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financial
Die
INCLUDING
Bank & Quotation Section
Railway Earnings Section
VOL. 117.
rontde
Railway & Industrial Section
Bankers' Convention Section
SATURDAY, OCTOBER 6 1923
'glace Thronult.
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The Financial Situation.
Whoever is quite satisfied with himself is sure of
one sincere admirer while his self-satisfaction endures, but he must take his chances upon receiving
sharp criticism. This seem to be the present state
of Governor Pinchot, whose "cettline of the anthracite hold-up by the familiar surrender at discretion
fails to please the public on whose behalf he acted.
*To President Coolidge and to the executives of States
directly concerned in anthracite production he appealed for co-operation in suppressing profiteering,
forgetful that he had just taken a leading part in
yielding to the most flagrant body of profiteers. The
President discreetly says nothing, nor is he open to
criticism for his silence, but two executives at least
have made reply. Governor Silzer of New Jersey reminds his Pennsylvania compeer of the anthracite
tax laid by Pennsylvania, and estimates that this
laid an additional fuel cost of about four millions
last year, upon New England and upon this State
and New Jersey and Delaware. Of the selfishness
and unwisdom and unneighborliness of this tax—
which is morally though not technically contrary to
the constitutional ban against laying any tax on
articles exported from any State—nothing need be
said; the whole case is that Pennsylvania sees opportunity to turn its present anthracite monopoly to
home account by taking a whack at consumers elsewhere in the country, who cannot, as yet (but some
day probably can) help themselves. Governor Silzer
Electric Railway Sectiat
State and City Sectior
NO. 3041
made the very ad hominem suggestion that to remit
this tax might spare the consumer some or all of the
60 cents a ton which Mr. Pinchot himself estimated
would be added by his putative settlement. Mr. Silzer could have mentioned also (but refrained) the
miners' certificate law by which the Pennsylvania
miners obtained and still hold a tight grip on anthracite production.
But Governor Smith of this State is blunter and
also sharper in his dealing with the subject—blunter
in his way of stating the responsibilities in the trouble and sharper in his way of bringing those home
where they belong. He has begun an official inquiry
of the Commissioner of Markets here and of the
County Fuel Administrators of last winter, asking
them a number of questions, such as the prevailing
coal price in June last and what it is now, whether
further increases are contemplated by dealers,
whether there is any visible evidence of profiteering,
whether any shortage is anticipated, and so on. Replying to Mr. Pinchot, Governor Smith points out
that upon Pennsylvania alone, as the Producer, must
lie all duties as to wages and the like, the consuming
States outside having no power to deal with anybody
except the would-be profiteer in retailing, if such an
offender can be found. As will be remembered, Mr.
Pinchot sought to put the added burden of the wage
surrender upon the operators first, and upon the
carriers second; the former, he suggested, could easily "absorb" a part and still make a roseate
profit. Neither they nor the carriers are willing to
be made the scapegoat, and the retailers are no more
ready; but Mr. Smith suggests to Mr. Pinchot that
as the physical substance of the case is within Pennsylvania jurisdiction alone, and as the carriers' rates
on anthracite are regulated by the Inter-State Commerce Commission as far as New York is concerned,
it is for Pennsylvania to see that the operators do not
pass along the increased burden that they are supposed able to "absorb" and smile when doing it.
With 50 cents for the tax and 60 cents for the wage
increase, Mr. Pinchot's State should assume responsibility for holding the outside consumer safe, but
any specific suggestion which might be made to the
Legislature will be welcomed.
But, adds Governor Smith unanswerably, he does
not believe that "any public official should lead or
attempt to lead the people to believe that the producing price of any commodity can be increased, without
increasing the cost to the consumer, unless profiteering can be'proved!' Certainly not, for this is not
possible under economic laws, and even if some profiteering (first having exactly defined what that is)
could be proven and suppressed this would not suf.
1492
THE CHRONICLE
fice to defeat the law; as well try to go into the water
without being wetted as to put an added load of cost
upon a necessary commodity, at any stage of its
progress from production to ultimate consumption,
and not have the load passed along, with a percentage more, of course, laid on top of it.
The consumer pays all expenses. This is an irrepealable and unalterable and unappeasable economic
law. It is the first letter of the first postulate in
Governmental truths. It ought to be boldly inscribed over the door of every legislative meeting
chamber,and it ought to be somehow driven through
the skull of every legislator—driven through, and
firmly clinched on the inside;so that he could neither
withdraw nor forget it. There are current delusions
to the contrary of this truth, and many people become persuaded (because one readily believes what
one dearly wishes were truth) that costs can be increased—chiefly the wages cost, of course—and can
then be "absorbed" or dissolved away as dew is dissolved away, and never fall upon anybody, at least
upon anybody with anybody's knowledge. Legislators who raise necessary revenue by taxing insurance, especially life insurance, and imagine nobody
will know that he feels it are acepting this beautiful
illusion. It is a law of nature that two pieces of matter cannot occupy the same space at the same time,
and if a stone is put within a box and the box is put
into a trunk the stone will impress the scales when
the trunk is weighed, as surely as if it were out in
plain view. Nobody shares this illusion more harmfully than our unionized friends, but time grimly
works upon all falsehoods. Experience will teach
us all, some day.
Insolvencies during September were again somewhat less numerous than io the recent preceding
months, and there was a further reduction in liabilities; the total number is 1,226, with an indebtedness
of $28,698,649. These figures contrast with 1,319
defaults during August for$34,334,722 and 1,566 failures during September 1922 for $36,908,126. As to
the defaulted indebtedness during the month just
closed, 45 insolvencies will account for $16,981,663
of liabilities, leaving for the remaining 1,181 September defaults *11,716,986 of defaulted indebtedness. In other words, 3.7% of the total number of
defaults during September this year report nearly
60% of the total indebtedness. Furthermore, of the
45 larger failures referred to, 27 were in the manufacturing class and these 27 have a total indebtedness of $10,680,826. Heavy losses in manufacturing
lines have characterized the monthly statements of
defaults throughout the year and caused in large
measure the extremely heavy losses that have appeared. In fact, the amount of indebtedness shown
each month has been unusually large since the closing months of 1920. As to the number of defaults,
however, the September 1923 report is smaller than
in any month since November 1920.
These comments are based on the insolvency returns compiled from the re ords of R. G. Dun & Co.
It has already been indicated that during September
there were 324 failures in manufacturing lines with
an indebtedness of $13,570,980. In trading lines the
number was 863, with liabilities of $11,462,277 and
insolvencies of agents and rokers numbered 39 with
an indebtedness of $3,665,392. Both in number of
defaults and in the amount of liabilities all three .of
the above classes show a considerable reduction in
[Vox,. 117.
the comparison with September 1922. As to the failures where the defaulted indebtedness in each case
exceeds $100,000, there were, as previously noted, 27
in manufacturing lines with $10,680,826 of liabilities,
while 14 is the number in the large trading class,
with only $3,295,779 of indebtedness, and 4 is the
number in the case of agents and brokers, with $3,005,058 of liabilities.
It is for the third quarter of this year that the improvement noted above is most apparent. During
the latest three months' period, July to September
inclusive, there were 3,776 defaults in commercial
lines. These figures contrast with 4,408 defaults in
the second quarter of this year; 5,316 during the first
three months of 1923, and 5,033 a year ago. As to
the indebtedness, the amount for the third quarter
of this year is $98,754,559. Not since the fourth
quarter of 1920 has there been a fewer number of
defaults than appears for the third quarter of this
year, and not since the third quarter of 1920 has the
defaulted indebtedness for any one three months'
period been less than $100,000,000—in fact, in the
first quarter of 1922 there were 7,517 insolvencies reported, with an indebtedness of $218,012,365.
In all sections of the country the number of failures during the third quarter of this year is smaller
than during the corresponding period of 1922, except
in the Western States, where a small increase appears this year, due to a somewhat larger number of
defaults in Minnesota, Nebraska and the Dakotas.
The improvement this year is most noticeable in the
South;likewise, a considerable reduction in the number of defaults for the third quarter of this year appears in the Middle Atlantic States and in the Central States, the latter including Ohio, Illinois, Michigan and Wisconsin. As to the indebtedness for the
third quarter of the current year, the amount is less
than in the corresponding period of 1922 in all sections of the country except in the West, as to the
latter due to an increase in liabilities reported for
this period in the States of Minnesota, Iowa, South
Dakota, Nebraska, Kansas, Montana and Colorado.
In nearly all of the Southern States not only is there
a considerable reduction in the number of defaults
for the third quarter of this year as compared with
the corresponding period of 1922, but liabilities, too,
this year are very much less. Especially is this true
as to Texas, where a large reduction in defaulted indebtedness appears. There are two or three noteworthy exceptions, however, and included in the latter are the States of Georgia, where conditions of
late have been somewhat trying, and Oklahoma. In
Georgia the number of failures during the third
quarter of this year is very much smaller than in the
corresponding period of either 1922 or 1921, but there
is a considerable increase in the amount of defaulted
indebtedness this year. As to Oklahoma, liabilities
this year show a considerable increase. In Florida
there are fewer failures this year, but the indebtedness for the third quarter of 1923 exceeds that reported for the corresponding period of 1922. In most
of the other sections of the United States, particularly the Middle Atlantic States, and the Central
States, a considerable reduction in the number of
defaults appears in the comparison for the third
quarter of 1923 and 1922. A number of large manufacturing failures in these States., however, added to
the defaulted indebtedness this year, so that the
losses in several of these States for the third quarter
of 1923 will exceed those of the correSponding period
OCT. 6 1923.]
THE CHRONICLE
of 1922. Included in the latter are Connecticut, New
Jersey, Pennsylvania and Indiana.
Banking defaults for the past three months were
more numerous than during the corresponding period
a 1922, the number 84, with an indebtedness exceeding $24,000,000, contrasting with 40 similar suspensions, for $8,065,740, for the third quarter last year.
In the Western States there were 31 such defaults
for $11,000,000 during the third quarter of this year
and in Montana alone 19 banking suspensions, with
liabilities exceeding $4,000,000. For the Central
Southern States 14 banking failures occurred, with
an indebtedness of $3,700,000.
The gloom pervading the cotton markets a month
ago, when the Government report on the condition of
the growing cotton crop was issued, was in part dispelled by the October report, issued on Tuesday of
this week by the Crop Reporting Board of the Department of Agriculture at Washington. The latest
report relates to the condition of the crop on Sept. 25
and indicates a yield of 11,015,000 bales, which may
be increased or decreased "according as conditions
developing during the remainder of the season prove
more or less fayorable." The condition on Sept. 25
is reported 4.6 points below that of a month earlier,
but the indicated yield per acre is now larger-137.7
pounds in the latest report, comparing with 134.8
pounds, the estimate made a month ago. For the past
eight years the yield per acre, as set forth in the October estimates, proved lower than the result in six
different years, the product being from 1% to 8%
higher; in only one year was the estimate of yield
per acre too high and in oneyear there was no change.
The estimate now made of the crop to be gathered
this year promises 227,000 bales more than was promised a month ago: 11,015,000 bales on Sept. 25, comparing with 10,788,000 bales, the estimate based on
the report of Aug. 25. The production in 1922 was
9,761,800 bales. For 1922, the decline in condition
during the period from Aug. 25 to Sept. 25 was 7.0
points, the estimate of yield being reduced 440,000
bales, and this was followed by a further decline of
171,000 bales from the October report of 1922 to the
report issued in December of that year.
The trade has become so accustomed to discouraging conditions that the larger yield promised in the
report issued this week has come as a welcome relief.
Texas and Oklahoma are the only States where an
improvement appears as to the condition during the
past month,and as to Texas, where nearly 40% of the
crop is promised, almost anything may be expected.
A yield of 4,168,000 bales is now indicated for that
State; a month ago the estimate for Texas was 3,722,000 bales. A variation of a million or two bales in
Texas is not unusual. The condition on Sept. 25 this
year in Texas was placed at 56%; a month ago it
was 55% and on Sept. 25 1922 it was 52%. The production of cotton in Texas last year was only 3,222,000 bales. Oklahoma reports a condition on Sept. 25
1923 of 49%, contrasted with 46% a month ago and
42% on Sept. 25 1922. As to all of the other cotton
States, there is a decrease in condition for Sept. 25
as compared with a month earlier. In the larger
producing States the reduction is 7 points each for
North Carolina and Arkansas; it is 10 points for
Alabama and 11 points each for Mississippi and
Georgia, a decrease in production of 127,000 bales
being now indicated as to Georgia in comparison
with a month ago. The decrease in estimated pro-
1493
auction for the past mouth for ALD-sissippi is 1Uti,000
bales and for Alabama 87,000 bales. For Louisiana
there is a loss in condition for the past month of 8
points, but a lower indicated yield of only 21,000
bales. For North Carolina the yield is only 8,000
bales less, and South Carolina, with a reduced percentage of only 4 points, shows prospects of 75,000
bales more cotton now than a month earlier. The
total yield in Florida is now estimated at only 13,000 bales—last year it was 25,000 bales. For Tennessee there is a reduction in condition during the
past month of 17 points to 47%, and the indicated
yield is now placed at 340,000 bales, against 391,000
bales in 1922. In the other cotton States changes are
of slight importance.
The Census Bureau's statement of cotton ginned
prior to Sept. 25, also announced this week, shows
651,000 bales less ginned this year than during the
same period in 1922. The decrease, as to the States
of larger production, is confined very largely to five
or six of them. Two-thirds of the quantity ginned so
far this year is in Texas, and the Texas ginning this
year to date is over 20% greater than during the
corresponding period of 1922, showing early and active picking in that important State, from which so
much may be expected. There is an increase in the
ginning returns also for North and South Carolina,
but a large decrease appears for all of the other leading cotton producing States.
Interest in European political affairs has been
centred very largely in developments in Germany.
They have followed one another in rapid succession,
and each has been more striking than the one next
preceding. The fall of the Stresemann Ministry was
not unexpected. It was due finally to withdrawal of
support by the Socialists, but there were other
causes that were in evidence earlier. Then came the
dissolution of the Reichstag and the reported appointment of a directorate, with former Chancellor
Stresemann at its head. A general election in the
near future is expected. It was claimed that developments in Bavaria tended toward a return to power
of the Monarchists. There were political disturbances in Munich that were put down by the military.
Premier Poincare's attitude toward Germany was
regarded as impossible as ever. Little or nothing
was heard relative to political conditions in Spain,
following the appointment of a directorate. The
Fourth Assembly of the League of Nations at Geneva has adjourned after having been in session for
four weeks. The plans for Great Britain's Dominions, as outlined by Premier Baldwin at the Imperial
Conference of Premiers in London, and his survey
of world conditions, attracted considerable attention
in international banking and trade circles here.
Although in a cable dispatch on the evening of
Sept. 28 the Berlin representative of the Associated
Press said that "the Bavarian flurry no longer is
viewed as harboring menace to the situation at home,
a working understanding having been reached with
the Bavarian Premier, von Bnilling, which, it is believed, will relieve the Berlin Government of any
immediate concern over developments in Munich,
especially as reports from the Bavarian capital continue reassuring," advices the next few days indicated that things were not going smoothly, either in
or about Munich. There were political disturbances
in Duesseldorf also. As early as last Sunday it
1494
THE CHRONICLE
[VOL. 117.
seemed to be feared by the conservative element in authorities hold the German Green Military Police
Germany that Bavaria would beoome a monarchy. (the Security Police) responsible for the outbreak,
The Munich correspondent of the New York "Times" declaring that they started the shooting, in which
cabled that Dr. von Bahr this [Sunday] morning the Communist groups later joined." That in Holmade his first public appearance since he assumed land the situation in Germany was regarded serious
the office of General State Commissioner. The oc- was shown by the following special dispatch from
casion was a massed parade of police held in front of The Hague, under date of Sept. 30, to the New York
the Army Museum in the Hofgarten. He was accom- "Times": "Great anxiety prevails in Holland repanied by Prince Rupprecht and the two had a mod- garding recent political developments in Germany
erately enthusiastic welcome from a large crowd who and the possibility of a revolution. Detachments of
were attracted by the parade." He added that "it is Dutch troops, especially companies of cyclists, have
evident that Dr. von Bahr is prepared to disregard been sent to the German frontier to be ready for
*completely the authority of the central Government. emergencies, as the bands of armed and destitute
The law for the safeguarding of the republic, which Germans and desperadoes roving about the frontier
was passed at the time of the murder of Dr. Rathe- increase daily,looting and robbing lonely farmhouses
nau, has been declared officially to be inoperative in and residences, often killing the inhabitants. All
Bavaria." Continuing to describe the situation, the the Red Cross authorities have also received instruccorrespondent said: "Hitler's newspaper, which had tions to hold themselves in readiness." According
been permanently suspended in all parts of Germany to an Associated Press message from Duesseldorf the
by order of War Minister Gessler, appeared as usual next day (Oct. 1) "French troops are patrolling the
last night and the ban is obviously not to be enforced streets of Duesseldorf to-day, having assumed the
here. The offense committed was presumably the responsibility of maintaining strict order. A formal
publication of a statement which was attributed to state of siege has not been declared, but the curfew
Dr. von Bahr, who is alleged to have said that what- law, closing activities from 11 p. m. until 5 a. m., is
ever action he took was on behalf of Prince Rup- being rigidly enforced. These measures have been
precht and that the time was not far distant when deemed necessary as a result of yesterday's outbreak
the Prince himself would be in a position to assume at a Separatist meeting, resulting in the killing of
the responsibility. The statement was officially de- half a score of Germans and the wounding of scores
nied, but it was not thought necessary by Dr. von of others, the French finally intervening. A casBahr to inflict any punishment on the proprietors of ualty list compiled by the French authorities shows
the paper. There seems to be little expectation that that ten persons were killed and more than 200
the various very drastic powers outlined in the proc- wounded so badly as to need hospital treatment.
lamation will be exercised—yet. But the transition Probably another hundred were slightly wOunded."
from a dictatorship to a monarchy must be consid- Word came from Duesseldorf Wednesday morning
ered as a possibility for which Thursday's coup was that, in accordance with an order issued the day bemerely an advance step. Bavaria considers that by fore, work was to be resumed during the day at all
her action she has given a lead which all patriots the mines in the Ruhr. An Associated Press disthroughout Germany must sooner or later follow. patch from the same centre Wednesday evening
The Chicago "Tribune" correspondent in Munich was stated that "six cities in the occupied areas have
more positive in his statements. He said in part recognized the legality of the Franco-Belgian occuthat "Bavaria is marching steadily toward a mon- pation of the Ruhr by agreeing to furnish their quota
archy. To-day Crown Prince Rupprecht was hailed of the expense for the sustenance of the occupying
as King in the streets of Munich. The black, white armies. They are Duesseldorf, Essen, Dortmund,
and red flag of the monarchy was hoisted with the Witten, Hoerde, and Bochum." An uprising of sevBavarian colors over the famous Purkin barracks, eral hundred insurgents in Kuestrin, a manufacturhome of the Bavarian Royal Guard Regiment, and ing city of approximately 20,000 inhabitants and lonow .occupied by 'Green' Police, and companies of cated about 50 miles from Berlin, was put down by
Reichswehr honored the passing officers with the the local commander of the Reichswehr garrison,
goose step. The Republican flag is no longer flying with the help of troops from FraRkfort. In a Berlin
in Munich. The Crown Prince refused to accept mil- cablegram to the Associated Press Tuesday afteritary honors and said the only tributes he could ac- noon it was reported that the participants in the incept were from white-clad maidens in Munich, who surrection had been captured and disarmed with
filled the streets in his honor. Crown Prince Rup- slight casualties on that side and none among the
precht unveiled a memorial tablet to the dead of the Government forces. It was added that "the troops
Bavarian Royal Guard at Purkin barracks in the ordered to Questrin ha reinforcements are returning
presence of 15,000 veterans and former members of to their stations." According to an Associated
the regiment, which to-day is celebrating its 110th Press dispatch from Berlin, dated Oct. 1, "it was
anniversary. He spoke briefly and steered clear of said on that day that the German Government views
politics." The New York "Herald" representative the occurrence at Buestrin as a blessing in disguise,
even asserted that "the Bavarian Government to-day inasmuch as it proposes to make the incident a wholeissued an official announcement stating that the Ber- some warning to other aspiring insurgents by maklin Government's regulations for the protection of ing short shrift of the usurpers. A censorship has
ben imposed on all military news sent from Germany.
the republic are not in force in Bavaria."
Little is known of what is happening. It would apThe disorder in Duesseldorf appears to have been pear that while the insurgents were principally memserious at first. At least a score of persons were bers of Nationalist associations they probably were
reported to have been killed, and hundreds were said supported by Communists."
to have been injured. A big demonstration was
Berlin cable advices Wednesday morning indistarted by the Separatists. The Associated Press
representative said that "the French occupation cated that the pOsition of the Stresemann Ministry
OCT. 6 1923.]
THE CHRONTCLE
was unstable and that conditions in Bavaria had not
improved. In a wireless dispatch to the New York
"Times" filed Tuesday evening the Berlin correspondent of the New York "Times" asserted that"the
Stresemann Coalition Government is fighting for its
life to-night with a good prospect of losing. The
Minister of Economics, Dr. Von Raumer, a member
of the German People's Party, to which the Chancellor also belongs, resigned to-day and cannot be
induced to come back. The Food Minister, Dr.
Luther, of the Centrist Party, also resigned, but
fellow-Catholic members of the party persuaded him
to sit in on a decisive midnight Cabinet meeting.
Chancellor Stresemann's own party handed to him
to-day an ultimatum containing three demands:
First, that the Reich's Government be reorganized
with Dr. Stresemann retaining his post of Chancellor; secondly, that the German National Party not
only be consulted, but brought into the coalition;
thirdly, that the eight-hour day be abolished." The
New York "Herald" representative reported that
"Chancellor Stresemann asked dictatorial power
over the financial, economic and welfare departments
till Mar. 31 1924." He added that "President Ebert
is likely to meet the situation by putting the Chancellor's program into operation without awaiting
the Reichstag's approval." The Associated Press
representative in the German capital cabled that
"the Cabinet after hours of discussion was still in
session at 1 o'clock this morning. A prolonged controversy was precipitated by the Socialist members
backing a demand of the Communist Party that the
state of emergency decree be repealed." According
to a cablegram from the Berlin representative of the
New York "Herald" Wednesday morning,"the entire
Bavarian Cabinet, headed by Premier von Knilling,
has resigned and Dictator von Bahr has.become the
head of the State with the title of General Commissioner." He declared that "this information was
received by the Reichstag to-day [Tuesday] from
Bavarian People's Party sources. The news is unconfirmed as yet officially, but this move had been
planned for some time." Continuing, he said that
"from other sources it is reported that Wurtemberg,
which adjoins Bavaria on the west, is in consultation
with the Munich dictator looking to a combined action against• the domination of Prussia in the
Reich."
The Berlin correspondent of the Associated Press
said that "to add to the perplexity of the situation,
Dr. Von Bahr, Military Dictator of Bavaria, continues to defy Berlin's orders." He further stated that
"many incidents of royalist tendency are happening
in Bavaria, indicating that, to all intents and purposes, Bavaria is already independent of the Reich,
although a rupture is not yet officially admitted."
Continuing to outline and forecast the situation in
the Reich, the correspondent suggested that "in the
event of the immediate retirement of the Stresemann
Cabinet and President Ebert's failure to secure a new
Reichstag party constellation, it is not improbable
that the President will dissolve the Reichstag and
permit an indefinite season to elapse before issuing
writs for a new election, as an election in the present
situation is viewed as impractical and inimical to
the nation's safety. In that case, it is believed the
President will proclaim a transitory dictatorship,
which would forthwith put urgent economic relief
measures into effect."
1495
The expected downfall of the Stresemann Ministry came Wednesday evening, Oct. 3. The Chancellor and his associates resigned, and President Ebert
charged him to form a new Ministry. The Associated
Press correspondent reported that "the Socialist
Ministers tendered their resignations after the Socialist section of the Reichstag had rejected, by 61
to 54, the compromise solution of the business and
political situation proposed by the Government"
He then outlined in part as follows the position taken
by the Socialists: "While the Socialists demand that
the Central Government show defiance of Dr. von
Bahr, the Military Dictator of Bavaria, by insisting
upon its priority authority, they to-day centred their
opposition on the Chancellor's proposed authorization law, which they think is primarily aimed at the
eight-hour day, in connection with the Chancellor'sgeneral demand for increased production. The radical leaders declare that they cannot expose their.
following to any exploitation of labor, as provided
for in the Government's program of economic reforms, and that this issue has been needlessly projected into the present situation, as there already
exists a wage tariff agreement between workers and
employers which makes provision for overtime work.
The Socialists do not oppose Dr. Stresemann's plans
for getting the nation back on its feet, so far as they
concern financial reforms and taxation, but insist
that these plans must not obtrude themselves upon
the social laws governing the workers."
In his account of the events surrounding the resignation of the Cabinet the Berlin correspondent of
the New York "Tribune" said that "in a conversation
with foreign correspondents.before the end came today Chancellor Stresemann expressed himself very
bitterly regarding Premier Poincare's present attitude toward Germany and accused him of responsibility for the present chaotic condition in the Reich."
Continuing, the correspondent said that "he asserted
the French Premier's refusal to encourage the Berlin
Government by conciliatory action following the
official surrender of passive resistance has placed
the most powerful weapon in the hands of German
extremists and conservatives." He quoted the Chancellor as saying that "present opponents of the Government accuse me not so much of capitulation to
France unconditionally as of having made a surrender without reason. What was the use of capitulation on the passive resistance question if through it
we have failed to move forward the prospect of reparations settlement?" He added that the following
were the conditions under which the Socialists stated
to the Chancellor, before resigning, that they would
remain in the Government: "1. Retention of the
Finance portfolio by the Socialists, even though Minister Hilferding should be replaced by some other individual. Hilferding has been the particular target
of Nationalist opposition. 2. Limitation of the proposed economic and financial dictatorship to a period not longer than the life of the Cabinet that was
in existence this morning. 3. Formulation of the
proposed new laws covering the hours and conditions
of labor in a manner which would not abolish the
eight-hour day—abolition of which is among the primary Nationalist demands."
Word came from Berlin Wednesday afternoon,
through a Central News cable dispatch, that the
Reichstag had been dissolved and that a directorate,
with former Chancellor Stresemann at the head, had
been appointed. The members of the directorate
1496
THE CHRONICLE
were given as follows: Herr Stresemann, Minister
of Foreign Affairs; Herr Minoux of the Stinnes interests, Minister of Economy and Finance; Herr
Gessler, Director of Militia, and Herr Braun, of Food
and Labor. The reported formation of this directorate was not confirmed in cable dispatches from Berlin yesterday. On the other hand, it was claimed
that Herr Stresemann was trying to form a new
Cabinet. It was expected that a new election would
be held in the near future. In a radiogram from Berlin to the Central News yesterday afternoon it was
claimed that "the Stresemann Cabinet will remain
intact with the exception that Minister of Finance
Hilferding and Minister Raumer will be replaced."
Premier Poincare shows no disposition to yield in
any degree from the position that he has taken toward Germany all along. His assertions from Sunday to Sunday for some weeks have shown this
clearly. The Paris representative of the New York
"Times"said that,"standing at the foot of the monument to the war dead at Bois d'Ailly, the French
Premier declared France intended to remove from
Germany both the desire and means to make another
attack on France." He was reported to have exclaimed also that"our task is not finished. The surly
proclamation of an inevitable truce is nothing; it is
the execution which is everything." Continuing his
synopsis of the address, the correspondent said:
"Pointing to the ruinsstillstaining the landscape five
years after the end of the war the Premier called the
scene 'scandalous and defying justice,' and said it
explained 'our desire to obtain what is due us and
remove forever from Germany the desire and the
means to begin again her criminal enterprises.' He
said his soul would be filled with joy if Germany
would understand the situation, 'but every day she
gives us new proofs she does not understand.' Turning to last week's events he said: 'It is true on one
important point Germany has yielded to the inevitable. She declares she has been obliged to end
passive resistance in the Ruhr. She declares she
spent on that effort 3,500 trillion marks in one week
and would have been obliged to throw 7,000 trillion
into the gulf this week. She thus recognizes that she
has been foolishly wasting her resources in recent
months and has found it impossible to continue this
crazy policy. Facing such a sad adventure and facing
the disavowal of the interested populations, that she
should seek to cover her retreat with a fake barrage
was only human. But why all this boasting, these
threats, these mildewed thunderbolts? The moment
is not yet come to consider our task finished. The
work of to-morrow is more difficult than that we
have finished. The results she has obtained France
owes to her admirable spirit of patriotic co-operation which has so happily fortified her action.'" International bankers in this city who are particularly
familiar with the Franco-German situation, are confident that a settlement between the two countries
cannot be reached while M. Poincare is Premier of
France. This opinion would seem to find ample substantiation in statements credited to the head of the
French Cabinet in the course of a speech to the General Councils at Bar-le-Duc on Oct. 1. He was reported to have referred to the Germans in part as
follows: "Now above all times be careful. It is evidently important that even the grumbling Reich has
been forced to renounce its open fight; but is Germany to recommence dishonest maneuvers? Up to
[vol.. 117.
now we have had only words and not very amiable
words at that. What we want is acts and realities."
These assertions and those already quoted from a
speech last Sunday seem to disclose an attitude with
which it is next to impossible to deal. Under the
caption "Not a Helpful Gesture," the New York
"Evening Post" commented in part as follows upon
Poincare's attitude: "Very few people expected
from Poincare the more common formula of generous
treatment pledged to a beaten foe. But the world
did have a right to expect from the French Premier
something other than a sour declaration of unmitigated mistrust in German intentions. It would have
been easy enough for M.Poincare, and quite in place,
to have said that the German surrender in the Ruhr
is all very well as far as it goes, but that the French
people must not give itself up to an undue optimism.
M. Poincare has all the less reason to preach mistrust of Germany because France to-day occupies so
strong a position in Europe; and consciousness of
strength should be the enemy of fear."
The British Imperial Conference began its sessions
in London on Monday, Oct. 1. Some important discussions are expected. Prime Minister Baldwin delivered an address of welcome the first day. His
review of political conditions, particularly the seemingly practical deadlock between Germany and
France over the Ruhr, was not encouraging in tone,
and was given as one of the reasons for the reaction
in both the foreign exchange and stock markets on
Monday afternoon. The initial session lasted for
two hours. Adjournment was taken to 10 o'clock
Wednesday morning. The Associated Press correspondent reported that "at that time the program
for the procedure of the Premiers—all of whom are
present except Bruce of Australia—will be drawn up
and the conference will listen to statements from
Lord Curzon, the Secretary for Foreign Affairs, and
the Duke of Devonshire, Secretary for the Colonies,
regarding the Colonial policy." He also said that
the conference is to last for six weeks.
In outlining Premier Baldwin's opening address,
the London representative of the New York "Times"
said: "He gave them a review of foreign affairs, emphasizing the British Government's belief in the
entente with France, but without entering into details. He laid stress on the Greco-Italian incident
and on the 'very useful, and in my opinion effective,
part played in this crisis by the League of Nations.'
He outlined the debt settlement with America and
the results of the Washington Treaty, and then passing to British domestic concerns, he spoke gravely
of the growth of unemployment and suggested that
Great Britain must look to her Dominions to replace
the commerce she had lost through the chaos in Europe. He expressed the hope that the conference
would take the first steps in creating, in the not too
distant future, an ample supply of those raw materials on which the trade of the world depends, but
he did not actually mention imperial preference."
As already intimated, the Premier's survey of the
world was rather gloomy. In conclusion he said in
part: "Contemplating Europe as we do to-day, and
comparing what we see with what we hoped for three
or four years ago, we can find little to encourage us
in our labors. The size of armies and the money
spent on munitions are greater than in 1914. Economic solidarity is rent asunder. Is it not amazing
that, after an exhausting, world-wide war, all efforts
OCT. 6 1923.]
THE CHRONICLE
should not be directed to reconstruction, to buiding
up the wealth spent in the war—and the waste—and
to re-creation of the economic machinery which the
war has put out of joint? The only consolations I
can draw in the situation, so charged with unrest,
are to recall the history of the past and to reflect on
the unity of our own Empire and the deep and universal desire of our people for peace. All great European wars have been followed by a recrudescence
of militarism, and nations have taken far more years
to recover the shock of war than the years which separate us from the Treaty of Versailles. We have at
least the League of Nations, and no one can have
studied the transactions of its Assembly at Geneva
without becoming aware of the growing international
moral sense and the determination to confront the
problems of reduction of armaments, difficult as
they must be. Compared with a century ago, there is
a powerful friend of peace in the United States."
On Tuesday the first session of the Imperial Economic Conference was held. Sir Philip Lloyd
Graeme,President of the Board of Trade, laid before
the gathering what the London correspondent of the
New York "Times" characterized as "a bold policy of
accelerating the development of the resources of the
British Empire." He said that "Sir Philip began
with a statement on behalf of the British Government of the urgent need of developing a new outlet
for British trade, for he pointed out that British
commerce had to face not only the destruction of its
best markets in Europe, but also the fact that when
Europe was settled down it would be found that its
industrial capacity had largely increased as a result
of the war and would, therefore, confront Great Britain with increasing competition." The correspondent further stated that "he divided the subjects to be
considered into three classes. The most important,
he said, was Empire settlement and adjustment of
population, industrially and agriculturally, all over
the British territories. Second was financial cooperation within the Empire, and here Sir Philip
suggested the adoption of some such measure as the
British Trade Facilities Act. This gives a Government guaranty to capital issues for works of different kinds, on the condition that contracts for supplies and materials are placed in England. He said
it had been successful in the mother country and if
the same principle were applied to the Dominions it
might help to solve the population problem by attracting immigrants to the districts benefited by it.
The third class of question discussed concerned
Imperial preference. Among other matters Sir
Philip mentioned as likely to come before the conference were the establishment and ownership of services to Egypt and India; the safeguarding of the
British overseas carrying trade against discrimination by foreign countries, and rules governing the
import and export of live stock. He also suggested
that some advisory or consultative body be set up for
discussion at any meeting on economical or commercial questions which might arise between the mother
country and the Dominions."
The political situation in England is more or less
disturbed as well as in practically every other European country of any particular importance. On
Sept. 28 the Associated Press correspondent cabled
that "labor is becoming increasingly restive in the
face of the prolongation of the Ruhr problem and
1497
the spread of unemployment. With a view to trying
to get its demands met, labor is doing its utmost to
force the Government to convene Parliament, which
has adjourned until Nov. 17. A joint meeting of the
Trade Union Council and the Labor Party executives
yesterday passed a resolution calling upon Prime
Minister Baldwin to summon Parliament at once."
He further reported that "concurrently the unemployed workers' committee is organizing agitation
to enforce the summoning of Parliament. Hundreds
of thousands of leaflets are being printed with which
it is proposed to flood the industrial areas of the
country. These papers urge the workers to demand
'work or full maintenance of trade union rates' and
insist that Parliament meet to consider their grievances."
All has not gone smoothly at the sessions of the
League of Nations at Geneva. China was the chief
disturbing factor for a time. The Associated Press
correspondent cabled, however, that "the covert
threat of China to withdraw from the League of
Nations because she was not re-elected to membership in the Council of the League has been received
coldly in Geneva and is not expected to cause complications." The correspondent added that the
League was not concerned, chiefly because the Far
East would still be represented by Japan. On the
other hand, he stated that "commenting on China's
protest, League officials said to-day that China's
resignation would not prove a blow financially to
the League because, like several smaller States, she
was in arrears. China's withdrawal, however, would
be a great loss to the League from every other point
of view, and efforts will be made to placate the Peking statesmen and prove that by substituting
Czechoslovakia on the Council no insult was intended, but that there was only a desire to give a seat
to one of the newer countries of Europe in pursuance
to the principle of rotation." According to the dispatch also, "the session of the Assembly of the
League of Nations ended with an impressive demonstration that disarmament, gradually achieved,
stood forth as the ultimate hope of mankind, but
with full recognition of the staggering difficulties
in its path. The Persian representative, Zokad-edBowleh, pointing out that his country was surrounded by three powerful States—Russia, Turkey
and Afghanistan—non-members of the League and
not amenable to its dictates, voiced the convictions
of the weaker States when he insisted that the League
must make a more serious effort for both moral and
material disarmament.' The Associated Press correspondent, in describing the sessions a week ago
yesterday (Sept. 28) said in part: "Well worthy of
being characterized as a world forum, with voices
rising from four continents, was the great debate in
the Assembly of the League of Nations to-night when
the delegates, while generally approving the decision
of the Council of the League to submit the question
of the interpretation of the Covenant to jurists,
scourged the old-time practice of bigger States in coercing the weaker and also sent out a warning that
henceforth violence must cease and peaceful methods
be followed in harmonizing national differences."
At the same session "Ethiopia was formally admitted
to membership in the League of Nations, the Abyssinian Empire having convinced the Powers of the
League that she was done with slavery forever. When
the names of the Ethiopian delegates were called her
1498
representatives strode to their allotted places, picturesquely clad in costumes of rich and colorful material. The applause which rang through the great
hall rivaled that which greeted Ireland when the sons
of Erin were received into the family of nations."
The New York "Times" correspondent in commenting upon the results of the sessions of the Fourth
Assembly, which covered a month, observed that "the
work done has been inconspicuous, though effective
on many sides, and the Assembly debates have been
throughout overshadowed by interest in the Council's struggle with Mussolini. But the general opinion is that as a result of the Council's struggle and
yesterday's public discussion of its decisions there
has been achieved this, at least, that before any other
country dares initiate such arbitrary measures as
Italy attempted against Greece and was preparing
against Jugoslavia greater account will be taken of
the force of opinion which the League represents. In
his valedictory address this evening President Torriente summed up the situation which was created
and dispelled in these words: 'The test to which the
cause of peace.has been subjected gave opportunity to
all to realize how great an importance for humanity
the League has acquired.'"
No change was noted in oficial discount rates.at
leading European centres from 90% in Berlin; 6%
in Denmark and Norway; 5% in Belgium; 5% in
France and Madrid; 4% in Sweden, and 4% in
London, Switzerland and Holland. The open market discount rate in London was easier and there was
a decline to 2 15-16@3% for short bills, against 3%,
with 3 3-16% for three months bills, in comparison
with 3 1-16@3M% a week ago. Money on call at
the British centre has again declined, and is now
quoted at 2%%, against 27
4% last week. At Paris
the open market discount rate continues to be quoted
at 43/2% and in Switzerland at 2%, unchanged.
A further increase in gold holdings of £1,268 was
shown by the Bank of England in its statement for
the week ending Oct. 3. This, however, was again
accompanied by contraction in reserve (£780,000),
there having been another increase in note circulation of £781,000. Moreover, the proportion of reserves to liabilities fell to 18.81% from 19.82% a
week ago. In the corresponding week of 1922 the
reserve ratio stood at 16.33%, and a year earlier at
14.40%. Important changes occurred in the deposit items, all, of course, reflecting the strain incidental to meeting month-end interest and dividend
payments. Public deposits declined £2,013000, but
"other" deposits increased £4,200,000. The Bank
increased by £2,789,000 its temporary loans to the
Government. There was also an increase in loans
on other securities of £97,000. Gold holdings now
stand at £127,659,536, which compares with £127,422,131 in 1922 and £128,413,841 a year earlier.
Reserve totals £22,626,000. Last year it was £22,672,456, and in 1921 £21,197,151. Loans aggregate
£71,261,000, as against £73-,589,534 and £84,948,639
one and two years ago, respectively, while note circulation stands at £124,785,000, in comparison with
£123,199,775 last year and £125,666,690 the year before that. Clearings through the London banks for
the week totaled £782,247,000, as compared with
£603,521,000 a week ago and £745,797,000 last year.
The Bank's minimum discount rate remains at 4%,
unchanged. We append herewith comparisons for
[VOL. 117.
THE CHRONICLE
a series of years of the different items of the Bank of
England returns:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1923.
1922.
1921.
1920.
1919.
Oct. 4.
Oct. 5.
Oct. 6.
Oct. 8.
Oct. 9.
Circulation
124.785,000
Public deposits
11,504,000
Other deposits
108,763,000
Governm't securities 44,570,000
71,261,000
Other securities
Reserve notes St coin 22,626,000
Coin and bullion_ _ _127,659,536
Proportion of reserve
18.81%
to liabilities
4%
Bank rate
123,199,775
16,695,645
122,167,207
60,266,973
73,589,534
22,672,456
127.422,131
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
84,405,790
23,151,037
120,331,701
57,231,013
81.707,450
22,170,904
88,126,894
16.33%
3%
14.40%
535%
8.87%
7%
15.50%
5%
The Bank of France continues to report small
gains in its gold item, the increase this week being
110,000 francs. The Bank's gold holdings therefore
now aggregate 5,538,447,425 francs, comparing with
5,532,672,323 francs at this time last year and with
5,523,303,774 francs the year before; of these amounts
1,864,344,927 francs were held abroad in 1923 and
1,948,367,056 francs in both 1922 and 1921. During the week increases were registered in all the various items, viz., silver, 153,000 francs; bills discounted, 1,335,719,000 francs; advances, 21,831,000
francs; Treasury deposits, 8,300,000 francs, and
general deposits, 172,785,000 francs. Note circulation registered an expansion of nearly one billion
francs-904,087,000 francs to be exact—bringing the
total outstanding up to 38,529,636,000 francs. This
contrasts with 37,514,493,050 francs on the corresponding date last year and with 37,792,328,875
francs the year previous. In 1914, just prior to the
outbreak of war, the amount was only 6,683,184,785
francs. Comparisons of the various items in this
week's return with the statement of last week and
corresponding dates in both 1922 and 1921 are as
follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
Status as of
Oct. 4 1923.
Oct. 5 1922. Oct. 8 1921.
for Week.
Francs.
Francs.
Francs.
Francs.
Gold Holdings—
3,674,102,498
110,000
3,584,305,287
3,574,936,718
France
Inc.
In
Abroad
No change 1,884,344,927 1,948,367,058 1,948.367,056
Inc.
110,000
Total
Inc.
153,000
Silver
Bills discounted_ _Dm.1,335,719,000
Inc. 21,831,000
Advances
Note eirculation_Inc. 904,087,000
8,300,000
Treasury deposits Inc.
General deposits_Ine. 172,785,000
5,538,447,425
294,976,000
3,846,352,000
2,138,202,000
38,529,636,000
26,184,000
2,147,110,000
5,532,672,323
287,470,521
1,832,365,475
2,107,459,523
37,514,493,050
17,124,494
2,341,345,174
5,523,303,774
277,618,707
2,273,709,430
2,289,737,959
37,792,328,875
35,037,031
2,326,330,020
From the Federal Reserve Bank statement, issued
at the close of business on Thursday, it will be seen
that comparatively slight changes in gold reserves
were recorded, while there was a further increase in
'rediscounting operations. Returns for the twelve
banks showed a gain in total bills on hand of $20,000,000, brought about mainly through rediscounts
of "other bills"; but at New York there was a decline
of nearly $10,000,000 in the discounting of Government secured paper and a reduction in open market
purchases of $4,000,000, which practically offset an
expansion in "all other" discounts. Despite these
changes, however, bill holdings are still far in excess
of the corresponding week in 1922, being $1,054,563,000, against $669,654,000 for the System, and $226,333,000, against $139,153,000 at New York. In the
New York bank there was a small increase in earning
assets, and an expansion in Federal Reserve note
circulation of $5,400,000. Deposits remained almost
without change. The System, however, reported
expansion in earning assets of $24,000,000, in deposits of $6,000,000, and in Federal Reserve note circulation of $25,000,000. In member bank reserve accounts gains were shown of $33,000,000 nationally,
and about $10,000,000 locally. The combined statement reported a decline in gold of $1,000,000, while
OCT.6 1923.]
THE CHRONICLE
1499
Referring to money rates in detail, loans on call
at New York there was a loss of $4,600,000. Reserve
ratios were again slightly lowered, the System show- have ranged during the week between 4@6%, as
ing a drop of .6%,to 75.8%, and the local institution against 43/2ig.5% last week. Monday a high quotation of 6% was touched, though renewals were
.9%, to 82.8%.
made at 53%, which was the low. Easier conditions prevailed on Tuesday and the call rate did not
Some interesting changes were shown in last Sat- get above 532%, with the minimum 43/2%; renewals,
urday's statement of New York Clearing House however, were negotiated at 532%. Wednesday
banks and trust companies, reflecting the usual there was a further decline to 5% high, 4% low and
preparations for meeting Oct. 1 disbursements. The 5% the ruling rate. There was no range on Thursresult was an expansion in loans and discounts of day, a flat rate of 43/2% being quoted, this being
the day.
$38,381,000, and an increase in net demand deposits the high, the low and the renewal basis for
Call funds again renewed at 432% on Friday, the
of $47,753,000 at the same time that surplus reserve minimum quotation, but just before the close a slight
gained more than $29,000,000. The grand total of flurry carried the rate up to 5%. Firmness throughdemand deposits is $3,695,217,000, which is exclusive out was attributed to the recent strain incidental to
of Government deposits amounting to $45,220,000. Oct. 1 settlements. The above figures apply to
Time deposits, on the other hand, fell $5,884,000, to mixed collateral and all-industrial money without dif$469,932,000. Comparatively minor changes were ferentiation. In time money also rates were firm,
but
reported in cash in own vaults of members of the and for a time ranged between 53/2@5%% for allhowthe shortest maturities. Yesterday (Friday),
Federal Reserve System, also in reserves in vault of ever, fixed-date funds were lowered to
53'@,5%
State banks and trust companies, the former gaining for all periods, ranging from sixty days to six months,
$1,302,000, to $47,853,000 (not counted as reserve), the same as a week ago. Offerings were not large
while the latter declined $141,000. Reserves kept in and transactiohs attained only moderate proportions.
other depositories by State banks and trust com- Commercial paper rates have not been changed from
panies were reduced $67,000. There was a large in- 5@5Y1% for sixty and ninety days endorsed bills
crease, however, in the borrowings of member banks receivable and six months single names of choice
character, with names not so well known at 51
/
4,@,
at the Reserve bank, with the result of raising their 534%. The bulk of the business for the best names
credits with that institution by $35,771,000, and this is being done at the outside figure; 5% being usually
was sufficient to offset the addition to deposits and quoted for New England mill paper. Country banks
bring about a gain in surplus reserve of $29,505,420, are the principal buyers.
Banks' and bankers' acceptances remain at the
thus wiping out last week's deficit and establishing
a reserve in excess of legal requirements of $23,150,- levels previously current. Coincident with the firmtrading was quiet. A fair demand
560. The figures here given for surplus are on the ness in call rates,
was noted but offerings were scanty. Both local and
basis of reserve requirements of 13% for member out-of-town institutions were in the market as buybanks of the Federal Reserve System, but not includ- ers for moderate amounts. For call loans against
ing cash in own vaults to the amount of $47,853,000 bankers' acceptances the posted rate of the American
Acceptance Council has been reduced to 4% from
held by these institutions on Saturday last.
41A% last week. The Acceptance Council makes
Rates for call money at this centre have been the discount rates on prime bankers' acceptances
somewhat erratic this week. The general trend was eligible for purchase by the Federal Reserve Bank
43'Y0 bid and 4% asked for bills running for 30 days,
downward after Monday. On Thursday the prevail- 43'70 bid and 43/g% asked for bills running 60 and
ing and only quotation throughout the business 90 days, 4%% bid and 4% asked for bills running
session was 4
The advance to 5% in the last 120 days, and 43% bid and VA% asked for bills
hour yesterday was not regarded as specially signifi- running 150 and 180 days. Open market quotations
cant. Time money was quotably higher for a time, follow:
SPOT DELIVERY.
but became dull again. A small special loan at 6%
30 Days
90 Days.
60 Days.
4545434
Prime
eligible
bills
4345434
454@434
was reported, but the business of the week was done
DELIVERY WITHIN THIRTY DAYS.
within a range of from 53's to 5%%. The higher Eligible member FOR
434 bid
banks
434 bid
prices asked for call money at the beginning of the Eligible non-member banks
week were attributed chiefly to the fact that the
Oct. 1 disbursements had not found their way back
There have been no changes this week in Federal
into the regular channels, and to some special move- Reserve Bank rates. The following is the schedule
ments. As the week advanced comparittively, little of rates now in effect for the various classes of paper
was heard about the money market. Apparently it at the different Reserve banks:
was regarded as perfectly normal. Bankers state
DISCOUNT RATES OF THE FEDERAL RESERVE BANKS
IN EFFECT OCT. 5 1923.
that applications for commercial loans of a regular
character do not differ greatly from week to week.
Paper Maturing—
After 90 After 6
There are special applications, due to special condibut
Days, but
Within 90 Days.
Within 8 Within 9
tions, such, for instance, as those prevailing in the oil FEDERAL.
RESERVE
Months. Months.
BANK.
industry and in the wheat growing sections of the
Com'rcial Recur, by
Agricul.* Agricui.
Agricut
and
U. S. Bankers
Trade
and
West. The requirements for moving this season's
&Livestl Govt.
AccepAccep- Livestock Livestock
Paper.
Paper.
ObligaPaper.
lances.
lances.
crops are supposed to be at the highest this month.
n.e.s.
Mons.
There are rumors of forthcoming loans for one or Boston
454
454
a
434
434
New York
454
434
454
454
434
ig
more European countries, in which it has been Philadelphia
434
434
434
5
434
454
454
454
4g
4g
454
claimed that United States bankers will participate. Cleveland
Richmond
454
434
4%
4%
454
4
Atlanta
454
454
43.4
454
434
434
these
far
rumors
So
lack official or authoritative Chicago
434
454
4%
44
4%
4%
St. Louts
4h
4%
4
4b4
434
434
confirmation. Because of the political developments Minneapolis
4%
4%
4%
4bf
4g
44
Kansas City
454
44
434
4
4%
4
434
in Germany this week an international loan to that Dallas
4
434
454
Sh
4/4
San Francisco
454
434
454
454
454
454
country can not be considered as likely in the im• Including bankers' acceptances drawn for an agricultural Purpose and secured
mediate future.
by warehouse receipts, dc.
1500
THE CHRONICLE
Sterling exchange for a time displayed a tentency to recede toward lower levels, partly as a
result of disquieting developments abroad, and
partly because of increased offerings of commercial
bills against seasonal grain and cotton exports.
Trading was not particularly active and an undercurrent of nervous hesitancy replaced the buoyancy
of the preceding week and prevailed up till Thursday
when for a time it seemed as if the cabinet crisis
in Germany had been safely passed and the decline
was arrested, the rate for demand bills then rallying
to 4 55 5-16. In the early dealings the quotations
had sagged off to 4 5332. Rumors of grave internal
disorders in Berlin, coupled with Premier Baldwin's
gloomy utterances regarding the Ruhr situation,
were not liked and London sent materially lower
cable rates. Values on the local market promptly
followed suit. Renewed weakness in reichsmarks
was regarded as an unfavorable symptom and the
whole had a decidedly dampening effect on market
sentiment. At the extreme close, although cable
advices from Berlin were less assuring and the outlook seemed much mixed, better buying was recorded
and prices were at the best of the week, demand for
a time touching 4 563/g.
The usual diversity of opinion regarding the
immediate course of exchange continues to prevail;
although the attitude of large operators throughout
the greater part of the week just closed has been one
of caution rather than actual anxiety and the feeling
seems to be quite general that the corner has at
last been turned so far as regards the troublesome
reparations problem; that the Allied Powers have
the situation well in hand and it is simply a question
of time when final adjustments will be made. Few,
however, attempt to minimize the fact that in all
probability a great deal of time will be required to
successfully negotiate all differences and permanently
remove reparation difficulties as an element of
uncertainty from the market. Meanwhile, as the
movement of commodities abroad is now at its
height, the supply of commercial bills offering is
likely to continue large for some little time to come
and bankers look for a possible lowering in sterling
values; especially as preparations for the next payment of interest on the British debt to the United
States continue in progress.
Referring to day-to-day rates, sterling exchange on
Saturday last was a shade easier and demand declined to 4 54%@4 54 15-16, cable transfers to 4 54%
@4 55 3-16 and sixty days to 4 523@4 52 11-16;
heavy offerings and lower London cables were mainly
responsible for the weakness. On Monday selling
on less favorable foreign news caused a decline to
4 53%@4 54 3-16 for demand, 4 53%@4 54 7-16
for cable transfers and 4 51@4 51 15-16 for sixty
days. Improvement set in on Tuesday and prices
rallied moderately on better support; demand advanced to 4 53 13-16@4 45 7-16, cable transfers to
4 54 1-16@4 54 11-16 and sixty days to 4 51 9-16@
4 52 3-16. Wednesday's market displayed some irregularity but the trend continued upward, with the
range 4 54 3-16@4 54 9-16 for demand, 4 54 7-16@
4 54 13-16 for cable transfers and 4 51 15-16@
4 52 5-16 for sixty days; lighter offerings partly explained the advance in quotations. On Thursday demand bills sold up to 4 54 8@4 55 15-16, cable
transfers to 4 54%@4 66 3-16 and sixty days to
/@4 53 11-16. On Friday trading was dull
4 523
but the tone was strong with rates advanced to
FOL. 117.
4 5531@4 561
4for demand,4 5532@4 56% for cable
transfers and 4 53@4 53% for sixty days. Closing
quotations were 4 5334 for sixty days, 4 553/ for
demand and 4 553
4 for cable transfers. Commercial
sight bills finished at 4 55 8, sixty days at 4 5334,
ninety days at 4 513/
2, documents for payment
1 and seven-day grain bills at 4 54%.
(sight) at 4 53%
3
Cotton and grain for payment closed at 4 55%.
Gold continues to arrive in moderate amounts, the
week's consignments including £763,000 on the
Aquitania, $2,345,000 on the Mauretania and $1,225,000 on the Homeric, all from England. A shipment
of silver valued at $1,380,000 is reported as on board
the SS. Anniston City, which sailed Saturday for India.
Movements in Continental exchange were irregular
and rates on nearly all of the major currencies suffered
a sharp setback in consequence of the less satisfactory
turn of events in Germany. Indications of another
political upheaval in Berlin for a while aroused widespread alarm, and mark values were again attacked,
further progress being made in the process of complete
devaluation. The quotation at one time was forced
down to the infinitesimal figure of 0.00000018, a
loss of 0.00000012 points. At this level over 400,000,000 marks could have been purchased for a dollar—
though so far as the local market is concerned the
quotation carried no meaning whatsoever, since
German exchange is not being dealt in. At London
and other large financial centres in Europe distress
offerings of marks continue to be made with very
few takers even at the most extreme concessions.
Later in the week advices from Berlin for a time
appeared to take on a more cheerful aspect and there
was a recovery to 0.00000030. On Friday renewed
weakness set in on intimations of fresh outbreaks of
political dissension. French francs opened and ruled
firm up till Wednesday when there was a break to
5.853/2, or 29 points off. Threatened overthrow of
the Stresemann regime and what appeared to be
a poor Bank of France statement, were the chief
influences in the weakness, and before the close
much of the loss was regained, francs advancing to
6.10, although the final range was under this figure.
Belgian currency moved in sympathy, losing 27
points, to 4.95, then rallying to 5.15. Italian
exchange, on very light trading, showed similar
tendencies, breaking 11 points, to 4.46, with the
close 4.483/2, after having ruled at around 4.57 early
in the week. Trading was sporadic in character,
with occasional spurts of feverish activity and the
undertone inclined to nervousness. A certain amount
of speculative manipulation added to the general
confusion and the usual explanations of "a natural
reaction" resulting from a too pronounced rise and
vice versa were given to account for the up and down
movements. There are some who feel that rather
too much optimism was felt over the announcement
last week of the German Government's decision to
abandon passive resistance in the Ruhr, it being contended that with the many conflicting elements to be
dealt with in the Germany of to-day, there are yet
many obstacles to be overcome before peace time
conditions can actually be restored. The currencies
of the smaller Continental countries were not materially altered, with the sole exception of Polish
marks, which broke to another new low point of
0.00013
4. Greek drachmae hovered around 1.633,
then broke to 1.493/2 late in the week on a small
volume of business.
OCT.6 1923.]
THE CHRONICLE
The London check rate on Paris finished at 76.70,
against 73.90 last week. In New York sight bills on
the French centre closed at 5.9332, against 6.15;
cable transfers at 5.9432, against 6.16; commercial
sight bills at 5.923/
2,against 6.14,and commercial
sixty days at 5.87%,against6.08%
3 a week ago. Antwerp francs finished at 5.003' for checks and 5.013/
for cable transfers, in comparison with 5.223/ and
5.233/i on Friday of the previous week. Closing
quotations for Berlin marks were 0.0000020 for both
checks and cable transfers, against 0.00000060 last
week. Austrian kronen remain unshaken by the
upheaval in values of German and other kindred
currencies, and the quotation continues, nominally,
s, unchanged. Lire closed at 4.483', for
at 0.00143/
bankers' sight bills and 4.493/2 for cable transfers.
Last week the close was 4.58%
3 and 4.59%. Exchange on Czechoslovakia finished at 2.953/
2, against
3.003/2; on Bucharest at 0.46, against 0.463/
2; on
Poland at 0.0001%
3 , against 0.00033', and on Finland at 2.68, unchanged. Greek exchange closed
the week at 1.493/2 for checks and 1.50 for cable
remittances, in comparison with 1.66 and 1.663/ the
week preceding.
In the former neutral exchanges only minor
changes have taken place. Trading continues small
in volume and featureless. Generally speaking,
price levels tended downward in sympathy with
those on the other Continental countries, but losses
were confined to a few points. Swiss francs were
strong, advancing about 4 points. Guilders were
steady and maintained at close to last week's final
figures, but pesetas and the Scandinavian exchanges
all ended lower.
Bankers' sight on Amsterdam closed at 39.283/2,
against 39.28; cable transfers at 39.321A, against
39.32; commercial sight at 39.223, against 39.22,
and commercial sixty days at 38.863/2, against 38.86.
Swiss francs finished at 17.90 for bankers' sight bills
and 17.91 for cable transfers. This compares with
17.853. and 17.863' a week earlier. Copenhagen
checks closed at 17.79 and cable transfers at 17.83,
against 17.863/ and 17.901A. Checks on Sweden
finished at 26.483/2 and cable transfers at 26.523,
2, while checks on Norway
2 and 26.543/
against 26.503/
closed at 15.75 and cable transfers at 15.79, against
15.923/ and 15.963' last week. Spanish pesetas
finished the week at 13.50A for checks and at
13.543' for cable transfers. A week ago the close
was 13.71 and 13.75.
South American exchange ruled steady the greater
part of the week, but then lost ground and closed
slightly lower. Argentine checks declined to 33.15
and cable transfers to 33.20, against 33.50 and
33.60, although Brazilian mike's finished at 9.80 for
checks and 9.85 for cable remittances, in comparison
with 9.75 and 9.80 last week. Chilean exchange
moved down to 12.25, against 12.40, while Peru
declined to 4.07, against 4.25 a week ago.
Far Eastern exchange was as follows: Hong Kong,
52%@52/, against 52/3@52 3; Shanghai, 711A@
71%
3 (unchanged); Yokohama, 49@493 against
48%@49; Manila, 49%@49% (unchanged); Singa7 3@
pore 53A@53% (unchanged); Bombay, 30/
2
31q, against 31(4)31%, and Calcutta, 313.@313/
(unchanged).
Pursuant to the requirements of Section 522 of thf
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:
1501
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
SEPT. 29 1923 TO OCT. 5 1923 INCLUSIVE.
Noon Buying Rate for Cable Transfers Os Ness York.
Value in United States Money.
Country and Monetarg
Unit.
Sept. 29.
Ocl. 2.
0(1. 3.
0(1. 4.
0(1. 5.
$
EUROPE$
$
$
$
Austria, krone
3.000014 5.000014 8.000014 $.000014 $.000014
.0500
Belgium, franc
.0492
.0509
.0514
.0522
Bulgaria, ley
009971 .009900 .010057 .010243 .009850
Czechoslovakia. kron
030011 .030002 .029909 .029802 .029718
.1762
.1759
Denmark, krone
.1772
1786
.1777
England, pound sterl
leg
4.5515
4.5451
4.5437
4.5416
4 5480
Finland, markka
.026744 .026733 .026689 .026689 .026684
France. franc
.0585
.0391
0615
.0504
.0,100
Germany, reichsmar .00000000121 00000000120 00000000218 00000000240.1,I I , 1 , 1 ,
Greece, drachma
.016361 .016305 .015508 .015640 .015339
Rolland. guilder
.3930
.3931
.3930
.3932
.3929
Hungary, krone
000055 .000055 .000054 .000054 .000054
Italy, lira
.0445
.0449
.0451
.0454
.0457
Norway, krone
.1575
.1577
.1585
.1581
.1592
Poland. mark
.0000028 .0000026 .0000023 .0000021 .010001
Portugal, escudo
.0404
.0407
.0404
.0405
.0403
Rumania. tett
.004653 .004639 .004625 .004603 .004586
Spain, peseta
.1356
J368
.1351
.1345
.1358
Sweden, krona
.2652
.2651
.2651
.2650
.2650
Switzerland, franc
.1786
.1787
.1784
.1784
.1784
Yugoslavia, dinar
.011364 .011330 .011323 .011548 .011550
ASIAChinaChefoo tael
.7221
7258
.7221
.7246
.7238
liankow tael
.7171
7208
.7196
.7188
.7171
Shanghai tael
.7045
7073
.7041
.7056
.7047
Tientsin tael
7313
.7300
.7275
.7292
.7275
Hongkong dollar_ .5234
.5211
.5219
.5216
.5209
Mexican dollar__ .5118
.5084
.5096
.5098
.5096
Tientsin or Pelyang
dollar
.5113
.5104
.5108
.5108
.5108
luau dollar
.5121
.5125
.5121
.5129
.5129
India, rupee
3079
.3073
.3084
.3079
.3080
Japan, yen
.4871
.4872
.4883
.4861
.4874
Singapore(8.8,)dol
.5321
.5325
.5325
.5325
.5325
NORTH AMER.
Canada. dollar
.978713 .978690 .979390 .983700 .984517
Cuba, peso
999250 .999175 .998988 .998988 .998988
Mexico, peso
483208 .486075 .484958 .485344 .483792
Newfoundland. dollar .976328 .976563 .076875 .981094 .982500
SOUTH AMER.Argentina, peso (gold) .7574
.7.560
.7546
.7489
.7535
Brazil, milreis
0972
.0966
.0966
.0972
.0969
Chile, peso (paper)___ .1227
.1224
.1193
.1216
.1205
$
8.000014
.0505
.010300
.029602
.1775
rfrmniav rt..
7574
Oct.l.
/kite
"KKK
,CACI
non
4.5617
.026725
.0567 '
00000000189
.014630
.3931
.000054
.0451
.1576
.0000015
.0406
.004621
.1356
.2651
.1790
.011515
.7221
.7171
.7055
.7275
.5214
.5100
.5108
.5129
.3088
.4884
.5313
.986202
.998925
.483656
.983828
.7484
.0976
.1204
71121
The New York Clearing House banks in their
operations with interior banking institutions have
gained $4,002,902 net in cash as a result of the currency mffements for the week ended Oct. 4.
Their receipts from the interior have aggregated
$5,419,102, while the shipments have reached $1,416,200, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Week ending Oct. 4.
Banks'Interior movement
Into
Banks.
Out of
Banks.
85.119,102
$1.416,200 Gain 84,002,902
Gain or Loss
to Banks.
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government operations on the Clearing House institutions. .The Federal Reserve Bank of New York was creditor at the
Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Saturday. Monday.
Sept. 29.
Oct. 1.
Tuesday. Wednescry, Thursday
Oct. 2.
Oct. 4.
Oct. 3.
Friday,
0(1.6.
Aggregate
for Week.
8
$
$
$
8
$
$
68,000,000 74.000 000 66,000.000 67,000,000 77,000,000 61,000,000 C.413.000.000
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
pally 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. 4 1923.
Oct. 5 1922.
Banks of
Gold.
1
I
Silver.
I
Total.
Gold.
£
L
I
L
£
England_ 127,659,536,
127,659,836127,432,231
France_ a.146,964,086 11,760,000 158,724,086 143.372,711
Germany. 28,235,950 50,47.5,400 31,711,350 50,111,330
Aus.-Hun_ 10,944,000 2,369,000 13,313,000 10,944,000
Spain ____ 101,027,000, 26,398,000127,425,000100,933,000
Italy
35,659,000 3,022,000 38,681,000 34,624,000
Netherrds 48,481,000
867,000 49,348,000, 49,488,001
Nat. Bela- 10,790,000 2,380 000 13 170 000' 10 664 000
SwitzerIrd_ 21,074,000 3,939,000 25,013,000 20.212,000
Sweden_ _ _ 15,l45,sii
I 15,145,000 15,203,000
Denmark - 11,648,000
244,000 11,892,0001 12,683,000
Norway _
8,182
I 8,182,000 8,183,001
Silver.
Teua.
£
127,422,231
11,480.000154,852,711
1,250,150 51.361,480
2,369,000 13.313.000
25,877,000126,810,000
3,077.000 37,701,000
753,000 50,241,000
1,856,000 12,520,000
4.588,000 24,800,000
I 15.203.000
230,000 12,913.000
I 8,183,000
L
Total week 565,809,572 544454.400620,263,972 583,840.272, 51,480.150635,320,422
Prey. week 565,802,318 54,385,400620,187,718 584,885,378 51,367,150836,252,528
a Gold holdings of the Bank of France this year are exclusive of £74,573,797 held
abroad. b It Is no longer possible to tell the amount of silver held by the Bank
of Germany. On March 15 1923 the Reichsbank began including In Its "Metal
Reserve" not only gold and silver but aluminum, nickel and iron coin as well. The
Bank still gives the gold holdings as a separate Item, but as under the new practice
the remainder of the metal reserve can no longer be considered as being silver, there
Is now no way of arriving at the Bank's stock of silver, and we therefore carry it
along at the figure computed March 7 1923.
1502
TELE CHRONICLE
The Machine and the Man.
James M. Beck, Solicitor-General of the United
States, has written an article in which he discusses
the recent statement of Dr. Charles P. Steinmetz,
the electrical wizard, to the effect that a century
from now man will work only four hours a day. Mr.
Beck has for his central theme the effect of the enlarged use of machinery upon human character, or,
if you will, the effect upon the human soul. As he
shows, it all depends upon what the liberated man
will do with his leisure. Of our "modern mechanical
civilization," he says: "It has destroyed industry
and substituted boredom; it has grossly vulgarized
the works of men; it has substituted the ideal of
quantity for that of quality; it has resulted in social
disintegration and class antagonism, which now
threatens the very foundations of human society; it
has destroyed the spirit of individuality and has
gone far to crush the human soul."
Mr. Beck has no doubt that the Steinmetz idea of
a workless age, unqualified, will mark the downfall
of civilization, for he finds that the idle turn to pleasure rather than to new forms of work. He cites the
introduction of slavery into Greece and Rome as
evidence of the effect upon the magnificent cultures
of these respectively ascendant States. Finally, he
finds in Franklin and some of his contemporaries the
answer to the problem that seems now to be confronting thinkers—Franklin the toiler and thinker,
the inventor and statesman, who, while clinging to
the simple life, came to be Ambassador in the greatest Courts of Europe. As bearing on the discussion,
Henry Ford, because of the minute division of labor
in his factories, is often cited as a "destroyer of
souls" through the mechanical promptings which
reduce this routine labor to a minimum of effort and
attention. Mr. Beck would have Steinmetz answer
this question: "Has the increase, through thermodynamics, of the potential of human power resulted
in a corresponding increase in the moral potential
of human character?"
We recently called attention to the attitude of
unionism towards the price and quality of work; to
the tendency of limitation of quantity, in order to increase wage, upon the creation of machinery to take
the place of hand and brain; and to the moral deterioration inevitable upon the teaching of men to
shirk, under the vague idea of helpfulness to a class.
And we look upon this as a very important and present phase of the subject. We do not "view with
alarm" the major question here propounded, though
we agree in the main with the conclusions wrought.
.None of us can reasonably predicate a workless age
either a century hence or at any future date. Comparing Franklin's time, his experiments with electricity and the stove, with present wonderful contrivances for human comfort, we do not find that
naturally men are proportionately unemployed. Unemployment exists, but from other causes, though
machinery is a contributing cause to the general situation. Nor need men be unemployed in the future,
for one machine-made comfort arouses desire for
others—and none can now or at any time come to
men unwilling to give, in some form, the equivalent
of work in order to possess them.
This broad question has many phases. Let us turn
from the pessimistic to the optimistic. Let us see in
the increase of machinery not necessarily the degradation of idleness but the division of labor carrying
[Vora. 117.
with it new fields of endeavor. The farmer—now
in the public eye, now fleeing the farm to draw high
wage from the factory—must there not come, in the
nature of things, a reversal, an exodus to the country,
where on smaller tracts of land there will ensue more
intensive cultivation, affording employment to brain
and hand now.unthought of? And if art come not to
employ machine-made leisure, then, unless ambition
perish, must there not come greater development in
the mechanical arts, to furnish new comforts and
enjoyments of which the radio is a present-day example? If self-expression be the essence of soul,
what infinity lies before the human race? For
though, by the touching of a button, heat, power,
light, motion, spring into being, magical already beyond comparison, these genii cannot endure without
the constant presence and tending of man, man capable and willing to endure for the blessings that follow. And for every moment he stands guard over
the forces harnessed, the tireless mind is exploring
new fields in the march toward perfection which
ever recedes as man advances. It was Kipling who
exploded the charge that machinery had driven
poetry from ship and sea. And the whole story of
mechanical advance is the story of growth in higher
things—in the development of new desires with new
comforts, and new thought with new work.
If the machine itself be soulless we need not fear
it. If the luxury be turned out with the prodigality
of machine-manufacture then it is no longer a luxury but becomes the commonplace of necessity, while
new and more pleasing powers, forms, things and
thoughts invite toil of hand and tenure of idea. In
the state of civilization and culture to which man has
already risen, there will ever remain acquisition, desire, ambition, endeavor to do and to be—and these
will prevent the reign.of idleness and the decay into
sloth. The moral question is aside from that of the
machine. Men do not now work as they should. A
little only are they temporarily thwarted by overmuch machinery. Too much already they measure
work in the trades by tvag6.3 and not by worth. It is
not so much the machine as the man, the selfish and
class-bound and organization-ridden man, who is
sacrificing self on the altar of greed and temporary
power. Teach men it is ignoble to work for work's
sake and those who essay in manufacture to supply
great needs are forced to use machinery. Teach them
to take pride in the personal equation in all work, to
rely on merit for advance rather than intrigue and
subterfuge, and machines may increase forever but
they can never overtake the mind and soul of man.
Part of this fear of machinery is well-taken, but only
a part—for somehow this soulless machine ministers
to the secret soul of the man who aspires, who loves,
and who weeps and trembles in the presence of a
Power that lies forever beyond and behind all his
puny discoveries and inventions.
Railway Wage Increase Impossible.
While railroad baiters are active, possibly making
up in loudness of vociferation what they may lack in
numbers,it is not surprising to be told that a renewal
of demands fo- wage increases is to be made; this is
a time of dissatisfactions and also of delusions, and
we may better understand that while the depths may
be dumb and undisturbed the shallows will keep on
murmuring. Preparations for a demand for a return to war wage scales have been heard of, and now
we are told that the two chief members of the Big
OCT. 6 1923.]
THE CHRONICLE
Four brotherhoods are already presenting to many
roads a demand for restoration of the scale in effect
prior to the very moderate 21/
2% cut ordered by
the Labor Board on July 1 1921. Some contracts expired on the 1st of the present month, and Chief
Stone of the Engineers announces the mailing of
missives to the heads of committees of adjustment in
his Brotherhood "instructing them to serve the required 30 days' notice on their respective managements at the expiration of the present schedule."
Specifically, it is to be asked th t all rates under Decision No. 2 of the Labor Board, effeltive on May 1
of 1920 and applicable to locomotive engineers, be
restored, and that in all classes of service the earnings of engineers from mileage, overtim , and other
regulations applicable for each day's performed service shall not be less than $8;so far as is known,says
the report, a minimum day's pay is now demanded
for the first time. This ction brings all the Tour
brotherhoods into line for wage increas-s.
Now, it is both just and expedient to frankly admit that persons in transportation service are men
and brethren, cut off the same piece of variegated
human nature material as the rest of us ar , so that
they are obeying a common desire; further, they are
feeling the pressure of high costs, and in their restiveness and their disposition to make more freedom
for themselves by pushing against circumstances as
represented by their contracts on the one hand and
their living costs on the other they are not especially
reprehensible. It would be unfair and useless to berate them, as if they were sinners above others and
some Tower of Siloam ought to selectively fall upon
them; but it is wholly just and timely—and it ought
not to be wholly useless—to.try to reason with them,
as one man with another.
Chief Stone of the Engineers is probably a: man of
more than ordinary shrewdness, and he has certainly
had an educational opportunity by a long experience.
It is to be hoped that he has repented, with some
touch of shame, of his sardonic epigram of long ago
that wages are always a first lien and receivers' cash
is as good as any,and that he no longer imagines that
the situation which compels railway receiverships
can be other than unhappy for the whole people, railway workers included. But we may at least appeal
from Philip drunk to Philip sober, or comparatively
sober, and may recall to him his admission, four
years ago, that "increases in wages to meet the
mounting cost of living" would never reach such a
meeting, because prices would find a fresh soaring
strength in the fact of an attempted pursuit. Particularly, we would recall to him his statement, admirably put, that whatever gain intrinsically is won to
railroad men by increase in their number of wage dollars is lost to them by the price increases they must encounter as consumers. A truth is notless such because
it is unpleasant, and it is not appeasable by shutting
one's eyes to it. Mr. Stone recognized this truth
when he uttered it, and he cannot fail to recognize it
now. Why, then, does he act as if it had ceased to
be.true? As the head of a powerful organization,
why does he yield to the folly of which he can read in
verse 10 of Chapter XXX of the prophet Isaiah, a
folly which insisted that the prophets should not tell
"right things" but instead "smooth things" and "deceits"? To offer deceptions, or to countenance them
by silence, is not obeying the obligations of• leadership; is Mr. Stone fearful that the hot-headed element is too strong to listen and that if he stood out
1503 .
for calmness and rational thinking he might be unseated? We hope not; yet must assure him that it is
better (if one must choose) to stand for truth and
right and fall with them than to go along in temporary triumph with the unthinking.
The "Chronicle" wishes to ay,in few. yet most emphatic words, that it is not the "organ" of railroads
or of wealth or of anybody. In urging labor deflation it is trying for labor inflation, meaning by this
that what all persons, rich or poor together, really
need and should seek is an increase in the size of the
income dollar, not in its number; again comes the
seeming paradox that the more wage by count the
less wage by substance, and the converse also is true.
It is a pernicious delusion that any union or any
body of men can segregate itself from all other persons, in point of interest, or that any bloc pressure
whatever can help a bloc while the whole community
is not helped—still more impossible is it that conditions, anywhere in the world, can be improved by
anybody's selfish pushing against others in order to
get more "room" and more ease for himself. In urging these unpleasant yet wholesome economic truths,
against which organized labor blindly beats itself,
the "Chronicle" not only wishes to be but is the true
friend of labor and more worthy of heed than are
the leaders who find it pleasanter to go wrong with
the deceived mass than to attempt to undeceive. The
"Chronicle" also earnestly wishes that all employers and employees would do what some are doing: sit
down together, as men with men, and consider these
matters for themselves, without allowing any selfappointed Moses from the outside to intervene. .
However,it is already plain that the roads will not
readily surrender, and the employees ought to understand at the start that there is nothing in the
present situation or in any reasonable view of the
outlook to justify any wage increase whatever. Rates
do not rise; on the contrary, they are admittedly
higher than is desirable and there is a wide demand
that they be cut, in order to help trade and general
welfare. But the roads are asked to pay more dollars to their own men, in addition to already being
forced to pay more for almost every one on the long
list of other elements in operating costs; how can
any employee fail to perceive the arithmetical impossibility of this? The men demand more dollars
because others demand more of them in their capacity as consumers; to say that the roads shall pay out
more dollars while collecting no more (or perhaps
collecting fewer) is to talk witlessly. The roads are
to make a stand on the matter because they positively must. They will ask, it is reported, more efficient service, through certain changes in the working
agreements which it is needless to enumerate in this
article. Further, Mr. Loree o the Delaware & Hudson says that the demands made go 12/
1
2% beyond a
mere return to the 1920 scale; they are 60 excessive,
he adds, that they are clearly made for bargaining
purposes and would carry wages to a higher point
than ever known in transportation history.
"Business conditions," says Mr. Loree, will probably be the determining factor. Those are, and ever
must be, the final determining factor in all problems.
It therefore is necessary to repeat that any wage increase by the roads is utterly without warrant in
either justice or financial conditions. The demands
simply cannot be granted. It is against the welfare
of the employees, as (and because) it is against the
general welfare, that they should be.
.
1504
THE CHRONICLE
[VOL. 117.
management as niggardly in salaries? Are not his
The Anomaly of a Bank Clerks' Union.
"working conditions" the best the bank can procure
There is this to be said about the proposed bank in deference to its catholic patronage? What excuse
clerks'union—it gives moral support to a system em- is there for such a union in view of the easy approach
ploying organization coercion to accomplish the so- to the management and in view of the semi-public
called ends of labor. It is further to be said that character of the bank?
There is another thought worth considering. A
such a union will bear but a remote likeness or relaof
F.
A.
the
man learns a trade as a lifetime occupation. But is
tion to the trades unions affiliated under
"collective
of
clerical position in a bank one to contemplate as
the
purpose
L. And as far as the avowed
need
vocation unless the young man or woman
any,
if
lifetime
a
little,
is
there
bargaining" is concerned,
expect to rise to the higher salaried offiThe
merit
by
can
employees.
bank
among
organization
for such an
union "control" tend to fix him in his
of
not
divisions
Will
the
cial?
inside
authority
in
those
approach to
perin a wheel in proportion as its decog
a
like
place
distinctly
and
easy
are
institution
a banking
sonal; while the ultimate seat of authority is in a mands for such a clerk are granted? Would it not
board of directors responsible to stockholders for the be better to contemplate service as an apprenticegeneral guidance of the bank and to the general pub- ship for fitness to command his own position in a
bank of lesser magnitude? Will not the union tend
lic for its institutional conduct.
It is useless to say that the original intent is to to fasten him in a groove with chains of his own makemploy conciliation rather than "the strike"—the ing? Just now men are beginning to see that the
time comes when the strike is the natural weapon of machine tender, though he gain in wages, may lose
any union seeking to enforce its demands. The spec- in mentality and ambition. What other effect can a
tacle of "twenty thousand" bank clerks in New York bank clerks' union have than to herd men together
City going out "on strike," or simultaneously taking in classes—provided we can suppose such classes
a "vacation," or voluntarily "ceasing from work," is possible in a large bank? And, really, this is not
impossible for us, at least, to conceive. Imagine, if possible,for the work is so varied that the young man
you can, all these mighty banking institutions, upon upon whom devolves a given responsibility must sacwhich the public has relied for years, that reach back rifice the very best reason he has for an advance in
a century in some instances, open for business on a salary by the union's minimizing of his individual
certain morning to their hundreds of thousands of worth and character. Suppose a union to embrace
customers with funds ready for every check and loan all bank employees and a 10% advance in salaries
and no clerks to perform the ministerial duties at- is demanded, upon what common basis could such
taching thereto. If ever a strike can be directly an advance be reasonably urged?
We do not pass upon the adequacy of bank clerk
against the public interest this would be the one.
as now established. We eontend, however,
salaries
never
it
will
Let us, however, not think of it—for
is close approach to those entrusted with
there
that
end
an
such
at
attempt
partial
a
come to pass. Even
would find the strikers outside the breastworks with power to pay and to equalize payments. For the
no way of getting back in, for, important as is the rest, there is in a bank'no means of declaring what
work of the bank clerk, there are thousands eager and the standard of living should be for those who would
willing to fill his place on short .order. There are be content to fill one measure of work for a lifetime.
hundreds of commercial schools over the country pro- Much of the work is routine and must ever be. Those
viding a course in banking—and if there were none, who wait for dead men's shoes in any business must
so great is the fascination of employment in a bank be content to wait. There is no other law. And we
that recruits could be provided in a few days to fill can foresee for a bank clerks' union no usefulness
and no success.
all vacancies.
allow
But this is an extreme picture and does not
The European Situation—A Way Out for
for the very great inconvenience which such a condiFrance.
tion would bring on. And therefore we may talk,
in Germany's calling
interest
is
There
universal
advisabiland
about
the
right
talk,
we
reasoning as
off passive resistance in the Ruhr, as there is a sense
ity of the formation of a bank clerks' union.
Aside from the impossible because insufferable in of relief in the opening of the way to conference and
the proposition, the young man who wants to rise on possible adjustment with France. At the same time
his merits will steer clear of submerging his indi- there is entire uncertainty as to what will be the
viduality in an organization the tendency of which is next step, and as to its relation to the peace of Euto sacrifice all to the interests of a so-called class. If rope and the world.
President Coolidge s recent address to the Red
we suppose a young man to be in the transit departis heartening to a degree, not so"much because
Cross
ment, the responsibility of which is direct and quick
remarks about America, as his reference to
his
of
tolerate
delivery of the check, can he for a moment
and navies as police forces, which are adarmies
more
be
the idea of shirking his work that there may
peace, and, together with riches, must be
of
juncts
pracwork for to-morrow or more work for others—a
not making final determinations among
as
regarded
is
he
If
unions?
in
vogue in certain trades
tice now
on at once to emphasize moral force
passes
He
men.
a
in
"takes"
can
he
the
limit
plan to
a bookkeeper
day,supposing there is posting direct from the item? upon which civilization is coming more and mare to
Or in any clerical position can he reasonably demand rely.
In this he finds hope of real progress, not as per-overtime pay when the essence of banking is the
-completion of the day's grist according to the de- forming the impossible, but as a practical idealism
mands of a commerce that swirls about the bank's which both individuals and nations can cherish and
doors? Or yet another condition, since the pros- aim to put into practice. "It is," he says, "repreperity of a bank is based on the communal good-will, sented in the history of our country as a deep faith
can he fairly join an organization likely to meet out- in spiritual things tempered by a hard common sense
side the bank and pass resolutions censuring the adapted to the needs of the world." Without undue
OCT.6 1923.]
THE CHRONICLE
question we may accept his statement that it "has
marked the conduct of our country up to the present
hour, and we are not likely to adopt any other
course."
This is certainly what was in the heart of our people when we went into the war and found expression
in our joy at its outcome. It is what is repeated and
exalted in all our public gatherings and is the declaration of all our religious assemblies and many of
our political and social organizations. We should
be glad if we might at once base our prognostications
of the immediate future upon it.
When a man is ill much may be said about his general manner of life, but what he needs at the hour is
adjustment to "material things." Morals and manners are important; his physical condition is the
chief concern. His body gives the cry and the challenge that must be heeded.
If Europe and the world are to get back to health;
if peace is to be secured; if we are to see assured advance; if we are to be able to forecast the future to
any extent worthy of acceptance for our understanding or our plans, we must turn our thoughts to
steady and careful attention to questions purely
economic, especially of finance, as to-day underlying
all the rest.
For example, there are three problems that must
be dealt with and settled if a basis is to be secured
for a new situation. These are Reparations, War
Debts and Currency. The insistent character as well
as the magnitude of Germany's obligations for Reparations, however they may be settled, are well understood. It is only necessary to emphasize the fact
that they must be met and adjusted in terms that are
accepted by both France and the other Allies before
the foundations for peace can be laid.
The problem of War Debts is no less pressing.
Stating the situation in dollars, and approximately
some seven billion dollars are due to United States
from the Allied States, as follows: From France
$3,844,000,000; from Italy $1,932,000,000; from Belgium $437,000,000, and from the smaller States,
$839,000,000. If we add England's adjusted debt
of $4,604,000,000, we have a total of $11,656,000;000.
Some ten billion dollars are due Great Britain,
as follows: From France, $3,300,000,000; from
Italy, $2,500,000,000; from Belgium, $525,000,000;
from Russia, $2,900,000,000, and from others, $775,000,000. Some arrangement of these great debts as
to both interest and principal is evidently due before
world settlement can be secured.
How and when this can be accomplished will turn
upon the financial condition, both as to to-day and
the near future, of the various States. A glance at
the situation in one or two of the countries will show
the entirely overwhelming and unprecedented character of the obligations. Great Britain,for instance,
has an internal debt due her own people of $30,306,000,000, on which 'she has to pay interest. In addition, she owes $5,210,000,000 to the United States
and the Dominions. France owes her own people
$17,688,000,000 and has an external debt of $6,785,000,000, a total of $24,463,000,000, if francs be translated into dollars at approximately their current
value. The total debt of the United States may be
set down for comparison as $22,000,000,000.
To see what these few statements indicate, we may
turn to France. Her annual revenue is approximately 22,000,000,000 francs, and her Governmental
1505
expenses 12,000,000,000 francs, which leaves 10,000,000,000 available for interest on her debt, which is
due mainly to her own people and must be paid currently if prosperity is assured. But that annual interest with the sinking fund will require somewhere
in the neighborhood of twice that sum, or approximately 18 billion francs. From all appearance the
French cannot or will notendure heavier taxation than
at present; even the suggestion of it threatens the
Government. But obviously, a solution would be easy
if France as the result of a settlement with Germany
could dispense with her standing army of over threequarters of a million, thereby enabling her to reduce
her expenses correspondingly. Manifestly that is
the direction in which relief will have to be
sought.
It is at once apparent that -the question of Currency is vital not only for international business, but
equally for the domestic use. If France should feel
herself driven, as other nations have done, to issue
unlimited paper money to meet her current needs,
even the present low price of the franc would fall
headlong. People might adjust themselves to it at
the commencement, say till it fell from six cents to
three, and the Government, as well as individual
debtors, might find in this illicit way immediate
benefit in canceling their indebtedness, but the price
of all supplies would advance correspondingly and
innumerable rentiers would find their fortunes gone
or their income overwhelmingly reduced. Commercial panic would ensue and the franc would join the
ruble and the mark in the abyss.
This is no mere hypothesis. It is the account of
what has actually occurred in every,instance where
the like course has been pursued, namely the existence of increasing necessities has failed of adequate
adjustment until the floodgates were opened, and a
swelling stream of irredeemable paper money was
resorted to. The experience of Austria, Russia and
Germany ought to be sufficient, if it were needed, to
show how imperative is the need of radical steps almost throughout Europe to deal with the existing
situation. No diplomatic or moral or spiritual
adjustments can possibly be adequate to deal with
it.
What President Coolidge says of the United States
as being "unencumbered with spoils, independent,
unattached and unbought" in her course in the past,
and this as "the only course that America under like
circumstances will probably ever pursue," needs to
be read in the light of to-day; and it is to be decided
whether or not circumstances remain the same, or, if
not, how far they are different.
Certainly in Europe they are very different from
what they were at the close of the war, or from what
anyone anticipated even a very short time ago. Reparations, the largest conceivable, and "security," the
most complete, will not enable France to create conditions of permanent peace for the world, even if
they should be so regarded for herself—until and
unless she disbands her huge army. But this done,
and given reparations, these men can be set profitably at work in legitimate industry, carrying on the
work of French restoration made necessary by Germany's ruthless military campaign. All of France's
difficulties would then vanish like thin air, and she
would find no trouble in meeting all her obligations.
Not alone the United States, but the whole world
ought to insist by moral suasion that the French
Government pursue the path here indicated.
1506
THE CHRONICLE
[VOL. 117.
dications of Business Activity
Thoughtful business
THE STATE OF TRADE—COMMERCIAL EPITOME. to attract more and more attention.
Friday Night, Oct. 5 1923.
Despite some drawbacks there is a noticeable increase in
the retail and jobbing trade in fall lines. At the South
business is especially good, but the big mall order concerns
at the West show that that section has been buying within
the past month on a larger scale, and for the nine months
of this year the increase is very marked. Two concerns
show an increase in sales over the same period last year of
about $30,000,000 each. It is also significant that freight
traffic on the railroads continues very heavy. For the fourteenth week in succession the loading of revenue freight has
exceeded 1,000,000 cars. For the latest week it was 1,060,436, which is the largest for any corresponding week for the
last five years. And yet it is a fact that buying is mostly to
supply immediate needs. There is nothing venturesome in
the business now going on in this country. Conservatism is
still the watchword. Failures from the lessened number—
September's total was the smallest for three years—indicate caution as well as a larger demand for goods than was
the case at this time last year. In fact for many weeks past
the total transactions have shown a noteworthy increase
over those for a like period in 1922. An event at the West
this week was the fact that cash corn crossed the dollar
mark for the first time in three years, No. 2 yellow corn
touching $103 per bushel at Chicago. Corn is now some 15
to 22c. higher than a year ago. Farmers use most of the
corn crop annually on the farms in feeding to live stock.
This year to all appearances they are more largely engaged
in the raising of live stock than for some years past, owing
to the high prices current. Grain has advanced during the
week, partly under the lead of the corn market and partly
because the West seems to have some hope that the Government would do something for the wheat farmer. Doing
something for the wheat farmer would be best achieved by
taking advantage of credit facilities already in existence.
The Northwestern farmer's attention is being directed by
Washington authorities to the opportunities offered by the
Rural Credits banks of the West. These offer facilities
which should be used by the farmer, who in the end would
find it more to his interest to borrow money on a businesslike basis than to fall back on unhealthful paternalism in
the shape of artificial stabilization of prices through Government aid. The truth is that no Government, however
powerful, can In the end set aside natural economic laws
any more than it can abrogate the law of gravity or the precession of the equinoxes. liconomic laws are, of course,
quite as immutable as any other natural law. The corn
farmer, meanwhile, is enjoying prosperity. At the present
time there is actually a scarcity of corn at the West, as the
farmer himself is using it in the live stock business. And
latterly Minneapolis; millers have reported a rather better
business in flour. Cotton has declined $3 to $4 a bale owing
partly to a crop estimated by the Government at 11,015,000
bales, which was 200,000 to 500,000 bales larger than many
had expected. it is true that there is a certain amount of
skepticism In regard to this estimate because It is based on
the Government acreage figures of 38,287,000, whereas some
estimates in the trade have been about 2,000,000 acres less
But it may turn out that the Government is right. It has
seemingly underestimated the acreage in some years.
But another disturbing factor in the cotton business was
the sudden announcement that the great Amoskeag Mills at
Manchester, N. H., with 700,000 spindles and 22,000 looms,
would close down indefinitely to-morrow in the cotton department. Also, it was feared that this closing down movement, or at any rate a curtailment of output, might spread.
There is no doubt that New England has a problem to face
in meeting the competition from Southern mills favored by
cheaper labor and near proximity to the cotton fields.
Southern mills save on freight and labor. The New England mill is hampered by three things at the present time,
namely the high cost of cotton, the high cost of labor and
oppressive taxes. Cotton mills at Lowell, Mass., have entered a formal protest against high taxes levied upon them
there. Taxation—municipal, State and Federal—is running
to extremes. There can be no question as to that. The high
cost of labor, however, is one of the things that is beginning
men are more and more convinced that labor costs have
sooner or later got to be deflated. In not a few instances
they are at or near the inflated level of 1920. In New York
State wages of unskilled male labor are only about8% below
the peak of 1920, whereas since that date average commodity prices are about 50% below that level. Here is a difference of over 42% in favor of labor. This cannot go on Indefinitely. The industries of the country simply cannot
stand this kind of thing. Nor will the people foot the bill.
There is no doubt that the dulness of the textile trades at
the present time is due to the fact not merely that cotton is
scarce and high, but also to the dearness of labor as well as
onerous taxes. It is not only the farmer, especially the
wheat farmer at the West, who has a problem to solve; the
manufacturer in more than one line of business is in the
popular phrase quite as certainly up against it. Iron and
steel are quiet and more or less depressed. Petroleum
prices are gradually drifting downward, even though production has fallen off. There is a pretty good business In
wearing apparel and it is also true the trade in jewelry is
significantly large, showing that to all appearances the labor
element is spending some of its high wages on this form of
luxury just as it did, by the way, during the war, when it
was said that labor saved very little money, but spent it
lavishly, as was indicated by the relatively small increase
in the deposits of the savings banks during the war period
in various parts of the country. Meanwhile collections at
the South are better, owing to the high price of cotton.
Prudence now does not mean that the fall and winter trade
is not going to be good. It will be recalled that last spring
there was a certain amount of caution. Nobody felt any too
certain just how business in 1923 would turn out. The truth
is that it has exceeded that of 1922, although it has kept for
months past within very prudent bounds. Meanwhile the
stock market has at times advanced and in the main has
certainly been firm with the railroad stocks showing significant strength. Merchants are gratified to witness such a
significant Incident as the resumption of dividends on Baltimore & Ohio common stock. This is regarded as very possibly the harbinger of other events of a like nature.
Finally there is the situation in Europe. It must be confessed that It might be better. Politics in Germany are still
unsettled. But it is reasonable to presume that the hardheaded German peasant is not minded to welcome back a
monarchy, that he will stand by the republic quite as certainly
as he will have no part or lot in anything savoring of communism. And it is encouraging to notice that Hugo Stinnes,
the German industrial leader, arrived at Duesseldorf this
morning and that he and others of the Ruhr industrial group
have arranged for a conference with the French military
authorities looking to a restoration of industrial activity in
the Ruhr Valley coincident with some modification of the
military occupation. There is little doubt that business men
of France and Germany will be a power behind politics to
bring about a suitable solution of the vexed questions so
long at issue, at no very distant day. Sorely as the American people are already burdened with taxes, It seems there
is again danger of the bonus scheme being foisted upon them.
Its proponents even boast that it can be carried through
Congress over the President's veto. And this comes at a
time when there is a growing demand for a reduction of
crushing taxes already imposed and President Coolidge was
reported to be prepared to take up this crying question.
The President, it is stated, contemplates holding a series of
copferences with Secretary of the Treasury Mellon and other
Treasury officials and with members of the House Ways
and Means Committee to give consideration to the question
of whether tax revision should not be taken up at the forthcoming session of Congress. It certainly should be. Yet, incredible as it seems, it is at such a time, when the country
is staggering under high costs of everything, including tariff,
labor, living, Government itself, etc., that the bonus menace
is suddenly sprung upon it by those who would degrade
patriotism to a sordid matter of dollars and cents, and
when thousands of ex-soldiers themselves discountenance
the measure. The present taxation is rightly described as
appalling. Recently the National Industrial Conference
OCT.6 19231
THE CHRONICLE
Board declared that the Federal income tax alone is "fast
making inroads on the surplus considered vital for our economic progress." A nation as a whole, like the individuals
who compose it, has only a certain income; that has its limits; it is not infinite. In 1921-22 its national income was
stated at $59,300,000,000, and of this amount no less than
14.3%, or $8,500,000,000 was taken for taxes, of which the
Federal Government helped itself to $4,903,000,000. Not
only is the attempt to be made to saddle even larger Federal
taxes than these fabulous sums upon the people, but the
Individual States are hungrily grabbing for more of the
people's money. In this city of New York, moreover, the
taxable value of property has Just been coolly raised $1,000,000.000, as if proper housing for the people were not, as it is,
a difficult enough problem. Small wonder that property
owners, builders and others are aroused and protest sharply
against this further raid on the people. Taxation is being
carried to such very questionable extremes that investors
are literally forced to put their money into tax-exempt securities, money that might otherwise be put into business
and conceivably help by increased production to ease the
burden of the cost of living to the people.
The wheat farmer is still calling for help from the Government and President Coolidge, evidently mindful, as the
late President Harding was, that banking machinery already exists that may properly be used for the farmer's benefit, has sent Government representatives to the central
Northwest to discuss with farmers the more extensive use
of Government funds under the Rural Credits Act. This
surely is a far better way in the long run to help the farmer
than to stabilize the price of wheat at an artificial level, or
in other words, one not warranted by the market. That
could easily result in a boomerang. In Chicago it is recognized that the raising of the tariff on wheat from the present rate of 30c. to one f 50c. could easily result adversely in
the end to the farmers. It could drive export business more
than ever to Canada and to other cheaper markets abroad
and would inevitably cause a larger acreage of winter wheat
to be planted In this country this fall. It would mean larger
crops. In short, it would end in traveling in a vicious circle
to the farmer's ultimate loss.
Improvement in the economic position of the agricultural
and live stock interests is in evidence in all sections of the
Tenth Federal Reserve District, says the month's review of
the Kansas City bank. Recent rains distributed over a vast
area came in time to revive ranges and pastures, insure a
bumper corn crop and an abundance of feed in all sections
to carry live stock through the coming winter. Advances in
prices of farm products and meat animals to levels above
those of a year ago and an enormous inflow of money from
the marketing of these products of farm and range are factors which have also helped the improvement in that part of
the West.
At Manchester, N. H., the cotton department of the big
mills of the Amoskeag Manufacturing Co. will be shut down
on Oct. 6 for an indefinite period, as stated more in detail
elsewhere. The plants of the Goodall Worsted Co. at Sanford, Springvale, Kennebunk and Waterboro, Mass., are now
on a 4-day week schedule, operations having been reduced
because of a smaller business in Palm Beach cloths. The
mills employ about 2,000. The Fain Knitting Mills are to
open 13 new branches in New York, New Jersey and Connecticut with a rising trade. The Flint Mills at Fall River are
not to close. One of them has been closed for two months.
The other is in operation. A rumor to
-day said both mills
were closed. Charlotte, N. C., wired that practically all the
cotton mills of both the Carolinas have resumed full time
operation, following renewed demand for their products. A
few weeks ago they were in the midst of what has been described as the most drastic curtailment program they had
ever known after more than four months of extreme dulness
of cloths and yarns.
So far this year sales in dollars by New England department stores have been about 10% larger than in the corresponding months last year, says the Boston Reserve Bank.
Retail prices are undoubtedly somewhat higher than they
were a year ago, so that sales in terms of quantity instead
of value probably would not show an increase of as much as
10%. The widespread postponement of new building operations last spring was one of the factors which brought about
the wave of pessimism recently prevailing, but the building
situation in the Boston district has lately improved.
Montgomery, Ward & Co. report sales for September 1923
as $9,949,398, against $7,088,648 in September 1922; sales
1507
for nine months of 1923 at $90,303,759, against $59,552,224 in
1922. Sales for the first nine months of the year were 9.45%
in excess of the same period in 1920, the previous high
mark. Sears, Roebuck & Co. report sales for September 1923
at $16,103,251, against $14,375,429 in September 1922; sales
for nine months of 1923 at $151,750„747, against $121,279,805 in 1922.
At the $5,000.000 rug and carpet sale here prices advanced
on Oct. 3 in some cases and fell on Wilton velvets 15%.
Others rose 5 to 8% above the short Jobbers' prices. Later
carpets were slow at the sale and prices were reported off
from 33 1-3 to 50% in some cases.
The big fur sale closed here on Oct. 3. Fifty to 60% of
the offerings were sold. Prices fell. Some asserted that this
was due to the poor quality of the offerings, but this does not
appear to have been invariably the case. The following
prices are in comparison with April sales: Rabbits, Austra.
Ilan and sundry, unchanged; coney, unchanged; Chinese
raccoon declined 20%; Japanese raccoons, Northern, advanced 10%; Central and Southwestern, unchanged; civet
cat declined 25%. Silver fox sold well at the auction here
and advanced 25% over spring prices. Krimmer declined
30%. The otter demand was big, despite the loss of Japan
as a market for export, and prices advanced 10%.
Tokio cabled Oct. 3 that raw silk advanced that day another 70 yen ($35) in the Yokohama market. The new price
is 2,250 yen a bale. Sales of 1,050 bales at that price were
reported. Complaints have been received from American
buyers that Japanese dealers are withholding stocks badly
needed to keep mills in the United States busy this winter.
It turned cooler here over last Sunday, the htermometer
dropping to 52 degrees, after being as high as 80 degrees on
Sept. 28. Frost is predicted for to-night. It was 45 degrees
here at 8 a. m. to-day. Texas and Oklahoma have had further rains, but the Atlantic section has had little.
Amoskeag Manufacturing Co. to Shut Down Cotton
Mills To-Day Indefinitely.
The Amoskeag Manufacturing Co., believed to be the
largest manufacturers of cotton goods in the world, will
close down to-day (Oct. 6) for an indefinite period its cotton
mills in Manchester, N. H. Between 10,000 and 11,000
workers are affected by the shutdown. Announcement of
the company's intention to close down the mills was made
on Oct. 4, the decision being attributed to untoward business
conditions. On Oct. 3 at the annual meeting of stockholders
it was announced that the business outlook was poor, and
that last year the Amoskeag cotton mills had operated at a
loss of $75,000.
The worsted mills and the mechanical departments of the
plant will continue to operate. The cotton department has
accumulated a large amount of unsold goods, the annual
report showing that production exceeded sales by over
20,000,000 yards of cloth. Official notice of the curtailment was posted in the mills on Oct. 4 as follows:
Conditions in our business necessitate an immediate curtailment in our
cotton department at this time. Accordingly, this department will be
closed Saturday, Oct. 6, for an indefinite period. As business improves.
and we are able to start various rooms, notices will appear in the newspapers.
Payment for the week ending Oct. 6 will be made in the mills Tuesday.
Wednesday and Thursday next.
The worsted department and mechanical departments will not be affected
by this notice, and will run as usual.
Agent William P. Straw made the following statement
regarding the closing down:
Before posting the notices in the mills in regard to the curtailment of
the cotton manufacturing department, W. P. Straw, Agent, explained the
present situation to the overseers of the various departments, and also
talked over the situation with a group of employees' representatives.
The business outlook, he stated, while unfavorable as far as the gingham
and flannel lines are concerned,should not induce in the minds of Amoskeag
employees or the general public a feellng of extreme pessimism. Mr.Straw
expressed himself as hopeful of a change in market conditions, and alluded
to the possibility of developing business in other lines, referring to plans
already under way to replace the staple lines of goods which are now moving
so slowly.
With a substantial advance in the price of raw materials
and labor over last year, amounting to about 5 cents a pound
in the case of raw cotton and 123i% in the cost of labor,
it was pointed out, it was reasonable to expect an advance
in the price of goods commensurate with the advanced cost
of manufacturing, so that when the Amoskeag named unchanged prices in ginghams at the opening three weeks ago
it was thought inevitable that the mills should receive big
orders for their goods forthwith. That this has not occurred was the deduction generally drawn from the present
action of the mills. This is said to be the first indefinite
suspension of the cotton department of the mills since 1893,
rioL. 117.
THE CHRONICLE
h the worsted division was shut down in 1910 during 1
t half of the year.
Eagle Silk Mills Curtail Operations.
. H. dr C. K. Eagle, Inc., at Paterson, N. J., one of the
argest silk manufacturers in the country, this week announced a curtailment of the operation of all their plants
from a six days per week basis to a four days per week basis,
effective immediately. It is learned that the acute condition existing in the raw silk market since the Japanese
earthquake, and which may exist for several months to come,
is the direct case for this action.
Shoe Division of National India Rubber Co. to Curtail
Operations This Week.
Notices were posted on Oct. 4 in the factories of the
National India Rubber Co. at Bristol, R. I., a subsidiary
of the United States Rubber Co., saying that beginning
next Monday the shoe division, employing 3,100 workers,
would go on a four-day a week schedule. The curtailment
of production will amount to about 60% of normal, it was
stated. The wire division, employing 300, recently went
on a four-day schedule. Lack of orders was said to be tha
reason for the curtailment.
Workers Strike for $1 a Day Wage Increase.
Approximately 1,200 marble workers, members of the
Marble Carvers, Cutters and Setters' Union, went on strike
Oct. 1 for an increase in wages of $1 a day. The men now
receive $10 a day, or $9 a day as a basic wage, and $1 a day
bonus. The strike was started by the cutters and setters.
The carvers are out in sympathy, but have not served any
wage demands. They receive $12 a day. Employers said
the strike came at an opportune time as this is the slow
season. Marble work on several large buildings is temporarily delayed. These include the nwe Standard Oil Building and the Roosevelt Memorial Building. Marble work
in one of the new school buildings also is affected.
The following table shows the percentage change in sales from August last
year to August this year by major groups of departments:
+14.5
Cotton goods
Women's and misses' ready to
+12.3
+23.5 House furnishings
wear
+7.5
Men's and boys' wear
+19.6 Silk goods
+5.1
+17.1 Hosiery
Shoes
-0.1
Women's ready to wear accessories.+15.2 Woolen goods
+12.2
Furniture
+14 6 Miscellaneous
In order to show the changes from month to month in department store
sales independent of price changes and the usual seasonal variations and
growth in the size of stores, an index has been computed showing department store sales compared with an estimated normal in which allowance
has been made for these various factors affecting sales. The index is an
attempt to discover whether sales are increasing or decreasing from month
to month, a thing which can hardly be determined from the raw figures
because they are distorted by price changes, seasonal changes, and growth
from year to year. The data now available indicate for example, that
department store sales in the cities of the Second District normally increase
at the rate of 8% a year and that December sales are normally twice as
large as February sales. The index is tentative and subject to amendment
as more experience accumulates concerning the factors affecting retail
trade.
In August this index was 1% above the estimated normal for that
month, a marked gain over July, when it was 7% below the estimated
normal. The volume of business has not fluctuated in any month more
than 10% from what might have been normally expected. Chain store
sales show even less fluctuation from estimated normal than do department stores. On the other hand, mail order business showed heavy losses
during 1921 and 1922, reflecting lowered purchasing power in rural districts. Early this year there was some recovery, but in August sales
were 19% below normal.
Stocks carried by department stores on Sept. 1 were 8% larger than
those on the same date last year. Stocks increased 7% between Aug. 1
and Sept. 1 because of the receipt of fall and winter merchandise.
Detailed figures by cities are shown in the following table.
Marble
Net Sales During August
(August 1922=100%).
All department stores.
New York
Buffalo
Newark
Rochester
Syracuse
Bridgeport
Elsewhere, 2d district_
Apparel stores
Mall order houses
Stock, Retail Value, Sept, 1,
(Sept. 11922=100%).
1919. 1920. 1921. 1922. 1923 1919 1920 1921 1922 1923.
95 100 111
94 126 101 100 108
87 101
99 100 108
87 98 93 100 110 94 126
86 104
98 100 111 100 131 103 100 113
96 134 108 100 110
85 108 101 100 111
98 163 115 100 102
72 97 94 100 99
100 119 103 100 125 116 161 121 100 112
107 125 105 100 107 103 118 102 100 95
93 100 107
83 113 104 100 108
89 101
84 99 94 100 119 80 104
94 100 113
142 137 99 100 127
Newark department stores reported a gain n August of 11% in sales
as compared with August a year ago in spite of astrike which tied up all
the street railways.
Department store business in New York City was disturbed during
the latter part of September by the strike of newspaper pressmen which
prevented the stores from carrying on the usual newspaper advertising
programs. At this time it is difficult to determine the effect upon sales,
but merchants assert that business this September compses favorably
with that of last year.
Increase in Wholesale Trade in Federal Reserve District
of New York in August.
The Oct. 1 issue of the "Monthly Review of Credit and Increase in Chain Store Sales in Federal Reserve
Business Conditions," by the Federal Reserve Agent at New
District of New York.
York has the following to say:
According to the Oct. 1 issue of the "Monthly Review of
Largely because of heavy sales of clothing, both men's and women's,
Credit and Business Conditions," by the Federal Reserve
the weighted index of wholesale trade in this district, maintained by this
bank, advanced from 2% above normal in July to 12% above in August, Agent at New York,"August sales by all types of chain stores
the highest figure since February. August sales were 20% larger than
reporting regularly showed increases compared with a year
those of August a year ago.
ago ranging from 7% for cigar stores to 28% for apparel
This month for the first time, sales of women's clothing were divided
Into two groups-women's coats and suits and women's dresses-as these stores." The "Review" further states:
industries are separate. Sales of coats and suits increased 35% over
a year ago and sales of dresses 17%. Sales of men's clothing were nearly
50% larger than those of August 1922.
Each of the ten commodities for which figures are received showed
August sales larger than a year ago. The largest increase was in the case
of machine tools and the smallest in shoes.
Detailed figures are shown below.
Dollar Value of August Sales.
(August 1922=100%).
Machine tools
Clothing
k (A) Men's and boys'
• (B) Women's coats and suite
IF (G) Women's dresses
Hardware
Dry goods
Stationary
Diamonds
Groceries
Jewelry
Drugs
Shoes
Total (weighted)
1919.
1920.
1921,
1922.
1923.
42=CONMONI,
1,
07.00n.
nao1.M0,-.4....10M2COM
Commodity,
298
111
122
119
88
146
116
152
97
126
181
98
151
49
92
73
105
105
81
98
97
64
108
90
97
123
100
100
100
100
100
100
100
100
100
100
100
100
100
166
135
149
135
117
117
115
108
108
108
105
105
102
124
127
98
100
120
Increase in Department Store Sales in Federal Reserve
District of New York in August-Effect of
Pressmen's Strike in September.
Annual August sales by department stores in this district
yielded a large volume of business, according to an item on
retail trade appearing in the Oct. 1 issue of the "Monthly
Review of Credit and Business Conditions," by the Federal
Reserve Agent at New York. Total sales were 11% above
those of August a year ago and were 2.7% above those of
July, whereas normally August sales are less than those of
July. The "Review" continues:
The increases in some cases were due to the opening of new stores, bu
for ten-cent stores average sales per store showed a gain. The increase
In the value of shoe sales was due to an advance of 15.8% in prices, as
the number of pairs sold declined 2%.
Detailed figures follow:
No.of Stores.
1922.
Net Sales During August.
P. C. Chants
(August 1922=100%).
in Sales per j
Store, Aug.
August
1923. 1919. 1920. 1921, 1922. 1923.'22 to Aug.'23
Apparel
Ten Cent
Grocery
Shoe
Drug
Cigar
373
1,783
11,560
213
279
2,591
543
1,817
14,757
244
312
2,754
66
73
71
122
87
79
96
87
102
108
100
102
98
89
88
103
97
101
100
100
100
100
100
100
128
118
117
114
109
107
-12.0
+14.4
-8.3
-0.9
-2.8
+0.3
Total
18,779
20,427
73
98
91
100
117
-4.2
Type Of Store.
August
Continued Depression in the Oil Trade-Gasoline
Prices Still Declining.
The marketfor crude oil remains disturbed. The Standard
Oil Co. of New Jersey on Oct. 2 announced a reduction of
15 cents per barrel in the price of bunker fuel oil, which is
now quoted at $1 45 per barrel f.o.b. refinery at Bayonne.
The usual charge of 63A cents a barrel will be made for
lighterage. The "Journal of Commerce" of this city on
Oct. 2 also noted that the Standard Oil Co. of New Jersey
won the bid for supplying the Shipping Board with bunker
oil for 15 months at $1. 395 a barrel for the whole period, or
$1 36 for a year beginning Jan. 1 next.
An encouraging sign is noted by the "Daily Financial
America" which on Oct. 5 published the following report
from Pittsburgh, Pa., dated Oct. 4:
The first sign of any recovery in oil industry is found to-day in advicea
to an important oil concern here from Marietta, Ohio, stating that a prewell
departments
mium
of 12,ti cents a barrel is offered there for Pennsylvania grade of
were
various
increases
distributed
among
the
The
of the stores. Sales of women's and misses' ready-to-wear garments crude. The offer is made by a bank in Marietta. The telegram reads:
were unusually good and the demand for men's and boys' wear was well "Five per cent premium offered here for Eureka Pipe Line credit balances."
The Eureka Lines gather oil in West Virginia and it is all Pennsylvania
ahead that of last year. Shoe sales were also much larger than last August.
There was a continued demand fur furniture and house-furnishing good. grade. The 5% premium is equivalent to 12 cents a barrel.
OCT. 6 1923.]
On the same date press reports published in "Daily
Financial America" stated that the Prairie Oil & Gas Co.
was seeking permission from the Inter-State Commerce
Commission to reduce its pipe line rates as a step toward
regaining the eastern markets lost to California crude. The
report follows.
The desire of the Prairie Pipe Line Co. to obtain permission from the
Inter-State Commerce Commsssion to reduce its pipe line rates is a part
of the general plan of the Prairie Oil & Gas Co., under new management,
to regain the eastern crude oil markets which the latter organization lost
to California oil producers, due to high prices that had been maintained
for Mid Continent crude, plus heavy pipe line charges to the eastern
seaboard refining points.
Now that Prairie Oil & Gas Co. has reduced the posted price of Mid
Continent crude, and may further reduce prices somewhat to what many
believe will be the rock bottom price level, it is now concerned in the
matter of reducing the pipe line charges to the East, so that there will be
no doubt about the Prairie Oil Co. being able to lay down Mid Continent
crude at Bayonne. Philadelphia and other important Atlantic and Gulf
Coast refining points at a price below that of California oil.
Present pipe line charges from the Mid Continent to the Atlantic Coast
average 76X cents per barrel, not including 20 cents for gathering and the
10 cents that the Prairie Oil & Gas go. receives as a broker, making a
total charge of $1 06.91 •
As the bulk of the California oil shipped eastward is 33 gravity or under,
the same grade of Mid Continent crude at existing rates of 90 cents per
barrel, plus the delivery charge, would make the total cost $1.96'A.
Average price paid for Californis oil for shipment by tankers is 78 cents,
and adding 22 cents for gathering and loading on board tanker, the crude
costs, f.o.b. the tanker, $1 per barrel, and the tanker charge, plus Panama
Canal toll, adds $1 05 to the total, or $2 05 delivered.
Unless California producers cut their prices again to meet the new Mid
Continent schedule, Prairie Oil & Gas can compete successfully with
California crude in the East. Well informed oil men say that it is quite
unlikely that California crude oil prices will be again reduced for al ong
time to come.
ended Sept. 29 was 2,220,250 barrels, as against 2,242,700
barrels for the preceding week, but comparing with 1,509,050
barrels for the corresponding week of 1922. The daily
average production east of the Rocky Mountains was
1,366,250 barrels, as compared with 1,394,700 barrels the
previous week. The following table shows the estimated
daily average gross production for the weeks indicated:
DAILY AVERAGE PRODUCTION.
(In Barrels)Sept.29'23. Sept.22'23. Sept. 15'23. Sept.30'22.
400,700
432.150
422,200
Oklahoma405,400
87,100
72,850
72.150
Kansas
71,900
56,850
67.000
66,800
North Texas
67,950
140.900
274.900
276,100
Central Texas
268,450
93,850
60,450
56,100
North Louisiana
57,100
28,200
133,650
131,000
Arkansas
121,000
113,950
101,000
97,850
Gulf Coast
97,950
115,000
107.500
107,500
Eastern
109.000
77.500
167.450
165.000
Wyoming and Montana_
167,500
395,000
858,000
848.000
California
854,000
Total
2,220,250
2,242,700
1,509,050
2,274,950
Federal Reserve Bank of New York on Decrease in
Production.
Commenting on the decrease in production, the Federal
Reserve Bank of New York has the following to say in its
"Monthly Review of Credit and Business Conditions," issued
Oct. 1:
Following the reduction in gasoline prices in Detroit
(Mich.) and vicinity by the White Star Refining Co., noted
in our columns last week, page 1401, similar reductions of
2 cents each were made by the Standard Oil of Indiana,
Sinclair Refining and Wayco Oil companies. The cut does
not apply to high test gasoline and benzol.
The city of Charleston, W. Va., will sell gasoline at
"actual cost price" as a result of action taken by the City
Council on Oct. 1. Press dispatches to the Pittsburgh
"Gazette-Times" on Oct. 2 state:
The city of Charleston went into the gasoline business to-night (Oct. I)
when the City Council passed a resolution providing for the purchase of
gasoline in tank car lots by the city,and disposal of it to all citizens at
"actual cost price." The resolution empowers the Finance Committee of
the City Council to act in this capacity.
Passage of the resolution followed agitation started some weeks ago by
Mayor W. W. Wertz, who personally conducted an investigation of the
prevailing gasoline prices in Charleston.
Prior to adoption of the measure to-night he told the Councilmen that
local residents "wore paying from 25 to 40% more than they should."
He based this assertion, he said, on prices prevailing in Ohio, where he
made a recent trip, and from advices received from other states.
In Newark, N. J., on Oct. 1 gasoline was cut to 14c. per
gallon by the Pure Oil Co., quiekly followed by the Standard
Oil Co. of New Jersey and several independent companies.
Advices from St. Paul, Minn., state that prices for gasoline
have been reduced 2c. a gallon in St. Paul and Minneapolis
by the Standard Oil Co. of Indiana. The now tank wagon
price is 12.9o. per gallon and applies only in the two cities
mentioned. In Cleveland, Ohio, an automobile accessory
shop on Oct. 3 offered gasoline at 11c, a gallon during a
"clean-up" sale. Dallas, Texas, reports state that the
tank wagon price in that city has been reduced 3 cents a
gallon, making present price 9 cents a gallon. A new low
wholesale price was touched in Chicago when gasoline sold
at 63'e. a gallon. The Standard Oil Co. of Kentucky on
Oct. 1 advanced the price of gasoline 2c. per gallon in Georgia
to cover additional road tax. A tax of 2o. a gallon also became effective Oct. 1 in California. Regarding the new tax
the "Wall Street Journal" of Oct. 2 gives the following details:
California's retail tax of 2 cents a gallon on all fuel used by automotive
vehicles, effective Oct. 1, will be collected through refiners and distributers,
with a rebate for gasoline used in other than automotive propulsion. The
work will entail a considerable burden on corporations engaged in refining
and distributing.
Simultaneously the California automobile license tax is removed and a
$3 registration fee imposed. Registration now exceeds 1,000,000 machines
and trucks. Revenue from the gasoline tax for 1923-24 is estimated at
$18,000,000.
A few slight changes in kerosene were made during the
week when the Northwestern Pennsylvania refiners on
Sept. 29 advanced "45 water white" kerosene to 7 cents a
cent. Reports from Chicago stated on Oct. 4
gallon, up
that the Standard Oil Co. of Indiana reduced the price of
kerosene 1M cents a gallon to 11.2 cents, tank wagon price.
Crude Oil Production Continues Heavy.
The following statistics, compiled by the American
Petroleum Institute, show that the estimated daily average
gross crude oil production in the United States for the week
1509
THE CHRONICLE
The index of production maintained by the Federal Reserve Board declined in August for the third successive month. Irregularity marked the
month's developments, however, and there were as many increases in output $
as there were declines.
Pig iron production declined from 3,678,000 tons in July to 3,435,000
tons in August, but the output of steel irgots rose from 3,514,000 tons to
3,679,000 tons. Unfilled orders on the books of the United States Steel
Corporation during August declined 496,000 tons to 5,415,000 tons.
Anthracite coal mined increased 548,000 tons to 8,868,000 tons in August
and the output of bituminous coal increased 3,738,000 tons to 48,864,000
tons in August, but this latter gain was not so large as that which usually
occurs at this period and the index of production accordingly showed a small
decline.
Cotton consumption by domestic mills increased from 462,000 bales in
July to 492,000 bales in August. A number of New England mills which
had been closed during July were reopened in August.
The number of passenger automobiles produced in August was 304,000 or
7,000 more than were manufactured in July. For the first eight months of
the current year there have been produced 2,431,000 passenger cars, or more
than the 2,339,000 cars which were manufactured during the entire calendar
year of 1922, which up to the present had been the year of greatest activity
in this industry.
The following table shows the indexes of production computed by this
bank in percentages of estimated normal production. Allowance has been
made for seasonal variations and year to year growth. The table has been
divided into producers' goods and consumers' goods.
1 100 Per Cent.)
(Estimated Normal 1,
1923
1922
Producers' Goods:
Pig iron
Steel ingots
Bituminous coal
Copper, U.S. mine
Tin deliveries
Petroleum
Cotton consumption
Woolen mill activity*
Wood pulp
Lumber
Cement
Zinc*
Leather, sole
Consumers' Goods:
Anthracite coal
Wheat flour
Cattle slaughtered
Calves slaughtered
Sheep slaughtered
Hogs slaughtered
Sugar meltings, U. S. ports
Paper, total
Tobacco consumption
'Gasoline
Automobile, all
Automobile. passenger
Automobile,truck
Boots and shoes
Automobile Brea
Aug. Apr. May June
July 'Aug.
59
79
600
85
77
111
97
87
105
.108
120
59
93
114
115
117
89
132
134
101
120
102
119
134
82
103
124
122
114
95
114
139
108
118
120
125
133
83
96
122
114
109
98
92
139
96
113
Not
123
128
75
93
121 109
105s 107
106 105
102 Imp
99
84
1,42 --89
83
9711
104
avail able
114 -_135 130
73
75
105p ---
20
119
102
127
86
124
144
103
102
'102
124
133
89
84
137
102
110
109
115
101
132
122
109
89
115
138
142
120
118
159
98
113
118
130
104
122
118
114
93
108
146
150
130
114
162
98
107
101
114
89
122
79
Not
93
111
152
159
126
105
134
100 104
122 116
105 109
123 145
79
86
135 149
74
70
avail able
88
110 --_
151r 141;
162r 152;
109r 97;
89p 91;
94
* Seasonal variation not allowed for. 0 Strike period.
r Revised.
p PreliminarY
Increase in Apartment House Rents in
New York City.
Reports from representative apartment house owners and
operators in New York City, says the Federal Reserve Bank
of New York in its "Monthly Review," dated Oct. 1, indicate
an increase of approximately 9% over a year ago in rents
of apartments which rented for less than $15 monthly per
room in 1920, but show practically no change in rents of
higher priced apartments. The "Review" continues:
The advance in rents of low priced apartments continues the tendency of
previous years, and reflects the fact that during the past two years apartment construction in New York City has been largely of the more expensive
types. Compared with 1914 rents, present levels for low priced apartments
show an advance of 89%. Rents of high priced apartments are 66% higher
than in 1914, and 5% lower than the maximum of 1921.
An index of rents paid by workingmen's families in the United States, prepared by the National Industrial Conference Board, was 6% higher In
1510
[vol.. 117.
THE CHRONICLE
August 1923 than in October 1922 and 75% higher than in 1914. A similar
tendency is reported by the Massachusetts Commission on the necessities of
life.
Federal Reserve Board's Summary of Business
Conditions in the United States.
In its review of business conditions in the United States,
the Federal Reserve Board under date of Sept. 27 reports
that "the volume of merchandise distributed during August,
as indicated by railway traffic and wholesale and retail
trade, was large"; "production of certain basic commodities
and industrial employment," however, it states,"showed further slight decreases." The Board continues:
is made to the shorter working day. The following table compares changes
in index number of wage rates in several industries since 1914 and since the
high level of 1920. The figures are from various sources believed to be
reliable.
1923.
Industry.
Anthracite,contract miners
Building, skilled and unskilled
Street railway, platform men
Unskilled labor, Second District
Textile, all classes
Steel, unskilled
Steam railway, all classes
Packing, unskilled
Farm labor. male
1914
1920
High
100
100
100
100
100
100
100
100
100
177
195
223
234
269
253
272
290
217
Per Cent
Change
Latest Since 1920.
195
205
215
216
234
220
234
232
139
+10.0
+ 5.1
— 3.6
-- 7.7
--13.0
--13.0
--14.0
--20.0
--35.9
Production.
The Federal Reserve Board's index of production in basic industries declined 2% during August and was at the lowest point for this year. The
August output, however, was 27% larger than a year ago and production in Price Reductions Continue in the Automobile Trade.
every month this year has been at a higher level than in any month of the
The recent reductions in price by the Chevrolet and
previous five years. Lower production index in August reflected reduced output, after a correction for the usual seasonal trend, of pig iron, woolen goods. Overland companies, mentioned in our issue of Sept. 15
flour and cement. Cotton consumption, sugar meltings, lumber cut and bitu- (page 1184), have brought about the announcement by Ford
minous coal production increased. The number and value of new building of reductions varying between $3 on the touring car to $40
projects as measured by permits granted in 168 leading cities, increased duron the sedan. These cuts were expected in the trade circles
ing August. but actual contract awards were smaller than in July.
Emp'oyment at industrial establishments throughout the United States as it was known that Ford buyers were holding off on the
was slightly smaller in August, while average weekly earnings advanced supposition that a reduction would be announced sooner or
about 1%. Increases in wages amounting to 10% were granted to anthracite eoal miners, and readjustments of wages and hours in the steel industry later. Regarding the lower schedule of prices the "Boston
continued, but wage advances during August were fewer than in any month News Bureau" on Oct. 3 made the following observations:
since last winter.
These price reductions are the first changes in the list since Oct. 15 1922,
The principal changes in crop estimates shown by the Sept. 1 forecast of when $50 was taken off the price of each model.
the Department of Agriculture were a large reduction in the expected cotton
The increasingly enhanced value provided automobile buyers through the
crop, slight decreases in the probable yields of wheat, barley and oats, and tremendous strides in production is no better instanced than in comparison
Increases of yields of corn, tobacco and potatoes.
of the latest Ford prices with the peak quotations of 1920, as follows:
Trade.
Year 1920. Reduction.
Model—
Oct. 1925.
Railroad freight shipments were larger in August than in any previous Touring
$280
$575
$295
This
was
record.
due
to
a
sea-onal
month on
increase in shipments of coal, Runabout
miscellaneous merchandise and agricultural products. Wholesale trade, Chassis
230
295
525
according to the index of the Federal Reserve Board, increased 12% in Coupe
525
850
325
685
August, which is more than usual at this season of the year. Sales of cloth- Sedan (4-door)
*95
290
370
640
270
ing, dry goods and shoes showed substantial gains as compared with July Truck chassis
and were larger than a year ago. Retail trade also increased in August and
•Two-door.
sales in all reporting lines were larger than in August 1922. Department
store sales in all sections of the country averaged 12% above last year's level.
In contrast to this reduction is the announcement by the
Prices.
Dusenberg Automobile & Motor Co. that its prices are
The general level of wholesale prices, according to the index of the Bureau
advanced
between $250 and $750. Prices are as follows:
of Labor Statistic, remained relatively constant in August, the change for
Phaeton $6,250, formerly $5,500: 4-passenger sport $6,500, formerly
the month being a reduction of less than one-fifth of 1%, compared with
and sedan $7,800. formerly $7,500.
declines of about 2% in each of the three preceding months. Prices of lY $7,250.
building materials, house furnishings and fuel were materially reduced, while
New models have been announced by the Olds Motor
prices of farm products and foods increased. Prices of certain raw materials, Works and Willys-Overland Co. The former, according to
particularly cotton and silk, advanced substantially during September, while
the "Wall Street Journal" of Sept. 29, has offered an entirely
prices of petroleum and copper declined.
cars as follows:
new line of 6-cylinder
Bank Credit.
Olds Motor works announces as its 1924 models an entirely new line
After a decline during July and the first part of August the volume of
of six-cylinder cars, made in six body types and ranging in price from $750
bank credit in use showed a seasonal increase during the last week of August
for the touring to $1.095 for the sedan. Roadster is $750; two-passenger
and the first two weeks of September. Total loans and demand deposits of
cab $955, 4-passenger coupe $1,035. Price of sport touring will be anmember banks in principal cities increased during recent weeks, reversing
nounced later.
the trend of the preceding two months. Loans chiefly for commercial and
The Willys-Overland Co. is offering a new closed model
agricultural purposes increased by $122,000,000 .and reached a high point
for the year. Investment holdings of these hanks, on the contrary, continued called "The Champion," according to the "Philadelphia
to decline and on Sept. 12 were lower than at any time since the middle of
News Bureau," which published the following announceOctober of last year.
Between Aug. 22 and Sept. 19 the amount of accommodation extended to ment on Oct. 3:
member banks by Federal Reserve banks in industrial districts declined,
Willys-Overland Co. announces a new closed model, "The Champion,"
while in agricultural districts the seasonal demand for credit and currency a 3-door coupe sedan, to sell for $695. The company now has 13 models,
resulted in a considerable growth of Reserve bank credit in use.
ranging from $495 to $695 for Overlands and $1,175 to $1,995 for WillysThe demand for currency arising out of crop moving and fall trade has Knight.
been reflected in an increase of $82,000,000 in money in circulation between
Respecting the announcement on page 1295 of our Sept. 22
Aug. 1 and Sept. 1. Of this amount about $44,000,000 represents an inissue, the Maxwell Motor Corp. explains that their 13. -ton
crease in Federal Reserve note circulation.
Money rates were firmer during the first two weeks of September, but truck price has not been advanced from $930 to $1,095, but
eased somewhat after the 15th, partly because Government disbursements
that they are selling a truck at $932 and another truck at
were temporarily in excess of tax collections.
The Treasury issued on Sept. 15 $200,000,000 of six months' certificates $1,097. The official communication appears this week in
bearing 414% interest, compared with 4% borne by six months' certificates our "General Investment News" column.
Issued in June.
The Federal
Reserve Bank of New York on Wages
Employment.
and
Federal Reserve Bank of Chicago on Wholesale and
Department Store Trade.
The following is from the "Monthly Review," dated Oct.
Regarding marchandising conditions, the Federal Reserve
1, of the Federal Reserve Bank of New York:
Bank of Chicago, In its "Monthly Report of Business CondiWages and Employment.
tions," issued Oct. 1, said:
Evidence of the reduction in pressure for workers which has accompanied
some decrease recently in industrial production is found in the fact that
wages of unskilled male labor in the Second District, computed quarterly by
this bank, were practically unchanged in September at $23 59 a week, following a continued rise since April 1922. These wages are only 8% below
the maximum reached In 1920 in contrast to basic commodity prices which
are about 50% below the maximum, according to an index maintained by
this bank.
Additional evidence of the reduced pressure for workers is found in the
lessened number of wage increases reported monthly by the National Industrial Conference Board summarized in the table below:
M,nth
nded
R,educInTotal
Lions creases Changes '
Month
Ended
ReducInTotal
Lions creases Changes
12
13
May 14-__
1
1
be . 11..
201
202
24
June 14_ -23
1
1
Jan. 14__.
287
288
42
July 14..-42
0
0
Feb. 14_ -.
137
137
38
Aug. 14- __ 0
37
1
Mar.14..
77
77
229
Sept.l4
229
1
Apr. 11
0
22
23
September
included
a
10%
increases
in
increase
to
coal
anthracite
Wage
miners as one of the conditions on which the coal strike was settled. Steel
workers are also receiving a 10% increase in wage rates as the adjustment
Wholesale Trade.
A satisfactory volume of current sales, and an active business anticipated
for the remainder of 1923, mark the present wholesale trade in this district.
With retailers* stocks in many lines still low, any increased demand is expected to find immediate reflection in wholesale markets.
None of the groups reporting August sales to this bank, however, made as
large advances over July as In 1922, and with the exception of groceries none
as large as in 1921. In drugs and shoes this difference may be partly ac.
counted for by the seasonal declines in July this year being smaller than in
the two previous years; and In dry goods, the comparisons are affected by
winter goods being included in some of the July reports.
While moat of the dealers reduced their stocks during the month, there was
some assembling of goods for future delivery. For all the dry goods firms
but one, Aug. 31 inventories were higher than a year ago; shoe stocks with
one exception were lower; and other groups show greater variation, with the
majority, however, in excess of last year.
Of 50 returns showing collections, 14 were below August 1922 and aggregate gains for most groups were less favorable than corresponding increases
in July. Accounts outstanding Aug. 31 were heavier than last year for all
but 18 firms, with group comparisons ranging from 1.6% decrease for shoes
to 18.1% increase for hardware.
OCT. 6 1923.]
THE CHRONICLE
Department Store Trade.
August sales of reporting department stores averaged about 30% above
while
partly the result of summer sales, doubtless marks
July. This increase,
the beginning of the usual upward movement culminating regularly in the
holiday trade at the end of the year.
With four exceptions all firms increased their stocks during the month,
and all but eight were inventoried higher than on Aug. 31 1922. The ratio
of average stocks to sales during July and August of 399.9, however, compares with 435.4 for last year, evidencing, as in previous months, the closer
margin of goods with which firms are operating this year.
Accounts receivable at the end of July for 41 stores represented 95.6% of
July sales; collections during August for the same firms amounted to 40.7%
of the July 31 outstanding accounts, as against 40.3, the corresponding 1922
ratio.
1511
Cleveland. The largest sales were of 5,000 tons of basic at St. Louis ant
7,000 tons of foundry grades at Pittsburgh.
Finished steel remains at 2.775c. per lb. for the eleventh successive week,
according to "The Iron Age" composite price. One year ago it was 2.474s.
oer lb.—the highest figure of 1922.
"The Iron Age" pig iron composite price has fallen to $23 96. compared
with $24 38 last week. It is now lower than at any time since July of 1922.
The comparative table follows herewith:
Composite Price Oct. 2 1923. Finished Steel, 2.775c. Per Lb.
Based on prices of steel bars, beams, tank
Sept. 25 1923, 2.775c:
plates, plain wire, open-hearth rails,
Sept. 4 1923, 2.775c.
black pipe and black sheets,constituting
Oct. 3 1922. 2.474c.
88% of the U.S. output offinished steel 10-yr. pre-war average,„1.689et
Composite Price Oct. 2 1923 Pig Iron, $23 96 Per Gross Ton.
Based on average of basic and foundry
Sept. 25 1923, $24.38
irons, the basic being Valley quotation,
Sept. 4 1923, 25.38
the foundry an average of Chicago,
Oct. 3 1922,3i 32.11
Philadelphia and Birmingham
10-yr. pre-war average, h 15.72
Federal Reserve Bank of Chicago on Building Material
and Construction Activities.
From the Oct. 1 issue of the "Monthly Report on Business
Better prospects are before the market in the opinion of
Conditions" of the Chicago Federal Reserve Bank, we quote the "Iron Trade Review" of Cleveland, which on Oct. 4
the following:
published its regular weekly summary of conditions in the
Contracts and Permits.
industry. Revival of steel buying on a broad scale has not
A gradual slowing down in building activity within the district was again yet made its appearance but the market continues to exhibit
indicated by contracts awarded during August. These amounted to $45,782,913, a decline of 14% from July and almost 20% below August a year ago. the evidence of sound underlying conditions, observes the
This decline brought the district figures as well as those of the separate "Review," adding further details as follows:
States back, approximately, to the level of the early months of the year, before the active spring season began. Labor, however, according to the reports of contractors, is still well employed and a large volume of construction
work is being rushed to completion.
The permits issued during the month showed a recovery from the heavy
decline of July. Chicago, Indianapolis and Detroit registered higher than
during either June or July, and while a majority of the smaller cities experienced declines, others gained so that the aggregate for these cities was
above the previous month. The number of permits increased considerably
less than estimated cost, indicating that much of the building being planned
is for larger projects. Permits issued so far this year have exceeded those
of the corresponding period of last year by 22% in number and 39% in estimated cost.
With the pressure lifted from demand by the present easiness of deliveries
and with more accommodating mill schedules, consumers are able to move
with deliberation in meeting their requirements. Here and there, however, signs of real betterment are shown. Stocks with a number of consumers apparently are reaching the spot where they demand replenishment
and considerable new miscellaneous tonnage is attributed to that source.
September business, while not up to expectations for all producers, was
not discouraging. Its distribution was uneven but on the whole it was
ahead of that of August. 'rho Steel Corporation mills profited best from
the new tonnage in September, some of them exhibiting gains of
50%
over August.
Preliminary inquiries for tin plate for 1924 are developing and these
indicate the mills will be hard put to supply the expected requirements
at least for the first quarter and half. Not much new buying is coming
from the automobile industry, but in northern Ohio one lot of 6,000 tons
Iron and Steel Output Still Declining—Consumption of bars from this source
was placed this week. For two lake ore boats
Continues High.
•
placed by the Ford Afotor Co., the Carnegie Steel Co. will supply 10,000
of steel.
A further slight contraction in output of both pig iron and tons
Expectations of better buying of steel in the near future,in a considerable
steel marks the coming in of the last quarter of the year, degree are based upon the possibility
of a revival of railroad equipment
observes "The Iron Age" in its weekly report on general orders on a heavy scale. From several reliable sources comes the information that large purchasing programs are being prepared for release during
market conditions. Consumption, it says, continues at a the last quarter. Chicago
estimates the total of cars which may be placed
high rate, though in some lines there is a falling off from that this quarter at 75,000. New York advices
put it considerably higher.
The
Japanese
Government
has suspended the import duty on sheets
of early summer, and neither sellers nor buyers are forcing
sheets and structural steel and through the department of commerce is
the issue as to prices for forward delivery. It is recognized endeavoring to line up 60.000 tons of galvanized sheets. Two inquiries
on both sides that September conditions may prevail for for wire nails total 12,000 tons.
"Iron Trade Review" composite of 14 leading iron and steel products
some weeks, remarks the "Age," and then adds:
still points downward largely because of the receding pig iron market.
September pig iron output fell off about 6% from that of August, which This week it is $44 23,
against $44 47 last week.
in turn was 6.5% less than the July total. As showing that the contracWeakness in pig iron continued unchecked and has had the effect of
tion is more in steel products than in foundry work it is significant that prac- causing buyers to
hold off so that selling is lighter. More merchant furtically all the loss of 324,000 tons In September pig iron output is contrib- naces are preparing to
blow out. Basic has been sold at $24 valley and
uted by blast furnaces operated by steel companies.
as low as $22 has been named on certain stocks. Valley foundry iron
Complete returns compiled on Oct. 2 show a pig iron production of 3,125.- is lower. It is
reported $23 has been named on Buffalo iron and $20 50
512 tons in the 30 days of September, or 104.1h4 tons a day, against 3.449.- Birmingham on
southern. Merchant iron producers in Alabama are
493 tons in August, or 111.274 tons a day. After havign reached a daily reducing furnace and
mine labor to equalize their costs with the declining
rate of 124.000 tons at the peak in May, pig iron output is now back to the market for iron.
Eastern iron has dropped 25 to 75 cents and Lake Superior
104.000-ton rate of January.
charcoal is off $2.
Eighteen furnaces were blown out in September and 3 were blown in.
The 255 In blast Oct. 1 represent a daily capacity of about 101.000 tons.
against 106.590 tons for the 270 furnaces in blast one month previous.
September operations of the Steel Corporation are estimated at about Coal Market Conditions as Seen by Trade Journals.
87% of its steel making capacity. If the 31.000-ton daily rate of new 'Deepening pessimism, which finds no justification in
bookings which the corporation announced for the first three weeks of the
current rate of production, grips the bituminous trade of
month held up to the end, the net reduction In unfilled orders was considthe country more tightly as the fall season advances, states
erably under the 495,000 tons reported for August.
Output of independent steel companies averaged not far from 70% of the "Coal Trade Journal" in its summary of general condicapacity last month, and the improvement of that rate in October will call
tions in the market. Instead of being cheered by a weekly
for an early picking up in the major tonnage products—plates, shapes and
output in excess of 11,000,000 tons and generally favorable
bars.
While railroad car buying and oil tank contracts are absent. Chicago dis- transportation conditions, the trade
looks to declining
trict mills are still booking rails, the total all eady taken for the first half of
prices as the truer index of its state, observes the "Journal,"
1924 being put at 250,000 tons. The C. & 0. has Just ordered 17,000 tons
at Chicago and 13,000 tons in the East. The Miss awl Pacific is expected which then goes on to say that this contradiction between a
to buy 30.000 tens, and other roads yet to contract are the Chicago & North high output and complaint
of no demand for coal is some-.
Western, Nickel Plate. Santa Fe, Rock Island, Missouri Kansas & Texas,
thing no coal man attempts to explain, and it is difficult
Cotton Belt and Pennsylvania.
Pittsburgh reports still feature wrought pipe and tin plate as the most to convince him that the depression he talks about is psyactive lines. The report of the National Association of Sheet and Tin chological insofar
as actual consumption of fuel is concerned.
Plate Manufacturers is expected to show September orders were nearly
double those of August. Recent orders for tin plate for China and Japan A summary of the "Journal's" review issued Oct. 3 follows:
have been taken at full domestic prices, indicating a stronger market for
The price declines were further accelerated in the East last week by the
the Welsh product.
disappearance of the last traces of demand for bituminous coal as an anthraof
$3
per
decline
ton
week
hoops,
is
a
the
in
in
change
cite substitutY. In the West, where conditions have been better, the
The principal price
bands and hot-rolled strips, these products being now at 3c. base, as against movement received an unexpected impetus by the forced disposal of no-bill
loads under threat of curtailment of car supply. The result was that prices
3.15c. recently.
Early shipments of nuts, bolts and rivets can be had at prices substantially on Illinois and Indiana screenings broke 25 to 60 cents per ton. In the
East the approaching end of the navigation season failed to stiffen quotations
below those announced some time ago for fourth quarter.
For the two ore boats the Ford Moto' Co. has ordered 10.000 tons of on slack.
Comparing spot quotations op bituminous coal with those for the precedplates and shapes, which will probably be placed with the leading producer.
Some curtailment of production by foundries having Ford Motor Co. con- ing week, the figures below showed changes in 53.7% of the prices. Of
on
hand
nearly equal to these changes, however, 81.9% represented reductions ranging from 5 to
tracts has been ordered. The company has parts
its requirements in the next three months and is taking a first step in the 75 cents per ton and averaging 25 cents. The advances ranged from 5 to
25 cents and averaged 15.4 cents. Declines were more marked upon high
reduction of inventory.
On primary materials the market still tends downward. Furnace coke grade than low grade coals, largely because prices on the latter had reached
has sold at $4 at oven, a decline of 25c. in the week, and scrap prices are off such figures that many producers felt that it would be better to suspend
operations than to make further concessions. The straight average mini50c. to $1,
In the Central West weakness in semi-finished steel is still indicated, de- mum for the week was $1 90, as compared with $2 01 the preceding week,
livery prices of $42 on billets and sheet bars being quoted to Cleveland buy- while the maximum dropped from $2 41 to $2 32. A year ago the averages
ers.
were $4 16 and $4 96, respectively.
Pig iron prices continuo to decline. Lake Superior charcoal is $2 lower.
Lake shipments showed some improvement during the week ended
The Southern market is very weak, and although $21 is still the ruling price, at 7 a. m. Sept. 24, when 822.981 tens of cargo bituminous coal were
$20 has been quoted. In eastern Pennsylvania and Buffalo, foundry grades dumped at the lower ports. This brought the season's total to date to
have declined Si, and furnaces have yielded at Pittsburgh. Chicago and 21,274,219 tons, as compared with 8.487,318 tons last year, 17,690,177 tons
1512
THE CHRONICLE
In 1921 and 14,025,734 tons in 1920. Receipts at the Head of the Lakes
for the week ended last Saturday approximated 210,000 tons; 28 cargoes
were unloaded. Anthracite Lake movement was renewed on a small
scale. Buffalo loadings approximating 36,200 tons.
The anthracite situation as a whole has been disappointing. Return
to full time production has been interfered with by the failure of men to
return to work and by strikes. One of the largest companies in the field
has been doing little better than 55%. Marked improvement is anticipated
this week, as last Saturday was the first pay day in which the workers drew
bank envelopes.
In greater detail the "Coal Age" of New York on Oct. 4
gives a resume of the situation in the coal industry and
particularly of the conditions in the bituminous market.
The summary follows herewith:
Activity in the coal market Is centered in the anthracite situation.
Demand for bituminous coal is dull and prim continue to go downward.
Steam-coal buyers are practically out of the market in some sections,
except when they can obtain coal at bargain prices, and Industrial users
in some instances have adopted a hand-to-mouth policy. The railroads
have practically stopped adding to their reserve stocks, except on old contracts. A slight car shortage is reported in southern West Virginia and
eastern Kentucky.
With most of the anthracite mines operating, coal is coming forward in
good volume and demand for the domestic sizes is strong. Although the
mines did not begin operations until Sept. 19. shipments during the balance
of the week are estimated by the Geological Survey to have been 877,000
net tons. According to indications from early returns, during the week
ended Sept. 29 they will amount to between 1,800,000 and 1,900.000
net tons.
