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The
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Bankers' Convention Section
SATURDAY, SEPTEMBER 15 1923
VOL. 117.
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The Financial Situation.
This year's anthracite strike was brief (the miners
resume work next week), being made so by surrender,
upon a full "recognition" of about everything demanded, including the eight-hour day and the 10%
wage increase which is on the split-the-difference or
sham compromise manner. There have been some
congratulations, and Governor Pinchot has received
some applause for his successful intervention. But
is it really successful, and does anybody (even the
miners) really deserve congratulations?
The answer goes beyond the supply and cost of
fuel in the next winter. Governor Pinchot has asked
the executives of thirty States to do whp - they can to
aid him in protecting consumers against higher
prices for coal, and in a letter to the Preaident he
gives his idea of how to prevent profiteering. The
legitimate increased cost by the settlement, he says,
is about 60 cents a ton, and the operators (who could
absorb the whole, he avers, and still have abundant
profits) should properly take at least 10 cents, but
in any event not more than 10 cents should ever reach
the consumer. To make sure that it will not, he
would come back upon the carriers. He suggests a
real public advantage if the Inter-State Commerce
Commission "would take up and consider anew the
rates charged for anthracite transportation, with a
view to reducing them if justification for such reduction should be found." On his own part, he adds, he
-
financial
Electric Railway Seed=
State and City Section
NO.3038
proposes to ask the Public service Commission in his
own State "to consider anew the reasonableness of
all freight rates for anthracite within the borders of
Pennsylvania."
That is, besides hating to face increased costs of
their own fuel, the roads are asked to cut their rates
on coal in order to "absorb" the increased wage
granted to the miners. Vice-President Williams of
the Delaware & Hudson—certainly a good authority
—says that Governor Pinchot should have looked up
the record more carefully, which shows that although two advances on anthracite have been granted
since 1916 there has been one cut which puts anthracite relatively on a lower level than at the time of the
decision in that year. Executives of other anthracite
carriers agree substantially with him and on Tuesday a preliminary meeting was held, to perfect an
organization for combating any attempt to force a
cut in anthracite rates. Collection of evidence to be
laid before the Commission will begin immediately.
The roads contend (and their contention is supported
by all the circumstances and conditions at this time)
that they cannot stand the burden of taking over the.
wage increase of the miners in this manner; that the
bulk of the difference between cost at the mine and
the consumer's bin is in the distribution after reaching tidewater, also that coal is comparatively an unprofitable freight for carriers.
The retailers are no more ready to stand pilloried
as the bad profiteers; the National Retail Coal Merchants Association filed with the Coal Commission
on Wednesday a rejoinder in which they call the
,
Pinchot settlement "a gold brick" and say they bit
his ignoring the real facts already on
terly resent
record; if price-regulating is to be enforced upon
merchants the State will have to do the business
"where the inducement is not attractive to private
capital or brains."
The Coal Commission has made another report,
containing several safe generalizations. The public welfare demands some fixed and effective code. of
settling industrial disputes. No contract (says the
report) is binding in America unless freely and volnu tarily made; the right of a man to work must be
made safe from interference "and the State must
furnish protection"; the public may rightfully demand that Government shall protect it from freezing
"in the midst of an abundance of coal," and unless
capital and labor adopt methods for a supply of fuel
"an outraged public sentiment will furnish the supply by either the army or the penitentiary." The
Commission, however, fails to find, "notwithstanding many unfortunate occurrences, unlawful acts,
1160
THE CHRONICLE
[Vol,. 117.
and unwise statements," any evidence that the 000,000 contrasting with $287,435,239 for the precedUnited Mine Workers intend to unionize all mining ing month and $281,376,403 for the corresponding
by whatever means required, or that non-union op- month a year ago. A somewhat larger movement of
erators intend to destroy that organization.
merchandise, both as to !mports and exports, had
Apparently, Mr. Lewis, with all his boasting and been noted during the closing months of 1922, parvainglory, has been somewhat fearful of "an out- ticularly as to imports, culminating, as to the latter,
raged public sentiment," or else he has caught up the with the imports of March this year, but in recent
hint given him,in the Commission's reference to Her- months the movement, both as to imports and exrin, that both union officials and public officials, ports, has shown considerable irregularity. Merthough not looking for any tragedy, had thought that chandise imports during four of the months this
the "non-union miners would be kicked out of the year, March to June inclusive, were in excess of the
country and this would end it," but, unfortunately, value of exports during each month, a very unusual
"there came into the equation an unknown quantity." condition, but for July and now again for August,
For the miner workers' body has sent out, this week, the balance is once more en the export side, exports
several long tales of how the Bolsheviki and those in August being $38,000,000 in excess of imports; in
terrible Russian Reds are boring within the ranks of August 1922 the excess of exports over imports was
union labor and plotting to overturn the Government $20,398,114. For the year to date, however, imports
and finish destroying the world. The effort is un- of merchandise exceed exports by $88,525,396. Merquestionably going on. Mr. Gompers is correctly chandise imports for the eight months this year are
fearful of it, for his own control of unionism resem- valued at $2,650,200,610, as against only $1,952,556,bles that of a man upon the back of a horse which is 052 in the eight months of last year, an increase this
running away with him. Once start the mob spirit, year of $697,644,568. The value of merchandise exand the most inflammatory talk wins against the ports for the eight months this year is $2,561,675,214,
counsels of going more slowly and pausing to con- which contrasts with $2,423,535,135 for the first
sider consequences. The Herrin massacre, this at- eight months of 1922, the increase here being only
tempted apology tells us, was plotted by Lithuanian $138,140,079.
Communists and led by a score who were brought
There was a little larger movement of gold into the
across for that especial example of warning. But United States during August than in July, or June
Lewis himself sent the wire, two days before the either, gold imports in August having amounted to
massacre, that "representatives of our organization $32,837,397, against $27,929,447 during July and $19,are justified in treating this crowd as an outlaw or- 092,208 in August 1922. Exports of gold continue
ganization and in viewing its members in the same very small, during August having been $2,200,961,
light as they do any other common strike-breakers." these figures contrasting with $955,853, the value of
This, he now says, "was pounced upon by the Com- gold exports in August last year. For the eight
munist agents and distorted into an excuse for at- months this year gold imports were $192,699,304 and
tack." But that excuse will not pass. After posting exports $25,015,337. For the corresponding eight
such a demoniac notice, its author cannot slip out by months of 1922 gold imports were $185,091,630 and
pleading that somebody took it seriously instead of as exports $11,744,036. Silver imports during August
a joke and acted upon it; the incendiary might as were $6,465,949, contrasting with $4,943,762 in Augwell say that the conflagration he started was not ust 1922 and silver exports $7,032,221, against $3,his fault but that of the fire, for he acted in a Pick- 861,180.
wickian sense, but the fire "distorted" his act and
took it seriously. It may also be recalled that after
The Government grain crop report issued this week
the Herrin trials had failed the head of the Illinois indicates another three-billion corn crop from this
District of the Lewis organization uttered a paean of year's growth, the fourth in the records of the Agritriumphant joy. "Once again (he cried) the enemies cultural Department. On the other hand, some inof labor have been defeated." "We had felt confi- jury to spring wheat during the past month will
redent all along" of the innocence of the accused, but sult in a smaller yield for that important grain and
had been somewhat uneasy because of the vengeful the crop of oats will be slightly less than was indipropaganda "carried on by the Illinois Chamber of cated a month ago. Rust and somewhat smaller
Commerce and other interests unfriendly to organ- thrashing results are the cause, of the reduced yield
ized labor."
of spring wheat. The condition on Sept. 1, as shown
No,this latest coal "settlement" is only the old sur- by the returns to the Department of Agriculture, was
render. A mere armistice which puts the ultimate 65.1% of normal. This is 4.5 points lower than on
clinch to a finish with the gouging miners' organiza- Aug. 1 and contrasts with 80.1% on Sept. 1 1922 and
tion a little further along in time cannot be anything a 10-year average of 69.5%. The yield per acre this
more. Peace is yet to be attained.
year is placed at 11.9 bushels, the final estimate of
yield for the 1922 crop of spring wheat was 14.1
There is little in the August report of foreign bushels per acre. The indicated yield of spring
trade, issued by the Department of Commerce at wheat this year is now estimated at 221,000,000
Washington on Thursday, to indicate any expansion bushels; a month ago the yield was placed at 225,in that direction. Merchandise exports during Aug- 000,000 bushels, while the final yield of the 1922
ust were slightly larger in value than during the pre- crop was 275,887,000 bushels. With a winter wheat
ceding month, but with that exception were some- crop of 568,000,000 bushels the total yield of wheat
what less than in any month for a year. Merchan- this year will be 789,000,000 bushels as against 862,dise imports, too, were smaller than in any month 091,000 bushels, the final estimate of yield for 1922,
for more than a year. Exports in August were val- the crop of wheat this year being less than for any
ued at $313,000,000, these figures contrasting with year since 1917—in fact during the past ten years
$303,030,404 for July and $301,774,517 for August there have been only two years, 1916 and 1917, when
1922. Imports of merchandise in August were $275,- the total yield of wheat was smaller than the figure
Sr.15 1923.]
THE CHRONICLE
at which it is now put for 1923. The loss in condition in spring wheat during the past month has been
almost entirely in North Dakota, where the average
on Sept. 1 was 49% of normal, seven points below
that of Aug.1 this year and contrasting with 87% for
the corresponding period of 1922. In Minnesota
there was an improvement during August this year
in the condition of the spring wheat crop, likewise
in Washington. In South Dakota the condition this
year was the same on both dates.
The condition of the corn crop on Sept. 1 was practically the same as a month earlier-83.3%, contrasting with 84% on the earlier date; a year ago the condition was 78.6%. The indicated yield this year is
3,076,000,000 bushels. The largest crop of corn ever
raised in the United States was 3,208,584,000 bushels
in 1920. The indications now are that this year's
crop will be second to that and 185,000,000 bushels
larger than the yield of last year. There was produced in 1922 28.2 bushels per acre; this year the
production per acre is estimated at 29.8 bushels—in
1920 it was 31.5 bushels. Some slight deterioration
is noted in oats during August, the Sept. 1 condition
being 80.3% of normal in contrast with 81.9% a
month earlier, and 74.9% on Sept. 1 1922. The yield
is now estimated at 1,312,000,000 bushels, a decrease
of 4,000,000, compared with Aug. 1; in 1922 the crop
was 1,201,000,000 bushels. Barley also promises a
slightly smaller yield than a month ago, although the
crop will exceed that of 1922, 199,000,000 bushels for
this year, contrasting with 186,118,000 bushels in
1922. As to buckwheat the yield this year is now put
at 13,500,000 bushels in contrast with 15,050,000
bushels last year and the flaxseed crop is estimated
at 19,400,000 bushels, against only 12,238,000 bushels for 1922. There has been a considerable falling
off in the indicated yield of hay during the past
month, in fact, of over 15,000,000 tons, the production of all hay for the current year being now placed
at 81,900,000 tons, which contrasts with a yield last
year of 112,791,000 tons. The potato crop this year
will also be much smaller than last year, 390,000,000
bushels, contrasting with 451,185,000 bushels, the
final estimate of yield for 1922. Tobacco promises a
yield of 1,551,000,000 pounds this year; in 1922 the
yield was 1,353,000,000 pounds.
Political developments in Europe have been no
less numerous, striking and varied than in preceding
weeks. Definite rumors were in circulation for several days that direct negotiations between Germany
and France with respect to the Ruhr had begun, or
were about to start. Chancellor Stresemann of Germany made a speech on Wednesday to a group of
editors in which he outlined the policy of Germany
in the matter of guarantees and reparations. It
seemed to be pretty favorably received in Paris, but
was regarded as not going far enough. The GrecoItalian situation appears to be working out in a rational way, but Italy has become involved in still
another political problem by the alleged determination of Premier Mussolini to annex Fiume. Japan
has begun the work of reconstruction. While the loss
of property may not prove to be as large as at first
estimated, the loss of life has been even larger in
some centres. Mcney for relief work continues to
pour in from all sections of the United States. The
grand total already exceeds $7,000,000. A revolt of
the military in Spain against the Ministry has developed and may prove serious. Yesterday announce
1161
ment was made of the resignation of the Spanish Cabinet, and that King Alfonso had "asked Captain.
General Primo Rivera, head of the military movement against the Alhucemas Cabinet, to form a Government." According to an Associated Press dispatch last evening, "it was announced by CaptainGeneral Munoz Cobo of Madrid, who Is charged with
the maintenance of public order, that a proclamation
of martial law was necessary."
The European cable advices over the week-end contained increasingly definite reports of the probability of Germany and France entering into direct negotiations in the near future over the Ruhr controversy. On Monday London heard through a telegraphic dispatch from the Berlin correspondent of
the Central News that "the populations in the occupied areas of Germany have been ordered to discontinue their passive resistance to the French and
Belgian authorities." The correspondent added, "I
learn that the German capitalists have decided to
send a representative to Paris with the object of
ascertaining to what extent France is prepared to
make concessions to Germany. Direct negotiations
between the two Governments are believed in political circles here [in Berlin] to be imminent." In an
Associated Press cablegram direct from Berlin Wilhelm Sollmann, Minister of the Interior, was quoted
as stating to a deputation of the International Women's League for Peace and Liberty that "Germany
must reach an understanding with France within a
very short time, otherwise the whole of Central Europe will be endangered." In the same dispatch the•
Minister was further quoted as saying that "we are
ready to enter into any agreement with the Entente,
especially with France, which gives security that the
Ruhr and Rhineland territories will shortly again be
under full control of the German authorities. We
are ready for great economic sacrifices, but will not
agree to conditions which mean the dismemberment
of the Reich."
Premier Poincare, in an address on Sunday at the
dedication of a war memorial at the village of Damvillers, "confirmed the news Paris is ready to open
negotiations with the Reich industrialists as soon as
they evince a definite move toward France's views,"
according to a Paris dispatch to the New York "Tribune." The "Tribune" representative added that, "to
the suggestion in Chancellor Stresemann's last address that collaboration between the complementary
industries of France and Germany would be a fine
preface to a reparations settlement, M. Poincare replied: 'The Chancellor is putting the cart before the
horse.'" The Premier was quoted as admitting in
the course of his address that "the formation of economic treaties between the two nations would be advantageous, and he recalled that ex-Chancellor Cuno
made similar proposals last December." Going a
little more into detail relative to the attitude of
France, M.Poincare was quoted as saying that "it is
true that Frenchmen on the whole are most interested in these economic parleys, but the great French
industrialists understand that first they must let
the Government obtain certainties and results in the
reparations problem. The question which dominates
all others, and which needs our first consideration, is
that of the renewal of the health of the devastated
provinces. When we see that Germany is sincerely
resolved to help in this, and to give for our
security other things than promises, we may look
1162
TH.P., CHRONICLE
[Va..117.
ahead to the possibility of concluding economic rescind the resistance decrees." An official comtreaties."
munique was issued on Tuesday embodying the foregoing ideas and assertions. The representative in
Announcement was made in a Berlin cablegram Paris of the New York "Tribune" was even more spewhich became available here Tuesday morning that cific in his statement of the situation. Be asserted
"Chancellor Stresemann in a public speech Wednes- that "the 'Tribune' has received authentic confirmaday evening will answer Premier Poincare's Sunday tion that Chancellor Stresemann actually has made
speeches. Dr. Stresemann is expected to dwell par- definite proposals which lead to cessation of passive
ticularly on that passage of M. Poincare's asserting resistance in the Ruhr, and that these proposals are
that Germany had offered France nothing which satisfactory to Premier Poincare. Due to the interFrance did not already enjoy under the Versailles nal political condition of Germany , Dr. Stresemann
Treaty. He will point out that under the treaty the is not willing to make a formal pronouncement that
Allies have a reparations lien and first call on all the Ruhr resistance has ceased, it is understood. At
German State assets, but that tl.is does not apply to the same time he has assured M.Poincare that Berlin
private wealth, but that Germany in her last proposal unofficially agrees to re-establish normal conditions
to France offered 'part of all the German economy' in the occupied areas.
as a productive guarantee, meaning that the German
State would place a blanket lien or mortgage on all
A report was published in the New York "Times"
German wealth, and that in offering this as a pro- on Wednesday that"a billion dollar loan to save Gerductive guarantee the Government had gone far fur- many from an economic collapse will be one of the
.
ther than the Versailles Treaty or any previous Ger- first considerations of international bankers in case
man offers." The New York "Times" correspondent of a settlement in the Ruhr and an agreement with
in Berlin added that "Dr. Stresemann is expected to the Allies, it was learned in the financial district
announce that a new law will be shortly laid by the yesterday. One-quarter of the loan, or $250,000,000,
Government before the Reichstag providing for par probably will be offered in the United States." It
tial pledging of all private wealth with the State as also was claimed that "the industrial assets of Gerbeneficiary, the same to form the basis for the en- many and the guarantees of other European nations
larged guaranty offer to France. The Chancellor is will be the security for the $1,000,C00,000 which bankfurther expected to formulate more definitely his ers believe is necessary to restore Germany. According
conditions for breaking off passive resistance, to wit, to the present plans, the entire undertaking will be
a guarantee of Germany's unimpaired sovereignty handled through the League of Nations, which funcover the Rhineland and Ruhr and a guarantee that tioned successfully in the recent Austrian bond isthe Ruhr will be completely evacuated within reason- sue." In the New York "Evening Post" of the same
able foreseeable time." He also asserted that "if Dr. date, however, it was stated that "reports that interStresemann, after Wednesday's speech, gets any sort national bankers are considering a billion dollar loan
of encouragement from Paris, a new German Ambas- to Germany as a first step in her economic rehabilisador will be immediately sent to Paris and a new tation, in case of a settlement in the Ruhr, were said
Minister to Brussels to commence formal negotia- by bankers to-day to be apparently without foundations."
tion and based entirely on surmise. It was suggested
In advance of the Chancellor's address word came that "although there is a possibility of a loan to Ger• from Paris through an Associated Press cablegram many at some future time, an adequate settlement of
that "conversations that are taking place between the reparations question would have to be carried out
Jacquin de Margerie, French Ambassador to Ger- before such a loan could be considered. While an
many, and Chancellor Stresemann in Berlin are con- agreement,furthermore,seems probable,it will
likely
sidered by the French Government as leading to- be quite some time before the reparations
situation
wards a settlement of the reparations question, al- will admit of serious consideration of
financial rethough it is stated that the German Chancellor has sistance to Germany by means of a loan in this counnot yet made a definite offer either respecting the try." The same view of the situation was
taken by
cessation of resistance in the Ruhr or what could be the New York "Times" the following
morning. In a
proposed afterward." It was added that "the con- Washington dispatch yesterday it was claimed that
ference between M. de Margerie and Chancellor while American bankers are said to be averse to givStresemann will be continued." According to the ing serious consideration at the moment to participadispatch also, "any proposition received by France tion in a large international loan to Germany, State
from Chancellor Stresemann will be communicated Department officials have had a big Governmentloan
immediately to the British and other Allied Govern- under advisement, as a part of America's contribuments." The following morning the Paris corre- tion to the rehabilitation of Germany.
spondent of the New York "Times" said that "it is
Chancelor Stresemann made his expected speech
believed in Paris that it is a matter of only a few last Wednesday "to a gathering of editors." The
days, perhaps hours, before the German Government Berlin correspondent of• the Associated Press aswill make a new reparations proposition to the serted that he "tacitly admitted that the Ruhr fight
French and Belgian Governments. This opinion is had been lost and that there could be no prospect of
based on talks the French Ambassador in Berlin has the internal reconstruction of Germany until the forhad with Chancellor Stresemann this week. Carry- eign conflict had been adjusted." He declared also
ing out the instructions of M.Poincare, Ambassador that "a solution of the Ruhr dispute could not be
de Margerie told Dr. Stresemann that France would achieved solely by continuance of passive resistance
give no consideration to any offers not prefaced by nor could the question be settled by a policy of force."
cancellation of Berlin's Ruhr resistance orders, and Continuing, the Chancellor said: "For us, the questhe fact that the German Chancellor went to the tion of the sovereignty of the Rhineland and regainFrench Embassy yesterday to sound out the French ing the freedom of the Ruhr territory is decisive.
spokesman is taken here to mean that he intends to For if we are ready to give real guarantees, M.Poin
SIM 11 1923.]
THE CHRONICLE
care in a recent speech said he preferred the positive
securities which France had in hand to the finest
theoretical rights. He did not intend to exchange
pledges for general guarantees and emphasized further that the guarantees suggested belong to the
mortgages which the Treaty of Versailles gave to the
Allies on the entire possessions of the Reich. This
conception of the French Premier I must describe as
erroneous. According to the Versailles Treaty the
property of the Reich and individual States is a
pledge for Germany's obligations. What I suggested
referred to the direct enlistment of private property
and thus goes beyond the Treaty. This enlistment is,
moreover, a realizable pledge, while the securities of
the Versailles Treaty are at present not so. If mortgages in favor of the Reich were entered into on property of a State and on private property of economic
organizations as a pledge to the extent of a percentage of this property, then these mortgages could be
transferred to a trusteeship as a real negotiable
asset. In the administration of this trusteeship the
reparations creditors would actively participate.
The proceeds accruing from these mortgages would
• be paid to the trustees, who would then be in a position to issue bonds. Thus France would come into
immediate possession of large sums of money, and
the interest on these payments would be guaranteed.
Surely such an accomplishment is not merely a piece
of theory or a general guarantee, but constitutes
something real and free of all vagueness. Such guarantees will give France cash and will meet the conditions under which France was willing to evacuate
• the Ruhr. Before these guarantees can be obtained
Germany must be permitted the right to administer
the Ruhr and recover her sovereignty in the Rhineland., These guarantees are capable of solVing the.
question of passive resistance, provided assurance is
given us that on the basis of such an understanding
the Ruhr will be evacuated and the Rhineland will
be accorded its former rights. If assurance is given
that every one whose home is in the Rhineland or the
Ruhr will be restored to his home, there is no reason
why this once prosperous and productive area should
not regain its former zest for work. I trust such a
settlement will be possible. France, through her
Premier, has repeatedly declared that she does not
contemplate annexation and does not intend to remain in the Ruhr. Great Britain certainly concurs
in this attitude. Belgium would undoubtedly welcome the restoration of normal economic conditions,
and we are convinced that Italy shares the same
views. The question for us is whether the German
economic organism will be able to carry the burden
expected of it. We know in what difficult times we
live, but can state with satisfaction that the present
'Government has been assured by the leading representatives of industry and finance that they would
take their share of the obligations in connection with
the scheme of guarantees proposed by Germany,
which will render payments possible."
The first impression in Paris relative to Chancellor Stresemann's speech apparently was favorable,
according to an Associated Press dispatch from that
centre Thursday afternoon. The correspondent said
that "Chancellor Stresemann's reply to Premier
Poincare's last speech has made a not unfavorable
impression here, although in the absence of a fuller
report extended comment is reserved." In a cable
dispatch yesterday morning the Paris correspondent
1163
of the New York "Times" said that "the German
Chancellor's much advertised speech of last night
was received in Paris with disappointment. His
softer tone, the French figure, did not make negotiations any more difficult, but his failure to declare
that the Reich Government was ready to end passive
resistance is not felt to have brought negotiations
much nearer." He added that"there is no weakening
whatsoever in the French position that Ruhr resistance must cease before negotiations, and if Dr.
Stresemann does not see fit to make that move, the
French say, his good-will will break on the rock of
M.Poincare's determination." The report was in circulation in Paris Wednesday evening that "the interview between Premiers Baldwin and Poincare has
been definitely set for Sept. 21 at the Qua d'Orsay."
The Berlin representative of the New York "Herald,"
in a cablegram yesterday morning, said that "Germany is in a state of expectancy, in which optimism
distilled by the Governmental press, strives to keep
the upper hand. The newspapers generally acclaim
Chancellor Stresemann's program, describing it as a
formal farewell to passive resistance and an invitation for negotiations that Paris receives favorably.
Popular feeling, however, cannot be gauged accurately by editorial comment, because, with the exception of Nationalist and Communist organs, virtually the entire press is affiliated with one or another political party supporting the Stresemann
Cabinet. The man in the street is hopeful of some
settlement with France at the price of complete surrender in the Ruhr, but he is much less hopeful of the
Government's ability to restore normal economic
conditions in the Reich, and to stave off the upheaval
with which the country has been threatened. According to the representative in the German capital
of the New York "Tribune,""while every shade of political and economic belief in Germany is speculating
upon the outcome of the proposals Chancellor Stresemann has made to Paris for settling the Ruhr issue,
Ambassador de Margerie,of France,it became known
here to-day, has directed four rather blunt and pertinent questions to the Chancellor as to how Germany proposed to make effective its offer. These
questions are: First—What is the amount of the mortgage on private industry that Germany proposes as a productive guaranty for reparations payments? Second—What portion of the interest on
this mortgage will go to the Allies, particularly to
France? Third—How does Germany propose to determine the exact capital of private industry on
which the mortgage will be given? Fourth—What
will be the exact role of the Reparations Commission
in the administration of a trust company to be
formed for administering the scheme which Germany
proposes?" The correspondent also stated that,"anticipating these questions, three members of the Cabinet are formulating answers to the queries, and at
the same time are working out full details of the German offer. They are Vice-Chancellor Schmidt, Minister of Finance Hilferding and Minister of Economics Raumer."
Wilhelm Cuno, former Chancellor of Germany,
who arrived in New York yesterday 818 a "private
citizen and shipping man," issued a formal statement
in which he said that "the Germans realize that Germany lost the war. Therefore Germany must pay
for the war. Germany is willing to pay to the limit
of her capacity."
1164
THE CHRONICLE
[VoL. 117.
As regards the Italo-Greco controversy even early in Athens its integral acceptance of the preceding
in the week apparently rather rapid progress was conditions." He explained that "the note sent by the
being made toward a settlement of the dispute. In Ambassadors to the Council of the League of Nathe cable advices on Monday the impression was con- tions is a mere covering letter, transmitting a copy
veyed that the crisis had been passed. Cable advices of the document sent to the Athens Government, and
from Athens, Rome and London made public here thanking the League Council for having furnished
Sunday morning indicated that both Greece and the Ambassadors with the report of its sessions of
Italy were satisfied with the settlement terms that Sept. 6. Appreciation is expressed for the informahad been proposed. The Council of Ambassadors tion contained in that report." He added that "the
was in session in Paris practically all day on Sept. Ambassador's note, it is believed here, will settle the
7, not adjourning until 7 o'clock in the evening.. The Greco-Italo dispute with little delay. CommentaParis representative of the New York "Times" ca- tors point out that the communication is a masterbled that the Ambassadors "finally came to an piece of tact, and they do not see how it can fail to
agreement regarding the terms of the note to be ad- satisfy all the parties concerned." Commenting upon
dressed to Greece and the League of Nations concern- the terms, the New York "Times" correspondent said
ing the Greco-Italo dispute. The text of this note that "these conditions, elaborated by the Conference
was immediately telegraphed to the diplomatic rep- of Ambassadors, practically give full satisfaction to ,
resentatives at Athens for transmission to the Greek Mussolini's main demands. It is also important to.
Government. In order to lay special stress upon the note that they correspond closely to the suggestions
close union existing between the conference of Am- made at Geneva, the moral reparations noted above
bassadors and the League of Nations, the note was coinciding with those put forward by Count Quitelegraphed to Geneva according to a communique nones de Leon."
issued this evening at the Quai d'Orsay." Outlining
Word came from Geneva a week ago this morning
the terms the "Times" representative said that "it is that "there was an air of relief in Geneva this evelearned that these reparations consist of two kinds, ning at the news from Paris that the Ambassadors
the first being of a moral nature, due immediately; had accepted the 'unofficial' suggestions of the
the second being of a material nature, due condition- League Council for the settlement of the Greco-Italally." The note was made public in Paris a week ago ian dispute which the Italian representative on the
this morning. It contains the following demands: Council and M. Gabriel Hanotaux of France last
"(1) Formal regrets will be presented by the highest evening prevented from being made official." In a
Greek military authority to the representatives of special Athens cablegram to the New York "Times,"
the three Allied Powers in Athens. (2) A funeral dated Sept.8, it was stated that "the note of the Amservice will be celebrated in honor of the slain Italian bassadors' Conference was presented to the Foreign
commissioners in the Catholic Cathedral in Athens, Office this afternoon. The terms are considered acwith the members of the Greek Government in at- ceptable by Government circles as they alter widely
tendance. (3) Warships of the three Allied nations, Italian demands and do not materially differ from
led by an Italian naval division, will steam into Pi- the Greek counter-proposals.' He also said that "the
raeus Roads the morning of the funeral service, and Greek reply will be delivered in time for the considthe Greek fleet shall salute the Italian, British and eration of Monday's session of the League at GeFrench flags with twenty-one guns,which salute shall neva." According to an Associated Press dispatch
be returned by the Allied warships immediately after from Rome of the same date,"Italy accepts the terms
the conclusion of the funeral service. The flags of of the Council of Ambassadors and agrees to evacuthe Greek fleet and the Allied warships will fly at ate Corfu and adjacent islands when Greece has sathalf mast throughout the ceremonies. (4) Military isfied all of Italy's demands for reparations." The
honors will be rendered by a Greek military unit New York "Times" representative
at the Italian capwith a flag at Preveza while the bodies of the victims ital observed that "the decision of
the Conference of
are embarked. (5) The Greek Government will un- Ambassadors is considered a great
step forward in
dertake to insure all possible speed in the arrest and the solution of the Italo-Greek
incident. If Italy
exemplary punishment of the guilty parties. (6) A accepts the verdict of the
Conference of Ambassaspecial commission composed of French, British, dors as fully satisfying her honor—and from present
Italian and Japanese delegates, presided over by the indications it appears likely that she will—then the
latter, will control the inquiry or investigation insti- whole incident will be closed and the discussion as to
tuted for that purpose by the Greek Government, the competence of the League of Nations to interfere
which inquiry must be concluded not later than Sept. in the question will lose all but a purely abstract
27. (7) The Greek Government undertakes to pay interest." The Paris representative of the same
the Italian Government an indemnity, the amount of paper cabled on the evening of Sept. 8 that "it is the
which will be fixed in summary proceedings by the opinion of the French Government that the ItaloPermanent International Court of Justice at The Greek crisis may be regarded as almost over. ProHague, Greece depositing 50,000,000 lire with the posals of the Conference of Ambassadors signed by
Swiss National Bank as security." The Associated the Italian Ambassador are judged, of course, acceptPress correspondent at Paris said that the note con- able to Rome, and there is little doubt here that
cludes as follows: "The Conference, noting confir- Greece will agree, for the Greek note to the Confermation by the Italian Government that its undertak- ence of Ambassadors indicated willingness to accept
ing of the occupation of Corfu and other islands was the decision of that body."
solely for the purpose of obtaining satisfaction for
demands presented to the Hellenic Government and
Still more definite advices relative to the attitude
that such above conditions, approved unanimously of Greece toward the Ambassadors' note were made
by the Conference, invite the Hellenic Government to available here Sunday morning. The Athens repremake known simultaneously and separately to each sentative of the New York "Times," in a wireless disdiplomatic representative of the three Allied Powers patch, said that "the Greek Government this after
SEPT. 15 1923.]
THE CHRONICLE
noon [Sept. 8] announced to the French Minister its
unreserved acceptance of the terms of the Conference
of Ambassadors for the settlement of the dispute
with Italy. It suggested that in view of this acceptance there was no longer reason for the continuation
of the Italian occupation of Corfu." In a special
cablegram to the "Times" under the same date it was
indicated that an equally hopeful sentiment did not
prevail in League of Nations circles at Geneva. It
was asserted that "if by Sept..27 the Greek Government has fulfilled the terms of apology and reparations prescribed by the Conference of Ambassadors
and Italy has not evacuated Corfu there will be no
possibility of preventing a public debate and a definite decision on the action the League should take.
That being so, it is fully realized here that the danger period is far from being over."
Word came from Paris Tuesday morning that "the
Conference of Ambassadors to-day [Sept. 101 received the Greek Government's formal acceptance of
the conditions of settlement of the Italo-Greek dispute and immediately set about arranging the details
of the settlement. Complete assurance is felt here
that there is no longer danger of war in the situation." It was made clear in the Greek reply that
prompt evacuation of Corfu by the Italians was imperative to a complete settlement of the entire situation. The New York "Times" correspondent at Paris
cabled that "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 opportune 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." From Geneva came word that "at
two meetings the Council of the League of Nations today [Sept. 10] discussed the question of how and
when it could most effectively intervene in the Corfu
dispute so as to preserve the letter as well as the
spirit of the covenant and at the same time run no
risk of aggravating a situation which was or ought to
be clearing up. At one of the meetings it asked for
the attendance of Nicholas Politis of Greece, so as to
urge upon him the desirability of his Government
using all dispatch to fulfill the terms of settlement
laid down by the Conference of Ambassadors. M.
Politis assured them that to-morrow the money demanded for the guarantee would be paid into the
Swiss Federal Bank, and that all the other matters
were being pushed forward with the greatest possible
expedition." It was added that,"satisfied with that,
the Council then decided that separately each of its
members should try to exercise what control he could
over his immediate friei ds and associates to prevent
them from bringing either the matter of the competency of the Council or the actual situation in Corfu
for public discussion before the Assembly. Behind
this policy there are.well-considered reasons. It is
felt by the whole Council that, whatever her errors,
Italy should have a chance for one or two days more
at least to fulfill her promise to withdraw from Corfu
in compliance with the Ambassadors' suggestions.
1165
It is believed that in the meantime any public discussion of the rights or wrongs of the occupation would
only serve to aggravate public feeling in Italy at the
moment when it is most important that it should be
quieted."
In a cablegram under date of Sept. 10 the London
correspondent of the New York "Herald" observed
that, "in the absence of any statement from Italy
that she means to withdraw from Corfu soon there
is still considerable apprehension here. It is understood that both Great Britain and France conveyed
to Mussolini informally an intimation that they
would like to see Corfu evacuated soon. France is
no more satisfied than Great Britain with the protracted Italian occupation." From Rome came the
positive assertion Wednesday afternoon, in an Associated Press cablegram, that "Italy will evacuate the
Island of Corfu when she has obtained the entire fulfillment of the reparations she has demanded from
Greece,it was stated at the meeting of the Council of
Ambassadors to-day, when the Council met under the
presidency of Premier Mussolini and heard his report
on how the situation stood at present." According
to the dispatch also, "Corfu, it was set forth, is regarded as a mere pledge for the carrying out of the
punishment to which Greece must submit for the
crime of Janina, and Italy will leave the island when
her demands are entirely complied with, thus proving once more the frank loyalty of this country and
its Government and of Premier Mussolini personally." In a Paris cablegram to the New York
"Times" yesterday morning it was stated that "the
date for the evacuation of Corfu by Italy was, to all
appearance, definitely settled this [Thursday] 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 following further details of the
agreement were given also: "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 indemnify of 50,000,000 Italian lire ($2,160,000)."
The Italian Government has had not only the affair with Greece on its hands, but has been compelled
to give attention also to Fiume, about which little
or nothing had appeared in the European cable advices for a long time. Under date of Sept 7 the Rome
representative of the New York "Times" sent a wireless dispatch in which he said that "while the League
of Nations in Geneva has all its attention fixed on
the more imminent problem of the Italo-Greek incident, signs are not wanting that another danger of a
more serious nature threatens the peaceful relations
of Italy and the Balkans." He added that"news was
received in Rome to-day to the effect that it appears
to be almost certain that the Jugoslav Government
will not accept the decisions arrived at by direct ne-
1166
THE CHRONTCLE
. gotiations between Jugoslav and Italian delegations
in Rome for a solution of the Fiume problem. If this
is so, Premier Mussolini probably will be confronted
with another crisis next week, as he gave the Belgrade Government fifteen days' time, beginning the
first of this month, for their definite answer." The
most recent developments in this situation were
sketched as follows in the dispatch: "The fate of
Fiume was decided by Count Sforsa, Foreign Minister in the last Giolitti Cabinet, when he signed the
Treaty of Rapallo and the agreement of Santa Margherita, after direct negotiations with the Belgrade
Government. Details of application of these two
treaties were entrusted to a mixed commission of
Italians and Jugoslays. The mixed commission sat
for almost nine months without reaching any understanding when Signor Mussolini,on Aug.8, suddenly
sent a letter to the Jugoslav delegation warning them
that unless a settlement was reached by the end of
the month he would consider himself free to resume
his full liberty of action. His letter had its intended
effect, and late on Aug. 31 the Belgrade delegation
agreed to a proposal whereby the city of Fiume and
all the contested territory should be administered by
a mixed commission, on which Italy, Jugoslavia and
the Free State of Fiume should be represented. In
order to be valid, this agreement needed the approval
- of the Jugoslav Government, and Signor Mussolini
gave Belgrade fifteen days'time to make up its mind.
It appears that Jugoslavia has decided not to give
the settlement its support. If a negative answer is
received from Belgrade Signor Mussolini, considering himself free from all ties assumed by the former
• Governments, probably will move to settle the question by himself. It is even possible that he may attempt a coup-de-main on Fiume." Commenting upon
the standing of Premier Mussolini, largely as a result of the Greco-Italian incident, the Rome represen• tative of the New York "Herald" cabled that "Benito
Mussolini has reached a new pinnacle of popularity
among his countrymen, many of whom doubted his
ability to hold his own again as a world statesman.
The success of his Grecian policy undoubtedly will
stiffen the Premier in dealing with the ripening
Fiume crisis. Whatever the League may do now is
declared here to have purely an academic interest to
Italy, which maintains the attitude that if the League
tries to intervene she withdraws. The solution is
significant of a victory of the old diplomacy over the
League, for unless the Ambassadors' Council had
forestalled the League's decisions the crisis would
still have been unsolved." Cabling from Geneva, a
special correspondent commented in part as follows
upon the situation arising out of Mussolini's seemingly complete victory over the League of Nations:
"The anti-League reaction in Italy itself and the complete triumph of Premier Mussolini over the society
of nations are being stressed in a manner by no
means pleasant to the British. Completely oblivious
to the League now,the Italian Premier is turning his
attention to Italy's dispute over Fiume with Jugoslavia, also a League member, and the indications
are that he will bring to bear the energetic attitude
which he has just evinced toward Greece." The New
York "Tribune" representative at Geneva, in his account of proceedings on Sept. 10, said that "while
the Assembly of the League of Nations was admitting
the Irish Free State to membership and electing
Senor Pitacio de Silva F'essoa, of Brazil, to the vacant place on the benci of the World Court, the Coun
[VoL. 117.
cil to-day held a secret session. It was devoted to
the strained relations between Italy and Jugoslavia
as a result of the Fiume situation. The League expects to intervene in this situation."
That the Italian Government intended to pursue
an aggressive policy with respect to Fiume was indicated in cable dispatches from Paris and Rome on
Tuesday afternoon. The Associated Press correspondent at the former centre said that "it is understood from information gathered in reliable sources
that Premier Mussolini will proclaim the annexation
of Fiume to Italy within a week, probably about
Sept. 15." It was added that "the Government of
Jugoslavia is represented as being aware of Mussolini's intention and as intending to make no serious
protest provided Porto Barros and Sussak, adjacent,
are not directly affected." According to an Associated Press cablegram from Rome, "it was announced in a semi-official statement to-day [Tuesday],that Italy is not prepared to consider any mediation or arbitration of her differences with Jugoslavia with regard to the status of Fiume, since the
question is held to be one for direct settlement between the two countries." The aggressive attitude
of the Italian Government toward the Fiume situation was outlined still further by the Rome correspondent of the New York "Times" in a wireless dispatch dated Sept. 11. He said in part that "Premier Mussolini is taking no chances in regard to his
pending dispute with Jugoslavia. Large bodies of
troops are being concentrated around Trieste ostensibly for general maneuvres but in reality to be ready
in case of complications with that country." He also
declared that "the Ministry of Foreign Affairs and
Signor Mussolini himself are very reserved about the
Fiume question; they distinctly give the impression
that negotiations of some sort are still going on and
that they do not wish to commit themselves to any
statement until they are sure of their ground. It is
declared that Italy will resent and resist any attempt
at foreign interference in the case, but as a matter of
fact it is known that both Dr. Benes of Czechoslovakia and Premier Poincare are exerting their influence for an amicable settlement of this thorny problem. In official circles the belief prevails that Jugoslavia will accept the compromise which has already
been declared satisfactory by her delegation." The
Rome correspondent of the New York "Herald" was
even more positive in his statements relative to Mussolini's position. He asserted that "Mussolini's second ultimatum, that to Jugoslavia regarding the
future of Fiume, will come to a head Saturday [today]. Italy will not submit her differences over the
status of Fiume to arbitration or mediation, it was
aanounced to-day [Tuesday] in a semi-official statement, as she takes the position that this is a matter
for direct negotiation between Italy and Jugoslavia."
Jugoslavia's position was set forth in a special cablegram from Geneva to the New York "Tribune." It
was stated that"Foreign Minister Nintchich of Jugoslavia categorically denied to-day his country has
any intention of referring its dispute with Italy over
Fiume to the League of Nations. Thus the Jugoslav
statesman effectively disposed of the League's red
herring, which has been dtawn across the trail here
daily to keep some of the smaller nations quiet on
the distressful subject of the way in which the
League Council acquitted itself in the matter of the
Greco-Italian dispute last week." In an Associated
SEPT. 15 1923.]
THE CHRONICLE
Press cablegram from Paris last evening it was said
that "when Premier Mussolini declares the annexation of Fiume to Italy he will announce the withdrawal of the Italian troops from Porto Barros, the
adjoining harbor, it is learned here from an authoritative quarter. He will thus give up any claim to
that port, to Sussak and to the delta there, which will
be left to Jugoslavia." It was added that "this, it is
stated, is the result of direct negotiations now going
on between Premier Mussolini and the Jugoslav Government which are reported at about the point of
completion, Jugoslavia being satisfied to have a free
hand in the development of the ports left to it."
It is quite evident that Premier Mussolini does not
intend to allow any other Power to settle Italy's
most recent problems. According to a cablegram
Thursday evening from the Geneva representative
of the Associated Press,"Italy has notified Switzerland that she cannot accept the designation of the
Swiss President as arbitrator of her dispute with
Jugoslavia over Fiume, believing that such a step
might unfavorably affect the pleasant relations between Italy and the Swiss Confederation. Inasmuch
as the Jugoslav leaders say they have no intention of
submitting the controversy to the League, the impression here is that it must be settled by direct
negotiations."
Japan already has begun the work of reconstruction. A thirty-day moratorium has been declared
"on payments falling due from Sept. 1 to Sept. 30 for
the area affected by the earthquake." On Sept. 8 the
Japanese Government appropriated V65,000,000 for
relief work. According to a dispatch from Osaka,
"this decision by the Cabinet represents the greatest
relief measure in the history of world disaster. The
approval of the Privy Council and the Prince Regent
is all that is necessary to permit the carrying out of
the project of reorganizing the devastated areas and
rehabilitating millions of homeless and unemployed
people. Indications are that for the whole devastated area the death roll exceed" 200,000. Although
the loss of life and property was great the original
figures in each instance have not been cut down materially in the later advices. A week ago Secretary
of Commerce Hoover was quoted in Washington dispatches as saying that "material losses in Japan
have been over-estimated greatly." He characterized
"estimates of a five-billion dollar loss as absurd. He
pointed out that industrial Japan was largely outside the devastated area and had been affected but
little as far as actual damage was concerned." on
Sept.9 Mr.Hoover and John Barton Payne, National
Chairman of the American Red Cross, issued a joint
statement on the Japanese disaster in which it was
stated that "the estimate, based on reports to the
Government and the Red Cross, puts the dead at between 200,000 and 300,000, the injured at from 300,000 to 500,000 and those rendered destitute and
homeless at about 2,500,000." It was set forth that
"the joint statement represents a careful survey of
the situation." According to an official announcement, "twenty-three thousand persons were killed
and 40,000 injured at Yokohama in the earthquake
disaster. Seventy-one per cent of the city of Tokio was
destroyed. The dead here have been estimated at 35,000 and the injured at 40,000. About 350,000 houses
have been destroyed. In the Hakone district, where
many of the summer resorts are, the deaths are estimated at 10,000."
1167.
Ille reports from the leading Japanese centres
from day to day told of further progress toward reconstruction. In a wireless dispatch from Osaka to
the New York "Times" under date of Sept. 11 the
following information was given: "Representatives
of twenty-seven Japanese life insurance companies
have met and decided to pay claims in respect of the
earthquake victims in full, and to pay them as soon
as possible. It is believed the Finance Department
is contemplating certain tax exemptions and is making investigations with this end in view. The authorities, it is also understood, intend to give even to
those who are able to pay one year's grace to allow
them to adjust their accounts. The Vice-President
of the Bank of Japan has stated that assistance to be
given by the bank will be on broad lines, and not
hampered by too exacting conditions. Not only regular mortgages, but local bonds, debentures, shares,
bills, merchandise or any documentary securities
may be offered. The Bank of Japan has opened its
doors to all reliable banks for the raising of capital."
It was reported on Tuesday that "several Wall
Street banks with connections in Japan, and Japanese banks with agencies in New York, have received
cabled advices which lead them to believe that the
Japanese Government will not ask a moratorium on
interest payments on bonds listed on the New York
Stock Exchange,and that even the City of Tokio will
not ask a postponement of its interest payments."
It was suggested that "to carry out this plan will require financing of the highest order, and for the moral effect on international affairs of finance, it was
stated, such an achievement would stand out in his,
tory, ranking close to the performance of insurance
companies following the San Francisco disaster,
when American and British companies decided to
pay in full although the major German insurance
companies wilted under the prospect." Attention
was called to the fact that "there are listed on the
New York Stock Exchange approximately $250,000,000 face value Japanese Government and City of Tokio bonds. These comprise the Japanese Government
4 % bonds, the second series 4%s and the Japanese
/
1
2
4s. The City of Tokio bonds bear a 5% premium."
it will be some little time yet before the most accu.ate figures possible as to the loss of life and property
from the Japanese disaster will be forthcoming.
Cabling from Osaka on Sept.12 the Associated Press
representative at that centre said that "what is reported to be an official compilation of the earthquake
casualties estimates the dead, injured and missing
at 1,356,749. It is also estimated that a total of 315,824 houses were destroyed." He further stated that
"it is reported that the Government has decided to
expend all of the budget surpluses up to 1925,
amounting to 360,000,000 yen ($180,000,000), for relief and reconstruction work. Minister of Finance
Inouye is quoted as saying no decision has been
reached by the Government as to the flotation of a
foreign loan for reconstruction purposes. It is believed there is no possibility of raising loans in the
home markets for the time being." In a cablegram
from American Ambassador Woods, made public by
the State Department in Washington on Wednesday,
it was stated that the situation in Tokio was "thoroughly in hand." Up to Thursday night the subscriptions to Japanese relief received at-headquarters in Washington totaled $6,285,000. Last evening
they were given as $7,121,000. New York City's eon-
1168
THE CHRONICLE
[vol.. 117.
tributions have passed $2,000,000 and are expected to participated in the demonstration of friendliness."
In his account of the formal admission of Ireland to
reach $4,000,000.
the League on Sept. 10 the Associated Press correPolitical trouble has occurred in still another Eu- spondent said that "the enthusiasm with which the
ropean country. On Thursday it became known here Irish Free State was unanimously admitted to the
that "army officers at Barcelona have revolted, and League of Nations to-day was the dominating topic
martial law has been declared." It was added that of discussion here to-night. At the session of the
"the Council of Ministers held a special meeting at 3 Assembly President Cosgrave began his salutatory
o'clock this [Thursday] morning to consider the situ- address in Gaelic, but quickly changed to English.
ation at Barcelona. The rank and file of the army 'Our country is, perhaps, the most scarred of any in
have joined in the revolt, but the navy personnel is the world,' he began. 'Eighty years ago we had a
quiet. Conditions in Madrid present a normal as- population of eight and a half million; to-day we
pect, no especial agitation on the part of the people have four and a quarter.'" Cosgrave also declared
being noticed. The Cabinet is remaining in session, that "Ireland's first act was to join the League
and the Government expresses confidence in its abil- because it had the objective which Irishmen
ity to stamp out the revolt movement." The Asso- believed in. Ireland rejoiced that her reception demciated Press correspondent announced that "King onstrated that she takes her place 'among the naAlfonso returned to Madrid on the Southern Express tions of the earth,' as Robert Emmet had said, withat 11 o'clock this morning. The station was sur- out an enemy, because her election was unanimous."
rounded by troops and every precaution was taken It was added that "the report of the sub-committee
to prevent any unauthorized persons having access to which recommended the entrance of Ireland was read
the vicinity." The London correspondent of "The by former Premier Meirovitz of Latvia. He paid high
Sun and The Globe" cabled Thursday afternoon that tribute to 'the noble Irish nation,' and likewise to
"the movement is regarded seriously here where, it is England, 'which had never remained deaf,' he said,
pointed out,that the military of Spain has attempted 'to the aspirations of the Irish people for liberty.'"
again and again to secure new privileges which
The British Board of Trade statement for August
would lead them to domination of the Government,
either as Fascisti or in a purely military regime, and showed an ;ncrease of £606,000 in exports of British
apparently the time has come when it is going to as- products compared with July of this year. Total
sert its strength. How far the Barcelona officers exports fell off 0,183,000, while imports increased
will find support in the main body of the army is £11,922,000. The net result was an increase in the
unknown and until this is made clear it will remain excess of imports of £14,005,000. Compared with
impossible to estimate the strength of the movement." August of last year thbre was an increase of £67,000
Word came from Madrid yesterday forenoon that in exports of British products, a decrease of £1,316,the Cabinet had resigned, "owing to King Alfonso's 000 in total exports, an increase in imports of £6,refusal to grant the Government facilities for pun- 079,000, and an increase in the excess of imports of
ishing the military revolters at Barcelona and else- £7,395,000. The following are the figures for August
where." It was explained in another message from compared with the corresponding month of last year:
August
August
Madrid that "at the head of the revolutionary move1923.
1922.
Captain-General of Barcelona, Primo Exports, British products
ment is the
£60,100,000 £60,032,237
goods
6.120,000
7.503,925
Rivera, a man of strong influence and powerful asso- Re-exports, foreign
£66,220,000 £67,536,162
ciations. Behind him are the officers of the army, Total exports
88,740,000 82,661,405
who have been chafing for many months under the Imports
Excess of Imports
£22,520,000 £15,125,243
ignominy of the Moroccan campaign, and with the
officers are the rank and file, who seem ready to folCable advices from London under date of Sept.
low their leaders to the end." Through an Associated
that 13 state that the Bank of Portugal has raised its
Press cablegram last evening it became known
the King had asked the Captain-General "to form a discount rate from 8% to 9%. The former level
had been in effect sire May 1 last Yesterday
Government."
word was received f om the same centre that the
becoming a member of the League of Nations Bank of Vnland had raised its discount rate from
If
will bring peace to Ireland the creation of that body 8% to 10%. As'de from these changes, off cial
would seem to have been justified, if no other season discounts at eadirg European centres remained the
for its existence could be found. In describing the same as in recent weeks; that is, 30% in Berlin,
event the Geneva representative of the Associated 6% in Denmark and Norway, 532% in Belgium,
Press, in a cablegram dated Sept. 8, said: "An im- 5% in France and Madrid, 43/2% in Sweden, and
pressive demonstration of welcome and friendship 4% in London, Switzerland and Holland. The
for the Irish Free State featured this evening's meet- open market discount rate in London has again
ing of the League of Nations when, by the unanimous been advanced and short bills are now quoted at
8%, and three months' bills
vote of the membership commission, Ireland was 33'@33%, against 33'
admission. On Monday she will 34@3 5 16%, as compared with 3 3-16@33I% a
recommended for
become a formal part of the League by the action week ago. Call money in London was likewise
4
of the Assembly." He added that "there was a warm firmer and finished at 23 %, against 23/g%. At
the hearts of the Irish delegation, Paris and Switzerland open market discounts have
feeling to-night in
• President William T. Cosgrave and Desmond Fitz- not been charged from 5% and 23/2%, respectively.
gerald, Foreign Minister, and all the others,for many
The Bank of Er g'and this week reported a small
nations joined in a spontaneous manifestation of
goodwill and cheery best wishes for Ireland and her loss ;n gold, namely, £1,653, but a gain in reserve of
future prosperity and happiness. England, France, £792,000, the latter beirg the result of curtailment in
China, Persia and the spokesmen for other lands. "etc circulation amounting to £794,000. The pro
THE CHRONTOLE
SEPT. 15 1923.]
portion of reserves to liabilities advanced to 19.06%,
in comparison with 18.14% last week. At this time
a year ago the ratio stood at 19.22 and in 1921 at
14.97%. Public deposits increased £1,623,000; but
other deposits showed a falling off of £3,507,000. In
loans on Government securities a reduction of
£2,806,000 was recorded, although loans on other
securities expanded £135,000. Threadneedle Street's
stock of gold is £127,648,292, against £127,421,141 in
1922 and £128,410,714 a year earlier. Reserve aggregates £23,307,000, which compares with £23,809,071
a year ago and £21,653,159 in 1921. Note circulation
amounts to £124,090,000, in comparison with £122,062,070 last year and £125,207,555 a year earlier,
while loans stand at £70,165,000 against £71,466,338
and £79,809,956 one and two years ago, respectively.
No change has been made in the Bank's official discount rate from 4%. Clearings through the London
banks for the week were £598,586,000, as contrasted
with £678,491,000 last week and £603,379,000 a year
ago. We append herewith comparisons for a series
of years of the Bank of England returns:
note circulation reached a total of 389,293,643,456,000 marks. Discount and Treasury bills increased 480,338,722,602,000 marks. In deposits
there was an expansion of 264,842,595,830,000
marks. Relatively smaller increases were 1,157,536,916,000 marks in Treasury and loan association
notes; bills of exchange and checks 7,494,798,723,000
marks and other liabilities 20,850,061,899,COO marks.
Investments were reduced 131,729,876,000 marks.
Total coin and bullion (which now includes aluminum, iron and nickel coins) fell 1,102,519,000 marks,
while there was a further reduction in gold of 1,626,000 marks. The Bank's outstanding circulation has
attained the grotesquely large figure of 663,000,014,000,000 marks, which compares with 237,762,000,000
marks last year and 80,072,000,000 marks in 1921.
Gold holdings are down to 510,486,000 marks, as
against 1,004,859,000 marks in 1922 and 1,023,708,000 marks the year before.
BANK OF ENGLAND'S FINANCIAL STATEMENT.
1922.
1920.
1919.
1923.
1921.
Sept. 17,
Sept. 12.
Sept. 13.
Sept. 15.
Sept. 14.
£
124,090,000 122,062,070 125,207,555 125,164,800 80.901,885
Circulation
15,751,000 10,404,619 15,052,601 15,201.579 20,128,399
Public deposits
106,509.000 113,436,470 129,547,614 122,575,386 91,821,85p
Other deposits
47,040.000 46,752,645 61,241,744 56,103.129 19,522,956
Govt. securities_
securities
70.165,000 71,468,338 79,809,956 83.390,829 84,722,497
Other
Reserve notes & coin 23,307,000 23,900,071 21,653,159 16,378,570 25.791,302
Coin and bullion__ _127,648,292 127,421,141 128,410,714 123,093,370 88,213,187
Proportion of reserve
11.88%
23.03%
19.06%
19.22%
14.97%
to liabilities
7%
5%
4%
3%
Bank rate
54%
The Bank of France in its weekly statement shows
a further small gain of 57,925 francs in the gold
item. The Bank's total gold holdings are thus
brought up to 5,538,160,600 francs, comparing with
5,532,223,066 francs on the corresponding date last
year and with 5,522,750,774 francs the year previous.
The foregoing amounts include 1,864,344,927 francs
held abroad in 1923 and 1,948,367,056 francs in both
1922 and 1921 Durirg the week silver gained
107,000 francs, bills discounted increased 60,536,000
francs and advances were augmented by 8,714,000
francs. Treasury deposits, on the other hand, fell
off 9,522,000 francs, while general deposits were
reduced 7,682,000 francs. Note circulation took a
favorable turn, a contraction of 295,127,000 francs
being registered. This brings the total of notes in
circulation down to 37,703,655,000 francs, contrasting with 36,607,125,570 francs at this time last year
and with 37,127,908,05 francs in 1921. Just prior
to the outbreak of war in 1914 the amount was only
6,683,184,785 francs. Comparisons of the various
items in this week's return with the statement of
last week and corresponding dates in both 1922 and
1921 are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
Status as of
for Week.
Sept. 11 1923. Sep. 14 1922. Sept. 151921,
Gold Holdings—
Francs.
Francs
Francs.
Francs
In France
Inc.
57.925 3,673,915.673 3,583.856.009 3.574.383,718
Abroad
No change
1,864,344.927 1,948,367.056 1,948.367.056
Total
Inc.
57,925
Silver
Inc.
107.000
Bills discounted. Inc. 60.536.000
Advances
Inc. 8.714.000
Note circulation Dec. 295.127.000
Treasury deposits-Dec. 9,522.000
General deposits_ _Dec. 7,682.000
5,538,160,600
294.647,000
1.969.236.000
2,147.484,000
37.703.655.000
25.379.000
1,927,467,000
5,532,223,066
296,404,131
1.897.326.673
2,133,448,792
36.607,125.570
22.137.361
2.130315,210
5,522,750.774
277,101.016
2.402.918.370
2.213,819.355
37,127,908.905
41.636,704
2.437.333,318
Changes shown in the statement of the Imperial
Bank of Germany, issued for the week of Aug. 31,
are as fantastic as ever, ircludiog increases running
into hundreds of trillions of marks. The additional
1169
The Federal Reserve Bank statement issued Thursday afternoon was featured by increased gold reserves and a small shrinkage in bill holdings. For
the System there Was a gain in gold of $8,000,000.
Rediscounting of Government secured paper fell
$10,000,000, but there were small increases in discounts of "all other" and in bills purchased in the
open market; the net result was a reduction in total
bills on hand of $4,000,000. Earning assets fell
$3,000,000. Deposits, however, increased $34,000,000 and the total of Federal Reserve notes in circulation rose $5,000,000. At New York the same general tendencies were displayed. Rediscounts of Government secured paper declined $8,500,000. In "all
other" an expansion of $4,400,000 was shown, but as
open market purchases fell $4,400,000, total bill holdings were reduced $8,500,000. Here also there was a
contraction in earning assets, namely $10,000,000.
There was also a contraction of $5,000,000 in note
circulation. Deposits expanded $26,000,000. Member bank reserve accounts revealed important in;
creases, nationally $29,000,000 and locally $15,000 consequence of these changes the reserve ra000. In
tio for the combined System declined to 75.9%, from
76.4% last week, but advanced at New York .6%, to
81.3%.
A return to normal conditions was shown by the
changes in last Saturday's statement of New York
Clearing House banks and trust companies, following the recent month-end strain. Loans decreased
$16,660,000, while at the same time net demand deposits fell $26,476,000, to $3,600,319,000. This total
is exclusive of $21,307,000 in Government deposits.
Time deposits, on the other hand, were larger—being
$472,482,000, an increase of $2,978,000. Cash in own
vaults of members of the rederal Reserve Bank increased $4,056,000, to $49,745,000 (not counted as
reserve). Reserves in own vaults of State banks and
trust companies increased $476,000, and there was
an increase also of $276,000 in reserves kept in other
depositories by State banks and trust companies.
There was another reduction in the reserv - : of member banks at the Federal Reserve Bank. amounting to
$8,571,000, so that excess reserves fell $4,402,610,
and the total of excess reserves now stands at $1,332,890, as compared with more than $22.000 000 two
weeks earlier. The above figures for surplus are on
the basis of reserves above leg-I requirements of 13%
for member haas of the Federal Reserve System,
1170
THE MIRO NTCLE
[Vob.
but do not include cash in own vaults amounting to against 5@531 %, with names not so well known at
.
$49,745,000 held by these member banks on Saturday 53
/
2%, comparing with 531.@532% the preceding
last.
week. Country banks were in the market for
moderate amounts and a slight increase in activity
Money in the local market has been distinctly reported.
firmer. This tendency became specially apparent on
Banks' and bankers' acceptances were quiet, esThursday, when call funds advanced to 6% in the pecially in the latter part of the week, when the
afternoon and time loans were quoted at 5%% for the firmness in the call market caused a falling off in the
shorter periods, with no offerings for the longer inquiry and the turnover was light. Most of the
ones. On new loans 532% was strongly bid. Ap- limited business passing was for account of out-ofproximately $10,000,000 was wanted on call early town institutions. For call loans against bankers'
Thursday afternoon at 532%. In banking circles acceptances the posted rate of the American Accepthe firmer tendency this week was attributed largely tance Council has not been changed from 432%.
to preparations for income tax collections and the The Acceptance Council makes the discount rates on
meeting of Government maturities on Sept. 15. prime bankers' acceptances eligible for purchase by
The effect of these operations is expected to be the Federal Reserve banks 43% bid and 4% asked
short-lived. As soon as the preparations are com- for bills running for 30 days, 434% bid and 41 g%
/
pleted by the banks for the payments and the dis- asked for bills running 60 and 90 days, 43 % bid
4
bursements made, there should be at least a short and 414% asked for bills running 120 days, and
interval of easier money. This theory was borne 49% bid and 43/2% asked for bills running 150 days.
out by a drop to 43'% for call money yesterday after- Open market quotations were as follows:
noon. The offering of $200,000,000 41
4% U. S.
SPOT DELIVERY.
Treasury certificates of indebtedness was smaller
90 Days.
30 Days.
60 Days.
4M44%
0346434
4;4@,4%
than anticipated: Already they have been over- Prime eligible bias
DELIVERY WITHIN THIRTY DAYS.
subscribed and the books closed. Yesterday the ElIgibiem
434 bid
ks
mber banks
454 bid
total subscriptions were given as $550,000,000. Eligib
The size of the issue was at once taken as conclusive
There have been no changes this week in Federal
evidence that the Government was not in urg
need of a particularly large amount of money. Reserve Bank rates. The following is the schedule
There have been rumors of a forthcoming one billion of ralpehOw in effect for the various classes of paper
dollar international loan to Germany, of which lr.--ffie different Reserve banks:
DISCOUNT RATES OF THE FEDERAL RESERVE BANKS
probably $250,000,000 would be offered in t
IN EFFECT S PT 14 1923.
United States. Apparently, while something of this
Payer Maturin0—
kind may be done when once the reparations problem
After 90 After 6
is settled, there is no prospect of immediate financing
Days, but
but
Within 90 Days.
Within 6 Within
in this country for Germany or any other European FEDERAL RESERVE
Months. Months.
BANK.
Com'reial Secur. by
Power. Still, it was stated in a Washington disApricot.* Apricot.
Apricot. U. S. Rankers' Trade
and
and
Aceep&Livesek Govt.
patch yesterday that State Department officials
Accep- Livestock Livestout
Paper. Obliga- tanees. lances. Paper. Paper.
n.e.s.
Lions.
were seriously considering being asked to approve
454454
454
454
a loan to Germany, notwithstanding the rather un- Boston
5
454434
ii
454
New York
434
454
454
434
454
434
434
5
Philadelphia
favorable attitude of American bankers at the Cleveland
434
434
414
434
43.
43
434
454
454
414
414
434
moment. Aside from the purposes mentioned, Richmond
414
434
434
434
434
Atlanta
434
434
454
Chicago
454
434
434
43
seemingly the demand for money has not increased St. Louis
434
454
434
434
454
434
434
454
434
434
Minneapolis
434
414
specially, except perhaps or crop-moving purposes.
454
434
454
454
Kansas City
434
414
Dallas
Ilan Francisco
Dealing with specific rates for money, call loans
covered a range of 43/2(§6% during the week, which
,
compares with 43/2@53'% a week ago. On Monday
the high was 5%, and this was the renewal basis,
with 4%% the low. Tuesday and Wednesday there
was no range, a single rate of 5% being quoted.
Thursday the call market stiffened perceptibly,
mainly on account of the approaching income tax
payments, and a maximum quotation of 6% was
touched, although renewals were still put through at
5%, the minimum. Call funds renewed at 532% on
Friday, the high for the day; although before the
close there was a decline to 432%. The figures here
given apply to both mixed collateral and all-industrial
money alike. For fixed date maturities also a firmer
undertone was noted, and toward the latter part of
the week four, five and six months' money advanced
to 53@5%%,against 53% last week. The shorter
periods—sixty and ninety days—remained at 53'%,
unchanged. Offerings were very light and bidders
generally were asking the outside figure, with very
little business done.
Mercantile paper likewise advanced, and sixty and
ninety days' endorsed bills receivable and six months'
names of choice character are now quoted at 53%,
434
434
04
434
434
434
454
434
434
434
434
434
•Including bankers' acceptances drawn for an agricultural Durum and
by warehouse receipts. dec.
The market for sterling exchange reflected betterment in the European outlook and while dealings
generally were somewhat reduced in volume, an
upward tendency developed practically from the
start. After opening around 4 53, news that the
Berlin Government was inclined to abandon "passive
resistance" in the Ruhr that has so long been the
chief obstacle in the way of a peaceful settlement
of this troublesome problem, had a favorable effect
and rates promptly moved up to 4 55 9-16 for
demand. Operators who had been counting on
further decline hurriedly rushed to cover, and this,
coupled with the receipt of substantially higher
cable quotations from London, aided in the advance.
Later on, profit-taking sales for speculative account
caused some reaction and prices sagged off several
points. A certain amount of feverish activity marked.
trading in the forepart of the week, but after. a
while the market relapsed into dulness. The French
Premier's uncompromising refusal to consider negotiations until all German resistance in the occupied
area has ceased, had a slightly dampening effect,
SEPT. 15 1923.]
THE CHRONICLE
and it began to look as if hopes of an early settlement had been premature. Fresh talk was heard
of lengthy diplomatic discussions and interchanges,
and dealers once more settled down to await developments. ,
Among the important events of the week which
contributed to the better feeling in sterling exchange
circles were the lessening of strain over the GreekItalian incident and intimations that financial losses
from the Japanese earthquake disaster Iwould:, be
less than at first feared. Offerings of cotton and
grain bills were fairly liberal, but thus was accompanied by increased buying power. Moreover,
selling of sterling by London was less in evidence.
In the late dealings uneasiness was shown over the
further collapse in mark quotations, while threats
of serious friction between Italy and the principal
Balkan States concerning annexation of Fiume,
and the outbreak of revolutionary conditions in
Spain also had a depressing effect on market sentiment and the close was under the best. Bankers are
not expecting any important changes in price levels
in the immediate future, though it is believed that
unless the Bank of England raises it discount rate
there may be a lowering in sterling values in the
course of the next week or so.
Referring to quotations in greater detail, sterling
exchange on Saturday last was easier and there was
a fractional recession to 4 53 ® 4 53 5-16 for demand,
to 4 533 ® 4 53 9-16% for cable transfers and to
4 50% ® 4 511-16 for sixty days; the volume of
transactions was small. On Monday, after a weak
opening, the market turned firm and demand bills
/
ranged between 4 52 11-16 ® 4 541 s, cable transfers
between 4 52 15-16 ® 4 54% and sixty days between
4 50 7-16 ® 4 51%;the improved tone was attributed
to a broadening demand. Better foreign news sent
prices up abruptly on Tuesday and there was an
advance to 4 543/i ® 4 55 9-16 for demand, to 4 54%
® 4 55 13-16 for cable transfers and to 4 513/i ®
4 53 5-16 for sixty days. Wednesday's market was
slightly easier and demand declined to 4 54% ®
4 54%, cable transfers to 4 5432 ® 4 55% and sixty
days to 4 52 ® 4 52%; trading was quiet and the
reaction was more or less a natural one after so sharp
a rise. Possibilities of Balkan troubles, also the
political upheaval in Spain, exercised a depressing
influence on sterling on Thursday and increased weakness developed, with the range 4 53%®4 543 for
demand, 4 54@4 543/ for cable transfers and 4 513/
®4 52 for sixty days. On Friday the undertone
was nervous and irregular; quotations ranged between 4 53%®4 543/2 for demand, 4 53%@4 543
%
for cable transfers and 4 51%®4 52% for sixty days.
Closing quotations were 4 57% for ixty days, 4 54
for demand and 4 5434 for cable transfers. Commercial sight bills finished at 4 53%, sixty days
at
4 51%, ninety days at 4 49%, documents for payment (sixty days) at 4 513/ and seven-day grain bills
2
at 4 53%. Cotton and grain for payment closed
at 4 53%.
The gold movement continues light, actual receipts being limited to.a shipment valued at £467,700
on the Homeric and 56 boxes of gold (value not given)
on the Mauretania, both from England. The latter
vessel also carried 14 boxes of silver. The Majestic
is on its way from Southampton with $283,000 in
gold.
