (floar.)
3
Dec. 31 Dec. 16 to Dec. 31
First and second preferred
3
Dec. 31 Dec. 15 to Dec. 31
Class C preferred
3% Dec. 31 Dec. 15 to Dec. 31
Creamery Package Mfg.. corn. (quar.).. 50c. Oct. 10 Oct. 1 to Oct. 10
Common (extra)
50e. Oct. 10 Holders of rec. Oct. 1
Preferred (guar.)
1% Oct. 10 Holders of rec. Oct. 1
Crex Carpet
1
Oct. 15 Holders of rec. Sept.30a
Crucible Steel, common (guar.)
1
Oct. 31 Holders of rec. Oct. 15a
Cudahy Packing, common (guar.)
1
Oct. 15 Oct. 4 to Oct. 15
Detroit Motor Bus ((uar.)
Oct. 15 *Holders of rec. Sept.30
"2
Extra
Oct. 15 *Holders of rec. Sept.30
*1
Dictograph Products Corp., pref.(guar.) 2
Oct. 15 Holders of rec. Sept.300
Dome Mines, Ltd
50c. Oct. 20 Holders of rec. Oct. 36
Dominion Textile, Prof. (guar.)
134 Oct. 16 Holders of rec. Sept.30
du Pont(E. I.) de Nemours & Co
Debenture stock (guar.)
1% Oct. 25 Holders of roe. Oct. 106
du Pont(El.)de Nem.Powd.,com.(qu.) 1% Nov. 1 Holders of rec. Oct. 206
Preferred ((uar.)
1% Nov. 1 Holders of rec. Oct. 206
Eagle-Picher Lead, pref. ((uar.)
1% Oct. 15 Holders of rec. Oct. 4a
Eastern SS. Linea, Inc., pref.(guar.)
87340 Oct. 15 Holders of rec. Oct. Sc
Elgin National Watch (quar.)
*500. Nov. 1 *Holders of rec. Oct. 15
Famous Players-Lasky, coin (quar.)
2
Oct. 1 Holders of recs. Sept.154
Fifth Avenue Bus Securities((uar.)
16c. Oct. 16 Holders of rec. Oct. 26
Finance Co.of Amer.(Bait.), corn.(qu.) 5634e. Oct. 15 Holders of rec. Oct. 6
Seven per cent preferred ((uar.)
1% Oct. 15 Holders of rec. Oct. 6
Eight per cent preferred ((uar.)
2
Oct. 15 Holders of rec. Oct. 8
Fleislimann Co.. common (guar.)
730. Jan135 Holders of rec. Doe. 160
Gen. Aluminum & Brass Mfg..corn.(qu) 30c Oct. 10 Holders of rec. Sept.204
General Electric, corn. (guar.)
2
Oct. 15 Holders of roe. Sept. tla
Common (Payable in special 'nook)._ r5
Oct. 15 Holders of rec. Sept. 60
Special ((uar.)
15e, Oct. 15 Holders of reo. Sept. 44
General Fireproofing. prof. (guar.)
144 Jan2'25 Holders of rec. Dec. 20
General Motors,7% prof. ((tsar.)
1% Nov. 1 Holders of roe. Oct. 6a
Six per cent deb.(guar.)
1% Nov. 1 Holders of rec. Oct. 6a
Six per cent pref.(guar.)
1% Nov. 1 Holders of rec. Oct. 66
General Refractories (guar.)
50e. Oct 15 Holders of roe. Oct. 76
71134
THE CHRONICLE
1600
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
[VOL. 119.
Weekly Returns of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending Sept. 27. 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.)
Gillette Safety Razor,stock dividend___ eS
Dec. 1 Holders of rec. Nov. 1
Gimbel Bros.. Inc .pref. (quar.)
138 Nov. 1 Holders of rec. Oct. 150
Goseard (H. W.) Co. (monthly)
25c. Nov. 1 Holders of rec. Oct. 20
Monthly
25e. Dec. 1 Holders of :ec. Nov.20
Gulf States Steel, first preferred (Quar.) 138 Jan2'25 Holders of rec. Dee. 15a
Second preferred (quar.)
134 Jan2'25 Holders of rec. Dec. 15a
Halle Bros., preferred (guar.)
131 Oct. 31 Oct. 24 to Oct. 31
Harbison-Walker Refrac.. pref. (guar.)US' Oct. 29 Holders of rec. Oct. 10a
Hibbard, Spencer, Bartlett Co.(mthly.) 35c. Oct. 31 Holders of rec. Oct 24
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
Monthly
350. Nov.28 Holders of rec. Nov.21
(Stated in thousands of dollars-that is, three ciphers [0001 omitted.)
35c. Dec. 26 Holders of rec. Dec. 19
Monthly
15c. Dec. 26 Holders of rec. Dec. 19
Extra
Hillman Coal & Coke,5% pref.(guar.). 138 Oct. 2„, Oct. 15 to Oct. 25
New
Seven per cent preferred (guar.)
138 Oct. 21 Oct. 15 to Oct. 25
Capital.
Capitl Profits. Loans,
Reserv
Oct. 6 Holders of rec. Sept. 18
1
Hollinger Consol. Gold mines
Time Bast
with
Net
Week Ending
Discount Cash
131 Oct. 11 Oct. 4 to Oct. 15
Illinois Erick (guar.)
De- Circe
in
Legal Demand
Sept.27 1924 Nat'l, June 30 Invest25c. Dec. 31 Holders of rec. Dec. 120
Independent Oil & Gas(guar.)
State, June 30 ments, Vault. Dcpost Deposits. posits. la81
Nov.15 Holders of rec. Oct. 17
Indiana Pipe Line (guar.)
lion.
tortes.
(000 omitted.) r.Cos.June 30 dbc.
Oct. 10 Holders of rec. Sept.230
Internat. Business Machines Corp.(qu.) 82
International Harvester,COM.(guar-) - 131 Oct. 15 Holders of rec. Sept.255 Members of Fed. Res. Bank. Average Averag Average Average Average Av'pe.
138 Oct. 15 Holders of rec. Oct. tia Bank of N Y &
International Paper, pref. (guar.)
$
$
$
$
$
$
$
$
Nov. 1 Holders of rec. Oct. 20
Kaufniann Dept.Stores,Inc.,cone.(qu.) Si
57,197 9,122
Trust Co...__ 4,000 12,188 77,920
754 8,002
1238c. Oct. 15 Holders of rec. Oct. la Bk of Manhat'n 10,000 13,491 154,972 2,478 16,914
Kerr Lake Mines, Ltd.(quar.)
124,788 24,221 ___,i.
Loose-Wiles Biscuit, 1st pref. (guar.)_
138 Nov. 1 Holders of rec. Oct. lha Mech & Met Bk 10,000 15,69
183,177 3,217 22,919
171,577 9,400 54
MacAndrews Is Forbes, corn. (quar.)._ _ 2% Oct. 15 Holders of rec. Sept.30a Bank of America 6,50
5,365 82,746 1,809 11,423
84,820 3,918
iii
.
Ili Oct. 15 Holders of rec. Sept.30a
Preferred (guar.)
54,133
(qua?.)... 1% Nov. 1 Holders of rec. Oct. 15a Nat City Bank_ 40,00 17,005 669,234 4,887 78,631 *671,386 91,839 956
Macy(R.H.)& Co., preferred
4,500
184,001 1,149 16,711
123,283 7,956 348
Chem Nat Ba
1% Nov. 1 Holders of rec. Oct. 20a Nat Butch & Dr 1,
McCrory Stores Corp.,Prof.(guar.)
28
6,459
57
813
4,557
181
494
1% Oct. 18 Holders of rec. Oct. 35 Amer Exch Na
Maple Leaf Milling, preferred (guar.) _ _
928 14,48
5,000 7,952 119,354
107,291 8,673 4,939
Oct. 20 Holders of rec. Sept.30a
Mexican Petroleum, common (guar.). _ 53
353,19 11,910
Nat Bk of Corn. 25,00 39,523 380,952 1,232 46,299
2
Oct. 20 Holders of rec. Sept.300
Preferred (quar.)
30,794 1,024 4,1
.
29,365 2,959
Pacific Bank_ _ 1,000 1,741
Nov. 1 *Holders of rec. Oct. 20
*El
Motor Products, pref. (guar.)
10,500 9,264 160,678 4,100 17,429
122,735 32,709 8,013
The. Oct. 15 Holders of roe. Sept.30a Chat&PhenNat 5,000 22,878 129,768
National Biscuit, common (guar.)
583 15,681
_-_
300
Dec. 31 Holders of rec. Dec. lla Hanover Nat Bk 10,000 13,155 189,299 5,983 22,141
1
Nat. Enamel. & Mpg.. pref. (quar.)
165,094 27,482___
115,653Corn Exch Bank
Oct. 15 Holders of rec. Oct. I
National Fireproofing, pref. (quar.) . 75c.
147,818 9,787 8;549
Nat Park Bank. 10,000 23,772 182,961 1,021 19,562
Oct. 15 Holders of rec. Sept.30d
National Paper & Type, pref.(quar.) _ 2
23,268 6,879 499
East River Nat_ 2,100 1,900 30,174 1,057 3,269
2
Nov. 10 Holders of rec. Oct. 31
New Jersey Zinc (guar.)
420 31,957
241,539 16,292 7,453
First National__ 10,000 59,964 314,288
Oct. 10 Holders of rec. Sept.30
2
Extra
Irving Bk-ColTr 17,500 11,823 301,153 3,129 38,023 284,323 31,822
Nov. 1 Holders of rec. Oct. 70
New York Air Brake, common (guar.)_ _ $1
7,183
158
767
5,706
376
1,000 1,027
Jan2'25 Holders of rec. Dec. 3a Continental Bk.. 20,000 24,605 378,709 4,166 52,079
$I
Class A stock (quar.)
365,205 23,471 1,089
National.
New York Canners, Inc.,first preferred . 33-4 Febl'25 Hold,of rec. Jan. 22'250 ChaseAve Bank
23,123
766 3,062
22,691
500 2,56
Fifth
4
Febl'25 Hold. of rec. Jan. 22'25a Commonwealth.
Second preferred
997
11,8941
600
371 1,261
9,185 2,638
500. Oct. 15 Holders of rec. Sept. 19
New York Transit (guar.)
15,310
447 2,607
15,147
160 iii
1,000 1,685
50c. Oct. 15 Holders of rec. Oct. la Garfield Nat..... 1,200 1.240 198231
New York Transportat ion (quar.)
221 2,253
16,761 1,368
242
Fifth National_
to Oct. 17
(quar.)
20 Oct. 1
N1pIssing Mines Co., Ltd.
15c. Oct.
852 13,300
100,635 2,776
64
Seaboard Nat__ 4,000 7,613 100,112,
to Oct. 17
15e. Oct. 20 Oct. 1
Extra
19,519
227 2,187
16,378 1,521
1,500 1,349
410
Oct. 15 Holders of rec. Sept.300 Coal 4, Iron Na 20,000 25,103 328,888
El
Ohio Brass, common (guar.)
964 37,842 *294.110 39,575
Bankers Trust_
Oct. 15 Holders of rec. Sept.300
Common (extra)
El
802 6,237
3,000 4,352 55,113.
46,882 6,481
1% Oct. 15 Holders of rec. Sept.Ka US Mtge & Tr. 25,000 18,763 482,024' 1,545 49,594 *444,627 64,916
Preferred (quar.)
Guaranty True
Oct. 10 Holders of rec. Sept.200 Fidel-InterTr
Oklahoma Eastern 011 (special)
5
20,849
36
2,403
17,904 1,745
2,000 2,021
123-Ic Nov. 1 Holders of rec. Oct. 20a
Orpheum Circuit, corn.(monthly)
592 20,540
151,507 24,173
Co__ 10,000 18,317 180,724
123-ic Dec. 1 Holders of rec. Nov.200 NY Trust Tr 2,000 4,075 47,833
Common (monthly)
650 5,782
43,393 3,549
Metropolitan
Oct. 15 Holders of rec. Sept.30a
$1
Otis Elevator,common (quar.)
467 15,011 *114,822 22,041
& Tr 5,000 17,132 140,475
1% Oct. 15 Holders of rec. Sept.30a Farm Loan
Preferred ((Mar.)
23,000 10,160 267,746 1,543 31,924 '300,479 28,478
Overman Cushion Tire, pref.(quar.)_ _ _ _ 1% Oct. 20 Holders of rec. Sept.30a Equitable Trus
Preferred (Mum)
134 rn20'25 Holders of rec. Dec. 31a Total of averages 291,900 51,154 5,247,255 47,965615,257c4,513,778516,463 32,300
Package Machinery,Preferred (quar.)_ _ 1% Nov. 1
Pan American Petroleum & Transport'n
Totals, actual condition Sept.27 5,321,675 47.008 584,236 c4,529,287626,47132,409
El
Oct. 20 Holders of rec. Sept.30a Totals, actual condition Sept.205.190.670 47,306 662.071 c4,532,376 507,881 32,469
Common and common B (guar.)
Pennsylvanla Salt,Mfg. (quar:)
51.25 Oct. 15 Holders of rec. Sept.30a Totals, actual c ndition Sept.13 5,056,586 48,791 625,430c4,422,170 474,74832,374
Permanent Mtge. Co., Preferred (extra). 138 Feb.T25
State Banks Not Me mbers of Fed'I Res va Bank. I
Phillips-Jones Corp., pref.(guar.)
134 Nov. 1 Holders of rec. Oct. 20a Greenwich Bank 1,000 2,354 19,895 1,8031 2,3251
20,616
4631
Oct, 15 Holders of rec. Oct. 5a Bowery Bank__
Pierce, Butler & Pierce Mfg.,corn.(qu.) 1
2,390 2,020,
5,047
304
,
710'
1
Oct. 15 Holders of rec. Oct. 5a State Bank_ ___ 3,500 5,000 95,317 3,743, 2,0941
Common (extra)
31,841 59,554,
per cent preferred (guar.)
131 Nov. 1 Holders of rec. Oct. 20a
Seven
Nov. 1 Holders of rec. Oct. 20a Total of averag
2
Eight Per cent preferred (guar.)
54,847 62,0371
4,750 5,243 120,259 5,850; 5,129
1
Oct. 25 Holders of rec. Oct. 10a
Pittsburgh Coal. common (guar.)
11-4 Oct. 25 Holders of rec. Oct. 10a Totals, actual co ndltion Sept.2
Preferred (quar.)
121,399 6,0071 4,609
55,488 62,140'
Plymouth Cordage (guar.)
•138 Oct.d20 Holders of rec. dOct. 1
54,399 61,822'
Totals, actuates ndition Sept.20 119,189 5,797 0,599
I
Nov. 1 Holders of rec. Oct. 21a Totals, actual co ndition Sept.13 118,724 5,700, 5.216
Posturn Cereal Co.,common (quar.)___ _ 81
54,381
Nov. 1 Holders of rec. Oct. 21a Trust Compan les Not Membe re of Fed'I Res ye Bank1.
2
Preferred (guar.)
2
Oct. 31 Holders of roc. Sept.300 Title Guar & Tr 10,000 14,6471 58,219 1,428, 4,204
Prairie Oil& Gas(quar.)
37,462 1,515 __ _ _
Oct. 31 Holders of rec. Sept.30a LawyersTit&Tr 6,000 8,0831 27,216
2
Prairie Pipe Line (guar.)
930, 1,619
16,214
839 _ _ ....
Oct. 15 Sept. 21 to Oct. 8
Procter & Gamble Co.,8% pref.(guar.) 2
3
Oct. 15 Holders of rec. Oct. la Total of averages 16,000 20,7311 85,435 2,358 5,8231
quaker Oats. common (guar.)
53,676 2,345
Preferred (guar.)
138 Nov 29 Holders of rec. Nov. la
Realty Associates, corn. & 2d pref.(qu.) 52.50 Oct. 15 Holders of rec. Oct. 6a Totals, actual co ndition Sept.27 85,425 2,173, 6,0271
53,865 2,2701
134 Nov. 15 Holders of roe. Nov. la Totals, actual co ndition Sept.20 85,283 2,485 5,824
Savage Arms Corp., 2nd Pref. (quar.)
53.988 2.360'
Dec. 1 Holders of rec. Nov. 15a Totals, actual co ndltion Sept.13 85,951 2,3401 6,060
srhulte Retail Stores. common (quar.)_ _ m2
54,856 2,410: --2
Jan 1'25 Holders of rec. Dec. 15a
Preferred (quar.)
Sears. Roebuck & Co.. corn.(guar.)._ _ _ 81.50 Nov. 1 Holders of rec. Oct. 15a Gr'd aggr., aver 312.650480,129 5,452,949 56,173626,20 4,622,301 580,84532,300
Oct. 20 Holders of rec. Oct. 10a Comparison with prey. week _ _1+131719 +496-66,1641 +6,143+20190 -123
Smith (How.)Pap. Mills, Ltd., p1.(qu.) 2
Spanish River P.,Is P.,corn.& pf.(qu.). 131 Oct. 15 Holders of rec. Oct. 6a
Stearns(F.B.)Co.,common(quar.)__ _ 50c. Oct. 20 Holders of rec. Sept.30a Gr'd aggr., actl cond'n Sept.27.5,528,499 55,188 594,8721 4,638,640589.881 32,409
1% Nov. 1 Holders of rec. Oct. 4
Steel Co. of Canada. corn. & pfd. (qu.)
Comparison wit h prey. week_ _1+133357 -400-79,6221 -2.123 +17818, -60
10c. Oct. 6 Holders of rec. Sept.30a
Sterling Oil & Development(guar.)
730. Nov. 1 Holders of rec. Oct. 15a Gr'd egg'', gal cond'n '
Superior Steel, common (quar.)
Sept,20 5,395,142 55,588 674,4941 4,840,763572,063 32,469
1% Oct. 10 Holders of rec. sept.30
Telautograph COrP., pref.(quar.)
Gr'd aggr, acri cond'n ISept.13 5,261,261 56.921 636,706 4,531,407 538,711 32.374
Nov 1 Holders of res. Oct. 23
Thompson (John It.) Co.,corn.(mthly.) 1
Gr'd aggr.,
cond'n Sept. 65,282,551 58,594649,369, 4,512,536 530,80732,406
1 Holders of rec. Nov.24
1
Dec.
Common (monthly)
Gr'd egg% acPt cond'n Aug .305,303,284 S2,170600,895 4,518,953 532.588 32,494
51.50 Oct. 15 Holders of rec. Oct. la Gr'd aggr.. acrt cond'n Aug .235.290,501 52,526 607,957 4.515,050 538,703 32,563
Tobacco Products Corp.. corn.(quar.)
734e. Oct. 21 Oct. 1 to Oct. 6
Tonopah Mining
cond'n Aug .16 5.246.174 50.611 620,487 4,473.992 558.245 32,520
Gr'd aggr.,
Tower Manufacturing,corn.(No. 1)_ _ *50c. Nov. 1 •Holders of roe. Oct. 15
Nete.-U. S. deposits deducted from net demand deposits in the general.totals
Transue& Williams Steel Forg.(guar.)- 75c. Oct. 10 Holders of rec. Sept.30a
15 Holders of rec. Sept.30a above were as follows: Average total Sept. 27, 535,258,000; actual totals Sept. 27;
1
Oct.
Tuckett Tobacco, common (quar.)
Lid Oct. 15 Holders of rec. Sept.30a 835,255,000; Sept. 20, $35,258,000; Sept. 13, 513.968,000; Sept. 6, 510,364,000,
Preferred (quar.)
'8110 Dec. 1 *Holders of rec. Nov. 15
Aug. 30, 815,170,000. Bills payable, rediscounts, acceptances and !other liabilities,
United Drug,common (guar.)
Nov. I Holders of rec. Oct. 15
37
average for week, Sept. 27, 5378,276,000: Sept. 20, 5338,395,000: Sept. 13, 5336,First preferred (quar.)
131 Jan2'25 Holders of roe. Dec. 156 727,000: Sept. 6. 1343,233,000: Aug. 30, 8349,196,000. Actual totals Sept. 27.
Dyewood. Pref. (riar.)
United
238 Jan.2'25 Holders of rec. Dec. lia 5
405.838.000: Sept. 20, 5350,674,000: Sept. 13, $340,429,000; Sept. 8,$371,189,000;
"cited Fruit. iguarl
Oct. 31 Holders of rec. Sept. 30
Aug. 30, $356,336,000.
5
United Profit-Sharing. Preferred
* Includes deposits in foreign branches not included In total footings as follows:
U.S. Cast Iron Pipe & FdY., prof.(qu.)- 131 Dec. 15 Holders of rec. Dec. la
15i Oct. 15 Holders of rec. Sept. 30a National City Bank.$121,176,000; Bankers Trust Co.. $14,294,000; Guaranty Trust
U.S. Industrial Alcohol, pref. (guar.)_ _
1% Oct. 15 Holders of rec. Oct. 10 Co. 576.082,000: Farmers' Loan & Trust Co., $5,359,000; Equitable Trust Co..
IT. s. Radiator. met. (guar.)
$62.638,000. Balances carried in banks in foreign countries as mauve for such
'
U.S. Realty & Improvement, pref.(qu.) 138 Nov. 1 Holders of rec. Sept. 5
United Verde Extension Mining (guar.)_ 50c. Nov. 1 Holders of rec. Oct. 3a deposits were: National City Bank, $17,028,000; Bankers Trust Co., $1,645,000;
Guaranty Trust Co.,$4,969,000; Farmers' Loan & Trust Co., $5,359,000; Equitable
138 Dec. 10 Dec. 2 to Dec. 10
Vapor Car Heating, preferred (quar.)-Oct. 15 Oct. 1 to Oct. 5
Trust Co., $7,743,000. c Deposits in foreign branches not included.
Victor Talking Machine, corn. (quar.) _ 2
138 Oct. 15 Oct. 1 to Oct. 5
Preferred (guar.)
138 Oct. 20 -Holders of rec. Oct. 90
The reserve position of the different groups of institutions
Vulcan DetinnIng, preferred (guar.)._ _ _
Oct. 20 Holders of rec. Oct. 90
Preferred (account accum. dividends)_ hl
138 Oct. 20 Holders of rec. Oct. 9a on the basis of both the averages for the week and the actual
Preferred. Class A (quar.)
Warren (Chas.) Co. of Del.,corn.(qu.) 50c. Oct. 10 Holders of rec. Sept. 30a condition at the end of the week is shown in the following
138 Oct. 23 Holders of rec. Sept.30a
First and second Pref. (guar-)
$1.50 Oct. 6 Holders of rec. Sept.250 two tables:
West Coast Oil (guar.)
81.50 Oct. 31 Holders of rec. Sept.30a STATEMENT OF RESERVE
Westinghouse Air Brake (guar.)
POSITION OF CLEARING HOUSE BANKS
Oct. 31 Holders of rec. Sept.300
Westinghouse Elec.& Mfg.,COM.(guar.) Si
AND TRUST COMPANIES.
Oct. 15 Holders of rec. Sept.30a
$I
Preferred (guar.)
50c. Oct. 20 Holders of rec. Sept.300
White Eagle Oil & Refining (guar.)
Wrigley (William) Jr. & Co.
Averages.
250. Nov. 1 Holders of rec. Oct. 200
Monthly
Yellow Cab Mfg.,Class B (monthly)-- 415ic Nov. 1 Holders of rec. Oct. 200
a
Cash
Reserve
,
4123c Dec. 1 Holders of re .. Nov.200
Class B (monthly)
Surplus
Reserve
Total
Its
Reserve
Reserve.
Required.
in Vault. Depositories Reserve.
Annual dividends for :924,all payable in equal quarterly installments on Anal
$
Members Federal
JULY 1 and Oct. 1 1924 and Jan. 1 1925 have been declared as follows: On the comReserve Bank
615,257,000 615,257,000 602,285.030 12,971,970
mon stock $3 cash and $3 in common stock; on the participating preferred the regular State banks.
5,850,000 5.129,000 10,979,000 9,872,460 1,106,540
129,600
6% and extra dividends of 1% in cash and I% In common stock; on the preferred Trust companies'..._ 2,358,000 5.823,000 8,181,000 8.051,400
I
1,
stock regular 11%; on the prior preferred stock regular 7%
•From unofficial sources. t The New York Stock Exchange has ruled that stock
will not be quoted ex-dividend on this date and not until further notice. I The
New York Curb Market AssociatIon has ruled that stock will not be quoted exdividend on this date. and not until further notice.
Payable in stock.
a'Transfer books not closed for this dividend. d Correction.
p Payable In scrip. h On account of accumulated
f Payable In common stock.
dividends. 8 Payable in stock of the Pennok Oil Corp. of Delaware, being one-third
,
of a share. m pa-abn In preferred stock, a Payable In Canadian funds.
Is Payable Feb. 28 1925.
Total Sept.
8,208,000 628.209,000 634,417,000 620,208,890 14,208,110
Total Sept. 20._ _
8,200,000 691,373.000 699,573,000 618,523,580 81,049,420
Total Sept. 13._ 8,101,000 615,428,000 623,527,000 604,139,790 19.387,210
Total Sept. 6 _ _ _ 8,131.000 507,384.000 605,515.000 803,015.790 2,499,210
•Not members of Federal Reserve Bank.
a This lathe reserve required on the net demand deposits n the case o State banks
and trust companies, but in the case of members of the Federal Reserve Bank
Includes also amount in reserve required on net time deposits, which was as follows:
Sept. 27, 515,493,890; Sept. 20, 814,626,560; Sept. 13, 514,021,940: Sept. 6, 514,923,770.
4)c-r. 4 1924.]
THE CHRONICLE
Actual Figures.
Reserve
Cash
• Reserve
in
in Vault. Depositories
Members Federal
Reserve Bank_
State banks.
Trust companies._ _ _
Total
Reserve.
Surplus
Reserve.
Reserve
Required.
1601
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.
$
584,236.000 584,236,000 604,571,440 -20,335,440
6.007,000 4,609,000 10.616,000 9,987,810
628,160
2,173,000 6,027.000 8,200,000 8,079,750
120,250
Total Sept. 27_ _ _ _ 8,180,000594,872,000 603,052,000 622,639,000 -19,587.030
Total Sept. 20-- 8,282.000 674,494,000 682,776,000 622.335.330 60,440.670
Total Sept. 13___ _ 8.130,000636,700,000 644.836,000 607,141.460 37,694.540
Total Sept. 6__ 8.269,000 649.369,000 657,638,000 604,315,500 53.322.500
•Not members of Federal Reserve Bank.
b This Is the reserve required on net demand deposits in the case of State banks
and trust companies, but In the case of members of the Federal Reserve Bank
includes also amount of reserve required on net time deposits, which was as follows
Sept. 27, $15,764,130; Sept. 20, 515,230,430; Sept. 13, 514,242,380; Sept. 6, 514,011,380.
Oct. 1
1924.
Changes from
precious week.
Sept. 24
1924.
Sept. 17
1924.
5
8
$
Capital
57,400,000
Unchanged 57.400.000 57,400,000
Surplus and Profits
81,031.000 Dec.
58,000 81,039,000 81,034,000
Loans, disc'ts & investments 921,107,000 Dec. 1,515,000 922,622,000 913.658,000
Individual deposits,Incl. U.S.639.798.000 Dec.
82,000 639,880,000 648.243.000
Due to banks
146,697,000 Dec. 819.000 147,516,000 154,132,000
173.635,000 Inc. 1,809,000 171.826.000 171.251,000
TlmedePesits
United States deposits
14,000 32.097,000 21,087,000
32,083,000 Dec.
Exchanges for Clearing House 28.314,000 Inc. 3,245,000 25,069,000 30,4294.00
Due from other banks
78,959,000 Dee. 7,108,000 86,067,000 86,456.000
Reserve In Fed. Res. Bank_ _ 76,355,000 Dec. 1,247,000 77,602.000 79,226,000
Cash In b ink and F.R. Bank_ 9,007,000,Dee.
230,000 9,237.000 9,358,000
Reserve excess in bank and
Federal Reserve Bank._
939,000 Dec. 1,548,000 2.487.000 3.445,000
State Banks and Trust Companies Not in Clearing
House.
-The State Banking Department reports weekly
figures showing the condition of State banks and trust comPhiladelphia Banks.
-The Philadelphia Clearing House
panies in New York City not in the Clearing House a4 follows: return for the week ending Slit. 27,with comparative figures
for the two weeks preceding, is given below. Reserve
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
requirements for members of the Federal Reserve System
NEW YORK. NOT INCLUDED IN CLEARING 110115E STATEMENT.
are 10% on demand deposits and 3% on time deposits, all
(Figures Furnished by State Banking Department.)
Differences from to be kept with the Federal Reserve Bank. "Cash in vaults"
precious week. . is not a part of legal reserve. For trust companies not
Sept. 27.
.memLoans and investments
$928,032,700 Inc. $4,712,500 bers of the Federal Reserve
System the reserve required is
Gold
4,155,300 Inc.
52,300
Currency and notes
21,194.200 Inc.
242,800 10% on demand deposits and includes "Reserve with legal
Deposits with Federal Reserve Bank of New York_ 70,694,500 Dec. 7,018,300 depositaries"
and "Cash in vaults."
Total deposits
980,019,200 Dec. 12,613,700
Deposits, eliminating amounts due from reserve depositories and from other banks and trust comWeek Ended Sept. 27 1924.
panies in N. Y. City, exchange and U. S. deposits 921,807,600 Dec. 0,617.700
Two Ciphers (00) •
Sept. 13
Sept. 20
Reserve on deposits
148,612,800 Dec. 13,104,706
omitted.
Ifembersof
Trust
1924.
1924
1924.
Percentage of reserve, 21.4%.
F.R.System Companies
Total.
RESERVE.
$41,819,0 55,000,0 346,819,0 $46,666.0 $46,666.0
-Trust Companies
-State Banks
- Capital
-121,921,0 16,456,0 138,377,0 136,960.0 136.960,0
Cash in vault
.$31.063,000 15.74%
373,981.000 14.88% Surplus and profits
Deposits in banks and trust cos__ 12.782,700 6.48%
30,788,100 6.19% Loans, disets AL investla _ 778,315,0 43,879,0 822,194,0 824,688.0 813.274,0
Exchanges for Clear.House 29,148,0
704,0 29,852.0 31,481.0 29,658,0
19,0 150,899,0 148,250.0 135,208,0
150,880,0
Total
$104,767,100 21.07% Due from banks
543,845,700 22.22%
Bank deposits
166.750,0
937,0 167,087,0 170,299.0 166,113,0
576,329,0 25,872,0 602.201,0 604.874.0 000,213,0
•Includes deposits with the Federal Reserve Bank of New York. which for the Individual deposits
Time deposits
81,190,0
State banks und trust companies combined on Sept. 27 was $79,694,500.
1,317,0 82.507,0 80,916.0 79,549,0
Total deposits
824.269,0 28,126,0 852,395,0 856,089.0 845,875,0
U. S. deposits (not incl.)
8,449,0
28.8.58,0 30,836.0
Res've with legal deposit's_
3.953,0
3,953,0
3,927.0
4,483.0
Reserve with F.R.Bank
. 63,014,0
63,014.0 65,398.0 62,631,0
Banks and Trust Companies in New York City.
-The Cash In vault•
9,794,0
1,306,0 11,100,0 10,938.0 11,137,0
averages of the New York City Clearing House banks and Total reserve.t cash hold_ 72,808,0 5,259,0 78,067,0 80,819.0 77,695,0
Reserverequired
trust companies combined with those for the State banks and Excess res.& cash In vault_ 61,832,0 3,977,0 65,809,0 66,284.0 66,230,0
10,976,0
1,282,0 12,258,0 14,535.0 11.465,0
trust companies in Greater New York City outside of the •Cash in vault not counted as reserve for
Federal Reserve members.
Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Loans and
Investments.
Week EndedMay 31
June 7
June 14
June 21
June 28
July 5
July 12
July 19
July 26
Aug. ^
Aug. 9
Aug. 16
Aug. 23
Aug. 30
Sept. 6
Sept. 13
Sept. 20
Sent. 27
Demand
Deposits.
$
5,634,135,400
5,655,543,500
5,757,644,700
5,862,466,200
5,919,665,500
5,980,525.800
5,937,803.400
5,981,963,600
6,020.656,100
6,078,827.900
6.133,212,300
6,147,562,200
6,197,834,200
6,176,232.200
6,189.878,800
6,171,331,700
6.245,090,200
6.380.981.700
$
4.818,701,900
4,927,070,500
5,059.294,800
5,140,479,500
5,185.308,000
5,221,705,600*
5,208,912.100
5.274.074.000
5.291.357,000
5,335,452,300
5,382,392,900
5,396,229,400
5,420,377,600
5,410,175,900
5.413.636.100
5,428,157,800
5,544,643.300
5.544.168.600
*Total Cash
Reserce in
in Vaults. Depositaries.
II
78,88.5,500
81,984,300
82,224,800
78,107,400
78,890.500
79,946,300
86,578,700
80.692,800
78,972,700
77,149.800
78,544.500
78,011,500
77,334.600
78,013,900
80,217,700
83,772,900
80,731,400
81.522.500
$
649,648,100
672.867,200
724,239.500
725,168.100
719,713,500
714,776,100
700.834,000
736,247,400
750.661,600
746,518.800
744,376,500
761.925,500
727,393,700
733,914,000
722,157,200
739,130.000
828.036,156
749.472.30e
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.
(Stated In thousands of dollars-that is, three ciphers (0001 matted.)
Loans,
Discounts.
Investmasts,
dw.
Members of
Fed'I Res've Bank
Grace Nat Bank._ _
Average Average Average Average Average
$
$
$
S
9.522
28
607
2,569 4,800
Total
Trust Company
Not Member of
Fed'I Reeve Bank
Mech. Tr., Bayonne
Weserce
Na 1 Net
Cash
with Demand Time
in
Legal Deposits.Deposits
Vault. Depositories.
$
I
1,000,
1,718
1,000
1,718
9,522
28
607
2,569
4,800
200
1,0001
437
2,328
7,236
25,10
758
2,686
353
1,562
5,889
22,562
2,004
2,862
Gold held exclusively agst. F.R. notes.. 574,070,000
Gold settlement fund with F. R. Board. 147,583,000
Gold and gold certificates held by bank
168,946,000
575,908,000
156,782,000
177,740,000
643,251,000
159,252,000
171,075,000
Total gold reserves
Reserves other than gold
890,599,000
17,262,000
910,430.000
17,518,000
973.578,005
16.834.000
Total reserves
907,861,000
Non-reserve cash
12,524,000
Bills discounted
Secured by U. S. Govt. obligations_ 36,878,000
Other bills discounted
16,936,000
927.948,000
13,799,000
990,412.000
10.819,000
17,821.000
17.401.000
136,459,0011
67,517,000
53.814,000
74,739,000
35.222,000
40,084.000
203,976,000
22,357,000
4,902,000
136,394,000
46,020,000
4,902,000
136,394,000
46,020,000
1,149,000
9,275,000
3,150.000
Total U. S. Government securitieS„ 187,316,000
187,316,000
13,574,000
245.000
262,867,000
133,330,000
16,714.000
8,325.000
239,907,000
147,181,000
13,396,000
1,061,000
Total bills discounted
Bills bought in open market
U. S. Government securItieeBonds
Treasury notes
Certificates of Indebtedness
All other earning assets
Total earning assets
Uncollected items
Bank premiums
All other resources
245,000
316,114,000
142,930,000
16,718,000
8,492,000
1,200
2,761 3 .33
2 6
3.444
1,915
28,451
4,886
2,730
5,939
1,404,639,000 1,362,983,000 1,402,776,000
LiabUltfat
Fed. Res. notes In actual circulation
Deposits
-Member bank, reserve acc't
Government
Other deposits
304,341.000
858,899,000
10,485,000
18,676,000
302,733,000
827,463,000
10,816,000
18.132.000
474,894,000
700,065,000
8,155,000
13.037,000
Total deposits
Deferred availability Items
Capital paid In
Surplus
All other liabilities
888,060,000
120,446,000
30,201,000
59,929.000
1,662,000
856.411.000
111,992.000
30.201,000
59,929,000
1.717,009
721,257,000
113,384.000
29,289.000
59,800,000
4,152,000
Total Liabilities
500
4461
8,978
347
82
8,978
347
2,730
5,939
2,7001
Grand aggregate__ _
Comparison with pr ev. week
4.9311 50,836
--175
3,819
+55
2,604 a33.750
+201 -3331
15,605
+58
(3rd aggr., Sept. 20
cird aggr.. Sept.13
Gr'd aggr ,Sept. 6
urn aggr., Aug. 30
4,9311
4.931
4.931,
4,931'
51,011
49.827
49,14
49,157
3,764
3,874
3,655
3,579
2,403
2,745
2,454
2,430
15,547
15,584
15,550
15,449
Total
Oct. 1 1924, Sept. 24 1924, Oct. 3 1923.
Resources5
$
$
Gold with Federal Reserve Agent
569,839,000 569,854,000 634,833,000
Gold redemp. fund with U. S. Treasury_
8,418,000
4,231.000
6,054,000
Total resources
Net
CLEARING
Capital.. profits.
NON-MEMBERS.
Nat. bks. June 30
Week Ending State bits. J'ne 30
Sept. 27 1924. Tr. cot. June 30
Total
State Banks
Not Members of
Fecil Reeve Bank
Bank of Wash.Ins_
Colonial Bank
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. 1 1924 in
comparison with the previous week and the corresponding
date last year:
5001
2.700
2,700
2.700
2,700
446
82
a34,083
a33,451
a32,504
a32,544
a United States deposits deducted, $400,000.
Bills payable, redl•counts, acceptances and other liabilities. 8278,000.
Excess reserve. $321,810 increase.
1,404,639,000 1,362,983.000 1,402,776,000
Ratia of total reserves to deposit and
Fed. Res. note liabtlll.ies combined__ -Contingent liability on bills purchased
for foreign correspondents
CURRENT
76.1%
80.1%
82.8%
5,053,000
5,181,000
11,950,1011
NOTICES,
-The new bond and investment company of the Waldheim & Platt Co..
Inc., with a capital of $500,000, is now opened for business in Its suite.
201 Merchants-Laclede Bldg., St. Louis, Mo. The principals are: Edward
G. Platt, who for many years was connected with A. G. Edwards & Sons.
Investment brokers, and formerly Vice-President of the Renard Linoleum
& Rug Co. Olive 1.1?' Henry. widely known in banking investment circles.
has been connected -with the Mississippi Valley Trust Co. for 16 years in
various capacities; Millard A. Waldheirn, son of Aaron Waldhelm. who Just
re-:ently graduated from Yale, is entering into this field as his first business
.
venture. The firm intends to originate issues, as well as to deal extensively
in the highest grade bonds of all description.
[VOL. 119.
THE CHRONICLE
1602
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Oct. 2, 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 weeks 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
the latest
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returnsfor
week appears on page 1572, being the first item in our department of "Current Events and Discussions."
OCT. 1 1924.
AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS
COMBINED RESOURCES
Oct. 3 1923.
Oct. 11924. Sept. 24 1924. Sept. 17 1924 Sept. 10 1924. Sept. 3 1924 Aug. 27 1924. Aug. 20 1924. Aug. 13 1924
RESOURCES.
2,055,663,000
2,027,304,000 2,031.406.000 2,038,632,000 2,035,611.000 2.109,186,000 2.059,620,000 2,075.614.000 2.080,982.000
Gold with Federal Reserve agents
59,108,000
32.157.000
39.947.000
43,314.000
29,937,000
36,891,000
36,638,000
34,686,000
34,772,000
Gold redemption fund with U.S. Trees_
2,113.139.000 2,114,771,000
agst. F.It. notes 2,062,076,000 2,066,092,000 2,075.270,000 2,072,502,0002,049.123,000 2,102,934.000 2,115,561,000 612,076,000 643,874,060
Gold held exclusively
588,384,000 603,448,000 611,304,000 619,422,000 656,187,000 608,095,000 604.190,000
Gold settlement fund with F. R. Board_
357,185,000
394,779,000 399,623,000 394,919,000 392.995,000 375,705,000 404,238.000 406,897.000 419.210.000
Gold and gold certificates held by banks_
Total gold reserves
Reserves other than gold
Total reserves
Non-reserve cash
Bills discounted:
Secured by U.S. Govt. obligations
Other bills discounted
3,115,830,000
3,045,239,000 3,069,163,000 3,081,493.0003.084.919,000 3,081.015,000 3,115,287.000 3,128,648.000 3.144,425,000
72,160,000
89.012.000
86,300,000
87.116,000
86,920,000 78,748,000
83,919.000
86,852,000
85,786,000
3,202,383.000 3,212,948,000 3.233,437.000 3,187,990.000
3,131,025,000 3,156,015,000 3.165.412.0003.171,839,000 3.159,763.000
72,354,000
48.556,000
45,854,000
44.469.000
37.993,000
46,098,000
44,543,000
43,191,000
.39,776,000
104,785,000
161,971,000
89,515,000
170,348,000
83,601.000
174,366,000
84,931,000
176,299.000
118.073.000
183,876,000
77,938,000
184,622.000
70.570.000
188.714.000
81,988,000
184,211,000
400,158,000
481,503,000
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates of Indebtedness
266,756,000
138,261,000
259,863,000
91,901.000
257,967,000
99,212,000
261,230,000
94,491,000
301,949,000
69.583,000
262,580,000
49,289,000
259.284.000
25,724,000
266.199,000
18,028,000
881,661,000
172,902,000
37,663,000
397.762,000
140,532,000
37,061.000
397,753,000
139,782,000
35,951,000
397,863,000
184,915.000
34,044,000
412,378,000
121,766,000
32,883.000, 32,391,000
391,532,000 391,439 000
117.730.000 117.748,000
31.686.000
391,569,000
117,875,000
30.118,000
398.487.000
111,740,000
22,067,000
67,561,000
5,514,000
Total U. S. Government securities__
All other earning assets
575.957,000
1,9)5,000
574,596,000
1,995,(K0
618,729.000
6,950.000
568,188,000
1,750,000
542.145,000
1,750.000
541,828,000
1,750 000
541.110,000
1.750.000
540.325,000
1,250,000
95,142,000
317,000
Total earning assets
5% redemp. fund nest. F. It. bank notes
Uncollected items
Bank premises
All other resources
982,969,000
928,335,000
982,858,000
923,659,000
915,427,000
855.225,000
827,868,000
580,589,000
59,376,000
33,383,000
590,970,000
59,323,000
32,322,000
511,052,000
59,292,000
31.932,000
572,931,000
59,290,000
31.517.000
Total resources
LIABILITIES.
F. It. notes in actual circulation
F. R. bank notes In circulation—net
Deposits—
Member banks—reserve account
Government
Other deposits
621,409,000
60,040,000
26,511,000
593,345,000
60.026,000
28,211,000
775,917,000
59,672,000
26,464,000
825.802,000 1,150,022,000
28,000
663,548,000
55,173,000
13,118,000
586,953,000
58,771.000
31,308,000
4.784,827,000 5,142,233,000
4.861,730,000 4,812,143,000 5,054,866.000 4,814,944,000 4,795,798,00014,704,353,00014,750,408.000
1.752.025,000 2,272,308,000
1,744.974.000 1,729,859,000 1.734,666.000 1,750,670.000 1,760,757,000,1.740,709,000 1.738,057.000
485,000
2,127.949,000 2,120,331,000 2,261.255.000 2,138,893,000 2,101,923,000 2.082,481,000 2.095,368,000
28,287,000
33.023,000
35,150,000
29,741,000
6,339,000
46.926,000
56,542,000
33,993,000
34.860.000
32,150.000
31,734,000
29,583.000
28.625,000
29,511,000
2,105.484,000 1,884,046,000
30,065,000
24,995.000
22,126.000
35,023.000
2,214,002,000 2,195,882,000 2,297,177,000 2,200,368,0002,169,223,000 2,150,364,000 2,157.648,000
557,664,000 540,929,000 678,050,000 518,542,000 520,925,000 488,103.000 509,847,000
111,964,000 111,976.000 112,032.000 111,989,000 112.003,000 112,014,000 112,009,000
220,915,000 220.915,000 220,915,000; 220.915,000 220,915.000 220.915,000 220.915,000
11,932,000
12.248,000
11,975.000
12,582,000
12,026,000, 12,460,000
12,211,000
2,165,502,000 1,936,237,000
522,516,000 583,742,000
111.867.000 109,669,000
220.915,000 218,369,000
21,423,000
12.002.000
4,861,730,000 4,812.143.000 5.054.866,0004.814,944.000 4,795,693,000 4.704,353.000 4,750,408,000
Total liabilities
Ratio of gold reserves to deposit and
80.1%
80.1%
78.3%
76.4%
78.2%
78.0%
76.9%
F. R. note liabilities combined
Ratio of total reserves to deposit and
82.5%
82.3%
80.4%
78.5%
80.4%
80.3%
79.1%
F. R. note liabilities combined
Contingent liability on bills purchased
30.282,000
28.280.000
25,927.000
23,718,000
20,959,000
19,692,000
18.727,000
for foreign correspondents
4,784.827.000 5,142,233,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
Distribution Si' MaturUies1-15 days bills bought in open market_
1-15 days bills discounted
1-15 days U. S. certif. of indebtedness_
1-15 days municipal warrants
16-30 days bills bought in open market
16-30 days bills discounted
16-30 days U.S. certif. of indebtedness_
16-30 days municipal warrants
31-60 days bills bought in open market
31-60 days bills discounted
31-60 days U.S. certif. of indebtedness_
21-60 days municipal warrants
81-90 days bills bought In open market
61-90 days bills discounted
61-90 days U. S. certif. of indebtedness..
61-90 days municipal warrants
Over 00 days bills bought in open market
Over 90 days bills discounted
Over 90 days certif. of indebtedness_
Over 90 days municipal warrants
Federal Reserve Notes—
Outstanding
Reid by banks
In actual circulation
80.2%
74.0%
82.5%
75.8%
31,177,000
34,311,000
52,103,000
155,256,000
20,064,000
143,331,000
20,121,000
137.243,000
35,001,000
24,075,000
129,354,000
23,617.000
164,526,000
10.906,000
122,499,000
10,873,000
112,209,000
7,523,000
119,415,000
57,237,000
585,560,000
4,053,000
18,333,000
26,276,000
13,593,000
30.569,000
14,200,000
31,591,000
13,595,000
36.812,000
8,381.000
36,331,000
9,006,000
28,218,000
5,025,000
30.229.000
4.647,000
28,688,000
32.222,000
85,064,000
34,949,000
48,200,000
24,270,000
48,859,000
3,000
23,902,000
47,831,000
1,000.000
17,916,000
52,324,000
10,290,000
51.051,000
8,261,000
58.153,000
3.692.000
59,497,000
2,730,000
54,795,000
39,403.000
117,004,000
25,404,000
29,043,000
72,760,000
27,910,000
28,417,000
76,282,000
32,438,000
31.438,000
98,421,000
29,566,000
30,811,000
3,000
19,074,000
36,486,000
1,001.000
12,794,000
36,348,000
3,142,000
38,073,000
1,678,000
40,345.000
266,000
39,500,000
80,435,000
361,000
7.472,000
7,981,000
67,772,000
6,064,000
8,687,000
63,497,000
8,551,000
9,659,000
50,493,000
7,339,000
11,929,000
121.763,000
8.221.000
13.555,000
116,729,000
8,322,000
17,342,000
117.746,000
2,992,000
19.276,000
117,875,000
1,452,000
22,956,000
111,740,000
4.540,000
13,598,000
1,100,000
51,000
2,249,231,000 2,736,500,000
2,232,463,000 2,236,419,000 2,247,075,000 2,249,824,000 2,234,260,000 2,232.202,000 2,236,305,000 497,206,000 464,192,000
487,489,000 606,560,000 512,409,000 499,154,000 473,503,000 491,493.000 498,248,000
1,752,025,000 2,272,308,000
1,744,974,000 1.729,859,000 1.734.666,000 1,750,670,000 1,760,757,000 1,740,709,000 1.738,057,000
3,159,466,000 3,159,117,000 3,147,426,000 3,143,862.000 3,160,847.000 3.168.380,030 3,177,644,000 3,598,004,000
Amount chargeable to Fed. Res. Agent 3,145,995,000 923,047,000 912,042,000 897,602,000 909,602,000 928,645.000 932,055,000 928,413,000 861.504.000
913,532.000
'In bands of Federal Reserve Agent
2,232,463,000 2,236,419,000 2.247,075,000 2,249,824.000 2,234,260.000 2,232,202,000 2,236.305.000 2,249.231,000 2,736,500,000
Issued to Federal Reserve Banks
320,534,000
How Secured—
331,505,000 331,504.000 331,504,000 331,504,000 331.504,000 331,504,000 331,504.000 334,704,000 680,837,000
By gold and gold certificates
205,159,000 205,013,000 208,443,000 214.213.000 215,074,000 172,582,000 160.691.000 168,249,000 114,668,000
By eligible paper
115,626,000 114,669,000 113.459,000 111,360,000 105,088,000 107,736,000 113,621.000 117,676,000 1,620,461,000
Gold redemption fund
1,580,173,000 1.585,233,000 1,593,669,000 1,592,747,000 1,582,594.000 1.620,380.000 1,630,489,000 1,628,602,000
With Federal Reserve Board
2.736,500,000
2,232,463,000 2,236,419.000 2,247.075.000 2,249,824,000 2,234.260,000 2,232.202.000 2.236,305,000 2.249,231,000
Total
1,014,796,000
383,887,000 341,280,000 348.389,000 337.282,000 358.952.000 302.433,000 277,493,000 276.937,000
to F. R. Agent
Eligible paper delivered
notes.
•Includes Victory
1924
LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS OCT. 1
WEEKLY STATEMENT OF RESOURCES AND
Total.
Dallas. San Fran.
Two ciphers (00) omitted.
Boston. New York. Phila. Cleveland. Richmond Atlanta. Chicago. St. /Mad. Illinneap. Kan. City
Federal Reserve Bank or—
8
i
$
S
i
$
8
Si
8
8
S
$
$
RESOURCES.
215,476,0 50,542.0 129,645,0 221,289,0 53,850,0 59,036,0 60,552,0 46,597.0 230,412,0 2,027,304,0
980,0
34.772,0
Gold with Federal Reserve Agents 207,750,0 569,839,0 182,316,0 1,938,0 1,668,0 2.341,0 2,500,0 3,630,0 1,020,0 3,186,0 1,125,0
4,231,0 7,170,0
4,983,0
Gold red'n fund with U.S.Tress_
63,738,0 47,722,0 231,392.0 2,062,076,0
Gold held excl. agst.F.R.notes- 212,733,0 574,070,0 189,486,0 217,476,0 52,210,0 131,986,0 223,789,0 57,480,0 60,056,0 35,811,0 12,289,0 31,783,0 588,384.0
64,964,0 37,531,0 17,427,0 126,966,0 14,106,0 15,031,0
Gold settle't fund with F.R.B'rd 51,794,0 147,583,0 33,099,0 18,285,0 13,623,0 7,490,0 76,318,0 10.010,0 8,089,0 3,182,0 7,070,0 33,008,0 394,779,0
27,457,0
Gold and gold ctts. held by banks 21,312,0 168,946,0
102,731,0 67.090,0 296,183,0 3,045,239,0
285,839M 890,599,0 250,042,0300.643,0 103,364.0 156,903,0 427,073,0 81,596,0 83,176,0 2,084,0 8,067,0 3,157,0
Total gold reserves
85.786,0
17,262,0 3,570.0 4,921,0 3,885,0 10,021,0 10,885,0 13,097,0 1,026,0
7,811,0
Reserves other than gold
107,249.0 166,924,0 437,958.0 94,693,0 84,202,0 104,815,0 75,157,0 299,340,0 3,131.025.0
293 650,0 907,861.0 253,612,0 305,564,0 1,735,0 3.633,0 4.787,0 2,136,0
r'Total reserves
39,776,0
530,0 1,912,0 1.425,0 2,646,0
12,524.0 1,958,0 3,070,0
3:420,0
Non-reserve cash
Bills discounted:
490.0 1,103,0 4,507,0 104,7850
178,0
36,878,0 11,448,0 19,771,0 8,730,0 2,642,0 9,598,0 4,463,0
by U.S. Govt. obligations 49770
Sec.
7,668,0 8,958,0 12,277,0 101,971,0
16,936.0 7,013,0 6,667,0 27,361,0 22,876.0 19,931,0 19,764,0 9,430,0
3:090,0
Other bills discounted
8,158,0 10,061,0 16,784,0
53,814,0 18,461,0 26,438,0 36,091,0 25,518,0 29,529,0 24,227,0 9,808,0 4,427,0 4,478,0 11,567,0 266,756,0
discounted
8,067,0
Total bills
138,261,0
3,059.0 11,718,0 4,378,0 2,254.0
74,739,0 1,347,0 9,645,0
10,649,0
Bills bought in open market
•U. S. Government securities:
37,6630
600,0 7,929,0 1,638,0 1,834,0 1,121,0
749.0 5,115.0 1,191,0 1,090,0 10,458.0
4902,0
1M380
Bonds
12,715,0 15,033,0 24.307,0 19,469,0 42.056,0 397,762 0
26,796,0 136,394,0 25,426.0 38,229,0 2,811,0 1,384,0 53,142,0 3,454,0 4,818,0 8,407,0 6,492,0 17,163,0 140,532:0
Treasury notes
535,0 17,948,0
991,0
46,020,0 5,277,0 18,398,0
11,029,0
Certificates of Indebtedness_
qs QA, n IQ, gin is 21 4.'S fl 81 7426 40030 3_009_0 815430 18.789.0 27.780.0 34.350.0 27.795.0 60.3400 A7A0A7n
Total U.S. Govt. securities
1603
THE CHRONICLE
OCT. 4 1924.]
RESOURCES (Concluded)
Two ciphers (00) omitted.
Boston.
$
245,0
57,579,0
57,261,0
4,312,0
187,0
Total.
Cleveland. Richmond Atlanta. Chicago. St. Louts. Ifinneap. Kan.City Dallas. San Fran.
s
5
All other earning assets
Total earning assets
Uncollected items
Bank premises
All other resources
Phila.
s
New York.
s
s
$
$
$
s
$
$
$
1,995.0
1,750,0
982,969,0
621,409,0
60,040,0
26,511,0
316,114,0 53,010,0 97,825,0 41,084,0 31,586,0 122,795,0 45,374,0 39,642,0 48,935,0 42,334.0 88,691,0
142,930,0 58,590,0 54,822,0 52,276,0 26,657,0 78,103,0 34,030,0 14,458.0 38,651,0 27,003,0 36,628.0
2,875,0 8,264,0 2,527,0 2,989,0 4,595,0 1,912,0 3,079,0
1,112,0 9,129,0 2,528,0
16,718,0
138,0 5,001,0 1,017,0 3,484,0 4,622,0
744,0
484,0 1,879,0
219,0
263,0
8,492,0
Total resources
LIABILITIES.
F.R.notes in actual circulation
Deposits:
Member bank-reserve sect
Government
Other deposits
4,861,730,0
416,389,0 1,404.639,0 368,545,0 470,629,0 205,356,0 233,554,0 852,651,0 178,898,0 146,822,0 197,925,0 151,316,0 435,006,0
72,406,0 134,633,0 215,109,0 56,915,0 66,494,0 65,593,0 53,217,0 209,486,0 1,744,974,0
201,267,0 304,341,0 156,078,0 209,435,0
2,127,949,0
137.521,0 858,899,0 127,320,0 170,168,0 62,767,0 59,907,0 303,403,0 69,243,0 49,469.0 79,670,0 53,340.0 156.242,0
56,542,0
10,485,0 3,061,0 2,606,0 3.334,0 5,557.0 14,872,0 3,764,0 2,961,0 2,610,0 1,975,0 3,339,0
1,978,0
29,511,0
285,0 4,734,0
854,0
320,0
481,0
104,0 1,029,0
122,0
206,0
18,676,0 1,467,0 1,233,0
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
139,705,0
50,791,0
7,996,0
16,390,0
240,0
Total liabilities
Memoranda.
Ratio of total reserves to deposit
and F. R. note liabilities combined, per cent
Contingent liability on bills purchased for foretell corresnondqs
55,600,0 164.315.02.214,002.0
888,060,0 131,848,0 174,007.0 66.223,0 65,568,0 319,304,0 73,488,0 52,750,0 83,134,0 28,992,0 36,736,0 557,664,0
120,446,0 49,921,0 49,859,0 48,260,0 18,460,0 71,272,0 32,800,0 15,393,0 34,734,0 4,147,0 8,064,0 111,964,0
15,186,0 5,118,0 3,323,0 4,362,0
30,201,0 10,402,0 12,705,0 5,881,0 4,579,0
7,577,0 15,301,0 220,915,0
59,929,0 19,927,0 23,691,0 11,672,0 8,950,0 30,426,0 10,072,0 7,484,0 9,496,0 1,783,0 1,104,0
12,211,0
606 0
505,0 1,378,0
914,0 1,364,0 1,354,0
032,0
369,0
1,682,0
151,316.0 435,006,0 4,861,730,0
416,389,0 1,404,639,0 368,545,0 470,629,0 205,356,0 233,554,0 852,651,0 178,898.0 146,822,0 197,925,0
88.1
5.053.0
79.7
77.4
83.4
82.0
72.6
70.6
70.5
59.1
80.1
79.1
1.871.0
78.1
86.1
2.256.0
1.099.0
849.0
2.874.0
945.0
694.0
887.0
733,0
1.466,0
18.727,0
STATEMENT OF FEDERAL RESERVE AGENTS'ACCOUNTS AT CLOSE OF BUSINESS OCT.1
Boston New York Phila.
Federal Reserve Agent at-
Cleve. Rtchm'd Atlanta Chicago.
1934.
St. L. 3finn. K.City. Dallas. San Fr.
$
$
$
$
$
Total.
$
$
IS
s
$
$
$
239,760 46,400 56,220 34,920 69,090
612,433 198,763 229,668 79,261 151,274
238,420 26,100 18,952 29,013 15,307 65,500 913,532
229,255 63,510 68,975 71,796 59,179 249,357 2,232,483
3,500
238,532 7,800 8,780
30,307 14,627 11,696 4,747 8,145
301,000 159,889 195,000 45,795 118,000
42,599 18,447 14,192 28,719 21,829
74 20.734 7,338 6,799
72,557
___ 331.505
___ 14.558
9,985 13,052
5,645 2,865 1.484 3:192 4,541 13:927 115,628
215.644 41,000 44,500 57,360 27,500 216.485 1,580,173
7,966 9,660 ,9,939 11.244 12.582 18.945 205.159
785 1,174 1,683 8,095 178,728
33,177 18,833
519,303 1.537,193 444,000 536,290 200,780 378,437
Total
Liabilities
Net amount of Federal Reserve notes received from
292,837 852,198 245,183 285,888 114,181 220,364
Comptroller of the Currency
207,750 569,839 182,316 215,476 50,542 129,645
Collateral received from I Gold
18,716 115,156 18,521 34,926 36,057 28.428
Bank 1Eliglble paper
Federal Reserve
519,303 1,537,193 444,000 536,290 200.780 378,437
Total
218,987 612,438 198,783 229.868 79,261 151.274
Federal Reeerve notes outstanding
17,720 308,097 42,685 20.233 6,855 16,641
Federal Reserve notes held by banks
901 907 2114 141 15111175 ano AI c 7.400 124(122
730,107 171,953 157,687 173,779 135,348 572,309 5,557.188
$
(In Thousands of Dollars)
Resources73,850
Federal Reserve notes on hand
218,987
Federal Reserve notes outstanding
Collateral security for Federal Reserve notes outstanding
35.300
Gold and gold certificates
14,450
Gold redemption fund
158,000
Gold Fund-Federal Reserve Board
11,237
Eligible paper(Amount required
7,479
lExcess amount held
467,675 89,610 87,927 100,809 74,486 314,857 3,145,995
221,289 53,850 59,036 60,552 48,597 230.412 2,027,304
41,143 28,493 10,724 12,418 14,265 27,040 383,887
730.107 171,953 157.887 173,779 135,348 572.3095,557,180
229,255 63,510 68,975 71,796 59,179 249.357 2,232.483
14,146 6,395 2,481 6.203 5,952 39,871 487,489
215 100 00 010 Art 404 RA 01712 02 017 900 /AA 1 744 974
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources;
liabilities of the 747 member banks from which weekly returns are obtained. These figures are always a week behind
the
those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement
of Oct. 18 1917, published in the "ChroniPle" of Dec. 29 1917, page 2639. The comment of the Reserve Board Ttyon the figures
for the latest week appears in our Department of "Current Events and Discussions," on page 1573.
1. Data for all reporting member banks In each Federal Reserve District at close of business Sept. 24 1924, Three ciphers (SOS) omitted.
Federal Reserve District.
Boston. New York
Phila.
Cleveland. Rtchmond Atlanta. Chicago. St. Louis. Minneap. Kan. City Dallas. San Fran.
34
25
72
51
66
Total.
747
104
38
78
75
$
$
$
$
$
32,459
7,639
19,552
6,421
61,412 680,899
416,926 125,070
712,548 340,292 352.422 1.210,657
9,703
150,872
314,831
2,849
47,958
190,886
8,241
81,400
310,135
3,463
60,338
207,154
471,783
26,902
28,349
797
3,281
8,745
59,505
421.473 1,924,015
23,365
14,762
9,427 150.252
11.206
622
3,345 125,164
33,920
2,716
42,693 384,970
475,406
14,810
23,393
2,255
10,093
3,110
94,230
241.673
8,445
20,530
230
19,392
7,459
27,167
406,776
11,404
38,843
2,033
21,561
7,297
65,208
39
270,955 1,017,594 12,676.7
266,007
26,894
18,534
11,995 118,179 1,409,464
69,663
19,828
1,173
607,121
33,497
9,021
294,550
29,065
4,911
15.977 165,650 2,684,011
599,362
37,487
13,319
338,552
179,704
12,467
495.038 2,652,892
36,918 238,610
53,624
11,083
278,849 1,748,273
189,335 857,586
21.278
8,377
623,297
44,660
6,810
365,323
203,218
4,289
324,896
24,625
6,169
214,785
90,905
2,566
553,122
49,563
12,954
442,886
135,756
3.903
332,566 1,410,705 18,007,555
24,528 109,469 1,612,066
282.870
20,728
11,034
229,308 778,600 12,630,089
631,933 4,664,210
90,405
282,790
26.643
5,938
2,180
1.075
163
5.340
202
279
400
Number of reporting banks
Loans and discounts, gross:
Secured by U.S. Gov't obligations
Secured by stocks and bonds
All other loans and discounts-
108
43
5
$
74,349
8,670
271,036 2.033,432
637,766 2,602.895
55
$
9,102
281,711
379,077
Total loans and discounts
U.S. pre-war bonds
U.S. Liberty bonds
U.S. Treasury bonds
U.S. Treasury notes
U. S. Certificates of Indebtedness..
Other bonds,stocks and securities
917,472 4,710,676
13,730
51,317
87,963 679,127
20,594
5,012
11,410 291.397
10.857 142,101
205,707 1,039,613
869.890 1,149,026
45,152
10,692
47,690 193,716
2,017
2,998
54,957
24,003
26,046
18,323
244,779 338,512
Total loans & disc'ts & Investm'ts 1,253,051 8,934,825 1,018,375 1,809,426
79,034 123.423
94,271 749,478
Reserve balance with F. R. Bank
30,707
15,659
80,315
20,479
Cash In vault
862,942 5,654,005 732,828 983,738
Net demand deposits
330,881 1,101,587 155,049 697,851
Time deposits
30,454
38,370
47,099
33,408
Government deposits
Bills Payable and rediscounts with
Federal Reserve Bank:
11,329
1,134
7,828
425
Secured by U.S. Govt. obligations
1.789
2.627
12.936
MR
All other
2,187
9.252
1,585
5.134
s
s
a
219
1 RH
$
$
190,352
9,904
194,898 4,405,952
812,792 8,080,435
3,950
1.790
31,261
43.380
3. Data of reporting member banks in Federal Reserve Bank and branch cities and all other reporting banks.
New York City.
Three ciphers (000) omitted.
City of Chicago.
All.F. R. Bank Cities.1F. R. Branch Cities Other Selected Cities.
.
.
Sept.24.1 Sept.17 Sept. 24.1Sept.17 Sept. 24.
1
Sept. 17
.1Sept. 24. Sept. 17. Sept. 24
Total.
Sept. 17. Sept.24'24 Sept. 17'24 Sept. 26'23
770
747
7471
196
48
196
3 255
296
2551
4
67
6
Number of reporting banks
$ 296
$
$
$
$
$
$
3
3 71
Loans and discounts, gross:
258,121
199,661
190.352
27,797
33,419
27,933
25.093
33,269
129,150 138,445
68 002
77,180
25,106
ec
Secured by U.S.Govt. obligations
1 834,0711,784,339 518,476 517,772 3,257,548 3,212,358 619,510 621,155 528,894 521,550 4,405,952 4,355,063 3.676,508
Secured by stocks and bonds
8,080,435 8,022,394 7,942,376
,
All other loans and discounts_ _ _. 2,303.6012,250,940 727,115 731,853 5,129,4751 5,074,24511,598,542 1,593,104 1,352,418 1,355,045
4 205,67414,112,465 1,270,697 1,274.718 8,516,1731 8,42,0482,251.3212,247,6781,900,2451,904.302 12,676,73912,577,11811,877,005
discounts
Total loans and
274,995
,
40,762
40,761
,..I
4,13
91,985
92,0391 74.047
,
4,129
U.S. pre-war bonds
590,435 590,59
72,590
881,854
879,482 341,662 340,193 185,948 188,296 1,409,4841 1,407,971 1,053,456
77,628
U.S. I.lberty bonds
87,092
68.669
69,663
16,944
13,452
13,62
17,227
32,52
33,984
19,909
17,741
3,555
3,413
U.S.Treasury bonds
855,604
590,24'
807,121
48,568
48,674
448,846
432,415 109,601 109,262
272,406 270,423
93,895
79,056
U.S.Treasury notes
115,953
288,131
294,550
18,168
218,871
206,582
136,770 115,384
16.480
17,775
21,794
59,219
63,381
U. S. Certificates of Indebtedness-.
181,372 180,537 1,516,020, 1,511,615 669,455 666,840 498.538 493,951 2,684,011 2,672,406 2,157,761
Other bonds, stocks and securities... 789,110 791,59
7,555 17.871.600 16,421,866
Total loans & disc'ts & Investmls.8,048,609 5,034,848 1.649,0511,636,23811,706,276 11,581,1653,525,2143.519,242 2,776,0652,771,19318,00
179,706 1,612,066 1,750,241 1,365,732
Reserve balance with F.R.Bank__ 693.468 830,383 169,258 174.353 1,172,214 1,306,4011 260,218 264,133 179,634
283,824
278,65
282,879
79,846
80,799
.
, 5
59,852
142,295
138,9561 59,785
28,504
27,711
65,495
Cash In vault
5,136,326 5,227,974 1,216,386 1,213.247 8.924,623 9,032,6912,030,8272,062,0571,674,639 1,693,797 12,630,089 12,788,54510,891,330
Net demand depoSits
775,0211 717,183 404,049 402,042 2,340,948 2,305,172 1,345,339 1,341,608 977.923 075,501 4,664,210 4.622,281 4,019.613
Time deposits
238,222
232,91
232,790
60,929
19,220
60,929
37,909
19,366
152,620
9,834
152,641
37.929
9,834
Government deposits
Bills payable and rediscounts will
Federal Reserve Bank:
I
294,534
30,360
6,170
3,882
31,261
19,069
4,825
18,707
335
6,384
7,409
6
1.056
Secured by U.S.Govt. obligations
278,770
46,419
17,101
9,141
17,033
43,380
8,882
8,007
17,417
20,243
8,550,
All other
Ratio of bills payable & rediscounts
with F. It. Bank to total loans
3.5
1
0.
0.4
0.8
0.8
0.8
0.8
0.2
0.01
0.2
0.02
0.2
0.2.
and investments, per cent
1
• Revised figures.
1604
THE CHRONICLE
STOCKS.
Week ending Oct. 3
(Concluded)
TOankers' Oazeitt
Wall Street, Friday Night, Oct. 3 1924.
Railroad and Miscellaneous Stocks.
-The review of the
Stock Market is given this week on page 1596.
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. 3.
Sates.
for
Week.
Range for Week.
Lowest.
Highest.
Range since Jan. 1.
Lowest.
Highest.
Par. Shares $ per share. $ per share. $ per share.$ per share.
Railroads.
Bangor & Aroostk pf _100
100 90 Sept 30 90 Sept 30 86
Jan 9144 June
Buffalo Roch Pitts_10
10 65 Sept 2' 65 Sept 29 40 May 65 Sept
Preferred
100
15 82 Sept 29 82 Sept 29 7044 May 88
Apr
Central RR of N J__ _101
100242 Oct 1 242 Oct 1 199
Ma 25344 Aug
Chic & Alton etfs_ _ _ _101
200 5 Sept 29 5 Sept 29 3
Feb 5
July
C StPM & Omaha_ _100 200 4434 Oct 3 4434 Oct 3 29
Ja • 4734 Aug
Colo & Sou 1st pfd__ _ 10.
1 0
100 9934 Oct 2 5944 Oct 2 50
Jan 6044 Aug
2d preferred
100 54 Oct 1 54 Oct 1 45
Jan 54
Oct
Duluth SS& Atl pfd_100
100 44 Sept 30 44 Sept 30 334 Apr 64 July
70011034 Sept 27 11134 Sept 30 104
Illinois Central pref_ _101
Ma 11444 Aug
125 70 Sept 29 7044 Sept 30 64
RR Sec series A_ _ _100
Jan 7144 Aug
Leased line stock_.101
135 734 Sept 29 75 Sept 27 70
Jan 75
Aug
Int Rys of Cent Amer100 3,300 134 Oct 3 144 Scpt 3 1134 July 1644 Aug
10
30 54 Oct 3 5434 Sept 29 4434 May 5544 Aug
Preferred
100 300 234 Sept 30 244 Sept 30 144 Jan 344 Aug
Iowa Central
100 300 34 Sept 30 344 Oct 3 2934 Ap 46
MIBP&SSM
Jan
Preferred
11
100 59 Oct 2 59 Oct 2 50 Jun 674 Jan
Leased line cert1 8-10
/
100 584 Oct 1 5834 Oct 1 5544 Aug 60
Feb
Morris ds Essex
5
25 7834 Sept 3 7834 Sept 30 7444 Mar 79 Sept
Nash Chatt & St L-_10
10 130 Sept 27 130 Sept 27 1204 July 135
Aug
Nat Rya Mex 1st pref 10
10
434 Sept 27 434 Sept 27 344 July 544 Sept
Pacific Coast
1
400 23 Oct 2 24 Oct 2 16
Jan 40
Feb
Pitts Ft W & Chic p1_100
8 13944 Sept 3 13944 Sept 30 137
Jan 141
Sept
Pitts di West Virginia
10,300 74 Oct 1 83,4 Sept 29 744 Oct 934 Sept
Reading rights
5,700 2044 Sept 29 2134 Sept 27 1544 Mar 244 July
TwinCityflTprcL.1U
100 9334 Oct 3 934 Oct 3 90 Sept 9344 Oct
[VoL. 119.
Sales
for
Week
Range for Week.
Lowest.
Range since Jut. 1.
Highest.
Lowest. r Highest.
Indus. & Miscell. Par. Shares
per share. $ per share.
per share. Per share.
Pittsburgh Steel, pref 100 400 99 Sept 29 9944 Sept 29 95
Jan 103
Aug
Pitts Utilities, pref ctfs10 2.700 1344 Sept 29 13 Oct 2 1134 Feb 1434 July
Prod & Ref Corp, pref _50
100 45 Sept 29 45 Sept 29 42 Jun 4734 Jan
PS Corp of NJ, pf8%100 400 108 Sept 29 10844 Oct 2 9944 Ap 110 Sept
100 300 9944 Sept 29 100 Sept 29 9644 Mar 10044 Aug
7% Preferred
Rights
11,600 174.4 Sept 27 194 Oct 1 1244 May 1944 Oct
Pub Serv Elec Pr, p1.100 100 101 Sept 30 101 Sept 30 9434 May 101
Sept
Radio Corp of America 28,60C 2644 Oct 1 2834 Oct 2 2634 Oct 2844 Oct
Preferred
40C 47 Oct 2 474 Oct 1 47
Oct 474 Oct
Rip Steel spring, Prof.100 300 11534 Sept 30 116 Oct 1 113
Jan 118
July
Rossia Insurance Co.
.25 100 94 Oct 1 94 Oct 11 86
Ma 96 Sept
Schulte Ret Stores,p1.100 400 111 Oct 111134 Oct 1105 May 112
Aug
Shell Trans & Trading.£2 600 3334 Oct 2 3444 Sept 271 33
Jan 4144 Feb
Simmons Co, pref___100 300 98 Oct 1 9934 Oct 2 943-4 Jan 9944 Oct
Skelly Oil rights
32,101 1-16 Sept 29 146 Sept 291 1-32 Sept
3,4 Aug
Sloss-Sheff S dr I, pf _100 600 89 Oct 3 90 Oct 2 80
Apr 914 Sept
Stand Gas do Elec ctfs__• 9,400 3744 Oct 3 4044 Sept 291 3144 May 4044 Sept
Stand Milling, pref_ _100
40 794 Sept 30 794 Sept 30 70
Mar
July 85
Stand Plate Glass ctfs_ _•22,10C 1744 Sept 30 21 Oct 2 1744 Sept 354 June
Studebaker, pref__..100
100 110 Oct 2 110 Oct 2 110
Jan
Feb 115
United Cig Stores. pf.100 100 117 Sept 29 117 Sept 29 113
Ja 119
July
New
25 6,000 52 Oct 3 5334 Sept 29 4244 Jun 544 Aug
Unlv P & Rad tern ctfs_• 2,600 17 Oct 3 1844 Oct 2 13
July 21 June•
Prof temp
_
800 514 Oct 2 5634 Sept 30 5034 July 604 June
U S Distrib'g Corp_ _ _ *13340C 29345ept30 31 Oct 2 2144 Ap 3134 Oct
Preferred
100 1,000 120 Sept 27 123 Oct 2 98
Oct
July 123
U S Tobacco
10*
100 53 Oct 3 53 Oct 3 5134 Jun 60
Feb
Van Raalte
0 500 18 Sept 30 1844 Sept 30 16 May 333-4 Jan
, First preferred_..10C
100 60 Oct 3 60 Oct 3 53 Sept 80
Jan
Va-Caro Chemical B_ _ _*
100
44 Oct 1
X Oct 1
44 Jun
7
Feb
Washburn-Crosby, P1100 IOC 107 Oct 2 107 Oct 2i 105
July 107
Oct
Wells Fargo. new
400 5 Oct 1 834 Oct 2 5
Oct 84 Oct
West Elec 7% cum pf 100 400 115 Oct I 119ti Sept 29 11134 Apr 117
July
West E & M. 1st pref_50 400 77 Oct 3 79 Oct 3 72
Jan 8044 Aug
West Penn Co
• 1.30C 86 Oct 3 90 Sept 27, 4744 Jan 98
July
Preferred, 7%- --100 200 92 Sept 27 93 Sept 291 8734 Apr 943-4 .July
Wilson Co, prof
• 10
400 18 Sept 29 1844 Oct 2 11
Aug 724 Jan
Worthington, pref A.100 1,900 80 Oct 3 83 Sept 27 68
July 65 Sept
Preferred B
100 600 67 Oct 2 71 Sept 27 584 Jan 72 Sept
•No par value.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLII
i
Industrial & Mlscell.
State,
Railroad,
United
200 104 Sept 29 10434 Sept 27 964 Ma 10544 Sept
All America Cables_ _10
Stocks,
Week Ending Oct. 3.
&c.
States
Am Beet Sugar pfd_ _1
100 724 Sept 30 7244 Sept 30 70
Ma 77
Municipal th
Apr
No. Sharer.
Bonds.
Amer Chicle ctfs
Foreign Bds
Bonds.
• 4
30 Sept 3 3234 Oct 1 23 Sept 3434 Sept
Amer Metal pref__ _ _100
100 113 Oct 3113 Oct 3 10744 Apr 11334 Feb
441,900
84,929,000 $1,285,000
American Snuff
100 300 146 Sept 3 14634 Oct 3 134
8373,500
Apr 150
July Saturday
837,240
9,024,000
2,079,000
Preferred
111
2,375.950
153 9844 Sept 3 9844 Sept 30 95
Apr 100
Aug Monday
737,516
8,027,500
Am Teleg & Cable- _ _101
2,407,500
1.898.550
10 4044 Sept 30 4044 Sept 30 384 July 4344 Jan Tuesday
861,381
7,025,000
1,818,000
Am. Typ. Founders _101 1,90 107 Sept 3 111 Oct 2 106
1,404,900
Sept 115 Sept Wednesday
779,219
8,397,500
1,774.500
1,601,150
Art Metal Construen_li
100 154 Sept 29 154 Sept 29 1544 Aug 1644 Jan Thursday
985.200
8,315,000
1,872.000
1,373,000
Ass'd Dry Goods2d pf 101
100 98 Oct 3 98 Oct 3 89
Jan 99
Aug Friday
Atlas Powder. new.
._.5 2
484 Oct 2 49 Sept 30 47
AP 544 Feb
marni
d RA9 AKA
ada 712 Ann 211 222 nnn
to nol enn
Auto Sales pref
50 100 1434 Sept 30 1444 Sept 30 1134 Jan 1544 Feb
Dayuk Cigars 1st pref10
10 98 Sept 29 98 Sept 29 96
Feb 98 Sept
Brit Emp Steel 26 pf_100 400 8 Sept 29 844 Sept 30 734 A
Sales at
Week Ending Oct. 3.
1574 Jan
Jan. 1 to Oct. 3.
Brown Shoe Inc pre:_1
10 90 Sept 29 90 Sept 29 84 Jun 92
Feb
New York Stock
Burns Bros pref
10 1,000 98 Sept 27 9834 Oct 2 9534 Ma 9944 May
Exchange.
1924.
1923.
1924.
1923. •
Calumet & Heels
25 900 144 Sept 29 1534 Oct 3 1334 May 1944 Jan
Case(J I) Thr Ma.pf.1
400 59 Oct 1 6144 Sept2 4144 May 77
Jan Stocks
-No. shares_
4,662,456
3,930,661
181,232,416
175,804,382
Certain-Teed
30 3644 Oct 3 37 Sept 30 243-4 June 3834 Sept
Bonds.
1st preferred
100
100 79 Oct 3 79 Oct 3 7345 Ma) 80 Sept Government bonds_ _ _ 89,027,050 323.758,100
$731,885,630
3597,157.575
Columbia Gas & Elec rts 46,178
44 Sept 29
44 Sept 27
44 Sept
44 Sept State dr foreign bonds_
11,236,000
6,384,500
370,977,000
347,339,900
• 200 4434 Oct 1 45 Oct 1 3034 May 47 Sept RR.& miscell. bonds.. 45,718,000 25,688,000 1,668,677,100 1,200,349,550
Corn Invest Trust
Preferred
10
400 100 Oct 1 101 Oct 3 93 May 1024 Sept
Conley Tin Foil
• 1,700 12 Oct 3 13 Sept 27 734 May 1474 Aug
Totalbonds
S65,981.050 855,830,600 82.771.539.730 82,144,847,025
Cons G.E L& P.Balt 100 16,900 143 Sept 27 15544 Oct 1 129
Sept 15534 Oct
Corn Prod Refill pref 100 500 122 Oct 1 123 Oct 1 11544 Apr 12344 Aug
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
Cosden & Co pref_ _ _ _ 100 200 834 Sept 30 8444 Oct 1 8344 Sept 95
BALTIMORE EXCHANGES.
Feb
100
100 39 Sept 29 39 Sept 2S 21
Crex Carpet
Feb 39 Sept
• 400 73 Sept 30 7434 Sept 27 5634 Aug 7634 Sept
Cushman's Sons
Roston.
Philadelphia.
Baltimore.
100
100 7434 Oct 1 744 Oct 1 614 Ma) 78
Deere & Co pref
Jan
Week Ending
Duquesne Light 1st p1100 1,100 106 Sept 30 107 Sept 27 10044 Mat 10834 Sept
Oct. 31924.
Shares. Bond Sales. Shares, Bond Sales. Shares. Bond Sales.
E I du Pont 6% pref_ 100 500 924 Oct 2 93 Sept 29 85
Apr 93 Sept
Emerson-Brant pref..100 400 74 Sept 3C 84 Sept 29 744 Apt 15
Jan
8,891
867,850
3,131
$11,000
2,474
33,000
Fairbanks
-M tern Ws_ _ * 1.2
2744 Oct 1 2744 Oct 3 254 Ma) 294 Aug Saturday
16,073
45,050
6,885
40,100
4,661
45,000
Fed Lt Jr Tr tern ctfs_ _• 300 84 Oct 2 87 Sept 27 7444 Ma) 8744 Sept Monday
13,434
10,700
11,184
26,000
3,904
22,000
100
100 7644 Sept 30 764 Sept 3C 7444 Jun 77 Sept Tuesday
Prefeited
14,985
15,000
14,912
17,300
4,674
18.000
Fisk Rubber 1st pref _10 1,200 64 Sept 30 643i Sept 29 3834 July 663-4 Aug Wednesday
17,111
51,600
Thursday
9,165
47,500
3,587
48,800
• 4.900 4 Sept 3C 534 Oct 1 334 Aug 7
Gardner Motor
Jan Friday
13,699
22,000
5,416
13,500
3,932
24,000
General Baking Co_ _ _* 2,30C 145 Oct 3 157 Sept 27 93
Jan 160 Sept
General Motors new_ _ _•30,900 594 Oct 3 6144 Sept 21 5944 Oct 6144 Sept
84,193 3212,200
Total
50,693 8155,400
23,232 8160,800
Preferred 7%
100 1,600 984 Sept 2P 99% Oct 3 9544 Jul) 9934 Oct
General Refractories__ _• 100 37% Oct 3 3734 Oct 3 31 June 55
Jan Prey, week revised
87.251 3143.250
54022 1541 455
22205 *1511000
700 106 Sept 27 106 Sept 21 99
Gimbel Bros pref_ _..100
Jan 107
Sept
Great Western Sugar_25 8,300 8544 Oct 2 8844 Sept 27 854 Aut 964 Feb
1
100 1,300 107 Oct 3 107 Oct 3 105
Prefe-red
Apr 1084 Jan Daily Record of U. S. Bond Prices. Sept.20,Sept,22 Sept.23 Sept.24 Sept. 25 Sept.26
100 101 Oct 3 101 Oct 3 98 June 102
GulfStatesSteel 1stPt100
Sept
fIllals 1003
'431 10020
:3 100"s: 100"s3 100"ss 10011as
Hanna 1st pf CI A..100 200 88 Oct 1 88 Oct 1 88
Apr 95
Feb First Liberty Loan
3Si% bonds of 1932-47_4Low- 10029s 10047,1 100"st 100"s 100"st 10011st
25
100 6344 Sept 29 634 Sept 29 57
Helme(G W)
Jar. 6334 Sept
(First34s)
(close 100303: mous, moult 100"so
100 44 Sept 29 434 Sept 2S 334 Ma) 7
_100
Hydraulic Steel pref.
"n 1002731
Jan
Total sales in $1,000 units__
128
610
146
259
100 250 Sept 29 250 Sept 29 159
396
Ingersoll-Rand
100
139
Jan 454
Sept
Converted 4% bonds of (High
_
9 108 Oct 2 108 Oct
Preferred
100
1.02
Mar 108
July
1932-47 (First
Inland Steel pref, w L _• 100 1034 Sept 29 1034 Sept 2f 1014 Jar 105
Sept
lot Agricultural new.__• 1,200 6% Oct 1 6 Sept 27 3 June 94 Jan
Total sales in $1,000 units__
.
__
.
_
_
_
International Shoe _ _ • 50010534 Sept 29 11144 Oct 1 73
Apr 11144 Oct
Converted 434% bonds mum; 19 - list 102",, 10Yast 102
2
-- -1ist 102lis 181
100 200 117 Sept 29 11745 Sept 3C 1154 May 11734 Apr
1in
Preferred
01 1932-47 (First 434,)4 Low- 10211n 10214st 102"ss 10211s: 10211st 102"st
400 293i Sept 30 30 Oct 3 274 Jung 324 Mar
•
Intertype Corp
(Close 102"st 102"ss 102"ss 102"st 102"n 1021on
Jones & L Steel pref_100
Jar 115
30011334 Sept 27 11334 Sept 27 109
Sept
Total sales in $1,000 units.__
54
23
53
36
Feb 98
21
20
Aug
C Pow & Lt 1st pref _• 200 9744 Sept 29 9744 Sept 20 92
Second Converted 44%411150 102"st 101tIst 10111n 103.00 10119st 101"n
44 Sept 3C
10 300
44 Sept 30
Kansas & Gulf
Jan
X May 1
bonds 01193247(First( Low_ 1011In 1011433 101",,101",, 101"3, 101"st
• 300 7944 Sept 29 804 Oct 2 524 Aug 8074 Sept,
Kinney Co
Second 431*)
tame 102"st 10111st 10111s 103.00 101"st 1011in
Kresge Dept Stores__ _ _• 2.200 494 Oct 3 51 Sept 27 4634 Sept 6274 June
Total sales in 81,000 units_ _
46
381
226
255
100 96 Oct 2 96 Oct 2 94
420
July 98 Sept
97
100
Preferred
200 25 Sept 29 25 Sept 29 25
Sept 25 Sept Second Liberty Loan (High___
Kuppenheimer B
4% bonds of 1927-42__,..4Low.
___
___
____
___
____
......
McCrory Stores class B • 400 90 Oct 1 91 Oct 1 90 Sept 10644 July
(Second 41)
ICiose
300 66 Sept 27 66 Sept 27 6434 Apr 69
Mackay Cos mei_ _100
Feb
Total sales in 81,000 units_ _ _
____
____
. ---Mack Trucks 1st lost pd
400 96 Sept 30 9944 Oct 2 96
Sept 994 Oct
Converted 44% bonds (High
--- ---- .
_liss
___ 101
-14o 101100 82 Oct 3 82 Oct 3 784 Jut) 92
Mallinson(HR)&Copf100
Jan
01 1927.42 (Second (Low_--__-_
---____ 101"st 101"st
Manila Electric
200 114 Sept 30 115X' Sept 30 8944 Mar 1164 Sept
100
4449)
(Close
____
__
____ 1011in 101",, -May Dept Stores pref 100
100 118 Sept 30 118 Sept 30 115
Jan 1184 June
Total sales in $1,000 units__ _ __
- _
2
348
-___
__Met Edison pref
July Iltird
• 100 93% Sept 29 933-4 Sept 21 904 Apr 96
Liberty Loan
(High 102933 102 31 1024st 102% 1021st 102:00
,
Metro-Goldwyn Pic pf27 400 •15 Oct 3 154 Sept 3C 15
Sept 16
Sept
431% bonds of 1928
(Low. 102tn 1024n 102.00 1021st 1021n 101rost.
Midland Steel Pr pf.
_10C 1,300 93 Oct 2 964 Sept 29 7134 June 9644 Oct
(Third 4445)
(Close 1024st 102 st 1024n 1021n 102Tst 102.00
Nat Dept Stores 01_100
,
Oct 2 98 Oct 2 9234 June 98
Oct
100 98
Total sales in $1,000 units...
561
223
56
329
343
44
Nat Distil Prod pref _
400 35 Oct 2 3544 Oct 2 3044 Aug 3544 Sept fourth Liberty
Loan
(High 102"ss 1024Iss 102"s: 102uss 102"sz 102"o3
Nat Enam & Stpg p1100
Jan
100 7044 Sept 30 7044 Sept 30 67 Sept 89
44% bonds 011933 38_41
-ow- 1022,11 101"3: 102"33 102", 102"si 102"st
Nat Supply Ore!..._100
Jan 10634 July
100 1044 Oct 210434 Oct 2 100
(Fourth 44s)
(Close 1021Ist 102un 102"sa 102"st 102"31 102nn
Nat Surety
Feb 166
Oct
500 165 Oct 2 166 Oct 3 163
10C
Total sales in $1,000 units__
352
365
576
672
85 1,178
New York Canners_ ___• 1,200 2944 Sept 27 30 Oct 2 23 June 30
Oct
['reentry
113 1061:1 106.00
,
,
(High 106 s3 1061so 106 ss 106.
Npt New &II Ry,G & E
4448, 1947-52
(Low. 1061n 1061on 1061n 106.00 106.00 1050
23
Preferred
May 87
Oct
100 200 87 Oct 1 87 Oct 1 76
Wiese 106iss 105"s3 106% 106.00 10641 105"32
Nlag Falls Pow,pf,0ew25 300 2844 Oct 1 2934 Sept 27 27 June 29
Sept
'LA
e.... 1,
OA
IA,
111
Tntal anion 4ri II Ono....
If
Ohio Fuel supply
25 2.100 35 Sept 30 37 Oct 3 3144 Apr 3934 Aug
Onyx Hosiery
Jan
• 300 1934 Sept 27 1944 Sept 27 18 May 30
Note.
-The above table includes only sales of coupon
Otis Steel, pref
100 300 47 Sept 30 48 Sept 27 46
Aug 7434 Mar
Pacific Tel & Tel, Pf_ 100 100 914 Sept 29 9144 Sept 29 88 May 9334 Mar bonds. Transactions in registered bonds were:
Parish & Bing,stmpd__• 2,400 144 Sept 27 14 Sept 29
44 July 144 Sept 3 1st
431*
10111,1 to 1021st
1024n to 10211,135 3d 4445
Park dr Tilford
Sept 30
• 4.200 25 Oct 3 2834 Sept 27 24
July 4 2d 44•40
102"n to
101"st to 10b",,178 4th 431a
Penn Coal &Coke--- _50
25 Oct 3 25 Oct 3 1944 Ma 3034 Jan
26 4s
102",
10524st to 105"st
101' to 1011n 11 Treas. 444s
Penn Edison, pre!
• 400 9774 Oct 1 1004 Oct 1 974 Oct 1004 Oct
Philadelphia Co, pref_50 300 44 Oct 3 4534 Sept 29 424 Jan 47
Jan
P&RC&Lctfs w 1
•
50 4634 Oct 2 4634 Oct 2 35
Mar 5234 July
The Curb Market.
-The review of the Curb Market is
Phoenix Hosiery, p1_100 100 83 Oct 1 83 Oct 1 83
Oc 94
Feb
Pierce-Arrow prior pref_• 300 75 Oct 3 77 Oct 3 5944 Jun 8144 Aug given this week on page 1596.
Pierce Petroleum
*44.90
43.4 Sept 29 5 Sept 30 434 Sept 5 Sept
Foreign Exchange.
-See page 1596.
New York Stock Exchange-Stock Record, Daily Weekly and Yearly
1605
OCCUPYING FOUR PAGES.
For sales during the week of stocks usually inactive, see preceding page
-PER SHARE. NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Sept. 27.
•
Monday,
Sept. 29.
Tuesday.
Sept. 30.
Wednesday. 7'hwsday,
Oct. 2.
Oct. 1.
Friday,
Oct. 3.
Sates
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Rangs Since Jan. 1 1924.
On baits of 100-sbars tots
Lowest
Higlisst
PER SHARI!
Range for Prestos*
Year 1923.
Lowest
Moises*
per share $ per sksrs
Par $ per Oars 3 per sears
Railroads.
-share Shares.
per share $ per share 5 per share $ per share Spa-share Spa
Oct 0518 Mai
94
Jan 2 109 Sept 29
8
10714 108% 10714 103% 1087 10712 10614 10718 56.200 Atch Topeka & Santa Fe_100 9718 Jan 2 9312 Aug 1
10514 1073 10712 109
4
3
5
851 Dec 905 Max
100 8612
Do pref
92 92 14 1,400
92 92
9112 9112 9112 9112 9112 91% *9112 92
314July 22
34 Feb
114 Aug
1
/
14 Feb 23
4
1
/ 218
2
8
218 214 1,300 Atlanta Birm & Atlantio-100
*218 238
233 23
23. 23.
2
8
23
100 112 Jan 23 138. Sept 23 1097a July 27 Feb
RR
4,300 Atlantic Coast Line
135 13534 13412 13512 13312 134
13634 13634 13312 1353 134 135
4
4012 Jan 6014 Dee
100 5218 Apr 22 65 Aug 15
*
8
63 6318 627 6314 62% 6314 6314 6333 63 638 615 63 27,300 Baltimore dt Ohio
1
4
55 4 May 60 8 Max
100 6614 Apr 16 613*Ju1y 28
Do pref
1,400
60 60
4 5912 59% 60 60
4
*5912 5934 *5938 5934 593 593
914 Oct 1412 Dee
Jan 4 2912July 17
4
/
7
8 23 8 2412 238 2418 2318 241 2314 23% 17.400 Bkiyn Manh Tr v t c__No par 1312 Jan 3 7014July 29
8
*237 2418 2378 247
3412 Oct 4978 Dec
Prof vol tr ctfe
No par 4834
4
/
4
4
/
68% 69 2671 6718 671 6733 *673 6812 4,100
6834 6918
8
*683 69
412May 9
258 Jan
72 Nov
1 Jan 3
100 Brunswick Term & Ry----100
212 212 *212 312
*212 312 *212 312 *212 312 *212 312
100 14234 Mar 10 15412 Aug 11 18914 Sept 160 Apr
,
14838 148% 148 14812 14712 147% 1478 14812 14818 14812 14734 148 4 5,600 Canadian Pacific
4
1
/
67 June 76 Jan
4
1
100 67 4 Feb 26 923 Aug 4
8512 85
8 8433 847 12,500 Chesapeake & Ohlo
85% 85
853
847 8538 85% 853
4 84%
100 9912 Jan 3 10918July 25 96 June 10478 Feb
Do pre:
900
10212 10212 1021s 10212
103 103 103 103 103 103 *10212 103
2 May
4
1
/
4 Dee
64Sept 29
84 Apr 15
57
100
47
5% 6
4
518 53 15,600 Chicago & Alton
4
5% 53
58
64
5 14
5
4
1
/
4
1
/
3 Jan 12 Dec
8's_May2O 1334July 22
100
Do pref
8
4
/
4
/
111 111 1112 1312 12% 131s 1212 1212 1134 1234 118, 123 14,600
19 Aug 384 Feb
100 21 May 6 3078Ju1y 21
400 Chic & East Ill RR
2838 28$8 *2814 294 *2814 2914 *2814 2914 2814 2814 2814 284
4812 Aug 8214 Mar
100 37 May 5 6112 Jan 8
500
Do pref
43 43
44
43 43 *43
4
1
/
43 43
44
44 *4212
44
7 Feb
234 Oct
5s
7 Sept 29
4 Apr 30
100
11,400 Chicago Great Western
63
8
718 714
4
/
71 7%
6% 67
74 76
6% 714
8
67 Oct 17 Feb
100 1012June 4 2258 Sept 29
Do pref
2134 2033 2112 1914 207 54,600
4 21
19% 2114 2114 2233 2118 213
1114 Oct2638 Mid'
100 1134June 7 1818 Jan 10
1234 11.600 Chicago Milw & St Paul
12
13
12% 1234 13
1312 1212 127
1311 138 12
2058 Dec 454 Ma.
100 1012sept 10 304 Apr 12
Do pref
4
4
2133 2134 2012 2133 2034 2114 2034 2114 203 2134 1934 203 21,500
474 Dec 88 Mar
Aug 18
6014 611
4 5,000 Chicago & North Western_100 494 Jan 3 6414
62 13238 6112 6214 6214 6233 6133 62
*62 63
100 100 Jan 8 108 Aug 5 9718 Dec 11818 Mar
Do pref
200
*10712 108 10712 10712 10712 10712 *105 107 *105 107 *105 107
7
1912 Oct87 2 Mar
15 3634July 28
3413 328 333 16,800 Chicago Rock Isl & Pacific-100 2112 Feb
3434 34
34
3412 3433 33 3414 33 337
72 Aug 95 Feb
7634 Feb 26 91 July 21
10
90
7% preferred
8933 8933 8911 8922
*89 90 *8712 883 *8733 8834 8834 897
604 Aug 85 Mar
8
100 655 Jan 2 7914Ju1y 19
30
78
6% preferred
4 7814 783 *7734 7833 78
4
*78 79 *7612 79 *7614 781
17 Oct4512 Feb
100 20 Jan 2 4314 Oct 3
4214 421k 4233 4233 4278 4314 5,50 Colorado & Southern
40 4184 4112 423
3912 40
9314 July 12412 Feb
100 10412 Mar 5 13434 Aug 11
12914 12914 12712 12812 1278 1287 12834 1283 128 12834 125% 12712 3,400 Delaware & Hudson
Feb 15 14638Sept 9 1094 Oct13012 Feb
1
13814 1393 *138% 13914 13,100 Delaware Lack & Wagtail- 60 110 4
138 13834 137 13822 137 13834 13734 138
j15 9,lay 2234 Dec
100 204 Jan 3 354 Aug 1
2711 2784 27% 2733 2612 2714 18.200 Erie
2734 2773 2734 2811 274 28
15 Jan 314 Dec
100 2858 Feb 19 427 Aug 1
Do let preferred
9,900
3814 3711 38
4
1
/ 388 38
38
38
38
377 39
8
378 38
4
1
/
1034 May 27 Dee
u
, A ly 8
4
2548 Jan
100 33 m ar 3 6238j ug 23
Do 2d preferred
3812 1,500
38 *38
377 377
3838 381 *38 381 •38 3814 38
8
8
505 Oct 20 Mar
100
9,000 Great Northern pref
6133 631
6234 63
4
6414 6433 63 6422 623 6338 6314 63%
25 July 36 Mar
May 23 3112 Feb 4
Iron Ore Properties_ No par 26
2912 2934 4,700
30
291s 2912 2912 301* 30
2938 2933 *29 291
912 Aug 20 Max
181
3,300 Gulf Mob & Nor tr ctfs_ -100 1134 Apr 30 22 July 22
4 1834 1914 18
1812 193
1712 181 19
•1713 •1812 *17
4478 Jan 6234 Feb
100 50 Jan 3 7514 Oct 2
Do pref
4,800
7314 733
4 7312 7514
71
7233 7211 743
*7011 7112 71
71
9958 Dec 11712 Feb
100 1004 Mar 4 11412 Aug 18
2.900 Illinois Central
11112 11112 111 11138 10912 1091
11038 11038 11014 11034 11011 111
2
912 June 227 Mar
4
100 123 Jan 2 394 July 17
23
22
3,000 lnterboro Rap 'Fran
24
2412 22
1
/
244 2412 2412 2412 *24
24 24
1
15 8 July 244 Mar
5.000 Kansas City Southern--- 100 1714 Mar 26 2414Ju1y 25
2114 2133 2138 215, 2033 211
2134 2134 2118 2184 2114 215
4
1
/
4
1
/
48 July 57 Mar
100 Sl'sMar3l 56 Sept 22
Do prof
800
544 54% 5412 6413 541
54
35
*54
5514 5538
•55 56
2
1
/
ao 33912 Apr 10 724 Jan 25 54 June 71/ Feb
601: 6233 132,400 Lehigh Valley
7
6018 6033 597 6013 59 8 6212 6212 641k 6233 637
8
3
84 4 Oct165 Feb
4
8
4 1,900 Louisville & Nashvi1le-100 875 Jan 16 1013 Aug 11
9814 9812 98 983
1
/
99 994 9812 99
O9834 9914 99 99
2712 Dec 4612 Apr
4
/
4
1
/ 4338 411 4212 3,000 Math Elevated, mod guar 100 3012 Jan 2 51%July 18
42
4234 44
43 44
43% 44
44 44
713 Oct 22 Mat
%Mar 15 1312 Jan 4
100
•712 10
100 Market Street Ry
2 *712 10
h 712 *712 9.
*712 912
Ills 10
23 Oct 6812 Mar
4
1
/
100 22 Feb 20 40 Jan 6
26
Do pref
26 •18
*18
26
•18 26 •18 26 •I8 26 •18
6612 Oct 87 Mar
47
*44
100 4312 Mar 17 7112 Jan 4
700
Do prior pref
44 44
4418 46 46
44
•43 48 *44 96
8
145 Oct 5614 Mal
20
600
Do 20 pref
100 14 Mar 18 80 Jan 4
18 *16
17 .14
17
20 *16 20
20 •16
•16
912 Feb
4 Jan 28
78 Aug
1
/
14 Jan 3
4
1
/ 218 *218 238 1,100 Minneap & St L (sists)----100
2
Vs 233
8 212
2% 2% *23
*214 21
3
9 4 Oct 17 Feb
11312 1518 16
19,200 Mo-Kan-Texas RH----No par 1012May 20 1612Sept 26
16
163
8 1534 161s 157g Mg 1534
1618 161
2
247 Oct 4512 Feb
Do pref
100 29% Feb 18 49 Sept 3
18,200
4633 48
4734 49
4634 4818 473 4834 474 481
4814 49
2
1
/
84 Oct 19 Feb
914 Jan 3 2214 Oct 2
22 40,500 Missouri Paciflo corn
100
2134 2214 21
2014 2112 215, 22
20 201
2014 201
2214 Oct 49 Feb
100 29 Jan 8 59 Oct 2
5714 583 41,500
Do pref
583 5833 5814 59
581
*
57
5618 58
58 581
414 Feb
114 Nov
8Sept 26
23
14July 16
1,600 Nat Rya of Mel 2d pre: 100
% 13
•11
134 13
2
2
2
2
2
2
1% 114
824 Aug 105 Mar
100 934 Feb 15 12112May 20
1083 108% *107 108 *107 10814 •10714 10814 1078 109 107% 1094 3,200 New On Tex & Max
8
gm,May 107 Dee
14
100 9918 Feb 15 11058 Aug 20
10734 1081 10634 1077 10634 1071 10714 10784 10714 10734 1063. 10714 11,900 New York Central
12
100 7212 Feb 18 121 Sept 5 8712 Aug 80 Dee
1,500 NYCAStLnewco
115 11414 11414 114 114'i 114 114
11514 1151 115 115 •11414
12
8Sept 5 86 Nov 95 July
May 21 937
100 83
8814 8912 1,500
Do pref
897
s 89
893 893
8918 891
90 90 *8912 90
304 JU1Y 24
958 July 224 Jan
2312 2412 15,400 N Y N H & Hartford
100 1418 Jan
,
25. 254 245 251
2838 251
24% 251
2514 251
4
/
1414 June 311 Feb
3,200 N Y Ontario & Western--100 16 May 24 23% Aug 17
213 2211
4
22 28* 2212 2233 2212 223
2212 231
2318 231
9 Sept 18 8 Feb
1
19
100 1212 Apr 2' 2114 July 21
18
19
19
3,900 Norfolk Southern
191
20 23'l 1914 19% 19
1811 201
4
1
/
13212 Apr 8 100 July 117 Feb
4
12512 1253 124% 1233 124% 1251 125 12514 1241 12538 123% 1243 17,700 Norfolk & Western. ---100 10212 Jan
72 Sept 784 Aug
Feb 26 801sJune 10
4
78
100 723
Do pref
78 *75
78 *75
78 *75
78 *75
78 •75
•75
4914 Oct 8112 Mar
6734July 23
63 6414 7.300 Northern Pacific
100 4778M ar
65 6514 6514 651
64% 651
8
653 653 6512 657
2
407 Nov 6772 Apr
4854 Jan 28
446 448 12,600 Pennsylvania
50 4214 Jan
45 4538 44% 45
44% 45
44% 4434 4434 45
8 Oct17 MA
4
93 Mar 13 2134Sept 26
4 4,300 Peoria & Eastern
100
4
19% 20% 203 203
20 20
20 2112 1914 2114 *19 21
36 Jan 4714 June
1,100 Pere Marquette
100 4012Mar 81 6818 Aug 8
6034 6054 6034 6934 6012 6012 59% 601
6034 61
61 61
81
Do prior prof
100 7112,Apr 23 8512 Aug 2 6712 Oct 7834 Mar
900
8014 *80
7934 79% 8014 80 4 80
8014 8014 *80 81
,
5712 Oct 704 Jan
Do pref
100 60 Jan 4 77 Aug 8
700
7112 7018 7018 *7014 7112 704 701
7112 72
71
*7038 72
3378 Jan 505s May
6,900 Pittsburgh & West Va____100 38 Jan 4 6414Sept 9
593 6014 593 60 4 a5178 5212 5112 5214 5012 51I2 4914 501
4
,
85 Dec 93 Jan
Jan 6 106I4Sept 30
100 8514
2,700
Do prof
106 10618 1061s 1061
106 106 106 106
10614 1064 106 106
6812 June 8118 Feb
iiM
50 517 ay 20 79 Jan 12
60% 6134 9,400 Reading
6214 6214 6114 6214 6114 61% 6138 6214 6112 62
ao 3414June 24 5812 Jan 14 44 June 564 Feb
35% 35% 1,800
Do let preferred
35
3514 *35 3512 35
35
35
.
3518 35% 351
4
/ Jan
60 53312 Jan 16 58 Jan 14 45 June 561 Dec
34% 35
Do 26 preferred
600
1
/
.3512 3534 3512 3512 354 3518 *3434 35 *34% 35
2212 Oct 39
59
100 32 Jan 3 8034Sept 24
*55
59
Rutland RR prat
59 •55
59 *55
05812 60 *56 60 *56
4
16 4 Oct 27 Mar
3118 72,000 St Louis-San Fran
Apr 30 3138Sept 30
100 1912
30
1
/
30
2934 31
4 304 3138 3014 313
8 3014 31
303
3212 Jan 50 Mar
71% 73 39,800
Do prof A
100 4258 Jan 3 7312 Oct 2
731
67 683
71
6514 66% 6533 671s 6612 69
8
2512 Aug 363 Feb
4214 4418 12,300 St Louis Southwestern--100 33 Jan 2 45%July 15
443
44% 44
4312 438 4318 4414 44
431s 433
j
6438 June 834 Mar
71
100 577 Jan 3 72 Sept 18
4,200
Do prof
703 69% 701
3 71
713
71
70% 713
7033 70
70
4
1
/
4 Aug
711 Feb
4
61 Jan 2 1712July 28
100
1412 14% 1412 1412 4,300 Seaboard Air Line
1478 15
1412 143
8 1434 151
147 153
3
814 Aug 15 4 Dee
100 1414 Jan 2 3238July 30
,
28 s 2.900
2812 281
Do pref
28
28% 283
29's 273 29
2812 26
29
8414 Aug 9514 Feb
7
100 8512Mar 26 97 11 Aug 12
9412 95
94% 95% 94% 947s 9334 94% 22,100 Southern Pacific CO
9414 953* 95 961
2434 Jan 8918 Dec
100 8812 Jan 2 7038Sept
691s 27,600 Southern Railway
691
6834 693
6812 69% 6834 6914 68
4
701
683
70
1
100 664 Jan 3 7634Sept 22 63 July 70% Mar
4
/
761 2,700
Do pref
7578 76
7512 7614 76
7512 76
755 757
78
76
14 Aug 294 Mar
3734 27,500 Texas & Pacific
3714 3614 371
-100 19 Jan 3 3914 Aug 19
37
4
1
/ 38% 36
37% 38% 37
377
36
84 Dec 194 Feb
8541VIay 20 1812July 17
100
121
12 •12
300 Third Avenue
13 •12
1178 1178 •11
13
12% 121 *12
42
*39
3912 42
300 Twin City Rapid Transit. -100 3912 Oct 2 66 Jan 12 684 Jan 7712 June
423 *39 42 *3912 40
44 •_
44
4
100 12658 Mar 3 1461 Ault 19 12412 Aug 14472 Feb
138% 140
8 1391s 139% 1384 1391 11,100 Union Pacific
141
1394 1397
14012 140s 140
4
701 Dec 7612 Jan
100 70 Mar 20 764 Aug 27
*7212 74
74
74
7312 7312 73% 731
741
Do prof
700
743 *74
*74
Vg Oct gm Mar
752 Apr 23 23% Oct 1
100
2212 2014 2138 15,600 United Railways Invest
20% 231g 2212 23% 22
2034 207
2034 21
28 Oct 62 Mar
100 264 Apr 21 5458July 14
4912 5114 4814 49% 4638 48% 13,100
Do prof
4938 47% 50
4812 4912 48
3014 Aug 8612 Oct
6612 65
63
*65
67
1,000 Virginia Railway & Power-100 86 Feb 29 72114July 12
6514 6514 66
65 65
68
A*66
7 Mar 12 Dee
1
100 10 4 Jan 4 1718Mar 20
1614 1512 16
19,000 Wabash
8 16
15% 1512 15
15% 154 1614 15% 163
4
231 Jan 8812 Dec
100 84 Jan 8 4734Mar 19
44% 4518 4312 44% 43,600
Do pref A
4212 43
423 4312 42% 4412 44% 4514
4
4
164 Jan 283 Dec
100 2212 Jan 8 824 Apr 4
30
30
31
*2812 3112
Do prof B
800
3018 31
*30 3112 *2812 3112 29
8 Sept 15 Feb
818June 3 1334 Aug 6
100
3,200 Western Maryland
8
1112 1112 114 1114 107 113
4 1134 1178 1172 1172 1034 11
5
14 Sept 28 4 Mar
16 21118JulY 18
1912 1312 1914 1912 1918 193
100 15141Vlay
19
191
19
Do 2d preferred
1,400
s 1912 1912 *19
14
12 Sete 20 MA,
100 1434 Jan 2 2514Sept 19
23% 237
s 22% 23% 3,300 Western Pacific
233 233
4
4 2314 23% 23% 24
4 23% 233
100 58 Jan 7 73a July 2 53 May 6314 Mar
71% 71% 71% 713
Do prof
71% 71% 71% 7138 •71% 7214 *71% 72
800
4
6 Oct 1012 Feb
12
7 Jan 2 1514 Aug 5
1212 4,600 Wheeling & Lake Erie RY-100
12
1234 13
12% 1278 12% 12% 12% 123
* 12% 131
le Oct 19 Feb
100 1414 Jan 2 2612 Aug 8
*2212 23% 2212 2212 •2211 2334 *2212 231
2214 2212
Do prof
*2312 24
500
2
23 Aug 387 Dee
12
100 34 Jan 16 87 Jan 29
_
Wisconsin Central
8714 87 87
86
86
4
400
8712 8714 8714 8634 863 *87
11
1012 1012 1034 11
11
12
1012 101
1018
10
900
3812 3812 3812 381 *3812 39 *3812 40
400
4
403 *3813 41
851
8413 853
82% 84% 7,000
8618 86 88% 84% 8512 85
312 912
93,1 10 8
3
912 9%
9% 9%
10
912 9% 4,200
- -jl
us
114 114
118 _ li(55
1%
1151
114 114 *118 114
72% 7312 7112 7314 8,900
74181 7414 73% 74% 73 7312 72% 731
4
/
11518 1151 0115 116 •115 116 116 116
500
*115 116 *115 116
1
/
9,600
s
60% 6114 603 60% 604 6034 60% 6114 6012 6012 -.5978 60
4.9712 99
99 99
*9712 99 *9712 100
100
*98% 100 *9712 100
1214 1314 124 1212 1,200
1212 1214 12 4 124 1214 •
,
12% , 121 •12
341
34
34
34% 354 35 4
34 *3312 34
500
,
34
3312 331
*135 ro *135 140 *135 140 *130 140 •135 140 •135 140
*54 _
-- *54 _ _ _ _ *54
*54
*54
i*54
4012
4012 - -600
*4014 41 *4011 4134 4012 401 2814 401 401s 4012 271 4012
283
28
4
/ 2712 5,400
2812
2712 281
2718 28
28% 293
8 82 82
83'
82 82 *8212 831 *82
300
•8112 8314 82 82
0103 110 •103 108 *103 1071 *103 107 *103 107 •103 107
1317s 13378 13012 133 205,100
12818 130% 12712 1291 13012 134
129% 1303
116 11614
164 1,000
162
4
4
4
1153 1153 11534 1153 116 116
*115 116
4
66
1,900
166 165 •155 1651 166 1683 •167 167% 1164
167 167
100
•11918 1213* •11912 12133 120 120 *11912 12014
•119% 121% •11918 12133
8
233 24
231/ 231
2318 2318 3,000
2311 24% 23% 2438 2314 237
331s 34
31
32% 5.700
33 331
3012 32
4
33
303 32
3112
8
5% 57
3
535 5
8 5% 1,900
53
514 51
5 5%
53
512 53
118 11812 1164 11614 1,000
*117% 1181 117% 117% *118 120 *118 119
11712 11978 12,760
8
3
119 120 8 11934 1203 11934 120
11713 1181 117% 119
I 118 1181 11714 11812 119 1201 11958 12033 120 12018 11812 119% 5,200
1014 1014 10
10
1018 1,500
10
*1012 11
11
•1112 12
11
541, f1311, 642. 6314 All, 3,000
04
r 34% 633* 641, 643. 643, 65
'Bid and asked prices. t Ex-dividend. S Ex-rIghta.
*8612
*10
*3812
86
*9%
Industrial & Miscellaneous
100
Adams Express
100
Advance RumelY
100
Do prof
Air Reduction. Inc----No pa
ao
Ajax Rubber. Inc
10
Alaska Gold Mines
Alaska Juneau Gold Mln_ 10
Allied Chemical& Dye-No Par
100
Do pref
100
Allis-Chalmers Mfg
100
De Lord
Amer Agricultural Chem 100
100
Do pref
ao
American Bank Note
ao
Do pref
100
American Beet Sugar
Amer Bosch Magneto--No pa
Am Brake Shoe & F---Ho Po
100
Do pref
100
American Can
100
Do prof
American Car & Foundry_100
100
Do prat
2
American Chain, el A
No pa
American Chicle
Amer Druggists Syndicate. l
100
American Express
Am & Foreign Pow 25% paid-Full paid
American Hide de Leather-100
100
no mar
7312 Jan 2
6 June 9
2814June 14
6714 Jan 2
44,May 14
Is Jan 8
2
7 Jan 80
65 Mar 18
110 Apr 8
4158May 20
90 Apr29
718 Apr 7
4
183 Apr 7
98 Jan 8
52 May 6
36 Mar 21
2214 Apr 1
76 Apr 14
10414July 10
8
957 Apr 21
109 Jan 8
15312 Apr 14
1184 Apr 9
8Mar 21
213
4
143 Apr 22
312June 6
88 Apr 15
9212Mar 8
914 Apr 4
74 Apr 28
5m. Jan A
8912July 18
124July 29
414 Jan 4
88118Sept 29
1114 Aug 18
14 Feb 2
112Mar 4
79 July 28
4
1181 July 16
6612 Aug 19
8Sept 18
1005
1718July 29
49% Jan 9
138 Sept 18
58 Sept 24
494 Feb 6
2
387 Jan 12
7
85 2 Aug 15
110 Mar 26
13818 Aug 20
11612July 31
178 Jan 26
125 July 18
25 Sept 5
3612Sept 25
64 Jan 30
12212 Aug 4
12112 Aug 22
12112 Aug 22
1354 Feb 13
684Sent 26
82 Mar
1912 Max
1
/
544 Jan
8
723 Mar
8
147 Mar
as Mar
178 Oot
80 Jan
112 Mar
6114 Feb
9712 Jan
4
367 Feb
6878 Feb
100 Nov
4
551 Aug
4912 Feb
80 Mar
1
83 4 Feb
110 Jan
1
107 8 Dee
115 Feb
189 Mar
1214 JILD
2512 Mar
1738 Nov
74 Feb
14312 Mar
97 Dec
-.4
1
/
Aug 13 MAY
4
1
/
201. Aug 74 Ma,
67 Sept
els Oct
24 Nov
66 July
14
6 Oct
la Aug
4
1 Oct
594 Aug
4
1051 Aug
8754 June
89 Nov
104 July
284 Oct
77 Jan
5012 June
25 Aug
2234 Oct
6912 Sept
102 July
734 Jan
106 Sent
14814 July
117 Sept
4
1
/
20 June
534 Jan
418 Sept
87 Nov
96 Dec
1606
New York Stock Record-Continued-Page 2
sales during the week of stocks usually Inactive,
see second page preceding
F11011 AND LOW SALE PRICE
PER SHARI
-PER SHARE, NOT PER CENT.
PER SHARE
Sales
STOCKS
Range Since Jan. 1 1924.
Range/0r Previous
NEW YORK STOCK
far
Monday,
On basis of 100
-share iota
Tuesday, Wednesday. Thursday,
Year 1923.
Friday.
the
EXCHANGE
Sept 29
Sept 30.
oa. 1.
Oa. 2.
Oct. 3.
Week.
Lowest
Highest
Lowest
Highest
$ Per share $ Per share $ per share $ per share $ per share $ per share
Shares. Indus. & Miscall.(Con.) Par
79
8012 79 80
$ per share $ per share $ per share $ per share
7912 793
4 79h 7914 7714 8034 •77 78
4,000 American Ice
*79
100 72 Aug 28 96 Feb 7 78 Oct 11113 Apr
80
80 80
7954 793 *7934 80 *7934 80 *793 8014
4
4
200
Do pref
*2634 27
100 7918Mar
26 265a 26
4
2612 2618 2612 2612 267
8 251* 28
3,100 Amer International Coro-100 174 Mar 28 83 Feb 5 773 Oct 80 Feb
•10 4 11
3
1078 107 *1034 11
19
s
s
18 Sept 3312 Mar
11
11
*1034 11
11
11
300 American La France FE.... 10 10 May 19 297 Ang 21
*21
2112 20 2114 *1912 2114 20
1214 Jan 9
101s July 13 Mar
21
20
20
1912 1E142
900 American Linseed
43 43
100 1334May 7 2233 Jan 14
4212 4212 42 42 *40 43 *41
13 Oct 38 Mar
42 *41
42
300
Do pref
8018 8012 79 4 8014 *7834 8012 8012 8125 8018 81
100 30 Apr 15 45 Jan 14
3
2812 Out 59 Feb
79
•119 122 12013 12012 *119 12134 *119 1213 *11712 120 *118 8014 .5,100 American Locom, new_No par 701e Apr 15 837 Aug 21
s
6454 July 7614 Dec
4
120
100
Do prof
*46N 4712 467 473 *4612 47
100 11614 Apr 16 12012Sept 29 11412 Sept 122 Feb
4
4634 47
4
467 4673
4612 1,400 American Metals
No par 3834June 3 4914 Aug 18
•117 11812 117 11814 •117 1184 11714 11714 *117 11712 46
4014 June 5572 Mar
11614 11712 1,200 Anu Moan Radiator
25
83
2 87s
813 878
814 83
814 • 812
76 Jan 97 Dec
4
814 814
81/
1 814 15,600 American Safety Razor_ 25 944 Apr 16 119 Sept 19
"11
1118 1074 11
157 Apr 22
14
873Sept 27
1074 107
478 June
8 1013 10, 1012 103 •10
912 Feb
4
54 107
3 4,400 Amer 81210 A CommNo par 1038May 21 1532
73
/ 7334 7314 74
1
4
Feb 11
1032 July 2132 Jan
7318 7312 7334 7412 74
7412 7314 7414 9,400 Amer Smelting dz Refining.10
0 574 Jan 14 784 Aug 20
103 103 *103 104
10338 1033 *103 104
5114 Oct 6912 May
4
103. 10378 1033 10334
400
Do pref
100 96 Jan 2
3714 3712 371g 3712 3718 3714 z363 361
4
3634 353 36
4 36
3,900 Am Steel Foundries--33 1-3 3312 Apr 21 105 Aug 19 93 June 10232 Mar
•10512 10612 10613 10614 *106 108 10814 10614 *10614 108 *106
40 Feb 7
315 July 407 Mar
8
8
108
200
Do pref
100 10114 Apr 25 10634 Aug 15
46 4638 4512 46
45 4612 48 47
9778 Aug 10514 Feb
468 4734 4514 46
9,800 American Sugar Refining 100 38% Apr 23
*8914 90
6154 Feb 7 48 Oct 85 Feb
9018 9014 .89 90 *89 90
8912 8913 89 89
350
Do prof
72 8
7
8
8
*75
8 78
7
712 712
92 Dec 1082 Jan
4
7 4 7 4 *74 • 7 8 1,000 Amer Sumatra Tobacco-1100 79 June 7 98% Feb 14
3
3
7
00
(33
2July 11 2812 Jan 9 10 July 3655 Feb
*2312 3012 *23 31 •23 31 *24
31
3018 3014 •24
31
100
Do pref
100 2222Sept 9 69 Jan 16
12714 12714 12714 1273 127 12714 12714 12714 127 12714 127 12718 8,500
8
3218 July 6534 Feb
100 12118June 26 13078 Mar 13 11401918
16214 1655 160 16412 16112 16212 16014 16114 16112 16212 160 16214 5,400 Amer Telep & Teleg
y 1583 Feb
e 28
94
American Tobacco
100 13632 Mar 25 16712Sept 22 14014 July 1614 Dee
10412 10474 10412 10412 •104 10412 10434 1043 •1044 105 10474 1048
Web
4
700
Do pref
100 101 Apr II 10612July 23 100% Nov 10578 Mar
162 163
158 1613 1587 16112 160 16114 160 1617 159 16014 6,903
4
8
Do common Class B...100 13514 Mar 25 16434Sept 22
•12312 125 11614 12314 11714 12112 118 11814 116 118
May
114 11614 6,000 Am Wat Wks & El v t o...100 40
Feb 18 1261sSept 25 2718 Jan 4424 Apr
.96 9612 *96
96 96 .96 9612 963$ 964 *96
963
3
9812
200
Do 1st pref(7%) v t 0-100 8912 Mar 21 99 July 8
• *8814 91
903 903
4
4 90 90
897 8978 8914 90
4
90 90
800
Do male pf(6%)v 1.0.100 66 Feb 19 99 July 10 8514 July 93 Jan
56h 567
1. 5634 567
5634 5734 574 577
4 5614 58
4812 Jan 6712 Dec
563 583 18,100 American Woolen
4
8
100 5I1 Sept 10 787 Jan 11
*9534 97 *9534 97 *953 96
2
4
96 96
65 Oct 1093
9578 957 *953 97
8
2
4
200
Do prof
100 9512Sept 19 102 Jan 19 96% Oct 11134 Mar
21
234
3
234
/
1
4
234 314 *212 3
*212 3
Jan
23
4 23
8 1,200 Amer Writing Paper prat-100
112 Apr 16
7 July 14
*712 77
8
8
.712 814 *713 8
15, Dec 34 Mar
712 72
714 73$
500 Amer Zinc, Lead & Smelt...25
7 Mar 29 103 Feb 14
*2714 28
2
27h 273
3 2714 271 *271g 2814 *2713 2814 2712 2713
612 Oct 1914 Feb
4
500
Do pre
25 24 June 5
31334 373
2
8 3512 3812 3513 3614 3574 3612 354 363
244 Dec 5814 Feb
/
1
8 351 36 26,900 Anaconda Copper.Mining. 50 2812May 20 • 347 Jan 14
42 Aug 20
89
893 893 .89 90
32 Oct 5312 Mar
/
4
1
4
89
8814 8814 *88 89
89 89
500 Armour & Co(Del) prof-100 8314June 18 93% Jan 24
*8
9
8884 Oct 9414 Dee
•8
*8
9
9
*8
9
8
8
*8
9
200 Arnold Constle&Cov toNoyar
8 Jane 4 15 Jan 9
0118 120 11734 120 11714 1195 120 12274 119 12074 11714 1183
1012 Nov 1834 Oct
8 5,900 Associated Dry 000ds
100 79 Jan 15 1227g Oct 1
28h 29
2814 28 4 22774 281s 274 2814 277 277$ 2773 2814 4,700
6214 Jan 89 Mar
3
Associated Oil, new
25
16
163 *1512 16 *1513 18
3
2472 Oct 2913 Dee
158 16 *18
1638 1534 1614 1.300 AU Gulf & W I SS Line--100 27l July16 3458 Feb 5
104Mar 26 215 July 14
*2234 24 *22 23 *21
8
914 July 34 Mar
23 *22 23 • 2214 2214 *22
23
100
Do prof.100 1212 Jan 4 273
88 88
8July 3
87 88
6114 July 27 Mu
873
85 867
86
8 85 88
85
86
8,100 Atlantic Reflninf
100 .7812July 16 140% Jan81
*112 114 •11212 114 112h 11212 11214 11214 *112 11214 *112 114
9932 Sept 153 Jan
/
1
4
200
Do pref
100 10914.Ttine 23 118 'Feb 7 115 May 120 Jan
25 25
2418 25
24 241a 24 243
4 2434 243
2334 2412 5.100 Austin. Nichols & ,Co.....No par 181* Mar
80 Janf 9 17 July 35 Jan
/
1
4
2089 8934 *89 893 *89 893 *86
893 *8712 893 *87
4
4
4
8912
Do prof
100 76 Apr 17 89346ept 23 7884 June 891%. Jan
234 23
*2
212 *2
213 *218 212 *212 3
.212 3
100
1112June 20
8N Jan 2
12234 1233 1213 12312 12113 12214 12214 1233 123h 1243 12114 12374 57,400 Auto Knitter Hosiery...No par
4
9
632 Dec
4
Baldwin Locomotive Wks-100 10432May 20 131 Feb 7 110t2 Aug 2814 Au
*112 116 *112 118 •1I2 116 *112 116 •11312 116 *112 116
1441* Mu
Do prof
100 11012June 10 116 Feb 1 111 Apr 1164 Jan
1812 1812 1712 1818 1712 19
/
1
18 6 19
1834 187
3
1774 1834 3,600 Harnsdall Corp,Class A-_ 25 14 Feb 16 211
/
4June 30
*13
1312 1212 13 *11
972 Aug 35 Mar
14 •12
14
1334 133 *1214 1313
300
Do Claes B
25 10 Jan 7 1614J00e
•4012 42
41
41
6 Oct 22 Jan
*4113 44
*4113 42 *4113 42 *4113 42
300 Bayuk agars, Inc.---No par 3912May 16 59 Jan 30
' 5513 5512 54h 563
5
60 June 6214 Apr
3 5412 5412 3543 541
4
5434 551
5314 5414 4,100 Beech Nut Packing
20 443 Apr 15 6813 Jan 31
4
4314 433
4812 Dec 8414 Mar
4274 4312 427$ 433
8 4312 44
433 44
8
4234 44
17,100 Bethlehem Steel Corp
100 4112July 17 62% Feb 6 4114.11in° 70
•107 1073 1073 107s 107 107 •107 1077 *107 1077 •107 108
4
8
500
Do cum cony 8% Pre/-100 10114 Apr 12 11014 Feb 15 10014 June 11114 Mal
*9314 933
Mar
4 9334 933 *9314 93 8 933 9334 94
4
7
94
94
94
800
Preferred new
100 8912.1une 30 97 Feb 11
*4h 41
87 July 9712 Mar
*414 41
.4% 41
412 411 *419 41
412 412
300 Booth Fisheries
NO par
71 Jan 6
358June 11
*214 21
334 Oct
*214 23
117, 212
712 Jan
238 238 *2
8
21: •112 21
300 British Empire Steel
100
214 Sept 11
11012 120
6 Aug 4
97 Mar
119 120 119 119
3 Dec
119 119
11712 119
11734 118
5,000 Brooklyn Edison, Inc
100 10714June 2
79
798 7712 78
775 78
s
77h 7815 7414 771
754 76% 18,600 Bklyn Union Gasnew--No par 5658 Apr 21 120 Sept 26 10414 May 12112 Jan
8014Sept 25
4714 483 *48 49
4
4834 48
49h 491
: 498 501
50 50 4 2,200 Brown Shoe Inc
3
100 39 May 27 5312 Jan 9 418* Oct " ; Api
•109 10912 109 109 108 10814 109 109
657
11034 1103 109 109:
700 Burns Brothers
100 9712 Feb 26 112123une 27 12012 Sept 14434 Mar
01 sept 43 jan
25 253 •
4 24 26
24 24 •23h 241: •23h 241
2334 2414 1,000
Do new Class B com____
1958 Feb 26 27 June 27
*514 5 8
534 512 *514 53
3
5% 511
4
*514 53
51
3
900 Butte Copper & Zinc
358June 25
6
Oh Feb 14
•1834 19
414 Oct 1111 Feb
1812 1812 *1814 1812 1734 18
4
17
18 *17
17h 1,100 Butterlck Co
100 17 Apr 28 233 Jan 23
2
1314 June 22 Aug
1612 16h 16
1618 1512 15 3 158 16
3
4
155 155 •15h 17
8
8
2,200 Butte & Superior Mining__ 10 14 May 29 20 Feb 15
•1% 122
/
1
4
127s Oct 37 2 Mar
7
112 112 *112 138 •112 2
*112 2
112 112
300 Caddo Cent Oil & Rel_No par
1sSept 15
414
114 Nov
9114 9234 9113 9112 . 913 913 •
92 92
9% Feb
923
4
9118 9134 1,100 California Packing-.No par 80 Apr 30 9234 Jan 19
4 92
Sept 20
77 Aug 87 Feb
22
21h 22
22
21h 2134 2158 225s 22
221
2112 22
7,500 California Petroleum, new. 25 i9i2July 16 2914 Feb 5
171 Sept 29 2May
*9514 97
96 96 *9514 97
951 951* 9513 951
3
9514 9514
400
Do pref
100 9212July 16 107 Jan 31
314 314
9042 Se
g 11042 hi b
3 c
F y
1212 :
313 314 *3
314 *3
3h 31
314
3
3
900 Callahan Zinc-Lead
10
212May 10
5% Jan 9
4
*503 52
5034 503
4954 493 *49 50 •48h 50
4
4714 4818
500 Calumet Arizona Mining-. 10 4134Mar 31 54% Aug 15
*44
*3
4
h
42 Oct 66 Mar
*24
7
8
.4
7
4
*1
/
4
*3
Case (J I) Plow
4
No par
%Mar 28
IN July 18
45 Feb
•2073 25
14 Oct
21
*2012 25. •2012 24 •
23 •
21
23 .21
23
Case Threshing Mach_No par 14 Mar 19 29 July 28
1418 14
14
17 Dec 42 Mar
14
1312 133
14
141
1333 14
13% 14
3,100 Central Leather
100
7
9 8 Mar 25 1778 Feb 13
4712 4818 47 48
9 2 Nov 4012 Mu
48 4714 47 4714 4412 461
3
44
45
11,600
Do pref
100 2914Mar 8 5234 Aug 15
2818 Nov 7934 Mar
46
46
45
46
4512 453
45 4514 451g 45h *4512 4514 7,600 Cerro de Pasco Copper_No par 4034
Mar 31 49l
3612 Oct 5()12 Mar
3612 3612 3612 3714 351/ 361
3518 364 36
361
3314 3514 8,700 Chandler Motor Car.. ..No par 3314 Oct 3 ems July22
Jan 2 43 Oct 76 Mar
.86
87
86 88 *86
Ws *86
8612 86 86
86
86
500 Chicago Pneumatic Tool-100 7978May 15 8738July 21
7512 June 90% Mar
4612 461
4612 4612 4612 481
47 4712 4712 471 *4612 48 . 3,200 Chicago Yellow Cab---No pa
39 May 12 61N Apr 10
321g 3214 3174 3218 314 321
3214 3278 318 3213 31h 32 13,800 Chile Copper
25 2532 Mar 29 35N Aug 18
2415 Kite "iiise Mar
193 1938 1912 191
. 1912 191
4
1934 19 4 •1912 21
3
19
1912
700 Chino Copper
5 15 Mar 28 23h Aug 20
145, Aug 3178 Mar
57
57 *55
*57 59
581 *55 583 *55
581 *55
4
5812
100 Cluett, Peabody & Co----100 5614 Sept 8 7512 Jan 30
60 July 873644
7612 77
7614 7712 7612 2218 76h 7714 7612 767
7514 7614 28,500 Coca Cola Co v Is
NO Par 61 Apr 21 7812 Aug 21
882Oct
423 433 4214 4312 4134 4314 4214 4314 43 447
3
4
42 444 26,500 Colorado Fuel & Iron
5 20 Oct 351g j ny
100 2472 Feb
M u
M e
ua
4114 4115 *4013 4113 3934 401
4034 4012 4013 41
4112 1,100 Columbian Carbon v $0 No par 39348ept 15 5414 Aug
41
30
2
41 Oct 5112 Dee
4238 424 42 4234 4214 423
4 423, 4318 4234 433
4314 4418 26,500 Col Gas & Elec, new___No par 33 Mar 21 553 Jan 18
44128opt 15
3014 June 3734 Apr
6412 653 6412 65 4 64h 653
4
7
4 6512 67% 6712 687
67
673
4 6,000 Commercial Solvents A No par 434 Jan 11 68h Oct 2
25 Apr 48 Feb
60% 617
593 607
8 59 81
4
8 61% 6338 6238 65
62 64
7,300
B
No Par 33 Jan 15 65 Oct 2
15 Apr 40 Dec
4514 4513 4412 4512 45 453
4 46% 46
5s 4633 4714 4534 4614 13,300 Congoleum Co
No par 323sMay 19 66 4 Feb 18 44412 Dec 1843 Nov
3
2
1912 193
53 1952 19
4 19
1913 19
19
19
19
183 1914 3,600 Consolidated Cigar..._No par 111
4
/
4Mar 25 2212 Jan 14
145s Dec 394 Jan
76 *74
77 •70
77 *74
76
7512 *74
76
*73
76
100
Do pref
5912 Apr 24 84 Jan 15 80 Dec 83 Feb
100
7312 7478 7234 73 s 723 73 8 71
4
743 75
7
4
73
3
7118 72 59,400 Consolidated Gas
(N Yi)No pa
6072 Jan 2 7514Sept 26
318 312
564 July 6958 Feb
3
318
313
274 3
272 3
3
3 10,800 Consolidated Textile.._..No par
2% Apr 22
8 Jan 5
Oct 1412 Feb
5812 58 8 581s 5914 5813 5812 58% 5912 583 591
7
5814 59 16,500 Continental Can, Ina
100 4312 Apr 19 ems Aug 15
4272 May 57 Dee
/
1
4
678 7
67
•63
4
4 7
7
7
7
7
•63
4,500 Continental Motors___No par
4 7
6 Apr 22
8 Jan 16
5
Corn Products Refining_ ....100 152% Jan 4 18732 Jan 28 1143 Oct 1214 Jan
2 July 16012 Dee
15
.- 3514 3614 3518 36 30 1673 -36is - - -3$ "Isis 1/ 93,200 New when issued
- - .1. 16
: 4
3
7
13
25 3112 Jan 15 3772 Jan 28
2312 24 23 2324 223s 2312 23 2438 2314 2414 23 23h 48,300 Cosden & Co
NO par 223
sSept 30 4014 Feb 5
121
4
4
s 553 564 56
5614 5614 553 563
s
5614 553 6612 5513 58
4
12,000 Crucible Steel of America.._100 48 May 13 713 Feb 7 - - Sept 621* Mar
4
5712 Sept 8412 Mar
9018 90 904
8812 881
90 90 .90
90 *89
90
*89
500
Do pref
100 86 May 22 92 Feb 11
8534 Aug 9412 Mar
1414 1418 13h 1418 1324 133
1312 1312 1314 133
4 124 1314 5,300 Cuba Cane Sugar
No par 11% Apr 22 18 Feb 6
812 Aug 20 Feb
6234 6312 6212 6414 6112 63
6318 64
633 648 6278 64
4
13,200
Do pref
53% Apr
2
3312 Aug 8512 Dec
311/ 6,900 Cuban-American Sugar._ 100 2812June 21 717 Feb 11
3113 32
3158 32
3112 313
32 32
31
4 3114 313
10
9 3872 Feb 11
23 Aug 37 Feb
/
1
4
*97
99 *97 99 *97 99 *97 99
987 9878 *97
99
4
100
Do pref
100 96 Jan 4 100 Aug 27
92 July 106 Apr
613 612 .56
64 612
812 6 3
7
63
7
8
4 63
612 1,100 Cuban Dominion Sugar No par
4
412June 16
812 Feb 5
192
3 July 88 4 Mar
*40
49 49
•48l2 50
4812 484
50 *49
50 *49 50
200
Do prof
41 Aug 29 52 Feb 5 30 Aug
100
Mar
52
51s 5124 5114 5114 .523 53
53
52 53
485 524 5,600 Cuyamel Fruit
8
8
No par 4634 Aug 28 7412
123 1234 1214 1212 117g 1212 12
4
1214 *12
1218 12
121s 3,700 Daniel Boone Woolen Mills 25 1012Sept 9 3214 Jan 3 544 July 7212 Dee
49 4 508 46h 493
48 4914 474 493
3
17,400 Davison Chemical v I o-No par 41 Apr 14 6912 Mar 6 "2088
8 4612 48
4 4634 48
Jan 8
15i;
*193 20 •1914 20
8
1914 1914 ' 1913 20 •1934 20 •1912 20
400 De Beers Cone bilnes No par 1814 Jan 21 2212 Mar 14
18% Dec 28 Mu
10013 110 10914 10912 109h 1093 109 110 •109 1094 10834 109
2,000 Detroit Edison
s
100 10114 Jan 30
1512 1512 1533 1512 1512 1512 *1512 15% 1513 15h •14N 15
Dome Mines, Ltd----No par 15 Apr 28 11012 Aug 20 10014 June 111 map
1,500
go% May 44% Jan
2014 Jan 7
*11
12
1214 12114 1214 12
12
1214 1214
1212 1212 1,000 Douglas Pectin
03
8June 9 12% Aug 27
11 8*01 1414 June
110 110 •11033
1093 110
_ 1097 1097 11014 11014 110 110
8
4
8
900 Eastman Kodak Co___No par 1044 Apr 21 11212 Jan 11' 8934 Jan 11584 Apr
94 914 *9
014 912
9
914 914
2,300 Eaton Axle & Spring-.