Production of soft coal during the last six weeks has averaged nearly
1,900,000 net tons daily. Movement continues good. There is not much
activity in the steel industry and conditions are now being reached when
new orders must be received cv production must be reduced. On the other
hand, there are indications that textile plants are facing an upturn, but
reserve stocks of coal are so large that it will be some time before its effect
could be felt in the coal market.
Operators and consumers are closely watching the outcome of the conference of railroad executives on the demands of the train and service
brotherhoods for increased pay.
-Coal Age" index of spot prices of bituminous coal at the mines declined
to 196 on Oct. 1, compared with 200 the previous week. The corresponding
average price was $2 37,a decline of Sc. There were declines in Pocahontas,
southern Illinois, Pittsburgh, Springfield, Kanawha and Standard coals,
and increases in eastern and western Kentucky and Clearfield coals.
Weather conditions affected the Chicago market last week, but prices
did not soften a great deal, notwithstanding the dulness. Both the steam
coals and screenings are draggy. Steam coals are the slowest moving In
the Ohio markets, and there Is little hope for immediate improvement.
Pittsburgh reports no increase in demand and offerings have been increased,
resulting in lower prices. Operators are delivering a good tonnage on regular contracts, although some consumers wish smaller shipments. Consumers appear to be without interest. New England's steam coal market
Is further depressed and there are few signs of inquiry during October.
Coke and bituminous screened coals are practically out of the market
as substitutes for anthracite. Prices have dropped and there is little inquiry. Welsh anthracite continues to arrive in small quantities.
Two contracts of 20,000 tons of coal each for shipment to France by
,Nov. 15 were reported to have been closed last week. This was regarded
by some as indicative of an upturn in foreign demand. Generally the
export market is quiet and inquiries arc few. Shipments from Baltimore
during the week ended Sept. 22 totaled 11.785 tons, including 576 tons
of bunker coal, while during the previous week the total dumpings, including bunkers, amounted to 16.054 tons.
Dumpings at Hampton Roads for all accounts during the week ended
Sept. 27 amounted to 256,730 tons, a decrease of 112.423 tons when compared with the previous week.
in August Than in July,
But Smaller Than Last Year.
The Department of Commerce, under date of Sept. 29,
issued its report on the consumption of wool by manufacturers
in the United States during the month of August, based on
reports received from 595 manufacturers. They do not
include data from the American Woolen Co., Boston, Mass.;
Amos Abbott Co., Dexter, Maine; Carolina Cotton & Woolen
Mills Co., Spray, No. Caro.; Columbia Woolen Mills,
Columbia City, Ind.; Crown Mills, Marcellus, N. Y.; Daniel
Boone Woolen Mills, Chicago, Ill.; Davisville Woolen Co.,
Davisville, R. I.; W. J. Diekey & Sons, Inc., Odin, Md.;
John & James Dobson, Inc., Philadelphia, Pa.; Faulkner &
Colony Mfg. Co., Keene, N. H.; Hillsborough Mills, Wilton,
N. H.; Merrill Woolen Mills Co., Merrill, Wis.; Merrimack
Woolen Corp., Lowell, Mass., or Sheble & Kemp, Philadelphia, Pa.
The total quantity of wool entering into manufacture
during August 1923, as reported, was 41,538,269 pounds,
as compared with 39,542,599 pounds in July 1923 and
49,128,051 pounds in August 1922. The consumption shown
for August 1923 included.33,221,606.pounds of wool reported
as in the grease; 5,883,697 pounds of scoured wool, and
2,432,966 pounds of pulled wool. Reduced to a grease
equivalent these quantities would amount to 48,232,955
pounds. The grease equivalent for July 1923 was 46,347,256
pounds, and for August 1922, 57,339,994 pounds.
The monthly consumption of wool in grease equivalent
for concerns reporting for 1923 was: January, 63,348,352
pounds; February, 57,916,339; March, 62,859,150; April,
56,410,887; May, 59,682,254; June, 52,648,595 and for
July 46 347 256. The report also gives the following:
Wool Consumption Larger
1.17.
Consumption, by Grades.
Classified according to grade, the total includes 8,703,717 pounds of fine
wool, which may be compared with 8,147,714 pounds consumed in July 1923
and 9,651,554 pounds consumed in August 1922; 4,081,010 pounds of %blood, as against 4,396,106 pounds in July 1923 and 6.974.753 Pounds in
August 1922: 6,327,830 pounds of %-blood, as against 6,608,732 pounds in
the month preceding and 8,515,072 pounds in August 1922; 7,411,849
pounds of %-blood. which may be compared with 8,385,296 pounds in
July 1923 and 10,015,237 pounds in August 1922; 594,281 pounds of low
%-blood, as against 709,250 pounds consumed in July 1923; 170,413
pounds of common, as against 105,363 pounds consumed in July 1923;
55,986 pounds of braid, as against 97,583 pounds consumed in the preceding month; the consumption of Lincoln was 1,116,814 pounds in August
and 1,075.857 pounds in July; and 13,076,369 pounds of carpet wool, which
Is more than the consumption in July, which amounted to 10,016,698
pounds, and more than the consumption in August 1922, which was
12,648,745 pounds.
Domestic and Foreign Wool.
Of the total quantity of wool used by manufacturers during the month o
August 1923, 12,917,170 pounds,or 31.1%,was domestic wool, and 28,621,099 pounds,or 68.9%, was foreign wool. The carpet wool was all offoreign
origin, while 42.4% of the fine wool was produced in this country; 56.3%
of the %-blood. 50.9% of the %-blood, 38.9% of the 5j-blood.
Geographic Distribution of Consumption.
Of the total consumption of wool in August 1923(amounting to 41,538,269
pounds), 19,834,167 pounds, or 47.7%, were reported from the Now England States. 42.7% from the Middle Atlantic States, 1.2% from the Pacific
Coast States, and 8.4% from other sections of the country.
Imports of Tops and Notts.
The consumption of foreign tops and noils constitutes one element which
It has not been possible to include in the consumption reports since the
manufacturers would be unable to distinguish between foreign and domestic
tops and nolls. In the long run, though not necessarily month by month,
this element must be equal to the imports. The Imports of wool and hair.
advanced, including tops. were: January, 1,021,243 pounds; February,
504,377; March, 627,652; Aprll, 324.386; May, 556,759; Juno, 367,998:
July, 191,039. and August, 71,726. The imports of nolis were: January,
1.157,559 pounds; February, 947,733: March, 1,885,469; April. 1,115,769;
May, 915,398; June, 433.893: July, 145,445, and August, 114,633. The
exports of tops and noiLs were negligible.
Detailed Statement.
A detailed statement follows, which shows the quantities of wool consumed, classified according to grade, class and condition, with separate
figures for foreign and domestic wool. This statement also gives comparative figures for August 1922. July 1923 and 1922, and totals for the months
January to August, inclusive. 1923 and 1922.
CONSUMPTION OF WOOL BY GEOGRAPHIC SECTIONS, AUGUST. 1923
Total.
Section.
Grease.
Scoured.
Grease
Pulled. !Equivalent.
19,834,167 15,681,506 3,122,192 1,030,489 23,299,849
17,720,743 15,215,434 1,405,933 1,099,376 19,493,135
487,727
187,643
263,484
36,600
763,411
3,495,672 2,137,023 1,092,088
266,521 4,676,580
41 528_28933.221.606 5.222.607 2A22066 etft 929 CikK
New England
Middle Atlantic
Pacific Coast
Other sections
•PntAl
COMPARATIVE STATEMENT OF WOOL CONSUMPTION FOR MONTHS
OF JULY AND AUGUST, AND JANUARY TO AUGUST, 1922 AND 1923.
(AU Quantides in Pounds)
Total for August.
Class and
Grade.
1923.
1922.
Total for July.
1923.
1
1922.
Total Jan.-Aug., Ind.
1923.
1922.
41,538,26949,128,051 39,542,59939,331,655 383,996,974356,193,214
12,917,17029,890,281 13,619,483 23,782,529 134,444,551208,523,311
28,621,09919,237,77025,923,116,15,549,126 249,552,423 149,889,903
Combing_a _ 20,956,199 26,915,57221,034,549 20,941,500 214,379,603197,131.186
Clothing_a
7,505,7011 9,563,734 7,591,352 9,402,555 69,869,170 77,381,542
Total
Domestic
Foreign
8,703,7171 9,651,554 8,147,714 7,550,072 76,126,713 69,788,633
Fine, total
CombingDomestic - 2,526,000 8,783,194 2,528,220 4,823,579 23,824,299 45,915,988
Forpign
4.581,088j 531,521 4,022,458 672,587 37,539,537 8,437,335
ClothingDomestic1,168,53 , 1,853,958 1,183,018 1.648,026 10,087,620 14,030,846
Foreign- _ _
428 119 482,881 414,018 407,880 4,675.257 3,404,468
'
4-blood,total. 4,081,019
6,974,753 4,398,106 5,559,687 45,415,329 46,986,932
CombingDomestic _ 1,498,009 4,782,598 1,535,684 3,727,886 17,247,763 32,038,769
Foreign__ _ 1,495,015' 513,874 1,770,548 380,186 16,763,593 3,766,845
ClothingDomestic _
799,459 1,543,071 845,951 1,304,416 9,257,450 9,825,545
Foreign.
243,943 147,190 2,146,523 1,355,973
288,527 155,41
%-blood,total. 6,327,830 8,515,072 6,608,732 7,689,878 84,758,537 83.360,673
CombingDomestic 1,582,751 5,391,833 1.909,024 3,021,359 19,339,239 30,333,469
Foreign__ _ 2,572,447 850,84 2,585,195 883,588 24,559,025 10,978,388
ClothingDomestic _ 1,835,265 2,076,672 1,522,422 2,401,191 15,150,072 17,329,488
Foreign_ _ _
592,091 503,760 5,708,201 4,719,350
537,367
,
g-blood,total_ 7,411,849 10,015,237 8,385,298 8,477,828 82,473,882 83,749,100
CombingDomestic. 1,879,895 5,247,519 1,947,922 3,927,567 23,199,329 38,805,689
3,397,529 2,027,681 4,226,357 1,838,832 39,174,831 21,412,832
Foreign
•AothingDomestic _ 1,006,581 1,668,195 1,235,068 1,508,927 11,118,198 13,788,303
1,127,844 1,071,842 975,951 1,202,502 8,983,724 9,982,388
Foreign_
594.281 583,241 709,250 521,578 4,793.236 4,875,148
r
254,541 293,861 354,318 312,934 2,947,947 2,584,959
I lombing
339,740 289,38
354,932 208,644 1,845,289 2,090,187
f nothing_
170,413
Co.nmon,total
105,363
275,776
Iombing ___
32.871
90,555
123,426
72,492
79,858
152,350
55,988
97,583
Brl id, total_c_
153,569
:ombing _ _
62,983
48,968
111,951
7,018
34,600
(3othing..
41,618
LID Join,total_ 1,116,814 759,449 1,075.857 545,012 10,253,731 5.932,244
1,029,421 712,851 958,989 473,002 9,548,863 6,057,316
ombIng
46,598 118,868
lothing____
87,393
72,010
704,86
874,928
cal pet, total_ 13,076,369 12,848,74 10,016,698 8,987,800 99,748,201 81,700,486
Combing _ 6,654,748 6,988,566 4,082,778 4,939,345 52,858,828 43,443,196
6,421,821 5,880,179 5,053,922 4,048,255 47,089,37 38,257,290
I aline
Tolls, reduced
to areas
eaulvalent_e_ 48,232,95557,339,994 48,347,25846,902,071 447,445,788 418,393,463
Domestic _ 17,101,86835,548,11 17,923,802 8,861.627 173,034,619 248,046,405
31,131,087 21,793.884 28,423,454 8.040,444 274,411,169 170,347,058
Foreign
a Exclusive o carpet wools. b Al domestic; figures for dates prey ous to July
1923 include common and braid. c All domest c. d All foreign. e In computing
the grease equivalent, 1 pound of scoured wool Is considered equivalent to 2 pounds
In the grease, and 1 pound of pulled to 11-3 pounds in the grease.
1513
THE CHRONICLE
OCT. 6 1923.]
CONSUMPTION OF GREASE, SCOURED AND PULLED WOOL FOR
AUGUST.
(All quantities in pounds.)
machine hours for this month were equal to 84.4% of the single-shift
capacity, as compared with 97.2% in July 1923 and 85.5% in August 1922.
Detailed Report.
Scoured.
Grease.
Class and
Grade.
1923.
1922.
1923.
1922.
Putted.
1923.
1922.
Total, August. 33,221,606 38,901,798 5,883,697 7,204,788 2,432,966 3,021,465
Domestic.._ 7,710,969 22,724,263 3,673,94. 4,900,735 1,532,255 2,265,283
756,182
25,510,637 16,177,535 2,209,751 2,304,053 900,711
Foreign
C011113Ing_a _ 19,312,773 24,571,096 773,265 1,061,571
1,039,129 2,918,387 4,716,386 5,476,341
OlothIng_a
935,865
100,530
5,580,705
405,439
356,664
697,646
730,429
376,565
971,695
169,190
1,921
273,237
187,664
5,786
422,353
1,349,227
1,482,352
4,491,661
506,664
18,89.
12,663
86,185
7,010
129,883
184.752
152,980
125,568
4,010,432
577,310 515,927 739,813
138,687
150,157
5,070
5,767,254 1,829,998 2,147,012
130,552
12,802
487,400
225,948
11,653
600,806
1,109,856
2,550,041
4,851,067
623,613
343,987
26,059
209,677
196,779
1.168
309,818
40,717
5,290,701
267,560 1.081,92. 1,424,611
352,355
25,014 462.44.
7,436,192 1,679,428 1,929,083
243,518
34,205
441,720
384,501
18,358
649,962
1,513,350
3,221,286
4,650,598
1,860,693
277,887
129,325
156,787
69,749
319,034
37,663
159,222
55,962
38,737
6,623
32,114
28,454
27.134
1,320
243,338
49,927
33,817
12,718
21,099
593,901
69,534
3,110,127
441,501
483,400
328,847
246,710
82,137
983,356
538,515
200,577
34,433
166,144
t
,....
...
4.. !..
Is.
a
a woom a
mom 4.«
0
..4.
r.. 00 .,:..,
F
f, e.:6;-.
boita F
-',0-0-4,.•
0...-.......0...,
t
....4.t.......
....,:i:,'''
Sets of Cards.
?,
000
S.
..., tots mt.,
t
oyo07:mb'm
t,
'
t0
6V
2r'0-.
to'..
F
Z• b4..k,
:4•
044
a
4
E t15061 '
t
Et.
"
tz ;-.:445 ?'
2
g
f:
tn
7i.184 :-. ^'
t.
.
. to-. -.
n
1
F.
SPINNING SPINDLES.
to__
4.
a
2,570,287
2,171,787
398,500
2,424,203
2,194,826
229,377
2,486.684
1,860,853
625,831
....
;4L.th if
471,803,716
107,142,214
441,812.104
50,927.914
398,357,135
159,693,451
4.
'000a
« siC0.41
a
F b'ilt;.
Woolen.
....
.
coo,. i
boLab •
z.- Lai.Dic •
2.297,062
1.931,785
365,277
2,281,331
1,969,211
312,120
2,808,038
1,912,720
895.318
a
493,908,572
61,149.206
435,244,857
46,938,488
448,267,280
71,716.578
SISS
471 1.717.7911 213,994 1,971,6321 200.155
628 1.734.564 234.647 2,040,856 153,970
4931 1,716,389 196.331 1,703,925 156,928
1
:
7V
b.C.3O3 ?'
1,558
1,453
1,475
cocoa, a
F
Cri.0
502,566
92,565
507,213
14.379
501.856
85.028
Active and Idle Wool Machinery During August
On Sept. 28 the Department of Commerce at Washington
gave out its report regarding active and idle wool machinery
for August 1923, based on reports received from 951 manufacturers operating 1,123 mills. These do not include the
data for the Daniel Boone Woolen Mills, Chicago, Ill.;
John & James Dobson, Inc., Philadelphia, Pa.; Faulkner &
Colony Manufacturing Co., Keene, N. H.; Merrill Woolen
Mills, Merrill, Wis., or Sheble & Kemp, Philadelphia, Pa.
Of the total number of looms wider than 50-inch reed space,
47,714, or 76.9%, were in operation for some part of the
month of August 1923 and 14,296 were idle throughout the
month. The active machine-hours reported for wide looms
for the month of August formed 76.3% of the single-shift
capacity, as compared with 80.7% for the month of July
1923 and 63.6% for August 1922. Of the total number of
looms of 50-inch reed space or less covered by the reports
for August 1923, 14,020, or 80.9%, were in operation at
some time during the month and 3,320 were idle throughout
the month. The active machine-hours for these looms
represented 63.8% of the single-shift capacity as against
73.8% in the preceding month and 58.3% in August 1922.
The number of carpet and rug locrms reported for August
1923 was 9,043, of which 7,706, or 85.2%, were in operation
for some part of the month and 1,337 were idle throughout
the month. The active machine-hours reported for these
looms represented 79.9% of the single-shift capacity of the
looms, as compared with 74.1% in July 1923 and 76.8%
in August 1922: We also quote the following:
kbobo •
780
8771
683.
a Exclusive of carpet wools. b All domestic; 1922 figures include common and
braid. c All domestic. d All foreign.
t
w
eacno .,-.
i4O4. ,
5,3271
5,285
5.263
Total, Jan. to
August. incl. 307.207.280280.643.46956,778,37355,525,501 20,011,321 20,024,244
,,
a
A
., mcno..
.vico....m...40
F i.4.6 F .
.1.318Wo
t..17.14b
at
.w
t.2.1-. 5
a o,o.It.
re ixOlCo ,
m
coam 1:.
boi-,eo R
1,501,633
109,985
1,385.337
85.629
1,430.601
180,963
Total for July. 31,165,031 30,289,789 6,018,202 6.834,691 2,359,366 2,207,175
a =-..
.F a.nnow
Carpet and
Rug.
61,424
40,692
20,732
569,554
334,048
235,506
'4.pap a comm a
...... .... ..
laww n :4PP
'g l' "c' l' 5Tzt!gt51:=
Ve
'
S
'.100055
b
.0t..8t
220
213
192
13,453
4,073
9,380
712,619
306,448
406.171
a
..., •
r, ... ...
...
1,....0 tr, cy,00w
-anno x. 636;-. ,
oo.to ,
meow.
Wboic F
...1.4-4
52,14
26,274
25,866
666,876
180,470
486.406
4.
0:0.14 RI
to.o, A =00.1 a
... ,,,, L4.6
7.4861
6.960
7,063
748,098
615,078
306,050
43,32.
262,725
71,077
27,117
43,96'
10.768
3,7
9,018
82,672
15,726
66,946
394,046
75,908
318,138
m i'
41.43:4 •
1
645,88.
1,020,689
645,88.
1,009,622
11,067
11.969,704 11,4,315
6,272,392 6,454,048
5,697,312 4,958,267
209,758
106,49
4.
moo-3 n
CeLai..a it
1,640,007
412,909
1,327.315
462,748
1,599,905
482,377
99,261
456,804
249,494
204,593
44,901
70,882
36,304
34,578
45,218
45,218
263,218
22,406
LOOMS.
489,450
649
Wtder than 50- 50-Inch Reed I
inch Reed Space. Space or Less. '
266,235
1
683,549
113,890
16,521
6,179,854
514,351
62.010
47.714
14,296
58,618
47,958
10,660
62.788
40,593
22,195
437,346
42,783
7,126
7,730,600
2,216,982
4,573,942
2,497,452
1,414,926
2,610.247
924,765
2.385,586
1,705,249
812,012 1,237,405
7,454,359
10,627,606
3,308,556
9,852,405
2,356,244
8,777,605
5.023.528
Fine, total_ _
CombingDomestic _
Foreign
0°thingDomestic _
Foreign_.
14-blood,total_
CombingDomestic _
Foreign,,, _
ClothingDomestic _
Foreign._ _
34-blood,total_
CombingDomestic _
Foreign...
ClothingDomestic _
Foreign._ _
3I-blood,total.
CombingDomestic _
Foreign_
ClothingDomestic _
Foreign_
Low Id-blood_b
Combing
Clothing._ _
Common,total
Combing __
Clothing_ _ _ _
Braid, total_c_
Combing ___
Clothing_
Lincoln,total_
Combing ___
Clothing_ _
Carpet, totall_il
Combing ___
Filling
870,161 1,282,905
850,186 1,169,006
The accompanying table gives in detail tho number of machines in
operation at some time during the month of August 1923, and the number
idle for the whole month,the number reported on single-shift and on doubleshift, and the active and idle machine or spindle hours, with percentages
active and idle. Comparative figures are given for July 1923 and for
August 1922.
Department of Commerce, Washington, Sept. 28 1923.
Note.-Comparative figures shown for August 1922 were originally pub-
ished "as of" Sept. 11922.
Production of Both Bituminous Coal and Anthracite
Increases.
Figures compiled by the United States Geological Survey
show that for the week ended Sept. 22 the production •
of bituminous coal is estimated at 11,431,000 net tons,
an increase of 53,000 net tons over the preceding week,
while anthracite output reached 877,000 net tons, or an
increase of 875,000 net tons over the week before. Further
details as given in the regular detailed weekly report of the
Survey, issued Sept. 29, follow herewith:
The total soft coal raised in the week ended Sept. 22 is estimated at
11,431,000 net tons, an increase of 53,000 tons over the revised figure
Spinning Spindles.
Ofthe total number of woolen spindles reported in August 1923, 1.931,785, for the preceding week. Preliminary returns on car loadings during
or 84.1%, were in operation for some part of the month, and 365.277 were the early days of the present week (Sept. 24-29) show no change in the
be
idle throughout the month. The active woolen-spindle hours reported for rate of production and indicate that the total output will probably
the
this month represented 89% of the single-shift capacity, as compared with about 11,400,000 tons. The rate of production of soft coal during
1.900.000
weeks
has
been unusually high and averaged nearly
last six
90.3% in July 1923 and with 86.2% in August 1922.
The number of worsted spindles in operation during August 1923 was tons a day.
was
idle
number
The
398,500.
the
United
States
and
Estimated
Production of Bituminous Coal, Including Coal'
2,171,787, or 84.5% of the total,
Coked (in Net Tons).
active worsted-spindle hours were equal to 81.5% of the single-shift capac1922
1923
ity. In July 1923 the active worsted-spindle hours represented 89.7%
Cal. Yr.
Cal. Yr.
of the capacity, and in August 1922 71.4% •
to Date.
Week.
Week.
to Date.
Cards and Combs.
241,709,000
8.791,000
8
10,485,000
Sept.
379,296,000
August
for
1923
or
6,107,
reported
cards
Of the total number of sots of
1,136.000
1.659,000
Daily average... 1,997,000
1,787,000
87.1%, were in operation at some time during the month, while 901 were Sept. 15a
251,446,000
9,737,000
390,673,000
11,378.000
idle throughout the month. The active machine-hours for cards were Daily average--- 1.896,000
1,149,000
1,623,000
1,790,000
equal to 93.2% of the single-shift capacity in August 1923, 94.2% in July Sept.22 b
261,193,000
9,747,000
402,105,000
11.431,000
1923 and 88.8% in August 1922.
1,162,000
1,625.000
1,793,000
Daily average
1,905,000
Of the combs reported for August 1923 2,029, or 77.1%, were in operation
a Revised since last report.Vb Subject to revision.
for some part of the month and 604 were idle during the month. The active
1514
THE CHRONICLE
Production during the first 224 working days of 1923 was 402,105.000
set tons. During the corresponding period of the six years preceding
U was as follows (in net tons):
Years of Activity.
Years of Depression.
1917
400,657.000 1919
339.920.000
1918
429.239.000 1921
292.962.000
1920
395.391,000 1922
261.193.000
ANTHRACITE.
Resumption of mining began on Wednesday, Sept. 19. The miners
returned to work gradually and had not returned in full force by Saturday.
Shipments on Wednesday were between 1.600 and 1.700 cars, little more
than a fourth of a normal day's shipments,and increased during the following
days to about 5,500 cars. On the basis of car loadings reported by the
nine principal anthracite carriers, the total anthracite output for the week.
including colliery fuel, local sales, and the product of dredges and washeries,
is estimated at 877,000 net tons.
Early returns on car loadings during the present week (Sept. 22-29)
show a further gain in the rate of production which if maintained through
She week will bring the total to between 1,800,000 and 1.900.000 net tonst
Present indications are that mining had been restored to normal a.
the close of the present week. The suspension has thus affected production
during four weeks and occasioned a loss of about 5,400,000 net tons in
output, if it may be assumed that except for the suspension production
would have been maintained at the average rate for July and August.
This is more than double the tonnage loss, estimated in ths same way,
caused by the "vacation strike" of September 1920.
[voL. 117.
Estimated United States Production of Anthracite (Net Tons).
1923
192
Cal. Yr.
Cal. Yr.
Week ended—
Week.
to Date.
Week.
to Date.
Sept. 8
3.000
68.360,000
51.000
23,667,000
Sept. 15
2,000
68.362.000
1,127,000
24.794,000
Sept. 22
877.000
69,239,000
1.897,000
26,691,000
BEEHIVE COKE.
The production of beehive coke in the week ended Sept. 22, as at present
estimated on incomplete returns from the principal coke-carrying railroads,
shows a decrease as compared with the preceding week. The total was
327,000 net tons, against 317,000 tons, the revised figure for the week
before.
The cumulative output of beehive coke during the present year
date
stands at 14,174,000 net tons. Production during corresponding to
periods
of the four years preceding has been as follows (in net tons):
1922
4.623.43911920
15,694,802
1921
4.034.16911919
14,484,755
Estimated Production of Beehive Coke (In Net Tans).
Week ended—
Sept.22 Sept.15 Sept.23 • 1922
1921.
1923.
1923.
1922.
to Date.
to Date.
Pennsylvania and Ohlo____265,000 259,000 99,000 11,442,000 3.523.000
West Virginia
17.000 14,000 11,000
832.000 283.000
Ala., Ky., Tenn. & Ga
20,000 20.000 13,000
827,000 312,000
Virginia
14,000 13,000
7,000
576.000 218,000
Colorado and New Mexico_ 6,000 6,000 5.000
289,000 147.000
Washington and Utah
5,000 5,000
4,000
208,000 140.000
United States total
327,000 317,000 139,000 14,174,000 4.623,000
Daily average
55,000 53,000 23,000
62.000
20.060
Current Events and Discussions
The Week With the Federal Reserve Banks.
Further increases of $19,700,000 in the holdings of discounted bills of $3,300,000 in U.S. securities and of $800,000
in acceptances purchased in open market are shown in the
Federal Reserve Board's weekly consolidated bank statement
Issued as at close of business Oct. 3 1923, and which deals
'with the results for the 12 Federal Reserve banks combined.
Federal Reserve note circulation increased by $24,500,000
and deposit liabilities by $6,200,000, while cash reserves
show a further decrease of $4,700,000. The reserve ratio
declined from 76.4 to 75.8%. After noting these facts
the Federal Reserve Board proceeds as follows:
The Federal Reserve banks of Chicago. St. Louis, Kansas City and
Atlanta report increases of 318.200.000. 34.100,000. $3,700,000 and $3,600,000. respectively, in their holdings of discounted bills. Decreases of
$7.200.000. $3.600,000 and $3,300,000 are shown for Philadelphia. Cleveland and Dallas, and smaller changes for the five remaining banks. Paper
Secured by U. S. Government obligations decreased by 82,000.000 during
the week, the total holdings on Oct. 3 being $400,200,000. Of this amount
$254.700.000 was secured by U. S. bonds, $129,400,000 by Treasury notes
and $16.000,000 by certificates of indebtedness.
All Federal Reserve banks, except those of Philadelphia and Cleveland,
report increased Federal Reserve note circulation, the largest
increases
by 35.500.000. 85,100.000. 85.100,000 and $4.400,000, being shown for
New York, Dallas. Boston and Richmond. The Cleveland bank reports
a decrease of $6.200.000 in its note circulation, more than offsetting the
increase of 85.300.000 shown for the preceding week.
Further decreases of $800,000 are shown in gold reserves of $3,900.000
in reserves other than gold, and of $1,900,000 in non-reserve cash. The
Federal Reserve banks of Philadelphia, Minneapolis and Richmond report
increases of $9,100,000. $4.200,000 and $3.300.000, respectively, in gold
reserves, while decreases of $6.800,000, $4,800,000 and $4,700.000 are
shown for Chicago. Atlanta and Now York. Of the remaining banks,
four
show increases in their gold reserves aggregating $3.500,000 and two a
combined reduction of $4,600,000.
a week behind those for the Reserve banks themselves.
Loans secured by U. S. Government obligations increased
$13,000,000, while loans secured by other stocks and bonds
declined $20,000,000 and all other, largely commercial,
loans declined $8,000,000. Holdings of U. S. securities
decreased $19,000,000, reductions of $20,000,000 in certificates of indebtedness and of $5,000,000 in Treasury notes
being partly offset by increases of $2,000,000 in Liberty
bonds and of $4,000,000 in corporate securities.
Member banks in New York City report an increase of
$13,000,000 in loans on Government securities and declines
of $7,000,000 in loans on corporate securities and of $14,000,000 in all other loans. Increases of $2,000,000 each in
holdings of Liberty bonds and Treasury notes were offset
by a decrease of $4,000,000 in certificates of indebtedness,
while other bonds, stocks and securities also decreased by
$4,000,000. Further comment regarding the changes shown
by these member banks is as follows:
Net demand deposits of all reporting banks decreased
8128.000,000
Dallas being the only district to report an increase. The principal
reductions, amounting to 865,000.000. $30.000.000. $11,000,000 and $10,000,000, respectively, were reported for banks in the New York, Chicago,
San Francisco, and Atlanta Reserve districts. Time deposits of all
reporting banks increased 88.000.000 and Government deposits $2,000.000.
Reserve balances of the reporting banks show an increase of 826,000.000,
while their holdings of cash in vault decreased $3,000,000. Corresponding
changes for New York City members include an increase of
$25,000.000
in reserve balances and a nominal change in cash holdings.
Borrowings of the reporting institutions from the Federal Reserve
banks
increased from $491,000.000 to $573,000,000, or from 3 to 3.5%
of their
total loans and investments. For the member banks in New York
city
an increase in borrowings from the local Reserve bank from
$76,000.000
to 3133,000,000, or from 1.5 to 2.6% in the ratio of those borrowings
to
their total loans and investments, is shown.
The statement in full in comparison with preceding weeks
and with the corresponding date last year will be found on
On a subsequent page—that is, on page 1535—we give
subsequent pages, namely,pages 1534 and 1535. A summary
the figures in full contained in this latest weekly return of the
of changes in the principal assets and liabilities of the Reserve
member banks of the Reserve System. In the following is
banks, as compared with a week and a year ago, follows:
furnished a summary of the changes in the principal items
Increase(+)or Decrease(—)
as compared with a week and a year ago:
Since
Sept. 26 1923.
Oct. 4 1922.
Total reserves
—$4.700.000 —825.000,000
Gold reserves
—800.000
+26,600.000
Total earning assets
+23.700.000
—3,000.000
Discounted bills, total
+19,700,000 +447,500.000
Secured by U.S. Government obligations. —2,000.000 +243.900,000
Other bills discounted
+21,700,000 +203.600,000
...Purchased bills
—62,600.000
+800,000
United States securities, total
+3.300,000 —388.200.000
Bonds and notes
+1.900,000 —163,400.000
U.8. Certificates of Indebtedness
+1,400,000 —224.800.000
Total deposits
+6,200.000
+58.500.000
Members' reserve deposits
+32,300.000
+41,500,000
Government deposits
—26,200.000
+15,200,000
Other deposits
+100.000
+1.800,000
Federal Reserve notes in circulation
+24.500.000
—2,300.000
The Week with the Member Banks of the Federal
Reserve System.
Aggregate reductions of $34,000,000 in loans and investments and of $128,000,000 in net demand deposits,
accompanied with an increase of $82,000,000 in accommodation at the Federal Reserve bank, are shown in the Federal
nerve Board's consolidated statement of condition on
Sept. 26 of 770 member banks in leading cities. It should
be noted that the figures for these member banks are always
Increase (+) or Decrease (—)
Since
Sept. 19 1923.
Sept. 27 1922.
Loans and discounts—total
—$15,000.000 +$800,000.000
Secured by U. S. Govt. obligations.-+13,000.000
—3.000,000
Secured by stocks and bonds
—20.000.000
+87.000.000
All other
—8.000,000
+806,000.000
Investments, total
—19.000.000
+80.000.000
U. S. bonds
+2.000.000
+35.000.000
Treasury notes
—5.000.000
+202,000.000
Treasury certificates
—20,000.000
—68.000.000
Other stocks and bonds
+4,000.000
—89,000,000
Reserve balances with F. R. banks
+26,000,000
+7.000.000
Cash in vault
—3,000.000
+2,000,000
Government deposits
+2,000.000
+92.000.000
Net demand deposits
—128,000.000
— 194,000,000
Time deposits
+8.000,000
+446,000,000
Total accommodation at F. R. banks
+82.000.000
+414.000.000
Approval by War Finance Corporation of Advance to
Arkansas Rice Growers Co-operative Association.
The War Finance Corporation announced on Oct. 3 its
approval of the application of the Arkansas Rice Growers
Co-operative Association, Stuttgart, Ark., for an advance
of $1,500,000 to finance the orderly marketing of rice during
the 1923-24 season.
OCT. 6 1923.]
TUE CHRONTCLE
Distribution of $151,000,000 Dollars Oct. 15 by Government Account of Liberty and Treasury Bond Interest.
In an announcement made public yesterday (Oct. 5) the
Feieral Reserve Bank of New York said:
On Oct. 15 1923 approximately 151 million dollars interest will be payable
by the Government on 4 ti% Fourth Liberty Loan bonds of 1933-38 and
on 44% Treasury bonds of 1947-52. Of this amount it is estimated that
the Federal Reserve Bank of New York will pay about 47 million dollars
to holders of coupons from these obligations. Interest on registered
Government bonds is paid by check by the Treasury at Washington.
Coupons may now be sent to the Coupon Paying Division of the Federal
Reserve Bank, which is prepared to receive them. Checks in payment of
coupons thus deposited in advance will be ready for delivery at 9.30 a. m.
Monday Oct. 15 1923, or member banks, upon request, may have the
proceeds, when due, credited to their reserve accounts.
1515
bank controversy since a national bank cannot engage in the banking
business outside of the city limits of its location and inside of the city
limits it may under certain conditions perform only limited functions at
a distance from the banking house.
I am of the opinion that the Comptroller could not properly permit
the establishment of these outside activities by a national bank, such as
tellers' windows, in any locality where the State laws or practices prohibit
the State banks from rendering similar services.
Would Aid atoms Localities.
Authorization to national banks to establish such additional offices
will be of great advantage in certain localities where the State banks are'
alread3 extending their services in this manner. In such cities as New
York, Cleveland, Detroit and In California, Da; national banks will be able
to reach their custom rs in-the matter of making deposits and cashing
checks in the same way that their competitors do in this single important
aspect of tho banking business. At the present time,in the city of Cleveland
there are only three national banks, and in the city of Detroit only three.
This will enable the national banking system really to enter these two
great cities, from which they have previously been excluded, perhaps
of
Branches
on
Ruling
Daugherty's
eral
Attorney-Gen
not on equal terms, but at least on a living basis.
MemNational Banks—Federal Reserve Board
It is my opinion that the major question ef branch banking is not in
bers Divided on Subject.
any wyy affected by this differentiation of the functions of the tellers'
some
windows except to mitigate the handicaps that at present exist in
The conclusions of U. S. Attorney-General Daugherty great cities and that it cannot by any possibility he used for the extension
on the question of the operation of branches by national of the principle of branch banking. The banking arrangements of any
local determinatien. When
banks were made known this week, the Attorney-General individual city are distinctly a matter for
the extension of branches passes the city lines and becomes State-wide.
holding that while national banks have the power to operate, a condition such as I have previously described is created, under which
in the cities designated in their organization certificate, the whole balance of the Federal Reserve and unit banking system of a
and the fire will, in my opuilan,
offices other than their main banking house, such additional large section of the country is disturbed
very quickly Jump over State lines.
such
services
routine
only
transact
to
permitted
are
offices
If the branch banking movement cannot use the Federal Reserve System
become a
as the receipt of deposits and the cashing of checks for cus- as an instrumentality for its extension it will probably never
great menace, and with the national banks extended a reasonable measure
tomers. The Attorney-General further rules that national
of facilities for self-protection within the limits of the muncipallties in
banks "have no authority to open offices for the purpose of which they operate the national banking system and the Federal Reserve
receiving deposits, paying checks, &e., outside of the limits System can be maintained in their present status.
The "Commercial" also states:
of the city or place designated in the organization certificate
Mr. Dawes presented data showing the extent to which branch banking
as the place of its operations of discount and deposit." In has developed, particularly among the State banks.
declaring that in his view a national bank may only conduct,
"Branch banking is permitted with various modifications in the following
Louisiana. Maine,
through branches within the city, routine services such as 18 States: Arizona, California, Delaware. Georgia,
Maryland, Massachusetts, Michigan, Mississippi, New York. North
the receipt of deposits and the cashing of checks, the At- Carolina, Ohio, Oregon, Rhode Island, South Dakota, Tennessee and
torney-General says a national bank may not "establiPh a Virginia," said Mr. Dawes.
-The laws of some of these States restrict the establishment of branches
branch bank to do a general banking business, such as is
to the city or county of the location of the parent bank, while others permit
such
of
establishment
The
banks.
national
by
usually done
branches to be established in any part of the State. In California. for
branches.
a branch would be illegal and subject the offending bank to example. 82 of the State banks are operating a total of about 475
In that State, one bank operates 28 branches, one bank 19 branches, another
the forfeiture of its charter."
about 71 branches in 48 different cities, another about 72 breeches. Four
The fact that the Attorney-General had presented an opin- banks in California operate a total of 190 out of the 475 branch banks
ion in the matter was made known on Oct. 3 by Comptroller in the State.
"In the State of Massachusetts, chiefly in the vicinity of Boston, State
of the Currency Henry M. Dawes in testifying before the banks and trust companies are operating several hundred branches. In
the
Joint Congressional Committee which is inquiring into
the State of Michigan upwards of 300 branches of State banks are in operaabout 200 branches
reason why eligible State banks and trust companies have tion. In the city of Detroit 14 banks are operating
and there are in Detroit only three national banks left in operation. In
inquiry
The
System.
failed to entor the Federal Reserve
the State of New York about 251 State banks are operating branches. In
was opened in Washington on the 2d inst., at which time, it the United States to-day it Is reported that 517 state banking institutions
is stated, D. R. Crissinger, Governor of the Federal Reserve have in operation 1.675 branches.
-As to the question of whether or not it is possible for independent unit
Board, advocated an amendment to the law whereby na- banking systems to exist and operate In conjunction with a branch banking
tional banks would be placed on a par with State banks in system, very definite conclusions may be drawn from the results of the
countries.
cities where branch banking is permitted under State laws. operations of branch banldn? systems in other
"Branch banking is in vogue in England, Scotland, Ireland, Canada,
The following day (the 3d inst.) Comptroller of the Currency Australia. New Zealand, Franca, and other parts of Continental Europe.
Dawes in presenting his views before the committee told of I understand It is also in operation in the Latin-American countries. AcAmerican Institute of
the Attorney-General's ruling, and in Noicing his own views cording to figures published in the 'Bulletin' of the
Banking for July 1925. In 1842 there were-in England 429 banks and in
in the matter Comptroller Dawes outlined his conclusion as 1922 only 20 banks: of the 20 banks five controlled practically all of the
banking of the nation. There are about 7.900 branches in oper tion. In
follows:
branches, and
First, that the development of branch banking. unless curbed, will Scotland there are only about nine banks with about 1.000
mean the destruction of the national banks, and thereby the destruction of in Ireland about nine banks with about 800 branches.
"In 1885 in Canada there were 41 independent banks. Under the
the Federal Reserve Syytem and the substitution of privately controlled
operation of branch banking, the number was reduced to 35 by the year
reserve system for a Governmental system of co-ordination.
only 14 banks,
Second. that if the Federal Board has not the powe to refuse the admis- 1905. I am informed that in Canada to-day there are
unit banks in
sion of institutions engaged in general branch banking, and to curb the operating about 5.000 branches. There are no independent
control through
further extension of this principle by member banks, it should be given the Western Canada. iii fact none west of Winnipeg. Banking
Toronto.
and
the branch system is concentrated in the cities of Montreal
power.
in
"It has been authoritatively stated that there are only six unit banks
Third, that the abolition of the office of the Comptroller of the Currency
would destroy the independent status of the national banking system in New Zealand. and 20 in Australia.
"Experience in other countries definitely indicates that independent unit
Governmental finance, and that the real issue presented by this movement
that this is
Is the abolition of the national banking system. as it cannot be subjected to banks do not exist parallel with branch banks. As indicating
might not exist
the supervisory regulation of an interest,d creditor. If the national banks not necessarily due to conditions which exist abroad, but
mind, show that
are not entitled to independent supervision they should not be supervised In the United States, points are adduced, which to my
there are such inherent antagonisms between the two systems that they
at all.
could not, under any circumstances long operate together in the same
In discussing the opinion of Attorney-General Daugherty, country."
York
New
the
as
in
"Commercial"
quoted
Mr. Dawes is
Opposition to branch banking of any kind, we learn from
saying:
the "Journal of Commerce," was expressed by Representative
have
in
branch banking
The relations of the national bank to operations
Wingo of Arkansas and Representative Strong of Kansas
been the subject of a very widespread misunderstanding. In order that the
the
present
defined,
Comptroller
requested on the 2d inst., the latter declaring, "God helps the farmer
and
clarified
situation might be
an opinion of the Attorney-General which has just been handed down. A in Kansas if the big city banks are allowed to set up branches
previous opinion given by Attorney General Wickersham was to the general
and drive the small country banks out of business," and
effect that a national bank might not do novo establish a branch bank.
The present opinion from the Attorney-General makes it clear that none Representative Wingo stating that he thought Governor
of the major or important incidental functions of a national bank may be Crissinger as Comptroller of the Currency had acted without
exercised beyond tho limits of the city in which the parent institution is
"additional
located. This opinion also indicates that certain functions of a national authority in permitting national banks to set up
bank, Incident to the banking business, may he carried on at fixed points offices" and said that he thought branch banking in any
'within the city limits and outside of the four walls of the banking house. form was vicious.
This opinion is not inconsistent with that of Attorney-General Wickersham.
Charles S. Hamlin, a member of the Federal Reserve
and the practical application which will be made of it will be that certain
national banks will he permitted to establish what are virtually tellers' Board, according to the "Journal of Commerce," entered a
windows in places more or less removed from the banks, but in the city strong
defense of branch banking. It says:
limits, where they may take deposits and cash checks. The discretionary
He took the position that there was nething in branch banking 'neonpowers which are inherent Ir such transactions as making loans, purchasing
the Beard had
securities and similar activities will not be permitted to be carried on in aLstent with the Federal Reserve Act, and contended that
no power to deny admission to the System to any State bank with branches
such offices located at a distance from the parent institution.
The force of the opinion of the Attorney-General just handed down unless the condition of the parent or branch bank was not satisfactory. in
would as a practical matter remove the national banks from the branch California, he stated. branch banking had been of great benefit to the
1516
THE CHRONICLE
State. He advocated giving national banks the right to establish
branches,
and said that the subject shoind be considered with some regard
to the
interest of the borrowers, the users of credit, instead of purely
from the
standpoint of the bankers. OA
The text of Attorney-General Daugherty's opinion,
. contained in a letter addressed to Secretary of the Treasury
Mellon on Oct. 3, is given as follows in the New York
"Commercial":
[Vou 117.
association to violate any of the provisions of this title, all the rights,
privileges and franchises of the association shall be thereby forfeited.
Such
violation shall,however, be determined and adjudged by
a proper circuit, district or territorial courtiof the United States in a suit brought
for that purpose by the Comptroller of the Currency, in his own
name, before the
association shall be declared dissolved. And in cases of
such violation,
every director who participated in or assented to
the same shall be held
liable in his personal and Individual capacity for
all damages which the
association, its shareholders, or any other person, shall have sustained
in
consequence of such violation."
Answering your specific questions I have the honor to advise you as
follows:
"First. National banking associations have the power to
open and
operate offices at places other than their banking houses, within the
place
specified in their organization certificate,for the performance ofsuch routine
services as the receipt of deposits and the cashing of checks for
their customers.
"Second. National banking associations have no authority to
open
offices for the purpose of receiving deposits, paying checks, &c., outside
of the limits of the city or place designated in the organization certificate
as the place of its operations of discount and deposit."
I have your letter of Aug. 30 1923, requesting my opinion on
the power
of national banking associations to open and operate offices at places
other
than their banking houses for the performance of such routine services
as
the receipt of deposi s and cashing of checks for their customers.
You
request to be advised whether
I. Assuming that a national barking association is without power
to
establish and maintain a branch bank for carrying on a general banking
business, has it the corporate power to open and operate an office or offices
at a place or places other than its banking house, fcr the performance
of
such routine services as the collection of deposits and cashing of checks
for
the customers?
"2. If a national banking asscciation has the corporate power to open
In its issue of Oct. 4, the "Commercial" said:
and operate such an office or offices, must they be located within the
city
New York banks are not likely to be affected in the least by tho ruling
limits of the place designated in the organization certificate of the
associaof Attorney-General Daugherty, regarding branch banks, according to
tion as the place where its operations of discount and deposit would
be leading
bankers here. Charles E. Mitchell. President of the National City
carried on?"
The statutes relating to national banking associations, so far as they Bank, declared that his institution had acquired its three branches in this
city under the provisions of the National Banking Act as well as the Federal
are material to our present inquiry, are Sections 5153, 5134 (Par.
2), 5136
Reserve Act, and therefore does not come under the ruling at all.
(Par.6 and 7), and 5190, R. S. The material parts of said statutes read
as
The three other banks here which maintain branches in the city. the
follows:
Chatham
& Phenix Bank, the Mechanics & Metals Bank, and the Chase
Formation of Associations.
National
Bank, are in the same position.
"Sec. 5133. Associations for carrying on the business of banking under
It is understood, however, that in other cities the influence of the ruling
this title may be formed by any number of natural persons, not
less in any is likely to be serious. In California,
where the banks have branches
case than five. They shall enter into articles of association, which
shall throughout the State, the reaction
may be important. Several cities,
specify in general terms the object for which the association is
formed, and including St. Louis and Washington among
the largest, will also be directly
may contain any other provisions not inconsistent with law, which
the asso- affected.
ciation may see fit to adopt for the regulation of its business
and the conduct of its affairs."
John McHugh, President of the Mechanics & Metals
"Sec. 5134. The persons uniting to form such an association shall,
under National Bank, issued a statement on the 4th inst., saying:
their hands, make an organization certificate, which
shall specifically state:
The branches of the Mechanics & Metals National Bank were not estab"Second. The place where its operation of discount and deposit
are to be lished as such by this bank. They were formerly the branches of two
carried on, designating the State, Territory or
District, and the particular separate State banks which were converted into national banks by due
county, and city, town or village."
process of law, and thereafter, strictly in accordance with existing law and
"Sec. 5136. Upon duly making and filing articles
of association and an with the full approval and consent of the authorities of the Government,
organization certificate, the association shall become,
asfrom the date of the merged with this bank. They are, therefore, in fact the continuation of
execution of its organization certificate, a body
corporate, and as such, and the branches of the State banks, and due legal procedure having been
n the name designated In the organization certificate,
shall have power—
observed in their conversion and merger, their existence and operation
"Sixth. To prescribe, by its board of directors,
by-laws not inconsistent cannot be successfu ly assailed.
with law, regulating the manner in which
the stock shall be transferred, its
Albert H. Wiggin, President of the Chase National Bank,
directors elected or appointed,its officers
appointed,its property transferred.
its general business conducted, and the
privileges granted to it by law ex- is also reported as stating that the branches maintained by
ercised and enjoyed.
that institution would not be affected, as they were acquired
"Seventh. To exercise by its board of directors or duly authorized officers
under the provisions of the National Bank and Federal
or agents, subject to law, all such incidental powers
as shall be necessary to
carry on the business of banking; by discounting
and negotiating promissory Reserve Acts.
notes, drafts, hills of exchange, and other evidence of debt; by receiving
From the New York "Times" of yesterday (Oct. 5) we
deposits; by buying and selling exchange,coin and bullion;
by loaning money take the following:
on personal security; and by obtaining,
issuing, and circulating notes, according to the provisions of this Title.
Reports from Washingt
'
on Indicated that the Federal Reserve Board had
"Sec. 5190. The usual business ofsuch national
banking associations shall been swamped with queries from national banks throughout the country.
be transacted at an office or banking house
impression
An
had
gotten
out, it was suggested, that these banks would
located in the place specified
In its organization certificate.
have to confine themselves to the four walls of the headquarters. Correction of this view was made by Federal Reserve officers, at least in the case
Location of Banks.
The provisions of Section 5190, R. S., as
to the place at which the usual of those banks which had obtained branches through acquisition of other
business of the bank shall be transacted refers
to the city or town in which the banks and, after eliminating the headquarters status of these banks, had
bank is located, and not the particular place
within the city.—McCormick maintained them as branch or local offices.
vs. Market National Bank, 165 U. S., 538,
A question still open to debate, it was said, was whether banks that had
549.
National banks have only those powers specified
in the National Banking obtained new branches under permits given out in the last year or two by
Acts, and such other powers as are necessarily
incidental thereto.—McBoyle the Comptroller of Currency would have to relinquish their branches.
vs. Union NationaLBank, 122 Pa., 458; First National
Bank vs. National None of the New York banks would be affected in such an event, it was
Exchange Bank, 92 U. S., 122, 127;
Logan County National Bar& vs. stated, because of the fact that they had obtained their branches under
Townsend, 139 U. S., 67, 73, and Bullard vs.
the original National Bank Act and the Federal Reserve Act, which are
Bank. 18 Wall, 589, 593.
In Bullard vs. Bank, supra, the Supreme Court
ndependent of the subsequent rulings of Washington officials.
said:
"The extent of the powers of national banking associations
is to be
measured by the Act of Congress under which such associations are organized."
Yearly Figures of New York Clearing House—AssociaIn Logan County National Bank vs. Townsend,supra,
the Court said:
tion Seventy Years Old.
"It is undoubtedly true, as contended by the defendant,
that the National
Banking Act Is an enabling Act for all associations organized under it, and
The New York Clearing House Association reached its
that a national bank cannot rightfully exercise any powers except those exseventieth birthday on Oct. 2 (Tuesday last), the day on
pressly granted by that Act, or such incidental powers as are
necessary to which its annual
meeting was held. The event was deeemd
carry on the business of banking for which it was established."
It is to be observed that Section 5190 R S relates to the "usual business" an appropriate time by the General Manager, in his annual
which,In my opinion, Is to be construed the general banking business usually
report for the year ending Sept. 30 1923, to recall the followconducted by national banks. There is no statutory requirement that all
the business of a national bank shall be transacted at the general office or ing facts of general interest in the Association's history:
During that period over four thousand billions of dollars in checks have
banking house of the association.
In my opinion, a national banking association may establish in the city or been exchanged In its clearing room, and over two hundred and seventy
place designated in its certificate of organization an office or offices for the billions in balances settled—one hundred and forty-five billions in cash or
transaction of business of a routine character which does not require the Clearing House certificates representing cash, over Its counters, and one
exercise of discretion, and which may be legally transacted by the bank hundred and twenty-five billions during the past six years by adjustment
itself. It may not, however, establish a branch bank to do a general bank- through the reserves of the members on the books of the Federal Reserve
ing business,such as is usually done by national banks. The establishment Bank of New York,
The Clearing House depositories have received and disbursed $410,000,000
of such a branch would be Illegal and subject the offending bank to the
In gold and notes.
forfeiture of its charter. 29 op. 81.
The Collection Departments have handled items amounting to thirty
Intent of Banking Act.
billions of dollars.
It seems to be the intent of the National Banking Act that the business
Ten separate Loan Committees, acting In financial crises from 1860 to
of banking ordinarily transacted by a national banking association shall be 1914, issued $394,000,000 in
lean certificates against collateral at least
performed in the city or place designated in its organization certificate. 25% in excess of that amount.
It has been held that a national bank cannot make a valid contract for
The immense volume of cash and securities involved in tho above transthe cashing of checks upon It, at a different place from that of its residence, actions has been handled without loss.
or through the agency of another bank. Armstrong vs. Second National
The Clearing House has had five homes during those seventy years, and
Bank, 38 Fed. 883, 886.
has been officered by 28 Presidents, 32 Secretaries, 4 Managers and 7 AsWhile national banking associations may exercise all the powers expressly sistant Managers.
given them by the statute, and such additional powers as may be necessary
For the year ending Sept. 30 1923 the total Clearing House
to carry on the business of banking, the manner in which the powers may be
exercised are subject to the supervision of the Comptroller of the Currency. transactions amounted to 8237,903,196,165,
made up of
Should the Comptroller, in the exercise of his supervisory powers ov_r na$214,621,430,807 exchanges and $23,281,765,358 balances.
tional banks, ascertain that the directors or offices have knowingly violated,
or are violating the National Banking Laws, he may proceed against such For the previous year (Sept. 30 1922) the Clearing House
association, its officers and directors as provided by Section 5239, R S, transactions had totaled $234,359,060,704.
The average
which reads as follows:
"If the directors of any national banking association shall knowingly daily transactions during the year just closed aggregated
violate, or knowingly permit any of the officers, agents or servants of the $790,376,067, of which $713,028,009 represented exchanges
OCT. 6 1923.]
THE CHRONICLE
1517
and $77,348,058 balances. Since the organization of the
Clearing House, seventy years ago, the total transactions
have been $4,474,631,359,373, the exchanges amounting to
$4,202,187,518,524, while the balances amounted to $272,443,840,850. The largest exchanges on any one day during the past year were $1,253,117,992 on May 1 1923, while
the largest balances on any one day during the late year were
$122,893,682 on Oct. 18 1922; on May 1 1923 the largest
transactions on any one day in the year were recorded, viz.,
$1,344,800,316. The largest daily transactions on record
are those for Jan. 3 1921, when the total was $1,524,339,212.
The following extract is from the Manager's report:
inquiry by the grand jury and Mr. Cromwell's statements at
the annual convention of the American Bankers Association,
which prompted the investigation, were referred to in our
issue of last week, page 1415. The following is Mr. Cromwell's statement of Sept. 28:
$237,903,196,164 68
Assistant District Attorney Pecora was • reported as
having the following to say regarding Mr. Cromwell's statement:
I am just informed that Mr. Cromwell calls attention to an alleged state-
In an address before the American Bankers' Association in Atlantic City
on Sept. 24 made the statements which have been widely published in the
press. I made no charge that the acts set. for.% by me constituted crimes
improper as they were as acts of public officials. I did not suggest or instigate the procsedings before the Grand Jury. The District Attorney
issued a subpoena requiring me to appear before that body. I complied
and furnished by cral and documentary evidence conclusive proof of my
statements, giving the names and particulars. The Assistant District
Attorney in charge of the proceedings is quoted in the newspapers as saying
that a threat by a legislator to introduce legislation, whatever its nature, is
Year
for
Report
Ending
1923.
30
Annual
Sept.
Manager's
from
Extracts
not illegal. Under that view of the law the Grand Jury would not be justiThe Clearing House transactions for the year have been as follows:
fied in finding that any crime had been committed. The failure of the
$914.621,430,806 71 Grand Jury to find indictments does not affect in the slightest degree the
Exchanges
23,281,765,357 97 truth or the force of the statements made by me.
Balances
Total transactions
The average daily transactions:
Exchanges
Balances
$713,028,009 32
77,348,057 66
$790,376,066 98
Total
Total transactions since organization of Clearing House (70 years):
$4,202,187,518,523 72
Exchanges
272,443,840,849 64
Balances
$4,474,631,359,373 36
Total
Largest exchanges on any one day during the year
$1,253,117,991 75
(May 11923>
Largest balances on any one day during the year (Oct.
18 1922)
122,893,681 71
Largest transactions on any one day during the year
1,344,800,316 58
(May 11923)
Smallest exchanges on any one day during the year
(Aug. 27 1923)
356,106,742 79
Smallest balances on any one day during the year (Aug.
22 1923)
46,839,237 87
Smallest transactions on any one day during the year
(Aug. 27 1923)
425,712,851 64
Largest daily transactions on record Jan. 3 1921:
Exchanges
$1,423,063,788 35
Balances
101,275,424 02
Total transactions
$1,524,339,212 37
Largest exchanges Jan. 3 1921
$1,423,063,788 35
Largest balances, June 17 1920
157,020,486 37
Transactions of the Federal Reserve Bank of New York:
Debit exchanges
$2,795,955,820 14
Credit exchanges
21,995,578,652 35
Credit balances
19.199,622.83221
The Association is now composed of 16 national banks, 10 State banks
and 12 trust companies. The Federal Reserve Bank of New York, and
the Clearing House City Collection Department also make exchanges at
the Clearing House, making 40 institutions clearing direct.
There are 6 banks and trust companies in the city and vicinity, not
members of the Association, that make their exchanges through banks
that are members, in accordance with constitutional provisions.
At this week's annual meeting James S. Alexander, Chairman of the board of the National Bank of Commerce in
New York, was elected President of the Association, succeeding Walter E. Frew, President of the Corn Exchange Bank.
The newly elected Secretary of the Association is Duncan
B. Sherer, Vice-President of the Corn Exchange Bank, who
succeeds as Secretary Lewis L. Clarke, President of the
American Exchange National Bank. William J. Gilpin
continues as Manager of the Clearing House, and Clarence
E. Bacon continues as Assistant Manager. Charles A.
Hanna is also retained as Examiner. William Woodward,
President of the Hanover National Bank, has been chosen
Chairman of the Clearing House Committee, succeeding
Stephen Baker, President of the Bank of the Manhattan Co.
Associated with Mr. Woodward on the Clearing House
Committee are: James H. Perkins, President Farmers'
Loan & Trust Co.; Albert H. Wiggin, President Chase
National Bank; Jackson E. Reynolds, President First National Bank, and John H. Fulton, President National Park
Bank. The following are Chairmen of the various other
committees:
Conference Connnittee—Lewis E. Pierson, Chairman, Chairman of the
board Irving Bank-Columbia Trust Co.
Nominating Committee—John W. Platten, Chairman, President United
States Mortgage & Trust Co.
Committee on Admissions—J. Howard Ardrey, Chairman, Vice-President
National Dank of Commerce.
Arbitration Committee—H. Ward Ford, Chairman, President Greenwich Bank.
Seymour Cromwell on Inquiry into Charges of Political
Attacks Against New York Stock Exchange.
Following the dismissal a week ago of the additional grand
jury, with its failure to find any indictment incident to its
inquiry into the statements of Seymour L. Cromwell, President of the New York Stock Exchange, respecting attempts
by State Legislators to misuse their office in seeking to attack the Exchange, Mr. Cromwell issued a statement on
Sept. 28 in which he said "the failure of the grand jury to
find indictments does not affect in the slightest degree the
truth or the force of the statements made by me." The
ment by me to the effect that "a threat by a legislator to introduce legislation, whatever its nature, is not illegal." I never made such an unqualified
statement. What I did assert as my opinion was that a threat to introduce
legislation was not necessarily illegal. The illegality of such an act would
depend entirely upon all the circumstances surrounding the making of the
so-c...iled threat.
A further reference this week to his Atlantic City speech
was made by Mr. Cromwell in an address at the banquet
of the Carpet Merchants of the United States at the WaldorfAstoria on the Ed inst., when he said:
La my speech before the American Bankers Association. at Atlantic
City, I outlined the new policy of the New York Stock Exchange. I
promised that hereafter the names of all persons who attempted to exert
pressure on the officers of the Exchange, under threat of legislative reprisals,
would be given to the public. I wish no one to fall into the error, as some
newspapers seem to have done, of assuming that such pressure in the past
may have been used successfull,. The Exchange has never yielded to
coercion, it has not modified its discipline nor tolerated any interference
with its standard of business conduct, no matter how insistent the pressure
nor how powerful its source.
In this same connection, I wish to say that the Ne a York Stock Exchange
has never been in politics and never will be; it has never maintained a lobby
in Albany and never will; it has never spent money to defeat or promote
legislation and never will. It has made appearances before committees
through its cowsel and its officers, and it will continue to do so.
It will oppose in every proper way legislation which it deems to be detrimental to the public interest, and will nem be deterred from doing so by any
efforts to impugn its motives. The Exchange has everything to gaia and
nothing to lase from a free and full public discussion of all the matters that
affect the functions of the Exchange and the badness methods for which it
stands.
German Government Decides to Abandon Passive
Resistance—Two Dictators Named.
The decision of Germany to terminate passive resistance
was definitely announced last week, Chancellor Stresemann on Monday of that week having announced the intention of the German Government to abandon immediately
and unconditionally such resistance and to order at once
the resumption of all lines of industry in the Ruhr and
Rhineland. Later in the week (on Sept. 26) President
Ebert and Chancellor Stresemann made public a proclamation in which it was stated that it was feared that with a
continuance of the former policy, "the creation of a regular
currency, the maintenance of economic life, and existence
Itself would be impossible for our people." The decision has
not, however, helped in the solution of Germany's internal
difficulties. Further below we refer to• the agitation in Bavaria, and the appointment of Dr. von Kahr as General
Commisioner, and to the "grand rally," which was scheduled
at Duesseldorf on Sunday last (Sept. 30) "for the purpose
of proclaiming a Rhineland republic." The demonstration
of the Separatists on that day terminated, according to
Associated Press advices "in a yertable massacre." These
accounts said further:
A score of persons are known to have been killed, and the wounded are
believed to be numbered in the hundreds. Duesseldorf is seething with
excitement, and more trouble is feared.
The French occupation authorities hold the German green military police
—the security police—responsible for the outbreak, declaring that they
started the shooting, in which the Communist groups later joined. The
hospitals and police barracks are filled with wounded, and French military
doctors are rendering all possible assistance.
The city awoke early, teeming with excitement; thousands were abroad
in spite of an appeal addressed to the population to remain indoors. Street
cars, automobiles and other vehicles were absent from the streets and the
hotels and stores had all lowered their iron and steel gratings. About 11
o'clock the first of the twenty-five trains bearing the znanifestants to
Duesseldorf arrived and was received by a company of Rhineland public
militia, which had just sworn allegiance to the green, white and red flag.
Soon after noon all the manifestants from points in the "Rhineland
Republic" had reached the city and a procession formed and marched behind innumerable green, white and red Republican emblems to Hindeburg
&ram.
The procession filed past in impressive marching order to the number of
about 15,000 Republicans, but, with curiosity seekers added, the assembly
probably totaled 40,000 when the open air meeting place was reached.
1518
THE CHRONTOLE
Standing directly under the statue of William I., the Separatist leader.
Joseph Matthes, began speaking.
"The Separatists," he declared. "are animated by hatred toward none,
but only desire peace, security and tranquillity."
[VOL. 117.
German attitude became a demonstrated fact. The Associated Press accounts continued:
It will then be in order for the mine operators and heads of the other
Industries in the Ruhr Valley to conform to the program of the authorities
of occupation. If this Is done, the way will be open for Germany to
Dr. von Rehr, military dictator of Bavaria, continues to defy Berlin's make proposals, which will be carefully considered.
orders. General von Los.sow, who represents Dr. Gessler, the military
It is expected in French official circles that the Germans will insist
dictator of the Reich, transmitted a new order for the suppression of the strongly on the return of the expelled functionaries to the Ruhr and the
"Voelkische Beobachter," but Von Kahr ignored it and the paper is still Rhineland, and such insistence, these circles say, will be likely to form
being published.
an obstacle to an understanding. The French Government, it is declared,
Many incidents of royalist tendency are happening in Bavaria, indicating will stoutly resist the return of the functionaries who were expelled for
that to all Intents and purposes Bavaria is already independent of the Reich, acts of sabotage and encouraging acts of rebellion against the authorities
although a rupture is not yet officially admitted.
of occupation. Furthermore, the French authorities In the occupied
area have reported that there Is no particular desire on the part of the
At the same time press advices from London stated:
population of either the Ruhr or the Rhineland to see the Prussian officeThe Wurttemberg Government, according to a Berlin dispatch to the holders
come back.
"Exchange Telegraph," has entered into negotiations with the Bavarian
On the same date it was announced that martial law had
Government for joint separatist action against Berlin.
On the 2d inst. a Berlin Associated P"ess cablegram said:
Intimations on the 2d inst. of the early retirement of
Chancellor Stresemann's Cabinet were followed on the 3d
inst. by news that the Cabinet had resigned. and that President Ebert had charged Dr. Stresemann to form a new Cabinet. The Associated Press cablegram from Berlin Oct. 3
continued:
The Socialist section of the Reichstag rejected by 61 to 54 the compromise
solution proposed by the Government.
Reichstag circles believe that a reconstructed Stresemann Cabinet, without Socialists and wholly dependent on the support of the bourgeois parties,
would be loosely anchored in Parliament and therefore incapable of putting
urgent reform measures into effect.
Talk of a civilian dictator supported by martial law, and consequential
dissolution of the Reichstag, constituted a striking feature of the gossip
in the Reichstag corridors to-night.
While the Socialists demand that the central Government show defiance
of Dr. von Kahr, the military dictator of Bavaria, by insisting upon its
priority authority, they to-day centered their opposition on the Chancellor's proposed authorization law, which they think is primarily aimed at
the eight-hour day, in connection with the Chancellor's general demand for
increased production.
The radical leaders declare that they cannot expose their following to
any exploitation of labor, as provided for In the Government's program
of economic reforms, and that this issue has been needlessly projected into
the present situation, as there already exists a wage tariff agreement between workers and employers which makes provision for overtime work.
The Socialists do not oppose Dr. Stresemann's plans for getting the
nation back on its feet. so far as they concern financial reforms and taxation, but insist that these plans must not obtrude themselves upon the
social laws governing the workers.
been proclaimed by the Bavarian Government and that Dr.
von Kahr, former Premier, had been appointed General
Commissioner—equivalent to a dictator. This proclamation,
issued about midnight, was followed by one by the German
Government about an hour later proclaiming the same state
of siege for all Germany and placing all executive power in
the hands of Minister of Defense Gessler. The New York
"Commercial" Berl:n advices of Sept. 27 said:
One of the first actions of Defense Minister Gessler as Dictator was
to appoint General Lossow, of Munich. Commander-in-Chief of the Reichswehr in Bavaria. General Lossow was relieved of responsibility to the
Bavarian authorities, reporting only to Berlin.
Will Put Down Agitation.
Herr Gessler said to-day:
"There is no reason for undue alarm. The situation is well in hand. The
Government has sufficient power and the means to preserve order. Any
attempt to stir up disorder or to agitate against the unity of the German
State will be put down."
As the situation exists to-day there are two dictators in Germany—
Gessler and von Kahr. Bavaria acted first. President Ebert then went
into consultation with Chancellor Streasemann and at 1.30 this morning
announcement was made that Dr. Gessler had been appointed dictator
for the whole State Including Bavaria.
Chancellor Stressemann said:
"The Government is not worried. Any one who wishes to displace us
must use force to do so. We will not yield to threats nor bluff. We are
prepared to fight, but we hope it wil not be necessary to do so."
Expect No Putsch.
Despite the extraordinary situation created in Bavaria, best informed
From London, Oct. 4, the "Journal of Commerce" reported observers there do not expect any putsch from either side. Dictator Von
Kahr. who is an acknowledged monarchist, enjoys the highest standing
the following:
among all pantie. In Bavaria. and his appointment is confidently expeettd
The new German Cabinet will consist of four Ministers, says a Central to satisfy the large number of malcontents who, while not yet willing to
News dispatch from Berlin this evening—Dr. Stresemann, Chancellor and join the Hitle. Itcs, have nevertheless been loudly demanding a more
Foreign Minister: Herr Minoux, Minister of Economy and Finance: Dr. national policy on the part of the Berlin Government.
Otto Gessler. Minister of Home Affairs and Defence, and Heinrich Brauns,
The steady accessions to the ranks of the Hillerltes have been chiefly
Minister of Labor and Food.
gained among precisely these elements. Von Hahn 's personal relations
The Associated Press Berlin advices last night (Oct. 5) are also such as to enable him to mediate between the various groups
represented by Prince Rupprecht on one side and Gen. Ludendorff on the
stated:
other. At the same time, while he disapproves of Hitler's methods, there
The German Democratic Party in the Reichstag to-day adopted a reso- is no enmity between him and Hitler, and no reason to expect marked
lution declaring that the party could not support a government which had friction.
no Parliamentary basis. As the majority of the other parties have already
Von Kahr's first move was to order additional contingents of the Bavarian
adopted the same view, it is not believed that Chancellor Strescmann will Reichstsehr to Munich. and to forbid the Court°,n meetings announced for
try to form a Cabinet without having the support of the Parliamentary to-night by Hitler followers.
parties.
Possible significance may be found In the declaration that the "Bavarian
Government can depend absolutely on the Reichswehr and State police."
In stating that it was indicated that
in
Premier Poincare,
The Brooklyn "Eagle" on Sept. 28 had the following adview of Germany's economic surrender, would ask the InterAllied Reparations Commi...sion to deal with the situation, vices from Berlin:
With both the Central and Bavarian Governments co-operating for the
Paris Associated Press advices Sept. 25 said in part:
maintenance of order in that State, official advices from Munich say
As soon as the German Government officially withdraws its resistance
orders, directions will be sent General Degoutte to make the Ruhr occupation as nearly "invisible" as possible.
The action of the German Government yesterday is not regarded'here
as finally clearing the situation in the Ruhr. The resistance there will
be considered as ended when Berlin withdraws all orders given the functionaries and people of the Ruhr to resist the authorities of occupation.
The passing over of the pending problems to the Reparations Commission
would be merely a formality, because the members of the Commissicn
can only act upon instructions from their respective Governments. Consequently it is forecast that Premier Poincare's first endeavor will be to
arrive at an understanding with the British Government as to what shall
be done with the new situation.
It is hoped here that Prime Minister Baldwin will disregard the past
differences between the two Governments and enter into the preparation
of measures to deal with Germany from now on, leaving aside the question
of the legality of the occupation of the Ruhr and the other subjects of
the recent controversies between London and Paris.
Premier Poincare will communicate with the British Prime Minister
as soon as Berlin has taken the first direct step toward a settlement.
The French Premier's general view, it is understood. Is that the Reparations Commission should avoid directions of a too specific nature to
Chancellor Strosemann as to the expedients to be employed In straightening
out Germany's tangled finances. The German Government, it Is felt,
can best decide upon measures adapted to the temperament and circumstances of the Gorman people.
The political situation In Germany is being watched by the French
Government with some anxiety in view of the possibilities of a Nationalist
movement. such 85 one tending to separate Bavaria from the Reich, the
outbreak of mild Bolshevism in Prussia. and fresh impetus to the 'Separatist
movement in the Rhineland. Should serious disturbances of any sort
occur in the rest of Germany it is thought they would most certainly
have the result of increasing the number of Rhinelanders desiring to assure
continuation of their tranquility by separation.
that the possibility of an.outbreak by extremist factions is regarded as
very remote. A body of troops, believed to be large enough to cope with
any situation, has been assembled in the Bavarian capital.
The appointment of Dr. Von Kahr to a dictatorship was apparently
decided upon as a precautionary measure in view of the restiveness occasioned by the termination of the passive resistance and the fear that
separatist action in the Rhineland would threaten Bavaria. Both the
Premier and Dr. Von Kahr emphasize that the proclamation of r State
of emergency and the establishment of the dictaton ship were not intended
as affronts to Berlin. Bavaria sought only to safeguard herself.
Meanwhile, Dr. Von Kahr and General Von LOSROW. who as military
commander in Bavaria represents the Reich, are said to be working to
gether to prevent ultra-national agitation.
Associated l'ress cablegrams from Paris Sept. 28 stated:
Premier Poincare has taken note of the formal withdrawal by the German
Government of the four orders respective passive resistance in the Ruhr
In the decree issued yesterday in Berlin. The French Government, however, is waiting now to see what action the German Government takes
regarding the 50 or more other formal orders issued by that Government
on the same subject.
The number of these orders is not yet known definitely. but throe officials
of the French Foreign Office are searching the records to-day ton the
pu.pose of tabulating all orders of the Berlin authorities pertaining to
Ruhr resistance of which public announcement has been made.
The French Government remains in the attitude of awaiting acts by
the German Government and developments resulting from those acts.
If the German surrender proves to be merely a paper one, unaccompanied by definite results in the Ruhr, it will be regarded here as changing
the situation very little. It must go farther than simply suspending
payments to non-workers in the Ruhr.
Some suspicions exist In French quarters that Berlin is fomenting strikes
in the Ruhr area.
The issuance of a Presidential decree at Berlin curtailing
On September 26 it was said that Premier Poincare had a number of constitutional rights In Germany and conferring
not yet satisfied himself that the resistance and obstruction executive power in the Minister of Defense was among the
was certain to be abandoned, and he would make no move announcements of Sept. 26. Regarding the decree, Associrespecting relations with Germany until the change in the ated Press advices said:
OCT. 6 1923.]
THE CHRONICLE
1519
There are several technical niceties involved in the diplmatic aspects of
the present situation, the chief of which concerns the question whether the
German Government is obliged to apprise France and Belgium officially cf
Its decision to abandon passive resistance unconditionally and declare that
it will immediately repeal the numerous resisting ordinances decreed by It
since the Ruhr was first occupied.
Any formal contract with the occupying Powers in the present situation,
It is stated. might Involve the question of recognizing the legality of the
Franco-Belgian invasion, a point on which the German Government has
The text of the proclamation referred to above, in which already made numerous unequivocal declarations.
The Government also has not yet announced the nature of its preparation
the disastrous effects to Germany with a continuance of
back to work.
passive resistance were stressed, was made public as fol- for getting the Civil Service Governmental employees
especially in cases where German public utilities are being operated by
lows in Associated l'ress cablegrams on Sept. 26:
the French.
A transitional state which will not be wholly bereft of serious embarrassOn Jan. 11 French and Belgian troops occupied the German Ruhr terrifrom the cumbertory against right and treaties. Since then the Ruhr and Rhineland have ments for the German Government will inevitable result
provided that the
endured most grievous oppression. Over 130,000 Germans. men. women, some process of liquidating the Ruhr muddle, even
old men and children, have been driven away from their homes. For mil- process Is not halted by turd or intervention on the part of the occupying
Powers or through an unexpected momentum in the Separatist movement.
lions of Germans the idea of individual liberty no longer exists.
Only scant editorial comment accompanied the publication this morning
The occupation was accompanied by numberless acts of violence. Over
passive re100 of our countrymen lost their lives: hundreds of others are still languish- of the official communique announcing abandonment of the
ing in prison. Sentiments of Justice and patriotism were stirred by the sistance.
"The official declaration means an end and a beginning," says the
illegality of the invasion. The population refused to work under foreign
Zeitung." which views the Government's action as an exhibition
bayonets. The whole German people is grateful for that fidelity to the "Vossische
of courage which has been sadly lacking at previous critical periods for
German Reich and steadfastness that stood the test of the hardest times.
Germany.
The Government of the Reich undertook to watch over its distressed com'The Government's resolve will surprise no one who has followed the
patriots so far as it was able. There was thus an ever increasing drain upon events of the last few weeks, remarks the 'Morgenpost.' The newspaper
adds
that the long-delayed overthrow of the Cuno Cabinet obviously
the resources of the Reich. The funds in aid of the Ruhr and Rhineland presaged
the approaching end of the Ruhr b Lttle, and that Chancellor
last week reached the sum of 3.500.000,000,000.000 marks, and an expendi- Stresemann is now facing the thankless task of liquidating it.
"Sept. 24 1923 is a day of mourning for the German people, but not a
ture of at least double that amount was foreseen for the present week.
Courier."
The former production of the Ruhr and the Rhineland ceased and the day of which they need to be ash inked," observes the "Boersenexhaustion
The newspaper expresses the belief that, despite the physical
economic life in occupied and unoccupied Germany became disorganized. caused
by "nine months' mute defiance of French machine guns, bayonets
It is most seriously to be feared that should the same line of action as hith- and tanks, passive resistance of he Arts will go on and will eventually prove
erto be proceeded with, the creation of a regular currency, the maintenance a precious asset in that it has spiritually welded the German people into a
of economic life, and existence itself would he impossible for our people. homogeneous whole."
In the interest of Germany's future, as in that of the Rhineland and the
A copyright Chicago "Tribune" cablegram on Sept. 25 from
Ruhr, this danger must be removed
In order to preserve the life of the
Berlin
said:
people and the State, we are to-day faced with the dire necessity of relinquishing the struggle.
With the 18 Premiers of the same number of Federated German republics
We realize that In doing so we are calling upon the inhabitants of the oc- accepting the passive resistance capitulation to-day. the Government turned
cupied territories to make sacrifices of a moral character still greater than Its attention to two sources of revolutionary danger—first, toward Bavaria.
those In which they acquiesced up to now. Their struggle has been heroic, where General Ludendorff and Herr [Littler, according to German high
their self-control incomparable. We shall never forget what the occupied officials, have requested 40,000 monarchists to Join them in a march against
territories achieved and what has been given up by those who preferred to Berlin; and, second, the Ruhr district, where hundreds of thousands of
leave their native country rather than be disloyal to the Fatherland.
workingmen. agitated by Communists, refuse to begin work again.
The Government's first duty is to see that the prisoners are released and
Premier von Knitting of Bavaria to-day not only accepted the capitulation
that those who have been expelled may return. The fight for the elementary in the name of Bavaria but he officially pledged Bavaria's support to the
rights of humanity comes before all economic and material concerns. Ger- Berlin Government, expressing himself against separatism and a monmany has declared her readiness to assume most severe material sacrifices archist revolution.
for the liberty of German subjects and German soil, but that liberty is for
But simultaneously Wilhelmstrasse hears that secret organizations In
us not an object of regotiation for barter.
Bavaria declare that the moment Premier von Knitting returns to Munich
It depends on the Powers which have invaded our territory and on their a military dictatorship will be declared.
allies, by adhering to this idea, to give peace to Germany or to bring about
According to Associated Press accounts from Berlin, Sept.
by rejection of this peace all the consequences which would ensue with respect to the relations between peoples. We invite the German people to 28, not the least of the German Government's worries come
stand closely together in the days of dire moral and material strife which are from the alarming reports from the Rhineland, where the
to come. Only thus shall be frustrated all projects for dismemberment of
was
the Reich and the nation recover its honor, life and liberty, which is its im- Separatists have been showing increasing activities. It
added:
prescriptible right.
They now have created a "general directorate" which has convoked a
In the call for a conference on the Ruhr, Chancellor Stresegrand rally to be held at Dusseldorf next Sunday for the purpose of promann, it was announced on Sept. 22. summoned the Premiers claiming a Rhineland republic.
The French regime is said here to have agreed to place 70 railroad trains
of the Federated States of Germany, the Reichstag leaders
the disposal of the Separatists, who believe the situation created by the
Qualified to speak for the part:es making up the present at
German Government's abandonment of passive resistance offers a suitable
coalition, municipal officials and Industrial labor leaders. moment for the accomplishment of their designs. The secessionists have
Official announcement was made on Sept. 25 that the Pre- organized a special police force, which is to be clothed in green uniforms,
to those worn by the Prussian "green police."
miers of the Federated States at their conference with Chan- similar
The German press in the Rhineland admits the gravity of the situation
cellor Stresemann that day unanimously agreed to abandon- arising from the secession sentiment and declares this will materially
ment of the passive resistance program. hut at the same time complicate the impending negotiations with France. It gives warning
that the strength of the movement must not be under-estimated.
The decree, which is termed "A Decree for the Restoration of Public
Security," was issued in President Ebert's name to-night.
Among the rights restricted by it are freedom of the press and the right
of meeting. It also authorizes domiciliary searches and seizures.
Exeeuive power is given to the Minister of Defense, the military commanders appointed by him and to civil commissioners.
Severe penalties, including the penalty of death, may be imposed for
Infringement of tbe decree.
expressed determination firmly to safeguard the unity of the
country. According to Berlin cablegrams (Associated Press) Adjustment of
Dispute Between Italy and Greece—
an official communique issued after the meeting said:
Payment of Indemnity by Greece—Evacuation
The Prime Ministers of the States of the German Reich deliverated this
of Corfu by Italy.
morning with the Cabinet of the Reich upon the question of ending the
Payment was made by Greece to Italy on Sept 29 of the
passive resistance. The representatives of the States, after an expose
by the Chancellor, made known their opinions:
50,000,000 lire indemnity, which the Inter-Allied Council of
There was complete unanimity upon the decision that passive resistance
Ambassadors at Paris decided on Sept. 26 should be paid in
must cease, for reasons of interior politics, and especially the country's
finances. The opinion was also unanimous that it was the intention as adjustment of the dispute between the two countries which
well as the duty of the central Government to end the passive resistance arose a month ago as a result of the assassination of five
In a manner conformable with the dignity and honor of the German people.
All those entrusted with power in the German States have declared Italian members of the Greco-Albanian Boundary Mission
that If an attempt were made to impair the unity of the Retch, they are at Janina, Albania, on Aug. 27. The account of the controfirmly resolved to safeguard and defend this unity as the unimpeachable versy and the
demands of Italy were referred to at length
right of the nation.
in these columns Sept. 8, page 1069. The 50,000,000 lire inThe same cablegrams said:
demnity payment, received by the Director-General of the
Reichstag circles claim to be uninformed whether the Chancellor has Bank of Italy
from the Bank of Switzerland on Sept. 29, was
been given direct or indirect assurances that his voluntary and unconditional relinquishment of passive resistance will be reciprocated by a ordered by the Inter-Allied Council of Ambassadors as a penconcession on "points of honor."
alty, it was stated, for Greece's dilatoriness in searching for
Government headquarters continue optimistic with respect to the
recurring
unfounded
rumors
dismiss
as
of im- the assassins of the Italian member of the boundary mismaintenance of order and
pending disorders. If such occur their mainsprings, officials point out. sion. One of the sensational developments growing out of
must be sought in the social conditions prevailing in the metropolitan the dispute, it will be
recalled, was the occupation of the
and industrial sectors.
The present Cabinet is considered to have strongly fortified itself against Island of Corfu by Italy. The Associated Press advices from
parliamentary attacks, in that its resolve to surrender without having Paris, Sept 26, referring to the conclusions of the Ambassaobtained concessions in advance from Premier Poincare was fully com- dors, said:
Coalition parties as well as to all
factors
municated to the leaders of the
The Ambassadors upheld their decision that, in view of Greece's action
Which are supposed to have a decisive influence on the deliberations of
in fulfilling the terms laid down by the Council. Including payment of inthe Reichstag.
There are no indications at present that the Cabinet is in jeopardy and demnity, saluting the Allied fleet at Phaleron and rendering honors to the
the courage displayed by the Chancellor in fearlessly tackling the hopeless bodies of the slain Commissioners, Italy was in duty bound to evacuate
Ruhr conflict is viewed in competent Reichstag quarters as a challenge Corfu. It was announced that this evacuation was already begun, and
to the present Coalition to "see it through" with him and his Cabinet.
'would be completed to-morrow.
It will be several days before the Government and Parliamentary leaders
While complete evacuation of the island was, it is underare In a position to consider the political and economic wreckage strewn
stood,
effected early in the day Sept 27, the return of the
along the path of passive resistance and removal of this wreckage will
Italian fleet to the port was reported a few hours later.
unquestionably cause grave internal dissensions.
1520
THE CHRONICLE
[Vol,. 117.
Agreement as to the terms for the settlement of the dispute
Subsequently, on the same day, however, announcement
came that the island had been turned over to the Greek was reached at the Conference of Ambassadors at Paris on
authorities, Athens Associated Press cablegrams of Sept. 27 Sept. 7, and the text of the note to Greece embodying these
terms, was made public in Paris Sept. 8, according to a copystating:
The Italian flag was lowered amid salutes from the Italian fleet and the right cablegram to the New York "Times," which said:
Greek destroyer Snairni. while the Italian flagship subsequently saluted the
Greek flag when it was hoisted.
As to why the Italian fleet at first returned, we quote the
following Associated Press advices from Athens Sept. 28:
The return of the Italian fleet to Corfu after formal evacuation of the
island by the Italian forces yesterday is explained as being due to the fact
that the Bank of Switzerland had refused to turn over to Italy the 50,000,000
lire deposited by Greeco as guarantee for indemnity and later awarded to
Italy by the Allied Council of Ambassadors.
P.,‘ The Swiss Bank. it is said, refused to transfer the funds, which were deposited at the disposal of the Permanent Court of International Justice,
without authorization from the Greek National Bank. The necessary
instructions for the transfer are understood to have been forwarded last
night.
is It is stated that the Greek Government will make complaint over the decision of the Ambassadors, in that it was reached before completion of the
Inter-Allied inquiry into the massacre of the Italian official mission near
Janina, the incident which brought about the Greco-Italian crisis.
A protest against the return of the Italian fleet to Corfu
was said to have been lodged with the Council of Ambassadors by Greece on Sept. 29. Information to this effect, in
cablegrams to the daily papers from London, was credited
to a Central News dispatch, the London cablegrams adding:
The message also announces another protest by Greece, voiced in her
reply to the note from the Conference of Ambassadors, which ruled that
Greece should surrender 50,000,000 lire indemnity because of negligence
In running down the Janina criminals. The protest is against the charge
of negligence, Greece enumerates her efforts to find the offenders and
pleads that she was unable to pursue investigations on the soil of Albania.
where it was believed the slayers had gone.
Greece likewise remarks that the 50,000,000 lire fine imposed upon
her has produced a painful impression, especially as the Government and
people of the nation have felt confident of the spirit of justice prevailing
among the great Powers, and as three or four of the representatives of
those Powers had considered that Greece was not directly responsible.
Under date of Sept. 26, the Associated Press, in advices
from Geneva said:
Nicholas Politis, representative of Greece on the League of Nations
Council, to-night made public protest against the decision of the Council
of Ambassadors to compel Greece to pay to Italy 50,000,000 lire in connection with the assassination of the Italian members of the Greco-Albanian
boundary commission.
M. Politis declared that if the Council of Ambassadors had officially
decided to award the money,deposited by Greece as security for indemnity,
It would be an act of outrageous injustice by big countries against a little
country. He insisted that the inquiry into the killing of the Italians
had not been finished and declared that the Greeks have evidence that
Albanian authorities were responsible for the murders.
In reporting the deposit of the indemnity by Greece, press
advices from Rome, Sept. 29, had the following to.say:
This indemnity had been deposited in the Swiss Bank by Greece and was
turned over to Italy by order of the Inter-Allied Council of Ambassadors
after Greece had signified her acceptance of the Ambassador's ruling.
This definitely settles the Greco-Italian trouble, starting with the assassination of the Italian members of the Albanian Boundary Commission
on Aug. 27.
All the other stipulations in the settlement have been complied with and
the chapter may be regarded as closed unless Italy decides to appeal to
the Permanent Court of International Justice for reimbursement of the
expenses to which she was put in the occupation of Corfu. Premier
Mussolini's decision on this subject Is not yet known.
From Rome accounts to the New York "Times" Sept. 29
'(copyright) we take the following:
Text of the Note to Athens.
The full text of the note sent to the Greek Government by the Ambassadors' conference yesterday evening, which was outlined yesterday, was
Issued in Paris to-day. A copy also was sent to Geneva to the League of
Nations Council which expressed a desire to remain in close touch with the
decisions taken by the Ambassadors at Paris. The text of the note follows:
Having examined the notes which the Greek Government addressed in
reply to its own note concerning the murder of the President of the Delimitation Commission on the Albanian-Greek frontier and other members of
the Italian delegation of this commission, and taking note that Greece
declares herself willing to accept, if her responsibility is proved, all those
reparations which the conference may consider just; also that the Greek
Government proposes the nomination of an inquiry committee for active
research for the criminals, considering that the assassination on Aug. 27
was of a political nature committed on Greek territory, that the victims
were charged with official mission by the Arabassadors' conference in accord
with the Greek Government whose duty it was to assure the security,
considering the victims all belonged to the Italian delegation of the commission, considering that the crime committed in these circumstances
directly Involved the responsibility of the State on whose territory it took
place, the Ambassadors' conference has decided to demand of the Greek
Government the reparations and sanctions hereafter enumerated:
1. Excuses will be presented by the highest Greek military authorities
to the diplomatic representatives at Athens of the three Allied Powers
whose delegates were on the Delimitation Commission.
2. Funeral services will be celebrated in Athens in honor of the victims in
the Catholic Cathedral in the presence of the Greek Government.
3. On the day of the funeral service naval units of the three Allied Powers
will have arrived at Phaleron Harbor at 8 a. m., the Italian squadron
leading. The Greek fleet will salute the Italian. British and French flags
with twenty-one guns for each flag after tho units of the three Powers are
anchored in Phaleron Harbor. The salute will be returned, gun for gun.
by the Allied units immediately after the funeral service, during which the
flags of the Greek fleet and Allied units will fly at half-mast.
4. Military honors will be rendered on the embarkation at Prevesa of the
victims' bodies by a Greek detachment with colors.
5. The Greek Government undertakes to assure under all circumstances
with desirable celerity the search for and exemplary punishment of culprits.
6. A special commission composed of delegates of France, Great Britain,
Italy and Japan under the Presidency of the Japanese delegate, will control
the inquiry and legal proceedings pursued to this effect by the Greek Government, which must have been effectuated at the latest by Sept. 27. The
commission delegated by the Ambassadors' conference will have full power
to take part in said operations or request the Greek authorities to undertake
any supplementary inquiries or cross-examination. It will report to the
Ambassadors' conference. The Greek Government will assure the security
of the commission on Greek territory. It will give it every facility to
accomplish its task and will bear the cost of its expenses. The Ambassadors' conference is immediately inviting the Albanian Government to make
all arrangements, If necessary to proceed into Albanian territory and there
Investigate together with the Albanian authorities in order to facilitate the
search for and punishment of the culprits.
7. The Greek Government undertakes to pay the Italian Government for
the murder of its delegates an indemnity of which the amount will be fixed
in summary proceedings by the Permanent Court of International Justice
at The Hague.
8. The Greek Government will immediately deposit as a guarantee with
the Swiss National Bank the sum of 50,000,000 Italian lire. This deposit
will be endorsed "t6 be remitted in full or in part to the Italian Government
according to the decision of the Permanent Court of International Justice
of The Hague."
The conference, noting that the Italian Government confirms that the
occupation of Corfu and adjacent islands, has no other object than to obtain
the satisfaction of the demands it has made on the Greek Government, and
that these demands are met by the conditions formulated above by the conference, invites the Greek Government to communicate without delay,
simultaneously or separately, to each of the diplomatic representatives of the
three Powers at Athens its integral acceptance of these conditions.
On Sept. 8 It was stated that both Greece and Italy had
terms proposed by the Coun-
signified their acceptance of the
On receipt of news that the forfeit had been paid Signor Mussolini
Immediately ordered that 10,000.000 lire should be placed at the disposal cil of Ambassadors—a Rome dispatch (Associated Press)
of the Supreme Military Order of Malta for relief work among Greek and regarding Italy's acceptance, saying:
Armenian refugees from Asia Minor sheltered at Corfu, or elsewhere in
Italy accepts the terms of the Council of Ambassadors and agrees to
Greece. He did this, it was explained, to atone in some measure for the
unintentional killing of about a dozen Armenian refugees during the Italian evacuate Corfu and adjacent islands when Greece has satisfied all of Italy's
landing at Corfu, and also to show the world that Italy did not ask for the demands for reparations.
A semi-official s.atemeat says the Government will consider its demands
50.000,000 lire in order to speculate on the death of her four officers at
satisfied as soon as Greece cart lee out the demands of the Council of AmJanina, but merely to punish Greece for the crime.
At the same time, orders were sent to a few small Italian naval units bassadors, which arc substantially the same as those Italy forwarded to
which were cruising near Corfu to return to their bases immediately. The Greece.
Premier Mussolini has sent to the Italian Ambassador in Paris, Baron
Italian Government, however, announced that it will continue to exert
pressure on the Greek Government, through its diplomatic representatives Avezzano, the following message:
"Please notify the Council of Ambassadors that the Royal Government
In Athens. to induce it to expedite the punishment of the perpetrators a
has taken cognizance of the note which the Council has addressed to Greece
the Janina outrage.
and that ti adopts it, reaffirming Italy's proposal to evacuate Corfu and
The decision of the Council of the League of Nations to adjacent islands as soon as Greece has made full and &flak execution of
take up the controversy was noted in our issue of Sept. 8, all rt paration demanded by Italy."
Receipt of the formal acceptance of the conditions by
page 1070. At the same time we indicated that advices to
the effect that the Italian Government would refuse to recog- Greece was indicated in a Paris cablegram (copyright) to
nize the decision of the League had been conveyed to For- the New York "Times," Sept. 10, from which we quote as
eign Minister Alexandris at Athens by the Italian Minister, follows:
Signor Montagna, on behalf of Italy on Sept. 4. On Sept. 21
The official text of the Greek note contains a request to the effect that,
accepted the Ambassador's terms, the conference see to it
the New York "Herald" announced the following copyright Athens having
that Italy evacuates Corfu at an early date. The Ambassadors did not
advices from Geneva:
touch this phase of the problem to-day. While the wording of the terms
While not specifically mentioning Mussolini's direct challenge of the
authority of the League of Nations representatives of the little nations
showed their discontent in the assembly this morning over the Italian
Premier's procedure In occupying Corfu. Under pressuto of the big
Powers they were forced to accept the Council's solution of the issue which'
has been threatening the League's very life. But they showed clearly
that they would not permit the matter to be shelved while going through
the tedious procedure of judicial examination by the Council's experts
or being referred to the International Court of Justice.
Is ambiguous and might seem to mean that Italy must quit Corfu immediately, Greece has accepted the conditions, and It is believed here that
Mussolini Is not disposed to give up the island until all the conditions of the
Ambassadors' order have been fulfilled. Inasmuch as this might mean
considerable delay, since the Permanent Court of International Justice is
to fix the amount of the indemnity, it is probable that France will advise
Italy to give up Corfu as soon as Greece has performed the moral reparations required, namely the salute to the Allied fleet and religious services
for the murdered;jtallan officers.
OCT. 6 1923.]
THE CHRONICLE
The Greek attitude on this, the only point which still gives promise of
difficulties, is stated as follows:
"The Royal Government takes note of the fact stated in the communication of the Conference of Ambassadors that the Italian Government has
declared that the occupation of Corfu had as its only object to obtain satisfaction of the demands presented the Hellenic Government, and that these
demands are covered by the conditions laid down by the conference.
"These conditions being accepted entirely by the Royal Government,
It is entirely oppoitune for the latter to insist upon its request, addressed
to the Conference of Ambassadors, that the evacuation of the island shall
be assured as soon as possible."
The Ambassadors will continue to-morrow working out the details of the
Inquiry into the Janina murders. The plan for the salute to the Allied warships was drafted to-day. The Italian ships will entei Piraeus Harbor first,
followed by the French and British ships. The Italians will get the salute
first, and then the French and British, after which the Allied guns will
return the salute of the Greeks.
It is declared nere officially that the best thing the League can do is to
register the decision of the Ambassadors, recalling the fact that the Council
referred the issue to the Conference, and let the record stand as it is.
1521
its deposited security and will renounce all recourse to The Hague under
the'terms of the note of Sept. 8, wherein it was determined that the amount
of the indemnity be fixed by the Permanent Court in accordance with the
report of the commission, except particular recourse by Italy before said
court of the expenses of the occupation."
Regarding the evacuation of Corfu the note merely says.
"The Italian Government has made known that it eventually will evacuate
Corfu on Sept. 27, the date fixed by the conference for termination of
the Hellenic inquiry."
Date for Apology Fixed.
Dates of the funeral ceremonies at Athens, which constitute the moral
sanctions demanded by Italy, are also fixed. The excuses of Greece must
be presented not later than Sept. 18, through an Allied diplomatic representative, while on the following morning the expiatory funeral service
at the Athens Cathedral.
, with military honors rendered to the bodies
by the Greek fleet, must take place.
Commenting on the position of the League and Council of
Ambassadors in the dispute, special wireless advices to the
New York "Evening Post" by J. A. Spender from London,
With regard to the date fixed for the evacuation of Corfu Sept. 12. said:
by'Italy, the New York "Times" in a cablegram from Paris
Much of the cantroversy upon the question whether the League of Nations
or the Conference of Ambassadors should handle the Italian-Greek dispute
Sept. 13 said:
The date for the evacuation of Corfu by Italy was, to all appearances,
definitely settled this afternoon by the Council of Ambassadors, the Italians
agreeing to leave the Greek islands on a fixed date before the first day of
October, which is understood,to be Sept. 27.
The date, it is understood, is that urged by Premier Poincare, but
Premier Mussolini yesterday refused to accept it. In the end the Italian
Dictator agreed, but made his acceptance conditional on additional indemnity to be paid should Greece fail to fulfill the terms of the Council
of Ambassadors' demands.
Under the settlement arrived at to-night the Italians leave the Greek
Islands on the fixed date, and,if the Allied Commission appointed to supervise the Greek investigation of the Janina assassination announces that
Greece has fulfilled all her obligations in the search for the slayers of the
Italian members of the Greco-Albanian Boundary Commission,the question
of indemnity for the families of the victims will be regulated by The Hague
Court, as had been previously decided.
On the other hand, if the Greek attitude is not satisfactory Italy will
demand, over and above the sums designed as indemnity for the victims
families, the costs of the occupation and an indemnity of 50,000,000 Italian
Ike ($2.160,000).
Council Issues Statement.
The only announcement made by the Council at the conclusion of the
meeting, which terminated at 8.30 o'clock this evening, was:
"The Council of Ambassadors has adopted a solution which is considered
to be of such a nature as to put an end to the situation created by the assassination of the Italian members of the Allied Commission. The solution.
which was transmitted immediately to Athens, also is being communicated
to the Council of the League of Nations. The text wlll be made public
to-morrow at noon."
There were rumors here this afternoon that England had threatened to
share the occupation of the Greek islands if no date were fixed for their
evacuation by Italy. There is little doubt here that the critical state of
the Fiume controversy also was involved In bringing about a settlement.
France throughout has exerted a friendly pressure on Italy.
From Rome, Sept. 14, the Associated Press made known
the following advices:
Premier Mussolini to-day addressed the Council of Ministers, summarizing all phases of the Greco-Italian conflict and the successful results
he had obtained in the diplomatic battle at Geneva and Paris.
The Minister of War, General Diaz,and the Minister of Marine, Admiral
Theon de Revel, expressed to the Premier their great satisfaction for the
energetic manner in which he had conducted the affair, which they said
had given to foreign countries signal proof of Italy's power and moral
solidity and its readiness always to defend its interest and its honor.
The Council of Ministers unanimously approved the decisions which
had been made by Premier Mussolini throughout the course of the crisis.
The semi-official reports reaching here on the action of the Council of
Ambassadors at Paris emphasize the success obtained by Italy. They
state that Greece had asked for an immediate evacuation of Corfu. which
the Council of Ambassadors refused, holding that the evacuation would be
carried out only after the reparation to Italy had been carried out.
Also, it is stated in these advices, that the Council of Ambassadors held
that the payment of 50,000,000 lire to Italy should be inflicted as a penalty
on Greece, and without any intervention of the International Court of
Justice at The Hague, which Greece had sought to invoke. '
Italy's rights of recourse are also preserved as to requiring repayment
from Greece of the expenses of the Italian occupation of Corfu.
Further semi-official advices state that if by Sept. 27, the date set for
Italy's evacuation of Corfu, Greece Is shown to have been negligent in
fulfilling the reparation conditions, a penalty will be inflicted in the form of
payment of another 50,000,000 lire gold, in addition to Italy's first demand.
has been on a false issue. There has been no question of the Conference
superseding the League, or even of its taking precedence over the League.
When the Greeks appealed to it, the League was bound to take cognizance
of the dispute and to hold itself in readiness to act if other means failed. But
so far from its being obliged to take upon itself immediate settlement between the parties its duty was rather to stand out of the way until the
normal methods had been tried.
Undoubtedly the normal method in this case is for the Powers jointly responsible for the demarcation of the Albanian frontier to seek satisfaction
for the outrage perpetrated upon their servants. The crime was against
them as well as against Italy, and justice was due to them. All action of
the Council of the League was therefore both skilful and correct. It expressed its view that the matter should be handled in a particular way and
left executive action to the Ambassadors' Conference. For the time being
the Ambassadors acknowledged its advice, and for the most part acted,
upon it in all material respects.
In a further message Sept. 19 the same London correspondent of the "Post" stated:
it is reported from your side that American friends of the League 6
Nations are greatly disappointed at the sorry figure it is supposed to have
cut in the Italian-Greek crisis. For reasons which I explained in my last
message, I do not think that this pessismism is justified. Had the Ambassadors failed to settle it, the occupation of Corfu must have come back to
the League, and would undoubtedly have been an acid test of its efficacy;
but no question was referred to it, inasmuch as the Council decided to stay
Its hand until the Ambassadors had tried and failed—if they did fail. The
question belonged primarily to the Powers engaged in the delimitation of
the Albanian frontier, and if they were capable of dealing with It there was
no reason for taking it out of their hands. The League Is the court of appeal
rather than a court of first instance, and it is better that its authority
should not be invoked without absolute necessity.
At the same time, very few people believe that the Ambassadors would
have worked with such celerity and to such purpose if they had not had
behind them a formidable body of opinion which obtained organized expression through the League and in consequence of its being assembled at
Geneva. The sole point on which the League may be said to have suffered
rebuff is that Mussolini defied its authority and that the procedure adopted
prevented it from accepting his challenge. It may be unfortunate that the
League has no penalties for contempt of court, but I think it showed discretion in not permitting itself to be deflected from what has proved to be a
wise and successful method of handling the question.
No doubt, in order to pursue this quarrel its more pugnacious spirits
regret that the League did not seize this opportunity to test its strength:
but it Is, after all, an organization for promoting peace, and it would have
exposed itself to severe censure from its opponents and critics if it had added
a quarrel about its own authority to the sufficiently burning question of
Greece and Corfu.
As I recorded last week, there was some doubt whether Mussolini might
not interpret the Ambassadors' decision as authorizing him to prolong the
occupation of Corfu until the whole process of inquiring into the Janina
Crime should be completed and the culprits brought to justice. Fortunately, after further conference he has been induced to promise evacuation
on Sept. 27. The Ambassadors reserving the right to inflict new measures
upon Greece if by that date punishment of the guilty hasn't been undertaken.]
Termination of the New York Pressmen's Strike—International Union and Publishers Win Fight
with Local Union.
The unauthorized strike of web pressmen, members of the
The following bearing on the controversy came to the New New York Web Pressmen's Union, No. 25, employed by
York "Tribune" in a copyright cablegram from Paris Sept. the daily morning and evening newspapers of this city, which
14:
was precipitated Sept. 18, came to an end this week. The
The lot of Greece in the restitution it must make for the political murders strikers at a meeting held on Sept. 28 at Beethoven Hall
only
must
it
one.
Not
turn
a
happy
over
the
altogether
Janina
is
not
at
voted overwhelmingly to return to work under the new
50,000,000 lire, originally demanded by Italy in the event the murderers
are not apprehended, or if the moral reparations to Italy are not carried contract made by the International Printing Pressmen's
out in a manner satisfactory to the inter-Allied commission but also and Assistants' Union of North America, of which the local
Athens must pay the expenses of the Corfu occupation up to an amount
union was a member, with the New York Newspaper Pubto be determined by the Hague court.
This is revealed by the second note of the Council of Ambassadors to lishers' Association and to apply for new International Union
-day.
Greece, the contents of which were made public to
cards. The vote of the strikers was approximately 1,200 to
The commission of inquiry into the Janina murders is to take up its
100, it was said, in favor of returning to work under the
send
telegraphic
will
reports
to
the
later
days
five
and
duties Monday
Ambassadors' conference of the initial results of its investigations. On conditions laid down by the International Union. Though
the basis of this report the conference will determine whether Athens has the strike was a victory for
the International Union and for
resorted to every possible measure to find the guilty persons and bring
the newspaper publishers, the men under the new contract
them to punishment.
Stricter Measures Indicated.
negotiated by the International receive both an increase
In case the conference decides the stipulations laid down in its first in wages and a reduction in hours of work. The strike
note to Athens have not been carried out, it is empowered by the Allied
charter and has
Governments to enforce "measures of other nature" by way of coercion resulted in a revocation of the local union's
now been dissolved because of its arbitrary and illegal actio:i.
or penalty.
"These last measures," says the note, "will consist notably of turning
The meeting of the strikers on Sept. 28 at which it was
over to Italy the sum of 50,000,000 Italian lire, in which case the conference will ask the Permanent Court at The Hague to free Greece from voted to return to work was called to consider a report made,
1522
THE CHRONTCLE
[VoL. 117.
by a committee of the foremen and assistant foremen, who consequence of an illegal strike begun by said union without authority
from
had interviewed International President Berry on Sept.'26 the International Printing Pressmen and Assistants' Union.
as to the terms upon which the men might return to work,
Further evidence of the trouble in which those formerly in
and brought back two proposals which they recommended control of the local union now find themselves, was seen
should be accepted. The report said:
when Moses Grossman, Hymen Byshel and Leo J. Rosett,
The committee beg to report that we have held a conference with Presi- counsel, who said they
represented a group of menibers of
dent Berry and the board of directors of the International Union in accordance with instructions given us to try and arrange some way whereby the the defunct Local 25, appeared at the District Attorney's
striking newspaper web printing pressmen of New York might return to office and asked Ferdinand Pecora, Assistant District
work in a manner agreeable to them, and having been assured by President Attorney, to
investigate charges of mismanagement of the
Berry there was no blacklist in so far as the International Union was concerned, and to his knowledge none in so far as the New York Newspaper funds of the union. Evidence purporting to show certain
Publishers' Association was concerned; and being further assured President irregularities was laid before Mr. Pecora, who promised to
Berry would do everything in his power, acting In conjunction with the com- begin an
investigation immediately. "Counsel for the union
mittee, to have returned to their former positions every striking pressman
and junior pressman, including every foreman and assistant foreman; that members," Mr. Pecora said, "have requested this office to
no striker would be penalized or disciplined for his activity, except where inquire into the matter and to prosecute any individuals, if
It can be proven the striker has been guilty of sabotage, which action
any proof of guilt can be found. We will institute such an
neither the local nor International Union could condone; and having also
requested the committee to co-operate with the board of directors of the inquiry, probably to-morrow." No names other than those
International Union in working out such details as may be necessary in of the complaining lawyers were made public. A
committee
the restoring of peaceful and normal conditions in the pressrooms of New
of members of the International Printing Pressmen's and
York City.
Assistants' Union, who were members of the now dissolved
After careful consideration of all matters, we recommend the following:
1. That the membership immediately apply for reinstatement in the New York Web Pressmen's Union No. 25, called
on Simons,
International Printing Pressmen and Assistants' Union of North America
and as soon thereafter as possible report for work at their former places of former President, on Oct. 1, and made a formal demand for
the books, bonds and treasury of the dissolved local. The
emaployment.
2. That our membership endorses and accepts the provisions of the request was refused by Simons,
according to Andrew R.
international contract as executed between the International Printing Pressmen and Assistants' Union of North America and the Publishers' Associa- Armstrong, a member of the committee, on the ground that
tion of New York City, and that in the acceptance of same we give such the charter of Local 25 had not been revoked. Simons inguarantee as may be necessary in the fulfillment of all of the provisions of formed reporters he
had refused to turn the property over to
the agreement, copies of which have already been placed in the hands of
the committee until he knew that all strikers were reinstated.
the entire membership.
After two hours of discussion a motion was made by Al The committee consisted of John Lynch, Chairman, Charles
Kreitler to accept the report of the committee, including the Walsh, James Moore, Andrew R. Armstrong, John Maloney
conditions of the International Union. A viva voce vote and James Maloney.
"The committee was accompanied by Isaac Rosenthal,
showed approximately 1,200 in favor of returning to work
and 100 opposed. It was explained that the proposed former Secretary of Local 25," said Armstrong. "Mr.
method of returning to work would be that former chapel Rosenthal said he would deliver the property when the
chairmen would make lists of the pressmen still out and would formal request was made, but Simons refused."
The strikers, following their vote to return to work under
ask for International Union cards for these men which
would permit them to resume work. Speakers told the the conditions laid down by the International Union,flocked
strikers that they were "in a jam," and that they had better in large numbers to the rooms of the latter. The offices
vote in favor of the Berry proposals. David Simons said he of the International Union at 150 Nassau St. were thronged
would support the men in whatever action they took and on Oct. 1 with pressmen applying for International Union
advised them to vote "yes." After the meeting Mr. Simons cards. Joseph C. Orr, Secretary-Treasurer, said that 500
made a statement attacking President Berry as "the man applications wore made on Oct. 1 and 1,500 on Sunday,
responsible for all the trouble." He described the terms Sept. 30. The International officers worked under some
accepted by the men as "a compromise proposal which the difficulty, it was said, because of the failure of the union
union has accepted," and expressed the opinion that day committee to get the former local's books so that it might
men would return to work on Monday morning (Oct. 1), and be ascertained which of the applicants were in gocd standing
night men on Monday night. The evening newspapers re- in the International Union. However, by the end of the
-slimed publication of full unabridged editions on Oct. 2, cerrent week, New York Web Pressmen's Union Local 25
and the morning papers on Oct. 3. President Berry of the was out of existence, the remaining members, who had disInternational Union issued the following statement in con- sented when the others voted to return to work and take
nection with the action of the meeting in voting to discon- out new cards, reversing their previous decision. President
Simons of the defunct union surrendered completely to the
tinue the illegal strike:
The action of the newspaper web pressmen is, of course, gratifying in International Printing Pressmen & Assistants' Union of
that it proves the accuracy of my statement made several days 0g0 that Americaon Tuesday, Oct. 2, when at a meeting in Beethoven
the great overwhelming majority of the newspaper pressmen of New York
Hall, he directed 150 men attending to obtain cards from the
are not only good citizens, but are conservative and constructive trade
unionists. In addition, our board of directors are delighted to know that International and go back to work. Furthermore, officials
the position of the International Union has been accepted.
of the International Printing Pressmen & Assistants' Union
The two propositions represent a complete and unqualified acceptance
of the position of the International Union and of the contract entered obtained possession on Oct. 3 of the offices of the defunct
Into by the board of directors with the Newspaper Publishers of New New York Web Presmen's Union No. 25 in the Pulitzer
York. We shall now enter into the details of readlustments and reorganiza- Bldg., including all books
and records of the organization.
tion so as to establish normal operation as speedily as possible, and in
doing so we will take all necessary precautions so as to give guarar tee the cash in the treasury of the dissolved local was subsethat there shall be no recurrence of such a situation as has Involved the quently turned over to the International Union. The key
newspaper industry of New York City, and, in addition, that there will of
tie office in the Pulitzer Bldg. was placed in the hands
be adherence to the laws of the parent body in the future.
officer of the International Union, and the door was
of
an
statement
was
issued
after the meeting by
The following
locked. With this act the local union passed out of existence
Simons:
•
The men will return to work as soon as is possible. They have been and the officers of the former local were left without quarters.
ordered to apply to their respective chairmen for International Union cards. All business affecting New York web pressmen will hereafter
Chairmen of the chapels will present a list of names of pressmen and rebe transacted from Room 614, 150 Nassau St., headquarters
ceive cards which they will turn over to me.
Local No. 25 at still in existence. The charter has never been revok..d. of the International Union. The District Attorney's office
• We feel that if the strike had continued along further we would have won. on Oct. 2 began its investigation into charges of irregularity
We aceept,d the compromise in order to save the industry,
in the handling of funds of the outlaws Local 25 by seizing
I have had a terrible job, but I have not given up fighting Major Berry.
I persorully intend to fight him through union channels for his attitude dur- some of the books and records of the organization and queslag this controversy. He alone Is responsible for the entire controversy. tioning one of its officers after hearing allegations made by
fcr refusing to report to this union during negotiations with the publishers,
officials of the parent International Union. The records of
George L. Berry, President of the International Union, was
the defunct local, which had been refused by David Simon,its
David
statement
of
asked on Sept. 29 to comment on the
President, to a committee of the membership on the preceding
Simons that the local still existed and that its charter had day, were delivered to the District
Attorney's office on a
never been revoked. "I served a copy of the contract in request subpoena served on Isaac Rosenthal, the
Secretary
this room on Mr. Simons in the presence of witnesses," Mr.
and Treasurer.
Berry said. "Under the contract the union is dissolved and
the charter revoked."
Samuel Gompers Condemns Pressmen's Strike—
The first paragraph of the contract which was accepted by
Upholds Berry.
an overwhelming majority of the striking pressmen at Beethoven Hall on Friday, Sept. 28, reads:
Major George L. Berry, President of the International
Whereas, New York Web Pressmen's Union No. 25. hitherto a local union Web Pressmen's and Assistants' Union, on Sept. 28
received
subordinate to the International Printing Pressmen and Assistant's Union
of North America, has this day been dissolved and its charter revoked in a telegram from Samuel Gompers, condemning the outlaw
r
OCT. 6 1923.1
THE CHRONTCLE
strike of the New York pressmen and upholding the efforts
of Major Berry to compel them to live up to their contract
with the publishers. Mr. Gompers said:
The unwarranted course pursued by Printing Pressmen's Local No. 25
Is published in every issue of every newspaper which I have seen, and it is
a fair presumption that It is published all over the country. Their action
is criticized and condemned not only by the press and the public, but also
by the men who have devoted their lives to the cause of labor. If plighted
faith of organized labor Is given to an agreement with employers or while
negotiations to rea h an agreement are pending, the members will enter
upon a strike, how can we expect all agreements to be reached between
organized labor and employees?
Unions the pressmen redeem themselves from this awful blunder, you are
justified In resorting to every means within your power to keep the faith,
to uphold the good name of your organization and the good-will of employers who may want to maintain beneficial contractual relations with the
union. In this, your effort and manifest duty, all organized labor and a
fair-minded public will sustain you.
The telegram was dated from Portland, Ore.
Pressmen's Earnings Highest in New York-Comparison
with Other Cities Shows Wages from Eight to
Eighty-Four Per Cent Higher.
The following is from the New York "Times" of Sept. 20:
1523
were worthy of being educated. Those who had the duty and responsibility of government, must necessarily have the education with which to
discharge the obligations of citizenship. The sovereign had to be educated.
the sovereign had become the people. Schools and universilles were provided by the various governments, and founded and fostered by private
charity, until their buildings dotted all the land.
The willingness of the people to bear the burdens of maintaining them
institutions, and the patriotic devotion of an army of teachers, who. In
many cases, might have earned larger incomes In other pursuits, have made
It possible to accomplish results with which we may well be gratified. But
the task is not finished. It has only been begun.
We have observed the evidences of a broadening vision of the whole
educational system. This has included a recognition that education must
not end with the period of school attendance, but must be given every encouragement thereafter. To this end the night schools of the cities, the
moonlight schools of the southern Appalachian countries, the extension
work of the colleges and universities, the provision for teaching technical,
agricultural and mechanical arts, have marked out the path to a broader
and more widely diffused national culture. To insure the permanence and
continuing improvement of such an educational policy, there must be the
fullest public realization of its absolute neceasity. Every American citizen
Is entitled to a liberal education. Without this, there is no guarantee for
the permanence. of free institutions, no hope of perpetuating self-government. Despotism finds Its chief support In Ignorance. Knowledge and
freedom go hand in hand.
In order that the people of the nation may think on these things. It Is
desirable that there should be an annual observance of Educational Week.
do
Now. therefore, I, Calvin Coolidge, President of the United States,
eighteenth of November next
Pressroom wages regularly paid in New York City are higher than those hereby proclaim the week beginning on the
the
throughout
observance
paid In every other city In the United States, as shown in figures compiled as National Education Week. teed urge Its
and local authorities co-operate
last night from tables issued by the Publishers' Association of New York country. I recommend that the State
secu its most general and helpful
to
bodies
religious
civic
and
the
with
City.
supporting and more effectively
During the present emergency competent pressmen are being paid $20 obser vance. for the purpose of more ilbera.ty
country.
on,
of
facilities
the
condiimproving
temporary
educational
this
does
take
not
below
comparison
the
but
day
a
here,
ln witness whereof. I have hereunto set my hand and caused the seal
tion into account and deals only with the wages paid in normal times.
In the City of Washington this
Comparison of the wage scale established by the contract of Sept. 21 be- of the United State; t.- be affixed. Done
1923 and of the independence
tween the publishers and the International Union with that in force in other 26th day of September in the year of our Lord
cities shows that New York morning newspaper pressmen get the following of the United States the 148th.
(Signed) CALVIN COOLIDGE.
(Seal)
excess in pay over their fellows in other large cities:
By the President:
over
Pittsburgh
-32%
New
York
23%
Chicago
over
New York
0
" New Orle ins_ _557
(Signed) CHARLES E. HUGHES, Secretary of State.
" Philadelphia ---84%
" San Francisco.._ 8%
"
15%
13oston
" Washingtoo - -.29%
Foremen or men in charge on morning newspapers here are also better
Plans of Bureau of Education of Department of Interior
paid In the following degree:
----65%
for Observance of National Education Week.
Pittsburgh
over
York
New
16%
New York over Chicago
" New Orle ens__.94%
"
" Philadelphia -- _91%
San Francisco_ -33%
American Education Week will be observed throughout
" Boston
"
Washington
the United States during the week of Nov. 18-24, under the
Figures for all these cities but New York and Chicago are as of April 1
proclamation, which we give elsewhere in these columns,
pub_
largest
two
the
last. Comparison between New York and Chicago.
Bureau of Edulishing centres, Is on the new scale made here last week and that adopted issued by Pres. Calvin Coolidge. Through the
in Chicago on May 26 last, and shows the following:
cation of the Interior Department, plans have been consumNight
Daymated for a nation-wide observation, an outline of a program
Wages
Hours
Wages
Hours
per Week. per Week.
per 1Veek. per Week.
be followed for each day of the week having been drawn
to
$57
41
$54
45
New York foremen
50
*42
48
48
In addition to the Bureau of Education, American Eduup.
Chicago foremen
51
41
48
45
New York pressmen
44
*42
cation Week is sponsored by the National Education Associ42
48
Chicago pressmen
ation and by the American Legion. The program as outlined
• Work two hours additional on Saturday nights for $2 extra.
The following comparisons of wages per hour show even more plainly the by tile Bureau of Education follows:
wage supremacy of New York pressmen:
•
Sunday, November 18.
PAY PER HOUR.
Pins- N.Y.
New
Ministers of all denominations invited to preach at least one sermon on
Phila- N. Y.
New
York. burgh. Incr, education on this day.
York. delghia. Inr•
38%
84% Day foremen____31.20 20.87
Day foremen____St .20 $0.73
Monday, November 19.
65%
.87
1.40
foremen....
Night
7
91,
.73
1.40
foremen___
Night
32%
.81
84% Day pressmen__ 1.07
Day pressmen___ 107
.58
American Constitution Day: Speeches on citizenship with essays and
.81
64%
.58 115% Night pressmen.. 1.25
Night pressmen.. 1.25
New
New
special instructions_in all the public schools on the Constitution.
New
York. Orleans.
York. Boston.
66%
Tuesday. Norember 20.
12% Day foremen____31.20 20.72
Day foremen..-_81.20 81.07
.72
94%
12% Night foremen___ 1.40
1.25
Night foremen... 1.40
.69
55%
Patriotism Day,in which school pupils will study the nation's great men
15% Day pressmen__ 1.07
.93
Day pressmen__ 1.07
.89
81% and women.
1.08
15% Night pressmen.. 1.25
Night pressmen._ 1.25
San
New
New Wash.
Wednesday, November 21.
York. Francisco.
York. ingion.
14%
26% Day foremen.-31.20 $1.05
Day foremen..--31.20 80.95
School and Teacher Day, when representatives of Parent-Teachers
33%
34% Night foremen... 1.40
1.05
1.04
Night foremen... 1.40
29% Day pressmen.- 1.07
.99
.83
8% Associations and other organizations will hold evening meetings to discuss
Day pressmen... 1.07
36% Night pressmen.. 1.25
.99
26% educational affairs.
.92
Night pressmen.- 1.25
Thursday. November 22.
Illiteracy Day: Making of plans for the eradication a illiteracy through
Proclamation by President Coolidge Designating Week
county, city and State school superintendents in securing co-operatloa with
of Nov. 18 as National Education Week.
their State Illiteracy Commission and of the Illiteracy Commission of the
In a proclamation issued by President Coolidge on Sept. 30 National Education Association.
the week beginning Nov. 18 11b$ been designated as National
Friday, November 23.
Education Week, and Its observance throughout the country
Community DayrEquality of opportunity in education for every boy
Is urged. The President recommends that "the State and and girl, with a study of the situation that the one-teacher schools are not
children educational advantages equal to those offered In conlocal authorities co-operate with the civic and religious giving rural
solidated and city schools.
bodies to secure its most general and helpful observance, for
Saturday. Novem''er 24.
the purpose of more liberally supporting and more effecPhysical Education Day: Physical education directors, dentists, physitively improving the educational facilities of our country." cians.
school nurses, home economic teachers and others Interested In the
In another item we refer to the plans of the Bureau of Edu- health of the community should conduct surveys and work out details for
at
Washington for improvement.
cation of the Department of the Interior
the nation-wide observance of the week. We give herewith
the proclamation of President Coolidge:
Endorsement by President Coolidge of Oct.27(Birthday
of Late President Roosevelt) as Navy Day.
OF
STATES
UNITED
AMERICA
BY THE PRESIDENT OF THE
A PROCLAMATION.
The
movement of the Navy League of the United States to
From its earliest beginnings. America has been devoted to the cause
have
Oct.
27-the birthday of the late President Theodore
the
on
ideal
of
to
founded
ministering
was
country
of education. This
the Individual. It was realized that this must bc done by the Institutions Roosevelt-observed as Navy Day, has been endorsed by
of relights and government. In order that there might be a properly edu- President Coolidge. The first observance of "Navy Day"
cated clergy and well-trained civil magistrates, one of the first thoughts
HardPresident
by
approved
college
of
year-is
been
liberal
to
culture,
a
last
said
have
for
while
provide
of the early settlers was to
for the general diffusion of knowledge primary schools were established. ing. A letter. which President Coolidge addressed to SecreThis course was taken as the necessary requirement of enlightened society.
of the Navy Denby on Aug. 22 commending the observSuch a policy, once adopted, has continued to grow in extent. With the tary
adoption of the Federal Constitution and the establishment of free govern- ance of the day, was made public on Aug. 22 by Col. Theodore
ments in the States of the Union, there was additional reason for be oaden- Roosevelt, Acting Secretary of the Treasury. The letter
log the opportunity for education. Our country adopted the principle of
self-government by a free people. Those who were worthy of being free follows:
1524
THE CHRONICLE
THE WHITE HOUSE.
Washington, D. C., Aug. 22 1923.
My Dear Secretary:—It has been pleasing to learn of the plans to continue
this year the observance of Oct.27, birthday of the late President Roosevelt,
as Navy Day. The date is appropriate in view of the part President Roosevelt played in making our modern navy, of his historical writings dealing
with it, and of the demonstrations which, as President, he gave regarding
effective utilization of naval power as a guarantee of peace.
Our country has undertaken, as its proper contribution to ameliorating
the burdens of armament in the world, to place certain strict limits on our
naval establishment. In view of these, which, it need not be said, will
always be strictly observed, it becomes desirable that the highest efficiency,
in men and material, be maintained.
The Navy is the first line of defense. Our national situation makes it
peculiarly important to us, for we have never been committed to the policy
of a large army, relying, to greater extent than less favored countries might,
on the advantage of our location and our confidence in an adequate navy.
The traditional devotion of the navy to the highest usefulness and efficiency
makes it especially fitting that Navy Day be so observed as to show the
country's appreciation of this splendid service.
Most sincerely yours,
CALVIN COOLIDGE.
Hon. Edwin Denby, Secretary of the Navy.
Railroad Brotherhoods Asking Restoration of 1920
Wage Levels.
A movement by the four railroad brotherhoods to regain
the wages in effect on the various railroads of the United
States in 1920—an increase of approximately 12% over
the present scale—is apparently under full headway, the
engineers having joined with the firemen, trainmen and conductors on Oct. 1. In addition, the engineers are seeking an
$8 a day minimum pay. So far as known this is the first
time that a minimum daily rate of pay has been demanded
by the transportation brotherhoods. Through a circular,
instructions were sent to the general chairmen and secretarytreasurers of all general committees of adjustment of the
Brotherhood of Locomotive Engineers to present thirty-day
notices of the intention of the brotherhood members to
amend their schedules of pay to railroads where the contracts have expired. The movement in several places was
a joint one by the engineers and the Brotherhood of Locomotive Firemen and Enginemen. The firemen served the
notices on the Michigan Central, Pere Marquette and Chicago & Alton several days ago. Officials of the New York
Central, Erie and Jersey Central among others were to have
received them on Oct. 1. The engineers' contract with the
New York Central does not expire until Oct.30. The system
committees of the Brotherhood of Railroad Trainmen and the
Order of Railway Conductors were notified several days ago
to present their demands to the railroads on Oct. 10. The
brotherhoods seek a restoration of schedules in effect before
the United States Railroad Labor Board on July 1 1921
reduced the trainmen's wages.
The engineers' circular of instruction reads in part as
follows:
EVoL. 117.
One was that it was pre eminently a convention of thoughtful discussion of the problems of greatest moment to the United States to-day.
These included both subjects of domestic concern and of America's international relationships. With entertainment features at the convention
relatively slight, it was a matter of general comment that the business
sessions were exceptionally well attended. This applied not only to the
general sessions, but also to the group meetings,as of the Trust, Savings,
State and National Bank Divisions and the various Sections, which were
all fair-sized conventions in themselves, with standing room at a premium.
Another salient feature was the tone of public service pervading the
meetings, culminating in a rededication of the Association in devotion to
the nation at the final session of the general convention following a stirring
address by James M. Deck, Solicitor-General of the United States. He
described the dangers that threatened to destroy the Republic at its outset,
and told of the spirit of destructive discontent that is to-day menacing
the nation's established institutions, appealing to the men of to-day to
recall George Washington's words at Philadelphia when he summoned
"the wise and just" to defend law and order. The delegates rose in
tumultuous applause and President Puelicher seized the occasion to repledge
them to the protection of the Constitution. It was a significant incident
in that it reflected the attitude of the convention—that of public service
through maintaining the integrity of the present capitalistic system and
the present political institutions of the United States.
A third outstanding feature of the convention was the provision of plans
and funds to carry the Association's ideals of public service into practical
effect. This is seen in the adoption of measures for expanding the educational work of the American Institute of Banking, for carrying forward
on a larger scale the public educational activities of the Association with
the aim of protecting establish( d institutions by doing away with lack of
understanding regarding them, and for further developing banker-farmer
co-operation and understanding.
Extended reference to the convention, resolutions, &c.,
was given in our issue of a week ago, page 1412-1416. Next
Saturday we expect to issue our American Bankers Convention Section with a detailed account of the proceedings.
Annual Convention of Investment Bankers Association
of America in Washington Oct. 29, 30 and 31.
The twelfth annual convention of the Investment Bankers
Association of America will be held in the New Willard
Hotel, Washington, D. C., Oct. 29, 30 and 31. The prat business session will be called to order at 9.30 a. m. Monday, Oct.
29. The "Bulletin" of the association says:
The meeting this fall in Washington is important and far-reaching in the
subjects which will be discussed. We are to meet at the seat of the Federal
Government, and by so doing we shall come into closer contact with those
responsible for the making and enforcement of the laws which affect the investor and the investment banker.
The Board of Governors will convene in Baltimore on Sat.
urday, Oct. 27, where they are to be entertained by the Baltimore members.
Eugene E. Thompson of the investment banking house
of Crane, Parris & Co., Washington, and Chairman of the
convention committee of the Investment Bankers Association
of America, was in New York on Oct.4 conferring with John
W. Prentiss of Hornblower & Weeks relative to arrangements
for the convention. Col. Prentiss is to be elected the new
President of the Association at the Washington gathering.
It was stated after this week's conference that so far 900
At the time you serve the required 30 days' notice of your desire to open members of the Association have
made reservations for the
schedule,
present
the following articles:
your
(1)—That all rates in effect under decision No. 2 U. S. Railroad Labor convention, indicating that the Washington meeting will
Board, effective as of May 1 1920, and applicable to locomotive engineers, be the largest in the history of the Association.
be restored in their entirety.
Special trains are being arranged to carry the delegates
(2)—In all classes of service the earnings of engineers from mileage,
overtime and other regulations applicable for each day's service performed, from various parts of the country to the convention. The
shall not be less than eight dollars per day.
arrangements for taking care of the transportation needs of
Where ever you are working jointly with firemen or have a joint schedule, the
visiting delegates from New York, New England and
we would recommend that you take the matter up with their general comPennsylvania are in charge of John Speed Elliott of W. A.
mittee and general Chairman and work in conjunction with them.
Press dispatches of Oct. 1 from Cleveland, headquarters Harriman & Co., Inc. In view of the fact that the conof the brotherhoods, had the following to say with respect vention is to be held this year at the seat of the Federal
Government, it is expected that many high Government
to the wage situation:
With the engineers joining in the increased wage movement all four officials will be the guests of the bankers during the course
transportation brotherhoods have initiated movements for wage increases. of the meetings.
The Brotherhood of Railroad Trainmen and Order of Railway Conductors
took joint action here last week favoring a request for an increase ranging
from 12 to 15%. This action followed a referendum vote of members of
the two brotherhoods. Circulars of instruction to general chairmen of
these two brotherhoods will be mailed out this week and the requests presented to the railroads throughout the country on Oct. 10.
The Brotherhood of Locomotive Firemen and Enginemen sent out a
circular of instructions on Sept. 11 to chairmen of its general grievance
committees, instructing them to present requests as contracts expire, for
restoration of the 12H% cut handed down by the United States Railroad
Labor Board on July 1 1921.
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
Two New York Stock Exchange memberships were reported posted for transfer this week, the consideration
being stated as $79,000 and $82,000. The last previous
sale was at $77,000.
At a meeting on Oct. 4 of the board of directors of the
Seaboard National Bank, New York, Harold E. Riley was
Chicago Seeks 1924 Convention of A. B. A.—Review appointed an assistant cashier.
of Atlantic City Proceedings.
Gordon S. Rentschler has been elected a director of the
possibility
of Chicago being chosen by the American National
The
City Bank. He is President of the Hooven,
Bankers Association as the meeting place for its 1924 con- Owens, Rentschler
Co. of Hamilton, Ohio.
vention was indicated at last week's annual meeting, when
an invitation from Chicago was presented. It was, howCharles S. Andrews has resigned as Vice-President of the
ever, referred to the Executive Council for decision.
United States Mortgage dz Trust Co. of New York, in charge
A review of the proceedings of the Atlantic City con- of the 73d Street Branch to accept service elsewhere. John
vention, Sept. 24-27, shows three outstanding features of A. Hopper was elected Vice-President in charge of the 73d
the meeting. These are summarized as follows:
Street Branch and George S. Little Vice-President in charge
OCT. 6 1923.]
THE CHRONICLE
1525
of the Madison Avenue Branch to succeed Mr. Hopper.
According to the Chicago "Tribune" of Sept. 30, a new
Gladding B. Coit, formerly Assistant Secretary, was elected financial institution, the Ridgeway
State Bank, held its
Assistant Treasurer, as was also Charles Diehl, formerly formal opening on that day at 3722
West Chicago Ave.
Manager of the 125th Street Branch.
that city. The new bank,it is said, has a capital of $100,000
with surplus of $30,000, and its officers are: Henry Schrik,
The Bank of America of New York has issued in pamphlet President; John
Schrik, Vice-President, and William 0.
form a study of the butter and cheese markets of New York Conrad, Vice
-President and Cashier.
by Charles F.Junod, Vice-President of that institution. The
study shows the sources of New York's receipt of these two
The Park Savings Trust Co.—a new St. Louis bank—will
commodities, fluctuations in the seasonal supply, cold stor- be formally
opened to-day (Oct. 6) in temporary banking
age holdings, price movements, &c., and contains a dis- quarters
at the corner of Yale and Oakland Avenues, that
cussion of the various types of creameries, kinds of butter, city,
according to the St. Louis "Globe-Democrat" of
the function of cold storage, &c.
Oct. 3. The new bank has a capital of $50,000 and surplus
of $10,000 and purposes to maintain banking, savings and
A cash distribution of $4 per share has been declared payreal estate departments. Its officer are: Karl E. Lubkes,
able on Oct. 10 to holders of certificates of beneficial interest
President; William Schneider, Maurice Thompson and John
issued by Irving Bank-Columbia Trust Co., as trustee, in
Houlihan, Vice-Presidents; E. J. Walser, Secretary and
certain assets formerly owned by Irving Bank, New York.
Treasurer, and T. L. Coleman, Real Estate Officer.
Payment will be•made only to the holders of record upon
•
presentation of their certificates for endorsement of payment
A press dispatch from Fort Scott, Kan., on Sept. 29,
at the office of Irving Bank-Columbia Trust Co., 60 Broadprinted in the Topeka "Capital" of the following day, stated
way.
that the Fort Scott State Bank had been admitted to the
A charter has been issued to interests in the Anglo-South national system under the title of the Forst Scott National
American Bank, at 49 Broadway, for a trust company to Bank. The personnel of the institution, including George
be known as the Anglo-South American Trust Co. The W. Marble, Chairman of the Board of Directors, and Frank
company will have a paid in capital of $1,000,000. Two of Cunningham, President, would remain unchanged, it was
the incorporators are Englishmen and seven are Americans. said. The bank has a capital of $100,000, surplus and unThe incorporators are: Robert J. Hose, England; William divided profits of $75,000 and deposits in excess of $1,000,000.
E. Wells, London; Edward J. Cornish, Cold Spring-on-Hudson, N. Y.; Normal C. Stenning, Larchmont, N. Y.; Cecil . Further referring to the proposed amalgamation of the
Platt, Upper Montclair, N.J.; William H. Trachsol, Clifton, Bank of Hamilton with the Canadian Bank of Commerce,
Staten Island; Carlisle J. Gleason, New York City; Abram at a meeting of the directors of the latter on Sept. 21 an
I. Elkus, New York City, and Franklin S. Jerome, Orange, exchange of Bank of Hamilton stock on a share-for-share
Conn. It is stated that the company will begin business basis for Canadian Bank of Commerce stock was approved.
The directors also approved official notification to this effect
about two months hence.
being sent to the Bank of Hamilton. The action of the
According to figures made public this week by W. D. Mc- directors followed a complete examination of the assets of
Lean, Vice-President of the Morris Plan Co. of New York, the Bank of Hamilton. On Sept. 24 the directors of the
this organization has made 5,850 loans amounting to $1,514,- Bank of Hamilton formally approved the proposed consoli000 to men and women of Greater New York during Sep- dation of the institutions on the basis of share for share.
tember. This was an increase of $27,000, or 22% over Meetings of the shareholders of the Bank of Hamilton and
September of the previous year. During the first nine. the Canadian Bank of Commerce will be held on Nov. 19
months of this year 53,192 loans, it is' stated, were made, and Nov. 21, respectively, to ratify the terms of the proamounting to $13,242,000. This is an increase of $3,691,- posed merger.
000, or 39% over the same period of 1922. Since the incepThe Standard Bank of Canada (head office Toronto) has
tion of business in New York on Jan. 1 1915 the company,
we are advised, has made over 345,000 loans to wage earners, declared a dividend for the current quarter ending Oct. 31
salaried employees, professional men and women, small 1923 of 3%, being at the rate of 12% per annum upon the
merchants and manufacturers for an amount exceeding paid-up capital of the bank, and which is to be payable on
$67,000,000. The New York Morris Plan Co. is one of and after Nov. 1 1923 to shareholders of record as of
98 Morris Plan banks and companies oprrating in the Oct. 18 1923.
United States, which will convene at Atlantic City Oct. 15
for a study of policies and procedure in the development
THE CURB MARKET.
and promulgation of industrial banking in this country.
For the first few days of the week business in the Curb
Harry E. Pollard, for the past five years an Assistant Market showed decided improvement, trading was active
Vice-President of the National City Bank of this city, has and prices moved to higher levels. After Wednesday, howbeen elected manager of the Federal Intermediate Credit ever, profit-taking and a lessened demand caused reactions
and the market lapsed into dullness, with prices moving irBank of Springfield, Mass.
regularly over a narrow range. Oil shares again featured the
On Oct. 1 the proposed amalgamation of the Ninth market. Prairie Oil & Gas was conspicuous for an advance
National Bank and the Ninth Title & Trust Co. of Phila- from 157 to 174, the close to-day being at 1703-f. Prairie
delphia under the title of the Ninth Bank & Trust Co. was Pipe Line gained over a point to 993 but reacted finally to
consummated. All the former officers and directors of the 98%. Humble Oil & Ref. sold up from 29 to 31%. Illinois
consolidated institutions are now officers and directors of Pipe Line rose from 153 to 1563/i and sold finally at 156.
the new bank. The officers are: Ira W. Barnes, President; Magnolia Petroleum sold up from 128 to 134. Ohio Oil ad4to 563%. Standard Oil (Indiana)improved
John G. Sonneborn and J. Wilson Steinmetz, Vice-Presi- vanced from 523
5 to 573 and reacted finally
dents; Robert J. Barnett, Secretary and Treasurer; Charles from 53%
to 563
%. Standard Oil
B. Conn, Assistant Secretary and Assistant Treasurer; (Kansas) gained almost four points to 42% but sold finally
4. Standard Oil (Kentucky) moved up from 89% to
Abram S. Ashworth and J. Williar Sheetz, Assistant Treas- at 403
5 and ends the week
urers; Harry A. Mankin, Trust Officer, and Guy C. Bell, 93%
at 93. Standard Oil of New York
Title Officer. The Ninth Bank & Trust Co. has a combined after early fractional decline to 40%, rose to 453 and recapital and surplus of over $2,400,000 and total resources in acted to 42%. Gulf Oil of Pa. advanced from 503 to 623j
excess of $16,000,000. It is a member of the Federal Re- and closed to-day at 52. Salt Creek Producers was up from
serve System and the Philadelphia Clearing House Associ- 175% to 19% and finished to-day at 183.. There was a
broader list of industrials traded in but price movements as
ation.
a rule were within narrow limits. Durant Motors improved
.
,
According to the Philadelphia "Ledger" of Sept. 12, the from 29 to 305% and sold finally at 30. Durant Motors of
directors of the Integrity Trust Co. of that city at a recent Indiana gained over a point to 85%. Gillette Safety Razor
meeting increased the semi-annual dividend payment on ran up from 2555% to 268 and reacted finally to 26.5. Glen
the stock of the institution from 12% to 15%,thereby placing Alden Coal was off from 725
% to 71% but recovered to 73.
the stook on an annual dividend basis of 30% instead of National Supply Co. sold up from 56% to 60. Bonds were
24%, as heretofore. The sum of $375,000, it was said, was dull.
added to the surplus account of the bank.
A complete record of Curb Market transactions for the
week will be found on page 1548.
1526
[VOL. 117.
THE CITRONTOLE
appoint within ten days an executive committee comprising 15 prominent
THE WEEK ON THE NEW YORK STOCK EXCHANGE. persons in the mining world. This committee is to report back to an
adjournment of the Reno conference within two months.
The railroad stocks have again been the feature in the
Reuter reports that the Department of Mines of Toronto has received
The
week.
past
the
Exchange
a block of silver ore weighing over two tons, and containing over 20,000
speculation on the Stock
ounces
of silver. from the Keeley mines In northern Ontario. It is further
renewed interest in this group dates from the announcement stated that
this is the largest individual block of silver ore of such richness
has
which
0.,
&
B.
the
by
dividends
of the resumption of
ever mined in northern Ontario. It is intended to place it as a Government
be
might
stocks
exhibit in the Parliament Buildings.
encouraged the idea that other railroad
INDIAN CURRENCY RETURNS.
favored in the same way. During the forepart of the session
Aug. 31. Sept. 7. Sept. 15.
(In Lacs of Rupees)on Saturday the market declined under a sharp attack Notes in circulation
17738
17653
17630
of
number
9553
9473
9447
Silver coin and bullion in India
against the motor and allied shares, forcing a
coin and bullion out of India
the group close to the, low levels of the year. In the last Silver
---2432
---2432
2432
Gold coin and bujlion in India
hour the market rallied and the session closed with com- Gold coin and bullion out of India
----Prices
quotations.
opening
the
5761
5751
from
5751
(Indian
Government)
change
Securities
little
paratively
--__
---(British Government)
were weak as the market opened on Monday, but strength- Securities
The coinage during the week ending 15th inst. amounted to four lam
ened somewhat during the first hour. Toward noon fur- of rupees.
The stock in Shanghai on the 15th inst. consisted of about 27,200.000
ther selling developed and new lows were registered as the
in sycee, 35,000,000 dollars. and 170 silver bars, as compared
day closed. The outstanding feature of the market on ounces
with about 27,800,000 ounces in sycoe, 36,500,000 dollars, and 1,600
the
toward
directed
interest
increasing
the
was
Tuesday
sliver bars on the 8th inst.
Bar Gold per
-Bar Silver per Oz. Std.railroad issues. Baltimore & Ohio made a new high, going
Oz. Fine.
2 Mos.
Cash.
Quotationspreferred
90s. 8d.
31 7-16d.
Wabash
11-16d.
31
35.
13
crossed
Sept.
RR.
Southern
and
57%
over
90s .I0d.
31 7-16d.
31Kri.
14
Sept.
31%cl.
31 11-16d.
15
Class "A" also shared in the day's activities, going up a Sept.
90s. 9d.
31 9-16d.
3134d.
Sept. 17
90s. lid.
point or more over Monday's close. The "Big Four" was Sept. 18
31 13-16d.•
90s. 10d.
314d.
was
31 15-16d.
tone
Sept. 19
strong
A
swing.
upward
the
in
conspicuous
also
90s. 9.2d
31.447d.
31.791d.
Average
maintained in the oil group, but it lacked the activity that
The silver quotations to-day for cash and forward delivery are respectively
was so noticeable last week. A sharp reversal in the specu- %d. and ;id. above those fixed a week ago.
lative leaders and a moderate advance in the general list
were the main features of Wednesday's market. The reENGLISH FINANCIAL MARKETS-PER CABLE.
covery was maintained throughout the session. Many of
The daily closing quotations for securities, &c., at London,
the more active issues, particularly the railroad group, as reported by cable, have been as follows the past week:
closed the day with advances from 1 to 3 points. In the
Sept 29. Oct I. Oct. 2. 00. 3. 00.4. 00.6.
London,
Fri.
Sat.
Tues.
Wed. Thurs.
Men,
Week ending Oct. 5course of the day's trading Baltimore & Ohio went over 59'Silver,
31 15-16 31 15-16 31%
31 15-1632 1-16 3214
d
per oz
90s. 7d. 90s. 8d. 90s. (Id. 00s. 7d. 90s. 7d. One. 4d
per fine ounce
and New York Central closed at 101. Reading also went Cold,
5814
5814
3%
5,
54%
58%
Consols, 2% per vents......
102%
102%
102%
102%
up over three points and "Big Four" added five points BOWL 5 per rents
10234
98%
08
98
97%
....
.
cents
0734
per
British.
4%
in
the
apparent
were
prices
to its recent gain. Irregular
56
86.50
58.25
56.95
56.75
French Rentes (in Paris), ...
75
75.50
74.90
74.90
74.90
morning session on Thursday. In the opening hour the Frenth War Loan(InParis)
The price of silver in New York on the same day has been:
upward swing was moderately maintained and new high
Silver In N. Y., per oz.(cts.):
64
6434
6334
levels were reached by such representative issues as American
64%
6434
6434
Foreign
in
shared
New
York
Central
Steel.