1171
Movements in the Continental exchanges were
nervous and irregular, although the general tendency was upward, except in the case of marks,
which manifested unabated weakness. French currency was benefited by what looked like an early
resumption of negotiations looking to settlement of
the reparations wrangle and franc quotations shot
up from 5.55 to 5.843', a gain of 295' points, although on comparatively limited trading. Antwerp
francs followed suit. Reichsmarks, however, not
only failed to share in the improvement, but sank
to new depths of devaluation. Following recovery
at the end of last week to 0.000003, renewed rumors
that the German Government is planning to form
a new bank of issue which will circulate currency
based on gold reserves, and probably utterly repudiate the present mark, had a disastrous effect
on values and brought about a sharp slump which
carried rates down to the microscopic figure of
0.00000075, or approximately 88,000,000 marks to
the dollar. At the extreme close there was a recovery
to 0.00000090. Continued unloading of marks by
German interests and still another huge expansion
in the output of note circulation all combined to
force down prices. According to most authorities,
marks are to all intents and purposes disbarred
from dealings in the local market. A few months
ago several important institutions ceased dealings,
but in recent weeks practically all barks sad trust
companies have suspended business in Reichsmarks.
There is, of course, no commercial demand for them
and little if, any speculative inquiry. Whatever
business is passing is for account of one or two
houses who are accepting orders for the transmission
of marks to Germany or who are willing to sell
mark credits for customers.
Lire exchange, which had been maintained in the
face of a threatened clash between Italy and Greece,
rose from 4.31 to 4.52 on improvement in diplomatic
relations of the two countries, but subsequently lost
nearly all the gain as a result of the imminence of
"trouble in the Balkans." Possibility of serious
friction between the Mussolini Government and the
Serbs, Croats and Slovenes over the annexation of
Fiume was not liked. Greek exchange was firm for
the most part, rising at one time to as high as 1.923,
but later dropping back to 1.84. In the minor
currencies also, changes have taken place. Polish
marks suffered in sympathy with Reichsmarks,
establishing a new low of 0.00033 , while Finmarks,
%
which have been steady for months at around 2.76,
dropped to 2.68, largely on unfavorable crop returns.
It is reported that the Polish Bourse has been closed
to prevent further depreciation of the mark there.
In the final dealings some of the losses were regained as a result of a lessening in the European
political tension.
The London check rate on Paris closed at 77.80,
against 81.60 a week ago. In New York sight bills
on the French centre finished at 5.83, against 5.553%;
cable transfers at 5.84, against 5.563%; commercial
sight at 5.82, against 5.543%, and commercial sixty
%
days at 5.763 , against 5.49 last week. Final
quotations on Antwerp francs were 4.8032 for
checks and 4.843 for cable transfers, in comparison with 4.57 and 4.58 the previous week. Reichsmarks closed at 0.00000090, against 0.0000033 for
both checks and cable transfers last week. Austrian
kronen still rule at 0.00143', unchanged. Lire
1172
Wm,. 117.
THE CIFIRCYNTTCLE
finished the week at 4.44 for bankers' sight bills
and 4.45 for cable transfers, as against 4.313/ and
2
4.323/2 a week earlier. Exchange on Czechoslovakia
closed at 3.00, against 2.983/2; on Bucharest at 0.463/2,
%
against 0.453 ; on Poland at 0.00033 , and on
%
Finland at 2.62, against 2.76 the preceding week.
Greek drachma finished at 1.873/2 for checks and
1.88 for cable transfers, in contrast with 1.843/2 and
1.85 last week.
In the neutral exchanges, formerly so-called,
trading was dull and narrow and rate fluctuations in
the main reflected those of the larger Continental
currencies. Guilders were firmly held until the
latter part of the week, then reacted slightly, and the
same is'true of Swiss francs. Scandinavian currency
was irregular, but not materially changed. Pesetas
suffered another setback as a result of the breaking
out of political dissension at Madrid and quotations
sold off to 13.30, though later recovering to 13.33.
Bankers' sight on Amsterdam finished at 39.30,
against 39.253/2; cable transfers at 39.34, against
39.293/2; commercial sight at 39.34, against 39.193/2,
and commercial sixty days at 38.88, against 38.833/2
a week ago. Swiss francs closed at 17.76 for bankers'
sight bills and 17.77 for cable remittances, in comparison with 17.99 and 18.00 the previous week
Copenhagen checks finished at 17.94 and cable
transfers at 17.98, against 18.11 and 18.15. Checks
on Sweden closed at 26.52 and cable transfers at
26.563/2, against 26.59 and 26.63, while checks on
Norway finished at 16.06 and cable transfers at 16.10,
against 16.18 and 16.22 the week previous. Spanish
pesetas finished the week at 13.33 for checks and
13.37 for cable transfers. This compares with
13. 03/2 and 13.443/2 last week.
4
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
SEPT. 8 1923 TO SEPT. 14 1923, INCLUSIVE.
I
Noon Buying Rate for Cable Transfers in New Tork.
Value in United States Money•
Country and Mane:are
Unit.
Sept. 8. 'Sept. 10.Sept. 11.Sept. 12 Sept. 13.Sept. 14.
EUROPE$
Austria, krone
.000014
Belgium, franc
.0457
Bulgaria. lev
.009471
Czechoslovakia, kront .029893
Denmark. krone
1821
England. pound sterling
4 5349
Finland. markka
027581
France. franc
0557
Germany, relchstuark Ses014628
Greece, drachma
018025
Holland, guilder
.3929
Hungary. krone
.000056
Italy. llra
0432
Norway, krone
1621
Poland. marl(
.000004
Portugal, escudo
.0421
Rumania,lea
.004539
Spain. peseta
.1345
2660
Sweden. krona
.1800
Switzerland. franc
Yugoslavia, dinar-----010710
ASIAChinaChefoo tael
.7183
7171
Hankow tael
7042
Shanghai tarn
Tientsin tael
.7275
Hongkong dollar... .5227
Mexican dollar
.5096
Tientsin or PelYang
dollar
5104
Yuan dollar
.5121
India. rupee
.3041
Japan, yen
.4854
.5313
3Ingapore(S.S.)del
NORTH AMER..975499
Danada. dollar
3uba. peso
.998875
486458
Sleideo, peso
.972658
16ewfoundland. do!
SOUTH AMER.krgentina, peso (gold) .7411
Basil. milreis
.0946
i'hile, peso (paper)._ .1221
7389
[frustum,. peso
$
.000014
.0466
.009493
.029902
.1817
$
.000014
.0481
.009471
.029906
.1808
$
.000014
.0478
.009857
.029464
.1810
$
.000014
.0474
.009664
.029945
.1809
$
000014
.0483
.009483
.029989
.1796
4.5308
4.5229
4.5420
4.5422
4.5479
.027261 .027044 .026439 .026772 .026633
.0567
.0583
.0580
.0574
.0578
A99010253 .00iss6e4$ sor661.0095 JAMMU .000041090956
.018500 .018450 .018278 .018472 .01869
.3927
.
.3931
.3928
.3934
.000056 .000056 .000056 .000055 .
000055
.0441
.0449
.0445
.0438
.0440
.1617
.1611
.1908
.1610
.1612
.0000041 .0000039 .0000039 .0000038 .0000036
.0425
.0422
.0409
.0416
.0412
.004544 .004692 .004714 .004669 .004644
.1343
.1348
.1347
.1335
.1335
.2657
.2659
.2654
.2(58
.2655
.1798
.1795
.1787
.1780
.
1776
.010760 .010755 .010743 .010765 .010883
.7225
.7213
.7073
.7317
.5233
.5111
.7250
.7204
.7063
.7308
.5239
.5111
.7254
.7208
.7072
.7313
.5247
.8118
.7263
.7217
.7073
.7321
.5246
.5120
.7258
.7213
.7080
.7317
.5252
.5118
.5108
.5108
.3045
.4850
.5317
.5108
.5125
.3051
4854
.5317
.6113
.5129
.3057
4850
.5321
.5138
.5104
3052
.4848
.5325
.5113
.5121
.3056
.4843
.5321
.975406
.998875
.486250
.972969
.975823
.998813
.486250
.973125
.976068 .976399
.998750 .998875
.486250 .486167
.973672 .974141
.976263
.998750
.486333
.973750
.7420
0970
1224
.7399
.7449
.0983
.1234
.7419
.7444
.0991
.1240
.7480
.7444
.0977
.1253
.7463
.7449
.0988
.1248
.7469
With regard to South American exchange,improvement was noted and Argentine rates recovered to 33
for checks and 333/i for cable transfers, then closed
at 32.90 and 33.00, against 32.65 and 32.75, while
Brazilian milreis, after touching 10.00, finished at
9.80 for checks and 9.85 for cable remittances, com
paring with 9.75 and 9.80 a week ago. Chilean exchange was also a shade firmer and finished at 12/,
against 12,40, but Peru was easier, closing at 4 05,
against 4 12 the previous quotation.
Far Eastern exchange was firm; that is, the Chinese
currencies, reflecting rumors of formation of a silver
export association to regulate the production and
marketing of that metal in this country. Japanese
yen are now being quoted nominally. Other exchanges on the Far East were not materially altered.
Hong Kong finished at 523/2©523 (unchanged);
%
Shanghai, 7131@,713/, against 703/@70%; Yoko2
2
hama,483/2@483 ; Manila, 49%@495 (unchanged);
A
%
Singapore,531 @,533/(unchanged); Bombay, W
I@
4
31 (unchanged), and Calcutta, 30%@,313, against
30%@31Y
i
.
The New York Clearing House banks in their
operations with interior banking institutions have
gained $4,763,071 net in cash as a result of the currency movements for the week ended Sept. 13.
Their receipts from the interior have aggregated
$5,846, 201, while the shipments have reached $1,083,130, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Into
Banks.
Banks' Interior movement
Old Of
Banks.
25.846,201
Week ending Sept. 13.
21.083.130 Gain 24,763,071
Odin Or LOSS
t•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 croditor at the
Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANE
AT CLEARING HOUSE.
Tuesday, Wednesd'y, Thursday, Friday,
Sept. 11. Sept. 12. Sept. 13. Sept. 14.
Saffirdn. Monday,
Sept. 8. Sept. 10.
Aggregate
for 11 ,ek.
,
55.000.000 63.000 000 51.000.000 68.000.000 61.000.000 67,000,000 Cr. 868,000,000
Nate,
-The foregoing heavy credits reflect the huge traVi of checks whlrh come
to the New York Reserve Pank 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 ity are represented in the
daily balances. The large volume of checks on institutions located outside of
New York are not accounted for in arriving at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
The following table indicates the amount of bullion in the principal European banks:
Sept. 13 1923.
Banks of
-1
I
Gold,
1
Silver.
I
Total.
I
I
Sept. 14 1922.
Gold.
1
2
21.1411
1127.648,2921127.42
2
England _ 127.648,2921
2
France_ a _ 146,952.627 11.760.000 158.712.627 143.354.741
Germany _ 29.355,200 63.475.400 32.830.600 50.111,480
Au9.-Hun. 10.944,000 2,369,000 13.313.000 10.944.000
Spain _ _ _ 101.032.000 26.218.000 127.650.000 100,935.000
.
Italy
35.623.000 3.022.01)0 38.645,000 34.598.000
866.000 49,349,000 50.496,000
Netherl'ds 48,483.000,
Nat. Beig. 10,789.000; 2.415.000 13.204.000 10.664.000
SwItzerl'd.
4.016,000 25.079.000 20.332,000
15,152,000 15,210.000,
2151;"1523:000"
Denmark
244
11.802.000 12.683.000
Norway
8.182.000 8,183.000
IOUS
Sitser.
.
i
Total.
2
1127,421,141
2
11.440.000154,794,741
1,009.050 51.120.530
2.369.000 13,313.000
26.018.000126.953,000
3,043.000 37.641,000
.
, .
1,748.000, 12.412.000
4,603,000; 24.935,000
15,210.000
280,000 12,913.000
I 8,183.000
Total week 566,872.1 19 54,785.4001621,657,519 584.932,362 51.190.050636,122,412
Prey. week 567.022.305 54.750.400621.772.705 584,973,994 5l,006.750635.980.744
a Gold holdings of the Bank of France this year are exclusive of 174.573.797 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 Reichabank 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 an 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.
Protecting the Small Investor.
How much is annually taken 'from the savings Of
credulous persons by schemes having barely a grain
of real substance or of honesty it is impossible to
know accurately, but the total waste in the last ten
years must mount up into hundreds of millions. Not
Fair
SEPT. 15 1923.]
THE CHRONICLE
1173
all journals are scrupulous and watchful as to their -safe") try to shield its depositors and to make new
advertising columns, and the fool-fisher has little ones by warning the public, and why should not emdifficulty in getting publicity, while the withholding ployers offer a kindly caution to their employees
of his mail by the postal fraud order cannot halt him about investigating carefully before parting with any
until he has had a considerable run; then he changes money? To impress this is a part of the educational
his name and takes a variant of his game. It is said campaign which should have especial emphasis.
that "sucker lists" are purchasable, and the person
This is well understood in the Stock Exchange,
who has been caught on one hook seems ready to be and its director of publicity says that one crook can
caught by another a little differently baited. "Surely ta.dermine the reputation of a community faster than
in vain the net is spread in the sight of any bird," a hundred honest dealers can build it up; by the
said the writer of the roll of Proverbs. In his day nesting of financial vultures in the Wall Street secthis may have been true, but it is not true now if the tion there have been enormous money losses, and
bird be featherless; the net is not seen, but only the (what is even worse) "Wall Street has lost a part of
bait. Whether that is the promise of a 10% monthly its most valuable business asset, good-will and condividend or modestly offers great value in return fidence in buyers." This is correct,for people
do not
for a quarter or a dime, the responses seem to never discriminate; the crooked dealer first gets some aid
end. The "Herald" is recounting a number of well- through the general credit of Wall Street and then
worn petty swindles, ranging from the handsome makes the Street share his own discredit when he
is
young widow of an affectionate disposition who seeks found out.
a husband down to the sharper who sends a postage
The Exchange is aroused to the necessity of atstamp in reply to a dollar inclosed for a fine steel tending to both public duty and self-protec
tion, as
engraving of Washington or the still more cute Mr. Cromwell
has repeatedly shown. It has its own
sharper who makes no response at all. It is an old plans, and
an illustration of them was given when an
story, and it seems to be endless in the re-telling.
Monday morning movie cameras came upon the premWhoever holds his eyes shut will encounter bumps,
ises and "took".everything in range, including the
and for those who believe everything told them by a
members "in action." The views obtained show the
.
stranger and never profit by even their own experimembers executing orders and also the workings of
ence there is no possible bulwark in statute; where
the much-talked-of tickers. The governing board is dethe instinct of self-preservation is lacking no extermined to have publicity,and this unprecedented picternal power can quite protect. Yet publicity is the
turing is meant to give the public everywhere ocular
only check upon the pestilent business, and it is also
evidence of how this place which many unsophistia recognized duty. Approximately a million is ancated deem a den of thieves looks and how its work is
nually expended by investment bankers, brokers
and done. The difference between a bucket shop and the
business men generally, according to a recent estigreatest of the necessary public trading marts where
mate by the "Times," in the work of protecting the
investment dealings are carried on and market
small investor, about $125,000 of this being contribprices are made and publishedwill thus be shown,so
uted by members of the Stock Exchange and other
far as the screen can show it.
financial concerns to the Better Business Bureau,
while a committee of the Associated Advertising
The Catastrophe in Japan—What1,We
Clubs spends about $300,000.
Ought to Learn from It.
The work is necessarily educational, through pubSo much has been written about the effect of the
licity. Firms which become members of the Bureau
earthquake, fire and tidal wave, on the future comare entitled to an "information" service without
merce and finance of the Empire of Japan that the
other charge than their regular membership subcalamity has been magnified, we think, many times,
scriptions, and a like advisory service is
available in this phase. We must not try to minimize the effect
to small investors through savings banks and merof these losses upon the lives of the people. They are
cantile houses. The Bureau's motto, "before you
sore and grievous. The property but not the life can
invest investigate," puts into four words that are
be replaced. Yet not a few cities to-day are enjoying
full of meaning and readily fasten themselves in
a better life and a brisker trade because of conflagramemory the real pith of the cautionary teaching, for
tions—harsh as the statement may seem. Japan is
the person who believes without a question the tale
not destroyed, and will come again—no doubt
sent him and sends his money without pausing to
soothed because of the sympathy hurried to her in her
make any sort of inquiry is the kind of victim sought misfortune
from many parts of the world. The old
and the kind of victim caught.
familiar saying of "Phoenix-like from her ashes" will
An important part of educational work is to obsoon apply to this great loss.
tain the aid of institutions and persons that could
The genius which has so advanced this people in
never become direct sufferers by this robbery. The
the last half century will not fail her in this new
savings bank, the commercial bank, the prosperous
crisis, and enable her to meet the situation heroically
merchant, the educated professional man—these are
and with industry and ability. But as we speculate
not likely to be victimized, but they have a duty toupon this feature of the story, and while deep symwards and a personal interest in the thousands who
pathy everywhere runs across seas with material
are less able to guard their own savings. For the
help, and,finer still, a spiritual good-will, we wonder
whole community is interested in saving and in savif it is wisdom to attempt anew to build these cities
ings; this swindling undermines confidence, discourupon the ruins of the old, granting that there are
ages thrift, and by wasting what might otherwise be
less exposed sites upon which the reconstruction
expended profitably is a plain injury to all legitimight take place. And is there not a lesson to all
mate business. In helping to shield others, business
mankind in this when linked up with war-waste?
men generally can help themselves.. Why should not
There was a time when cynics said earthquakes,.
the bank (for almost without exception, unless
plagues and wars were blessings in disguise--that
among the most ignorant, a bank is considered
they depopulated the earth and made place for on
1174
THE CHRONICLE
coming generations that otherwise would have to
_work harder and even fight for existence. But we do
mot say this now. We may murmur at the ways of
Providence that we do not understand—but we know
;that the earth has been pre-empted in a haphazard
-way, that population has distributed itself in a
rthoughtless manner, and that we already know what
-world-crowding means. Immigration and emigration in this light become vastly greater factors in
-world-economics than "union labor," for example,
-would have us believe by excluding all foreign competition.
If Tokio and Yokohama are rebuilt will it not be
because of dire necessity for land upon which to live
and work? The question seems idle though it is not.
Once there was an outcry from a certain voice in
California over what was called "a conspiracy of sillence" to keep the world in ignorance of earthquakes.
It was advocated that the Government should make a
survey, locate the "faults" and publish the result.
What good would this do, was the answer, while
cities are already built over them? Here is the
thought that awakens: passing this by—since war is
more destructive than fire and flood—ought not economics and commerce, looking to the future, try to
prevent it—that civilization may live.on?
As we reflect upon the terrors of this fearful visitation, as we realize that the heart of humanity
melts into sympathy over the awful suffering that
falls upon the innocent, the "inscrutable ways" are
beyond our poor comprehension. But surely, since
man is so powerless in the midst of earth's unfeeling
elements, we must know that the divine law of love
and labor requires that we conserve the spiritual results which follow the generations that come and go;
and that we live kindly and wisely, avoiding the physical dangers that beset us, and cleaving fast to the
powers that transcend the material, spending ourselves in commerce and culture, that none shall die
or suffer through selfishness, or greed, or hate.
Vast as is the field of speculation that opens before
the mind, we can anchor our faith only in the infinitude of Purpose—that somehow,somewhere, there is
compensation and recompense to those who live
within and by the superior law. If we can banish the
evils we create for ourselves then may we not accept
that wholesome religion conveyed in the thought "I
accept"? For these forces that sometimes destroy
are the ones that continuously preserve. In the inventive field in which we use them to multiply our
happiness they become our willing servants. And
man has adventured far, accomplished much, yet
finds so much more to do that all his energies seem
but paltry things, however presently potential. Perhaps it is too big a task to talk of a more orderly distribution of population, of a more mutual opening
of safe and fertile lands, yet much can be done when
peoples and Governments formulate constructive
policies of good-will.
One generation oould provide a single language for
European States—that would bring better understanding and lessen the probabilities of war. All
countries could more freely interchange products
and let commerce be the binding tie through which
all might build a higher spiritual existence. In the
long lapse of time disasters such as has just come to
Japan constitute little bar to progress compared to
war. And it is a poor philosophy that blames God
for earthquake and flood and invokes death, poison
and pestilence for selfishness and hate. Atoms that
[vole. 117.
we are, how much more we know than we employ in
conserving helpfulness! True, these thoughts are
remote, seem callous, in the presence of immediate.
duties so generously and courageously undertaken
under the supervision of the Red Cross, but they may
be indulged in without harm if the relief work be not
neglected.
One more circumstance may be reflected upon—if
the "humane" overleaps all racial differences in the
face of catastrophe, may not an peoples cultivate tolerance and good-will without ultra-altruism, without
sacrifice of position, power, or prestige, without obliterating the pride of accomplishment, without
yielding to others for no good reason at all the lands,
democracy and government, already rightfully possessed? If we are to have peace in the world, the
time will come when world-crowding must be resolved by philosophic contemplation and scientific
control. That time approaches—is even now here.
Man is given infinite natural resources and forces as
his to command and use. He must have individual
title to that Which he utilizes and partially creates.
To acquisition, innate, he is given the propensity to
trade. The former should not prevent reasonable
liberty of life and movement. The latter, rightly
used, equalizes many differences in the former not
otherwise removable.
Secretary Hughes and the Monroe Doctrine.
The fact that so important a public officer as Secretary Hughes, addressing so influential a body an
the American Bar Association, should make the Monroe Doctrine his theme is significant. It may be
assumed that in his selecting it in preference to any
one of the great questions which are occupying the
public mind he recognizes its significance in the actual situation occasioned by it to-day.
That situation may be described as a condition of
disturbing sensitiveness in the Central and South
American States, which very definitely affects their
intercourse with us; and, on the•other hand, a surprised and incredulous state of mind on our part, in
view of our highly sentimental and firmly he'd adhesion to the historic Doctrine. The task of interpreting and adjusting these opposing conditions is the
problem before the nation. The similar position of
both North and South America with reference to the
rest of the world, the duties and the dangers, and the
rapidly growing importance of both sections, make
oneness of sentiment as well as of conduct highly
desirable.
The first step toward adjustment is to state the
facts. It is just a hundred years since President
Monroe in his annual message of Dec. 2 1823 made
his famous declaration. Following Waterloo the
matter of alliance among the great nations was under constant iscussion. Many treaties were made
and more suggested until the Congress of Verona in
1822, of which the immediate purpose was the arrest
of the spread of republicanism P. Europe by the subduing and return to Spain of her American colonies.*
England was disturbed by that Congress, from which
she had withdrawn. Lord Castlereigh took up the
matter; it was widely discussed in America; Canning, having Castlereigh's draft in hand, opened
communication with Dr. Rush, the American Minister, who reported to President Monroe. Monroe
conferred among others with ex-Presidents Madison
Foreign Policy,"
The story is told in detail in "The Cambridge History of
Vol. II, 1815-66, just issued by Macmillan.
SHPT. 15 1923.]
THE CHRONICLE
and John Quincy Adams, and the latter seems to
have made the last draft of the action which was
proposed and finally given expression by the President.
The object was primarily self-protection, both of
England and America, against what at any time
might become hostile combinations. The declaration
that any attempt of a European nation to assume
possession of American territory would be regarded
as a hostile act by the United States was not a "doctrine"; it was not announced as the result of a
study of principles or intended for teaching. Mr.
Hughes speaks of it rightly as a "policy." The Covenant of the League of Nations, Article XXI, terms it
a "regional understanding," and,in fact, that is what
it was intended to announce. It never was presented
to other nations for formal acceptance and indeed
it was never so passed upon by us. When a few years
ago a ponderous volume was published in Berlin
calling attention to this fact and ridiculing the declaration as unworthy of attention in the Chancelleries of Europe, it received no notice here.
Mr. Hughes truthfully says "the Monroe Doctrine
is not a policy of aggression; it is a policy of selfdefense. It was asserted at a time when the danger
of foreign aggression in this hemisphere was very
real, when the new American States had not yet established a firm basis of independent national life,
and we were menaced by threats of Old World powers directed against republican institutions. It remains an assertion of the principle of national security. As such it is obviously not exclusive." He
quotes President Wilson as having observed, "the
Monroe Doctrine was proclaimed by the United
States on her own authority. It has been maintained
and always will be maintained upon her own responsibility." He adds: "This implies neither suspicion
nor estrangement. It simply means that the United
States is asserting a separate national right of selfdefense, and that in the exercise of this right it must
have an unhampered discretion."
While the Secretary's statement that "the achievements of the century have not altered the scope of
the Doctrine" is a trifle broad, it was inevitable that
unforeseen occurrences would arise which would demand its application in ways that would require adjustment, and in fact "corollaries" have developed,
which are now attached. These began under President Polk, declaring that even "peaceful acquisition
of American territory by European Powers" would
be opposed; and, later, that the same view would be
held of transfer of territory between adjacent States;
and, still more recently, the same was said of various
tentative applications of the Doctrine in questions of
"paramount interest," from the Venezuela case and
the controversy over the Canal, to that over various
island and Magdalena Bay.
But Mr. Hughes's declaration will stand that "The
policy of the Monroe Doctrine does not infringe upon
the kldependence and sovereignty of other American
States; nor does it imply a claim on our part to superintend the affairs of our sister republics, to assert
an overlordship, or to make our power the test of
right in this hemisphere." When, reviewing later
proceedings in relation to the Doctrine, he says, they
"simply indicate that new occasions require new
applications of an old principle which remains completely effective," he may be regarded as reaching the
point where the misunderstandings which he elsewhere recognizes have arisen.
1175
This brings us to the crux of the situation to-day.
We have in an earlier article referred to the unfortunate but very definite change of feeling in recent
times in South America toward the United States.
It is publicly expressed in many inexact provocative
statements in regard to our action, and that in cases
where the facts.were already well known or were
easily ascertainable. But there are times and conditions in which when strong feeling is involved correction of misunderstanding is well-nigh impossible.
Where good-will and common interests exist, it is
important to avoid appearance of evil and to give
every opportunity for establishing respect and confidence. This is pre-eminently the hour for that. As
the old Puritan said: "When two traveling the same
road fall out, they may journey far together if they
will keep off hard words."
The Government may be counted upon to do its
best to make its good-will convincing. The animadversion, especially in Buenos Aires, arising from the
presence of some of our naval officers in Rio Janeiro
aiding Brazil in the reorganization of her navy, was
due to an entire misconception. They were there by
special request of that Government for a particular
duty, and they left when that was accomplished. The
statements in regard to our relations to the Santiago
Conference were also mistaken. The Oonference was
not our suggestion, nor did we take any steps toward
its possible control. Similar things may be said of
almost every other alleged grievance.
It may be hoped that our final recognition of
Mexico, now happily completed, will relieve President Obregon from his "anxiety, that, if his country
should yield to the economic pressure of her northern
neighbor, which has already overwhelmed Central
America and the West Indies, the doom of the countries farther south will be at hand." That, we trust,
he will now be able to dismiss as a discredited spectre. So far as the Administration is concerned entire
confidence may be placed in Mr. Hughes's affirmations. It will interpret the Monroe Doctrine only as
affording "the necessary foundation for Pan-American co-operation in the independence and security of
American States."
It remains for the American people to keep so well
informed as to insure that Congress will know the
solidity of their purpose to have the desired end
achieved and to avoid every public action or utterance which may prove a stumbling block or hindrance. Our business men have the ever-present task
of cultivating right understanding and the early establishing of methods of commercial intercourse
which are appreciative of local customs and needs.
The bond between the States and the peoples of both
sections will then be surely such as to make all alike
proud of being American.
Railroad Gross and Net Earnings
For July.
The earnings of United States railroads treated
as a whole continue to show substantial improvement
as compared with a year ago, both in gross and net
results, and in that sense make a satisfactory exhibit.
But any review of the figures would be superficial
that did not make note of the fact that the improvement is far less general and far less pronounced than
it was only a few months back, when it was supposed
that the.steam carriers after their long travail had
at length turned the corner and that a new and very
much brighter era was opening up before them.
1176
Careful analysis discloses much smaller gains, even
for the roads collectively, especially in the matter
of net, than seemed definitely a ured last May, while
not a few roads and groups of roads form exceptions
to the rule of improvement, and instead of recording
increases in the net actually register losses. In other
words, there are some roads and some sections of
the country which .re doing quite'poorly in the face
of the general improvement. And, as it happens, the
companies and systems whose net revenues are
shrinking at a time when the carriers, as a whole, are
supposed to be enjoying unwonted prosperity, are the
very ones that are being besieged with clamor from
the communities they serve for reduced transportation charges. We allude particul rly to the transcontinental systems running through the grain-carrying districts of the Northwest, though in addition
some of the Southwestern systems find themselves in
a similar predicament.
Generally_ speaking a sharp distinction must be
made between the roads east of the Mississippi River
and those west of the Mississippi. And the distinction seems logical and neural, considering the differing circumstances existing in these great geographical divisions of the country. No group of
roads can be prosperous unless the people in the territory which it serves and drains are also prosperous. And the situation is that the roads west of the
Mississippi River serve almost exclusively farming
communities, and the farmer has been badly hit by
the great shrinkage which has occurred in the prices
of agricultural products at a time when there has
been no corresponding shrinkage in commodity
prices. He therefore finds himself with his purchasing power greatly curtailed, and the things he needs
largely beyond his means. Western roads in their
traffic and revenues naturally suffer by reason of
this unfortunate situation of the communities upon
which they are dependent. The matter is made worse
by the fact that the main items in their operating
costs, namely labor and fuel, are maintained at high
levels, precluding the cutting down of expenses that
might otherwise be possible. On the other hand,east
of the Mississippi River, both north and south of the
Ohio, extraordinarily favorable trade and business
conditions exist which naturally redound to the advantage of the rail carriers within the respective
geographical groups. The States east of the Mississippi and north of the Ohio comprise the great manufacturing districts of the country in which unparalleled activity has prevailed for some time so that the
railroads are in enjoyment of the largest volume of
traffic they have had in their entire history. Some of
the dominant systems in this territory are as a consequence seeing their earnings swell in such a way as
to suggest that they may become veritable gold mines
should present tonnage be continued indefinitely,
which, of course, it will not be. South of the Ohio
River the advantages are not so striking or so pronounced, but that part of the country is also greatly
favored at the moment, two main circumstances contributing to that end, namely (1) the high price prevailing for cotton, the money crop of the South, putting the Southern farmer in totally different position
from that occupied by the Western farmer, and (2)
the activity and prosperity of the iron trade which
has been working wonders in the Southern iron districts of Alabama,Tennessee and adjoining territory.
Our compilations to-day cover the month of July.
Dealing first with the general totals we find in the
[VOL. 117.
THE CHRONTCLE
gross earnings an increase of $91,678,979, or 20.70%,
but in the net an increase of only $18,392,282, or
17.92%. This is better than the showing for the
month of June, when gross increased only $66,903,501, or 14.14%, and net increased $14,427,896, or
13.16%, but contrasts unfavorably with the results
for the month of May, when our tables showed $97,510,054 gain in gross, or 21.77%, and $32,573,715
gain in net, or 34.79%, and with the figures for April
which showed $105,578,442 gain in gross, or 25.39%,
and $38,240,343 gain in net, or 47.56%. The following is the July comparison:
Month of July (192 roads)
1923.
Mlles of road
235,477
Gross earnings
$534,634,552
Operating expenses
413,589,777
Net earnings
3121,044,775
(+)
1922.
Inc.
or Dec. (—)
235,813
—336 0.14%
3442,955,873 +391.678.679 20.70%
340,303,380
+73,286,397 21.53%
3102,652,493 +318,392,282 17.92%
One other circumstance tends still further to minimize the importance of the July gains as here shown.
We refer to the fact that we are comparing with poor
results last year which was not the case in the
months preceding. Our tabulations for July 1922
actually showed a decrease of $19,960,589 in the
gross, though in the net at that time there was a
small increase, namely $1,964,485, or 1.95%. The
reason for the poor showing last year was that the
strike at the unionized coal mines of the country,
which had been such a disturbing factor in the
months preceding, not only continued, but that its
adverse effects were greatly emphasized by the fact
that on July 1 the railroad shopmen also went on
strike and that this led to acts of violence on the
part of the men who quit work,or their sympathizers,
to prevent others from taking the abandoned jobs,
with the result of interrupting railroad operations
and in some instances even preventing the movement
of coal from the non-union mines. It should not be
forgotten, either, that it was on July 1 last year that
the 10% horizontal reduction in freight rates promulgated by the Inter-State Commerce Commission
went into effect. There was at the same time a reduction of about 7@8% in the wages of the shop
crafts employees and the maintenance of way men,
but any benefits that might have accrued from this
was, of course, vitiated by the shopmen's strike,
which increased expenses rather than decreased
them. The previous year there had been a reduction
in wages of 12% effective July 1 1921, but this in
turn followed 20% increase in wages put in effect by
the Labor Board on July 1 1920 immediately after
its advent to power.
Not only does this year's gain of $91,678,679 in
gross earnings follow $19,960,589 loss in July last
year, but this latter in turn followed an antecedent
loss of no less than $66,407,116 in July 1921, as compared with July 1920. On the other hand, however,
the loss in 1921 was attended by a prodigious saving
in expenses, with the result of bringing a gain of
$84,615,721 in the net at that time. The contraction
in expenses amounted to no less than *151,022,837,
and while due in part to the shrinkage in the volume
of traffic owing to the intense business depression
prevailing, it was in no small degree the outgrowth
of dire necessity, the railroads being obliged to Vractice the utmost saving and economy to avert bankruptcy after the enormous additions to expenses
forced upon them in the years preceding during the
period of Government control. The truth is, prior
to 1921 expenses had been mounting up in such a prodigious way that in 1920 net earnings had got down
to a point where some of the best managed proper-
SEPT. 15 1923.]
THE CITRONTCLE
ties
were llarely able to meet ordinary running expenses, not to mention taxes and fixed charges. And
it was these inflated expense accounts that furnished
the basis for the savings and economies effected in
1921 and 1022. As an indication of how expenses
kept rising in 1920 and prior years, we.may note that
in July 1920, though our tables showed $65,975,059
gain in gross, they registered $69,121,669 decrease
in net, while in July 1919 there was a falling off in
both gross and net—$14,658,220 in the former and
$55,352,408 in the latter. In the following we furnish the July comparisons back to 1906. For 1910,
1909 and 1908 we use the Inter-State Commerce Commission's totals, since in those years they included
all the minor roads and were more comprehensive
than our own figures, but for preceding years (before the Commerce Commission began to require returns) we give the results just as registered by our
own tables each year—a portion of the railroad mileage of the country being then always unrepresented
in the totals owing to the refusal of some of the roads
in those days to furnish monthly figures for publication.
Gross Earnings.
Earnings,
1 Year Net Year
Year I
Year Preceding. 'Inc.(+)cr, Given. Preceding. (+)or
Given.
Dec.(—).
Dec.
July. 129,386.440 114.556.367 +14,380,073 42,808,250 36.718.416
$ISIS
$
1906 137.212,522
1907 -- 195,246,134 118,666.092 +18.546,430 41,891,837 75.679,805 +6.089,834
39,448.771 +2.443.066
1908 --- 219,964,739 228.672.250-33.426.110 67.194,321 67.267.352 —8,485.484
195.245.655 +24,719,084 73,157,547
1909 --- 230,615,776 217.803.354 +12.812.422 78.350,772 77.643.305 +11,083.420
-_
1910 ___ 224,751,083226,306,735 —1,555,652 72,423,469 72,392.058 —4,485,758
1911
+31,411
1912 ___ 235,849.764223.813,528+12.036,238 79.427,565 70.536.977 +8.890.588
1913 ___ 245,595.532222.587.872 +23.007,660 64.354,370 67.620,157 —3,265,787
1914 ___ 262,948,115260,624,000 —9.571,763 87,684.985 77,833,745 —998,911
___ 252,231,248261,803,011 +2,324,115 75,349.466 76.358,377
1915 -- 08,040,701263.944,649+44.096.142
___
+9.851.240
1916 ___
1917.-- 53,219,982306.891,9571+46.328.02 108.709.496 88.421.559 +20.287,937
469,246,733_ 117661315 44.348,682109.882,551 +3,130.597
11,424.542108,293,945
1918 33.684,172346.022,857 +14,658,22
+34,466,131
1919__ 467.351,544401,376,485+65,975,059 96,727,014152,079.422—55,352,408
1920 —_ 454,588,513
18,827,733 , ,
_ 460,989,697527,396,813-66,407,116 99,807,935 15,192.214 +84,615.721
1921 ____ 442,736.397 62,696.986-19,960.589102,258,414100.293.929—69,121,669
1922
+1,934.485
1923 _ _ 534.634,552442,955,873+91.678,079121.044.775 102,652,493 +18,392,282
Note.—In 1906
82;in 1908 1911,the number of roads included for the month of July was 90;In 1907,
238,169; inthe returns wereIn 1912, 230,712;miles of road;In 1909,234,500;in 1910,
230.076; based on 231,836 In 1913. 206,084: In In 1919,
1915,243.042; In 1916, 244,249; in 1917. 245,699;In 1918,231,700:1914, 235.407; in
In 1920, 220,459; in 1921, 230,991: in 1922, 235,082; in 1923. 235,477. 226,6154
Year.
From what has been said it will be seen that even
as far as the general totals are concerned the significance of this year's July improvement is greatly
diminished by reason of the antecedent heavy losses
in the years preceding. Pursuing our analysis a step
further and arranging the roads in'groups or geographical divisions, according to their location, we
immediately light upon the distinction in the character of the results between roads east of the Mississippi and those west of that river. In the gross there
is improvement as compared with last year in the
case of everyone of the geographical divisions, but
the ratio for the groups east of the Mississippi is
over twice that of the roads west of the river. Thus
for Group 2, comprising the roads in the Eastern
and Middle States, the gain in gross is 34.61%, for
Group 3, made up of the roads in the Middle Western States, it is 27.98%, and for'Groups 4 and 5, composed of Southern roads,,it is 21.70%, while in the
case of the Northwestern Group, the Southwestern
Group and the Pacific Group the ratio in no instance
is much above 10% and in one instance is slightly
below 10%. In like manner when we turn to the net
we find very heavy ratios of increase for the roads
east of the Mississippi except in the case of the New
England Group, but actual losses in net for the
Northwestern Groups and also losses for the Southwestern Groups—the first mentioned having fallen
behind in the net $6,041,768, or 20.60%, and the last
mentioned $3,307,598, or 17.35%. It is not at all singular that there should be large improvement in the
1177
net of the Eastern roads, since these roads suffered
so severely last year by reason of the coal miners'
strike, some of them at that time having failed to
earn bare operating expenses. The following is our
summary by groups:
SUMMARY BY GROUPS.
Gross Earnings 1+)or Dec.(—).
1922. Inc.
1923.
Section or Group.
July—5;
1 (9 roads). East Middle_ 23.174,348 20,605.572 +2,568.776 12.47
Group 2(34roads) New England_ 180,976.385 134,448.834 +46,527,551 34.61
Group (26 roads), Middle West.. 48,284,369 37.729,233 +10.555.136 27.98
Group 34& 5(34 roads),Southern 69,969.339 57,495.568 +12,473,771 21.70
Groups
9.93
Groups6& 7(29 roads), Northw_ 107,477.665 68.240.505 +9.716,977 10.47
Groups10(12roads),Pacific Coast 29,369,253 97,760,688 +2,693.780 10.10
Group 8& 9(48 roads), Southw_ 75,383.193 26,675,473 +7,142.688
Total (192 roads)
534,634,552 442,955.873 +91,678.679 20.70
Net Inc.1-1-)
—Miles
- 1923.
1922.Earnings $ or Dec.(—).
1023
192,.
$
7.472 7,480 4,377.503 4.207,441 +170.062 4.04
1
Group 2
34.531 34.635 41,278,394 19,764,914 +21.513,480108.85
Group 3
15,774 15,736 13,506.545 9.200,271 +4.306.274 13.19
Group 4 & 5
39,061 39.016 14,825.241 13,097,664 +1,727.577 46.80
Groups6 & 7
66,977 66,860 23,285.339 29,327,107 —6.041.768 20.60
Groups 8& 9
54,732 55,250 15,754,679 19,062.277 —3,307.598 17.35
Groups
16,930 16,836 8,017.074 7,992.819 +24.255 0.30
Group 10
235,477 235,813 121.044,775 102,652,493 +18,392,282 17.92
Total
NOTE —Group I includes all of the New England States.
Group II. Includes all of also all of and Pennsylvania except that portion west
and Buffalo, New York New Jersey,
of Pittsburghnorthern portion of West Virginia. Delaware and Maryland, and
the extreme
Group III. Includes all of of New Indiana, Pennsylvania except the northern
peninsula, and that portionOhio and York andall of Michiganwest of Buffalo and
Pittsburgh.
States south of the Ohio and
Groups IV. and V. combined
east of the Mississippi River. include the Southern
Groups VI. and VII. combined include the of South Dakota of Michigan, all of
Iowa and Illinois, all
Minnesota, Wisconsin.St. Louis and Kansasnorthern peninsulaand North Dakota
and Missouri north of
of a lineall of Montana. Wyoming
and Nebraska, together with Colorado northCity, also parallel to the State line
Denver.
passing through and IX. combined
include Kansas, Oklahoma. Arkansas and
Groups VIII.
Indian Territory, Missouri south of St. all ofand Kansas City, Colorado south
whole of running from bulknorthwest corner that State of New
of
of Denver, theof a line Texas and the theLouisLouisiana, andof theportion through
Mexico and
a running from Santa Fe to El
Santa Fenorth east of allline Washington, Oregon, Idaho, Paso. Nevada, Utah
California,
Group V. includes of
and Arizona, and the western part of New Mexico.
In the case of the separate roads the distinction
already referred to also finds very strong emphasis.
For while there is a long list of increases in the gross,
some for very heavy amounts, with only two or three
roads forming exceptions to the rule by showing decreases of any size, on the other hand not an insignificant number of roads have suffered decreases in net.
Moreover, these decreases in net are found mainly on
roads west of the Mississippi River, although there
are also a few Eastern roads that fall within the
sase category. Thus the Burlington & Quincy reports for the month $1,654,738 loss in net; the Chicago & North Western $1,494,794 loss; the Atchison
$1,304,161 loss; the Northern Paeific $1,297,087; the
Rock Island $994,931; the Denver & Rio Grande
$944,301; the Milwauke & St. Paul $709,638; the
Union Pacific $500,963; the "Soo" $495,835, the St.
Paul & Omaha $438,400, etc., etc. In sharp contrast
with these losses on Western roads Eastern roads
report very striking gains in the net—in most cases,
however, following heavy losses last year. This is
particularly true of the anthracite coal carriers,
whose present gains represent mostly recovery of
what was lost last year when the movement of anthracite was absnlutely nil, though on the other
hand both the Erie and the Reading report increases
in net which run far in excess of last year's losses.
As far as concerns those two great trunk line systems, namely the Pennsylvania and the New York
Central, the Central reports $6,664,289 addition to
gross and $4,390,556 addition to net. This is for the
Central itself. Including the various auxiliary and
controlled roads we get $11,402,517 gain in gross and
$6,939,452 gain in net. East year in July the result
for the New York Central System had been $1,885,150 gain in gross, but $724,127 loss in net. The
Pennsylvania Railroad the present year on the lines
directly operated reports $13,392,995 gain in gross
and $4,999,146 gain in net, and for the whole Pennsylvania System $13,649,120 gain in gross and $4,915,.
1178
851 gain in net. Last year the Pennsylvania System
in July showed $108,344 gain in gross with $1,672,730
loss in net. In the following we show all changes
for the separate roads for amounts in excess of $100,000, whether increases or decreases, and in both gross
and net:
PRINCIPAL CHANGES IN GROSS EARNINGS FOR JULY.
Increase.
Increase.
a$13.392.995 Monongahela
$362,258
Pennsylvania
7,544,783 Mo-Kansas-Texas (2)_....
356.322
Baltimore & Ohio
66,664,289 Central RR of Georgia__
353.112
New York Central
333.339
Philadelphia & Reading_ 3.506.064 St L Southwestern (2)-3,210,367 Central New England_ __
322.753
Erie (3)
2,471,816 Lehigh & New England_ 321,609
Southern Pacific (8)
2.463,223 New Orleans Northeast..
273,078
Chesapeake & Ohio
2.362.800 Kansas City Southern_
263.671
Lehigh Valley
2,293,617 Yazoo & Miss Valley___
255,561
Southern Railway
252,324
Delaware & Hudson_ _ -- 2,142,242 Long Island
244,482
Delaware Lack & West.. 2,080,957 Maine Central
230,353
Pittsburgh & Lake Erie.. 2,061.491 Denver & Salt Lake_ _ _
226.256
Louisville & Nashville- 1,737.993 Montour
1.720.496 Chicago Ind & Louisv__
221.251
Missouri Pacific
1.487,321 Mobile & Ohio
220,282
Central RR of N 3
199,814
Atch Top & S Fe (3).... 1,483,736 Intern & Gt North
1,407,292 New 011 Tex & Mex (3).
197,551
Union Pacific (4)
1,361,379 Cincinnati Northern_-_
193,967
C C 0 & St Louis
Chic Minv & St Paul
1,190,729 Western Pacific
192.043
Illinois Central
1,158.099 Chicago Great Western__
170.057
N Y N H & Hartford
1,125.129 Buffalo & Susquehanna_
161,473
149,016
Chicago & Northwest.... 1,075409 Texas & Pacific
Buff Rochester & Pittsb- 1,002.113 Grand Trunk Western
143,892
Great Northern
138,532
998,535 Caro Clinchfield & Ohio_
Michigan Central
988,162 Lehigh & Hudson River_
134.421
Duluth Miasabe & Nor974,531 Central Vermont
133.502
Norfolk & Western
133,229
968,792 Indiana Harbor Belt.. _ _ _
Bessemer & Lake Erie...
131,980
944,693 Gulf Mobile & Northern_
Boston & Maine
883,014 Belt Ry of Chicago
124,762
Cin N 0 & Texas PsFific
811.498 Port Reading
121.036
Hocking Valley
786,540 Nashv Chatt & St Louis_
116,665
Chicago & Alton
784,079 Northern Pacific
112,124
Wabash
783.035 Det Toledo & Ironton__
106,688
Chicago Burl & Quincy
760,479 Det & Toledo Shore Line
105,842
Western Maryland
105,227
753,483 St L Merch Bridge Term
Pere Marquette
725,956 Rich Fred & Potomac104,170
Elgin Joliet & Eastern
690,200 Monongahela Connect__
103,444
Wheeling & Lake Erie671,562 K 0 Mex & Orient
100,624
Chic Rock I & Pac (2)645.545
Atlantic Coast Line.--628,548
Representing 107 roads
NY Chicago & St Louis..
in our compilation-489,792,832
555,650
N Y Ontario & Western..
519.641
St Louts San Fran (3)......
Decrease.
482,658
Seaboard Air Line
475,802 Duluth & Iron Range...... 8183.5
48
Virginian
149,677
415.124 Chic St P Minn & Omaha
Chicago & Eastern Ill.._
405,983
Alabama Gt Southern
401,564
Representing 2 roads
Los Angeles & Salt Lake
$333,222
in our compilation__
378,308
Note.
-All the figures in the above are on the basis of the returns filed
with the Inter-State Commerce Commission. Where, however, these
returns do not show the total for any system, we have combined the
separate returns so as to make the results conform as nearly as possible to
those given in the statements furnished by the companies themselves.
a This is the result for the Pennsylvania RR. (including the former
Pennsylvania Company, Pittsburgh Cincinnati Chicago & St. Louis and
Grand Rapids & Indiana), the Pennsylvania RR. reporting $13,392,995
Increase. For the entire Pennsylvania System, including all roads owned
and controlled, the result is an increase in gross of $13,649,120.
b These figures cover merely the operations of the New York Central
itself. Including the various auxiliary and controlled roads, like the
Michigan Central. the "Big Four," &c., the whole going to form the
New York Central System, the result is a gain of $11,402,517.
PRINCIPAL CHANGES IN NET EARNINGS FOR JULY.
Increase.
Increase.
$123,13
a$4,999.146 Montour
Pennsylvania
116,15n
New York Central
64,390,556 Cincinnati Northern..
105,84
Baltimore & Ohio
2,585,082 Denver & Salt Lake........
Erie (3)
2,212.955
Philadelphia & Reading- 2.15 ,370
Representing 50 roads
9
Delaware Lack & West- 1.307.709
in our compilation--$30,937.58
Pittsburgh & Lake Erie.. 1,206,301
Decrease.
Delaware & Hudson.._
1,052.542
Southern
893,167 Chicago Burl & Quincy_ - $1,654,738
Central RR of N J
781,758 Chicago & North western 1,494,794
Duluth Missabe & Nor.
779,288 Atch Top & Santa Fe (3) 1,304,161
1,297,087
Lehigh Valley
745,902 Northern Pacific
994,931
Southern Pacific (8)
705,900 Chicago R I & Pac (2)
Michigan Central
944.301
670,391 Denver & Rio Grande....
N Y N H & Hartford
709.638
618.746 Chicago Milw & St Paul..
500,963
C C C & St Louis
610,341 Union Pacific (4)
495,835
Bessemer & Lake Erie....
545,77! Minn St Paul & 5 5M
438,409
Chicago & Alton__
467,734 Chic St P Minn & Omaha
431.170
Louisville & Nashville-409,453 Atlantic Coast Line
398,263
Alabama Gt Southern_ 293,598 Norfolk & Western
316.046
Chesapeake & Ohio
293,150 Colorado Southern (4)....
309,282
Cin N 0 & Texas Paficic . 285,718 Boston & Maine
302,796
282,788 Minn & St Louts
Hocking Valley
296,499
280.827 Missouri Pacific
Buff Rochester & Pittsb222.764
214,416 Duluth & Iron Range
Central New England
208.014
208.206 Nashv Chatt & St LouisDet Toledo & Ironton
197,914
202.913 Chicago Great Western_
Lehigh & New England178,954
186.423 El Paso & So West
Western Maryland
149,249
177.365 Illinois Central
New Orleans & Northeast
146.271
171,095 Mo-Kansas-Texas (2)......
N Y Ontario & Western..
142,822
162,910 Atlantic & St Lawrence..
Monongahela
120.068
148,626 Union RR of Pa
Yazoo & Miss Valley_ -105.048
142,583 Great Northern
Wheeling & Lake Erie
139,558
Elgin Joliet & Eastern._
133,028
N 0 Texas & Mexico (3)
Representing 35 roads
in our compliation....$13,360,017
130,140
Seaboard Air Line
a This is the result for the Pennsylvania ER. (including the former
Company. Pittsburgh Cincinnati Chicago & St. Louis and
Pennsylvania
Grand Rapids & Indiana), the Pennsylvania RR. reporting $4,999,146
increase. For the entire Pennsylvania System, including all roads owned
and controlled, the result is anlacrease in net of $4,915.851.
b These figures merely coveesille operations of the New York Central
Itself. Including the various autiliary and controlled roads, like the Michi.
gan Central, the "Big Four," &c., the result is an increase of 86,939,452
Besides the other drawbacks enumerated, Western
roads had to contend with a diminished grain traffic
the present year. For the four weeks ending July 28
the receipts of wheat at the Western primary markets were only 28,740,000 bushels, as against 35,617,000 bushels in the corresponding four weeks last
year, and the receipts of corn only 15,450,000 bushelse against 22,939,000 bushels. Adding oats, barley
and rye, the receipts of the five cereals combined foot
up only 60,506,000 bushels for the four weeks of 1923,
[Vox,. 117.
THE CHRONTOLE
as against 76,647,000 bushels for the four weeks of
1922. The details of the Western grain movement in
our usual form are set out in the table we now introduce:
WESTERN FLOUR AND
Four weeks
ending
Flour.
Wheat.
Corn.
July 28.
(bbla.)
(bush.)
(bush.)
Chicago
1923 _ 406,000 5,913,000 5,502,000
1922 ___ 750,000 8,047,000 11,362,000
Milwaukee
1923
175,000
266,000 1,238.000
1922 _ 223,000
54,000 1,217,000
St. Louts
1923 ___ 343,000 4,892,000 2,324.000
1922 -__ 328,000 3,772,000 2,745,000
Toledo
1923......
326,000
162,000
1922......
861,000
119,000
Detroit
1923 ___
56.000
41,000
1922 _
143,000
52,000
Peoria
1922.... 125,000
192,000 1,208,000
1923
100,000
794,000
689,000
Duluth
1923 ___
3,049.000
138.000
1922 _
2,193,000 1,472,000
Minneapolis
4,616,000
1923 465,000
5,162,000
1922 775,000
Kansas Car
1923
6,862,000 1,086,000
1922
9,500,000
990,000
Omaha et Indianapolis
1923 1,766,000 2,597,000
1922.
3,875,000 2,583,000
St. Joseph
1923
689,000
802,000
1922 ___
1,197,000
702,000
Mow City
1923
1922 19,000 • 233,000
Total4
,
1923 -__ 1,309,000 28,740,000
1922 ___ 1,401,000 35,617,000
Jan. 1 to
July 28.
Chicago
1923 -__ 7,002,000 15,576,000
1922 ___ 8,153,000 25,244,000
Milwaukee
1923 ___ 839,000 1,675,000
1922 ___ 1,007,000
641,000
Si. Louts
1923 ___ 2,810,000 18,935,000
1922 ___ 3,500,000 15,934,000
Toledo
1923
2,508,000
1922
2,055,000
Detroit
1923 __
818,000
1922 945,000
Peoria
1923 ___ 1,069,000
794,000
1922 ___ 1,486.000 1,466,000
Duluth
1923
22,974,000
1922
13,783.000
Minneapolis
1923 _
55,537,000
1922 _
43,216,000
Kansas City
1923 ___
5,000 31,627,000
1922 5,000 40,142,000
Omaha et Indianapolis
1923 11,032,000
1922 12,038,000
St. Joseph
1923.
3,282.000
1922
4,628,000
Sioux City
1923 1922
19,000
GRAIN RECEIPTS.
Oats.
(bush.)
Barley.
(bush.)
Rye.
(bush.)
5,508,000
5,933,000
385,000
500,000
48,000
313,000
1,553,000
1,398,000
498,000
659,000
106,000
72,000
2,288,000
1,998,000
64,000
46,000
13.000
32,000
419,000
277,000
2,000
1,000
1,000
22,000
899.000
1,108,000
23,000
16,000
8,000
1,000
287,000
409,000
120,000
262,000
788,000
430,000
575,000
1,356.000
789,000
500,000
254,000
483,000
124,000
184,000
2,000
281,000
388,000
1,255,000
1,643,000
74.000
56,000
103,000
15,450,000 13,261,000 1,841,000 1,214,000
22,939,000 14,852,000 1,1184,000 1,355,0811
60,115,000 38.427,000 4,433,000 3,224,000
113,277,000 41,021,000 4,404,000 1,804,000
9,590,000 11,394,000 4,277,000 1,658,000
16,488,000 11,932,000 8,160,000 1,194,000
17,919,000 19,839,000
19,999,000 15,231,000
408,000
410,000
850,000
308,000
11,000
7,000
515,000
112,000
206,000
192,000
208,008
47,000
1,875,000
2,288,000
1,784,000
1,793,000
1,048,000
1,557,000
2,052,000
1,144,000
10,764,000
13,745.000
8,044,000
8,296.000
445,000
10,337,000
471,000 1,075,000 11,227,000
3,194,000 1,325,000 7,485,000
2,000
4,699,000 9,377.1100 6.810,000 8,700,000
11,694,000 12,214,000 1,460,000 2,089,000
10,131,000
11,882,000
6,086,000
3,750,000
8,000
3.000
3,000
24,136,000 14,012,000
30,885,000 11,579,000
4.102,000
8,500,000
996,000
665,000
233,000
102,000
To al all
1923 -11,325,000 164.758,000 145,222,000 112,532,000 17,287,000 24,185,000
1922 ___11,151,000 160,111,000 238,883,000 110,922,000 16,961,000 13,131,000
On the other hand, Western roads had the advantage of a larger live stock movement. At Chicago the
receipts of live stock comprised 26,199 carloads in
July 1923, against 21,194 cars in July 1922; at Kansas City 11,783 cars, against 9,561, and at Omaha 10,759 cars, against 10,374.
In the case of Southern roads the cotton movement
was of diminutive proportions. The shipments overland for July 1923 were 41,627 bales, against 82,682
bales in 1922; 161,383 bales in July 1921, 98,231 bales
in July 1920, and 114489 bales in July 1919. At the
Southern outports the receipts were only 91,581 bales
in July 1923 against 180,821 bales in 1922 and 419,221
bales in 1921, as will be seen by the following:
RECEIPTS OF COTTON AT SOUTHERN PORTS IN JULY AND FROM
JAN. 1 TO JULY 31 1923, 1922 AND 1921.
Since Jan. 1.
July.
Pont.
Galveston
Texas City, gm
New Orleans
Mobile
Pensacola, de
Savannah
Brunswick
Charleston
Wilmington
Norfolk
Newport News
Total
1923. I 1922.
22,343
1,114
16,337,
1,4111
21,852,
4:
6.040,
10,040
12,440,
1921.
81,045 185,771
14,512 64,916
51,830 65,686
3,039, 9,974
41
200
20,350 62,794
50
906
3.710 3,186
1,538 11,185
3,887i 15,370
89
1923.
1922. I .1921.
509.9411
197,535
501,819
21,1941
3,683,
190,686,
3,4511
78,120
38,102
93,924
957,860 1,476,913
258,478 299,641
590,556 742,189
82,731
59,010
8,667
14,597
365,258 373,343
15,002
4,368
110,343 49,049
52,424
42,371
131,418 162,639
1,112
91,581 180.821 419,221 1,636.4552,562,689 3,235,263
SEPT. 15 1923.]
THE CHRONICLE
1179
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME. mobiles is the largest for some three months past. This is
Friday Night, Sept. 14 1923.
not without significance. Neither is the fact that the jewColder weather is helping general trade. Throughout the elry manufacturing trade is active. The buying power of a
West there have been heavy frosts with flurries of snow in large section of the people is large. Labor is getting high
Minnesota, Michigan and Illinois. Yet it is not believed wages. The South is getting high prices for its cotton.
that much damage has been done to the corn crop. And it is Stocks of merchandise throughout the country have fallen
significant that the price is one to two.cents per bushel lower within recent months to a low level, and must be replenthan a week ago. The corn crop will be the largest for some ished. The production of oil has again exceeded all records
years past. Autumnal purchases are on a larger scale, both and gasoline has declined. In steel there has been some buyjobbing and retail. The West and the South are having the ing for Japanese account, though not on as large a scale as
best trade. Southern trade is vivified by a rise in cotton of no doubt it will be later on. Even as it is, however, there has
some $35 a bale in six weeks and about $20 within ten days. been a fair business in various steel products for export to
Yet the indications of late have pointed to a somewhat larger the Island Empire. Copper, tin and lead have all advanced
crop than at one time seemed probable, namely something under the spur of a better demand. Bituminous coal and
like 11,300,000 bales, according to one estimate this week, coke have declined owing to the settlement of the anthracite
In contrast with recent forebodings pointing to a yield of strike. And Chicago is looking for still lower prices.
only about 10,000,000 bales, or in other words, only about Woolen and worsted goods have been (inlet. There has been
300,000 bales more than last year. It is feared that the some demand for lumber from Japan.
Meanwhile European politics have had a more or less discrop will be inadequate, however, even as it is. At the same
time the East Indian crop, which recently pointed to an in- turbing effect. London has naturally watched with a cercrease of some 500,000 bales, now seems likely to be no tain gravity the outbreak of the troops at Barcelona, Spain,
larger than that of last year, following excessive rains in the and the demand on the part of Italy for possession of Fiume.
Bombay district. In this country farmers show a disposition And to-day it was announced that the King of Spain has acto market cotton on the whole promptly and this is certainly cepted a rule by a Directorate proposed by the rebels, and
a wise policy considering the fact that prices are far higher the new body to govern without a Parliament. The old
than in pre-war times. They are fully 7 cents per pound Cabinet has resigned and the whole affair looks a good deal
higher than a year ago. The grain markets are all lower. like the Fascista movement in Italy. Meanwhile martial
Wheat has fallen 3 to 4 cents within a week and September law has been extended to the whole of Spain with the King's
wheat dropped again below the dollar mark, largely because acquiescence. The indications point to gradual progress tothe Canadian crop estimates have latterly been increased wards a settlement of the Ruhr question, though the German
about 100,000,000 bushels, and it is beginning to be marketed Cabinet probably feels the necessity of proceeding with a
freely, while in this country there is not much export de- certain circumspection and gradually preparing the German
mand. The total American wheat crop, according to present people for a rapprochement with France and a settlement of
appearances, will be 67,000,000 bushels smaller than that of the whole vexatious question along business-like lines. This
last year. It is evident that the wheat farmer must reduce is probably the truth, whatever the skepticism in London
his acreage, as the European farmer is gradually getting on and Paris, especially in London, as to the immediate outlook.
his feet and raising larger crops. One indication of this is London is said to be awaiting practical details of the plan
that the French crop this year is so large that the price of looking to a settlement. The vital point is that It is going
bread has latterly been reduced in Paris. We have a large to be settled. That is very evident. The situation has besupply of rye and a poor sale for it in Europe. But when come intolerable. Germany and France will have everything
the Ruhr and reparations troubles are ended it is highly to gain by a settlement along lines equitable to both. Meanprobable that Germany will renew its purchases on some- while in this country the underpinning of general business
thing like the old liberal scale. Meanwhile our exports of is sound. Money has latterly been as high as 6% on call. A
cotton, though larger than last year, have latterly lagged, better demand for money, of course, indicates that business
although Manchester's trade is improving and it has recently needs it and it would not need it unless it was gradually
been buying cotton more freely in Liverpool. Liverpool has improving. Although latterly the stock market has been
been buying cotton not only in Texas, but in the Atlantic declining, it showed a steadier undertone to-day, and the
markets. With European political disturbances settled general outlook for business in the United States is believed
there seems no doubt that the exports of cotton from this to be hopeful.
country later on will increase. It is a striking fact that EngThe American Print Co., it was reported, has resumed
land for a year past has been consuming foreign growths of full time. At Adams, Mass., the Renfrew Manufacturing Co.,
cotton on a far larger scale than usual, taking, for instance, which produces napkins and damask goods, has closed its
Peruvian, East Indian and African cotton as it seldom or mill indefinitely, owing to the unfavorable condition of the
never has before. But it is pointed out that if Lancashire's market. At Manchester, N. H., the Amoskeag Manufacturtrade revives and the margin of profit permits it, British ing Co. has no intention at present, it is stated, of increasing
mills will go back to American cotton, which is more uniform .curtailment, although new orders are not being received in
in grade than cotton from other parts of the world, so that as large volume as could be desired. Their Massachusetts
it pays better to spin it. And one outcome of the Japanese plants are running four days a week and operating 75% of
earthquake and the disruption, for a time at least, of its their machinery. At the Ipswich Mills at Lowell, Ipswich
textile business will be, it is believed, a considerable increase and Gloucester, Mass., a reduction in wages of 121
/z%. has
In the consumption of higher grades of cotton goods in this been made and the management hopes that it will be poscountry and elsewhere in the world. Meanwhile silk goods sible now to operate the mills on full time, instead of half
have been advancing. Cotton goods, moreover, have met time, which undoubtedly would have been the case had the
with quite a good demand. Fall River's sales of print cloths cut not been put into effect. At Lawrence, Mass., on Sept.
for the week are estimated at 175,000 pieces. As for Man- 11, 100 or more weavers were laid off at the Wood Mill of
chester, it is selling goods freely just now to Calcutta, and the American Woolen Co., with the possibility that further
Is also having a better demand than recently from China. curtailments will be made in the near future. At Salisbury,
This has naturally encouraged the British cotton trade not N. C., the Clumac cotton mills resumed operations on Mona little.
day after being idle for two months. Several large South
Meanwhile in this country some reflection of the actual Carolina mills controlled by Leroy Springs have been
state of trade, even though improvement is not uniform but bought by Lockwood, Greene & Co. At Paterson, N. J.,
on the contrary rather uneven, is to be found in the remark- about 10% fewer broadsilk looms were in operation last
ably large totals of car loadings, something which transcends Monday than on Saturday. The stoppage of looms covers
anything ever before seen in this country. Perhaps this is wash satins, spun silks, novelties of some character, a few
not surprising, with an area in continental United States of satins, taffetas and some crepes.
some 3,000,000 square miles and a population of approxiAt Fort Smith, Ark., on Sept. 11, Judge Frank A. Youmans
mately 110,000,000 people not at all lacking in courage, in the United States District Court overruled a motion to
Initiative and all around enterprise. The production of auto- dismiss the suit of the Coronado Coal Co. against the United
1180
THE CHRONTGLI-3
4
[wt.117.
Mine Workers of America in which judgment is asked for• Sept. 1 was 1,092,567 cars, 22,635 over the former high rec$2,222,000 as a result of labor riots in the Hartford Valley ord, established during the previous week.
Many of the negroes, it is stated, who left the South for
of Zebastian County, Arkansas, in 1914.
Portland, Ore., wired Sept. 9: "The I. W. W. strike called more lucrative work in the North are returning. The movelast week in the timber camps in Oregon has bad no effect. ment is not yet general, but confined mostly to individuals
Employment agencies have defied the Wobblies' and are who fear the cold of the Northern winters and prefer cotton
sending men to any camps asking for men. Logging opera- picking to almost any other work.
The silk trade here is gradually recovering despite retions close down early in the winter. Most of the men want
a "stake" before winter comes. This strike is in sharp con• ports of the destruction at Yokohama of 40.000 bales of raw
treat with that of last May, when the I. W. W. walkout ef- silk. Trade in other than Japanese raw silk is gradually
fectively tied up scores of great camps. Apart from this, being resumed at $1 20 to $2 15. A hopeful circumstance Is
with a rearrangement of Japanese finances and with the that cancellations from Japan of woolen orders placed in
heavy. The London wool sales have
perfection of plans for rebuilding, Japan's demand for Ore- Boston have not been.
gon and Washington lumber will be greatly increased, lead- kept prices very firm.
A new record September sale for size was concluded on
ing exporters declare. This will mean a sharp stimulus in
the lumber traffic six months hence. Much lumber is being the 7th inst. at Montreal by the Canadian Fur Auction Sales
Co., the four days' session netting close to $2,250.000, or about
donated at present for relief work in devastated areas."
The high cost of labor continues to work hardship to the a quarter million less than the record sale last June. Dark,
great bulk of the population. It is a case of 5,000.000 a:Wrist nod colored, large sized marten advanced 25% over June;
105,000,000 people, the total population being 110.000,000 and small sized and pale goods were unchanged to 5% lower
the 5.000 000 are having their way in defiance of the immense than in June. The highest price paid was $105. Baum
majority of the population of the United States. Labor costs marten brought up to $20 and stone marten up to $17. Rusrise, prices in some cases decline, profits fall off. Employers sian sable brought up to $130, a 10% advance. Marmots sold
have a hard time: employees have an easy one. The salaried to $110; nutria, Argentines, up to $2. Australian opossum
and farming classes are still in an unfortunate position; declined 10%; ring-tailed opossum up to $1 25. Mink, Yualso, some branches of labor outside of the trades that are kons, brought up to $14; Quebecs to $15, and Labradors to
especially favored by high wages. Earnings of office clerks, $18, a 10% advance. American mink sold up to $7 50. The
etc., and farmers lag relatively or absolutely far behind next sale will open Feb. 12.
It has been Ind'an summer weather at New York, but on
those of artisans. Sooner or later, if this economic dislocation continues, it will cause reduced consumption and pro- Sept. 12 a brief snow flurry visited Duluth, the earliest on
duction and also unemployment. It hits the great mass of record. The temperature was 45 degrees above zero. At
consumers. Labor's exactions will turn out to be a boom- Ironwood, Mich., on Sept. 12 snow flurries lasting 20 minutes occurred. Washington reported on Sept. 12 that frost
erang.