914
9
914 014
..No par
834Sept 11 2412 Jan 8
20 Oct 14812 July
2
7
2
131 1337 13113 134h 13112 13214 13212 13314 130 132h 128 1304 24,600 HI du Pont de Nem & Co _100 112
s
May 20 141%
1
58 58
58
5813 58
3 58
58
2,200 Elea Storage Battery-..No par 5012may 15 64 Feb 7 10614"
584 58
5814 45824 583
Feb
52 July 6712 Mar
*1214 12h *1214 12h •1214 12h *1214 12h *1214 13 *1214 13
Elk Horn Coal Corp
50 1112June 20 14NJuly 20
124 Dec 203 Jan
4
*2
212
2
2
*2
*2
21
212
*112 2
2
2
300 Emerson-BrantIngham Co_100
%Juno 23
312 July 29
/ Deo
1
4
'T12 Feb
*6412 653 64 6412 6334 633 *64
8
651 *834 6514 *65
6512
600 Endicott-Johnson Corp- 50 557
4
5872 Oct 9414 Jan
4MaP 0 6712 Jan 16
•10812 109 *10734 109 *10813 109 109 109 •10614 109 "108 109
Do prof
100
100 10512June 26 115 Jan 17 110 Oct 118 Jan
*21
22
21
21
217s 2172 22 *21
*2013 21
22
1,300 Exchange Buffet Corp_No par 1812May 21 2412 Aug 1
21
1972 Dec
Jan
81h 833
8 8214 8314 8138 8214 8234 841
4
833 84% 81524 8372 24,100 Famous Players-Leaky-No par 61 Jan 29 8712 Aug 4 52 Oct 81 Jan
93
97 *9638 97
97
963 9712 97
Do prof (8%)
97
9674 967
1,000
4 9612 973
4
100 878 Jan 28 972 Sept 24' 82 Oct 993 Feb
7
131 •10
*10
131_ •10
Federal Mining & Elmelt-g-100
12 •10
12 •10
1312
1312 •10
IN An. 1 14 Aug 8
5 June 13 Nov
50 50 .4913 50 *49h 501
.50 51
4914 50
700
50
50
Do prof
100 4118 Jan 2 5434 Aug 19
3 14 J une 6042 Febe
714 sap4 10
4
4
*11
113 •1034 111 •1074 1114 •11
11
1,100 Fifth Avenue Dug
111
107 107
4
4 11
No par
918 Jan 23 133 Jan 26
3
184 •181 185 •181 185 181 1831 180 18112 184 186
184
1,400 Fisher Body Corp
Vo par 183 Jan 23 22313Mar 21 140 July 21214 Jan
*101 102 •101 1021 •101 1021 •101 1021 *102 10212 •101 10212
Fisher Body Ohio pref----100 98 Jan 9 10214 Mar 13
94 July 1023 June
2
918 9
3
95, 91
913 91
9
938
914 912 5,500 Fisk Rubber
s 912
93
(swum) 6 10 Jan 16
57 Oct 1612 Feb
No par
/
1
4
731
724 7314 7214 73
723 7314 73
3
72
7214 7112 7212 5,700 Fleischman Co
378 Feb 47N Mar
No par 4414 Jan 22 733
4Sept 2
854 871
86
8512 37
85
8514 87
863 8S14 8412 87 21,300 Foundation Co
4
No par 66N Jan 11 8814 Oct 2 5812 Oct 783 July
2
8 9 83
3
8 *814 8 3
8 3 83
3
8
8
1,400 Freeport Texas Co
8
3
83
4 83
814 814
s
No par
712Sept 6 13% Jan 7
9 July 22 Jan
/
1
4
4434 443
46
4514 4538 4512 457
*4.5
4534 4578 2,100 Gen Amer Tank Car__..No par 3512May 28 4914 Aug 20
467
46
8812 Oct 71% Feb
4112 42
4034 41
42 42
41
41
42h 42
413 11,700 General Asphalt
4
43
100 31% April 473 Aug 15
2
23 Aug 54 Mar
84
8312 833
*81
83
8312 831
84 •81
800
Go prof
8334 833
8312
.100 7111 Mir 5
85 Aug 15
60 Sent 83 Maw
•Bid and asked prices; no gales on this day. CLX 300% in steak. a Ex-rights S Es-dlvidend.
...woodsy.
Sept 27
•
New York Stock Record-Continued-Page 3
1607
For sales during the week of stocks usually inactive, see third page preceding
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday,
Sept. 27.
Monday.
Sept. 29.
Tuesday.
Sept. 30
Wednesday.. Thursday, 1
Oct 1
Oct 2
Friday,
Oct 3
Sates
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since -ran. 1 1924.
-share lois
On basis of 100
Lowest
I
MAW
PER SHARE
Rangefor Prates,
Year 1928.
Damn
Highest
$ per share $ per share $ per share $ per share Shares. Indus.& Miami((Con.) Par $ per share 1 $ Per share $ Per share $ per share
8018 June 9712 Dec
89
88
100 824 Apr 30 9734 Jan 10
89
*88 89
8813 8812 8812 1,600 General Cigar,Inc
200
Debenture preferred
100 100 Apr 3 10812Sept 17 10414 Nov 110 Apr
107 107 *107 108 *107 108 *107 108
100 19312 Jan 3 281 Aug 4 167% Sept 20214 Dee
258 26213 25512 259 40,800 General Electric
25612 26012 25914 262
104 Oct 12 Jan
Special
10 104 Apr 29 1112July 11
1112 118 114 1128 1 1 1g 1114 1114 1114 5,100
1234 June 171s Apr
4May 20 1614 Feb 1
13,100 General Motors Corp__No par 123
79 J1113! 89 Apr
300
Do prof
100 80 June 4 8812 Oct 1
*8734 8812 8812 8312 *8334 9012 *8812 8913
700
Do Deb stock (6%) 100 8012June 9 89 Oct 3 7834 July 90 Apr
*3734 8314 83 88
8334 883
4 89 89
9334 Oct 105 Apr
Do Deb stock (7%)--..100 92 June 10 1004 Mar 17
3June 9 45 Aug 4 --- 1125 383
-iogs ..ff.- ----4018 - 2 -4014 -41-1- -iiiii -4 8 -io- -41-- -- ,86 General Petroleum
.
8
-1-14613912 June 61l Apr
3,400 Gimbel Bros
No par 471sJune 6 6114Sept 17
5912 6034 5334 5978 59
59
'59 5912 5934 5034 5912 5913
Sept 123s Feb
8 June 6 14 Feb 4
No par
1012 1058 1078 107 1212 7,600 Glidden Co
*9
912
9
9
94 94 10
8
No par 2812 Apr 10 4114July 28
39
37 37
3734 373
*3313 3912 3818 3818 3613 38 *37
4 1,200 Gold Dust Corp
8 Nov 2228 iiii;
Goldwyn Pictures, new_No par
812 Feb 15 16125ept 9
17% Oct 4118 Mar
9,200 Goodrich Co (B F)
No par 17 June 19 3214Sept 26
-3128 - . -3612 11 4 -545Tz 3034 -3013 3134 ------3018 318
313
7
8
-3700
Do prof
100 7014May 1 8534Sent 18 674 Oct 9213 Mar
8112 8112 85 3514
*8332 8412 *8312 8412 8412 844 *8412 85
35 Oct 6212 Apr
634 714 7012 7178 67
6414 6478 64 68
6478 65
717 16,300 Goodyear T & Rub pf v t 0_100 39 Jan 4 71% Oct 2
s
88 Oct 99 Feb
Prior preferred
9714 97 9718 9712 9838 9814 9814 977g 977
100 8814 Jan 2 9832 Oct 1
*96
9718 97
8 1,200
12 Oct 33 Mar
1812 1812 1712 1838 173 173
8
3 174 18
1714 1714 1714 1714 2,300 Granby Cone 31, Elm & Pow100 1212 Apr 14 2132 Aug 20
3
4
63 Dec 15 11 Mn
400 Gray & Davis, Inc.---No par
912 Jan 11
3 June 3
*358 334
31z 313 *318 313 *318 33
4
313 312
38 38
5
5
13% Dec 341* Mar
16
15 *1434 1512 15
900 Greene Cananea Copper___100 10 May 16 1832Ju1y 22
15
15
1434 14%
1514 1514 15
5 Sept 1412 Feb
*65* 7
514Ju1y 18 10% Feb 6
7
1,600 Guantanamo Sugar___ _No par
612 612
612 612
*6
612
612 612
6
5
7338 733
8 72
7312 . 7212 7212 7012 7213 7,500 Gulf States Steel tr etfs_100 62 May 20 8914 Feb 7 66 June 104 * Mar
7314 7134 7214 73
794 Nov 947s Feb
33
3312 33 33
3234 3234 325* 33
3212 3234 3212 323k 2,200 Hartman Corporation__No par 31 Sept 10 4414 Feb 4
31 July 44 Apr
100 3214May 20 5272 Feb 4
3634 12,800 Hayes Wheel
3512 3614 354 353
35
353
8 35
37
35
4 347 35
8
797 Jay
54 Dec
*4512 50 *46
47
46
46 *454 46
400 Homestake Mining
100 35 July 1 564 Jan 3
4934 *46
455* 455*
3
281* July 39 2 Mat
3432 2,400 Household Prod,Ine_No par 313* Apr 19 35% Aug 4
*3418 343
8 344 3412 3432 3432 343* 343* 3412 3423 34
4034 Aug 78 Feb
9,800 Houston 011 of Texas
7212 73
72
100 61 Apr 22 824 Feb 5
714 73
73
70
72
724 7112 735* 72
4
20 June 323 Mar
28 283 2712 28
2
274 27% 17,600 Hudson Motor Car____No par 2012May 13 30 Aug 26
261* 2712 27
2734 273 273
2
1512 Dec 3012 Apr
14
1414 2,600 Hupp Motor Car Corp--.- 10 1118May 13 18 Jan 2
141
13% 14
138 14
14
1412 143 14's 14
2
612 Jan
84
12 Oct
13 Jan 2
112 Jan 10
No par
3
.0 1,300 Hydraulic Steel
*12
22
,
4
*12
3
34
3
4
3
*12
343 Sept 114 Mai
514Sept 2
914 Jan 18
614 6581 3,800 Independent 011 & Gas-No par
534 6
6
6
618 612
53
4 628
612 64
14
14
14
14
14
14
1 Oct 19 Mar
272 Jan 17
5
14 Aug 2
hi 4,600 Indiahoma Refining,.
*14
3
2
14
•14
3
2
18 Dec 194 Dee
1925 1812 19 1 2,800 Indian Motocycle__No par 1518June 6 2514 Feb 4
1712 17'8 17
*17
18
17
1722 1713 18
81 APT
34 Dec
712June 18
*514 51
.5
33 Apr 12
4
512
64 5,000 Indian Refining
10
512 61
6
*514 6
5
51
3111{ July 4818 Apr
3814 Jan 30
No par 311234117 1
no 3618 364 363 36 3613 364 3614 *3614 3612 3512 36 2,700 Inland Steel
4
2314 Oct 433 Mar
2, 3,200 Inspiration Cons Copper-- 20 224 Feb 28 2972Sept 2
2512 2512 244 251
2414 2472 24% 247
25 25
2434 25
2% Feb 6
12 Apr 15
12 Oct 11 Feb
100
100 Internat Agricul Corp
*78 118;
*4 118
*78 118
1
1
2 1
8 118
100
312May 29 1012 Jan 8
44 Oct 397s Feb
Do Prof
*8
91
*8
91
4 914 *
*83
4 914 *83
812 914 *812 914:
10114 1011 10012 1017 10034 101
10212 10214 10214 103 10112 10272, 3,900 Int Business Machines_No par 83 Apr 11 10714 Aug 20
31 June a Mar
5012 1,100 International Cement...No par 4034 Apr 24 5034 Aug 26
50
*5014 503 5014 501
5012 5012 *5014 504 5034 503
19 June 374 Apr
/
1
4
294 3012 3012 31
29
2934 31
2934 303
8
308 2812 2932 71.900 Inter Combus Englne-No par 22 Mar 31 31 Sept 29
661* Oct 984 Feb
9334 943
4 2.300 international Harvester_100 78 Jan 8 9912 Aug 21
59413 95
943 953 •9312 9134 9118 9418 9313 94
4
4
200 ' Do pref
100 106 Feb 26 11112Sept 24 108 Oct 111314 Jan
•11112 11112 *111 11112 11112 11112 *111 1114 *11114 11112 11113 11112
47s Aug Ills Feb
634 Jan 2 1114 Aug IS
9
100
9
1,700 lot Mercantile Madne
9 I
*914 012
914
914
9
9
9
914 914
1811 Aug 47 Jan
100 2612Mar 26 4313 Aug 21
39
6,200
Do pre(
4012 4012 38% 40
384 394 394 4014 394 3958! 38
103 Oct 1814 Feb
2
1814 1812 1738 183
8 1713 1778 1758 1814 1778 1818, 1714 1778 12,600 International Nickel (The) 25 111/May 9 1934 Aug 19
89 4 Jan 83 June
3
100 7512May 29 89 July 9
89
200
Do pref
891 *88
89
•
88 89 *88
89
8814 8814 *8812 89
2771 Oct 68% Mar
100 3412 Apr 15 59 July 15
60 50
48 494 4813 4812 487 49% 49 4913 4612 4714 2,000 International Paper
60 Oct 754 Jan
400
75
Do stamped preferred_100 6215Mar25 747 Oct 1
741g 7438 *74
*74
75 574
75 *74
76
74% 747
100 66 Feb 1 8634Sept 25 64 Oct 714 Apr
8472 2,400 Internat Telep & Teleg
8412 85
8314 8314 83
8312 8434 8414 8412 84% 82
16% Jan 2
-No par 1012July 1
74 Nov 1914 Mar
6,800 Invincible Oil Corp.
1314
1234 13
13
13
138
1312 133* 123 1314 1234 13
4
3213 Aug 5814 Mar
*4314 47
700 Iron Products Corp-._ -No par 3912 Apr 2 5234 Jan 10
*42
47
45 48 "4414 47 *4312 475* •43 47
153s Oct 24 Ma:
100 161* Apr 15 2314 Jan 2
20
1,500 Jewel Tea. Inc
201 no
2014 2014 2014 20
2028 205* 20
205* *20
8812 Dee
82 Jun
*96 102
100 78 Mar 31 102 Sept 19
200
Do pref
*98
•
98 102 *93 102
100 100 *99 101
s
100 1434Sept 10 2712 Jan 3 203s Dec 833 Mar
1,300 Jones Bros Tea. Inc
164 167
1612 1684 1612 17 *1612 1613 17 1714 *1612 17
4May 20 33% Aug 27
213
No Pa
30
3014 2928 2912 1,400 Jordan Motor Car
*2912 30
30 30
*30
31
30 31
28 July 457 Feb
*1878 194 1.200 Kayser (J) Co. v t c
No Par 1614 Aug 10 3832 Jan 18
184 19
19
201z 20 20
1913 1912
*20
21
96 July 104 Mar
77 Aug 16 1024 Feb 11
82
8112 8112 91
400
Do 1st pre!
*83 85
83 83 "81
83 *8112 821
934June 20 35 Jan 10
25
11,000 Kelly-Springfield Tire No pa
188 1914 188 19
2 12 Oct 62% Mar
0
19
1811 1834 18
183
1812 18% 18
33 June 21 88 Jan 10
78 Nov 108 Jae
5734
100 8% preferred
100
59 *52
58 •56
58 *524 5734 "52
5713 571 *62
75 Oct 11714 Mar
Kelsey Wheel, Inc
100 70 May 7 101 Jan 10
93
93 *92
*9212 95 *92
*02 98 •92
94
*90 95
8
29% Oct 45 Mar
344 Jan 21 493 Aug 15
No pa
*
4512 4632 4434 451 45.600 Kennecott Copper
4614 465* 46
467
474 478* 4614 471
132May 14
4% Jan 9
1% Oct 1112 Mar
178 178 • 900 Keystone Tire & Rubber-- 10
*13* 2
2
2
2
178 17
2
1% 2
400 Kresge(8 fil) Co
43414 4343 *429 436 *427 434 4334 4351 *426 430 425 425100 28713 Jan 17 440 Aug 28 177 Mar 300 Dee
2
75 July 893 June
10212 10312 2,081 Laclede Gas L (St Louie)-100 79 Jan 2 101 Oct 2
10212 10314 10213 103 *100 103 102 1037 10378 101
8
1112 Oct 31% Mar
8 May 13 1712 Jan 11
1012 1012 2,0)0 Lee Rubber & Tire_ __No par
11
11
11
1114 1012 1034 1012 104 *1012 11
1
Liggett& Myers Tobaeco__100 20614 Feb 18 245 Feb 9 190 4 May 240 Dee
2July 7 121 June 26 11134 Apr 1181s Jan
100 1147
•11612 iiili *11622 ffil- *11622 1-111- siii- 1-1 *iiii4 fio:, .._ 111-* -1 ;iiii Do prof
2
2
-838
^ iii- 1,- --,..-- 60 Mar 2Q 64345ept 23
New
2
7
633 63
4
634 633
4 625* 625 *6212 64 1 6314 6314, 6212 6212 1.800
25 4872 Mar 28 64328ept 22
B new
6232: 6112 61% 6,500
6212 62
633 63% 6214 6311 62
623* 62
itine 747k Mar
2,400 Lima Loa Wks tern ad _No par 56 June 9 684 Feb 9 '
60
604 6012 5918 6012 60 60
6014 6014' 6013 6112 60
4
14 June 211 Feb
174 6,300 Loew3* Incorporated-No par 154June 25 18 Jan 10
8 174 1734 17
1714 177
173* 1712 1714 1714 1712, 17
4
6 Sept 113 Jan
512 Apr 22
834 Jan 11
No par
614 6%
1332 74 "612 628
614 614 2,500 Loft Incorporated
64 612 *614 634
361 July 13814 Dee
4
2Sept 29
100 50 mar 6 733
3,800 Loose-Wiles Biscuit
72
7213 7212 724 735* 724 724 7134 7134' 7134 721, 69
25 3412May 15 40'* July2
4 4,200 Lorillard new
38 I 3712 373
38 3814 378 384 38 384 38 38 I 38
1913
No par 1714July 17 2334 Mat 17
Ludlum Steel
1913 18
194 *1314 1912 *18
1912 *18
•1612 1913 *17
100 107 Jan 2 119 Aug 1 idi May 121 Feb
*11434 117 *11434117
116 116 *115 117 ,*1153g 116 1 11514 11514 • 200 Mackay Companies
551, Jan 9312 Apr
No par 7584 Apr 14 10712A ug 20
10112 32,500 Mack Trucks. Inc
8 99 10014 100 10118 10012 1023
8 9834
100 10013 9312 1005
87 July 9914 Mu
100 9512 Jan 16 10412 Aug 16
10312 10334
300
Do 1st Preferred
*1033 10414 *10334 1001± 10334 10334 *101 10113 104 104
4
72 June 92 Mar
100 87 Apr 22 974 Aug 16
preferred
9712
500
97 *96
97
964 964 961 96797 97
*96
57 July 7112 Jan
600 Macy' H)& Co.Ine_No par 59 May 15 6812 Jan 2
(Ft
66 68 *6512 6612' 6514 6514 65 6514
*6613 667 *6514 661
8
2714 Oct 3814 Mar
3614 34
No par 2612June 14 3714 Aug 18
8
2,900 Magma Copper
35
3414 3412 347 35 : *33
3518 3512 35
351
21 June 40 Jan
Mallinson (II R)& Co_No par 18 Mar 28 314 Jan 18
23
4,400
2412 24
2441 23
2414 25
23
2428 23
2434 25
35 Oct 66 Mar
4934July 15
1,200 Manhattan Elea SuPPIYNo Par 3314 Mar 2
*4712 48
477 • 477
465* 4834 •474 48
*474 48 I *4612 47
s
*34
40 Oct 477 Jan
25 3312May 16 44 Jan 10
3514
200 Manhattan Shirt
34% *34
343 *34
4
35
3512 *34
*34
35
342*
15 Sept 2832 Dee
*
2714 2712 2714 27121 *2734 2812 2512 2714 3,500 Maracaibo Oil Expl___No par 255 Apr 21 8711 Jan 26
2713 273
28 28
1712 Oct 598 Apr
No par 29 May 12 42 Feb 5
344 3334 35 I 344 354 3314 3413 62,700 Marland Oil
343
8 34
344 347
8 34
34 Nov 18 Feb
8 Jan 8 17 4 Mar 11
3
No par
400 Marlin-Rockwell
*8
83
4 *8
912
*712 10
*8
10
8
84
8
3
3114June 3 373* Jan 17
26 July 3784 Apr
1,600 Martin-Parry Corp-.--No pa
33 12 34
3334 :14
3312 34
33 *3214 33
*324 33% 33
3114 Oct 634 MAT
38
*3634 37
36 • 363.1 1,200 Mathieson Alkali Works___ 50 2932May 13 4672June 20
37
*37
37
38
38
3788 37
4
36 Oct 831 Mar
593 613 29,400 Maxwell Motor Class A-_ _100 38 Apr 14 6232Sept 2
4
4
604 6134 608 624 604 614 6112 624 614 62
8
1014 Oct 21 Apr
1012 Apr 30 1914 Sept 29
8
18% 1914 1813 19
1878 1914 184 1914 183 19 37,200 Maxwell Motor Class B.No pa
1813 19
974 944 9518 7,400 May Department Stores__ _100 824 Apr 21 1004 Aug 20 6732 Jan 93 Dee
9614 97 9734 97
*964 9712 9514 9678 95
16 Sept 20'z May
1,500 McIntyre Porcupine Mines-- 15 May 23 1814 Jan 7
16
16
16
16
16
16
153 153
4
4 154 1578 •154 16
3
158i Aug 23 4 May
4 234 23% 2284 2312 38,300 Mexican Seaboard 011_ _No par 141g Jan 3 2524 Sept 12
2234 2212 333
2314 2312 217g 2378 22
13 Aug 2314 Ma,
VotIng trust certificates___ _ 127s Jan 3 23 Feb 6
2011 Oct 3011 Feb
900 Miami Copper
;2112 213
4
*2112 22
2
-7,
/
-211. /1 8 *ill 122* 5 20 May 19 25 Aug 18
34 Nov 1214 Jan
672 Jan 2
1 Aug 14
14 13
114
138
8
14 114
114
114
114 114 6,000 Middle States 011Corp____ 10
114 114
8
2112 June 333 Apr
100 Midvale Steel & Ordnance. 50 25 July 17 8414 Feb 7
*2412 26 *24
26
2512 *24
25
26 na
2513 25
*24
4344 June 76 Mar
100 6114June 17 71 July 11
600 Montana Power
66
6614 66
6534 653
66 *66 664 66
0712 6712 66
4
4
1814 May 281 Nov
4May 20 39 Oct 3
36
38
3714 39 107,400 Mont Ward dr Co III Corp. 10 213
4
343 3512 353 3612
4
3512 353
4 3518 36
1734 Jan 291s Mar
No par 18 May 20 2712 Feb 7
2212 2254 2234 2234 2212 2211 2214 2234 2214 2212 1.800 Moon Motors
43, 23
2
718 June 14 Feb
214 Feb 15
6 May 19
74 77
7% 73
4
73
2 73
4
7% 75*
712 73 10,100 Mother Lode Coalition-No Par
4
8
7%
1.04 Aug 29% Mar
a 4
3 4J uln 2
18 j y 16
2
No par 2215rly 2
9 uar 1
600 Mullins Body Corp
8
1538 155*
8
154 15% 1512 1513 154 154 *155 16 *155 16
311/ Oct 364 Nov
No par
*
100 Mungingwear,Inc
314 *31
311* *31
318
*2972 3112 *3018 3112 315 3132 "31
/512 Jan 11412 Jan
No par 9612 Apr 29 161 Sept 27
5,600 Nash Motors Co
*153 155 *152 155
162 1534 143 150
152 158
15518 161
7 Nov 1812 Feb
5 Aug 6 1012 Jan 28
50
200 National Acme
54 54
54 512 *514 512
*514 5% *54 54 *54 512
26 &A Mar 28 774Sept 23 88 Jan 5272 Nov
7212 14,500 National Biscuit
744 7012 x7418 7518 7414 7478 7312 7484 72
8
737 75
1
AugA 15 11812 July 125 Feb
F
8 126
5
4
Do prof
100 124
*12214 124 •122 125 *12214 125 *12214 124 *12238 124 *12218 124
40 June 13714 Feb
64Feb
June
55
5214 5214 *52
200 National Cloak & Sult-.100
*52
55
52 52
55
55 *52
*52
s
301s Apr 11 393 Aug 21
1,300 NatDairy Prod tem etfe.No pa
4
4
354 353 36 *3618 3612 3618 3614 353 36
s
383 36% 36
8434 June 423* Apr
3812 383
38
38
700 NatflepartmentStoresNopar 37 June 9 43 Jan 9
3834 383
4 3812 3812 3814 3334 *3814 39
35 Oct78 Mar
21% 218 *21
2012 21
22
3,600 Nat Enamli dr Stamping_.I00 181/Sept 8 447g Jan 17
2012 21
2012 207
2034 21
1694 Aug 15 108 July 148 Dee
National Lead
100 12312 Apr 21
5,900 Na
154 15614 15614 15713 154 1561 150 154
1574 169 156 158
14Jan
812
1). pret
100
100 11112May 27 118 Sept 9 105471122 June 16
118 •117 118 *117 11734 .117 - 1173 117 117 *117 11734
*117
Dee
Oct
e 4
577 58% 56% 575* 1,200 National Simply
5
J ati
1174 July 2 12
5515Ju 16 7 42 Au5 15
*5812 60 *5912 5934 58% 5828 •58% 59
94 Oct 18 4 Mar
3
141
1334 14
Feb5°
14
6.700 Nevada Consol Copper____ 5
14
137 14
8
14
14
14
14
14
2838 Jan Oh Nov
43% 44
43 44
43
4312 2,700 NY Air Brake temp etre No par 3612 Apr 22 45 June 16
4214 43
4314 4314
434 431
454 Aug 5112 Feb
s t 3
lz
51
*50
Class A
p)
i
800
No 1 or I;14 Jan ; re y ;5
5073 503 503
4
4
5034 5112 Si
g
517 517 *5112 52
1514 June 27 Apr
3113 3314 3118 3218 10,600 New York Dock
3178 337
31
3012 3112 31
301
*29
ben 2; o M av 14
ya 4 N1
172
ct 2
, 3734 Aug 514 Mar
534 5334 *50
5234 54
Do prat
53
2,400
53
5214 5214 *50
53
*50
1712 May 2414 Apr
4 353 36
2
V°
3512 3572 93,900 North American Co
34% 3514 3512 353
3412 35
3412 347
424 July 4813 Feb
7
477 48
50 43 8 Jan 2 5014July 11
Do prat
4734 4812 1,500
477 48
4814 484 43 48
*4772 48
Mar
5*
Nova Scotia Steel & Coal I00
812 Apr 25 141/ Jan 18
____ __ _ _
7% Oct
938 Feb 6
7 Apr 11
Nunnally Co (The)____No par
-;ii2 -4- - is- --ii -';ii2 11* *8 9
-,
-••ii! -4- -. i2
n
*1
2971133
1 2
1
133 Dec : 5tb
1 4 ID
4112 Jan 14
1 July 22
Ohio Body & Blower- _No par
1%
132
*1
132 *1
132 *1
•1
1% •1
312 Feb
72 Nov
212 Aug 1
111 Jan
Okla Prod & Ref of Amer-- 8
____ _ _ __
9 4 Deo
1
3 July
43*M1r24
8 Jan 7
100
7
7
_ 1;6645 Ontario Silver Mining
,
--i3-4 --7 2 --i4 i,f192
1.14 -- 1- -*5E2 -- 2 -;53. -/
1
1814 June 214 Apr
7
22
3,200 Orpheum Circuit. Inc
1 18 Feb 18 22 41Sept 20
22
22 22
22
22
22
2134 2178 2112 22
73132June 4 1141s July 153 Feb
50 6332June 2
6912 69
6934 2,300 Otis Elevator-k
4 69
6772 6634 663
6914 367
69 6912 139
22I
7 June 1434 Mar
No p r
7% Aug 13
a
74 732 1,800 Otis Steel
712 74
74 74
712 74
712 712
712 712
a
17 Ja 1:
25 3914May 29 4172 j n 2
*4172 4212 4134 42
2,300 Owens Bottle
4134 42
4112 42
42
*4212 423* 42
364 " 5216 Ma?
• Nov Sig Apr
6j
2
114 Jan 11
Pacific Development
3 Jan 2
2
5
8
*12
3
4
*12
13 ' *12
58
•12
52
'12
3
2
•3
8
3
s
11114 ow. .Tofr 4 997
73 July 947 Dee
4Sent 29
, 9770 991* 3200 Pfteltle ng** Polnetrin.
5
991. 991. 911-, .971. 971, 97.1, 97111 977, 977
90
1 Par value changed irons QM to $50 and prices on that bads beginning June 8 a Er-rights.
*Bid and asked prices; no sales this day z Ex-dividend.
$ Per share $ per share
*89
898
89 8912
108 108 *107 108
261 263 2573 26212
4
1132 11% 1114 1132
1518 1532
*8734 8812 *8734 8812
*8734 8312 88 88
1608
New York Stock Record-Concluded-Page 4
For sales during the week of stocks usually Inactive, see fourth page preceding.
HIGH AND LOW SALE PRICE
-PER SHARE, NOT PER CENT.
.Saturday,
Sept. 27.
Monday.
Sept. 29.
Tuesday,
Sept. 30.
Wednesday
Oct. 1.
Thursday,
Oct. 2.
Friday.
Oct. 3.
$ per share $ per share $ per share $ per share g per share $ Per
share
.5912 95
8 *812 912 *302 9%
9
9
*813 93
2 *812 912
48
484 48% 477s 46% 47% 47% 47% 4712 473
4 47
475
1318 14
13% 1418 1312 1334 133 13% 1314 1312 1312 1312
8
997 100
8
0912 9912 9912 993 100 100
100 100 *100 10014
4
*527 5314 5212 52 4 :513 5214 51% 54
2
3
4
534 5412 513 533
/
1
4
52% 523
4 513 5212 x51
4
4
533
2 527 5414 515 5314
5112 51
*13
4 3
•1% 34 •15
5 3
*2
34 *2
314 *2
314
13
18
13*
153
5
112
-5
15
515, - - -I8
13* -1i "Tis •10434 105
10434 1043 10412 10412 105 10912 1085 10912:107 10714
4
8
5014 5012 50
50% 493 51
4
48
4912
507 5114 4912 497
8
463 47% 45% 463
4
45% 4714 461s 463
4 455 4818
4 45% 46
*65
70 *65
70
*85
*65
70
70
*85
70
*65
70
1812 16% 154 1612 154 1512 15
/
1
1512 153 16
1518 153
4
31% 3214 3112 32% 31% 32
31% 3218 317 324 2312 32%
8
10
10
10
9% 10
10 8 .912 10
3
*98 1018
93
4 9%
3414 3414 34
34
3412 33% 3312 *33
3312 3312 3018 33
13
4 134
1% 1%
1% 13
4
1% 1%
15
8
152
15
8
13
4
*28
2712 *2612 2714 2612 2612 2614 26% *2614 263
4 26
2612
*58
57
56
57
58 .56
*56
5612 *56
5612 55
55%
99
99
*98 100
99 99
*98 100
*98 100
*98 100
1314 1312 1312 1312 13% 13% 1314 13% 13% 13% 1312 1312
62% 63
6314 64
6314 6418 63% 84
633 64
4
6518 673
8
•111112 119
116% 119 •11612 119 •11(1% 118
117 117
11634 1183
4
*45
4512 4512 *4412 4512 4512 4512 45% 45% *4412 4512
46
*7214 7312 *7212 73% 7212 7212 *7214 7212 7214 7214 *7214 7212
*2013 27
25
25
/ 26
1
4
2512 253 2614 26
s
2512
2612 25
6212 82% 6278 6214 623
61
8112 61% 63
62
4 6114 6252
13012 130% 1291g 1304 12912 1293 130 1313 13012 131% 12912 1313
4
4
4
54 54
53
533
4 523 53% 521 t 523
4
4 52% 533
5314
4 52
22 8 22 3 2212 22% 22% 2278 22% 2312 22% 233
7
7
8 2212 2272
9712 9712 *97
9712 *97
9712 *97
9712 97% 9712 *97
9712
7
126% 1287 126 8 129
127 128
4
1294 135
132 1357 127 133
2
*3012 32 •3018 32 .30% 32 *303 32
8
30% 303
*30% 32
s
12
12% 11% 1218 117 12
8
117 12
2
11% 11% 1112 11%
45
47% 4514 4714 44
46
45
453
43
4 43% 4512 42
92 *92
*91
93
92 92
*91
*9114 03
93
*91
93
•104 108 *103 105 •100 105
105 105 *100 108 *100 108
113 12
4
11% 11% 113 113
1134 1154 1112 1112
12
4
4 12
4814 4512 46
46
45 5 4512 4512 46
3
45% 46
44% 45%
88
*83
*85
88 •80
88
*80
88
85 •85
86 86
1614 1812 1612 18% 16
16
15% 15%
18
16
1812 16
7674 77
77
77
77
77
7712 7714 7712 773 78
/ 777
1
4
2
*120
- - *120 121
120 120
120 120 *120 12014 •120 121
4152 - -5s 41
41
4112 40% 4114 4074 415
413
41
4 40% 41
s
30% 30 8 3012 30% 30% 303
3
2
4 303 3112 3112 32 s 31% 331
7
*112 2
1% 13
•14 2
8 •1% 2
*152 2
•15
8 2
6214 62% 62
623
4 62
6514 6314 65
6514 64
62% 63
10612 100 4 106% 109
3
10712 10812 10714 1077 10712 1073 10614 107
4
2
4
1033 10414 1033 104
4
105 105
105 106
10514 1083 10412 108
s
•11712 11912 •11712 11912 •11712 11912 *118 11912 •118 11912 *118 1191
•112 131 *112 13
4 •1% 1% *112 13
4
112
112 *112 13
614 614 *6
*814 6%
6
6
*64 61
612
/
1
614 614
16% 1612 1612 10 4 16% 17
1678 1718 16% 1718 16% 17
3
9512 9512 9512 9512 *9512 96
*9512 95% 9512 9512
•95% 08
1412 1412 14
1414 14
14% 13% 141
1414 13% 1418 14
267 27
8
27
27
26 2 2714 27
7
281
s
27% 273 2734 28
164 16 s 16
16 2 15% 164 15% 16
3
15% 153
1512 16
3
8114 80
"8112 817 *8118 8114 81
8012 *803 81
*81
8
s
8114
17% 18% 17% 18
17% 18
•17 4 1814 17% 1818 17% 1778
7
*7312 74
73% 7312 7252 73
73
73% 73% 73% 7012 723
4
75
*71
•71
74
*71
74
*71
7312 71
73
*71
71
1412 14
141 1414 14
14
15
/
4
1412 14% 14
1414
1412
91% 91% 9112 9112 *91
90
90
92
*9112 9212
92
92
64
*80
65
*60
84
*60
65
65
64
*60
84
65
5718 5712 57
5734 57
5714 5612 573
3
5714 56 4 5712 57
2
3512 35 s 3512 35 4 35% 35% 3512 35% 354 36
5
3
3512 353
4
*11714 11778 117% 1177 117% 118
8
11712 118
11734 1173 117% 118
4
62
*6112 82% 61% 613
62
4 61% 62
*6112 623
62
s 62
5712 5814 5712 58
57
/ 6014 59% 60% 59
1
4
5912 57% 59%
68
88
86 4 6812 68 2 69
3
*66
88
67
67
7
66
6612
Sales
for
the
Week.
Shares.
100
14,300
23,200
1,500
8,700
51,800
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1924.
On basis of 100-shars lost
Lowest
Highest
Indus.& Miceli.(Con.) Par
PO shore 8 Per share
Pacific Mall Steamahip__ 5
4
7 Apr 7 103 Jan 9
Pacific Oil
45 Apr 22 6814 Feb a
Packard Motor Car
9 2May 1 141sSept 29
10
7
Preferred
100 894 Apr 24 101 Aug 11
Pan-Amer Petr & Trans- 50 4414 Feb 14 6114 Jan 2
Do Class B
50 414 Feb 14 5912 Jan 2
Panhandle Prod & Ref,No par
112Sept 6
413 Jan 23
Parish & Bingham
No par 131 Jan 2 16 Mar 12
,
11,300 Penn-Seaboard St'l v t oNo par
las Sept 20
414 Jan 17
5,800 People's G L Jt C(Chic).--100 9214 Apr 29 10912 Oct 1
6,500 Philadelphia Co (Pittsb)._ 60 4272May 1 5312July 14
15,400 Phlia & Read C & I wI.No par 3412 Mar 28 52%July 31
Phillips-Jones Corp.
...No par 44 May 14 88 July 14
7,200 Phillip Morris & Co Ltd___10 11 July 10 23% Jan 31
38.100 Phillips Petroleum___No par 2812 Oct 3 4212 Apr 5
2,000 Pierce-Arrow Mot Car.No par
612May 13 1212 Jan 17
2,200
Do pref
100 1812May 15 367
8Sept 2
1,800 Pierce 011 Corporation
112 Apr 3
25
44 Jan 22
600
Do pref
100 20 Mar 4 36 Jan 21
1,500 Pittsburgh Coal of Pa
100 5312 Aug 12 633 Mar 12
4
200
Do pref
100 947 Aug 21 100 Apr 4
2
3,100 Pittsburgh Utilities pref....100
972 Jan 22 1412July 10
15,600 Postum Cereal Co Ino..No par 4812 Apr 22 673 Oct 3
8
Do 8% preferred
200
100 110 Feb 7 117 Oct 2
400 Pressed Steel Car
100 39 Aug 6 62 Jan 28
200
Do pre/
100 87 Aug 15 90 Feb 8
4,300 Producers& Refiners Corp_ 50 223 Apr 22 4312 Jan 22
20,700 PubServCorp ofNJ new No par 39 Mar 25 63 Sept 29
9,000 Pullman Company
100 11312 Apr 10 1347 Aug 12
2
7,700 Punta Alegre Sugar
12
50 4714June 6 87 Mar 14
7,100 Pure 011(The)
25 20 June 6 2634 Feb 6
300
Do 8% preferred
100 92 Jan 10 9812 Mar 13
15,100 Railway Steel Spring
8
100 106 Jan 3 1357 Oct 2
100 Rang Mines, Ltd
No par 30 Jan 17 3312 Feb 15
8,400 Ray Consolidated Copper- 10
9 Mar 27 14 Aug 20
1,200 Remington Ty vomiter..-100 3214 Jan 4 4912 Feb 5
100
1st preferred
100 9014July 11 9414 Feb 5
100
50 preferred
100 9012May 13 105 Oct 1
1,400 Replogle Steel
714June 11 153 Jan 28
par
No 10o
2
5,500 Republic Iron & Steel
42 June 7 61.7 Feb 11
2
1
Do pref
100 82 June 16 95 Mar 6
2,400 Reynolds spring
7
9 2May 13 22 4 Jan 7
3
No par
9,1001 Reyirldseplef :
30,3
D
pClass B 25 6112Mar 31 78 Oct 2
7
T Ted
100 11514 Mar 28 121 June 17
9,7001 Royal Dutch Co(N Y shares). 4034Sept 22 594 Feb 6
9,600 StJosephl.ead
10 22 Jan 7 3312 Oct 3
100 Santa Cecelia Sugar .No Pa
114 Mar 6
33 Jan 24
2
,
11,200 Savage Arms Corporation_100 32 8 Jan 2 6514 Oct 1
1
-10,700 Schulte Retail Stores_No par 9614 Apr 18 12914 Aug 7
7,700 Sears, Roebuck & Co
100 7834May 15 10712 Aug 18
Do prof
100 11212 Mar 26 120 Aug 22
200 Seneca Copper
12May 2
614 Jan 11
400 Shattuck Arizona Copper. P10
4 Apr 11
8 July 23
Ng
.
22,000 Shell Union 011
4July 17 201s Feb 6
par
No 1oolo 153
500
9112 Jan 4 981
8May 6
Preferred
12,300 Simms Petroleum
10 2 Jan 4 15 Sept 10
3
6,800 Simmons Co
No par 22 Apr 14 2812 Oct 3
51,900 Sinclair Cons 011 Corp./go par 15 July 16 2718 Jan 2
800
Preferred
100 77 May 8 90 Jan 21
5,400 Skelly Oil Co
25 171 July 17 29 Feb 4
2.300 Sloss Midfield Steel & Iron 100 52 May 20 7612 Aug 20
100 South Porto Rico Sugar---100 8412June 9 95 8 Mar 8
7
4,700 Spicer Mfg Co
No par
3
7 2June 20 18 Jan 12
400
Do pref
100 78 July 18 92 Oct 2
200 Standard Milling
100 3912May 20 64 Sept 20
8.900 Standard 011 of California. 25 55h Apr 21 6812 Jan 26
14,900 Standard 011 of New Jersey 25 33 May 14 4214 Jan 28
1,000
Do pref non-voting_ _100 115 4 Mar 1 11912 AUK 22
3
700 Sterling Products
No par 5312 Apr 23 63 2 Jan 2
7
34,900 Stewart
-Warn Sp Corp_No par 4812July 17 1007 Jan 12
2
2,000 Stromberg Carburetor_No par 5412May 14 847 Jan 11
2
ii:666 Studebaker Corp (The).„100 8012 Apr 30 10814 Jan 8
.
4184 42'42
-46- 113
- - 41* 42
4
414
-ills Ili
New w I
No par 3012May 20 42 Sept 25
813 gs,
9
9
9
88 9
7
83
8 8% 5,100 Submarine Boat
8% 8%
7 Mar 29 1212 Jan 2
No par
434 478
4% 5
43
8
43
47
4 5
8 514 *5
512 20,000 Superior Oil
No 100
par
2511 Jan 2
812 Aug 4
*2614 27
*2614 28 *2614 28
*2812 28
27
2714 *2614 28
300 Superior Steel
23 July 28 8472 Jan 9
218 2%
212 2%
218 2%
212
212
2% 288
23
8 212 22,200 Sweet() Coot America
13
4Sept 8
10
3 Jan 2
7% 7%
73
8 7%
7% 7%
*7% 8
7% 7% *712 8
No par
400 Tenn Copp & C
6 4 Mar 31
3
9 4 Jan 5
1
398 4018 39 8 40% 40% 4012 40
4
40 4012 39% 40
7
40% 18,500 Texas Company (The)-- 25 373
4June 7 4512 Jan 30
79
81
8 79% 807
79% 8018 807
80% 8114 80
8 7814 79% 23,800 Texas Gulf Sulphur
10 574 Apr 21 82 Sept 25
8% 8% *8 4 8%
3
8% 94 10,800 Texas Pacific Coal & Oil-. 10
8 s 8%
7
8% 914
93
s 9%
814June 7 154 Feb 1
120 120 *119 121 *119 121 •119 122
*119 121
120 120
300 Tidewater 011
100 11814July 15 151 Feb 7
343 3612 3612 3712 37
4
34% 35
33,800 Timken Roller Bearing-No Par 3112May 19 41 Jan 7
3712 37
37% 3512 37
52 67
x6512 6812 65
8718 67 8 87 6712 66
/ 8814 63% 6512 16,900 Tobacco Products
1
4
7
rp
100 53 Apr 11
70 4 Feb 5
1
927
2 927 92% 923 92% 913 9212 2,100
9214 *92% 93
4
92
92
8
4
Do Class A
100 8314 Mar 25 93I July29
-- _
Preferred
-2:lune 30
100 113 Feb 19 1197
4 -14
418 -14
4
-11- 9,260 Transcontinental 011__No par
14
4
41s
41g
14
31 Apr 15
4
64 Jan III
1
*3712 3812 3712 373
383 39
4 3814 3814 *3712 384 3712 3712 1,500 Underwood Typewriter
4
/
1
25 3812Sept 8 43 Jan 9
40
*3912 40
41
*38
40
41
41
300 Union Bag & Paper Corp...100 3312Sept 10 6412 Feb 9
40
*39
40
.40
*18
14
.22 .22
.22 .25 * .22 .23 •
.22 .22 •
.22 .25
200 Union 011
Is Feb 1
No par
se Apr 9
12612 12612 •125 127
125 1273 12234 126
122 12212 2.600 Union Tank Car
130 130
100 94 Jan 7 1327
sSept 18
11312 11312 •112 11312 *112 1133 •112 11312 113 113
300
•11312 114
Do pref
4July 23
100 10614 Feb 18 1163
22
500 United Alloy Steel
22
*221 2212 2214 2214 221s 221 *2214 23
/
4
*2214 23
No par 2118June 19 37 Feb 11
9412 9614 94% 96% 92
953
92
9512 10,900 United Drug
92
•9134 9212 91
100 71 May 29 9514 Oct 1
49% 49% 50
50 50
*49% 50
300
50
*493 50
4
Do 1st preferred
*49 4 50
3
50 4612May 3 50 Sept 23
207 208
208 208
1,500 United Fruit
207 208 *205 209 *20812 210
209 211
100 182 Jan 4 224% Aug 5
8
s
112 11412 112 11434 114% 1185 114% 1163 11212 115% 78,900 U 8 Cast Iron Pipe& Fdy...100 64 Feb 27 11652 Oct 1
1128 115
*98
98
97 97
98
500
98
9812 9812 9812
*97
Do pref
97
97
100 817 Jan 15 9512 Oct 3
2
2212 231
2314 23% 2312 244 5,100 US AMP])Mach Corp-No par 16 Mar 28 2414 Oct 3
23% 231
*223 2312 2212 23
4
12
11,100 US Industrial Alcohol____100 6112May 20 83bs Jan 3i
4
4
7014 7118 683 71
714 7112 70
713* 693 7012 7014 711
*9612 104% *98 105
Do pref
*9612 1047 *98 105
*9314 105
*9814 105
8
100 98 Jan 3 1033 Feb 7
4
*9312 94
*9312 94
1,100 U S Realty & Improv3-100 DO June 9 1071 Feb III
944 9414 9312 94
/
1
9314 933 *9312 94
4
4
Preferred
"101 102 *101 102 •101 102 "101 102 *101 102 •101 102
100 June 9 109 Feb 13
34% 36
36
9,000 United States Rubber
343 35
8
35
3538 3512 348 353
100 2212May 22 42% Jan 12
8
8 34% 35
Do 1st preferred
88% 8914 8812 8912 8812 88% 1.800
88 88
88% 8814 88 88
100 6612May 28 94% Jan 10
34
34% 3214 3212 6,900 US Smelting, Ref de Min__ 50 1812Mar 28 36 Aug 19
343
4 34
34
32 32
32
328 33
200
44% *44%
*44
453 45% *4412 4512
Do pref
4
_
45 4 *44
3
50 37I2Mar 22 4612July 21
453 *44
4
- _- 8
108 8 10914 1073 10912 1073 10852 108% 1093 10812 109% 107% 1083 172,000 United States Steel Corp-100 9414June 6 11134 Aug 20
3
4
4
4
12212 12212 12214 12214 12214 122% 12214 12214 122% 1223 12214 1223
2
Do pref
s 1.400
100 118 2 Feb I 123 July 23
1
1.900 Utah Copper
7712 7712 77
75
75
761s 75
7312 75
*7512 76
10 64 Jan 18 8134July 29
77
34
3483 33 4 3512 34% 35% 3412 34% 3412 3434 33% 34% 13,500 Utah Securities
3
100 1812 Jan 4 37 Sept 10
25
2514 244 248
244 2412 2412 23% 2412 23
23% 5,000 Vanadium Corp
No par liPeune 9 3312 Feb 11
23
•1% 18
114
114
1,000 Virginia-Carolina Chem.
114 18
114
-100
152
111
114
%June 10 103 Jan 11
s
4
4
4
4
37
1l
4 34 1,100
Do pref
'
13
4
4
34
7
37s 37
100
212June 9 3414 Jan 2
10 8 113
3
15,930 Vivaudou(V)
914 10
8 1012 107
9% 10
Vo par
93 1012
8 1012 1034
4 4July 12 151s Jan 10
3
1412 1412 .1414 1412 Ice 1434 1412 1412 1414 143
900 Waldorf System
s 1438 1438
No par 14 Apr 29 1712July 14
•15 8 158
3
3 15
1512 1512 1512 153
15
4 1,800 Weber & Hellbroner- _No par 1414 Jan 31 1912 Mar 15
3 *153 16
1512 155
4
8
*437 44
1,600 Wells Fargo Express
45
43 3 43 4 44 44
4412 443
4334 44
4 45
3
50 3514 Jan 19 45 Oct 3
1123 1123 11214 /1412 112 11218 11214 11214 *112 113
4
4
112% 1127
8 1,700 Western Union Telegraph.100 105 May 1 118 Aug 19
*94
9412 95
600 Westinghouse Air Brake...50 84 Jan 2 96 4 Jan 28
9312 9312
93
95
*9112 9312 921 937
1
(
3 93
634 63 4 6312 63 8 26218 823
3
8 5,900 Westinghour 3 Eleo & Mfg. 50 5512MaY 15 75 May 17
7
2 623 63% 6212 63% 6214 637
4
24
1,800 White East. OH
2418 2414 2418 2414 z24
24
4
*233 24
No par 2:11alay 12 29 2 Feb 6
24
235* 34
3
6512 66
6438 6518 *634 63% 14,400 White Ma or
64% 8512 63
5 6412 6418 65
,
50 501k Apr 11 66126011125
1%
11*
1
2,000 Wickwire ipencer Steel
114 118
1
*1
Ils
1
5
%NIay 19
114 *118
5 Jan 11
111
814 8%
914 812
814 812
814 812 11,000 WIllys-0* erland (The)._ 25
812 812
.
814 812
672May 17 1414 Jan 16
6878 688 6812 69
67
Do r ref
6812 4,800
8734 6814 6814 687
100 6112May 16 88 Jan 15
5 6812 69
600 Wilson it Co Inc
6
83
2 *53
5 s 5%
5
6
412May 16 28 Jan 9
*512 6%
No par
6
614 *512 6
Woolmeth Co(F W)
100 280 Jan 4 345 Mar 24
110 11112 7,400
'112 1122* 111 11113 110,
New w I
3 1118* 1103, 1127
112
25 721* Apr 10 12012June 30
,
5
,
4414 4534 428 43
44% 28,000 Worthington P & M
4212 45
448 4612 43% 451s 42
100 2314June 9 471:Sept 21
1134 1134 117 12
500 Wright Aeronatuical-No par
*113 12.
•113 12
4
4
*113 12
4
12
12
953MaY 15 134 Jan 3
44% 7,500 Wrigley(Wm Jr)
42
43
43
4434 44% 448 4414 44% 44
417 417
No par 35 Apr 22 447 Oct 1
4
. 52
521
1,800 Yellow Cab Mfg tern offs__ Id 4434June 10 85% Mar 27
52
52
518 52
4
52
*52
52 52
5112 52
,
100 Youngstown Sheet& T.No par 62 May 4 7n3 Aug 20
•6672 6713 867 667 *65
s
661* .65
6612
e
6612 .65
6612 *65
•Bid and asked arias. no sales on sow day z ge-dIviaewl
PER SHARE
Bangs for Previous
Year 1923.
Lowest
share
9014.7une
8".9717 8ej upci y
$ O t
5
53 Sept
50 0 y
912 4a t
o
114 Oct
pt
8461112 JulyAOcr
- i- ipt
so4 Eletii
1112 July
July
1111 J3 y
6
36
1 Octouu
Highest
shim
128 Mar
4
521e Dec
154 Mar
99 Feb
934 Feb
86 Feb
814 Apr
15 Mar
12
6 Apr
9812 Dee
5014 MAY
16"
Apr
2412 Dee
6952 Ayr
1514 Jan
35% Jan
6
Feb
Jan
45
67 2 Me r
7
Apr
100
1112 Sept
134 Feb
11414 Jan
8112 Jan
4
993 Jan
5812 Mar
5112 Apr
134 Mar
6914 Apr
82 Feb
100 Mat
123 Mar
3412 Feb
1714 Mai
WA Mar
104 Feb
99 Nov
311 Feb
4
661 Mar
4
967 Mar
2
297 Apr
e
42 J1:t
101s °
8688 jc
o
47 July
10812 June
Oct
80 Oct
17 Nov
4112 Dec
110 July
12
4161712 July
2
Sept
824 Aug
9912 Oct
2914 July
97e Sept
24 June
89 Dec
80 Jan
8 Oct
404 June
841 Oct
4
14 June
47 Jan 75 Dee
11412 July -118 Feb
40
Aug 5512 Feb
114 un
17 JOce 234 Dee
5 Feb
Me Jan 3513 Dee
nese Dee
6 8 4 Juay 9232 Feb
853 M ne
47
:
1061 Jr 115 Nov
1212 Mar
2
5 Oct 107 Max
121 Jan 1914 May
s
8912 Nov 95 MAY
64 July 16 Feb
221 Dec 3452 Mar
4
393 Mar
2
16 Sep
8014 Aug 9912 Feb
:Jan 36 Mar
39July 63 Dee
8:
Aug 70 Dee
38 June 2714 Feb
11131
88
Oct 977e Feb
6014 Dec 9012 Jan
4718 July 12312 Jan
307 July 4414 Mar
2
4
1141 Aug 11814 July
51 June 6712 Mar
l
42 Jol y 12412 Apr
7 12 u
4
944 Msr
931 Oct 1264 Mtn
4
/ Jan
2 Bent
28l Oct
1 June
u92Juoe
8 N nv
5314 July
9 1 July
84:
463 1 l
5
Jan
We July
1317 A eb
7 F o2
/ otug
1
44
15 Api
1
6 4 Feb
34 Mar
Oct
4
123 Feb
4
527 Mar
2
Jan
85
2414 Feb
144 Mar
45 Mar
78114 Dee
92 2 Dee
7
11512 Oct
1412 Jan
42 Deo
60 Oct 77 Mar
12
% Jan
14 Jan
81 Feb 991 Mar
/
4
106 Sept 112
Jan
29 July 3912 Mar
85 4 Feb
1
48 4 ( t 49 July
79 F
Ib
15212 Jan 187 Dee
12
20 July 6912 Dee
84 June 87 Nov
131 Oct 25 Jan
4
734 Mas
101 Mar
884689 JuJuly 108 Mai
ne.1 une
9712 Aug 1081 Mar
e
3012 Oct 647 Mar
2
Jan
763 Oct 105
4
2
1812 Oct 433 Mar
3812 Dec 484 Jan
65 : Jtioy 10912 Mar
8 1 olt
51
11612 Aug 12312 Jan
7918 Mar
Oct 243 Feb
8
2
2
1434 July 443 Mar
4
ale June 27 Feb
17 June 69 Mar
Oct 23 Mar
12
1452 June 20 May
163 Dee
2
313214
Dec 105 Mar
10112 July 11914 Feb
78 July 120 Feb
524 June 8712 Feb
Oct 30 Mar
20
/
1
2
2
42 Ju ne 607 Mar
5 Doo
14 Feb
5 June 1114 Dee
4212 Jan 83 Dee
19 June 4214 Mar
1994 Jan 290 Dee
19's Oct
3 4 Dee
88 jan
74
62
Oct
134 Nov
404 Dee
"tio
Jan
1609
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
-except for income and defaulted bands.
Jan. 1 1909 the grchange method of quoting bonds was changed and prices are now and interest"
BONDS.
N.Y.STOCK EXCHANGE
Week ending Oct. 3.
Price
Friday
Oct. 3.
Weers
Range or
Last Sale
Rasps
Since
Jan. 1
BONDS.
N.Y.STOCK EXCHANGE
Week ending Oct. 3.
H
Price
Friday
Oct. 3.
Week's
Rangeor
Last Sale
I1
lian•O
Sisal
Jan. 1
ask
High
Low
Ask Low
Bid
High
High
High No. Low
Ark Low
Bid
U. S. Government.
Atch Top & Santa Fe (Concluded)
cyst Liberty Loan
954 9912
_
99 Sept'24
9848
6821. limn.
Cast 01110 Div 1st g 48-1928 MS
mo
J 13 10011n Sale 100,0,2100, 1594
5%% of 1932-1947
5
80 8512
847
8
8414 847
8
Rocky Mtn Div let 4s___-1985 J
0
98 n 102131,
J D 102431 --- 10121nAug'24
834 &Ns
Cony 4% of 1932-1047
1
8678 87% 86%
86%
4410/31•8
Frans-Con Short List 48_1958 j
J D 10210n Sale 10214210213n 218 991,
Cony 424% of 1932-1947
90% 95
93% 31
93
Cal-Arts
& ref4
"A''1962 M
(1
of 1932-1947_ J D 10114 Sale 1011322103.00 1432 98411n 103
28 cony 47E%
70
8512
8blz 10
_ -- 85
Atl & Birm 30-yr lst g 4s-e1933 MS
groond Liberty Loan90
81
8912 49
90 8938
4
/
981181020n All Knoxy & Cin Div 4s........1955 MN 89
MN 10114, ---- 1011332Sep'24
4% of 1927-1942
8912 103
1
103
103
4
MN 101148210113n 101138210111n 386 98181102h, Atl Knox,& Nor 1st g 50-1946 3D 1013 -- 95
Cony 424% of 1927-1942
9134 95
5
95
Atl & Charl A L 1st A 4 As.
-1944 31 944
Third Liberty Loan
06 103
99n44 10211,8
let 30-year 58 Series B____1944 S i 101% Sale 10138 10148 15
M 5 102
4
1
/
Sale 10330n 102 , 2080
of 1928
•
8812 9314
9114 90
Atl Coast Line let con 41__51952 M S 91 Sale 91
Fourth Liberty Loan
10714 Sale 10714 107% 131 108 1013%
103
-year secured 78
10
1930 MN
A 0 10211 Sale 10111210231n 2989 9814ss
4
/
,
4
/
434% of 1933-1938
3
884 93 3
93% 65
4
/
General unified 4)45
1964 ID 93% 93% 924
A 0 10533n Sale 1053%1063n 552 9914n 10618
Treasury 41Es 1947-1952
s
26
813 87
86
10312 10334
LA N coll gold 40
al953 M S 86 Bale 88%
d1930 Q .7
_ 10334 Sept'24
Be consol registered
7314 804
13
79
Sale 7818
102% 10234 Atl & Dane 1st g 44
1948 3, 7814
61930
102% Mar'24
Si camel coupon _
7 65 6912
8912
93% 93%
2d 4s
1948 3J 68 Sale 68
_ 9378 Aug'24
2
1961 Cl M 907
Panama Canal Is gold
68
8014
7814 77 Sept'24
Atl & Yad 1st g guar 41
1949 A0 77
State and City Securities.
4004 Aug'24
9612 1004
98% 1013 A & N W 1st go g be
4
1941 3.7
___ 101 Sept'24
4
101
Y City-41 s Gory stock-1980 M
8
993 10212
1984 M
1023 10248 1017g Sept'24 ____
434s Corporate stock
9614 100 4
3
8
9944 1023 Bait & Ohio pilot 3%e
1925.7 .7 10018 Sale 997g 10038 iii
1988 A 0 10248.Sale 10238 10248
4
I, s Corporate stock
96 1004
9012 Sale 007 Sept'24
1054 10714
11925 1
Registered
1971.7 0 10648 ____ 107 July'24
4% Corporate stock
8113 88 s
7
884 282
4
10234 10634
-year gold 49
1st 50
11948 A 0 873 Sale 87
1064 Sept'24
424s Corporatestock.JulY 1967.7 .1 1064
7
80 88 s
2
86
86
Registered
11948 Q
1985 J 13 10838
6 103 10834
4
• Corporate stock
106% 1083
824 9013
8912 126
10234 10678
1933 1311 S 894 Bale 89
113-year cony 4%,
1051
10
1963 M
Tis Corporate stock
10612 Sale 10612
8911
83
85% 125
8534 Sale 85
8
94% 993
Refund & gee be Series A-1995 J
1959 M N 994 9912 9914 Sept'24
4% Corporate Block
7
10312 86 1004 103 e
94% 9934
10
1029 33 1027 Sale 1027
-year (le
1958 M N 9918
1
4% Corporate stock
9918 9918
291 100 10112
4
964 933
Ref & gen 68 Ser C temp-1995 J o 10034 Bale 10048 101
1957 M N 994 6% Corporate stock
9912 9914 Sept'24
7
954 99 s
8438
SepP24
4
9
97
84
4
943 9812
P Jct M Div 15t g Sne-1925 MN 9978
4% Corporate stock reg.-1956 M N
9812 Sept'24 _ _ _ _
_
7
79 85 s
37
-7;3T
PLEA W Va Sys ref 42.1941 MN 8414 la
9 10314 10614
106
424% Corporate stock__ -1957 MN 106 10614 106
9511 1004
49
997 Sale 997
997
s
1027 108
Southw Div let gold 324e_1925
4)4% Corporatestock _ -1957 M N 1081 Sale 10614 10624 10
4
/
6614 70
5
s
887
8
687 8818
8514 903
4
Tot & Cln Div 1st ref 4e A_1959 3, 68
1134% Corporate stock.._1954 MN 8912 90 9038 Aug'24 ---58 62
Aug'24
4
New York State Jan Im 48.1981 J J ____
10212 Aug'24 ---- 10212 1033 Battle Cr & Slur let go 38..1989 3D 5914 64 62
18 904 534
9234
917s 94
4
927
1127s 112% Beech Creek 1st gu g 4s
1938
Highway Improv't 4%e_ _1983 M $ ____
11278 Aug'24
14
7714 77
774 May'24
Beech Cr Ext lets 3%s_ _ _41951 A0 7512
Foreign G00000merit.
s
13071 847
8312 Aug'24
1944 ID
1927 F A 10212 Sale 10214 102341 108 10034 10314 Mg Sandy 1st 45
argentine(Govt)75
694
61
9
84 B & N Y Air Line let 48-1955 FA 67
67
6734
8414--- - 67
78
8114 20
Argentine Treasury te £-1945 M
8114 Sale 81
584 92
_
93 92 Aug'24
8912 944 Bruns & W 1st go gold 48-1938• j 91
94 I 325
g Os Ser A...1957 M S 93 Bale 9334
Temporary
100 103
8514 98 Buffalo R & P gen gold 511 1937 MS 101 102 102 Aug'24
95% 218
1943 J D 9512 Bale 95
Austrian (Govt)sf78
9014
87
s 82
873
97 111
1957 MN 87 Sale 87
Consol 444
Belgium 25-yr eats I 7%4 2-1945 J D 11012 Sale 11012
6544 1014
2
9634 101 Burl C R & Nor 1st be
0
8
* 0 1004 Sale 10058 1004
1934
Jan 1925 11
-year 6% notes
5
1005, Sale 100%
97 109
1941 F
11.0018341
8
20-year s f Its
10712 Sale 10712 1014 154371
3
7 97 ,102
101%
9414 98 Canada Sou °One 01 A be_ -1982 A 0 10112 Sale 101
3
977 Sale 97
901
1949 M
-year ext 634s WI
25
46 111 117
11612 Sale 11614 117
2 ion 11034 Canadian North deb s t 7e-1940
1945 M N 11012 11212 1104 110
8121
Bergen (Norway) s t se
18 11034 1174
117 Sale 1161y 117
19463
-year I f deb 870
25
1945 MN 111 11112 11012 11112 22 108 112
Berne (City of) a f 84
7834 8234
8014 625
85 94 Canadian Pats Ry deb 45 stock__ J J .79% Sale 7948
93% 125
Bolivia (Republic of) 8e_ -1947 M N 9314 Sale 9234
90 94
_
91 Carb A Shaw 1st gold 45
87
1932 N S 9234 9412 94 Sept'24
8812 49
Bordeaux (City of) 15-yr 68_1934 MN 88 Salo 8818
3
7074 79 4
4
7934
91
4
9912 Caro Cent let con g 411
4
19491 J 793 Sale 793
974 268
1941 J 13 9634 Bale 95
Brasil. US external S.
924 100
37
88 Caro Clinch &0 let 3-Yr be-1938 J D 99% Sale 9938 100
76
1952 J D 8334 Sale 824
8412 231
78 (Central Re)
98 10614
129
94 103
10518 Sale 10518 106
19523
Os
7
730(Coffee seeur) £(flat) 1952 A 0 98 -_- 10114 10212
8312
81
834 Sept'24
19813 D 8312
9 94 97 Cart.& Ad let Pi g 44
95%
9512
Buenos Aires (City) ext 6348.1955 J J 954 98
67 7514
1
75
75
75
99% 10112 Cent Branch UPletg 44-1948 J 13 74
10118 62
Canada(Dominion of) g be-1926 A 0 10118 Sale 101
5034 66
64% 37
64% 6412
9912 103% Cent New Eng let go
63
J
38
1931 A 0
Sale 1013
Os
4 10214
98 97%
10434
1930 M S 974 9912 9748 July'24 --__
1929 F A 10418 Sale 104
10414 55 1004 104 Central Ohio 4%.1930
10
-year 530
99 10144
1
994
101
_ 101
Central of Oa 1st gold 5a_p1945 F A 101
121
1952 M N 10318 Sale 10318 104
5s
9514 10012
8
9934 100
9414 983
4
1945 MN 9934 100
Consol gold 5a
1954J .7 9714 Sale 9714
97% 20
Lie
Carlsbad (City)
June 1929.7 D 10318 Sale 10318 10312 39 100 104
10-year'emir 68
10534 49 102 111912
onus (Republic) ext a I 48_1941 F
1053 Sale 105
4
781, 83%
1
83
8
83
Chatt Div pun money 441.1951 J D
138._1926 A 0 10318 10312 10334 103% as 1023 105%
External 5-year e f
9534 97%
99
94
- 9748 July'24
52
Mac dr Nor Div let g 58.-1946 J J 98%
1942 MN 9712 Sale 9714
98
20-yrext7s
94 July'24
4
1947.7 J 943
Mid Oa & Atl Div 5s
1948 M N 105 Sale 105
its
10514 37 102 10714
-year
25
-418- 9924
3914 4712
9814 -- 99 July'24
1846.7
Mobile Division 55
42 42
4212 14 107 11014
Chinese (Hukuang Ry) 5s-1951 J D 41
957
4
3 917 98
Cent RR & B of Ga coll 451.1937 MN 9514 9612 95724
4
1
/ 40
Christtania (City) s f 86-1945 A 0 11012 Sale 11014 110
3
6 103 4 10714
9434 100 Central of NJ gen gold 58..--1987 1
1063 107 10638 10632
8
(Republic) 8748-1927 A 0 9912 Sale 9912
994 87
Colombia
8714 9614
10534 107 10538 10732 42 102% 1074
84
Registered
11987 Q
96
Copenhagen 25
-year e f 530-1944 J .1 9534 Sale 954
8912
85
8814 56
4
1949 F A 873 Sale 8734
9514
5 934 984 Gent Pac lstre?gug4a
1944 M
96
9514
Cuba 58 of 1904
95
9612
91
44
89
95
96
96% 96
96
119293
Mtge guar gold 3%e
Eater debt be 1914 Eler A_1949 F A 94
9612 95 Sept'24 _
817s 87
Sept'24 _
4
791 89
87
87
Through St L 1st go 48.-1954 A 0 85
1949 F A 88
90 89
External loan 4)4e
11614 115.8
911, 97% Charleston & Savannah 75_1936 J ..4 11614 ---- 1153, Feb'24
8
9 1 16
8 0 173
9
6
1953 J J 983 Sale 964
4
Sis
94 1014
10012 171
Csechomlovak (Repub of) 84_1951 A 0 100% Sale 100
97 1017
4
4
10012 285 .9712 101 Ches & Ohio fund at Impt 58_1929 J J 1004 Sale 10018 1003
Sink fund 8sSer B int etfe.1952 A 0 10012 Sale 100
99% 103
52
4
1939 M N 1014 1013 10034 102
let consol gold Se
Matsu eon M unit%)Se"A"-1946 F A 1091 Sale 10812 10914 17 10612 10912
4
/
98 10014
1084 1.0912
July'24 --1939 M N 10018 10014 10014
Registered
Series 41 s 8.9
1946 F A 1093 Sale 10814 10914 25
4
11112
8414 90
8934 43
1992 PA S 8812 Sale 8832
General gold 4%c
Denmark external s I 88_1945 A 0 1103 Sale 1103
4 11112 35 10714 101
4
83% 88
_
9314
1992 al S 8512 8712 86 Sept'24
10012 Sale 100
184
Registered
1942 J
101
-year ils
20
93 834 964
961
4 100 111212
-year convertible 4 SO_ _1930 F A 9618 Sale 96
20
Dominican Rev Con *dm f 5558 F A 101 1013 10114 10114
8534 9438
3
887.10
9854 279
15
30-year cony secured 58._ _1946 A 0 98 Sale 9734
931
Custom Administr 5334-1942 131 S 93 Sale 9212
4
923 974
6
97
97 Sale 97
19403
Craig Valley 1st g 58
9648 134 92% 9714
Dutch East Indies ext 60._ _1947 J J 9614 Sale 96
824
78
924 Ms
80 July'24 _
88
Potts Creek Branch let 41.19463 J
1982 M 8 9534 Sale 9512
96
-year 88
40
7912 84
851s 91
2
84
84
R & A Div 1st con g 4a_ _1989 J J
External 534s
1953 M S 9014 Sale 89%
90 387
884
78
8
2
854 9214
80%
1989 J .4 7438 804 80%
28 consol gold 4s
31
90
Deposit receipts
M S 893 89% 893
4
4
95 95
9332 983 95 July'24 _
Warm Springs V 1st g 58_ _1941 IN
French itepub 25-yr ext 88..1945 M S 1063 Sale 10612 10713 493 924 109
4
4
837
56
9012 1054 Chic A Alton RR ref g58 _ 1049 A 0 62 Sale 61
6
62
10314 415
20-yr external loan 7705-1941
1024 Sale 102
60
/54
1
/
594 64 5914 Sept'24
4 9112
86
69
Certifs dep stpd Apr 1924 Int__
1945 M $ 874 Sale 874
Finland (Rep) ext ile
88
53% 80
Cacti dep stmpd Oct 1923 Int --- 5918 ---- 60 July'24
Lit Brit A Del(UK of) 530-1937 F A 1053 Sale 10518 105% 352 984 105%
8
4
1
/ 4512
30
451 183
4414 Sale 44
:
ItutiWay first Hen 3434----1950 3
1929 F A 11014 Sale 110
11038 235 1061 11134
10-year cony 534e
7834 831s
8314 21
82 Sale 82
1952 IN N 903 Sale 9012
911 1171 764 934 Chic Burl & Q-111 Div 3345.19493
Greater Prague 73411
4
9114 10
9112
86
884 93
90 Sale 90
19493
Illinois Division 48
1952 A 0 93 Sale 92
56
93
Haiti (Republic) Os
954 1003
4
87
8912
Nebraska Extension 42.-1927 N N 10014 Sale 9978 10038 27
Hungary (Kingd of) rd 73is WI %4 F A 873 Sale 8712
88's 272
4
91
85
37
901
1958 al 8 894 Sale 8914
10034 63, 984 101
General 45
100% Sale 10048
Italy (KIngd of) Ser A 8248_1925 F
9674 10214
92% 9772
s 10214 55
1971F A 10178 Sale 1017
1st & ref Se
-f loan 4%0_1925 F A 9714 9712 973 Sept'24 -_
Japanese Govt
551
47
,
51
4712 Sept'24_
4
913 9812 Chic City & Conn Rye 51.„1927 A
978
40
l925 J J 97
9712 9714
Second series 4%, L
1044 1067
4
106% Sept'2
1934 A 0 10612
371 75% 84 Chicago & East III let 8s
82
1931 .1
.1 82 Sale Sl's
Sterling loan 44
5911 784
7312 173
8818 93% C & E III RR(new co) gen 50.1951 MN 7212 Sale 7134
9212 954
1954F A 9218 Sale 924
Temporary,?g 6%
4
81
9 917 9914
9914
91 Chic & Erie 1st gold 5e_ _1982 N N 9914 Sale 99
8814 25
na.1953
Sale 87
Oriental Development
88
60 60
724 91 Chicago Great West let 46..1959 M S 5812 Sale 5814
60 572
103
89
Lyons (City of) 15-year 818_1934 M N 8814 Sale 88
10538 111
724 91 Chic Ind & Loultiv-Ref 86..1947
111
10712 1093 111
8812 45
Marseilles(City of) 15-yr 88.1934 M N 883 Sale 88
4
95% 9934
20
9914 1001 995, Sept'24 _
40
1,
20
20
1947 3
21
Refunding gold bs
Mexican Irrigation 4148._ 1943 M N 18
81% 867
4
5112
20
37 Sept'24
Mexico
46
-5s of 1899 E
Refunding 4. Series C..- -1947 3 .1 8618 Sale 8514 Sept'24
1945 Q J 38
8112 8714
5
8512
18
30
1912 10
1966 N N 8512 867 8514
Gold debt is of 1004
1954.7 D 18 Bale 1912.
General 55 A
8514 93
101%1 32. 9512 10212
4
/
10114 Sale 1011
9112 10.
c19613
1952 .1 D 91 Sale 9012
Montevideo 74
General 68 B
71
4
1201 894 1004
98
Netherlands 4s(flat prtesel _1072 N S 973 Sale 9718
Ind & Louisville let go 48-1956
0
3 76% 773 78 Sept'241 .___I gyl2 993
88
98 1004 Chic Ind & Sou 50-year 48_1956 J 3
8618 10
1
/
8618
30-year external 66 (flat).-1954 A 0 100% Sale 1004 10034 224
4
817 93
4
1124 271 10944 1137 Chic LS& East 1st 4%s_1969 J D 9212 95 93 Sept'24
1940 A 0 112 Bale 111
Norway external. f tis
4912 804
50
52
9914 132' 914 9914 C M & Puget Sd 1st VI 48_ -1949 J 3 49% Sale 49%
20-yr esti 64
1943 F A 99 Sale 9834
7212 71' 704 7514
4
/
981 Ch M de St P gen g 4s Ser A _e1989
7212 72
984 3311 97
J 72
20-year external 65 bit etts 1944 F A 98% Sale 9814
2. 8114 8514
65
991255, 9218 9912
30-yr ext1 Os
1952 A 0 0878 Sale 9812
General gold 3tie Ser B....e1989 J J 63
84
78
8014 16
80
8' 954 100
General 414* Series C. e1989 J I 79% 81
Panama (Rep) 5%,tr recta 1953 J D 9912 Sale 99% 100
4
493 5512
953
211 92 99
514 355
J D 95 Sale 944
Gen dr ref Series A 4Sis_a2014 A 0 5014 Sale 504
Porto Alegre(City of)
52
8214
117
54
11014 33 104% 1103
4
Gen ref cony Ser B 55._a2014 F A 534 Sale 5234
Queensland (State) est s f 761941 A 0 11012 Sale 110
994 104
5414 68
1947 F A 10314 Sale 10314 10340 26
8
567 232
544 Sale 5414
1932.7
Debenture 4)45
26-year 68.
684 8878
92 99
7412 406
31
967
1946 A 0 9634 Sale 9412
1925.7 D 72 Sale 7112
Debenture 45
Rio Grande do Sul Sc
4912 80134
874 993
4
9514 29
4
513 115
1934 3 .1 4912 Sale 494
45-year debenture 4e
Rio de Janeiro 25-yr. f 85 1948 A 0 9434 Sale 9448
8
977
96 100
87
7
37
95
1947 A 0 044 Sale 9374
97
Chic & Mo Ftly Div 58
4
063
1928 3 1 9634 97
25-yr esti 84
994 Chic A N'wesr P.xt 45._1886-1926 F A 9914 Sale 9914
98
3
2 96% 99 4
81
99
4
9914
Rotterdam (City) external 601964 M N 9934 Sale 983
98 98 4
3
1034 45 100 10414
10312 Sale 103
11448,1
4
Registered
1886-1926 F A 983 Sale 9814 Sept'24
cl Salvador (Kepi
904 10212
4
893 78
21
9634 35
75
General gold 3%4
1952 M N 96 Salo 95
1957 MN 741 7512 73
Sao Paulo (City) I f 88
94 103
101 I 110
3 80 864
86
General 4s
8534
1047 M N 8414 85
Elan Paulo(State) ext1 Ets_ _1936 J J 10012 Sale 100
79
9712
9548118
3
794 88
1942 1 .1 9334 Sale 93 4
Stamped 41
1987 M N
___ 8512 86 Sept'24 Seine(France) ext 75
6314 9012
95 1054
8914 152
8
General Is stamped
7
1987 M N i0234 103 ,10312 10312
Croats A Slovenes Ss_1962 M N 884 Sale 884
Berbe.
8934
76
Sinking fund 64
2 09 105
105
87121 30
1936 M N 8634 Sale 8634
1879-1929 A 0 104 105 ,105
illobisone (City)68
4
98% 1004
Sinking fund 5e
1939.7 D 10514 Sale 10518 10512 31 1017 1064
1879-1929 A 0 9834 Sale I 97% Aug'24
-year 6e
Sweden 20
III%
95 1044
Registered
__ 98 Sept'24
1870-1929 A 0
Swiss Confeder'n 20-yr CI Rs 1940 .1 J 115 Sale 11412 115 I 68
9444 100
971, 102
Sinking fund deb be
4
103121933 NI N 10014 I0036 1004 10114 26
8Witzerland Govt ext 51ss _1948 A 0 993 Sale 9812 100 388
5814 107
5912 6614
6448
1s
8
Registered
1933 al N 99 ---- 100 Aug'24 -M S 6412 Sale 6412
Tokyo City bs loan of 1912
108 1 19 10114 107
10
4
ao 1044 1083
10512 106 105
-year secured 78 g
10748 1085
108 Sale
1930
Uruguay (Republic) ext. 88_1946 F A
4
1054 1124
15-year secured 614,g __ _ _1938 Ni 8 11012 11078 11012 1103
1945 A 0 11012 Sale 11012 11078: 25 10112 1123
4
lupin(My on •(Se
Chic R I & P-Ralifeay gee 481958 J J 84 Sale 8314
7814 84
51
84
Railroad.
i
1
95 4 10012
.1 J 8114 84 82
__
4
/
4
767 82
82
Registered
2
99% -- 1001 Sept'24
Ala Gt Sou let cone A 58. _1943 J
4
984 102
19341A 0 817 Sale 8112
73% 83
Refunding gold 45
8
8234 280
Ms Mid tat guar gold bs_ _ _1928 M N 10114 -- 102 Sept'24
79 83 Dille St L & N 0 gold 5e_ _ _1951 J D 1014 103 1005, Aug'241-- 99 1014
8212 11
5148 8312 82
1948 A 0
&lb & Buse cony 3%a
835, Sept'24 _ _
80 84
77
77
1951 J D 78 --- 77 Feb'24'_--Gold 3%.
AhiegA West 1st g 48 gu___ _1998 A 0
4
88 4 9278
97%
94
2
92281
Joint litre? 5s Series A...1983 3 0 97 Sale 963
93 9218
4
9711 69
92
1942 IN
Alleg Val gee guar g 48
57
844
9514 9614
1963 1 D ---1
, 6258!
Do Series B
_
954 June'24
Ann Arbor let g cc
11995 Cl J 6212 83 623
91
80% 85
86
Memphis Div 1st g 48._ _1951 .1 0 8234 8512 $212
8212
4
/
9011 89
1
Atch Top & S Fe-Oen g 48_1995 A 0 88% Sale 8918
9974 10034
794 85 CSI LA P 1st cons g be__ _1932 A 0 10034 ____ 10034 100341 10
834! 4
121995 Nov 84 Sale 8312
adlustment gold 4e
794 85 Chic St P NI A 0 cone 68_ _1930 .3 D 10412 1054 10412 Sept'24 -- - 101114 106
84 1 36
8312
121995 Nov 8312 84
Stamped
85
81
734 9174
Cone 65 reduced to 3%4.-1930 3 ID 92 _ _ _ _1 917 Sept'241.--1955 1 D 8214 83% 81 Sept'24
Cony gold 4s 1909
934 9812
1930 131 S 9812 Sale 9814
8
3 803 85
834
9812 37
Debenture 51
1955 J D 8214 8338 83
Coo, 48 1905
4
783 82
813 5318 Chic T R & So East tit 514 1969 1 0 7712 Sale 77
4
22
2
78
82
8214
oony 4.issue of 1910
1980 1 D
$5-E. a Due Jan. d Due April,
Due May. p Due June. h Due July. 1 Due Aug. o Due Oct. p Due Nov. q Due Dee. s Option sale.
1610
BONDS
R.Y.STOCK EXCHANGE
Week ending Oct. 3.
New York Bond Record-Continued-Page 2
t
Price
Friday
Oct. 3.
Week's
Range Of
Last Bale
Range
Since
CO
BONDS. '
N Y.STOCK EXCHANGE
Week ending Oct. 3,
E3
High No,
Low
90
94
92
10112 31
100
11612 11712 27
10514 Sept'24 -767
8
7712 29
10312 10312 31
6
9934
974
88 Mar'17 -9378 - 2 933 Sept'24
91191 Sept'24
90
/
1
4
9112 Sept'24 -91
8714 - - 877 Sept'24
1
10015 10012 10018 10018
93 Mar'23 - 973g
8314 14
827 Sale 8272
8
6
9712 Sale 97
9712
10312 1043 103 Sept'24 --10314 22
10318 10312 103
2
105
105 Sale 105
95 Sale 95
9512 195
1
90
90 Sale 90
80
8112 80%
80% 12
8212 8312 8234
83
49
8815 9112 88 Sept'24 ---861
/
4
8678 Aug'24
1
10778 Sale 10718 10778
1
10018 ____ 101
101
9696 Aug'24
984 ----99 Aug'24
91 Mar'24
964 foo
8412 Aug'24 -701g Dee'17
83 837 844 Aug'24 -- 8012---8
1
96
97 9512
9512
6
10514 10512 10518 10512
9918 Sale 9912 10018 41
8412 Sale 8412
8412
3
46
98
973 Sale 9734
4
89 Sale 89
894
5
8518 88 87
87 4
84
843 8372 July'28 4
8275 83 8278
838
4 16
10112 102 102 Sept'24
89 8912 89
8914 25
Pries
Friday
Oct. 3.
Week's
Range or
Last Sale
Range
Since
Jan. 1.
Low
High linnets Central (Concluded)High
mob No Low
Bid
AM Low
89
/ 94
1
4
Collateral trust gold 4s___1953 M N 8414 Sale 837
2972 8612
8414 11
8
97 10112
Refunding 58
1955 M N 10412 1043 10412 105
15
4
993 10912
4
1144 1184
/
1
15-year secured 5%s
1934 J J 103 Sale 1024 104
4
60 10012 16
10434 10514
1938 J J 11112 Sale 11112 11212
15-year secured 630 g
8 10818 11218
711j 7814
Cairo Bridge gold 48
88
2 85 88
89 88
1950.7 D 88
1014 10438
Litchfield Div 1st gold 38-1951 J1 J
6978 724
_- 72
72%
6
94 003
4
Loagy Div & Term g 3%e 1953 J J 727434 80
784 7
7812
80
6
Omaha Div let gold 3s_1951 F A 7018 7212 7012 Sept'24 -683 72
4
-Eiii- - - 12
8 44
-i 7012 80
St Louis Div & Term g 39_1951 J J 7018 -- _ 80
80
824 91
/
1
Gold 332s
754 824
1951 J J 80 8214 82 July'24 --9112 9112
Springfield Div let g 330_1951 .1 J 7815 ____ 82 July'24 -7558,82
86 8814
Western Lines let g 4a
8354 874
1951 FA 8718 Sale 8715
5 p A
8712 24
9838 1004
Registered
85 85
85 May'24 -Ind 13 & W lst pref0
1940 A 0 88%
_ 86 Mar'16 --4
-iiis -- - Ind Ill & Iowa 1st g 43
8
1
1950.7 J 8614 95 86 Sept'24 --- . 64
824 973 Ind Union Ry 5e A
4
1968 J J 9918 Sale 99%
9878
96
99% 10
0734 1044 int & Great Nor adjust 6s_ .1952.7 .1 61 Sale 59%
62 432
404 65
10012 104
let mortgage(1s certificates1952 J .1 10114 Sale 10114 102
9038 102
79
10138 10714 Iowa Central let gold 58
1938 2 D 6114 6214 6114
57
70
6114
2
94
9512
1951 NI 8 171a 1714 171
154 26
/
1
Refunding gold 45
17%
6
864 90
77
8914 James Frank & Clear let 48_1959 1 D 83
89 8712
834 89
88
15
7818 85
.
8511 881 Ka A & 0 R. let gu g 58
/
4
99 99
1933
J 9915 ---- 99 July'24 -1990 A 0 8012 8212 81 Sept'24 -- 773 83
4
183 107 H8d d2 M lg 58 g 48
081 89
/
4
4 2 20-yeart 18
8
1927
1 100 10014 100 Sept'24 ---95 101
97% 101 K C Ft 8 & M cone g 63._ 1928 MN 1034 1037 10314 1031
8
5 10018 104
84 963 K 0 Ft S dr M Ry ref g 4s. _1938 A 0 8014 Sale 804
/
1
4
4
7318 82
8112 73
95 99 K08 k4 R&D let gu 5s._1929 A 0 803 8078 98
4
8
9412 98
98
1
91
91 Kansas City Sou let gold 35.1950 A 07 8 e 88
9
.1 81 Sale 71
,8 30
714
/
1
7112 95 67
8412 943
4
Ref de aunt 58
86 91
J 8412 Sale 841%
5
20
8 80 85
Kansas City Term 1st 4s_ __1960
8°18 3
8
/
1
4
/
1
4
-ii- 84i11 Kentucky Central gold 45_1987
1
4
8484
82 864
2 843 86 8434
9011 973 Kook de Des Moines let 54-1923 A 0 8514 86 8514
4
/
4
8514
8 601 854
1023e 108 Knoxv & Ohio let g 8s
1 10014 101
J 10018 ____ 10012 1004
1925
954 10118
8
9
34 841 Le2er Erie & We let g 02_1937
981
: k
e
J 100 10034 991
934 1004
4
991
4
8
87
96
J 941 Sale 9414
4
1941
95
15
804 894 Lake gold 50
/
1
797
8 12
73
/ 8011
1
4
8
1997 ia 793 Sale 791z
Shore gold 3%8
814 874
784
1997 D 7518 7512 77 Sept'24 ---75
Registered
811 837s
/
4
943 99
8
76
8
99
1928 M S 983 Sale 9818
Debenture gold 4a
924 97
813 85
4
25
-year gold 4e
1931 M N 9618 Sale 96
9612 101
101 103
9114 954
/
1
1931 M N 9178 96
953 July'24 ---4
Registered
89
/ 9612
1
4
894 Leh Vol N Y let gu g 410_1940 J J 9514 964 9512
954
3 92
9118 9418
/
1
1940 J .1 914 ____ 9412 July'24 -Registered
9212 9 4 Lehigh Vol (Pa) cons g 0-2003 IN N 803 Sale 8012
Day & Mich let cons 430 1931 J .1 96% 96% 9314 June'24
784 83
43
4 13
4
808
Dal & Hudson 1st & ref 48
1943 M N 89 Sale 89
8912 57
834 91
853 9114
4
9018 30
20031W N 90 Sale 90
General cone 44e
92 1007 Leh V Term Ry let gu g 58 1941 A 0 1011 103 10118 Sept'24 ---- 1004 108
/
1
4
110-year cony 58
1935 A 0 98% Sale 985
8
994 56
8
/
4
97 10238
/
1
4
15
-year 534e
1937 M N 10215 Sale 10178 10214 15
1941 A 0 --------991 Jan'24 -- 9912 9912
Registered
8 1064 110 Leh & N Y 1st guar gold 48 1945 M S 844 86 84 Aug'24 ----year secured 78
110
110
1930.7 D 109
10
9214 844
871 82
92 92
/
4
1936 F A 92%
DER &Bdge lst gu 48 g
- 92 June'24
99 105
10318 14
kElasiatmllet4588-yr 5s gu.,..1065 0 10318 104 10318
8118 gilt
82 -iai
Oen & R Or-lst cone g 0_1936 J J 81 Sale 81
Lex e
Littl&
1962 MN 8112 -_ 8112 July'24'---Consol gold 430
8512
7: 8514 Lew 0 0 consolg 68
372148 48628
48 8 :
2
1936.7 J 8412 Sale 8412
0 4
2 106 1074
/
1
4
1935 A 0 1074 -__ 10718 10712
Improvement gold 54._ 1928 J D 914 Sale 9112
9215 27
9714 1004
Long hid let con gold 5s__51931 Q J 100 --- 100 Aug'24 - -- 1955 F A 4434 Sale 4414
463 149
4
9318 1004
let & refunding 55
5
51931 Q 3 92 8 ____ 10018 Aug'24 ---let consol gold ts
50 Registered
84
/ 8812
1
4
19383 D 8814 Sale 88'g.88 4
Genera8gold 4a
, 4
m 1
4614
Farmers L&Tr rcts Aug '55_
4614 20 -air4 454 454 4578
/
1
83 89
--- 89
4578
Bankers Tr ate of deD
451 23
/
4
4512 454 45
/
1
79 8412
1949 M S 8212 85 82 Sept'24 ---/ July'24-.3
1
4
gold 48 38
3 33 45
do Stamped
44 4312
1
4312
42
914 9114
/
1
:934 .1 D 9334 95 9414
6 23
9414
DDgelsgelendturg
37
Am Ex Nat Bk Feb '22 ars_
4418
45
4412
8
89
5 84 89
1937 M N 8812 897 89
20
-Year p m deb 55
344 41
do Aug 1922 ate
3812 June'24
79 86
8258
3
Guar refunding gold 46_1949 M 6 8212 8318 8212
6 374 67
42
Des M & Ft D let gu 45.___1935 .1 J 4112 424 4138
2 941 99
99
4
4
9912 99
Nor 00 B let con ago 55_61032 Q J • 99
4 60
Dot & Mack-let lien g 4a.19953 13 70
7012
1
71 Louisiana & Ark 1st g 53_1927 M S 1007 ---- 101
704 70
101
9512 1014
8
60
Gold 40
19953 D 65 70 65 Sept'24
70 Lou & Jeff Bdge Co gu g 4s_ -1945 M S 837 ---- 85 Sept'24 ---7918 95
4
Des RI, Tun 430
1961 MN 911 923 9214
923
4 44
/
4
/
1
4
/
4
4 Lo ula n nd t 48
2
Ggiv le e g lIgas1sville 55...-1937 111 N 1011 104 104 Aug'24 ---- 1004 1044
1 9% 1080337
72
10034
10934
Dal Milssabe & Nor gen 5e 1941 .1 J 10034
89 944
1940 .1 .1 9314 Sale 1 9314
94121 17
1937 A 0 101 Sale 00
4
101
Dal & Iron Range let 5s
98 101
894 9154
- 913 July'24 ---1
4
19403 J 8818 Registered
Registered
1937 A 0 --- -- 9278 July'23
9674 103
4
Collateral trust gold 54_1931 MM 1003 102 10218 102% ..1
1937 3 .1 817 Sale 814
Dal Sou Shore & All g 54
-ii- Iii
/
1
8
817
8
8
/
1
4
10
1930 MN 10714 Sale 107
-year speared 79
4
1074 48 105 1083
/
1
17 104 4 10718
5
107
fa & ren5 5igeserIes A 2003 A 0 107 Sale 107
st refuf 15 s S B
(
Nor Div let g 46-1948 A 0 87% 8914 884 June'24
/
1
11 Minn
9712 10514
2003 A 0 10314 Sale 10314 10312 44
8;
07
4
1938 M 13 96%
Z Tenn reorg len g 55
99
99
7 9712 110008023444
9312 25
9234 934
4
let & ref 430 Series C __-2003 A 0 93 Sale 923
J 100
▪ T Va & Ga.Div g 58
1930
984 100
9978 Sept'24 -10312 --- 1047 Aug'24 ---- 10312 105
8
N 0& M let gold tie
i (j
llai
)
19.56 M N 10014 10012 001410012
Cone let gold Is
J 1023 -- 102 June'24'---, 102 10318
4
2d gold 60
Men Joliet & East,let g 5e__1941 M N 100
9713 1004 Paducah de Mem Div 45 1948 F A 881 00 Sept'24pt'24
/
1
/ 90 8812
4
854 995
4
8812
1
/
1
Me let consol geld 7s ext__19:30 M S 109% 10912 0918 10914 38 1044 109
/ St Louis Div 2d gold 35..1980 M 13 61
1
4
6134 62
6234
7 60 64
let cons g 45 prior
1996
J 71 Sale 71
724 133 613 744
4
04 Sept'24 ....I 94
9532
LA N & NI & M let g 432s 1948 M S 9318
J
Registered
1996
• 69
7 61
-- 68
69
79 85
L & N South joint NI 48_ _1952 J .1 8318 -__- 8318 Sept'24 -833
4
844 417
/
1
let consol gen lien g 4e 1996 .1 J 63 Sale 6338
/
1
4
51952 Q J - -77
Registered
2 - 77 Jan'24 ---.77
53 59 / w an & Lex geld 448.1931 MN 9718 9814' 97 Sept'24 -- -Registered
-1996 .1 J
4ee
-98 97
/
3
4
4s__1951 F A 94
8312'96 4
5812 6
53
Penn coil trust gold
944 9514 Sept'24 _654 115
54
/ 6612 Mahon Coal RR let 58
1
4
40-year conv 46 Ser A1953 A 0 65 Sale 644
4
/
1
4
1934 1 J 10018 ___1 9834 Feb'24 ---, 985 99
44
1953 A 0 6518 Sale • 6412
5412 6912 Manila RR(Southern Linea) 1939 51 N 594 do Series B
657
85 6212
021: 62
6212
9
5954 77 Manitoba ColonlzatIon 58-1934 1 D 9712 100 I 98 Sept'24 -- 9) 99
116
Gen cony0Series D._ -1953 A 0 6734 Sale 67
69
/
1
4
12
19.55.7 J 10112 10214 10238 1023
8918 1023 Man OR & NW 151 334s_ - -1941 .11 J 8213 --- -. 8214 July'24 - -- Zile & Jersey 1st f 6s
4
5
4
504 82
/
11
/
1
4
1940 J J
82
Erie & FRU!gu g 330 B
85 Mee Internat'l tot cons 140-1977 m S --------- 37'
8418 Sept'24
131 M
9
Mar'13 -- - 83 85 Michigan Central 5
Berko C
1940.7
84
85 Aug'24 -5
tls ____ 10034 July'24 ---- -411 1011374
-_ ---- ---Roans & T 11 let gen g 56_1942 A 0
88 Apr'22
88
98
1931 0 M 987 --- 88 Apr'24 -.-Registered
7G12 Apr'23
Sul Co Branch lot g 5s_.1930 A 0
93 I 90 July'24 -- 864 90
1940 1 J 9018 -iii 114
4"Registered
Fla Cent & Pen let ext g 58_1930 1 .1
98 Sept'24 771s 864
194C 1 J 8714 ---- 8612 Sept'24 -1943.1 J 9758 ' 9712 Aug'24 87
9
1 99941,
gold .56
Consol
774 93
/
1
4
JL
16tgold 3%e
34e
1951 11 S 77 ---1 7718 Apr'24 ---/
1
4
1959 J 11 92
1
9312
Florida E Coast let 4Hs_
/ 9334 0312
1
4
let gold
____ 81 Sept'24 --,,,
7718 83
1952 51 N 81
64
195255 if 64
70
6412 64
Fonda J & Glov 430
64 18 10
9214 98
1929 A 0 904 -_ 974
20
-year debenture 42
97
/
1
4
/ :Iii
1
4
J
82 87 Mid of NJ let ext 5s
/
1
4
Fort St U D Co let g 430_1941
/
1
4
--- 87 Sept'24
/
1
4
8712 8954
1940 A 0 89 - - 894 Sept'24 ---8934
1004 1054 Milw L S & West imp g 58-1929 F A 10014 ____ 1003 Sept'24 ---8818/
1
Ft W & Den C let g 5346-1961 J D 104 105 10438 Aug'24
994 101
8
844 94
/
1
4
Ft Worth & Rio Or let g4s1928 J J 9414 95 94% Sept'24
_ _ 100 Dec'23 -___
Ashland Div let g 68
1922 al S
10514 10712 MIlw & Nor let ext 4%4_1934 J D 1001/4- - 9134 Aug'24 -- 10712 Sept'24
Frem Elk & Mo V Ist 66.-1933 A 0 107
86
9112
844 121;
1931 MN 10038 __ 10034 10034
954 1004 Cons extended 4301) 88
OH&S A Ni &P Ist58
/
1
91
1
,
02 July'24 -- - /
1
8718 924
961 100 , MII Spar & N W let gu 45-18V
/
4
1931
J 993 ---- 100 Sept'24
3
2d eaten 56 guar
853 8612' 8514
8
8514
4
83
/ 87
1
4
8918 93 41 Mils & II L let gu 3326
1933 A 0 9312 Sale 9314
9312 20
3
Oak Hous & Fiend let 5e
82 8818
1941 1 .11 804 ----' 8612 May'24 ---89 1014 Minn & St Louis let 74
1957 I .1 101 Sale 101
/
1
11
10118
Genesee River let e f 6s
1927 J D 10178 103 103 Sept'24 ---, 100 103
844 9214
/
1
__ _01945 J J
let consist gold 5.4
__ 92 Sept'24
N 55 Sale 55
Ga & Ala Ry let con
51
567
8
6
6818
J 92-934 100
1929
9984 100 9934 Sept'24 - _
let & refunding gold 4s.
Oa Car & No 1st gu g 58
Sale 18
91 134 2312
Ir1 111 18
19
1946 A 0 643 6614 66
66
1
60 4 67
3
Ref & ext 50-yr 58 Ser A_ _1962 Q F 141s Sale 1418
4
as h1151and let 39
19
4, 134 21
N 9978 ____ 100 Sept'24
9818 1001e M St P & SS NI con g 4s tut gu'38 J J 864 Sale 863
1924
011a V & N 1st gu g 58
/
1
4
8714 181 Me 974
98
1942 1 r! 99
983
4
9834 Feb'24 let cons 5is
Con & Osiregatcb 55
994 33
1938.7 J 9914 Sale I 9854
975 10354
4
1941 J .1 94
94
3 904 95
95 94
10
-year ‘.00 trgat ft 1-48
Gr R & I ex lst gu g 44s
1431 M II 10234 Sale 1102
/
1
4
102
/ 63 101 103
1
4
1946 .
4
100 10114 101% 10134 11
Grand Trunk of Can deb 78_1940 A 0 11612 Sale 11612 116% 149 1104 1163
lst & ref 6s Series A
974 10212
1936 M S 10712 Sale 107
/
4
1071s 61 10218 1071 25-year 530
15
19491W 8 8312 85i 85'2
-year s f 6s
83
87
8 ___ 10112 Apr'07 -1947 J 13 877
Grays Point Ter 5e
9118 1011
/
4
8 95
May'24 _..2..!
NC -- - let Clitcago Dom 5 148.1941 NI N
10918 .ale 109
100
/ 167 106 111:1115 MSSM &A lstg 45Intgu...1926 J i 993 100
1
4
Great Nor gen 75 Series A_ _1936 J
965 991
4
/
4
4
991 Sept'24
/
4
83
013,1 32
924 Mississippi Central 1st 54-1949 J J 9012 ____ 901 Sept'24
917 Sale 9112
let de ref 4!.(e Series A
1961
8
88
9118
4
J .1
-Ili; 1
M K & Okla let guar fes
90 June'23
Registered
1942 M N ____ ____ 913 May'23 ---4
J 101 Sale 10034 10112 71
617 Mo Kan & Tex-let gold 48-1990 .1 D 813 Sale 813
1952
General 5S•js Series B
133
-4
4
4
82
24
9114 95 Mo-K-T RR
/
1
4
9414 327
General Is Series C temp_ -1973 J .1 94 Sale 9334
-Pr 1 5s See A-1962 2 J 853 Sale 851
7834 87
4
8034 109
/
4
934 70
Green Bay & W deo ctra "A"___. Feb 6812 75 67 Sept'24
40-year 4e Series B
7234
1962 J J 70 Sale 70
7012 26 • 65
1
7
10%
Feb 1078 11
1114
084 944 102
1078
Debentures etre "B"
10
/
1
-year 65 Series
1932 2 J 1011 Sale 1014 101%
/
4
8
Greenbrier Ry let gu g 4s_ __1940 M N 847 _ 8412 Oct'23 - _ _
Cum adjust 5s Ser A Jan_1967 A 0 62 Salo 6134
514 65
65 424
Gulf & El I lst ref & t g 56_ _51952
923
4
6 -lir - - 4 Missouri Pacific (roorg Co)
921
/ 94 9218
1
4
. 92 11
8318 121
1st & refundlog 54 Ser A._1905 F A 8212 Sale 8212
754 854
Harlem R & Pt Ches let 4s.1954 MN 803 818 8214
25
8214 10
let & refunding 5s Ser C.-1926 F A 100 10034 100
4
8
9414 10058
1008
837 8 %let dsrefunding fle Ser D__1949 F A 97 Sale 977
73 9 12
31
: 0
Hocking Val 1st cons g 4328_1999 J J 8938 Sale 8938
4
3
895
6 26
Genetal 4s
8758 100
8
981 198
/
1
4
_
Registered
83 May'24
51
6314 1047
1999.7 J 771
634
1975 M 8 6218 Sale 62
97 1004 Missouri PacificH & T C let g 55 Int gu
10012 0014 Sept'24
1937.7 J 100 29612 97
Houston Belt & Term let58_1937 J J 9612 964 9634 Sept'24,--__
/
1
3d 76 extended at 4%
8034 85
85 Sept'24 -l9'38 MN
9514 99 Mob & Bir prior lien g 56
/
1
4
Aug'24
BMA E W T ist g 88
___ 9914
1933 MN
9234 98
1945 J J 98 ____ 98 Sept'24 ---let guar 55 red
100 100
Mortgage gold 46
774 77 Sept'24 ---1933 IN N 9912 100 100 Sept'24
68
99127718
.
1945 J J 76
Housatonic Ry cone g 5s
844 95 Mobile & Ohio new gold 68._1927 J D 10314 ____ 1031g Sept'24 -- 1024 1047 •
1937 MN 941z 96 9412 Sept'24
8
87 sale 80
4
871 202
/
4
Had& Manhat 55 Series A._1957 F A
1st extended gold 68____51927 (2 J 1017 1021 1021 Sept'24 ---- 1004 102
/
4
/
4
80 4 87/
3
11
4
8
/
1
/
1
4
482
Arline income 5s
5814 6818
6734 208
General gold
1957 A 0 6518 Sale 6434
74
841
/
4
1938 NI S 8412 Sale 844
8412
13
88 92
Illinois Central let gold 45_ A951 .1 J 911 --- 911 Sept'24
Montgomery Div let g 56_1947 F A 9712 100 97
/
4
92
/
1
4
981
/
4
981/4
/
4
3 95/ 100/
88 8 14
7
9
Registered
8
89 July'24 3
9
1951 J J 871
St Louis Dlv 54
/
1
4
100
1
4
1927 J D 99 10041 100
1
4
2
let gold 330
Mob & Ohio coil tr g 4s
1951 .! .1 80 4803
4 10
76
83
/
1
4
/ 8214 8012
1
4
844
/
1
1933 M S --------8388
7734 8418 Mob & Mal let gu g 48
Extended let gold 3
_1951 A 0 8034 Sale 81 Aug'24
/
4
/
1
4
1991 M 8 841 ____ 85 Sept'24
8018 8558
Registered
804 80 Mont C let gu g ge
1951 A 0 7714
/
1
4
1081 110
/
4
50'2 June'24
/
1
4
1937.2 J 110 11212 110 July'24
60 61
let gold 35 sterling1951 M
1s1 gust gold Se
62
69 61 June'24
1937 J J 10034 103 10034 Sept'24
994 101
Collateral trust gold 4s
1952 1w 13 8634 87% 863
R3 8914 M • to let an 8148
5
87 1 24
765 80
8
844 904 Melly Chatt& St L 111L 541.-2928 j O 1711'8 _ _ _38 10118 17111
1955 M
90141 11
8
8
0
8
let refunding 40
9014 Sale 90
A
" D 0 2 7 _ 78 8
1
2
1
997 102
8
_ _1962
Purchased lines 345
7114 " N '14 * q let an e SW_ _ _1937 F A 10112 ____ 99 Apr'24
1
8015 8034 81 July'24
99 99
a Due Jan. 8 Due Feb. 6 Due June. 5 Due July. a Due Sept. 0 Due 008
Option ludo.
Un Sta'n let gu 4326A-1963 / J
let 54 Series 13
1963
let 610 Series C
1963 J
Ohio de West lad gen g 66_e1932 M
Coma 50
-year 4s
1952
15
-year 6 f 730
1935 M S
Choc Okla & Gulf cons 55 1952 M N
()Find & Ft W 1st gu 4eig
1923 MN
Gin H & D 2d gold 43s
1937.7
OiStL&Cletg4s
k1935Q F
Registered_
t1938 @ F
Oln Leb & Nor gu 4s g
1942 MN
Obi & CI cons let g 5s
1928
J
°lead& Mali lat gu g 5e___ _1943
Ohne Cm Ch & St L gen 40.1993.7 D
20
-year deb 430
1931
J
General 5s Series B
Ref &!mot 63 Series A-1829 3 D
19 -1 J
83
64 series C
1941 J J
58 Series D
1963 J
Cairo Div let gold 45
1939.7 J
Ciii W & M Div let g 4s 1991
fit L Div let coil tr g g 46_ _1990 MN
Elpr & Col Div 1st g 48
1940 M S
W W Val Div let g 43..-1940
.1
1934
.1
OCC&Igenconsges
Clay Lor de W con lst g 58-1933 A 0
1935 M N
CI & Mar let gu g 430
1938 J J
Cleve de Mahon Vail g 54
1942 J J
CI & P gen gu43•Is Ser A
1942 A 0
Series B
1948 M
Series C 330
1950
A
SerfeeD 330
Cleve Sher Line let gu 434e.1961 A 0
Cleve Union Term 530.--1972 A 0
1973 A 0
lets I to Ser B
1945 J D
Coal River Ry let gu 4e
00Iorado & South lat 0.__1929 F A
Refunding & eaten 4324_1935 MN
1948 A 0
001& H V 1st ext si 4s
Col & Tol 1st ext 43
1955 F A
1952 J J
-year 58 g
Cobs RR let 50
tom J
1st ref 73
0
Cuba Northern Ry let fai
1966 J J
Ask
Bid
9212 Sale
10118 Sale
117 Sale
_
10514
76% If
10312 Sale
9934 Sale
9618 __
A8
l949
New York Bond Record-Continued-Page 3
BONDS.
N.Y.STOCK EXCHANGE
Week ending Oct. 3.
i3
9
a.
Price
Friday
Oct. 3.
Week's
Ravage or
Last Sale.
Ask Lata
No
BM
Nat Ry of Mex pr lien 4142_ _1957 S i
_ 30 Sept'23
July 1914 coupon on
18 Sale 1534 July'24
July 1914 coupon off
26 Nov'23
Guaranteed 70
-year s 6 42_1977 A0
2718 July'23
• April 1914 coupon on
18 May'24
• April 1914 coupon off
24 Dec'23
Nat RR Mex prior lien 434,A926 175
3814 June'23
July 1914 coupon
25 July'24
July 1914 coupon off
34 Oct'23
1st consul 42
1951 40
28 Apr'23
April 1914 coupon on
36 Jan'24
April 1914 coupon off
1814 Apr'24
Naugatuck RR let 48
198 MN 72
6678 May'23
New England cone 56
.1 9218 Bale 9218
194
5
0218
Consol 4s
194 I .1 7712
- 7834 Aug'24
NJ June RR guar let 48_,.._198 P A 8112 ,
ifc 83 Sept'24
NO&NEIstret &imp 446A*5
J 8512 Sale 884
8842 17
New Orleans Term 1st 4a__ _195.
J 8134 Sale 8112
32
82
15()Texas & Mexico let62_ _192 '11 1017 Sale 1011 10178 29
8
/
4
*0 905 9114 9012
Non-cum income 56
4
9314 134
let 56 Series B temp
1954 * 0 91 Sale 9018
9118 127
let 54s Series A temp_ __ _1954 * 0 98% Sale 9812
73
99
N C edge gen gu 445_ _ _ _194
_ _ 9212 Sept'24
N Y 13 & M B 1st con g 55_193 % 0 931/4-9712 0958 99 Sept'24
N Y Cent RR cony deb 132_193 MN 107 Sale 107
108 "209
Congo] fla Series A
199 P A 8418 Sale 84
844 21
/
1
Ref dr impt 4145 "A"..___201. %
8
9012 41
89% Sale 893
Ref & impt be
201 1 0 993 Sale 9912 100 378
4
NY Central& Hudson River
Mortgage 348
.1 78% Sale 77
199
/
1
4
78% 65
Registered
1
199
77%
773
4
Debenture gold 42
N 943 115 94%
bl
193
95
80-year debenture 4e
5
194 Si
4 ---- 9114
9158
Lake Shore coil gold 3346_199 P A 76 Sale 76
765
4 13
,
Registered
199 FA 7414 751 744 Sept'24
Mich Cent coil gold 345....1911 P A 763 Sale 763
4
4
765
4 12
Registered
7634 11
199 F A 7512 7654 7512
R Y Chic & St L let g
AO 9118 Sale , 9118
2
9112
Registered
19' 40
,
89% June'24
25
-year debenture 45
84
1931 MN 9454 Sale 944
95
2d 63 Series A B C
/
1
4
1931 MN 103 Sale 10318 10311 18
Ref 53.46 Serial A temp...1974 40 943 Sale 945
4
4
9512 321
NY Connect let au 4,se A..11)e F A 90
9134 24
9158 89
N Y & Erie 1st est g 46
2
N 80
89
89
194
802 eat gold 44e
____ 96 May'24
193 ▪ S 91
4th ext gold rie
3
99 ___ 9714
193.
9714
ext gold 42
D 9714
9712 Sept'24
Y & Green L gu g 5a
12
91
194, MN 91
57
91
NY & Harlem g 3345
200i MN 785 8312 78 Aug'24
4
NY Lack & W set & ref 56A97: M N
9812 Mar'24
let & ref 44e
' 9712 Sept'24
197: MN 96%
NYLE&W Ist 76 ext
1931 M 5 103 109 10212 Aug'24
Dock & Imp ba
119934: Ii 9914
I 9914 Sept'24
N Y & Jersey 1st be
2
P A 10014 Sale 10014 10014
N Y& Long Br gen g 4a__-_194 Itt S 894,_-.90
90
NYNH& Hartford
It 0 5112 Sale 5112
Non-cony deben
5112
4
Non-cony deben 42
87
194: M S 57
584 67
1
Non-cony deben 35O.,..t94 It S 53 Sale 53
53
3
Non-cony deben 42
195: 1 J 57
58 5612
57
18
Non-cony deben 45
195, M N 57
58 6612
58
20
Cony debenture 341
198. I .1 62 Sale 5134
52
28
773
Cony debenture 66
194 1 J 77 Sale 77
47
a% debentures
48 46
195 91 N 46
47
28
la European Loan
192: It 0 87 Sale 86%
8712 106
Francs
192, a 0 8514 853 8534
4
8614 1089
F A
Cons Ry non-cony 42......1931
44 Apr'23
Non-cony 48
52
195 1 1 -4914 515 62
8
Non-cony deben 42_
195. 1
4914 65 52 Sept'24
Non-cony deben 4s____1961 I 3 4014 63 5212 Sept'24
R Y & Northern let g 50.--192' It 0 10034 ---- 10034 10058
5
NYO& W ref 1st g 4e_,.j199 Itt S 6634 Salo 6634
6734 27
General 4s
195 I D 644 Sale 644
6412
2
N Y Prof,& Beaton 46
194 It 0 8514 ---- 8518 May'24
_
Y & Putnam let con gu 46 '9: It 0 82 83 83 Sept'24
N Y &RE/ 1st gold 52
192 ".68 9912
9914 Sept'24 _
N Y Snsq & W 1st ref be__ __193 I J 6512 67 6612
664
7
26 gold 4548
193 F A 5418 5712 567
8
567
8
3
General gold 5e
194 0 A 5818 59 69
"
/
1
4
59
5
Terminal let gold be
104 M N 9112 ---_ 94 Aug'24
NY W'ches & B ist Ser 414624,
5478 Sale 54
55
82
Norfolk Sou let & ref A 56..198 ' A 6914 Sale 684
5
6934 30
Norfolk & Sou let gold 52 194 M N 9514 964 95 4
/
1
3
9554
b
Nod & West gen gold 6a
193. M N 106 ____ 10612 10813
I
Improvement & extg .
193 F A 107
1061 May'24 _
/
4
New River let gold
193 It 0 10612 107 110712 Sept'24 _
N & W Ry 1st conl g 42._ _199 It 0 89% 90141 8954
9018 14
Registered
199 It 0
89 Sept'24 _
Div'l let lien & gen g 42_194 1 .1 0015 9078 90
90
2
10
-year cony 138
192 54 S 12412 Sale 124
1255
8 36
Pocab C & C Joint 4& 194 1 0 9112 9234 9112
9154
8
NOM Ohlo 1st guar g 55-194 It 0 884 8912 8734 Sept'24
_
Nor Pacific prior lien 42
199
J 855 Sale 85%
4
863
4 33
Registered
199 1 3
8518
854
9
General lien gold 3s
a204 4 F 6112 Sale 61
6178 18
Registered
0204 3• F 884
60 Sept'24
Ref &'met 44e ser A_ _204
J 87 Sale 8612
8812 40
65 ser B
2041 J J 107 Sale 107
10814 117
6.0
20473 J 974 97 97
/
1
4
9734 21
86 D
2047 3 J 97 Sale 9612 100 , 50
St Paul & Duluth let 82..1931 Q F 9972 __. 9912 Mar'24
let consol gold 42
1968 J D 7912
8414 Jan'23
NO,Pao Term Co let g 6s...._1933 J
10914 1094 1094 10914
/
1
2
No of C.al guar g ba
1938 A •0 102
914 Aug'24
North Wisconsin 1st 65
1930 3J 10318
100 June'24 _
Og & L Cham let gu 415 g.--1948 J J 734 7412 7234
73
9013
Ohio Conn Ry 42
1943 M
8912 Apr'24 _
1936 3 15 995
Ohio River RR let g ba
9954 Sept'24 _
1937 A 0 98
General gold 55
9912 98 Sept'24 _
1927.3 J 100 10134 10114 10134
/
1
4
Ore & Cal 1st guarg 56
8
Ore RR & Nav con g 48-A946 J D 894 90 894
8912 12
Ore abort Line-let eons g 52246 .1 J 10512 Sale 1054 10512 21
19483 J 10514 106 1058 Sept'24 _
Guar cons 56
9714 978 9714
1 20 .1
)
Guar refund 42....-97
/ 63
1
4
961 .11 J 824 Sale 824
Oregon-Wash Ist & ref 4s
834 110
Pacific Coast Co let g 152. _1946 3 D 7818 79 7854
79 I
2
Pao RR of Mo lst ext g 42-1938 F A 9034 ____ 90 Sept'24
1938 J .1 9818 99 9814 Sept'24
20I extended gold 55
_93 Sept'24
Paducah It Tile tote t 4441_1955 J J
/
1
4
_
824 514'
Paris-Lyons-Med RR 6s......1958 F A 81 Sale 8034
1942 M S 97
08 97
98 I 23
Paullata Ry 76
9234 Sale 921 Aug'24 _
Pennsylvania RR-cons g 42 1943 M
19414 M N 9214 9254 92
Conaol gold 41
924 55
May 1 1948 MN 9134 92 92 Sept'24
te stamped
1980 F A 9814 Sale 9814
9914 43
Consol 442
0
1965 J D 9334 Sale 93
General 4145
944 139
1968 J D 10234 Sale 10254 104 I 82
General Si
8
1930 A 0 1093 Sale 10914 10912 35
-year secured 76
10
1936 F A 11014 Sale 11018 11012 37
-year secured 6442
15
Pennsylvania Co87 ---- 854 Sept'24'_
Ouar 346 coil trust reg A.1937 M
Guar 34a con trust Ser B.194I A A 83 8412 8318 Sept'24
8312 8318 Sept'24
82
1942 J
Guar 345 trust Ws0
4
1944 J D 832 ____ 8254 Aug'24 _
truat etre D
Guar 3
Guar 15
-25-year gold 42_1931 A 0 9514 ---- 95 Aug'24 _
87 86
Guar 45 Ber E
86
1,152 M N 86
19
7934 18
Peoria & East let emu 411-1940 A
7934 Sale 7914
3612 sae 3612
38
Income 48
1990 Apr
126
Pere Marquette let Per A its 1056 J J 9712 Sale 97
971 197
/
4
----
----
----
----
Range
&Ince
Jan. 1.
BONDS,
N.Y.STOCK EXCHANGE
Week ending Oct. 3.
Prig,
Friday
00,3.
Week's
Range or
Last Sale,
Ratan
Singe
Jan. 1.
High
Bid
Ask Low
High No Lese
Hlarb
Pere Marquette let 42 Ser B-1956 S i 81 Sale 80
81
10
/
1
4
781 817
. .
-184 - - Plant Balt & W let g45
if
1943 MN 9112 9258 92 Sept'24 ---8912 99
/
1
4
Philippine Ry let 30-yr f 46 1937 ii 40% 43 43
4312 13 87 47
PCC&StLgu 445A
9614
1940 40 9614 Sale 964
5 93% 97
18
9814 ____ 9614
18
Series B 446 guar
11904425 * 0
8 93% 96as
9638
Series C 454, guar
MN 95
9614 9412 Aug'24
88 9412
Series D 48 guar
MN 8914 913 904
9054
4
6 83 90
/
1
4
-i8- 4114
Series E 331s guar gold_ _19 9 FA
1942
8612 92%
9253 Sept'24 -Series F guar 45 gold
874 9713
1953 .1 D 8914
-- 9712 Mar'24
Series 0 45 guar
92
1
1957 MN 8914 -- 92
8818 92
ii
Series I cons guar 4349_1963 ir A 9314 __-- 94
-5i- 94
3
9068 9612
22
10
Series J 4 4s
1964 MN 9315 ---- 9318 Aug'24 -9058 934
General 52 Series A
7
9318 101
1974 • D 10012 100 10012 101 I
61:
/
1
4
SO 1218 Pitts & I. Erie 2d g 55
10012 Sept'24
100 10012
a192$ *0 10012 75 83 Pitts McK & Y 1st gu 66
10314 - -- - 105 Dee'23
_1931
80% 83
26 guaranteed 6/3
-6
98% Aug'24 -9854 10 1934 B , 102
811$ 88 Pitts Sh & L E 1st g 56
1941 40 995
9812 100%
4
1004 Aug'24
764 83
1st consol gold 52
• J
97 984
4
985 Fcb'24
9814 102% Pitta Y & Ash let Me 56_15 : MN 10012 Sale 100
192
99 102
4
:
/ 10012 20
1
4
854 934 Providence Seeur deb 4s__ _
46 I 18
MN 4218 48 435
40
4613
8
89
9214 Providence Term 1st 48
80 80
195f MS 7752 ---- 80 Sept'24 -- -9912 Reading Co gen gold 49
98
8714 954
/
1
9512 51
199' .1 .1 95 Sale 944
92 944
Certificates of deposit
92 May'24 -- 87 4 92
1
95 99
8852 16
Jersey Central coil g 43-.195 40 865 Sale 8612
88 4 88
1
s
10311 1093
9384 115 8814 941
2
Gen & re:446 Ser A
I J 934 Sale 9314
4
804 86% Reu & Saratoga 20-yr 66___194
ss1 N
159.
841$ 9012 Rich & Dan ba
* 0 997
;
7
99 June'24 ---- -oafs 111
8
95% 100
& Mk 1st g ba
MekRich
N
1512
1 94
72 May'23 ---Rich Ter ba
96 1 -;
195 I
-6
01
100 10212 1003 Aug'24 ---4
7918 Rio Grande Juno let gu ba 193.
74
3 84 92
D 9112 Sale 9114
92
12
724 7814 Rio Grande Sou let gold 4s_ _194. J J
412 7
% 54
314 Aug'24 ---8912 96
Guaranteed
J
44
194
,
7 Dec'23 --- 93114 Rio Grande West 1st gold 45-193, I 1 83 Sale 8212
87
16 -ZIFIrs 84
83
70 774
/
1
4
Mtge & coil trust 45 A -.194! 3.0 71% Sale 71%
7212
7212 2
8 60
697 75 RI Ark & Louis 1st 4346
2
193 •S 83 Sale 825
,
834 761 gra In
4
7812 Rut
73
-Canada let gu g 46
/
194. ii 71% 75 .74 Aug'24
7214 7712 Rutland let con g 4542
88
10
gula 88
194 I J
86
8912 93 St Joe & Grand 151 g 4a
J 7612 77 77
771
1947
I
714 77
884 89% St Lawr & Adir 1st g 521
199f Ii 9314 95 July'24 ---9112 98 4
1
88 954
2d gold 68
199 40 994
,
98 Mar24 -- 98 98
I MIN 10312 St L & Cairo guar g 42
944
7 89 94
J 9414 954 9412
193.
18
933 964 St L Ir M & S gen con S 56-1931 *0 100 Sale 100
3
96 101
10012 30
belt 9131
.1 92 Sale 9212
834 9314
Unified & ref gold 45 :
93 • 285
1969
9:
8813 8912
844 178
Rily & G Div 1st g 46
193: MN 84 Sale 83%
$
72 857
9312 96 St L 51 Bridge Ter gu g be---1931 ▪ 0 994 102 9912
9913
1
984 9954
96 9714 St L& San Fran (reorg co)4919: I .1 7012 Sale 7014
7138 717
19
2
557 714
934 9713
3 J 8618 Sale 854
Prior lien Ser B 58
804 8712
8852 70
844 91
Prior Ilen aee C 65
ii 1011 Sale 101152 10212 28
/
4
9824 10314
764 78
9412 147
5318 Sc:les D
1941 'B 93% Sale 93%
87 2 95 4
,
5
9813 9813
8112 1034
Cum adjust Ser A 152---31195.
0 7812 Sale 7754
72
8111
978
4
96
Income Series A 66
785 4485
8
Oct. 704 Sate 6912
5858 76%
10214 10212 St Louts & San Fran gen 63.-193 i
2
105% - -- 1047
8 10478, 2 997 105 5
5
97 4 9914
3
General gold 5s
4
1931 I J 100'2 Sale 10012 100121
9712 1004
964.10014
St L & S F RR cons g 4a
.1 9018 --- 8212 July'23' - 199f
Southw Div let g 52.-1947 %0 9412 100 9712 Mar'24 -97
12
St L Peo & N W let gu 56-1945 I J 10212 103 10212 103
6 98 103
3913 55 St Louis Sou let gu g 46
94
94
1931 vi
6 9112 94
4413 60 St L S W let g 46 bond otts 1981- VI N 804 8214 815
8
6214 18
70
83
55
38
2d g 42 income bond etf6-91985 33 "(414 Bale 7414
894 7412
7414
6
4418 61
8614
8714 80
Como!gold 46
D
1931
7772 8712
4312 60
1st terminal & unifying 55-1951 I 3 5214 Sale 8112
8
6 e
al
78 85
8212 13
39% 60 at Paul& K C Sb L 1st 446-1941 P A
79
80
69
73 81
59
80 St Paul E Or Trunk 442_194:
.1
Sept'24 ---88 95
36
4974 St Paul Minn & Man
N4 9
Sept'24 ---193: I J 5791112 B54 2
9154 9812
al2e314
7058 88
let consul g 62
1 105 108
10754 109 1073
58814 10754
54
69
864
99
20
62 reduced to gold 4146-153:- I .1 981 Sale 984
/
4
193:
94% 99
Mont ext let gold 45
8
8812 977
9258
b
1937 I 1, 925 Sale 92%
8
4412
Pacific ext guar 46
89 89 Sept'24 -- 824 89
1941, Ii 87
48
5512 S A & A Pass 1st gu g
7912 35
I J 79 Sale 79
71% 7912
424 5712 Santa Fe Free & Phen 58.,l941 14
100 .._ _
Aug'24 ---9934100
99% 100% San Fran Terml let 46
( 85
8572
85
18
8012 87%
60 67% am Fla & West 65
,
1934 A( 108
9
5'
10155 Aug'24 1500419
0
8
10712 108
5858 116
bs
Sept'24 -- 100181011
1934 ( 10112
*
8512 8514 *lot° & N E let gu g 411-198i 44
88
93% 904
9012
3 847 9013
s
81
8312 Seaboard Air Line g 4s
724
1
72
7354 724
1954 It(
/
1
4
5514 72
8912 100
It'
Gold 46 stamped
72% 734 7212
1954
73
16
88/2 7434
524 71
85 362
Adjustment 52
63 I .
000 :J
0194, I's :4 :So. e 6311
437 68
2
43 .5812
8 2 207
4
Refunding 46
1951 • C .56% Sale 664
47% 58'2
4014 66
1st & cone 62 Series A
81% Sale 8112
8312 390
194t 4i1
6734 85
8612 94 *aboard & Roan 19t 56_.....1931 1 )
Sept'24 ---192
6
9734 10114
3912 68 S& N Ala cons gu g 5a
F
1001 July'24 ---- 10153 1044
5 15
6112 70
Gen cons guar 50-yr 58.„196$ • t
10318 loss 20
99 10512
89
9554 ao Pac Col 4/1(Cent Pao col)It194$ 3D
844
7
8114 884
105 4 107
1
20
-year cony 42
98 249
011993241
9212 10012
106 107
1002
4 10
20-year cony be
I
974 1011/4
106 10712 So Pac of Cal-Gu 558
• N 101381: 1'1'i 1544980427
Sept'24 ---- 101 103
1927
1:1i:
81
86
913 So Pac Coast 1s1 gu 4s g.-1937
2
.1
934 94
914 10112
l's Aug'24
864 87 So Pac RR 1st ref 42
9015
99
1951
85 90%
22314 90 Southern-1st cons g 58
/
1
4
5
0
9
10018 44
5° 1103
984 102
1994 1 .1 10 % 10114 1 °980540537:8: :
10612 13112
Dev.lee h aen 4.Per A_1nM Al
7412 Sale 10214
691a 75 4
74, 754 256
3
764 92
1034 137
Develop & gen 65
gats 10313
1956 A' 10212 Sale
8412 91
Develop & gen 654e
1956 40 107 Sale 1065
4 10712 117 1011 1074
4
804 8634
Mew tnv /at g 4 81w6e---1a51 J J
9812
9812 Sept'24 -- 93 3 100
1996
3
78% 8512
St Louis Div let g 42
ii 8514 86 8514
5 7954 86
8514
554 83 So Car & Ga ist est 545--1929
2
1
1011 102 1014 1014
/
4
9772 10234
57 60 Spokane Internal list g 52---1958
90 88 Sept'24 ---.1
8388
7934 881: Sunbury at Lew 46
ma t:23
Ocy 18
1936
1014 10814 Superior Short L lets.9-41930 M
190
88639JL:
942.51,
903 9818 Term Assn of St L 1st g 445.1939 A
4
957
Aug'24
.
1;i; W89 4 100
3
1st cons gold 5.5
1944 F A
9912 993 9912 Sept'24 --4
971 10014
4
5914 9914
30
Can refund s f g 46
844 Sale 845
Mg 883
1953
4
5 88
Tex & N 0con gold 55
- 9412 9714
38
9512 9 12 9714 Sepo'24 lt 1
1943 J
10912 109 l'exas & Pali let gold 54
/
1
4
92 101
2000 if 10012 Sale 99%
8912 10912
2d gold income Se
Aug'24
734 7312
e2000 Mai
97 100
/
1
4
12
La Div B L 1st g ba
9514 994 9812
7
91
8%
9912
1931
98'i
73's
69
5 97 10012
995,
7312 rol & Ohio Cent 1st gu 54-1935
9:133 Sale 9958
8912 895
4
Western Div let g 5s
9478 101
9834 lul , Sept'24
1935 A
107
1
9714 9912
2
General gold 55
9112 97
963
3
97
1935
95 4 9814 Toledo Peoria & West 411
3
3 201 304
2013 141- 23939
/
4
,9393,
08
4 8904
25
1917
1
2914 10178 rol St L & W pr lien g 346_1925
4
991 993
8
9613 100
2
85 0012
14
50
-year gold 42
823 834
4
76 8412
1954( A
101 10814 rol W V &0 gu 442 A
973 -- - 97 July'24
3
951 97
2
1931
10142 106%
Series B 4146
1
963
3
951 8 wiar 2
136,Feo: /
1
1933
9514 Ms
9214 984
Series C 42
1942
79 84 Tor Ham & Buff 1515 45_ _ ./21946
/
1
4
8514 8612
55
8ll 8634
754 8012 Ulster & Del let cons g 65...._1928
.
6239 Sale , 97
97 os
93 9712
97 --io
78 9018
let refunding g414
623 70 4
1952 A
4
3
89 9912 Union Pacific ist g 46
76
9214 Sale
1947
884 94
9112 9812
67
20
-year cony -is
993, Sale
9612
1927
9538 100
65
8412
70
1st & refunding 42
02008 M
8158 884
89
98
let & ref temp 58
4
. "6849928914: 105 8
4
020418 MS 104 105 184:4 SeSePP590::2 144322 11 100 106
79223
894 9512
10
-year perm secured 6e__1924 S i 10412 Bale 10414 10514 51 1024 10512
93 U NJ RR & Can gen 48____1944 MS 923a
87
100 Sep001
931, 11'24
884 03
8714 95 Utah & Nor gold 58
1926 J J 10014
93 10054
948 93 Aug'24
4
90 100
lat extended 4a
1933 J J 92
93 93
9014 9914 Vandalla cone g 45 Sec A
FA 853
4
,
'
24
63, Jan,34
5
8
8
1955
85 85
93% 110
Consol 46 Series B
3
1957 MN 85 4 Sale
83 89
101 11014 Vera Cruz & P let gu 4 vfe.._ _1934 B
'
2012 Sept'24
1073 110 8
July 1914 coupon on
11
7
91
94
9 3, A pr24
2
6
9
"2528
4
2 9914 997
Verdi V I & W lat g 56
1926 MS 998
3
855$ 8614 Virginia Mid Series E 52._ _1926 MS 1904 1003 178014 Aug48
0912
14 03
2 7
824
'4
97 1007
4
$134 84
General 59
1004 10018
1936 MN
98 10013
1
8114 8312 Va & Southw'n 1st gu 5e.....2003 ii 953 Sale 95%
2
95%
9214 97
7
8114 /3314
let eons 50
1958 40 8312 8414
-year 511
764 884
90% 9512 Virginian 1st 55 Series A_ __ _1962 MN 953 Sale 9812
Ha 197
s
4
6214 974
4
8342 871g Wabash lit gold 6e
62
4
1939 MN 1003 Sale 10018 101
45t1 101
100
61
80
P A 954 Sale 95
1181 gold 56
1939
871. 98 8
96
1
21
7712 18 68
3812
lit lien 50-Yr g term 45_1954 J J 77 Sale
7812
9112 99
flat & Ch act let. be__ _1941 J
9812 100
98 Aug'24
/
1
4
_
97 9914
Low
a Due Jan. c Due March. d Due April. e Due May. g Due June. h Due July. 5 Due Aug.
t
1611
Due Oct.
Due Dec. 8 Option sale.
New York Bond Record-Continued-Page 4
1612
BONDS.
R. Y.STOCK EXCHANGE
Week ending Oct. 3.
E.t
Price
Friday
00. 3.
Week's
Range or
Lan Sale.
Range
lanes
Jan. 1.
1
BONUS.
N. Y.STOCK EXCHANGE
Week ending Oct. 3.
11.
Price
Friday
Oct. 3.
Week's
Ranee or
Las/ 8a14.