States
United
Can and
the upward movement and touched 102. Reading also
COURSE OF BANK CLEARINGS.
participated in the general advance and closed above 78.
the present week show an increase comclearings
Bank
morning,
on
Friday
brief
period
a
for
steady
Prices were fairly
ago, but the ratio of gain is small. Preyear
a
with
pared
but several wea'c spots developed during the forenoon and
by us, based upon telegraphic
compiled
figures
liminary
a
hour
carried
last
rally
the
In
sluggish.
became
the list
cities
of the country, indicate that
chief
the
from
advices
lows
day.
for
the
the
above
prices from one to two points
for the week ending to-day (Saturday, Oct. 6) aggregate
bank clearings for all the cities in the United States from
THE ENGLISH GOLD AND SILVER MARKETS.
which it is possible to obtain weekly returns will show an
We reprint the following from the weekly circular of increase of 2.3% as compared with the corresponding week
Samuel Montagu & Co. of London, written under date of last year. The total stands at $8,406,286,652, against
Sept. 19 1923.
$8,218,143,249 for the same week in 1922. At this centre
GOLD.
The Bank of England gold reserve against its note issue on the 12th there is a gain of 1.1%. Our comparative summary for the
Inst. was 5125.823.675, as compared with £125,822,015 on the previous week is as follows:
Wednesday.
The purchase of gold on behalf of the Indian Bazaars have been on a
small scale, so that the United States of America will receive quite a good
proportion of the supplies in the market this week.
Gold valued at $3.500.000 has been received in New York from London.
The following were the United Kingdom imports and exports of gold
during the month of August last:
Erports.
Imports.
£24,611
£196,150
Netherlands
4,235
Belgium
495
62.427
West Africa
2,396,623
7,125
'United States of America
2.560
Central America and West Indies
243
Various South American countries
220,747
Rhodesia
3,868.280
Transvaal
1,062,793
British India
796
Straits Settlements
99.331
6.713
Other countries
£3,760,423
1.4,192.706
According to the Ontario Department of Mines, the statistical returns
received from producers of gold In the Province for the six months ended
June 20 last show 348.446 ounces of gold and 65,444 ounces of silver of a
total value of 87,241.081. sh.pped by the Porcupine producers in the first
of
half of 1923. and from the Kirkland Lake producers 69,691 ounces
gold and 6.515 ounces of sliver of a total value of 51.402,873-making
a total value from the two camps of $8,646,954. For the corresponding
period of 1922, the output was 476,338 ounces of gold. and 76.405 ounces
is said to be due to an acute
of silver, worth $9.899.193. The decrease
shortage of hydro-electric power during the first four months.
The Surinam gold production for the first half of the current year totaled
195.755 kilograms, against 170.995 kilograms for the corresponding period
of last year.
SILVER.
has
The silver market has remained steady during the week. China
were readily absorbed by the Indian
offerings
again boon a seller, but
of
silver
buyers
for
China
As
active
shipment.
been
Bazaars, who have
delivery, cash silver has commanded a subsales are mostly for forward
between the two quotations yesterday
stantial premium and the difference
price to-day-31 15-16d.---is the highest
widened to 7-I6d. The spot
to yesterday, this was also the
prior
and,
touched since June 19 last,
was as much as 7 16d.
last occasion the premium on cash
Advice has boon received that a silver export association was organized
& Silver Commission, held at
at a special conference of the U. S. Gold
the association is to
Reno. Nev. It is understood that the President of
1923.
1922.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St Louis
San Francisco
Les Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
33,956.000.000
528,460.016
429.000.000
313.000.000
117,558,265
a
169,400,000
123.284,000
137,133.408
107.632.446
98.397.891
87,158.938
58,268.393
23,911,512,106
541,335,010
409,000,000
327,000,000
124.130,076
a
136,400,000
91.889,000
•170.000,000
100,102,119
83.734.947
88,146,852
52,812,018
+1.1
-2.4
+4.9
-4.3
-5.3
a
+24.2
+34.1
-19.3
+7.5
+17.5
-1.1
+6.5
Twelve cities. 5 days
Other cities, 5 days
$6,123,273,357
881,965.520
26,036,063,028
812,380,680
+1.4
+8.9
Total all cities,5 days
All cities, 1 day
27.005.238.877
1,401.047.775
84.848,452,708
1,369.690,541
+2.3
+2.3
$8,406,286,652
$8,218,143,249
4-2.3
Clearinos-Returns tat Telegraph.
Week ending Oct. 6.
Total all cities for week
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 ending Sept. 29. For
that week there is a decrease of 1%, the 1923 aggregate of
the clearings being $7,142,713,293 and the 1922 aggregate
$7,218,039,193. Outside of this city, however, there is an
increase of 9.2%, the bank exchanges at this centre having
fallen off 9%. 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 improvement of 6.5%, and in the Philadelphia
OCT. 6 1923.]
THE CHRONICLE
Reserve District of 3.7%, while the New York Reserve
District (because of the loss at this centre) has a decrease
of 8.7%. In the Richmond Reserve District there is a
gain of 5.6%, in the Atlanta Reserve District of 16.2% and
in the Chicago Reserve District of 18.3%. The Cleveland
Reserve District shows a loss of 3.3%, and the St. Louis
Reserve District of 7.3%. In the Minneapolis Reserve
District the totals are larger by 1.7%, in the Kansas City
Reserve District by 0.3% and in the Dallas Reserve District
by 2%. The San Francisco Reserve District enjoys a gain
of 21.8%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week ending Sep .29 1923.
1923.
1922.
1923.
No. Shares
Month of January
February
March
Total Met quarter
Month of April
May
June
Total second quartet
Sep ember
1923.
Fedi Reserve D1sts.
I •
let Boston..13 cIties 1,570,815,665
2nd New Y rk12
15,385,801,877
3rd Philadel 14
2,034,831,650
4th Cleverd 16
1,522,758,91
5th RIchm'd 10
720,955,
6th Atlanta 16
723,617,175
7th Chleago .27
3,378,131,75
8th St. Louis 9
287,213,1
9th MInnean 13
517,663,831
10th Kan .City 15
1,030,184,054
Ilth Dallas __12
529,584,802
12th San Fran 231
1,928,130,629
1922.
Nine ilonths.
',mar
Dec.
1923.
1922.
Inc.or
Dec.
07
No. Shares. Pa Values.
19.914.827 31.771.578.000 16.472.377
000
22.979.489 2,082.280.000 16.175.095 51.494.639,
1.413.196.925
25.964.666 2.360.008.000 22.820,173 2,013,907.820
68,858,982 $8.213.868.090 55.467.645 $4.921,743.745
63.001.913 $6.043.442.000 83.636.264 57.205.107.200
12.551.851 81.196.700.000 15.118.053 81.262.256.143
13,144,641 1,229,000.000 17,862,553 1.443.288.500
14,643,289 1,457,668.000 21,712.046 1.908.875.700
The following compilation covers the clearings by months
since Jan. 1 in 1923 and 1922:
m0YTH LY CLEARINGS.
Clearings, Total 511.
Month.
1923.
(1st)
We also add comparative figures for September and the
niae months:
1922.
Par Values,
211.091.986 $I.1434,142.000 30.634,353 52.733.531.850
23.155,730 2.205.641.500 28.921.124 2,532.995.600
19.754.197 1.903.658.500 24.080.757 1.938,879.950
Month of July
August
September
Inc or
Dec.
1921.
1920.
Federal Reserve Districts.
JUSLOI1
11 lties 381,371,511 341,242,541 +6.5 293,917,417 .411,362,164
(2nd) New York
10 - 3,752,327,2294,104,121,009 -8.7 4,059,304,552 5,113,088,647
(3rd) Philadelphia__ _ _10 ••
481,583,441 464,436,030 +3.7 400,034,363 530,727,237
(4th) Cleveland
368,705,148 379 320,396 -3.3 305,498,174 428,705,208
9
(5th) RPhmond
8
171,168,721 164,931,868 +5.6 131,383,211 185,875,910
(6th) Atlanta
12 1,
175,902,569 151,373,700 +16.2 144,009,608 192,551,096
(7th) Chicago
19
867,057,171 732,717,5731 +18.3 667,135,019 881,726,323
(8th) St. Louis
7
61,303.500 64,024,102! -7.3 58,661,186 64,252.729
(9th) Minneapolis_ __.7
125,109,916' 122,998,390' +1.7 118,287,753 157,386,996
(10th) Kansas City___ _10
232,065,8811 231,362,8641 +0.3 236,770,014 353,341,474
(11th) Dallai
5
71,081,901 65,943,507 +6.2 58,150,398 70.842,257
(12th) San Francisco___18
472,101,993 387,548,216 +21.8 339,608,331 409,068,884
Grand total
122 cities 7,142,713,291 7,218,039,1931 -1.0 6,813.060,029 8,798,931,955
Outside New York City
3,458,181,181 3,167,583,142 +9.2 2,801,528,359 3,757,558,956
Canada
213
305,265,820 307,375,965 -0.7 312,791.831 382,111,681
1527
Clearings Outside Nog York.
1922.
1923.
$
Jan... 36.285.247.515 29.931.564.280
Feb... 30.408.8110.129 26.521.051,3015
March 36.159,954,710 32,111.576.705
let nu_ 102854.052.354 88.564.192,353
April_ 33.737.329.935 31.520,827.020
May.. 35.541.869.726 32,793,624,900
June__ 34,792.240.606 34.117,477.449
2d qu. 104072240267 98,431.929.369
1922.
+21.2 16.506.887,916 12.635.500.446 +30.8
+14.7 13.624.881.685 1,1440,595.385 +21.9
+12.6 16.391.674.714 13.302.003,753 +22.4
4-16.1 46.523,444.31537,208.102.1184 +25.0
+7.0 15.727.258.984 12.761.818.664 +23.2
+8.4 16.330.114.584 13.578,812.046 +20.3
+2.0 16.116,762.956 14.006,580.699 +15.1
+5.7 48.174.934,524 40.347.175.409 +19.4
6 mos. 206026302021 186000 121/722 +10 794.505.378
.83977.32.3.277.994 +22.1
July __ 32,062.972.81: 31.807,852,558 +0.8
15.417,483,331 13.470,409.395 +14.5
Aug
29,372,702.640 30,355,605.765 -3.2 14.594.5115.212
13.417.293.828 +8.8
Sept..
29.648.123.041i31.242.842.555 -5.114.577.259.670 13.958.072.011 +4.4
I
3d gu. 91,083,798,493,93,406,300,878 -2.5
44.589,308,213 40,845,775.234 +9.2
IP 0906- 298010,101,1141280402,422.600
+6.3 139287,687,052118401,053.228 +17.6
The course of-bank-clearinis-ii-- leading cities of the
country for the month of Se,)tember and since Jan. 1 in
of the last four years is shown in the subjoined statemeneach
t:
BANK CLEARINGS AT LEADING CITIES.
-Month of September
Jan. 100 Sept. 29-(000.000s
1923. 1922. 1921. 1920. 1923.
1922. 1921. 1920.
(muted.)
$8$$
$
$
$
$
New York
15.071 17.285 15.079 18.602 158.722 162.001
182.059
Chicago
2,304 2,309 2,073 2.723 23.348 20,484 143,006
19.357
Boston
1 379 1,305 1.083 1,444 14,296 11.679 10,376 24.828
Philadelphia
1,855 1.902 1,646 2,053 18,344 16,188 15,118 14.281
18,821
St. Louis
a
a
a
a
a
a
a
a
Pittsburgh
635
581
640
776
5,141
4.829 5,567 8.503
San Francisco
652
640
552
712 5,935 5.292 4.865 6.078
Cincinnati
262
251
223
305 2,508 2,181
2,093 2,715
Baltimore
380
367
274
420 3,597 2.911
2.526 3.847
Kansas City
Total
183 eiti 29,648,121,011 31,242,832,555 -5.1298,010,101,114280,402,122,803
550
582
688
963
5,180 4.977 5.788 9,120
+6.3
Cleveland
Outside N. Y. City...14,577,259,67013,958,072,011 j4.4139.287.887.052 118,401,053,228
444
409
359
582
4,170 3,359 3.612 5,179
+17.6 New Orleans
205
205
198
267
1.910
1.668
1.611
2.535
311
.11,219,875,21111,255,212,51 -11
310
327
407 2.672 2,366 2,455 2,808
2. 11,629,431,0511 11,591,669,517 +0.3 Minneapolis
Louisville
113
108
94
126
1,165
967
889
930
Detroit
519
482
Our usual monthly detailed statement of transactions on Milwaukee
907
562 4,974 3.91.3
3.453 4.669
149 ,128
116
149
1.389
1,140 1.073
1,309
the New York Stock Exchange is appended. The results for Los Artgeke
574
430
337
347 5,108 3,701
3.062 2,904
Providence
44
45
38
47
955
407
381
520
the ni le months of 1923 and 1922 are given below:
Omaha
158
173
176
245 1,604
1.452 1.474 2.474
Buffalo
182
160
139
189
1.738
1.442
1,344 1.721
St. Paul
110
139
133
190
1,318
1,164 1,235 1.355
Month of September.
Indlanapolls
Nine Months.
83
74
65
Deicripflim.
77
7148
634
567
724
Denver
135
85
80
177
1,163
1,024
895
1923.
1.433
1922.
Richmond
1923.
1922.
201
205
158
230
1,860 1,616 1.493 2,321
Memphis
69
80
Stockf No of shares
70
71
760
624
535
14,613.2891
926
21.712,016
172.200,676
190.824.771 Seattle
162
142
IPar value.. $1,457,668.000 21,908.875,700 $16.140.568
132
176
1,429
1.218
1,109
1.605
.000 $16,760.714.059 Hartford
42
41 •
RR & misc. 1311nds.
38
46
420
360
83.445.500
340
397
158.522.000 1,157,932.700 1.577. 0 850 Salt Lake City__
63
31. 8. Gov't bonds.
55
53
69
551
460
45.733,800
471
647
88.418,465
574.511,475 1.283.719.7315
State.forn.&03.,bds
28,790.000
58.561.500
Total
311,651.400
471 051.000
28.695 28,496 25.178 31.958 271.635 255,063 234.993 302,293
Other cities
2,953 2,747 2.142 4.178 26,375 22.339 18,946 37.721
Total par value. 31,615,637,300 32.214.377.685
818.214,793.575 820.095,225,705
Total all
29,648
27,320 36.138 298,010 280.4112 253.939 340.014
volume
The
of transactions in share properties on the New Outside New York 14,577 31,243
13,958 12,241 17,534 139,188 118,401 110,933 157,9511
a Will not report clearings.
York Stock Exchange each month since
1,191,860,554 +5.3 16,213,805,81 13,368,957,71 +21.3
7,551,219,397 -12.5161,583,534,944 164,423,560,
-1.7
2,053,141,907 -1.4 20,118,347,385 17,606,875,101 +14.3
1,418,250.75 +7.4 14,635,568,017 11,877,681,31 +23.3
715,121,561 +0.8 6,973,273,666 5,85,0383,6641+19.6
703,614,160 +3.3 6,912,138,127 5,672,244,44 +21.9
3,251,157,293 +3.9 33,195,610,189 28055,221,5831 +16.7
271,249,580 -1.8 2,716,273,601 2,218,192,805 +22.5
511,561,392 +1.1 4,746,273,189 4,198,418,591 +13.0
1,081,939,013 -2.0 10,135,091,099 9,503,351,931 +6.6
458,731,258 +15.5 3,619,281,9111 3,102,636,575 +16.6
1,695,659,503 +13.6 17,150,519,849 14,144,021,403 +21.3
1922 is indicated in the following:
Jan. 1 in 1923 and
We now add our detailed statement, showing the figures
for each city separately, for the four years:
CLEARINGS FOR SEPTEMBER,SINCE JAN. 1,
Month of September.
Clearings at
1923.
1922.
AND FOR THE WEEK ENDING SEPT. 29.
Nine Months.
Inc.or
Dec.
1923.
Week ending September 29.
Inc.or
Dec.
1922.
1923.
1922.
$
$
First Federal Rose rve District-BostonMalne-Bangor
3,077,781
3.127,371 -1.6
29,205,767
29.073,294 +0.5
Portland
13,188.306
620 951
13,581,243 -2.9
691 377
122,294,918
118,146.576 +3.5
Mass -Boston
1,379.000.000 1,305,000,000 +5.7 14,295,000,
3 686 768
3 433 623
000 11,679,000.000 +22.4
Fall River
10,975.698
321 000 000 302 000 000
7,209,193 +52.2
89,311,113
87.594.195
Holyoke
+32.1
3,602.395
2 204 945
3,385.538 +6.4
1 825 103
34,825,706
31,095.321 +18.4
Lowell
5,221,841
a
4,620.903 +13.0
a
51,355,095
42,378,315 +21.2
Lynn
a
1 211 321
a
1 180 939
a
a
a
New Bedford
a
1
5,418.421
6.049.741 -10.4
a
a
55,110.660
55,422,933 +1.2
Springfield
18,028,842
1 291 698
18.077,346 -0.3
1 176 319
193,173,013
164,801,923 +17.2
Worcester
13,472,000
4,614.288
14,017.030 -1.2
4 217 528
137,739,619
134,273.971
Conn.-Hartford
+2.61
42.083.161
3,032,000
40.719.818 +3.3
207 000
3
420,355,906
360.012.391 +16.8
New Haven
25,924,120
9.026.524
23.915.471 +8.3
7 883 433
255,393,474
216,341.893 +18.11
Waterbury
6,688,800
5 715 018
6.783.600 -1.4
5
191 619
70.892,486
63,629.100 +11.4'
R. I.-Providence
44,154.300
45.293.300 -2.5
455.134.000
407,188.800 +11.8
10 915 000 .10 432 600
Total(13 cities).
1,570,815.665 1,491,860.554 +5.3 16,213.805,817
13,388.957,717 +21.3 383,371,511 341,242,511
Second Federal Re serve District-New York
New York-Albany
20.405,882
17,957,816 +13.8
201.063,585
176,142,624 +14.1
Binghamton
4,058.300
4,779,280
4.183.466 -3.0
3,589.61)8
43,450.400
39.038,862 +11.3
Buffalo
182.848,021
160,841,682 +13.7 1,738.244,597
877.900
838.934
1.441,516.1
86 +20.6 d43,411,159
Elmira
2,891,760
2.330,246 +24.1
37,371,729
28,252,161
21,031.919
Jamestown
+34.1
4,542.755. . • -4.3
684,170
516.118
45.161,200
40,771,597 +10.8
New York
15.070.8(13.371 17,284,770,511 -12.8 158,722,414.042
c989.145
1,103,743
182,001,349,372 -2.0 3.884,529,1
Niagara Fa1111
3,918,377
4,836.216 -18.4
12 4,050,456.051
37.853.607
38,572.660 -1.9,
Rochester
40.232,919
39,374.420 +2.2
412,030.500
357.840.774 +15.21
Syracuse
18,371,848
8.802.715
16,480.434 +11.5
8,363.645
180,519,292
Conn.-Stamford
157.772.842 +14.4;
11,661,729
4.888,147
9,917.831 +17.6
3.721,345
118.833.545
N. J.-Montclair__
95.515.630 +22.11
1,679,384
c3,047,811
1,693,777
2.400.522
-0.9
. .
Newark
66,450.161 Not included In total
517,787
454,315
643 792.6 8 NOt included in total
Oranges
4,300.531
4.114,423 +4.5
39,733.535
37,962,855 +4.71
Total(12 cities)
15,355,804.877 17,551.249,397 -12.6161,5
83,534,944 184,123,560.460 -1.7 3,752,327,2
26 4,109.121,008
1
Inc.or
Dec
1921.
1920.
S'
-10.0
+7.4
+6.3
+20.8
1.2.6
a
+10.1
+9.4
-3.9
+14.5
+101
508 471
3 000 000
255 827 904
1 718 520
a
1 002 131
a
1 139 273
3 485 70
3 140 000
9 115 83.
4 662 92
1 058 091
4 070 000
357 577 463
1 889 859
a
1 033 900
a
1 824 001
5 586 849
4 882 349
14 137 040
6 225 912
+4.6
10 313 700
13 277 100
+6.5
293,917,417
411,362,104
+22.9
3,004.500
4,643.372
+4.6
744,018
1,256.900
+16.2
31,0•10.802
42.285.456
+32.6
_
-10.8
927.172
1.057,956
-9.0 4,008,531.670 5,041.372.999
+5.3
+28.0
4- 27.0
+14.0
8.382.197
3,717.141
2,461.352
475.000
12.797,775
5.507.950
2.629.517
525.722
-8.7 4,059,304,552 5,113,038.647
[Vol,. 117.
THE CHRONIC_ILE
1528
CLEARINGS-Continued.
1923.
1922.
Week ending Sep ember 29.
Nine Months.
Month of September.
Clearings al-
Inc. or
Dec.
1923.
1922.
Inc.or
Dec.
$
$
%
$
%
$
Third Federal Res erve District -Philadelph is39.485.512
58.129,099
4,918,433 +25.3
6,163,322
Pa.-Altoona
112,982,432
169,069,280
11,850,456 +53.6
18,205,917
Bethlehem
39,010,839
50,968.809
+14.8
*5,000,000
5,740,549
Chester
148,905,332
163,3521.91
17,160,559 +4.5
17,989,699
Harrisburg
106,275,359
125,820,992
11,244,563 +6.6
11.981,797
Lancaster
19,334.713
22,105,585
1,991,614 +22.'
2,447,000
Lebanon
27,912,748
34,858,053
3,339,993 -36.6
2,118.777
Norristown
0 16,186,390,000
18,344,322,00
-2.5
1,902.361,000
1,855,114,000
Philadelphia
103,655,332
130,824,735
12,001,269 +7.2
12,866,890
Reading
168,524,382
225,499,159
17,828,664 +21.1
21,581,734
Scranton
105,761,913
126,684,309
+7.5
11,379,861
12.269,644
Wilkes-Barre
50,031,223
59,976.639
5,664,132 +5.9
5.998,529
York
399,278,574
429,583,212
40,180,778 +9.9
44,173,034
N.J.-Camden
149,326,742
179,153,318
-0.2
18,221,585
18,180,758
Trenton
a
a
a
a
a
Del.-Wilmington_ _ Total(14 cities)._
2,034,831,650 2,063,142,907
Fourth Federal Re serve District -Cleveland
28,058,000
31,884,000
Ohio-Akron
19,346,634
19,394,809
Canton
254,255,791
261,788,219
Cincinnati '
409,282,900
443,602,216
Cleveland
61,056,700
59,697,200
Columbus
a
a
Dayton
2,428,097
3,806,473
Hamilton
3,644,919
*4,000,000
Lima
1.559,482
1,807,475
Lorain
7,205,657
8,156,613
Mansfield
a
a
Springfield
a
a
Toledo
18,277.724
20,349,261
Youngstown
2,800,664
3,491,218
Pa.-Beaver Count1_
a
a
Erie
1,425,884
1,351,227
Franklin
6.598,163
6,230,283
Greensburg
581,093,780
634.866.837
Pittsburgh
5,095,051
5,582,552
Ky.-Lexington
16,171.313
IV. Va.-Wheeling
16.750.532
Total(16 cities)._
1,522,758,915 1,418,250,759
Fifth Federal Rese rve District- Richmond6,857,167
3,225,493
VV. Va.-Huntington_
a
a
Va.-Newport News_
27.749,976
31,581.179
Norfolk
205,338,018
203,752,600
Richmond
a
a
lo. Caro.-Asheville_
7,702,024
8,634,133
Raleigh
a
a
Wilmington
7,429,054
9,397.756
10. Caro.-Charleston
10,002,843
10,333.901
Columbia
367,095,005
360,232,754
t4aryland-Baltim
1,733,057
1.661.778
Frederick
2,504,937
3,072,100
Hagerstown
79.009,480
84,064.271
3. C.-Washington- Total(10 cities). __ _
720,955,965
715,421,561
+42.2
+49.6
+30.7
+9.7
+18.4
+14.3
+24.9
+13.3
+26.2
+33.8
+19.8
+19.9
+23.0
+20.0
a
-1.4 20,118,347,385 17,606,875,101 +14.3
+13.6. 270,172,000
192,895,627
+0.2
+3.0 2,597,852,558
+8.4 4,169,872.055
599,981,300
-2.2
a
a
32,751,079
+56.8
28,050,028
+9.7
14,607,986
+15.9
71,891,356
+13.2
a
a
a
a
167,078,021
+11.3
30,738,141
+24.7
a
a
13,203,211
-5.2
60,790.999
-5.6
+9.3 6,141,203,984
82,204,685
+9.6
172,265,007
+3.6
231,334,000
139,673.882
2,180,869,996
3,368,929,807
539,498,400
a
26,668.435
30,039,555
12.006,869
51.227,030
a
a
139,562,752
24,210,978
a
12,670.354
52,300.902
4,829,459,199
64,504,871
174,727.318
+16.8
+38.1
+19.1
+23.8
+11.2
a
+22.8
-6.6
+21.7
+40.3
a
a
+19.7
+27.0
a
+4.2
+16.2
+27.2
+27.4
-1.4
+7.4 14,645,588,037 11,877.684,348 +23.3
+34.3
•
+8.0
+15.1
a
+37.7
a
+2.7
+50.2
+23.5
+5.6
+25.4
+14.2
+20.0
a
+13.8
-0.8
a
+12.1
a
+26.5
+3.3
-1.9
-4.1
+22.6
+6.4
79,816,549
a
284,604,702
1,860,038,953
a
84,931,106
a
91,621,284
112,788,340
3.598,777,765
15,696,270
30,471,930
816,526,767
59,424,096
a
263,582,122
1,615,677,099
a
61,690,665
a
89,249.308
75,062,594
2,911,308,680
14,862,456
24,300,407
714,927,237
+0.8
6,973,273,666
5,830,089,664 +19.6
•
Sixth Federal Rese rye District- Atlanta196,180,704 +24.8
244,863,085
22,519,871 +13.8
25,631,559
renn.-Chattanooga _
105,288,714 +11.2
117,123,065
11,990,270 +7.4
12,872,440
Knoxville
646,922,858 +13.0
731,348,736
75,331,358 +4.5
78,706,698
Nashville
+30.4
1,509,229,144
1,968,203,316
+4.5
196,654,986
_
_
nta
205,509,168
1eorgia-Atia
63,940,197 +17.9
75,404,525
8,217,395 +27.6
10,486,689
Augusta
27,060,043 +23.0
33,293,372
3,751,737 +17.5
4,408,545
Columbus
45,438,256 +23.6
53,151,868
6,236,293 -0.0
6,235,391
Macon
a
a
a
a
a
a
Savannah
+28.0
377,746,957
483,601,254
+16.9
43,561,431
37,263,188
ille
i1a.-Jack8onv
+34.6
87,107,649
117,214,636
7,513,592 +25.0
9,394,866
Tampa
754,379,777 +25.9
950,047,567
102,291,957 -5.0
97,185,660
tla.-Birm1ngham
66,112,042 +13.1
74,756,145
7,694,193 -1.9
7,547.409
Mobile
49,619,609 +24.5
61,794.184
7,053,990 +6.2
7,492,259
Montgomery
31,756,777 +21.5
38,597,412
+3.3
4,316078
4,457,739
ackson_
dississippi-J
31,472,034 +15.8
36,443.805
3,878,839 -17.6
3,197,634
Meridian
11,896.806 +11.4
13,250,360
+15.4
1,311,129
1,512,685
Vicksburg
in total
included
Not
62,886,570
In
total
6,855,438 Not Incl.
Hattiesburg
204,619,484 +0.4 1,910,344,797 1,668,092,878 +14.5
205.427,302
,e.-New Orleans.-700,644,360 +3.3 6,912,438,127 5,672,294.445 +21.9
723,617,475
Total(16 cities). _..
Eighth Federal Re serve District-St. Louis-17,887.274
20,281.278
'diens-Evansville_
496,065
537,186
New Albany
a
a
Itfissouri-St. Louis
a
a
Springfield
108,340,970
112,763,359
entuckY-Louisville
1,390,922
1,435.473
Owensboro
8,833,733
*9,500,000
Paducah
80,325.397
69,195,106
enn.-Memphis
48,132.218
46,333.432
ricansas-LittleRock
1,409,859
1,600,958
linols-Jacksonville_
5,432,622
5.576,613
Quincy
272,249,560
267,243,405
Total(9 cities)
1922
Inc. or
Dec.
1921.
$
$
%
II
1920.
8
1,614,439
5,605,333
1,556,668
1,213,135 +33.1
3,140.083 +78.5
909,038 +71.2
1,050.000
3,325,618
963,501
1,200,695
4,874,261
1,644,360
2,917,463
2,663,709
+9.5
2,439,133
3,239,852
942,000,000 +2.5
2,748,472 +8.9
4,279,954 +26.5
2.515,860 +26.8
1.382,313 +0.3
378,000,000
2,427,088
4,643,851
2,873,157
1,382,571
503,443,483
3,044,997
5,109,526
2,602,336
1,715,044
453.000,000
2,993,184
5,415,672
d3,191,091
1,386,937
3.902,654
a
3,583,466
a
+8.9
a
2,929,444
a
3,852.183
a ,
981,583,441
464,436,030
+3.7
400,034,363
530,727,237
6,518,000 +12.0
3,989.041 +6.6
60,072,799 +5.7
87,598,933 +15.7
12,912,200 -10.6
a
a
6,227.000
2,465,301
48,473,682
74,160,203
10,776.300
a
8.724.000
4,329,980
69,967,499
130,566,476
14,326,400
a
d7,299,000
4,253,432
d63,518,000
101,385.778
11,549.300 •
a
a
d2,028,235
a
a
c4,382,626
a
a
a
1,392,182 +45.7
a
a
a
a
3,044,243 +44.0
a
a
a
a
_
1,770.418
a
a
4,371,503
1,053,388
a
a
2,222,682
a
a
189,040,323
168,646,686 *200,000,000 -15.7 *156,000,000
3,643,091
3,792,998
-4.0
4,089,518
5,611,609
366.706,148
379,320,396
-3.3
305,498,174
428,708,208
1,839,352
1,602,408 +14.8
1,486,263
1,831,499
d7.353,998
52,225,000
6,662,694 +10.4
47,959,638 +8.9
5,812,720
38,541,327
9,144.960
53,744,695
d2,492,313
90,210,252
1,717,684 +45.1
2,211,674
4,000,000
+1.0
67,087,783
101,157,796
89,334,856
17,654,586 +13.6
16,243,444
15.996.994
174,168,723
164,931,866
+5.6
131,383,211
185.875,940
d5,851,252
2,656.850
d18,830.000
53,666,661
2,936,523
5,315,010
2,319,103
17,800,927
47,752,023
1,899,698
+10.1
+14.6
+5.8
+12.4
+64.6
4,275,382
2,433,968
15.180,053
45,475,440
2,646,578
7,022,407
3,017,228
21,000,000
54,670,281
3,250,528
1,375,287 +10.6
a
a
8,323,911 +22.1
*1,500,000
a
7,230,720
*2,200,000-
20,047,808
1,521,670
a
10,167,451
25.100,963
1,690,653
24.967,985
1,839,449
+0.6
-8.1
a
10,270,156
19,368.907 . 18,532,653
2,824,580
1,500,000
624,325.
830.741 +69.4
696,727
-5.1
433,402
346,429
51,737.678
38,595,638 +34.1
43,318,415
68,792,514
175,902,569
151,373,700 +16.2
144,009,608
192,551,096
+4.8
+13.7
+27.1
+34.9
+10.5
+39.6
+34.6
+23.6
+74.0
+24.3
+24.5
+21.8
+21.3
200,830
857.012
130,158,694
168,128 +19.5
710,443 +20.6
105,350,003 +23.5
197,092
634.718
86,935.789
220,818
452,560
115,238,974
6,239,239
5,467,676 +14.1
5,745,892
6,802,600
2,208,938
2,168.575
1,701,842 +29.8
2,412,400 -10.1
2,008,852
1,755,408
2,100,000
1,839,887
18,101,000
2.264,500
33,197,365
16,477,000 +9.9
1,925,023 +17.6
27,646,301 +20.1
15,210.000
4,609,996
20,384,619
16,747,000
1,814,514
32,830,325
+22.8
+4.5
+16.8
+6.5
+10.3
+16.4
+13.8
+24.3
+18.8
+14.0
a
+16.0
+13.4
+22.9
+13.8
2,369,634
1,860,261 +27.3
2,005,986
2,249,983
9,987.416
8,374,324 +19.3
8,052,869
11,270,213
d5,731,000
1,549,028
5,604.054
1,438,572
+2.3
+7.7
5,509,127
1,201,795
8,309,534
2,012,324
1,334,000
640,490,000
a
1,316,223
4,236.458
2,313,498
2,384,031
1,116.517
543,939.908
a
1,072,947
3,685,558
1,752,398
2,014,218
+3.9 33.195,640.989 28,9513,229.583 +16.7
867,087,471
732,717,573 +18.3 667,135,019
881,728,323
4,882,775
3,871,295
5,497,813
Seventh Federal R eserve Metric t-Chicago8,064,857
8,448,697
867.251 +6.1
920,269
lich.-Adrian
26,724,929
30,392,135
3,372,081 -1.3
3,326,806
Ann Arbor
3,912,890,196
4,973,754,352
+13.9
481.699,342
548,506,206
Detroit
60,752,238
81,975,077
7,219,858 +41.1
10,184,000
Flint
235,148,617
259,811,745
25,377,547 +21.9
30.922,375
Grand Rapids
48.874,838
68,208,446
+33.8
5.547.835
7,425.390
Jackson
67,754,791
91,194,336
7,865,668 +75.5
13,805,098
Lansing
73.258,422
90,545,548
+2.4
9,025,585
9.243,670
_
Wayne_
nd.-Fort
84,496,025
197,009,511
10,440,141 +63.2
17.037.000
Gary
633,761,000
788,073,000
74.393.000 +11.5
82,968,000
Indianapolis_
76,986,002
95,858,914
+8.1
9,446,000
10.219,915
South Bend
128,338,539 +15.7 1,388,824,420 1,140,395,296
198,508,610
plc-Milwaukee._ _ _
23,768,279
28,831,555
+13.7
2,713,908
3,085,715
Oshkosh
10,416,294 Not included in total
Madison
79,523,080
97,686,482
9,104,376 +14.2
10,395,174
iiswa-Cedar Rapids390,974,170
408,423,760
45,416,516 -4.9
43,210,540
Davenport
363,547,238
424,684,095
39,292,906 +11.3
43.733,953
Des Moines
22,679,356
24,158,577
2,832,394 -7.0
2,541,453
owa City
19,634,123
21,649,216
2,222,588 -5.0
2.112,386
Mason City
213,779,255
248,778,069
29,603,929 +3.2
25,393.424
Sioux City
50,911.135
57,355,882
+8.6
5,790,475
6,288,937
Waterloo
36,736,796
45,657,687
4,244,814 +16.5
4,943,689
13.-Aurora
50,018,513
59,429,924
5,405,574 +15.6
6,246,216
Bloomington
6
20,484,301,22
1
23.347,759,30
-0.2
2.304,151,044 2,308,703,020
Chicago
a
a
a
a
a
Danville
43,071,585
49,941,298
+20.0
4,858,079
5.829,588
Decatur
150,549,138
170,761,753
16.512,019 +10.1
18,172,435
Peoria
71,335.653
87,675,492
8,142,547 +10.5
8,997,694
Rockford
86,787,825
98,751,217
+16.4
8,823,298
10,267,166
Springfield
Total(27 cities).- 3.378.431,753 3,202,157,290
1923.
1,406,917
335,951
353,928
•
1,763,400
1,186,601
+19.5
+17.8 497,971,765 666,069,165
a
a
a
1,502,380
1,064,483
+22.7
4,910,481
3.500.000
+14.9
2,525,611
1,482,675
+32.0
3,061,554
1,677,352
+17.4
4,372,588 +11.7
+13.4
+12.2
a
a
+4.1
+3.2
+7.5
-13.9
-3.7
+13.6
+2.7
179.236,091
5,976,047
a
a
1,164,931,203
18,302,258
100,195,403
759,786,915
417,260.422
14,184,528
66,400,734
155,340,590 +15.4
4,871,837 +22.7
a
a
a
a
967,261,747 +20.4
16,841,419 +8.7
63,136,680 +58.7
623,522,159 +21.9
325,577,942 +28.2
12,221,804 +16.1
49,918.582 +14.1
20,496,655
337,751
24,639,736 +7.5
209,880 +25.1
21,374,126
201,673
28,800,176
• 366.017
d17,497,000
10,419,750
326,173
1,243,396
22,739,529 -23.1
12,493,545 -16.6
313,824 +3.9
1,193,997 +4.1
21.288,279
10,606,762
300,227
1,018,824
17.459,001
9,903,622
598,239
1,627,861
-1.8
2,716,273,601
2,218,192,805 +22.5
61,203,500
-7.3
58,661,186
64,252,729
a
a
66,023,102
a
a
a
OCT.6 1923.1
1529
THE CHRONICLE
CLEARINGS-(Concluded.)
Monthof September.
Week ending SePiember 29.
Nine Months.
Clearings as1922.
1923.
Inc.or
Dec.
$
$
%
Ninth Federal Re erve District -Minneapoll s42,365,420
37,506,939 +13.0
Minnesota-Duluth_ _
310,204,292 +0.3
311,165,053
Minneapolis
1,791,439
1,601,114 +11.9
Rochester
140,469,415
139,400,668 +0.8
St. Paul
9,030,200
8,743,089 +3.9
North Dakota-Fargo
5,071,000
4,297,000 +18.0
Grand Forks
1,123,160
1,304,121 -13.9
Minot
5,888,059
5,621,093 +4.8
So. Dak.-Aberdeen_
11,513,756
10,476,760 +9.9
Sioux Falls
2,308,373
2,454,302 -5.9
Montana-Billings__
2,958,512
3,878,901 -23.7
Great Falls
12,629,454
14,484,000 -12.8
Helena
*1,300,000
1,591,113 -18.3
Lewistown
1923.
1922.
Inc. or
Dec.
$
$
%
1923.
1922.
Inc. or
Dec.
1921.
3
$
%
$
1920.
$
8,509,314
69.822,918
12,523,330
92,197,082
-3.3. 32,589,675
1,791,004
-3.9
44,135,684
3,270,260
1,143.310 +12.6
1,260,108
2,019,493
-0.5
614,734
1,391,979
3,453,000 -13.6
3,700,000
1,849,168
+1.7
118,287,753
157,386.996
292.810 +9.3
491,775 -16.4
b
b
40,273,641 -11.9
382.640
490,446
b
35,103,273
669,829
842,252
b
53,557,525
2,337,983
10,197.065
2,685.804
15,846,050
-1.7
a
142,895,475
a
211.489,939
a
aa
d19,930,625
23,;80,893 -16.2
a
a
a
991,738
1,044,269 -5.0
d35,883,000
21,235,494 +69.0
e687,900
672,307 +2.3
a
24,017,277
a
800,000
19,921,102
624,753
a
31,227,061
a
1,000,000
35,000,000
1,023,014
236.770,014
353,341,474
8,766,673 +22.6
73,359,229 +2.2
+1.1
4,746,273,189
211,162,421 +27.7
2,365,834,745 +12.9
16,247,280 +3.1
1,163,658,646 +13.3
63,410,486 +11.9
38,686,000 +8.2
10,251,868 +1.4
44,895,439 +7.5
100,980,248 +15.2
22,608.417 -6.3
29,492,227 +2.3
114,780,813 +2.5
11,410,005 -36.7
.---4,198,418,595 +13.0
Tenth Federal Re erve District -Kansas Cit y1,649.235
1,546,594 +6.6
Neb.-Fremont
2,073,241
2,847,752 -27.2
Hastings
16,656,013
17,753,557 -6.2
Lincoln
173,156,367 -8.6
158,338,502
Omaha
21,583,490
20,605,436 +4.7
Kan.-Kansas City_
a
a
a
Lawrence
a
a
a
Pittsburgh
11,937,431 -1.9
11,715,226
Topeka
31,555,816
42,609,555 -25.9
Wichita
6,963,814
5,583,000 +24.7
Mo.-Joplin
582,479,549 -5.5
550,405,017
Kansas City
a
a
a
St. Joseph
a
a
a
Okla.-Lawton
1,375,532
*1,300,000 +5.8
McAlester
a
a
a
Muskogee
98,093,569 -10.0
88,290,180
Oklahoma City_ _
26,308,917
30,193,728 -12.9
Tulsa
4,693,191
4.904,000 -4.3
Colo.-Colorado Spgs
85,421,784 +58.0
134,937,824
Denver
3,476,691
+4.6
3,638,066
Pueblo
16,740,299
20,351,403
163,751,826
1,603,871,345
195,757,633
a
a
127,391,425
362,435,192
55.611,814
5,179,503,011
a
a
13,376,420
a
835,515,747
318,054,798
46,640,757
1,162,589.473
33,500,956
14,376,368
21,750,039
149,337,526
1,452,232,773
164,062,159
a
a
106,719,980
405,656.174
46.887,000
4,977,052,304
a
a
11,952,265
a
774,112,706
285,862.142
39,968,970
1,024,113,478
29,268.017
+16.4
-6.4
+9.7
+10.4
+19.3
a
a
+19.4
-10.7
+18.6
+4.1
a
a
+11.9
a
+7.9
+11.3
+16.7
+13.5
+14.5
-2.0 10,135,092,099
9,503,351,901
+6.6
59,184,264
42,309,312
930,190,342
180,184,747
408,883,879
248,187,692
878,617,319
14,967,105
16,738,884
92,086,806
68,009,532
163,446,696
+14.3
+22.4
+26.1
+5.3
-1.4
+24.0
+15.7
+62.2
+24.7
+13.1
+12.2
+12.8
d14,214,690
15,759,254
a
5,003,978
4,579,987
+9.3
4,313,425
4,127.553
3,102,806.578 +16.6
71,083,901
66,943.507
+6.2
53,450,398
70,842,257
38,714,522
12,278,000
a
1,559,378
31.584,417 +22.6
9,733,000 +26.2
a
a
1,225,100 +27.3
28,009,111
10,037,747
a
1.660,783
41,532,122
12,358,811
a
1,610,217
39,681,556
34,788,512 +14.1
82,235.787
$9,375,415
15,881,012
a
a
12.848.152 +23.6
a
a
a
a
11,773,338
a
a
17,935,609
a
a
4,534,371
8,320.538
147,376,000
5,995,000 -24.4
4,683,665 +77.7
102.878,000 +43.3
4,935.361
2.990,889
79,979,000
6,019,871
3,462,307
80.838.000
15,484,503
4,416,826
14,579,136 +6.2
3,454,592 +27.9
10.077,898
2,674,935
11,249,473
2,625.838
d7,718,003
3,027,215
166,700,000
2,420,558
921,811
7,456.458 +3.5
03.000,000 +0.9
149,600,000 +11.4
2,528,998 -4.3
761,486 +21.1
5,821,857
2,181,069
140,000,000
1.897.361
667,598
8.758.687
2,897,304
171.800,000
2,861,792
863.138
Total(13 cities)___
Total(15 cities)
547,663,841
541,563,392
1,060,184,064 1,081,909,013
Eleventh Federal Reserve Distr ict-Dallas8,922,349
8,880,159
Texas-Austin
•
5,043,633
*4,500,000
Beaumont
145,110,597
178,733.899
Dallas
.
17,963,776
18.192,220
• El Paso
53,568,834
53,767,321
Fort Worth
48,591,733
41,046,437
Galveston
162,632,343
135,821,875
• Houston
1,751,494
2,494,080
Port Arthur
3,046,300
2,999,552
Texarkana
21,022,816
19,036.287
Waco
7,880,498
7,134,732
Wichita Falls
20,331,820
19,946,305
La.--Shreveport_ .
Total(12 cities)--- _
529,684,802
269,679,086
2,672,138,239
16,746,089
1,318,060,393
76,578,005
41,865,300
10,390,462
48,252,104
116,340,492
21,179,294
30,185,574
117,636.175
7,221,976
+0.5
+12.1
+23.2
-1.3
+0.4
+18.4
+19.7
+42.4
+1.6
+10.4
-9.5
+1.9
67,630,865
51,779,280
1,172,687,344
189,769,187
403,075,589
307,632,851
1,016,793,936
24,279,620
20.879,231
104,136,888
76,336,398
184,282,722
458,734,258 +15.5
3,619,283,911
Twelfth Federal t eserve Distric t-San Franc isco3,516,000
*3,000,000 +17.2
Wash t'n-Bellinghacs
162,146,481
141,608,595 +14.5
Seattle
45,608.000 +10.5
50,408,000
k Spokane
a
a
a
Tacoma
5,922,615 +5.4
6,242,460
Yakima
*4,500,000 +5.3
4,736,818
Idaho-Boise_ _
1,147,387 +51.7
1,740,891
Oregon-Eugene _ _ _
142,652,948 +15.0
164,110,032
Portland
5,990,000 +4.5
6,259,000
inah-Ogden
54,937,292 +14.7
62,997,001
Salt Lake City_ _ _.
2.860,948
*2.500,000 +14.4
_
Nevada-Reno
7,049,314 Not included in total
Arizona-Phoenix_ 3,409,240
3,841,319 -11.2
Calif.-13akersfield- _
14;147,611
15,661,726 -9.7
Berkeley
23,342,000 -14.2
20,020,090
Fresno
34,985,039
Long Beach
22,059,400 +58.6
430,141.000 +33.5
Los Angeles
574,170,000
3,159,127
3,683,23 -14.2
Modesto
Oakland
83,589,890
59,252,220 +7.3
19,087.814
15,598,622 +22.4
Pasadena
2.726.839
Riverside
2,103,036 +29.7
32.515,683
Sacramento
31,891,357 +2.0
14,069,242
12,658,127 +11.1
San Diego
651,500,000
San Francisco_ _ _ _
639,900.000 +1.8
9,889,823
9,888,940 +0.0
San Jose
4,203,243
3,974,237 +5.8
Santa Barbara_ _ _ _
_
1,954,757
2,319,744 -15.7
Santa Rosa
11.684,000
11,477,700 +1.8
Stockton
25,753,147 +11.7
28,768,000
1,428,791,628 1,216,443,231 +17.5
418,824,349
388,050,000 +7.9
a
a
a
48,064,131
51,216,675 -62.
36,170,103 +4.9
37,960,089
11,199,705 +30.9
14.661,628
1,340,951,962 1,150,623,280 +16.5
48,213,000
48,835.502 -1.3
459,552,820 +20.0
551,276,463
25,926,821
21,919.000 +18.3
63,896,657 Not included in total
38,232,787 -1.4
37,706,172
141,442,159 +9.2
154.394,115
138,808,227 +13.1
156,985,884
171,102,097 +85.1
316,798,036
5,107,505,000 3,700,737,000 +38.0
26,644,056 +2.4
27,290,674
492,163,500 +20.0
590,442,799
145,497.127 +33.5
194,303,386
22,552,515 +23.7
27,904,734
227,968,207 +13.4
258,547,965
115,042,486 +24.3
143,018,177
5,935,261,000 5,291,700,000 +12.2
80,864,569 +12.7
91,130,329
35,391,727 +22.4
43,310,244
17,028,783 +20.2
20,461,663
89,082,700 +14.6
102,051,600
Total(26 cities).- _ 1,926,130,629 1,695,659,504 +13.6 17,150,549,849 14,144,021,403 +21.3
Gand total(183cities .29,648,123,041 31,242,842,555
Outside New York._ _ 14,577,259,67013,958,072.011
d10,749,435
d74,997,000
32,497,600
2,010,679
33,596,252
2,093,781
1,287,551
578,456
581,145
2,983,225
125,109,946
d320,171
411,147
b
35,476,774
122,998,390
•
d2,393,959
d6,851,081
129,120,469
a
232,066,864
2,585,580 -7.4
9,567,912 -28.4
131.418,183
a
231,362,864
+0.3
1,935,858
1,814,208
+6.7
1,650,000
1,858,250
34,170,121
36,934,740
-7.5
32,308.861
39.988,236
10,038,477
12,796,562 +11.1
10,139,635
10,818,010 +45.7
aa
II
13,307.292
11,560,926
a
c3,0137,700
2,451,700 +25.1
4.665,600
5,880.300
472,101,993
387,568,216 +21.8
339,608,334
409,068,884
-5.1 298.010.101,114280,402,422,600 +6.3 7,142,713,2937,218,039,193
+4.4 139,287,687.052118,401,053,228 +17.6 3,458,184,1813,167,583,142
-1.0 6,813,060,029 8,798,931,955
+9.2 2.804,528,359 3,757,558,956
CANADIAN CLEARINGS FOR SEPTEMBER,SINCE JAN. 1, AND FOR WEEK ENDING RIFT. T.
Month of September.
Clearings at1923.
$
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
3,058,782
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
1922.
3
381,265,257
368,479,758
217,539,252
55,897.890
26,412,162
23,126,972
11,883,333
23,798,484
19,477,772
10,929,371
8,469,549
11,357,846
18,782,844
15,750,556
3,010,655
2,717,394
7,641,395
5,180,797
4,057,756
3,385.180
2,425,882
1,371,532
2,934.712
3,244,435
3.974,987
13,500,775
1,307,198
4,532,231
2,756,538
Week ending September 27.
Nine Months.
Inc. or
Dec.
%
+0.7
+2.1
-22.2
+8.0
-3.2
+13.6
-8.6
+4.9
-3.0
-0.0
-4.9
-3.5
-16.6
-3.2
-5.7
+10.8
-5.2
+1.7
-0.5
+15.3
+1.9
+1.1
+13.3
+4.3
-2.6
-0.1
+3.3
-20.4
+12.5
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
25.080.007
1922.
Inc. or
Dec.
$
%
3,737,310,348 +0.6
3,634,161,629 +2.3
1,592,461,293 -5.0
503,501,151 +7.9
270,716,751 -6.2
204,817,445 +7.5
119,767,834 -6.9
208,511,708 +5.3
182,580,607 -5.6
107,278.581 -4.0
79,340,561 -5.3
110,540,341 +1.5
163,534,907 -4.6
120,012,084 +2.9
22,529,180 -6.0
20,776.211 +2.8
61,196,685 -7.4
42,003,303 +2.1
39,148,217 -3.9
28.786.965 +9.1
20,424,311 +4.7
11,985,904 -4.8
27,092,197 +4.4
32,707,143 -1.7
38,567,108 -1.1
128,839,725 +1.4
12,677,875 -1.4
44,561,614 -14.4
25,837.838 -2.9
1923.
$
92,448,360
95,441,394
48,594,938
14,663,779
5,503,900
6,463,866
2,460,991
5,710,941
4,674,576
2,713,386
1,835,853
2,531,328
3,974,934
3,730,922
658,559
710,534
1,892,903
1,146,603
952,304
1,027,054
555,953
359,468
762,416
753,923
834,886
2,813.126
364,734
1,086,673
598,416
1922.
$
88,200,700
90,762,327
62,567.049
12,378,458
5,635,491
5,070,171
2,611,591
5,455,791
4,862,577
2,467.773
1.901,044
2,569,168
4,134,077
3,808,93
685,390
725,38
1,810,56
1,350,78'
925,75
813,58
553,19
330,28
732,72
690,65
861,75
3,599,76
292,20
1,019.71
559,050
Inc. or
Dec.
%
+4.8
+5.2
-22.3
+18.5
-2.3
+27.5
-5.8
+4.7
-3.9
+10.0
-3.4
-1.5
-39
-2.0
-3.9
-2.0
+4.8
-15.1
+2.9
+26.2
+0.5
+8.8
+4.1
+9.2
-3.1
-21.9
+24.8
+6.6
+7.0
1921.
1920.
$
$
91,154,344 123,907.264
94,490,155
95,457,712
75,935,611
57,975,172
12,654,625
17.002.296
7,473,921
5,484,935
6334,106
4,805,389
3,008,044
4,708,581
7,372,675
4,728,530
10,471,505
6,149.101
3,009.030
2,533,122
2,705,857
1,912.975
3,170,784
2,446.600
4,829,666
6,555,826
4,047,304
3,337,242
742,939
672,293
1,016,677
828,207
1.837,771
2.304.816
2,024,663
1,308.052
1,402,305
985,111
855,115
891.846
705,064
545,567
626.124
400,530
967,586
790,291
769,143
1,326,415
1,098,534
875,888
3,011,569
3,014,717
Montreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster
Medicine flat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
982.435
767,911
Moncton
689,511
Kingston
Total Canada (29
1.219.675.211 1,255,212,513 -2.8 11,629,431.055 11.591.669.516 +0.3 305.265.820 307.375.965 -0.7 312.791.831 382.111.681
erns.)
a No longer report Clearings. b D999;respond to requests for figures. c Week ending Sept. 20. d Week ending Sept. 27. e Week ending Sept, 28, * tattrcated,
1530
THE (119-R ONTCLE
gorunnercial andDXiscellaueons Ams
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.
Capital.
Sept.24-The Heliport National Bank. Heliport, N. Y
$25,000
Correspondent, John Kennedy Ewing. Jr., Heliport,
N. Y.
Sept.26-T1e Citizens National Bank of Kendallville,
_
80.000
Ind_Inc1;
Correspondent. Charles A. Shirk, gen& Ilville,
Sept.26-The Farmers National Bank of Scottsville, Ky
50.000
Correspondent. W. A. Read, Scottsville. Ky.
25,000
Sept.26-The First National Bank of Ilwaco, Wash
Succeeds The Southwestern Washington Bank of IIwaco, Wash. Correspondent, H. W. McPhail, Willipa Harbor State Bank, Raymond, Wash.
Sept.29-The First National Bank of Royalton, 111
40,000
Correspondent. Lee Roy Clutts, Royalton, Ill.
APPLICATIONS TO ORGANIZE APPROVED.
$50,000
Sept.29-The Farmers National Bank of Scottsville, Ky
Correspondent. W. A. Read. Scottsville, Ky. Succeeds The First National Bank of Scottsville, Ky.
100,000
Sept.29-Liberty National Bank of Dickson City, Pa
Correspondent, James P. Wilson, Dickson City, Pa.
CHARTERS ISSUED.
$50.000
Sept.24-12439-The First National Bank of Osawatomie, Kan_
President. S. S. Whiteford: Cashier, H. C. Hubert.
60.000
Sept.24-12440-The First National Bank of Sevierville, Tenn..
President, H. C. Butler: Cashier. Arthur T. Ingle.
Sept.24-12441-National Bank of Commerce in Shawnee, Okla. 100,000
Succeeds The National Bank of Commerce of Shawnee,
Okla. President, Wallace Estill, Jr.; Cashier, Jess M.
Caldwell.
Sept.25-12442-Tbe Fort Scott National Bank,Fort Scott, Kan 100,000
Succeeds The Fort Scott State Bank. Fort Scott, Kan.
President, Frank Cunningham; Cashier, G. H. Whiteside.
25,000
Sept.28-12443-The First National Bank of Mt. Rainier, Md__
Conversion of The Citizens Interstate Bank, Inc.,
Mt. Rainier, Md. President, R. E. Milor; Cashier,
Lester S. Homan.
sOomo
Sept.29-12444-Old National Bank in Evansville. Ind
Succeeds The Old State National Bank of Evansville,
Ind. President. W. H. McCurdy:Cashier, J.0.Davis
Sept.29-12445-The Riverside National Bank of Buffalo, N.Y. 200,000
President, William H. Limburg; Cashier, D. H. Hicks.
Sept.29-12446-The Brotherhood of Railway Clerks National
Bank of Cincinnati
200,000
President, E. H. Fitzgerald; Cashier, Geo. S. Levi.
Sept.29-12447-The First National Bank of North Little Rock,
Ark
100,000
President, George W. Donaghey; Cashier. Thos. R.
Ashcroft.
VOLUNTARY LIQUIDATIONS.
Sept.24-9998-The National Bank of Commerce of Shawnee,
$100,000
Okla
Effective Aug. 18 1923. Liquidating Agent, R. S.
Caldwell, Shawnee, Okla. Succeeded by National
Bank of Commerce in Shawnee, No. 12441.
30,000
Sept.24-11208-The First National Bank of Gridley. Ill
Effective Aug. 25 1923. Liquidating Committee,
W.D.Castle, H.E. Diggle, W.A. Freed,J. R. Heinle,
W. FI. Boles. J. F. Ropp and E. F. Kent, Gridley, 111.
Absorbed by the State Bank of Gridley.
50,000
Sept.25-7374-The Peoples National Bank of Rushville, Ind
Effective Aug. 1 1923. Liquidating Agent. Ralph
Payne, Rushville. Ind.-Succeeded by The American
National Bank of Rushville. No. 12420. Liability for
circulation will not be assumed under Section 5223.
U. S. R. S.
Sept.25-8133-The Palmetto National Bank of Columbia. S.0. 1,000,000
Effective Sept. 11 1923. Liquidating Agent. The
Columbia National Bank. Columbia,S. C. Succeeded
by The Columbia National Bank, Columbia, S. C.,
No. 12412. Liability for circulation will not be assumed under Section 5223. U.S. R.S.
75,000
Sept.28-6754-The First National Bank of Weiser, Idaho....
Effective Sept. 11923. Liquidating Committee,E.E.
Church, Bernard Haas and Geo. V. Nesbitt, Weiser,
Idaho. Absorbed by The Weiser National Bank.
Weiser, Idaho, No. 8139. Liability,for circulation will
not be assumed under Section 5223, U. S. R. S.
For,. 117.
By Messrs. Barnes & Lofland, Philadelphia:
Shares, Stocks,
Price. Shares. Stocks.
Price.
10 Phil . City Pa senger Ry-...--1 6
10 Lansdowne Trust Co
200
12 Empire Title & Trust Co.. par
11 L. F. Grammes & Sons, Inc.,
$50 ($25 paid)
cumulative preferred
28
4034
10 Producers de Consumers Bank,
$4 lot
10 Notaseme Hosiery Co., pref
par $10
10
12 Peoples National Fire Ins. Co.__ 25
8 Stand. Coosa Thatcher Co.. com_126
21 Rockhill Coal az Iron Co., pref.- 7034
15 Producers & Consumers Bank,
36 Penn. Cold Storage & Market
par $10
25
10
Co., par $50
5 Central Trust & Say.Co.. par $50 141
40
14 Union Traction Co
2 Real Estate Trust Co., Corn
110
10 flare & Chase, Inc. (together
5 Philadelphia National flank
394
with 3 shs. Class A and 3 she.
5 Broad Street Nat. Bank. par 850.160
109
Class B common, bonus)
1 Fidelity Trust Co
495
3 Philadelphia Trust Co
Price.
625
Bonds.
4 Provident Trust Co
504
$300 North Springf. Water 5s, 1928 8934
5 Real Estate Title In .& Trust Co_475
$3,000 Indiana Columbus& Eastern
17 Chestnut Hill Title & Trust Co__ 5534
Trac.5s. 1926,certif. of deposit__ 9
35 Franklin Trust Co
230
$1,000 Bergner et Engle Brewing Co.
1 Bank of North Amer.& Trust Co.290
68. 1926
70
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the current week. Then we follow with a second table, in which
we show the dividends previously announced, but which have
not yet been paid.
The dividends announced this week are:
Per
Name of Company.
Cent.
Railroads (Stearn).
Atch. Top.& Santa Fe, corn. (quar.)-Belt RR.Si Stock Yards, IndianapolisCommon (guar.)
Preferred (guar.)
Morris dz Essex Extension RR
Passaic ez Delaware Extension RR
Utica Chenango & Susg. Valley
3
134
2
2
3
When
Payable.
Books Closed.
Days Inclusive.
1)4 Dec. 1 Holders of rec. Oct. 26a
Oct.
Oct.
Nov.
Nov.
Nov.
1
1
1
1
1
Holders of roe. Sept. 21
Holders of rec. Sept. 21
Holders of rec. Oct. 24
Holders of rec. Oct. 24
Holders of rec. Oct. 13
Public Utilities.
Nov. 1 Oct. 12 to Oct. 25
Amer. Light & Traction, corn. (guar)-Nov. 1 Oct. 12 to Oct. 25
Common (payable in common stock)._ /1
1)4 Nov. 1 Oct. 12 to Oct. 25
Preferred (guar.)
Commonwealth-Edison (quar.)
*2
Nov. 1 *Holders of rec. Oct. 13
Nov. 1 Holders of rec. Oct. 15
Edison Electric Illum of Boston (quar.)_ 3
13( Oct. 15 Holders of rec. Oct. 6
Electrical Utilities, preferred (guar _ _
*134 Nov. 1 *Holders of rec. Oct. 15
Minis Northern Utilities, pr. (guar.)
134 Oct. 15 Holders of rec. Sept. 30
Kentucky Utilities, pref. (guar.)
Massachusetts Gas Cos.,corn. (guar.).- •gyi Nov. 1 *Holders of rec. Oct. 15
Milwaukee El. KY.& It., pref.(quar.)-- 134 Oct. 31 Holders of rec. Oct. 200
Missouri Gas & Electric Service134 Oct. 15 Holders of rec. Sept. 29
Prior lien stock (guar.)
134 Sept. 29 Holders of rec. Sept. 25
Nashville Ky.& I ight, pref.(guar.).
N ewp. N.& H.Ky.. O.& E.,corn.(qu.) *31.25 Nov. 1 *Holders of rec. Oct. 15
Nov. 1 Holders of rec. Sept. 29
Northern States Power, common (guar.) 2
1,4 Oct. 20 Holders of rec. Sept. 29
Preferred (guar.)
1).‘ Oct. 1 Sept. 16 to Sept. 30
Omaha & Council Bluffs St. Ry.,pf.(qu.)
134 Oct. 1 Sept. 16 to Sept. 30
Pine Bluffs Co., pref.(guar.)
Public Service Co. of Nor. 111.,com.(qu.) *154 Nov. 1 *Holders of roe. Oct. 15
•$1.75 Nov. 1 *Holders of rec. Oct. IS
No par common stock (guar.)
Nov. 1 *Holders of rec. Oct. 15
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 21a
Southern Indiana Gas & El., pref.(qu.) _
Oct. 15 Holders of rec. Sept. 294
Southern Wisconsin Elec. Co., common_ 2
1,1 Oct. 15 Holders of rec. Sept. 290
Preferred (guar.)
Dec. 1 Holders of rec. Nov. lba
Texas Electric Securities, corn.(guar.). _ 1
134 Oct. 1 Holders of rec. Sept. 200
First preferred (guar.)
154 Nov. 1 Holders of rec. Oct. 15a
Second preferred (guar.)
Western States Gas dr El., pref.(guar.). 134 Oct. 15 Holders of rec. Sept. 29 I
134 Oct. 20 Holders of rec. Sept. 300
Wisconsin Power & Lt., pref. (guar.)
Oct. 1 Holders of rec. Sept. 220
Worcester Gas Light.corn.& pt.(guar.)Banks.
Corn Exchange (guar.)
Municipal (guar.)
New Netherland (guar.)
•5
2
2
Nov. 1 *Holders of rec. Oct. 31
Oct. 1 Holders of rec. Sept. 290
Oct. 1 Holders of rec. Sept. 21a
Miscellaneous.
134 Oct. 10 Oct. 6 to Oct. 10
Alabama Company, pref. (quar.)
halmers Mfg., common (quar.)_ *1
Nov. 15 *Holders of rec. Oct. 24
•134 Nov. 1 *Holders of erc. Oct. 15
American Cigar, common (guar.)
American coal(guar.)
$1 Nov. 1 Oct. 12 to Nov. 1
2
Nov. 1 Holders of rec. Oct. 16
Auction Sales.-Among other securities, the following, American Glue, preferred (guar.)
Smelt. & Refg., corn. (quar.)--- 134 Nov. 1 Holders of rec. Oct. 11
not usually dealt in at the Stock Exchange, were recently sold Amer.
1311 Dec. 1 Holders of rec. Nov. 9
Preferred (guar.)
Amer. Vitrified Products, common
*500. Oct. 15 *Holders of rec. Oct. 5
at auction in New York, Boston and Philadelphia:
Common
*50o. Dec. 15 *IIoldere of rec. Dec. 5
25c. Oct. 31 Holders of roe. Oct. 12
Art Metal Construction (guar.)
By Messrs. Adrian H.'Muller & Sons, New York:
(guar.)
Atlantic
pref.
134 Nov. 1 Holders of rec. Oct. 15
Refining,
Price. Shares. Stocks,
Price.
Shares. Stocks.
Nov. 1 *Holders of roe. Oct. 15
I 3,111 Standard Felt of Cal..com$2 per sh. Bang Service Stations. pref. (quar.)..... *2
16 2-3 (units) Wyoming Eastern
•134 Nov. 1 *Holders of rec. Oct. 20
$9
I 100 Smith Motor Truck Corp.,0330 lot Brown Shoe, pref.(guar.)
011 Syndicate
*134 Nov. 1 *Holders of rec. Oct. 25
Bunte Bros., pref.(guar.)
lot 200 Smith Motor Truck Corp.,com.
500 Wyom.East.011 Co.,$10each
2
Oct. 1 Holders of rec. Sept. 200
$10 each_
*25 lot Canadian Oil, pref.(guar.)
10 A. McDonnell Umb.Co..Illc•.
1% Oct. 1
$55 13,000 Emerich Oh Co., corn
$30 lot Chicago Morris Plan (guar.)
corn., $10 each
134 Nov. 1 Holders of rec. Oct. 20
Cluett, Peabody & Co.. corn. (quar.)
lot 25 Manhattan Motor Supply Co..
40 A. McDonnell Umb.Co.,Inc.,pf
2
Oct. 15 Oct. 3 to Oct. 14
ollins Company (guar.)
corn
$ 00 lot
•
$44 per sh.
150 Eugene Solomon, Inc
*334 Nov. 1 *Holders of rec. Oct. 20
Packing, 7% preferred
pace. Cudahy
Bonds.
25 Commonwealth Light & Power
*3
Nov. 1 *Holders of roe. Oct. 20
preferred
per
cent
Six
per
eh.
Joint
Stock
Farm
Loan
Bank
$1531
$1,000
pref
Co. 7% cum.
*$1
Oct. 2
Eagle-Picher Lead, corn. (guar.)
of Fremont, Neb.,5s. 1951 (Nov.
125 Pine Lawn Cem.Co.. com_90c.per sh
•81.25 Oct. 2
Common (extra)
1 1923 coupon missing)
9534%
3,1W Stand'dFelt o.of Cal., pf $2 per eh.
11olders of roe. Oct. 2
Common (payable In common stock).. •11 1-9
Oct. 10 Holder of rec. Oct. 4
Equitable Eastern Banking Corp.(quar.) 2
By Messrs. Wise, Hobbs & Arnold, Boston:
*50c. Oct. 31 *Holders of rec. Oct. 20
Price. Shares. Stocks,
Price. Exchange Buffet Corp.(quar.)
Shares. Stocks.
.234 Nov. 1 *Holders of rec. Oct. 20
7 Fitchburg Gas & Elec. Co.,par $50 8235 Fajardo Sugar (quar.)
8 Naumkeag Steam Cotton Co_ _295
*234 kov. 1 *Holders of rec. Oct. 20
Extra
5 West Point Manufacturing Co_ __127 M 15 American Glue Co., common__ - 4034 Firestone
pref.
(guar.)
_
_
&
Rubber,
134 Oct. 15 *Holders of rec. Oct. la
Tire
10 Arlington Mills
10234 4 Cent. Mass. Lt. de P.Co., pref.__ 85
Mfg.,pf.(qu.)
2
Aluminum&Brass
Oct. 1 Holders of rec. Sept. 20a
General
8 Bigelow-Hartford Carper, pref __ -114% 19 Commonwealth Gas& Elec.,com 434 General Development(guar.)
250. Nov. 20 Holders of rec. Nov. 100
pre(
Naumkeag
Steam
Cotton
Co.__
E.
Keith
Co.,
97
-295
100.
8
2
Oct.
Corp.
15 Holders of rec. Sept.30
GeneraIDIscount
(quar.)
10234 4 Montpelier & Barre Light & Power
10 Arlington Mills
43
Deo. 1
Co., pref
4734 General Petroleum. pref. (guar.)
4 Boston Bever Beach & Lynn RR_ 63
Nov.
Bros.,
pref.
*194
1 *Holders of rec. Oct. 15
Gimbel
(guar.)
3 Merrimac Chemical Co.,$50 par. 9434 5 Merrimack Hat Corp., pf„par $50 35
134 Nov. 15 Nov. 6 to Nov. 14
Powder, prof.(guar.)
13034 5 Mass. Ltg. Cos.,6% pt,ex-div__ 8294 Hercules Collieries, common
21 Walter Baker Co.. Ltd
(guar.)._
_
Oct.
134
15
Holders of rec. Oct. 2
Merest
of
Commerce
Mass.
Lighting
Cos.,
corn
24
Chamber
5
50 Boston
Preferred (guar.)
134 Oct. 15 Holders of rec. Oct. 2
87
4 Lowell Electric Light Corp
95
Realty Trust, 1st pre!
50e. Oct. 25 Holders of rec. Oct. 20
10534 17 American Mfg. Co., common... 9934 Homestake Mining (monthly)
8 American Glue Co.. Ord
*I% Nov. 1 *Holders of rec. Oct. 20
Hood Rubber, pref. (guar.)
81
6034 7 do preferred
1 Fisk Rubber Co., 1st pref
Hupp Motor Car Corp., corn.(guar.)_ _ 250. Nov. 1 Holders of rec. Oct. 15
2
Nov. 15 Holders of rec. Oct. 19
Indiana Pipe Line (guar.)
By Messrs. R. L. Day & Co., Boston:
134 Nov. 1 Holders of rec. Oct. 11
Price, Shares. Stocks.
Price. International Nickel, pref. (quar.)
Shares. Stocks.
International Shoe, pref. (quar.)
*50c. Nov. 1 *Holders of rec. Oct. 15
LawBank,
10
Everlastic,
National
Inc.,
pref.,
Class
13_
2534
State
8-10 Bay
Judson Mills. pref. (guar.)
134 Oct. 1 Sept.26 to Sept.30
1934 per 1-10 25 Mass.Cities Realty Co., part. pr. 10
rence
Nov. 15 Holders of rec. Nov. 1
Kelly-Springfield Tire, pref. (guar.). - 2
10 New Eng.Stor.& Whse. Co-- 35
5 First & Ocean National Bank,
Milling,
pref.
134
Oct. 18 Holders of rec. Oct. 3a
Leaf
Maple
(guar.)
70
Mass
NewburYport,
(quar.)
Miami
50c.
Nov.
15 Holders of reo. Nov. la
Copper
Co.
Bonds.
Price.
5 Merchants National Bank, New42 Nov. 1 *Holders of rec. Oct. 10
3634 $1,000 Seattle-Everett let 5s, 1939- 8832 Motor Products, Class A (quar.)
buryport, Mass
Motors,
(quar.)
1 Holders of rec. Oct. 19
Nash
pref.
A
Nov.
13-4
Middlesex
$500
Banking Co. Deb.
5 Industrial Trust Co.,Prey., R.5.295
National Dept. Stores, 1st pref. (quar.) *134 Nov. 1 Holders of rec. Oct. 15
6234
Ser. M. 1912 A upon which dive.
60 Hamilton Mfg. Co
Second
(quar.)
*15
,
1
Dec.
1
*Holders of rec. Nov.15
preferred
in
liquidation
23534
have
been paid
4 Bates Manufacturing Co
Newton (Geo. B.) Coal, 1st pref
334 Nov. 1 Oct. 16 to Oct. 30
amounting to $201 17, Middlesex
6234
20 Hamilton Mfg. Co
Pennsylvania
Rubber,
common
Holders of rec. Sept.15a
(quar.)_
Sept.
20
134
Trust
Co.
receipt
30
A...._
Class
pref.
$5
lot
2 Everlastik, Inc.,
Preferred (guar.)
134 sent.29 Holders of rec. Sept. 15a
103
$200 Middlesex Banking Co. deb.
3 Hood Rubber Co., pref
Petroleum Realix'n Co.. Cl A (monthly) 2
Oct. 15 Holders of rec. Sept.29
Ser. M.1912 A. upon which diva.
50c.
181 rights Nor. Boston Ltg. Prop
St. Joseph Stock Yards (guar.)
134 Sept.29 Sept.21 to Sept.30
in liquidation have been paid
10
5 Rheabat Corporation, common
Silversmith Mines, Ltd
lc. Oct. 10 Holders of rec. Oct. 1
amounting to $81 67, Middlesex
2 Units Ivor-Lite Corp., par $10-.142
*154 'Nov. 1 *Holders of rec. Oct. 15
6534
Trust Co. receipts
2 State Theatre, pref
$234 lot Simmons Company. pref. (quar.)
OCT. 6 1923.]
Name of Company.
Miscellaneous (Concluded).
Soden(G. A.) Co.. Partie.ctfs.(guar.).First preferred (quar.)
Second preferred (guar.)
Spalding(A. G.)& Bros.,corn.(quar.)_.
First preferred (gear.)
Second preferred (guar.)
Spanish River Pulp & Paper MillsCommon (guar.)
Preferred (guar.)
United Eastern Mining (guar.)
U.S. Finishing,common (guar.)
Common (extra)
Preferred (guar.)
U.S. Playing Card (quar.)
U.S.Printing & Lithogr.,corn.(guar.)- First preferred (quar.)
Second preferred (guar.)
U.S. Radiator Corp., pref. (guar.)
United States Rubber. 1st pref.(quar.)-Warner (Chas.) Co.of Del.,corn.(qu.)..
Preferred (guar.)
Western Reserve Cotton Mills, p1.(qu.)Winchester-Hayden Co., pref. (guar.) Worcester Salt (qua:.)
THE CHRONICLE
I
Per
When
Cent. 'Payable.
Books Closed.
Days Inclusive.
Name of Company.
1531
rt.
reru
.1 floe.
myable
bouts 10104s.
Days barbell4.
Miscellaneous.
Abitibi Power & Paper,common (quar.)_ $1
Oct. 20 Holders of rec. Oct. 10
Air Reduction (quar.)
Oct. 15 Holders of rec. Sept. 296
51
Alliance Realty (quar.)
2
Oct. 20 Holders of rec. Oct. 10a
Allied chemical & Dye Corp.,corn.(qu.) 51
Nov. 1 Holders of rec. Oct. 154
Allis-Chalmers Mfg., pref.(qua:,)
114 Oct. 15 Holders of rec. Sept.24e
Amalgamated Oil (quar.)
75e. Oct. 15 holders of rec. Sept.284
American Art Works. corn. & pref. (qu.) 134 Oct. 15 Holders of rec. Sept.304
144 Oct. 17' Holders of rec. Oct. 8a American Bank Note, corn,(guar.)
*S1.25 Nov. 15 *holders of rec. Nov. 1
134 Oct. 17 Holders of rec. Oct. 86 American Can, coin.(quar.)
114 Nov. 15 Holders of rec. Oct. 31a
15c. Oct. 28 Holders of rec. Oct. 8
Amer. Fork & Hoe. 1st pref
314 Oct. 15 Holders of rec. Oct. 54
•1
Oct. 15 *Holders of rec. Sept. 27
American Ice, corn.(quar.)
114 Oct. 25 Holders of rec. Oct. rwi
•134 Oct. 15 *Holders oft ec. Sept. 27
Preferred (guar.)
114 Oct. 25 Holders of rec. Oct. Ss
•134 Oct. 1 *Holders of rec. Sept. 27
Am. La France Fire Eng..inc..com.(qu.) 25e, Nov. 15 Nov. 1 to Nov. 14
51
Oct. 1 Holders of rec. Sept. 9a Amer. Laundry Machinery, pref.(quar.) 144 Oct. 15 Oct. 6 to Oct. 13
114 Oct. 1 Holders of rec. Sept. 20a
eq.%
koldvr, 01 roe Ii.',
74.. Iv.. • I-. (Io, 1.11211 •).
10
145 .1.,
131 Oct. 1 Holders of rec. Sept. 20a
American Sales Hook. pref. (guar.) -- 15' Nov. 1 HOlders of rec. Oct. 15
114 Oct. 1 Holders of rec. Sept. 20a Amer. Seeding Mach., corn. (quer.)- - 753. Oct. 15 Holders of rec. Sept.29a
114 Oct. 15 Oct. 2 to Oct. 15
Preferred (lum.)
114 Oct. 15 Holders of rec. Sept.29a
2
Oct. 31 Holders of rec. Oct. 15
Amer. Shipbuilding, corn. (guar.)
Nov. 1 Holders of rec. Oct. 15a
2
50e. Oct. 15 Holders of rec. Sept.303
Common (guar.)
2
Febl'24 Holders of rec. Jan. 15'24a
134 Oct. 25 Holders of rec. Sept. 30a
COMMOD (guar.)
May1'24 Holders of rec. A pr.15'24a
2
2
Oct. I Holders of rec. Sept.25a
Common (quar.)
Audi' . Holders of rec. July 15'24a
2
114 Oct. 25 Holders of rec. Oct. 253
Pref. (guar.)
114 Nov. 1 Holders of rec. Oct. 15
114 Oct. 1 Sept. 26 to Oct. 1
American Steel Foundries. corn.(guar.). 75e. Oct. 15 Holders of rec. Oct. la
Type Founders, corn.(quar.)---- 114 Oct. IS Holders of rec. Oct. 106
Below we give the dividends announced in previous weeks Amer.
Preferred (qua:.)
114 Oct. 15 Holders of rec. Oct. 106
and not yet paid. This list does not include dividends an- Amer. Woolen corn. & pref. (quar,).... 114 Oct. 15 Sept. 15 to Sent.26
Anaconda Copper Mining (guar.)
Oct. 22 Holders of rec. Sept 15
75c.
nounced this week, these being given in the preceding table. AsbestosCorporation.common (guar.)._ 1 Oct.
15 Holders of rec. Sept.294
Preferred (otter.)
114 Oct. 15 Holders of rec. Sept.29a
Associated Dry Goods,corn.(quar.)__
Per
When
1
Books Closed.
Nov. 1 Holdesr of rec. Oct. 13a
First
preferred (guar.)
Name of Company.
Cent. Payable.
114 Dec. 1 Holders of ree. Nov. 10a
Days Inclusive.
Second preferred (quar.)
114 Dec. 1 Holders of rec. Nov. 100
Associated Oil (new 325 par stock)
Railroads (Stearn).
3714c Oct. 25 Holders of rec. Sept.286
Atlas Brick, preferred (quar.)
Baltimore & Ohio, com.(quar.)
134 Dec. 1 Oct. 14 to Oct. 15
2
Oct. 15 Holders of rec. Sept.29
Atlas Powder, pref.(guar.)
Preferred (guar.)
1
Dec. 1 Oct. 14 to Oct. 15
114 Nov. I Holders of rec. Oct. 204
Clev.(in. Chic & St. Louis.corn.(guar.) 1
Oct. 20 Holders of rec. Sept.28a Auto-Knitter Hosiery (quar.)
Oct. 15 Holders of roe. Oct. la
51
Preferred (guar.)
114 Oct. 20 Holders of rec. Sept.28a Barnhart Bros. & SpindlerCob,, 121.0,110 1,..torrod
First and second preferred( tiar.)_- 114 Nov. 1 Holders of rec. Oct. 264
i
Febll',, 11,11.1,-- of rf. 11111 19.240
Bayok Cigars. inc., lst pref.(quar.)____
Gulf Mobile & Northern, pref.(No. I). _ .31
Nov.15 *Holders of rec. Nov. 1
114 Oct. 15 Holders of rec. Sept. 29a
Delaware Lackawanna & West. (guar.). $1.50 Oct. 20 Holders of rec. Oct. 6a
Second preferred (guar.)
2
Oct. 15 Holders of rec. Sept. 29a
Georgia RIL & Banking (guar.)
Beacon Oil, preferred mar.)
3
Oct. 15 Oct. 2 to Oct. 14
1.8734 Nov. 15 Holders of rec. Nov. la
Hudson Companies
Beech-Nut Packing, common (quar.)- 60e. Oct. 10 Holders of rec. Oct. la
30c. Nov. 1 Oct. 21
to NoV. 1
Class Ti preferred (guar.)
Kansas City Southern, preferred (quar.) 1
Oct. 15 Holders of rec. Sept.290
114 Oct. 15 Holders of rec. Oct. la
New York Central RR (guar.)
144 Nov. I Holders of rec. Sept. 28a Belgo-Canadian Paper, Ltd., Pref. (111.) •IK Oct. 20 *Holders of rec. Sept.30
Norfolk & Western. adj. pref. (guar.). _
1
Nov. 19 Holders of rec. Oct. 3Ia Bethlehem Steel Corp.Northern Pacific (quar.)
Seveu per cent cuth pref (guar.).134 Nov. 1 Holders of rec. Oct. 2a
144 Jan 2'24 Holders of rec. Dee. 164
Pere Marquette. live per cent preferred__
Seven per cent non-cues pref (qua: 1
114 Nov. 1 Holders of rec. Oct. 15a
134 Jan2'24 Holders of rec Dec 154
Prior preference (quar.)
right per cent preferred foliar 5
131 Nov. I Holders of rec. Oct. 160
2
Jan2'24 Holders of ree nee 156
Philadelphia & Trenton (guar.)
Boone (Daniel) Woolen Mills (guar.) _
214 Oct. 10 Sept.30 to Oct. 10
*75e. Oct. 1 *Holders of rec. Sept.26
Pittsburgh & West Virginia, pref. (qu.)_
Borden Company, preferred (quar.)._._
114 Nov.30 Holders of rec. Nov. 1
114 'Dee. 15 Holders of rec. Dec. 1
Preferred (guar.)
Borne
Scryruser
Co
114 Feb 29'24 Holders of rec. Feb. 1 '24
4 -Oct. 15 Sept. 23 to Oct. 13
Reading Company,common (quer.).--- SI
Extra
Nov. 8 Holders of rec. Oct. 164
3 •Oct. 15 Sept.23 to Oct. 13
Second preferred (guar.)
60c. Oct. II Holders of rec. Sept.254 Bridgeport Machine Co. (guar.)
26c ;.1.1s 1'2. il.vilerv of ree Itec 204
Southern Ry , pref
oosr,Priv
214 Oct. 31 Holders of rec. Oct. 20a
25, •Aorl'24 Holders of rec.Mar 20'244
Syracuse Binghamton & New York
3
Nov. 1 Holders of rec. Oct. 24a British Empire Steel Corp.,Pt B (guar.) 144 "Nov. 1 Holders of roe. Oct. 130
United New Jersey RR.& Canal(guar.). 234 Oct. 10 Sept.21 to Sept.30
Horns IIros.. prior preference (guar.) --15' ;Nov. 1 Holders of rec. Oct. 194
Vermont & Massachusetts
Canada Cement,common ((Man)
3
Oct. 8 Sept. 12 to Oct. 7
134 Oct. 16 Holders of rec. Sept. 30a
Warren RR
div.)
$1.75 Oct. 15 Holders of rec. Oct. 4a Canad ant ar & I'dry, p1. Wen
314
wt. 10
older' o rec. ePt. 29
We t Jersey & Seashore
Preferred (account accum. dividends)_ 531j Jan1014 Ho ders of rec. Dec. 29
41.25 Oct. 15 Holders of rec. Oct. la
Western Pacific RR.Corp., pref.(guar.) 113 Oct. 22 Holders of rec. Oct. 11
Canadian Explosives, common (quar.)-- 114 •Oct. 31 Holders of rec. Sept.296
Preferred (guar.)
114 Oct. 15 Holders of rec. Sept.29a
Canadian Industrial Alcohol(Van)
Public Utilities.
1
Oct. 8 Holders of rec. Sept.30
Extra
All-America Cables (quar.)
1)4 Oct. 15 Holders of rec. Oct. la
42
Oct. 8 Holders of rec. Sept.30
American Gas (war.)
114 Oct. 15 Holders of rec. Oct. la Central Coal & Coke. corn.(guar.)
IQ Oct. 15 Holders of rec. Sept. 306
Amer. Gas & Elec., pref. ((mar.)
Preferred (guar.)
750. Nov. 1 Holders of rec. Oct. 13
194 Oct. 15 Holders of rec. Sept.306
Amer. Telephone & Telegraph (guar.)._
231 Oct. 15 Holders of rec. Sept. 200 Central Steel, corn.(guar.)
Oct. 10 Holders of rec. Sept.304
$1
Appalachian Power, 1st pref. (qua:.),._
134 Nov. 1 Holders of rec. Oct. 15a Checker Cab Mfg., class A (guar.)
51 25 Nov. 1 Holders of rec. Oct. 1545
Clam A (guar i
Preferred (guar).
114 Oct. 15 Holders of rec. Sept. 28a
-$1 45 l• eb 124 Holders of ree an15'244
Bangor Railway & Electric, corn.(guar.) 1
Chicago Pneumatic Tool (guar.)
Nov. I Holders of rec. Oct. 10
114 Oct. 25 Holders of rec. Oct. 18s
Bell Telephone of Canada (quar.)
2
Oct. 15 Holders of rec. Sept. 22a Chicago Yellow Cab (monthly)
33 1-3c Nov. 1 Holders of rec. Oct. 206
.d u I,..
Brooklyn Borough Gas, common (guar ) 50c. Oct. 10 Holders of rec. Sept.29a
California-Oregon Power, Prof.(guar.).Corn.(monthly, Pay. In cash scriP).134 Oct. 25 Holders of rec. Oct. 15a
OH Nov. I Holders of rec. Oct. 16
Cape Breton Electric Co
Corn. (pay. In corn, stock scrip)
3
Nov. 1 Holders of rec.-Oct. 153
(1134 Nov. 1 Holders of rec. Oct. 16
Carolina Power & Light. eom. (quar.)_ Preferred and preferred B (monthly)-14 Nov. 1 Holders of rec. Oct. 17
34 Nov. 1 Holders of rec. Oct. 16
Central 111. Pub. fiery., pref. (qua:.)_.. 114 Oct. 15 Holders of rec. Sept. 300 Computing-Tabulating-Recording Bpi.). $1.60 Oct. 10 Holders of rec. Sept. 266
Central Power, preferred (guar.)
Congoleum Company. common
114 Oct. 15 Holders of rec. Sept.29
52
Oct. 15 Holders of roe. Oct. 6
Ches.& Potomac Telep. of Bait., pf.(qu) 114 Oct. 15 Holders of rec. Sept.29
Connecticut( otton Mills, 1st pref.(qu.) 144 Nov. 1 Holders of rec. Oct. 16
Newp. Az Coy. L. de Tr., COM.(qu.) 114 Oct. 15 Sept. 30 to Oct. 15
Consolidated Car Heating (quar.)
114 Oct. 15 Oct. 1 to Oct. 16
Preferred (guar.)
Consollaated Royalty 011 (guar.)
114 Oct. 15 Sept.30 to Oct. 15
30. Oct. 20 Oct. 16 to Oct. 20
Cleveland Elec. Ill., corn. (guar.)
214 Oct. 15 Holders of rec. Oct. la Corn Product Refining,corn.(quar.)---- 114 Oct. 20 Holders of rec. Oct. 54
Six per cent preferred (quar.)
Common (guar.)
114 Nov. 1 Holders of rec. Oct. 254
75e
Oct. 20 Holders of rec. Oct. fai
Colorado Power, eon). (guar.)
Preferred (guar.)
31 Oct. 15 Holders of rec. Sept. 29a
114 Oct. 15 Holders of rec. Oct. 54
Columbus By., Pow. & 14., corn,(q.).
Dee. 1 Holders of rec. Nov. 150 Creamery Package Mfg., corn.(guar.).- 50c. Oct. 10 Sept.30 to Oct. 10
Preferred, Series A (quar.)
Preferred (guar.)
134 Jan2'24 Holders of rm. Dec 164
114 Oct. 10 Sept.30 to Oct. 10
Preferred, Aeries B
2•5‘ Nov I Holders of rm. Oel l6a Cresson Cons. Gold Min.&
(guar.) 10e. Oct. 10 Holders of rec. Sept.304
Detroit Edison (quar.)
2
Oct. 15 Holders of rec. Sept. 20a Crucible Steel, common (guar.)
1
Oct. 31 Holders of rec. Oct. 154
Detroit United Railway (quar.)
114 Dec. 1 Holders of rec. Nov. la Cuban-American Sugar.common
75c. Nov. 15 Holders of rec. Oct. 246
East Bay Water, preferred A (guar.)._
114 Oct. 15 Holders of rec. Sept.30
Common
75e. Jan 2'24 Holders of rec. Dec. 84
Preferred 11 (guar.)
134 Oct. 15 Holders of rec. Sept.30
Delaware Lack. 5c Western Coal (guar.)- *S1.25 Oct. 15 *Holders of rec. Oct. 1
Illinois Traction. common (guar.)
50c. Oct. 15 Holders of rec. Oct. 1
Detroit Motor Bus (guar.)
*2
Oct. 15 *Holders of rec. Sept.29
International Telep. & Teleg.(quar.)._
114 Oct. 15 Holders of rec. Sept.274
Extra
•1
Oct. 15 *Holders of rec. Sept.29
Securities
Kentucky
114 Oct. 15 Sept.22 to Oct. 10
Corp., pref. (qu.)
Stock dividend_
e520 Oct. 15 *Holders of rec. Sept.29
Louisville uas & hien of Ry., pref.(qu.) 13‘ Oct. 15 Holders of rec. Oct. la Dictograph Products Corp.,
Manchester True., Light & Power (guar.) 2
Oct. 15 Holders of rec. Oct. la
Preferred (guar.)(acct.accum.dive,). 52
Nov. 15 Holders of ree Oct. 314
Manufacturers Lt. & Ht., Pittsb. (q11.)- SI
Oct. 15 Holders of rec. Sept.29a Dome Mines, Ltd.(guar.)
$I
Oct. 20 Holders of rec. Sept.294
Massachusetts Ltg. Cos.,6% pref. (qu.) 114 Oct. 15 Holders of rec. Sept.25a Dominion Coal. Ltd.. prof (guar.)
114 Nov. 1 Holders of rec. Oct. 12
2
8% preferred (guar.)
Oct. 15 Holders of rec. Sept.254 Dominion Steel Corp., Ltd., pref.(guar.) 114 Nov. 1 Oct 16 to Nov. 1
Michigan Gas& Elec.. prior pref.(quar.) 114 Oct. 15 Holders of rec.Sept. 30a Dominion Textile. Prof.(quar
15' Oct. 15 Holders of rec. Sept.29
114 Oct. 20 Holders of rec. Sept. 353 duPonta.1.1.)de Nem.Powd..com.(qu.). 11$ Nov. 1 Holders of rec. Oct. 206
Preferred (quar.)
114 Oct. 15 Holders of rec. Sept. 29a
Middle West Utilities, pref. (guar.).Preferred (guar.)
114 Nov. 1 Holders of rec. Oct. 204
2
Oct 15 Holders of rec. Sept. 29a duPont(E.I.)de Nem.&Co..cleb atk.(qu.) 134 Oct. 25 Holders of rec. Oct. 104
Montreal Telegraph (riar.)
Mountain States Power, pref.(quer.). __
134 Ocr. 20 Holders of rec. Sept.29a Eagle-Picher Lead, preferred (quar.)-- 114 Oct. 15 Oct. 7 to Oct. 15
Nevada-California Elec. Corp., pf. (qu.) 114 Nov. 1 Polders of rec. Sept.30
Eastern Steamship,corn.(pay.In pf.stk.) (r) Oct. 15 *Holders of rec. Oct. 10
Oct. 15 Holders of rec. Oct. 1
Newburyport Gas & Electric (quar.)____ $1
Eisenlohr (Otto) & Bros.. corn.(guar.).114 Nov 15 Holders of rec. Nov. la
Oct. 15 Holders of rec. Oct. 1
Extra (from reserve for dividends)._ $1
Elgin National Watch (guar.)
*2
Nov. 1 *Holders of rec. Oct. 18
New York Telephone,'wet (guar.)
144 Oct. IS Holders of rec. Sept. 200 Equity Petroleum Corp., pref. (quar.).. 30e, Oct. 10 Holders of rec. Sept.30
144
Oct. 15 Holders of rec. Sept. 29a Eureka Pipe Line (quar.)
Niagara Falls Power, pref. (quar.)
2
Nov. 1 Holders of rec. Oct. 15
Pacific Gas & Elec., COM. (quar.)
1.34 Oct. 15 Holders of rec. Sept. 29a Famous Players-Lasky Corp.. pre..(qu.) 2
Nov. 1 Holders of rec. Oet415a
Pacific Telep. & Teleg.. pref.(quar.)___
1)4 Oct. 15 Holders of rec. Sept.290 Finance Co.of Amer.(Bait.). corn. Wu-) 234 Oct. 15 Holders of rec. Sept.29
1)4 Oct. 17 Holders of rec. Oct. 30
Peoples Gas Light & Coke (quar.)
Preferred (guar.)
2
Oct. 15 Holders of rec. Sept.29
Philadelphia Co. corn. (qua:.)
$I Oct. 31 Holders of rec. Oct. la .11+01114i'
50e,
11
51/, ,
n115
,
,.•,1“en. sf r. 1 11.1 His
51.50 Nov. 1 Holders of rec. Oct. la Foulds Milling, preferred (guar.)
6% preferred
2
Oct. 10 Holders of rec. Oct. is
75c. Oct. 31 Holders of rec. Oct. 15a General Electric, corn.(qua:.)
Philadelphia Rapid Transit (quar.)
2
Oct. 15 Holders of rec. Sept. 158
Phila. & Western By.. pref. (guar.)-- 11214e Oct. 15 Holders of rec. Sept.29a
Common (payable in special stock)._
5
Oct. 15 Holders of rec. Sept. ga
Nov. 1 Holders of rec. Oct. 16
Pittsburgh Utilities, common (No. 1).... $1
Special stock (guar.)
153 Oct. 15 Holder' of rec. Sent 64
(t)
Nov. 1 Holders of rec. Oct. 15
Common (extra)
General Refractories Wier.)
$1
Oct. 15 Holders of rec. d Ovt. ea
35c. Nov. 1 Holders of rec. Oct. 15
Preferred (No. 1)
General Ni"tors('ore
den.stork(q u) I% Nov. 1 Holders of rec. Oet. 84
25e. Nov. 1 Holders of rec Oct 15
Preferred (extra)
Six per cent debenture stock (qu.)-134 Nov. 1 Holders of rec. Oct. 84
1
Oct. 15 Holders of rec. Sept. 20a
Puget Sound Power & Lt., corn.(guar.)
Six per cent preferred sleek (guar.)
114 Nov. 1 Holders of roe. Oct. So
Prior preference (guar.)
14( Oct. 15 Holders of rec. Sept. 20a General Petroleum Corp..corn.(quar.) _ 50e. Dec. 15 Holders of rec. Nov.30
114 Oct. 15 Holder' of rec. Sept. 204 Gillette Safety Razor (stock dividend)._ e5
Preferred (guar.)
Dee. I Holder" of rec. Nov. 1
Quebec Power, pref.(quar.)(No. 1)-- 144 Oct. 15 Holders of rec. Sept. 28
Glohe-Wernicke Co pref.(guar.)
114 Oct. 15 Holders of rec. Sept.306
134 Oct. 10 Holders of rec Sept.27
Shawinigan Water & Power (guar.)
Gomard (H. W.)& Co., corn.(monthly) 25c. Nov. 1 Oct. 21 to Oct. 31
1)4 Oct. 15 Holders of rec. Sept.30a
Southern Canada Power, Pref.
Common (monthly)
253 Dec. 1 Nov.21 to Nov.30
Southern titles Utilities, pref.(Qua:.).-. 1$4 Oct. 10 Holders of rec. Sept.15
G uts sues
a Stee, C
Oct. 15 *Holders of rec. Sept.29
Southern New England Telephone (qtr.)- *2
Fir.,, Rod Ni-loud preferred (quote.)
141 hin2'24 Holder' of ree nee 144
Standard Gas & Electric, corn.(quar.)-- 62)40 Oct. 25 Holders of rec. Sept.29
Halle Bros Co., 1st & 2d pref.(guar.).-131 Oct. 31 Oct. 25 to Oct. 31
Trinidad Electric Co.(quar.)
1
Oct. 10 0
1
to
Hamilton Woolen (quar.)
Oct 10
51.50 Oct. 10 Holders of rec. Sept.284
United Ons !mot.. corn.(guar.)
750. Oct. 15 Holders of rec. Sept. 29a Harbison-Walker Refract.. prof.
(guar.) 134 Oct. 20 Holders of rec. Oct. 104
Preferred (quar.)
87 • e Dec. 15 Holders of roe. Nov. 30a Harris Bros. Co.. pref.
'134 Nov. 1 'Holders of rec. Oct. 16
United Light & Rys.,corn.(quar.)
114 Nov. 1
of rec. Oct. 15 s Hillman Coal di Coke,5%
(disc.)Holer pref.(guar.). 114 Oct. 25 Oct. 16 to Oct. 25
Common (extra)
Nov. 1 Holders of rec. Oct. 151
7% preferred (guar.)
144 Oct. 25 Oct. 16 to Oct. 25
Peri.viom''1w orefernwl (Perm%
Heloer• et,
t1 NO 2'2
.5
Hollinger Consolidated Gold Mines
Sc. Oct. 8 Holders of rec. SePt.20
Washington Water & Power, Spok.(qu.) 2
Oct. 15 Holders of rec. Sept.25
Howe Sound Co.(quar.)
Oct. 15 Holders of rec. Oct. 1.
Sc,
West Penn Power Co.. pref.(guar.)
154 Nov. 1 Holders of rer. Oct. 15
Hurley Machine. common (quar.)
*75c. Oct. 12 *Holders of rec. Oct. 6
Western Power Corp., pref.(quar.)
134 Oct. 15 Holders of rec. Sept.29a Illinois Brick (qua:.)
Oct. 15 *Holders of rec. Oct. 3
l34
Western Union Telegraph (quar.)
154 Oct. 15 Holders of rec. Sept. 25a International Harvester,corn.
134 Oct. 15 Holders of rec. Sept.254
York Railways, common (guar.)
50e. Oct. 15 Holders of rec. Oct. 56 International Paper, preferred(quar.)
114 Oct. 15 Holders of ree. Oct. 543
Preferred (quar.)
62)4c Oct 430 Holders of rec. Oct.d20a Intertype Corp.. corn.(In coin (guar.).110
Nov 15 Holders of rec. Nov is
stock)
31
114
2
2
114
2
Oct. 1
Oct. 1
Oct. 1
Oct. 15
Dec. 1
Dee. 1
Sept.21 to Sept.30
Sept.21 to Sept.30
Sept.21 / to Sept.30
Holders of rec. Oct. 9
Holders of rec. Nov.17
Holders of rec. Nov. 111
1532
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Jones Bros. Tea,common (guar.)
Oct. 15 Holders of rec. Oct. la
El
Kerr Lake Mines(guar.)
1234c Oct. 15 Holders of ree. Oct. is
Lindsay Light, Preferred (guar.)
131 Nov. 8 Holders of rec. Nov. 5a
1% Feb11.24 Holders of rec.Feb.7'24 a
Preferred (guar.)
Loose-Wiles Biscuit2d pref.(acct accumulated dividends) $7 Nov. I Holders of rec. Oct. 18a
MacAndrews & Forbes Co.,corn.(quar.) 254 Oct. 15 Holders of rec. Sept.290
154 Oct. 15 Holders of rec. Sept.296
Preferred (guar.)
Macy(R.
134 Novi 1 Holders of rec. Oct. 13a
& Co., Inc., pref.(guar.)_
4
Oct. 20 Holders of rec. Sept.296
Mexican Petroleum, corn. (guar.)
Oct. 20 Holders of rec. Sept. 29a
2
Preferred (guar.)
131 Oct. 15 Holders of rec. Sept.29a
Michigan Limestone & Chem., pf.(qu.)_
Midwest 011, corn.($10 par)(quar.)__ - 6234c Oct. 15 Holders of rec. Oct. la
631e Oct. 15 Holders of rec. Oct. la
Common ($1 par) (guar.)
6310. Oct. 15 Holders of rec. Oct. la
Preferred (guar.)
Oct. 13 Holders of rec. Sept. 22a
Si
Mohawk Mining (guar.)
•75e. Nov. 1 *Holders of rec. Oct. 15
Moon Motor Car (guar.)
•28c. Nov. 1 *Holders of rec. Oct. 15
Extra
750. Oct. 15 Holders of rec. Sept. 296
National Biscuit, common (guar.)
Nat.Enameling & Stamping. pref.(WI.)- 1 Si Dec. 31 Holders of rec. Dec. 116
154 Oct. 15 Holders of rec. Sept.29a
National Fuel Gas(guar.)
Oct. 15 Holders of rec. Sept.29a
National Paper dr Type,corn.& pf. 0(11.) 2
131 Nov. 1 Holders of rec. Oct. 19
National Tea, pref. (guar.)
Nov. 10 *Holders of rec. Oct. 31
*2
New Jersey Zinc (guar.)
$1 Nov. 1 Holders of rec. Oct. 5a
New York Air Brake, corn.(guar.)
2 Holders of rec. Dec. 3a
Jan.
51
Class A (guar.)
Oct. 15 Holders of rec. Sept. 20
2
New York Transit(guar.)
50c. Oct. 15 Holders of rec. Oct. 1
New York Transportation (quar.)
15c. Oct. 20 Sept.30 to Oct. 17
Nipissing Mines. Ltd. (guar.)
15c Oct. 20 Sept.30 to Oct. 17
Extra
(quar.)_
pref.
Coal,
&
Oct. 15 Holders of rec. Oct. 6
Steel
2
Scotia
Nova
Oct. 15 Holders of rec. Sept.29a
Ohio Brass, corn.(quar.)
52
114 Oct. 15 Holders of rec. Sept.'29a
Preferred (guar.)
Ohio Fuel Supply (guar.)
5631c Oct. 15 Holders of rec. Sept.296
10c. Oct. 15 Holders of rec. Sept.29
Oil Lease Development(monthly)
25e. Oct. 20 Holders of rec. Sept.28a
Oklahoma Natural Gas(quar.)
Oct. 15 Holders of rec. Sept.29a
2
Otis Elevator,common(quar.)
154 Oct. 15 Holders of rec. Sept.29a
Preferred; guar.)
30c. Oct. 31 Holders of rec. Oct. 15a
Packard Motor Car, cont. (.iu.u..)
Pan Am. Pet.dtTr.. com.iteom. B (qu.) 32
Oct. 20 Holders of rec. Sept.29a
Dec. 31 Holders of rec. Dec. 20a
$1
Peerless Truck 1k Motor moan)
Nov.15 Holders of rec. Nov. 5
2
Penmans, Limited, common (guar.)
Preferred (guar.)
155 Nov. 1 Holders of rec. Oct. 20
$1.25 Oct. 15 Holders of rec. SePt.290
Pennsylvania Salt Mfg.(guar.)
Oct. 10 *Holders of rec. Sept.28
Philadelphia & Camden Ferry (guar.)--- •5
131 Nov. 1 Holders of rec. Oct. 200
Phillips-Jones Co., Pref. (guar.)
40c. Nov. 1 Holders of rec. Oct. 2
Pick (Albert) Co.,common (guar.)
13c. Nov. 1 Holders of rec. Oct. 2
New common (quar.)
Oct. 15 Holders of rec. Oct. 5a
Pierce, Butler & Pierce Mfg.,corn.(qu.)_ 1
Oct. 25 Holders of rec. Oct. 106
1
Pittsburgh Coal, corn. (guar.)
Oct. 25 Holders of rec. Oct. 10a
134
Preferred (guar.)
Oct. 9 *Holders of rec. Oct. 29
'El
Pittsb. Term. Whse.& Transp.(qu.)
131 Oct. 20 Holders of rec. Oct. la
Plymouth Cordage (guar.)
750. Nov. 1 Holders of rec. Oct. 20a
Postum Cereal, corn.(Mar.)
Nov. 1 Holders of roe. Oct. 201
2
Preferred (guar.)
Oct. 31 Holders of rec. Sept.296
2
Prairie Oil dc Gas (guar.)
Oct. 31 Holders of rec. Sept.29a
2
Prairie Pire Line(guar.)
Oct. 15 Sept.23 to Oct. 10
Procter & Gamble,8% preferred (guar.)- 2
3 Oct. 15 Holders of rec. Oct. la
Quaker Oats, common (guar.)
154 Nov.30 Holders of rec. Nov. la
Preferred (guar.)
50c Nov. 1 Holders of rec.Sept. 146
Reynolds Spring.corn.(au.)(No.1)__
2
Oct. 15 Holders of rec. Sept. 300
Rickenbacker Motor(guar.)
145 Oct. 26 Holders of rec. Oct. 166
River Raisin Paper (Var.)
25c.
20 Dec. 9 to Dec. 20
Dec.
St. Joseph Lead (guar.)
25e. Dec. 20 Dec. 9 to Dec. 20
Extra
Schulte Retail Stores, corn.(in pref. stk.) m$2 Dec. 1 Holders of rec. Nov. 160
Mr V24 Hold.of rec. Feb.15'246
Common (payable in preferred stock). m$2
Smith (Howard) Paper Mills, coin.(qu.) 131 Oct. 20 Holders of rec. Oct. 10
2
20 Holders of rec. Oct. 10
Oct.
Preferred (guar)
10e. Oct. 20 Holders of rec. Oct. 1
Southern States Oil (monthly)
Steel Co. of Canada, corn. dr pref.(qu.)_ 134 Nov. 1 Holders of rec. Oct. 5
Nov. 1 Holders of rec. Oct. 150
$1
Sterling Products(guar.)
2
Sugar Estates of Orleate, pref.(quar.).
Nov. 1 Holders of rec. Oct. 156
Oct. 15 Sept.30 to Oct.d14
$1
Sullivan Machines"'(guar.)
Superior Steel Corp., lot & 2d pf.(qu.)_ 2
Nov. 15 Holders of rec. Nov. 1
1.340. Oct. 16 Holders of rec. Oct. 1
Tecopa Consolidated Mining
250. Oct. 15 Holders of rec. Sept.296
Tennessee Copper & Chemical(guar.).
Thompson (John R.) Co., corn.(mthly.) 25c. Nov. 1 Holders of rec. Oct. 236
250. Dec. 1 Holders of rec. Nov.23a
Common (monthly)
144 Nov.15 Holders of rec. Nov. la
Tobacco Products, Class A (guar.)
754c. Oct. 20 Sept. 30 to Oct. 7
Tonopah Mining (quar.)
75c. Oct. 15 Holders of rec. Oct. la
Transue & Williams Steel Forg.(guar.)
1
Oct. 15 Holders of roe. Sept.30
Tuckett Tobacco, common (quar.)
134 Oct. 15 Holders of rec. Sept.30
Preferred (guar.)
30 Oct. 20 Holders of rec. Sept. 29
Turman Oil (quar.)
154 Oct. 15 Holders of rec. Oct. 5
Union Bag & Paper Corp.(guar.)
50c. Oct. 15 Holders of rec. Sept.29"
Union Natural Gas(guar.)
United Alloy Steel, common (quar.)- - 750. Oct. 10 Holders of rec. Sept.280
3
Nov. 1 Holders of rec. Oct. 160
United Cigar Stores, common (guar.)
134 Dec. 1 Holders of rec. Nov. 150
United Drug, corn. (guar.)
8731c Nov. 1 Holders of rec. Oct. 151
1st pref. (guar.)
1an2'24 Holders of rec. Dee. 150
United Dyewood, pref. (guar.)
2
Oct. 15 Holders of rec. Sept. 20
Vaned Fruit(quar.)
Nov.
$1
Mining
1 Holders of rec. Oct. 5a
(guar.).
Extension
United,Verde
75e. Oct. 15 Holders of rec. Sept. 30a
U. S. Can, corn. (quar.)
134 Oct. 15 Holders of rce. Sept. 306
Preferred (quar.)
U.B. Cast Iron Pipe& Fdy.. brat.(qu.)- 134 Dec. 15 Holders of rec. Dec. la
134 Oct. 15 Holders of rec. Sent.29a
U.13.Industrial Alcohol. pref.(quar.)_ _ _
•134 Oct. 15 *Holders of rec. Oct. 1
U.S. Radiator, preferred (guar.)
134 Nov. 1 Holders of rec. Oct. 20a
U.S. Realty & Impt., pref. (quar.).._
U.S. Smelt., Refin.& Min.. pref.(qu.)_ 87310 Oct. 15 Holders of rec. Oct. 8a
50c. Nov. 1 Holders of rec. Oct. 15
Ventura Cense'.011 Fields (guar.)
Oct. 15 Sept.30 to Oct. 5
Victor Talking Machine, corn. (quar.)_.. $2
134 Oct. 15 Sept.30 to Oct. 3
Preferred (gultr.)
Vulcan Detinning, pref. & pref. A (gu.)- 131 Oct. 20 Holders of res. Oct. 9a
•500. Nov. 1 *Holders of rec. Oct. 24
Wahl Co., corn. (monthly)
•50e. Dec. 1 *Holders of rec. Nov.23
Common (monthly)
•50e.J an 1 '24 *Holders of rec. Deo. 24
Common (monthly)
•134 J an 1 '24 *Holders of rec. Dec. 24
Preferred (guar.)
$1.25 Dec. 20 Holders of rec. Nov.20
Wells Fargo & Co
Oct. 15 Sept.21 to Oct. 14
2
Western Grocer, common (guar.)
10c. Oct. 31 Holders of rec. Oct. 15
Western States 011(monthly)
$1.40 Oct. 31 Holders of rec. Sept.290
Westinghouse Air Brake((Mar.)
Oct. 31 Holders of rec. Sept.280
Westinghouse Elec. dr Mfg.,corn.(guar.) 51
Oct. 15 Holders of rec. Sept.28n
El
Preferred (guar.)
500. Oct. 20 Holders of rec. Sept.290
White Eagle Oil& Ref.(guar.)
Wrigley(Wm.)Jr. & Co., corn.(mthly.) 50e. Nov. 1 Oct. 28 to Oct. 31
254. Nov. 1 Holders of rec. Oct.d25
Common (extra) •
Sic. Dec. 1 Nov. 24 to Nov.30
Common (monthly)
254. Dec. 1 Holders of rec. Nov. 24
Common (extra)
50e. qua '21 Dec. 25 to Jan. 1 1924
Common (monthly)
25c. Jan1'24 Holders of rec. Dec. 24
Common (extra)
50c. Feb I 24 Jan. 26'24 to Jan. 31 '24
Common (monthly)
25c. Febl'24 Hold, of rec. Jan 25'24
(extra)
Common
254. Marl'24 Hold. of rec. Feb 25'24
Common (extra)
25e. Aprl'24 Hold.of rec. Mar 25'24
Common (extra)
•411,c Nov. 1 *Holders of rec. Oct. 25
Yellow Cab Mfg., class B (monthly)
•From unofficial sources. t The New York Stock Exchange has ruled that stock
The
on
and not until further notice.
date
ex-dividend
this
quoted
will not be
New York Curb Market Association has ruled that stock will not be quoted exnot
until
and
notice.
further
date
this
on
dividend
a Transfer books not closed for this dividend. d Correction. e Payable in stock.
Payable in common stock. « Payable in scrip. h On account of accumulated
dividends. m Payable in preferred stock. n Payable in Canadian funds.
•New York Curb Market rules British Amer. Oil be quoted ex-illy. on Oct. 1.
P All transfers received in London on or before Sept. 3 will be in time for paymen
of dividend to transferees.
r One share of no-par pref. stock for each share of common stock.
1 Extra div dead on corn $06,250.
[Vol.. 117.
THE CHROYITILE
Weekly Return of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending Sept. 29. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
Mated in thousands of dollars-that is, three ciphers (000) orlitt&L)
New
Resers
Capital Profits. Loans,
Net
Ttme Bank
with
Week ending
Discount, Cash
De- Circa •
Legal Demand
in
Sept. 29 1923 Nat'l, Sept.14 InvestState, Sept 10 meats. Vault. Deposi- Deposits. posits. Jotion.
tories.
((000 omitted.) Tr.Cos,s'ept.10 ,ke.
I
Members of Fed. Res. Bank.
Bank of N Y & $
Trust Co____ 4,000 12.108
Bk of Manhat'n 10,000 13,616
Mech &Met Nat 10,000 16,849
Bank of America t36,500 5,648
Nat City Bank. 40,000 52,2 1
Chem Nat Bank 4,500 16,550
152
500
Nat Butch dv Dr
Amer Exch Nat 5,000 8.128
Nat Bk of Corn_ 25,000 39,449
Pacific Bank___ 1,000 1,723
Chat dr Phen Nat 10,500 9,791
21,904
Hanover Nat Bk 5,0
Corn Exchange.. 9,075 12,876
National Park__ 10,000 24,0 0
832
past River Nat. 1,000
First National__ 10,000 55,943
11,40
Irving-Bk-ColTr 17,5
956
Continental Bk. 1,000
Chase National_ 20,000 23,2
500 2,525
Fifth Avenue..__
600 1,011
Commonwealth.
Garfield Nat__ 1,000 1,642
Fifth National__ 1.2001 1,190
Seaboard Nat__ 4,000 7.358
Coal & Iron Nat 1.500 1,283
Bankers Trust... 20.000 24.228
17 13 Mtge & Tr. 3,000 4,48
Guaranty Trust 25.000 18,330
Fidel-Inter Trust 2,000 1.945
N Y Trust Co... 10,000 18.342
Metropolitan Tr 2,000 4,01
Farm Loan & Tr 5,000 18,171
Equitable 'Frust1 23,000 1,1,221
Average Average Average
$
802 6,303
62,620
133.311 2,263 13,535
163,383 4,403 18,494
76,818 1,551 9,938
507,592 4,370 52,91
115,754 1,084 12,41
62
51
5,120
905 10,191
93,246
9421 34,43
318,438
785 3,34
28,066
146,096 4,603 15,83
306 13,116
114.175
176,461 5,416 20,914
953 15,8713
155.17
303 1,5771
15,953
545 24,469
280,190
248,261 3,771 32,288
781
151
7,581
330.234 4.242 38.840
692 2,637
23,849
10,62
573 1,309
14,33
414 1,777
190 1,936
20,45
85,11
937 10,423
331 1,754
16,001
248,874 1,061 27,821
974 6.187
50,934
345,336 1,455 36,705
22,063
380 2,426
148,279
472 15.868
39,768
616 4,537
1'22,406
644 11,827
218,900 1,783 26,431
Average
45,053
98,334
140,182
74.724
*512.188
91,681
3,455
76,754
260,445
22,623
111,586
98,708
155.921
120,541
11,334
182,743
242,991
5,64
289,521
20,406
9,393
13,593
14,791
77,712
12,682
*220.487
45,656
*338,045
17,477
117,600
Average
$
7,158
20,175
3,957
3,250
79.293
5,559
32
6,312
18,325
1,537
26,294
Av'ge.
"tio
2,147
341
298
4,924
5,992
100
23,875
6,098 7.792
50
2,851
23,441 7,434
15,110
373
24,824 1:oi
"iio
15
902
2,345
842
23,856
2,643
44,345
1.809
17,57
2,566
*84,464 26,49
•225,6861 17,783
396
247
65
413
Total of averagesJ289,375 440,179 4.345.409 47,968 477,536 c3,543,506 410,581 32.276
Totals, actual condition Sept.294,385,630 47,853502,383 c3,595,544410,12932,297
Totals, actual condition Sept.22 4,348,004 46,551 466,612 c3,548,428 416,113 32,402
Totals, actua condition Sept.15 4,334,968 47,040 485,859 c3,560,443411,97432,439
State Banks Not Me mbers of Fedi Res've Bank.
4
17,785
17,616 1,637 1,617
Greenwich Bank 1,000 2,337
2,650 2,043
451
324
5,404
879
250
Bowery Bank__
28,909 55,169
2,500 5,039 88,076 3,4131 1.838
State Bank
Total of averages
3,750
8,226
111,096
5,3741 3,906
Totals, actual condition Sept.29 111,702 5.5121 4,0021
Totals, actual condition Sept.22 111,065 5,514, 4,0471
Totals actual condition Sept.15 110,932 5,8461 3,7871
Trust Companies Not Membe riot Fed 1 Res v e Bank'.
55,313 1,5861 3,4841
Title Guar & Tr' 10,000 13,616
846 1,6201
Lawyers TR & T 6,000, 5,480 25,895
49,344 57,216
50,230 57,219
49,681 57,176
50,729 56,978
33.581
15,802
1,900
637
Total of averages 16,0001 19,036
81,208
2,4321
5,1041
49,383
2,537
Totals, actual condition Sept.29
Totals, actual condition 'Sept.22
Totals, actual co ndition Sept.15
81.007
80,889
81,558
2,292
2,431
2.467
5,14
5,166
5,113
49,443
49,355
50.228
2,584
2,527
2.419
Gr'd am., aver. 309,125'467,502 4,537,713 55,774486,54613,642.233 470,334 32,278
-5
Comparison with) prey.',week _ +6,744 -265-6.989 -29.981-5,46
Gr'd aggr., act' ond'n Sept.29 4,578,339 55,657 511,529/3,695,217469,932 32,297
Comparison wi h prey. week....+38,381 +1,161.+357041 +47,753-5,884 -105
Gr'd aggr., aa'i condo Sept.224,539,958 54,496 475,8251 3,647,464 475,816 32,402
cond'n op 154,S27,458 55,353494.769 3,661,400471,371 32,439
Gr'd aggr.,
Gr'd aggr., act!cond'n Sept. 84,486,188 68,007479.955 3,600,319472,482 32,506
-opt. 14.502.848 63,475488,250 3,626,795 469,504 32,481
cond'n
act'l
Gr'd agsr.,
Gr'd aggr., nal cond'n rAug. 254,429.102 55,887 493,945 3,568,163457,25632,387
Gr'd ago., ace!cond'n Aug.18 4,420,763 52,869482,1471 3,551,261 455,528,32,515
Note.-U. S. deposits deducted from net demand deposits In the general total
above were as follows: Average total Sept. 29, $45,216,000; actual totals Sept. 29.
$45,220,000; Sept. 22, 345,185,000; Sept. 15, $19,174,000; Sept. 8, 521,307,000;
Sept. 1, $21,306.000. Bills payable, rediscounts. acceptances and other liabilities.
average for week Sept. 29. $416,712,000; Sept. 22. 5378,127,000; Sept. 15, 5424,393,000; Sept. 8, 5427.257.000; Sept. 1, 5411,957,000. Actual totals Sept. 29,
3439,670.000: Sept. 22, 3393,294,000; Sept. 15, $424,120,000; Sept. 8. 3427,893,000;
Sept. 1, 5420,429,000.
• Includes deposits in foreign branches not included in total footings as follows:
National City Bank. $123,850,000; Bankers Trust Co., $13,451,000; Guaranty
Trust Co.. $68,558,000; Farmers' Loan & Trust Co., $215,000; Equitable Trust Co.,
327,029,000. Balances carried in banks in foreign countries as reserve for such
deposits were: National City Bank, 321,852,000; Bankers Trust Co., 3956,000:
Guaranty Trust Co.. $6,034,000; Farmers' Loan St Trust Co., $215,000; Equitable
Trust Co., $2,470,000. c Deposits in foreign branches not included.
The reserve position of the different groups of institutions
on the basis of both the averages for the week and the actual
condition at the end of the week is shown in the following two
tables:
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE B INKS
AND TRUST COMPANIES.
Averages.
Cash
Reserve
in
Reserve
in Vault. Depositaries
Members Federal
Reserve banks..,..
State banks*
Trust companies_
Total Sept. 29_
Total Sept. 22
Total Sept. 15_ - _
Total Sept. 8.......
Total
Reserve.
•
Reserve
Required.
Sur pito
Regan,.
$
$
5
477,536,000 477,538.000 472,973,210
3,904,000 9.280,000 8,881,920
5,104,000 7,536,000 7,407,450
5
4,562.790
398,080
128.550
7,8013,000 486,516,000 494,352,000 439,262,580
8,112,000 493.535,000 501,647,000 493,385,560
8,367.000 485,740,000 494,107,000 486,934,930
7.940,1100 482,179,000 490,119,000 484,978,066
5,089,420
8,261,440
7,172,070
5,140,940
$
5,374,000
2,432,000
•Not members of Federal Reserve Bank.
a This is the reserve required on net demand deposits In the cam of State banks
and trust companies, but in the case of members of the Federal Reserve Bank
Includes also amount in reserve required on net time deposits, which was as follows:
Sept.29,312.317.430; Sept. 22,312,485,010; Sept. 15,512.387,480; Sept.8,512,420,960.
OCT. 6 1923.1
THE CHRONICLE
Actual Figures.
Cash
Retard
in
Reserve
in Vault. Depositostes
Reserve
Required.
Total
Reserve.
Stir plus
Reserve.
Members Federal
Reserve banks_ _
State banks.
Trust companies_ _
502.383,000 502,383.000 479,724,590 22,658,410
472,600
5,512,000 4,002,000 9,514,000 9,041,400
19,550
2,292,000 5,144,000 7,438,000 7,416,450
Total Sept. 29_ _
Total Sept. 22____
Total Sept. 15____
Total Sept. 8_ __
7,804,000 511,529.000 519.333.000 496.182.440 23.150,560
7.945.000 475,825,000 483.770.000 490.124,860 -6,354.800
8,313.000 494,759,000 503,072.000 491,882,230 11.189.770
8,262,000 479,955,000 488,217.000 483,884,110 4.352.890
1533
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.
$
* Not members of Federal Reserve Banks.
b This Is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank Included
also amount of reserve required on net time deposits, which was as follows: Sept. 29,
$12,303,870; Sept. 22, $12,483,390; Sept. 15, $12,359,220; Sept. 8, $12,396,750.
Oct. 3
1923.
Changes from
previous week.
Sept. 26
1923.
Sept. 19
1923.
$
Unchanged 57.300,000 57.300,000
57,300,000
Surplus and profits
79,000 81.157,000 80,893,000
81.078,000 Dec.
Loans. disc'ts & investments_ 890,097,000 Inc. 9,658,000 880,439,000 888,492,000
Individual deposits,Incl. U.S.608,173,000 Inc. 10,264,000 597,909.000 607.056,000
Due to banks
114,898,000 Inc. 6.649,000 108,247.000 115,271,000
Time deposits
129,719,000 Dec. 351,000 130.070,000 128,751,000
United States deposits
28,000 40,219,000 33,429,000
„ Dec.
Exchanges for Clearing House 26,492,000 Inc. 7,572,000 18,920.000 23,336.000
Due from other banks
67,430.000 Inc. 1,004,000 66,426.000 71,371,000
Reserve In Fed. Res. Bank_
69,578,000 Inc. 1,912.000 67,688.000 69,777,000
Cash in bank and F. R. Bank 8,773,000 Inc.
333,000 8,440,000 8,369,000
Reserve excess in bank and
Federal Reserve Bank
838,000 2,278.000
1,927,000.Inc. 1,089,000
Capital
State Banks and Trust Companies Not in Clearing
House.-The State Banking Department reports weekly
Philadelphia Banks.-The Philadelphia Clearing House
figures showing the condition of State banks and trust com- return for the week
Sept.29, with comparative figures
panies in New York City not in the Clearing House as follows: for the two weeksending
preceding, is given below. Reserve
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
NEW YORK. NOT INCLUDED IN CLEARING HOUSE STATEMENT.
to be kept with the Federal Reserve Bank. "Cash in vaults"
(Figures Furnished by State Banking Department.)
Differencesfrom is not a part of legal reserve. For trust companies not
.menlSept. 29.
Previous week.
bers of the Federal Reserve System the reserve required is
Loans and investments
$813,397,900 Inc. $1,217,200
Gold
3,225,600 Inc.
16,100 10% on demand deposits and includes "Reserve with legal
Currency and bank notes
20,056,500 Dec. 472,500 depositaries" and 'Cash in vaults."
Deposits with Federal Reserve Bank of New York
70,435,300 Dec. 3,676,000
Total deposits
827,369,300 Dec. 8,806,500
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N.Y.City,exchanges and U.S.deposits 780.245,500 Dec. 4,310,100
Reserve on deposits
124,502.600 Dec. 7,635,900
Percentage of reserve, 206%.
REgERVE.
State Batas
-Trust Com:tante:Cash In vault
*527,053,000 15.84%
$66,664,400 15.62%
Deposits in banks and trust cos_ _ _
8,419.400 4.93%
22,365,800 5.23%
Total
$35,472,400 20.77%
589,030,200 20.85%
• Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on Oct. 2 was $70,435.300.
Banks and Trust Companies in New York City.-The
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
WeekendedJune 9
June 16
June 23
June 30
July 7
July 14
July 21
July 28
Aug. 4
Aug. 11
Aug. 18
Aug. 25
Sept. 1
Sept. 8'
Sept. 15
Sept. 22
Sent. 29
Loans and
Investments.
Demand
Deposits.
$
5,428,987.200
5,417,776,500
5,411.405,200
5,455.575.600
5.521,531,400
5,467,089,000
5.404,760.500
5,350.244,500
5,335,175,500
5.287,686,600
5,268,638,700
5,229,448.600
5.257.620,900
5.299,993,700
5.305,103,700
5,343.149,700
5.351.110.900
4,506.144,700
4,527,000,900
4.511.280.800
4.543.063.300
4.614,315,200
4,555,262.200
4.527,081.500
4.489.997.800
4.452.081,300
4,372,278,000
4,350.022.600
4,336.761,700
4.354.662.100
4,380.653,300
4,404.072,200
4,456,769.600
4.422 475 5nn
8
'Total Cash
in Vaults.
Reserve in
Depositaries
$
82,459.100
81.749,900
78,750,200
80.871,000
83.510,400
85.305.800
79.020,500
78,711.400
78,046,100
80,142,000
79,734,800
78.651,400
79,233,800
79.476,700
82.333,900
79,777,500
7O AAR Inn
$
597,472,300
607.842,900
596.572,600
606,940,200
633,640,100
608,094,400
609.843.200
588,988,700
591,712,400
578.776.900
581,500,000
573,572.600
577.416.800
584.092,300
591,433,500
601.935,000
557 755 can
New York City Non-Member Banks and Trust Companies.-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.
(Slated in thousands of dollars-that is. three ciphers 1100I omitted.)
I
Net
Loans
CLEARING
Capital.Profits DisReserve Net
Net
NON-MEMBERS
counts Cash
with Deman Time
Nat.bks. Scp.14 Invest
in
Legal
DeDeWeek Ending State bks.Sep.I0 merits, Vault. Deposi- posits. Posits.
Sept. 29 1923. Tr. cos. Sep. 10
tories.
Members of
Fied'i Res've Bank
W.R.Grace& Co.
Total
State Banks Not
Members of
Fed'i Res've Bank
Bank of Wash. Ilt
Colonial Bank
Total
Trust Co. Not
Member of
Fed'i Reeve Bank
Mech.Tr.,Itayonne
Total
$ I
5001
1,567
506 1,587
Nat'l
Bank
Circulation.
Average Average Average A verag Average Average
$
$
6,228
1,682 2.693
20
353
____
6,228
20
353
1,882
2,693
Week Ending Sept. 29 1923.
Two Ciphers (00)
omitted.
Membersof
Trust
F.R.System Companies
Sept. 15
1923.
Sept. 22
1923.
Total.
Capital
539,125,0 $5,000,0 344,125,0 $44,125.0
Surplus and profits
108.062,0 15,375,0 123.437,0 122,599,0
Loans, discla & investmls 714,443,0 44,615,0 759,058,0 757.270,0
Exchanges for Clear.House 28,617,0
548,0 29,165,0 28,567.0
Due from banks
98,597.0
20,0 98,617,0 100,301,0
Bank deposits
119,042,0
920,0 119,962,0 120,788,0
Individual deposits
.. 527,411,0 28,466,0 555,877,0 552,111.0
Time deposits
53,691,0
931,0 54,622.0 54,506.0
Total deposits
700,144,0 30,317,0 730,461,0 727,405,0
U.S. deposits (not incl.)
17,285,0 16.274,0
Res've with legal deposit's
3,612,01
3,612,0
3,068,0
Reserve with F. R. Bank_
54,338,0
54,338,054,463,0
Cash in vaults
9,416,0
1,393,0 10,809,0 10,673,0
Total reserve and cash held 63,754,0
5,005,0 68,759.0 68,204,0
Reserve required
55,910,0
4,368,0 60,278,0 59,851,0
Excess res. & cash in vault
7.844,0
637,0
8,353,0
8,481,0
•Cash in vault not counted as reserve for Federal Reserve members.
244,125.0
121,136,0
755,275.0
27,932,0
97,801,0
121,745,0
556.072.0
54,406,0
732.223,0
19,194,0
3,675,0
54,754,0
11,047,0
69.476,0
60,336.0
9.140.0
Condition of the Federal Reserve Bank of New York.
-The following shows the condition of the Federal Reserve
Bank of New York at the close of business Oct. 3 1923 in
comparison with the previous week and the corresponding
date last year:
ResourcesGold and gold certificates
Gold settlement fund
-F.R. Board
Oct. 3 1923. Sept. 26 1923. Oct. 41922.
5
171,075,499 176,866,482 155,687,00e
97,931,000
159,252,147 156,202,638
Total gold held by bank
Gold with Federal Reserve Agent
Gold redemption fund
330,327,646
634,832,870
8,418,089
333,069,121
635,024,270
10,137,489
Total gold reserves
Reserves other than gold
973,578.607
16,833,645
978,230,881 1.036,723,000
34,540,000
17,367,050
Total reserves
'Non-reserve cash
Bills discounted:
Secured by U. S. Govt. obligations__
All other
Bills bought in open market
990,412.252
10,818,713
995,597,931 1,065,263,000
10,440,820
136,459,001
67,517,478
22,357.025
11.7:gC:Nt
26,556,171
36,529,096
21,248.000
81,376,000
Total bills on hand
U. S. bonds and notes
U. S. certificates of IndebtednessOne-year certificates (Pittman Act)All other
226,333,504
10,423,750
227,007,894
7,938,750
139.153,000
77,535,000
3,150,000
2.020.000
11,500,000
73,657,000
Total earning assets
Bank Munk**
6% redemp.fund agst.
Uncollected Items
All other resources
239,907,254
13,395,819
236.966.644
13,371,836
147,180,985
1,060,934
132,018,638
1,310,390
F.R.bank notes_
253,618,000
771,617,000
5,488,000
301.845.000
9,646,000
574,000
145,639,000
2,148,000
Total resources
1 402,775,960 1.389.706.260 1,525,150,000
Lfabi:t•resCapital paid in
27,805,000
29,281.850
29,289,350
Surplus
60,197,000
59,799,523
59.799,523
DepositsGovernment
4,944,000
16,427,588
Member banks-Reserve account65
4;130
804 690,808,458 702,210,000
- 700%5
All other
10,223,000
13.405,448
13,037,053
Total
721,256,988
F. R. notes in actual circulation
474,894,177
F. R. bank notes In circu'n-net liability
Deferred availability items
113,383,590
All other liabilities
4,152,330
720,641,493
489.442,404
106.287,503
4,253,485
717,377,000
610,763,000
9,647,000
94,231,000
5,095,000
Total liabilities
200
800
388 6,212
2,217 20,700
839
2,370
321
1.380
5,340
20,002
1,434
1,000
2,805 26,912
3,009
1,701
25,342
1,434
500
407
8,989
340
118
2,952
5,711
500
407
8,989
340
118
2,952
5,711
Grand aggregate__ 2,000 4,580 42,129
Comparispn with previous week_
-419
OK'd aggr., Sept.22
Gr'd aggr., Sept.15
Gr'd aggr.. Sept. 8
Gr'd aggr., Sept. 1
3.369 2,172 229,976 9,838
-471 -147 -363 --343
2,000 4,406 42,548 3,416, 2,319 830,3391 10.151
2,000 4,406 42.407 3,1071 3,326 830.515 10,322
2,000 4.408 41,727 3,324 2,210 829,7991 10,188
3,500 5,515 42,194 3,317 2,102 229,48131 10.391
a United States deposits deducted, $295,000.
Bills payable, rediscounts, acceptances and other liabilities, 2164,000.
Excess reserve, 5112,740 decrease.
1,402,775,960 1.389,706.260 1,525.115,000
Ratio of total reserves to deposit and
F. R. note liabilities combined
80.2:
82.8%
83.7%
Contingent liability on bills purchased
for foreign correspondents
14,849,975
11,939,577
11,950,230
•Not shown separately prior to January 1923.
CURRENT
NOTICES.
-George A. Winsor and S. Smith Quackenbush, both former partners in
the firm of R. W.Pressprich & Co., together with Gardiner Trowbridge and
Arthur L. Trowbridge, who were connected with the same firm, have
formed a copartnership under the name of Winsor, Trowbridge & Co. to
transact a general bond business, specializing in railroad bonds, with
offices at 1 Wall Street, New York. Telephone, Whitehall 1200.
-E. G. Parsly of Parsly Brothers & Co. has been elected a director of
Metropolitan Power Co. This company is constructing at Middletown,
Pa.. on tho Susquehanna River, a large main central generating station
which will be connected with the Metropolitan Edison Co. system.
[Vox,. 117.
THE CHRONICLE
1534
Weekly Return of the Federal Reserve Board.
The following is tne return issued by the Federal Reserve Board Thursday afternoon, Oct. 4,and showing the condition
of the twelve Reserve Banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returnsfor the latest
week appears on page 1514, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS OCT. 3 1923.
Oct. 3 1923. Sept. 26 1923.13ept. 19 1923. Sept. 12 1923 Sept. 5 1923. Aug. 29 1923. Aug. 22 1923. Aug. 15 1923 Oct. 4 1922.
RESOURCES.
Gold and gold certificates
Gold settlement fund, F. R. Board
357.185,000
643,874.000
359,664,000 357,345,000 349,597.000
641,647,000 638,892.000 633,454.000
344,746.000
645,876,000
361,066.000
649,455,000
356.864,000
615.595.000
348.655,000
634.519,000
170,138,000
568,241,000
Total gold held by banks
Gold with Federal Reserve agents
Gold redemption fund
1,001.059.000 1.001,311,000 998,237,000 983,051.000 990,622.000 1.010.521,000 972.459.000 983,174.000 838,399.000
2,055.663.000 2,061.935.000 2,066.488,000 2,070.557.000 2.060,700.000 2.061.164,000 2.081,265.000 2.079.719.000 2,194,931.000
55,949,000
57,988.000
69,040.000
49.304,000
57.053.000
50.688.000
53,328.000
59,245,000
59.103.000
Tote gold reserves
Reserves other than gold
3,115,830,000 3,116,604,000 3,121,970.000 3.110.661,000 3,102,010.000 3,120,989.000 3,122384,000 3.120.881,000 3,089,280.000
74.186,000 123.725,000
78.612.000
76,324.000
80,245.000
77.004,000
77,832,000
76,094.000
72,160.000
3,187,990,000 3,192,998.000 3,199,802,000 3.187,665.000 3.178,334.000 3,201.234.000 3.201.376.000 3.195,067.000 3,213,005,000
Total reserves
70.967.000
79.585.000
68.700.000
77,139.000
65,782.000
74,248,000
84,295,000
72,354.000
'Non-reserve cash
Bills discounted:
156,318,000
Secured by U. S. Govt. obligations-. 400.158.000 402,141,000 324.640,000 389,071.000 399.118.000 376.194.000 359.999.000 380,560.000
481,503.000 459,867.000 449.600,000 452.288.000 450.976.000 439.324,000 420,597.000 420.879.000 277,878.000
Other bills discounted
172,902.000 172.124,000 171,044.000 179.313.000 174.583.000 173,485.000 176.610,000 173.189.000 235,458,000
Bills bought in open market
1.054.563,000 1,034,132,000
87,737.000
89,628,000
4,148.000
5.514.000
317,000
317.000
Total bills on hand
U. S. bonds and notes
U. S. certificates of Indebtedness
Municipal warrants
945,284,000 1,020,872,000 1,024.657.000
94.718.000
96.320.000
84.670,000
5,139.000
2.452.000
7,919.000
20.000
20.000
317.000
989,003.000
91,328,000
2,202.000
20,000
957.206,000
80.925,000
3,834.000
•
20,000
974.628.000
84,867,000
4,974.000
20.000
669,654.000
253.042.000
230,299,000
15.000
1,150,022,000 1,126,334,000 1,038,190.000 1.120.549.000 1,123,449.000 1.082,553.000 1,041,985.000 1,064.489.000 1,153.010,000
Total earning assets
44,011,000
53.664,000
54.183.000
54,361.000
54.239.000
54,269.000
55,023.000
51.915.000
55,173.000
Bank premises
3.851,000
93,000
93,000
93.000
28.000
28.000
28,000
28,000
28,000
bank
R.
F.
notes
agst.
fund
redemp
6%
631.701.001
679.279.000
583.915.000
546.926.000
670.862.000
594.984.000
663,548.000 616,211,000 747.873.000
Uponfleeted items
14,604.001
13.184,000
13.043.000
13,339,000
13.477.000
13.532.000
13,717.000
13.332.000
13,118.000
All other resources
5,142,233,000 5,078,259,000 5,138,435,000 5.124,136.000 5.030.185.000 4,967,222,000 4,974,180,000 5.076,743,000 5,060,694,000
Total resources
LIABILITIES.
Capital paid in
Surplus
Deposits-Government
Member bank-reserve amountOther deposits
109,669.000 109.657,000 109,644,000 109.682.000 109,718,000 109.751.000 109.678.000 109,886.000 106.210,000
218,369.000 218,389,000 218,369,000 218.369.000 218,369.000 218,369,000 218.369.000 218.369,000 115,398,000
14,901,000
34.285.000
30,038.000
38,534.000
39,597,000
37,960.000
56.279,000
37,970.000
30,085.000
1,884,046,000 1,851.790,000 1,825,005.000 1,872.773.000 1,843.065.000 1.848,617.000 1.824.572.000 1,850.710,000 1,841.508,000
10,188,000
23,048,000
21.682.000
24,0843.000
20.776,000
21,005.000
22,004.000
24,865.000
22,126.000
1,936.237,000 1.930.073.000 1.887.840,000 1.936.456.000 1.902,375.000 1.907.682,0001,881.905.000 1,902.430.000 1,877,697,000
Total deposits
2,272.308,000 2,247,830.000 2,254,784,000 2.262,525.000 2.257,278.000 2.224,760.000 2,225.063.000 2,231,815,000 2,174,651,000
F. R. notes in actual circulation
509,000
44,726,000
1.550.000
1,565,000
L521,000
509,000
492.000
497.000
485,000
F.R bank notes In circulation-net nab583,742.000 550.527,000 645,866.000 576,015,000 522.057.000 485,041.000 518.366.000 594,033.000 518,334,001
Deferred availability items
23.668,000
18.660.000
20,154.000
19,278,000
20.580,000
19,879.000
21.311.000
21.455,000
21,423,000
All other liabilities
5,060,694,000
5.078.743,000
4,967,222,000
4,974,180.000
5,142,233,000 5,078,259,000 5,138,435.000 5,124.138,000 5,030,185,000
Total Ilabiliues
Ratio of gold reserves to deposit and
74.4%
75.5%
75.5%
76.0%
74.1%
74.6%
74.6%
75.4%
74.4%
F. R. note liabilities combined
Ratio of total reserves to deposit and
77.4%
77.3%
77.9%
76.4%
76.4%
77.5%
75.9%
77.2%
75.8%
combiner!
liabilities
note
R
F.
Contingent liability on bills purchased
31,966.000
33,244,000
35,146.000
35.404,000
34,304,000
33.784.000
33.794.000
33,752.000
34,276,000
for foreign correspondents
ribuiton by Mau fifes1-15 days bills bought In open market_
115 days bills discounted
1-15 days U. S. certif. of indebtedness1-15 days municipal warrants
16-30 days Mils 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 market31-60 days bilis discounted
81-60 days U S. certif. of Indebtedness
81-60 days municipal warrants
61-90 daye bill, bought in open market_
61-90 days bills discounted
61-90 days U S certif. of Indebtedness_
81-90 days municipal warrants
Over 90 days bills bought In open market
Over 90 days bills discounted
Over 90 days certif of indebtedness
Over 90 days municipal warrants
57.237,000
585.580.000
4,053.000
56,831,000
56,621,000
571,155,000 482,783.000
2,375.000
6,120.000
6L971.000
558,412.000
4,452.000
$
60,115.000
572.012.000
1,827.000
54,600,000
531,631.000
385,000
59.029.000
496.397.000
1,214.000
53,421,000
521.433.000
2.071.000
53,255.000
243,163,000
23,550,000
47,950,000
52,493,000
4,250,000
3.000
64.058,000
73,414,000
1,298,000
32,222.000
85.064,000
34,308.000
81.295,000
33,483.000
83.725.000
34,545.000
76,545,000
33,815.000
74,317.000
32.094.000
64.241.000
706.000
29,013.000
65.204.000
1,967.000
29.705.000
66,354,000
39,403.000
117,004.000
38.148,000
120,935.000
39,976,000
121,103,000
45,662,000
119,401.000
48.277.000
117.292.000
52,339,000
120,476,000
52,949.000
119,508,000
50.557.000
106.867.000
2,197,000
266,000
39,500,000
80,435.000
aoL000
266,000
38,749.000
75,155.000
264.000
33.300.000
71,152.000
1.000
28.501.000
68,487.000
29.674.000
76,809,000
612.000
31,440.000
75.390.000
36.813000
78,476.000
53,087,000
47.193,000
62,045,000
4.540.000
13,598,000
1,100.000
51,000
4,088,000
13,468,000
1,509.000
51,000
38.374.000
72.793.000
392,000
2116.000
2,590.000
13,83)1.000
1,407.000
51,000
3.835.000
15.849.000
6813.000
20.000
3.855.000
17.986.000
625,000
20.000
4.778.000
22.361.000
499,000
20.000
4.179.000
24,037.000
653.000
20,000
2.893.000
28,309.000
706,000
20,000
17,108.000
17:953,000
139,156.000
12,000
Federa Reserve NotesOutstandjnit
Held by banks
2,736.500,000 2,725,864,000 2.721,735,000 2316,690.000 2.701.577.000 2.688.759.000 2.687.335.000 2,684,738.000 2.682.940,000
464,192.000 478,034,000 486,971.000 454.165.000 444,299,000 461.999.000 482,272,000 452.923,000 408,189,000
In actual circulation
2,272.308,000 2.247,830,000 2.254.764.000 2,262,525.000 2.257.278,000 2.224,760,000 2,225.1)630M 2.231.815.000 2.274.651,000
Amount chargeable to Fed. Res. Agent 3.598,004,000 3,610.978,000 3.807,199.000 3.584.439.000 3,563,431.000 3.552.703.000 3,533,989.000 3,536.787,000 3,481.292,000
851.501,000 885,114,000 885.464.000 867.749.000 861.854.000 885,944,000 846.654.000 852,049.000 798.3;1.000
In bands of Federal Reserve Agent
2336,500.000
2,725,864,000 2.721,735.000 2,716,690,000 2,701,577,000 2,686.759.000 2,687,335,000 2.684,738.000 1,681,940,000
Banks
Issued to Federal Reserve
Now SecuredBy gold and gold certificates
By eligible Paper
Gold redemption fund
With Federal Reserve Board
320,534,000 320.959.000 320,959.000 321.359.000 320.924.000 320.424.000 320.424.000 320.429.000 416.507.000
680,837,000 663.899,000 655.247,000 646,133.000 840.877,000 825,595.000 608.070.000 605.019,000 488.008.000
114,668,000 120.813,000 110,797,000 119,921.000 119.710.000 124,045.000 125.847,000 114,772,000 125,188,000
1.620,461,000 1,620.193.000 1.628.732,000 1.629,277.000 1.620.066.000 1,618.695.000 1,634,994.000 1,644,518,000 1,653,237,000
2,736.500,000 2.725.864,000 2.721.735.000 2,716,690.000 2,701,577.000 2.686.759.000 2.687,335.000 2,684,738,000 1,682.940.000
Total
Eligible paper delivered to F. R. Agent. 1.014,796,000
•Not shown separately prior to Jan. 1923.