The situation in the petroleum trade attracts general at- and temperatures approaching the freezing point in northtention. Prices within the last few weeks have declined western Minnesota, North Dakota, Montana and northern
sharply in the case at least of gasoline. Supplies have in- Wyoming, and frost and freezing temperatures in Alberta
creased rapidly largely because of the very marked increase were attributed by the Weather Bureau to a vast area of
of crude oil production in Southern California. Of an Aug- high pressure over the Northwestern States. Tidal waves
ust total of 2.2W).450 bhls. a day in the United States, Cali- on the Pacific•Coast wrecked half a dozen war vessels and
fornia produced 872,000 lib's., or considerably more than one- destroyed the small Mexican town of San Jose de Cobo.
third. Yet last year, during August, for instance, the daily .Very high waves have been striking the Pacific for a week
output was only 1.492,000 bbls., of which 375.000 bbls. were past and also of late some parts of the Atlantic seaboard.
produced in California, or noticeably less than one-third. Ice formed in two Wisconsin counties on the night of the
For the week end'ng Sept. 1 the total was 2,261,800 this year 13th inst. There was snow in Illinois on that day. In the
and for that of Sept. 8 2,261,800 bbls. daily, against 1,504,400 Eastern. Central and Western States low temperatures
in the same week last year. This is a new high record. caused a resort to household fires and steam heat. The
California's output fell from 870,000 bbls. in the week end- mercury was around 30 to 40 in the Northwest. Here to-day
ing Sept. 1 to 36.3.000 for that ending Sept. 8, but the mid- it was down to 53 and the forecast Is for still cooler weather.
continent output increased. It raises a knotty question of There are reports to-night of heavy damage to crops in the
supply and demand. In the first half of the year it is com- West by killing frost, especially in the Northwest. It is said
puted that the field stocks of oil increased in the United in Wisconsin the tobacco crop has suffered serious damage.
States some 35.000,000 bbls. in addition to stocks at the re- Ice half an inch thick formed in parts of that State. Strange
fineries, of which some 19,500,000 bbls. were added in June as it may sound, however, the corn crop, it is stated, has esand July alone. And it is a disturbing thought to members caped with slight injury.
of the oil trade that the production would be even larger
but for voluntary and enforced curtailment. Of course, even
the largest refineries can take only just so much oil. Con- Probabilities in Building---Japanese Needs May Play
certed curtailment of output, it is recalled, is contrary to
Some Part.
law. Yet it is evident that either the output must be reduced
Prospect for the 1924 building construction industry are
or the consumption increased if a further decline in prices is gauged for the trade by the "Dow Service Daily Building
to be prevented. The trouble is that California oil is now Reports" in its issue of Sept. 8 as follows:
beginning to compete in the East. And wth the steadily
New York City recorded $523,000,000 worth of construction, mostly
declining price of gasoline the output of gasoline is even housing, in 1922. The present year should have turned a total of $560.000,000 before this time in New York City, had it not been for the futile
greater, it appears, than that of crude oil, the California oil buyers'
strike lasting from May to the end of August. With the work
being especially productive of this fuel. One consolation deferred, mostly commercial construction, and that which would normally
for the trade is that production may suddenly decrease as it develop in 1924. that year should, by all the rules of normal building
progress
trends,
has increased, and that in any case, with a steady increase city and,and economicthe first mark the first $600,000,000 year for the
incidentally,
$6,000,000.000 for the country.
in population, the rapid growth of the automobile industry
A 600
-million year for New York or a 6
-billion year for the country
and the h'gh buying power of the labor element of the does not carry with it to-day the same intimation of higher building material
prices and construction costs as the identical estimate would have indicountry, there is a tendency toward an increased consump- cated had it been made a year or more ago.
Building material manufacturers everywhere have prepared themselves
tion.
It is significant that bricklayers are beginning to seek for such a drain upon their plan capacities and financial resources. In
these two respects they are in better shape than they have been at any
work at the contract wage of $12 a day without demanding time since the war. Demand alone does not create eras of prohibitive prices.
prac- Suces crises come only when supply cannot meet current requirements.
a $2 bonus, and such commercial building which was
In 1920, 1921. 1922
material
tically halted by inability to get men to do the brick work manufacturers were and most of 1923 the nation's basic building of that
unprepared for the crush of demand. Most
is now progressing at a normal rate. Speculative building is time their credits were temporarily impaired by inquisitions and similar
not calling for so many men. Various structures in the legislative procedure. The recent building reaction has permitted them
to pile up some reserves and to provide for greater output, hence more stable
clothing trade section that had had only three or four brick- piles.
plumbPrice sags are not to be generally looked for next year for the following
layers at work now hare twenty-five. Yet plasterers,
ers, electricians, steamfitters and the other trades that do reasons:
The acid teat toward squeezing out what water there was in basic
the finishing work are still at a premium.
building material prices along the Atlantic seaboard developed this summer
For the second consecutive week, loadings of revenue when foreign materials came in to compete with domestic materials for
freight were the highest in history, according to the Ameri- the scanty construction offerings then made. Domestic prices held fairly
firm and the prices for imported materials advanced "as far as margins
can Railway Association. The total for the week ending would permit."
THE CHRONTCLE
SEPT. 15 1923.]
Foreign competition is easily within the control of domestic building
material manufacturers. Greater production capacity enables them to
cut costs. If domestic prices drop too low foreign goods cannot compete. In the approach of winter and the usual autumnal shifting of
labor at manufacturing centres (this year largely toward steel mills) foreign
building materials have a roseate future, as far as the eastern seaboard
is concerned. But a new situation has developed within the last ten
-in the reconstruction problem in Japan.
days
Housing for as many people as there are in the Borough of Queens
has been wiped out in the city of Yokohama. And the destruction of
three-quarters of the city of Tokio means that housing must be constructed
for all but one-fourth of the total number of people that live in the Borough
of Brooklyn. These people are homeless and cold weather is nearing
in Japan as it is nearing here.
Lumber and ready-to-use building material, steel, lime, plaster, patent
shingles, wire. wood and metal lath, and even brick will be required in
Japan in quantities far greater than Japan can produce them on such
short notice. If they are called for from America, it may be in Just such
sufficient volume to take up. on the one hand, the surplus American
manufacturers have provided for, and, on the other hand, it will give to
foreign materials Just that margin that will insure to them profit-taking
prices for European materials on Sale here.
The Pacific Coast and the Middle West have been short of certain
basic materials, notably cement, among other items. Any call for basic
building materials from the Orient may open up a use for the flotilla of
LT. 8. Shipptog Board vessels now moored in the upper reaches of the
Hudson for the reconstruction problem of Japan to-day is far greater
than that of desolated France at the close of the war. because Japan will
probably seize upon this calamity, with her unimpaired credits, to rebuild
along American Ideas of earthquake-proof construction, not only for
her commercial leillding.'but for her housing.
Domestic construction will not longer wait for lower building prices.
The lure of the Far East will tempt building artisans and architects as
well as master builders and manufacturers.
There are domestic questions of fuel supply, rail congestion, winter
weather conditions, which in stow of a dry summer. may be expected
to be followed by unusual snow storms, in view of the slight variation
in precipitation records in terms of cycles; all entering into the investors'
calculations on what to do with his his construction plans, none of which
indicate that the conservative policy is to delay further for lowerbuilding
costs.
Resumption of Building Activity.
Building activities in New York, as measured by building
permits, are nearly a third larger than last year, according
to the monthly building survey of S. W. Straus & Co. For
the past eight months of the year the firm finds a net gain
In the five boroughs of $124,126,637, or 30%. Each of the
five boroughs shows a heavy gain for the period excepting
Richmond, which has a loss of $621,510. Brooklyn leads all
the boroughs in a gain of $64,457.241, or more than 50%. In
April and May there was a loss as compared with the same
months in 1922, but in June the upward movement was resumed and has continued since then. The Straus survey
shows that Chicago also is building rapidly, permits there
having increased 55% during the eight months as compared
with the same per:od in 1922. According to reports in the
Straus survey from 73 cities and towns, nation-wide building
activities, which slowed up considerably during midsummer,
are now swinging ahead with every indication of again assuming the proportions of a building boom. Building permit
figures in New York City for eight months comparable with
eight months of 1922 are as follows: •
New York CityJanuary
February
March
April
May
June
July
August
1923.
$65,478,015
79,730,453
149.076,999
35,772,191
39.991,684
57,383,003
51,833 287
51,715,780
1181
It is important that this economic condition prevailed in a month of increased nation-wide building activity.
The Eastern cities reporting show a gain this August over August 1922 of
7% and a loss of 1.3% from July 1923. The Central cities show an August
gain of 3.5% and a July gain of 8.7%. The Southern cities show a gain over
August 1922 of 2% and a gain over July of 9%. The Pacific Western cities
show an August gain of 41% and a July pin of 27.7%.
Among 80 comparable Eastern cities reporting, 42 show gains over August
1922 aggregating $25,271,879 and 38 show gains over July this year aggregating $10,516,216. Among 95 Central cities 48 show August gains aggregating $14,419,779 and 45 show July gains aggregating $19,622,357. Among
43 Southern cities 19 show August gains aggregating $4,630,438 and 19
show July gains aggregating $5,061,871. Among 34 Pacific Western cities
21 show August gains aggregating $15,369,439 and 18 show July gains aggregating $11,837,863.
Important cities which show gains over August 1922 and July of this year
and the amounts are:
Eastern citiesAug.-Aug. Gain.
Aug.
-July Gain.
Newark, N. J.
$1,535,987
$1,731,629
Baltimore, Md.
1,325,320
148,711
Harrisburg. Pa.
808,012
979,122
Cambridge, Mass.
852,102
795,971
Lawrence, Mass.
530,670
310,427
Rochester, N. Y.
523,173
1,377,342
Irvington, N. J.
267.507
469,565
Camden, N. J.
441,122
621,257
Washington, D. C.
277,779
1,576,362
Trenton, N. J.
263,327
130,923
Mass.
Quincy,
228,508
124,166
Central cities
Detroit, Mich.
2,426,244
7,426,266
St. Paul, Minn.
3,025,467
3,497,647
Chicago, Ill.
2,214,200
3,639,000
Flint, Mich.
1,699,544
1,218,529
Indianapolis, Ind.
477,854
497,047
Kenosha, Wis.
459,794
338,258
South Bend, Ind.
389,074
145,743
Southern cities
Shreveport, La.
1,032,181
1,168,077
Nashville, Tenn.
783,635
1,004,206
Memphis, Tenn.
607,150
1,091,266
Houston, Texas
273,794
882.449
New Orleans, La.
914,430
224,726
Western cities
Los Angeles, Cal.
10,725,371
7,165.989
Sacramento, Cal.
1,647,514
1,449,230
Portland, Ore.
876,975
1,286,240
Long Beach, Cal.
709,829
189,486
Reports Irons Twenty Important Mae.
Oafs
Oafs
Aug. 1923. Aug. 1922. July 1923.
CittesAug.
-Aug. Aug.
-July.
51,361,460 51,905,197 51,913.080
Atlanta
4,945,320
3,620,000
Baltimore
4,796,609 $1,325,320
$148.711
1,989.607
9,625,938
Boston
3.472,273
2,333.000
Buffalo
2,301,000
3,549,000
20,134,150 17,919,950 16,493,150
Chicago
2.214.200
3,639,000
Cleveland
4,746.725
5,199,420
8,457.040
1,810.082
1,687,732
Dallas
1,761.603
122.350
48,479
Detroit
15,530,075 13,103,831
8,103,809
2,426,244
7,426,266
Indianapolis
2,552.795
2.074.941
2.055,748
477,854
497,047
Kan.City. Mo. 1,137.750
3,271.900
1,807.850
Los Angeles._. 22,249.262 11,523,891
15,083,273 10.725,371
7,165.989
Milwaukee, Est 3,009,975
3,481.580
1,956,069
1,053,906
Minneapolis_ _ - 2.231,535
2,158,790
3,873,850
72.745
Orleans_ _ _ 1,649,925
New
735,495
914,430
1,425,200
224,725
51,715,780 38,452.104 51,833,287 15.263,676
New York
Philadelphia_ _ 8,246,280 10,945,830 11,346,155
.
Pittsburgh
2,872,640
3,071.479
2,864,340
8.300
San FraTICISCO_ _ 3,915,300
6,214,082
3.237.115
678,185
1,281.130
Seattle
1,200.740
3,122,315
80.390
St. Louts
2,371,005
2,906,463
2,206,670
164,335
,
Totals
NI
5156.051.796 $137,207,059 $151,585,740 534,840.821 519,836,702
318.844.73711$4,466.0561
1
WO
11 (net) I
Changes in Retail Cost of Food in Different Cities.
The United States Department of Labor, through the Bureau of Labor Statistics, has completed the compilations
showing changes in the retail cost of food in 29 of the 51
cities included in the Bureau's report. During the month of
July 15 1923 to Aug. 15 1923, 21 of the 29 cities showed decreases as follows: Columbus, 4%; Chicago, Savannah and
Total
Springfield, Ill., 2%; Bridgeport, Detroit, Fall River, In2530,911,410
$406,784;773
$124,126,637
*Loss.
dianaplois, Kansas City, Little Rock, Manchester, New HaBorough
8 Months 1923.
8 Months 1922.
Gain.
ven, Pittsburgh, St. Paul and Washington, D. C., 1%; and
Manhattan
$122,757,979
$111,474,339
$11,283,640
Brooklyn
Baltimore, Dallas, Houston, Jacksonville, Omaha and Phila191,664,051
127,206,810
64,457,241
Queens
109,703,274
87,565,251
22,138,023 delphia, less than 5-10 of 1%. There was an increase in the
Bronx
97,763 122
70,893.879
26,869.243 following seven cities: Atlanta, Boston, Los Angeles, NewRichmond
9,022,984
9,644,494
*621,510
ark, Portland, Me., and Seattle, 1%; and Scranton, less than
Total
2530,911,410
$406,784,773
$124,126,637 5-10 of 1%. Richmond showed no change in the month.
*Loss.
For the year period, Aug. 15 1922 to Aug. 15 1923, all but
The following is also from the monthly building survey
of one of the 29 cities showed increases as follows: PhiladelS. W. Straus & Co.:
phia, 11%; Indianapolis, Manchester and Pittsburgh, 10%;
Official building permit reports from 252 comparable cities for
August
show a substantial increase of building activity over August 1922 and
Detroit, 9%; Boston, Bridgeport and Chicago, 8%; Newark,
over
July of the present year. The totals are 6256,722.581 for August 1923 ; New Haven and Scranton, 7%; Baltimore, Fall River,
Port$233,882.261 for August 1922 and 2241,393,803 for July 1923, an
increase of land, Me., St. Paul, and Washington, D. 0., 6%;
Columbus
10% over August 1922, and 6% over July of the present year.
This gain over July is particularly significant in view of the fact
that dur- and Los Angeles, 5%; Kansas City, Omaha and Savannah,
ing the past decade August permits in the principal cities and towns
have 4%; Atlanta, Jacksonville, Richmond and Springfield, Ill.,
shown a loss from July each year excepting three.
3%; Houston and Little Rock, 2%; and Seattle, less than
The upward tendency in building permits also is emphasized somewhat
by
the fact that Ju7y permits this year (as reported in our last month's survey) 5-10 of 1%. Dallas decreased 1%.
showed a loss from June in the Eastern, Central, Southern and Western
secAs compared with the average cost in the year 1913, the
tions while there was a gain in August over July in all sections excepting the
retail cost of food on Aug. 15 1923 was 56% higher in DeEastern cities, which lost only $1,500,000.
Approximate stabilization of building material prices appears to have
been troit, Richmond and Washington, D. C.; 55% in Boston;
reached during August. There were some changes in both directions, but they
54% In Chicago, 52% in Baltimore, Manchester and Ilcranwere of minor consequences and the general level was scarcely affected. This
stabilization which first began to manifest itself in the latter part of May, ton ; 51% in Philadelphia; 49% in Fall River and Pittswas more pronounced in June and reached its greatest potency in August.
burgh; 48% in New. Haven; 46% in Newark: 45% :n At.
1922.
$47,521,683
.53,229,024
105,608,892
37,851,208
42 511,261
49,588.270
34,022.331
36,452,104
Gain.
217,956,330
26.501.429
43,468,107
*2,079,017
*2,589,577
7.794,733
17,810,956
15,263,676
FoL. 117.
THE CHRONICLE
1182
lanta and Indianapolis; 52% in Omaha,41% in Dallas; 39%
in Jacksonville, and 38% in Kansas City, Little Rock, Los
Angeles and Seattle. Prices were not obtained from Bridgeport, Columbus, Houston, Portland, Me., St. Paul and Savannah and Springfield, Ill., in 1913, hence no comparison
-year period can be given for these cities.
for the 10
August Production and Shipments of Portland Cement
Output the Largest of the Year.
The statistics shown in the following tables issued by the
Department of the Interior, and prepared under the direction of Ernest F. Burchard, of the Geological Survey, are
based mainly on reports of producers of Portland cement
but in part on estimates. The estimates for August, 1923,
were made necessary by the lack of returns from four mills.
Production and shipments in August are larger than in any
month thus far recorded, and stocks are higher than in
August, 1922.
PRODUCTION, SHIPMENTS, AND STOCKS OF FINISHED PORTLAND
CEMENT BY DISTRICTS IN AUGUST, 1922 AND 1923. AND
STOCKS, IN JULY. 1923. IN BARRELS.
Production
Shipments
AUOU8t
Commer
dal
District
AU(11431
1922
1923
1922
1
1923
Stocks at End of
August
1922a I
1923
Stocks
at End
of July
1923a
Easter.
I
Pa., N
J.&Md. 2.997 4 o I 3,388,o 1 t 3,994,0001 4,084,0001,460,0002,118,i so 2,814,000
720,111
811,000 823,00 518.000 552,olo 655,000
596 1 1 I
New York
Ohio
Wester];
Pa.
W. Va. 1,156,1 1 s 1,295.011 1,491,000
584,04o
Mich ____
646,00
863,000
111.,Ind.
Sy__ __ 1,979 II 1 2,008,000 2,204,000
Va.,Tenn
Ala. •
533 i 1 i
681,o 1 i
Oa.._
546,01'
East. Mo.
I a. •
1,164,110 1,268 o i 1 1,530,11
Mina
West.Mo.
N e b .,
Kan.
874,0'' 1.026 1 1 I 1,019,001
Okla__
Texas_ ___
385,o 4 o
364,001
420.'''
CIAO.&
231 I I I
279,001
Utah __
279,111
Calif ____
799.001 1.009,''' 815,'''
0 r e .,
Wash.
730,1 I I
&Mont. 339,1,1
310,
39,451 barrels; San Francisco, 25,837 barrels; Hawaii,
15,626 barrels; Vermont, 15,245 barrels; Porto Rico, 13,535
barrels; North Carolina, 12,511 barrels; South Carolina,
11,033 barrels; Florida, 10,449 barrels; other districts,
15,865 barrels.
The exports of hydraulic cement in July, 1923, were 82,774
barrels, valued at $230,698, of which was sent to Cuba,
39,467 barrels; to the other West Indies, 5,019 barrels; South
America, 17,573 barrels; Central America, 10,475 barrels;
Mexico, 7,999 barrels; Canada, 1,508 barrels, and to other
countries, 733 barrels.
The statistics of imports and exports of hydraulic cement
in August, 1923, are not available.
IMPORTS AND EXPORTS OF HYDRAULIC CEMENT, BY MONTHS,
IN 1922 AND 1923, IN BARRELS.a
Exports
Imports
Month
1923
1922
71,686
20,529
66,521
76,416
88,480
111,559
286,106
I
I
17,039
5,157
1,597
10,855
2,524
14,198
957
56.757
c42,641
d65,228
61.010
45,860
70,725
82,421
103,556
75,412
100,068
96,263
119,491
105,156
78,615
80,402
108,798
106,938
I
January
February
March
April
May
June
July
August
September
October
November
December
1922
323,823
I
I
I
1923
73,169
88,624
98,861
85,662
103,634
77,203
82,774
1,127,845
a Compiled from records of the Bureau o Foreign and Domestic Commerce
b Imports and exports in August 1923 not available. c Covers period Sept. 1-21'
Imports Sept. 22-30 included with Oct. d Inc udes imports period Sept. 22-30.
I.
1.606,00 679,000 451,001 762,000
788,000 165,000, 178,000 320,000
I
2,080,00 696.000 425 I o o 497.000
Railroad Freight Car Loading Again Breaks
All Records.
More cars were loaded with revenue freight during the
684,000 307,0001 231,010 234,000
week which ended on Sept. 1 than during any week hereto1,620,000 485,000 662.o i 1 1,014,000 fore in history, according to the Car Service Division of the
American Railway Association. The total for the week was
1,254,000 696,000 645,111 873,000 1,092,567 cars. This exceeded by 22,635 cars the previous
413,000 117,000 159,00i 187.000
record, which was established during the week which ended
275,000 175,000 115,000 159,000 on Aug. 25 this year, when 1,069,932 cars were loaded. The
958,000 216,000 220,001 169,000
railroads also established during the week which ended on
388,i o t 232,000 321,011 397,000 Sept. 1 a new high record in the number of cars loaded with
miscellaneous freight, which includes man11.664.114 12.967.00044.381.000 14.971.i o I 5.746.0008077.0'' 8.081,000 merchandise and
ufactured products. The total for this commodity amounted
a Revised.
to 622,710 cars. This was an increase of 16,605 cars over the
Stocks of clinkers, or unground cement, at the mills at the
preceding week, when 606,105 cars were loaded. The total
end of August, 1923, amounted to about 3,727,000 barrels of
the week also exceeded by 63,365 cars the corresponding
compared with 3,865,000 barrels at the beginning of the
week last year and by 115,336 cars the corresponding week
months.
two years ago. Despite the fact that the loading of revenue
PRODUCTION, SHIPMENTS. AND STOCKS OF FINISHED PORTLAND
freight for the week of Sept. 1 was the greatest in the hisCEMENT BY MONTHS IN 1922 AND 1923, IN BARRELS.
tory of the nation, the railroads on that date had 66,559 surProduction
Shipments
Stocks at End of Month
plus freight cars in good repair and immediately available
Month
for service if necessary, while the reported car shortage was
1922
1923
1922
1923
1922a t
p 1923
country.
54,291,0004 7.704,000 a2,931,000I 5,419,000 13,316,000al1,470,000 only 9,441 cars for the entire
January
February
4,278,0001 8,085,000 3,285.000 5,963,000 14,142,000a13,502,000
This is the twelfth week this year the million car loading
6,685.''' 9,880.000 7,002,000,10,326.000 13,848,000a13.045.00
March
0
mark has been exceeded, and in eight of the twelve weeks
-iltat quart- 15,254.000,25.669,000 13,218,00021,708,
the total has exceeded the record established during the week
9.243.00011.359.000 8,592,00012,954,
April
14,470,000 al1,463,000
cars were loaded. Compared
11.176.00012.910,000 12 9.00014,257,00012,893,000 al0.144,000 of Oct. 14 1920, when 1,018,539
.74
May
11,245,000,12,382,000 13,470.000,13,307,000 10,718,000a 9,168,000 with
June
the corresponding week last year, the total for Sept. 1
•Second
was an increase of 168,761 cars, and an increase of 261,2715
31,664,000,36.651,00034,811,000 40,518,
.quart
cars over the corresponding week two years ago. The fol11,557,00012,620,000 13.850,00013,712,
8,433,000a 8,081,000
July
facts are furnished:
11,664,00012,967.000 14,361,00014,971,001 5,746,1:: 6,077,000 lowing additional
August
12,444,000,
In the Eastern district the number of freight cars loaded during the week
4,724,0''
September -..- 11,424,000,
was an increase of 18.7% over the same week last year, when, however, the
l
Third quart. 34,645,0001
1
40,655,000'
12,287,000,
October
November ___ 11,349,000;
December ___ 8,671,000!
12,864,000
10,167,000
4,858,000,
Fourth
quarter_ - _
32,307,000!
27,879,000!
Preliminary
113,870,000
total
Amount of un
919,9841
der cstimatti
I
116.563,000
Final total_1114,789,9841
4,149,0
.5,320,000
9,267,238
117,701,216
!
1,138.216
a Revised.
The Bureau of Foreign and Domestic Commerce, of the
Department of Commerce,reports that the imports of hydraulic cement in July, 1923,amounted to 286,106 barrels, valued
at $555,166. The total imports in 1922 amounted to 323,823
barrels, valued at $628,846. The imports in July were from
Norway, 118,231 barrels; England, 52,765 barrels; Sweden,
44,764 barrels; Germany, 29,841 barrels; Quebec Province,
Canada, 24,521 barrels; Denmark, 13,535 barrels; British
Columbia, 1,007 barrels; other countries, 1,442 barrels.
The imports were received in the following districts: Los
Angeles,84,756 barrels; New Orleans, 41,798 barrels; Oregon,
.
strikes of both miners and railway shopmen were in progress, although coal
shipments were beginning to show an increase from week to week. Loading
in the Southern district increased 19.6% compared with the same week last
year, while in the Western district the increase was 17.3%. For the country
as a whole, compared with the corresponding week one year ago, the increase was 18.3%.
Coal loading during the week of Sept. 1 was 206,610 care, 3,534 cars above
the week before. This also was an increase of 67,383 cars over the corre.
sponding week last year and an increase of 52,024 cars over the corresponding
week in 1921.
grain and grain products totaled 54,604 cars. While this was
Loading of
a decrease of 346 cars under the week before, it was an increase of 659 cars
over the corresponding week last year. Compared with the corresponding
week two years ago, it was a decrease of 15,675.
Live stock shipments totaled 89,201 cars, 2,788 over the week before.
Compared with the same week last year, this was a decrease of 7,108, and
with the same week two years ago, it was an increase of 11,928.
Loading of forest products totaled 77,279 cars, 678 cars below the week
before. Compared with the same week last year this was an increase of
18,933, and an increase of 31,480 over the same week in 1921.
Ore loading totaled 78,193 ears, 275 cars above the preceding week and
15,726 cars above the same week last year. Compared with the same week
in 1921 it was an increase of 46,948 cars.
Coke loading totaled 13,970 cars, an increase of 457 over the previous week.
This also was an increase of 5,587 cars over the corresponding week in 1922
and an increase of 9,238 cars over the corresponding week in 1021.
Compared by districts, increases over the week before in the total loading
of all commodities were reported in all districts. Reports also showed in-
SEPT. 15 1923.]
THE CHRONICLE
creases over not only the corresponding week last year, but also over the
corresponding week two years ago in all districts.
Loading of revenue freight this year compared with the two previous years,
follows:
1923.
1922.
1921.
4 weeks of January
3,380,296
2,785,119
2,823,759
4 weeks of February
3,366,965
3,027,886
2,739,234
5 weeks of March
4,583,162
4,088,132
3,452,941
4 weeks of April
3,763,963
2,863,416
2,822,713
4 weeks of May
4,873,427
3,841,683
3,733,137
5 weeks of June
4,045,012
3,414,031
3,114,137
4 weeks of July
3,944,386
3,252,107
2,998,885
5 weeks of August
5,204,532
4,335,327
4,069,765
Total for year to date
33,161,743
27,607,701
25,754,571
The Petroleum Situation—Further Changes in Prices
of Crude and Refined Oil.
To date the Prairie Oil & Gas Co., the foremost crude oil
purchaser in the Mid-Continent field has not reduced its
posted prices to follow the lead set by the Magnolia Petroleum
Co. on Sept. 1 and since followed by most of the other companies interested in that territory. Comment on this policy
has been frequent in the daily press and the oil trade was
surprised when the resignation of J. E.O'Neil as Presiednt
was made public on Sept. 12. Regarding his resignation,
which is attributed to controversy over maintaining what is
considered as the "artificial" price for Mid-Continent crude,
the New York "Times" dispatch of the 13th said:
The resignation of J. E. O'Neil as President of the Prairie Oil & Gas
Company, the chief factor in the crude oil market in the Middle West,
was
the main topic of discussion in oil trade circles yesterday. Mr. O'Nell has
long been ranked as one of the shrewest men in the purchasing end of the
petroleum industry.
Dispatchesfrom the Middle West said that Mr.O'Nell resigned because
of
the condition of his health, but in view of recent developments in the
petroleum situation in the West, local trade circles were rife with conjecture.
In
some quarters it is believed that a difference of opinion regarding prices
to be
paid for crude petroleum bought by the company was the principal
reason
for the resignation.
Despite heavy overproduction of crude oil in the California and mid-continent fields, the Prairie Oil & Gas Company did not reduce its prices
as
much as did many of the other prominent purchasing companies, and
even
at this time it is paying more for oil bought from independent companies
than are many of the other recognized Standard Oil units. With
the resignation of Mr. O'Neil, it is expected that the Prairie will soon
announce
a reduction in prices to meet the levels quoted by other companies.
In local Standard 011 circles, officials were reluctant to comment
on the
resignation of the so-called dean of the purchasing branch of the
industry.
Unofficial, however, it is admitted that a difference of opinion
regarding the
price policy of the company resulted in Mr. O'Neil breaking away
from
associates who have been with him for many years. When the
Prarile
was a subsidiary of the old Standard Oil Company of New Jersey
prior to
Its dissolution in 1911, Mr. O'Neil was a Vice-President of the old
Prairie
organization, but since the dissociation of the parent company, which
was
ordered by the United States Supreme Court, he has been President
of the
company.
It has been known for some time in the trade that Mr.O'Neil was
opposed
to drastic reductions in oil prices on the ground that it would not remedy
the
situation which now faces the industry as a result of overproduction and
that
such cuts in prices would spell ruin to many of the smaller producers in
the
Middle West whose wells depended upon settled production. For
this
reason, his friends, say, the Prairie has not reduced its prices to
meet the
levels quoted by other organizations despite the fact that the other
companies paid 20 to 40cents a barrel loss than the Prairie for the oil.
It was also reported that the New York office of the company would be closed and all business transferred to the
home office at Independence, Kans.
According to advices from Tulsa, Oklahoma, on Sept. 11,
the Sterling Oil & Refining Co. of Wichita, Kansas, has
reduced its prices of all grades of Mid-Continent crude to $1 50
a barrel for the highest grade of 41 gravity and above and comparative reductions for the lower grades. This posted price
is 70c. a barrel less than what the Prairie Oil & Gas is quoting for the same grade and 30c. a barrel less than the price
posted by the Magnolia, Humble and Texas companies last
week. The Johnson Oil & Refining Co. of Cleveland, also
announced a reduction of 50c. per barrel below the prices
quoted by the Prairie Oil & Gas Co.
Early in the week the Standard Oil Co. of Louisiana reduced the posted price of all grades of crude oil 20c, a barrel
with the exception of Smackover light and Bellevue, which
were reduced 10c. a barrel and Smackover heavy which
remained the same. These cuts were met on Sept. 11 by
the Gulf Refining Co. in the Oklahoma, Kansas and north
Texas fields and by the Texas Co. in the Louisiana and Arkansas fields. The new prices range from 90c. to $2 a barrel
according to gravity and at the office of the Gulf company
it was said, bring the average price down to the average
of the Magnolia company for Mid-Continent crude although
a direct comparison cannot be made because of differences
in grading.
On Sept. 12 the Gypsy Oil Co., a subsidiary of the Gulf
Oil Corp., also announced a reduction of 20c. a barrel in
the price of Oklahoma and Kansas crudes, the lowest posted
price being 90c. and the highest $2 per barrel. On the
same day the White Eagle'Oil & Refining Co. announced
1183
new prices for the same grades of crude, namely, Oklahoma
and Kansas, the range being from $1 to El 50 a barrel, or
a reduction of 10 cents per barrel.
The directors of the Marland Oil Co. on Sept. 13 decided
to omit the quarterly dividend which would have been due
Oct. 1 owing to the present demoralized condition in the
industry. An official statement issued by the directors is4
given in the General Investment News columns of this;
issue on a subsequent page.
Carrying charges for crude oil were reduced early in the
week by the Cumberland Pipe Line Co., which posted on
Sept. 11 a price of 54c. a barrel against the former price of
62 cents.
On Sept. 13 a dispatch from Denver said that the operators
in the Salt Creek oil fields has unanimously agreed to limit
output of their wells to 65% of capacity.
A report from Des Moines on Sept. 13 stated that the
Standard Oil Co. of Indiana had reduced the retail price of
gasoline 2 cents to 1434 cents a gallon, the lowest price at
which it has sold since 1915. In Chicago the wholesale price
of the Midwest Refining Co. was reduced to 63ic. a gallon,
comparing its previous price of 69c.a gallon.
The Governor of South Dakota at the New York State
Fair in Syracuse, expressed the opinion that the present
system of distribution is a blunder and should be reorganized.
The Governor is quoted by the New York "Times" of Sept.
11 as follows:
Governor William H. McMaster of South Dakota, whose recent effort to
force down the price of gasoline was followed by reductions throughout
the country, declared to-day Sept. 10, in address at the New York State
Fair that "the whole distribution system will have to be reorganized on a
sound business basis in order to effect the proper economies which in the
end will be of substantial benefit to the public."
"The present distribution system," Governor McMaster said, "as established both by the independent and the oil trust, and largely [inspired
through the lowering of excess profits, is a blunder.
"In a great majority of the towns and cities of the United States there
.
are 50% more filling stations than are necessary to meet the requirements
of the people. Fin example,the Kansas City 'Star" states that there are 400
and that possibly 100 could efficiently meet the
filling stations in that city,
needs of Kansas City. It must be borne in mind that the average filling
station, including tax and interest upon the investment, distribution and
labor, cannot be maintained for less than $300 a month. In Kansas City
that would represent $90,000 a month of needless expense which must be
borne by the consumers. If Kansas City consumes 3,000,000 gallons of
oil a month, $90,000 represents 3 cents a gallon of needless distribution
cost."
The Governor declared that gasoline could be sold at 16 cents a gallon in
Syracuse and New York State at a "fair profit to the dealer." It is now
selling here at 18 cents, having dropped 6 cents within a few days after the
price reduction in South Dakota.
"As a matter of fact," he declared, "gasoline can easily retail at 16 cents
in the city of Syracuse, and the oil companies would still then be making a
marginal fair profit."
Gasoline and Kerosene Production and Stocks. p.,1
Gasoline stocks on hand at refineries in the United States
on Aug. 1 amounted to 1,165,389,340 gallons, constituting
54 days' supply at the July rate of consumption, the Depart
meat of the Interior announced to-day. The figures, which
were compiled by the Bureau of Mines, represent a decrease
of 98,193,788 gallons from stocks held July 1, when 60 days'
supply of gasoline was available. On Aug. 1 of last year, 42
days' supply of gasoline was in storage. The number of operating refineries reporting to the Bureau of Mines in July was
282, a slight decrease from the previous month. The aggregate daily indicated crude oil capacity of reporting refineries
increased, however, to 2,093,657 barrels. These plants were
operating during July at 77.9% of their capacity, running to
stills a daily average of 1,629,982 barrels of crude oil..
Domestic consumption of gasoline during July amounted to
674,019,467 gallons,an increase of 40,514,877 gallons over the
June consumption. Imports of gasoline in July amounted
to 22,634,719 gallons, while exports were 83,721,099 gallons.
Kerosene production during July amounted to 188,226,251
gallons, an increase of 9,152,493 gallons over June production. Stocks of kerosene on hand Aug. 1 were 269,459,847
gallons, an increase of 5,000,000 gallons during the month..
Exportsof kerosene in July amounted to 59,821,009 gallons,
a decrease of 5,000,000 gallons from June, but an increase of
9,000,000 gallons over July 1922. Consumption of kerosene
in July was 123,257,457 gallons, approximately the same as
for June, but a decrease of 12,000,000 gallons from the figures
for July 1922.
The July production of gas and fuel oils was 1,053,242,507
gallons, an increase of 82,372,634 gallons over the June
output. Stocks of these oils Aug. 1 were 1,400,813,790'
gallons, an increase of 76,000,000 gallons during the month.
Consumption of gas and fuel oils in July was 901,770,327
gallons,an increase of 76,000,000 over June and of 20,000,O00
gallons over July of last year. Imports of gas and fuel oils
THE CHRONICLE
1184
[Vol.. 117.
in July were 46,259,234 gallons, while exports were 120,942,- may be found in the issue of the "Chronicle" for April 14
731 gallons. The production of lubricants in July amounted 1923, page 1617:
Tons.
Tons.
Tons.
to 93,960,874 gallons, a decrease from June production of Aug. 31 1923___ 6.414,663 May 31 1921_ .._ 5,482,487 Feb. 28 1919- 6,010.787
1,765,229 gallons. Stocks of these oils on hand Aug. 1 July 31 1923_ 5,9111,763 Apr. 30 1921_ 5,845.224 Jan. 31 1919.... 6.684,268
June 30
Mar.31 1921- 6,284,765 Dec. 31 1918- 7,379,152
amounted to 224,951,955 gallons, and are practically the May 31 1923__- 6,386,261 Feb. 28 1921...._ 6,933,867 Nov.30 1918___ 8,124,663
1923___ 6,981,351
Apr. 30 1923_ 7,288,509 Jan. 31 192E__ 7,573.164 Oct. 31 1918_ 8,353,298
same as of July 1. Consumption of lubricants in July was Mar.31 1923___ 7,403,332 Dec. 31 1920.__ 8.148,122i8ept.30 1918._ 8,297,905
1918___
Feb.
7,283,989 Nov.30 1920___ 9,021,481 Aug.
71,029,884 gallons, an increase of nearly 14,000,000 gallons Jan. 28 1923_ 6,910,776 Oct. 31 1920___ 9,836.852 July 31 1918.__ 8,759,042
8,883,801
31
31 1923_-_
over June and of more than 7,000,000 gallons over July 1922. Dec. 31 1922___ 6,745.703 Sept.30 1920.-10.374,804 June 30 1918___ 8 918 866
Nov.30 1922... 6,840.242 Aug. 31 1920___10,805.038 May 31 1918___ 8,337,623
Exports of lubricants in July were 23,603,187 gallons, a Oct. 31 1922___ 6,902,287 July 31 1920 _ __11,118.468' Apr. 30 1918-- _ 8.741,882
1920_ __10,978,817 Mar.31 1918_ 9,050,404
decrease of 15,000,000 gallons from the June figures and of Sept.30 1922__ 6,691.607 June 30 1920___10.940,466 Feb. 28 1918.__ 9,288.453
Aug.31 1922___ 5,950,105 May 31
July 31 1922_ 5,776.161 Apr. 30 1920___10,359,747 Jan. 31 1918_ 9,477,853
nearly 5,000,000 gallons from the figures for July 1922.
June 30 1922_ 5,635,531 Mar.30 1920--- 9.892.075 Dec. 31 1917___ 9.381,718
May 31 1922Apr. 30 1922___
Mar.31 1922___
Feb. 28 1922___
Jan. 31 1922___
Dec. 31 1921___
Nov.30 192E__
Oct. 31 1921_
Sept.30 192E._
Aug. 31 1921___
July 31 192E__
June 30 1921-
5,254,228
5,096,917
4,494,148
4,141,069
4,241,678
4,268,414
4.250,542
4,286,829
4,560,670
4,531.926
4,830.324
5,117,868
Feb. 28 1920- 9,502.081 Nov.30 1917.-- 8.897.106
Jan. 31 .920- 9,285,441 Oct. 31 1917.- 9,009.675
Dec. 31 1919.-_ 8.265,366 Sept.30 1917... 9.833.477
Nov.30 1919___ 7,128,330 Aug. 31 1917....10.407.049
Oct. 31 1919.-- 6,472.668 July 31 1917._ A0,844.164
Sept.30 1919_ 6,284.638 , June 30 1911-11,383,287
Aug. 31 1919.-- 6,109,103 May 31 1917...11.886,591
July 31 1919___ 5.578.661 Apr. 30 1917_12,183.083
June 30 1919_ 4,892.855 Mar.31 1917...11,711,644
May 31 1919_ 4.282,310 Feb. 28 1917...11,576,697
Apr. 30 1919___ 4,800.685 Jan. 31 1917_11,474,054
Mar.31 1919___ 5,430,572
Gross Crude Oil Production.
The American Petroleum Institute this week estimates
that the daily average gross crude oil production in the
United States for the week ended Sept. 8 was 2,280,700
barrels, as compared with 2,261,800 barrels for the preceeding week, and with only 1,504,000 barrels for the
corresponding week of 1922 an increase of 776,300 barrels.
)
The daily average production east of the Rocky Mountains Iron and Steel Trade Quiet, with Lessened Demand.
was 1,417,700 barrels, as compared with 1,391,800 barrels,
The first ten business days of September have passed
an increase of 25,900 barrels. The following are estimates
without improvement in new buying of steel products to the
of daily average gross production for the periods mentioned:
extort that had been expected, according to the weekly
Daily Average Production.
Sep .8'23. Sep .1. Aug.25'23. Sept.9'22. market report of "The Iron Age" of Sept. 13 which goes on
23.
(In barrels.)
402.700 to say that while some of the reduction in output in July
438,800
443,350
436,600
Oklahoma
86,550
79.100
75.150
Kansas
74,700
and August was called seasonal, it now appears to have been
52.400
68,900
69.800
68,200
North Texas
147.600 in part also an adjustment of operations to a lessening scale
273.450
261.550
249,700
Central Texas
61,650
61.000
95.900 of demand. _The "Age" gives further details as follows:
59,050
North Louisiana
Arkansas
Gulf Coast
Eastern
Wyoming and Montana
California
127.300
103.400
108.000
167,000
863.000
126,600
102.500
110,000
146,650
870,000
128,450
100.500
111.000
129,500
870,000
31,500
106.900
113,000
82,850
385,000
Whereas August bookings of finished steel by important producers were
about up to the rate of July, and in some cases exceeded it, the general
experience is that September has not maintained the August rate.
The Steel Corporation's falling off of 496.000 tons in August in its unfilled
orders was accompanied by a reduction to 85% in its rate of output. It
had on Its books Aug. 31 about 1,565,000 tons less than on June 1, when it
2,280,700 2,261,800 2,242,400 1,504,400 was running at 95% of capacity. Independent companies are to-day
Total
operating on a 70 to 75% basis.
Thus the industry as a whole is producing ingots at a yearly rate slightly
over 40.000,000 tons, as against upward of 49,000,0)0 tons as the rate of
The Automobile Industry-Price Reductions in
April, the peak month.
Relation to the Trade.
Apartfrom the buying of 30,000 to 40,000 kegs of nails for early shipment,
little of the inquiry for Japan has resulted in businossa as yet. Thus far
Price reductions by Chevrolet have led to other reductions about
6.000 tons of sheets have been asked for to sheath temporary strucin the light ear field. Overland has followed, and readjust- tures, and much more sheet inquiry Is looked for in the next 30 days. The
total of shapes, plates and bars asked for on Japanese account is about
ments by others, possibly by Ford, are now expected.
tons.
The distinctive feature of the Chevrolet reduction has 20.000 believed that several months will elapse before the real reconstruction
It is
been that for once manufacturers in the light car class have needs of the stricken districts can be definitely known.
Labor supply has been such that leading producers in the Pittsburgh and
not waited for Ford to take the lead.
nearby districts have been able nearly to complete the abolition of the 12
The Peerless Motor Car Co. also reduced its models from hour shirt at blast furnaces, coke ovens and steel plants. In the Chicago
$300 to $560 a car. The amounts of these reductions were district about half the 12-hour men have gone to the shorter day. Genpublished last week under the names of the several companies erally the change has been more rapid than was expected, many workers
who have been on outdoor jobs having applied already at Central Western
in the General Investment News columns.
steel wmks.
Less is heard of the shorter day as a definite factor in finished steel prices,
Further price reductions were made public this week. The
brought a 10% advance In the
Columbia Motor Car Co. reduced its special model $100 to though the week hasrecognized, however, that withhourly wage rate of the
10
higher costs producers
-hour men. _It is
$995, and also announced a new type called the Hollywood will 133 more disposed to adjust output to demand than to try to fill up their
$1,195. The R.& V. Motor Co. announced price mills by cutting prices.
to sell for
placed with the Illinois Steel Co. by
The
reductions averaging $500 a oar, the touring model's new price the latest rail order is 26,000 tons its lines in the United States. The
Canadian National Railways for
being $2,300. The Oakland division of the General Motors rail mills now have a comfortable backlog and further good-sized orders are
Corp. announced price revisions running from $50 to $150 expected. The Pennsylvania Railroad, which has not been a buyer of rails
this year, is soon to be in the market. Its plans for buying 12,000 to 15.000
less than the prices on the old models.
cars have just become known also. Car works will need more business
Cadillac Motor Car Car Co. has presented a new type within 30 to 60 days.
The
-V. 63, and has announced price increases of from $100 to It The Norfolk & Western's total rail purchases are close to 60,000 tons, and
is now in the market for 10,000 tons of tie plates.
$260 per ear. Further details concerning these changes in
The policy of manufacturing consumers is still one of keeping close step
price are given on subsequent pages in our investment news with the mills, stocks being well drawn down all along the line. Jobbers
are having less to do, seeing that so many mills can deliver promptly.
department.
In finished steel the price structure holds, as for many weeks, sheets still
Regarding the effect of these price revisions the current being the most notable exception. The automobile industry is specifying
more liberally in body sheets and there is the beginning of fourth quarter
"Automotive Industries" says in part:
The introduction of new models by some manufacturers and a reduction buying.
Products in which concessions are appearing are bolts and nuts, hot
In prices by others have had a stimulating effect on sales. Orders on hand
With many of the major companies, particularly those that havo made rolled flats, track fastenings, light rails, hard bars and wire fence.
Some deliveries on bars have been held up and in the Chicago district
changes in their products, are reported to be sufficient to warrant capacity
two mills that roll bars from old rails have shut down due to the falling off
operations for sixty days.
in demand for reinforcing bars.
Several plants advise operating at top speed and others that they expect
Chicago finds more signs that high labor cost has caused the putting aside
to reach capacity levels this month. Ford, which dropped behind its schedof building plans. At Cleveland two buildings in prospect will each tako
ule of 180.000 In August, incidental to bringing out its new models, is
expected to return to the 7,000 daily mark this month and maintain opera- 5.000 tons of steel. For the new Union passenger station there 50,000 tons
will be needed, but none of it this year.
tiontions steadily at that figure,or in excess of it.
Ropes of an advance in the pig iron market based on an anthracite strike
are now in abeyance. Following the settlement of the strike, the price of
furnace coke has declined 50c. and in most centers the pig iron market
Unfilled Orders of Steel Corporation Further Decline. again shows a sagging tendency, although at Pittsburgh and Cleveland
it more activity and foundry
held 50c. higher.
The United States Steel Corporation on Monday Sept. 10 there blast furnaces are pursuing an iron at Pittsburgh isdistant points and
Lake
aggressive policy at
1923 issued its regular monthly statement, showing unfilled another shipment of iron has been made from Buffalo to Chicago. In the
have quoted
orders on the books of the subsidiary corporations as of South ramie furnacesappeared in as low as $23.
More activity has
ferromanganese, but resales dominate the
Aug. 31 1923 to the amount of 5,414,663 tons. This is a market. The usual price is $112.50, seaboard, although as low as $110 has
decrease of 496,100 tons from the unfilled tonnage July 31, been quoted.
a decrease of 971,598 tons from June 30 and of 1,566,688
tons from May 31. On the corresponding date last year
(Aug. 31 1922) the unfilled orders totaled 5,950,105 tons,
while on Aug.31 1921 they stood at only 4,531,926 tons. In
the following we give comparisons with previous months
back to the beginning of 1917. Figures for earlier dates
"The Iron Age" composite price table is as follows:
Composite Price Sept. 11 1923, Finished Steel, 2.775c. Per Lb.
-- _ Based on prices of steel bars, beams,
Sept. 4, 1923,__2.775c.
wire, open-hearth
tank plates, plain
Aug. 14, 1923, 2.775c.
rails, black pipe and black sheets, con-I
Sept. 12, 1922, 2.412c.
stituting 88% of the U. S. output ofi10-year pro-war average, 1.689c.
finished steel
SEPT. 15 1923.]
E
THE CHRONTCT,
Composite Price Sept. 11, 1923, Pig Iron. $25.29 Per Cross Ton
Sept. 4. 1923, $25.38
Based on average of basic and foundry
Aug. 14, 1923,
irons, the basic being Valley quota-{
25.04
Sept. 12. 1922,
tion, the foundry an average of Chic-I
15.72
-year pre-War average,
ago. Philadelphia and Birmingham_ _ _ I10
15.72
In sharp contrast with the views of "The Iron Age" the
"Iron Trade Review" of Cleveland in its weekly discussion
of conditions in the market says that the general situation
in the steel industry is improving, with increased buying and
the re instatement since the coal strike settlement of some
orders for steel which some buyers had been led to suspend
due to the anthracite controversy. The statement which
was issued Sept. 13 goes on to say:
Heavy buying of steel for reconstruction purposes of Japan is in sight
but act ual business in volume awaits upon these needs being definitely
ascertained which will involve some lapse of time. The indications are
that thee demands will continue steadily over an extended period rather
than take the form of a rush for material especially after pressing emergency
requirements have been satisfied. It is probable also that the principal
buying will be directed by the Japanese government. Considerable tonnage
for Japt.nese account was placed in the week notably in merchant pipe, wire
nails and galvanized sheets but much of this represented anticipated wants
placed by merchants. Other Oriental countries whose stocks of steel have
stripped by the hurried callsfrom Japan also are negotiating for replacement
tonnages.
•
Inquiries for 50,000 tons of plates, structural shapes and bars, and 10.000
tons of sheets for Japan and the Orient now are before Chicago mills. It is
believed at least 50,000 tons of sheets will be required before the present
buying movement subsides. Included in orders placed at New York this
week was one lot of 1,000,000 feet of building pipe, more than 5.000 kegs
of nails, about 1.000 tons of wire rods and miscellaneous materials. Pittsburgh mills booked some important tonnage, especially in naiLs. Receipt
of large inquiries for galvanized sheets by British mills Is reported by cable.
Producers of steel are more convinced that with the bookings on hand and
the increased new buying they can maintain their present rate of operation
to the year end. The coke market which was lifted 50 cents to $1 has receded.
New rail orders include 20,000 tons additional for the Pennsylvania.
23.000 tons for Grand Trunk, 50,000 tons for the Louisville & Nashville,
10.000 tons for the Wabash and 28,000 tons for the Norfolk & Western.
The Steel corporation's recent rail bookings have totaled 200.000 tons.
Steel production in August held up better than in pig iron. The daily
rate of ingot output in August was 136.276 tons compared with 140.570
tons in July, a loss of 3.3%. -The drop of pig iron in August from the
preceding month was 7.03%. Total ingots production in August in fact
was greater than July in the comparison of 2,797.962 tons and 2.658.449
tons rp- ctively but there were two more operating days in the month just
J
past. The country was making ingots in August at the annual indicated
rate of 42,245,560 tons compared with an annual rate of 43.576,700 tons
In July.
Pig iron buying again is showing a tendency to increase. Representative
buyers are coming into the market at Cleveland. Chicago and Pittsburgh
and in the East. The Westinghouse interests after placing some tonnage
inquired for 6.000 tons additional. Cleveland sellers report other individual
inquiries for 6,000, and a good volume of additional requests. Sales
in the Philadelphia district this week totaled 25,000 tons including 7.500
tons for cast iron pipe makers. Prices are steadier. Foundry iron in good
lots was sold this week at $25 valley. Some Tennessee iron is offered at
$23 Birmingham.
Germany has abandoned her grotesque quotations in marks and now is
naming iron and steel prices on the basis of the pound sterling. on this
basis, these prices compare closely with the equivalent quotations of American producers and in some lines are higher.
The Industrial Situation in Illinois During August
-Idleness Increases.
The migration of workers into Illinois from other industrial
areas continued during August, says the General Advisory
Board of the Illinois Department of Labor in its monthly
review issued Thursday, Sept. 13. Into the Illinois labor
market for the month, says the report, an increasing supply
of labor was pouring and although the industries of the State
were at the same time expanding, the expansion was not
sufficient to assimilate all of this newly available man power.
Consequently, the ratio of people out of work to vacant
positions increased over the July figure. "It is in the influx
of workers beyond the needs of industries that is to be found
the explanation of the anomaly of the concurrence of a peak
of profitable employment with the least favorable condition
in the free employment offices at any time in seven months."
The report then proceeds as follows:
The employment survey for the month is based upon the signed reports
from 1519 Illinois employers. These concerns had 417,174 workers in
August, an increase of 1.3% over the number the identical firms reported
one month before. This growth compares with an increase of 1% lb August
last year and a decline of 4-10 of 1% in July of the current year. The
additional workers bring employment to a point 15.8% above August of
last year and 21% over the same month two years ago.
Although the general trend in employment was upward during the past
month, this movement among the various industries was not unanimous.
The resultant percentage of Increase indicates that the sharp declines were
more than overbalanced by the increases. The 1519 concerns are divided
into 64 industries of which thirty-four show net gains and thirty net drops.
In the manufacturing list alone there were twenty-six industries expanding and the identical number of industries reducing employment. Employment moved briskly upward in the principal food Industries and rose
moderately In the stone, clay and glass industries, and the wood and
leather groups. In clothing and chemicals the movement was definitely
downward, while in metals, machinery and conveyances, some of the
larger industries had Increased the number of workers, while some of the
smaller ones showed very sharp reductions.
In the building industry, and the dependent industries, those making
building material, there was considerable activity during the month.
Building workers Increased in number by 5.7%,the largest expansion being
1185
in the miscellaneous contracting and road building classes. Building Conalone gave jobs to 1.3% more workers on account of rush work
necessary in pushing the completion of buildings for fall occupancy on
October first, the semi-annual moving day.
Glass factories in August added 3.6% more workers. However, paint
and varnish concerns in August had only 92% of their July forces. Planing
mills had 2.9% fewer workers than one month earlier. The automotive
industries show a reduction in man power of 5.4% and in agricultural implements the decline was only slightly less.
However. in iron and steel, there was a gain of 5%, part of it doubtless
being due to the substitution of the three-shi t system for the two shift,
-hour day. an Chicago alone the emthat is the installation of the eight
ployment gain in steel workers was ess than 1%. In furniture and Cabinet
work, expansion was general, the industry showing a gain of 5.1%. At
the oil refineries employwent declined 9% during the month.
One of the most important declines was in men's clothing. Several
concerns are reported to have gone out of business. The reports from ten
factories show that 7.4% of the workers were laid off during the month.
This contrasts sharply with the conditioni one year ago, when the Employment Bulletin said that the production of wearing apparel for Fall was on an
active scale and that "all the clothing factories reported increases in the
number of employees and in average earnings, indicating an inci ease in the
number of hours worked." Last August was doubtless exceptional for the
apparel factorise. Merchants credulous of returning prosperity were slow
in placing orders and the fall season ran into the Spring almost without
a break.
At the mines, cooler weather, and a threatening strike in a competitive
field brought an increase in the number of workers for the month amounting
to 4.1%, and a gain in earnings aggregating 14.1%. At the mail order
houses and department stores there were declines,-ia the former case it
was 2.9%, in the latter 10%. In the manufacturing Industries alone the
cnange during the month was a drop of 1.2% for the 1189 concerns reporting.
The women fared better than did men in the shifting of jobs during
August. An analysis ofthe signed reportsfrom 493 manufacturing concerns'
which had five or more female workers and which submitted reports for
both July and August, shows that the rate of increase of female employees
was larger than that of males in every industrial group except one, for
which comparable figures are available. Only in stone, clay and glass
products where female employment is unimportant, did the gain of men
workers amount to greater than that of women workers -5.1% more male
workers were employed in the stone, clay and glass factories in August
than in July. This was the most important increase among men workers.
Among female employees the gain was greatest in metals, machinery and
conveyances, in which there was an expansion of 5.7%. The textile group
in which the knit goods concerns predominate, shows a gain of 12.9% in
the number of women workers during August. This increase was not quite
sufficient to overbalance the decline in the preceding month. The 493
manufacturing concerns had a total of 210.280 workers, of which 154,728
were male, and 55.352 female workers. Reports are also available from 21
public utilities which had 40.101 maes and 19.166 females. In the utilities
the employment changes during the month resulted in a gain of 4.5 %
for women and 3-10 of 1% for men.
Small fit ms again suffered in comparison with the larger sized firms.
For the fourth consecutive month the firms having fewer than 100 employees
reported a decrease in employment. The August reduction of 1.1% was
less than the preceding months reductions for firms of this size. Concerns
having between 100 and 249 workers suffered decreases during August
amounting to .7 of 1%. The biggest gain was by the la firms having from
2.000 to 4.999 employees. The firms in this class added 9% more workers.
Nine of the 1.519 firms have more than 5,000 workers. These nine firms
employ more thanione-fourth of the total number of workers included in the
entire tabulations. During the month these largest employers added
1.7% to their working forces.
Reports are available for 1.211 firms who submitted signed statements
for both August 1923 and August 1922. These concerns had 293,204 employees in August 1923, which was a gain of 35.000 employees over the
number they had a year ago.
The year's gain in building workers amounted to 29%. in chemicals and
oils to 1.8%. and in metals. machinery and conveyances to 20.5%. The
only Instance of dem ease was in wearing apparel, where workers numbered
6.5% fewer than the same month a year ago.
A comparison has also been made in the August Labor Bulletin of the
reports from 285 employers who reported for August in each of the years
1921. 1922 and 1923. These concerns had 144.337 employees in August
1923: 124.899 In August 1922; and 118.858 in August 1921. The expansion
for the two-year period was 21.4%. The industries generally were well
on the up-grade by August of last year. although there are exceptions.
The packers for example had fewer employees last summer than they had
the year before. The size of the forces at the yards now is larger than in
either of the past two years. The two years comparison shows that the
greatest Increase has occurred in the metal, wood and stone, clay and glass
groups.
Bloomington and Springfield lead the principal cities of Illinois in the
extent of the employment expansion for August. In Bloomington. 19 concerns reported 6.1% more people in August than a month ago. In Springfield the employers had 4.8% more workers following a gain of 2 %
July. 789 Chicago employers had 286,204 employees in August, which
was a gain of .4 of 1% over the number they had in July. In Aurora,
Danville, East St. Louis, Rock Island and Rockford. the change during the
month was Itse than 3 of 1%. In Decatur, Joliet, Moline and Peoria,
employment was approximately 2% larger in August than in July.
The Free Employment Offices ratio of job seekers to opportunities stood
at 113 in August. In July it was 112. In the past 16 months the free
employment office ratio has been lower only in December 1922 and January 1923. when inclement weather affected the index. In August 1922
the ratio stood at 110 workers for each 100 jobs. In August 1921 the index
number was 211 and in August 1920 it was 92.
The index for Chicago offices was 128.8 in August which was the worst
for any place in the state except Cicero. The most favorable situation was
In Rock Island, where there were only 47 people after each 100 jobs. For
the combined offices, agricultural labor continued to be shorter than the
demand. Common labor was a trifle in excess of the demand, with 106
applicants for 100 Jobs. There were 117% men registered for each 100 jobs
and 105 women for each 100 opportunities for the month. 16.321 persons
are reported definitely to have secured jobs through the Illinois Free
Employment Office during August.
1.518 reporting employers paid out $10.589.052.00 in wages during the
week of August 15th. This was a gam of 1.9% for the identical concerns
over the July 15th disbursements. The average weekly earnings in the
manufacturing Industry stood at $26.74 per week in August which was
twenty-three cents under the aver age for July, but $1.59 below the average
for June. the peak month. A year ago the average weekly earnings
amounted to $23.95, so that with the decline, the factory workers of the
struction
THE CHRONICLE
1186
[VoL. 117.
state still had $2.79 more per week than during August, 1922. For all reported amounted to 17.6 pounds per bushel of wheat in
industries the August average weekly earnings amounted to $27.56. This July, 17.7 pounds in June and 17.5
pounds in May.
Is 31 cents per week greater than the amount for July, but $1.15 under
the average for June. One year ago, weekly earnings for all industries
Wheat Ground and Wheat-Milling Products, by Months.
amounted to $24.75.
The volume of building authorizations continue to ride on the high
Daily
plane of the past few years. The number of building permits issued in
Mills
Wheat
-hour P.C. of
Production.
(24
August exceeded in both number and volume the authorizations in July
report- round
capac'y in total
1923 as well as August 1922. In Chicago 1440 pe.mits were issued during
Month.
ing
Wheatfir Wheat grain wheat fl'r copse.
August calling for $20,134,150.00 worth of work, over 3% millions in excess
(No.) (bushels) (barrels) offal (Lbs.) (barrels) oPeral•
of the July total. Extensive building operations are also in progress in the
suburbs of Chicago. Thus, in Cicero 97 permits authorized $1,238,531.00 May
1,081 36,210,276 7,911.852 635,329,571 683,649 44.5
worth of work during August; in Derwyn the authorization totaled $632,- June
1,080 30.942;592 6.735,493 549,483,608 700,796 36.9
600.000; in Oak Park, $489,355.00 and In Evanston $701,121.00. Of the July
1,036 35,588,673 7,743,581 628,466,539 645,328 47.9
down-State cities, the authorization exceeded $200,000.00 in DecaturlEast
St. Louis, Rockfotd and Springfield.
Statistics Regarding.Cast Iron Pipe Production.
The Department of Commerce on Sept. 5 gave out statistics on the production, orders, sales and shipments of cast
iron pipe for the month of June 1923. This is the first of the
monthly reports to be issued by the Department for cast iron
pipe and includes returns from twelve establishments. It is
confined to bell and spigot pressure pipe exclusively. The
statistics are presented below in tabular form and, as the
work progresses, it is hoped to present comparative figures
for identical establishments from month to month. Table I
gives a summary by total tonnage for each of the principal
items of the industry and Table II shows in detail these
items by class and size:
TABLE I.
81,208
Cast Iron pipe produced during the month (tons)
88,318
Cast iron pipe shipped during the month (tons)
Orders for cast iron pipe specified to be shipped from stock (tons)- 17,905
199,271
Orders for cast iron pipe specified to be made on orders (tons)._ 4,366
Orders for cast iron pipe not specified as to sizes (tons)
TABLE H.
Sizes.
Class.
3
4
8
5
10
12
526
246
3,522 6,557
3.236
1,026
170
45
545
123
4,96211.034
A, pieces
B. pieces
0, pieces
D, pieces
Gas, pieces
Total
363 1,318 2,261 1,127
690 23,499 33,208 12.069
186 5,323 9,595 6,353
158 1,337 1,242
148
18 11,112 4,028 1,267
1,405 41,410 50,429 22,058
Specified from stock, pcs_
Specified to make. pieces..
Total sold but not
shipped, pieces
1,026 12,901 20,851 9,141 2.280 5,778
5,426 265,932 329,285 99,038 20,040 41,040
6,452 278,833 350.136 108.179 22,320 46,818
Sizes.
Class.
24
30
149
674
187
147
Tg 286
1,443
174
385
255
28
179
1,021
22
645
437
62
179
1.345
248
607
1.138
5,834
662
4,957
648
3,921
855
6,972
5,619
4,569
60
72
14
A, pieces
B. pieces
C, pieces
D, pieces
Gas, pieces
Total
Specified from stock, pcs_
Specified to make, pieces_
Total sold but not
shipped. pieces
16
87
373
154
24
-638
497
1.412
481
31
242
2,663
43
396
172
27
5
643
94 1,676
3,290 11,499
3.384 13,175
20
18
Sizes.
Class.
36
42
19
371
11
---71
472
430
8
8
---446
13
114
351
3,761
12
277
67
844
4 119
950
011
48
54
I
A, pieces
B, pieces
0, pieces
D, pieces
Gas, pieces
Total
3pecified from stock, pcs3pecified to make, piecesTotal sold but not
20
79
1
. 7
- ------
1
--__
6
51
45
1
102
7
1
205
9
64
7
----
ens
72
7
Wheat Ground and Wheat-Milling Products July 1923.
The Department of Commerce under date of Aug. 31
announced statistics based on reports it has received on
wheat ground and wheat-milling products by months.
The figures for May and June are also included, but have
been revised to include reports received since the preliminary
bulletins for those months were issued. The returns include
only mills which are now manufacturing at the rate of 5,000
or more barrels of flour annually. The figures for July
include reports from 1,036 mills, and these same establishments produced 83.8% of the total wheat flour reported at
the biennial cc tsus of manufactures, 1921. The wheat
ground averaged 275.7 pounds per barrel of flour in July,
274.1 pounds in June and 274.6 pounds in May. The offal
Number of •Men's and Boys' Garments Cut During
July 1923.
The Department of Commerce has compiled the following
information with regard to garments cut for men's and boys'
clothing during July, according to reports received from
459 establishments, with comparative summary for 334
identical establishments reporting for February to July
inclusive:
Garments Cut During July (459 Establishments),
KindNumber.
Men's suits, wholly or partly of wool
910,218
Men's suits, wholly or partly of mohair, cotton, silk, linen, &c_ --- 66,256
Men's separate trousers, wholly or partly of wool
957.739
Men's separate trousers, wholly or partly of mohair, cotton, silk,
linen, &c
542,845
Men's overcoats
482,434
Boys' suits (all grades)
265.809
Boys' separate pants (all grades)
531,639
Boys' overcoats and reefers (all grades)
92,046
Comparative Summaryfor 334 Identical Establishments
-No.of Garments Cut.
KindFebruary. March. April. May. June. July.
Men's sultsWhollyorpartlyofwoo1870,508 961,072 705.835 700,613 720,897 630,825
Wholly or partly of mohair, cotton, silk, linen, &c
148,666 156,339 132,208 130.718 88,959 49,052
Men's separate trousers:
Whollyorpartlyofwool8G4,058 875,216 730,740 709,231 680,883 716,194
Wholly or partly of mohair, cotton, silk, linen, &c
460,338 498,166 460.816 475,574 343,744 369,269
Men's overcoats
118,512 154,288 193,955 291,217 350,530 367,239
Boys' suits & separate
Pants (all grades)___ -623.587 731.200 644,808 701,614 781.289 658,746
Boys' overcoats & reefers (all grades)
15.615 21,294 33,527 56,897 89,788 66,492
Clothing Cut During July, by Classes of Establishments, for 92 Wholesale
Tailors and Tailors to the Trade, and 347 Ready-to-Wear and 20
Cut, Trim and Make.
Kind Cut and Number of GarmentsTailors Ready-to-Cut, Trim
to Trade. Wear. & Make.
Men's suits, wholly or partly of wool
186,339 698,587 25,292
Men's suits, wholly or partly of mohair, cotton,
silk, linen, &c
3,432 60,661
2,163
Men's separate trousers, wholly or partly of wool 75,716 840,526 41,497
Men's separate trousers, wholly or partly of mohair, cotton, silk, linen, &c
20,240 483.470 39,135
Men's overcoats
82,955 387,558
11.921
Boys' suits (all grades)
39,412 217.516
8,881
Boys' separate pants (all grades)
88.962 417.603 25,074
Boys' overcoats and reefers (all grades)
16,662 69,714
5,670
The Coal Trade
-Current Production and Market
Conditions.
The regular weekly detailed report compiled by the
United States Geological Survey for the week ended Sept. 1
shows that while the production of bituminous coal reached
a new high record for the year, namely 11,633,000 net tons,
which exceeded by 250,000 net tons the production of the
previous week, the production of anthracite fell off about
259,000 net tons to 1,896,000 net tons, due to the suspension
of mining on Friday, Aug. 31, because of the apparent
failure of the wage negotiations which have, however, since
been concluded in accordance with the terms noted in another
column of this issue. Extracts from the "Survey's" report
issued under date of Sept. 8 follow herewith:
Soft coal production in the week ended Sept. 1 set a new high record
for this year. The total, including coal coked, mine fuel, and local sales,
is estimated at 11,633.000 net tons, an increase of 250,000 tons over the
revised figure for the week preceding. Early returns on car loadings in
the present week (Sept. 3-8) indicate that Labor Day counted for about
one-fourth of a day in soft-coal mining and the production was well sustained On Tuesday and Wednesday. The total production for the week
will probably be in the neighborhood of 9,800,000 net tons.
Estimated United States Production of Bituminous Coal (Including
Coal Coked (in Net Tons).
•
1922
1923
Cal. Yr.
Cal. Yr.
Week.
to Date.
Week.
to Date.
4,609,000
216,823,000
10,843,000
345,690,000
Aug.18
768,000
1.109,000
1,773,000
Daily average. 1,807,000
6.736,000
223.559,000
11.383,000
Aug. 25 a
357,073,000
1,123,000
1,109.000
1,776,000
average.. 1,897.000
Daily
9,359,000
232,918.000
11,633.000
368,706,000
Sept. lb
1,560,000
1,122,000
1.781,000
Daily average.. 1,939,000
a Revised
since last report. b Subject to revision.
SEPT. 15 1923.]
THE CHRONICLE
Production during the first 207 working days of 1923 was 368.708.000
net tons. During the corresponding period of the six years preceding
it was as follows (in net tons):
Years of Depression.
I
Years of Activity.
307.474.000
368.651,00011919
1917
268.641.000
393,093,00011921
1918
232.918.000
361,117,000[1922
1920
production, 1923
Thus it is seen that from the viewpoint of soft coal
for the three years of industrial activity
stands 1.5% behind the average
and 37% ahead of that for the three years of depression.
ANTHRACITE.