I
ig
RAMO
MCI
Jas. 1
HMS
High No. Low
Ask ton
BO
111ok No Low 810k
Ask Low
Wabash (Concluded)
Bid
3 6414 85
6512
7212 8414 Dominion Iron & steel 5s--1939 3, 8512 6612 654
924
Dm Moines Div let g 418_ _1939 JJ 7712 793 81 Sept'24 -.5
3 81
85
1942 3' 8412 85 8412
3
6 67 4 734 Donner Steel 75
7113
Om Div let g 34s
12
8912 92
1941 *0 713 71% 7138
s
7734 82 du Pont(E I) Powder 430..1936 3D 894 ---- 8912 Aug'24 -- -- 10678 108%
82 82 Sept'24 _
Tol & Ch Div g 48
1941 MB 81
10812 34
titiii duPont de Nemours & Co 74e'31 MN 108 Sale 107e
7
8 -.iie 8
783
8
Warren let ref gu g 345_ _ 2000 FA 773 -- -- 773
4
10512 65 10814 1064
1949 3' 105 Sale 105
Duquesne Lt let & coil 6a
-Wash Cent let gold 4s
1948 QM 8212 8812 8612 Aug'24
10312 19 102 1034
8012 89
let coil trust 54s Series B-1949 33 10312 Sale 103
8212 Aug'24
1945 FA
Wash Term let gu 34e
4 51 1034 111
1063
7354 8814 East Cuba Bug 15-yr a i g 7;0'37 MS 10612 Sale 106
let 40
-year guar 45
1945 FA 77 Sale 74 July'24
2 894 92
92
2
3
' 9112 92 9
90 9518 Ed El Ill Bkn let con g 46-1939
3
94
9812 10112
W Min W & N W let gu 54_1930 L A 94
944 94
5
10018
00
6512 Ed Elea Ill let cons g 55.. 1995 3'
58
18
9934
64
West Maryland let g 4 1
„ 1952 *0 6312 Sale 6312
/
4
3 98
4
993
9 5
1922 3D 9914 993 995
4
9755 10114 Elk Horn Coal cony 68
9912 Sept'24
1937
West N Y Pa let be
3
'
8
967 382 88% 97
933
1957 N 963 Sale96
4
& Fuel 74e
764 81 Empire Gas
7
8012
9334 9934
8052 8018
1943 *0 80
Gen gold 48
5
9934
1932
4
993 Sale 9934
9 794 9314 Eqult Gas Light 58
91
4
93 98
Western Pac let Ser A 5s_ _1946 MS 90% Sale 903
974 25
9634
__ _
884 89
92$s 1015 Federal Light & Trac 6s1942
8
74
9812 10712
1946 MB 101% 101% 10114 102
B6a
1067& 11
10414 106 104
78
8
785 85
8
83%
984 1054
2361 • J 8212 Sale 83
West Shore let 4e guar
10512 87
1941
s
1053 Sale 105
7714 883* Flak Rubber 1st at 841
8
81
7744 81
2361 33 8012 8212 81
Registered
9614 i
5%
75% r 9
9812 F le 81 Aug'24 .... i
1936
9838 10012 Ft Smith Lt & Tr 1st g 5a
4
8438 9712
1926 AD 10014 Sale 10012 10012
Wheeling & L E let g 5s
9
142
98 10034 Frameric Ind & Dev 20-yr 734e'42 .1
1
100
Sale 100
Wheeling Div let gold 58_1928 J J 100
12 10118 107%
MN 10112 102% lO22s 103
8
94 943 Francisco Sugar 730
97%
1930 P A 9312 10012 94 Mar'24
94
Eaten & impt gold 55
2
97%
97%
8 5312 6818 Gas& El of Berg Co cons g 55 1949 J D
66
6612 6512
101 10434
Refunding 44s Series A 1966 MS 65
12 60 75 General Baking let 25-yr 61.1938 J D 104% 106 104% Sept'24 _- 80 83%
71
1949 MS 7014 Sale 7012
RR 1st consol 4s
.1942
83 Aug'24
deb g 314s.. 1952 FA
49 70 Gen Electric
6412 11
Wilk & East lat gu g 5a
1942 3D 64 Sale 63
MS 10412 Sale 10412 104% 15 100 105
Debenture 58
99 101
1938 J D 1005 1013 10012 Aug'24
4
9814 102
8
Will & S F let gold 55
12
101
8412 Gen Refr lets I g 68 Ser A 1952 P A 100 101 100
5 81
8414
93% 10012
8312 85 8414
Winston-Salem S B let 46.-1980
1947 3.3 100 Sale 9913 10014 161
5
763 8414 Goodrich CoOl4s
8 20
817
.• 2 8112 Sale 81
11412 119
Wig Cent 50-yr let gen 41.__1949
95
118
4
3
77 87 4 Goodyear Tire & Rub lets f 88'41 MN 1173 Sale 117
8514 16
Sup & Dui div & term let 4s'36 MN 84% Sale 8412
115 100 1074
107
41931 FA 10658 Sale 106
-year s f deb g 88
10
92
91
INDUSTRIALS
91 Aug'24 -- -8
A'2
78
8534 Granby Com Si 8& P cones 1928 MN
23
83
94
coil it g 4e_ _1948 MS 83 84 8218
90
•dams Express
MN 9214 ---- 9312 Sept'24 __ _ _
4
743 953
4
Stamped
38
94
1938 3D 93
94 9314
89 98
Alas Rubber 8a
1
9834
54 712
8
955 96%
95
Cony debenture 85
1
54
54
1926 MS
518 8
98
78
Alaska Gold M deb 61 A
8412 Sept'24 -- -8518 90
54 74 Gray & Davis 711
5% Aug'24
1926 M
54 6
98 10213
Cony deb 6e series B
2
100
4
5 M
116920 M .,
19325 F N
3 94 10014 Great Falls Power isle 1 5e-19 7 7 NA 100 101 100
99
1928 AD 99
9912 99
7914 8234
•m Agric Chem let 5e
8234 Aug'24 -.82% ---129 82 101 Hackensack Water 4a
97
1941 P A 9638 Sale 96
8134 864
let ref e f 734sg
8512 18
9112 9712 Havana El Ry L& P gen 58 A 1954 M S 8512 Sale 8412
9714 93
1933 A0 9612 Sale 9612
92
95
American Chain tie
0412 Sept'24
i952 F A 854 86
4
3 82 903 Havana Elec conaol g S's
4
903
9014 9012
Am Cot 011 debenture 56-1931 MN 90
10312 22 101 104
_ 10613 10734 Hershey Choc lets f g 65--1942 MN 10312 Sale 10238
107 Aug'24
1936 3' 10612
8412
72
Am Dock & Impt gu 68
8212 32
87% 97% Holland-Amer Line (Is Ulal)-1947 MN 8212 Sale 8114
1937 A 0 9212 Sale 924
4 38
923
9414 9974
Amer Republics (is
8
981s
4
.
.
92940 A 1
:5 M ,..
91% 95% Hudson Co Gas let g 5s_ _ _A949 rd 0 977 ---- 9734
943
9858 100%
Am Sm & R lat 30-yr 51 ger A1947 A 0 9434 Sale 9414 105 4 113 10134 10612 Humble 011 & Refining 545-1932 3 .1 10014 sale 104
100% 138
0
9438 Sale 9
48
1947 A 0 105 Sale 1033*
97i
6e8
65 9312 984
65
95% 10234 Illinois Bell Telephone 5519 6. 33 9712 Sale 9714
5
3 1 _,
9 5 siiN
9114 95
Amer Sugar Refining 61......1937 3 3 10012 Sale 993* 19012 105
6
9412
924 9814 Illinois Steel deb 44s
977 142
8
82 90
Am Telep & Teleg coil tr 48_1929 3 J 9712 Sale 9714
9112 964 894 Sept'24 -87 93 Ind Nat G & 0 58
9
9012
1936 MS 9012 Sale 9014
Convertible 4e
27 100 10312
4
1013 Sale 10112 102
1933 ▪ S 1053* 107 10314 10314 80 100% 109 Indiana Steel let Ss
100 100
-year cony 44s
30
P1935 3 3 100 102 100 Aug'24 __
974 102% Ingersoll-Rand let Se
10158 318
1948 3D 10118 Sale 101
1012 11
SO-year coil tr Sa
1078 June'24
14
6
9714 10314 InnStdpat m eerbere MD eprTran I1et is_-_-195 3 0 11
t op co 1 4i5e 96 A 3
7 t oo
1943 MN 10214 Sale 10214 10318 297
-year s f 54e
20
584 7114
6558 128
Sale 6438
643*
Rap
120% 15 11h14 123
58% 7314
7-year convertible Os_._l925 FA 1203* Sale 120
6518 224
64
8418 94
80
92
541$ 7214
1934 * 0 9112 Sale 91
.m Wat Wks & Elec 5e
8778 51
4
6514
1932 Ili 64 Bale13ale 653
57
36
11
113-year 68
48
-es___ _1939 33 47
834 927s
48 45%
Am Writ Papers f 7
8' 54
885
8712 Sale 8712
454 57
78
37
46
4614 7012
461? 4518
45
Temp Interchangeable cUs deP
2
2
88 4
Aug' 14.
2
3 MS
944 98% lot Agile Corp let 20-yr Se-113 M N
289
98
1953 IA 9778 Sale 9734
Anaconda Copper 6s
123 794 90
8778 6le 86777184
9412 10114 Inter Mercan Marine a f 69._1941 A 0 63 Sa6
1938 FA 100 Sale 9912 10014 328
83 88
75
874 71
1947 3 J 87 Sale 8612
8358 8778 International Paper 58
8434 117
8318 85
Armour & Co let realest 4461939• D 844 Sale 837
19473 -1 --- ---- 8 Mar'24
84% 9212
140
1st & ref 511 B
92
734 8334
_1943
3
' 92 Sale 91%
Armour & Co of Del 5
59
5
9
83341 251
14
44
9 % le 8238
CM% 10112 Jurgene Works65 Olaf price)-1947 J J 833 S:e "
89 95
Associated Oil temp ea.__ 1935 MS 1007 Sale 1003* 100% 43
40 Kansas City Pow at Lt 5e...1952 M S
21
2
21
9912
93
Atlantic Frult 78 etre dep..-.1934 3D 2112 2514 21
9912 49
M 13 9912 Sale 9834
3912 Kansas Gas & Electric 68-1952
21
4
973 19812
184 33 25% Sept'24
Stamped certif./ of deposit
10212 48
F A
rA N 1023 Sale 102
8
8
967 9938 Kayser & Co
6
98
98 Sale 98
1937 j
884 10414
/Mantic Refg deb 58
9934 92
994 Sale 9858
19
7e42
1004 10234 Kelly-Springfield Tire 8s_ -1931
1
734 84
e
Baldw Loco Works let Se 1940 MN 1017 10512 1013* 10158 42
84 Sept'24 ---19,7 A 3
9514 104 Keystone Telep Co let 51._.l935 J 0
98% 103
Barnsdall Corps f cony 8% A1931• J 10358 10334 10212 104
1
10018 10078 10112 10112
9712 101 Kings Co El & 1 g Sa
5
83
3
' 100% Sale 10014 101
Bell Telephone of Pa Se_ _ _A948
4 1107e 11414
114 i
F A
esA O 114 Sale 114
99 10112
24
Purchase money
s 101
Beth Steel let ext a I 5a- _1926 ii 101 Sale 1007
5 6934 76
4
723
734
74
73
9215 9712 Kings County El let g 4e-21964897
52
96
1942 MN 96 Sale 9514
7014 76
let ta ref 58 guar A
F 3
3 J11 723 74
73 Sept'24 - ___
4
8712 91%
Stamped guar 45
89% 51
4
7714 103
3
' 883 Sale 88%
$0-yrn m & imp a Sa _1936
Sept'24 -49
54
8718 8712 8614
19
9534 100 Kings County Lighting 55-1 6
9618 194
95 10312
-year (le Series A1948 P A 98 Sale 96
4
Cony 30
1954 3 .1 1034 Sale 10234 10312
8734 92
8818 29
Oils
-year 5e Series B1953 P A 88 Sale 873*
Cony 30
8 10112 1054
10512
19383 D 10514 10512 105
7212 83% Kinney Co 7545
1
7912
93
88
Booth Fisheries deb.I 136 .19213 AD 7912 Sale 7912
9114 31
1950 M 8 91 Sale 1 9034
93 9714 Lackawanna Steel As A
35
97
_,.i942 * 0 9658 Sale 96
9155 984
Brier Hill Steel let
18
98
4
6878 17 6018 7314 Lao Gas L of St L ref &ext 5121934 A 0 973 Sale 9738
B•way & 7th Av let c r Ss 1943 3D 68% Sale 6612
83 92% 954
95
1953 F A 9458 Sale 9412
6014 73
Coll & ref 5594 set C
94
91
66% 70 80 Jan'24 -Certifs of dep stpd Dec '23 int
1933 .1
934 Lehigh C & Naval 43Se A..19543 3 95 ---- 94 Sept'24 -.9 87
934
1941
93' 94 93
91 101
Brooklyn City RR 5a
5
10012
1933' 3 10012 Sale 10012
4 10034 16 974 1024 Lehigh Valley Coal 56
4
993 Sale 993
874 894
Bklyn Edison Inc gen 55 A 1949 J
891? ---- 895* Sept'24 --1064 21 10212 10612
4e
1930 I j 10514 Sale 103
82% 4312
General es Series B
39la . 3
s
24 1047 109 Lax Av & P F let gu g 51...l993 M S 39% 40 39l
4 107
1930
3
' 106 Sale 1053
General 75 Series C
A o 117% Sale 11712 11778 19 11434 11814
4 109% 133 107 1101e Liggett & Myers Tobac 75.-1944 F A 983 Sale 9818
1940 3D 1074 Sale 1073
Series D
7
General 7s
9834 62 95 4 99%
1951
4
%
6 82
7
80% 467 6 4 6942
8
1144 11818
Bklyn-Man R Tr Sec 65_ _1968 3, 793 Sale 793*
mN
A O
Lorillard Co (P) 711
99
95
Bklyn Qu Co & Sub con gtd 58'41 MN 63% 66 64 Sept'24
A93
F
74 i1678 96114
116 2 Sale 117 2 117 2 35
96111
80 80
55
80 Jan'24
1941• Ji
8818 92
let Se
40
92
96
119541
814 101 Louisville Gas & Electric 55-1642 J D 9112 Sale 9112 11812 47 10814 11934
7
954
Brooklyn Rapid Trans g 56_ _1945 AD -15512 Sale 9512
76.1932
116 Sale 116
96
96 magma Cop 10-yr cony g
96 Jun'e24
97% 10112
Trust certificates
50
1942* 0 997 Sale 9912 100
8
647 823 Manati Sugar 74e
4
70
56
tat refund cony gold 45_2002 3, 8012 82 82% June'24
29
83
974 10912 manhat Ry(NY)cons g 46.1990* 0 624 Sale 62%
10912 Sept'24
58
47
s
D 53 Sale 53
8-yr 7% secured notes_ _ _1921 3'
17
58
101 3 p4
_
Af 55_ _2953 2/
2d 43
964 11612
1143* Sept'24
......
941e 100
Certificates of deposit
20
99
1942 61 N 987 Sale 9812
92% 1107 Manila Electric 75
8
_
11034 July'24
8212 8612
Ctfs of deposit stamped....
6
8612
8612 8512
86
8012 85 Manila Elec Ry & I.t e
7 81
5
8 42
8218
1950 PA 8212 Sale 813*
4
974 1003
aklyn Un El let g 4-5a
27
99
1940 Q .1 99 Sale 9814
Market St Ry 7s Ser
8212 11
1950 FA 8212 Sale 813*
Stamped guar 4-55
with waenta'31 A 0 126 130 125 July'24 ---- 1168.140
9658 10014 Marland Oils? 88
8
10014
Bklyn Un Gas let cone g 58_1945 MN 100 Sale 100
A 0 10514 1057 106 Sept'24 ---- 100 106
Without warrant attached--__
15512 156 114 156
1932 MN 14938 Sale 147
Te
1931 F A 117 126 123 Sept'24 --- - 117 136
8
9912 1073
4
7545 Series B
8
984 10454
51
lit lien & ref 6s Series A-1947 MN 1075 Sale 10712 1073 164 114 156 4
104 Sale 10312 104
do without warrants
155
1929 MN 149 4 Sale 148
3
le
9
0 18 15
938
012 1911e 27 97% 102
0
4 a
003 S l
6% me
9
90% 8334 Metr Ed t at ref g 6s Se? B_1952/ A 19934 Sele 19
ow tu
81
Sept'24
1932 J D 917 94 9212
9412 100
Ralf dk Bugg Iron f be
1963' D
1
8514
8514
1952 *0 9512
Bush Terminal let 4e
9, 10114 106
4 106
8334 88% Mexican Petroleum 5 1 8.9._ _1936 M N 106 10612 1053
31
87
8612 Sale 854
1955 .1
Consol 5e
3 85% 904
33
8
89
9,
. 5
; 8
sale 9
91
9734 Midvale Steel &0cony a f 58 1936 M S 88 6 l... 8 ,2
21
96
9512
Building 58 guar tax 411_1960 *0 9512 96
' 96 1054
9
4 10118
9714 100 Milw Elec Ry & Lt cons g 551926 F A 100% ---- 1003
993
9918 99
1937 MN 99
9012 96
Cal0& E Corp 55
96 Sept'24 .--J
95 101
Refunding & eaten 446..1931 3 D 94%
34
93 98
(w 1)- 1933 AD 10034 Sale 1003* 101
Cal Petroleum 0
1951 3
1901 .1 O 96
A
9414 9734
General Se
4
9514
804 88
46
Camaguey Slug let a I g 75_1942 AD 944 944 95
8618
86 Sale 8518
9414 95
1st 5.1 B
9512 12
3 9514
9531 199
16
98
Canada SS Lines let coils I 75'42 MN 9512 95 4 107 Sept'24
1953 M 13 9712 975* 963*
1023* 107
let & ref g es set C
4
944 9834
Canada Gen Elec Co es_ _..1942 P A 104 1063 10012 10012
98% 51
9734 101 Milwaukee Gas Lt 1st 4e_ 1927 M N 9818 Sale 9818
2
95 985
4
9812 51
Cent Dist Tel let 30-yr 5e_ _1943 3D 10012 101
95
6 894 95 Montana Power let Se A_ 1943 3 J 9814 Sale 98
97 92
86% 944
Cent Foundry lets f 6s.....1931 FA 95
944 33
2 1007 Montreal Tram lst & ref .58.1941 3 3 944 Sale 9438
94
-year g 5s_1925 * 0 10014 Sale 10014 10012 123 1071 110 s Morrie & Co let s f4iie._ 1939 J .1
83
76
Leather 20
Cent
4
2
4
1941 MN 10814 109 10814 1083
1966 A 0 7 % Sale 7 12 Jun8 24 -2-7 744 744
Central Steel Fa
0
e'
. 7
6
4
4
6
7
934 9874 Mortgage Bond 45
1
9812
Sale 9812
9413
92
3
94
Ch G L & Coke let gu g 56-1937 33 9812 Sale 75
94
1932 A 0
81
58
74
64
755
1927 P A 7514
9614
58
92
Chicago Rya let
-4
..
99 10914 Mu Fuel Gas 1st cu g 5s. _1947 M N 9514 953 98 Sept'24.
Sale 10514 10614 100
1932 A0 10514
93% 953
4
Chile Copper Ile Set A
95
5
3* 1003* Mut Un gtd bonds ext 5%..1941 MN 93'2 1412 9518 Aug'24 ---0
95
994
Sale 98
3
53 4 6312
Gas & Elec let & ref 55'56 *0 99% Sale 100
6312 45
Cincin
4
623
96 10112 Nassau Elec guar gold 48... _1951 3 3 62 - .- 6258
101
7
1961 * 0 10018
82 94
8814 16
53-4e Ser B due Jan 1
8714 Sale 874
8118 9314 National Acme 754e
91
2
92 91
964 991s
D
Colo F & I Co gen s 58.-.1943 P A 904 Sale 79 4
9
82
75
82 Nat Enam & Stampg let /Ss-1931 3 D 9713 -- -- 9734 Sept'24 ---3
8014 31
4
9512 97
3
19 4 L A 793
Col Indus let & coil 56 gu
9512 May'24
1
9614 1004 Nat Starch 20-year deb 5a-1930 3 .
1
10038 Sale 100 * 1005s 66
994 102
1927 .2
Columbia 0& E let 58
4
95%- -10114 10178 10114 1017 ;"i6
9614 100% National Tube let 55
8 1004 39
3
' 10013 Sale 1003
1927
3
93% 109 5
974
Stamped
97% Sept'24
7
7 Newark Con Gas Sa
7 Apr 24
2
9714 10112
O
Col & 9th Av lit gu g 58.-1993 MS 9812 _12
119452 lki D
10012 10114 80
83
9714 New England Tel & Tel 5a._169582 I N
9714 Sept'24
_
1 10111 104
MN LI% 11i;ii. 17318 10318
4
783
Columbus Gas 1st gold 5s__1932 J
8
0
e
.
rity.
7614 N Y Air Brake 1st cony 6s..1928
3 70
74
73 787
2
35
Commercial Cable 1st g 415_2397 Q .1 7312 75 7312
87
9838 N Y Dock 50-yr ist g 4s_ _..1951 F A 7812
8 84
983
10978 11314
Commonwealth Power as_ _1947 M N 9714 Sale 963*
9414 967 NY Edison let & ref Oils A-1941 A o 11212 Sale 1124 11314 25
8
96% 23
9814 102
..1939 J J 9612 Sale 9612
29
Comp Azuc Antilla
D 10018 101 101
101
109 10314 NY Gas El Lt & Pow g 5a_ _1948 J
824 86%
1937 J J 10212 10312 10214 Sept'24
Clomp Azu Bare 7s
4 65
863
1949 F A 86 Sale 854
98 10258
Purchase money g 4s
102
8014 8118
Computing-Tab-Rec f 61._1941 .1 J 102 Sale 102 July'24
5183
8774 883* NY Munle Ry let if be A 1960' J 8012
98 10012
1
4481951 J J 873 ____ 8778
ConnRy&Llet&refg
e2
100 2
100 "14
883* N Y Q El L &.11 1st g 5s____1930 F A 9912
82
9014 8738 Sept'24
33% 4412
1951 3J 88
Stamped guar 435
3814 20
.1942J .1 3714 Sale 3714
86
NY Rye let R E & ref 45_,
9034
8814
43%
8814 Sale 88
32
Cons Coal of Md let & ref 5.1 1950
3814 77
Certificates of deposit
923 94
3714 3812 3714
58
112 0
Coot Pap az Bag
4%
63i a_ _1944 F A 93 Sale 973* Sept'24
4
01942 A 0
412
-year ad/ Inc 511
30
934 100
112
9814
98
Con G Co of CI) lst gu g 5a...1936 J
.
414 11
44
414
925
Certificates of deposit
87
90%
65
58
1952 MN 90 Sale 894 July'24 38
Consumers Power
6412 61
Sale 64
5
90 8 103 NY State Rye let cons 454s 1962 M N
4
85 96
4
g Ss. _ _1931 M N 993 ____ 9058 Sept'24
Com Prod Refs
8712
4
0 11
6715
1962 MN 1844: 88% 87
9814 10112
6348
9212 99
2
1st 25-year e f .5s
1934 M N 101 10134 10114
98
85 N Y Steam let 25-yr 8e Ser A 1947 MN 97't 98 9758
71
77
1
93% 97
12
Crown Cork & Seal ea
1943 F A 774 784 777
9712 57
Sale 97
914 98 NY Telep let & gen a t 440_1939 MN
9614 28
8
957 96 95
5 105 10812
Cuba Cane Sugar cony 75_ _1930 J
Sale 10814 1084
-year debens f 68.- _Feb 1949 P A
9984 sale 99114 100
30
96 10112
86
69 10314 10714
Cony deben stamped 81(. 1930
J
,
97
20-year refunding gold 88_1941 AD 10718 Sale 10644 10714
108
7 107 10812
99 1035
8
1
Cuban Am Sugar let coil 85.1931 PA S 108 Sale 108
4
9414 9712 Niagara Falls Power let 55_ _1932• 3 1003 101 103% 1035s
1
9612 974 9612
612
9
5 10212 1064
Cumb T & T let & gen 5s_ _ 1937.
*1932 AO 10512 Sale 10514 105%
Ref & gen Os
8414 914
9012 11
3
Sale 89 4
5 9912 104
Den Gas & EL.Istatre/ f g 58'51 M N 90
10 67 82 Nine Lock & 0 Pow let 14_1954 MN 103% 105 10358 104
7412
99 103%
1942M S 7212 734 8212
Den' Corp (D G) 7e
10314 74
8
_.-1958 F A 1033 103% 103
10114
Refunding 68 Series
6
Detroit Edison 1st coil tr 54_1933 J J 9953 Sale 993* 1014 33 99 101 No Amer Edison ea A_
9714 73 914 98
4
1952 M 8 974 Sale 9834
95
995
98 103
91
k1940 M S 101 Sale 9913
101
let & ref 5s Series A
1948 M 8 10034 Sale 10014
104 107
s I g 6 As fier B
Secured
45
874 93
k1940 M S 10618 Sale 10618 1064 25
let & ref 85 Series B
92
54 93 Nor ChM Tree & Light es __.1947 M 8 92 Sale 8814
84
9212 16
9212 92
14
92
8914 9414
.19323
Del United let COOS g 414s.
94
.
48 54% Nor Matte Pow 25-yr 55 A _1941 A 0 94 Sale 9312
July'24
69 101 105
Distill Sec Corp con let g Se 1927 A 0 3812 43 40
1031s Sale 10212 104
lit & ref 25-yr ea Ser B _ _1941
3
547
88
4
4013
certificates of deposit___ 40 Sale 40
9 10712 1094
109
Trust
5
8612 87 N •ethweet'n Bell T let 71 A .1941 F A 108% Sale 1085*
8612
Dold (Jacob) Pack let(W._ _1942 11414 8612 Sale 8612
Due Oct. p Due Nov. r Due Dec. s Option sale.
a Due Jan. 11 Due Feb. c Due June. 5 Due July. 5 Due Aug o
on
on
5,
OCT. 4 1924.]
THE CHRONICLE
New York Bond Record-Concluded-Page 5
BONDS.
N.T.STOCK EXCHANGE
Week ending Oct. 3.
Price
Friday
Oa. 3.
Week's
Range or
Last Sale
14
.358
Range
Since
Jan, 1
Ask Low
844
Nigh No. Lore High
North W T 1st Id g 431a gtd_1939 J J
92 9512
937 Sept'24
8
Ohio Public Service 731a--1946 A 0 110 1101z 110
7 10358 11012
1101:
1947F A 107 Sale 107
715
/
1
4
9 100 10714
1071:
Ontario Power N F 1st ba -1943 F A 985: Sale 9833
9858 13 (24% 99
Ontario Transmission 5s__--1945 M N 97
981/4
973 9713
4
19 94
98
Otia Steel fis
1941 F A 933: Sale 9314
9312 23 93 1014
lat 25-yr is f g 731a Ser B_ _1947 F A 884 89 8813
87 95
/
1
18
89
Pacific(3 & El egn & ref ba_ _1942 J J 933 Sale 931
4
/
4
4
934 110 905 95
Pao Pow&Lt Istaref 20-yr ba '30 F A 983: Bale 9813
92 984
983
4 16
Pacific Tel & Tel 1st bs
1937 J J 993: Sale 9914
9934
96
995: 14
1952 MN 924 Sale 9234
58
905: 93 s
40
7
93
Pan-Amer P & T lit 10-yr 781930 F A 1044 Sale 1044 10412 12
9958 105
/
1
4
Park-Lox (ctfa) 6318
1953 .7 J 96 Sale 96
963
4 18 94 100
Pat& Passaic & El cons ba 1949 M S 971: 99 99 Sept'24
934 99
Poop Ge8 C let cons g 65..1943 A 0 10712 108 10712 Sept'24
10414 108
Refunding gold ba
1947 M S 945 95 945
948
4
5 87 98
14
Philadelphia CS.A
1944 F A 102 Sale 102
9914 1037s
10212 45
5318
1938 M
90
96
31
94 Sale 935s
95
Phil& & Reading C& I ref 58_1973 J J 1004 Sale 9934 102
/
1
4
67 93 102
Pierce-Arrow 8a
1943 M 8 8614 Sale 864
70
884
109
/
1
863
4
Pierce 0118 f 8s
1931 J 121 1007 10113 100
8478 10214
10
8
Pillsbury Fl Mills 6s (rots). _1943 A 0 99 Sale 984 10114
9 944 100
99
Pleasant Val Coal let g f ba 1928 J .11 97 Sale 97
2 93
97
97
Pocah Con Collieries lst s f 581957 J J 9212 93 8 9212
90
/ 94
1
4
/
1
4
7
7
923
4
Portland Gen Elec lit 5._A935 J J 9853 ---- 984
95 99
983
4 12
Portland Ry lit & ref 68_ _ _1930 M
1
86 9312
/
4
924 931 9234
931s
Portland Ry Lt& P lit ref 581942 F A 834 841 844
841 23 804 90
/
4
61 B
1947 M N 9412 Sale 941
4
/
4
944 42 894 953
let & refund 73111 Sec A_1946 MN 1044 Sale 10412
1 103 107
1044
Porto Rican Am Tob Ss
_1931 MN 105 105
105
1 1044 1064
Pressed Steel Car ba
8.91 99
/
4
1933 J J 914 Sale 913:
914
Prod & Ref a f tia(with waents)'31 J D 113 116 1134
/
I 10958 11614
Without warrants attached.- J D 109s 110 1101 11314
4 1061: 1103
4
11034
Pub Serv Corp of N J gen 50.1959 A 0 1043 Sale
77 107
4
4 94
Pub Serv Elec & Gas 1st 53151959 A 0 967: Sale 1044 1053 109
9614 974
9658
97
Pub Serv El Pow & Ltg 6s....1948 A 0 103 Sale 103
96 101
/
1
4
1033
4 2
9
Punta Alegre Sugar 7s
1937 J .1 1083 Sale 1083
24 108 122
4
4 109
Remington Arms 68
1937 MN 9412 Sale 94
951:
92
95
28
Repub I & El 10-30-yr ba f_.1940 A 0 95 Sale 9112
93 963
954 48
4
19533 3 9212 Sale 9112
6318
8758 9/12
9212 65
Bobbin.&Myersif 7s
1052.3 D 76
1
7512 9112
77 77
77
Roth & Pitts Coal & Iron 58_1946 M N 90 ___ 90 Aug'24 .90 91
Rogers-Brown Iron Co 7s__ _1942 M N 7312 76¼ 76 Sept'24
74 90
St Joe Ky Lt Ht & Pr 58__1937 M N 84
764 8434
86 8414 Aug'24 -St L Bock kit & P 5s stmpd_1955 J J 7612 Sale 7612
74 80
7612
I
St Louis Transit Si
1924 A 0 70 Sale 6812
29
524 7812
71
St Paul City Cable be
1937.3
914 953
4
924 ___ 95 July'24 -/
1
St Paul Union Depot 5a
951: 10134
1972.3 J 100 Sale 100
42
1o07
Saks Co 71
_1942 M
/ 10611 13 102 10312
1
4
1064 Sale 105
Ban Antonio Pub Sec 6s__ _ _1952 J J 9912 Sale 9912
991: 15 9334 100
Sharon Steel lloop lot Si ger A '41 MS 103 Salo 10212 10314 II 100 104
Sheffield Farms 6345.
/
1
4
1942 AO 104 10458 104
1045
: 22 100 105
Sierra & San Fran Power 5s_1946 FA 88
837: 911:
88
8
1
895 88
Sinclair Cons Oil 15
-year 76_1937 MS 8853 Sale 881:
874 97
9014 268
631s B (w1)
1938 ID 83 4 Sale 8314
844 Ill
8314 904
3
Sinclair Crude Oil 531s
1925 AO 1001 Sale 1001
:
: 10053 39 97 10114
65
1926 FA 101 Bale 10018 10114 48 954 10114
Sinclair Pipe Line Si
1942 A0 83 4 Sale 8312
62 81% 88
84
3
South Porto Rico Sugar 70..1941 Jo 102 Sale 1014 10212 15 100% 1044
South Bell Tel & Tel let f 581941 .3, 98 Sale 9614
991:
94
9814 78
24'west Bell Tel lit & ref 59._1954 FA 9612 Sale 9618
9814 180 934 9814
Southern Colo Power 69_ _ _ _1947
'3 91 Sale 9018
6 87 931:
91
Stand Gas & El deb g 630_1933 MS 10114 Sale 10114 104
944 104
/
1
111
Standard Milling let ba
997: 18
1930 MN 997 Sale 995a
4
953 100
8
Steal & Tube gene f 7s Sec C 1951 .3' 10618 Sale 1061g
10612 10 103 10612
Sugar Estates (Oriente) 78 _1942 MS 95 Sale 943
9412 9715
8
9518
4
Superior Oil lot a f 7s
1929 FA" 983 99 997 Sept'24
96 100
8
4
Syracuse Lighting lit g Si._1951
D 981g -..._ 981z
5 92 9834
981z
Light & Pow Co coil tr it ba'54
'3 1047
844 105
/
1
8
8
1047 May'24 --Tenn Coal Iron & RR gee Se 1951 J J 10114 ____ 1013 Sept'24
99 10212
/
1
4
8
Tennessee Cop let cony 65..1925 MN 10112 1021z 10112 10112
1
971: 103
Tennessee Elec Power 6a
1947 3D 9818 Sale 973
93
/ 984
1
4
4
981z 49
Third Ave lit ref 4.
1960
3 5818 Sale 5618
17
4912 61%
57
AdJustment Income 5a_a1960 AO 463 Sale 46
5012 190
394 5853
8
Third Ave Ry 1st g be
1937 33 9414 Sale 9414
5 924 96
9414
Tide Water 011 611s
1931 FA 10334 Sale 103
4
/ 1033
1
4
4 29 102 1043
Toledo Edison 7s
1941 M
108318 Sale 1081z 1087
s 29 106 109
Toledo True, Lt & Pr 6s
1925 PA 10014 1003 10014 1004
3 9812 101
4
Trenton O& El lit g 5a... _1949 MS 96e 98 97 Sept'24
97 97
Undergr'd of London 431s...1933 J J 885
90 90
8
Income Se
1948 3,
8914 Oct'23
Union Bag & Paper 68
1942 MN 9334 Sale 931z
8 -132033
4
Union Else Lt & Pr lit g 58..1932 MS 995: 100 100
100
14
ors 10014
ISa .
1933 MN 9858 983 983
9 90% 99
984
4
Union Elev (Chicago) be_ -1945 AO 77 Sale 77
2
70 75
77
Union 011 ba
1931 .1 J 991. 100 1021 Sept'24
99 10214
/
1
4
/
4
Ss
31942 PA 10214 1033 1021: 102%
99 10234
/
1
4
8
5
Union Tank Car equip 7e_ _1930 AA 10412 Sale 1041 105
/
4
8 103 10511
United Drug cony 8a
1941 3D 1153 Sale 11512 1164 422 1114 1163:
4
United Fuel Oaa let of ea.-1936 3' 991z Sale 9834
9934 65 924 993
4
United Rye Inv ba Pitts issue 1926 MN 9834 Sale 983:
91
983
984
4 46
Stamped
985 99 99
8
99
8 94
99
United Rye St L lit g 45_ _ _1934 3.3 7012 Sale tyalg
71
611 71
/
4
United SS Co Int rcta 613__1937
N 9214 93 927
927
8
8
1
86
93
United Stores Ils
1942 AO 10214 Sale 1017
9194 10214
8 1024 23
8 Hoffman Mach 8s
1932 3'
1103 Sept'24
4
103 11112
UB Rubber lot & ref bs ser A 1947
J 84 Sale 84
843 133
4
793: 877:
-year 714.
10
1930 PA 1044 Sale 10312 1043
8 22
9918 10612
US Smelt Ref & M cony 6e..1926 FA 10114 Sale 1003
4 1017: 25
9934 102
US Steel Corp(coupon _ _ _41963 MN 105 Bale 104% 105
162 102 105
f 10-60-yr ba I registered _ _41963 MN
1041 Sept'24 -/
4
1013 105
4
Utah Light & Traction 5.._1944 AO -894 Sale 84
8458 30
80
873
4
Utah Power & Lt let 53_ _ _1944 PA 93 Bale 913
42
4
874 9334
93
UtiCa Eiec L & Pow ist f be 1950
3 9934 _ -- 98
9814
8
974 101
1957
J 98 Sale 98
Utica Osa & Elec ref bs
98
3
901 9834
/
4
1947 3D 61 Sale 6013
Va-Caro Chem let 73
531: 891:
613
4 55
_ 58 Sale 58
Certificates of deposit
5918
8
49
Ws
Certificates of deposit stmpd
594 57 344
56
7
5414
5934
12-yr 731s with warrants_1937
30
3112 30
311: 27
28
734
J
Without warrants attached_
3012 Aug'24
27
76
Vs Iron Coal & Coke ist g 58 1949 MS 894 911: 91 Aug'24
88
92
1934 33 94 Bale 94
Va Ry Pow lst & ref 91
941: 16
813
9514
_19423D 9312 94 934
Vartientee Sugar 7...
9378
6
89
/ 974
1
4
D 101 10112 101
Warner Sugar Refin lot 78..1941
10112 12 10034 10314
Warner Sugar Corp 1st 7s_.-1939 33 907: Sale 90
907: 13
8958 10212
J
1004 _ - 1001: Sept'24
Wash Wet Power. f 5s_ _1939
99 1013:
/
1
4
_ 100 Sept'24
Westebes Ltit g 5e atinpd gtd 1950 3D erg
_
965: 100
944 Sale 943
West Penn Power Series A 551946 M
8
95
34
8912 951
/
4
let 40
-year S.Sella C__ _ _1958 3D 1044 Sale
1043:
7 101 10434
let 7. eerie: Ti
c1946 PA 107 Bale 10612 107
16 1044 1073
/
1
4
1st Is series E_
1963 MS 935: Sale 924
94
13
863 9712
4
lot 5348 Series F
1953 A0 10012 Sale 1003: 102
51
98 10212
Western Electric deb 58
99 222
1944 AO 9858 Sale 9812
964 984
Western Union coil tr cur 546.1938 33 10014 Sale 10014 1005: 10
964 10114
/
1
Fund & real estate g 4345_1950 N 943 9814 95
971: 12
4
903s 971s
111
15
-year 630 g
11134 86 108% 11214
4
1936 PA 1113 Sale
Wartinghouse E & M 7s._ _ _1931 MN 1085: Sale 108
109
48 10634 10934
Wtokwire Spec Steel lit 71._1935 J J 7518 761z 751g
7712 33
58
794
Willya-Overland s f So
100
/
1
4
1938 MB 99 Sale 99
160
9512 100
Wilson & Co let 25-yr of 6.-1941 AO 873 Sale 871
883
8 84
/
4
4
80 98%
10
-year cony f 641
51
1928
D 5012 Sale 50
44
44
9244
731s
g
1931 PA 523 Sale 52
531
/
4
9
We 100
Winchester Arms7Ha
1941 AO 102 Sale 10134 102
22 mot 10284
Yeomen Sheet 1. T 20-Yr 6. 1943
J 957 Sale 954
96
8
77 9412 97
a Duo Jan d Due April, C Due March. e Due May. g Due June. h
Due
July. 8 Due Aug. •Due Oat. p Due Dec.. s Option sale.
1613
Quotations of Sundry Securities
All bond prices are "and interest- except where marked "4."
Standard 011 Stocks Par Bid. Ask.
Railroad EquIpesents Per Cl. Basis
Anglo-American 011 new. 81 *147 15 Atlantic Coast Use Si
8
5.20 4.96
Atlantic Refining
100 85 8512
Equipment654.
5.00 4.80
Preferred
100 112 11214 Baltimore & Ohio Ss
5.35 5.00
Borne Scryniser Co
Equipment 434. &
100 205 220
5.00 4.80
Buckeye Pipe Line 00.-50 *55 57 Buff Koch & Pitta equip 6s_ 5.00 4.75
Chesebrough Mfg new.. 25 *48 48 4 Canadian Pacific 4340 & 6s... 5.05 4.85
3
Preferred
100 110 119 Central RR of N J 611
5.25 5.05
Continental Oil new
25 842 48 Chesapeake & Ohio 6a
5.35 5.05
Crescent Pipe Line Co 50 .111: 1212
Equipment631s
5.10 4.85
Cumberland Plpe Line-100 134 138
Equipment be
5.00 4.80
/
1
4
Eureka Pipe Line Co..
-100 76 78 Chicago Burl & Quincy Si. 5.25 5.00
Galena Signal 011 oom_ _ _100 53 55 Chicago & Eastern III 531s- 5.50 5.05
Preferred old
5.30 5.05
100 110 116 Chicago & North West
Preferred new
100 103 107
Equipment631a
5.05 4.85
Humble Oil& Ref new_ 25 "36 3612 Ohio RI & Pao 431s & Si... 5.15 4.95
Illinois Pipe Line
5.50 5.20
100 122 125
Equipment6s
Imperial 011
25 •1011 102 Colorado & Southern Gs
5.45 5.20
Indiana Pipe Line Co
5.20 4.95
50 •70 71 Delaware & Hudson 6.
International Petroleum-a) •191 19 8 Erie 4340 & 53
5.00 4.70
3
Magnolia Petroleum_ _100 129 131
5.45 5.20
EquipmentSi
National Transit Co _12.50 *22 221z Great Northern 6s
5.20 5.00
New York Transit Co -100 60 Si
5.00 4.70
Equipment ba
Northern Pipe Line Co.
5.40 5.10
.100 75
77 Hocking Valley 61
Ohio 011 new
25 *6014 61
5.00 4.75
Equipment fa
Penn Mex Fuel Co
4.85 4.65
25 "32 3312 Illinois Central 454e A 5I
Prairie 011,5 Gas new
100 2061 207
5.20 4.95
Equipment60
Prairie Pipe Line new
100 102 103
5.00 4.80
Equipment 75 4 630
Solar Refining
100 180 182 Kanawha & Michigan 69-- 5.30 5.10
Southern Pipe Line Co_100 84 85
5.20 5.00
Equipment931
South Penn 011
100 132 135 Kansas City Southern 5541. 5.30 5.05
Southwest Pa Pipe Lines-100 70 72 Louisville& Nashville 691
5.25 S00
Standard 011(California) 25 '561 567
8
5.05 4.80
Equipment6310
Standard 011(Indiana).- 25 .557 561s Michigan Central 5a & 68
5.20 4.95
25 327. 3313 Minn St P & SIEIM 4315&
Standard 011(Kan)
5.30 5.00
Standard 011(Kentucky) 25 "115 116
- 5.30 5.10
Equipment 631s & 7s
Standard 011(Nebraska)100 234 239 Missouri Kansas & Texas (Is 5.6" 5.35
Standard 011 of New Jet._ 25 *3513 355 Missouri Pacific 6a & 6548.. 5.65 5.25
8
100 1173 118 Mobile& Ohio 4311 & 58... 5.10 4.90
Preferred
4
Standard Oil of New York 25 •3918 391g New York Central 6344 & 50 4.85 4.65
Standard 011(01110)
100 310 315
5.20 4.95
Equipment68
Preferred
100 117 118
5.0 9.80
Equipment 7s
Swan & Finch
100 40 42 Norfolk & Western 4515
4.85 4.40
Linton Tank Car Co
100 119 122 Northern Pacific 7s
5.0 4.85
100 112 114 Pacific Fruit Express 75_
5.0 4.80
Vacuum 011 new
25 •7218 7214 Pennsylvania RR eq be & 60 5.1 4.76
Washington OU
10 294 31 Pitts & Lake Erie 6314
5.1 4.90
Other 011S
.
5.60 5.25
Equipment6s
A antic Lobos 011
0
412 13 Reading Co 43.4 AS.
1
tl
IL) .
4.7 4.50
Preferred
St Louis & San Francisco 5s. 5.1 4.90
Gulf Oil new
25 .5834 .5912 Seaboard Air Line 4341 & be 5.5 9.90
b .4
Mexican Eagle 011
.5 Southern Pacific Co 4315_ 9.8 4.50
5 *107: 11
Mutual 011
Equipment7e
5.0 9.80
100 106 110 Southern Ry 4310 & ba
National Fuel Gas
5.0 4.85
Salt Creek Producers
10 "257 2618
8
Equipment6.
5.3 5.00
Sapulpa Refining
5 •1
134 Toledo & Ohio Central 65
5.60 5.30
Public Utilities
Union Pacific 7s
5.00 4.80
Amer Gas & Elec new--(2) .93 94
50 .44 46
Preferred
Tobacco Stocks
Deb Ss 2014
77
54 American Cigar common 100 76
MAN 9512 9
Amer Light & Trao aom-100 13612 13712
Preferred
100 93 94 Amer Machine & Fdry-199 85 88
Preferred
100
Amer Power & Lt oom 100 455 - - British-Amer Tobac ord. El. 41 ii1ii
2
Corn new w I
96
100 89 92 Helme (Geo W) Co, cora __ '62
Preferred
Bearer1
70
101
2
M&S 9413 9512
Deb 6s 2016
100 110 112
Preferred
Amer Public Mil oom__100 90 92 Imperial Tob of0B & Irel'd 17
100
0
1712
7% prior pref
let Cigar Machinery _ _ _100 61
100 73 -. - Johnson Tin Foil & Met_100 75
4% DarUo pref
i5
7
6
Blackstone Val0& E eom 50 *72
2'149
Mpr erre wa & Forbes 100 2'149151
aordred
Carolina Pow & Lt com.100 223 232
100 98 100
Cities Service Co oom
100 142 144 Mengel Co
100 32 34
Preferred
100 7634 771 Porto Rican-Amer Tob
Prefe
/
4
56 60
Preferred B
100' 723 Univeierred
10 77:
244 712
pr ersal Leal Tob com_100 131 13
100 20
2
3
5
Preferred B B
100 81
83
CitiesServiceBankers'Shares •141: 1458 Young (J 13) Co
Colorado Power cam.. 100 34 35
100 103 106
Preferred
Preferred
100 93 96
Rubber stecks(Cleselas4) prices)
Cones,'th Pow Corp corn (2) *104 106 Am Tire & Rub corn
,
5
10
100 75 76
Preferred
28 40
Preferred
Consumers Power pref 100 91
4
93 Firestone Tire & Rub corn 10 .85 992
Elec Bond & Share pref _100 10012 10113 6% preferred
190 94
9614
Elec Ry Securities
(I) .12
14
7% preferred
100 9212 96
Lehigh Power Securities-(2) 88 89 General Tire & Rub oom 50 .220 230
Mississippi Riv Pow corn 100 3211 3313
100 98 101
Preferred
Preferred
100 88 90 Goodyear Tire & R oom_100 1512 157
s
First mtge be, 1951_J&J 9614 974 Goody'r TAR of Can p1.100 r80 _ -13 F g deb 7s 1935-MAN 103 1ii- India Tire & Rub corn.
.l00 80 _ _ __
Nat Power & Lt oom___(2) •176
Preferred
Preferred
(t) 9012 9512 Matson Tire & Rub cam_(r) •1.10 iii
55
1
Income 79 1972
.11da 97 98
18
100 14
Preferred
Northern Ohio Electric-(t) .9
11 Miller Rubber
Preferred
100 •24 27
LO 107'5 100
W 5 11 9212
0
Preferred
North States Pow oom_100 101 103 Mohawk Rubber
100 17 -- -Preferred
100 93 96
65
Preferred
Nor Texas Elec Co com_100 60 63 Selberling Tire & Rubber(2) .9 -- 16
Preferred
100 70 73
100 80 85
Preferred
Pacific Gas & El lit pref 100 90*3 911: Swinehart Tire & R oom_100
Power Securities corn._(2) .10
12
100 -2"5 - 40
Preferred
Second preferred
(I) "44 49
Sugar
Coll trust So 1949_ _J&D 76 80 Caracas Sugar
90 .9 11
Incomes June 1949._FAA 89 92 Cent Aguirre Sugar coma_ 20 .7412 76
Puget Sound Pow & Lt....100 94t NI: Fajdo sum
100 109 111
Fajardo
6% preferred
100 82 85 Federal Sugar Ref corn_ _100 55 60
7% preferred
100 41031 10512
Preferred
1st & ref 531E11949 __J&D 961 971 Godchaux sugar. ine..... 00 '35
(2) 2
/
4
2 34
199 90 97
Republic Ry & Light....100 __ __ 37
Preferred
Preferred
100
63 Holly Sugar Corp oom (t) 22 24
South Calif Edison oom_100 - - 9834
100 *79 81
fiti
Preferred
8% preferred
100 115 118 Juncos Central Sugar_-100 75 125
Standard G& El 7% pr Pf 100 93 9613 Natiotal Sugar Refining _100 8712 8813
8% cum pref
50 4812 99 New N1quero Sugar_ _ _100 1 ;
90 91
;
Tennessee Elm Power---(2) •401: 4213 Santa Cecilia Bug Corp pf 100
4
Second preferred
(1) •67 6813 Savannah Sugar coal - N
( ,
1
Western Power Corp_ ...._ 100 z39 9412
83
9
0
Preferred
Preferred
86
8812
IN1/1/7,,s9741EgenileFg°rFTnarogt1100
Short Terns
. Mos
28 35
5
15
A nacondaCop Min64'29 J&J 10338 10358 l nettgtriar iw
scall
100
Am
Ang/o-Amer 0117)16'25 A&O 1014 1024
79 81
Federal Bug Ref 60'33_M&N 101 10112
Hooking Valley 5.1926 M&S 1003
4
K 0 Term Ry 63111'31 J&JI 10312 Preferred
50 •50 64
512a
-1027 10234 Borden Company oom....100 126 127
004
1
Lehigh Pow Sec 6.'27.F192&A6
1%2eT corn
,re e
t •123 125
Sloss-Sheff S&I S.'29 FAA 10114 11091134
100 103 104
14
U S Rubber 73.4. 1930.1
3&A 104 1044 Celluloid Company
100 58 61
Preferred
100 97
00
Joint 885Land Bk Bonds
Childs Company corn
(8) .33 135
Chic J t Stk Land Bk 5a-1951 10112 1023:
Preferred
100 111 11212
5a 1852 opt 1932
1011: 1021: Hercules Powder
100 85
88
ba 1963 opt 1933
102 1031
/
4
Preferred
100 10912 10513
530 1951 opt 1931
1021: 104 International Silver prof 100 :106 109
We 1952 opt 1932
10012 10134 Lehigh Valley Coal Sales 50 •81
83
421s 1952 opt 1932
97 99 Phelps Dodge Corp
100 112 116
4319 1963 opt 1933
4
prel Balting
101 1013 Roya ferred Pow oom_100 145 153
Pao Coast of Portland, Ore
100 98 100
55 1954 OD 1934
J&J 10114 102 Singer Manufacturing_100 167 169
•Per share. 1 No par value. 6 Basis. 4 Purchaser also pays accrued dividend.
eNew stock. 1 Flat price. k Last sale. n Nominal. x Ex-dividend
y Ex-r12/
314•
f Ex-stook dividend. s Sale price. .Canadian quotation.
o
ion. Stib'cim, c`itilvg..Tx ew Alli !I? 1Ni3.
1614
BOSTON STOCK EXCHANGE-Stock Record 8.B:er:a ge
1110R AND LOW SALM PRWII-P8R StIARC NOP POR C8VP.
Sedurday,
Sept. 27.
Monday,
Sept. 29.
Tuesday,
Sept. 30.
Wednesday. Thursday,
Oct. 2.
Oct. 1.
Arleta,
Oct. 3.
dates
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
Range Slue Jas. 1 1924.
Laval
Highest
Plea SMARM
Range for Previous
Year 1923.
Lowe.*
Elioken
Shares.
Railroads
155 155
155 156 156 156 157 158
100 'wavier 27 159 Oct 3 143 Apr 151 June
222 Boston & Albany
156 158 1574 159
74
7412 73
74
74
7334 75
74
312 Boston Elevated
744 74
75 June 84 Jan
100 714 Aug 8 so Jan 8
73
75
*93 _
__
*
93
93
9112 Aug 100 Mar
100 884 Aug 6 9614May 10
93 93
19 Do pref
93 934 *93
*113
-93-113 113 113 113 113 113 113 113 113 113
100 110 June 18 11614 Jan 21 11118 Aug 125 June
70 Do 181 pref
_ 93
94
9312 9412 9512
9212 93
95 Nov 106 Mar
100 92 Sept 30 100 Feb 27
92
170 Do 2d pref
zo 2014 1912 20 1914 93 92 104 1914 194 1814 1912 1,715 Beaton de Maine
3494-734 Dec 201, Mar
812 Jan 2 2178Sept 25
100
1912 1912
24 •--- 24 *20 23 •20 23 •20
23
•7 Dec 27 Feb
Do pref
100 12 Jan 10 25 Sept 25
---26 267
1212 Oct 3214 Mar
27
2512 2512 ---- 419 Do Series A 181 pref-100 13 June 12 30 Sept 25
8 244 2512 2512 28
37 37
1512 Dec 48 Feb
36
37 •35
27 Do Series B let pref-100 174 Jan 2 39 Sept 25
37 37 *35
36
- - - --36
154 Dee 42 Mar
31
31
32
103 Do Series C 1st prof
33 *31
32 32
100 10 Feb 27 3312Sept 25
33
32.
31
- -48
20 Dee 59 Feb
8
*43
47 47
43 48
29 Do Series D 1st prof _100 23 Jan 3 513 Sept 25
50 50
-42 Boston & Providence
164 161
100 143 Jan 4 105 Sent 2 135 July geoh Jan
163 103
164 164
21 --204 2112 *204 22
18 Feb 35 Mar
21
100 18 May 12 27 July 30
2018 204 103, 559 East Mass Street fly Co
ic;
204 21
62
61
' 62
58 Doe 72 Jan
100 584 Jan 8 63 June 27
146 Do let prof
604 6014 61
62
60 60
62
gm, Deo 65 Mar
+51
100 48 May 26 587
8July 28
a
1616 Do pref B
523
5234 5012 5012 *51
4 50
4
523
50 *51
32 32
100 28 May 21 394 Feb 14
32 32
3134 33
31 Deo 46 Mar
203 . Do adjustment
31
31
32
431
314 3212 3
East Mass St fly (tr otfs)-100 3134 Apr 23 3912 Feb 11
31 Nov 45 Mar
100 25 June 19 3712 Apr 9
4
.
2212 Dec 43 Jan
4 Maine Central
i6- -2812 281; $28- 30•
2812 30
100 14 Jan 3 3012July 25
,
25 2 -52 2434 2512 2414 2514 25
2538 2412 2514 233 2458 4,102 N Y N H de Hartford
im July 2214 Jan
5
62 Dec 84 Feb
Northern New Hampshire-100 62 Jan 14 80 Sept 24
*
10 Norwich & Worcester pref_100 80 Jan 2 105 Sept 25
75 Dec 100 Jan
3105
-- 105 105 105 105
100 7212 Jan 4 93 sent 27
91
91
90 91 I ei
91
91 •
Old Colony
6412 Oot 81 Feb
92 13 '491
91
93
1
61 Rutland prof
I
100 34 Mar 3 60128(31424
20
2112 Aug 387 Dec
59
59
_--Vermont & Massachusetts_100 70 Jan 22 90 Aug 28
70 Nov 98 Jan
---Miscellaneous
--I -----2 Jan 18
81, Jan
118Sopt 25
20 Amer Pneumatic Service- 25
1 Sept
•118 112 •11s 112
114 114 •114 112 *114 112
50 12 Jan 3 15 June 5
20 Do pref
13
12 Dec 20 Jan
13 •1234 13 *1234 13
1234 13
- - - - -- -1
•1234 13
- 8 2,223 Amer Telephone & Teleg-.100 121 June 24 13078Mar 12 119 June 1281, Dee
8
3
127 12714 12718 1274 27 127 s 127 1273 12718 12758 12634 1273
No par 65 Apr 28 83 Jan 14
68
67
346 Amoskeag Mfg
67 67
674 Oct 112 Jan
70
6634 63
70 70 .68
71
.70
4May 7 79 Aug 14
No par 713
15 Do pref
•
72
_ +75
72 Oct 88 Jan
72
*75_ *75
------ Art Metal Construe,Ino--- 10 13 Aug 8 16 Feb 15
1484 Nov 1614 Mar
17
*15
17 *15
1i 3115
17 *75-1i •15
*15 e June 10 1014 Jan 8
No par
8 Dec 201g Feb
Atlas Tack Corp
712 *6
712
*6
74 *6
712
712 .6
6
*
15 Boston Cons Gas Co pref. _100 104 Jan 18 108 July 1 104 Oct 10814 Feb
10612 10612 •106 107 107 107 3110612 107
$106 107
Boston Me: Pet Trus_No par 07 Mar 29 20 Jan 10 .05 Dec .30 Jag
..07 .10
.07 .10 •.07 .10 3
31.07 .10 +.07 .10'
19 July 27 Mar
10 22 Oct 3 281s Mar 5
2,
2412 2334 24
24
24
227s 2312 2258 2314 22 23_ - - 88i Connor (John Ti
24
2412May 22 35 Sept 26
2512 Dec 2614 Deo
Dominion Stores. Ltd
344 3412 3434
33 38 *3312 __
3612 •
38
433
3
100 84 Jan 15 86 Aug 7
_
Preferred A
92
•
392 _
_ _ '
+92 _
2 Sept 22
3 Feb 25 "
1
10
li" )5e; - -"la
2
2
3
100 East Boston Land
3 .
3
*2
*2
2
3
2
•
6 Dee 14h Mar
4 Oct 3
81, Feb 6
4
434
*4
43
434 *4
4
100 Eastern Manufacturing-- 5
434 '
4 *4
43
*4
31 Nov 127h Mar
38 Jan 3 5514Mar 8
45
45
220 Eastern SS LInes, 100
4612 46 4 464 4612 *46 4612 46 46
3
35 Oct 40 Oct
No 25Par 344 Jan 25 40 Feb 7
350 Preferred
37 .364 37
3718 371s 37
3812 3612 37 37
100 8512 Jan 8 93 Mar 8 85 Aug 88 Oot
00 14*88 91
91
10. 1st preferred
487
*88 91
91 3487 01 3
•z87
1804 181
100 1634 Jan 2 190 Aug 6 1524 Nov 172 Jan
180 181
180 18012 179 180
1,034 Edison Electric Ilium
181 18112 18012 181
14 Dec 1078 Jan
438May 14
212 Jan 17
334
No par
334 *3
10 Elder Corporation
314 312 *3
4 *3
33
*34 4
6 July 2912 Feb
164'tlaiyeston-llouston Eleo_100 13 Jan It 40 Aug 31
36
35
*344 35 4 344 3412 3512 3512 •3512 37 I •3412 35
3
514 Dee 1558 Mar
64 Jan 11
No par
Motor
4
1 ere r M
1
. Gardner R y a
- - - 33 sept 10
100 11314 atur 26 11612Sept 16 116 Oct 1161s Oct
*1412
*iiiig
*iiiis
78 Feb 8014 June
100 79 Aug 18 80 Jan 3
_ _ *7912
*7912
*7912 --- •
5% non cum pref
7912 - ---- -*7912
14
141 Nov 24 Feb
25 1234 Mar 31 1578 Jan 7
*1234 13
150 Greenfield Tap de Die
1234 13 +1234 13 31234 13
3
•12 4 13
50 Dec 6358 Mar
Vo par 46 Mar 25 52 Jan 8
51
•47
51
47
1348
+47
47
49
Rubber
49
.447
5,Hood
32 July 44 Mar
51
*50
51
3150
51 3
51
51
450
•50
I Internet Cement Corp_ No par 41 Apr 28 50 Spot 9
450
3
..25 .45 4
..25 .45 -___ _
. 100 International Products-No Par 10 Feb 18 112May 26 .10 Dec 3 Mar
.40 .40 31.25 .45 3
.40 .45
•
2 June 20 .60 Dec
8 Mar
100 25 Feb 14
Do pref
-•112 212 *112 24 *112 212 *112 212 *112 2
Kidder, Peabody Acceptance
80 May 8314 Feb
100 80 Jan 3 8412Sept 2
_ *8412
_ -*8414 ____ *844
.8412 - -1
Corp Class A pref
*8414
lih Aug
44 Dec
84 Jan 4
4 June 12
160 Libby. McNeill & Libby- 10
5 s *512 - - 4
512
514 _- 3
al 53
3
3
3 54
*53
*514 512 *5 8
_
70 *__ _ 71
70 •_ _
70
Lincoln Fire insurance- 20 70 Jan 9 70 Jan 9
1 -8
9 Mar II 1012 Jan 9 - 4 itn3; 11 Apr
25
9
Ufa - -12
Theatres
*914 10
0
1 2 912
*94 10
9is r •
*912 10
7312 Dec 874 Jan
7212 724 7312 7212 73
7212 -7212 73
h ret
7212 73
opusetta Gas Cos-100 6912July 7 81 Feb 20
724 73
62 Dec 73 Jan
100 82 June 26 70 Jan 31
31 1
2405 LA8ell
4 6412 6412 65 65
64 65
644 6414 64 643
o
65 65
w's
165 167
167 107
165 168
165 165
195 Mergenthaler LJnotyPe---100 150 Apr 22 17112Sept 25 147 June 170 Jan
34160 167 166 166
3 Dec 1444 Feb
614 Jan 2 1738 Fob 21
10
•11
8
ti
_ _ _ ii Mexican Investment,100 10
10
*8
8 10
*
10
10
13
•
18 Nov 2814 Jan
4
323 35
33
33 33
Mississippi River Power-no 19 Feb 18 35 Oct 2
324 3212 33 33
33
33 33
80 Jan 84 Feb
100 80 Jan 4 90 Sept 25
90
*89
90 90
90
489
36 Do stamped pref
4
8934 893 '89 8934 3
8h Feb
,4
13 Dec
434 Jan 28
2 Apr 24
10
34 4
378 4
2,922 National Leather
34 33
358 34
8
34 314
314 314
414 Sept
2 Oct
534 Apr 8
2 Jan 2
*334 41
34 334
85 New England 011 Corp tr cats.
•334 44 *312 414 *312 414 *34 414
1212 Dec 16 Oct
100 16 Oct 3 3114 Mat 20
3117
22
16
21 +17
22
17
250 Preferred (tr etf3)
25
20
25 •
*20
1043 105
10414 105 8
4
I6412
327 New England Teleohone_100 103 Sept 16 11512 Jan 31 110 Dec 122 Jan
s
7
105 105 1043 105 *- .- 105 105 105
1654 July 211, Apr
8SePt 10
2112 22t2 •2112 2212
1 14 Ilue 10 227
4
233 342134 2212 *z2112 2214 •
•z22
----- - Orpheum Circuit. Inc
84 Dec 190 Jan
72 Sept 30 87 Feb 14
75
75
724 74
7412 -72 75
7412 75
75
75
551 Pacific Mills
74
10 1114 Jan 5 17 July 22 414h Dee 18 Mar
16
17 '16
1614 1614 1614 1614
108 Reece Button Hole
16 •z1534 16 •:16
16
314 Mar
2 Jan
3 Jan 2
218May 14
30 Reece Folding Machine_ 10
3
234 2 4 *234
34234 3 •z234 3 .a84 3
2
a 12 Oct 3 .40 Feb 15 .10 Dee 10914 Feb
.12 .12
25 Simms Magneto
•.15 .50 •.15 .50 31.15 .50 •.15 .50
Jan
9812 June
100 100 June II 1094July 30
4
306 Swift & Co
4
10412 1013 1044 1043 104 1044 104 10434 1044 11g4
1042 105
3934 Dec 50 Mar
25 3512June 3 424 Jan 11
3734 373 .38 3912 38
3734 38
359 Torrington
4
3
38 4
4 43712 40
3734 373 3
40
6 Dee 11 Mar
7 Feb 2 10 Feb 18
5
_6
9
*6
9
58 Unloo Tw ir t Drill
316
9
Dn r s
.6
9
*6
8
324 Nov 55 4 Mar
25 34 Jan 3 3934July 30
82
37
3
3814 3834 3314 38 8 3812 38 4 3814 - -.3
united Shoe Mach Corp._2,19
4
383 3914 3812 39
8
245 June 2814 Jan
5
25 24 8 Feb 29 27 Jan 7
27
27
27
2634 27
27
prof
264 2612 *2•2012 27
342612 27
1934 Aug 30 Jan
3
s
2058 2018 204 203 20 4 1912 20 s 1912 193
3
4 3,482 Ventura Consol 011 Fields_ 5 1912 Oct 2 27 Jan 29
3
20 4 20 4 20
3
15 Dee 42214 Mar
1438 1418 143
8 144 1438 1438 144 1414 1414 1,118 Waldorf Sys, Inc. new sh No Par 134 Apr 30 174 Jan 9
143 143
s 14
8
•7
5 Feb 13 Mar
47
612 Jan 11 1012 Feb 1
10 Walth Watch Cl B com_No par
*7
7
*7
15 Dec 2914 Mar
100 14 June 10 2312 Feb 13
16
17
17
10 *15
Preferred trust Ws
16 *15
1511514 -- 4 +15
16
*15
114 Jan 18 Dec
3
,
16
ep M
orthreeanufacturIng_ 20 1512June 20 2114 Feb 11
17 •163 17
1658
s
alre
ereY
165
+16311 17 •165s 17 • 8
2512 Jan 34h Mar
50 2958 Jan 3 3834 Mar 12
3714 3718 3858 374 - 14 13,225°7 W
81W
4
8
374 367 3712 363 374 37
36
3012 Dec 3914 Mar
50 344 Apr 25 41 Jan 25
38
3814 3812 3812 38 3812 3812 3812 3812 3912 3912 3912 1,030 Do 181 pref
33 July 42 Mar
38 Mar 5 42 Jan 18
41
40 *39
Do 2d pref
40 *39
41 3439
438
41 3
3438
3 Dec 124 Feb
54 Jan 14
5
Wickwire spencer Steel.-- 50 .90 Aug 20
---Mining
1 Feb
Apr 8 .25 Sept 4 .10 Nov
Adventure Consolidated- 25 .20
50
'.25 .50 •.25 .50 •.25 .50 •.25
•.25 .50 •.20 .23 3
25 .10 Jan 15 .20 Mar 20 .10 July .60 Mar
Algomah MlnIng
.10 .20 $.10 .20 •.10 .20 *AO .20
•.10 .20 •.10 .20 •
414 Mar
212July 22 .70 July
150 Arcadian Consolidated-- 25 .75 June 16
114 14 •114 14 •114 112 •114 112 1114 112
14 112
7
a 8 Jan 2 124 Aug 10 144 Dec 141 Mar
275 Arizona Commercial..
10181
3110
10
10
1014 1014 10
1012 10
104 1014 +10
Oct 19 Feb
10 14 June 13 1874 Jan 16
100 Bingham Mines
•1612 1712 +1612 1712 *1612 1712 1612 1612.
•1612 1712 •1512 1612
17 Oct 49 June
25 1352May 15 1978 Jan 7
15 I 2,240 Calumet & Reda
15
15
8
4
154 15 4 145 1512 1458 154 1512 1512 15
178 Deo
4
1
/
9 Feb
3 Feb 1
1 Mar 31
1
14 •1
41
120 Carson Hill Gold
141
.1
1
1
112
•118 112
1
1
224 Oct 4814 Mar
294 Aug 20
26 18i2June
1,434 Copper Range Co
22
2112
2212 2112 22
2318 2314 22 234 2212 2234 22
214 June
434 Jan 23
5 Feb
358 Jan 3
10
Davis-Daly Copper
_
438 Nov 111, Mar
512 Jan 24
314July 15
37
135 East Butte Copper Mining- 10
2
-11-14
41
41Z •4 -- ; 37
*4 -1 Jan 8 .30 May
25, May
23 .40 May 24
165 Franklin
.55 .75 •.55 .75 •.55 .75 •.55 .75
.55 .65 •.55 .75 •
1
4 Mar
Oct
2 Jan 28
25 .75 June 26
250 Hancock Consolidated
5.75 1
'
•.75 1
1
1
1
1
2
1
.
2
.1
244 Mar 33h June
1 2112June 24 2812 Jan 7
264 Hardy Coal Co
8
2318 2312 2318 234 234 233
234 2312 *2312 24
24 24
112Sept 2 .10 Sept
114 Feb
Stay 10
za 30
Helvetia
•.70 1
•.70 1
•.65 1
*.65 1
.70 1
•
'.70 1
934 Nov 11512 Apr
1 9414 Apr 2 135 Aug 28
350 Island Creek Coal
129 12912 128 12912 129 129 1294 12912 128 1294
129 130
9014 Nov 10012 Mar
1 90 June 4 100 Sept 11
87 Do prat
96
96
97
96
06 96
495 97
9612 9612 90 96 3
16 Oct 3314 Mar
25 12 June 7 20 Jan 3
825 Isle Royal Copper
*1412 15
*1412 16
15 15 •1412 16
15
15
16
•15
311 Jan
178 Dec
14 Mar .6
14
2 Feb 13
5
110 Kerr Lake
8
8 17
134 13 3
s 414 14 •13
4 414 17 3
•178 214 +134 21s
214 Mar
1 Feb 19 .60 Sept
7
25 .50 Jan
60 Keweenaw Conner
3.75 1
.
•.75 1
*.75 1
.80 .80 31.75 1
.80 1
'
514 Mar
1 Oct
4
23 July 23
25 .90 Apr 3
Lake Copper Co
•134 214 *13
4 214
4 214
4 2ii *13
•112 214 *13
314 Mar
•112 2
8
23 Sept 24 .50 Dee
25 .70 June 13
125 La Salle Copper
3
258 2 8
212, 212 +24 212 *214 24
212 212
258 Mar
114
7
•212 24
a 14July 7 2 Mar 20 .50 Nov 414 Mar
70 Mason Valley Mine
8 14
138 138 •138 112 •138 112 *13
134 134
Dec
8 112
•13
134 Aug
25 .50 Jan 8
112
14 41
41
Mass Consolidated
110
112
112 •1
1
14 138 •1
1
7 Feb
11, Oct
5 Jule 21
50 Mayflower-Old Colony.... 25 80 Apr 9
21
212 •2
212 +2
212 *2
+2
2
212
*2
2
27 Oct 71 Mar
25 2312June 13 3812 Aug 20
175 Mohawk
30 304
31
31
31
31
31
•3112 3212 31
3211 31
1414 Oct 2414 Mar
1612 Jan 2 23 Aug 18
435 New Cornelia Copper
2014
2014 204 2018 201s 201s 201s 20
•19 4 2012 1934 20
3
414 Apr
212 Aug
234 Apr 7
.75 June 19
114 14 10,494 New Dominion Copper
4
8 13
13
14 14
114 114
14 112
3
1 ,(4 114
35 Apr 40 Apr
100 35 June 16 40 Mar 11
New River Company
3812
*35
3812
3812 •35
3812 3135
35 3812 •35 3812 *35
.
72 Nov 84 Mar
June 10 75 mar 11
Do prof
100 60
61
63 65 *63 65 *63 65 .63 65 .63 65 *63
.
4314
4
61 Feb
1
a 634 Jan 10 6111•Fen 26 1sh July 1234 Mar
245 Nipissing Mines
•54 68
6
6
6
6
8 •614 6 8
3
6 8 63
614 614
3
Nov
6114JulY
2 Jan 16
15
790 North Butte
,
3 2 31
7
3s 4
*334 4
418 *312 4
414
*4
4
Mal
214 gdar
25 .40 June 10 .95 Aug 18 .50 Nov
0.11bway Mining
3.65 .90 •.65 .90
.90 •.65 .90 +.65 .90 *.65 .90 '
31.65
131, Oct 3212
25 15 Jan 30 2712July 28
120 Old Dominion Co
19
2012 *1912 2012 *458 10
*19
21
20 21
.
20
41 Nov
20 *10
214 Aug
5h Feb 1
Jan 3
Park City Mining & Smelt_ 6
43
8 434
344 8 43 34438 434 3 s 4 4 *438 434 *43
3
443
4
3
1214 Dec 1614 Map
20 Pd Crk Pocahontas Co_No par 1034July 11 15ig July 23
1414 +14
1414
.14
1414 3
•1414 143 •14
8
1438 •14
s 14
143
18 Oct 60 May
25 14 June 10 25•14 July 28
120 Quincy
20
18
18
20 20
1912 1912 *1912 2012 1912 1912 20
27 Oct 5314 Ma,
25 28 June 16 404 Aug 18
150 St Mary's Mineral Land
3512 3312 331
3134
35
35
35
34
35 •
4
333 34 *3312
148ept 13 .30 Dee
114 Mar
10 .30 Apr 2
950 Shannon
.80 .95
3.80 .95 •
.85 1
•
.80 .85
.80 .95 '
•
.92 1
1 Aug
25 .25 July 19 .40 Sept 8 .10 June
South Lake
.50 .75
..25 .75 •.25 .75 •.25 .75 31.25 .75 •
•.25 .75 3
1 Dec
14
3 Mar
178July 25
25 .90 Jan 15
Superior
s
8 *114 17
8 17
+158 14 •13
8 14 •13
s 14 •158 178 •15
2 July 26 .65 Dee
384 Feb
200 Superior & Boston Copper_ 10 .25 Aug 19
'114 122 *114 138
114 111 •114 14 '1i 138
14 114
212 Oct
6 Apr
314 Mar 8
178June 26
330 Utah-Apex Mining
24 2:(4
X
214 +21 4 214
4
2j,( 214
2
24 214
14 214 *2A
3 Mar
1 .01 Jan 3 .01 Jan 3 .01 Dec
Utah Consolidated
8
13 Feb
1 .14 June 18 .70 July 22 .25 Dec
400 Utah Metal & Tunnel
-:i6
-Tio
TiO
24 Feb
1 Aug 18 .60 Aug
25 .15 Apr 24
200 Victoria
.50 .50
70
.70 .70 '.60
.50 .75 •.50 .75 •.50 .75
•
lh Mar
25 ,13 Feb 6 .71 July 22 .10 Dec
600 Winona
3.25 .35
.35 .36 •
.30 .35 •
.30 .35 •.25 .50 '
.37 .45
•
1 May
25 .10 July 23 .25 July 26 .10 Dec
100 Wyandot
.25
.20 .20 •
25
•.20 .25 •.20 .25 •.20 .25 •.20
-stook dividend. a Assessment paid. I Price on new bares,
-rights. S Es-div. and tights. z Ex-dividend Oz
•Bid and asked Driven 0 sales on this day. s Hz
Tia
r wag
b.”.
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Outside Stock Exchanges
-Transactions in bonds at Boston
Boston Bond Record.
,.
Stock Exchange Sept. 27 to Oc. 3, both inclusive:
Bonds
-
Friday
Last Week's Range Sales
of Prices.
for
Sale
Price. Low. High. Week.
Atl Gulf dr WI SS L 55_1959 56% 56%
83
Chic June Ry & US Y 55'40
61
East Mass St RR A 4%s'48
66
1948 66
Series B 55
98
1918
Series C 65
1936 10234 102
Hood Rubber 78
97
K0Clin & Spar 1st 5s 1925
1929 95% 95%
Mass Gas 43.48
96%
Miss River Power 5s. _1951
New England Tel 55_ A932 100:a 100
1934
88%
New River 55
1941 96% 98%
Swift & Co 5s
119
Warren Bros 7lis_ _ _ _1937 126
Western Tel &Tel 55_ _1932 9944 9934
57
83
61
68
98
102%
97
97%
97
101
88%
9,3%
126
9934
Range since Jan. 1.
Low.
53.000 42
2,000 80
58
2000,
26,650 59
600 98
18,000 99%
7.000 85
7,000 94%
3,000 92
11,000 97
1,000 87
10,000 94)i
49,500 106
17,000 95%
High.
Jan
Jan
Sept
Aug
Sept
May
Jan
Jan
Jan
Jan
Jan
May
Jan
Jan
60%
83%
63
75
99
105%
97
98
9734
10134
89
101
126
10034
July
June
Mar
June
Mar
Sept
Oct
Sept
Aug
Aug
Mar
July
Oct
Aug
Baltimore Stock Exchange.
-Record of transactions at
Baltimore Stock Exchange Sept. 27 to Oct. 3, both inclusive, compiled from official lists:
Stocks-
r may
bates
Last Week's Range for
Sale
of Prices.
Week.
Par. Price, Low. High. Shares.
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week,
Par. Price. Low. High. Shares,
High.
Range since Jan. 1.
Low.
High.
rr r
36
9174
7454
4734
36
100
71
68
92
743.3
481.1
36
100
713
68%
85
May
4834 Oct
83
May
Apr
69
May
2
38
Apr
8534 Apr
2734 May
134 Feb
13
June
20
June
9
Jan
85
Jan
134 Aug
263,4 Sept
14
July
5 June
12634 May
Apr
6
30
Mar
55
Apr
1034 Sept
61
May
115
July
10036 Apr
5 June
July
3
22
July
7934 Apr
6534 Jan
103,4 June
Apr
48
May
78
81
Jan
62 June
Mar
1
Apr
37
84
Sept
Oct
24
4
June
30
Apr
11
June
43
Jan
8334 Mar
94
Jan
234 June
99
Feb
88
July
1444 Sept
9334 May
34 Aug
17
July
1934 Apr
99
June
97
May
9054 June
Apr
250
9934 May
2836 July
15 June
3034 Jar
4634 May
493.4 Aue
10054 May
19
Jan
4254 Apr
55
Apr
2874
31
753.4
I 4334
16
I 78
1023.4
21
i 19
i 11054
1 2154
) 104
1
454
)
854
5 3534
5 4454
) 39
c00006ci
Bonds
Armour & Co of Del
20-year gold 5%s _ _1943
Chicago City Ry 58..1927
Chic City & Con RY 551927
Chic Rye 4s, Set "B".1927
Commonw Edison 55_1943
Met W S Eley 1st 88.. _1938
Extension gold 45...1938
. -
4734 56
50
5434
83
85
4474 45
17
173.4
115 124
109 109
21
26
19
19
115 115
383.4
35
11434 116
61.4 934
854 9
4134 441.4
51
523,1
4634 4734
00000=0:
.
Sept
June
June
Sept
Mar
Jan
Jan
Jan
Feb
Feb
Sept
Oct
Oct
Jan
Jan
July
Jan
May
Jan
Jan
July
Feb
Jan
July
Sept
Aug
Aug
Feb
July
Jan
Jan
0;.ie.500NI
,....
W
.
..,..-.
Jan 37%
Mar 96
Apr 109
Apr 37%
Sept 52%
Mar 25
July 61%
Apr 98
May 63%
Apr 45%
May 2234
Jan 6234
Oct 50
Apr 30
June
434
Jan 86%
Apr 72
June 25%
July 40
Jan 60
Mar 80
June 89
Jan 46%
Apr 5234
Jan 4534
May 39%
Mar 39%
Jan 45%
May 5034
June 39
May 64
8934 90
4834 50
893.4 90
7934 80
434
434
49
49
8934 9134
3234 33
234 3
22
23
2534 26
10
10
8634 8634
2
234
2634 2634
1534 1534
534 10
13334 13334
634 7
4234 4235
65
6534
II% 1254
7434 7534
11654 118
106 10634
554
5
4
4
24
2434
85
8534
68
68
1334 1434
61
63
90
92
85
87
67
684
154
154
41
4154
8654 8754
24
2434
554 534
3634 37
123,1 13
74
85
9134 9334
97/4 99
4
334
10134 103
90
89
153,4 1634
105 107
%
34
1934 1934
49
5234
103 10334
103 10334
9134 92
290 290
10134 10131
43
4734
1634 1636
3734 40,
49
495.
5754 60%
104 105
28
2934
4534 4534
5974 6034
...
Low.
32
77%
77%
26%
49
24
30%
85
50%
33
3
48%
50
26
2%
64%
39%
22
38%
57
78
80%
42%
43
42
29
29%
41
44%
3054
5854
Amer Pub Serv. pref...100 90
American Shipbuilding. 100 4834
Armour & Co (Del). pf.100 8934
Armour & Co. pref _ _ .A00 7934
Armour Leather
15
B ,laban & Katz v t c__ _ _25 49
100 9134
Preferred
Bassick-Alemite Corp....• 3234
Beaver Board v t c "B" •
Preferred certificates _100 2234
Borg & Beck
• 2534
10
Bunte Bros
Cent III Pub Serv, prof. _ -• 83334
Chic City&Con Ry,pref. •
Chicago Fuse Mfg Co_
•
Chic Nipple Mfg. Cl "B"15
Chic Rys Part Ott Series 1_
Commoutv'th Edison_ _100 13334
•
7
Continental Motors
Crane Co, common
25
Cudahy Pack Co, com_100 65
Daniel Boone Wool Mills 25 12
Deere & Co, prof
100 7434
Diamond Match
100 118
Fair Corp (The). pref. _100
Gill Mfg Co
Godchaux Sugar,corn_ _ _ _•
4
Gossard (H NV). pref
•
Great Lakes D & D__ _100
Hibb,S pen, Bart & Co_ _25
Rupp Motor
10 14
Hurley Maehine Co
• 61
Illinois Brick
100 9034
Illinois Nor UHL pref. _100
Indep Pneumatic Tool__ •
Interest Lamp Corp_25
Kellogg Switchbotrd
_25
Kentucky Ry & Elec Co100
Kraft Cheese, w 1
2434
Libby, McNeill & L,new.10
53,4
McCord Had Mfg Co"A"•
MeQuay-Norris Mfg
•
Middle West UM,corn_ _ _* 7434
Preferred
1
9154
Prior lien preferred _ _100 981
4
National Leather
10
374
Northern States Power_100 10234
Omnibus. pref"A",wi_100 90
Voting trust Ws,WI ft.* 1536
Peoples Gas Lt & Coke_100 107
44
Philipsborn 5, Inc. tr at_ _1
10 193.4
I Pick (Albert) & Co
Pines Winterfront "A".._5 52
Pub Serv of N Ill, com_ •
Pub Serv of N III, com.100 10334
Preferred
100 92
Quaker Oats Co
100
100 10154
Preferred
Real Silk Hosiery Mills. _10 46
10 1634
Reo Motor
S-andard Gas & El Co...' 3734
Preferred
50 4934
Stew Warn Speed com___. 5734
Swift & Co
100 1047,4
Swift International
15 2851
Thompson (J 10, com_25
Union Carbide & Carbon_* 5934
United Light & Power
• 5234
Common "A" w I
Common "B" w I a_ _ _ _* 51
Preferred "A" w I a._ _.• 83
Preferred "B" w i a. _ _ _• 45
United Paper Bd corn...100 17
U El Gypsum
20 123
100 109
Preferred
Wahl Co
* 2574
Wanner Malleable Cast •
Ward, Mont,& Co,9(.100 115
Common
10 3734
Class "A"
• 116
. p
Wolff NIfg Corp
9
Certificates
Wrigley. Jr, common._ • 4454
Yellow Cab Mfg. Cl"B" 10 52
Yellow Cab Co,Inc(Chic)• 4734
_
10
36% 37
250
Alliance Insurance
91
91
24
Amer Elec Power, pref _100
10434 105%
490
American Gas of N J._ _100
3534 3634 5,183
• 3534
American Stores
49
49
10
Buff & flusq pref v t 0..100
25
25
16
East Shore G & E 8% pf _25
44% 46
100 46
310
(Otto)
Eisenlohr
8534 8534
100
10
Preferred
58
58%
811
Electric Stor Battery_ _100
4134 42%
100
300
General Asphalt
15
17
350
Giant Portland Cement_50
Insurance Co of N A _ _ _ .10 61% 59% 6234 2.472
50
20
60
100
Inter-State Rys
25
26% 2654
Keystone Telep. pref.. _ _50
600
354 3%
Lake Superior Corp. .100
2,581
50 84
8254 85
Lehigh Navigation
866
60% 6454
50
Lehigh Valley
2454 25
200
10
Lit Brothers
384 38%
29
50
Little Schuylkill
14
5944 59%
Penn Cent Light & Pow._•
9
79
79
North Pennsylvania_ -50
80
82% 85
Pennsylvania Salt Nue...50
44% 4534 3,989
Pennsylvania RR
50
25
51% 5134
Philadelphia Co (Pitts)50
190
4334 45
Pref (cumul 6%)
50
25 38% 38% 39% 17,601
Phila Flee of Pa
946
38%
Preferred
25 38% 38
15
45
45
Phila Insul Wire
•
45
Phila & Read C &I
..
47
260
Phila Rapid Transit._ -.50 36
35% 36% 3,765
Philadelphia Traction...50
aosi 61
21
Range since Jan. 1.
July
Sept
Mar
July
Feb
Sept
May
Sept
Sept
June
Aug
Aug
Sept
Sept
Sept
Oct
Oct
June
,
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange Sept. 27 to Oct. 3, both
inclusive, compiled from official sales lists:
Stocks-
'
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High Shares.
NO,N.Tpcime0.p.u,ic.N.,141, N,..,,,e,z,,,,,m,,,,,,,Noo
.0,23..M0[,...M.MM0NNW0N...WOM1,.0.N...WNVV01-00.00.,
.0.nNCIWO
oly0/p .olt. .I. MIMN.u. 4
.
,1
.t
,
N.
C.00
.
C.NMW
14.
cri.00.ui N
.N
CO
CC
.
CO
N
.
.
Jul
Au
Oc
Sep
Au
Jun
Jun
Sep
Jun
Or
0(
0(
Set
Set
Au
Bei
Ja
Ja
92
1003'4
66
8534
1934
953.4
7934
10044
9134
93
8534
10334
1037,4
104
10734
9331
,
8634
73
-Record of transactions at
Chicago Stock Exchange.
Chicago Stock Exchange S- ). 27 to Oct. 3, both inclusive,
compiled from official sales lists:
I:
.
0
90
10234
9844
9134
9544
102
105
10836
90
9934
9834
9234
104
97
7334
53
9954
74
High.
Jan 20% May
May 78% Jan
Sept 36% Jan
June 9834 Aug
Aug 11-16 Feb
2% July
Jan
Jan
June 43
Jan 84
Aug
Jan 58 June
Jan 23
Sept
July 42
Mar
Feb 36% Apr
Mar
53.500 84
2,020 973.4 Jan
May
9,300 62
Jan
3,000 75
2,000 1334 Sept
1,000 9134 Feb
1.000 7634 Jan
12.000 9734 Feb
Feb
4.000 89
5.000 881.4 Jan
5,000 8014 Jan
Feb
43,800 97
4,000 9934 Jan
13,000 981.4 Jan
7,000 10374 Jan
Jan i
2,000 89
20,000 831.4 Jan
Mar
1,000 54
.
.
tt
.
Mar
Apr
Feb
Jan
Jan
Jan
Jan
May
Jan
Jan
Jan
Jan
Feb
Jan
Mar
Apr
Apr
Jan
35
Bonds
9134
91
Am Gas & Elec 5a_ _ _ _2007 91
100% 100%
Bell Tel 1st Is
1948
Flee & Peop tr etts 43_1945 6334 6334 64
83
83
Keystone Tel 1st 5s_ _1935
15
15
Lake Superior Cop 58_1924
95% 9534
Leh C & Nay cons 43.4594
78
78
Leh Vail gen cons 4s. _2003
Leh Val Coal 1st 58..1933 100% 10034 100%
91
91
Philadelphia Co 5s.._ _1951
9134 9134
Cons & stpd 5s......1951
81
81
Phila Flee 1st 4s
1966
101
101%
1st 513
1966 101
103% 103%
554s
1947
103% 103%
1953
a
1941
107 107'
6s
93% 933.4
Reading gen'l 434s....1997
85% 86%
Jersey Cent coll 4s. _1951
66
66
United Ry gold tr ctfs 4549
.
7134
5234
9734
86
1001.4
7234
8834
91
9734
1013.4
107
87
9534
95
84
100
93
6834
49
953.4
6234
23
3
8
35
W;N
.
9234
$1,000
10,000
1,000
4,000
17,000
1,000
14,000
2,000
3,000
26.000
4,000
1.000
1,000
1.000
24.000
15.000
3.000
3,800
2
2
39% 3934
56
80% 81 %%
56
7
3
23
Low
9
51%
35
93%
7-16
1%
37%
58%
5544
10%
3434
34
238
110
310
20
155
325
180
4,985
230
200
54
10
CI
8834
9934
90
90
102 102
9834 9834
91
9134
9534 9534
102 102
10434 105
10834 10854
8834 8834
99/4 9934
9834 9834
9234 923.4
104 104
97
97
7134 7234
5234 53
973.4 973.4
73
73
High.
39%
80
56%
14)4
62%
3534
944
'
9834
91
9534
Low.
Jan
45 45
May 75
Mar 65
Jan
65
60
Jan
5 92
Aug 100
2,075 46
Jan 86
Sept
60 115
Jan 135
Sept
Apr 160
Jan
15 155
Jan 39
Mar
100 36
Jan 2734 Apr
60 26
18 99
Mar 10134 Jan
Feb
96 10934 Jan 112
Sept 38
Sept
189 38
10 5534 Mar 5834 Jan
1,225 2234 June 3134 Feb
357 2334 June 2534 TIII
418 2434 May 2634 M a
Mar 155
8.641 r108
...cl
589 10034 June 106
Sept
601 x10434 Mar 110
Apr
397 11534 Jan 12434 Oct
319 6934 Apr 8134 Jar
150 102
Sept 104
May
1,033 223.6 Sept 28)4 Aut
Jan 106
Mal
61 88
June 90
102 77
Jun(
40 18
Jan 2634 Sepi
120 1734 Apr 20
Sep
320
734 June
93.4 Sep
30 8634 May 95
Jul3
Feb 5334 Oc
8 50
Jan 2434 Oc
77 22
100 211.6 Sept2334 Oc
Jar
118 75 June 83
Jan 143
3 140
Ap
272 102 June 115
Oc
June 84
558 64
Sep
July
60 11
1654 Sell
36 45 June 6034 Jai
97 381.4 June 4034 Sep
1,691 9834 Jan 13534 Oc
75 1734 Oct3034 Fel
1,910 1534 May 2034 Sep
Apr 158
17 145
Sep
734 Jun
5 May
10
16 3954 May 52
Jul,
14
61%
35
84%
9 16
-
.
Bonds
.
Ball Sp P & C 4345_ _1953
Berheimer Leader 8t78 '43
1932
Central RY 5
,
Con 01 Gas gen 4%5..1954
Consol G,E L & P 4345 '35
1952
Series E 5448
1949
Series A 13s '
1957
Series D 8%5
Consol Coal ref 55.....1950
Elkhorn Coal Corp 611_1925
1931
Fairmont Coal 5a
1945
Ca & Ala cons 5s
Locke Insul Corp 1st 75 '42
Md Electric Ry 1st 58_1931
_1949
United Ry & El 4s
1949
Income 45
68
1949
Funding 58
1936
55
55
65
65
93
93
7634 81
135 135
157 157
38 34 3834
2634 2634
9954 9934
11034 112
38
38
56
56
2334 2334
243.4 2434
2434 2434
142
155
10534 106
10954 110
12334 12434
77
77
103 103
22% 2334
99% 102
8734 88
261.4 2634
1934 1934
9
934
92
9234
5334 5334
241.6 241.4
2236 2334
7934 80
1401.4 14014
112 115
821.4 8234
16
1644
5434 55 .
3934 4034
125 13534
1734 1744
1944 2034
157 157
5
5
5134 52
RIInge since Jan. 1.
50
Philo, & Western
Reading Company
50
lot preferred
50
Scott Paper Co, pref. _ _100
Tono-Belmont Devel.. _1
Tonopah Mining
1
Union Traction
50
United Gas'mot
50
Preferred
50
United Ry Inv
100
W Jersey & Sea Shore_ 50
York Rys, preferred
_50
Range since Jan. 1.
.
100
Alabama Co
20 preferred
100
Amer Wholesale pret 100
Arundel Sand & Gravel 100 80
Atlan Coast L(Conn). _100 135
50
Baltimore Trust Co
•
Benesch (I)corn
25
Preferred
50
Century Trust
Ches4 Po Tel of Balt_ _100 111
25 38
Colonial Trust
50
Commerce Trust
2334
Commercial Credlt
25 2454
Preferred
25 2434
Preferred 13
Consol Gas,E L & Pow_100 145
04% preferred
100 10534
100 110
7% preferred
100 1233.4
8% preferred
Consolidation Coal___ .100 77
100 •
Preferred
5 2334
Cosden & Co
East'n Roll Mill 8% pfd100
50 8734
Fidelity & Deposit
Finance Co of Amer pfd_25
10
Class A
Preferred
10
Houston Oil pre: tr otts.100
Manufacturers Finance.25 5344
25
1st preferred
25 23
2d preferred
Maryland Casualty Co._25 80
100
Maryland Trust
Merch & Min Tr Co._ AGO 11434
Metropolitan Ins Co N Y25 8254
Mtge & Acceptance Corp.*
MtV-WoodbMillspfvtr100
New Amsterd'm Cas Co100 4034
Penne Water & Power.100 127
Silica Gel Corp
• 1744
United Sty & Electric...50 1934
U B Fidelity dr Guar....60 157
Wash Bait dr Annan_ _ 50
5
Western Md Diary pref.50
Stocks-
1615
THE CHRONICLE
OCT. 4 19241
i
i
)
3
)
)
3
D
May
May
Apr
Apr
July
Apr
Jan
Sept
Oct
Jan
May
May
Apr
Oct
July
May
May
91
Aug
Jan
63
9354 Jan
84
Feb
736 Mar
513.4 Jan
Mar
100
3834 Jan
4
Aug
26
Aug
31
Jan
Mar
11
92
Sept
4
Jan
28
Aug
• 2254 Jar
15
Feb
Jac
136
834 Jar
43
Sent
653,4 Oct
Jar
38
7534 Sall
12054 Jac
10654 Sept
Jar
18
Jar
8
Jar
30
8934 Jar
Fel
70
173,4 Jai
653,4 Sep
92
Sep
87
Sep
8054 Jai
9
Jai
47
Fel
8754 Fel
2434 Oc
654 Jul:
3834 Au
2035 Jai
85
Sep
9434 Sep
9934 Sep
43j -In
104
Sep
Jul
92
1834 Jul,
Oc
107
234 Ja
213,4 Ja
5234 Oc
1033,4 Sep
10334 Oc
9934 Ja
295
Fe
102
Jul
4734 0(
1934 Ja
403,4 Set
50
Jul
101
Ja
10934 Jul
31
Set
5034 Ja
6334 Fe
56
543,4
85
4734
2134
124
116
42
2534
117
3834
11634
934
9
4434
96
6434
0,
Set
Sel
Sat
Ja
0,
At
Je
Fl
Se]
0
se]
0
0
0
Jr
Ji
.11
883.4 June 92
Jiin
Jan 79
74
473.4 Sept 5534 Jrin
Jrin
Oct 45
36
95
Jan 10734 Miiy
Mar 7134 July
61
6854 ...50
58 _... Jan - J tt
ly
1616
THE CHRONICLE
Pittsburgh Stock Exchange.
-Record of transactions at
Pittsburgh Stock Exchange Sept. 27 to Oct. 3, both inclusive, compiled from official sales lists:
'
,may
beta
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Stocks-
Am Vitrified Prod, com.50 13
Am Wind Glass Mach_ _ 100
Preferred
100
Am Wind Glass Co, pf _100
Arkansas Nat Gas, com_ 10
434
Bank of Pittsb, N A_50
Carnegie Lead & Zinc__ _5
Colonial Trust
ioo
Duquesne Light,7% 91.100
Exchange Nat Bank _ _ _100
Federated Metals
•
Harb-Walk Refrac,com100 121'
Jones & Laugh St'l, pf_100
Lone Star Gas
25 2934
Mfrs Light & Heat
50 599-4
Merch Say St Trust_ _100
Nat Fireproofing, corn_ _50
Preferred
50 2634
Ohio Fuel Corp. w 1
29 n1
,
Ohio Fuel SuPPIY
25 37
Oklahoma Natural Gas_ _25 2634
Pittsburgh Brew,com_ _50
50
Preferred
Pitts & Mt Shasta Cop.
.1
Pittsburgh Plate Glass_100
Salt Creek Cons 011
10
734
3tandard Plate Glass,com• 20
Stand Sanicy Mfg,corn.25 107
Tidal Osage Oil
10 10
Union Natural Gas
25 35
U S Glass
25
West'house Air Brake_ _ _50 94
Stock
Low.
High.
13
13
834 June
320
.55 86
July
8634 8634
10 9234 Oct
9234 9234
110 110
Mar
55 107
494 434
905
494 Oct
134 134
2 13234 Aug
334
134 May
600
334
188 18834
20 188
Sept
106 106
Feb
.50 102
90
90
8 90
Jan
33
300 32
3334
July
121
121
July
50 120
11334 11334
25 11134 July
29
2934
335 2634 Jan
5534 5934
4,220 51
Apr
65
65
Apr
7 47
um 1034
30
7 June
12634 2734
425 203.4 June
28% 30
17,899 2894 Sept
z36
797 31
Feb
3734
26
2634
760 2294 May
134
194
115
13.4 Jan
434 Jan
360
434 5
7c
7e
1,000
Sc Mar
24934 250
100 209
Jan
734 774 2,520
7
Sept
19
21
Sept
1,070 19
102 107
547 9034 June
10
10
July
30
8
34
35
2,338 20 June
18
18
615 18
July
x02 t( 95t
233 84
Feb
St. Louis Stock Exchange.
-Record
St. Louis
Range since Jan. I.
Exchange
13
Jan
9634 Feb
9634 Mar
112
Feb
7
Apr
134
May
6
Apr
195
Feb
108
Sept
Jan
90
35 June
Apr
125
11434 Jan
30
Sept
61
Sept
Sept
65
11
Sept
2734 Sept
30
Oct
3934 Aug
2734 Sept
8
Jan
734 Feb
11c
Jan
Mar
265
1034 Jan
39
May
110
Jan
16
Jan
35
Oct
3034 Aug
9634 Jan
of transactions at
Sept. 27 to Oct. 3, both in-
clusive, compiled from official sales lists:
rmay
btlief
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Stocks-
Boatmen's Bank
First National Bank
Nat'l Bank of CommerceMercantile Trust
390
Best Clymer Co
Brown Shoe, common
5031
Certaln-teed Prod, cora_ _ _ ______
1st preferred
79
Chic Ry Equip, preferred_ ......
Ely & Walker D G'ds, corn 22
Fulton Iron Works, pref.. 96
Hamilton-Brown Shoe..
4134
Hydraulic Press Bek,corn_
334
Preferred
65
Internat'l Shoe, common
10594
Preferred
11734
Laclede Steel Co
Mo Portland Cement
129
National Candy, common_
8834
S'western Bell Tel, pref_- 107
Wagner Electric, common_
Wagner El Corp, pfd
Johnson-Stephens Shoe... 90
145 145
197 197
140 140
390 390
3034 3034
4834 5011
36
36
7834 79
2631 2694
2134 22
96
9635
4194 4134
334
394
65
6534
10334 11134
117 11734
118 118
128 130
88 % 90
108 107
25
2531
7934 7914
90
94
Bonds
St L dr Sub Ry gen M 55. _ ...... 74
United Railways 4s
70
6911
Ctfs of deposit
,-6634
Kinloch Telephone, 6s---- ...... 103
Kinloch Long Distance 5s_
9931
Mo Portland Cement 6148_
104
warner Klee Mfg 75
101
10
30
30
10
30
60
10
165
33
170
50
105
45
120
1,236
203
15
102
35
90
120
20
25
Range since Jan. 1.
Low.
143%
196
135
388
1834
40
25
70
25
21
92
4131
394
6134
73
115
100
94
80
103
20
77
135
Sept
Sept
July
Aug
May
June
July
July
Feb
June
Aug
Oct
Sept
Jan
May
May
July
Apr
May
Mar
May
may
Jan
High.
148
201
147
398
3014
5034
3731
80
2694
24
100
47
6
6934
11134
118
125
136
92
107
3431
8434
9531
Feb
Feb
Feb
May
Oct
Aug
Jan
Sept
Oct
Jan
Jan
Mar
Feb
Mar
Oct
July
Feb
Sept
Jan
Oct
Jan
Feb
Sept
74 $57,000 64
Apr 74
Sept
70% 66,000 61
Mar 71
June
Mar 69
6634 5,000 61
June
103
1,000 10134 Feb 103
Oct
9911
1,000 9611 Jan 9934 Oct
104
1,200 103
Aug 10434 Sept
101
2.500 97 May 101
Sept
New York Curb Market.
-Below is a record of the
transactions in the New York Curb Market from Sept. 27 to
Oct. 3,
both inclusive, as compiled from the official lists.
As noted in our issue of July 2 1921, the New York Curb
Market Association on June 27 1921 transferred its activities
from the Broad Street curb to its new building on Trinity
Place, and the Association is now issuing an official sheet
which forms the basis of the compilations below.
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Lew, High. Shares.
Week ending oa. 3.
Stocks-
Range since Jan. 1.
Low.
Indus. & Miscellaneous.
3234 33
200 2234 Feb
Arldon P dr L, corn. -100
414 434
•
300
Allied Packers,corn
134 Mar
100 46
42
1,100 1434 June
Prior preferred
4634
8
800
Sept
Amalgam Leather com_ •
6
834
200 95
Jan
96
Amer Cotton Fabric pf_100 96
96
12,100 30
Aug
Amer Foreign Pow new w I 3334 3334 35
93
3,000 4334 Jan
97
Amer Gas & Eleo, com--• 93
44% 4434
100 4134 Apr
50
Preferred
400
Apr
Amer Hawaiian SS
8
1444 1474
10
Aug
Amte Lt & Trac, com__100 13631 135 137
3,170 117
Mar
Preferred
30 91
9334 939-4
100
Am Pow & Light, com_100
476 476
Jan
10 202
Common, new
Aug
* 4534 45% 4994 24,300 38
Preferred
Apr
170 84
9035
90
100
Appalachian Pow,corn,
1007
80 6614 May
4
7634
7% preferred
20 8934 Sept
100
8934 8934
Archer-Daniels
800 1634 Aug
-Mid Co__• 199-4
1934 2111
Arizona Power corn__ _100
75 1734 July
.
1834 1834
Armour & Co (III) pref _ 100
Apr
20 72
7934
78
Atlantic Fruit dr Bug. w 1.•
131 9,900 830 Sept
1
134
Borden Co. common- _100 126
470 11734 Mar
126 12734
Preferred
Mar
10 100
100
10334 10394
-Am Tob ord bearer-El 2334 2334 2434 2,200 2034 Jan
Brit
gm
Brooklyn City RR
8,300 x814 Sept
9
10
834
Brown & WIII Tob, el B___
400 1034 Oct
1034
1034 1034
Burroughs Add
July
• 65
850 45
6554
64
New Preferred
150 98
July
Mach--100
101
10134
Campbell Soup, pref _ _100
70 10794 Jan
110% 11014
Centrifugal Cast Iron hp°. 3434 32% 3474
300 2534 Apr
When Issued
17
16
1734 2,200 1594 Sept
Chatterton & Son coin_ _10 1174
July
550 10
11% 1174
Preferred
100
July
100 10
1134 1194
Checker Cab Mfg class A _•
Aug
18
100 14
18
Chic Nipple Mfg, Cl A_-50 35
35
3514 3,100 3334 May
Class B
.,
....,.... 52 12% 15% 16% 7,300 log Sept
- ...
...
• No Par value.
High.
3531
6%
4634
1634
98
39
9934
463.4
1534
14034
94
500
5034
92
93
90
2634
1934
83
234
133%
106
25
1494
1034
6634
102
111
35
1734
12
12
40
4094
22%
June
Aug
Sept
Jan
Mar
Aug
Sent
July
Sept
July
Apr
Sept
Sept
Aug
June
Sept
Feb
Sept
Mar
Feb
July
May
Aug
July
Oct
Sept
July
June
Sept
Oct
July
July
Jan
Jan
Jan
[Vor.. 119.
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares
Range since Jan. 1.
Low.
High.
Cities Service, corn_
142
14134 143
June 155
580 132
Feb
Preferred
100 7611 76% 7634
900 6641 Jan 7611 Oct
Preferred 13
10
7%
7% 7%
1,000
634 Jan
734 Sept
Stock scrip
82
82
82 $17.000 77
Jan 98
Feb
Cash scrip
70
70
May 74
Jan
70
$8,000 70
Bankers' shares
• 14% 1414 1411
500 1311 May 16
Jan
Cleve Automobile, corn_ •
1911 20
200 1611 June 2311 Jan
Colorado Power, corn...100
20 22% Feb 36
June
3494 3434
Com'wealtb Pow Corp_ • 102
101 110
Feb 110% Aug
2,670 56
Preferred
it)0 75% 75
1,160 74
Mar 81
Aug
7811
Cons G.EL&P,Balt.new,w1 36% 36
39% 10,000 3334 Sept 39% Oct.
Cuntillelltal Tobacco_ _ _ _ • 2534 2511 26% 2,800 20% May 27
Sept
Cuba Company
• 36% 34
July 40% Feb
37% 6,900 32
Davies(Wm)Co,cI A _ _•
1314 13%
June 14% Apr
50 11
Del Lack & West Coal. 50 104% 104 107%
225 88
Apr 110
Sept
Dictograph Prod Corp_ _10
2% 2%
1% July
100
231 Oct
Doehler Die-Casting
• 18%
1634 19
4,700 16
Sept 2234 Mar
Dubilier Condenser & Bad' 5634 54% 57% 14,100 10% Jan 57% Sept
Dunhill International_ _
25
2541
1,080 23 Slay 2834 July
Du Pont Motors, Inc_ _ _•
1%
1% 2
1,700
Mar
Jan
1
Durant Motors, Inc
• 16% 16% 17
1,500 12
May 3634 Jan
Duz Co,Inc, Class A w I.* 24m
24% 25% 8,780 223.4 Sept 2834 Sept
East Penn Elec Co corn_
61% 5931 63
1,920 36 June 64
Sept
Elsenlohr (Otto) & Bro_100
45
45
Oct
45 Oct 45
50
Elec Bond & Share,pref 100 101% 101
101%
650 97
Jan 10234 July
Federated Metals Corp..'
32% 3331
500 3254 Aug 35% Sept
Film Inspection Niachine_•
7% 9
741
2,200
334 Aug 10% Aug
Ford Motor of Canada_100 434
434 445
40 410 June 482 Apr
Foundation Co, pref
• 11014 110 111
130 8634 July 112
Aug
Franklin Simon& Co p1_100 105% 10514 105%
400 105
Sept 106% Sept
Gillette Safety Razor....' 325
316 335
4,110 257
May 335
Sept
New w I
57% 56
59
26,600 4934 Sept 59
Sent
Ginter Co, corn
• 27% 25
27% 2,500 2434 July 30% July
Glen Alden Coal
• 122
122 123
400 7634 Jan 125
Sent
Goodyear Tire & R.com100 1431
14% 15% 16,800
834 Jan 15% Oct
Grand 5-10-25c Stores__ _ _ • 66
300 35
Feb 81
June
Hall Switch & Sig, corn.100
4% 5% 4,000
534
1
Feb
8% Oct
• 27
Hazeltine Corn
2631 27% 6,100 13
Feb 30
July
•
Heyden Chemical
234
2% 3% 4,800
1
June
3% Aug
Hoe(R)& Co. Class A_ • 50% 50% 50%
2001 50% Oct 50% Oct
Hudson Cos, pre!
25 41% 4111 43
8,200 17% Feb 44
Sept
Hudson & Manh,corn--I00 22% 22
22% 5,300
Si Mar 23% July
100 60
Preferred
55
60
1,000 4734 Mar 62% Aug
Intercontinental Rubb_100
3%
311 33.4
1,100
2 June
5
Feb
Inter-Ocean Radio Corp..' 1034
10% 1134 4,500
834 Sept 11% Oct
Jones(Jos W)Radio Sifg_•
834
8% 9% 9,800
934 Oct
734 Aug
Keystone Soiether....._10
1%
1% 1m
4,300 75e June
2
July
Lake Torn Boat, corn..-10
150 15c
1,000 15c
Oct 60c
Jan
Landover Holding Corp A 1
9
10
400
611 June 13
Feb
Lehigh Power Securities-' 8834 8631 91
5,800 33
Jan 91
Oct
Lehigh Val Coal Sales--50 82% 81% 83
250 72
May 89% Feb
Leh Vall Coal, etfs new w I 4031 4094 41% 31.500 2654 Apr 45
July
Libby, McNeill & Libby_10
544 511
1,100
4 June
611 .11113
,
Interns, corn_100
Liggett's
93
93
30 93
Oct 93
Oct
Lupton (F H) Pub Cl A_
0
931
931
300
5% Jan
14
May
50
Mfrs Light & Heat
58
58
Sept 58
50 56
Oct
100
34
Mengel Co
35
250 25
Apr 35% Apr
•
Mesabi Iron Co
234 2%
2
800
Mar
8% Jan
Utilities corn' 75
7414 85
Middle West
8,980 60
May 85% Sept
• 24
Midvale Co
24
24% 1,900 18
Jan 25% Mar
..
Nat Distillers Products..
914 9%
300
7% Sept 1034 Sept
National Leather
3%
1,400
33.4
234 July
434 Jan
Nat Power & Light. COM.*
175 180
70 83% Mar 190
Sept
• 250
National Tea new
241 255
723 151
May 258 Sept
..1
New Mex & Ariz Land.
634
6% 6%
1.400
334 Jan
10
Apr
N Y Telep 634% pref-100 110
10934 110
325 100
Mar 112% July
Nickel Plate corn, new, WI. 73% 73% 74% 4,900 7311 Oct 76% Sent
Preferred, new, ve
82
4.800 81% Sept 85
Sept
Nor States Pow, Del, war?
734
7%
500
731 Oct
79-1
811 Sept
Omnibus Corp v to, w _• 1534
1534 16
1,300 1494 Aug 19
July
Series A prof w I_ __ _100 88% 88% 89%
300 8634 July 93
July
Palge-Detrolt Mot Car._10 14
14
14%
1,800 1231 May 18
Feb
• 47% 4334 48% 4.050 3811 Sept 48% Sept
Pathe Exch, Inc, Class A.
Peerless Truck & Motor.50
14
14
200 1334 Sept 26% Jan
PhIllIpsborns Inc tr etf__ _ _ ...... 50c 50e
1,200 50c
Oct
231 Jan
Pierce But & Pierce 8% p1.
92
92%
100 92
Oct 9214 Oct
Pines WInterfront ci A _5
49
100 2694 June 49
49
Sent
Pittsb Term Coal, com_100 40)i 40
41% 1,300 40
Oct 52
Sept
100 80
80
6% preferred
81
300 79
Sept 83
Sept
Power Securities com_
•
11
1134
300 11
Oct 1131 Oct
45
2d preferred
45
100 44
Sept 45
Sept
Procter & Gamble, com_20
105 105
Oct 114 June
10 105
Pro-phy-lac-tie Br, corn _ _• 45% 4431 45% 3,000 403.4 Aug 46 Sept
Radio Corp of Amer,corn.'
5%
394 Apr
53-4
551 15,100
551 Oct
5
Preferred
4% 4% 2,300
3 ell July
4% Sept
New A common wt._ •
25% 2714 2,300 19
Apr 27% July
50
New preferred w L.
4614 47%
400 40
July 47% Sept
Reo Motor Car
10
16% 1634
200 1534 June 18% Jan
Repeal, Inc
5
60c 60c
100 50c Mar
134 Jan
Rova Radio Corp tr ctls _• 15
91s July
1434 1531 9,400
17% Sept
Royal Typewriter com
•
1314 13%
100 1334 Oct 15% Mar
Sierra Par Elec Co corn_ 100
19
1,500 16% Sept 2034 Sept
2011
Silica Gel Corp. corn. v IC' 1634
16% 1641
100 163,4 Sept
Jan
5
Singer Manufarturing-100 16611 166 177
620 125
Jan 1.
77 Sept
Sou Calif Edison,com__100 98% 98
9841
130 9714 Sept 104% Apr
Southern Coal & Iron- -6
Sc
Sc
9c 73,000
40 May 170
Jan
Southwest Bell Tel pf 100
106 106%
20 10594 Aug 107
Sept
Standard Motor Constr.10
354 3%
300
234 Jan
4% July
Stand Publishing cl A...25,
25% 25%
800 253,4 July 25% Aug
Stutz Motor Car
5%
•
5
1,300
5
Aug
Aug
7
Superheater Co
115 118
175 115
Oct 118
Oct
Swift & Co
100 10411 104% 105
310 100
June 10834 July
Swift International
15 2731 273( 30
15,000 1854 Mar 31% Sent
Tenn Elec Power, corn...' 42% 42% 4434 4,600 1734 Jan 44% Sept
Second preferred
• 67% 67% 68
450 4914 Jan 68% Aug
Thompson(RE)Radio vie•
7
7
8%
800
7 Oct 18% Aug
3
'Fob Prod Export Corp_.•
234 3
3,200
51‘ Feb
234 Sept
Todd Shipyards Corp__ _ _ • 45% 45% 4534
200 4231 May 63% Feb
Tower Mfg Corp w I
5 22
21% 22% 3,100 183,4 Sept 24
Sept
Union Carbide & Carbon_• 59% 59% 59%
300 56
Apr 63% Feb
Unit Bakeries Corp corn.' 115
113% 117% 8,000 43
Feb 119
Sept
Preferred
100 10011 100 101
2,200 85
Jan 102
Sent
United G & E.coin. new.10 30% 3014 31%
400 1834 Jan 41
June
United Lt & Pow, corn A.• 52
48
Apr 56% Oct
56% 9,500 30
United Profit Sharing_ _
5%
7% Feb
5% 5%
514 July
360
Unit Retail Stores Candy.*
5%
Mar
4
5% 5% 3,300
5% Sept
Founders shares
5% 5%
100
May
3
53.4 Sept
US Lt& Ht Corp. corn-10 600
500 60c
1,100 500 MAY
1% Jan
Preferred
10
1% Jan
400 85e July
1
1%
Ward Corp.cam,Class A _• 124% 124% 129% 2,600 5294 Jan 129% Sept
Common. Class B
• 34% 33
3534 32,200 1434 Apr 3641 Sept
7% preferred
100 9214 91
92% 3,070 7931 Jan 92% Oct
Ware Radio Corp,
25
21% 26% 12,600 1394 June 30% July
Western Pr Corp. com.100 39% 39
4211 9,900 28
Mar 45% Sept
Preferred
100 84
83% 84
100 80 June 85
Sept
White Rock Min Spr, new
14% 1534
1,000 10
May 15% Oct
15
Voting trust certifs._ __
400
9 June 1454 Sept
14% 14% 14%
Yellow Taxi Corp, N
•
19% 20
Apr 89% Jan
700 17
Rights
Commonwealth Power__
274
2%
Former Standard 011
Subsidiaries
Anglo-American 011____El
1431
15
Buckeye Pipe Line
56
50 56
Chesebrough Mfg, new._25 4911 4931
Cumberland Pipe LIne_100 136
136
Eureka Pipe Line
74
100 77
Galena-Signal Oil, com_100
5234
Humble Oil &M'1lning-25
36
4% 10,400
15
61
4911
138%
91
55
3811
2% Sept
4% Sept
1,000 14% June 18
430 51
Sept 88%
20
47% May 52%
40 11054 Jan 149
250 74
Oct 105
150 52
Sept 70
800 34% Aug 4334
Feb
Jan
Mar
July
Jan
July
Mar
Sales
Friday
Last Week's Range for
Former Standard Oil
Week.
Subsidiaries
Sale
of Prices.
Par. Price. Low. High. Shares.
(Concluded)
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
Ohio Oil
25
Penn Mex Fuel
100
Prairie 011 & Gas
100
Prairie Pipe Line
100
Solar Refining
Southern Pipe Line_ _100
So West Pa Pipe Lines..100
Standard Oil (Indiana)__25
Standard Oil(Kansas)_ _25
25
Standard Oil (Ky)
Standard Oil (Neb)__ -100
Standard 011 of N Y....25
Stand Oil (Ohio) corn. 100
100
Preferred
100
Swan & Finch
25
Vacuum Oil
Range since Jan. 1.
High.
Low.
Sept
150 120
122 126
1,905 9834 Apr
10134 101% 104
290 66 Sent
70% 70% 74
Ju y
3,700 122
125 131
21% 22% 1,000 20% June
Aug
20 55
P1
61
61
Sept
30 73
75
76
60
6134 1,300 58 June
July
200 27
32% 33
1,670 194% July
200 208
207
Feb
1,135 100
102% 10234 104
July
100 175
183 186
183
390 86
Sent
8934
84% 84
Oct
90 72
72 . 76%
55% 55% 56% 22,200 um July
32% 33% 1,900 32% Aug
33
May
4,300 101
11534 115% 117
Jan
50 199
232 240
39% 5,680 37% May
3934 39
190 275 June
295 317
315
Sept
30 116
117 118
July
50 34
39
40
7211 69% 73% 7,070 5819 Jan
,
Jzn
161
Jan
119
100
Jan
Jan
162
27% Feb
Jan
97
107% Jan
7934 Jan
Jan
43
Jan
269
Feb
111
Jan
230
Jan
100
Jan
89
88% Jan
50% Jan
120 'Jan
25619 Jan
48
Jan
Jan
335
120 May
Jan
81
7334 Oct
Other 011 Stocks
45c .500
1 48c
Allen Oil
4% 4%
931
Arkansas Natural Gas_ _10
1
1
Barrington 011 classA_ _10
2c
20
20
Big Indian Oil & Gas
1
800 950
Boston-Wyoming 00__ _1
33
33
British-American OIL _ _25
2
2
British Controlled 011 Fields
2% 33.1
Carib Syndicate
8%
8
8%
Creole Syndicate
5
3
3
Derby Oil & Ref com
4e
50
Engineers Petroleum Co 1
330 39c
Federal Oil
3%
3
331
Gilliland Oil v t c
25 58% 5831 60
Gulf 011 Corp of Ea
2c
2c
20
1
Hudson Oil
19%
International Petroleum • 19% 19
139
1% 1%
•
Kirby Petroleum
4% 534
4%
Lago Petroleum Corp__ _ _
20
40
30
1
Latin-Amer 011
50c 580
Mexican Panuco Oil__ _10
120 13c
Mexico Oil Corporation_10
I% I%
Mountain & Gulf 011
1
Mountain Producers__ _ .10 19% 19% 20
10% 11
Mutual 011 vot trust ctfs-5 11
110 110
Nat Fuel Gas
•
4%
,
431 434
5
New Bradford 011
20
22%
New England Fuel OIL _.5 20
9
10
25
New York 011
60
tic
Noble(Chas F)Oill&G corn 1
40
4c
1
Northwest Oil
1
1
Peer 011 Corp
200 230
Pennsylvania Beaver 011_1 20c
10 16% 16% 17%
Pennok 011
4,34 4%
Pierce Petroleum w 1
•
31% 39
25 37
Red Bank Oil
5% 534
5%
Royal Can 011 Syndicate.•
7% 7%
Salt Creek Consol 011_..10
26
2731
Salt Creek Producers__ -10 26
1% b"ti
5
Sapulpa Refining
120 15e
15c
Minstar 011
Union 01101 California_100
132 132%
Dillon, Read & Co int rec
2% 334
231
Venezuelan Petroleum_ __ _
Ventura Consol 011 Fields 5 19% 1934 20%
4% 4%
Wilcox 011 & Gaa
1
934 1135
Woodley Petroleum Co....* 1031
.50
Sc
"Y" 011 & Gas
1 Sc
14,300
400
300
4,000
2,200
100
100
7,200
12,400
100
9,000
2,000
700
2,800
90.000
14,300
200
20,400
51,000
400
2,000
2,300
10,000
18,100
20
3,600
900
700
2,000
1,000
600
16,000
31,200
2,600
12,200
8,200
700
19, 00
5
300
16,000
100 Apr 50c Sept
7
Jan
4% July
8% Jan
4 June
80 Feb
lc Sept
1% Jan
75c May
32 June 36% Jan
2% May
Oct
2
8% Jan
251 Oct
9% Sept
234 Jan
8
Jan
254 June
30 Mar 130 June
Jan
15c May 60c
54 Feb
1% Jan
Jan
56% May 65
70 Jan
lo Sept
16% June 22% Feb
2% Jan
1% Apr
5% Aug
2% Jan
1 11 Feb
,
le Aug
1% Apr
50c Sept
Jan
7c May 30e
1% Mar
119 Jan
Sept
Feb 20
16
9% July 1331 Jan
Jan 110% Sept
85
634 Jan
4% Sept
July
Jan 44
20
Feb
8% June 14
160 Feb
130 Sep
90 Jan
20 Jun
8
Jan
1
July
200 Sept 62e Feb
12% July 17% Sept
734 July
434 Sept
Aug
539 Jan 58
7
Aug
239 Apr
731 Sept 10% Jan
19% Feb 27% Sept
234 Mar
Jan
82c
120 Sept 290 May
400 132
37,400 I 2%
200 19%
4%
3,400
7
13,200
Sc
11,00
July 134% July
3% Sept
Sept
Oct 26% Feb
8% Feb
May
Apr 13 May
June 140 Feb
Mining Stocks
Arizona Globe
1
Butte & Western
1
Calumet & Jerome Cop 1
Canario Copper
10
Cash Boy Consolidated_ _1
1
Chief Consol Mining
Comstock Tunnel & Br.log
Consol Copper Mines__ _1
Consol Nevada Utah ..3
1
Cortez Silver
Cresson Con Gold M & M 1
Diamond 131 Butte Reorgl
1
Divide Extension
Engineer Gold Mines,Ltd 5
1
Eureka Groans
First Thought GM
Goldfield Consol Mines_10
Goldfield Deep Mlnee---be
Goldfield Florence
1
Gold Zone Divide
10e
Hard Shell Mining
1
Hamill Divide
100
Hawthorne Mines, Inc__ _1
Hecla Mining
25c
Hollinger Consol G M_ _ _ _5
Howe Sound Co
1
Independence Lead Min--1
Jerome Verde Develop- -1
Jib Consol Mining
1
Jim Butler Tonopah
1
1
Kay C-01)Per Co
Kerr Lake
5
Kewanas Reorganized_ _ 1
Lone Star Consol
Lorrain Silver Syndicate..1
MacNamara Cresc Devel_l
MacNamara Mm az M111.1
Mason Valley Mines
6
1
Mohican Copper
10c
Nevada Hills
Nevada Ophir
New Cornelia CopPer Co 5
N Y Porcupine Mines Ltd 1
5
Niplesing Mines
Nixon Nevada
1
Ohio Copper
Parmae Porcup Mines Ltd _
Plymouth Lead Minee-1
Premier Gold Mine Ltd_ _1
10e
Red Hills Florence
Red Warrior Mining Co_ _1
Reorg Div Ann M
Rocky Mt Smelt & Ref___1
1
Preferred
Silver Dale Mining
Silversmith Mines
South Amer Gold & Plat_ _1
1
Spearhead
Superstition Cons Min__ .1
1
Tack Hughes
Tonopah Belmont Devel_l
1
Tonopah Divide
1
Tonopah Extension
1
Tonopah Mining
1617
THE CHRONICLE
OCT. 4 19241
9,000
4.3
3c
2,000
14e 15c
100 15e 22,000
34 3% 7,700
1,000
80
8c
2%
10
8,000
22c 240
2% 3% 1,50
2,00
Sc
6c
12c 130 12,00
3% 3% 2,20
150 16c 10,000
150
6,000
4c
40
13% 1,000
13% 12
8,00
8c
7e
70
400 440 19,000
440
1,000
Sc
Sc
Se
3e 16,000
20
2c
1,000
100 10e
5,000
30
30
30
2c 250,000
lc
2c
2,000
Se
50
360 430 59,000
41c
900
9% 9%
934
400
14% 14% 1434
2% 234 3,900
259
5,000
Dc 10c
100
600
95c 980
55e 68e 80.500
590
70 10,000
50
1;i 11,700
1%
1%
500
8,000
40
40
40
Sc 35,000
Sc
5c
720 810 31.000
810
40
2.000
30
bc
1,000
Sc
154 114
800
6,000
80 100
10c
5.000
290 33c
3,000
80 10o
100
20 20
80 180 11,000
120
654 654 1.000
30c 40c 22.000
390
1;4 12,100
1
1%
1,100
50e 54c
500
69e 750 25,000
750
234 2% 3,200
2e 35,00
lo
lc
5,00
- -- 34c 400
260 32e 26,000
280
1 14 1% 3,000
,
Pio
900
1,
18 Pi
3,000
4c
40
40
3,000
300 3Gc
300
431 4% 4,600
4%
ge 27,000
Bo
6c
1.000
20
20
100
11is l'ts
200
590 600
590
1,000
24e 240
6,000
3% 3
3 16
,
100
1% 131
150
Oct
Mar
Feb
May
Mar
24 July
150 Aug
135 Jan
50 Apr
100 June
31is July
40 Jan
2c Jan
6
Mar
4o June
40e Sep
4c Feb
20 Sept
100 Aug
20 June
lo Feb
20 AP
15c May
814 Jan
1114 Ma
1% Jun
60 AP
76c Jul
15o Mar
20 AP
Apr
1
1% Ma
4o Au
lo May
300 Aug
le Aug
Jan
lc
134 Jan
80 Oct
Sc Jan
40 June
15% Jan
Sc Sept
5% Jan
25e Sept
650 Mar
16c June
300 Jan
111 Apr
Jan
lo
Jan
21c
lc July
Apr
1
Apr
1
lc July
300 Oct
231 Jun
20 Jan
le Ma
11z• May
40c Apr
170 May
13.4 Jan
Jan
30
10e
70
1%
40
120 Jan
550 Jan
250 May
4
July
80 June
4
Jan
240 Apr
4
Aug
90 May
700 Mar
4% Jan
22e July
7c Aug
23% June
150 Jan
440 Oct
60 Jan
70 Sept
420 Jan
120 Jan
50 Jan
260 Aug
82e
Jan
934 Oct
14% Sept
3
Jan
180 Feb
2
Jan
95o July
9e Sept
1 14 Sept
,
2% Jan
80 Aug
90 Aug
810 Oct
So Sept
120 Sept
2
Aug
480 Jan
430 July
140 Feb
22% July
350 Jan
644 May
Oct
400
111 Aug
67c Mar
750
Oct
2% Jan
Jan
So
75e Aug
320 Sept
1% July
111 June
60 Jan
45c May
4% Sept
100 June
30 July
1% Jan
750 Feb
40c Feb
3111 May
219 July
con
Friday
Last Week's Range for
of Prices.
Week.
Sale
Mining (Concluded) Par. Price. Low. High. Shares.
9c
10c
Tri-Bullion S & D
54e
Trinity Copper
United Eastern Mining__ .1 -----United Verde Extension 50c
U 8 Continental Mines. 5 14c
131
5
Unity Gold Mines
11
,
Wenden Copper Mining_ _1
west End Consolidated_ _5
west End Extension Min.) 200
Wettlaufer-Lorraine S S _1 180
White Caps Mining_ __10c
9e
46e
35e
2554
13c
1%
1%
65c
180
18e
10e
15c
55c
35e
2634
150
1%
1%
670
25c
18e
100
31,000
13,300
2,000
1,300
10,000
3,300
15,900
700
41,000
1,000
1,000
Range since Jan. 1.
High.
Low.
3c
25c
35c
21
100
60c
1
30c
20
12c
2c
Feb
May
Oct
June
May
July
Ain
June
May
Jan
Mar
150
800
,
1 14
30%
200
2%
1%
860
33o
27c
10e
Sept
Jan
Feb
July
Jan
Feb
Sept
Jan
seat
May
Sent
Bonds
Allied Pack cony deb 65'39 7439 71% 74% 106,000 48 May 7534 Oct
89% 96,000 57 May 8934 Oct
1939 8931 85
Sa. series B
alumhzum Co of Am 711.'33 107% 107% 10735 17,000 105% Mar 10739 Aug
103% 10339 8,000 101% Jan 10334 June
1925
7s
Feb 9634 June
Amer G & E deb 6s...2014 9531 95% 95% 79,000 94
Sept
95% 9534 95% 41,000 9534 Sept 96
N.4 w
42,000 101% Sept 10754 Aug
102% 103
American Ice 7s
Aug
33,000 9434 Sept 95
Am Pow & Lt 65 w 1_2018 94% 9434 94%
Sept 95
Sept
17,000 94
Cs old warr attach_ _2016 94% 9439 95
Rolling Mill 611_1938 10055 100% 10034 13,000 983.4 Apr 10039 Aug
Amer
Feb
July 99
20,000 73
83% 87
Amer Sumatra Tob 73.45'25
1033 10359 14,000 10134 Jan 10334 Aug
,
American Thread 6s..1928
%
Feb 104
Aug
101
Anaconaa Cop Min 65 1929 10331 103% 10339 5,000
27,000 10114 Mar 102% June
Anglo-Amer Oil 7%5_1925 101% 101% 102
Assoc'd Simmons Hardware
84% 8534 20,000 71% June 9339 Feb
1933 85
6195
Mar
243.4 2434 3,000 2931 Sept 36
Atlantic Fruit 8s
July
Jan 61
57% 50,000 42
Atl Gulf& W I SS L 5a 1959 5631 56
Aug
Jan 80
Beaver Board Co 8s-1933 7731 7754 7834 12,000 70
Feb 97
Sept
1,000 92
97
97
'43
Belgo-CanadIan Pap 6s
Aug
104
Beth Steel equIp 7s_ _ _1935 10335 103% 103% 51,000 102% Feb
110% 111% 36,000 10834 Jan 112 Sept
Canadian Nat RYB 78_1935 111
Sept
6,000
95% 96
1954 96
414s
92 Sent
6
103 103% 18,000 10 % Ju pe 10496%
1929 103
Childs Co 6s w 1
98
893.4 Jan 9834 Sept
9834 30,000
1966
Cities Serv 7s Ser C
Sent
Jan 97
75.000 89
96% 97
1966 97
7s Series D
104% 104% 6,000 10134 Jan 10534 June
Cow G,EL&P,Balt.65'49
Jan 10234 Sent
6,000 93
102 102
1952
5%5
108% 108% 6,000 106% May 108% Sept
1951
631* Series D
Jan
Sept 97
55,000 68
78% 80
Consol Textile fls
1941 80
j
7Feb
01m July 88
3,000 108 74ay 10 4 Fan
10654 107
Cuban Telephone 7%51941
3,000
86% 87
Cudahy Pk deb 5103-1937 87
Deere & Co 739s
1931 10315 103% 103% 31,000 993.4 May 103% Sept
102% 102% 11.000 9931 Jan 10331 June
Detroit City Gas 88-1997
65,000 10234 Jan 109% Aug
Edison 65_ _ - _1932 10831 108% 109
Detroit
Oct
Jan 96
80,000 90
98
Dunlop T& Rot Am 75_1942 9534 95
101 101% 12,00
9934 Jan 10119 Aug
1933 101
Federal Sugar 138
5,00
102 102
9934 Jan 102% Sept
1926
Fisher Body 6s
10211 102% 2,000 9839 Jan 10234 Aug
1927
6s
9,00
102 102
97% Jan 10431 Sept
1928
6s
9931 8,000 9434 May 10034 Sept
(lair (Robert) Co 79_1937 99% 99
General Asphalt 85._ _1930 105% 10535 10539 64,00 102% May 105% Sept
Aug
General Petroleum 63_1928 100% 100% 100% 43,000 9434 Jan 101
Grand Trunk Ry 6343.1936 10735 10719 107% 17,00 10519 Jan 108% Aug
El Pow (Japan)
Gt Cons
1944 91% 9135 92 113,000 9134 July 9334 Sept
lat s f 78 eer A
Jan 9815 July
97% 9834 42,000 94
1937 98
Gulf Oil of Pa 55
1938 10234 102 10234 4,000 99 May 10234 May
Hood Rubber 75
Sept
62,000 9234 Jan 101
Internet Match 8195_ _1943 100% 10034 101
4,000 9734 Feb 100 Sept
98% 99
Italian Power 6%s 1928
102% 10214 16,000 10034 Jan 10254 Sept
Kan City Term Ry 519s'26 102%
Jan 107
Aug
Kennecott Copper 78_1930 10631 10631 106% 75,000 103
101 101
Jan 1013-4 Aug
5,000 96
Lehigh Power Secur(is 1927
5,000 9554 Jan 10134 July
100% 101
Lehigh Val Ear Term 55'54
Lehigh Vail RR Sow 1.2003 99% 99% 99% 81,000 99 Sept 10034 July
Feb
100 100% 7,000 94 June 101
Libby McNelli&Libby 78'31
Lower Austrian HydrojanAug10041 SeptAug
A
85
26,000 8595
85
85
i__1944 85
Elec Pow 6345 w
100 100% 12,000
34
Manitoba Power 75_1941
,
Morris & Co 7198
1930 99% 9939 99% 6,000 92 June 10011 Feb
ne
6,000 81x Jj
96
98
85
uan 9965x
Nat Distill Prod 78w (.1930 96
Sept%
Apr 10119 Sept
National Leather 813_1925 101% 101% 10119 43,000 92
Ja
62,000
86% 87
55-1952 87
New On Pub Eery
10231 102% 17,000 10139 Sept 10234 July
Northern Cent RR 58_1974
Jan
8
Nor States Pow 8345_1933 101% 101% 101% 100,000 9
ua
1319 May 198 j ny
64% M e
639% gold notes__ --1933 97% 97% 97% 34,000 894
Jan 91% Sept
9031 91% 48,000
1952 91
Ohio Power 55
Oct
95,000 9234 Sept93
73_1954 9234 92% 93
Paris-Orleans RR
96
87m Feb 97% Sept
9731 36,000 84
1936 97
Park & Tilford 85
Penn Pow & Light 5a _1952 92% 92% 92% 8,000 9„ Jan 94 June
JulyS t
Janan 110074
2,000
1953 103% 103% 104
Phila Elec 5 Sis
7,000 104%
107 107
1941
6s
AUg
31,000 100
Aor 104
103% 104
719s_ _ _1931 104
Phillips Petrol
9635 96% 2.000 983.4
Pub Serv El & Gas 5 448.'64
Jubr
Se t 10831 Sept
Jan 96
24,000
Public Service Corp 7s 1941 107% 10714 108
Sept
95 126,000
1944 9519 95
6s
023i Jan 96
9744 jug
A
uli
Pure 011 Co 6%5
1933 9531 95% 9531 76,000 95
104 104
Jan 104% Met
6.000 102
Shawsheen Mills 75_1931
1927 10031 10039 10054 100,000 10034 Sept10234 Aug
Skelly Oil 8345
Jan 10234 July
Slose-Sheffield S& IS.1929 101% 100% 10131 41,000 97
Sept
Apr 102
12,000 99
101% 102
1934 102
Solvay & Cie 65
8939 Jan 9334 June
92% 4,00
South Calif Edison 55_1944 9231 92
un 101Sept
96
Standard Gas & El 839s'54 10135 101% 10531 414,00 105x Aug 109
June
39,000
107% 108
Stand 011 of NY 6195_1933
11,000 100% Sept 10219 June
100% 101
.1925 101
7% serial gold deb.
35,000 10214 May 10614 Sept
105% 10539 108
7% serial gold deb_ _1926
105% 105% 5,000 104% July 10634 Aug
7% serial gold deb_ _1927
J n 10849 Feb
1. 7
0
0
105% 105% 12,000 105
7% serial gold deb_ _1928
5an
June
4,000
7% serial gold deb-1929 10531 105% 106
Feb 108 June
105% 106% 12,000 105
7% aerial gold deb _1930
Feb
10531 10631 37.000 10531 Oct 109
7% serial gold deb_ _1931 106%
Swift & Co fzi-Oct 15 1932 94% 9439 9531 64,009 8931 May 9531 Aug
Tidal-Osage 01175_ _ _ _1931 104% 109% 104% 2,000 10131 Jan 104% July
Union El L &Pot H15%5'59 9834 97% 98% 53,000 9435 Apr 984 Aug
Jan 101% Aug
101 101% 8,000 100
Union 0116s Series B_ _1925
July
10139 101% 1,000 10051 Mar 102
Serial Os SeriesB_ _1926
100 100% 94,000 10054 Oct 100% Oct
1949 100
United Drug 6s
Aug 7931 Feb
1,000 30
32
32
United 011 Prod 6s_ _ ...193I
July
Un Rys of Havana 7195'36 10739 107% 10834 4,000 10555 Jan 109
Jan 108 June
72,000 106
106% 107
1936 107
Vacuum Oil 75
14,000 1003.4 Jan 104% Sept
Webster Mills 6395_ _ _1933 103% 103% 104
Foreign Government
and Municipalities
French Govt 45
1943
Indus Mtge Bk of Finland
lat M coli 51 7s_ _1949
Indus Bank of Japan Ltd
8% deb notes Aug 15'27
Mexican Govt 55
3s of 1886
Netherlands(Kingd)691312
Peru (Republic of) 85_1932
Poland (Repub of) 68_1940
Russian Govt 8195_1919
819s certificates____1919
1921
5%s
539% certificates_ _ _1921
Switzerland Govt 5%51929
1926
Ext 5% notes
2934 30
95
100
9739
100
75%
15
14%
14
10135
100%
95
6,000
9534 170,000
2339 Ma
36
94% Sept
98% Sept
99% 100 337,000 9914 Aug
8% 11 184,000
8% Oct
6% Sep
8% 6% 10,000
96% 9719 74,000 89% Apr
4,000 9714 Jan
100 100
71% 75% 32,000 68% Sept
15
16
10,000
9
Jan
1411 15
20,000 10
Jan
14
1431 3,000
9% Jan
1419 15% 8,000
9% Jan
1014 101% 43,000 97% Apr
10054 10054 15,000 97% Jan
100
1114
639
100%
100
7554
21%
2034
2034
21
102
100%
May
Aug
Jan
Sept
Aug
Sept
Oct
Aug
Feb
Aug
Aug
Aug
Aug
• No Dar value. k Correction. I Listed on the Stock Exchange this week. where
additional transactions will be found. o New stook.