991,115,0001 899,924.000
980.070.000
980.947.000
950,462,000
918,173,000
934.424.000
654,135,000
BUSINESS OCT.3 1913
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 11 FEDERAL RESERVE BANKS AT CLOSE OF
Two ciphers (00) omitted.
Federal Reser°, Rank of-
Boston. New York.
Rssouscrs.
$
20,547.0
'Gold and gold oertificatea
Gold settlement fund-F R.B'rd 68.882.0
Total gold held by banks
Gold with F R. Agents
Gold redemption fund
Total gold reserves
Reserves other than gold
Phila.
Cleveland Richmond Atlanta. Chicago. Si, Louts. Mfansap. Kan. City Dallas. San Fran.
$
s
$
$
$
8
8
8
$
$
171.075.0 36.564,0 13.159.0 11,596.0 6.296,0 48,477.0 4.436.0 8,587,0 3,423,0 11,752.0 21,273.0
159,252.0 37.556.0 95.482.0 38,213.0 13.368,0 95.508,0 18.551,0 23.401,0 34.190.0 16.821,0 42,650,0
8
Total.
$
357.185.0
643.874,0
330.327,0 74,120.0 108,641,0 49.809.0 19.664.0 143,985.0 22,987,0 31,988.0 37,013.0 28.573,0 63.923.0 1.001,059.0
634.833.0 171.268,0 207,819,0 28,000.0 71,830.0 401,380,0 35,171.0 38,1192,0 42,085.0 26,455,0 205.999,0 2 055 883.0
59.108,0
8,418,0, 8.308,0 4.197,0 3,714.0 3.575.0 3,679.0 4.031.0 1.840.0 4.576.0 2,248,0 3,091,0
I
293.185,0 973.578.0 253,696.0 320.457.0 81,529.0 95.069.0 549.044,0 62.189.0 72,520,0 84.274.0 57,276.0 273,013.0 3,115.830.0
72,160.0
917.0 2,542.0 6,131.0 1,836.0
16,834.0 12.080.0 3.787,0 2,190,0 4.304,0 8.740.0 9,241.0
3.558.0
89.429,0
192.325.0
11.431.0
296,743,0
Total reserves
14.286.0
Non-reserve cash
Bills discounted:
Secured by U 8.0ovt.obligen 19.489,0
34.522.0
Other hills discounted
8.021.0
Bills bought in open market
990.412.0 265,776,0 324,244,0 83,719.0 99.373.0 557.785.0 71,430.0 73.437,0 86,816,0 63.407.0 274.849.0 3,187,990.0
72,354,0
10,819.01 2,099,0 4,529.0 1,566.0 10,802.0 8.600.0 6,795.0 1,157.0 4,488.0 1.814.0 7.621.0
62.032.0
3,657.0
903.0
226,333.0 70.726.0 81.778.0 76.540.0 79,985.0 145.474,0 75.764.0 28,475.0 52.754.0 55.340,0 99,362.0 1,054.583.0
222,0 6.826.0 3.668,0 13,617.0 11.588,0 1,780.0 9,185.0
89.628,0
10.424.0 17.367.0 9.953.0 1.341,0
178,0
5.514.0
853,0
53.0
3.150.0
41,0
336.0
266,0
317,0
51.0
Total bills OD blind
U. S. bonds and notes
U. EC certIfieatee of odebtedness
Muinci pal warrants
loom earnino
assets
AA 1109
n
136.459,0 33.442,0 29.044.0 28.925.0 17,332.0 53.002,0 23,250.0 7.584,0 20,465,0 4,087,0 27,099,0
67,517.0 18.396,0 22.732,0 47,120.0 53,545.0 52,284.0 52,507.0 20.841,0 30,042,0 22.803,0 59,194,0
50.0 2.247,0 28,470.0 13,068,0
7,0
495,0 9,108.0 40,188.0
22.357.0 18.888.0 30.002,0
920 On7 n
RR 12A n
09 area - 77 201 A
RA 211 A 1A1 1111 A
70 A90 n
A9 noo n
AA 7AA n
R7
49n n ing
400,158,0
481,503.0
172,902.0
AA7 A 1 'AA 097 n
OCT. 6 1923.]
THE CHRONIOLE
szsoURCRS (Concluded)-
Boston. New York,
Two ciphers (00) omitted.
Sans premises
1% rectem ptl on fund
F R hank notes
1Uncollected Items
MI other resources
$
4,434,0
$
13,396,0
Phila
$
744,0
Cleveland Richmond Atlanta
$
9,676,0
$
2,617,0
Total resources
LIABILI7'1ES.
7avits! paid In
tur plus
Deposits: Government
Member hank-reserve acol
Other deposits
Chicago, St. Louts. Minneap. Kan. City
$
8,715,0
$
1,155,0
$
1,755,0
S
4,970,0
Dallas, San Fran.
$
1,952.0
Total.
S
2,941,0
$
55,173,0
28,0
147,181,0 61,496,0 63,802.0 63,237,0 24,953,0 82,114.0 37,672,0 15,672,0 35,247,0 30,854,0 39,551,0
1,061,0
478,0
303.0
274,0
674,0
484,0
637.0 2,838.0 3,692,0
104,0 2.399,0
28,0
663,548,0
13,118.0
against
61,769.0
174,0
$
2,818,0
1535
443,978,0 1,402.776,0 418,523,0 494,621,0 229.498.0 218,731,0 808,850,0 196,588,0 136.512,0 196,942,0 158,013.0 437,201,0
5,142,233,0
7,8(37,0
16.312,0
2,083,0
129,472.0
169,0
29,289,0 9.865,0 12,242,0 5,734,0 4,428,0 15,195,0 5,018,0 3,521,0 4,560,0 4,189.0 7,761,0 109.669.0
59.800.0 18.749.0 23,495,0 11.288,0 8,942,0 30,398,0 9,665,0 7,473.0 9,488,0 7,496,0 15,263.0 218,369.0
8,155.0 1,232,0 1.530,0
500,0 2.359,0 8,218.0 1,833.0 1,030,0 1.036,0 1.499,0
540,0
30.065.0
700.015,0 119.909,0 157,165,0 62.637,0 52.083,0 268.229.0 65,957,0 48,101.0 79,500.0 53.633,0 147,295,0 1.884.046.0
13,037,0
273,0 1.296,0
149,0
126,0 1,109.0
241,0 4,156,0
598,0
596,0
376,0
22.126.0
Total deposits
131,724,0
F R notes In actual circulation 229,712,0
F. R. bank notes in circulationnet liability.
Deferred Availability Items
57.392,0
!Mother liabilities
971,()
721,257.0 121.414,0 159,991,0 63,286,0 54.568,0 277,556,0 68,388,0 49,557,0 81,132,0 55.373,0 151,991.0 1,936,237,0
474,894,0 213.198,0 241,581,0 92.738.0 131,892,0 415,011,0 74,717,0 59,219,0 63,063,0 56,737,0 219,546.0 2.272,308.0
485.0
113,384,0 53.611,0 55,509.0 55,107,0 17.616,0 68,672,0 37,471,0 15.238.0 37,653,0 31,541.0 40,548,0
4,152.0 1,686.0 1,803,0 1.345,0 1,285.0 2.018,0 1.329,0 1,504,0 1,046,0 2,192,0 2,092,0
485,0
583,742,0
21,423,0
Total liabilities
443,978,0 1,402,776,0 418,523,0 494,621,0 229,498,0 218,731,0 808,850,0 196,588,0 136,512.0 196,942,0 158,013,0 437,201,0 5,142,233,0
Memoranda.
1Ratio of total reserves to deposit
and F R note liabilities combined. per cent
82.1
82.8
79.4
80.7
53.3
53.7
80.5
49.9
74.0
67.5
75.8
56.6
60.2
Uontingent liability on bills purchased tor forolen eorrosnoturts
11950.0 2.949.0 3.703.0 1.783.0 1.406.0 4_766.0 1 509 0 1 102 0 1 4740 1234.0 2.337.0
34.276.0
STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINESS
OCT. 3 1923.
Federal Reserve Agent atBoston New York Phila. Cleve. Richnt'd Atlanta Chicago. Si. L. Minn. K.City Dallas. San Fr. Total.
Resources
(in Thousands of Dollars)
S
S
$
5
$
SS
$
S
$
$
$
$
$
Federal Reserve notes on hand
92,950 313,260 47,000 31,420 23,150 73,722 116.340 24,390 10,085 35,813
25,774 67,600 861,504
Federal Reserve notes outstauding
245,463 730.173 232,776 270,232 99,815 147,128 461,423 91.626 62,898 73,129 61,574 260,263 2,736,500
Collateral security for Federal Reserve notes outstanding
Gold and gold certificates
35,300 235,531 7,000 8,780
2,400
320.534
11,080 13,052
7,391
Gold redemption fund
14,025
28,302 12,897 13,839 4,211 4,430
9,736 2,091 2,640 3,725 3,564 15.226 114,668
Gold Fund-Federal Reserve Board
143,000 371,000 151,389 185.000 23,795 65.000 391,644 22.000 23,000 38,360 15,500 190,773 1,620,461
Eligible paper)Amount required
53,138
95.340 61,508 62,613 71,809 75,298
60,043 56,455 24,206 31,044 35,119 54,264 680,837
(Excess amount held
8,894 103,581
1.281 18,960 3,584 4,602
85,349 19.272 2,912 21,630 19.769 44,125 333.959
- Total
592,770 1,877.187 513,833 590,844 226,364 372,580 1,124,535 226,914138,793 203,701 168,691 632,251 6,668.463
Lk:UntiesNet amount of Federal Reserves notes received from
Comptroller of the Currency
338,413 1,043,433 279,776 301,652 122,965 220,850 577.763 116,016
72,983 108,942 87,348 327,863 3.593.004
Collateral received from)Gold
192,325 634,833 171,268 207,619 28,006 71,830 401,380 35,171 38,692
205,999 2,055.663
Federal Reserve HanklEligible Paper
62,032 198,921 62,789 81.573 75,393 79.900 145,392 75,727 27,118 42.085 26,455
52,674 54.888 98.389 1,014,796
Total
593,770 1.877,187 513,833 590,844 226,364 372,580 1,124,535 226,914
138,793 203.701 168.691 632.251 6,668.463
Federal Reserve noted outstanding
245,463 730,173 232,776 270,232 99,815 147,128 461,423 91.626
62,898 73,129 61,574 260,263 2,736,500
Federal Reserve notes held by banks
15,751 255,279 19,578 28.651 7.077 15,236
46,412 16,909 3,679 10,066 4,837 40,717 464.192
Federal Reserve notes In actual circulation
229.712 474.894 213.198 241.581 92.738 131 ltAl 415 al 1 74 717 00 910 02002 AR 717 9113 04,1 2 272 MS
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the 770 member banks, from which weekly returns are obtained. These
figures are always a week behind
those for the Reserve Banks themselves. Definitions of the different items in the statement
were given in the statement
of Oct. 18 1917, published in the "Chronicle" Dec. 29 1917, page 2523. The comnient of
the Reserve Board upon the figuree
for the latest week appears in our Department of "Current Events and Discussions," on page
1514.
1. Data for all reporting member banks in each Federal Reserve District at close of
business Sept. 26 1923.
Federal Reserve District.
Boston
New York
Phila.
Cleveland Richmond
Number of reporting banks
Loans and discounts, gross:
Secured by U.S. Govt.. obligations
Secured by stocks and bonds
All other loans and discounts
III
55
81
12,05' 105.565
230.443 1.500,131
643,097 2,541,778
18,202
267,377
357,020
28,065
404,829
695,103
Total loans and discounts
U. S. pre-war bonds
U. S. Liberty bonds
U 8. Treasury bonds
U. B. Treasury notes
U.S. Certificates of Indebtedness
Other bonds. stocks and securities
885.595 4,147,477
12,533
48.231
77.644 474,533
4,812
27,279
29.115 458.559
13,706
21,476
171,950 731,336
Total loans & disc'ts & investmls. 1,195 355 5,908,891
Reserve balance with F. R. bank_
83,845 619,910
Cash In vault
18,552
79,954
Net demand deposits
797,1354,578,1354
Time deposits
270,567 901,769
Government deposits
41,037
59,614
BM, payable anti rediscounts with
Federal Reserve Bank:
Secured by U.S. Govt. obligations
9,378 126.996
All ntM1,11.
0.1 .11Q
,115. 11,10
s
43
a
77
Atlanta
Three ciphers (000) omitted.
Chicago Si. Louts Minneap. Kan. City
39
Dallas
San Fran
Taal
770
106
36
9,262
121,420
336,624
3,332
37,115
64,990 579,630
341.743 1.143,148
12.207
140.140
313.254
4,566
41,357
198.231
7,054
81,722
354.520
3.139
57,433
209.962
642,599.1.127,997
10,,398
47,888
43,746 115,841
4.568
3,278
49,626
58,983
4,825
9.598
180.344 299,061
467,306
29,410
32,516
4.059
12,853
3,155
51,771
415.045 1.759,893
14,47,1
24.742
14,073
96,772
1,666
12,493
5.619 116,274
8,950
22,785
42,923 340.384
465,601
‘15.304
22,829
8,614
19,662
5,750
84,493
244,154
9.161
13,342
955
27,640
3.924
27.620
443,296
11,565
49,490
4.795
19,375
4,049
61,962
270 534 1.007.488 11,877.005
274.995
30,226
20.761
98.905 1,053.456
13.765
87,092
12,396
2,177
855.604
43.511
14.387
12.633
5.102
115.953
10,940 154,972 2,157.761
935,116 1.663,936
65,725 101.512
15.910
31,740
681.066 902.981
103,006 591,570
19,812
23.954
601.070
32.673
13,442
321,139
152,481
9,188
502,772 '2.373.343
32.086 195.223
10.341
54,274
253,023 1,453,740
181.107 781,944
11,089
24,330
622,258
37,953
7,727
325,439
187.841
8,647
326,796
21.545
5,740
197.835
84,452
5,199
594,532
47,097
12,880
425.867
134,702
2,743
337,666 1.360.131 16.421.866
24.570 103.593 1.365.732
22.081
283.824
11,183
227.821 726.630 10.891.330
75,543 549.631 4.019.613
22,345
238,222
8,264
15.554
6.735
14 246
2,984
22,741
294,534
.....,,
- ,e
,
a gag
.1_1 11.07
074 7711
s
s
s
8
18,948
20,061
1 R. rall
19.939
11,155
10 1,110
OA con
OA '7 62,
s
25.747
4,-, ,n A
$
.1.,.-...-.•
5
28
nr..-..-,,.
s
76
$
52
s
66
s
258,121
12,559
187.033 3,676,508
807.896 7.942,376
2. Data of reporting member banks In Federal Reserve Bank and branch
cities and all other reporting banks.
New York City,
City of Chicago. AU F. R. Bank Cities.F. R. Branch Cities Other Selected
Cities.
Total.
Sept. 26. Sept. 19. Sept.26. Sept. 19, Sept. 26. Sept. 19. Sept. 26.
Sept. 19. Sept. 26. Sept. 19. Sept. 26'23 Sept. 19'23Sept. 2722
,
Number of reporting banks
60
1
49
66
49
258!
258
203
307
307
20
771
770
790
Loams and discounts, gross:
$
$
$
.
$
I
$
,
$
$
$
$
$
S
$
3
Secured by U.S. Govt. obligations
97.389
83,996
28,883
27,529
182.313
168,351
35,306
41,442
40,502
35.508
258,121
261,442
245,301
Seemed by stocks and bonds
1,322,945 1,329,918 430,234 432,436 2.585,310 2,602.950
592,662
590.235
501,064
500.954
All other loans and discounts
2.226.723 2.210.883 673.657 678.701 4.924,728 4,936.733 1.834,7241.630,4561,382.9241.382,485 3,676.508 3,696.676 3.589,810
7.942,376 9,949,674 7,136.275
Three ciphers (000) omitted.
Total loans and discoUnte
3,647.0603,654.7971,132,774 1.138,6661 7,692,360', 7,708.034 2,265,461
2,264.56 1,919.184 1,919,05711,877.00511,891.65110,987.527
U. S. pre-war bonds
37,428
37,428
4.095
4.0951
93,4871
93.260
76.871
76,822 104.63. 104.758
274,995
274,840
U. S Liberty bonds
39,919
38,427
I 408,436 406.547
636.3621 633.795 248,976 249.463 168,11: 148,345 1.053,456 1.051,603 1,381.003
U.S. Treasury bonds
18,134
18.170
5,387
5,422
I
45,115;
45.202
21,748
21,838
20,229
20.019
87.059
87.092
U S. Treasury notes
424,110
422,456
68,173
I
75,265! 624,4231 630.618 147.957 147,031
861,145.653,776
83.224
855,60
83,497
U. S. Certificates of Indebtedness.20,404
16.778
7.417
10,0471
55,6581
65,493
41,555 51.093
18,740
115.95
135.790
19,204
184,127
Other bonds, stocks and securities.. 523.067 527,611 166,339 164,357. 1.138,436 1.139,971
590.519 586.082 428,806 427.879 2,157.761 2,153,932 2,247.210
1
Total loans & disc'ts & Invest1.8. 5,075.0495,087.577 1,424.104 1.436,27910,285,841'1
0,316.373 3,393.086 3.396.8882.742.9392.742.75918.421.86616,456,02015.453.643
Reserve balance with F. R. Bank.. 573.055 547,920 134.710 132,458
976,798
947,371 224.920 227,31
164,014 164,863 1.365,732 1,339,553 1.358,358
Cash In vault
65.186
66.090
29.089
29,615
141.921
143.339
61.940
286.427
281.349
63,161
283,824
79,927
79.963
Net demand deposits
14.103.7874.164.240 971.908 986,418 7,413,691 7,497,3,14 1,862.242
1,615.3971,634,62910,891.33011,019,65611,085.421
1,887,663
Time deposits
I 621.085 620,503 365,201 364.862 1,960,446 1.957,339 1,195.837 1,191.129 843.330 863,566 4,019,613 4,012.034 3,573.401
Government deposits
53,758' 53,758
11,0541
11.126
I
155,085
153.409
62,054
235,884
238,222
146,493
61,839
20,636
21,083
Bills payable and rediscounts withl
F ft Bank:
97,161
Secured by U.S. Govt. obligation
45,206
15,0461
9,316
713,156
114.009
220,921
77,338
294,534
70.845
36.067
44,040
65.651
All other
14,437
30,813
35,778
I
13,714
160,514
158.493
68,759
270,111
278,770
65,297 49,497
46,321
93,491
Rabe of bills Payable & rediscoun
with F R. Bank to total loaflm
I
and invostrnonua nor nom
I
2.4
1.5
2.1
1 II
/9
90
A 9
an
as
an
50
3_0
1 n
•Includes Victory notes.
I
[VOL. 117.
THE CHRONICLE
1536
Vaulters' (gtazette
Wall Street, Friday Night, Oct. 5 1923.
Railroad and Miscellaneous Stocks.-The review of the
Stock Market is given this week on page 1526.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Railroad, State, Mun.
Week ending
Stocks.
U. S.
and Foreign
&c.,
Oct. 8 1923.
Bonds.
Bonds.
Bonds.
Shares. I Par Value.
82,053.500
4,485,000
4,730.500
4,895,000
4,284,000
5,240.000
327,015 $28,668,000
612.000 60,000,000
541,600 53,100,000
1,078,946 93,672,500
802,900 67,985,000
568,200 53,818,000
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sales at
New York Stock
Exchange.
$596,000 $1,142,000
1,234,000 7,754,600
1,050000 5,215,800
972 500 3,439,000
1,633000 2,583,700
899 000 3,623,000
3,930.661 3357,243,500 $25,688,000 $6,384,500 $23,758.100
Jan. 1 to Oct. 5.
Week ending Oct. 5.
196,239,739
175,804,382
5,777,868
3,930,661
Stocks-No. shares___
$357,243,500 $559,612,000 $16,469,243,500 $17,279,395.589
Par value
Bonds.
597,157,575 1,298,529,765
Government bonds- _ _ 23.758,100 17.305,300
*462,130,000
347,339,900
6,384.500 11,954,000
State and foreign bsis_ _
RR.and misc. bonds.. 25,683,000 32,277,000 1,200,349,550 *1,609,917,850
$55,830.600 $61,536,300 82,144,847,025 $3,369,577,515
Total bonds
• Revi ed total.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
BONDS (Par Value).
STOCKS (No. Shares).
Week Ending
Oct.
Mining. Domestic. For'n Govt.
5.
9,220
12,960
20,045
44,595
22,605
22,615
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
72,870
62,950
114,930
179,465
134.284
118,840
$113,000
202,000
250,000
239,010
288,000
298,000
125,100
208,100
215,010
210.020
137,225
192,520
$172,000
177,000
82,000
105,000
62,000
124,000
683,335 1,087.975 $1,390,010 $722.000
132,040
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
oauttnore.
rnuaaetynta.
11031011.
Week ending
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales.
Oct. 5 1923.
Total
14,550
12,550
110,000
28,200
39,350
7,000
8,572
19,612
18,809
19,833
13,198
13,112
9,600
544,500
539,200
51,800
27,000
25,000
809
1 300
1,511
1,256
692
525
3,300
43,900
53,500
10,000
9,900
23,100
66,047
211,650
93,136 1.197,100
6,093
143,700
54 824
828850
47 197 3.098.350
5.338
189.700
3,329
8,123
6,973
26,525
10,764
10,333
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Pray arar,k rembuvl
Daily Record el U. S. Bend Prices. Sept.29
oa.1. oa. 2. oa.3.
Oct. 4. Oct. 5.
99,732
99":2
9911n
157
99,5:2
99932
99122
787
991n
995:1
99122
65
99382
99732
99122
399
99,33
99,82
991122
630
9913n
99•12
991222
39
Close
Total sales in $1,000 units_ __
Converted 434% bonds {High
of 1932-47(FInt 4348) Low_
Close
Total sales in $1,000 units_ _ _
Second Converted 434% High
bonds of 1932-47 (First(Low_
Second 436s)
__ ..
9729::
972222
9712n
16
---- ---
_ ___
972932
971122
971332
193
-------
____
9715n
971322
971322
58
-- - ----
__,_
971122
97131
98.32
141
------ -
__ __
97122
97322
979::
104
--- - - --
_ _._
9712n
974st
97,532
172
- ------
(High
Second Liberty Loan
Low_
4% bonds of 1927-42._
Close
(Second 48)
Total sales in $1,000 units_ - _
Converted 434% bonds {High
Low_
of 1927-42 (Second
Close
45's)
Total sales in $1,000 units__ {High
Third Liberty Loan
434% bonds of 1928- Low_
Close
(Third 43.4,)
Total sales in $1,000 units__ _
{High
Fourth Liberty Loan
Low.
nds of 1933-38
434% bonds
Close
(Fourth 4%10
Total sales in $1.000 units_
{High
Treasury
Low_
4346, 1947-52
Close
____
__-___---97951:
971132
973322
78
982,ss
981322
9825::
575
971132
9711n
9724't
235
9911n
991181
99113
79
_--___.
--__
---971322
971082
971122
109
982122
981322
981302
4535
972222
9713s2
97,5
1196
9911;
991322
9913n
607
---97,9n
971122 . ---- --97"n
97122
97122
97322
- - -- - --
971132 971132
97"n 97612
973322 973332
533
353
982222 952222
981132 981322
981122 98.22
1407
3373
97133: 97153:
971182 97082
97133: 97312
852
1043
991232 991182
99',:99323
991122 991s2
RI
1018
97322
97132
97322
391
983132
98382
983s2
691
97,0:2
977s2
979n
307
99182
98,322
9821s3
AAR
971021
97113
97322
409
981122
98322
983n
2077
97,03:
97322
971032
544
982182
98,122
9811s3
352
First Mort LoanHigh
344% bonds of 1932-47__[Low_
Close
(First 334,)
Total sales in $1,000 units_ -_
Converted 4% bonds of {High
'Patel onle• Irt CI MA .2.40.
Note.-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
971082 to 9813n
97328 to 97022
to 995:: 116 3d 434,
99
to 971082 309 4th 4%s
97
:
9719n to 9754:
20 1st 334s
35 lot 4s
31 2d 4368
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c
Maturity.
Rate.
Bid.
Asked.
June 15 1924_
Sept.15 1924.__
Mar. 15 1925___
Mar. 15 1926_
Dec. 15 1925-
651%
534%
434%
4;4%
454%
1001121
1001128
100
1001::
99%
100228
100u2s
1130%
1001n
99%
Maturity.
Sept. 15
June 16
Dec. 15
Dec. 15
Mar. 15
Mar.15
Mar 15
1026....
1925-__
1927._
192319241927-__
1924..
Rate.
Bid.
434% 99%
434% 9113‘
434% 99%
4%
991533
454% 100
434% 10036
434% 99,51:
Asked
99%
99%
9934
100
100%
100%
100
Foreign Exchange.-The market for sterling was quiet
but steady with quotations a trifle higher. The Continental
currencies were irregular and generally tending downward.
Reichsmarks again established spectacularly low levels.
To-day's (Friday's) actual rates for sterling exchange were 4 53@4 53%
for sixty days. 4 55%04 5634 for cheques and 4 55 34 @45634 for cables.
Commercial on banks, sight 4 553-404 56. sixty days 4 5304 5374, ninety
days 4 51;1@4 52%, and documents for payment (sixty days) 4 52%0
4 5334.Cotton for payment 4 553404 56,and grain for payment 4 5534@
4 56.
To-day's (Friday's) actual rates for Paris bankers' francs were 5 86@
5 9351 for long and 5 91%05 9854 for short. Germany bankers' marks
are not yet quoted for long and short bills. Amsterdam bankers' guilders
were 38.85@38.87 for long and 39.21039.23 for short.
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 July 27.
1922.
1923.
1922.
1923.
Exchanges at Paris on London, 76.70 francs; week's range, 74.40 francs
high and 77.90 francs low.
The range for foreign exchange for the week follows:
Cables.
Sixty Days. Cheques.
Sterling Actual
45634
High for the week
4530%
45
4
56 h
53
45334
43
Low for the week
1 31
4515'
Paris Bankers Francs6.15%
%
X
5%
8
.14
0
High for the week6
6:7
5
5.82%
5.8134
Low for the week
Germany Bankers Marks0.00000050 0.00000050
High for the week
0.00000018 0.000000,18
Low for the week
Amsterdam Bankers Guilders39.30
High for the week
38.88
39
39..2
4
39.25
Low for the week
38.83
Domestic Exchange.-Chicago. par. St. Louis, 1551425c. per ELM
discount. Boston. par. San Francisco, par. Montreal, $11 820 per
$1.000 discount. Cincinnati. Bar.
Sales
for
TVeek
Range for Week.
Lowest.
Highest.
Range sines Jan. 1.
Lowest.
Highest.
per share. S Per share. $ per share.8 per share.
Par. Shares
Railroads.
Sept
3034 July 34
Bkin Rap Tran,full paid 3,800 31 Sept 29 3334 Oct
Jan
53 Sep 68
Buffalo Roth & PItts_100 450 53 Sept 29 54 Oct
July 231
Feb
175
Central RR of N J_ _ _100 700 200 Oct 3210 Oct
Oct
Jan 104
76
C C C& St Louis_ _ _100 2,400 90 Oct 2102 Oct
Feb
48 Sept 60
Colo & South, 1st pf_100 200 48 Oct 4 48 Oct
Sept 55
Jan
42
100 4334 Oct 3 4334 Oct
100
2d preferred
316' Aug 53-4 Feb
100 4 Oct 3 4 Oct
Duluth S S & At!. pf _100
10934 Aug 11836 Mar
Illinois Central, pref_100 4001113.4 Oct 3 112 Oct
Aug 2534 Feb
15
Int At Gt No Ry(w 1).100 300 18 Oct 3 19 Oct
3034 Jun 4534 Apr
32 Oct
Manh Elev Mod Gtd.100 400 32 Oct
Oct 1003.4 Mar
81
M St P& SS M,pf 100 400 81 Oct • 82 Oct
53,' Sep
934 Mar
536 Oct
100 534 Oct
Nat Rys Mex lot pref 100
6734 Aug) 7834 Oct
4.100 7334 Sept 29 7834 Oct
N Y Chic & St L,
July
9554
Aug'
Oct
8734
90
Oct
89%
I
200
100
Preferred, w
Mar
434 Sept 13
100 200 7 Oct 2 734 Oct
Pacific Coast
934 Jun 1834 Apr
Rapid Transit Corp _ _• 4,500 1134 Oct 1 13 Oct
Apr
3134 Jul 49
100 1,400 3634 Sept 2 39 Oct
Preferred
3834 Ap 5254 May
100 400 43 Sept 29 4434 Oct
West Penn
June
88
Ay
mg
1
1
Oct
Oct
8534
8534
200
100
Preferred
Sept
100 400 85 Oct 2 85 Oct 2 85 Sep 85
7% preferred
Industrial & Miscell's.
Jan
Oct 106
95
400 95 Oct 3 96 Oct
All America Cables_ ..100
500 21% Oct 1 22 Oct 3 2054 Jun 2534 Mar
Amer Chain, Class A_ _25
Julyl 5834 Feb
100 46% Sept 2 46% Sept 2 48
Amer Teleg 62 Cable. 100
• 6,000 1636 Sept 2 18% Oct 3 12 Mayl 1834 Apr
Arnold Constable
200 53 Oct
Ally 67% June
54 Sept 29 51
Atlas Powder. new...100
Aug 10034 Jan
100 98 Oct
98 Oct 5 96
Amer Rolling Mill, p1100
Jan
36 Jun
34 Oct 1
1
_10
100
34 Oct 1
Assets Realization
Oct
25
Sep 27
Associated 011, new.. _ _25 4,100 2634 Oct 4 27 Oct
Feb
3f
Sept,234
Atl Fruit Col T Co elf di: 1,000 1 Oct 1 13.6 Oct 2 1
300 1934 Sept 29 20% Sept 2 1934 July 28% Apr
Auto Knit
50 100 13 Oct 1 13 Oct 1 11 Jul 14% Feb
Auto Sales, pref
Bayuk Bros, 1st pref_100 300 95% Oct 2 9636 Oct 1 9534 Oct 12434 Apr
Jan
Oct 99
200 90 Oct 4 90 Oct 4 90
Brown Shoe. Inc, p1_100
Sept 109% June
94
100 97 Oct 5 97 Oct
Burns Bros, pref.. _ _100
2
Sept
Oct
19
Oct
20%
2034
5
Oct
19%
500
Calumet & Hecht,new.25
Mar
2834 Jan 42
100 29 Oct 3 29 Oct
Case(J I),Thresh Mch.•
• 700 2934 Sept 29 31 Oct 3 28 June 363-4 may
Century Rib Mills
Feb
Cert-Teed Pr, lot pf_100 100 73% Oct 4 73% Oct 4 7334 Oct 88
100 300 94 Oct 1 9436 Oct 1 9234 June 99 June
Coca-Cola, pre
493-4
6
Oct
Oct
1
'
Oct
may
4154
43%
3,50
•
4134
Columbia Carbon
Commercial Solvents, A* 100 27 Oct 3 2954 Oct 5! 2534 July 4974 May
July
Ap 28
• 100 17 Sept 29 17 Sept 29 15
Aug 10954 Feb
Cosden & Co, pref__ _100 200 8934 Oct 3 9034 Oct 4 85
Jul 1234 Mar
Cuban Dominion Sus... 800 5 Oct 1 514 Oct 2 3
• 1,400 61 Oct 3 6334 Oct 5 5434 Jul 7034 June
Cuycmel Fruit
234 Sept
% Sep
34 Oct
% Oct 1
Davison Chemical, rts_ _ 25,300
Deere & Co, pref._ _ _100 700 6134 Oct 3 63 Oct 5 6034 Au 7334 Jan
• 500 1134 Oct 4 12 Sept 9 11% Oc 1434 Jan
Douglas Pectin
Sept 10334 June
Duquesne Lt 1st pf_ _100 300 101 Sept 2910234 Sept 29 101
July
Eaton Axle & Spring...* 2,000 2034 Oct 1 2134 Oct 4 203', Sep 27
Oct 13
Feb
100 5 Oct 4 5 Oct 4 5
25
Fairbanks Co
Fidelity Phenix Fire Ins
Feb
2311334 Oct 41135' Oct 4 102% J 138
25
of New York
• 2,300 4134 Oct 2 43% Oct 4 3734 Jan 4734 May
Fleischmann Co
• 600 6734 Oct
6934 Oct 4 65 Sept 7836 July
Foundation Co
• 100 734 Oct 4 734 Oct 4 63.4 Sep 14% Apr
Gardner Motor
July 84
Sept
General Baking Co__ • 500 81 Sept 29 8234 Oct 4 72
Feb
10010754 Oct 410754 Oct 4 10434 Jan 110
Gen Cigar Inc pref...100
Gimbel Bros pref._ _..100 500 9954 Oct 2 100 Oct 3 9634 Jan 10234 Feb
Goldwyn Pictures new... 1,200 12 Oct 5 13 Oct 4 12 'Oct 2234 June
Goodyear Tire pref. _100 1,300 3734 Sept 29 39 Oct 1 36 Sept 6136 Apr
Feb
Sept 99
Prior preferred......_100 300 9134 Oct 1 9134 Oct 1 90
Great Western Sus p1100 20010434 Oct 310434 Oct 3 1023' Aug10836 mar
Aug
Hanna 1st pref A..... _100 300 9354 Oct 5 9534 Oct 5 9254 Sept 97
100 2,700 8254 Oct 1 8334 Oct 5 8036 July 9434 Feb
Hartman Corp
Rights
12,200 134 Sept 29 234 Oct 4 1% Sept 234 Sept
2834 July 39% May
Household Prod tern ctf• 2,400 30% Oct 2 3134 Oct
Apr
Oct 25
6
100 6
Oct 5 6 Oct
Hydraulic Steel pret_100
334 Sept 1134 May
Independent Oil& Gas_• 2,300 434 Sept 29 534 Oct
Jan
16 103 Oct 3 102 Oct 3 103 Sept 105
Ingersoll Rand pref..100
Inland Steel wI•2,300 36 Sept 29 3754 Oct 4 3134 July 40% Apr
9634 June 10534 Apr
100 600 101% Oct 5 101% Oct
Preferred w I
Internat Tel & Tel_ _ _100 200 66 Oct 1 66 Oct 1 6454 July 7134 Apr
1,200 38 Oct 2 40 Oct 4 3134 Aug 4434 May
Iron Products etre
• 200 52 Oct 1 54 Oct 3 3534 Apr 6434 June
Kinney Co
Liggett & Myers Yob_100 1,100203U Oct 1 215 Oct 519034 Apr 210% Feb
Series B
Feb
Macy (R H), pref-100 30011134 Oct 5 112 Sept 29 11154 July115
1,000 29 Oct 11 30 Oct 4 2836 Sept 3834 Mar
Magma Copper
Sept 2234 July
700 1834 Oct 3 1934 Oct 3 16
Maracaibo Oil Explor
500 38 Oct 1; 3934 Oct 3 3434 June 4254 Apr
Nat Dept Stores
Mar
June 67
400 31 Oct 1 31 Oct 1 31
2
Ohio Fuel Supply
Apr
Oct 50
34 Oct 1 34 Oct 1 34
5,600
Onyx Hosiery
100 92 Sept 23 92 Sept 29 8434 Jan 9554 Apr
Orpheum Clr, Inc, p1.100
Mar
7236
Jan
47
29
Sept
29,
Sept
100
100
pref
4934
4934
Steel,
Otis
Feb
100 9134 Oct 2, 9134 Oct 2 9034 June 99
Packard Motor, pret_100
Penn Coal & Coke..._50 100 37 Oct 3 37 Oct 3 3534 July 4354 Apr
Mar
July
1134
1934
1
Oct
1836
29,
Sept
1
17
7,303
Philip Morris
Mar
47
100 28 Oct 2 28 Oct 2 28
Phoenix Hosiery
July
34 Mar
Pierce-Arrow,prior p1....' 2001 60 Oct 5 60 Oct 5 60
A:
8x M
19
un 9
100 95 Oct 2 05 Oct 2 92
Pittsburgh Steel, pf_ _10
Sept 4934 Mar
100 39 Oct 5 39 Oct 5 36
Prod & Ref Corp, pf__50
Au
10
5
Oct
1436
5'
Oct
14
2
Reis & Co
Schulte Retail Stores ,* 2,2001 91 Sept 29 93% Oct 4 88 Ma 9934 July
100(112 Oct 1 112 Oct 1112 Sept 115 May
100
Preferred
Jan
Simms Petroleum ........10 4,6001 734 Oct 1 834 Oct 4 634 Jul 16
Jul 3474 Mar
23% Oct 4 26 Oct 4 23
• 1,8
Simmons Co
Mar
10134
Oc
97
3
Oct
97
3
Oct
97
100
100
Preferred
91 Sept 29 02 Sept 29 90 Jun 9836 Apr
Shell Union Oil. pref _100 4
Au 9934 Feb
Sinclair 011, pref.......100 800 82 Sept 29! 8334 Oct 3 80
100 9734 Oct 3 9734 Oct 3 9534 June 100 Sept
Superior Steel, lot pf.100
Underw'd TYpew,new 25 1,000 38 Sept 20 3974 Oct 4 353-4 Aug1 4134 June
Feb
100135 Oct 5 185 Oct 517454 Aug 223
United Cigar Stores_ _1
Jan
100 700 32% Oct 3! 3654 Oct 41 3234 Oct 64
Van Raalte
Aug
117
Mar
211154
Oct
2112%
Oct
112%
100
p1100
cum
7%
Elec
West
Waldorf System, new...• 2,700 15% Sept 23 16 Oct 31 1436 June 20 May
Jan
youngs'n Sheet S,Tube.' 100 6536 Oct li 6554 Oct 1 6334 July 80
•No par value.
The Curb Market.-The review of the Curb Market is
given this week on page 1525.
A complete record of Curb Market transactions for the
week will be found on page 1548.
New York Stock Exchange-Stock Record, Daily Weekly and Yearly
1537
OCCUPYING FOUR PAGES
For sales during the we.•k of stocks usually inactive, see preceding page
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CE.VT.
Saturday,
Sept. 29
Monday,
0c1.1
Tuesday,
Oct. 2
Wednesday. Thursday
Oct. 3
Oct. 4
.2,Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range since Jan. 1 1923.
On basis of 100-share lots
Friday,
Oct. 5
Lowest
$ per share
per share $ per share $ per share S Per share $ per share Shares.
Railroads
Par
per
share
$
*21
25
*21
25
*2214 25
2634 2634 .26
29 .26
29
100 Ann Arbor preferred
100 22 July 31
9634 9634 9658 96% 9718 97% 9734 99
9818 99
9734 93
13,100 Atch Topeka & Santa F0 .100 9114July 31
88
88
8778 8S
3712 8712 *8713 88
87% 8734 8713 8712
710
Do pref
100 86s July 5
158 158 •113
134
158 1%
1%
13.1
134 1,300 Atlanta
158
112
113
& Atlantic _100
1 14 Aug 14
*110 111 11014 11013 110 11014 111 11218 11112 11134 11114 11114 1,400 Atlantic firm
Coast Line RR_ 100 109%July 31
56
5538 56
/
4 58
58
57,4 571
5914 53% 59% 581
/
4 5878 96,800 Baltimore dr Ohio
100 4018 Jan 17
*59
5912 5914 5913 5358 591
/
4 58% 59,4 5918 5938 *591
/
4
59/
Do pref
1
4 1,700
100 5534May 7
414
38
18
is
*14
38
*14
38
%
*4
100 Brooklyn Rapid Transit
14
14
/
1
4 Oct 4
100
Is
is
400
*24
38
Certificates of deposit
18 Aug 9
14134 14134 14214 143
142% 14334 14312 14414 14412 144% 14412 14413 4,500 Canadian Pacific
100
1393
4Sept 21
604 6058 6034 82
6112 6212 6212 6378 63
63% 6318 6512 15,100 Chesapeake & Ohio
100 57 June 27
*981
/
4 98% 9878 98% 9858 98% *9812 93% 98% 9878 *9814 9818
400
Do pref
100
96
June 29
258 258
212
234
234 234
258 3
234 2%
234
234 2,600 Chicago & Alton
100
2 May 21
7
714
7
718 7%
712
634 7
7
734
7
6,200
7
Do pref
100
3% Jan 12
2812 2812 30
*28
30
30
3012 31
30
3014 *28
3013 1,400 Chic & East III RR (sew)
19 Aug 6
*501
/
4 55
54
*50
5213 5213 52% .52% 52
*51
55
5258
600
Do pref
4612 Aug 15
*4
414 *4
418
418 418
418 *4
4
418
4
4
1,700 Chicago Great Western___100
4 Jan 18
*9
914 912
914
10
912 10
91
/
4 918 *9
914 912
800
Co pref
100
8/
1
4 Jan 18
15% 1534 1514 15% 1513 157
1534 1618 1513 16
1513 16
4,300 Chicago Milw & St Paul__ _100 1414 Aug 6
2613 2658 2613 28
2658 273
2718 28
2718 27% 2634 271
. 12,000
Do pref
100 2418July 5
6314 64
6234 6372 63
6334 6313 6113 63% 64
63
631
7,300 Chicago & North western.too 6158 Aug 4
*105 110 •105 110
105 110 *105 110 *105 110 *105 110
Do pref
22% 23,8 2318 23% 2313 2418 24
2413 2314 2414 2218 2314 13,000 Chicago Rock 101 & Pacific.100 10312June 20
100 1914 Aug 6
7812 79
7813 7813 78
78
*78
79
7818 78% *77
79
1,100
7% preferred
100 72 Aug 4
*67
1
4 *139
6814 6818 681$ 6314 68/
70
6812 69
69% 697
600
6% preferred
100 6078 Aug 4
*53
53
53
*50
53
56
*5258 53
5258 52% *50
53
200 Chic St P Minn & Omaha_100 .52% Oct 4
2213 22/
22
1
4 '2212 2213 2212 2212 2213 22
2213 22
22
1.500 Colorado & Southern
100 22 Sept 29
•107 108
108 108 *107 109
10758 10778 10813 10834 103% 109
900 Delaware & Hudson
100
11134 111% 112 112
112 112
113 114
11334 11334 11113 11112 1,800 Delaware Lack & Western_ 50 9314 July
11012June 2
1358 1334 1358 1414 144 1413 1438 147
14% 14% 1414 1434 20,103 Erie
100 1018May 22
2153 22
2253 225 23
22
2273 2334 2314 235s 2234 2338 11,400
Do 1st preferred
100
15 Jan 17
16
16
*16
16
16
1634 1634 1718 17
17
1634 171
Do 2d preferred
/
4 3,300
100 1034May 21
5312 54
53% 5413 533 54
5358 55
5434 5534 5414 5434 11,100 Great Northern pref
100 5112 Aug 4
2634 2714 2712 2712 27
273* 2714 29
27% 30% 2918 30
Iron Ore Propertles_No par 2G July 2
7,700
•9
*9
11
11
11
*9
*912 11
.934 11
978 9%
100 Gulf Mob & Nor tr ct18 _100
912 Aug 22
.44
48 .44
46
48
46
4618 47
4712 4713 47
47
Do pref
700
100 44% Jan 2
10418 10418 104% 105
10413 10478 105 105
105 105
10434 10434 1,600 Illinois Central
100 103I2Sept 23
Interboro Cons Corp. No par
/
1
4 Jan 17
Do pref
100
14 Mar 2
13
13
-ii- -1-3- .-1213 -1-31-2 -ii13 13 ;ii- 13-14 _ 1-,565 Interboro
Rap Tran w I
100
9I2June 30
•1712 1734 1713 1712 175 17s 1734 IA
18
18
18
175* 1753 1.400 Kansas City Southern_...100 1558July
31
.50
53
*50
5312 5113 515 *51
54
5214 533 *52
54400 Lako
Do
pref
iere
oErp
00 4858July 30
Western
100 2878May 22
Do pref
100 65 June 7
-1730i14 8618
16- -6-012. -6-14 - i' 615-8 -661.
: WI" _ -4:505 Lehigh Valley
50 54 June 30
*8658 87
87
87
*85
8712 87
8734 8713 8734 *8613 8714
800 Louisville & Nashville
100 8512May 7
*39
*3813 45
45
*3813 45
*3813 45I *40
45
*40
45
Manhattan Ry guar
3814June 28
'3134 32
En Tr Co of NY ctf dep_1
10
00 351s Jan 25
*9
1012 •812 10
.813 10
*812 1013 .813 1013 •813 1013
Market Street Ry
10
8 Aug 13
028
40 .28
40
*28
40
*30
40 I *38
40
*28
40
Do pref
10
32 Sept I/
46512 6713 .65
6712 6512 6513 *65
6712 *657 6713 6613 6613
200
Do prior pref
100 62 June 21
•20
30 .23
28 .23
*23
28
28 i *23
25
*23
25
Do 20 pref
10
2118June 21
•118 114
118 118
113
118
118 .118
118
114
118
11
/
4
900 Minneap & St L (ncto)
100
78 Aug 15
*50
57 1 *50
55
*50
Minn St P & S S Marie_ _I00 5512
57
Aug 18
Kansas & Texas_ _100
814 Apr 26
-1214 -1-2-14 -His -1-23-4 -1123-8 1378 1212 12% 1214 12-13- _ -7.500 Missouri
4 -1134 -111Mo Kan & Texas (new)
10 July 5
2913 2912 2912 301
/
4 30
3012 30
3113 31
31
3012 3013 2,600
Do pref (new)
25 July 5
10
10
10
10
1014 1014 10
1038 1038 1034 10
1038 4,000 Missouri Pacific trust etfs_100
9 June 31
2612 26% 2612 27
27
28
2734 2858 2734 2858 2613 2713 6,000
Do pref trust elf,
100 2414 July.31
*214 2%
213 234 *233 2% .212 234 .258 234
258 3
1,600 Nat Rys of Men 2d pret _100
238 Jan 17
00
*84
8413 8538 *84
8512 8534 8714 3534 8634 *8512 87
2,100 New On Tex & Men v t c_ _100 8213 Aug 11
99
99% 9914 10058 9934 10053 10012 10134 101 10218 10034 10214 39,600 New York Central
100 9012May 4
1 ____ ___ ____ ___
N YChicago& St Louts_.100 68 May 22
---- ---- ---- ---- -Do 2d preferred
100 7612 Jan 2
11% 1133 1114 1134 1138 1112 1113 123
12
1238 12
12
9,500 N Y N 11 & Hartford
100
958July 5
*1613 17
•16
17
*1614 167s 1678 1714 *1634 1714 *1634 1714 1,400 N Y Ontario & Western
100 1414June 28
.9
*872 11
11
*9
*9
11
11
1012 1013 1013 1013
200 Norfolk Southern
100
9 Sept 1
10114 10134 101 101,4 10114 10158 10158 10234 *102 103
103 103
3,100 Norfolk & Western
100 100 July 30
•70
77
•70
77
•70
77 .70
77
*70
77
*70
77
Do pref
100 72 Sept 7
5514 57
5534 57
5458 5534 5514 5613 56
5633 5513 5614 13,100 Northern Pacific
100 5412 Aug 4
4134 42% 4172 4212 417 4214 417g 4238 4214 423
417 4238 21,100 Pennsylvania
50 41I2June 30
•8
8
8
*818 9
812 1033 11
12
*11
12
1,300 Peoria & Eastern
100
8 Oct 1
4012 40% 407,3 41% 4118 4158 4113 4214 4178 4214 4134 418 10,900 Pere Marquette
100
35 Jan 11
•70
73
•70
71
7113 7113 *71
73
*70
73
*70
73
100
Do prior pref
100 6834July 19
61
*59
*59
61
61
*59
*5913 6012 *5913 60
.59 59
pref
Do
100
10
0 59
401
/
4 4134 41% 42
417 418 417 4214 42
42
413 4134 3,700 Pittsburgh & West Va100 33% Sept 24
Jan 17
89
89 .89
90
*89
90
*89
90 .89
90
8S 90
pref
Do
100
10
0 8512June 29
7314 7313 734 7413 74
7414 743g 7734 77
7814 7613 7734 49,900 Reading
50 6812June 29
52/
1
4 5218 5213 5212 5212 53
53
5334 54
54
54
54
1st
Do
2,200
preferred
so 44 June 28
5214 52
*52
5218 5214 5214 52
5314 5334 54
5312 5313 2,200
Do 2d preferred
50 45 June 28
2212 2212 24
24
24
24
2.5
2512 2614 2714 27
32
1,600 Rutland RR pret
100
Oct 1
18
18% 18
18
18
18
1814 1918 1834 19
1834 18% 5,100 St Louis-San Fran tr ctts_ _100 2212
17 July 31
.4213 44
4334 43 '4333 4312 4473 4412 4434 *4313
43
4113 2,600
Do pref A trust cUs
100 3213 Jan 3
2734 2814 2734 2814 2833 2914 2834 2934
28
•27
2812
Louts
St
4,100
28
,
4
Southwestern__
_ _100 25/
456
1
4 Aug 4
57
56
56
56
56
5612 5613 57
56
5813 5612 1,000
Do pref
512 512 *538 6
5438June 28
*514 534
512 512 *512 6
*514 512
303 Seaboard Air Line
100
434 Aug 15
10
•938 934 10
10
*9/
1
4 101
1058 1058 1013 10% 108
Do pref
800
100
814 Aug 1
8634 87,2 8634 8778 87
85% 8614 8614 871
87% 87
8714 14.100 Southern Pacific Co
100 8414 Aug 14
3358 347
331
3412 3558 35 3534 3458 35% 34% 3514 144,300
33
Southern
Railway
10
6224 6834 6834 59
2434 Jan 6
681
68
68
68
69
6933 6878 6938
Do pref
100 63 July 2
2014 2118 207s 21% 2014 2114 20 2014 2,200
1934 197
2018 211
7,330 Texas & Pacific
100 14 Aug 4
1018 1018 *1014 1012 .9,3 11
*10 11
*912 101 .912 10
Third
100 T
10
912June 30
*64
67
*64
•64
57
67
67
*64
.43513 67
*6513 67
City Rapid Transit 100 5314 Jan 19
12814 12834 12812 130
127% 1273 12734 129
130 13034 12913 130% 7,000, Union Pacific
100 12114July 31
*711
/
4 73 .7113 731 *7112 72,4 7312 7218 *70
7214 71
71
3021
pref
Do
WO 70%July 6
*978 11
*10 10,2 *1013 11 .1034 10% 1013 1013
10
10
200 United Railways Invest_10
812June 26
*3312 3412 35
35
3.113 35
*3213 341 *3318 35
*3313 3712
300
Do pref
100 2012 Jan 17
834 9,4
9% 978
9
9
9%
914
813 81
9% 9% 12,500. Wabash
10
7 Mar 11
29% 30,4 3014 31% 30% 3138 3012 3118 54,1001
2838 28% 2858 291
Do pref A
100 2314 Jan 11
•1814 22
•19 1913 20 20
•18
22
20
20
20
20
400
Do pref B
100 161
/
4 Jan 18
9
912
9
8% 9
91
/
9,8
4 94 *9
8% 9
912 4,100 Western Maryland
(new)100
8 Sept 27
1534 16
1634 1714
16
16
1613 17% 163, 1638 2,503
15
1614
Do 20 preferred
100 14 Sept 27
15
1434 1478 •14
131
•14 15 •14 1512
13
1314 13
700 Western Pacific
10
12 Sept 28
58
•57
5712 57% 57% *55% 571+
*57
58
55% 55% •55
200
Do pref
100 63 May 7
71/4
4634 712
7
7
7
634 7
7
613 67, 1,700 Wheeling & Lake Erie
71s
Ry_100
514 Aug 13
1214 1214 1214 1214 •1014 1214
12
12
1012 1034 1112 III
600
Do pref
100 1012Sept 2
2812 28
2813 *26
*26
29
28
*2613 2834 .26
*26
29
100 Wisconsin Central
100 23 Aug 4
-aois -6-61; -66-
Industrial & Miscellaneous
*69
59
6913 *69
6838 6814 6814 69
68
•67
09
70
500 Adams Express
100
47/
1
4 9
*7
9 I •712 9
*1
*612 9
9
*712 9
1001
Advance Rumely
100
31
3113 43114 3113 3114 3114 31
*31
*3114 35
31
31
300, Do pref
100
63
6412 *64
65 .61
65
*62
63
6314 *6213 63
*02
500; Air Reduction, Inc___No par
618 618 *534 614 *614 7
613 61
614
6
61
/
4 •5
1,6951 Ajax Rubber, Inc
*is
50
41
/
4
14
14
.13
13
Is
14
is
.18
14
58 1,1001 Alaska Gold Mines
10
7,1
*78
78
78
•7
1
78
1
.78
1
•72
1
400; Alaska Juneau
10
62% 6318 6018 6314 5934 6213 6228 6478, 6334 6472 6253 641 44,2001 Allied ChemicalGold Min
dr Dye_No par
10513 1051
*10414 10634 .10414 10634 *106 10634 10613 1063.0.106 107
400' Do pref
100
4134 4134 4134 4112 411
40
4013 41
40
40
4014 40
2,300 I Allis-Chalmers Mfg
100
9212 •91 9212 *91 9211 .91 921 .91 93
*90
9212 *90
I
Do pref
100
/
4 1313 13
1234 1234 12z4 1234 12% 1234 121
135* 1314 131
1,800; Amer Agricultural Chem _100
35
351
/
4 3512 3614 3614 3513 3512
3614 *35
36
3614 35
800; Do prat
100
8612 8612 87
•8312 87
*85
89
•83
*85
88
87
89
500' American Bank Note
50
*5313 5412 *5312 5413 *5312 5412 •54
5412
5412 54
*54
54
100' Do pref
50
3412
3458 3653 3638 37
/
4 3413 3432
*3318 3434 341
3634 37
3,400 American Beet Sugar
100
26
3013 3013 301 .28
26% 29
2813 2913 29
31
29
2,000 Amer Bosch MagnetoNo par
70% 7012 7014 7014 70
70
70 .6734 71
70
70
70
700, Am Brake Shoe de F___No par
*103 -- -- •103 ____ *103 10712 *103 10714
•103
_- .103
I
Do pref
100
91
9078 9312 9278 9412 9232 9338 139.400 American Can
8914 -90% 88% 9034 90
100
10612 107
107 107
107 107 1'106 107
106% 10678 107 107
900
Do pref
100
15313 15312 154 15412 1531
/
4 154
1535* 158
159 159 1'155 162
1,500 American Car dr Foundry_100
•117 11812 •117 11/312 .117 118 •117 118 .117 11813 118 118
100
Do pref
100
•1014 111. •1014 111. •1014 12
.1034 11 1 1
1034 103, •101. 11
100 American Chicle
No par
•Bid and asked prices. 2 Ex-dividend.
67 Sept 28
7 Sept 26
31 Oct 4
56 July 2
5,4 Sept 19
18 Aug 16
78July 31
5914 Aug 9
10514 Aug 16
37342une 28
89%July 19
101
/
4 July 3
29 July 30
77 Jan 6
50I2June 29
25 Aug 4
26 Oct 2
70 Jan 3
102 July 3
6918 Sept 13
106 Sept 6
14314July 12
117 Sept 17
5% Jan 30
Highest
PER SHARE
Range for Previous
Year 1922.
Lowest
Highest
$ per share S per share $ per share
45 Feb 23
277s Jan 52 Aug
10518 Mar 3
9134 Jan 10813 Sept
90% Mar 6
8458 Jan 9513 Aug
314 Feb 21
34 Jan
513 Apr
127 Feb 26
83
Jan 12478 Sept
3313 jail 604 Aug
5938 Oct 4
60% Mar 21
.5213 Jan 6614 Aug
6
Jan 29 June
1614 Jan 2
13 Jan 12
5% Jan 24% June
160 Apr 18 11918 Jan 15158 Aug
Jan 79 Aug
54
76% Jan 30
10478 Feb 23 100% Dec 10558 Oct
134 Jan
1234 May
3% Feb 13
318 Jan 20% May
838SeDt 5
1214 Jan 4334 Aug
33% Feb 13
3113 Jan 6413 Aug
6214 Mar 26
7 Feb 7
334 Dec 1034 May
17 Feb 6
7 Dec 2412 May
2638 Mar 5
1714 Jan 3638 Aug
Jan 5514 Sept
29
4512 Mar 5
Jan 9512 Sept
59
88 Mar 5
Jan 125 Aug
11818 Mar 21 100
37% Mar 21
3012 Dec 50 Sept
95 Feb 9
834 Jan 105 Sept
85 Mar 5
7014 Jan 95 Sent
Jan 90 Sept
78 Mar 5
51
Jan 5312 Apr
451
38
/
4 Feb 13
12412 Feb 13 10614 Jan 14111 Sept
13313 Feb 8 108 Feb 143
Oct
1834 May
Jan
1638 Aug 21
7
2513 Aug 24
1118 Jan 2812 Aug
1312 Aug 21
758 Jan 2014 May
80 Mar 5
7014 Jan 95% Oct
36 Mar 19
4558 Apr
2818 No
20 Mar 5
Jan 19 May
5
Oct
62% Feb 21
Jan 47
16
11713 Feb 21
971
/
4 Jan 11534 Sept
is Dec
5 Apr
38 Jan 4
38 Dec 1234 Apr
% Jan 5
2278 Mar 14
1784 Dec 3214 Aug
2478 Mar 21
17 Nov 3014 Apr
5734 Mar 5
5214 Nov 5912 Apr
34 Jan 2
10 Feb 397s June
75 June 26
261
/
4 Feb 77 Sept
71% Feb 7
5$58 Jan 72 Sept
155 Feb 26 108
Jan 144% Oct
60 Apr 17
Jan 58 Aug
35
44 Feb 13
4413 Aug 55/
1
4 Aug
22 Mar 12
3/
1
4 Jan
11 Mar
6812 Mar 12
Jan 501
17
/
4 Apr
87 Mar 12
Jan 76 Nov
35
5614 Mar 12
5% Jan 32
Apr
913 Feb 13
Jan
5
1412 Apr
7313Mar 5
55 June 7534 Oct
12 Feb 6
38 Jan
1514 Dec
7/
1
4 Jan 19% Aug
17 Feb 15
4512 Feb 14
2413 Jan 4834 Aug
19% Feb 14
1
4 Nov
2514 Apr
15/
49 Feb 10
6334 Sept
40 No
4% Feb 15
714 May
2% Nov
105 Mar 25
5478 Jan 87% Doe
10418June 13
7234 Jan 10118 Oct
911
/
4 Oct
84 Jan 29
5118 Jo
95 July 3
6134 Jan 93 Sept
2212 Jan 30
1211 Jan 38 Aug
2158 Feb 13
1813 Dec 3013 Apr
18% Feb 9
834 Jan 2212 June
961
/
4 Jan 12512 Sept
11758 Feb 9
7813 Aug 15
Oct
Jan 82
72
8112 Mar 5
73 Dec 90% Aug
3314 Jan 4934 Oct
47% Apr 4
17 Mar 21
1034 Jan 2638 Aug
4714June 11
Jan 4058 Aug
19
7634 Mar 5
Jan 82. Aug
63
7434 Aug
7012 Jun 9
501
/
4 Jan
5038May 10
Jun 4138 Aug
23
93 Jan 9
Jan 95 Nov
76
8118 Feb 7
7118 Jan 871
/
4 Oct
5612 Feb 7
43 Mar 57 May
Jan .59'l May
45
5634 Jan 30
1713 Feb 5314 June
3734 Jan 10
27 Mar 21
2014 Dee 3233 Aug
50 Mar 5
3434 Nov 55 Aug
36% Feb 10
36% Nov
20% Jan
6378 Mar 21
32% Jan 59% Nov
Apr
10
258 Jan
713 Feb 10
1314 Mar 23
14% Am
418 Jan
9514 Feb 21
7818 Jan 9614 Oct
3734June 13
1714 Jan 2338 Aug
Jan 71
46
Oct
70% Mar 22
2913 Mar 21
18% Nov 36
Apr
13t2 Nov 25% May
1914 Feb 10
Jan 6212 Sept
77i2June II
34
1447 Feb 25 125
Jan 15434 Sept
7612 Jan 6
7114 Jan
80 Aug
2178 Mar 6
7/
1
4 Jan
19% Apr
62 Mar 5
3613 Apr
2014 Jan
1113 Mar 22
6
Jan
14% May
34,8 Mar 22
19
Jan 3512 Aug
2212 Mar 22
1214 Jan 2478 Aug
814 Jan
15 Feb 9
1714 Aug
2634 Mar 22
13
Jan 2812 Dee
2014 Mar .5
1334 Jan 21% Apr
63% Mar 5
5113 Ma
64% Sept
1013 Feb 13
Feb
6
1613 June
19 Feb 13
914 Jan 29% June
3512 Feb 23
35
Jan 3314 Mar
82 Mar 3
Jan
48
1913 Mar 6
10% Jan
54% Jan 14
31% Jan
72% Mar 19
4512 Jan
913 Jul
14% Mar 14
is De
58 Mar 9
134 Mar 9
3s Jan
80 Jan 2
5538 Jan
112 Mar 2 101
Jan
5114 Feb 16
3714 Jan
9713 Jan 27
861
/
4 Jan
3678 Feb 21
2714 Nov
Jan
68% Feb 21
56
Jan
9112 Mar 7
58
51 July
554 Aug 14
4913 Feb 13
3134 Jan
3114 Jan
60 Mar 6
Jan
8314 Feb 16
51
9814 Jan
110 Jan 14
3214 Jan
106 Mar 6
9314 Jan
115 Feb 20
189 Mar 7 141
Jan
12578 Jan 18 11512 Jan
1314 Aug 22
5 Nov
Oct
83
23 Aug
3012 Aug
Oct
66
1834 Apr
78 May
2 MaY
9134 Sept
11512 Sept
5934 Sept
104 Sept
42% June
7214 Sept
Dec
91
5513 Dec
49 June
49
Apr
8813 Sept
113
Oct
7512 Nov
11378 Dec
201
Oct
12618 Nov
14 MAY
New York Stock Record-Continued-Page 2
1538
For sales during the week of steaks usually inactive, see second page preceding
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday,
Sept. 29
Monday,
Oct. 1
Tuesday,
Oct. 2
Wednesday
Oct. 3
Thursday,
Oct.4
Friday,
Oct. 5
Sales
for
the
Week.
STOCK
NEW YORK STOCK
EXCHANGE
$ per share $ Per share $ per share $ per share!S per share $ per share Shares. Indus. & Miscall. (Con.) Par
100
5,800 American Cotton Oil
6
6
618 63
6
6%
6
614 63*
6121
612 658
Do pref
100
1814 1814 3,300
1918 1912 20
2014 1814 1934 1812 1938 1812 1914
6
6
534 578 2,700 Amer Druggists Syndicate_ .10
6
6
8
6
6
6
6
6
100
*9012 93
9112 9112 1,400 Amer can Express
90
.9014 93 .9012 93
9014 90
91
8
"7
300 American Hide & Leather.100
718 .7
7%
7% 713 .7% 8
8
*7% 814
100
Do pre:
.39
1,410
41
42
4013 41
40
3918 3918 40
384 3834 39
100
800 American Ice
9312 9312 9414 9412 9134 92
•9012 93 .91
*911 4 94
94
100
84
Do pref
"80
200
8112 *81 14 84
81
81
'80
8112 .8018 81
.80
17
17
3,040 Amer International Corp_ 100
1614 168 167 1812 17% 18
16
16
16
16
10
1114 1114 11 14 1114 2.500 American La France F E
11
1132 1138 1114 1114 1114 1114 11
100
17
2,100 American Linseed
17
1714 1878 *177 19
1612 1612 .1612 17
1618 1618
100
Do pref
3512 3512
200
35
35
38 .3412 38
38 .34
38 .34
'33
25,000 American Locom, new No pa,
7214 713* 7213 7014 71
68% 6958 687k 6934 6914 6934 70
100
Do Dref
116 116
100
•114 117 •114 117 5114 117 *114 117 *115 117
3,700 Amer Metal temp ctfsNo par
4312
43
4313
4318
8
435
4314
4318
43
4312 433* 433*
43
25
800 American Radiator
82
82
824 8214 8112 8112
82
81% 8134 8113 82
.81
6
57
*534 614 1,500 American Safety Razor_ _ _ _ 25
6
6
58 58
.5% 5% .58 614
5
Ship
Amer
&
2,300,
1114
4
105
Dar
8
"103
Comm...No
1114
11
11
10
1114 1038 1034 .1012
11
573* 573* 5814 573* 5812 5734 5812 5,8001 Amer Smelting & Refining_ 100
57
5718 5658 57
57
100
97
*96
800
97
Do Drat
971
.96
9633 9612 9613 9612 9612 9612 "90
100
' American Snuff
•130 136 "130 136 •130 136 .130 136 .130 137 "131 139
3,200 Am Steel Fdry tern ctfs_33 1-3
35
3434 3412 3514 3512 3534 35
34
34
3518 34
35
100
ctfs
temp
pref
Do
100
10034
10034
101
101
*9912
.9912
101
•9912
100
*9912
*9912 101
5,700 American Sugar Refining. _100
6512 63
64
65
65
6134 6214 82
61
81
62
61
100
Do pref
200
101 101 •101 102
.10014 102 •100 102 •10034 10112' 101 101
Amer Sumatra Tobacco
100
2,100
18
2113
21
21
2012
2112
19
4
203
1912
22 .2012 22
'20
100
Do pref
53514 55
*3334 50 1 .3334 55 .3513 55
*3334 55
*3334 55
100
Telep
Amer
&
7,400
123
Teleg
12318
123
1227
8
1227
12258
1233*
1233*
3
1227
12234
1227
8
1225
100
6,700 American Tobacco
149 14912 14934 151
148 15013 14918 14978 14918 14978 149 151
100
Do pref (mewl....
800
103 103
10178 10218 10214 10214 10214 10214 •102% 10258 10258 103
Do common Class 13....100
4,200
147 14712 147 14712 148 149
14514 146
14712 14712 14678 147
2.400 Am Wat Wks & El v t 0...100
39 , 3334 39
. 3934 39
381
37
37
38
38
38
38
Do 18t pref (7%) v t c.100
100
91 ' .9112 92
9212 .9018 0212 "9018 9112 '9012 9058 91
•90
Do partic nf(6%) v t c 100
6234 3,100
64 1 63
6314 62
61
61
*5712 61 '59
61
61
100.
' Amer Wholesale, pref
99 '90 100 '9012 100 , •90 100
99 •89
•88 100 .88
100
Woolen
American
50,000
7413
7234
i
7714
77
75%
753*
75
73%
7512
7218 7414 73
1110
Do pref
1,000
9934 9934 10014 10014 10012 10012 10112 1,112 .10058 10158 101 101
6,800 Amer Writing Paper pref,.100
412 5 '
412
414
6
3
6
4
614
6
6
6
5
&
ad
..25
nc.
Z
Smelt.
Amer
200
8
•758
8
I
8
*7
8
734
•738
*712 8
*7 2 8
25
Do pre
700
2
'26
35 .27
32
2618 26
26
28
26
29
22
.
16,400 Anaconda Copper Mining_ 50
39
39% 38
39
3878 3918 3918 40
383* 3834 3834 39
1,200 Aasoclated Dry (10041s.......100
81
80 "78
8012 SO
7812 7812 79
80
80 '77
•77
100
Do 181 preferred
2001
8412 8412 *83
85
85 1 '82
85
85
86
*83
85
*82
_
WO
Do 2d preferred
89 '83
90
8512 "84
87 .84
90 .84
90 '83
.80
100
Oil
*9812 9912 9912 9912 10012 10012 10218 10214 10512 10512 10613 108 -1500 AssociatedFruit
No par
1.600 Atlantic
1
1
113
112 *1
"1
1
1
113
78
1
1
2,400 At) Gulf & W I SS Line....100
1514 15
15
1438 15% •15
14
1418 1418 14
15
•14
100
Do pref
300
1312 1313 1318 "1112 1312 '31112 1312
1318 •12
1234 13
.11
100
900 Atlantic Refining
107
"107
106
107
110
105
105
•10314
103
103
•98 103
100
100
Prof
Do
117 117
•115 117 "115 117 •115 117 .116 117 "116 117
No par
400 Atlas Tack
1113 1112
12
12
12
123 1238 '11
12
*1013 1112 12
par
.No
&
Nichols
Co.
Austin,
2,100
2512
.25
26
2414
2412
2514
'
25
24
24
2312 2312 24
100
Do pref
85
85 .80
85 '8 ,
85 .80
85 "80
85 '80
80
.
Wks.100
Locomotive
Baldwin
179,900
11814
119%
4
1203
4
1183
12014
11514
8
1153
*
1143
1158
113
11412
113
100
Do prof
100
114 114 "113 116 "113 116
•1131, 116 *113 116 "113 114
No par
Barnet Leather
•23
36
36
"23
36
36 '21
38 .24
"24
36
.24
25
A___
Class
Corp,
Barnsdall
1,500
1112
.
14
13
1313
'13
13%
13
.12
13
1312 •11
•11
25
Do Class B
100
.612 813
8
8
8
'6
8
.6
8
.13
8
•6
20
Batoplias Mining
Si)
14
14
14
'Is
.13
14
*18
14
*13
14
•18
par
NO
Bayuk
Bros
3,300
56
56
5312 '5014 5318 .5014 5314 5312 5912
*50
50
50
20
5,300 Beech Nut Packing
70
6812 6912 "67
70
67
68
67
613,
6712 65
67
100
4934 4858 493* 30.300 Bethlehem Steel Corp
4718 48
478 488 4734 4838 4838 4934 49
Do Class B common_ _.100
I
100
' Do pref
Do cum cony 8% pref.100
100
2 .10412 106 '104 10612 104% 10478 .10458 106
1061
1661-2
•
100
new
Pre'erred
9113
*9014
300'
9012 9118 "9014 9112! •9014 9112
92
9014 92
.89
No Par
1,400 Booth Fisheries
414 414, '114 5
.414 5
4% 4%
43* 5
*412 5
100
I British Empire Steel
*558 8
.412 8 I '558 8
.514 8
*41. 6
100
Do 1st preferred
1
60 .19
60
59% *59
5712 "5812 60 "58
• __ 581 .57
100
preferred
2d
Do
300
1853
18
20
1858
.1812
1712
1712
1813
•__
i
•____ 20
100
1074 10812 1088 10978, 108Ts 10814 2,100 Brooklyn Edison, Inc
10714 10714 10612 10612 10634 107
100
11212 1,300 Brooklyn Union (Sag
108 110 '108 110 '108 110 .108 110 I 10014 11214 11212
.
100
Shoe
Brown
Inc
300
I
49
•4611
49
•4612
49
.461
48
.4512
4512 46 I
50
•45
Brunsw.ek Term & Ry Sec. lilt)
112
113' .1
112 •1
112 .1
112 *1
•1
112 *1
100
3,100 Burns Brothers
106 10612 10612 107 I 106 106
10412 106
100 1023* 10138 105
Do new Class B corn
2313
1,800
24
2312
2312 2312
24
2312 24
2112 2134 2214 24
512 512
512 512 3,400 Butte Copper & Zinc v t c__ 5
5141
514
514
514
518 514
51
514
100
800 Butterick
19 I 18
18 '18
1914 .18
1913
19 "18
19 .18
19
1,500 Butte & Superior Mining.. 10
14
14
*13
128 1312 *1314 1414 1358 1414' 14
14
14
Cent Oil .44 Ret.No par
Caddo
500
2
8
.15
1%
8
17
4
11
114
4
13
4
13
2
8
.17
134 2
400 California Packing....No par
7918 7918 "7814 80
793
79
80
"78
7758 77% •7733 81
2058 1934 2018 34,400 California Petroleum, new. 25
193* 19% 2058 20
1814 1812 1778 1938 19
100
Do pref.
900
9314
I
93
9314
93
9314
93
92
9112
9114
91
92
•90
10
412 438 6,200 Callahan Zinc-Lead
458 434
438 418
418 414
418 414
418
4
10
Calumet Arizona Mining
300
"47
1
48
4
473
48
47
'47
8
487
*46
49
'47
47
47
1
Gold
11111
Carson
512
5
41.
•3
512.3
_
_
_
512
4____
555*---No par
Case (J I) Plow
1
*34
112
4
.% 1 12
1 1
*12
112
•12
Thresh
pf
M
I)
ctf_100
I
(J
Case
100
70
70
.67
'67
67
67
70
"66
70
70 '66
•66
100
1658 1658! 1612 1612 2,000 Central Leather
1534 1534 1612 17
1614 1614 17
16
Do prof
100
900
4614 45
45 1 '44
46
4213 4212 4318 4312 4312 4312 44
par
Pasco
39%
Corrode
Copper_No
3814
81
6.600
393
8
3918
39
385
39
39
3918
39
3834 39
5 •
Certain-Teed Prod.. .No Par
27 •____
____ •24
35 •____ 35I '31
"25
Chandler Motor Car_ _ _No par
48
4714
4612
4812
4
3
46
4714
4
463
4512
:
11
86E
4714
/
45
467 4738
8112 1.500 Chicago Pneumatic Tool..100
81141 797 8114 8034 8114 81 18 8112 •80
81
82
*80
25
2612 2612 261z 2614 27 I 8,100 Chile Copper
26
25% 26181 2534 26
26
26
5
1614
,
1618
1614
1634
17%, 5,900 Chino Copper
1618
4
153
4
3
15
1633 1534 158
'16
_100
_
Co_
&
Peabody
Matt,
14
14
3
1.300
7114 73
71
7058 70%,
71
71
7112 7112 71
73
'70
1 9,100 Coca Cola
No Par
7413
753*
8
745
75
7414
4
753
7518
7455
7518
7312
74
72
100
2,400 Colorado Fuel & Iron
27
2714 2712 2814 27
2614 27
2718 2614 2614' 26
*26
6,800 Col Gas& Elec. new w I .Vo par
3334 3438 335 34
3314 3312 3312 3312. 3314 3312 333* 333*
Columbia
Par
Graphophone
No
5
12
3,200
12
%
33
%
12
%'
*1.3
%
12
100
Do Pre(
/3-4
33
200
33
*234 334 .234 334 •234 43/I'
33
33* '33
Computing-Tab-RecordNo par
600
72
12
71
71
12
1
71
721
7214
72
"6913
72
'6812
7012
•70
2012 1958 10% 1978 2038 1,700 Consolidated Clgar.....-No Par
1913 19
2 '17
2012
•17
100
Do Drell
.6314 6512
*6314 6512 .6334 6512 .6334 6512 '6314 6512
'6314 75
Comm!Distributors,Ine No par
18
...-13
Consolidated Gas(N Y)...100
No par
When Issued
--------61
-66T4 "i61-21
6o14
718 7% 2,200 Consolidated Textile_ No par
714
712 713
714
7%
755
717 *714 712
714
100
Continental Can, Inc
No par
When lasuod
4854 49' 70,500
4812 49'2 -47E8 1612 4834 165i -4614 161; -464 164
100 Continental Insurance.... 25
95
94
95 .9334 95 '92
•92
94
95
95 .92
*92
Motors_ __No Par
614 63
618 833 3,600 Continental
614 614
6
618 61s
612
612 634
Corn Products Refining_ _100
127
12458
12814
127
28.500
126
12558
128
12638
12678
4
1243
12414 12638
100
era
Do
100
119
*11512
120
.117
119 •117 120
11618 11618 *115 117 '117
No par
2638 2633 2778 2718 2818 263* 273* 65,200 Cowden & Co
2512 2614 26
251
25
I(k)
America..
of
Steel
Crucible
6114
6012
21.700
63
61
6212
8
605
7
5911 60%
5734 5878 5814 59
100
Do pref
100
8612 *85
87 1
86 , •85
86
*8513 86
87
"85
87
•85
No par
Cane Sugar
Cuba
1218
13
1218
1212
1278
8,200
13
4
123
1212
4
123
8
1218 1212 123
100
Do pre(
4918 477 48% 11,200
48% 4914 48
4713 487
4712 4818 4712 48
14,500 Cuban-American Sugar... 10
3112 3012 31
31
3034 3158 31 18 318
100
3012 3034 30% 31
prof
Do
98
200
1
98
•94
•95
98
9512
.
97
97
99
9514 9514 *95
4812 4714 49 ' 4734 51
4912 51% 111,500 Davison Chemical v t c.No par
4138 4258 4178 4714 4658 2238 •2178 2234 .2134 2318 •2178 225
De Beers Cons Mines_ _No par
100
'2218
22% 2214 .2212 23
100
300 Detroit Edison
10212 102 102 •10218 1023* 10238 10233 10212 10212
•10114 10212 "10178
10
3855 3834 2,600 Dome Mines, Ltd
3812 39
3914 3878 387
3914 3814 3814 3812
par
Kodak
.No
Eastman
•37
Co..
2,800
108
10638
.106
10812
1074
1073*
•107 17034
Co..100
&
10612 10618
Nem
de
Pont
du
El
12238 12312 12412 129 I 12814 13118 128 13012 84.800
121 12212 12118 123
100
6% cumul preferred
200
85 "85
8814
8612 *8512 8612 85
•8512 86% 8512 8512 •8512 5818 573 60 1 595 6018 5878 5913 2,700 Elea Storage Battery...No par
57%
59
58 '57
58
50
1130 Elk Horn Coal Corp
*1312 16
4 *1312 16
133
4
133
1812
4
•133
4
•133
16
.1334 16
Ernerson-Brantingham_ _100
2
.1
2
.1
2
•1
2
*1
2
•1
2
•1
50
800 Endicott-Johnson
6612 '6512 6612 *6518 67
66
•6538 66
86
6612 86
•66
100
Do met
11418 11418
100
11434 •11312 1143,"114 118
•11312 1131: •112 115 913%
•Bid and asked prloee, no sated on this day. 2 Ex-dIvIdend.
PER SHARE
Range since Jan. 1 1923.
On basis of 100-share lots
Lowest
$ per share
314 July 11
14 May IS
418Sopt 19
90 Sept 27
6% Aug 9
2934 Aug 9
8734July 30
78 June 27
16 Sept 25
1018July 6
161sSept 27
33 Aug 13
6434July 5
114128ept 15
4014June 30
76 'an 2
4% dna 27
1038July 2
53 Jan 17
93 June 27
130 June 30
31%July 2
97% Aug 14
57 Aug 1
100 Aug 0
16 July 2
3212July 11
11.4 18.1.ine 29
149.4 July 3
100% -1 ':1(21
119 May 20
2712 Jan 29
8514July 3
4812 Jan 3
93,4 Jan 2
72%3-pt 29
9818June 21
3 Oct '5
7 Sept 19
26 On 1
38 July 5
0214 Jan 5
8212 Jan 18
8312Sept 18
9814 Sept 28
%Sept 26
914-July 5
634July 3
9938Sept 18
115 May 2
I034June 27
17 July 6
7834June 21
110,3 Aug I
111 Apr 2
3,1 Sept 13
9% Aug 2t
633Sept 18
18July 2
50 June 21
51 Jan 2
4134June 29
6014 Jan 16
9314 Feb 1
10014June 21
87 July 2
418 Oct 3
5%Sept 25
58'4 Sept211
16 July 5
10414May 22
10312MaY II
421:J.ily 5
1 Aug 7
100 Sept 29
2112 Sept 29
5's Oct 1
1314June 21
1278 Oct 1
112 Aug 4
77 Aug 4
1713 Sept 19
9012Sept 27
4 Sept 2i
44 June 28
518Sept 6
%Sept 27
66 Aug 21
1312 Aug 9
4034 Aug 8
36 8July 39
23 July 18
45 Oct 1
7512June 20
2418June '20
1434 Aug 30
60 July 2
72 Sept 29
25 June 28
3014 Jule 28
12Sept 19
2 June 19
87 June 30
17 Sept 19
65 Aug 30
%June 6
120 Jan 2
5834July 2
618July 31
115 Jan 2
4272May 7
90 Aug 9
6 Oct 1
11438July 8
118 Sept 28
2214 Sept 19
5712Sept 27
8534 Aug 6
812 Aug 2
331:Aug 4
23 Aug
92 July 12
20%May 21
2134Sept 18
100,4June 26
30%MaY 22
8914 Jan 2
10814 Jan 17
8112 Apr 12
52 July 5
13i2July 11
2 June 19
6212June 27
Ill May 2
Highest
PER SHARE
Range for Previous
Year 11122.
Lowest
Highest
$ per share $ per share Per share
3012 May
154 Noy
20% Jan 4
3312 Nov 61 May
3834 Jan 4
412 Jan
714 trig
7% Feb 23
Oct
14312 Mar 2 126 June 162
1738 Apr
1018 Dec
1334 Mar 7
4 Sept
74,
Jan
58
7434 Mar 7
Jan 122 Sept
78
11112 Apr 2
Jan 9514 Aug
72
89 Feb 21
3312 Mar 28
24% Dec 5058 June
14 July
918 Jan
13 Mar 1
28 Nov 42% Oct
38 Mar 5
48 Nov 64,2 Oct
59 Feb 15
7514 Aug 22
Jan 12214 Dee
122 Feb 9 112
44 Sept 5314 Deo
5578 Mar 5
Oct
Jan 129
82
8812 Apr 10
8% Oct
918 Feb 19
3% Jan
513 Jan 2414 May
21% Jan 5
43% Jan 6712 May
6012 Mar 2
86% Jan 10412 00
10238 Mar 6
15214 Feb 14 10912 Jan 159 Sept
3034 Jan 4618 Sept
4078 Mar 21
Feb 108% Oct
91
10514 Feb 9
54% Jan 8578 Aug
85 Feb 13
Jan 112 Aug
84
10834 Jan 3
36% Feb 14
2314 Feb 47 May
Jan
851, Feb 13
5214 Feb 71
12512 Mar 5 11412 Jan 12814 Aug
16122 Feb 13 12918 Jan 16012 Sent
0012 Jan 108% Oct
I11578 Mar 3
Jan 16534 Sept
15934 Feb 9 126
Jan 33 Nov
6
4434 Apr 26
Jan 93% Sept
67
93 Jan 16
5514 Oct
1714 Jan
631 1 Oct 4
Jan
Oct 95
86
9814 Jan 31
Oct
7814 Jan 105
1093* Mar 21
Jan 1)1', Dec
11124 Jan 3 102
2212 Jan 55% Sept
34 Mar 7
1218 Jan
21 scot
1914 Feb 16
Jan 67 Sept
36
5814 Feb 27
45 Nov 57 May
531:Mar 6
Jan 7078 Dee
43
89 Mar 19
Oct
Jan 86
75
89 Feb 13
Jan 91% Oet
93% Feb 26
76
Jan 135% Slay
99
133 Jab 12
512 Apr
312 Feb 14
Ill Dec
1938 Dee 4314 May
34 Mar 19
Dec 31% May
10
27 Mar Ill
Oct
15312 Jan 10 117 Dee 1575
Jan 119% Deo
120 Jan 18 113
1312 Feb
221: May
2012 Feb 14
40% Sept
3512 Jan 12
014 Jan
Jan 01 Sept
68
8912 Jan 23
9313 Jan 14234 Oat
14414 Mar 19
Oet
Jan 118
116% Jan 4 104
Jan 6738 Sept
41)
55 Feb 16
5614 Am
1958 Jan
35 Mar 23
Apr
17 Nov 39
22 Jan 2
I% Mar
58 Aug 31
% Dee
Apr 85 Sept
33
6214 Apr 4
30 July 533/4 Dee
84.4 Mar 26
Jan
79 May
51
70 Mar 3
82,4 May
5512 Jan
71% Mar 3
96% Ian 2
90% Mar 108 Nov
Jan 11638June
11114 Mar 12 104
oat
94 Nov un
9712 Mar 9
1013 Aug
4 Nov
718 Jan 18
8i2 Jan
15 Sept
9% Mar 2
68 Mar
7634 Apr
69% Mar 13
Mg Mar 39 Sept
2612 Feb 20
Jan 124% "OM
1211: Jan 9 100
Jan 12412 Nov
70
128 Feb 7
Jan 11478 Sept
42
(3578 Apr 2
112 June
5% June
258 Jan 25
Dee
1443 Mar 23 11312 Jan 147
2838 Jan 53
43 Jan 2
Oat
1018 Deo
Ile, Feb 14
514 Mar
Feb
15 NOV
34
22 Aug IS
35% Oet
2038 Jan
3778 Mar I
634 Dec
1.5% Apr
918 Feb 16
8813 Sept
Jai
68
87 Feb 9
_
.
294May 31
Jan 9812 Apr
83
11013May 23
1138 May
1258 Feb 20
514 Feb
5013 Nov 661:lune
66 Mar
6% Dec
1618 Mar
9% Feb II)
434 Feb 21
3 Mar 93,4 June
4.14:
Feb
68
85 Apr
44% Sept
4012 Mar 7
29% Jan
63% Jan 8234 Sept
79% Mar 7
40% Dec
3224 Jan
50l Mar 28
Feb 53% June
34
45 Mar 14
Apr
7914
Jan
47%
14
Mar
76
Jan 89% Sept
60
9034 Mar 21
2104 Nov
15% Jan
3038 Mar 1
2214 Nov 33% lune
31% Mar 2
701 i Deo
Jan
43
7614 Mar 28
Jan 8234 Oct
41
8338June 8
Jan 37 May
3538May 31
24
37% Apr Ill
514 June
2% Feb 6
114 Jan
21 blue
Feb
5
1212 Jan 15
Jan
Apr
5514
79%
9
Apr
83%
1858 Feb 4234 Oct
30% Jan 3
Feb 44755 Nos,
47
83 Feb 17
14 Feb
214 Mar
38 Jan 30
8512 Jan 14534 Sept
137 Jan 26
5778 Dec 6234 Deo
69% Feb 7
1412 Feb 9
9 July
15% Apr
45% Jan 11514 Des
13134 Jan 31
_
5512Sept 11
Jan 93% AO
66
104 Jan 31
1811 1)e6
11 14 Dec
1214 JIM 19
21 14 Jan 13414 Oct
139% Feb 6
Jan 12234 NO,
12238 Feb 24 Ill
Dm
3132 Jan 54
8314 Feb 17
52% Feb 98% Sept
8412 Mar 21
Jan 100 Sept
80
94% Mar 2
818 Jan
1084 Mar
20 Feb 13
402 July
1514 Jan
0414 Mar 15
Aug
1412 Jan 28
37% Feb 13
7818 Jan 10212 Dee
106 Apr 5
2318 Nov 65% Ayr
72 Aug 30
1512 Jan 2558 Sept
28 Mar 1
111 Mar 2 10032 Jan 1181: tag
1812 Jan
4812 N11'1
4418 Jan 4
70 July 0011 Dec
11.324 Apr 3
Dec 18034 Nov
14812 Apr 28 1(15
80 June 9912 Sept
8914 Apr 10
4012 June 5834 Dee
6718 Mar 21
2413 Dee
1414 Jan
2
Jan
2034
II% June
253 Jan
712 Feb 20
76% Jan 94% Dee
9414 Jan 2
Jan 119 Dec
118 Jan 3 104
New York Stock Record-Continued-Page 3
For sales during the week of stocks usually inact.ve. see third page
preceding.
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER
CENT.
Saturday,
Sept.29
Monday,
Oct. 1
Tuesday,
Oct. 2
Wednesday. Thursday, 1
00.3
Oct. 4
Friday,
Oa.5
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
ii
Range since Jan. I 1923.
On basis of 100-share lots 1 1
1539
PER SHARE
Range for Previous
Year 1922
Lowest
Highest
Lowest , Highest
$ per share $ per share
per share $ Per share $ per share $ per share Shares. Indus. & Miseell.
per share
(Con.) Par
$ per share $ per share'S per Mare
020
23
2018 2018 .2014 21
2014 2034 .21
22
.21
22
300 Exchange Buffet
No par 20 Sept 4 31 Jan 10
2612
7034 7114 71
72
7114 73,4 7234 747
7214 74
Dec 3112 Oct
7012 7234 30.500 Famous Players-Lasky_No par 66 July 2 93 Jan 2
•88
7518 Jan 107 Sept
8912 .88
91
0078 9078 91
91 1 .91.
92 .91
92
200
Do preferred (8%)..... 100 85 Aug 27 9954 Feb 14
.
7
9112
912 .7
Jan 10738 Sept
10
.9
10
9
9
.7
93
*7
9
Federal Mining & SmelVg_100
200
June
Feb
5
123
5
*38
16
4
9
40
Jan
3934 3934 3912 3912 393 398 *38
1612 May
3934 3912 3912
400. Do pref
100 3414Juue 4 605* Feb 13
.758 8
3712 Mari 6234 Sept
8
778 778
8 I
8
8 1
734 8 1
8
812 5,700 Fifth Avenue Bus
No par
74 Sept 21
1038 Jan 2
.160 180 •156 180
832 Dec, 10% Dec
160 162 1.16012 170 1.160 165 1'1'160 170
Fisher
Body
300
Corp
No
par
July
II
140
Jan
21214
75
3
Jan l 218
.96
9812 .96
9812 .96
Dec
0812 .96
9812 97
97 1 .9614 9712
100, Fisher Body Ohio pref._._100 94 July 3 11023,,June 14
678 7,4
7612 Jan 10314 June
634 7
7'
7
63
71
87
7
63
67
3,3501 Fisk Rubber
No oar
634 Oct 1
1612 Feb 13
1038 Nov
•1114 1212 •1114 1214 1112 1112 1214 1234 1212 1234
1912 Apr
121
2,400
1112
Freeport
Texas
2
Co_
9,2July 2 22 Jan 13
_No Par
1214 Jan
.40
43
4014 4014 41
2714 Oct
41
41
43% 437 437 .42
4412 1.800 Gen Amer Tank Car_ No par 40 Sept 18 7178 Feb 20
453 Jan SO
28
28
2812 29,4 2834 29
Oct
29
31
2934 31 I 30
3018 8,700 General Asphalt
100 23 Aug 9 54 Mar 7
.
61
37,4 Nov 73% July
6358 •61
6218 61
61
61
61
62
63
63
63
pref
600
Do
100 60 Sept 27 83 Mar 7
69 Nov 111 July
8234 8234 82
82
*82
84
82
8214 .8112 8212 82
8212
1,100 General Cigar, Inc
•10112 107 .10112 107 *10112 107 *10112 107
100 8018June 28 945 Mar 14
65 Mar 8334 Dee
.10112 107 010113 107
Debenture preferred_ _ _ _100 10412 Jan 2 110 Apr 2
94
16878 169
Jan 109
17012 17114 170% 170% 17234 173
Oct
171 14 17114 171 171
3,200 General Electric
100 168 Sept 21 19018 Feb 2 138
•10% 11
Jan 190
"1078 11
Dec
*10% 11
1078 11
11
11
01078 11 18
800
Special
1012..fune 6 12 Jan 2
10
1312 14
1012 Oct
12 Sept
1312 1378 135* 13% 137 1438 144 1412 14
50.200
General
143*
Motors
Corp.
_No par
I234June 28 1712 Apr 18
*8212 8434 *8212 8434 *8212 84
814 Jan
1514 July
8212 8212 83
83 ' *82
83
200
Do pref
100 79 July 10 89 Apr 17
Jan 88 Sept
89
•8212 84
8258 8258 08212 83
8212 83
83
83
*82
83
600
Do Deb stock (6%)___100 7834July 17 90 Apr 7
Mar
673
4
964
*97
99
Oct
*97
99 .97
99
*9512 99
*97
99
Do Deb stock (7%).,_100 96 June 28 105 Apr 10
-,1 - 4512 4512 45% 4512 46
79,4 Mar 100 Sept
46
4612 4612 48141 46% 1,700 GI tube! Bros
No par 3912June 27 5112 Apr 24
•61; 634
3812 Oct 45% Oct
658 658 *1312 7
"6% 714
7
7
.7
8
200 Glidden Co
par
6 S.mt 22 1238 Feb 9
1814 June
934 Nov
Goldwyu Pictures
N
No
o par
312June 28
;21;2, 22
44 Dec
812 Oct
78 Mar 9
213i 2212 2278 235* 2313 'IA -ii- 22
2,100 Goodrich Co (B F).._.No lixi
par 20,4 Aug 4 41% Mar 22
2811 Nov 44% May
*7312 74
74
74
75
75
7578 76
•75
7512 75
75
901
Do
vet
7012Sept 23 9212 Mar 6
7915 Nov 91
•1612 1712 .
16
18 .1612 1712 .17
Apr
1712
1712
1618
17
1712
Granby
900
Cons M.Sm & Pow 100 1534.1une 30 33 Mar 23
.7
35 May
22 Nov
8
8
"734 8
8
8
.734 0
.
734 8
300 Gray A Davis, Inc....110 par
714 Aug 13 1538 Mar 7
•16
18
8 Nov
1978 May
•16
18
17
17
17
17
167
167
8
17
17
400
Greene
Cananea
Copper_
_
_100
46
15 June 20 3418 Mar 6
3413 May
22 Nov
.6% 614
7
6
6
614 678 *612 65* 0618 65* 1,000, Guantanamo Sugar._ No par
5 Sept 19 1412 Feb
7312 7478 7418 70
793* 78 8 8014 7712 79,2 56,203 Gulf
14% Mar
7 Feb
7434 76,4 78
States Steel tr ctfs. _100 66 June 28 1045* Mar 14
4.58
2,
417 Jan 941 Oct
21
.58
34
34
3
4
3
4
3
309
4
Hablrshaw
*311
3
4
Elee Cable_No par
14
-231-2 3354 3312 3312 3312 3312 34
Aug
Jan
212
8
34
Jan
12
37 Mar
3414 3412 3112 34
31
1,100 Hayes Wheel
10
31 July 5 44
*1612 18
*1612 18
1612 1658 .17
18
17
17 , 17
17
700, Hendee Manufacturing__ .100 12 July 2 2334 Apr 19
•61
Feb
Jan
15
64 .
16
Sept
28'4
6312 .61
*6152 66 .
61 18 66
.62
60
6134 66
I Homestake Mining
100 60 May 23 797 Jan 2
50
Jan 82 Nov
50
55
53
52
514 523* 5234 5315 5212 5334 5134 5212 6,000 Houston 011 of Texas
100 404 Aug 4 78 Feb 16
2278 23
61,4 Nov 91% Oct
2214 2234 21% 2214 22,8 2338 233 237
23% 237* 9,9,10 Hudson Motor Car... _No pa
20 June
•17
18
1634 1712 17
1912 Aug 28% Dec
17
18 • 18
18
18
•1712 1838 1,900 Hupp Motor Car Corp__ _ _ 10 184 Oct 28 3234 Mar 8
1 30,2 Apr 2
112
114
*114
t
114 1%
1078 Jan 2618 Dec
1,4
1,4
1%
114
1 14
1141 1,609 Hydraulle Steel
No pa
112 Joily 13
212 212
612 Jan 8
3% Feb
212 2,2
1418 June
212 212 .214 212 •24 212
214 214!
400 Indlahorna Refining
1',SCpt2i 19 Mar 19
*4
6
"4
6
154 Dec
.4
.4
6
6
3,4 Jan
512 *1,2 512
' Indian Refining
IL
4 Sept 19
812 Apr 6
•2634 2714 2714 2712 .2634 2738 27
Jan- 1138 June
5
2734 2612 2714 24
2614 8,100 In [Oration Cons Copper
20 24 03 5 438k Mar
Noy
31
45
June
•118 2
Its
•1
114 114
2 I *112 212 .112 212
200 Internet Agricul Corp
100
1 Sept 14 11 Feb 20
514 5%
558 558
55* Dec 1134 Mar
7 1
514 0
7
738
0
712 8 I 3,800
Do pref
514
100
397
Sept
26
Feb
*35
37
*35
2812 Nov 43,8 Mar
23
37
*3512 3612 35% 3558 353 36
*3512 37 '
700 International Cement._No
31 J,lne25 44 Mar 19
2018 2058 20% 21
26
Jan 3834 May
2014 2012 2012 2114 20
2138 2014 2012 10,000 Inter Combus Engine_ .No Par
par
1958June 2
2718 Apr 0
7312 7312 "7334 75
2015 June 3012 Sept
7414 7414 7434 7514 7534 757
7578 7612 4,300 Internal Harvester (new)..100 71 Aug 1 9812
Feb 7
*10712 109 •10712 109 •10614 109 *10614
793 Jan 115% Aug
•10614 109 .10614 10878
Do pref (new)
100 10614SePt 5 11614 Jan 4 10512 Feb 119 Sept
618 618
618 618
613 612
612
634 67
, 678 678 2,000 Int Mercantile Marine _..100
478 Aug 9 1158 Feb 14
11 2114 2114 .2114 24 *618
834 Dec 27% May
2114 22
2178 237
23
8 2212 23
Do pref
3,5(10
1812 Aug
1011
415* Dec 875* May
1134 1134 114 12 12 1218 12 12)4 1155 235
12 I 1134 1134 4,000 International Nickel (The) 25 11 18July 8 47 Jan 5
5 1614 Feb 16
.76
1114 Jan
7814 •76
7814 .76
1934 Apr
*76
78
78 .79
78 I *77
78
Do pref
100
4
Jan
693
4
83 June 12
Jan
60
"31
32
*3012 32
a
3034 3214 3112 3234 3234 3314 .31
33
3,400 International Paper
100 30,8Sept 25 5838 Mar
4312 Mar 633 Oct
11 6312 6312 *6314 65
86314 65
63,2 6312 6312 645* 63
63
1.100
Do stamped preferred_ 10)1 63 July 12 7518 Jan 6
918
5
918
•9
914
914
59 Mar 8012 Sept
914 934
912
912 934
Invincible Oil Carp.. No par
4,000
9,
8
912
8 Aug iS 1914 Mar 7
1218 July 20,4 Apr
' 34
3438 34
34
40 I 39
39 "38
36
30 I 40
42
3,900 Iron Products Corp.._ _No par 3212 Aug 6 5814 Mar 8
I
12
14
24
38
14
Jan 5318 Oct
58
18
514
Is
Is
14 74,800 Island Oil & Trausp•t C.. 10
Is
18 Oct 3
58 Feb 24
1 18
1814 "17
14 Nov
3
181 •1734 1834 *1712 19
Jan
1812 1812 .17
19
Jewel Tea, Inc
8190
100 1714 Aug 9 24 Mar 15
Jan
10
168
2212 May
73 .68
74 .69
72
*68
74 1 .70
75 .70
Do pre(
75 I
100 62 June 20 82 Feb 26
3812 Jan 7638 Deo
3514 37,4 3334 361
32% 34
2934 3412 2912 323* 2814 3012 42,900 Jones Bros Tea, Inc
100
284 D'It 5 6338 Mar 16
3412 Feb 5778 Sept
•108 109 .108 109 *108 109 .108 109 .108 109
108 108
100 Jones & Laughlin St. pref..100 107 Mar 19 11012Sept 4 10 18 Dec7
10938 Dec
*14
38
38
38
"14
38
*4
14
4,
700 Kansas & Gulf
10
4 Aug 6
312 Jan 12
1 12 Dec
712 Jan
3758 3734 3634 if - 3612 365* 373* 39% 3712 39
37
37 1 3.200 Kayser (J) Co (new)._ _No par. 28 July 2 4578 Feb 23
34
May
•96 106
4858 Aug
*96 106 .98 101
*99 100 .98 100
_ _ _ 100%
Do 1st pref (new)..Ns par' 96 July 2 04 Mar 23
94 May 10612 June
2378 25
2314 24,8 24
2434 2434 2614 2418 2618 2238 2334 36,500 Kelly-Springfield Tire
25 2238 03t27
6218 Mar 22
3414 Jan
534 Mc I'
*80
92 .80
*80
90
*80
90
90
*80
90
*80
89
' Temporary 8% pref....100- 94 Aug 3(7 t08 Jan 18
901 Jan 10734 May
*80
93 *80
90
80
80
80
80 .82
87
•78
87
200 Kelsey Wheel. Inc
100 80 Oct 2 117% Mar 6
Feb
61
3278 3318 3278 3318 327g 3318 3318 34
115 12 Dec
3312 3334 3338 343* 15,200 Kennecott Copper
No par 32 June 20 45 Mar 1
25% Jan
39% May
3
318
27
318
234 3
3
3
27
3
234 27
3,700 Keystone Tire & Rubber._ 10
214S:tit 26
1118 Mar 24
434 Nov 2438 May
*21512 222
220 222
221 221
224 224 .224 22912
220 223
Kresge
Co
(S
600
8)
100
Mar
177
2
24812
Apr 26
7878 7878 .75
Jan 18912 Nov
*77
85
78 .76
79 .76
79 .76
79
Laclede Gas (St Louls)_ _100 75 Judy 5 8938.Itine 9 110
100
43
1634 17
Jan 9412 AUg
1614 165* .1612 17
1634 1634 .17
18
1634 1712 1,500 Lee Rubber & Tire_ _No par
1614 Oct -1
3134 Mar 22
20312 20312 20334 20812 210 210
2414 Nov
210 21014 212% 21212 215
1,430 Liggett St Myers Tobacco_ _100 19034May 21 22234 Feb 9 15314 Feb 351,Mar
•110 117 •112 117 .114 117 .114 117 *114 117 *114 215
235
Oct
116
I
Do pre
100 1113 Apr 4
6312 8412 625* 6312 6314 9312 64
Jan 8 108
.
Jan 12312 Nov
65% 6412 6514 6215 637g 8.100 Lima Loc Wks temp etf.No par 5814June 28 11818
747 Mar 20
1614 1614
52 Nov 11772 May
1612 1718 1612 17
164 1718 17
1718 167 1718 7,000 Loew's Incorporated...No par
14 June 21 21 14 Feb 14
618 7
7
7
.614 6%
105* Jan 23% Sept
63* 65*
612 634
612 612 2,000 Loft Incorporated
No par
6 Sept 8 1134 Jan 5
50
50
49
9
Jan
1414 May
5112 5055 50% 5114 5214 5212 53
5134 52
2.900 Loose-Wiles Biscuit
100 3614 July 7 6314 Mar 2
(160 160
160 160 *158 160 .158 162 *159 162 .157
36
Jan 6778 Sept
_
600 Lorillard (P)
100 146 June 21 178% Feb 9 14714 Jan IRO Sept
1109 109 •109 111 .109 110 *109 110 *109 112 .109
112
100 Mackay Companies
100
103
May
23
121
.16434 6512 .1143 65
Feb
72
Jan 117 Dec
*6434 65
•6434 65
65
65 .05
67
100
Do pref
100 6412July 30 7012 Feb 16
74
73
7314 74% 74
Jan 70 Nov
57
747
75
77
76
77
7512 763s 12,800 Mack Trucks, Inc
No par 5818 Jan 2 9312 Apr 8
*02
94
*92
94 .92
2511 Jan 8178 Sept
94 .92
94 .92
94 .92
94
1st
Do
preferred
87
100
July
3 9014 Mar 12
*8514 88 .8512 8712 .8512 8218 •8512 8712
88
.85
Feb 94% Deo
68
085
8712
Do 2d preferred
100 72 June 29 92 Mar 5
430
61
60% *60
.60
Jan 87% Sept
61
54
.60
61
6112 6112 6014 60'4
300 klacY
No par 57 Jidy 2 7113 Jan
*3012 31
30
3018 3012 3134 3112 32
59 Nov 62 Dec
3112 3214 3118 32
9,000 Mallinson (II 11) & CO-No par 21 June 27 40 Jan 20
5234 5318 "51
55
Jan
*52
55 .52
1512
2
40 Aug
56
.52
55
55
55
300 Menial Sugar
100 43 July 31 754 Mar 14
O73
79 .73
*72
83 *72
80
3014 Jan 52 Mar
83
*72
83 .73
80
Do pref
100 75 June 20 90 Feb 28
Apr
7314
8414
Sept
8
3814 3912 .37
.37%
39
40
38
*3912 397 .38
39
39
7001 Manhattan Elec SupPlyNo par 38 Aug 9 66
Mar 21
41 Mar, 8934 Apr
4234 4234 *4113 4212 4212 4212 4212 4212 •4112 4212 .4112 44
700 Manhattan Shirt
25
4112Sept
14
47%
Jan
32
Marl
5
6832
Oct
2512 2412 2512 2434 253
2312 2458 24
2511 2614 253* 263* 58,200 Marland 011
No par 2014Seln 19 59% Apr 2
46
_
46
2258 Janl 48% June
7
7
Marlin-Rockwell
July
7
Id
5
Feb
Mar
*2712 29
26
512
20
2712 2612 2-0.12 •27
27
263
8
Mar
2814 -28-1-4 27
28
1,300 Martin-Parry Corp....N
NO
:
p
26 July 31
3734 Apr 7142, .2014 Japn 804 June
*3712 40
39
3712 3712 38
*37
*37
40
3912 3812 39
1,100 Mathleson Alkali Works.- 50 36 June 28 6112 Mar
Pe"' 22 "Tan 64 Nov
40
40
3914 40
37% 38 .3812 40
3734 38
3812 3834 2,000 Maxwell Motor Class A...100
3634July 2 6314 Mar 8
4114 Nov 74% May
1118 1113 1078 II
10% 1058 1012 1012 1014 1038 1014 11
4,100 Maxwell Motor Class B No par
1014 Oct 2 21 Apr 5
Feb 2578 June
11
78
77
79
78
78
78
7718 77% 77
78
*7758 79
1,500 May Department Stores...100 67% Jan 5 86 June 7
6512
Dec 174% Dee
16% 1638 1614 1614
*1(1
1614 165* .
1634 O1638 17
18
1612
400 McIntyre Porcupine Mines_
15 Sept 18 2012May 4
10% Jan 21"4 Mar
Mexican Petroleum
100 182 Sent 14 293 Jan 2 10634 Jan 322
_
Do pref
10014 Feb 28 10514 Mar 10
97 -161-2 -iOis 105
7914 Jan ib912 - 93*
9
I 41!
104 1078 6,100 Mexican Seaboard Oil..No 100
53 Aug 15 234May 28
par'
•81,
Oct31
IS
918 034
94 10
iy
9
934 10
9
912
10
1038 1,500
Voting
trust
certificates _ ... 1
6 Aug 14 2314May 28
2438 24
12
Oct
32 . ,,.iy
2418 24
24
2312 2334 2312 2312 24
2314 234 2,500 MiamI Copt,er
30% Feb 23
25 Nov
5
4% 51s
4%
512
478 5
31.,.
53* 55
512 35,600 middle Suttee Oil Corp.... 5 2212.bine 21
55*
10
44 Sept
12,4 Jan 12
11 Nov
2614' 2618 2618 •26
*25
26
2518 2518 2514 2512 26
sir
2612 2,800 Midvale Steel & Ordnance_ 50 21i2Jime 21
20 33% Apr 18
6012 .
26% Dec
60
6012 60
47,1 may
6012 6012 60
60 '59
6012 *60
60
500 Montana Power
100 5412June 28 75 Mar 8
22% 2318 2212 23
63
23
Jan
2114 2138 21% 21% 21
763* Sept
2234 23
14.800 Mont Ward & Co III Corp. 10 1814May 22 26
Feb 13
12
2314 23% 2318 2312 2318 23% 2312 2334 2338 2334 2338 2378 8,300 Moon Motors
Feb2's', AUE1
17% Jan 17 MA Mar 22
13 Aug
812 812
85* 812
83* 812
812 8,2
1938 1)Pll
83* 812 4,100 Mother Lode Coalition_,Vo par
812 811
No par
718.1une 21) 14 Feb 2()
1418 15
16 1 *15
03
, Nov
•13
1418 .13
•13
1214 Dec
16
14% •13
15 1
500 Mullins Body
1018 Aug 21
29% Mar 15
*89
91 1 89
*86
1,714 DI, 34 Mar
89 .57
90
87
86
86
92 1
500 Nash Motors Co
par
No
Vet
oP
a7. 75% Jan 2 11412 Ian 12
70 Dec 525 .11117
•97
98 I •97
98
98 .
*97
98 •97
98 •97
97
98 I
Do preferred A
100 9612 Apr 23 10134 Jun 17' 111112 Aug 108 Dec
81
.813 912 *84 913 •858. 912
855 84 48
•8
812
400 National Acme
50
814So.pt 2
1818Feb 19
9/2 Nov
465g 4712 47
465* 467
4014 4058 465 47
21,4 Apr
47% 47
47%; 4.400 National Biscuit
25 38 Jan
481:Sept 6
3678 Dec 270
•118 122 .118 122 .118 120 .118 122 ,•119 122 *118 122 ,
Dec
Do pref
11812July
100
125
5
I
58
Feb
.543
2
4
11311
Jun 126
•5212 59 .52
58
59 •53
Oct
59 I *5438
*53
National Cloak & Stilt.. _ _100 40 June 1
59
674 Feb 21
Jan 667 Sept
26
514
•14
3
%
*14
•14
*4
;I
12
%
*14
12
Nat Conduit & Cable..No Per
14May 31
5212 53
112 Feb 24
47
4512 473
Dec
4718 477
4814 5234 45
1
418 Apr
4614 474 21,500 Nat Enam'g & Stamping...10
0
45
Oct
2
73
119
11912
119
Mar
14
12078 12212 12114 12134 2,300 National Lead
3034 Jan 6812 Oct
•11612 118 .11614 11912 1174
100 108 July 5 13634 Mar 20
Jan 1291, Dec
11212 11212 .111 113 .111 11312
8.5
•111 11312 *111 11312 5111 113
100
Do pref
100 10712June 281 114 Jan 4 108
•1112 12
12 ! 1134 12141 1178 12141 4.600 Nevada Consol
12
Jan 117
•1112 12
Oct
Copper....
5
11
18June
26
1838 Mar 5
13% Nov
3634 3718 37' 374 375* 3778 3612 3634 4,800 N 'Y Air Brake
19,8 JUDO
3618 3612 3614 37t
(nete)__No par 265* Jan 2 41
Apr
25
2412
4712 4634 461 *47
.
4712 *47
4712 *46
46
Nov
4712 •46
41511
Sept
4712
100
Class A
No par 45 , Aug 23 51 12 Feb 13
45% Nov 61 14 Oct
185* .16
1838 .16
•16
1734 016
1812 .16
1838
1838 *16
New York Dock
100 154June 30 27 Apr 2
20 Nov 46 June
40 .38
45 .38
*38
.38
•38
40
45
46
•38
40
Do pref
100 374 Aug 14 5112 Mar 15
Nov 684 June
46
2034 2118 20% 21 18 205* 21
2012 2114 2013 20% 20% 21
9,900 North American Co. new.. 10
1712m.ty 21
24% Apr 13
.4312 44 1 4318 43% •4312 44
*4234 43
43
43 "4314 44
300
Do pref
50 4212July 2 4102 Feb 14
38
Jan 474 Aug
17
*19
.
20
1412 1412 •15
15
19
17
19
*1812 1912
200 Nova Scotia Steel & Coal_ _ 100 1412 Oct 1
29% Mar 3
204 Feb 40 Sept
8
8
8
8
818 .8
8
8
8
.712 9
9
500 Nunnally Co (The)__ _ _No par
8 June 28 Iota Feb 9
S July
1234 Mar
278 278 .234 312 .2% 312 *212 312
4
•234 313 .2
100 Ohio Body & Blower...No par
278 Oct 2 1018 Jan 29
5 Nov
1414 Apr
158 134 .13*
134
138
15
114
I% 14
114
94 112 1.500 Okla Prod & Ref of Amer
114Sept 21
5
318 Feb 8
134 Dec
4% June
*3,2 412
512 *4
1% 414 .4
5
1,800 Ontario Silver Mining
100
3 July 21
77 May 7
412 Jan
938 Mar
1:7
18
3 1757
18
184 1812 .174 1812 1,100 Orpheum Circuit.
1112
34 1%4
2 1734 1734 18
Inc
1614June 21 2158 Apr 26
1
1238 Jan 28
122 122 0121 12112 •12034 124% .123 12474 1211. 1el,
Oct
.51291? 125
100 Otis Riev atm.
100 114,.July 30 1/53 Fob Ill 118
Jan 16834 Oct
•Bid and asked orlon; no Nalco thla day. sac-dividend
New York Stock Record -Concluded-Page 4
1540
page preceding.
For sales during the week of stocks usually Inactive, see fourth
PER SHARE
PER SflARE
Range for Presiour
Range since Jan. 1 1923.
STOCKS
max AND LOW SALE PRICE-PER SHARE. NOT PEI? CE-VT. Sales
Year 1922.
On Oasis of 100-share lots
NEW YORK STOCK
for
EXCHANGE
the
Friday,
rues.tay, 'Wednesday. Thursday,
Highest
Monday,
Lowest
Saturday,
Highest
Lowest
Week.
00.5
4
Oct.
Oct. 3
Oct. 2
1
Sept.29 ' Oct. 1
per share
$
share
per
per
$
$
share
share
Indus. & Mlscell.(Con.) Par $ per
1612 Apr
678 Nov
per share $ per share $ per share! $ per share $ per share $ per share Shares.'
7 June 301 1434 Mar 21
No par
753 778 2.800, Otis Steel
733 733
8 Sept
,
42
o5
713 73
Jan
24
738 733!
2
7% 738
Apr
523
2'
70a 712
Jan
3633
1,500' Owens Bottle
43
43
4334 427 43
13 Dec 1418 Apr
4213 4212 4323 43 '4214 42341 43
(2 Jan 2
214 Mar 5
203 Pacific Development
1
1
34
*12
34
*12
34
*13
34
34
*13
Jan 91% Sept
60
20
Aug
85%
2
July
73
*%
100
&
Gas
Electric
Pacific
500,
7814
73
79
19 June
Jan
11
7613 7613 *7618 7712 7822 7822 79
*7612 80
5
7 July 2 1234 Mar 14
100, Pacific Mall Stcamship
9
*7
8
*7
8
*8
9
*7
42% Nov 6938 May
9
"7
8
*7
31 14Scpt 19 487 Jan 4
81,1001 Pacific 011
8 39% 40
Nov
3733 378 3914 40,
21
Dec
10
22
Mar
3578 3678 3612 3753 373 38
1513
8
10%
Jan
10
Car
1213 1238 1213 3,9001 Packard Motor
48% Jan 100% Dec
•1213 1234 1213 1212 1214 1213 1238 1233 1212 5912
.50 53 Sam 25 9312 Feb 7
5714 59% 46,503; Pan-Amer Petr & Trans
4012 Feb 9534 Dec
5634 5678 5312 5734
56
7
5412 5514 551 557
Feb
86
23
88ept
507
50
B
Class
Do
5334 5134 5412 5633 5534 57,4 5134 5634 73,500,1 Panhandle Prod & Itet_No par
3 Deo 1212 Jan
5214 5333 5318 54
614 Apr 5
134Sept 10
"1% 2
*112 2
Apr
17
.1% 313 *118 312 *118 313 *118 2
712 Nov
9 May 23 1512 Mar 13
No par
2001 Parish & Bingham
10% 10,3 *9% 1058 *914 1033
10
*914 1018 *914 1013 10
Dec 1382 may
4
2%
Apr
6
2
03
8
par
23
°No
t
v
St'l
aboard
238 212 9,5001 Penn-Se
212 2%
Sept
233 234
99
233 213
Jan
4
593
212 253
30
Jan
212 212
9113
"8934 91 1 1,300 People's 0 L & C(Chic)___100 86 Apr 27
91
9112 9913 9912 91
91
3113 Jan 4533 Sept
91
91
91
91
2 50% Mar 19
4414 4312 44% 3.400 Philadelphia Co (Pittsb) _ 50 41 July
7314 Oct 105,8 Jan
438 431 41,4 44
4313 4112 4212 43
43
No par 55 Aug 9 80 Apr 4
Phillips-Jones Corp
60
'55
57
*55
59
*55
57
60 •55
2814 Jan 5914 June
59 '55
55
4Su3t 18 6933 Apr 5
193
Par
Petroleum
__-No
Phillips
26,300,
26
25
2514 2818
2412 2514 247 257
8 July 24% Apr
2312 2433 2414 25
614 July 2 1514 Jan 14
54 8
1,400 Pierce-Arrow Mot Car_No par
8
8
7
*734 8
Apr
3
8
Vs
8
9
1878 July 49
7%
Jan
74 8
100 1312July 2 3533
Do pref
1912 1,0001
194 1914 19
19
Jan
1814 1812 19
3% Dec 12
13
Feb
*1713 19 "1712 19
6
6
113July
25
Corporation
011
Pierce
1.700
17
13
1% 2
2
2
1% 2
2
2
214
"2
Jan
32 Sept 71
100 18 Oct 3 45 Jan 4
300' Do pre(
18
.4712 19 1
18
18
59%
Deo
18
Nov
20
*18
39
28
20
Mar
124
17
par
*1813 23 '18
Jan
551.4
Pigg WIgg Stor Inc -A" No
55 Nov 7238 Sept
Jan 16 6778 Mar 7
100
58
Pa
of
Coal
Pittsburgh
1
63
"60
63
*62
99% Feb 10012 Sept
63
;i45- 63 *60 63 "62 101
63
'58
100 9712July 11 100 Apr 5
Do pref
100
99 '99 101 1
99
Deo
*99
14,4 Feb 41
*79 101
4778 Feb 15
*9812 102
10
914 Mar 1
'9813 102
Pond Creek Coal
Oct
6553 Apr 120
Feb 6
134
July
5
47
Par
No
Cereal
Postpoum5C7.
700
2
Oct
11211
Apr
52(2 ---.5
10512
52l 52l4
Jan
54
25
11414
5113 52 '51
ne30
19812Ju
100
preferred
11112,
Jan 9514 Sept
63
21 81 12 Jan 2
43
'106 11214 *106 11214 '103 112 '108 112 *11012 11112 *11012
Smt
100
Car
Steel
Pressed
1,400
49731
49
51
50
Feb 106 Sept
91
5
Jan
4012 4912 4334 50
4
993
22
49
50 50
49
Jan
86
100
Do pref
490
83
2413 Jan 51 Sept
'
18 5418 Mar 20
8614 8712 3614 8614 8612 861 2 8613 8612 8612 8613 *86
2173, 57,700 Producers & Refiners Corp_ 50 2018Sept
2534 23
2413 2133 2418 2.534 25
2318 2373 2334 25
par 42 Smt 18 5112 Apr 16
4514 44% 4434! 3,200 PubServCorp ofNJ.new Na
45
2 Jan 1398t Seph
661
8
Mar
4434 4458 45
4334 4334 44
134
2
y
43
43
11012Jul
109
11614 11613 1.700 Pullman Company
11633 117
Jan 3314 June
116 117
31
116 116
116 116
115 116
.50 4178July 31 6014 Apr 19
5578 17,900 Punta Alegre Sugar
8 Jan
21313 Nov 38,
13
54% 54% 5512 5514 56% 5512 5614 5.5
Feb
32
5434 54
21
54
25
1614Sept
(The)
10,700 Pure Oil
3
173
1713
8
10234 Apr
173
July
177
1733
1718
94
9
Mar
1718
1718
4
100
17,
3
173
17
8
3
167
100 8212 Aug 2.
Do 8% preferred
200
90
*86
86
86
86
Jan 126% Sept
86
94
*8513 89
8812 *8513 86
19 123 Mar 17
8Sept
*86
100
977
Spring
Steel
Railway
900
1912 Jan 3613 Sept
10134 10253 102 102 •100 10312
"100 10134 10114 10114 10014 101
par 2911July 16 3438 Feb 19
400 Rand Mines, Ltd
19 May
1213 Nov
3033 3033 "303 3112 .3013 3133 3 34 3 34 3012 3012 3053 3058'1 10,200 Ray Consolidated Copper.
978Sept 21 1714 Mar 1
N
8 12
113
1133
1112 1113 12
Jan 42 Mar
11
24
1114 1034 11
6
Mar
43%
27
1114 1138 11
June
24
c100
t
v
Typewriter
3738 1,900 Remington
3034
3318
14
• Dec
3712
105
3713
Jan
3633
55
13
37
Feb
3614
*3512
36
104
20
37
*3512
100 96 Aug
let preferred v t c
95 1
95 .83
*88
50% Feb 8034 Dec
95
95 '83
95 '88
*88
95
*88
100 80 Jan 3 93 Sept 25
2d preferred
9314
9814 *90
3812 May
Nov
21
983 *3512 98% "8512 98,8 '95
16
97
Feb
4
313
*9113 9418 *70
8
Aug
No Par
7312 Mar
1138 1012 11% 1013 10% 2,700 Replogle Steel
48% Nov
11
10% 1033 11
1014 10
10
100 4018June 30 668t Mar 21
45% 4433 4553 4334 4113 10,100 Republic Iron & Steel
4312 4312 44
42% 4253 4234 43
74 Fob 9534 Ma'
Oct 1 96% Mar 21
84%
100
prof
Do
500
*8534 88
58 31 34 87
85 8585
85
1214 Nov 5034 June
3334 85 "84
87
•83
3.70 Par 14 June 30 2978 Apr 17
2,700 Reynolds Spring
*2014 22
2114 22
2078 21
21
43 Mar 6334 Nov
2133 *20
*2138 2113 21
Jan 10 69% Sept 11
6813, 10,200 Reynolds(RI)Tot)Class B 25 47 July
9 111 18 Apr 11834 Om
6812 6712 68
Feb
6712 6734 6734 6312 6818 6434 68
118
9
68
114
100
preferred.
7%
Do
800
116 118 *117 118 I
473 Jan 67 Juno
11513 11512 11313 116
5513 Feb 19
*11313 116 *1133 116
4013 Aug 1
Y shares)_
4333 4334 43% 4333 4312 4313 *437 4414' 1,300 Royal Dutch Co(N
44
121 Jan 2014 Sept
44
44
44
10 17 June 29 2258 Mar 9
5 1913, 1.800 St Joseph Lead
6,4 Mar
113 Jail
14
Feb
5
4
1912 1912 1934 1934 1913 1912 1912 1912 '1933 1913 19
Oct
414
par
c_No
t
v
Sugar
400 San Cecilia
112
1121
113 113
*112 2
"112 2
5
'tug 247 Apr
10
t
"1112 2
*113 2
3314Sep
3
1811 Jan
30731 4,100 Savage Arms Corporation-100 6514June 30 9238 Feb 13
59% Feb 947 Aug
2812 2812 281s 2812 2838 3034 3112 3213 3018 31 1 30
100
Co
&
Roebuck
Sears,
8113 7912 80141 6,100
Jon 112 Aug
77
91
7753 7734 8133 80
7678 77
7613 77
100 406i2June 4 11312June 12
Do prof
200
1
Oct 2314 Jan
6
6 June 20 • 121:Mar 3
'105 115 *106 114 *108 114 *108 11173 1147 11473 *108 119
570 Par
1,500 Seneca Copper
8
8
8 1
8
12 June
734 734
613 Nov
4 "753 8
Mar 2
734 7,
10%
6
8July
53
712 712
10
Copper_
Arizona
Shattuck
100
558 553,
1
6
'553
4813 May
3412
Dee
612
1
"513
7
634
Mar
4
63
2
4114
*51
*512
3
Oct
21)18
_ £2
*5 3 612
3018' --------- ---100,Shell Transp & Trading__
*2912 3033 29% 29% *29
1213 Dec 1314 Dee
Jan 8 1914May 23
12%
Par
No
011
Union
Shell
100
8 1512 16%. 1534 16
1834 Jan 3814 June
15.34 1514 15,
"i i'8 -ffie4 -J-Li8 114 158
16 Smt 18 39% Mar 19
500 Sinclair Cons 011 Corp_No par
8 1813 1933
1178 Oct
1813 1318 1934 1913 19,
853 Nov
1834 18
18
9% Jan 2 35 Mar 31
1734 18
10
1612 17 1 1612 1634 63,200 Skelly 011 Co
3413 Mar 54% May
26
Apr
60
11
1434 1434 1434 1533 1514 1612 1534 167
39%July
Iron.100
&
Steel
effield
1,000, Sloss-Sh
43
*41
43
*4214 43 '41
66 Mar 80 Aug
16
Mar
90
4014 4112 4012 41
13
42
Jan
"41
64
100
Do prof
I
84
84 '72
82 '72
34 '72
33 Nov 57% Mar
82 '72
6414 Nlar 19
*74
84
*74
4.000 South Porto Rico Sugar_ 100 3314 Aug 4 2714 Feb 16
5218' 5013 .52
50
15 Nov 24 June
4713 4734 4814 50
4712 4613 47
1134June 30
'46
par
No i0000
900 Spicer Mfg Co
15
15
15
1
15
II'.
14
14
Apr 96 Sept
*1312
97%
84
1414
Feb
2
4
*1314
Oct
14
14
8313
Do prat
100
*8813 8934 *8312 90% 8312 8312 *____ 94
8134 Dec 141 Sept
89
29 9013 Jan 23
3Sapt
9014 89
697
*89
51111ing
Standard
200
.6634 78 ; *6614 75
78
Oct
Jan 135
*76
9124
2
Jan
12312
*6634 78 '6634 78
y
30
4713Jul
25
69% 70
55%, 5314 54% 5314 537 44,600 Standard Oil of California_
53
53
5113 5112 5138 5214 52
3812 Dee 250% Oct
011 01 New Jersey 25 3073July 31 44% Mar 3
Standard
26,300!
3414
1
3313
34
Nov
3312
116%
341
tfl
..12
3314
11333
27
3358 33% 3353
33
3214 33
Do pref non-voting....100 114% Aag 24 11814July
600
8 11658 116% 116% 11678 11678
68 Mar 90 May
*11512 11633 11614 11614 11614 11614 116,
Steel & Tube of Am, pret_100 85 Jan 2 11058 Aug 9
____I 111
____! 111
____ 111
45% May 6334 Dee
____ Ill
____ 111
51 June 29 6758 Mar 2
*111
Products
1
Sterling
1,200
5518
55
5534 55
*55
55
55
Jan 109 Dee
81
2 115 Jan 5
Jan
10912
No
r
rlO
5414 5414 5412 5412 *54
i
l
prat
(8%)
Bros,
Stern
300.
114 I
116
11312
116
*114
*114
116
*114
114
2113 Jau 79 Des
17
114
Apr
124%
5
116
July
par
74
*114
Corp.No
7934 8153 40.0001 Stewart-Warn Sp
82% 8112 83
3.5% Jan 71 Dec
7914! 7712 7834, 79
5912July 2 94% Mar 6
par
7813 8134 77
Carburetor_No
Stromberg
4,700,
65 !
6412 6678 65
66
7913 Jan 14134 Dee
81 '62% 6312! 65
,
63
Oct 1 12014 Mar 21
6312 641 63
9814'215,400 Studebaker Corp (The)---100 9334 Jan
9334 95331 94
9538 95% 99% 9734 9933 97
4 11612 Aug 16 100 Feb 11814 Nov
1011 112
94% 96
Do prof
100
118
8% Nov
312 Jan
15 Apr 6
3
Jan
7
par
'115 11814 '115 118144115 11814 "115 11814 115 115 "115
No
Boat
Submarine
2.500
87
914
918
9
833 9
9
878
634 Feb 15
1014 June
4 Nov
'812 9141
2 Sept 18
9
9
No par
2% 233 *213 234 4,200 Superior Oil
Jan 3912 Apr
26
214 214' *218 213 *214 212
24 June 29 34 Mar 22
'214 212
100
Steel
Superior
27 '21
27
27
*24
*24
28
*24
29
158 Nov
5 Mar
*24
278 Jan 12
28
1 June 4
10
"24
238 10,200 Sweets Co of America
2
2
2
2
2
2
2
2
1234 May
838 Nov
17
12% Feb 21
178 17
8 June 21
tr ctts_No Par
918 933 2,700 Tenn Copp & C
933 938
933 97
9
9
9
913
42 Mar 5214 Oct
20
878 9
Mar
IS
52%
3914Sept
25
(The)____
Company
Texas
23,500
418 4133 4218 417 4218 4114 42
4133 41
41
3812 Jan 0718 Nov
10 5314July 2 65 Jan 15
4 34 41
5724 577g 5812 5814 5314 58
5838 2,900 Texas Gulf Sulphur Oil.. _ 10
1812 Nov 3234 June
7 Sept 18 21% Feb 2
&
*5612 5751 5612 838
57
57
77
834
833 834
738 773 5,900 Texas Pacific Coal
8
Oct
813
8
4 May 154
2
1093
Mar
144
July
2
•818 813
100
94
011
700 Tidewater
104
104
105
"103
4
1023
4
1013
10113
101
Oct
101
Sept 35
101
8
2812
Mar
par 33% Jan 2 45
101 101
4 5,200 Timken Roller Bearing_No.101)
3433 3412 34% 3518 3514 3534 3513 35% 3514 353
4914 Nov 8414 Juno
27
Apr
4
6111
1634
Aug
34% 35
Corp.
Products
Tobacco
573
65,600
Sept
8913
Aug
5512 5634 5533 5612 5533 5634 54% 5612 56
3
5
767
Oct
87%
2
7612July
56% 57
100
15)
Do CIA (since July
8638 8614 878 48,800
8514 8673 85
712 Mar 2013 May
8434 8613 8514 8638 8518 8612
313 Oct 5 1412 Jan 5
__No par
318 313 16,700 Transcontinental 011Corp _100 61 Aug 4 7712 Mar 28
3,4 3%
33
333 378
334 37
65 Mar 78 Sept
4
3% 37g
500 Union Bag & Paper
621
63
6318
63%
*6012
62
64
*62
65
"62
65
*62
18 Dec 25 Jun°
13 Jan 4
14 Jan 3
No par
1,600 Union 011
13
18
18
•____
85 Dec 13134 Dee
9934 Mar 19
100 81 Feb 1
14
*18
Union Tank Car
90
90
*87
*87
90 '87
141:1114
90
1..1
3'87
5
22
19 10
90
Jan
"86
6
112
Sept
90
106
100
'86
Pre
Do
200
10738 10712 107% •10714 10812
May
an
No par 29 July 31 39% Mar 21
•105 10712 *105 10712 107 107 *10714
600 United Alloy Steel
1314 3112 3113 *3013 3112
30
Oct
6073 Mar 85
100 7414July 2 85% Feb 26
30
30
Drug
United
300
80
77
7718 7718 .76
1P 77
4112 Feb 5178 Oct
1
July
49
14
Feb
50
4614
preferred
•7518 78
let
Do
200
5 48
475
48
*4738
'47
*47
471.
Jan
1112
Oct
11934
*47
2
Mar
183
47%
100 15212 Jan 17
4714 4714 47%
200 United Fruit
170 170 "16838 169 '16834 170
4312 Feb 8712 Oct
34% Apr 17
1
16714 16714 •167 172 *16712 170
600 United Retail Stores.. No par 6433 Feb 3 3838 Oct 5
72
75
728
7718;
73
Aug
*75
Jan
39
1618
7512
7512
July
4
773
4
20
*753
Ftly_100
7712
&
"7512
3418 358, 34% 3634 3533 3838 40,200 U B Cast Iron Pipe
50
Jan 78 Aug
100 64 June 21 8138 Oct .5
3013 3114 3114 34
30% 31
Do pre(
8012 8012 8138 2,300
7912, 80
1018 Jan
79
79
224 Feb
6% Mar 19
218June 28
'7613 7812 *7612 79 '77
800 U S Food Products Corp_ _100
334
4
54
33
3
33
4
312
38;
257 May
Nov
4
1813
•312
27
4
Jan
25
•312
30
3% 312
.1,800 US Hoff'n Mach Corp-No Par 15 June
16
.152 1613 16
1513 16
37
Jail 7278 Oct
40 June 29 7314 Mar 16
1618 1512 1512 •1514 16
_100
_
Alcohol__
16
Industrial
5
U
18,300
Oct
72% Dec 102
100 9514June 29 101 Mar 23
5238 52% 5234 5134 53% 5314 5433 5312 54% 3134 53,2
52
Do pre(
*96 100
96 100 '96 100
Jan 9273 Oct
56
8July 2 106 Mar 5
*9414 100 .9414 100 .
.96 100
300 US Realty & I mprovement100 88,
94
93
*93
46 Nov 6712 Apr
22
94
9312 9312 *9214 9313 93
Mar
64%
1)
Aug
3513
100
9312 9312 "92
Rubber
States
3738 3314 12,600 United
91 Sept 107 July
3712 3813 3833 397 ' 3312 40
3714 38
100 8814 Aug 13 105 Jan 13
3714 38
Do tat preferred
500
94
9418 93% 91 '91
*9212 9312 94
33 Feb 48% Oct
50 20 June 23 43% Mar 2
9212 9212 *9114 94
600 US Smelting, Ref & Min
2314 2314 2314 231 2
2312
2312
4214 Feb 49 Aug
2314
3
24
2314
Jan
4818
28
2412
4012June
•2313
50
*2314
Do pref
300
5
42
3141
"41
1
4
42
41
*41
4113
Jan 11112 Oct
4118
Mar
8
21
82
Steel Corp 100 8512July 31 109,
4113 4112 *41% 42
88% 108.800 United States
15 11338 Feb 123 Sept
Jan
12313
Aug
6
11618
8512 87,4 8638 87% 86% 8712 87% 8914, 8838 8912 88
100
prof
Do
2,900
7
11812
11812
118
1187
8
I
118
117
8
7112 Sept
5
1177
Nov
Mar
11738
8
69
7612
1185
5
56
11714
July
10
118 11818
5978 6014 3,000 Utah Conner
97 Jan 2318 Sept
59% 5934 5973 60% 5934 60
60
100 1418June 27 2438 Feb 16
4 5934 60
59,
400 Utah Securities v t
3 1553 1533 1514 1514
163
•16
16
16
16%
3
*163
4
163
*1618
3014 Jan 53% Aug
No par 2434July 5 4458 Mar 20
29% 2914 5,200 Vanadium Corp pref
2934 2913 297
2858 2878 29
Oct
92
Jail 100
28% 29
100 35 Oct 5 98 Jan 25
2878 29
100 Van Raalte, 1st
85
85
90
89 '87
89 •87
2314 Nov 367 Mar
89 "85
614June 27 27 Feb 29
100
89 '85
Chem
na
"85
Virginia-Caroli
913 912 1,600
953 934
83
July
Oct
914
58
914 933
15
69
.9
mar
27
June
17
100
834 9
*853 9
Do prat
27% 2634 2634 1,300
43 Mar 9412 Jan
*2614 2634 2634 2714 27
Mar 5
2
26% 2613 *2514 27
300 Virginia Iron, C & C __100 52 July 28 68
54 '54
59
59 1 54
59
*54
*52
Oct
66 Mar RO
59
85 Apr 23
*52
7712June
100
59
..52
pref
Do
33
83 "79
83 •79
16 Des
6% Jan
83 .79
*79
83
No Par 15% Jan 17 23 Mar 22
'79
1833 1838 1833 1812 1813 1812 _ 1-.665 Vivaudou(V)
19
1078 Oct 17 Apr
1812 1812 "18
27 1538 Mar 8
19
•18
200 Weber & Helibroner_ No par 12% Jan
13% 13% 1313 1313 *1312 1438 •1318 1412
2
Mar
105
11
3112July
100
*1378 1473 *1373 15
Express
1,600 Wells Fargo
41
40
4033 4053 *39
40
40
39
n 12
614 '
eb
89
6
1'14
1.n
I
68
4 A
38
Otic
Feb 211
38
40
'37
700 Western Union Telegraph.100 10118July 5 11912 Feb 17
10514 10558 10514 10514
10512 10634 106 106
94 Mar 16154,8 ADueog
40
8
120
50 76 July
'10538 107 *10512 107
680 Westinghouse Air Brake
82
82
82
82
*81
82
83
Jan
*81
83
16
*79%
Feb
30
6718
50
5212June
•8012 83
8,000 Westinghouse Elec & Mfg_
5838 577 58
577 5813 58
57% 58
25 May 3338 Nov
No par 20%Sept 18 3038 Mar 20
5813 5753 58
58
217 2213 2234 2314 2234 2234 2,400 White Eagle 011
22
35,3 Jan 64 Sept
50 45 June 28 6078 Mar 19
2153 2214 2153 2233 22
2,500 White Motor
49
4812
4
*48
48%
43
48
833
47%
213 Dec 12 May
48
38 Oct 3
5% Feb 19
Par
4814 47
O
48
011
CorporatIon.N
White
18.480
13
12
12
58
38 1
118
1
8:2 Nov
2178 May
113 114
534July 24 14 Feb 13
is 1%
600 Wickwire Spencer Steel.... 5
633 633
613 633
613
612
613
613
5
412 Feb 10 May
Jan
8%
21
5
June
*6,2 712
*613 7
614 5,500 WInys-Overland (Tha).... 25
6
614 68
614 653
614
6
Feb 4912 July
24
2 70%Scpt 1
42%
Jan
100
534 6
(new)
Do
578 5%
pref
25,700
625
5914 6134
5838 5912 59
61
27% Jan 5012 Sept
59
63
19 June 27 4234 Mar 7
par
5814 57
55
22
2112, 2133
22
600 Wilson & Co. Inc, v t c _No 100
21
2112 21
91 Sept
22 .21
64 July 13 89 Feb 8
"21
22
21
.
Do pref
70
•65
70 '63
70 '63
*63
Jan
n 223 Nov
6
37
16
10
70
Sept
24
260
Jan
19918
100
*60
67
(F
'60
Co
W)
Woolworth
2,500
264 25534 *252 254 *251 256
2673 Nov
557 June
25114 25412 25112 252
*250 256
P. IVI v t c__100 2313July 3 40% Feb 15
Worthington
300
25
29
"23
24
2513
*2414
6
2334 23%
Jan
1I
Aug
814 Jan 17 11 May 17
*2212 25
•2312 25
97 10
1,500 Wright Aeronautical_ __No Dar
97 10
10
10
10
*9%
10
10
10
•978
Ex
s
dividend.
day.
this
on
sales
• Bid and asked prices on
dias A :12N
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
1511
Jan. 1 1909 the Exchange method of quoting bonds was changed and p ices are now "and interest"-except for income and defaulted bonds
BONDS.
N. Y. STOCK EXCHANGE
Week ending Oct. 5.
Price
Friday
Oct. 5.
Week's
Range or
Last Sate
41
Range
Since
Jan. 1
High
Ask Low
Bid
High No. Low
U. S. Government.
First Liberty LoanID
Sale
2077 9942101.90
9911.,
99632
2
4
/
9911
354% of 1932-1947
_ 9741 98.90
JD 97142 ---- 9826nAug'23
Cony 4% of 1932-1947
JD 9711,2 Sale 97133 972,2 684 9611n 99.10
% of 1932-1947
Cony
JD 96"ii98.00 972,33 Sept'23 _ _
97.0099.00
2d cony 454% of 1932-1947
Second Liberty LoanMN
831
96114298.70
,
16
97
97",
97
42
4% of 1927-1942
MN 9741z Sale
9741 97133 1973 961,1198.88
Cony 434% of 1927-1942
Third Liberty LoanMS 98/
42 Sale 98,32 98173 12665 971141 991114
1
454% of 1928
Fourth Liberty LoanAO 9711
42 99.04
41 Sale 97111 97114 4177 97,
/
454% of 1933-1938
AO 981321 Sale 981444 Nth 1786 98"n100.04
Treasury Ois 1947-1952
10412 July'23
10212 10414
d1930 Q
231 consul registered
103
102
103 July'23
d1930 @
28 consul coupon
104 May'23
104
103
1925 Q F
48 registered
10314 Aug'23
10312 10314
1925 Q F
48 coupon
100 July'21
Panama Canal 10-30-yr 2s_ _k1936 Q F
if 9412 Apr'23
94', 05
1961 QM
Panama Canal 3s gold
92's 9614
1961 QM
9234 Sept'23
Registered
State and City Securities.
4 9814
/
9814 101
9814
2
N Y City-454s Corp stock-1960 MS 9814 991
4 102/
/
991
1964 MS 9834 9914 994 Sept'23
4
1
434 s Corporate stock
100 10212
1966 AO 9838
100 Sept'23
434s Corporate stock
104 108
1971 JD 102 10314 104 Sept'23
s Corporate stock
10134 10318 10134 10134
1 10134 10712
454e Corporate stock _July 1967
1965 JD 10134 10318 10134 10134
5 10134 10714
4.34s Corporate stock
10234 10738
1963 MS 10112 103 10234 Sept'23
43.4s Corporate stock
1959 MN 95
9614 95
95
1 95 10014
4% Corporate stock
9108
95
MN
95
1958
Sale
95
95
stock
1
Corporate
4%
96 1004
1957 MN 9434 9614 96 Sept'23
4% Corporate stock
9912
95
9514 95 July'23
4% Corporate stock reg._1956 MN 94
10112 10758
1957 MN 10112 10234 1011
4 10112
/
Ois Corporate stock
2 10112 10712
454% Corporate stock. 1957 MN 10112 10234 10112 10112
1954 MN 8512 8634 854
8512
6 8512 91
354% Corporate stock
10112 10312
1961 MS
10212 June'23
New York State-45
10238 10212
1961 J J
10212 June'23
Canal Improvement 4s
11214 11214
11214 July'23
Highway Improv't 434s.A963 MS
B
10412 Apr'22
Highway Improv't 434e_1965
1991 J J 694
7114 Oct'20
Virginia 2-3a
BONDS.
N. Y. STOCK EXCHANGE
Week ending Oct. 5.
z43
Price
Friday
Oct. 5.
Week's
Range or
Last Sate
11
Range
Since
Jan, 1
Ask Low
Bid
High No Low
High
2 66 6972
68
Atl & Birm 30-yr 1st g 411-e-1933 MS 6712 69 6712
8074 8612
All Knoxv & Cin Div 4s____1955
4 8112 Sept'23
1
N 8012 82/
4 May'23
1
9844 9918
All Knox & Nor lat g 5a____1946 JO 994 ---- 98/
88
9172
All & Charl A L let A 063_1944.7, 9134 93 9178 Sept'23
1
96 100
974
1941.7, 97
971s 9714
1st 30-year 5e8er B
60
4 89
1
82/
85
8412
Atl Coast Line 1st gold 0_11944 MS 8472 86
6 106 108
106
1930 MN 10612 10612 106
10-year secured 7s
4
85
4
1
89/
82
1964 JD 8412 85 85
General unified 454s
7618 83
8112 19
a1952 MS 8138 Sale 8058
L & N coil gold 4s
7378 7974
76 754 Sept'23
75
1948 j
Atl & Deny 1st g 4s
6118 68/
4
1
1948 J J 6172 68 65 Aug'23
2d 4s
76%
3 7612 7812
1949 AO 7612 80 7612
Atl&Yad lst g guar 4a
2
9714
18
93
9312
9312
1941
____
9312
j
•
A & N W 1st gu g 5s
9618 127
1925 J
96 Sale 9558
Ball ec Ohio prior 334e
3
9412
11925 Q J 9412 Sale 944
Registered
7918 355
11948 A0 7918 Sale 78
let 50-year gold 48
744 Sept'23
11948 Q J 7638 - Registered
83 315
1933 MS 8234 Sale 814
10-year cony -flie
8414 152
1995 J O 8414 Sale 82
Refund & gen 5e Ber A
1929
10134 Sale 10038 10134 116
10-year 6s
9
9412
P Jet & m Div 1st g 33411-1925 MN 9412 Sale 944
761s 15
PLE&W Va Sys ref 4a-1941 MN 7618 Sale 7534
951
4
/
4 145
/
954 Sale 941
Southw Div tist gold 330_1925
5
4
1
65/
Tol& Cin Div 1st ref 4s A.1959 JJ 6514 Sale 6412
Battle Cr & Stur 1st gu 35...1989 J O 52',_.. 571g Apr'23
1936 J i 8714 -.- 894 Apr'23
Beech Creek 1st gu g 4s
1936
_ 86 Feb'23
8418
Registered
104 May'16
1936 J
2d guar gold 52
b1951 AO
60 July'22
6e
Botch Cr Ext 1st g 33,
1944 J D 8012 84/
4 8014 July'23
1
Big Sandy Ist 4s
63
10
1955 P A 53 64 63
B & NY Air Line 1st 4s
Bruns & W 1st gu gold 4,..A938".7 8812 8912 89 Feb'23 ---1
100
10034 100
Buffalo R & P gen gold 513_1937 MS
1957 MN 8674 88 8614
8634 80
Consol 4348
9514
1934 AO 9514 Sale 9514
13url C R & Nor lat 5,3
9318 971z
9312 oils
7458 80
7418 7878
77 83
7948 86
99 101711
9114 96
7918
73
9118 9518
6112 6778
6718 60
8678 8918
86 86
-115178
63
89
100
8614
95
7612
89
10188
9314
9971
94 10018
9814 19
1962 AO 96
9712 96
Canada Sou cons gu A 5s
Canadian North deb e f 75-1940 J O 11312 Sale 1124 11312 79 112 116
4 11384
1
11234 41 110/
1946
.▪ 1 11234 Sale 111
25-year 81 deb 6348
7618 8018
4
1
791s 165
4 Sale 78/
1
Canadian Pao Ry deb 411 stock_ JJ 78/
_1932 MS 8312 89
9212 Sept'22
carb & show 1st gold 48
Foreign Government.