The production of anthracite during the week ended Sept. I was maintained at a high rate during the first five days. The early reports of
"lay-off" on Friday. pay-day, and in anticipation of the suspension, were
not borne out by the record of car loadings which reached the maximum
In excess of 7.100 cars on that day. More than 400 cars were reported
-down of the collieries apparently was
loaded on Saturday, but the shut
complete and the car loads reported were in part carried over from the
day before and were in part the output of river dredges and culm washeries.
The total output for the week is estimated at 1,896,000 net tons on the
basis of 36.259 cars reported by the prinicpal anthracite carriers. This
was a decrease of 259,000 tons as compared with the week preceding, but
the average rate of daily production during the five active days was about
3% higher than that for the week preceding.
Estimated United States Production of Anthracite (in Net Tons).
1922
1923
Cal. Yr.
Cat. Yr.
to Date.
Week.
to Date.
Week.
38.000
23,542.000
64.427,000
1,858.000
Aug. 18
37.000
23.579,000
66,592.000
2,165,000
Aug. 25
37,000
23,616,000
68.488,000
1,896,000
Sept. 1 a
a Subject to revision.
Supply of Anthracite on Sept. 1 1923.
The supply"of anthracite available for consumption after the suspension
of operations at the anthracite mines on Sept. 1 is not definitely determinable, but it may be roughly gauged by comparison of production during
the present coal year woth that in the past. The total output of hard
coal from April 1 to Aug. 31 1923 is now estimated at 42.521,000 net
tons. In comparison with the average for the corresponding periods
In 1919, 1920 and 1921. this was an increase of approximately 10%, and
It was but little less than in 1917 and 1918.
On the basis of past experience, It is estimated that about 60% of the
total production was sizes suitable for household uses.
Production of Anthracite During First Five Months of the Last Seven Coal
Years (Thousand Net Tons).
1920. 1921. al922. b1923.
1918. 1919.
1017.
27 8 063
7.98.5
6,285
6,884
8.211
7,222
April
7,752
36
8,573
8,037
May
7,525
8.880
8.933
88
8.071
8.251
8,665
7.404
8.855
9.103
June
118 8,320
8.342 7,309
7,974
9,134
8,684
July
7.459
164 c8.900
8,105
9,058
9,258 8.096
August
Total
a Revised.
43.000 44.338 37.883 39,020 38.576
431
b Subject to revision. c Preliminary estimate.
42.521
1187
All the interest in the anthracite market naturally centred upon Harrisburg last week. The little coal that moved forward during the week was
confined to loadings passing the scales prior to Sept. 1. Quotations which
ranged as high as $15 on independent tonnage were largely nominal. With
the early resumption of full-time anthracite production, it is freely predicted in the trade that independent prices will suffer a marked decline.
The coke trade, which has benefited more from the anthracite strike scare
then bituminous coal, continues active.
The "Coal Age" in its weekly report points out that settlement of the anthracite strike on the basis of Governor
Pinchot's original four points being assured wages and prices
have been pegged up for two years and says the coal trade is
now waiting to see what the Governor can accomplish in
cutting freight rates and distributor's margins. The "Coal
Age' then continues as follows in its report which was issued
•
Sept. 13:
With few exceptions, and then only in slight flurries, did the coal market
in any part of the country show any improvement which could be attributed
in
to the suspension of anthracite mining. Inquiry for soft coal increased
various sections, but prices were affected but little. For the third consecutive week "Coal Age" Index shows a slight advance in the average
price of soft coal, registering 205 on Sept. 10. an increase of one point, with
an average price of$2 49.
The country was in excellent condition to forego the trouble which would
are
have been occasioned by a much longer strike of the miners. There
upward of57,000.000 net tons ofsoft coal in consumers'reserves and the outat 42,521.000
put of anthracite during the coal year to Aug. 31 is estimated
net tons, the largest production for any corresponding period since 1918.
The ending of the anthracite trouble and the feeling that the danger point
has been passed placed householders in the Middle West on easy street.
with the result that there is no rush'for any of the domestic fuels. Buying
hand
is slow in New England and even retail dealers have plenty of coal on
to meet a possible emergency. Shutdowns and curtailments in industrial
plants are frequent. Inquiry for bituminous screened coals fell off somewhat. The week's idleness of the anthracite mines failed to create any
considerable uneasiness among the dealers or consumers. It was estimated
that approximately 75% of hard-coal consumers had at least a part of their
winter's fuel in their bins and that the balance could use substitutes. With
the strike apparently settled wholesale and retail dealers expect that within
a comparatively short time production will have been sufficient to supply
all orders.
Inquiries for coke were numerous and considerable buying was reported
by some producers.;In some instances the larger sizes were asserted to be sold
up. Inquiries of producers continued as far south as Birmingham. Ala.
Buying of heating coke by Eastern dealers is fairly active.
Lake shipments of soft coal continues around 1.000.000 net tons weekly,
with total dumphigs of cargo and fuel coal amounting to 19,904.264. as of
Sept. 2. Shipments of anthracite from Lake Erie port during the season
to Sept. 4 totaled 2.190,602 net tons, 1.971.070 tons of this amount having
been shipped from Buffalo.
The Sugar Situation-Size of Last Cuban Crop
Recent Recovery in Price.
The following from last Saturday's weekly circular of
Nortz & Co., of this city, discusses in an interesting way
recent developments in the sugar trade:
BEEHIVE COKE.
exact yield
The central. "Santa Lucia," having finished operations, the
The gradual decline in the production of beehive coke previously reyear's Cuban crop has now been determined.
ported was continued in the week ended Sept. 1. Preliminary estimates of this
3.601.605 tons
based on the number of cars loaded on the prinicpal coke-carrying railroads Mr. A. H. Himely makes the total
3.602.919 tons
placed the total for the week at 322,000 net tons, against 327.000 tons Messrs. Willett & Gray
in the week preceding. The decrease was reported from the Pennsylvania.
The same experts, in common with the majority of the trade, held the
Ohio, and West Virginia districts.
opinion and reiterated it early in the season that this year's yield would
-if not in excess of this figure.
According to the Connellsville "Courier," production in the Connellsville prove to be at least 4,000,000 tons
district decreased to 239.210 tons from 249,710 tons in the week before.
Per contra, we have on record the opinions of some eminent statesmen
The "Courier" further reports that 2.125 ovens were withdrawn from not to use such an expression as politicians-as Chancellor Baldwin and
production in the Connellsville region during the week.
Secretary Hoover, indicating, if not predicting, a shortage in the world's
sugar production. Between the two extremes producers and consumers
Estimated Production of Beehive Coke (Net Tons).
have calmly sailed their own course, it must be admitted though, on season
1923.
Week ended
1922.
that were at times rough enough to shake the heart even of the bravest.
to
to
Sept. 1 Aug.25 Sept. 2
The present season is once more a brilliant example how disastrous interDate.
Date.
1923.a
1922.
I923.b
ference with the law of supply and demand can work and how in the end
Pennsylvania & Ohio-259.000 268.000 103.000 10,625,000 3,235.000
latter is always bound to reassert itself.
780.000
254.000 the
9.000
20,000
19.000
West Virginia
That the present Cuban crop has yielded less than the vast majority
768.000
11.000
277.000
16.000
Ala., Ky.,Tenn.& Ga_ 19.000
trade had a right to expect cannot be denied. The effect of the
536,000
5.000
197.000 of the
14,000
12.000
Virginia
drought, stunting the growth of the young cane making it unprofitable
270,000
6.000
132.000
6.000
Colorado & N. Mexico_ 6.000
grind, had undoubtedly been underestimated. It is by no means im194.000
4,000
128,000 to
5,000
Washington & Utah_ _ _ 5,000
possible that the same cause may make itself felt again during the coming
season,although at this writing it is rather early to express an opinion on
United States total.. _322.000 327,000 138.000 13,173.000 4,223.000
point,since with favorable weather conditionsfrom now on a good deal
63,000
20,000 that
23,000
55,000
54.000
Daily average
conditions
of damage can be repaired. In the circumstances weather
be regretted that
in Cuba from now on will bear close watching. It is to
a Subject to revision. b Revised from last report.
such meagre
that the sugar trade in this country has,comparatively speaking,
The combination of a strike in the anthracite region and information regarding crop prospects and promises. The beet-growing
the Labor Day holiday made the first week in September one countries in Europe are undeniably far ahead of us that respect. Weather
of watchful waiting with little real activity in the bitum- conditions, weight of the beets, their foliage and yield are regularly recorded
with comparative
inous coal markets of the country. In the Middle West and permit of the forming of an opinion of the yield
of the development of the
The proper
domestic buying, particularly in the urban centres, was accuracy.cane crop is asreporting and recording improvement.
yet a field capable of vast
slightly less active according to the "Coal Trade Journal" principal important development in the past fortnight has been the large
The most
in its weekly market review issued Sept. 12.. .As an offset increase in the domestic consuming demand which had been expected so
to this, however, buying from rural commumties was on a long that many of the trade authorities despaired of its revival for the
somewhat heavier basis so that the trade balance,as a whole net Of this season. It is now estimated that about 150,000 tons of the
was well maintained the report continues, adding further accumulated supplies of our refiners have been absorbed. The latter
were
having for some time past allowed their supplies of raws to run down
details which appear herewith:
which the price
In the East the average retailer, and domestic consumer also, deferred in turn compelled to re-enter the raw market, as a result of
action on the question of bituminous as a substitute fuel and, when announce- has advanced again to a 4% cent level.
With the Cuban crop completed and only a visible supply in Cuba slightly
ment came from Harrisburg that an anthracite agreement had been reached,
United States
promptly lost all interest in the question. Industrial buying, both East In excess of 400.000 tons, the question of supplies for the
factor
for the rest of the year is becoming interesting. More than any other
and West. was featureless.
this side by unexpectedly
Price movements in the bituminous trade as a whole last week were has Java contributed to check advancing prices on
more bidedownward,although the number of instances in which prices were unchanged heavy shipments to European countries, making the latter
war. Advioos
exceeded those to which advances or reductions took place. Comparing pendent of supplies from this side than at any time since the
sugar have
spot quotations on the coals listed below with those for the week ended from England indicate that not only all distressed lots of Java
been unSept. 1. changes were shown in 42.6% of the figures. Of these changes been absorbed but that the Russian Border States have of late
capacity,
approximately 65% represented advances raging from five to 50 cents and expectedly good buyers of sugar beyond their own consumingabsorption
of•
averaging 21 cents per ton. The reductions ranged from five to 50 cents indicating a revival of the Russian giant whose capacity
too distant a
and averaged 17.7 cents per ton. The straight average minimum, how- may yet furnish the world with a surprising lesson in not
50.000 tons in
ever, dropped to $1 80. a decrease of 22 cents, while the average maximum. future. On top of that, India is reported to have bought
from that Quarter
$2 31, was 12 cents less. A year ago the averages were 5460 and $5 27. Java, making it unlikely to look for much selling pressure
for the balance of the season.
respectively.
1188
THE CHRONICLE
[VOL. 117.
As a rule, European countries follow the policy of letting their sugar Colorado, third with $118,216. The first two did not
stocks run down to the smallest possible working supply in anticipation
of the new beet crop. A delay in the marketing of the latter or any un- change place in rank but Denver, as a result of the big inexpected consuming demand may contrary to expectation force England crease jumped from 32nd to 24th place, passing seven other
into the Cuban market before the end of the year. Such a development, cities. Uniontown, Pa., which,
during the past few months
although unlikely, would make the question of supplies for the rest of the
season for this country decidedly precarious. At all events, it now looks has passed some of the largest cities in the country and now
as if the available supply in Cuba will be needed here and readily absorbed ranks 14th, reported an increase in deposits of $57,229 but
at around present and most likely somewhat higher prices. After all, failed to rout St. Louis out
of 13th place. Figures showing
we still have fully six weeks of active consumption ahead of us, and holdings
of our refiners are hardly large enough to satisfy any more than a moderate balances at offices having an excess of $100,000 on deposit,
demand. The balance between supply and demand appears precisely together with the amount of increase or decrease, follow:
adjusted and any unexpected interference threatening a normal supply STATEMENT OF POSTAL SAVINGS
BUSINESS FOR THE MONTH
for this country might seriously upset calculations, not to say "the apple
OF AUGUST 1923 AS COMPARED WITH THE MONTH OF
JULY 1923.
cart." ss
Balance
$131,6.59,300
The.Cuban sugar crop this year totals 3,601,605 tons ac- Increaseon deposit July 31
during August
800,000
cording to the final figures of the Federal Sugar Refining
Balance on deposit Aug.31
$132,459,300
Company's representative on the island,reported in its review
Depositors'
InDeRank—
of the industry. Central "Santa Lucia", the last of the 182
Post Office—
Balance.
crease.
centrals to finish grinding, has closed down. Its outturn New York, N. Y____$42,948.695 $124,154 crease. This Mo. Last Mo.
1
1
Brooklyn, N. Y
12,573.753
$17,028
2
2
amounts to 155,401 bags. The Federal Sugar Refining Co., Boston, Mass
7,372,546 120.803
3
3
in its last Saturday's review also had the following to say: Chicago. Ill
6,194.517
2,902
4
4
Seattle. Wash
3,054.260
6.248
5
5
Much of Cuba's new crop cane shows an improvement over last year's. Philadelphia,Pa
2,669.146
42.851
6
6
reports Federal's representative. From a number of places, with the ex- Pittsburgh, Pa
2,406.616
23.824
7
7
1,947.977
ception of Oriente Province, the cane supply Is reported to be good and Detroit, 1111ch
3,822
8
8
1,498,942
1,314
9
9
much of the cane appears to be in good condition. Some is showing the Tacoma, Wash
Kansas City. Mo-1,489,635
6,582
10
10
effect of excessive rain succeeded by drought, but a good distribution of Portland, Ore
1,394.950
411
11
11
rainfall during the next few months would to a large extent make up for Newark, N. J
1,350,281
8.212
12
12
966.375
5,828
this. Recently there has been some much needed rain. Oriente has had St. Louis, Mo
13
13
Uniontown, Pa
864.661
57,229
14
14
some after having been a heavy sufferer for months. The weather during Los Angeles, Calif_ _ _
768.155
4.986
16
15
the present month will be watched with interest, as consistent rains are San Francisco.caul
766.035
15
10,656
16
727.515
essential and consistentcy has not been a prominent feature of this growing Milwaukee, Ms
3,369
17
17
683.965
3,052
18
18
season so far. The unusual dryness of the early part of the year was broken Jersey City, N. J_
Cincinnati, Ohio
565.011
19
19
3,485
by abundant rains in May and some of the new plantings had to be renewed. Buffalo, N. Y
525.546
28,574
20
20
Since then the rains generally have been somewhat Infrequent.
489.665
Cleveland, Ohio
6,146
21
21
482.598
The recent upturn in raw sugar prices was due to a temporary shortage Columbus, Ohio
22
1,250
22
468,671
23
23
11,453
of sugar in the "early positions", says Federal, and the efforts of refiners Providence, R.I
Denver, Colo
461.914 118,216
32
24
to replenish their stocks. The shortage was the result of ships usually St. Paul, Minn
441,469
5.106
24
25
engaged in the sugar trade having been diverted as they had not been able Passaic, N.J
429,197
4.249
25
26
417.743
541
26
to obtain cargoes owing to the small volume of sugar business in the recent Butte. Mont
27
McKees Rocks.Pa--392.222
3,052
27
28
past.
368,848
Ironwood. Mich
924
29
29
The European beetroot crop will amount to 5,000,000 tons raw (ex- Washington, D. C.-366,862
1,618
30
30
Great Falls, Mont--366,527
clusive of Russia). cables Federal's German correspondent.
25,305
34
31
366,473
4,741
32
28
Exports of refined sugar from the United States during the first seven Bridgeport, Conn_ _ -356.138
Aberdeen, Wash
7,006
33
31
months of the year totalled only 190,443 tons, as compared with 762,588 Toledo, Ohio
346,681
3.633
34
33
334,222
tons in the corresponding period of 1922. Shipments to all the important Minneapolis, Minn
1,973
36
35
331.230
McKeesport,Pa
5.551
36
35
destinations show reductions.
325.453
Lowell,
4,777
37
37
Imports of sugar into this country during the first seven months totalled Atlantic Mass
302,877
48.893
City, N. J-38
46
2.940,695 tons,as against 3,758.189 tons in the similar period of last year. Astoria, Ore
282.827
19,092
39
42
277,253
Of these totals 2,897.519 tons this year and 3.723.939 tons last year came Roslyn, Wash
2,857
40
38
277,156
2,448
41
41
from "inside" sources, Cuban. Porto Rico, Hawaii. Philippines, and Virgin New Haven, Conn
275.743
Leadville, Colo
6,005
42
39
Islands. Somewhat more sugar came from "outside" sources this Year Pawtucket, R.I
274,342
1,825
43
40
262,335
than last, 43,176 tons,as compared with 34,250 tons in 1922.
Hartford, Conn
4,159
44
44
261.962
Erie, Pa
7,502
45
45
261,015
Omaha, Neb
1.023
43
46
243.266
1,599
47
47
Census Report on Cotton Consumed and on Hand, also Pocatello, Idaho -- 235,418
Kansas City, Kan924
48
48
226,325
Mount Pleasant,Pa
13,171
53
49
Active Spindles, and Exports and Imports.
Staten Island, N. Y
224.842
10,448
50
52
224.273
*Anchorage, Alaska—
3.519
51
49
Under date of Sept. 14 1923 the Census Board issued its Pensacola. Fla
220.258
2,767
52
50
216,654
Pueblo. Colo
1,898
regular preliminary report showing cotton consumed, cotton Louisville,
53
51
205,753
Ky
5,020
54
54
197,153
on hand, active cotton spindles and imports and exports of Flushing, N.Y
1,629
55
55
196.299
72
56
56
twelve Oakland., Calif _
cotton for the month of August 1922 and 1923 and the
196.062
Wilmington, Del_
429
57
57
Wash--4,516
58
58
months ending with July. Cotton consumed amounted to Bellingham, Alaska_ - 195,339
*Fairbanks,
193.545
4.164
59
59
192.739
491,604 bales of lint and 47,998 of linters, compared with Long Isl. City, N.Y_
4.599
60
63
192.061
Roundup, Mont
4,292
61
64
527,404 bales of lint and 60,825 of linters in August last year, Baltimore. Md
190.442
1,972
62
61
186,382
Altoona,Pa
1,845
oa
62
and 461,575 of lint and 44,775 of linters in July this year, the Paterson, N. J
185,702
652
64
65
184,500
543
Bureau announced. The statistics of cotton in this report Jamaica, N. Y
65
66
Norwood, Mass
183,935
5.219
66
60
182.098
are given in running bales, counting round as half bales, ex- Duluth, Minn
1,423
67
67
Camden, N J
178,275
5,746
68
68
o3pt foreign bales, which are in equivalent 500-lb. bales.
BinghamCanyon,Utah
171,729
1,267
69
69
171,478
The amount of cotton consumed in cotton-growing States was 329.162 Jacksonville, Fla_ _ _ _
8,675
70
73
Birmingham, Ala_
170.766
3,636
bales in August, compared with 308,181 bales in July and 338,628 bales New Orleans, La_ _ _ _
71
72
168,599
343
72
71
in August 1922.
Dallas, Tex
165.901
3,201
73
70
The amount of cotton on hand in consuming establishments on Aug. Elizabeth, N.J
159.054
1,520
74
75
157,552
1,321
31 last was 806.671 bales, compared with 1,089,230 bales on July 31 last Bayonne, N. J
75
74
154.064
Akron, Ohio
124
76
77
and 1,02.,874 bales on Aug. 311922.
,
153,722
Gary, Ind
510
77
78
The quantity of cotton on hand in public storage and at compresses Salt Lake City, Utah
151.839
5,587
78
76
147,327
on Aug. 31 1923 was 1,179.204 bales, contrasted with 938,689 bales on Memphis, Tenn
425
79
79
134,680
Brownsville, Pa
2,570
1,530.141 bales on Aug. 311922.
July 31 last and
80
82
129.739
6,585
81
con. Masontown. Pa
89
The number of active spindles on Aug. 31 last was 33,708,667..
129.564
Rochester, N.Y
6,262
82
81
treated with 34.237.887 on July 31 last and 32.491,857 on Aug. 311922.
Youngstown, Ohio--129,000
22.122
83
110
128.266
5.473
The exports of domestic cotton in August, including linters, amounted San Diego, Calif
84
90
127,293
9.357
compared with 171.469 bales in July last, and 272,808 Red Lodge, Mont_
85
80
to 244,415 bales,
122.481
Indianapolis, Ind---4,325
86
84
bales in August a year ago.
122,239
Centralia, Wash
3,154
87
86
Exports of cotton to Germany in August were 70.209 running bales. Tampa, Fla
121,965
4,912
96
88
121,206
Everett, Wash
against 82.218 bales in July 1923 and 56.416 bales in August 1922.
7.571
89
83
120,552
379
92
90
The imports of foreign cotton in August were 3,420 500-1b. bales, com- New Kensington, Pa
120,008
Manchester, N. H--5,025
85
91
bales in July last and 14.678 bales in August 1922.
pared with 6,356
119,730
San Antonio, Tex_ _ -1.500
91
92
118.885
Linters consumed during August 1923 amounted to 47,998 bales, com- Ansonia, Conn
573
87
93
118,363
144
pared with 62,481 bales in August of last year; there were 106,036 bales on Boise, Idaho
94
94
118,328
Chester, Pa
206
95
93
hand in consuming establishments on Aug. 311923. against 117,558 bale Hammond, Ind
117,096
7,119
96
88
on Aug. 311922; the number of bales in public storage and at compresses Breckenridge, Tex_ - 116,906
1,588
95
97
116,713
on Aug. 31 last amounted to 24,832, contrasted with 30,098 bales on Tonopah, Nev
97
37
98
116,198
Windber, Pa
621
98
99
Aug. 311922.
115.492
Dayton, Ohio
1,823
101
100
115,375
Export, Pa
5,125
104
101,
114.500
Norwich,Conn
864
99
102
Increase in Postal Savings Deposits
114.065
Willimantic, Coon- ;
100
103
1,107
113.559
1,575
103
104
The largest increase since December, 1920, was recorded Hurley. Wis Pa
112,567
Greensburg.
5,194
107
105
110,385
102
106
1,937
in Postal Savings accounts during the month of August over Miami, Fla
110,146
East Pittsburgh,Pa_ _
109
3.103
107
that of July according to figures received by Postmaster Monongahela,Pa_ -- - 110.043
108
2,915
108
108,777
111
2,695
109
depositories all over the Phoenix, Ariz
General New from Postal Savings
106,339
Raymond, Wash---116
110
5,071
105,782
Waterbury,Conn- _ _
1.831
111
105
country. The increase is attributed generally by postal Fairmont, W. Va_ _ _ - 103,331
112
7,188
103.131
113
Lee
4,293
officials to more healthy employment conditions, since it is Oklahoma city, Okla _ 103.049
Wash__
112
114
2.453
the laboring class, especially those of foreign birth, who seek Bremerton, Pa
102.397
113
115
1.150
Vintondale.
101,519
114
116
1,479
the security of Postal Savings. The largest increase in de- Spokane, Wash
101,415
--117
2,438
Augusta, Ga
101,156
--118
2,405
posits was reported by New York City with $124,154, while Lynn,Mass
Boston, Mass., was second with $120,803, and Denver,
*Indicates July balances.
SErr. 15 1923.]
THE CHRONICLE
1189
[ Current Events and Discussions
The Week with the Federal Reserve Banks.
A decrease of ,700,000 in holdings of discounted bills,
as against increases of $5,200,000 in Federal Reserve note
circulation, of $9,300,000 in cash reserves, and of $34,100,000 in deposit liabilities, is shown in the Federal Reserve
Board's weekly consolidated bank statement issued as at
close of business on Sept. 12 1923, and which deals with the
results for the twelve Federal Reserve banks combined.
The reserve ratio declined from 76.4 to 75.9%. After
noting these facts, the Federal Reserve Board proceeds as
follows:
Net demand deposits increa.sed in all Federa Reserve districts, th
total increase for all reporting member banks being $83,000.000. and for
reporting banks in New York City. $33,000,000. Time deposits show
but nominal changes during the week. Government deposits show a
decrease of $12,000.000 during the week, of which $4,000,000 was reported
by the New York City banks.
Reserve balances of the reporting banks show an increase of $2,000,000.
while their cash in vault increased by $4,000,000. For member banks
in New York City an increase of $4,000,000 in reserve balances and a
nominal change in cash on hand are noted.
Borrowings of the reporting institutions from the Federal Reserve banks
show an increase for the week from $521,000,000 to $557,000,000, or
from 3.2 to 3.4% of their total loans and investments. Most of this
increase is shown for the New York City members, which report an increase
in accommodation at the Reserve Bank from $118,000,000 to $150,000,000.
All Federal Reserve banks, except those at Cleveland, Richmond, or from 2.4 to 3% of their total loans and investments.
Atlanta, and Minneapolis, show smaller holdings of discounted bills, the
On a subsequent page—that is, on page 1216—we give the
largest declines, by $8.100,000 and $6,600,000, being reported for Chicago
and Dallas, respectively. The Cleveland bank reports an increase of figures in full contained in this latest weekly return of the
$13,100,000 in its holdings of discounted bills, while smaller increases member banks of the Reserve System. In the following is
totaling 84,300.000 are shown for Minneapolis, Richmond and Atlanta.
Paper secured by U. S. Government obligations declined by $10,000,000 furnished a summary of the changes in the principal items
during the week, the total holdings on Sept. 12 being $389,100,000. Of as compared with a week and a year ago:
this amount, $242,800,000 was secured by U. S. bonds. $131,400,000 by
Increase (+) or Decrease (—)
Treasury notes, and $14,900,000 by certificates of indebtedness.
Since
An increase of $8,700,000 in Federal Reserve note circulation is shown
Sept. 6 1922.
Aug. 29 1923.
for the Federal Reserve Bank of Cleveland, and decreases of $5,000,000 Loans and discounts
+$951,000,000
--total
+$63.000,000
and $2,700,000, respectively, for New York and Chicago. The remaining
—11,000.000
—28,000,000
Secured by U. S. Govt. obligations, _ _
banks report relatively small changes in note circulation, while the System
+20.000,000
+181000,000
Secured by stocks and bonds
as a whole shows a net increase of $5.200.000.
+798,000,000.
+44.000,000
All other
Gold reserves increased by $8,700,000 during the week, reserves other Investments,total
+1,000,000
—23,000,000
than gold by $700,000, and non-reserve cash by $11,400,000, these additions
+46,000,000
—7.000,000
U. S. bonds
to cash holdings doubtless being due, in large part, to the return flow of
+171.000,000
—9.000,000
Treasury notes
currency withdrawn during the preceding week for holiday use. In—92.000.000
—3,000,000
Treasury certificates
creases of $24,000,000 and $10,400,000 in gold reserves are shown for
bonds
—4,000,000
—124,000.000
Other stocks and
the Now York and San Francisco banks, respectively, and decreases Reserve balances with F. R. banks
—1,000,000
+2.000,000
of $11.200,000, 84,700.000, and 84.000,000 for the banks at Chicago, Cash in vault
+4.000.000
+4.000.000
Cleveland and Atlanta.
—69,000,000
—12.000,000
Government deposits
—30,000,000
+83,000,000
The statement in full in comparison with preceding weeks Not demand deposits
+407,000,000
+3,000,000
and with the corresponding date last year will be found on Time deposits
+420,000,000
+36,000,000
Total accommodation at F. R. banks_ _ _
subsequent pages, namely pages 1215 and 1216. A summary
of changes in the principal assets and liabilities of the Reserve
banks, as compared with a week and a year ago, follows:
Increase (±) or Decrease (—)
Since
Sept. 5 1923.
Sept. 13 1922.
Total reserves
+89,300,000
—$9,800,000
Gold reserves
+8,700,000
+43.400,000
Total earning assets
—2,900,000
+31,800,000
Discounted bills, total
—8,700,000
+454,200.000
Secured by U. S. Govt. obligations_
—10,000,000
+265,100,000
Other bills discounted
+1,300,000
+189,100,000
Purchased bills
+4.700,000
—25,400,000
United States securities, total
+1,100,000
—397,000,000
Bonds and notes
—1,600,000
—104,100,000
U. S. certificates of indebtedness__ _
+2,700,000
—292,900,000
Total deposits
+34,100,000
+64.400,000
Members'reserve deposits
+29,700,000
+61,600,000
Government deposits
+1,100,000
+300,000
Other deposits
+3,300,000
+2.500,000
Federal Reserve notes in circulation_ _
+5,200.000
+48,900,000
F. R.bank notes in circulation—net liab
—49,700.000
The Week with the Member Banks of the Federal
Reserve System.
Further increases of $63,000,000 in loans and discounts,
offset in part by decreases of $23,000,000 in investmentsy
together with increases of $83,000,000 in net demand de,.
posits and of $36,000,000 in accommodation at the Federal
Reserve banks, are shown in the Federal Reserve Board's
weekly consolidated statement of condition on Sept. 5 of
769 member banks in leading cities. Of the total increase
in loans and discounts, $20,000,000 represents an increase in
loans on stocks and bonds and $44,000,000 an increase in
all other, largely commercial, loans. Loans on Government securities show a nominal decline of $1,000,000 during
the week. Investments of all reporting banks decreased
$23,000,000 during the week, all classes of investments showing small decreases. It should be noted that the figures
for these member banks are always a week behind those for
the Reserve banks themselves.
Loans and discounts of New York City banks show an
increase of $26,000,000 for the week of which $9,000,000
represents an increase in loans secured by stocks and bonds,
and $17,000,000 an increase in all other loans. Investment
holdings of the New York banks show but a slight change
during the week, a decrease of $6,000,000 in holdings of
U. S. Treasury notes being offset by a corresponding increase in holdings of other bonds, stocks, and securities.
Banks in the Chicago district report an increase of $22,000,000 in loans and a decrease of $16,000,000 in investments. Further comment regarding the changes shown
by these member banks is as follows:
Underwriting Syndicate in $50,000,000 Issue of
Republic of Cuba Bonds Dissolved With Some
of the Bonds Unsold.
J. P. Morgan & Co., as managers of the syndicate which
underwrote $50,000,000 Republic of Cuba 53-% external
sinking fund gold notes on Sept. 12 sent notices to the banking firms which participated in the syndicate that the agreement under which the bonds were underwritten terminated
Sept. 13 and that it would not be extended. In anticipation
of this announcement, the bonds on only a few transactions
dropped several points. As a result of the expiration of the
syndicate agreement, the participants took over the bonds
which have not been sold. It was estimated by bankers
that approximately 20% of the original offering was still
in the hands of the syndicate. These will be disposed of as
the syndicate members see fit, either in the open market or
by other means.
Belgian Loan Underwritten by French Syndicate.
A Paris banking syndicate, including the Banque de Paris
et des Pay Bas and the Credit Lyonnais, are underwriting
a 63/2% bond issue of the Belgian Government in the sum
of 400,000,000 French francs, maturing in 15 years, Acting
Commercial Attache J. F. Butler cables the Department
of Commerce. The issue price is 485 francs per bond.
Distribution of Canadian 'Government, Provincial and
Municipal Indebtedness—How -Much Held at
Home, How Much Held in United States
and Great• Britain.
The "Financial Post" of Toronto in a recent issue published some very interesting statistics bearing on the public
debt of the Dominion and its Provinces and municipalities.
The statement undertakes to show how much of each class
of bonds is held in Canada, in Great -Britain and in the
United States. The "Post" summarized its tabulations in
the following manner:
There are now outstanding $3,936,500,000 bf Canadian Government
and municipal bonds. Of the total, Canadian investors hold 68.7%, or:
expressed in figures, $2,704,500,000. This is surely to be considered as a
remarkable achievement when the youth of Canada is consider,d. It is
the result largely of the efforts of Canadian people during the War when
they financed:their expenditures by borrowings at home rather than abroad.
ago the amount of outstanding Canadian bonds stood at $3,737,A year.
000,000, of which Canadian investors held $2,680,000,000, or 71.7%. It
Will be seen, therefore, that in a beriod of about twelve months coinciding
roughly with the calendar year 1922 Canadians have increased their outstanding public obligations by approximately $200,000,000, most of the
bonds being marketed outside this country. There has been no substantial
investmentfrom Great Britain. The United States hasabsorbed the largest
part of the new Canadian bond issues that havebeenibrought out. American
1190
THE CHRONICLE
[Vol,. 117.
in most
holdings of Canadian bonds have increased in the year from $546,000,000 Its employment for reserve purposes has considerably decreased
various
to $721,000,000, the percentage of the total increasingfrom 14.6% to 18.5%. countries, both in absolute quantities and in proportion to gold and
been at work during this
the amount forms of paper cover. Numerous forces have also as a circulating meThe following is a comparative atble showing
period to dislodge the metal from its former place
dium. Although silv(r circulation has increased in several countries
of Dominion, Provincial and municipal bonds outstanding:
since 1914—particularly in China and India—its place has been taken in
1922.
1923.
These latter substitutes
82,472,000,000 many others by paper and base metal substitutes.
$2.483,000,000
Dominion
afoot justifying the
520.000,000 are generally acceptable, and there'are no movements
Provinces
626,500,000
importance in reserves
745,000,000 belief that silver will soon regain Its pre-war relative
Municipalities
827,000,000
in coinage, or in circulation.
In commenting upon the serious condition set forth in the
$3,737,000,000
$3.936,500,000
The proportions of each type of bond held in Great Britain, report, Senator Oddie urged that the influences that have
the United States and Canada are calculated as follows by been and are now working to undermine the monetary and
currency position of silver should be promptly checked. To
the "Financial Post":
accomplish results along these lines, Senator Oddie said, will
Dominion Government Issues.
require a continuous survey of conditions, which is beyond
1922.
Held in—
1923.
82,000,000,000 the power of any individual producer. Therefore, there is
Canada
$1.936,000,000
136,000,000 an urgent need, in his opinion, for an organization which
United States
211,000,000
336.000,000
Great Britain
336,000,000
will assist in restoring the pre-war monetary position of sil52,472,000,000 ver and to encourage its greater monetary and industrial
$2,483,000,000
use. Senator Oddie called attention to the fact that it has
Provincial Bond Issues.
1922.
probably occurred to very few people that it would be an
1923
Held in—
$270,000,000 impossibility to buy a large amount of silver on the market
$326,500,000
Canada
150,000,000
200.000,000
United States
and of a
100,000,000 to-day because of the depletion of current stocks
Great Britain
100,000,000
lack of large accumulations, "without sending the market
3520.000.000 sky
$626,500,000
high," and inquired where, if a sudden demand from
Municipal Bond Issues. '
some quarter of the world should come unexpectedly for a
1922.
1923.
Held in—
of silver, it could be bought at anything like
$410,000,000 large quantity
$462,000,000
Canada
260,000.000 the market price. The operation of a silver export associ290,000,000
United States
75,000,000 ation, Senator Oddie believes, should provide for a reserve
Great Britain
75,000,000
acute demands could be met, without increasing
$745,000,000 from which
8827.000,000
probasis," says the the price of an abnormal degree, and that slit h market
"Analyzing these figures on a percentage
tection would be of great benefit to the consumer.
"Post," "it appears that Great Britain's interest in Canadian
In urging that the New York silver market be strengthbond issues has declined, which is natural because of the
in Can- ened Senator Oddie expressed the view that notwithstanding
growth in the debts without new British investment
London has for so long maintained supremacy
ada, while the United States has taken a decidedly more im- the fact that
as a silver market, there are many reasons why New York
portant interest in Canadian bonds." The percentage figshould be the world's principal market. Approximately
ures are as follows:
85% of the world's silver output is produced in North, CenTotal All Issues.
tral and South America, he stated; and during the war New
68.7%
$2,704,500,000
11923
71.7% York became the chief silver market of the world, since
2,680,000.000
Canada
11922
18.5% which time it has occupied a very strong and independent
721,000,000
11923
14.6%
546,000.000
United States
11922
position. In 1922, China, Senator Oddie said, it has
12.8% market
511,000,000
11923
13.7% been estimated, purchased 50,000,000 ounces of silver in
510,000.000
11922
United Kingdom
The "Post" also spoke of the net public debt and the net American as against 22,000,000 ounces in London; that
India, it is estimated, purchased 22,000,000 ounces in Amerper capita indebtedness. It said:
46,000,000 ounces in London, and that heavy
people has been ica as against
At the same time a calculation of the debts of Canadian
this case only the net debt of the Dominion Government Is purchases by China and India in New York in 1923 indicate
made. In
taken rather than the funded debt, and from the provincial and municipal that the Indian "bazaars" also realize the advantage of buydebts has been deducted the total of the sinking funds of the provinces
silver here rather than in London. Senator Oddie called
and the municipalities. This analysis indicates an increase of 2150,000,000 ing
of Canadian people, but when allowance is made for attention to the fact that the demand for silver in a country
in the indebtedness
a moderate increase in population during the year the per capita figures like China often arises very quickly, which results in a high
of indebtedness have risen only $2—from $412 50 per head to 2414 50.
early arrival of the metal in China, and that,
The increase has been largest in the case of the provinces. Canadian premium on the
municipalities on the whole have not seriously changed their per capita as it takes less time to deliver silver from the United States
indebtedness, and the Dominion has decreased its per capita indebtedness.
to China than from London,there is a direct saving in interest
Comparative figures follow:
on metal in transit; which means that China, therefore, will
Outstanding Bonds, Less Sinking Fund.
probably continue to transpport an increasing amount of
1922.
1923.
52.427,300,000 her silver business in New York. Through an organization,
net debt
v)ominion,
$2,430.200,000
496.200.000 Senator Oddie believes the silver producers should be able
rovinces
595.400,000
657,500,000
iunicipalities
705,800,000
to effect improvements in the New York market by making
$3,680,000,000 closer contacts with Oriental buyers and in making avail83,731.400,000
Per Capita Debts.*
able supplies of silver at all times, and that the mainte1922.
1923.
nance of an open silver m Irket in New York, where silver
$277 50
$270 00
Dominion
could always be bought or sold, would afford a much70
56
66 10
Provinces
needed protection to American interests.
78 30
78 40
Municipalities
In urging the producers to consider organization, Senator
$412 50
$414 50
Oddie called attention to the fact that producers of other
*Population for 1923 taken as 9,000,000.
have found it advantageous to organize for the purIt may again be pointed out that the figures indicate that Canadians products
have heavily mortgaged their national assets. But the money has been pose of providing a more orderly marketing system. Many
borrowed for a vigorous expansion. When one considers that the wealth
of these organizations have met with success, he said; and
of the Canadian people, without making any allowance for undeveloped
powers or therefore, the American producers of silver, now unorganized
farm lands, for unexplored mineral resources, for latent water
r
r,, standing timber, totals more than 317,000,000,000, it becomes evident may well consider the advantage of organizing for the purat the mortgage is not beyond the ability of Canadian citizens to bear.
pose of improving marketing conditions. In concluding his
address, Senator Oddie called attention to the comprehensive
—cavities of the United States Senate Commission of
and valuable data that have been collected by the CommisGold and Silver Inquiry.
sion and placed at the disposal of the producers. He also
At the meeting of the Senate Commission of Gold and proffered the services of the Commission, its Assistant, and
Silver Inquiry held in Reno, Nevada, Sept. 4 1923,Senator other experts to the producers in solving the problems with
Tasker L. Oddie, Chairman of the Commission in his open- which they are now confronted.
ing statement presented the conclusions of a world-wide
survey of the monetary and currency changes in the use of
Third Attempt to Unionize Bank Clerks.
silver since 1914, made at the request of the Commission by
The following is from the Journal of the American
the Finance and Investment Division of the Bureau of For- Bankers Association (August issue):
New York is now
eign. dr Domestic Commerce. To briefly summarize the
The third attempt to unionize the bank clerks of
more favorable circumstances than the
result of this investigation, Senator Oldie quoted from the being made. It starts under the outlook for the final outcome is not
first two abortive efforts, but
report as follows:
Federation of Labor is concerned.
much more hopeful, as far as the American
Total
To recapitulate, silver may be used for monetary purposes as reserve
medium. Since 1914
against notes or other liabllitiee. or as a circulating
This is realised, and, privately, accepted
by the Federation.
SEPT 15 1923.]
T1TE CHRONICLE
to unionize the bank clerks
It was four years ago that the first attempt
rife all over the country.
was made. At that time dissatisfaction was
higher. It was the time of
Prices were away up and seemed to be going
was talk of unions in
consumers' strikes and overalls parades. There
organized in England
every walk of life. The Middle-Class Union was
-Class Union in this country.
and there was the brief beginning of a Middle
admit being as far down in the
The trouble here was that nobody would
of a bank presidents
social scale as the middle class. So there were whispers
was a start made on a bank
union. But that came to nothing and there
clerks union.
Isolated Union of No Use.
American Federabank clerks, however, would not affiliate with the
The
much use to anybody. They
tion of Labor and an isolated union is not of
in their demands. The
might strike, but they could not got any support
pieces on the rocks of the
first bank clerks union, therefore, went to
A. F. of L.
time for
Then, a couple of years later, an enthusiast put in his spare
end of that period found
three or four months at the job. But at the
it up as a bad job.
that he was just about where he started and he gave
on of various Tabor
The third attempt is the outcome of the organizati
in Now York. Labor
banks around the country, more especially, those
bank,
now has twelve banks in various cities, with one labor controlled
are:
while there are six more projected. The labor banks
Amalgamated
The Amalgamated Bank of New York, established by the
Clothing Workers of America.
d by the Central
The Federation Trust Co., of New York, establishe
n of Labor.
Trades and Labor Council. New York State Federatio
d by the
The Mt. Vernon Savings Bank, Washington, D. C., establishe
International Association of Machinists.
. established
The Engineer's Co-operative National Bank, of Cleveland
by the Brotherhood of Locomotive Engineers.
Ind., established
The People's Co-operative State Bank, of Hammond,
by the Brotherhood of Locomotive Engineers.
d by
The Amalgamated Trust & Savings Bank, of Chicago, establishe
the Amalgamated Clothing Workers of America.
Philadelphia, established by the
The Producers & Consumers Bank,
Central Labor Union.
Bernardino, Cal., estabThe Brotherhood Trust & Savings Bank, San
lished by the Railroad Workers.
Ariz., established by
The Co-operative Bank & Trust Co., Tucson,
various labor groups.
established by
The Federated Bank & Trust Co., Birmingham, Ala.,
Federation of Labor.
the Brotherhood of Locomotive Engineers and the State
d by various
The First National Bank, Three Forks, Mont., establishe
Business on Chicago
Board of Trade—Financial Difficulties of
Gov. McCray of Indiana.
Sawers' Grain Company of Chicago, of which Gov.
The
ed
Warren T. McCray of Indiana was Vick-President,suspend
on the Chicago Board of Trade on Sept. 5. ,,The Chicago
"Tribune" of the 6th inst. in referring to the difficulties of
the company said in part:
Sewers' Grain Co. Suspends
difficulties under which
This collapse is the indirect result of the financial
He had only a small interest
Gov. McCray is now laboring in Indianapolis.
the management, but the
in the company and had nothing to do with
and others to call for extra
crash of the governor's fortune caused bankers
having trades called for extra
protection with the Chicago concern. Those
was too much, commargins. Customers withdrew business. This strain
speculators.
bined with overextension of credit to country
McCrafts Share Small
McCray had only $7,600
It was stated in Chicago yesterday that Gov.
a year ago he had
investment at this time in the Sewers company, although
shares.
500 shares of stock out of the total of 2,000
the governor's attorneys
In the statement to creditors in Indianapolis
in the Sawers company.
put among the a.ssets $18.000 worth of stock
estimate of his assets.
There is a question as to whether the governor's
creditors are declared to
$3,323,417, is too high. At the same time the
n than under any other
stand a better chance under his plan of liquidatio
proceeding.
labor groups.
Spokane,
The Brotherhood Co-operative National Bank of Spokane,
Wash., established by railroad unions.
New York, in
The labor-controlled bank is the Empire Trust Co., of
acquired an imwhich the Brotherhood of Locomotive Engineers had
portant interest.
The projected labor banks are:
d by the
The Fraternity Trust Co., Harrisburg. Pa., to be establishe
railroad brotherhoods.
is, Minn.,
The Transportation Brotherhoods National Bank, Minneapol
to be established by railroad workers.
be established by
The Brotherhood Savings & Trust Co.. Pittsburgh, to
various labor unions.
Angeles, Port Huron and
Banks in St. Louis, Buffalo, Cincinnati, Los
New York.
Starts With 200. Members.
Soon after the organization of the New York labor banks their clerks
hers &
were unionized by organizers from the Bookkeepers, Stenograp
Clerks Union off with
Accountants Union. That started the new Bank
about 200 members.
e. Ernest
With this nucleus the new union started out to proselytiz
Accountants Union,
Bohm, Secretary of the Bookkeepers, Stenographers &
other banks and
says that they have taken in about 100 members from
He figures
claims to be getting new members at from five to ten a week.
it will take
on something like 20.000 bank clerks in New York and thinks
about two years to get most of them into the new union.
e
Mr. Bohm says that the new union does not intend to inaugurat a series
of strikes. "Our policy has always been to work by conciliation," he said.
"We have never had a strike. We expect by a series of conferences with
the bank officers to get higher pay for the bank clerks."
Ho points to a reported concerted movement, among bank officials in
New York, to raise the pay of their employees as a victory already won
by the new union. It is to be noted, however, that the labor banks are
not taking part in this movement, while other banks know nothing about it.
Two banks, to be sure, are planning to raise the pay of some of their
employees and a third is asking for data from one of these two. But there
is no concerted movement and the plans of these two banks were made
before there was any talk of the new union. As a matter of fact, one of
tho banks had schedules for increases in pay worked out in 1920. but the
business depression came along and put a stop to the execution of the
plans. What it is doing now is bringing those schedules up to date.
William Simons, president of the Sawers' Grain Company,
a
and active manager of the company in Chicago, issued
nt on the 5th inst. saying:
stateme
a position of over-extended
The Sewers' Grain Company finds itself in
in business, so we have
credits and insufficeint liquid assets to continue
creditors through a creditors'
been forced to liquidate and pay off our
James K. Riordan
committee, which has been formed today, consisting of
Hosford of Cayuga,
of Chicago, R. T. Barton of Danville, and Charles
to meet in Chicago
Ind., who are issuing notice to all creditors today
ion which will take
Monday,in order to try to effect a permanent organizat
and protect the interests of
entire charge of the assets of this corporation
all creditors.
be issued later.
A full statement by the creditors' committee will
The following is taken from the Chicago "Journal of
Commerce" of the 6th inst.:
Debt to Bank Is Covered
Bank.through which
An official ofthe Continental& Commercial National
affairs, announced after the susthe company cleared most of its financial
all indebtedness of the concern
pension of the firm had been reported that
negotiable,securities, and that its
to the bank was fully covered in readily
leans were comparatively small.
to Mr. Simons. are to
Principal liabilities of the company, according
ourselves in making loans to councountry shippers. "We over-extended
to meet the calls for
try speculators," he said, "and were not in a position
ed by Governor McCray's troubles.
extra margins that were precipitat
and if the creditors will have patience,
Our assets are well over our liabilities
they will get penny for penny."
Governer Has Snail Interest
connection with the firm, Mr. Simons
In speaking of Governor McCray's
500 shares of our stock. Now
said: "The governor at one time owned
show him owning 156 shares, but 80
he owns only 76 shares. Our books
not really his. His difficulties were
shares of that amount is pledged only,
trouble, as he never speculated in grains
only indirectly responsible for our
account with us."
and had no larger outstanding
has been regarded as one of
Sawers Grain Company for nearly 20 years
s firms in the grain trade. The comthe most conservative and prosperou
of Dos Moines,and had offices,
pany owned stock in the Des Moines elevator
Fort Dodge, Ia., Kankakee,
with private wire service, at Des Moines and
and El Paso, Ill. All
Sheldon. Danville. Fairbury, Macomb, Mammoth
over by Beach-Wickam & Co.
of these offices and wires have been taken
a surplus of 820,000. Mr.
The firin was capitalized at $200.000, with
were issued.
Simons owned 800 shares of the 2,000 that
Intimations that Governor McCray of Indiana, had sufes
fered financial difficulties were contained in press dispatch
Indianapolis August 30, co-incident with an announcefrom
that the had resigned as President of the Discount & Deposit
Savings Bank of Kentland, Ind., and that he had been succeeded in the presidency by Judge William Darrach. In
announcing that a meeting of his creditors had been called
for Aug. 31 at the Severin Hotel, Gov. McCray in a statement issued Aug.30 said:
Rewards for Merit.
This does not moan a horizontal increase in pay for all classes of employees
but rewards for service such as would ordinarily be distributed, union or
no union. An officer of one of the banks said:
"At certain intervals it is necessary to go over the records of the force
and determine who has earned an increase in pay. If this were not done,
rewards for good service would be both infrequent and accidental. In all
fairness, such things should not be left to chance. A modest man might
be overlooked for years, even though he were one of the most efficient men
In the institution. The only fair way to do it is to have a system and a
time for going over the records and giving substantial recognition to those
who have earned it. I know of a big department store that goes over the
records of one department every three months. When it has made the
round of the departments, it starts over again.
"We are not worried by this talk of a bank clerks' union." he added.
"Look out over that floor. There are 150 men there and no two of them
doing the same work. You can't unionize, if you can't classify."
In another quarter it was pointed out that the American Institute of
Banking is becoming every year a more important factor in the banking
business of the country. Many of the present bank executives are members
of the Institute while each year their number is largely augmented. The
platform of the Institute says:
"As a result of the establishment and maintenance of the merit system
l
In most banks a large number of Institute members have through individua
application achieved marked professional success. Wo at all times and
of
under all circumstances stand for the merit system and for the paying
salaries according to the value of the service rendered."
1191
are responsible for
The peculiar economic conditions affecting agriculture
the difficultiesin my personal affairs.
acres of
The facts are that my land holdings, amounting to over 15,000
paper due me from
choice land, together with my Inability to cash the cattle
depression in
my cattle customers, amounting to over $500,000, and the
meet my obligations
land and cattle values have made it impossible for me to
as they have matured.
and
have assets, based upon fair values, far over and above my liabilities
that the economic
all I need is a chance to work myself out of a situation
wonderful herd
conditions are responsible for. I do not wish to sacrifice the
years, which are a credit
of cattle I have developed during the past twenty
as much if sold as breedto the State, and which are worth four or five times
ordinary market beeves.11
ing animas as they would be if liquidated as
The Governor was also quoted on Aug.30 as saying:
a landowner. who
"Boiled down to one fact," he said,"you find a farmer.
business. I could not
Ls caught after three disastrous years in the farming
some of my own obligations.
collect my bills and found myself unable to meet
Governor of Indiana, but this
That is all there is to it. I happen to be the
hundreds of other farmers. The
is a private matter that has happened to
public should be greatly
has not suffered. I do not see that the
State
interested.
to-morrow and it will be found
"I have called a meeting of my creditors for
Every liability will be paid.
that my assets more than meet my liabilities.
that.
Remember
exaggerations have been made con"There are untrue stories afloat, and
is a law to protect men from
cerning my affairs. It will be found that there
of general economic conditions:IV
such things. I am merely the victim
expect to come out all rightif given a chance."
1192
THE CHRONICLE
A press dispatch from Indianpolis Aug.30 said:
The Governor,it was disclosed to-day, at the time of his retirement from
the Kentland Bank. received financial assistance from a pool headed by
ex-Governor James P. Goodrich. Associated with Mr. Goodrich in
this pool were Thomas Taggart, Indiana Democratic leader; Marcus
Sonntag of Evansville. Ind.: James Allison. President of the Indianapolis
Motor Speedway; Frank Ball of Muncie, Ind, manufacturer; Joseph D.
Oliver. Sr.. a manufacturer of South Bend, Ind.. and others.
The financing of the Governor's farm projects includes the formation of
the McCray Farm Realty Company, which was incorporated in Newton
County on Nov.26 1921.
Atthe creditors' meeting on Aug. 31 Governor McCray
is said to have admitted that he owed $2,652,000; stating
that his assets were $3,223,000. He said that if these were
appraised at a fair value he would have $700,000 left. He
said he had 15,600 acres of land. A proposal that the
creditors sign an agreement permitting him to continue in
nominal control of his property until he could have time to
satisfy all his obligations, was made at the meeting. A committee of five was named to study and report on the agreement. A special dispatch to the New York "Times" from
Indianapolis Aug. 31 said in part:
The agreement, if signed, will prevent the filing of suits against the Governor by any of the signatory creditors. Legal action has been a possibility
regarded by his political friends with considerable apprehension. • •
•
Then his attorney,James W.Noel,read the proposed agreement and asked
for questions. Several bankers asked about the pool funds and whether the
wealthy men who had furnished this fund had not taken the cream of the
assets. It was explained that the pool had in trust only the cattle and personal securities.
The pool members were protected about three to one, the Governor said.
and there was plenty left under a fair sale. The land was situated in
Indiana, Illinois. Iowa, Colorado, Michigan and Saskatchewan.
The agreement has three features:
The committee of five and a trustee to manage and liquidate the property,
subject to the control of a committee,and trust to extend until Sept. 11926,
unless assets are exhausted and creditors paid and the trustee to have title
to real estate and personal property. Creditors are to assign to the trustee
all notes, bonds,checks and other evidence of indebtedness,receiving a certificate and are to have the option of depositing collateral
and securities. The
committee is to have complete control of all the trust estate and collateral.
Creditors shall not bring civil action against the Governor during the life of
the trust. No farm land shall be sold within one year without the approval
of four members of the committee.
The trust is to reduce the estate to cash and apply this to the payment of
creditors as rapidly as possible without unreasonable sacrifice of values.
The trust may co-operate with the Aetna Trust & Savings Company of
Indianapolis, which has been appointed trustee for the pool property fund
which was placed in the State Bank of Kentland to take care of all the
Governor's obligations there. Receipts are to be pro-rated as they come in
without preference. The agreement Is not to go into effect until thirty
days after it is signed.
In addressing hs creditors the Governor said:
"Had I been able to foresee the situation as It exists to-day I would never
have sought the office I hold. I have regarded the obligations to the trust I
hold so seriously that all else has been neglected. What I need and what is
best for all is a suspension of payment for at least a couple of years. I am
positive that the present condition of agriculture cannot long prevail.
Should there be no improvement in this basic and vital industry the entire
country will soon be visited with general panic and all industry will become
prostrate."
The members of the committee of five are Elmer Stout,
Vice-President of the Fletcher-American National Bank
of Indianapolis; Linton A. Cox, Indianapolis attorney; W.
A. Arnold of Kokoma, President of the American Trust Co.;
F. H. Cutshall of Fort Wayne,President of the Old National
Bank, and Charles Hubbard of Martinsville, President of the
Citizens' National Bank. On the 4th inst. it was stated,
that the Creditors' Committee had indicated that they
would recommend 'to the meeting of creditors the acceptance of the propostil, subject to a few changes. Press dis'
patchesfrom Indianapolis Sept.4 said:
[Vol,. 117.
smaller banks, with the result that the small ha
i•
limited resources was slowly but surely being squee
o t.
Against this contention the argument was renewed on pt.
12 that the banks able to maintain branches were likewise
able to carry sufficient funds, making loans available in
any amount at any time. This condition, it was asserted,
reacted in favor of the agricultural industry at present
because many smaller banking houses have reached almost
their loaning limit.
In the particular controversy before the Board, the socalled independent bankers of California entered charges
against several banks located in Los Angeles and San Francisco, asserting that those institutions were gradually
gaining control of many country banks. Agents of the small
banks contended that such a condition could not go on
without the "independents" being forced out of business.
It is stated that there are at present no applications for
approval of projected branch banks pending before the
Board. It recently has rejected several such applications
by Los Angeles and San Francisco banks, but reports were
current that other applications were in preparation and
so, according to members of the delegation, an agreement
was reached to come to Washington "and fight it out before
the Reserve Board."
Federal Reserve Bank of Kansas City Denied Privilege
of Opening a Branch at Wichita.
The Federal Reserve Board has decided against the proposal of the Federal Reserve Bank of Kansas City to establish a branch at Wichita, Kan. It is understood that the
Board took the position that the territory south of Wichita
was adequately supplied with banking facilities both by the
Reserve Bank at Kansas City and by the private institutions
in the territory to the south.
Offering of $200,000,000 43j% Treasury Certificates of
Indebtedness Maturing in Six Months Quickly
Oversubscribed.
The Secretary of the Treasury on Sept. 10 offered for
subscription a new series of Treasury cerlificates of indebtedness running for six months from Sept. 15 1923, and
bearing interest at the rate of 43i% on a semi-annual basis.
It was quickly oversubscribed. In announcing the offering
Secretary Mellon made the following statement:
The Treasury is to-day announcing its September financing, which
takes the form of an offering of six months 434% Treasury certificates
of indebtedness, dated Sept. 15 1923 and maturing March 15 1924, in
the principal amount of $200,000,000, or thereabouts. The Treasury
will accept in exchange for the new certificates at par, with adjustment
of accrued interest, any Treasury certificates maturing Sept. 15 1923.
About $290,000,000 of Treasury certificates will become payable on Sept.
15 1923, together with interest on the public debt of approximately
$145,000.000. Called and matured Victory notes in the aggregate amount
of $53,000,000 and matured War Savings certificates of about $30,000.000
still outstanding are coming in slowly for payment. The Treasury expects
to receive $340,000,000 in Income tax payments during the September
period.
The present offering of certificates is intended, with the balances
already
on hand, to provide for the payments coming due in
September over and
above tax receipts and to cover the Treasury's further cash requirements.
The Treasuty will have no further payments of principal of
tho public
debt to meet until Dec. 15 1923. and it is expected that
no additional
financing will be necessary before that date.
The official circular embodying the terms of the offering
Members of the committee decided to recommend changing a clause in the
agreement, which provides that no land may be sold by the Creditors' was as follows:
•
_Committee, which would have charge of the property within the first year
UNITED STATES OF AMERICA.
of stewardship without consent of Governor McCray or approval of four of
Pour and One-Quarter Per Cent Treasury Certificates of
the five committeemen.
Indebtedness, Series
This clause, it was said, probably would be amended to give to the comTM2-1924.
mittee authority to take such action as it saw fit, with the approval of three
Dated and Bearing Interest from Sept. 15 1923. Due March
15 1924.
The Secretary of the Treasuty, under the authority of the Act approved
of the members. The right of Governor McCray to prevent the sale ofland
Sept. 24 1917. as amended, offers for subscription,
within the first year would be removed if this change Is adopted.
at par and accrued
Interest, through the Federal Reserve banks,
Treasury certificates of
Indebtedness of Series TM2-1924. dated and
bearing interest from Sept.
Federal Reserve Board Asked for Ruling on Branch 15 1923, payable March 15 1924. with
interest at the rate of 434% Per
annum on a semi-annual basis.
Banking.
Applications will be received at the Federal Reserve banks.
The Federal Reserve Board was asked on Sept. 12 to
Bearer certificates will be issued in denominations
of $500, $1,000.
announce a definite policy with respect to branch banking, $5,000. $10,000, and $100,000. The certificates will have ono interest
coupon attached. payable March 15 1924.
bringing into the open again the old controversy over whether
The certificates of said
shall be exempt, both as to principal and
the practice should...be ,authorized. A delegation of Cali- Interest, from all taxation seriesor hereafter
now
imposed by the United States.
any State, or any of the possessions of
fornians, representing views in favor of and against limitathe United States, or by any local
taxing authority, except (a) estate or inheritance
taxes, and (b) graduated
tion of the branches any bank may establish, was before the additional
income taxes, commonly known as suratxes, and excess
-profits
Board, but a five-hour discussion netted no tangible results, and war-profits taxes, now or hereafter imposed
by the United States,
according to newspaper advices from Washington. While imposed by the United States, upon tho income or profits of individuals,
partnerships,
members of the Board said logical arguments had been of bonds and associations, or corporations. The interest on an aomunt
certificates authorized by
presented in behalf of each claim, they admitted they were and amendments thereto, the principal said Act approved Sept. 24 1917
of which does not exceoa in the
. no nearer a conclusion than they had been before listening aggregate $5,000. owned by any individual, partnership, association, or
From time to time, representatives of corporation, shall be exempt from the taxes provided for in clause (b) above.
to the discussion.
The certificates of this series will be accepted
an adjustment
the small and country banks have urged enunciation of a of accrued interest, during such time and underat par, withand regulations
such rules
Federal policy on the question, the'claim being advanced as shall be proscribed or approved by the Secretary or the Treasury, in
payment of income and profits taxes payable at the•maturity
of the certhat strong banks were.engaged progressively in absorbing tificates. The certificates do not
bear the circulation privilege.
SEPT. 15 1923.]
THE CHRONICLE
1193
nation for a supreme effort to restore confidence and also
emphasized the necessity not only for restoring but for
further developing Tokio, "the political and economic center
of the country." Indications that the commercial and
financial conditions are rapidly recovering are said to be
shown by the steadiness of the markets. Heavy selling,
which at first inundated the Cotton Exchange at Osaka,
has given place to substantial buying. Deaths from the
earthquake, fires and tidal waves in and around Tokio were
estimated on Sept. 12 to number 150,000. What is reported
to be an official compilation of the earthquake casualties
estimates the dead, injured and missing at 1,356,749 It is
also estimated that a total of 315,824 houses are destroyed.
The Japanese Government has appropriated 530,000,000
decision by the
yen ($265,000,000) for relief work. This
Cabinet on Sept. 8 represents, it is said, the greatest relief
measure in the history of world disaster. The approval of
the Privy Council and the Prince Regent is all that is necessary to permit the carrying out of the project of reorganizing
the devastated areas and rehabilitating millions of homeless
and unemployed people.
The bodies of 60,000 dead had been cremated by the authe close of business on
Subscription books closed at
thorities in Tokio up to Sept. 8, the Japanese Minister for
Sept. 12, and late Sept. 13 announcement was made by
Affairs said in a cablegram received at the Japanese
Secretary Mellon that the issue had been heavily over- Foreign
The number of bodies
total subscriptions Embassy in Washington Sept. 11.
subscribed. It was estimated that
still unrecovered probably is very great, it was added. The
aggregated $500,000,000. Of these subscriptions about
in Yokohama were estimated at 110,000, or one$63,000,000 represented those for which Treasury certifi- casualties
quarter of the entire population, and many more dead were
cates maturing Sept. 15 were tendered in payment. All of
unaccounted for in outlying districts. An official
these were allotted in full. Allotments on other subscrip- said to be
Yokohama of 3,000
ons in amounts investigation, it was said, shows that in
tions were made as follows: All subscripti
residents, 100 were killed, including 50 British and
not exceeding $10,000 for any one subscriber were allotted foreign
Foreign Minister declared to be untrue
in full; subscriptions over $10,000 but not exceeding $100,000 20 Americans. The
reports that the capital was to be removed from Tokio,
were allotted 50%, but not less than $10,000 to any one
said, many of the industrial, commercial and
subscription; subscriptions over $100,00 were allotted 20%, although, he
publishing houses plan to remove temporarily to the Osaka
but not less than $50,000 on any one subscription. Further
districts. In his statement the Minister said:
details as to the total subscriptions allotted will be made and Kobe the first shock on Sept. 1, 1.319 separate shocks were recorded
Following
the Federal Reserve
when final reports are received from
up to 6 a. m. on Sept. 6.
100 miles from north to
The region suffering the extreme shocks extends
banks.
west, or from Suzukvrwa, on the Tokiado line,
and to allot less than
The right is reserved to reject any subscription
close the subscriptions at
the aniount of certificates applied for and to
also reserves
any time without notice. The Secretary of the Tieasury
for smaller amounts,
the right to make allotment in full upon applicatiosn
for larger
and to make reduced allotments upon, or to reject, applications
a graduated
amounts,and to make classified allotments and allotments upon
Allotment notices
scale; and his action in these respects will be final.
allotment will
will be sent out promptly upon allotment. anci the basis of
be publicly announced.
be
Payment at par and accrued interest for certificates allotted must
allotment
made on or before Sept. 15 1923, or on later allotment. After
teceipts
and upon payment Federal Reserve banks may issue interim
pending delivery of the definitive certificates. Any qualified depositary
to
will be permitted to make payment by credit for certificates allotted
be
it for itself and its customers up to any amount for which it shall
when so notified by the Federal
qualified in excess of existing deposits,
Reserve bank of its district. Treasury certificates of indebtedness of
Series TS and TS2-1923. both maturing Sept. 15 1923. will be accepted
at par, with an adjustment of accrued interest, in payment for any certificates of the Series TM2-1921 now offered which shall be subscribed
for and allotted.
As fiscal agents of the United States, Federal Reserve banks are authorized and requested to receive subscriptions and to make allotments on
the basis and up to the amounts indicated by the Secretary of the Tieasury
to the Federal Reserve banks of the respective districts.
A. W. MELLON, Secretary of the Treasury.
Treasury Department, Office of the Secretary. Sept. 10 1923.
Department Circular No. 328 (Loans and CunencY)•
Italy to Annex Fiume To-day—Will Withdraw Troops
from Porto Barros.
Premier Mussolini of Italy is expected to declare the annexation of Fiume to Italy and simultaneously will announce
the withdrawal of the Italian troops from Porto Barros, the
adjoining harbor, according to the Associated Press advices
of last evening from Paris. He will thus give up any claim
to Porto Barros, to Sussak and to the delta there, which will
be•left to Jugoslavia. Porto Barros was within the boundary
of Jugoslavia territory outlined in the Rapallo Treaty.
Early this week Foreign Minister Ninitch announced in
Paris that such a settlement would be agreeable to Jugoslavia. This, it is stated, is the result of direct negotiations
going on between Premier Mussolini and the Jugoslav
Government reported at about the point of completion,
Jugoslavia being satisfied to have a free hand in the development of the ports left to it. With respect to the settlement of the controversy, the Associated Press advices said:
Premier Mussolini's declaration of the annexation of Fiume was fixed
for to-morrow, the 15th, according to previous announcement, and it is
to-morrow also that the time limit expires on Mussolini's note to Jugoslavia, which had been construed in some quarters as an ultimatum, but
which Mussolini termed a suggestion.
The latest developments, both in Rome and Belgrade. appears to tend
towards a settlement which will remove the Serbo-Italian crisis, at one
time threatening the breaking of relations and possible hositilities, from
the international field, as the Greco-Italian situation appears to have
been removed.
The Japanese Earthquake--Reconstruction Expected
to Cost $5,000,000,000.
It is estimated that the cost of reconstruction work in
Tokio and Yokohama, as a result of the earthquake and fire,
will approximate 10,000,000,000 yen ($5,000,000,000), according to the Associated Press advices from Tokio dated
Sept. 14. A nation-wide syndicate of bankers has been
organized, it is stated, to assist the Government in rebuilding
the devastated area and the Empire is asked to devote all
surplus funds for this purpose. The Banking Syndicate
announced it will raise the additional money required for
reconstruction by local and foreign loans. The Bank of
Japan, the insurance companies, and the public have contributed 50,000,000 yen toward relief. Plans for feeding and
housing refugees have been completed, and the Government
and the people now are devoting all efforts to a great reconstruction campaign.
An imperial rescript dealing with the reconstruction of the
national capital, promulgated on Sept. 12, appealed to the
south and 130 miles east to
Tsuchiura and to the Peninsula of
to Kofu, Yenkyo Hachioji, Warabl,
This region covers seven prefectures—
Bose and also on the Izu Peninsula.
Yamanashi and Shizuokw—
TOMO, Kanagawa, Saitama, Chiba, Gum-Ma.
Tokio, Yokohama, Yokosuka. Kofu and
and includes the five cities of
Takasaki and thirty-three other counties.
area is 6,000.000, and the property
The population of this whole affected
is not yet determined or estimated.
damage, which, of course, is immense,
the Imperial detached palace at
Part of the earth ramparts surrounding
Empress are safe.