Option Sale. W When
Issued. x Ex-divldend. y Ex-right.. t Ex-stock dividend.
1618
Antiestuxeut and glailraad
nIIkcitc
-Grossfrom Railway- -Net from Railway- -Net after Taxes
1923.
1924.
1924.
1923.
1924.
1923.
$
Chicago Great Western
407,211
200,252
August __ __ 2,232,489 2,246,481
273,586
485,308
From Jan 1_15,803,723 17,119,538 2.391,417 2,346,775 1,785,810 1.722,606
Chicago Ind &
381,512
371,568
August ____ 1,447,795 1,537,779
469.153
474,922
From Jan 1_11,180,041 11,962,998 2,985,336 3,177.830 2,379,843 2,530,526
Third Week of September.
1923.
1924.
Increase. Decrease.
Chicago Milw & St Paul
$
$
$
August _ _ A3,072,986 14,916,655 2,746,642 2,908,676 1,992,141 2,250,752
$
Previously reported (7 roads)_. 13,393,066 14,933,066
68,704 1,608.704
From Jan 1.100226214 112478,865 16,384,487 20,010.261 10,080,132 13,943,278
121.554
Duluth South Shore & Atlantic_
121,430
124 Chicago & North Western
33.200
Georgia & Florida Sty
1,700
31.50
0
August
_ .13,105,657 14,561.969 2,765,922 2,976,183 2,007,528 2,220,396
Minneapolis & St Louis RR Co_
406,495
403,824
2.671
_ _ __
From Jan 1_96,794,423 106259,229 16,278,895 16,421,980 10,224,840 10,390,636
3,768
8,582
Mineral Range
136
389,780
Mobile & Ohio RR Co
367.732
22.04R Chic Peoria & St L0111926,018
.
14,736
August _ _ __
120,547
26,018
133,629
18,241
12,009
11,339
Nevada-California-Oregon
175
From Jan 1_
m
822,044
908,675
15,945 -13.327 --12,510 --79,913
3.685,926 3,860.179
Southern Railway System
174.253
Chicago River & Indiana
678,093
Texas & Pacific Ry Co
631.575
46,518
201,520
158,851
August _ _
539,298
236,136
625,896
190.148
421.545
441,225
19.680
Western Maryland Ry Co
From Jan E 4,560,545 4,937,949 1.519,087 1,890,176 1,227,518 1,599,368
19,126,38920,834,094 118.079 1.326.6/
44 Chicago R I & Pacific
Total (16 roads)
1 708 Arm
Kra+ flam0poncn (5 01 01\
August _ _ 11,582,059 11,250,723 3.392,987 3,222.592 2,820,435 2,812,602
From Jan 179,331.246 81,477.218 14,998.470 14,021,905 10,719.336 10,226,949
Chicago R & I &Gulf
-The table
Net Earnings Monthly to Latest Dates.
36 : 52
19 9 8
0 17
2
August _ _ _
07
575,619
519,352
167,767
48:8 8
55 22
173,317
From Jan - 4,161,685 3,684,306 1,047,107
1
490,929
9
1
following shows the gross and net earnings for STEAM
Chicago St Paul Minn &()railroads report ed I his week:
322,769
Augu t _ _ _ _ 2,31 ,406 2.546,983
s
4
471.283
458,885
342,098
From Jan 1_17,685,598 18,501,608 2,968,335 2,590,888 1,910,941 1,541,560
_Grossfrom Railway- -Net from Railway- -Net after Taxes
Mc Indiana & Western
1323.
1924.
1923.
1924.
1923.
1024.
38,922
51,856
August
_
379,163
378,660
57,422
74,371
$
$
$
354,286
422,886
515,478
278,424
From Jan 1 2,857,156 3,063,683
__Akron Canton dr YoungstownColorado & Southern255,513
236,249
120,956
86.152
106.700
71,121
August
50,607
182,125 -18,153
245,030
August....1,089,237 1.051.739
710,084
682,023
602,871
668,785
From Jan 1_ 1,783,447 1,790,426
825,220
106,840
630,899
8,143,569 8.168,043 1,327,709
From Jan
Alabama & VicksburgFt Worth & Denver City306.412
299.591
71,659
93,616
93,832
65.752
Auguk t
355,237
273,907
394,670
311,825
886,936
August.....928,135
2,305.940 2,210,484
471,092
556,665
277,577
311,197
From Jan 1_
From Jan 1_ 6,479,209 5,962,273 2,109,347 1,559,981 1,789,364 1,238,423
American Ry Express
Trinity & Brazos Valley
12,531,711 13,266,417
262,612
228,212
73,966
30,555
June
6,484
154,182
13,614
161,703
431,696
August _ _
152.717
449,773
471,674
From Jan 1_76,851,561 78,523,706 1.521,410 1,552,083
208,413
264,949 -350,566
1,267,842 1,545,538 -293,029
From Jan
Ann Arbor
Wichita Valley
131,081
70,009
453,738
512,998
91,317
111,380
August
59,480
42,136
66,940
49,375
117,438
August _ _ _ 130,295
r From Jan E 3,554,838 3,524,445 740,497 534,519 559,592 360,325
242,065
438,528
499,499
292,050
854,118
Frona Jan 1_ 1,111,820
Atch Topeka & Santa Fe
August _ _17,477,046 17183,514 5,168,658 4,717.189 3,586,798 3,270,370 Columbus & Green
13,758
8,953
10,452
16,277
144,168
136,299
August _ _
1120,810,260 131062,326 26,339.303 34,720,675 17.510,826 24,777,966
FemJan74,524
109,261
120,842
76,009
993,871
From Jan - 1,019,706
1
Gulf Colo Ss Santa Fe
754,331
548,328 Delaware & Hudson
842.737
629,596
August
2,650,265 2,252.329
850,495 1,164,648
954,935 1,250,309
August ___ 3,789,158 4.566,740
From Jan 1_16.7(18,'03 15,414,297 2,387,022 2,173,199 1,707,219 1,523,066
From Jan 1_20,714,027 31,892,374 5,076,403 5,650.394 4,249,073 4,968,155
Panhandle dr Santa Fe480,243
506,948
202,906
179,581 Denver dc Rio Grande Western
1,159,924
810,781
August
13,477 -98,090
70.168
169,722
701,492 1,152,884
490,450
August _ _ 3,012,880 3,102,056
From Jan 1_ 6,332,255 5,208,380 1,353,104
403,592
_From Jan 1 20,224,522 21,235,066 2,508,241 1,750,599 1,178,968
Atlanta Birm & Ati49,294
21,239
36,511
8,521 Denver & Salt Lake
410,258
389,637
August
17,764
21,972
26,764
274,949
30,972
143,252 -134,180
August.... 331,948
246,083 -29,405
From Jan 1_ 3,156,242 3,044,809
545 -166,591 -71,594
From Jan 1 1,893,567 1,635,059 -94,582
Atlanta dr West Point42,538
43,769
27,491
238,010
29,854
Detroit It Mackinic231,881
August
29,663 -10,868
-881
40,334
172,588
439,183
267,451
August.... 173,5°3
363,160
325,008
From Jan 1 1,885,772 1.933,160
115,678 -34,451
29,010
From Jan
1,285,988 1.238.615' 202,297
Atlantic City
859,510
408,819
430.884
388,869
410,894 Detroit Terminal
902,938
August
46,955
59,481
68,259
81,889
August ___
196,049
183,231
523,427
783.301
363,519
623,043
FromJan 1_ 3,399,581 3,490,214
273,097 • 387,270
520,303
430,207
From Jan . 1,570,557 1,445.361
1
Atlantic Coast Line
390,791
984.837 -61,182
33,672 Detroit Toledo & Ironton
August.... 5.012,223 5,254,139
378,201
301.577
324,112
397,093
957,597
August
_ • 957,135
FromJan L55,325,241 53,902,812 15,005,657 13,965.219 11,542,845 10.932,961
From Jan I_ 7,859,237 6,919,700 3,000,200 2,483,222 2,728,716 2,374,143
Baltimore & Ohio
5,239.533 5,397,017 4,411,259 4,603,622 Det Ss Tol Shore Line
August ._ 18,478,537 22,503,756
130,255
148,555
101,488
123,682
248,409
322,926
August
From Jan 1_146705427 173788.951 32,256,302 40,664,316 25,454,127 34,093,411
715,095 1,242,268
896.897 1,388,668
2,208,332 2,836,474
From Jan
B & 0 Chicago Terminal
14,063
302,427
15,830 -27,700 -24,648 Duluth Ss Iron Range
290,507
August
579,027
376,512
666,961
328,157
790,271 1,192,645
August ____
14,574
293,295 -304.956 -32,641
From Jan I_ 2,348,544 2,473,214
564,922 1,292,720
848,315 1,681,176
From Jan 1_ 4,306,699 5,341,537
Bangor & Aroostook
34,831
13,580
396,272
46,239
5,C36 Duluth MIssabe & Northern
405,383
August
2,211,079 3,801,351 1,516,107 2,805,717 1,372,616 2,482,979
830,477
743,207
August
502,144
From Jan 1_ 4,473,820 4,309,181 1,068,111
From Jan 1_ 9,678,947 13,887,814 4,448,387 7,998,610 3,323,002 6,357,044
Belt Ry of Chicago
256,169
209,132
621,308
254,399
217.174 Duluth So Shore & Atlantic
596,177
August
150,520
82,244
580,172
114,244
178,579
August.... 532,211
From Jan 1_ 4,431,751 4.791,795 1,415,259 1,731.310 1,074,157 1,415.573
495,018
523,764
774,867
725,146
nom Jan 1 4,020,380 3,906,994
Erie
Bessemer & Lake
505,151
729,350 Duluth Winnipeg dc Pacific
552,665
885,550
1,545,362 2,351,263
August
-8,221
5,072
175,498
12,841
554
August.... 158,741
From Jan 1_10,066,097 13,633.051 2,057,751 4,882.091 1,687,588 4,173,323
114,724
242,612
130,507
204,990
From Jan E 1,482,817 1,661,963
Bingham Ss Garfield
3,937
21,303
50,818
-5,457
13,569 East St Louis Connecting
46,205
August _
127,840
87,429
137,539
224,050
90,759
186,636
303,943
68,850
88,784 -13.492
August __
27,810
From Jan 1- 319,562
800.242
589,368
905,151•
623,833
From Jan 1. 1,462,418 1,682,364
Boston & Maine
August -___ 6,695,291 7,776,026 1,539,573 1,546,470 1,278,667 1,302,105 Elgin Joliet & Eastern
769,076
239,141
879,473
1,398,432 2,418,243
321.073
AtIgUst _
L51,637,600 58,059,404 8.825,587 6,586,204 6,815,342 4,670.157
From Jan
_From Jan1 14,302,629 19,218,598 3,778.918 6,897,944 3.122,506 8.144,642
Brooklyn E D Terminal
30.662
34,734
24,310
28,432 El Paso & Southwestern
100,477
105,007
August ____
32,394
141,905
138,231
888,814
241,073
926,246
369,489
453,571
311,680
384,685
August ____
From Jan 1. 941,315 1,037.722
From Jan 1_ 8,348,407 8,461,586 2,192,379 2,198,652 1,480,989 1,408,694
Buffalo RocheSter & Pittsburgh
282,850
116,295
252,849
81,295 Erie Railroad
1,298,169 1,961.771
August
August
8,922,827 10,787,760 1,598.982 2,040,219 1,258,535 1,703,427
From Jan 1_10,576,765 15,649,350 1,421,535 1.348,637 1,165,792 1.068,127
From Jan 1_68,891,934 80,740,143 10,574,082 13,476,782 7,792,356 10,777,183
Canadian National RailwaysChicago & Erie
ALI & St Lawrence
405,287
213,086
160,481
352,620
1,113,721 1,034,418
August
220,437 -36,188 -78,707 -52,880 -93.857
150,555
August _
_
From Jan 1. 9,098,651 9,086.200 3,218,950 2,549,148 2,797,194 2,133.774
Froth Jan 1_ 1,586,357 2.131,620 -273,180 -430.628 -402,135 „-551,939
NJ&NYRRT JetChic Det & Can
142,484
150,419
29,686
32,221
75,703
165,866
August ___ _
35,564
296,587
61,731
26,011
154,590
196.173
August...From Jan 1_ 1,059,621 1,061,804
192,018
165,309
162,488
138,001
892,838 1,302,895
803,065 1,227,215
From Jan 1_ 1,951,731 2,335,780
Evans Ind Ss Terre Haute
Det G H & Milwaukee
50,045
126,516
150.333
120,822
147,702
August ____
145,782
161,047
34,912
816,448
53,328
30,112
505,3
August ___
232,799
210,804
973,869 1,074,238
931,189 1,041,303
From Jan 1_ 1,132,723 1,115,494
249,241
265,718
From Jan 1_ 4.263,083 4,524,468
Florida East Coast
Canadian Pacific
August _
109,643 -37,704
3,168,591 3,117,058
1,136,903
860,395
209,843
77,099
August ____14,324,121 16,417,124
From Jan 1 13,239.174 11,082,761 4,533,617 4,293,303 3,734,238 3,492,600
_15,898,237 14,753,453
Fr'm Jan 1 113,864,715 112940,453
Georgia Railroad
Caro Clinch & Ohio
135,246
220,931
67.048
213,408
170,227
August _- 498,208
549,439
263,395
73,892
141,558
792,713
760,672
August ____
774,458
From Jan E 3,938,357 4,053,238
568,886
827.894
624,727
From Jan 1_ 5,596,707 6,275,972 1,755,982 1,822,548 1,355,683 1,420,942
Georgia & Florida
Central of Georgia
34,716
55,242
378,945
385,779
August..... 173,844
287,560
279,479
41.028
154,238
61,817
August.... 2.110,745 2,180,771
209,668
238,462
From Jan 1_ 1,170,985 1,151,657
260,750
2 3,680,356 3,586,450 2,853,287 2,759,642
290,535
From Jan 1.17,642,119 17,657,04
Grand Trunk Western
Central RR of N
214,824
544,104
843,480
August ____ 1,441,619 1,804,834
601,916
294,248
August,_, 5,013,802 5,353,627 2,001,627 1,154,819 1,639,318
From Jan L12,228,834 13,415,286 1,843,647 4,028,824 1,243,398 3,657,542
From Jan 1_36,646.395 39,066,661 8,569,731 7,038,012 5,634,561 4.653,794
Great Northern System
Central New England
245.333
153,532
221,261
August ____ 8,925,495 11,011,237 2,656,579 3,829,663 1,780,161 3,100,224
179,232
August.___
651,149
759,872
From Jan 1.63,723,731 73,568,858 15,051,448 14,276.785 8,866,072 8,682,591
From Jan E 5.366,647 5,161,138 1,535,291 1,201,681 1,329,414 1,011,073
Green Bay & Western
Central Vermont
15,424
23,424
23,703
122,418
154,583
August.... 117,345
101,312
31,182
173.467
112,851
746,884
742,995
August _ _ __
155,974
71,212
559,389
389,885
135,588
556,186
From Jan 1_
216.001
711,138
966,258
867.477
From Jan E 5,780,778 5,796,910
Latest Gross Earnings by Weeks.
-In the table which
follows we complete our summary of the earnings for the
third week of September. The table covers 16 roads and
shows 8.21% decrease from the same week last year.
Charles & West Carolina59,040
69,847
August---- 305,709
312,365
679,724
From Jan E 2,569,306 2,644,105
470,123
It Ohio Lines
Ches
August.... 9,583,378 9,473,221 2,296,239 2,407,445
From Jan 1_69,743,845 66,676,076 16,854,232 15.712,344
Chicago Burlington It Quincy
August _....14,835,020 14,899,151 4,891,379 2,910,374
Fr'm Jan 1 103,404,304 113048,039 25,670,580 21,731,177
Margo It East Illinois
360.046
307.627
August -___ 2.1'27.RM 1157(1147
2,
, I
62,271
329,372
43.040
571,305
1,901,372 2,101,361
13,823,960 13,259,730
4,009,322 2,2J5,176
18,652,126 14,874,887
249,946
1 ,!:!(,,^:".0
169,448
^70
Gulf Mobile It Northern
124,515
August ___
145,181
484.474
486,847
From Jan 1_ 3,895,273 3,890,001 1,098,422
994,957
Gulf It Ship Island
57,595
August
102,690
286,955
297,600
679,611
565,692
From Jan IT 2,319,890 2,184,507
__Hocking Valley-347,610
326,194
August _ _ 1,605,880 1,585,002
From Jan 1 16,768,206 15,414,297 2,387.022 2,173,199
.International-Great Northern
August ____ 1.394.047 1,301,713
365.940
312.945
115,212
872,458
96,875
783,092
75,734
474,148
35,580
375,690
256,475
1,707,219
225,398
1,523,066
430.780
260.446
OcT. 4 1924.]
THE CHRONICLE
-Grossfrom Railway- -Net from Railway- -Net after Taxes
1924.
1923.
1924.
1924.
1923.
1923.
i
$
8
i
$
$
Illinois Central System
August _ _14,133,620 15.269,294 3,337,341 2,518,245 2,319,786 1,690.706
From Jan 1112784,399 125068,560 24,814,448 23,938,526 17,196,019 16,767,267
Illinois Central Co
August
_12,378,276 13,613,355 2,899,445 2,341,686 1,997,279 1,620,365
From Jan 1 99,332.418 111872,860 21,626,707 22,517,867 14,932,031 16.225,734
__Yazoo & Miss Valley
August _
1,735,344 1,835.939
437,896
176,559
322,507
70,341
From Jan 1_13,451.981 13,195,700 3.187,741 1,420,659 2,263,988
541,533
1nternat Ry Co of Maine
August _ _ _ _
136,643
132,871 -24,484 -70.555 -35,484 -85,555
Fro m Jan 1_ 1,791,138 1,884,802
17,600
133,212 -70.400
13,212
Kansas City Mex & Orient
74,664
226,620
271,407
August
63,331
63,284
64,864
From Jan I_ 1,403,506 1,225,848
142,508
53,550
4.746
83,470
K C Max & Or of Texas
August _ _ 270,319
156.199
82,887
75,887
15,985
15,985
From Jan 1. 1,467,799 1,131,031
209,926 --41,948
168,858 --79,449
Kansas City Southern
August _ _ _ 1,514,844 1,791,900
385,354
497,558
408,923
301,738
From Jan 1..11,874,842 13,138,253 2,847,810 3,154,164 2,139,134 2,450,807
Texarkana & Ft Smith
August _ ___ 237,834
244,568
120,806
127,198
105,121
115,545
From Jan E 1,889,480 1,780.504
926,719
866,721
774,548
802,897
Kansas Oklahoma dc Gulf
August __
182,896
184,783
40,128
16,225
29,856
26.146
From Jan E. 1,352,934 1,681,861
102,630
21,336
277,938
198,335
.a ke Superior dc Ishpeming
August _ _ _
199,129
289,496
75,039
63,691
412,079
131,035
From Jan 1_ 1,194.351 1,572,314
290,079
534,235
443,449
185,617
Lehigh & Hudson River
August __ 262,691
283,551
76,536
75,903
63.478
91,636
From Jan 1_ 2,101,193 2,025,984
680,021
580,319
616,038
506,845
Lehigh & New England
August __ 476,190. 537,912
130,374
159,398
136,134
152,489
From Jan 1_ 3,456.955 4,120,410
795,601 1,187,891
662,370 1,009,311
Lehigh Valley
August _ _ __ 6,426,109 6,952,493 1,607,361 1,039,252 1,276,520 • 825,757
From Jan 1_50,248,647 50,058,218 10,107,849 4,241,769 8,056,418 2,560,499
Los Angeles & Salt Lake
August _ _ _ _ 1,944,256 2,071,753
343,283
276,903
140,273
456,134
From Jan 1_16,280,361 15,595,611 3,033,184 3,197,512 1,994,822 2,291,896
Louisiana & Arkansas
356,385
August _
314,839
44,427
112,289
85,856
64,922
From Jan 1_ 2,624,852 2,510,942
674,815
817,039
615,073
491,897
Louisiana Ry & Nay Co
August _ _ _ _ 429,382
292,451
11,632
91,272
73,270
29,152
From Jan 1_ 2,642.345 2,554,511
185,838
304,643
159,913
325,202
La Ry & Nay Co of Texas
August _ _ _ _
122,604
115,744
22,081
40,748
36,747
26,081
From Jan 1_ 836,318
9,383
88,651
54,629
455,850
29,383
Loulsv Henderson & St L
August _ _ _ _
99,821
275,096
36.738
319,754
52,614
114,629
From Jan 1. 2,233,848 2,305,296
553,857
352,050
653,048
447,036
Louisville & Nashville
August ......10.996,667 11,973,819 2,806,977 2,317,253 2,198,536 1,885,853
From Jan 1_87,516,670 89,911,564 15,852,519 17,639,153 12,249,821 13,906,790
Maine Central
August _ ___ 1,638,023 1,905,595
296,001
307,839
205,418
396,622
From Jan 1_13,826,914 14,180,758 2,434,524 2,058,118 1,615,006 1,267.812
Midland Valley
August
361,783
372,818
126,848
90,314
74,985
108,547
From Jan 1_ 2,938,118 2,971,619
826,545
951,046
810,462
949,755
Minneapolis & St Louis
August __ _ _ 1,252,890 1,431,103 -28,786
218,292
283,479 -83,980
From Jan E 9,377,490 10,780,555 -468,223 1,375,664 -946,181
868,706
Mo-Kan-Tex of Texas
August _
1,928,500 1,780,069
320,531
579,496
367,222
531,190
From Jan 1_12,944,016 12,708,035 2,948,871 1,992,418 2,553,251 1,587,027
Minn St P & S8 M System
August _
3,823,331 4,347,861
757,949 1.021,912
757,588
513.268
From Jan 1_28,581,662 32,357,528 4,472,180 6,867,162 2,593,778 4,773,522
Central
Mississippi
August __ __
163,617
145,936
57,687
50,187
23,484
17,970
•
From Jan 1_ 1,211,318 1,196,988
331,519
230,820
188,216
274,835
Mo-Kansas & Texas
August
2,976,166 3,198.371
918,151
799,656
687,881
990,077
From Jan 1_21,300,406 22,965,382 6,549,140 5.805,107 5,062,087 4,476,173
Missouri & North Arkansas
August'_ . 140,767
141,360
21,971
35,804
32,736
21,410
From Jan 1_ 996,816
960,616
69,140
153,834
133,466
45,805
Missouri PacitioAugust __ _ 10,798,768 10,255,028 2,329,283 1,427,759 1,947,542 1,044,773
From Jan 1_77,624,788 73,439,762 14,560,817 9,942,877 11,537,974 6,921.429
Mobile & Ohio
August _ _ 1,557,550 1,624,807
.
431,745
312,195
345,028
229,754
From Jan 1_13,006,997 13,537,683 3,565,855 3,104,677 2,877,849 2,413,419
Nash Chatt & St IAMB
August _
1.917,550 2,150,926
352,924
287,715
302,774
227,608
From Jan E 15,649,186 16,371,125 2,500,349 2,453,884 2,027,755 1,970,122
Nevada Northern
August
94.845
89,005
50,847
52,549
44,902
45,943
From Jan 1_ 710.339
621,523
356,794
337,290
303,559
284,466
Newburgh & South Shore
August _
174.702
177,322
51,427
33,293
37,827
20,016
From Jan 1_ 1.329,525 1,413,352
137,454
224,799
29,642
121,971
New Orleans Gt Northern
247,767
August
255,863
77,827
76,283
59,800
59,255
From Jan 1. 1,968.178 1,908,309
579,939
629,045
437,897
494,257
New On Tex & Mexico
290,994
199,157
August _
94,797
-2,390
76,340 -30,408
735,400
From Jan 1. 2,223,112 1,944,667
602.098
569,932
385,317
Beaumont Sour Lake & W
200.173
227.701
102,929
August _ _
89,522
95,192
84,658
771,957
From Jan 1. 1,838,591 1,514,309
589,061
719,038
551,527
St L Browns & Mex758,390
343,632
August _ ___ 738,663
444,788
307,615
425,865
From Jan __ 5,318,712 3,817,154 2,400,481 1,408,090 2,165,929 1,259,432
New York CentralAugust..- _30,484,316 36,611,444 7.699,278 9,453.925 5,767.659 7,358.512
From Jan 1_243141381 286455,123 59,315,476 73,057.272 43,552,837 56,374,641
Indiana Harbor Belt
162,272
986,947
292,556
August _ _ _ _ 870,651
139,034
245.521
From Jan 1. 7,064,459 7,718,008 1,632,600 2,224,401 1,428,065 1,974,856
Michigan Central
August ___. 7,280,245 8,154,041 2,338,076 2,538,916 1,848,930 2,010,752
From Jan 1_58,579,576 64,194,497 16,981,185 21,084,557 13,384,967 17,120,006
C C C& St Louis
August _ 7,284,951 8.484,030 1,700,808 2,624,733 1,300,464 2,106,218
From Jan 1.56.668,257 64,051,930 12,387,674 17,011,472 9,353,296 13,438,288
Cincinnati Northern
148,129
158,959
450,473
August _ _ 415,583
132,772
121,828
961,806 1,127,843
From Jan 1_ 3,106,424 3,537,739
804,340
947,518
Pittsburgh & Lake Erie
354,058 1,414.588
August _ _ 2,404,761 4,092,348
207,030 1,166,518
From Jan 1_21,136.747 30,972,649 4,090,219 10,849,871 2,832,941 8.889,047
New York Chicago & St Louis
August.... 4,433,064 4,951,671 1,136,403 1,289,602
910,994 1.020,108
From Jan 1_35,398,091 38,581.612 6,226,136 10,664,655 6,372,135 8.550.674
1619
-army/rowsRailway- -Net from Railway -Net after Taxes
1924.
1924.
1923.
1923.
1924.
1923.
3'
New York Connecting
220,498
August
209,858
_ 314,780
99,538
179,748
61,538
From Jan 1_ 1,943.310 2,288,288 1,344,203 1,589,853 1,037,103 1,262,441
NYNH& Hartford
August _ _ _ _10,749,905 11,740,570 2.618,226 2,524,357 2.215,819 2,092,347
From Jan 1_84,108.940 89,325,380 18,669,729 16,994,524 15,405,318 13,603.071
N Y Ontario & Western
702,933
August _ _
568,228
1,799,429 1,715,812
654,875
524,872
From Jan 1_ 9,382,650 9,790,337 1,974,590 1,518,817 1,589,975 1.177.020
N Y Susquehanna & Western
August _ _ _ _ 388,760
40,268
43,446
408,816
14,280
8,045
From Jan 1_ 3,098,921 3,334,754
357,536 -28,875
211,242
105,461
Northern Pacific
August ____ 7,631,971 8,661,337 1,859,939 1,756,711 1,171,435 1.039,853
From Jan 1_57,539,348 63,406,979 10,240,853 8,015,778 4,812,318 2.379,231
Northwestern Pacific
August _ _ _
363,163
352,091
305,947
798,852
883.868
316,589
From Jan 1_ 4,805,436 5,344,431 1,288,977 1,509,719
923,631 1,121.636
Pennsylvania System
August __ _ 61,605,959 71,176,043 16.015,140 15,146,827 11,570,284 10,726,481
Frm Jan 1460,404,466 521272,519 92,732,230 95,561,354 69,350,228 72,008,363
Pennsylvania Company
August ._.55,293,118 64,833,927 13,354,419 12,732,594 9,662,358 8.993,080
From Jan 1.424279748484705.655 84,768,465 87,864,572 63,897,624 66.648.076
Baltimore Chesapeake & Atlantic
August _ _ _ _
188,369
192,702
38,606
56,518
80,790
72,934
LonmJan E 1,004,301 1,033,180
Fro g uiand
31,459 -105,726
-8,683
160.340
August _ _ __ 3,780,741 3,735,347 1,654,489 1,551,657 1,326,856 1,253,411
From Jan E23,569,412 22,984,147 5,898,995 6,027,708 4.532,683 4,779,686
Monongahela
356,687
August
531,442
154,225
175,357
143.629
185,307
From Jan 1_ 3,014,645 3,880,107
987.411 1,333,114
902,763 1,253,407
Toledo Peoria & Western
August _ _ _ _
154,980
174,185
516
984 -11,011 -11,097
From Jan 1_ 1,273,573 1,225,713
140,528 -96,184
51,441 -185,409
West Jersey & Seashore
August _ _ _ 1,902,657 1,963,311
792,330
715,766
415,955
475,885
From Jan E 8,920,249 9,853,388 1,736,677 1,809,440
963,756 1.080,769
Peoria & Pekin Union
133,694
August __ __
145.958
18,454
5,954
13,767
3,767
From Jan 1 1,146,380 1,152,643
251,449
238,006
151,449
143,006
Pere Marquette
August _ _ __ 3.494,727 3,976,042 1,154,331
883,830
715,613
997,367
From Jan 1_27,284,703 29,986,598 6,523,236 7,138,942 5,256,205 5,983,770
Perkiomen96,383
August ____
106,898
34,115
48,628
29,679
53,135
From Jan L. 787,135
749,798
322.027
300,469
284,952
260.556
Pittsburgh & ShawmutAugust _ _ _ _
98,971
120,580
19,157
-3,811
-3,942
18,967
From Jan E 707,961
932,937 -24,841 -29,381 -29,886 -38,042
Pittsburgh Shawmut& Northern
August
123,650
116,658
_
12,803 -22,892
10,146 -25,239
From Jan 1_ 895,014
984,487
-3,958 -79,222 -25,491 -98,515
Port Reading
August _ _ _ _
154,530
206,939
49,542
90,307
36,278
47,156
From Jan 1_ 1,323,477 1,919,235
472,446
941,941
360,723
802,688
Pullman Company
August _ _ _ 7,181.572 7,129,528 a2,199,202 a2,097,263 1.745,203 1,623,881
From Jan 1_49,111,642 48,319,229 a8,410,490 a9.420,280 5,988,280 5,991,969
Quincy Omaha & K C
August _
101,199
93,963
-5,885
146
-9,871
-3,858
From Jan 1- 680,332
841,549 -70,261 -101,383 -102,865 -136,653
Richmond Fredericksburg & Potomac
August _ _ _ _
891,212
908,405
327,710
321.998
269,292
266,862
From Jan 1. 8,152,298 8,312,628 2,807,319 3,009,782 2,346,714 2,535,739
Rutland
August _ _ _ _ 570.070
628,989
119,519
144.512
89.387
116,015
From Jan 1. 4.363,714 4,526,860
755,469
740,222
533,335
544,076
St Louts-San Francisco
St Louis-San Fran of Texas
August __ _ _
177,330
160,222
59,541
33,987
57,065
31,193
From Jan 1_ 1,157.863 1.050.721
250,519
105,092
232,912
87,292
Ft Worth & Rio GrandeAugust..
145,988
127,798
21,556
23,878
17,288
19,841
From Jan 1_ 998,380
961,891
109,422
6,353
78,028 -25,228
St Louis Southwestern
August ____ 1,453,170 1,622,626
424.740
659,826
355,850
544,026
From Jan 1_11,396,295 15,629,308 3,387,009 5,193,522 2,882,346 4,439,781
St Louts 8 W of Texas
August
680,931
533
746,928
47.158 -25,078
19,652
FromJan 1_ 4,885,327 5,183,826 -150,289 -821,466 -357,037-1,038,889
St Louis Transfer
66,293
August _ _
88,316
17,357
38,045
17,023
37,387
From Jan 1_ 529,444
574,686
68,319
191,822
66,861
188,453
San Antonio & Aransas Pass
August _ _
145,155
738,751
257,830
704.519
128.326
242,717
From Jan 1_ 4,427,556 3.867,952
465,789
121.236
332,724
-3.072
San Antonio Uvalde & Guff-123,756
46,845
155,321
58.896
August
55,575
43,524
236,340
From Jan 1_ 1,059,240
822,581
160,360
209,105
133,761
Seaboard Air Line
821,916
646,972
840,622
649.741
August._ 3,764,718 3,719,557
From Jan 1 35.059,132 34,320,900 7,864,450 7,564,060 6.335,582 6,158,527
Southern Pacific System
Southern Pacific Co
August ..16,695,0O8 18,643,069 5,676,991 6.412,314 4,217,331 5,043,710
Fr'm Jan1123,986,927 130302,916 35.219,181 39,283,178 24,956,684 28,986,532
_Atlantic SS Lines
August _ . _ 968,265 1,150,861
229,809
97,425
82,548
221,540
FromJanL 7,556,577 9,054,824
30,103 1,658,638
127,728' 1,753,803
Arizona Eastern
August _ _ _
272,903
50,077
117,094
92,752
302,343
76,932
From Jan 1_ 2,270,176 2,445.577
398,883
948.492
753,666
615,151
Galv Harris & San Ant
August _ _ _. 2,214,872 2,090,286
411,335
554,084
475.262
655,122
From Jan 1_16,796,963 14.840,927 3,490,150 1.896,382 2.900.426 1,390,234
Houston & Texas Central
August _ _ __ 1,227,180 1,272,535
355.697
306,333
290,962
265,0?3
From Jan 1_ 9,207.322 8.874,110 1,328,298 1,127,221
958,962
744,278
Houston E & W Texas
August _ _ __ 280,484
275,044
72,751
50,005
63,858
41,821
From Jan 1_ 2,043,265 1,939,537
179,816
89,099
33.959
107,798
St Louis Western
August ____ 311,095
72,916
78,339
49,523
343.714
23,937
From Jan 1_ 2.636,283 2,990,941
605,285
773,610
384,974
541,954
Morgans La & Texas
142,674
24,955
August ____ 688,756
687,239
94,021 -21,485
454,905 -249,215
From Jan 1_ 5,237,277 5,718,199
137.281
84,206
Texas & New Orleans
93,069
83,161
80,230
August
757,605
_ 731.011
49.102
485,111
469,452
244,155
From Jan E 5,959,680 5,819,632
227,5E0
Spokane International
14,144
26,271
8,489
108,798
August _ _ _
94,722
20,237
201,394
195,343
155,651
782,489
From Jan 1_ 761,136
148,492
Spokane Portland & Seattle
268,283
708,676
August __ _. 743,138
228,081
200,280
153,048
From Jan 1_ 5,354,027 5,172,777 1,877,309 1,700,699 1.318,348 1,100.163
Staten Island R T
28,655
258,124
August _ _
42,881
284,476
14,034
30,291
83,618
From Jan - - 1.853.423 1,716,590
109.211 -43,762
1
-6,373
1620
-Gross/tom Railway
--Net from Ratlway-- -Net after Taxes
1923.
1924.
1923.
1924.
1924.
1923.
$
Southern Ry System
Southern By Co
August _ _ _12,079,380 12.754,333 3,489,241 3,040,053 2,739,714 2,377,739
From Jan 1 92.932,644 99,417,379 23,688,906 24,410,032 18,875,275 19,836,740
Ala Great Southern
229,940
210,953
273,398
August ____ 854,704
254,096
930,584
From Jan 1 6,534,944 7,209,962 1,556,622 2,210,755 1,238,003 1,794,002
Gin N 0& T P
385,864
544,883
447,723
649,253
August ____ 1.899,542 1,877,395
From Jan 1 14,591,555 15,609,683 4,226,559 4,513,841 3,618,874 3,750,811
Georgia Southern dr Florida
74,977
108,698
94,546
126,882
August ____ 426,764
443,473
588,737
693,332
747,613
842,477
From Jan 1 3,275,096 3,494,962
New Orleans ar Northeast
82,623
97,081
132,804
134,429
August ____ 452,215
517,945
733,131
758,943
From Jan 1 3,676,990 4,627,112 1,062,392 1,142,400
North Alabama
52,010
33,085
58,034
37,136
159,504
August ____ 107,817
403,436
351,145
457,496
399,974
From Jan 1 983,242 1,137.663
Tennessee Central
38.970
44,964
47,015
50,346
262,177
August _ 251,240
414,921
375,028
464,694
428,831
From Jan 1. 1,841,170 2,058,602
Term Ry Assn of St Louis
81,730
76,408
150,347
133,294
446.667
August ____ 421,408
626,512
393,208
867,890 1,131,637
From Jan 1 3,300,721 3,369,293
St L Ma Br Term
109,755
60,943
135,921
79,324
418,597
August -___ 373,671
853,889
353,830
539,693 1,095,640
From Jan 1 2,954,651 3.258,429
Texas & Pacific
675,357
686,514
776,620
838,513
August ____ 2,801,290 2,745,887
From Jan 120.834.747 20,171,880 4,188,409 3,353,345 3,003,907 2,536,919
Ulster & Delaware
66,262
73.834
72,264
79,377
242,989
August ____ 211,020
187,538
151,141
235,570
195,265
From Jan 1 1,064,687 1,266,153
Union Pacific
August _ _ _ _10,492,474 10,896,004 3,593,393 3,380,816 2,857,167 2,788,097
From Jan 1_67,837,348 71,199,797 19,806,786 20,086,267 14,379,647 15,513,817
Oregon Short Line
528,546
476,230
780,746
750,047
August ____ 3,009,953 3,356,996
From Jan 1_22,356.623 23,621,248 5,224,382 5,258,570 3,002,962 3,241,148
Ore-Wash Ry & Nay Co
339,281
314,096
518,200
485,411
August - ___ 2,478,449 2,733,852
53,003
From Jan L18,764,869 18,300,044 3,652,385 1,422.277 2,284,354
St Jos & Grand Island
25,184
78,394
38,320
99,547
276,425
August ____ 308,985
110,920
259,596
216,448
381,924
FromJan 1_ 2,118,938 2,072,805
Union RR (Penn)
286,822
110,676
August _ - 927.861 1,218,594
137,176
368,818
279,738 1,753,938
396,103 2,188,058
From Jan 1 7,270,712 8,457,777
Utah
11,643
27,957
18,092
33,099
August ____ 132,799
132,773
175,063
134,638
187,908
228,492
990,118
From Jan 1- 944,067
Vicks Shreve & Pacific
114,834
96,537
146.626
125,535
419,734
August ____ 383,174
589,392
410,259
842,908
587,807
From Jan 1 2,769,759 2,871,866
Virginian
515,466
490,385
598,175
605.408
August- 1,565,127 1,787,426
From Jan 1 12,206,891 14,690,000 4,148,341 5,668,208 3,207,134 4,839,090
Maryland
Western
311,331
359,502
449,502
381,331
August
1,48.5,926 2,035,126
From Jan 1 12,547,712 15,771,172 3,193,384 3,479,913 2,553,384 2,834,913
Western Pacific
218,906
301,151
330,323
392,671
August ____ 1,426,396 1,303,826
431,403 1,085,638
From Jan 1_ 8,690.446 8,479.143 1,064,730 1,715,841
Western Ry of Alabama
40,456
52,759
56,028
66,612
246,301
244,100
August __
401,812
492,066
387,004
502,378
From Jan 1 2,005,179 1,928,489
Wheeling & Lake Erie
248,939
380,275
505,972
353.748
August ____ 1,528,682 1,962,765
From Jan 1 12,033,500 12,483,596 2,512,993 2,775,236 1.656,982 1,881,288
-Deficit.
a Includes other Incomes.
-Grossfrom Railway- -Available for fat.- -Surplus after Chgs.1924.
1923.
1923.
1924.
1923.
1924.
8
$
$
$
$
i
St Louis-San Francisco (lnel sub lines)
446,195
657,544
August ____ 7,789,739 8,029,564 1,912,680 1,655,656
FromJan 1_56,633,725 58,795,815 12,274,207 11,982,029 2,391,604 2,478,878
Electric Railway and Other Public Utility Net
-The following table gives the returns of
Earnings.
ELECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this week:
-Gross Earnings--NetEarnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
$
3
Kansas City Power & Light
632,908 *308,864 *280,141
Aug 678.608
Co (see note)
12 mos ended Aug 31- 9,277,902 8,686,341 *4.520,634 *4,157,031
Southern Canada Power Co
40,935
50,833
78,578
93,285
Aug
and subsidiaries
470,157
526,026
854,586
11 mos ended Aug 31-- 961,715
Companies.
*After taxes.
-These figures were erroneously published last week under the
Note.
heading "Continental Gas & Electric Corp."
Balance,
Fixed
Net after
Gross
Charges. Surplus.
Taxes.
Earnings.
346,978
Aug '24 2,999,227 1,277,714 f930,736
American Water
448,646
Wks & El Co & subs '23 3,068,789 1,264,597 .1'815,951
37.949,876 16,499,279f11,213,240 5.286,039
12 mos ended Aug 31 '24
'23 34,204,712 14,497,561 19.473,031 5,024,530
e31,462
75.241
106.703
Arkansas Light & Aug '24 *212,167
48.895
23 •1
Power Co
521,052
840,420 e819,368
*1,739,668
12 mos ended Aug 30 '24
324,378
583,370 e258,992
'23 *1,415,657
5,763
42,833
*48,596
105,498
Asheville Power & Aug '24
29,164
5,230
*34,394
86.911
'23
Light Co
367,420
67,878
0435,298
12 mos ended Aug 31 '24 1,039.337 '
293,980
62,596
943,083 *356.576
'23
--3,239
e33,528
30,289
83,745
Augusta-Aiken Ry Aug '24
--3,579
e32,676
29,097
90,243
& Elec Corp
'23
77,499
471,399 e393,900
12 mos ended Aug 31 '24 1,205,204
127,444
520,318 e392,874
'23 1,216,384
34,659
25,995
60,654
Bangor By ar Elec Aug '24
123,141
22,867
38,254
61.121
Co
126,854
'23
488,086
301,753
789,839
12 mos ended Aug 31 '24 1,546.725
496.665
283,733
780,398
'23 1,542,711
d25,748
Binghamton Light, Aug '24
102,785
d29.009
Heat & Power Co '23
90.525
181,837
253,883
12 mos ended Aug 31 '24 1,287,672 *t1435,720
229,724
131,556
'23 1,124,512 '1361,280
43,495
40,468
Carolina Power & Aug '24
*83,963
196,604
31,020
37,005
Light Co
*68.025
168,216
'23
3
830.705
430,095
12 mos ended Aug 31 '24 2,495,849 *1.260,8o1
631.609
291,729
23 2,164,857 *923,338
[VoL. 119.
THE CHRONICLE
Gross
Earnings.
Net after
Taxes.
Fixed
Charges.
Balance,
Surplus.
16,020
11,263
71,535 ' 27,283
Citizens Traction
Aug '24
19,032
10,288
29,320
Co & Subs
77,166
'23
327,861
131,439
459.300
982,928
12 mos ended Aug 31 '24
280,198
119,032
399,230
937,465
'23
376
•
8,507
Cleve Painesv &
8,883
53,510
July '24
6.849
13,385
20,234
East RR System
66,555
'23
1.679
60,064
7 mos ended July 31 '24
61,743
364,220
96,318 -10,971
85,347
407,010
'23
78.666
62.874
141,540
Cumberland Co
Aug '24
321,358
62,112
61,518
Power & Lt Co
123,630
325,590
'23
907,914
742,988
12 mos ended Aug 31 '24 3,817,716 1,650,902
770.031
749.159
'23 3,709.626 1,519,190
4.285
56,247
E St Louis & Sub Aug '24
*60,532
302,221
25,289
53.036
excl of Alton cos
*78,325
'23
336,300
265,988
663.904
12 mos ended Aug 31 '24 5.101,028 *929,892
670,272
632,362
'23 4,484,859 *1.302,634
--884
15.621
E St Louis & Sub Aug '24
*14,737
110,740
2,884
15,626
Alton cos
*18,474
116.039
'23
--9,858
187,712
12 mos ended Aug 31 '24 1,403,845 *177,854
13,477
187,164
'23 1,412,857 *200,641
377.738
34.122
Eastern SS Lines Aug '24 1,010.317
411,860
364,858
35.206
929.816
'23
400,064
439,885
252,936
8 mos ended Aug 31 '24 4.304,772
692,821
653.759
273.187
'23 4,640,528
926,946
96,605
Ft Worth Power
Aug '24
16,775
238,898 *113,380
85,333
& Light Co
245,187 *103,312
17.979
'23
215.103 1,203,470
12 mos ended Aug 31 '24 3,113,003 *1,418,573
'23 2,877,528 *1,345,299
217,867 1,117,432
General Gas & El Aug '24 1,543,984 a415,520
Corp & Subs
'23 1.286,184 a301,454
12 mos ended Aug 31 '24 17,229,149*a5,309.571 3,647,107 01,662,464
&
380.192 *118,588
Kansas Gas
Aug '24
24,894
93,694
372,624 *110,038
91.116
Electric Co
'23
18,922
802,574
12 mos ended Aug 31 '24 5,609,229 *1,908,833 1,106,259
898,666
'23 5,437.353 *1,819,269
920,603
7.592
July '24
209,169
35,134 -27,542
Lake Shore Elec
64,099
28,771
250,326
35,328
Ry System
'23
267,120
20,341
246,779
7 mos ended July 31 '24 1,629.954
248,484
' 1,587,646
329,907
81,423
23
Aug '24
620,864 a229,005
Metropol Edison
628,743 a180,291
'23
Co & Subs
12 mos ended Aug 31 '24 7,855,380a3,068,954 1,504,923 1,564,031
'23 7,558,231*a2.563,825 1,259,281 1,304,543
254,431
210,806
Aug '24 1,710,521 *465237
Milwaukee Elec
181,504
239,978
'23 1,734,069 *421.482
Ry & Light Co
mos ended Aug 31 '24 22.486,078 *6,697,888 2,467,433 4,230.454
12
'23 21,616,243 *5,905,690 2,327,777 3,577,913
100,030
59,670
308,246 *159,700
Nebraska Power Co Aug '24
72,558
54,375
295,716 *126,933
'23
656,184 1,225,020
12 mos ended Aug 31 '24 3.894,153 *1,881,204
652,252
980,687
' 3,743,886 '1532939
23
70,120
96,066
176,186
514,913
New England Pow Aug '24
91,679
59,872
151,551
601,500
System
'23
12 mos ended Aug 31 24 7,036,240 2,271,732 1.253.575 1,018.157
'23 7,151,460 2,146,928 1,015,308 1,131,620
a22,339
81.839
New Jersey Power Aug'24
al5,882
80,057
'23
& Light Co
140,364
143,457
12 mos ended Aug 31 '24 1,051,476 *a283,821
114.318
147,600
23
'
909.794 *0261,918
Aug '24 6,024,802 *2,133,423 f1,114,722 1,018.701
North American
917,342
'23 5,933,134 *1,867,999 1950,657
Co and Subs
12 mos ended Aug 31 24 77,928,882*29,613,590,13,100,474 16,513,115
'23 69,578.950*25,572.571f10,725,874 14.846,697
d3,983
49,536
Northwestern Ohio Aug'24
d14.204
59,998
Ry & Power Co
'23
71,522 -13,520
4
1
/
547,668 ' 158,002
12 mos ended Aug 31 24
29,523
68,835
561,639 *a98,358
'23
60,818
264,967 *121.230
60,412
Aug '24
Pacific Power &
72,940
267,584 *133538
60,698
'23
Light Co
843,434
719,557
12 mos ended Aug 31 '24 3,244,257 *1,562,991
807,115
23 3,059,645 *1,479,090
671,975
Pennsylvania Edison Aug'24
236.544
a76.183
'23
264,623
a82,697
Co & Subs
577.801
478,669
12 mos ended Aug 31 '24 3,110,899.01,056,470
'23 3,036.695*01,035.561
633,364
402,197
Aug '24
110,344
839,852
197,291
Portland Electric
307,635
140,315
'23
861,513
171,046
Power Co
311,361
12 mos ended Aug 31 '24 10,880,553 4,188.804 2.146,248 2,042,556
'23 10,625.635 4,157,871 2,099,007 2,058,864
60,391
Aug '24
288,840 *101.022
40,631
Portland Gas &
46,985
40,299
'23
262.319
Coke Co
*87,284
501.242
467,805
12 mos ended Aug 31 '24 3,568,596 *1,312,062
536,399
435,735
'23 3,377,601 *1,248,902
022,778
252,790
Reading Transit & Aug'24
a22,909
265,588
Light Co & Sub Cos '23
189.999
84,658
12 mos ended Aug 31 24 3,050,943 *a274,657
'23 3.079,680 *a278,460
195,929
82,530
Aug'24
811,650
42,233
Rutland Ry Lt &
'23
b7,170
41,715
Power Co
538,204 *8166,479
71,823
94.656
12 mos ended Aug 31 24
'23
555,953 *b146,462
95,866
50.596
Aug'24
54,643
Sandusky Gas &
d8,886
54,635
Electric Co
'23
d9,914
844,136 0244,443
169,341
75.102
12 mos ended Aug 31 '24
848,528 *a214.595
'23
145.677
68,918
Aug'24
16,256
Sayre Electric Co
a4,270
'23
15,245
a3,023
44,298
217,364 *a69,930
12 mos ended Aug 31'24
25,632
'23
25,961
202,107 '(148,232
22.271
Texas Power &
105,999
Aug '24
462,907 *179,585
73,586
73.272
Light Co
'23
398,090 *131,681
58,409
12 mos ended Aug 31 '24 6.249,105 *2,715,753
774,830 1,940,923
725,172 1,434,933
'23 5,285,137 *2,160,105
Third Avenue By Aug 24 1,184,003
202,589 -26,227
176,362
-398
194,824
'23 1,182,423
194,426
405,140 -23.071
2 mos ended Aug 31 '24 2,436,954
382,069
18,974
400.928
'23 2,408,288
419.902
216,998
154,013
United Gas & Elec- Aug '24 1,074,667 *371,011
224,672
tric Corp
144,526
'23 1,066,782*369,198
12 mos ended Aug 31 '24 14,526,944 *4,997.719 1,852,195 3.145,524
'23 13,608,205 *4.735,686 1,732,259 3,003,427
Vermont Hydro19,608
Aug'24
58,751
Electric Corp
13,610
65,382
'23
108,810
12 mos ended Aug 31 '24
156,824
718,960 .4;265,634
155,316
147,470
707,773 *a302,786
'23
251,577
West Penn Co
Aug'24 1,906,377
740,889 f489,312
266,786
731,988 f465,201
'23 1.987,229
12 mos ended Aug 31 '24 25,333,109 10,423,375 f5,819,818 4.603.557
'23 23.366.095 9,399,260 15,251,061 4,148,199
45,820
Yadkin River Pow Aug '24
*80,374
149.501
34,554
38,387
Co
140.411
34.205
'23
*72,592
576,445
12 mos ended Aug 31 '24 1,828,695 *990,987
414,542
534,772
340,255
'23 1.653,543 *875,027
* Includes other incomes. a After depreciation and rentals. 8 After
rentals. d After depreciation. e Includes interest charges and amortization of debt discount and expense. f Includes preferred dividends of
subsidiaries.
THE CHRONICLE
OCT. 4 1924.]
Comparative Earnings of Companies Under the Management of
Stone fc Webster, Inc.
Month of August-- -12 Months ending Aug. 31
Surplus
Surplus
Aft. Chges.
Gross.
Net.
Aft. Chgs.
Net.
Year. Gross.
$
8
8
Puget Sound Pow di Lt Co
139,869 12,585,921 4,751,751 2,790,913
1924
303,707
980,893
235,451 11,722.599 4,683,597 2.885,432
394,702
1923
1,001,180
Sierra Pacific Elec Co
400,092
471,844
23,625 1,060,848
29,622
1924
90,630
423,121
34,306
992,389
482,124
40,062
1923
87,568
Columbus Elec dr Pow Co
795,281
48,301 2,259,895 1,067,050
71,845
1924
172,984
855,882
94,228
71,654 2,190,196 1,128,683
179,447
1923
El Paso Electric Co
657,644
43,182 2,411,439
61,979
868,042
193,280
1924
684,996
62,811
45,750 2,377,432
889,428
193,726
1923
Key West Electric Co
61,672
238,391
91,801
19,420
7,631
5,145
1924
73,372
4,633
7,153
252,590
104,460
18,716
1923
El Lt dr Pow Co of Abington dr Rockland
72,471
36,661
6,636
6,384
446,510
74,077
1924
60,799
67,457
40,591
7,217
7,217
431,908
1923
Savannah Elec & Pow Co
349,966
1924
154,326
56,391
722,025
24,802 1,925.247
276,524
158,432
1923
579,345
50,919
19,829 1,647,314
Edison El Ilium Co of Brockton
530,145
1924
111,987
30,730
539,226
31,186 1,556,970
547,087
1923
557,478
118,144
33,928
33,095 1,546,415
Lowell Elec Lt Corp
481,910
1924
104,507
507,502
26,254
25,343 1,501,827
574,684
1923
112,312
26,718
577,006
26,172 1,639,427
Northern Texas Elec Co
624,766
1924
207,422
960,772
65,264
37,045 2,784,890
680,373
1923
226,606
62,642
989,855
35,282 2,956,818
Fall River Gas Works Co
235,894
1924
236,918
78,113
15,927
15,921 1,019,623
241,495
1923
242,171
83,422
16,221
16,068 1,027,547
Cape Breton Elec Co Ltd
81,917
150,156
1924
699,217
49,759
11,025
5,271
17,865
85,475
685,064
1923
56.754
7,832
2,191
Haverhill Gas Light Co
132,059
133,934
1924
54,174
16,295
16,292
598,382
123.767
124,151
5,261
563,486
40,890
5,256
1923
Tampa Electric Co
899,393
955,750
1924
181,199
68,600
63,585 2,241,176
826,033
890,331
1923
165,125
64,532
59,716 2,045,629
Cent Miss Valley Elec123,982
162,719
1924
592,529
46,956
12,959
9,757
118,939
160,243
568,049
1923
44,414
8,738
5,506
Paducah Elec Co
86,672
197,155
1924
49,124
628,876
10,164
642
103,010
205,772
1923
48.124
603,742
12,987
3.805
Houghton Co Elec Lt Co
87,746
136,857
1924
5,754
521,015
35,456
1,671
84,322
135,474
536,965
1923
1,716
37,522
5,798
Keokuk Elea Co
72.581
112,067
422,607
1924
6,059
34,363
9,462
69,321
110,593
408,980
1923
32,864
5,929
2,696
Baton Rouge Elec Co
184,759
677,893
225,286
1924
22,098
16,930
58,828
214,799
181,847
48,564
13,322
10,834
616,905
1923
Blackstone Valley Gas dr Elec Co
1924
66,948 4,554,085 1,504,979 1,107,995
347,766
107.670
1923
68,034 4,402,018 1,589,871 1,250,204
337.626
95,510
Miss River Power Co
1924
274,600
215,218
116,440 3.136,423 2,285,782 1,096,293
976,640
1923
248,354
174,704
74,188 2,964,929 2,188,578
Month of July
12 Months Ending July 31
Eastern Texas Elec Co (Del) & Sub
629,024
1924
839,571
200,645
81,071
63.664 2,187,504
1923
521,791
176,065
66,048
47,741 1,941,382
722,328
FINANCIAL REPORTS
Annual, &c., Reports.
-The following is an index to all
annual and other reports of steam railroads, street railways
and miscellaneous companies published since and including
Aug. 30 1924.
This index, which is given monthly, does not include
reports in to-day's "Chronicle."
Boldface figures indicate reports published at length.
,
Steam RoadsPage.
Algoma Eastern Ry. Co
1171
Chic. Terre Haute & Sclutheast. Ry_1281
Cuba Company
1393
Cuba RR. Co
1392
Florida East Coast Ry
1509
Georgia dr Florida Ry
1278
Great Northern Ry
1282
Interborough Rapid Transit Co_ _ _1064
Louisville & Nashville RR
1064
N.Y. Chicago & St. Louis RR
1282
N. Y. N. H. & Hartford RR
1065
Pennsylvania Company
1168
Pitts. On.Chicago & St. Louis RR _ 1168
Pittsburgh dc West Virginia Ry
1283
Virginia Ry
1284
Western Pacific RR
1173
Electric RoadsBoston Elevated Ry
1281
1281, 1393, 1509
Brooklyn City RR
Central Illinois Public Service Co_..1281
1509
Federal Light & Traction Co
1395
Indiana Service Corp
Kansas City Clay Co.& St. Jo. Ry_1172
Milwaukee Elec. R.& Light Co_ _ _1172
1064
Manila Electric Co
Puget Sound Power & Light Co_ _ _ _1396
1511
Southwest Power Co
1511
Tennessee Electric Power Co
1397
United Gas & Electric Corp
1173
United Light & Power Co
1511
West Penn Co
Industrials
1170
Algoma Steel Corp., Ltd
1397
All America Cables, Inc
Agricultural Chemical Co _1168
American
1067
American Bosch Magneto Corp
1066
American Gas & Electric Co
1174, 1284
American Ice Co
1067
American Power & Light Co
American Public Utilities1170
Co
American Road Machinery Co.,Inc_1174
1170
American Safety Razor Corp
American Seeding Machine Co
1280
American Shipbuilding Co
1512
Atl. Gulf& W.Indies SS.Linea 1067,1512
Balaban & Katz corp
1175
Bates Mfg. Co
1512
Bloedel-Donovan Lumber Mills. _ _.1397
Boone (Daniel) Woolen Mills, Inc.-1067
1621
Page.
Industrials (Concluded)Jersey Central Power dr Light Corp-1070 Potomska Mills of New Bedford__ _ _1180
1288 Producers & Refiners Corp---1405, 1517
Jessup & Moore Paper Co
1180
1402 Pro-phy-lac-tic Brush Co
(G. R.) Kinney Co., Inc
1291
1177 Public Service Co. of Colorado
Kelsey Wheel Co
1288 Public Service Co. of Oklahoma__ _1405
(B. S.) Kresge Co
1288 Public Service Electric & Gas Co_ 1405
(S. H.) Kress & Co
1392
1169 Pullman Co
Lake Superior Corp
1517
1062 Radio Corp. of America
Laurentide Co., Ltd
1518
1402 Ryan Car Co., Chicago
Loft, Inc., New York
1291
1402 St. Lawrence Paper Mills, Ltd
Lone Star Gas Co
1180
Lowney (Walter M.) Co
1071, 1402 Salmon Falls Mfg.Co
1291
1289 Shawsheen Mills
McCrory Stores Corp
(Franklin) Simon & Co.,Inc
1180
McIntyre Porcupine Mines, Ltd.
1074
1071, 1177 Skelly Oil Co
1406
Mack Trucks,Inc
1062, 1076 (Henry) Sonneborn Co., Inc
1292
1071 South Lake Mining Co
(Thos.) Maddock's Sons Co
1075
Mansfield (0.)Sheet & Tin Plate Co.1289 Southwest Pa.Pipe Lines
Marconi Wireless Telegraph Co.,Ltd1071 Southwestern Power & LightCo__..1406
Marland Oil Co
1071 Spanish River Pulp & Paper Mills,
1075, 1181
Ltd
Maxwell Motor Corp
1289, 1402
1518
Metro-Goldwyn Pictures Corp
1290 Sparks-Withington Co
1181
Mexican Seaboard Oil Co
1071 Sperry Flour Co
1407
Standard Dredging Co
Miami Valley (0.) Electric Co
1403
1292
Michigan Sugar Co
1178 Standard Plate Glass Co
Michigan Term. W'house Co
1515 Stromberg Carburetor Co. of
1181
America,Inc
Minneapolis Gas Light Co
1403
1519
Mortgage Bond Co. of New York 1403 Telautograph Corp
.1407, 1519
Mutual Oil Co.,Denver,Colo_1392, 1409 Temple Anthracite Coal Co.
National Distillers Products Corp_ _1072 (John B.) Thompson Co.,Chicago_ _1292
1292, 1407
National Enameling de Stamping Co. 1290 Tidal Osage Oil Co
1075
National Steel Car Corp., Ltd
1515 Toledo Edison Co
National Tea Co
1072, 1515 Torrington Co.(of Connecticut)._ _ _1280
1292
Corp., Boston
New York Steam Corp
1280 Tower Mfg.
1292
New York Transportation Co
1072 Union Bag & Paper Corp
North American Co
1516 United Cigar Stores Co.of Amer.- 1519
1075
North & Judd Mfg.Co
1073 United Iron Works, Inc
Northeastern Iowa Power Co
1403 United States Realty dr Impt. Co...1392
1181
Northwestern Power & Light Co_ _ _1179 Universal GYPSUM Co
1408
Orpheum Circuit, Inc.(& Subs.)_ _ _1290 Universal Leaf Tobacco Co
Pacific Gas dc Elec. Co
1073, 1516 Varick St.Station, N.Y.Post Office 1293
Pacific States Box & Basket Co__ _1404 Vulcan Detinning Co
1075
Paige-Detroit Motor Car Co
1074 Wabasso Cotton Co.,Ltd
1293
Pan American Petroleum & TransWanner Malleable Castings Co
1408
port Co
1074, 1179 Warren Foundry & Pipe Co
1520
Panhandle Producing & Refining Co_1180 Western Electric Co
1519
Paraffine Cos., Inc
1180 Wells, Fargo & Co
1182
Park &'Mord Co.. Inc
1404 West Missouri Power Co
1293
Penn Seaboard Steel Corp
1291 Western Power Corp
1182
Pennsylvania Coal & Coke Co_1074, 1516 Wheeling Steel Co
Petroleum Telephone Co., 011 City,
Wood, Alexander & James, Ltd_ _1520
1182
Pa
1516 (F. W.) Woolworth Co
1529
Phillips Petroleum Co
1074 Wright Corp., San Francisco
1521
Pierce Petroleum Corp
1517 Yellow Taxi Corp
Poole Engineering & Machine Co_ _ _1291
American Ship Building Company.
(25th Annual Report-Fiscal Year Ended June 30 1924.)
President M.E. Farr reports in substance:
Past Year Unsatisfactory.
-The past year's business, although exceeding
in volume that of 1923, has proven unsatisfactory, on account of heavy
losses sustained on new construction work. The total amount of dry-docking and repair work was 20% greater in volume than in 1923, and the earnings from these sources proportionately better than in the previous year.
The losses on contracts for construction of Lake steamers (the greater part
on two large passenger steamers) have wiped out current operating earnings
and reduced the year's total earnings and the company's surplus. Excessive labor costs, inability to obtain sufficient competent workmen, and delays which prevented the operating department from carrying on construction work in a timely and orderly manner, were the principal causes for excessive construction costs,and delay in the delivery of a number ofsteamers.
Lake Business.
-Practically all Lake vessels were employed during the
navigable season of 1923. A large part of this tonnage has been out of
commission since the opening of navigation in 1924, and many vessels
started at the opening have since been placed in ordinary. The outlook
for a revival of Lake commerce, while encouraging, is not expected to
develop during the current season.
Little Inquiry for New Tonnage.
-During the year the company completed
and delivered one standard bulk freight steamer, and one self
-unloading
type steamer, aggregating 21,954 gross tons carrying capacity, and closed
contract for one bulk freight, Diesel drive motorship of 12.500 gross tons
carrying capacity. Owing to prevailing high ship construction costs, there
is at present little inquiry for new tonnage. There are no indications at
the present time that shipbuilding costs will come down.
There were 273 vessels, aggregating 984,969 dead-weight tons, drydocked at the various plants of the company during the year. compared
with 244 vessels, aggregating 897,101 dead-weight tons,dry-docked in 1923.
Two of the Type Eleven ships are still under charter; two were sold for
$335,000 cash, and six are now in ordinary.
improvements.
----Appropriations for plant improvements amounting to
$237,985 were made during the year, made up as follows: $215.510 for rebuilding old wharves and building about 585 feet of new concrete wharf.
new roadway, renewing roof on forge shop, and additional equipment at
the Lorain plant; $17,700 for a concrete wharf on water frontage acquired
in 1923 for the Buffalo plant; $.3.100 for miscellaneous betterments at the
Cleveland plant, and $1,675 for equipment at the Detroit plant. The total
expenditures during the year on account of these appropriations amounted
to $187,711.
Lorain Plant.
-On June 28 1924 a violent windstorm destroyed property
of the Lorain plant valued on the company's books at 871,114, and damaged all buildings and much of the equipment. It is estimated that$375,000
will be required to restore this plant to full working efficiency. There was
no insurance. The fire losses during the year aggregated $10,885, which
were fully covered by insurance.
Sale ot Security Holdings.
-During the year $1,000,000 par value of U. S.
Treasury notes were sold at a premium of 89,726 58, and notes of the Zenith
Steamship Co. and the Globe Steamship Co. aggregating $280,000 were
sold, without recourse, to interests identified with these companies,on basis
of par and accrued interest.
INCOME ACCOUNT FOR YEAR ENDED JUNE 30.
1921-22.
1920-21.
1922-23.
1923-24.
Net earns, all prop. after
mfg. expenses
$1,316,939 $2,010,091 $1,369.758 $2,391,127
1,514,098
966,851
Other income
390,736
691,228
Industrials (Continued)Page.
Caddo Central Oil de Refining Corp_1067
Canada Bread Co., Ltd
1067, 1285
Canadian Locomotive Co.,Ltd.1285, 1285
393
Canadian Woolen Mills,, Ltd
Central Indiana Power Co
1175
Central Steel Co
1068
Certain-teed Products Corp
1062
Cespedes Sugar Co
Chandler Motor Car Co
11 8
7
Chero Cola Co., Columbus, Ga__ _ _ 13 8
19
75
Cities Service Co
Coast Valleys Gas & Electric Co._ ...1285
Coca-Cola Co
1068, 1399
Cohn-Hall
-Marx & Co
Columbia Water & Lt. Co
1585
213
Congoleum Co., Inc
1088
(John T.) Connor Co
1286
Continental Paper & Bag Mills Corp.1286
Crex Carpet Co., New York
1392
Cushman's Sons,Inc
1069
Del. Lack. & Western Coal Co
1513
39
9
Devoe & Reynolds Co.,Inc
Dohrman Commercial Co.(Calif.)..1399
1399
Total income
$1,707,675 $2.701,319 $2,883.857 $3.357,979
Duz Co.,Inc
Deduct
-Gen.,Sic.,exps. $619.429
8480,491
$637.743
8784,525
Eaton Axle di Spring Co
State, county & miscelFairbanks Co
1513
455
303,025
226.583
laneous taxes
261,277
290,054
Famous Players Canadian CorP.,Ltd.1400 Sundry charges (net).
74,736
41,897
181,436
52,499
Federal Mining & Smelting Co
505,165
466,258
1400 Depreciation
333,446
500.665
Fifth Ave. Bus Securities Corp.- __1069 Maintenance & repairs_ _
353.843
125,343
313,896
341,672
Fisk Rubber Co
1400 Fed. taxes,
60,000
20,000
150,000
Foote Bros. Gear & Machine Co.- _ _1400 Alterations &c.(est.)._
34,530
Foundation Co
General Asphalt Co
$765,114 .$1,490,446 $1,166,180
Net income for year..
870,576
General Gas & Electric Corp
12007 Previous surplus
112 9
7.221,388 "11,363,320 12,821,424
87
7,024,758
General Necessities Corp
1288 Adjustments (net)
deba855,284
General Railway Signal Co
1070
Harbison-Walker Refractories Co.
$7,095,334 $7,986,502 812,853,766 813.132,320
Total
1176, 1288 Net charges
92.479 Cr.270,400
Harlan-Walling Coal Corp
1514 Prof. dividends (7%)_ _ _
54,992
54,992
553.000
428,498
Hartman Corp., Chicago
1,177.152
1288 Common dividends
1,177,152
1.216.000
5,203,880
Hayes Wheel Co
1514
(8%)
Rate of Common divs(8%)
(16%)
(49%)
Hecht Mining Co
Household Products, Inc
12 8
28
8
Prof. & loss bal. for'd- $5,770,711 $7,024,758 87.221,388 $11,363,320
Hudson Motor Car Co
1514
Inland Empire Paper Co
1401
a Includes additional adjustment of inventories as of June 30 1920.
Inter-County Power & Light Co__ --1070 $588.351: overhead deferred at June 30 1920, subsequently charged off,
1401
International Tel. & Tel. Co
$151,753: plant property previously abandoned, but proper adjustment
Interstate Power Co. (Wis.)
1176 determined subsequent to June 30 1920, $98,647; additional capital stock
Iowa Southern Utilities Co
1402 taxes for prior periods. $16,534; total as above, $855,284.
01
1622
.
THE CHRONICLE
CONSOLIDATED BALANCE SHEET JUNE 30.
1924.
1924.
1923.
Assets-Liabilities-$
Plants, prop., &c_ 7,530,529 7,808,151 Stock, preferred__ 785,600
Goodwill, patents_ 5,492,165 5.492.166 Stock, common_ _ _14,714,400
Govt.securities_ __ 5,700.140 6,713,994 Accounts payable_ 359.941
Inventory
536,188
658,679 Accr.int., tax, &c- 116,237
Acc'ta & notes rec
13,748
752.023 1,120.997 Unpaid pref. diva_
Cash
572,104 1,704,147 do com.stock.y1,471,440
Ship constr. Liven_ 6,470,050 3.307,552 Reserves:
Deferred assets:
Fire insurance_
Bides., mach'y,
Workmen's cornequipml, &c.. x900,924
pens'n Baur__ 300,000
961,103
Prepaid exp., &c_ 125,290 Est. Fed'I taxes
71,403
& ad . amort_ 1,885,922
Completed ships- 1,320,000 1,968,995
Notes receivable &
Advances, &c... 5,160,821
accrued Interest_ 1,249,305 1,466,265 Repairs due to
129,694
Other assets
wind storm_
185,077
113,684
5,770,711
Surplus
[Vol,. 11.9.
Cosden & Co. (Delaware) and Subsidiary Companies.
(Report for Six Months Ended June 30 1924.)
785,600
1923.
14,714,400
416,360
99,666
13,748
1,471,440
192,668
CONSOLIDATED INCOME ACCOUNT FOR SIX MOS.END. JUNE 30.
1921.
1922.
1923
1924
Income from refining.
production & transp_
$17,618,289 321.641,217 818,544.069
Int.on bonds of & loans 317,775,048
432,592
to subsidiarY ce•'s476,021
561,391
-Miscellaneous income_ _
193,448
171.175
93,379
1,037,428
Total income
317.775,048 318.273,059 $22,244,984 $19,213,538
-Cost of refin'g
Deduct
produc.& transp__ I$12,285,6511 311.608,958 $14,256,585 $15,400,812
admin. exp. -J
651,867
I
768,084
756,268
Interest and
_
357.314
316,114
137,954
own. by &
256,225
7,024,758 Int. on bds.discount_476,022
loans fr. c.&Co.(Del.)
432,592
561,390
240.0481
30,708,514 31,512,415 Preferred dividends-- _
Total
30,708,514 31,512,415 Total
Common dividends
1.137,698
J 2,706,890 1,404,233
x This amount includes buildings, machinery, equipment, Jzc.. built and Propor. appl. to minority
surplus
installed on account of war production, residual value, $858.572:
shares In subsidiaries_
18,269
materials, $41,060: special stock, $1,292. y Unpaid Common dividends
amounting to $1,471,440 represent five quarterly dividends of 2% each,
Net earnings
34.974,855 32.501.599 35.067,377 $1,189.825
or 3294.288 each, payable Aug.and Nov. 1 1924 and Feb., May and Aug. 1
1925.-V. 119. p. 1512.
CONSOLIDATED BALANCE SHEET JUNE 30.
1924.
1923.
1924.
1923.
Crucible Steel Co. of America.
AssetsLiabilities$
$
$
$
Refit, pipe lines)
-Year Ended June 30 1924.)
Preferred stock__ _ 6,856,210 6,997,235
(24th Annual Report
& misc. equip_ 1
124,675,415 Common stock,.a40.825.250 35,820,250
Chairman H. S. Wilkinson says in part:
Min.shares of sub.
011 lands,leas.,gas)83,749,8624
pl. & misc. eq. 1
147,152,898 cos.at book val_
94,574
82.169
The management has been bending all its energy towards producing at
1 3,658,205 Res.for depr., &c.17,854,644 14,602,735
J
the lowest possible cost, so that we may meet any competition and may be Tank cars
789,568 6% Cony. bonds_
95,150
able to give customers the lowest possible prices consistent with the best Inv.In affiI.cos_ _ _ 1,885,475
105.125 Cony. 1st M.68.
Cash with trustees
9,975
quallty.
509,054
Suspense
The company spent 82.104.996 for new equipment and economies of Prepaid insurance
845,740 Lease purch. all.. 3,215,089
de deferred exp_ _ 382,443
550,866
operation in the year. The finishing capacity has been increased about
655,794 2,188,445 Bills payable
9,014.291 7,100,600
one-third at the Midland plant by additions of new rolling mill units in our Cash
10.301,733 12,070,305 Accounts payable. 3,083,235 2,009,743
merchant mill. Motors and equipment have been installed for the elec- Inventories
367,267
trification of finishing mills at both the Park and Halcomb plants. These Accts.& bills reele 3.782,429 3,839,833 Accr. Int., tax., die 320,795
1,231,134.
8,000 Divs. payable_
improvements not only enable us to increase our output of finished steel U.S. Lib. bonds_
Pref. diva. accr_
50,390
40,829
Adv.for crude oil_
but to produce it at lower costs.
19,027,392 28,211,274
Surplus
The financial condition of company is strong. The statements made in
the previous annual report regarding fundamental business conditions still
100,788,129 95,131,533
100,788,129 95,131,533 Total
Total
apply to this industry and encourage us to look forward to the future with
confidence and optimism.
a Common stock (no par), balance Jan. 1 1924, 1,357,235 shs., 340.820.The number of stockholders Aug. 31 was 6,909, of which 4,917 were
370; Issued for cash or equivalent to 167 shs., $4,880: total outstanding,
Preferred and 1.992 Common.
1,357,402 shs. b Unrealized surplus arising from appreciation, 87,567,991;
CONSOLIDATED INCOME AND PROFIT AND LOSS STATEMENT surplus from operations less dividends. 811.549.401.-V. 119. p. 698.329.
FOR YEARS ENDING AUG. 31.
1920-21.
1921-22.
1922-23.
1923-24.
Kerr Lake Mines, Limited.
37,434.461 $5,884,316
Operating profits
208.046
268,616
Other income
691,131
Tax and res. adjustments
-Year Ended Aug. 31 1924).
(Annual Report
1,922,726
3,833,620
y Profits
$7,703,076 y$6,783,493 42,165,768 $6,969,424
Maintenance of plants
1,984,277
1,200,000 1,250,000
Depreciation & renewals 1,200,000
306,250
293,750
281,250
268,750
Int. on bonds ofsub. cos.
191,429
Deprec. on foreign exch_
924,499
See x
Inventory adjustments
1.750,000 .1,750,000
1.750,000
1.750,000
Pref. dividends (7%)_ _
3,500.000
999.817
549,979
2,199.924
Common dividends
Balance, sur, or def-_ sr.3300,125 r43,002,264d36,459,334 sr.3297.246
x Loss after depreciation in the value of inventories and loss from operations. y Profit after Federal taxes.
COMPLETE DIVIDEND RECORD OF COMMON STOCK (DIVIDENDS
ARE NOT SHOWN IN THE REPORT).
In Cash.
Date Paid,
In Cash,
In Stock.
Date Paid.
Jan. 1921 2%41,000.000
July 1919-1% %-$375,000
Apr. 1921
Oct. 1919----3 - 750,000
July 1921 2%- 500,000
750,000
Jan. 1920----3
Apr. 1920--- -3 o- 750,000 50%412,500,000 Oct. 1921 1%- 500,000
July 1920----2 o- 750,000 16 1-3 6,250,000 Jan. 1922 1%- 500.000
14 2-7 6,250,000 Apr. 1922 Div. passed.
Aug. 1920
July'23 to July
Oct. 1920----2%- 1,000,000
'24(1% qu.)$2.750,000
CONSOLIDATED BALANCE SHEET AUG. 31.
1924.
1923.
1923.
1924.
.
Liabilities$
$
Assets$
x82,345,154 104,820,941 Preferred stock_ 25,000,000 25,000,000
Property
2,839,340 1,880,177 Common stock. 55,000,000 55,000,000
Investments
Bonds
5,250,000 5,500.000
U. S. Govern87,000 Accts. pay., int.
87,000
mentsecurities
& taxes seer
2,578,033 4,363,578
Materials & sup437,500
437,500
17,260,284 17,880,305 Pref. div. pay'le
plies
22,864,510
Depr., &c., res_ See x
Unexpired taxes
165,850 Res.for exhaust.
328,266
and insurance
440,809
99,002 of minerals... See x
75,777
Notes receivable
723,297
720,000
Coming. reserve
Accounts reedy763,276
771,871
able,less sea,_ 3.433,683 6,294,017 Insurance res've
21,818,789 21.523.962
5,206,730 5,409.637 Surplus
Cash
2 1.000,000
Total
111,576,193 136,818,932
Total
111,578,193 138,616,932
x After $24,076,204 reserve for depreciation and $504.579 reserve for
-V. 118. p. 2577.
exhaustion of minerals.
Penick & Ford, Ltd., Inc. (and Subs.), New Orleans.
-Year Ended June 30 1924.)
(Annual Report
President Adolph Lewisohn, Sept. 17, wrote in brief:
During the past year the price of silver has remained at a level which
has precluded the profitable treatment of any considerable tonnage of the
low grade ores remaining on the property, and consequently the mine at
Cobalt has remained idle during the year except for a limited amount of
surface development work and sorting of the dumps. From the former, a
production of approximately 4,226 ounces of silver was obtained, while
from hand and mechanical sorting of the dumps, approximately 27,591
ounces of silver were recovered, making a total production for the year
of 31,817 ounces.
The Tahoe silver property in Utah has likewise remained shut down
because of the level of silver prices.
Development work on Group No. 1 of Goldale Mines, Ltd., the control
of which company for a time had under option, was discontinued on March 1
1924 to await the outcome of negotiations for the consolidation of this
group with certain adjoining properties, then under way. These negotiations have since led to the formation of a consolidation of the Goldale Group
No. 1, Armstrong Booth and Newray properties. The consolidation was
formed, and the management of the combined property will be under the
auspices of Coniagas Mines. Ltd. (Compare interim report of Coniagas
Mines, Ltd., under "Investment News" below.)
In the South Lorrain District, the Wettlaufer Lorrain Silver property,
In which company has a share interest, is being dewatered in preparation
for further exploration work.
Dredging operations on the Rimu gold property in New Zealand have
continued with only minor interruptions. During the calendar year 1923
the operations resulted in the recovery of 12,853 ounces of gold, and for
the Met 8 months of 1924 the recovery has amounted to 7,238 ounces
of gold.
EARNINGS YEARS ENDED AUG. 31 (KERR LAKE MINES, LTD.).
1920-21.
1921-22.
1922-23.
1923-24.
Divs.rec.from Kerr Lake
3590.000
$430,000
$3325,000
$60.000
Co.. Ltd
Mining
Divs. rec. from Rimu
Gold Dredging Co.,
6,422
3,552
Ltd..on Pref.shares_ _
14,529
18.902
10,624
5.057
Interest received
•
5,714
Exchange
1.279
6.028
2,553
Profit on sale ofsecurities
Total income
Admin.& general exp- - Kerr Lake Min. Co.
(N. Y.) Intl rev. exp.
Sund. expl. & mine exam
Dividends paid
$74,032
825,192
$345,203
831.070
$450,181
829,974
$610,244
$29,482
601
150,000
2.827
300,000
6,336
300,000
69,357
32,426
300,000
$11,306
3113.871
def$101,761
$178.980
Balance, surplus
CONSOLIDATED INCOME ACCOUNT YEAR ENDED JUNE 30 1924.
AUG.31(KERR LAKE MINING CO.,LTD.)
Net sales, $21,577,108; cost of goods sold, $16,602,675; gross
$4,974.433 EARNINGS YEARS ENDED
profit on sales
1922-23.
1920.21.
1921-22.
1923-24.
76.974
Gross profit on operations-subsidiary companies
849,069
$65,695
$133,015
8195.820
Total income
89,398
29.665
145,555
45.351
$5,051.407 Expenses and taxes
Total gross profits
Selling, administrative and general expenses, 81.779,763; bad
350,265
$36,030
843,617
$3,718
1,877,423
Net profit
897.659
debts charged off,
242,405 Dividends
590,000
430,000
325,000
60,000
Miscellaneous deductions (net)
501,632 Loss on bond sales
20,590
Depreciation
320,308
floating debt
Interest charges on funded and
161,660
8386,383
8288,970
$560.325
$56,282
Deficit
Provisions for Federal income tax
8727.288 $1,016,258 $1,402.641
Profit and loss,surplus_ _ 3671.006
$1,947.980
Net income
BALANCE SHEET AUG. 31.
CONSOLIDATED BALANCE SHEET (INCL. SUBS.) JUNE 30 1924.
1924.
1923.
Liabilities1923.
1924.
AssetsAssets.
Capital stock
$2,400,000 $ ,400,000
2
$3,798,000 Kerr Lake NI. Co.,
Plant & equipment at cost_x$9,183,758 Pref.7% cum.stock
Ltd., shares._ _.$2,400,000 $2,400,000 Kerr Lake Mining
Common stock outstanding y7,268,189
Good-will
1
15,682
Co., Ltd
51.353
90,880
.482,833 First Mortgage 634.3,872,000 U.S.ctfs. of ind_
Tank cars
1,000
1,000
31,301 Sundry liabilities_
3,804
188,743 Accts. receivable.Sundry inv.& personal accts.
14,356 Accounts payable
Unclaimed dive
4,119
4,122
27,875 Investmentsin outCorn. stk. for resale to empl.
194,431 Accrued expenses
side property__ y998,967 1,064,622 Profit and loss _ ..._ 1,137,630 1,239,391
20,973
Cash & certifs. of deposit__ 1,000,935 Accrued bond interest
73,392
88,624
34,131 Cash
Customers' accts., notes. &c. 21.140,533 Accrued State and city taxes
181,680
Sundry accts. & notes recelv.
299.958 Reserve for Federal taxes.- 83.542,748 $3,660,195
Total
$3,542,748 $3,660,195 Total
220,609
Adv. on purch. & contracts.
Reserves for conting., &c__
48,613
-Inventory
2,756,818
It Kerr Lake Mining Co., Ltd., of Ontario, Can., shares acquired in conPrepaid expenses, &c
167,220
sideration of the issue of capital stock of this company, $3,000,000; less
Deferred charges
300,725
amount received from Kerr Lake Mining Co., Ltd., applied to the reduction
$15,590,180 of the share capital per resolution at meeting held July 8 1919, 8600,000,
Total
Total (each side)
.
$15 590.180
leaving (as above) 32,400,000. y As follows: (a) 1.001,000 shares Tahoe
x Land, buildings, machinery and equip., $9,680,989; furniture, fixtures Mine, Utah. $397,000;(b) 95,242 ord. shares 4400,017), and 11,415 Pref.
New Zealand, $449,854;
Co.,
and miscall. equip.. 8140.977; less reserve for depreciation, $6638.208. shares 449,837) Rimu Gold DredgingSilver Ltd., Ltd., $6,600, and (d)
Mines.
y433,773 shares of no par value and nominal par value of $1 per share, (r) 132.000 shares Wettlaufer Lorain
interchangeable into each other at the option of the holders. z Less reserve Goldale Mines, Ltd.,sundry expenses for which shares have been received,
-Y. 118, p. 1923. 3145,513.-V. 118, p. 1276.
for bad debts. a After deducting $121.824 depreciation.
OCT. 4 1924.]
1623
THE CHRONICLE
Pennsylvania Salt Manufacturing Co. and Subsidiaries.
-Year Ended June 30 1924.)
(74th Annual Report
President Geo. Fales Baker, Phila., Oct. 1, wrote in subst.:
over the number in need of repair on Sept. 1. at which time there were
10,964. or 17%. Of the total number. 6.439, or 10%. were in need of
classified repairs, an increase compared with Sept. 1 of 416, while 5,319, or
8.2%, were in need of running repairs, an increase of 378 compared with the
first of the month. Class! railroads on Sept. 15 had 6,023 serviceable locomotives in storage, a decrease of 739 under the number in storage on Sept. 1.
-The Car Service Division of the American Railway
Authorized Statistics.
Association on Sept. 26 reported as follows:
-Increased demand for transportation facilities resulted
Surplus Cars.
in a still further decrease in the number of surplus freight cars available
on Sept. 14, when the number totaled 167,157, a decrease of 27.149 compared with the number reported on Sept. 7. at which time there were
194,306. Surplus coal cars in good repair on Sept. 14 totaled 84,197.
a decrease of 12,892 under the number reported on Sept. 7, while surplus
box cars in good repair totaled 57,828. a decrease of 11.416 within a week.
Reports showed 9,525 surplus stock cars, a decrease of 1.363 since Sept. 7.
while there was a decrease during the same period of 1.205 in the number
of surplus refrigerator cars which brought the total for that class of equipment to 6,816.
-Practically no car shortage Is being reported.
Car Shortage.
-Class I railroads during the first eight months
Serviceable Freight Cars.
in 1924 placed in service 104,956 freight cars of which number 16,156
were installed during the month of August. Of this 16.156 freight cars
placed in service, box cars number 7,707, coal cars 4.012 and refrigerator
cars 1.306.
Freight cars placed In service during the eight months' period were a
decrease, however, of 11,161, compared with the number installed during
the corresponding period in 1923. Reports showed 41,476 freight cars
on order on Sept. 1 with deliveries being made daily.
Locomotives installed during the first eight months this year totaled
1.497, of which 229 were placed in service during the month of August.
The carriers also had on order on Sept. 1 324 locomotives.
These figures as to freight cars and locomotives placed in service include
new. rebult and leased equipment.
Matters Covered in "Chronicle" Sept. 27.-(a) Loading of revenue freight
the largest of the year, p. 1470.
-Operations returned a net profit of $717.244, after all deducEarnings.
tions for maintenance ($722,904), depreciation and depletion ($330.945)
and Federal income taxes ($87.870) had been made. The previous 12
months profit was $1,303.236.
While the net earnings do not compare favorably with the previous year's
total, directors consider them satisfactory in view of the disturbed conditions prevailing during the period. The general depression extended into
about a
many lines, consistent consumers of your products, and brougnt
other
decided reduction in demand with lower market prices. Like many being
without
manufacturers, we were forced to shut down certain units
-taxes.
able to accomplish the corresponding reduction in fixed charges
insurance and many other items remaining the same as when operations
were conducted at the higher rate.
-Realizing the necessity for reconstruction as well
Plant and Equipment.
as expansion to meet the changed methods and new conditions imposed upon
to all plants.
the heavy chemical industry, special attention has been given$452,198 was
so as to place them on an efficient basis. During the year
appropriated for additional tank cars, construction of an acid barge (500
tons capacity) and plant extensions.
-The city of Philadelphia has proCity of Philadelphia Improvements.
ceeded with improvements to Delaware Avenue, which extend through the
plant. As a result, we were compelled to erect a bridge
company's local
over Delaware Avenue to connect main plant with wharf property, and
assume other expenses for trestles and sidings. City Council by an ordinance permitted the continuation of certain grade crossings, so that all units
are still completely connected by our own tracks.
-It was deemed advisable to form subsidiaries to
Subsidiary Companies.
operate the company's coal mines and general store, both located at Natrona,Pa. The Pennsalt Coal Co.and Natrona Stores Co. were accordingly
incorporated. The present list of subsidiaries is as follows: Wyandotte
Southern RR.• Natrona Water Co.: Natrona Light & Power Co.; Bracken'
ridge Light & Power Co.: Pennsalt Coal Co.; Natrona Stores Co.
-Construction, &C.
Arizona Eastern RR.
Water Rates.
-A schedule for an increase in rates has been filed by Natrona
-v. 118. p. 1266.
See Southern Pacific co. below.
Water Co. with the Pennsylvania P. S. Commission. The advance suggested is moderate, and is based on giving a fair net return on tne present
-Kuhn,
-Equip. Trusts Sold.
Baltimore & Ohio RR.
river
investment. The company furnishes both spring water and filtered
water to consumers in the vicinity of the Natrona Works. To meet an Loeb & Co.; Speyer & Co., and the National City Co. have
extension of lines
increased demand for service, the board authorized an
-S. C. Compurchased (subject to the approval of the I.
and other improvements to cost approximately $50,000. Funds will be
Equip.
provided by parent company,for which stock of Natrona Water Co. will be mission) and have placed privately $9,504,000 43.4%
Commondelivered, the increase in capital having been approved by the
Trust certificates maturing in semi-annual installments
wealth.
-Directors feel that the future outlook for business is good. from May 1 1925 to Nov. 1 1935.
Outlook.
Many large manufacturers, customers for our products, have been closed
These Equip. Trust certificates are to be issued under an agreement
down on account of lack of orders, or for repairs, and it is expected that with the National Railway Service Corp. and will replace $9,966,000
all these will shortly resume on at least their normal basis of operation. trust certificates of the National Railway Service Corp. now outstanding
Directors are also of the opinion that demand the past year suffered through against Baltimore & Ohio equipment purchased in 1920 and 1921 and
6%
a general reduction of inventories,and at present most consumers are obliged bearing interest partly at the rate of 7% and partly at the rate of1924
to replenish stocks. The buyer, svitn the knowledge of market conditions per annum, which mature or are to be called for redemption on Nov. 1
transportation service (guaranteeing prompt delivery), (see National Railway Service Corp. below). $3,986.000 of the certificates
and the improved
has deferred purchases until material was actually needed
to be redeemed are held by the United Stltes Government.
It is also hoped that various branches of the Government may find it
The new Equip. Trust certificates will cover equipment costing about
possible to grant further reduction in taxes, and that any changes made $16,800,000. of which about $14.200.000 represents the equipment under
will extend to corporations.
the old certificates and about $2,600.000 new equipment just purchased
-V. 119, p. 1509. 1394.
and not yet delivered.
RESULTS FOR FISCAL YEARS ENDED JUNE 30.
1920-21.
1921-22.
1922-23.
1923-24.
Buffalo Rochester & Pittsburgh Ry.-Branch Line.
Not stated. Not stated. $6,083.055 $7,071.730
Sales
-S. C. Commission on Sept. 19 issued a certificate authorising
The I.
Income sale of products
a portion of a branch line of railroad in Jefferson
$1,648,282 $2,338,785 1.241,848 1,234.414 the company to abandon a connection with its southbound main track at
after expenses
80,388 Co.. Pa., extending from southwestern direction through the Borough of
99,090
144,611
210.680
Other income
Eleanore Jet, in a general
Big Run to a point south of where the Eleanore Branch crosses Main St..
$1,340.936 $1,314,8135 a distance of 1.12 miles.
$1.858.962 $2.483.397
Total earnings
-V. 119, p. 1063. 941.
Sees
Sees
$731,346
Ordinary repairs&replac. $722,903
265,006
286,184
297.426
330,944
Depreciation
Chesapeake & Ohio Ry.-Equipment Trusts Ready.
79,132
119,564
151.388
y87,870
Inc. & exc. profits taxes_
The Guaranty Trust Co. is prepared to deliver definitive Series "V" 5%
750.000
750,000
825,000
750,000
outstanding.
Dividends (10%)
51,511 Equipment Trust Certificates for temporary certificates now
3.186
29,997
30,261
insurance reserve
-V. 119.0. tin.
See offering in V. 118. p.3076.
200.000
Obsoles'ce of plant units
of claims__ _
75,000
Adjustment
-National
-Bonds Sold.
Chicago Rapid Transit Co.
$169,156 City Co. and Halsey Stuart & Co., Inc. have sold at 943.4
$182,002
$248,239
Balance, surplus
def$138.017
$5,819,807 $5,727.484
Total surplus June 30$5,994.109 $6.068,047
int., to yield over 7%, $2,500,000 1st & Ref. Mtge,
x Income from sales of manufactured products after deducting all expenses. Gold bonds
Series, due 1944. Dated July 1 1924.
maintenance. y Income
incident thereto, excluding ordinary repairs and
description in V. 118, p. 2847.)
and excess profits taxes, including amount estimated for six months ended Due July 1 1944. (See
-Authorized by the Illinois Commerce Commission.
Issuance.
June 30 1924.
Data from Letter of Samuel !mull, Chairman of the Board of DiBALANCE SHEET JUNE 30.
rectors.
1923.
1924.
1924.
1923.
Company.
-Owns and operates a unified and comprehensive system of
Assets
rapid
7,500,000 7,500,000 elevated railroads in Chicago. Company's lines constitute the only
Capital stock
Real estate,includcomprises
366,503 transit system, elevated or subway, in Chicago. The system
465,513 Accounts payable- 310,117
ing coal lands_ 462,222
approximately 168 miles of track owned directly by the company, and 39
121,194
Accrued taxes......105,791
Buildings, machinmiles operated under lease or contract. All of the lines are double tracked
a9,542,103 9,195,006 Special insurance
ery, &o
the
84,694 and in some portions third and fourth main tracks are in service. From
938,998 1,074,367
appropriations__ 114,954
Cash
Union Loop, which encircles the heart of the downtown business and shop160,000 Prov'n for GreenU. S. Libly bonds 160,000
city, or
70.059 ping district, the various linse radiate to outlying portions of theBerwyn.
12,798
wich improvla_
Trustees of insur187,500 extend to adjoining suburbs. Including the suburbs of Oak Park,
114,954
84,694 Divs. pay. July 15 187,500
ance fund
company's
83,510 River Forest. Forest Park. Cicero, Evanston and Wilmette, the
104,510
804,070 Deferred
Bills & acc'ta rec.._ 578,877
195,000 lines supply high speed transportation to a population of approximatelY
2,516,941 2,569,187 Spec.acct. payable 130,000
Inventory
three million.
3,701
158,201 Surplus and undiScour. of other cos.
-of
Nearly 80% of the company's tracks are located on private rights -way
165,471
vided profits__ 5,994,109 6,068,047
Prepaid insur., &c. 141,983
and its real estate holdings could net be duplicated to-day at any reasonable
of Illinois with a
14,459,781 14,676,508 price. Company is organized under the Railroad Laws each. Under this
14,459,781 14,676,508
Total
Total
franchise for 50 years, renewable for periods of 50 years
counsel, to conduct
a Includes buildings, machinery and equipment, less depreciation and franchise the company has the right. in the opinion ofcommunities served.
Its business indefinitely in the city of Chicago and other
obsolescence -V. 118, p. 2190.
subject to all lawful regulations by the public authorities. There are a
number of municipal ordinances to predecessor companies which either
extend to various dates from 1930 to 1957. or are unlimited as to time. 1st
-The South Side division, upon the property of which the
Earnings.
& Ref. Mtge. Gold bonds are secured by a first mortgage, has been for
years the most profitable division of the system, and its earning power has
been notably consistent. For the calendar year 1923 net earnings of the
RAILROADS, INCLUDING ELECTRIC ROADS.
properties comprising the South Side division, after operating expenses.
and equipment charges, and a pro
current
The following hews in brief form touches the high points share maintenance, taxes, rental operation, amounted to $1,228,919,rata
and
of charges for Loop Terminal
in the railroad and electric railway world during the week for the 6 years averaged $1,162,294. Annual interest on the let & Ref.
just past, together with a summary of the items of greatest Mtge. Gold bonds outstanding with the public, including this issue,requires
interest which were published in full detail in last week's $681.000. of Earnings of Combined Properties Years Ended June 30.
Statement
1923.
1022.
"Chronicle" either under "Editorial Comment" or "Current
8 : 1 8 87:1 35
:0
17 776 348 14:0 8 18
$14:791:851 817 4689 815 744 151
Gross earnings
Events and Discussions."
Oper.exp., maint taxes & rentals_
Special Committee Representing American Ry. Association Confers with
Inter-State Commerce Commission to Evolve Plan for Stabilization of Railroad Bal.applicable to int. chtts. & reserves $2,984.483 $3.420,739 $3,656,984
Labor. "New York Times" Oct. 1, p. 34.
Annual int. on Divisional Mtge. bonds and Equip. Obligations
Belt Line Between Bayonne and Edgewater (N. J.) Will Be Operated as
and 1st & Ref. Mtge. bonds outstanding with public on com2,298.790
Soon as Possible by Trunk Lines -Part of Port Authority plan. nearing
pletion of this financing, requires
completion, is being pushed by railroads and not by the l'ort Authority.
$1,358,194
"New York Times" Oct. 3, p. 36.
Balance available for replacements,junior securities. etc
North Tube of New York and New Jersey Vehicular Tunnel Will Be "Holed
Fares.
-Rates of fare are subject to regulation by the Illinois Commerce
-Twin tubes are to be 30 ft. in diameter and will connect Commission, which has complete jurisdiction. The commission's power to
Through" Nov. 1.
Canal St. (Manhattan) with Erie RR. yards in Jersey City (N. J.) at total prescribe rates of fare, irrespective of any rates fixed by municipal ordicost of about $40,000,000. "The Sun" Oct. 1, p. 15.
nances, has been confirmed by the Illinois Supreme Court. The rate schedSouthern Pacific RR. Wins Right to Buy El Paso A Southwestern RR.. Thus ules of the elevated railroad.s in Chicago have been adjusted from time to
-I. C. C. approves plan, including financing time in the past 6 years to meet changes in operating conditions. The
Getting Double Track to Coast.
arrangements. Road will build 175 miles of new track in Arizona, making present schedule in force in the city of Chicago provides for a 10 cents cash
connection with Rock Island road. See under Southern Pacific Co. "New fare or 3 tickets for 25 cents, and an unlimited ride weekly pass costing
York Times" Oct. 1. p. 33.
-V.119.
$1 25. Under these rates average city fare is 8.2 cents per ride.
Freight Car Repair -Freight cars in need of repair on Sept. 15 totaled p. 1394.
212,412, or 9.3% of the number on line, an increase of 2.303 over the
number reported on Sept. 1, at which time there were 210,109. or 9.27
-Utility Merger.
0
Columbus Ry. Power & Light Co.
Of the total number, freight cars in need of heavy repair totaled 160.492.
'
-V. 118. p. 3195.
See United Light & Power Co. below.
or 7%,an increase of 2,292,compared with the number on Sept. 1. Reports
showed 51.920, or 2.3%, in need of light repair, an increase compared with
Cumberland 8c Manchester RR.
-Bonds.
mt: 11 cars.
l
The I.-St C. Cnramlqqion. on Sent. 23. authorized the company to issue
Locomotive Repair.
-Class I railroads on Sept. 15 had 11.758 locomotives 860.000 of Horse Creek branch 1st Mtge. Serial bonds, said bonds to be sold
in need of repair, 18.2% of the number online, an increase of794 locomotives at not less than 95.2467 and int.. and the proceeds used in the payment of
and
GENERAL INVESTMENT NEWS
SeFlo
63.4%
1624
THE CHRONICLE
promissory notes amounting to $60,000 of Horse Creek RR. matured on
April 18 1924.
The bonds have been sold to the Lincoln Bank & Trust Co., Louisville,
Ky., at 95.2467 and interest.
-V. 113, p. 70.
Denver & Rio Grande Western RR.
-Interest.
--
As the receiver of the road has not provided funds for the payment of
the interest due Oct. 1 upon the 1st Consol. Mtge. 4% Gold bonds of the
Rio Grande Western RR. Co., Kuhn, Loeb & Co. and the Equitable
Trust Co., New York, as reorganization managers, arranged to provide
the funds to pay the maturing coupons. The reorganization managers
have made this arrangement on behalf of the 1st & Ref. Mtge. bonds and
the Adjust. Mtge. bonds of the Denver & Rio Grande RR. deposited
under the plan recently approved by the I.
-S. C. Commission.
The receiver has petitioned Federal District Judge Symes for permission
to pay the Oct. 1 interest on Rio Grande Western 1st Consol, Mtge. bonds
amounting to $301,620. The Court will rule on the application at a
later date.
-V. 119, p. 1509, 1394.
Eastern Texas Electric Co. (Del.).
-Guaranty, &c.
See Lake Charles Electric Co., Inc., below.
-V.119. p. 1281.
El Paso & Southwestern Co.
-Control of System by
Southern Pacific Co. Authorized.
Erie Railways Co.
-Transfer Agent.
The Equitable Trust Co. of New York has been appointed Transfer
Agent for the 7% Cumul.Pref.and Corn,stocks of the company
.-V.119, p.
1394.
Florida East Coast Ry.-Securities.-
Georgia & Florida Ry.-Acquisition.See Statesboro Northern Ry. below.
-V.119, p. 1278,693.
Georgia Ry & Power Co.-Pref. Stock Certificates.
"Our net for interest for August 1924 snows an increase of $27,967 over
August 1923. But for the increase of $50.738 in maintenance expenditures,
this balance would have been $339,715, an increase of $75,705 over last year
"Our balance available for interest for the period of eight months
$1,045,910, an increase of $67,113 over the same period in 1923. Thet
crease in maintenance expenditures for the period amounted to $512,268.
Had we run along this year with the same level of maintenance expenditures
that we had last year, our net would have been $1.558,178. an increase of
$579.382. or 59%, although total operating revenues increased but 10.4%.
It should be borne in mind that maintenance expenditures in the remaining
months of tnis year will be considerably under tnose for the same period
last year, and as a result our net available for interest will be increased
accordingly.
"The latest Government report estimates the Texas cotton crop at 4,237,000 bales, which is notfar below the 1923 crop of approximately 4,300.000.
"Business and crop conditions in International-Great Northern territory
are excellent. The movement of grain and other commodities to shipside
at Houston and Galveston is heavy and increasing. At this advanced date
we are reasonably safe in assuming a cotton crop in Texas which will be approximately as large as that in 1923. I am glad to say that with these indications of a prosperous fall business, we are pushing solicitation and are now
getting a larger share of competitive business than ever before."
-V. 119,
D• 942, 811.
Interstate Consolidated Street Ry.-
See Southern Pacific Co. below.
-V. 119, p. 810.
The I.
-S. C. Commission on Sept. 23 authorized the company to issue
(1) $25,000,000 capital stock, par $100, said stock to be delivered upon the
surrender and cancellation of a like amount of Gen. Mtge. Income 5%
bonds, and (2) $15,000,000 1st & Ref. Mtge. 5% bonds. Series "A,"
said bonds to be sold at not less than 92 and int. Compare V. 119, p. 1509.
[VoL. 119.
By vote of its City Council on Sept. 30 the city of Attleboro (Mass.)
pledged itself to make good any loss up to $1,200 that might be incurred
by the railway company in continuing to operate its cars in and about
Attleboro and as far south as Pawtucket, R. I.
The City Council also granted the company permission to operate four
bus lines in addition to the railway. One will operate between Attleboro
and North Attleboro, while the other three will operate between Attleboro
and Providence.
The city's pledge will remain in effect from Oct. 1 1924 until Feb. 1 1925.
-V. 119, p. 1510.
Interstate Public Service Co.
The Indiana P. S. Commission has authorized the company to acquire
all of the outstanding Common stock of the Indiana Power Co. and all of
the physical property of the Knox-Sullivan County Light & Power Co.
The Interstate company has also been authorized to issue $1.298,000 Prior
Lien Preferred stock in connection with the acquisitions.
-V.119. p. 1510.
The Philadelphia Trust Co., Philadelphia, Pa.,is now prepared to deliver
Interstate Railways.
-Initial Common Dividend.
definitive certificates for 7% Cumul. 1st Preferred stock, series of 1924,
The directors have declared an initial dividend of-1% on the outstanding
in exchange for outstanding interim receipts, and also a check in an amount
equal to dividends at the rate of 7% from July 24 1924 to and incl. Sept. Common stock, par $100, payable Nov. 1 to holders of record Oct. 15.30 1924, following which date dividends shall accrue. (See offering in V. 119. D. 1510.
Y. 119, p.
119. p. 1171.
Lafayette Street Ry., Inc.
-Stock Decreased.
The company has decreased its authorized capital stock from $200,000
Great Northern Ry.-Definitive Bonds Ready.
-V. 119, p. 325.
Temporary Gen. Mtge. 5s, Series "C," may now be exchanged at the to $100,000, of which $80,000 Is outstanding.
office of the company, 32 Nassau St., N. Y. City, for definitive bonds in
Lake Charles (La.) Electric Co., Inc.
coupon form, or full registered bonds. (See offering in V. 118. p. 2572.)-Guaranteed Bonds
V. 119, P. 1810
.
Offered.
-Stone & Webster, Inc., recently offered at
95 and
Hoboken Shore Line RR.
-Port Authority in New Offer.-- int., $750,000 1st Mtge. 53% Gold bonds, Series "A."
Guaranteed principal and interest by Eastern Texas Electric
Co. of Delaware.
A new offer by the Port of New York Authority to buy the Hoboken
Shore Line RR. waterfront property from the War Department is made
by Chairman De Witt Van Buskirk of the Port Authority in a letter to
Secretary of War John W. Weeks. The proposal is to buy the property
at a valuation based on its earning capacity, or to lease the property on
terms similar to those accorded to the Port Utilities commission of Charleston, So. Caro., by the U. S. Shipping Board in a five-year lease of the
army base at North Charleston.
The Port of New York Authority offered $1,000,000 in its 4% Gold
bonds for the waterfront property of the Hoboken Shore Line RR. when
the property was advertised for sale at auction by Secretary Weeks. The
highest cash bid was $600,000 by the Hoboken Land Development &
Improvement Co. A storm of protest against the sale of the property
to private interests resulted in the suspension of the sale until after the
next session of Congress. In his letter to Secretary Weeks, Chairman
Van Buskirk refers to the bonds of the Port Authority offered originally in
payment for the property, and adds:
"In your letter of Aug. 29. you say: 'These bonds are of unascertainable
market value, presumably have no intangible (sic) assets behind them
except the property which it is proposed to purchase with them.' This
would seem to imply that the department does not consider the property
worth the sum we offered for it. Your further say: 'As compared with
the cash offer of $600.000 for the least valuable portion of the property,
this offer is obviously inadequate from a strictly business viewpoint.'
We entirely agree with you that, if the business viewpoint to be adopted
Is that of getting the best price for the property, regardless of its effect
upon the commerce of the country, our offer should not be considered.
But the money paid into the Treasury of the United States for this property is only one side of the account. The other side of the account is the
benefit to be derived by the shippers of the country through the acquisition
of this facility by the Port Authority.
"We think, therefore, that to sell the Hoboken Shore property for
8600,000 to a private interest undoubtedly making the offer either for
speculative purposes or in behalf of the Lackawanna RR. will cost the
people of the United States many millions of dollars more in the freight
charges superimposed because of the higher valuation. On the other
hand, the sale of the property to the Port Authority or the retention of
it by the War Department under an arrangement like that adopted by
the Government for the piers of Charleston or the piers at New Orleans,
will make a credit side on the account, perhaps not shown in the financial
accounts of the Government but shown in the balance sheets of those who
do business through the port.
"If you feel that you must dispose of the property, then we think it
is clearly in the public interest that it should not be disposed of to any
private agency and that you should dispose of it to us on the basis of its
earning capacity, and if that policy is pursued, as we see it, our bonds
will be amply secured."
The five-year lease made by the U. S. Shipping Board, turning over
the Charleston, So. Caro.. piers to the Port Utility Commission of that
city, requires the Commission to pay between 4 and 5% interest on the
-V.119, p. 1171, 1064
8400,000 to be spent in reconditioning the property.
Holyoke Street Ry.-Fares.The Massachusetts Dept. of Public Utilities has dismissed the petition
of the Holyoke Board of Aldermen which sought to compel the company
to abolish its existing I3c, fare zone system and return to a flat fare system
similar to that in effect prior to 1917, but charging 7c. instead of the old
Sc, faro. In its decision the Commission stated that under the present
plan the company "has been able to render service and to earn its operating
expenses, fixed charges and a 5% return upon its capital stock, but a somewhat less percentage of return on the money actually paid in by stockholders."
-V. 118, p. 1772.
Hudson Compsnies.-Dissolved.A certificate was filed on Sept. 26 with the Secretary of State at Albany,
N. Y., dissolving the company.
-V. 119. p. 1395.
-Resignation.Interborough Rapid Transit Co.
• W. Leon Pepperman has resigned as Vice-President. assistant to the
President and Treasurer. Earl E. Starbard. formerly assistant to Mr..
PenPerman, succeeds him as Vice-President and assistant to the President.
Horace M. Fisher was re-elected Secretary, and was chosen to succeed
Mr. Pepperman as Treasurer.
-V. 119. p. 1510.
International-Great Northern RR.
-Earnings, &c.Pres. T. A. Hamilton has issued the following statement:
Dated Aug. 11924: due Aug. 11949. Interest payable F. & A. in New
York or Boston. without deduction for normal Federal income tax up to 2%.
Denom. $1,000. $500 and 8100c*. Red, as a whole on 30 days' notice at
105 and int. prior to Aug. 11929. reducing 1% on Aug. 1 1929 and 1% at
four-year intervals thereafter to 100 and int. on and after Aug. 11945.
Data from Letter of Vice-Pres. C. F. W. Wetterer of Eastern Texas
Electric Co., Aug. 8.
-Organized in 1924 in Louisiana. Has acquired the properties
Company.
formerly operated by Lake Charles Ry. Light & Water Works Co. and
Lake Charles Gas Co.. Inc. Now does without competition the electric
light and power, street railway, gas, water and ice business in Lake Charles,
La. The properties include an electric generating station with an installed
capacity of 2,600 h. p., a gas plant with a daily capacity of 350,000 cu. ft.,
street railway lines with nine miles of equivalent single track, a water
pumping station with an installed capacity of 6.900,000 cu ft. per day.
and an ice manufacturing plant of 100 tons daily capacity. The gross
earnings are derived 34% from electric light and power, 29% from ice
and coal, 15% from gas. 12% from water and 10% from the street railway.
Purpose.
-To provide a portion of the funds required for the purchase
of the above properties. The balance has been raised by the sale of capital
e i
ital
stock of Lake Charles Electric Co., Inc., the entire issue having
purchased by Eastern Texas Electric Co. of Delaware which also controls
through stock ownership Eastern Texas Electric Co. of Texas and Port
Arthur Ice & Refrigerating Co. The Eastern Texas Electric Co.(Delaware)
recently organized to acquire and hold the stock of the above and other
companies, provides an advantageous financial structure to meet the
further capital requirements of these companies
Consolidated Capitalization of Eastern Texas Electric Co. (Delaware) and
Subsidiaries upon Completion of the Present Financing will be as Follows:
Outstanding.
Authorized.
Lake Charles Electric Co.. Inc., 1st Mtge.
Series "A," 540, due 1949 (this issue) _ -$10,000,000
$750,000
Eastern Texas Electric Co. (Texas) Gold
Mtge. 5s. 1942
1,895.500
Open
Beaumont Traction Co. 1st M. 58, 1943
200,000
Closed
Preferred stock, Series "A," 7% cumul_ _ _ _ 2,500,000
1,400,000
Common stock (no par value) paying $5
per annum
*58,000 shs.
78,000 shs.
*After conversion of $659.800 outstanding coupon notes into Common .
stock.
Earnings
-Year Ended Dec. 311923.
[Of the properties now owned by Lake Charles Electric Co., Inc., and
the consolidated earnings of Eastern Texas Electric Co., Del., and subs.]
Lake Charles E. Texas
Elec. Co.
Elec. Co.
Gross earnings
$509,036 $2,661,984
Operating expenses and taxes
1,725,467
408,385
Net earnings
$100,651
$936.517
Ann. int. on bonded debt (incl. this issue)
146,025
The net earnings of Lake Charles Electric Co.. Inc., 41,250 over twice
are well
interest charges on this issue of 1st Mtge. bonds. 'The consolidated net
earnings of subsidiaries controlled by Eastern Texas Electric Co. (Del.)
which guarantees those bonds, are over six times interest charges on the
entire bonded debt including this issue, and the balance after such interest
is equal to about 30% of gross earnings.
Security.
-Secured by an absolute first mortgage on the entire physical
property now or hereafter owned by the company. The present properties
have a replacement value well in excess of twice the face value of the outstanding 1st Mtge. bonds. Additional 1st Mtge. bonds may be issued to
an extent of 70% of the cost or value. whichever Is less, of additional
property or additions and improvements to the property but only when
net earnings are not less than twice interest charges
bonds outstanding
Including new bonds for which application is being on all
made.
Guaranty.
-Eastern Texas Electric Co. of Del., which owns the entire
capital stock of Lake Charles Electric Co , Inc.,guarantees the payment of
.
principal and interest on this issue of Series 'A" bonds. Through subsidiaries controlled by stock ownership, this company supplies a diversified
public utility service in Beaumont and Port Arthur. Texas. and Lake Charles
and vicinities, serving a population of over 100,000. The electric
power stations of the system have a total generating capacity of 20,000
h. p., the gas plant a daily capacity of 350,000 cu. ft., the street railway
lines 41 miles of equivalent single track and the ice manufacturing plants a
daily capacity of 250 tons.
Franchises.
-Lake Charles Electric Co., Inc.. has obtained new franchises
this year which run for a 25
-year period and are free from restrictive and
burdensome clauses.
Management.
-Properties are under the executive management of
Stone & Webster, Inc.
-V. 119, p. 1282.
"The movement of cotton, usually the chief traffic of International-Great
Nortnern at this season, is at least three weeks late, the amount handled In
August 1924 being slightly less than in August 1923. We confidently expect, however, to handle more cotton this season than last.
"Beginning with Sept. 1924 and for the balance of the ear, our maintenance expenses will show a decrease of approximately $70.000 per month
compared with the same period in 1923, and as a result our net available for
interest will be increased by the same amount each month.
"The average miles per car per day shows 27.83 miles in August, 1924,
Lehigh Valley RR.
-Listing.
compared with 25.13 miles in August 1923. Total cars loaded on line and
In compliance with application received from the company, dated
received from connections for the first 21 days of September 1924 are 15.216. Sept. 17, the Philadelphia Stock List Committee admitted to the regular
compared with 14,368 in the same period of September 1923, and 12,277 in list of the Exchange $12,000,000 Gen. Consol. Mtge, 5% Gold bonds
the same period of August 1924.
due May 1 2003. The $12,000,000 were sold for cash (V. 119. p. 578)
OCT. 4 1924.]
THE CHRONICLE
1625
-Company has outstanding debenture bonds to the
Capitalization.
and the proceeds have been applied under the terms of the mortgage as
and dollar bonds including this
fpllows: (a) To reimburse the company account of expenditures for new amount of 8.886,688,125 francs, £5,000,000 the above debentures or bonds
of
construction and additions and betterments to the property, $8,000,000: issue amounting to 160,000.000. isNone part of the company's system or
any
of payment at maturity of 86.000.000 carries any special security nor
(b) to reimburse the company account
Easton & Amboy RR. 1st Mtge. 5% bonds of April 13 188:0. $6,000,000. equipment mortgaged or pledged in any way. The capital stock originally
has, through amortization
of which there are in the treasury and not included in application for the amounting to 400,000,000 francsThe shares of the companyto date, been
of 500 francs
reduced to 333.871,500 francs.
listing of these bonds, $2,000,000.-V. 119, p. 942. 578.
par value are currently quoted at about 983 francs.
-Company was organized in 1857 and
Guaranty of French Government,
-New Control.
Lincoln (Neb.) Traction Co.
- Its operations have been successful. Before the war it paid substantial
See Continental Gas & Electric Corp. under "Industrials" below.
dividends on its capital stock in excess of the minimum rate of 11% guarV. 117, p. 2769.
anteed by the Government under the Convention of 1883. In 1914, at
the outbreak of the war, the French Government took control of all French
-Tenders.
Lynchburg Traction & Light Co.
CO. of Philadelphia, trustee, will until Nov. 1 railroads in order to insure efficient co-ordination for military purposes.
The Real Estate Trust
After the war a new convention was entered into on June 28 1921 by the
receive bids for the sale to it of First Mtge. 5% gold bonds, dated May 1 French
Government and the larger railroad companies, including the
1901, to an amount sufficient to absorb 811,264, and also of Lynchburg Paris-Lyons
-Mediterranean RR., revising the status of the railroads.
gold bonds dated July 1 1902. sufficient
Water Power Co. First Mtge. 5%
-V.117, p. 1555. This Convention was approved by the "Law Regulating the Great Railto exhaust $6,808,at prices not exceeding par and interest.
road Systems" dated Oct. 29 1921.
Under the terms of this Convention and Law there is established a
-Sale.
Marion & Bluffton Traction Co.
"common fund" for the purpose of creating financial solidarity of the large
-V. 118. p. 2304.
See Midland Utilities Co. below.
companies and, if necessary, during any fiscal year, to provide funds for
The railroad com- the current treasury requirements of the companies.
Miami Beach Ry.-Leases Miami Traction Co. Property.
panies shall turn over to the "common fund" any balance of their gross
The company has leased from the City of Miami, Fla. the property receipts available after providing for their operating expenses, interest
of the old Miami Traction Co. (which was acquired by the city in 1921), and amortization of their loans, a variable operating premium intended
for a period of 30 years. The lease provided for the continuation of the to encourage efficient and economic operation, the guaranteed dividends
Sc. fare. Terms of the lease follow: From July 1 1924 the company to the stockholders and other charges as established by the Convention.
will pay the city 812, this being the contract in force up to that time. If, at any time, the gross receipts of one of the railroad companies should
From June 30 1924 to Dec. 31 1925 the company will pay the city 81,250. be insufficient to meet the charges mentioned above, there will De paid to the
For the year 1926 the company will the city $2,500. For 1927, $3,500; railroad out of the "common fund" any sums necessary to make up the
for 1928, $4,500: for 1929. $5,500. Payments to be made after that deficiency.
date will be made by agreement or arbitration. These settlements are to
The Government of the French Republic has undertaken to provide the
be made for each five-year period. The Miami properties are under "common fund" with any sums by which the receipts of the "common
control of the American Power & Light Co.
fund" may fall short of its requirements: provided, however, that if the
Minister of Public Works so requires, the railroads will issue bonds for
Miami Traction Co.
-Leased to Miami Beach Ry. by City. such purposes, The Government of the French Republic guaranteeing
the interest, amortization and actual expenses of the service of such bonds
See Miami Beach Ry. above.
-V. 117, p. 1017.
until paid. The convention further provides for an adjustment of tariffs.
if necessary, in order to provide the railroads with sufficient revenue to
-Acquire Traction Properties.
Midland Utilities Co.
It is announced that this company. an Insull company, has acquired and meet expenditures. In regard to 1,673,000,000 francs of bonds issued
by the company under special law of Dec. 26 1914 to cover its deficiencies
will operate the properties of the Marion & Bluffton Traction Co.
convention
The traction line extends 31 miles from Marion to Bluffton, Ind. Its of 1.229,000,000 francs since the beginning of the war, the therefor by
chief revenue, however, is from the sale of electric light and power to towns provides that the Government will reimburse the companyamortization
the line. The transaction also includes the Linn Grove Light & the payment of annuities to cover the service for interest and
along
Power Co., which the traction company recently acquired. The considera- of these bonds. Thus the Government of the French Republic as above
tion paid in the deal was said to be about $800,000. The traction company described undertakes to provide, if necessary, funds slifficient to pay
interest on the bonds of this issue and funds for sinking fund sufficient
will continue to operate under its own name.
to retire the entire issue by maturity.
Purpose.
-Proceeds will be used by the company to retire floating
-Notes.
Montana, Wyoming & Southern RR.
-S. C. Commission, on Sept. 23, authorized the company to issue indebtedness and to pay for improvements already contracted for.
The I.
Liging.-Application will be made to list the 7% External Sinking! Fund
8 promissory notes in the face amount of $4,506 each, aggregating 836,045.
-V. 119, p. 1510, 1396.
payable to the Mt. Vernon Car Manufacturing Co., in the procurement of Gold bonds on the New York Stock Exchange.
25 coal cars.
-V. 115, p. 2159.
-A syn-$50,000,000 Bonds Sold.
Pennsylvania RR.
- dicate headed by Kuhn, Loeb & Co., has sold (subject to
-New President, &c.
Montreal Tramways & Power Co.
-S. C. Commission), at 98M and
the approval of the I.
-Year 5%
interest, to yield about 5.10%, $50,000,000 40
Secured Gold Bonds, due Nov. 1 1964.
-To Retire Certificates.
National Railway Service Corp.
Coupon bonds of $1,000 denom., registerable as to principal, exchange-
Julian C. Smith, V.-Pres. and Gen. Mgr. of the Shawinigan Water &
Power Co., has been elected President, succeeding A. E. Beauvais. Hon.
J. L. Perron, Gordon MacDougall and Howard Murray have been elected
-V. 119, p. 811. 694.
directors.
The corporation has elected to retire and prepay on Nov. 1 1924 all of
the outstanding Prior Lien certificates of all maturities following Nov. 1
1924, issued under the National Railway Service Corp.'s Equipment Trust
Agreement, First Series, Conditional Sale bonds, dated Nov. 1 1920.
(There were $7,448,000 outstanding on March 31 1924.) The principal
and accrued interest of all said Prior Lien certificates will be payable
at the Guaranty Trust Co., 140 Broadway, N. Y. City, together with a
premium of 5%.-V. 114, p. 1408.
able for fully registered bonds and interchangeable. Interest payable
M. & N. Closed Issue. Not subject to redemption before Nov. 1 1929.
Redeemable, all or part, at 105 and interest upon 90 days' notice on any
interest datefrom Nov.1 1929 to Nov. 1 1934,and thereafter on any interest
date at a premium equal to H% for each six months between date of
redemption and date of maturity. In case of partial redemption a pro rata
amount of each class of the pledged secufities may be withdrawn. Both
the principal and interest of the bonds will be payable in gold coin of the
United States of America, of or equal to the present standard of weight and
New York New Haven & Hartford RR.-Earnings.
fineness, and without deduction for any tax, assessment or other governmental charge (other than Federal income taxes) which the company or the
Eight Months Ended Aug. 31.
1923.
trustee. may be required to pay or to retain therefrom under any present or
Operating Revenues$45,740.858 841.889..697 future law of the United States of America or of the Commonwealth of
Freight
33,253,062 33.021.008 Pennsylvania. Girard Trust Co., Philadelphia, trustee.
Passenger
1,398.074
-Subject to the approval of any public authorities that may be
Issuance.
965,662
Mail
2,951,395 necessary of the issuance of the bonds.
3.568,192
Express
1,355,034
-Application will be made in due course to list these bonds on
Listing.
1,645.855
All other transportation
2.760.199 the New York Stock Exchange.
3,393,942
Incidental
731.533
757,809
Joint facility-Cr
Data from Letter of President Samuel Rea, Phila., Oct. 2.
-Bonds will be the direct obligation of the company and will
Security.
Railway operating revenues
889.325,380 884,106,940
constitute a closed issue for 850.000.000 of bonds. They will be secured
Operating Expenses
810,448.046 811,123,782 by the deposit and pledge with the trustee of the trust indenture under
Maintenance of way and structures
21,423,993 18,389,569 which the bonds will be issued, of the following securities:
Maintenance of equipment
520,808 Par Value,
465.932
Annual Divs.
Traffic
36.358,861 31,917,379 815,000,000 Philadelphia Baltimore & Washington RR. Capital
Transportation
1,234.086
1.376,844
Miscellaneous operations
stock (6% dividends payable from rental under
8900.000
2,259,465 2,264,274
General
lease to Pennsylvania RR.)
12,687
2,285
Transportation for Investment-Cr
10,000,000 Pittsburgh Cincinnati Chicago & St. Louis RR.
Capital stock (4% dividends until Dec. 31 1925.
872,330,856 $65.437,211
Railway operating expenses
and 5% dividends thereafter payable from rental
400,000
816.994.524 818.669.729
Net revenue from railway operations
under lease to Pennsylvania RR.)
83,337.937 $3,252.703
Railway tax accruals
7.500,000 Cleveland & Pittsburgh RR. special guaranteed
300.000
11,708
53,516
Uncollectible railway revenues
betterment 4% stock
4,750,000 West Jersey & Seashore RR.Common stock, paying
$13,603,071 815.405.318
Railway operating income
190,000
4% dividends per annum
83,625,053
$748,125
Equipment rents
8,500,000 Northern Central Ry. Capital stock (8% dividends
2,712.706
Joint facility rent
2,683.026
- 680,000
payable from rental under lease to Penn. RR.)
12,000,000 Pittsburgh Fort Wayne & Chicago Ry. guaranteed
840,000
Net railway operating income
$7,265.312 $11,974,167
7% Common stock
Non-operating income
4.238,409
$3,310,000
857.750.000
Gross income
$16.212,576
The Pennsylvania RR. is to have the right to substitute other securities
Deductions from gross income
15.410,742 for all or any part of those pledged, provided that the then value of the
securities substituted shall equal the then value of those withdrawn and shall
Net income
8801,834 not be less than the value of the withdrawn securities at the time of the
The eight months' net income of $801,834 represents an increrse over the original deposit.
same period in 1923 of $4,920,888, last year's deficit for the first eight
Any securities so substituted shall be fixed interest-bearing bonds or divimonths being $4,119,054.-4. 119, p. 1510.
dend-paying shares of railroad companies and the value of such securities
shall be determined by appraisal in the manner to be provided in the trust
Paris-Lyons-Mediterranean RR.
-Bonds Sold.
-Gold- indenture.
-Proceeds will
Purpose.
man, Sachs & Co.; Bankers Trust Co.; Lehman Bros.; Halsey, by the Director-General ofbe used to retire part of the 6% note now held
Railroads. This issue will, therefore, result in
Stuart & Co. Inc., and Union Trust Co. of Pittsburgh have a substantial reduction in the annual fixed charges of the company.
-Company now
Capital Stock.
sold at 93q and int. to yield over 7.55%, $20,000,000 8499,265,700 par value, having ahas outstanding paid-up capital stock of
present market value of approximately
7% External Sinking Fund Gold bonds.
$444.000.000. Dividends on this stock are now being paid at the rate of
Dated Sept. 15 1924: maturing Sept. 15 1958. Denom. 81,000 and 6% per annum, and in no year since 1856 has the company failed to pay
$500c. Int. payable M.& S. Principal and int. payable in gold at the dividends on its outstanding stock.
-The gross income of the company for the year ended Dec. 31
Earnings.
office of Bankers Trust Co. New York, fiscal agents for the loan, without
'
deduction for any French taxes. Red. only as a whole on or after Sept. 15 1923,applicable to the payment offixed charges,amounted to $116.809.278,
while the interest on indebtedness,rentals and other fixed charges amounted
on any hit. date at 103 and int.. except for sinking fund.
1932
-Graduated annual sinking fund payments beginning to only 865,271,199, leaving a net income of $51,538,078.
Sinking Fund.
With $248,000 on Sept. 15 1931 and progressively increasing to a maximum
Sale of Stock to Employees.
calculated to retire the entire issue by maturity through
of $1,540,000,
Purchases of stock of the company by employees through the two mediums
purchase at not exceeding 100 and int. or by annual drawings for redemption
provided for buying the company's securities on installment payments
at 100 and interest.
totaled 58,523 shares on Oct. 1. This compares with 54.588 shares on
Data from Letter of M. Stephan. Derville, President of the Company. Aug. 1, with 50.675 shares on July 1 and with 30.241 shares on Jan. 1 1924.
-Is the largest railroad system in France, owning nearly 25% Of the stock purchased 35,511 shares were acquired through the Employees'
Company.
of the French broad-gauge lines. Its lines in France. comprising about Provident & Loan Association and 23.012 shares through the Mutual
-V. 119. P.
6.121 miles of road. consist of a main trunk line from Paris to Lyons, the Beneficial Association of Pennsylvania Railroad Employees.
chief industrial centre of southern France, and from Lyons to Marseilles. 1510. 1396, 1173, 1065.
the most important French port on the Mediterranean: its branches and
-Bonds Called.
extensions reach throughout the part of France southeast of Paris, through
Puget Sound Power & Light Co.
the French Riviera and to the S.wiss and Italian frontiers. In addition
All of the outstanding Gen. & Ref. Mtge. 7%% gold bonds, Series "A."
the company operates in Algeria 1,000 miles under lease.
dated May 2 1921 and duo May 1 1944, have been called for redemption
The gross receipts of the lines in France only have been as follows (in Nov. 1 at 105 and int. at the Old Colony Trust Co., 17 Court St., Boston.
francs):
or at the Bankers Trust Co.. 16 Wall St., N. Y. City, or at the Continental
1922.
1921.
1914.
1923.
1913.
& Commercial National Bank, Chicago, Ill.
596,000.000 503,000,000 1.671.000,000 1,806,000,000 1.956,000.000
Bondholders who so desire may present their bonds at any of the above
The gross receipts in all probability will exceed 2,350,000,000 francs in banks at any time prior to Nov. 1 1924 and receive for each $1,000 bond
ratio of the railroad has improved from 103%1 rt 81,087 50 less a discount at the rate of 3 % for the period from the date of
1924. The operating
1921 to 88% in 1922, and to 85% in 1923:it will not be over 77% in 1924.
presentation to Nov. 1 1924.-V. 119, p. 1396.
1626
THE CHRONICLE
Public Service Corp. of New Jersey.—Bonds Called.—
Notice is given that the corporation has elected to redeem on Dec. 1 at
10731 and interest, all its outstanding 20
-year Secured 7% Gold bonds,
due Dec. 1 1941. Holders of the bonds are required to present and surrender them with all unmatured coupons attached for redemption and
payment at the office of J. P. Morgan & Co., New York City, or at the
office of Fidelity Trust Co., trustee, 325 Chestnut St., Philadelphia, on
Dec. 1 1924.—V. 119, p. 1065.
[VoL. 119.
The report of the Commission says in substance.
By their Joint application filed July 1 1924, the Southern Pacific Co. and
the El Paso dr Southwestern RR. applied for an order approving and authorizing acquisition by the Southern Pacific of control of the El Paso &
Southwestern System by stock ownership through purchasb of the interest
therein of the El Paso & Southwestern Co. and by lease; and the Southern
Pacific applied for auhtority to issue $28,000,000 Common stock and $29.400.000 5% 20-Year Collateral Trust bonds.
The
a certificate that the
Rio Grande City & Northern Ry.—Proposed Constr.— presentArizona Eastern RR, on same date requested require the construcand future public convenience and necessity
The I.
-S. C. Commission on Sept. 19 denied the company's application tion by it (1) of a line of
with the
for a certificate authorizing the construction and operation by it of a the Southern Pacfic RR.railroad from a connection County, main line of
at or near Macho, Pinal
northerly to
line of railroad from Samfordyce northwesterly along the Rio Grande a cros.sing of the Gila River, thence northwesterly to a connection with the
through Rio Grande City and the United States Military Reservation Chandler branch of the Ariz ana at or near Chandler, Maricopa County.
of Fort Ringgold to Miranda City, through Hidalgo, Starr, Zapata, Jim a distance of 50.5 miles, together with a branch connecting with the proHogg and Webb counties. a distance of approximately 85 miles, all in posed line near Gila River and extending easterly to the city of
Florence,
the State of Texas.
a distance of 7 miles: and (2) a line of railroad extending from Hassayampa,
Maricopa County,at
branch of the
St. Louis-San Francisco Ry.—Declares Initial Preferred to a connection with the terminus of a the Southern Arizona,southwesterly
the main line of
Pacific RR. at or near
Dividend.—The directors on Oct. 1 declared an initial quart Dome, Yuma County, a distance of 115 miles, all in toe State of Arizona,
be constructed as extensions of the existing lines of the
terly dividend of 13.% on the outstanding 6% Non-Cumul- the lines toPaso & Southwestern System embraces the following Arizona.
The El
railroad
Pref. stock, Series"A"(par $100), payable Nov. 1 to holders companies: The El Paso & Southwestern RR.,the El Paso & Southwestern
RR. of Texas, the Burro
&
Mexico Ry..
of record Oct. 15. The company at Dec. 31 1923 had out- the Dawson Ry.. the El Mountain RR., the ArizonatheNewPaso & Rock
Paso & Northeastern Ry.,
El
standing $7,846,900 of Preferred stock.—V. 119, p. 1511.
Island Ry., the Alamogordo & Sacramento Mountain Ry., the El Paso &
Northeastern RR. and the Tucson Phoenix & Tidewater RR. All of the
Sacramento Electric Gas & Railway Co.—Tenders.— ssued and outstanding capital stock and a portion of the outstanding bonds
The Mercantile Trust Co., trustee, 464 California St., San Francisco, of the companies embraced in the system are owned directly or indirectly
'
Calif., will, until Oct. 30. receive bids for the sale to it of forty First Mtge. by the El Paso & Southwestern Co. Of the railroad companies of the
system only the Southwestern is engaged in transportation of passengers
5% Gold bonds, dated Nov. 1 1897.—V. 117. p. 1664.
and property in inter-State commerce. This company in addition to
operating its own lines, operates under lease all the existing railways of the
San Antonio & Mexican Ry.—Construction of Lines.—
-S. 0. Commission on Sept. 4 issued a certificate authorizing the other companies of the system. ro acquire nitroi
The I.
The
c
of the Southwestern
construction of a line of railroad from a point of connection with a line of the SystemSouthern Pacific proposes
(a) by stock ownership through
San Antonio Uvalde & Gulf RR.at or near Three Rivers, Live Oak County, Southwestern Co. therein pursuant to an purchase of the interest of the
agreement dated June 20 1924.
Tex., westerly to a point on another line of the Uvalde near Fowlerton.
Tex., a distance of approximately 40 miles, provided, however, that the between the Southern Pacific and the Southwestern Co.; and (b) by lease
construction of the line shall be commenced on or before Jan. 1 1925 and from the Southwestern of the lines of railroad owned by it and by assignment from the Southwestern to
completed on or before Dec. 311925. Permission to retain excess earnings the Southwestern now operates the Southern Pacific of the leases whereby
the existing railways of the Southwestern
was also granted.
System not owned by
The Commission, however, denied the application for authority to and operating rights it, including in the assignment any and all trackage
of the Southwestern over other lines. Under the
construct a line southerly from Fowlerton, a distance of approximately agreement dated
June 20 1924 the Southern Pacific will also acquire control
74.4 miles, to a point on the line of the Texas
-Mexican Ry'. at or near of the
Mirando. Webb County, Tex., all in Live Oak, McMullen, LaSalle and ership Nacozari RR. This company is now controlled through stock ownby the Southwestern Co. and owns and controls by stock ownership
Webb counties, Tex., also a branch line beginning at a point near the
southeast corner of LaSalle County on the line described and extending a railroad beginning at Agua Prleta and extending thence southwesterly to
southwesterly through LaSalle and Webb counties to a connection with Nacozari, together with certain lands and franchises in Guaymas, all in
the Texas
-Mexican and a line of the International-Great Northern RR., Mexico.
In payment for the interest of the Southwestern Co.in the Southwestern
at or near Laredo, Tex., a distance of approximately 55.3 miles.