68 71
1949
-- 6834 June'23
4
/
1927 F A 10134 Sale 10114 10134 148 10014 10318 Caro Cent 1st con g 45
3 691
'
Argentine(Govt) 7s
4 94
1
77i2 8514 Car Clinch &0 1s1 3-Yr 511-1938 J D 911
2 88/
4 93 92
/
93
1
8012
8012
Argentine Treasury 55 of 1909_ _ _ M S 8012 81
Mg
89
1952 J D 9238 Sale 924
46
96
1943 J D 8834 Sale 88
4 9334 6s
1
83/
8834 284
Austrian (Govt) 7s w I
777s
7684
1981
1
4
1
/
77
4a
7761
D
77%
J
6_1945
4
803
g
gu
1st
S
s
J O
07. ale 100
06
10
4 Cart & Ad
3%
05
114 19
93
0
15
Belgium 25-yr ext a I 7548
10034 8
6678 6678
1948 J D 66
7238 6678 May'23
Jan 1925.7 J
96
9612
5-year 6% notes
Cent Br U P 1st g 4s
68
48
1961 J J 4814 50 5214 Sept'23
1941 F A 10034 Sale 10034 102
88
93 10314 Cent New Eng 1st gu 4s
20-year a I Se
1930
9112 95 9334 Dec'22
1945 M N 10712 10812 108 Sept'23 __
10712 10912 Central Ohio 4348 1930
Bergen (Norway) a I 8s
100 102
1945 M N 10711 10812 108
16 108 113/
108
Berne (City of) e f iis
4 Central of Ga 18t gold 53-81945 P A 100 102 100 Sept'23
1
9258 9812
• 1945 MN 94/
4
1
4 Sale 94/
1
4
1
94/
Consol gold 58
88
Bolivia (Republic of) 85___ _1947 M N 878 Sale 878
26
_6 94
8
_
4 10111
1
99/
June 1929 J D 100 10034 99/
4 17
1
4 100/
1
4 49 '3911 31411
/
791
Bordeaux (City of) 15-yr 65_1934 MN 7812 Bale 7814
10-yr secur fle
4 81
1
74/
May'23
7412
1941 2 D 9312 Sale 93/
46-1951
D
•
-4
3
73
Brazil TI S external 8s
4
1
e
money
9414 98
Chatt
Pur
Div
9114 99
9632 Sept'22
1952 J D 7712 Sale 77/
774 8614
4
1
4 40
1
78/
Mac & Nor Div 181 g 5s-1946 J J 9312
75 (Central RY)
ir VI"
1947 ii 9318 ____ 94 July'23
1952 A 0 9932 Bale 97/
9634 104
4 34
1
99/
Mid Ga S. Atl Div 5s
4
1
7548 (Coffee Security)..
9438 974
1
9712
1946 .7.7 9712 esla 9712
9934 108
99 10134
Mobile Division 56
Canada (Dominion of) g 58.1926 A 0 9912 Sale 9914
9018 9754
4
91%
5s_ _1931 A 0 10012 Sale 9912 10012 53
99 102 Cent R R &It 01 ga cell g 58.--1937 MN 9114 92 9112
do
do
• do
1929 F A 10072 Sale 100/
9978 10212
10-year 53461
42
Central of NJ gen gold 5s.1987 J J 10412 Sale 10412 10412 11 ins12 108
4 101
1
10514
1024
1
k1987 Q J 1021
4 Sale 10212 10212
/
1952 M N 98/
4 102
1
97/
99
4 Sale 9812
1
103
5e
Registered'
1,58 8818
854 81
14 100 10412 Cent Pee 1st ref gu g 4s
1041
P A 85 Sale 844
Chile (Republic) ext. a f 88_1941 F A 104 Sale 104
34
914S
Sept'23
k192c1
334s._
9138
gold
9138
0
A
1926
4
/
911
guar
10414
18e
100
4 10234 103's 18
/
103 1031
Mort
External 5-years
1 1,
7942 84
3
804
1942 M N 9478 Sale 94
Through St L 1st gu 4&..195' AO 8014 8012 8012
95
75
9312 9634
84
11112 11412
15 18612 12.4 Charleston & Savannah 7s ...193e
11412 June'23
1946 M N 1034 Sale 103
J 11218
104
25-year s It 8e
4 97
1
94/
9514 Sept'23
Chinese (Ilukuang RY)55 -1951 J D 4112 44 4134
4 20
/
411
Ches & Ohio fund & impt 58.192n J 3 954 96
41
4 0314
1
97/
1
9914
9978 994
MN 99
1st consul cold 5a
Christiania (City) e I B.. _A945 A 0 10812 Sale 10712 108'z 54 10712 11212
14 9818
9
May'23
1939
4
1
/
98
0
A
1927
8
963
MN
Registered
95
8812
10
92
4 9112
/
911
91
Colombia(Republic)6%5
1992 MS 83 Sale 8212
831s 62 8'7s 88%
4 51
1
89/
General gold 454,
Copenhagen 25-year 6104e-1944 J 2 894 Sale 89
88 9212
8014 81
1
81
1992 MS
1944 M 8 9614 9084 96
81
Registered
9014 9972
9814 28
Cuba 56
821a 8918
4 20-year convertible 4348.._1930 FA 86% Sale 8212
1
4 93/
/
871
4 59
1
86/
91 Sept'23 __
91
Exter debt of 5s'14 Ber A_1949 F A 90
9618
24
36
4 150
1
88/
1949 F A 8412 Sale 84
4 89
/
811
85
30-year cony secured 513.-1846 AO 8812 Sale 85%
External loan 4341
96
9014
g
4
/
911
55
1st
J
2
Sept'23
1940
1953
9934
90
92
Valley
92
1307
3 .1
4 Sale 90 ,
/
911
Craig
534.
7814 7814
77 9612
81
94
4 Sale 9314
1
Czechoslovak (Repub of) 8s-1951 A 0 93/
Potts Creek Branch 181 48.1946• J 7514 8212 7814 May'23
7678 81
81
04
2 79
79
79
Danish Con Municip 8."A".1946 F A 10714 10814 10734 10814 10 10612 10912
R& A Div let eon g 48_1989
7414 76
1989 J J 7414 78 74/
4 Aug'23
1
Series B1948F A 10714 108'z 10714 Sept'23 _ __ 10634 10934
2d consul gold 4e
901490',
Warm springs V 1st g 5a_1941 MS 9112 95 90/
4 July'23
1
Denmark external 8 I-82-1945 A 0 109 Sale 108
109
4 110/
1
57 107/
4
1
Mae
501e
g
ref
1949
1942.7
3s
RR
28
J
Sale
54
5312
AO
54
20-year 6s
9612 Sale 95/
4
1
95 99 Chic & Alton
4 50
1
96/
4814 63
9514 102
Dominican Rep Con Adm s f 58'58 F A 99 10074 100 Sept'23 __
53 July'23
New York Tr Co Ma
4912 62
563g
1942M 8 8634 Bale 86
52 Sept'23
4
1
50/
Stamped Oct'22 lot ,
554e
84 90
4
4 5012
1
46/
Stamped Apr '23 int_
1947 J J 97 Sale 9634
Dutch East Indies ext 6a
9214 984
5012 52 52 Sept'23
203
97
251 3312
128
40-year 6s
1962 M S 9614 Sale 96/
32
1950
4
1
32 Sale 30/
963i 131
Railway 1st lien 3548
4
1
99 9734
7812
8.
Div
III
1953 M S 9134 Sale 9134
5
3%s-1949
81%
4
&tie trust rota
9414
4
1
87/
78
7934
92
4
1
79/
J J 8012
Chic Burl & Q8512 9034
9984 694
1949.7' 86% 871 8734
French Repub 25-yr ext 812..1945 M S 9912 Sale 9812
3
90 101
873
Illinois Division 48
9512 97
20-yr external loan 7Yis..1941 1 D 9518 Sale 94/
7
Nebraska Extension 431_1927
4
1
N 961
961s
9532 259
4
1
4 Sale 95/
/
84 97
9554 9618
(UK of) 530_1937 F A 1011
CU Brit & Ire.
1927 MN
Registered
9612 July'23
4 Bale 101
/
1011 154 .
100311 10478
8912
83
1929 F A 112 Sale 111 ' 112 227 x0971 116
10-year cony 554s
1958
4
1
S 84 Sale 83/
4 42
/
841
General 45
1014
964
1952 M N 76 Sale 75/
65
1971
Greater Prague 7348
58
98
35
FA 9734 Sale iris
761
4
1
65 8234
let & ref
47 66
1952 A 0 92 Sale 91
Haiti (Republic) Ils
92
894 98 Chic City & Conn Rya 521„-1927 AO 5012 5138 5114 Sept'23
24
104 10512
Italy (Kilted of) Ser A 00.1925 F A 9612 Sale 94/
1044 June'23
4
1
962 73
9'211 97/
4 Chicago & East III 1st 65.-1934 A0 102
1
8112
76
19
4 C & E III RR(new co) gen 58-1951
1
9011 93/
763
Japanese Govt-f loan 00_1925 F A 92/
4 Bale 9212
1
N 7634 Sale 76
9234 34
4 9712
1
86/
1925.7
90
4
/
3
1982
Second series 4.01
9134 Sale 911
N 90 Sale 864
9134 88
4 Chic & Erie lst gold 58
1
9014 93/
66
44
12
1931
45
4s
let
West
65
45
1959 MS 45 Sale 4412
Sterling loan
7584 8212 Chicago Great
7814 Sale 78
7814 75
4178 46
35
88' 8814 9312
42
Oriental Development 611-1953 M
8914 Sale 89
90
42 Sale 4134
With Sept'24 coupon on
1 10412 107A.
6914 83/
Lyons (City of) I5-year 8s_ _1934 M N 7934 Sale 7812
4 Chic Ind & Loulav-Ref 6s...1947 J J 10314 106 10412 1041
1
52
80
9712
92
2
94
6912 8312
Refunding gold 5s
1947 J J 94 Sale 94
4 19
1
79/
Manzeillaz(City of) 15-yr 6a.1934 MN 79 Sale 78/
4
1
7912 86/
4
1
801
42
30
Refunding 45 Series C
3412 32 Aug'23 ____
1947 J'7934 85 8012
Mexican Irrigation 454e__ -.1943 M N 28
84
4
/
791
1945 @
70%
791
Mexico-5e of 1899
52
1966 ▪ N
80% 7914
49 5812
16
General 58 A
5212 5234 52
9412 98
4
95
195412 D 30
31
General 65 B
Gold debt 4 of 1904
e1966 3.7 95 963 95
30 4174
19
3112 30
78
78
1952 J D 86 Sale 85
86
Montevideo is
85 91/
28
4
1
Ind & Louisville 1st gu 43-1958 J J 70 72 78 June'23
4
1
84/
81
91374 10218 Chic Ind & Sou 50-year 4a-1956 J J 82 8334 8212 Sept'23
4 70
/
971
Netherlands 6.(flat prices)...1972 M S 9712 Sale 97
8534 90
1940 A 0 11012 Sale 110
4 Chic L 8 & East let 4142-....1969 J D
1
4 20 109 112/
1
110/
Norway external s 1 Se
8812 June'23
5412
4
1
/
68
2
1st
Scl
1952A 0 9514 Sale 95
gu 45._ _1949'.7 5634 Sale 5614
6s
4
1
56/
95 100 C M & Puget
4 72
1
95/
4
1
7014 74/
4
7234
4 Cl, NI & SIP gong 4s Per A.e1989
1
6.(Interim certificates)._ 1943 F A 9612 Sale 9614 '9612 69
9614 96/
71 Sale 71
6112
6514
Sept'23
63
975*
Sis
3
gold
D
J
General
13._e1989
rects-1953
Ser
63
,
J
Tr
5912
Nis
(Rep)
Panama
954
9612 18
4
1
9534 9572 95/
7712 8378
3
3 93 9912
781
Porto Alegre (City of) 8s_ _ _1961 .1 D 96
General 434a Series C__ e1989.7, 78 7838 78
96
97 96
4932 52/
4
1
123
52
Queensland (State)ext a f 75_1941 A 0 1067s Sale 10612 106/
4 21 10512 1094
1
Gen & ref Series A 440....a2014 AO 5112 52 5112
70
58
40
581
4
1
13 100 102/
25-year 6.
1947 F A 10014 101 10012 101
Gen ref cony Ser B Si.. a2014 P A 5778 Sale 5718
68
55
5738 177
Convertible 454e
1946 A 0 96 Sale 9512
1932 J D 5612 Sale 5512
Rio Grande do Sul Si
9171 9914
7
96
7012 84
7512 80
Rio de Janeiro 25-year 5186_1946 A 0 91 Sale 90
1925 J D 754 Sale 7414
91
90 97
22
45
4
1
63/
52
5234 44
1934 J
1947 A 0 91 Sale 9014
52$4 Sale 52
8.
90 9712
22
91
25-year debenture 41e
98
96
1952 M 8 95
9512 9934
Ban Paulo (City) s I 8s
9538 96% 97 Sept'23
2
4
/
951
Chic & Mo Riv Div 56_1926 J
9612 9512
98
4
1
/
94
95
1
San Paulo (State) szt a f 85_1936 1 J 981
954 100 Chic & N'weet Ext 4s...1886-1926 P A 95 96 95
9834 25
4 Bale 98
/
93% 9512
Registered
4 Sept'23
1
94/
1942.7 J 851
Seine (France) ext 75
1886-1926 P A
713 90
4 Sale 8512
/
4 47
/
861
6934 77
7012 21
Serbs, Croata & Slovenes 8e_1962 MN 6612 Bale 65/
General gold 330
1987 MN 6912 71 69%
5311 781z
98
67
4
1
6814 6812
1
Registered
68
6814
1936 M N 8214 Bale 82/
&Moons(City)6s
7034 6814
91987 Q
6611 85
8214 23
4
1
pp. 87
81
4
1
1939 J D 1041, Sale 10412 10472 34
6
General 42
1987 MN 81 Sale 80/
Sweden 20-year 6.
79 8774
2 16
1114
4 8318 Aug'23
1
84/
Stamped 4s
Swiss Confereen 20-yr 8 f 813_1940 J 1 11212 Sale 112
1987 MN
1124 28 IC1"
984 10612
4 100 99/
1
M S 68/
General 5.Stamped
4 Sept'23
1
Tokyo City 5.loan of 1912
1987 M N 08/
77
65
4 Sale 6812
1
4 48
1
68/
101 10814
Sinking fund ea
994 107
Uruguay Republic ext 38____1946 F A 10114 10134 101
1879-1929 AO 10278 105 101 Aug'23
4 23
/
1011
Registered
10112 Apr'22
4
1
1945 A 0 10812 109 10834 109
Zurich (City of) a f 8.
1879-1929 AO 99/
4
1
10 .10812 113/
97 1001,
Sinking fund 58
1879-1129 A0 90 9912 97 July'23
1$3=C
9712 9711
Registered
9712 Mar'23
1879-1929 AO
Railroad.
97 103
Ala at Sou 1st sons A 5s____1943 .1 D 9412 9534 9534 Sept'23
100
Sinking fund deb 58
9212 96
is 1-Cifr 100
8
1933 MN
9914
97
Ala Mid 1st guar gold 5s____1928 M N 100 _ _
Registered
MN
Aug'23
1933
2
1013
8
5
99
93
084 97
9978 July'23
1946 A 0 78
Alb & Buse oonv 35411
7 105 110
106
1930 J D 106 Sale 105
78 814
4
79
10-year secured 78 g
79
79
15-year secured 634. g_..1936 MS 108 Sale 10712 108
2 106 111
Alleg & West let g 4s gu____1098 A 0 7812 8234 82 Aug'23
82 834
82
76
12
77
1942 M 8 8644 8912 8714 Sept'23 __
Alleg Vi gen guar g 4s
87 90 Chic R I & P-Railioap gen 4.'88'3 7612 77 76
74
4
1
80/
Registered
ADO Arbor let g 42
*19950 2 551
'.7 7112 __-_ 74 Sept'23
4 57'1 5512
/
5512
55 655
3
8312
7212
113
Refunding
Atch Top & S Fo-Gen g 48_1995 A 0 8712 Sale 8712
4s
Sale
gold
A0
741s
4
1
/
73
9112
844
74
1934
8734 155
95 10111
1995 A 0 8412
885. Chic St L & N 0 gold 5e___ _1951 J D
Regleteree
10314 100 Sept'23
81
-- 8534 Sept'23 ____
9555 9554
11995 Nov 784 Sale 7814
Registered
Adjustment gold 4.3
4 June'23
1
J D 944 __-- 95/
7812
1
7512 8212
7858 7912
11995 Nov 79 Bale 78
785s May'23
Stamped
7614 8212
Gold 3411
1951 J D
36
79
9138 9758
1
941s
1955 J D 82
84
75
Cony gold 48 1909
9414
8214 13
Joint 1st ref Si Series A
4 8214
1
82/
1963 0 9312 94
8378
78
19552 D 8134 8234 8134
Memph Div let g 48
Cony 4. 1905
84
76
1951 J
8212 78 Sept'23
78
8214 25
9912 10034
Cony 4 *sue of 1910 _ _ _1960 2 D 7744 8344 77/
I932 AO 991
4 Sept'23
1
4 10414 C St L & P lat eons g 5s_
1
77/
4 -- 9912 Sept'23
/
104 10712
East0
Div len g PL....1928 M 13 9512 97 9512 Sept'23
1930 J D 10414 105 104 Sept'23
9334 9612 Chic St P M &O cons 6s
9212 9212
9112 9212 Mar'23
Rocky Mtn Div 1st 4s.. _1965 J J
4 Sept'23
1
79/
4 83
/
771
Cons 6s reduced to 330..1930.30 90
9238 9634
S
9334
Trans-Con Short L tat 45_195613 J 8234 Sale 8234
9312 0614 9334
1930
4 86114
/
811
2
8234
Debenture 55
4
1
4 82/
1
76/
8038 12
4
/
Cal-Aria let & ref 454e"A-1962 M S 9012 9112 9112
D 8032 Sale 791
4
/
911
8712 93 Chic T WA So East 1st 5a...1960
I
*No price Friday; latest bid and asked. a Due Jan, d Due April s Due MAY. g Due June. 5 Due July, 3 Due Aug. o Due Oct. p Due Nov. f Due Dee. a Option sale.
1542
BONDS
N. Y. STOCK EXCHANGE
Week ending Oct. 5.
New York Bond Record-Continued-Page 2
Price
Fridag
Oct. 5.
Week's
Range or
Last Sale
Range
Since
Jan. 1
BONDS
N. Y. STOCK EXCHANGE
Week ending Oct. 5.
Price
Friday
Oct. 5.
Week's
Range or
Lost Sale
9.5
High No.
Ask Low
Bid
High Illinois Central (Concluded)
Low
7512 Sept'23
1952 J J 75
Purchased lines 3348
78
87% 92%
79% 83
79
Collateral trust gold 48__ _1953 MN 78% 80
95 10012
77 Sept'23
1953 MN
Registered
11212 115%
9932 31
1955 MN
Ref 55 Interim etre
9918 Sale 9812
10412 105
.• 1 101 Sale 10034 10114 15
1934
15-year secured 5348
6812 75%
9
1936 J J 109 Sale 10812 109
15-year secured 015 g
10112 10314
Cairo Bridge gold 45
1950 J D 824
95
97
_ _ 8312 June'23
Litchfield Div let gold 35.1951 J J 6814 6912 71 June'23
8618 "893"
4 Loulav Div & Term g 334s 1953 J J 7314 8214 734 7312 4
1
Omaha Div let gold 3s_ _ _1951 FA 6818 --- 6814
6814
8618 89
St Louis Div & Term g 38_1951'.7 6818 70
70 June'23
1951 J J 7434 _- 75 May'23
Gold 334s
-22i28534
J J 7612 ---- 7812 may'22
97
99
Springf Div 1st g
93
94
1951 FA
Western Lines 1st g 48
83 May'23
1951 FA
76
92 Mar'1U
82%
Registered
1940 AO
904 9312 Ind B & W 1st pret 48
86 Mar'23
1
8212
95% 100 Ind III & Iowa 1st g 48
8212
1950 J J 81% 84
5
1965 J J 95
100 102% Ind Union Ry 55 A
9412
9812 9412
10012 10212 lot & Great Nor adjust 65_1952
40% 271
4
1
4034 Sale 38/
1952 Ji 874 Sale 86%
8712 52
8018 88
let mtge 6s etfs
61
1
1938 iD 60
61
754 78% Iowa Central 1st gold 58
61
1951 M
1612 24
74% 813s
Refunding gold 48
1612 Sale 16
8218 84
83%
8038 82% James Frank & Clear 1st 4s..1959J D 8118 ---- 83%
3
10318 10638
9412 98 Ka A & G R lst gu g 55
1938 J i 89
1990 A 0 73 -7-Ci79212 95 Kan & M 1st gu g 48
8 7612 Sept'23 1927 J J
1
97
97
2d 20-year 58
0 :4 102 Sept'23 K C Ft S & M cons g 138._ _1928 M N 63
19
:
g
2 11
7,14
0
25
731
K C Ft S & M Ry ref g 45-1936 A 0
7312
1
9318
K C & M R az B 1st gu 55...1929 A 0 6
118 93%
a0
371 S7
99
7014 36
Kansas City Sou let gold 35_1950 A 0
6912
Apr 1950 J J 768
32
84%
83%
Ref & impt 55
g78
918 Sale
84
3
7034
-g218 'VI- Kansas City Term 1st 4s___ _1960 J J
79%
101 106
82 June'23
Kentucky Central gold 48__ _1987 J J 80%
94% 9512 Keok & Des Moines 1st 53_1923 A 0 6518 6618 66
26
66
1925 J J 10012 10114 10012 10012
1
8018 85 Knoxv & Ohio 1st g 65
9034 9312
5
95
g i, 944
55 Sale
938
8
8012 87% Lake Erie & West 1st g 5s__.1937 J J
8512 10
8512
1941 J J 75
8018
78
5
2d gold 58
7412
7512 7412
1997 J D 7118 75
8034 Lake Shore gold Ms
76
7212 Sept'23 _ _ _
1997 J D 9238 Sale 9238
87
42
Registered
937
80
1928 M 5 91% 9134 9114
100 10512
Debenture gold 45
2
9114
1931 M N 9014
_
25-year gold 45
8512 July'20
M N 92% Sale 9238
1931
91
4
923
_1931
1
Registered
cone47is__
-June'23
9118
92%
J
lst
J
Mich
&
Day
8234 90 Leh Val N Y let gu g 4335._ _1940 J J 9012 Sale 0012
18
1
9012
84
8314 Sale 8234
Del & Hudson 1st & ref 45...1943 MN 91-J 7618 77
1940
98
1935 AO 92
90
6
Registered
3
77
9218
7614
93 92
20-year cony bs
9714 10212 Lehigh Vol(Pa) cons g 4/3__ _2003 M N 8512 Sale 8512
1937 MN 977 Sale 974
17
2
8614
977
15-year 573s
o 101% 103 1011's Sept'23 _
A N
1 M
43
00
g 58_ 19
1930 JD 10814 109 10818 1081z 22 103 11134
General cons 43.482
10-year secured 7s
_
1936 FA 89,8 ---- 87 May'22
Lob
h V Term Ry 1st gu
-- 100 Sept'23
D RR dt Bdge let gu 45 g
s 9612 Sale
m O
A
71% -02 "fiir4 /lift;
7038 Sale 703*
Den & R Gr--Ist cons g 45_ A936
34 784 102% 102% 23
23
100g
9
75
1936 JJ 7514 Sale 7514
80 Leh Val RR 10-yr coil 65_ _n1192481
2
2
8958
8958
7538
Consol gold 473s
88 Leh & NY 1st guar gold 45_ _1945 M S 97
075 Sept'23
82
2
Improvement gold 56-1928 in 83
8312
8334 8312
98
411z 58 Lax & East let 50-yr 55 gu 1965 A 0
1955
81 Mar'23 _
438 195
4312 Sale 4112
1st & refunding be
1962 M N
_
Little Miami 45
107
Aug'23
49% Aug'20
do Registered
-107
0
A
1935
68
g
5314
'55.
consol
Dock
9612 Sept'23
4215
Long
Aug
rcts
Farmers L&Tr
"iiii 16 42 July'23
964 98
40
50 Long Isld 1st cons gold 55_ _51931 Q J 89
4218
8
9212 May'23
Bankers Tr etre of deP
4218 Sale 4218
92
let consol gold 48
50
46
. 51931 Q J 84
843 Sept'23
46 June'23
36_
do Stamped
86
D
General gold 45
46
46
8112 July'23
Am Ex Nat Bk Feb '22 ctfs_
- 42 -51" 46 June'23
1932 .1 D 81%
Gold 4s
75 July'23 25
do Aug 1922 Ws
84
2
757
1949 M 8
Unified gold 45
1
92
2
45
35
.11 36 Elide- 36
92
36
9018 92
Des M & Ft D 1st gu 45____1935
D
.1
1934
Debenture gold 55
2
8212
8212
9314 Sept'23
823
Des Plaines Val 1st gu 43,6s_ _1947 MS
4
8314
M N
1937
55
deb
m
p
'Vila
-year
"a"
20
.1995
1
Aug'23
48_
g
4
763
lien
76%
--65
D
J
_
Mack-let
65
Pet az
7634 Salo
Guar refunding gold 48__ _1949 M El 914
7314
60
1995 J D 5512 -60
93 June'23
7314 Aug'23
Gold 45
9034
Nor Sh B Ist eon g gu 511.01932 Q J 9512 9712 98 Sept'23 _
85
16
1961 MN 88 Sale 8634
88
Det Riv Tun 47.35
1927 51 S
9814 992 Louisiana az Ark 1st g 5s
.._ 9912 July'23
Dul Missabe & Nor gen 541_1941 J J 98%
7818 7934 794 Sept'23
4 10034 Lou 52 Jeff Bdge Co gu g 4s._1945 M S 10014 102 1007 Sept'23
/
981
1
1937 AO 9734 9812 08%
_
98%
Dul & Iron Range 1st 5s
1 Louisville & Nashville 56_1037 M N
95% 98,
1937 * 0 9414
88
9518 July'23
8914 87
Registered
1940 J J 8914 Sale 9014 May'23
Unified gold is
80
74
79 Sept'23
J 74 /9
Dul Sou Shore & Atl g bs__ _1937
1940 J .1
Registered
"Otis WI; 9712 0712 85
Collateral trust gold 55...1931 171M 1064 1074 10614
841z 90
107
_ 8412 July'23
E Minn Nor Div 1st g 45__.1948 AO 84
1930 M N
91% 9312
10-year secured 75
1938 M
13
102% 103
9312 June'23
9012 95
X Tenn reorg lien g 58
2003 A 0 10238 104
let ref 5A8
97 100
2
1930 J j 9814 98% 9814
9814
ETVa&GaDivgbe
95% 94
95% Sale 9512
0
2003A
9912
.
I)_
(w
II
bs
9612
1956 MN 9712 99
98 Sept'23
4
10238
103
Cone 1st gold bs
105
4
1023
J
1930.7
9788 10014
N 0 & M 1st gold 68
3
98
Bien Joliet & East 1st g 54-A941 MN 98
9912 98
_ _ 10112 Feb'23
1930 .1 J 98%
2d gold 65
10334 40 10212 10434
83 Sept'23
Erle 151 consol gold 75 ext 1930 MS 103% Sale 103
85
83
A
F
80
_1946
8412
4s_
Div
Mem
Paducah dc
1996
57% 121
J 5712 Sale 5718
let eons g 4s prior
3
61%
Sale 61%
St Louis Div 2d gold 38_ _1980 M 8 61%
1996 ii 5118
57 Mar'22
Registered
_ _ 933 Sept'23
J 8918
M S
2Q
45
195
51
L&N&M&M lstg 450
159
43'z 52
50
4972 Bale 4878
1st consol gen lien g 45-1998 y
2
7712
7712
7712
8014
.1
4714
43
1998
L & N South joint M 45...1952
3 ____ 4714 47 Sept'23
'
Registered
_ _ 7312 Apr'23
7214
89%
82
Registered
Penn eon trust gold 4/7-1951 FA 8612 90% 8918
89% 16
1
95%
9534
96
4
953
MN
54%
4738_1931
4112
gold
Lea
Loulsv Gin &
52% 47
50-year cony 45 Ser A-1953 * 0 5238 Sale 5134
4 55
1
42/
1953 * 0 51:4 5218 52
7
5212
do Seem B
9812 July'23
J
1934.7
55
lost
RR
Cl
4
3
43
Mahon
D
58
Series
1953
5614 113
AO 55% Sale 55%
Gem cony 45
65 Aug'23
897s Manila RR (Southern Linea) 1939 M N 6034 63% 9734
84
1956
9
89
8812 Sale 8812
Erie &Jereey 1st 5164
8
98
97% Sale
D
52-.1934
Colonisation
Manitoba
5
8
4
1940
834
B
37is
July'23
g
gu
JJ
85
Pitts
8018 __ -Erie &
82 Sept'23
J 80%
1941
834 Man G B & N W 1st 35414
1940 Ji 8018
82
82 July'23
Series C
-- 77 Mar'17 _---- ---- Mel Internat'l 1st cons g48.1977 M S - 88 Apr'21
Evans & T H 1st gen g 56.1942 AO
101 Aug'23 -9612
S
M
1931
58
Central
chigan
i
Mu
g
94
let
94
55-1930
*0
69% Apr'2I
Sul Co Branch
10012 May'23 _1931 1 M 9518
at Ii11-2
2
Registered
1924 JJ 994
99% Aug'23
Fargo & Sou 65
2
86
1940
J 85% Sale 8534
9472 ____ 9412 June'23 S.Fla Cent az Pen 1st ext g 56-1930
86 May'23 - -8712
J
1940
Registered
1943
9512 Sept'23
Consol gold 55
93%
Feb'23
80
78
-7412
1951 51 S
996
J L & S 1st gold 3348
112 8
95
8
87
4
Florida E Coast let 4348--1959 in 8514 -8718 87
1
7614
79% 7614
19.52 M N 70
72
1st gold 3345
65
1952 MN 6455 6744 6734 Sept'23
Fonda .7 & Glov 4545
23
9112
9114
Sale
9112
1929 A 0
8134
20-year debenture 45
79
5
81%
Fort St U D Co lst g 4A5 1941 JJ 8114 8315 8134
Apr'23
1940 A 0 8018 8814 87
9944 103 Mid of N J 1st ext 55
7
9934
9934
995 Aug'23 - - - Ft W & Den C let g 5,Sis- -1981
82
875* Milw L El & West imp g 55_ _1929 F A
1
82%
Ft Worth& Rio Grist g 45-1928 Ji 821* Sale 82%
10112
Mar'23
100%
1925 M S
Ashland Div 1st g fls
2 108 109
10612
Frem Elk & MO V 1st 65-1933 AO 10534 10734 106
9312 993*
1924 J J 10012 -- 1008 Aug'23 - -.Mich Div 1st gold 65
1
9534
GE&SAM&Flst 55-.1931 MN 95% 9812 9534
5
91
91
9312 98 Milw & Nor 1st ext 43.4e,_.1934 .1 D 8878 92
1931
9912 98 July'23
92
ad eaten ba guar
8912 Sept'23 -- _ _
92
9018
Cons extended 473s
8514 8973
1933 * 0 8811 89% 88%
88%
Galv Boos & Bend let 58
05
5
85
85
8312
S
D
M
j
4
3
47
9
1
417._.1
gu
1st
NW
&
Spar
MD
881*
82
.1 86% Sale 8638
1
1957
86%
Genesee River let a f 811
664 Aug'21 1941 J .1 7832 86
7911 821* Milw & S L 1st gu 334s
- 8212 Aug'23
7934
1
9834
Ga & Ala RI let oo 7 55-.01945
1927 .1 D 987g 9934 9834
90
9112 Minn & St Louis 1st 75
2
90%
90%
15
59
Ga Car & No lat it g58...,1929'.7 9034
58%
60
5812
1st consol gold 55
6034 6478
1946 * 0 614 (C13
--4 6112 Aug'23 _
Ga Midland 1st 35
10
1912
4
193
19% Sale
M N
4 MEI
939
let & refunding gold 45._ A194
4 9912
1
99/
Gila V 0& N lst gu 4 58.-1924 MN 9912 -- 991* July'23 _
14
16
1512
Ref & ext 50-yr 55 Ser A._1982 Q F 1512 18
1942
D 943
Gnu & Oswegatch 58
2
8634
mStp&SSMcong4sintgu'38 J .1 8612 Sale 8612
iii"
-iiliJuly'23
J
_
-__
4346-1941
92
g
gu
3
9
4
4893
1st
ex
I
&
Gr R
981i
9834 12
98
98
J
1938J
58
cons
111%
115
let
44
4
1133
112
7s-1940
0
*
11278 Sale
Grand Trunk of Can deb
10112
102
5
102
101%
S
M
1931
67.35
trust
10-year coil
42 10234 105
1936 MS 10372 Sale 10312 104
15-year s f 65
99 Sept'23 1946 J J 9912 100
68*
1947 3D 84%
10112 Apr'07
Grays Point Ter be
_ _ 9212 Dec'22 1941 MN 91%
let Chicago Terms f 4s
10838 Sale 1051* 10612 223 10515 11115
Great Nor gen 75 Series A-1938
90 Sept'23 - - _ _
9612
9714
J
J
8612 9212 M 88 M &A 1st g 45 int gu.1926
2
1981
86%
8612 86% 86%
let & ref 470 Series A
100 July'23 8834 90 Missbesippi Central 1st 55...1949 J J 884 - 1961
_- 90 May'23
Registered
8 May'23
91
_
-N
M
_1942
55___
96 1023s M K & Okla 1st guar
115
97
1952 iJ 97 Sale 96
5345 Series B
733 193
Mo Kan az Tex-1st gold 48.1990 J D 7334 Sale 7312
75
60
6038 June'23 _
Green Bay & W deb etre "A"____ Feb ____ 64
J
J
A.1962
Ser
155
RR-Pr
13's
Mo-K-T
7
4
7
Feb
734 7
7
Debenture etre "B"
7712 211
1962 .1 J 7634 Sale 76%
40-year 45 Series B
4 8412 811*
_ 8412
8412
Greenbrier Ry 1st gu g 48-1940 MN
6318 46
1932 .1 J 6318 63% 6212
10-year 68 Series C
78
8412
4
79%
7912 79%
94
Gulf & S I let ref & t g 55_81952 3' 79
99
9312
Salo
8
937
J
J
-1967
A_
7812
Cum adjust 5s Series
67
5
7034
Harlem R & Pt Ches let 4s_ _1954 MN 6934 7034 70
5212 548
50% Sale 4912
86 Missouri Pacific(reorg Co)80
8212 11
82
Hocking Vol 1st cons g 4745.1999'.7 8118 83
2
767
5
76%
Sale
8
767
A
F
_1965
A_
58
Ser
refunding
.8
1st
8112
81
8112 July'23
1999 J
Registered
9512
2
let & refundIng 5s Ser C..1926 F A 94% 9512 9438
95% 973
97%
3
97%
1937 J'
90
38
H & T C let g 55 int gu
88% Sale 8812
A
F
_1049
D_
Ser
68
refunding
&
1st
86
93
y
Sept'23
90
88% VO
Houston Belt az Term 1st 55_1937
5034 358
1075 M 8 4912 Sala 4918
General 4s
93
98
90 July'23 _
1933 MN 941
4 98
/
Hous E & WT lstg 55
93% 98 Missouri Pacific,1933 MN 944 96% 93% July'23 ____
1st guar 55 red
Aug'23
8034
81%
80%
N
M
4%_.,..1938
at
3xtended
75
3d
87
87
87 May'23
Housatonic RI cons g &L....1937 MN 75% 95
.1 9218 ____ 9212 Sept'23
1945
We 8474 Mob & Blr prior lien g 5s
8134 40
Had & Mantua 5s Series A_ _1957 FA 81% Sale 8034
6912 Sept'23
1945 3 .1
Mortgage gold 4s
8435
bb
5934 126
1957 A0 5678 Sale 5612
103
Adjust income bs
6
8.11e - 10212
70103
D
_1927
6s_
gold
8812 624 Mobile & Ohio new
89% 8912
5
8912
Minot/7 Central 1st gold 45_ -1951 ii 8712
9912 1005* 99% Sept'23
51927 Q J
8318 Sept'23
1st ext gold Gs
88
1951
.7'
8418
3 7412 74 Sept'23
Registered
73
55
5
1938
4s
gold
General
4 83
/
771
78 July'23
80
1951'3 78
yet gold 3345
93. 9214 Sept'23
Montgomery Div let g 55_1947 F A 91
Oct'22
1951'3 75 __ _ 80
Registered
04 Aug'23
1927 J D
St Louts Div 58
-ga- iii83 Feb'23
1
7412
Extended 1st gold 3345-19.51 *0 76
7412
/5
74
5
51
1938
7614 7614 Mob & Ohio coil tr g 45
7614 Sept'23
1951 A 0 75 /8
Registered
1991 MS 80188238 May'23
48
z
go
1st
Mal
&
51oh
Mar'22
83%
72
S
M
1
51
1951
5
107
181 gold 3s sterling
107
2
1
111
10714
J
J
1937
g
1
g
gu
77% 85% Mont C let
23
835
1952 M 8 83 Sale 8234
Collateral trust gold 45
1937 J J 106 109
Registered
- 951* Sept'19
1952 A 0 7814
Registered
1937 J 1 9911 ____ 10014 Sept'231____
1st guar gold be
83
6
8834
82
8318 83-34 82%
1955M N
lit refunding 4s
0 Due Oet. 801111011 sale.
June. 8 Due July. n Due ad.
Due
Due
a
Feb.
Jan
Due
5
wnek.
this
Raked
and
bid
latest
Friday:
*No price
High No.
Ask Low
Bid
14
89
88%
Chlern Sta'n 1st gu 47.38 A_1963.7, 883 89
5
983
1963 3' 9612 9834 98
55 B
7
11312
1963 Ii 11312 Sale 113
let Series C 83,35
Chic az West Ind gen g 8s_e1932 QM 10412 ____ 1043 Sept'23 - -6912 52
6912 Sale 6812
1952• J
Consol 50-year 411
3
10214
1935 MS 10214 10212 10214
15-year s f 77.35
9614 95 Sept'23
1952 MN 95
Choc Okla & Gulf eons 55
88 Mar'17
1923 MN
C Find & Ft W 1st gu 45 g
8712 Aug'23
1937 J 1
Cin H df D 2d gold 4;4e
89 Aug'23
k1938 Q F 89
91
CIStL&Clstgtie
k1938 Q F 8412 __-- 9012 Oct'22 -Registered
1942 MN 841*
84% June'23 - - _ _
an Leb di Nor gu 4s g
1928 J
9712 100
973s Aug'23 -Cin ft& CI cons lst g 5s
Clearf & Mali let gu g 5s___ -1943 J J 944 ____ 93 Mar'09 - 7812 21
O
J
784
Sale
7814
Cleve CM Ch & St L gen 48-1993
5
9114
1931 J J 9114 Sale 9114
20-year deb 4s
1993 J D 9534 99
9738 Aug'23
General 55 Series B
10234 25
10112 Sale 101
Ref & impt(fs Series A_1929 .1
1
.▪7 10112 _•___ 02
1941
102
6s C
1939.7' 8514 86
8512 Sept'23
Cairo Div let gold 411
7812 7614 Sept'23 Cin W az M Div lat g 48-1991.7' 76
St L Div let coil tr g g 45-1990 MN 7712 7812 78 Sept'23
8218 Sept'23 -1940 MS 82
Spr & Col Div 1st g 45
8212 _-_ 8258 Sept'23
sp w Vol Div let g 45.-1940 .7
a
.1
1934
June'23
10412
10612
65
10212
g
con.5
C C C & I gen
2
9012
Clev Lor & W con let g 58-1933 AO 9614 98N 9612
1935 MN 94
94% Sept'23
CI & Mar lst gu g 055
y
1938
Mar'22
5s
g
93
Vail
9018 ____
Clev & Mahon
1942 y
9212 ____ 91 Mar'21 -Cid'P gen gu 4735 fier A
1942 AO 9212 ____ 104 Dee'15 -Series B
1942 AO 7834 ____ 9612 Feb'12
Int reduced to 3s..
1948 MN 7978
9018 Dec'12
Belles C 33i5
1950 FA 797g
Jan'21 67
Series D 3355
__
8918 Sept'23
Cleve Shor Line 1st gu 43i5_1981 AO 8914 91
1972
AO
10112
10134 22
Sale
bAs
10112
Term
Union
Cleve
32
1973 AO 94% Sale 943
95
55 (w I)
8014 8018 June'23
Coal River Sty 1st gu 45.-1945 in 79
1
9212
Colorado & South let g 4s__ -1929 FA 9114 9214 9212
6
8012
Refunding & exten 4735 1935 MN 8012 Sale 8012
1948
4s
AO
Sept'23
g
ext
8018
lst
V
80
H
&
Col
1955 FA 78 __
77% Aug'23
Col & Tol 1st ext 48
1952 .1
8434 25
8438 Sale 8312
Cuba RR let 50-year bs g
1936 JD 102 Bale 100
102% 17
1st ref 770
Range
Since
Jan.1
Low
High
75% 79
77% 83
76% 7814
9773 100%
100 1027g
10712 111
823g 87
69% 73
7212 7972
6734 69%
68
71
80
76
83
"lea III;
82%
9412
33
8675
57
14
8573
100
4914
97%
784
to
8244 87
797k
76
95% 97
10012 102%
79%
73
92% 95
6334 70%
89%
83
76% 83%
83%
81
92
84
10012 10173
91%
8114
72%
72%
90%
9033
97
87
7813
75
96
4
1
93/
-514 97
90
92%
4 8111
1
76/
84
9212
100% 102%
100 100
1001s 105
8014 89%
9713 100
81
81
107 107
95% 98
4
1
90% 92/
81
85%
81% 8113
81
75
94
91
82% 85%
83
75
93
92
98
93
83
77
97% 103
8714 92
9014 pot,
97% 101
108 109
1011
4
1
4 105/
/
961g
95
10132 103
9712 101
8214 84%
12 03
"
9212 96
8074 •
76
73% 73%
9431 97%
98%
81%
961e
82
9813
71
9832
83
99's 101
974 10012
8632 88
86
86
80
80
7814 84
89% 93
87
87
4 100
/
981
10084 1167:
8734 92%
89
91
84% 89
97 1024
68
76
40
10
UN
14
84% 9022
98 1001g
1004 106
3812 10512
96 If
884 100
91%
7313
7434
6112
9234
48%
94
80%
83%
8712
96%
63
78%
9455
88%
49%
86%
pa%
99
8312
7913 81%
91% 9213
6912 7334
100 10412
9912 10372
7212 7812
94%
90
9512
94
74% nos
82,a 82%
10 7 111
994 logs
New York Bond Record-Continued-Page 3
BONDS
N. Y.STOCK EXCHANGE
Week ending Oct. 5.
Price
F Way
Oa. 5.
Week's
Range or
Last Sale
453
Range
Since
Jan. 1
BONDS
N.Y.STOCK 3.XCHANGE
Week ending Oct. 5.
g
t
1543
Price
Friday
oa. 5.
Week's
Range or
Last Sale
13
Range
Sims
Jan. 1
Bid
Ask Low
Ask Low
High No Low
!Doh No Low
Bid
High
High
M & E let gu 3/4,3
2000 J O 7438 78
4
7438
79313 7012 Sept'23
7435
74
78 Peoria & East let cons 43__1940 * 0 76
_
7014 78
Nash,Chatt & St L let 55._1928 AC 9834 9912 9834
18
Income 48
99
25
1990 Apr, 25 Sale 2078
19
9838 101
2033 30
1937 P A 98
99
N Fla &Slat gu g 6s
98 June'23
9312
9
98
98 Pere Marquette let Ber A 5e 1956 33 9312 Bale 93%
9214 98
Nat By of Mel pr lien 4;4e 1957 J J
1st Series B 45
30 Sept'22
7612 10
1958 J J 7513 7613 7612
7812 8212
2(318 Sale 2618
July coupon on
5
8734
1
1943 MN 8734 Sale 8734
2615
23
3234 Phila Bait & W let g 45
8734 9214
2418 2614 29 Mar'23
do off
4
4312
29
35 Philippine By let 30-yr sf4e1937 J J 42 Sale 42
41
4978
General 4a (Oct on)
1977 AO
2618 July'23
1940 AO 92
2618 264 PCC&StLgu4/43A
96
94
974
20
23
April coupon on
2
Series B Ois guar
2134 2434
22 Sept'23
94
4'
12
4 8e99
1942 AC
V4213
4
94
977s
do off
2812 3012 2912 May'23
2 Aug'23
Series C 4/ie guar
9
23
114
1942 MN 9112
26
9313 9414
2912
9
Nat RR Mex prior lien 4/§41_1926 J J
3814 June'22
Series D 43 guar
1945 MN 8638 91
8934 93
-85- 16- 3912 3918 5 36's 44
July coupon on
Series E 3/is guar gold
9038
90%
3
1949 FA 8312 91
844 9334
40
do off
44% Mar'23
Series F guar 45 gold
9112 June'23
1953 J O 8538
4438 44%
89
9134
_ 28 Apr'23 _
let consol 4e (Oct on)____1951 AO
Series 0 413 guar
1957 MN 8512 92 93 Sept'23
8938 93
27
28
23 Sale 23
April coupon on
2
2114 2613
5
23
Series Icons guar 4As
1963 P A 9014 - - - - 9
9212 944
315814
2 Bep99V,1214
993
off
23
do
2414 2314 Sept'23
9112 94
Series J 4/ie
1964 MN 9014 9212
224 284
19.54 MN 68
14
Naugatuck RR let 45
General 55 Series A
6818 May'23
1970 3D 94
6818 6818
9434
9333 9915
1945 J
76% 87% 75 Aug'23
New England cons 55
75
81928 AC 9638
99 Nov'22
9012 Pitts & L Erie 2d g 53
.1
1945 .1
Consol 48
6814 76
69
69 Aug'23
7514 Pitts McK & Y 1st gu 63___1932 33
_ 107 105 Dec'22
1986 FA 7734 -- 82
NJ June RR guar let 4s
1934• .1 99%
Jan'23
2d guaranteed (is
82 82
954 June'20
1
NO& N E let ref &Imp 4/48 A'52 J J 7734 79
1940 AO 9818 9934
78 Sept'23
77
8111 Pitts Sh & LE 1st g 53
1667312 7412 73%
New Orleans Term lot 48...1953 j
73%
°'2
933
4
let 00118°1 gold 58
1943 33
100 100
0684
0 Feb
734 79%
16
NO Texas & Mexico let 6a 1925 J D 100% Sale 100% 100%
1927 MN 99/8
_ _ 98 June'22
100 10112 Pitts Y & Ash 1st cons 5s
1935 A
74 Sale 73%
19
74
Non-cum income 53
1957 MN
2612 3212 30 June'23
72% 84 Providence Secur deb 4s
1945 J J 9012 92% 9053 Sept'23
N dc C Bdge gen gu 4/48
4
1956 MS 7034
'
871,
8
894 9012 Providence Term 181 48
14 Feb
8
868%
NYB&MBletcong 55
1935 AO 9218
246
1997 3, 8634 Sale
91% 94
93 June'23
Reading Co gen geld 48
46
NY Cent RR cony deb 6s 1935 MN 10434 Bale 1037s 10434 210 101 1083s
Certificates of deposit
87
8612 Sale 8612
1998 FA 7912 Sale 7918
4
36
80
Consol 4s Series A
86
Jersey Central coil g 48___1951 AC 81 Bale 81
80
81
764 83
2013 AO 8412 Sale 8412
Ref & inapt 4/03 "A"
8414 8878 Renes & Saratoga 20-yr 6e_ _1941 MN 10812
8514 16
-9784
2 -1158 -till;
2013 AO 9518 Sale 94%
1927 AC 9734 984 9734
Ref & impt 55
9278 984 Rich & Dan 513
9518 235
74
Rich & Meek let g 58
1948 MN 69
N Y Central & Hudson River72
72
72 Mar'23
1997 J J 7314 Sale 734
95 100
1952• J 95
7412 19
1
97
72
9612
Mortgage 3/5e
9612
7734 Rich Ter 58
8914 7312 Rio Gr June lst gu 5s
1997 J J
1939 J O 83
3
7212
7212
83
87
87
Registered
8418 Sept'23
1934
85%
Sale
MN
34 9
1940• 3
87%
Debenture gold 48
July
'
73
273
718 9
8612 9138 Rio Gr Sou 1st gold 4s
8838 19
8812
8612
1942 J J 84
11
2
85
11
1940 J J
8412 9014
Guaranteed
30-year debenture 45
11 June'23
72
31
4
1939 J J 7378 Sale 73
72
72
Lake Shore colt gold 33'3_1998 FA 70% 72
684 76 Rio Gr West let gold 45
78
3'78
1998 FA 68% 7134 69 Sept'23
9
601s 68
69
Registered
Mtge & coil trust 48 A_ __ _1949 AC 63 Sale 6218
73
6312
7l0e 72
714 7614 RI Ark & Louis 1st 045___ _1934 MS 6
Mich Cent ooll gold 3/43._1998 FA 7112 7214 72 Sept'23
7134 81
7
,
218 Sa
7274 20
1998 FA 6818
1949 J J
70
693* Sept'23
Registered
70
69% 75 Rut-Canada 1st gu g 45
70 June'23
8912
1937 AO 8912 Sale 89
'
3 7834 __-- 80 Apr'23 _
1941
.5
80
8378 9014 Rutland let con g 4/45
N Y Chic & St L let g 45
8013
1937 AO 8714 8912 864 Sept'23
1947 .1 .1 6812 72
694 7534
Registered
6914 June'23
864 8612 Bt Jos & Grand 151 g 45
1931 MN 8712 87% 874
Apr'23
1996 J J 88% 7312 91
19
88
91
9213
8338 89 St Lawr & Adir let g 5s
Debenture 48
1931 MN 10014 Sale 99
977
10014 29
2d6sABC
1996 * 0 9712 100
98 101
9535 9811
9778
25 gold Os
92
89 Sept'23
1931 J J
5
N Y Connect let go 4/48 A..1953 FA 8514 8814 8514
8418 8878 St L & Cairo guar g 45
87
90
8514
N
81
81 St L Ir 3.1 & S gela con g 5s___1931 AC -9312 9414 9318
9318 9913
9334 14
81 Sept'23
N Y & Erie 1st ext g 48
1947
1933 MS
1 AO
64„l_e_ 18
4
95
-- 95 May'23
3d ext gold 4/45
0234
Gen con stamp gu g 53____ 1933
9912
1930 AO 94
July8'314
32
1929 J 3
9318 94
8234 isifa
4th ext gold 5e
Unified & ref gold 4s
948 Sept'23
1928 J D 92
MN
9134 913.1
9134 Aug'23
5th ext. gold 43
7412 7434 7312 7434 40 741s 86
Riv & G Div let g 48
1946 MN 8114
72 July'23
72
72 St L M Bridge Ter gu g 58_1930 AO 964 99
N Y & Green L gu g 58
96 99
9714 July'23 -- _ _
2000 MN 7318
N Y & Harlem g 3348
7312 7735 St L & San Fran (reorg Co)4s_'50 J J
74 Sept'23
65
704
J J 6
86012 Sale 6
85
01
6
88
1
13
13
6
9934 100
9934 June'23
N Y Lack & Western 51923 FA
80
Prior Ben Ber B 533
857a
1973
MN 99
19
62
58
0 J J 9812 99
let & ref 53
26
97 1004
Prior lien SeeC63
99
9834
1973 MN 9512 97
,
42 J J 8934 Sale 8914
5%90
9512 97
8934
2
1st & ref 4 Wi
954 Sept'23
8734 923a
5/45
__/11955 AC 7038 Bale 6913
1930 MS
6913 80
103 103
Y L E & W 1st 7s ext
73
77
103 June'23
Cum adjust Ser A 133_
984
1943 J J 9914
Sale
Sept22132 463
Oct
Dock & Imp 53
Income Series A 6s
94
9811 June'23
544 67
1932 FA 9538 9812 95%
.• 1 10
931
1
56
33
4
9434 9878 St Louts & San Fran gen 63__ 193
N Y & Jersey let 58
9578
10213 104
10
5351144
1941 MS 8438 - 91 July'23
J J 97
1
General gold 58
N Y& Long Br gen g 48
9538 9934
9812 98
98
1996 J J
EitL&SFRReonsg48
N Y N H & Hartford8212 8213
8212 July'23
3478 47
1947 AO 87% -- 91 June'23
Southw Div 1st g 5s
Non-conv deben 3/45._1954 AO 34% Sale 34%
91
91
3518 28
1947 M
1948 J J 9812 9914 984
4734 49 St L Peo & N W let gu 53
3812 57
Non-conv deben 48
984 103
48 June'23
9818
1
1931 MS 8714 ____
434 48 St Louts Sou lat gu g 43
8612 874
Non-conv deben 3S4s_1947 MS 3412 55
13
44 June'23
77 :
Be942
741
1955 J J 3914 4014 40 Sept'23
731
53
Non-conv deben 45
7234 7834
3734 514 St L S W lat g 45 bond etts 1989 MN 7338 74
3934
'
3 • 65
37
51
1956 MN
6638 7018
2
Non-conv deben 45
2d g 43 income bond cas_p1989
5
39
3914 39
6912
D 7538 Sale
1956 J J
32
Conan! gold 43
1932
34
4612
18
3434 37
Cony debenture 30
734 78
3412
35
7314
1948 J J 5412 Sale 5412
5
let terminal & unifying 53_1952 33 734 74
52
24
Cony debenture Cie
74
734 8212
73%
56
1957 MN 2712 2912
2
2812 4234 St Paul & K C Sh L 1st,n4t3_1941 FA 7478 Bale 7412
10
74
8113
4% debentures
29
74%
47
3 J J 89
1925 * 0 61 Sale 61
904 9034
92
544 81 St Paul & Cr Trunk 434s_ 193
19
7e European Loan
62
Sept'23
1933 J J 904 9512 9°013141
1925 AO 5914 Sale 5812
9114 93
Francs
53
7113 St Paul M & Man 45
5914 287
J J 106 10712 106 Sept'23
1930 FA
Cone Ry non-cony 4s
106 1094
let consol g 63
3514 __
40
1954 J J
933
7 J J 954 9534 947k
46's
4
3834 40
Non-cony le
68 Reduced to gold 434s 193
40 June'23
9535 9912
9614
3D 88
1955• j 3834 ____ 43 July'23
Mont ext let gold 4s
43
44
Non-conv doben 43
895* 9034 Sept'23
8918 93
'
3 ---- -1940
40
40
Non-conv deben 48.__.1956 ii 3834 50
Pacific ext guar 48
40 Sept'23 _
84
86
a7July'
_
NY & Northern 1st g 55
1927 AO 9812
194
1943
2 J J 7214 Sale 2
15
99% 9973 S A & A Pass 1st gu g 4s
9938 June'23 _ _
7138 m
71:13s 7614
2322383
NY 0* W ref let g 45-4/1992 MS 6078 Sale 6014
MS 9612 -6014 7078 Santa Fe Pres & Pb 58
60% 23
97
99
1955 J D 56
AC 8068 Sale 80
60
General 48
61
584 Sept'23
58
7813 834
7038 San Fran Terml 1st 4a
NY Prov & Boston 48
1942 AO 72
163
954
0 AC
73 Aug'22
3 107 10814
Sav Fla & W 65
108
10813
8° 4
N Y& Pu let cons gu g 433 -1998 AO 79% 8214 8014 Sept'23
1934 AC 9934 10112 9934 July'23
9934 9934
8014 8234
53
N Y & R B lat gold 513
1927 MS 964
1989 MN 86
_ _ 95 Apr'23
95
95 Selo V & N E Ist gu g 45
8634 8512 Sept'23
8435 874
N Y Sun & W lat ref ba
1937• J 50
1950 AC
55
50
60 Seaboard Air Line g 45
58
534 Sept'23
53
Sept'23
2d gold 4548
1937 FA
4938
*0 5638 Bale 586512
42
4878 45 Sept'23
31
Gold 4s stamped
52
68
General gold 58
1940 FA
01
49
36
Adjustment 58
194
959
° P A 3212 Sale 3012
40
39
39 Sept'23
2234 3213
562
33
Terminal let gold 58
1943 MN 83
1n
98
g
1959 AO 4438 Bale 4334
84
9338
39
46
&n
,
c19
89 June'23
R
uettu
4484 74
N Y Vrches&11 letSer 140.'46 J J 39 Bale 37%
4
68
s Series A
324 504
13
19451M S
39
5834 68
162
Norfolk Sou let & ref A ba 1961 FA 63
6:
_2 661612
12
64
4
97
1926 J J _ 065
61
71 Seaboard & Roan 1st 5s
63
634
9334 9734
96
6
414684
Sept'23
Norfolk & Sou let gold 53....1941 MN 8614 88
8778 9312 Sher fib & So 1st gu g 6s
3612 374
1943J D
8812 Sept'23
_
364 June'23
Wort & West gen gold 68
1931 MN 10812 1081 10612 Sept'23
98 1014
1936F
1
A 98
_ 106 10812 B & N Ala pans gu g 53
712 sale 9
978178
2 Aug
2
'
7
213
4
Improvement & eats
1934 FA 1084
110 Mar'23
110 110
9612 994
1
co guar 50-yr 5a .1963 A 0
Gen cons
1932 * 0
New River let gold
83
92
814
2
10634 107 So Par Col 45 (Cent Pac ool)_1•49 .1 D 8
- - - 107 July'23 8al
a-1-4
e- 9
23
2 ;
49
774 85
WA W By let cons g43-1996 AO 894 Sale 8914
8514 9314
p1929 M El
9012 112
904 9234
135
20-year cony 43
Registered
1996 AO
85 July'23
85
90
98 1024
1934 .1 D 975 99
1
20-year cony 53
98
98
Divl let lien dc gen g 48.1944 .1 .3 8812 Sale 8612
82114 89 So Pac of Cal-Gu g iSa
8612
2
1937 MN 92 1031* 10334 103%
2 101 103%
10-25 year cony 4/451938 MS
105 Aug'23 101 108 So Pao Coast 1st gu 4a g
90
1937 J .1 8834 9012 90 Sept'23
88
1929 MS 10712 Sale 107
10-year cony 135
10712 38 107 11734 So Par RR let ref 43
83 8813
179
1955J J
Poesh C & C joint 48.__1941 J O 8514 8812 8512 Sept'23 _ _
843s 8838 Southern-let cons g 53
9234 9814
95
44 Sale 8
1994 J .1 8
94
331
5
94
4 161
8534
1945
AO
5e
78
85
79 July'23 _ _ _ _
North Ohle let guar g
79
83
6614 694
Develop & gen 45 Ber A
1956 A 0 6814 Sale 6734
6814 181
1997 Q J 8212 Sale 8214
Nor Pacific prior lien 4a
8234 187
8134 87
1956 A 0 10112 Sale 10014
6.45
10112 190 100 102
1997 Q J
Registered
814 Sept'23
__
81
90
97
1
8312
94
93
Mem Div 1st g 4%s-58_1996 J J 93
93
02047 Q F 59 Sale 59
General lien gold 35
594 85
69
7614 81
1
624
St Louis clIv 1st g 43
1951 J .1 765* Sale 764
76
34
02047 Q
____ 5878 60 June'23
Registered
_
584 60 So Car & Ga let ext 5;is__ _ _1929 MN ..9_13_
97
9834
:
1 99
9812 Sept'23
.1
.1
2047
8214 9012 Spokane Internat 1st g 53
8214 84
8214
Ref dc impt 434e ser A
824
1
8134 834
1955 J J 81% __-- 821
82% 10
2047• J 10414 Sale 10314 10438 207 10314 10914 Staten Island By 4/4s
68 ser B
Oct'20
1943 J D 8773
80
2047 j j 9238 Sale 9212
934 26
58 C
9213 100 Sunbury & Lew 48
1936 J J
92 May'22
2047 ii 93 Sale 924
5a D
9213 9914 Superior Short L let 538_41030 M S 9618
93
57
- 95 May'18
It Paul-Duluth Div g 48_1996 J
8712 --- 89 Feb'23
89
89 Term Assn of St L 1st g 053_1939 A 0 96
90
96
26
213 B9
a9
le 9212
997212
Q
F
55_1931
Duluth
let
St Paul &
9812 9878
---- -- 98% Jan'23
9688 (39
let cons gold 513
Sept
1944 F A
let consol gold 4a__..__1968 J D 7814
-- 8414 Jan'23 _
844 8414
77
82
Gen refund 8 f g 413
19533 J 7718 784 7812 Sept'23
1933 J J 10912 Sale 10912 10912
Nor Par Term Co 1st g 65
4 108 110 Tex & N 0con gold 5a
90 9084
1943 J J 90 .- -- 903a May'23
1938 AO 974 10034 100 Sept'23
Wo of Cal guar g 5a
100 102 Texas dr Okla let gu g 5s
1943 M S
1930• J 101%
100 June'22
North Wisconsin let 65
891s 96
3
Texas & Par 1st gold 58
-1-8
2000 .1 D -89
8
39
311 Dete;9212
4
J
J
_1948
6318
Cham
let
gu
441
g67 68 July'23 __
•g& L
66
71
_ 51 Aug'23
2d gold Income 53
404 ba
q2000 Mar 40
1943 51 S 8918
8612 Apr'23
Ohio Coon P.1 4e
8614 8834
La Div B L 1st g 53
92
84
1
8
5
4
1931 J J 854 18
1936 J D 954
954 984 Tol & Ohio Cent 1st gu 58
9653 May'23 _ _
(Ohio River RR let g 65
96
9834
-- 97 Sept'23
1935 J .1
1937 AC 9418 Sale 9418
9418 984
General gold 55
9418
9
Western Div let g 58
9334 9812
9214 96
94 Sept'23
1935 A 0 971927 J J 99
9912 99
9911 15
Ore & Cal lat guar g fis
9838 100
General gold 5a
8732 92
-- 9018 Sept'23
1935 J D
1946 J D 8618 Sale 864
Ore RR & Nav con g 48
8618
3
8434 88 Tol Peo & West 48
30
32
30
1917 J J 9030
5 2813 32
100 Sale 100
99 10412 Tol St L & W pr lien g 3%3_1925 J J 9512 9614 9478
10014
5
Ore Short Line-let cone g 53246 J
9314 984
9
9514
1946• J 10012 Sale 10014
Guar eon 58
101
38
99% 105
50-year gold 48
684 75
1950 A 0 6812 693s 6838
9
683
3
J
O
1929
9214 Sale 9133
Guar refund 4a
904 9278 Tol W V &0 gu 4}55 A
924 74
94
954
9512
96
1931
J
J
June'23
9514
Oregon-Wash 1st & ref 43_1961 J J 79 Bale 7814
79
751/ 82
108
Series B 434s
9414 9818
96
1933 J J 94
944 Aug'23
75
79%
75 Sept'23
77
Pacific Coast Co 1st g 58._1946 J D 75
Series C 4e
8614 .2
1942
M
S
.
614
867
8
Nov'22
Pao RR of Mo let eat g 45-1938 FA 8534 _
84
8534 Sept'23
8638 Tor Ham & Butt 1st g 4&..1l948 J D 7812
731k 82
8014 July'23
1938 J J 9438 ____ 94%
944 97 Ulster & Del 1st ions g Is., 1928 J D 9414 96
94%
1
2d extended gold 58
94
9512
9414 Sept'23
90 Sept'23 _
90
Paducah & Ills Isle I 43e_.-1955 J J 8912 91
91
1st refunding g 4s
68
70
A 0 5038 6712 70 Mar'23
1952
Parla-Lyons-Med RR 65._ 1958 FA 7238 Sale 724
7314 119
6514 7812 Union Pacific 1st g 43
884 9438
1947 J J 91 Sale 9012
9112 124
1942 MS 95
9612 954
Paulista Ry 73
9514 9778
954
2
20-year cony 48
7
9414
95%
1927
J
3
Sale
984
67
95
958
_ 8812 Sept'23
Pennsylvania RR-cone g 43 1943 MN 8812
8812 9314
_
1st & refunding 4s
80
88
8112 Sale
8153 36
1948 MN 8778 884 8812
Consol gold 45
8714 914
8812
3
10-year perm secured 68..1928 J.11
11 10234 10534
M 6 103 Bale 103
8°
103
11
3
May 1 1908 MN 87
8812 8812 Aug'23
85
90 U N J RR & Can gen 481944 M S 90
da stamped
90
9312
9212
9112
June'23
1980 P A 9434 95
9534 Sept'23
G0118014 5
92% 984 Utah & Nor gold 58
33912 9978
997 June'23
1926 J .1 9918 100
1985 J D 8918 Sale 8918
General 4 5
857s 927s
8953 62
let extended 48
91
9134
8912
1933
J
J
____
9612
Apr'23
1968 JD 9912 Sale 9818
9912 127
General 5s
98 10134 Vandal's'cons g 4e Ser A
84
____ 86
1955 F A
Apr'22
1030 AC 10878 Sale 1081+ 109
101 10618 11034
10-year secured 78
Consol 43 Series B
85
87
1957 M N 84 ____ 85 May'23
FA
10814 Sale 10734 10838 64 1064 11118 Vera Cruz & P 1st gu 003_ _1934 J J
1936
15-year secured 13/413
3718
34
36 June'23
Pennsylvania CoJuly coupon on
45
34
Apr'23
38
Guar 3/§3 coil trust reg A_4937 M S 8212 86% 8412 Nov'22
July coupon off
9414 933*
82 Sept'23
Guar 3/is coil trust Bar B.1941 AA
-ill. -lite Verdi V 1 & W 1st g 533
9912 98i4 Mar'23
1926 M 8
8138
8138
85
2
Guar 334 a trust °Us C____1942 J O 81
8138 •8318 Virginia Mid Ser E 58
1926 M S 954 98 8 9818 Sept'23
984 9834
8134
81% 81N General 55
Guar 3/4s trust cas D__ _1944 J D 814 -- 81%
__
93
9978
9618 Aug'23
1936 M N 9812 97
91
9012
9012
5 894 93 Va & So'w'n let gu 5a
Guar 15-25-year gold 43....1931 * 0 90
9112 934
20(13 J J 9113 9412 P112 Sept'23 ____
1952 MN 86 Sale 8578
86
10
8412 9033
Guar 4a Ber E
let cons 50-year 513
7734 7614 Aug'23 ---_
1958 A 0 75
753* 81
oNo price Pada latest bid and asked this week. a Due Jan. bDue Feb. g Due June. 5 Due July 1 1340 Aug. o Ode Oct. pLIde Nov. g Due Dag. 5 0;ation sale.
T81,,
1544
BONDS
N. Y. STOCK EXCHANGE
Week ending Oct. 5.
New York Bond Record-Continued-Page 4
• Price
Praia,/
OW. 5.
Week's
Range or
Last Sale
Range
Since
Jan. I
BONDS
N. Y. STOCK EXCHANGE
Week ending Oct. 5.
o
y
07.
Price
Friday
00,5.
Week's
Range or
Last Sale
Ask Low
High
Bid
Ask Law
High No. Low HighBid
9012 95 pet united let cons g 4;43..1932 J .1 8512 Sale 85
94
36
Virginian let 58 Series A__1962 MN 9313 Sale 934
8534
7
9334 99 Diamond Match s I deb 754s 1936 MN 105 Sale 105
95
Wabash let gold 53
10514
1939 MN 9478 Sale 9434
8
2d gold 53
50
9214 Distill Sec Corp cone let g a41927 A 0 49
8534
49
53
83
1939 FA 8512 8512 844
7138 71 June'23
4912
Trust certificates of dep nit __ ____
6814 71 I
fat lien 50-yr g term 4s_ _ _1954 J J 66
49
4913 4912
94 1004 94 Aug'23
Del & Ch eat let g 5s
94
961
/
4 Dominion Iron & Steel So...1943 .1 3 7734 794 7858
1941
7938
1942 J 1 8934 90
Des Moines Div 1st g 4s 1939 JJ 6978 79
90
7378 Jan'23
7314 7318 Donner Steel 7s
8938
62/
1
4 651
/
41 du Punt(E I) Powder 4548 .1936 1 D 894 -- 8834 Sept'23
2
Om Div 1st g 3)4s
1941 AO 6238 6618 6214
62,4
1
7138 7278 duPont de Nemours& Co 73itt'31 MN 108 Sale 10778 108
7234
72/
1
4 80
Tol & Ch Div g 4s
1941 M
7234
Duquesne Lt let & coil 68_ 1949 J J 10334 Sale 10312 10438
744 Mar'22
Warren ist ref gu g 3)4s
2000 FA
1936 J J
-i4i8 lii"
787g Aug'23
Debenture 754s
Wash Cent let gold 48
1948 QM
10618 June'23
3
9738 09 Emit Cuba Sug 15-yr s f g 7As'37 M S 10018 Sale 100
99
99
1004
1924 FA 99 100
W 0& W 1st cy gu 43
1
79
7612 80 Ed El ill llkn let con g 48..1939 J J 8834 894 89 Sept'23
Wash Term 1st gu 3As._ 1945 FA 7814 -- 79
8512 8512 Ed Elec Iii lot cons g Ss...1995 J 1 100 101 100 Sept'23
1945 FA 8234 _- 8512 June'23
let 40-year guar 48
19253 D 98 Sale 9612
80
87,2 Elk Horn Coal cony Ils
80 Aug'23
W Min W & NW 1st gu 58-1930 FA 784 90
9612
44
58
59
1937 M N 9212 Sale 914
9234
6534 Empire Gas & Fuel 7548
West Maryland let g 48___ _1952 *0 59 Sale 58
1932 M 5 9338 95
9012 100 Equit Gas Light 58
99 Sept'23
100
1937 .1
96 Sept'23
West N Y & Pa lat g 53
9512
7318 81 Federal Light & Tree 6s
1
1942 51 S 93 Sale 92
7538
85
7538
1943 AO 75
Gen gold 43
1953 Cl S 9812 Sale 9812
784 18
78
8312
7834 Sale 78
74
9812
Western Pan let Ser A 55-1946 M
3
11.941 M S 103 Sale 10212 10314
871,, 8918 8714
1946 M
88
95 Fisk Rubber lot s f 8s
87,4
B ss
23
79
77
8378 Ft Smith Lt &
80 Sept'23
West Shore tat 48 guar
4361 ii 7818 Sale 774
75
7534
2361 J J 7534 Sale 7513
89
8
..19367%
82 Frameric Ind &I'
D
relv81.20-5yr88814
Regis*ered
14942
MN
2 .11"
EI 10
97
99 984 June'23
1926 AO 97
99 Francisco Sugar 7545s
870
9814 810alle
Wheeling & L E let g 511
83 10012 101
99
99 Fe0'23
984 99 Gas St El of Burg Co cons g 531949 1 D 9278 94
9014 July'23
Wheeling Div let gold 58_1028 33 94
9544 9538 General Baking 1st 25-vr 68_1936 J D 100 1004 100
10012
Eaten & impt gold 58__ -1930 FA 8978 9738 954 June'23
49
5/
1
4 6
,
2 Gen Electric deb g 3As
19
95
42
81
rvi A
2F
4938 4312 Sept'23
8012
s 1
Refunding 43, 5 Series A 1966 MS 47
5
1949 M S 6012 Sale 6012
10112
57
S
13
0lle 10018
Debenture 59
65/
1
4
6012
RR let consol 4s
6
1942 3D 5012 Sale 4934
9712
50'2
Gen Refr 1st 3 I g 6s Ser A 1952 F A 9712 Sale 9712
Wilk & East let gag 58
1947 J J 9
98 101 Go xlrich Co 614s
1938 3D 9918
9958 Sept'23
9914
889
80'1'4
82 Sale 99
Will dr 8 F let gold 58
M N
813'3
1941 F
7914
A 10
76
8112 Goodyear Tire & Rub lets I 4
4 al 11538 11612
153
178
Winston-Salem S B let 413-1960 23 7812 83 79,4
Sale 10112 102
7414 82
10-year s f deb g 88
7614
Wig Cent 50-yr 11); gen 48
1943 J J 7534 7614 76
M N 9
A;2
28
8m
91
88
134 9_1__ 91
76 Sept'23
75
804 Granby Cons M S & P con 6s i
Sup & Dul div dr term let 4836 MN
1943 j
92 June'23
65 May'22
5712 -Stamped
W & Con East let 4)43
9212
9212
Cons deben 843
193
25
MN
2F
INDUSTRIALS
91
99
212 -9
91
3
A 8
90
9914 Gray & Davis 78
92
MN
1,40
23
7
79
814. 181
j 9
80
80
00
80 Sale 80
984 July'23
804 Great Falls Power 1st s I 55_193
Adams Express coil tr g 4e-1948 M
1936 JO 9112 92
3
92
92
8014 Sept'23
Hackensack Water 45
Max Rubber 85
Ste
548
2
83
5
518 6
8 Havana E Itv L& P gen Ss A 1954 M S 8238 8212 8214
Alaska Gold M deb Os A-1925 M
642 .1,s,1V11111 Eke eons& g 5s
5
1952 F A 9314 sale 934
1926 MS
93,2
518 612 5 Sept'23
Cony deb 88 series B
1928 AO 9612 9714 9612
984
95 10012 Hershey Oboe late I g 8s _ _1942 M N 9814 Sale 9812
9714
Am Agile Chem let 58
1941 FA
42
8312
96 10434 Holland-Amer Line 68 WA -1947 MN 8238 Bale 8238
99
99 Sale 9834
1st ref s I 7;43 g
97841 Hudson Co Gas 1st g 5s
1949 M N 9312 94/
10
92
93
1933 *0 9234 Sale 92
9312
1
4 9312
Amer an Chain 68
8L1'iI Humble chl & Refining 5545.19323 J 96 Sale 9434
1931 M 7.7 89 Sale 69
7
6912
96
59
Am Cot 011 debenture 5s
A D
o 9
50
6J
9312
9031 Sale 9318
-,8 Illinois Bell Telephone Sew 1 194
Am Dock & Impt gu 83-1936 Jo 10538 _ _ _ 1054 Dec'22
-lw
1937 AO 86 Sale 86
Sale 90/
9114
8612 12
1
4
' Illinois Steel deb 4)48
Amer Republics Os
90
1936 M N 774 --- 79.. July'23
84's 9233 Ind Nat G &0Ss
913s 94
Am Sm & It lst 30-yr 50 ser A1947 *0 9138 Sale 9014
991
/
4 100
1952 M N 994 100
1947 AO 101 Sale 10012 10112 61
9938 102 Indiana Steel let 58
Ils B
/
4 9842 96 Nov'22
91935 J J 951
71 10012 104 Ingersoll Rand let 58
10114 Sale 10114 102
Amer Sugar Refining 65_ -.1937 J
904 93/
9238 9U
934 July'23
1
4 Interboro Metrop coil 4Sis__1958 A 0 ____ ____
9212 Sale 924
Am Telep & Teleg coil tr 48-1929 J J
1
86
90
8--1936 MS 89 Sale 89
7
8912
Certificates of deposit
Convertible 45
1
4 Apr'23
5/
stamped.............
100
103
1933
5
16%
10212
103
ctis
s
1341
112
Co
cony
Guar
Tr
10212
_
-year
MS
20
99
61
95 101 Interhoro Rap Tran let 53-1966 J J
1946 JO 98 Sale 9718
5812
98
30-year Coil tr Se
6( 4
2 Sale
1
1925 FA 117 Sale 11618 117
32 1131211712
6012
5812
Stamped
7-year convertible 8s
1932 A 0 5812 Sale 5712
1934 *0 83% Sale 8312
29
5818
82
86
84
10-year 6s
Am Wat Wks & Elec 5s
1932 M S 85 Sale 8438
8614
8512
55
1939 J J 5218 Sale 5218
5634 37
75
Am Writ Papers f 7-6s
5218 984 lilt Agee Corp let 20-yr 58 1932 Cl N 62
6512
473
6612 65
97
1953 FA 9612 Sale 9612
Anaconda Copper 6s
80
9812 10434 Inter Mercan Marines f 63._1941 A 0 78 Sale 7658
1938 FA 9934 Sale hp% 10012 280
76
8312
82
90 International Paper fa
8318
8378 37
Armour & Co lst real est 4;481939 3D 8318 Sale 831g
84
1947 .11 3 5
8312
8258
1947
Atlanta Gas Light 58
let & ref 59 II
ID 9578 le
e 7712
28
7031 Sale
4
al8
4012 Jurgens Wks 8e (fiat prtc0-1947 1 1 77:
29 Sept'23
30
Atlantic Fruit cone deb 741 A.1934 3D 20
M S
19
95
32 AI
20
8912
13 8
20
58
412 s
Sale
n 8812
39,2 Kansas City Pow & Lt 53_1
20
22
20
Trust certificates of deposit__
94
2
212
9334
22
23/
1
4 2312 Sept'23
9934 Kan Gas & El 6s
do stamped
9414 44
1942 F A 10512 106 104
106
1937 33 974 Sale 9414
9734 23
Kayser & Co 7s
Atlantic Refg deb Ss
Cl
Sale
N
8.1-1031
10514
104
104
Tire
100,
8
2
-Springfield
103
10012
58_1940
Baldw Loco Works let
Kelly
MN 10014 1004 10012
94 103 Keystone Telep Co let 53-1935 J -I 7134 -- 0412 July'21
7
9714
Barnsdall Corps f cony 8% A1931'3 9812 Sale 98
1937 A 0 9734 -99
97 Sept'23
9512 991g Kings Co El L & p g 58
9734 92
Bell Telephone of Pa 5s__1948
J 9734 Sale 9712
1997 A 0 111 Sale 111
111
9612 100
4
99
1926 J J 9814 99
99
Beth Steel let ext I Ss
1925 Cl S 101
0034 9718
_- 974 Sep1'23
CPournev8eurteiblmeodneeby6888
9138 23
1942 MN 9112 Sale 9114
let & ref 5s guar A
7112
Sale
F
A
1949
7112
4s
87
7112
let
g
El
9312
14
County
1936
884
81
58..
Kings
20-yr p m& imp
'3 884 Sale 884
9709844 72
9745
3., 72
58..11995544
F A
1949 33
72
7512
8
98
748 19
09
1948 FA 964 Sale 963s
9734 25
135 A
374 KittgasmopoeduntyuaLri848sting
7514 June'23
8914 36
1953 FA 89 Sale 8814
.5543
95 Sept'23
Booth Fisheries deb a I 63_ 1926 AO 7812 -- 80 July'23
19363 D 102 Bale 10138 10212
9
77
9334
4 10
80
018 KIVnisey Co 734a
985g
9812
Braden Cop M coil tr 81 611 1931 FA 9812 90
89
1950 Cl 5 89 Sale 8814
9138 084 Lackawanna Steel 50 A
94
74
1942 AO 9313 Sale 9212
Brier Hill Steel let 5348_
9414
1
4 95
/
4
941
8112 89 Lac Gas L of St L ref & ext 581934 A 0 94/
B'way & 7th Av let c g 51943
634 8512 64 Sept'23
83
88 Lehigh C Sz Nay a t 4;43 A 1954 J J 9118 9112 9112 Sept'23
86 Sept'23
Brooklyn City RR 58_ _ .__1941
8512 86
1933 .1 J 9712 9912 9734
9734
943
12
8 104
9712 14 100
9978 Lehigh Valley Coal 53
Bklyn Edison Inc gen 55 A 1949
9712 Sale 9612
1933 J J ____ _ ___ 8318 Oct'21
2
4s
1930
General 8s Series B
10318 104 10238 103
Sale
4014
4014
4014
1st
gu
g
58-1993
M
S
1°F
8
&
1051a
1061
/
4
Series
C
General 7s
1930
10534 106,4
105 10812 Lox Av
117
24 106 10934 Liggett & Myers Tobac 78-1944 A 0 117 Sale 117
General 7s Series D
1940
10712 Sale 10712 108
1
4 9624 954
1951 F A 95/
58
66
9638
65 July'23
5s
Bklyn Qu Co & Sub con gtd 58'41 MN
1
4 sale 11418 1153s
1944 A 0 115/
7912 Nov'22
1941 3' 86
Lorillard Co (P) 7s
let 55
1951 F A 951
9538
/
4 9513 95
55
79
73
9
58
Brooklyn Rapid Tran g 53 1945 AO 724 - - -- 72
87
54
79 Louisville0& El 58(w I) --A952 MN 89 - -- 864
9
7258
Trust certificates
724 Sale 72
54
68
Magma Cop 10-yr cony g 75_1932 1 D 109 Sale 10834 109
let refund cone gold 4s.__2002 Ii 6034
- 614 Sept'23
JA
A D0 9712 Sale 974
4
12
50
1,9
990
98
7548
888 a 48.21
84% 98 l
4
89
atalt Sugar
R
an
88
3-yr 7% secured notes,___1921
8838 Sale 8838
84
9513
5858
5 Sale 5512
5
46
89
54
Certificates of deposit
8838 Sale 8812
78
9518
5012 July'23
8414 74
2d 4s
84 Sale 83
Ctfs of deposit stamped__
1942 Cl N 9612 Bale 0612
85
97
79
7918
1950 VA. 79 Sale 79
4
Manila Elec 78
Bklyn U. El let g 4-58
794 8434 Manila Elec Ry & Lt s f 58_1953 Cl 5 8238 86
1
7938
1950 FA 79
8212 June'23
794 794
Stamped guar 4-58
1
4 Bale cats
S 93/
A o
24 M
92
9312 100
934
9814
4
Market St Ry let cons 5s-19
9814 96
Bklyn Un Gas let cons g 53_1945 MN 96
/
4
9612
9618 Sale 961
5-year 6% notes
1
4
4 10712 1187s
1932 MN 10812 10912 10812 109/
78
10312
115
2 10014 10512 Marland Oils f 88 with waents'31 A 0 116 119 115
1st lien & ref 6;Series A...1947 MN 103 10378 103
95/
1
4 10114
A O
A 11
_31
.F
01212
4 10
20
2
Without warrant attachedi9
1929 MN 109 1094 10812 10812
4 10718 117
7s
9112 9112
112
112
9112 June'23
1932 3D 9113 _
7)45 Series B
Buil & Susq iron f 5s
10014
87
9978 Sale 99
80
1952 *0
do without warrants
8278 81 Sept'23
Bush Terminal let 45
105
8238 8978 Merchants & Mfrs Each 7s-1942 .1 D 105 sale 105
8512
1955
8512 Sale 8412
5
Como! Ss
9812
a1
5e78 me
F D
A 98
23
9334 Metr Ed ist&ref g 6s Ser B.1953
411
48 S9
85
9113
Building 55 guar tax ex-1960 *0 91 Sale 91
9512
95
9412 9814 Metr Power (Is
1937 MN 9612 Sale 9814
9612
4
Cal & E Corp 55
10338
99
94
95
95
Mexican Petroleum s I 83-1938 Cl N 104 106 103
97
7
Camaguey Sul; lets f g 7s_.1942 AO 95
1924 F A 9934 9978 9934
9978
9114 9712 Mich State Telep 181 58
93
93 Sale 9234
3
Canada SS Lines Istcoll s f 78'42 MN
86
1942 FA 101 10112 10112 10112
2 100 1031z Midvale Steel &0con,/8 f 531936 M 5 8534 Sale 8511
Canada Gen Elec Co 68
97 100
87 Sept'23
Certificates of depollt--19368512 86
9812 Sept'23
Cent Dist Tel let 30-year 58.1943 JO
.
:
3
4
11926
983
g58
8512
983
8
98
/
1
4
cons
9914
Lt
Ry
&
8512
Sept'23
_1931
4
Elec
88
FA
6s___
983
Milw
8814
f
Foundry
1st.
Cent
97 10018
89 Sept'23
9712 44
Refunding & exten 454s..-1931 1 J 8812 90
Cent Leather 20-year 5 5s 1926 *0 9714 Sale 97
8914
90
121
1931 3, 120 Sale 119
Gen 58 A
28 11612 150
Cerro de Pasco Cop 83
8134)
89
1114
4 Sal
Sale
e 81
1 13
13 8
51 .1
19
96
92
984
9314
1st 5s B
5
Ch G & Coke 1st gu g 5s 1937 ii 934 Sale 9314
93/
1
4
7314 8373 Milwaukee Gas L 181 U....1927 M N 9312 Sale 9312
75
1927 FA 73 Sale 7334
32
Chicago Rya tat 56
1943 J 1 95 Sale 9434
95
/
4 Montana Power let 58 A
9912 1001
9978
1923 3D 9978 Sale 9978
2
Chicago Tel 5s
8834
1
4
98 10314 Montreal Tram let & ref 511_1941 J J 8812 Sale 88/
99
1932 *0 90 Sale 9814
66
Chile Copper Os Ser A
794
9434 9934 Morris de Co let s f 4Sis.....1939 J J 7838 791
/
4 79
9634
9634
1
4 97
1
Mein Gas & Elec let & ref 58'56 *0 94/
1966 A 0 -_ _
83 Apr'14
95/
1
4 981z Mortgage Bond 45
97
1961 *0 9614 Sale' 98
15548 Ser B due Jan 1
13
12 9212 Sept'23
1932 A 0 912 -p18512 8912
1943'A 8812 8714 8612 Sept'23
55
Colo F & 1 Co gen s I 5s
/
4 Sept'23
74
7912 Mu Fuel Gas let rug 5s
1947 M N 9133 9312 911
7578
9
1934 FA 7513 754 7512
Col Indus let & coil 56 gu
_ 9518 Feb'23
974 Mut Un gtd bds ext 5%....l941 MN _ _
95
9812 20
9612
1927 J
98/
1
4 97
Columbia 0 dc E let 53
ai
le 61
sj
i) i
2i2 -f
J 9
.1 D
61
93
51
954 97
Nassau Elea guar gold 45_19
9834 26
1927 J J 9614 9634 9634
Stamped
93
1993 MS
10
92
20 Nat1onal Acme 7148
1712 10 Sept'23
Col az 9th Av let gu g 58
924 Nat Enam & Stampg let 58.19293 D 9524 9912 9712 June'23
.1 9212
92
9212 Sept'23
Columbus Gas let gold 5e1932
95 Aug'23
69
7512 Nat Starch 20-year deb 58..1930 3 1 95 100
70
J 6934 _ _ _ _ 70
Commercial Cable let g 413.-2397
5
Cl
9912
Sale 99
8914 National Tube 1st 58
84
87
27
Commonwealth Power 68__ _1947 MN 87 Sale 8513
D 99933812
11994582 J1 N
1
4 Sept'23
9812 10112 Newark Con Gas 58
34 93/
1937 J J 10018 10034 100
10014
6
Comp Azu Bare 7548
Sale
J
17
9714
58._1952
101
a
Tel
_1941
974
England
Tel
&
9512
I
6s_
9714
9812
Computing-Tab-Ree s
1
New
9812
9812 99
62 Aug'23
7813 874 New On Ry & Lt gen 4543 1935, J 62
7714 Sept'23
Conn Ry & List & ref 545481951'3 7818
102
1951'3 7918 8034 80
76
8314 N Y Air Brake 1st coav 63..1928 M N 102 1023:1 102
80
5
Stamped guar 454s
8418
7811
79
1951 F A 78
78
90
87
8614 8612 864
18
N Y Dock 50-yr let g 4s.
Cone Coal of Md let & ref.581950 J
10938
90
9534 NY Edison ist Sz ref 6545 A-1941 A 0 109 Sale 109
94 Aug'23
Con G Co of Ch 1st gu g 50..1936 J J 9234
974
19483 D 961 9738 9634
8413 9212 NYGEL&Pg 5s
88
1952 MN 8612 Sale 86
20
Consumer, Power
9812 100
824
1949 F A 82 Sale 82
100
1931 MN 100 10014 100
Purchase money g 4s
1
Corn Prod Refg s f g 55
June'23
82
181
3
f
Ss
A
1988
98
101
MN
1934
1
J
Muffle
Ry
9914
100
794
1
3
N
Y
99
/
1
4
9914
54)
1st 25-yr s
8812 95
90
90
1943 FA 8734 91
N Y Q El L & P 1st g 48.-1930 F A 964 -91 9838 Sept'23
3
Crown Cork St Seal Os
2914
814 3
2814
20
9
82
94
1930 J J 8712 883s 874
8712 18
N Y Rye let RE & ref 45-1942 J J 27
Cuba Cane Sugar cony 7s
2812
27
8712
9234
Sale
9814
94
94
'3
8%_1930
Certificates of deposit
143
Cony deben stamped
212
2
214 2
31942 A 0
10834 42 10512 MI: 30-year ad1 Inc Sc
Cuban Am Sugar 1st coil 88_1931 MS 106 Sale 106
2
91
9414
1937'3 9214 92,2 9212
2
214 2
Certificates of deposit
9212
5
Comb T & T let A gen 5s
62
5934
15tate
484
Rye let cone 4)45 1962 M N
8344 90 N8
Denver Cons Tramw 5s_ _ 1933 AO
84/
1
4
1982 M N ____ 90
88 Sept'23
85
86
3
Den Gas & E L Ist&ref 8 15 58'51 MN 85
7712
94
65
7714 77
99 N Y Steam 1st 25-yr 6sSer A 1947 Cl N 94 Sale 934
1942 MS 77
3
Dery Corp(DO)78
94
9978
994
J 100
941
/
4 10012 N Y Telep Ist & gen 614546_1939 M N 94 Sale 934
4
Detroit Edison let coil tr 544.1933
F
A
1043
8
10514
105
1949
30
_Feb
903
4
98
947
8
-year
deben
a
f
es__
954
Sale
10514
M
k1940
25
95,4
let & ref 58 Series A
10434
81940 MS 1024 Sale 10212 103
20-year refunding gold 33_1941 A 0 10412 Sale 10418
22 101 1044
1st & ref Ss Scrim B
08.
Range
Since
Jan. 1
No Low
Hie)
38
82 8844
33 105 1084
11
47
64
1
47
64
2
85/
1
4
76
65
84
93
8754 90
86 105/
1
4 109/
1
4
51 101 1044
to6/
1
4 108/
1
4
86
94 11314
91
86
99 103
9612 99,4
123
8812 83
95
93
92
9614
3
9912
97
102 10812
7014 80
11
8314 9334
11
994 10334
9114 9312
9912 101
Si.
7638 8214
21
9912 103/
1
4
97 101
76
97/
1
4 101/
1
an 1134 11774a
42
994 106
1
8812 924
_
92
92
1
92 100
6
9() 101
97 100
8014 82
16
81% 8514
3
87
94
21
99
98
11
78/
1
4 92
1
92/
1
4 95
31
94/
1
4 99
297
9343 9554
9
88
9238
79
80/
1
4
33
99 101%
5
226
127
49
113
10
121
3
31
33
80
1
9
76
2
2
2
12
16
5
5
5
13
31
19
13
12
52
29
4
45
13
1
56
1
105
33
82
7
22
7
60
12
10
3
19
24
23
2
11
7
42
2
31
15
5
6
29
20
3
12
27
103
31
105
-ifs "Rib 9%
% 1%
561a 72%
57% 7211
5271 7318
844 94%
55
8115
90%
74
88/
1
4
81
8118 88%
84%
74
91
87
93
96%
10216 107
104 1094
9614 119-4
1081
/
4 113/
1
4
974 1044
6912 74
e
76
7514 801s
94 101
9912 102/
1
4
92%
87
8934 96
8811 92/
1
4
9734 10034
"io
474
112 11914
93
9814
1114 11811
0318 974
118% 88%
107 120
96% 102
551s 647s
5013 66
9612 98/
1
4
814 84%
9114 96%
947s 99
109 161/
1
4
984 10712
102 159
91/
1
4 101/
1
4
95 106
9512 99/
1
4
941
/
4 96%
/
4
101 1091
994 1004
8412 911
/
4
84
90
98
9912
1
4
8833 911/
1
4
8878 92/
81
894
92% 94%
93
98%
8634 91
78% 874
-His Ili
89% 95
9518 951e
554 67%
9584
92
97
97/
1
4
95 95
97 10112
92/
1
4 95
9518 100
82 82
100 104
74% 80
1083* 11212
9512 100
791$ 83/
1
4
76
82
96
99
2814 384
374
27
2
8
1
4 77a
1/
59
69
971e
88
92
98
9034 9514
10312 1083*
10214 10714
*No price Fr1daY;latest bid and asked. a Due Jan 4 Due April. a Due March. 0 DUO May. g Due June. 6 Due July. 8 Due Aug. a Due Oct. 9Due Dee, *Option sale
OCT.6 1923.]
THE CHRONICLE
New York Bond Record-Concluded-Page 5
1545
Quotations of Sundry Securities
All bond prices are "and Interest" except where marked ..r
Ranreau Equipments Per C.8 wit
Standard 011 Stocks Par Bid Ask
Range
Week's
Price
BONDS
515 6.35
Anglo-American Oil new fl *1412 1434 Atlantic Oast Line
Since
Range or
Friday
Y.STOCK EXCHANGE 1 11
N.Y
634e
6.50 5.30
Equipment
Atlantic Refining
100 104 109
Jan. 1
co.:
Last Sale
Oct. 5.
Week ending Oct. 5.
5.80 5.40
Preferred
100 115 117 Baltimore & Ohio 118
4345
5.35
5.65
&
Equipment
134
138
High
Co
No
100
Borne
Low
Scrymser
High
Ask Low
Bid
Buckeye Pipe Line Co__50 •79'2 50 Buff Bach & Pitts equip Ca.. 6.50 5.30
12
4 101
1
95/
Niagara Falls Power 1st 55.-1932 J J 100 Sale 9934 100
& Oa_ 5.65 5.25
4345
Pacific
Canadian
new_
225
Mfg
1(10
235
Chesebrough
105
1014
7
4
1
/
0
103
10312
A
n1932
Sale
10312
Ref & genes
5.60 5.30
Preferred new
100 110 114 Central RR of N J 68
9712 100
1
100
100
Niag Lock &0 Pow 1st 58-1954 MN 9934
5.75 5.45
39 Chesapeake & Ohio Os
Continental 011 new.._ 25 *37
36
96
91
92
1952 M S 92 Sale 9112
No Amer Edison 65
5.80 5.30
648
Equipment
*17
50
18
Pipe
Co
95
Line
90
Crescent
23
03
S
92
93 Sale
Nor Ohio Trac & Light 89..-1947 PI
5.60 5.30
Equipment 55
8758 93
Cumberland Pipe Line_ _100 105 107
20
90
Nor States Power 25-yr 58 A _1941 A 0 90 Sale 8912
Quincy Os.... 5.65 5.30
&
Chicago
Burl
_
98
Co..
102
4
1
/
Line
100
Eureka
98
_100
Pipe
71
100
9912
0
A
B.1941
Sale
100
Ser
88
let & ref 25-year
6.25
4
1
5.50
/
Eastern
108
Ill
5345Chicago&
61
_
corn._
011
IOC
Galena Signal
60
Northwest'n BelIT let 7s A.1941 F A 10734 Sale 10712 10734 49 107
101 110 114 Chicago & North West 4348 5.45 5.25
9132 9212
_
Preferred old
4 ____ 9112 May'23
1
NorthWT1sttdg4sgtd1934 J J 90/
5.40
5.70
Os
Equipment
104
108
101
new
106
101
Preferred
0
A
2
104
104
_1946
104 Sale
Ohio Public Service 73.i _ _
5.50 5.30
Equipment6549
9934 10514 Humble 011 & Ref new_ 25 *301 3112
4
101
1947F A 101 Sale 100
75
5.80 5.45
4345 sk
Pac
&
156
I
34
100
234
2
159
R
9
8
1
Chic
Line
Illinois
95
Pipe
88
964
9434
A
F
Sale
4
1
/
94
5s..1943
1st
F
N
Power
Ontario
5.87 5.50
Equipment68
25 *99 100
__
Imperial Oil
4 Sept'23
1
1945 M N 93
9378 93/
Ontario Transmission 58
6.75 5.40
90 Colorado & Southern 6396 10112 Indiana Pipe Line Co_ _ _ 50 *89
13
971
.1941 F A 9712 Sale 97
Otte Steel 8s
5.65 5.35
68
4
Hudson
*153
4
1
/
94
&
9012
3
Delaware
4
16
(5)
Petroleum_
913
A
9112
International
F
111947
Sale
9134
1st 25-year a f g 73.48Ser
6.25 5.80
884 9314 Magnolia Petroleum__ _ _100 135 138 Erie 4348 & 55
89i2 22
4 Sale 881::
1
Pacific G & El gee & rat 5s_ .1942 3 J 88/
6.40 6.00
Equipment65
4 94
1
24
89/
3
9212
National Transit Co__12.50 *23
Pao Pow&Lt let&ret 20-yr 55 '30 F A 92 Sale 92
5.65 5.35
9534 27
95 Great Northern 138
9434 9912 New York Transit Co_ _100 92
9534
1937 .1 J 9538 96
Pacific Tel & Tel 1st 53
5.75 5.45
OQ7g
9212 Northern Pipe Line Co 100 103 106 Hocking Valley Os
88
13
1952 M N 9038 Sale 9038
65
5.45 5.25
..
55
&
4345
Central
25
8
5
105
57
102
new
Illinois
*58
19
011
A
104
F
Ohio
1930
10212
7a
Sale
104
10-yr
Pan-Amer P & T 1st
5.65 5.35
Os
25
9238 94
Equipment
*2712 2812
Penn Mex Fuel Co
9318 Sept'23
9312 ___
Pat dc Passaic G & El cons 5s 1949 M
5.50 5.30
Equipment 7s &
6 1044 108
Prairie Oil& Gas new _ _ _100 170 172
Peon Gas & C let cone g 6s 1943 A 0 10512 Sale 1044 1051
5.8.5 545
68
Michigan
new
_100
98
94
&
99
Line
8718
Pipe
Kanawha
6
Prairie
891
S
M
1947
8914 89± 8914
Refunding gold 55
5.65 5.25
100 176 183
4 10112 Solar Refining
1
98/
Equipment 43.45
1944 F A 1004 Sale 9834 10038 48
Philadelphia Co fla A
65.._.. 5.65 5.40
Nashville
9112
_100
884
Co_
9312
29
&
Line
Louisville
95
Pipe
Southern
9039
89
1938M
Sale
4
893
534a
5.55 5.30
100 122 125
6518 8234 South Penn 011
7414 37
Equipment6368
1943 M 8 73 Sale 73
Pierce-Arrow 133
i134),: Southwest Pa Pipe Lines 100 81
82 Michigan Central 55 & Os.._ 5.50 5.25
218 98
70
1
8038 Sept'23:
19313 D 88
___
134 Sale
Pierce 011 a I 8s
5.75 5.40
55
&
25
M
(California)
SS
*53
&
P
43-4s
4
1
/
011
MienSt
533
Standard
4
Pleasant Val Coal let e s f 55 1928 J
5.85 5.45
Equipment 834s & 75Standard Oil (Indiana)_ . 25 *563s 5638
92
4
/
Porah Con Colliers Isle f 55_1957 J J 9014 921 911
13s 6.00 5.50
Texas
&
Kansas
25
9512
4112
(Kan)
Oil
*4012
914
J
Sept'23
J
Missouri
1935
Standard
9412
___
9412
5s
let
Portland Gen Flee
5.85 4.45
634S..
&
25
65
(Kentucky)
*92
93 Missouri Pacific
844 88
Standard Oil
8734 Sept'23
4 89
1
Portland Ry 1st & ref 58_ _ _1930 M N 87/
86s Standard 011(Nebraska) 100 210 220 Mobile& Ohio 43,43 & Se_ _ _ 5.75 5.30
82
83'z 30
8212 8214
Portland Ry,Lt & P 1st ref 58'42 F A 82
5.6 5.35
513
az
25
4348
*34
9614
9284
Jer_
Central
New
93
N
0110!
1
3414
York
M
1947
Standard
New
4
923
,
____ 9312
6s B
5.7 1.40
100 *115 117
5 10378 107/
Equipment Os
Preferred
4
1
let & refund 7345 Ser A__ _1946 MN 10434 Sale 10434 105
1.40
5.6
25
108
York
*43
New
4
/
1011
1
of
N
105
011
78
M
4314
Standard
Equipment
105
-1931
____
105
Tob
Am
Porto Rican
5.3 1.10
100
4348
275 280 Norfolk & Western
3'
19333 J 90 Sale 90
92
Standard Oil(Ohio)
Pressed Steel ar 59
5.5 1.30
48
758 12314
100 118 120 Northern Pacific 78
2
Preferred
Prod & Ref 5!5±(with war'nte)'31 J 13 10934 111 10812 109
100 23
25 Pacific Fruit Express 78_ _ 5.5 135
10212 32 100 10812 Swan & Finch
Without warrants attached-__ J I) 10118 Sale 101
794 88
17
90 Pennsylvania RR eq Se & 68 5.6 1.30
80
Union Tank Car Co_ .100 86
Pub Serv Corp of NJ gee 58-1959 A 0 80 Sale 794
5.5 5.30
100
124
1.rcfcrred
108
105
107
61
J
19373
1104
Pitts & Lake Erie 634e
Sale
10914
1104
78
Sugar
Alegre
Punta
5.8 5.40
25
744
6518
*4912
4
493
new
011
4 937
1
67/
Equipment65
1968 -- 8878 Sale 654
Vacuum
Rapid Transit Sec 85
5.3 5.10
10 *19
21 Reading Co 434e & 55
9078 96
41
1937 M N 9338 Sale 93
Washington 011
94
Remington Arms 613
5.8. 5.50
58_
Francisco
89
18
San
9612
_1940
_
0
A
&
4
1
/
f
89
Louie
St
894
Sale
58
804
Repub & El 10-30-yr
944
87
Other 011 Stocks
19533 J 86
8712 12
Seaboard Air Line 4348 & Se 5.9. 5.50
87
87
534e
(I) *234 314 Southern Pacific Co 434e_ 5.3 5.10
1952 J D 9212 9614 9512 Sept'23
Atlantic Lobos 011
Robbins & Myers sf78
5.5, 5.30
50 *lo
15
Preferred
Equipment 7s
Jan'23 _91 91
91
Roch & Pitts Coal & Iron M-1946 M N 90
5.6 5.25
25 *51
93
52 Southern Ry 4345 k 58
80
20
Gulf Oil new
81
Rogers-Brown Iron Co 76-1942 M N 81 Sale 80
5.8 5.50
5 *412 512
Mexican Eagle 011
Equipment Cis
7938 Mutual 011
5 9/
77
1937 Mt
1
4 938 Toledo & Ohio Central Os...... 5.8, 5.50
1
4
1
70/
794
7912 82
St Jos Ry,L,H & P 5s
5.4f. 5.25
100 82
85 Union Pacific 78
_
National Fuel Gas
854 Dec'22
St Joseph 51k Yds 1st g 43413 10303 J 8512
10 •1834 19
1 -5
1% ;
7712
-164.2
'; Salt Creek Producers
St L Rack Mt & P 58 stmnd-1955 J J 754 8112 7718
5 •112 2
Tobacco Stocks
1924 A 0
71 Sapulpa Refining
5 1 Sept'23 _
St Louis Transit Se
81
93
92
American Cigar common 100 78
1937 J J 874 _ _ - 92 Sept'23
8$ Paul City Cable 58
88
100 83
4
1
4 100 103/
Public Utilities
1942M S 101 10234 10212 103
Preferred
Bake Co 78
_100 140
4 Amer Gas & Flee new _(5) *37
943
Fdry_
38
90
ex
2
Machine
J
J
9112
Amer
9114
-1052
9212
6sSer
9114
Pub
Antonio
San
50 *42
43 British-Amer Tobac ord_ .51 *2412 1597 104
Preferred
4 18
1
99/
4 Sale 99
/
991
Sharon Steel Hoop 1st 88 ser A '41 M
Ll *2412 25
M&N 94
95
087131:
1 103
9894
922
Deb (58 2014
81
1942 A 0 1080434 Sale103 10
1: 88
044
Bearer
012 108
84
Sheffield Farms 6348
57
116
com_100
115
Tree
it
Light
Amer
58_1949
A
F
Heime (Geo W)Co. new 25
Power
Sierra & San Fran
110 114
100
91
100
90
Preferred
Preferred
Sinclair Cons 011 15-year 78-1937 M S
_100 166 168 Imperial Tob of G B & Irei'd *1612 1712
corn.
Lt
&
4
/
Power
971
Amer
85
J
93
1938
8612
D
23142,
1)
(w
13
6341;
65
100 8212 84 let Cigar Machinery-100 58
94 10034
Preferred
064 121
1925 A 0 96 Sale 0512
Sinclair Crude 011 53511
90
4
1
M&S 901 9112 Johnson Tin Foil & Met_100 80
4 99/
1
91/
Deb 632010
9578 88
1926 F A 95/
4 Sale 9414
1
Os
136
132
_100
100
Forbes_
corn.
Util
&
25
Public
35
8014
8912
MacAndrews
Amer
A
17
4
1
/
80
1042
82
0
Sale
53
8112
Sinclair Pipe Line
99
95
100
11a78
100
9812
66
18
68
Preferred
7% prior pref
4
1
100/
South Porto Rico Sugar 78_1941 J D 10012 10012 100
24
100 20
100 43
903
49 Mengel Co
4% partic pref
944 17
South Bell Tel &TIstsf 58-1941 J J 9418 Sale 94
76
_100
70
TOb100
65
92
preferred
8712
6%
Rican-Anger
Porto
10
A947
8912
J J 89 Sale 89
Southern Colo Power 65
75
73
Blackstone Val &Ecorn 50 *71
Scrip
4 10012
1
4 993s 98/
1
Stand Gse & El cony s f 6s_ - l0263 D 98/
77 Universal Leaf Tob eran_100 89
11 Carolina Pow & Lt com-100 73
42
s 12
t11778
_
0
1930 M N 941
4 9612 9814 Sept'23 2
/
Standard Milling let 58
93
100 89
Preferred
4 1054 75 100 10712 Cities Service Co com__ _100 131 133
1
Steel & Tube gen f Meer C.1951 3 J 10512 Sale 104/
100 105 110
100 661 67 Young (J 5) Co
9518 9934
1
Preferred
951s
9518
96
Sugar Estates (Orienti) 75_1942 M S 95
100
100
Shares
131
4
133
CitiesServiceBankers'
Preferred
4 9112
/
901
9114 July'23 ____
Syracuse Lighting 1st g 59-1951 J D
20
Colorado Power com_ _ _ _100 19
Light & Power Co col tr a f '54 J J 8334 8614 8338 Sept'23
96
100 93
34 1°
8838
9
1
0°
Preferred
__
Rubber Stecks(Claseland)
100 Aug'23
Tenn Coal, Iron & RR gen 58'51 3 J
4 10112 Com'w'th Pow,Ry & Lt-100 32
1
/
99
34 Firestone Tire & Rub COM 10 •66 68
7
9912
Tennessee Cop let cony 68.._1925 M N 9938 10012 9914
92
100
74
Com'w'th Pow Corp pref 100 72
9218 95
6% preferred
9312 22
Tennessee Flee Power 68---1947 3 3) .934 Sale 93
90
100
521±
Consumers Power pref-100 87
7% preferred
5514
5414 5514 55
Third Ave let ref 45
170
45
,.,4 3 48
aig? 1
Flee Bond & Share pref-100 *981 17-1-4 General Tire & Rub cons 60
4 8?
1
49/
454
AdlustmentIncome 5a
47
98
94
100
Preferred
Traction(5)
&
68
4
Light
84
E1
*66
Federal
94
94
96
Third Ave Ry let g 58
91
11
100 *68
Preferred
70 Goodyear Tire & R oom_100 10
4 10234 17 10112 105
1
1931 F A 10234 Sale 102/
Tide Water 011834s
80
Lehigh Power Securities_(I) 211 2212 Goody'r T&R of Can pf..100
10 10234 107
107
Tobacco Products a f is..-1931 3 D 107 Sale 10514
4
/
11
5114
Rub
Pow
Riv
corn
(I)
&
oom1054
191
10758
Tire
2112
100
Mississippi
he
Mason
1941
S
21
4 10612
1
10534 106 105/
Toledo Edison 75
16
100 14
83
100 80
Preferred
Preferred
1925F A 9734 Sale 97/
t512
1 D: 9
4
4
1
9812 10
Toledo Trac L & P Os
67
100
First mtge 513. 195L 3&J 901 911
4 Miller Rubber
/
Trenton & El 1st g 58-1949 M S 9218 _ - 9214 july'23
97
100
,5 j
33
Preferred
838
SF g deb 7s 1935__M&N 100 102
85
4
9314
85
85
Undergr of London 43413-194
.8
100
8639 89
Nat Power & Lt corn _(5) *491 5012 Mohawk Rubber
3
Income 613
35
30
99
Preferred
86
95
*85
65
Preferred
•
1942,M
(5)
Paper
N
812
1°
2 Sale 9
8138
88
9
Ms 20
Union Bag dc
975
95
88 Selberling Tire & Rubber(5) *434 512
J&J 87
Income 78 1972
9618
8
Union Elm Lt & P let g 58-19321M S 9554 9612 954
45
4.8
35
100
Ohio
N
1933,M
11
Preferred
92
4
Electric/
911
Northern
8814
9112
914
17
())
9114
58
21
Preferred
26 Swinehart Tire & R eent_100
100 24
70
70
70 June'23
Union Elev (Chicago) 58---19451A 0
50
100
96
98
193113 .1
90
Preferred
North States Pow com_100 94
96 Aug'23
Union 011 Si
9912
10258
94
100
c1942,F
9912
10012
92
5
Preferred
A
100
994
65
18
Sugar Stocks
94
F
1j
30
Nor Texas Flee Co com_100 58 63
6234 Sale 10234 10334 30 10212 105
Union Tank Car equip 7e...1
12
50 *8
Preferred
73 Caracas Sugar
100 69
4 11 110 11334
/
1111
11118 Sale 111
United Drug cony 88
83
• j 94
98
Pacific Gas & El 1st pref 100 88
92
9
4 94
1
9412
94/
8814 Cent Aguirre Sugar ma_ 20 *81
United Fuel Gas 1st 5!
100 101 103
9318 43
Falardo Sugar
9714 Power Securities com_(5) *3
United Rys Inv 58 PItta issue 1926 M N 9318 Sale 924
8714 63
58
4 22
1
59/
Second preferred
17 Federal Sugar Ref cora-100 63 86
58 2 58
(5) *13
United Rye St L let g 48-1934 J J 57
100 90 105
6
4 89
1
89
861a 93
89
Preferred
Coll trust Os 1949___J&D '77 82
United SS Co Int rata 68.-1937 M N 88/
10
1942
Godchaux Sugar. Ise-(5) *7
1949__F&A
61
June
Sale
/56
4
983
Incomes
98
AO
4
36
10112
4
1
/
99
983
Os
United Stores
100 55 65
Preferred
1932 33 102 Sale 10158 102
49
9 10018 102
Puget Sound Pow & Lt 100 46
US Hoffman Mach 88
83
Western Sugar new 25 *79
Sept'23
1924
82
99
79
Great
preferred
10212
8%
10014
100
55
___g
Ii
deb
10018
cony
I
&
Realty
S
8912
100 100 103 Holly Sugar Corp cora_ _(5) *2712 29
86
114
7% preferred
86
3 8512 Sale 85
'
US Rubber 1st & ref fa ser A 1947
7912
78
100
4 20 106 10912
1
Preferred
1930 ✓ A 106 Sale 10512 106/
Gen mtge 7345 194I_M&N 104 10512
10-year 7348
6
9934 100
Republic Ry & Light_ _100 131t 1512 Juncos Central Sugar- _ _100 90 110
9913 102
US Smelt Ref & M cony 68-1926 F. A 9934 102
90
88
Refining_100
Sugar
National
42
100 40
102
172 10034 104
Preferred
d1983 MN 10158 Sale 10114
US Steel Corpfcoupon
95 100
100 Sept'23 ____ 100 10412 South Calif Edison com-100 10114 102 New Nlquero Sugar
if 10-60-yr 5alregistered A1963 MN
12
5
82
8112
811
9182
100 114 11612 Santa Cecilia Bug Corp pf 100
4
/
80
6
8% preferret:
Utah Light & Traction Ss- _1944 AO 80
59
4
1
1944 FA 8838 Sale 87/
Standard Gas & El (Del) 50 *2713 29 Savannah Sugar cora_ _ (5) *86
884 15
8534 92
Utah Power & Lt let Se
81
79
100
Preferred
9514
1950
95
Sept'23
*4812
50
Preferred
4912
58
f
a
1st
95
4
3
33
95
Pow
&
Utica Elec L
85 90
4 Tennessee Elec Power. (5) *13
1
92/
89
15 Sugar Estates Oriente pref.. _
1957 33 90
9134 90 Sept'23 ___
Utica Gas & Flee ref 55
42 West India Sue Fin oma_100
Second preferred
(I) *40
35
28
100
1
28
99
100
Preferred
4
1
/
100
_100
_
55-1923
2612
Sale
3D
Corp
100
Western
Power
10012
Va-Caro Chem 1st 15-yr
8852 25
75
98
Preferred
1947 J
100 80 83
87 Sale 88
75
65
4
1
/
41
94
71
IndustrIal&Miscell
70
1937
Short
Term
7012
Securities
70
33
12-years f 7348
7114 Sept'23 ____
70
68
9012 Am Cot 011 65 1924_ _M&S2 9812 9912 American Hardware_ _ __100 68 58
Without warrants attached_ 33 68
75
9512 Amer Tel&Tel 88 1924.F&A 10018 10038 Amer Typefounders cone 100 72
92
93 92 Sept'23 ____
Vs Iron Coal & Coke 1st 859 1949 MS 92
100 97 100
85
1934
4
1
/
85
Preferred
Sale
Anacond a Cop Min 63'29 J&J 10112
3,
5
8515
84
87
Va Ry Pow let & ref 58
1912
01 •I8
964 26
1942 3D 9612 Sale 954
°1314
954 99
4 Bliss (E W) Co new
Anglo-Amer 0117348'25 A&O 10134 102
Vertientes Sugar 78
50 *58 60
103
Preferred
41 101/
1941 J o 10234 Sale 10234
4 106
1
Federal Sug Ref 6s'24 M&N
Warner Sugar 75
119
117
oraa_100
9938 Sept'23 ____
M&N Ii7Os 1933
9818 99/
8 9815 Borden Company
4
1
Wash Wat Power a f 58_,... A939 ii 994 100
100 101 103
9518
9518
2
9312 9714 Hocking Valley 88 1924 M&S 1004 1_00_311_
Preferred
Weetchee Ltg g 5astM13d CAI 1950 J o 954 96
9112 16
88
Celluloid Company100 85
95
Interboro R T 88 1922.131&S
West Penn Power Ser A 58..1048 MS 9118 Sale 9014
100 108 113
Preferred
5 100 1024 K C Term Ry Os'23 M&N15 Itfrit 10018
let 40-year 13s Series C__ _ -1958 in 10078 1014 10138 102
4 Sale 10412 105
1
6 10218 10712
630July 1931
51.948 P A 104/
J&J 103 10312 Childs Company ems _100 159 161
let series D 78
100 110 112
8912
87
88
8812 12
Lehigh Pow Sec 68 '27..F&A
Preferred
1963 MS 8818 Sale
be E
100 104 108
9812 12
98
96 100
98
9
Siose-Sheff S&I Os '29_F&A
2 °
.• 1 98
44
°6
97
511.: Hercules Powder
Western Union coil tr cur 58-1938
100 103 105
9213
4
1
/
92
Sale
Preferred
15
S
7345
U
89
MN
1930_F&A
94
Rubber
924
106
105
Fund & real estate g 43411.1950
4 89
1
100 79/
International Salt
37 106 111/
4 Joint Stk Land Bk Bonds
1
1936 FA 10872 Bale 10812 109
15-year 6348 g
100 103 108
pref
Silver
10718
10712
Stk
International
Jt
Chic
Land
10712
54
Bk
107
55_1951
MN
10012
102
10512
7s._1931
812
10
M
&
E
Westinghouse
78
.76
50
Bales
Coal
Valley
94
944
22
Se 1952 opt 1932
91
10012 102 Lehigh
98
Wickwire Spen Steel 1st 78_ A935 J J 934 94
100 145 180
9414 102
964 47
102 104 Phelps Dodge Corp
5s 1951 opt 1931
Wilson & Co let 25-yr is f 68-1941 A0 963e Sale 9.534
8
86
6 12
17
18
eom-100
Pow
Baking
86
Royal
11
88
85
45
opt
10012
83
99
1952
3D
1932
4
1
/
85
8518
1928
10-year cony s f Oa
100
Preferred
4 16
1
93 105
96/
93 9912
1931 FA 0612 Sale 96
4)4e 1952 opt 1932
734s
1."5142
99 10012 Singer Manufacturing...100 111 120
43.ie 1963 opt 1933
1941 *0 10212 10312 103
Winchester Arms 730
N 1251
1
99 19%.
113
Youngra Sheet & T 68(w 1)_ -1943 33 94 Sale
d Purchaser also pays accrued dividend'
•Per share. 5 No par value. ti Basis.
Ex-divirarad. p Hx-rights•
•No price Friday: latest bid and asked a Due Jan. d Due Apr. e Due Mar. e Due I New stook. I Flat price. k Last sale. n Nominal.
quotation.
',Canadian
a
p
price.
Deo.
Oct.
Ex
Sale
*
a
Option
Due
Due
stock
sale.
Aug.
dividend.
Due
a
3
July.
Due
h
June.
Due
p
May.
Sale
11-
80
00
1546
BOSTON STOCK EXCHANGE-Stock Record S.N.7,13gage
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday,
Sept.29
Monday,
Oct. 1
TUudmL
Oct. 2
Wednesday. Thursday,
Oct.4
001.3
*s148 14812 148 148
148
148 148
"177
7734 *77
77
77
7712 77
934
*934
9312 9312
*116 117 *116 117
116
11632 117
98
98
98
9712
97
98
98
•1214 1234 1214 1214
1214 124 12
*12
15
*12
•12
1214 *12
15
17
17
16l
1612 1612 1612 17
24
+24
25
24
25
*22
*22
*28
28
32
2814 28
28
28
*z13434 140 *213434140 *213434 _ _ *13434
23
2212 23
*23
25
*23
25
60
60
60
•____ 63
*53
55
55
*53
55
*53
55
•____ 37
_
34
*34
-3-5 - 35
35 Ii"
35
*2512
2612 2612 *26
_- *2512
2 1134
1132 1132 1138 1172 1114 I1-1+84
86
86
90
•268
-- 68
25
*2312 274 234 24
74 *z72
•z72
'74 *z72
.:86
90
70
25
74
*70
25
72
148
148 148
7712 77
7712
9314 9312
11712 116 116
9712 9812
98
12
1212
12
14
*12
14
1612 16
17
24
2212 2212
22
22
28-12 28
28
138 138
24
23
23
60
*60
_
55
*55
34
3412 ii12
36
*36
3612
2814 2814
-11
- -78 12
1218
67
67
2514
72
*70
27
_
_-2714
Friday,
00.5
Sates
for
the
Week.
12
70
71
2714 32
Range since Jan. 1 1923,
Lowest
Highest
Railroad/
Mon & Albany
100 143 Apr 3 151 June 14
sten Elevated
100 75 June 29 84 Jan 5
Do pref
100 9113 Aug 9 100 Mar 6
Do 1st pref
100 11112 Aug 2 125 June 12
Do 2d pref
100 97 Sept 24 106 Mar 5
>eon & Maine
100 1014 July 30 201:Mar 2
Do pref
100 14 July 28 27 Feb 13
Do Series A 1st pref_ 100 16 Sept 27 3212Mar 1
285
' 80 Do Series B 1s1 pref_100 221
:Oct 4 48 Feb 8
Do Series 0 let pref_100 22 Sept 24 42 Mar 22
17
Do Series D 1st pref _100 28 Oct 1 59 Feb 7
105
17 B sten & Providence
100 135 July 21 16012 Jan 25
94 El at Mass Street fly Co_100 18 Feb 15 35 Mar 22
Do 1st pref
20
100 60 Oct 2 72 Jan 16
Do prat B
30
100 53 Feb 24 65 Mar 19
Do adjustment
50
100 34 Oct 3 46 Mar 22
235 Et at Mass St fly (In cta3)_1013 344 Feb 15 45 Mar 21
15 M tine Central
100 2512Sept 27 43 Jan 2
324 N Y N H & Hartford
100
934July 5 224 Jan 30
10 N orthern New Hampshire_100 65 Sept 8 84 Feb 3
3 N irwich & Worcester pref..100 80 June 12 100 Jan 3
50 01 2 Colony
100 65 Aug 14 81 Feb 14
735 R Maud pref
100 2112 Aug 25 3818 Feb 20
15 V rmont at Massachusetts_100 72 Oct 3 98 Jan 11
Shares
164
147 148
7712 7712
87
7
147
196
272
12
STOCKS
BOSTON STOOK
EXCHANGE
PER SHARE
Range for Preston
Year 1922.
Lowest
Highest
13014 Jan
731: Feb
9414 Mar
116 June
1011: Nov
14
Jan
20
Jan
22 Jan
36
Jan
30
Jan
40
Jan
125
Jan
18 July
66 Aug
51 July
28 July
29 July
2712 Jan
1214 Jan
69
Jan
58
Jan
57
Jan
Jan
15
78
Jan
152 May
894 Sept
105 Sept
120 Sept
109 Sept
3112May
37 Apr
441: Apr
62 May
54 May
7712 May
163 July
2632 July
77 July
00 Nov
47 Aug
47 Aug
55
Oct
3472 May
90 July
10334 De
•
984 May
5272 JUDO
100 Aug
Miscellaneous
*2
214 *2
214
100 A 2er Pneumatic Service
2
2
25
31: Jan 9
1 Sept 19
Vs Dec
414 Jab
*1334 14
Do pref
*1334 14
1334 14
215
50 13 Aug 7 20 Jan 10 13
Feb 2014 Aug
12258 123
12218 12314 123 12314 2,462 A ler Telephone & Teleg._100 119 June 29 12534 Mar 14 11432 Jan 12814 Aug
76
764 74
763 A soskeag Mfg
75
No par
704 7414
7012 Oct 5 112 Jan 5 104
Jan 121 Dee
*76
7612 76
57, Do pref
76
No par 7412 Oct 5 88 Jan 5
7412 76
80 Nov 91 Aug
*15 ------------------- An t Metal Construe, Inc__ _ 10 15 Mar 1
•1514
161:Mar 14
14 Nov 2012May
____
At
•1034 "
fi *1034 12
_
las Tack Corp
_ _
No per
10 July 2 204 Feb 14
13
Jan 22 May
10512 106 *105 _-__ 10514 10512
88 B ston Cons Gas Co. pref _100 105 hill 22 10812 Feb 24 10434 Aug 107 Dee
--+.15 .30 *.15 .30 ____
_ ___
B ston Mex Pet Trus No per .10 Jan 18 .30 Jan 25 .10 Sept .50 May
2012 2112 2114 2112 214 --10 19 July 5 27 Mar 19
2112 1,645 Connor (John T)
1534 Jan 3078 Dee
*212 3
*212
___ _ E tit Boston Land
10
3 June 25
4 Jan 2
3
Jan
6 Alm
stern Manufacturing
33.0
74 74 *714 3_5
7 June 28 1412 Mar 5
714
772
i14
7 Dec 1414 Feb
814 83 i 83
25 6834July 3() 1274 Mar 22
83
7978 8134 1,148 Es.stern SS Lines. Inc
381
: Jan 8912 Oct
156 157 I 15672 157
848 Edison Electric Ilium
100 153 Oct 3 172 Jan 3 150 Mar 185 Sept
157 15712
El ler Corporation
412,490
372 414
4
____
No par
312June 30 1072 Jan 2
3 Mar 13 May
*8
*9
10 GaIveston-Houston E1ee_100
12
____
5 July 9 2912 Feb 5
28 Dec 39 Aug
*614 -834 *614 834
Gardner Motor
No par
814 Aug 23 1532 Mar 3
9 Nov
164 Apr
5 On senfield Tap & Die
*1534 1634 •1534 1634 1634 1634'
25 15 Sept 21 24 Feb 10
1534 1634'
1534 1634 ----,
r17 Dec 2714 Feb
5514 5514 5514 5514 •54
es5514 56
55
115 H ,od Rubber
54
54
54
54
No par 54 Jan 8 634 Mar 13
43 Mar 6432 Dee
3512 3512 *235
36
36 .:35
135
36 *:35
,ernat Cement Corp-No per 32 July 2 44 Mar 19
36
---- -28
Jan 3832 May
14 *212
14
z12
14 *z12
14 *z12
•z12
,ernat Cotton Mills
14
50 10 Sept 14 22 Feb 19
20 Nov 32
Jan
58+55
57
55
55
*55 __ __
54
6
5
.°
1 II:
*55
100 60 May 31 7912 Jan 10
I' 3o pref
54
5412 55
60 Aug 85 Dee
*1
112
112
1
*1
1
...SO
1
.75 .75 --------200 In ernational Products-No par .75 Oct 4
3 Mar 20
14 Dec
61: Mar
Jo pre
*1
5
*112 5
"312 7
100
412June 20
_ ______
____
*Xs 7 I *312 7
8 Mar 15
54 Dec 17
Apr
0612 64; *632 64 *612 678
672 672
223 Littby, McNeill & Libby- 10
638 714
512 Oct 1
812 Aug 20
634 634
132 Apr 111:June
1.214 Lo aw's Theatres
25
814June 27 11 Apr 26
912 10
834 9
8 July 13
9
9
Jan
9
9
9
'
3
9
9 I
9
8012 81
81
81
*8012 81
81
81
8012 81
8012 8012
776 M asachusette Gas Cos_100 7812May 22 8712 Jan 2
133
Jan 9012 Not
684 68
68
68
68
30 prof
6814 68
684 68
100 65 July 7 73 Jan 25
681g
6811, 6812
125
62
Jan 74
Oct
160 160 *159 160
155 15514 155 155 *157 160
11,
1 M ggenthaler Linotype_100 147 June 19 179 Jan 6 130
159 159
Jan 181
Oot
____Mepaean investment. Inc_ 10
54 Oct 1 1434 Feb 19
.,..
612 612
7
64 612 *6
513 64
'5
6 1
11 Dec 278* June
21
21
1912 1912 1934 194 -1934 1914
*1934 22
•1934 22
72 MIwissippi River Power
100 1812Sept 20 284 Jan 31
13
Jan 34 Aug
4
•120
3o stamped prof
8234 80
8234 *80
8234 *80
100 80 Jan le 84 Feb 14
8234 ____ __
80 1 *80
724 Jan 854 Oct
10
314June 27
223 Natlonal Leather
372 Vs
838 372
314 334 *372 373
374 372
834 Feb 13
634 Dec 1132 Jam
*212 3 I
3
3
3
425 New England Oil Corp tr ctfs.
3
112
3
24 Aug 15
3
412Sept 13 .22 Dec
33*
5
Jan
116 116 •s11512 117, 117 117
117 117
•z1.16 117
w England TelePhone_100 113 July 4 122 Jan 3 109
116 117
Jan 125 Sept
*174 18
*1734 18
1 1634July 12 2112 Apr 26
*16
*1734 18
1614' 18
Nreshe= Circuit, Inc
0 -0
10
4°
1814 -___ -_ -_
13
Jan 28
Oct
88
88
88 I 8718 8734 8712 88
8712 8734 8734 8734 88
592 Pa tifIc Mills
8612 Aug :3 190 Jan 2 11534 Oct 192 Dee
*12514 1532 •1514 1578 •1514 1572 1558 1558 *1514 1558 154 1572
10 15 June 26 18 Mar 14
50 Resee Button Hole
1212 Apr 16 July
2
2
214
10
2
2 Jan 11
214 I *2
we Folding Machine
314 Mar 15
Ps Dec
3 Mar
355 elle,ma Magneto
*.50
1
3750 -I-I :
•.50 1
•.50 1
2 Feb 20 .50 Nov
2
50 "1" :::: ::::
5 .75 June 14
74 Apr
at
101 10112 10112 10112 10118 10158 10114 10134 10114 102
Ow
9812
&
Co
June26
1091:
Jan
100
304
6
9214 Jan 11012 Sept
10112 102
45
45
oz45
45
46 , 45
4434 45
97 To trington
60 Mar 9
45
25 42 July31
39 July 81's June
45
45
45
11
11 1 *8
*8
-haIon Twist Drill
*8
5
11
11
712 Jan19 11 Mar 7
•8
_ _
11 ' *8
8 Mar 1414 Feb
3512 357s 353* 3534 353* 36
25 z3312Junel5 5534 Mar 8
3512 354 3553 3534 3,i12 -3(f
17
33
2 UnBed Shoe Mach Corp
2,5
37
Jan 45 Mar
)0 pref
254 *2254 2514 2514 2514 25Is 26
*125
2514 25
25 2432 June14 284 Jan 11
25
2558 2614
Jan
2712 July
22 I 2134 24
2178 2238 224 2314 2234 2312 2234 2314 6,270 ye Aura Consol Oil Fields_ 5 1934 Aug23 30 Jan 2
22
217: Jan 3313 June
+41534 1614 16
1614 16 • 1618 16
16 I •16
164 16
1618 2,402 W Mort Sys,Ino,new shNo par 1532 Sept17 4224 Mar 19 01314 Jan 01912 Dee
*812 9 1 *812 834 *812 834 *812 834 *812 834
W 4th Watch Cl B com.No par
5 Feb15 13 Mar 17
24 Nov 1434 Apr
*17 ____I *1712 18 I 1734 1734 1734 1734 18 ------------20
'referred trust Ws
100 1512 Mar 6 2912 Mar 19
11 Nov 49
Apr
1558 1558 *1512 16 I 1572 1572 •1512 16
*154 16
74 Feb
i2 114 1,120 W iworth Manufacturing_ 20 1114 Jan 5 174 Feb 17
13
Oct
294 2912 30
30
*s29
50 2512 Jan31
30
2914 294 294 2934 ---------332 W men Bros
3412 Mar 14
171: Jan 3534 Sept
*232
33
*32
33
*32
)o 1st pref
33
*32
50 31 July12 394 Mar 14
33 1 *32
33
3013 Jan 3814 Oct
____ --_-!
I
*23412 36 *23412 36
*34
50 33 July10 42 Mar 15
37
*34
37 1 *34
37
31
____ __--;
Feb 4434 July
___ )o 28 pref
*614 7
*614 7
*614 7
7 Aug14 1212 Feb 21
*614 7
WI skwire Spencer Steel- 5
____ ____I
834 Nov
*614 7
21 May
Mining
*.30 .55 •.30 .55 +.30 .55 •.30 .551 •.30 .55 *.30 .55
Ad venture Consolidated.__ 25 .25 Feb16
1 Feb 28 .50
Jan
1
Apr
_____ i Ah sleek
25 54 July 5 87 Mar 1
56 Nov 88 May
";.Io .io 4.10 .25
0 --;H)
_ I AI omah Mining
25 .10 July 5 .50 Mar 2 .03 Sept .50
":tio -47.10 -:io, "*7."10 .20 -47,1Apr
All )ues
25 15 Aug 9 34 Mar 1
19 Dec 324 Jan
113 11"2 ";112 "I" "*if! 184 "'iI
13
25 .70 July 3
1.55 Arcadlan Consolidated
iis -1;
414 Mar 5
5 --ir-W3 --1-3i
432 May
2 Mar
813 84
Art
Commercial
84 834
i
bona
834 872 *812 9
i
5
73a
Jan
355
6
144 Mar 2
104 June
6 Nov
*534 914 *812 9 i
015
gham Mines
16
*15
16 I *15
10 15 Sept19
16
•15
16 I *15
16
19 Feb 19
*15
16 I
13
Jan
1834 Sept
20
2032 20
2014' 2012 2034 204 2034 20
25 19 Sept17 49 June 15 248 Nov 301 Aug
2032 1978 2014 1,897 Calumet & Heels
Hill
Gold
Car
son
382 33*
314 314
2,450
1
23
2
312 34
Oct
3
4
3 I
1634 May
932
Nov
3
7
2
272 314
Feb 13
vs
312
itennial
25
7 Jan 18 15 Mar 1
134 Feb
8 Nov
-io.1.2 -214
25 25 Oct 5 4634 Mar 1
- "ii" Iff" "26Ts I(iii "ii" 214 "iiii I6F4 "ii "2"6"I55i co seer Range Co
354 Dec 4614 May
258 2% 2% 2%
234 234 *212 234 *258 24
10
214June 28
5 Fob 23
24 Nov
914 Jan
258 2513' 1,000 Da vis-Daly Copper
A 1
5 July 5 1112 Mar 1
5
5 ,
210 Ea It Butte Copper Mining_ 10
*5
512 *5
512 *5
1214 Jan
514
712 Nov
518 54
5
*1
114
118 118 *14 14 •118
290 Fr ,nklin
25 .30 May 22
258 Mar 5
1
Apr
372 Apr
14', *1
114'
114
1
Ha scock Consolidated
4 Mar 5
*112 214 *112 214 *14 214 *112 214 *112 214 *112 214
25
114 Sept 13
14 Aug
31
:Mar
1 2414 Mar 28 3314June 7
*3012 31
255 H •dy Coal Co
31
314 *3.'12 314 *3012 314 *3012 314 *3012 31 14
He yetis,
•.25 .75 .3.25 .75 *.25 .50 '
25 .10 Sept 17
114 Feb 20 .50 Dec
.1 .25 .50 *.25 .50 '
VAI Apr
.1 .35 .50
Ws1021410234 10112 1024 10212 10234 1024 10212 103 10312 10212 10318
1 97 July 2 11512 Apr 7
8112 Jan 11662 June
372 lei ,nd Creek Coal
)0 pref
•:90
1 92 Oct 3 10012 Mar 28
93
67
*90
92 .91
92
88 Feb 9712 Nov
92
92
92
92 , .92
94
.19
25 19 June 21 3314 Mar 3
21
+1912 21
*1912 21
18 Nov
20 Isle, Royale Copper
20
20
2634 May
*1912 21121 :29_ 21___
6
*2
elg Lake
2 July 17
332 Jan 2
24 •z2
3 Feb
212 *.z2
21: *:2
212 *z2
478 Apr
2
25 .60 Sept 4
*1
tteenaw Copper
112 *1
112
214 Mar 5
1
Feb
1
1
312 Apr
*.75
112
.75 .75 --------60
25
11
: Oct 4
L• alte copper Co
112 112 *112 2 1
54 Mar 1
112 14 *112 2 ,
24 Feb
534 May
114
158
Os
134
366 Ke
•114 2
25
112 Jan 29
*114 2
314 Mar 1
25 La Salle Copper
*114
1 Nov
214 Apr
134
114
114 .114 2 ' +114 2
5
son Valley Mine
Dianne 15
*158 2
*162 2
272 Mar 27
*172 2
132 Jan
*14 2
24 May
*158 2 I
178
178
25
•
112July 20
5I
M aas Consolidated
*114 134
14 14 *114
414 Mar 3
5
10
°
5
134 *114 134
112 Dec
414 Apr
3
18
138
134 *112 2
yflower-Old Colony
2
2
2.X. 214
25
2 Sept 14
7 Feb 10
212 Dec
*218 212 *218 212
612 Apr
21
4 214
2
2,4
25 .90 July 3
•134 214 *14 214 *134 24
4 Mar 17 .75 July
158
158
37 MI thigan
158
158 .158 2,4
7 Apr
hawk
25 37 Oct 2 71 Mar 2
38
38
37
38
3812 3712 3818 3814 3814 3712 38
38
52 Nov 68 June
5 16 June 28 2412 Mar 2
°• Cornelia Copper
Me
1712 1712 1712 1734 1712 171: 18
1514 Dec 204 June
18 , 1712 174 1712 1712
4
22
90
2 N
212 Aug 20
Ne w Dorn. °peer
*212 3
*212 3
414 Apr 4
*212 3
*212 3 1 '212 3
---- ---,
100 35
Apr18 40 Apr 27
*z37 ____ *x37 ___ *z37 ____ •s37
1 Neiw River Company
37
Jan 40 Feb
44 '*:37
44 1 *37
44 1
*27712 80 *e7712 80
100
)o
77
pref
Mar
5 84 Mar 16
78
78
73
78
Jan 85
78 *27712 80
20
Oct
*7712 80
838 538
5
474 July 5
5
514
514 514
634 Feb 20
5 July
514 538
7 Jan
512 512 *518 512
353 NI Using Mines
15
172 Oct 2 1234 Mar 1
Pa 134 *112
134 134 *134 178
84 Oot 15 May
134
265 No Oh Butte
158
158 *112
134
118 ..80
•.80
I Oil sway Mining
25 .70 July 2
118 +.80
232 Mar 5
1
114 ..1 .80
*.80
14 Dec
41s Apr
14 •.80
1111'
25 164 Aug2() 321
1612 *1614 1612 *1614 1612 1614 1612 .16
:Mar 1
16 Nov
55 Old Dominion Co
16
27
Jan
•16 1612'
1612
Os eola
25 2434 July IS 46 Mar 1
25 Nov 3812 Aug
;ii- --3-12 ;ii- --31-2 ;Si- --31-2 ;25- --3-1-2 ;i3- Pa I City Mining 2, Smelt. 5
214 Aug13
3-121 - W3- --iii
4 Mar 5
24 June
334 Nov
1418 *1312 14 1 14
1412 14
1412 +14
14 I 14
145 Pd Cr k Pocahontas Co_No par 1234 May22 1614 Mar23__*14
11
*2412 26
2418 2412 24
*2412 26
25 22 July 5 50 Mar 2
*2412 26
24 I 23
30 Nov 50 May
305 Qu 12CY
24
33
dary's Mineral Land,.. 25 30 Sept18 5312 Mar 1
33
33
*3214 33
33 I 3212 3212 .32
33
37 Nov 484 May
*32
33
.57 .60 •.55 .75 *.55 .75 *.55 .75 119
10 .35 Sept 6
.45 .55
112Mar 5 .25 Mar
.42 .42
134 May
°0
2 81% nnon
25 .10 June 4
1 Aug 8 .25 Dec
*.25 .85 '1..25 .85 *.25 .85 +.25 .85 '.1 .25 .85 '
Sot th Lake
114 May
0.25 .85
25
134 *114 134 *114 134
14 July18
SU erior
134 ____ ____
134 *114
112 Dec
424 July
314 Mar 3
•114
118 *.95
l's
.99 .99 ..95
.97 .97 +.97
334 Feb 23 .90 Mar
200 Su ,erior & Boston Coroner_ 10 .90 July30
234 Oct
•.90 14
Ds}
.30 .30 ..28 .35 *.29 .35'
5 .25 Sept14
.28 .28 •.28 .35
112 Feb 15
60 'Di sity Copper Corp
1 1A Dec
312 Apr
•.25 .30
1
*1
10
Ds •1
1 July 6
1
132 Aug 18 .40 Nov .92 May
145 Tu aumne Copper
14
1
11s
•1
1 1
1
1
.
3
31, •3
34
272 3
3
h-Apex Mining
3 I
3
5
234 Jan 9
6 Apr 13
3 I *278 3
1,
1 {4 Oct
4 Mar
114
114 14
U• t h Consolidated
14
1
112 *1
1
Aug 7
3 Mar 5
1
Feb
312 June
18
50
5 Ut
2
•14 114 *118 114 *118
14
.60 .65
.55 .55
.50 .50 *.65 .80,
1 .38 Sept24
Ps Feb 27 .80 Dec
810 VIa h Metal & Tunnel
24 Ala
•.55 .65 *.50 .60
VIol;orla
*1
25 .60 Aug30
112 *.75
112 *114
1
232 Feb 28 .75 Nov
•.75
112 '114
1
13 '
24 Jan
•.75
WI Iona
25 .30 June29
Jan
234 Apr
134 Mar 5 .25
*.35 .50 4..25 .50 •.25 .50 *.25 .50 *.25 .50 '1..25 .50
25
R
Ink, 2
in Mar 1
81, 614 *EN
7IA Nn*
IR %/we
7
818 814 *614 634 •1314
74 WoIva:wine.
7
*618 7 '
*134 214 .134 214
1312 1334 *1334 15
1224 12234 12212 12278
7612 7612
76
76
7712
*76
7712 •76
16
•14
16
•14
*1034 12
*1034 12
107 10714 *107 ____
.3'.15 .
.1
1912 1912 1914 2038
•212 3
*212 3
*714 734
714 7312
81
82
82
82
15612 159
159 159
*334 4
*334 4
*678 812 *678 812
8
*6
*6
8
*134 214
1334 1334
12258 12278
*7614 7712
7612
*76
*1514
-*1034 -1-2
106 106
*.15 .30
2018 2014
*24 3
*714 74
8113 8172
157 157
*334 4
8
8
8
*6
• Bid and asked prices; no sales on this day. s Ex-rights. S Ex-dividend and rights. s Et-dividend. g Ex-stock dividend
a Assessment Paid.
Beginning with Ybursday, May 24. trading has been In new shares, of which two new shares of no Par value were given In exchange tor one Share of old stock of $10
Paelialue. In order to make possible comparisons with previous Quotations, we have divided all these previous quotations by two.
OCT.6 1923.]
Outside Stock Exchanges
Stocks-
Boston Bond Record.-Transactions in bonds at Boston
Stock Exchange Sept. 29 to Oct. 5, both inclusive:
Bonds-
1547
THE CHRONICLE
Sales
Friday
Last Week's Range for
Week.
Sale.
of Prices.
Par. Price. Low. High Shares.
Range since Jan 1.
Low.
9831 98% $3,000 97%
Amer Aerie Chem 734s 1941
1,000 91
9236 9236
Amer Tel & Tel 48__ _1929
454 4634 7,500 43
Atl Gulf & W I SS L 5s 1950
Carson Hill gold cony
1,000 97
97
97
1927
notes 7s
2,000 88%
92
92
Chic June & U El Yds 58'40
71
3,200 70
70
East Mass St RR ser 135s'48
4,000 100
101 101
Hood Rubber 7s
1936
5,000 85
87
87
K C Tlem & B Inc 58_1934
7,000 92
95
94
1929
Mass Gas 4355
9135 9135 2,000 89
43.4s
1931
6.500 80
Miss River Power 5s_ _1957 904 soy, 91
New England Tel 53...A932 9834 9735 9834 33,000 9635
1944 984 9635 9635 5,000 91
Swift & Co 5s
5,000 10235
105 105
Warren Bros 735s
1937 105
95
9535 10,000 94
Western Tel 5s
1932
High.
May
Aug 102
Apr 9234 Sept
Mar
July 62
Mar 100
May 95
Sept 77%
July 10236
Apr 8835
Apr 964
Apr 92
Apr 9.5
Mar 9934
Apr 99%
July 115
Mar 98
Jan
Mar
Jan
Jan
Jan
Mar
Jan
Jan
Jan
June
Mar
Feb
Sales
Friday
Last Week's Range for
Week.