Nikko were damaged but the Eliaperor and
from the main palace in
After the first shock the Prince Regent went
the garden from that
the Akasaka palace, and lived in a tent in
Tokio to
went back to his usual quarters
time until the afternoon of Sept. 6, when he
in the Akasaka palace.
for Foreign Affairs shows that In
An official investigation by the Ministry
were killed, including 50 British
Yokohama. of 3,000 foreign residents, 100
remain ashore, most of the
Americans. Of the survivors, only nine
and 20
Empress of Australia (sailed the
others having gone to Kobe aboard the
10th),some others remaining on board
8th) and the Andre Lebon (sailed the
Canada, including the staffs of
the steamships Amboise and Empress of
which are directing the work
foreign embassies. legations and consulates,
is co-operating in
the relief of their nationals. The Government
for
communications and transportation.
guarding for Yokohama the
The Tokio Prefectural Government is
taking all possible
property of the foreigners, collecting the dead and
measures of sanitation.
men of Tokio met with
On the 9th forty-seven of the leading business
the measures to be taken
the representatives of the Government to discuss
form a great association.
for the resumption of business. Their plan is to
direct and encourage
including the important business men of all Japan, to
normal operations.
general industrial and commercial restoration to
a
Japan on the re-estabOn the 8th the bankers conferred at the Bank of
Bank of Japan will give
lishment of financial activity and decided that the
assistance to all banks which reopen at once.
being restored. Supplies
Railway and other communications are rapidly
authorities of the Ministry
of general commodities are increasing and the
be no shortage of rice for
of Agriculture and Commerce state that there will
two months and a halt in Tokio and Yokohama.
confronted with financial or
Assurance that Japan is not
economic unrest through the earthquake disaster was received on Sept. 9 by Masanori Katsu, Imperial Japanese
Financial Commissioner to the United States, in a wireless
message from Junnosuke Inouye, Japanese Minister of
Finance. The message said:
(Sept. 7) a
As the Imperial Japanese Government proclaimed yesterday
of
thirty-day moratorium within the zone of the disaster, and as the Bank
the
Japan is offering most liberal aid toward banking institutions outside
ecoand
zone, there is, in my opinion, no danger of nation-wide financial
nomic unrest resulting from the catastrophe.
Bank in Yokohama was
The main office building of the Yokohama Specie
ago
burned. but as the staff of the bank actually moved about two years
any
into the sanm building of its Tokio branch, which remained without
damage, the loss sustained was comparatively insignificant.
The Toldo branch of the Bank of Taiwan (Formosa) was also safe. The
Tokio branch of the Bank of Chosen (Korea) caught fire, but its safes and
its
vault remained undestroyed. Moreover, as the bank has been doing
business chiefly in Korea and Manchuria. it suffered, after all, vary little
or the Tokio
loss. No damage was done to either the Mitsubisih Bank
branch of the Sumitomo Bank.
to any
It was very fortunate for our country that the disaster did not fall
that
districts important for the production of staple goods for export, also
.•11
1194
THE CHRONICLE
of chief commodities for internal consumption, and thus gave hardly
anY
blow to our industries.
Five of the leading banks of Tokio reopened for business
on Sept. 8, and the Minister of Finance, together With the
Bank of Japan and leading bankers, is devoting every effort
to re-establishment of financial affairs, according to an
official message received on Sept. 10 by the Japanese Embassy at Washington. The message, in part, reads as
follows:
The Ministries of Finance, Education, Interior, Communications, Agriculture and Commerce, Railways, and the Metropolitan Police Headquarters (Tokyo) were burned to the ground.
MI newspaper offices in Tokyo except that of the "Nichl Nicht," "MIYako," "Hochi" and the "Japan Times" were destroyed by fire.
The Foreign Office building was partly destroyed, and 160 of the officials
lost their houses, but apparently no lives were lost there. Owing to the
dislocation of communications more than half of the Foreign Office staff is
now unable to reach the office.
Better efficiency in foreign communication will be attained within a
few days.
The British Assistant Commercial Attache, Horne, and Mr. David Waddell, the assisting officer to the British Commercial Attache, were found
killed in Yokohama.
With the exception of these two and those killed and injured already
reported in earlier dispatches, it has been ascertained that all other members
of the diplomatic corps are safe.
The names of the foreigners killed have already been sent home by their
Ambassadors and Ministers.
[VoL. 117.
part of Koishika.wa remain intact. The offices .of the
Minister of Home Affairs, Minister of Finance, Minister of
Education, Minister of Railways, the Metropolitan Police
Headquarters, the Imperial Theatre, the Yurakuza Theatre,
the military arsenal and the Takanawa Palace were all
destroyed by fire. In Yokohama the fire followed a tidal
wave and the city was almost completely burned. It was
stated that the people are severely suffering from the lack of
provisions and water. Relief supplies are being rushed from
all of the districts of • Japan which were unaffected. The
following was reported from Iwaki, Japan, Sept. 6, by Radio
Corporation to the Associated Press:
The Japanese Home Office to-day took the first steps toward
attempting
to clear up confusiom, and speculation regarding the
actual number of
dead and injurqd in the earthquake and fire at Toklo, when it
announced
30,000 were dead. 100.000 injured and 350.000 homeless.
A courier, returning to-day from TOMO, described the disaster
there
as unspeakable. The city, he said, was three-fourths burned.
On ponds in the parks he found charred, unidentified bodies
floating
"like fishes." Within a certain area all things had been reduced to
ashes
except iron frames and brick pillars.
The burned wrekcs of street cars and automobiles clogged the streets.
The sufferers were gathered in public squares and garks, lying under
sheets on mats,living on the scanty food supplied by hte authorities.
The army was restoring the means of communication. The courier
reported that provisions in quantities were expected from the northeastern and northwestern regions within a few days.
The entire country along which he passed was contributing to the relief
fund.
Damage southwest of Toldo is summed up by reports to-day as follows
Yokohama, annihilated.
Yokosuka, twelve miles across the sea from Yokohama, damaged greatly.
to an extent unknown. Population, 100.000 or more.
Kamakura, thity miles from Tokio, collapsed, mostly burned; all villas
about Hayama, a bathing resort, last.
Hiratsuka and Ciso. small seashore towns, thirty-eight and forty miles
from Tokio, respectively, destroyed.
Kozu, a way station for tourists, spared.
Damage slight west of Mishima.
The appalling loss of life and property destruction which
Japan has suffered in the earthquake and subsequent fire
of Sept. 1 has served to direct world-wide attention to the
afflicted nation and to set into motion machinery for caring
for the dead, alleviating the needs of the hundreds of thousands injured and homeless and in general to bring order
out of chaos. Advices concerning the extent of the dmaage
were contained in official statements issued on the 6th inst.,
one at the offices of the Japanese Consulate-General in New
York and another at the Japanese Embassy in London. The
latter, based on direct advices from the Foreign Office in
In addition to Tokio and Yokohama, the following JapTokio, said:
anese cities suffered damage in the earthquake and tidal
On Sept. 1 at noon there occurred the greatest earthquake Japan has wave, it was stated in Associated
Press dispatches from
experienced since that of sixty-nine years ago, with the collapse of the
San Francisco, Sept. 3:
water works and a fire which broke
out.
Tremendous damage has been done all over the district between Tokio
and the so-called Shonan district, which included all the sea coast district
of Sagami Bay.
In Tokio, although the Imperial Palace and Yamanote districts have
fortunately escaped damage, about two-thirds of the entire city has been
totally devastated.
The damage appears to be very great also in Yokohama and Kamakttra.
The Government is making every effort to bring about relief by great
measures.
It was reported that almost complete destruction had overtaken, among
other towns, Yokosuka, Kamakura, Chimera, Koyama, Gotemba, Mishima, Atom', Ito, Shimoda, Chiba, Hecht°11, Karaguchi and Kau.
In Tokio fire broke out in forty or fifty places simultaneously as a result
of the earthquake. It appears that the ward district of Yamamoto escaped
destruction to a large extent, but the whole downtown district between
Senju and Shinagawa, especially Hongo, Fukagawa, Shitaya, Nihonbashi
and Kyobashi wards, were almost completely devastated.
The principal buildings destroyed in Tokio include the residence of
Princes Fushimi, Higashi-Fushimi, Kacho and Arisugawa; the building of
the Ministry of the Imperial Household and the famous bridge at the entrance to the Imperial Palace.
Other buildings destroyed included three of the largest department stores.
Mitsukoshi, Shirokiya and Matsuzakaya and the Honganji Temples in
Tsukiji and Asakusa.
The twelve-story tower called Junlira' was destroyed, as were the Imperial
Museum. the Uyeno Railroad station, the Meguro Powder Magazine, the
Russian Church of St. Nicholas, the Imperial University Building, the
Higher Normal School for Women,the Military Academy and the Military
Preparatory School.
The Peers' School, including both the boys and girls' buildings and all
the newspapers except the Mehl Mehl and Hoch', were wiped out.
In the Marunouchl disttict, where many Government and modern
business structures were located, nearly all, Including the Foreign Office,
were damaged. But the Supreme Court, the Ministry of Justice, the Ministry of Marine, the House of Representatives, the Tokio Prefectural
offices, the Imperial Hotal and the Told.) Station Hotel, practically escaped
(litmus.
The message, similar to the above, announced from the
Consulate-General's office.in New York, was one which had
been received by the Japanese Embassy at Washington from
Count Yamamoto, Premier and Foreign Minister of Japan,
and forwarded by wireless to the New York office. The
communication stated:
Yokosuka—Tidal wave wrecked many Government vessels; much damage
done in town, which is of 70.000 population; fire reported broken out;
naval station engulfed by tidal wave; naval buildings and ships destroyed.
Nagoya—Population 620,000; reported virtually destroyed.
Sasako—Six hundred reported perished in collapse of railway tunnel.
Osaka—Railroad for hundred miles north torn up; many trains wrecked,
with many casualties.
Ito—More than 500 houses washed away by tidal wave.
Hakone—At this famous mountain resort it is said to be easier to count
the living than the dead. Foreigners frequented this district.
Kamakura—Aviator flying over reported he could not see one home
remaining upright.
Ononshima—"Picture Island" reported submerged.
Oshima—Volcano emitting smoke.
Odawara—Swept by tidal wave.
One effect of the disaster was the issuance of a proclamation Sept. 7 by the Japanese Government declaring a 30
-day
moratorium for payments falling due from Sept. 1 to Sept. 30.
Associated Press advices from Osaka said:
The moratorium is inapplicable outside the zone of the disaster.
Persons profiteering in essential commodities are liable to imprisonment
for three years or a fine of 3,000 yen, while any one found guilty of spreading
rumors with the object of encouraging rioting, damaging property or disturbing the peace may be imprisoned for ten years or fined
3,000 yen.
The promulgation of the moratorium and the edicts against profiteering
and the circulation of false rumors are made public in the form of emergency
Imperial decrees.
All the principal banks In Tokio are reopening. The Bank of Japan is
virtually intact. The contents of the vault of the Mitsui Bank, including
books and important papers, were saved. Likewise the Mitsubishi. Taiwan
and Chosen banks and the Industrial Bank of Japan all are in good condition.
The Mitsui and Mitsubishi families, which are among the most
wealthy
in Japan, have contributed 5,000,000 yen each for the relief of the destitute.
Tokio to-day was practically cut off from the world and communication
between the capital and Osaka remained very difficult.
Order is being well maintained in the cities of Osaka, Kobe, Kyoto.
Nagoya and Nagasaki, all of which, being entirely outside the disaster zone.
were safe. The citizens of all of them are actively
engaged In relief work.
Traffic has been opened in a roundabout way, but accommodations are
very limited.
Steamship service is being regularly maintained, but the facilities are
Inadequate to meet the overwhelming demand.
Telephone and telegraph communication has been nominally established.
but practically is unavailable.
Army airplanes are carrying the most important mall.
Earthquake broke out at noon. Sept. 1, of tremendous proportions,
the biggest since the period between 1854 and 1859. Water system is
wrecked. Fire broke out. It extends from Tokio as far as the Shonan
Besides addressing a message of sympathy to Emperor
district, including Yokohama. Yokosuka and Kamakura. There is
heavy damage in Tokio. The Imperial Palace and Yamanoto are for- Yoshihito of Japan, President Coolidge issued an appeal to
tunately safe. (It was explained that Yamanoto fa a hill in the suburbs the
American people to aid the afflicted nation. In his
of Tokio.)
message to the Emperor,on Sept. 1, President Coolidge said:
Two-thirds of the whole city was practically entirely destroyed.
At the moment when the news of the great disaster which has befallen
regret to report that the British. American: French and ItsItem emthe people of Japan is being received, I am moved to offer you in my own
bassies and the Chinese Legation were burned Out.
In Yokohama and Kamakura it seems to have done tremendous damage, name and that of the American people the most heartfelt sympathy, and to
the Government Is endeavoring to face this catastrophe.
express to your Majesty my sincere desire to be of any possible assistance
Of the fifteen wards in Tokio, the message said,
were in alleviating the terrible suffering to your people.
six
Acknowledgment of the above came from Emperor Yoshidamaged, these including all of the business district, which
suffered most. The wards in the damaged district of Tokio hito on Sept. 6 as follows:
Deeply touched by your profoundest sympathy and kindest offer In
are: Honjo, Fukagawa, Asskusa, Kaneda., Nyhonbasapi and
our'
appalling calamity I beg
Kyobashi.
The wards of Kotsuya, Shiba, Ushigone, and and the American people. you to accept my heartfelt gratitude to you,
SEPT. 15 1923.]
THE CHRONICLE
In addition the Japanese Ambassador at Washington on
n
Sept. 3 in a public statement expressed his appreciatio of
the sympathy in America for his country. The message
stated:
The Japanese Ambassador desires to express his deep appreciation of
the great tide of sympathy that has risen throughout America in response
to the announcement of the terrible catastrophe that has befallen Japan.
Not only by the generous proclamation of the President, testifying to
the ties of humanity that bind the two nations, but in countless messages,
both official and personal, have the Americans done their utmost to show
their sympathy and their readiness to help their neighbors across the Pacific.
Up to the present time the Embassy has been unable to establish communication with Japan. Every line is silent.
The Ambassador is oppressed by anxiety not only for his countrymen,
but also for the many Americans and other foreigners in Japan.
In this state of uncertainty and ignorance he can only express to the
President and the people of America, on behalf of his Imperial Majesty
and of the whole Japanese nation, the most heartfelt thanks for their sympathy and their generous offers of assistance. These make it easier to bear
the burden of this unimaginable disaster.
Count Yamamoto,the Japanese Premier,it was announced
1195
Kirjassoff,
members of his staff, and the death of Max D.
, and his wife. The
the United States Consul at Yokohama
dispatch from
foreign casualties number 73, according to a
J. P. Davis, American Consul at Shanghai.
The Silk Trade and the Japanese Disaster.
market, and
The Japanese disaster served to upset the silk
Council, at
resulted in the decision by the Raw Silk Trade
all operations
meeting in this city on Sept. 5, to suspend
a
The "Journal of Commerce" in reuntil September 10.
porting this said:
information available
By that time it is hoped there will be more definite
the earthquakes
regarding the extent of the damage to the silk industry by
producing secand fires in the Japan primary market and the surrounding
will stop all sales
tion. The action of the council means that the members
without regard to offers of premium prices.
outstanding conThe council also took up the question of deliveries on
confronting the
tracts, which is considered one of the most serious problems
Japan. The idea of
trade at this time in connection with the disaster in
to take such action
members of the council, as expressed at the meeting, was
at Washington on Sept. 10, has sent the following message as would eliminate as far as possible the chance of any trader obtaining
thorough dLscussion of the
to the State Department, expressing the gratitude of the preference in the matter of deliveries. After a
to
was decided to make deliveries on a pro rata basis, according
Japanese people for the ready sympathy and assistance question it
It was considered likely
the size of the orders and the stocks available.
of the amount of
y 50%
shown by the United States:
that such deliveries would represent approximatel
At a time when Japan was making her best endeavors to follow the letter the orders.
Some Houses Sold Out.
.and spirit of the Versailles Treaty and the Washington treaties, which, we
to make quotabelieve, have laid the foundation of world peace and will greatly promote
Virtually every raw silk house ceased on Tuesday morning
on the basis of the
human welfare, the Empire was visited by a most appalling disaster, in
tions, but a number of them continued to do business
combined.
the day until late
which all the elements
advnaced prices, which mounted every half hour during
In this hour of deep grief and anxiety, felt alike by the Emperor and all
increase had reached $3 and $4 a
in the afternoon, when on some grades the
trading day. Some houses
his subjects,the President of the United States issued a proclamation urging
pound over the prices that prevailed on the last
the American people to come to the aid of the stricken people of Japan and cleaned out their entire stock at the advanced prices, it became known yesCross to administer the relief work.
means that the mem.designating the American Rod
terday. The action of the council yesterday afternoon
Then the Commander of the American Asiatic fleet lost no time in disthat may be offered for
bers will stop all sales without regard to premiums
patching the ships under his command to the scene of the disaster and
their holdings.
.offered the services of the entire fleet for the immediate relief of the sufferers.
information from
In the continued absence of definite
Some of these vessels have already arrived in the Harbor of Yokohama.
same time the Philippine Government sent transports loaded with Japan on which to base operations here recommendation
At the
full cargoes for the relief.
importers that all
was made on Sept. 10 to leading raw silk
In the midst of the bewildering devastation, the American Ambassador,
second
and the residents in trading be suspended until Sept. 18. This is the
Mr. Woods, together with the staff of the Embassy,
Japan, are helping the relief work with a marvellous spirit of self-sacrifice suspension, the first, as noted above, having been recomthe
In spite of the fact that the Embassy itself was destroyed by fire.
Sept. 5. The action was taken at a meeting of
The report of these spontaneous and prompt measures taken by the mended
Committee of the Raw Silk Trade Council,
President. the Government and the people of the United States, is creating Executive
Arai & Co.
a profound impression in the grateful hearts of suffering Japan.
presided over by B. H. A. Hofmann of Marimura,
With these facts in mind, I desire to express in the name of the Japanese
on Sept. 10
Speculative trading here in raw silk was said
Government their most heartfelt thanks to the American Government, and
buyers were interested,
at the same time to convey to the President and people of the United States by brokers to be on the wane. Where
the deep sense of gratitude of my sovereign and of the entire nation of Japan however, it was reported that prices on the basis of $11 to
for this noble manifestation of a sincere and generous sympathy. I am
for Japanese silks were quoted. Spot trading
happy in believing that this precious gift of American sympathy in the hour $12 per pound
to be limited
.of greatest trial for the Japanese nation cannot but serve the peace of the in Chinese or Italian grades also was said
world in drawing still closer the bond of friendship and trust between the
reported the primary markets for them
although cables
two countries.
as being very strong.
In appealing on the 4th inst. to the American people for
assistance in behalf of the stricken nation President Coolidge
Physician Denies Reports That
said:
To the People of the United States:
An overwhelming disaster has overtaken the people of the friendly
nation of Japan. While its extent has not as yet been officially reported,
.enough is known to justify the statement that the cities of Tokio and
Yokohama and surrounding towns and villages have been largely if not
completely destroyed by earthquake, fire and flood, with a resultant
appalling loss of life and destitution and distress requiring measures of
urgent relief.
Such assistance as is within the means of the Executive Department of
the Government will be rendered; but, realizing the great suffering which
now needs relief and will need relief for days to come. I am prompted to
appeal urgently to the American people, whose sympathies have always
been so comprehensive, to contribute in aiding the unfortunate and in
giving relief to the people of Japan.
In order that the utmost co-ordination and effectiveness in the administration of the relief funds be obtained, I recommend that all contributions,
clearly designated, be sent to the Chairman of the American National Red
Cross at Washington, or to any of the local Red Cross chapters for transmission to Japan.
President Harding's
Illness
Death of Late President Was Due to
from Canned Foods.
Secretary of the
In reply to a requestfrom Fiank E.Gorrell,
Association, for an expression of opinion
National Canners'
primary illness
regarding the report that President Harding's
caused by eating canned goods, Dr.C.E.Sawyer,
had been
Mr. Gorrell,
President Harding's physician, in a letter to
according to a dispatch to the New York "Times"
said,
from Washington Aug. 31:
in the canning
The reaction from this report has created serious concern
years spent enormous
Industry, because it has during the last fourteen
of Its product. . .
sums of money in scientific research for the betterment
MSC to ascertain the actual
It is also our deep concern in this particular
President's personal
facts as to whether or not, in your opinion as the
canned foods, so
physician, his primary illness was caused from eating
as to definitely dispel the rumors.
illnesswas not due to
My answer is that President Harding's primary
Not only was the work of raising funds promptly under- eating canned foods.
Dr. Sawyer in
Dr. Cooper, it is stated, concurred with
taken by the American Red Cross through the Relief Committee under the Chairmanship of Dwight W. Morrow of this statement, saying:
expressed by Dr. Sawyer
I am in entire agreement with the opinion
J. P. Morgan & Co., but various other agencies immediately
due to his having eaten
that President Harding's illness was in no way
took action following the first news of the disaster to rush of canned food.
relief to the sufferers. The Navy and War Departments
President Coolidge Retains Dr. Sawyer as White House
were among the first of these to speed action and the first
Physician.
relief ship to clear from San Francisco—the Pacific Mail
Charles E. Sawyer
A decision to retain Brigadier-General
President Taft—sailed on Sept. 6 with a shipment of
liner
at the White
to the President was announced
300 tons of rice. Elsewhere throughout the country the as physician
raising of funds has been vigorously pushed, together with House on Aug. 25.
other measures of relief, the subscriptiors Up to yesterday,
Sept. 14, having exceeded $7,000,1300.
• Action by the New York Stock Exchange on the 5th inst.
was announced as follows:
The Exchange was called to order by President Cromwell at 1.15 p. in.
and the following unanimously adopted by the members:
"Resolved, That the members of the New York Stock Exchange have
been deeply shocked and have had their sympathies profoundly aroused
the Japanese nation.
by the unprecedented disaster which has overtaken
"Resolved. That subscriptions be received at the Secretary's Office by
.
a committee appointed by the President of the Exchange and used without
delay to alleviate the sufferings of the victims of this great calamity."
Advices to the State Department at Washington indicated the safety of Ambassador Cyrus E. Woods and all
Committee of American Bar Association Recommends
Endorsement of Third Hague Conference.
of a proEndorsement by the American Bar Association
of nations in conposal for the calling of a new conference
The Hague was
tinuation of the first two conferences at
recommended to the Association in a report of its Committee
at the annual convention
on International Law, presented
The report said:
in Minneapolis Aug. 30.
It would not seem to be a matter of serious doubt that much may be
accomplished in the direction of creating and preserving harmonious
relations between nations and towards the reduction of causes of international disagreements if the principles of international law should receive
1196
THE CHRONICLE
consideration at a new conference of the nations in accordance with reccommendations by the committee of jurists assembled at The Hague
In 1920. The purposes of the new conference would be: (1) To restate the established rules of international law, especially, in the first instance, in the field affected by the events of the recent war;(2) to formulate
and agree upon the amendments and additions, if any, to the rules
of
International law shown to be necessary or useful by the events of the
war
and the changes and the conditions of international life and intercour
se
which have followed the war: (3) to endeavor to reconcile divergent views
and secure general agreement upon the rules which have been in dispute
heretofore: (4) to consider the subjects not now adequately regulated
by
international law, but as to which the interests of internati
onal justice
require that rules of law shall be declared and accepted.
[VOL. 117.
member of the executive council of the new Building
Trades Council,
affiliated with the American Federation of Labor: S.
John Block, New
York State Chairman Socialist Party; Robert Bruere,
author and member
Teachers' Union: Evans Clark of the Labor Bureau, Inc.;
Lewis S. Gannett. Associate Editor of "The Nation" and member of the
Press Writers'
Union. and Morris Hillquit, lawyer.
China's Population 435 Millions.
China has a population of 436,004,953, according to the
annual report of the Chinese Post Office, says an Associated
Press dispatch from Shanghai under date of Aug. 4, but it
Resolution of American Bar Association Advocating is added that the figure is only a vague estimate, as no systematic method of census taking is followed.
Support by United States of World Court.
A resolution advocating support on the part of the United
States of the Permanent Court of International Justice was Anthracite Coal Strike Settlement—Miners to Get
adopted by the American Bar Association at its annual
10% Increase—Drop Demand for Check-Off
--Conmeeting at Minneapolis on Aug. 30. The resolution, which
tract to Be Signed for Two Years Next Week.
had been offered by George W. Wickersham, formerly
Possibility of a shortage of anthracite coal
United States Attorney-General, provoked spirited debate, a protracted suspension of coal mining have this winter or
been practically
and as finally adopted read:
precluded by the settlement of the strike, which began
Resolved, That the American Bar Association joins in what
it believes Sept. 1, and is expected to be officially
terminated by the
to be the wise judgment of the American people, that
the United States
union next week. Settlement of the strike is attributable
ought to become one of the supporters of the Permanent
Court of International Justice at The Hague, and that our Governm
ent should adhere to the efforts of Governor Pinchot of Pennsylvania.
The
to the protocol and concur in the one set forth by the Presiden
t of the acceptance of Governor Pinchot's
terms by the operators
United States in his message to the Senate Feb. 24
1923.
The Association also adopted a resolution opposing any last week, as reported in these columns, was followed by a
attempt to "usurp any of the powers of the Supreme Court rapid succession of events over the week-end, culminating
in joint conference between the contending forces in the
of the United States."
Pennsylvania Governor's office at Harrisburg on Sept. 8
Governor Smith's Proclamation Designating Sept. 28 at which all points in dispute were disposed of,and the form of
a new contract covering wages and working conditions for
as Indian Day.
A proclamation setting apart Sept. 28 as American Indian a period of two years agreed upon. The operators, as stated
Day was issued by Governor Smith of New York on Aug. 31 by us last week, finally yielded to acceptance of the Pinchot
in response to a request made by the American Indian plan, calling for a flat 10% wage increase, as well as the
-hour day, and, in addition, dropping their demand for
order, the Daughters of Sacajawea and the American Indian 8
arbitration. While the 10% increase was less than the miners
Association. According to the "Knickerbocker Press" of
had asked for, the union leaders accepted it, at the
Albany, the proclamation says:
same
time dropping their demand for the check-off system.
The attention of the people of the State is
called to the observance of
a day commemorative to the American aborigine
The agreement adopted on Sept. 8 in Governor Pinchot
s who have contributed
's
so much to the history of our nation
and are now enjoying the rights of reception room at Harrisburg, Pa., was taken before
the full
citizenship under our Constitution and laws.
Scale Committee of the miners, which ratified it. The
Now, therefore, I, Alfred E. Smith. Governor of
Comthe State of New York,
do hereby designate Friday, Sept. 28, as American
Indian Day and request mittee then set Sept. 17 as the date for the meeting of the trithe people of New York State to give serious thought
accompanying district convention. The tri-district
to the
convention will be
proclamation as issued by the American Indian
order, asking that organiza- held at Scranto
n. The principals in the negotiations will
tions, societies and the schools of this State make
provisions for appropriate
exercises which will bring to mind the historical
features of American Indian then return to Harrisburg to sign the contract and will be the
life in the hope of furthering the progress of these
true Americans.
dinner guests that evening of the Governor and
Mrs.Pinchot.
Following the conclusion of the meeting on Sept. 8, the miners
Change in Ownership of the New York "Call."
said the contract was the best agreement ever
made in the
Change in ownership of the New York "Call" was an- history of the industry. They
said the contract means more
nounced in its issue of Aug. 28. The "Call" which for progress regarding working
conditions than the miners had
fifteen years has been the organ of the Socialist Party, ever made in similar negotiat
ions. Provision is made in
has been the property of the Workingmen's Co-operative the new agreement for a
thorough study of all wage scales
Publishing Co. With the change in control the ownership before the expiration of
the contract on Aug. 311925. The
will be lodged in the newly organized Labor Press Associa- miners as already stated,
gave up their demands for the
tion, Inc., capitalized at $500,000. The former owners cheek-off of union
dues and the operators dropped their desire
will hold 15% of the common stock of the
new concern. for arbitration at this time. The following is the full text
Norman Thomas, formerly Editor of "The World
To- of the new two-year agreement:
morrow," and Associate Editor of "The Nation,
This agreement made this
eighth day of September 1923 between
" has be- Districts 1,
7, and 9, United Mine Workers of America,
come Editor-in-Chief of the "Call." The Managing Editor
parties of the
first part, and the anthracite operators
, parties of the second part, covering
is Heber Blankenhorn, formerly of the Industrial Research wages and conditions of
employment in the anthracite coal fields
of PennsylBureau and ex-City Editor of the New York "Sun." The vania, witnesseth:
The terms and provisions of the
announcement of the change in ownership said:
award of the Anthracite Coal Strike
Commission and subsequent agreements
The new company
made
in modification thereof,
, which is controlled by leading labor
unions through or supplemental thereto, as well as the rulings
stock ownership, will take the old "Call," with its record
and decisions of the Board
of fifteen years' of Conciliation, are hereby ratified, confirme
devoted service to labor's cause, and develop it as a
d and continued for a further
genuine labor paper. period of two years ending Aug. 31
1925, except in the following par'
Complete arrangements for reorganization require
time. Definite ticulars, to wit:
announcement of plans and policy will be made as soon
1. The contract rates at each
as possible. In
colliery shall be increased 10% over and
the meantime the paper will be continued In the present
above the rates established under the
form.
award of the United States Anthracite
How genuinely "The Call" is to be labor's newspaper is proved
by Coal Commission in 1920.
the fact that the total membership of the unions which
2. The hourly, daily or monthly
have already subrates of outside and inside company
scribed for stock is about.500.000.
men, working on the basis of an
eight-hour day, shall be increased
It is confidently expected that a considerable number of
10%
other unions over and above the rates established
under the award of the United States
will acquire stock before Jan. 1. The Workingmen's Co-operat
ive Pub- Anthracite Coal Commission in 1920.
lishing Association, the former owner of the paper, continues
3. The hourly, daily or monthly
In existence
rates of pumpmen and engineers forand holds 15% of the common stock of the new concern.
merly working a I2
-hour cross
-shift and changed to an eight-hour basis
The following organizations are among the original 'subscrib
ers for under the award of the United States
stock:
Anthracite Coal Commission in
1920, shall
International Ladies' Garment Workers' Union, Amalgamated Clothing the Board be increased 10% over and above the rates established by
of Conciliation in conformity
Workers' Union, International Fur Workers' Union, local unions affiliated
with said award.
4. The hourly or daily rates
of consideration miners and consideration
with District Council No. 9, Brotherhood of Painters,
Decorators and miners'
Paperhangers of America, United Cloth Hat and Cap Makers' Union, lished laborers shall be increased 10% over and above the rates estabunder the award of the United States
local unions affiliated with the International Bakery
Anthracite Coal Commission
Workers' Union, in 1920.
Fancy Leather Goods Workers' Union, United Neckwear
5. The rates paid contract
Makers' Union
miners' laborers shall be Increased 10%
and the Press Writers' Union.
over and
The following is the first board of directors of the Labor Press Associa- Antraciteabove the rates established under the award of the United States
Coal Commission in 1920, said increase to be
tion: Israel Feinberg, General Manager Joint Board of Cloak,
paid by the
Suit, operator and miner by adding 10% to
the portion of the rate now assumed
Dress, and Reefer Makers' Union: Sidney Hillman, President Amalgam
ated by each.
Clothing Workers of America; Morris Kaufman, President Internati
6. Outside and inside company men
onal
working on the basis of a day in
Fur Workers' Union; Joseph Schlossberg, General
Secretary-Treasurer excess of t(!ii hours, shall be placed
on the basis of an eight
-hour day.
Amalgamated Clothing Workers of America: Morris Sigman, President The
rate of pay for an eight
-hour day shall be adjusted in the same manner
of the International Ladies' Garment Workers' Union: Osslp
Wolinsky, as rates were adjusted for hoisting engineers
and pumpmen who were
Manager Fancy Leather Goods Workers' Union; Max Zaritzky,
President changed from a 12-hour day to an eight
-hour day in 1920, subject to the
of the United Cloth Hat and Cap Makers' Union of America;
Philip same increase of 10% provided for other compnay men
under clause 2
Zausner, Secretary District Council 9, Brotherhood
of Painters, and hereof.
SEPT. 15 1923.]
THE CTTRONTCLE
7. Outside and inside company men working on the basis of nine
er ten-hour day shall be placed on the basis of an eight-hour day. The
rates of pay for the eight
-hour day shall be the rates for the nine or tenhour day paid under the agreement of 1916, plus $1 80 per day for outside employees, and $2 per day for inside employees, plus 17%, and
subject
to the same increase of 10% provided for other company men under clause
2 hereof.
8. Monthly men coming under the agreement of Sept. 2 1920
and working on a basis in excess of eight hours per day shall be placed
on the basis
of an eight-hour day. The monthly rates for the eight-hour
basis shall be
the monthly rates paid under the agreement of May 5 1916
plus $54 per
calendar month for outside employees and $60 per calendar,
month for inside employees, plus 17% (except where modified by
ruling of the Board
of Conciliation) and subject to the same increase of 10%
provided for other
company men under clause 2 hereof.
9. The colliery rate sheets of the different collieries
shall be brought up
to date, shall be signed by the company officials
and the mine committees,
and shall then be filed with the Board of Conciliatio
n. In case of dispute as
to the correctness of any rate, the rate shall
be determined by the Board,
after hearing. In such cases, the burden of
proof shall rest with the party
taking exception to the filed rate.
10. A grievance referred to the Board of Conciliati
on shall be answered
within 15 days and shall be heard within 30
days from date of filing with
the Board. Decision shall be rendered
by the Board, or case snail be
referred to an umpire, within 30 days after
hearing. In case of reference
to an umpire, decision by the umpire shall
be rendered within 30 days
from date of reference.
11. Rates for new work, such as opening a
seam of coal, shall be made
collectively as between the mine committee
and the company officials
on the basis of the standard recognized rates
paid for similar work under
similar conditions in the mine in question
or adjacent mines. In casof disagreement the matter shall be adjusted
through the Board of Conciliation in the manner new customary.
Pending decision by the Board
work shall proceed at rates set by the
foreman and which shall not be
less than the standard recognized rates
aforesaid. No contracts shall
be made with individual employees at less
than the prescribed scale rates
or not in keeping with customary practices.
This section shall not be
construed to deny to the operator the right
to change the method of
mining.
12. The Board of Conciliation is hereby authorized
to undertake and
complete a thorough study of all wage scales
before the expiration of this
contract and submit the same to the next
joint conference. If the Board
of Conciliation shall, by unanimous vote,
recommend the adjustment of
any inequities or inequalities in wage rates
during such study, the adjustment shall take effect on a date set by
the Board.
1197
sent a letter to President Coolidge on Sept. 9 suggesting
ways and means by which the price of coal to the consuming public might be held down to approximately present
levels. In his letter to the President Mr. Pinchot recommended, among other things, that the Inter-State Commerce
Commission consider a new scale of anthracite freight rates
and that the United States Coal Commission, appointed
by President Harding, make public its findings on profits
and costs of mine operations and wholesale and retail distribution. "The total legitimate increase in the cost of
coal under the terms of settlement," the Pennsylvania
Governor pointed out, "is about 60 cents a ton. Of this
amount not less than 10 cents should'properly be taken up
by all the operators, many of whom could absorb the whole
of the 60 cents and still make abundant profits." The
Pennsylvania Governor then went into the matter of transportation rates, expressing the belief. that "real advantage
would result if the Inter-State Commerce Commission would
take up and consider anew the rates charged for the transportation of anthracite coal with a view to reducing them
if justification for such reductions should be found." The
Governor's letter to President Coolidge in full follows:
Dear Mr. Pres'
dent—Now that the danger of a strike in the anthracite
field is disposed of for two years. I would like not only to thank you again
for your telegram of congratulation, but to express my very great appreciation of your public approval of the terms of settlement which I suggested
and of the very valuable information which was supplied to me by the
United States Coal Commission at your direction.
Both miners and operators deserve great credit for their courtesy, their
readiness to consider each others' points of view and their patient willingness
to stay on the job. I emphasize the latter particularly because 1 doubt
if any of them had the slightest expectation when they came to liarrisburg
that the negotiations would last more than a day or two or that the strike
would be settled.
A supply of anthracite to the consumer for the neat two winters having
thus been assured, the next question is that of price. The total legitimate
Increase in the cost of coal under the terms of the settlement is about 60
cents per ton. Of this amount not leas than 10 cents should propen ly be
Samuel D. Warriner, Chairman of the General
by all the operators.
mittee of Anthracite Operators, made the followin Com- taken up increase and still many of whom could absorb the whole of the
make abundant profits.
g state- 60 carts'
ment on Sept. 8:
In fairness, the remainder of the 60 cents should never reach the conThe operators are relieved that a coal shortage
sumer. It is certain, however, that this amount, and probably much more,
has been avoided.
While they are still of the opinion that
conditions did not Justify wage will be exacted from consumers unless public action is taken to prevent it.
Increases with added burdens on the public
and that the principle of arbitra- Accordingly sine() you were good enough to indicate that suggestions from
tion should be the basis of public protection
me concerning anthracite would not be unwelcome, I am writing to suggest
, nevertheless they were unwilling to assume the responsibility of
a protracted suspension in the face that real advantage to the public would result if the Inter-State Commerce
of the Governor's proposal.
Commission would take up and consider anew the rates charged for the
transportation of anthracite coal, with a view
The Pennsylvania Governor let it be known
that he was fication for such reductions should be found. to reducing them if justisatisfied with his work in getting both sides
to agree on his
On my part. I propose to ask the Pennsylvania Public Service Commispeace plan and declared that throughout the
sion to consider anew the reasonableness of all freight rates on anthracite
in secret he did not make a single threat to sessions held within the borders of Pennsylvania.
miners or oper1 realize that the action of rational and State bodies having authority
ators. He was, however, prepared for the
worst and was over freight rates on anthracite coal cannot alone solve the problem of fair
determined that there should be no coal shortage.
cost to the consumer.
weight, such as
It was In operating the mines Other factors also havein distribution. efficiency
and reasonable profits
said his whole attempt was to convince both
It would
sides through greatly assist the public in reaching sound judgment in these matters if
the logic of his position as representative of the
public that the findings of the United States Coal Commission on profits and costs in
there must be no shortage of coal. To all the
mine operation and in wholesale and
arguments of in great detail at the earliest possibleretail distribution were made public
moment. This information will be
both sides the Governor applied the test of his
four points. of the greatest use to me, as to others, in making plans to protect the
If the arguments stood the test of his plan
public interest.
he accepted
them, and if they did not he rejected them.
The margins and profits of
Mr. Pinchot are mainly local matters which wholesalers, brokers, jobbers and retailers
must be dealt with as such. Accordingly,
said:
you will, I am sure, be glad to know that I am preparing to invite the
From the beginning of the negotiations
to the end not a single threat was Governors of all anthracite using States
to go into this matter with me.
made to either side. I made no threats
whatever. The settlement was
I am exceedingly glad to tell you that the mining of anthracite is likely
brought about by my insistence that the
principles proposed were right to be resumed before the 20th of this month.
You will realize as fully as
and just.
I do the desirability of securing at the earliest possible moment whatever
The essence of the miners' story was that
they desired and should have protection can be provided for the consumer against
any undue and unadditional wages.
necessary increase in the cost of coal.
The essence of the operators' story was that
the industry could not
Since the public is a deeply and properly interested party in this matter.
carry an increased wage.
and since public opinion will have so large an influence in securing justice.
The essence of my story was the people
must have coal and that no I have taken the liberty of making this letter
public in the confident belief
difference could be allowed to stand in
the way of this necessity.
that I shall have your approval in doing so.
After my return from Washington
my first step was to get in touch
with the miners and operators
In line with his letter to President Coolidge, Governor
and to get a full statement of the case
from
each side. My second step was
to consider the information thus obtained Pinchot on Sept. 10, speaking
In conjunction with
as the Chief Executive of the
information
down to usable length, together supplied by all available statistics boiled only anthracite-producing
State, called upon the Governors
with personal advice and suggestions
from
men familiar with the coal problem
from every point of view, and to compare of thirty anthracite-consuming States to join him in seeking
and balance all this with the
idea of reaching logical
methods of safeguarding coal users against higher prices
Then came the formulation of
conclusions*
a definite plan in consultation with
experts and others attached to
other during the coming
the Administration. I finally
winter. In a letter to the Governors, in
accomplished
this by consultation with men
whose opinions had weight.
which he told them he is directing an investigation in his own
Finally came discussion of each
of the four points with the miners
operators, separately and tepeatedly
and State of "means or methods of any and every kind which
, and the gradual formulation
of a could be used
statement concerning their exact
to prevent gouging of the consumer," he sugmeaning to which each side could
did agree.
and
gested similar studies in each of the other States looking
The whole process lasted Just two
shorter and easier if the contestantsweeks. It would doubtless have been toward a personal conference later concerning joint action.
had not had the preceding
of active coattoversy in which to
six weeks As an initial
dig themselves into their
step in his own -investigation, he conferred with
respective
positions.
Governor Pinchot's Letter to
President Coolidge
Concerning Coal Prices—Suggest
s Revision of
Anthracite Freight Rates—Asks
Governors
of 30 States to Investigate Prices.
With an agreement reached between miners
and operators
to end the strike in the anthracite fields by
the granting of
a 10% wage increase and the making of other
concessions
to the workers, Governor Pinchot of Pennsylv
ania, who
was chiefly instrumental in bringing about the
agreement,
Chairman W. D. B. Ainey, of the .Pennsylvania Public,
Service Commission, which body, he told President Coolidge
in the letter given above, he would ask to make a study of
the reasonableness of anthracite freight rates within the
State. Certain other factors, he pointed out in his letter to
the Governors, are so local outside action could not influence
them, while there are others upon which joint action of the
Governors "would be useful in preventing extortion."
Among the more local matters to which Governor Pinchot
referred are the profits of coal dealers, such as wholesalers,
retailers, jobbers and distributers.
1198
THE CHRONICL).;
[vol... 117.
Press dispatches of the 10th inst.,from Harrisburg, gave
the following additional intelligence:
Governor Pinchot of Pennsylvania with unerring precision has placed his
finger upon the method by which the consumers of anthracite may be given
substantial relieffrom present excessive prices and the possibility of a future
The Governor also conferred with officials of the State Department of
Mines, which made public figures of the annual distribution of anthracite increase. The existing freight rates upon anthracite to tidewater and New
from Pennsylvania to the largmt consumers of coal among the States. England points are excessive, unjustified and indefensible. The cost of
These figures were: New York, 11,850,000 tons; New Jersey, 4,690.000; transport per ton mile as compared with bituminous substantiates this
Massachusetts, 3,490,000; Illinois, 1,780,000; Connecticut, 1,637.000; judgment.
The United Mine Workers have long contended for a revision of these
Wisconsin, 1,330,000; Michigan, 1,000,000; Maryland,870,000; Minnesota,
760,000; Rhode island, 590,000; and the District of Columbia, 530,000. rates, and the public is to be congratulated that such a powerful influence as
The figures were based on 1922 exports. They includes 7,250,000 tom Governor Pinchot has pointed the way to immediate relief in this major
problem. If the administrative agencies of the Federal Government will
consumed in Pennsylvania.
Besides the Governors of these States, Mr. Pinchot sent his letter to the co-operate with this proposal, its success will be assured and relief will be
given to millions of householders and business interests in the anthracite
Chief Executives of the other New England States and those of Delaware,
Virginia and West Virginia, Indiana, Iowa, Kansas, Kentucky, Louisiana. consuming territory.
Governor Pinchot's suggestion that the United States Coal Commission
Missouri, Nebraska, North and South Carolina, North Dakota. Ohio,
Immediately make public its findings upon anthracite profits in production
Tennessee, Texas and Alabama.
and wholesale and retail distribution is commendable. It is unfortunate,
Plans for a joint conference of the Governors are indefinite and dependent,
it was indicated, upon the results of the action they may take in response Indeed, that the Commission could not have made public this report on
to Governor Pinchot's letter. No immediate preparations will be made for July 9, when its major report on anthracite was issued. This report, when
a meeting and it was said at the State Capitol none probably would be made Issued, should deal'not alone with the profits of the industry based upon
until the return to Harrisburg of the Governor, who left late to-day (Sept. Present valuation, but should set forth in detail earnings and profits based
upon original investments.
10) for a two weeks' vacation.
The proposals of Governor Pinchot as set forth in his letter to you, made
Mr.Pinchot's letter was in line with that which he sent President Coolidge
last night suggesting steps be taken by Federal and State agencies to safe- public to-day, are constructive, reasonable and practicable, and you
would be conferring a boon upon the people of anthracite consuming States
guard the public against any increases in coal prices as a result of the 10%
wage advance for miners embodied in the new agreement reached here if the influence of your high office were directed in support thereof.
Saturday night, by the operators and miners.
"As the Executive of a State whose people use anthracite
coal, your attention has doubtless been directed, not only to
the threatened coal strike and its recent settlement, but also
to the question as to how the consumer can be protected
• from undue and unnecessary increase in price," Governor
,Pinchot wrote the Governors.
"We were threatened with a coal shortage because of the
need of a fairer wage in a peculiarly hazardous industry. By
a slight wage increase the produttion of anthracite is now
assured for two years.. But we must not stop there. A fair
price to consumerS in just as essential. Undoubtedly certain
, factors in this problem are so entirely local that no action
,
taken outside the State in which they occur can influence
them. There Eire other matters, however, upon which joint
action of the Governors and the anthracite-using States
would be useful in. preventing extortion." ,
Accordingly the Governor said he was writing to say that
he is "causing a Careful investigation 'to be made in Pennsylvania of the means'or methods of any,and every kind, which
' could be used to pr0Veilt gouging of the consumer," and to
• suggest a similar ,examination in each of the States, "if it
has not already been made, with a view to personal conference
concerning joint, action lattT on
• "I venture to ruake.this suggestion because as Governor of
the only anthraciterproducing State,'a special responsibility
rests upon me,in this matter," the letter added.
New Wage Agreement "Spells Substantial Progress for
Miners," Says Lewis.
John L. Lewis, President of the United Mine Workers,
and one of the Principal figures in the conferences which lead
to the settlement of, the dispute which precipitated the anthracite coal strike beginning Sept. 1, issued a statement at
Philadep•
on Sept. 9 giving his views on the new agreement..
It is one of the best contracts the anthracite workers
• have made, said the union leader, He expected the contract
would be ratified 1,iy the miners' convention at Scranton,
called for Sept. 17. In his formal statement Mr. Lewis said:
The now agreement spells substantial progress for the anthracite miners.
It does not represent all their ideals and leaves them still suffering from many
ills, but it is a vast improvement over the agreement that has just exPired •
In addition to the eight-hour day for all workers and the 10% increase,
the contract provides for many improvements in working conditions.
, The mine 'workers in this instance followed a policy of moderation, which
reflects their sincere concern for the public interest. The fact that the agreement runs for two years will operate to give stability to the industry and
relieve all apprehensions of the anthracite consuming public. The mines
will resume operation after the agreement has been ratified by a delegate
convention representative of all the mine workers throughout the region.
There is no question that the agreement will be regarded by the mine
workers as a distinct achievement and will be ratified by a practically unanimous vote of the convention.
Events Leading Up to the Anthracite Coal Strike.
The acceptance with reservation on Aug. 31 by the anthracite miners' union and the operators of Governor Gifford
Pinchot's plan for settlement of their differences over wages
and working conditions opened the way for further negotiations between the contending forces, but failed to forestall
the suspension of work ordered by the union for Sept. 1.
On that date, consequently, the anthracite mines ceased
operations, between 155,000 and 158,000 being affected, it
was estimated, by the suspension order. Some of the mine
workers in the Wyoming Valley district of Pennsylvania
even quit work on Aug. 31 in compliance with the union
mandate, while Governor Pinchot was still making lastminute efforts to bring about a settlement between the
miners' and operators' spokesmen at Harrisburg, Pa. Conferences were resumed on Sept. 5 between the operators and
miners to see if a basis of agreement could not be reached.
The cheek-off system demanded by the union, arbitration
of future disputes demanded by the operators and the wage
increase asked by the workers were the three outstanding
issues over which it had been impossible before Sept. 1 to
reach an agreement. Governor Pinchot issued a statement
on Sept. 1 addressed to the public and setting forth the situation as it existed the first day of the strike. His statement said:
The essential and encouraging fact is that the negotiations which yesterday
were lagging are still going on. Both committees have suggested an adjournment for the purpose of more carefully considering the whoe situtation, including the four points of my recommendations. But since each committee
will do so from the point of view of the interests of its own side, this seems
to me like a good time for the people to consider their own interests also.
and to make their will known through the fullest public discussion.
In these negotiations I have been representing the public and its necessity
to get coal. To get coal we must find a common ground upon which miners
and operators may meet and settle their differences, with some regard for the
public right. That common ground, in my opinion, properly covers a wage
Increase and the slight temporary rise in the price of coal. The choice lies
between that and the threatened shortage.
The public is the most numerous and the most important party ot this
controversy. Its rights are paramount, its welfare is the first consideration.
The health and welfare of the people are directly and meat seriously threatened by the closing down of the mines.
The hardships of a coal shortage go far beyond discomfort. January,February and march or 1923 were ordinary Winter months, but anthracite was
lacking. During these three months6,000 more people died in Pennsylvania
than in the same months of 1922. when anthracite was not lacking. These
were deaths only. They do not represent the very large number who did
not die, but who did suffer prolonged illness and physical injury. Our
industries also suffered as did our people.
This is what happened in a normal season of Winter weather in a State
which consumes but 10% of the total tonnage of anthracite. What deaths
and suffering took place outside of Pennsylvania from this same cause I
can only surmise. It is worth remembering that there are said to be 15,000.000 customers for anthracite, by far the most of whom represent whole families. Those who depend upon anthracite coal for warmth, contort and
health are more in number than all the people of many nations. Shall the
need of these millions be disregarded?
Both committees have agreed to meet me again in Harrisburg on Wednesday, Sept. 5, at 2:00 p. m. I welcome this breathing space for the hardpressed leaders on both sides, and I urge them to use it In acquiring a realizing sense of the public point of view.
This is not a private quarrel. Neither miners nor operators have any
right to disregard or civerlook the public suffering which would follow a prolonged strike. The patience of the people is very near its end. We have
seen it pushed beyond endurance before and we have seen the results.
Comment of John L. Lewis on Gov, Pinchot's Proposals
for Kciping Hard Coal Prices Down.
Having attained. his own aim by securing an increase in
wages for the 'anthracite coal miners, John L. Lewis, PresiThe statement by the anthracite operators in response to
dent of the United Mine Workers of America, issued a state- Governor Pinchot's plan follows in full:
supporting the suggestion of Governor
ment on Sept. 10
In response to the proposals made by you to the joint conference' of
Pinohot that the Inter-State Commerce Commission investi- miners and operators at Harrisburg. Pa., Aug. 20 1923, we bog to submit
gate anthracite, coal freight rates. The . Governor, Mr. the following:
With respect to your proposal No. 1:
Lewis said, has ,placed his finger with unerring precision
"Recognition of the basic eight-hour day for all employees. If longer
"upon the inethod.,by which .the consumers of anthracite hours are necessary at certain times, or In certain occupations, the overmay be given substantial; relief from present excessive prices, time to be paid for at the eight-hour rate."
some $2,250,000 to the annual
We agree to this proposal. It will
and the possihillty,q1. a future inerTaSe." Mr. Lewis's wage bill of the industry, or five centsadd ton to the cost of the domestic
per
letter read:
sizes.
8
• - EVT. 15 1923.]
THE CHRONICLE
1199
higher rate. Experience has taught the necessity of translating percentage
With respect to your proposal No. 2:
number of cents per day for application to the
increase of 10% to all employees, this increase to take increases into an equivalent
"A uniform
mine
rates of those who are thus employed. The representatives of the
effect Sept. 1."
desire to impress you'with the importance of this matter.
This would add about 630,000,000 to the wage bill. We are still firmly workers, therefore,
arran3. The mine workers regret your refusal to incorporate the check-off
of the opinion that no general increase in the wages of anthracite mine
recommendations. The fact that your refusal is not ampliworkers at this time is justified, and are supported in this belief by the gement in your
leads us to assume that you did not, perhaps, have
fied by any explanation
findings of the United States Coal Commission as follows:
on this subject. We desire consideration of the
The earnings of full-time workers . . . certainly permit the essen- full information available
for two reasons, viz: As a matter of -convenience and economy
tials of reasonable standard of living. Those who take full advantage of check-off
the maintenance of the organization and the administration ofits affairs, to
the opportunities to earn in the various occupations connected with the In
the joint wage agreement and to insure the puctiliindustry and are not handicapped by serious misfortune need not suffer give greater stability to
of all contractual obligations in harmony with the recomfor shelter, food, clothing or other decencies and comforts of life, even ous observance
mendations of the United States Coal Commission.
without supplementary earnings of wife and children.
to
Such a provision in the agreement would not in any manner add
Since you justify your proposed increase as a recompense for skill and
No valid objection can be made
hazard, we invite your attention to the fact that these factors have no the cost of the anthracite commodity.
himself to believe that the extension
application to a large part of the workers. As to those to whom they to the check-off unless one persuades
convenience to the United Mine Workers
do apply, they have been stressed and considered in every negotiation of a courtesy, constituting a
as a reprehensible act.
and arbitration in the last twenty years and already find expression in of America. can be construed
check-off
The mine workers' representatives do not request that the
the wage structure.
who file a voluntary written
The present wages were fixed by the award of the Wilson Arbitration apply to any individual other than those
for the exercise of the privilege.
Commission in 1920, when they were increased 17% in recognition of order constituting a legal assignment
bituminous mining fields of central
the high cost of living then prevailing. In spite of the decreased cost of We call your attention to the fact in the
100,000 mine workers
living and decreased wage rates in other industries, the anthracite wages and western Pennsylvania, that approximately
agreements with the bituminous
have been maintained at this peak. These rates afford earnings over enjoy this privilege through their wage
arrangement has existed in
150% above pre-war earnings, as compared with an increased cast of operators. For a quarter of a century this
Is recognized, and
the bituminous districts where collective bargaining
living of about 62%.
that equal recognition
Considering the foregoing, favorable consideration by us of your pro- the anthracite mine workers are only requesting
posal of a 10% increase must be conditioned upon a durable agreement be accorded them as is given by other ocal operators.
having
May we not point out that important producers of anthracite,
covering a period of years, with provision for the annual revision of wages
the virtue and permit
on a sound economic basis. If the parties cannot agree upon the re- operations in the bituminous districts, freely admit
soft coal mines while
vision, such determination of wages shall be referred to such a Commission the existence of the check-off arrangement in their
as may be specified in the agreement, no suspension to take place pending issuing fulminations against it in the anthracite territory.
Collieries Co.,
This Is particularly true as affecting the Susquehanna
such determination.
and others. The
You recognize that your proposed increase in wages will add 60 cents the Madeira Hill interests, the Glen Alden Coal Co.
important of the
per ton to the cost of domestic coal. We estimate it would be a minimum Delaware & Hudson RR. Co., which is one of the most
own company union
of 75 cents, excluding the pea size. You acknowledge that most of this railroads producing anthracite, has organized its
union is comincrease must be added to the price of coal at the mines. The amount among its shop employees.. Membership in the company
monthly membership
of the increased price to the ultimate consumer will be determined by pulsory upon those accepting employment, and the
the ordinary course of economic laws, as statute laws forbid the operators dues are deducted from the employees' pay envelopes.
&
Paradoxical as it may seem, the representatives of the Delaware
or dealers from entering into any agreement as to prices.
to the
You state that of an estimated increased production cost of 60 cents Hudson RR. Co. are among the most virulent in their opposition
pursue a "Dr.
per ton. 50 cents can "easily and properly be taken out of the cost of mine workers' request for a check-off arrangement. They
engenders unrest
transportation and distribution."
Jekyll and Mr. Hyde" labor policy in this respect, which
The cost of transportation can only be reduced through the unpre- and breeds discontent.
country
dictable action of the Inter-State Commerce Commission; the cost of
It is also true that virtually all of the railroad systems of the
distribution can only be reduced through voluntary action of distributors. who are still resisting the ehopmeres legitimate trade unions have organThese unions
We do not see how such reduction can be assured by any private person ized company labor unions among their shop employees.
or public official, and until these reductions are assured, the public will are organized and conducted solely in the interests of the railroad commade compulsory and through the
have to pay the cost of increased wages.
panies, and membership in them is
With respect to your proposal No. 3:
instrumentality of the check-off, the railroad companies collect the monthly
"Pull recognition of the union by the operators, without the check-off, dues.
the United Mine
but with the right to have a union representative present when the men
It will thus be recognized that the corporate foes of
are paid. I do not regard the question of the open or closed shop as at Workers of America do not hesitate to utilize the check-off arrangement
same time, they fulissue in this controversy."
when it serves their particular ends, while, at the
This proposal, as we understand it, involves merely a continuance of minate against the mine workers' request for consideration upon this
existing practices, to which we assent.
point.
Workers of America, we feel
There is already full recognition of the United Mine Workers of America,
As representatives of the United Mine
as evidenced by the existing agreement between us. From your state- that, in the absence of any reasonable or valid objection to the check-off
ment that you "do not regard the question of the open or closed shop by the anthracite operators, we are entitled to recognition on this point.
recommendation, affecting the
as at issue" we assume that you have no intention of suggesting that the
4. We understand that your fourth
award of the Roosevelt Coal Commission of 1902, bearing upon this principle of collective bargaining, means that the anthracite operators
for
any wise be changed.
matter, should in
would forego their practice of contracting with individual employees
That award provides: "That no person shall be refused employment, for service at less than the prescribed rates. We further understand
or in any way discriminated against, on account of membership of non- that it means that the workers have an inherent right to exercise their
membership in any labor organization;and that there shall be no discrimina- votes and judgment, through representatives of their own choosing, upon
tion against or Interference with any employe who is not a member of any matters affecting wages, hours of labor and conditions of employment.
accord.
labor otganization by members ofsuch organization."
With this recommendation we find ourselves in entire
the temaining numIn reply to your suggestion that the union have "the right to have a
In consideration of these several matters, including
union representative present when the men are paid," we beg to state that ber of eleven demands of the United Mine Workers, we feel that your
this is an existing practice, and there is no objection to continuing the pro- action has paved the way to a reopening of joint wage negotiations between
mine workers.
vision of the existing contract in this respect.
the anthracite operators and the representatives of the
miners
With respect to your proposal No.4:
Such a conference cook' take your wage suggestions for contract
"The complete recognition of the principle of collective bargaining."
make substantial
as a basis, and, by diligent application could probably
Complete collective bargaining, as we understand it, now exists through- progress in working out a new agreement. We accordingly advise Your
out the industry. whereby agreements are made pea lodically with the union. Excellency that the representatives of the Mine Workers will hold themThese agreements cover wages and working conditions, and, further, pro- selves in readiness to enter such a joint conference at any time such a
vide that all differences arising during the ha m of the agteement not other..
meeting can be arranged.
barwise adjusted shall be settled by the Board of Conciliation and umpire.
We note your further suggestion that, in the process of collective
and
We agree that this practice of collective bargaining shall continue.
gaining, both sides should select an individual to attend meetings
In making this response to your proposal, 'We do so upon the underof failure
the event
take part in discussions without a vote. and that, in
standing that the other demands of the miners presented at the Atlantic City t agree, all differences should be referred to the Anthracite Board o
o
at
conferences, not heretofore agreed upon, shall be deemed abandoned.
Conciliation, which would result in ultimate decision by the umpire
In closing, permit us to repeat the thought that the public Is now entitled
thereto.
at this time,it is to be asked,even tached
to a complete and durable settlement. If,
Whether or not it was so intended, the language of your suFgestio
temporarily, to boar the burden of an uneconomic wage. it must be safe- would imply that the Mine Workers should accept for the future pert
We
guarded against an early recurrence of this unfortunate situation, and mus
manent arbitration of the major provisions of wage agreements.
be assured that the principle of orderly adjudication is now receiving some believe that such an expression is in conflict with the principle enunciated
recognition.
complete recognition
in your fourth recommendation, which grants the
The text of the statement issued at that time by the miners of collective bargaining.
form, to analyze
We scarcely feel that it is necessary, in any detailed
union partly rejecting Governor Pinchot's proposals follows:
the basic principles
The representatives of the United Mine Workers herewith hand you their our publicly recognized opposition to arbitration of
relationship in the anthrareply to the proposls previously submitted by you. We have given the of wages, hours, working conditions and human
made known to the
matter the most careful analysis and profound consideration of which we are cite industry. Our position on this matter has been
President of the United States and, from time to time, has been restated
capable.
States Coal Commission.
For the purpose of identification, we shall refer to your specific recom- to governmental agencies, including the United
have been formally
The anthracite operators, upon repeated occasions,
mendations in the chronological order in which they occur.
this question.
1. The principle of the eight-hour workday as applying to all employes advised of our attitude on
that the
We find ourselves in harmony with our further suggestion
in the anthracite industry has already been agreed upon by the operators
of Conciliation be authorized to undertake and complete
and miners in joint conforms°. The details of the hourly and daily rates Anthracite Board
of the wage rates in the anthracite
revision of the whole body
affected by this change have also been worked out as affecting the main- a further
which you so aptly describe. The representatives of the United
tenance men, and it may be logically assumed that similar satisfaction region,
Workers will diligently co-operate in effectuating a revision which
all other men affected.
Mine
may be achieved in the adjustment of the rates of
existing inequalities.
2. Your suggestion for an increase of 10% as affecting the contract will eliminate the
direction, although not compensatory for the disminers is a step in the right
t Met service rendered by such men and being insufficient to meet their needs. American Federation of Labor Pledges Full Support to
We also desire to call your attention to the fact that 65% of the men emAnthracite Miners,
ployed in the anthracite Indust'y are paid by the day,and the application of
of rates in this classification is laThe full moral support of the American Federation of Labor
a percentage increase to the multiplicity
wholly unsatisfactory for two substantial reasons. A percentage increase
placed back of the anthracite strike on Sept. 1 by
would widen the existing differentials between the various classifications of was
to John L. Lewis, President of
labor and thus accentuate the existing inequalities in rates which constitute a Samuel Gompers in a telegram
source of bitter complaint among the men affected.
United Mine Workers. The message was authorized
the
A percentage increase also has the effect of giving to the lowest paid
of the Executive Council of the Federation;
worker a lesser increase in actual wages than is given to those who enjoy a at a meeting
1200
THE CHRONICLE
held at the Hotel Aberdeen. Mr. Gompers's telegram follows:
-John L. Lewis, Philadelphia
In the name of the Executive Council of the American Federation of Labor
mow in session here I convey to you and through you to the miners our
Pledge
.of the fullest support we are in a position to give in the present effort of the
United Mine Workers to obtain more nearly just terms and conditions of
,employment. It is otir conviction that the mine owners, by their arbitrary
.conduct, have clearly shown their desire to exploit the miners in the interest
'of their own finaacial operations and that they have forfeited all semblance
.of claim for the support of right-minded, justice-loving men and women.
We are confident that the justice of the cause of the miners will appeal to the
American people and that speedy victory for that cause will be achieved.
Call upon us for any service that in your opinion we can render. It is in
Interest of all of our people that employer arrogance be dethroned in the
mines and in all industry.
SAMUEL GOMPERS.
In making public the message, Mr. Gompers assailed the
mine owners for what he called their "arbitrary attitude."
He said that the Harrisburg conference called by Governor
•Pinchot had supplied the "final proof" of that attitude.
He added:
Careful observers have been aware from the first that the mine owners
were bent on forcing a,cessation of work. The reply of the mine owners to
the proposals of Governor Pinchot must have made the fact clear to every
one. It has been sought to force upon the miners conditions and terms
which they could not accept and which the mine owners knew they could
not accept.
Governor Pinchot has made clear to the country that the terms rejected by
the mine owners offered a basis of negotiations and agreement. The mine
workers took this view and their desire to find a way to continue at work
must have impressed every one with the fact that they have sought every
opportunity to secuma measure of justice without resorting to stoppage
of work.
How long Amercia can tolerate a condition which places the health, comfort and well being of the people under the arbitrary domination of coal
barons whose arrogance is almost proverbial we have no means of knowing;
but we are confident that even though their endurance may not have been
exhausted their willingness to submit must end soon.
It will be remembered that the miners' strike of last year was not for
any increase in wages but against a proposed wage reduction of 20%. and
that though they successfully resisted the wage reduction there has been
no Improvement in their wages or conditions since 1920, notwithstanding
the soaring prices of all living costs.
The United Mine Workers are performing a service to American citizenship in seeking to bring the level of employment and conditions of life and
diving among miners up to levels more nearly equal to those found in other
branches of industry. The medieval spirit and policy that animates the
erganized coal barons is wholly out of place in modern America.
Organized Labor Has Gained the Victory, Says National
Retail Coal Merchants' Association in Statement
on Strike Agreement to United States Coal
Commission—Criticizes Settlement.
. Criticizing the settlement of the anthracite coal strike
on the basis of the terms put forth by Governor Pinchot,
the National Retail Coal Merchants' Association on Sept. 12
declared that the settlement "uterly fails to protect the
public interest and disregards the justice of the situation."
The Association in its statement asserts that this settlement,
"like all settlements arrived af in a political atmosphere,
• has been attained by the age-old practice of 'passing the
buck'." The inequalities in wages, they declare, have been
disregarded by the flat increase of 10%. In a statement
presented to Chairman Hammond of the United States Coal
Commission by Roderick Stephens, Chairman of the Governmental Relations Committee of the New York State
Association, the retail merchants declare that the Pinchot
settlement is merely a victory for "arrogant organized
labor"; that the Governor of Pennsylvania sought peace at
any price, and that he completely ignored economic facts
concerning the retail dealers. Arbitration was "relegated
to the scrap heap," it says. The statement is as follows:
In behalf of the National Retail Coal Merchants' Association, I am desirous of reiterating our intention of co-operating in every possible way
to the end that stable conditions shall prevail in the coal trade and to the
end that the public shall receive its requirements of anthracite at reasonable
prices. ..At the same time, we are distinctly opposed to the proposal of
Gov. Pinchot that the cost of the arrangement he has proposed in settlement of the controversy between the anthracite operators and the United
Mine Workersshall be borne by the retail coal trade. I accordingly transmit
the following statement as representing our views of the "Pinchot compromise."
I take this opportunity to express through you to the President of the
United States our sincere desire to accord him and his representatives in all
branches of the Federal Government all possible assistance in matters affecting our branch of the coal business.
Another anthracite crisis has been passed, and Governor Pinchot is
modestly accepting the laurels being thrust upon him as the protector of
the public interest. Like all settlements arrived at in a political atmosphere, It has been attained by the age-old practice of "passing the buck."
One new feature, however, characterizes the settlement this time, in that
the Pennsylvania Governor is trying to pass the buck out of its regular
channels to a recipient who seems to fear that the gift is loaded with dynamite
or some other explosive, and who therefore proposes that it shall be passed
on in its usual channels, to its regular recipient, "the dear people."
Says Pinchot Sought Peace at Any Price.
Governor Pinchot possesses a happy facility of language, and in his introductory remarks to the anthracite operators and miners espressed sentiments that gave rise to the premature hope that the settlement he was to
propose would recognize the public interest in the situation and would encompass justice to all conderned. In the light of the future events, however,
it is now clear that he sought "peace at any price," not justice; and the
[VoL. 117
I
basis of the settlement finally arrived at utterly fails to protect the public
interest and entirely disregards the justice of the situation.
Arbitration has been relegated to the scrap heap, and arrogant, organized
labor has gained the victory. The inequalities in wages have been disregarded and a flat 10 per cent. wage increase granted. Verily, "to him
that bath" has more been given. No cognizance has been taken of the
deliberate limitation of labor output or of prevention of reduction of labor
cost by interference with the introduction of labor-saving machinery or
devices, although in the.request lies perhaps the greatest and the most costly
industrial evil of our times. No reference to deliberate curtailment of tonnage by excess holidays. No mention of the glaring evil of button strikes.
And having disregarded these and other evils, in the correction of which
lay the possibility of enabling a shorter workday and an increased wage to
those receiving the lowest rates of pay, without any consequent increase in
cost of production, Governor Pinchot suggests that the cost of his settlement
be underwritten by the railroads and the dealers.
__"They shall not pay." sais Governor Pinchot, of the public, and in the
same breath he suggests that over 80 per cent, of the admitted cost of his
settlement shall be borne by the railroads and the dealers, and so far as we
are concerned, the implication is that while the operators' profits are so
meagre as to make It out of the question for them to absorb on the average
more than 10 cents per ton of the cost of his settlement, we, the retail coal
dealers, have been profiting so largely as to be able to absorb several times
as much as the operators.
In the days of our forefathers, we fought for a principle then expressed
by tho phrase."No taxation without representation," but Governor Pinchot
seems to have forgotten that precedent when he worked out the "Pinchot
Oompro ise" and utterly failed to vivo any consideration to the legitimate
interests of several innocent parties whom he dragged into a controversy
in whi h they had no proper concern.
The dispute between the operators and miners should have been settled
upon its merits, with duo regard for the interests of all concerned, including
the public, and if there is, or appears to be, any other evil condition existing
in the coal trade, at the proper time and place that question should be gone
into thoroughly with due recognition and representation of each major
Interest involved.
Would Welcome InvesVgat,
on.
We have no fear of investigation, if fairly conducted, or of publicity, if
the facts are accurately and fairly presented. What we object to and resent
bitterly, is that Governor Pinchot should so completely ignore the facts
concerning retail margins, costs and operating income, so exhai stively
reported by retail dealers to the United States Coal Commission, and so
thoroughly analyzed in the several reports of the Coal Commission in respect
to anthracite. Of what profit is it to co-operate with oneVedernl investigation agency, If the designated representative of our President Is to ignore
the work of the former agency, and himself undertake the organization of
similar inquisitorial bodies in each of the so-called anthracite consuming
States.