System and in the Nacozari RR. the Southern Pacific proposes to issue at
par $28.000.000 of Common stock (par $100) and $29,400,000 5% ColThe report of the Commission says in part:
The applicant was organized on April 10 1923 for the purpose of building lateral Trust bonds, dated May 11924. due May 11944, Hanover National
the proposed lines in the interest of the Uvalde. The latter owns and oper- Bank, New York, trustee.
The book value of the railway properties and other assets of the Southates a line of railroad extending from San Antonio to Corpus Christi and a
line connecting with the first line at North Pleasanton and running thence western System companies as of April 30 1924 was $71.086,202 and bonds
through LaSalle and Dimmit counties to Crystal City, thence north to of certain of the companies outstanding in the hands of the public amounted
Uvalde, with a branch line extending south from Crystal City to Carrizo to $9,098,000, making the net book value of the Southwestern Company's
Springs. in all about 315 miles, all in the State of Texas. That part of the interest in the properties $61,988,202. The obligation to continue royalty
proposed line from Three Rivers to Fowlerton is intended to serve as a con- payments to provide a sinking fund for retiring certain of the bonds is
necting line and cut-off between the two lines of the Uvalde, at the same guaranteed by the Southwestern Co. The value of these royalty paytime developing some local business in the country traversed. The facts Ments, said to be approximately $1,000,000. will reduce by that amount
of record show that the main object of that part of the line from Fowlerton the funded indebtedness of the Southwestern System companies and in
to Mirando is to secure a share of the traffic that will pass through Laredo. crease the book value of the properties to be acquired to approximately
This section of the line is also intended to serve certain areas in which oil is 862.988.000. Upan the facts of record the consideration to be paid for the
being produced or may be produced, and to develop the agricultural re- properties appears to ,be reasonable. Our tentative valuation of the
sources of the region traversed. The branch to Laredo is intended to give properties has not been completed.
The lines of the Southwestern System are intermediate between the lines
the applicant access to that gateway and is not to .03 built if a reasonable
Southern Pacific and the lines of the Chicago Rock Island & Pacific
agreement can be made for the use of the track of the Texas
-Mexican line of the
Ry. System. The lines of the three systems constitute one of the principal
from Mirando to Laredo.
direct routes between southern California and the Missouri River and
The applicant proposes to finance the project by the sale of its securities
°for cash to the stockholders of the Uvalde, who have agreed to underwrite Chicago, and are included in the Southern Pacific-Rock Island System in
them. Funds are therefore hold to be available. Securities would be issued the grouping of railroads under the tnetative plan for consolidation of
to the extent of the authority granted by the State and Federal Commis- railroad properties. Acquisition of control of the Southwestern System
sions. No further information is given as to securities. At the time of by the Southern Pacific is in harmony with this plan. It will result in
the hearing the applicant had no contracts for any aids, gifts or grants. It direct physical connection between the lines of the Southern Pacific and the
is proposedto begin construction six months after receiving authority and Rock Island, will assure the continuance of this route, and will increase its
competitive strength as compared with the routes of the Santa Fe and
to complete the
es within 18 months after beginning.
Union Pacific. While the lines of the Southern Pacific and Southwestern
System west of
to
serve
San Antonio Southern Ry.—Proposed Extension Denied. communities andEl Paso may be amidThe be parallel theythe twodifferent
industrial
points at which
systems
The I.
-S. C. Commission on Sept. 4 denied the application of the com- meet are important pointssections.
pany for authority to construct an extension of its existing line from its pres- communities served by one of interchange of a large traffic to and from
but not the other. Better co-ordination and
ent terminus at Christine. Atascosa County, along a route described as more efficient and economical operation
extending southward through the counties of Atascosa, McMullen. Duval, to transcontinental traffic in connectionwill follow as to this traffic and as
with the Rock Island, and relaBrooks, Hidalgo, Cameron, Webb, Jim Hogg and Starr to a terminus at tions to the
Brownsville, Cameron County, or at some point on the Rio Grande at or improved. traveling and supping public authorities will be simplified and
near Rio Grande City Starr County, or Samfordyce, Hidalgo County.
The Southern Pacific has long had in contemplation double tracking its
all in the State of Texas.
line between Tucson and El Paso, the necessity for which appears to be now
A protest against the granting of the application was filed by the San imminent. By acquiring the lines of the
Antonio Uvalde & Gulf Ry. and A. R. Ponder, its receiver, and the San ern Pacific will secure substantially all Southwestern System, the Souththe advantages of double track
Antonio & Mexican Ry.—V. 110, D. 360.
operation on a more favorable location than would result from double
tracking its existing line. This would be accomplished without any capital
Springfield (Mass.) Street Ry.—Fare Increase.—
outlay for new construction. Moreover, the control sought will result in
The Massachusetts Dept. of Public Utilities has authorized the company operating economies and make possible the unification of standards and
to increase its unit fare from 7 to 10 cents, or 3 tickets for 25 cents. The practices. One of the principal economies to be effected by the proposed
new tariff became effective Sept. 21.
acquisition of control will be in tne reduction of unbalanced traffic. In
In its decision the Massachusetts Dept. of Public Utilities says in part: 1923 the excess of eastbound traffic over westbound on the Southern Pacific
"During the first 6 months of this year receipts of the company dropped between Tucson and El Paso amounted to 90,362,000 gross ton-miles.
that of the corresponding period of 1923. If the decrease During the same year on the Southwestern between the same points there
3159,045 from
in riding for the final 6 months continues as in the first 6 months there was an excess of westbound traffic over eastbound of 70,335,000 gross tonwW be a falling off in income under the present rates for the year of $318.000. miles, making the unbalanced traffic under separate operation 160.697.000
This added to the increased amount necessary for wages would result in gross ton-miles. Under merged operation, without any increase in train
a net loss in revenue for the year, as compared with the revenue for 1923. service, the unbalanced traffic would have amounted to only 20.027,000
of $553,000. It is estimated by officials of the company that the fares gross ton-miles. The annual saving to be accomplished through better
proposed in this tariff will give added revenue of $419,000 a year, assuming balancing of traffic is estimated at $662.000. The annual saving in adthe riding to be at the same rate in the last 7 months of the present year ministration and operating expenses under unified operations is estimated
as that in the first 5 months, deducting 5% for decreased riding due to the at $1,487,860, and in capital and maintenance charges through avoidance
increased fare. Thus, even if the proposed fares had been in effect since of double tracking between Tucson and El Paso at $1.954,100, making a
Jan. 1 to the end of the year. the net loss as compared with the year 1923 total estimated annual saving of $3430950.
would be 3134,000. If the riding should continue to decrease in the same . It is shown that the traffic on the existing main line of the Southern
proportion during the last 4 months of the year as it has in the months of Pacific between Tucson and Yuma is so great that it will soon be impossible
June. July and August, the number of passengers riding during the year to handle it all on a single track. The proposed lines of the Arizona in
would be approximately 4,500,000 less than that carried by the company connection with its existing lines would permit the diversion of part of this
last year.
traffic over a now low grade route, would obviate the necessity of double
"In view of the conditions that confront the company we are of the tracking the existing route, would provide a shorter and more economical
-cent cash fare with 3 tickets for 25 route for traffic to and from Phoenix,the Salt River Valley,the Ray-Hayden
opinion that the proposed rate of 10
cents is a reasonable rate of fare. It is hoped that the situaton will so mining district. and other points on the Phoenix division of the Arizona,
improve in Springfield that the rates of fare may be modified."—V. 119, and open new territory susceptible of agricultural and mining developD. 580.
ment. Construction of the prolapsed lines and control of the Southwestern
System will give
track or line from El
Southern Pacific Co.—Control of El Paso & Southwestern to Yuma, except the Southern Pacific a second a distance of 40 miles,Paso
and
between Macho and Tucson.
System and Securities Issue by Southern Pacific Approved by between Dome and Wendon, a distance of about 15 miles.
It is estimated that the reduction of curvature and grades on the new
I.
-S. C. Commission.—The I.
-S. C. Commission on Sept. 30 route, the lessening of interference with train movement, the reduced train
(1) Issued a certificate authorizing the Arizona Eastern RR.to construct, and car mileage on traffic to and from points on the Phoenix division, the
as extensions of its existing lines of railroad, a line of railroad in Maricopa avoidance of double tracking, and other advantages would result in an
and Yuma counties, and a line of railroad in Pinal and Maricopa counties, annual saving of $902.630. The saving thus to be effected is equiavlent
togethr with a branch in Pinal County, all in the State of 'Arizona.
to a return of 6.4% per annum,on the cost of constructing the new lines and
(2) Approved and authorized the acquisition of the Southern Pacific Co. improving the existing line, which is estimated at $14.138,000. The net
of control of the carriers comprising the El Paso & Southwestern System by saving resulting from constructing the proposed lines rather than double
stock ownership through purchase of the interest of the El Paso & South- tracking the existing main line of the Southern Pacific between Dome and
western Co. therein and by lease. Provided, however, and the authoriza- Picacho is estimated at $125,400 per annum.
tion given is upon the epxress condition that the Arizona Eastern RIL.shall
The proposed lines are to be constructed by the Arizona but operated
complete the construction of the proposed lines within the time fixed in by the Southern Pacific under the proposed lease submitted to us in the
the certificate; and provided further, that the Southern Pacific Co. shall matter of the application of the Southern Pacific Co. to acquire control of
not sell, pledge or otherwise dispose of the capital stock of the companies, the Arizona Ea.stern RR. and the Phoenix & Eastern RR. Co. by lease,
control of which is authorized, or any part thereof, without the consent now pending. The Southern Pacific owns practically all the capital stock
of the Arizona. The estimated cost of constructing the proposed lines is
of this Commission.
(3) Granted authority to the Southern Pacific Co. to Issue not exceeding $12,752.060. The necessary funds for construction will be advanced
$28,000,000 Common stock and not exceeding $29.400,000 5% 20
-Year by the Southern Pacific which is to be reimbursed by sale of 1st & Ref.
Collateral Trust bonds In payment for the interest of the El Paso & South- Mtge. 5'7 gold bonds of the Arizona, authority to issue which will be asked
western System and in the Nacozari RR Co
later. Tie Arizona proposes to begin construction of the proposed lines
The request of Arizona Eastern RR. for permission to retain excess as soon as the certificate sought is obtained and to complete them with all
earnings was denied by the Commission.
reasonable dispatch. Our order authorizing the proposed acquisition of
OCT. 4 1924.]
THE CHRONICLE
control of the Southwestern System by the Southern Pacific will be conditioned upon the construction of the proposed lines within the time fixed
in our certificate.
Commissioner Eastman, dissenting, said in substance:
In my opinion, what is proposed is not such an acquisition of control as is
contemplated, but is a consolidation of the carriers in question into a single
system for ownership and operation. The Southern Pacific is to own
100% of the shares of stock evidencing ownership of the El Paso & Southwestern System. In addition it is to become the lessee of the various
parts of that system so that their operations may be intermingled with its
own for purposes of management and accounting. Thereafter the two
systems will, to all intents and purposes, be fused. It will in no way be
easier to pry them apart than if there were a technical consolidation of the
corporate entities. If this is not a consolidation of the carriers into a single
system for ownership and operation within the meaning of paragraph (2).
en the distinction which that paragraph attempts to make is utterly
inconsequential. In my opinion, it was not the intent of Congress that
we should permit the fusing of railroads in this irretrievable fashion prior
to the adoption of our consolidation plan, and the action of the majority
in this case is contrary to both the spirit and the letter of the law.
-V.
119, p. 1511, 1065.
L
Springfield (Mass.) Street Ry.-Fares Increased.
-
The Massachusetts Dept. of Public Utilities has authorized the company
to increase its fare unit from 7 to 10 cents. This order, providing for a
cash fare of 10 cents or 3 tickets for 25 cents, went into effect on Sept. 21.
-V.119, p. 580.
Statesboro Northern Ry.-Acquisition of Line.
-
-S. 0.Commission, on Sept. 25, authorized the acquisition by the
The I.
receiver of the Georgia & Florida Ry. of control of the Statesboro Northern
Ry. by purchase of its $20,000 capital stock -V.119, p. 1396, 695.
Texas 8c
Pacific
Ry.-Securities
Authorized.
-
The I.
-S. C. Commission, on Sept. 23, authorized the company to issue
$4,400,000 6'7 secured gold notes and to pledge $5,500.000 of Gen. & Ref.
0
Mtge. Gold bonds, Series "A," as collateral security therefor.
The report of the commission says in substance:
By our order entered July 5 1924(V. 119. p.326) we authorized the applicant to issue a note or notes for $4,400.000. bearing int. at the rate of 6%
and payable March 1 1930 to the Director General of Railroads, in respect
of the funding of additions and betterments made during Federal control,
and to pledge not exceeding $5,500,000 Gen. & Ref. Mtge. Gold bonds,
Series "A," as security therefor. The bonds mature Jan. 1 1939, and bear
int. at the rate of 6%•
By a collateral-trust agreement with the Director-General, applicant
agreed that upon request of the Director-General, or the transferee or transfeeres of said note and collateral, it would execute and deliver to the Director-General, or to the holders of the note, definitive notes of such smaller
denominations as requested, and execute such collateral-trust agreements or
other writings as might be necessary to effect the purpose.
The applicant represents that the Director-General has sold and delivered
the note to Kuhn. Loeb & Co., New York, nho have requested the applicant to execute and deliver to a trust company to be hereafter designated as
trustee, a collateral-trust indenture dated as of Sept. 1 1924. and to issue
and deliver pursuant thereto its 6% secured gold notes in an aggregate
amount of $4,400.000 in lieu and upon surrender and cancellation of the
note heretofore held by the Director-General and the collateral-trust agreement appertaining thereto. The new notes are to be in the denom. of
$1,000, to be dated Sept. 1 1924, to mature March 1 1930, and to bear
interest at the rate of 6% per annum, payable semi-annually on March 1
and Sept. 1 in each year. At the applicant's option, the notes will be redeemable as a whole or in part on any interest date at par and accrued
interest.
-V. 119, p. 326.
United Light & Power Co.
-Large Utility Merger.
A consolidation of important public utility interests, serving Kansas
City, Mo.: Columbus, O.; Lincoln, Neb.: Davenport, Cedar Rapids, Fort
Dodge, Mason City, Ottumwa, Muscatine and Iowa City in Iowa: Rock
Island, Moline and East Moline in III.; Chattanooga, Tenn.; LaPorte. Ind.:
Grand Rapids, Grand Haven and Muskegon. Mich. and surrounding
territory, located in 9 States of the Middle West, has just be announced.
The companies concerned serve a territory the aggregate population of
which is 1.750,000, and are largely engaged in supplying electric light,
power, gas and other services.
Continental Gas & Electric Corp., United Light & Power Co.. Columbus
By., Power & Light Co., Kansas City Power & Light Co. and Lincoln
Gas'& Electric Light Co., and affiliated companies, are included in the
consolidation.
The earnings of the companies included in the consolidation are principally
derived from the sale of electric light and power and gas service. 85% of
the total gross revenue is derived from these sources and in excess of 80%
of the net revenue is from the sale of electricity for light and power. The
total gross revenues of the consolidated situation is approximately $34,000.000.
The consolidation brings together a number of men who have long been
associated with the successful management and operation of public service
enterprises in the Middle West and important financial interests.
Continental Gas & Electric Corp. has grown from a comparatively small
beginning in 1912 to a company whose gross earnings now exceed $21,000,000 per annum. This growth. partly derived from increased business,
has been supplemented by its recent acquisition of important properties in
Missouri, Nebraska and Ohio. These acquisitions represent the ownership
of practically all of the Kansas City Power & Light intere.sts, a large
majority of the Common stock and substantial holdings of the Preferred
stock of Columbus By., Power & Light Co., and all of the stock of Lincoln
Gas & Electric Light Co. These properties are in excellent physical and
financial condition.
'The United Light & Power Co., succeeding a cempany of similar name
organized in 1910. is the owner of prosperous and important properties
located in Iowa, Illinois, Indiana, Michigan and Tennessee, which include
the well-known Tr -City group (Davenport, Rock Island, Moline and
contiguous territory). The city of Chattanooga and contiguous territory
is also one of the more important properties of this company. The gross
earnings of this company have increased from less than $6,000,000 in 1912
to in excess of $12.500,000 in the present year.
The United Light & Power Co., with which the Continental Gas &
Electric Corp. and the other companies will be consolidated, has recently
acquired more than 75% of the outstanding Common stock of the Continental Co. It is understood hat United Light & Power Co.. will in the
near future offer to acquire, in exchange for its own securities, all of the
remaining outstanding Common stock.
The Kansas City Power & Light Co.does all of the electric light and power
business in Kansas City, Mo., and sells either wholesale or retail electric
current used in portions of 14 counties in Missouri and Kansas, contiguous
t Kansas City. The aggregatejoopulation served in this district is 575,000.
o
The Columbus By., Power & Light Co. does practically all of the electric
light and power business in Columbus. 0. and surrounding terri,
cery,
serving an aggregate population of 350,000, and also operates a prosperous
street railway property.
Light Co. supplies the city of Lincoln, Neb.,
The Lincoln Gas & Electric
with electric power and light and gas service. The territory served has a
population of 80,000.
The combined properties are equipped with electric steam generating
stations of the most modern type, having an aggregate installed normal
capacity of 340,000 k.w. The output of the gas properties is in excess of
3,000,000,000 cu. ft. of gas per annum. The enlarged company will be
managed by the following well-known public utility operators:
Chairman of the Board, C. S. Eaton. Cleveland: Pres., Frank T. Hulswit.
Chicago: 1st V.-Pres., Richard Schaddelee, Grand Rapids. Other VicePresidents will be Rufus E. Lee, of Omaha, Neb.; B. J. Denman,of Davenport, Iowa: William Chamberlain, of Cedar Rapids, Iowa, and L. H.
Ileinke, of Grand Rapids, Mich.
The subsidiary companies are capably managed by able executives.
Among those who are nationally known in the public utility field is Joseph F.
Porter, Pres. & Gen. Mgr. of the Kansas City Power & Light Co., who
will become a member of the board of directors of the enlarged organization.
There will also be on the board of directors men representing important
Interests, including Landon K. Thorne, of New York; Burton A. Howe and
Warren II. Snow, of Grand Rapids: William Butterworth. of Moline. Ill.;
Glenn M. Averill. of Cedar Rapids, Iowa; Charles H. McNider, of Mason
City, Iowa, and Thomas H. Jones, of Cleveland.
The present operating personnel and management direction will remain
In charge of the enlarged company's activities.
-V. 119, p. 1173. 77.
1627
United Rys. Co. of St. Louis.
-Reorganization.
-
The following outline of the proposed plan of reorganization, described
as being very accurate, shows how the present bonds and stocks will fare
under it. The terms of the reorganization plan are expected to be officially
announced next week.
1. The $30,300,000 United Rys. of St. Louis Gen. Mtge. 4% bonds
are to remain outstanding, and will become an absolute first mortgage on
all the United Rys. properties other than that part known as the "suburban
system."
2. The $4,200,000 receiver's certificates are to be paid in cash.
3. Underlying bonds aggregating $4,100,000 are to be paid in or acquired
for cash and principal and interest.
4. For each $1,000 principal amount of the $9.790,000 St. Louis Transit
Co. Impt. 5% bonds, there will be paid $300 in cash. 5Ji shares of new
Pref. stock bearing $7 dividends and flie right to buy ten shares of Common
stock of the new company at $12 50 a share. Accrued interest to Oct. 1
1924 will be adjusted in cash.
5. For each share of the $16.383,000 United Rys. Pref. stock there
will be given the right to buy 114 shares of new Common at $12 50, in
addition to all stock not purchased by St. Louis Transit bondholders,
the latter to be sold at $12 50 a share also.
6. Holders of the $24,913,000 Common stock will be entitled to subscribe also at $12 50 a share to new Common stock not purchased by
either the holders of St. Louis Transit bonds or United Rys. Pref. stock.
7. The $2000,000 St. Louis & Suburban By. 1st Mtge. 5% Gold bonds
are to be paid in cash.
8. The $4,500,000 St. Louis & Suburban By. Gen. Mtge. 5s will be
exchanged as follows: For each $1,000 principal amount $1,000 of new
1st Mtge. 20
-Year 5J4% bonds of the new suburban subsidiary company.
The treatment of the suburban securities, including payment of the
First 5s in cash, is contingent upon a sufficient number of the Gen. 24
becoming parties to the plan. If such a number do not become parties,
adjustment of them will be made by the issue, par for par, of new suburban
bonds, which will be a first mortgage on the property. Included in this
provision the new company is to agree to retire $100,000 of such new
bonds each year.
The reorganization is proposed under the foreclosure on the transit bonds
which mature on or about Oct. 1 1924. Immediately following such
maturity, a foreclosure bill will be filed in the District Court. The plan
contemplates that the $30,300,000 United Rys. 4% bonds, which mature
In 1934. will be left outstanding, and that the default under the mortgage
securing them occasioned by the
to extend or pay off the $4,100,000
underlying bonds on Oct. 1 last will be cured by the extension of payment
of such underlying bonds.
Bus Permit.
The Board of Public Service of St. Louis, Mo.,on Sept. 16 issued a permit
to the St. Louis Bus Co., a subsidiary, to operate a bus line from the terminus of the Natural Bridge car line, Natural Bridge Avenue near Kings Highway, west on Natural Bridge Ave. and Natural Bridge Road to Pine Lawn,
St. Louis, Mo. This is the first bus permit granted to the St. Louis Bus.
Co. Other bus applications by the company are pending. It is proposed
to charge a 10
-cent city fare with transfers to and from the street cars.
Street car patrons desiring a bus transfer will pay an extra 3 cents for the
privilege. The street car fare is 7 cents.
-V. 119, P. 1511.
West Virginia Northern RR.
-Passenger Service Discontinued.The West Virginia P. S. Commission has authorized the company to
discontinue passenger service on its line, which operates between Kingwood
and Tunneiton, W. Va., about 11 miles. It is stated that hereafter the
road will haul freight only.
-V.112, p. 2192.
INDUSTRIAL AND MISCELLANEOUS.
The following brief items touch the most important
developments in the industrial world during the past week
together with a summary of similar news published in full
detail in last week's "Chronicle."
Prices, Wages and Other Trade Matters.
Refined Sugar Prices.
-On Sept. 26 Arbuckle Bros. advanced price 15
pts. to 7.40c. On Oct. 2 McCahan advanced price 10 pts. to 7.50c.
Haverhill(Mass.) Shoe Vampers Win 33 1-3% Wage Increase.
-New styles
involving difficult patterns reduced earnings, so shoe board granted inincrease. "Sun" Oct. 1, p.1.
Wages Reduced About 18 in Shoe Division of National India Rubber CO.
Plant at Bristol, R. I. "Wall St. News" Oct. 1.
American Woolen Co. Advances Prices of Men's Wear Worstedsfrom 734
to 27}4 Cents Per Yard. "Boston News Bureau" Oct. 3, p. 1.
Prices of Woolens Also Advanced by American Woolen Co.from Sc. to 20c.
Per Yard. "Sun" Sept. 29. p. 21.
•
Matters Covered in "Chronicle" &pt. 27.-(a) New capital flotations in
August and the eight months since Jan. 1, p. 1445-1450. (b) 10% reductions in American Woolen Co.'s worsted line of goods, p. 1475.
(c) Amoskeag Mills rearranging its work schedule following wage reductions, p. 1476. (d) Chicago Retail Lumber Dealers' Association
charged by Federal Trade Commission with unfair methods of competition.
P. 1476.
Alabama Power Co.
-Issuance of Stock Planned.
-
The company has applied to the Alabama P.S.Commission for permission
to issue 50.000 shares of Cum. Pref. stock at not less than $98 a share and
diva. The proceeds are to be used to pay for general improvements and
construction.
-V. 119, p. 1512.
American Bosch Magneto Corp.
-To Increase Stock.
The New York Stock Exchange has received notice from the company
of a proposed increase in its capital stock from 100.000 to 175.000 shares.
The additional stock will be used in the acquisition of Gray & Davis stock.
-V. 119, p. 1512. 1284.
American Chain Co: Incorporated.
-Decision.
A decision favorable to the company was recently handed down in the
U. S. District Court in San Francisco in a suit brought against Chester N.
Weaver Co. Inc • for infringement of the Hoover patents covering sp
.
bar bumpers. This decision is of very great importance in that if the ap
'
which has been taken by the defendant is unsuccessful, it will give the American Chain Co., owner of the Hoover patents, broad patent control of the
spring bar bumper for automobiles. This business is, of course, of very
large proportions since this type of bumper has been found to be the most
popular and suitable for the purpose.
The company is instituting injunction proceedings against all other
Infringers of the Hoover patents who have not already acknowledged its
rights. Several companies have already signified their intention to abide
by the decision of the U. S. District Court in San Francisco and to stop
further manufacture of the infringing devices or pay proper royalties.
Earn. 6 Months Ended June 301924.
1923.
Net sales
(about) $14,000,000 $15,216.828
Earnings after Federal taxes
1,271,279.392.218
Depreciation, &c
515.949
486,450
Interest charges
240,479
187,365
Dividends, Class A stock
350.000
337,707
Surplus
$164,851 $1.380,696
x Before Federal taxes.
Balance Sheet June 30.
1924.
1923.
1924.
1923.
LiabUUiesAssets
Class"A"8% cum.
Plant acc'ts, less
participat. stock 8,750,000 8,750,000
depreciation__ _ _12,560,047 12,083,147
Pats.,licenses,&c_ 1,827,816 1,853,225 Minority stock_ __ 170,800
174,800
398,946 Deb.6s. due 1933_ 7,178,000 7.500,000
Cash
1,858,806
Liberty bonds_
77,051 Pun. mon. oblig's_ 1,064,000 1,341.000
Rec'bies, less res 4,707,454 4,963,185 Notes payable_ __ _ 250,000
300,000
Inventories
6,209,658 7,753,290 Acc'ts payable_ __
761,602
387,332
Outside investm'ts
18,470 Accrued items_ _ 643,719
9,183
701,237
161,857 Res. for Class "A"
40,075
stks.at cost
762,111
Def'd charges_ _ 601,741
dividends
350,000
Surplus*
9,020,929 8.542.744
27,814.780 28,071,283
Total
Total
27,814,780 28.071.283
•• Represented by 250,000 shares of Common.
-V.119, p. 1512.
THE CHRONICLE
1628
[VOL. 119.
American Pneumatic Service Co.
- of the mortgage.litThe value of the land and buildings alone is substantially
-Sub. Co. Earnings.
excess of
Sales of Lamson & Co., a subsidiary, for the 8 months ended Aug. 30 In Income. the total amount of this issue.
-For
amounted to slightly in excess of $3,000.000, compared with $2,600,000 in average annual the 936 years ended June 30 1924 the company reports
charges, depreciation and
the same period a year ago. Net profits before Federal taxes were $300,400, Federal taxes of profits applicable to interest int. charge on the issue is
vompared with $192,294 last year. Bank loans, it is said, stand at about $39,000 per ann.,$142,523. As the maximumaveraged over 3.6 times this
the applicable earnings have
$100,000, compared with 8425,000 at Dec. 31 1923. In the full year 1923 requirement for 9% years. For he year 1923 earnings were slightly above
sales amounted to $4,086,726 and net profits $455.280.-V. 119, p. 1512.
the 934 years' average and operating results for the current year indicate
American Power & Light Co.
-Offer to Exchange Pref. equally as favorable results. Company has a most satisfactory volume of
active orders on its books. Cash dividends have been paid on the Common
Stock for Stock of Southern Utilities Co.
stock in every year since 1911.
Sinking Fund.
-A sinking fund is provided under the mortgage to retire
See Southern Utilities Co. below.
-V. 119, p. 1284, 1067.
bonds through annual drawings by lot at 102 and int. This sinking fund,
-Earns. 6 Mos. End. June 30. commencing with the retirement of $15,000 bonds on Oct. 1 1925 and inAmerican Ry. Express Co.
creasing each year to a maximum of $53,000 bonds on Oct. 1 1944, vrill
1923.
Decrease.
1924.
Charges for transportation
$140,865,308$154.758,421 $13,893,112 redeem the entire issue at or before maturity at 102.
Officers.
-W. A. Wilbur, Pres.; J. George Lehman, 1st V.-Pres. & Gen.
Express privileges
65,663,241 78,023,024 12,359,783
-Dr
Mgr.: Robert E. Wilbur, 2d V.-Pres.; I. E. Krause. Sec. & Treas.
Company.-Incorp. in Pennsylvania April 24 1888. Plant covers some
Revenue from transportation
$75,202,066 $76,735,396 $1,533,330
Rev,from oper. other than trans
1.649,495
1,788,310
138,814 2 acres and is advantageously located in the heart of the city of Bethlehem.
Products manufactured and sold by this company serve three basic industries, namely, the
Total operating revenues
$76,851,561 $78,523,706 $1,672,144 cement industry is cement, metallurgical and chemical industries. The
being served with repair parts for cement mill machinery
Operating expenses
1,641,471
75.330,151 76,971,622
and various types of other machinery used in the production and pulverization of raw materials used in the manufacture of cement. The metalNet operating revenue
$1,552.083
$1,521,410
$30,674
11,086 Inc.12,151 lurgical industry is being served by the production of the wedge ore-roasting
23,238
17ncollectible rev,from transportation
Express taxes
1,028,399
1.069,323
40,923 furnace, in which are treated copper, zinc, lead and other ores: practically
75% of the copper produced on the North American continent from sulphide
Operating income
$469,773
$471,674
$1,901 ores is made in wedge ore-roasting furnaces produced by this company.
The chemical industry is being served with various types of apparatus for
.
-V. 118, p. 2826.
use in the production of what is known to the trade as 'heavy chemicals."
This company is also operating under an arrangement with a German
-Obituary.
American Smelting & Refining Co.
concern
Wilfred Shore, a director and a member of the executive committee, died chemicalfor the exclusive production in this country of a special type of
apparatus.
on Sept. 25.-V. 118, p. 3201.
Purpose.
-Proceeds will retire all of the company's old bonded debt,fund
over 10 years' capital expenditures, liquidate all bank loans and provide
American Sumatra Tobacco Co.
-Griffin Tobacco Co. additional working capital.
Dissolution of the Griffin Tobacco Co., Inc., operating one of the largest
Balance Sheet June 30 1924 (Giving Effect to This Financing).
'tobacco plantations in the Connecticut Valley, was made complete Sept. 27
Assets.
by the receipt for record at the Town Clerk's office at Windsor, Conn.,
Liabilities.
$77,737 Preferred stock
of the deeds transferring title of the property to the American Sumatra Cash
$5,000
Tobacco Co. The stamps indicate a transfer of realty and good-will placed Bills receivable, customers__ 2.909 Common stock
135,000
101,773 1st mortgage 63is
600,000
at $891,000. In 1918 the American Sumatra acquired the $300.000 Com- Accounts receivable
Inventories
252,671 Accrued wages
mon stock of the Griffin company for $750,000.-V. 118, p. 2826.
11,844
Investments
15,370 Accrued taxes
2.250
Amoskeag Manufacturing Co.
-Financial Statement.
- Prepaid accounts
4,445 Surplus earned
261,275
1,299,363 Surplus arising from revaluYears EndingMay 31 '24. June 2 '23. May 28 '22. May 28 '21. Plant and equipment
Other investments
10,001
ation
751,397
Cotton and worsted cloth
811
2 494
,
produced (yards)- _ 138.254,202 116,539,617 132,576,849 147.548,074 Patents
1
Total (each side)
$1,766,765
Sold (yards)
143,278.790 96.228.411 138,117,958 146,934,297 Wedge mech. furnace license
•Cotton bags produced_
11.754
tsirdAtic Sonalnc.-Balance Sheetklune 300924.
Sold
82.114
Gross sales
$33.163.621 $22,162,477 $24.838.805 $31,287,074
Assets.
Liabilities.
Cost of manufacturing
35,982,415 24.454,345 23,449,925 28,984,549 Fixed assets, less reserve
$1,691,000
$6,093,874 Prior preference stock
4,000,000
1,329,606 First preferred stock
Cash
Operating income_ _def$2,818.794def$2,291,868 $1,388,880 $2,302,525 Accts. & notes receivable
x2,000,000
2,34,906 Common stock
'Otherincome
deb32,337
2.216.385 deb740,792deb1,029.878 Inventories
574,368
2,055,776 Accounts payable
Investments
309,850 10-year notes
357,500
Net income
loss$2, 51.131 loss$75,483
116,886
8
$648,087 $1,272,647 Deferred charges
69,682 Reserve for taxes
Dividends
1.486.800
2,005,200
2,523,600 2,523.600 Good-will
160,760
1,400,000 Other reserves
Surplus
y4,393,180
Balance, deficit
$4,337,931 $2.080,683 $1.875,513 $1.250.953
$13,293,694
Total
$13,293,694
Total
Consolidated General Balance Sheet.
x Represented by 200,000 shares of no par valu . y Including six months
AssetsMay 31 '24. June 2 '23. May 28 '22. May 28 '21.
-V. 119, p. 1512.
Real estate & mach'y$3,000,000 $3,000,000 $3,000.000 $3,000,000 1924 profits.
Mdse.,cash & accts.rec_ 41.782,045 46,648,509 35.680,283 37.455,399
-Bonds Offered.
Bohn Aluminum & Brass Corporation.
Total
$44,782,045 $49.648,509 $38,680,283 $40,455,399
Liabilities-Notes payable
$14.750.000
Notes & accts. payable_
$16,350.000 $6,250,000
$280,000
Profit & loss & reserves_ 30,032,045 33,298,509 32,430,283 40,175.399
Total
-V. 117, p. 1889.
$44,782.045 $49,648,509 $38,680,283 $40,455.399
Atlanta (Ga.) Gas Light Co.
-Bond Application.
The company has applied to the Georgia P. S. Commission for authority
to issue $140,000 of Ref. & Imp.6% 50
-Year S. F. Gold bonds, to be dated
Oct. 11920. and to mature Oct. 1 1970. the proceeds to be used in reimbursing the treasury of the company for capital additions and extensions made
to its plant and property. Jan. 1 1924. to June 30 1924 incl.-V. 117. n•
2893.
Atlantic Gulf & West Indies SS. Lines.
-To Pay Notes.
The comioany announces that the last of its 1st Lien Marine Equipment
53i% Gold nctm (amounting to $900,000) due Oct. 1 1924, were paid
at maturity.
-V. 119. p. 1512, 1284.
•
Atlas
Steel
Corporation.
-Sale
Postponed.-
The receivers' sale of the property set for Oct. 2 at Mayville, N. Y., has
been postponed until Oct. 21.-V. 119, p. 814. 582.
Barnsdall Corp.
-Disposes of Moncton Co. Holdings.
The company has disposed of its stock holdings in the Moncton Tramways, Electricity & Gas Co. Ltd., for approximately $500,000. The proceeds of the sale of this stock
be used to reduce the company's outstanding bonds from $7,099,000 to $6.600.000. This stock was carried on the
company's balance sheet at $105,780. These properties, the company
explained, are located 80 miles from St. John, New Brunswick. and do not
link up with other properties of the company or with future development
plans.
-V. 119. D. 1175. 815.
-To Increase Cap.-Acguis.Bell Telephone Co. of Pa.
-Otis & Co., Keane, Higbie & Co., Merrill, Lynch & Co.,
and Detroit Trust Co., are offering, at 100 and interest,
$1,500,000 First Mtge.7% 10-year Sinking Fund Gold bonds.
The company is being organized in Michigan to acquire the property and
plants of Charles B. Bohn Foundry Co. and General Aluminum & Brass
Mfg. Co.
Bolling Jones Building Atlanta Ga.-Bonds Offered.-G. L. Mitter & Co., Inc., New York are offering at par and
int., $535,000 1st Mtge. 7% Real Estate Gold bonds, maturing serially two to ten years.
The building will be 6 stories in height, of reinforced concrete construction, with face brick and terra-cotta trim. The structure will derive its
-from stores located on the ground floor, from
income from varied sources
loft space and offices suitable for business firms, and from storage space for
automobiles. The location of the property near the enter of Atlanta's
business and theater district is highly desirable for a structure of this kind.
Gross annual earnings are estimate('at $112,160, and net annual earnings,
out of which interest and principal of the bonds will be paid, are estimated
at $77,550.
Brooklyn Edison Co., Inc.
-New Financing.
The company has applied to the New York P.S. Commission for authority
to issue $25,000,000 Gen. Mtge. Stiles"A" bonds. In its petition the company states that it has not made any contract for sale of the bonds, but
believes that the Series A Gen. Mtge. bonds bearing 5% interest and maturing Jan. 1 1949 can be sold to net at least 95.
The company proposes to call $2,000,000 Series "C" 7s on Jan. 1 next
at 105, and $8.000.000 Series "D" 7s on Dec. 1 at 10734. The company
expects to receive $23,750,000 from the issuance of the $25,000,000 Series
"A" 54, which it proposes to apply as follows:
Reimbursement of treasury for balance of expenditures for fixed capital
purposes to Feb. 29 1924. $370,033; reimbursement of treasury for capital
expenditures between March 1 and Aug. 31, $12,561,539; redemption of
Series"C" and Series"D" Gen. Mtge. bonds, including premium, $10,700.000. a total of $23,631.572. The balance. $118,427. will be applied to
capital expenditures made after Aug. 31. bringing the total to $23,750,000.
Comparative Balance Sheet.
Aug. 31 '24. Dec. 31 '23.
Aug. 31 '24. Dec. 31 '23.
Assets
Liabilities
-$
Fixed capital__ _100,266,732 83,710,140 Capital stock_ _ 57,882,300 43,704,300
10,542
Cash
3,027,365 2,262,101 Prem.on cap.stk
10,542
•
Notes receivable
150,550
25,900 Cap.stk. subscr.
818,590
Acc'ts receivable 1,982,271 2,287,415 Funded debt. _ 30,718,500 30,750,100
Int. & dive. rec.
24,98.5
23,846 Acc'ts payable__
622,120 1,192,599
841,358
Marketable sees.
824,622
159,000 Consumers' dep.
443,625
51,004
Materials & stitM 2,105,307 2,335,225 Mat'd Int. unpd.
7,728
Prepayments__ _
34,386
11,176 Divs. payable__ 1,159,624
600
600
Investments__ _
410,730
Mat'd debt unpd
410,730
Miscell. funds._ 2,056.933 1,955,925 Accrued taxes,
Special deposits_ 1,226,616
interest, &c__ 2,112,377 1,642,594
485,468
Suspense items- 1,850,821
1,902,053 Res. for conting. 6,293,989 5,311,533
6,911,095 6,086,625
Other reserves_
Profit & loss sur. 5,731,333 5,577,375
The stockholders will vote Dec. 4 on increasing the authorized Common
stock from $60,000,000 to $90,000,000. Only a portion of the authorized
increase will be issued presently and the increase is merely to capitalize
investment in plant and equipment already made. There will be no offering
of the stock outside, all of this class of stock being controlled indirectly
by the parent company. the American Telephone & Telegraph Co.
The 1.-S.C. Commission,on Sept. 23. issued a certificate authorizing the
acquisition by the company of certain properties of the Columbia Telephone
'Co. and the acquisition by the latter company of certain properties of the
Bell Telephone Co.
By a contract made June 6 1924. the Bell Co. agrees to sell to the Columbia Co. all its exchange properties in the boroughs of Elizabethtown.
Columbia, Mt. Joy, Marietta and in a small section of Lancaster County
surrounding the points named, excepting its switchboards at Marietta and
Columbia, which will be removed. It is stated that the Columbia Co. is
better equipped at these locations with its present equipment. The price
to be paid for the properties is $62,274. An appraisal made by engineers of
the Bell Co. fixes the reproduction cost of the properties at $82,117 and,
less depreciation. $68,157.
By a separate contract made June 6 1924, the Columbia Co. agrees to sell
to the Bell Co. a toll line, with a pole mileage of 3 miles, and 13 subscriber
stations connected therewith, located in the village of Landisville, 7 miles
113,136,696 95,568,979
Total
Total
113,136,696 95,568,979
north of the city of Lancaster, for $2.741. The difference between the
prices of the properties to be transferred will be paid to the Bell Co. by the --V. 119, p. 1067.
Columbia Co. in cash. The cost of unifying the properties and the value of
-Gas Manufactured, ctc.
Boston Consolidated Gas Co.
property to be retired are estimated by the Columbia Co. at $10,375 and
Total Gas Purchased, Manufactured and Sold, Years Ended December 31.
$17,000 respectively.
-V. 119. D. 200. 696
1922.
1923.
-Bethlehem (Pa.) Foundry & Machine Co.- onds Of- Gas manufactured
5,732,342,000 cu. ft. 6,220,655,000 cu.ft.
Gas purchased
3,785,104.000 Cu. ft. 2,742.610,500 Cu.ft.
Philadelphia, are offering at
fered.-Mackie-Flentz & Co.,
100 and int. $600,00063% 1st (closed) Mtge. Sinking Fund
gold bonds. A circular shows:
Total
9,517,446,000 Cu. ft. 8.963,265,500 Cu. ft.
9,335,337,308 Cu. ft. 8,681,405,000 cu. ft.
Gas sold
Gas Output (in Cubic) Feet) by Months.
payable at Bankers Trust
Dated Oct. 1 1924. Due Oct. 11944. Int,
1924.
1923.
1923.
1924.
Co., New York, trustee, or at E. P. Wilbur Trust Co.. Bethlehem, Pa.
676,068,000 655,823,000
859,695,000 884,461,000 June
Denom.$1.000 c*. Red. as a whole on any int. date at 105 and int. Call- January
600,214,000 615,312,000
802,126,000 804,436,000 July
able by lot for account of sinking fund at 102 and int. Int. paid clear of February
608,054,000 627,170,000
March
809,265,000 846,409,000 August
2% normal Federal income tax. Free of Penna. personal property tax.
724,311,000 697,942,000
730,671,000 742,258,000 September
Security.
-Secured by a closed 1st mtge. on the entire physical assets of April
739,995,000 741,064,000
the company now or hereafter owned. The depreciated value of these May
physical assets as of June 30 1924 is $1,299,363, or over twice the amount -V. 119, p. 78.
Oci. 41924.]
THE CHRONICLE
-Rights-Acquisition, &c.
Borg & Beck Co. of Illinois.
The stockholders on Sept. 29 approved an increase in tne capitalization
from 100,000 shares to 125,000 shares of no par value, the additional stock
to be offered to stockholders of record Oct. 6 at $25 per share to the extent
of one-fourth of their present holdings. Rights will expire Oct. 20. The
issue has been underwritten by a syndicate headed by John Burnham &
Co., Chicago. The proceeds of the sale will be used to acquire the entire
capital stock of A. 0. Norton, Inc., and A. 0. Norton, Ltd. See also
V. 119, p. 1398.
1629
-Acquisition.
(A. M.) Castle & Co.
The company recently acquired control of the Carter Co., San Francisco,
one of the leading jobbers on the Pacific Coast. The Castle company has
moved its offices from the Monadnock building in San Francisco, to the
-V. 113.
Berger & Carter warehouse at 400 Mission St., San Francisco.
TI• 2315.
-Time Extended.
Central Foundry Co.
-V. 119, p. 1175, 1512.
See Universal Pipe & Foundry Co. below.
-Bonds OfCentral Medical Building Philadelphia.
-Stock Sold.
Brown & Williamson Tobacco Co.
Chas. D. Barney & Co. have sold at $10 per share 30,000 fered.-Greenebaum Sons Investment Co., New York, are
offering at 100 and int. $900,000 (closed) 1st Mtge. 6
shares "Class B" Common stock.'
"Class B" shares are similar to the Common stock in all respects except Real Estate bonds, maturing 2 to 10 years.
to pay
that they have no voting power unless the corporation shall fail
dividends thereon for a consecutive period of 18 months. The "Class B"
Common stock shall not be considered under the company's plan providing
for participation by officers and employees in certain profits of the company. Transfer agent, Bankers Trust Co., N. Y. registrar, National Park
Bank. N. Y.
Data From Letter Of F. H. Fries, Winston-Salem, N. C., Sept. 30.
Company.-Incorp. in 1906 in North Carolina as successor to a business
established in 1894. Company is engaged in the manufacture of chewing
tobacco, smoking tobacco and snuff. Its principal chewing tobacco brands
are "Corn Bread," "Kite," "Shot" and "B & W Sun Cured," all of which
enjoy a wide popularity and have a long record of growth. Company is
the largest of the so-called independent snuff manufacturers in the United
States and has three popular snuff brands, the best known of which is
"Tube Rose" (sweet scotch). Plants located in Winston-Salem, N. C.
In addition to 3 large modernly equipped factories company owns large
leaf tobacco storage and redrying plants.
Capitalization Outstanding (After Giving Effect to This Financing).
7% Cumulative Preferred stock (par $100)
8900.000
Common stock (par $10)
75,000 shs.
Common stock, "Class B" (par $10) this issue
30,000 abs.
The authorized capital stock is $5,000,000. The charter provides that
the par value of Preferred stock outstanding may at no time exceed the
combined par value of the Common and "Class B" stocks and surplus
account.
1922.
Earnings1923.
Net profits after taxes
$103,690
$186,504
Net earnings for the year 1923, after deducting dividends on the Preferred
stock outstanding, were equivalent to $1 50 per share (15.1%) on the
Common stock, including this issue of "Class B" shares. For the first 6
months of 1924 the net profits after taxes and Preferred dividends were at
the annual rate of $1 49 per share (14.9%) on the Common and "Class B"
stock, including this issue.
Purpose.
-To retire bank loans, &c.
Dividends.
-"Class B" shares will be placed on a dividend basis of 6%
annually, which is the rate presently being paid on the Common stock.
Balance Sheet as of June 30 1924 (After This Financing).
AssetsLiabilities
Cash
$275,137 Pref. 7% Cumul. stock__ $900,000
Notes receivable
750.000
75,069 Common stock
Accts. rec.-Customers__
300,000
265,429 Com."Class B"stock_ _ _ _
51.064
Inventories
1,008,643 Accounts payable
15,921
Real est., bldgs., mach. &
Dividends payable
13.773
equipment
393,198 Res. for Fed. & local taxes
256,628
Brands,copyrights & form 148,894 Surplus
Impts. to leased prop.,
unexpired insurance, Scc
92,096
Preferred stock in treasury
15,700
Cash res. for redemption
of Preferred stock
13,220
$2,287,385
Total (each side)
California-Oregon Power Co.
-New Plant.
-
Security for these bonds comprises 12-story building of fireproofconstruotion, containing 6 stores and 90 suites of offices. Net income more than
sufficient to pay annual bond issue charges.
-To Issue New Common.
Certain-teed Products Corp.
The stockholders on Sept. 30 empowered the directors to direct the
officers to issue from time to time, all or any number of 340,000 shares of
-V. 119.
Common stock of no par value) at not less than $40 per share.
p. 1285.
-Bonds Called.
Charcoal Iron Co. of America.
-Year 8% gold bonds dated Nov. 1 1921, aggregating
Certain 1st Mtge. 10
$100,000, have been called for redemption Nov. 1 at 111.2961% of par and
-V• 118.
int, at the Bankers Trust Co., trustee, 16 Wall St., N. Y. City.
p. 1778.
Chesapeake & Potomac Tel. Co. of Va.-Acquisition.
-S. C. Commission, on Sept. 23, issued a certificate authorizing the
Toe I.
acquisition by the company of certain properties of.the Cumberland Valley
Telephone Co. of Baltimore City.
By a contract entered into between the applicants on Feb. 15 1924!the
Chesapeake Co. agrees to purchase the properties of the Cumberland Co.in
Winchester and Frederick County, excepting the central office and substation equipment in Winchester, which will be removed by the Cumberland
Co. The price to be paid therefor is $10.000 in cash. No securities will be
issued to effect the proposed acquisition.
-V.109. la• 983.
Childs (Restaurant) Co., N. Y. City.-Lease.The Realty Managers, Inc., has leased to the Childs Co. for a period of
building
30 years the entire store floor, basement and mezzanine in the new premises
at 389 Fifth Ave., northeast corner of 36th St., N. Y. City. The
contain 23,000 sq. ft. of floor space and, it is said, will accommodate more
than 1,000 patrons.'
The company has also leased from the Dyckman Building Corp. the
store, floor and basement at 509 Fifth Ave., between 42d and 4341 Sts.,
N. Y. City. This lease is understood to be on a percentage basis and runs
-V. 119, p. 1285.
for 20 years from Jan. 1 next.
-Listing.
Commonwealth Power Corporation.
The Boston Stock Exchange has authorized for the list 30.000 additional
shares Preferred stock (par $100) and 40,000 additional shares Common
stock (no par value).
Consolidated Balance Sheet, July 31 1924.
I Liabilities
AssetsProp., plant.invest.,&c.$151,851,262 6% Cum.Pref. stock_ _ - $24,000,000
88,45 ,Common stock
0
Inv. in affil.. &c., cos__
0
x2 6°° 0
2,983,228 Pref. stock of sub cos_ __ 31;376: 01
Sink.fds.& spec. depos_
96,419,500
Bond disc. & expenses..
es
7,740.019 Funded debt
1,941275:7901
'
Contracts payable
charges & preDeferred
14
accounts
265,364 Customers deposits_ ___
272,521
2,798,248 Notes payable
Cash
1.739.121
137,543 Accounts payable
Working funds
1,186,186
4,132,716 Accrued interest
U. S. Govt. securities__
1,980.708
Accounts receivable.._ _
3,354,938 Accrued taxes
receivable
141,066 Sundry current liabilities
Notes r
7,505..853
33 392
42,475 Depreciation reserve__ _
Interest receivable
2,118,102
Due on sub.to Pref. stk.
972,348 Other operating reserves
44,699
Materials and supplies
3,703,652 Premium Pref. stock_ _ _
6,863.054
1,4431Surplus
Dividends receivable__ _
The company, through its official publication, "The Volt," says:
"Our new east side power plant at Klamath Falls, Ore., upon which
construction was started the first of the year, became a producer of electric
ener
in August last, having been "put on the line" Aug. 22.
" s plant located on the east bank of Link River, was built to give
improved service to the city of Klamath Falls, an important lumber manufacturing centre, and to augment the production of the company's generating stations. It has a capacity of 4,250 h.p. With it and our west side
plant, also in this city, we are not only equipped to take care of present
$178,212,751
Total
8178,212.751 Total
demands in and about Klamath Falls, but in a position to meet the require- -V.119. p. 1399, 1286.
ments of industrial development in this division for some time to come.
"The installation makes use of 47 feet of the fall in Link River
-so named
-Acquisition.
Community Power 8c Light Co.
because it is the connecting link between Upper Klamath Lake and Lake
-V.119. p. 1175,698
See Union Electric Light & Power Co.(Mo.) below.
Ewauna. The water is brought to the new generating station from Link
River dam, a distance of nearly 4,000 feet.
-Interests Acquire
Connecticut Light & Power Co.
"This generating plant reflects in every detail the creditable expenditure
of over $500,00, the sum required to make this addition to our family of Control of Two Companies.
power plants."
-V. 118, p. 2954.
Control of the Woodbury (Conn.) Electric Co. and the New Milford
by a syndicate composed
Electric Light
Sept.
California Salt Co.
-Bonds Offered.-Mitchum, Tully & (Conn.)stockholders ofCo. was acquired Light 16 Power Co.
of large
the Connecticut
&
Co. San Francisco, are offering at 100 and int. $375,000
The New Milford Electric Light Co. is capitalized at 8150.000 with a
funded debt of $100,000, and has been paying 5% dividends. New officers
'
1st Mtge. 7% gold bonds.
of the New Milford Co. are: Pres., Irvin W. Day; Sec. & Treas., Charles L.
Dated July 11924. Due July 1 1939. Prin. and int. (J. & J.) payable
Emmons.
without deduction for the normal Federal income tax up to 2%. Denom. Campbell; directors, the officers and Verton P. Staub and E. J. Day: Sec.
New officers of the Woodbury Electric Co. are: Pres., Irvin
$500 and 81,000 c*. Red. on any int. date upon 30 days' notice at 105 & Treas.. Charles L. Campbell; directors, the officers and A.W.Campbell.
J.
and int. Wells Fargo Bank & Union Trust Co., San Francisco, trustee.
T. H. Blaikie, E.S. Boyd and Asahel W.Mitchell.(Official.)
Free from personal property tax in the State of California.
Seventy-four Conneticut Light & Power Co. 1st & Ref. Mtge. 7% S. F.
Data from Letter of L. D. Adams,President of the Company.
Gold bonds, Series "A," dated May
of $1,000 each and 9 of $500
Company.-ls the largest producer and refiner on the Pacific Coast of each, have been c died for redemption1 1921, at 110 and int. at the Bankers
vacuum shaker salt, commonly used in domestic table consumption. Trust Co., 16 Wall St., N.Y.city. Nov. 1 p.669.
-v.118,
Company was established in 1902, and has a capacity production of 50,000
tons of salt per year. It produces crystalline sea salt of the highest purity
(J. T.) Connor Co. Boston.
-Sales.
by the solar evaporation process. For this purpose it owns in fee 3,600
Increase.
1923.
(porter Ended Sept. 301924.
acres of highly developed and proven salt land, situated on the southern$178.928
Sales
$3.653,624 $3,474,696
most end of San Francisco Bay, near Alvarado.
There is being erected on the property a new and thoroughly modern -V. 119. p. 1286, 1175.
vacuum refinery for the manufacture of shaker salt, butter salt and the
,
Consolidated Gas Electric Light & Power Co. of Balticoarser grades for commercial uses. This plant will cost $260.000 and is
designed to have a capacity of 200 tons of salt per day.
more.
-President Discusses Earnings Outlook-No Change in
The entire output of the company is absorbed and distributed by the
largest wholesale grocers and jobbers on the Pacific Coast, who market Dividends Contemplated.
Because of rumors in circulation that the company's earnings are running
the product under their own trade marks. Their purchases are made in
compared with $24 last
large quantities, relieving the company of costs incident to an extensive at the rate of $30 a share on the Common stock as
year, the following statement by President H. A. Wagner in the "Gas and
selling organization.
distribution among the employees of
-A first closed mortgage on all of the assets of the company. Electric News" (which is printed for
Security.
including the lands, refinery, field and marine equipment. As of Aug. 13 the company) may be of interest:
the securities of the company which
"Considering the
1924, Smith, Emery & Co., chemical engineers of San Francisco, appraised has for several years high regard forand widely expressed not only in Baltibeen generally
the real estate and field equipment at $626,665. To this should be added more but
throughout a large section of the country, particularly in comthe cost of the new refinery amounting to $260,000,funds for which will be parison with the securities of many other public utilities, the Common stock
escrowed with the trustee pending completion. Physical assets alone have of the company has only recently been selling as high on the market as the
a sound value of 8886,665, while net quick assets amount to $232,072.
which are intrinsically worth
To support this bond issue of $375,000, there are available $1.118.737 stocks of other electric and gas companies
in tangible assets, an amount three times in excess of the issue. Junior to less than ours.
"There has been a growing preference on the part of investors for stocks
the bonds there is $335,000 Cum.8% Pref. stock,'which, together with the of a much lower par value than $100. or of no par value, for the reason
Common stock equity, provides a net worth of 8736,626.
can be acquired for a given
-Audits made covering the past 6 years show an average yearly presumably that a greater number of shares
Earnings.
growing preference on the part of
to
del income of $70,566. These earnings are based on operations of the old amount of money. It wasthe meet this
part of small investors, that the directors
on
factory; the refinery now being erected has a capacity double that of the investors, particularly to the stockholders that the shares of common stock
decided to recommend
old plant, and the management estimates that with only the company's should be spllt into four for one and with no par value. The result of this
present demand provided for the annual earnings should be twice the above is that, assuming the present $100 par value stock to sell for $136 a share.
approximately 5 times maximum interest requirements.
average, or
$34 a share, four shares of the new
-Funds will be largely devoted to the erection of the new re- the new no par value stock would sell for
Purpose.
one of the
finery at Alvarado, with a portion used for working capital and for other equalingrecent rapid old.
advance in the market price of the company's shares
"The
corporate purposes.
management and directors were right in their
-Beginning July 1 1926, bonds in the amount of $15.000 is the best evidence that the would be more popular. The greater popuSinking Fund.
belief that the smaller
will be retired by purchase in the market or by call at not to exceed 105. larity of smaller shares shares publicity which has been given to our stock
and the
The sluicing fun41 progressively increases and will retire 75% of the issue throughout the country by the announcement of this change are the only
before maturity.
reasons, so far as we know, for the marked advance in the market Price,.
which
-Production.
- The market price in itself is evidence and a measure of the regard innow as
Calumet & Arizona Mining Company.
the stock is held by investors generally. People are appreciating
July.
August.
June.
September.
May.
Month of3,802,000 2,732,000 2,346,000 3,332.000 never before the real value of the Common stock of our company as an
Copper output (lbs.)_ -3,448,000
investment for their savings.
-V.119, p. 1175. 697.
"The rise in the market value of the stock is not in response to any change
-New President.
Canadian Industrial Alcohol Co.
for the better in the company's earnings, nor does it represent any change
J. B. Waddell. formerly Vice-President, has been elected President, in internal conditions. As a matter of fact, the earnings for the company
succeeding J. R. Douglas.
-V. 118, p. 3201.
this year will be less than were the earnings last year by reason of the reciuc-
1630
THE CHRONICLE
tion in rates and some falling off in the amount of power used by the large
Industries which are not operating up to their normal capacity, but the
earnings will be amply sufficient to assure the continuance of the present
rate of dividends.
"The management contemplates no change in the rate of dividends to be
paid on the Common shares in the near future. The company's policy of
paying dividends only as earnings and good business judgment warrant and
only as the return on the value of our property allowed by the commission
will permit will not be changed."
-V. 119, p. 1399, 1286.
Consolidated Utilities Co.
-Capital Increase,
[Vol.. 119.
made for a larger number, as some shareholders may fall to exercise their
rights to subscribe. In the event of more than 4,000 shares being applied
for, the directors reserve the right to reduce increased applications to
bring the aggregate total applications to 4,000 shares.
Balance Sheet as at May 31 1924.
Liabilities
AssetsReal est„plant„mach„&c.$3,405,558 Com.stk.(25,000 abs. iss.)$2,000,000
965,335
Patterns, jigs, &c
24,766 Capital surplus
397,468
Cash
14,254 Res, for dept. & renewals_
469,711
Acc'ts & bills rec., less res. 407,656 Bank loans (secured)
Work in progress
69,197 Accounts payable, accrued
249,904
Materials an supplies
145.265 wages, &c
Prepaid instil'. premiums__
15,721
The stockholders on Sept. 25 voted to change the authorized capital
stock, consisting of $2,000,000 Common (par $100) and all outstanding
and $1,300,000 6% Cumul. Pref. stock (par $100), of which $1.100.000
outstanding, to 75,000 shares of Common stock of no par value and $7,500,$4.082.418
Total
84,082,418 Total
000 7% Cumul. Pref. stock (par $100).
Holders of the present 6% Cumul. Pref. stock are asked to present their -V.118. p. 2955.
transfer agent
certificates to the Seaboard National Bank, New York, the
-English Co.Dubilier Condenser & Radio Corp.
for exchange, share for share, for the new 77 Pref. stock. The new stock
London Dubilier Condenser & Radio
• According
may receive dividends from Nov. 1 1924. It is understood that the new Co., td. is to London advices, theof business by reason of great demand
doing a record volume
7% Pref. Is issued in exchange for the 6% Pref. as a consideration for the for Its priaducts in England. It is engaged in production of enormous
wiping out of all accumulated dividends on the old issue.
found it necessary to extend
condensers
and
Except the shares necessary to provide for the exchange under the plan, its facilitiesfor commercial purposes be inhas new plant covering 9 acres of.
and on Jan.
its
none ofthe new stock, it is said, will be issued at this time. The company land where about 900 or 1 1925 willbe employed. Earnings of the English
1,000 will
has under consideration, however, the acquisition of a number of operating company have increased rapidly and outlook is for the largest volume on
Utility properties located in the Middle West, the identity of which it will record. Thus far in 1924 it has been quite impossible to keep up with new
not disclose at this time.
-V. 119. p. 202.
orders on hand with enlarged facilities. The London company has just
,
closed
• Consumers Power Co.(Mich.).
-Definitive Bonds Ready. ducon,a contract for rights to manufacture on a royalty basis, the super
-7.
which is owned by an American company. 1 118, p. 2830.
The company announces that its definitive First Lien & Unifying Mtge.
Series "D" Syi% bonds, due 1954, are now ready at the offioe of the NaDuquesne Light Co., Pittsburgh.-Pref. Stock Offered.
tional City Bank of New York, trustee, and will be delivered in exchange for
outstanding temporary bonds. (For offering of bonds,see V. 118, p. 1778.) -Lee, Higginson & Co., Ladenburg, Thalmann & Co. and
-V. 119, p. 698.
Hayden,Stone & Co., New York are offering at 106 and diva.
Continental Gas & Electric Corp.
-Utility Merger.
- yielding 6.60%, $15,000,000 1st Pref. (a. & d.) stock, 7%
See United Light & Power Co. under railroads above.
Cumul., Series "A," par $100.
President Rufus E. Lee announces that the corporation has acquired
-M. Callable, all or part, at 115 and dlys. First Prof.
Divs. payable Q.
control of the Lincoln (Neb.) Traction Co. The purchase is subject to stock now outstanding is listed and application will be made to list this
the approval of the Nebraska Railway Commission. The Lincoln TracProf. stock on the New York Stock Exchange. Exempt
tion Co. owns and operates the Lincoln street railway system, supplies additional 1st Pennsylvania four-mills personal property tax. Free of
steam heat for the business district of Lincoln. Neb.. and sells electric light from present Federal income tax. Registrars, First National Bank, New
present normal
and power service.
-V. 119, p. 1286.
York. and Fidelity Title & Trust Co. Pittsbrugh. Transfer agents.
Continental Motors Corp., Detroit.
-Regular Dividend. Chase National Bank of New York and Union Trust Co.. Pittsburgh.
At a meeting of the board, held Sept. 30, authorization was given for the
Data from Letter of Pres. A. W.Thompson, Sept. 29:
payment of the regular quarterly dividend at the annual rate of 80 cents a
C(mtpany.-Incorporated in Pennsylvania in 1903. Does substantially
share on the Common stock. With the payment of this dividend the comand in
pany will have paid out $1,056,507 in Common dividends since Jan. 1. all the commercial electric light and power business in Pittsburgh
The properties
The dividend which is the 29th to be paid by the company, is payable the greater part of Allegheny and Beaver Counties, Pa. system and are
single interconnecting
operated by the company form a
Oct. 30 to holders of record Oct. 18.-17. 119, p. 329.
owned in fee or controlled through long-term lease or stock ownership.
The territory served has an area of approximately 1,000 square miles, inCorn Products Refining Co.
-Bonds Called.
in excess
All of the outstanding 25
-Year 5% S. F. Gold bonds, dated Nov. 11906, cludes the heart of the Pittsburgh district and has a population
of 1.300,000.
have been called for payment Nov. 1 at par and int. at the Title Guarantee
constituting the company system include power plants
The properties
& Trust Co., trustee, 1. Broadway, N. Y. City.
76
-V. 119, p. 460.
of 395,000 h. p. aggregate installed rated generating capacity 180 substations, 970 miles of transmission lines, and 12.400 miles of distribution
Cosden & Co.
-Buys Taxman Refining Co.
The company, according to a Kansas City, Mo., dispatch of Sept. 29, lines. The main power plants of the company system are: (a) its Brunot
states that the sale of the Taxman Refining Co. of Kansas City, said Island generating station of 160,000 h. p. capacity on the Ohio River:
201.000
to be the largest wholesale distributor of gasoline in the United States, in the City of Pittsburgh, and (b) it Colfax generating station of
the Allegheny
to Cosden & Co. has been announced by Pres. M. Taxman, who said h.p.present capacity, with 400,000 h.p. ultimate capacity,on
River within 13 miles of the business centre of Pittsburgh.
the deal was for "more than $1,000,000." The Taxman company has
Company as of Aug. 31 1924 had in service 213.381 customers' meters
acted as distributor of the Cosden products for several years. For the
present conlast three years. it is said, the sales have averaged $22,000,000 annually. and current was being supplied to 198,427 customers. The
The Taxman Refining Co. is to be reorganized under the name of the nected load is about 466,228 kilowatts, and the electrical output of the
Cosden Sales Corp. No financing will be required in connection with this system in the year ended Aug. 31 1924 was 1.064.829.780k. w. hours. and
The company system. in addition to its extensive general lighting to
development,it is stated. The purchase will result in Cosden & Co. dealing
municipal lighting purposes
direct with customers with respect to a large part of its output.
-V. 119, power business, furnishes electricity for
the City of Pittsburgh. and supplies all power and light required for trans698, 329.
p.
Pittsburgh Railways and affiliated electric
portation purposes by the
Cuban-Dominican Sugar Co.
-Merger Negotiations.
- railway properties in and around Pittsburgh. for capital expenditures in
-Proceeds will provide money
Purpose.
The Boston "News Bureau" Sept. 23 says: Plans for consolidation of
three sugar companies operating mills in Cuba and Santo Domingo are carrying out the major part of the company's budgeted program of exincluding
under consideration. Bankers interested are understood to have gone so pansion of facilities and service for the year 1925, with other new subadditions
far as to start appraisals. Companies to be merged are expected to be stations, extensions and enlarged transmission service,
Cuban-Dominican Sugar Co.. Sugar Estates of Oriente, Inc., and West and improvements to the company's property.
Authorized. Outstanding.
India Sugar Finance Corp. The latter owns all Common stock of Sugar
Capitalization)$100,000,0001 $31,718,500
Estates of Oriente. Inc.
1st Mtge. & Coll. Trust Series "A" 6s
10,000.000
If the plan is carried through, the combined properties will have an
Series "B" 514s
do
1,700,000
(Closed)
annual capacity of 2,000,000 bags, second only to Cuba Cane Sugar's Bonds of leased co. outstanding with public*._ _
20,000
yearly outturn.
(purchase money) mortgages
Real estate
Capitalization of companies mentioned is as follows:
1st Pref. stock, Ser. "A, 7% cumul. (incl.
150,000.000 30,000,000
CubanSugar
West
this issue)
Dominican. Estates.
India.
Partic.(2d) Prof. stock, Series "A,"8% cumul.
10,000,000
125,000,000
Funded debt
$5.850,000
and Participating
25,000.000 20,000,000
Subsidiaries' bonds
$3,500.000 2,250,000
Common stock
R.E.& P. N. mortgages
2.445,590
740,667
Preferred stocks
8,201,220 4,000,000 $5,628,000
*Additional bonds of subsid. cos. to the face amount of $295.000 are
Common shares
x1,035,517
x600,000 y3,745,500 pledged under the indenture securing the company 1st Mtge. & Coll. Trust
rebond*, and to the face amount of $1.000,000 are pledged under theand
x Shares of no par value. y Shares of $100 par value.
spective indentures securing the Philadelphia Co.'s let Mtge. due 1949 the
has purchased
Recent strength in Cuban-Dominican issues was attributed to promised Consol. Mtge. due 1951. As the Duquesne Light Co.
merger. Preferred has risen from a low of 41 this year to a current price last-mentioned $1.000,000 bonds subiect to their delivery from under the
of 50; the Common, now selling at 7, is three points above its 1924 low.
liens of the Philadelphia Co. mortgages, none of these bonds, aggregating
Santo Domingo properties of Cuban-Dominican Sugar Co. consist of $1,295.000, is interest-bearing from the standpoint of the Duquesne
three mills, comprising 125,000 acres. In Cuba the company owns two Light Co.
mills and 35,000 acres. In year ended Sept. 30 last production totaled
Assels.-Net tangible assets of company, as of Aug. 31 1924, including
587.696 bags. Sugar Estates of Oriente owns and operates four mills proceeds of present financing. after deducting all liabilities other than
in Cuba, which produced 844,643 bags last year.
-V. 118, p. 207, 89.
capital stock, amount to $62,257,096. or $207 per share of 1st Prof. stock.
Year End.
Calendar Years
(Thomas) Cusack Co., Chicago.
-New Control.
Aug.31'24.
1923.
1922.
1921.
Earnings.
The company has passed to new controlling interests. Walker & Roberts, Gros* earnings
$16.092,270 $16,928,746 $19,383,623 $20,025,638
Inc., who conducted the negotiations, stated that the control of the capital Net income available for
stock has been purchased by a New York banking syndicate. It is stated
4,232,734
4,879.724 5,178,446
Preferred dividends_ _ 4,032,977
that an offering of bonds and stock is expected shortly by a syndicate
Net income of $5,178,464 available for dividends for the year ended
headed by Blair Sic Co.,Inc. The company is the largest outdoor advertising
,
Aug. 31 1924 was approximately 21 times the $2,100.000 dividend requiresystem ill the world, with plants and equipments for outdoor displays
-V. 119. p. 1069.
covering the United States and Canada. Thomas Cusack started the ment on the 1st Prof. stock, including this issue.
• business with nominal capital in 1875 and built up an individual enterprise
1.1115ITS7 Rubber Co., Ltd., Eng.-Reorganization.Into the present company, whose revenues last year were more than $22.The proposals of the committee which was appointed in June lastvat
000,000. The company's balance sheet shows assets of $23.000,000.
the board in the task
After half a century of tireless application to the business he now retires the annual meeting of the company to confer withcompany's capital, are
of drafting a new scheme of reorganization of the
from the presidency.
-V. 118. p. 1916.
outlined below. The previous scheme was defeated, owing, very largely,
to the opposition of the Parent Tyre Co., which has a majority holding a
Delaware Lackawanna & Western Coal Co.
J. F. Bermingham, who resigned as a director last week, will continue the Dunlop "C" Preference shares.
-The present shar capital of the company amounts to
Present Capital.
as President. The election of Charles C. Smith to the board to succeed
unissued
Mr. Bermingham is said to represent interests which have recently acquired £20,000,000. of which £19,891,314 is issued and £108,686 is
(including 13.319 forfetiecl shares), made up as follows:
a substantial interest in the company.
-V. 119, p. 1513.
£1 each (with right to
1,000,000 634% "A" Preference shares of
participate in surplus profits to extent of an additional ) %)- -£1,000,000
-Extra Dividend.
Detroit Motor Bus Co.
The directors have &clued an extra cash dividend of 1%, and the regu- 1,000,000 7% "B- Preference shares of £1 each (with right to 1,000.000
,
Participate in surplus profits to extent of an additional 56 %)
lar quarterly cash dividend of 2%, both payable Oct. 15 to holders of record
3,000,000 8% "C" Preference shares of Cl each (with right to 3,000,000
Sept. 30.-V. 118. p. 3202.
an additional 1%) participate in surplus profits to extent of
Dome Mines Ltd.
14,891.314 ordinary shares of .£1 each (after deducting 13,31914.891,314
-Gold Production.
forfeited shares)
Month ofJune.
July.
May.
September. August.
Gold production (value)__$360,968 $369,032 $361,994 $360,750 $371,055
Total Deficiency.
-The accounts for the year ended Aug. 31 1921 revealed
-V.119. p. 1176. 698.
heavy losses, and subsequent profits up to June 30 1922 have been applied
to the reduction of the adverse balance in the profit and loss account.
Dominion Engineering Works, Ltd.
-Rights, &c.
In addition, however, to this adverse balance, there are several important
Shareholders are in receipt of a circular letter which says in part:
Items in the balance sheet which directors consider stand at figures in
In the circular letter addressed to the shareholders of the old company, excess of present values, and in order to bring the capital of the company
dated May 2 1924. wherein the scheme of reorganization was outlined, it into relation with the true value of its assets. It is necessary to cancel
was stated:
capital. The total deficiency amounts to £11,353,667. made up as follows:
"To provide additionalfworking capital, the new company will offer to its Adverse balance of profit and loss accrued at June 30 1922---- £7.731.739
shareholders ratably 4,000 common shares ($400,000) at par on the basis Depreciation in the value of the company's holdings in sub4,516,787
of one share for each five held by them in the capital stock of the new
sidiaries and American company. &c
company."
241.855
Expenses of new capital issues including debenture stock
92,457
21.:. the meeting of the directors Sept. 16, it was decided to now proceed Reduction in value of land and plant
to offer the 4,000 Common shares to shareholders at par, payable as follows:
£12,582,838
25% on Nov. 1 1924. 25% on Dec. 1 1924, 25% on Jan. 2 1925, 25% on
Total
Feb. 2 1925.
1,229,171
Less balance of reserve fund
While the shareholders have the right to subscribe for the shares on the
basis of one share for each five shares held by them, applications may be
£11,353,667
Balance
OCT. 4 1924.]
TUE
1631
CHRONICLE
-This deficiency of
Write-down of Ordinary and Preference Shares.
S11.353,667 would normally fall upon the Ordinary shareholders, but
having regard to the special circumstances of the case.it is thought right
to ask for some concession from the Preference shareholders.
The Ordinary shareholders are asked to write down their shares to a
nominal value of 6s. 8d. per share, which disposes of the bulk of the deficiency.
The holders of Preference shares of all classes are asked to surrender
%
their contingent rights to participate in surplus profits, namely.
in the case of the"A"and "B"shares,and 1% in the case of the"C"shares.
The holders of the "C" Preference shares are asked to consent to a
reduction of their capital from 13,000,000 to 12,400,000 with the condition that the dividend on such shares shall be 10% per annum calculated
on the reduced amount of 12,400,000 (which is equal in amount to 8%
on the original nominal amount of /3,000,000). and that in the event of
a winding up of the company, such shares shall rank (subsequent to the
"A" and "B" Preference shares but in priority to the Ordinary shares)
as having a nominal value of 13,000,000 for the purposes of a return of
capital.
-The Preference shareholders will receive. In
Dividends in Arrears.
respect of their arrears of dividend down to Dec. 31 1923. amounting to
£1,126,250 (before deduction of income tax), dividends of the following
amounts:
• "A" 3s. 8.903d. per share (less income tax of 4s. 6d.), equal to 2s. 10.8d.
per share net.
"B"3s.8.903 d. per share (less income tax at 4s. 6d.), equal to 2s. 10.8d.
per share net.
"C"4s. 0.516d. per share (less income tax at 45. 6d.), equal to 35. 1.6d.
per share net.
The following table sets out the arrears due to each class and the extent
to which it is proposed to satisfy them:
P. C.
Net Amt.
of
of Above
Gross
Tax
Net
Divs. Arrears.
Arrears.
at 4s. 6d. Arrears.
95.13
1145,000
£152,417
£44,250
£196,667
41OBO•
88.2
145,000
212,083
, 164,365
47,718
84.5
470.000
556,062
717.500
161,438
£760,000
/1,126,250
£872.844
£253,406
Short-term Debentures.
-In order that these dividends may be paid without impairing the cash resources of the company, it is intended to issue
in due course about /800,000 short-term second debentures to be redeemed by a sinking fund created for that purpose, but an increase in
the borrowing powers of the directors will be necessary for this purpose.
The reduction of the nominal value of the "C" Preference shares by
£600,000 renders it possible to pay the above-mentioned dividends without
reducing the nominal value of the Ordinary shares by more than 135. 4d
per share, and it is for this reason that such reduction of the nominal
value of these "C" Preference shares is proposed.
Ordinary Shares.
-The present issued ordinary capital consists of 14,891,314 shares of El each, which it is proposed to reduce to 6s. 8d. per
share. There are a further 108,686 unissued shares of El each which will
be subdivided into 326,058 shares of 6s. 8d. each, making the total number
of Ordinary shares of 6s. 8d each, authorized under the scheme, 15.217.372,
equal to £5,072,457 1-3. The Preference shares will have a nominal
value of 14,400.000, making a total of £9,472,457 1-3, representing the
reduced capital of the company.
Re-Increase of Capital.
-In order to conserve the benefits from capital
duty paid in the past, it is proposed to re-increase the share capital of the
company by £10.527,542 2-3 by the creation of 31,582,628 new Ordinary
shares of6s. 8d. each, thus restoring the nominal share capital to it existing
nominal amount
-namely, £20,000,000. If this increase is effected as
part of the scheme of capital reduction, the board is advised that no capital
duty will be payable.
If the scheme is adopted by the shareholders and is sanctioned by the
court, the company's share capital will be as follows:
11,000,000
1,000,000"A" Preference shares of 11 each
1,000,000
1,000.000"B" Preference shares of El each
3,000,000"C"Preference shares of 16s. each
2,400,000
14,891,314 Ordinary shares of 65. 8d
4,963,771 1-3
int. Int. payable without deduction for that portion of Federal income
tax not in excess of 2%. Refund of the Pennsylvania and Connecticut
four-mills tax. Maryland 4A-rains tax, District of Columbia five-mills
tax and Massachusetts income tax not to exceed 6)4%. Frederick J.
Horne, co-trustee. Authorized, $1,500.000.
Location.
-The Ferry Station Post Office will be located at the intersection of Washington and Merchant Sts., and the Embarcadero. San
Francisco. in the downtown business district of the city. The location
faces the Ferry Station and is within a few hundred feet of the intersection
of Market St., the main business thoroughfare of the city, and the Embarcadero, the entrance to San Francisco for rail and water transportation.
Building.
-The building will consist of four stories and basement of the
monumental type of architecture most suited for a Government posf office
and will be of modern concrete, steel and brick fireproof construction.
Foundations and columns are designed to permit the construction of two
additional stories when the Government may require such space to increase
post office facilities. This structure will be the largest building leased to the
Post Office Department west of Chicago. The San Francisco Post Ofice
Department estimates that more than 95% of the mail and parcel post for
San Francisco will pass through this building. The net rentable area is
over 142.500 sq. ft.
Security.
-Secured by a first mortgage on the land and building owned
in fee, having a frontage of 141.7 ft. on the Embarcadero, a frontage of
289.6 ft. on Merchant St. and a frontage of 206.8 ft. en Washington St.
The properties have been independently appraised at a value substantially
in excess of this loan.
Earninas.-The U.S. Government has contracted for a lease of the entire
building for a period extending beyond the maturity of these bonds, at an
annual rental of $107,300. The Government will furnish heat, light,
water and maintenance of equipment at its own expense. reducing the
operating expenses of this building to the minimum.
The contract with the U. S. Government grants the Post Office Department an option to purchase this property at the end of five years for $1.223,000. at which time, as a result of the operation of the sinking fund,
there will be outstanding bonds in an amount less than 1851,000: also, an
option to purchase at the end of ten years for $1,183,000. at which time
there will be outstanding bonds in an amount less than $652,000. The
Government also has an option of renewing the lease for another ten years
,
and purchasing the property at the end of 20 years for $1.063.000.
Sinking Fund.
-The mortgage securing these bonds will provide for a
quarterly sinking fund to begin April 15 1925. The trustee will collect the
quarterly rentals and will reserve from such rentals $87,500 annually for
the account of sinking fund and interest. The operation of this sinking
fund, through purhcase in the open market or redemption, will reduce
this present issue to less than $652.000 at maturity.
Ford Motor Co. of Canada, Ltd.
-10% Cash Dividend.
A 10% cash dividend has been declared on the outstanding $7,000,000
capital stock, par $100. payable Nov. 15 to stockholders of record Nov. 5.
A like amount was paid Nov. 15 1923. Distributions of 15% each were
made in June and Nov. 1921 and in July and Oct. 1922.-V. 119, p. 1287.
Foundation Co.
-Stock Subscribed.
Robinson & Co. announce that the 10.000 shares of $7 Prof. stock.
recently underwritten by them, has been sold and that amount has been
converted by the holders into Common stock of the'company reserved
for that purpose. An additional issue of 10,000 shares of Common stock.
which also was underwritten by them, has been subscribed for by the
stockholders of the company.
-V.119, P. 1069.
-Annual Report.Francisco Sugar Co.
Year Ended June 30Operating income
Operating expenses
Operating profit
Prem. on capital stock sold, &c
Interest received
1924.
1923.
14128222;996
$10,483,418 $9.146.796
8. 34.426 6,741,326
1
3,236.507
$2,348.992 $2,405,470
120.969
104,630
$846,490
125.458
84,121
Total income
$2.469.961 32.510,099 31.056,068
Deduct-Int$476,361
rest and discount paid
$559.897
$494.649
Depreciation of plant & machinery
530,000
475.000
445,000
Reserve for Colonos accounts_ 175,000
200,000
Res. for U. S. and Cuban income
tax and miscellaneous charges_ _ _
183.506
103,228
80,056
Dividends
325,000
100.000
92,500
Total issued
£9,363,771 1-3
Leaving unissued 31,908.686 Ordinary shares of68.8d.each -10,636,228 2-3
The deficiency on capital account of £11,353,667 will be met by
(a) Appropriating the forfeited share account
£4,332
(b) Appropriating balance of profits for the 18 months ended
Dec.311923, after providing for the dividend arrears as above
Balance
$860,312
$991,697 def.$56,137
proposed on the "A,' "B,' and '0' Preference shares, and
-V. 117. D. 1998
.
crediting the tax deducted therefrom
691.792
(c) Cancelling share capital to the extent of: (1) 4s. a share in
General Motors Corp.
-Sales Organization Transferred.
respect of 3,000,000 issued "0" Preference shares, /600,000,
President Alfred P. Sloan Jr. announces that effective Oct. 1 the Klaxon
and (2) 138.4d.a share in respect of 14.891,314 issued Ordinary
Co. sales operation has been transferred from Newark, N. J., to Anderson,
shares. £9,927,543
10,527,543 Ind. I. J. Reuter, general manager of the Remy division of General Motors,
(d) Transfer to good-will
130.000 has been made President of Klaxon Co.. the sales organization. R. W.
Consolidated Balance Sheet (Including America) After Reconstruction as at Wilkinson. who in the past has handled the sales of Klaxon horns with the
jobbing industry, will continue in that position -V. 119. p. 1513.
Dec. 31 1923.
Assets.
Liabilities.
Ginter Co. Boston.
-Common Dividends.
Freehold & leasehold land
6%"A"Pref.shares_ _ £1,000,000
The directors have declared a regular quarterly dividend of 3734c. a share
and buildings, plant,
7%" Pref.shares_ _- 1,000,000
B"
machinery, &c
£9,064,229 10% "0" Pref.shares__ - 2.400,000 on the Common stock (no par value) and a dividend of 83.4c. a share on
as a
Rubber estates
2,019,014 Ordinary shares
4,963.771 the issueOct. pro rata payment for the period from July 1 to July 20. both
payable
20 to holders of record Oct. 10. See also V. 119, p.79,817.
Sundry debtors, less res. 1,127.005 Shares In sub. cos. not
Stocks as certified
4,191,247
owned
863,893
Gordon Ironside & FaresCo.,Ltd.
-Receivership Probable..
Cash & bills, including
Deb. stock, British
3,000,000
The holders of the 6% First Mtge. 15-Year Sinking Fund gold bonds
War Loan
1,259.329
3,260,258 will meet Oct.9 for the purpose of considering and dealing with the
do American
following
Investments
69,399 Income stock issued...._
96,279 matters. (1) The steps already taken or
taken by the trustee to
Debenture sink. fund--184,523 Sundry creditors
52,137,251 enforce the security by suit in the courtsto be the appointment
and
by the
Good-will
481.417
courts of the Standard Trusts Co. as receiver. (2) Such report of
Exp.of Amer.deb.issue_
325,291
Total (each side)
£18,721,453 committee of the bondholders appointed by resolution passed at the
the
meeting of bondholders held on Feb. 28 1922, as may be submitted
x Including £760.000 dividend arrears.
-V. 115. p. 2690.
to the meeting by the committee. (3) The steps (if any) to be taken
for the protection and pre iervation of the mortgaged premises
Eastern Pennsylvania Power Co.
-Merger.
constituting the security for the bonds, and instructions to be given
See New Jersey Power & Light Co. below.
-V. 102. p. 2257.
to the trustee as to enforcement of payment of principal and interest
due in respect of the bonds and the realization of the security. (4) InstrucElectrical Securities Corp.
-Tenders.
tions to the trustee with respect to obtaining a release from the company
The Guaranty Trust Co., 140 Broadway, N. Y. City, trustee, will until
Oct. 10 receive bids for the sale to it of 13th and 14th Series Collateral of its equity in the mortgaged premises, and in such event the action to be
Trust S. F.5% bonds,to amounts sufficient to exhaust $47,640 ad $86,020, taken by the trustee in realizing upon the mortgaged premises.-V.112.p.262.
respectively, at prices not exceeding 103 and Int.-V. 119, p. 330.
Hershey Chocolate Co.
-Bonds Called.
Certain 1st Mtge. Sinking Fund 6% gold bonds dated Nov. 1 1922
Empire Coke Co.
-New Control.
gregating $375,000) have been called for payment Nov. 1 at 104 and(ag- •
int.
It was recently announced by E. H. Palmer, President of the Empire at the National City Bank of New Yorlc, 55 Wall St., N. Y. City.
Gas & Electric Co., that his controlling interest in the Empire Coke Co. V. 118. p. 1527.
has been contracted to be sold to E. L. Phillips and G. W'. Olmstead of
Hodgman Rubber Co.
New York -V. 119. p. 140..
-Creditors' Committee.
A creditors' committee has been formed for the purpose of effecting a
Eureka Pipe Line Co.
-Dividend Decreased.
-Earnings. reorganization of the company. The committee consists of Frederick B.
The directors have declared a dividend of 1% on the outstanding Schell, Edward F. Murray, John C. Davis and Henry Weber.
-V. 119.
$5,000,000 capital stock, par $100. payable Nov. 1 to holders of record p. 1514.
Oct. 15. In each of the preceding four quarters the company paid 2%.
(R.) Hoe & Co., Inc.
-Edward B. Smith &
-Stock Sold.
8 Mos.End.
Calendar Years-Co. and Dominick & Dominick have sold at $50 per share
Aug. 31 '24.
1923.
Results for1922.
1921.
$84.692
3324.507 • $632.603
Profits
$426.339 80,000 shares Class "A" stock (preferred and participating)
(6%)300,000 (11)550,001(8%)400,001 (10)500,001
Dividends
of no par value.
def$215.308 def$225,494 sur$232.602 def$73,662
Balance
-V. 118, p. 670, 557; V. 117, p. 1467.
Fafnir Bearing Co., New Britain, Conn.
-Stock Div.
-
The stockholders will vote shortly on increasing the authorized Capital
stock from $1,500,000 (all outstanding) to 33,000.000, par $25. It is
proposed to distribute the additional stock as a 100% stock dividend.
Ferry Station Post Office (Ferry Station Post Office,
-Bonds Sold.
Inc.), San Francisco.
-P, W. Chapman &
Co., Inc., have sold at 100 and int. $1,000,000 1st Mtge,
6% Sinking Fund Gold bods.
Principal and interest (A. & 0.) payable at New York Trust Co., New
York, trustee. Denom. $1,000, $500 and $100c8 Red. in part for
.
sinking fund purposes on any int. date upon 30 days' notice, to and incl.
Oct. 15 1929 at 103 and int.; thereafter but not incl. Oct. 15 1934, at 101
and int. Red. as a whole on any int. date upon 30 days' notice at 101 and
Entitled to cumulative divs. of $4 per share per annum before any
Common div.: after Common stock has received $160,000, both
classes
of stock share, as classes, in any further appropriations for divs. in
any
Year in the proportions of one-third to Class "A" stock and
two-thirds
to Common stock. until Class "A" stock has received a maximum
of $7
per share in all. Divs. payable Q.
-J. Non-voting, except in case of
four
quarterly dividends being in arrears. Red.. all or part, at $65 per share
and diva. Entitled on voluntary liquidation to $65 per share and
divs.
and on involuntary liquidation to $60 per share and divs. before
any
tribution on Common stock. Transfer agent, Grace National
Bank,
Registrar, Guaranty Trust Co., New York.
Listing.
-Application will be made to list stock on the New York
Stock
Capitalization
Authorized.
Outstanding.
Class "A" stock (no par value)
100,000 shs.
80,000 abs.
Common stock (no par value)
160,000 shs.
160,000 shs.
1st Mtge.6Hs, Series "A." due 1934
$6 000 000
*
* Balance issuable only under the conservative
restrictions' of the
:
mortgage.
1632
[VOL. 119.
THE CHRONICLE
Data from Letter of Pres. Richard Kelly, Sept. 29.
Company.
-Business was founded over 100 years ago, about 1818, and
has been developed into the largest manufacturer of newspgper printing
presses in the world. Company also manufactures other important types
of printing machinery and has a large and stable business in repairs and
renewal parts. The majority of large newspapers throughout the world
are printed on Hoe presses, among the leading users being the following:
Baltimore "Sun," Boston "Post." Chicago "Daily News," Curtis Publishing Co., He trst Publications, New York "Times," New York "HeraldTribune." Philadelphia "Public Ledger," Philadelphia "Bulletin," London
"Times," Paris "Petit Parisien," Tokio "Daily News."
Unfilled orders now on the books represent over 12 months' output at
present capacity.
Company's plants are located in New York City and Dunellen, N. J.,
and the plant of the British subsidiary, R. Hoe & Co., Ltd., in London.
Recent additions and improvements nearing completion increase manufacturing space about one-third, but have not yet been reflected in earnings.
Purpose.
-The Class"A"stock, together with $4.500,000 1st Mtge. bonds
and 160,000 shares of Common stock,is to be issued by R. Hoe & Co.. Inc.,
a successor corporation, in connection with its purchase of the assets and
business of R. Floe Sr Co.
-Calendar Years.
Consolidated Statement of Net Earnings
[Available for bond sinking fund and dividends, after depreciation,
Interest charges under the new capitalization, and all taxes.)
$444.77111922
$993,904
3714.648 11920
,
1918
765,06211923
1,016,335
969.476 1921
1919
Average net earnings or the six years, after deduction of annual sinking
fund of $135,000 on bonds were $682,366. to over twice Class "A" dividends
of $4 per share, while 1923 earnings were over 23 times such dividends.
After deduction of initial dividends of $160,000 on the Common stock,
the proportion of 1923 earnings applicable to dividends on the Class "A"
stock in excess of$4 per share was $133,778,or sufficient to pay an additional
dividend of $1 70 per share.
Consolidated Balance Sheet as of June 30 1924 (Adjusted to Give Effect to the
Present Refinancing).
Liabilities.
Assets.
Capital and surplus_ _ _ _46,946,406
Real estate, plants, pat$6.108,518 1st Mtge.6%% bonds__ 4,500.000
terns, Arc
7,405 Notes payable
304,000
Patents
387,156 Accounts payable
352,656
Cash & U. S. Govt. secs_
Customers adv. on contr
186,336
Accts. & notes rec. (less
2,937,676 Accrued taxes & expenses
448.595
reserve)
3,701,746 Contingent reserves
522.700
Inventories
44,491 Deferred credits
Miscellaneous
11,926
85,627
Prepaid ins., taxes & exp.
Total
$13,272,619
$13,272,619
Total
x Represented by Class"A"stock,80,000shares; Common stock., 160,000
shares.
In New York, Philadelphia, Boston, Pittsburgh and Kansas City. Its
subsidiary. Kraft Cheese Co. of Wisconsin, all of whose capital stock is
owned, is engaged principally in purchasing bulk cheese in the State of
Wisconsin. The Canadian business is handled through the Kraft
-Mac
Laren Cheese Co., Ltd.. of Canada, 60% of whose capital stock is owned
by the company.
Sinking Fund.
-Beginning April 11926, the company will retire, by purchase or redemption, principal amounts of these debentures varying from
$62,500 to $150,000 each six months and aggregating sufficient to retire
this entire issue by maturity.
Combined Sales and Net Profits, Years Ended March 31.
Net Before
Net after All
Interest and
Taxes but
Federal Taxes. Before Int.
Net Sales.
1924
$932.634
$23,754,546
$1,061,394
1923
28085
:5 4
16
18,290.167
981.921
322,450
863
11,014,480
19The maximum annual interest requirements on these debentures will be
22
$120.000.
CapitalizationAuthorized. Outstanding.
Preferred stock, 8% cumulative
$2,000,000 $2,000,000
Common stock (par $25)
8,000,000 x2,690.375
2.000.000
Ten-Year 6% Sinking Fund Gold Debentures
2,000.000
x Not including amount held in the company's treasury available for
purchase under terms of detachable warrants.
-Proceeds will be used to fund in part the current indebtedness.
Purpose.
Consolidated Balance Sheet as of July 31 1924.
[After giving effect to proposed consolidation and financing.)
Assets
Liabilities
Leaseholds and improv'ts- $235.9108% Cumul. Pref. stock_ _ _$2.000.000
Plants & equip.(less depr.) 855,879 Common stock
2,690,375
Patents, trade-marks and
-Year 6.7. debentures_ _ _ 2,000,000
10
goodwill
1,000,900 Notes payable
857,618
479,222 Accounts payable
Cash
750,664
Notes & acc'ts rec.,less res. 1,460,129 Reserve for Federal taxes_
144,529
4.248,718 Pref. stock dividends and
Inventories
315,397 Interest accrued
Investments
23.987
239.879 Surplus
Def'd chgs. & prepaid exp_
368,862
Total
$8,836,035
Total
$8.836,035
-New Director.
Lake Superior Corporation.
James Howson has been elected a d rector, succeeding Franklin G. Colby,
-V. 119, p. 1177. 110.
who will still retain his interest in the corporation.
-Bonds Offered.-Stix & Co.
(Gerard B.) Lambert Co.
and L. E. Anderson & Co., St. Louis, are offering at 101 and
:
int. for all maturities yielding from 5.80% to 6.37%,
$400,000 1st Mtge. Senal 63/3'70 bonds.
Dated Oct. 1 1924. Due serially April 1 1926 to 1936, both inclusive.
Denom. $1,000 and $500 c*. Prin. and semi-ann. int. (A. & 0.) payable
at National Bank of Commerce, St. Louis. Red. at 101% and int. on any
int. date upon 60 days' notice. National Bank of Commerce in St. Louis
and Oliver J. Anderson, St. Louis, trustees.
Company.
-Is one of the largest and most successful planting companies in
the State of Arkansas. Owns and operates 20.540 acres of land in Phillips
and Monroe counties, over 4.000 acres of which are now in cultivation.
Company is incorp. for $1.000,000, fully paid. Company proposes to
place additional acreage in cultivation as soon as possible. At the present
-September Output.
Hupp Motor Car Co.
time approximately 16,000 acres of the property is wooded with cypress,
Sept. 1924.
Aug. 1924.
Sept. 1923. gum and oak timber. This timber is well distributed and by a recent measMonth of3,034 cars
2,721 cars
Production
3,529 cars urement has been estimated to contain 35,000,000 board feet. The build-V.119. p. 1514, 1401.
ings included in the mortgage include five managers' residences, a commissary building, three large barns, a hotel, a fireproof cotton gin. 115 tenant
-Extra Dividend.
Hurley Machine Co., Chicago.
houses and the necessary cotton houses and outbuildings. The plantation
The directors have declared an extra dividend of 25c. a share on the Com- Is well equipped with livestock,tractors and all necessary farm machinery.
mon stock of no par value. in addition to the regular quarterly dividend of
Security -Secured by a first deed of trust on 20,540 acres of fertile agrishare, both payable Oct. 15 to holders of record Oct. 10. The previous cultural land and the improvements thereon, owned in fee by the company,
$I a
-V. 119, p. 1070.
extra dividend was 23% in stock, paid in Jan. last.
and situated in the western portion of Phillips County and the southern
portion of Monroe County. together with six miles of standard gauge rail--Earnings.
Hydraulic Steel Co.
road running from Elaine to the property. The property forms a contiguThe company for eight months ended June 30 showed a profit available ous body of approximately 32 square miles. This property was purchased
interest of $269.767, according to the report filed in Federal Court. by the company in 1912 for $515,787. and since that time approximately
for
The profit and loss account showed a deficit of $3,559,603. Net sales in $700,000 has been expended for improvements and development.
eight months totaled $3,936,029.
The President and largest stockholder is Gerard B. Lambert of St. Louis,
Balance Sheet June 30 1924.
Mo. Mr. Lambert is also the President of the Lambert Pharmacal Co. of
St. Louis, manufacturers of "Listerine." Other stockholders and officers
Liabilities
Assets
$498,680 Receiver's liabilities
Cash
$166.808 include Arthur H. Lowe, a director of the Equitable Life Assurance Co.,
439,659 Company's liabilities_
Receivables
4.071,070 New York, and E. M. Allen, a director of the People's Savings Bank &
877,629 Reserves
Inventory
320,885 Trust Co. of Helena, Ark.
201,605 Preferred stock
Other assets
5,998,900
Lehigh Coal & Navigation Co.
-Sub. Co. Valuation.
6,436,272 Common, no par, $5 dePlant
-S. C. Commission has placed a tentative valuation of $1,132,539
16.805 clared
Deferred
1,472,592 onThe I.
the property of the Nesquehoning Valley RR (a subsidiary), as of
3.559.603
Deficit
June 30 1918.-V. 119. p. 701 .
$12,030,253 Total
Total
$12,030,253
Lincoln Gas & Electric Co.
-Utility Merger.
-V. 119. p. 331.
See under United Light & Power Co. under "Railroads" above.
V. 116, p. 2521.
Telephone
-11
Holly Sugar Corp. 4% Back Dividend.
The directors have declared a dividend of 1 g% on account of back dividends and the regular quarterly dividend of 1 g% on the Preferred stock,
both payable Nov. 1 to holders of record Oct. 15. Like amounts were paid
May 1 and Aug. I last. Dividends were resumed on the Preferred stock on
Feb. 1 last by the payment of a quarterly dividend of 1 g %. Arrearages
-V. 119.
will, it is said, total 12g% after payment of the above dividends.
p. 80.
Illinois Bell
Co.-Expansion.-
Lockport (N. Y.) Light Heat & Power Co.
-Bonds
-Tucker, Anthony & Co. and Spencer, Trask & Co.
Offered.
are offering at 9934 (less an amount equal to mt. at rate of
per annum from date of payment to Nov. 11924), to
International Harvester Co.
-New Subsidiary Formed.
- 5
5.55%, $1,100,000 1st Mtge. 53'% Gold Bonds,
The International Harvester Co. of Argentina (a subsidiary) was incor- yield about
porated in Delaware Sept. 29 last with a stated capital of $5,000,000. Series "A."
Tne directors nave approved an additional expenditure of $517,496 for a
new plant in Chicago, and $528,821 for Illinois outside of Chicago, a total
of $1.046,317. Total expenditures approved for this year amount to
$17,780,848.-V. 119. p. 1176.
-V.118, p. 2832.
Dated Nov. 11924, due Nov. 1 1954. Int. payable M. & N. In New
York City. Denom. $1.000 and $500 c. Red. as a whole or in part by
lot on any int. date on 4 weeks' notice at 105 and int. on or before Nov. 1
The stockholders will vote Oct. 31 on changing: (a) the authorized 1929, and thereafter at 1% less for each 5-year period to and incl. Nov. 1
Common stock from 300,000 shares to 157.310 shares (no par value), and 1949. and thereafter to and incl. Nov. 1 1951 at 100% and int., and thereafter at 100 and int. New York Trust Co.. trustee. Company agrees
(b) the Preferred stock from 30,000 shares to 9,873 shares (par $100).
-V. 119, p. 1177.
to pay interest without deduction for any Federal income tax not exceeding
See Universal Pipe & Foundry Co. below.
207 and to refund Penn. 4-mill tax.
-Utility Merger.
Kansas City Power & Light Co.
Issuance.
-Subject to approval by the Now York P. S. Commission.
-V.119, p. 948.
see united Light & Power Co. under "Railroads" above.
Data From Letter of E. G. Connette, President of the Company.
-Serves without competition the city of Lockport, N. Y.,
Company.
-Financial Statement.
Keeley Silver Mines, Ltd.
with gas, steam heat and electric light and power. Part a the electric
A brief financial statement of tne affairs of the company as at Atig. 31 power requirements are generated by the company's steam and hydro1924 follows:
Niagara
$281.414 electric plants, in addition to which power is purchased from the
Cash in banks and on hand at mine
Lockport & Ontario Power Co. under a favorable long term contract.
Dominion and Provincial bonds,accrued interest and appreciation 518,467
Security.
-Secured by a direct first mortgage on the entire property,
Due from smelter, ore in transit, on hand or in process at mine
1921, with
the value of which, as determined by the P. S.
201.407 subsequent additions to July 31 1924, amountsCommission in as well as
and mill
to $1,866,000,
the entire outstanding stock of the International Power & Transmission
$1,001.288 on a small distributing company serving several large industrial customers
Total
Co.,
-V. 119. D. 462.
on the outskirts of Lockport.
Purpose.
-Proceeds will be used for retiring the
-Bonds Offered.
-Folds, 1750.000 1st Ref. Mtge. bonds, and,to provide forpresent outstanding
Kraft Cheese Co., Chicago.
improvements and
Buck & Co., Chicago, and Halsey, Stuart & Co., Inc., betterments to its properties.
New York, are offering at 983' and interest, yielding 6.20%, Earnings 12 Months Ended June 30 1924 and Calendar Years 1921 to 1923.
Calendar Years
12 mos. end.
$2,000,000 10-Year 6% Sinking Fund Gold Debentures.
1921.
1922.
1923.
J'ne 30 '24.
Dated Oct. 11924. Due Oct. 11934. Principal and interest (A. & 0.) Gross revenues
$607,913
$659,981
$737.484
$766.281
payable in Chicago. Interest payable without deduction for Federal income Oper.exp.,maint.4:
471.474
488,673
548.915
568,456
taxes
taxes not in excess of 2%. Redeemable, all or part, on 30 days' notice, at
100 and interest plus a premium of % of 1% for each year or fraction
$136,438
$171,329
$188,569
Net earnings
$197,825
redemption and Oct. 1 1934. Denom.
thereof remaining between date of
11,061
11,338
10,048
Other income
8,910
$1.000, $500 and $100 c*. Company will reimburse holders of these
debentures for the Pennsylvania 4 mill tax.
Gross inc. available for
Warrants.
-The debentures will carry warrants (which may be detached
$182,370
$147,776
$198.617
Interest. deprec., &c__
$206,735
and either held or disposed of separately and apart from the debentures)
Annual interest requirements on this issue amounts to $60,500.
entitling the holder thereof to purchase Common stock, on or before Oct. 1
Authorized. Outstanding.
Capitalization1927,in the ratio of two shares for each $100 of debentures at $25 per share. 1st Mtge. 514s, series "A" (this issue)
$1,100,066
Data from Letter of President J. L. Kraft, Chicago, Oct. 1.
431,700
$1,5;0,000
Co mon stock par S100)
m
1,500,000
531,700
Manufacturers and distributors of Preferred stock, 7% Cumul. par $100)
Company -An Illinois corporation.
x Limited by the conservative restrictions of the mortgage.
the well-known and nationally advertised "Kraft cheese" and "MacLaren's
Franchises.
-Company operates under franchises in Lockport which, in
Imperial cheese," is the largest producer of "package cheese" in the world.
Its products are handled by nearly all the large jobbers and dealers through- the opinion of counsel. expire in the year 2005.
Management.
-Under supervision of the officers of United Gas & Elec
out the country. Company, with its subsidiary, has five manufacturing
-V. 110, p. 2572
plants, the principal one being located in Chicago, and distributing houses Corp.
-To. Reduce Capital, &c.
Iron Products Corporation.
THE CHRONICLE
OCT. 4 1924.]
1633
RIM
Ludlum Steel Co.
-Balance Sheet.June 30'24. Dec.31'23.
AssetsJune 30'24.Dec.31'23. LiabilitiesCapital stock....$l,288,165 8995,243
Land, bidgs., &c.,
less depreciation $2,107,068 $2,093,586 First Mortgage 20
Year 7s
1,194,000 1,250,000
Patents, formulae
140,354 Notes payable__
200,000
and processes.... 155,085
44,487
102,266
14,207
14,207 Accounts payableGood-will
51,763
149,998 Accrued accounts_
46,715
Cash on hand__
136,669
82,710 Surplus
2,230,123 2,210,486
34,440
Notes receivable
372,199
Accts. receivable__ 278,699
1,536,007 1,374,652
Inventories
94,508
93,404
Other curr. assets_
196,849
156,495
Other assets
270,977
Deferred charges_ _ 291,398
Stock repurchased
19,716
Total(eachside) $4,803,470 $4,809,758
from employees
-V. 119, p. 819.
* Represented by 120.000 shares of no par value.
-Suit Postponed:
Mammoth Oil Co.
Trial of the civil action against the Sinclair Oil properties in connection
with naval oil leases, originally scheduled for Oct. 7, has been postponed
until Jan. 6 1925. Postponement was taken on motion of Government
-V. 119, p. 1514.
oil counsel, Atlee Pomerene and Owen J. Roberts.
-New Officer.
Mason Tire 8c Rubber Co., Kent, Ohio.
C. H. Williams has been elected as director and Vice-President in charge
-V. 119. p. 1178.
of branch sales.
Maxwell Motor Corp.
-August Earnings-Balance Sheet.
Nct earnings for August, it is announced, totaled $471,659. after all
charges and Preferred dividends.
According to President Walter P. Chrysler, the corporation had cash
of $4,748.104 and sight drafts of $3,178.506 as of Sept. 27. compared with
33.933,272 cash and $2,318,728 sight drafts on Aug. 27. The company
has no bank loans. Orders on hand Sept. 26 were 9,972 Maxwells and
7,085 Chrysler. a total of 17,057 cars.
Comparative Balance Sheet.
June 30'24. Dec.31 '23.
June 30'24. Dec.31 '23.
AssetsLW/Wines-$
$
Land, bldgre., maClass"A"cap.stk.18,252,800 17.743,500
chin.& equip_a _16,125,984 15,507,452 Class"B"stock_b 33,183,721 32,728,581
Good-will
25,030,296 25,030,296 10-yr. a. 1. 7s_
4,750,000
Cash
1,589,046 1,084,248 Ser. "C". notes__ c32,575 c4.564,329
Car ehip'ta against
Accts. payable... 3,675,810 2,591,425
B.of L.drafts 2,894,877 1,381,082 Accrued interest,
132,948
taxes, &c
333,023
Chrysler car exp._ 796,772
999,305
181,250
Bank acceptances
Other liabilities__ _
83,333
& ctfs. of dep._ 314,005
340,344 Dealers' at distrib316,147
548,142
309,813
Notes receivable__
13,417
utors' deposits
32,575
Sinking fund
250,000
Cash to retire notes
467,372
Due from Max.M.
386,570
Reserves
Ltd., London__ 641,215
Custom.& dealers'
accts., lees allow. 672,757
624,767
Due fr. Can. Govt.
for duty refunds
52,163
22,581
11,166,378 12,024,158
Inventories
328,372
282,455
Other assets
1,599,836
880,922 Total (each sIde).61,257,698 58,725,752
Deferred
a Land, bidgs., machinery & equip, after deducting reserve for depreciation. b Class"B"(no par value) outstanding,611,428 shares. c Called
for payment March 1 1924 at par and int.-V. 119, p. 1402.
Tax exempt in Ohio and dividends are exempt from present Fedora
normal income tax.pDivs. payable Q.
-J. Red. all o( part at 110 an*
div. at any time on 60 days' notice. Dayton (O.) Savings & Trust Co.„.
registrar.
Data From Letter of Pres. Frederick B. Patterson, Dayton, Sept. 15
Authorized. Outstanding.
Capitalization7% Cumulative Preferred stock
$20,000,000 $9.647,050.
Common stock (par 8100)
9,000,000
9,000.000
Company.-Incorp.in Ohio in 1906 as the successor of a business originally
Incorporated in 1886 with plant situated at Dayton, 0., consisting of 23
brick and stone buildings, having 46 acres of floor space most economically
arranged for efficient manufacturing, employing 6,000 persons and having:
a daily capacity of 650 machines, all parts of which are of its own manufacture, in addition to this several large distributing warehouses at convenient places in the United States where standard machines are carried
for quick distribution. Company operates a complete unit at Berlin.
Germany, and an assembling plant at Toronto, Canada.
Assets.-Based on a balance sheet as of Dec. 31 1923. company showed
total assets of $40,225,244, of which $29,517.326 were current assets and,
$7,232,167 represented property account, the latter being carried at a
conservative value: good-will and patents being carried at $1.
As of the same date the company showed the following comparative ratios:
Net tangible assets, $29,537,743. equivalent to $306 per share 7% Prof.
stock. Net current assets, $18,829,825. equivalent to $195 Per share 7%
Pref. stock.
Earnings.
-After deducting for taxes, depreciation and profit-sharing theannual net earnings of the company on shipments against sales for the
period 1919-1923 were 83,514,877, or over 5 times the Preferred requirements
and for the year ending Dec. 31 1923. 84,133.413, or over 6 dmes such
dividend requirements.
In accordance with its records, the earnings of the company for the first
9 months of 1924 will be approximately $3,000,000 available for dividends.
-V. 118, p. 2710. 1021.
-Acquisition.
Mercer County Light, Heat & Power Co.
The company has applied to the Pennsylvania P. S. Commission for
authority to acquire the franchises and properties of the Osborne. Pontiac,
Perry, beer Creek, Otter Creek, Sandy Creek, Mill Creek and New Vernon Power companies.
-V. 115, p. 767.
Mexican Investment Co.
-Report.
8 Mos.End.
PeriodAug.31 '24.
Gross income
$102,147
Operating expenses, &c_
84,320
Net income
Preferred dividend
Profit and loss charges
$17.826
(4%)9,926
Calendar Years
1923.
1922.
$118,876
$142.424
113.884
165,890
1921.
$225,891
316,157
$28,540 def$47,014 defS90,266
(8)20,651
(8)22,075 (8)22.535
305.480
3.132
Cr.2,050
Balance, surplus
$7,900
$4,757 def$67,040 def$418,280
Note.
-No provision has been made by the Otontepec Petroleum Co. S. A.
or the Texas Leasing Corp. for amortization of capital assets for the years
1922 and 1923.
General Balance Sheet.
Aug. 3124 Dec. 31'23
AssetsAug.31'24 Dec. 31 '23
LiabilitiesProp.& investAncl.
Preferred stock_ _ _ x$245,140 8258,140
lands, royalties,
Common stock_ _y1,212,760 1,206,260
$1,757,954 81,767,793 Accounts payable_
&c
4,008
217.816
Cash
213,167 Other current ha59,449
29,580
Notes receivable
4,735
3,657
bilities
8,002
15,147 Capital surplus...
Acc'ts receivable__
49,110
42,610
71
6,772 Profit and loss surp 538,616
Advances to agents
530,715
10,000
10,000
Deferred charges__
$2,053,291 $2,042,460
Total
Total
$2,053,291 82,042,460
x Authorized, 75,000 shares of $10 each; outstanding, 24,514 shares.
y Authorized 150.000 shares of $10 each: outstanding 121,276 shares:in
hands of public 71,875 shares, $718,750; in hands of trustee, 49.401 shares,
8494.110.-V. 116, p. 2774.
Middle States Oil Corp.
-Receivers Await Reports.
Julius M. Mayer, joint receiver with Joseph P. Tumulty. states that
N. T. Gilbert, who is the ancillary receiver appointed with former Judge
Mayer in the jurisdictions of Oklahoma, Arkansas and Kansas, will be in
active charge of the field, including Texas, operating from Tulsa. Judge
Mayer further said:
"The financial and legal affairs, however, are so complicated that It will
be considerable time before we can have any intelligent view of the status
of the Middle States and its many subsidiaries and sub-subsidiaries. Just
as soon as the receivers do get better hold of the legal complications and get
the reports of their experts as to the condition of the properties so as to
view the situation in a comprehensive Way, they will gladly make this information public. This is the most complicated receivership situation that
has ever come to my personal notice. A survey is now being made of the
-V. 119, p. 1178.
properties."
Mississippi River Power Co.
-Debentures Called.
-
-Year 7% S. F. Gold coupon debentures, due Nov. 1 1935
Certain 15
(aggregating $61,800) have been called for redemption Nov. 1 at 103 and
int. at the State Street Trust Co., trustee, 33 State St., Boston, Mass.
V. 119, p. 702.
-New Control.
Missouri Public Utilities Co.
-
-V.104, p. 2557.
See Union Electric Light & Power Co.(Mo.) below.
-Sept. Sales, ikc.Montgomery Ward & Co., Chicago.
Increase. I 1924-9 Mos.-1923.
1924-Sept.-1923.
Increase.
90, 0
$13.543,038 $9,949,398 $3,593,64018108,254.771 3 3 3,759817,951,012
General Robert E. Wood has resigned as Vice-President & General
Merchandise Manager.
-V. 119. P. 1515.
-To Reduce Capital Stock.
National Acme Co.
-
The New York Stock Exchange has received notice from the company of
a proposed change in the capital stock from 500,000 shares, par $50. to
500,000 shares, par $10. See also V. 119, p. 1515.
National Cash Register Co.-Pref. Stock Sold.
-F. S.
Moseley & Co., New York, and Union Trust Co., Cleveland,
have FoId at 106 and div., to yield about 6.60%,$1,000,000
7% Cumul. Pref. (a. & d.) stock. This offering represents
shares of outstanding stock purchased from one of the
heirs of the estate of John H. Patterson.
-Bonds Sold.
National Tower Building, N. Y. City.
Blair & Co., Inc. New York, have sold at 99% and int.,
to yield about 6.55%,$2,000,000 1st (closed) Mtge.Fee and
Leasehold 20
-Year Sinking Fund 6%% Gold bonds. Guar-.
anteed principal and interest by endorsement by R. Sadowsky, Inc.
Dated Oct. 11924. To mature Oct. 11944. Denom.$1,000 and $500cs.
Int. payable A.& 0.at office of Blair & Co., New York, without deduction
for any Federal income tax not exceeding 2% per annum. Penn. personal
property tax of 4 mills refundable. Exempt from personal property tax in
New York State. Red. as a whole at any time, or in part on any int. date
on 30 days' notice, at 104 and int. if red. on or before Oct. 1 1927; thereafterat 1033.i and int. if red, on or before Oct. 1 1930,and thereafter at 103A and
int. less X % for each year or part there of elapsed after Oct. 1 1930.
Data from Letter of Nathan Sadowsky, Pres. National Tower Corp.
Building.
-The properties of National Tower Corp. are situated at thenortheast corner of Broadway and 37th St., N. Y. City, where there is now
located on leasehold premises a 12-story mercantile building. In addition
thereto the corporation has acquired in fee an undivided unit on the south
side of 38th St., being 80 ft. front and rear, and 98 ft. in depth on either side,
on which and on an adjoining 20 ft.(part of the aforesaid leasehold premises)
It is now constructing a 20
-story modern fireproof steel frame construction
addition to the present building, having a frontage on 38th St. of 100 ft.
and running to and connecting with the present building, so that the completed structure will be operated as one undivided unit.
It is expected that the new addition will be completed and ready for occupancy by Nov. 30 of this year, at which time the rentable floor area in the
present building of approximately 238,000 sq. ft. will be increased to a total
of about 436,000 sq. ft., consisting of stores, offices and mercantile lofts.
The plan of construction, however, will permit the complete separation of
the structure located on fee property and its operation as an individual building.
Securitg.
-Bonds will be secured by a closed first mortgage on the land
and building owned in fee and the leasehold in the land and building located
at 37th St. and Broadway, with a total frontage of 130 ft. on Broadway,
154 ft. on 37th St. and 100 ft. in the central part of 38th St. The easterly
100 ft. of the property extends from 37th to 38th streets, a distance of ap-.
proximately 197 feet.
The fee property and leasehold interest, upon completion of the present
addition, have been appraised as having a value of from $3,000,000 (i. e.,.
$1,500,000 for the fee property and $1,500.000 for the leasehold property) to
$3,500,000. The term of the lease covering the leasehold property commenced May 1 1913, and with two rights of renewal will extend to April 30
1976, and is subject to the right of the lessor to mortgage within certain.
limitations the fee of the leased land.
Guaranty.
-Unconditionally guaranteed as to principal and interest by
endorsement by the corporation, R. Sadowslcy, Inc.. a leading garment
manufacturer in N. Y. City. which controls the ownership of the building.
The net worth of the guarantor corporation, as of July 31 1924, based on
examinations made by Marwick, Mitchell & Co. and by S. D. Leidesdorf
& Co., public accountants, is certified to be in excess of $4,000.000.
Earnings.
-Based on the earnings of the present building, and leases already signed for space in the new addition, the net earning power available.
for interest charges, after deducting all prior charges, including propertytaxes and rentals, and after due allowance for possible vacancies, has been
estimated by Spear & Co. at $375,000 per annum. The maximum annual
interest charges on this issue amount to $130.000. The occupants of thepresent building and lessees of space in the new building, besides R. Sadowsky, Inc., the guarantor corporation, include many well known wholesale
concerns. National Department Stores,.Inc., has leased for executive and
buying offices two floors and the tower in the new building.
Sinking Fund.
--Commencing Feb. 1 1925 the corporation covenants to
pay as a sinking fund on Feb. 1 and Aug. 1 in each year a sum sufficient to
retire at the redemption price current an the next succeeding interest payment date $50,000 of bonds, that is, $100,000 principal amount annually.
The sinking fund payments are to be applied within 20 days from the date
of such payments to the purchase of bonds, if obtainable at not exceeding
the redemption price prevailing on the next int. payment date. If not so
obtainable, the sinking fund payments are to be applied by the trustee to
the redemption of bonds by lot on the next succeeding interest payment
date Corporation may deliver bonds in lieu of cash to the sinking fund.
New England Oil Refining Co.
-Report.
-
In the first financial statement issued since the reorganization, the company reports for the year ended Dec. 31 1923 a loss totaling $877.638.
This consists of $698,144 lost in the business and $179.494 loss on the S. S.
Swiftstar, lost at sea in July 1923. The amount of the deficit in the months
of Jan. and Feb. 1923 was capitalized in the reorganization; hence the total
charge against surplus was $682,302. In this connection the company
wrote up the value of its land by 81,451,929 at the end of the year.
For the 1922 calendar period the company reported net earnings after
depreciation of $412.729. Dividends of $1,000,000 were paid, leaving a
deficit after dividends of $587,271.
Balance Sheet Dec. 31 1923.
AssetsDtabtlUtesLand, refinery & equip., less
Capital stock
Y59,774,560
reserve
$10,379,968 Sinking fund bonds
4,271,900
Patent fees and expenses____
7,226 General Mortgage bonds
5,000,000
Investments
6,201,720 Notes
1,000.
Advances
215,002 Purchase money obligations_
85,495
Cash in banks
147,053 Equip Trust notes
477,000
Cash-misc, reserve funds__
14,406 Bank loans
1,250,000
Cash-in escrow forest. MexAccounts payable
692,259
lean taxes
235,766 Accr'd wages,int.. taxes, &c_
161,677
Prov. for Mex.& U.S. taxes_
Notes, acc'ts receivable, in201,867
surance claim, &c
x1,700,006 Notes payable
70.000.
2,374,672 Reserves
Inventories
463,711
491,349
Deferred charges
502,808
Deficit
179.494
Loss 5.5. Swiftstar
$22,449,469
Total
Total
$22,449,469
x Notes and accounts receivable, $478.014; insurance claim, 8147.088:
due from affiliated companies, $1,224,180; less reserve for bad accounts.
$149.284. y Stock capitalization outstanding consists of 67,965 shares of
$100 par Preferred and 831,299 &Lazes of no par Common carried in the
balance sheet at 82,978,059.-V. 119, p. 1178.
1634
THE CHRONICLE
New Cornelia Copper Co.
-Production.
-
Month ofSept.
August.
July.
June.
May.
Copper output (lbs.)_-5,096.158 5,627.261 4,427,373 4,651,589 4,505,996
-V.119, p. 1178, 703.
New England Telephone & Telegraph Co.
-Rates.
-
The Massachusetts Dept. of Public Utilities has ordered that proposed
increases in private branch exchange rates, asked by the company, be
Anther suspended until Nov. 1.-V. 119. P. 1178.
New Jersey Power & Light Co.
-Acquisition, &c.
-
[VOL. 119.
to the trust company and asked the Court to enter an order making the
transfer valid, which was done.
The sale includes all brands, trade marks, patent rights and good will,
but excludes all bills and accounts receivable, money in bank and tobacco
stored in warehouses in Portland, Ore., and San Francisco, Cal.
-V. 118.
p. 2582.
Pennok Oil Co.
-Liquidation of Present Co.
-Operations
to Be Continued by New Corporation-Cash, Stock and Notes to
Be Distributed.
-President John L. Weeks, in a letter to
stockholders, dated Sept. 27, says:
The New Jersey P. U. Commission has approved the application of the
Eastern Pennsylvania Power Co.(V. 102. p. 2257) and the Vulcan Power
The directors have
Co. to transfer the outstanding capital stock to the New Jersey company. company's properties determined that the current operating position of the
renders unnecessary the use ofthe present substantial
This means a consolidation of the companies mentioned.
cash reserve for development or expansion, and recommends the following
__The issuance of certain securities by the company, including $694,000 plan for the liquidation
thereof
First Mortgage bonds. $183.500 Preferred stock, and promissory notes tion of the present company among the stockholders, involving a liquidaand the continuance of its operations by a new
aggregating $76.500 was also approved by the Commission. It was stip- corporation.
ulatec that the bonds must not be sold at less than 80 and the notes and stock
Company has purchased, for $150.000 cash, 150.000 shares without par
at par.
value (the entire authorized capital stock) of Pennok
The company, it was reported Sept. 19 last, has taken triter the entire corporation, and has declared a dividend of 33 1-3c.011 Corp., a Delaware
per share, payable in
electric plant of the Branchville Electric Power & Lighting Co.
-V. 118. stock of the new corporation (on the basis of one share for each $1 of divip.2581.
dend) on Oct. 10, to holders of record of the present company Oct. 3.
Thus,for each share of stock of Pennok Oil Cp. held at the close of business
Niagara Falls Power Co.
-Commission Fixes Rent.
on Oct. 3, a stockholder will
The New York State Waterpower Commission on Sept. 23 announced one-third of a share of stockreceive on Oct. 10, or in due course of mail.
of Pennok Oil Corp.
• the fixing of a rental of 50 cents per horsepower for power derived from
Pennok Oil Co. proposes to sell to Pennok
operating and
Niagara Falls in excess of 15,100 cubic feet per second by the company. other properties, including wells, leases, drilling 011 Corp. its
equipment,
It was stipulated that this rental would be operative only on the condition all other physical assets (but excluding approximately a inventories, and
net amount of
that the company itself shall pay the rental and shall not pass it on to the $3,600,000 of cash and other current assets) for $2.250.000 3
-Year 6%
-V. 119, p. 1403. 949.
distributors.
Gold Notes of Pennok Oil Corp. The interest 6n such notes will be payable
semi-annually on June 1 and Dec, 1, and the notes will be callable upon
Northwestern Public Service Co.
-Bonds Offered.
- 30 days' notice any time'prior to maturity at 101'and Interest. The stockA. C. Allyn & Co. and A. B. Leach & Co. are offering at holders will vote Oat. 15 on authorlizng the sale to the new corporation.
Upon the consummation of such dale the net assets of
100 and int. an additional issue of $1,332,000 1st Mtge. will consist only of cash and other current assets and thePennok 011 Corp.
above-mentioned
634% Gold bonds, Series "A,' due Dec. 1 1948.
notes of Pennok 011 Corp.. and it is proposed that the present company
,
The company owns and operates public utility properties furnishing be dissolved and that such net assets be distributed pro rata among its
electric light and power to a large number of communities in South Dakota stockholders. It is estimated that the amount payable on each share of
and Nebraska serving a total estimated population of 125,000 by its retail stock of Pennok 011 Co. will be approximately $8 in cash and $5 of notes of
and wholesale sales. Net earnings for the 12 months ended June 30 1924 Pennok Oil Corp.
It is the intention that Pennok Oil Corp. will continue the operation of the
were nearly 2 yi times the annual interest requirements on the outstanding
properties without interruption under the present management. With the
mortgage debt.
-V. 119. p. 1404. 1073.
substantial current production of oil it is believed that $150.000 cash, togather with the inventories taken over from the present company, will con0
-Cedar Corp.
-Transfer Agent.
The American Exchange National Bank has been appointed transfer, stitute ample working capital for the new corporation to continue operations
agent in New York for 400,000 shares of class "A" stock of the corpora- under the present operating program.
Upon completion of the steps outlined above, there will have been distion.
-V. 117. p. 2780.
tributed to stockholders of Pennok 011 Co. for each share now owned in
that company: (a) One-third of a share of stock of
Packard Motor Car Co.
-Extra Dividend of 3%.
-The (representing the same proportionate interest in the the new corporation
operating properties
directors have declared an extra cash dividend - at 3% in now represented by one share of the present company); (b) $5 in notes of
-V.119, p. 950, 704.
addition to the usual quarterly dividend of 3% to Common the new corporation; and (e) approximately $8 in cash.
stockholders of record Oct. 15, payable Oct. 31. The
company has outstanding $23,770,200 Common stock, par
$10. Dividend record on Common stock follows:
'09.'10. '13.'16.'17-'18. 19.'20. '22. '23.x'24.
Regular dividends (%)--- 10 6 --- 7 8 p.a.11 Si 10 23i 9 12
Extras in cash ( ..
%)
2Si _ -- 2 Si 2 3
Stock dividends(%)
--- 40 60
------- 100
x Including dividends payable Oct. 31.-V. 119. p. 334. 83.
Parkhill Mfg. Co.
-Balance Sheet June 30.-
Plymouth Cordage Co.
-Annual Report.
July 31 YearsSales
1923-24.
1922-23 . 1921-22.
1920
-21$13.395,000 $13.750,000 $11.500,000 $15,500,000
Balance Sheet July 31.
1924.
1923.
1924.
1923.
AssetsLiabilities$
$
$
2
Real estate, &c.,
Capital stock
8,000,000 8,000,000
less depreciation 7,104,469 7,174,748 Empl,spec. stock_
91,260
89,780
Mdse. & supplies_ 8,076,104 8,549,263 Notes &:wets pay. 2,974,468 2,123.827
452,363
819,328 Insurance fund...
Cash
2,448
2,326
Notes de sects rec_ 1,844,994 1,788,879 Depreen reserve_
257,000
168,841
179,620 Int. dr taxes weer__ 108,497
Exp. paid In adv
108,353
Employees' stock- 277,631
3,407 Surplus
6,547,731 5,933,978
1924.
1923.
1924.
1923.
Real est. & mach.,
$1,500,000 $1,500,000
Capital stock
&c
$2,073,284 $1,977,252 Accts. payable__
17,724,404 18,515,245
65,413
Total
Total
17,724,404 18.515,245
199,233
Merchandise
1,669,945 1,389,084 Notes payable_ .._ _ 385,000
V.
200,000 - 118. p. 2315.
Notes receivable
127,481
82,850 Res. for coating__ 168,061
276,650
Accts.receivable-- 598,230 1,141,574 Surplus
-Obituary.
Price Bros. & Co., Ltd.
2,700,000 2,713,014
Cash
185,072
114.380
Sir William Price, President of the company, was killed at Henogaml,
Securities
184,482
183,757
Tot.(each side).$4,818,474 $4,888,897 Que., on Oct. 2, when he was buried under a landslide.
-V.119. P. 589.
-V.115, p. 2591.
Park Square Building, Boston.
-Bonds Sold.
-Hayden,
Stone & Co. Spencer, Trask & Co. and Coffin & Burr, Inc.,
have sold at 100 and int. $1,500,000 Ref. Mtge. 7% Cony,
'
Gold Bonds, Series "A."
Reynolds Spring Co.
-Receives Dividend.
-
The General Leather Co. of Newark. N. J., on Sept. 17 paid a dividend
of $12 per share on its 6,438 shares of Common stock (par $100), all owned
-V.119. p.577.
by the Reynolds Spring Co.
Public Service Co. of Northern Illinois.-Bonds Offered.
Dated Sept. 1 1924, due Sept. 1 1939. Int. payable M.& 8. in Boston Halsey, Stuart & Co., Inc., are offering at 96 and int. to
without deduction of the normal Federal income tax up to 2%. Denom.
$500 and $1,000 c*. Red. all or part on 30 days' notice on the first day of yield over 5%,$5,000,000 1st Lien & Ref. Mtge. 5A%
any month at 105 and int. All bonds must be paid at 105 and int. Massa- Gold bonds, Series "B."
chusetts Trust Co., trustee. Free of Massachusetts income tax.
Dated July 1 1924. Due July 1 1964. Interest payable J. & J. In ChiCapitalization-Outstanding. cago and New York, without deduction for normal Federal income tax
1st Mtge.(held by Prudential Insurance Co. of America)
$3,500,000 not in excess of 2%. Denom.: c• $1,000, $500 and $100, and r` $1.000 or
Ref. Mtge.7% Cony. Gold Bonds,Series"A"(auth.$5,000,000) *1,500,000 $0,000. Red. all or part at any time upon
30 days' notice at 110 and int.
Capital stock (par $100)
1,500,000 on or before July 11944, thereafter and on or before July 1 1954 at 107Si
and int. after July 1 1954 and on or before Jan. 1 1964 at 105 and int.
•$3,500,000 reserved to refund $3,500,000 1st Mtge. bonds.
and after Jan. 1 1964 at 100 and hit. Company agrees to reimburse the
Data From Letter of Pres. Amory Eliot, Boston Sept. 90.
holders of the Series B bonds (if requested within 60 days after payment)
Park Square Building Co. of Boston.
-Organized in Marc 1922 in Massa- (a) for the Penn.4-mill tax;(b) for Conn. personal property tax not exceeding 4 mills per dollar per annum, and (c) for Massachusetts income tax on
chusetts for the purpose of erecting a large, modern office building.
Purpose.
-Proceeds are to be used to reimburse the company for capital int, of bonds not exceeding 6% of such int, per annum.
Issuance.
-Authorized by the Illinois Commerce Commission.
expenditures made in connection with the completion of the building.
Listing.-Appllcation will be made to list bonds on Chicago Stock Exch.
The building is bounded by Arlington St.Providence St., St. James Ave.
and Berkeley St., Boston; completed in ate early summer of 1924, is the Data from Letter of Chairman Samuel !mull, Chicago, Sept. 26.
sixth largest office building in the world. It is strictly fireproof and of the
Company.
-Now serves 202 conununities located in a compact area of
highest type in design and construction, with every modern convenience Illinois, containing some 6.000 sq. miles
having
for an office building. The assessed value of the land and building 18 a combined population, according to the and located in 15 counties,exclud1920 census,
$5.500.000. The land has been appraised by Edward H. Eldredge & Co. ing the City of Chicago. Electric service is rendered of 1,054,383,
in 198 communities,
at $1,949,405 and the building by Ira G. Hersey & Sons Co. at $4.776,947, gas in 56, water in 5 and heat in 4. Company's field of operation, embracmaking the total appraised value $6,726,352.
-Secured by a mortgage, subject to the 1st Mtge. of $3,500,000 ing the wealthy suburban territory tributary to Chicago and the surroundSecurity.
manufacturing
on 45,439 sq. ft. of land and a modern 11-story office building 600 ft. long ing widely diversifiedindustrial gas. districts, Is an excellent market for
by 75 ft. wide, located at Park Square, Boston. On retirement of the light and power and
More
first mortgage loan, against which refunding mortgage bonds are reserved, modern than 90% of the company's output is now being generated by three
steam stations of large size and 5% by waterpower. On Dec. 31
these bonds will be secured by a direct first mortgage on the entire property. 1923 the company
had 252,981 consumers, an increase of 351% since
-The available space in the building is 82% rented, and the
Earnings.
net earnings are now at the rate of $497,253 per annum. The earnings and Dec. 31 1912. the
Waukegan Generating Co.is one of the most modern
The plant of
expenses, when the building is fully rented, are estimated as follows:
and efficient steam generating stations in
country. Its location on
Gross earnings
$1,001,262 Lake Michigan at Waukegan. Ill., is morethe
favorable from an operating
Operating expenses,including taxes and allowance for vacancies_
325,000 standpoint, having ample water and coal storage facilities and occupying
Northern Illinois system.
a strategic position in the Public Service
Balance
$676,262 It is now contemplated that the ultimateCo. of
capacity of this station will be
Int. on 1st
$225,000; annual payment on principal of
already in operation
approximately 250,000
1st Mtge.. $120.000
Mtge..
345,000 or under construction. k.w., of which 60,000 k.w. are
Interest on Ref. Mtge. bonds, series "A"
105,000
Capitalization Outstanding in Hands of Public (Incl. Present Issue).
Balance
100,000 she,
$226.262 Preferred stock,6%
Sinking Fund.
-The first mortgage provides for the reduction of principal Preferred stock,7%
48,053 abs.
of$120,000 a year beginning Oct. 1 1925. The refunding mortgage provides Common stock
217,880 MIR
for the retirement of $100,000 bonds a year, which must be drawn by the 18t Lien & Ref. Mtge.5Sis-Series "A," 1962
$22,250,000
trustee by lot at 105 and int. Through these payments the funded indebtedSeries "B," MO (this issue)
ness will be decreased $220,000 a year, or $1,540,000, or about 31% by 1st & Ref. Mtge. 5s 1956
18,926,000
April 6 1932, when the first mortgage matures.
Underlying divisional bonds, various maturities, 1927 to 1950.. 8,424,200
Conversion Privilege.
-The refunding mortgage bonds are convertible at
Purpose.
-Proceeds will be used in part to reimburse the company's
any time at the option of the holder into capital stock at the rate of 10 shares treasury for expenditures made in connection with the installation of
the
for each $1,000 bond. If the bonds are called for redemption they may be second turbo-generator unit with boilers and auxiliaries now under construcconverted up to the date of payment.
tion for the Waukegan Generating Co., a third unit with boilers and auxiliaries in the company's Joliet station, for the acquisition of important right
Patterson Bros. Tobacco Co.
-Sale.
of way and construction of steel tower lines for the super-power transmission
Leigh R. Page as trustee for this bankrupt company has filed a deed in system around the city of Chicago and for other corporate purposes.
the Chancery Court Clerk's office at Richmond. Va., conveying property
Security.
-Secured (a) by a first mortgage collateral lien on the power
assets of the defunct company to the American Trust Co. The plant of the Waukegan Generating Co., through pledge of substantially all
listed as
property was sold by order of the Court by Mr. Page at public auction, of the latter's capital stock and all of its First Mortgage Gold bonds, from
and the American Trust Co. bid it in at $48,522. Later an upset bid was time to time outstanding, such bonds aggregating, upon completion of the
made by 0. D. Brinser, who offered $53,375. The effect of this upset bid present financing, $3,461,000; (b) by the pledge of $23,789,000 1st & Ref.
was a resale and M. C. Patterson was the highest bidder, offering $59.000. Mtge. Gold bonds; and (c) by a direct mortgage lien on all of the company's
The U. S.District Court approved the sale to Patterson, who thereupon physical property now or hereafter owned, subject only to prior lien bonds
notifed the Court that he had transferred all of his rights, title and interest from time to time outstanding.
Oci. 4 1924.]
THE CHRONICLE
Income Account, Years Ended December 31.
1921.
1922.
1923.
Gross revenue (incl. other income)_ _ _816,740,709 $14,225,116 $12,679.467
Oper. exps., incl. maint., taxes and
rentals (bat not incl. depreciation,
8.284,175
9,217,250
amortization of dele, discount &c.) 10,757.618
1635
-Notes Called.
Rome (N. Y.) Wire Co.
Certain 3
-Year 6% Sinking Fund gold notes, dated May 1 1923 (aggregating $205.000), have been called for payment Nov. 1 at 101 K and int.
at the office of Lee, Higginson & Co., 43 Exchange Pl., N. Y. City.
V 118. p. 2315.