Sale
of Pricer.
Par. Price. Low. High. Shares.
Boatmen's Bank
First National Bank
200
Nat'l Bank of Commerce_ _ 142
Mercantile Trust
Title Guaranty Trust
60
United Railways, prat
Brown Shoe,corn
Preferred
90
Ely & Walker DC.corn.._ 23
Fulton Iron Works,com
Preferred
Hydraulic Press Brick, pref 51
International Shoe,corn_
Preferred
_11434
Laclede Gas Light, pre.
Missouri Portland Cement_ 10035
National Candy, corn
8434
Scruege-V.-B. D. G., cam.
Southwestern Bell Tel, pref 10235
Wagner Electric, corn_
Preferred
BondsUnited Railways 4s
Certificates of deposit_ _
14335 144
200 200
142 142
36135 363
60
58
13
13
4635 4634
92
90
2334
23
38
38
99 100
514
51
7135 72
114 114%
74
74
IGO 1003.4
85
77
9635 9635
1024 102%
2734 28
78
78
10
1
25
51
25
40
55
16
24
7
Range since Jan. 1.
Low.
High.
142
200
140
356
50
12%
4634
92
43267:
0
Sept
Oct
Aug
May
Mar
Aug
Oct
Sept
JulyA
Aug
ug
98
Sept
5
293 6331 Jan
Oct
361 114
Apr
50 73
Jan
79331 Aug
66 7
293
Feb
66
25 94
July
30 101
Aug
190 21
July
71
5835 5934 517,00
5734 6,000
57
58%
57
Oct
Oct
148
210
15334
380
5834
17
65
9934
254
544
103%
60
75
119
78
10034
91%
100
104%
353(
83
May
Jan
Mar
June
Sept
Jan
Mar
Jan
Mar
Mar
Apr
Feb
Apr
Mar
Mar
Oct
Jan
Jan
June
Apr
Mar
Jan
64
62% Jan
Baltimore Stock Exchange.-Record of transactions at
Chicago Stock Exchage.-Record of transactions. at
Baltimore Stock Exchange S. pt. 29 to Oct. 5, both in- Chicago
Stock Exchange Sept. 29 to Oct. 5, both inclusive,
clusive, compiled from official lists:
compiled from official sa es lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sate
Par. Price. Low. High Shares.
Range since Jan. 1.
Low.
'
High.
Stocks-
Amer Wholesale pref _ _100
Arundel Sand & Gravel_100
Preferred
100
Baltimore Trust Co
50
25
Benesch (I), pref
Central Teresa Sug com_10
Preferred
10
Ches & Po Tel of Balt__100
25
Commercial Credit
*5
Preferred
Preferred 13
25
Consol Gas EL & Pow_100
7% preferred
100
8% preferred
100
Consolidation Coal_ _ _ _100
•
Cosden & Co
Eastern Roll Mill 8% p1100
Fidelity & Deposit
50
Finance Co of America...25
25
Finance & Guar pref_
Finance Service pref._ _10
Ga So & Fla 2d Prof- - --100
Houston 011 prei tr ctfs_100
Manufacturers Finance _25
25
1st preferred
2d preferred
15
Maryland Casualty Co_ _25
Merch & Min Tr Co _100
Mt V-Woodb Mills./ t r 100
Preferred v t r
100
New Atnsterd'm Cas__ _100
Northern Central
60
Penna Water & Power_100
United Ry & Electric_ _ _50
U S Fidelity & Guar __50
Wash Bait & Annan_ _ _ _50
Preferred
50
100
10834
72
2634
105
11435
86
88
8034
85
82
3831
100
1634
03
93
4235 4334
100 100
155 15734
2535 2534
1
1
4
435
108% 10835
72
72
25
25
26
2634
1084 1094
10435 105
114 11434
85
8634
28
28
85
86
79
8034
4215 4231
18
18
834 834
25
25
8234 85
50
60
244 2431
2134 22
82
82
106 106
10
14
64
51
3835 3831
7335 734
99 100
1634 174
156 157
834 834
2734 2736
Bonds00
Alabama Co Gen 13s_ _ _1933
90
City et Sub(Wash)lst 5s'48
7934 79%
Consolidated Gas 5s_ A939
984 99
General 43,5s
1954
8735 88
Consol G E L dr P 4%81935 9131 9135 914
Series E 535s
1952
9734 9735
Series A 65
1949 1014 101% 102
Consol Coal ref 5s.....1950
864 8634
Elkhorn Coal Corp 68_1925 9635 9634 97
Fair & Clarks Trac 58_1938
90
90
Fairmont Coal 5s
1931
9434 9435
Lehigh Val Coal lst 5,3_1933 974 9735 9734
Lexington (Ky) St 68_1949
8534 8534
Macon Dub & Say 68_1947
50
50
94
Md Elec Ry 1st 5s_ ... _1931
95
Monon Val Trac 5s_ ...1942
7834 7834
10035 10034
Petersburg Class B 65_1926
United Ry & E 48 _ __ _1949 7134 713.4 72
1949 5034 504 514
Income 4s
1936 723.4 7234 73
Funding 58
99
1949
68
9931
7134 72
Wash Italt & Ann 5s_ _1941
•No par value.
10
201
11
105
50
10
565
28
110
111
163
182
67
45
128
100
120
35
38
10
75
40
28
8
15
66
106
40
63
613
602
15
779
552
123
50
10
Oct
93
Jan
40
9434 Jan
155
Jan
2535 June
Sept
.75
24 July
10831 June
48
Jan
25
Jan
2531 Aug
10834 July
July
103
114
Sept
8235 May
28
,, Oct
80 flan
7834 July
3835 Jan
1634 July
7% June
25
Oct
80
Aug
July
50
244 July
2134 Oct
82
Sept
10435 Aug
10
May
Aug
50
35
Jan
72
July
9835 Sept
1531 Aug
147
Jan
Aug
8
2634 June
98
Feb
46
Sept
103
June
160
Feb
2634 Jan
24 Mar
435 Feb
11031 Mar
7234 Sept
2535 Apr
2735 Jan
118
Mar
108
Mar
120
Jan
98
Jan
3134 Aug
Mar
100
1444 Apr
444 Mar
30
Jan
9
Apr
Oct
25
95
Jan
5735 Jan
264 Feb
28% July
90
Jan
121
Apr
194 Mar
7335 Mar
39 June
77
Jan
10831 Mar
2034 Jan
164
Jan
Feb
15
3135 Feb
May
100 8934 Jan 93
June
3,000 7935 Sept 81
Jan
Sept 101
4.000 98
Jan
May 88
5,000 86
3.000 874 Feb 92% Jan
Jan
May 100
1.000 97
5,000 1004 Apr 10334 Jan
4,000 8535 May 00
Jan
10,000 9734 Aug 9934 Jan
2,000 90
May 9334 June
Apr 9735 Mar
16.000 94
13.000 0734 Oct 9734 Oct
3,000 8534 Oct 8834 May
1,000 4934 Apr 5435 Jun(
2,000 9235 May 9635 Mar
Jar
14.000 7634 Sept 86
5,000 10034 Oct 10235 Jar
16.000 714 Sept 743.4 Jar
8,000 5034 Aug 55
Jar
6.000 7234 Oct 7735 Jar
5.000
2.000 7035 July 7715 Jar
Pittsburgh Stock Exchange.-Record of transactions at
Pittsburgh Stock Exchange Sent. 29 to Oct. 5, both inclusive, compiled from official sales lists:
Stocks-
bates
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
10
Am Vitrified Prod corn _ _60
83
Am Wind Glass Mach_ _10
90
100
Preferred
5
5
Arkansas Nat Gas, com _10
2
Carnegie Lead & zinc_ _.5
234
100
Commonwealth Tr Co.100
19
Consolidated Ice, pref__50
335
Indep Brewing, nom_ _ _ _50
834
Preferred
60
2434
25
Lone Star Gas
52
60 53
Mfrs Light Sr Heat
735
Nat Fireproofing, corn _ _50
1736
50
Preferred
25 3135 3135
Ohio Fuel Supply
Oklahoma Natural Gas..25 2135 21
90
Pittsburgh Coal, pref..100
13c
12e
PItt.sb & Mt Shasta Cop_ _ 1
6
Pittsburgh Oil & Gas_ __ _5
634
188
Pittsburgh Plate Glas8_100 188
734
Salt Creek Consol Oil__ _10
734
Stand San Mfg, corn_._100 8334 833.4
25 2834 2835
Union Natural Gas
254
26
U S Glass
West'house Air 13rake _ _ _60 8235 82
84
{Thous° El & Mfg, com 60
84
West Penn Rys. pref _ _ _100
_ .
.Bonds..
_
•-..
nclen000 're" es....,'..,o
Range since Jan. 1.
Low.
635
160
10
10 78
83
120 8935
90
1,840
5
53i
234
525
2
10 150
100
50 10
19
50
3
334
40
6
835
40 23
2434
63
394 51
94
6
735
174
175 1434
32
510 30
785 1834
22
150 07
9934
130 22,500 100
415
635
534
188
307 165
595
635
734
90 73
84
220 2334
2835
2535
200 243.4
83
250 67
$35 60
84
8435
161 77
July
July
Aug
Aug
Sept
May
Oct
Sept
Jan
May
May
July
July
July
Mar
Jan
June
Sept
Jan
Sept
Mar
Feb
June
Apr
July
Apr
High.
835
95
10735
10
435
170
36
435
10
27
60
834
19
364
3635
100
28c
1035
205
1734
8535
29
294
86
6934
86
Apr
Mar
Mar
Jan
Aug
Oct
Jan
Aug
July
Feb
Feb
Feb
Aug
Mar
Mar
Mar
Jan
Feb
Jan
Sept
Apr
Sept
June
May
Mar
May
St. Louis Stock Exchange.-Record of transactions on
the St. Louis Stock Exchange for week from Sept. 29 to
Oct. 5, both inclusive, compiled from official sales:
Sales
Friday
Last Week's Range for
Sale
ofPrices.
week.
Par, Price. Low, High. Shares.
Amer Pub Serv, pref._ _100 884
American Shipbuilding_100
American Tel & Tel Co... 12334
Armour & Co (Del), 01_00
Armour & Co, pref_ _ _ _100 7934
Armour Leather
15
Preferred
100
Am Steel Found,com-33%
Bassick-Alemite Corp_ _ _ _• _ _
•
Beaver Board
•
Isi
Borg & Beck
• 27
Bridgeport Machine Co..'
Central Pub Serv, pref _100 85
Chic City&ConRypt sh pf •
436
Chicago Elev Ry, pref-100
Chic Motor Coach,com_ _6 200
Preferred
90
Chicago Rys Part Ctf Ser 2
134
Chicago Title & Trust _ _ 100
Commonw'th Edison_ _100 127
Consumers Co. pref_ __100
Continental Motors _ _ _ _10
Crane Co, pref
10635
Cudahy Pack Co. com-100
Daniel Boone WoolMills 25 3134
Deere & Co, pref
100
Derby Oil & Ref. pref._ • 64
Diamond Match
lot)
Eaton Axle & Spring
*
Eddy Paper Corp (The)_ _• 3334
Fair Corp (The)
100 102
Gill Mfg Co
* 18
Godchaux Sugar,corn_ __ _• 10
Gossard, H W,pref... _100
Great Lakes D & D_ __100
Hart,Schaff&Marx,cOm 100
Hayes Wheel Co
• 3434
Hupp Motor
10
Hurley Machine Co
* 49
Hydrox Corp. cora_ _ _ _100 1634
Illinois Brick
100
Illinois Nor Utilities_.100 85
Indep Pneumatic Tool_ _ _ 33. 83
Inland Steel
25 37
Internet Lamp Corp_ _ _ _25 1034
Kellogg Switchboard
_25
Kuppenhelmer & Co, IncCommon
5 2735
Preferred
100 88
Libby, McNeill & Libby_ 10
7
McCord Red Mfg
• 3454
•
McQuay Norris Mfg
Co
Mfg
Murray
10
Middle West Util, com_100 46
Preferred
100 8274
Prior lien preferred_ _ _ _ _
National Leather
10
334
People's Gas Lt & cokeloo
Philipsborn's, Inc, cora_-5
234
Preferred
Rights
Pick (Albert) & Co
10 1834
Rights
835
Pub Serv of No Ill, cora. • 9935
Common
loo
Preferred
100
Quaker Oats Co
100 220
Preferred
100
II eti Motor
10
Standard Gas& Electric _50 28
Preferred
50 4835
Stewart-Warner Sp,com100 8035
Swift Sr Co
100 102
Swift International
15 1835
Thompson (I R). corn. _25 4835
Union Carbide & Carbon 10 54
United Iron Works v t c.50
635
United Lt Sr Rys, com_100 137
let nreferred
100 7535
ParticiP preferred....100 9034
U S Gypsum
20
US Steel, corn
100 8834
Vesta Battery Corp. com_• 31
Wahl Co
• 49
Wanner Mall Castings _.
.•
Ward(Montg)&Co, p1.100 10936
When issued
20 22%
Class "A"
• 102
Western Knitting Mills_ _•
134
7
*
Wolff Mfg Corp
Wrigley, Jr, COM
25 115
Yellow Cab Mfg,Cl"B" 10 268
Yellow Taxi Co
11635
BondsArmour & Co of Del 20year g 535s
1943
Chicago City Ry 5s__1927
Chicago C&C Rys 55_1927
Chicago Railways 5s _ _1927
Commonw Edison 5s.1943
Ohio River 1st M RI 6s 1943
Swift & Co 1st s f a 58_1944
• No par value.
5134
8535
66
12334
8835
78
734
80
35
3135
134
864
67
12334
8915
7934
734
80
35
32
134
Range since Jan. 1.
Low.
High.
Feb
Aug 197
Jan
June 74
July 12434 Sept
Feb
June 108
Jan
June 96
Jan
Apr 10
Sept 8734 mai
Oct
Oct 35
Feb 3934 Mai
Jar
Oct
434
134
2234 May 3234 Mar
Sept 1634 May
10
Mai
8235 Sept 90
Mai
Aug 10
4
Mai
831
Aug
34
Ocl
118 May 212
85 May 90 Jun(
Mel
335
34 July
Mar 305 June
260
Jar
1264 Oct131
Fat
58% Aug 70
Jar
Oct 12
6
Fet
15034 Oct115
40 June 6434 Jar
1935 May 6234 Jar
4834 June 7434 Jar
Oct
38 June 64
Jar
109% July 121
204 Oct3034 Mal
Jub
2234 Apr 40
Jar
Jan 106
100
1635 June 2834 Am
735 Aug2634 Apt
2435 Feb 3534 Am
75 June 944 Fel
Jan 11834 Ocl
98
July 433.1 Api
32
1634 July 253,4 Mai
4134 July 5035 Aut
1534 Sept3234 Api
Apr 9634 Jar
60
Sep
83 June 87
8234 Oct8334 0c1
July 5034 J11/11
32
Api
8 May 32
Sepl
39% July 47
145 8331
70 59
84 120
550 8434
795 71
735
120
35 80
30 35
130 2734
10
745
2636 27
260
1034
166
8235 85
240
4
434
35 2,350
35
1,105
165 212
500
8835 90
400
136
13.4
14
300 300
907
1264 12735
10
67
67
635 3,235
6
277
10634 109
6034
160
50
2834 324 22,385
50
62
6234
2
64
64
40
111 111
375
204 21
2,545
33
34
205
1013.4 102
1,670
1634 18
390
835 10
40
28
28
15
81
81
54
118 11835
400
33% 3435
2,520
17
18
385
47
50
1,475
16
1734
165
78
7935
10
85
85
510
824 8334
910
36
3735
10
1135 2,010
47
44
44
1034
160 24% Aug30
25
2735
Sept95
20 87
88
88
835
July
5
1,287
735
634
June 39
3234 3434 1,450 26
210 104 May 26
1934 21
July 21
50 18
1935 194
1,028 3634 May 53
44
46
July 863,4
107
8034
824 83
112 96 Jun 104
9535 9634
834
334 June
325
334
334
July 94
10 87
9035 9034
2 Sept38
534
2
23.4
Sept9834
100 84
64
64
34 Sept1
100
16
34
184 194 1,040 1735 Aug3634
835 Oct12
151
835 835
74 9935 May 1034
9914 100
Sept 10335
99
20
9935
9934
Sept 99
20 90
904 9031
Mar 236
50 210
220 220
100
June
85
50
9834 99
580 1134 Jan 20
16
1634
937 1735 Jan 3234
28
29
4935 1,215 4634 June 5134
48
76
8334 39.781 7434 July 12434
1.044 9835 June 10935
101 102
June 2135
1834 194 2,210 16
1,755 4334 June 52
4854 50
6335 5474 5,330 5115 July 6734
Jan 1335
6
440
634
6
Jan 164
65 71
13631 13834
138 693.4 July 04
75
7634
73 89% Aug 9934
90
9034
July 76
150 51
7434 75
Oct8954
305 87
87
8934
960 1634 Aug 374
28% 3135
July 5814
43
8,52
43
50
1834 May 25%
2
23
23
9536 Feb 112
12
108 110
1835 May 2535
21
2335 10.53
Jan 105
400 93
102 104
1
1%
15
1
Bel) 1051
35%
Sep
435
24
734
7
Jan 118
1,64 100
114 115
June 276
94 222
26235 26936
7034 Jan 1904
38,75
11335 118
Miti
Jar
Ain
Api
API
Sep
Fel
Jai
Jar
Fel
Jar
Jar
Jar
Sep
Ma
Ma
Ap
Ap
Ap
Jai
Jai
Ma:
Ma
Ap
AP
Jai
Jai
Jun
Jai
Fel
Ma'
Ap
Ma
Sett
Oc
Seri
Ja
Fe
Jun
Fe
Sep
July 96
Oct8334
Jan 6531
Sept 824
May 10531
Sent 95
Apr 974
Fe
Ma
Ms
Ma
Ma
Sef
Ja
8931
7334
61
7335
9634
95
96%
80%
74
52
7355
9635
95
96%
81,000
10.000
28.000
10,000
3,00
1,00
2,000
8535
7335
47
73
9535
95
9234
Ma
Ma
Self
An
See
. 1548
Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange S,pt. 29 to Oct. 5, both
inclusive, compiled from official sales lists:
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
Stocks-
Alliance Insurance
10
American Elec Pow Co_ _50
Preferred
100
American Gas of N J._ _100
American Stores
•
Brill(J G)Co
100
Buff& Sus° Corp pf vtc 100
•
Congoleum Co Inc
East Shore G & E8% pf 25
100
Eisenlohr (Otto)
Electric Storage Batt'y_100
*
Erie Lighting Co
General Refractories
•
Insurance Co of N A_ _ _10
Keystone Telephone- _ _50
50
Preferred
Lake Superior Corp__ - _100
50
Lehigh Navigation
50
Lehigh Valley
10
Lit Brothers
Minehill & Schuyl Hav.._50
Penn Cent Light & Pow_ _.*
Warrants
North Pennsylvania_ _ _ _ 50
Pennsylvania Salt Mfg_ _ 50
50
Pennsylvania RR
Philadelphia Co(Pitts)Preferred (cumul6%)-50
25
Phila Electric of Pa
25
Preferred
•0
Phila Insulated Wire
Plata Rapid Transit_ _ _50
Philadelphia Traction--50
50
PhDs & Western
60
Preferred
50
Reading Company
Scott Paper Co, prof- _100
1
Tonopah Mining
50
Union Traction
50
United Gas Impt
50
Preferred
United Rys Investment 100
West Jersey & Sea Shore_50
Range since Jan. 1.
Low.
3134
45 2754
3134 31
254 23
2636 3,649 15
73
76
383 63
76
49 714
75
7454 74
53,821 20
30
2934 32
78
7056 80
1,191 49
49
49
49
110 4234
129
118 130
7,391 104
24
24
70 23
674 63
255 60
69
515 5254
5734 6034
2456 2456
30 2356
50
504
172 4236
46
4514 4754
202 4234
554 654
315
556
27
27
20 25
3
3
434 2,885
3
6736 67
6756
228 64
6054 6034
50 5754
204 2051 2034
400 20
4954 4954
25 48
59
59
59
90 5451
1
1
53
1
80
80
15 77
84
85
80 79
4136 4256 4.422 4151
High.
4234
304
3034
42
3436
5954
9
34
74
94
154
39
5336
5554
11
40
43
3134
31
42
3531
60
9
34
764
94
14
3954
64
5534
11
444
121 41
6,585 2734
592 2936
410 42
1,355 30
330 594
20
8
20 3314
125 704
30 94
100
14
305 35
2,020 4734
62 z5436
100 11
2,215 33
Jan 32
Feb 30
Feb 78
Aug 8336
June 32
Jan 91
Jan 5434
Aug 240
Sept 26
Aug 86
July 664
July 27
Feb 5934
Jan 50
84
Sept
Aug 3456
Oct 1036
Aug 75
July 71
Feb 224
Sept 53
Apr 62
1
Apr
June 8134
June 934
June 4736
.
June 4536
May 334
May 3354
Aug 504
Jan 354
Oct 67
Jan 1234
June 3634
June 80
Aug 99
24
Oct
June 404
May 56
May 5656
Oct 2136
Jan 4454
Bonds84
Amer Gas& Elec 58_ _ _2007
1948
9736
Bell Tel let 54
Consol Trac N J 1st 55.1932 7034 7034
6354
Elec Sr Peoples tr ctfs 4s'45
Keystone Tel 1st 5s_ - _1935 7536 7536
1966 984 98
Phila Elee 1st 55
1947 10036 10034
5346
1941 1034 10334
(i?
88
9754
7036
64
7536
9951
101
10336
$1,900 82
7.000 964
3,000 67
11,200 60
2.000 70
53,500 96
11,000 99
21,000 10256
July 954
June 99
Sept 8256
July 7154
Apr 80
Apr 103
Apr 103
May 10634
304
31
42
35
60
39
5351
434
May
Apr
Apr
May
Oct
Mar
Jan
May
Jan
Jan
Mar
Feb
Mar
Apr
Feb
Mar
Feb
Jan
Feb
Jan
Feb
Aug
Apr
Jan
Apr
Jan
Feb
Jan
• Jan
Jan
Sept
Jan
Apr
Jan
Feb
May
Jan
Jan
Apr
Feb
Mar
Oct
Apr
Jan
Jan
Jan
Jan
Jan
Feb
Jan
* No par value.
New York Curb Market.-Below is a record of the
transactions in the New York Curb Market from Sept.29 to
Oct. 5, 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.
Fllaaji
&Ilea
Last Week's Range for
Sale.
ofPrices.
Week.
Per. Price. Low. High. Shares.
Week exiling Oct. 5.
Stocks-
[VoL. 117.
THE CHRONICLE
Co
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4.co oi co
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01,
1,
14 CI CO
Indus. & Miscellaneous.
134 14
_10
Acme Coal Mining
11
Amalgam Leather, com_ •
1134
99 100
Amer Cotton Fabric, pf.100 99
3754 3734
Amer Gas & Elee, com_ *
10 13
114 13
Amer-Hawaiian S S
•
294 33
American Stores
454
4
American Thread, pref._ _5
2654 2654
Archer-Daniels-Mid Co_ •
8854
.100
pf
Del.
of
8934
Armour & Co
Bridgeport Machine Co--• 104 1054 1054
Brit-Amer Tob,ord bear.£1 2434 2434 25
244
25
£1
OrdinarY
18
18
Brit. Int. Corp. class A_ •
1434
•
1434
Class B
1034 11
10
Brooklyn City RR
*
136
lots 154
Buddy-Buds,Inc
9
543
9
Caracas Sugar
154 2
Car Ltg & Power, oom_ _25
44
4
10
met_
Cent Teresa Sugar,
Centrifugal Cast Iron Pipe* 2254 1934 25
35
35
Checker Cab Mfg, CI A_ _•
37
3754
Chi Nipple Mfg,new,CI A50
129 131
Cities &rob*, cons_ _ _100 130
6654
67
67
100
Preferred
80
80
79
Stock scrip
70
70
Cash scrip
123-4 134
Bankers' shares__ __ _ _ _• 13
25
2554
Cleveland Automob,com •
87
89
100 87
Preferred
18
19
Colorado Power, corn_ A00
90
90
100
Preferred
Curtiss Afford & M,eom_ _
934
9
Certificate of deposit.
23
23
Davies (William) Co Inc_•
92
92
Del Lack SC West Coal- _50
254 254
•
Dort Motor Car, cam_
10
1036
Dubiller Condenser & Rad• 10
3% 44
354
DuPont Motors, Inc _ _•
29
•
3034
Durant Motors, Inc.
736 836
Durant Motors of Ind....10
9636 97
Electric Bond & Sh pref 100
74
7Sli 751
5
Federal Tel & Tel
428 440
Ford Motor of Canada_100 440
2554 268
Dinette Safety Razor_ _ _ _• 265
9g 10
31easonite Products Co_ _5 10
714 73
* 73
Ellen Alden Coal
19
20
•
7jold Dust Corp w I
aoodyear Tire & R,com100 104 104 1034
84
84
It Western Sugar, com_25
I
Hartman Corp new w I---* 39%
154
1
•
Eleyden Chemical
1434 154
100
Fludson Cos,lore(
9
931
.100
oom
RR,
Elud & Manh
50
50
100
Preferred
6
6
[mperial Tob of Canada_ _6
34
•34
Intercontinental Rubb.100
Range since Jan. 1.
Low.
High.
14 Sept
6 May
Oct 194 Apr
11
Mar
99
Oct 102
31 June 464 Mar
11% Oct 25% Mar
2036 June 2.5 May
44 Oct
34 Feb
25
July 4054 May
8451 July 9954 Feb
1054 Oct 164 May
ept
194 Jan 25
Sept
1954 June 25
12
July 1854 Sept
1134 Apr 184 May
Oct
734 Jan 11
14 Feb
lots June
Mar
Oct 21
9
75c Mar
3
Aug
Feb
24 Feb
5
Oct
10
Jan 23
2954 Sept 6634 Feb
3636 Sept 414 Sept
Feb
129
Sept 195
Mar
64 June 70
72
Jan
Jan 102
70 Sept 78
Aug
124 Sept 1936 Feb
2434 July 344 Apr
7954 Apr 95 June
16 June 254 Mar
Jan
86
Jan 90
7
23
82
24
454
254
27
74
96
34
400
238
954
56
1854
9
74
393.4
1
1254
8
43
54
331
94
Aug
Oct 3534
Jan 934
6
Oct
Jan 1334
June
734
Sept 84
Oct 2534
July 99
Apr
73.4
Jan 460
June 292
Sept 10
Jan 754
Sept 24
Sent 164
July 91
Sept 404
Sept
254
Aug 174
July 1234
May 50
Apr
636
Aug
6%
ni, .--.
......,
V
Oct
Jan
Sept
Jan
Apr
Apr
Jan
Jan
Mar
Sept
Mar
Apr
Oct
Apr
Sept
May
Mar
Sept
Feb
Feb
Feb
Sept
Mar
Jan
rk.....
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Concluded) Par Price. Low. High. Shares.
Kresge Dept Stores. corn.•
Kup'h'mer (B)& Co pf 100
Lehigh Valley Coal Sales 50
Libby McNeil dr Libby_ _10
Lupton(FM)Publish CI A•
McCrory StoresNew common, w 1._ -•
Pref(without warr)_.100
Warrants(stk purchase)_
•
Mesabi Iron Co
Midvale Co
•
Munsingwear;Inc_ _
_•
Nat Supp Co (Del),corn.50
New Mex & Ariz Land._ A
N Y Teiep 64% pre!_ _100
•
N Y Transportation
Palge-Det Motor Car_ _.10
•
Park & Tliford, Inc
Peerless Truck dr Motor_ 50
Radio Corp of Amer,corn.•
5
Preferred
10
Reo Motor Car
Roamer Motor Car
Rosenb'm Gunn Corp. Pf50
Shelton Looms, common.•
100
Singer Mfg
_ _5
Southern Coal &
ClassA.*
Springfield Body Iron_Standard Gas & El,com _ 50
Studebaker.Wulff Rubber*
•
Stutz Motor Car
100
& Co
Technical Products Corp.5
Tenn Else Power, corn •
Tob Prod Exports Corp-5
Todd Shipyards Corp__ __*
United Profit Shar, new._1
Unit Retail Stores Candy.
United Shoe Mach. corn _25
U S Distrib Corp, com_ 50,
S Light & Heat. corn..10
Universal Pipe & Rad, w I.
5
Wayne Coal
Willys Corp, 1st pf ctf dep.
Yellow Taxi Corp, N Y__ .•
Rights.
Reading Coal w I
Former Standard 011
Subsidiaries
Anglo-American 011_ _ 11
Borne Scrymser & Co.100
Buckeye Pipe Line-----50
25
Continental 011
Crescent Pipe Line.___ _25
Cumberland Pipe Line-100
100
Eureka Pipe Line
Galena-Signal OIL corn -100
_25
Refining_
Oil&
Humble
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 011
25
Penn Mex Fuel
100
Prairie Oil dr Gas
100
Prairie Pipe Line
Solar Relining - 100
100
South Penn Oil
Southern Pipe Line_...100
_100
L..
Pipe
Pa
Wait
South
Standard Oil (Indiana)..25
Standard Oil (Kansas)-25
Standard Oil (Ky) _ _ _ 25
Standard 011(Neb)._ _100
Standatd 011 of N Y. -25
Stand Oil (Ohio),com_ _100
Preferred
100
Swan & Finch
25
Vacuum Oil
10
Washington 011
Other Oil Stocks
Arkansas Nat Gas corn._10
Boston Wyoming Oil- -1
Carib syndicate-----_a
Creole Syndicate
Derby Oil & Rentz, corn__•
•
Preferred
Engineers Petroleum Co_ _1
General Petrol Corp corn 25
10
Gienrock Oil
Granada 011 Corp Cl A._10
25
Gulf 011 Corp of Pa
1
Hudson 011
35
Humphreys Oil
International Petroleum..•
Keystone Ranger Devel.-1
•
Kirby Petroleum
Lafayette 011 Corp
Lance Creek Royalties-1
Margay 011 Corp
Mariand Oil of Mexico._ .1
Mexican Eagle 011 coin_ _5
Mexican Panuco Oil--.10
Mexico 011 Corporation.10
1
Mountain dr Gulf Oil
Mountain Producers_ -..10
Mutual 011 vot trust certils
National Fuel Gas
5
New Bradford Oil
25
New York 011
1
Northwest 011
1
Ohio Ranger
10
Omar 011 & Gas
Peer Oil Corporation
Pennsylvania-Beaver 011.1
10
Pennok Oil
Royal Can 011 Syndicate.*
Ryan Consol Petrol Corp.*
Salt Creek Consol 011....10
Salt Creek Producers_ _10
5
Sapulpa Refining
10
Seaboard Oil & Gas
10
Southern States Oil
1
Turman Oil
Ventura Cons Oil Fields_ 5
1
Wilcox Oil & Gas
1
"Y" Oil & Gas
354
704
554
60
1094
25
254
254
34
1636
47
100
13
54
354
1354.
156
136
22
344
85
79
7
11
35%
85
79
7
11
1,300
100
25
200
100
1934 22% 21.700
454
8c
5
80e
34
1%
5%
25
fto
3154
63e
500
504
5o
4854
15%
30
234
1
2c
60o
354
434
70c
46e
14
13%
936
83
4
854
4o
2c
600
80o
500
114
3
3
74
1754
1%
80c
1434
63c•
22
454
7c
Mining Stocks
Alaska-Brit Col Metals...1
Alvarado Min & Mill_ .20
Amal Lead,Zinc & Smelt.. -----Amer Comm M & M
620
154
4%
lc
50
70c
50c
52
7c
15%
3e
14
2e
354
70c
85c
144
954
83
454
854
20
60c
87e
540
11%
34
3
754
184
1%
154
Low.
33%
85
7534
5%
11
Sept
Sept
Aug
June
Oct
High.
35%
964
90
854
22
Oct
Jan
Jan
Apr
Jan
400 404 May 7054 Oct
6854 70%
Aug 97
954 9554
200 95
Sept
Aug 26
Oct
300 16
2534 26
551 5% 3,500
454 Sept 1254 Jan
17
184 1,300 1134 June 214 Apr
35
35
100 314 July 4254 May
2,600 5074 May 70,./4 Mar
5654 60
44 Mar
24 Mar
331 356 1.800
175 108 June 112
Jan
10954 1094
25
400 24
25
Feb 304 Mar
Apr
20
20
1,100 14
Feb 24
2,200 25 Sept 27% Sept
2554 26
Jan
33
200 30 June 80
33
234 314 8,800
4% Mar
2% June
3osts Apr
334 34 5,500
2ot, Jan
16
16% 1,000 1356 Feb 2056 May
200
July
93.4 94
84 Sept 11
47
48
600 47
Sept 54% Mar
20
20
100 18
Aug 274 Mar
117 117
10 113% Sept 117
Oct
10c
13c 12,000 10c Sept 50c May
184 204 1,200 14% Sept 51% Apr
27
100 2154 Feb 30
27
Sept
275 50% Aug 525‘ Oct
51% 5234
12
1354 1,100 10% Sept 24% Jan
10054 102
50 98 June 109
Feb
200
54 534
5% Aug
94 Feb
14
14
100 12
July 19
Mar
354 334 1,000
64 Mar
23.4 June
4855 4854
50 47
July 60 May
5% 5% 1,400
7
454 Jan
Apr
8
Mar
5
534 2,300
5
Jan
35% 3534
200 n334 May 56
Mar
26
26
100 20 June 304 Jan
1
1%
200
254 July
1
Jan
12
900 11% Sept 20% Apr
1355
800
1% 154
214 Jan
14 June
44 4%
100
3 June 1054 Jan
124 136
2,000 100
Feb 152% Apr
144 14% 1554 4,000
135 135
135
70
79% 7354 80
275
37
38
200
17
100
17
106
106 107
30
98
40
98
220
584 61
30% 29
31% 2,500
152 1564
95
156
98 101% 2,350
99
89% 91
215
90
128 135
260
135
700
2334 234 2454
95
25
95
50
107 107
5354 564 3,100
2756 21
284 2,000
3,665
170% 15656 174
9856 98% 994 1,115
174 180
90
179
120 122
260
122
45
94
95
40
81% 8154
5654 54
5754 111,500
40% 3854 424 1,300
93
8954 93% 3,000
10
220 220
42% 42% 4554 29,800
278 281
80
118
118 118
10
23
30
24
40% 494 514 23,700
21
21
20
22
34
24
554
Range since Jan. 1.
54
80c
33.1
24
6
25
60
32
730
50c
52%
7c
49
16%
4c
254
1%
2c
60c
354
651
1
88o
14
154
954
83
454
855
Sc
2c
65e
96c
54o
12
4
354
754
20
14
I%
15%
700
22
4%
8c
1454 July
1354
108
77
324
154
85
95
55
28
152
92
83%
123
2254
92
97
4854
1054
152
91
161
100
93
6634
4934
3654
80
186
3554
270
116
21
40
22
Sept 19%
Jan 150
Sept 9454
50
Aug
June 26
Jan 115
Jan 117
July 79%
Sept 4134
Sept 171
July 123
Sept 103
Sept 168
July 29
Sept 138
June 110
July 8534
Aug 28%
Sept 275
Sept 1184
Sept 21254
July 196
July 116
Jan 96
Aug
694
Sept 57
Jan 110
Jan 285
May 4954
July 317
Mar 118
Jan 39
July 55%
Oct 28
5
1.100
July
100 650 Sept
1,700
374 Sept
20,100
154 Sept
400
554 Oct
100 244 Aug
So Jun
5,000
1.600 31
June
1,200 50c June
500 60o Sept
5,500 455‘ Sent
16,000
5o Sept
300 27 June
77,300 1334 Sept
94,000
30 Aug
300
114 Apr
3,400 75e June
10,000
lo May
100 600 July
6,000
14 Aug
300
434 July
1.800 510 June
64,700 354 Sept
200
1
Sept
10,300 12% July
29,800
84 Sept
20
15,500
254 July
100
5 June
4,000
lc Sept
300
be Sept
3,700 450 Aug
1,000 75c Sept
13,200 50c Sept
3,000
954 Jan
9,500
254 Aug
700
3
Sept
500
654 Sept
11,700 154 June
2,600
154 Oct
8,400 80c Oct
65,100 1154 Sept
1,600 60o June
100 19 Sept
4,300
4 Sept
14,000
7o June
70c 2,400
14
200
454 , 200
lo 1,000
62o
154
44
lo
2334 July
0
Sept
Sept
Sept
10
154
7%
754
184
494
25e
38%
2sts
3
6851
I8o
49
2454
400
4
254
4e
1%
5%
10%
$3
2118
17-4
2036
1534
Jan
Mar
Jan
Feb
Feb
Feb
Apr
Mar
Mar
Feb
Feb
Mar
Jan
Feb
Apr
Feb
Feb
Oct
Feb
Feb
Feb
Feb
Feb
Aug
Mar
Feb
Feb
Feb
Jan
Apr
Oct
Feb
Mar
Jan
Mar
Feb
Apr
Apr
Apr
Mar
Jan
Apr
Jan
Feb
Mar
Jan
Oct
Feb
Feb
Jan
Apr
Feb
Jan
Aug
Feb
Mar
Mar
Mar
Feb
Mar
54 May
21% Feb
22c
Jan
7c Feb
131, Mar
13
Mar
M
Aa
pr
1434
736
634
Ma
ararr
2531 Feb
Mar
26
4%
4 M
Ap
ar
30
131 Apr
Jan
Jan
2
10
0oX Mr
2%
6%
6%
Ile
Mar
Mar
May
Jaa
OCT. 6 1923.]
Mining Stocks
(Concluded)
THE CHRONICLE
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Price. Low. High. Shares.
750
American Exploration ----------750
100
100
27
27
Anglo-Amer Corp of8 A £1
15e 105,000
70
Arizona Globe Copper...1 110
lc 3.000
le
10c
Belcher Divide
20 7,000
lc
Belcher Extension
100
13c 4,000
130
Boston & Montana Dev_ _5
250 2,000
250
Butte & Western Mining-1
50 1,000
50
1
Sc
Caledonia Mining
lie 1,000
lie
Calumet & Jerome Copp.1
1
in,
' 134 134 5,800
Canario Copper
Sc 22,000
40
Candelaria Silver
1
900
334 434
Chief Consol Mining
134 11114 8,600
Consul Copper Mines_ _ _5
2
50 3.000
70
Consol Nevada Utah Corp_
434 434
800
434
Continental Mines, Ltd_..
lie 1.000
110
110
Cork Province Mines, Ltd_
450 33,000
420
Cortez Silver
1 450
371s 3744 3.300
Cresson Con Gold M & N.1 3.114
134 134 2.700
Crown King Cons M,Inc.'.
I%
620 1,100
580
Crown Reserve
20 1,000
2o
Diamondf Bi Butte (reorg)
lc 1,000
le
1
Ely Consolidated
3c 7.000
30
Emma Silver
1
Sc 19,000
80
Eureka Croesus
1
90
10c 69.000
Bo
Fortuna Cons Mining
Sc
Sc 2,000
Sc
Goldfield Cons Mining_ _10
12c 32.000
110
Goldfield Deep Mines...5c ' 120
13c 14.000
10o
Goldfield Development.590 0.600
580
Goldfield Florence
1 580
49c 8,000
470
Goldfield Jackpot
1
En 15.000
flia
40
Grandma Mining
30 11,000
2c
Hard Shell Mining
20
1
30
3c 1,000
30
Harmill Divide
100
7% 846 2.200
Reale Mining
mi
25e
4)3
5e 13,000
Hilltop-Nevada Mining-- -----Hollinger Con Gold Mines5 1134 1146 II%
500
Homestake Ext Min Co-1
134 3,400
134 900
340 62,000
190
Independence Lead Min- _1 280
340
340
1,000
Iron Blossom Cons Min_ _1
100
144 1%
Jerome Verde Developm't 1
900
234 2% •
Kerr Lake
5
lc 1,000
le
Knox Divide
100
3c 9,000
20
30
Lone Star Consolidated__ 1
lie 3,000
lie
Marsh Mining
1
134 2
2,500
114
Mason Valley Mines
5
1
1ii 16,500
Mx
Metals Production Co_ _.1
30
30 3,000
Mlzpah Ext of Tonopah _ _-----11c
120 35,000
National Tin Corp
50c 110
10 12,000
le
lc
Nevada Silver Horn-.50o
400
1734 18
New Cornelia
10,000
234 3
New Dominion Copper...5
234
144 145
50
New Jersey Zino ------100 145
490 8,000
42o
New York Pocupine Min _ 490
5
534 534 2,100
Nipissing Mines
534
20 78,000
lo
lc
Nixon Nevada Mining__
720 15.100
660
Ohio Copper
1 68c
234 234 1,900
Premier Gold
234
620 1.900
60c
Ray Hercules. Inc
5 600
40
6c 24.000
50
Red Hills Florence
30 15,000
10
Rex Consolidated Mining.1
600 _ 200
59c
Salida Mining
40
Ban Toy Mining
1
Sc
Silver Horn M & D
100 191,000
8o
4c 16,000
Silver King Divide (reorg)
3c
4c 4,000
30
30
Sliver Pick Consul
2% 3% 2,900
South Amer Gold & Plat _1
3%
I2c 22,000
10c
Ile
Spearhead
17o
Standard Silver Lead_...1
17c 3,000
51c
530 1,000
Success Mining
1
13o
15c 23,000
140
Sutherland Divide
lli• 1% 7,100
Took-Hughes
lois
900
64e
58c
Tonopah Belmont Dev.`-1
44c 2,000
42o
Tonopah Divide
1 420
3.000
Psis 2
Tonopah Extension
1
700
lit PH
Tonopah Mining
1
Sc 5,000
6e
Bo
Tri-Bullion Smelting
5
1% ltiii 8,900
United Eastern Mining -1
lilts
700
28
United Verde Extension.50 28
30
20e
U S Cont Mines
20c 6,000
200
600
Unity Gold Mines
2% 3%
5
200
Utah Apex
2%
2% 2%
45c
Verde Mining & Milling-450 4,000
Wenden Copper Mining._ _
74c
76c 4.500
75c
West End Consolidated„5
75c
78c 1,000
32o
Western Utah Conner -1 400
40c 22.000
30
30
White Caps Min Co _ .10c
30 11,000
500
60c
60c
White Knob Copper,pref
75c
I% 1,300
5 900
Yukon Gold
BondsAllied Pack 88,Fier B-1939
Aluminum Cool Am 751933
1925
78
Amer Cotton Oil 68.-1924
Amer G & E deb 6...20i4
Amer Light & Tract 6s_1925
Without warrants
Amer Rolling Mill 68 -1025
Amer Sumatra'rob 7345'25
Amer Tel & Tel Os..- _1924
American Thread 68..1928
Anaconda Cop Min 68.1929
Angio-Amer Oil 7348. _1925
Armour & Co of Del 5348'43
Assoc Hardware 640.1933
Atl Gulf & W I SS L 55 1959
1933
Beaver Board 85
Belgo-Can Paper 6s...1943
Beth Steel equip 78.-1935
1935
Canadian Nat 7s
1925
5s
1941
Central Steel 88
Charcoal Iron of Am 88'31
Chic RI & Pao 5348-1926
Mee Service 75 Ser B 1986
19613
78, Series C
1966
711, Series D
Cons GEL&P Balt 6s'49
1931
78.
1952
6348
1941
Comet Textile 88
Deere & Co 7345
1031
Detroit City Gas 65_1947
Detroit Edison 68
1932
DunlopT& Rot Am73.1942
1933
Federal Sugar tis
Fisher Body 68
1925
1926
Os
1928
fis
Galena-Signal Oil 78_1930
General Asphalt 83.-1930
Grand Trunk Ry0348.1936
Gulf 011 of Pa 55 _ _ _1937
Hocking Valley RR Bs 1924
Hood Rubber 78
1936
Kennecott Copper 70 1030
Libby,McNeilleoLibby78131
Liggett Winchester 78 1942
Manitoba Power 78._1941
Morris & Co 7348.--- -1930
1549
Range since Jan. 1.
Low.
High.
Bonds (Concluded)-
Friday
Last Week's Range Sales
for
Sale.
ofPrices.
Price. Low. High. Week.
Range since Jan 1.
Low.
High.
136 Apr National Leather 138._1925
50c Feb
Jan
9534 9534 51,000 9534 July 102
Apr New Orl Pub Serv 58..1952 8334 83
Mar 28
22
8434 37,000 8144 July 8934 Mar
60 Aug 850 Feb Ohio Power 58
13,000 833.4 Apr 92
Jan
1952
8534 86
lc July
50 Mar Penne Pow & L 58B_1952 8634 8634 8834 7.000 86
A.,r 9034 Jan
Jan Philadelphia Elec 6e_1941 10334 10334 10334 3,000 10234 Mar 10534 Jan
le Aug
ge
Sc Feb 230 May Phillips Petrol 736)3,_ _1931
Apr
without warrants
250 Sept $3
973.4 5,000 es% Aug 10334 Jan
9734 97
Sc Aug 100 Feb Public Serv Corp 78_1941
100 10034 9,000 9934 Sept 10431 Feb
100 May 220 Feb Pub Serv Elea Pow 613_1948 9534 9444 9535 37,000 9444 Oct 9834 May
J illy 9314 Aug
234 Jan Reading Co Sow I
134 June
9236 9234 11.000 87
40 Oct 380 Jan Shawsheen Mills 75_1931 10434 10334 10434 10,000 10334 Oct 10534 AM
5
Jan Sloss-Sheffield 8& I 681929
Feb 9834 Feb
9734 2,000 96
334 Aug
97
434 Mar Solvay & Cie 88
134 Aug
1924 10444 10434 104% 18,000 10344 Sept 105% May
Jan
Mar 93
Sc Aug 150 Jan South Calif Edison 55_1944
8934 90 . 9,000 87
544 Sept Stand Oil of N Y 8%8_1933
4
Sept
106% 10744 28,000 10434 Apr 10734 Jan
Sc July 15c Jan
7% serial gold deb__1925 103
10236 10334 8,000 102 June 1063.1 Feb
July
400 Sept
7% serial gold deb.-1926
Apr 108
134 Mar
10434 104% 20,000 103
334 Sept
2
Apr
Apr 10734 Jan
7% serial gold deb_1927 10434 1043410434 13,000 103
7% serial gold deb_1928 105
Sept 10734 Jail
134 Oct
134 Sept
7.000 104
10434 105
32c Feb 720 AM
7% serial gold deb_ _1929
Apr 10834 Feb
5,000 104
10654 107
30 Jar
2c Sept
Feb
7% serial gold deb_1931 10734 10734 10731 5,000 10534 May 110
Max
lc July
90 July Sun Co 7s
1931 1013,4 10034 10234 8,000 100 June 103
lc Apr
40 Jan Sun 011 68
Apr 9934 Aug
1929
0734 9734 8,000 97
Feb
5() Aug 370 Jam Swift & Co 58_ _Oct 15 1932 9134 9134 9134 49,000 8934 Mar 94
Sc Sept 740 Jan Tidal-Osage 011 78._ _ _1931 101
Aug 104 may
101 10134 19,000 100
Union Pacific 5s
Sc Apr 11.0 Jar
2008 9934 993.4 9934 67,000 9934 Sept993.4 _Sept
7c Apr 240 Jar United 011 Produc Sa_ _1931 82
81
83. 25,000 78 Sept 100% mat
Jan
40 Jan 340 Jar United Rys of Hay 7%s'36
1063410034 2,000 10334 Apr 107
290 Jan 7130 Fet
Vacuum 011 65
1925 10534 10534 106
19,000 10536 June 1073,4 JAE
350 Jan 570 Ma
40 Oct100 Ma
Foreign Government
lc Sept130 Jar
2c Jan 10c Mal
and Municipalities
934 An) Argentine Nation (is_1924 9931 9934 9954 593,000 9944 Oct 9934 001
544 July
4c
Octlists Fet French Govt 4s of 1917_ ___ ...... 39% 393,4 10,000 3954 Sept3934 8091
Sept 14
Pet
Mexico 45
11
1945 3443 34
3434 27,000 3334 Aug 4434 Max
580 Feb
65 10 year Series A
134 Cal
5544 5546 16,000 5334 Aug 6334 Mal
160 June 480 Mal
Netherlands(Kingd)6sB'72 9734 97
97% 38,000 9634 Sept 10234 Atil
230 July 380 Jar
Peru (Republic) 8s. _1932
elm 99
11,000 96 Sept 10054 Api
bq Fet
950 Apr
Russian Govt 634s...1919
11,000
1634 Fel
934 10
934 Sept
2
July
334 Jai
Certificates
834 9
7,000
874 Oct 1644 Fel
lc May
Fel
534s
70 ADI
1921
934 10
934 Jan 16
13,000
2c June 100 Jar
Switzerland Govt 5348 1929 9934 9844 9946 38,000 9834 Aug 104
Jai
60 Jan 1130 Ma3
Ext 561 a notes_
1926 97
0814 9752 251.060 071 Aug 9734 Aul
134 June
234 Mal
Octlx. oci
1
* No par value. It Correction. m Dollars per 1,000 ire flat. I Listed on the
40 Fet
20 June
Stock Exchange this week, where additional transactions will be found. o New
10c June 32e Jar
stock.
a Option sale. to When issued. z Ex-dividend. y Ex-rights. SEX-Stock
Jar
lo Jan
20
1634 June 2434 Mai dividend. n Ex-stock dividend of 40%.
444 Mai
23,4 Jan
144
Sept18034 Mal
300 Jan 750 Jun)
47
4 July
634 Mai
New York City Banks and Trust Companies.
lc Sept100 Mal
37c Jan144 Mai
AN prices dollars per share.
134 Aug334 Ap
60c Sept234 Mal
Banks-N.Y Bid Ask t
Bid
Banks
Ask Trust Co.'s Bid Ask.
80 Ma
1.0 May
America •____ 215 223 Harriman..... 320 335
New York
ic July
Sc Fel
Amer Exch._ _ 288 293 Manhattan
144 148 American......
1 .luni
420 May
440
_ Mach & Met- 381 365 Bank of N Y.
Bowery.
e
40
lc June
Broadway Can 165
-- Mutual*
320
& Trust Co 470 480
Oct 10c Oct Bronx Bort)._ 150
Sc
__ Vat American 135 146 Bankers Trust 348 353
lc Aug 25c Apr Bronx Nat_ _ 120 130 'National City 343 348 Central Union 480 485
Jan Bryant Park• 160 170 New Neth*._ 130 145 Commercial__ 110 125
Sc
30 June
4% Mar Butch & Drov 130 138 Pacific•
2% July
309
Empire
300
40 Mar 31c June Cent Mercan- 205 215 Park
.1 422 428 Equitable Tr_ 189 191
15c Aug 2Sc Feb Cheat)
346 351 Port Morrts_l 167
Farm L & Tr_ 545 550
July
Jan
680
320
Chat & Phen- 255 280 Public
303 312 Fidelity Inter 198 205
Jan 140 Sept Chelsea Exch• 50
lo
70 Seaboard
255 265
375 385 Fulton
1% may Chemical
81c Jan
545 550 Seventh Ave- 88
98 Guaranty Tr_ 241 244
670 Sept
Pis Jan Coal & Iron_ 218 225 Standard •___ 220 225 Hudson
200 210
390 Sept 89c Mar Colonial
375
State*
335 345 Irving BankMar Columbia..._ 275
4
1% June
'Tradesmen's• 200
ColutnblaTr 220 223
2% Jan Commerce
1% Aug
295 297 23d ward*
Law Tit & Tr_ 190 200
270
3c Sept 160 Feb Com'nwealth* 220 230 United States* 162
Metropolitan. 295 300
r Continental.- 140 150 Wash'n Ht'. 200
lits Aug 328$4.
Mutual (West
Apr Corn Exch.._ 437 442 Yorkville•
26% Jan
cheater) __ 120 130
950
13c Apr 28c July Cosmotetan•- 115 122
N Y Trust__ 344 347
536 Mar East River.
2% Sept
204
Title Cu & Tr 37 373
644 Apr Fifth Avenues 1250 1306
2% Oct
U S Mtg & Tr 305 315
39c Aug 77c May Fifth
245 255
Brooklyn
United staces1220 1250
Cal First
2130 June 7614
1255 1270 Coney Island* 155 165 Westches Tr.I 210
194 Jan Garfield
67c July
260
First
Brooklyn
320 855
15c July 55c Feb Gotham
170 178 Mechancle *- 130 136 Brooklyn Tr.I 465 480
2c Jan 120 Mar Greenwich •_ 290 310 Montauk'.__ 170
Kings
Countyl 850
50c May 75c Feb Hanover
685 695 Nassau
225 2,
16 Manufacturer 275
75c Jan
2114 Apr
395 415
People's
People's
160
•Banks marked with (*) are State banks. (*) Ex-di Mend.
68
7034 816,000
10634 108 106% 15.000
10234 10244 102% 8.000
9834 97% 99 152,000
943( 9434 18,000
103% 103% 1.000
8.000
101 101
101
98% 12,000
98% 98
3,000
96% 98
10034 100 100% 23.000
10134 101% 101% 6.000
10134 101% 101% 12,000
102
10134 10231 44,000
89% 133,00
8934 89
2.000
93
93
46
4634 19,000
72% 22,000
70
96
96% 30,00
35,00
102% 103
103
107 10734 9,00
107
99% 9934 1,000
10734 107% 22,000
12,000
92
9134 90
97% 97% 3,000
106 106% 3,000
88% 8934 12,000
6,000
8834 88% 89
7,000
101% 101% 102
105% 105% 3,000
97% 97% 5.000
16,000
95% 96
9.000
99%•100
99% 99% 20,000
13,000
101% 102
94% 42,000
94
94
97% 98
34,000
98
8,000
100 100
100
2,000
99
99
9734 97% 97% .23,000
103 103% 2,000
10134 101% 101% 11,000
13,000
10454 106
9434 94% 94% 11.000
10034 100% 1.000
10034 10134 24,000
101
103% 103% 21,000
99% 100
25,000
102 102% 7,000
5,000
99 100
100 100% 24,000
51
Aug
105% July
101% Sept
85
Feb
91% July
103 June
10034 Jan
97
July
953( Jan
10034 Sept
10134 May
10034 July
101% Sept
84% July
93 Sept
4374 July
65% Feb
9434 Aug
1013,4 Sept
106% may
97
July
Feb
106
90
July
98
July
101
Aug
87% Aug
87
July
10034 Apr
102% Sept
Apr
97
94 June
98% Jan
99 Sept
100 June
Oct
94
96% June
90% June
97
July
94% Mar
103 June
99 June
10336 Apr
93% Mar
100
Mar
100 June
101% July
97
July
101% Mar
95
Jan
97
Aug
84%
106%
104
99
97%
110
101%
100%
10034
101%
103%
10334
103%
9634
9834
62
8234
Jan
Aug
Jan
Sept
Ian
Jan
Feb
Jan
May
Jan
Mar
Feb
Jan
Jan
June
Mar
June
103% Sept
1103.4 Jan
993.4 Feb
108% Apr
97
Mar
9874 June
130
Mar
9834 Apr
9334 Jan
103% Jan
108% Feb
100
Jun
Feb
106
10334 Feb
101% . an
104
Jan
97% Apr
NM May
10034 June
100
Feb
984( Feb
105)4 Mar
105
Jan
107
Jan
97% Jan
1004( Apr
102
Jan
low Jan
102% Jan
104 May
102% Feb
10634 Jan
New York City Realty and Surety Companies.
All prices dollars per share.
Alliance R'Ity
Amer Surety.
Bond & M G.
City Investing
Preferred _
Lawyers Mtge
Bid
102
94
280
65
92
153
Ask
107 huge Bond__
96 I NatSurety
285
1( Title &
68
Mortgage _
98
S Casualty_
157 U S Title Guar
Bid
105
152
Ask
115
155
192
140
135
198
14-6
Bid
Realty Assoc
(Bklyn)corn 98
83
let pref _
2d pref _ _ _ 72
Westchester
Title & Tr_ 200
Ask.
88
77
220
CURRENT NOTICES.
-Palmer & Co., members of the New York Stock Exchange, announce
that Robert E. Graham and Marshall J. Dodge have.become members
of the firm.
-Win. Carnegie Ewen, specialist in New York City traction securities.
has prepared for distribution a circular on Nassau Electric RR.4% bonds of
1951.
-Wells, Deane & Singer announce the opening of an office at 120 Broadway in charge of Charles G. West Jr. and Arthur G. Deane, resident partner.
-Walter D. Kent, formerly with Colgate & Cox, has been admitted to
general partnership in the firm of Morey & Co., 111 Broadway, New York.
-Ladenburg. Thalmann & Co. announce that Arthur Loewenhelm has
joined their organization as manager of their securities sales department.
-Benjamin Graham has severed his connection with Newburger, Henderson & Loeb to become affiliated with private finanical interests.
-E.C. Williams, formerly of J. B. Walker & Co., has become associated
with C. W. McNear & Co. as manager of the New York office.
-Earle S. Thompson has been elected Assistant Secretary and Assistant
Treasurer of the American Water Works & Electric Co.. Inc.
-John F. Morelli, formerly with Rutter & Company, is associated with
Untermyer, Richardson & Moss in their sales department.
-Warner & Company announce that Sterling H. Ivison has become associated with their organization.
1550
Xnutstutent anei gaiircrati intelliffente.
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the fourth week
of September. The table covers 3 roads and shows 5.13%
increase over the same week last year.
Fourth Week of September.
1923.
1922.
•
Buffalo Rochester & Pittsburgh_
Canadian Pacific
St. Louis-San Francisco
Total (3 roads)
Net Increase (5.13%)
Inrcease. Decrease.
$
$
590,633
464,956
6,365,000 6,311,000
2,323,890 2,050,637
$
125,677
54,000
273,253
9,279,523 8,826,593
452,930
452.930
$
In the following table we also complete our summary for
the third week of September:
Third Week of September.
1923.
1922.
Increase. Decrease.
$
$
Previously reported (9 roads)- _ _ 16,964,047 16,181,285
Duluth South Shore & Atlantic_
121,554
83,396
. 32.700
Georgia & Florida
26.350
8,582
Mineral Range
6,723
Nevada-California-Oregon
13.075
8,530
436,091
Western Maryland
435,561
$
782.762
38,158
6,350
1,859
4,545
530
Total (14 roads)
Net increase(4.98%)
834.204
834.204
17,576,049 16,741.845
$
Net Earnings Monthly to Latest Dates.-The table
following shows the gross and net earnings for STEAM
railroads reported this week:
-Gross from Railway-. -Na from Railway- -Net after Taxes
1923.
1922.
1923.
1922.
1922.
1923.
Ann Arbor512,998
August ____
448,637
62,055
131,081
111,380
84,646
From Jan 1_ 3,524,445 3,273,832
534,519
476,956
648,217
360,325
*Atoll Topeka & Santa Fe.August _ _ _ _17,683,514 16,797,939 4,717,189 4,344,950 3,270,370 2,774,056
From Jan 1 131062,326 115967,489 34,720,675 26,512,403 24,777,966 17,743,750
Gulf Colorado & Santa FeAugust ____ 2,252,329 2,356,848
642,800
629,596
727,709
548,328
From Jan 1_15,414,297 14,294.396 2,173,199 2,137,747 1,523,066 1,572,198
Panhandle Santa FeAugust ____
840,781
683,249
202,906
82,691
63,770
179,584
From Jan 1_ 5,208,380 4,798,377
69,087
r01,492
248,371
499,450
Atlanta Birm & AtlanticAugust
389,638
329,435
21,240
-6,501
8,521 -20,510
From Jan 1_ 3,044,809 2,495,342 -29,405 -235,045 -134,179 -352,208
Atlantic CityAugust
_
859,510
737,050
239,116
430.884
258,367
410,894
From Jan 1_ 3,490,244 3,315,484
509,269
783,301
669,348
623,043
Atlanta & West PointAugust ____
238,010
230.167
21,489
43,769
32,598
27,491
From Jan 1- 1,933,160 1,584.830
156,498
439,183
241,249
325,008
Terminal
Balt & Ohio-B & 0 Ch
302,427
274,673
August __
15,830
-8,705 -24,648 -60,103
From Jan 1_ 2,473,214 1,998,162
293,295
192,573 -32,641 -192,829
*Bangor & Aroostook396,272
August ____
377,037
34,831 -69,328
5,036 -87,861
From Jan 1_ 4,309,181 5,271,998
830,477 1,625,832
502,144 1,242.425
Belt Ry of ChicagoAugust
_ 621,308
106,914
500,753
256,169
142,828
217,174
From Jan 1_ 4,791,795 3,837,393 1,731,310 1,275,601 1,415,573
994,026
Bessemer & Lake ErieAugust
_ 2,351,263 1,575,265
608,031
885,550
640,789
729,350
From Jan 1_13.633.051 7.663.772 4,882.091 1,450,991 4,173,323 1,189,657
Bingham & Garfield50,818
23,317
August ____
21,303
-5,859
13,569 -10,095
From Jan L 303,943
128,162
88,784 -116,457
27,810 -155,969
*Boston & Maine7,776,026 6,975,505 1,546,470 1,111,739 1,302,105
August
882,794
From Jan 1_58,059,404 51,402,683 6,586,204 8,244,112 4,670,157 6,613,155
Canadian National Rys-Atl & St Lawrence_
220,437
August
248,568 -78,707 -20,842 -93,857 -40,906
From Jan i_ 2,131,620 1,797,638 -430,628 -38,585 -551,881 -177,002
Clinchfield
&
Ohio
Carolina
792,713
593,882
220,931
181,279
231,304
170,227
August ____
From Jan 1_ 6,275,972 5,081,429 1,822,548 1,821,786 1,420,942 1,491,212
Central of Georgia350,915
385.779
August ____ 2,180,771 1,947,283
459,742
279.479
From Jan 1_17,657,042 14,630,928 3,586,450 3,063,228 2,759,642 2,317,237
Central New England446,743
245,333
11,903
221,261 -10,304
August... 759,872
910,108
From Jan 1_ 5,181,138 4,366,254 1,201,681 1,090,594 1,011,073
Central New England604,639
122,418
746,884
50,384
32,788
August ___ _
101,312
556,186
285,071
426,575
From Jan 1. 5,796,910 4,558,861
389,885
Charleston & West Carolina50,040
221,333
24
312 365
August ____
11,132
43,040
679,724
515,118
426,386
From Jan 1_ 2.644,105 2,184,616
571,305
Quincy
Chicago Burlington di
August _ _ _ _14,899,151 14,502,539 2,910,374 2,295,551 2,295,176 1,369,748
From Jan 1_113048039 101747,129 21,731,177 23,312,824 14,874,887 15,945,741
Chicago & Eastern Illinois307,627
-9,093
August.,,,.. 2,370,147 1,810,522
91,096
169,448
From Jan 1_18,310,327 15,502,378 2,435,481 2,124,922 1,491,960 1,411,286
Chicago Great western341,944
262,573
273,586
200,252
August.,.. 2,246,481 2,204,138
From Jan 1_17,119.538 15,442,416 2,346,775 1,813,314 1,722,606 1,165,446
Chicago Indianapolis & Louisville_ 1,537,779 1,270,995
469,153
174,139
August
235,313
371,566
From Jan 1_11,962,998 10,239,655 3,177,830 2,401,680 2,530,526 1,894,827
*Chicago Milw & St PaulAugust _ _14,916,655 14,272,931 2,908,676 3,714,421 2,250,752 2,868,419
From Jan 1_112478865 98,124,035 20,010,261 15,858,303 13,943,278 9,351,945
Chicago & North WesternAugust.._ _14,561,969 12,860,888 2,976,583 2,809,531 2,220,396 2,077,329
From Jan 1_106259229 93,202,325 16,421,980 17,761,984 10,390,636 11,901,597
Chicago Peoria & St Louis133,209
133,629
26,018 -19,531
26,018 -29,013
August ____
908,675 1,439,441 -13,327 -50,527 --79,913 --126,726
From Jan 1_
Chicago River & Indiana563,291
236,136
209,455
164,813
201,520
_ 625,896
August
From Jan 1_ 4,937,949 4,415,738 1,890,176 1,607,185 1,599,366 1,121,730
Chicago Rock Island & PacificAugust _ _ _11,250,723 10,819,211 3,222,592 1,986,966 2,812,602 1,441,101
From Jan 1_81,477,218 76,903,458 14,021,905 14,774,909 10,226,949 10,490,997
Chicago R I & Gulf528,638
95,187
173,317
109,028
160,952
519,352
August ____
490,929
616,133
711,209
392,178
From Jan 1_ 3,684,306 3,783,184
Chicago St P Minn & Omaha751,280
458,886
889,393
322,769
August.,,,,, 2,546.983 2,731,206
From Jan 1_18,501,608 18.110,929 2,590,888 3,557,174 1,541,560 2,497,063
-Gross from Railway- -Net from Railway1923.
1923.
1922.
after Taxes
23.
1922.
198
Cincinnati Ind di WesternAugust __
378,660
244,135
74,371
52,742
51,856
33,153
From Jan 1_ 3,063,683 2,729,461
354,286
199.913
515,478
321,892
Ft Worth & Denver CityAugust
_
886,936
898,752
346,210
273,007
311,825
302,890
From Jan 1_ 5,962,273 6,030,047 1,559,981 2,078,158 1,238,423 1,748,410
Trinity & Brazos ValleyAugust
. 431,696
152,422
18,747
161,703
154,182
11,743
From Jan 1_ 1,545,538 1,890,578
264,949
228,463
208,413
172,315
Wichita ValleyAugust __
117,438
98,204
30,347
49.375
42,f36
24,331
From Jan 1_ 854,118
760,640
292,050
201,393
242,065
153,356
Colorado & Southern
August
1,051,739 1,182,087
50,607
225,631 --18,153
159,351
From Jan 1_ 8,168,043 8,419,803
630,899 1,871,817
103,840 1,339,372
Delaware & HudsonAugust __
4,566,740 2,399,439 1,250,309 --513,260 1,164,648 -598,857
From Jan 1_31,892,374 23,487,737 5,650,394 1,522,854 4,968,155
829,005
Denver & Rio GrandeAugust,.,.., 3,102,056 3.133,441
-98,090
696,417
From Jan L21,235,066 20,492,224
403,592 4,056,050
Denver & Salt LakeAugust ___
274,949
165,896
26,764
41,295
17,762
32,294
From Jan 1_ 1,635,959
545 -90,248 -71,594 -162,278
765.477
Detroit & MackinacAugust., 172,588
201,827
-881
52,284 -10,868
42,283
From Jan 1_ 1,238,615 1,197,940
29,010
54,349 -34,451 -28,009
Detroit Toledo & IrontonAugust ____
957,597
719,708
397,093 -141,491
378,201 -154,054
From Jan 1_ 6,919,700 6,021,610 2,483,272 1,351,050 2,374,143 1,250,283
Detroit & Toledo Shore LineAugust ____
322,926
267,884
135,538
130,255
148,555
121,526
From Janl_ 2,836,474 2,297,350 1,388, 58 1,204,659 1,242,268 1,092,587
Duluth & Iron RangeAugust ____ 1,192,645 1,257,614
666,961
719.504
579,027
635,300
From Jan 1_ 5,341,537 4,773,220 1,681,176 1,815,061 1,292,720 1,480,886
Duluth Missabe & NorthernAugust _ _ 3,801,351 3,170,708 2,805,717 2,241,355 2,482,979 2,030,283
From Jan 1.13,887,844 9,752,158 7,998,610 5,010,315 6,357,044 3,995,874
Duluth South Shore & AtlAugust
580,172
438,596
178,579
126,068
150,520
93,068
From Jan 1_ 3,906,994 2,838,604
925,146
211,364
495,018 -40,906
Duluth Winn & PacificAugust ____
175,498
170,152
554
14,001
-8,221
4,898
From Jan 1_ 1,661,963 1,309,134
242,612
74,780
114,724
3,631
Elgin Joliet di EasternAugust.,. _ 2,418,243 1,097,303
879,473
219,351
769,076
131.017
FromJan 1_19,218,598 13,337,175 6,897,944 5,147,479 6,144,842 4,447,652
Florida East CoastAugust,.,,,. 860.395
673,897
77,099 -102,990 -37,704 -177,642
From Jan 1_11,082,761 9,454,654 4,293,303 3,210,727 3,492.600 2,707.169
Ft Smith & Western
August,,,,,, 127,913
152,053
24,919
39,318
19,119
33,167
From Jan 1_ 1,008,333 1,018,004
139,682
156,804
92,783
109,510
Georgia RailroadAugust
549,439
440,597
141,558
51,340
135,246
40,504
827,894
From Jan 1_ 4,053,238 3,228,807
467,551
774,458
406,265
Georgia & FloridaAugust ____
154,238
99,424
41,028
12,256
34,716
5,877
From Jan 1_ 1,151,657
870,447
260,750
129,585
209,668
79,049
Grand Trunk System
Detroit Grd Hay & Why
August ____
616,448
393,918
150,333
49,116
147,702
45.415
From Jan 1_ 4,525,468 3,443,117 1,074,238
849,240 1,041,303
802,888
Grand Trunk Western
August ____ 1.804,834 1,694,650
601,916
535,506
544,104
458,281
From Jan 1_13.415,286 10,660,651 4,028,824 2,368,187 3,557,542 1,830,089
Great Northern SystemAugust _ _ _ _11,011,237 9,884,359 3.829,663 2,567,525 3,100,224 1,847,573
From Jan L73,568,858 61.629,935 14,276,785 12,789,442 8,682,591 7,625,598
Green Bay di WesternAugust.. 112,851
100,791
23,424
26,195
15,424
18,195
From Jan!. 867,477
905,908
135,588
220,227
71,212
156227
Gulf Mobile & NorthernAugust ____
486,847
333,393
124,515
67.545
96,875
34,951
From Jan 1_ 3,890,001 3,057,280
994,957
815,752
783,092
659,588
Gulf & Ship IslandAugust ____
286,955
258,616
57,595
60,982
78,955
35,580
From Jan 1_ 2,184,507 1,948,829
565.692
375,690
414,245
557,999
Hocking ValleyAugust.,.,, 1,585,002 1,071,434
326,194
225,398
41,924
127,138
From Jan 1_11,898.445 8,316,023 2,818,981 2,348,578 2,126,907 1,630,857
Illinois Central SystemAugust _ _ _ _15.269,294 15,727,040 2,518,245 3,101,996 1,690,706 2,216,034
From Jan 1.125068560 107466,105 23,938,526 23,288,152 16,767,267 14,931,070
Illinois Central CoAugust __ _ _13,613,355 14,074,640 2,341,686 2,950,864 1,620,365 2,182.355
From Jan 1_111872860 95,717,659 22,517,867 22,169,292 16,225,734 14,758,951
International & Great NorthernAugust
1,301,713 1,177,179
312,985
212,108
280,446
177,580
From Jan 1- 9,278,918 8,868,205 1,432,534 1,407,383 1,171,864 1,135,128
International Ry of Maine132,871
158,993 -70,555 -12,456 -85,555 -28,456
August ____
From Jan 1_ 1,884,802 1,800,218
133,212
230,420
13,212
102,420
Kansas City Mex & OrientAugust._
226,620
112,704
73,331
13,843
63,284
7,381
From Jan 1_ 1,225,848
890,827
53,550 -77,974
4,746 __142,702
TexasCity
Mex
&
Or
of
Kan
August..156,199
131,988
15,985
7,792
15,985
1,777
From Jan 1_ 1.131,031
967,797 -41,948 -161,558 -79,449 -209,884
Kansas City SouthernAugust _. _ 1,791,900 1,519,661
324,965
497,558
408,923
229,512
From Jan 1_13.138,253 11,620,597 3,154,164 2,753,160 2,450,807 1,976,914
Texarkana & Ft SmithAugust,,,,,, 244,568
177,909
117,877
115,545
127,198
105,308
517,345
From Jan 1_ 1,780,504 1,323,708
774,548
866,721
432,315
Kansas Oklahoma & GulfAugust ____
184,783
268,425
26,148
90,022
16,225
80,425
From Jan 1. 1,681,861 1,822,628
493,544
277,938
198,335
414.487
Lake Superior di IshpemingAugust _ . 191,282
259,386
177,230
109,435
116,727
171,744
From Jan 1_
875,157
319,015
735,726
370,831
310,839
273,715
Lehigh & Hudson RiverAugust ____
283,551
153,639
91,636 --14,447
76,536 --29,285
From Jan 1. 2.025,984 1.503,932
289,199
680,021
580,319
160,155
Lehigh & New England-'
_
537,912
August
276,091
152,469
-690
130,374
-7,335
From Jan 1_ 4,120,410 2,493,724 1,187,891
107,951 1,009,311
31,790
Louisiana & ArkansasAugust._
314,839
122,355
44,427
280,197
64,922
86,538
From Jan 1_ 2,510,942 2,206,402
674,565
817,039
615,073
503,018
Louisiana Ry & NavigationAugust.
292,451
293.588
29,152
83,170
11,632
67,058
300,485
From Jan 1_ 2,551,511 2,168,578
325,202
185,838
170,034
Louisville Henderson & St I,
August _ _ _
107,618
319,754
304,884
114,629
99,821
84,932
From Jan 1_ 2,305,296 2,112,411
653,048
583,915
553,857
485,956
OCT.6 1923.]
THE CHRONICLE
1551
-Gross from Railway- -Net from Railway- -Nei Oa Tates--GYOSSAM
-Net from Railway- -Net after Tax(331923.
1923.
1923.
1923.
1922.
1923.
- 1922.
19$22.
23.
1923.
198
1923.
1922.
$
$
$
$
$
$
5
5
Louisville dr NashvilleSouthern PacificAugust _ _ _11,973,819 8,973,394 2,317,253
407,054
Atlantic Steamship Lines710.374 1,866,853
From Jan 1_89,911,564 80,600,376 17,639,153 14,567,426 13,906,790 11,478.194
August ____ 1,150,861
977,042
4.656
229,809
221,540
82,445
From Jan 1_ 9,054,824 7,496,861 1,753,803 1,264,588 1.658,638 1.164,852
Minneapolis & St LouisArizona EasternAugust _ 1,431,103 1,277,888
283,479
218,292
181.625
252,308
August ____ 302,344
87,438
267,448
From Jan L10,760,555 9,940,958 1,375,664 1,574,988
117,095
92,753
63,155
868,706 1,047,515
From Jan E 2,445,577 2,061,969
788,470
948,492
753,666
597,248
Minn St Paul & Sault Ste MarieGalveston
Harrisb
&
S
A
August ____ 4,347,861 4,526,505 1,021.912 1,641,560
757,586 1,390,756
August ____ 2,090,286 1.872,596
390,523
411,335
475,262
839.985
From Jan L32,357,528 28,043,855 6,867.162 5,674,779 4,773,522 3,646,114
From Jan E14.840.927 13,983,419 1,896.382 2,110.274 1,390,234 1.698,058
Mississippi CentralHouston & Texas CentralAugust ____
145,936
118,341
23,484
4,061
August ____ 1,272,535 1.236,624
-2,198
17,970
265.033
305,674
259.621
306,333
From Jan L 1,196,988
965,203
230,820
From Jan 1_ 8,874,110 9,213,478 1,127,221 1,823,041
69,764
188,216
119,755
744,278 1,468,719
Houston E & W TexasMissouri-Kansas-TexasAugust
August ____ 3,198.371 2,804,539
41,821
275,044
66,650
73,482
308,215
990,077
50,004
657.961
799,656
795,780
From Jan 1- 1,939,537 2,003.695
From Jruil_22,965,362 20,913,332 5,805,107 7,011,275 4,476,173 5,559,306
107,798
299,838
249,898
179,816
Louisiana WesternMo Kan & Texas Ry of TexasAugust _ ___
August ____ 1,780,069 1,645,628
23,937
343,714
70,871
38.636
322,948
367,222
72,916
118,146
320,531
63,978
From Jan 1_ 2,990,941 2,709,674
From Jan L12,708,035 13,222,457 1,992,418 2,860,763 1,587,027 2,442,778
541,954
612,636
413,704
773.610
Morgan's Louisiana & TexasMissouri & North ArkansasAugust ____ 687,239
August ____ 141,366
91,185
54,050 -21,485
8,209
35,804
24,955
620,501
19,329
23,142
32,736
From Jan 1_ 5,718,199 5,013,226
From Jan 1_ 960,616
84,206 -148,594
260,480
224,817
163,834
454,905
133,466
25,966
22,610
Texas & New OrleansMissouri PacifloAugust __ 757.605
August __10,255,028 8,756,702 1,427,759 1,537,991 1,044,773 1,181,777
49,102
25,583
48,114
680,327
80,230
From Jan 1_ 5,819,632 5,652,009
From Jan L73,439,762 65,073,700 9,942,877 10,725,906 6,921,429 7,753.907
281,061
227,580
463,884
469,452
Southern Pacific CoMobile & OhioI.
•
August _ _18,643,069 16,717,507 6.412,314 5,364.619 5,043,710 4,031,153
August ____ 1,624,807 1,400,073
302,195
244,864
229.754
190,754
From Jan 1 130302,916 115875,721 39,283,178 32,638,848 28,986,532 21,842.402
From Jan 1_13,537,683 11,253,442 3,104,677 2,480,365 2,413,419 2,025,676
Southern Railway CoColumbus Os GreenvilleAugust ___ A2,754,333 9,482,594 3,040,053 2,126,101 2,377,739 1,630.742
August ____
136,299
133,214
16,277
36,211
13,758
30,540
From Jan 1_99,417,379 81.398,509 24,410,032 17,877,669 19,836,740 14,081,651
From Jan 1- 993,871
983,696
76,009
198,116
74,524
158,975
Alabama
Great SouthernNaalw Chatt & St LouisAugust __ ._ 930,564
August ____ 2.150,926 2,099,888
229,940 -167,025
374,446
273,398 -125,461
287,715
345.180
227.608
308,658
From Jan 1_ 7,209,962 5,570,833 2,210,755 1,070,034 1,794,002
723,277
From Jan L16,371,125 14,088,088 2,453,864 1,676,056 1,970,122 1,381,242
Cine New On & Tex PaeNevada NorthernAugust
____
1,877,395
August
560,488
89,005
64,101
385,864 -444,895 •
447,723 -375,764
52,549
34,022
45,943
26,677
From ian 1_15.609.883 10,737,258 4,513,841 1,915,039 3,750,811 1 336,573
From Jan 1_ 621,523
312,892
337,290
116,793
284,466
66.637
Georgia Southern & FlaNew On Texas & MexAugust ____ 443,473
15,723
315,620
August ___
199,157
74,977
94.546
34,452
175,415
-2,390
26,771 -30,408
5,942
From Jan 1_ 3,494.962 3,041,911
From Jan L 1,944,667 1,677,334
859,453
588,737
747,613
501,368
602,098
470,091
385,317
324,780
New Orleans & NortheasternBeaumont Sour Lake & WAugust
_ 577,945
183,115
August ____ 200,173
132,804 -167,145
82,623 -203.951
150,985
89,522
25,603
20,479
84,658
FromJan 1_ 4,627,112 3,575,047 1,142,400
From Jan 1_ 1,514,309 1,341,931
733,131 -39.309
267,274
589,061
373,162
551,527
339,200
Tennessee
CentralNew York CentralAugust _ - - 262,177
185,371
Indiana Harbor Belt47,015
38,970
7.767
From Jan 1_ 2.058.602 1,526,776
August ____ 986,947
464,694
212
4;26
610
414.921
248,859
875,405
292,556
283.364
245,521
244,673
From Jan 1_ 7,718,008 6,305,071 2,224,401 2,262,669 1,974.856 1,951,568 Texas & PacificAugust __ 2,745,867 2,617,790
520,090
Michigan Central776,620
675,357
620,581
FromJan1_20,171,880 19,302,585 3.353,345 3,443,918 2,538,919 2,566,346
August __ 8,154.041 7,622,377 2,538,916 2,300,988 2,010,752 1,790,807
From Jan L64,194,497 51,776,358 21,084.557 14,692,393 17.120,006 11,613,786 Ulster & DelawareAugust ____ 242,989
205,751
72,264
31,229
66.232
Pittsburgh & Lake Erie37,232
From Jan 1_ 1,266,153 1,132,284
August
88,347
187,538
235,570
136,401
4,092,348 2,139,657 1,414,588
179,896 1,166,518
110,394
From Jan 1_30,972,649 15,892,734 10,849,871
233,393 8,889,047 -347,424 Union Pacific CoAugust __10,896,004 10,233,061 3,380,816 3,312.588 2,788,097 2,718,482
NY Chicago & St LouisFromJan 1_71,199,797 63,731,340 20,086,267 19,032,825 15,513,817 14,412,807
August
4,951,671 4,425,478 1,289,602 1,114,589 1,020,108
849,500
From Jan L38,581,612 32,196,811 10,664,655 8,731,483 8,550.674 6,970,602 UtahAugust
132,773
40,934
196,019
11,643
18,092
47,078
New York ConnectingFrom Jan 1_ 990,118 1,116,999
134.636
288,778
339.920
187,908
August ____ 209,858
99,538
225,210
154,979
61,538
115.606
Virginian
RR
From Jan L 2,288,286 1,838,472 1,589,853.£1,244,050 1,262,441
929,064
August __-- 1,787,426 1,345,294
598,175
271,930
490,385
421,892
NY New Haven & HartfordFromJan L14,690,000 13,245,606 5,668,208 5,369,233 4,839,090 4,436,832
August _ _11,740,570 10,534,282 2,524,357 1,502,576 2,092,347 1,115,344
From Jan 1_89,325,380 78 858,227 16,994,524 15,283,014 13,603.071 12,190,505 'Wabash RRAugust --_- 6,108,633 4,703.310 1,489,822
341,646
531,537 1,299380
RTY Ontario de Western"''..•.'
' WISP
' it
FromJan 1_43,319,019 37,977,110 9.330,384 6,675,030 7,803,686 5,149,656
August
1,715,812 1,258,472
273,144
568,228
524,87211'247,973
Frorn Janl_ 9,790.337 8,011,185 1,518,817 1,356,108 1,177,020 41,063,92 i Western MarylandAugust
- 2,035,126 1,650,378
235,341
449,502
295,341
359,502
'Northern Pacific- -1WW55
1111rFrom Jan E15,771,172 11,088,245 3,479,913 2,538,410 2,834,913 2,168,410
ugust ____ 8,661,337 8,539,793 1,756,711„ 8 1,039.853,483,312
From Jan 1_63,406,979 58,448,288 8,015,778 9,819,982 2,379,231 4,008,914 Western PacificAugust ____ 1,303,728 1,124,213
118,498
300,460
218,215
194,746
Northwestern Pacific
From Jan 1- 8,840,423 7,317,294 1,707,839 1,079,100 1,077,636
407.876
August __ 883,868
874,785
363.163
344,303
316,589
295,129
Ry
of
Western
From Jan 1_ 5,344,431 5,226,200 1,509,719 1,538,176 1,121,636 1,159,344
AlabamaAugust
246,301
43,923
231,260
56,028
40,456
58,959
Pennsylvania RR & CompanyFrom Jan 1.. 1,928.489 1,642,657
387,004
352,343
492,066
August __ _ _64,833,927 57,370,667 12,732,594 9,603,523 8,964,125 6.273,822
267.265
FromJan 1484,735,655 404796,672 87,864,572 75,113,153 66,481.698 56,257,030 Wheeling SC Lake ErieAugust ____ 1.962,765
990,118
380,275 -193,692
505,972 -105,550
Baltimore Cher & AtlanticFrom Jan 1_12.483,596 8,995,182 2,775,236 1,891,984 1,881.288 1,008,180
August ____
192,702
60,790
197,848
49,451
44,520
33,019
From Jan 1_ 1,033,180 1,072,616 -105,726
• Revised figures.
24,419 -145,880 -15,554
Long IslandAugust
3,735,347 3,277,691 1,551,657 1,197,206 1,267,163
Electric Railway and Other Public Utility Net
895,937
From Jan 1_22,984,147 20,607,463 6,027,708 5.668,538 4,836,223 4,404,036
Earnings.- The following table gives the returns of
Maryland Del & VirginiaAugust ____
132,044
146.465
21,733
31,988
13,824
23,937 ELECTRIC railway and other public utility gross and net
From Jan 1_ 732,096
789.207 -93.235 -51.999 -111.596 -70,442 earnings with charges and
surplus reported this week:
Monongahela-Gross Earnings- -Net Earnings
August
531,442
251,293
185,307
48,021
175,357
40,021
Previous
Current
Previous
Current
From Jan 1_ 3,880,107 2,118,461 1,333,114
777,237 1,253,407
713,073
Companies.
Year.Year.
Year.
Toledo Peoria & Western$
5
1.5745
August
174,185
147,012
984
6,140 --11,097
--4,861 Amer Elec Power Co_
ar
,364
45.411
Aug 1,652,382
176
et
,818
From Jan 1_ 1,225,713 1,069,435 --96,184 --28,031 --185,409 --116,488
8 mos end Aug 31
600,727
14,019,425 12.549.837 1,065,079
West Jersey & SeashorekBarcelona Trac, L & P__Aug 3,826,083 3,599,168 2.234,243 2,197.335
August.__ 1,963,311 1,894,763
463,348
715,766
406,654
349,414
33,106,982 29.822,896 18.497.638 18,011,547
8 mos end Aug W
From Jan 1_ 9,853,388 9,316,179 1,809,440 1,781,631 1,058,178 1,018,605
Brazilian Tr Lt & Power
Pere MarquetteCo. Ltd
Aug 21.949,000 17.168,000 13.254.000 11,024,000
August ____ 3,976,042 3,386,042
883,830
920,222
715,613
776,208
8 mos ending Aug 3L - --160,712,000 126338.000 96,727,000 78,379,000
From Jan 1_29,986,598 24,614,000 7,138,942 5,949,488 5,983,770 4,779,357
Colorado Power Co
42,939
59.657
89.797
Aug
109,214
Perkiomen12 mos end Aug 31_ __ _ 1.122,69
431,025
560.536
985.667
August ____
106,898
119,515
48,628
63,696
53,135
58.757 New Bedford Gas & Edison
From Jan 1_ 749,798
837,466
300,469
381,475
260,556
339,285
Light Co
111.178
109,286
261,083
31 _.2.4
Aug
6
32
5.
.1
30
42
Pittsburgh & Shawmut8 tI109 end Aug
1,068,364
August __
120,560
117.491
--3,811
27,217
--3,942
27,062
k
Given
in
milreis.
pesetas.
in
j*
Given
From Jan 1_ 932,937
676,881 --29,381 --99,055 --38,042 --107,730
Pittsburgh & West VirginiaBalance,
Fixed
Net after
Gross
A ugust __ 351,609
Burets.
Charges.
Taxes.
Earnings.
191,994
59,891
16,509
19,726
-9,073
From Jan 1- 2,473,737 1,795,927
521,926
398,538
201,063
189,476
Arkansas Light & Aug '23
25.743
74,638
170.047
48,895
Port ReadingPower Co
61.390
'22
19,106
80.496
161,933
August ___- 206,939
66,789
90,307
--1,560
47,156 --16,270
mos end Aug 31 '23 1,415.657
12
258,992
583.370
324.378
From Jan 1_ 1.919,235 1,143,678
941,941
449,885
802,688
331,122
240.952
220.494
461,446
'22 1.214.238
Richmond Fred & POCOMOCitizens Traction
19.203
10,188
77,166
Aug '23
29,491
AllgUst
-908,405
895,213
321,998
274,315
266,882
221,936
Co & Subs
'22
63,706
16,213
From Jan 1- 8,312,628 7,138,111 3,009,782 2,429,465 2,535,739 2,029,217
12
mos
281.428
endAug
'
31
'23
119,032
937.465
400,454
St Louis-San Francisco197.27
766.125
'22
117.446
314.724
August
7,702,610 6,309,073 2,049,044 1,413,925 1,723,664 1,086,434
63
8
2:9335
8,631
47,258
FromJan 1_56,624,573 52,024,673 15,362,228 13,704,438 12,732,847 11,022,920 Eastern Shore Gas Aug '23
16,994
& Elec Co & Subs
'22
43.365
11.134
FeWorth & Rio Grandemos
end
12
86.135
Aug
31
103:
8
2
1
79
38
537.949
'23
189.373
August ____
145,986
122,836
23,678
7,259
19,841
3,751
81,374
485,879
'22
88.574
169.948
From Jan 1_ 961,891
828,221
6,353 --148,787 --25,228 --178,836
Havana El Ry,Lt Aug '23 1,103.575 *593,147
499,877
93.270
St Louis-San Fran of Texas& Power
460,307
'22 1,057,418 *553,030
92.723
August ___. 160,222
164,256
33,967
51,468
31,193
49,504
8 mos ending Aug 31 '23 8,818,394 *4.778,575
746,153 4,032,422
From Jan 1_ 1,050,721 1,103,760
105,092
129,498
87,292
113,690
714,609 3.738.527
'22 8,594,425 *4,453,136
'St Louis SouthwesternNewport
News
&
40.965
20,906
Aug
'23
61.871
196,579
August ____ 1,622.626 1,503,532
659,826
632,874
544,026
543,119
Hemp Ry,0 & E Co '22 195.021
50.333
20,991
71.328
From Jan 1_13,629,308 11,181,430 5,193,522 4,189,253 4,439,781 3,825,251
12 mos end Aug 31 '23 2,130.221
370.522
246.472
616.004
St Louis Southwest of Texas290.086
323.842
'22 2.107.222
613,928
August - -- 746,926
607,934
47,158 -23,988
19,652 -48,100 Pine Bluff Co
25,059
9.503
84.877
Aug '23
34.562
r From Jan 1. 5,183,826 4,647,811 -821,486 -799,636-1,038,889 -992,555
22.995
9,433
32,428
83,058
'22
San Antonio & Aransas Pass255.2)19
108,858
12 mos end Aug 31 '23
364,146
865,728
August ____ 738,751
551,160
257,830
134,045
117,189
242,717
326,870
209.6$
810,944
120,336
From Jan L 3.667,952 3.465.540
121,238
22,960
--3,072 --89,615 Republic Ry &
229.088
258,586
Aug'
29.498
'2223
848,481
Seaboard Air LineLight Co
176,619
180,207
3,588
696,428
'22
3.719,557 3,397.813
August _
821,916
477,041
648,972
end Aug 31 '23 6.518,330 2,096.359 1,592.525
I
Iht
301,381
503,834
From Jan L34,320,900 29,034,516 7,564,060 5,897,791 8,158,527 4,513,619
'22 5,335,265 1,790.683 1.386.964
403.710
MI
5
$
$
1552
[VoL. 117.
THE CHRONICLE
Gross
Earnings.
Southern California Aug '23 1,912,129
Edison Co
'22 1.547,805
12 mos ending Aug 31 '23 19.092.572
'22 16,770,962
Texas Elec Ry
253.734
Aug '23
223.168
'22
12 mos ending Ang 31 '23 2,797.216
'22 2,715,775
Fixed
Net after
Charges.
Taxes.
$
277,785
1,106,776
316,664
934,244
10,929.308 3.209.163
9.818.972 3.967.039
36,687
108,576
38,056
84.654
449,352
1,122.128
465,310
1,044.764
Balance,
Slurs.
828,991
617,580
7.720.145
5.851,933
71,889
46,598
672.776
579,454
x After allowing for other income received.
TRAFFIC STATISTICS FOR CALENDAR YEARS.
1919.
313
313
313
.
318
804.477 1,173.303 1,235,036
696,283
Passengers carried 1 mile 53.131,976 59,291.274 81.387,423 93.468,232
2.65 eta.
3.08 cts.
Rate per pass. per mile
3.43 cts.
3.47 cts.
Revenue tons carried
4,156,465 4,227,156 5.702,772 5,463,638
do
1 mile_ -658.754,077 684.172.644 928,543,723 838.745,409
do
0.89 cts.
0.90 eta.
Rate per ton per mile.__
1.01 cts.
0.94 cts.
676.81
659.92
Av. train load rev. tons_
547.71
623.02
833,601
$37,346
Gross earns, per mile__ _
$30,449
$26.778
Average miles operated_
Passengers carried
CORPORATE INCOME STATEMENT FOR CALENDAR YEARS.
1920.
1921.
1922.
$6,171.637 $6,910.461
1,845,890 2.035.374
543,092
493.948
53,297
13,329
Incidental. &c
Operating RevenuesComparative Earnings of Companies Under the Management of
Freight
Stone & Webster, Inc.
Passenger
-12 Months ending Aug. 31
- Mail. express, &c
Mouth of August
Y. Gress.
Na.
Surplus
Aft. Chgs.
$
3
$
Puget Sound Power & Light Co23.5,451
394,702
1923
1,001,180
333,757
189,140
1922
816,896
Galveston-Houston Electric Co59.516
276,642
1923
18,440
44,112
4,375
1922
268,624
&
Rockland
Abington
The El Lt & Pr Coot
7,217
40.591
7,217
1923
8,471
34,901
7,832
1922
Sierra Pacific Electric Co34,306
40,062
87,568
1923
36,423
31,533
76,498
1922
Baton Rouge Electric Co13,322
48,564
10,834
1923
10,432
14,0.52
46,577
1922
Eastern Texas Electric 0050,193
68,476
179,637
1923
55,678
37,167
153,239
1922
Tampa Electric Co64,532
59,716
165,125
1923
44,872
49,222
135,420
1922
El Paso Electric 0045,750
62,811
193,726
1923
63,389
181,677
46,373
1922
Columbus Else & Power 0094,228
179,447
71,654
1923
84,945
62,158
• 160,557
1922
Co
Elec
Northern Texas
62,642
226,606
35,282
1923
72,974
243,580
47,958
1922
Savannah Electric & Power Co50,919
158,432
19,829
1923
47,837
130,742
23,750
1922
Haverhill Gas Light Co5,261
40,890
5,256
1923
44,387
11,132
11,138
1922
The Lowell Else Light Corn26,718
112,312
26,172
1923
25,399
96,397
25,396
1922
Edison Elec Ilium Co of Brockton118,144
33,095
33,928
1923
30.089
102,910
29,254
1922
Co
Electric
West
Key
The
7,153
4,633
18.716
1923
6,979
19,420
4,317
1922
Cape Breton Elec Co,Ltd2,191
7,832
1923
56,754
7,095
12,792
49,640
1922
Keokuk Elestris Co2,696
32,864
5,929
1923
2,059
1922
30,498
5,710
Houghton County Elec Id Go1,716
37,522
5,798
1923
39,321
2,321
6,606
1922
Paducah Electric 0048,124
3,805
1923
12,987
6,329
43,525
1922
14.760
The Connecticut Power Co16,381
33,884
161,607
1923
144,346
25,591
42,480
1922
Mississippi River Power Co74,188
174,704
248,364
1923
245,162
83.505
186,486
1922
Central Miss Vail Elec Properties5,506
8,738
44,414
1923
8,945
43,212
5,286
1922
Blackstone Valley Gas & El Co95,510
337,626
68,034
1923
95,168
306,154
67,486
1922
Fall River Gas Works Co16,221
83,422
16,068
1923
23,795
23,804
84,787
1922
Gross.
Net.
Surplus
Aft. Chges
3
$
$
11,722,599 4,683,596 2,885,432
10,247,893 4,456,142 2,700,939
Transportation
$8,524,804 89,542.225
$994,417 $1,177,062
1,737,193 1,933,307
272.162 Figures
217,624
not
3,266.259 4,426,152
79.587 comparable
65,888
308,048
285,239
2
859
3,289,959
3,364,162
669,675
714,829
185,911
265,259
431,908
365,305
67,457
67,833
60,799
60,392
992,339
886,701
482,124
398,011
423,121
328,722
616,905
575,467
214,799
215,547
181,847
167,290
1,967,780
1,710,004
735,126
588,684
534,818
387,709
2,045,629
1,752,085
890,331
714,720
826,033
662,103
2,377,432
2,297,789
889,428
756,711
Gross income
31.799.379 81,448.483 82,413,976
Deductions$18,216
$174,751
. $19,450
Rent for leased road
78
132
147
Miscellaneous rents
224.972
222.214
189.740
Separately operated properties
3.259
820
1,094
Interest on unfunded debt
3,032
4,689
Miscellaneous income charges
1.341
680,373 Interest on funded debt
465,239
475,944
475,944
774,550 Interest on equipment obligations_
40,013
29,232
34,842
236.625
x
236,625
7% Preferred dividends
548,100
x
276,524 7% Ordinary dividends
548,100
1.093
Add'ns & betterm'ts charged to Inc_
2,190,196 1,128,683
1,914,638
980,353
989,855
2,956,818
3,135,698 1,075,381
1,647,314
570,345
563,486
543,658
124,151
146,891
123,787
142,578
1,639,427
1,246,847
577.006
402,849
574,684
383,480
1,548,415
1,327,259
5.57.478
472,247
547,087
460,801
252,590
249,634
104,460
78,227
73,372
49,726
685,064
641,664
85,475
67,295
17,865
def.142
408,980
381,944
110,593
98,441
69,321
54,654
536,965
550,341
135,474
152,806
84,322
94,742
603,742
543,188
205,772
173,323
103,010
71,727
1,954,674
1.653,320
570,842
628,264
362,753
408.684
2,964,929 2,188,578
2,896,014 2,187,400
976,640
952,814
568,049
536,953
160,243
144,782
113,939
100,910
4,402,018 1,589,871 1,250,204
3,910,447 1,433,110 1,098.952
1,027,547
998.497
242,171
264,017
Miscellaneous operations
General
Transportation for investment-Cr
Total operating expenses
Net revenue from operations
Taxes
Uncollectible revenues
Hire of equipment
Joint facility rents
86,565.760 $88,196,320
$1.959.044 $1,345,905
8325.691
$490,600
2.731
3,848
Cr.178.335 Cr.161,693
158,390
159.021
Operating income
Non-Operating IncomeMiscellaneous rent income
Income from rail leased
Dividend income
Inc.from funded & unfunded secure
Miscellaneous income
$1.483,909 81,020,786 $2,177,783
$7.024
5,658
137.526
142,611
22,651
815.604
5.990
127,607
103,109
175,388
$7,790
3,228
137.358
45,245
42,572
684,996
546,246
241,495
262,113
FINANCIAL REPORTS
Financial Reports.-An index to annual reports of steam
railroads, street railway and miscellaneous companies which
have been published during the preceding month will be given
on the last Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
Sept 29. The next will appear in that of Oct.. 27.
Alabama Great Southern RR.
(46th Annual Report-Year ended Dec. 31 1922.)
President Fairfax Harrison, Birmingham, Ala., Sept. 25
1923, reports in substance:
Income Account.-Operating revenues in 1922 declined $1.017,421.
or 10.66% below the revenues of 1921. Expenses were reduced $1,630,559,
or 19.89%. of which no less than $1,159,893 represents a reduction in
transportation expense. The maintenance appropriations were reduced
only $378,758. Taxes increased $164,908, or 50%. The final net income
after the payment of rents and interest charges, amounted to $1,082.430,
compared with $535.089 in the preceding year.
Dividends.-Dividends totaling 7%, requiring $784,724, were paid in
1922 on each class of stock.
Outlook for 1923.-Notwithstanding substantial reductions in freight
rates, the results so far in 1923 have been substantially better than for
the corresponding period of 1922, the seven months of the current year
for which figures are available as this report is written showing an operating
Income after expenses and taxes of $1,542,507. compared with $884,043
for the same months of the preceding year. The volume of freight traffic
Is running 30% and passenger traffic 13% heavier than last year.
Property Investment.-On April 2 1923 a contract was made to acquire
the following new equipment: 4 Pacific type passenger engines. 1,000
coal cars,800 box cars, and one dining car. The cost of this new equipment
Is $3,673,650. and the money was provided partly from current treasury
funds and the remainder from the sale of $2,850,000 Series "0" 5%
Equipment Trust certificates dated April 2 1923, payable in 15 equal annual
Installments.
Total operating re-venues
Operating ExpensesMaintenance of way & structures
Maintenance of equipment
Traffic
$873.350
$535,090
Bal,car, to credit of profit & loss__ $297.706
x Dividends of 634% on Preferred and Ordinary stock in 1921 charged
to profit and loss.
The profit and loss. Dec. 31 1922 shows: Credit balance Dec. 31 1921.
$6,491,757; add credit balance of income for the year 1922. $297,706;
net miscellaneous credits. $975: credit balance Dec. 31 1922, $6,790,438.
BALANCE SHEET DEC. 31.
1922.
25,563,182 25,673,116
equipment
56,057
65,322
Misc. phys. prop.Inv. in attn. cos.:
Stocks
1,548,558 1,548,558
481
481
Bonds
299.807
299,807
Notes
86,421
86,579
Advances
50
50
Other investments
472.381
1,261,084
Cash
144,118
117,780
Special deposits.
171
Loans & bills rec
Traf. & car service
428,066
433,332
balance rec
10,339
5,569
Agts.& cond. bale.
254,349
629.758
Misc.accts. rec
550,135
Mans & supplies. 399,776
22,259
18,770
Int. & dive. rec.0th. curr. assets
(including U. S.
2:86
3
924
Govt. securities) 1,452,099 1,713
5,398
Deferred assets_ __
Insur. prems. paid
4,634
10
in advance
301,898
0th. unadJ. debits 390,878
Total
1922.
1921.
AssetsInvest. in road &
31,907.647 31.940,410
Ordinary stock__ 7,830,000
Preferred stock... 3,380,350
9,518.890
Funded debt
Equip. trust Wig. 528,000
Govt. grants in aid
1,500
of construction_
Traf. dc car, service
56,614
balances payable
Audited accts. &
wages payable._ 385.404
Misc. accts. pay_ - 525,207
62,703
Int. mat'd unpaid.
57,788
Divs. mat'd unpd_
Unmat'd diva. dee 118.312
37,751
Unmat'd int. accr_
9,964
Unmat'd rents accr
.67,743
0th. curr. Habits__
12,980
Deferred liabilities
188,833
Taxes
Operating reserves 133,525
Accr. deprec. on
1 738,995
equipment
0th. unad.l. credits 423,865
Add'ns to prop.thr.
38,785
income & surplus
P.& L. balance-. 6,790,438
Total
1921.
$
7,830,000
3,380,350
9,518,890
649,000
1,500
43,846
490,786
502.507
114,623
42,761
118,312
38,466
10,728
18,468
34,027
98,196
102,921
1,966,702
447,673
38,898
6,491,757
31,907,647 31,940.410
Note.-Securlties of the company held by it unpledged. $1,749,710.v. no. p. 1531.
Ann Arbor Railroad Co.
(24th Annual Report-Year ended Dec. 311922.)
President Newman Erb, New York, April 1, wrote in substance:
Additions and Betterments.-During the year steel car ferry No. 3 was
lengthened 48 ft., the former capacity of 18 cars being thereby increased
to 26 cars, an increase of 44%. New engines and machinery were acquired
from the U. S. Shipping Board, and with new boilers its efficiency greatly
increased in the material reduction of coal consumption and increase in
normal speed from 11 miles to 13 miles per hour, improving the moving
capacity of the car ferries from 96 to 104 cars per trip, or 8.33%. and the
annual capacity from 78,840 cars to 85,410 cars, an increase of 6.570 cars.
The car ferry was thus restored to service on Dec. 23 1922 with greater
capacity and efficiency and In as good condition as new. The entire cost
Involved in the rebuilding of this ferry was $189.833, which was or will be
paid for out of current earnings.
There was charged to depreciation account during the year $83,594.
and additions and betterments were made amounting to $145.688.
Reduction of Government Obligations.-DurIng the year the balance duo the
War Finance Corporation of $50.000 was paid and further reductions made
of We indebtedness to the United States in the sum of $157,700, making
total payments in reduction of Government obligations during the year
$207.700.
The total cost of additions and betterments and of equipment payments
during the year were all paid for from current operating revenue.
Equipment.-The following equipment received heavy repairs during the
year, the cost thereof being charged to operating expenses: Box cars, 159;
automobile, 63; refrigerator, 32; coal, 234; stock, 12; flat and tank, 4; total,
504.
Decision.-In Nov. the Ohio Supreme Court sustained the decision of the
Court of Appeals in favor of the company against the Pore Marquette
Ry. Co., involving the validity and accrued rentals claimed for use of the
Toledo Terminals, which the Pere Marquette Ry. Co. had enjoyed for more
than 25 years under a contract made with one of its smaller constituent
companies for a consideration and under conditions that had long since
been non-compensatory and unreasonable. A compromise settlement was
negotiated under which the Pere Marquette Ry. agreed to pay back rentals
amounting to $200,000, which has since been duly paid. A new contract
with that company was at the close of the year under negotiation, based
upon existing values and conditions.
Terminal Contract With Pennsylvania RR.-Tho contract negotiated with
the Pennsylvania RR.in 1921 for the use of certain of the company's tracks
and facilities at Toledo to Alexis, a distance of 4.37 miles, and the construction of an additional track for joint use, was executed on April 26 1922.
and the use of the facilities since then entered upon by that company.
OCT.6 1923.]
THE CHRONICLE
OPERATING STATISTICS.
1919.
1920.
1921.
1922.
Calendar Years299
294
292
292
Miles operated
777,714
729.014
562,664
383,877
carried
Passengers
Pass.carried one znile_ _ _ 15,165,375 18.810,596 24,651,334 25,782,729
3.362 cts. 3.357 cts. 2.915 cts. 2.788 cts.
Rate per pass. per mile
$1.37
$1.83
$1.49
$0.00
Pass. earns, per tr. mile_
2,788.068
3,046,913
2,522,849
Tons carried (revenue)_ _ 2,453.948
383.524,581
439,375,268
371,835.054
(rev.)_404.167.574
mile
car'd
1
Tons
0.81 cts.
0.98 cts.
1.149 cts.
Rate per ton per mile_ _ - 1.065 cts.
$5.48
$7.62
$8.56
$7.51
Fr't earns. per tr. mile
$15,057
$18,068
$17,489
$17,196
Gross earnings per mile739
811
803
759
Aver, tons per tr. mile
1553
Pacific Coast Company.
(26th Annual Report Fiscal Year Ending June 30 1923.)
President William M. Barnum, Oct. 1, writes in substance
In the annual report for 1922 (V. 115, p. 1727) attention was directed
to the new production in California oil fields and the increasing competition
of fuel oil with this company's coals.
It is a matter of general knowledge that such production increased
enormously during the year, to the embarrassment even, in caring for it,
of the oil companies themselves, and the replacement in the Pacific Northwest, of coal with fuel oil, was extensive.
Until such time as the output of California oil fields shall, as has happened
in all other oil fields, decrease in volume, with a corresponding increase in
price, it is anticipated that fuel oil competition will prevent the operating
The comparative income account was given in V. 117, of
company's coal mines at any substantial profit. As to the duration of
p. 1460.
the over-production of oil in California. there is a divergence of opinion.
GENERAL BALANCE SHEET DECEMBER 31.
One authority has expressed the opinion that "if no new oil pools are
found this year the production of oil will not equal the consumption. The
1921.
1922.
1921.
1922.
present over-production of oil is only temporary."
$
Liabilities$
Asset8It is expected, however, that fuel oil will compete with coal actively and,
7,250,000 7,250,000
in rd.& equip.19,087,338 18,941,849 Capital stock
probably
intensively, during the current fiscal year. Meanwhile company's
8.675
grants
8.675
11,736 Gov't
5,483
M Lsc. phys. prop__
Long term debt_.... 7,010,380 7,031,140 coal properties are being well maintained and operated in the belief that
Inv. in affil. cos.:
coal
will
again command a profitable market in the Pacific Northwest.
1,927,800
1,720,100
Oblig.
to
U.S.Gov.
38,501
38,501
Stocks
The earnings of the other departments of the company's business are normal.
97,902
290,000 Loans &bills pay_
330,000
Bonds
Depreciation and depletion charges, amounting for the year just closed
65,338 Traffic & car serv.
57,417
Advances
217,682 to $288,783, have been charged to operations.
bals. payable_.. 239,247
277,529
263,043
Cash
The works council plan, adopted following severance of relations with
Audited acc'ts and
60,440
Other investments
569.910 the miners' union, continues to function satisfactorily to employer and
965,068
payable
wages
78,579
72,253
Special deposits_
83,962 employees.
74,625
Misc. acc'ts pay
Traffic & car serv.
Since the sale of company's steamships and steamship business for
74,533
78,010
100,307 Int. mat'd unpaid_
bats. receivable_ 139,693
55.000.000, having a value on the company's books at the time of sale in
def.185 Funded debt ma13,306
Agts.&cond., bal..
2.000 1918 of $3,262,116 24, there has been paid on account of the principal
tured unpaid__
176,873
Misc.acc'ts receiv. 288,310
39,383 of the purchase price $1,226,490, with interest on unpaid balances, leaving
36,995
580,154 Unmat. int. accr'd
552,529
Material & supp
538 $3,773,510, with interest, to be paid in installments during the next 10
135,000 U.S.Govt.deLliab_
96,000
Other curr. assets.
23,309 years. In view ofthe installment payment feature of the sale, the difference
20,432
1,050 Other def'd Habil
1,100
Work, fund adv....
between the purchase price and the book value has not as yet been reflected
223,698
235,941
Tax
liability
U. S. Govt. def'd
629,829 as a profit, and no change has been made in the company's property account
149 Accr.depr.,equip_ 700,695
assets
because of the sale; but the contract has now so far matured that the profit
75,997
cred_
2,227
Other
unadj.
prem.
Rents & ins.
from the sale may, it would seem, be properly regarded as an addition to
60,322 Add'ns to property
61,603
prepaid
133,095 assets and in due time appropriately dealt with in the company's accounts.
thro. inc.& surp. 133,095
36,547
Other unadj. debs_
Because of the numerous reports and statements required annually by
Prof.&loss Cr. bal. 2,533.627 2,461.974
the Government, covering the calendar year, it is proposed for convenience
21,103.543 20,757,003 and economy to change the company's fiscal year to run with the calendar
Total
21,103,543 20,757,003
Total
year. A statement of the company's operations for the 6 months ending
-V. 117, p. 1460.
Dec. 31 next will be sent to you early in 1924 and thereafter the annual
report will be issued and the annual meeting will be held following the close
of each calendar year.
Pennsylvania Salt Manufacturing Co.
Data from Report of Vice-Pres. & Can. Mgr. E. C. Ward, Seattle,
Ending
June
30
1923.)
Report
-Year
Wash., Aug. 28.
Annual
(73d
Results.-Gross earnings increased $1,572.717: operating expenses inGeo. F. Baker (President pro tern.) writes in substance:
creased $863.793: net earnings increased $708,923.
Net operating earnings are $252.883, as compared with a loss in the
Earninys.-The past year has been the most prosperous since the war
period. Operations returned a net profit of $1,303,236 after all deductions previous year of $456,039-this change in situation being due to the more
for replacements (5731,346), depreciation and depletion ($297,426) and nearly normal operation of the coal properties.
Company's efforts to establish such properties on a non-union labor basis,
Federal taxes ($151,388) had been made. The previous fiscal year's profit
substituting a works councils plan, have been suce,risful, but unfortunately
Was $935.188.
The industrial improvement began early in 1922, continued through the the loss of earnings resulting from the heavy excess production of oil in
year and well into 1923, and, in consequence, the factories were able to California has more than offset the advantages accruing from the more
labor situation.
operate on a satisfactory basis, the demand for the various products having satisfactory
The price of fuel oil in the Pacific Northwest has continued throughout
been well maintained. This despite the fact that during a portion of the
fiscal year plant operation became difficult, due to the scarcity of labor. the year to make this form of fuel more attractive to consumers in position
freight embargoes and the inability of the railroad to provide necessarY to change to oil, so that the coal properties have produced a restricted tonequipment. As company's products are extensively used by industries nage and at a decreasing realization. 'While reportsindicate some possibility
the peak of the oil production in southern California may be reached
In many States, transportation still continues an important factor in the thatcoming
fall, the large amount of oil shut in and in storage would make
efficient conduct of its business. Fortunately it is able to co-operate with this
the railroads and protect its operations by endeavoring to accumulate its it seem apparent that the company will have to contend with oil competition
necessary raw materials during the periods when the transportation com- to as great an extent as at present, for some time to come.
Pacific Coast RR.-Gross earnings increased $79.540, operating expenses
panies are best able to handle same.
Finances.-Financial condition of company shows that the cash reserves increased $83,769, net earnings decreased $4,228. The increase in gross
continue ample, all expenditures for maintenance and construction having earnings is due principally to the more normal operation of the coal properties
this year as compared with the previous year, during the early portion of
been financed without borrowing.
Labor.-Wages were increased at the various plants and the working which the mines were reopened and began operating under strike conditions.
Aside from the coal traffic this year there was also a considerable increase
Compractice.
custom
and
hours of the men made to conform to modern
pany's coal mines were operated constantly throughout the year and ample in the movement of other commodities. While the tonnage handled
increased 52%, the freight revenue incresed but 35%, due to the 10%
stocks have been accumulated at all factories.
New Construction.-The sum of $516,168 was used for new construction, reduction in freight rates prescribed by the I.-S. C. Commission on July 1
many improvements having been perfected and new units installed, all 1922. applying to all railroads throughout the country. Gross revenue
tending to reduce costs and increase efficiency. The Chlorine industry, increased but 15%, owing to a falling off in passenger, switching and
which is an important feature of your Wyandotte operation, is expanding demurrage revenue.
Operating expenses increased 19%,which is a normal increase considering
rapidly, due to new uses being discovered and developed. In consequence
the company has been forced to add to its plant facilities, also to its con- the larger tonnage handled. During the two preceding years, when the
production of coal was less than normal, expenditures for maintenance
tainer investment.
Subsidiary Companies.-These,comprising the Wyandotte Southern RR., were kept at as low a level as possible. With the recovery of business this
Natrona Water Co., Brackenridge Light & Power Co. and the Natrona year the deferred maintenance has been undertaken in addition to current
Light & Power Co., have been operating to advantage and the entire capital requirements, hence operating expenses include somewhat larger charges
than usual for the overhaul of locomotives, repairs to freight and passenger
stock of each company is owned by the parent organization.
Manufacture and Research.-New products have been added to the already cars and maintenance of way and structures, including relaying 5 miles of
large list, and every effort made to improve the efficiency and co-ordination the main line with new steel and the relaying of the old steel thus released
of the company's varied products. Fortunately it is able to utilize to ad- on branch lines and sidings in place of lighter steel.
One light passenger locomotive, being of no further value to the company.
vantage the many by-products, and its staff of technical salesmen is successhas been retired: also one passenger coach and one freight car, resulting in
fully enlarging the markets for same by steady and persistent efforts.
General.-The outlook for the industry, and particularly those of your a charge to operating expenses of $3,414.
Rentals accruing from the use of the road by the Chicago Milwaukee &
company, is good. There is a constantly growing demand for the salt
company's products, although prices continue low. The shareholders will St. Paul Ry. are, as in previous years, not included in the earnings above
bear in mind also the recent heavy increase in taxation on the part of local, given, but are credited to miscellaneous rents. These rentals are approxiState and Federal Governments. Besides, labor's demands and the ad- mately the same as for the previous year.
The net deduction in property account during the year amounted to $7,522.
justment of working hours must be taken into consideration.
Pacific Coast Railway.-Gross earnings decreased $22,179, operating
expenses decreased $11,632, net earnings decreased 510.546.
RESULTS FOR FISCAL YEARS ENDED JUNE 30.
The volume of business handled during the year was but slightly less
1921-22.
1922-23.
1920-21.
1919-20.
than during the preceding year, the decrease amounting to 3%; the larger
Not stated. $6,083,055 $7,071,730 $8,289,164 portion of the decrease in gross earnings being due to the 10% rate reductions
Sales
Income sale of products
ordered by the I.-S. C. Commission on beans and grain in January, and on
x2,338,785
1,241.846
1,234,414
1,268,736 all other commodities in July 1922, which were identical with the reductions
after expenses
131,711 in freight rates generally throughout the country. Operating expenses
144,611
99,090
80.386
Other income
include charges for somewhat more extensive repairs than to motive power
Total earnings
$2,483,397 $1,340,936 51.314,805 51,400.447 and equipment.
Ordinary repairs & replac. 731.346
See x
The movement of fuel on over the Port San Luis Wharf increased heavily
253.552 as compared with the previous year, with a corresponding effect upon
Depreciation
297,426
286,184
265.006
144,026 earnings. Earnings of grain warehouses were normal and approximately
Inc. & exc. profits taxes y151,388
119,564
79,132
750,000
750,000 the same as for the previous year.
Dividends (10%)
825.000
750.000
Insurance reserve
51,511
29,997
3,186
The principal improvements made during the year were an extension
Obsolesc'ce of plant units
200,000
to the grain warehouse at Fugler, additional mooring facilities at the
Port San Luis oil wharf, and replacement of old light capacity scales at
Balance, surplus
$248,239
$182.002
$169,156
$252,869 Betteravia, Fugler, Los Alamos and Suey warehouses with larger capacity
Total surplus June 30--- 56.068.047 55,819,807 $5,727,484' $5,784,137 auto truck scales.
Additions to property account during the year amounted to $17,465.
x Income from sales of manufactured products after deducting all exPacific Coast Coal Co. (Coal Department).-Gross earnings increased
penses incident thereto (and in 1921-22, 1920-21 and 1919-20 ordinary $1,537,576, operating expenses increased 5756.941, net betterment over
repairs and maintenance). y Income and excess profits taxes, including previous year $780,635.
amount estimated for six months ended June 30 1923.
The work of reopening the mines, following the severance of relations
with the union organization, began in Aug. 1921, and the production of
BALANCE SHEET JUNE 30.
coal during the first 6 months of the reopening operations was far below
1923.
1922.
normal. The substantial increase in gross earnings above stated is the
1922.
1923.
$
Assetsresult of the more nearly normal operation of the mines this year.
-5
Liabilities$
$
Real estate,includCapital stock
Competition of Fuel Oil.-The competition of fuel oil has been more acutely
7,500,000 7,500,000
ing coal lands_ _. 465,513
465,156 Accounts payable_ 366,503
238,658 felt than was anticipated a year ago. Not only have railroads and industries
Buildings, maAccrued taxes_ _ _ _ 121,194
113,120 which the company previously numbered among its customers turned to
chinery, &c__ _ _29,195,006 a9,159,503 Special insurance
fuel oil, but a substantial number of buildings, such as small hotels, apart1,074.367
984.519
Cash
appropriations
54,697 ment houses and the larger type of residences, have likewise done so. Such
84,694
160,000 Prov. for Green13. S. Lib'ty bonds 180,000
of the industrial business as the company has succeeded in holding has
Trustees of bleuwich hunts
122,912 been retained only through reducing its prices to practically the present
70,059
84,694
54,697 Divs. pay. July 15 187,500
mice fund
187,500 low fuel oil basis. The result of this situation is both a reduced volume of
619,465 Deferred
Bills & accts. rec. 8 4.070
55,814 business and a smaller realization on the volume remaining.
83,510
2,569,187 2,452,561 Spec,acct. payable 195,000
Inventory
The effect of this fuel oil competition is even more far-reaching, in that
260,000
260,901 Surplus and undiSecur. of other cos. 158,201
it causes keener competition within the coal industry itself for such business
195,708
Prepaid in.sur., &c. 165,471
vided profits
6,068,047 5,819,807 as remains, and, owing to the inability of the restricted market to absorb
the output of all of the mines, also causes part time operations and a com14,676,508 14,352,509
Total
Total
14,878,508 14,352,509 paratively heavy labor turnover, both of which increase the cost of production. These market conditions have made impossible the operations of
• a Includes in 1923 buildings, machinery and equipment at plants located the coal properties on a profitable basis after charging out customary reserves
at Philadelphia and Natrona, Pa., and Wyandotte, Mich. $19,298,169, for depletion and depreciation. They have been, however, practically on
a self-sustaining basis from a cash standpoint.
less depreciation and obsolescence, $10.103,163.-V. 117, p. 1022.
1554
THE CHRONICT,2
Curtailment of Operations.-Owing to the gradual restriction of the market
by reason offuel oil competition it became necessary to close down operations
at the Issaqua.h mine April 1 last and for the same reason the 3 other active
properties, Black Diamond, Burnett and Newcastle, have been operating
out approximately 60% of the time since about the same date.
To 'Dismantle Hyde Mine.-It having become apparent that owing to fuel
oil competition there will not be sufficient market for the product of
the Hyde mine for several years to come, and that the cost of keeping the
mine in condition to produce coal at some future time would exceed any
profit likely to be realized from the relatively small coal content of the
property, and inasmuch as the company has other developed coal reserves
ample for any probable demands of the market in the near future, it has
been decided to dismantle the property and to either dispose of, or use at
the company's other mines, the machinery and equipment.
• Relation With Mine Employees.-The situation with respect to the
company's relations with its mine employees is satisfactory. The Mine
Councils plan of employee representation has proven to be an excellent
medium for maintaining direct contact with the employees and disposing
of the various questions of mutual interest which arise from time to time.
Additions.-Changes in property account during the year are as follows:
Additions, $277.396; deductions, $261,095; net additions, $16.300.
Lumber Department (On Pacific Coast Ry.).-Gross earnings increased
89.106, operating expenses increased, 25,232 net earnings increased $3,874.
Building activity was slightly greater than during the preceding year.
Pacific Coast Engineering Co.-Gross earnings decreased $44,141, operating expenses decreased $2,654. net earnings decreased 141.486. Changes
In property account during the year are as follows: Additions. $1.222:
deductions. $6,628. Net deductions from property, $5.406.
Pacific Coast Steamship Co.-Company is no longer engaged in active
business, Its ships having been sold in 1918. Its corporate life is continued
because of its holdings of landings and other real estate, which are being
liquidated as opportunity offers. Corporate expenses and the net cost of
carrying the company's property were approximately the same as during
the preceding year. A 1W of changes in property account during the year
follows: Additions, $195; deductions, $11,360. Net deductions from
property. $11.165.
Pacific Coast Co.-Changes in property account during the year follows:
Additions, $310,713; deductions. $278,703. Net additions to property,
$32,009.
CONSOLIDATED INCOME ACCOUNT FOR JUNE 30 YEARS.
1922-23.
1921-22.
1919-20.
1920-21.
Gross earnings
$6,021,516 54,448.779 14.513,780 $5,494,884
Operating expenses
35,580.461
4,714,667
4.652,868
4,138,688
Taxes
188,172
190.152
187,976
231,858
Net earnings
8252.883 def$456,040
$654,040
$143,234
Other income
16,908
27.799
57,522
59,714
Total net income
8269.791 def$428,241
$200,756
$713,754
DeductInterest on bonds
$250,000
$250,000
$250,000
$250.000
Interest on notes
9,900
12,900
18,000
15.900
General interest (net)__ _
50,214
21,266
Div. on 1st pref.(5%)
76,250
76,250
Div. on 2d. preferred_
(37)120,000 (4)160,000
Dividends on common..
(1%)70.000 (2)140,000
Balance, surplus
del$40.323 def$712,406 def$331,393
x Includes depreciation and depletion charges of $288,783.
CONSOLIDATED BALANCE SHEET JUNE 30.
1923.
1922.
1923.
Assets$
$
Liabilities$
Property accounts.20,892,993 21,068,999 First pref. stock._ 1,525,000
Stocks & bonds of
Second pref. stock. 4,000,000
sundry cos
.12,720 Common stock ..._ 7,000,000
Cash
454,382
248,468 First mtge. bonds_ 5,000,000
Accrued interest
1,593
2,696 Realest. M. notes. 132,200
Accts. receivable._ 685,799
842,107 Serial notes
110,000
98,449
Sale contracts_ ___
164,625 xUnmat'd install't 270,000
Coup.& div. depos. 141,659
23,494 Notes payable. _ _ .. 511,500
Liberty bonds__..
89.000
269,000 Accounts payable_ 366,837
Other investments 262,950
179,117 , Accrued bond int_
20.833
Coal & lumber, &c. 658.107
406,403 Taxes accrued. _ _ _ 121,161
Notes receivable._
27,787
58,865 Insurance accrued.
11,530
Trust acct.Pac.SS.
67.387
83,491 Hospital fund
18,049
Accts. between cos.
3,372
14,875 Deprec., &c., accts 1,510,023
prepaid accounts28.198
29,445 Miscellaneous
183,440
Miscellaneous ___
30,674
54,293 Other reserves_ _ _ 352,001
Mine & RR.. HUM 327,046
355,225 Profit and loss
2.616.825
Due from RR.Adm
12,581
Total
23,749,399 23,804,404
-Nr, 115, p. 1727.
Total
$69,504
1922.
1,525,000
4,000,000
7,000,000
5,000.000
165,000
300,000
546,000
488,318
20,833
117,687
9,642
24,360
1,333,625
60,804
293.731
2,919,404
23,749,399 23,804,404
American Shipbuilding Co.
(24th Annual Report- Fiscal Year ended June 30 1923.)
President M. E. Farr writes in substance:
Results.-The volume of the year's business, both new construction,
reconditisn ng and repair work, was satisfactory. Earnings from these
sources on account of Increased labor costs are disappointing.
Company
found it necessary to advance wages of workmen from time to time, which
accounts for the small earnings from operation. All lake vessels were in
during
operation
the navigable months of the current fiscal year and
full
are still operating at full capacity.
Orders, ac.-During the year the company completed and delivered
four bulk freight steamers agregating 48.750 gross tons carrying capacity.
and closed contracts for one bulk freight, one self-unloading type and
two large passenger steamers, all intended for Great Lakes service, and
aggregating 37.500 gross tons carrying capacity. The passenger steamers
are the largest and most expensive steamers ever ordered for inland water
service. The prospects for the release of a limited number of orders for
new tonnage are favorable.
Operation of Repair Plants.-There were 244 vessels aggregating 897,109
deadweight tons dry-docked at the various plants of the company during
the year. Repair plants of the company located at Lake Erie ports were
operated at full capacity during the winter and spring of 1922-23, and
at about 60% of capacity during the months of May and June 1923. The
volume of this class of work turned out by other repair plants of the company was comparatively small.
Wyandotte Plant Abandoned.-The Wyandotte plant, closed in 1921.
has been definitely abandoned, and will be disposed of as soon as a buyer
can be found. The excess of building berths and equipment owned by
the company, made the abandonment of this plant and dissolution of the
organization necessary.
Two of the Type Eleven ships have been charted to responsible interests
for use in the coastwise service on the Pacific Coast, and six others are
being operated in the lake grain and coal trade. Two are still out of
commission. This desirable property is being kept in good condition,
and can undoubtedly be disposed of, but not to advantage until a definite
policy for the disposal and operation of ships is decided upon by the U. 8.
Shipping Board.
Appropriations.-Appropriations amounting to $342.981 were made
during the year, for purchase of river frontage at Buffalo plant, and plant
improvements. and the appropriation of $201,500 made in 1922 for improvements at the Cleveland plant was made effective, making the total
appropriations for use during the fiscal year $544,482.
The total and final expenditures on account of these appropriations
amounted to $4'69,261.
Sales of Lands, (U.-Sales of regular plant lands not needed for company purposes were as follows: A parcel 179.36 ft. on Atwater St. and
347.22 ft. deep, off lots 1, 2 and 3, St. Aubin Farm. Detroit plant, for
which the company received $107,616 in cash; the company retains the
frontage on Detroit River, running back to a depth of 151.96 ft. A parcel
100 ft. on Halsted St.. running to North Branch Canal, North Chicago
property, for cash consideration of $70,512. 50 ft. off southeast corner
of Pine St. and Biddle Ave., Wyandotte plant. 81.45 ft. deep, for which
the company received $15,000.
Sales of miscellaneous tools, machinery and equipment amounted to
819,384.
Sales of war plant equipment totaled $63.315, which closed out practically
all of this equipment not retained by the company for its own use.
[VOL. 117.
A part of the property of the West Milwaukee plant has been leased
at a rental of $3,600 per year and taxes.
Fire Losses.-The fire losses during the year amounted to
$86,938.
which, with the exception of items totaling 11943, was fully covered
by
insurance.
Valuation.-The final valuation fixed by the U. S. Treasury Department
Amortization Engineers for property purchased and erected for war production, retained by the company, was $999.432, which amount
8453.380 greater than the value carried on the books of the company. was
During the year the company received $239,463 from the U.
Board in full settlement of all its claimS against that agency. S. Shipping
May Reduce Capital Stock and Oood-will.-The changed conditions in
the shipbuilding industry on the Great Lakes, make it desirable to reduce
the capital stock of the company and also to charge off a substantial
part
of the item of good-will. It is hoped that such recommendations
as the
executive officers and directors may make in regard to these changes,
will receive your unanimous approval and support.
The usual comparative income account was published
in V. 117, p. 1465.
CONSOLIDATED BALANCE SHEET JUNE 30.
1923.
1922.
1923.
1922.
AssetsI Liabilities$
Plants, prop., && 7,808,151 8,074,488 Stock, preferred__ 785,600
785,600
Goodwill, patents_ 5,492,168 5,492,168 Stock, common...14.714.400 14,714,400
Govt.securities__ 6,713,994 6,207,997 Accounts payable_ 416,360
243,166
Inventory
658,679
722,164 Accr. Int.,taxesolm
99,666
109,064
Accts.receivable 1,120,997
8.53,540 Unpaid pref. dive_
13,748
13,748
Cash
1 704,147 1,319,188
do corn. stock_y1,471,440 1,472.540
Ship constr.Inven_ 3,307,552
Reserves:
Deferred assets:
Fire insurance._ 192,668
148,752
Bldgs..
Workmen's cornequipml, dm. x961,103
689,874
pens'n insur„ 1,037,428
991,1)3
Prepaid exp., &c__ 125,290
Fat. Fed'I taxes
63,389
Completed ships_ 1,968,995 2,085,000
& adj. amort_ 1,922,726 1,930,284
Notes receivable &
Advances, ea__ 3.833,620
377,821
accrued interest_ 1,466,265 1,990,140 Surplus
7,024,758 7,221,388
Bonds, stocks and
accrued interest_
435.905
Other assets
185,077
74,0161 Tot.(each side)_31,512,415 28,007,867
z This amount includes buildings, machinery, equipment, &c., built and
Installed on account of war production, residual value, $892,805; surplus
materials, $64.565; special stock, $3,734. y Of the above amount of
Common dividends declared the amount of $1.471,440 represents five
quarterly dividends of 2% each on the outstanding Common shares, all
declared in June 1923. Each quarterly dividend
to $294,288
and same are payable Aug. 1 and Nov. 1 1923 andamounts
Feb. 1, May 1. and
Aug. 1 1924.-V. 117. p. 1465.
GENERAL INVESTMENT NEWS.
RAILROADS, INCLUDING ELECTRIC ROADS.
The following news in brief form touches the high points
in the railroad and electric railway world during the week
just past, together with a summary of the items of greatest
interest which were published in full detail in last week's
"Chronicle" either under "Editorial Comment" or "Current
Events and Discussions."
Condition of the Railroads as Reflected by the Authorized Statistics Compiled by the American Railway Association.-The following is authorized
by the Car Service Division of the American Railway Association:
Freight Car Repair.-The railroads on Sept. 15 had 165,284 freight cars
in need of repair, or 7.3% of the total number on line, a decrease of 10,043
compared with the number in need of repair on Sept. 1, at which time
there were 175.327. or 7.7%.
Of the total number, 130,112. or 5.8%, were in need of heavy repair
on Sept. 15. a decrease of 7,117 under the number in need of such repair
at the beginning of the month, while the number in need of light repair
totaled 35,172, or 134%. a decrease of 2,926 during the same period.
Locomotive Repair.-The railroads on Sept. 15 had 10,792 locomotives
In need of repair, or 16.8% of the total number on line, an increase of
275 over the number of such locomotives on Sept. 1, at which time there
were 10.517. or 16.3%.
Of the total number, 1,054, or 1.6%. were in need of light repair, a
decrease of 71 compared with the number in need of such repair on Sept. 1.
Reports also showed 9,738, or 15.2%, in need of heavy repair, an increase
of 346 over the number in need of heavy repair at the beginning of the
month, at which time there were 9.392, or 14.7%.
The railroads of the U. S. on Sept. 15 had 2,914 serviceable locomotives
in storage, where they are to remain until traffic conditions warrant their use.
Car Surplus.-The railroads on Sept. 22 had 59,008 surplus freight
cars in good repair and immediately available for service, a reduction of
10.072 compared with the number on Sept. 14.
Surplus box cars in good repair numbered 34,771, a decrease of 5,612
within a week, while there also was a decrease, due to resumption of anthracite mining of 2.950 in the number of surplus coal cars which brought
the total for that class of equipment to 16.840. Surplus stock cars numbered 1,233. a reduction since Sept. 14 of 343, while there also was a reduction of 1,014 in the number of surplus refrigerator cars, the total for
which was 5,379.
Car Shortage.-On Sept. 22 the reported car shortage for the U. S. was
13.515, or an increase of only 270 over Sept. 15. Of the total shortage,
5.803 represented box cars, or an increase of 1,473 since Sept. 14, while
the shortage in coal cars was 5,482, a reduction, however, of 996 within
the same period. The shortage in stock cars totaled 675, which was an
Increase of 396 since Sept. 14.
Matters Covered in "Chronicle" Sept. 29.-(a) National Transportation
Institute to turn "searchlight" on railroad legislation proposals, p. 1392.
(b) New capital flotations in August and the eight months since Jan. 1.
p.
(c) Continued heavy railroad freight loadings, p. 1300.
(d)1393-1397*
Railroad locomotive output still increasing, but unfilled orders falling
off. p. 1404. (e) Trainmen and conductors to ask 12% wage increase,
p. 1427. (f) American Railway Association finds efficiency program is
being satisfactorily carried out, p. 1427.
Alabama Great South.rn RR.-Report-New Director.
For annual report see under "Financial Reports" above.
Morrel P. Callaway, of New York, has been elected a director to succeed
the late William C. Lano.-V. 116, p. 1531. 1048.
Alaska Government Roads.-General Manager.secretary of the Interior Work has named Leo II. Landis of San Francisco
as General Manager of the Alaska Railroad, effective on Oct. 1.-V.
117, p. 1235.
Auburn & Syracuse (N. Y.) Electric RR.-To Abandon.
The New York Public Service Commission has authorized the company
to abandon that portion of its North Street lino in Auburn, N. Y., running
In Seymour St. from Fulton to Lewis streets and in Lewis St. from Seymour
St. to the Five Points.-V. 114, p. 2467.
Aurora Elvin tr&. Chicago RR.-Sale of Fox River Div.-
The Fox River Division of the Aurora, Elgin & Chicago RR. was offered
for sale under the foreclosure decree in the suit of Joseph 1'. Harris (V.-Pres.
Union Trust Co., Cleveland), trustee of the mortgage securing the Elgin
Aurora & Southern Traction Co,. 1st Mtge. 5s, on Sept. 11 at Geneva, Ill.,
by Judge Jesse Holdom, representing the U. S. District Court for the
Northern District of Illinois. At that time the property was bid in on
behalf of the bondholders for $1,700,000, and a hearing looking to the
confirmation of the sale was to take place before the Federal Court in
Chicago on Oct. 4. There are outstanding $1,546,003 Elgin Aurora &
Southern Traction 5s, all held by three Cleveland banks, including the
Union Trust Co., the Cleveland Trust Co. and the Guardian Savings &
Trust Co. Interests representing the junior security holders were not
present at the sale, and took no action to protect their equities. Accordingly
with the confirmation of the sale by the Court, which leaves a deficiency
judgment ki behalf of the Elgin Aurora & Southern 1st Mtge bonds of
Oc^r. 6 1923.]
THE CHRONICLE
about $500,000, this property will fall to the ownership of the bondholders,
who will then proceed with reorganization. Nothing definite, however,
has yet been determined with respect to this latter step. There never
has been any bondholders' protective committee, as all the bonds are
held in three banks, and J. P Harris, personally, has been representing
all three banks in all operations connected with this property.-V. 117,
P. 1235.
Baltimore & Ohio RR.-Places Rail Orders.-
1555
the employees and the company. The new scale provides for a 6-cent an
hour increase for employees in the service for 2 years or more.-V.116•1:0•1531.
East Si. Louis & Suburban Co.-Wages.
-
The board of arbitration recently handed down a decision increasing the
wages of employees, including motormen and conductors, 3 cents an hour.
City conductors and motormen, after 18 months service, will receive 54
cents an hour, while interurban motormen and conductors, after 18 months
service, will receive 56 cents an hour.-V.115, p. 2477.
The company on Oct. 2 announced that it had placed orders for 50,000
tons of steel rails, to be delivered during 1924, as follows: (1) Carnegie
Erie & Pittsburgh RR.-Stock Authorized.Steel Co., 25,000 tons:(2) Illinois Steel Co.. 4.000 tons: (3) Cambria Steel
The L-S. C. Commission on Sept. 26 authorized the company to issue not
Co., 10,000 tons;(4) Inland Steel Co., 3,000 tons;(5) Bethlehem Steel Co., exceeding $1,209,350 special stock (par $50). and also authorized the
Penn8.000 tons: total, 50,000 toils. It is expected that delivery will commence sylvania RR. to assume obligation and liability as guarantor in respect
of
early in the year and be completed during the first six months. Including dividends not exceeding 7% annually on said stock.
track fastenings. &c., the cost of this material will approximate $4.300.000.
The entire property of the Erie & Pittsburgh is operated by the PennsylOrders were also placed with the Inland Steel Co. for 2.000 tons of rail vania RR. under a lease between the two companies, dated March 24 1870.
for the Baltimore & Ohio Chicago Terminal RR. at Chicago.-V. 117, The lease is for a period of 999 years. During the years 1918-1922
the
p. 1460.
Pennsylvania expended 81,209,359 for additions and betterments on the
property of the Erie & Pittsburgh, and by the terms of the lease the lessor
Boston & Albany RR.- Ba7ovre Sheet Der. 31.Is obligated to issue its securities to the lessee, upon request, in settlement
Assets1922.
1920.
1921.
of additions and betterments made to its property. For this purpose the
Cost of road
$46.624,736 $46,445.915 146,440,698 Erie & Pittsburgh is to issue the above $1,209,350 stock.-V. 117. p. 86.
Securities owned
5,616,213
5,602.936
5,601.140
Cash
59,224
Illinois Central RR.-Construction Program-Bonds, etc.
67,073
63,645
N. Y. 0. RR. Co.:
The company has authorized, or already under construction. improveClaim for equipment account
4.216,703 4,216.763
4,216.703 ments and extensions which will cost over $121.500.000. In addition.
Open accounts
1.431.456
1,431,456
1,431,450 It has on order,or has received. $18,500,000 passenger and freight equipment
Acct. impts. on B. & A. RR
64.498
185,493
181,177 on its 1923 program.
Account accrued interest
173,202
173,262
The principal improvements and costs are:
Ware River RR. Co
365.104
365,164
365.164 Chicago terminal exten_ _$82.000.000 Water service
$400,000
Edgewood
extension..___ 16,500,000 Now Orleans docks
380,000
Total
158.378,054 $58,488,062 $58.479,305 Markham yard
9,000,000 Bridges and trestles
300,000
LiabilitiesKentucky
extension_
_
_
_
3,000.000
yard
Jackson
improveCapital stock
$95,000,000 $25.000,000 $25,000,000 Trackage and grading_ _ _ 3,250.000
ments
250,000
Funded debt
26,000,000 26,000,000 26,000,000 New yard facilities
Clinton trackage
200.000
Divs. & int. matured & unpaid
21,342
21,922
24,343 Terminal improvements_ 2,500,000
1,750,000
Vicksburg
flood. wall__ 125,000
Dividend fund
5,500,000 Springfield trackage_ _ 1,500,000
5,500,000
Unexting. premiums on funded debt36,170
34,276
38,063 Baton Rouge station..
600,000
Total
$121,755,000
Income tax on interest on bonds
108
225
176
The Guaranty Trust Co.of New York is now prepared to deliver definitive
Accrued interest
173,262
173,262 Ref.
Mtge. 5% Gold bonds, due Nov. 1 1955, in exchange for interim
Additions to prop.through inc.& sur_
106.666
now outstanding (For offering of bonds see V. 116. p. 822.)
Reserve fund
5.653,988
147.861
140,266 certificates
G. J. Bunting has been elected Vice-President, in charge of accounting
Profit and loss
1,561,674
1.608,622
1,603,195 and
treasury departments, with headquarters at Chicago.
A gravel washing, screening and crushing plant, modern in all respects
Total
$58,378.054 $58,488,062 $58,479,305
The comparative income account was published in V. 116. p. 2876. and unique in some respects, has recently been completed by the Illinois
Central
in an extensive gravel pit owned by it near Forreston. Ill., about
-V. 116, p. 2992.
11 miles south of Freeport, Ill. See 4-page article in the "Railway Age"
of Sept.29, pages 569 to 572.I-V.117. p.893,781.
Boston Elevated Ry.-New Headquarters.The offices of the Public Trustees of the company have been moved from
Interstate Public Service Co.-Bonds Called.108 Massachusetts Ave. to 31 St. James Ave., Boston, Mass.-V. 117.
All of the outstanding 1st Mtge.5% gold bonds of the New Castle Light,
p. 892. :69.
Heat & Power Co..dated Jan.2 1908. have been called for redemption Jan.1
Brooklyn-Manhattan Transit Corp.-Underwriting Syn- 1924 at 102% and int, at the Provident Trust Co. of Phila., trustee, 401
Chestnut St., Philadelphia, Pa.
dicate Ends.The holders of the bonds may present same for payment at any time prior
Gerhard M. Dahl, Chairman of the executive committee, on Oct. 2 was to Jan. 1 1924 at the office of the trustee, and receive 102% and int. to date
quoted as follows: "Brooklyn Rapid Transit Co. underwriting syndicate of presentation.
will be terminated successfully Oct. 5: 82% of the stockholders paid their
The company has acquired the electric plants and systems at Silver
assessment and received therefor the new securities provided for by the Lake and Claypool, Ind.-V. 117 p. 1017.
plan. The balance has been placed privately and the syndicate subscribers
Interstate RR.-Authoritv to Issue Capital Stock.relieved of liability."
The Chase National Bank has been appointed registrar of voting trust
The I.-S. C. Commission on Sept. 29 authorized the company to issue
certificates for 775,000 shares of Common and 250,000 shares of Preferred, $471,000 of capital stock to be sold for cash at not less than par. The
Series "A"stock.-V.117. p. 1346.
report of the Commission says:
"The applicant proposes to issue $1,034,007 stock in respect of the
Central RR. Co. of N. J.-Decree in Coal Case.following: (a) acquisition of right-of-way. $1,130; (b) construction, comA final decree dismissing the objection of Isaac T. and Mary T. W.Starr pletion, extension or improvement of facilities, 1207.500: (e) discharge
to the sale of the Lehigh & Wilkes-Barre Coal Co. to the Jackson E. Rey- or refunding ofexisting obligations,$375,000;(d)refundment ofinstallments
nolds syndicate of New York, under the Reading segregation plan, has of Equipment Trust bonds paid, $263,000; (e) for additions and betterbeen filed by the U. S. District Court at Philadelphia. The decree is ments. $184,377.
based upon the recent decision of the Court that it would not set aside
"The applicant's authorized capital stock is $15,000,000, of which
the sale, for the reason the evidence showed it was made in good faith 17.704.700 was outstanding on June 5 1923.
and in conformity with the dissolution decree of the United States Supreme
"The proposed stock is to be issued for cash, at par, to the Virginia
Court. Sixty days are allowed for an appeal from the decree-V. 117. Coal dc Iron Co., which owns all of the stock except six shares quallfyng
p. 669, 323.
directors.