Our co-operation was freely accorded the United States Coal Commission
in the belief that there would be found that disinterested center of authentic
information to which the public, the press and even politicians would go for
facts concerning the coal trade. "Nay, nay," says Governor Pinchot:
"I want a commission of my own and I suggest that each State create its
own, and that will be just so many more commissions, and possibly we can
we can organize a bureau around each, and then see what a lot of
bureaus wo will have; each with a largo payroll and flock of employees;
and I propose that instead of paying for the increase in the cost of coal as
a result of my settlement of the coal strike, the public will pay for the new
bureaus and the retailers will pay the higher wages I have awarded the
poor miners." A gold brick, pure and unadulterated. Nothing else, and
certainly nothing more.
Against Government in Business.
There is no business that has been so frequently investigated and so
completely vindicated of profiteering charges as the retail coal business.
Every investigation, every commission, every administration has had the
co-operation of 99 per cent, of the retail coal trade. If more investigations
are in order, let them come, but let them investigate all business that deals
With essential commodities. Let us find out what conditions prevail in
the food business, in the clothing business, in the lumber, steel, oil, cement
and automobile and other essential industries.
Let us find out whether the State is desirous of conducting all business
dealing with essentials to life as we know it, or whether private business is
to be allowed to continue, and if the latter, whether the State is to guarantee
a fair income to business, and if so, what income; or whether business is to
conduct itself subject to the laws of supply and demand, reinforced by
suitable anti-trust legislation.
If merchants are to be subjected to price regulation by the State, it must
be upon a basis that will establish a rate of return for capital and energy
employed sufficient to attract requisite capital and competent brains to
assure facilities and effective use of same adequate to the public needs;
otherwise the State will have to undertake to supply such service where the
nducoment is not attractive to private capital or brains. To embark upon
such a policy is nothing lass than State socialism and is completely repugnant
to the principles of liberty and encouragement of individual initiative,
Upon which our freedom and prosperity rest.
Anthracite Coal Carriers to Combat Freight
Reduction Proposals.
General solicitors and controllers of the anthracite-carrying
railroads met on Sept. 11 in the offices of H. A. Taylor,
general solicitor for the Erie RR., this city to perfect
an organization for combating any movement to cut railroad rates for the transportation of anthracite. This
organization will begin immediately to gather evidence which
will be presented before the Inter-State Commerce Commission at a hearing to be held by that body on the subject
on Sept. 24.
Anthracite Coal Strike Settlement will Cost Public
$35,000,000, Says Byron S. Newton.
Settlement of the anthracite miners' controversy was
characterized by Byron S. Newton, former Assistant Secretary of the Treasury, as "a patchwork which will cost the
public about $35,000,000, of which Pennsylvania is the
chief beneficiary," in an address delivered on Sept. 11
SEPT. 15 1923.]
THE CHRONICLE
before the New York State Coal Merchants' Association
convention at Sacandaga Park, N. Y.
"The public will pay from 75 cents to $1 more on each
ton of coal," Mr. Newton said. "The cure rests with the
public in urging the closest co-operation between operators
and public."
President Coolidge's Message to Governor Pinchot on
Coal Strike Settlement.
A message of congratulation from President Coolidge to
Governor Pinchot of Pennsylvania upon the settlement of the
anthracite coal controversy was made public at the Executive
Offices of the Pennsylvania Governor at Harrisburg on
Sept. 13. With it was a brief statement by the Governor
explaining that the telegram was given out upon receipt of
word from the President's Secretary, C. Bascom Slamp,
that Mr. Coolidge expected Mr. Pinchot to make it public.
President Coolidge's message was dated at the White House
Sept. 7, the day before the anthracite operators' representatives and miners' union officials, in conference, agreed finally
upon the terms of settlement. The mescnge said:
Please accept my heartiest congratulations on tho settlement of the coal
controversy. It was a very difficult situation in which I Invited your
co-operation. Your management of It Is a uistinct public service. I cannot commend it too highly. Certalhly there ought to be some method
devised for a settlement of disputes of this kind in accordance with principles
of justice and fairness to all parties concerned. The constantly recurring
danger of lack of an adequate fuel supply Is of itself a grave criticism of a
great Industry and an Intolerable condition for the public to endute.
Although the message was received on Sept. 7, Mr.
Pinchot had declined to make it public until assured from the
White House that there was no objection to its issuance.
The Governor's explanatory statement, which was received
at his office by telephone, said:
Having received word to-day from Mr.Slemp that the President expected
me to make public his telegiam of congratulations. I do so with pleasure.
At the game time I wish to express again my appreciation of the President's
heartiest and welcome message.
Samuel Harden Church on the Farmers and the
Railroads.
Railroad problems were discussed by Samuel Harden
Church, President of the Carnegie Institute of Pittsburgh, in
an address entitled "The Farmers and the Railroads," delivered. at the annual convention of the New Jersey Farmers
at Belvidere, N. J., on Aug. 15. Mr. Church drew attention
to a recent declaration by the late President Harding that
"the railway problem is especially national in scope, and
only a Federal plan will provide an ample solution." In
offering an ultimate solution of the question Mr. Church
suggested that the first step "should embrace the prepara-
tion by the railroad executives of a program of principles,
and this program should contain four fundamental and imperative conditions, viz:
1. That the railroads shall make the rates . . . subject to alteration by
the Inter-State Commerce Commission on a hearing aftee exceptions filed
by shippers.
2. That the railroads shall make the wages upon agreement with their
employees.
3. That the railroads shall issue the securities upon the approval of the
Inter-State Commerce Commission.
4. That the political powers shall withdraw from the domain of management, and that all laws, whether national or State, under which they hamper
the railroads, shall be repealed.
Mr. Church advocates the abolition of the recapture clause
in the Transportation Act whereby one-half of the excess
earned over 6% on the investment of any road must be
turned over to the Government. He also urges the repeal of
the consolidation sections of the present Act. "With these
things achieved, with the consent and approval of the American people," he says, "our railroads will then rest upon a
structure of sound and just national laws, and not as now
upon the shifting sands of politica' impulse." In illustrating
"the reckless methods of political control," Mr. Church said:
When standardization was adopted by the Government it was decided to
make the new rates of pay date back some six months, and when the payrolls
were made out for January 1919, the Italian and other foreign friends who
were temporarily visiting in this country and working on the gravel trains,
received their new pay of $21.0 35 each, together with back pay of $2,542 15.
Think of it! Enough to represent the savings of a lifetime, yet the lavish
hand of the Government threw into the laps of these men, most of whom came
from the floating labor supply, a wholly unjustified and inexcusable bonus
amounting in the aggregate, as a charge against the American people, to
$750,Q00,000 I
1201
or by a successful conspiracy of organized labor, our railroad system
should become paralyzed, the lot of millions of our people would be starvation and death. We have had a recent proof of the value of this distributing
system in the case of a railroad 250 miles long that runs between Peoria and
St. Louis which, after operating at a constant loss for more than ten years,
has been abandoned and torn up. Twelve thousand farmers live on the line
of that railroad, and there has been an immediate decline in the value of their
lands equal to 30% and aggregating a total loss of $8,000,000. Why? Because the distribution of their production has been destroyed, they cannot
sell their land, and their crops must rot on the ground.
Have you ever studied the question of who built the railroads, and who
owns them? They were not built by railroad men, and they are not owned by
railroad men. They were built by the merchants and farmers of the United
States, and they are now owned indirectly by all the people of the United
States, and the whole splendid system of railroads as it exists to-day was
built with capital, energy and brains furnished by American business men
and American farmers with the high purpose of developing the commercial
and agricultural interests of the country. Every one knows that as soon as
the iron horse drew his shadow across the land the farms which the Government could scarcely give away suddenly jumped in value to fifty or a hundred
dollars an acre, because the railroads had supplied them with the means of
development, production and distribution.
President Harding—that splendid statesman whose untimely death the
nation now so reverently mourns—never said a wiser thing than when he de.
dared that he wanted less Government in business and more business in
Government. Mr. Harding well knew that any interference by a Government,
either national or State, in the affairs of any enterprise will tend to reduce
the initiative and activity of those having it in charge. Wise and protective
laws are essential to the honest conduct of business as they are to the safeguarding of life and property. But wise and protective laws are one thing
while laws which control, operate and confiscate the bold enterprises of our
business men are quite another thing. While American railroads were operated without the shackles of oppressive and restrictive laws this nation enjoyed the best and cheapest and most constantly progressing system of transportation of any country in the world. Those audacious men who built our
railroads in the nineteenth century were inspired by the spirit of progress,
the love of adventure, the willingness to take risks, above all, the desire to
develop our country, and in the best way to exploit its inexhaustible resources.
And they achieved an unmatched service for humanity, for they constructed
a system of railroads which abolished the wilderness, annihilated distance,
unlocked the precious treasures of a virgin continent, and distributed the
people of the new world into a multitude of magically created cities, villages
and farms, in places once impossibly remote, but now attached by ties of
neighborhood which gave to them all the blessings of a common and united
country.
But the railroads fell upon evil days. President Harding said in his speech
just the other day at Kansas City: "It is a curious trait of human nature
that we acclaimed railroads in the building, and then turned to hamper them
in the operation." In that sentence our lamented President has expressed the
whole substance of the railroad problem. He says that we have hampered
the railroads. No institution can thrive when it is hampered, and the prosperity of the American farmers and business men is retarded exactly in proportion to the degree in which their railroads are hampered. The essential
prerogative of making rates was first taken away from the railroads, where,
as a natural and imprescriptable right, it must always belong, and was assumed by the Inter-State Commerce Commission, where it has ever since
rested in a vexed and uneasy custody. Indeed, the "Financial Chronicle,"
which is one of our most able papers, said on June 30 last, that the InterState Commerce Commission has never in its history established a rate that
was satisfactory to the American people. This rate power in any business is
and when
the artery through which the stream of healthful life must flow,
the railroad managers were prohibited from making rates based upon the cost
upon the cost of the plant, the grim spectre
of the service, plus a fair return
powaf insolvency began to stalk in the near distance. Then the governing
ers in the nation and the States usurped the control in other vital matters—
rates, wages, the issue of securities, the size of trains, the number of men in
a train crew, and indeed invaded every part of the domain of management,
until at last everything was entangled in.the meshes of political direction,
and it was this situation which impelled President Harding to warn the
country that the American people are hampering the railroads. At this moment there is one political body sitting at Washington that acts on railroad
rates, and another political body sitting at Chicago that acts on railroad
wages. Both Boards rest their existence upon popular approval, and popular
approval is sometimes a more powerful factor in the political mind than the
eternal equities of the question itself. So with one political body making
the rates and another political body suggesting the wages, and neither one
acting in reciprocal relation with the other, the relationship of rates to wages
will probably never be equitably adjusted under an arrangement of that kind.
How could it be? What department store could thrive—what steel mill,
lumber yard, coal mine, farm, factory or newspaper—if its prices were
fixed at Washington and its wages at Chicago? The able and conscientious
men who now operate our railroads are in effect merchants who manufacture
transportation and sell it to the people, and unless they are permitted to fix
rates and wages in a fair relation to the cost of living—not on a universal
scale, but with due regard to the local conditions in each community—and
sell their product on a basis of cost that will take care of the payroll, maintain and expand the property, pay taxes and the interest on their bonds, declare just and generous dividends to the investors in their stock, and lay
aside a safe surplus for contingent needs—as every other successful business
institution must do—unless they can do all this, their failure and bankruptcy
is only a question of time.
Some man will say that Government ownership will overcome all that. But
will it? President Coolidge, when he WRS Vice-President, uttered these
words on that subject:
"The alternative to private ownership and control is public ownership
and control. Broadly extended, this is communism. The Government
and its agents are not in possession of any resources, ability, wisdom or
altruism except that which they secure from private life. • • * Where
the people are the Government, they do not get rid of their burdens by
attempting to unload them on the Governmen ."
In Canada they are trying the experiment of Government ownership, and
we have the official figures to show that Canada's Government railroads have
an annual deficit of $100,000,000, to be made up by the taxpayers, while
the Canadian Pacific Railway, under private ownership, and built under far
The address of Mr. Church in full follows:
more difficult conditions than the Government railroads, but out of reach of
There is nothing that so deeply concerns the welfare of the American people their Congress, has never failed to pay an annual dividend, and has paid 10%
as the distribution of our agricultural and industrial production, for without for years, while its stock sells at a higher price of the New York Stock
distribution we could have no production. The three great divisions of Exchange than that of any railroad in the United States. Whenever the
our national life comprise farming, manufactures and transportation. hand of Government touches business it is a fatal bond—it kills the thing it
Farming and manufactures, when served by the greatest railroad system touches. The reason for this is that the Government has no financial stake
in the world, have made our country rich, but without an adequate in the enterprise, and having no financial stake it has no real responsibility.
railroad system we should immediately become poor. Poverty would It feels only the responsibility of political expediency. It is never guided
not be the worst penalty, for if through excessive political interference by economic laws. The operation of the railroads by the Government which
1202
THE CHRONICLE
[VOL. 117.
began on Jan. 1 1918 and continued until March 1 1920 has shown in every should embrace the preparation by the railroad executives of a program of
phase of the experiment that political control and operating efficiency do principles, and this program should contain four foundamental and imperanot and cannot go together. Politics destroys discipline and blights author- tive conditions:
ity. Gradually the men on the railroads began to feel that they had no mas1. That the railroads shall make the rates, to be effective when published,
ter—a fatal moment for any man, high or low, who works for a living. Ef- but subject to alteration by the Inter-State Commerce Commission on a
fort and application constantly diminished. The number of employees rose hearing after exceptions filed by shippers.
railroads shall make the wager; upon agreement with their
2. That
higher and higher, while the amount of work fell perceptibly lower and employees.the
lower. In some cases the multiplication of employees and the specialization
3. That the railroads shall issue the securities upon the approval of the
of work under new union rules resulted in six men being assigned to a task Inter-State Commerce Commission.
4. That the political powers shall withdraw from the domain of manageformerly done—and easily done—by one man. Classification killed off the
ment, and that all laws, whether national or State, under which they hamhandy man, the master craftsman, and the willing worker. No one could per the railroads shall be repealed.
discharge a man for incompetence, drunkenness or other cause without having
The recapture clause in the present Transportation Act whereby one-half of
his decision upset by the politicians at Washington. The great rank and file
over 6% is turned over to the Government ought to be abolished.
of the service were honest, but there were many exceptions, and graft and the excess
Board will clearly not be needed. Railroads should have the uncorruption had begun to creep into almost every department of railroad op- The Labor
build branches or extensions to mines or to industrial
eration. Concerns that paid tips to some of the switchmen were given cars, restricted right to
without the permission of the Commission. The Commission
but those who did not do so received their supply tardily, or not at all. At establishments
supervision and give up its management of details
many places combinations with hotel porters made it impossible for the ought to be restricted to
calling for useless statements which cost the
weary traveler to obtain a berth except upon paying an unauthorized fee. and especially its practice of
millions of dollars annually. We need have no fear of Government
Courtesy to the public, which was rule No. 1 on all railroads, was displaced railroads
ownership. The marvelous performance of the railroads during this year,
by indifference, rudeness and insult The most astounding illustration of the
"hampered" as President Harding has said, is the best argument
reckless methods of political control is shown by the results of the union- even when
in favor of private management. If the railroads can recover the free use
ization and standardization of the maintenance of way forces on the 253,152
of their earnings in order to increase their efficiency the performance would
miles of our railroad system. When standardization was adopted by the
be even greater. The consolidation sections of the present Act should be reGovernment it was decided to make the new rates of pay date back some six
restraint upon the plans of the railroads
months, and when the payrolls were made out for January 1919 the Italian pealed; they do no good and are a
With these things achieved with the
and other foreign friends who were temporarily visiting in this country and for the improvement of their properties.
American people our railroads will then rest upon
working on the gravel trains, received their new pay of $216 35 each, to- consent and approval of the
a structure of sound and just national laws, and not as now upon the shifting
gether with back pay mounting to $2,542 15. Think of it! Enough to
represent the savings of a lifetime, yet the lavish hand of the Government sands of political impulse.
The restoration of responsible control to the railroad managers in the
threw into the laps of these men, most of whom came from the floating labor
the near future in
supply, a wholly unjustified and inexcusable bonus amounting in the aggre- operation of these great properties will inevitably result in
lower rates, adjusted, however, to the varying conditions in different parts of
gate, as a charge against the American people, to $750,000,0001 Of course,
the country; in higher wages, governed by local conditions and the rates paid
the old-time ambition for a career on the railroad vanished. Men of talent
In other industries; and in the revival of credit, which has now been impaired
no longer sought its service. The college boys ceased to crowd its ranks.
to a point where securities cannot be sold with the assurance which the holdThe distinction of success which comes from devotion to the public interest
no longer existed. Every one was working for money and doing as little ers of capital always require in seeking a safe investment.
Such is the solution of this vexed and perplexing problem of the railroads
work as the situation permitted. There was just one dead level for all, with
men at Washington who knew nothing whatever about the business giving which I have ventured to submit for your earnest consideration. President
Harding has declared that the American people have turned to hamper the
the orders and thereby paralyzing the efficiency of the whole machine. But
to-day everything is changed; and the railroads are regaining a quality of railroads, and that the correction of that hardship lies in a Federal plan. If
we rescue our railroad, out of the trammels in which they are now insnared
service beyond the best standards of the past.
We are hearing it said just now that a reduction in rates on farm products we shall bring on an era of prosperity such as our country has never known
before, for we all remember that when the railroads are making plenty of
would do much to restore the prosperity of the farmers. Let us look at the
subject fairly. The question is a part of the whole problem of the cost of money every shop is humming a song of happiness and every farm is growing
living. The American Farm Bureau Federation has estimated that our farm- rich, and when the railroads are not making money, the shops are idle, the
ers pay $7,000,000,000 a year for machinery, clothing, house furnishings and farm goes into decay, and anxiety and fear enter into the hearts of our people.
other necessary commodities. Now, a reduction of only 2% in those things,
the average price of which is to-day relatively higher than freight rates,
would reduce the farmers' expenses as much as a 25% reduction in freight Reopening of Concurrent Hearings of Port of New
rates would do. Again, upon the same authority, our farmers pay the banks
York Authority and Inter-State Commerce
$1,000,000,000 a year for interest on an average of 7% for their loans. If
Commission.
the bankers would make a reduction of their interest charge on these loans
of only 1%, making the borrowing rate 6% instead of 7%, the saving to the
The Commissioners of the Port Authority have ordered
farmers would be equal to a reduction of 25% on their freight rates. When, the
reopening on Monday, Sept. 17, of the concurrent
on the other hand, we know that railroad employees are now receiving 62%
more wages than were paid to them at the beginning of 1918, we must ad- hearings of April 5-8 last, with Division 5 of the Intermit that a reduction in rates at this moment, and under these conditions, State Commerce Commission, at 10 a. m., at the offices
would be neither expedient nor practicable. Furthermore, it has been de- of
the Port Authority, 11 Broadway, N. Y. City. At these
clared that the freight rates in effect since 1920 operate as an embargo
upon the shipment of farm products. What are the facts? The total number hearings representatives of the 12 trunk-line railroads that
of carloads of grain, grain products and live stock shipped in the year 1919, enter the port, the steamship lines using the terminals in
before the last advance in rates was made, was 3,745,558; in 1922 it was
New York Harbor, the United States Shipping Board, and
4,105,281. The total carloads of fruits and vegetable, shipped in 1920 was
640,068; in 1922 it was 796,997. In the two years immediately following the municipalities concerned will present their cases for or
the last advance in rates more farm products were shipped by the farmers against the effectuation of the comprehensive plan of the
and carried by the railroads than in any previous years in the history of the
Port Authority. As at the former hearings, Clyde B.
United States.
But it has long been a conviction of mine that our railroad friends ought Aitchison will preside for the Inter-State Commerce Comno longer to confine their energies in these public discussions to a defense of mission, jointly with E. H. Outerbridge, who will
sit as
their stewardship in the management of the railroads of this country. The
one thing that they have lacked has been a constructive policy. No man and Chairman of the Port Authority. With Julius Henry
no cause can win by fighting forever on the defensive. Every one knows that Cohen, Counsel of the Port Authority, are associated Edgar
the railroads are suffering from restrictive legislation and oppressive regula- E. Clark,formerly of the Inter-State
Commerce Commission,
tion at the hands of political powers, and that they are constantly being
'
vexed under the dictation and interference from tuitional and State commis- and Wilbur LaRoe, of Clark & LaRoe, Washington, D. C
sioners who do not have any responsibility of ownership nor any developed Robert J. Cary, General Counsel for the New York Central
talents for railroad administration. This was plainly what President Hard- RR., will appear as Chairman of the
Committee of Counsel
ing meant by his declaration that after acclaiming the railroads in the building, the American people have turned to hamper them in the operation. We for all of the railroads involved. John Nieolson, Counsel
have a notable example of this hampering of the railroads, and its effect on for the United States Shipping Board, will appear in behalf
business in the recent decision of the Inter-State Commerce Commission, of the comprehensive plan, further supporting
the Shipping
when it forbade the Virginian Railway to build a track one mile long to a coal
mine in which American business men had already furnished digging and Board's argument presented last April.
hoisting machinery at a cost of $50,000. This track, which was to cost
Because of the immensity of the interests concerned, the
about $20,000, was indispensable in order to get the coal to market, but the intervening months have been occupied by
counsel for the
Commission prohibited its construction on the extraordinary ground that as
there was now a shortage of coal cars no more coal mines should be opened. railroads in investigations to meet the evidence already
It never occurred to the mind of the Commission that the enterprise, already presented by counsel for the Port Authority. The ease at
in a forward state of development, should be cordially encouraged and the issue is the linking together, under the legal
mandate of the
railroads inspired to purchase more cars. Surely the time has now come
when our railroad executives should cease from their defensive tactics and Port Authority, of the great terminals of the trunk railroads
should adopt an aggressive policy the aim of which shall be to ascertain first whose lines from the West terminate on the New Jersey shore.
what the right and final solution of the railroad problem is, and then to ad- Each of
these roads has now its own terminals and each
vocate the adoption of laws which will establish that solution as the permanent railway policy of our country, with the cordial approval of the Ameri- handles its traffic in its own way. The terminals are concan people.
nected by means of carfloats, lighters and tunnels, present
Before venturing upon further suggestions let me once more quote Presiand prospective, with other privately owned terminals in
dent Harding, whose gracious mind at the very moment when he was stricken
was clearly wrestling with all the details of this paramount question. "The Manhattan and on Long Island and Staten Island. The
railway problem," said Mr. Harding in his Kansas City speech, "is especially flow of commerce of this port involves the use of all these
national in scope, and only a Federal plan will provide an ample solution."
the Port Authority holds that the public
Every clear-thinking man will agree with him in that conclusion: Is it not facilities, and
high time to take up President Harding's constructive suggestions, and strive interest requires their co-ordination. Unification of the
to find the solution of this grave problem in a Federal plan? Our whole belt line on the waterfront extending from Bayonne to
people, acting as the nation, must take this subject in hand, and no longer
'including lighterage and carfloatage facilities
leave it to be harrassed and confouuded by the impulsive and unstudied con- Edgewater,
trol of political agents in our 48 States. Now, no man should think himself and the Hoboken Shore Line, now owned by the War Departwise enough to develop from his own brain the final policy of such a stu- ment,is the first step in this process which the Port Authority
pendous problem as that which concerns our railroads, and I do not arrogate
has begun. While protesting their desire to co-operate with
such wisdom to myself, yet every man who thinks upon the subject ought to
be courageous enough to give his thoughts an adequate expression as a con- the Port Authority under its legal mandate, the railroads at
tribution toward the ultimate solution of the question. The first step, then, the first hearings challenged the principle of unification.
SEPT. 15 1923.]
1 THE CHRONICLE
Counsel for the Port Authority responded by filing on
July 11 last, with the Inter-State Commerce ,,ommission in
Washington, a brief stating the case for jo nt rail use of
port facilities. The brief pointed to the laring by the
New York Central and other railroads in similar unifications
in many other cities.
1203
the lower capitalization, the bank's deposits and capital will
be in ratio of approximately 12 to 1. The bank has been paying 8%,and it is assumed,it is said,that when the number of
shares is cut in two, the dividend rate will be increased.
; The ladies' department of the Asbury Park Trust Company
of Asbury Park, N. J., will soon have a new head in the
Association of Bank Women to Meet Simultaneously person of Miss Hetty Morton, who will succeed Miss Marwith the American Bankers' Association:
guerite Hampton. For four years Miss Morton has been
The first general convention of the Association of Bank with the Broad Street National Bank of Trenton. She
Women will be held simultaneously with the 'American Bank- entered upon her new duties on August 27.
ers Association convention at Atlantic City ,Sept. 24 to 27.
Newspaper advices from Boston state that at the regular
Haddon Hall has been selected by the women as their official
meeting of the Board of Directors of the National Shawmut
headquarters and some fifty women are expecited to participate actively in the convention. The program will include Bank of that city held on Thursday, Colonel William A.
two sessions and a dinner meeting and will be so arranged Gaston tendered his resignation as Chairman of the Board
that it will not conflict with the important sessions of the and immediately following Alfred L. Aiken, heretofore the
A. B. A. convention. Miss Bruere, Assistant Secretary of the President of the institution, was promoted to the ChairmanCentral Union Trust Co. of New York, is the Chairman of this ship in his stead. The directors then elected Walter S.
committee. Although the program is not yet completed, it is Bucklin, President of the Liberty Mutual Insurance Co. of
understood that one of the features will be the presentation Boston, and a director of the National Shawmut Bank for
of such diversification of banking methods as are individual the last two years, President of the institution to succeed
to special communities. As the association covers such out- Mr. Aiken. Mr. Bucklin, the new President of the National
Shawmut Bank, was born in New York on Feb. 2 1880
lying States as Texas, North Dakota and;
California, there
will be ample opportunity for interesting divergence. Miss and after attending the city's public schholls, entered and
Jean A. Reid, Manager of the Women's Department of the was graduated from Colby Academy, New London, N. H.
Bankers Trust Co., New York, has been made Gearal Chair- In June, 1898, Mr. Bucklin began his business career in the
office of the American Surety Co. of New York.
man. Heading the entertainment committee is Mrs. William Boston
While connected with this company he studied law, receiving
Laimbeer, Assistant Secretary of the United States Mortgage
& Trust Co. In furtherance of plans to appoint a chairman his L. L. B.from the Boston University Law School in 1902,
which time he was admitted to the Massachusetts bar.
of publicity, Mrs. Key Cammack, Assistant Secretary of the at
New York Trust Co., has undertaken the work of appointing Mr. Bucklin resigned from the Surety Company in 1909 and
spent about three years in the insurance business on his own
a representative committee.
account. He then affiliated himself with the Liberty Mutual
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC. Insurance Co.—the company of which he is now President.
The Seaboard National Bank of this city announced this In addition, Mr. Bucklin is Vice-President, general manager
week that it had associated Itself with the group of institu- and a director of the United Mutual Fire Insurance Co. It
tions acting as trustees of the New York Community Trust, is said Colonel Gaston will remain a director of the National
120 Broadway. The Seaboard is the second national bank to Shawmut Bank and continue actively interested in the
qualify as a trustee of the Community Trust uring the past business of the institution in which he is one of the largest
month.. Albert H. Wiggin, President of the Chase National stockholders. Mr. Aiken, the Chairman, succeded Colonel
Bank, made a similar announcement in mid-August on be- Gaston in the Presidency in 1918, resigning at that time the
half of his company. The other trustees areiill trust com- Governorship of the Federal Reserve Bank of Boston to
panies. • These include: The American Trust Co., the Equit- accept the position.
able Trust Co., the •Fidelity-International Trust Co., the
At a meeting of the board of directors of the Farmers'
Kings County Trust Co., the Manufacturers Trust Co., the National Bank of Rome, N. Y., held on Sept. 111923, the
Title Guarantee & Trust Co., and the United States Mortgage following officers were unanimously elected: Dr. W. L.
& Trust Co. Charles I). Makepeace, Vice-President of the Kingsley, chairman of the board; George G. Clarabut, PresiSeaboard National, said:
dent; Carl H. Simon, Vice-President; C. W. Williamson, Jr.,
We simply recognize in the Community Trust the most effective plan for
cashier; E. Converse Jones, assistant cashier.
carrying out the wishes of our clients
desiring to have a portion of their
accumulation administered for civic purposes. It is the modern method of
preventing waste and obsolescence in philanthropic bequests.•
,
The directors and officers of the Huguenot Trust Co.. of
New Rochelle, N. Y., formally opened their new banking
George F. Baker, Chairman of the Board of the First house at 32 North Avenue last Saturday, Sept. 8.
National Bank of. this City sailed last Saturday on the
Edward Comstock, President of the Farmers National
Olympic for a vacation in Europe. Mr. Baker, who is 83
Bank of Rome, Rome, N. Y., died on Aug. 30.
years old, will visit several countries, starting with England.
The Comptroller of the Currency announces that the name
The Trust Company of Nor- th America has filed an organof The Peoples' National Bank of Patterson, Mifflin, Pa.,
ization certificate with the New York State Department and
will open for business at 93 Liberty Street this city about has been changed to "The Peoples' National Bank of Mifflin'
Oct. 15. The new bank will have a capital of $500,000 and to conform to change in name of the place in which the bank
surplus of $250,000. Colonel Thomas H. Birch, former is located.
United States Minister to Portugal, it is understood, will be
Dr. Charles D. Schaeffer, Vice-Piesident of the Allentown
President. The incorporators of the institution are: Joseph National Bank of Allentown, Pa., died on Sunday,Sept. 2nd.
McCurrach, Edward I. Edwards, William J. Keeley, Charles
For the first time in the history of the American Bankers
Paul Brown, Walter J. Green, William C. Sproul, Wilson
Association, Pennsylvania leads in number of members;
P. Tanner, Thomas H. Birch and Edward J. Noble.
New York is second and Illinois third. The tabulation beingJoseph C. Shields has been made an assistant secretary of as follows: Pennsylvania, 1,322; New York. 1,309; Illinois,
the American Trust Company of this City. Mr. Shields 1,283, and total membership, 22,565.
is also assistant secretary of the New York Title & Mortgage
W. Sargeant Nixon, who has been Secretary and TreasurerCompany.
of the Phillipsburg Trust Co. at Phillipsburg. N. J., since its
The Madison Trust Company of Madison, Conn., will origin in 1916, has resigned his position and has been elected'
hold a public inspection of their new quarters located on the Cashier of the First National Bank, Bound Brook, N. J. Mr.
Boston'Post Road, on Monday, Sept. 17.
Nixon will assume his new duties about. Oct. 15. Mr. Nixon
is also Secretary and Treasurer of the Warren County BankA special press dispatch from Bridgeport, Conn., to the ers Association, having held that position for a number of
Boston "Transcript" on Thursday of this week (Sept. 13) years past.
states that the directors of the First National Bank.;of Bridgeport have called a meeting of its stockholders for Oct. 11
Samuel K. Dennis,for sever-al years United States District
asking their approval of a recommendation to reduce the Attorney in Baltimore, was elected a director of the Fidelity
capital stock of the bank from $2,000,000 to $1,000,000,•a Trust Co. of that city at a meeting of the directors of the inplan which has already been approved by the Cqmptroller stitution held on Thursday of last week, Sept. 6, according
of the Currency and by the Federal Reserve Board. Under to the Baltimore "Sun" of the following day. Mr. Dennis
1204
THE CHRONICLE
[VOL. 117.
succeeded Solomon Frank, who resigned on account of con- room for the employees on the 14th floor. Lucius Teter, who
tinued ill health. Mr. Frank was one of the original incor- has been President of the Chicago Trust Co. since 1908, in
porators of the Fidelity Trust Co. in 1905, and has served as commenting on the removal, said in part:
This is our third and greatest move in 21 years of growing success. We
a director continuously since that time. From 1893 until
to make this new building a place of which our customers may be
1905 he served as a director of the Fidelity & Deposit Co. of have tried from present indications feel that we have succeeded. The Chicago
proud and
.Maryland. His resignation was accepted with regret. At Trust Co. opens for business on Sept. 10 with resources of more than $24,the same meeting the regular dividend of 456% was declared, 500,000 and total deposits of over $19,500,000.
payable Sept. 29, to stockholders of record Sept. 21.
On September 11, the directors of the Continental & Commercial National Bank of Chicago declared a quarterly diviWith further reference to the proposed increase in the
dend of $4 a share, payable October 1 to stockholders of
capital of the Riggs National Bank of Washington, D. C.,
record September 20. This places the stock on an annual
mentioned in these columns in our is,sue of June 30 and August
basis of 16% as against 14% formerly. George M. Rey4, the directors of the institution, (according to the Washingnolds, Chairman of the Board of Directors of the institution,
ton "Post" of Sept. 11)at a meeting held on Sept. 10 declared is
reported in the Chicago "Tribune" of September 12 as
the stock dividend of $1,000,000 approved by the sharesaying in connection with the increase in the dividend:
holders on July 16, payable Oct. 15 to shareholders of record "We
feel that the time is ripe to give the stockholders a larger
Sept. 20. At the same meeting, it is said, the directors
share in the bank's earnings. The bank has been earning
also declared the usual semi-annual dividend of 13% on the
about twice the old dividend and we have passed the troubles
present $1,000,000 capital of the institution, payable on of
the post-war period. We feel the increased dividend is
same date (Oct. 15) to shareholders of record Sept. 30.
still conservative."
The stock dividend of $1,000,000 together with the sale
of $500,000 new stook at $100 a share will make the bank's
The sale of J. Ogden Armour's holdings in the Continental
capital as of Oct. 15, $2,500,000 and its surplus and un- & Commercial National Bank has been completed, it was andivided profits approximately $1,700,000. The Washington nounced on Aug. 31, by the offering syndicate, according to
"Post" says further:
the Chicago "Journal of Commerce," which likewise said:
Considerable Interest has been manifested lately In he stock of this
institution, particularly in the rights to purchase the new stock. Since the
rights were listed on the Washington Stock Exchange. they have sold at
100 to 931, fixing a market value for the new stock, as of October 15.
at $287 a share and better. There is a strong belief among those interested that the stock will reach higher levels In the near future, chiefly
on account of the additional financing plans in contemplation.
According to tentative plans of members of the board, it is proposed
to organize, probably within a year, a securities company with capital
approaching $1,000.000 to take over the real estate of the outside offices
of the Riggs Bank. The stock of this corporation will be open only to the
stockholders of the parent institution, and will be issued according to their
holdings in the latter. In this connection, there may be an additional
stock dividend. probably 10 to 15%.
The details of this future financing will not be disclosed for some time,
but the fact that they are in contemplation has had a bullish effect on the
new stock of the Riggs Bank.
A press dispatch from Springfield, Ohio, on August 28,
printed in Columbus, Ohio, "State Journal" of the following
day, stated that John A. Best, the receiver of the Springfield National Bank, which closed its doors in March last
following the defalcation of its cashier, A. H. Penfield, had
announced on that day that a dividend of 33 1-3% would
be paid the creditors of the defunct institution about the
last of September or first of October. Other dividends
would be announced later, it was said, the total of which
could not be stated at that time. We referred to the affairs
of this bank in these columns in our issue of March 10 and
subsequent issues.
On August 30 A. B. Mar-shall, a Vice-President of the
Union Trust Co. of Cleveland, rounded out half a century
of banking. He celebrated the event with a week-end
vacation. Mr. Marshall began his banking career with the
old Second National Bank of Cleveland, in 1873, and since
that time has been connected with the National Bank of
Commerce, the Coal & Iron National Bank and the First
National Bank until the merger of the last named institution
with the Union Trust Co.in 1920.
The Chicago Trust Co., of C- hicago, Ill., which for the past
21 years has done business on State Street, on Sept. 10 moved
Into its new quarters in the Chicago Trust Building, just
completed at the southeast corner of Monroe and Clark
streets. The recent consolidation of the Chicago Trust with
the Century Trust & Savings Bank became effective on that
date. The new offices are the most unique and distinctive
banking quarters in the country, according to Holabird &
Roche, the architects who designed the building. The usual
iron cages have been replaced by solid marble walls extending to the ceiling on either side broken only by the windows
of the tellers. The blank appearance of the walls has been
overcome by a series of Grecian reliefs portraying a history
of the ancient gods and goddesses. High up on the walls are
numerous bronze medallions which are replicas of ancient
Greek coins. The ceiling of the main room is said to be the
most decided departure from ordinary bank design. Brilliant red, deep blue, black, gold and yellow have been blended
into a pleasing harmony of color arranged in Grecian borders and figures which cover the entire ceiling. The massive
vaults of the new building are in the basement and are declared to be impregnable to acetylene torches.
The new and enlarged Chicago Trust Co. will occupy three
floors of the new building and the basement, with a lunch
The price of the stock advanced from 288 to 295. At 295 the stock is 22
points above the original offering price. Buying of the stock was brisk yesterday, based on a persistent rumor that directors at their meeting in October will advance the dividend from 14% to 16%.
It is stated by those in the selling group that the issue was well taken
over the entire country by investors, all available stock having been sold.
Participants were notified of this by telegram last night.
According to the Denver "Rocky Mountain News" of Aug.
15, the stockholders of the Bankers Trust Co. of that city
held a meeting on Aug. 14 attended In person or by proxy by
more than 90% of the ownership, and unanimously ratified
the terms of the merger with the United States National
Bank. The former Executive Committee of the trust company was delegated to act as a liquidating committee, comprising A. C. Foster, Clark G. Mitchell, S. N. Hicks, W. D.
Downs, H. E. Johnson, F. W. Stamlart and Henry Swan.
Reference was made to the consolidation of the Bankers
Trust Co. with the United States National Bank in these
columns in our issue of July 21 last.
The Interstate Trust Co. of Denver, an institution with a
capital of $200,000, surplus of approximately $76,000 and
deposits in excess of $2,400,000, was placed In the hands of
the State Bank Commissioner, Grant McFerson, on Aug. 23,
following an all-night conference of Its directors, according
to the Denver "Rocky Mountain News" of Aug. 24. On the
same day the following statement was issued by 0. J. Clark,
the President of the bank. Mr. Clark has headed the institution since Jan. 9 of this year, when he succeeded Frank N.
Briggs, who resigned in order to be a candidate for Mayor
of Denver. The statement read:
The personnel of the bank was reorganized on Jan. 9 1928 in order to
eliminate certain inharmonies and inaugurate a more conservative policy. It
was known at that time that there was a considerable amount of slow assets
and some bad paper. It was felt that these assets could be worked out.
However, a recent decline of deposits and a declining reserve, together with
certain alarming rumors which were being indiscreetly circulated, convinced
the directors, after a careful study of all the circumstances that it would be
to the best interests of all the depositors to liquidate at this time.
The examiners will find approximaely 30% of the deposits that can be
made available in cash for an early dividend, the balance can be paid as fast
as the other assets of the bank are liquidated.
The percentage to be realized by the depositors is difficult to
estimate,
but should be in full or nearly so.
The Topeka "Capital" in its issue of September 9 stated
that the Fourth State Bank of Hutchinson, Kansas, which
was closed on July 5, last, by the State Banking Department,
would be re-opened September 15. Plans for the reorganization of the bank are complete, Carl J. Peterson, the
State Bank Commissioner, has announced, it is said. The
new bank will have a capital of $50,000 and a surplus of
$5,000. Reference was made to the closing of this bank,
following the disappearance of its founder and President,
Walter Grundy, in these columns in our issue of July 17
1923.
M. S. Senton was elected cashier and director of the New
Orleans Bank and Trust Company of New Orleans, La., at
a meeting of the board of directors on Aug. 14. ..Mr. Senton,
began his banking career twenty years ago with the Germania
Savings Bank; for more than twelve years he was inspector
of the Commercial Trust and Savings Bank, and later he
held the post of manager of the N. 0. Branch of the Mercantile Bank of the Americas. Subsequently he was assistant
SEPT. 15 1923.]
TriP
-
CIRONICLE
1205
manager of the foreign department of the Hibernia Bank of the propert
y desired for a new building, it was made
and Trust Company.
possible to accomplish simultaneously the organization of the
• C. W. Bainbridge, heretofore Vice-President and Cashier trust company and the construction of the new building.
of the Replublic National Bank of St. Louis, has resigned The new Republic Trust & Savings Bank will be under the
to become the President of the Second Citizens' State Bank active direction of Wirt Davis, Percy Davis and Leslie
of Chicago. He will assume his new position Sept. 15. Waggener, all o whom will also become directors in the
Before becoming an officer of the St. Louis bank, Mr. Bain- Republic National Bank. Mr. Connor, the President of
bridge was connected with the Fort Dearborn National the Republic National Bank, will be Chairman of the board
of the new trust company, Wirt Davis will be President,
Bank of Chicago.
George W. Hobbs, a Vice-President of the Republic Leslie Waggener Vice-President and Percy Davis Secretary.
'National Bank, becomes Cashier as well to succeed Mr. Its _directors will consist of its officers and some of the
Bainbridge, and E. C. Keyes has been appointed an As- directors of the Republic National Bank. Mr. Davis will
be Chairman of the Building Committee and the other
sistant Cashier.
members of that committee will be named jointly by Mr.
At a recent meeting of the board of directors of the Hiber- Davis and Mr. Connor
. Plans have been agreed upon by
nia Bank & Trust Co. of New Orleans, C. Adrian Bodet was the officials of the bank and
the trust company in which there
appointed Assistant Manager of the Foreign Trade Depart- will be close, perman
ent co-operation between the two
ment. Mr. Bodet came to the Hibernia Bank in January institutions, both of which
will occupy space in the general
1923. Though only 26 years old, his training has been such banking room as one financial
institut
as to qualify him especially for his position. In 1916 he of each institution at all times accessib ion with the officers
le each other. Some
joined tire Washington Artillery and served with them In of the senior officers of both institut to
ions will be on the execFrance until 1919, when he returned to New York. After utive committee, which will have
general supervision over the
his return he was employed by the Guaranty Trust.Co. of bank and the trust company. The
company will handle,
New York in their foreign department, and after a period of we are told, first mortgages on farms,
ranches and city prop-eight months was sent to their Paris office, where he re- erties, purchase municipal and
other high-class bonds,
mained until January 1921. After traveling extensively received trust moneys for investment,
act as trustee in
through Europe, studying economic conditions and the effect mortgage and bond issues, and as adminis
trator, guardian,
-of the war, Mr. Bodet was transferred to the Constantinople &I. After its installation in the new buildin
g, a savings
office of the Guaranty Trust Co. In October 1922 he re- department will be opened. For the time
being the new institurned to New York and after a short stay there joined the tution will occupy quarters on the second
floor of the present
•staff of the Hibernia Bank & Trust Co. in January 1923. Mr. Republic National Bank Building.
Bodet has made a study of all phases of international bankWork on the new building will be begun about Dec. 1 next.
ing.
When completed the bank and trust company will occupy
the basement, ground and mezzanine floors, with banking
The board of directors of the Hibernia Bank & Trust
Co.
at their regular monthly meeting appointed John W. Reed quarters designed to be, it is said, the most beautiful and
commodious in the Southwest and which will include
as Manager of their new St. Charles Avenue branch,
safe
which deposit vaults, conference rooms and other features embodi
ed
Is to be located at the corner of St. Charles and
Louisiana in modern bank buildings. The remainder of the buildin
g
avenues. Mr. Reed was born in Alabama, but received
his will be leased for general offices. The Republic National
.education in New Orleans, and since 1874 has been
actively Bank began business as the Guaranty Bank & Trust
Co.
identified with the banking business. He started
in with of Dallas on Feb. 14 1920 with a capital of $100,000.
Dethe New Orleans National Bank as messenger boy,
and in posits on the opening day amounted to $890,000. On
that institution ultimately filled every position up to
that of April 29 1920 the capital of the institution was increased
,general bookkeeper. From 1884 to 1890 he was
Cashier of to $1,000,000 and two years later on the same date it became
the Alabama National Bank of Birmingham, after
which he a national bank under its present title. The deposits of
returned to the New Orleans National Bank and
was with the institution as of June 30 1923, amounted to $11,566,654
that bank continuously until its consolidation with
the Hi- and its total resources to $13,824,988. Its present officers
bernia Bank & Trust Co. several years ago.
in addition to Mr. Connor as President are F. F. Florence,
William Z. Hayes, John R. Haven, Frank E. Austin, and
R. S. Hecht, President of the Hibernia Bank &
Trust Co., Eugene DeBogo
ry, Vice-Presidents; Rupert Eldrige, Cashier;
turned the first spadeful of earth Friday, Aug.
31,
construction of the building that is to be the new in the J. M.Hadra,J. M.Cumby, H. V.Smith and Robin Williams
home of Assistant Cashiers, and
that bank's Mid-City branch. Mr. Hecht "bore
Neil S. Murrie, Auditor. Mr.
down" in the
Connor became President of the Republic National Bank
presence of George J. Glover, the contractor for
the building,
Mr. Maurice B. Reilly, representing the
on April 1 1920. Prior to that time he was connected with
archite
of Rathbone DeBuys, Ben E. Hanna, Manager ctural firm Sanger Bros. of Dallas, for more than 40 years.
of
City branch, F. W. Ellsworth, Alvin P. Howard the MidAccording to the Los Angeles "Times" of Sept. 5 an
and other
officials of the Hibernia Bank & Trust Co. The
new build- important merger was announced in Los Angeles on Sept.
ing will be located on the corner of Canal
Street and North 4—that of the Commonwealth Trust Co. with the Bank
of
•Carrollton Avenue. Its erection has been deemed
a neces- America. This merger, when consummated, it is said, will
sity for some time, owing to the increased service
given by associate with the Bank of America. Frank A. Vanderlip,
the branch, which has completely outgrown its
present quar- the former President of the National City Bank of New York;
ters.
James C. Colgate of the banking firm of Colgate & Co. of
New York, and other Eastern financiers. The proposed
We are advised by the Republic National Bank of
Dallas, consolidation of the banks has already, it is said, been apDallas, Tex., of the proposed erection of an 18
-story bank proved by the State Superintendent of Banks and
a special
and office building at Main Street and Exchange
Place as a meeting of the stockholders of the Bank of America
new home for the institution and in connection
has been
prospect the organization of the Republic Trust & with the called, it is said, for Sept. 21 for the purpose of increasing
the capital stock of that institution from $1,000,000 to $1,Savings
Bank with capital of $500,000 and surplus of
$50,000 as an 500,000. Under the terms of the merger, it is said, the assets
affiliated institution. We are further advised of a
proposed of the Commonwealth Trust Company are transferred to
increase in the capital of the Republic Nationa
l Bank from the Bank of America, and the various trusts for which it has
been acting will be taken over
$1,000,000 to $1,500,000 and an increase in
bank.
its surplus had the following to say regardiby theconsoli The "Times"
and undivided profits from $188,33
ng the
dating banks:
4 to $350,000. The
The Commonwealth Trust Company was organized last February
need of adequate quarters for the Republi
c National Bank by Mr. Vanderlip and his associates, Jay Lawyer and H. E. Benedict.
his, it is stated, received the
Jonathan S. Dodge, former
thought of the management first President of the companyState Superintendent of Banks, became the
for the last year, expansion being
, which
with a
necessary to care for the for the original purpose of handling was startedVerdes capital of $300.000
the Palos
Estates financing,
development of the bank's business,
but which has developed a general trust business. The Bank of
whose depositors numAmerica
ber more than 18,000. The value
was organized by Orra E. Monnette, for many years President of the
of
pany in affiliation with and working a separate trust com- en's Trust & Savings Bank, and his associates, G. D. Robertson, Citizin close touch with a Van Norman and others, and opened for business in the downtown J. L.
large national bank, has been
district
apparent in Dallas for some in the Charles C. Chapman Building at Eight Street and Broadway on
time, (according to W.0. Connor, the
March 19 last. Its capital was $300.000, and
President of the Re- In less than six months these have increased to deposits about $700.000.
public National Bank) and because
more than $7,000,000.
Wirt Davis and associMr. Vanderlip is quoted in the "Times" as saying
ates had for some years contemplated
that
the organization of a there "has been a very close relation
trust company and through their
ship existing between
ownership of a large part the Commonwealth Trust Compan
y and the Bank of America,
AIM=
TIM OTTRONTCLE
1206
[Vou 117.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The stock market during the past few days has been gradually drifting toward the low price levels of August and the
early part of September. This has been the cumulative
result of a series of unfavorable developments such as the
further reduction in unfilled orders reported by the U. S.
Steel Corporation trade advices showing a lessened demand
for steel, additional cuts in crude petroleum and gasoline,
with the suspension of dividends by the Marian Oil Company, and disturbing happenings in Europe.
On Saturday the tone of the market was steady, prices
closing fractionally higher than Friday's finals. On Monday
the market was dull and prices were irregular until near the
noon hour when word was recieved that Germany had decided to abandon her policy of passive resistance in the Ruhr.
This had a stimulating effect on the market and the rally
that followed the announcement was maintained to the end
of the session. The market was again dull and prices were
irregular on Tuesday. Moderate advances were reported in
some of the active issues.
On Wednesday the market suffered a sharp downward
reaction all along the line, carrying many of the leading
stocks back to the low levels of the early part of the month.
In the decline United States Steel common fall off three
points, New York Central 2 points, Baldwin Locomotives
33.4 points, Stewart-Warner 3 points and American Locomotive 13i points. The recessions extended to practically
all sections of the list. The market again fell off on Thursday. In the opening hour on Friday most active stocks
continued at the low levels of the previous day. The market
developed a stronger tone toward the noon hour and some
advances were noted in the early afternoon. The recovery
was not maintained and prices again fell off. In the closing
hour American Can went under 93 and United States Steel
The Banque Nationale de Credit, Paris, one of the most went below 89.
important French financial institutions, with 420 branches
in France, has announced that on August 30tIkeertain changes
COURSE OF BANK CLEARING
in the capitalization were decided upon. There was formerly
For the current week bank clearings for the country as a
an authorized capital of Frs. 500,000,000, of which Frs.
261,965,750 was fully paid, but consisting of some shares whole show a decrease compared with a year ago. Prelimfully paid and others only partly paid. So as to put all of inary figures compiled by us, based upon telegraphic advices
the shareholders on the same basis the new capitalization from the chief cities of the country,indicate that for the week
will stand at Frs. 250,000,000, all of which will be fully ending to-day (Saturday, Sept. 15) aggregate bank clearings
paid. The reserves totaling upwards of Frs. 90,000,000 will for all the cities in the United States from which it is possible
remain unaffected. This modification is to be carried out to obtain weekly returns will show a decrease of 5.8% as
in the following way: Fully paid-up shares to a total of compared with the corresponding week last year. The total'
365,242, of Frs. 500 denomination, will receive in cash Frs. stands at $6,944,775,908, against $7,374,108,037 for the same
250 each. Other shares numbering 643,755, on which so week in 1922. At this centre there is a falling off of 12.7%.
fax only the previously called portion of Frs. 125 each had Our comparative summary for the week is as follows:
been paid, are now required to pay in a balance of Frs. 125
Per
Clearings—Returns by TeledraPh.
The denomination of shares will continue at Frs. 500 each.
Cent,
1922.
1923.
Week ending Sept. 15.
It is expected that these changes will meet the approval of
$2,894,000,000 $3.315.865,612 —12.7
New York
American banking circles as they have met the unqualified Chicago
+6.3
465,711.872
494,922,157
+1.7
357,000,000
363,000.000
Philadelphia
approval of French financiers.
—0.8
284,000.000
262.000,000
represented chiefly by Mr. Lawyer, Mr. Vanderlip's associate, who has been on the board of directors of the Bank of
America for some time, and J. L. Williams, who is interested in both institutions, and that it was thought to the
advantage of all concerned to have this merger effected as
it would relieve Mr. Lawyer from his close observation
of the operations of the Commonwealth Trust Company
and enable him to devote his entire time to the development of Palos Verdes estates, the affairs of the Reynolds
Development Company, which is located in Oregon, the
Kiernan-Lawyer & Co., Spokane, and the Les Melinos
Land Company in the Sacramento Valley, in addition to
their other large holdings in the West." Mr. Vanderlip is
also reported as saying "that he will have a large financial
interest in the Bank of America, and will lend every effort
to its continued growth, and that the following associates
will also be financially interested; Jay Lawyer, James C.
Colgate of Colgate & Co., bankers, No. 36 Wall St., New
York, and of the Colgate family of soap manufacturers;
E. W. Harden, his brother-in-law associate of Mr. Colgate
in his private banking concern in New York; F. C. Schwedtman, Vice-President of the National City Bank, New York;
H. E. Benedict of his New York interests; J. D. Finley of
Los Angeles, and J. L. Williams, 1st. Vice-President of the
Bank of America. Upon his return to New York he will
recommend to Messrs. Harden and Schwedtman that they
also serve on the board of directors with Mr. Lawyer."
Mr. Vanderlip also predicted for the enlarged operations of
the Bank of America through this merger, according to the
"Times," unusual prosperity, and expressed his pleasure
in expanding his associations in California as in due time
he anticipates spending more of his time in the vicinity of
Los Angeles.
Boston
—4.9
126.317,537
120,101,873
Kansas City
a
a
a
St. Louis
144.900.000 —16.7
6120,700,000
San Francisco
+6.5
103,380.000
110,085,000
Nfaclay is Los Angeles
. Iselin & Co.. 36 Wall St., announce that William II.
.171,000,000
129.593,301
Pittsburgh
94,222,442 +28.5
119,224,709
Detroit
now associated with them.
—2.R
89.489,094
67.498,062
Savings Bank in Brooklyn, N. Y., Miss Baltimore
—From the Williamsburgh
+6.8
92,503,738
98.752,455
Director of the Home Service Department, has become Cleveland
+4.8
Adeline E. Leiser.
45,241,661
47,195,923
New Orleans
William Oanson Rose, Inc., Financial Advertising, Cleveland.
affiliated with
of the
—8.084.827,073,520 85,249,811,958
Twelve cities, five days
Miss Leiser is well known for her activited among the women
Ohio.
+7.2
895,478,075
980,239,737
In 1921 and 1922 she was chairman of the Other cities, five days
American Institute of Banking.
of the A. I. 13. and inaugurated the women's
85,787,318,257 *8,145,090,031
National Women's Committee
Total all cities, five days
She was also first chairman of the Women's All cities, one day
1,229,018,008
1,157,482,851
work in many chapters.
Association of Mutual Savings Banks. Miss
Division of the National
—5.8
$6,944,776,908 87,374,108,037
I.B•
Total all cities for week
speaker ofconsiderable experience,having addressed many A.
Leiser is a
Savings Bank Association and other organizaa will not report clearings. b Four days. •Estimated.
conventions. the New York
completed, after three years of work, the history
tions. She has tecontly
'of the A. I. B. Miss Leiser is a member of the
Complete and exact details for the week covered by the •
of the New York Chapter
and the Brooklyn Chamber of Commerce. foregoing will appear in our issue of next week. We cannot
Brooklyn Advertising Club
compiled. Is in
and Account Book," which she
ends to-day
"The Household Budget
a successful means of interesting homeman- furnish them to-day, inasmuch as the week
extensive use and has proved
incomes.
(Saturday), and the Saturday figures will not be available
tigers in budgetting their
Review" of Canada for 1923, compiled by W. R. until noon to-day. Accordingly, in the above the last day
—"The Annual Financial
Exchange Building, is now off the press. This
Houston, Toronto Stock the
series, gives facts regarding Canadian securi- of the week has in all cases had to be estimated.
which is No. 23 of
annual,
company
In the elaborate detailed statement, however, which we
pager include annual statements of every important
ties. Its 792
other valuable information, such as lists of direc- present further below, we are able to give final and complete
Canada, together with
In
forth.
tors. capitalization, and so
results for the week previous—, the week ending Sept.8. For
D.Converse & Co..Is now associated
_Dorsey P. Tyson,formerly with A.
an increase of 1.2%, the 1023 aggregate of
Co., 39 Courtland St., N. Y., where he will do a that week there is
with II. W. .Martin &
the clearings being $5,781,996,771 and the 1922 aggregate.
general market bonds.
brokerage business in
Company has been appointed registrar for the $5,712,217,732. Outside of this city the gain is 10.8%, the
—The American Trust
Stock of The Beneficial Loan Society of 135
bank exchanges at this centre having fallen off 6.8%. We
734% Cumulative Preferred
liroadway, New York City.
group the cities now according to the Federal Reserve Dis-opened an office at 27 William St.. New York,
—J. H. B. Rebhann has
brokerage business in investment bonds specializing triets in wIch they are located and from this it appears
for the transaction of a
that in the Boston Reserve District there is a gain of 24.7%
In municipal issues.
National Bank has been appointed transfer
—The American Exchange
of and in the Philadelphia Reserve District of 9.0%,Bwhile
and preferred stocks of United Hotels Company
agent for the common
the New York Reserve District (because of the decrease at
America..
C. B. Richard & Co. has become
—Vincent A. Judge, formerly with
this centre) shows loss of 6.4%. In the Clevelit,nd Reserve •
'
in their trading department.
associated with Minton & Wolff
CURRENT
NOTICES.
SHPT. 171923.]
District the totals are smaller by 7.3%, and in the Kansas
City Reserve District by 1.8%, but in the Richmond Reserve District they bxe larger by 8.1%. In the Atlanta
Reserve District there is an improvement of 7.6%, in the
Chicago Reserve District of 10.9% and in the St. Louis
Reserve District of 11.9%. In the Minneapolis Reserve
District the totals are larger by 6.2%, in the Dallas Reserve
District by 12.7% and in the San Francisco Reserve District
by 32.4%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
1923.
1922.
Inc.
Dec.
1921.
1920.
$
$
Federal Reserve Districts.
11 citi
320,965,889 257,344,162
(let) Boston
10 " 2,970,351,6003,173,461,076
(2nd) New York
418,099,444 383,440,242
(3rd) Philadelphia_ _10 "
(4th) Cleveland
8 "
290,248,431 313,035,304
5 "
147,289,271 136,236,941
(5th) Richmond
12 "
137,866,475 128,145,347
(6th) Atlanta
687,967,278 620,389,173
19 "
(7th) Chicago
7 "
53,738,644 48,015,682
(8th) St. Louis
108,659,562 102,322,715
(9th) Minneapolis_ _ _ - 7 "
203,757,250 207,395,821
(10th) Kansas City_ _ _ _11 "
5 "
59,463,527 52,764,080
(11th) Dallas
383,589,400 289,667,189
(12th) San Francisco_ _16 "
++1+1.0
++
++ 1+
I
Week ending Sept.8 1923.
$
$
231,300,608 305,732,379
2,746,062,6353,379,358,403
317,039,222 395,606,219
253,815,624 341,664,200
102,106,816 154,522,564
123,104,752 165,112,684
553,899,698 733,038,181
43,305,037 57,322,858
110,551,108 131,362,048
238,425,130 320,508,721
44,231,661 57,858,172
260,493,527 302,321,617
121 cities 5,781,996,771 5,712,217,732 +1.2 5,024,535,809 6,344,418,246
Grand total
Outside New York City
2,869,690,181 2,588,819,604 +10.8 2,321,623,032 3,020,504,130
Week ending September 8.
Clearings at
1923.
Week ending September 8.
Clearings at
1922.
Inc. or
Dec.
$
First Federal Reserve Dist rIct-Bosto 0Maine-Banger
820,370
678.414 +20.9
Portland
2.931.083
2,638,327 +11.1
Mass.
-Boston.. 284,000,000 224,000,000 +26.8
Fall River 1,727,727
1.259,682 +37.2
Holyoke
a
a
a
Lowell
1.089,707
942,519 +15.6
Lynn
a
a
a
New Bedford
1.056,743
8.1
1,149,972 Springfield _
4,200.855
3,382,586 +24.2
Worcester
2,879,691 -2.2
2.816,000
Conn.
-Hartford.
7,793.072
7,455,348 +4.5
New Haven_ _
6,130,332
4,957.623 +23.7
R.I.-Providence d8,400,000
*8,000,000 +5.0
Total(11 cities)
320,965,889
257,344,162 +24.7
1921.
305,732,379
Second Federl al Reserve D lstrict-New
N. Y,
-Albany __
4,444,789
3,680,570
Binghamton__ _
950.348
999,029
Buffalo
d34,367,544
29,792,891
Elmira
598,660
529,299
Jamestown_ _ _ _
c957,434
855,012
New York _ _ 2,912,306.590 3,123,398,128
Rochester
9.809,733
8.328,385
Syracuse
4,154,215
3.499,268
Conn.
-Stamford
c2,462,658
2,093,850
N. J.
-Montclair
299,629
284,644
York
3,266,566
+20.8
3,905,164
-4.9
802.853
1,049,909
+15.4
26,522,406
33,176,477
+13.1
763,910
+12.0
998,585
- 2.702,912,777 3,323,914,116
6.8
+17.8
6,716.219
9,633,594
+18.7
3,051,441
3,639,211
+17.6
1,950,217
2,684,499
+5.3
276.237
367,057
Total(10 cities) 2,970,351,600 3,173,461,076
-6.4 2,746.262,626 3.379,368,603
Third Federal Reserve Dist rict-Philad elphia
Pa.
1.260.794
-Altoona_ _
941,855 +33.9
Bethlehem_ _
4,071.984
2.744,478 +48.4
Chester
1.080,804
851,985 +26.9
Lancaster
2,620,997
2,921,524 -10.3
Philadelphia
393,000,000 363,000.000 +8.3
Reading
2.807,368
2,614,702 +7.4
Scranton
5,514,786
3,668,171 +50.3
Wilkes-Barre_ _ _
d2.551,886
2,236,477 +14.1
York
1,324,088
1,149,488 +15.2
N.J.
-Trenton
3,866,737
3,311,562 +16.8
Del.-Wilmingt'n
a
a
a
919,947
2,201,650
735,325
2,063,976
299,000,000
2,109,338
3,905,739
2.166,219
1,162,159
2,774,369
a
1,060,821
3,893,143
1.225,682
2,441,435
372,650,706
2,712,831
4,052,396
2.364,491
1.204,907
3,999,807
a
+9.0
317.039,222
395,606,219
Fourth Feder al Reserve D Istrict-Clev eland
Ohlo-Akron
9,686,000
6.192,000 +56.4
Canton
•
4.509,949
3,636,322 +24.0
Cincinnati....52,455,506
50,572,766 +3.7
Cleveland
d84,539,000
76.563,303 +10.4
Columbus
d11,588,000
11,966,000 -3.2
Dayton
a
a
a
Lima
a
a
a
Mansfield
d1.698,350
•1,500,000 + 13.2
Springfield....
a
a
Toledo
a
a
a
Youngstown... d3,280,852
3,304,913 -0.7
Pa.-Erle
a
a
a
Pittsburgh_ - 122,490,774 159,300,000 -23.1
W.Va.-Wheeling
5,074,000
2,523,162
43,486.698
67,235,529
11.340,000
a
a
997.441
a
a
5,158,794
a
118.000,000
9,371,000
3
.896,589
58,795,390
105,420.610
13,909,300
a
a
1 ,562,335
a
a
5,793,622
a
142.915,354
253,815,624
341,664,200
1,313,049
5,285,001
28,105,349
1,941,445
8,971,019
4
4,814,309
Total(10 cities)
Total(8 cities).
418,099,444
290.248.431
383,440,242
313,035,304
-7.3
Fifth Federal Reserve Dist rict-Richm ondW.Va.-Hunt'ton
1.783,326
1,505,729 +18.4
Va.-Norfolk__ _
d5,796,965
6,047.032 -4.1
41,647,932
42,151,060 -1.2
I.Richmond
S.C.-Charleston
Md.-Baltimore_
81,114,048
69,536,633 +16.7
16.966.487 -0.3
D. C.-Wash'ton d16,947,000
illf
+8.1
Total(5 eltios)- 147.289,271 136.236,941
r Sixth Federal
Tenn.-Chatt'ga
Kr1Oxville
Nashville
Ga.-Atlanta...,
Augusta
Macon
Savannah
Fla.-Jacks'nville
Ala.-Birm'ham _
Mobile
MiS8.-Jack9On
Vicksburg
La.-NewOrleans
Total(12 cities)
Reserve Dist trIct-Atian tad4,904,726
4,055,844 +20.9
2,987,661
2,612,044 +14.4
16,165,421
14,683,042 +10.1
36,891,824 +2.3
37,754,963
1,411,840 -0.8
1.399,840
1,365,508
1,352,354 +1.0
a
a
a
9,367,606
7,675,387 +22.0
22,488,071
18,996,984 +18.4
1.544,916 +21.4
1,875,740
939,658
1,162,437 -19.2
407.407
296,649 +37.3
38,209,874
37.462,026 +2.0
137,866,475
128,145,347
+7.6
Inc.or I
Dec.
1921.
53.815,633
13,587,784
84,532,035
14,263,756
102,106,816
154,522,564
4,154,634
2,617,510
12,275,450
31,276,588
2,721,059
1,102,577
a
6.447,361
15,867,585
1,406,922
691,048
256,798
44,287,220
6,728,343
3,810,694
20,857,155
46,456,846
2.208,321
*2,100,m
a
9,151,079
18,524,605
2,000,000
667,196
391,576
52,216,869
123,104,752
165,112,684
1920.
210,000
441,015
75,378,135
4,811,876
2,059,545
1,610,252
13,541,000
1,902,510
239,568
562,477
90,000,000
5,735,143
2,015,572
1,933.755
16,524.000
1,600,000
24,881,027
1,833,833
8,532,425
4,860,331
1,294,917
1,140,110
403,634,518
85,024
'
3,129,907
1,616,495
2,036,778
29,626,801
2,753.747
10,103,216
7.735.461
1,865,730
1,616,183
548,068,640
a
3,546,238
5,000,000
3,000,000
3,111,655
9
620.389,173 +10.9
553,899,698
733,038181
Eighth Federa 'Reserve Die trict-St.L ouisInd.-EvammUle_
4,644,083
3,879,003 +19.7
a
a
a
Mo.-St. Louis__
22,273,979
Ky.-Louisville.
20,737,765 +7.4
Owensboro _ _ _ _
344,579
326,958 +5.4
12,488,334 +14.6
Tenn.-Memphis
14.308,469
8,976,563 +15.1
10.329,470
Ark-Little Rock
111.-JacksOnville
429,695
365,839 +17.5
1,241,220 +13.5
1.408.369
Quincy
3.796.406
a
17,960,359
292.507
11,467,735
8,335,703
324,060
1.128,267
25,411,120
487.945
15,244,258
9,459,330
511,070
1,428.845
48,015.682 +11.9
43,305,037
57,322,858
Ninth Federal Reserve Die trict - Mln neapol is
9,262,802
16.6
-Duluth_
d6,325,984
7,586,626 Minn.
67.154018
65,059,705
61,876,485 +5.1
Minneapolis
27,192,026
30,244.295
25.848,365 +17.0
St. Paul
1.644,724
2.291,532
-Fargo...
2,086,115 +9.8
N. 03,
1,61)6,309
1,320,621
-Aberdeen.
1,319,222 +0.1
S. D.
663,926
_
533,583
591,561 -9.8
3,027,313
' 2.883,842
3,014,341
Helena
8,548,049
78,364.207
36,548,992
3,000,000
2,165,008
1.277,774
1,458,018
Total(19 cities)
687.967.278
53,738,644
1920.
655,914
956,149
2,198,000
2,448,000
198,588,442 266,800,608
1,523,829
1,465,354
a
a
815,384
1,069,029
a
a
1,088,712
1,443,222
2,868,122
4,273,192
2,602,116
3,542,523
9,901,659
8,701,225
3,790,430
5,228,480
7,268,000
9,804,600
231,300.608
1922.
Seventh Feder al Reserve D strict-Chi cago209.484 +0.3
210,070
Mich.
-Adrian..
802,081
865,935 -7.4
Ann Arbor__ _ _
100,648,501
89,966,000 +11.9
Detroit
5,281,000 +31.4
6,938,500
Grand Rapids1,688,300 +125.8
Lansing
3,812,079
1,633,761 +23.7
-Ft. Wayne
2,020,985
Ind.
15,608,000 +10.5
Indianapolis__ _ d17,244,000
4.2
2,288,892 2,193,678
South Bend__ _
4,754,961 Not Included In total
Terre Haute_ _ _
Wis.-Milwaukee
25,214,430 +25.8
31,722.671
2,271,240 +10.4
2,507,697
Ia.-Ced. Rapids
10,306,587
Des Moines_ _
9,266,978 +11.2
5,196.107 +16.4
Sioux City..._
6,049,700
1,532,754
Waterloo
1,207,090 +27.0
-Bloomington
1,561,552
1,444,701
Ill.