San Antonio Land & Irrigation Co.
85,983,091 85,007,865 $4,395,293
Net e irningi
English bondholders and creditors have approved the agreement made
82,073,683 82,017,366 $2,020,609 by their committee and certain American interests for a reorganization of
Interest on funded debt
Grass and net earnings for the calendar year 1924 to date show an increase the project which is on the Medina River 30 miles west of San Antonio.
over those for the similar period of 1923. The annual interest on the entire C. W.McNe,ar & Co. of Chicago and Stifel, Nicolaus & Co. of St. Louis. it
funded debt of the company in the hands of the public. including the present Is stated, are financing the reorganization which involves the organization
Issue of First Lien & Refunding Mortgage bonds, will require $2.866,260. of a water improvement district under Texas laws and means the ultimate
-V. 119. p. 950.
-V. 118. p. 3088: V. 119. p. 1173,
sale of the 40,000 acres under the project to farmers.
-Interim Dividend.
Rio Tinto (Mines) Co., Ltd.
-September Sales.Sears, Roebuck & Co., Chicago.
The company has declared an Interim dividend of 10s. a share on the
Ordinary shares, par e5. This is the same amount that was declared at tais
time last year.
-V. 118. p. 1531.
Decrease_
i924-Sept.
-1923.
Increased 1924-9 Mos.-1923.
817.904,558 $16,103.251 $1.801,337 I $149,715,132$151,750,747$2.035,615
-V.119. p. 1180. 590.
-Preferred
Roland Park Homeland Co., Baltimore.
-Equitable Trust Co., Baltimore, is offering
Stock Offered.
at 98, o yield 7.15%, (one share of 7% Cumul. First Pref.
stock, one-quarter share of no par Common stock) $450,000
7% Cumul. First Preferred stock.
.1. & W. Seligman & Co. announce that temporary 10
-Year 7% Gold
debentures are now ready for delivery at the office of the Equiteble Trust
Co. of N. Y., 37 Wall St.. N. Y. City, against surrender of interim certificates. For offering of debentures, see V. 118, p. 3208.
-Temporary Bonds Ready.
Shubert Theatre Corp.
-Suit.
Sinaloa Exploration & Development Co.
A dispute as to whether the Federal Court or the New York Supreme
The Equitable Trust Co., Baltimore, registrar and transfer agent.
Dividends payable J. & J. (from Sept. 15 1924). A sinking fund for the Court will hear a suit of stockholders of the company so restrain Philip
retirement of First Preferred stock is provided, which requires the payment Francis, organizer and President, from disposing of stock alleged to belong
of $15,000 on or before Dec. 311925. Thereafter, on or before Dec. 31 in to the company to Henry L. Doherty & Co., was revealed Sept. 13 by
each year,a minimum of $25,000 is to be increased to a maximum equal to Supreme Court Justice Levy. He declared that he would retain juris10% of the price of lottsald in such year: and on Dec. 31 1931, if the total diction over.the case for the present, and would investigate the circumamount paid has not equaled 10% of the price of the lots sold, the balance stances under which it was removed to the Federal Court by counsel for
Francis.
shall be paid within 60 days.
The injunction papers submitted to Justice Levy by Paul Jones, attorney
Company.
-Has been organized by the management of the Roland Park
Co.for the purpose of developing the tract of land,formerly occupied by the representing James Drury, Albert S. Lister and Joseph Ryan, suing In
Perine family, known as "Homeland." The purchase price of this property behalf of themselves and other Sinaloa stockholders, alleged that the
was $1,090,000. The property consists of approximately 390 acres located Sinaloa directors advanced $100,000 to Francis to buy 1,875 shares of
on both sides of Charles St., between Homeland and Melrose avenues, north Common and 200 shares of Preferred stock of the Union Public Service Co.
from Charles A. Loomis of Kansas City. The latter corporation is the
of Guilford, Baltimore.
The development and sale of this property is to proceed immediately, holding company for 22 companies distributing gas and oil to towns in
under an agreement by which the Roland Park Co. will assume the entire Kansas and Oklahoma.
The papers asserted that, altuough Francis represented to the stockmanagement of the improvements, marketing of the property, and the
holders and directors of the Sinaloa company that he had assigned the
administration of the affairs of the Roland Park Homeland Co.
Union Public Service Co. shares to their corporation, he failed to do so
Capitalization.
and sold them to the Doherty company for $240,000, although the stock
Purchase money mortgage,interest 2ti% first year,increasing to
was valued at more than $651,000 in the report made by Francis to the
5% sixth year and thereafter, due Jan. 1 1934 (to be amortized
Sinaloa stockholders last fall.
$1,000,000
as lots are sold)
The injunction was applied for on the ground that the plaintiffs learned
7% Cumul. First Pref. stock (total authorized and outstanding) 450.000 that a final cash payment of 863,000 is about to be made by the Doherty
450.000 company to Francis. A temporary injunction issued by Justice Donohue
Cumul. Second Pref. stock (8750,000 authorized)
10.000 shs. restrains this payment pending the result of the action.
Common stock (without par value)
-V. 117. p. 1565.
All of the Second Preferred stock outstanding has been purchased by the 1471.
Roland Park Co. for cash at the same price as that paid for the First PreSouthern Cotton Oil Co.
-To Operate Mills.
ferred by the underwriters.
Purpose.
-Proceeds derived from the sale of the $450,000 First Preferred
See Virginia-Carolina Chemical Co. below.
-V. 118, p. 2052.
stock and the $450,000 Second Preferred stock will be devoted, approxiSouthern Minnesota Gas & Elec. Co.
mately one-half to the development of the property and one-half to working
-Bonds Called.
capital.
All of the outstanding 1st Lien & Ref. Mtge. gold bonds, dated Dec. 1
1922, have been called for payment Dec. 1 at 107 ,14 and int. at the National
- City Bank of Chicago, trustee. Monroe and Dearborn Sts., Chicago, Ill.
Salt Creek Producers' Association, Inc.
-Extra Div.
The directors have declared an extra dividend of 3% in addition to the -V. 119, p. 1075.
regular quarterly dividend of 2%. both payable Nov. 1 to holders of record
Oct. 15. Like amounts were paid May 1 and Aug. 1 last. An extra diviSouthern Utilities Co.
-Exchange of Stock for American
dend of 236% was paid Feb. 1 last, while extra dividends of 2% each were Power & Light Co. 6% Preferred Stock.
paid May 1, Aug. 1 and Nov. 1 1923.-V. 119, p. 83.
I.
White & Co., in a letter to the holders of the Common stock,
Sept. 20, state:
Salt River Valley Water Users' Association (Roosevelt
The American Power & Light Co. has agreed to acouire such shares of
- the Common stock of the company as may be deposited with Irving BankDam Project).
-Issue of $4,743,000 6% Bonds Sold.
Columbia Trust Co., 60 Broadway,
or before Oct.
Rutter & Co.; Marshall Field, Glore, Ward & Co., New and to issue in exchange therefor an New York, on of shares of the15 1924,
equal number
Cumul.
York; Stevenson, Perry, Stacy & Co., Chicago; and AngloI i 92opf American Power & Light Co. (carrying dividends from
stock
London Paris Co., San Francisco, have sold a new issue of PrOcett.,
Unless 90% or more of the
shares of the Common stock
$4,743,0006% Serial Gold Bonds of Salt River Valley Water of Southern Utilities Co. are sooutstanding American Power & Light Co.
deposited,
Users' Association controlling Roosevelt Dam & Salt River Is not obligated, but it has the option, to acquire in exchange such of the
be deposited. It also reserves the
to extend thePower Development. Of these bonds, 162,500,000 are the shares as maywhich said shares may be deposited rightto acquire any
period within
and
direct and general obligation of the Association, maturing shares deposited within the period as extended.
More than two-thirds of the shares outstanding have already been
serially 1938 to 1943, inclusive, and were offered at 100 and deposited for the purpose of such exchange.
interest, to yield 6%. The remaining $2,243,000 bonds
The Preferred stock of American Power & Light Co. is entitled to cumupayable
($665,000 Roosevelt Agricultural Improvement District lative dividends at the rate of $6 per share per annum,p. 1518. Sl. 50
Per share quarterly, Jan., April, July and Oct. 1.-V. 119.
951.
No. One and $1,758,000 Agricultural Improvement District
Spicer Manufacturing Co.
-Pays Off Notes.
No. Two), due serially 1936 to 1954, inclusive, are guaranThe $600,000 serial 6%
Oct.
teed by the Association and are free from all Federal income at Guaranty Trust Co. notes, due 822. 1 1924, were paid off at maturity
-V. 119. p.
tax, being issued under the laws of Arizona creating agriculStandard Oil Co.(of
-Attorney-General of Missouri
tural improvement districts political subdivisions of the Files Suit to Oust Co. Ind.). Violation of Anti-Trust Law.
-Charges
State. Maturities 1936 to 1943, inclusive, were offered at
A motion seeking to oust the company from Missouri for alleged violaprices to yield 5.40% and maturities 1944 to 1954, inclusive, tion of the State anti-trust laws was filed in the Supreme Court of Missouri
Jefferson City, Mo.,
by Attorney-General Jesse
to yield 5.50%. A statement issued in connection with atThe motion asks theSept. 11to suspend the conditional W. Barrett.
ouster issued
Court
against the company by the State Supreme Court in 1913 and requests
the offering, says:
The present hydro-electric plants of the Association have an installed
capacity of 33,500 h. p.. which will be increased from the proceeds of these
bonds to 73,500 h. p. through the construction of an additional plant and
another dam over 300 ft. in height. The new plant will utilize the storage
capacity of Roosevelt Lake, using the same water that passes through
Roosevelt Dam power house before being finally used for irrigating the
240.000 acres of productive farm lands of the Association, the stockholders
of which aro all land owners in Salt River Valley. The entire 40,000 h. p.
output of the new plant has been sold under a 25
-year contract to Inspiration
Consolidated Copper Co., the largest consumer of electric power in Arizona.
In addition to laeing secured by a power revenue which should be more
than ample to cover interest and maturing principal payments of all issues
presently to be outstanding,'Lease bonds are secured by assessments already
levied against the lands of the stockholders of the Association. These
assessments rank prior to all mortgages including those which secure
Federal Land banks and Joint Stock Land Bank bonds. Under its articles
of incorporation the Association compels its officers to refuse water service
to lands which are delinquent for thirty days in the payment of these assessments. Without water, farms in Arizona cease to produce and as a result
the Association has collected nearly $5,800,000 in assessments and to-day
delinquencies are less than 1-20 of 1%. In case of the failure of all power
revenue the largest assessment which would be necessary for operating and
maintenance, interest and maturing principal on the bond would be only
$6 13 per acre on land which produces $105 per acre, and has an actual
value to-day of $250 per acre.
Tne power revenue of the Association for the last three years has averaged
$540,000 annually, and for the year ending Sept. 30 1924 is over $640,000.
Under the terms of a contract with the Inspiration Consolidated Copper Co.,
the Association will receive a minimum payment for the next 15 years of
.533 annually, dating from the completion of the new dam in 1926,
whether the Inspiration Consolidated Copper Co. uses the power or not,
and irrespective of the ability of the Association to deliver this power.
Careful estimates, based upon the water available for the last 35 years, place
the figure which will be received by the Association in 1927 under this
contract alone, at $1,000,0e0, and the total power revenue of the Association at approximately $1,900.000.
The Roosevelt Dam was constructed by the United States Government
at a cost of over $11.000,000, and completed in 1911. In 1917 the Association took over the maintenance and operation of the dam under the advisory
supervision of the United States Reclamation Service. Under the manegement of the Association for the last seven years, the debt to the United
States Government has been reduced from approximately 811.000,000 to
8,458,464, in addition to which $4,000,000 has been expended by the
ation for extensions and improvements without any addition to the
funded debt, a record clearly indicating the ability of the Association to
r",••••+ 1.q eidtretions. when d. (Sec also under "State and City Section"
.
,i.
and \. 11' , it. 1-2; - • •: -'• r•
that the company be barred from doing further business in Missouri.
The action is termed by the Attorney-General as a request that the
State Supreme Court revoke the parole granted the company in 1913.
The Missouri Supreme Court at that time issued a judgment declaring
that the company was guilty of violating the State anti-trust laws and
that it should be ousted from the State. The ouster was made conditional,
however, and the company was allowed to remain and do business in the
State upon express condition, however, that the company in the future
obey all the laws of Missouri, "particularly the State anti-trust laws."
l'he present suit is based only upon the 26 contracts between the Standard
Oil of Indiana and other gasoline and oil companies, introduced as evidence
eyptth.e 1tate in the Missouri investigation of the oil industry, which closed
1S
S
b
These contracts cover patent "cracking" refining processes held by
the Standard of Indiana and contain clauses that the other companies
were granted the use of the patent processes on condition that they do
not ship gasoline into the Standard of Indiana territory. The Attorney
General maintains that these contracts violate the State anti-trust laws
In that they seek to destroy and prevent competition.
The contracts are mostly between the Standard Oil Co. of Ind. and
the other Standard Oil companies of the nation, but several other large
gasoline and oil companies are also included, according to the record of theState investigations.
Attorney-General Barrett's statement on the suit follows:
Out of their own mouths have the officers of the Standard Oil Co. of
Indiana uttered their condemnation. They have confessed the existence
of contracts which destroy competition and which were made for the
Purpose of destroying competition. The contracts are as clear a violation
of the anti-trust laws as could be written on paper.
At last it is understood why the various Standard Oil companies do
not sell in each other's territory. They have a definite and explicit agreement not to do so. For years Government investigators and State Attorneys-General have searched for the reasons why and how this zoning
arrangement existed.
The explanation of the oil companies that "It just happens" can no
longer be acceptable anywhere. The evidence we have taken involves
the major part of the gasoline trade in America and the foreign holdings
of these companies as well. The evidence will enable Attorneys-General
of other States to institute proceedings and will aid the suit brought by
The United States, since the Government's allegations have now become
the Standard Oil Co.'s admissions.
Missouri's gasoline prices have been kept up by the Standard Oil Co.'s
influence. Its methods within Missouri have been shown at my hearings,
but more important still is what goes on outside the State. Missouri's
gasoline supply Is restricted by contracts between the Standard and other
Important oil companies by which it is agreed that they will not ship.
gasoline into this State,
1636
119.
THE CHRONICLE
The contracts appear complicated, but they can be easily explained.
Take, for instance, the contract with the Standard Oil of California.
It provides that the Standard of Indiana gives to the Standard of California the right to use certain patents of the Texas Co.
,*provided gasoline
produced under those patents by the California company be not shipped
into Missouri or into any of the other States comprising what is known
as the "Indiana company's territory."
There is no force whatever in the claim that these contracts are justified under the patent laws of the United States. These contracts are
combinations in restraint of trade rather than mere licenses under patents.
They are a pooling of patents to destroy competition. The patent laws
give no one a right to violate the anti-U*1W laws.
Further, the patents cover only a process of "cracking" gasoline, while
the contracts relate to the control of gasoline itself. Gaaoline is neither
patented nor patentable. Gasoline to a certain extent separates itself
from petroleum by natural methods just as cream rises on milk. The
.
"cracking process" is an artificial method for expediting this separation
just as milk may be run through a separator.
If it were possible for such a combine to be legal, then bread, milk,
coal, steel and every other necessity of life could likewise be controlled by a
monopoly, for it is always possible to find some kind of a patent upon
which similar contracts could be hung. It is obvious that this sort of
monopolistic combination has nothing to do with the exercise of patent
rights, especially where tins restraint agreement is between the Standard
of Indiana and a 'competitor, while the patents belong to a third and
supposedly independent company.
The situation is no different from a combination between dairies to
control the price of milk and divide territory between themselves on the
excuse -that all of them were being licensed to use some particular make
of cream separator.
The Standard has enforced its own price for gasoline in Missouri by
restricting the importation of ponmetitive gasoline. If the Standard
is ousted, gasoline prices all over Missouri will drop to the true compatitive level. There has been an enormous overproduction of gasoline.
It amounts to 1,600.000,000 gallons. When there has been an equal
overproduction of wheat, the price goes down even though the farmer
suffers loss. I am not trying to cause loss to anyone, but the people are
entitled to the price fixed by supply and demand as the statute requires.
rather than to have to pay the arbitrary price fixed by the Standard.
Missouri will have cheaper gasoline as soon as I can secure action from
the courts.
If the legal proceeding drag through many months, the present overproduction may by that time have been absorbed and demand may equal
supply. I want to get Missouri the benefit of present conditios at once,
and, therefore, am proceeding by the shortest cut available. The Standard
is doing business in Missouri only at the discretion of our Supreme Court,
It was convicted of violating the anti-trust laws and ousted from the
State some years ago, but the ouster was stayed on its promise of future
good behavior.
I have laid these contracts before'the Supreme Court. asking that the
parole be revoked and the old ouster applied. There is no need for any
delay in taking evidence. The contracts in and of themselves show their
purpose and effect. The Standard admits the contracts and the contracts
prove its guilt.
In addition to this I expect to file proceedings against the other companies doing business in Missouri, which entered into these illegal contracts
with the Standard. That must be a new suit and will necessarily encounter
the delays incident to the requireinents of time for pleadings. So far
as the matter is within my control I shall try to finish that case also in the
remaining months of my term.
Statement By Chairman R. W. Stewart.
-
on June 24 (V. 118, p. 3161) that several Standard 011 companies, Texas
Co. and others had formed a combination in restraint of trade under the
Sherman Anti-Trust Act, certain grades of cracked gasoline are patented
commodities and patents of Standard Oil companies have not been procured
merely to lend color of legality to a monopoly.
The Government's petition alleged that gasoline procured under superatmospheric pressure is not patented commodity and that no valid patent
totally covers present day processes. It also charged Texas Co., Standard
Oil Co., Indiana; Standard Oil Co., New Jersey, and Standard Development Co. with seeking to monopolize trade in gasoline, and in the guise
of royalties to extort large profits from all concerns manufacturing cracked
gasoline.
The Texas Co.'s answer states that beginning in 1910 hundreds of
thousands of dollars were spent perfecting patented invention of Joseph H.
Adams who had been studying the problem for over 10 years. Equipment
to crack crude oil on a large commercial scale was finally built at a cost of
several millions. The company denies other manufacturers have been
unable to obtain privileges under the patents without agreeing to trade
restrictions. The contract with Standard Oil Co., Indiana, was made
to avoid litigation on patent infringements of the two companies. The
agreement gave authority to each to license not only its own but also patents
of the others.
-V. 119. p. 1181, 1075.
(John R.) Thompson Co., Chicago.
-Balance Sheet.
-
A comparison of the principal items in the balance sheet as of Aug. 31
1924, compared with Aug. 31 1923. follows:
Assets1924.
1923.
Liabilities1924.
1923.
Plant & property_86,316,953 85,395,091 Real est. bonds &
Securities owned__ 1,184,956
952,219
mortgages pay'le 8590,000 8235,000
Inventories
223,090
755,868 Accounts payable_
97,122
120,548
Accounts reeely'le_ 259,055
419,144 Accr. Fed'i & real
Cash
775,037
532,970
estate taxes, &c_ 292,759
232,906
Ins. & depen res__ 2,445,648 2,401,811
Surplus
2,684,160 2,237,294
The income account for the eight months ended Aug. 31 shows: Net
earnings of $948,176 for 1924 as compared with $634,722 in 1923, an
increase of $313,454.-V. 119.p. 1292.
Tonopah Belmont Development Co.
-Report.
-
3 Months Ended June 301924.
1923.
1922.
1921.
Received and receivable for ore--$208.893 $361.091 $504.083 $120,958
Mining, milling & admin. exp__- 155,830
253,880
346,811
89.823
Net earnings
$53,063 $107,210 $157,272
$31.135
Miscellaneous income
3.689
5,755
1.452
Total net income
$ 53.063 $110,900 $163,026
$32,587
The net earnings for the quarter ended June 30 1924 of the Belmont Surf
Inlet Mines, Ltd., of which this company owns 80%, were $24.138, as
compared with $8.859 in the preceding quarter and with $20,087 in the
June quarter of 1923.
Available Resources- Aug.31 '24. May 31 '24. Aug. 31 '23. May 31 '23.
Due from smelter
$52,385
$75,785
$67,616
$308,882
Due from others
137,447
133.739
140.082
125.287
Cash in banks
417,295
391,922
166.071
27.353
notes
U. S. Treasury
100,000
100,000
100,000
100,000
Liberty bonds
50,031
50.031
50.031
50,031
Total
-V. 119, p. 207.
$757,160
$751,477
$523,801
$611,553
Two Rector Street Corp.
-Tenders.
According to a statement by Col. R. W. Stewart, Chairman, at the oil
Investigation being conducted in Jefferson City, Mo.,the company operated
The Guaranty Trust Co., trustee. 140 Broadway N. Y. City, will until
-Year 6% Sinking Fund
60 sales stations in Missouri in 1913. To-day it has 316 bulk stations and Oct. 20 receive bids for the sale to it of 1st Mtge. 15
289 service stations. Company uses 70,000 bbls. of crude oil daily at its Gold Loan certificates, due April 11935, to an amount sufficient to exhaust
Sugar Creek. Wood River and Whiting refineries. It produces 3,000 bbls, $31,399, at a price not exceeding 103 and Int.-V. 118, p. 2192.
and buys the rest in the open market. • This se tr it has paid an average
price of $I 66 a bbl. for crude oil at the well, compared with 95c. a bbl. in
Union Coal & Coke Co.---Tenders.1913. To-day its average tank wagon price is 17.2c. a gallon, compared
The Union Trust Co. of Pittsburgh, trustee, until Sept. 29, received bids
with 14.8c. in 1913. To-day the company has 3,0% of business in Missouri for the sale to it of 1st Mtge. 30
-Year 5% S. F. Gold bonds, dated Nov. 1
territory where it operates against 75% in 1913. Company has more than 1916. to an amount sufficient to absorb $51,942, at prices nat. exceeding
49.000 stockholders to-day compared with about 4,600 in 1918. More 105 and hit.
-V.105, p. 613.
than 15.000 of the stockholders to-day are employees of the company.
-V.119. p. 1292, 465.
Union Electric Light & Power Co. (Mo.).-Sale.-Control of the Missouri Public Utilities Co. has been acquired by the
Standard Textile Products Co.
-Balance Sheet.
Community Power & Light Co. according to a St. Louis, Mo. dispatch.
[Including Mobile Cotton Mills.
The Missouri Public Utilities Co. was controlled by the United States PubAvg.23'24 Dec.31 '23
Aug.23'24 Dec.31 '23 lic Service Co., but its properties were leased to and operated by the Union
Electric Light & Power Co. of Mirsouri, a North American Co. subsidiary.
a
es-$
$
Plant account__ -_16,822,238 16,716,535 Pref."A"stock_ __ 5,000,000 5,000,000 -V. 118, p. 1532. 442.
Good will
2.790,659 2,790,659 Pref."B"stock___ 4,000,000 4,000,000
Inventories
8,248,666 7,874,003 Common stock_ 5,000,000 5,000,000
Union Oil Co. of California.
-Transfer Agent.
Cash
926,689
830,144 Mortgage bonds__ 7,650,000 7,650,000
The Guaranty Trust Co. of New York has been appointed
Receivables
2,016,787 2,079,990 Res.for depen,&e. 2,295,628 2,101.895 agent of the capital stock of the company, consisting of 3,780,000transfer
shares.
Deferred items_
97,555
103,047 Accts. payable and
par $25. (See V. 119, p.207, 465.)-V. 119. p. 706.
accrued items__ 557,442
724,012
Bills payable
3.600,000 3,000,000
United Bakeries Corp.
-Earnings.
Total(each side)_ _30,902,594 30,394,370 Surplus
2,799,524 2,918,472
The company reports for the period from Jan. 1 to Sept. 13 1924 an operat-V. 119, p. 1518
ing profit slightly in excess of $2,700,000, after depreciation and interest
charges, but before income taxes. Sales of all companies owned or conStreets Co., Chicago.
-Liquidation.
Final liquidation of the company is scheduled for the near future. Only trolled for the period show an increase of almost 26%.-V. 119. 13• 465.
a few assets, including the company's machinery, remain to be sold. To
United Drug Co.
-Bonds Sold.
-Kidder, Peabody &
date stockholders have already received 114% in liquidating dividends
(Chicago "Economist").
-V. 116, p. 2140.
Co., F. S. Moseley & Co. and Bankers Trust Co. have sold
Sugar Estates of Oriente, Inc.
-Merger Negotiations.
- at 993 and int., to yield about 6.04%, $12,500,000 20
Year 6% Gold bonds.
Dated Oct. 15 1924. Due
Sullivan Smythfield Co., Phila.-Bal. Sheet June 30.- payable in U. S. gold coin at theOct. 15 1944. Prin. and tot (A. & 0.)
Chase National Bank, Now York, trustee,
gee Cuban-Dominican Sugar Co. above.
-V. 118, p. 3089, 2583.
Assets
Liabilities
without deduc;ion of normal Federal income tax not in excess of 2%.
$150,000 Prior Preference stock_ - _ _ $900,000 Denom.: c* $100, $500 and $1,000, and r* $5.000 and multiples thereof.
Real estate_ a
150,426 Preferred stock
Cash
528,400 Red. at 107 and int. as a whole but not in part, upon 60 days' notice.
71,854 Common stock
1331,040
Bills and loans receivable_
Listing.
-Application will be Made to list these bonds on the New York
Accounts receivable, net.. 742,777 Bills payable
500,000 and Boston Stock Exchanges.
a
1,333,180 Accounts payable
Merchandise
522,113
Data from Letter of Pres. L. K. Liggett, Boston, Sept. 30.
65,202 Accrued dividend
44,629
Sundry items
History and Business -Business was originated in 1902 by 40 retail drug39,403 Sundry items
Equipment and fixtures
26,661 gists to manufacture and distribute under
controlled trademarks medicinal
Good-will and other inpreparations and
Total (each side)
1
tangible assets
$2.552,843 their stores "Theother articles usually sold in drug stores. They named
Rexall Stores." The first year's sales were $63,000.
a Real estate: Cost $450.000; mortgage payable, $300,000; balance. Toe company has grown steadily and rapidly. The present corporation
$150,000. Is Excess of assets over liabilities and Preferred stocks, repre- was formed in 1916 by a consolidation of the old United Drug Co. and the
senting present book value of 10,000 shares of Common stock of no par Riker-Hegeman Co. It has now approximately 8,000 stockholder agents
value.
-V. 115. p. 445.
(the Rexall Stores) in the United States, and it owns, through a subsidiary,
situated in sonic of
-Bonds 285 Liggett drug stores,The combined salesthe best locations in the metropSuperior Bond & Mortgage Co., Cleveland.
olises of the country.
for the year to date have been
-Stanley & Bissell, Cleveland, are offering, at par running at the rate of $70,000.000 for the year. It manufactures in Boston,
Offered.
St.
and interest, $500,000 First Collateral Trust 7% Gold ter.Louis, New Haven, Long Island City, Highland, N. Y., and WorcesMass.
Purpose.
Bonds, Series "C." A circular shows:
-This issue, together with cash in the company's treasury, will
Dated Sept. 1 1924. Due serially Sept. 1 1925 to 1934. Principal and be used to take up $10,681,000 Convertible 20-Year 8% Gold bonds due
interest (M. & S.) payable at Union Trust Co., Cleveland, trustee. Call- June 15 1941, which have been called for payment on Dec. 15 1924 at 115.
Earnings.
able (all or in part) on four weeks notice at 102 and interest. Company
-Since the company's incorporation in 1916 it has shown conagrees to pay the normal Federal income tax up to 2%. Penn. 4 mill tax sistent and, with the exception of the two yeasr 1921 and 1922, increasing
net earnings over each preceding year. In 1921 the poerest year in its
refunded. Denom. $1.000 and $500 c*.
'
Company.
-Is a $2,000,000 corporation, organized in 1914. engaged in history, the company earned 33.300,315, or more than 4 times the amount
the business of making loans on real estate in Cleveland and vicinity.
of interest required on this NEMO. Its earnings for the year 1923 were
Security.
-A direct obligatino of the company and, in addition, is specifi- $5,405.125, or over 7 times the interest required on these bonds, and will
cally secured by deposit with the trustee of 133 1-3% of approved first be exceeded in this year by approximately 10%•
mortgage fee bonds bearing not less.than 8% interest.
Sinking Fund.
-Company shall annually pay to the Chase National Bank,
Earnings.
-The average annual net earnings for the past 61.i years ended New York, as trustee, under indenture securing the bonds, $125.000. The
June 30 1924, available for interest charges upon the company's bonded trustee shall apply such money paid to it for the purchase in the open market
indebtedness, are $125,133.
of bonds at or below par. Any moneys not so used shall be invested by
Purpose.
-Proceeds from the sale of these bonds are being used in making the trustee, with tho approval of the directors, in investments legal for savadditional loans on real estate.
-V. 117. p. 2224.
ings banks in Massachusetts and New York until such time as bonds can
be purchased at or below par; but if at any time the unused sinking fund in
Swift Canadian Co., 1.4d.-AcquiAition.the hands of the trustee shall amount to $375,000, the obligation of the Drug
A dispatch from Moose Jaw, sk.'
(Canadaj, states that the company Co. to make annual payments into the sinking fund shall cease until the
has purchased the site and plant of the Moose Jaw Cold Storage Co.. for amount of the sinking fund in the hands of the trustee has been used for the
it is said $40,000.-V. 105, p. 1809.
purchase of bonds at or below par.
Security.-These bonds will be a direct obligation of the company, and
Texas Co.
-Makes Reply in Patent Litigation.
together with the $2,184,000 5 -Year notes maturing June 15 1926, will
According to an answer filed by Silas H. Strewn, attorney for the com- constitute the sole funded debt of the company and its subdcliaries, with
pany,in the District Court at Chicago to charges made by the Government the exception of certain real estate mortgages aggregating $1,029,840.
OCT. 4 1924.]
1637
THE CHRONICLE
Consolidated Balance Sheet.
Aug. 3124. Jan. 1 '24Aug. 3124. Jan. 1'24.
MbMies3
Assetsstock... _16,321,900 16,321,900
let Pref.
Furniture,fixtures,
158,800
utensils, &c___ .10,269,470 10,043,563 26 Pref. stock____ 151,700 35.605,500
Common stock 35,784,200
Leaseholds and im4,075,196 3,767,385 Stock of subs. outprovements
866,900
801,400
standing
Land & buildings_ 5,616,661 5,513,341
8,300
6,800
Inv.: Sas. & bds.12,158,582 11,792,981 Subs. to Com.stk_
3,244,812 2,896,645 Real est. bonds &
Cash
1,029,000 1,050,200
mortgages
4.565,575
Acc'ts receivable 4,638,620
Notes receivable 3,546,818 1,829,296 555-Yr. 8% Gold 2,184,000 2,282,000
notes
14,749,622 14,239,783
Inventory
Advs.& def'd items 1,273,744 1,972,501 20-Yr. 8% Cony.
Gold bonds_ _10,681,800 11,086,900
Trade marks,good22,793,689 22,793,689 Acc'ts payable(not
will, &c.•
2,800,593 3,039,733
due)
Notes pay. (subs.) 1.850.000
5,409,691 4,477.657
Reserves
5,346,129 4,516,869
Surplus
been to develop ore sufficient for a year's operation, continuing exploration
and exposure.or development of ore, when found, in proportion as the ore
already placed in sight is being extracted for shipment.
"The duration and cost involved of this work cannot be calculated in
advance. Thus far it has not only absorbed the operating profits, but has
as
also imposed inroads on our cash reserves. Now, however, it looksout
though the cost of what remains to be done will be more than covered
of ore shipments.
"On the lowest loyel..2.000 ft., a copper ore body has just been encountered, the dimensions of which are as yet indefinite.
"The management has acquired adjacent claims and properties, thus
minimizing as far as possible the repetition of litigation involving apex rights
to ore which we might develop in lower levels.
"Our mill has been Improved and enlarged, and its capacity is 375 tons.
per day.
"We began our present fiscal year, Sept. 1 1924, with cash and negotiable
securities of $850,553 and $70,000 of this was received from the mine during
-V. 119. P. 1075.
August, with the prospect of further. remittances."
82,367,214 79,414.759
Total
Total assets__ __82,367,214 79,414,759
* Includes patents, processes andformulae.-V. 119, P. 1181, 591.
-Omits Common Dividend.
United Dyewood Corp.
The directors on Oct. I decided to omit the quarterly dividend of 14%
usually paid at this time on the outstanding 313.918 300 Common stock.
par $100. Since dividends were inaugurated on this issue, in April 1917.
the company paid 154% quarterly to and incl. July 1 1924. In August
1917 a special Red Cross dividend of 1% was also paid.
Earnings Siz Months Ended June 30 1924:
Operating profit, $337,150; other income,$21.963; total income-__$359.113
194,796
Interest, depreciation, taxes. etc
52,458
Sundry profit and loss adj. (Cr.)
-Sale of Anaconda Stock.
Consolidated Mining Co.
Utah
by
Vice-Chancellor Church, in Newark, has confirmed the order filed sell
to
George H. Russell, receiver for the company, and authorized him a total
at $36 a share,
3,550 shares of Anaconda Cooper Mining Co. stock
has a claim against
of 3127.800, to the United Metals Selling Co. which offset that much of
the Utah company of 3885,344. The 3127,80i) is to shows assets ofabout
the Metals company's claim. The receiver's report
$263,000 and claims filed amount n 31,300.000.-V. 118. P. 1679.
-Capacity, &c.
Victor Talking Machine Co.
factories in the
President Elridge R. Johnson says: "We now have two
We had
United States, one in Canada, 4me in Italy and one in India.
were closed.
Germany and Russia before the war, but they German. We
factories in
but not the
We will probably recover our Russian factory,
completed
also have a record factory in the Argentine. We have recently
with the one
our record factory on the west coast of Oakland, Calif., and monthly, our
in Camden, N. J., which has a capacity of 8.000.000 records
expect
capacity for the United States is 10,000,000 a month. We
$216,775 record meet our demands. Last year we could not supply the demand.
Total
this to
intend from
4,529.669
"We have not fixed any policy regarding radio, but we do nothave enough
Previous surplus
the present outlook to go into radio manufacturing because we
-34,746,444 to keep us busy with the talking machine businass alone. We have no
Totalsurplus.
want
(for year 1924) 3261,62;common dividends.
of erecting a broadcasting station at Camden, N. J., and we
Preferred dividends
732.888 intention far away from radio as passible. Our English busin-ss is showing
to keep as
$417,549; dividends paid by subsidiary companies, $53,714_ _ _
-V.118, p.2318; V. 117. p. 2662.
a great improvement over a year ago."
$4,013,556
Profit and loss surplus Juno 30 1924
-To Operate Mills.
Virginia-Carolina Chemical Co.
Accounts of foreign subsidiaries are included at normal rate of exchange.
of exchange on June 30 1924, were used, net income for
Federal Judge Runyon at New irk. N. J., his filed an opinion authorizing
If prevailing rates
loss surplus by Charles G. Wilson and Arthur T. Vanderbilt, receivers for the Southern
six months would be reduced by $79.570 and profit and
Southern
Cotton 011 Co. and Virginia-Carolina Chemical Co.. of which mills. 32
3868,814.-V. 118, p. 1925.
Cotton Oil is a subsidiary, to operate 30 cottonseed pressing
made
-Dividend of $1.
United Equities Corp.
cotton gInneries, and 17 peanut shelling mills. This decision was comcreditors'
The corporation has declared a quarterly dividend of $1, payable Oct. 15 upon motion of the receiver and was opposed by a bank Cotton 011 Co.
the Southern
mittee representing 17.026,000 in notes of
to holders of record Oct. 10.-V. 118, p. 442.
the
The receiver claims that a proper conservation of the assets requiresthat
committee contends
-New President, &c.
United Fruit Company.
operation of ttesplanvhne therertco
conetVgmya:dotir6
Or should
Victor M. Cutter, formerly Vice-President, has been elected President
liquidation
to succeed the late Andrew W Preston. Bradley W. Palmer has been creditors, and the receiver should only be concerned with the
-V. 119. p. of the corporation.
elected Chairman of the Executive Committee, a new office.
for a
Receivers claim that the mills would cost $723.000 if kept idle also
1619.
year, whereas if the plants are'operated they will make profits and
are to make weekly
-Appeal.
United Fuel Gas Co.
preserve the good-will of the company. The receivers
The company has appealed to the U. S. Supreme Court to intervene reports on their operations so that a close check can be kept on the operain its fight with the West Virginia P. S. Commission for increased rates. tions of the mill.
Wilson
Federal Judge Runyon at Newark has authorized Charles T.$55,800
The appeal is based en the ground that the order of tile Commission reof
-V. 119, p. 1408.
(Pres.) and Arthur T. Vanderbilt receivers, to accept an offerby Virginiaquiring present gas rates continued is confiscatory.
interest owned
for 200 shares of the Dotham-Guano Co., a half
the
-Stock Increased.
United States Gypsum Co.
Carolina. The offer was made by W.C.Malone of Alabama, who owns
The stockholders on Oct. 1 Increased the authorized Common stock other half of Dotham-Guano.-V. 119, P. 1519.
from $8,000,000 to 310,000,000. par 320.-V. 119, p. 1181.
-Sub. Co. Business.
U. S. Realty & Improvement Co.
Unfinished business of Geo. A. Fuller Co., a subsidiary, is now about
30 last
$23,000.000, which compares with unfinished business on April p. 1392,
of 318,352,729. an increase of approximately 34.700,000.-V. 119,
United States Smelting, Refining & Mining Co.
-An official statement says:
Resultsfor Eight Months of 1924.
The company for the eight months ended Aug.31 1924 reports as follows:
1921.
1922.
1924.
1923.
8 Mos.End. Aug.31Earns., after all interest_ 33.252,883 32.734,011 32.770,753 $1,314,260
798,148
743.899
1.094,568
Depr.,depl.& amort.res. 1,431,773
3516,112
31,821.110 31,639,443 32,026,854
Net income
Pref. div. requirements
1,134,816
1,134.816
1,134.816
1,134.816
for period
$892,038 def$618.704
$504,627
$686,294
Surplus
The operations at the metal mines and Midvale and Kennett smelters in
the United States have resulted in increased earnings for the eight months
wriod as compared with the corresponding period last year. While the
Midvale smelter did not operate at full capacity because of decreased production at the mines tributary to it, the resulting decrease in profits was
,
more than offset by satisfactory earnings from the company's mines.
There has been no material improvement in the demand for coal in the
Western States, and the output remains curtailed. Prices have been low
and results unsatisfactory. Production for the eight months was 435,421
tons, as compared with 492,580 tons in coresponding period last year.
The Mexican output has averaged 99,795 tons per month during the eight
months, as compared with 92,834 tons per month during the same period
last year and somewhat better earnings have been shown at these properties, although the average price of silver during the eight months of this
year was substantially the same as last year. The present price of silver is
higher.
-V. 119, p. 85.
-Number of Stockholders.
. United States Steel Corp.
_(V.) Vivaudou Ine.-New President, &c.
Thomas J. McHugh has been elected President. succeeding Victor Vivausucdou. D. A. Schulte and,, R. Harbeck have been elected directors,
ceeding Victor Vivaudou and J. W. Kerbin.
Mr. Vivaudou. In connection with his resignation as President and
of
director of V. Vivaudou, issued the following statement: "The purpose of
my resignation is solely for ,the purpose of helping the stockholders
made
V. Vivaudou, Inc. The nttdrly groundless attacks that have been
to
by one individual for the purpose of gratifying his personal antagonismthe
me had the effect of injuring the morale of the business and cheapening
were
stock of the company to the point where many small stockholders
placed in the unfortunate position of having to throw their stock overboard.
for me to
For the purpose of eliminating this condition it was necessarybuy, and it
or
either buy full control or to sell. I made a proposition to sell policy as yet.
was accepted as a sale. I have not decided on my further company, at
but I certainly will do my best to help the stockholders of this 1519.
-V.119. p.
any time, and help the company if I am needed."
Chicago.-.4New President.
Wahl Co.,
Wahl,
Thomas Dreyer has been elected President. succeeding John C. give
who had asked to be relieved of the duties of President so that he might Mr.
and mechanical departments.
his entire attention to the development
-V. 119, p. 707.
Wahl was elected a Vice-President.
-Resignations.
System, Inc.
Waldorf
and as
R. D. Clark and A. Y. Clark have resigned as Vice-Presidents
directors, effective Dec. 31 1924.
have purPresident Woodward, Vice-President Kinney and associates
stock or the
chased from R. D. Clark and A. Y. Clark 19,000 shares of
holdings.
company at $15 a share. This represents a majority of the Clark "News
The stock purchased will not come upon the market. (Boston
-V. 119, p. 466.•
Bureau.")
-Earnings.
Ward Baking Corp.
net profits
The company reports for the five weeks ended Sept. 13 1924
-V.119. P. 953.
of $503,954 after depreciation and Federal tax.
-Balance Sheet June 30.Co.
West Boylston Mfg.
1923.
1924.
T4abtidie3
1923.
1924.
Assets$7,730,000 $8,000,000
$2,852,869 $2,768,351 Capital stock
Real estate
442,674
notes pay 426,753
1.813,035 1,629,802 Accts. dr
425.455
404.488
Universal Leaf Tobacco Co., Inc.-Bal. Sheet June 30.- Machinery
2,881,366 3,077,689 Surplus
Merchandise
1923.
1924.
1024.
2923.
Cash & accts. rec. 963,971 1,342.287
side)38,561,241 $8,868,129
$
$
LiabilitiesTotal(each
$
$
50,000
Assets50,000
Investments
Preferred stock- 7,980,700 9,500.000 -V. 117, p. 1249.
Land, bidgs., &C.,
less depreciation 2,420,703 2,876,027 Common stock... 5,379,300 5,379,300
-Merger Negotiations.
Corp.
West India Sugar Finance
Goodwill, erg., &c. 6,023,300 5,023,300 Sub.cos.prof .part.
-V. 117. p. 218.
:268
mgrs. shares_
1,014,427 2,378,869
See Cuban-Dominican Sugar Co. above.
Cash
349,479
-Suit.
Accts. & notes rec. 5,536,222 2,917,832 Dividends payable 161,314
Western Public Service Co., Denver. Court at Cordads
9,485 Loans payable.... 2,000,000 7.112,073
Marketable sec's..
In connection with the suit filed in the Federal District Sept. 17 says:
253,428
3,108.240 11,673,212 Accounts payable_ 207,135
of
Inventories
company, the "Colorado Springs Gazette agreement said to
against the
Res. for Fed. taxes 180,000
refinancing
Conting. liability. 1,105,790
In an effort to compel performance of a the Federal District Court at
448,577 Conting. liability- 1,105,790
Deferred charges__ 102,223
23,000 have been reached, suit has been filed in
1,708,009 2.095,982 Deferred liability_
Investments
Shapker, Stuart St Co. against the Western
945,500 Surplus
3,004,675 5,751.598 Denver by Goodwillte & Co. and
Sinking fund
Public Service Co. and R. E. Wilsey & Co.
that would restrain the
The complainants have asked for an injunction
Total
20,018,914 28,369,145
20,018,914 28,369,145
financing with other bankers,
Total
local corporation from undertaking any
as a
E. Wilsey & Co. is
pending determination of the suit. R.firms in the financingnamed
agreement,
x Subsidiary companies' profit participating managers' shares outstand- defendant, although one of the banking
-V. 119. p. 1408.
ng, 2,600 shares of no par value.
complainants.
because it refused to join with themaintains headquarters in Colorado and
-Extension of Time.
The Western Public Service Co. heating and ice manufacturing plants in
Universal Pipe & Radiator Co.
lighting, steam
The offer to the stockholders of the Iron Products Corporation and the owns and operates
Texas and Missouri.
stock for stock of the Universal Colorado, Wyoming, Nebraska. Iowa.E. C. van_Diest, its President. preCentral Foundry Co., to exchange their to the close of
In Sept. 1923 the company, through its
business Oct. 15
Pipe & Radiator Co., has been extended
entirelinancial structure. An
sented the need of a reconstruction of
1924.-V. 119, p. 1182.
agreement was reached and later merged into another agreement, which
-Development Costs, &c.was subsequently extended.
Utah-Apex Mining Co.
The company was to deliver and sell before Jan. 31 1924 about $4,080,000
In a letter to stockholders Pres. R. F. Haffenreffer Jr. says in part:
notes, besides a specific amount of stock. For these securities
"Over a year ago it became apparent that the economic conditions of the In bonds and agreed to procure•paYment of $3,485.000.
throughout the country, and which still the bankers
financial
mining industry then prevailing
agreement, it is claimed, made the three banking firms thehave first
operation impossible, excepting
This
prevail, made commercially profitable mine
and the latter agreed the bankers were to
on a scale much greater than our shipping ore reserves and our working agents of the company,
been
call on all future financing of the company. "This agreement has
faces permitted.
'
ther company, states the complaint.
"The only possible way to overcome this difficulty was to develop more flagrantly disregarded by
the company
The bankers, the complaint cites, have proceeded to finance
shipping ore reserves and open up more working faces in our ore deposits.
a great portion of time from Nov. 17 1923.
"Utah-Apex ore does not form one continuous ore body. It is encoun- • and in doing so have consumed
30 last, when the contract expired.
tered in fissures or underground pockets. The policy of the company has the date of the agreement, to June
The number of holders of Common atock for the third quarter of 1924
totaled 96.517. a decrease of 2,672 compared with the June guar von The
number of Preferred stockholders declined 302 to 78.962.-V. 119, p. 1293.
1638
THE CHRONICLE
As financial agents, the complainants "carried on
principal financial cities of the East and in the central negotiations n the
States, and have made repeated trips to New York.cities of the United
Nebraska and various other cities and places," at a Boston. Colorado,
and entailing a loss of other remunerative business. considerable expense
On that ground it is claimed the "company in no way has at any time
remunerated the complainants or any of its financial agents for any expense
or for any payments, or for any time spent for the company on its behalf
and for its benefit, and tae company refuses to make remuneration for any
sucn expenditures or service." Because of the bankers' efforts the company,
it is claimed, was able to meet its obligations from Nov. 17 1923 to
July 1
1924. The financial status of the company and its securities were benefited
by this work.
"As it became evident to the company that its requirements would not be
met by the payment to it of the fixed sum designated in the agreement and
that the services of the complainants and its financial agents had made it
possible to secure a greater amount of funds and at better terms and returns,
the company by its president began to fail to co-operate with the complainants in its further financing." the complaint charges. The company, it is
claimed, twice attempted to abrogate or modify the terms of the original
agreement.
The complaint also charged the company with attempting to market its
own securities in violation of the agreement at the time an attempt was
made to cancel the contract and states that the service company is about to
issue securities which may create a first lien on all its property or incur
liabilities the character of which will affect the rights of the bankers. A
restraining order to prevent the issuing of these securities until after the
case has been settled is asked.—V. 119. p. 1520.
Wickwire Spencer Steel Corp.—List of Directors Elected.
Following the acceptance by the stockholders of the reorganization
plan, the Preferred stockholders elected the following directors to hold
office only until the new company takes over the property and business:
C. K. Andenon, L. E. Crandall. John A. Denholin, P. A. Drury, H. W.
Goddard. C. K. Hardy Jr. G. V. Pac.i, A. F. Stillson, G. W. Treat,
'
T. H. Wickwire Jr., Ward A. Wikcwire, P. D. Wesson. Ricnard B. Young
and G. F. Naphen. Samuel F. Pryor. Chairman of the executive committee of the Remington Arms Co., will become Chairman of the board
of directors of the new company, succeeding Harry W. Goddard, the
old Chairman, who will retain a seat on the directorate. (Compare plan
in V. 119, p. 823.)—V. 119, p. 1520, 1408.
Willys-Overland Co.—Production Outlook.—
President John N. Willys is quoted in substance: "The company is
producing about 500 cars
Of this number about 70% are Overland
daily.
and 30% Willys-Knights. The company is operating at about 60% of
capacity, and has sold 13.000 more cars than it has produced this year.
From present indications motor prices are likely to swing upward. Inventories are down and cash is up and we are in a good cash position."—
V. 119, p. 953.
Wilson & Co., nc.—To Pay Interest.—
Federal Judge Bondy has authorized the payment of the Oct. 1 interest
on the 1st Mtge. bonds. The interest, amounting to 2743,670. is to be
paid out of funds on hand without any occasion to borrow from outside
sources.—V. 119, p. 1520. 1293.
Woodward (Ala.) Iron Co.—Bonds Offered.—Clark,
Dodge & Co., New York, are offering at 8534 and int. to
yield 6.10%, $2,400,000 1st & Consol. Mtge. 5% Sinking
Fund Gold bonds.
Dated Jan. 1 1912, due Jan. 1 1952. Int. payable J. & J. at office of
Farmers Loan & Trust Co.. New York, trustee. Red. all or part on any
int. date at 105 and in,except that when called for the sinking fund the
price is par and int. Denom. $1,000 c* .
Authorized, $25.000,000; outstanding. $10,572,399 (exclusive of this
issue). In addition to the bonds shown as outstanding, $5,133,000 are
held in the company's treasury and $794,601 are in the sinking fund: of
She balance of the authorized amount, $2.000,000 are reserved to retiret) an
equal amount of Birmingham Iron Co. bonds and $6,500,000 are reserved
for future additions and improvements.
Data From Letter of Chairman A. H. Woodward Sept. 8.
Company.—Incorp. in Delaware in 1911, succeeding to a business of
producing pig iron started in 1882. Company has 5 furnaces and 230 byproduct coke ovens situated in Woodward and Birmingham, Ala., with a
total capacity of 500.000 tons of pig iron per year. The necessary coal and
ore are obtained from the company's own mines, which are situated within
an average distance of 5 miles of the Woodward furnaces, and are brought
to the furnaces on the company's own railroad. There are over 100.000.000
tons both of proven coal and of proven iron ore on this property giving the
company reserves of coal and ore sufficient to last more than twice the
remaining life of these bonds.
In addition, within a ix ile of the Woodward furnaces, the company owns
a large fluxing stone quarry which it has not been necessary to operate due
to the so nearly self-fluxing quality of the ore. The proximity of the coal
and iron ore to the furnaces makes it unnecessary to accumulate more than
a minimum inventory of raw materials, which gives the company a distinct
advantage over the furnaces supplied by ore from the Greatlakes where it
is necessary to accumulate a large inventory during the fall prior to the
closing of lake navigation.
Net Operating Earnings After Depreciation, but Before Taxes, Applicable to
Interest Charges.
81,850.909(1919
1916
$378.5781922
$451,254
3.403.873 1920
2,819,20011923
1917
2.158,195
3.145,139 1921
def592,6391924 (7 mos.) 877.146
1918
Total
$14,491,855
Less reserve set up for depreciation for rebuilding coke ovens
charged to surplus and representing insufficient depreciation
taken during the years 1916. 1917 and 1918
750,000
Balance
$13,741,655
The average earnings for the 8 years and 7 months are equal to 2.33 times
the interest requirements of $688,350 on the bonds to be outstanding with
the public upon retirement of the $2,000,000, Birmingham Iron Co. Gen.
Mtge. bonds, and for 1924 is at the rate of 2.18 times this requirement.
Since 1912 the company has spent over $8,733,000 in additions to plan
and property without increasing its capitalization outstanding in the hands
of the public.
Balance Sheet as of July 31 1924.
Liabilities—
Assets—
428.065.651 Preferred stock
Lands, bldgs., &c
$3.000.000
1,288,117 Pref. stock—Class "A"_
Inventories
405,000
Notes & accts. receivable 1,126,867 Comtnon stock
10,000,000
100.404 Bonds outstanding
securities_ _ _
Marketable
12.572.399
1,121.097 Notes & accts. payable__
Cash
998,933
21,074 Accrued liabilities & taxes
Cash in sinking fund.. _
450,221
110,809 Reserves
Deferred charges. &c_ _
1,530,376
44,080 Surplus
Workmen's relieffund_ —
2,921,170
Total
$31,878,099
Total
$31,878,099
x After deducting $7,075,665 reserves for depreciation and depletion.
Security.—Secured by a 1st & Consol. Mtge. on all lands, buildings, ore
and coal reserves, railroads and other fixed assets, subject only to the prior
lien of $2.000,000 Birmingham Iron Co. Gen. Mtge.5% bonds, due April 1
1926. on a part of this property. Upon retirement, at or before maturity,
of the Birmingham Iron Co. bonds, for which the present issue is being
sold, the 1st & Consol. Mtge. bonds will become a first mortgage on the
entire property.
Purpose.—The proceeds of the $2.400,000 1st & Consol. Mtge. bonds now
being sold will be used to retire, at or before maturity, $2,000.000 Birmingham Iron Co. Gen. Mtge. bonds, due April 1 1926.
Sinking Fund.—The 1st & Consol. Mtge. provides for a sinking fund of
3 cents for each ton of coal and ore mined, payable semi-annually A. & 0.,
with a minimum provision that no payment shall amount to less than
of
1%, the company having the privilege Of crediting payments in excess of
the minimum against subsequent minimum requirements. The funds are
to be used to purchase or call bonds at not exceeding par and accrued int.,
the bonds to remain alive in the sinking fund.
The mortgage further provides that, if any bonds are still outstanding In
1940, the minimum provision is to be increased, so far as is necessary, to
retire the whole issue at or before maturity:
[vol.. 119.
Threctors.—A.1111. Woodward, Chairman;
Wheeling, W. Va.; F. H. Crockard, Pres.; 13. A. Burt, H. E. Vance,
Wilson,
Smith, Sec.: L. W. Franzhehn. P. R. Pyne. D. E. Geddes, Treas.; H. B.
D. G.
New York; Stuart W.Webb end Frederick Ayer,Boston.—V.A. W. Krech.
119, p. 343.
Wright Corp., San Francisco.—Bonds Offered.—In
connection with the offering of the $600,000 1st (Closed)
Mtge. 63/2% Serial Gold bonds (V. 119, p. 1520) by E. H.
Rollins & Sons, William R. Staats Co. and Milchum, Tully
& Co., San Francisco. A circular further shows:
Capitalization—
First Mortgage 614% Serial Gold Bonds(this:ssue) Authorized. Outstanding.
$600,000
$600,000
6% Cumulative Prat. stock (par $100)
250,000
160,000
Common stock (par $100)
3,750.000
3,000,000
Balance Sheet as of July 31 1924[After Giving Effect to Present Financingi
Asset
Liabilities—
Cash, accts. & warrants__ $292.690 Accounts
$106,840
Securities of other cos_ __- 593,300 Bonds
600,000
Inventory
259,456 Reclam'n dist.
603,062
Real est., betterm. & equip 3.510,214 Preferred stock assess. res_
160,000
Incorp. & adv. expanses
50.567 Common stock
3,000,000
Total (each side)
84.706,2281 Surplus
236,326
Compare also V. 119, p. 1520.
CURRENT
NOTICES.
—Hugh W. Grove, Vice-President of the First Wisconsin
Company, the
nvestment securities company of the First Wisconsin group,
was elected
a member of the Board of Governors of the Investment
Bankers Association
at the thirteenth annual convention of that Association which
was held in
Cleveland Sept. 21-24. Mr. Grove was also appointed Chairman
of the
State Taxation Committee, a committee whose duty it is to
keep in touch
with all legislation presented to the State Legislatures of the
various States
Which would in any way affect banking and investment banking.
—Clarence E. Goldsmith, formerly with the Newark office of J.
m.
Byrne & Co., and Pettit A. Myer,formerly with Barstow & Co. and John
N, Lobdell, formerly witn the Newark office of the National City
Co..
announce the formation of.a firm for the transaction of a general investment
securities business, under the name of Goldsmith, Myer & Lobdell, with
offices at 800 Broad Street, Newark, N. J.
—Agnes M. Kenny, Manager of the Women's Department of the First
Wisconsin National Bank, who attended the second annual convention of
the Association of Bank Women,which was held in Chicago at the same time
as the American Bankers' Association, led a discussion Tuesday afternoon
on "The Women's Banking Department—Its Organization and Function."
—Samuel S. Rodman, manager New York City Investors' Department
of Harris, Forbes and Co., is giving a course on distribution and sale of
investment securities at New York Chapter American Institute of Banking,
15 West 37th Street. The class assembles on Monday evening, Oct. 8.
Registration takes place this week during the hours of 6:30 and 9 11••
n1.
—The Industrial Finance Corporation, New York. announces the opening of branch commercial paper departments at 105 South La Salle St.,
Chicago, in charge of John B. Simmons, formerly of Bond & Goodwin;
and 554 Market St., San Francisco, in charge of George Hemmen,formerly
of George H. Burr & Co.
• —The Hanchett Bond Co. announce that E. C. Stoddard, formerly with
Goodwillie & Co., has become associated with them as Secretary
and
Harold 0. Hanchett, formerly Secretary of the company, has been
elected
Vice-President, and Andrew Forman, Assistant Treasurer.
—Announcement has been made that the firm of Killion, Watt &
Co.
has been dissolved and that James K. Watt, J. Fred Hillmann and
Alfred*
H. Tansey have formed a partnership under the name of Watt,
Hillmann
& Co., with offices in the Widener Building, Philadelphia.
—Joseph T. N. Dunbar, formerly a member of the firm of Williams.
Dunbar & Coleman and for the past seven years associated with Robinson.
& Co., is now with Gilbert Eliott & Co.In their Public Utility Trading Department.
—Two New York Coffee & Sugar Exchange memberships of S. It. Lamborn were reported sold this week to J. S. Bache & Co. and C. J. Walter.
the consideration in each case being $6,900. The last previous transaction
was for $6,800.
—The Now York Stock Exchange membership of George F. Secor was
reported posted for transfer this week to Eugene P.Schweppe,the consideration being stated as $83,000.
—H. M. Jacoby & Co. announce the change of firm name to Jacoby,
Grace & Co., Inc., G. Vincent Grace, well known in domestic and foreign
investment banking circles, having been admitted to the firm. •
—F. S. SmIthers & Co. announce that Donald S. Dugllss, formerly
with
Dresser & Escher, has become associated with them in their bond department.
—The Equitable Trust Co. of New York has been appointed transfer
agent for 7% Cumulative Preferred and Common stocks of the Erie Railways Co.
—Lilley, Blizzard & Co. have moved their offices to the new Packard
Building, Fifteenth and Chestnut streets, Philadelphia, where they will
continue their brokerage business as public utility specialists.
—Fahnestock & Co. announce that Morgan Goetchlus, formerly of the
General Motors Corporation, has become associated with them in their
investment department.
—Boissevain & Co. announce that Charles L. Lloyd, formerly associated
with Kelley, Drayton & Converse, is now Manager of their investment securities department.
—Morgan, Livermore & Co. announce the opening of a Philadelphia
office at 1103 Packard Building and the appointment of John H. Hillman..
District Manager.
—Robert J. Hamershlag has been admitted to partnership in the New
York Stock Stock Exchange firm of G. & A. Seligmaim, 30 Broad St.,
New York.
—Donoghue, Krumsick & Co., Chicago, announce the removal of their
offices Sept. 29 from 29 S. La Salle St., to 1058. La Salle St.
—Arthur Henderson & Co., accountants and auditors, announce the
removal of their New York office to 67 Wall Street.
—A. H. When & Co. announce that Alexander H. Beard, C. P. A., has
been admitted to partnership in the firm.
—Carden, Green & Co. have prepared a special analysis of National
Biscuit, White Motor Co. and California Packing Corporation.
— Morgan Goetchlus, formerly of the General Motors Corporation, has.
.
become associated with the investment department of Fahnestock & Co.
—Arnold Feldman has resigned as Vice-President of A. M. Lampert at.
Co. as of Oct. 1.
OCT. 4 1924.]
THE- CHRONICLE
1639
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 ACTIVITY."
Friday Night, Oct. 3 1924.
COFFEE on the spot was higher; No. 7 Rio early in the
week,1830.; No.4 Santos, 233 to 24c.;fair to good Cucuta,
/
23 to 233/ic. Medellin, 273/i to 280. To-day prices were
strong, too strong for business; it stopped abruptly. No. 7
Rio, 19% to 193'c.; No. 4 Santos, 233 to 243c.; Victoria
,4
Nos. 7 and 8, afloat, 18%c., after sales at 18c. Firm
offers have at times advanced one cent in a single day.
Futures advanced on higher Brazilian markets, dry weather
in Brazil, talk of a higher export duty there and excited
covering. On Monday prices ran up 30 to 50 points, owing
to a leap of 1,100 to 1,650 reis at Santos in Oct.
-Nov. contracts from the previous Friday, and a gain of 1,300 reis in
Dec. contracts since Saturday. Exchange was generally
steady. A private cable from Santos pointed out that the
violent fluctuations there were due to the delivery question.
Also, owing to insufficient rains, crops in the interior were
not p omising. Europe was stronger but offerings from
second-hands supplied the demand for a time. On the rise
here Brazilian interests sold, now and then. Late in the
week prices declined for a moment and then rapidly advanced. Contracts were scarce. Brazilian advices indicated
that the congestion at Santos and Rio was increasing and
that ships were discharging their cargoes for Santos at the
port of Rio. European selling was noticeable around the
ring early in the day after receipt of cables showing Santos
275.to 375 reis net lower, with exchange and the dollar rate
unchanged, while Rio came in unchanged to 100 reis higher,
with exchange unchanged at 5 13-16d. and the dollar rate
30 reis higher. Cost and freight offers were unchanged to
Xc. net higher. The Brazilian moratorium expired Oct. 2
and will not be extended according to private advices. It is
said the moratorium has exerted very little influence on
trade as while money has been tight credit has been easily
obtained.
Later a further rise in Brazil caused an upturn in New
York. A higher export duty is being considered there.
E. Laneuville stated the world's visible supplies Oct. 1 at
5,657,000 bags, against 5,210,000 on Sept. 1 and 5,792,000
on Oct. 1 1923. The arrivals of coffee in Europe during the
month of September were 885,000 bags, as against 753,000
last year and 678,000 two years ago. Total world deliveries for three months ended with Sept. 30 amounted to
5,295,000 bags, as against 4,423,000 a year ago and 4,179,000
two years ago. G. During & Zoon, Rotterdam, put the
world's visible at 5,727,000 bags, against 5,820,000 a year
ago. Santos cables intimated that the Brazilian Government was planning to increase export duties on coffee from
6 to 16 milreis, the increase to be applied to a fund created
for the "permanent defense of coffee." If this is done still
higher prices are expected. It will be added to the consumers' cost. On Thursday the rise here was 35 to 55 points,
with the day's transactions estimated at 64,750 bags, which
included switches from December to March at 65 and 66
points and December to May at 115 points. To-day futures
advanced 50 to 60 points, reaching a new high for the season.
Brazil and Europe were buying. Brazilian cables were
higher. Santos advanced 250 to 525 reis. Rio was unchanged to 150 reis higher. The Rio exchange rate on
London was 1-16d. higher at 6 3-32d. The dollar rate fell
100 reis. Firm offers were higher. For the week there is
a memorable advance of 135 to 144 points.
Spot unofficial_ --19 c. I March
December _ -18.000
I May
17.350
I July
16.400 16.750 bid I September _161.00 ---
SUGAR was quiet early in the week at 4%c. for Cuba
with 43c. bid. An increased Licht beet root estimate
caused a decline of is. 6d. in British refined. Later 60,000
bags of Cuban sold at 43/gc. At the opening of Zafra labor
leaders are trying to keep laborers from reporting at the
sugar mills. F. 0. Licht, it is now understood, estimates
the European beet crop at 6,700,000 tons for 1924-25, compared with 5,033,000 tons last year. Germany he puts at
1,475,000, against 1,125,000 last year; Czecho-Slovalcia,
1,450,000, against 1,030,000 last year; France, 750,000,
against 495,000; Belgium, 350,000, against 300,000; Holland, 310,000, against 232,000 last year, and Russia, 390,000,
against 367,000 last year.
The world production in 1924-25 as some regard the
matter is as follows: Total, 21,250,000 tons (against 19,550,000 last year) allowing an increase in Europe of 1,000,000
tons; Java, 200,000; Philippines, 100,000; Brazil, 200,000;
Cuba, 200,000; Africa, nate; total increase, 1,700,000.
Europe's beet increase was at one -time put at more than
1,000,000 tons. The total has in recent years fallen below
the preliminary estimates. The Far East, it is believed,
will take the increase in the Java crop. The inference
drawn by some after weighing all the facts, present and
prospective, is that the world will have no oversupply of
sugar. Since the war, it is recalled, the carryover above
normal stocks each year has been nearly or quite negligible.
The sole exception was in 1922, when Cuba carried over
1,200,000 tons. By the end of 1922, however, the consumer had taken the world production plus the carryover;
for the world was seemingly returning to something like
normal consumption following the necessary decrease in
production during and immediately following the war.
Naturally, the progress back to normal consumption increases as times improve and nations find their buying
power greater. Meanwhile, it is curious that the world's
price of sugar during much of the year is largely fixed in
the United States. Not a few feel that the general tendency
will be upward. Offerings of full-duty sugar this far, it is
of interest to observe, are comparatively small in contrast
with the large quantity pressed upon the market a year ago.
Importations of full-duty sugar, however, will very likely
reach a fair total this season from the necessities of the case.
Some question whether prices are likely to advance much,
if at all, from the present level. For beet sugar will soon
begin to compete seriously with cane sugar. Parts of the
country which have heretofore been very largely dependent
on cane sugar will soon have the opportunity to supply their
needs with beet. This lends some to believe that any
material advance in prices from this plane is improbable.
That is to say, assuming that the consumption has not
been materially underestimated. But in any case' the
United Kingdom will soon have generous supplies of beet
sugar to draw upon at the relatively low prices ruling.
This may tend to curb any upward tendency in cane sugar
prices, although Europe's stocks are admittedly very small.
Receipts at Cuban ports for the week were 51,574 tons,
against 36,144 in the previous week,21,400 in the same week
last year and 23,310 two years ago; exports, 69,155 tons,
against 71,208 in the previous week, 54,202 in the same week
last year and 45,891 two years ago; stock, 273,426 tons,
against 291,007 in the previous week, 285,549 in the same
week last year and 333,411 two years ago. No centrals
were grinding. Of the exports, U. S. Atlantic ports received
41,221 tons, New Orleans 6,837 tons, Galveston 1,428,
Savannah 7,733, Canada 5,220 and Europe 6,716. As
some regard it, the sugar markets are in a waiting position.
The old crop situation, as far as Cuban sugars is concerned,
they think, is strong but they add that there is beginning to
be talk of an output of 4,500,000 tons for the season, which
is about to begin. Part of Thursday's advance may have
been due to reports that labor agitators on the island are
advising sugar mill workers not to report at the opening of
the grinding season unless a sizeable wage advance is granted.
The best crop of the United States is estimated at 19,828,000
bags, compared with 17,681,000 bags last year. Europe's
beet crop is estimated at 6,700,000 tons, against 5,032,000
last year. They ask, Can these figures be regarded as
bullish? To-day spot raws were quiet at 43 c. Refiners
/
were inclined to hold aloof. Refined was quoted in some
cases at 7.40c. It is said to net the refiner only 7.25c.,
allowing a margin of 1.22e. on a duty paid basis of 6.03c.
for raw. One company quotes 7.15c., but new business is
said to be slow. The British market was reported 3d. lower,
at 19s. 6d, for raw c. i. f. Futures to-day declined 3 to 5
points net. For the week there is a loss of 9 to 12 points
and a rise in spot raws of 3/sc.
Spot unofficial_ _ _ _4
December _ -3.99(4)
I March
I May
3.410 -3.2103.22 July
3.310 ___ I September ---------
LARD on the spot was in fair demand and higher. Prime
Western, 14.85c. to 14.95e. Refined Continent, 163c.;
South America, 16%c.; Brazil, 17%c. Futures advance
with grain and cotton. Hog receipts were small compared
with last year. Lard output this year, it is believed, will
be much smaller than last year. This is offset in a measure
by the slowness of foreign buying. Lard fell for a time on
Oct. 1 the deliveries of about 20,000,000 lbs. of lard on
contract, but in the end they were well taken by packers
and shippers, and the market closed strong on buying by
packers, commission houses and shorts. Hogs were higher,
the hog run was small, export clearances fair and foreign
markets firm. Western receipts on Oct. 1 were 76,000,
against 84,000 a week previous and 113,000 last year. Today prices advanced. Receipts were light. Nearby deliveries were particularly firm. There was a fair domestic
trade, if foreign business was still quiet. Western hog receipts were only 57,000 against 90,000 a year ago. Hogs
reached a new high for the season. Lard followed grain
upward at first and then declined with it. Last prices show
a net rise for the week of 48 to 82 points.
1640
THE CHRONICLE
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Fri.
Wed. Thurs.
Tues.
Man.
Sat.
September delivery_cts..13.95
14.00
--- 13.90
14.52
14.37
October delivery
13.77
13.85
13.87
13.90
14.12
January deliver
13.82
1.4'.'
.
----------May delivery -----------13.85
PORK firmer; mess, $29 75 to $30; family, $30; short
clear, $28 to $32. Beef steady; mess, $17 to $18; packet,
$17 to $18; family, $20 to $22; extra India mess, $33 to
$35 nominal; No. 1 canned corned beef, $2 35; No. 2, six
pounds, $15; pickled tongues, $55 to $65 nominal. Cut
meats in better demand and steady; pickled hams, 10 to 24
lbs., 163.4 to 173c.; pickled bellies, 6 to 12 lbs., 16 to 17c.
Butter, creamery, fresh, lower grades to high scoring, 31
to 393c. Cheese,flats, 18 to 223c. Eggs,fresh-gathered,
trade to extras, 33tto 53o.
f,
-Linseed was in better demand for nearby positions
OILS.
and prices were firmer. For delivery over first half of Oct.,
96e. was asked and for the second half 92c. was quoted.
-April was quoted at 90e. Spot raw oil caxlots, cooperNov.
age basis, was held at $1 00 Cocoanut oil, Ceylon, bbls.,
log. Corn, crude, tanks, mills, edible, 100 bbls., 133.
Olive, $1 20@$1 25. Cod, domestic, 78 to 60. Newfoundland,60@
162. Lard, prime, 19%;extra strained, New
/
York, 173 t. Spirits of turpentine, 88. Rosin, $6 55®
$8 40. Cottonseed oil sales to-ay, including switches, d
%
30,000 P. Crude, S.E.,' 93 e. nom. Prices closed as
follows:
10.90012.00[December _10.68010.72 parch_ - -10.98011.00
Spot
April
11.00011.10
October- _10.90011.00 Janusry_ _ _10.7R010.80
November-10.64010.65[February__10.82010.95 May
11.17011.19
-A feature early in the week was the
PETROLEUM.
reduction of 10c. in Mid-Continent crude oil by the Prairie
Oil & Gas Co. This cut was met by the Gulf Oil Co. There
was some talk at one time earlyin the week of an impending
cut in Pennsylvania crude, but the feeling of most observers
is that prices will'hold up for a while in view of the present
good demand for 'lubricants and other proucts made from
this oil. Homer, Haynesville and Eldorado crude oils were
marked down 10e. by the Standard Oil:Co. of Louisiana
on Monday. Heavy smackover was advanced 10c., owing
largely, it is said, to the better demand for fuel oil and some
eompetitive bidding by a buying agency believed to be
acting fo the Royal Dutch Shell: .‘ Kerosene has been well
maintained, but business was rather quiet. Yet there was
a good export inquiry, and some big sized orders are expected
to be consummated within a week or ten days. Germany
and France have shown a keen interest in the local market.
,
Water white was offered freely at 8-o. to the trade delivered
in tank cars, while the price in tank wagons was steady at
13e. Corning crude oil was cut 15c. late in the week.
Gasoline has been quiet and easier. Exporters are only
taking enough to fill immediate requirements. It was reported that some of the larger refiners were offering Navy at
93'c. The price delivered to the thide was 11c., but it was
said that could probably be shaded on a firm bid. In Philadelphia the Atlantic Refining CO. cut the tank wagon price
in Pennsylvania and Delaware to 14e. and the service station
price to 18 cents, plus the 2c. State tai. Up to Oct. 1 no
reductions were made by the Sinclair and Texas companies.
The Gulf Refining Co. cut the gasoline price 3c.in the Carolinas, Georgia, Florida, Louisiana, Mississippi, Arkansas,
Tennessee and Alabama. The gtandard Oil Co. reduced the
price of tasoline to 14c. in New York and 1334c. in New Jersey. Similar cuts were made elsewhbre to meet Gulf competition. New York prices: Gasoline," cases, cargo lots,
U. S. Navy specifications, 26.40c.; bulk, per gal., 12.25c.;
export naphtha, cargo lots, 13:25c.; 64-65 deg., 14.50c.;
66-68 deg., 16c. Kerosene, cargo lots, cases, 16.90c.;
petroleum, tank wagon to store, 13c.; motor gasoline (garages
steel bbls.), 14c.
The Texas Co. quotes 85c. for Smackover heavy crude oil
of less than 26 degress gravity, an advance; above 26 degrees
gravity is unchanged at 95e. Previously the Texas Co. had
posted 60e. a bbl. for under 24 to 24.9 and 80e. for 25 to
25.9 gravity. The two lower gravities have been eliminated
and the new price of 85e. is for below 26 gravity. The
Standard Oil Co. of Kentucky reduced prices to-day for
gasoline in Southern States an average of 3c. a gallon.
Kentucky prices have been reduced 1 to 3c. a gallon.
El 37
Bradford
$2 85 Illinois
1 00
1 25 Crichton
Corsicana. lgt_
75
1 58 Plymouth
Lima
1 25
1 38 Mexia
Indiana
1 37 Calif., 35 & above.. 1 40
Princeton
1 25
2 23 Gulf Coastal
Canadian
Bull-Bayou32-34.9 85
Mid-Continent
TexasOklahoma. Kansas and
Below 30 deg
$ 75
$0 90
Under 28 Magnolia
90
30-32.9
0
10
28-30.9
1 25
36 and above
1 10
31-32.9
1 25 Caddo
33 and above
1 00
Below 32 deg
90
Below 30 Humble
115
32-34.9
1 25
33-35.9
1 35
38 and above
36 and above
1 35
$2 75
Pennsylvania
1 50
Corning
1 45
Cabal!
Somerset, light__- 1 70
1 45
Wyoming
Smackover.26 deg. 0 95
RUBBER advanced to a new high for the year on good
buying by manufacturers and a higher London market,
where a good business in spot rubber was reported. London
stocks were reduced to 44,000 tons. The Far East of late
has been holding firm at 153.o. for October-November
shipment. Other bullish faqhqrq„were the small arrivals
and the fact that manufacturers supplies for the OctoberDecember period are believed to be very small. The steadily
stocks at London verify in a measure the belief
decreasing.
otker primary centres are
that supplies at Singapore and down to a very low ebb. Spot, October and November
[VOL. 119.
sheets were quoted at 290. On Oct. 1 1,691 tons of rubber
arrived from London and other cargoes are expected from
London this week. Late in the week prices here advanced
to 30c. on a higher London market and a good factory deA
mand. Spot sheets, Oct-November-December, 193 c.;
January-March, 303c.
HIDES have been quiet and steady in response to a firm
market at the West. Of Bucaramanga, 2,000 sold at 2034o.
Country hides were slow of sale; some New England sold at
103jc. flat. Country hides are not in very large supply.
Bogata hides were quoted at 20c. The River Plate was quiet
after some recent business at $39 50. Both European and
American buyers are holding aloof. There were offerings
reported of Uruguay frigorifico steers at 1634o. to 163c.
/
,
and of Argentine frigorifico steers at 153i to 153 0. In'
Chicago trade has been slow. Independent September hides
were quoted at 15e. for all weight native cows and steers,
though 14%c. is all that has recently been paid. Tanners
are doing little buying. Leather has sold rather freely, it
is true, but not at satisfactory prices. Packer calfskins
were in moderate demand; a little business was done at 223
to 230. Outside prices were reported for export. Calf
prices seem to some too high seeing that first salted cities
are to be had at 210. Some business in 60 and over country
was reported at 93-f to 93 c. both for home trade and for
A
export. Domestic tanners want further quantities of choice
buffweights at lie. In New York some 350 Savanillas sold
at 18%c. Hondas are steady at 203'e. Orinocos, 18c.
The River Plate was quiet for frigorifico hides. Stocks on
hand include 37,000 Argentine steers, 8,000 Uruguay steers
and 4,000 cows. A lot of 1,800 Santiago rastros sold, it is
said, at around 113'c. City packer hides are not very
plentiful. Native steers firm at 153'e.
OCEAN FREIGHTS were at first quiet but later more
active in grain tonnage. Grain rates advanced at the Gulf
and in Montreal. Still later, with rates rapidly rising,
business fell off; exports were a bit chilled by the rising de-,
mands made upon them.
CHARTERS included 22,000 qrs. grain from Montreal to AntwerpRotterdam, 1754c.: Hamburg-Bremen, 183c. Nov. 5-25; 26,000 qrs. from
Montreal to Antwerp-Rotterdam, 17fC.; Hamburg-Bremen, 18c., option
United Kingdom at 4s. 6d. October-November: 18.500 qrs. from Gulf to
Shaprness, 5s. November; 36,000 qurs.from Atlantic range to Mediterranean, 19c., 3ic. more for each of two additional ports Nov. 5-25; grain from
Gulf to Rotter am, 19c. Nov. 15; from Atlantic range to West coast of
Italy. 19c.; two ports. 19%c.; from Gulf to United Kingdom, 4s. 9d.:
35,000 qrs. from Gulf to United Kingdom. 4s. 43.id.; Havre-Hamburg,
0
4s. 15, 4 Mediterranean. 4s. 10d%. Oct. 20 to Nov.20:from North Pacific
to United Kingdom-Continent. 33s. 9d.;from San Lorenzo to Glasgow.23s.:
from Bahia Blanca to United Kingdom-Continent. 32s. 3d. option San
Lorenzo 24s. if United Kingdom 6d. loss; from Galveston to HamburgBremen, one port, 21c.; two ports. 2114c.: time charter six to nine months
delivery and re-delivery United Kingdom at E1,250, in general trades,
5,050 tons maximum cargo; grain from Atlantic range to Antwerp-Rotterdam. 16c.: Hamburg-Bremen. 17c. October:30.000 qrs.from Atlantic range
to Mediterranean, 18.02c. one port. 19c. two port,s 1914c. three ports.
Italian Adriatic lc. more;from Montreal to Riga. 24c.; from Galveston to
Hamburg,21c., 10% option, October; loads from New York to three ports
of Finland. 24c.: option Riga or Llbau, 2454c.;from New York to AntwerpRotterdam. 16c. November; from Atlantic range to Antwerp-Rotterdam,
-Bremen, 17c. October; case oil from New York to three
16c.; Hamburg
ports River Plate. 25c. prompt; fuel oil from Gulf to Toulon, 23s. October;
lumber from Gulf to Buenos Aires or Rosario, 146a. 3d.: 33,000 qrs. from
Montreal to United Kingdom,4s.3d. October;26,000 qrs.from Montreal to
Antwerp-Rotterdam, 1734c.: Hamburg-Bremon, 1814c. October; 25,000
qrs. from Montreal to Bristol Channel, 4s. October; from Gulf to United
-NovemKingdom, 4s. 9d.: Continent. 4s. 6d.; Mediterranean, 5s. October
ber;lumberfrom British Columbia to Charleston-Boston,$11 50 SeptemberOctober: 28.000 qrs. grain from Gulf to Constantinople. 5s. 9d.: flour from
Portland. Me.. to Danzig. 27c. October: grain. 20,000 qrs. from Gulf to
Bristol Channel, 5s. October-November: 25,000 qrs. from Montreal to
Bristol Channel, 4s. November: grain from Buenos Aires-La Plata to
-Nov. 10:
Antwerp-Rotterdam. 22s. Oct. 25
TOBACCO:=-There has been a pretty good demand for
Porto Rican, which has a fair quantity of filler. Pennsylvania has a crop of good quality. Judging from most reports, in a few weeks or a month trade in this sort of leaf is
expected to show more life. In general prices are reported
steady with a very fair' business. Nominal prices are as
follows: Wisconsin Havana seed, 22c.• binder northern,
45 to 550.; binder southern, 25 to 35e.; kavana seed fillers,
120.; medium wrappers, 750.; dark wrappers, 50c.; seconds,
70c.; light wrappers, $1 to $1 25; New York State No. 2
seconds, 40 to 60c.; Ohio Gebhardt B. 25c.• Little Dutch,
'
15e.;
320.• Pennsylvania broad leaf filler, 12 to ' broad leaf
binder, 38e.; Porto Rico, 45 to 95e.; Connecticut broad leaf
filler, 150.; brooks, 25 to 30c.; top leaf, 25 to 30o.; No. 1
second, 70 to 90c.; fillers,15c.; dark wrappers, 50 to 600.
Hartford, Conn., wired that the American Sumatra Tobacco
Co. has bought 77 tobacco plantations comprising 1,600
acres in Windsor, Bloomfield and East Granby, Conn.
The amount involved was 91,000. American Sumatra
bought the stock of the Griffin-Neuberger Tobacco Co.,
owners of the property about three years ago. Washington
wired: "Smokers sundries output, according to the 1923
Census, covering pipes and cigar and cigarette holders,
increased 26.2% over 1921 Census to a total value of $9,704,816.'
The Havana "El Tobacco" said: "Many well informed
merchants declare that a standstill has been reached in the
tobatco market, either because the articles are not satisfactory or because the most peremptory needs have been
covered. Buyers are out of the market and prices are de-,
dining. There is a large stock in the market and large quantities of unselected tobacco are to be found in the producing
regionsm and
for sale. Prices there, however, continue fir
unjustifiably high, quality and yield considered. Many
concerns keep a large stock of tobacco on hand both for their
own account and for the account of customers and some of
these may possibly be forced into liquidation. The old
OCT. 4 1924.]
THE CHRONICLE
1641
WOOL was firm, but at best met with only a moderate
Partido covers have been and still are in demand. Dealers
who made transactions in Partidos are satisfied with the out- demand. Sydney advices were steady. Melbourne sales
come of business. Cigar manufacturers in the United States opened on Monday. The supply of fine Australian and
and Canada have received many orders from retailers. There Cape wools was small. Prices were, if anything, firmer.
is still in stock here leaf tobacco from the last crop which is South American prices are above the American level. 61c.;
Pennsylvania fine delaine were quoted at 59 to
Here
very superior in quality to this year's leaf tobacco and which XX,54 Ohio and
to 55c.: 14-blood, 54 to 55c.; 34-blood. 55 to 56c.• 11-blood, 52 to
'
staple. Si 43 to
has not been sold on account of its exceedingly high price. 53c. Territory clean baste fine clothing. Si 27 to51 45* medium French
Si 30; 34-blood staple,
combing. Si 32 to Si 36; medium
This year's crop is reaching a reasonable standard of value." $1 30 to 51 35; Texas clean basis fin 12 months,SI 40 to El 45; 10 months,
30: pulled, scoured
COAL at tide water has shown some improvement in the $1 25 to Si Boston prices were basis A super, Si 28 to Si 35; B super, Si 07
as follows: Ohio and Pennsylvania pieces:
to Si 12.
trade in bituminous. Prices for steam sizes are stronger. delaine unwashed. 60 to 61c.; 14-blood combing, 59 to 60c.; 14-blood combfleeces; delaine unwashed, 57c.:
steady demand for chestnut and stove coal, ing, 58 to 60c. Michigan and New York unwashed, 56 to 57c.: 34-blood
Also there is a
580.; 14-blood
14-blood unwashed. 57
especially stove, at firm prices. Stove coal has been ad- unwashed, 54 to 554. to
Wisconsin, Missouri and average New England
53c.: scoured
52
vanced 25 cents by one company, supposedly to direct the 14-blood, 54 to 55c.: 14-blood, 55 to 554.; 34-blood.fineto months. Si 30
8
60;
El 45 to
basis
buying to other sizes. The tendency of retail prices was up- to $1Texas, fine 12 months (selected),to El 45;Si
Middle County Si 30 to
35; California, northern. Si 40
'Si 42 to
ward.
Si 35; Southern, $1 18 to El 22. Oregon: Eastern No. 1 staple,clothing,
fine medium combing. Si 35 to Si 40; Eastern
El
fine
COPPER was quiet. Sellers were quoting 13. delivered 31 47;to El and Valley No. 1 1 28 to Si 32.
25;
20
in Connecticut Valley, but it was intimated that business
The rail and water shipments of wool from Boston from
was possible at 123/sc. Business was too small to test the Jan. 1 1924 to Sept. 25 1924 inclusive were 119,480,000 lbs.,
market, however. The Jewish holidays had much to do against 102,026,000 for the same period last year. The
with the lack of business. In London prices have latterly receipts from Jan. 1 to Sept. 25 1924 inclusive were 245,been falling. At the moment production outruns consump- 062,600 lbs., against 374,559,900 for the same period last
tion. Greater activity is reported at the Calumet smelters, year. In London 9,103 bales on Sept. 26 were sold at somedue to seasonal requirements. Copper has latterly been what lower prices for crossbreds. Several offerings were
4
dull with 127 to 13c. more or less nominal quotations. On withdrawn. Demand fell off for the better grade merinos
the New York Exchange on Thursday there was a sale, and scoured wools, while somewhat lower prices were paid
it is of interest to not ce, of 50 tons of electrolytic at 12%c, for lots of crossbreds. The sales slumpped from those of the
delivered Connecticut Valley.
previous days of the week. Details:
New South Wales. 236 bales; greasy merino. 22 to 39d.; orossbred, 17
TIN was higher but quiet. Spot, 48%c. London on 32d. Queensland, 291 bales; greasy merino, 28 to 374.: crossbred, 22 to
to
5s. or more while exchange was lc. 31d. Victoria,495 bales:scoured crossbred,2134 to 4114d.;greasy merino
Monday advanced £3
to 42d. West Australia, 1,019 bales
market dropped 5s. to 10s., 2014 to 4414d.; crossbred. 1734 greasy merino, 1534 to 37d.; crossbred
lower. On the next day that
5710.;
but on the curb there was an advance of El after the regular scoured crossbred, 40 to
1414 to 3210. New Zealand, 3,506 bales; scoured merino, 45 to 654.
caused higher greasy merino, 22 to 384.; crossbred, 1614 to 31d. Cape Colony. 16 bales
session on the London exchange, and this
crossbred. 10 to 1414d. Punia Arenas, 3,630 bales; greasy merino
prices here on that day. On Thursday tin advanced to greasy3514d.• crossbred. 1434 to 3334d.
26 to
visible supply
49Xe. London also was higher. The world's
In London on Sept. 29, 9,958 bales were sold. Kenya
at the close of September was stated at 20,233 tons, against Colony, South Africa, were features. There were 649 bales
The of this wool, both merinos and crossbreds in the grease sold.
21,302 a month ago and 19,864 tons a year ago.
United States visible supply was 9,606 tons, against 9,699 Best lots brought higher price than merino grades; there was
tons in the previous month.
a steadier tone of the crossbred wools throughout the present
LEAD has been in moderate demand and steady at 8c. series but the market is somewhat easier than at the start.
New York and 7.80 to 7.85e. East St. Louis. Early in the Demand sags and prices off,in some cases 6d. and 6d. per
week London advanced 5s. Receipts at East St. Louis the lb. on certain merinos. Details:
New South
past week were 58,310 pigs, against 91,220 in the previous greasy merino,Wales. 1.529 bales; scoured merino, crossbred, 19 to 50
20 to 4414; crossbred, 15 to 3414. Queensland, 1.469 bales
week; since Jan. 1, 2,215,005 pigs, against 1,954,120 last scoured merino, 55 to 6514; crossbred, 40 to 52; greasy merino, 30 to 45
crossyear. Shipments the past week were 26,780 pigs, against crossbred. 25 to 37. Victoria, 436 bales: scoured merino,40 to 63d.;South
merino, 21 to 454.: crossbred. 1514 to 354.
52,780 in the previous week; since Jan. 1, 1,592,980 pigs, bred. 25 to 43d.: greasy
to 554.;greasy merino.22 to 4614d.;
Australia, 391 bales:scoured merino,42
crossbred, 1714 to 33d. West Australia • 273 bales:crossbred,32 to 4914d.;
against 1,174,515 in the same period last year.
Tasmania. 78 bales:greasy merino,41 to 454.
greasy merino,
But later crossbred,25 to20 to 4534d.Zealand.4.685 bales:scoured merino,39 to 634.;
ZINC early in the week was steady but quiet.
424. New
a little crossbred, 22 to 74.: greasy merino, 24 to 3314c1.; crossbred, 18 to 2934d.
there was an advance on a higher London market and
Cape Colony, 292 bales: scoured merino, 45 to 62d.; crossbred, 30 to 494.:
better demand. Spot New York, 6.50 to 6.523/ie.; East greasy merino, 1934 to 2614d.; crossbred, 15 to 22d. River Plate,56 bales:
St. Louis, 6.15 to 6.173/2c. Receipts at East St. Louis the greasy crossbred, 1434 to 24144. Kenya Colony,649 bales:greasy merino.
past week were 26,810 slabs, against 64,480 in the previous 20 to 254.: crossbred, 10 to 314.
1
In London, on Sept. L30, 11,972 bales were sold. Prices
week; since Jan. 1, 2,231,350 slabs, against 2,497,000 in the
opening of
same period last year. Shipments the past week were 57,920 fairly steady though averaging lower than at the prices paid
slabs, against 52,640 the week before; since Jan. 1, 2,241,230 the series. Notably wide difference prevailed inmerinos and
for best grade lots compared with less desirable
slabs, against 2,107,160 in the same period last year.
contributed most of the offerings
STEEL has been in better demand but mostly from rail- crossbreds. New Zealand
Details:
road companies. Prices are lower in some directions. The with 2,500 bales from Sydney.
New South Wales, 2,540 bales: scoured merino, 37 to 554.; crossbred,
new price basis causes some inconvenience for the time- 27 to 49d.: greasy merino, 20 to 4414d.;crossbred, 10 to 41d. Queensland.
greasy
scoured merino. 50 to 67404 crossbred,
being. The sales of rails and plates, shapes and bars are 202 bales; 1434 to 32d. Victoria.1.470 bales;scoured30 to 6234d.;68144.:
merino,35 to
crossbred,
larger and occasion less trouble in the matter of price read- crossbred, 26 to 544.; greasy merino. 2034 to 47144.; crossbred, 1734 to
932 bales; scoured merino, 40 to 5914d.;
justment. Selling wire sheets and pipe is not so easy since 3714d. South Australia,merino, 24 to 454.; crossbred, 19 to 34d. crossWest
bred, 15 to 51d.: grea.sy
the discontinuance of the Pittsburgh plus system; the shoe Australla, 322 bales; greasy merino. 2014 to 44d.: crossbred, 17 to 32144.
New Zealand. 5.722 bales;scoured merino, 39 to 59d.;crossbred,20 to 50d.:
here and there. Not all consumers like the change. greasy
pinches
Colony. 784 bales;
If the Pittsburgh phis order is to be mandatory to all the scouredmerino, 1934 to 34d.:crossbred, 15 to 31d. Cape
merino.45to 624.;crossbred,30 to 524.:greasy merino,20 to 3314d.
people are curious to see how it is to be done. Pitts- crossbred, 10 to 27d.
trade
In London on Oct. 2 prices were about steady and in some
burgh may try to indemnify itself by asking for lower freights.
Glancing back it turns out that the September business in cases even higher. Offerings of more than 1,000 bales of
steel of independents fell off from the August total, but that Falkland Island crossbred wool in the grease were taken at
the U. S. Steel Corporation gained somewhat. The output from 14d. to 3034d. Sydney brought the highest prices.
ranges from 55 to 63%. The first independent steel company Details:
,
to fix new base prices under the new regime is the Youngs- 21New South Wales, 3,048 bales; scoured merino, 27 to 59d.•. crossbreds.
crossbreds, 15 to 3714d. Queensto
town Sheet & Tube Co. It advanced the Chicago base price land. 40c1.; greasy merino, 22 to 45144.;to 6914d.: crossbreds, 41 to 66d.;
2.289 bales; scoured merinos. 55
$4 on wrought iron pipe above the Pittsburgh base price. greasy merinos, 26 to 41144.: crossbreds,2114 to 354. Victoria, 969 bales;
merinos. 20 to 43d.; crossbreds, 1434
It is really $2 80 per ton less for western consumers as the scoured crossbreds, 26 to 50d.:greasyscoured merinos, 45 to 6214d.: crossto 274. South Australia, 463 bales;
Pittsburgh to Chicago is $6 80 per ton. Full brecLs, 20 to 494.; greasy merinos, 20 to 354.; crossbreds, 17 to 2514d.
freight from
West Australia, 306 bales; scoured crossbreds, 25 to 474.•, greasy merinos.
finished sheets or in other words autobody sheets have been 1914 to 344.: crossbreds, 16 to 2914(1. Tasmania, 11 bales; greasy croftsreduced $3 per ton to 4.60c., Pittsburgh, as against 4.75c. bred.% 32 to 39d. New Zealand,2,607 bales; scoured merinos,35 to 68 Md.;
384.;crossbreds. 15
previously. There is the same level for galvanized sheets crossbreds, 20 to 624.; greasy merinos. 20 to45 to 6710.; greasyto 3014d.
merinos.
Cape Colony, 452 bales; scoured merinos.
which is unusual. Galvanized sheets have been shaded $3 16 to 26344.: crossbreds, 1014 to 23c1. Falkland Islands. 1,077 bales;
greasy crossbreds, 14 to 3034d.
per ton recently; also annealed and black sheets. Steel
In Melbourne on Sept. 29 prices rose 15% from last season:
hoops have dropped $1 and are 2.50c. per pound. Iron bars
are also down $1 per ton now being 2.10c. per pound. A A good selection of merinos and little crossbreds were offered.
drop of 50 cents in iron and steel scrap is reported. Steel America and Japan bought best sorts freely. Yorkshire
also took considerable. In Melbourne on Oct. 2, 4,000 bales
plates at 1.60c. to 1.70c. Pittsburgh seem rather steadier.
PIG IRON has been dull and rather, weak. Believing were offered at the resumption of the Australian wool sales,
that prices will decline, buyers are cautious. Eastern of which 3,500 bales were sold at firm prices except for top.
Pennsylvania is quoted at $20 to 1520 50; Buffalo, $19 to making merinos. They were lower.
$19 50; Chicago, $20 50. Some buyers who recently inquired for 6,000 tons took only a few hundred. English
COTtON
blast furnaces are closing down. The September output
Friday Night, 'October 3 1924.
gained 10% in the daily rate, i.e., 67,207 tons, against 60,875
THE MOVEMENT OF THE CROP;"as indicated by
in August; total, 2,016,275 tons, against 1,887,145 in August.
Twenty-one more furnaces were in operation, that is, 172, our telegrams from the South to-night, is given below. 'For
against 151 on Sept. 1. In New England, East Indian iron the week ending this evening .tile total receipts have reached
is said to be selling at $24 to $24 50, delivered. British 366,406 bales, against 291,228 bales last week and 365,225
prices are steadily declining, possibly British iron may be bales the previous week, making the total receipts since the
shipped to the United States before long. The composite 1st of August 1924, 1,535,728 bales, against 1,480,108 bales
(
price of American iron remains unchanged as it has for for the same period of 19),13howing an increase since Aug. 1
924 of 55,620 bales.
many weeks.
1642
THE CHRONICLE
Receipts at
Sat.
Mon. Tues. Wed. Thurs. Fri.
Total.
Galveston
21,931 37.916 61,675 23,379 19,934 20.426 185.261
Houston
2,050 26.165
723 50,052
1.526 80,516
New Orleans..._ _ 8,059 10,568 23,167 3,351 or,U7§ 6,200 60,923
Mobile
1,120
889
596 1,707 5.790
275 1.203
Pensacola
1.931
200 2.131
Jacksonville _ _ _ _
96
96
Savannah
4,Aa 4:AN 4:A§8 2:68A 2:N5 2,422 21,958
Charleston
537
562
153
956
160 2,922
554
Wilmington
716
420
164
193 2,263
407
363
Norfolk
515
190
987
138 2,835
380
625
New York
50
104
562
716
Boston
149
28
177
Baltimore
623
195
818
Totals this week 39.966 81,788 95.814 81.953 33.622 33,263 366,406
[Vor.. 119.
4,166 bales. In the corresponding month of the preceding season the exports were
15,244 bales.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named.
On Shipboard, Not Cleared for
Oc:. 3 al
-
Galveston
New Orleans...
Great
Other CoastGerBritain. France. many. Cont'nt. wise.
8,000
891
Total.
Leaving
Stock.
8,800 15.000 42,500
6,821 6,565 20,966
1,000 1,000
490
490
4,000 5,500
218.213
109,002
46,052
23.797
8.350
16,505
42,062
Total 1923.... 17,704 6,124 8.787 12,151 17.509 62,275
Total 1922_ _ 22.664 15,741 17.868 28.513 81,804 166,590
*Estimated.
429.498
557.584
Savannah
Charleston_ _ _ _
2,700
953
8,000
5,736
Mobile
f.W:16
The following table shows the week's total receipts, the Norfolk
500 6,000 2.500
500 13,500
total since Aug. 1 1924 and stocks to-night, compared with Other, ports*_ - 4.000
last year.
Total 1924-- 14,391 4,153 19,736 18,1'21 27,555 83,956 463.981
1923-24.
Receipts to
Oct. 3.
1922-23.
This Since Aug This Since Aug
Week. 1 1924. Week. 1 1923.
Stock.
Speculation in cotton for future delivery has latterly been
more active at rapidly rising prices, largely owing to fear of
killing frost in the Southwest. On Wednesday 31 degrees
occurred at one point in Tennessee. In half a dozen other
225.261 34,816 146,062 129,968
74,892
States there were light frosts reported on that did, 1. e. 34
31,244 1,743
4,989
13,850
4.670 to 36 degrees. This came so close to
32 degrees, the freez2,131
497
686
77
1,108
245
2,250 ing point, that it greatly alarmed the shorts on both sides
175,992 16,952
76.310
47,052
51.898
89
30
30
191 of the water. On Thursday there was a rise of 100 to 110
26,310 9,777
28,213
24.287
36,087 points owing to a fear that there might be killing frosts in
8,513 9,987
23.331
3,901
18,645 parts of Texas, Oklahoma and Arkansas by Saturday. It is
12,120 23,767
49.768
16.505
36,944 very generally conceded that the prolonged rains with fre1.521
600
44.469
21.204 quent cloudbursts in the last two weeks in Georgia and the
1,895
124
3.168
1,449
3,201 Carolinas have lowered the grade. Last year the grade
2,697
709
1,561
1.270
876
low middling to middling as against middling in
104
739
3,335
4.063 averaged
the two previous years. Some fear that this year the crop
nw,d.
368.406 1 .52PL728 320 040 1 4520 inR 847 027 401 '774
may Not average much above low middling. That remains
In order that comparison may be made with other years, to be seen. It is too early to determine that point. But
we give below the totals at leading ports for six seasons:
that the grade has been lowered, especially in the Atlantic
States, is very generally agreed. It seems to very many to
Receipts at1924.
1923.
1922.
1921.
1920.
1919.
be a case of cause and effect, I. e. protracted rains and damGalveston_ __ _ 185,261 164,055 143,122 108,337 106,342
41,054 age to the grade, not to mention a certain amount of beating
Houston, dic..
80.516
66.205
3.694
19,903
16.294
1.613 out of cotton. The weekly report emphasized soaked and
60,923
New Orleans34.816
55,596
36,896
21,794
23.994 rotting bolls, especially in the eastern part of the
Mobile
belt.
5,790
1,743
4,781
5,396
369
1,626
Savannah
_
21,958
16.952
14,209
47,867
21.054
50,287 Shedding and sprouting of seed were also mentioned. In
Brunswick_
2,100
3.185
5,000 North Carolina rivers overflowed the 'lowlands. If
the
Charleston_
2.922
9,777
1.982
6.828
1.675
11.358
Wilmington -2.263
9,987
5,063
8,079
2,931
5.384 grade has been reduced to low middling it is contended that
Norfolk
2,835
23.767
13,186
19.174
2,060
10,410 it means so much loss of spinnable cotton. There is said
to
N'port N.,Stc_
46
48
92
All others_ _3,938
2.647
31,455
. 3,029
669
6,545 be 10% more wastage in low middling than there is in midTotal thLs wk. 366,406 329.949 275.188 .258,740 173,236 157.363 dling when it comes to spinning. Some Texas reports assert
that the crop is not over 4.000,000 to 4,200,000 bales, as
Minn. Allm 1
1 42K 7041 Aen 10el 100 AQ0 1 on, IAA
ono n.'n
',no cm.,
against 4,342,000 last year; that in some localities of that
The exports for the week ending this evening reach a total State snaps and bales are already being pulled. In Tenof 309,388 bales, of which 108,430 were to Great Britain, nessee frost came at an unusually early date, according to
44,462 to France, 58,720 to Germany, 33,847 to Italy, most reports. The earliest general killing frost in the belt
24,752 to Japan and China and 39,177 to other destinations. on record was Oct. 10 to 12, many years ago. Generally it
In the corresponding week last year total exports were 283,- is likely to happen around Nov. 15. But sotne are prepared
017 bales. For the season to date aggregate .exports have for almost anything this year. They call it a freak year.
been 1,068,437 bales, against 988,859 bales in the same period There were three months of drouth in parts of the Southof the previous season. Below are the exports for the week: west. Then came weeks of rainy weather on the Atlantic
side of the belt. All this has tended to offset the effect of
Exported to
the acreage of 40,403,000 acres, which is the largest on recWeek Ended
ord, according to the Government figures. Of course there
Great
GerOct. 3 1924.
Japan&
- Britain. France. many. Italy. Russia. China. Other. Total.
Exports Irons
will be some abandonment of acreage. There always is.
What it is this year has not yet been announced. But one
32,855 26,520 13,530 21,190
Galveston
4,100 30,325 128,520
Houston
30,318 14,817 23,162 7,320
3,750 79,367 thing is clear enough. The crop estimates now range from
7,743 1,092 4.940 1,602
New Orleans_ _ _ _
2,930 18,307 12,000,000 to 12,500,000, though generally 12,400,000 is the
Mobile
300
300
600
1,931
Pensacola
200 2,131 maximum, while a few weeks ago the guesses ranged from
19,565
Savannah
14.988
34,553 13,000,000 to 13,500,000. As regards Texas, there were en460
Norfolk
440
13,161 2.033 1,800 3;iio
New York
1:iii 22,196 thusiasts who at one time professed to look for 5,000,000 bales.
2.407
Boston
2,407 It is rare nowadays to hear anybody suggest as much as
4.750
Los Angeles___ _
4,750
San Francisco_
13,802
13,802 4,500,000. Generally the guesses on that State are now 300,2,100
Seattle
2,100 000 to 400,000 bales less. It is believed, too, that the esti108,440 44,462 58,720 33,642
24,752 39,177 309,193 mates for the Carolinas and Georgia recently current are too
Total
large. However that may be, the general notion is that the
106,033 40,053 41,908 34,437
Total 1923
29,805 30,781 283,017
50.496 45,641 28,056 20,828
____ 16,196 33,764 194,981 next Bureau report will scale down the estimates of the
Total 1922
States individually and collectively. The last Government
Exported to
estimate was 12,596,000 bales. The idea is that the next
From Aug.11924
report will put it at 12,000,000 to 12,200,000, or possibly as
GerJapan&
to Oct. 3 1924. Great
ROOM P.M,- BrUain. France. many.
Italy. Russia. China. Other. Total.
high as 12,300,000, though that is not generally believed.
114.463 74.789 60,654 44,766 12,050 10,600 69,465 386,787 Meanwhile a large short interest has been driven to cover.
Galveston
Houston
90.939 63.583 65,439 17,160 8,850 1.500 19,950 267,421 Latterly the hedge selling has not been large. That was a
Texas City
New Orleans
21,327 3,977 13,235 21,070 4,795 5,900 7.692 77,996 disappointment to the shorts. They had counted upon it
Mobile
300
------------300 3,697 as a depressing factor. And the receipts here are not so
____
3,097
Jacksonville_ _ _
------------------------122 heavy as some had
122
expected, whatever may be predicted for
Pensacola
Savannah
--------1,200 86,572 later in the month. The October notices have been very
44,537 3,128 36,547 1,160
Charleston
____ 4,300
------------2,381 12.166 small; they have cut no figure at all. Meanwhile the spot
5,485
basis at the South has been as a rule firm. Spot prices have
Norfolk
New York
87,560 19,203 41,189 13,091 - --------11,557 172,600 risen rapidly. On Thursday the advance was 100 points.
Boston
Philadelphia
-___
42
50
155
------51
298 Exports on Wednesday were exceptionally large, reaching
Los Angeles_ _ _ _
_
191,428 bales. That was said to be the largest total in a
San Francisco_ _ _
_ ..._ 27,901
____
__ __
_ _ __ 27,901
__ __
_ __ _
single day for four years past. Of course it really meant
Seattle
the month-end spurt on September engagements, probably
Total
383,483 164.835227.507 97,297 25,695 56,744 112,896 1068437 delayed
for one day by bad weather. But it pointed to a
Total 1923
348,210 159,686 205,042
__65,749 115,151 988,859 very large.total for the week. The total thus far this sea021
Total 1922
25R 144 III 'mai'', ',,oa 95,
noKoe
02979 119 lAA 70100.4
son ran well above that up to the same time last year. It
NOTE -Exports to Canada.
-It has never been our practice to Include In the
above table exports of cotton to Canada, the reason being that virtually all the crossed the million mark. Meanwhile large operators who
cotton destined to the Dominion comes overland and it is impossible to get returns were recently short have swung to the bull side. There Is
concerning the same from week to week, while reports from the customs districts
on the Canadian border are always very slow In coming to hand. In view, however, even talk of a bull pool having been formed. In all likeliof the numerous inquiries we are receiving regarding the matter, we will say that hood there is no formal pool. But the evidence seems to
for the month of August the exports to the Dominion the present season have been point to a bullish attitude on the part of
well-known operaGalveston
185.261
Texas City
80,516
Houston
Port Arthur, &c60,923
New Orleans
Gulfport
5,790
Mobile
2,131
Pensacola
Jacksonville
96
21,958
Savannah
Brunswick
Charleston
2,922
Georgetown
ngt
W
2.263
2,835
Norfolk
N'port News, &c_
716
New York
Boston
177
Baltimore
818
Philadelphia
769.505 164,055 876,428
8.760 1.737
7.072
268,900 66.205 261.095
1924.
260.713
1923.
234,696
2,156
1643
THE CHRONICLE
Oca. 4 1924.]
Saturday, Monday, Tuesday, Wednesday, Thursday, Friday,
tors uptown and downtown, men of large means, some of
Oct. 3.
0a. 2.
Oa. 1.
Sept. 27. Sept. 29. Sept. 30.
whom are said to have bought heavily in Liverpool on
said that their buying helped to put up October
Thursday. It was
Range-- 25.20-25.98 25.30-26.05 25.42-26.25 25.25-25.70 25.57-26.68 25.90-26.66
prices there on that day. Three or four men are said to be
25.67-25.70 26.60-26.65 25.90-25.95
Closing_ 25.40-25.45 25.80-25.85 25.50the rumor in regard to which is here November
in this so-called pool,
- - -Range._ - - - - -24.70-24.70- - it is worth.
mentioned merely for what
25.18 ---25.1025.90Closing_ 24.95 -25.35 -24.80rise within a week has been about December
On the other hand, the
Range._ 24.45-25.13 24.35-25.20 24.55-25.15 24.43-24.98 24.80-25.90 25.00-25.81
movement. It has eliminated
5c. That is certainly a rapid
Closing_ 24.50-24.55 24.90-24.95 24.68-24.72 24.94-24.98 25.73-25.75 25.00-25.04
a large percentage, it is believed, of the short interest. The January
Range._ 24.50-25.16 24.43-25.25 24.60-25.15 24.45-25.00 24.85-25.95 25.05-25.89
such a rise. Even the
ordinary operator could not stand
25.79-25.85 25.05-25.08
24.90-24.98 24.70-24.72 25.00Closing_
popular phrase, to stand the February 24.50-24.58
biggest would not care, in the
- - -- -- - Range._ - - -- is begaff to that extent. And now the technical position
25.18 ---25.90Closing_ 24.62 -25.02 -24.80 -25.10lieved to be much weaker than it was a week ago. Then March24.75-25.35 24.70-25.45 24.80-25.38 24.68-25.27 25.09-26.20 25.30-26.13
Range-pretty much everybody was a bear. That fact naturally
Closing- 24.75-24.85 25.15-25.22 24.92-24.95 25.24-25.27 26.05-28.06 25.30-25.33
made their position all the more vulnerable. Bad weather Aprg-- - -Range__ - - - - - - stampeded overcrowded shorts. But now the pendulum has
25.42Closing_ 24.88 -25.27 -25.05 -25.35 -26.15swung to the opposite extreme. Nine men out of ten are May
24.90-25.47 25.33-26.40 25.55-26.35
Range.. 24.95-25.52 24.95-25.62 25.03-25.55
bulls. And meanwhile the trade demand is disappointing.
25.17-25.18 25.45-25.47 26.25.26.30 25.55-25.57
Closing_ 25.00-25.05 25.40There is said to be a certain amount of buying day by day, June
_- -Range__ - - -- - -25.55-25.55
- but it is not on a large scale. The financial statement for
25.30 ---Closing- 24.85 -25.22 -25.00 -25.25 -26.05the year of the Amoskeag Manufacturing Co. of Manchester, July
Range-- 24.70-25.10 24.64-25.25 24.78-25.22 24.55-25.05 25.00-26.00 25.05-25.93
N. H., revealed an operating loss of $2,851,131, a state of
25.05-25.10
-25.85Closing
things in the trade which caused more or less selling on August- 24.70 -25.03 -24.80 -25.05
Thursday. Worth Street has been rather frosty towards
Range-Closing
the rapid rise. Buyers seem to balk at a commensurate ad- September
vance in goods. Manchester reports that the higher prices
-- - -- - - - -- - Range_ _ - Closing_
asked there checks business in cloths. Some think, too, that
the reports of damage in the belt have been exaggerated.
Range of future prices at New York for week ending
They usually are. There are those who think that the dam- Oct.3 1924 and since trading began on each option.
than otherwise; that bad
age has been to the grade rather
weather hurt the quality more than quantity. The market Option for
Range Since Beginning of Option.
Range for Week.
Is in such technical shape that it will, it is contended, reNov.30
factor to sus- Sept. 1924 Sept.27 25.2010ct. 2 26.68 23.60 Sept.24 1924 31.00 Nov.30 1923
quire very bad weather or some other bullish
1923
21.50 Sept. 16 1924 30.00
Oct. 1924._
1
tain it. It is believed that a period of good weather would Nov. 1924.. Sept.30 24.70 Sept.30 24.70 23.50 Sept. 9 1924 28.90 Aug. 28 1924
1924
Dec. 1924.. Sept.29 24.35 Oct. 2 25.90 21.17 Sept.16 1924 29.10 July
be accompanied by liquidation, with the inevitable effects Jan. 1925__ Sept.29 24.43 Oct. 2 25.95 21.20 Sept.18 1924 28.98 July 28 1924
23.40 Sept. 9 1924 25.60 Aug. 20 1924
on a swollen market, after a rise of $25 a bale.
Feb. 1925
To-day prices declined 70 to 75 points, with the weather Mar. 1925._ Oct. 1 24.68 Oct. 2 26.20 31.50 Sept. 16 1924 29.06 July 28 1924
24.18 Sept. 4 1924 24.18 Sept. 4 1924
April 1925_ _
fair and warmer and hopes of its continuance. Besides, May 1925.. Oct. 1 24.90 Oct. 2 26.40 21.72 Sept.18 1924 29.15 July 18 1924
2 25.55 Oct. 2 25.55 22.55 Sept.11 1924 25.55 Oct. 2 1924
prices had had a rise, as already stated, of 5c. in little over June 1925.. Oct. 1 24.55 Oct. 2 26.00 21.40 Sept. 16 1924 27.50 Aug. 6 1924
July 1925-- Oct.
a week. A reaction was considered due. One crop estimate
was issued by a spot house of 12,544,000 bales. This caused
THE VISIBLE SUPPLY OF COTTON to-night, as made
selling. There were rumors that a well-known statistician
telegraph, is as follows. Foreign stocks, as
had also issued a large estimate. This was later denied, up by cable and are this week's returns, and consequently
but for a time it had a certain effect. There was more or well as the afloat, are brought down to Thursday evening.
all foreign figures
less hedge selling. If the weather continues fair and warm But to
make the total the complete figures for to-night
it is believed that the receipts will be larger and the hedge
(Friday), we add the item of exports from the United States,
selling will correspondingly increase. Fall River's sales
in it the exports of Friday only.
for the week were stated at 40.000 to 50.000 pieces, against including
1921.
1924.
1923.
Oa. 3week. Large Wall Street and uptown operators Stock at Liverpool
110,000 last
bales_ 320,000 270.000 11i00 864,000
1,000
4,000
heavily. There was an idea in Stock at London
were believed to be selling
62,000
22,000
26,000
48,000
Stock at Manchester
the Board room that there was selling of something like
342.000 300,000 648.000 927,000
Total Great Britain
30,000 to 40,000 bales by large operators. It was mostly,
52,000
1,000
4,000
12,000
Stock at Hamburg
however, to take profits. Many sold to clear the way for Stock at Bremen
62,000
62,000
81.000 278,000
85.000 140.000
61.000
34.000
was Stock at Havre
next Wednesday's Bureau report. Also, Worth Street
7,000
12,000
4,000
4.000
Rotterdam
quiet. There was nothing especially stimulating from Man- Stock at Barcelona
36,000
51,000
43,000
80.000
Stock at
8,000
16,000
18,000
18,000
chester. On the other hand, there were occasional rallies. Stock at Genoa
10,000
7,000
3.000
1.000
Ghent
There are still reports of deterioration both east and west Stock at Antwerp
1.000
2,000
1,000
at
Stock
of the Mississippi River. Sprouting of seeds is complained
184,000 183,000 247,000 580,000
Total Continental stocks
of. One estimate of the crop was 11,584,000; another 12,526.000 483,000 895,000 1,507.000
039,000; still another 12,100.000. The spot demand in
Total European stocks
74,000
Europe.. 26,000 103,000
52.000
Texas was reported heavy and the basis strong. The export India cotton afloat for for Europe 545,000 537.000 403.000 374.411
American cotton afloat
demand was said to be eager and interior offerings smaller. Egypt,Brazil,&c..afloatforEurope 116,000 72,000 56,000 81,000
100,000 136,000 197,000 225.000
But profit-taking carried the day and the ending was easy Stock in Alexandria. Egypt
Stock in Bombay.India
400.000 313,000 646,000 981,000
at the lowest prices of the session. For the week the net Stock in U. S. ports
547.937 491,773 724.174 1,508.323
603.535 670,922 897,611 1.225.335
rise is 13 to 19 points. Spot cotton closed at 20.15c. after Stock in U. S. Interior towns
2,847
2,800
500
U.S. exports to-day
touching 26.90c. on Thursday. The net rise for the week is
2,864,472 2,807.195 3,873,585 5.978.916
Total visible supply
5 points.
Of the above, totals of American and other descriptions are as follows:
The official quotation for middling upland cotton in the
American
61.000 268,000 491,000
bales 117,000
New York market each day for the past week has been:
Liverpool stock
47,000
Sept. 27 to Oct. 3Middling upland
Sat. Mon. Tues. Wed. Thurs, Fri.
25.70 26.10 25.75 25.90 26.90 26.15
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Oct. 3 for each of the past 32 years have been as follows:
1924
1923
1922
1921
1920
1919
1918
1917
26.15c. 1916
29.10c. 1915
20.80c. 1914
21.35c. 1913
24.25c. 1912
31.20c. 1911
34.00c. 1910
27.25c. 1909
16.70c. 1908
31.85c. 1907
1906
14.30c. 1905
11.25c. 1904
10.20c. 1903
13.90c. 1902
13.60c. 1901
9.15c.
11.55c.
10.55c.
10.35c.
10.30c.
9.85c.
8.94c.
8.31c.
Saturday_ _
Monday __ _
Tuesday _ _ _
Wednesday_
Thursday _
Friday
Futures
Market
Closed.
Wet,40 pts.dec._ _ Weak
ulet. 40 pts. adv__ Steady
Wet, 35 pts. dee__ Easy
Wet, 15 pts. adv._ Firm
Wet, 100 pts. adv. Very steady__ Wet, 75 pts. dec.. Easy
SALES.
Spot.
Total American
East Indian, Brazil, &c.
10.88c. Liverpool stock
7.19c. London stock
5.38c
Manchester stock
6.50c. Continental stock
8.38c India afloat for Europe
9.12c. Egypt. Brazil, &c., afloat
6.25e. Stock in Alexandria. Egypt
8.06c. Stock In Bombay..India
11100
1899
1898
1897
1896
1895
1894
1893
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
closed on same days.
Spot
Market
Closed.
Manchester stock
Continental stock
American afloat for Europe
U.S. ports stocks
U.S. interior stocks
U. S. exports to-day
14,000
143,000
545,000
547,937
603.535
12,000
126,000
537,000
491,773
670,922
500
28.000
192.000 482,000
493.000 374,411
724,174 1.508.323
897.611 1,225,335
2.847
2,800
1,970,472 1,899.195 2,515,585 4,130.916
203.000 209.000 3,32,000 373,000
1,000
4,000
20,000
15,000
14,000
8:660
98,000
55,000
57,000
41,000
52,000
74,000
26,000 103,000
56.000
81,000
72,000
116,000
100,000 136.000 197.000 225,000
400,000 313,000 646.000 981,000
8(14,000 908,000 1,358,000 1.848,000
1 970.472 1.899.195 2.515.585 4.130,916
2,864.472 2,807.195 3,873.585 5,978,916
Total visible supply
15.23d. 16.64d. 12.376. 14.21d.
Middling uplands, Liverpool
20.50c. 20.35c.
26.15c. 28.75c.
Middling uplands, New York _ _
26.406. 19.50d. 19.156. 31.256.
Egypt. good Sake!, LiverpoolPeruvian. rough good, Liverpool_ 22.01d. 18.756. 14.50d. 15.50d.
13.00d. 13.358. 11.356. 13.058,
Broach, fine, Liverpool
13.906. 14.506. 12.25d. 13.805,
Tinnevelly. good. Liverpool
Total East India, &c
Total American
Continental imports for past week have been 94,000 bales.
The above figures for 1924 show a increase from last week
of 245,356 bales, a gain of 57,277 from 1923, a decline of
1,009,113 bales from 1922, and a falling off of 3,114,444
100 bales from 1921.
900
Contr't. Total.
loo
900
500
500
AT THE INTERIOR TOWNS the movement
-that is,
the receipts for the week and since Aug. 1, the shipments for
Total
the week and the stocks to-night, and the same items for the
-is set out in
-The highest, lowest and closing prices at corresponding periods of the previous year
FUTURES.
detail below:
New York for the past week have been as follows:
1.500
1.500
1644
THE CHRONICLE
I
Towns.
Movement to Oct. 3 1924..
•
Movement to Oct. 6 1924.
Receipts.
Ship- Stocks
_Receipts.
Ship- Stocks
meats. Oct. meats. Oct.
Week. Season, Week.
Week. Season. Week.
3
5
Ala.,BIrming'm 1,706
4,911
811
2,945
80
1,279
134
987
Eufaula
1,000
2,511
50
1,249
3''
2,072
250
973
L Montgomery. 7,996 36,434 5,79 15,824 4,444 19,351 2,391 14,225
Selma
5,664 24,401 3,849 13,893 3,30
11,076 1,493 7,199
Ark., Helena
3,804 11,165
981
977 7,333
1,649
230 7,413
Little Rock
12,754 30,889 7,47 19,298 5,133
9,422 1,704 15.070
Pine Bluff._ _ 7,857 12,768. 3,653 13,459 1,307
3,855
770 20,088
Ga.,iAlbany
235
2,502
229j 2,849
282
1,126
88 2,569
_ Athens
684
2,031
2091 5,277
1,842
60'
400 12,590
Atlanta
6,479 20,496 5,0801 10,642 3,369
7,110 2,303 7,634
!.. Augusta
5,972 58,185 6,0101 23,831 12,333 48,409 5,148 31,282
,. Columbus..._ 2,819
4,29
3,975 2,367 3,157 10,525 1,998 7,988
Macon
1,335 12,887
699 5,256 1,092
2,989
572 4,837
. Rome
5,62
4,091
4,611 1,70
1,35
2,841 1,228 2,760
Ls. Shreveport 8,000 25,000 4,
23,000 10,111
25,000 4,.11 15,000
Mise.,Columbus 2,001
7,113 1,500 4,165 1,524
2,983
520 2,408
Clarksdale
20,912
20,850 6,077 10,132
839 18,338
Greenwood__ 10,809 30,346 3,75 27,117 8,1 s 1
11,799 2,11 i 14,407
Meridian____ 2,875 13,742 2,363 13,905 1,827
3,947
381 3,401
Notches
1,538
10.686 2,574 4,445 1,686
6.121 1,17. 6,873
Vicksburg _
9.774 1,325 7,544
3,0 I
887
1,817
248 3.300
Yazoo City
3,023 10,492 1,404 10,042 2,003
4,263
633 8,448
14o., St. Louis. 8,411 36,370 8,463 1,480 7,315 41,661 7,254 2,975
g.C.,Gensboro
618
4,229
52
2,189
345
1,698
439 4,364
8
55
Raleigh
1,133
682
2.402
700
381
2,708j
3,433 1,321 2,383 2,055
Ada., Altus
5,369 1,514 3,817
Chickasha..
5,811 1,26
3.8411
3,290 1,604
3,118 1,254 . 1,841
• Ok1ahoma__ _ 2,8061 12,200 1.733 2,003
58
272
73
378
3.C.,Greenville, 2.0991 15,152 2,045 5,201 3,55
7,844 2,414 7,483
Greenwood_ _I
2.427
7211
524 1,923
597
1,645,
198 4,598
renn.,Memplals 24,052 68,413 15,789 34,640 22.699 139,485 13,657 58,379
372
NashvUle----------I
87
133
rens. Abilene884
3,195
720
467 4,91
14,2121 4,663 2,173
Brenham,..... 2,
8.0431 1,500 1,811 1,728 14,684 1,339 5,663
Austin
2.708
,
2,270 2,636 2,51
18,221! 2,017 3,776
Dallas
97
, 611 3
0,8231 9,1097,748 8,7231 34,532 5,331 14,037
21,824 1,146,683211,794281,650 224.6211,292,446192,409 326,185
Houston
Paris
7,2401 26,625 6,3611 4,713 7,851 31,342 6,179 8,259
Antonio_ 2,0001 22,2041 1,
San
5,254 5,
26,589 4,000 9,000
Fort Worth
6,91
25,491 6,433 4,376 5,901 32,580 6,025 9,827
[VOL. 119.
• WEATHER REPORTS B.Y TELEGRAPH.
-Reports
to us by telegraph from the South this evening, denote that
in Florida, Georgia, South Carolina and North Carolina
rainfall has been very heavy. In .the other sections of the
cotton belt there have been scattered showers with precipitation ranging from light to moderate. In some sections
the cool weather has retarded the opening of the bolls as
well as the top crap growth. In'the Atlantic Coast States
the continuous heavy rains have been decidedly unfavorable.
• Galveston, Texas.
-There has been little change in the
condition of cotton in Texas, where'the late crop is making
very good progress, with plants putting on new fruit and
the bolls developing normally.
Mobile, Ala.
-Temperatures have been very low the
latter part of the week and frost has been reported in the
bottom lands, with no damage, however. It has been-very
dry in the interior. Remnants are being picked. There is
considerable cotton-at the gins.
Galveston, Texas
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,
The above totals show that the interior stocks have in- Eldorado Ark
creased during the week 59,443 bales and are to-night Little Rock
67,387 bales less than at the same time last year. The Pine Bluff La
Alexandria,
receipts at all towns have been 21,315 bales more than the Amite
New Orleans
same week last year.
Shreveport
OVERLAND MOVEMENT FOR THE WEEK AND Okolona, Miss
Columbus
SINCE AUG. 1.
Greenwood
-1924----1923---- Vicksburg
Oct. 3Since
Since Mobile, Ala
ShippedWeek. Auo. 1.
Week. Aug. 1. Decatur
Via St. Louis
8.463
33.600
7.254
44.390 Montgomery
Via Mounds, 5cc
4,620
25,430
4,080
17.020 Selma
Via Rock Island
100
296
155
155 Gainesville, Fla
Via Louisville
2.559
6,522
104
1,874 Madison
Via Virginia points
3,828
30,566
3.891
31,853 Savannah, Ga
Via other routes, &c
9.113
80,680
8,521
82.947 Athens
Augusta
Total gross overland
28,683 177,094
24,005 178,239 Columbus
Deduct Shipments
Charleston. S. C
Overland to N. Y.. Boston,FAc
1,711
6,217
833
6,068 Greenwood
Between interior towns
505
4.789
483
4,664 Columbia
Inland. &c..from South
6.857
81.680
19,922
80.736 Conway
Charlotte, N.0
Total to be deducted
9.073
92.686
21.238
91.468 Newbern
Weldon
Leaving total net overland*
19.610
84,408
2.767
86,771 Memphis
•Including movement by rail to Canada.
Rain. Rainfall.
dry
0.06 in.
0.17 in.
dry
1 day 0.24 in.
1 day 0.01 in.
dry
dry
dry
dry
dry
1 day 0.06 in.
dry
1 day 0.40 in.
dry
1 day 0.08 in.
dry
1 day 0.15 in.
dry
2 days 0.65 in.
1 day
1.44 in.
1 day 0.08 in.
2 days 0.12 in.
1 day 0.09 in.
dry
dry
dry
1 day 0.04 in.
I day 0.03 in.
dry
dry
1 day 0.10 in.
1 day 0.06 in.
2 days 1.50 in.
2 days 0.15 in.
4 days 1.02 in.
3 days 0.90 in.
5 days 2.61 in.
4 days 4.98 in.
5 days 7.77 in.
5 days 4.85 in.
5 days 11.58 in.
5 days 1.79 in.
5 days 4.80 in.
5 days 4.05 in.
5 days 4.32 in.
6 days 7.49 in.
5 days 4.07 in.
6 days 3.85 in.
6 days 6.87 in.
dry
1 day
1 day
•
Thermometer
high 86 low 62 mean 74
high 90 low 44 mean 67
high 93 low 50 mean 72
high 90 low 56 mean 73
high SS low 58 mean 73
high 89 low 46 mean 68
high 90 low 41 mean 66
high 89 low 38 mean 64
high 93 low 39 mean 66
high 90 low 45 mean 68
high 94 low 47 mean 71
high __ low _ mean _ _
high 88 low 46 mean 67
high 90 low 44 mean 67
high 92 low 52 mean 72
high __ low 48 mean _ _
high 89 low 42 mean 66
high 92 low 43 mean 68
high 90 low 42 mean 06
high 86 low 41 mean 64
hihg 88 low 45 mean 67
high 85 low 40 mean 63
high 90 low 41 mean 66
high 80 low 45 mean 63
high 86 low 40 mean 66
high 89 low 44 mean 68
high 86 low 39 mean 63
high __ low __ mean 70
high 88 low 48 mean 68
high 89 low 35 mean 62
high 78 low 36 mean 57
high 82 low 35 mean 69
high 83 low 45 mean 64
high 79 low 48 mean 67
high 78 low 37 mean 58
high 71 low 44 mean 58
high 76 low 42 mean 61
high 87 low 51 moan 69
high 86 low 46 moan 66
high __ low __ mean _ _
high 72 low 36 mean 54
high 80 low 45 mean 63
high 74 low 43 mean 59
high 82 low 53 mean 68
high 72 low 41 mean 57
high __ low 44 mean _high 78 low 45 mean 62
high 72 low 40 mean 61
high 82 low 43 mean 62
high 74 low 46 mean 60
high 79 low 42 mean 61
The following statement we have also received by teleThe foregoing shows the week's net overland movement
this year has been 19,610 bales. against 2,767 bales for the graph, showing the height of rivers at the points named at
week last year, and that for the season to date the aggregate 8 a. m. of the dates given:
Oct. 3 1924.
Oct. 5 1923.
net overland Itexhibitsa decrease from a year ago of 2,363 bales.
Feet.
Feet.
New
s
Orle
Above zero of gauge_
an
2.6
1924
1923
Memphis
Above zero of gauge_
8.4
In Sight and Spinners'
Since
Since
rrashville
Above zero of gauge_
7.5
Takings.
Week. Ano. 1.
Week. Atm. 1.
e xg
virevb port
Above zero of gauge_
6.9
13.6
Receipts at ports to Oct.3
366,406 1,535.728 329,949 1,480,108 Shcks
Above zero of gauge_
10.5
13.5
Net overland to Oct.3
19,610
84,408
2.767
86,771
Southern consumption to Oct. 3 65.000
622.000
75.000
830.000
NORTH CAROLINA COTTON CROP REPORT
Total marketed
451,016 2.242,136 407,716 2,396,879 SHOWS DECLINE.
-The United States Department of
Interior stocks in excess
59.443
418.484
92,968
400,027 Agriculture at Raleigh, N. C., made public on Sept. 25 its
Excess of Southern mill takings
over consumption to Sept. 1_
*121.565
*202,130 report on the cotton crop for that State. The following is
the report:
Came into sight during week_ 510.459
500.684
The North Carolina
Total in sight Oct. 3
2.539.055
2.594.776 the boll weevil. The cotton Crop is at last getting fully acquainted with
recent wet weather, lateness of tile crop and other
conditions have resulted in maximum damage by weevils on boils, in some
• North.spinn's' takings to Oct. 3_ _ 33,110
234,759
40,577
251,597 cases two-thirds mature. The Sept.
16 conditions show a 8% decline in
321,* Decrease.
previous weeks. The present condition of 52%
QUOTATIONS FOR MIDDLING COTTON AT the twoper acre and a prospect of 782,000 bales this year. indicates 208
pounds
This is 23%
OTHER MARKETS.
-Below are the closing quotations for less than last year's crop, even though the acreage Is known to be increased.
The
over 500 reporters are: "Lots of
middling cotton at Southern and other principal cotton weevil outstanding comments made by one-hhlf crop; picking late; bolls
damage; shedding badly; only
small: yield very short; none picked yet in man'
markets for each day of the week:
fields; dry summer weather;
too much rain in early summer and recently.'
Judging from a trip made throughout the important cotton producing
Closing Quotations for Middling Colton on
area of North Carolina this month by the State Agricultural Statistician.
Week endin •
accompanied by two important U. S. Department of Agriculture officials,
Saturday. Monday. Tuesday. Wect'clay. Thurscry. Friday.
Oct. 3.
and aided by telegraphic reports from county agents, it is evident that the
boll weevil damage is quite serious and is becoming more so on green bolls.
24.70
24.90
24.50
Galveston
24.90
25.70
25.00
Quite a large percentage of the bolls, less than half matured, are partially
24.70
24.90
New Orleans_. 24.50
24.95
25.75
25.00
or wholly ruined. The damages from boll worm, anthracnose and rot were
25.25
Mobile
24.00
24.00
24.25
25.00
24.25
frequently observed. It seems that farmers did not realize that the boll
Savannah
24.69
24.90
24.25
25.00
25.69
25.00
weevil was doing the damage that now appears until they had made heavy
Norfolk
24.63
25.00
24.50
24.75 '25.75
24.85
headway.
25.50
Baltimore
25.50
25.50
25.75
25.00
Along with the 52% of a full crop condition, there was reported an
Augusta
24.63
24.88
24.75
24.50
25.50
24.75
average .of 6.7 bolls per plant safe at this date. This would probably be
Memphis
23.83
24.00
24.07
24.00
24.88
24.18
about five bolls to a foot in the row. It is doubtful if this many are really
Houston
24.50
24.75
24.75
24.35
25.55
25.00
safe. Eight per cent is reported as being picked to the middle of the month
Little Rock
24.25
24.50
24.50
24.00
25.25
24.50
and 4% ginned, and an abandonment (or crop failure) of 3% of the acreage
Dallas
23.90
24.10
23.85
23.50
24.90
24.15
Is reportel as resulting since June 25.
Fort Worth_ _
23.75
23.95
____
24.05
24.90
24.15
The southeastern counties show decidedly the poorest conditions. The
heavy rainfall
fertility and
NEW ORLEANS CONTRACT MARKET.
-The closing condition. In washed out area 19% of weevil damaged resulted in a 43%
that same
the crop was picked to
,quotations for leading contracts in the New Orleans cotton and 10% ginned, while at the same time the abandonment was Sept. 16
greatest
in that area.
market for the past week have been as follows:
Saturdatr,
Sept. 27.
Monday,
Sept. 29.
Tuuday, Wednesday, Thursday,
Oct. 1.
Oct. 2.
Sept. 30.
Friday,
Oct. 3.
FIRST FORECAST OF INDIA COTTON CROP
ACREAGE LARGER.
--The Indian Government issued on
Aug. 21 its first cotton forecast for the season of 1924-25.
This report shows an increase in the cotton area of 3% as
compared with the corresponding period last year. The
report follows:
October _- 24.4124.79 -24.59 -24.8025.54-25.55 24.85December_ 24.39-24.44 24.81-24.85 24.57-24.81 24.84-24.87 25.80-25.85 24.95-25.00
January- 24.42-24.48 24.81-24.87 24.80-24.84 24.88-24.92 25.85-25.88 24.98-25.00
March-- 24.59-24.61 25.0024.77.24.81 25.08-25.11 25.82-25.84 25.2224.68-24.70 25.08 --24.87-24.88 25.19-25.21 25.95 bid 25.29May
This forecast is based upon reports on the condition of the cotton crop
_ 1
1ely
3 ptember 24.47_ 24.52 24.92 b_id _24.67_-__ _ _24.97-25.__ _ b_ld _25.03_ bid
u
__ _
00 25.65
- at the end of July and early August. The repor:s do not, as will be seen
from the detailed notes below, relate to the entire cotton area, but to
Tone
only 79% of the total.
Steady
Spot
Steady
Steady
Steady
Firm
Steady
Owing to the late commencement of sowings this year on account of
rIntInna
Barely 'VT Steady IlArolv wv ar,,ota.elv Voev ',Ueda Rarialv sit 1,
.
the late arrival of the monsoon, it is not atresent possible tolgive a correct
1645
THE CHRONICLE
OCT. 4 1924.]
so far as
.estima:o of the area sovrn in several tracts. The area sown,
• reported; comes to L.,713.000 acres this year. as compared with 12.350,000
last year, or an increase
acres (revised figure), at the correspoxding time
• of 3%.
corditions,
Sowings, though delayed, were carried out under favorable
whole, good.
and the present condition and prospects ofthe crop are, on the
for the Provinces and States are as follows:
Detailed figures
Acres.
Prorinces and Slates.
1924-25.
Bombay-Deccan (incl. Indian States) _ _ 1,487,000
4.762;000
-Clentral-Provincee and Berar
229,000
.Madras
1,846,000
(Including Indian States)
.Punjab
671,000
United Provinces (incl. Rampur State)_
304.000
Burma
75,00,1
Bihar and Orissa
76.000
• Bengal (Including Indian States)
8,000
Ajmer-Merwara _
43,000
Assam
22.600
'North-West Frontier Province
1,000
Delhi
1,015,000
Hyderabad
1.025.000
Central India
• 374.000
Baroda
*500,000
Gwalior
264.000
Rajputana
21.000
Mysore
-We
ALEXANDRIA RECEIPTS AND SHIPMENTS.
now receive a weekly cable of the movements of cotton at
Alexandria, Egypt. The following are the recepts and
shipments for the past week and for the corresponding week
of the previous two years.