"Inasmuch as the issue of the full amount of capital stock for which
Chesar•en ice & Ohio Ry.-Orders Rails.
authority is sought would result in an excess of stock over the total inThe company has purchased 30,000 tons of rails for delivery next year. vestment in road and equipment, and as it further appears that the appliOf the total, an order for 13.000 tons were placed with the Bethlehem Steel cant's requirements for the current year are only $75,000, our authority
Corp. and 8,500 tons each to the Inland Steel Co. and the Illinois Steel herein will substantially cover items (a), (b), and (e), and $75.000 of item
Co.-V. 117, p. 1016.
(c), or a total of 1471,006.-Our authority will be granted on condition
that none of the proceeds of the stock shall be disbursed as dividends."
Chicago & Alton RR.-New Treasurer.V. 117. p. 325.
At the termination of 51 years of continuous service. H. E. R. Wood
Is retiring from the offices of Treasurer and Assistant Secretary of. the
Kansas City Southern Ry.-Guaranty.Chicago & Alton RR. and its subsidiary companies, and as neasurer
The L-S. C. Commission has rescinded its order entered June 28 1923
for the receivers.
(V. 117, p. 325) in so far as it affects the Texarkana & Fort Smith Ry..
James Williams is appointed Treasurer of the Chicago & Alton RR. and the original application as to that carrier has been dismissed and has
and Treasurer for the receivers; also Secretary, Treasurer and
Transfer granted authority to Kansas City Southern Ry. to assume obligation and
Agent for Common stock of the Kansas City St. Louis & Chicago HR.: liability, as sole guarantor, in respect of not exceeding $2,000.000 of First
Secretary and Treasurer of the Louisiana & Missouri River RR.: Secre- Mortgage 6% bonds to be issued by the Port Arthur Canal & Dock Co.
tary and Treasurer of the Mississippi River Bridge Co. and the Rutland (See offering in
*
' 117, p. 1245.) V 117, 13. 1236.
Toluca & Northern RR.-V. 117, p. 1460.
Chicago Aurora & De Kalb RR.-Dismantling.--
Judge Fulton at Geneva, Ill., recently refused to make permanent the
temporary restraining order obtained against Israel Joseph by the Illinois
Commerce Commission. Mr. Joseph. who some months ago bought the
property of the company for $90,000 as junk, can resume work of dismantling the road.-V. 117, p. 85.
Chicago Elevated Rys. Collateral Trust.--Sate, finjoine(l.-
Kansas( shoma & Gulf Ry.-Bonds Authorized.-
The 1.-S. C.
omission on Sept. 26 authorized the company to issue not
exceeding $250,000 of Series A bonds in connection with the carrying out
of plan of adjustment (V. 112. p.469; V. 108, p. 1936).-V. 116, p.2884.
2637.
Keokuk & Des Moines Ry.-Time for Deposits.The committee for the holders of the 5% 1st Mtge. bonds, due Oct. 1
1923 (F. .1. 'Amen, Chairman), says:
"The principal of the above bonds is now in default. The lease of the
company to Chicago Rock Island & Pacific Ry. Co. expires Dec. 311923.
It is imperative in order to aid the committee in protecting and conserving
the property and the bondholders' interests that bondholders who have
not already clone so shall without delay deposit their bonds with Farmers
Loan & Trust Co.. 22 William St., New York, depositary. Deposit of
bonds will not be received after Oct. 20 1923. except subject to such terms
as the committee may impose.-V.117, P. 1347. 1236.
The Illinois Merchants Trust Co., Chicago, as trustee for the secured
gold notes, was restrained from offering for sale at the Exchange Salesrooms,
New York, on Oct. 3 the shares of the South Side, Metropolitan and
Northwestern railroads held as collateral under the trust indenture. A
preliminary injunction granted minority Preferred stockholders ordered
postponement of the sale until Oct. 15. Hearing on the suit will be continued Oct. 9..
The sale of the Oak Park Ry., the first step in the plan for reorganization,
Lima City Street Ry.-Stock Authorized.was scheduled for Oct. 1, but disposal of the property was postponed until
The Ohio P. U. Commission has authorized the company to issue at par
Oct. 15 by Special Master Henry W. Wales.
$100,000
additional Common stock, the proceeds to be used for capital
Charges that Samuel Insult, President of Commonwealth Edison Co.,
conspired with late Attorney William G. Beale to obtain control of Chicago expenditures, extensions and betterments.-V. 117. p. 1017.
elevated railroads are contained in a petition for a receiver for the elevated
Lynch'burg Traction & Light Co.-Tenders.
roads filed at Chicago by Charles J. Felt and Charles E. Dickinson, stockThe Real Estate Trust Co. of Phila., trustee, will until Nov. 1 receive
holders, who state that they represent a stockholders' protective committee of Preferred stock. The suit is directed against toe U. S. Mtge. bids for the sale to it of 1st Mtge. 5% gold bonds, dated May 1 1901. to an
& Trust Co., present trustee; Samuel Insull, Henry A. Blair (of the Chicago amount sufficient to absorb 111,143 and also of Lynchburg Water Power Co.
Surface Lines); F. A. Vanderlip, New York, and others.-V. 115, p. 1346. 1st Mtge. 5% gold bonds dated July 11902. sufficient to exhaust $6,392.
at prices not exceeding par and int.-V. 114, p. 2359.
Chicago & North Western RR.-New Director.-
Walter W. Head of Omaha. Neb., has been elected a director to succeed
the late David B. Kimball.-V. 117, p• 893.
Chicago St. Paul Minn. & Omaha RR.-New Director.
Edson Snow Woodworth has been elected a director to succeed the
late David B. Kimball.-V. 116, p. 2120.
Macon (Ga.) Ry. & Light Co.-New Treasurer.-
W. E. Houser has been elected Treasurer succeeding L. A. Mal:raw. who
has been made a Vice-President.-V. 113, p. 960.
Mexico North Western Ry.-Protective Committee, &c.-
A committee has been formed to protect the interests of the holders of the
6% 15-Year Prior Lien bonds, the 5% 50-Year 1st Mtge. bonds and the 6%
Cincinnati Lebanon & Northern Ry.-Tenders.Cumulative Convertible Income bonds, and the holders of the different
The Farmers' Loan & Trust Co. will until Oct. 31 receive bids for the bonds are asked to co-operate by depositing their bonds with the deposisale to it of 1st consol. Mtge. 4% gold bonds to an amount sufficient to taries
named below. A circular issued to the bondholders says in substance:
absorb $12,760. at a price not to exceed par and int.-V. 100. p. 900.
In 1909 company was organized under the Laws of Canada with the object
acquiring in the northern part,of Mexico extensive timber areas with a
of
Colorado & Southern Ry.-.Abandonment of Branch.- view to the development of a lumber business and also for the purpose of
The L-S. O. Commission on Sept. 24 issued a certificate authorizing the consolidating some existing railway
lines and operating the same in concompany to abandon a branch line agending from Buena Vista to RonileY, nection with the lumber business.
in Chaffee County, Colo., including certain trackage extending westerly
In that year and subsequently, the company oreated and sold £5,600.000
from Romley, a total distance of 29.42 miles.----V. 116, p. 2631. 2006.
5% 1st Mtge, bonds which are still outstanding. Later the company sold
£750.000 6% Cumulative Convertible Income bonds, which matured
Danville (IlI.) Street Ry. & Light Co.-IVages.July 1 1922, and in 1913 an issue of £2,500,000 Prior Lien bonds was
A. new wage scale. retroactive to Aug. 1, was recently agreed upon by authorized, of which £1,671,000
have been sold and are outstanding.
1556
THE CHRONTCLE
The interest on the Prior Lien bonds has been in arrears since March 1
1914, that on the 1st Mtge. bonds since March 1 1913, and that on the
Income bonds since July 1 1912.
In 1911 a revolution broke out in Mexico. The State of Chihuahua,
Within which the railway and timber properties owned and controlled by the
company are situated, was one of the principal areas of revolution .rv
activity, resulting in very considerable damage to the company's permanent
way, rolling stock and other property. Conditions in the State of Chihuahua have somewhat improved in recent years but are still unsettled,
owing largely to the fact that the State covers a considerable area,is situated
a long way from the capital of the country and is very sparsely populated,
thus increasing the task of the Central Government in establishing normal
Conditions.
In Sept. 1914 Home Smith was appointed in Canada a receiver for the
bondholders. Mr. Smith is not optimistic as regards an early return to
prosperity, and it seems likely that it will be several years before conditions
will have improved to such an extent that the earnings of the company will
justify the payment of interest being resumed, even upon the Prior Lien
bonds.
As opportunities may arise in the future for opening up negotiations which
might result advantageously to the bondholders, it is very necessary that
some one with a mandate from all classes of bondholders should be in a
position to act with authority on their behalf. It is very desirable also
the
that the receivership in Canada should be terminated so as to avoid
continuance of the heavy costs which it entails, and that the road should
be rout into a position to be carried on normally by its officials without fear
of foreclosure proceedings or intervention by other creditors, although at
the present time the only creditors outstanding,apart from the bondholders.
are the ordinary creditors in connection with the current operation of the
business.
Having regard to the foregoing, holders of a considerable amount of the
different bond issues have requested the undersigned to act as a committee
in
in order to advise with and assist the trustees, the receiver and the board
safeguarding the interests of the bondholders, to study the situation, and.
the
for
submitted
of
plan
reorganization to be
if feasible, formulate a
consideration of the bondholders.
The committee has made a preliminary study of the situation, and inquiries convince them that the majority of the prior lien bondholders are
prepared to make substantial concessions in order to put the enterprise on
a safe and normal operating basis so far as feasible, and with as little expense
as possible, so as to avoid having to enforc e their rights in a way that might
result in wiping out the First Mortgage bonds and Income bonds, which
under all the circumstances they feel should be given a chance to participate
in the prosperity of the company if and when that returns.
The committee believes that such a plan can be carried through with the
consent and approval of the Prior Lien bondholders, provided they have the
co-operation of the holders of First Mortgage and Income bonds.
Bonds may be deposited at the following banks: Bank of Scotland,
30 Bishopsgate, London. E. C. 2, and head office, Edinburgh; Canadian
Bank of Commerce, 2 Lombard St. London, E. C. 3. Bondholders in
Canada and the United States may deposit their bonds with the Canadian
Bank of Commerce, Toronto, or with the agents of the Canadian Bank of
Commerce. 16 Exchange Place. New York, N. Y.
Bondholders' Committee.-E. R. Peacock (Chairman), Loring C. Christie,
H. Malcolm Hubbard, J. H. Clifford Johnston_, H. A. Vernet and R.
Wallace. with Thomas Porter, Sec., 3 London Wall Buildings, London,
E. C., 2.-V. 117, p. 1236.
[VoL. 117.
ment is to be vested in the trustee, which is to lease the equipment to the
following railroad companies. which are jointly and severally to covenant
to pay rentals sufficient to discharge the certificates and dividend warrants
and other charges as they mature: New York Central ER.. Michigan
Central RR. and Cleveland Cincinnati Chicago & St. Louis Ry.
The equipment to be vested in the trustee consists of 2.000 refrigerator
cars, 2.000 55-ton steel automobile boxcars. 2,000 70-ton steel hopper cars,
163 steel passenger train cars, 30 steel motor passenger cars. 75 milk cars
and 8 switching locomotives. The foregoing equipment is to cost 823,206,939 of which over 25%. or $5,866,939, is to be paid by the railway
companies in cash at the time of acquisition-V. 116, p. 2884.
N. Y. Central RR.-Plans New Niagara Rirer Crossing.A project for the construction of a new double-track railroad about
20 miles long, including a new crossing of the Niagara River about midway
between Buffalo and Niagara Falls, N. Y., Is announced by the New York
Central System in its plans to meet the requirements of its rapidly growing
traffic. It is being undertaken jointly by the New York Central and the
Canadian Pacific. and extends from a connection with the existing line of
the Michigan Central near Welland. Ontario, crossing the east and west
branches of the Niagara River and Grand Island to a connection on the
American side with the Niagara branch and the Tonawanda branch of the
New York Central near the city of Tonawanda. N. Y. Two corporations
have been created for the purpose of carrying out the project, the Canadian
Niagara Bridge Co. for tho section of approximately 9 miles in Canada,
and the American Niagara Bridge Co. for the 11 miles on the American
side of the International Boundary. The last-named company will also
construct a large classification yard on Grand Island. For further details
see article in "Railway Age" of Sept. 29. pages 575 to 577.-V. 117. p. 1462.
Now York 8, Q.Teens County Rv.-Creditors'
Creditors of the company other than the holders of the 1st Mtge. bonds
have learned from Gen. Linoln C. Andrews, receiver, that he has in hand
$8,010 or less to pay claims aggregating $7,227,017. They also learned
that even this amount was liable for city and Federal taxes and for claims
that might arise out of litigation now under way. Two suits are now
pending for the foreclosure of two mortgages held against the company,
each for $1.500.000-(Brooklyn "Eagle").-V. 117. p. 208.
New York Rapid Transit Corri.-Reoistrar.The Chase National Bank has been appointed registrar of 189,000 shares
of Capital stock.-V. 117, p. 1347.
Northern Ohio Traction & Light Co.-Additional
%
Bonds Offered.-The National City Co. recently sold at 923
and int. an additional block of $380,000 Gen. & Ref. Mtge.
Gold bonds, Series A, 6%. Dated Mar. 1 1922. Due
Mar. 11947. A circular affords the following:
Corn pany.-Owns and operates a successful and growing electric light and
power business and a comprehensive system of city and interurban railways
In the important Cleveland-Akron-Canton industrial section of Ohio.
The electric light and power business of the company has expanded to five
times its volume in 1914 and for the 12 months ended July 31 1923 contributed over 74% of the company's aggregate net earnings.
Capitalization Outstanding.
Common stock
$9.900,000
Preferred stock, paying 6%
4.612.100
Milwaukee Electric Ry.& Light Co.-Notes Called.7%
paying
Series
stock,
Preferred
x1.955,300
notes,
gold
Secured
7%
-Year
5
$3.600,000
All of the outstanding
Series A,6%,due 1947 11,284.500
A-1, due Nov. 11923, will be redeemed Oct. 31 1923 at par and int, at the General & Refunding Mtge. Gold bonds,
1.856.000
office of the company, Public Service Bldg., Milwaukee, Wis.-V. 117. Secured 6% Gold bonds, tine June 1 1926
First Lien & Refunding Mtge. 5s, due 1956
y5.253.500
p. 1236. 1017.
Underlying divisional mortgage bonds(3 issues, due Jan. 11933) z3,991,000
x Does not include stock sold locally since July 31 1923. y Does not
Mobile & Ohio RR.-Annual Report.include $11,669,500 bonds pledged under the General & Ref. Mtge., or
1920.
1922.
1921.
Calendar YearsE2,320,000 bonds pledged as security for the Secured 6% Gold bonds.
$15,101,087 $15,345.283
Freight
z 36.774,000 additional underlying divisional mortgage bonds are pledged
1,866.840
1,813,031
Passenger
under the First Lien & Refunding Mtge.
741.921
741,138
Mail,express, &c
Earnings for Calendar Years.
222,747
236,135
Incidental, &c
Gross
Net Earnings
Interest an
$17,878,005 $18.190.180
Total operating revenues
,After Taxes. Funded Debt.
Earnings.
Year.
Operating Expenses$2,437.436
$1,088,463
1910
$520.707
Maintenance of way &structures- __ _ /2,139,157 $2,487.323
2,996.037
1,293.271
1912
524,800
3.908.679 4,906.173
Maintenance of equipment
3.636,085
1.398,656
1914
575.953
Figures
515,336
540,060
Traffic
5.170.442
2,299.463
1916
588,925
not
6,695,226 7,548.454
Transportation
7,224
.142
2,063.449
1918
766,593
com13,900
10.831
Miscellaneous operations
10,909,630
2,378,982
1920
883,553
parable
565.267
628,924
General
9,263,152
2,426,621
1922
1,119,996
275
304
Transportation for investment-Cr
10,149,224
2,457,346
1923 x
1,156,699
Twelve months ended July 31.-V. 116. p.2389.
x
513.834,221 $16,124,530
Total operating expenses
Net revenue from operations
Taxes
Uncollectible revenues
Hire of equipment
Joint facility rents
$4.043.784 $2.065,650
$737,627
3761.598
1.279
2.040
227.162
140,890
340.465
291.900
$1,330.502
$890,676
Total other expenses
$2,713,282 $1.174.974 loss$730,449
Operating income
Non-Operating Income$705.556 $1,325,000
From U.S. Govt.acct.6 mos.guar..- Dr.$99.820
40,216
55,181
43,589
Miscellaneous rent income
10,445
3.738
leased
Dr.1.395
Income from rail
1.720
1,770
1.720
Dividend income
37.372
36,532
42,306
Inc.from unfunded secure. & accts...
Dr.4
408
667
Miscellaneous income
$684.300
$2.716,865 $1,961,644
Total gross income
DeductionsCr$11
Cr$8.627 Cr$29.194
Rent for leased roads
9,374
7,602
7,912
Miscellaneous rents
1.399
Miscellaneous tax accrual
279.586
229,758
properties
274,455
operated
Separately
89.369
26,959
35,836
Interest on unfunded debt
5,019
4.853
11,396
MLscellaneous income charges
1,359.090
1,353,840
1,354,215
funded debt
96.784
75.102
84,751
Interest on equipment obligations__ _
(4%104n.672
Common dividend
$201.705df$1,127,127
at?S.290
Bal. carr. to credit of P. & L
z Dividend of $240,672 for 1921 and 1920 charged to profit and loss.
The profit and loss account Dec. 31 1922 shows: Credit balance Dec.
31 1921, $8,108,246; add credit balance of income for year 1922, $778,290;
total, $8.886.536: deduct net miscellaneous debits, $21,913: credit balance
Dec. 311922, $8,864.623.-V. 116. p. 2767.
I
1s1PtinrP1 RPiINA•Pyg rse M"vie".-13^1"(1 of Dirrefors.-
At the annual meeting of the stockholders held in Mexico City Oct. 3
1923 the following were elected directors of this company for the ensuing year:
Resident in Mexico.-Vito Alessi° Robles. Fernando Gonzalez Rea,
Adolfo de la Huerta, Eduardo Iterbide, Agustin Legorreta, Eduardo Ortiz,
Alberto J. Pani, Joaquin Pedrero Cordova, Roberto V. Pesqueira, Adolfo
Prieto, Leon Salinas, Jose Vasconcelos.
Resident in United States -Crabs R. Felix, Jerome J. Hanauer, Jesse
Hirschman, Robert G. Hutchins Jr.. Lenora F. Loree, Faustino Roel,
Walter T. Rosen, Henry Ruhlender, William Wiseman.-V.117. p. 208.
New York Central Lines.-Equip. Trusts Sold.-J. P
Morgan & Co., First National Bank, National City Co..
Guaranty Co. of New York and Harris, Forbes & Co. are
according to
offering at prices to yield from 0.4% to 5
maturity,$17,340,0005% Equipment Trust gold certificates.
(See advertising pages.)
Issued under the Philadelphia plan.
of
annum, June 1
$1,156.000 per
Dated June 11923. Serial maturities
at
1924 to June 1 1938. both inclusive. Dividends payalale (J. ad D )
and
the office of Guaranty Trust Co., N. Y., trustee. Denom. $LOW
c*.
$500
Issuance.-Authorization approved by the I.-S. C. Commission.
The certificates are to be issued to provide for part of the cost of the
standard new railway equipment described below. The title to the equip-
Pennsylvania-Detroit RR.-Lease.-p. 291.
Pennsylvania RR.-Lease of Penna.-Detroit RR.-
See Pennsylvania RR. below.-V. 107,
'The I.-S. C. Commission has authorized the company to acquire control
of the railroad and property of the Pennsylvania-Detroit RR.In accordance
with the terms of the lease, provided, however, that the Pennsylvania
RR.shall not hereafter sell, pledge or otherwise dispose of the capital stock
of the Pennsylvania-Detroit RR. without the consent of the Commission.
The report a the Commission says in substance:
Tim railroad of the Detroit company extends from a connection with the
Pere Marquette By. at Carleton. Mich., in a northerly direction to a connection with the Wabash By. at Detroit, a distance of about 19.96 miles.
It also owns certain extensions and branches in and near Detroit. Mich..
having an aggregate length of about 8.98 miles. The total length of its
owned railroad is about 28.94 miles. In addition it has trackage rights
in and near Detroit over the Wabash, Pere Marquette and Fort Street
Union Depot railways amounting to about 21.11 miles. It also has trackage
rights over the Pere Marquette Ry. between Carleton, Mich., and Alexis
Junction. 0., a distance of about 25.33 miles. Between Alexis Junction, 0„.
and Toledo, 0.. a distance of about 4.37 miles, it operates over the Ann
Arbor RR. The total distance operated under trackage rights is about
50.81 miles.
The Detroit company was incorporated in Michigan Fob. 27 1917 with
authority to construct and operate a line of railroad in that State. Its
outstanding capital stock is $5.000,000. all of which, except directors'
qualifying shares, is owned by the Pennsylvania. So long as this situation
continues, the payment of rentals will be no more than a matter of bookkeeping. It has no bonds outstanding, but as of May 31 1923 its nonnegotiable debt to affiliated companies amounted to $5.867,284. representing
construction expenditures, chiefly moneys advanced by the Pennsylvania.
Construction work was begun in 1917 and the line opened for passenger
traffic on Jan. 1 1923 and for freight traffic on May 1 1923. The entire
project. however, is not yet completed.
By the terms of the proposed lease (which runs for 999 years from June 1
1923) the Pennsylvania agrees to maintain and operate the leased railroad
and to pay to the Detroit company. as rental, a sum equivalent to 5% per
annum on the aggregate par value of the Detroit company's issued and
outstanding capital stock, and such percentage as may be agreed to upon
any additional capital stock that may be issued after Jan. 1 1923 by the
Detroit company with the approval of the Pennsylvania. The Pennsylvania is also to pay all taxes as they shall accrue and a mum each year sufficient to pay all installments of interest and sinking funds when due and
payable on its bonded and other indebtedness, as well as such sum as may
be necessary to maintain the corporate organization of the Detroit company.
The proposed acquisition of control will simplify the operation of the
leased property and permit of economies in such operation, and will eliminate
a considerable amount of accounting expense and duplication of reports
to Federal and State authorities. The line to be leased does not parallel
or compete with the line of the Pennsylvania, but, on the contrary, it provides a through and direct route for that carrier to and from Detroit.
V. 117, p. 1347, 1236.
Philadelphia Rapid Transit Co.-Transit Plan.-
The citizens of Philadelphia on Sept. 18, by a vote of about 4 to 1, expressed their approval of "Step No. 1" of the proposed comprehensive
transit plan adopted by the City Council after a series of meetings with the
Transit Commission and the Philadelphia Rapid Transit Co. "Step No. 1"
provides for a four-track Broad St. subway from Olney Ave. to Spruce St.,
the Ridge Ave. loop and subway lines in Chestnut and Walnut streets to
West Philadelphia. The voters also approved the using of funds voted for
In 1916 and 1920, for the new plan instead of for tho purposes for which they
were originally intended.-V. 117, p. 1463..
OCT. 6 1923.]
THE CHRONICLE
1557
retirement of bonds'on Feb..1 1923 the Pennsylvania asks authority
Pittsburgh & West Virginia Ry.-Preferred Dividends. the
to sell the bonds to be delivered to it at a price not less than 90 and interest.
The directors have declared two regular quarterly dividends of SI 50 -V.
116, p. 617.
each on the Preferred stock, payable Nov. 30 1923 and Feb. 29 1924, to
holders ofrecord Nov. 1 1923 and Feb. 1 1924,respectively.-V.117,p.1463
United Rye. Co.' of St. Louis.-Receiver's Certificates-
Public Service Ry.(New Jersey).-Receivership Denied- Offered.-Guaranty Co. of New York, William R. Compton
Co., Mississippi Valley Trust Co., First National Co.,
Francis, Bro. & Co.; Mercantile Trust Co., and MercantileTrust & Deposit Co. of Baltimore are offering at 99 and
int. to yield about 6%%,$4,200,000. Receiver's 3-Year 6%
Certificates of Indebtedness. (See advertising pages.)
Vice-Chancellor Backes in the Chancery Court at Newark Oct. 2 refused
to appoint a receiver for the company. The order to show cause why a
receiver should not be appointed was taken out by William Harris, an
attorney representing Louis Waldman of 96 Springfield Ave., Newark, a
stockholder.
In the application filed, it was alleged that the non-operation of cars
and the alleged insolvency of the company made a receivership necessary.
When the Vice-Chancellor refused to appoint a receiver. Harris asked
that the bill be held and that the hearing be adjourned four months. The
Court declined to do this and dismissed the bill.
In line with its policy to curtail ruinous jitney competition paralleling
tracks of the company, the New Jersey.P. U. Commission has notified
various municipalities that jitneys which receive emergency permits during
the trolley tie-up must now comply with the statute requiring consent
of municipal and State authorities to operate.-V.117, p. 1463, 1347.
St. Louis Troy & Eastern RR.-Equip. Trusts Offered.Stifel, Nicolaus & Co. and Liberty Central Trust Co. St.
6%,
Louis, are offering at prices to yield from 5H% to'
according to maturity, $280,000 6% Equipment Trust
certificates, Series "A.'
Issued under the Philadelphia plan. Liberty Central Trust Co., St.
Louis, trustee. Dated Oct. 1 1923. Payable semi-annually in serial
installments April 1 1924 to Oct. 11930, both inclusive. Denom. $1,000.
Divs. payable A. & 0. at the office of the trustee.
The certificates are to be issued in part payment for standard railway
equipment, consisting of 200 new gondola type,50-ton steel frame coal cars,
to be constructed at a cost of approximately $350,200.-V. 117. p. 1348.
San Francisco-Sacramento RR.-To Defer Dividend.-
The company will defer payment of the quarterly dividend of 15,1% usually paid Oct. 15 on the 7% Cum. Pref. stock.-V.115, p. 1633.
Tennessee Alabama & Georgia Ry.-Note.The I.-S. C. Commission on Sept. 26 authorized the company to issue
$12.796 promissory notes in connection with the procurement of one
motor coach. The company has entered into an agreement with the
Service Motors, Inc., for the purchase of the motor coach at a cost of
$17,062. Payment will be made $4,265 in cash and the balance will be
represented by 12 Equipment Trust notes, bearing interest at the rate of
7 per annum,six of which will be for $1,066 each, and six for $1,066 each.
The notes will be payable one each month during a period of 12 months.
-V.117. p. 1237.
Trans-Mississippi Terminal RR.-Extension.The Texas & Pacific Ry. and Missouri Pacific RR. have applied to the
I.-S.0.Commission for permission to extend for one year from Nov. 1 1923
the maturity on $3,653,000 6% 3-year gold notes of the Trans-Mississippi
company and to increase the interest rate to 6,34%. At the same time the
Trans-Mississippi company applied for authority to extend the maturity
on a $1,000,()00 Government loan from Nov. 1 1923 to Nov. 1 1924.V. 110, p. 2393.
Union Pacific RR.-Issuance of Bonds.The I.-S. C. Commission on Sept. 26 authorized the company to issue
$20,000,000 1st Lien & Ref. Mtge. bonds now hold in its treasury, and,
preliminary to such issue. (1) to substitute for a temporary bond now in
its treasury in the principal amount of £4,000,000, payable in sterling
money, a temporary bond or bonds in the principal amount of $20,000,000,
payable in United States gold coin: (2) to cancel the provision in $34,098,000 of 1st & Ref. Mtge. bonds, now held in its treasury, which excepts
Federal income taxes from the operation of the tax covenant contained
in the mortgage, and (3) to issue temporary bonds or interim receipts
pending the preparation of definitive bonds.
The report of the Commission says in part:
"The 1st Lien & Ref. mortgage dated June 1 1908 and supplements
thereto made by the applicant to Equitable Trust Co.. New York, trustee,
provides for the issue of a total of $200,000,000 of 100-year bonds bearing
Interest at 4%, per annum,of which $100,000,000 are reserved for refunding
1st Mtge. RR. & Land Grant 4% bonds. The remaining $100.000.000
of bonds have heretofore been authenticated by the trustee and delivered
to the applicant in respect of expenditures for capital purposes made prior
to Jan. 14 1915. Of that amount $65,902,000 are outstanding and $34,098,000 are held in the treasury. Provision is made in the mortgage
for the issue of bonds payable either in sterling money or United States
gold coin, and a rate of equivalence to $5 for each pound sterling is prescribed.
Appllcant states that its estimated cash requirements for the entire
system controlled by it, for the remainder of the current year and for
1924. including expenditures for property investment account and regular
Interest and dividend payments, will exceed the estimated net income
for that period from all sources by approximately $20,000,000. It proposes, therefore, to convert a temporary bond in the face amount of
£4,000,000, now in its treasury, into a temporary bond or bonds in the
face amount of $20,000,000 and to sell the latter in order to provide the
necessary funds. It also proposes to execute a supplemental indenture
under date of June 1 1923, which will provide for such increase of the
rate of interest to be paid upon 1st Lien & Ref. Mtge. bonds remaining
unissued as may be determined by the directors. The applicant also
seeks authority to lucre ise the rate of interest from 4 to 5% per annum
on the bonds now held in the treasury, in accordance with the provisions
of the proposed supplemental indenture and in order to facilitate sales
of the bonds.
Arrangements have been made for the sale of the proposed bonds to
Kuhn, Loeb & Co. at 97 and int. See offering in V. 117, p. 1130. 1237.
United Gas & Electric Corp.-Earnings.1923.
Twelve Months Ended Aug. 31Gross earnings
Operating expenses, maintenance and taxes
Net earnings
Non-operating income
1922.
$13,608,205 $12,070,329
39,041.199 $7,925,853
$4,567,006 $4,144,476
168,680
124,883
Total gross income
Interest on funded debt
Other fixed charges
Reserve for renewals and replacements
54,735.686 $4.269,359
*1.235.624 *1,254,917
496,635
498,728
926.934
732,944
Inter-company dividends
*2.076,493 *1,782,769
24,428
19,214
Balance available for dividends
Proportion not applicable to holding companies_
*2.052,065 *1,763,555
421.612
396,657
Holding companies' proportion
-V. 117, p. 1463, 670.
$.1.630.453 $1,366,898
Western Pacific Railroad Corp.-New Director.-
John Y. Robbins has been elected a director, to fill a vacancy.-V.117.
P. 1126, 1018.
United New Jersey RR. 8c Canal Co.-Bds. Authorized.
The I.-S. 0. Commission on Sept. 26 authorized the company to issue
not exceeding $1,824,000 Gen. Mtge. 434% bonds, to be delivered to
the Pennsylvania RR. at par in reimbursement of expenditures made by
the latter in retirement of certain bonds of the former.
The Commission also authorized the Pennsylvania RR. to assume
obligation and liability in respect of the above bonds.
The properties of the United New Jersey RR. & Canal Co. are operated
by the Pennsylvania RR. under lease. In accordance with the terms of
the lease, the Pennsylvania paid, at maturity, Feb. 1 1923, $1,824,000
Oen. Mtge. 4% bonds of the United, and the lessor is required to deliver
to the lessee upon request Oen. Mtge. bonds in an amount equal to the
amount of bonds paid and retired by the lessee.
In order to comply with the terms of the lease the United company has
asked authority to issue the aforesaid bonds to be delivered to the Pennsylvania: and in order to reimburse its treasury for expenditures made in
Dated Oct. 1 1923. Due Oct. 1 1926. Denom. $1,000. Interest
payable A. & 0. at Guaranty Trust
New York, or First National
Bank in St. Louis. Redeemable on any
Co.'interest date upon four weeks'
notice at 101-3. and interest on or before April 1 1925: at 101 and interest
on Oct. 1 1925, and at 100A and interest on April 1 1926.
Issuance.-Approved by the Missouri P. S. Commission and the U. S.
District Court.
Data from Information Furnished Bankers by Rolla Wells, Receiver
Company.-Owns practically all the street railway -lines in the City
and County of St. Louis. System comprises approximately 480 miles
of track, of which about 461 miles are ownet directly and about 19 miles
owned by a subsidiary. Since April 1919 the system has been operated
by a receiver appointed by the U. S. District Court.
Purpose.-Proceeds are to be applied toward payment of $4,200,000
Receiver's 3-Year 7% Certificates of Indebtedness due Oct. 1 1923.
Security.-These certificates are to have a first lien on 277 miles of
street railway (single track equivalent) which is approximately 60% of
the system. This mileage comprises a number of the most important
trunk lines, including the Olive St., Broadway, 13ellefontaine, Grand Ave.,
Fourth St., Jefferson Ave., and Wellston routes.
The certificates are also to have a lien, subject to $10.600,000 outstanding divisional bonds, on the remaining property and franchises ofthe company, including 184 additional miles of track.
The properties upon which these certificates are to have a lien have
recently been appraised by the Missouri P. S. Commission at a valuation
for rate-making purposes in excess of $52,000,000. This valuation is
being appealed by both the company and the city of St. Louis.
The aggregate principal amount of these certificates and the divisional
bonds remaining outstanding is less than 29% of this valuation.
Equity.-These certificates are to rank prior to $30,300,000 United
Railways Co. of St. Louis 1st Gen. Mtge. 4s, and $9,790,000 junior bonds,
upon which interest has always been paid.
Earnings-Year ended Dec. 31.
Gross
Gross
Gross
Gross
Revenues.
Revenues. Income.
Income.
1913
$12,786,995 $3,559,703 1919
$16.669.122 $2,395,483
3,701.4421914
12,538,826
20.413.585
3,126,296 1920
3.105,985
1915
11.779,685
19,874,901
2,853,495 1921
1916
3,425.155
12,723,882 3,432.119 1922
20,166,387
3,720,1331917
13,220.262
3,166,206 y 1923
20,648,831
1918
13.756.316
2,140,573
The annual interest requirements on these certificates and the divisional
bonds remaining outstanding will be approximately $1,000,000.
x Gross income after all expenses and depreciation. y For the 12
months ended July 311923.
Ertenlion of Underlying B4nds Denied by Court.Federal Judge Faris in the U. S. District Court at St. Louis has denied
the application for an extension of three underlying bond issues aggregating
$4,100,000. which matured Oct. 1. These issues are as follows: (a) SI.474,000 Lindell By. 1st Mtge. 8s: (b) $986.000 Compton Heights Union
Dep. & Mer. Terminal 1st 6s, and (c) $1,640,000 Cass Ave. & Fair Grounds1st es.
Other underlying bonds now in default are: (1) $4.500.000 St. Louis
& Suburban Gen. Mtge. 5s, due April 1 1923, and $2,000.000 St. Louis &
Suburban Cense]. Mtge. 8s, due Oct. 1 1923.-V. 117, 1). 1237.
West Jersey Rc Seashor‘
,
.. RR.-1.'emmi,ttee'At a meeting of the committee for the stockholders appointed by the
board to consider a lease of the property to the Pennsylvania RR., David
Baird resigned as chairman of the committee because of the press of other
business and in his stead William J. Sewell was elected chairman. Mr.
Baird remains a member of the committee.-V. 117, p. 1463, 1237.
West Penn Power Co.-Acquisition.The Pennsylvania P. S. Commission has approved the application of the
Rural Valley Borough Electric Corp. for the sale of its property, franchises
and contracts to the West Penn Power Co.-V. 117, p. 441, 209.
Wyoming North & South RR.-Opens for Traffic.Middle States Oil interests announce that the first section of its
Wyoming railroad began regular train service to the Salt Creek oil field
Sept. 25. The Chicago & Northwestern has announced joint and interchange rates with the new line.-V. 117, p. 1130.
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 "Chroniele."
Steel and Iron Production, Prices, akc.
The review of market conditions by the "Iron Age,"
formerly given under this heading, appears to-day on a
preceding page under "Indications of Business Activity."
Coal Production, Prices, &c.
The United States Geological Survey's report on coal
production, together with the detailed statement by the
"Coal Trade Joumal" regarding market conditions, heretofore appearing in this column, will be found to-day on a
preceding page' under the heading "Indications of Business.
Activity.'
Oil Production, Prices, &c.
The statistics regarding gross crude oil production in theUnited States,compiled by the American Petroleum Institute
and formerly appearing under the above heading, will be
found to-day on a preceding page under "Indications of
Business Activity."
Prices, Wages and Other Trade Matters.
Refined Sugar Prices.-On Oct. 3 Arbuckle Bros. advanced price 25 pts.
to 9.25c. per lb. All (quotations new vary between 9.25c. and 9.500. a lb.
New Type Goodrich Tire.-B,F. Goodrich has officially listed balloon tires 4i 3 low-pressure large section type recently developed) at prices ranging
m $25 35 to $68 55, according to size. "Wall Street Journal" Oct. 1.
p. 10.
Long Shoremen Win Wage Increase.-Rate now is 800. per hour (10c.
increase), with El 20 per hour overtime (formerly $1 07 per hour). Checkers' wage (formerly $5 40 per day) was raised to $6 per day, with $1 20
per hour overtime. Forty-eight-hour week was not cut to 44 hour week,
but owners agreed to the shorter period during June, July, Aug. and Sept.
New York "Times" Sept. 29, P. 7.
Paper Box Makers Strike.-Between 4.000 and 5,000 employees demand
44-hour week, recognition of union, 10 legal holidays with pay and minimum wage of $25 per week for women and $38 for men. "New York Times'
Oct. 4, p. 9.
Marble Workers Strike.-About 1,200 marble cutters,-setters and carver
strike Oct. 1. The two former classes receive $10, demand $11 per day -
k
1558
[VOL. 117.
THE CHRONTCLE
In an equity suit brought by Michael P. Murphy against the company
Sidney L. Willson, President of the company, was appointed receiver
Oct. 5 in the Federal District Court by Judge Learned Hand. The oetitioner claims $200.000 on loans. The petition for a receiver states that the
company Is solvent, but that a receivership is necessary owing to shortage
of cash and threatened suits by creditors. The appointment of S. L.
Wilson as receiver, it Is stated, Is a friendly action brought to conserve the
assets,
and will in no way interfere with plans of the stockholders committee
Reported.
-Sale
Acme Steel Goods Co.
(B. W. Jones. Chairman) for a rehabilitation of the company s finances.
See Inland Steel Co. below.-V. 117. p. 1130.
On Sept. 20 a petition for the appointment of a receiver was filed in the
New Jersey Court of Chancery by Emanuel W. Kaiser, a stockholder.
Air Reduction Co. Inc.-New Director.on this application had been set for Oct. 9. On Oct. 1 a petition
Gates W. McGarrah, Chairman of the Mechanics & Metals National Hearing
was flied In the Federal District Court at Boston for the appointment of an
Bank, has been elected a director, succeeding John V. McHugh.-V. 117. ancillary
receiver by the same stockholder, and Oct. 15 was sot for a hearing.
556.
D.
It was reported yesterday (Oct. 5) that receivership proceedings in New
Jersey have been ordered discontinued and similar orders have been issued
Aluminum Co. of America.-Federal Trade Commission regarding
the action taken in Boston.-V. 117. p. 1351. 1238.
Asks Court Order to Dissolve Company.Trade Commission
Amoskeag Manufacturing Co.-Financial Statement.A Washington dispatch Oct. 3 states that the Federal
Years ending-June 2 '23. May 28 '22. May 28'21. May 29 '20.
has petitioned the Supreme Court for a permanent restraining order against
Cotton and worsted cloth
the company in regard to the dissolution of two of its subsidiary companies.
that
produced (yards) _ __ _116,539,617 132,576,849 147.548,074 160,566.549
The case has been before the Commission since March 9 1921. Ondivest
Sold (yards)
96.228.411 138.117.958 146.934.297 161.450,505
date the Commission issued a formal order against the company to
appealed Cotton bags produced
11.754
700.995
Itself ofstock in the Aluminum Rolling Mills. The Aluminum Co.modificafor a
Sold
82.114
662.735
the case to the Circuit Court and finally to the Supreme Court
Gross sales
$22.162.477 $24.838.805 $31.287,074 356.319,933
tion of the Commission's order but on both occasions the company's request
make
to
Cost of manufacturing.._ 24,454.345 23.449.925 28.984.549 52.467,644
was denied. The Commission now is asking the Supreme Court
its order permanent and without in any way making the alleged indebtedness
Operating income_ _def.32,291.868 $1,388,880 $2,302.525 $3.852,289
claimed by the Aluminum Co. of America a burden upon the properties
2.216,385 deb.740.792deb1,029,878
Other income
516.628
Involved -V. 116. p. 938.
while the carvers, who receive $12 per day, have made no new demands
-New York "Times" Oct. 5, p. 30.
Matters Covered in "Chronicle" Sept. 29.-(a) Lessons of the Pressrooms
Strike, p. 1390. (b) Strike of Pressmen on New York Daily Papers Fail
of Success, p. 1423. (c) New Capital Flotations in August and the eight
months since Jan. 1, p. 1393 to 1397.
Amer. Agricultural Chemical Co.-New Officers, &c.-
Edward F. Daniel, Jr., and James H. Brodie have been elected VicePresidents. A P. Stemm resigned as Treasurer shortly before the close
meeting
of the last corporate year: no successor was elected at the directors'
for organization held on Sept. 27 last. J. D. Cameron Bradley was not
re-elected a Vice-President.-V. 117. p. 1350.
American Bosch Magneto Corp.-Plans for Merger
Dropped.The plans which were being considered early in September for a merger
been
of American Bosch Magneto Corp. and Gray & Davis. Inc.. have now
definitely dropped. The present arrangement will be continued of sales
selling
is
Bosch
American
whereby
companies
contract between the two
agent for Gray & Davis products. (Boston News Bureau.)-V.117, p. 442.
Net income
Dividends
loss$75,483
2,005,200
$648.087 $1.272.647 34.368.917
2.523.600
2.523,600
1,684.800
Balance. deficit
$2,080.683 $1.875.513 31,250,953sur$2684,117
Consolidated General Balance Sheet.
AssetsJune 2'23. May 28 '22. May 28'21. May 29 '20.
$3,000,010 $3.000,000 e3.000.000 33.000.000
Real estate & mach'y
Mdse.,cash & accts.rec_ 46.648,509 35.680.283 37.455.399 39.521.612
Total
349,648,509 $38,680,283 340.455.399 342.521,612
Liabilities3280,000 31.818.942
Notes & accts. payable_ _$16.350.000 516,250.000
Profit & loss & reserves_ 33.298,509 32,430,283 40.175 399 40.702.670
Total
349,648.509 338.680,283 $40,455.399 $42.521,612
At the annual meeting Oct. 3 Treasurer F. C. Dumaine stated that the
amount of cotton goods on hand at the end of the fiscal year was 24,634.000
yards, against 4.836.000 yards the year before, and the amount of worsted
goods on hand was 934,000 yards. against 420,000 the year before. Of the
total production during the year, 110,353,000 yards was cotton cloth and
6,186,000 yards worsted cloth.
In explanation of the loss for the year it was stated that the period
covered a complete shutdown of the works, owing to the strike, for six
months. It was not until Jan. 1923 that normal manufacturing was
resumed.
Explaining the balance sheet, Treas. Dumaine said that the investment
American Glue Co.-Resignation.item. $28,000.000. was entirely Liberty bonds. The inventory amounted
George Upton, who. it is stated, has disposed of a large percentage of his to 33.867,565: cash and accounts receivable. $13.880.6r3.
The Stark Mills purchase was concluded and all Fe:feral tax differences
holdings in the stock of the company to President J. P. Lyman and associates. has resigned as Gen. Mgr., but will continue as a Vice-President in adjusted during the period. These factors presumably account for the
charge of the company's Philadelphia and Canadian interests.-V. 117, p. increase in the floating debt.
Regarding the future. Treasurer Dumaine said: "I cannot give a very
1350.
encouraging idea of the outlook. It appe rs as though we wore entering a
Sub.Co.
in which it would be difficult to dispose of all the company's prodperiod
of
Holdings
-Sells
Corp.
International
American
The comp any has disposed of its stock holdings in Carter, Macy & Co. ucts."
associates.
his
Co..
&
Macy
Carter.
of
and
President
Derouln.
Mills Close Down for Indefinite Period.Inc.. to A. N.
The disposition of Carter. Macy & Co.. Inc.. Is a further step in the proThe following notice was.posted on Oct. 4 in the plants of the company
its
in
investment
its
liquidate
to
Corp.
International
American
of
gram
at Manchester. N. H.: "Conditions in our business necessitate an immeproprietary companies. American International's investments in Carter, diate curtailment in our cotton department at this time. Accordingly
to this department will be closed Oct. 6 for an indefinite period. As the
Macy & Co.. Inc., according to the annual report of 1922 amounted
$1440000. Carter. Macy & Co.. Inc.. are importers of tea. The combusiness improves and we are able to start various looms, notices will
pany showed for year 1922 net profit on operations of $61,619. against net appear in the newspapers.
loss in 1921 of $151.560. Late in 1922 the company for the first time en"The worsted and chemical departments will not be affected and will
671.
442,
gaged in handling coffee with satisfactory results.-V. 117, p.
run as usual."-V. 116, p. 179.
American Cyanamid Co.-Shipments, Sales, &c.-
Net value of shipments of various products for July last totaled $597.655.
Sales of the various products for July represent a value of approximately
$690.000. The company has in hand as of July 31 1923 contracts for various products for delivery prior to June 30 1924 of a sales value of approximately $5.340.000.
Net value of shipments of various products for June last totaled $757,914.
Sales of the various products for June represent a value of approximately
3527.000. Compare also report for year ended June 30 1923 In V. 117.
p. 890. 556.
American Light & Traction Co.-Stock Dividend.-
The directors have declared a cash dividend of 1,5i% on the Preferred
stock, a cash dividend of 1% on the Common stock, and a dividend at the
rate of one share of Common stock on every 100 shares of Common stock
outstanding, all payable Nov. 1 to holders of record Oct. 11. Quarterly
cash dividends of 1% and stock dividends of 1% have been paid on the
Common stock since Feb. 1921.-V. 117.p. 1238.
American Railway Express Co.-New Officers.President G. C. Taylor has announced the appointment of Frederick S.
rfolbrook as Vice-President in charge of traffic, to succeed the late D. S.
Elliott. Mr. Holbrook. formerly Vice-Pres.& Treas., will be succeeded by
John W. Newlean.-V. 116. p. 2259.
American Steel Foundries.-Operations.
President R. P. Lamont is quoted as follows:"We operated in August at
capacity and have been running in September at between
virtually IN
However. new business has not been in sufficient volume
05% and 100
to maintain this rate. Our operations must shortly begin to taper off and
by the end of the year will probably be nearer 60%.
"Buying of new cars and locomotives is practically negligible. This is
due in part to the extraordinarily heavy purchases the first of the year and
in part to the price situation. It is possible the railroads may continue to
hold off until Congress has convened and declared itself. Many roads will
still be taking deliveries the early part of next year on this year's orders.
From the standpoint of earnings the current year will be one of the best."
-V. 117. p. 556, 442.
American Wholesale Corp.-September Sales.1023-Sept.-1922.
$2.764,078
$3,194.895
-V. 117, p. 1131.
Increase. f 1923-9 Mos.-1922.
Increase.
8430.8171824.435.074 $22,174,198 $2,260,876
American Woolen Co., Boston.-Status.-
President William M. Wood, in connection with rumors which have appeared lately concerning the affairs of the company. says:
"I cannot be expected constantly to be refuting recurring false rumors,
but 1 feel that stockholders should be protected from them so far as lies in
my power.
"The $7 common dividend this year will be earned and paid. The company. moreover, has a profit and loss surplus of $33.000.000 built up
through a long period of years. This the management and directorate
naturally have always regarded, since the mills are entirely free of liens or
obligations, as protection for the preferred and common dividends. The
only possible future financing might be a small issue of notes on the recently
acquired Slater Mills to cover projected alterations, improvements and
equipment. These notes would be liquidated out of earnings as was the
case with the notes of the Wood & Ayer Mills, which are now part of the
parent system.
"The total value of the unfilled orders on the books of the company
Sept. 1 1923 was in excess of any year's business with one exception prior
to the war."-V. 117. p. 1351.
American Writing Paper Co.-Stockholders' CommitteeReceivership.-The following have consented to act as a committee to protect the interests of the stockholders of the
company. An announcement Oct. 6 says:
Anaconda Cooper Mining Co.-A causition See National Conduit & Cable Co. below.-V. 117. p. 784.
Anglo-American Oil Co. Ltd.-Earnings, &c.as follows:
'
Chairman F. E. Powell is quoted
"In the first six months of 1923 we earned more than 15% on our f3.000,000 capital stock, and our four big months are ahead of us. Earnings have
been satisfactory. Out of them we paid on Oct. I last 31.250.000 to reduce
outstanding notes. Our note Issue Was originally $15.000 000 and with this
payment-the fourth-our notes will be reduced to 310.000.000. We have
also charged off large amounts for depreciation out of earnings. Last year
we charged off from our earnings £700000 for depreciation on steamers,
plants. &c. This year the amount charged off will not be quite so large.
We paid 15% on the Common stock last year, and present indications are
that we shall be able to make that pa vtrent again.
"We are now selling about 7.000.000 bbls. of gasoline. fuel oil. lubricating
oils. &c., or about 1.000.000 tons yearly of all our products. There have
been two price reductions in petrol since July, one of 3d. and another of 2d.,
making the present price of Grade 1 petrol is. 4d. a gallon in 2-gallon tins.
But even at that price we can still make money. As a result of the decline
in the price of oil in America, consumption has increased in Great Britain
about 20% over the last few months. Of course it must he remembered
that there is a gradual increase in the motor vehicles of Britain. There are
now 700.000 motor vehicles, of which 300.000 are motorcycles, and the number is constantly increasing. The oil trade, as a result. Is picking up.
"Most of the oil in England is being imported from the Persian fields or
the Far East, but a good deal of it is coming from California through the
Panama Canal. Only a small amount Is being imported from Russia, because It is not suitable for motors and can only be used for lamps. We are
using a pump system satisfactorily for our distribution in England, but are
also still using the two-gallon tin because of its popularity. We have no
service stations in Great Britain such as America has."-V. 117. p. 556.
Arnold, Constable & Co., New York.-Sales.Average incre ise in sales for ye ar up to and including August as compared
with 1922 is 85%. For the first half of September there was an increase
of over 140%.
-V. 117, p. 1238.
1.
Years.Associated Gas & Electric Co.-Report1f9o2rCal.
n0
Gross EarningsElectric
Gas
Miscellaneous
1922.
$1.832,130
611.756
335.788
Total
Oper. expenses, maint. & taxes
$2.779.674 31.528,406 $1.314.574
1.894,340
1.077.657
968.025
$898,154
600,150
30,102
$778.661
514.534
21.379
Net earnings
Other income
8885.334
76.746
3450.749
31.599
3345,648
31,982
Gross income
Fixed charges. &c.,deductions of Sub.
& affiliated companies
$962,079
3482,348
$3377.630
308,215
81,906
68.642
Net income avail. for Associated co
Fixed charges, &c., deductions of Associated company
Res. for renewals & replacements
$653,865
$400,442
$308,988
163.644
125.046
148,344
56.374
150.626
37,008
Income available for dividends
$365.174
3195,724
by the U. S. District
3121,354
A receiver for the company has been appointed
$62,979
(see below), and it is impera- Dividends on Preferred stock
Court for the Southern District of New York
1131.
p.
-V.
117,
to
together
act
preserve
Stock
stockholders
equities.
their
tive that the
certificates should be deposited promptly with the Bankers Trust Co..
Associated Oil Co.-New Director.depositary. 16 Wall Street, N. Y. City.
Wiggington E. Creed, President of the Pacific Gas & Electric Co., has
Committee.-B. W.Jones (Chairman), M.C. Branch, Murray H. Coggeshall, John T. Gillespie, Percy It. Johnston, Ridley Watts, with 0.0.Cor- been elected a director to succeed the late Frank G. Drum-V. 117,
p. 1465, 1131.
nell, SeC'Y, 16 Wall St., New York. N. Y.
Baldwin Locomotive Works.-Bookings-Shipments.-
1922.
1923.
Nine Months Ended Sept. 30861.000.000 $45.000.000
New business booked (approximate)
16.000.000
70.000.000
(approximate)
Shipments
Actual amount of unfilled orders on Oct. 1 1923 was $32,000,000.
(Phila. News Bureau.)-V. 117. P. 1465, 1131.
, Toni Co., Sorinnfi.14. Mass.-Denial.
B•sti.th Alec:bin.
in equity session took
In the U.S. District Court at Boston. Judge Lowell
motion for
under consideration arguments of counsel on "answer inand
to the bill equity recently
speedy hearing" filed by the several defendants
York,
against
New
Hellier,
W.
Edward
by
Court
brought in the District
that directors
the company and directors of the company. The bill alleged
Metals
Huron
the
of
property
the
over
took
Co.
Baush
the
of
officers
and
exchange for
Co.. which had a fair valuation of about 550.000, by its
and
22.500 shares of stock of the Baush Co. valued at between $2.200,000
$3.500,000.
the
that
stated
heard
was
The defendant's answer on which argument
Co. was amply worth the conproperty purchased from the Huron Metals
to
disadvantageous
way
no
in
was
transaction
the
sideration paid, and that
the Baush Co. Every allegation of fraud is denied.-V. 117, p. 1465.
t• child., co_ Isl-w Yr.lc.-Al ad/ ( r
It Is stated that plans are under consideration by the company to offer a
small amount of new stock to the public at a price equal to approximately
the market value of the present $100 par Willie stock. The offering, It Is
said, will be underwritten by prominent banking houses.
The new money,according to reports, will be used for extensions and additional restaurants, five of which are planned or under construction at the
present time. The company now has around 100 restaurants.-V.117. P•
1020.
(James) Bennat & Co., Inc. (Women's Apparel),
New York.-Receiver.has been appointed receiver for this company,
D tniel D. Leidesdorftrel,
in an equity action brought by Leo A. Price
dealers in women's app
to recover $20.000
as receiver for J. M. Gidding & Co. (see below) seeking
Fifth Ave., now leased by
for rent due on the old Gidding Building. 464
Bennat. Liabilities are given as $154,000. assets $400,000.
Boston Consolidated Gas Co.-Gas Manufactured, ctc.
311922.
Total Gas Purchased. Manufactured and Sold Year Ended Dec.
6.220.655.000 Cu. ft.
Gas manufactured during year
Cu. ft.
2.742.610.500
Gas purchased during year
Cu. ft.
8.963.265,500
Total
8,681.405,000 cu. ft.
Total gas sold during year
Months.
by
1923,
During
Feet)
Gas Output (in Cubic
615.312,000
742,258,000 July
January_ _ _ _884,461,0001April
627,170,010
gu
741.064,000 August
February__ _8)4.436,000 May
42,000
September__697,9
655.823,000
June
846.049.000
March
-V. 117. p. 1131, 556.
Boston Woven Hose & Rubber Co.-Annual Report.-
1919-20.
1920-21.
1921-22.
Years end. Aug. 31- 1922-23.
$10.814,376 $9.431.888 $8,026,033 $14,315.891
Gross sales
avail.
Not
20,875,587
31,899.348
39,102,789
Poundage produced..
Balance Sheet Sept. 1.
1922.
1923.
Lfaelliffe.a1922.
1923.
Assets-.
1 Preferred stock__ $750.000 $750.000
I
Patents
Common stock___y4,300,000 4,300.000
Land, bides., ma3,580,511 3,458,128 Accts. pay. (not
chinery. Ste
195.215
228,055
yet due)
Employees' notes
110.599
7,498
282,068 Accrued wages._
for stock subscr- 201,167
222,500
575.000
Loans
548.080
518.376
Cash
86.000
15
Sept.
pay
1)1v.
1,036,168
A eeta. receivable. _ 889.423
352,687
Res. for future dep 203,593
Not rec., accept22,653 Res. for ad). Fed.
6,461
awes& warrants
30.000
taxes
Mdse. Inventory__ 2,493,872 1.588,781
1,539,664 1,074,417
Surplus
Total
57,889.811 $6,935,879
x After allowing for depreciation.
of no par value.-V. 115, p. 2481.
Total
$7,689,811 56,935,879
y Represented by 86.000 shares
Rvitish Emoire. Coal Corp.-Coal Output.
gross tons, as
The corporation reports Sept. coal production at 412.856
for the first nine
compared with 425,044 tons in Sept. 1922. Production with
2,836,352 in
compared
as
tons,
gross
3,024.628
months of 1923 was
1922. an increase of 1.088.276 tons.-V. 117. p. 1351.
Mnehinerv Co.-Sub. Co. Acquisition.
Pr.-own
the plant of
The Elyria (0.) Foundry Co.. a subsidiary, has purchased
the company.
the Elyria Machine ('o. and five acres of land adjoining used,
it is said.
be
will
engines,
gas
manufactured
formerly
which
plant.
The
for extending the operations of the foundry company.-V. 114. p. 1656.
Calumet & Arizona Mining Co.-Production.-
St pt. 1923. Aug. 1923. July 1923. June 1923.
Month ofCopper production (lbs.) _ _ _ _ 3,386,000 3,046,000 3,492,000 3,548,000
-V. 117. p. 1352, 1131.
Cincinnati Terminal & Warehouse Co.-Bonds Offered.
The Fifth-Third National Bank, W. E. Fox & Co., Title
Guarantee & Trust Co., Cincinnati, 0., and Westheimer &
Co., Baltimore, are offering at 100 and int. $2,000,000 6
(Closed) 1st Mtge. Serial Gold bonds. The bankers state:
Dated Aug. 11923, due serially Aug. 1 1926 to Aug. 11938. Denom.
Co., Cincinnati,
$1.000. $500. $100. Int. payable F. & A. at Union Trust on
any int, date
0., trustee. 2% normal Federal income tax paid. Red.
year or portion
per
IA%
of
premium
in the reverse order of maturities at a
Int.
of a year of anticipated maturity, but not to exoeed 105 and
Cost.-Land. buildings and evipment complete, over 53.400.000.
Earnings.-Estimated annual earnings, based on 89% capacity, $788,000:
operating expenses, including insurance and taxes, $350,000: available
for bond interest and sinking fund. $438.000.
Stockholders.-The President of every national bank in Cincinnati and
a large number of other leading citizens and business firms have purchased
stock in this enterprise.
Protective Features.-Until 1937 no dividends can be paid on the Common
stock of the company unless a surplus reserve has been created equal to
the ensuing year's Interest and maturity requirements. All contractors
have been bonded for the completion of the building under their contracts.
V. 116. p. 1538.
Cities S^evice Co.--Earnings.12 Months Ended Aug.31Gross earnings
Expenses
Interest and discount on debentures
Preferred dividends
1922.
1923.
$16.638.879 $14,131.156
432.394
522.553
2.146.752
2.640.916
4,963.280 4.900.979
58.512,130 $6,651.031
Net to Common stock and reserves
Total surplus and reserves Aug. 311923,$46,818.527.-V. 117. p. 1352,
897.
Coal & Iron Building Corp., Cleveland.-Bonds Offered.
-The Tillotson & Walcott Co., Cleveland, and Hyney,
Emerson & Co., Chicago, are offering at 100 and int.
Serial gold
$1,600,000 1st (closed) Mtge. Leasehold 6
bonds, secured on the Rockefeller Building, Cleveland.
Dated Oct. 11923. Due serially,from April 1 1924 to April 11942. Incl.
Int. payable A. & 0.at Guardian Swings & Trust Co.. trustee. Cleveland.
Red. all or p in on any int. date on 3') days notice at 196 and int. up to and
incl. Oct. 11928: thereafter at 106 and int. loss Si of 1% fore ,ch ye ar up to
and incl. 1938: there tfter at 101 and int. Free from normal Federal income
tax not exceeding 2%. Denom. $1.000. $500 and $100.
Rockefeller Building.-Is one of the most widely and favorably known
office structures in Cleveland. The building is a modern.fireproof, 16-story
and basement office structure located no ir the centre of the downtown
business district of Cleveland. The building contains 810 office units: the
interior construction and equipment is of the highest type and the leasehold
estate has a frontage on three streets-214Si feet on Superior Ave.. 2141.i
feet on Frankfort Ave. and 273 ti feet on West Sixth St.
Security and Valuation.-A closed first mortgage on the valuable 99-year
leasehold estate (renewable in perpetuity) including the Rockefeller Building, together with other adjoining buildings comprising the property owned
by the Coal & Iron Building Corp. The mortgaged property has been
conservatively appraised by H. C. Robinson. W. I. Lewis and G. B. Kennerdell and by the Craig-Curtiss Co. at $2,745,700.
Income and Expense of Property-Years ended April 30.
1923.
1922.
1921.
$494.248 $563.431 $531,216
revenue
Total
244,839 245.701 236,165
Expenses. including taxes
Net earnings available for interest, ground
249.408 317.729 294,051
le ,se charges and depreciation
Monthly Sinking Fund.-The bonded debt will be rapidly reduced through
of which will be assured
payment
serial
maturities,
prompt
the
semi-annual
through the operation of a monthly sinking fund which requires the p tyment
to the trustee, each month, of one-sixthof the total amount of each semiannual principal and interest payment.
Coltexo Corporation.-Organized.See Texas Company below.
Canada Bread Co., Ltd.-Annual Report.Years ending June 30a Revenue
Interest from investments
1559
T FTF.1 CIITRONTOLE
OCT.6 1923.]
1920.
1921.
1922.
1923.
$563.618 $398,954 $307.122 $293.881
16,237
17,953
14,860
22.199
$585.817 $413.814 $325.075 $310.118
Total income
Depreciation and bond purchase-$138,500 8127.500 872.500 $72.714
67.199
Sees
See a
See a
Bond interest
87,500
87.500
87,500
87.500
Preferred dividends(7%)
100.000
reserve
Contingency
13.828
15.278
42.240
26.779
Income tax
Columbian Carbon Co.-Forms New Company.See Texas Company below.-V. 117. p. 673.
Connecticut Light & Power Co.-Bonds Called.-
Sixty-nine 1st & Ref. Mtge. 7% S. F. gold bonds, series "A," dated
May 1 1921 of $1.000 each and 6 of $590 each, have been c ailed for redemption Nov. 1 at 110 and int, at the Bankers Trust Co., 16 Wall St, N. Y.
City.-V. 117, p. 1239.
Continental Gas & Electric Corp.-Bonds Sold.Howe, Snow & Bertles, Inc., Otis & Co. and Cyrus Peirce
& Co. have soil at 933/ and int., to yield about 6%702
a In 1923, 1922 and 1921, after deducting bond interest; in 1920, before.
$1,000,000 25-Year 6% Ref. Mtge. bonds, Series "A," dated
-V. 117, P. 897.
April 11922, due April 11947, and fully described in V. 114,
Dates.
-Dividend
Canadian Car & Foundry Co., Ltd.
2121, and V. 116, p. 827.
p.
two
declared
of
dividends
1466)
p.
117.
(V.
week
The company last
Balance,surplus
$233.038 $156,574 $149.797
$68.877
stock, one Dec.ayaole
Data from Letter of President Rufus E. Lee, Sept. SO.
3%% each, on account of arrears on the Preferred
29,
record Sept. 29 and D
Oct. 10 and the other Jan. 10. to holders ofthe
Company.-Organized in 1912. Through the ownership of all outstandstock amount to
Preferred
on
respectively. To date unpaid dividends
securities
ing
(with fractional exceptions) of subsidiary companies, the com-t. 117. p. 1466.
155%.
pany furnishes, practically without competition, electric light and powe to
adjacent
cities and communities, and gas to seven of these communi141
Bonds.Carnegie Coal Co., Pittsburgh.-Atlas Coal
eastern Nebraska. western Iowa
bonds, due April 15 ties. In the rich agricultural territories ofelectricity
and gas to Brandon,
All of the outstanding 2d Mtge. Sinking Fund 6% gold
northern
and
Missouri. Also supplies
and int. at the Colonial
1936, hive been called for payment Oct. 15 at par2260.
over 242.000. Company has
served
Manitoba.
of
territories
Population
Trust Co.. trustee. Pittsburgh, Pa.-V. 116, p.
over 67,000 customers. The replacement value of the physical properties
of the company lain excess of $17.000.000.
Carter, Macy & Co. Inc.-New Control.Authorized. Outstand'g.
Capitalization After This FinancingSee American International Corporation above.-V. 109. p. 75.
55,000,000 /44,158.000
First Lien Collateral Trust 5s, Nov. 1927
(b)
5.045.000
this issue)
6%
(including
Refunding
1947
bonds,
-Bonds
Co.
Authorized.
Light
&
Power
Jersey
Central
812.200
1,000.000
Convertible
8%
debentures
The New Jersey P. U. Commission has authorized the company to issue 6% Cumulative Preferred stock
5.000.000 3.589.100
less
than
not
91
Int.:a
and
bonds
gold
-Year
30
Mtge.
$302.000 1st
5.000.000 2.259,400
Common stock
V. 117, p. 672.
a $842,000 retired by sinking fund. Balance provided for by refunding
Chicago Yellow Cab Co., Inc.-To Increase Capital mortgage. b Issue of further bonds carefully restricted.
Consolidated Earnings Year Ended July 31.
Stock-100% Stock Dividend Proposed-Status.--1923.
1922.
The stockholders will shortly vote on increasing the authorized capital Gross income
82.463,862 53 408,487
shares,
no par value.
stock from 200,000 shares (all outstanding) to 400,000
2.382:770
1.789.231
If the increase is authorized, it is proposed to declare a 100% stock dividend Operation, taxes and maintenance, and interest- -and to pay monthly dividends of 33 1-3 cents per share on the increased
8674.631 81.025.636
Net income applicable to Interest
capital.
510.000
302.900
President John Hertz says in substance: "The company has a surplus of Interest on all mortgage debt
82,259.258 and has paid for 942 cabs out of earnings during the year. It
$515,056
Balance for Int., Fed, taxes, deprec. & divs_--- $371.731
will have in operation by Jan. 1 next 2.500 cabs. It has no funded debt and
Security.-Secured by the deposit of all outstanding stocks and bonds
will have no debts outside of current bills on Jan. 1.
-Our earnings have increased every year since the organization of the (with fractional exceptions) of all subsidiary companies, except $1.500.000
a
company. but for the last three years, while we have been paying $800,000 1st (closed) Mtge. bonds of the Lincoln Gas & Electric Co. They are5s
Trust
a year in dividends with material earning increase yearly, the company has lien tnereon subject only to the 84,158,000 First Lien Collateral
above described, provision for the refunding of which is made in the trust
pursued a conservative policy.
"The idea has been to build up the surplus and equipment of the com- indenture securing this Issue.
Purpose.-The proceeds will be used for large additions to present proppany and though no increase In dividends has been made during this period,
and for the reimburse..
many increases have been made to our employees. In addition to their erties, for the construction of additional facilities
15%
of the 1313nt of the treasury for new construction recently completed.-V. 117. IL
earnings, the employees of the company own approximately
1352. 1132.
company stock. -V.117. P.897.
1560
T 1IE CHRON I CLE
Continents' Motors Corp.-Purchases Land.-
(you 117.
Fisk Rubber Co.-To Change Fiscal
Year.The corporation announces that it has acquired 600 front feet of water
The company, it is announced, has decided to adjust its accounting
frontage east of its present plant on the Muskegon Lake. The land ob- period to the seasonal
nature
of
the
tire
industry
and will therefore close
tained constitutes aboutfive acres and has 500 feet frontage on Western Ave. its books on Sept. 30 and
on Dec. 31, in conformance with the calendar
Muskegon, Mich.-V. 117, p. 444.
year, as heretofore. It not
is at the end of September normally that the
industry "cleans up," production slows devor rather rapidly and prepara• Corn Products Refining Co.-Bonds Called.tions are made for the following year.-V. 117, p. 786.
One hundred fourteen ($114,000) 25-Year 5% Debenture Sinking Fund
Gold bonds, dated Nov. 1 1906. have been called for payment Nov. 1 at
Foley Steel Co., Slatirtrton,
par and int, at the Title Guarantee & Trust Co.. trustee, N. Y.-V.117.
The plant of this company was sold Oct. 1 at a bankruptcy sale to Morris
p. 1466.
Kaplan,of Allentown, Pa.,and probably will be junked. Original cost, it is
stated, was in excess of$300,000. The plant has changed hands many times
Crex Carnet en.-Dirertorate Reduced.and has been idle for some time.
At the annual meeting the directors were re-elected, with the exception of
Senator Walter E. Edge, of New Jersey, and Theodore Boteeger, thereby
Ford Mator Co., 1)..t••nit..-Prires Cat.reducing the directorate from 11 to 9.-V. 117. p. 1345.
see under "Present Indications of Business Activity" on a preceding page.
-V.117. p. 1353.
Crofut & Knapp Co. Norwalk, Conn.-Earnings.The company reports for the six months ended April 30 1923 a balance for
Fruit Growers Express Co.-Equip. Trusts Offered.dividend on Common and Preferred stocks, after taxes, interest, charges Guaranty
Co. of New York and Halsey, Stuart & Co., Inc.,
and depreciation, amounting to $157,917, comparing with $66,238 for the
are offering at prices ranging from 98.50 and divs. to 100.19
six months ended April 30 1922.-V. 116, p. 1899.
Cuba Cane Sugar Corp.-Pays Off 87,500,000 Bank
Loans-Subordination of Debentures Ends-Estimated Earnings.-President W. E. Ogilvie, in a notice Sept. 29 to the
holders of the 8% Cony. Debentures, says:
and divs., yielding from 5.30% to 5.70%, according to
maturity, 84,050,000 Equip. Trust of 1923 53% Gold
Certificates, Series "C," issued under Phila. plan (see
advertising pages).
Dated Oct. 15 1923. To mature $270,000 each Oct. 15 1924 to 1938.
Under agreement of Oct.31 1921 the rate of interest borne by debentures
payable A. & 0. without deduction for normal Federal income tax
assenting to that agreement was raised from 7% to 8% in consideration Divs.
up
tru
Prittleceipaytenndom
dira; payable at Guaranty Trust Co. of
assenting
the
subordination
to
of their debentures to the New
of such holders
prior payment In full of a loan of $10,000,000.
and alvillends to be unconditionally guaranteed
The directors now take pleasure in informing the holders of the 8% by
endorsement by Fruit Growers Express Co.
debentures that the said loan [amounting to about 57,500,0001 has been
Data from Letter of H. B. Spencer, President of the Company.
paid off and the subordination of the 8% debentures has been terminated.
The 8% debentures therefore now enjoy the same positicn in point of
Company.-Organized in 1920 to supply refrigerator cars to railroads
security as the 7% debentures, but they, will continue until maturity, for the transportation of fruits, vegetables and other perishable products.
Jan. 1 1930. to bear interest at the rate of8% per annum instead of 7%•
Company will have in service, upon completion of the cars now under
During the fiscal year the comp ny produced 3.284.731 bags of sugar, construction, more than 15,500 refrigerator cars of the most modern type,
all of which has been sold at an aver .ge price of approximately 4.69 cents of which about 9,500 will be owned and '1,030 lea m ifrom railroad
companies.
per pound f.o.b. Cuba. Pend ng the final closing and =Ming of the Company also owns and leases shops for the building and repair of its cars.
books the earnings for the ye..r before payment of interest or taxes or and operates icing facilities at various points on the railroads which it serves.
deductions for reserves are estimated to be approximately $12,000,000.
Ownership -Entire Capital stock of the company is owned by the
-V.116. p. 182.
following railroads: Alabama Great Southern RR., Atlantic Coast Line
RR., Baltimore & Ohio RR. Central of Georgia Ry., Chicago & Eastern
Cuyamel Fruit Co.-Earnings.Illinois Ry., Cincinnati New
'Orleans & Texas Pacific Ry., Florida East
Ivionins ended Aug. 31Coast Ry., Georgia Southern & Florida Ry., Louisville & Nashville RR.,
1923. •
1922.
Net income from operations
$2,936,748 $2,151,573 Mobile & Ohio RR., Nashville Chattanooga & St. Louis R v., Norfolk &
income
Other
137,563
89,087 Wesrn
te
R
Ry., New Orleans & Northeastern RR., New York New Haven
& Hartford RR. Pennsylvania RR., Richmond Fredericksburg & Potomac
Totalincome
$3,704,311 $2,240,660 RR. Seaboard Air Line Ry., Southern Ry.
Interest and taxes
200,341
Security.-Certificates are to be issued against 2,000 new steel underframe
206,573
Reserve for banana insurance and bad accounts__ _
46,617 40-ton capacity standard refrigerator cars now being constructed by the
73.096
Depreciation
514,427 company in its own shops at a cost of approximately $5,100.000.
599,934
Dividends
250,000
Earnings.-Net earnings available for interest, after deducting maintenance, depreciation and rentals, for the year 1922 amounted to $1.320,081.
Surplus
$1,950,940 51,473,043 or nearly 4 times interest charges for that year. For the first 8 months
-V. 116, p. 2998.
of 1923 such earnings amounted to $1,177.427, which was more than 414
times actual interest charges for the period; such earnings, without any
Denver Gas & Electric Light Co.-Merger.
allowance for the additional income to be derived from the new cars menSee Public Service Co. of Colorado below.-V.117. p. 898.
tioned above and others recently acquired, amounted to more than 254
times interest charges upon all the obligations to be outstanding upon
Diamond Match Co.-Canadian Match Co.. Lid.completion of this financing.-V.116, p. 1057.
Supplementary letters patent have been issued under tha seal of the
Secretary of State of Canada. dated Aug. 13 1923, increasing the Capital
General Motors Corporation.-Outlook.stock of the Canadian Match Co., Ltd., from $1,000,000 to $2,500,000, par
Commenting upon the current situation in the motor car industry as
$100. This company was organized In 1921 by the Diamond Match Co. reflected in the operations
of the company,President Alfred P.Sloan Jr.says:
of the United States, the Maguire, Peterson & Palmer Co. of Canada. who "We scheduled for September
82.000 cars. This compares with 75.000 cars
also manufacture matches in England and Ireland, and Bryant & May, in May 1923, the largest
number that General Motors ever produced and
Ltd., of Great Britain, as well as prominent capitalists in both England and sold in any one month. Due
to the fact that September was a short month
Canada (V. 113, p. 2084.)-V. 117, p. 785, 444.
in working days and on account of production difficulties in °ringing
through new models, we fell considerably short of this schedule, but we sold
Dome Mines Co., Ltd.-Production.
which was every car we could make; and we closed the month with
Month ofSept. 1923. Aug. 1923. July 1923. June 1923. 69.400,
a
substantial amount of orders unfilled.
Gold production (value)____ $393.599 $431,019 S435.547 $421.779
"We have scheduled for October 91,000 cars and shall make every effort
-V. 117, p. 1132, 1020.
to produce that number. We have no question of our ability to market
them. Sept. 1, which is the latest available date on which we have reports
Dryden (Ont.) Paper Co.-Receivership.our dealer organization throughout the country, showed a smaller
A Montreal dispatch states that a friendly receivership has been agreed from
of unsold cars on hand than we had the corresnonding period last
upon for the company, owing to its inability to meet fixed charges and number
year. On Oct. 1 General Motors had on hand the smallest number of cars
finance wood operations for the coming winter. The failure of new wrapping in
our
possession
in any month during the past year.
and
machine
continued
depression in sulphate pulp market have
paper
"Our Buick division is manufacturing from 900 to 1,000 cars per day and
embarrassed company, it is said.-V. 116, p. 1183.
is moving into the hands of consumers every car it can possibly produce.
Our Chevrolet division for October is expected to produce 2.200 cars per
Eagle Picher Lead Co.-11 1-9% Stock Dividend.the largest business in its history. Cadillac is getting into its new
The compan,v has declared a 11 1-9% stock dividend on the Common day,
model
and is already making over 100 cars per day. Oakland Is doing
Common
stock
to holders of record Oct. 2. Books will be exceptionally
stock, payable in
well. 'We have Just announced our new Olds 6-cylinder car,
closed from Oct. 1 to Oct. 22. This distribution will increase the outstand- which complete.;
the General Motors line for the coming year.
ing Common stock from $18.000,000 to 520.000,000. par $100, total author"It
is
always
to forecast the future, but the way it looks now
ized. The company also has authorized and outstanding $1,000,000 6% we fully expect dangerous
to run through the fall and winter on a good production
non-cumul. Preferred stock.-V. 110, p. 1853.
basis. To sum up the situation, we are entirely satisfied with the present
East St. Louis & Interurban Water Co.-Pref. Stock.- outlook." to a
Detroit dispatch, the Olds Motor Works is now producing
It is officially announced that the company has placed $650,000 7% a [According
six-cylinder line to suppl int the Oldsmobile four-cylinder and
eightCumul. Pref. stock with its customers and employees. See also V. 115, p. cylinder
lines. The new six-cylinder Oldsmobile prices are: Touring, $750;
1215, 873.
roadster. $750; two-passenger cab, $955; four-passenger coupe, $1,035:
five-passenger
sedan,
$1,095.1-V.
117. p. 1353.
• Eastern Oil Refining Co.-Sale.At a receiver's sale held in Warren, Pa.. recently, the plant of the com(J. M.) Gidding & Co.(Women's Apparel), New York.
pany was disposed of for 9115.000 to Frank Von Tackey, Titusville, Pa.
Leo, A. Price has been appointed receiver for this company, importers
• Edison Electric Illuminating Co. of Boston.-Bal. Sheet and dealers of women's apparel. The receiver was appointed
following the
filing
of a bill in equity in the Federal District Court by C. it. Mears as
June 30'23 Dec.31'22
June 30'23 Dec.31'22
plaintiff, on a claim of $10,000. Liabilities in the petition are estimated at
LiabilitiesInstairn & prop_ _75,862,877 71,688,409 Capital stock
32,403,200 27,033,C00 $1.500,000; no assets are mentioned, but it is stated that if the merchandise
249,300
973,011 Prem.on cap.stk_21,977,576 19,292.777 Is sold and liquidated the return will more then cover the liabilities.
Cash
Stock on hand._ _ 1,544,378 1,008,864 Instal. on new stk_
787,300
Great Western Power Co.(of Calif.).-To Oppose Acqui23,229 Mortgage bonds.. 1.250.000 1,250.000
24,100
Notes receivable
Accountsreceivle. 1,295,299 1,742,092 Notes pay'le, sec'd 1.815,000 1,815,000 sition oj Its San Francisco Distributing System by City.
Notes pay'le,unsec 3,965,000 5,570.000
Sundry open ac-'
See Pacific Gas & Electric Co. below.-V. 117, p. 1467.
475,710 Coupon notes_ _12,000,000 16.000.000
189,389
counts
Accounts payable. 595,600
390,109
Gulf States Oil & Refining Corp.-Acquisitions, &c.
Accrued account& 873,125
449,457
In connection with the readjustment plan of the Island 011 & Transport
Unpaid dividends_ 072,096
811,008 Corp.
below), the following information on the Gulf States 011 & ReDepreciation
1,909,245 1,909,245 fining (see
Corp. was given out:
Total(each side)_ _79,165,343 75.911,315 Profit and loss.- 1,404,501
602,819
-Incorporated in Delaware. The properties of the company
The company's application to issue 64,881 shares of additional stock (par areCompany.
follows: Number of
as
10,292; number of producing wells. 94*
$100 each) at $140 per share, is now pending before the Massachusetts number of drilling wells, 8;acres,
present daily production, 9,276 barrels
Department of Public Utilities.-V. 117, p. 1240.
(wells
pinched in and not producing at full capacity, account limited
market);
wells producing to normal capacity, daily production, 13,346 barrels.
Elk Horn Coal Corp.-Dividend Action Deferred.Capitalization.
-Authorized capital stock (all Common),5,000,000 sharesIt is stated that no action has been taken on the quarterly Preferred div$5 per share), divided into: 4.900,000 Class A non-voting
stock and
idend, due to be paid Sept. 10. A dividend of 1 % was paid on the Pre- (par
100.000 shares Class B voting stock. Issued: Class A, 1,500,000
ferred stock on June 11 last. Compare V. 116. p. 2135.
shares;
Clans B. 100.000 shares.
Officers.
Sakiatvala.
-P.
D.
President;
Scott Ferris, Vice-President:
Equitable Illuminating Gas Lt. Co. of Phila.-Tenders. W. E. Allaun, Secretary and
Treasurer.
The New York Trust Co. will, until Oct. 26 receive bids for the sale to it
Directors -Scott Ferris (Pres. Southern States 011 Corp.), P. D. Saltof 1st Mtge. 5% gold bonds, duo 1928, to an amount sufficient to exhaust latvala (Pres.
Middle States 011 Corp.), C. J. Haskell (Pres. Turman
$401,369, at a price not exceeding 105 and int.-V. 116. p. 416.
Oil
Co.), C. N. Haskell (Chairman, Middle States Oil Corp.), W. B. Allaun
(V.-Pres. Southern States Oil Corp.).
Fajardo Surer Co.-Extra Dividend rj 2
Projected Financial Statement,
Assets (Estimated Values)LiabilitiesLeases & well equipment_ $6,625.514 Class A stock
$7,500,000
Pipe line, storage tanks,
Class B stock
500,000
appurtenances and nutSurplus
2,108,953
ter';1 on hand
2,690.741
Oil in storage, &c
792,698
Total (each side)
$10.108.953
Fidelity Storage & Warehouse Co.-Tenders.Note-The above properties being acquired under a guarantee assuring
The Bank of North America & Trust Co., trustee, City Hall Square, title to the Gulf States OIL& Refining Corp., with
the
obligations
to subPhiladelphia, Pa., will until Oct. 10 receive bids for the sale to it of 1st sidiary corporations guaranteed in property of equal value in
case of ant
• Mtge: Sinking Fund 10-Year 6% Gold bonds dated June 1 1922, to an lessee.
amount sufficient to exhaust $5,000 at a price not exceeding 105 and int.
All of the.above acreage located In Union, Ouichita, Calhoun, Brady..
-Y. 114, p. 2475.
Nevada and Columbia counties, Arkansas.
An extra dividend of 2)4% has been declared on the outstanding Capital
stock, par $100, in addition to a quarterly dividend of 2 Si %. both payable
' Nov. 1 to holders of record Oct. 20. On Aug. 1 last the company paid a
dividend of 734% and on May, 1 last 234% while from Aug. 1 1921 to
1 % were paid quarterly.-V.116. P.
Feb. I 1923, inclusive, dividends of 1 I(
3000.
Ocr. 6 1923.]
THE CHRONICLE
The above properties held and operated by local subsidiaries 100% owned
by the Gulf States Oil & Refining Corp., or in case less than 100% owned,
their ratable proportion only of acreage and production is listed above.of
The assets acquired from the committee representing the bondholders
Island Oil & Refining Corp., to wit: Refinery at New Orleans, La., refinery
at Palo Blanche, Mexico, and $12.000,000 claim against the Island Oil &
Transport Corp., and some of its Mexican subsidiaries, are not included in
the list of assets above, and are not valued herein, but these new acquisitions will represent a very large added value and entail no obligations on
Gulf States Oil & Refining Corp. except the issue of 250,000 shares of ClassA
Common stock.
1561
The answer declares that further dissolution of the company is unnecessary, because compeUtive conditions already exist, and it would deprive
the stockholders of a manufacturing business built up by long and costly
effort and of a full line of production and distribution essential to an all-year
business. Such further clissolution, the answer says, would also increase
the cost of manufacture and distribution, and enhance price of agricultural
implements to farmers.-V.117. D. 332.
International Paper Co.-Status.-
President Philip T. Dodge is quoted as follows: "Our condition is now
better than ever before in the history of the company. Additional net
income from sale of power from our new Sherman Island hydro-electric
plant will amount to about $500,000 a year. We are earning more than
Habirshaw Electric Cable Co.-Plan Operative.Malcolm D. Whitman, Chairman of the Reorganization Committee, our Preferred dividend."
1. and
Co.,
The company has reduced its bank loans $2,500,000 since Jan.
Cable
Electric
Habirshaw
creditors
of
the
to
3
Oct.
notice
a
issued
the end of the year. Bank loans
Habirshaw Electric Cable Co., Inc., Electric Cable Co.. and Bare Wire Co. will make further reductions before
1922.
31
Dec.
$12,623,132
Inc., ktating that claims aggregating 80% in amount of the total claims amount to about $10,100,000, compared with •
which may be &posited under or subject to the plan of reorganization dated ("Wall St. Journal")
Y.
N.
Sherman
Island.
at
located
plant
The company's new hydro-electric
June 20 1923 (V. 116, p. 3)01), having been deposited under the plan, the
with an ultimate capacity of 37,500 k.w., has been placed in operation.
committee has declared the plan operative.
30,000
purchase
to
contracted
has
Corp.
&
The
Power
Light
not
creditors
Adirondack
of
The time for the deposit under the plan of the claims
k.w.-V. 117. p. 94.
already deposited, has been extended to Oct. 31.-V. 117, p. 1133, 674.
Halltown (W. Va.) Paper Board Co.-Operations Under
Receiversh4 n. (tP
It is reported that operations under Receivers Henry W. Brooks Jr.
(V.-Pres. Industrial Management Corp.. New York) and W. R. Shaffer
of New Haven resulted in a profit for the first year of the receivership ended
July 17 1923 of $63,417, as compared with a loss of approximately $120,000
for the year prior to the receivership.
All liens prior to the general creditors have been paid of. it is stated.
and ample working a.ssets accumulated, as well as a substantial cash balance. The receivership, it is said, has been unusually economical, and
indications are that the creditors will be paid in full and the property restored to the stockholders before long.-17. 116, p. 442.
Iron Products Corp.-Semi-Annual Report.-
Calendar Years6 Mos.End.
1920.
1921.
1922.
June 30'23.
Period31.278,015 31.001.823 loss$791,425 $1,567,254
xTotal earnings
Provision for int., taxes,
862.702
345,488
489,043
274,051
deprec.& depletion,&c
(8)78,984 (8)75.296
(8)78.984
(4%)39.492
Preferred dividends_
$629.256
$433.796df$1,215,875
$964.472
Balance, surplus
195,273
2.014,520
794,228
1,224,050
Previous surplus
Profit & loss, surplus_ 32,188,522 $1,228,023
$798,645
$824,529
x Total earnings after deducting cost of operations, Including repairs and
Corianration.-Salesmaintenance and upkeep, expenses of sales and general offices, doubtful
Increase.
1923-9 Mos.-1922.
1923-September-1922. Increase.
accounts and adjustments of inventories.
$60,5621$13,093,609 $9,695,245 $3,398,364
$1.257,986 31.197.424
Consolidated Balance Sheet.
-V. 117, p, 1467, 1241.
June 30'23. Dec.31'22.
June 30'23. Dec.31'22.
Dividend.-Defers
Detroit.
Co.
Assets$
$
Hayes Mfg.
987,300
Preferred stock_ _ _ 987,300
The directors have decided to defer payment of the dividend due Oct. 15 Land,bidgs.,pits.,
Common stock_ _ _y8,644,023 8,452.072
equip. & mineral
on the 8% Cumul. Pref. stock. Dividends of 1% have been paid monthly
of
110,031,138 10,673,822 Bonds & mtges.
rights
on the Pref. stock since Feb. 15. (See V. 116, p. 417.).-V. 117. p. 786.
1,883,400 1,883.400
subsidiaries
34,116
34,116
MIscell. investm'ts
Cri.-Areav Direqors-Motoreyele Order.
Accts. & bills pay.. 1,316,854 2,050,766
Cash with trustee
778 Res. for accr. int.
8,958
of sinking fund.
Elmer E. Silver, President of the Kidder Co. of Springfield, Mass., and
2,044,808 2,120,389 & taxes,conting.,
Inventories
Claude Douthit of Now York have been elected directors.
532,535
252,185
The company on Oct. 4 announced that it had received orders for 100 Accts.& bills recle 1,624,932 1,725,949 .kc
2,188,522 1,228,023
405,596 Surplus
355,489
motorcycles with side cars for the Pennsylvania State Highway Patrol. Cash
173,446
117
Police
-V.
272,844
Department.
Angeles
charges__
Los
the
Deferred
for
and for 64 machines
1
1
Pats. & good-will.
D. 1134, 1026.
15,272,283 15,134,096
Total
Hudson.Motor Car Co.-Production-Sales.15,272,284 15,134,096
Total
According to figures in an analysis prepared by Dominick & Dominick.
313.855.555.
rights.
will
company
mineral
plants,
buildings,
and
equipment
Hudson
Land,
the
x
Exchange,
members of the Now York Stock
break all previous production records in the current 12 mouths with an less reserve for depreciation, amortization, depletion and minority interest
output of approximately 91,000 cars for 1923. With production for the in the Central Foundry Co., 32,924,417. y Common stock, authorized
final quarter of the year estimated, the Hudson company will for the full 300,000 shares, no par value; outstanding. 140,854 shares.-V.117. p. 1134'
12 months turn out 49,000 Hudson cars and 24.000 Essex cars. The total
Island Creek Coal Co.-Production.-of 91,000 cars will compare with 61,233 cars built by the company in 1922.
The company in September last produced 272,000 tons of coal, compared
25.417 cars in 1921 and 48,439 in 1920. Sales for the current year will
3roxlmately $92.000.000, against $68,000,000 in 1922.-- with 302,000 tons in August and 227.000 tons in July.-V.117, p. 1243.
aggregate ftp
approximately
Island Oil & Transport Corp.-Plan of Readjustment.- The committee for the stockholders (Charles T. Brown,
Hudson Sheet & Tin Plate Co., Marietta, 0.-Sale.
The physical assets and plant of the company have been sold to the
with the Gulf
Robertson Iron & Steel Co.. Cincinnati, 0., at the recent auction sale. Chairman) has entered into an agreement
W. F. Robertson, President of the Robertson Iron & Steel Co., plans to States Oil & Refining Corp. (affiliated with the Middle
construct a branch plant of the American Can (Jo., at Marietta, 0., to be States Oil Corp.) whereby the Gulf States Corp. will exchange
operated in conjunction with the tin plate plant. ("Iron Trade Review.")
shares of its Class "A" stock (par $5) for shares of Island Oil
-V. 116, p. 2521.
& Transport Corp. (par $10) on a share-for-share basis,
Hupp Motor Car Co.-Shipments.• Shipments in September totaled 3.429 cars, compared with 3.155 in each shareholder of Island Oil paying in addition to the exAugust and about 3,300 in September 1922. Production schedule for change of his shares on the above basis $3 for each share of
October is 3,000 cars.-V. 117, p. 1468, 1134, 446.
Class "A" stock of Gulf States Oil & Refining Corp.
Illinois Bell Telephone Co.-Rate Decision, &c.This privilege will remain open until Oct. 22. The payment of $3 Per
Judges Ev ins, Page and Wilkerson. sitting together in the Federal Court share must be made as follows: $1 on or before Oct. 22, $1 on Dec. 20 and
at Chicago,
Issued a temporary order restraining the I.-S. C. Commison Feb. 20 1924. All payments are to be made to Metropolitan Trust
tion and Attorney-General Brundage from enforcing the rate reduction $1
Co., 120 Broadway, agent to receive the payments.
order. The reduction was to have gone into effect on Oct. 1. The restrainAll stockholders of Island Oil & Transport Corp. who have deposited
ing order will hold good until Oct. 15 on which day the Court will hoar argu- their
shares with the stockholders' committee and contributed the sum of
ments to decide whether to grant the injunction asked by the company.
Scents per share on account of the expenses of the committee will be credited
II. The directors h ire approved an expenditure of $596,296 for a new plant with this amount at the time of the payment of their final installment on
in the city of Chicago and $913.476 for Illinois. outside of Chicago, making Feb. 20 1924.
a total of 51,4 )9.772. Total expenditures approved thus far this year
Digest of Circular Signed by Stockholders' Committee.
amount to 315.014,617.-V. 117, p. 1354.
Properties, &c.-At the time of the appointment of the committee. May
through
Ideal Tire Co., Cleveland.-Sale.-15 1922(V. 114, p. 1293), Island Oil & Transport Corp. possessed,
An order confirming the sale of the company's plant and real estate to subsidiary companies, leases upon large areas of land in Mexico upon which
been done.
the National Mortgage Co. (now known as the Union Mortgage Co.) for only a limited amount of drilling and other development had
$197,963, was issued Sept. 27 by Federal Judge D. C. Westenhaver, The production of oil from these leases had dwindled from approximately
approximately 8,000
Newton D. Baker and E. S. Griffiths are receivers ("Cleveland Plain 100.000 barrels per day (at the peak of production) toapproximately
3,000
barrels per day. Production has now dwindled to
Dealer.")
barrels per day.
through
Inland Steel Co.-Acquires Two Plants.In addition to these leases, the company possessed in Mexico. storage
together with
r A Chicago dispatch states that the company has acquired the plants of the subsidiary companies, about 60 miles of oil pipe lines,
facilities; a refinery at the port of Palo Blanco, and storage and sea-loading
Acme Steel Goods Co.(V. 117. p. 1130). and the Milwaukee Rolling
port.
that
at
facilities
V. 117. p. 899.
Company also owned in the United States (besides other property) a
International Agricultural Corp.-Reorganization Plan refinery located on the Mississippi River near New Orleans, and the equity
about 250 tank cars.
Approved.-The stockholders have approved the plan of in Receivership
.-All these properties have been administered since March
reorganization outlined in V. 117, p. 1241.
1922 by receivers appointed by the U. S. District Court for the Southern
of New York (V. 114, p. 1293).
(V. 114.
International Combustion Engineering Corp.-New District
Noteholders' Committee.-A committee was formed in March 1922
$4,200,000
a. 1413) to protect the interests of the holders of approximately
Directors, &c.
companies
subsidiary
Joel S. Coffin, Chairman of the Lima Locomotive Works. Inc.: Samuel G. of notes (secured by pledge of the capital stock of the
above).
Allen, Secretary of the Superheater Co.; Joseph B. Terbell, President of which owned the leases and other properties mentioned
later
Reorganization Plan of Island Refining Corp.-A committee was
the American Brake Shoe & Foundry Co.; F. F. Fitzpatrick, President of
Island Refining
35,500.000
of
the
of
holders
Vice-President
to
Lockett,
H.
interests
formed
protect
the
of
A.
and
Co.
Theodore
Spring
Steel
Railway
the
New
near
refinery
the
upon
mortgage
first
a
The
first four named and Corp. bonds (secured by
Schulze & Co., have been elected directors.
which owns
George E. Learnard, President of the company,will constitute the executive Orleans and a pledge of the stock of the subsidiary company
refinery
at
Palo
the
Blanco).
committee.
The last named committee, through foreclosure proceedings, acquired
Net earnings before taxes in Sept. 1923 are estimated at $200,000
the refinery near New Orleans and the stock of the company owning_the
-V. 117, p. 1354, 1242.
refinery at Palo Blanco (per reorganization plan in V. 118. p. 2137)• This
and
committee has also filed a claim against Island Oil & Transport Corp.
International Harvester Co.-Files Answer.at
of its subsidiaries amounting to $12,375.249 for breach of a contract
Court
St.
certain
District
Paul
its
S.
U.
the
answer
The company has filed in
to the recent supplemental petition of Attorney-General Daugherty asking for the delivery of oil at a fixed price over a period of years.
Claims and Indebtedness.-ln addition to the aggregate indebtedness and
further division of the company on the ground that the dissolution decree of
claims, amounting to approximately $22.000.000, above enumerated.
1918 was inadequate to restore competition (V. 117. p. 282).
of the comThe company asserts the competitive conditions contemplated by the Island Oil & Transport Corp. at the time of the appointment
amount of apSherman law fully exist. It enters specific denials of any act, intent or mittee was indebted to various and sundry creditors in the
proximately 34.000,000.
power to restrain or monopolize domestic trade in harvesting machines.
This vast amount of indebtedness, coupled with the reduced oil produc10 The company's answer refers to figures in the Government's original and
for the sharesupplemental petitions showing the company's percentage of domestic tion. in the opinion of the committee, rendered it impossible
reorganization, which
trade in harvesting machines diminished from 85% in 1903 to 77% in 1911. holders, alone and unaided, to work out a plan of
Corn.
Transport
&
Oil
Island
would
preserve
in
any
of
equity
the
properties
1921-22.
in
63%
to 64% in 1918. and to
Co-operation With Middle States Oil Interests.-The committee accordingly
All competitors in harvesting machines also make and sell long lines of
long experience
a
asserts
had
their
answer
the
have
the
who
sought
ability
of
interests,
to
co-operation
and
other
comImplements,
agricultural
other
other fields, an expete should be determined by consideration of the farm implement aside as in the oil industry and in addition to their operations indivision
of the trade
a whole. The company has never possessed more than a small percentage tensive interest in the Atlantic coast trade, with which
appropriately be
most
can
the
in
United
of
business
the
Corp.
&
Island
States.
properties
Oil
Transport
implement
of the entire agricultural
of total produc- linked.
lo According to Census figures, the company's percentage
These interests, at the time the committee began negotiations with them,
tion of agricultural implements in 1909 was 22.5%; in 1914. 25%; in 1919.
had been for some time past engaged in assembling properties with a view of
22.9%; in 1920. 20.3%; and in 1921, 20.9%.
be complete in
• It is also pointed out that the importance of the old harvesting machine forming a combination of operating units, which would
and marketing facilities.
lines acquired by the company in 1902 has since greatly diminished, par- possessing producing, refining, transporting
and acquired.
assembled
properties,
The development and operation of the
ticularly since 1918. Since then power farming has been detiiloped with
time under trusteeships.
increasing rapidity, and the tractor is now one of th emost important agri- by these interests has been conducted up to thistransferred
a new nomto
being
of
process
are
in
these
now
and
properties
cultural machines in the domestic trade.
P
1562
THE CHRONTCLE
[VOL. 117.
any, incorporated in Delaware. known as Gulf States Oil
Refining Corp.
Luther Mfg. Co., Fall River.-Extra Dividend.A statement of this latter corporation, with its capitalization, assets and
An extra cash dividend of $10 per share has been paid by the company.
abilities, before including any of the properties of Island Oil & Transport
making 18% for the year. The quarterly rate of 2% was maintained.
Corp. is given above.]
The suggestion of the committee that the refining properties of Island 011
Luzerne County Gas & Electric Co.-Tenders.
& Transport Corp. near New Orleans and at Palo Blanco and the leasehold
The United States Mortgage & Trust Co.. as trustee, will until Oct. 23
and other properties in Mexico might advantageously be included in this
combination (provided these properties could be acquired upon reasonable receive bids for the sale to it of 20-year 7% Sinking Fund Gold bonds to
terms), was given careful study and thought, with the result that the com- an amount sufficient to exhaust 530,000.-V. 117. p. 1420.
mittee is now able to submit the above proposal.
McCaskey Register Co.-Accumulated Dividends.In pursuance of the plan agreed upon by these interests and the comThe company on Oct. 1 paid to stockholders of record Sept. 24 a dividend
mittee. these interests have acquired from the committee representing the
bondholders of Island Refining Co. the refinery near New Orleans and its of 2% on account of unpaid dividends on the 2d Pref. stock, in addition
appurtenances:the stock of the company owning the refinery at Palo Blanco, to the regular quarterly payments of 14% on the 1st Pref. and of 2%
and the above-mentioned 512,000.000 claim against Island Oil & Transport on the 2d Pref. stock.---V. 105. D. 184.
Corp. and Its subsidi- ries. These 'properties and the claim of approxiMarlin-Rockwell Corp.-Earnings (Incl. Sub. Cos.)mately $12.000.000 will be transferred to Gulf States Oil & Refining Corp.
Six Months Ending June 30The committee will co-operate with Gulf States 011 & Refining Corp.
1923.
1922.
to acquire for said corporation the leaseholds and other properties in Mex- Net sales (including inter-company sales).
$2.425,889 $2,223,012
ico belonging to the subsidiary companies of Island Oil & Tr maportCorp. Manufacturing cost of sales before deducting idle
plant expenses and extraordinary charges
but the committee has acquiesced in the suggestion that the plan now sub1.763.776 1.339.191
mitted be carried into effect forthwith, deferring the negotiations for the
Gross profit from operations
acquisition of the leasehold and other properties in Mexico to a later date.
$661.913 $883.818
If and when these properties are acquired, they will be transferred to Gulf Other income(net)
25.287
55.150
States 011 & Refining Corp.
Gross income
The committee is of the opinion that the acquisition of the large claim
$687.199 5938.968
mentioned above, which is a claim not only against Island 011 & Transport Deduct-General and selling expense
309.150 428.558
Interest charges
Corp., but also against its principal subsidiaries in Mexico. will greatly
74,889
77,868
Loss on sale of plant assets
29.028
cr.395
facilitate negotiations for the acquiring of the Mexican properties.
Cost of moving to Plainville
Moneu for Working Capital.-The money paid in by stockholders of Island
41.489
Idle plant expenses
Oil & Transport Corp.. as hereinafter provided, less deductions for dis652.267
467.416
bursen-ents of the committee, will go into the treasury of Gulf States Oil
Loss for six months
& Refining Corp. as working capital, and no part thereof will be required
$419.624
$34,480
The e lamed surplus account June 30 1923 Is as follows: Balance Jan. 1
or used to pay for the properties already owned and operated by Gulf
States Oil & Refining Corp., which are free and clear of any indebtedness 1923.51.323.962; deduct IOSS on a de of stock of Rockbestos Products Corp.,
$356.908:expenses of sale of Philadelphia plant. 528.194:loss for six months,
or encumbrances.
as above,$419.624: total,$804.725:e,rned surplus at June 301923.5519,237.
Reasons of Committee for Acceptance of Above Offer.
The capital surplus at June 30 1923 amounted to 51,094,644.-V.117.
(a) The plan, if and when the same is fully consummated, will result in p. 1021.
of
the
benefit the stockholders of all of the principal propthe recapture for
erties owned or controlled by Island 011 & Transport Corp.
Maxwell Motor Corp.-Truck Prices Not Advanced.(6) The huge indebtedness of approximately $26.000,000 above referred
We are officially informed that published reports that the company
to will be entirely eliminated, with the single exception that the refinery advanced the price of the Maxwell 134-ton truck from $932 to $1.095had
are
at New Orleans (now known as Orleans Refining Co.] will be subject to a In error. No changes have been made in Maxwell truck prices for a long
mortgage securing $2.275.000 of bonds to be issued in exchange for the time. The company still sells a truck at $932 and another truck at $1.097.
55.500.000 bonds at present outstanding, and $725,000 of additional bonds It also sells a great many different combinations of trucks, but they are at
to be sold for the purpose of supplying working capital for said refinery the same prices as heretofore.
(per plan of Isl Ind Refining Corp. in V. 116, p. 2137; see also Middle States
It is reported that the company In September last shipped approximately
011 Corp. below).
8,500 Maxwell and Chalmers cars.-V. 117, p. 1354.
(c) The management of Gulf States Oil & Refining Corp. will be in the
hands of men of largo experience and great ability in the oil IndustrY•
Maple Leaf Milling Co., Ltd.-Omits Common Dividend.
(d) In making the exchange, under the proposal above outlined, stockThe directors have voted to omit payment of the quarterly dividend of
holders will becorra shareholders in a going concern with large producing
.and profit earning assets, and with no indebtedness except the small bond 2% usually paid Oct. 18 on the Common stock. Dividends at the rate
of 8% per annum (2% quarterly) were paid on the Common stock from
issue on the New Orleans refinery.
(e) Upon consummation of the plan, representatives of the stockholders' Jan. 1922 to July 1923, inclusive.
The directors have declared the regular quarterly dividend of lfi% on
interests will be added to the board of directors of Gulf States 011 & Refinthe Preferred stock, payable Oct. 18 to holders of record Oct. 3.-V. 117.
ing Corp.
01 Gulf States Oil & Refining Corp., combining as it does production. p. 788. 333.
transportation, refining and marketing in the territory tributary to the
Metropolitan Power Co.-New Director.properties of Island Oil & Transport Corp.. is organized on lines which seem
H. G. Parsly, of Parsly Bros., has been elected a director.-V. 116. p.
to the committee to be in harmony with the best thought in the oil industry
2521.
1769.
to-day.
(g) The management of Gulf States Oil & Refining Corp. have invariably
Miami Copper Co.-Production.pursued the wise policy of conducting the affairs of their various companies
In the eight months to Sept. 1 the company produced 42,545,186 pounds
without involving them in a vast volurr e of indebtedness, and have demonstrated their ability to earn profits which are distributed to their share- of metal, or an average of o.318.148 pounds a month. This Is at the rate
of
almost 65,000.000 pounds for 1923, and will compare with 67.451,447
holders in tin es of average prosperity.
Committee.-Charles T. Brown (Chairman), Charles C. Matchette, pounds produced in 1922 and 53,311.941 pounds in 1921.-V. 117. p. 560.
Howard
Green,
Douglass
Wilson,
Benj.
C.
Williamson Keen. Clifford I.
Middle States Oil Corp.-Marketing & Refining (Init.Voorhees. Austin Agnew (Secretary), and J. Markham Marshall. counsel.
The company announces the completion of its arrangements for the
P. D. Saklatvala, President of the Gulf States Oil St Re- permanent marketing of Southern Arkansas and Gulf Coast, oil, which will
be accomplished through the Gulf States Oil & Refining Corp. (see that
fining Corp., says:
company above). The entire class "13" voting stock of which will be
The Gulf States Oil & Refining Corp. has agreed to the proposal for ex- owned by Middle States. Southern States and Western States Oil corporachange of Its Class A shares for shares of Island Oil & Transport Corp., and tions, the larger part being owned by Middle States.
will carry out and fulfill all the obligations imposed upon it by the terms of
The refineries will be owned and conducted by the Orleans Refining Co.,
the proposal.
owner of the former Island 011 Refining plant at New Orleans. and the
[For statement of capitalization, &c., of Gulf States Oil & Refining Corp. entire stock of Orle ins Refining will be owned by Gulf States Oil& Refining
see that company above.1-V. 115. p. 875.
Corp. Orleans Refining will have but a nominal bonded indebtedness,
While Gulf States Oil & Refining. which will own and have charge of crude
Island Refining Corp.-Successor Company.oil production and own the stock of the Refining company, has no inSee Middle States Oil Corp. below.-V. 116. p. 2772. 2138.
debtedness. Compare also Island 011 & Transport Corp. and Gulf Oil &
Refining Corp. above.-V. 117, p. 1243.
r
Jackson (Mich.) Motor Shaft Co.-New Interests.-
New interests, headed by 0. 0. Schulz and Charles lineman, have acquired the plant and business of the company heretofore operated as a
unit of the Earl Motors Corp.. for $500.000. The company will be reorganized and has plans for development in the manufacture of crankshafts,
camshafts and kindred products. Mr. Schulz will be President of the new
company, and Mr. Hueman Secretary. ("Iron Age.")-V.114, p. 2123.
Jefferson & Clearfield Coal & Iron Co.-To Redeem Bds.
The company announces that certain of its 2d Mtge. (now First) 5%
30-year gold bonds, dated June 15 1896. have been drawn by lot by the
trustee. the United States Mortgage & Trust Co., for purchase by the
sinking fund on Dec. 1 1923 at 105 and Int.-V. 117, p. 899.
Kelly-Springfield Tire Co.-Sells Wooster Plant.-
The company has sold its Wooster, 0. plant to the Thomas Rubber Co.
of Millersburg, 0., for a price said to be $100,000. The plant had been
closed for about two years.-V. 117. p. 787.
Keystone Rubber Mfg. Co., Erie, Pa.-Bankruptcy.-
A Pittsburgh dispatch states that the company has filed a voluntary
petition in bankruptcy in the U.S. District Court in Pittsburgh. Liabilities
are placed at $258,212 and assets at $138.504.
Jacobs Manufacturing. Co.-Sale.
Kilbourne
The property of the company has been sold at public auction to R. Huntington, of the Huntington National Bank. Columbus,0.-V.117,D•559.
e-
Lake of the'Woods Milling- Co.. Ltd.-Annual Report.-
1922-23.
Aug. 31 Years5732.318
Gross profits
Interest on bonds
40,500
Preferred dividends (7%L 105,000
Common dividends(12%). 420.000
Balance. surplus
-V. 116. p. 2395.
1921-22.
5713.088
54,000
105,000
420.000
1920-21.
$762,074
54,000
105,000
420,000
1919-20.
5732,232
54,000
105,000
294.000
1918-19.
$756,616
54,000
105,000
294,000
Mohawk Rubber Co., Akron, O.-Merger Off.See Star Rubber Co. below.-V.117. P. 1135.
Montgomery Ward & Co., Chicago.-Sept. Sales.-
I923-Sept.--1922 Increase. 11923-9 Mos.-1922 Increase.
59.949.398 57.088.684 52,860,714 590.303.759 559,552.224 530,751.535
-V. 117. p. 1135. 560.
Moon Motor Car Co., St. Louis.-Sales.-
W. H. Rogers, General Sales Manager, reports that sales of Moon cars
for the first 8 months of 1923 are 92% ahead of sales for the same period
last year. See also V. 117, p. 1458. 1469.
Nash Motors Co.-Earnings.Period-
-Quarters Ende4- -Nine Months EndedAug.31'23 May 31 '23 Feb. 28 '23 Aug.31'23
Net earn, after mfg.,depr.
selling & admin. exp. &
Federal taxes
$2.257.767 $2.568.405 $1,573,241 $6,399.414
President C. W. Nash says: "Our business is in the strongest position it
has ever been. The future looks very bright. We should not expect to
run our factories to their fullest.apacity during the fall months, but we
believe we will have a very satisfactory fall business and a splendid winter
and spring business."-V. 117, p. 1355. 214.
National Conduit & Cable Co.-Sale.The court has confirmed the sale of the plant of the company to the
American Brass Co. (now a subsidiary of Anaconda Copper Mining Co.)
for 133.000.000.-V. 117. p. 788; V. 116. p. 2891.
National Department Stores, Inc.-Sent. Sales.-
1923-September-1922. Increased 1923-9 Mos.-1922.
Increase.
$3,246.318 52.738.407
5507,9111523,560,272 519,977,018 $3.583,254
5166,818 1134.088 $183,074 5279.232 $303,616 -V. 117. p. 1243, 1900.
Lehigh-Wilkes-Barre Coal Co.-Sale Approved.-
See Central RR. Co. of New Jersey above.-V. 117. p. 675.
Live Poultry Transit Co.-Equip. Notes Offered.-Illinois
Merchants T,rust Co., Chicago, are offering at 100 and int.
$200,000 6343(7- Equip. Serial Gold Notes, Series "N."
Dated Oct. 1 1923. Due semi-annually Oct. 1 1924 to April 1 1934.
Interest payable A. & 0. without deduction for normal Federal income tax
not exceeding 2%. Illinois Merchants Trust Co.. Chicago. trustee.
Denom. $100, $500 and $1.000 O. Callable in reverse of numerical order
on any int, date upon 60 days' notice at par and int., plus a premium of
3.‘% for each 6 months or fraction thereof between date of redemption
and date of maturity.
Details regarding the company were given in our Issue of Sept. 22,p. 1354.
In connection with the offering of 5200.000 Equip. Trust 64% notes.
aeries "M."-V. 117. p. 1354.
Loew's Windsor Theatres, Ltd.-Back Dividends.-
Naumkeag Steam Cotton Co.-To Increase Stock-100% Stock Dividend Proposed.The stockholders will vote Oct. 17 on Increasing the authorized capital
stock from 53,000.000 (all outstanding) to $6.000,000, par $100. If the
increase is authorized, it is proposed to declare a 100% stock dividend to
be payable to stockholders of record Oct. 17.-V. 116, D. 2891.
Nevada-Ca Iifornia Elec. Corp.-Court Remus City's Plea.
The company has finally won its litigation with the city of Los Angeles
over the latter's attempt to secure the Owens River Gorge plant of its subsidiary, the Southern Sierras Power Co. The U. S. Supreme Court had
previously denied the appeal of the city for a writ of certiorari and now the
II. S. Circuit Court of Appeals has denied the city's application for a rehearing of the suit. The U. S. District Court in San Francisco in 1922
held that the city had the right to condemn the water rights of the company
and fixed a valuation of $525,000 for the water rights alone. The Court of
Appeals reversed this ruling and has now denied the right of appeal to the
city.-V. 117, p. 1469.
The directors have declared the regular quarterly dividend on the PreNew Cornelia Cooper Co.-Production.ferred of 14% and two additional disbursements of 1%7,, each to apply
Month ofon arrears of dividends all payable Oct. 15 to holders of record Oct. 1.
Sept. 1923 Aug. 1923. July 1923. June 1923.
It is said that with this declaration, arrears on the Preferred stock will be Copper production (lbs.). 3,271,655
3,372,243
3,183,921
3,497,788
finally wiped out.
-V. 117, p. 1135. 560. •
OcT.6 1923.]
THE CHRONTCLE
(I.) Newman & Sons, Inc., New Haven, Conn.-Bonds
Offered.-Charles W. Scranton & Co., Putnam & Co., and
Bincks Bros. & Co., are offering, at par and interest,
$700,000 10-Year 7% Debenture Sinking Fund Gold Bonds.
Dated Oct. 1 1923. Due Oct. 1 1933. Interest payable A. & O. at
Mechanics Bank, New Haven,without deduction for normal Federal income
tax up to 2%. Redeemable, all or part, at any time upon 30 days notice:
at 110 and interest if redeemed on or before Oct. 1 1924. the redemption
price to be reduced yi of I% on each six months thereafter. Denom. $500
and $1,000 c*. Mechanics Bank of New Haven, Conn., trustee. Company will refund Connecticut 4 mill personal property tax and Massachusetts
State income tax not in excess of 6%.
Data from Letter of Pres. James T. Patterson, New Haven. Sept. 27.
Authorized. Outstanding.
Capitalization$700.000
10-Year 7% Sinking Fund Debentures(thisissue)-- $700,000
600.000
550,000
8% Cumulative Preferred Stock
10.000 sits. 10.000 shs.
Common Stock (no par value)
Company.-Incorporated in Connecticut. Recently formed to take over
the business and assets of I. Newman & Sons. a partnership. Business was
established in 1874 and consists of the manufacture and sale of corsets.
Earnings.-For the five years ended July 31 1923, net income available
for interest charges averaged over 5.7 times annual interest requirements
of these bonds. In none of the five years ending July 31 during this period
were net earnings less than 3 1-3 times these interest requirements. In no
year since the business was established in 1874 has there been an operating
loss. For the ten-year period ending July 31 1923. average annual net
income was over 3 1-3 times present interest charges. These figures are
after deduction of State taxes and Federal taxes at the present rate of 12 %,
as taxes actually paid were to a large extend a charge against the individual
'partners of I. Newman & Sons.
Sinking Fund.-Indenture will provide for a minimum sinking fund,
payable semi-annually, which, it is estimated, will retire at least 56% of
the entire issue prior to maturity.
Purpose.-This financing will facilitate the transfer of the assets and
business from a partnership to a corporation.
Comparative Statement of Sales, Calendar Years.
$2.998,879
$1,297,603 1920
$1.358.102 1915
1910
2,627,222
1.570,792 1916
1,432,636 1921
1911
2,376,016
1,494,375 1922
1.608,854 1917
1912
1.715.158 1923(8 mos.) 1,670,099
1913
1,586,501 1918
2.267,196
1.394,582 1919
1914
Officers.-James T. Patterson, Pres.. Bridgeport: P. W. Hine, 1st V. P.,
New York: A. Klapot, 2d V.-P., Boston; 0. D. Mowry, Sec., Chicago:
Harry C. Usher, Treas., New Haven.
.
Balance Sheet July 31 1023(After Issuance of$700,000 Delis. &$550,000 Pref.)
Liabilities
Assets$54,424
$41.184 Accounts payable
Cash
25,971
410.007 Accr. salaries & comm'ns_
Notes & acc'ts receivable_
700.000
Inventories
579.424 7% debentures
550,000
50.488 Preferred stock
Deferred charges
249.291 1
Land, buildings, &c
1563
from the outside section served by both companies, the condemned systems
to become a part of the city-owned Hetch Hetchy development.
President Creed of the Pacific Gas & Electric Co. has stated that the
company considers its San Francisco system integral with its whole power
system, and will not sell to the city. It is expected that Great Western
Power will also refuse to sell its San Francisco properties.-V.117. la• 1355.
561.
Pacific States Lumber Co.-Earns.12 Mos.end. May 31.
Net sales
Net earnings
Depreciation
Depletion
Interest on funded debt
Surplus
-V. 114. p. 636.
56.064.822
1,908.154
387.747
306.365
557,148
$856,894
Palmer (Mass.) Foundry & Machine Co.-Receiver.-
Abraham Kanberg. Springfield, Mass., has been appointed receiver;
V. 117. p. 1135.
Panhandle Producing & Refining Co.-Status, &c.-
M
M. A. Chambers, Secretary, in a letter to stockholders in connection
with the passing of the Preferred dividend, says:
"In a letter addressed to you under date ofAug. 1 1923.ourPresident outlined to you what the policy of yourcompany had been with respect to storing crude oil and refined products during the latter part of last and the early
part of this year, and the reasons therefor. Unforeseen and unprecedented
conditions arose in the large overproduction of crude oil and gasoline
which upset the expectations of the entire industry.
"The amount of the bank loans at June 30 1923 was $490.000 and trade
acceptances payable amounted to $85,262. Since that date the trade acceptances have been paid and the bank loans reduced $75.000. so that at
the present titre the total amount of such obligations is $415,000.
"Since the first of the year the company has drilled a nun bar of wells,
increasing the crude oil production materially, and has installed two units
of the Dubbs cracking process, which has just been put into operation. at a
cost of approximately $150.000. The cracking plant has been entirely
paid for.
"The large pipe line companies which have been purchasing our crude oil
produced in Young, Eastland and Navarro counties. Tex., which is a considerable part of our production, recently adopted a plan of running till of
our oil and paying for only 50%, storing the balance for the company's
account, to be purchased at some later date. Our income from this source.
therefore, has been materially reduced.
"The price of gasoline is so low that it is impossible to refine oil at a profit
at the present price of crude oil. The recent cut in the posted price has had
the effect of reducing the loss, but it is not low enough yet to make refining profitable. The operation of our cracking process also helps to reduce the cost of producing gasoline.
"The company is not carrying on any development work at the present
time and is reducing its expenses in every way possible. There is considerable distress crude oil which can be purchased at a price materially
below the market. The company desires to conserve its cash resources In
order that it may be in paition to take advantage of bargains that may be
$1,330,396 offered. In times like these money is very valuable in the conduct of the
Total
$1,330,396 Total
business. While it appears that the large production of crude oil has
reached the peak and that the turning point may be near, we expect that
(Geo. B.) Newton Coal Co., Phila.-Divs. Resumed.- it
will be son e months before conditions in the oil industry will again
on
the
dividend
of
3)4%
The directors have declared a semi-annual
$1.750.000 7% Cumul. 1st Pref. stock. payable Nov. 1 to holders of record become normal."-V. 117. p. 1245.
Oct. 15. This is the first dividend on the stock since May 1915.-V. 116,
Paraffine Companies, Inc.-Removal Notice.P. 1060.
On or about Oct. 15 the general offices of the company will be moved
from the present location, 34 First St., San Francisco, to 475 Brannan St..
N. Y. State Gas & Electric Corp.-Annual Report.San Francisco. Calif.-V. 117, p. 790.
1921.
1922.
Calendar Years51,151.7n7 5865.863
Gross e irnings
Penn Seaboard Steel Corp.-Consoi. Balance Sheet.631.470
711.534
Operating expenses, maintenance and taxes
July 31'23. Dec.31'22,
July 31'23. Dec.31'22.
AssetsLiabilities•
$234.393
$440.172
Net earnings from operation
8,400,365
plant
&
___b3,959,317
est..
Capital stork_
13.806
34.251 Real
Other miscellaneous income
equipment
9,784,048 11,351,886 Outside st'k holders
contr.
cos.:
337,232
in
5453 979 $268.644
Gross income for year
8% pref.stock of
$49.895 Uncompl property
$109.356
Deduct-Interest on bonds
467.700
approplations
87,624
Tac'y Steel co d467.700
16,923
54,081
24,689
Interest on floating debt
Value of stock of
1,462 Ingot molds,flasks.
27.189
Amortization of debt, discount and expense
Patterns.
472,890
430,134
minor. int.30,456
54.249
Reserved for renewals and replacements
159.208
160,655
233,349
155,172
Cash
Rockaway.
482.221
90.448 Vouchers Payable_ 755,519
Surplus available for dividends
$209,103 $171,141 Notes receivable.. a77,210
23.150
receivable
29,579
688,334
Accts.
638,610
Accounts
payable_
Dividends on Preferrei stock
7.728
134,579
Inventories
1,425,966 1,529,67:3 Accr. wages & int_ 105.782
-V. 117, p. 1135. 334.
781,434
Marketable secure 2433,236
315,262 Notes payable.... 716,418
Investments
92,026
25,326 5% of deposited 3New York T-,hohone Co.-Tenders.funds_ _
79,250
733
year notes pay'le
426
The Farmers' Loan & Trust Co. of New York. trustee, will, until Nov. 1. Sinking
286,414
insurance,
Prepaid
Long term notes.. 241,414
receive bids for the s ale to it of First & Gen. Mtge. Sinking Fund bonds
222,625
19,587
Interest & taxes_
22,706 Purchase oblig'n__ 195,000
dated Oct. 1 1919, to an amount sufficient to absorb $759.000, and at a
charges._
307,671
176,121
Gold
notee
ext'd
to
Deferred
price not exceeding par and interest.-V. 117, p. 789, 560.
Feb. 1 1924..1,426,500 1,599.000
14,000
c do
Not deP
North American Co.-Consol. Balance Sheet.itusville
Notes
Te
F off C
June 30'23. Dec. 31 '22.
June 30 '23. Dec. 31 '22.
969,000
AssetsLiabilitieslaltges. otsub. cos_ 1,145,200 1,149,000
Prop. & plant...231,433,730 188,860,469 6% cum. Pt. stk. 19,077,250 18,957,050
Depreciation reeve 694,538 1,057,753
Preferred scrip..
6,152
210,690
Cash on deposit
4,652
14,858
RCS. for oper. purp
with trustee.. 1,153,600 1.838.671 Common stock_ 24,197.910 21,085,800
Res. for doubtful
10.747,115 13,201,169 Common scrip__
Investments
146.243
4,583
74,017
pclts.
ue & notes__
7.631,607 4,089,042 Pref. stocks of
Cash
9O
n
Total(each side)13,437,678 15.089.923 Sur
subsidiaries _ 26,469,985 22,313,204
U.S.Govt.secur- 3,012,650 4,710,600
4,0O'rot
discount
contingeut liaollity of $3.3,273 exists for notes under
33
a
A
Notes & bills rec. 2,486,904 1,538,676 Minor.stkhldrs.'
matured. b Capital stock authorized under stock corporation law of the
int. in cap. &
Acets receivable 7,345,234 7,064,541
State of New York, 1,200,000 shares without p ar value. c In accordance
surp. of subs_ 5,475,321 5,074.708 with a plan submitted
Mat'is & suppl'a
to the holders of the $1.599,000 3-year 7% Sinking
7,512,874 7,181,849 Funded debt of
(at cost)
Fund Cony, gold notes, due Feb. 1 1923, 51.513,000 gold notes were paid
158,352 subsidiaries _J32.034,450 114,629.600 off
584,450
Prepaid acels__
by the delivery in lieu of each 51,000 principal amount thereof of$50
Bond & note dis. 8,238,759 7,799,954 Notes&bills pay. 9.881,323 2.999,677 in cash, one new coupon gold note in the denomination of $50, payable
Acc ts payable._ 4,241.409 4,755,318 Aug. 1 1923 and one new coupon gold note in the denomination of $900,
Prem. on invest.
2.479,531 2,488,506 Sundry cur.liab. 1,955,942 1.199.654 payable Feo. 1 1924. d 16% dividends unpaid. Compare also V. 117.
securities
Taxes accrued__ 3,418,106 1,175,909 p. 1245. 1470.
Interest accrued 1,835,201
1,630.536
The stockholders will vote Oct. 17 on approving the plan to refund the
Mot. accrued__ 1,775,690
919,073 51.439.100 7%, notes, series "B," due Feb. 1 1924. See plan in V. 117.
Sundryed
1245, 1470.
p.
liabilities _
51,458
55,382
Deprec. reserve.x28,658,958 129.566,738
Pennsylvania
Salt Mfg. Co.-New President, &c.
Other reserves__ 6,184,474 I
Dr. George Feiss Baker has been elected President. to succeed the late
17,359,743 14,543,029 Arthur E. Rice. Leonard T. Beale, of John T. Lewis & Bros. Co..succeeds
Total(each aide)282,626,454 238,911.829 Surplus
x Appropriations are made by subsidiaries from earnings monthly to Mr. Rice as a director.
For annual report for fiscal year ended June 30 1923,see under "Financial
insure replace neat of physical property, and credited to depreciation reserve, in accordance with the best principles of management and engineer- Reports" above.-V. 117, p. 1022.
abandoned,
repl
aced
or
is
original
property
cost
of
practice.
When
ing
Phoenix (Fire) Insurance Co., Hartford, Conn.
such property is ch argel against said reserve. These appropriations to
depreciation reserve are additional to full maintenance and rep dr expendi- Increase, &c.
operating
monthly
expenses,
and
serve to maintures, which are included in
The stockholders will vote Oct. 22 on increasing the authorized capital
tain all p arts of the properties in good repair and in first-class operating con- stock from $3,000.000 to $5,000,000, par $100. Stockholders of record
dition.-V. 117. p. 1470, 1135.
Oct. 22 will be given the right to subscrioe, at par, for the 52,000,000 new
in proportion to their holdings, payment to be made between Nov. 1
Northern Indiana Gas & Electric Co.-Stock Offered.-- stock,
and Dec. 10.
The company is offering to its employees and customers 5600.000 7%
Pilgrim Mills, Fall Riven-Extra Div. of
Class "A" Preferred stock at $98 50 a share. Payment may be made
either in cash or on the deferred payment plan.-V.117, p. 335.
The company on Oct. 1 paid an extra dividend of 1% on both the Common
Preferred stocks.-Vand
. 112, p. 1289.
Northwestern Leather Co.-Suit Dismissed.Plymouth Cordage Co.-Annual Report.Chief Justice Rugg of the Mass. Supreme Court has dismissed the suit
1919-20.
brought by William M. Bullivant and other stockholders against the First
July 31 Years1920-21.
1921-22.
1922-23.
National Bank of Boston and others. (See V.115, p.82.)-V. 116. p.2522. Sales
213.750.000 $11,500.000 815,500.000 823,400.000
Balance
Sheet
July
21.
Orleans Refining Co.-New Company.
1923. • 1922.
1923.
1922,
See Middle States Oil Corp. above, also Gulf States Oil & Refinery Corp.
Assets$
$
and Island Oil & Transport Corp.
8.000.000 4,000,000
Real estate. ace,
Capital stock
38,670
89.760
less depredation 7,174,748 7,319,285 Dupl. spec. stock_
Pacific Gas & Electric Co.-Contpany to Oppose Acquisi- Mdse.
& supplies. 6,549,263 4,492,667 Notes & acc'ts pay 2,123,827 3,359.289
tion of Its San Francisco Distributing System to City.2,326
819,328 2,215,989 Insurance fund...
Cash
The San Francisco Board of Supervisors has adopted the suggestion that Notes & acc'ts ree_ 1,788,879 2,745,125 Deprec'n reserve__ 257.000
204,149
162,176 Int. 61 taxes accr__ 108,353
the city acquire by condemnation the distributing svstem of this comp any Exp, paid in adv. 179,620
9,333,134
Surplus
and the Great Western Power Corp.,to utilize power from the Hetch Hetchy Misc.securities...5,933,978
3,407
development. The plan of the supervisors is to condemn and sep irate the Employees' stock_
Total(each alds)_.16.515.245 16,935,243
city distributing systems of both companies and their complete segregation
1564
THE CHRONICLE
In December 1922 a stock dividend of 100% was paid, doubling the out-standing stock from $4,000,000 to $8.000,000. After deduction of $440,000
paid in cash dividends (including one dividend of $2 50 on the $4,000,000
capital stock outstahding prior to the 100% stock dividend in December
and two dividends of $1 50 each and one dividend of $1 25 on the new
$8,000,000 stock), and a reserve for possible shrinkage of inventory values
of $257.000. balance carried to surplus account as a result of the year's
operations amounted to $600,844.-V. 116. p. 1285.
Pittsburgh & Westmoreland Cnal Co.-Tenders.-
The People's Savings & Trust Co. of Pittsburgh, trustee, received.
until Oct. 4, bids for the sale to it of First Mtge. Sinking Fund 5% gold
bonds, dated May 1 1907. to an amount sufficient to exhaust approximately
$26,000.--V. 116, p. 1770.
Port Hope Sanitary Mfg. Co., Ltd.-7'o Retire Pref.The stockholders will vote Oct. 29 on authorizing the retirement of the
Preferred stock. This issue is non-callable and will be re-purchased by
the company at not exceeding par and int. About $200,000 of this stock
par $100, will be retired in the near future and the remainder at a date to
be set later. The company has an authorized capitalization of $500,000
Preferred ($456.000 outstanding) and $750.000 Common stock (all outstanding), par $100.-V. 115. p. 2913.
Producers & Refiners Corp.-New Vice-President.H. E. Johnston. formerly General Sales Manager, has been elected
a Vice-President in charge of sales and distribution.-V. 117, p. 1023.
Public Service Co. of Colorado.-Bonds-Offered.Halsey, Stuart es Co., Inc., and A. B. Leach & Co., Inc., are
-offering at 93 and interest, to yield about 6.55%, $5,000,000
First Mtge. & Ref. 6% Gold Bonds, Series A. (See adv.
pages.)
Dated Sept. 1 1923. Due Sept. 1 1953. Interest payable M. & S. at
Halsey, Stuart & Co.. Inc., Chicago. and company's office, N. Y. City.
without deduction for Federal income tax not in excess of 2%. Penn. and
Conn. 4 mills tax and Mass. Income tax on interest not exceeding 6% per
annum refunded. Denorn. c* S1,00, 8500 and $100 and r* $1,000 and
multiples thereof. Redeemable, all or part. on 30 days' notice at 105 and
Interest to and including Sept. 11933; thereafter decreasing 34% each year
to Sept. 11952; and thereafter at par and interest to maturity.
Data from Letter of President Henry L. Doherty, Sept. 7 1923.
Company.-successor by merger to the properties of the Denver Gas &
Electric Light Co. and the Western Light & Power Co. [approved Oct. 2
19231. Based on completion of organization as planned, company is the
largest gas and electric company in the State of Colorado and supplies without competition the commercial electric light and power service in a number
of cities and communities in that State. including the cities of Denver
(and its suburbs). Boulder. Fort Collins and Loveland, and also supplles
electric, gas and steam-heating service through a subsidiary, Cheyenne Light,
Fuel & Power Co., to the city of Cheyenne, Wyo. Company also supplies
-electricity at wholseale at Greeley, Longmont, Englewood and other communities in Colorado. In addition, company supplies gas and steamheating service to the city of Denver,and owns and operates the street railway system in Boulder, Colo.The physical properties to be owned include generating stations having a
combined installed capacity of over 31,000 k. w., and this capacity will be
increased to about 51,000 k. w., upon the completion of the first unit of the
new central station generating plant which the company expects will be
ready for operation within the next twelve months.
The stability of business over a period of years of the companies which
are to comprise Public Service Co. of Colorado. Is set forth in the following
table:
Statistics of Consolidated Companies. Calendar Years.
Electric-Gas
Calendar Years: K. W. flours. Consumers
Consumers.
Cubic Feet.
1923x
111,668,303
82.513
56,439
2,128,755,000
1922
108,871,879
77.306
56,822
2,068,763,000
1921
97,064,376
69,796
53,685
2,054.933,000
1920
94,416,154
64,286
52,961
1,827,588.000
1919
82,497,466
59,169
50,438
1,630.952,000
1918
71.914.738
56.259
48,105
1.564.077.000
1917
70,182.799
52,407
45,649
1.395.379,000
1916
62,151,301
48.995
43,676
1,287,398.000
x Twelve months ended April 30.
CapitalizationAuthorized. Outstanding.
First Mtge. & Ref. 6.9. Series A (this issue)
$5,000,000
• a
Divisional Bonds
c18,517,400
b
Debenture Bonds 7% (to be presently offered)__ _ -$2,250,000
2.250.000
Common stock
15,000.000 15,000,000
First Preferred 7% Cumulative Stock
3,500.000
25,000,000
a Restricted by provisions of the trust deed. b All divisional bonds
hereafter issued must be pledged under First Mtge. & Refunding Trust
Deed. c Not including $1.300.000 divisional bonds to be pledged under
First Mtge. & Refunding Trust Deed. Of divisional issues outstanding
$17,310.400 are 5% and $1.207.000 are 734% bonds.
Purpose.-Proceeds from this issue of Series A bonds will be used for the
•construction of a modern steam generating station, extension of high
tension transmission lines and for other corporate purposes. The new
central station generating plant now under construction (first unit 20,000
k. w.)is designed for an ultimate generating capacity of about 200,000k. w.,
and is planned to be eventually the main source of supply of electric power
for the entire system.
Security -Secured by a first mortgage lien on the modern steam generating station and transmission lines to be constructed from substantially the
entire proceeds of this issue of bonds, and will be a direct mortgage lien on
substantially all of the remainder of the company's properties now owned
or hereafter acquired, subject to $18.517,400 divisional bonds outstanding
with public. In addition. $1,300,000 divisional bonds will be pledged as
further security, and any divisional bonds hereafter issued (not including
outstanding divisional bonds of companies that may be hereafter acquired)
must be likewise pledged.
Consolidated Statement of Earnings. Twelve Months Ended April 30.
1922.
1923.
Gross earnings
$7,192,828 $6.569,099
Operating expenses, maintenance and taxes
3,989,543
4,189,934
[VoL. 117.
Denom. c* $1.000, $500 and $100. and r* $1,000, $5,000. $10,000 and
multiples of $10,000. Company agrees to pay the normal Federal income
tax to the extent of2% and to refund the Penn.and Conn. personal property
taxes, assessed not exceeding 4 mills per annum in either State. Guaranty
Trust Co., New York, trustee.
Issuance.-Subject to authorization by the New York P. S. Commission.
Data from Letter of Pres. Carleton Macy, New York, Sept. 29.
Incorp. in New York in 1902 as a consolidation of Queens Borough Electric Light & Power Co. and Town of Hempstead Gas & Electric Light Co.
Furnishes without competition electric light and power and gas in the
Fifth Ward (Rockaway District), New York City, and in the adjacent
portion of the Town of Hempstead, Nassau County, including Lawrence.
Cedarhurst, Lynbrook, Malverne, Inwood, Woodmere, Hewlett, Valley
Stream, Oceanside and East Rockaway.
Over 99% of the Common stock of the company is owned by Long Island
Lighting Co. The electric properties of the two companies are now being
interconnected by high tension transmission lines. Upon completion of
these lines, substantially all of Long Island up to the New York City line
and the Rockaway District will comprise a unified electric system, making
possible an increasing economy in the operation of the facilities of the two cos.
Company owns and operates an electric generating plant at Far Rockaway, on Jamaica Bay, with an installed capacity of 18,000 k.w., and a gas
plant at Rockaway leach with a daily capacity of 8.000,000 cu. ft. Both
plants are advantageously located on the water front, the company's equipment including a 250-foot dock at Rockaway Beach and apparatus for
handling coal, oil and other materials. For the distribution of electric
energy the company owns 12 miles of high tension transmission lines and
295 miles of distribution lines, and for the distribution of gas there are 29
miles of transmission mains and 178 miles of distributing lines.
Capitalization Outstanding with Public upon Completion of Present Financing.
Refunding Mtge. gold bonds.6% Series of 1953 (this issue)
$2,000,000
Underlying 5% bonds (mtges. closed except for ref. purposes)
*2,000,000•
Preferred stock, 8% cumulative
2,450,000
Common stock (paying 8%)
2,000,000
*The total outstanding amount (82.000.000) may not be increased, but
if issued for refunding purposes shall be pledged under this mortgage.
Purpose.-Proceeds will be used to reimburse the company for additions,
extensions and improvements already made and for additions, extensions
and improvements to be made.
Earnings 12 Months endedJune 30 '23. Dec. 31 '22. Dec. 31 '21.
Gross income
$2,295,201 $2,067.234 $1.750,507
Oper. exp., maintenance and taxes
1,452,531
1.252.996
1,531,232
Net income for interest charges__ _
Annual int. charges on all bonds outstanding, including this issue
$614,703
$4497,511
Bal. avail.for retirement ofres.,&c. $543,969
Operating Statistics, Calendar Years1922.
Gross income
$2,067,234
Total customers
37,692
Kilowatt generating capacity
18,000
Kilowatt hour output for year
13,500,000
Gas generating capacity (cubic feet per day)
8.000,000
Gas output for year (thousands of cubic feet)
891.571
-V.lib. p.3005.
1912.
$568,357
11,705
4,700
4.572,000
3,100,000
276,228
$763,969
220,000
(Robert) Reis & Co.-Sales (Including Subsidiaries).1922.
1923.
$1,853,398 $1,479,250
Quarter Ending Sept. 30Grosssales
Compare V. 117, p. 97.
Riordon Co., Ltd.-Time Extended.Wallace B. Donham and I. W. Killam, reorganization managers, in a
notice to the shareholders and unsecured creditors, state that the time for
receiving subscriptinos from shareholders and unsecured creditors in the
exercise of their participation rights under the plan of reorganization has
been extended to Oct. 19 1923. The time for receiving deposits of claims
of unsecured creditors who do not elect to exercise their optional subscription rights has also been extended to the same date. Compare V. 117, P.
1234, 246, 1356.
Sandusky (0.) Gas 8r Electric Co.-New Gas Rates.The company has accepted the "compromise" rate ordinance passed by
the City Commission of Sandusky, 0. By the terms of this ordinance,
which is to be in effect until July 11924. the present rate for gas is increased
5 cents per 1,000 Cu. ft., except that the rate for the first 1,000 Cu. ft. will
be 90 cents, this also to be a minimum charge. The company has asked
for an initial rate of $1. The full rate schedule follows: First 1,000 cu. ft.,
90 cents: next 4.000 Cu. ft., 73 cents: next 5,000 Cu. ft., 78 cents: all over
10,000 Cu.ft.. 83 cents: discount,3cents per 1,000 Cu.ft.-V.115. p. 190.
Sauquoit Paper Co., Inc. Utica, N. Y.-Bonds Offered.
-Mohawk Valley Investment
Corp. and Citizens Trust Co.,
'
Utica, N. Y., are offering at 100 and int. $200,000 1st Mtge.
Sinking Fund OM gold bonds.
Dated Sept. 1 1923. Due Sept. 11038. Int. payable M. & S. free of
any taxes on principal or income except Federal income tax in excess of 2%.
Red. as a whole or in part for sinking fund purposes only at 108 and int.
prior to Sept. I 1924 and at 3,5% per annum less than that rate for each
full year or fraction thereof elapsed after that date. Denom. $1,000
and $500 c*. Citizens Trust Co., Utica, N. Y., trustee.
Data from Letter of John M. Ross, Treasurer, Utica, N. Y., Sept. 1.
Company.-Incorp. In N. Y. In 1906 for the purpose of manufacturing,
converting and marketing paper. Sanitary tissue products of various kinds
form the bulk of the business. Products are marketed throughout the
United States and Canada. Sales have increased from $118,394 in 1908
to $1,318,826. Factory located at Utica, N. Y.
Earnings.-Average net earnings since 1911 after deducting all taxes,
interest charges and adequate depreciation have been more than three
times the interest requirements of this issue.
Sinking Fund.-A sinking fund equal to 10% of the net profits after
deducting reserve for Federal taxes, but not less than $5.000 per annum
is provided which the trustee shall use for the purchase of bonds at not more
than the current redemption price, or if not so obtainable to call the required bonds drawn by Jot at that price. Bonds so purchased or called
are to be canceled and not reissued.
Net earnings (available for int., Federal taxes.
Capitalization.-Company was Incorp. In 1906 with a capital of $30.000.
depreciation, &c.)
$3,002,894 $2,579,556 In Dec. 1922 capital was increased to $180,000 by a stock dividend and in
Annual interest requirements on total mortgage inMay 1923 another stock dividend was authorized increasing the capital to
debtedness (including this issue)
$1.256.045
$370,000.
Approximately 9.4% of the net revenue of the company is derived from
Purpose.-Proceeds will be used to provide additional capital.
the sale of electric energy for light and power,a business which is increasing Balance
Sheet as ofDec.30 1922("taller Giving Effect to Subsequent Financing.)
steadily.
AssetsLiabilitiesFranchises.-Company has numerous franchises, under which It is oper$15,604 Accounts payable
852,748
ating in the various municipalities, several of which for electric service con- Cash
9.637
tain no limitation as to time. An ordinance passed in 1906 extended the Accts. and bills receivable-- 55,808 Acceptances payable
Materials and supplies
132,809 Accrued wages
452
gas franchise in Denver to 1926.-V. 117. p. 901.
Goods finished & in process- 44,788 Reserved for depreciation-- 68,588
Investments
Public Service Electric Power Co.-Bonds Ready.9,671 First Mortgage 63is
200.000
3,613 Preferred stock
20,000
Drexel & Co.announce they are prepared to deliver 1st Mtge.6% bonds, Deferred charges
350,000
series of 1923, in exchange for bearer interim certificates. (For offering Other accts. & prepayments 27.669 Common stock
Land and buildings
304,662 Surplus
62,890
see V. 116. p. 1659.) See also V. 117, p. 1463.
Machinery & equipment-- - 169,692
Punta Alegre Sugar Co.-Pays Off Bank Loans.-
An authoritative statement says: "The company on Sept. 27 paid a
$600,000 bank loan. This action entirely frees the company from floating
debt. Holdings of raw sugar are upwards of 200.000 bags, worth at the
present market of6 cents a pound, upwards of 24,000,000.-V. 117, p.97.
Queens Borough Gas & Electric Co.-Bonds Offered.Bonbright & Co., Inc., and W. C. Langley & Co. are offering at 993' and int., to yield over 6%,$2,000,000 Ref. Mtge.
gold bonds, 6%, Series of 1953. (See advertising pages.)
Dated Sept. 1 1923. Due Sept. 1 1953. Int. payable M. & S. at the
office or agency of the company in New York. Red. all or part on any
int. date, on at least 30 days' notice, at 107 on or prior to Sept. 1 1927
and at 1% less during each period of4 consecutive years thereafter up to and
incl. Sept. 11951. and at par thereafter to maturity, plus int. in each case.
Total
$764,315
Total
$764,315
Sears, Roebuck & Co.-To Pay Off Notes-Sales.The $16.907,900 7% notes due Oct. 15 1923, will be paid off at maturity.
Sales for Month and Nine Months Ended September 30.
1923-Sept.-1922.
Increase.i 1923-9 Mos.-1922.
Nereus'.
$
$
$
$
$
$
16,103,251 14.375,429 1,727.822 151,750,747 121,279,805 30,470,942
-V. 117. p. 1357, 1136.
Shaffer Oil & Refining Co.-Tenders.-
I
MIThe Continental & Commercial Trust Co., trustee, Chicago, Ill., will
until Oct. 27, receive bids for the sale to it of First Mtge. Cony.6% Sinking
Fund gold bonds, dated June 1 1919, to an amount sufficient to exhaust
8766,667.-V. 117, p. 1471. 678.
OCT. 6 1923.]
Simmons Co., Kenosha, Wis.-Sentember Sales.1923-Sept.-1922.
$2,864.758
$3,293.403
-V. 117, p. 1136. 902.
1565
THE CHRONICLE
Increase.
Increased 1923-9 Mos.-1922.
$428,6451$27,352,095 $19,125,026 $8,227,069
Sinaloa Exploration & Dev. Co., Inc.-Receivership
Vacated.-
Standard Gas & Electric Co. owns a controlling interest in Shaffer Oil &
Refining Co.and guarantees *9.130.700 of that co.'s 1st Mtge.6s. due 1929.
Earnings 12 Months ended June 30 1923.