490,552,202 449,615,982 +9.1
Chicago
Danville
a
a
1,916,054
'
Decatur
1,030,833 +27.7
4,335,198
3,573,201 +21.3
Peoria
Rockford
2,099.707
1,846,680 +13.7
Springfield _ _ _
2,230,113
2,063,708 +8.1
Total(7cities) _
We now add our detailed statement, showing the figures
for each city separately, for the four years:
1923.
1207
THE CHRONICLE
4,780,290
Total(7 cities) _ 108,659,562 102,322,715 +6.2 110,551,108
Tenth Federal Reserve Die trict- Kan sac Cis 7-,
452,796
e427,128
323,334 +32.1
Neb.-Fremont _
712,579
22.8
496,894
643,933 Hastings
3,012,824
4,161,047
3.973,145 +4.7
Lincoln
33,971,666
35,160,251
34,210,942 +2.8
Omaha
3,140.230
7.1
d2,697,079
2,903,006 -Topeka _ _
Kan.
10,589,250
19.5
d7,576,357
9,407,989 Wichita
Mo--Kansas City 116,574,045 117,850,662 -1.1 146,417,416
a
a
a
St. Joseph_ _ _
a
a
a
a
-Muskogee
Okla.
22,341,185
18.340,634 -10.7
Oklahoma City d16,378,640
a
a
a
Tulsa
939,190
1,099,623 +2.9
1.132,004
-Colo.Sega
Colo.
16,145.495
17,761,716 +2.6
18,228,227
Denver
702,499
880.787 +5.1
e925,578
Pueblo
238.425,130
Total(11 cities) 203,757,250 • 207,395,821
Eleventh Fede ral Reserve District- D alias-1.698,830
2,074,750 -15.0
1,763.205
Tex.
-Austin- - -22,020,676
29,313,003 +21.7
35,675,837
Dallas
11,173.714
+6.3
9,308,981
d9,897,829
Fort Worth
6,243,976
8,272,673
7,911,891
Galveston
a
a
a
Houston
3,094.465
3,794,673 +11.1
-Shreveport4,214.765
La.
131,362.048
44,231,661
52,764,080 +12.7
59,463,527
Total(5 cities)-San Franc'sco-Twelfth Feder al Reserve D (strict
25,532.421
28,311,762 +14.3
32,346,252
-Seattle
Wash.
9,968,855
9,145,000 +28.7
11,767,000
Spokane
a
a
a
Tacoma
1,478,532
1,350,209 +10.2
1,488,428
Yakima
28.336,262
27,952,695 +18.7
33,170,190
Ore.
-Portland._
10,485,871
12.647,131
10,918,450 •+15.8
Utah-S.L.City.
a
a
a
a
Nev.-Reno
a
a
a
a
-Phoenix _ _
Ariz.
3,715.943
4,967,846 -12.9
4,326,133
Calif.- Fresno
2,527,461
3,739,997 +95.0
7,291.895
Long Beach_ _ _
65,000.000
68.002,000 +70.5
Los Angeles... 115,922,000
7,704,730
8,982,369 +39.2
12,506,694
Oakland
1,943.775
2,528,948 +66.1
Pasadena
4,199,518
5.285,677
Sacramento
6,580.289 +4.7
d6,891,806
2,358,358
.2,500,000 +27.3
3,182.013
San Diego _
98,700,000
San Francisco _ 132,400.000 109,300,000 +21.1
1,511,569
1,734,883 +32.8
2,303,600
San Jose
656,373
+21.8
Barbara.
774,441
943.440
Santa
4,287,700
23.5
Stockton
2,878,300 c2,203,300
57,858,172
776.194
845.844
4,904,246
51,025,486
2,980,53.5
12,401,405
199,904,273
a
a
24,879,112
1.193.370
20,629.020
969,236
320,508,721
1,200,000
27,160.506
16.144,892
9,362,507
a
3,990,2437
32.993,773
11,274.208
a
1,663,948
35,405.636
12,907.098
a
a
3.797,597
2,743,712
57,456.000
8,432,775
2.501.842
5.602.827
2,826.069
117,700,000
1.930,172
726,560
4.359,400
Total(16 cities) 383,589.400 289,667,189 +32.4 260,493.527 302,321,617
Grandtotal(121
6,344,418.246
5,781,996,771 5,712,217,732 +1.2 5,024,535,809
cities)
Outside N. Y. 2,869,690,18112,588,819,604 +10.8 2,321,623,032 3,020,504,130
Clearings at
1923.
CanadianMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William__ _ _
New Westminster
Medicine Hat...
Peterborough_ _ _ _
Sherbrooke
Kitchener
Windsor
Prince Albert....
Moncton
Kingston
$
90,980,588
87,104,914
32.899,199
14,872,179
6,435,970
5.808.796
2,662,389
6.250,251
4,106,506
2,640,37,
1,658,693
2,706,456
3.581,698
3,091,687
591,984
704,749
1,398,257
1,115,407
786,275
892,802
578,287
282,913
754,877
906.545
898.183
3,473.542
331,794
795,551
700.454
Week ending Sept. 8.
-Inc. or
1921.
Dec.
1922.
75,868,525
72.056,728
34,838,782
11.999,057
.5,958.849
*5.000,000
2,727,354
4.845,136
3,789.311
2,651,012
1.763.693
2,359,034
4,806.653
3.032,939
745,753
571.361
1.770,685
1,078,232
884.090
778,873
666,272
278,382
628,173
863,980
891,306
2,333,710
327,723
1,103,255
581,291
+19.9
+20.8
-5.6
+23.9
+8.6
+16.2
+29.0
+8.4
-0.8
-6.0
+14.7
25.5
+1.9
20.6
+23.3
-21.0
+3.5
11.1
+14.9
-13.5
+1.6
+20.2
+4.9
+0.8
+48.8
+1.2
27.9
+20.5
$
85,840,098
72,817,418
43,266.710
13.499,392
5,855,050
5,393,769
2,949,503
4,724,227
5,414,958
2,435.721
1,938,089
2.473,356
4,155,691
3.579,344
816.079
659.077
1,666,398
1.454,712
942,700
733,890
505,310
411,661
823,627
859.181
826.800
2.863,902
1.090.891
771,231
1920.
$
108,472.977
88,297.172
40,576.503
16,592,935
8.621,861
7,503,859
4,892.220
5,884,201
6,300.700
2,934,326 2,903,615
3.139,180
.5,188,440
4,920,009
702,767
706.480
1,898,679
1.487,900
1.096,851
922,973
624,554
404,067
864.686
1,170.217
1,059,028
3,083,078
690,064
Total(29 cities) 279,009,324 245,208.159 +13.8 8.268,768.785 320.942,342
a No longer report clearings. b Do not respond to requests for figures. c Week
ending Sept. 7. d Week ending Sept. 8. e V,eek ending Sept. 9. • Estimated.
A
-PER CABLE.
ISH FINANCIAL MARKETS
aily closing quotations for securities, Stc., at London,
rted by cable, have been as follows the past week:
Fri.
Wed. Thurs.
Tues.
Mon.
Sat.
London,
Sept. 8. Sept. 10. Sept. 11. Sept. 12. Sept. 13. Sept. 14.
eek ending Sept. 14.
31 7-16 31 11-16 313
314
Silver, per oz
d 31 7-16 313
918.2d. 908.10d. 903.10d. 9013.6d 908.8d. 90s.10d.
Gold, per fine ounce
583
-4
5814
58%
585$
Consols, 23 per cents
5814
10214
10214
1023-4
1023$
British,5 per cents
____ 102
973$
9736
9734
9734
British, 434 per cents
9734
58.10
57.90
57.85
57.90
57.85
French Rentes (in Paris)_ _fr. --__
75.20
75.20
74.85
74.85
74.80
French War Loan (in Paris)fr. ____
tiBRat
The price of silver in New York on the same day has been:
Silver in N.Y.,per oz.(eta.):
Foreign
6334
633-(
64%
643-4
6334
6434
Government Revenue and Expenditures.
Through tilt) courtesy of the Secretary of the Treasury we
are enabled to place before our readers to-day the details of
Government receipts and disbursements for August 1923 and
1922, and the two months of the fiscal years 1923-24 and
1922-23.
Aug. 1923. Aug. 1922.2 Mos.'24.* 25103.'23.*
Receipts.
3
Ordinary
42,500,053 39,012,099 85,725.127 76,503,690
Customs
Internal revenue:
36,772,209 23.817,138 73,549,799 55,925,739
Income and profits tax
Miscellaneous internal revenue 107,225.505 114,984,313 195,693,404 197,462,104
Miscellaneous receipts:
-owned secure.:
Peomeds Govt.
Foreign obligations:
406.500
7,373,593
6,988,172
Principal
10,263,488 12,772,986 10.466,235 12,996.020
Interest
933,048 1,221,579 3,949,999 7,999,022
Railroad securities
503,850 2,133,689 1,227,301 3,511.655
All others
Trust fund receipts (reappro1.439,749 1,824.688 3,684,054 3,908,497
priated for investment)
Proceeds sale of surplus pron'ty 7.234.135 11,416,940 11,469,531 15,468,260
Panama Canal toils, rice
1,880.988 1,059,960 3,777,894 1,820.798
R-eeipts from miscellaneous
sources credited direct to
appropriations
2,844,508 4,753,271 10,039,655 16.433,055
16,918,966 3,780,917 34,290,255 29,318,758
Other miscellaneous
Total ordinary
235,504,671 216,777,579 441,246,847 421,754,098
Excess ordinary receipts over
total expenditures chargeable
against ordinary receipts
1,007,046
Excess of total expenditures
chargeable against ordinary receipts over ordinary receipts--Fxpendltures.
Ordinary
(Checks and warrants paid, Sre.)
General expenditures
157,603,169
Interest on public debt
010,953,431
Refunds of receipts:
Customs
3,698,467
Internal revenue
9,877.295
Postal deficiency
271,712
Panama Canal
Operations in special accounts:
9,068,654
Railroads
96,759,779
War Finanze Corporation
9,094,025
Shipping Board
956,949
Alien property funds
371,000
Loans to railroads
Investment of trust funds:
1,424,719
Govt. life insurance fund
Civil service retirement fund_
15,031
D.of C.teachers'retirem'tfund
Total ordinary
4,777,933 35,472,485 25.299,135
160,165,839 321,948.878 330,950,662
18,486,227 034,598,940 47,405,321
6.627.318 5,899,824 12,376,368
21,663,459 18,552,408 30.315.367
12,171,912
171,912
455.153
593,393
407,023
10,436,701 10,718,263 20,450,304
98,416.196 911,696,847 915,712,537
94,048,537 13,274.176 916,394.040
86,727
589,293 2,083,929
618,725
371,000
27,862
1,824,688 3,649,025 3,889,986
8 57
)1
10,090,174 10,022.966 10,0?(: 11
35,029
195,560,775 218,025,762 410,050,983 436,722,03
Public debt retirements chargeable against ordinary receipts:
Sinking fund
30,306.800
Purchases from foreign repay. _ 7,047.650
Received for estate taxes
1,568,650
Forfeitures, gifts,&c13,750
Total
38,936,850
3,522,250 56.842,600
7,418.800
2,388,550
18,400
7.500
9,939,750
382850
8.000
3.529.750 66.668,350 10,330,600
Total expenditures chargeable
234.497,625 221,555,512 476,719,333 447,053.233
against ordinary receipts
* Receipts and expenditures for June reazhing the Treasury in July are included.
a The figures for the month include $2.499,841 and for the fiscal year 1924 to date
$6,221,325 accrued discount on war-savings certificates of the series of 1918.
b Excess of credits.
Preliminary Debt Statement of U. S. Aug. 31 1923.
The preliminary statement of the public debt of the
United States for Aug. 311923, as made up on the basis of
the daily Treasury statements, is as follows:
Bonds
Consols of 1930
Loan of 1925
Panama's of 1916-1936
Panama's of 1918-1938
Panama's of 1961
Conversion bonds
Postal Savings bonds
First Liberty Loan of 1932-1947
Second Liberty Loan of 1927-1942
Third Liberty Loan of 1928
Fourth Liberty Loan of 1933-1938
Treasury gonds of 1947-1952
Total bonds
Notes
Treasury notes
Series A-1924, maturing June 15 1924
Series B-1924, maturing Sept. 15 1924
Series A-1925. maturing Mar. 15 1925
Series B-1925, maturing Dec.15 1925
Series C-1925, maturing June 15 1925
Series A-1926, maturing Mar. 15 1926
Series B-1928, maturing Sept, 15 1926
Series A-1927, maturing Dec. 15 1927
Series B-1927, maturing Mar.15 1927
71110L.
THE CHRONICLE
8
*599,724,05000
118.489,90000
48,954,180 00
25,947,400 00
49.800,000 00
28,894,500 00
11.877,90000
eatery ertificatesTax$150,277,000 00
Berfea TS-1923, maturing Sept. 15 1923
140.650,000 00
Series TS2-1923, maturing Sept. 15 1923_ _
191.517.50000
Series TD-1923, maturing Dec. 15 1923
Series TD2-1923, maturing Dec. 15 1923._ 178.549,500 00
Series TM-1924, maturing Mar. 15 1924_.... 321,196,000 00
Treasury (War) Savings Securities
War Savings Certificates:
Series 1919 a
Series 19200
Series 1921 a
Treasury Savings Certificates:
Series 1921, Issue of Dec. 15 1921 b
Series 1922. Issue of Dec. 15-1921 b
Series 1922, Issue of Sept.30 1922 9
Series 1923. Issue of Sept. 30 19229
Thrift and Treasury Savings Stamps, UnClassiBed sales, Src
316,505,972,280 00
8311.088.60000
380,681.10000
598,355,900 00
303,479,800 00
410,115.700 00
616,737.200 00
420,067.30000
357,934,300 00
668,199.30000
4,066,659,20000
982,190,000 00.
*50.227,969 37
21,792,727 65
13,113,985 17
1,888.606 20
104,197,213 65
17,425,054 50
132,543,207 97
5,518,59958
346,707,364 09.
Total interest-bearing debt
Matured Debt on Which Interest Has Ceased
Old debt matured at various dates prior to
April 1 1917
Certificates of Indebtedness
Spanish War Loan of 1908-1918
33$% Victory Notes of 1922-1923
43-4% Victory Notes of 1922-1923
Called for redemption Dec. 15 1022
Matured May 20 1923
Debt Bearing No Interest
United States notes
Less gold reserve
81.296,44026
644,500 00
291,420 00
313,150 00
16,203,400 00
37,072,100 00
55,821,010 26-
$346,681,016 00
152,979,025 63
Deposits for retirement of national bank notes
and Federal Reserve bank notes
Old demand notes and fractional currency
Total gross debt
a Net cash receipts.
,
$21,901,528,84409
$193,701,990 37
46,926,279 00
2,050.494 18
242,678,763 55.
$22,200,028,617 90.
b Net redemption value of certificates outstanding.
Treasury Cash and Current Liabilities.
The cash holdings of the Government as the items stood
Aug.31 1923 are set out in the following. The figures are
taken entirely from the daily statement of the United States.
Treasury for Aug. 31 1923.
CURRENT ASSETS AND LIABILITIES.
AMU
Gold coin
Gold bullion
GOLD.
$
Lfabfliftes314,271,612 83 Gold certhe. outstand'g_ 826,369,46900'
3,110,576,168 83 Gold fund F. R. Board
(Act of Dee 23'13, as
amended June 21 '17).2,265,276,942 20
Gold reserve
152,979,025 63
Gold in general fund
180,222,344 83
Total
3,424,847,781 66
Total
3,424,847,781 66
Note.
-Reserved against $346.681.016 of U. S. notes and $1,455,623 of Treasury
notes of 1890 outstanding. Treasury notes of 1890 are also secured by silver
dollars in the Treasury.
SILVER DOLLARS.
Assets$
Llablitties$
dliver dollars
429,520,425 00 Silver certifs. outstand'g 408,876,947 00
Treas. notes of 1890 out.
1,455.62300'
Silver dollars In gen.Pad 19,187,855 00
TotaL-
429,520,425 00
Total
429,520,425 00.
GENERAL FUND.
Assets
Liabilities
Gold (see above)
180,222,344 83 Treasurer's checks outSilver dollars (see above) 19,187,855 00
standing
1,632,633 87
United States notes__
1,794,877 00 Depos. of Govt. officers:
Federal Reserve notes
1,359,281 00
Post Office Dept
9,208,957 90
Fed. Res. bank notes
472,651 00
Board oftrusteesPostal
National bank notes__
17,731.827 00
Savings System(5%
Subsidiary silver coin.__
9.797,406 17
res've lawful money)
6,576,829 74
Minor coin
2,410,085 44
Comptrolla of CurSilver bullion
34,015,850 36
rency, agent for
Unclassified-colleccreditors of Insolvtions, Ac
2,900,619 02
ent banks
3,142,0720
Deposits in Federal RePostmasters, clerks of
serve banks
66,732,568 14
courts, disbursing
Deposits In special deofficers, Arc
28,349,097 71
positaries account of
Deposits for:
sales of Treasury notes
Redemption of Fed'I
and Ms,of indebt'ness 139,395,000 00
Reserve notes (5%
fund, gold)
Deposits In foreign de168,335,055 95positaries:
Redemption of Fed'I
To credit Treas. U.S158,006 09
Reserve bank notes
To .credit of other
(5% fund, lawful
Government officers
565,539 04
money)
27,500 00
Deposits In nat'l banks:
Redemption of nat'l
To credit Treas. U. S..
bank notes (5%
7,837,022 60
Tocredit of other
fund,lawful money) 30,449,496 45
Government officers 20,905,19304
Retirement of addiDeposits in Philippine
tional circulating
Treasury:
notes, Act May 30
To credit Treas. U.EL
1.005,21166
17,010 00
1908
Uncollected items, ex6,296,446 03
changes, Sze
Net balance
3883,687,930 00
91.951,679,700 00
3,198,520,450 00
3.386.741,20000
6,327,388,700 00
*14.858.330.05000
763.954.300 00
117.
254,035,100 13
252,456,238 16
Total
506,491.338 29
506,491,338 29
Total
•Includes receipts from miscellaneous sources credited direct to appropriations.
Note.
-The amount to the credit of disbursing officers and agencies to-day was
$838.500,683. Book credits for which obligations of foreign Governments are
held by the United States amount to 833,236,629 05
Under the Acts of July 14 1890 and Dec. 23 1913 deposits of lawful money for the
retirement of outstanding national bank and Federal Reserve bank notes are paid
Into the Treasury as miscellaneous receipts, and these obligations are made under
the Acts mentioned as part of the public debt. The amount of such obligations
to-day was $46,926,279.
$993,360 in Federal Reserve notes, 3472,651 In Federal Reserve bank notes and
$17,566,811 in national bank notes are in the Treasury in process of redemption
and are charges against the deposits for the respective 5% redemption funds.
TREASURY MONEY HOLDINGS.
-The following compilation made up from the daily Government statements
shows the money holdings of the Treasury at the beginning
of business on the first of June, July, August and September 1923:
SEPT. 15 1923.]
Holdings in
U. S. Treasury.
THE CHRONICLE
Juni 1 1923. July 1 1923. Aug. 1 1923 Sept. 1 1923.
Net gold coin and bullion_
Net silver coin and bullion
Net United States Dotes..
Net national bank notes_ _
Net Fed'l Reserve notes_
Net Fedi Res. bank notes
Net subsidiary silver
Minor coin,&a
336.283.604
38,181.929
1.378.626
12,305.456
1,739,415
330.683
12,302.962
5,332.250
341,404,756
42,651,589
992,174
14,451,964
1,415,889
459.434
11,587,200
9,898,485
341,269,361
52,711,220
3.219.456
17.120,594
1,079,151
300,725
10,926.697
6,223.408
Total cash in Treasury_
Less gold reserve fund...
408.854 929
152.979.026
422,861.491
152,979,026
432,850,612 *422,871,822
152,979,026 152.979.026
Cash balance in Treasury_
Dep. In spec. depositories:
Acct. eerts. of indebt_
Dep. in Fedl Res banks_
Dep. In national banks:
To credit Treas. U. 5..
To credit disb. officers_
Cash In Philippine Islands
Deposits In foreign depts.
333.201,370
53.203.705
1,794.877
17.731,827
1,359.281
472.651
9,797.406
530.705
255.875.899
279,871,586
269,892,796
297,843,000
46,837.050
190.413,000
.53,085,875
139,395,000
66,732,568
8,819.296
20,800.550
1,217,586
876.994
7,669,653
19,252,187
1,156.376
859.131
7,276.962
20,469.107
1,051,848
814,099
.7,837.023
20,905,194
1,005,212
723,545
580.371.230
278.487,323
Net cash In Treasury
and in banks
Deduct current liabilities_
269,882,465
247,800.000
44.980,905
643,499,862
272,560,741
552,982.477
270,128,682
506,491,338
254,035.100
Available cash balance_ 801,883.908 370.939.121 282,853,795
252,456,238
•Includes Sept. 1 334.015.850 silver bullion and 82,410,085 minor
coins, &c.,
not included In statement "Stock of Money."
Imports and Exports for August.
The Bureau of Statistics at Washington has issued
statement of the country's foreign trade for August and the
from
it and previous statements we have prepared the following:
Totals for merchandise, gold and silver for August:
FOREIGN TRADE MOVEMENT OF THE UNITED STATES.
(In the following tables three ciphers are In all cases
omitted.
Merchandise.
sou
omitgal
Exports,
Insports.
$
$
1../23._ 313,011 275.11/
1922-- 301,77
281,376
1921.- 366,8': 194,769
1920- 578,183 513,112
1919- 646.054 307,293
1918-- 522,014 273,003
1917-- 488,656 267.8.
1916-- 510,167 199,316
•Excess of Imports.
Gold.
Silver.
Excess
Excess
I
Ex- I Insof
of
ExExports, ports. ports. Expor ports.
$
38.; I 1
20.399
172.119
65,071
338,761
254,011
220,801
310,851
$
S
$
2,2011 32,837*30.63
9
19,092i8.136
6721 84.902+84,230
24.98 15,3781 9,608
45,18
2,490 42,699
27.357
1,7221
3,27
1,5551
46,049, 18,692
11,7801 41,238 *29,458
$
7.032
3,881
3,743
4.489
13,809
20,549
7,503
5,815
I Excess
Irriof
Ports. Lforta
$
6.4661
4.94
7,853
4.420
71
8,327
7,25
5,681
2,517
8
566
*1.083
*4,110
gg
5.482
13.292
1,822
3,298
Totals for eight months ended August 31:
Merchandise.
0008
Oatit-
Exports.
Insports.
Excess
Exof
Exports. ports.
The exports from the several seaboard ports for the week
ending Saturday, Sept. 8 1923, are shown in the annexed
statement:
Exportsfrom
-
Excess
Ins
-I of
ports. Exports
F our.
Corn.
Oats.
Ryr.
Bar ay.] Peas.
Total week 1923_ 3,773.286
11,000 208,369
8.430,662 2,213.875 210.476
Week 1922
259,694 237.782 548.343
827,805 1581422 163.207
The destination of these exports for the week and since
July 1 1923 is as below:
Flour.
Exportsfor Week '
Week
and Since
Since
Sept. 8. July 1
July 110
1923.
1923.
United Kingdom_
Continent
So.& Cent. Amer.
West Indies
Other countries...
Total 1923
Total 1922
I
Wheat.
Week
Sept. 8
1923.
Cons.
Since
July 1
1923.
Week
Sept. 8
1923.
Barrels.' Barrels. Bushels.
Bushels. Bushels.
74,879
763,580 1,787.455 19,435.333
97,948 1,138,990 1,985,831 24,398,201
2,000
54,000
'
128,000
1.000
14.000
179.000
10.000
4,000
19,542
83,717
176,000
Since
July 1
1923.
Bushels.
640.351
262,000
38,000
275.000
6.000
208,369 2,219,287 3,773,286 44,141,534
11,000 1.247,351
210,476 1,917,418 8,430,662 70.366,783 2.213.878 25.719,045
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange,,for the week
ending Friday, Sept. 7, and since July 1 1923 and 1922,
are shown in the following:
Wheat.
1923.
Week
Sept. 7.
Since
July 1.
Corn.
1922.
1923.
Since
July 1.
Week
Sept. 7.
Since
July 1.
1922.
Since
-Attu 1.
Bushels.
Bushels.
Bushels.
Bushels. Bushels.
Bushels.
77.000 1,075.000 26,424,000
North Amer_ 4,388,000 61.008.000 82,671.'''
72.000,
616,000
816.000
68,000 1.179,000 3.210,000
RUSS.es Dan.
Argentina__ 2,486.000. 23,512,000 23,669,000 2.756,000 35,264,000 17,356,000
888,000' 7,976,000 6,284,000
Australia ___
16,000 7,984,000
India
288,000
1.072,000 3,887,
0th. countr'
1,844,000
7,850.00010l.384.000113,440.000 3,973.000 41,405,000 48.834,000
Silver.
Excess
Insof I Ex-.
ports. Exports, ports.
Wheat.
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels. Bushels.
New York
446.286
99,369
97,694 211,782 288,343
42,000
Boston
Philadelphia
208.000
16,000
Baltimore
264,000
17.000
9.000
Newport News
2,000
New Orleans
462,000
11.000 46,000
5,000
Galveston
816,000
Montreal
1,288.000
28,000 157,000 17.000 260.000
Port Arthur, Texas 247.000
Total
Gold.
1209
Is
$
s
S
1923._ 2,561,6762,650,201 /88,526 25,015 192,69911676841 S
1922._ 2,423,5351,952,556 470,979 11,744 185,092/173348 38,528
42,291
1921._ 3,226.545 1,693,404 1,533,141 11,097495,092/483995 29,898
1920-- 5,475,304 3,994,729 1.480.575 242.103 159.647, 82.456 92,105
1919_ 5,272.164 2.261.551 3,010.613 196.871 54.782,142.089 164,17
1918- 4.008.7082.060,884 1.947.824 31.979 53,892,721.913 155,012
• 1917._ 4,149 442 2,048.
.
5982.i02 844 317,636 524.16111'206525 51,769
.
1916_ 3.435.50211,667.136 1,768,366 87.581 290,3251202744! 41,194
f Excess of imports.
1
S's
45.565 /7.039
46,793 /4,502
39,816 /9.918
66.996 25.109
56.445107,739
47.617107.391
27,253 24.515
20,355 20,836
goinmerctat andAttsallanatusBum
Breadstuffs figures brought from page 1260.
-The
statements below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts at-
-CHANGES IN TOTALS OF, AND IN
BANK NOTES
DEPOSITED BONDS, &c.
-We give below tables which
show all the monthly changes in national bank notes and in
bonds and legal tenders on deposit therefor:
Amt. Ms. on Deposit to
Secure Circulation for
National
Fed. Res.
Bank NO148. Ban* Notes.
Aug. 31 1923.. 745,585,080 4,549,700
July 311923.. 744,848,940 4,793,700
744.654.990 4,993,700
744,034.190 5.593,700
April 3° 1 9231.1: 742.823.590 6,148.700
3
jXlua 301 110223
m iye3 99233
742.879.610 6.368.700
Feb. 28 1923_ 741.077.590 6,878.700
31 1923._ 739.329.840 7.868.700
Jan.
Dec. 3 1922_ 738.257.440 7.968.700
Nov. 30 1922_ 739.018,690 31.468,700
Oct. 31 1922._ 737.660.690 46.468300
Sept. 30 1922_ 737.501.940 56.768,700
735,4611600 67.518.700
Wt. 31 1922_
July 311022.. 735.160.690 80.518,700
734.546,300 84.218.799
733.876.590 87,218300
mprye 3O 119.22 . . - 731.693.690 95.568.700
4Auar 33i 1 92 2
i an l 3 90222
° 2
l
730.016.940 102.393.700
Feb 28 1922._ 729.702.240 110.359.700
inn. 31 1922.. 729.425.740 126,393,700
Dec. 31 1921- 728.523.240 126,3.3,700
National Bank Cirenlation
Afloat on
Legal
Bonds.
Total.
740,323,568
740.986,663
719,103,625
742,178,351
740,099.541
739.984.523
738,423.517
734,541,173
735.281.275
736.065,365
734.520.475
734,485.283
733,623.525
732.467 585
732.585.640
730.203.870
729.526,135
727.838.900
727.465.523
724.480.758
724.235.815
28,621.244
28,823,714
28.336,094
27,829.641
27.868.731
27.197.981
28,620,187
29.209.789
26.846.812
25.433.762
26.158,712
26.285.914
26.082.024
25,603,977
25,616.387
25.696.832
25.096.414
24.840.522
24.569.959
25.130,609
25,932.109
768.944.812
769,810.377
747.439,719
770.007,992
767.968,272
767.182.504
767.043,704
763.750,962
762.128,087
761.499,127
760.1379.187
760.751.197
759.70.5,549
758 071.562
758.202.027
755.900.702
754.822.549
752.879.422
752.035.482
749.611.367
760.167.924
Flour.
Wheat.
Corn. 1
Oats.
Barley.
Rye.
bbls 19616s.bush 60 lb,.hush.56 tbs. bush. 32 lbs, bush.48lbs.
.
Chicago
210,000 2,156,000 1,665,000 1,926,000 253.000 bush.681ba
63.000
Minneapolis_
3,035.000
86.000; 1,049.001
596,000 362.000
Duluth
1.821.000
3.000
68,000 287.000 489.000
Milwaukee...
104.000
61,000
324.000
755.000 2s4;0O01
26.000
Toledo
179,000
31,000
123,000
1
5,000
Detroit
$18,946,000 Federal Reserve bank notes outstanding Aug.31 (of wh ch $1,690,300
54,000
37,000
116,000
Indianapolis
secured by United States bonds and 817,255,700 by lawful money). against 869,148.000
291,000
536,000
St. Louis_ _ _ _
93,000
951,000
737,400 AUg. 311923.
567,000
806,000
42,000
23,000
Peoria
35,000
66,000
486,000
272,000
18.000
3.000
Kansas City_
1,552.000
193.000
739,001
The following shows the amount of each class of United
Omaha
576,000
253,000
496,000
States bonds and certificates on deposit to secure Federal
St. Joseph.
163,000
182,000
88,00'
Total wk.1923
Same wk.1922
Same wk.1921
Reserve bank notes and national bank notes on Aug. 31:
399,000 10,805,000
583,000 13,141.000
450,000 15,459.000
4,118,000
7.648,000
7,785.000
6.974.000 1,481,000 971.000
4.572,000 1,082.000 3073,000
4,493,000 707,000 248,000
U. S. Bonds Held Aug. 31 to Secure
Bonds on Deposit
Aug.s. 311923.
Since Aug.11923
2,342,000 83,917,000 27,611,000 39.067,000 6,142.000 4.533.000
1922
3,026.000 80.143.000 33,104,000 31.662.111 5.519,00017,167.000
1921
2,897,000 90.315.000 41.168.000 46.793.111 4,464.000 2.892.000
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday S.pt. 8 1923 follow:
Receipts at
-
Flour,
Barrels,
New York_
152,000
Philadelphia.
50,000
Baltimore....
44,000
Newport New
2.000
Now Orleans*
75.000
Galveston....
Montreal _
45,000
Boston
22,000
Wheal.
Corn.
Oats.
Barley.
Rye.
Bushels.
Bushels.
Bushels.
Bushels. Bushels,
589.000
129.
360,000
96,000 144,000
267.000
35.000
81.000
4,000
279.000
9,000
51,000
5,000
97.000
46,000
2,217,000
1,000
122,000
27.000
22,000
1,000
733.000
42,000
670,000
1.000
215.000
1,000
Total wk.1923 390.000 3.496,000
318,000 1,274,0001 767,000
Since Jan.1'23 16,123,000164.394,500 34,835,000 28,423,000 10,536,000 369.000
25,324.000
Week 1922... 581,000 5,336,000 1.288,000
1,493.000 578,0001 2,226.000
Since Jan.1'22 16.727.000 170,188.000113,369.000 48.823.00012,147.0
0026.798.000
• Receipts do not Include grain Passing through New Orleans
for foreign ports
on through bills of lading.
2s, U. S. Consols of 1930
4s. U. S. Loan of 1925
2s, H. B. Pallitrall 0( 1936
2s, U. S. Panama of 1938
Totals
On Deposit to On Deposit to
Secure Federal
Secure
Reserve Bank National Bank
Notes.
Notes.
Total
Held.
2,408.400
1,768,000
237,000
130,300
586,390,300
85,347.400
48.297,620
25,549,760
588.798,700
87.115,400
48.534.620
25,680.060
4,543,700
745,585,080
750.128,780
The following shows the amount of national bank notes
afloat and the amount of legal tender deposits Aug. 1 and
Sopt. 1, and their increase or decrease during the month
of August:
National Bank Notes-Total Afloat
Amount afloat Aug. 1 1923
Net decrease during August
Amount of bank notes afloat Sept. 1 1923
Legal Tender Notes
Amount on deposit to redeem national bank notes Aug.1 1923
Net amount of bank notes retired In August
Amount on deposit to redeem national bank notee Sept. 1 1923
$769,810,377 .
865,565
5768,944,812
828,823,714
202,470
328,624244
[Vox,. 117.
THE CHRONICLE
1210
-Among other securities, the following,
Auction Sales.
not usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
Price.
Shares. Stocks.
$5lot
107 Foster Petroleum
12 Independent Chemical Co.,Inc.,
($130
common trust otf
12 Indep. Chem. Co., Inc., 7% I lot
1st Fret, and $10 scrip, tr. ctf..A
4,375 Montana Consol. Copper
$60
trust etre., $10 each
lot
633 Iona Gold Mining, $5 each
5500 lot
98 Suburban Engineering
$100 lot
400 Orient Mines, no par
260 Seaboard Finance & Invest$100 lot
ment, no par
100 Shinnecock Hills & Peconic Bay
$100 lot
Realty
Price.
Shares. Stocks.
5.682 Butterworth-Judson, pref_5200 lot
each_ _510 lot
320 Link 011 (tr. ens.), 525
Price.
Bonds.
$1,000 Augusta-Aiken Ry. & Elec.)
15510
55, 1935
$150 Aug.-Alk. Ry.& El. 5s, 19241 lot
Humus stock synd.
$62,500 Alphano
$5 lot
participation (receipt)
399,936 54 Atlantic Potash Co., Inc..
51 lot
demand notes
55,009 59 Aniruss Syndicate, past due
$1 lot
notes
854,000 Seaboard Finance & Invest$100 lot
ment temporary 7s, 1923
By Messrs. R. L. Day & Co., Boston:
Price.
Price. Shares. Stocks.
Shares. Stocks.
67
5 Federal Bearings Co., pref
242
1 Old Colony Trust. Boston
1 Boston Athenaeum. par $300----525
341
2 American Trust, Boston
15251 15 Heywood-Wakefield Co.. corn-120
50 American Mtg. Co.. pref
81 q 26-100 Share of State Theatre Co.,
7 Massachusetts Cotton Mills
-66c.
65c.
105
preferred scrip
5 Lancaster Mills pref
16551
3 Pittsfield & North Adams Rd- _ 85% 14 Draper Corp., ex-div
1035£
5 Hood Rubber Co., pref
1,560 Crowell & ThurlowSS.,corn..
43
520101 39 American Glue Co.. corn
par $10
10634
$300 lot 3 Plymouth Cordage Co
16 Boston Portrait Co
10634-34 10 Fidelity Trust Co., ctf. of dep.-51 lot
Cordage Co
20 Plymouth
5 International Nitrogen. Pre---} 1.4
5 Converse Rubber Shoe. prof_ _ _ _ 85
lot
do common
5 do
88,100 share of State Theatre Co.
Price.
Bonds.
-66c.
63c.
preferred scrip
Roubles 10.000 par val. Imperial
50.600 Cascade Silver Mines &
Russian Govt.535% War Loan of
53 lot
Mills, par $1
sub.
25 Boston Pers. Prop.Trust__112&My. 1915 with Nov. 1916 and per $1,000
535
coupons attached
15 Municipal Real Est. Trust_ _108& div.
Tr_ _125H & div. 55.000 Copley Square Trust 4355,
11 Western Real Estate
9034
1941
50
3 New England Co., 2d pref
CHANGE OF TITLE.
-The Capital National Bank of Salem, Ore.,. to
Sept. 7
-3405
"First National Bank in Salem."
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the current week. Then we follow with a second table, in which
we show the dividends previously announced, but which have
not yet been paid.
The dividends announced this week are:
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
El Paso & Southwestern Co.(quar.)- --- 155 Oct. 2 Holders of rec. Sept.240
New York Central RR.(quar.)
134 Nov. 1 Holders of rec. Sept. 288
•1% Oct. 1 'Holders of rec. Sept. 15
Old Colony (quar.)
75c. Oct. 1 Hdiders of rec. Sept. 15
Plash. Bessemer & Lake Erie, corn__
Oct. 1 Holders of rec. Sept. 16a
2
Southern fly., M.& 0.stock tr. etfs_
Western Pacific RR.Corp., pref.(guar.) 131 Oct. 22 Holders of rec. Oct. 110
Public Utilities.
Holders of rec. Sept. 18
258. Oct.
Amer. Gas & Elec., corn.(quar.)
Holders of rec. Oct. 13
750. Nov.
Preferred (quer.)
Holders of rec. Sept. 14
Amer. Power & Light. Pref. (quar.)..... I% Oct.
*Holders of rec. Sept. 15
Oct.
American Public Service, pref. Mani
Holders of rec. Sept.20
Amer. Public Utilities, prior pref. (on.). 15‘ Oct.
Holders of rec. Sept. 20
Oct.
Participating preferred (quar)
Holders of rec. Sept.20
1% Oct.
Six per cent preferred (qmar.)
Holders of rec. Sept- 18
Asheville Power dr Light, pref.(guar.).- 151 Oct.
Oct. 1 *Holders of rec. Sept.22
*2
Bell Telephone of Canada (quar.)
Holders of rec. Sept. 19
1% Oct.
Boston Elevated Ry., corn. Mari
Holders of rec. Sept. 19
351 Oct.
Second preferred
Holders of rec. Sept. 14
1% Oct.
Capital Traction,'Wash., D. C. (qu.)..
Holders of rec. Oct.'17
)5 Nov.
Carolina Power & Light, corn. (quar.)...
Holders of rec. Sept. 18
151 Oct.
Preferred (quar.)
Holders of rec. Sept. 120
1)4 Oct.
Cleveland Ry.(quar.)
By Messrs. Wise, Hobbs & Arnold, Boston:
Holders of rec. Sept. 120
Oct.
Price. Columbus Elec.& Power, corn.(quar,)..
Price. Shares. Stocks,
Shares. Stocks.
Holders of roc. Sept. 126
154 Oct.
(quar.)
First preferred, series A
I First National Bank, Boston_ _ _325% 25 Bos. Wov. Hose & Rub., corn_ 84%
Holders of rec. Sept. 124
131 Oct.
Second preferred (quar.)
125
20 Liggett's International. pref_ _50-5234
25 Otis Company
Sept.2 Holders of rec. Sept. 8
59
Consumers Elec. L.& P., N.O.,com(qu) 2
148
25 Eastern Mfg. Co., pref
12 Berkshire Cotton Mfg
151 Sept.3 Sept. 9 to Sept.30
Preferred (guar.)
2 Central Mass. Lt. & Fow., com_ 5
80
2 U.S. Worsted, let met
Holders of rec. Sept. 20
1)1
Dayton Power & Light, pref. (quar.).
12 Central Mass. Lt.& Fow., pref_ 85
12
IOU.S. Worsted, corn
Oct. I Holders of rec. Sept. 200
2
Detroit Edison (quar.)
135 Crowell & Thurlow SS. Co__ A0-5
63
5 Hamilton Mfg
Holders of rec. Sept. 20
134 Oct.
.
42
36-100 State Theatre Co., pref scrip 65c Duluth Edison Elec., pref. (quar.)
9 Ipswich Mills, common
Sept. 21 to Oct. 1
60c Indianapolis Water Works &cur., pref._ 3% Oct.
29411 1 State Theatre Co.stock
10 Naumkeag Steam Cotton
Holders of rec. Sept. 17
151 Oct.
25-4531 Jersey Central Pow. dr Lt., 7% Pf. (qu.)
50 Haverhill Electric
145
10 Nashawena Mills
Holders of rec. Sept. 15
154 Oct.
84
Kansas Gas & Elec., Pref.(quar.)
170
21 Central Indiana Power. pref_
.1
10 Flint Mills
*Holders of rec. Sept. 21
Oct.
Corp., corn.(qu.)
520 Eastern Mass. St. Ry.,com_ _23)1% 5 Batchelder dr Snyder Co., pref... 9334 Kentucky Securities
15 *Holders of roc. Sept.21
*1)5 Oct.
86
Preferred (mar.)
10 Mass. Lighting,6% pref
$12 Eastern Mass.St.Ry.,1st pref.
Oct. 15 *Holders of rec. Sept. 29
10-434 Manufacturers Lt. ec lit., Plttsb. (qu.). *81
65% 5 State Theatre Co., corn
20
Series"A"stamped
of
Metropolitan Edison Co., pref.(quar.) "51.75 Oct. 1 *Holders of rec. Sept.
50-9334 10 Boston Woven Hose dr Rubber_ 85
Merrimac,Chernital Co
rec. Sept.29
1
1% Oct. 15 Holders
Middle West Utilities. pref. (guar.).
133
3 Walter Biker Co.. Ltd
Holders of rec. Sept. 150
Power, pref. (guar.).- 134 Oct.
Mississippi River
Holders of rec. Sept. 2I6
Oct.
2
Mohawk Valley Co.(guar.)
By Messrs. Barnes & Lofland, Philadelphia:
Nionongahola West Penn Pub. Service
Price.
37)4c Oct. 1 Holders of roe. Sept. 156
Shares. Stocks:
(quar.)
Price.
Six per cent preferred
Shares. Stocks.
8034 200 Amer. Sleeve Valve Motor Co_S1 lot Montreal Tramways debenture stock_ _ _ 2% Oct. 1 Soot. 16 to Sept.30
22 Diamond lee & Coal prof
$1 lot New York State RYs.. corn. (guar.) _ _
Oct. 1 Holders of rec. Sept. 210
10 Booth Glass Mfg Corp
40 Hunt Pen common. par $25.. 10
Wallace Oil. par 51 --51 lot
500 Jagger
134 Oct. 1 Holders of rec. Sept.214
Preferred (quar.)
80 Hunt Pen preferred, Dar $25 _ ... 15
Sept.15 Holders of roe. Sept. 8
2
1634 100 Postal Tire & Rubber par $10-51 lot Niagara Falls Power, corn. (quar.)
I Library Co. of Philadelphia
51 lot
151 Oct. 15 Holders of rec. Sept.29
61
8 Northland Rubber. par 525
Preferred (quar.)
100 Newton Coal. 1st pref
Oct. 1 Holders of rec. Sept. 22
12 Phila. Warehousing & Cold
Ottawa Light, Heat & Power (quar.)..
4 Phila. Bourse. corn., par $50_ _ -- 18
Oct. 1 Holders of roc. Sept. 16
11034 Ottawa Traction (quar.)
1
Storage
24
pref., par 525
3 Phila. Bourse,
.134 Oct. 15 'Holders of rec. Sept. 29
Insurance, par $50.... 97
10 Reliance
36
Pacific Gas & Elec., corn. (quar.)
30 Northern Liberties Gas
Oct. 1 *Holders of rec. Sept. 20
475 14 30 Red Diamond Chemical, pref.
Pennsylvania Edison Co., pref. (quar.). '52
Girard National Bank
10
$6 lot Penna. Power & Light. pref.(quar.)
81.75 Oct. 1 Holders of rec. Sept. 15
With 5 shares common
475
8 Girard Natibnal Bank
Oct. 17 'Holders of rec. Oct. 3
15 do do With 734 shs. com_.$2 lot Peoples Gas Light dr Coke (quar.)
10 First Nat.Bank of Philadelphia-270
20 do do With 10 shs. com....57 lot Portland Ry., L. dr P., 1st pf. (quar.)__ 1% Oct. 1 Holders of rec. Sept. 17
1 Delaware Co. Nat.Bank,together
151 Oct. 1 Holders of rec. Sept. 17
7.000 Cons. Arizona Smelt., par $5) lot
Prior preference (quar.)
with right to subscribe at $100-295
Oct. 1 Holders of rec. Sept. 1$
$E_ l$75 Providence Gas (quar.)
51
(Rights) Franklin Trust Co--- - 3034 1,000 Foster Cobalt Min., par
27
Sept.30 *Holders of rec. Sept.24
20 Fire Assoc. of Phila.. par 550.._333% Public Service Co. of Okla., corn. ORO - *2
30
7(Rights) Franklin Trust Co
.1% Sept.30 *Holders of rec. Sept.24
250 Lackawanna Coal Mining._5100 lot
Prior lien preferred (quar.)
18 Real Estate Trust Co.,com ----105
55
'134 Sept.30 *Holders of rec. Sept.24
380 (Rights) Camden Fire Ins..._
650
Preferred (quar.)
1 Philadelphia Trust Co
Oct. 15 Holders of rec. Sept. 204
Puget Sound Power dr Lt., corn,(quar.)_ 1
5 Real Estate Title Ins. & Trust_ _470
Price.
151 Oct. 15 Holders of rec. Sept. 204
Bonds.
654
Prior preference (quar.)
4 Land Title & Trust Co
1)4 Oct. 15 Holders of rec. Sept. 200
510,000 Midland Valley RR. 58.
Preferred (quar.)
7 Bank of Nor. Amer.& Trust Co-292
.13.4 Oct. 15 "Holders of rec. Sept.30
55
(A), 1953
50314
Southern Canada Power, pref. (quar.)
2 Fidelity Trust Co
134 Oct. 1 Holders of rec. Sept. 194
5.500 Midland Valley RR. 55,
Tennessee Elec. Power,6% pref.(qu.)
5 Guarantee Trust & Safe Dep.Co _150
151 Oct. I Holders of rec. Sept. 194
4634
(B), 1953
Seven per cent preferred (guar.)
2 J. B.Stetson Co.,com., no par- - 9534
Oct. 1 Holders of rec. Sept. 15a
2
$1101 1,000 Ardmore St. Ry. 55, 1958-- 71H Toledo Edison preferred (quar.)
15 American Royalty Co
Oct. 10 Holders of rec. Oct. 1
1
$25__ _51 lot 2.000 Springfield Water 5s, 1926- 92% Trinidad Electric Co.(quar.)
IOU. S. Gasoline Mfg., par
151 Oct. 1 Holders of rec. Sept. 20
100% Tr-City Ry.& Light. pref.(quar.)
51 iot 4000 City of Phlla 5s 1941
100 Fototom Co
71e. Oct. 15 Holders of rec. Sept.29
United Gas limn.,corn.(quar.)
1% Dec. 15 Holders of roe. Nov.30
Preferred (quar.)
151 Oct. 1 Holders of rec. Sept. 14
Utah Power & Light, pref.(quar.)
1% Oct. 15 Holders of rec. Sept. 256
following information regarding Western Union Telegraph (quar.)
-The
National Banks.
151 Oct. 1 Holders of rec. Sept. 18
Winnipeg Electric Ry.(quar.)
1% Oct. 1 Holders of rec. Sept.18
national banks is from the office of the Comptroller of the Yadkin River Power. pref. (Qum.)
1)1 Sept.29 Holders of rec. Sept. 8
River RR.,pf.(qu.)
Youngstown de Ohio
Department:
Currency, Treasury
APPLICATIONS TO ORGANIZE RECEIVED.
-The First National Bank of Cunningham, Kan
Sept. 5
Correspondent: Leland Scrogin, Pratt. Nan.
-The National Bank of Mahnomen, Mahnomen. Diann_ _
Sept. 5
Correspondent: Robert I'earson, Mahnomen, Minn.
APPLICATIONS TO ORGANIZE APPROVED.
-The First National Bank of Hazen. No. Dale
Sept. 5
Correspondent: Roy Seibert. Hazen, No. Dak.
-The Citizens National Bank of Trenton, Tenn
Sept. 6
Correspondent: W. L. Wade. Trenton, Tenn.
-The First National Bank of Auburn, Ala
Sept. 8
Correspondent: A. L.Thomas. Auburn, Ala.
Capital.
$25.000
25.000
25.000
75,000
30,000
APPLICATION TO CONVERT RECEIVED.
200.000
-The Ogden National Bank of Chicago, Ill
Sept. 6
Conversion of the Ogden Ave. State Bank, Chicago, Ill.
APPLICATION TO CONVERT APPROVED.
-The First National Bank of Mt. Ranier, Md
Sept. 6
Conversion of Citizens Interstate Bank,Mt.Ranier. Md.
CHARTERS ISSUED.
-The Wendell National Bank, Wendell, Idaho_ _
-12432
Sept. 4
President. B. L. Barton; Cashier. Le Roy Schouweller.
-First National Bank in Grass Valley, Calif_ _ _ _
-12433
Sept. 7
President, Thomas Ingram; Cashier, Burr W. West.
25.000
25,000
50.000
VOLUNTARY LIQUIDATIONS.
-The American National Bank of San Francisco,
-6426
Sept. 5
2,000.000
Calif
Effective Aug. 18 1923. Liquidating agent, Roger
Sherman.
To be succeeded by a State bank.
25.000
-The First National Bank of Sheldon, No. Dak- -6977
:Sept. 8
Effective Aug. 31 1923. Liquidating agent, R. E.
Sheldon No. Dab.
Kratt.
Absorbed by the Farmers State Bank of Sheldon.
Banks.
Amer. Each. Securities Corp.,cl A (qu.)
Coal & Iron National (quar.)
Colonial (quar.)
Filth Avenue (quar.)
First National (quar.)
Greenwich (quar.)
Manhattan Co.(Bank of the)(quar.)--Mechanics (Brooklyn) (quar.)
Mutual (qar.)
Standard (quar.)
State (quar.)
United States, Bank of the (quar.)
Trust Companies.
Hudson (qar.)
Manufacturers (quar.)
Oct.
Oct.
Oct.
Oct.
Oct.
10
Oct.
3
*51.50 Oct.
Oct.
3
.3
Oct.
•134 Oct.
Oct.
*4
2% Oct.
2
.3
.3
Holders of rec. Sept. 15
*Holders of rec. Sept. 12
*Holders of rec. Sept.30
Holders of rec. Sept. 294
1 Holders of rec. Sept. 30a
Holders of rec. Sept. 206
*Holders of rec. Sept. 21
Holders of rec. Sept. 15
*Holders of roe. Sept.22
*Holders of rec. Sept.29
*Holders of roe. Sept. 18
Holders of rec. Sept. 20a
234 Sept.29 Holders of rec. Sept.20
Oct. 1 Holders of rec. Sept.20s
4
Miscellaneous.
I% Oct. 1 Holders of rec. Sept.20
Abitibi Power dz Paper. Ltd., Pf.(qu.).. 31
Oct. 16 Holders of rec. Sept. 296
Air Reduction (quar.)
corn. (qu.) 51.25 Sept.29 Holders of rec. Sept.21a
Amer. Brake Shoe & Fdry.,
134 Sept.29 Holders of rec. Sept.21a
Preferred (quar.)
*50c. Sept.29 Holders of rec. Sept.28
American Chain, class A (quar.)
Oct. 1 Holders of rec. Sept. 20
2
Amer. Lace Mfg., corn. (quar.)
Nov.
of
Nov. 1
France Fire Eng.,Inc., com.(lu.) 250. Oct. 15 Holders of rec. Sept.24
Am.La
1 Holders rec.
151
Preferred (Var.)
'$1.75 Sept.29 'Holders of rec. Sept.20
Amer. Pneumatic Service. 1st pref
*51.50 Sept.14 *Holders of rec. Sept. 13
American Railway Express (quar.)
*Holders of rec. Oct. 100
Amer. Type Founders. com.(quar.)___ _ '131 Oct. 15 *Holders of rec. Oct. 104
•151 Oct. 15
Preferred (guar.)
151 Oct. 1 Holders of rec. Sept. 20a
(quar.)__
Amer. Wholesale Corp., pref.
Sept.27 Sept.21 to Sept. 27
3
Baltimore Brick. 1st prof
Barnhart Bros. & Spindler
1H Nov. 1 Holders of rec. Oct. 26
(
First and second preferred uar.)_ _
*50c. Oct. 1 *Holders of rec. Sept.20
Bassick-Alemite Corp. (quar.)
Bayuk Cigars, Inc., 1st pref.(quar.)._ •151 Oct. 15 *Holders of rce. Sept.29
Oct. 15 *Holders of roc. Sept. 29
*2
Second preferred (Var.)
'1)4 Oct. 1 "Holders of roe. Sept. 20
Beatrice Creamery,corn.(quar.)
•151 Oct. 1 *Holders of rec. Sept.20
Preferred (quar.)
Oct. 1 Holders of rec. Sept. 15
1
Bird & Son, Ltd., prof.(quar.)
Blumenthal (Sidney) & CO.. Pref. (rIU.)- *1% Oct. 1 'Holders of rec. Sept. 15
*750. Oct. 1 *Holders of rec Sept. 18
Borg & Beck ((Mar.)
*50e. Oct. 1 *Holders of rec. Sept.22
British-American 011 (qua!'.)
SEPT. 15 1923.]
Name of Company.
When
Per
Cent. PayaNg.
Books Clos.d.
Days Dtclus
Miscellaneous (Concluded).
Brtinswick-Balke-Collender, pf.(qu.)___ *131 Oct. 1 "Holders of rec. Sept. 20
Brunswick Site Co
25e. Oct. 1 Holders of rec. Sept. 20
Extra
$I
Oct. 1 Holders of rec. Sept. 20
Burns Bros., pref.(guar.)
•14i Oct. 1 *Holders of rec. Sent. 21
Prior preference (quar.)
•141 Nov. 1 "Holders of rec. Oyt 19
'Caned. Conn. Mills, partic. pt. (qu.)
2
Oct. 1 Holders of rec. Sept.. 11
Canadian General Electric, pref
344 Oct. I Holders of rec. Sept. 15
Canadian Locomotive, corn. (quar.)
•1
Oct. I *Hogrns of rec. Sept.'20
Preferred (qua?.)
*131 Oct. 1 *Holders of rec. Sept.20
Central Coal & Coke, corn.(quar.)
131 Oct. 15 'Holders of rec. Sept.30
Preferred (attar.)
131 Oct. 15 Holders of rec. Sept.30
Central Steel, coin.(guar.)
Oct. 10 IloWs of rec. Sept. 30a
81
Preferred (guar.)
2
Oct. 1 Holders of rec. Sept.20a
Chicago Railway Equip.,corn.(quar.)
50c. Oct. 1 Holders of rec. Sept. 20
Preferred (quar.)
131 Oct. I Holders of rec. Sept. 20
City Dairy, Toronto, common
231 Oct., 1 Holders of rec Sept.15
Preferred (guar.)
131 Oct. 1 Holders of rec. Sept. 15
Cleveland Worsted Mills (quar.)
1
Sept.30 Holds rs of rec. Sept.15
Devoe & Reynolds, 1st peel. (guar.)
'131 Oet. 1 *Holders of rec. Sept.15
Dominion Canners. pref.(quar.)
151 Oct. 1 Holders of rec. Sept. 18
•134 Oct. 1 'Holders of rec. Sept. 21
Dow Drug. cool.(quar.)
.1% Oct. I *Holders of rec. Sept. 21
Preferred (quar.)
Eastern Rolling Mill, pref
84 j Oct. 1 501st
to
to Oct. I
Edmunds & Jones Corp., corn.(quar.) *Wet Oct. 7 "Holdir of rec. Sept. 20
Extra
*50c.' Oct. 7 *Holders of rec. Sept. 20
Preferred (quar.)
. 70
11 era of rec. Sept. 20
Edwards(Wm.)Co., pref.(guar.)
131 Oct\
6ers of rec. Sept. 20
Eisenlohr (Otto) & Bros.,cont.(quar.).. 131 Nov:1
ders of rec. Nov. 1
Electric Controller Lk Mfg. pref.(qua?.) 131 Oct. 1
1
elders of rec. Sept. 20a
Empire Safe Deposit(guar.)
'
141 Sept.28 Holders of rec. Sept.22a
Famous Players-Lasky Corp., pf. (qu.). 2
Nov. 1 Holders of rec. Oct. 15a
Gen'l Amer. Tank Car Corp., Pt.(q.) 131 Oct. 1 Holders of rec. Sept. 15a
General Tire & Rubber, pref. (quar.) _
131 Oct. 1 Holders of rec. Sept. 20a
Gill Mfg. (quar.)
*50c. Oct. 1 *Holders of rec. Sept. 20
Goodyear Tire & 11.01 Canada, pi.(au.) 131 Oct. 3 Holders of rec. Sept. 15
Gossard (II. W.)& Co.,corn.(mthlYa-- •25c. Oct. 1 *Holders of rec. Sept. 20
Common (monthly)
"250. Nov. 1 *Holders of rec. Oct. 20
Common (monthly)
*250. Dec. 1 'Holders of rec. Nov.20
Goulds Mfg., corn. ((Mara
'134 Oct. 1 *Holders of rec. Sept. 20
Preferred (quar.)
"13( Oct. 1 *Holders of rec. Sept. 20
Great Lakes Towing,corn.(guar.)
131 Sept.29 Se t. 16 to Se 1.30
Preferred (quar.)
Ifi Oct. 1 Sept 16 to Oct. 2
Gulf 011 Corp.(guar.)
131 Oct. 1 Sept. 21 to Sept. 24
Hanes(P. H.) Knitting, pref.(quar.)--- 11i Oct. 1 Holders of rec. Sept. 20
Harmony Creamery,Pittab., p1.(guar.). 14i Sept.25 Holders of rec. Sept.15
Heath(D.C) Co., pref.(quar.)
&
'131 Oct. 1 'Holders of rec. Sept. 27
Hoover Steel Ball (guar.)
'2
Oct. I *Holders of rec. Sept. 21
Humble Oil& Refining (quar.)
*300. Oct 1
Hydrox Corporation, corn.(qua?.)
'25c. Oct. I *Holders of Tee. Sept.20a
Intertype Corporation, let prof. (guar.)- 2
Oct. 1 Holders of rec. Sept. 15a
Island Creek Coal,corn.(qua?.)
82
Oct. 1 Holders of rec. Sept. 21
Common (extra)
Oct. 1 Holders of rec. Sept. 21
12
Preferred (qua?.)
81.50 Oct. 1 Holders of rec. Sept.21
Johns-Manville, Inc. (qua?.)
•750. Oct. 1 *Holders of rec. Sept. 19
Laurentide Co. (quar.)
131 Oct 1 Holders of rec. Sept. lg
Lawton Mills Corp.(quar.)
231 Sept.29 Holders of rec. Sept.21
Lone Star Gas (quar.)
*3740 Sept.29 *Holders of rec. Sept.22
Extra
"1231c Sept.29 *Holders of rec. Sept.22
Magnolia Petroleum (guar.)
.51
Oct. 5
Magor Car Corp., corn.(guar.)
25e Sept.29 Holders of rec. Sept.22
Preferred (guar.)
134 Sept.29 Holders of rec. Sept.22
Manhattan Shirt. pref.(guar.)
144 Oct. 1 Holders of rec. Sept. 21
McCord Itad'r & Mfg., cont. Cl. A (qua •75e. Oct. 1 *Holders of rec. Sept.24
Merck & Co., pref.(qua?.)
2
Oct. 1 Holders of rec. Sept. 17
Merrimac Chemical (qua?.)
81.25 Sept.29 Holders of rec. Sept.15
Metrop. Pay. Brick, Cleve., p1. (rm.). 1/4 Oct. 1 Holders of rec. Sept. 15
Mexican Petroleum, corn. (guar.)
•4
Oct. 20 "Holders of rec. Sept.29
Preferred (guar.)
*2
Oct. 20 *Holders of rec. Sept. 29
Morris (Philip) & Co., Ltd
50e. Oct. 1 Holders of rec. Sept. 21a
Mountain Producers Corp.(guar.)
20c. Oct. 1 Holders of rec. Sept. 15a
Extra
10c. Oct 1 Holdesr of rec. Sept.
I5a
Murray-Ohio Mfg. Co., pref.((Mar.)
2
Oct. 1 Holders of rec. Sept.20
National Grocer, corn.(qua?.)
*3
Oct. 1 *Holders of rec. Sept. 20
National Licorice, pref. (qua?.)
131 Sept.29 Holders of rec. Sept.21a
National Refining, pref.(qua?.)
2
Oct. 1 Holders of rec. Sept. 15
National Supply, pref. (quar.)
141 Sept.29 Holders of rec. Sept.19
New York Air Brake, class A (quar.)--- SI
Oct. 1 Holders of rec. Sept. 7
New York Transportation (quar.)
500. Oct. 15 Holders of rec. Oct. 1
Northwestern Yeast (guar.)
•3
Sept.15 *Holders of rec. Sept.12
Ottawa Car Mfg.(qua?.)
1
Oct. 1 Holders of rec. Sept.15
Paige-Detrolt Motor Car,corn.(guar.) *30e. Oct. 2 "Holders of rec. Sept. 20
Preferred (guar.)
'134 Oct. 2 *Holders of rec. Sept. 15
Pan Am. Pet.dsTr., com.&com. B (qua •S2
Oct. 20 *Holders of rec. Sept. 29
Park City Mining & Smelting
1234c Oct. 1 Holders of rec. Sept. 15
Petroleum Realization, class A (mthly.)- 2
Sept.15 Holders of rec. Aug. 30
Phelps, Dodge Corp. (quar.)
1
Oct. 2 Holders of rec. Sept. 20a
Pierce-Arrow Motor Car. prior p1. (qua $2
Oct. 1 Holders of rec. Sept.15
Pittsburgh Phtte Glass, corn.(quar.)
2
Oct. 1 Holders of rec. Sept. 15a
Pittsburgh Rolls Corp.,corn
*2
Oct. 1 *Holders of rec. Sept. 25
Preferred (qua?.)
•131 Oct. 1 'Holders of rec. Sept. 25
Pittsb. Term. Whse.& Transp.(qu.)
Oct. 9 'Holders 01 rec. Oct. 29
-•81
Prairie Olt& Gas (guar.)
*2
Oct. 31 "Holders of rec. Sept.29
Provincial Paper Mills, corn.(quar.)---- 134 Oct. 1 Holders of rec. Sept.
15
Preferred ((Mara
134 Oct. 1 Holders of rec. Sept.15
Remington Typewriter, let Pref. (guar.) 131 Oct. 1 Holders of rec. Sept. 22
First pref. series $ (guar)
131 Oct. I Holders of rec. Sept. 22
Reo Motor Car (guar.)
15c. Oct. 1 Holders of rec. Sept. 15,
Extra
60c. Oct. 1 Holders of rec. Sept. 15a
RIckenbacker Motor (quar.)
*2
Oct. 15 *Holders of rec. Sept.30
River Raisin Palter (quar.)
•134 Oct. 26 "Holders of rec. Oct. 16
St. Maurice Paper, Ltd., (quar.)
'131 SePt.2 *Holders of rec. Sept. 20
Salt Creek Consol. 011 (quar.)
'20c. Oct. 1 *Holders of roe. Sept. 20
Schulte Retail Stores Corp., pref.(qua _
2
Oct. 1 Holders of rec. Sept. 14a
Singer Mfg. (guar.)
.131 Sept.29*Holders col rec. Sept. 10
Stern-Sheffield Steel & Iron, pref.(qua
144 Oct. 1 Holders of rec. Sept. 250
Sparks-WIthington Co
50e Oct. 1 Holders of rec. Sept. 15a
Extra
50c. Oct. 1 Holders of rec. Sept. 15a
Standard Safe Deposit (quar.)
*3
Sept.29 *Holders of rec. Sept.27
Stand. Textile Prod., cl. A & B (qua.
Oct. 1 Holders of rec. Sept.15
Thompson (John R.) Co.,
(MM.(mthly.) •25c. Oct. 1 'Holders of rec. Sept. 24
Common (monthly)
*25c. Nov. 1 *Holders of rec. Oct. 23
Common (monthly)
*250. Dec. 1 "Holders of rec. Nov. 23
Preferred (quar.)
Oct. 1 "Holders of rec. Sept.24
Torrington Co., corn.(
6214c Oct. 1 Holders of rce. Sept.20
(Mar.)
Turman 011 (quar.)
30 Oct. 20 Holders of rep. Sept.29
Union Bag & Paper Corp.(qua?.)
• 1.41 Oct. 15 Holders of rec. Oct. 5
United Fruit(quar.)
Oct. 16 Holders of rec. Sept. 20
2
United Shoe MachinerY,corn.
(
quni% --- 500. Oct. 5 Holders of rec. Sept. 18
)
Preferred (quar.)
3744c Oct. 5 Holders of rec. Sept. 18
United Verde Extension Mining (quar.)
Nov. 1 *Holders of rec. Oct. 5
U.S. Can, corn. (quar.)
750. Oct. 15 Holders of rec. Sept. 30,
Preferred (quar.)
141 Oct. 15 Holders of rce. Sept. 30,
Utab Copper Co (quar.)
$I
Sept.29 Holders of rec. Sept.14,
Victor Talking Machine, own.(qua?.).. o$2
Oct. 15 *Holders of rec. Sept.29
preferred (quar.)
•144 Oct. 15 *Holders of rec.
Wanner Malleable Castings, Cl. A (an.). '6234c Oct. 1 'Holders of rec. Sept.29
Sept. 14
Warren Brothers Co.,corn.((Mar)
75e. Oct. 1 Holders of rec. Sept. 12
First preferred (qua?.)
144 Oct. I Holders of rec. Sept. 22
Second preferred (qua?.)
134 Oct. 1 Holders of rec. Sept. 22
Western Grocer,corn.(quar.)
•2
Oct. 1 *Holders of rec. Sept. 20
Westinghouse Air Brake(qua?.)
81.40 Oct. 31 Holders of rec. Sept.29
Winnsboro Milis, corn.(guar.)
•2
Oct. 1
Preferred (qua?.)
.
1,134 Oct. 1
Wright
-Hargraves Mines(guar.)
•244 Oct. 1 "Holders of rec. Sept. 15
Wrigley(Wm.)Jr.& Co.,corn.
(extra)... •250. Oct. 1 *Holders of rec. Sept. 24
Common (extra)
*25o. Nov. 1 *Holders of rec. Oct. 24
Common (extra)
*25o. Dec. 1 *Holders of rec. Nov. 24
Common (extra)
an1'24 *Holders of rec. Dec. 24
Common (extra)
*2543. Febl'24 *Hold, of rec. Jan.24'24
Common (extra)
•25c. Mar1'24 *Hold.of rec.Feb.24'24
Common (extra)
•26c. AprP24 *Hold.of roc.Mar.24'24
1211
THE CHRONICLE
131
•131
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
Railroads (Steam).
Bangor & Aroostook, pref. (guar.)
Beech Creek (guar.)
Boston & Albany (qua?.)
Buffalo &Susquehanna,corn.(quar.)
Common (extra)
Canadian Pacific, corn.(quar.)
Preferred
Cuba Railroad. preferred
Delaware & Hudson Co.(quay.)
Fonda Johnstown & Glov., pref. (quay.)..
Lackawanna RR.of N..1. (guar.)
Lehigh Valley. COM.(qua?.)
Preferred (guar.)
Louisiana & Northwest(qua?.)
Newark & Bloomfield
N.Y. Chic.& St. Louis, corn.& pr.(qu.)
N.Y. Lackawanna & Western (quar.)_ _
Norfolk & Western, corn. (qua?.)
Pere Marquette, corn
Five per cent preferred
Prior preference (quar.)
P1ttsb. Ft. Wayne & Chic.. corn. (cm.).
Preferred (quar.)
St. Louis Southwestern. pref.(quar.)
Southern Pacific • 0. (quar.)
Union Pacific. corn. (quar.)
Preferred ((Mar.)