1924.
Alexandria. Egypt.
0-1. 1.
1923.
1922.
210.000
567.641
I
210,000
457.925
1922-23.
1923-24.
1.383,000 1.344,000
4.646,090 4,474,000
126,000
165,001)
1,382.000 l,36.000
711.000
601.000
i67.000
3.01,000
75,009
76.000
71-006
7..i,000
10,000
4.000
38,000
38,000
19.000
17,000
2.600
1,000
1.655,000 2.314,000
854.000. 787.000
442.000
423.000
330,000
-145,000
259.000
a252,000
6,000
9,000
Receipts (cantors)
This week
Since Aug. 1
290.000
941,018
Since
Week Aug. 1.
Exports (bates)-
Since
Week. Aug. 1.
Since
Week. Aug. 1.
__ _ 10.302 2.750 14,306
17,149
8,000 23,771 9,250 21,412 -- 16.997
8,000 31.636 8,500 39.431 1,750 28.936
9.905
__-4,669
___3.000 4,655
.- --- ...„ n.. vn.nen 75,814 4.500 WI IAA
I.
.
Total e
750 lbs.
-A cantor is 99 lbs. Egyptian ba es weigh about
Note.
ending Oct. 1 were
This statement shows that the receipts for the week
290,000 cantors and the foreign shipments 19,000 bales.
To Live Pool
To Man tester, &c
To Conti tent and India
To Amem Ica
-Our report rece7FEITy
MANCHESTER MARKET.
cable to-night from Manchester states that the market in
12.713,000 a12,350,000 12,511.000 yarns and cloths is firm. Demand for India is improving.
Total
*ProvisiOnal. a Revised.
We give prices to-day below and leave those for previous
-The fol- weeks of this and last year for comparison:
RECEIPTS FROM THE PLANTATIONS.
lowing table indicates the actua movement each week from
1923.
1924.
'the. plantations. The figures do not include overland reSit tbs. Shirt- Coe/8
,.celpts nor Southern consumption; they are simply it state834 lbs. Shirt- Coen
irt.ts, Common Mid.
32s Cop
logs, Co ninon Mid.
3ls Cop
meat of the weekly movement from the plantations ofthat
UpYs
to Finest.
Twist.
Upes
to Finest.
Twist.
the market through
part of the crop which finally reehes
.
s
d. . d.
0.
d.
I..
s. d.
d. •
July
the outports.
16 3 016 6 15.79
6 23
27 13 1 t?418 4 18.35
11 25
Receipts at Ports.
Stocks as Interior Towns.
Week
ending 1923-241922-231921-22 1923-24
1922-23
Receiptsfrom Plantations
1921-22 1923-24 1922-23 1921-22
'21,177 20,125 41,554 243,812 312,912 454,839
35.877 15,202 31.697 225.799 293.590 433,175 17354
40.1101. 22,226 :14,•393 203.030 278.391 388.831 20,709 11.646
1.46.1
6.036
1.676
14.579
29.509
53,877
98,250
35,170 27,686 32.031
13,558 29.720 24,012
15.. 49.702 45,030 33.716
35,004 62,758 44.317
113.414 142,595 91.625
, Sept.
5._ 165.18014833 03,017
• 12._ 222.121170,272163,102
19._ 276,400258,747205,404
25.291,228288,75 253,298
Oct.
3_ 360,408329,949275,183
182,549
153,738
155,959
164.199
180.948
270.233
264.013
268.228
302.780
331.947
355,159 11,71( 19.528
345.726 14,747 24,4011
341.519 24.923 51.252
351.079 40,244 97,312
355,704,1:16.161 171.762
224.720
306,499
415,080
544,092
377,401
442.507
519,587
577,954
416.161202.954191,554 155.474
471,529304.909435.378218,470
600,540384,961333,807334,415
743.16042) 283347,148 105.184
603,535 670,922. 897,611125,449422,917380,501
The above statement shows: (1) That the total receipts
. from the plantations since Aug. 1 1924 are 1,955,212 bales.
, in 1923 were 1,822,068 bales, and in 1922 were 1,588,799
bales. (2) That although the receipts at the outports the
past week were 360,405 bales, the actual movement from
plantations was 425,849 bales, stocks at interior towns
having increased 59,443 bales during the week. Last year
receipts from the plantations for the week were 422,917
bales and for 1922 they were 380,561 bales.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
is 24%
25
Aug.
283i
8 26
15 25(.5
22 25
21) 25
Sept.
24
24
19 23
28 23
Oct.
3 23
2514 18 2
2754 194
15.73 11%
17.74 50%
22% 16 2
48 21% 16 1
016 5
016 4
15.49
14.42
28
275-5
255..
2014
2(1
19 6
19 6
19 6
19 6
IS 2
020 2
04(1 2
020 2
020 2
418 4
18.18 20
17.38 40%
16.94 20Si
16.08 50%
15.76 20%
48 20% 16 0 @HI 2
16 1 016 2
48 21
48 21% 16 1 016 5
21% 10 0 (416 4
21% Id 0 016 4
13.71
14.57
15.61
15.19
14.93
25)5
25%
24%
25%
04
418 5
020 0
IS 0 018 4
IS 0 018 3
17 2 417 6
17 4 (418 4
15.10 21%
14.21 223.
13.54 24
14.09 24
2234 18 2
23 165
4 253-4 18 5
(n 2534 16 5
018
48172
48172
15.87
16.89
17.95
16.91
4617 2
18.64
2344' 17 8
Co.18
15.23 22)5 (4
245.1 18 5
ign
-As shown on a previous page, the
SHIPPING NEWS.
have
exports of cotton from the United States the past week made
reached 309,193 bales. The shipments in detail, as
up from mail and telegraphic returns, are as follows: Bales.
-Adriatic, 7.497; Auranta,
-Sept. 26
NEW YORK-To Liverpool
12,962
5,465
500
-Frederick VIII, 500
To Copenhagen-Sept. 26
200
-Laura, 200
To Trieste-Sept. '26
-George
Oct. 1
To Bremen-Sept. 26-Muenchen, 1,000;
1,800
800
Washington.
-City of St.
-Conte Verdi, 940; Sept. 25
To Genoa-Sept. 26
1.600
Joseph. 660
2,033
2,033
-Paris,
-Sept. 30
To Havre
1,730
-City of St. Joseph, 1,730
To Leghorn-Sept. 25
772
To Rotterdam-Sept. 26-Volemdam,772
159
-Liverpool Maru, 159
To Leith-Sept. 27
300
1-Dakarian, 200_
To Ants•erp-Sept. 25-Carlier, 100: Oct.
100
24-Algic, 100
To Bombay-Sept.
40
-Sept. 24-5.S. Oberg.40
To London
-To Antworp--Sept. 25-Danier.300: Sept.27
ORLEANS
NEW
725
Meanticut.425
1923.
Cotton Takings.
1924.
500
-Sept. 25-Danier, 500
To Ghent
Week and Season.
1.092
-Sept. 27-Meanticut, 1.092
Season.
To Havre
Week,
Season.
Week.
Sept.
To Rotterdam-Sept. 27-Gaasterdijk, 350; Sapiner, 125:
875
30-Norderdijk, 400
2 445.605
• Visible supply Sept. 26
2,619.116
1,602
To Genoa-Sept. 29-Monginevro, 1.602
2.594,776
2.190.403
' Visible supply Aug. 1
300
To Porto Rico--Sept. 30-Montoso,300
2,796.906
510.459 2.539.055 500.684
American in sight to Oct.3
80
-Cartago,80
To Cartegena-Sept. 26
85,000
8,000
57.000
5,000
, Bombay receipts to Oct.3
100
-Cartago. 100
'Po Port Colombia-Sept. 26
41,000
7,000
27,000
2.000
shipm'ts to Oct. 2_ _
Other India
-West
-Norwegian, 3,527: Oct. 1
Liverpool-Sept. 30
To
114,400
42.000
187.800
58,000
Alexandria receipts to Oct. L.._
6,755
45,000
Coddoa, 3.228
4.000
58.000
6.000
.Other supply to Oct. 1 * b
To Manchester-Sept. 30-Norwegian, 492; Oct. 1-West 988
Caddoa, 496
Total supply
3,200,57: 5.059.348 3,007.289 4.904.847
4.940
-Aquarius, 4,940
To Bremen-Sept. 30
Deduct
300
To Gothenburg-Oct. 1-Stureholm, 300
Visible supply Oct. 3
2.864.471, 2.864.472 2.807.195 2.807,195
50
-Oct. 1-Stureholm, 50
To Malmo
3.295
-Sept. 26-Cardonia. 3,295
200.094 2,097.652 GALVESTON-To Oporto
Total takings to Oct. 3_a
336,103 2.194.876
600
2&--Cardonia,600
To Lisbon-Sept.
Of which American
•' 228,103 1.502,076 199.094 1,531.252
1.975
To Gothenburg-Sept.27-Sttu•eholm, 1,975
566.400
1.000
Of which other
692.800
108.000
30
To Copenhagen-Sept. 27-Pennsylvania, 700__ _Sept.
1,600
• •Embraces receipts in Europe from Brazil. Smyrna, West Indies. &c.
Arkansas, 900
-West
a This total embraces the estimated consumption by Southern mills,
•
-Barcelona. 4,638; Sept. 30
To Barcelona-Sept. 27
13,352
-takings not being available
622,000 bales In 1924 and 830,000 in 1923
4.874
Chetac, 3.840: Mar Adriatico,
500
and the aggregate amounts taken by Northern and foreign spinners,
-Barcelona,500
To Malaga-Sapt.27
7.465:
1.572,876 bales in 1924 and 1,267,652 bales in 1923. of which 1.464.876
To Bremen-Sept. 27-Jethou. 950; Sept. 30-Waban.
13.530
and 701,252 bales American. b Estimated.
Rio Bravo, 5,115
3,600
-Dryden, 3,600
To Japan-Sept. 27
INDIA COTTON MOVEMENT FROM ALL PORTS.
500
To China-Sept. 27 Dryden,500
-Cripple
To Liverpool-Sept. 27-Intombi. 8.285; Sept 30
23,648
1923.
1924.
1922.
Niceto de Larrinaga, 9,416
Creek, 5,947;
-Cripple
Oct. 2.
To Manchester-Sept. 27-Intombi. 201: Sept. 30
9,207
Since
Since
Since
Receipts at
Creek, 950; Niceto de Larrinaga, 8.056
Bodagry, 3,353: West
Week.' Aug. 1. Week.1 Aug. I. Week. I Aug. 1.
-Ontario, 9.722:
-Sept. 30
To Havre
26,520
Camak, 10,795: Lowther Castle, 2.650
5,000t 57,000 8.000! 85,000 7,0001 117,000
-West°amok,1.500;Lowther Castle.750. 2,250
Bombay
To Antwerp-Sept.30
-West Camak.2,003: Lowther Castle,4,000_ 6.003
-Sept.30
To Ghent
Since August 1.
To Genoa-Sept. 30-Collingsworth. 10.062: Jolee, 2.465:
Week.
For the
16,427
Marino Odero, 3,900
4,013
To Verdce-Sept. 30-Joiee, 1.463: Gilda. 2,550
Great
Conti- 1Japan &
Great Conti- Japan&
Exports.
750
30-Joiee. 650; Gilda. 100
To Trieste-Sept.
nem.
Total.
China.
Britain. neg. China. Total. Britain.
750
To Rotterdam-Sept. 30-Waban,750
-Lowther Castle, 1.100: Sept.
-Sept. 26
-To Havre
HOUSTON
Bombay
14.817
13,
15,000
30-Connes Peak. 13.717
26,0001 130.000 169,000
1924
-Lowther Castle. 50: Sept. 30- -Connes
14,000
To Antwerp-Sept. 26
79,000 '56.000 149,000
30,000
1923
8,000
Peak, 300 _ - _ -_- __ - - __ - - _ - - -- =7.7, -....; -----":: --.- 18,000
66,500, 152500 227,000
35°
1922
1.250
-Sept.------------ Castle. 9uu; tionnes i-eax. sou
To Ghent
Other India!
-Cripple Creek. 11.535: Sept. 304.IIs
To Liverpool-Sept. 27
23,000
2000),
27,000
1924
30,168
34
7.00$
Nitonlan, 18.637,0001
41,000
1923
y
5,
To Bremen-Sept. 26-Case.4.432:Seit.27 Eio Bravo,
40,550
45.550
Sept. 30-Jethou, 5.750: Cody, 10.302
-Casey. 200: Sept. 3C1 Cody, 850_ _ _ 1,050
To Rotterdam-Sept. 26
'
Total all
3,500
17.
49,0001
To Venice-Sept. 7-0ilda. 3.500
17,000
198,000
6,000 11.
1924
3,820
-Marina Odero. 3.820
113,000! 56,000 190,000
21,
To Geno-Sept. 27
37,
2,000 24,000 11,
1923
150
•
107,St 152,500 272,559
To Manchester-Sept. 30-Nitonian, 150
13,0
18,000
16,000 2,
P 1922
250
•
-Tortugas. 250
-Oct. 2
To Christiania
100
-Tortugas. 100
To Gothenburg-Oct. 2
PAccording to the foregoing, Bombay appears to show a
500
-Tortugas. 500
To Copenhagen-Oct. 2
100
•
decrease compared with last year in the week's receipts of
-Tortugas. 100
To Bergen-oct. 2
•50
-Tortugas. 50
-Oct. 2
To Malmo
3,000 .bales. Exports from all India ports record a decrease
100
-Oct. 2
-Tortugas. 100
To Abe
of 20,000 bales during the week, and sineelAug. 1 show an BOSTON-To Liverpool-Sept. 13-Devonian, 2.407
2,407
-Sept.29-Coahoma County,1.931. 1‘.931
GULFPORT-To Manchester
• increase of 6,000 bales.
•
..M
.
62
•23,1
1646
THE CHRONICLE
Bales.
MOBILE
-To Bremen-Sept. 25-Clavarack, 300
300
To Rotterdam-Sept. 25--Clavarack, 300
300
NORFOLK
-To Liverpool
-Sept, 27
-West Cohas, 100
100
To Manchester
-Sept. 29
-West Islets. 360
360
PENSACOLA-To Rotterdam-Oct, 2-Clavarack. 200
200
PORT TOWNSEND-To Japan-Sept. 16
-President Jefferson,
1,000; Sept. 26-Tokiwa Maru, 11,00
2,100
SAN FRANCISCO
-Havana Mon, 5.000:
-To Japan-Sept. 26
Korea Maru, 4,723: Sept. 30
-President Wilson, 1.875
11,598
To China-Sept. 30
-President Wilson, 2.204
2,204
SAN PEDRO-To Japan-Addl-Chicago. 4,750
4,750
SAVANNAH-To Bremen-Sept. 27
-Lancaster Castle, 7.700:
Sept. 30-Haimon, 6,988
14,688
To Hamburg
-Lancaster Castle. 300
-Sept. 27
300
To Liverpool
-Sept. 30-Sacandaga, 1.168: Narvik, 4.754;
Ninian, 9,413
15,365
To Manchester-,Sept. 30--Sacandaga, 1.250; Ninian, 2,950
4,200
[VoL. 119.
CA CA CA an CA VI
$
r
CA
rier
CO
—elr7e,—
bleer
rlee,leb oP,A.e
els, against 2,317,000 in the previous week and 1,333,000 last
year. Shipments were 1,929,000, against 3,594,000 in the
previous week and 1,222,000 last year. On Thursday prices,
with bad crop news from Argentina and Europe, advanced
4V, to 5c. at Chicago and 52 at Winnipeg, and on rye at
/
1c.
Chicago 7 to 8c. It was estimated that as much as 4,000,000
bushels of wheat were bought for shipment to Europe from
the United States and Canada, half the total being from this
country and the other half from Canada. Argentina in two
days advanced 5c. for the nearby positions on reports of
locusts and dry weather. Liverpool advanced 2%d. to
3%d. Coming on top of a bad crop outlook in Europe, this
electrified American, Canadian and English markets. A.
Total
•
309.193 great outburst of activity
sent prices up by leaps and bounds.
-By cable from Liverpool we have the fol- October and November are critical months in Argentina. All
• LIVERPOOL.
lowing statement of the week's sales, stocks, &c., at that port: this offset large American receipts and good weather. At.
Sept. 12. Sept. 19. Sept.26. Oct. 3.
Chicago on Oct. 2 May reached $1 50, the highest since May
Sales of the week
33,000
34.000
36,000
38,000
Of which American
16,000
14.000
13,000
16,000 31 1921, when May wheat sold at $1 87. Statistics, accordActual export
2.000
3.000
2,000
1,000 ing to some, indicate that the world's needs are as large as
48,000
55,000
51,000
Forwarded
55,000
355.000 320,000 317,000 330,000 the world's surplus. A private crop estimate, however, put
Total stock
Of which American
117.000 100,000 110.000 117,000 the United States total wheat crop at 866,000,000 bushels,
Total imports
41.000
20,000
54,000
59.000
Of which American
26,000
11,000
42.000
40,000 against 837,000,000 in September and 786.000,000 the final
Amount afloat
159.000 250.000 284.000 320,000 last year. The receipts at domestic points were large and
Of which American
63,000 144.000 165.000 223.000
in Canada larger than recently. The movement of grain to
The tone of the Liverpool market for spots and futures Duluth was so large as to cause a railroad embargo there.
each day of the past week and the daily closing prices of Cash wheat was strong. Chicago sold 300,000 bushels to
spot cotton have been as follows:
exporters on Oct. 1 and reported charters for 500.000 bushels
to Buffalo. At the seaboard Duluth spring wheat, Gulf
Saturday. Monday. Tuesday. Wednesday. Thursday. Friday.
.
Spot.
wheat, Manitobas and Chicago hard wheat were wanted for
A fair
Market, (
A fair
A fair
A fair
A fair
Europe. Premiums at the Gulf were firmer and at other
business
12:15 4
business
Quiet.
business
business
business
doing,
P.M. I
points strong. Germany, it is feared, may be on the brink
doing,
doing,
doing.
doing.
of a crop failure worse than was feared. Argentina was
14.83
Mid.Upl'
14.39
14.95
14.93
14.82
15.23
weaker with the crop outlook there favorable. There was
Sales
6,000
5,000
6,000
7,000
8,000
7,000
a good demand for export wheat slightly under current
prices. Nat C. Murray in his review of the world situation
Futures. I
Quiet but Very st'dY, Steady at Steady at
Steady,
Market 4
at'dy, 31 to 19 to 26
7 to 13 29 to 32 35to 38 pts. makes the total 54,000,000 bushels less than a month ago, or
opened
39 pta. dec. pta. adv. pta. adv. pta. adv. advance.
a reduction of 9,000,000 in exporting countries and 45,000,000
Market, ( Very st'dy, Steady at Easy at
Quiet at Steady at Barely, in importing countries. The reduction is mostly in Europe.
st'y.
4
4 45 to 59 9 to 13
4 to 14
4 to 8
20 to 27 38to46 pte.
4, 51 I ,... .
flu
nt0 Ann
TO a den
ntn r100
On the basis of Murray's estimated reduction of 54,000,000
nta a An
gnisra non
wheat the crop total is around 3.056.000,000 on the basis
Prices of futures at Liverpool for each day are given below: in
of his Sept. 1 estimate and compares with 3,430,000,000 for
the same countries last year. Exporting countries this year
Tues.
Sat. I Mon.
Wed.
Thurs.
Fri.
Sept. 27
have around 2,121,000,000, against 2,358,000,000 last year and
to
1244112%1121 4:11 124i1 4 0 1 1244 4:0 1234 4:00 1244 4:00
Oct. 3.
p. m.p. m.p. m. p. m p. m.p. m.p. m p. m.p. m.p.m. p. m.p. m. importing countries 935,000,000, against 1,072,000,000 in
1923. Snow says that final returns from winter wheat ind.
d. ITI. I d.
d. d. d. d. d.
d. I d.
crease the outturn to 603,000.000 bushels. Spring wheat
September ---------14.6814.2914.,
• __ _ __ .
October
14.38 13.99 14.2: 14.5414.2
ii.io ii.LO ii.i5ii.ii ii.ii threshing to date indicates an average of 15.6 bushels and a
November --------14.2413.8514,14 14.40 14.0:
14.02 14.31 14.22 14.6014.67
December --------14.2313.8414.13 14.30 14.07
13.99 14.29 14.21 14.59 14.65 tctal crop of 265,000,000 bushels. Soviet Russia is suspend14.24 13.8614.15 14.4014.09
14.01 14.31 14.23 14.61 14.65 ing the exportation of grain, according to cable advices to
January
February
14.01 14.32 14.24 14.62 14.65
Commerce Department from Commercial Attache Mayer
March
14.26 13.90 14.16 14.40 14.09
14.0 14.33 14.27 14.65 14.65 the
14.25 13.9014.16 14.39 14.09
April
14.02 14.33 14.27 14.64 14.65 at Riga. As a result of this action, he reported, the demands
14.27 13.92 14.17 14.39 14.09
May
14.02 14.34 14.2714.65 14.65 of Latvia for American grain are increasing. France
will
14.12 13.8014.0 14.2413.92
13. 14.2014.14 14.52 14.53
June
14.09 13.7814.00 14.19 13.86
13.82 14.1314.09 14.46 14.47 be forced to import wheat and finance her operations with
July
-- -- -- -- -- -- -- -- -- -- the depreciated franc, according to present indications, says
__
AugustSeptember
a Paris cable. For this wheat she will have to go to the
only countries which have an exportable surplus: Australia,
BREADSTUFFS
Argentina and the United States. Duluth wired Tuesday:
"Understand Great Northern RR. has called meeting for this
Fridav Night, Oct. 3 1924.
Flour has latterly been firm, but not active. Local buy- evening to decide on refusing grain to Duluth. If they do
ers fight an advance. Meanwhile the stock at railroad ter- this, it should be very bullish. They have refused at some
minals is 1,081 cars, against 909 on the same day last week points already. Maximum unloading capacity here 1,400
and 906 last year. Export trade has been checked by the cars, and receipts running 1,800 and more." The Manitoba
recent advance in prices. Yet the belief here is that Europe Department of Agriculture reported as follows: "Damage
is in no position to hold aloof very long; its needs are too by frost very uneven, becoming more serious as yob go
great. But domestic buyers are still buying only to supply north. At Robin many fields will not be reaped. Area betemporary needs. In fact, for a year or more these buyers tween Lake Winnipeg and Lake Manitoba hit hard. Also
have bought in this way. For about 18 months they have high country around Birtle, Ethelbert and Swan River, but
refrained from buying much for forward shipment. There- there will be a considerable quantity of low grade wheat
fore many are believed to be but temporarily supplied aside from this district; average of estimates south of Canadian
/
1
from some large concerns that buy directly from the mills. Pacific main line around 192 bushels, while north about
/
1
4
A locust plague seems to be threatened in Argentina and 17%." To-day prices advanced early in the day some 2 to
wheat and flour have latterly been strong at a sharp ad- 3c., with larger foreign buying reported and rye up 5e. Later
on there was a reaction on profit-taking. Exporters took
vance compared with last week's prices.
Wheat was active and higher, reaching, indeed, a new 1,000,000 bushels. Buenos Aires advanced 2 to 2%c. and
/ to 4d. Argentine shipments were small.
1
2
high with Monday's export sales 2,000,00 to 2,500,000 bush- Liverpool 3
els, cables strong and reporting serious damage to European Some claim that the surplus in that country has disappeared.
/
1
wheat and rye crops from prolonged rains. Winnipeg early Last prices show a rise for the week of 52 to 7c. Some
in the week touched $1 50; later $1 56%; Chicago early think North American exports this week will be 12.500,000
/
2
$1 42%; on Thursday $1 511 for May. So that predictions bushels. They expect the world's total to be some 16,000,000
of $150 wheat for this season were verified. And the Amer- bushels.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
ican visible supply increased last week only 740,000 bushels,
Sat. Mon. Tues. Wed. Thurs. Frt.
that of rye decreased 1,444,000. As rye disappears wheat's No. 2 red
16134 16134
cts_153
15644 15734 157
opportunity for a better foreign market improves. The DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
total American visible supply of wheat is now 81,559,000
Sat. Mon. Tues. Wed. Thurs. Fri.
September delivery in elevator
13734
bushels, against 63,924,000 a year ago. A new high level December delivery in elevator _cts..13444 14034 14134 14144 14634 14534
13844
for this season was reached on wheat early, with corn up 8 May delivery in elevator
144
14645 14744 14644 15134 149/4
13134 13314 13334 13334 13774 137
• to 11c. in 48 hours, and what is more, export sales of wheat July delivery in elevator
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG,
of 3,500,000 bushels. But Winnipeg wheat, after selling at
Sat. Mon. Tues. Wed. Thurs. Fri.
14444 14844 14934 151
15634 15534
a new high for the season, reacted with country longs selling October delivery in elevator
December delivery in elevator_ -- -13844 14234 14344 14444 14934 14934
freely on account of the big upturn of late and the forecast May delivery in elevator
14244 14634 14734 14834 15335 153
for clearing weather in the Western Provinces. But the
Indian corn was weaker at one time owing to realizing,
United Kingdom and the Continent were good buyers of despite reports of frost. The position had to all appearwheat, taking mostly hard winters and Duluth Northern ances become overbought, but later came a sharp advance.
Spring, with a few lots of Manitoba. Winnipeg reported The American
visible supply increased last week 950,000
that so far this season 7,000.000 bushels of Manitoba had bushels, against a decrease in the same week last
year of
been booked for shipment from Vancouver in October and 289,000 bushels. Tile total is now 6.040.000 bushels,
against
November, largely to the United Kingdom. It may be added 2,052,000 a year ago. The market lagged for a time,
as on
that foreigners bought barley futures at Winnipeg for sev- the whole the weather was not unfavorable. Frost
eral days. Primary arrivals of wheat were 2,485,000 bush- to have done little harm. On Wednesday certainly seemed
it was
OCT. 4 1924.]
THE CHRONICLE
more summerlike. Many sold. Yet finally prices rose later
with wheat. Short covering was on a large scale, due to
frost damage reports and private estimates, which surprised
the trade. Two estimates put the crop at 2,445,000,000 to
2,462,000,000 bushels, against the Government's September
estimate of 2,513,000,000 and a final last year of 3,046,000,000
bushels. Snow put the condition at 65.9%. against 66.1 on
Sept. 1. This is a decrease of 38.000.000 bushels in prospective yield, with a present crop indication of 2,462,000.000 bushels. This report is based upon local returns made before
frost appearance in the closing days of September. The
crop is also figured upon the basis of the acreage originally
planted, with no direct allowance for abandonment either
of fields or of spots in fields. It is regarded as a maximum
of possibility that is unlikely to be actually reached when
final yields are applied to areas harvested. In the centre of
production from Ohio to Iowa, only a trifling amount of the
crop fully matured, and a very large proportion ranges from
bare denting down to the mere beginning of grain formation,
insuring a product of poor keeping as well as of low feeding
quality. Chicago reported scattered frost in Illinois; light
to heavy frost in. Iowa; light frost at McComb. Quincy and
Decatur, Ill. Heavy frost over portions of northern Illinois;
light to heavy frosts in lower Michigan and Wisconsin;
frosts in eastern Missouri and in Indiana. if skies clear.
To-day prices advanced 2c. early, then broke 4 to 5c. and
half of this loss was later recovered, ending roughly 2 to
21 c. lower for the day. Some big operators are supposed
1
to be opposing the advance. Stop orders were caught on
the decline. The weather was favorable. But on the other
hand, country offerings were of only fair size. Receipts
were moderate. Cash markets on the whole acted very well.
Some think the crop is even smaller than recent estimates.
Final prices to-day show net advance for the week of 4 to
4%c.
1647
in corn naturally helped rye upward. But in the main the
advance in rye was on its own merits viewed from the standpoint of supply and demand. On Oct.1 the export sales were
stated at 1,000,000 to 1,250,000 bushels, with other large
orders under the market. Germany and Scandinavia asked
offerings over night. A rise occurred of 7 to 8c. higher on
Thursday, with a sharp demand from Europe. Rye led the
rise in the American grain markets. And the interior seems
inclined to hold back grain. Advices from Germany said
that "besides sending agents to import millions of tons of
food the Government is preparing a law prohibiting the
exportation of all foodstuffs. The report on the potato crop
also is pessimistic. Reintroduction of potato bread is imminent." To-day prices had a meteoric rise and also much the
same kind of a fall. . In other words. there was an early rise
of 5c., then a sudden shoot downward of 4 to 5c., ending
4
with a net rise, however, of 14 to Y c. It was a feverish
/
market. Excitement ran high. That may be readily gathered from the enormous swing of prices. Foreign demand
continued. The sales for export were estimated at 500,000
to 1,000,000. Scandinavia was the chief buyer. The later
downward turn was partly in sympathy with the reaction in
other grain and partly due merely to the usual profit-taking
after a big advance. There was good buying on the decline.
Hedging sales were quickly taken. Rye was the only grain
on the list that ended higher than yesterday. Last prices
show the almost incredible advance for the week of 18 to
18%c.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
September delivery in elevator_cts 11434 11531
December delivery in elevator_ ---115% 11754 1204 12311 13034 131
May delivery in elevator
13434 135
11934 12134 12434 127
The following are closing quotations:
FLOUR.
E3pring patents
$7 250E7 8.5
$7 5O($8 00 Rye flour, patents
YORK.
Clears, first spring
534
6 500 7 00 Seminola No. 2,lb
DAILY CLOSING PRICES OF CORN IN NEW
3 150! 3 25
Sat. Mon. Tues. Wed. Thurs. Fri. Soft winter straights__ 6 600 885 Oats goods
7 000 7 50 Corn flour
3 250 350
cts_13534 1343 129% 13014 13334 13134 Hard winter straights
No. 2 mixed
Hard winter patents ___ 7 50@ 8 00 Barley goods—
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO. Hard winter clears
Nos.2.3 and 4
400
ono
Sat. Mon. Tues. Wed. Thurs. Fri. Fancy Minn. patents__ 6 750 6 50 Fancy pearl, Ns.2,3
8
9 40
September delivery in elevator..cts.11434 11334
and 4
7 00'
MY' mills
8 900 940
December delivery in elevator_ __ _110% 10934 10934 11034 11234 11034
GRAIN.
May delivery in elevator
11334 11134 11134 11234 11534 113
11334 Wheat, New
July delivery in elevator
11334 11234 11134 11234 11634
York:
Oats:
64
161 ii No. 2 white
Oats declined for a time under big receipts and an extraor- No. 2 red, f.o.b
No. 1 Northern
No. 3 white
63
166
dinary increase in the American visible supply last week of
No. 2 hard winter, f.o.b_16134 Rye, New York:
No.2c.l f
14434
9,808,000 bushels, against an increase in the same week last
Barley, New York:
year of only 649,000 bushels. So that the total now is up to Corn: 2 mixed
No.
Malting
13134
114%0116%
No. 2 yellow
such imposing figures as 48,000.000 bushels, against only
Chicago
133K
98 0100
For other tables usually given here, see page 1597,
16,515,000 bushels a year ago. To make things worse, with
such a big stock, the cash markets were dull. That took the
edge off a bullish crop report from Canada. But later other
grain took the lead in an upward movement and oats perforce followed. Shorts covered. What is more, exporters,
it was reported in Chicago, took 2,000,000 bushels on Wednesday. At times hedging sales told against the price as
well as the rapidly mounting stocks. Oats, however, were
considered cheap compared with corn and barley. On the
1st inst. the West reported export sales of 500,000 bushels.
Large exports took place at New York on Oct. 1. Snow Says
final oats yields per acre show 35.6 bushels, or practically
the same as last month's official indications. Preliminary
crop estimate 1,482,000,000 bushels. To-day prices advanced
early some 2 to 3%c., but reacted before the close and ended
at a net decline of % to lc. Distant months reached new
high levels early in the day. The buying then was large.
There were rumors of export business. American oats are
considered cheap compared with Canadian. But cash houses
were large sellers. The country also sold cash oats on a
liberal scale. Profit-taking was one of the causes of the
setback. Of course oats were also affected by the reaction
in other grain. Final prices show a net rise for the week
of 4% to Sc.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 white
cts- 5934 59
5934 61
63
64
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
September delivery in elevator_cts. 49
48%_ _ _
_
December delivery in elevator___ 52% 5234 52% 54
574 56;5
May delivery in elevator
56% 5634 56% 5934 62
61
July delivery in elevator
--- 59
5934
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
October delivery In elevator_-cts_
so% 61%6434 6811 67
December delivery in elevator_ --_ 57
5734 583 614 6531 65
6034 6031 61
May delivery in elevator
O33 6834 6734
Rye has been active for export nad rapidly advancing.
By the middle of the week the rise had reached 10c. By
Thursday it was 17 to 18c. Europe's rye crops are said to
have been seriously damaged by protracted rains. Export
sales have been reported of 500,000 to 750,000 bushels on
some days. The American visible supply, moreover, fell off
last week 1,444,000 bushels, against an increase in the same
week last year of 649,000, a difference of 2.100.000 bushels.
Offerings were quickly absorbed. Profit taking and hedging pressure had no lasting effect, if any. Scandinavian
countries were chief buyers, and Germany was expected to
re-enter the market following the Jewish holidays. The surplus in this country is rapidly disappearing. The point is
that all the foreign consuming countries want American rye.
How long the supply will last remains to be seen. There
was an advance of 214 to 31
/
,,6e. on the 26th ult., with a demand so large and so persistent as to eclipse anything known
lor years past. Europe's dire needs explain it. The rise
WEATHER BULLETIN FOR THE WEEK ETTIMriOr
SEPT. 30.—The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the
influence of the weather for the week ending Sept. 30, is as
r
follows:
4
An intensive high pressure area remained stationary over the Northeastern States during much of the week, but near the close moved northeastward. Pressure was low over the Middle West until the northeastern
high gave way, when the interior low moved eastward,followed by a second
high of considerable intensity. A trough of low pressure obtained over the
Eastern States between the two high areas the lat,er par of the week, causing heavy to excessive rains in the middle and south Atlantic sections.
Cooler weather had overspread the interior valleys at the close of the week
with light to heavy frost general in the middle Mississippi and lower Missouri
Valleys, which extended southward over the northern half of Arkansas,
while killing frost or freezing weather prevailed over the extreme upper
Mississippi Valley,including much of Iowa.
The first two days of the week were fair generally, except in the Southeast
and far Northwest. but the middle portion brought precipitation throughout the Missouri Valley States, and widespread rains occurred near the
close east of the Mississippi River. Precipitation was of daily occurrence
in much of the Southeast.
Chart I shows that the week, as a whole, was cooler than normal in all
sections of the country, except a few small areas. It was especially cool
in Central and Southern States east of the Rocky Mountains where the
weekly mean temperatures ranged from 3 to 8 degrees below normal. Freezing weather was reported quite generally throughout the Northwest,
extending sou hward to southwestern Nebraska. although the minimum
temperatures in a few sections of the northern Great Plains did not reach
the freezing point.
Chart II allows that rainfall was heavy to excessive in the Middle and
South Atlantic States, and was moderate to fairly heavy in the Ohio, upper •
Mississippi, and lower Missouri Valleys. There was little rainfall in most
sections of the central and west Gulf areas, and practically none occurred in
central and southern districts west of the Rocky Mountains. Moderate
amounts were received in the far Northwest. The week was excessively
cloudy in the Southeast where some sections received less than 2% of the
_
possible amount of sunshine. Fair weather was the rule, however,from the
central and southern Plains westward, where most stations reported from
90 to 100% of the possible amount.
Heavy to killing frosts over the Northwestern States, including the upper
Mississippi Valley, at the close of the week did widespread damage to unmatured crops. While there was severe injury in some sections, most crops
in that region had matured to an extent that heavy destruction was not
general. Frost in the Ohio Valley States and generally in the Lake region
was of a light character and mostly confined to the lowlands, with the resulting damage not material. The Northeast also escaped heavy frost damage,
except that it was killing to all tender vegetation in the central and northern
portions of New England.
The heavy rainfall in the middle Atlantic area, together with the cool
weather, further retarded the maturity of crops, but the increased moisture
will benefit late pastures. The week was decidedly unfavorable in the South
Atlantic States where the continuous, in many places heavy, rainfall practically precluded all farm work and did considerable damage to outstanding
crops, with complaints of flooded lowlands from over-flowed rivers in some
sections.
In the central and west Gulf areas•the generally fair weather was favorable for outdoor operations and farm work made good progress, while fall
activities advanced rapidly also in the Great Plains States, though there
was some interruption by rain in northern districts. There was considerable
frost damage in central Rocky Mountain sections, but the week was generally favorable for plowing and fall seeding. The continued drought was
unfavorable in the western Plateau districts and the far Northwest east of
the Cascades, but good rains occurred west of the mountains. The first
soaking rain since February occurred in western Washington.
SMALL GRAINS.—Rains caused some further interruption to threshing
in the spring wheat region, but the threshing of shocked and headed grain
Is about completed and stack threshing Is well along. Conditions
were
generally favorable• for field work in the whiter wheat States where
the
preparation of ground and seeding made good progress. Sowing has
become
in the Ohio Valley States and is about half completed in
more general
Kansas. The soil is generally in good condition, except that more rain
is needed
1648
THE CHRONICLE
in Nebraska. Moisture Is deficient in the central Rocky Mountain area,
parts of Montana, and in the,,winter wheat sections of the North Pacific
States.
1604
Rice harvest progressed favorably in the lower Mississippi Valley and
west Gulf districts, and a good crop is being gathered in California. Grain
sorghums are beyond frost danger, as a rule, in the lower Great Plains.
CORN.—Moderately warm and sunshiny weather gave very good conditions for the maturity of corn until near the close of the week, when heavy
to killing frosts overspread the northwestern portion of the belt. East of
the Mississippi River no material damage to corn had occurred at the end
of the current week, the morning of Sept. 30. As the frost occurred at the
close of the week covered by this report, the extent of damage was not fully
determined, but it apparently was heavy in some normally large producing
sections.
Killing frost occurred throughout eastern and south-central Iowa where
the corn crop was largely unmatured: it was probably about 35% safe,
and some unharmed corn on uplands may yet become safe, though the best
fields were damaged more or less and will require hand sorting for the market. The frost damage was general in Nebraska, being greatest in the northeast, but it was not generally heavy, because most of the crop had passed
beyond the danger stage. Maturity was very irregular, even locally, in
South Dakota, but mostly 50 to 90% was safe before frost came. The
killing frost extended into north-central Kansas, but the crop was largely
safe in that State, and no material damage was reported in Missouri where
only a relatively small part is still in the milk stage. From the Ohio Valley
eastward corn continued to mature slowly, because of the persistently cool
weather, and the rains in the more Eastern States, though about half is out
of danger in Pennsylvania.
COTTON.—The week averaged generally cool in the Cotton Belt with
continuous and, In many places, excessive to heavy rains in the eastern
portion. Rainfall was light in the central and western portions of the belt,
but moderate amounts were received in the northwest. The prevailing
weather conditions were fairly favorable from the Mississippi Valley States
westward, although the cool weather retarded maturity and the opening
of bolls as well as top crop growth, especially in the northwest. In Atlantic
Coast States the continuous rains were decidedly unfavorable and very
damaging.
There was but little change in the condition of cotton in Texas where
the late crop continued to make fair to very good progress, and plants
were still putting on new fruit with bolls developing normally. Picking
was interrupted somewhat by rain in Oklahoma, and the cool weather was
unfavorable for the development of a top crop, but undeveloped bolls in
Arkansas were generally benefited by the rainfall of the week; picking made
very good progress in the latter State, being nearly completed in some southwestern sections. The generally fair weather gave excellent conditions for
picking and ginning in Louisiana and Mississippi, and also in parts of Alabama, though there was some interruption quite generally in the latter
State, with a lowering of grade by rain locally. The bolls opened slowly in
Tennessee, but fairly good progress was made in harvest; cotton generally
needs about three weeds of favorable weather for proper maturity in the
northern portion of that State.
The continuously heavy rainfall was very detrimental in Georgia and
the Carolinas, and cotton deteriorated considerably in those States. Very
few bolls opened during the week and picking was practically entirely
suspended, with open cotton stained and a general lowering of grade.
Much was beaten to the ground in Georgia where seeds sprouted and there
was complaint of bolls rotting. Sprouting and rotting were also reported
from South Carolina, and the continuous rainfall in central and eastern
North Carolina during the last three weeks, combined with weevil activity,
Is causing heavy damage in that State.
The Weather Bureau also furnishes the following resume
of the conditions in the different States:
Virginia.—Richmond: Temperature below normal; general heavy rains
at close of week; unfavorable for corn and tobacco in Piedmont sections
where light rains frequent and apple harvest interrupted. Unfavorable for
cotton; bolls not opening. Pastures and meadows improved. Good pros'ress in preparing soil for winter grain.
North Carolina.—Raleigh: Excessive rains in east and central. Rivers
flooding heavily. Work suspended. Heavy damage to cotton, corn and
forage crops. Cotton damaged heavily from combined effect of weevil
and rain; bolls rotting and sprouting. Much of corn in bottoms and some
Cotton under water.
South Carolina —Columbia: Rains practically continuous; little or no
outdoor work. Fall truck, gardens and pastures improved, but some sweet
potatoes sprouting in fields. Cotton deteriorated; condition poor and quality seriously impaired; picking suspended; continued shedding and boll
rotting and some seed sprouting. Apples, pears and vegetables plentiful.
Georgia—Atlanta: Excessive rains very detrimental, causing great
damage to crops and stopping all farm work. Cotton deteriorated considerably; open cotton soaked and stained by water and grade lowered;
much beaten to ground where seeds sprouted; also much sprouting in bolls
and some rotting; very little opened during week and almost none picked.
Florida.—Jacksonville: Cotton mostly harvested, but unpicked, damaged by wind and rain. Some corn sprouting in fields. Haying and harvesting peanuts delayed, but cane, sweet potatoes, strawberries and truck
benefited. Citrus mostly good, but local dropping and splitting reported.
Truck shipments increased since rains.
Alabama.—Montgomery: Frequent showers, locally heavy: unseasonably cool. Condition of corn and sweet potatoes mostly poor to fair; harvesting progressing in south. Condition of truck, pastures and potatoes
mostly poor, but benefited by showers. Minor crops poor to good. Cotton
opened slowly due to cloudy, cool weather and picking delayed quite generally with grade lowered locally by rains; condition mostly poor to fair;
picking nearly finished in many sections of south and well advanced in some
sections of northwest.
Mississippi.—Vicksburg: Cold at close of week; mean temperature
below normal. Dry, except scattered showers. Progress in picking and
ginning of cotton excellent: nearly complete locally in south. Gathering
corn continues. Oat and truck planting and plowing progressing. Pastures
short; forage being harvested.
Louisiana—New Orleans: Unseasonably cold last two days; no rain
of consequence. Cotton picking and ginning progressed very well under
favorable conditions and nearing completion in southern and central portions; about one-half picked in northwest, but not all open. Rice and corn
harvest progressing; rain generally needed for sugar cane, potatoes, meadows, pastures and truck.
Texas.—Houston: Average cool and mostly dry. Fall seeding and rice
harvest made very good progress. Condition of early cotton unchanged:
condition and progress of late fair to very good, although cold at close of
week unfavorable; still putting on new fruit and bolls developing normally.
Weevil and worms increasing somewhat in north and west, but insect
damage generally slight. Excellent progress in picking and ginning. Amarillo: Want of rain in Panhandle section apparently not injurious to range
or livestock; other sections of district conditions not so good.
Oklahoma.—Oklahoma City: Cool with moderate to heavy rain in east
and central, but little or none in west. Generally satisfactory progress in
picking cotton, though interrupted by rain in central and east portions;
cool weather unfavorable for development of top crop; no serious insect
infestation. Nearly all corn and kafir matured and being gathered. Seeding wheat becoming general with soil moisture generally satisfactory.
Arkansas—Little Rock: Very good progress In picking and ginning cotton in central and southern portions and nearly completed in some southwestern localities; opening slowly in north and still growing; some undeveloped bolls greatly benefited by rains. Meadows. pastures. potatoes,
sweet potatoes, truck and fruit also benefited. Rice harvest progressing
rapidly. Soil in splendid condition. Most corn matured.
Tennessee—Nashville: Fairly good for harvesting and growth, but
warmth needed for maturing crops. Cotton opening slowly and fair progress
in picking; yield fair, butjenerally needs three weeks before frost to make
crop in northern area. Late corn fair progress; considerable percentage
dependent upon late frost.
Kentucky.—Loulsville: Moderate to heavy rain in central and east and
late crops improved. but mostly too cool and growth slow. Much late
corn in roasting ear stage or sllking; needs two to three weeks. Date tobacco
maturing; some cutting. Considerable plowing done. Cutting early corn
general.
THE DRY GOODS TRADE
Friday Nifilit, Oct. 3 1924.
While textile markets encountered numerous difficult
obstacles during the past week in the way of normal fall
trade developments, general optimism among traders op-.
peered to be maintained. There is no doubt that demand is
broadening in several directions. The broader markets for
woolens has already resulted in price advances in the men's
wear division. The silk trade is being encouraged for spring
by a recession in raw silk values. On the other hand, however, cotton goods markets have been greatly unsettled by
the sharp advance in the staple at a time when many cloth
buyers were about prepared to go ahead with some of their
belated fall ordering. The rise in cotton checked forward
business, which was beginning to develop in unfinished lines,
while buyers of finished goods confined purchases to small
lots, although they were inclined to place business more
freely where advances were not asked. Primary markets
were firm but quiet during the early part of the week, the
observance of the Jewish holidays having lessened the attendance, but more active during the latter part. If the advance in cotton could have been slow and moderate merchants claim that it is more than likely that confidence
could gradually have been built up as autumn demand
broadened, but as demand for goods so far•has not been of
sufficient volume to warrant any material increase In mill
production, it is hardly to be expected that an advance in
the neighborhood of 5c. per pound for cotton within a few
days will lead to any possibility of better profits for the
mills. The troubles that have hampered manufacturers of
cotton goods for some time past were detailed Very clearly
in a statement presented during the week to the stockholders of the Amoskeag Co. by the Treasurer. A manufacturing
loss of nearly three million dollars by a company equipped
with hydro-electric power and the latest types of machinery
Is suggestive of losses by other companies which will appear
later, when financial statements are issued to their shareholders.
DOMESTIC COTTON GOODS: There has been less evidence of activity in markets for domestic cottons during the
week. Merchants reported that customers were not responding in cloth markets to the firm cotton Prices indicated In speculative channels. There has been no quickening in the demand for finished goods, and trade is halted
when agents try to secure higher prices. The trade is
watching cotton development closely and do not see much
for the time being to indicate any material break within the
near future. Where advances on the manufactured product
have not been named, there has been quite a fair amount of
business transacted on coarse goods of various kinds, with
orders in some instances running through to the end of the
year. The demand has been largely for bedspreads, denims
and some of the coarse colored cottons which have been
available at prices far under replacement costs. According
to reports, there have also been some very substantial sales
made recently in low-end dress ginghams at prices that are
far under what mills want to take for future delivery goods.
When prices were last named on ginghams for the fall sea- ,
son it was stated that they were based on 24c. cotton. With
cotton now above 25c., many claim that the new prices for
spring will not show reductions, or if they do, the lower
prices will last only a few days. In regard to fancy cotton
goods lines of all cotton or cotton and rayon mixtures offered for spring, selling agents state that they are receiving
a moderate degree of encouragement in small orders for
manufacturing. The trade continues more or less indifferent about ordering ahead on staples and semi-staples, in
dress fabrics of cotton. Print cloths. 28
-inch, 64 x 64's construction, are quoted at 7%c., and 27-inch, 64 x 60's, at 6%c.
Gray goods in the 39-inch, 68 x 72's construction, are quoted
at 10c., and the 39-inch, 80 x 80's, at 12%c.
WOOLEN GOODS: Markets for woolens and worsteds
have been quite active and firm during the week. The
American Woolen Co. announced advances ranging from
5e. to 20c. per yard on worsteds and woolen mixed goods,
products made in about ten mills of the company. Following
the advances made the week previous on all wool goods, it
has been explained that in view of the high cost of raw
material it would be impracticable to continue to book business at opening figures. There continues to be a fairly good
filling-In demand for certain kinds of cloakings, clothing
fabrics for men's wear, and other cloths bought sparingly
when fall lines were shown. These purchases are taken to
reflect very closely the increased activity in fall retailing.
FOREIGN DRY GOODS: Fair activity continued in markets for linens, and prices ruled firm. Owing to rising cost
of raw material, flax spinners are faced with the prospect
of higher prices, and little hope 'is entertained that manufacturers will be enabled to produce linens at lower than the
prevailing basis. Salesmen on the road have been sending
in orders regularly from nearly every customer they visited with the damask section doing better than for some
time past. There has also been slight improvement in the
household linen division, and buyers generally appear to
be more convinced that recessions in prices cannot be expected because of actual conditions which exist. Higher
prices are predicted for handkerchiefs. in addition to a good
holiday trade. Burlaps maintained firmness in sympathy
with the strength of Calcutta markets, which stimulated
buying by consumers. Light weights are quoted at 7.90c.
and heavies at 9.95c. to 10.00c.
OcT. 41924.]
1649
THE CHRONICLE
ffitatt atul Titg Ptilartnunt
MUNICIPAL BOND SALES IN SEPTEMBER.
State and municipal bonds were issued in the aggregate of.
$82,516,350 during September. This is the smallest figure
reached for any month so far this year-in fact, since September a year ago, when a total of $56,398,075 was then
recorded. There was only one issue of exceptional size
marketed during the month, namely, that floated by the
State of New York. The issue was $12,500,000 in amount,
and bears 4% interest, and was sold on Sept. 24 to a syndicate composed of Speyer & Co., Bank of the Manhattan
Company, Ladenburg, Thalmann & Co., Kean, Taylor &
Co., J. S. Bache & Co., Curtis & Sanger, Salomon Bros. &
Hutzler, Geo. H.Burr & Co., Title Guarantee & Trust Co.,
and L. F. Rothschild & Co., all of New York City, at
103.4167, a basis of about 3.64%. Several issues in amounts
ranging from $2,489,000 down to $1,000,000 were sold
during the month, which may be summarized as follows:
$2.489,000 bonds of the American Falls Reservoir District, Idaho.
awarded to Marshall Field, Glore, Ward & Co., and Blyth, Witter & Co..
both of Chicago; Minnesota Loan & Trust Co. of Minneapolis, and Stevenson. Perry, Stacy & Co., also of Chicago, at 100.40 for 6s, a basis of about
5.97%.
State of Mississippi 434% refunding bonds. $2,400,000 in.mount, disposed of to a syndicate managed by the Equitable Trust Co.. New York,at
101.163, a basis of about 4.37%. These bonds were offered on Aug. 30,
but the successful bidder was formally accepted on Sept. 3.
Thirteen issues of 4% bonds of Boston, Mass., in the aggregate $2,400,-year
000. consisting of $1,890,000 serial bonds and $250.000 straight 45
bonds, purchased by a syndicate headed by R. L. Day & Co. of Boston.
offering 100.299 "for all or none," a basis of about 3.97% •
$1,960,000 414% Hudson County, N. J., bonds (representing two issues)
bought by the First National Bank of Jersey City at 102.085, a basis of
about 4.32%.
Four issues of Buffalo, N.Y.,4% bonds, aggregating $1,980,000, sold
to First National Bank,Eldredge & Co., Kissel, Kinnicutt & Co.and Detroit
Co., Inc., all of New York, on their bid of 103.861, a basis of about 3.90%.
An issue of $1,599,000 434% school bonds of Bayonne, N. J., awarded to
Lehman Bros. of New York and associates, at 100.94, a basis of about
4.42%.
Three issues of Birmingham, Ala., bonds sold as follows: $1,020,000 5%
public school building bonds to Caldwell & Co. of Nashville and Marx &
Co. of Birmingham at 100.54, a basis of about 4.94%; $200,000 534%
bonds to Ward, Sterne & Co., and Steiner Bros., both of Birmingham, at
102.76, a basis of about 4.95%;$650,000 5% public library bonds,$640,000
of which also went to the two last named firms, who paid 100.78.0 basis of
about 4.94%, and the other $10.000 were purchased by the City Sinking
Fund.
Hidalgo County, Tex.,flood control bonds in the amount of $1,600,000,
acquired at par by J. L. Arlitt of Austin.
%
$1,515,0004( bonds of Roanoke, Va., made up of five separate issues,
disposed of to O. W.McNear & Co. of New York and associates, at 101.03,
a basis of about 4.44%.
Binghamton, N.Y.,of 4 %,aggregating 81,365,500, representing eight
separate issues, placed with A. B. Leach & Co., Inc., of New York, at
101.88, a basis of about 4.09%.
$1,360,000 514% Grimes county, Tex.,road bonds,sold to a Texas bond
house.
Four issues of 434% bonds in the aggregate of $1,219,000, of Flint,
Mich., awarded to E. II. Rollins & Sons and associates, at 100.81, a basis
of about 4.42%.
$1.000,000 4 X% additional soldiers' compensation bonds of the State of
Kansas, bought by Kean, Taylor & Co. of New York and associates at
105.80, a basis of about 4.15%.
Los Angeles County, Calif., 5% hospital bonds, in the amount of
$1,000.000, purchased by Dean, Witter & Co. of Sacramento at 105.05. an
average cost basis of about 4.48%.
$1,000,000 St. Paul, Minn., permanent improvement revolving fund
bonds disposed of at 101.59 as 4 Xs. a basis of about 4.14%, to the Wells
Dickey Co. of Minneapolis and Eldredge & Co. of New York, jointly.
Issue of 414% bonds of Multnomah County, Ore., also amounting to
$1,000,000. awarded at 101.186, a basis of about 4.41%. to A. B. Leach
& Co., Inc., of Chicago, and associates.
The number of municipalities emitting permanent bonds
and the number of separate issues made during September
1924 were 381 and 561, respectively. This contrasts with
485 and 680 for August 1924, and with 376 and 489 for
September 1923.
For comparative purposes we add the following table,
showing the aggregates, excluding temporary loans and also
Canadian issues, for September and the nine months for a
series of y ears1924
1923
1922
1921
1920
1919
1918
1917
1916
1915
1914
1913
1912
1911
1910
1909
1908
Month of
For the
September. Nine Months.
882,516,350 81.111,705,871
56,398,075
846,963,785
918,854.893
99,776,656
898,840,031
88,656,257
49,820,768
489,176,223
519,669.754
70,839,634
24,732,420
238,179,833
31.175,017
378,078,924
22,174,179
368,388,101
26,707,493
406,496,817
13,378,480
408,044,823
26,025,969
288,204,714
317,912,921
25,469,643
26,487,290
314,503,570
18,364,021
231,921,042
23,001,771
272,389,451
1907
1906
1905
1904
1903
1902
1901
1900
1899
1898
1897
1896
1895
1894
1893
1892
Month of
For Lite
September. Nine Months.
847,947,077 $199,722,964
8,980,418
153,152,345
9,825.200
141,021,727
10,694,671
197,921,657
8,762.079
111,745,993
9,179,654
117.678,855
14,408,056
99,324,0(1
97,1(4,441
4,033,899
95,026,437
7,201,593
83,150,559
6,173,665
106,387,463
9,272,691
56,229,416
3,693,457
92,253,916
11,423,212
90,454,836
8,249,347
40,974,566
3,885,137
63,583,834
6,242,952
. .
"
In the following table we give a list of September 1924
loans in the amount of $82,516,350, issued by 381 municipalities. In the case of each loan reference is made to the
page in the "Chronicle" where accounts of the sale are given.
Rate. Maturity. Amount. Price. Basis.
?aye.
Name.
4
1530_ _Agawam, Mass
1925-1944 $66.000 100.44 3.945
5
1653__Alabama City, Ala
50.000 85.00 -5.72
1653-Albemarle, No. Caro----6
1939-1950 100,000 102.12
22.000 100.94
5.19
1424- _Alien Township, Ohio_ --5
) 1925-1929
4.90
1424_ _Almond, N. Y
1925-1929
5,000'
1530.-American Falls Reservoir
6
1935-1944 2,489,000 100.40
5.97
District, Ida
50,000 107.16 ---1197- _Anderson S. D.,No.Caro-6
40,000 100.89
1653„Apollo, Pa
436
1925-1935
61.000 100.31 -_-----_
1530- _Arlington, Mass.(2 iss.) _4
60.000 100.04
1653__Ascension Parish, La
1530__Assumption Parish Road
.
_-_-_-_
Serially
20.000 104.07 6
District No.2,La
1926-1945
18,000 9100
5
1530--Atlanta, Kan
---1653-Atlantic Highlands Sch.
4.47
4X 1926-1954 150,000 100.33
Dist., N.J
1925-1935 134.000 100.267 3.94
1197_ -Attleboro, Mass.(2 iss.)-4
4% 1928-1936 125.000 100.93 4.36
1530..-Aurora, Ili
1653- -Austin County Road
150.000 100
5.50
5X
District, Tex
26,000 100.57
1925-1935
4.34
1310- _Ballston Spa, N.Y.(2 is.)4
1925-1934
9,7 00 1 0..50
60
09 1 1 66
00
1653Barberton,Ohio(2issues)5
1.
37
1197-Bartholomew Co..lnd--4 h 1925-1934
360.000 102.25 4.84
1949
1310__Bartlesville S. D., Okla--5
1
1925-1964 12
5.83
91 2
1530_ _Bastrop, La
8,500
5'
000
5.50
1530_ _Battle Ground S.D.,Wash6Si
5
1310_ _ Bayonne,N.J
434 1925-1953 1,599.000 100.94 4.42
500.000 100
5.00
1653-Beaufort Co., No.Caro-5
85.000 102.50
10 years
1424__13eauregard Parish, La__ _6
1310- _Beauregard Par. S. D.
90,000 109.09
6 30 yrs.(sec.)
No, 29, La
18,000 101.35 _--1530_ _Bedford, Ind
4X
7,385 103.49 4.97
1310-Bellaire, Ohio
5X 1926-1933
16,880 103.46 4.75
1310.-Bellaire, Ohio514 1926-1933
300,000
1954
1424--Belleair Heights, Fla.-- _6
414 1925-1963 144,000 101.13 4.42
1310--Bellevue, N.J
4.40
434 1925-1952 175.000 100.81
1310- -Bellevue. N.J
26.867 100.05 4.48
434 1925-1934
1311- _Benton County,Ind
1311_ _Binghamton,N.Y. iss)4 X 1924-1971 1,365,500 101.88 4.09
(8
8,000 100.10 5.96
1925-1929
1311- _Birmingham, Mich
6
1925-1954 1.020,000 100.54 4.94
1424.. _Birmingham, Ala
5
1424 __Birmingham, Ala
534 1925-1934 200,000 102.76 4.95
19254954 640,000 100.78 4.94
1530_ _Birmingham, Ala
5
1530- _Birmingham, Ala
5.50
12. 00
0 500 100
0
5
16ri -1y
_
1197_Bladen Co., No. Caro-- 14 .Se2 a11654
5
5
20,000 104.02
1197.._Bladen Co., No. Caro_ - _5 X Serially
4
1925-1974 400,000 105.44 - :M
1311_ _Black River Reg. D..N.Y.5
100.000 9102.10 ---1311- _Blue Earth Co., Minn.--414
850,000 100.31
1424-Bluefield, W. Va
5
1925-1954 1.890,000 100.29 Iii
1530--Boston, Mass.(12issues).4
,
1530_ _Boston, Mass
1969
1925-1953 115,000 100.631 4.19
1424-Bradford S. D.,Pa
43
30,000
1926-1955
1424- _Bridgeton, N.J
4X
1311_ -Bristol,Conn
4 X 1925-1944 200,0001 101.671 3.92
1925-1944 100.000J
1311- _Bristol, Conn
4
45.000 101.85 4.25
1925-1942
1550-_Pronxville. N. Y
4
225.000 100.75
1654Brownsvllle, Tenn
10 years
5
1,980.000 103.861 Ilk
1198_ _Buffalo, N. Y.(4 issues) _4 h 192/o-1954
69,000 104.92 4.60
1926-1960
1148_ _Burllngton, N. J
5
280,000
6
Besides the permanent loans placed in September tem- 1654_ _Burns, Ore
4.44
30,000
414
porary loans in the aggregate of $61,348,847 were also 1424 _ _Butler. Pa J.(2 issues)_41i d1931-1936 349,000 100.42 4.17
101.05
1198_ _Camden, N.
1925-1974
negotiated, New York City alone accounting for $52,650,000. 1530 _ _ Camden S. D. Ark
125,000 100
__ 25 years
50,0001.84
102.11
1925-1934
Canadian bond disposals got up to an unusually high figure 1424_ _Carroll County, Ohio__ _ _5
80,000
6
in September, reaching a total of $185,413,814. This is 1530_ _Casper. Wyo S. D.,Iowa4 X 1925-1934 30,000 101.10r 1.88
1198_ _Cedar Falls I.
1927-1934
due principally to the financing done by the Dominion of 1424__Charbon S. D. No. 15,
6.75
12.000 100r
No. Dak
64
,
1934
Canada, which successfully placed $175,000,000 securities 1654.._Cherryvale, Kan
12,000 100.85
10 years
4X
:6:.!
.
3
-.
1925-1936 115,000 100.74 3/refunding purposes, part in this country and part at 1531_ _Chicopee. Mass
4
for
1647-1962 155,000
home. Those placed here were $90,000,000 4% one-year 1530_ _Cisco, Tex
1531__Clay & Cicero Un, Free
6
4._5_4
24.500 100.79 i _
S. D.. N. Y
notes and were purchased by a syndicate headed by the
4.60 1929-1954
4.93
40,000 9100.51
_
1944
Chase Securities Corporation and Blair & Co., Inc., both of 1198.Clay County, Miss Tax5
1424__Clvo Cons. Local
162512.000
New York. The other 5,000,000, made up of $35,000,000
S. D., Ga
6 '34,'39&'44
130,000 101.56
1531
-year bonds and $50,000,000 4M% 20-year bonds, were 1311- _Coatesville S. D., Pa_ _ --4X 30-years
4% 2
-.5
6
1926-1944 275.000198.31
_Collier Co.. Fla
6
floated at home, having been awarded to a local banking 1311_ _Collier Co.,-Fla pa__ _ _5
r75.000I
1926-1944
6
39,500 103.86
4.76
1954
by A. E. Ames & Co. of Toronto. The 1311_ _Cothngdale S. D.,
syndicate managed
4.63
1928-1957 150.000 104.57
1424 __Cohumbia S. D.,
marketing of these securities completes the Dominion's 1654Columbus, KanSo,Caro.5
35;
2 6°0 100.11
0 000
4.99
1424_ _ Cottage Grove. Ore
4
P 192644
15-1944
1924 "refunding program."
5,900 100
5.00
12-years
1531 __ Cottonwood Falls, Kan_ _5
A comparison is given in the table below of all the various 1311_ _Cranford Twp.S. D.. N.J5
23.800 100.33 :4 9_7
:_
1925-1948
30,0
00 100.01
5.74
forms of securities placedlin September of the last five years. 1531 _ _Dallas. No.Caro
5X 1926-1944
7,602
1925-1934
1654__Daly City, Calif
7
1923.
1922.
1921.
1920.
)
1311--Davaes n, No. Caro. (2
isaidso
.50,000 102.405 5.72
1926-1950
6
Perm.loans(U.S.) _ 82,518,350 56,398,075 99,776,656 88,656,257 49,820,768 1654_Deal. N. J
4.50
4X 1925-1955 132.000 100
*Temp.loans (U.S.) 61,348,847 40,141,600 48,441,000 74.426,900 56,393,143 1531_ -Defiance. Ohio
50,000 100.50r 4.69
4'A 1927-1943
Can.loans(perm.)1425_ _Defiance S. D. No. 32.
Placed in Canada. 94,715 611 58,321,196 5,365.320 27,096,718 7,231,512
7.00
1934
4.000 100
No. Dak
7
None 6,523,000 32.908,000 2.300,232 1312_ _ De Funiak Springs. Fla_ _6
Placed in U. S___ 90,698,203
5.000 97
6.41
None
610,000 5,142,000
Bds. of U.S.Poas'ne
None
None 1654_ _Delaware County,Ind__ _6
13,220 100.20 5.905
1924-14
163928
General fund bonds
4.81
1925-1929
9,000 100.50
1531- -Delhi, N. Y
5
None 1,000.000 2,000,000
(New York City) _
None 5,500,000 1654_ _Denton, Tex
Serially
25,000
99
5
•
M:9,279,011 156,470,871 167,247,976 223.087.875 121,245,655 1425-Denver (City & County X %,
Total_
of), Colo.(42 issues)_ --5
522,000 102
1654_ _De Soto Parish, La.
* Including temporary securities issued by New York City In September,$52,650,5.24
(Grand Cane Sch. Dis.)6
65,000 106.55
1925-1944
000 In 1924, 831,268,100 in 1923, $42,410,000 in 1922, 867,970,000 in 1921 and 1654- _De Soto Parish. La.
851,010,143 in 1920.
5.25
(Gloster Sch. Dist.)_ _ _6
40.000 107.86
1925-1944
1650
THE CHRONICLE
[vol.. 119.
Page.
Name.
Rate. Maturity. Amount. Price. Basis. Pea..
Name.
Rate. Maturity. Amount. Price. Basis.
1654_ _Detroit, Mimi
1313.. _McKees Rock,Pa
5,000
1925-1934
454 1951-1953 150,000 101.38 4.17
1654__Dothan, Ala
6
750,000
1314__Madison, Neb
5&534
20,000 100.50
1654._ Drayton Plains Sch. Dist.
1427__Madison, Wis
431 1925-1944 100.000 103.59 4.305
No.8, Mich
53,000
1533....Madison, Fla
6
1925-1934
89,000 102.24 4.97
1531--East Liverpool. Ohio--6
5,000 102.88 5.19 1314__Madison, No.Caro
1925-1931
40,000 102.46
6
1531--Easley S. L.,So. Caro
35.000
1533- _Magnolia Rd. Dist..
1655--Edgewater S. D., N. J-5
35,000 102.21
1926-1943
W. Va
4.72
534 1928-1941 100,000 101.86 5.26
1655--El Dorado, Ark
98,000
1200- Manchester, Ohio
5
28.200 101.05 ---53,4 1925-1933
1531_ _FIkhart County. Ind__ - _5
1925-1934 114.000 104.70 4.04 1656_ _Lancaster, Ohio (2 iss.) 5
43.418 101.10 4.77
1925-1934
1655--Elkhart School City.Ind-5
1939
30,000 107.91
4.28 1314 __Manchester, N. H
4
1925-1944 130,000 99.175
1312-Eller be, No. Caro---- --6
1925-1964
6.00 1314__Mansfield, Ohio
75,000 100
6,000 102.83 4.99
534 1925-1936
1425-_El Paso Co. S. D. No. 11,
1427_ _Mansfield, Ohio (9 issues)6
1925-1929
75,500 100.61
5.85
Colo
1943
100,000 102.535 4.32 1657_ Margate City, N.J
4%
5
1925-1940
31,000 103.43 4.50
1199_ _Elizabeth City, No.Caro.5
75,000 101.73 4.82 1533__Marquette Co., Mich _ _
1929-1944
125,000
1655__Elyria,Ohio
19.478 105.43 4.83 1314_ Marion Co., Fla
1925-1934
6
100,000
5%
1655_ _Emerson, Neb
13,000
1314_ Marion Co., Kan
534 d1929-1944
7,633 101.83
1199_ _Emmett, Idaho
81.224 96
1934
1314_ Marion Sch. Twp., Ind_434 20
10,00Q 102.66 5
-years
1312.. _ Essex County, Mass
19251928 100,000 y100.56
4
1533- Marshall Co.,Ind
11,200 100.56 4.385
4% 1925-1934
5
1312- _Evansville, Ind
1533_ Marshall Co.. Tenn
60,000 102.66
40.000 102.01
4.84
1944
1531_ _Fairfield,Ohio
4.000 100.62 5.385 1657__Matagordo Co. Cons. &
5% 1926-1935
Reel, Dist, No. 1. Tex_ __ 1926-1949 685.000 102.87
--------- 150,000 102.96
1199- _Fayette County, Tenn_ _
1657_ _Medina, N. Y
1425- _Feather River 1Tn. S. D.,
40,000
6 d6-20 years
Calif
1533_ Medina Co.. Ohio
21.000 103.64
55,000 104.59 4 85
.
D.,5
1926-1945
1199--Findlay, Ohio(4 Issues)-.5
1925-1935
26,5001100.01
5.60 1533Medina Village S.
Ohio
1199--Findlay, Ohio(5 issues)--531 1925-1935 122,5755
14,000 103.04 4.97
53,4 1926-1935
1425- _Flint, Mich.(4 issues)__ _434 1925-1954 1,219.000 100.81 4.42 1533__Melrose, Mass
3.91
1925-1944
70,000 100.72
4
1655__Forest City, No. Caro.(2
1534__Meriden. Conn.(2 issues)4
1925-1954 450,000- 101.411 3.85
issues)
1314_ Mena. Ark25,000 98.60 ---100,000 107.90
6
1655__Fort Collins, Colo
6
14,000 100
6.00 1428__Miatni County, Ohio_ - _5
31,120 104.24 4.51
1926-1945
75,000 101.40 4.35 1314__Michigan Sch. Twp.,Ini1.5 . 1925-1934
1532-_Fredonia, N. Y
434 1995-1949
12,000 102.66 4.44
Fremont County, Iowa434 1939-1941
1201__Middletown Ohio
42,000
534 1926-1933
8,500 104.03 4.66
1314__Midland Boro S. D.,Pa 4;1 1930-1954 250,000 100
1312_ _Furnas Co. S. D. No. 18,
4.25
Neb
35.000 103.42 4.76 1314_ Milwaukee. Wis
1940-1954
5
43,4 1925-1943 712,500 102.43 4.18
1532__Galveston. Texas
innea)
p
1925-1958 100.000 100
5
5.00 1657- _Missues olls, Minn. (3
-Gilman Sch. Dist., Ill_ 5
20 years
90,000
1655
4% 1924-1934 317,7001
1426_ _Glendale, Calif
1925-1961 652,000 104.15 4.46 1657__Minneapolis, Mimi
5
434 1923-1932 125,000 102.10 4.22
1312__Gloucester, Mass
1657_ Minneapolis. Minn
30,000 100.421
1925-1934
4
5
1924-1933 100,000
1312__Gouverneur, N. Y
1314_ Minster, Ohio
15,000 100.63
434
6
1925-1939
30.000 105.57 5.10
1312__Grand Island, Neb
94,000 p1001314- _Mississippi (State of)
534 10 years
434 1935-1938 2,400,000 101.163r 4.37
1312„Grant Co., Ore
25.000 101.02 4.93 1314__Mitchell County, Ga__ - _5
5
1951
1944
100,000 102.54 . 4.31
1532__Greene Co.,Ind.(2 iss.)_ _5
9,000
1925-1934
1657-_Mobile, Ala
5
1934
112,000 101.56
1655__Greene County, Ind
5
14.400 103.02 4.37 1428__Mobile, Ala
1925-1934
21,000 100.97 4.88
51934
1312_ _Greenwood S. D. No. 18,
1657..-Moclips Sch. Dist., Wash.5
25.000 100
5.00
So. Caro
1944
225.000 102.411 4.82 1534L_Motroe County, Pa
5
434 1931-1953 100,000 102.16. 4.09
" 534 1925-1954 1,360.000
1532-_Grimes Co.. Texas
1428- _Morrow County, Ohio_ _ _5% 1925-1934
49,500 104.13 4.64
1655- _Haddon Twp.S.D.,N.J_4% 1925-1960
96,000 100
4.75 1534_ _Mt. Airy, No. Caro
33,500 103.71
5.19
53,4 1927-1954
1655 ..Hamilton County, Iowa-5
36,800 101.08
1314..-Mt. Gilead, No. Caro__
25,000 100.80
1532__Hancock and Henderson
1534Mt. Holly, No. Caro_ _6 .1927-1964
80,000 102.97 5.77
Cos. S. D.No.71, Ill_ _5
1929-1939
28,000 103.52 4.575 1657.. _Multnomah Co., Ore.. .4% 1930-1954 1.000,000 101.186 . 4.41
1312- _Hancock Co.,Ind
1926-1935
9,000 104.33 4.10 1534_ _Muskegon,Mich
5
50,000 101.21 4.455
434 1925-1934
1312__Hancock Co., Ohio
5
1925-1935
19.500 102.09 4.53 1534_ -Muskegon Heights, Mich.
1312__Hanover. N. H
4
1926-1944
56.000 98.81
(3 issues)
5.00
5
20,700 100
1655-Hanover Twp., Pa
434 1936-1943 195,000
1657__Nash Co., No. Caro
4.66
434 1927-1944 230,000 100.61
1312__Harr1man, Tenn.(2 iss.).534
serially
140.000 100.78
75,000 102.74 4.97
1534._Natchez. Miss
554 1925-1948
1655-Harrisburg, Ill. (2 iss.).
70.000
1314_ _Newark S. D., Ohio
5
1926-1947
68,500 105.56 4.43
1655_ _Harrisburg, Tex.(3 iss.)_
75,000 103.33
1657__New Braunfels, Tex
Serially ' 50,000 100
5.00
5
1655_ _Harrison County, W.Va_5
1925-1958 380,000 100.42 4.96 1657__Newcastle, Ind
23,500 101.62 4.50
1927-1928
5
1426-_Hartford. Conn
4
1929-1936 200,000 101.62 3.87 1657_ _Newcastle, Ind
18,500 101.97 4.02
434 1928-1929
1426__Hartford, Conn
4
1925-1934 100.000 101.62 3.67 1657_ _New Matamoras Village
1426-Harvey, No. Dak
8.000
534
1941
Sch. Dist., Ohio
30,000 104.04 4.99
534 1925-1944
1666__Hasbrouck Heights Sch.
Yearly
8,000 100.50
1428_ _Newfield. N. Y
5
Dist., N. J
24,100 103.88 5.14 1657 _ _New Philadelphia S. D.,
534 1926-1953
1532--Hayfield, Minn
434
8,500
Pa
75.000
5 Every 5 yrs.
1656_ _Hazard. Neb.(2 iss.)___._5%
6,000
1944
60,0001 100.03
1534_ _New River Dr. D., La_ _6
1426__Hempstead Union Free
1534_ -New River Dr. D., La--.5
S. D. No. 12, N. Y___ A% 1926-1955 200,000 101.237 4.41 1201_ _New Straitsville, Ohlo_ _ _5% 1925-1934
5.50
4:8011 100
5
1426_Hempstead Union Free
3.64
1534_ _New York (State of)
4
1925-1949 12500,000 103.41
S. D.No.24, N. Y_ _ _4% 1926-1950 237,000 100.81
4.42 1657_ _Niagara Falls, N. Y
41,000101.09 4.18
1950
434
1313-_Henry Co..Ohio(3issues)5
1926-1934 189.500 102.68 4.485 1314- _Northfield, N. J
42,500 101.17 4.88
1926-1948
5
1656_ _Hinton Ind.S. D., W.Va.5%
150,000
1534_ _Ocean County, N.J-. 5
1925-1934 175,000 103.11 4.345
1532__Hidalgo Co., Tex
1,600,000 100
30,000 100.02 4.49
1314_ -Oconto, Wis
45-4 1925-1944
1313__11111crest Heights, Fla_ _ _ _6
1925-1934
21.000 96.33 6.87 1428__Ohlo City. Ohio
7,000 101
5
10 years
1656Ilitchcock County S. D.
15,000 100.44 -4.48
1202__Oneida, N. Y
414 1925-1934
No. 5, Neb
6
•
5,000
1926-1935
5,000 101.30 5.26
1314 _ _Orange Twp ,
5
1313-Hocking Co., Ohio
1925-1934
50,000 102.19 4.52 1534--Osage Co. S.Ohio53i
D. No. 19.
1426__Holyoke, Mass
4
1925-1944 199,000 101.04 3.87
Okla
12,000
4% 1925-1934
1532-Howard Co. Ind
19.784 101.01
4.29 1428__Overbrook,Pa
80,000 102.84 4.28'
434 1929-1954
1313-_Hudson Co.:N.J.(2 iss.) 434 1925-1954 1,960,000 102.08 4.32 1534_ -Palestine, Tex
,
5
1929-1964 110,000 100.32 4.97
1199_ _Hughes Co., Okla
5
200,000
1668__Palmdale Sch. Dist., Callf53 1925-1938
14,000 102.19 5.14
1656__Hutchinson, Kan
19,000 100.93
1428- _Paragould-Hopkins Beige.
1426....Iberia Parish Rd. Dist.
St Road Imp. Dist. No.
No. 2, La
6
85,000 104.10
1925-1944
70,000 101.50
1, Ark
20 years
6
1532__Indianapolls, Ind
434 1926-1955 900.000 104.19 4.145 1658_ -Park Ridge, N. J
4:.
5 • 1926-1964 195,000 102.61 1 §i
1426...Indianapolis Park Dist.,
38
1668_ _Pelham Manor, N. Y-- 4% 1925-1944
30,000 101.43
Ind
434 .1927-1964 266,000 102.58 4.32 1655 l rth N.Y
: e r y,Araboy,
5
15,000
535
1926-10
30
1656__Jackson, Miss
5
1925-1949 400,000
N. J
4% 1926-1949 • 48,000 100.14 IA§
1656....Jacksonville, Tex
Serially 100,000 101.05
534
4% 1925-1934
34.000 100.14 4.47
1658....Perth Amboy, N. J
1532__Jacksonville Ind. S. D.
1658„Perth Amboy, N. J
15,000 100.14 4.47
434 1925-1934
Tex
'
534 1925-1964 125.000
1315__Pitt County, No.
_
1656„Janesville, Wis
135,000
5
3,888 100.599 'YAW
1925-1944 285
2
1202_ -Pittsfield, Mass.(3issues)4
Caro__1313- _Jasper Sch. City, Ind_ _ 4% 1925-1934
45.700 100.60 4.37 1429_ _Plandome. N. Y
23,000 100.47 4.44
434 1925-1944
1656__Jefferson County, Iowa_
15,000
5.97
1658__Pleasant Ridge, Mich
6
7,645 100.11
1926-1930
1532__Jefferson Co. Corn. S. D.
-Pleasantville, N. Y
90,000 100.197 4.33
4.35 1925-1954
No. 16, Tex
5 d1944-1964 146,000 98.06 5.11 1535 _Pontiac, Mich
35,000 100.107 4.45
1658_
43-4 1925-1929
1532-Jefferson Par. Rd. Dist.
1535-.Pope County Road Dist.
No. 1. La
6
serially
500.000 y101.60
73,500
---No. 4, Ark
5%
4
1925-1944 120,000 100.38 4.46 1535__Portage County, Wis_ -- _6
1656-Jefferson Twp.,Pa
1926-1928 150,000 101.73
41 1925-1954 500,000 101.04
1313- _Johnstown,Pa
p
1658__Portland, Ore
1927-1944 177,000 104.69 Yig
5
(State of)
4_Kans
1532_
1952-1953 1,000.000 105.80 1.15 1429--Portland. Ore
4
1949 .
1313_ _ Kenmore. N. Y.(4 issues)4% 1925-1929
89,800
5,18 102.39 YAW
1429_ _Poughkeepsie, N. Y
434 1925-1954 300
1656__Kenosha, Wis
434 1931-1944 300.000 102.42 4.27 1535--Priest River,Idaho
12.000 100
6.00
6
1426__Kenyon, Minn
5
1926-1930
30,000 100.33 4.90 1658--Providence, R.I
4.03
500,0001 99.41
4
1954
1656__Kissimmee, Fla
6
96,000 101.17 5.72 1658-Providence, R.I
1925-1934
1,500,0001
1964
4
1200__Kittson Co., Minn
431 1930-1944
12,000
52,000 101.47
454 1-13 years
1658-Qu1ncY. Mass
1313__Kootenal County Rural
1925-1931
95,000 100.44 a".gi
1429_ _Quincy, Mass. (2 issues) _4
45,000
S. D. No.85, Idaho_
50,000
1535-Quitman Rd.Dist., Miss_ __
1954
180.000
1656__Lackawanna County,Pa_4 34
40 years
50,000 100.70
6
1429_ _Rails, Tex
19
-years
95,000
6
1532.. Laguna Beach, Calif
-- 66
5.
60.000 100
-Red Cloud S. D., Neb---5
1532_ -Lakewood City S. D.. 0-435 1925-1944 100.000 100.57 4.18 1315--Rensselaer, N.Y
1315_
434 1926-1944 214,000 102.27 4.24
25 years 100,000 102.50
6
1656_ _Lake Worth. Fla
1315_ _ Renville Co..Minn
534 1930-1944 836,000 100.59 - 43.418 101.10 4.77
1656.. _Lancaster, Ohio(2issues) 5 1925-1934
1668__Reserve, Kan
14,500
25,000
1313Lapeer, Mich
20,000 104.05 aig
1202_ _Robeson Co., No. Caro_ -5
1944
1925-1934
21,100 102.97
1427.. Laporte County, Ind____
ins_ _Rictutiond, Calif
5
1952
175,000 101.62
43,4
1313_ _Larimer Co.,Colo
4.388
Co.. Ind
4% 1925-1934
1925-1957
78,000 102.86 5.747 1429__RipleyForest, Ill
6
1313__Lavallettee. N.J
25,000 104.40 4.36
1635_ _River
431 1934-1944
1427Lawson Drain. Dist. of
57.900 102.08 4.24
1429_ _Riverhead. N. Y
454 1925-1943
& Royal Oak
Troy
1,215,0001 101.03. 4.44
1658_ _Roanoke, Va.(4 issues)--4
1954
1926-1934 500,000
6
Twps., Mich
1668 __Roanoke, Va
434
1200Lee Co. Road Dist. No.3.
5.22
.
42,0 01 .
'0
6-38
1535- _Rockingham, No. Caro_5% 19251945 3°° 90 100 21
192 9
260,000
6
Ark
.05 5.50
_Roxboro, No.
5% 1951-1965 100,000 109
1532__Lee Road Dist., W. Va--534 1926-1947 200,000 102.20 5.26 1315_ -Rocky River, Caro
5.07
13,000 102
Ohio
1535_
3-4 1925-1934
Road Dist. No.
1533Leon Co.
5
140,000 100
56%
5.50 1429_ _Royal Oak, Mich.(7 is.)_5
6, Tex
1429_ _Royal Oak, Mich
434
43.5 1-30-years 600,000 101.53r
1533__Lincoin S. D., Neb
1925-1964 477,000 101.86 1.56 1315 _ _ Rusk. Texas
1427__Linden Twp. S. D., N.J-434
20 years
64,000 101.64 4.38 1315_ _Ryan S. D., So. Dak_ __ _7
1427Linden Twp. S. D., N.J-434 1925-1954
1 50
0
113;0 0 102.56
1934
25,000 y100
1656._Little Falls, Minn
4.75 1315- _St. Joseph Co..Ind
434
1535_ _St. Mary's S. D.,Pa
4% 119932251995334
5
1533Locust Twp.S. D.. Pa -434 '29'34'39&'44 40,000 - --0
1.228 8 a. 101.59 4.14
:0
1536_ _St. Paul, Minn
1944
44
4
1533- _Logansport Sch. City,
101.22 _
r
16,500 100.58 4.425 1315_ _Saginaw, Mich
Ind
434 1928-1937
330,200
_San Miguel Co., N. Mex_5
3
1427-_Long Branch, N. J
4%• 1926-1950 216,000 101.92 4.65 1535_
20,000 100.15 5.98
1928-1944
1926-1955 141,000 101.93 4.62 1535_ _Sandy, Ore.(2issues)_ _ _6
1427- _Long Branch, N. J
431
1427-Long Branch. N.J
78,000 100.64 4.67 1429__St. Landry Parish Mist
434 1926-1945
Sub-Dist. of Road Dist.
1313-Los Angeles Co..
1928-1947 1,000.000 105.05 4.48
_ _5
75,000
1925-1954
6
No. 4, La
1313__Lowville S. D. Calif- 2.
No.
Road
N. Y
434 1929-1991 470,000 101.39 4.43 1429_ _St. Landry Parish Ward
Dist. No. 2 of
1533_-Lucas Co., Ohio
3,500 101.91 4.745
534 1925-1928
150,000 104.83
serially
6
No. 6, La
1633-Lucas Co., Ohio
15,500 102.45 4.675
1925-1929
5
1533-_Lucas Co., Ohio
1925-1929 246,550 102.67 4.54 1315_ _San Diego Co. (Carlsbad
5
16,000 104.42 4.75
1925-1932
6
Un. S. D.), Calif
30,000 103.77 4.61
1533-_Lucas Co., Ohio
1925-1931
5%
1533- _Lucas Co., Ohio1925-1931
17.800 103.76 4.54 1315_ _San Oleg° Co.(Cajon Un.
5,000 103.80 5.25
1928-1932
6
Sch. Dist.), Calif
18,800 103.76 4.20
1533-_Lucas Co., Ohio
1925-1929
14,000 101.67 4.70
1926-1935
1533-Lucas Co., Ohio
8,600 103.25 4.62 1429_ _St. Marys S. D.. Ohio_ _ _5
534 1925-1930
69,500 102.67 4.54 1315- _Santa Carbana Irrigation
1533-_Lucas Co., Ohio
53,4 1925-1929
592.200 08.125
6
Dist., Calif
57,250 100.73 5.595
1533-_Lyndhurst, Ohio
5% 1925-1934
12:8811 183:2A
0
118:788 188:22
'2:888 1E23 ::::
El
OcT. 4 1924.]
Page.
Name.
Rate. Maturity. Amount.
1429-Sampson Co., No. Caro_ _4 X
1944
100,000
1659_ _Saratoga County, N. Y. ,
(2 issues)
5
1941-1945 115,000
1430_ _Saratoga springs, N. Y_ _4 li 1925-1941
1/.000
1659-Schleswig, Iowa
20.000
4( d5-20 years
1203_ _Seneca Co.,Ohio
5
1925-1930
4,800
1535_ _ Sarasota Co., Fla.(9 is.) _6
1929-1954 303.000
1203- _Seneca Falls, N. Y.(21.s.)6
1925-1936
27,000
6
1535-Seminole, Okla
1929-1944
44,000
1315--Scott Co., Ky
5
1929-1954
85,000
1315--Sebring, Fla.(2 issues) _ _ _53
1934-1954 310,000
'1315-Seymour, Ind
40,000
1536_ _Seneca Co.,Ohio
5
1925-1930
9.000
1536--Seneca Co.,Ohio
5
1925-1930
8,500
1536--Seneca Co.,Ohio
5
1925-1929
5,100
1536_ _Seneca Co.,Ohio
5
1925-1930
5,500
1536_ _Seneca Co.,Ohio
5
19254929
5.007
5
1536-Seneca Co.,Ohio
1925-1929
4,866
1659_ _Shaker Heights, Ohio.._ ..5
1925-1934 234.300
,
1536_ _Sharon S.1 .Ga
6
10,000
1927-1245
1659 _Sheridan, Wyo
50.000
1430_ _Sherrill-Kenwood Water
Dist. of henwood,N.Y.431
1944
15,000
1536..8huqualak, Miss
30,000
531 1925-1949
1659-Smithville, Ohio (2 iss.) 531 1925-1934
7.832
1536-Somerset Co. Pa
431 1925-1949 500,000
1659-South Bend School City,
Ind
431 10-19 years 200.000
1430 -South Euclid. 0.(3 iss.)_531 1925-1934 109,100
.
1659_ -Springwells, Mich
4%
400,000
1659-Stamford, N.Y
20,000
5
1925-1944
1316_ _Stockton, Calif
1931-1963 330,000
5
1659--Story County, Iowa
40,000
431
1203 Stratford,Conn '
1925-1949 250,000
4
1659_ _Sullivan County, Ind- _ _ _5 Each 6 mos.
11,813
1430_ _ Sullivan Co., N. Y
45,000
431 1925-1939
1316--Tarrytown, N. Y
4% 1925-1940
15,500
1316-Taylor Sch.Twp.,Ind- - _5
2,300
1926-1935
1430-Texas(State of)(3issues)6
62,000
1316_ _Tippecanoe City, Ohio_ - _53-1 1926-1930
5.000
15 <6_ _Tishomingo Co., Miss_ --5% 1928-1948 300,000
1316_ _Titusville, Pa
1934
6,500
431
1430-Tonawanda,N.Y
20,000
431 1925-1944
15i6--Topton S. D Pa
35.000
431
1203-Tremont S. D Pa
40.000
5
d1929-1954
1660 __Tuscaloosa,Ala
6
1-10 years 109,000
1536-Tyler, Texas
5
1925-1964 150,000
1430.
-Union Co., N..1
431 1926-1974 249,000
1430_ _Union Co., Ind
8.500
431 1925-1934
1430--Union CO., Ind
1925-1034
9,600
4
1660-Union Road Dist., W.Va.5
120,000
1926-1941
1316_ _Uniontown S. D., Pa_ -- _4 X
yearly
600,000
1316- -Upper Dublin S. D.,Pa_ _44 30 years
45,000
1536_ _Valley Co. S. D. No. 1.
Mont
28,152
531
1660_ _Waconia, Minn.(2 iss.)_
45,000
1316_ _Wadsworth, Ohio
28,000
54 1925-1940
1660_ _ Waltham. Mass.(2 iss.)_ _4
1925-1944 189,000
1203_ _Warren County. Ind
1925-1934
9,340
5
1316
-Washington. Mo
1929-1944
65,000
5
1537_ _Wellesley, Mass. (3 iss.)_4
1925-1944 144.000
1537_ _West Carroll Twp. S. D.,
Pa
24,000
1942-1947
5
1537_ _Westerville, Ohio
18.000
531 1925-1933
1537_ _Westfield, Mass
1925-1944 132.000
4
1660 West Tallahatchie Road
District, Miss
1931-1949 200,000
6
1660_ _West View S. D.,Pa.._ _431
1954
150,000
1660__Wharton Co. Cons. &
Reel. Dist., Texas_ _6
540,000
1660. _Whetstone Rur.S. D.,6_6
10.000
1925-1934
1660_ _ White Plains, N.Y
43( 1934-1958 575,000
1430--Wilkes-Barre Pa
431 1930-1949 200.000
1316-Wilkesboro, No. Caro_ _ _6
16.000
1927-1958
1537--Wilkinson County, Miss_ 54 1925-1949
25,000
1537_Wilson,No.Caro.(2 iss.).5
1926-1954 707,000
1316.. _Wilmington, Ohio
14,400
531 1925-1933
1660.._ Wilmington, Ohio (4 iss.)
42,300
.5% 1925-1933
1431-Wilmington N. Y
5.000
1925-1934
6
. 1431_-Wind Gap, Ir.a_
40.000
431 d1938-1953
1431-Winfield, Kan
30.000
4X
1316_-Wood County, Ohio
5
45,000
1925-1929
1537_ _Wood County, Ohio
5
40,000
1925-1929
1537-..Wood County, Ohio
5
1925-1929
22,000
1537_ _Woodbury County,Iowa_5
1929-1933 200.000
1317-Yazoo City, Miss
93.000
5
1431-Yukon, Okla.(2 issues)_ _6
9.000
20 Years
Price. Basis.
100.243 4.73
111.92
101.47
4.06
4.29
100.64
107.87
100.189
88.63
103.52
97.80
100.68
101.17
101.26
101.41
101.30
101.00
101.21
102.66
4.80
5.43
4.47
6.00
4.69
5.67
4.63
4.63
4.39
4.615
4.64
4.565
4.45
100:26i
_
101.33 4.40
100
5.50
101.14
5.24
101.69 4.095
105.96
101.72
100.38
101.75
100.09
103.34
101.82
100.57
100.76
100
101.70
101.41
102.061
101
102.67
102
100.37
100.54
101.07
101.06
103.28
100.889
102.66
5.14
4.77
3.98
4.22
4.42
4.86
6.00
5.23
4.33
4.24
4.41
4.83
4:22
4.28
4.28
5.10
100
5.50
104.38
100.71
102.71
4:"8
3.91
4.43
100.79
146
104.27
102.41
100.86
4.66
4.95
3.90
103.8
-4
.28
104.53
103.85
102.208
104.15
100
---.516
4.10
4.14
6.00
101.19
102.85
102.44
4.87
4.90
4.94
100.50
100.713
101.13
101.02
101.11
102.52
100r
4.60
4.58
4.60
4.54
5.00
4.4/
Total bonds for September (381 municipalities, covering 561 separate issues)
k$82,516,350
d Subject to call in and during the earlier year and to mature in the later
year. k Not including 8.11,348,847 temporary loans. r Refunding bonds.
y And other considerations.
The following items included in our totals for previous
months should be eliminated from the same. We give the
page number of the issue of our paper in which reasons for
these eliminations may be found.
Page.
Name.
Amount.
1200.-Independence School District, Mo. (August list)
8200,000
1532-Klickitat County School District, Wash. (August
.
34.000
1657_ Now York City, N. Y. (Juno list)
13,500.000
list)1658__Page County, Iowa (August list)
5.000
1659-Salt River Valley Water Users' Assoc'n, Ariz. (Aug. list) _ 4,743.000
1659- _St. Joseph, Mo.(March list)
150,000
1659_ _Stamford, N.Y.(July list)
20,000
We have also learned of the following additional sales for
previous months:
Name.
Rate. Maturity. Amount.
Page.
1425-Deschutes County, Ore-_5 • 1931-1943 $65,000
1654_ _Diston Island D.D.Fla-6
345,000
531 1925-1928
1425_ _East Dubuque, Ill
4,000
1425....Fairfield, Ala
6
1934
30,000
1312- _Garfield Hts., 0.(6 iss.)_53-j 1925-1934
51,904
1927-1954 150,000
1426.. _Haywood Co., No. Caro_5
1656_ -Hunt Co. Corn. S.D. No.
5
Serially
51, Tex
5,000
1925
1656_ _Huntington Rur S. D.,0-6
1,200
1200_ _Independense S. D., Mo.
431 d1934-1944 200,000
(July)
1428_ New Matamoras Village
S. D., Ohio (Feb.)_ --54 25 years
50,000
1657-New York City, N. Y.
1974 15,000,0001
(June)
43-i
1657- _New York City, N. Y
1974 22,000.0001
(June)
431
1657--New York City, N. Y.
(June)
43-1 1925-1939 30,400.000
1657- _New York City,. N. Y.
Various 35,485,248
(June)
431
1657_ _New York City, N. Y.
Various 33,621.500
(June)
431
1428_ _Nowata County, Ok1a534 1929-1949 500.000
1535_ _Pinellas Co. Spec. Tax. S.
45,000
1954
D. No. 12, Fla.(Apr.)_6
1429_Quitman Co. Sep. Road
17,000
1925-1949
Dist. No. 1, Miss
53
1429-Rawlins Co. S. D. No. 9.
4,500
Kan.(July)
1925-1939
5
1651
THE CHRONICLE
Price. Basis.
102.15
4.78
97
102.87
5.62
101.45 5.435
100
100
5.00
6.00
101.27
102.48
101.186 3.99
101.186 4.19
102.06
107.08
5.53
100
5.00
Rate. Maturity. Amount.
Page.
Name.
1535_ _Robinson, Kan
5
1925-1934
8,000
1429_ _St. Joseph County, Mich.
40,000
1659 ..SaltValley Water Users'
1936-1954 2,243.000
Assoc'n, Ariz.(2 iss.).6
1536-Stapleton, Nob
28,500531 d1933-1943
6
1927-1946
1536_ _Sylva. No. Caro
20.000
1926-1935
1536_ _Sylvania, Ohio (2 issues) _6
9,522
6
1926-1935
10,671
1536_ _Sylvania, Ohio
1944
1536_ _Union, So. Caro.(July)
-5
80.000
60.000
1660--Vanderburgh Co., Ind__ _4% 1925-1944
1316_Wasco Co. S. D. No. 50,
1934-1944
11,000
Ore
5
1537--Wooster, Ohio (2 issues)
57.000
531 1925-1934
(July)
Price. Basis.
101.93 4.59
100
5.50
100.62
104.19 5.23
103.61 5.335
102.66
4.17
100.43
4.97
103.71 4.725
d Subject to call in and during the earlier year and to mature in the later
year.
All of the above sales (except as indicated) are for August.
These additional August issues will make the total sales (not
including temporary loans) for that month $105,371,114.
BONDS SOLD BY CANADIAN MUNICIPALITIES IN
SEPTEMBER.
Page.
Name.
Rate. Maturity. Amount. Price. Basis.
$50.000 104.25
1431_ _Barton Twp., Ont
5.15
531
1431_ _Belleville, Ont
5 20,25&30 inst. 242,352 98.27
1204 _ _Bosanquet Twp., Ont__ _6
21,000 102.95
5.61
1431_ _Bridgewater. N. S
45,000
30 years
5
98.52
698.203
5.60
1660_ Calgary, Alta
Years
4X 30
00_ _ _5
r _
1345_ _Canada (Dominion
1925 90,000,000
r _
1477_ _Canada (Dominion o__ _4
n
:000 00
9 6 30 000:000
9 4 55
4
2
r _
1477_ _Canada (Dominion of)_ _ _4 34
1
5.43
1660_ _Cayuga, Ont
16,650 100.66
531 20 inst.
1431....Cumberland & Halifax
Counties, N. 5
5.06
50.000 99.65
5
10 years
1660_ _Glace Bay, N. S
1317_ _Goderich, Ont.(2 issues)_5% 30 years
.
128 000 102.32 -15:0 00 94 50
1'
417_ _Goderich , Ont
531 15 years
25.000 102
1660_ _Gore Bay.Ont
--.
5ii
10 ynst.
30 iears
25.000
6
5
1661_ _ Joliette, Que
5.155.15
50.000 102..581
98.85
1661_ _Middlesex County, Ont--5
1925-1939
55.000 100.18
1431_ _Middleton, N. S
5
30 years
39.000 99.169 ;Kee
1538_ _Montreal Catholic Schools
Commission, Qua
5
1934
1,800.000 99.23
1431_ _Mount Forest. Ont
1
531 20 install.
50,000 102.42 -5:22
1431_ _North Vancouver, B. C-531 30 years
30,000 94.77 ---1431- _North Vancouver, B. C _ _5% 20 years
11,000
95.31 ---1538_ _North York Twp., Ont_531 30 years
215.272 102.91
1317_ -Orillia. Ont
5
20 install. 110,000 97.67
11_ _Owen Sound. Ont
43
5%
1944
42,000 104.03 .9!
1535_ _Pinellas County Spec.Tax
S. D.No.12,Fla.(Apr.)6
1954
45,000 107.08
5.53
1431__Pointe Claire. Quo
531 25 years
118.411 100.368 5.47
1538--Port Carling, Ont
20 install.
6
14,000
1661_Prince Edward Isl., Ont_ _4%
1944
so0 000 96.35 ---30
.00
1537-mouski. Alta
M
5%
1964
1661_ _St. John, N.B
years
72,000 . 101.01
4.93
1537_ _Saskatchewan (Prov. of)_4% 25 l944
5
3,401,500
r1317_ _SPnneville. Qua
5t4 20 install.
25.000 101.36 ---I661- _Sillery, Quo
531 10 inst.
$5.000
1431_ _Stormont. Dundas &Glen20 install. 150.000 99.17 5.10
garry Counties, Ont_ _ _5
1661_ _Toronto. Out
1953
431
1,500,000
95.35 4.798
1661_ _Trafalgar Twp., Ont__ _ _5% 19 inst.
19.426 101.88
5.28
1317_ _Vancouver, B. C.(2 M.)_5
1939
320.000 97.482 ---1317-Vancouver, B. C.(2 iss.)_5
1964
415.000
98.191 ---Total amount ofrefunding bonds
sold during Sept
8185,413.814
NEWS ITEMS.
City of Bergen (Norway).
-City's Bonds Offered in
United States.
-Two cities (Bergen and Christiania) of Norway came into the American market this week and placed
issues of $2,000,000 each. The city of Bergen bonds, maturing Oct. 1 1949, and denominated "6% Sinking Fund
Gold Bonds," were offered by a syndicate composed of
Brown Bros. & Co.; White, Weld & Co., and Blair & Co.,
Inc. all of New York, at 98 and interest; to yield about
6.15%. This is the same price at which the city of Christiania were offered (see item immediately following).
Further information in connection with- these loans may
be found in our department of "Current Events and Discussions."
City of Christiania (Norway).
-$2,000,000 Bond Issue
Offered and Sold by United States Bankers.
-This week the
banking firm of Kuhn, Loeb & Co. of New York City offered
and sold at 98 and accrued interest, yielding about 6.15% to
maturity, $2,000,000 6% Sinking Fund gold bonds of the
city of Christiania. Bonds are coupon bonds of $1,000
denominations and mature Sept. 1 1954, redeemable as a
whole at par at option of city, on any interest date on or
after Sept. 1 1934, on six months' previous notice, by advertisement. Both principal and interest of the bonds payable in New York City at Kuhn, Loeb & Co. The offering
circular contains the following regarding the sinking fund
provision:
Sinking fund of $80,000 per annum in semi-annual installments beginning
Sept. 1 1929. to be applied toward the purchase of bonds in the open
market, if obtainable, at or below par and interest, or, if not so obtainable,
toward redemption of bonds by drawings at par.
For other particulars on this loan see our department of
"Current Events and Discussions" on a preceding page.
-No Proposed Constitutional
Connecticut (State of).
Amendments Presently Scheduled for General Election Ballot
This Year-Proposed Amendment Being Balloted On At Local
Elections.
-Joseph B. Griffin, Chief Clerk in the State
Secretary's office, after advising us, under recent date,
that there is at present no Constitutional amendments or
propositions that will be submitted to the voters at the fall
election, adds: "There has been submitted to the voters a
Constitutional amendment and most of the small towns
have already voted upon it. The amendment is entitled
'Resolution Proposing An Amendment to the Constitution
Concerning Appropriations.' Amendment will not be submitted at the State election this November, but will be
submitted at local elections to the towns not having voted
on the same."
1652
THE CHRONICLE
The text of the proposed amendment follows:
The Governor shall have power to disapprove any item or items of any
bill making appropriations of money embracing distinct items while at
the same time,approving the remainder of the bill, and the part or parts
of the bill so approved shall become effective and the item or items of
appropriation so disapproved shall not take effect unless the same are
separately reconsidered and repassed in accordance with the rules and
limitations prescribed for the passage of bills over the executive veto. In
all cases in which the Governor shall exercise the right of disapproval hereby
conferred he shall append to the bill at the time of signing it a statement
of the item or items disapproved, together with his reasons for such disapproval and transmit the bill and such appended statement to the Secretary. If the General Assembly be then in session he shall forthwith cause
a copy of such statement to be delivered to the house in which the bill
originated for reconsideration of the disapproved items in conformity with
the rules prescribed for legislative action in respect to bills which have
received executive disapproval.
Danville, Va.—City Attorney Asks Increase in Plaintiff's
Bond in City Bond Election Case.—The Riclunond "TimesDispatch" reports the following under date of Sept. 22
regarding the initial steps taken by the City Attorney in
the city bond election case: City Attorney A. M. Aiken
yesterday evening (Sept. 21) at Chatham made his first
attack on those who are contesting the legality of the June
bond election by asking the Judge of the Circuit Court to
increase the $500 bond required of the plaintiffs in the
injunction proceedings to $75,000. Judge Turner Clement
rendered no definite decision, but said that he thought that
the bond should be increased. He allowed counsel for the
plaintiffs until Tuesday to produce their views as to the size
of the increased bond in writing. Mr. Aiken,in his argument
declared that the city should be protected from any fall in
the present high level of the municipal bond market during
the period of litigation.
For information regarding previous steps in this caFe
see V. 119, p. 1088 and 1309.
Hagerstown, Md.—Dissolution of Injunction Ago i n.st
Light Plant Bond Issue Sought by City.—The controversy involving the $300,000 bonds to raise funds for the construction
to
Of a municipal light and power plant, which was thought
have been finally settled has been renewed. In 1923 the
State Court of Appeals 'decided that if the city was to
issue bonds, the action could be taken only with the approval
of the Public Service Commission. That body, however,
refused to approve the bonds (see V. 118, p. 227). But the
last Legislature, it is stated, removed the light plant from
the Commission's jurisdiction with the result that the city
is now seeking the dissolution of the injunction against the
bond issue, holding that it is authorized to sell the bonds.
We quote the Baltimore "Sun" of Sept. 24 as follows:
The Mayor and Council and the Board of Street Commissioners of
Hagerstown have filed a motion in the local Circuit Court asking for a
1922.
dissolution of the injunction granted by the Court In a new restraining
municipal
Hagerstown from issuing $300,000 bonds for erecting
plant.
electric light
At the same time the city answered the bill of complaint filed by 14
citizens of Hagerstown on Dec. 19 1922, upon which the present injunction
was asked.
The Maryland Court of Appeals ruled the city mast obtain permission
from the Public Service Commission before issuing the bonds. The
Commission denied the application.
from the Commission's
• The last Legislature removed the light plant sell the bonds.
jurisdiction, and the city holds it is authorized to
will
It is stated that if the injunction is dissolved, certain citizensthat ask
the
the
for a new injunction. It is understoodof the bill would allege
Public Service Commission
Act removing the city from the authority
illegal.
Is
EvoL. 119.
Mississippi (State of).—Constitutional Amendment to Be
Voted Upon in November.—At the general election on Nov. 4,
three proposed amendments to the State Constitution,
affecting Sections 231, 229 and 112, respectively, are to be
voted upon.
Section 231 would be amended so as to provide for the
election of Levee Commissioners and to fix their terms of
office, and, if amended, will read as follows:
The Levee Commissionersshall be elected by the qualified electors of the
respective counties, or parts of counties, from which they may be chosen.
said election to be held in the manner and at the time as may be prescribed
by law. The terms of office of said Commissioners shall be four years.
The amendment to Section 229 names the levee districts
and fixes the number of Levee Commissioners to be elected
from each county in the districts. The section, amended,
would be changed to read as follows:
There shall be a Board of Levee Commissionersfor the Yazoo-Mississippi
Delta Levee District which shall consist of two members from each of the
counties of Coahoma and Tunica,and one member front each of the remain Ing counties, or parts of counties, now or hereafter embraced within the
limits of said district.
And there shall also hen Board of Levee Commissioners for the Mississippi
Levee District which shall consist of two members from each of the counties
of Bolivar and Washington and one from each of the counties of Issaquena.
Sharkey, and from that part of Humphreys County now embraced within
the limits of said district. In the event of the formation of a new county
or counties out of the territory embraced in either or both of the said levee
districts, each new county shall each be entitled to representation and
membership in the proper board or boards.
And in counties having two judicial districts and from which said counties
two Levee Commissioners are to be elected, at least one of the Commissb.it
era shall reside in the Judicial district through which the line of levee runs.
The other amendment proposes to amend Section 112 so a,
to provide for income, inheritance and other taxes and, if
carried, Section 112 would read:
Taxes shall be levied upon such property as the Legislat ure shall pre
scribe and shall be uniform upon the same class of property within Vie
territorial limits of the authority levying the tax. Property shall
assessed for taxes and all exemptions granted, by general law. Taxes nta3
also be imposed on privileges. excises, occupations, income, legacies or in
heritances, which taxes may be graduated and progressive: and reasonable
exemptions may be provided. The Legislature may impose a per capita
tax upon domestic animals which by their nature and habits are destructive
to other property. The Legislature may provide for a special mode of
assessment for railroads, or other public service corporal lens, or for other
corporate property generally, or for particular species of property belonging
to persona, corporations or associations not situated wholly In one county,
but all property shall be assessed at its trim value and taxes in proportion
thereto.
New Mexico (State of).—Three Proposed Amendments to
State Constitution on November Ballot.—The people of this
State at the general election Nov. 4 will vote on three proposed amendments to the State Constitution.
Section 2 of Article X would be amended by the first to
read as follows:
All county officers shall be elected for a term of four years and no county
officer shall, after having served one full term, be eligible to hold any
county office for four years thereafter. This section shall apply to all
county officers elected at the general election to be held In the year 1924
and thereafter.
The second would amend Section 1 of Article V so as to
read as follows:
The executive department shall consist of a Governor, LieutenantGovernor. Secretary of State, State Auditor, State Treasurer, AttorneyGeneral. Superintendent of Public Instruction and Commissioner of Public
Lands, who shall be elected for the term of four years, beginning on the first
day of January next after their election. Such officers shall, after having
served one full term, be ineligible to hold any State office for four years
thereafter. The officers of the executive department. except Lieutenant-.
Governor, shall during their terms of office reside and keep the public
'
records, books, papers and seals of office at the seat of government.
Idaho (State of).—Amendment to Constitution Proposed.—
The other proposes to amend Section 14 of Article II and
An amendment to State Constitution is proposed and will as amended would read:
to the electorate of the State at the general
be submitted
No person shall be held to answer for a capital, felonious or infamous
election Nov. 4 for their adoption or rejection. It proposes crime unless on a presentment or indictment of a grand jury or information
or Attorney-General or their deputies, except in
Section 3 of Article 15 and would provide for the filed by a District .Attorney when in actual service In time of war or public
to amend
cases arising in the, militia
water for power purposes, such usage to be limited danger. No person shall be so held on information without having had a
use of
or having waived
preliminary examination before
as provided by law. We give below Section 3 as it would such preliminary examination. an examining magistrate.
read if amended,placing the proposed new matter in italics: •
A grand jury shall be composed of such number, not less than twelve.
only. residing in the county for which
unappropriated
Section 3. The right to divert and appropriate thenever be denied: as may be prescribed by law. Citizensqualified as prescribed by law, may
anti
shall
waters of imp natural stream to beneficial uses, purposes such use shall a grand jury may be conevned
Concurrence necessary
provided, however. that when the use is for power law. Priority of appro- serve on a grand Jury.shall be prescribed by lawfor the finding of an indictprovided such concurrence
be prescribed by
ment by a grand uty
be subject to such limitations as may
those using the water; but
a majority of those who compose a grand Jury
priation shall give the better right as between sufficient for the service shall never be by leas than must concur In finding an indictment when a
eight
are not
at least
when the waters of any natural stream those using the water for domestic and provided composed of twelve In number. Until otherwise prescribed
is
of the same,
of all those desiring the usesuch limitations as may be prescribed by law) grand jury
by law a grand jury shall be composed of twelve in number of which eight
shall (subject to
purposes
for any other purpose: and those must concur in finding an Indictment. A grand Jury shall be convened
over those
have the preference agriculturalclaiming shall have preference over those upon order of a judge of a court empowered to try and determine cases of
purposes
using the water for
manufacturing purposes. And in any organized mining capital, felonolus or infamous crimes at such times as to him shall be
using the same for
mining purposes or milling purposes con- deemed necessary, or a grand Jury shall be ordered to convene by such
district those using the water forpreference over those using the same for judge upon the filing of a petition therefor signed by not less than seventynected with mining, shall have
purposes. But the usage by such subsequent five resident taxpayers of the county, or a grand jury may be convened In
manufacturing or agricultural
oflaw regulating the taking
may be prescribed by law.
appropriators shall be subject to such provisions referred to In Section ii of any additional manner as
use, as
In all criminal prosecutions, the accused shall have the right to appear
of private property for public or private
and defend himself in person, and by counsel; to demand the nature and
Article 1 of this Constitution.
witnesses against him; to
at cause of the accusation; to be confronted with the in a language that he
to him
and testimony
Kansas (State of).—Measures Up Before Voters be have the chargehave compulsory intespretedcompel the attendance of necesprocess to
understands; to
General Election This Year.—There are two measures to
sary witnesses in his behalf, and a speedy public trial by an impartial Jury
submitted to the voters at the general election this year of the comity or district in which the offense is alleged to have been com4. One of the measures is the Bond Act mitted.
to be held Nov.
passed at the 1923 session of the State Legislature, which
provides for the issuance of $1;000,000, bearing interest at
00,
not more than . / and maturing in 25 yearly installments
beginning one year from date of issue, to raise a fund for
the payment of a bonus to veterans of the war with Spain,
the Philippine insurrection and the China relief expedition.
Compensation of $1 for each day of service up to July 4 1902
is proposed, but not more than $600 for any individual.
We previously reported that this Act would be voted on Lt
the general election in 1924 in V. 116, p. 1922. The other
measure on ballot would consolidate Sections 1 and 2 of
Artirle XI, of the Slate Constitution, to read as follow::
Section 1. The Legislature shall provide for a uniform and equal rate
of assessment and taxation, except that mineral products, money, morttaxed uniformi v
gages. notes and other evidence of debt may be classified andused exclusi ely
property
as to class as the Legislature shall provide. All
for State, county, municipal, literary, educational, scientific, religious.
benevolent and charitable purposes, and personal property to the amount
of at least two hundred dollars for each family, shall be exempted from
taxation.
After the submission of the above amendment and approval by the electors of this State, th.: provisions hereof
shall take effect on Jan. 1 1925.
New York City.—Tentative Values of Real Estate and
Personal Property for 1925.—New York City's real estate and
personal property valuations, exclusive of special franchises,
‘
for the year 1925 are tentatively placed at $13,145,467,74: ,
according to figures made public on Oct. 1 by Henry 11'.
Goldfogle, PresHent of the Department of Taxes andAssesFments. An increase of $1,584,591,476 is shown when comparison is made with 1924, due mainly to the big jump in
the real estate e-sessments, tentatively fixed at $12,301,509,225 for 1925. The 1924 figure was $10,720,246,744.
All five borough': Film inrren.c;•4, aps 13nrough of Brooklyn
having the largest with a jump,of $562,668,200. The present
estimate of the personal property assessment for 1925 is put
at $843,598,450, and compares with $840,629,525 for 1924.
Ocr. 41924.]
THE CHRONICLE
The special franchise assessments will not be made up, it is
said, until early next year.
The following table shows a comparison of the value of
real property, including real estate of corporations, based
on the tentative assessments for 1925 and the final assessments for 1924:
BoroughManhattan
Bronx
Brooklyn
Queens
lchmond
Total
1925.
$6,529,168,570
1.207.289.004
3,160.591.036
1.207.963.295
196.507,390
1924.
$6,142.206,690
951.531,725
2.597,922,836
870,035.155
158.550,338
$12,301,509.295 810.720,246.744
The tentative personal property assessment for 1925.
compared with 1924, follows:
BoroughManhattan
Bronx
Brooklyn
Queens
chmond
l
i
r
Total
1925.
$5554,113,300
74,669,100
177.172,650
27,968.800
10,034,600
1924.
$563,796.625
64,394,300
175.506,950
29,454,550
7,477,100
$843.958,450
$840.629,525
-External Loan Offered Here.United States of Mexico.
'''. L. Arlitt, Texas banker, with offices in New York and
Austin, offered to the American investing public during the
past week, to yield 9%, $50,000,000 6% "Oil Production
Tax External Loan 1924' 6% gold dollar bonds of the
United States of Mexico and, it is reported that, so far,
about 65% have been placed. Bonds are 36,600 in number,
are in coupon form and are in denominations of $1,000,
$5,000 and $10,000. Dated Oct. 1 1924. Prin. and semiann. int. (A. & 0.) of the bonds payable in United States of
America gold coiu of present standard weight and fineness
at New York City, without deduction for any Mexican
taxes, present or future. Due $5,000,000 yearly on Oct. 1
from 1925 to 1934, incl., subject to redemption at par as a
whole and or in part at 100 and interest upon sixty days
botice. The purpose of this issue is to provide funds for
payment of debt service to International Bankers' Committee on Mexico and for general governmental purposes,
including floating indebtedness.
For further details in connection with this loan the reader
is referred to our department of "Current Events and Discussions" on a preceding page.
BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
-B. J. Hill.
AKRON, Summit County, Ohio.
-BOND OFFERING.
Director of Finance, will receive sealed bids until 12 m.(eastern standard
time) Oct. 6 for the purchase of the following issues of 51i% special assessment bonds aggregating $687.300:
271.300 West Market St. improvement bonds. Denom. $1,000 and one
for $3,000. Due yearly on Oct. 1 as follows: 17.300 1925 and
$8,000 1926 to 1933, incl.
6.100 Garden Alley improvement bonds. Denom. $1,000, 3500 and
one for $100. Due yearly on Oct. 1 as follows: 3100 1925. 3500
1926 to 1929, incl., and $1,000 1930 to 1933, incl.
11.600 Fuller St. improvement bonds. Denom. $1,000 and one for $600.
Due yearly on Oct. 1 as follows: $2,600 1925, 82.000 1926 to 1928.
incl., and $3,000 1929.
15,000 Union St. Ailey, Cottage St.improvement bonds. Denom.$1.000.
Due yearly on Oct. 1 as follows: $1,000 1925 to 1927. incl.. and
32.000 1928 to 1933. incl.
12.300 Monroe St. improvement bonds. Denom. 81.000 and one for
$300. Due yearly on Oct. 1 as follows: $1,300 1925. 31.000
1926 to 1930, incl., and 32,000 1931 to 1933, incl.
3.300 Bates St. improvement bonds. Denom. $300 and $500. Due
yearly on Oct. 1 as follows: $300 1925 to 1930, incl., and $500
1931 to 1933, incl.
12.000 Ackle St. improvement bonds. Denom. $1,000. Due yearly on
Oct. 1 as follows: 31.000 1925 to 1930, incl., and $2.000 1931 to
1933, incl.
19,400 Bowery St. improvement bonds. Denom. $1,000 and one for
$400. Due yearly on Oct. 1 as follows: 82.400 1925. 32.000
1926 to 1932, incl.. and 23.000 1933.
7.600 Dayton St. improvement bonds. Denom. $1,000 and one for
$600. Due yearly on Oct. 1 as follows: $1.600 1925. 81.000
1926 and 1927 and $2,000 1928 and 1929.
3,200 Sherman St.improvement bonds. Denom.$1,000. $700 and $500.
Due yearly on Oct. 1 as follows: $700 1925, $500 1926 to 1928.
incl., and $1,000 1929.
8,800 Baird St. improvement bonds. Denom. 81,000 and one for $800.
Due yearly on Oct. 1 as follows: 81.800 1925, 31.000 1926 and
$2,000 1927 to 1929. incl.
7.500 Britain Road improvement bonds. Denom. $1.000 and one for
$500. Due yearly on Oct. 1 as follows: 81.500 1925. 81.000
1926 and 1927, and $2,000 1928 and 1929.
10.000 Castle Boulevard improvement bonds. Denom. 81.000. Due
yearly on Oct. 1 as follows: $2,000 1925 to 1929, incl.
74,000 Riverside Drive improvement bonds. Denom. $1,000. Due
yearly on Oct. 1 as follows: $8,000 1925 to 1931, incl., and $9.000
1932 and 1933.
3,100 Douglas St. improvement bonds. Denom. $100. $300 and $400.
Due yearly on Oct. 1 as follows: UN 1925, $300 1926 and 1927.
and $400 1928 to 1933. incl.
7,800 Third Ave.improvement bonds. Denom. $1.000 and one for $800.
Due yearly on Oct. 1 as follows: 81.800 1926. 81.000 1926 and
1927, incl., and $2,000 1928 and 1929.
34,500 Ira Ave. improvement bonds. Denom. $1.000 and one for $500.
Due yearly on Oct. 1 as follows: $3,500 1925, $3,000 1926 and
$4.000 1927 to 1933, incl.
88.000 Lovers Lane improvement bonds. Denom. $1,000. Due yearly
on Oct. 1 as follows: $9,000 1925 and 1926, and 810.000 1927 to
1933. incl.
54,300 Olive St. improvement bonds. Denom. $1,000 and one for $300.
Due yearly on Oct. 1 as follows: $6,300 1925 and 86,000 1926 to
1933. incl.
Storer Ave. improvement bonds. Denom. $1,000 and one for
8.400
$400. Due yearly on Oct. 1 as follows: MO 1925 and 31.000
1926 to 1933, incl.
56,500 Wilbeth Road improvement bonds. Denom. $1,000 and one for
$500. Due yearly on Oct. 1 as follows: $6,500 1925. $6,000 1926
to 1931. incl., and $7,000 1932 and 1933.
29,100 Cole Ave. improvement bonds. Denom. $1.000 and one for 3100.
Due yearly on Oct. 1 as follows: 33.100 1925. $3,000 1926 to
1931, incl.: $4,000 1932 and 1933.
21,400 Grand Ave. improvement bonds. Denom. 81.000. Due yearly
on Oct. 1 as follows: $2.400 1925, $2,090 1926 to 1930. incl.,
and 33.000 1931 to 1933, incl.
28,100 Gridley Ave. improvement bonds. Denom. $1,000 and one for
$100. Due yearry on Oct. 1 as follows: $2,100 1925, $3,000 1926
to 1931, incl., and 84.000 1932 and 1933.
2,600 Pioneer St. improvement bonds. Denom. $500 and one for $600.
Due yearly on Oct. 1 as follows; $600 1925 and 3500 1926 to 1929,
incl.
1653
20.500 Bell St. improvement bonds. Denom. $1,000 and one for $500.
Due yearly on Oct. 1 as follows: $2,500 1925. $2,000 1926 to
1931. inCi.. and $3,000 1932 and 1933.
8,100 Myrtle Place improvement bonds. Denom. 21,000 and one for
$100. Due yearly on Oct. 1 as follows: $100 1925 and $1,000
1926 to 1933, incl.
13.000 Stadelman Ave. improvement bonds. Denom. $1,000. Due
Yearly on Oct. 1 as follows: $1.000 1925 to 1929. incl., and $2,000
1930 to 1933. incl.
47.000 Blaine Ave. improvement bonds. Denom. $1.000. Due yearly
ond ct3 1
a O19 3
. .as follows: 35,000 1925 to 1931, incl., and 86.000 1932
2.800 Eighth St. improvement bonds. Denom. 81.000. 8500 and one
for $300. Due yearly on Oct. 1 as follows: $300 1925. $500 1926
to 1928, incl.. and $1,000 1929.
Date Oct. 1 1924. Principal and semi-annual interest (A.& 0.) payable
at the National Park Bank of New York. Bonds will not be sold at less
than par and accrued interest to date of delivery, and will be delivered to
the successful bidder at Akron, in coupon form, and may be registered
either as to principal or interest or both. Only bids for "all or none" will
be considered. Bidders are to submit proposals subject to approval of
their attorneys as to legality of issue, approving opinion to be paid by the
purchaser. Certified check payable to B. J. Hill, Director of Finance, for
2% of the amount of issue required.
BOND ELECTION.
-An election will be held on Nov. 4 to vote on the
question of issuing $3,500.000 main trunk sewer bonds.
-The $50,000
-BOND SALE.
ALABAMA CITY,Etowah County, Ala.
-were purchased by
5% city bonds offered on Sept. 23-V. 119. p. 1089
Ward, Sterne at Co. of Birmingham at 85.
-Sealed
-BOND OFFERING.
ALAMEDA (P. 0. Pocatello), Idaho.
bids will be received until Oct. 27 by C. Christensen, Treasurer, for $440,000
6% wister3l park bonds. Date July 1 1924. Due July 11944: optional
july
19 aud
-The
-BOND SALE.
ALBEMARLE, Stanley County, No. Caro.
$100,000 coupon or registered school bonds offered on Sept. 25-1. 119.
-were purchased by Caldwell & Co.of Nashville as es at a premium
13• 1530
of 82.125, equal to 102.12, a basis of about 5.72%. Date Jen. 1 1924.
Due Jan. 1 as follows: $8,000. 1939 to 1948 incl., and 810.000. 1949
and 1950.
-ISSUANCE OF
ANDERSON TOWNSHIP, Madison County, Ind.
BONDS DISAPPROVED.
-The Indianapolis "News" of Sept. 24 reports
that the State Board of Tax Commissioners has disapproved the issuance of
$60,000 worth of bonds by Anderson Township for the construction of a
new concrete road in the city of Anderson. The State Board said, according to the "News," that the expenditure was more than the circumstances
would warrant and the Board voiced its criticism against the issuance of
bonds by a township to build what is in fact a city street.
APOLLO, Armstrong County, Pa.
-BOND SALE.
-West & Co. of
Philadelphia have been awarded the 340.000 4)49' coupon street and
-for
borough improvement bonds offered on Sept. 29-17. 119. p. 1530
$40.356 40. equal to 100.89. Date Nov. 1 1924. Int. M. & N.
-NOTE SALE.
ARIZONA (State of).
-The $750.000 334% tax anticipation notes offered on Sept. 20-V. 119. p. 1424-were awarded to the
Bankers Trust Co.. New York, at par plus a premium of 81.192 50, equal
to 100.15. Denom. 10 at $50.000 and 25 at $10.000. Date Oct. 1 1924.
Due Dee. 15 1924.
Other bidders were:
Rate Bid.
Premium.
S. N. Bond Co., New York
$470 00 100.06
410 95 100.0548+
U. S. National Co.. Denver
Illinois Merchants Trust Co
351 00 100.04653 -INational City Bank, New York
350 25 100.04643+
International Trust Co.. Denver
285 00 100.038
Burr. Conrad & Broome, San Francisco
150 25 100.02003 -IFred Emert & Co., St. Louis
8600 100.011467
First National Corporation of Boston: Van Riper,
Day & Co
78 00 100.0104
Harris Trust & Savings Bank, Chicago
25 00 100.033+
First National Bank, Los Angeles
100
Discount.
Anglo-London-Paris Co
$225 00
99.97
National Park Bank, New York
937 50
99.875
ARKANSAS CITY, Cowley County, Kan.
-BOND OFFERING.
Sealed bids will be received until 10 a. m. Oct. 7 by C. A. Snyder. City
Clerk, for $94,307 07 5% paving improvement bonds. Date Aug. 11924.
Due in 10 years. A certified check for $2,000 required.
ASCENSION PARISH (P. 0. Donaldsonville), La.
-BOND SALE.
The Marine Bank & Trust Co. of New Orleans has purchased $60.000
drainage bonds at a premium of $25. equal to 100.04.
AITKIN COUNTY (P. 0. Aitkin), Minn.
-RATE OF INTEREST.
The $100,000 funding bonds awarded to Ballard & Co. of Minneapolis
at 100.10 on June 4-V. 118, v. 29e77-bear 531% interest and mature
serially 1927 to 1939 incl.
ATLANTIC HIGHLANDS SCHOOL DISTRICT (P. 0. Atlantic
Highlands), Monmouth County, N. J.
-BOND SALE.
-The Broad
Street National Bank of Red Bank has purchased the $150,000 4)4 7
.
coupon or registered bonds offered on Sept. 16-V. 119, v. 1197
'
.
-at 100.33
a basis of about 4.47%. Date July 1 1924. Due yearly on July 1 as
follows: $4,000. 1926 to 1937 incl., and $6,000, 1938 to 1954 incl.
AUSTIN COUNTY ROAD DISTRICT (P. 0. Denville). Tea.-J. T. Bowman & Co. of Austin have purchased $150,000
BOND SALE.
534% road bonds at par.
BARBERTON, Summit County, Ohio.
-Ryan. Bow-BOND SALE.
man & Co. of Toledo on Sept. 22 purchased the following issues of 534%
bonds offered on that day
-V.119, p. 1089
-for $9.855 45, equal to 101.59:
28.725 00 assessment sewer bonds. Denom. $500 and one for $225. Due
Oct. 1 1925 to 1934 inclusive.
984 42 city's portion sewer bonds. Denom.$984 42. Due Oct. 1 1925.
Date Oct. 1 1924.
-The 8125_,000
BASTROP, Morehouse County, La.
-BOND SALE.
6% Sewerage District No. 1 bonds offered on Sept. 23 were purchased by
Caldwell dr Co.of Nashville at a premium of 32.500. equal to 102. a basis of
about 5.83%. Date Sept. 1 1924. Due On Sept. 1 as follows: 11.000.
1925 to 1936, incl.* $2.000. 1937 to 1945. incl.: $3.000, 1046 to 1951, incl.:
34.000. 1952 to 1955, incl.: 35.000, 1956: WON.1957 to 1959. incl.:$7,000,
1960 and 1961, and $8,000, 1962 to 1964, incl. Purchaser to print bonds.
Due to a typographical error this sale was reported in V. 119. p. 1530,
under the caption of Bastrop, Iowa.
-BOND
BEAUFORT COUNTY (P. 0. Washington), No. Caro.
SALE.
-Kalman. Gates, White & Co. of St. Paul have purchased $500,000
5% road and bridge bonds at par, it is stated.
-BONDS VOTED.
BELLAIRE, Antrim County, Mich.
-By a vote
of 256 to 9 Bellaire citizens passed a proposition to issue $19,500 bonds for
the rebuilding of electric light and power dam.
-Bids were reBELOIT, Rock County, Wis.-BOND OFFERING.
ceived until 8 p. m. Oct. 3 by the City Finance Committee for $50.000
414% coupon (city's portion) storm sewer impt. bonds. Denom. e1,000.
Date Sept. 15 1924. Prin. and semi-ann. int. payable at City Treasurer's
office. Due $5,000. 1925 to 1934 incl., and 83.000. 1935 to 1944 incl.
The following is taken from the official notice of offering: "The city of
Belait was incorporated in the year 1856. The bonded indebtedness of
said city, not including the above issue, is $600.000. The assessed valuation for the year 1924 is approximately $30,990,193. The actual value
of real estate and personal property (approx. estimate) 1924 is $36,000,000.
The con.stitutional or statutory limit for bonded indebtedness is 5% of
the assessed valuation. The tax rate for the year 1923 was $29 50 Per
$1.000 of assessed valuation. The present population (est.) is 25,009.
The principal and interest of all bonds previously issued has always been
promptly paid at maturity. The proceeds of this issue will he used only
for the above purpose stated.'
BERKS COUNTY (P.O. Reading), Pa.
-BOND SALE CALLED OFF.
-The sale of the 33,000,000 4% road and bridge bonds, which had been
scheduled to take place on Sept. 26-V. 119, p. 1197
-was called off.
-TEMPORARY LOAN.
BOSTON, Mass.
-Blake Bros. & Co. of Boston
have purchased a temp rary loan of $1,000,000 at 2.125% plus a premium
,
of $10. Date Oct. 1 1924. Due Nov. 11 1924.
1654
THE CHRONICLE
BOWIE COUNTY ROAD DISTRICT NO. 1 (P. 0. Boston), Tex.
-The State Comptroller of Texas registered
BONDS REGISTERED.
% serial road bonds on Sept. 22.
$490,000 53
BOWIE COUNTY ROAD DISTRICT NO. 2 (P. 0. Boston), Tex.
-On Sept. 22 the State Comptroller of Texas
BONDS REGISTERED.
registered $50,000 5% serial road bonds.
BOWIE COUNTY ROAD DISTRICT NO. 5 (P. 0. Boston), Tex.
-On Sept. 22 the State Comptroller of Texas
BONDS REGISTERED.
registered $130,000 5H% serial road bonds.
-A
-BONDS DEFEATED.
BROOKLYN, Jackson County, Mich.
Proposition to issue $18,000 school bonds was defeated when submitted
to the voters recently, it is reported.
-BOND SALE.
-I. B.
BROWNSVILLE, Haywood County, Tenn.
Tigrett & Co. of Jackson have purchased$225.000 53i% street impt. bonds
at a premium of $1,687 50, equal to 100.75. Due serially for ten years.
-The State
-BONDS REGISTERED.
BRYAN, Brazos County, Tex.
Comptroller of Texas registered 815.000 5% serial bonds on Sept. 24.
-RECORD OF BORROWINGS MADE DURING
BUFFALO, N. Y.
-During the month of September 4% certificates
SEPTEMBER BY CITY.
and bonds were issued at par by this city to Commissioner of Finance and
Accounts for the account of various funds of the city as follows:
Due.
Date.
Purpose.
For the Account of- Amount.
Surplus moneys of the
8600.000 00 Temp. Ott. Sept. 1 1924 July 1 1925
fund
general
W. N. Y. & P. RR.
grade crossing bond
Sept. 15 1924 Sept. 15 1925
12,859 28
sinking fund
The canal nuisance
Sept. 15 1924 Sept. 15 1925
abatement sk.fund 37,987 54
*Monthly local work.
The above bonds were issued in addition to the four issues of 43i% bonds,
was
aggregating 81.980.000, public offering of which First made Sept. 3 and
National Bank of
the
sold on that day to a syndicate headed by (see
V. 119. p. 1198).
a basis of about 3.90%
New York at 103.861,
-BOND SALE.-Blyth. Witter & Co.
County, Ore.
BURNS, Harney
of Portland have been awarded, it is reported, $280,000 6% improvement
bonds.
-BOND OFFERING.
BUTLER COUNTY (P. 0. Hamilton), Ohio.
54 434% "Butler
Sealed bids will be received until 12 in. Oct. 7 for $60,831 determined later
Bridge Construction Bonds." Denom. to be
County
at option of purchaser. Date Sept. 15 1924. Int. M. & S. 15. Due
yearly on Sept. 15 beginning 1926.
-Charles G. Johnson,
-BOND OFFERING.
CALIFORNIA (State of).
auction at 2 p. m.
State Treasurer (P. 0. Sacramento), will sell at public Date
Oct. 1 1924.
Oct. 23 $2,000,000 43(% Veterans' Welfare bonds. of the United States
semi-ann. int.(F.& A.) payable in gold coin
Prin. and
State, or.
Treasurer of
of the present standard of value at the office of the of the State theCalifornia
of
agency
at the option of the holder, at the fiscalas follows:
898.000, 1926;866.000,
Due on Feb. 1
In the City of New Yor.
1927; 870.000. 1928; 872.000, 1929: 376.000, 1930: 878,000, 1931; $82.000,
1932:886.000. 1933: $59,000. 1934: 892.000. 1935; $97.000. 1936: $101.000.
1937; 8105.000. 1938: $110,000, 1939; 8114.000. 1940: $120.000. 1941;
8124.000. 1942: 8129.000, 1943: $135,000. 1944: $140.000, 1945; 816,000.
1946.
CARBON COUNTY SCHOOL DISTRICT (P. 0. Price), Utah.
-Beason Co. of Salt Lake City has purchased
-The Ross
NOTE SALE.
anticipation notes.
$100,000 tax
Mt
CARTERET SCHOOL DISTRICT (P. 0. Carteret),
Middles
-Sealed bids will be received by
-BOND OFFERING.
County, N. J.
William V. Coughlin, District Clerk, until 8 p. m. Oct. 27 for the purchase
of the following issues of 5% coupon or registered bonds:
$286,000 school building bonds. Date July 1 1924. Due yearly on
July I as follows: $7,000. 1926 to 1951 incl., and $8,000, 1952
to 1964 incl.
40.000 school building bonds. Date Oct. 1 1924. Due 82,000 July 1
1926, and 81,000. July 1 1927 to 1964 incl.
Denom. 81,000. Prin. and semi-ann. Int. payable at the First National
Bank of Carteret. No more bonds will be awarded than will produce a
premium of 81,000 over each of the above issues. The bonds will be preMtge. & Trust
pared under the supervision of the United States of the signaturesCo. of
of the
New York, which will certify as to the genuineness
the bonds
officials and the seal impressed thereon and the validity ofto be on will
forms
approved by Caldwell & Raymond of New York. Bids
be
furnMed by the above Clerk or trust company. Certified check for 2%
School Moneys,
of the amount of bonds bid for, payable to the Custodian of
required.
CONSOLIDATED ROAD DISTRICT NO. 1 (P. 0
CASS COUNTY
-On Sept. 22 the State Compe
-BONDS REGISTERED.
Linden), Tex.
Texas registered $159.000 514% serial road bonds.
troller of
-BOND SALE.
-The
CHERHYVALE, Montgomery County, Kan.