Gross revenue(not including earnings retained by operated utility
companies for surplus and reserve)
*5,113.231
General expenses and taxes
150.336
Net revenue
$4,982,895
The app intmelt on Sept. 15 of George V. S. Williams as temporary
receiver was vacated Oct.4 by Circuit Court Judge Manton, who made the Ann.int. requirements on total presentfund,debt incl. thisissue_$2,099.505
appointment. The compalint on which the receivership proceedings were -V. 116, p. 2778.
based was made by Robert M. Feeley, James Ward and Hugh Lavery,
Star Rubber Co. Akron, Ohio.-Merger Off.directors and stockholders, who charged that Philip Francis, President, had
The proposed merger of
Mohawk Rubber Co. and Star Rubber Co.
conducted the company's affairs for his own benefit, had diverted funds and
has
been dropped by mutual consent of both companies.following objection
wrongful
acts.
other
had committed
Judge Manton said that an examination of the papers satisfied him that of stockholders to the joining of the two companles.-V. 117, p. 1137.
the appointment of a receiver was ill-advised and that it was apparent that
Texas Co.-New Company Formed.the purchases of property bY Mr. Francis were made for the benefit of the
The Columbian Carbon Co. and the Texas Co. have jointly organized a
corporation. Concerning the stock held by Mr. Francis, the memorandum
says that the transfer of stock to him was done with the knowledge of the new company,known as the Coltexo Corporation, to engage in the production
of carbon black and natural gas gasoline through the development of the
corporation as a matter of convenience only.
find,"said Judge Manton,"that at no time did he consider the stock as natural gas properties owned by the Texas Co. in the Monroe gas field of
and
profits
Louisiana and the Parks field of Texas.
out
of
the
paid
declared
were
dividends
his. I find that the
By this arrangement the Columbia Carbon Co. secures a further supply
not out of capital. I find that there has been no waste or mismanagement
justifying the interference of a court of equity in the appointment of a of gas, while the Texas Co. will benefit by the further utilization of its
objectionable
to
the
natural
gas properties.
directors
are
receiver. If any or all of the present
The new company was incorporated in Maryland with an authorized
stockholders an opportunity is afforded to them at the next annual meeting
capital
of
-V.
$1,000,000. Of this about $750,000 worth of stock has been
services."
117,
p.
1471.
their
corporation
of
to rid the
Issued, and is held jointly by the two companies.-V. 117, p. 562, 449.
Singer Manufacturing Co.-Annual Report.-
Calendar YearsNet income
Dividends
1921.
1922.
$21,568,981 $11,938,800
4.949,842 5,129,674
Balance
Previous surplus
$16,619.139 $8,809,126
6.692,755
13,501.881
Profit and loss, surplus
AssetsReal estate
Tools, &t,
Cash
Inventories
Ms receivable..
1922.
$
11,132,810
26,176,173
10,692,198
513,695.517
59,416,548
164,113,246
Total
-V. 117. p. 1357.
Toledo Edison Co.-Additional Bonds Offered.-Harris,
Forbes & Co. and National City Co. are offering at 90 and
int. an additional block of $900,000 1st Mtge. Gold bonds,
5% series. Dated Sept. 1 1921. Due March 1 1947.
(See description in V. 113, p. 1368.)
$30.121,020 $13,501,881 -T
ssu
-iiiace.-Subject to approval of the Ohio P. U. Commission.
Listing.-Original issue is listed on New York Stock Exchange and
Balance Sheet Dec. 31.
application
will be made to list this issue.
1921.
1922.
1921.
Data from Letter of President Frank
Coates, Toledo. Oct. 2.
$
Company.-Does the entire commercial electric light and power business
10,873,480 Capital stock__ 90,000,000 90,000,000
in
Toledo
and
certain
power at wholesale to
suburbs.
Supplies
electric
30,013,766 Bills payable___ 5,362,852 2,634,328
served
8,483.848 Ins. reserve_ ___ 7,975,470 7,601,979 companies serving other neighboring communities. Total population
directly
and
indirectly
is
In addition comestimated
to
exceed
310,000.
38,944,956 Replacem't res_ 3,000,000 3,000.000
56,076,042 Special reserve_ _ 27,653,904 27,653,904 pany does the artificial gas distributing business and a hot water heating
30,121,020 13.501,881 business in Toledo.
Surplus
1922.
Earnings Years Ended July 311923.
*7,250,159 $6,273,392
164,113,246 144,392,092 Gross earnings
144,392,092 Total
3.648.255
Operating expenses, maintenance and taxes
4,397.131
Skelly Oil Co.-Employees' Stock Purchasing Plan-Operations Curtailed-No New Financing Contemplated.President W. G. Skelly in a letter to the stockholders says in part:
"The directors intend to consider within the near future the adoption
of a plan of employee stock purchase and ownership, In line with modern
corporate thought and practice in such matters, and with the view of gaining
for this company the benefits that arise from a direct financial interest in
the company's success on the part of its employed personnel. The soundness of the basic idea has been thoroughly established by the favorable
experience of many corporations, and the board is having a comprehensive
study made of the various plans now in use by representative companies in
the oil industry and in other industries,in order that we may have the benefit
of the thought and experience of others in the formulation of our plan.
There is a technical question whether the charter of our company as now
drawn clearly permits the carrying through of this proposal. In order that
whatever doubt exists may be removed, the directors have proposed an
amendment to the charter to be adopted by the stockholders at the annual
meeting Oct. 18.
"Our company has adjusted its pace and program to the industrial conditions as they have developed and has, for the time being, curtailed its
operations in all departments, in order to do its part in restoring economic
balance. Our affairs are in good order and we will be in strong position for
resumption of activity when conditions warrant. The splendid composite
mining, manufacturing and merchandising property which has been built
up in the company's ownership will be prepared to contribute largely
toward meeting the demand in 1924.
"We have devised and put into effect new plans of management and
operation, in the interest of economy and efficiency; we are holding our oil
and gas producing properties intact and in the best physical and mechanical
condition. awaiting resumption of full activity; we have, within the present
year, enlarged and improved our refineries and our cashinghead gasoline
plants, and have brought their design and equipment into harmony with the
best thought and practice of the industry, so that we shall, in 1924, be able
to manufacture petroleum products as cheaply as they can be manufactured
In this country; we have enlarged and improved our systems of pipe lines
for direct gathering and transportation to our plants of crude oil and casinghead gas, and have also enlarged and improved our fleet of tank cars (now
numbering 882) in which we move our refined products to consuming markets; and we have enlarged and improved our facilities for the direct sale
of our products to consumers, and are now operating 160 stations at advantageous points in the States of Minnesota, Iowa, Missouri. Nebraska.
Kansas and Oklahoma-all this in line with our purpose to make of Skelly
011 Co. a complete. independent and important unit in the producing,
transporting, manufacturing and marketing divisions of the industry, with
a full cycle of activity from the production of the raw material to the retail
sale of the refined commodity to the ultimate consumer.
"The directors do not believe that new financing for the company is
necessary or advisable at present and none is in contemplation."-V.
117, p. 1471. 1136.
R.
Net earnings
$2,853,028 $2,625.137
Annual bond interest (including this issue)
1,174.670
CapitalizationAuthorized. OutstandV.
Common stock
$15,000,000 $13,875,00*
1,500.000
Preference. 7% Cumulative, Series A,stock
4.000,000
2,402,506
Prior Preferred.8% Cumulative. Series A,stock_ - 6,000,000
1st Mtge.,5% series. due 1947 (incl. this issue). _I
j 2,718.000
113.500.006
x
1st Mtge., 7 series. due 1941
j
1,875.400
Toledo Gas 1. & Htg. Co.Cons. M.5s, due 1935 (Closed)
x Limited by the conservative restrictions of the indenture.=-V.117.p.1024- -
Two Rector Street Corp.-Tenders.-
The Guaranty Trust Co., trustee, 140 Broadway, N. Y. City, will until
Oct. 18 receive bids for the sale to it of 1st Mtge.to-Year 6% Sinking Fund
Gold Loan Certificates, due April 1 1935, to an amount sufficient to exhaust
*31.505, at a price not exceeding 103 and int.-V. 117, p. 218.
United States Finishing Co.-Extra Dividend.The directors have declared an extra dividend of 1% on the Common
stock for the year 1923 and the regular quarterly dividend of 1 i% on the
Common, both payable Oct. 15 to holders of record Sept. 27.-V. 117, 1).
1137.
Vim Motor Truck Co.-Receiver.Federal Judge McKeehan at Philadelphia has appointed Kern Dodge
temporary receiver. The bill in equity under which the receiver was appointed was filed by A. V. W. Purrs, New York, creditor for $5.000, who
says the assets are *2.468.081 and the liabilities $1,301,227, with an additional capital stock liability of $650,000. The Vim Co. consented to theappointment of a receiver.-V. 117, p. 1472.
Virginia-Carolina Chemical Co.-Sella American Cyanamid Stock.It is stated that the company has disposed of its holdings of the Common
and Preferred stock of the American Cyanamid Co. The purchaser, it is
stated,is Benjamin N.Duke,already a heavy holder of American Cyaninald
stock. The purchase price it is reported, was between $1,500,000 and
$2,000.000.
-Y. 117, P. 550.
Waitt & Bond, Inc.(Cigar Mfrs.).-Stnek Dividend.-
The company has declared a 5% stock dividend on the outstanding 20,000
shares of Common stock, payable in Preferred stock. It is stated that thiswill increase the outstanding Prof. stock to $626,100. par $100.-V. 117. p.
218.
Waldorf System, Inc.-September Sales.1923-Sept.-1922.
*1.069.641
$1 184.970
-V. 117, P. 1338, 1137-
Increase.
Increased 1923-9 Mos.-1922.
$125,3291$10,366,013 $8,817,344 $1,548,669
Standard Gas & Electric Co.-Notes Sold.-H. M.
Washburn-Crosby Co.-Pref. Stock Offered.-Minnesota
Byllesby & Co., Hambleton & Co. and Janney & Co. have
Loan & Trust Co. and Minneapolis Trust Co. of Minneapolis
sold at 100 and int. $2,500,000 7% gold notes.
Dated Oct. 11923. Due April 1 1925. Callable all or part at any time are offering at 100 and div. $2,000,000 7% Sinking Fund
before maturity, upon 30 days' notice, at 101 to and incl. April 1 1924. Cumulative Pref. (a. & d.) stock (par $100).
•
thereafter at 100, plus
at
100i, and
thereafter to and incl. Oct. 1 1924
Interest in each case. Denom.$1,000,$500 and $100 c*. Interest payable
A. & 0. in New York and Chicago without deduction for any normal
Federal income tax, not in excess of 2%.Penn. and Conn. personal property
taxes not in excess of 4 mills, Maryland securities tax not in excess of 4%
mills, and Mass,income tax not in excess of8% per annum refunded. Continental & Commercial Trust & Savings Bank, Chicago, trustee.
Data from Letter of J. J. O'Brien, Vice-President of the Company.
Company.-Company and its operated utility companies comprise one of
the large utility organizations in the United States,embracing the operation,
management and engineering of public utility propreties. The operated
companies serve important centres, including Minneapolis, St. Paul, Louisville, Oklahoma City, Muskogee. Pueblo, Sioux Falls, Mobile, Tacoma,
San Diego and Stockton, furnishing service to 750 communities with a total
estimated population of 2,575,000 in 16 States; at the close of 1922 they
served a total of 570,716 customers, had installed water power and steam
electric generating capacity of 418,472 h. p., and had 3.183 miles of high
tension electrical transmission lines. Approximately 84% of the net earnings of the operated utility companies is received through the sale of electric
energy for light and power. 13% from gas and 3% from miscellaneous
services. Total gross earnings of the operated public utility companies
for the 12 months ended June 30 1923 were $39,369,494 and the net earnings *15,258,235.
Purpose.-Proceeds will be used to provide increased working capital
Pending the completion of plane now being formulated for the consolidation of the present funded debt.
z Capitalization Outstanding (Giving Immediate Effect to Present Financing)
$2.500,000
0 notes.
sissue)
x4,766,000
Convertible 6% Sinking Fund bonds. 1926 (closed)
y5,875,000
Convertible 6M 7 denentures, 1933
)
x2,032,600
Convertiblebonds, 1937 (c1
7Y2% Sinking -Fund bonds, 1941 (closed)
2.738.500
20-Year 8% notes, 1935 (closed)
15,000,000
Preferred stock
18.322.250
Common stock (no par value)
212,000shs.
x Convertible into Preferred stock. y Convertible into Common stock
a After making deduction for retirement of securities through sinking fund
now on deposit.
New York Trust Co.,transfer agent. Chase National Bank, New York,
registrar. Dividends payable quarterly. Application will be made to list
this stock on the New York or the Chicago Stock Exchange,or both. On or
before Nov. 1 1924 and annually thereafter company will retire by purchase
or call, out of surplus and net earnings, 2% of the total amount of Preferred
stock theretofore issued. Company may retire from time to time any or
all of the Preferred stock on 30 days' written notice at 110 on or before
Aug. 11928; thereafter and on or before Aug. 1 1933 at 1075-i; and at 105
thereafter.
Issued.
Capitalization (No Bonds)Authorized.
7% Cumulative Preferred stock
*10,000.000 *7.000.000
Common stock
10,000,000 7,000.000
$4.441,776
Surplus and undivided profits
Data from Letter of John Crosby, President of the Companyin the
engaged
Company.-Company and its predecessors have been
milling business since 1866. Present company was incorporated in Minnesota in 1889. It is the largest manufacturer in the world of flour and
kindred products, which are sold in every State in the Union and many
foreign countries. Total net sales for the last 10 years have aggregated
approximately $936,000,000. Milling plants of the company are located
at strategic points. The mills at Minneapolis. Buffalo. Kansas City,
Chicago and Louisville have a combined daily capacity of 64,300 barrels of
flour. The company has additional grain storage at Minneapolis and
Buffao aggregating 5.000,000 bushels.
Assets.-Balance sheet as of July 31 1923 shows net tangible assets, after
deducting all liabilities, amounting to *18.441,773, or over 2Yi times the
par value of the outstanding Preferred stock. Net current assets amounted
to $12,976,302, or over 1.8 times the par value of said stock.
The fixed assets amount to $7,270,392, which represents approximately
50% of the present replacement value of the milling properties, and approximately 66 2-3% of the replacement value of the grain elevators and
tanks. In addition, the company owns valuable water power rights, and
good-will, brands and trademarks, which are carried on the nooks at $1 each.
Earnings.-Net earnings for the past 10 years, after deducting all taxes
and depn3clation, have averaged over $2,494.000 each year, or over 5 times
annual dividend requirements on the Preferred stock with no single yearshowing a loss.-V. 109. p. 1373.
1566
THE CHRONTOLE
West^en
t & Power Co.—Meroer.-See Public Service Co. of Colorado above.—V. 117. p. 902.
White Oil Corp.—Readjustment & Reorganization Plan.—
The committee named below, representing holders of the Preferred and
Common stock, and holders of the 1st Mtge. 6% bonds, has been formed
for the purpose of considering the serious problems which confront the
company by reason of the maturity on Aug. 15 1923 of secured loans held
by banks aggregating approximately $1.500.000. and the maturity on the
same day of $1,000.000 1st Mtge.6% bonds,and for the purpose of devising
a plan of reorganization which will meet the existing difficulties. Astatement
issued by the comn•Mee says in substance:
"Upon careful exandnations and reports it appears that the values of the
assets of the comp my as now appear on the books in capital account greatly
exceed the forewent value and, consequently, at present values, there is an
impairment in capit !account which will prevent the distribution of earnings
in the form of diviiends to the stockholders. This situation greatly
impairs the credit of the company and consequently the development of
Its properties. No dividends have been paid on the Preferred stock
since issuance in March 1922. and by reason of this default in the payment
of these dividends the entire voting power for the election of directors now
vests in the 11,!dors of the Preferred stock.
"In approaching the preparation of the plan, it became apparent to the
Comn ittee that the holders of all classes of securities must co-operate and
make certain concessions to bring about a satisfactory readjustment.
Representatives of all classes of securities recognized that the capital represented by the Common stock must be reduced, as otherwise the company
with a large capital impairment could not pay dividends on any stocks.
Preferred or Common. The banks and the holders of the 1st Mtge. bonds
insisted that the capital be such as to permit the company in good times
to pay dividends so that Its credit would be improved and its requirements
more readily financed, nd the holders of the Preferred stock who have
received no divii ends since the stock was issued on March 1 1922 have
taken the same stand.
"In order to secure an extension of time on the $2.234.000 bank loans,
which matured Feb. 15 1923. the holders of the Preferred stock and other
interests purchased $1.000.000 1st Mtge. 6% bonds, secured by mortgage
of the con pany's leaseholds and other property in Louisiana. Pennsylvania
and Kentucky, and the proceeds of the sale of these bonds were used to
pay off approximately 25% of the bank loans; and thereby an extension to
Aug. 15 1923 of the nalance due on such loans was obtained. The balance
of the proceeds fr m the sale of the bonds was used for general working
capital and expenses.
"After conskerution of the present situation of the company, the holders
of the bank loans and the holders of the 1st Mtge.6%, bonds, which matured
Aug. 15 1923. together with the holders of the Pref. stock and the holders
of a large an ount of the Common stock have agreed to a plan (below)
and for the purpose of effecting said plan the bank loans and 1st Mtge.6%
bonds will be extended to Dec. 111923 on the same security as now held.
"If the plan is not favor-bly acted upon by the holders of Preferred
stock and lminriton stock, and the holders of bank loans and 1st Mtge.6%
bonds enforce their security at the end of the extension, it is app rent that
by reason of the fit nei 1 conaition of the comp ny such enforcement
would lead to the destrucAon of the investment in the Common stock.
If sufficient stoch is not deposited on or before Oct. 20 1923 the Committee sh II have the oiscre-ion of declaring the plan inoperative.
"All holders of the Preferred and Common stock are requested to deposit
their stock on or before Oct. 20 with the Chase National Bank,57 Broadway,
New York."
Committee.—Murray W. Dodge, Chairman; C. Howard Marfield, R. G.
Hutchins, Louis E. Stoddard, Oscar L. Gubelman, with Otis Everett,
Secretary, 57 Broadway, New York. and Beekman, Menken & Griscom,
Counael for Committee. 52 William. St.. New York.
[VoL. 117.
carries no accumulated dividends but onav such cryldencis (if any) as may
have been declared and not paid. The Preferred stock is to be convertible
into Common stock share for share. Holders of the Preferred stock and
Common stock shall have equal voting rights except that in the event of
the default after Dec. 1 1924, in the payment of 4 consecutive quarterly
dividends, the exclusive voting power for the election of directors, &c.,
shall vest in the Preferred stock.
The committee shall have the power to designate the personnel of the
first board of directors, and if the underwriters are called upon to take up
any of the bonds of the hew company, the committee may provide that
two-thirds of the board may be selected by the underwriters until the bonds
are paid.—V. 117, p. 1472.
(R. H.) White Co., Boston.—Stock Increase—Stk. Div.—
The company proposes to increase its authorized Capital stock from
$2,500.000 to $3,000.000, par $100, the $500.000 new stock to be issued
as a 20% stock dividend to holders of both class "A" and "B" Common
stock of record Sept. 7. The company has outstanding at present $463.500
class "A" Common stock and $2.036.500 class "II'Common stock.
Stance Shot.
Assets—
July 31 '23 Jan.31 '23
Liabilities—
July 31 '23 Jan.31 '23
Real est. di Inlets_ $518,762 8501.116 Capital stock
$2.500.000 $2.500,000
Merchandise
2.224.717 2,169,270 Mortgages
80.000
80.000
RIrn., equip., &c_ 392.481
345.296 Acc'ts & notes pay. 961.278 1,145,258
Cash & receivables 1,517.392 1,774,188 Res've for deprec. 308,309
315,972
Securities
108.320
108.564 Other reserves_
65,474
Federal taxes
48.949
Accr. taxes & rents
76,823
Other assets
80,687
7.800 Inc. Axel, recipro•
17.698
cal Insurance
Treas,stock prem_
39.111
842,615
865.004
Surplus
Total
$4,891,308 $4,906,234
—V. 115. p. 193.
Total
$4,891,308 $4,906,234
Williams Tool Co.—Declares Back Dividend.—
The directors have declared the regular quarterly dividend of 2% and a
dividend of 14 of 1% on account of back dividends on the Preferred stock,
both payable Oct. 1 to holders of record Sept. 20. This leaves M of 1%
still unpaid on the Preferred stock.—V. 116. p. 2782.
(F. W.) Woolworth Co.—September Sales, &c.-
Increase.
1923—SeM.-1922.
Increased 1923-9 Mos.-1922,
$14,774.902 $13.508.231 $1.266.731:2125.443.572 2109,240.146 216.203,426
The company has leased the Stoutenburgh Building at 797 to 805 Broad
St., Newark. N. J., for a long term of years at a rental said to aggregate
approximately 2I0,000,000.—V. 117. p. 1367. 679.
CURRENT
NOTICES.
—"Electric Power & Light Companies of the United States" Is the
name of a survey Bonbright & Co. have compiled and which they are
presenting to the public as a general economic reference. This is published
in nine separate volumes, one for each geographical division of the United
States. Every operating electric power and light comp my in the United
States is listed and definitely connected with the communities they serve,
and their relationship is shown by means of maps and tables.
There are many ways of finding out the towns and cities served by a
particular company, but this is the first compilation by which on looking
up the name of any town or city in the United States of 2,5)3 population
or over, one can find the name of the comp any sorving It with electric
energy, and also get facts and figures regarding that territory and.neighboring cities.
In each booklet there is a general summary of each State, including
the relative size of the cities and their rate of growth, so that the growth
In population and the territory served may be graphically conveyed.
The capitalization and earnings of the larger and more important com"
panies have been summarized in tabular form, and should prove a most
valuable reference.
—The Department of Commerce is establishing a new policy of publishing
from time to time monographs n popular form, tastefully printed, dealing
with important subjects covered by the last decennial census, In order to
convey to the public In non-technical fashion some of the interesting material which the Bureau of the Census secures in such large quantity. The
first of these census monograph:4, on the "Increase of Population in the
United States, 1910-1920," has been issued and proves to be an absorbingly
interesting story of the changes which occurred In the American people as
regards their number,and in the composition of the population by sex, color
and nativity during the eventful years from 1910 to 1920. It Is essentially
a history of the United States for a brief period in terms of statistics, perhaps the first history of this kind that has ever been written. The volume
consists of 255 pages, is printed on good paper with wide margins, and contains a large number of catograms illustrating the changes which have occurred. The necessity for economizing in printing expenditures forbids,
It is stated, a wide free distribution, but the book may be obtained for the
nominal price of $1 by applying to the Superintendent of Documents,
Washington, D. C., inclosing the price.
—Hartshorne & Battelle have issued for distribution a 24-page booklet
entitled "Investment Reference," the purpose of which is to promote the
thrift idea and to interest the public more widely in a knowledge of investment matters. It is intended not only to emphasize the importance of the
savings habit, but also to explain clearly the fundamental principles involved in the application of the laws of thrift to investments. To this end
they have classified the various types of securities with relation to their
utility for investors of varying ages, Incomes and stations of life. The material has beon prepared with a view to making it of practical reference
value for the future as well as the present.
—Goss-Geyer Company. investment bankers, South Bend, Ind., announce the change of name to Gass & Company. The directors of the new
company are Harry S. Badet, Arthur D. Baker, Frank K. Goes. Thomas A.
Olney and Samuel Parker. The sales organization is composed of Frank
K. Goss, manager, and Harold K. Fossythe, Welby W.Miller and William
L. Temple.
—L. F. Rothschild & Co. have prepared a Municipal Map, by reference
to which it can be determined at a glance Just which municipal and district
bonds are legal investments in New York State.
—Brown Brothers le Company have prepared for distribution their
October circular, which gives description of thirty public utility bonds of
the better grade, yielding from 5.15% to 7%•
—Palmer & Co., members New Yerk Stock Exchange, 40 Wall Street,
New York, announce that Robert E. Graham and Marshall J. Dodge have
become members of their firm.
—Rutter & Co. have issued an enlarged edition of their pamphlet "Irrigation in California," discussing tax-exempt municipal bonds issued under
the "Wright Act."
—A. C. Allyn & Co.. Inc., announce that Malcom N. Fay, Vice-Presldent of A. C. Allyn & Co., Chicago, has become associated with the New
•
York office.
Plan of Readjustment and Reere,...azat,o
,Dated Sept. 19 1923.
Present Capitalization of White Oil Corporation.
Authorized.
8% Preferred stock (par $10)
$1.500.000
.n
00
dOing.
ia
5tOsO
1.1.O.u
Common stock (no par value)
2.000.000 abs.
951.289 shs.
6s,
due
Aug.
15 1923
1st Mtge.
$1,000.000
1.000,000
Bank loans
$1,478.770
Sale to New Company.—All the properties of the present corporation will.
be sold to a new company, which will have such name as the committee
may designate.
Capitalization of New compang.—Authorized. 60.000 shares 8% Cumul.
Preferred stock, par $25 per share. and 600.000 shares of Common stock
Without par value: also an authorized issue of 23.000.000 3-Year 1st Mtge.
& Coll. Lien 8% Sinking Fund Gold bonds.
New .securities to be Issued.—New company will issue upon acquisition
of the properties $1.500 000 Preferred stock and $380 258 shares of Common
stock, and will assun e the liabilities of the White Oil Corp and to provide
for the payn ent of its secured debts will create an issue of $3.000,000 3-Year
1st Mtge. & Coll. Lien 8% Sinking Fund Gold bonds.
Bonds to be Offered to Common Stockholders.—The bonds will be offered for
subscription to the Common stockholders pro rata according to their
present holdings. so that, for example, for each 30 shares of Common
•stock of White Oil Corp.deposited,a stockholder will be entitled to subscribe
for a $100 bond of the new company, with which he will receive 6 shares
of Common stock of the new company.
Underwritten.—Sufficient of these bonds have been underwritten to provide (in case the plan is consummated) for the payment of the bank loans
and 1st Mtge. bonds, and the under% riting is made upon the same terms
on which the bonds are offered to the stockholders as above.
Distribution of the Preferred and Common Stock of the New Company.
Preferred Stockholders.—The holders of the 150.000 shares of Preferred
stock of the White Oil Corp. will receive 60.000 shares of Preferred stock
of the new comp tny on the basis of one share of Preferred stock of the new
company (par $25) for each 214 shares of the Preferred stock of the White
Oil Corp. of the par indue of $10 each. If the plan becomes operative the
holders of the Preferred stock will waive the past and unpaid dividends
upon the Preferred stock of White Oil Corp., which as of Sept. 15 1923.
amounted to about $200.000 and will agree that the dividends on the
new l'referred stock will be non-cumulative until Dec. 1 1924 and cumulative
thereafter. For these concessions, the holders of the Preferred stock of
White Oil Corp. will receive 10,000 shares of Common stock of the new
company, or Common stock at the rate of one share of Common stock of
the new company for each 15 shares of Preferred stock of White 011 Corp.
now held by them.
Common Stockholders.—The holders of the Common stock of White 011
Corp. will receive one share of Common stock of the new company for each
5 shares of stock of the White Oil Corp. held by them.
To stockholders or the underwriters taking up any of the bonds of the
new company, there will be issued an aggregate of not exceeding 180,000
shares of Common stock, without nominal or par value.
Table Showing Distribution of Securities of New Company.
Pref, Stock Com. Shs.
(par $25). (No Par).
To holders of Preferred stock (60.000 shares, par
$25,per share)
21,500,000 10.000 shs.
To ho ders of Corn. stock, 951.289 shs.(no par)-.
190,258
To subscribers to or underwriters of bond issue (not
In excess of)
180,000 shs
Reserved for conversion of Preferred stock
Description of New Bonds.—Issue limited to $3,000,000 3-Year1sf
s
th
ge
s.
•
60
& Coll. Lien 8% Sinking Fund Gold bonds. Secured by a closed first mortgage upon all the leases. re .1 property and rights therein, plants, machinery
and other fixed assets owned by the new company on acquisition thereof
from White Oil Corp. or thereafter acquired and a first collateral lien
upon all the securities and other collateral acquired by the new company
from the White Oil Corp. Red. on any int. date at such price as the
committee may fix not in excess, however, of 102 and int. Mortgage will
provide for a minimum sinking fund of $25,000 per month with such additiOnal sinking fund requirements based upon earnings as the committee
may determine; such sinking fund shall be used to retire bonds either by
purchase or by redemption at not exceeding the redemption price. Denom.
$1.000, $500 and $100 es.
New Preferred Stock.—Dividends payable at rate of 8% per annum but
Shall be non-cumulative up to Dec. 1 1924. and cumulative thereafter.
Dividends shall be payable Q.-M. Preferred stock shall, upon liquidation,
be entitled to receive $28 75 per share and diva, thereon before any sum
—De Ridder, Mason & Minton, 27 William St., Now York, have anShall be paid or assets distributed to Common stockholders, and the Pref.
stock may be redeemed all or part on any div. date at $28 75 and (ibis., nounced that William P. Waters has been admitted to their firm as a special
except that on or prior to Dec. 1 1924 liquidation and redemption price Partner.
OCT. 6 1923.]
THE CHRONICLE
1567
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
L
PETROLEUM-RUBBER-HIDES-METALS-DRY GOODS-WOOL-ETC.
mestic beet yield is put in one computation at 765,000 long
tons, against 602,000 last year, 911,000 two years ago and
970,000 in 1920. Some 25,000 bags of Porto Rico prompt
sold at 7.66c. and 250 tons of Peru October shipment at
Futures wound up 10 points lower for the week on
5%g.
Friday Night, Oct. 5 1923.
December. Closing prices were as follows:
COFFEE on the spot has been active and higher; No. 7 Spot (unofficial)
3.92@3.93
5Jc.I March
3.99(4.0i
4.88 ©4.891May
Rio, 11 to 113c.; No. 4 Santos, 143/i to 15e. Medellins, December
19 Me.; hard Botoa, 183/
LARD on the spot was in good demand and firmer. Hogs
20.; Maracaibo, 163 to 16 Mc.
Futures advanced on higher cables with contracts scarce for were in smaller supply later in the week and higher. The
October delivery. It was noticeable also that December rise in corn helped lard. Futures advanced with a good
was higher in Brazil, which made some suspect unfavorable demand. Bulls were encouraged also by the brisk cash
crop developments. Some contend that the settlement of business. At one time there was a reaction on realizing
a part of the September short interest by switching into and a lessened amount of outside support. But in general
December has given much greater strength to December, the tone has been firm. The "Price Current" said: "Hog
since it adds much to the short interest at 2 cents per pound slaughtering in the West for the week end d Sept. 29 was
below the spot parity. It is urged that the discounts in 682,000 against 618,000 the previous week and 544,000 last
1924 months will nullify all conceivably bearish factors, year; March 1 to Sept. 29, 23,061,000 against 17,739,000
especially if the predictions of a very moderate crop for last year." To-day prices were higher by 12 to 15 points.
1924-25 are verified by the event. Moreover, the world's For the week there was a net advance of 7 to 27 points, the
visible supply is very small and Brazilian receipts are re- latter on Oct. "Armour's Magazine" says that the
stricted by the Brazilian Government. According to some packing industry itself has had a good month during Septhe consumption will be large enough to insure that the tember. The demand for meat is strong and steady.
carryover on July 1 1924 will be nothing burdensome. Available meat stocks are lower than they have been for a
Warehouse deliveries during September were 493,917 bags long time. This is helping the corn farmer. He is feeding
compared with 409,873 during August and 511,850 in corn to livestock on the farms on an unusually large scale.
September 1922. Early in the week firm offers showed no DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
marked change. Rio 7s were offered here for prompt
Mon. Tues.
Wed. Thurs. Frt.
Sat.
12.27
12.12
October delivery_ --cts-12.00 12.10
12.25
12.27
shipment ay 9.80c. to 9.90e. and for November at 9.60c. January
11.07
delivery
10.95
10.95
11.07
0.95
11.07
Santos 4s were offered for prompt shipment at 13.50c. to
PORK STEADY; mess $25 50@$26; family $30@$33;
13.950. Bourbon 4s here were 14M to 14%c. The total
clearances from Brazil during September were 1,679,000 short clear $25@$32. Beef quiet; mess $15@$16 nom.;
bags, said to be a high record. E. Laneuville made the packet $16@$17; family $18@$20; extra India mess
world's visible supply 5,792,000 bags Oct. 1,against 5,889,000 $30@$32; No. 1 canned roast beef $2 35; No. 2 $4 05;
on Sept. 1 and 8,379,000 a year ago. A decrease not often 6 lbs. $15; pickled tongues $551@$65 nom. per bbl. Cut
seen at this time of the year is believed to be due to the meats firm; pickled hams 10 to 24 lbs.. 14A@l8Y26.;
artificial limitation imposed by the Brazilian Government pickled bellies 6 to 12 lbs. 13(4)153/2e. Butter creamery
on the daily receipts at Rio and Santos. The world's firsts to high scoring. 433/2@48c. Cheese fhts 7@)28Y20.
deliveries in September were 1,663,000 bags, against 1,- Eggs fresh gathered trade to extra fancy 45(08e.
OILS.-Linseed though firmer has been in only moderate
462,000 in August and 1,627,000 in September 1922. In
mild coffee there was said to be early in the week a sudden demand. There is a better feeling in the trade. Cocoanut
/0. Corn, crude, tanks, mills, 10c.;
i.e. 19 to 19W. for oil, Ceylon, bbls., 93
increase in activity at firm prices, i.e.,
Bogo`as sold spot New York, 11c.; refined, 100-bbl. lots, 13(4)13%c.
Medellins and 183
4e. for Maniyales.
/
at 18e. with more wanted and not offered. Rio 7s were Olive, $1 10. Cod, domestic, 62c.; Newfoundland, 64c.
%c. Santos 4s are Lard, prime, 153c.; extra strained, 133c. Spirits of turquiet in the forepart of the week at 103
%c. in store. pentine, 98c. Rosin, $5 85@$7.
1.0.4 to 14%e. Rio 7s afloat were held at 103
Cottonseed oil sales to-day, 11,000 bbls. Prices closed
To-day prices advanced under the spur of rising cables and
a good class of buying. Rio advanced 450 to 550 reis early, as follows:
12.10IDecember _10.12110.141March_ -10.23110.24
and Santos 50 to 275 reis. Exchange on London was Spot
• 10.25 10.35
January___10.12 10.13 April
to
5 7-32. The dollar rate was 50 reis higher at 10$100. Ocber-11.481411.55
10.40 10.45
November_10.501011110.51 February--10.15 10.25 May
Some private cables said it was out of the question to make
reIndiana
of
Co.
-The
PETROLEUM.
Oil
Standard
firm offers. In other words, the Brazilian situation is evidently very strong, and prices closed higher here to-day in duced gasoline in St. Paul and Minneapolis 2e. per gallon.
spite of not a little local and foreign liquidation. It made The West reports gasoline prices easier. On the whole,
significantly little impression. Prices end for the week gasoline has been weak. Stocks are very large and consump45 to 57 points higher. The Coffee & Sugar Exchange will tion is gradually falling off. And export demand is not up
to expectations. Bunker oil quiet and lower at $1 45 per
be closed Oct. 13, as well as Oct. 12, Columbus Day.
bbl. f.o.b. New York harbor refinery. Production of crude
8.35©R.37 -July
rnom cia _ 1 1 c. March
7.92447.93 oil continues large and prices have not changed. Kerosene
8.15 ©8.181September---7.90007.92
ber -8.92©8.93 May
in rather better demand and steady. Gas oil has been
New
SUGAR.-Early in the week Cuban raws were dull and ea:sier at 4o. per gallon for 36-40 at local refineries.Navy
rather depressed. About 1,000 tons of Peru for early No- York prices: Gasoline eases, cargo lots, 25.65c.; U.S.
vember arrival sold at 53.e. c.i.f. Brazil white crystals, specifications, 12e.; naphtha, cargo lots, 13c.; 63-66 degrees,
October shipment, were 83'c. duty-paid, and Dutch granu- 15c.; 66-68 degrees, 16.500. Kerosene, in cargo lots, eases,
lated for prompt at 6.37c. c.i.f., or 8.96e. delivered duty and 15.40c. Petroleum, refined, tank wagon to store, 14e.
all charges paid. Cuba was offered at 6c. e. & f. for October Motor gasoline, garages (steel bbls.), 18 Mc. Chicago, Ill.,
shipment. Refined was 9.25 to 9.60e. Resale sugar was wired Oct. 1: "Out of about 283,000 oil wells in the country
rather freely offered at 9.25c. prompt. The tone in raws 260,000 are being operated at a loss, W. H. Gray of Tulsa,
was stronger on the 3d inst. at 5 11-16c. for Cuba c. & f. Olda., President of the National Independent Producers'
Still later Cuba sold at 6c. c. & f., with a better demand. Association, declared in a statement issued upon his arrival
The United Kingdom was firm with sales of Peru afloat at here to-day to attend the annual convention of the American
24s. 6d. o.i.f., and Mozambiques at 25s. Refined sugar in Oilmen's Association which opened to-day."
$1 a
$2 50 Ragland
8 .75 Illinois
second hands, selling of late at 9.10 to 9.15e., had been to Pennsylvania
90
1 50 Crichton
1 45 Wooster
all appearances mostly sold. One refiner quoted 9.25e. Corning
85
1 68 Plymouth
1 35 Lima
1 00
Sales were reported of about 30,000 tons new-crop Java to Somerset
1 25 Indiana
1 48 Mexia
75
1
light_
41g.---I
Somerset.
Magnolia
47
1
40
Princeton
April-May
1924
at 14 florins per picol for
be harvested in
RUBBER declined in sympathy with a lower London
whites and 13 florins for browns. Two refineries quoted
granulated for immediate shipment at 9.250., but sales were market. Smoked ebbed sheets and first latex crepe spot,
%c.; Januarysaid to be slow, as there was a good deal of sugar in second October-November, 283
%c.; December, 285
hands to be had at 8.90e. Some refineres were said to be March,29*. Later on London advanced. There has been
accepting 9.15o. Receipts at Cuban ports for the week were a fair business here. In London on Oct. 1 for the third
21,400 tons, against 18,113 tons last week, 23,310 in the same trading day in succession rubber declined; plantation standard
week last year and 14,708 two years ago; exports, 54,202 on the spot fell W. to 14 Md. An increase of 1,322 tons
tons, against 63,315 last week, 45,891 in the same week for the week took place in London stocks last week, which,
last year and 22,779 two years ago; stock, 285,549 tons, according to official returns, are 54,309 tons, as against
against 318,351 last week, 333,411 last year and 1,187,555 52,987 tons a week ago, 71,010 tons last year and 72,284
two years ago. No centrals were grinding for the last two tons for the same week in 1921. In London on Oct. 2
weeks, against 1 this week last year and 2 two years ago. plantation standard on the spot fell to 14W., a decline of
Havana cabled: "Rain increasing." To-day sugar futures Md. London on the 3d advanced W.to 15d. In London
declined with spot raws lower at 53/so. for Cuba. The do- on Oct. 4 there was an advance of Md., plantation standard
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."'
(tu
1568
THE CHRONICLE
on On spot being quoted at 1514cl. Rubber exports from
Singapore for the last two weeks of September were 2,500
tons to the United Kingdom 1,600 to the Continent, 5,750
tons to the United States snit 1,228 to Japan.
HIDES.—The River Plate market for frigorifico woke up
and became active. Some 17,000 frigorifico steers, it seems,
sold at prices equivalent to approximately 14140. Both
European and U. S. tanners are said to be taking hold. But
here trade was slow except in country hides, for which there
was rather more inquiry. Prices were reported steady generally. Honas are held at 20c. and Orinocos at 17c. Country hides were held at 110. to 11 Mc. for extremes good description. City packer hides firmer, owing to the advances
in Chicago, and local packers are asking 143/20. for spready
native steers, though quiet here. Later sales included
2,000 Swift La Plata frigorifico steers at $39 50, the equivalent of 14 9-16c., c. & f.; 2,000 Swift La Plata cows at $33,
the equivalent of 12 5-16e., c. & f., and 2,000 Buenos Aires
frigorifico extremes, 15 to 17 kilos, at 133o.,c. & f.
OCEAN FREIGHTS were steady with a moderate business early in the week. Later grain tonnage was in better
demand and steady.
For,. 117.
much, or a rally in quotations occur. Birmingham iron, it
is said, was selling in the central West at $21.
STEEL output has fallen off about 2% to around 73%
capacity, with business quiet and prices none too steady.
The output of independent companies is around 70% according to some reports. There has been no real recrudescence of business in any direction. Yet consumers stocks'
must be in some cases down to a low stage. It may be that
a revival of business is nearer at hand than some of the pessimists imagine. Certainly consumption continues large,
even if in some directions there is a decrease as compared
with a few months ago. No immediate increase of business
on a large scale is very generally expected. September business was something of a disappointment. That is very generally recognized. Yet on the whole it was nothing very
discouraging, even though the distribution was a bit irregular. It was larger at any rate than that of August. In
some cases it was 50% larger than in August.
WOOL advanced with a rather better demand, due to the
recent advance in London and Australia. Fine Australian
is reported scarce here. France and Germany have been
good buyers recently in London and in New Zealand. France
CHARTERS included grain from Montreal to West Italy, 4s. October
has also, it seems, been buying at the Cape. Prices there
one round trip intercoastal trade, 2,955-ton steamer $1 25, October
manganese ore from Bombay to St. Nazaire and Dunkirk, 22s., October
are said to be 15 cents higher than here. Spinners bought
grain from Montreal to Marseilles, 48. 1
quebracho from Santa Fe more freely here, even though the season for men's
wear
to Hamburg. 22s. 6d., prompt; oats from Montreal to three ports in Finland, 24c., October; grain from Montreal to Sweden, 3s. 9c1., October; trade is unsatisfactory. Nobody is looking for prices in
grain from Atlantic range to Mediterranean not east of west Italy, 4s., the United States as high as those in England and
Australia,
October; oil from San Pedro to New York, 70c., October; clean products
from U. S. Gulf port to Hamburg, 24s., October; one round trip in West but prices there lend support to the American market.
Indies trade, $180, prompt; grain from Montreal to Mediterranean, 19c., Trade in this country is not, however, really active. Most
October; from Montreal to west Italy, 1836c.• October; from Atlantic
range to four ports in Sweden and Denmark, 17c., December; grain grades of carpet wool recently advanced 10%. Adviees
from Montreal to Mediterranean, 18%c. October; wain from Montreal from the Near East say that the price of Aleppo wool has
to Antwerp, 13c., October; grain from dontreal to Mediterranean, 190..
one port. 1934c., two ports, 20c., three ports. November; 200,000 Cases advanced 23/20. Cables from China quote Szechuen wool
of' oil from Texas to Far East, 27c. October; sulphur from Sabine to two 2o. higher than recently.
ports Continent, $4 50, three ports
'$4 85, October; coal from Baltimore
In London on Sept. 28, at the final session of the fifth 1923
to Newfoundland, $1, October; sugar from north side of Cuba to north
of Hatteras, 18c., prompt; grain from Atlantic range to west Italy, 1734c., series of London colonial wool auctions, the joint offerings
December; from Montreal to Greece, 4s, 7lid.. October-November; from
Montreal to Mediterranean, 4s. October; lath from Notre Dame to New of Realization Association and free grades were some 8,000
York, Si 50: lumber from County Harbor to New York, $6 50,• lumber bales, making the total joint offering 223,000 bales, of which
from Bras d'Or to Boston,56 50; coal from New York to Yarmouth.$1 50; it is estimated
British operators bought 96,000, the Conticoal from New York to St. John, N. B.. Si 25.
COAL was scarce as to hard coal early in the week, but nent 95,000, and America 1,000. Merinos were unchanged
the output is near normal. It is steadily increasing. There to 5% above the July figures. Crossbreds were fully 5% up
is no danger of a shortage and prices are tending downward; except Puntas, which were unchanged. Cape greasy was
$12 was generally the maximum price. Soft coal was dull unchanged to 5% higher, with scoured 5% lower. Victoria
and weak. There is do demand for substitute coal for furnished the best merinos on Sept. 28, greasy realizing
bituminous dealers say they see no likelihood of a better 343/2d. and scoured 533/2d. New Zealand greasy crossbreds
ranged from 93id. to 233/2d. The next series has been fixed
business ahead.
for Oct. 23, with offerings of about 168,000 bales.
TOBACCO has been firm, partly owing to frosts in WisIn Melbourne, Australia, on Oct. 1 at the wool sale,
consin and Ohio. Considerable damage has been done in Riverina merino and fine crossbreds proved to be in good
the ciouthern and northern parts of Wisconsin and also in the condition, but less tender than last season and less so, too,
Miami Valley of Ohio. This is a great disappointment. than had been expected. About the same quantity of burr
here had been a general belief that the crop in both States was noted. Demand good from local and Continental
would be bountiful. It is feared that irreparable damage
but England and the United States bought little.
has been done in both Wisconsin and Ohio by the recent cold interests,
Prices,
with those of last June, showed greasy
wave. Already there was a scarcity of good Wisconsin merinos,compared
to super, 5% lower with average to good
binder, and if the fears of a grave disaster to the crop in that unchangedgood
5% higher; good skirtings advanced 5%,
State are verified, as there seems every reason to believe faulty piecestoand
bellies, 10 to 15%, fine comebacks IC to
they will be, the outlook for supplies of binder is anything 15%, and crossbreds
suitable for the Continent, 10%.
but reassuring. Under the circumstances a strengthening
In Boston they said of the Melbourne sales of Oct. 2 that
of prices such as has recently been noticeable is not at all offerings
were 5,000 bales, of which 90% was sold, especially
surprising.
suited to Continental mills. France was the principal buyer.
COPPER has declined to the lowest price of the year Italy bought also. One cable described the wool as not so
i. e., 1314e. London of late has been lower. Business has deep in staple nor so well grown as last year, heavier shrinkbeen very quiet during the week. Later it was reported ing and rather tender. Another stated that the wools ofthat some sellers quoted 13o., but no sales were reported at fered were finer, freer, shorter and thinner. Melbourne
this level. Copper production in August was 129,377,000 64-70 combings were quoted at 26d. first cost on a srhinkage
lbs., against 125,249,000 lbs. in July and 99,726,000 lbs. in of 50%, or about $1 10 clean basis in bond Boston, while
August 1922. Exports of copper totaled 68,878,000 lbs. in top-making wools of the same grade, slightly burry, were
August, as compared with 63,167,000 in July and 62,612,000 quoted at 24d. on a shrinkage of 54%, which would mean
in August a year ago.
$1 11, or le. more than the combing wool first mentioned,
TIN higher at 41 Me.for spot. The world's visible supply clean basis in bond Boston. At Perth, West Australia, on
increased 1,110 tons as against a decrease of 1,265 tons in Oct. 3 11,000 bales were offered and were easily sold. CornAugust and 1,634 tons in July. The visible supply in the pared with the opening rates last season, greasy merino
U. S. at the end of the last month was 12,441 tons, against supers were slightly higher. Pieces, bellies and lambs rose
10,097 tons the previous month and 9,974 tons at the close 20%. The Continent took 70% and Bradford 20% of the
of July. Imports of tin were 12,709,000 pounds in August, offerings. The highest price paid was 29'Ad. for miirrnm.
as compared with 12,616,000 in July and 8,219,000 in
Boston had this to say of the Oct.3 Perth, West Australia,
August 1922.
sale at which France was operating freely and England took
LEAD has been in far demand and firm at 6.85@7o. for a little and the United States nothing. Warp 64-70 wools
spot New York and 6.65(416.70o. for East St. Louis.
were costing 28d. at the sale on an estimated shrinkage of
ZINC has been firmer at 6.65@6.70e. for spot New York 47%, which is figured at 59c. landed basis, in bond, or $1 12
and 6.30@6.35c. for East St. Louis. Business, however, on current exchange, while combing wools of the same
quality and description were costing a penny a pound less,. or
is not large.
PIG IRON has dropped $1 per ton in a number of districts. 57c. landed basis in bond for wools estimated to shrink
The September daily rate of production was 104,000 tons, 48%, $1 09 clean basis here.
On Oct. 4 cables from Melbourne, Australia, said that the
as against 124,000 tons at the peak in May. Fifteen active
furnaces were blown out during September, or a little more sales closed for the week with prices slightly firmer, although
Sydney the selection was hardly as good as on the 3d inst.
than half the loss in July and August. Most of the stoppages in
were among steel making furnaces. In the last five months America was taking a little wool in Melbourne although
there has been a loss of 65 active stacks. During the week France continued to take the most. Bradford was reported
prices at Chicago and Birmingham dropped $1. Chicago as more cheerful with all prices for tops firm and more
being done in medium to low crossbreds. There
is $25 and Birmingham $20, at furnace. Eastern Pennsyl- business
were offered in Liverpool on Thursday and Friday 40,000
vania and Buffalo are $23 50 and Virginia $24. Pittsburgh bales
of Colonial wools at Bawra crossbreds for which
and Cleveland have recently dropped noticeably. Some
has been good add all descriptions are reported to
think the price is near the bottom, after the recent sharp demand
have been fully on a parity for price with the close of the
decline and a falling off in the output of 6%. The present London
sales last week, with low orossbreds about 5%
production is down to the January rate. But meanwhile
London. Yorkshire was the big operator. The
business is far from active, and there are those who believe above
"Commercial Bulletin" says:
that prices must drift to a still lower level, that is to a Boston
The demand for wool In the past week has slackened'a bit, but prices
level that will attract buyers before business can improve keep
generally firm, with the sales fairly well diversified.still.A.Woollen
OCT. 6 1923.]
THE CHRONICLE
1569
In addition to above exports, our telegrams to-night also
mills have been buying moderately this week and here and there the worsted
mills have taken on a little wool, although the knitting mills seem to have give us the following amounts of cotton on shipboard, not
covered their immediate needs fairly well. The goods market is about
In status quo, but the demand for carpets and rugs In the auctions this week cleared, at the ports named.
has been encouraging. Fall shearing in Texas continues with a few purchases reported.
On Shipboard, Not Cleared for—
The foreign markets are very firm. Liverpool was firm compared with
London and a bit dearer on course crossbreds. The first sales in Melbourne
Leaving
Other CoastGerGreat
with
strong,
even
steady,
very
prices
found
week
and Perth, Australia, this
Oct. Sat— Britain. France. many. Cont'nt. wise. Total. Stock.
France leading the buying. South American offerings are very dear
compared with this market.
9.226 5,300 3,400 7,022 15,000 39,948 194.748
Galveston
Mohair is a bit slow but prices are steady.
68,217
787 3,329 2,009 6.675
226
324
New Orleans
49.398
500 2,500
2,000
Savannah
36.087
Charleston
52
4.618
52
Mobile
COTTON
35.844
1.100
1.100
Norfolk
40.586
12,000
1.800
4,600
500
5.100
Other ports *._
Friday Night, October 5 1923.
Total 1923_ 17,704 6.124 8,787 12.151 17,509 62.275 429.498
THE MOVEMENT OF THE CROP, as indicated by our
557.584
22,664 15,741 17.868 28,513 81.894 166,590 1,311.987
Total 1922
telegrams from the South to-night, is given below. For the
59.333 26.827 34,363 70,277 5,536 196.336
Total 1921
reached
have
receipts
total
the
evening
week ending this
* Estimated
329,949 bales, against 288,759 bales last week and 256,747
the
since
receipts
total
the
making
bales the previous week,
Speculation in cotton for future delivery has been active
let of August 1923 1,480,108 bales, against 1,196,482 bales at times with violent fluctuations in prices, ending at a defor the same period of 1922, showing an increase since Aug. 1 cline for the week. On the 2d inst. the fact that the ginning
1923 of 283,626 bales.
total up to Sept. 25 was some 600,000 bales smaller than up
Total.
Mon. Tues. Wed. Thurs. Fri.
Sat.
Receipts at—
to the same date last year was the signal for a rise of
o'clock. The
21,397 34,545 56.165 16.040 19,209 16.699 164,055 roughly 100 points. That report came at 10
Galveston
1,737 1,737
Texas City
came at 11
size
and
condition
crop
the
report
on
Bureau
--------66,205
324
---1.600 64,281
Houston
11,847 2.659 6.211 5,783 4,241 4,075 34.816 o'clock. The swift change from strength to weakness
New Orleans_
1,743
195
226
638
173
59
452
Mobile
77 brought about by the 11 o'clock report was also dramatic.
77
3.447 2,987 3,589 2,421 2,063 2,445 16.952
Savannah
9.777
1.102
For the crop was stated by the Bureau at 11,015,000 bales,
677 2.233 2,292 2,329 1.144
Charleston
857 2,078 1.790 9,987
1,037 1.745 2.480
Wilmington
which was half a million bales larger than some had ex23,767
5,686
3,014
3,916
5.517
2,783 2,851
Norfolk
--------124 pected, and was at least 200,000 bales above the average
17
Boston
709
709
Baltimore
estimate. It was the signal for a drop of 155 to 185 points
Totals this week_ 43.347 111.360 76.427 32.325 31.975 34.515 329.949
from the early high amid excitement that made the day
The following table shows the week's total receipts, the memorable. Yet towards the close there was a rally which
total since Aug. 1 1923 and stocks to-night, compared with left the net decline for the day only about 40 to 45 points.
last year.
Seven States showed a decrease in the crop within a month
and some four or five a decrease as compared with last year.
Stock.
1922.
1923.
The condition of the crop was put at 49.5%, which was about
Receipts to
This Since Aug This Since Aug
Oct. 5.
as expected. One hundred members of the Exchange here
192.
1923.
Week. 11923. Week. 11922.
had given an average guess of 49.4%. This is to be compared
164,055 876,428 143.122 666,959 234,696 307,288 with 54.1% a month previous, 50 last year on Sept. 25 and
Galveston
4,985
2,156
5,034
3.694
7.072
1,737
Texas City
a 10-year average of 57.5%. So that the report was 8% un66,205 261,095 30.208 111,156
Houston
Port Arthur, &C
der that for the 10-year period. The increase over 1922 was
136,528
74,892
New Orleans
34,816 146.062 55,596 158,126
mainly in Texas and Oklahoma. Texas was put at 4,168,000
Gulfport
13.441 bales, against 3,222,000 last year; Oklahoma at 945.000,
4,670
21,584
4,989 4,781
Mobile
1,743
944
384
497
Pensacola
against
6.243 against 627,000 last year; North Carolina 877,000,
2.250
5,375
186
245
77
Jacksonville
77,668 852,000; South Carolina 783,000, against 493,000. On the
51,898
76,310 14.209 137,173
Savannah
16.952
2,250
191
21,062
30 2,100
Brunswick
against 823,000
39,119 other hand, Alabama was stated at 741,000,
36.087
11,809
28.213 1,982
Charleston
9,777
last year; Mississippi 752,000, against 989.000 last year;
Georgetown
15.355
18,645
18,624
23,331 5,063
9.987
Wilmington
Tennessee 340.000,
45.630 Arkansas 926,000, against 1,018,000;
36,944
29,746
Norfolk
49.768 13,186
23.767
aga.nst 391,000, and so on. The fatal defect in the Bureau
N'port News, &a_
64,680 report this year, as many think, is that it is predicated on
21,204
1.410
98
New York
600
5.196
3.201
3,291
116
Boston
3.168
124
1,604 an acreage of 38,287,000, whereas some have estimated the
876
1,625
463
1,561
Balthnore
709
4,187 area at more than 2,000,000 acres less. In .one case the
4,063
564
739
Philadelphia
36,156.000.
Totals
329,949 1.480,108275.188 1,196.482 491,773 724.174 private estimate 18 36,250,000 acres and in another
It is true that there are other estimates up to 37,000,000 and
In order that comparison may be made with other years, above. But nobody has even approximated the Government
we give below the totals at leading ports for six seasons:
estimate. Last spring the Washington authorities reported
that the Southern farmer intended to increase his acreage
Receipts at— I 1923.
1920.
1919.
1918.
1222.
1921.
12Y,%. They appear now to think that the increase will be
53.056 somewhere near that figure. But regardless of all this, the
Galveston.___ 164,055 143,122 108,337 106,342
41,054
219
66.205
3.694
19.903
Houston, &c_
16,294
1,613
electrical.
34,81.6
55,596
36.896
New Orleans21,794
23,994
41.364 effect of the crop estimate on the 2d inst. was
8,089 Liquidation was enormous. Stop orders were caught in
1.743
4,781
5.396
369
1.626
Mobile
14,209
47,867
41,108 great waves. And it is a striking fact that some of them
16,952
21,054
50.287
Savannah.2,100
3,185
5,000
1.000
Brunswick
6.828
9,777
1,982
1,675
7.888 could not be executed nearer than 100 points of the "stop."
11.358
Charleston.__
5,063
8,079
9,987
2.931
6.000 Liverpool, Wall Street, uptown, the West, everybody sold.
5,384
Wilmington
19,174
2,060
13,186
10.410
9,882
23,767
Norfolk
46
48
92
194 To add to the effect, the weather was good. It suggested
N'port N.,&c.
3,029
669
31,455
6,545
534 rapid picking and marketing, all of which accentuated the
2,647
All others
Total this wk_ 329,919 275,188 258,740 173,236 157,363 169,334 effect of the unexpected size of the crop estimate. It is
pointed out, too, that in the last 10 years the Government in
Since Aug. 1 1,480,104 1,196,482 1.291.140 803,970 728.226 1,024.106
Its October report has on the average put the crop 4% lower
The exports for the week ending this evening reach a tota than the ultimate outturn of ginning, as shown by the March
of 283,017 bales, of which 106,033 were to Great Britain, report in the year following. This had a certain weight,
40,053 to France and 136,931 to other d stinations. Bulow although It may be added that in the October report last
year the Government overshot the mark by 373,000 bales;
aro the exports for the week and since Aug. 1 1923.
that is to say It stated the crop in the October estimate at
From Aug. 1 1923 to Oct. 5 1923.
Week ending Oct. 5 1923.
10,135,000 and the ginned crop turned out to be only 9,762,Exported to—
Exported to—
069 bales. Some stress was laid on this.
Exports
Great
Great
from—
And it is a fact that the next day there was a sharp rally.
at.1 Britain. Franc.. Other. I Total.
Britain. France. Other.
It amounted to 100 points from the low level of the day.
Lf.
82.902J 267.268 485,588 That was owing to a widespread skepticism as to the accuGalveston._ 33,425 27.396 94,982155,803 135,41
Houston.... 31,010 12,657 22,298 65,965 97.701 60,697 102.457 260,855 racy of the Government report and what was more to the
812 10.586 23.058
100 2,626 11,66
New Orlean 2,526
350
350 point perhaps a renewal of heavy rains in Texas and OklaMobile
497
497
Pensacola
2,629 24,174 homa, especially in Oklahoma. On the day following, too,
16,349, 21,54
16,349
Savannah
6.008 14,229 there was talk of flood hazards in Oklahoma. Both States
8,221
2,397 8.6971
Charleston. 6,300
3,923 17,145
6,479 13.222
8.479
Norfolk_
further low5,050 14,994 59,694 15,275 58.468 131,437 had further rains. They were taken to mean a
New York_. 9,944
97
252
349 ering of the grade. Late in the week Manchester, which had
Boston
24,177 24,177 had a lull, showed
7,6041 7,604
San Fran_ _
more life and Liverpool more strength. In
7,000
7,000
4.5001 4,500
Tacoma
fact, on Thursday Liverpool closed some 70 to 75 American
Total 1023.1106,033 40,053 136.931283.0171 348,210 159,686 480,963 988.859 points higher for the day, despite some selling by London
Total 1922. 50,496 45,641 98,844194.9811 258,633 132,202 376.789 767.624 and the Continent. Mills in this country are believed to be
Total 1921. 28,186 13.907 80.848122.938 146,937 159.276 886.821 993,034 poorly supplied with orders. Some of the Southern mills
NOTE.—Exports go Canada.—It has never been our practice to Include In the are running on full time. Exports have been large. In the
above table exports of cotton to Canada, the reason being that virtually all the space of a few days Texas
points alone exported some 225,000
cotton destined to the Dominion comes overland and It Is impossible to get returns
concerning the same from week to week, while reports from the customs districts bales. The total thus far this season approximates 1,000.000
on the Canadian border are always very slow in coming to hand. In view, however. bales. It is well ahead of the total of a year ago. Spot marOf the numerous inquiries we are receiving regarding the matter, we will say that for
the month of August (no later returns are as yet available) the exports to the Do- kets have latterly been strong at rising prices. The basis
minion the present season have been 4,830 bales, of which 4,410 bales were to has risen. New England mills are said to have been buying
Quebec. 376 bales to Maritime Province, and 50 bales to Prairie Provinces. In
in Texas. The Amoskeag Co., whose cotton mills will close
Use corresponding month of the preceding season the exports were 14,311 bales.
1570
THE CHRGICTOIX
[you 117.
indefinitely at the end of this week, has also been a buyer
THE VISIBLE SUPPLY OF COTTON to-night, as made
in Texas of late and also, to some extent, in Georgia. It is up by cable and telegraph, is as follows. Foreign stocks,
as
true that cotton goods business in some directions has come well as the afloat, are this week's returns, and consequently
to a halt owing to the high price of raw cotton. But there all foreign figures are brought down to Thursday evening.
are those who believe that if the price again crosses 30 cents But to make the total the complete figures for to-night
it will put new life into the cotton goods business on the (Friday), we add the item of exports from the United States,
ground that the consumer will see that higher prices are including in it the exports of Friday only.
inevitable and will meet the s.tuation.
01,81923.
1922.
1921.
1920.
bales 270.000 600,000 864,000 825.000
On the other hand the closing of the Amoskeag Mills made Stock at Liverpool
Stock at London
4.000
1.000
12.000
a bad impression. The mills show a deficit of approximately Stock at Manchester
26.000
48.000
62,000
73.000
$75,400 for the year ending June 2, in contrast with a profit
Total
Great
Britain
300.000 648.000 927,000 910.000
in the previous year of $648,087. It was said to be carrying Stock at Hamburg
12,000
4,000
52.000
a stock of cloths six times as large as that of a year ago, 1. e. Stock at Bremen
f2.000
81.000 278.000
64.000
Stock at Havre
34.000
85,000 140.000
24,000 000 yards against 4,000,000 last year. This had a cer- Stock
95.000
at Rotterdam
4.000
7.000
12,000
9.000
tain effect, although not so much as might have been ex- Stock at Barcelona
51,000
43.000
80.000
34.000
Stock at Genoa
18.000
18.000
8,000
23.000
pected. Yet the event was telegraphed all over the world. Stock
at Ohent
1,000
7.000
10.000
11,000
The south took comfort from the fact that this big corpora- Stock at Antwerp
1.000
2.000
tion, despite the closing, was said to be buying raw cotton
Total Continental stocks
183,000 247.000 580.000 236.000
In Texas and Georgia. It was said that it has made gingTotal European stocks
483,000 895,000 1,507.000 1.146,000
hams a specialty and that these goods for the time being are India
cotton afloat for Europe_ 103,000
52.000
74.000 117.000
less fash onable than they were, though they are likely to American cotton afloat for Europe 537.000 403.000
374,411 311.905
Egypt,Brazil,&c..aflot for Europe 72.000
come back into vogue again. The cotton goods trade has Stock
56.000
81.000
33.000
in Alexandria. Egypt
136.000 197.000 225,000
98.000
been light of late. There can be no disguising that fact. Stock In
Bombay, India
313.000 646.000 981.000 1.070.000
Stock
though
in
there
U.S.
may
even
be
a
scarcity of raw cotton
ports
And
491.773 724 174 1.508 3'3 9'12.795
in U.S. Interior towns,.._ 670.922 897.611 1.225 335 982.695
ahead for this season, it is reasoned that it is not likely to Stock
U.S.exports to-day
2,800
500
2.847
12.916
acute
for
some
become
months to come. In the meantime
Total visible supply
2.807.195 3,873.585 5.978.916 4.664.311
receipts will be large. Stocks will increase. Hedge selling
Of the above, totals of American and other descriptions are as follows:
under ordinary circumstances w:11 increase. Spot sales in
AmericanLiverpool are small. They are only about 5,000 bales a day Liverpool stock
bales_
61.000 268.000 491.000 472.000
Manchester stock
28.000
12.000
47.000
64 000
and not more than half of this is American. America has to Continental
stock
126.000 192.000 482.000 160.000
divide the market with Peruvian, East Indian and other American afloat for Europe
537.000 403,000 374.411 301.905
U. S. port stocks
491.773 724.174 1.508.323 912.705
growths. Some think that present prices of cotton discount U.
8. Interior stocks
670.022 897.611 1,225.3:45 982.695
anything bullish in the situation.
U. S. exports to-day
500
2.800
2.847
12.916
To-day prices decl ned 50 to 60 points, with vague rumors
Total American
1.899.195
2,515.585
4,130.916
2.896,311
that Carolina mills were on the point of curtailing their outEast Indian. Brazil,
Liverpool stock
209.000 332,000 373.000 353.000
put, although the rumors were not confirmed. But the clos- London
stock
4.000
1.000
12.000
ing down of the Amoskeag Mills and a fear that curtailment Manchester stock
14.000
20,000
15.000
9.000
might spread in New England had a depressing effect. Fall Continental stock
57.000
5.5,000
98.000
76.000
afloat for Europe
103.000
52,000
74.000 117.000
River sales for the week were only 50.000 pieces. It was India
Egypt, Brazil. dm., afloat
72.000
56.000
81.000
33.000
said in dispatches from that centre that unless trade should Stock in Alexandria, Egypt
136.000 197.000 225,000
98.000
313.000 646.000 981.000 1.070.000
improve there might be extensive curtailment. Also, the Stock in Bombay. India
Total East India. &c
cables were lower and the weather in the main was better
905.000 1.358,000 1.848.000 1.768.000
Total American
1.899.195 2.515.585 4.13).0l6 2.896.311
than was expected. It was said that the Amoskeag Company bought 1.000 bales of cotton at Dallas, Tex., with shipTotal visible supply
2,807 195 3.873.585 5,978 916 4,664.311
Middling uplands. Liverpool _ _
16.64d.
12.37d.
14.21d.
17.71d.
ment on Saturday guaranteed. This report is given for what Middling
uplands. New York_
28.75c.
20.50c.
20.35c.
24.50c.
it is worth. Larger receipts and more extensive hedge sell- Egypt, good salted, Liverpool 10.50d.
19.13d. 312511. 53.00d.
rough good. Liverpool_ 18.758.
14.54k).
I n kl
ing are feared. Final prices show a decline for the week of Peruvian,
an.00d.
Broach fine, Liverpool
13.35d.
I.3.5d. 13.0,d. 15.10d.
62 to 85 points. The short interest here is increasing. The Thmevelly. good, Liverpool
14.50d.
12.258.
13.80d.
15.60d.
professional element is bearish. Spot prices have declined
Continental imports for past week have been 71,000 bales.
80 points, middling closing at 28.75c.
The above figures for 1923 show an increase from last week
The following averages of the differences between grades,
as figured from the Oct. 4 quotations of the tt n markets of 361,590 bales, a loss of 1,066,390 from 1922, a decline of
designated by the Secretary of Agriculture, are the differences 3,171,721 bales from 1921 and a falling off of 1,837,116
from middling established for deliveries in the New York bales from 1920.
market on Oct. 11 1923.
AT THE INTERIOR TOWNS the movement-that is,
Middling fair
117 on I *Middling "yellow" tinged
1.27 otf
Strict good middling
.92 on Good mid, light yellow stained... 117 off the receipts for the week and since Aug. 1, the shipments for
middling
Good
.69 on *Strict mid, light yellow stained...1 11 off the week and the stocks to-night, and
the same items for the
Strict middling
.42 on *Middling yellow stained
1.61 off
Strict low middling
.70 off Good middling "gray"
37 otf corresponding periods of the previous year-is set out in
Low middling
-1 35 off *Strict middling "gray"
.84 off detail below:
*Strict good ordinary
2 18 off
•MIddling "gray"
1.31 off
*Good ordinary
2 98 oft *Strict low mid. "yellow" tinged 1 92 off
Good middling spotted
.21 on •Low middling "yellow" tinged..2 6 off
Strict middling spotted
.1800 Good middling "yellow" stained.1 10 off
Middling spotted
of! *Strict mid. "yellow" stained....I 64 off
*Steck low middling spotted...A 27 off 'Middling "yellow" stained
2 18 off
*Low middling snider('
1 98 off *Good middling "blue" stained..1 10 off
Str1ce good mid."yellow" tinged_ .12 on *Strict middling "blue" stalned...1 56 off
Good middling "yellow" tinged._ .29 ofr 'Middling "blue" stained
2 13 off
Strict middling "yellow" tinged.. 84 off
•These grades are not deliverable U1100 future contracts.
Movement to Oct. 5 1923.
Towns.
Ship- Stocks
ments.1 Oct.
Week. Season. Week.
5.
Receipts.
Movement to Oct. 8 1922,
Receipts.
IVeek.
Season.
Ship- Stocks
metsts. Oet.
Week.
6.
Ala.,BirmIng'm
8 I
1,27
134
987 3,953
2,497 4,894
8,19
Eufaula
300
1.24
250
973
1,991
31
400 2,713
Montgomery. 4,444
19,351 2,391 14,225 5.411
27,590 3.122 19.667
Selma
3,30.
11.076 1,493 7.190 5,78.
31,274 2,701 12,096
The official quotation for middling upland cotton in the Ark., Helena
081
1.649
230 7,413 2,991
8.817
601 11,940
Little Rock__ 5.133
9.422 1,704 15.070 16,273 50.564 7,165 44.268
New York market each day for the past week has been:
Pine Bluff.., 1,307
770 20,086 3,414
3.85.
9,90: 1,548 27,702
Sat, Mon. Tues, Wed. Thurs, Fri.
Sept. 29 to Oct. 5Ga., Albany
88 2.569
1,126
282
108
3.972
113 2.628
Middling upland
29.40 29.50 29.00 29.10 29.20 28.75
1,842
Athens
61 I
400 12,590 1,000
3,576 1.000 11.554
7,111 2,303 7,634 10.181
Atlanta
33,695 5,813 17.708
3.369
FUTURES.-The highest and lowest, closing prices at
12,333 48,409 5,148 31,282 11.008 69,63' 4,485 60,915
Augusta
New York for the past week have been as follows:
Columbus.... 3,157 10.52
1,996 7,986 9,831
27,283 7,823 11.807
572 4,837 3,672
16,08
2,989
1.092
Macon
1.223 .13.241
10,307 2,517 6,045
2.841 1,228 2,760 3,104
1.707
Rome
Saturday, Monday, Tuesday Wed'day, Thursd'y, Friday.
ii
15,000
25200
10.000
8
4,500
Shreveport
La.,
22,001
3.700
Sept. 29. Oct. 1.
17.000
Oct. 3.
Oct. 4.
Week.
Oct. 5.
520 2,408 1,.
2.983
Miss.,Columb
1,524
7,111 1,500 4,076
Clarksdale_._ 6,077 10.132
839 18.338 13,921
36.851 1.926 38.830
OctoberGreenwood
11,7119 2,000 14.407 10.74
34,925 2,549 35.872
8,000
28.62-.95---28.00-155 27.83-10 28.87-.97 28.20-.63 27.83-155
Runde
3,947
3811 3,401 3,001
15,386 7,000 11.995
1.827
Meridian_
_ 28.62-23 28.68-.75 28.23-.25 28.60 -128.70-.73 28.20,28--Closing
6,121 1,170 6.873 2.449
Natchez
12,666 1,798 9.456
1,686
Notember1,817
887
248 3,300 2,007
Vicksburg.
6,643
521 6,577
---28.48-75 29.10-20
Range
28.48-120
I
4,263
633 8.448 2,45'
8.638
Yazoo City.. 2,003
634 11,167
Closing _
28.32 -28.39 -28.03 -28.43 -128.51 _r27,94 Louis.
7,31.
7,254
41.661
2,975
52,781
11,341
St.
Mo.,
10,120 9.071
December439, 4,364 1,05'
1,698
34.
6,522 1,025, 6,160
Range
28.30-69---27.60-135 27.56-/50 28.24-.70 27.84435 27.66-135 N.C.,Ore'nsboro
Raleigh
.52'
682
2.402
2,248
381
700
460,
405
Closing
28.30-.32 28.37-29 27,95-97 28.35-.3928.43-.45 27.85-.90
3.382
2,055
...
3,817
5,369 1.51
...I 4,040
Okla., Altus_
JanuaryChickasha.., 1,604
16,932 3,699, 9.378
3,116 1,254 1,841 7,124
27.76-f18 28.17-29 27.00-18727.11-110 27.72-115 27.82-34 27.00-187
Range
378 4,441
Oklahoma_ _ _
58
73
9,006
272
699, 9,296
Closing
27.75-.85 27.84-.90 27.45-.50 27.90-.93,27.93-.95 27.34-.37
24,172 1,330 18.204
7,894 2,414 7,483 6.511
3,554
B.C.,Greenvill
FebruaryGreenwood_
2,172
_
597
729
4,598
124.
198
1411 9.627
27.65-.90
Range
27.65-20
Teno,,Mempbi 22,699 69,483 13,657 58,379 38.711 105,952 20,139 90,854
27.79 -27.84 -27.45 -27.89 -27,92 -27,35 Closing
.._ _
Nashville__ .
198
March14,212 4,663 2,173 5.322
13,687 4,1id 2.906
27.78-112---27.05-/83 27.12400 27.72-115 27.35-.80 27.05-183 Texas, Abilene_ 4.910
Range
12,711
1,72:
Brenham
687
14,684 1.339 5,663
56
4.083
27.78-25 27.84-.85 27.45-.50 27.88-.90 27.91-.94 27.35-.37
Closing
2,51
18.221 2.017 3,776 1,406
19.90
Austin
3,1061 1,800
Ayr08.723 34,532 5.331 14,037 4.30
Dallas
19.07
3,091 15,484
---27.70-.85
Range
27.70-.85
I
Houston. _ _.224,621 1,292.446 192,409326,185 194,988 904,005140,937306,510
27.76 -27.83 -27.46 -27.91 -,27.92 -27.36 ---Closing _
7,851
Paris
31.342 6,1791 8.259 6,559 30,791 7,669 9,311
.May1
26.589 4,000 9,000 2,836 251389 2,621 3,279
San Antonio. 5,010
27.75-113---27.02-18527.11-110 27.74-/18 27.37-.82 27.05485
Range
23.218 2,95: 14,702
5,901
Fort
Worth32,5601
6,0251 9,827 5,73
27.82-.84
27.75-.77
27.48-.50
27.94-.97
27.93-27
27.37-.42--Closing
June---27.63-25
127.61 27.61-.85 Trani ?II Myrna R711 071 I 75A RAI 971I AAA A70 022 413.958 1.717.507 257.20ARA7 All
Range
Closing ____ 27.46 -27.51 -27.18 -,27.53 -,27.45 -27.00 ---1
1
The above total shows that the interior stocks have in27.15-A8---26.60418 26.54-152 27.18-.58 26.79-121 26.54-118
Range
Closing __ 27.16-.17 27.20 -126.90-.95 22.33-24 27.25-20 26.79-.80--- creased during the week 92,9 8 bales and are to-night 226,689
1
Auoustlast year. The receipts at
I
I
I
27.10-20 bales less than at the same time
-- -127.10-.30
Range
all h towns have been 42,987 bales I,ss than the same week
Owing _
last year.
1270.
294.
1284.
OCT.6 19231
1571
THE CHRONTCLE
A condition of 49.5% on Sept. 25 forecasts a yield per acre of about
137.7 pounds and a total production of about 11.015000 hales of 500
7.31c. pounds gross. The final outturn may be larger or sm; Iler than this amount
5.44c. according as conditions developing during the remainder of the season prove
6.62c. more or less favorable to the crop than in an average year. L.st year the
8.19c. production was 9.761.817 bales, two years ago 7.953.641, three years ago
9.12c. 13.439.603, four years ago 11.420.763. and five ye rs ago 12.040.532 bales.
6.31c. The average production for the five years 1910 to 1914 was 14.259.231 bales,
8.19c. and for 1915 to 1919 the average was 11.481.084 bales.
7.88c.
Comparisons by States follow:
NEW YORK QUOTATIONS FOR 32 YEARS.
1923
1022
1921
1920
1910
1918
1917
1916
28.75c.
21.25c.
20.10c.
24.25c.
32.65c.
33.10c.
26.75c.
16.95c.
11.75c. 1899
11.10c. 1898
10.40c. 1987
10.60c. 1896
9.65c. 1895
8.94c. 1894
8.38c. 1893
10.75c. 1892
12.75c. 1907
1906
14.20c. 1905
11.25c. 1904
10.10c. 1903
14.10c. 1902
13.40c. 1901
9.05c. 1900
1915
1914
1913
1912
1911
1910
1909
1908
MARKET AND SALES AT NEW YORK.
PRODUCTION.
CONDITION.
SALES.
Futures
Market
Closed
Spot
Market
Closed
September 25.
Total.
Spot. Contr't
STATE.
Saturday__ Quiet, 15 pts. dec__ Easy
QuIet. 10 pta. adv__ Steady
Monday
Wet, 50 pts. dec... Steady
Tuesday
Wednesday.. QuIet. 10 pts. adv__ Very steady
ThursdayQuiet, 10 pts. adv.. Steady
QuIet. 45 pts. dec.... Easy
Friday
-165
-165
August 25.
Change
Between
Aug. 25 and
Sept. 25.
Final
Forecast
1922.
Sept. 25 (Census
Ten.Ten10-Yr. 1923.
Ginning+)
1923. 1922. Year 1923. Year
Aver. 1923. Aver.
Aver.
48.000
27.000
Virginia_ _ 83
78 -10 -6
93
72
63
877.000 852.000
72 -7 -6
71
Nor. Caro 64
66
59
783,000
493.1100
-4 -7
66
53
Caro
Sou.
59
38
57
100
Total_
700.000 715.000
-5
62 -11
31
42
Georgia
57
37
25.000
13,000
63 -10 -6
_ _ 20
57
55
30
()ITEItIANI) MOVEMENT FOR THE WEEK AND Florida_
741.000 823.000
112 -10 -7
Alabama _ 42
55
55
52
752,000 989.000
--8
64
48
64
56
SINCE AUG. 1.-We give beloiv a statement showing the Mitsissipp 37
343.000
340.00
53
Louisiana_ 45
54
53
60 -8 --6
overland movement for the week and since Aug. 1, as namie Texas_
_ _ _ 56
--5 4.168,000 3,222.000
55
55
52
60 +1
926,000 1,011.000
61
57
69 -7 --8
57
up from telegraphic reports Friday night. The results for Arkansas _ 50
340.000, 391,000
47
74 -17 --9
64
65
56
the week and since Aug. 1 in the last two years are as follows: Tennessee
199.000, 149.090
Missouri__ 64
67
70
70
75 -3 -5
1922
1923
945.000: 627.000
42
Oklahoma 49
56
62 +3 -6
46
Since
Since
029010
a44.000,
Oct. 5
84
88
80
91 -4 -3
88
California
Week. Aug. 1. Arizona _
Week. Aug. 1.
47,000
83.000.
Shipped90
c87
_ c-2
80
c89
90
19.000
52,781
57,000
11.340
44.390
7.254
d
other
All
85
-4
84
88
Via St. LouLs
25.078
5.980
17.020
4.080
Via Mounds, &c
15590 U.S. total 49.5 50.0 57.5 51.1 63.5 -4.6 -6.0 11.015,000 '9,762,000
155
Via Rock Island
8,037
2-.1:353
104
1,874
Via Louisville
(a) About 88,000 bales additional are being grown in Lower California
3.075
29.206
31.853
3.891
Via Virginia points
(Old Mexico).
88.971
9.433
82.947
8.521
&c
routes,
Via other
(b) Includes about 7.000 bales of the 58,000 bales grown in Lower Cal32,281 r04,163 ifornia (Old Mexico).
24,005 178.239
Total gross overland
(c) Six-year average.
Deduct Shipments41 Including New Mexico.
6 790
677
6.068
833
Overland to N. Y.. Boston, &a
Note.-Previous Sept. 25 final yields per acre were below the forecast
040
425
483
4.664
Between interior towns
being 5.0%:6 times above. range 1% to 8% ,average 3.8%; 1 year
time,
1
6 53
19,922
10.250
80.736
Inland. &c..from South
same as final. Average of last 8 ye •rs 2.2% above the average Sept. 25
yield. (Yield equivalent used this month 0.1% below that of this
forecast
72.8c3
11.352
91,468
21.238
deducted
Total to be
month a year ago.)
CROP REPORTING BOARD.
20,929 131,280
86,771
2.767
Leaving total net overland *
W. A. Schoenfeld, Chairman,
W. F. C .11.nder, S. A. bones.
•Including movement by rail to Canada.
G. K. Holmes, J. A. Becker.
Approved:
The foregoing shows the week's net overland movement
H. M. GORE.Acting Secretary. Z. It. Pettet,
C. it. Robinson.
100
this year has been 2,767 bales, against 20,929 bales for the
CENSUS BUREAU REPORT ON COTTON GINNING
week last year, and that for the season to date the aggregate TO SEPT. 25.-The Census Bureau issued on Oct. 2 its
net overland exhibits a decrease from a year ago of 58,397 report on the amount of cotton ginned up to Sept. 25 from
bales.
the growth of 1923 as follows, round bales counted as half
1922
1923
Since bales and excluding linters, comparison being made with the
Since
In Sight and Spinners'
Aug. I. returns for the like periods of 1922 and 1921:
Week.
Aug. 1.
Week.
Takings.
329.909 1,080.108 275,188 1.196.482
Receipts at ports to Oct.5
131.280
20.929
86,771
2,767
Net overland to Oct. 5
815.000
830,000 82,000
Southern consumption to Oct. 5_a 75,000
407,716 2,396,879 378,117 2,142.762
381.621
400,027 105,373
92,968
Total marketed
Interior stocks in excess
Came into sight during week
Total in sight Oct. 5
500,684
483.490
2.524,383
2,796.906
Nor.spinners' takings to Oct. 5-- 40.577
251.597
280,921
44.911
* Decrease. a These figures are consumption; takings not available.
Movement into sight in previous years:
Bales.
2.278.709
1,682.835
1,602,497
Since Aug.1Bales.
426,356 1921-Oct. 7
313,707 1920-Oct. 8
337.553 1919-Oct. 10
Week1921-Oct. 7
1920-Oct. 8
1919-Oct. 10
QUOTATIONS FOR MIDDLING COTTON AT
OTHER MARKETS.-Below are the closing quotations for
middling cotton at Southern and other principal 'cotton
markets for each day of the week:
Closing Quotations for Middling Cotton onWeek ending
Oct. 5.
Saturday, Monday. Tuesday. Wed'day. Thursd'y. Friday.
28.50
Galveston
New Orleans_ -- 28.50
28.00
Mobile
28.10
Savannah
28.13
Norfolk
Baltimore
28.00
Augusta
28.75
Memphis
20.00
Houston
28.50
Little Bock
27.50
Dallas
Fort Worth-
28.50
28.50
28.00
28.20
28.13
28.75
28.00
28.75
28.40
28.50
27.65
27.60
28.10
28.25
27.75
27.76
27.69
29.00
27.50
28.50
27.90
28.25
27.25
27.20
28.50
28.50
28.00
28.17
28.06
28.25
28.06
28.50
28.30
28.50
27.60
27.60
28.50
28.50
28.00
28.25
28.13
28.75
28.19
28.50
28.30
28.50
27.70
27.70
27.90
28.25
27.50
27.65
27.50
28.50
27.63
28.25
27.80
28.25
27.10
27.10
NEW ORLEANS CONTRACT MARKET.-The closing
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Monday,
00. 1.
Tuesday, Wednesday, Thursday,
00. 2.
00. 3.
00. 4.
I
Friday,
00. 5.
,
-October__ 27.88-27.93-27.95 27.48-27.50 27.93 bid 28.08-28.09 27.40-27.43
December_ 27.77-27.80 27.77-27.80 27.34-27.38 27.81-27.85 27.93-27.97 27.29-27.33
January .._ 27.62-27.85 27.60-27.65 27.28-27.3027.73-27.77 27.80-27.82 27.10-27.15
March-... 27.53-27.56 27.50-27.15-27.18 27.60-27.64 27.70-27.73 27.05 27.09
27.37-27.39 27.30-27.33 27.03 -27.46-27.54 27.53-27.53126 90 27 00
May
26.92-26.96 26.85-26.95 26.58-26.62 27.02-27.06 27.10-26.43.26.45
July
ToneSteady I Steady I Steady I Steady I Steady
Quiet
Spot
Barely st'y Steady I Steady I Steady I Steady Ear ly sty
Options
Saturday.
Sept. 29.
AGRICULTURAL DEPARTMENT REPORT ON COTTON ACREAGE AND CONDITION.-The Agricultural
Department at Washington on Tuesday of this week (Oct. 2)
issued its report on cotton acreage and condition as of
Sept. 25, and the following is the complete official text of
the report:
UNITED STATES DEPARTMENT OF AGRICULTURE.
Bureau of Agricultural Economics.
Washington, D. C., Oct. 2 1923, 11:00 A. M.(Eastern Standard Time).
Board of the United States Department of Agriculheporting
Crop
The
ture estimates,from the reports of its correspondents and field statisticians,
that the coneition of the cotton crop on hept. 25 was 49.5% of a normal,
as compared with 54.1 on Aug. 25 1923, 50.0 on Sept. 25 1922, 42.2 on
Sept. 25 1921. and 57.5, the average on Sept. 25 of the past ten years.
StaleAlabama
Arizona
Arkansas
California
Florida
Georgia
Louisiana
Mississippi
Missouri
North Carolina
Oklahoma
South Carolina
Tennessee
Texas
All other
1923.
161.047
7.621
48.733
4.038
4.501
186 579
107.629
93.452
639
156.421
64.139
191.086
2.552
2,185.219
1.738
1922.
329.908
2.035
281.032
1.060
12.666
373.397
159.109
352.570
20,813
149.755
185 174
148 174
53.713
1.795.032
1.958
1921
230.380
2.970
157.940
1.480
4.287
392.569
101.478
250,767
14.231
141.040
140.686
215.249
42.314
1.223.484
1.517
United States
3,866 396 2.920.392
3.215 394
The statistics in this report include 111,038 round b lee for 1923: 76.958
for 1922, and 70.263 for 1921. Included in the above ;.re 3 622 bales of
American Egyptian for 1923: 1.660 for 1922. and 2.376 for 1921. The
number of Sea Island bales included is 23 for 1923. 1.084 for 1922 and 331
for 1921.
The statistics for 1923 In this report are subject to slight corrections
when checked against the individual returns of the sinners being transmitted
by mall. The corrected statistics of the quantity of cotton ginned this
season prior to Sept. I are 1.135.880 bales.
Consumption, Stocks, Imports and Exports-United Stales.-Cotton
consumed during the month of August 1923 amounted to 491.604 bales.
Cotton on hand in consuming establishrrents on Aug.31 was 806.671 bales.
and in public storage and at compresses 1.179 204 b..les. The number of
active consuming cotton spindles for the month was 33.708.667. The
total imports for the month of August 1923 were 3,420 bales and the exports
of domestic cotton, including linters, were 244.415 bales.
COMMENTS ON COTTON CONDITION REPORT
In connection with the Cotton Condition Report issued on
Oct. 2 by the United States Department of Agriculture,
the Department makes the followirg• i•emment:
The condition of 49.5% of normal reported by the U. S. Department
of Agriculture for the cotton crop for the date of Sept. 25 is the lowest for.
that date since the first report in 1866, except the condition of 42.2% In
1921; although the condition of the crop on Sept. 25 was lower than it was
on Aug. 25, the decline of 4.6 during this period was lees than the usual
decline of 6%, and the forecast of production is therefore larger than a
month ago. For several States the condition of Sept. 25 is the lowest of
record-31% for Georgia, 20% for Florida. 37% for Mississippi and 47%
for Tennessee. For Arkansas the condition of 50% is the same as the
previous lowest record.
The deterioration in these States has been due largely to the damage
done by the boll weevil, though other cau.es have contributed as follows:
Excessive rains beating out the lint and rotting the bolls have occurred In,
some sections. The leaf worm defoliating the plant has been common in
many areas, but in a number of the States this has been of considerable
benefit, as it has let in the sunshine, driving the weevil out to some extent
and resulting in an earlier opening of the crop. Drought and its effects
have continued in spots and damage from cutworms, grasshoppers, the
flea and hail is reported for sections here and there. A short summary by
States follows:
In Texas rains during the month improved the condition generally, although in many instances excess rains caused damage by beating out lint
and rotting the bolls. The boll weevil, the leaf worm and boll worm have
not done great damage and yields are turning out much better than
done by
In Oklahoma the crop has partially recovered from the injuryexpected.
drought and hot winds in June. July and August. Excessive rains have
retarded maturity. Much late cotton in danger from frost. Top crops
suffered from web and leaf worm.
In North Carolina the boll weevil has taken most of the squares since early
August. It was late in appearing and damage to grown bolls has not been
as great as expected. The leaf worm has covered the State during September,and by stripping the foliage has helped the bolls to develop. There
is no top crop, but a very heavy bottom crop is in evidence.
Weevil damage during the month has not been as heavy as expected in
South Carolina, though a possibility of considerable more damage in northern and northwestern counties exists. Cotton leaf worm is present in all
sections and has benefited crop by letting in the sunshine.
There has been a great decline In condition in northern Georgia. due.
largely to the boll weevil, which have even attacked grown bolls. Worm.
1572
THE CHRONICLE
damage while common has not affected size of crop. The crop in southern
counties is practically all ginned.
In Florida and south Georgia the yields have been lowest ever heard of.
No top or middle crop has been made.
Fruiting did not materialize in Alabama as had been expected. The
weevil has increased since the last report.
In Mississippi there has been more than the usual deterioration since
the last report. In Georgia, Florida and Mississippi the abandonment has
been much heavier than usual.
The plant has ceased to grow in Louisiana. Army worms have stripped
the leaves in many sections, causing the stalk to dry up. There is practically no top crop and no middle crop except in certain favorable sections.
Damage from the boll weevil and leaf worm has been heavier than last
year and in some sections rains have reduced the grade.
In certain districts of Arkansas the leaf worm defoliated 95 to 98% of
the plants, which dried up. and immature bolls will produce practically
nothing. The boll weevil attack was less than last year. Almost continuous rains during the month have caused some rotting of bolls.
The southern half of Tennessee has been badly infested by the boll wcevil
and during the rainy spell many bolls rotted in the lowlands.
[VoL. 117.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons, from all sources from
which statistics are obtainable; also the takings, or amounts
gone out of sight, for the like period.
Cotton Takings.
Week and Season.
1923.
Week.
1922.
Season.
Week.
Season.
Visible supply Sept. 28
2,445,605
3,620,109
Visible supply Aug. I
2,024.671
3.760,450
American in sight to Oct.
500,684 2,796,906 483.490 2,524.383
Bombay receipts to Oct. 4
8,000
85,000
7,000
117.000
Other India shipments to Oct.4_
I
7,000
41.000
45,550
Alexandria receipts to Oct. 3___
42,000
114,400
42,000,
93,800
Other supply to Oct. 3_* b
4.000
45,000
4,000
48,000
WEATHER REPORTS BY TELEGRAPH.-Reports
to us by telegraph from the South this evening denote that
Total supply
3,007,289 5,106.977 4.156,599 6.589,183
Deductgenerally the weather has been favorable for cotton. Tem- -Visible
1
supply Oct.5
2.807.195 2.807.195 3,873,585 3.873,585
peratures have averaged considerably above normal. With
takings to Oct. 5_a
200,094 2,299.782 283,014 2,715,598
the exception of Oklahoma there has been very little rainfall Total
Of which American
199,094 1,733.382 196,014 1.969,048
and the warm, dry weather has been an aid in reducing
Of which other
1,000
566.400
87,000
746.550
insect activities.
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
Texas.-Progress of cotton, top crop and late crop, is
a This total embraces the estimated consumption by Southern mills,
bales In 1923 and 815.000 in 1922-takings not being availablefairly good. Most of,the crop is made. There has been 830,000
and the aggregate amounts taken by Northern and foreign spinners,
little change in the general condition. Picking and ginning 1,469,782 bales in 1923 and 1,900.598 bales in 1922,
of which 903,382
have made excellent progress. Hot, dry weather has re- and 1,154.048 bales American. b Estimated.
duced insect activities.
INDIA COTTON MOVEMENT FROM ALL PORTS.
Mobile.-The weather has been very dry. Picking is The receipts of India cotton at Bombay and the ihipments
progressing rapidly and it is expected to be finished by the from all India ports for the week and for the season from
15th. All reports indicate a short yield in this section.
Aug. 1, as cabled, for three years, have been as follows:
Charleston, So. Caro.-The weather has been fine and the
cotton crop is good.
1923.
1922.
1921.
Rain. Rainfall.
Thermometer
dry
high 88 low 72 mean 80
1 day 0.14 in. high 92 low 60 mean 76
1.68 in. high 91 low 66 mean 79
1 day
3 days 0.38 in. high 92 low 72 mean 82
1 day 0.01 in. high 90 low 72 mean 81
2 days 0.60 in. high 93 low 66 mean 80
2 days 1.20 in. high 98 low 63 mean 81
1 day 0.07 in. high 90 low 55 mean 73
dry
high 100 low 61 mean 81
0.54 in. high 91 low 63 mean 77
1 day
1 day 0.12 in. high 91 low 66 mean 79
1 day 0.40 in. high 96 low 62 mean 79
2 days 1.16 in. high 90 low 64 mean 77
2.40 In. high 95 low 60 mean 78
1 day
high 92 low 62 mean 77
dry
1 day
0.10 in.
low 64
3 days 3.40 in. high 91 low 63 mean 77
3 days 3.52 in. high 91 low 62 mean 77
3 days 0.48 in. high 92 low 59 moan 76
1 day
0.11 in. high 91 low 59 mean 75
6 days 3.19 in. high 87 low 60 mean 74
dry
high 93 low 59 mean 76
dry
high 93 low 63 mean 78
dry
high 90 low 62 mean 76
high 94 low 61 mean 78
dry
0.09 in. high 93 low 66 mean 80
1 day
dry
high 96 low 60 mean 78
0.18 in.
1 day
mean 82
1 day 0.60 in. high 90 low 65 mean 78
dry
high 96 low 56 mean 76
dry
high 95 low 53 mean 74
dry
high 92 low 56 mean 74
dry
high 89 low 66 mean 78
dry
high 92 low 66 mean 79
dry
high 89 low 53 mean 71
dry
high 91 low 60 mean 76
dry
high 88 low 57 mean 73
dry
high 93 low 59 mean 76
dry
high 92 low 60 mean 76
1 day
0.04 in. high 88 low 65 mean 76
dry
high 91 low 52 mean 72
1 day 0.10 in. high 87 low 58 mean 73
dry
high 93 low 56 moan 75
2 days 1.75 in. high 85 low 66 mean 76
dry
high 84 low 56 mean 70
dry
low 56
2 days 0.08 in. high 86 low 55 mean 71
1 day 0.01 in. high 83 low 57 mean 70
1 day 0.01 in. high 82 low 52 mean 67
dry
high 85 low 46 mean 66
dry
high 87 low 56 mean 72
_
dry _
high 89 low 61 mean 75
RECEIPTS FROM THE PLANTATIONS.-The following table indicates the actual movement each week from
the plantations. The figuresdo not include overland receipts nor Southern consumption; they are simply a statement of the weekly movp13nt from the plantations ofthat
part of the crop which finally reaches the market through
the outports.
West I
elan
Receipts at Ports.
1923.
July
13.
20.
27__
Aug
3..
10.17_.
24.-
1922.
1921.
Stocks at Interior Towns.
1923.
1922.
1921.
Receiptsfrom FlantaiS".
1923.
20.12 11,561 83,95: 312,912 458.8391,206,736 1,672
15.202 31,697 98,131 293.591 433,178 1.157,547
22.228 34,393 98,712 278.391 388.8301,129.231 11,646
27.086
29.7201
46.08
62.758
42,59i
32,031 86.944
24.012 74,894
33.716 84,050
44.317 91.711
91.625 105.024
270.233
264.913
268.226
302,781
331,917
- Sept.
7_. 46,130 95,017 107,847
14._ 70,273163,102 142,000
21__ 56.747205.404 168.787
28-- 88,759 253,298 205,490
Cwt.
329,949 275,183 258,740
377.401
443,567
519.567
577,951
670.922
355,1591.099,238
345.726 1.074.165
341.5191,048,597
351,0701,015,473
355,704 987.684
1922.
1921.
Oct. 4.
Receipts at-
Bombay
anon
RA
Week.
nnn
7000
For the Week.
Exports.
Bombay1923
1922
2,000
1921
Other Ind! 1923
2,000
1922
1921
Total all1923
1922
1921
Since
Aug. 1.
117 Ann
Week.
so non
Since
Aug. 1.
q12 AAA
Since August 1.
Great Conti- Japana
Great
Britain. neat. China. Total. Britain.
19,000 11,000 30,000
16,000 2,000 18,000
14,000 19,000 35,000
5,000
7,000
7,000
4,000 11,000
2,000 21,000 11,000 37,000
16,000 2,000 18,000
21,000 23.000 46,000
2
Conti- fawn &
neat.
China.
Total.
149.000
79,000 56,00
66,500 152,500 227,000
91,000 283,000 376,000
14.000
8.000
2,000
7.000
5,000
1,000
34,000
40,550
33,000
14,000
41,000
45,550
48,000
190,000
21,000 113,000 58,00
13,000 107,050 152,500 272,550
3.000 124,000 297,000 424.000
According to the foregoing, Bombay appears to show a
increase compared with last year in the week's receipts of
1,000 bales. Exports from all India ports record a I increase
of 19,000 bales during the week, and since Aug. 1 show a
decrease of 82,550 bales.
ALEXANDRIA RECEIPTS AND SHIPMENTS.-We
now receive a weekly cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the previous two years.
Alexandria. Egypt,
October 3.
Receipts (cantars)This week
Since Aug. 1
1923.
1922.
1921.
210,000
571.269
210,000
457.925
195,000
702,615
Since
Week. Aug. 1.
Exports (bales)-
To Liverpool
10,881
To Manchester, &c
9,000 21,213
To Continent and India_ 9,000 36.302
To America
8.5.i5
n.,... 1
., c, nnn
.713 AO .1
Since
Since
Week Aug. 1. Week. Aug. 1.
2,750 14.304
____ 16.997
1,750 28,900
____
9,905
A
GArli
.
"IA 1 nil
8.500
7,000
7,000
----
26,501
23,258
41.192
15,505
on CAA 1 AD
.
,I
r.o
Note.-A cantar is 99 lbs. Egyptian bales weigh about 750 bs.
This statement shows that the receipts for the week ending Oct 3 were
210,000 canters and the foreign shipments 18,000 bales.
MANCHESTER MARKET.-Our report received Icy
cable to-night from Manchester states that the market in
both cloths and yarns is quiet in consequence of American
news. We give prices to-day below and leave those for
previous weeks of this and last year for comparison:
1,468 50.357
6,036 49,245
1,876 69,396
__ 56.951
19.528
24.400 14.579 49,821
51.252 29.509 58,482
97.312 53,877 58,587
96,250 77,235
171,7621
416,161 987.030 191.584 155,474 107.193
471,529 983.889235,378 218.470 138.839
600.540 1.037.994 334,807334.415 222,912
743,160 1,147,941 347.146 305,164 315,437
1
1
1
897,611 1,225,335422,917380,561 336,134
Since
Aug. 1.
Week.
1922-23.
32. Cop
1921-22.
84 lbs. Skirt- Cot's
ings. Common Mid.
to Alwyn.
Opts
d. 8. d.
July 6.
20 21S1 0 224 16 2
27 204 @ 214 16 1
Aug
320
204 16 0
24 16 1
10 2011
214 16 1
17 2014
2111 18 0
24 2034
2111 16 0
31 20b4
Sept.
2111 16 2
7 214
23 16 5
14 224
2518 16 5
21 24
254 16 5
28 24
Oct.
244 16 5
5 2211
32s COD
TtOW.
8. d. d. d.
616 5 15.49 194
@le 4 14.42 19
016 2
616 2
616 5
1416 4
616 4
13.71 194
14.57 184
15.61 184
15.19 194
14.93 20
1
15.87 1911
16.89 20
17.95 1918
16.91 194
D COCO COVOS CO
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, Ark
Eldorado
Little Rock
Pine Bluff
Alexandria, La
Amite
New Orleans
Shreveport
Okolona, Miss
Columbus
Greenwood
Vicksburg
Mobile, Ala
Decatur
Montgomery
Selma
Gainesville, Fla
Madison
Savannah,Ga
Athens
Augusta
Columbus
Charleston. So. Caro
Greenwood
Columbia
Conw ty
Charlotte, No. Caro
Newborn
Weldon
Dyersburg, Tenn
34"-ontis
,
84 lbs. Shirt- Coen
fags, Common Mid.
' to Finest.
Upl's
11. s. d.
8. d d.
2111 18 0 616 5 13.60
21 15 4 1816 2 13.19
21
2014
194
214
21
156
15 3
15 2
15 4
16 0
616 3
616 1
(416 0
616 2
016 5
13.01
12.45
13.25
12.60
13.70
616 6
The above statement shows: (1) That the total receipts
21 15 6 6,16 2 12.84
6.17 2
21 15 4 (416 2 13.32
from the plantations since Aug. 1 1923 are 1,882,068 bales;
617 1
214 15 4 616 2 12.83
and
1,588,299
bales,
in
were
1921 were 1,399,237
617 2
in 1922
204 15 4 616 2 12.25
bales. (2) That although the receipts at the outports the
617 2 16.61 19 0
204 15 4 (416 0 12.37
past week were 329,949 bales, the actual movement from
bales,
stocks
SHIPPING
NEWS.
at interior towns having
-As shown on a previous page, the
plantations was 422,917
increased 92,968 bales during the week. Last year receipts exports of cotton from the United States the past week have
from the plantations for the week were 380,561 bales and for reached 283,017 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
1921 they were 336,134 bales.
OCT. 6 1923.)
THE CHRONICLE
Bales.
NEW YORK-To Liverpoel-Sept. 28-Adriatic, 6,338; Franconia,3,324
9,662
To Rotterdam-Sept. 28-Rotterdam, 150
150
To Bremen-Sept. 28-Hannover, 4,000_ -Oct. 2-Seydlitz,
2504,250
To Naples-Oct. 2-Conte Rosso. 350'
350
To Manchester-Sept. 29-Nortonian, 282
282
To Genoa-Oct.4-City of St. Joseph, 300
300
GALVESTON-To Venice-Sept. 28-Collingsworth, 1,550--Sept. 29-Alberta, 2,589
4339
To Trieste-Sept. 28-Collingsworth, 650
Sept. 29-Alberta, 904
1,554
To Liverpool-Sept. 29-Median, 3,736; Alexandrian, 946;
Mount Evans, 11,429; Niceto de Larrinaga, 630
16,741
To Manchester-Sept. 29-N4edian, 7.081; Mount Evans,
2,151; Niceto de Larrinaga, 7,452
16,684
To Havre-Sept.29-Cardigan,6,799; Federal,14.872; HornbY
Castle,5,725
27,396
To Antwerp-Sept. 29-Hornby Castle, 840; Federal, 1,425_ 2,265
4,824
To Ghent-Sept. 29-Hornby Castle, 3,200; Federal, 1,624
To Gothenburg-Sept.29-Louisiana,4,697; Brave Coeur, 150 4.847
150
To Christiania-Sept. 29-Louisiana, 150
To Barcelona-Sept. 29-Mar Blanco. 5.530; Flour Spar,2,800 8,330
To Malaga-Sept. 29-Mar Blanco.500
500
To Bremen-Sept. 29-Sapinero, 11,053; Brave Coeur. 6.205;
23,948
Layponla, 6.690
3,740
To Rotterdam-Sept. 29-Brave Coeur, 3.740
To Copenhagen-Sept. 29-Generalkonsul Pallisen, 1,525
1.525
To Genoa-Sept.29-Ida,4,455; Monviso 3,850; West Modus.
18,610
•
10,311
2.450
To Oporto-Sept.29-Flour Spar,2,450
393
To Naples-Sept. 29-Alberta, 393
To Japan-Sept. 29-Wales Meru, 6,726-__Oct. 2-Ethan
16,201
Allen.9,475
1,500
To China-Oct.2-Ethan Allen, 1,500
2.076
NEW ORLEANS-To Liverpool-Sept. 29-Eldena,2,076
450
To Manchester-Sept. 29-Eldena. 450
100
' To Porto Rico-Oct. 1-Ozama, 100
HOUSTON-To Hamburg-Sept. 28-Falkeflell, 1,600---Sept. 29
2,259
-Nordburg. 659
To Liverpool-Sept. 29-Ah3xandrian, 14,785; West Cheswald.
30,335
15,550
675
To Manchester-Sept. 29-West Cheswald,675
12.659
To Havre-Sept. 29-Bush, 12,657
1,900
To Rotterdam-Sept. 29-Brush, 1,900
To Venice-Sept. 28-Alberta, 2.411_ -_Sept. 29-Collings3,361
worth,950
To Trieste-Sept. 28-Alberta, 896_Sept. 29-Collings1.446
worth.550
607
To Naples-Sept. 28-Alberta, 607
3,671
To Genoa-Sept. 29-Collingsworth, 3,671
9,054
To Bremen-Sept. 29-Prusa, 9,054
CHARLESTON-To Liverpool-Oct. 2-Bakara, 4,600; Pachet,
6.300
1,700
To Bremen-Oct.2-Pachet,600
600
To Hamburg-Oct. 2-Pachet, 1,797
1.797
NORFOLK-To Manchester-Sept. 29-West Celina, 2.706
2,706
To Liverpool-Sept. 29-West Quechee, 3,273---Oct. 5-London Corporation.500
3773
PORT TOWNSEND-To Japan-Sept. 27-Africa Maru,4,500_4,500
SAN FRANCISCO-To Japan-Sept. 27-West Sequana, 3,500-;
Heffron, 1,200-- _Sept. 29-hubo Maru, 1,904___Oct. 1Yemagator Maru. 1,000
7,604
SAVANNAH-To Liverpool-Sept. 29-Tulsa. 6.174; Dakarlan,
5,850
12,024
' To Manchester-Sept. 29-Tulsa,3,325; Dakarian, 1,000
4,325
Total
283,017
COTTON FREIGHTS.-Current rates for cotton from
New York, as furnished by Lambert & Burrows, Inc., are
as follows, quotations being in cents per pound:
High StandHigh StandDensity. ard.
Density. ard.
Liverpool__ _20e. 35e. Stockholm_ _.500. 65e.
45o. 600.
Manchester.._200. 35o. Trieste
45e. 600.
Antwerp ----22.540. 351.40. Flume
- -- Lisbon
50o. 650.
Ghent-----2254e. 37540. Oporto
75e. 90e.
Havre
Rotterdam 22 Mo. 371.40. Barcelona._.40o. 55e.
300. 355(e. Japan
45e. 60e.
Genoa
Christiania - _3754o.60e. Shanghai_ ......45c. 60e.
High Stand
Density. ard
Bombay
50e. 65e.
Vladivostok_
Gothenburg- _ 50e. 65e.
Bremen
25e. 40e.
Hamburg_ _ _25e. 40e.
Piraeus
60e. 75e.
Salonica
60e. 750.
LIVERPOOL.-By cable from Liverpool we have the following statement of the week's sales, stocks, &e., at that port
Sept. 14. Sept. 21. Sept. 28.
44,000
32,000
31,000
9.000
6.000
9.000
5,000
3.000
2.000
45,000
40.000
43.000
287.000 275.000 285.000
53,000
49.000
66,000
20.000
28,000
58.000
8,000
20.000
45,000
121.000 200.000 223.000
55,000 133,000 148,000
Sales of the week
Of which American
Actual export
Forwarded
Total stock
Of which American
Total imports
Of which American
Amount afloat
Of which American
Oct. 5.
29,000
9,000
2.000
49,000
270,000
61,000
34,000
21.000
307,000
230.000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Saturday.
Monday.
Tuesday. !Wednesday. Thursday.
Friday.
1573
BREADSTUFFS
Friday Night, Oct. 5 1923.
Flour has remained quiet, so far as the domestic trade is
concerned, but with wheat firm prices for flour were sustained. In fact the mills were very firm, despite their evident desire for more business. But they draw the line at
doing business again at a loss. Last season taught them the
futility of cutting prices until profits disappeared. As well
enact the role of a horse in a tread-mill. For export there
has been a fair business, especially in soft winter straights
here and at the outports. Higher prices demanded later,
with wheat rising, tended to check business here. At Minneapolis, however, trade was reported to be somewhat better. The tone at Kansas City was firm, though business was
of only moderate amount. Car lots of flour at Kansas City,
bulk basis, are quoted as follows: Hard wheat, short patent, $575 to $6 25; long patent, $550 to $6; straight, $5 35 to
$5 85; first clear, $435 to $465; second clear, $3 50 to $3 75;
low grade, $315 to $3 30. Soft wheat fancy patent, $5 95 to
$6 45; standard patent. $540 to $5 70; straight, $475 to
$5 15; clear. $440 to $480; low grade, $360 to $385. Minneapolis wired at one time: "One of the larger mills here
this morning again reports flour very quiet." But Minneapolis wired to-day: "Fair scattered demand; one large
mill reports sales of 80,000 barrels."
Wheat sagged early in the week and then advanced, partly
under the encouragement of a strong and rising market for
corn. There has been some hope in the wheat trade that
Washington would aid the wheat farmer. The winter acreage may be reduced. On the other hand, it is true that if the
visible supply increase was a little smaller than expected
the total in the country is still nearly double that of a year
ago, i. e. 63,924,000 bushels, against 32,354,000 last year.
Last week it increased 762,000, against 20,000 last year. And
there was little hedging pressure in the Canadian Northwest. The receipts of 2,200 cars at Winnipeg were without
effect. Winnipeg reported that the country on Oct. 1 delivered 4,169.000 bushels against 4,811,000 a year ago. It was
said that there is about 4,000,000 tonnage headed for and at
Fort William. President Coolidge evidently wants farmers
of the Northwest to use the facilities of the Rural Credits
banks there designed especially for the farming community.
On the 3d inst. wheat moved up 2 to 3c. on what Chicago
bulls regarded as prospects of Government help for wheat
growers. President Coolidge directed the War Finance Corporation representatives to leave Washington at once to
discuss with wheat growers of the central Northwest more
extensive use of Government funds under the Rural Credits
Act. This started active buying and a sharp rise. No definite action looking to an increase in the wheat tariff seems
to be under way. Neither does there seem to be any immediate likelihood of a reduction in railroad freight rates. But
this was disregarded. The stock and cotton markets advanced sharply, stocks 1 to 8% and cotton 100 points. Of
course Chicago operators are interested in both. A conspicuous feature was heavy buying by commission houses to
close spreads between Chicago and Winnipeg. Losses of 3
to 5c. per bushel were taken on the December, it was said,
the spread at the last being 13%c., the widest so far. Minneapolis was exceptionally strong. There was a rumor that
the co-operatives instead of buying to control the wheat market by handling car lots, had bought millions of bushels of
September, when wheat was $1 and under. They are said to
have stood long on the rise. To-day prices, after advancing
at one time, reacted and closed a shade lower. It was due
to week-end profit-taking more than to anything else. Final
prices show a net rise for the week of % to lc.
DAILY CLOSING PRICES OF WIIEAT IN NEW YORK.
Sat. Mon. Tves. Wed. Thurs. Fri.
No. 2 red
cts_120% 12054 12254 12334 122
12034
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery in elevator_ets_105% 10634 10634 109
10734 107
May delivery in elevator
10934 11034 11034 11234 11134 111
July delivery in elevator
106
107,
10634 10734 10834 108
Indian corn advanced beyond the dollar mark. It was the
leader Indeed of the grain list. It shot upward 21/2 to 2%c.
Oil the 1st inst. with reports of frost in Ohio, Indiana, Illi16.43
16.79
17.07
16.64
17.13
10.97
Mid.Upi'ds
nois and Iowa had cut down the crop 70,000 bushels, to say
5,000
5,000
5,000
4,000
3,000
3,000
Sales
nothing of the deterioration in quality. Some put the crop
Quiet at Very st'dy, Barely sty Steady at Easy, 13 to at 3.000,000,000 bushels or a little less, against 3,078,000,000
Futures.
Quiet.
12 to 18 15 to 19 11 to 32 30 to 36 17 pts. dec. on Sept. 1. Also, the recent wet weather has hampered the
Market
pts. dec. pts. adv. pts. dec. pta. adv.
opened l
movement of the crop. Buying was large and persistent.
Market, I Quiet at Irregular, Barely st'y Quiet but Very st'dy Quiet but Shippers bid up cash corn in Chicago. They had to compete
4
I to 4 Pts. 20 to 24 8 to 14 st'dy 11 to 34 to'37 steady,5to with corn food industries. No. 2
yellow on the 1st inst.
P P. M
advance. pts. dec. pts. dec. 32 pts. Sec. pts. adv. 14 pts. dec.
touched 94%c., a new "high" for 1923. Washington disPrices of futures at Liverpool for each day are given below: patches suggesting that the Government may do something
to help the wheat farmer had a tendency to strengthen corn
Wed.
Thurs,
Tues.
Fri.
Mon.
Sat.
prices. The trading broadened. The American visible supSept. 29
to
l21.i 12541 121.4 4:00 12541 4:00 1234 4:00 1234 4:00 12541 4:00 ply in the United States decreased last week 289,000, in conOct. 5.
p.m. p.m.p. to. p.m. p. m.p. m.p. m.p. m.p. m p. m.p. mjp. m. trast with an increase in the same week last year of 1,647,October
16.39 16.27 16.10 16.37 16.05 15.73 15.73 16.09 16.1015.94 15.96 000 bushels. The total is only 2,052,000, against 12,206,000
16.08 15.93 15.8516.03 15.72 15.47 15.45 15.80 15.82 15.66 15.70 .last year. Cash corn on the 3d inst. ran above the dollar
November ...December
15.95 15.79 15.71 15.89 15.58 15.35 15.33 15.68 15.70 15.53 15.57 mark in Chicago,
with No. 2 white $1 to $1 01%; No. 2 yelJanuary
15.74 15.57 15.52 15.70 15.39 15.17 15.15 15.50 15.52 15.37 15A0
15.6015.43 15.38 15.57 15.26 15.06 15.05 15.39 15.41115.26 15.30 low $1 to $1 01%; No. 3 yellow, $1 to $1 0114; No. 4 yellow,
February
March
15.50 15.33 15.2816.47 15.16 14.96 14.0514.29 15.31 15.15 15.21 $1 01. It was
above $1 for the first time since 1920. What
April
_ 15.37 18.1915.10 15.34 15.03 14.84 14.85 15.16 15.20 15.05 15.11
May
15.26 15.08 15.05 15.23 14.92 14.74 14.74 15.06 15.09,14.95 15.01 is more, the country has not offered freely this week, deJune
15.0914.91 14.8815.06 14.75 14.58 14.57 14.88 14.92 14.79 14.80 spite the flattering
rise of prices. Not only Chicago, but
July
14.85 14.67 14.6514.84 14.52 14.38 14.38 14.68 14.72 14.59 14.67
August
14.40 14.22,14.20 14.38 14.10 13.06 13.98 14.28 14.32 14.19 14.72 other Western markets crossed $1. Needless to say, this
September
13.7513.58113.5513.7013.47 13.36 13.36,13.66 13.70 13.57,13.63 was a new "high" for the
season. Offerings were promptly
Market, {
12:15
P.M.
Quiet.
Good.
inquiry.
Quiet.
Quiet.
Good
inquiry.
Quiet.
1574
[voL. 117.
THE CHRONICLE
snapped up. The market is becoming "long," speculatively
however. The technical position is weaker. James A. Patten, who has been bullish on corn, was a big seller on the
3d inst., and said that he would not advise buying at that
time. To-day prices advanced %c. on small receipts, Chicago getting only 102,000 bushels, against 568,000 a year ago.
But later on there was a reaction due to profit-taking.
Prices show a net rise for the week of 1 to 2c. Chicago No.
2 yellow closed at 101 to 103 and No. 2 mixed at 101.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_1125i 11311 1115,1 11534 117
116
No. 2 yellow
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
7434 743
,
4 763( 751i 75
December delivery in elevator_cts_ 72
715.1 73
7334 75
7431, 7314
May delivery in elevator
74
7414 7614 7554 7434
July delivery in elevator
Flour.
Exports for Week
and Since
Week
Since
July 1 toSept.29 July 1
1923.
1923.
United Kingdom_
Continent
So.& Cent. Amer_
West Indies
Brit.No.Am.Cols.
Other Countries__
Total 1923
Total 1922
Wheat.
Week
Sept. 29
1923.
Since
July 1
1923.
Corn,
Week
Sept. 29
1923.
Since
July 1
1923.
Barrels. Barrels.
Bushels. I Bushels. Bushels. Bushels.
82,834
992,312
720,845 22,802,266
641,026
98,898 1,461,639 3,026,337 30.905,266
262,000
1,000
174,000
10,000
70,000
39,000
11.000
4,000
14,000
208,000
327,000
3,000
29,000
34,900
132,245
180,000
8,0(10
228,632 2.874,196 3,747,182 54,065,532
18,000 1,304,026
248,895 2,977,937 9,006,904 89,048,068 1,427,827 31.117,853
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ending Friday, Sept. 28, and since July 1 1923 and 1922,
are shown in the following:
Oats advanced under the impulse of higher prices for
Corn.
Oats.
other grain. But other stimulants were the smallness of the Receipts at- Flour.
Barley.
Rye.
Wheat.
crop movement and the steadiness of the cash demand. The
Bushels.
Bushels. Bushels.
Bushels.
Barrels.
Bushels.
rise in corn, however, undoubtedly afforded a powerful sup- New York _ _ _ 180,0
133,000
74.000 131,000 757,000
2.126.000
41,000
7.000
70,000
6,000
186.000
port, even if it was not enough to put oats prices materially Philadelphia
25,000
24,000
36,000
Baltimore_ _ _
3,000
166,000
higher. The visible supply in the United States, it is true, N'port News_
7,000
1,000
80.000
increased last week 649,000 bushels, against a decrease in Norfolk
New Orleans
9.000
44,000
58,000
57,00
the same week last year of 1,123,000 bushels. But back of Galveston..
75.000
174,000 310,000 983,000
60,00
1,000
3,550.000
this as an effectual offset is the fact that the total visible Montreal _ _
21.000
1,000
30.00
•
1,000
supply in this country is not half as large as it was a year Boston
223,000
ago. It is, indeed, only 16,515,000 bushels, against 35.964.000 Total wk. '23 441,000 6,227,000
344.0001"742.000 1,750.000
at this time last year. May oats on the 3d inst. went with Since Jan.1'23 17.424.000180.202.000 35,516,000 30.669.00011.700.00029.164,000
98.000 1,169.000
corn to a new "high." They touched 46%c., though they Week 1922..__ 698,000 5,574,000F1T512.000 1.272.000 12,801
'Inn 3') 045 000
closed at 45%c. There were rumors of export sales of 300,- Since Jan.1'22 18,372.000 187,239.000118.'141 non 53,o87.non
do not include grain psasing through Nev Odeans tor I'reign ports
000 bushels of Canadian oats through Portland, Me. Also, on*Receipts
through bills of lading.
the influence of rising prices for corn and wheat was plain.
The exports from the several seaboard ports for the week
Some oats are being shipped to Finland. A steamer of 2,413
tons has been chartered from Montreal at 24c. October. To- ending Saturday, Sept. 29 1923, are shown in the annexed
day prices advanced slightly and then reacted, ending a statement:
little lower for the day, with other grain. Net changes for
Rye, I Barley, Peas,
Wheat,
Corn, I Flour,1 Oats,
the week show a rise of %c. on December and %c. on May.
Exports from- Bushels. Bushels. Barrels. Bushels. Bushels. Bushels. Bushels
The rise in December at one time this week was lc. or more
544,182
I 84,6321 10,074 245.989 22,705
New York
over last Friday.
Boston
3,000
-
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 white
cts_52@5214 5254 5254 5254 54
54
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery in elevator_cts_ 4234 4314 4334 4374 4334 43
May delivery In elevator
4434 4554 4514 4534 4534 45
July delivery in elevator
4454 44
4474
154,000
16,0001
Philadelphia
24,000
31,000
Baltimore
Norfolk
80,000
1,000
Newport News_
7,000
7,000
New Orleans_
15,000 14,000
Montreal
2,945,000
75,000 245,000 489,000 192,000
--------18,000 228,632 262,074 734.989 214,705
Total week 1923_ 3,747,182
Week 1922
9,006,904 1,427,827 248.895 1,289,062 1,294,964 288,961
Rye advanced early in the week, partly owing to a rise in
The destination of these exports for the week and since
other grain to new "high" and partly to a good feeding de- July 1 1923 is as below:
mand and only moderate receipts. On the 1st inst. prices
moved upward % to lc. The visible supply in the United
Corn.
Wheat.
States increased 649,000 bushels last week, against 1,161.000
1922. I
1923.
1923.
1922.
I
In the same week last year. The total is now $15,428,000
Since
Week 1
Since I
Since I Week I
Since
bushels, against 8,180,000 bushels a year ago. To-day prices
July 1. Sept. 28.
July 1.
July 1.
Sept. 28.
July 1.
were higher, with some covering of shorts and a certain
amount of buying for long account. Some appear to think
Bushels. I Bushels. IBushels. I Bushels. I Bushels.
Bushels.
84,000 1,343,000 31,918,000
North Amer.. 6,424,C00 79.666,0001110.038.000
that the export prospects will brighten as soon as the Ger- RUM.
& Dan
488,000 2.432.0001 1,520,000 519.000 2,078,000 3,402,000
man question is settled. In any case, regardless of the large Argentina___ 2,319,000 29.989,000 27,197,000 3,562.000 44,358,000 24,888,000
ness of supplies, the tone in this country has of late been Australia _ _ _ 904,000 9,840,000 7.532,0001
728,0001 10,416,000
Indla
noticeably firm. Final prices show an advance for the week 0th.
I 1,584,000
countr's
I 816.000 6,379,000 2,984,000
of 1 to 1%c.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery In elevator_cts_ 6954 7011; 70
7134 72
71
May delivery in elevator
7234 73% 7334 75
7474 7534
The following are closing quotations:
WHEAT.
OatsNo. 2 white
51 2054
54
122
No.3 white
53
5254
C0171
Barley117
No.2 Yellow-N.Y.
Feeding
Nom.
I.
f
80
Malting
Rye-No.2 C.
78 © 8054
FLOUR.
Spring patents
56 25@$6 75 Barley goods4 75
500
No. 1, 1-0, 2-0
Winter straights. soft
$525
6 15
Nos. 2, 3 and 4 pearl_ 6 00
Hard winter straights-- 5 70
5 25
5 75
Nos 3-0
First spring clears
5 40
4 10@ 450
Nos.4-0 and 5-0
Rye flour
550
Oats goods-carload:
Corn goods. 100 lbs.:
2 65© 275
Spot delivery
Yellow meal
275 @ 285
2 651§ 2 75
Corn flour
WheatNo.2 red f. o. b
No.2 hard winter f.o.b.
The statements of the movements of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts alChicago
MinneaPolis
Duluth
Milwaukee-Toledo
Detroit
Indianapolis
St. Louis_ _ _
Peoria
Kansas City
Omaha
St. Joseph-Total wk. '2
Same wk. '2
Same wk. '21
Since Aug. 1
1923
1922
...as.
Flour. 1
Wheat.
Corn.
Oats.
Barley.
Rye.
bls.198lbs. busk,60 no.bush. 56 tbsJ bush. 32 lbs. bush.481bs. bush.561b3.
809,000 1,139.000 1,394,000 180,000
253,000
46.000
4,075,000
51,000
831.000 417.000 350.000
1,844.000
442,000
I
130,000 214,00
79.000
80.000
174,0001
383.000 242.001
29,000
I
112,000
35,000
9,000
149,000
25,000
50,000
99,000
I
80,011
215,0001
282,000
I
111.000
568,000
22.000
962.000
72,000
608.0001
41,000
29,000
271,000
5,000
259,000
51,000
1,102,000
216,0001
307,000
470,000
248,0001
294,000
209,000
114,000
42,000
484,000 9,403,000
559,000 13.556.000
503,000 9,872,000
3,121,000
7,991,000
8,920,000
5,130.000 1,176.000 903.000
5,425,000 1,124.000 2,192.000
4,610,000 840,000 937,000
I
3,639.000116,172,000 40,356,000 56.289,00010,467.000 7,913,000
4,826,000 120,484,000 56,933.000 46,568,000 8,979.00024,894.000
A AI, non tIn Ong nnn A7 11117nnn ca 575 nnn a noo nnn nnOA nnn
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday Sept. 29 1923 follow:
Total
10,863,000 133,927.0001l46.287,000 4,981,000 54,158,000 63,192,000
The visible supply of grain, comprising the stocks in granary at principal points of accumulation at lake and seaboard
ports Saturday, Sept. 29, was as follows:
United StatesNew York
Boston
Philadelphia
Baltimore
New Orleans
Galveston
Buffalo
" afloat
Toledo
Detroit
Chicago
" afloat
Milwaukee
Duluth
St. Joseph, Mo
Minneapolis
St. Louis
Kansas City
Sioux City
Peoria
Indianapolis
Omaha
On Lakes
On Canal and River
GRAIN STOCKS.
Rye,
Wheat,
Corn,
Oats,
bush,
bush.
bush.
bush.
78.000
733,000
34,000
528,000
1,000
23.000
55,000
854,000
21,000
269.000
126,000
1,643,000
31.000
164,000
78.000
1,021,000
146,000
121,000
97,000
1,094.000
3,768.000
277.000 2.157,000 1,031.000
412,000
545,000
30,000
392.000
45,000
1,894,000
16,000
24.000
62.000
22.000
942,000
19,481.000
596.000 3,026,000
104,000
197,000
151,000 1,169,000
432.000
444,000 4,323.000
3,880,000
110,000
1,092,000
43,000
10,166,000
3,000 4,573.000 6,663,000
2,067,000
80,000
153.000
16,000
9,766,000
63,000 1,225.000
332.000
48.000
476,000
160,000
9,000
2,000
63,000
194,000
797.000 • 179,000
151.000
6,000
3,360,000
76,000 1,189,000
92,000
807,000
50,000
91,000
278,000
129,000
875,000
Barley,
bush.
9,000
5,000
1,000
8,000
481,000
74,000
1,000
162,000
228,000
786,000
7,000
876,000
1,000
8,000
77,000
130,000
66,000
Total Sept. 29 1923.__63.924.000 2,052,000 16,515,0001 5,428.000 2,920,000
Total Sept. 22 1923._ __63,162,000 2,341.000 15,866,000 14,690,000 2,844,000
Total Sept.30 1922.._.._32,334,000 10.559,000 37.095,000 7,019,000 2,037,000
Note.-Bonded grain not Included above: Oats, New York, 10,000 bushels Baltimore. 6,000 Buffalo, 54,000 Duluth, 15,000 total, 85.000 bushels, against 47,000
bushels In 1922. Barley, New York,38,000 bushels Buffalo, 83,000 Buffalo, afloat,
116,000 Duluth, 71,000 Chicago. 136,000 total, 444,000 bushels, against 155,000
bushels in 1922. Wheat, New York, 274,000 bushels Philadelphia. 15,000 Baltimore, 57.000 Buffalo, 196,000 Buffalo afloat, 377,000 Duluth, 140,000 Chicago,
788,000 total, 1,847,000 bushels, against 7,982,000 bushels in 1922.
Canadian274,000
909,000
42,000
618,000
Mont:eal
132.000
1,046,000
911,000 1,276,000
Ft. William & Pt. Arthur_ 9,471,000
127.000
624,000
Other Canadian
391,000
34,000
Total Sept. 29 1923_ __ _10,771.000
42,000 1,447,000 2,153.000
32,000 1,252,000 2,079,000
Total Sept. 22 1923____ 5,767,000
Total Sept.30 1922..._...15.134,000
911,000 1,154,000 1,747.000
SummaryAmerican
63,924,000 2,052.000 16,515,000 15,428,000
Canadian
10,771,000
42.000 1,447,000 2,153,000
1,442,000
1,295,000
1,176,000
2.920,000
1,442,000
Total Sept. 29 1923_ _ _74,695.000 2,094,000 17,962,000 17,581,000 4,362,000
Total Sept. 22 1923
68,929,000 2,373,000 17,118,000 16,769,000 4,139,000
Total Sept.30 1922......47,488,000 13,117,000 37,122,000 9,927,000 3,388.000
OCT. 6 1923.]
THE CHRONICLE
WEATHER BULLETIN FOR THE WEEK ENDING
OCT. 2.—The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the
influence of the weather for the week ending Oct. 2, is as
follows:
1575
Tennessee.—High termperature, abundant sunshine and but very little
rainfall were favorable for maturing crops. Cotton maturing rapidly:
much harvested. Deterioration about ended.
New Mexico.—Cotton picking general.
California.—Cotton picking continues with favorable weather.
THE DRY GOODS TRADE
Warm weather for the season prevailed in nearly all sections east of the
the close
Rocky Mountains during the week ending Oct. 2. although near however,
Friday Night, Oct. 5 1923.
it was much cooler in the Northeast. Temperatures were low,
along
in central and southern districts west of the Rocky Mountains except
eventful one in the markets
an
been
has
week
past
The
a
from
only
reported
was
the immediate Pacific coast. Freezing weather
southern
few points In the Northwest and locally in northern Arizona and
and particularly cotton goods. Inactivity pretextiles,
for
to
light
for
except
River
Mississippi
the
of
east
fell
Utah. Very little rain
moderate showers and an occasional rather heavy rain In the Northeast. vailed during the eirrIST Dart, as both buyers and sellers were
There was very little or no rain also in the Southwest, including the greater
por- inclined to await the publication on Tuesday of the Governpart of Texas. Rainfall was heavy to excessive in some east-central
in much
tions of the Plains States, parts of the upper Mississippi Valley and
ment ginnings and crop reports before entering into new comMontana,
of
portions
Including
area.
Mountain
Rocky
northern
of the
much of
cotton, however,
South Dakota and Nebraska. There was excessive sunshine inthe
upper mitments. The wild rise in speculative
the South and Southwest, but cloudy weather prevailed in
of the ginning report, followed a short
appearance
Mississippi Valley, the Northeast and Northwest.
the
with
throughwork
Very favorable weather prevailed during the week for field
dry time after by a sudden sharp decline on the announcement
out the Southern States except in portions of Oklahoma, the warm
also very
weather being especially favorable for gathering cotton; it wasmiddle
and of the crop report, left traders much confused concerning the
favorable for maturing crops in the Ohio Valley States and in the
north Atlantic coast area. There was sufficient rain in New York, except value of either of the reports as an aid to the sale of goods.
in the northern portion, and showers were beneficial in New England, but Later in the week the announcement of the Indefinite closing
more rain is needed in much of the latter area.
Rapid maturity of crops was also reported from the western Lake region, of the cotton goods division of the Amoskeag Mills, owing to
but late reports indicate considerable frost damage by the recent cold untoward business conditions, became the chief topic of
weather. The first trait of the week was warm,sunny and favorable in the
conversation in the dry goods trade. With a substantial
upper Mississippi Valley, particularly in Iowa. but rainfall was again
In
frequent the latter part, which further retarded the maturity of crops.cape
advance in both raw material and labor costs over last year,
favorable,
generally
was
other trans-Mississippi States the weather
2%
1
amounting to 5 cents in the case of raw cotton, and 12/
daily over the Great Plains area, where the soil is mostly well supplied
in eastern
advance
moisture, although some damage to crops was done by heavy rain Kansas.
an
expect
to
reasonable
was
it
labor,
of
in
cost
the
Nebraska. Grasshoppers were reported as damaging in western country,
in the price of goods commensurate with the advanced cost
While the week was generally dry in the Southwestern range
conditions were mostly favorable. The range cured well in Arizona and of manufacturing. When the Amoskeag Mills named unwas in generally good condition in New Mexico. Damaging rains occurred
weeks
in some northern Rocky .Mountain districts, particularly in Wyoming, changed prices for ginghams at the opening three
where considerable loss of life and property damage resulted. prevailed, ago, it was generally believed that the mills would receive
Good rains were received in southern Idaho, where drought had
materialand beneficial showers occurred in much of Montana, although there was large orders for their goods, but that these failed to
too much rain in some southern portions. Pastures and late crops showed ize is the deduction drawn from the present action of the
Improvement in the North Pacific States by reason of rains at the close of
There mills. What effect the closing of the largest cotton mills in
last week, but more moisture is still needed in some sections.Mexico,
have upon the market remains to be seen.
was some frost damage during the week at exposed places In New
by the world will
fruits
to
harm
some
was
there
and
Washington,
Colorado. Utah and
There is a strong feeling, however, that the experience of
rain in parts of California.
SMALL GRAINS.—The seeding of winter wheat made good progress the Amoskeag Company will eventually be that of other lines
throughout the Central valley States and in the Great Plains area, except of cotton manufacture and that curtailment, brought about
for interruption by rain in central and northern Illinoia. Iowa and eastern
Nebraska. The soil continued in good condition in all sections, except by price resistance from the consumers, will be forced upon
westwhere too wet. It was in especially good condition for seeding in the
coming the cotton manufacturing industry should prices for raw cotern half of Kansas, where work is well along and the early-seeded
North
and
Middle
the
in
progress
ton continue around the 30c. level.
up to good stands. Seeding made good
Atlantic Coast States, being nearly completed as far south as Pennsylvania
in
however,
moisture,
more
grains
needed
seeded
Fall
DOMESTIC COTTON GOODS: Erratic fluctuations in
and New Jersey.
the New England States, but are germinating and growing well in the prices for raw cotton during the week caused by the Governwestern Lake region.
There was sufficient rain to improve soil conditions in the more North- ment ginnings and crop reports, prompted hesitation in the
western States,especially in parts of Montana and Idaho, but more moisture
markets for the manufactured products. Trading in general
was needed in northern Idaho and much of Washington and Oregon.
has been light, and where sales were pressed, lower prices
Buckwheat harvest made rather slow progress in New York. Much more
Gulf
favorable weather for rice harvest prevailed in Arkansas and the westGrain
had to be accepted. Second hands own many goods purregion, and good progress was made in this work during the week.
they chased below the present level of values, and are now receivsorghums continued to show Improvement in the lower Great Plains;
matured rapidly in Oklahoma and will be generally safe from frost in ing goods which they can sell at slight concessions and still
Kansas in about ten days.
in make a profit. It is claimed that the closing of the AmosCORN.—Much more favorable weather prevailed for maturing cornand
the Ohio Valley area than had been experienced for several weeks,
keag Mills for an indefinite period will help to strengthen
maturity was rapid in the Atlantic Coast States. It continued too cloudy the
gingham market. This company has upward of 700,000
and rainy, however, in central and northern Illinois. and, while the first
and
cloudy
was
part
part of the week was favorable in Iowa, the latter
cotton spindles and 23,000 looms, with most of the latter derainy and unfavorable, with damage In some places from flooding, washing voted to colored yarn work. It is estimated that half of
and lodging. Late corn was maturing in the north-central Great Plains,
with the crop mostly in shock in Wisconsin and husking beginning in them are normally employed on ginghams, and with this
Minnesota.
manufacturing
Late corn made good to excellent progress in Arkansas. but was in gen- large capacity non-productive, other mills
erally poor condition in Louisiana. It needed rain in portions of the east ginghams will likely have a better opportunity to dispose of
had
drought
where
Georgia,
in
and
Mississippi
Gulf States, especially in
of some of the
become severe in the northern portion. Harvesting made good progress in their output. According to reports, sales
the Middle Atlantic Coast States under very favorable weather conditions.
Southern ginghams have been large enough to insure steady
for
favorable
COTTON.—The weather was generally warm, dry and
few months, and while
field work throughout the cotton-growing States, except in the northwestern operations in many mills for the next
portions, where frequent showers occurred. The temperature averaged selling agents claim that prices will not show very satisfacmuch above normal over the greater portion of the belt.
is thought, sufficient to prevent
Late cotton and the top crop made fair progress in Texas, but cotton is tory profits, they will be, it
mostly made in that State and there was very little change in its general losses. There continues to be, nevertheless, as much differcondition. The dry, warm weather was instrumental in reducing Insect ence of %Union current about ginghams as there has been at
activity, but considerable damage was still being done to the top crop.
There was an entire absence of rain over much of the State and picking and any time so far as regards future sale prospects. The pringinning advanced rapidly. In Oklahoma progress was generally poor; the cipal factor at present is that buyers are able to obtain all
bolls opened slowly In most sections and picking was retarded by showers,
with army worms active In some localities. The general condition of the the goods they need, and in many instances can command
crop varies from poor to fair.
terms that induce them to make every effort possible to sell
Cotton made very good progress in Arkansas, where the warm, dry
sheetings
Weather was favorable. Bolls opened rapidly, although there is con- them before the bills become due. Some brown
siderable cotton still unopened In the northeastern portion of the State. have been offered at slight concessions, while some of the
The crop was nearly all open in Louisiana, where picking was well advanced.
less firm and secondIn all sections east of the Mississippi River cotton matured rapidly under other brown or unfinished goods are
the influence of warm, dry weather and abundant sunshine, while picking hand trading has been of large enough proportions to meet
and ginning made good progress. Picking was nearing completion in current market demands for some of the convertibles. Print
southern Mississippi and Alabama. was well advanced In Georgia, and
about finished in the southern counties of South Carolina. The early Crop cloths, 28-inch, 64 x 64's construction, are quoted at Sc., and
Was turning out fair to very good in North Carolina, but the late is very 27-inch, 64 x 60's, at 7/
2c. Gray goods in the 39-inch, 68 x
1
North Carolina.—Cotton opening rapidly and good progress made in
picking and ginning. Early turning out fair to very good, but late crop
very light in most of main producing area.
South Carolina.—Warm and dry weather, favorable for harvesting crops.
Cotton opening rapidly. Picking well advanced and nearing completion in
many southern counties.
Georgia.—Cotton opened rapidly in north; all open elsewhere. Picking
and ginning nearing completion except in north; no top crop, and no
change in condition.
Florida.—Cotton picking completed in most of belt with favorable
weather.
Alabama.—Warm and scattered light to moderate showers on two days.
Cotton opening rapidly. Picking nearing completion in many southern
sections and progressing rapidly in north. General conditions practically
unchanged.
Mississippi.—Warm throughout and generally dry. Defoliation of
cotton by worm ravages rattier extensive. Bolls opening rapidly and
picking advanced well; mostly completed in south and central uplands, with
yields poor.
Louisiana.—Dry and warm with abundant sunshine; favorable for all
harvesting operations. Cotton nearly all open and being picked rapidly.
Picking well advanced.
Texas.—Warm,excessive sunshine, and dry over most of State; favorable
for field work. Progress of late and top cotton fair, but most of crop made,
and little change in general condition. Picking and ginning advanced
rapidly. The hot, dry weather reduced insect activities, but damage to
top crop kill considerable.
Oklahoma.—Moderately warm with frequent, scattered showers. Cotton
generally made poor advance. Opening slowly in most sections and picking
retarded by rains. Army worms active in some sections. Condition of
crop ranges from poor to fair.
Arkansas.—Warm and dry in nearly all portions favorable for cotton,
which made very good progress. Opening rapidly except in northeast,
Where still many unmatured bolls. Picking and ginning advanced rapidly
as possible and work nearly complete in some southern portions. Crop
very uneven.
72's, are quoted at 11%c., and 39-inch, 80 x 80's, at 14c.
WOOLEN GOODS: Markets for woolens and worsteds
maintained a firm undertone during the past week, and
more activity developed as a result of the seasonable
weather. A better demand was noted for men's wear for
fall, and there was a noticeable improvement in the movement of stock goods out of manufacturers' and jobbers'
hands. According to sellers, retailers were buying with
more avidity than for many months. Strength also continued in the women's pear piece goods market, both as regards
light weight lines for next spring as well as for spot fall
goods. Indications for the fall season, however, are that
factors are likely to be correct in their contention that the
real demand will not come until November and December.
FOREIGN DRY GOODS: Moderate activity continued in
markets for linens—dress goods, household lines and handkerchiefs selling well. The major portion of the holiday
requirements of handkerchiefs is said to have already been
booked. Although trading in burlaps quieted down, prices
maintained a fairly firm undertone due to the marked shortage of supplies, especially light weights. While sellers were
.
inclined to sell "futures" rather freely, they offered spot
goods sparingly. Light weights on the spot are quoted at
6.55c., and heavies at 7.65.
1576
THE CHRONICLE
ffitate anti Tills Peparinttnt
[Voir.. 117.
The number of municipalities emitting permanent bonds
and the number of separate issues made during September
1923 were 292 and 374, respectively. This contrasts with
369 and 514 for August 1923, and with 516 and 703 for
September 1922.
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 years:
MUNICIPAL BOND SALES IN SEPTEMBER.
During the month of September States and municipalities were no more active in the issuance of new bonds than
they were in July and August, both of which months were
unusually dull even for the summer season. The total of
Month of
For the
Month of
For the
long-term bonds disposed of by civiq divisions of all kinds
September. Nine Months.
.
September. Nine Months.
1923
850,216,404 8742,755,210 1907
347,947,077
8199,722,964
during September was $50,216,404, which compares with 1922
99,776,656 918,854,893 1906
8,980,418 153,152,345
1921
88,656,257 898,840,031 1905
9,825,200 141,021.727
$51,345,526 for the previous month and with $99,776,656 1920
49,820,768 489,176,223 1904
10,694,671
197,921,657
1919
70,839,634
contraction
in
519,669,754 1903
for September last year. The extent of the
8,762,079 111,745,993
1918
24,732,420 238,179,833 1902
9,179,654 117,678,855
municipal bond sales, which has been in progress nearly all 1917
31,175,017 378,078,924 1901
14,408,056
99,324,001
1916
22,174,179 368,388,101 1900
4,033,899
97,194,441
through the year, will appear when we say that for the nine 1915
26,707.493 406,496,817 1899
7,201,593
95,026,437
1914
13,378,480
408,044,823 1898
, 6,173,665
months to Sept. 30 in 1923 no more than $742,755,210 bonds 1913
83,150,559
26,025,969 288,204,714 1897
9,272,691
106,387,463
25,469,643 317,912,921 1896
have been placed, as against $918,854,893 for the same period 1912
3,693,457
56,229,416
1911
_.__ 26.487,290 314,503,570 1895
11,423,212
92,253,916
in 1922.
1910
18,364,021
231,921,042 1894
8,249,347
90,454,836
1909
23,001,771
272,389,451 1893
3,885,137
40,974,566
A few of the issues brought out the past month are large 1908
34,531,814 243.241,117 1892
6,242,952
63.583,834
enough to merit special mention. The largest was the
Owing to the crowded condition of our columns, we are
$5,000,000 block of North Carolina 532% 2-year notes obliged to omit this week the customary table showing the
awarded to a syndicate composed of the First National Bank month's bond sales in detail. It will be given later.
of New York, the Bankers Trust Co., White, Weld & Co.,
the Wm. R. Compton Co., Blodget & Co., E. H. Rollins
NEWS ITEMS.
& Sons, Eldredge & Co., Curtis & Sanger, B. J. Van Ingen
Alabama
(State
of).—Legislatute Adjourns—New Law
& Co., Hornblower & Weeks and F. E. Calkins & Co., all of Requiring Sinking Funds
for Municipal Bonds.—The regular
New York. The City of Norfolk, Va., on Sept. 10 awarded quadrennial session of the State Legislature adjourned
on
$2,000,000 5% port terminal and $1,955,000 432% public Sept. 28. A new law which is expected to improve the
improvement bonds to Hayden, Stone & Co., Brown Bro
@FedFRASER