Prudential Trust Co. of Toledo was awarded $12,000 sewer bonds as 4)a
• Due in 10 years.
at 100.85.
-At the
-BONDS VOTED.
CHISHOLM, St. Louis County, Minn.
voters
election held on Sept. 27-V. 119. p. 131I-theby a authorized the issuvote of 764 for to 27
of 8150.000 sewage disposal plant bonds
ance
against.
-BOND SALE.
CLACKAMAS COUNTY (P. 0. Oregon City), Ore.
awarded the 895.000 5% road
A. B. Leach & Co., Inc., of Chicago were 1424
-at 102.08. a basis of
off.red on Oct. 1-V. 119. la.
inapt. bonds
1928 and 1929; $10,000,
about 4.61%. Due Sept. 1 as follows: $35,000,
1934, and $15,000..1935.
COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Astoria),
CLATSOP
-BOND OFFERINO-Sealed bids were received until 5 p. m. Oct. 1
Ore.
$400,000 school bonds. Interest
by W. A. Sherman. District Clerk. for
Oct. 1 1944. optional
rate not to exceed 6%. Date Oct. 1 1924. Due
1934. A certified check for 5% required.
Oct. 1
DISTRICT (P.
CLEVELAND INDEPENDENT SCHOOLREGISTERED. O. Cleve-The State
Tex.
-BONDS
land), Liberty County,
Comptroller of Texas registered 820,0006% serial school bonds on Sept. 22.
[VOL. 119.
-The $330,000
-BOND SALE.
DADE COUNTY (P. 0. Miami), Fla.
-were purchased
5% highway bonds offered on Oct. 1-V. 119, p. 1425
by Herbert C. Heller & Co. of New York and the G. B. Sawyers Co. of
Jacksonville at 102.01, a basis of about 4.84%. Date Oct. 1 1922. Due
as follows: $3,000, 1925 to 1930 incl.• $6.000. 1931 to 1936 incl.; $8,000.
'
1937 to 1939 incl.; $14,000, 1940 and 1941; $17,000. 1942 to 1953 incl..
and $20,000, 1954.
-NO BIDS RECEIVED
DALY CITY, San Mateo County, Calif.
-No bids were received for
BONDS TURNED OVER TO CONTRACTOR.
the 87.602 20 7% improvement bonds offered on Sept. 22(V. 119, p. 1425).
Date Aug. 15 1924. Due July 1 1925 to 1934. The bonds were turned
over to the contractors.
-BOND
DEAL (P. 0. Long Branch), Monmouth County, N. J.
-The $132,000 434% coupon or registered general impt. bonds
SALE.
offered on Sept. 24-V. 119, p. 1311-have been sold to the Seacoast Trust
Co. of Asbury Park at par. Date Aug. 1 1924. Due yearly on Aug. 1
as follows: $4,000, 1925 to 1947 incl., and $5,000. 1948 to 1955 incl.
DECATUR TOWNSHIP SCHOOL DISTRICT, Lawrence County,
Ohio.
-BOND ELECTION.
-The °question of issuing $2,500 school bonds
will be submitted to the electors of this district at the general election to be
held on Nov. 4 1924.
-On
-BOND SALE.
DELAWARE COUNTY (P. 0. Muncie), Ind.
Sept. 27 the $13,219 826% Harriett C. Newlee et al. drainage bonds offered
on tnat day (V. 119; p. 1425) were sold to the Fletcher-American Bank of
Indianapolis for $13.257 10. equal to 100.20-a basis of about 5.905%•
Date July 23 1924. Due yearly on Nov. 15 as follows: $2,643 98, 1924,and
$2,643 96, 1925 to 1928, inclusive.
-The 825,000 5%
DENTON. Denton County, Tex.
-BOND SALE.
serial school bonds thgistered by the State Comptroller of Texas on Sept. 9
-were purchased by Wm.G. Dreg & Co. of Dallas at 99.
-V.119, p. 1425
Denom. $1,000. Date July 11924. Int. J. & J. Due serially.
-Joseph C.
DEPEW, Erie County, N. Y.
-BOND OFFERING.
English, Village Clerk, will receive sealed bids until 8 p. m. Oct. 6 for the
purchase of the following issues of bonds, not to exceed 6% interest:
$10,000 sewer bonds. Denom. $1,000. Due $1,000 Sept. 1 1925 to
1934, incl.
13,500 street improvement bonds. Denoms. $1,000 and 8350. Due
$1.350 Sept. 1 1925 to 1934. inclusive.
Date Sept. 11924. Certified check for 2% of the amount of bonds bid
for required.
DES MOINES INDEPENDENT SCHOOL DISTRICT (P. O. Des
-The five issues
-ADDITIONAL DATA.
Moines), Polk County, Iowa.
of school bonds, aggregating 8265.000, purchased by the Des Moines
National Bank of Des Moines, as reported in V. 118, p. 454, are dated
Feb. 1 1924 and mature Feb. 1 1944.
DE SOTO PARISH SCHOOL DISTRICTS(P. 0. Mansfield), La.-The two issues of 6% bonds offered on Sept. 23-V'. 119,
BOND SALE.
-were purchased by the City Savings Bank & Trust Co.of Shrevep. 1090
port as follows:
$65,000 Grand Cane School District bonds at par plus a premium of
$4,257 50, equal to 106.55, a basis of about 5.24%. Due on
March 15 as follows: $2,000. 1925 to 1931 incl.: $3,000, 1932 to
1936 incl.; 84,000. 1937 to 1941 incl.: $5,000, 1942 and 1943, and
$8,000, 1944.
40,000 Gloster School District bonds at par plus a premium of 83.144 50,
1t19 d193
Vg. 3 127;16 2ar
5 a l
4
l 1 !r574P
3
5t1 19 3
of
Sl.20.1&7 . ) u?nril, 00 fo
1938 incl.; 82,000. 1939 to 1944 incl.; $2,500. 1945 to 1948 incl.,
and 83.000. 1949.
The following is a list of bids received:
Gloster. Grand Cane.
Name of Bidder$4,257 50
$3,144 50
City Savings Bank & Trust Co
2,017 00
Braun, Bosworth & Co
2,171 00
9.91200
Co
a Commercial Securities
2,957 00
b Canal-Commercial Trust & Savings Bank
2,407 50
1.73900
b R.E. Campbell & Co
11,963 00
9,903 00
David Robison & Co
912 00
Emert & Co
3,31500
2.435 00
b Stranahan, Harris & Otis, Inc
3,554 00
b R. M. Grant & Co
2,66000
1.33500
Hibernia Securities Co.,Inc
3.42600
2.511 00
Kauffman. Smith & Co.,Inc
3,12500
1.55000
b Marine Bank & Trust Co
3,354 00
2,064 00
a C. W. McNear & Co
2.60600
856 00
Rapides Bank & Trust Co
1,48400
868 00
Rorick & Co
Spitzer.
3,12200
Stern Brothers & Co
3,03000
1.94000
b Sutherlin, Barry & Co., Inc
3,511 00
2.15600
W. L. Slayton & Co
3,21700
2,073 00
Stevenson, Perry, Stacy & Co
3.24675
1.858 00
Well, Roth & Irving Co
The
2,906 50
1.836 50
b Whitney-Central Trust & Savings Bank
2,945 00
1,81200
b Campbell & Co
a Printing bonds and paying attorney's fee. b Printing of bonds.
-The $5,000 storm
-BOND SALE.
DETROIT, Becker County, Minn.
-were purchased by the
sewer bonds offered on Sept. 22-V. 119, p. 1425
Local Paving Improvement Fund. Date July 1 1924. Due $500 July 1
1925 to 1034. inclusive.
DIAMOND SPRINGS SCHOOL DISTRICT (P. 0. Placerville),
-Sealed bids will be
-BOND OFFERING.
El Dorado County, Calif.
received until Oct. 7 by A. J. Koletzke, County Clerk, for $9,500 6%
school bonds. Denom. $500. Principal and semi-annual interest payable
at the County Treasurer's office. Due Oct. 1 as follows: $500, 1930, and
81,000. 1931 to 1939, inclusive.
DISTON ISLAND DRAINAGE DISTRICT (P. 0. Moore Haven),
-The 3345.000 6% drainage bonds
-BOND SALE.
Glades County, Fla.
-have been disposed of at 97, according
offered on Aug. 6-V. 119, p. 605
to newspaper reports.
-Sealed
DODGE COUNTY (P. 0. Juneau), Wis.-BOND OFFERING.
bids were received until 11 a. m. Oct. 3 by E. F. Becker, County Clerk, for
8500.0005% coupon highway bonds. Denom.$1,000. Date April 1 1924.
Due April I as follows: 510.000. 1927:825.000. 1928:330,000, 1930:825,000.
4931; 540,000, 1933: 825,000, 1934: 840,000. 1936; 825,000, 1937: 893,000.
1939: $25,000. 1940: 561,000. 1942, and $101.000, 1944. Purchaser to pay
for printing of bonds.
-ADDITIONAL
DODGE COUNTY (P. O. Montourville), Minn.
DATA.
-The $50.000 road bonds purchased by the Minneapolis Trust Co.
of Minneapolis, as stated in V. 118. p. 2092, answer to the following description: Interest rate, 4 H %. Interest A. & 0. Due 1935 to 1944, incl.
-The $750,000 6%
DOTHAN, Houston County, Ala.
-BOND SALE.
water works plant bonds offered unsuccessfully on Sept. 8-V. 119, la• 1312
-have since been purchased by Caldwell & Co. of Nashville.
-Sealed
COLDWATER, Mercer County, Ohlo.-BOND OFFERING.
Village Clerk, until 12 m. Oct. 6
'W'
bids will be received by John C.
% Plum Street special assessment bonds. Denom. $500.
for 812.000 5 H
Due every six months as follows: $500
Date Oct. 11924. Int. A. &.0 $1.000 Oct. 1 1931 to Oct. 11933, incl.,
11931,incl.:
Oct. 1 1925 to April and Oct. 1 1934. Certified check for $1.000 required.
and $500 April 1
within 10 days from time of
urchaser to take up and pay for bonds
award.
-The Harris
-BOND SALE.
COLUMBUS, Cherokee County, Kan.
purchased $30.000 4H % city hall
Trust & Savings Bank of Chicago has
offered on Aug. 26 V. 119,0. 723). Denom. $1,000. Date
coupon bonds
int. F. & A.) payable at the office of
Aug. 1 1924. Prin. and semi-ann. Aug. 11944.
DRAYTON PLAINS SCHOOL DISTRICT NO. 8 (P. 0. Drayton
Due
the State Treasurer in Topeka.
-An issue of 353.000
-BOND SALE.
Plains), Oakland County, Mich.
Financial Statement.
school bonds is reported as having been sold the early part of September
$2,739,681
Assessed valuation for taxation
169,889 by this district.
Total debt this issue included)
$45,032
-BOND OFFERING -Until
Pa.
DUQUESNE,
Less water debt
124,857 9.30 a. m.Oct. 20 Allegheny County,
sealed bids will be received by the City Clerk for $187,000
Net debt
44% general improvement bonds. Denom. $1,000. Date July 1 1924,
Population. 1920 Census. 3.155.
-At the Int. J. & J. Due yearly on July 1 as follows: $10,000 1940 to 1947,
-BOND ELECTION.
Certified check for $LOW,
COLUMBUS, Franklin County, Ohio.
$1,000,000 Olentangy Boulevard 815.000 1948 to 1953, incl.. and 817.000 1954.
payable to the city required.
Nov. 4 election the question of issuingthe voters.
construction bonds will be submitted to
-An election
-BOND ELECTION.
DURANT, Bryan County, Okla.
County, Va.COVINGTON SCHOOL DISTRICT, Allegheny a. m. Oct. 4 by will be held on Oct. 21 to vote on the question of issuing $53,500 water
-Sealed bids will be received until 10
OFFERING.
bonds. John Finney, Mayor.
BOND
for
County School Board (P. 0. Covington)July$75,000
11924.
the Superintendent
Denom. $500. Date
--BOND OFFERING.
EAST ROCKAWAY, Nassau County, N. Y.
-30
5 % f0 -year coupon school bonds.
(J. & J.). payable at the Town Treasurer's office Until 8 p. m. Oct. 14 sealed bids will be received by Charles E. Curtis,
prmn. and semi-ann. int.
on Sept. 17-V. 119. Village Clerk, for $29.000
% street bonds. Denom. $1,000. Date
Covington. A like amount of bonds was offered
In
Nov. 5 1924. Prin, and semi-ann. int. (M. & N.) payable at the Lynp: 1198.
NO. 89 (P. 0. Arnold), brook Nat. Bank. Lynbrook,in New York exchange. Due yearly on Nov.1
CUSTER COUNTY SCHOOL DISTRICT held on Oct. 10 to vote as follows: $1.000. 1925,and 82.000. 1926 to 1939.incl. Certified check for
-An election will be
Neb.-BOND ELECTION.
G. 0. Perkins. 5% of the amount of bonds bid for, payable to D. S. Denton, Village
of issuing $50,000 school building bonds.
Treasurer, required.
on the question
Secretary.
OCT. 4 1924.]
THE CHRONICLE
EAST WINDSOR TOWNSHIP SCHOOL DISTRICT (P.O. Hights-Sealed bids will be
-BOND OFFERING.
town), Mercer County, N. J.
received until 8 p. in. Oct. 13 by Geo. P. Dennis, District Clerk, for the
purchase of an issue of 4X% coupon or registered school bonds, not to
exceed 175.000, no more bonds to be awarded than will produce a premium
of $500 over 175,000. Prin. and semi-ann. in (J. & J.), payable at the
Banking House of the Hightstown Trust Co. in Hightstown in lawful
money of the United States of America. Denom.$500. Date July 11924.
Due yearly on July 1 as follows: 12.500 1925 to 1934. incl.. and $2,000
1935 to 1959, incl. Certified check for 2% of the bonds bid for, drawn
upon an incorporated bank or trust company, required.
EDGEWATER SCHOOL DISTRICT (P. 0. Edgewater), Bergen
-The $35,000 5% coupon or registered
-BOND SALE.
County, N. J.
-have been sold to
school bonds offered on Sept. 26-V. 119, p. 1312
C. W. Whitis St Co. of New York for 135.775. equal to 102.21. a basis
of about 4.72%. Date Oct. 1 1924. Due yearly on Oct. 1 as follows:
$2.000, 1926 to 1942 incl.. and $1,000. 1943.
-M. W. Elkins
-BOND SALE.
EL DORADO, Union County Ark.
& Co. of Little Rock were recently awarded 198,000 5% paving bonds.
ELKHART SCHOOL CITY (P. 0. Elkhart), Elkhart County, Ind.
-The $30,000 5% coupon school bonds offered on Sept. 26
-BOND SALE.
(V. 119, p. 1531) have been sold to the Harris Trust & Savings Bank of
for $32,373, equal to 107.91-a basis of about 4.28%. Date
Chicago
Sept. 15 1924. Due Sept. 15 1939.
-The 119.478- 6%
-BOND SALE.
ELYRIA, Lorain County, Ohio.
special assessment street paving bonds offered on Sept. 24-V. 119. p.
-have been sold to Breed. Elliott & Harrison of Cincinnati at 105.43,
1199
a basis of about 4.83%. Date May 1 1924. Due yearly on Nov. 1 as
follows: 11.478, 1025, and $2,000. 1926 to 1934 inclusive.
-The Peters Trust
EMERSON, Dixon County, Neb.-BOND SALE.
Co. of Omaha has purchased $13,000 53.i% water bonds. Denom. $500.
Date Oct. 11924. Prin. arid semi-ann. int.(A. dr 0.) payable at the office
of the County Treasurer in Ponca. Due Oct. 1 1944. optional Oct. 11929.
Approving opinion of Stout. Rose, Wells & Martin of Omaha.
Financial Statement.
1847,855
Assessed value, as returned 1923
$60,500
Total bonded debt
813,000
Less water bonds
20.500
Less electric light bonds
$33.500
1655
24,000 street improvement bonds. Probable date Sept. 1 1924 (bonds
not yet printed). Interest M. & S., payable at City Treasurer's
office. Due $2,000 yearly 1934 to 1943. inclusive, and $4,000,
1944.
-TEMPORARY LOAN.
FRAMINGHAM, Middlesex County, Mass.
On Sept. 29 the National Shawmut Bank of Boston purchase the 1100.000
temporary loan offered on that day (V. 119, p. 1532) on a 2.93% discount
basis. Due Sept. 30 1925.
-BOND OFFERING.
FRANKLIN COUNTY (P. 0. Columbus), Ohio.
-Sealed bids will be received until 10 a. in. Oct. 22 by Opha Moore. Clerk
Commissioners, for $7,900 5S1% Sewer District Mifflin
Board of County
No. 1 bonds. Denom. $1.000 and one for $900. Date Oct. 1 1924.
Prin. and semi-ann. int. (A. & 0.), payable at the County Treasurer's
office. Due yearly on Oct. 1 as follows: 1900 1926 and $1.000 1927 to
1933. incl. Certified check for 1% of the amount of bonds bid for, payable
to the Board of Commissioners required.
-The
-BOND SALE.
FREMONT COUNTY (P. 0. Sidney), Iowa.
White-Phillips Co. of Davenport was awarded $42,000 4 % funding bonds.
Denom. $1,000. Date Sept. 11924. Prin. and semi-ann. int.(M. & N.)
payable at the County Treasurer's office or at the office of the above firm.
Due $14,000 on Nov. 1 in each of the years 1939. 1940 and 1941. Legality
approved by Chapman, Cutler & Parker of Chicago.
FRISCO INDEPENDENT SCHOOL DISTRICT (P. 0. Frisco),
-The State Comptroller
-BONDS REGISTERED.
Collin County, Tex.
i% serial school bonds on Sept. 26.
of Texas registered $22,000 5S
-BONDS REGISTERED.
Galveston County, Tex.
GALVESTON,
The State Comptroller of Texas registered 3300,0005% paving and $100.000
5% water works serial bonds on Sept. 22.
GILMAN SCHOOL DISTRICT (P. 0. Gilman), Iroquois County,
-H.D.Fellows Co. of Chicago have purchased $90,000
-BOND SALE.
111.
-year school bonds of this district, it is stated.
5% 20
-BONDS VOTED
GRANITE FALLS,Yellow Medicine County,Minn.
-At an election held on Sept. 18 the voters authorized
-BOND OFFERING.
the issuance of $30,000 5% water filtration plant and water works improvement bonds by a vote of 300 for to 59 against. Due 20 years from
date. Auction bids will be received until 2:30 p. m. Oct.22 for the bonds.
L. M. Marcuson, City Clerk.
-The
-BOND SALE.
GREENE COUNTY (P. 0. Bloomfield), Ind.
$14.400 5% Edgard Miller et al. road bonds offered on Sept. 30-V. 119.
-were purchased by the First National Bank of Linton at a premium
1426
P•
of 1435, equal to 103.02. a basis of about 4.37%. Date Oct. 15 1924. Due
$720 every six months from May 15 1925 to Nov. 15 1934. ind.
-BOND OFFERING.
• GREENVILLE, Greenville County, So. Caro.
Sealed bids will be received until 5 p. in. Oct. 21 by G. G. Wells, City
Clerk and Treasurer. for 1110,000 5% park bonds. Due in 30 years. A
certified check for $500. payable to the above-named official, is required.
-BONDS REGISTERED.
GRIMES COUNTY (P. 0. Anderson), Tex.
-The State Comptroller of Texas registered the following 5% bonds on
Sept. 22:
$39,500 Special Road Series "B" 10 to 40 year bonds.
125,000 Special Road Series "A" serial bonds.
25,000 Special Road Series "C" serial bonds.
-BOND OFFERING.
GROSSE POINT PARK, Wayne County, Mich.
-Sealed bids will be received by Waldo J. Berns. Village Clerk, until
-year water main extension bonds. Date
% 30
8 p. m. Oct. 7for 365,000 45.1
Oct. 11924. Int. semi-ann. Proposals will also be received for the above
bonds bearing interest at the rates of 4 Si % and 4Si %. Certified check for
5% of proposal should accompany each bid.
HADDON TOWNSHIP SCHOOL DISTRICT (P. 0. Westmont),
-The 196.000 4% coupon or
-BOND SALE.
Camden County, N. J.
registered school bonds offered on Sept. 26(V. 119.p. 1426) have been sold
to M. M.Freeman & Co. of Philadelphia at par. Date Oct. 1 1924. Due
yearly on Oct. 1 as follows: $3,000, 1925 to 1949 incl.: $2,000. 1950 to 1959
incl., and 11,000, 1960.
-John
-BOND OFFERING.
HAMILTON, Madison County, N. Y.
Taylor, Village Clerk, will receive sealed bids until 2 p. m. Oct. 10 for $28.000 water bonds not to exceed 5% interest. Denom.$1,000. Date Oct. 15
1924. Prin. and semi-ann. int.(A. & 0.) payable at the National Hamilton
Bank of Hamilton. Due $7.000 Oct. 15 1925 to 1928 incl. Certified check
for 2% of the amount of bonds bid for. payable to the Clerk, required.
127,000
Net debt
Population, estimated, 1,000.
-Charles
-BOND OFFERING.
EUCLID, Cuyahoga County, Ohio.
H. Crass, Village Clerk, will receive sealed bids until 12 m. Oct. 6 for the
purchase of the following issues of 6% coupon special assessment bonds:
816,300 00 Chardon Road sewer and water curb connectioas bonds.
Denom. $1,000 and one for $300. Due yearly on Oct. 1 as
follows: 11,300. 1925: 82.000. 1926: 81,000. 1927: 12,000,
1928; 81,000, 1929: $2,000. 1930; 81,000, 1931, and 12.000,
1932 to 1934 incl.
27,649 20 Cut Road paving bonds. Denom. $1.000 and one for $649 20.
Due yearly on Oct. 1 as follows: 12,000, 1925: 13.000. 1926
to 1929 incl.: $2,000. 1930; 13,000, 1931 to 1933 incl., and
12.649 20. 1934.
20,482 00 Pasnow Ave. paving bonds. Denom. 11,000 and one for
1482. Due yearly on Oct. 1 as follows: 12,482. 1925, and
$2,000, 1926 to 1934 incl.
17,651 55 Upson Road sidewalk bonds. Denom. 11.000 and one for
$482. Due yearly on Oct. 1 as follows: $1,000, 1925: $2.000,
1926 to 1928 incl.; $1,000, 1929:82,000, 1930 to 1933 incl.,
and $1.651 55. 1934.
8,21000 Lake Blvd. sidewalk bonds. Denom. $1,000, $500 and one
for $210. Due yearly on Oct. 1 as follows: 1210. 1925:
31.000. 1926 to 1928 incl.; $500, 1929; $1,000. 1930; $500,
1931, and 11,000. 1932 to 1934 incl.
46,126 20 St. Clair Ave. sidewalk bonds. Delwin. $1,000 and one for
1126 20. Due yearly on Oct. 1 as follows: $4,000, 1925 to
1928 incl.; 35.000, 1929 to 1933 incl., and $5.126 20. 1934.
15,680 00 Johnson Road sidewalk bonds. Denom. 11.000 and one for
$680. Due yearly on Oct. 1 as follows: $1,000. 1925. and
1926; $2.000, 1927 and 1928: $1,000, 1929: $2.000, 1930 and
1931; $1,000, 1932: 82.000, 1933 and $1,680, 1934.
15.680 00 St. Clair Ave. sidewalk bonds. Denom. 11.000 and one for
-BOND SALE.HAMILTON COUNTY (P.O. Webster City), Iowa.
$680. Due yearly on Oct. 1 as follows: 11.000, 1925: 32.000.
1926; $1,000, 1927; 82,000, 1928: $1,000, 1929: $2,000. 1930 Geo. M. Bechtel & Co. of Davenport have purchased $36,800 drainage
premium of $400, equal to 101.08.
bonds as 5s at a
and 1931; $1,000, 1932: $2,000. 1933. and $1,680, 1934.
46,320 00 Chardon Road sidewalk bonds. Denom. 11,000 and one for
-BOND OFFERING.
HAMILTON COUNTY(P.O.Cincinnati), Ohio.
$320. Due yearly on Otc. 1 as follows: $4,000, 1925; $5,000,
14
1926 and '1927: 14,000, 1928: $5,000. 1929 and 1930; 4,000, -Sealed bids will be received until 12 m.(Eastern standard time) Oct. 07
by Albert Reinhardt,Clerk Board of County Commissioners,for 1373.153
1931: $5,000, 1932 and 1933, and $4,320, 1934.
1, bonds.
and one for 44% Water Supply Line No. 1. in Main Sanitary District No.Prin. and
10.701 60 Shore View Ave. sewer bonds. Denom. 11,000
$701 60. Due yearly on Oct. 1 as follows: 11,000. 1925 to Denom. $1.000 and one for 11,153 07. Date Oct. 1 1924.at the court
semi-ann. int. payable at the office of the County Treasurer,
1933 incl., and $1,701 60;1934.
5,880 00 Clifton Road sewer bonds. Denom. $500 and one for $880. house. Due yearly on April 1 as follows: $18,153 07, 1925: 118,000.
Due yearly on Oct. 1 as follows: $500. 1925 to 1929 incl.; 1926 to 1931 incl.; 319,000, 1932 to 1944 inel. Each bidder will be required
to deposit with his bid the sum of $500 in cash or a certified check for
11.000, 1930; $500. 1931 to 1933 incl.. and $880. 1934.
City of
14,038 50 Cut Road sewer bonds. Denom. $1,000 and one for $38 50. that amount on a bank doing a regular banking business in the
Due yearly on Oct. 1 as follows: 11,000. 1925; $2.000. 1926; Cincinnati. The bonds will be delviered at the court house in Cincinnati
Oct. 1 1924. The successful bidder will be required to take up and pay
$1.000. 1927; 82.000. 1928; $1.000, 1929: $2,000. 1930; 11.000,
for the bonds promptly on the date fixed for their delivery, and payment
1931; $2,000. 1932; $1,000, 1933. and $1,038 50, 1934.
doing
4,90000 Beck Ave. sower bonds. Denom. $500 and one for $400. for same shall be made in cash or by a certified check on a bank bids
Conditional
Due yearly on Oct. 1 as follows: $400, 1925 and $500, 1926 a regular banking business in the City of Cincinnati. of all proceedings.
will rot be considered. A complete certified transcript
to 1934 incl.
bonds, will
4,300 40 Coulter Ave. sewer bonds. Denom. $500. $300 and one for evidencing the regularity and validity of the issuance of said the General
of
$200 and $500 40. Due yearly on Oct. 1 as follows: $200. be furnished in aceordarce with the provisions of Sec. 2295-3 the issuance
Code. A complete transcript of all proceedings relative to
1925; $500, 1926 and 1927: $300. 1928; 1500. 1929 to 1931
of the bonds up to the date of the sale thereof is now on file in the office
incl.: /300, 1932; $500, 1933. and $50040. 1934.
interested.
13,490 40 East 212th St. sewer bonds. Denom. 11,000 and one for of the County Commissioners for inspection by all persons
$49040. Due yearly on Oct. 1 as follows: 11.000, 1925
-An elec-BOND ELECTION.
HAMPTON, Franklin County, Iowa.
and 1926; 82,000, 1927; $1,000, 1928; $2,000. 1929; 81.000,
the question of issuing $30.000
will be held
1930 and 1931; $2,000. 1932: $1,000. 1933, and 11.490 40. 1934. tion hall bonds. on Oct. 15 to vote on
city
2,401 00 Clifton St. water main bonds. Denom. $200. $300 and one
-BOND SALE.
for $301. Due yearly on Oct. 1 as follows: 1200. 1925 and
HANOVER TOWNSHIP, Lucerne County, Pa.
% school
1926; $300, 1927; $200, 1928; $300. 1929; $200, 1930; $300, Frank Mullin & Co. of Philadelphia have purchased $195,000
1931: 1200. 1932 and 1933, and 8301, 1934.
bonds. Denom. $1,000. Date Aug. 1 1924. Due yearly on Aug. 1 as
2,401 00 Beck St. water main bonds. Denom. $200. 1300 and one for follows: 825.000. 1936; 320,000, 1937 to 1940 incl. and 130.000. 1941 to
$301. Duo yearly on Oct. 1 as follows: $200, 1925 and 1926: 1943 incl. Legality approved by Saul, Ewing, Remick & Saul of Phila$300, 1927: $200, 1928: $300, 1929; $200, 1930: $300. 1931: delphia.
1200, 1932 and 1933, and 1301, 1934.
Financial Statement.
$66,761,034
20,000 00 St. Clair Ave. water main bonds. Denom. $1,000. Due Assessed valuation
1.195,507
12,000 yearly on Oct. 1 1925 to 1934 incl.
Net debt (Including this issue)
20,160 00 Upson Road water main bonds. Denom. $1,000 and one for
Net debt approximately 1.80%. Population estimated, 15.000.
$160. Due yearly on Oct. 1 as follows: $2,000, 1925 to
-The following
-BOND SALE.
HARRISBURG,Saline County, Ills.
1933 incl., and $2,160. 1934.
unofficial sources:
Dated day of sale. Int. semi-ann. Certified check for 10% of the two issues of bonds have been sold, we learn from
bid for, payable to the Village Treasurer, required. Pur- $10.000 fire-fighting equipment bonds.
amount of bonds
60.000 city hall site bonds.
chaser to take up and pay for bonds within ten days from time of award.
-The American
-BOND SALE.
HARRISBURG, Harris County, Tex.
-BOND ELECTION.
EUGENE, Lane County, Ore.
-An election will
State Bank of Harrisburg was awarded the following improvement bonds
be held on Nov. 3 to vote on the question of issuing the following bonds:
at a premium of $2,500, equal to 103.33:
$35,500 paving intersection bonds.
$45,000 Magnolia Park gas system extension bonds.
30.000 city hall bonds.
10,000 Magnolia Park water system extension bonds.
5,000 public comfort station bonds.
20,000 street improvement bonds.
12,000 bridge bonds.
HARRISON COUNTY (P. 0. Clarksburg), W. Va.-BOND SALE.
FAR1BAULT, Rice County, Minn.
-BONDS VOTED.
-At a recent
The $380,000 5% road bonds offered unsuccessfully on Aug. 26-V. 119.
election the voters authorized the issuance of 156,000 municipal bonds.
purchased by the Clarksburg Trust Co. of Clarksburg
P. 1091-have been
FOREST CITY, Rutherford County, No. Caro.
- at a premium of $1,600, equal to 100.42, a basis of about 4.96%. Date
-BOND SALE.
The following 6% bonds offered on Sept. 22-V. 119, p. 1425
-were pur- Aug. 1 1924. Due Aug. 1 1925 to 1958, incl.
cahsed by W. L. Slayton & Co. of Toledo at 107.90:
HASBROUCK HEIGHTS SCHOOL DISTRICT (P. 0. Hasbrouck
1850,000 water and light bonds.
$50,000 street paving bonds.
-BOND SALE.
-The Security Trust
Heights), Bergen County N. J.
FORT COLLINS, Larimer County, Colo.
-BOND SALE.
-The City Co. of Camden, bidding 825:037 for 124,100 bonds ($25,000 offered), equal
about 5.14%, was awarded the issue of 514% coupon
Sinking Fund has purchased 114.000 6% sanitary sewer improvement to 103.88-a basis of
or registered Series "B" school bonds offered on Sept. 25 (V. 119, ri• 13 •
bonds at par.
Date Oct. 1 1924. Due yearly on Oct. 1 as follows: $800, 1926 to 1943.
FORT DODGE, Webster County, Iowa.
-The
-DESCRIPTION.
to 1950, inclusive: $1,200, 1951. and 1952. and
Geo. M. Bechtel & Co. of Davenport inclusive: $1,000, 1944
two issues of 4%% bonds awarded to
$300, 1953.
at 100.58, as stated in V. 119, P. 1312, are described as follows:
-Arthur T.
HAVERHILL, Essex County, Mass.
-BOND OFFERING.
$13,000 sewer bonds. Date Sept. 1 1924. Interest M.& S. payable at
the City Treasurer's office. Due as follows: 33,000, 1931 to 1933, Jacobs, City Treasurer, will receive sealed bids until 11 a. m. Oct. 3 for the
purchase of $40,000 4% coupon "municipal bonds 1924" 86th consolidated
Inclusive, and 14.000, 1934.
1656
THE CHRONICLE
issue, issued in denomination of $1.000 each, dated Sept. 1 1924. and payable as follows: 89,000, Sept. 1 1925; 38,000, Sept. 1 1926 to 1928 incl., and
37.000 Sept. 1 1929. Both prin. and semi-ann. int. (M. & S.) payable at
the First National Bank of Boston, Boston. These bonds ,it is stated, are
exempt from taxation in Massachusetts and are engraved under tne supervision of and certified as to genuineness by the First National Bank of Boston; their legality will be approved by Ropes, Gray. Boyden & Perkins,
whose opinion will be furnished the purchaser. All legal papers incident to
this issue will be filed with the above bank, where they may be inspected at
any time. Bonds will be delivered t othe purchaser on or about Oct. 7
1924 at the First National Bank of Boston. Boston.
Financial Statement September 18 1924.
Net valuation for year 1923
864,355.244 00
Debt limit
1.611,573 77
Total grossdebt, including this issue
1,362,000 00
Exempted debt:
Water bonds
8130.000 00
Other bonds
376.500 00
Sinking funds for debts within debt limit
95.209 97- 601.709 97
Net debt
$760.290 03
Borrowing capacity, $851,283 74. Sinking funds for debts outside debt
limit, $311,915 29.
HAZARD,Sherman County, Neb.-BOND SALE.
-The Peters Trust
Co. of Omaha has purchased the following 554% bonds:
$4.000 transmission line bonds.
2.000 electric light bonds.
Denom. $500. Date Sept. 1 1924. Prin. and semi-ann. int.(M. & S.)
payable at the office of the County Treasurer in Loup City. Due Sept. 1
1944. Approving opinion of Stout, Rose. Wells 8c Martin of Omaha.
Financial Statement.
8201.005
Assessed valuation, real and personal property. 1923
10.500
Total bonded debt, including these issues
Present population, estimated. 250.
HIGGINSVILLE, Lafayette County, Mo.-BOND OFFERING.
Sealed bids will be received until 7:30 p. m. Oct. 6 by Ralph A. Huscher.
City Clerk. for $119.000 5% water and sewer bonds. Denom. 31.000
Date Nov. 1 1924. Principal and semi-annual interest payable at the city
Treasurer's office. Due Jan. 15 as follows: $16,000. 1930; $5.000, 1931 to
1933. inclusive; $6.000. 1934 to 1937. inclusive: $7.000. 1938 and 1939:
88,000. 1940 to 1942. inclusive; $9.000. 1943 and $17,000. 1944. Purchaser
to furnish legal opinibn and printed bonds. A certified check for $2.000
required.
HINTON INDEPENDENT SCHOOL DISTRICT (P. 0. Hinton),
-The State of West Virginia
Summers County, W. Va.-BOND SALE.
has purchased $150.000 school bonds as 5348.
HITCHCOCK COUNTY SCHOOL DISTRICT NO. 5 (P. 0. Trenton), Neb.-BOND ELECTION
-BOND SALE -The United States
Bond Co. of Denver has purchased $5,000 6% school building bonds
subject to being voted at an election to be held soon.
HITCHCOCK COUNTY SCHOOL DISTRICT NO.74 AND HUMES
COUNTY SCHOOL DISTRICT NO. 52 JOINT SCHOOL DISTRICTS
(P.0.Palisade), Neb.-BONDS VOTED.
-At an election held on Sept. 16
-the voters carried the issuance of 520,000 school building
-V.119, p. 1199
bonds by a vote of 112 for to 16 against.
HUDSON COUNTY (P.O. Jersey City), N. J.
-CORRECT AMOUNT
OF BONDS SOLD.
-The First National Bank of Jersey City has been
awarded the following issues of
% coupon or registered bonds offered on
Sept. 11 (V. 119. p. 973) at 102.085. a basis of about 4.31%;
$980.000 ($1.000.000 offered) hospital for the insane bonds. Due yearly
on Sept. 15 as follows: $34.000. 1926 to 1940, inclusive: $35,000.
1941 to 1953. inclusive. and $15.000, 1954.
980.000 ($1 00).000 offered) boulevard bridge reconstruction bonds. Due
Yearly on Sept. 15 as follows: $34,000. 1926 to 1940. inclusive, and
$35.000. 1941 to 1953, inclusive, and $15.000. 1954.
Date ctrrr,. 15 1121.
The above corrects the report which appeared in V. 119, p. 1313, to the
effect that the entire amount offered ($2,000, 00) was sold.
HUNT COUNTY COMMON SCHOOL DISTRICT NO. 51 (P. 0.
Greenville), Tex.
-BOND SALE.
-The 85.000 .5% serial school bonds
registered by the State Comptroller of Texas on Aug. 4 (V. 119. p. 840)
were awarded to the State Board of Education at par.
HUNTINGTON RURAL SCHOOL DISTRICT (P. 0. Huntington),
-BOND SALE.
Ross County, Ohio.
-The 51.200 6% coupon school
bonds offered on Aug. 30 (V. 119. p. 1091) have been sold to the Valley
Savings Bank & Trust Co. of Chillicothe at par. Date Sept. 11924. Due
Sept. 11925.
HUTCHINSON, Reno County, Kan.
-BOND SALE.-Brown-Crummer Co. of Wichita has purchased $19.000 improvement bonds at 100.93.
ISLIP UNION FREE SCHOOL DISTRICT NO. 4 (P. 0. Sayville),
-BOND OFFERING.
-Sealed bids will be received
Suffolk County, N. Y.
until 3 p. m. Oct. 6 by the Clerk. Board of Education. for $28,000 434%
school bonds. Denom. $1,000. Date Oct. 1 1924. Prin. and semi-ann.
int, payable at the Oystermen's National"Bank of Sayville. Due $2.000
Oct. 1 1931 to 1944 incl. Certified check for $500, payable to Dow Clock,
President, Board of Education. required.
JACKSON, Hinds County, Miss.
-BOND SALE.
-The Harris Trust
& Savinys Bank of Chicago has purchased $400,000 5% coupon school
bonds. Denom. $1.000. Date Sept. 1 1924. Prin. and semi-ann. Int.
M.& S.. payable at the National Park Bank. New York. Due on Sept. 1
as follows: $8,000 1925 to 1929. incl.; $16,000 1930 to 1939, incl., and
$20,000 1940 to 1949. incl.
Financial Statement (As Officially Reported).
$50,000.000
Real value of taxable property (estimated)
23,755,456
Assessed valuation for taxation 1923-24
3,260,184
Total bonded debt, including this issue
$584.500
Less water debt_
[VOL. 119.
KEMP INDEPENDENT SCHOOL DISTRICT (P. 0. Kemp), Kaufman County, Tex.
-BONDS REGISTERED.
-On Sept. 25 the State
Comptroller of Texas registered $45,000 534% serial school bonds.
KILGORE INDEPENDENT SCHOOL DISTRICT (P. 0. Kilgore),
Gregg County, Tex.
-The State Comptroller
-BONDS REGISTERED.
of Texas registered $5,000 5% 10 to 20 year bonds on Sept. 23.
KISSIMMEE, Osceola County, Fla.
-The $96,000
-BOND SA LE.
6% special assessment improvement bonds offered on Sept. 26-V. 119.
p. 1426
-were purchased by N. S. Hill & Co. of Cincinnati at par plus
a premium of51,124.equal to 101.17, a basis of about 5.72%. Date Sept. 1
1924. Due $9,600 Sept. 1 1925 to 1934, incl. Other bidders were:
Premium.
Premium.
Seasongood & Mayer, Cin_$1,349 00 Ryan,Bowman & Co.,Tol_$1,099 20
Prudden & Co.. Toledo_ _ _ . 1,113 60 Stranahan, Harris & Oatis,
1,152, 00
W.L. Slayton & Co., Tol__ 1.12320
Inc., Toledo
Spitzer. Rorick & Co., Tol_ 1,124 00 Weil,Roth & Irving Co.,Cin 500 00
LACKAWANNA COUNTY (P. 0. Scranton), Pa.
-BOND SALE.
The Mellon National Bank of Pittsburgh has purchased $180.000 431%
coupon (registerable as to principal) State road improvement bonds. Denom. $1,000. Date Oct. 1 1924. Prin. and semi-ann. int. (A. & 0.)
payable at the office of the County Treasurer in Scranton. Due Oct. 1
1954.
Assessed valuation, equalized 1924
8202,889,673 00
Funded indebtedness, incl. this issue
$2,695.000 00
Less sinking fund
2,594 32 31
1.27:8
f
l0e 0
ag,167
Population. Census of 1920. 286.311. Percent
0
6ebt,
d
9LAKELAND, Polk County, Fla.
OF.FERING.-Sealed bids
-BOND
will be received until 7:30 p. m. Oct. 10 by D. C. Boswell, City Commissioner, for the following 534% improvement bonds:
$100.000 city hall site bonds. Due $10.000. 1944 to 1953. Inclusive.
87,000 park (athletic field) bonds. Due July 1 1943.
25,000 building bonds. Due July 1 1941.
40,000 public works bonds. Due July 1 1941.
20,000 building bonds. Due July 1 1940.
40,000 building bonds. Due July 1 1939.
20.000 incinerator bonds. Due July 1 1937.
17,000 park bonds. Due July 1 1937.
15,000 cemetery bonds. Due July 1 1938.
20,000 building bonds. Due July 1 1938.
275,000 city hall bonds. Due $20,000. 1944 to 1953, inclusive. and
$75,000. 1954.
Denom. $1,000. Date July 11924. Pricnipal and semi-annual interest
payable at the Hanover National Bank, New York. The city will furnish
approving opinion of Caldwell & Raymond of New York. A certified or
cashier's check of a national bank or reputable bank or trust company
doing business under the laws of the State of Florida for 3% of bonds bid
for, is required.
Financial Statement.
$20,109,063 00
-Real estate
Assessed valuation, 1924
2,898,000 00
Assessed valuation, 1924-Personal
$23,007,063 00
Actual valuation (estimated) 30 to 40 million dollars.
debt (exclusive of light and water bonds and
Total bonded
456.500 Op
special improvement bonds)
642,000 00
Light and water bonds
Street improvement bonds (payable out of special assess696,993 72
ments,for the payment of which the city holds certificates)
Cash on hand in sinking funds, available for the retirement
89.824 48
of bonds and interest)
Cash on hand in special light and water fund (not including
67,773 97
any operating funds)
244.509 10
Unexpended cash on hand in street improvement fund
None
Floating debt
6,410 00
Unexpendedcash on hand from general bond sales
931.491 55
Net debt
Population, 1924 (city directory). 17,900.
-J. It.
-BOND SALE.
LAKE WORTH, Palm Beach County, Fla.
Durrance. of West Palm Beach. has purchased $100,000 water and light
to 102.50. Due in 25 years.
bonds as 6s at a premium of $2,500, equal
-The follow-BOND SALE.
LANCASTER, Fairfield County, Ohio.
ing two issues of 5% special assessment bonds offered on Sept. 29 (V. 119.
been sold to Seasongood & Mayer of Cincinnati,for $43,919 17
p. 1427) have
-equal to 101.10. a basis of about 4.77%:
$14,885 48 street improvement special assessment bonds. Denoms.$1,000
and 8500 and one for 8385 48. Due yearly on Sept. 1 as follows:
81.385 48. 1925. and $1,500. 1926 to 1934, inclusive.
28,532 69 West Mulberry Street and Garfield Avenue special assessment
bonds. Denom. 51,000, except one for $532 69. Due yearly
on Sept. 1 as follows: $2.532 69. 1925; $3,000, 1926; $2,000.
8
1927. and 33,000. 192 to 1934. inclusive.
Date Sept. 1 1924. Interest M.& S. Bids were as follows:
.
A ve
Foreste ose Garfield
AsR
$81 17 $182 67
Well, Roth & Irving Co.. Cincinnati
139 81
62 15
Pr
Provident Savings Bank & Trust Co.. Cincinnati
134 00 285 00
Assell, Goetz & Moerllen Co., Cincinnati
167 00 334 00
Seasongood & Mayer, Cincinnati
-$32340-Bertram Co., Cincinnati (combined bid)
Davies
253 94
130 99
Breed, Elliott & Harrison, Cincinnati
247 31
114 52
N. S. Hill & Co., Cincinnati
-$48600A. E. Aub & Co., Cincinnati
322 79
168 21
Ryan, Bowman & Co., Toledo
211 41
108 64
A. T. Bell & Co., Toledo
162 00 307 80
W. Is. Slayton & Co., Toledo
274 00
147 00
The Herrick Co., Cleveland
163 02
84 36
Stranahan. Harris & Otis. Inc.. Toledo
LINCOLN SCHOOL DISTRICT (P. 0. Lincoln), Lancaster County,
Neb.-BIDS.-The following is a list of bids received for the 8600,000
coupon refunding bonds purchased by the Harris Trust & Savings Bank of
2,675,684 Chicago, as stated in V. 119, p. 1533. The First Trust Co. of Lincoln
Net bonded debt
22,817 was in joint account with the purchaser.
Population, 1920 Census
-BOND SALE.
-The First Trust Co.. Lincoln, and Harris Trust & Savings Bank, Chic .101.537
JACKSONVILLE. Cherokee County, Tex.
101.02
$100,000 534% serial street bonds, registered by the State Comptroller of Omaha'Trust Co.. C. W.McNear & Co. and If. L. Allen & Co
-were purchased by the First National White, Phillips & Co., Northern Trust( 0., Chicago, and First
Texas on Sent. 10-V. 119. p. 1426
100.921
Trust Co.. Chicago
Bank of Jacksonville at par plus a premium of $1,053 35, equal to 101.05.
Bosworth. Chanute & Co. and Wm. R. Compton & Co
Denom. $1,000. Date July 15 1924. Int. F. & A. Due serially.
Lincoln Trust Co. and Illinois Merchants Trust Co
ch
-Local investors International Trust Co., Denver, A. C. Allyn & Co., Chicago, and14386649
JANESVILLE, Rock County, Wis.-BOND SALE.
G. H. Burr, St. Louis
have purchased, it is stated. 5135.000 5% water works extension imUnited States Trust Co., Omaha. Remick, Hodges & Co. and 190.63
provement bonds.
Phelps, Fenn & Co., New York. Detroit Trust Co., Detroit, and
557
Continental & Commercial Trust & Savings Bank a Chicago100.
JEFFERSON COUNTY (P. 0. East Pleasant Plain), lowa.-CERTIP/CATE SALE.
-The First National Bank of Fairfield was awarded J. T. Nachob & Co., Omaha, Ames, Emerich & Co., Chicago,
i:.n434.:42:
90
110
and Guaranty Company, New York
certificates.
$15,000 road anticipation
Other proposals submitted were as follows:
8
JEFFERSON TOWNSHIP (P. 0. Hanlin Station), Washington Omaha Trust CO. Syndicate
.25 m
0 for
194123 34 to 41
0919i9 :
1t
-The 8120,000
% coupon road bonds
County, Pa.
-BOND SALE.
A premium of $11 50 for 5340,000 4%% bonds maturing from
-have been sold to
offered unsuccessfully on March 1-V. 118. P. 1819
1941,incl.. and $260.000 434% bonds maturing from
W. A. Harriman & Co. of New York at 100.38, a basis of about 4.46%.
A premium of 5101 50 for $440.000 4%s maturing from
Date June 1 1924. Due yearly on June 1 as follows: $4,000, 1925 to 1929.
incl., and 5160.000 4348 maturing from 1947 to 1954. incl.
incl.; $6,000. 1930 to 1934, incl., and $7.000, 1935 to 1944, incl.
White-Phillips Syndicate
A premium of $5 for $324,000 434s in the first maturities and $276,000
-The $300,000
KENOSHA, Kenosha County, Wis.-BOND SALE.
43.4s in the last maturities.
434% coupon high school bonds offered on Sept. 29 (V. 119. p. 1426) were
A premium of $25 for 5218.000 4% bonds in the first maturities and
purchased by the Second Ward Securities Co. of Milwaukee and A. B.
$382,000 434s in the last maturities.
Leach & Co., Inc., of Chicago at a premium of $7.275. equal to 102.425,
LINN COUNTY SCHOOL DISTRICT NO. 2 (P. 0. Mound City),
a basis of about 4.27%. Date Sept. 1 1924. Due on Sept. I as follows:
Kan.
322.000. 1931 to 1943 incl. and $14 000. 1944. Other bidders were:
-BONDS REGISTERED.
-On Aug. 25 the State Auditor of Kansas
Premium. registered 535,000 5% school bonds.
Premium.
Second Ward Secur. Co_ _ 47,275 00 Illinois Merch. Trust Co_ 46,106 60
-The
-BOND SALE.
LITTLE FALLS, Morrison County, Minn.
First Trust & Savings Co__ 6,960 00 John Nuveen & Co
8.09000 $25,000 public
-were
1313
Continental & Commercial
5,712 00 purchased by utility bonds offered on Sept. 22-V. 119.p. paying par
Blyth, Witter & Co
Falls
Trust & Savings Bank_ __ 6,504 00 Northern Trust Co
5.601 00 and will also the First National Bank of Little Date as 4,s1924.si Due
Oct. 1
Harris Trust & Says. Bank_ 6,483 00 National City Co
5,514 00 Oct. 1 1934. furnish legal opinion and bonds.
Co., Minneapolis;
Other bidders were: Minneapolis
A. C. Allyn & Co
6,48000 Halsey, Stuart & Co., Inc. 5,43500 Drake-Jones Co., Minneapolis; Minnesota Loan &Trust Co., Minneapolis:
Trust
First Wisconsin Co
6,397 00 Bonbright & Co., Inc _____ 5,311 40 N. W. Trust Co.. St.
Paul, and Paine, Webber & Co., Minneapolis.
Wm. R. Cornpton Co
5,16000
6,281 00. Seipp, Princell & Co
The Detroit Company- ___ 6 226 00 E.If. Rollins & Sons
4,59300
LITTLE RIVER, Rice County, Kan.
-BONDS REGISTERED.Stevens, Perry & Stacy Co_ 6.22200 Ames,Emerich & Co
4.17000 ' ue 2ote Auditor of Kansas registered $71,132 27 5% paying bonds on
A g.Sta
Th
.
All the above bidders offered accrued interest.
Ocu
19241
THE CHRONICLE
-The
LITTLE RIVER DRAINAGE DISTRICT, Mo.-BOND SALE.
$4,000,000 534% drainage bonds offered on Oct. I-V. 119, p. 1092
were purchased by a syndicate composed of Estabrook & Co., William R.
Compton Co.. both of New York; Kaufmann, Smith & Co., Inc., of St.
Louis: Illinois Merchants' Trust Co., Harris Trust & Savings Bank and
Continental & Commercial Trust & Savings Bank, all of Chicago, at 99.27,
a basis of about 5.57%. Date Oct. 1 1924. Due $500,000 yearly on
July 1 from 1937 to 1944 incl.
LLANO INDEPENDENT SCHOOL DISTRICT (P. 0. Llano), Llano
-The State Comptroller of Texas
County, Tex.
-BONDS REGISTERED.
registered $60,000 534% serial school bonds on Sept. 22.
LONG LAKE SCHOOL DISTRICT (P. 0. Long Lake), Hamilton
-Sealed bids were received by the
County, N. Y.
-BOND OFFERING.
Town Clerk until 4 p. m. Oct. 4 for $150.000 5% school bonds. Int. semiann. Due 1926 to 1955 incl.
LONGWORTH INDEPENDENT SCHOOL DISTRICT (P. 0. Long.
-BONDS REGISTERED -The State Compworth),Fisher County,Tex.
troller of Texas on Sept. 26 registered $25,000 5% serial school bonds.
LOWELL, Middlesex County, Mass.
-TEMPORARY LOAN.
-The
First National Bank of Boston has purchased a temporary loan of $200,000
on a 3.57% discount basis. Due April 15 1925.
LUDINGTON UNION SCHOOL DISTRICT NO. 1 (P. 0. Luding-BOND ELECTION.
ton), Mason County, Mich.
-An election to vote
on the question of issuing $45.000 school bonds was held on Sept. 29. This
proposition was put before the taxpayers on five previous occasions during
the past four years but met with defeat each time.
LUDINGTON SCHOOL DISTRICT (P. 0. Ludington), Mason
County, Mich.
-BONDS AUTLORIZED.-At a special election held
recently $85,000 high school addition bonds were voted by a count of
1,117 to 254.
LYFORD INDEPENDENT SCHOOL DISTRICT (P. 0. Lyford),
Willacy County, Tex.
-BONDS REGISTERED.
-The State Comptroller
of Texas registered $10,000 5% serial school bonds on Sept. 23.
LYNN, Essex County, Mass.
-TEMPORARY LOAN.
-A temporary
loan of $500,000 has been sold to the First National Bank of Boston on a
2.51% discount basis. Due $100,000 March 13 1925 and $200,000 on
April 1 and May 1 1925.
MADISON, Lake County, So. Dak.-BONDS VOTED.
-At the
special election held on Sept. 23-V. 119, p. 1427
-the voters authorized
the issuance of $25,000 sewerage disposal plant bonds.
MARGATE CITY (P. 0. Ventnor), Atlantic County N. J.
-BOND
SALE.
-The Second National Bank of Atlantic City, bidding $32.065 60.
equal to 103.43-a basis of about 4.50%. for $31.000 bonds ($32,000
offered), purchased the issue of 5% coupon or registered bonds offered on
Sept. 25 (V. 119. p. 1314). Date Sept. 1 1924. Due yearly on Sept. 1
as follows: $2,000. 1925 to 1939. inclusive, and $1,000, 1940.
MATAGORDA COUNTY (P. 0. Bay City), Tex.
-BONDS REGIS
TERED.-The State Comptroller of Texas registered $685,000 6% serial
water conservation bonds on Sept. 22.
MATAGORDA COUNTY CONSERVATION AND RECLAMATION
DISTRICT NO. 1 (P. 0. Bay City), Texas.
-BOND SALE.
-The
Brown-Crummer Co. of Wichita and H. C. Speer & Sons Co. of Chicago
have purchased the $685.000 conservation and reclamation bonds offered
on Sept. 30-V. 119, p. 1427
-at a premium of 319.659 50, equal to 102.87.
Date June 10 1924. Due June 10 as follows: 511,000. 1925: $12,000. 1926,
and so on, the amount beroming due each year increasing $1,009 more
each year until 1949, when $35,000 is (Inc.
MEADVILLE, Crawford County, Pa.
-BOND OFFERING.
-Until
5 p. m. Oct. 14 sealed bids will be received by Dickson Andrews, City
Clerk, for $10.000 434% coupon city bonds. Denom. $1,000. Date
Jan. 1 1924. Int. semi-ann. Due Jan. 1 1954. optional Jan. 1 1939.
Legality approved by Townsend, Elliott & Munson of Philadelphia.
certified check for 2% of the amount of bonds bid for, payable to the city.
required.
MEDINA,Orleans County, N. Y.
-BOND SALE.
-An issue of $40.000
6' fire protection bonds has been sold, it is stated. Int. M. & N. Due
in 20 years; optional after 6 years.
MEEKER COUNTY (P. 0. Litchfield), Minn.
-ADDITIONAL
DATA.-The $70,000 county road bonds purchased by the Northwestern
Trust Co. of St. Paul, as stated in V. 118, p. 1442. are described as follows:
Date March 12 1924. Interest rate 43:(%. Int. semi-ann. M. & S.
Due 1935 to 1944.
MELROSE, Middlesex County, Mass.
-TEMPORARY LOAN-The
First National Corp. of Boston has purchased the temporary loan of $100.000 offered on Sept. 30-V. 119. p. 1533
-on a 2.36% discount basis. Due
$50,000 Oct. 30 and $50,000 Dec. 15 1924.
MICHIGAN (State of).
-BOND OFFERING.
-Frank F. Rogers, State
Road Commissioner, until 12.30 p. in. (central standard time) Oct. 7 will
receive sealed bids at his office in Lansing for the purchase of the following
issues of road bonds not to exceed 6% interest:
$20.000 Road Assessment District No.429 in Branch and Hillsdale counties.
Due two to five years.
17.000 Road Assessment District No. 458 in Barry and Allegan counties.
Due two to six years.
The above are the probable amounts to be issued. Int. M.& N. Bidder
required to name rate of interest, not exceeding 6%. and premium for each
$1,000 bond, he will pay in his bid. Certified check for 2% of the amount
of bonds bid on. payable to the above official required.
1657
sealed bids until 10 a. m.(standard time) Oct. 9 for $22,500 53 % Sieben:
,
thaler Ave. impt. bonds. Denom. $1,000 and one for $500. Date Oct. 1
1924. Prin. and semi-ann. int. (A. & 0.) payable at the office of the
County Treasurer. Due on Oct. 1 as follows: $3,500. 1926; 53,000. 1929.
1931 and 1934, and 32,000, 1927. 1928, 1930. 1932 and 1933. Certified
check for $2,000 upon any solvent bank, payable to the County Treasurer.
required. D. W.& A. S. Iddings of Dayton and Peck, Shafer & Williams
of Cincinnati have been employed to assist in the preparation of legislation
and the issue and sale of these bonds, will certify as to the legality thereof.
MORAVIA UNION FREE SCHOOL DISTRICT NO. 1 (P. 0.
-BOND SALE.-Geo. B. Gibbons &
Moravia), Cayuga County, N. Y.
Co., Inc., of New York. have been awarded the $95,000 434% coupon
school bonds offered on Oct. 1-V. 119. p. 1428
-at 100.531, a basis of
about 4.43%. Date July 1 1923. Due $5,000 yearly on Jan. 1 1925 to
1943 incl. Other bidders were:
Union Nat. Corp., N. Y_ _ _ _100.469 Batchclder, Wack & Co..
100.317
New York
Sherwood & Merrifield, Inc.,
New York
100.44 Fidelity Trust Co., Buffalo_*100.668
of* Rejeco . Conditional bid for bonds payable at the Hamilton Bank
Now ytek
-The
-BOND SALE.
MULTNOMAH COUNTY (P.O. Portland), Ore.
$1,000,000 Burnside Street Bridge bonds offe-ed on Sept. 29-V. 119,
Co., Inc., Halsey, Stuart & Co.,
p. 1314
-were awarded to A. B. Leach &
Inc.. and A. G. Becker & Co., all of Chicago: Wm. P. Harper & Son of
Seattle, and Clark, Kendall ez Co. of Portland. as 454s at 101.186. a basis
of about 4.41%. Date Oct. 15 1924. Due $40,000 Oct. 15 1930 to 1954.
'
inclusive.
-The
-BOND SALE.
NASH COUNTY (P. 0. Nashville), No. Caro.
$230,000 coupon county home, jail and bridge bonds offered on Sept. 17
-V. 119, p. 1201-were purchased by the American Trust Co. of Charlotte as 43js at 100.61, a basis of about 4.66%. Date Oct. 11924. Due
$10,000 Oct. 1 1927 to 1934 incl., and $15,000 Oct. 1 1935 to 1944 incl.
-The
-TEMPORARY LOAN.
NASHUA,Hillsborough County, N. H.
First Nat. Bank of Boston has purchased a temporary loan of 5100,000
on a 2.53% discount basis. Due Dec. 22 1924.
NEW BRAUNFELS, Coma! County, Tex.
-BONDS AWARDED IN
PART.
-Of the 560,000 5% serial sewer bonds registered by the State
Comntroller of Texas on Sept. 11-V. 119, p. 1428-550.000 were sold
locallv at par. Denom. $500. Date Aug. 1 1924. Int. F. & A. Due
serially 1 to 40 years.
-The two issueq
NEWCASTLE, Henry County, Ind.
-BOND SALE.
of bonds offered on Sept. 5(V. 119, p. 974) have been sold as follows:
$23.500 5% Series 1 "refunding bonds of 1924' to J. F. Wild & Co. of
Indianapolis at 101.62.a basis of about 4.50%. Due each six
months as follows: $7,000. Feb. 1 1927 to Feb. 1 1928 incl..
and $2,500. Aug. 11928.
Series 2 "corporation bonds of 1924," to the Fletcher-Amer18,500 43
ican Co. of Indianapolis at 101.97. a basis of about 4.02%•
Due $4,500 Aug. 1 1928 and 57,000 Feb. 1 and Aug. 11929.
Denom. $500. Date Sept. 15 1924.
NEWKENSINGTON SCHOOL DISTRICT (P.O. New Kensington),
Westmoreland County, Pa.
-BOND OFFERING.
-Until 7 p. m. Oct. 22
sealed bids will be received by Elizabeth Morgan, Secretary School Board,
for $160,000 431% school bonds. Denom. $1,000. Date Oct. 1 1924.
Int. semi-ann. Due yearly on Oct. 1 as follows: $5,000, 1926. 1928. 1930.
1931. 1933 to 1936 incl. and 1938 to 1942 incl.; 510,000. 1943: 55,000. 1944
to 1946 incl.; 510,000, 1947; 55,000, 1948; $10.1111111, 1949:
195 . and
0
$5,000'
510.000, 1951 to 1954 incl. Cert. check for $3,000 required. The above
bonds were previously offered on Sept. 22 (see V. 119, p. 1201).
NEW PHILADELPHIA SCHOOL DISTRICT (P. 0. Silver Creek),
Schuylkill County, Pa.
-BOND SALE.
-The 575,000 5% school bonds
offered on July 26-V. 119, p. 228
-have been purchased by Frank Mullin
& Co.of Philadelphia. Denom.31,000. Date Aug. 11924. Due $15.000
on Aug. 1 1929. 1934, 1939, 1944 and 1949. Legality approved by Saul.
Ewing. Remick & Saul of Philadelphia.
Financial S(atement.
$7,492475:,52'0942
Assessed valuation
Total bonded debt (including this issue)
Population, estimated
NEW MATAMORAS VILLAGE SCHOOL DISTRICT (P. 0. New
Matamoras), Washington County, Ohio.
-BOND SALE.
-The 530.000
514% coupon school bonds offered on Sept. 26 (V. 119, p. 1428) were sold
to the Citizens Trust & Savings Bank of Columbus for $31,212, equal to
104.04-a basis of about 4.99%. Date Sept. 15 1924. Due every six
months as follows: $500 each March 15 and $1,090 each Sept. 15 from
March 15 1925 to Sept. 1.5 1944, inclusive.
NIAGARA FALLS, Niagara County, N. Y.
-BOND SALE.-Farson.
Son & Co. of New York.purchased doting the early part of last month
$4.41.000 414% sewer bonds at 101.09, a basis of about 4.18%. Denom.
$1,000. Date Sept. 1 1924. Int. M.& S. Due Sept. 1 1950. LeXality
approved by Clay & Dillon of New York.
NORFOLK COUNTY (P. 0. Dedham), Mass.
-TEMPORARY LOAN.
-A temporary loan of $35.000 has been awarded to the First Nat. Bank of
Boston. 'Boston. on a 2.93% discount basis. Due June 3 1925.
NEW YORK CITY.
-CITY'S BOND ISSUES IN THE AGGREGATE
OF 5136.506,747 79.
-According to figures just this week received by us,
$136,506.747 79 bonds, all bearing 434 "",,, interest. were issued by this city
out of the issue of $137.500,000 authorized in May this year. Of these.
567,400.000, consisting of $37,000,000 corporate stock and 530.400.000
serial bonds, were publicly offered on June 3 and sold on that day to a synMILBANK, Grant County, So, Dak.-BOND OFFERING.
-Sealed dicate headed by the National City Co. and the First Nat. Bank, both
bids will be received until 8 p. m. Oct. 10 by A. A.Blomquist, City Auditor, of this city, at 101.1861. a basis of about 4.19% for the long term corporate
for $19.000 refunding water works bonds, hit, rate not to exceed 6%• stock and a basis of about 3.99% for the serial bonds (see V. 118, P.
2861). The City Pension Fund was the purchaser of 533,621,500 and the
A certified check for $1,000, payable to the City Treasurer, is required.
other $35,485,24i 79 went to the City Sinking Fund. At the time of the
MILLE LACS COUNTY (P. O. Milaca), Minn.
-ADDITIONAL public sale on June 3, it was stated that these two portions would be taken
DATA.
-The following additional data have come to hand in regard to by the above respective funds of the city, but it later developed that while
the $85,000 county bonds, awarded to Paine, Webber & Co. of Minneapolis. the portion set aside for the Pension Fund had been taken, the portion reas stated in V. 119, p. 726. Price paid 101.76, a basis of about 4.51%. served for sale to the city Sinking Fund was not (see V. 119. P. 008 finally
)
Interest rate 4 %, payable semi-annually Feb. and Aug. Due on Aug. 1 taken until Sept. 3. The bonds (all serial) purchased by the Sinking Fund
as follows: 56.000 1927 to 1932. Incl., and $7,000 1933 to 1939, incl.
were as follows:
For Various Purposes.
For Scharf/1S.
MILTON, Santa Rosa County, Fla.
-CERTIFICATE OFFERING.
Maturity.
A ttioun/.
Maturity.
Antoutu.
The Town of Milton is offering for sale $37,000 special improvement paving
2 years
2 years $187,000 00
certificates bearing 6% interest. All communications should be addressed 52,325,790 00
24 years
, 00
240 years
7,00000
to the Town Treasurer.
25 years
75,000 00
3
srs
MINNEAPOLIS,Hennepin County, Minn.
39 years
-BOND SALE.
4.90000
-Eldredge
25 years 9,377, 0000
30 0
0
& Co. of New York and the Wells-Dickey Co. of Minneapolis have jointly
_.40 years
1,988,000 00
39 years 18,160,700 00
purchased the following coupon bonds offered on Sept.30-V. 119. p. 1201
1 year
- 3,228,500 00
40 years
40 63
at a poremium of $11,410, equal to 102.10, a basis of about 4.22%:
101,017 16
1 year
$67,700 4% special park and parkway bonds. Date Aug. 11923. Due
Those purchased by the Pension Fund were as follows:
$6,700 .Aug. 1 1924 to 1933 incl. The bonds maturing
CORPORATE STOCK MATURING IN FROM 9 TO 50 YEARS.
Aug. 1 1924 will be paid at the time of delivery.
For Various Purposes.
For Schools.
50,000 434% special park and parkway bonds. Date May 1 1923. Due
Maturity.
$5.000 May 1 1924 to 1933 incl. The bonds maturing
.4 mount.
M aturitY
Amount.
May 1 1924 will be paid by the city at the time of delivery.
49 years
$304,000 00
50 years 51,132,500 00
special park and parkway bonds. Date Oct. 1 1922. Due
For Tunnel.
4,050,000 00
125,000 434%
40 years
50 years
$12,500 Oct. 1 1923 to 1932 incl. The bonds which matured
818,500 00
39 years *1,700,00000
Oct. 1 1923 will be paid by the City at the time of delivery.
1.845,80000
..25 years
For water Purposes.
200,000 434% special park and parkway bonds. Date April 11924. Due
1.175,90000
24 years
39 years
520,000 April 1 1925 to 1934 incl.
157,500 00
14 years *2,724.70000
29 years
100,000 5% special park and parkway bonds. Date Oct. 1 1923. Due
17.30000
10 years
736,500 00
o years
$10,000 Oct. 1 1924 to 1933 incl.
15 years
27,600 00
•
14 years
112,500 00
44 years
451,300 00
-BOND SALE.
MOBILE, Mobile County, Ala.
-The $112.000 5%
235,000 00
50 years
687,300 00
30 years
coupon or registered public impt. series "U" bonds offered on Sept. 30
23,700 00
25 years
29 years
2,20000
. 119, p. 1428
-were purchased by Ward. Sterne & Co. of Birmingham
_
14,000 00_. _
24 years
20 years
15,20000
at a premium of $1,756, equal to 101.56. Date Nov. 11924. Due Nov. 1
14 years
71,700 00
1934. Optional in numerical order Nov. 11925, upon payment of principal
15 years
102,500 00_
15 years
56.300 00
and premium of 1H% provided that not more than 12 bonds shall be
SERIAL BOND6 MATURING IN 2, 40, 49 AND 50 YEARS.
retired inretired during any one year. A certified check for $2,000
For Various Purposes.
For Schools.
Payable to the city, is required.
Maturity. Amount.
librurtlY.
Amount.
MOCLIPS SCHOOL DISTRICT (P. 0. Montesano), Grays Harbor $12,847,900 00
44 years
40 years 567,00000
County, Wash.
-BOND SALE.
-The State of Washington has purchased
50 years
44 years
602 000(1)
325.000 school bonds as 5s at par.
5,years 461.500 00
2 years
2,991,700 00
-BOND OFFER-During the
MONTGOMERY COUNTY (P. 0. Dayton), Ohio.
TEMPORARY LOANS ISSUED DURING SEPTEMBER.
issued short term securities in the aggregate of
ING.
-F. A. Kilmer, Clerk Board of County Commissioners, will receive month of September the city
1658
THE CHRONICLE
452,650,000,all bearing 2;I', % interest, consisting of revenue bonds and bills,
tax notes and corporate stock notes, as follows:
Revenue Bills of 1924.
Nov.25 1924
Sept. 15
14,550,000
Amount.
Maturity. Date Issued. 1,820,000
Sept. 19
Jan. 2 1925
$6,000,000
Sept. 10 1924
Sept. 3 3,000,000
Dec. 30 1924
Sept.25
2 500,000
Dec. 4 1924
Water Supply.
Sept. 15
2,500,000
Maturity. Date Issued.
Dec. 11 1924
Sept. 15 Amount.
10,000,000
Sept. 12
Nov.25 1924
Jan. 5 1925
Sept. 15 $750 000
5,000,000
Dec. 12 1924
Nov.25 1924
500,000
Sept. 15
Sept. 15
6,000,000
Jan. 2 1925
Dec. 18 1924
350,000
Sept. 19
Sept. 15
1,000,000
Dec. 30 1924
150,000
Dec. 22 1924
Sept.25
Sept.24
Rapid Transit.
Special Revenue Bonds of 1924.
250,000
Dec. 15 1924
Sept. 12
1,500,000
Jan. 5 1925
Jan. 12 1925
150,000
Sept. 12
Sept.12
89,500
Nov.25 1924
Sept. 15
10,500
Nov.25 1924
Sept. 15
Tag Notes,
1,000,000
Jan. 2 1925
530,000
Sent. 19
Jan. 61925
Sept. 12
Dec. 30 1924
100,000
Sept. 25
150,000
Dec. 30 1924
Sept. 25
Corporate Stock Notes.
Dock Purposes.
Various Municipal Purposes.
$2,750,000
350,000
Nov. 25 1924
Sept. 25
Sept. 12
Dec. 15 1924
100,000
750,000
Sept. 12
Dee. 30 1924
Sept. 25
Jan. 5 1925
1,000,000
Sept. 15
Nov. 25 1924
NORTH HEMPSTEAD COMMON SCHOOL DISTRICT NO. 2
P. 0. East Williston), Nassau County, N. Y.
-BOND OFFERING.
Benjamin A. Griffin, District Clerk, will receive sealed bids until 8 1)• !IL
Oct. 15 for 485,000 454% coupon or registered school bonds. Denom.
41,000. Date Aug. 1 1924. Prin, and semi-ann. int. (F. & A.) payable
at the First Nat. Bank of Mineola. Due $5,000, Aug. 1 1926 to 1942 incl.
The bonds will be prepared under the supervision of the United States
Mtge. & Trust Co: of New York, which will certify as to the genuineness
of the signatures of the officials and the seal impressed thereon, and the
validity of the bonds will be approved by Hawkins, Delafield & Longfellow of New York. Certified check for 2% of the amount of bonds bid
for, payable to the Treasurer, required.
OBERLIN, Lorain County, Ohio.
-BOND OFFERING.
-Sealed bids
will be received by F. H. Foster, Village Clerk, until 12 m. Oct. 30 for
$30.000 514% street impt. bonds. Denom. $1,000. Date Sept. 1 1924.
Prin. and semi-ann. Int. (M. & S.) payable at the Oberlin Savings Bank
Co., Oberlin. Due $3,000. Sept. 1 1925 to 1934 Incl. Certified check
for 2% of the amount of bonds bid for, payable to the Village Treasurer,
required.
OCEAN BEACH, Suffolk County, N. Y.
-BOND OFFERING.
Bids were received by Curt P. Winuner, Village President, at public auction
at the office of Robins & Wells,9 East Main Street. Bay Shore, on Oct. 3,
at 4 v. m.for the purchase of the following issues of6% bonds:
$3,000 street inapt. bonds. Denom. $300. Due $300 Oct. 1 1925 to 1934
incl.
1,500 garbage plant bonds. Denom. $300. Due $300 Oct. 1 1925 to
1929 Incl.
1,500 fire engine bonds. Denom.$300. Due $300 Oct. 1 1925 to 1929 incl.
2,000 Midway Walk inapt. bonds. Denom. $200. Due $200 Oct. 1 1925
to 1934 incl.
Date Oct. 1 1924. Prin. and semi-ann. int. payable at the South Side
Bank of Bay Shore.
O'DONNELL INDEPENDENT SCHOOL DISTRICT (P. 0. O'Donnell), Lynn County, Tex.
-BONDS REGSITERED.-The State Comptroller of Texas on Sept. 25 registered $25,000 5% serial school bonds.
OLEAN, Cattaraugus County, N. Y.
-BOND OFFERING.
-Sealed
bids will be received until 8 p. m. Oct. 14 by A. E. Turner, City Clerk. for
$40,000 5% coupon General City bonds. Date Nov. 11924. Int. M.&N.
Due 45.000, Nov. 1 1926 to 1933 hacl. A prescribed form for proposals
will be furnished upon application at the office of the City Clerk. Certified
check for 2% of the amount of bonds bid for, payable to the City Treasurer, required.
OX CREEK SCHOOL DISTRICT, Rolette County, No. Dak.-CERTIFICATE OFFERING.
-Bids will be received until 2 p. m. Oct. 7 by Martin Retrum. District Clerk, at the County Auditor's office in Rolla for
$3,000 certificates of indebtedness. Int, rate not to exceed 7%. Denom.
$1,000. Date Oct. 7 1924. Due in 18 months. A cert. check for 5% is
required.
PAGE COUNTY (P.0.Clarinda), la.
-NOTE SALE
-CORRECTION.
-Geo. M. Bechtel & Co. of Davenport has purchased $50.000 5% tax
anticipation notes. Date June 11924. Due Dec. 31 1925. This corrects
the report given in V.119, p. 726.
PALERMO SCHOOL DISTRICT NO. 83, Mountrail County, No.
Dak,-CERTIFICATE OFFERING.
-Sealed bids will be received until
8 p. m. Oct. 14 by H. C. Halverson, District Clerk (P. 0. Palermo), for
45,0007% certificates ofindebtedness. Denom.$1,000. Duein 12 months.
A cert. check for 5% of bid required.
PALMDALE SCHOOL DISTRICT, Los Angeles County, Calif.
BOND SALE.
-The $14,000 534% school bonds offered on Sept. 15-V.
-were purchased by R. E. Campbell Co. at a premium of
119, p• 1315
$30,600, equal to 102.19-a basis of about 5.14%. Date Sept. 1 1924.
Due $1,000 Sept. 1 1925 to 1938 incl. Other bidders were:
Premium. NameNamePremium.
M.H.Lewis & Co.. Los Ang. $1300
Waite H. Stephenson & Co.,
Oakland
$173 30 Bank of Italy. San Francisco_ 298 00
Dean Witter & Co.San Fran_ 168 00 Freeman,Smith & Camp Co.,
306 60
San Francisco
R.E. Campbell Co
240 00
Wm.R.Staats Co.,Los Ang_ 161 00 Howard G.Rath Co..Los Ang 226 00
PALMER, Merrick County, Neb -BOND ELECTION.
-An election
will be held on Oct. 10 to vote on the question of issuing $9,000 bonds.
-BOND ELECTION.
PALMETTO, Manatee County, Fla.
-An election will be held on Oct. 7 to vote on the question of issuing $12,000 park
bonds. Interest not to exceed 6%.
-BOND SALE CORRECTION.
PARK RIDGE, Bergen County, N. J.
-In our issue of Sept. 13. page 1313, we reported that the whole $200.000
coupon or registered bonds offered on Sept. 8 had been sold to the First
We
National Bank of Park Ridge as 5s at 102.61, a basis of about 4.81%.
-which mature on Sept. 1 as follows:
now learn that only $195.000 bonds
$4.000, 1926 to 1938. Incl.: $5,000, 1939 to 1946, incl.; $6,000, 1947 to
1963, incl., and $1,000, 1944, had been sold to that bank as 55 at 102.61,
a basis of about 4.82%. The bonds are dated Sept. 1 1924.
PERRYSVILLE VILLAGE SCHOOL DISTRICT (P.O. Perrysville),
-BOND OFFERING.
-Sealed bids will be reAshland County, Ohio.
ceived by L. I. Yarnell, Clerk Board of Education. until 12 m. Oct. 17 for
$2,000 536% school bonds. Denom. $250. Date Oct. 15 1925. Prin.
and semi-ann. int.(M. & S. 15) payable at the office of the Clerk Board
of Education. Due $250 each six months from March 15 1926 to Sept. 15
1929 incl. Certified check for $100, payable to the Board of Education,
required.
-BOND SALE.
PELHAM MANOR, Westchester County, N. Y.
The 430,000 coupon or registered highway improvement Series No.35 bonds
offered on Sept. 13(V. 119. ro• 843) were awarded on Sept. 15 to Sherwood
& Merrifield, Inc., of New York, as 4345, at 101.43-a basis of about
4.38%. Date Oct. 1 1924. Due $1,500 yearly Oct. 1 1925 to 1944, incl.
PELHAM UNION FREE SCHOOL DISTRICT NO.1 (P.O. Pelham),
-Sealed bids will be
Westchester County, N. Y.
-BOND OFFERING.
received by Kneeland S. Durham, Clerk Board of Education, until 8:30
p.m. Oct. 16 for th following issues of coupon bonds not to exceed 5% int.:
4365,000 Issue "L," Due yearly on Oct. 1 as follows: $12,000, 1930 to
1954 incl., and 413.000, 1955 to 1959 incl.
182.000 Issue "M." Due yearly on Oct. 1 as follows: $6,000, 1930 to
1957 incl., and $7,000, 1958 and 1959.
Denom. 91,000. Date Oct. 1 1924. Int. A. & 0. Legality approved
by Clay & Dillon of New York. Certified check for 5% of the amount of
bonds bid for, payable to Alfred L. Gamber, Treasurer, required.
PIKE COUNTY (P. 0. Magnolia), Miss.
-WARRANT OFFERING.
Sealed bids will be received until Oct. 6 by Charles E. Brumfield. Clerk of
Board of Supervisors, for $27,500 6% loan warrants.
PERTH AMBOY, Middlesex County, N. J.
-BOND SALE.
-The
three issues of 434% coupon or registered bonds offered on Sept. 29(V. 119.
D. 1429) have been sold, the First National Bank of Perth .Amboy taking
the first issue given below at 100.26.5 basis of about 4.48%, and M. M.
[voL. 119.
Freeman & Co. of Philadelphia the other two issues at 100.13, a basis of
about 4.47%, and 100.14. a basis of about 4.47%, respectively:
$48,000 series "Q" water bonds maturing $2,000 Oct. 1 1926 to 1949 incl.
34,000 street impt. bonds maturing Oct. 1 as follows: $3,000, 1925 to
1930 incl., and $4,000, 1931 to 1934 incl.
15,000 general inapt. bonds maturing Oct. 1 as follows: 42,000, 1925 to
1929 incl., and $1,000, 1930 to 1934 incl.
Denom. $1,000. Date Oct. 11924.
PITT COUNTY (P. 0. Greenville), No. Caro.
-BOND OFFERING.
Sealed bids will be received until 9 a. m. Oct. 4 by J. C. Gaskins, Clerk of
Board of County Commissioners, for $100,000 5% school bonds. Denom.
$1,000. Date Oct. 1 1924. Prin. and semi-ann. int. payable at the
National Bank of Commerce, New York. Due Oct. 1 as follows: $2,000,
1925 to 1934, incl.: 43,000, 1935 to 1944, incl., and $5,000. 1945 to 1954,
incl. A certified check for 2% of bonds bid, payable to the County Commissioners, is required.
PLEASANT RIDGE (P. 0. Detroit), Wayne County, Mich.
-BOND
SALE.
-On Sept. 15 Matthew Finn of Detroit purchased $7,645 6%
paving bonds for $7,654 10
-equal to 100.11-a basis of about 5.97%•
Date Sept. 15 1924. Int. semi-ann. Due $1,529 yearly on Sept. 15
1926 to 1930. incl.
PLEASANT RIDGE (P. 0. Detroit), Wayne County, Mich.
-Sealed bids will be received until 8p. m. Oct. 6 by
BOND OFFERING.
G. L. Wessinger, Village Manager, for the purchase of the following issues
of special assessment bonds not to exceed 6% interest:
42,549 District No. 20 sidewalk bonds. Denom. $509 80. Due $509 80
Oct. 1 1926 to 1930. inclusive.
2.500 District No. 19 highway boilds. Due $500 Oct. 1 1926 to 1930,incl.
Date Oct. 1 1924. Certified check for $250 required.
PONTIAC, Oakland County, Mich.
-BOND SALE.
-The $35,000
434% special assessment paving bonds offered on Sept. 29(V. 119, p. 1535)
were purchased by the Detroit Trust Co. of Detroit at par plus a premium
of $37 50, equal to 100.107-a .basis of about 4.45%. Date Oct. 11924.
Due $7.000 Oct. 1 1925 to 1929, inclusive.
POPE COUNTY (P.O. Glenwood), Minn.
-ADDITIONAL DATA.
The $152,000 county road bonds purchased by the Minneapolis Trust Co.
of Minneapolis, as stated in V. 118, p. 1951. are described as follows:
Interest rate,
%. Int. A. & 0. Due 1935 to 1945, incl.
PORTLAND, Multnomah County, Ore.
-BOND SALE.
-The $177,0005% city bonds offered on Sept. 30 V. 119, p. 1535) were purchased by
Freeman, Smith & Camp Co. of Portland and Wm. R. Compton Co. of
Chicago at 104.69, a basis of about 4.48%. Date Oct. 11924. Due Oct. 1
as follows: $7,000, 1927, and $10,000, 1928 to 1944 incl.
PORTSMOUTH,Scioto County, Ohio.
-BOND ELECTION.
-At the
general election to be held on Nov. 4 the electors will be asked to vote
on the question of issuing $500,000 public offices and public purposes
construction bonds.
-BOND OFFERING.
PORT TAMPA, Hillsborough County, Fla.
Sealed bids will be received until 8 p. m. Oct. 15 by (Mrs.) Claudia Crosby,
City Clerk, for $50,000 6% impt. bonds. Denom. $1.000. Date July 1
1924. Due 45,000 yearly on July 1 from 1925 to 1934, incl. A certified
check for 2%,payable to the City Treasurer, is required.
PROVIDENCE, R. I.
-BOND SALE.
-A syndicate composed of Put-.
nam & Storer, Inc., of Boston, and Redmond & Co., R. W. Pressprich
& Co. and Phelps, Fenn & Co of Now York has been awarded the following issues of coupon or registered 4% bonds offered on Sept. 26-on an all or none bid of 99.419, a basis of about 4.03%.
V. 119, P. 1429
$500,000 school loan. Due Oct. 1 1954.
1,500,000 water supply loan. Due Oct. 1 1964.
Date Oct. 1 1924. Following is a list of the bids received:
Putnam & Storer, Inc., Redmond & Co., R. W. Pressprich & Co.
99.419
and Phelps, Fenn & Co
99.34
Estabrook & Co. and R.L. Day & Co
White, Weld & Co.. Curtis & Sanger, Blodget & Co. and Roosevelt
99.20
& Son
Eldredge & Co., Kean. Taylor & Co., E. H. Rollins & Sons, and
99.171
L. F. Rothschild & Co
Dillon, Read & Co., Keane, Higble & Co., Inc., and A. M. Lam99.1597
pert & Co., Inc
Harris,Forbes & Co
99.13
William R. Compton & Co., Brown Bros. & Co., Barr Bros. & Co.,
Inc., R.I. Hospital Trust Co. and C. A. Kilvert & Co
99.07
98.575
A. B. Leach & Co., Inc
Industrial Trust Co
98.796
The above bids are "for all or none" with the exception of the bid of the
Industrial Trust Co. of Providence. which bid for only $500,000.
QUINCY, Norfolk County, Mass.
-BOND SALE.
-F. B. Moseley &
Co. of Boston have purchased $52,000 43,1% school bonds at 101.47.
Int. J. & D. Due 1 to 13 years.
RALLS, Crosby County, Tex.
-BONDS REGISTERED-The State
Comptroller of Texas on Sept. 22 registered $50,000 6% serial water works
improvement bonds.
RESERVE, Brown County, Kan.
-BOND SALE.
-The $14,500 water
works bonds voted at a recent election, as stated in V. 119. p. 610, have been
purchased by the State School Fund,
RHAME SCHOOL DISTRICT NO. 17, Bowman County, No. Dak.CERTIFICATE OFFERING.
-Bids were received until 2 p. m. Oct. 3 by
Mrs. R. C. O'Connell, District Clerk, at the office of the County Auditor
in Bowman for $3,000 7% certificates of indebtedness. Due April 3 1926.
A certified check for 5% required.
-The following
ROANOKE, Roanoke County, Va.-BOND SALE.
-were purchased
% coupon bonds offered on Sept. 26-V. 119, p. 1315
by C. W. ivicNear & Co.. H. L. Allen & Co.. Austin. Grant & Co., Inc.,
and B. J. Van lngen & Co.. all of New York, and the Federal Securities
Corp.of Chicago. at 101.03-a basis of about 4.44%:
$300,000 school bonds. Due July 11954.
300,000 street improvement bonds. Due on July 1 as follows: $23,000
1926 to 1937 and $24,000. 1938.
525.000 bridge bonds. Due July 1 1954.
350,000 sewer and drainage bonds. Due July 11954.
40,000 detention home bonds. Due July 11954.
Date July 1 1924. Legality approved by John C. Thomson of Now York
City.
Financial Statement.
Actual value of taxable property, estimated
4137,000,000
Assessed valuation, 1924
' 68,113,098
Net bonded debt
5,698,387
Population, 1920(U. S. census), 50,842.
ROCKWALL INDEPENDENT SCHOOL DISTRICT (P. 0. Rockwall), Rockwall County, Tex.
-The State
-BONDS REGISTERED.
Comptroller of Texas registered $50,000 534% serial school bonds on
Sept. 22.
ROCHESTER, N. Y.
-NOTE OFFERING.
-Sealed bids will be received
by J. C. Wilson, City Comptroller. until 2:30 p. m. Oct. 7 for City of
Rochester notes, as per ordinances of the Common Council Sept. 23 1924,
as follows:
$400,000 Subway railroad.
100,000 Subway construction.
400,000 Local improvement.
Notes will be made payable five months from Oct. 10 1924 at the Central
Union Trust Co., New York City, will be drawn with interest, and will be
deliverable at the Central Union Trust Co.. 80 Broadway, New York City,
Oct. 10 1924. Bidder to state rate of interest, designate denominations
desired, and to whom (not bearer) notes shall be made payable.
ROME TOWNSHIP RURAL SCHOOL DISTRICT, Lawrence
County, Ohio.
-At the general election Nov. 4,
-BOND ELECTION.
the question of issuing $2,000 school bonds will be submitted to the electors
of this district.
RYE, Westchester County, N. Y.
-Sherwood & Merri-BOND SALE.
field. Inc., of New York, have been awarded the *16.000434% coupon or
registered disposal plant bonds offered on Oct. 1 (V. 119, p. 1535) at 101.45
-a basis of about 4.29%. Date Sept. 1 1924. Due $1,000 yearly on
Sept. 1 from 1925 to 1940,inclusive. The following bids were also received:
Carl II. Pforzheimer & Co_ __100.84 Illigelow & Co
101.25
G
Geo. B. Gibbons & Co.,Inc..101.31, Union National Corporation_ -100.41
Westcott, Kean & Parrott_- _100.823
OCT. 4 1924.]
THE CHRONICLE
1659
ST. CLAIRSVILLE, Belmont County, Ohio.
-BOND OFFERING.
- 50,000 tuberculosis hospital bonds, dated Aug. 1 1924. Denom. $1,000
Sealed proposals will be received until 12 in. Oct. 24 by Buena Nikolaus,
each, maturing $25,000 on Feb. 1 in each of the years 1941 and
Village Clerk, for $8,481 92 6% Newell Ave. special assessment bonds.
1942, incl.
Denom. $1,200 and one for $1,281 92. Date July 11924. Int. A. & 0.
SCHLESWIG, Crawford County, Iowa.
-BOND SALE.-Geo. M.
Due yearly on Oct. 1 as follows: $1,200, 1925 to 1930 incl., and $1,281 92.
1931. Certified check for 10% of the amount of bonds bid for, payable Bechtel & Co. of Davenport have been awarded $20,000 water works bonds
as 431s. Due in 20 years, optional after 5 years.
to thd Village Treasurer, required.
SCOTT COUNTY (P. 0. Davenport), la.
-ADDITIONAL DATA.
ST. JOSEPH. Mo.-BOND SALE NOT COMPLETED-RE
-OFFERED The two issues of bonds offered and sold on April 25-V. 118. p. 2097 -to
-The sale of $150,000 4j judgment funding bonds to the Continental &
AND SOLD.
%
Paine, Webber & Co. of Chicago at 100.83, a basis of about 4.66%, on scribed as follows: Commercial Trust & Sayings Bank of Chicago are deMarch 12 (see V. 118. p. 1309). was not completed. The bonds were re- $450,000
% funding bonds. Int. M.& N. Due May 1 1933 to 1944 incl.
offered on Aug. 4 and sold to the Wm. R. Compton Co. of St. Louis at
750,000 5% road bonds. Due May 1 1925, 1926 and 1927.
102.49,a basis of about 4.48% (see V. 119, p. 727). Date March 1 1924.
Due $10,000 yearly on March 1 from 1929 to 1943, incl.
SHAKER HEIGHTS, Cuyahoga County, Ohio.
-BOND SALE.
Halsey, Stuart & Co. of Chicago have purchased the $234,300 5% coupon
SAGINAW, Saginaw County, Mich.
-BOND OFFERING.
-Sealed special assessment bonds offered on Sept. 25 (V. 119, p. 1203) at par and
received by Geo. C. Warren, City Comptroller, until accrued interest plus a premium of $6,250, equal to 102.66-a basis of
proposals will be
?() a. m. (Eastern standard time) Oct. 14 for the purchase of $5,920,000 about 4.45%. Date Oct. 1 1924. Due yearly on Oct. 1 as follows: 523.300,
'General Water Bonds,' representing the portion to be issued out of the 1925: $23,000, 1926 and 1927: 524,000. 1928; $23,000. 1929: $24,000, 1930;
$5,959,000 voted at an election held on June 2 (see V. 119,-p. 1315), the $23,000, 1931: $24,000, 1932; 523,000, 1933, and 524.000,_1934.
reduction in the amount voted by the people resulting from the issuance
SHELBY, Richand County, Ohio.
-BOND OFFERING -Until
of bonds recently, it is stated, the proceeds of which are being used in
the project. Bonds will mature serially, $148.000 on Boy. 1 1925 to 12 in. Oct. 20 sealed bids will be received by Bert Fix. Director of Finance,
1964 incl., will be dated Nov. 1 1924, will be of the denomination of $1,000 for 55.167 6% street impt. bonds. Denom. $500 and one for $667. Int.
each, and will bear interest at the rate of 434% payable semi-ann.(M.& N.) semi-ann. Due yearly on Sept. 1 as follows: $1,167. 1925, and $1,000.
in each year. Both prin. and int. payable in lawful money of the United 1926 to 1929 incl. Certified check for 10% of the amount of bonds bid
States of America, at the office of the City Treasurer, or at its current for, payable to the Director of Finance, required.
official bank in the City of New York, at the option of the holder. The
SHERIDAN, Sheridan County, Wyo.-BOND SALE.-Benwell &
bonds will be issued in coupon form with the privilege of registration as
Denver have purchased $50,000 refunding sewer bonds at 100.25.
to principal only, or as to both prin. and int. Bonds will be delivered Co. of
SMITH VILLE, Wayne County, Ohio.
-The following
without expense to the buyer for engraving and printing at a bank or
-BOND SALE.
trust company in N. Y. City to be designated by the City, and will be two issues of 534% bonds offered on Sept. 27 (V. 119, p. 1203) have been
sold subject to the approval of bidder's own attorney; however, should sold to the Farmers & Merchants Bank of Smithyille at par and accrued
such attorney not approve and the City shall secure the unqualified approval interest plus a premium of $80. equal to 101.14-a basis of about 5.24%:
of John C. Thomson, N. Y. City, the bidder shall take the bonds and 55,914 95 village's portion paying bonds. Denom.$714 95 and $650. Due
Sept. 1 as follows: $714 95, 1925, and 5650, 1926 to 1933, incl.
pay for such opinion. The bidder will be required to take up and pay
for the bonds on Nov. 1 1924 or as soon thereafter as bonds are ready for
1,916 65 special assessment bonds. Denom. $11665 and $200. Due
Sept. 1 as follows: 5110 65, 1925, and 5200, 1926 to 1934, incl.
delivery and to pay accrued interest from the date of the bonds at the
rate borne by the bonds. Each bid must be accompanied by a certified
Date Sept. 1 1924.
check upon a duly incorporated, solvent bank or trust company, payable
SMITHTOWN (TOWN) UNION FREE SCHOOL DISTRICT NO. 1
to the order of the City Treasurer, in the sum of 2% of the par value of
-BOND OFFER(P. 0. Smithtown Branch), Suffolk County, N. Y.
the bonds bid for.
ING.
-Until 1 p. m. Oct. 13 sealed bids will be received by Frank E.
Financial Statement Aug. 30 1924.
Brush, Clerk Board of Education. for 5260,000 4% coupon or registered
Gross Debt
school bonds. Denom. $1,000. Date Nov. 1 1924. Prin. and semi-ann.
Total bonds outstanding, including all special assessment
int.(J. & J.) payable at the Bank of Smithtown. Due on Jan. 1 as follows:
bonds so-called, and water bonds
$3,389,000 00 53,000, 1926 and 1927; $4,000, 1928 and 1929; $5,000, 1930 to 1933 incl.;
Floating debt
56.000. 1934 to 1936 incl.; $7,000. 1937 to 1939 incl.; $8,000. 1940 and
Bonds authorized but not yet issued
1941; $9.000, 1942 to 1944 incl.; 510,000, 1945: 511,000, 1946: 512,000,
Trunk sewer bonds to be dated Aug. 1 1924
400,000 00 1947 to 1949 incl.; $13,000. 1950 and 1951: 514.000, 1952: 515,000, 1953.
Water bonds to be dated Aug. 1 1924
30,000 00 and 516.000. 1954 and 1955. Certified check for 5% of the amount of
Street Improvement bonds to be dated Oct. 1 1924
200,000 00 bonds bid for required.
Sidewalk bonds to be dated Oct. 1 1924
30.000 00
General water bonds to be dated Nov. 1 1924
SOUTH BEND SCHOOL CITY (P. 0. South Bend), St. Joseph
5.920.000 00
-An issue of $200,000 43(% school bonds
-BOND SALE.
County, Ind.
Total debt,incl. all bonds authorized but as yet unissued_S9.969,000 00 has been sold to J. F. Wild & Co. of Indianapolis at 105.96. Int. J. & J.
Deductions
Due 10-19 years.
Sinking funds (not applicable to water bonds)_- $468,522 90
SOUTHEAST ARKANSAS LEVEE DISTRICT (P. 0. Arkansas
Water bonds
-Now outstanding. _5780.000 00
-Sealed bids will be received until 12 m.
-BOND OFFERING.
City), Ark.
To be issued
950,000 00
Oct. 7 by, H. Thane, Secretary. Board of Directors, for $300,000 levee
6,730.000 00
bonds. Bidders to name interest rate, maturities and place of payment.
check for 51.000 required.
Total deductions
7.198,522 90 A certified
SPRINGFIELD CITY SCHOOL DISTRICT (P. 0. Springfield),
Net debt incl. all auth. but as yet unissued bonds, incl.
-At the special election held on
Greene County, Mo.-BONDS VOTED.
special assessment bonds, so-called, but excluding water
-the voters authorized the issuance of 5150,000
Sept. 23-V. 119, p. 1203
bonds
$2,777,477 10 5% school building bonds by a vote of 3,020 for to 781 against. Due $37,500
Assessed val. for the purpose of taxation, for the year 1924_ _587,285.438 00 every 5 years.
Percentage of net debt to assessed valuation
3.18%
-BOND SALE.
-A syndiSPRING WELLS, Gogebic County, Mich.
Tax rate 1924. city tax, $12 67; school tax, $11 94. Population (U. S.
of Watling, Lerchen & Co. of Detroit, Hornblower & Weeks
Census 1920), 61,903. Added by annexation of a part of the Township cate composedStranahan, Harris & Oatis, Inc., of Toledo, and the Bank of
of New York,
of Buena Vista, Feb. 24 1920. U. S. Census figures for annexed territory. Detroit,
purchased 5400,000 434% water works extension
3,745: making a total population as of 1920, 65.648. Estimated present bonds at Detroit, has
100.38.
population.72,000. The present City of Saginaw is a consolidation effective
-BOND SALE NOT COMSTAMFORD, Delaware County, N. Y.
March 12 1890 of the former cities of Saginaw and East Saginaw, which
-The sale of the $20,000
-OFFERED AND SOLD.
cities were originally incorporated as cities In 1857 and 1859. respectively. PLETED
-BONDS RE
The city has never defaulted, it is stated, in the payment of the principal 5% sewer bonds to Geo. B. Gibbons & Co.. Inc., of New York, on July 23
or interest on any of its bonds. The above supers2des the notice appearing (see V. 119. p. 976), was not completed due to irregularities in the proIn V. 119, p. 1429.
ceedings. The bonds were re-offered and sold to the Ulster County Savings
Institution of Kingston at 101.75, a basis of about 4.77%. Due $1,000
SALEM, Marion County, Ore.
-BOND OFFERING.
-Sealed bids will Aug. 1 1925 to 1944, incl.
be received until 5 p. m. Oct. 6 by 4. Poulsen, City Recorder, for $25,-BOND DESCRIPSTEARNS COUNTY (P. 0. St. Cloud), Minn.
434 13 6% improvement bonds. Prin. and semi-ann. int. (A. & O.) j:Pyab13 at th,office of the City Treasurer. A certified check for 2% of bid re- TION-The following information has come to hand regarding the sale
of5125,000 road bonds to the Wells-Dickey Co.of Minneapolis on May 28quired.
.
V. 118, p.2862. Rate ofinterest, 434% Date May 1 1924. Int. M.& N.
SALT RIVER VALLEY WATER USERS' ASSOCIATION P. O. Price paid 100.24. Due until May 1 1944.
Phoenix), Ariz.
-ONLY PART OF BOND ISSUE MUNICIPAL IN
CHARACTER.
-Only part of the 54,743,000 6% bonds offered Aug. 28
-BOND SALE.
-The White
STORY COUNTY(P.O. Nevada), Iowa.
and sold to a syndicate composed of Rutter & Co. of New York and Mar- Phillips Co. of Davenport was awarded $40,000 434% road bonds.
shall Field, Glore, Ware & Co. and Stevenson, Perry, Stacy & Co.. both
of Chicago, and the Anglo-London-Paris Co., Freeman, Smith & Camp Co.
SUGAR CREEK TOWNSHIP SCHOOL DISTRICT (P. 0. Waynes-BOND OFFERING.
and Stephens & Co., all of San Francisco, at 97.64. notice of the sale of ville R. F. D. No. 1), Warren County, Ohio.
which was given in V. 119, p. 1362,consist of bonds of a municipal character, Sealed bids until 12 m. Oct. 18 will be received by F. A. Wright, Clerk
namely, $2,243,000, the other $2,500,000 being public utility bonds. The Board of Education for $12,000 534% school bonds. Denom. $800. Date
following are the particulars of the municipal portion:
Sept. 1 1924. Int. semi-ann. Due $800 Sept. 1 1926 to 1940 incl. Certi$665,000 Roosevelt Agricultural Improvement District No. 1 bonds. fied check for 1% of the amount of bonds bid for, payable to the Treasurer
required.
Date Aug. 11924. Int. F. & A. Due 535,000 yearly on Aug. 1
from 1936 to 1954 incl.
-The
SULLIVAN COUNTY (P. 0. Sullivan), Ind.
-BOND SALE.
1.578,000 Agricultural Improvement District No. 2 bonds. Date May 31 S11.813 50 5% L. F. Walters et al. road bonds offered on Sept. 30-V.
1924. Int. J. & J. Due yearly on Jan. 1 as follows: $61.000, 119, p. 1536
-were purchased by the Citizens Trust Co. of Sullivan at
1939; $65.000. 1940: $69,000, 1941: $73.000. 1942; $78,000, 1943; a premium of 5'395 75. equal to 103.34. Date Aug. 15 1924. Due every
$82.000. 1944; $87.000, 1945; $92.000. 1946: $98,000. 1947; six months beginning May 1 1925.
$104,000. 1948: $110.000. 1949: $117,000, 1950: 5124.000, 1951;
$131,000, 1952; $139.000, 1953, and 5148,000, 1954.
-BOND OFFERING.
SUMMIT COUNTY (P. 0. Akron), Ohio.
Coupon bonds of $1,000 denom., registerable as to principal. Prin. and Sealed proposals will be received until 12 m.(Central standard time) Oct.9
at. on both of these issues are payable at the Farmers' Loan & Trust Co.. by E. C. Janis, Clerk, Board of County Commissioners, for $120.000
New York, and the Anglo-California Trust Co., San Francisco. Non- 5% bridge construction and improvement bonds. Denom. $1,000. Date
callable. They are guaranteed unconditionally by endorsement, both as Oct. 11924. Prin. and semi-ann. int.(A. dr 0.) payable at the office of the
to principal and interest, by the Salt River Valley Water Users' Association. County Treasurer. Due 512,000 yearly on Oct. 1 1926 to 1935 incl. CertiThe bonds exclusively of a public utility character are:
fied check for 5% of the amount bid, payable to the Board of Co_nty Com$2,500,000 Salt River Valley Water Users' Association bonds. Int. F. & A. missioners, required.
Date Aug. 1 1924. Due yearly on Aug. 1 as follows: $416,000,
-Until
SWAMPSCOTT, Essex County, Mass.
-BOND OFFERING.
1938 and 1939, and $417,000, 1940 to 1943 incl.
8 p. m. Oct. 3, sealed bids were received by James W. Libby, Town TreasCoupon bonds of $1,000 denom., registerable as to principal. Prin. and urer, for the following issues of 4% coupon bonds:
semi-ann. int. payable at the Farmers' Loan & Trust Co., Nevr York City, $12.500 water bonds. Due yearly on Oct. 1 as follows: $1,500, 1925.
and Anglo-California Trust Co.. San Francisco, Cal. (trustee).
and 51.000. 9126 to 1936 incl.
(See also our "General Investment News" column on a preceding page.
17,500 sewer bonds. Due yearly on Oct. 1 as follows: 51,500, 1925
and $1,000, 1926 to 1941 Md.
Diego County, Calif.-RESL LT OF RECENT
SAN DIEGO, San
5.000 Stacey Brook sewer bonds. Due $1,000 Oct. 1 1925 to 1929 incl.
ELECTION-The result of an election held on Sept. 10 to vote on issuing
Denom. $1,000 and $50(1. Date Oct. 1 1924. Prin. and semi-ann.
f
our issues of bonds aggregating $4.475,000, is as follows:
$3,600,000 land acquisition, reservoir, dam and conduits bonds defeated int. (A. & 0.) payable at the First National Bank of Boston, Boston.
by a vote of 4.750 for to 7,488 against.
TEMPLE, Bell County, Tex.
-BONDS REGISTERED.
-On Sept. 22
400,000 land acquisition, reservoir, dam sites and pumning plant bonds $50,000 3% serial street paving bonds were registered by the State Compdefeated by a vote of 4,976 for to 6.743 against.
troller of Texas.
225,000 improving and completing Municipal Pier No. 2 bonds carried
TEXAS (State of).
-The State Comptroller
-BONDS REGISTERED.
by a vote of 11,398 for to 1,079 against.
. 250,000 municipal improvements in the Bay of San Diego bonds carried of Texas registered the following bonds:
Int.Rate. Due. Date Reg.
20 yearsAmount.
Place.
by a vote of 10,877 for to 1,448 against.
20 years Sept. 22
53.325 San Augustine County S. D. No.30______
SANDUSKY, Sandusky County, Ohio.
-BOND OFFERING.
tlz7; Serial
3,000 Wise County Common S. D. No.75
Sept. 22
Sealed bids will be received by Joseph Loth, City Treasurer, until 12 m.
1.000 Hale County Common S. D. No. 29
6 ,, 20 years Sept. 22
$22,000 5% water works pumping station
Oct. 20 for the purchase of
1,000 Hale County Common S. D. No. 27
6% 20 years Sept. 22
bonds. Denom. $1,000. Date Sept. 1 1024. Prin. and semi-ann, hit.
2,000 Collins County Common S. D. No. 29_ _ 5% 20 years Sept. 23
payable at the office of the City Treasurer. Due yearly on Sept. 1 as
2,000 Freestone County Common S. D. No.8_ _ -6% Serial
Sept. 26
follows: 51,000, 1926 to 1933, Ind., and $2,000, 1934 to 1940, mcI. Certi-On
-BONDS REGISTERED.
TEXL1NE, Dallam County, Tex.
fied check for 10% of the amount of bonds bid for, payable to the city, Sept.
27 the State Comptroller of Tesas registered $85,000 6% serial rerequired.
funding bonds.
SARATOGA COUNTY (P. 0. Saratoga Springs), N.
-The
TIMPSON, Shelby County, Tex.
-BONDS REGISTERED.
SALE.
-The following issues of 5% coupon or registered (at option of pur- State Comptroller of Texas registered $30,000
6% serial sewer and $10,000
chaser) bonds offered on Sept. 27-V. 119, p. 1429
-have been sold to 6% serial water works bonds on Sept. 22.
Bigelow & Co. of New York City at 111.92, a basis of about 4.06%.
-An
$65,000 highway bonds, dated Aug. 1 1924. Denom. $1,000 each maTURLOCK, Stanislaus County, Calif.
-BOND ELECTION.
turing $30,000 on Feb. 1 in each of the years 1943 and 1944, incl., election will be held on Oct. 28 to vote on the question of issuing 550.000
and $5,000 on Feb. 11945.
city hall bonds.
Y.
-BOND
1660
THE CHRONICLE
TUSCALOOSA, Tuscaloosa County, Ala.
-BOND SALE.
-Ward.
Sterne & Co. of Birmingham have purchased $109,000 6% public impt.
bonds at 102. Due $10,900 one to ten years.
UNION ROAD DISTRICT,Kanawha County, W.Va.-BOND SALE.
-The $120.000 514% coupon road bonds offered on Sept. 25-V. 119.
p. 1536
-were purchased by Braun. Bosw-rth & C .of Toledo at a premium
of $3,936. equal to 103.28. a basis of anout 5.10%. Date Jan. 1 1924.
Due Jan. 1 as follows: 86,000. 1926 to 1930 incl.; $7,000, 1931 to 1935
incl.; $9,000. 1936 to 1940 incl., and $10,000, 1941.
VANDERBURGH COUNTY (P. 0. Evansville), Ind.
-BOND SALE.
-The $60,000 434% Children's Guardians Home bonds offered on Aug. 25
-V. 119. p. 611-have been sold to J. F. Wild & Co. of Indianapolis at
102.66. a basis of about 4.17%. Date Feb. 1 1925. Due $3,000 yearly
on Feb. 1 1925 to 1944 incl.
An incorrect report, stating that "Evansville, Vanderburgh County,
Ind.," had sold the above 560,000 appeared in V. 119, p. 1312.
VERO, St. Lucie County, Fla.
-Sealed bids will
-BOND OFFERING.
be received until 8 p. m. Oct. 3 by H. G. Redstone, City Clerk, for 295,000
6% coupon city bonds. Denom. $1,000. Date Nov. 1 1924. Prin. and
semi-ann. int.(M. & N.) payable at the office of the United States Mtge.
& Trust Co., New York. Due on Nov. 1 as follows: $1,000. 1929 to
1933 Incl.: $2,000. 1934 to 1938 incl.; $3,000, 1939 to 1943 incl.: $6,000.
1944 to 1948 incl., and 17,000. 1949 to 1953 incl. Approving opinion of
John 0. Thomson, New York. A certified check for 31,000. payable to
the City Council, is required. Notice of this °Meting was given in V.119.
p. 1430; it is given again, as additional data have come to hand.
VOLGA INDEPENDENT SCHOOL DISTRICT (P. 0. Volga),
Brookings County, So. Dak.-BOND OFFERING.
-Sealed bids will
be received until 8 p. in. Oct. 10 by C. 0. Lee, District Clerk, for $32,000
.61:M school building bonds. Date Oct. 1 1924. Int. A. & 0. Due
Oct. 1 1944. The approving opinion of Lancaster, Simpson. Junell &
Dorsey will be furnished by the District. A certified check for 5%,
payable to the District Treasurer, is required. These bonds carried by
a vote of 168 "for" to 70 "against" at the election held on Sept. 17V. 119. p. 1316.
-CERTIFICATE & WARRANT
WACONIA, Carver County, Minn.
SALE.
-The Farmers State Bank was awarded 825,000 water work certificates of indebtedness and $20,000 sewer warrants.
-BOND SALE.
-The followWALTHAM, Middlesex County, Mass.
ing two issues of 4% bonds offered on Sept. 22-V. 119, p. 1430
-have
been sold to F. S. Moseley & Co. of Boston at 100.71, a basis of about
3.91%;
$86.000 Police Building bonds. Due $5,000 Oct. 1 1925 to 1930 incl., and
$4,000 Oct. 1 1931 to 1944 incl.
103.000 Lake Street School bonds. Due $6,000 Oct. 1 1925 to 1927 incl.,
and 55.000 Oct. 1 1928 to 1944 incl.
The bonds are dated Oct. 1 1924.
WELLSTON, Jackson County, Ohio.
-BOND OFFERING.
-Sealed
Proposals will no received until Oct. 18 by H. 0. Kessinger, Chairman of
Finance Committee, at the office of the City Auditor, for the purchase
of the following issues of 534% assessment bonds:
37,351 27 East Fourth St. Inapt. bonds. Denom. $800 and one for
3951 27. Due yearly on Sept. 15 1926 to 1934 incl.
12.652 85 West Broadway street inapt. bonds. Denom. $1.400 and one
for $1.352 85. Due yearly on Sent. 15 1925 to 1934 incl.
3,178 00 East Eighth St impt. bonds. Denom. $350 and one for $378.
Due ye arlv on Sept. 15 1926 to 1914 iacl.
Date Sept. 15 1924. Int. M. Zz S. 15. Certified check for 5% of the
amount of bonds bid for, payable to the City Treasurer, required.
WEST DEER TOWNSHIP SCHOOL DISTRICT (P. 0. Tarentum
-BOND OFFERING.
-Sealed
R. F. D. No. 21, Allegheny County, Pa.
bids will be received by R. W. Hemphill, Sec. Board of Directors, until
7 p. m. Oct. 13, at which time they will be opened at a meeting of the
Board of Directors at the Y. M. C. A. Bldg., Curtisville, for the purchase
cf 360,000 414% coupon school bonds. Denom. 31.000. Date Oct. 1
1924. Int. semi-ann. Due 310,000 Oct. 1 1926, 1928, 1930, 1932. 1934
and 1936. Certified check for $1,000, payable to the Treasurer School
Board, required.
WEST TALLAHATCHIE ROAD DISTRICT, Tallahatchie County,
Miss.
-BOND SALE.
-The Central State National Bank of Memphis has
purchased 8200.000 6% road bonds. Denom. $1,000. Date Sept. 1 1924.
Prin. and semi-ann. int. (M. & S.) payable at the Chemical National
Bank. New York. Due 1931 to 1949 incl. Legality approved by Charles
& Rutherford of St. Louis.
Financial Statement.
Estimated real value
310,000,000
Assessed value,1923
5.401.517
Total bonded debt,including this issue
300 000
Population, official estimate, 15,030.
WEST VIEW SCHOOL DISTRICT (P. 0. West View), Allegheny
-The 3150,000 434% school bonds offered
-BOND SALE.
County, Pa.
-have been sold to J. H. Holmes & CO. of
on Sept. 29-V. 119. p. 1316
Philadelphia at 103.826, a basis of about 4.28%. Date July 1 1924.
Due July 1 1954.
WESTERVILLE, Franklin County, Ohio.
-BOND OFFERING.
Sealed hhis a-111 h. received by Richard Biehl. City Manager, until 12 m.
Oct. 17 for $5,000 534% filtration plant bonds Denom. 2500. Date
Sept. 1 1924. Int. A. & 0. Due $500 Oct. 1 1925 to 1934 incl. Certified
check for 1% of the amount bid, payable to the City Treasurer, required.
WEWOKA, Seminole County, Okla.
-BONDS VOTED-COMMISSION MANAGER GOVERNMENT ADOPTED.
-At a recent election
the voters authorized the issuance of $150,000 water bonds by a majority
of 2 to 1. At the same time the voters sanctioned the establishing of a
commission managerial form of government.
WHARTON COUNTY CONSERVATION AND CONSERVATION
DISTRICT (P. 0. Wharton), Tex.
-BOND SALE.
-The 5540,000 6%
county obligation bonds offered on Sept. 30-V. 119. 13. 1537
-were purchased by W. L. Slayton & Co. and Prudden & Co., both of Toledo, and
M. W. Elkins & Co. of Little Rock at a premium of $24,501. equal to
104.53.
WHETSTONE RURAL SCHOOL DISTRICT (P. 0. Galion R. F. D.
No. 6), Crawford County, Ohio.
-The Well. Roth &
-BOND SALE.
Irving Co. of Cincinnati have purchased the $10,000 6% school bonds
offered on Sept. 29-V. 119. p. 1430
-at 103.85, a basis of about 5.16%.
Date Sept. 1 1924. Due $1,000 yearly on Sept. 1 1925 to 1934 incl.
Other bidders were:
Premium.
Premium.!
J. C. Mayer & Co., Cin_ _ _ _5130 00IDurfee, Niles & Co.. Toledo_$350 80
Stranahan, Harris & Oatis,
I The Farmers' State Bank,
Toledo
150 00
364 001 New Washington
State Teachers' Retirement
I Ryan, Bowman & Co., Tol_ 254 00
System. Columbus
935 00'The Canton Bond & Inv. Co_ 345 40
A. T. Bell & Co.. Toledo_ _ _ _ 337 681Spitzer. Rorick & Co.. Tol
377 00
WHITE PLAINS, Westchester County, N. Y.
-The
-BOND SALE.
$575,000 434% registered school bonds offered on Sept. 29(V. 119. p. 1430)
have been sold to Roosevelt St Son and Remick, Hodges & Co., of New
York, at 102.208-a basis of about 4.10%. Date Oct. 1 1924. Due
$23,000 yearly on Oct. 1 from 1934 to 1958, inclusive.
WICHITA COUNTY COMMON SCHOOL DISTRICT NO. 9 (P. 0.
Wi.-hita Falls), Tex.
-BONDS REGISTERED.
-The State Comptroller
of Texas registered 530.000 6% serial school bonds on Sept. 23.
-BOND OFFERING.
WILLARD, Huron County, Ohio.
-Sealed proposals will be received until 12 m. (Eastern standard time) Nov. I. by
Ed. A. Evans, Village Clerk, for 362,000 51.4% electric light and water
works bonds. Denom. $1,625 and two for $1,750. Date Oct. 1 1924.
Prin. and semi-ann. int. payable at the office of the Village Clerk. Payable in thirty years from date. Certified check for 1% of the amount of
bonds bid for, payable to the Village Clerk, required.
WILMINGTON, Clinton County, Ohio.
-BOND SALE.
-Otis & Co.
of Cleveland have been awarded the following issues of 5.16% coupon bonds
offered on Sept. 25 (V. 119. p. 1431). for $43.335, equal to 102.44-a basis
of about 4.94%:
518,000 South St. improvement bonds, maturing $2,000 yearly Sept. 1
1925 to 1933, inclusive. Denom. $1.000.
12.600 Truesdale St. improvement bonds, maturing $1,400 yearly Sept. 1
1925 to 1933, inclusive. Denom. $1,000 and $400.
4,500 Columbus St. improvement bonds, maturing $500 yearly Sept.
1925 to 1933, inclusive. Denom. $500.
7,200 South Mulberry St. improvement bonds, maturing $800 yearly
Sept. 1 1925 to 1933. inclusive. Denom. $800.
Date Sept. 1 1924.
WOODLYNNE SCHOOL DISTRICT (P. 0. Camden), Camden
-Sealed bids will be received by
-BOND OFFERING.
County, N. J.
A. H. Cox. District Clerk, until 8 p. M. Oct. 14 for an issue of 5% school
bonds not to exceed 340,000, no more bonds to be awarded than will
produce a premium of $1,000 over $40,000. Denom. 31.000. Date
Sept. 1 1924. Due 32.000. 1926 to 1942 incl., and 53,000, 1943 and 1944.
clertified check for 2% of the amount of bonds bid for, payable to the
Board cf Education, required.
CANADA, its Provinces and Municipalities.
CALGARY, Alta.
-BOND SALE.
-An issue of $698,203.48 514% 30-yr.
bonds was recently sold to Ames, Emerich & Co.. A. G. Becker & Co. and
Keane, Hughes & Co., all of Chicago, at 98.52 American funds, which is
equal to a cost basis of 5.60%•
-W.C. Brent & Co., Ltd., of Toronto
CAYUGA, Ont.-BOND SALE.
-installment bonds at 100.66, the
have purchased the 516.650 514% 20
money costing 5.43%. The bids were as follows:
W.C. Brent & Co
100.68 Matthews & Co
99.17
Bird, Harris & Co
99.60 Macneill, Graham & Co
99.11
Municipal Bankers Corp
99.17
-BOND SALE.
GLACE BAY, N. S.
-Johnston & Ward of Halifax
have purchased an issue of 325,000 reservoir construction bonds at 94.50.
-InstallGORE BAY, Ont.-BOND SALE.
-An issue of $25,000 6% 30
ment bonds, guaranteed by the Province of Ontario, was purchased by the
Royal Securities Corp. of Toronto at 109.51, the money costing 5.17%•
Bids were as follows:
106.378
Royal Securities Corp., Ltd..109.51 R. II. Bain & Co
107.69 McLeod, Young, Weir & Co. 106.17
Wood, Gundy & Co
106.16
Dyment, Anderson & Co_ _ _ _107.66 Bird, Harris & Co
103.31
107.24 W.C. Brent & Co
C. H. Burgess & Co
107.11
Macneill, Graham & Co
NEW LOANS
NEW LOANS
We Specialize in
$331,054.02
City of Philadelphia
38
/
1
2
3 s
4s
4Vis
5
42
5s
ts
wi
/
51 2s
City of Minneapolis
Biddle & Henry
tea
South Fifth Street
Philadelphia
Private Wire to New York
,
Call Cana 5437
BALL,ARD & COMPANY
Martfers New York Stock Exchange
HARTFOR
Connecticut Sectuitiss
[vol.. 119.
SPECIAL STREET IMPROVEMENT
BONDS.
Notice is hereby given that the Committee on
Ways and Means of the City Council of the City
of Minneapolis, Minnesota, will se'l at a public
sale, at the office of the City Comptroller of said
City, on MONDAY, OCTOBER 20TH, 1924.
AT 2.00 O'CLOCK P. M., central standard
time, $331,054.02 Special Street Improvement
Bonds at a rate of interest not exceeding five
per cent per annum; to be dated October 1st,
1924; payable in equal annual installments as
nearly as practicable, as follows: $17,054.02
October 1, 1925: $17,000.00 October 1, 1926 to
1935, inclusive, and $16,000.00 October 1, 1936 to
1944, inclusive, the last payment to be made
October 1, 1944, and to be in $50.00, $100.00,
$500.00 or $1,000.00 denominations at the option
of the purchaser.
Sealed bids may be submitted until 2:00 o'clock
P. M.of the date of sale. Open bids will be asked
for after that hour. All bids must include accrued
interest from date of said bonds to date of delivery, and a certified check for Two Per Cent
of the par value of the bonds bid for, made to
C. A. Bloomquist, City Treasurer, must accompany bids. No bid will be considered for an
amount less than the par value of the bonds.
The right to reject any and all bids is hereby
reserved.
The approving opinion of John C. Thomson,
Attorney, will accompany these bonds. Circular
containing full particulars will be mailed upon
application.
DAN C. BROWN,
City Comptroller.
FINANCIAL
PUBLIC UTILITIES in
growing communities
overawed and financed
THEIR SECURITIES
offered to investors
MIDDLE WEST
UTILITIES CO.
Suite No. 1600
TM West Adams Se.
Chicago, Illinois
STOCKS AND BONDS
Bought and sold for cash, or carried on
conservative terms.
Inactive and unlisted securities.
Inquiries invited.
FINCH, WILSON & CO.
Formerly Mich & Tarim&
it
Members New York Stock Bechautie.
120 BROADWAY
NW YORK
OCT. 41924.]
THE CHRONICLE
HULL COUNTY, Que.-BOND OFFERING.
-Tenders will be received
until 12 m. Oct. 15 for the purchase of $16,000 5)4% 20
-year bonds, payable
at Hull. F. A. Labelle, Secretary-Treasurer.
-An issue of $50.000 5%
JOLIETTE, Que.-DEBENTURE SALE.
10
-year debentures was sold to Municipal Debentures Corp. of Montreal
at 98.85, the money costing 5.15%. Alternative bids were asked for 5%
-year bonds. Tenders were as follows:
-year and 554% 10 and 20
10 and 20
-5%
5)4%
10 Years. 20 Years. 10 Years. 20 Years.
Municipal Debentures Corp
98.85
96.07
J. G. Chevalier
100.604
100.381
Versailles, Vidricaire. Doulais, Ltd_98.09
97.01
101.52
101.02
L. G. Beaublen & Co
97.85
96.35
100.54
100.15
Mead & Co
95.11
100.83
Dominion Securities Corp
96.09
95.287
100.369
Hanson Bros
96.27
95.09
100.41
99.77
Le Pret Municipal, Ltd
95.99
95.14
99.70
100.22
Rene T. Leclerc, Inc
97.50
95.50
101.50
Wood, Gundy & Co
96.21
94.29
99.09
99.32
Credit Anglo Francais, Ltd
96.59
95.036
99.775
100.186
Credit Canadim. Inc
96.55
__ __
____
__ __
Bray. Caron & Dube. Ltd
99.77
1661
BOND SALE.
-The $525.000 5% bonds offered on Sept. 29-V. 119.
p. 1431-have been sold to Hanson Bros. and Greenshields & Co., Ltd.,
of Montreal, and Normand & Hamlin at 98.079. Date May 1 1924.
Due 1925 to 1964. incl.
TORONTO, Ont.-BOND SALE.
-The $1,500.000 Toronto Harbor
bonds offered on Sept. 26-V. 119, p. 1538
-were awarded to the Canadian
Bank of Commerce and Nesbitt, Thompson & Co. of Toronto as 454s at
95.3534, a basis of about 4.798%. Due Sept. 1 1953. The following
tenders were received:
Price.
Canadian Bank of Commerce and Nesbitt, Thomson & Co
95.3534
Kerr, Flemming & Co
94.545
Cochran, Hay & Co. Equitable Trust Co., New York, and McDonagh,Somers & óo
94.51
Wood, Gundy & Co
94.28
Dominion Securities Corporation
94.273
McLeod, Young & Weir and Kassell, Kinnicutt & Co
94.19
R. A. Daly & Co
94.13
Matthews & Co., Ltd
94.10
A. E. Ames & Co
94.09
Municipal Bankers' Cor oration
.
National City Co. and Harris, Forbes & Co
93.9193
MIDDLESEX COUNTY (P. 0. London), Ont.-BOND SALE.
- Bank of Montreal, First National Bank, New York. and Brown
Bros. & Co., New York
93.791
B. C. Matthews & Co. of Toronto have been awarded the $55,000 5%
-year installment road construction bonds offered on Sept. 30- Lee, Higginson & Co.. Boston: E. H. Rollins & Sons, Boston, enthrall's!
coupon 15
Bankers Trust Co.. New York
93.25
V. 119, p. 1518
-at 100.18. Date Sept. 30 1924. Int. annually on
Nov. 1. Due Nov. 1 1925 to 1939 inclusive.
TRAFALGAR TOWNSHIP, Ont.-DEBENTURE SALE.
-Matthews
PRINCE EDWARD ISLAND, Ont.-BOND SALE.-AccordIng to the & Co. of Toronto purchased $19,426 554% 19
-installment debentures at
Montreal "Gazette" of Sept. 27, the Prince Edward Island Government 101.88, the money costing 5.28%. Bids were as follows: .s.simai- Vol
successfully floated a $500,000 issue of 20
-year 434% bonds yesterday Matthews & Co
101.88 Bell. Gouinlock & Co
101.60
(Sept. 26). obtaining a I rice of 96.35 (a basis of about 4.79%). 1.10 higher C. H. Burgess & Co
101.76IWood, Gundy & Co
101.07
than the Dominion Government obtained the previous week. The success- Dyment, Anderson & Co
101.681
it ItenciFy r was the Iloyr1 Securities. Ltd., of Montreal.says the "Gazette."
The following is a description of the bonds: Denom. $1.000. Date
VANCOUVER, B. C.
-BIDS.
-The "Monetary Times" of Toronto on
Oct. 1 1924. Prin. and semi-ann. int. (A. & 0.), payable at the Bank of Sept. 19 reported the following as an official list of tenders for the $735.000
Montreal, Montreal,Toronto and Charlottetown, I'. E.I. Due Oct. 1 1944 bond issue sold to the Royal Financial Corp. of Vancouver at 97.482. as
Financial Statement.
stated in our issue of Sept. 13 on page 1317:
.:-, -. ., ;0 141
Assessed valuation for taxation (estimated)
$35.000,000
15 Yrs..40 Yrs.
Total funded debt (including this issue)
1,683,000 Royal Financial Corporation
97.48 98.199
Less sinking fund
312.000 Canadian Financiers Trust Co.. Gillespie. Hart & Todd,
Ltd.; W. H. Logan & Co.. V. W.'Odium & Co., and
Fai.,44
Net debt
Waghorn, Gwynn & Co
$1,371,000
97.43 97.43
Population. 88.615. Area. 2,184 square miles.
Pemberton & Son and Wood. Gundy & Co
96.79 96.79
Bell, Gouinlock & Co
96.68 96.38
ST. JOHN, N. B.
-BOND SALF.-An issue of $72.000 5%.25
-year Nesbitt, Thomson & Co.
95.76 95.76
school bonds has bdon sold to Thomas, Armstrong & Bell of St. John at Gairdner. Clarke & Co., and J. L. Goad & Co
McLeod, Young, Weir & Co.. and
'11 ...1 •P.4
4
101.01, the money costing 4.93%. Bids were as follows:
British-American Bond Corp
95.74 95.74
Thomas, Armstrong & Bell_ _101.01 Winslow & Winslow
98.66
94.53 94.53
J. M. Robinson & Sons
100.19 Dominion Securities Corp -96.775 Dominion Securities Corp
*96.58 *96.58
Eastern Securities Co
100.061
J. E. Price & Co
*9444 *94.44
SILLERY, Que.-DEBENTURE SALE.
-An issue of $85,000 554% Macneill, Graham & Co
92.00 92.00
10
-installment debentures was recently purchased by Bray, Caron &
U. S. funds only.
Dube. Ltd.
In addition to the Canadian bid, A. E. Ames & Co. tendered 95.13
THREE RIVERS, Que.-DEBENTURE OFFERING.
-Sealed tenders United States funds for bonds payable in United States.
The bonds were offered as follows:
will be received until 4 p. m. Oct. 13 by Arthur Nobert. Treasurer of the
School Commissioners, for $47,030 bonds of the School Commissioners for
Amount.
Term.
Purpose.
Maturing.
the city of Three Rivers. Delominations at option of purchaser. Data $200,000 00
15 years
Streets
July 1 1939
May 11924. Prin. and semi-ann. int. (M. & N.) payable at the office of
120,000 00
15 years
Main Street resurfacing
July 1 1939
the Bank of Montretl, at Three Rivers, Montreal. or Quebec. Due in 30
200,000 00
40 years
Sewers
July 1 1964
years. Alternative bids will be reclved (a) for 5% bonds and (b) for
150.000 00
40 years
Water-works
July 1 1964
514% bonds. Certified check for 1% of the amount of loan required.
40 years
65,000 00
Stanley Park Fire Protection
July 1 1964
NEW LOANS
NOTICE OF SALE
NEW LOANS
.
$5,920,000
CITY OF SAGINAW, MICHIGAN
41 2 GENERAL WATER BONDS
/%
SEALED PROPOSALS will be received by the City Comptroller of the City
of Saginaw, Michigan, until 10:00 in the forenoon (Eastern Standard Time)
Tuesday
October 14, 1924
for the purchase of $5,920,000 "GENERAL WATER BONDS" of said City'
same being part of an authorized issue of $5,959,000 voted by the Electors at an
election held Monday, June 2, 1924.
Said bonds will be a direct full faith and credit obligation of the City, maturing
serially $148,000 on the First Day of November of each year from 1925 to 1964
inclusive, dated November 1, 1924, will be of the denomination of $1,900 each,
will bear interest at the rate of 414 per cent per annum, payable semi-annually
on the First days of May and November in each year. Both principal and interest
payable in lawful money of the United States of America, at the office of the
Treasurer of the City of Saginaw or at its current official bank in the City of
New York, at the option of the holder. The bonds will be issued in coupon form
with the privilege of registration as to principal only, or as to both principal and
interest. Bonds will be delivered without expense to the buyer for engraving
and printing at a Bank or Trust Company in New York City to be designated by
the City. Bonds will be sold subject to the approval of bidder's own attorney,.
however,should such attorney not approve and the city shall secure the unqualified
approval of John C. Thompson, Esq., Attorney, New York City, bidder shall
take the bonds and pay for such opinion.
The bidder will be required to take up and pay for the bonds on November 1,
1924, or as soon thereafter as bonds are ready for delivery and to pay accrued
interest from the date of the bonds at the rate borne by the bonds.
Each bond must be accompanied by a certified check upon a duly incorporated, solvent Bank or Trust Company, payable to the order of the City Treasurer
of the City of Saginaw, Michigan, in the sum of 2 per cent of the par value of the
bonds bid for. Checks of unsuccessful bidders will be returned upon award of
bonds. No interest will be allowed upon the check of the successful bidder, and
such check will be retained to be applied in part payment for the bonds or to secure
the city against loss resulting from the failure of the bidder to comply with the
terms of the bid.
Proposals should be addressed to George C. Warren, Comptroller, City Hall,
Saginaw, Michigan, and enclosed in a sealed envelope plainly marked "Proposal
for Water Bonds."
The right is expressly reserved to reject any or all bids.
GEORGE C. WARREN,
Dated Saginaw, Michigan,
Comptroller.
September 15, 1924.
$750,000
Escambia County, Florida
ROAD PAVING BONDS.
Bids will be received by the Board of County
Commissioners of Escanuda County at a meeting to be held in Pensacola. Fla.,on the 7TH DAY
OF OCTOBER, A. D. 1924. at 12:00 o'clock
noon, for the purchase of $750.000.00 Escambia
County, Florida. Road Paving Bonds. Bids
will be received for the purchase of these bonds
eitaer as a whole or in amounts of $50,000.00 or
more, up to the whole amount of $750.000.00.
Bidders will understand that all olds will be held
to be made upon these bonds in serial order, that
is, beginning with Bond No. 1251. The $750.000.00 bonds hereby offered for sale are a part
and portion of the $2,090,000.00 road paving
bonds voted by Escambia County, Florida. at a
special bond election held on the 29th of September, A. D. 1920. The bonds hereby offered for
sale are numbered from one thousand two hundred and fifty-one to two thousand, of the denomination of $1,000.00 each. dated August 15. 1921,
and bearing interest at the rate of six per cent.
Per annum. interest payable semi-annually on
the 15th day of February and the 15th day of
August of each succeeding year and redeemable
thirty years after date, payable at the Guaranty
Trust Co., New York City. However, in said
bonds, Escambla County, Florida, reserves the
right to redeem fifty of said bonds in the year
1941, and 65 of said bonds each year, 1942 to
1946, inclusive, and seventy-five of said bonds
each year, 1947 to 1951. redemption serially,
beginning with Bond No. 1251. Bidders for
said bonds will be required to inclose their bid
in a sealed envelope. addressed to the Board of
County Commissioners. Escambla County, Pensacola, Florida, and delivered to the Board or
the Clerk of the Board before the time of the said
meeting of said Board, to be held on the 7th day
of October. 1924, at 12:00 o'clock noon, each bid
to be accompanied by a certified check of the bidder payable to Escambia County, Florida. certified by some bank in Escambla County. Florida.
for the sum of Two(2%) per cent, as a guarantee
of good faith, and that the bidder will take and
pay for the bonds sold to him under such bid
within 30 days after such bonds are awarded by
the Board of County Commissioners to such bidder. and in the event sucn bidder fails to take and
pay for the bonds so purchased and sold to him
by Escambla County within said time, then such
check and the money represented therein, shall
he forfeited to Escambla County without recourse.
The Board of County Commissioners of Escambia County. Florida, reserves the right to reject
any and all bids. The whole of this issue of
$2.000,000.00 Road Paving Bonds has been
validated by the Circuit Court of Escambia
County, Florida, and afterwards suomitted to
and approved by Wood & Oakley. Municipal
Bond Attorneys, Chicago, Ill. Further information in detail will be furnished on application to
James Macgibbon. Clerk of the Circuit Court of
Escambla County, Florida.
H. E. GANDY,
Chairman of Board of County Commissioners.
Attest:
JAS. MacGIBBON,
Clerk.
Meal.]
1662
[Vol.. 119.
THE CHRONICLE
if i nancia I
in4nrial
if manual
CHILCAGO
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Investment Securities
CLEVELAND
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1027 The Rookery • Chicago
Listed - Unlisted - Inactive
Stocks & Bonds
39 So. La Salle St.
CHICAGO. ILLINOIS
A. 0. Slaughter & Co.
Members
New York Stock Exchange
Chicago Stock Exchange
Chicago Board of Trade
Specialists in
110 WEST MONROE STREET
CHICAGO, ILL.
CORRELL&CO.
Fletcher American Company
Atli& with the
Fletcher American National Bank
INDIANAPOLIS
Conducts a general Investment business
GARARD & CO.
Inveilment Securities
ALBERT FOYER
Branches
Detroit
Chicago
2319 Dime Bank Build114
CLEVELAND, 0. 35 So. La Salle
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510 Citizens Dank Bldg. 511 Inter-Southern Bldg,
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39 So. La Salle St.
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Charles W. Mem;
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Collateral Loans
Investment Securities
188 S. La Salle St.
SMITH, MOORE & CO.
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509 OLIVE ST.,
ST, LOUIS, MISSOURI
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BONDS
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Fletcher Savings and Trust Bldg.
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611 LOCUST ST.
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MUNICIPAL BONDS
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INDIANAPOLIS
Investment Securities
Municipal Bonds
Indiana Corporation Securitlee
SPARTANBURG, S. C.
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PROVIDENCE
New York
NEWTON TODD
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Boston
5 Lerocke Bid.
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@FedFRASER