United New Jersey RR.& Canal((mar.)Warren RR
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
1.31 Oct. 1 Holders of roe Sept. 15
50c. Oct. 1 Holders of rec. Septil4a
2
Sept.29 Holders of rec. Aug. 31e
154 Sept.28 Sept. 16 to Sept.30
234 Sept.28 Sept. 16 to Sept.30
231 Oct. I Holders of rec. Aug. 316
2
Oct. 1 Holders of rec. Aug. 31
Febl'24 Holders of rec. Jan 19'24a
3
234 Sept.20 Holders of rec. Aug. 280
134 Sept. lo Holders of rec. Sept. 106
1
Oct. 1 Holders of rec. Sept. 84
8734e Oct. 1 Holders of rec. Sept.154
21.25 Oct. 1 Holders of rec. Sept. 154
1H Oct. 1 Holders of rec. Sept.420
21.50 Oct. 1 Holders of rec. Sept. 22a
1H Oct. 1 Holders of rec. Sept.15a
134 Oct. 1 Holders of rec. Sept. 14a
1St Sept.19 Holders of rec. Aug. 31a
I
Oct. I Holders of rec. Sept. 14a
1.14 Nov. 1 Holders of rec. Oct. 156
134 Nov. 1 Holders of rec. Oct. 156
134 Oct. 1 Holders of rec. Sept. 10a
154 Oct. 2 Holders of rec. Sept. 104
134 Oct. 1 Sept. 2 to Oct. 12
134 Oct. 1 Holders of rec. Aug. 316
231 Oct. I Holders of rec. Sept. la
2
Oct. 1 Holders of rec. Sept. la
.234 Oct. 10 'Holders of rec. Sept.20
$1.75 Oct. 15 Holders of rec. Oct. 4.
Public Utilities.
Alabama Power, pref.(guar.)
151 Oct. 1 Holders of rec. Sept. 19
Amer. Telephone & Telegraph (qua?.)_. 234 Oct. 15 Holders of rec. Sept.20a
Appalachian Power, 1st prof. (quer.)-- 134 Nov. 1 Holders of rec. Oct. 15a
Preferred ((Mar.)
131 Oct. 15 Holders of rec. Sept.280
Associated Gas & Elec., pref. (qua?.)._ 87c. Oct. 1 Holders of rec. Sept. 15
Bangor Railway & Electric, pref.(qua?.). 134 Oct. 1 Holders of rec. Sept.10
Brazilian 'Tree., L.& Pow.. pref. ((mar.) 131 Oct. I Holders of rec. Sept. 15
Oct. I Holders of rec. Sept.14a
Brooklyn Union Gas guar.)
2
(
Central Ill. Pub.Serv., pref.(quar.)_ _ _ '134 Oct. 15 *Holders of rec. Sept.30
154 Sept.29 Holders of rec. Sept. 10
Central States Elec. Corp., prof.(guar)_
Norfolk, pref.(qua?.)2
Oct. 1 Holders of rec. Sept.15
City Gas Co.of
Colorado Power. COM.(guar.)
34 Oct. 15 Holders of rec. Sept. 29a
Preferred (guar.)
134 Sept.15 Holders of rec. Aug. 31a
Columbus Ry., Pow. & Lt., corn. (qu.). 1
Dec. 1 Holders of rec. Nov.154
134 Oct. 1 Holders of rec. Sent. 156
Preferred, Series A (quar.)
Preferred, Series A (guar.)
134 Jan2•24 Holders of rec. Dec. 15a
234 Nov. I Holders of rec. Oct. 16a
Preferred. Series B
Cense'. Gas,El. L.& P., Balt., com.(411) 2
Oct. 1 Holders of rec. Sept. 15a
2
Oct. 1 Holders of rec. Sept. 15a
Series A pref.(quar.)
Series S pref.(guar.)
154 Oct. I Holders of rec. Sept.156
Consolidated Gas of N.Y.,com.(quar.)
51.25 Sept.15 Holders of rec. Aug 9a
I
Oct. 1 Holders of rec. Sept. lba
Duluth-Superior Traction, pref.(qu.)
154 Sept. 15 Holders of rec. Aug. 150
Duquesne Light, 1st pref. Ser A (qua
Electric Light & Power of Abington
2
Oct. 1 Holders of rec. Sept.15.
& Rockland (qua?.)
234 Sept. 15 Holders of rec. Aug. 304
El Paso Electric Co corn. (guar.)
500. Oct. 1 Holders of rec. Sept.15a
Erie Lighting,Prof.((Mara
The Oct. 1 Holders of rec. Sept.15.
Federal Light & Traction, corn
Common (payable in 6% pref. stock). es75e. Oct. 1 Holders of rec. Sept.15a
Frank.& Southwark Pass. By.(qua?.).. $4.60 Oct. 1 Sept. 2 to Sept.30
3
Galveston-Houston Elec. Co., pref
Sept.15 Holders of rec. Aug. 284
$2
Oct. 1 Holders of rec. Sept.15
General Cas & Elec., pref. A (quar.)_
'134 Oct. 1 *Holders of rec. Sept.30
Gold & Stock Telegraph (guar.)
$I 12H Oct. 1 Holders of r ec. Sept.144
Haverhill Gas Light (quar.)
2
Sept.30 Holders of rec. Sept.29a
Illinois Bell Telephone ((Mara
Illinois Power & Light,7% pref.(quar.)- 134 Oct. 1 Holders of rec. Sept.15
144 Oct. 1 Holders of rec. Sept.15
6% participating preferred (qua?.) _
50c. Oct. 15 Holders of rec. Oct. 1
Illinois Traction, common (guar.)
114 dOct. 1 Holders of rec. sent.20
Preferred (qua?.)
Kan. City Pr. & Lt., let pf. A (qua?,)... 81.75 Oct. 1 Holders of rec. Sept.15
Kansas City Power Securities, cont.(qu.) $2
Sept.15 Holders of rec. Aug. 31
$1.25 Oct. 1 Holders of rec. Sept.20
Preferred (guar.)
144 Sept.15Holders of rec. Sept. 1.
Laclede Gas Light.corn.(quar.)
Mackay Companies, corn.(qua?.)
134 Oct. 1 Holders of rec. Sept. 5a
1
Oct. 1 Holders of rec. Sept. 54
Preferred (quar.)
Oct. 1 Holders of rec. Sept.18a
Manila Electric Corp.. common (qua:.). 2
Market Street By., prior pref. (quar.)
134 Oct. 1 Holders of rec. Sept.10
Middle West Utilities, prior lien (quara144 Sept.15Holders of rec. Aug. 31
Monong. w. Penn Pub. 8..7% Pf.(211.) 431ic. Oct. 1 Holders of rec. Sept. 150
Montana Power. corn. (qua?.)
1
Oct. 1 Holders of rec. Sept. 13a
Preferred (guar.)
144 Oct. 1 Holders of rec. Sept. 13a
National Poser & Light, pref. (quar.). $1.75 Oct. 1 Holders of rec. Sept. 10
New England Telep. & Teleg. (qua?).. 2
Sept.2 Holders of rec. Sept. 10
Newport News& Hampton Ity., Gas&
Electric. Pre( (quar.)
1 Holders of rec. Sept. 15a
144 Oct
Telephone. prof.(guar.)
New York
134 Oct. 15 Holders of rec. Sept.20a
North Amer. Light & Power. pref.(qu.). 144 Oct. 1 Holders of rec. Sept. 20
North. Onto Trac. & Lt.,6% pref. (qu.) 134 Oct. 1 Holders of rec. Sept.15
Seven per cent preferred (quar.)
•1 ai Oct. 1 *Holders of rec. Sept.15
North Shore Gas, preferred (quar.)_
1i Oet. 1 Holders of rec. Sept.20
Ohio Bell Telephone, pref.(qua?.)
134 Oct. I Holders of rec. Sept.206
134 Sept.15 Holders of rec. Aug. 31
Oklahoma Gas & Elec.. Prof.(guar.)
_ '134 Oct. 15 *Holders of reo Sept.29
Pacific Telep. dc Teleg.. pref.(quar.)
Penn Central Lt. & Pr., Prof. (quar.)
$1
Oct. 1 Holders of rec. Sept. 10a
Preferred (extra)
10c. Oct. 1 Holders of rec. Sept.104
Pennsylvania Water & Power (qua?.)_
154 Oct. I Holders of rec. Sept. 14a
Philadelphia Electric, cont.& pref.(qua 2
Sept 15 Holders of rec. Aug. 17
Philadelphia Traction
82 Oct. 1 Holders of rec. Sept. 10.
Public Serv. Corp. of N.J., Com.(qu.)_ _ $I
Sept.29 Holders of rec. Sept.140
Eight per cent pref.(quar.)
2
Sept 29 Holders of rec. Sept.146
Seven per cent pref. (quar.)
141 Sept d29 Holders of rec. Sept.144
San Joaquin Lt. & Pow., pref. (guar.)._
134 Sept. 15 Holders of rec. Aug. 314
Prior preferred (guar.)
144 Sept.15 Holders of rec. Aug. 31a
Savannah Elec.& Power,deb.stock(qu.) 2
Oct. 1 Holders of rec. Sept. 12a
Preferred
3
Oct. 1 Holders of rec. Sept. 12a
Oct. 1 Sept. 2 to Oct. 1
2d & 3d Sts. Pass. By., Phila. (guar.)._ 83
Southern Colorado Power,7% pf.(qu.)_
134 Sept.15 Holders of rec. Aug. 31
8% preferred (guar)
Sept.15 Holders of rec.' Aug. 31
2
Springfield BY.& Lt., prof. (quar.)I% Oct. 1 Holders of rec. Sept. 15a
Sept.15 Holders of rec. Aug. 31
Standard Gas Ss Electric, pref. (guar.)._ $1
Twin City Rap. Tr.. Minneap., pf.(qu.) 144 Oct. 1 Holders of rec. Sept. 150
United Gas Improvement, pref.(guar.)- 8734e.Sept 15 Holders of rec. Aug. 31.
United Light & Rys.,corn.(qua?.)
131 Nov. 1 Holders of rec. Oct. 15a
ji Nov. 1 Holders of rec. Oct. 15a
Common (extra)
First preferred (quar.)
134 Oct. 1 Holders of rec. Sept.150
Participating preferred (guar.)
1% Oct. 1 Holders of rec. Sept.15a
34 Oct. 1 Holders of rec. Sept. 15a
Participating pref.(extra)
sa Jan2 24 Holders of rec. Dec. 15
•
Participating preferred (extra)
131 Sept.27 Holders of rec. Sept. 10
Utilities Securities. preferred (quar.)---500. Sept.29 Holders of rec. Sept.15
Weat Penn Co., corn.(Guar.)
IH Sept.15 Holders of rec. Sept. I
Wart Penn Ars.. prof. (guar.)
Banks.
3
Oct. 1
America, Bank of (guar.)
4
Oct. 1
Chase National (quar.)
$1
Oct. 1
Chase Securities Corporation
4
Oct. 1
Chatham & Phenix National (guar.)
Oct. 1
Commerce. National Bank of (guar.)
- 3
4
Oct. 1
National City (qua?.)
2
Oct. 1
National City Company (guar.)
2
Oct. 1
Extra
4
Sept.29
Public National (qua?.)
3
Oct. 1
Seaboard National (guar.)
Fire Insurance.
81.50 Oct. 1
Rosa% (guar.)
Holders of rec. Sept. 20a
Holders of rec. Sept. 17a
Holders of rec. Sept. 17.
Sept. 16 to sept.30
Holders of roe. Sept. 144
Holders of rec. Sept. 156
Holders of rec. Sept. 150
Holders ot rec. Sept. 154
Holders of rec. Sept. 22
Holders of rec. Sept. 24
Holders of rec. Sept.154
Name of Company.
When
Per
Cent. Payable.
Trust Companies.
Bank of New York dr Trust Co.(quar.)-- 5
3
Guaranty ((Mara
2
Lawyers Title & Trust (quar.)
U.S.Trust(guar.)
124
Oct. 1
Sept.29
Oct. I
Oct. 1
Books Closed.
Days Incloslre.
Holders of rec. Sept, 14a
Holders of rec. Scpt. 14
Holders of rec. Sept 21a
Holders of rec. Sept.200
Miscellaneous.
Adams Express (guar.)
6E1.25 Sept.29 Holders of rec. Sept. I50
Advance-Rumely Co., pref. (quar.)..- 1175c Oct. 1 Holders of rec. Seili• 17.1
Allied Chemical & Dye Corp., pref.(qu.) 13( Oct. I Holders of rec. Sept. 14
134 Oct. 15 Holders of reo. Sept. 29a
Allls-Chalmers Mfg., pref.(quar.)
American Art Works, corn. dr pref. (qu.) 133 Oct. 15 Holders of rec. SePt.30a
1
American Bakery, corn.(quar.)
Sept.16 Holders of rec. Sept. 3
American Bank Note, preferred (quar.)_ 75e. Oct. 1 Holders of rec. Sept. 144
American Beet Sugar, preferred (guar.). 14 Oct. 2 Holders of rec. Sept. 8a
Oct. 1 Holders of roe. Sept. 144
American Can, preferred (quar.)
Oct. 1 Holders of rec. Sept. 15a
American Car & Foundry, corn.(quar.)- 3
14 Oct. 1 Holders of rec. Sept. 154
Preferred (quar.)
14 Oct. 1 Holders of rec. Sept. 15.2
American Cigar, preferred ((Mara
14 Oct. 1 Holders of rec. Sept. 130
American Express (guar.)
14 Sept.15 Holders of rec. Sept. 6a
Amer. Fork & Hoe, corn. (guar.)
34 Oct. 15 Holders of rec. Oct. 5a
First preferred
Sept. 15 Holders of rec. Sept. 5a
2
Second preferred (quar.)
81.50 Sept.29 Holders of rec. Sept.13a
Amer. Locomotive, corn. (quar.)
154 Sept.29 Holders of rec. Sept.13a
Preferred (guar.)
American Machine & Foundry (qua?.).. 134 Oct. 1 Holders of rec. Sept. is
1 14 Jan 1'24 Holders of ree. Dec I a
Quarterly
144 Oct. 1 Holders of rec. Sept. 20a
American Multigraph, pref. (quar.)Sept.29 Holders of rec. Sept. 15a
American Radiator, common (quar.)_.. $I
13( Oct. 1 Holders of rec. Sept. 15a
AmericanRolling Mill, pref.(quar.)_.
Amer. Safety Razor
25e. Oct. 1 Holders of rec. Sept. lea
Oct. 1 Holders of rec. Sept. 15
American Sales Book, corn.((Mar.)
$1
Nov. 1 Holders of rec. Oct. 15
Preferred (guar-)
Nov. 1 Holders of rec. Oct. 15a
Amer. Shipbuilding. COM.(quar.)
2
Febl'24 Holders of rec. Jan. 15'24a
Common (quar.)
2
May1'24 Holders of rec. Apr.15'24a
Common (quar.)
2
Aug1•24 Holders of rec. July 15'24a
Common (guar.)
2
Oct. 1 Holders of rec. Sept. 140
American Snuff, common (quar.)
3
Oct. 1 Holders of rec. Sept. 140
Preferred (quar.)
American Steel Foundries, corn.(guar.)- 750. Oct. 15 Holders of rec. Oct. la
Preferred ((Mara
14 dSept29 Holders of rec. Sept.d15a
Amer. Stores, corn. (guar.)
250. Oct. 1 Sept. 21 to Oct. I
American Sugar Refining, prof. ((Mar.). 13( Oct. 2 Holders Of rec. Sept. la
American Tobacco. pref. (quar.)
114 Oct. 1 Holders of rec. Sept. 100
Amer. Woolen corn. de pref. (quar.)__ _ _
14 Oct. 15 Sept. 15 to Sept.26
Anaconda Copper Mining (guar.)
750. Oct. 22 Holders of rec. Sept. 15
Armour & Co. of Illinois, pref. (quar.)
144 Oct. 1 Holders of rec. Sept. 15a
Armour & Co. of Del.. pref. (quar.)_... 1 41 Oct. 1 Holders of rec. Sept. 150
Associated 011(new $25 par stock)
374c Oct. 1. Holders of rec. Sept.28a
Atlantic Refining, common (quar.)
Sept. 15 Holders of rec. Aug. 21a
1
Atlantic Terra Cotta, preferred ((Mara
Sept. 15 Holders of rec. Sept. 5
1
Autocar Co., preferred (qua?.)
Sept.15 Holders of rec. Sept. 5a
2
Auto-Knitter Hosiery (guar.)
Oct. 15 Holders of rec. Oct. la
$I
Beacon Oil, preferred (quar.)
1.874 Nov. 15 Holders Of rec. Nov. la
BeldIng-Corticelli, Ltd., pref.(quar.)--- 134 Sept.15 Holders of rec. Sept. la
Bethlehem Steel Corp.
Common (quar.)
14 Oct. 1 Holders of roe. Sept. la
Seven per cent cum. pref. (quar.)
131 Oct. I Holders of rec. Sept. 15a
Seven per cent cum. pref. (guar.)._ ..
134 Jan2'24 Holders of roe. Deo. 15a
Seven per cent non-cum. pref. (quar.) 134 Oct. 1 Holders of rec. Sept. I64
Seven per cent non-rum pref. (guar.) 14 Jan2'24 Holders of rec Dec 15s
Eight per cent preferred (quar.)
Oct. 1 Holders of tee Sept. 15a
9
fan 2'24 Holders of roe Doe 130
Eight per rent nreferred collar
2
Boone (Daniel) Woolen Mills (quar.)--- •75e. Oct. 1 *Holders of roe. Sept.26
Borden Company, Preferred(Mara-- 114 Sept. 15 Holders of rec. Sept. la
(
1.3i Dec, 15 Holders of rec. Dec. la
Preferred (quar.)
Borne Scrymser Co
4
Oct. 15 Sept.23 to Oct. 13
3
Extra
Oct. 15 Sept. 23 to Oct. 13
- $1 Sept.15 Holders of rec. Sept. 1
Boston Woven Hose & Rubber (guar.).
Bridgeport Machine Co.(mar.)
25r. Oct. I Holders of roe. Sept 204
Quarterly
250. Jan 1'24 Holders of roe Dec 20a
9
Quarterly
250. 4trl' 4 Holders of rec.Mar 20'24a
Not.29 Holders of coup. No. 97p
British-Amer. Tob.,Ltd., ordinary
4
British-American Tobacco, preference
233 Sept.29 Holders of coup. No.40
20
Buckeye Pipe Line (quar.)
$1.75 Sent. 15 Holders of rec. Aug. 20
14 Oct. I Holders of rec. Sept.
Bucyrus Co., pref. (quar.)
33 Oct. I Holders of rec. Sept.20
Preferred (account accumulated dive.)
Burroughs Adding Machine (quar.)- - $2 Sept.29 Holders of rec. Sept.20
Bush Terminal Bldgs., pref. (quar.)_
14 Oct. 1 Holders of rec. Sept. 181
California Parking Corp. (guar )
14 'lent IS Holder,, of rye Alm lie
134 Oct. 1 Holders of rec. Sept. 20a
California Petroleum, pref. (quar.)
Calumet & Arizona Mining (quar.)
$I Sept.24 Holders of rec. Sept. 7a
Cambria Iron
Oct. 1 Holders of rec. Sept.15a
Si
Canada Bread, preferred (guar.)
144 Oct. 1 Sept. 16 to Sept.30
corn. (qua? ). 14 Oct. I Holders of rec. Sept. 15
Canadian General Electric
Carter (William) Co.. pref.(quar.)
114 Sept.15 Holders of roe. Sept. 10
Case(J. J.) Thresh. Mach., pref.(qua
154 Oct. 1 Holders of rect. Sept. 10
Celluloid Co.,corn.(quar.)
14 Sept.29 Holders of rec. Sept. 150
Central Aguirre Sugar (quer.)
133 Oct. 1 Holders of rec. Sept.20
Certain-teed Prod.. 1st & 2d pref.(quar.) 134 Oct. I Holders of rec. Sept. Ito
Chandler Motor (guar.)
51.50 Oct. 1 Holders of rec. Sept. 20a
Checker Cab Mfg., class A (guar.)
$1.25 Nov. 1 Holders of rec. Oct. 15a
Class A (quar/
$1.25 Fehl'24 Holders of rev Jan15245
Chesebrough Mfg., corn.(guar.)
34 Sept.29 Holders of rec. Sept. 10a
Preferred (quar.)
134 Sept.29 Holders of rec. Sept. 10a
Chicago Mill dr Lumber, pref.(quar.)
*134 Oct. 1 *Holders of rec. Sept. 22
Chicago Nipple Mfg., class A (quar.)... 150. Oct. 1 Holders of rec. Sept. 15
Class A (extra)
Sc. Oct. I Holders of rec. Sept. 15
Chicago Yellow Cab (monthly)
33 1-3c Oct. 1 Holders of rec. Sept.20a
33 1-3e Nov. 1 Holders of rec. Oct. 20a
Monthly
6214e Sept.29 Holders of rec. Sept. 1
Chill Copper (guar-)
Service
Cities
a33 Oct. 1 Holders of rec. Sept. 15
Corn. (mthly.. Pay. In cash scrip)
15
014 Oct. I Holders of rec. Sept. 15
Com.(pay. in corn. stock scrip)
B (monthly) 4 Oct. 1 Holders of rec. Sent.
Preferred and preferred
134 Oct. 1 Holders of rec. Sept. 201
Cluett-Peabody Co., pref.(quar.)
Coca Cola Company, common (quar.)._ 51.75 Oct. 1 Holders of rec. Sept. I5a
la
Colonial Finance Corp., corn.(qwtr.)-- 250. Oct. 1 Holders of rec. Sept. la
Oct. 1 Holders of rec. Sept.
2
Preferred (guar.)
- 51.50 Oct. 10 Holders of rec. Sept. 26a
Computing-Tabulating-Recording (qua
Oct. 15 Holders of rec. Oct. 6
52
Congoieum Company, common
50c. Oct. 1 Holders of roe. Sept.20
Connor (John T.) Co.. corn.(quar.)
134 Oct. 1 Holders of rec. Sept.20a
Continental Can, preferred (guar.)
500. Sept. 15 Aug. 26 to Sept. 15
Continental Oil (guar.)
15
3733c. Sept. 15 Sept. 2 to Sept. 30
Cooper Corporation. class A (quota
Sept.29 Sept. 15 to Sept.
Cramp(Wm)00 Sons Ship&E.BIdg.(qua - 1
Holders of rec. Sept. 1
1
Sept. 15
Crane Co., common (guar.)
14 Sept. 15 Holders of rec. Sept. 1
Preferred (qua?.)
3730.Sept. 15 Aug. 25 to Beet. 16
Crescent Pipe Line (quar.)
134 Sept.29 Holders of ree.Sept. 15a
Crucible Steel, pref. (quar.)
14 Sept.29 Holders of rec. Sept. 4a
Cuban-American Sugar, pref.(guar.)
51
Sept.28 Holders of rec. Sept. 15t
Cuyamel Fruit (quar.)
Seat
114 Oct. 1 Holders of rec. Sept. 24a
Davol Mills (guar.)
15a
(gust.). SI
Oct. 1 Holders of rec.
Detroit & Cleveland Navigation
of rec. Aug 3Ia
Sept.15 Holders
2
Diamond Match (quar.)
rec. Sept. 15
Dominion Glass, corn. de pref.(guar.).-- 134 Oct. 1 Holders of rec. Sept. 14
Dominion Iron & Steel, prof.(gust.).... 134 Oct. I Holders of rec. Sept. d10
20e. Oct. 1 Holders of re.,
Dominion 011 (guar.)
1
Oct. 3 irola«ce or
60
Dominion Store. Ltd.. common
Sept. 15
81 Oct. 1 Holders of rec. Sept. 29
Dominion Textile,common (guar.)
134 Oct. 15 Holders of rec. Sept. la
Preferred (guar.)
250. Sept.30 Holden of rec. Sept. 8
Douglas Pectin Co.(guar.)
Oct. 1 Holders of rec. Sept.20a
3
Draper Corporation (guar.)
14 Oct. 1 Holders of rec. Sept.200
Dunham (James H.) Co.,corn.(qua?.)
133 Oct. 1 Holders of rec. Sept.200
First preferred (guar.)
134 Oct. 1 Holders of rec. Oct. 20a
Second preferred (quar.)
rec.
duPont4E.I.)de Nem.Powd..com.(qu.). 133 Nov. 1 Holders of rec. Oct. 20a
134 Nov. I Holders of
Preferred (guar.)
54
Hem. Ac Co.,coin.(gu.) 133 Sept. 15 Holders of rec. Sept. 100
duPont(E.I.) de
133 Oct. 25 Holders of roe. Oct.
Debenture stock (guar.)
27
Eastern Steamship Lines, pref.(gum%)- - 134 Oct. 1 Holders of rec. Sept.
[Vol,. 117.
THE CHRONICLE
1212
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
51.25 Oct. 1 Holders of rec. Aug. 31s
Eastman Kodak,commonar
(o.)
(qu.)
1 Holders of roe. Aug. 310
Oct.134
Preferred
E don Axle & Spring (guar.)
650. Oct. 1 Holders of rec. Sept. 150
.
9.1senlehr(Otto)& Bros.,Inc.. Pf.(qua - 135 Oct. 1 Holders of rec. Sept. 204
Oct. 1 Holders of rec. Sept.204
Elcomtioontrxtler & Mfg., corn.((Mara 51
ectrie Cn ( olra
)
e
Oct. 1 Holders of rec. Sept.204
$I
Oct. 1 Holders of rec. Sept.151
Batt, corn. dr pref.(qu.) 51
ElectrIcaStorage
Oct. 1 Holders of roe. Sept. 15
Elliott-Fisher Co.. corn. A dr B (qua?.)... 51
lq Oct. 1 Holders of rec. Sept.15
Preferred (quar.)
p
14 Oct. 1 Holders of rec. Sept.20
Emerson Electrle Co.,., pref.(var.)
g
re ( u
$1.25 Oct. 1 Holders of rec. Sept. 154
sta
Endlrott-Aohnson Corp., corn.(qr.)
134 Oct. 1 Holders of rec. Sept. 15a
Oct. 1 Holders of rec. Sept. 150
Famous.1kyers-Lasky Corp.. corn.(qua $2
Federal Mlbing & Smelting, pref.(qua - 14 Sept.15 Holders of ree. Aug. 25
Oct. 1 Sept. 23 to Oct. 1
Federal Motor Truck (guar.)
30c.
91.sohero. e hlowto
9 iso Bod y, o . Co
Oct. 1 Holders of rec. Sept. 154
o
.
prof
uot.) (gnat.)_ _ 2
4
50c. Oct. I Holders of roe. Sept.16
MI
Common xtra)
50o. Oct. 1 Holders of rec. Sept.15o
( ar.)
Alle Jan 1'24 Holders of me. Dee
Common
Foundation
., corn. (guar.)
$1.50 Sept.15 Holders of rec. Sept. la
$1.75 Sept. 15 Holders of rec. Sept. la
Preferred
.e0
uar) (war.)
.
Galen
Sera. 29 Holders of rec. Aug. 314
I
Sept.29 Holders of rec. Aug. 310
Preferred a new prof.(guar.)
2
General Baking
Oct. 1 Holders of rec. Sept. 150
mmon (quar.)
51
Preferred (q r.)
Oct. 1 Holders of rec. Sept. 15a
52
General Cigar, d b. preferred (quilt.)... 15' Oct. 1 Holders of rec Sept.240
General Electric, om.(guar.)
Oct. 15 Holders of rec. Sept. 54
2
Oct. 15 Holders of rec. Sept. 5a
Common (payable in special stock)_ _ _ 5
ar.)
Special Mock
150. Oct. 15 Holders of rec. Sept. 66
stock(qu) 14 Nov. 1 Holders of rec. Oct. 86
General Motors Corp.7% deb.
Six per cent debenture stock (au)... 133 Nov. 1 Holders of rec. Oct. 8a
SixPer cent preferred stock (quar.)_ 14 NOv. I Holders of rec. Oct. 84
General Railway Signal Co., pref. (qu.). 133 Oct. 1 Holders of rec. Sept.20
Dec. 1 Holders of rec. Nov. 1
Gillette Safety Razor (stock dividend)
e5
Sept. 15 Sept. 2 to Sept.15
Globe Soap, common Mara
•1
First, second and special pref.(guar.). •13.‘ Sept. 15 *Sept. 2 to Sept. 15
Sept.21
of
Goodrich (B. F.) Co.. prof.(guar.)
I,' Oct. 1 Holders of rec. Sept. 15
rec.
Oct. 1 Holders
Goodyear Tire & Rubb., prior Pf.(qua - 2
Sept.29 Holders of rec. Sept. 166
Grasselli Chemical, corn.(quota
2
Preferred (quar.)
133 Sept.29 Holders of rec. Sept.154
Great Atlantic & Pacific Tea, coin.(qu.) 750. Sept.15 Holders of rec. &MANI
Oct. 2 *Holders of roe. Sept.15
Great Western Sugar, common (quar.).. *81
rec. Sept.15a
Preferred (quar.)
154 Oct. 2 Holders of rec. Sept. 14
Oct. 1 Holders of
Greenfield Tao & Die, preferred (aum.).
Holders of rec. Beet. 1541
Sept.29
Guantanamo Sugar, preferred (gust.)... 2
Gulf States Steel
Oct. 1 Holders of rec. Sept. 156
Common (gliar.)
1
0
First and second preferred ((Mara
134 Oct. I Holders of ree. Sept. 14
140
Japo2 20
'9
First and second preferred (guar.).14 sentt.. 24 Holders of rec. Dee.
Hall(C. M.) Lamp Co
50c.
Ele pt 5
s trf
Sept. 15 Holders of rec.. Serit.. 224
Hanna Furnace, preferred (guar.)
2
56
Hanna(M. A.) Co.. let pref.(quar.)___ 132 Sept.20 Holders of rec. Sept.100
rec. Oct.
Harbison-Walker Refract., pref. (guar.) 134 Oct. 20 Holders of
16
Hart, Schaffner & Marx, pref. (quar.)
*134 Sept.29 *Holders of rec. Sept.314
5
Sep
75e. sepl,.. 15 Holders of rec. Aug. 16
Holders of rec. Aug.
Hecla Mining( trar.1
ilaye8Mini (uar
Wheei q
150.
Corn.((Mara - 3
Oct. 1 Holders of rec. Sept.176
f eorgeW.) Co.,co.
Hepimfeefe(eed (guar.)G
Sept. 17o
Oct. 1
134 seut.25 Holders of rec. Sept. 200
Hendee Mfg., pref.(qua?)
154 Oct. 1 Holders of rec. Sept.26
Sept. 16 to
common (guar.)
Hercules Powder.
134
206
Homestake Mining (monthly)
500. Sept.25 Holders of rec. Sept. 30
Sept.29 Sept.20 to Sept.
Hood Rubber (quar.)
SI
Holders of roe. Sept.204
Hudson Motor Car (auar.)
75e. Oct. 1
Hupp Motor Car Corp., pref.(quar.)
g Oct. I Holders of rec. Sept.20
Oct. 1 Holders of rec. Sept. 20
RYdraullc Press Brick, pref.(guar.).Imperial OI!, common (quar.)
K (
25e. Oct. 1 Holders of rec. Sept.10
20e. Oct. I Holders of rec. Sept.10
, 7
Se t 9
Imperial Tobacco of Canada, ordinary__ 14 sept.. 2
Preferred
3
Independent Pneumatic Tool (guar.). •$1.50 Oct. 1 *Holders of rec. Sept.20
Inland Steel, pref. (guar.)
4
1 3 Oct. 1 Holders of rec. Sept. 154
13
Inspiration Consol. Copper (gar.)
50c. Oct. 1 Holders of rec. Sept. 13
15
Int. Buttonhole Sew. Mach.(guar.) - - 10c. Oct. 1 Holders of rec. Sept. 160
err
Inprterenfed (qua?.)
75c. Sept.29 Holders of rec. Sept. 154
tionalCement. corn.
134 Sept.29 Holders of rec. Sept.
Sept.
International Harvester, corn. (gust.).. 134 Oct. 15 Holders of rec. Sept.25
154
international Salt (alan)
1% Oct.( 1 Holders of rec.
International Shoe, common (quint.).... 750. Oct. 1 Holders of rec. Sept. 156
Oct. 1 Holders of rec. Sept. 154
Preferred (guar.)
1
International Silver, preferred ((Mara
14 Oct. 1 Sept. 16 to Oct. 1
Oct. 1 Sept. 16 to Oct. 1
Pref.(account accumulated din.).
Nov 15 Holders of rec. Nov. la
Inter'ype Corp com (in emu stock).. 110
1
Isle Royale Copper Co.((Mara
50c. Sept.15 Holders of rec. Sept.
Jones & Laughlin Steel Corp.. Prof.(qua 154 Oct. 1 Holders of roe. Sept. 154
Sept.30 Holders of rec. Sept. 15
(special)
Jordan Motor. common
55
16
Preferred (guar.)
134 Sept.30 Holders of roc. Sept.176
Kelly-Springfield Tire, 6% prof. (guar.) 134 Oct. 1 Holders of rec. Sept.205
rec. Sept.
Kelsey Wheel, common (quar.)
114 Oct. 1 Holders of
Kennecott Copper Corporation (guar.)._ 75e. Oct. 1 Holders of rec. Sept. 7
la
Kerr Lake Mines(quar.)
1233e Oct. 15 Holders of rec. Oct. la
Sept.20 Holders of rec. Sept.
King Phillip Mills (extra)
25
Oct. 1 Holders of rec. Sept. 174
Kresge (S. 8.) Co., common (gust.).... 2
154 Oct. 1 Holders of rec. Sept. 174
Preferred(guar.)
e .
e e , .10a
H l ere
134 Oct.0ct. 1 Holrfs of rec.. Sept 23
Kress(S. H.) Co., preferred (quar.)
Lehigh Valley Coal Sales (guar.)
$2
133 Oct. 1 Sept.21 to Sept.30
Library Bureau,common (quar.)
Oct. 1 Sept.21 to Sept.30
2
Preferred (quar.)
174
Liggett & Myers Tobacco, pref.(Ceara - 14 Oct. 1 Holders Of rec. Sept. 54
134 Nov. 8 Holders of rec. Nov.
Lindsay Light, preferred (quar.)
14 Feb11'24 Holders of ree•Feb. 7'240
Preferred (guar.)
Loose-Wiles Biscuit, 1st pref.(quar.)... 154 Oct. 1 Holders of rec. Sept. 184
2d pref. (acc't accumulated dividends) $7 Nov. 1 Holders of rec. Oct. 184
Oct. 1 Holders of rec. Sept.154
3
lefrd
(auarj
Logr laer (P.)Comriany. corn.(quota
14 Oct. I Holders of roc. Sept. 15a
Preferred
$1.50 Oct. 1 Holders of roe. Sept.206
Trucks, Inc., common (cHar.)
Mack
0
20a
.
oe .
H, e f rec
.
ee
First and second preferred (altar.).... 131 Oct 1 Holders of ree. Sept.2 e
Maignsop(I,R.)& Co.. Inc., pref.(cu.) 134
(qua?.)
154 Oct. 1 Holders of rec. Sept. 18
Manatl Sugar, pref.
Oct. 1 Holders of roe. Sept.20a
Manhattan Electrical Supply (quar.)..._ $1
Oct.
, 10s
154 0et.
Holders o fee. S pt.. 2,8
ee f re . e
Mathieson Alkali Wks.. pref. (quar.)134
May Department Stores, pref. (guar.)
Sep 529 Holders of rec. Sept.204
Merchants & Miners Transp.(guar.) _ 2
24 Sept. 29 Holders of rec. Sept. 54
Mergenthaler Linotype (qua?,)
50o. Sept. 15 Holders of rec. Sept. 1
Midway Gas, common (guar.)
$1.40 Sept. 15 Holders of rec. Sept. 1
(qua?.)
Preferred
Oct. 13 Holders of roe. Sept. 22a
Si
Mohawk Mining (quar.)
Montgomery Ward & Co., pref.(guar.). 134 Oct. 1 Holders of roc. Sept.20"
14 Sept. 15 Holders of roc. Aug. 31
(guar.)
.cre
,f r Cottons, o.
131oftreale
n eeeo
134 Sept. 15 Holders of rec. Aug. 31
2
Sept.20 Holders of rec. Sept.10a
Motor Wheel Corp. (quar,)
•$2 Oct. 1 *Holders of rec. Sept.20
Murray (J. W.) Mfg.(qum)
sa
Oct. 1 *Holders of rec. Sept.20
Extra (Payable in stock)
124o Sept. 15 Holders of rec. Sept. la
Mutual Oil (guar.)
75e. Oct. 16 Holders of rec. Sept. 29m
National Biscuit. common (guar.)
Oct. 1 Holders of rec. Sept.15
(quar.)- -- $1
National Breweries,
134 Oct. 1 Holders of rec. Sept.15
Preferred (
134 Sept.29 Holders of rec. Sept. 104
Nat. Enameling & Stamping, pref.(qu.)_
134 I ree 31 1101rier4 of roe. Doe. 1111
"referred (guar.)
2
SePt.29 Holders of rec. Sept. 14.1
National Lead,common (guar.)
Sept.15 Holders of rec. Aug. 244
Preferred (qua?.)
Oct. 9 Holders of roe. Sept. 10
National Sugar Refg. (guar.)
234 Oct. 1 Holders of rec. Sept. 204
National Surety (qua?.)
50e. Sept. 15 Holders of rec. Aug. 314
Transit (extra)
National
154 Oct. 1 Holders of rec. Sept.15
New York Steam Co., pref.(guar.)
Oct. 18 Holders of roe, Sept.20
New York Transit(qua?.)
North American Co.. common (guar.)-- /25o. Oct. 1 Holders of roe. Sept. sa
750. Oct. 1 Holders of roe. Sept. tia
Preferred (gliar.)
Oct. 15 Holders of rec. Oct. 6
2
Nova Scotia Steel & Coal.Prof.(gust.)
500. Sept.29 Sept. 1 to Sept.23
Ohio 011 (qua?.)
100. Sept. 15 Holders of rec. Aug. 31
Oil Lease Development(monthly)
OM. 1 Holders of rec. Sept. 150
2
Orpheum Circuit, preferred (guar.)
1
SEPT. 15 1923.]
THE CHRON I CLE
Per
When
Cent. Payable.
Name of Company.
Books Closed.
Days Inclusive.
1213
Weekly Return of New York
City Cleari
Banks and Trust Companies. ng House
The following shows the cond
Clearing House members for theition of the New York City
week
figures for the separate banks are theending Sept. 8. The
averages of the daily
results. In the case of the grand
tota
actual figures of condition at the end ls, we also show the
of the week.
NEW YOR
Miscellaneous (Concluded
Owens Bottle, common (guar.) ).
75c. Oct. 1 Holders of
Preferred (guar.)
rec.
Oct. 1 Holders of rec. Sept.156
Packard Motor Car, pref. (guar
.)
Sept.15 Holders of rec. Sept. 156
Paraffine Companies, corn.
(No. 1)
$1
Sept.27 Sept.18 to Aug. 3Ia
Preferred (guae.)
Sept.27
131 Sept.27 Sept.18
Parke,Davis& Co.(guar.)
50e. Sept.30 Sept.21 to Sept.27
Peerless Truck A:Motor (guar.)
to Sept.29
$1
Sept.30 Holders of rec.
Quarterly
$1
Dee. 31 Holders of rec. Sept. 200
Penney (J. C.) Inc.. Pref.
(guar.)
Sept.29 Holders of rec. Dec 200
Pennok 011 (guar.)
K WEEKLY CLEARING HOU
1
Sept.25 Holders of rec. Sept. 19a
SE RETURNS.
Extra
Sept. 150
(Stated in thousands of dollars
1
Sept.25 Holde
Pettibone-Mulliken Co.,1st&
-that is, three ciphers (0003 omitt
2d pf.(.111.) 134 Oct. 1 Holde rs of rec. Sept.15a
ed.)
Phillips Petroleum (guar.).
rs of rec. Sept.240
50e. Oct. 1 Holders of
Pierce-Arrow Motor Car, prior
rec.
of.
New
$2
Oct. 1 Holders of rec. Sept. 15a
Cereal, corn.
Sept. 15
(qu.)Postm
Capital. Proftts Loans,
750. Nov. 1 Holders of
Preferred (guar.) (Var.)
Resent
2
Nov.) Holders of rec Oct. 20a Week ending
Price Brothers& Co., Ltd.(guar
Discount, Cash
with
Net
Sept. 8 1923 Nat'l, June 30 Invest.)
Time Bank
d35 Oct. 1 Holders of rec. Oct. 20s
Producers dr Refiners Corp.
In
rec. Sept. 21
, corn. (gu.)_ 50c. Sept.15
DeState, June 30 meats, Vault Legal Demand
. Pure 011 Co., 514% prefe
Holders of rec.
. Deposi Deposits. Posits. Circu
((000 omitted.y Tr.Cos,June 30
isSix per cent preferred rred (guar.)__ _ 13.1 Oct. 1 Holders of rec. Sept. 40
&c.
tones.
Sept.15
(guar.)
115 Oct. 1 Holders of
non.
Eight per cent preferred (guar
rec. Sept. 15
Members of Fed. Res. Bank.
.)
2
Oct. 1 Holders of rec.
Quaker Oats, common (quar
Average Average Average) Amway. Avera
Sept.15
.)
Bank of N T4
ge dem
1 $
3 Oct. 15 Holders
$
Preferred (guar.)
$
Trust Co._ _ _ 4,000 12,017 62.16
135 Nov. 30 Holders of rec. Oct. la
Railway Steel-Spring, cons.
1
of
841 6.458
44,870 7,005
(guar.)
2
Sept.29 Holders of rec. Nov. la Bk of Mantua% 10,000 13.140 130,056 2.277 13,95 )
Preferred (guar.)
1
102,586 19,748
134 Sept.20 Holders of rec. Sept.15a Mech & Met Nat 10,000 16.843 166.870
Ranger Texas 011 (guar.)
2e. Oct. j Holders of rec. Sent. 7a Bank of America tt6.500 115,564 75,547 4,302 18.4971 140,057 4,102 993
Reece Buttonhole Mach.(guar
1,557 9.7881
Nat City Bank. 40,000 51,526 515,9
73,539 3,519
30c. Oct. 1 Holders of rec. Sept.10
Reece Folding Machine (guar .)
Chem Nat Bank 4,500 16,467 113:189 4,569 54,395 *521,939 78,336 2,141
10c. Oct. 1 Holders of rec. Sept. 15
Republic Iron & Steel, prefer .)
141
5 588 1,032 13,145
31
rec.
95,711 5.543 343
Nat Butch & Dr
5
Preferred (account accum.red (guar.). 134 Oct. 1 Holders of rec. Sept. 15
57
235
divid
Sept.15a Amer Exch Nat 5,000 7.783
2,953
20 297
Oct. 1 Holders of
ReynoldsSpring,corn.(qu.)(No. ends). 52
92,565
915 10,123
1)._
78.637 6,158
50c. Nov. 1 Holders of rec. Sept. 15a Nat Bk of Cora. 25,000 38,374 318.177
Preferred A & B (nar.)
934 32,487 246,100 17,87 4,944
131 Oct. 1 Holders of rec.Sept. 140 Pacific Bank_ __ 1.000 1.748 27,850
5 --- Reynolds(R.J.) Tobacco
763 3,154
rec. Sept. 173 Chat&PbenNat 10,500 9,275
21,808 1,502
Common and Common 147.1
B (guar.)
Hanover Nat 13k 5.000 21,394 112,4 63 5,121 15,767 111,836 25,755 5.971
75c. Oct. 1 Holders of
Preferred (guar.)
55
272
98,410
____1 100
134 Oct. 1 Holders of rec. Sept.186 Corn Exchange_ 9,075 12,368 172,100 5,657 13,596
Royal Baking Powder, comm
rec. Sept. 18s National Park__ 10,000 23,44
20,373 152.383 23,659
on (guar.). 2
Sept.30 Holders of rec.
4 154,091
Preferred (guar.)
842 15,339 116,541 6,783 ---Sept. 150 East River Nat_ 1,000
131 Sept.30 Holders
St. Joseph Lead (guar
803 15,447
7,839
270 1,517
.)
10,710 2,804
250. Sept.20 Sept. 9 of rec. Sept.15a First National__ 10,000 55,319 256.157
Extra
50
524 23.173 172,818 23.64
to Beet.20
Irving-Bk-ColTr 17.500 10,675
25c. Sept.20 Sept. 9
9, 7.470
Quarterly
251,201 3,815 32,975
Continental Bk_ 1,000 2,459
247.201 13 999
25c. Dec. 20 Dec. 9 to Sept.20
Extra
934 23: 0
7 548
36
to Dec. 20
152
874
'
3731
National_ 20,000 22,991
Chase
5.600
25c. Dee. 20 Dec. 9
St. Louis Rock Mt. Ay P., oom.
323,930 4,186 37,302 278,2
to Dec. 20
Com onwealth.F1f Avenu.,th
(guar.)
23 26,0411 1,092
1
Sept.29 Holders of
Preferred (Ouar.)
682 2.682
20.449
6°
50
144 Sept.29 Holders of rec. Sept. 15a
0
Schulte Retail Stores, cons.(in
979 10,628
rec. Sept. 15a Garfield Nat.__ 1.000
603 1,212
pref.
8,706
927i
Dee. 1 Holders of rec.
1,627
Common (payable In preferred stk.) m$2
14,364
385 1.737
Nov. 150 Fifth National__ 1,200 1,097
12,903
151 397
Mr 1'24 Hold,of rec.
Seaboard 011 dr Gas (monthly) stock). m$2
21,028
189 1,888
14,434
3 1-3e Oct. 1 Holders of Feb. 15'243 Seaboard Nat__ 4,000 7,174 82,095
827' 249
Sears, Roebuck dr Co., prefe
900 10,335
rred
77,649 2,3341
Coal & Iron Nat 1,500 1,267
134 Oct. 1 Holders of rec. Sept. 15
Shell Union Oil, common (guar (guar.)_
64
15,638
406
.)
13,348
25c. Sept.29 Holders of rec. Sept. 150 Bankers Trust__ 20,000 2 :255 3 5: 74
18 190 2 0 200 1,021 1,914
3
8141
Sherwin Williams Co.(Can.
6 7
3
27,818 .218,210 26,590 410
).com.(gu.)_
131 Sept.30 Holders of rec. Sept. 146 US Mtge de Tr_ 3.000 4,
Preferred ((Mar.)
,
118
970 6,088
Guaranty
46,868 2,789 - 134 Sept.30 Holders of rec. Sept. 15
Simmons Co.. common (guar
2225...00000:
.)
Trust
r Trust
31:9828: 3 :747 1,442 36,517 .335,743 42,443' -- 25e. Oct. 4 Holders of rec. Sept. 15
South Porto Rico Sugar.
22 5 6
8
rec. Sept. 15a N Y Trust Co__' 10,000 17,76
371 2.497
pref.(guar.)._ 2
18,580 1.367
Oct. 1 Holders of rec.
Southern States 011 (monthly)
4 144,925
429 15,515 115,137 20.59 , --- 10c. 9%4.20 Holders of rec Sept. 15a Metropolitan Tr
South West Pa. Pipe Lines
9
585 4,3P
(guar.)
Farm Loan & Tr
31,991 2,92
15,940 125,042
2
Spicer Manufacturing,
Oct. 1 Holders of rec..Sept. 1
635 12.09
prefe
Equitable
23..070 9,501 214.1
5
.86.644
Oct. 1 Holders of rec. Sept. 15
Standard 011(Calif.)(gear.)rred (guar.)- 2
56 1,708 25.262 *217,73: 27.081
Sept. 21
18,4
500 SePt.15 Holders of
Standard Oil (Indiana)
(guar.)
82310 Sept.15 Aug. 17 rec. Aug. 206 Total of ovens 289,375 430,13 4,307,593 48,41
Standard 011 (Kans
2 473.03 c3.509,206
50c. Sept.15 Holders of to Sept. 15
Standard Oil (Ken as)(guar.)
32,360
rec. Aug. 31a Totals, actual condition Sept.
tucky)(guar.)
*21
Oct. 1 *Seat. 16 to
Standard Oil of N.J.. corn.
84,298,753
Totals, actual coMdltion Sept. 14,311,107 49,745470,369c3,501.496 13,22532.506
Sept.15 Holders of rec. Oct. 1
Common. par $25 (guar 8100 par(gu.) 1
45.689478,940c3,525.7.410,
Aug. 25a Totals, actual condition AUg.2 4.236
.)
25e. Sept. 15 Holder of
405;32.4 1
Preferred
,
,92 48,04
rec.
State Banks Not Members of Fed'I Res'v 7 484,788 3,466,76 I 398,610132,387
134 Sept. 15 Holders of rec. Aug. 25 z
Standard 011(guar-) York
of New
e IBank.
35c Sent.15 Holders of rec. Aug. 251 Greenwich Bank 1,000 2,247
Standard 011 (Ohio) corn. (guar.)
16.8 II 1,56
1.8
Aug. 24
17.351
(guar.)
Bowery Bank__
250
215 Oct. 1 Holders of rec.
Standard Wholesale
'ii
5,34
3261
31
Phosphate,corn..._ 10
2.58
State Bank
2.500 4,735 86,364
2,070
Sterling Coal
Oct. 1 Holders of rec. Aug. 24
3,58
1,77
28,733 54.732
1
Sterling Oil dr Developm
Oct. 1 Holders of rec. July 200
Sept.20
Total of averages 3,750 7.883 108,509
•10o. Oct. 5 *Holders of
Stromberg Carburetor ent
rec.
5.47
41 3,901
48.664 56.806
Swift & Co. (gnat.) (guar.)
$1.7 Oct. 1 Holders of rec. Sept.28
Sept. 12
Totals, actual condition Sept.
2
Tennessee Copper de Chemi
Oct. 1 Holders of
108,4
5,77
4,406
48,981 56,870
Totals, actual condition iePt. 1 109,4 3
25e. Oct. 15 Holders of rec. Sept. 10
Texas Chief Oil (guar.) cal(guar.)
44 s.53oj
49.470 56,723
20.1 Oct. 1 Holders of rec. Sept.29a Totals, actual condition Aug.25 '108,851 5,454 3,716
Texas Company (guar.)
3,523
Trust Companies Not
48.436 56,745
750. Sept.29 Holders of rec. Sept. 10
Texas Gulf Sulphur (Oust
rec. Sept. 70 Title Guar & Tr 10.000 Members of Fed 'I Res'y e Bank
.)
12.72
21.50 Sept.15 Holders of rec.
Thompson-Starrett Co.,
55.677 1,564 3,588
34,142 1,817
4
Tobacco Products Corp. preferred
Oct. 1 Holders of roe. Sept. la Lawyers Tit & T 6,000 5,30: 26,177
902 1,660
16.530
Todd Shipyards Corp. , pref. (quar.)-- 144 Oct. 1 Holders of rec. Sept.20
556
Sent. 17a Total of averages 16,000 18,0
(Ouar.)
$1.50 Sept.20 Holders of rec.
• Tonopah Extension Minin
81.854 2,4661 5,246
50,672 2,373
6e. Oct. 1 Holders of rec. Sept. la
Truscon Steel, common g (guar.)
Sept. 10a Totals, actual condition Sept: 8
Underwood eypewriter (gnar.)
Holders of
2.490 5,180
Totals, actual condition -leot. 1 81,
3 (ett. 1
50. f2r P.
49,842 2.387
3
e
• Preferred (guar.) , coca.(guar.). _. 7
sers
82,297 2,256 5.594
51.575 2.376
Ia Totals, actual condition Aug.2
Oct. 1 Holders of rec.
Union Carbide & Carb
83,331 2.386 5,634
Sept. la
on (guar.)
52,96
1,901
$1
Oct. 1 Holders of rec.
United Cigar Stores, comm
on (guar.).- - 3
• Preferred (guar.)
Nov. 1 Holders of rec. Sept., 6a Gr'd aggr., aver.309.125456.0524,497,956 56,35
Oct. 16a Comparison with prey. week...
2 482.179 3.608,542 473,211 32,36
131 Sept.15 Holders of rec.
United Drug, 1st pref.
0
+40,75 -477 +2,096 +20,
Aug. 30.
(guar
345 +9,774 +82
8735e Nov. 1 Holders of rec.
United Dyewood, common .)
(guar.)
135 Oct. 1 Holders of rec. Oct. 156 Gr'd aggr., act'Icond'n Sent. 84,486,188
Preferred (gnarl_ ..
58,007479.955 3,600.319472,4
Sept. 15
Comparison witlh prey.,week _
135 let. I Holders of rec.
82 32.506
Preferred (gnarl
-16.660+4.532-8,295 -26.
476+2.978 +25
lan2'24 Holders of tee. Sept 15a
United Profit Sharing
(gnarl
15
Oct. 1 Holders of roc. Dee I fin Gr'd agar., nal cond'n ept. 14,502,848
U.S.Cast Iron Pipe &
53.475488.250 3,626.795469,5
Fly.. pref.(quaSept. lla Gr'd agar., act'l cond'n ,Aug.
Sept.15 Holders of roe.
Preferred (guar 1
04 32,481
25 4,429,102
De. 15 Holders of rec Sept. la Gr'd aggr.. avel nond'n 'Aug.184.420.763 55.887493.945 3,568,163457,256 32,3d7
U.S.Gypsum,common (guar
52.869482.
.)
Sept.35 Sept. 16 to Dee la Ord Aga.. aaact:11,ccoonridd:an
Preferred (guar.)
144:597..021 58.958497.145 3,551,261 455,528 32.515
1 4 442 615
088 3,604,899 459,796 23,647
Gr'd Mgr,
Sept.30 Sept. 16 to Sept.30
U.S. Realty & impt.,
Aug.
54.342501.470
corn. (guar.).
Or'd aggr., act'lcond'n 1July
2
Sept. 1.5 Holders of rec. Sept.30
Preferred (guar 1
284.536.221'55,092 513,264 3,672,152 465.773 32,453
3.666,361 463,09932,095
131 Nov. 1 Holders of rec. Sept. 5a
United States Steel Corp.
Oct.
, corn. WW1.
Noje.-U. S. deposits deduc
Sept.29 Holders of rec. Aug. 20a
U. S. Title Guaranty (guar
ted from'net
.)
2
Sept. 15 Sept. 1 to Hem 31a above were as follows: Average total Sept. demand deposits in the genera total
U.S.Tobacco, common (guar
15
821.307,000: Sept. 1,
8, $21,3
.)
750. Oct. 1 Holders of rec.
Preferred (guar.)
$21.306.000: Aug. 25, $28,0 07,000; actual totals Sept. 8.
48,000: Aug. 18. 829,135,0001
Oct. 1 Holders of rec. Sept. 17a Aug. 11, 330.243,000. Bills payable,
Utah-Apex Mining (guar.)
25c. Sept.15 Sept. 6 to Sept. 17a average'for week Sept. 8,8427,257.000:rediscounts, acceptances and other liabilities.
Vacuum Oil (guar.)
Sept. 1,$411.957,000; Aug.25,$400,734.0
Aug. 18.8428.028.000; Aug.
50c Sept.20 Holders of rec. Sept. 14
V. Vivaudou, Inc.(guar
00
11,3435,619,000. Actual totals
Sept. 1. $420,429,000; Aug.
Sept.
50c Sept. 15 Holders of rec. Aug. 31
Valvoline 011, common .)
25. $421,421,000; Aug. 18, 8411, 8.8427.893,000:
198,000: Aug. 11.
235 Sept.15 Holders of rec. Sept. la $456,-767,000.
Preferred (gnar.) (guar.)
Sept. 86
2
Includes deposits In forei
Oct. 1 Holders of rec.
Vulcan Detinning, pref.
•
&
Oct. 20 Holders of rec. Sept. 19a National City Bank, $119, gn branches not included In total footings as follows:
Wabasso Cotton (guar.) pref. A(MO
504.000: Bankers Trust Co., 812.0
Wahl Co., common (mont
Oct. 2 Holders of rec. Oct. 9a Trust Co.. 869,856,000; Farme
70.000: Guaranty
hly)
Sept. 14
rs' Loan & Trust Co.. $147,000: Etult
$29,537,000. Balances
50e. Oct. 1 Holders of rec.
Preferred (guar.)
able Trust Co..
'Waldorf System, comm
144 Oct. 1 Holders of rec. Sept.22a deposits were: National carried in banks in foreign countries as reserve for such
on (guar.)
City Bank, $19.016.00
3134c. Oct. 1 Holders of roe. Sent.223 Guaranty Trust Co.
First preferred and prefe
$6,550,000; Farmers' Loan 0; Bankers Trust Co.. $574,000:
Sept.20a Trust Co..
rred
20e. Oct. 1 Holders of rec.
Walworth Mfg.,common
& Trust Co., 8147.000; Equitable
$2,222,(;00. c Deposits
(quar.)•
(guar.)
Sept. 20
in foreign branches not included.
35e. Sept 15 Holders of
Preferred (guar.)
Aug. 24 1923.
rec.
ft As of
115 Sep.429 Holders of rec. Sept. 5a
• Warnsutta Mills (guar
.)
135 Sept. 15 Holders of rec. Seri. dlea
Western Canada Flour Mills (guar
The reserve position of the
different groups of institutions
2
Western Electric. common (guar .) _
Sept. 15 Sept. 6 to Aug. 27
on the basis of both the aver
.)
Sept.28 Holders of rec. Sept.
Preferred (guar.)
ages for the week and the actual
Sept.29 Holders of rec. Sept.26a condition at the end of
Western Grocer (guar.)
the week is shown in the following two
Sept. 146
2
Oct. 1 Sept. 21 to
Western States 011 (monthly)
tables:
Sept. 30
100. Sept.29 Holders of
• Westinghouse Elec. dr Mtg.,corn.
STATEMENT OF RES
(guar.) $1
Oct. 31 Holders of rec. Sept. 15
Preferred (guar.)
ERVE POSITION OF
CLE
$1.
Oct: 15 Holders of rec. Sept.28a
White Eagle 0111e Ref.(guar
AND TRUST COMPANIE ARING HOUSE B NES
rec. Sept.28a
.)
•50e. Oct. 20 *Holders of
S.
White Motor (guar.)
rec. Sept.29
$I
SeDt.30 Holders of rec.
Worthington PUMD& Mach.,
Pt. A (gu.)
Sept. 20a
Oct. 1 Holders of
• Preferred B (guar.)
Averages.
ree. Sept,20a
Oct. 1 Holde
Wrigley(Wm.)Jr. dr Co., coin.
(mthly ) 50o. Oct. 1 Sept.rs of rec. Sept. 20a
Cash
I Reserve
Common (monthly)
26
a
Reserve I
50e. Nov. 1 Oct. 26 to Sept.30
Common (monthly)
In
Total
Reserve
In Vaud. Depos
Swig=
50e. Dee. 1 Nov.24 to Oct. 31
Common (monthly)
itaries Reserve.
ROrtara.
Reserve.
50e. Janl'24 Dec. 25 toto Nov 30
Common (monthly)
Members Federal
Jan. 1 1924
50e. Pehl.2 Jan.26
Yellow Cab Mfg., class B (monthly)
'24 to Jan.31 '24
Reserve banks....
50e. Oct.
Youngstown Sheet le Tube, corn.
473.032,000
(gu.). $1.25 Sept31 Holders of roe. Sept. 20a State banks*
5,474,000 3.901.000 473,032.000 468,617,740 4,414.260
Preferred (guar.)
0 Holders of rec. Sept.
615,480
15a Trust companies..._ 2,466.000 5,246,000 9.375.000 8,759.520
Sept30 Holders of rec.
7,712.000 7.600.800
111.200
Sept.156
•From unofficial sources. t The
Total Sept. 8_ _ _ 7,940
will not be quoted ex-dividend on New York Stock Exchange has ruled that
.000 482.179,000 490,119.000 484.978,060
Total Sept. 1..... 7.782
this date and not until
5,140,940
stock
New York Curb Market AssociatIo
further notice. I
Total Aug. 25_ _ _ 7,571,000 480,083,000 487.865.000 482.087.490 5.777.510
dividend on this date and not until n has ruled that stock will not be quote The
Total Aug. 18___. 7,62 ,000 475,687,000 483.258.000 478.655,850 4.602,150
d exfurther notice.
,000 79,224.009 486.848.000 480.028,37
a Transfer books not closed for this
0 6.819.630
dividend. 4 Correctlon.
•Not members of Federal Reser
f Payable In common stock. g Payab
ve Bank.
le In scrip. h On accou e Payable In stock.
dividends. m Payable In preferred
a This is the reserve required on
nt of accumulate
stock. n Payable In Canad
net demand depos
d and trust companies,
ian funds.
All transfers received In London
but in the case of members its in the case of State banks
on or before Sept. 3 will be
of the Federal Reser
Includes also amount in reserve
of dividend to transferees.
In time for paym
required on net time deposits, which was asve Bank
ent Sept. S. $12,420,960: Sept. 1.312
.140,430; Aug.25,811.950,920; Aug. 18, follows:
180.
811,880.-
134
134
131
1,,
rr:: Lett
134
134
1
1.34
134
134
134
fl
134
131
131
135
134
is
[VOL. 117.
THE CHRONICLE
Actual Figures.
Reserve
Cash
01
Reserve
in Vault. Deporitartes
Members Federal
Reserve banks_
State banks.
Trust companies_ _ -Total Sept. 8
-Total Sept. 1...Total Aug. 25._ Total Aug. 18__--
5,772,000
2,490,000
Surplus
Reserve
Regutrett.
Total
Reserve.
---In the folBoston Clearing House Weekly Returns.
lowing we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
Regan.
BOSTON CLEARING HOUSE MEMBERS.
2.777.770
1,361,420
193,700
470,389.000 470.369.000 467,591,230
4.406,000 10,178.000 8,816,580
5,180,000 7,670,000 7,476,300
8,262,000 479.955.000 488,217,000483,884,110 4,332.890
7.788,000 488,250,000 496.036,000 487,300,500 8.735.500
7,840.000 493,945.000 501,785,000 479,300,630 22.484,370
7,572,000 482,145.000 489,717.000 477,034.690 12,682.310
*Not members of Federal Reserve Bank.
b This Is the reserve required on net demand deposits In the case of State banks
and trust companies, but in the ease of members of the Federal Reserve Bank Includes
also amount of reserve required on net time deposits, which was as follows: Sept. 8.
$12,396,750: Sept. 1, $12,312,150; Aug. 25, $11,958,300; Aug. 18, $11,893,440.
Aug. 29
1923.
.Sep'. 5
1923.
Changes from
previous week.
Sept. 12
1923.
i
$
$
$
57.300.000 57,300,000
Capital
57,300,000 Unchanged
80.497,000 80,497,000
Surplus and profits
80.497.000 Unchanged
Loans, disc'ts & investments_ 889,351,000 Dec.
89,000 869,440.000 867.677,000
733,000 597.075,000 594,619,000
Individual deposits, Incl. U.S.597,808.000 Inc.
Due to banks
110,521,000 Inc. 5,921,000 104.600,000 103,795,000
283,000 129,203,000 129,241.000
Time deposits
129.486.0.10 Inc.
United States deposits
18,021.000 Dec. 531,000 18,552.000 20.103,000
Exchanges for Clearing House 19.568,000 Dec. 1,016.000 20,584,000 15,658,000
Due from other banks
64,080.000 Inc. 2,999,000 61.081,000 57,181.000
365,000 68,217.000 68,344,000
Reserve In Fed. Res. Bank
68,582.000 Inc.
88,000 8,737,000 9,178,000
Cash in bank and F. R. Bank 8,825,000 Inc.
Reserve excess In bank and
94.000 1.485.000 .1.071,000
Federal Reserve Bank.... 1.391.000 Dec.
State Banks and Trust Companies Not in Clearing
-The Philadelphia Clearing House
-The State Banking Department reports weekly
House.
Philadelphia Banks.
figures showing the condition of State banks and trust com- return for the week ending Sept. 8, with comparative figures
Reserve
panies in New York City not in the Clearing House as follows: for the two weeks preceding, is given below. System
requirements for members of the Federal Reserve
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER are 10% on demand deposits and 3% on time deposits, all
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
to be kept with the Federal Reserve Bank. "Cash in vaults"
(Figures Furnished Si, State Banking Department.)
companies not memDifferences from is not a part of legal reserve. For trust
previous week bers of the Federal Reserve System the reserve required is
Sept. 8.
$802,037,700 Inc. $1,613,800 10% on demand deposits and includes "Reserve with legal
Loans and Investments
91,500
3.325,400 Inc.
Gold
828,400 depositaries" and "Cash in vaults."
19,799,300 Inc.
Currency and bank notes
Deposits with Federal Reserve Bank of New York ._ 69,319,900 Inc. 1,855,400
820,152,000 Inc. 9,713,600
Total deposits
Week Ending Sept. 8 1923.
Deposits, eliminating amounts due from reserve de11. 1
Two Clphers (00)
from other banks and trust compositaries and
1923.
Trust
Member of
omitted.
5,846,200
panies in N.Y.City,exchanges & U.S.deposits_ 772,111,300 Inc.
F.R.System Companies Total.
125,038,000 Inc. 5.299.400
Reserve on deposits
Percentage of reserve, 20.9%.
Capital
339.125,0 35,000,0 544,125,0 $44,125.0
RESERVE.
106,028,0 15,108,0 121,136.0 121,128,0
Surplus and profits
- Loans, dise'ts & investmls 708.258,
-Trust Companies
State Banks
44,843.0 752,906,0 750,431,0
$64.811,200 15.06% Exchanges for Clear.House 29.361,0
*327,833,400 16.55%
511,0 29.872,0 28.662,0
Cash in vault
24,084,200 5.01% Due from banks
8,509,200 5.08%
13,0 92,191,0 90.561,0
Deposits in banks and trust cos.__
92,178,0
824,0 119.085,0 116,316,0
Bank deposits
118,261,0
888,695,400 20.67% Individual deposits
$38,342,600 21.61%
Total
526,700.0 27,826,0 554,520.0 548,719,0
931,0 54,128,0 55,089,0
Time deposits
53.1970
•Includes deposits with the Federal Reserve Bank of New York. which for the Total deposits
698.158,0 29,581,0 727,739,0 720,104,0
8,777.0
State banks and trust companies combined on Sept. 8 was $69,319,900.
8.498,0
U.S. deposits(not incl.)2,788,0
3.041,0
3,041,0
Res've with legal deposit's
56,081.0 54.419.0
_ 56,081.0
Reserve with F. R.Bank_
1,213,0 10.714,0 10.777.0
9,501,0
Cash In vault*
-The Total reserve and cash held 65,582,0 4,254,0 69,836,0 67,984.0
Banks and Trust Companies in New York City.
4,264,0 60,373,0 59.814,0
56,109,0
Reserve required
averages of the New York City Clearing House banks and Excess res. & cash In vault 9.473,0 def.10.0 9.463,0 8.170,0
Cash In vault not coun ed as reserve for Federal Reserve members.
companies combined with those for the State banks
trust
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.
Demand
Deposits.
Loans and
Investments.
Week endedMay 19
May 26
June 2
June 9
June 18
June 23
June 30
July 7
July 14
July 21
July SS
Aug. 4
Aug. 11
Aug. 18
Aug. 25
Sept. 1
OAT,.
•
R
*Total Cash
in Vaults.
Reserve in
Depositaries
Loasu
Na
Nail
Net
Reserve Net
Capital. Profits
CLEARING !
counts, Cash
with Demand Time Bank
NON-MEMB N• •'
De- CircaLegal
Deo at.bks..Pne30Invest- in
lotion.
Week ending :tate bkgrne30, meets, Vault. De post- posits, pants.
tortes.
.ocie.June 30' &C.
Sept. 8 1923.
'IDts-
Members of
Fed. Res. Bank.
W.R.Grace & Co_
Total
$
500
500
AVerag Average Average Average Average
Ater
$
$
$
$
$
$
$
16
8,47
382
1,779 3,107
1.56'
1,568
6,47
16
382
State Banks Not Not Members of Fed. Res've Bank.
643
319
366 6,289
200
Bank of Wash.Hts.
1,345
800 2,097 19,766 2,32
Colonial Bank
1,664
1,000 2,463 26,055 2,96
Total
1,779
3,107
5,643
19.282
1,387
24,745 ' 1,387
Trust Co. Not Not Members of Fed. Res've Bank. ,
164
34
3,275
70nne
500
ki„hyrr.,13,
375 9,194
Total
500
375
9,194
Grand aggregate_ 2,000 4,406 41,727
ComparLson with previous week. _ --467
Gr'd
Ger
Or'd
fled
aggr„ Sept 1
Msgr., Aug 25
aggr.. Aug 18
ann. a ,,.. I.
Sept.12 1923. Sept. 5 1923. Sept.13
Re4Ourees--
169,924,675
143,918,249
165.975,482
122,197,170
168,458,000
76,519,000
313,842,924
635,518,470
8,349,713
288.172.633
635,871,570
9,839,963
244,977,000
812,284,000
4,967,009
957,711,108
17,748,236
933,684,167 1,062,228,000
42,599,000
17.346.318
975,459,344
10,915,207
951.030,485 1,104,827,000
6,987,765
144,182,948
61,510,544
38,828,240
152.619,654
57,168,042
41,271,248
21,438,000
20,534,000
67,414,000
242,521,734
13,408,750
251,058,945
16,881,160
109,386,000
37,230,000
3,843.000
1,500.000
13,500,000
100,761,000
259,771.484
Total earning assets
13,012,340
Bank premises
5% redemp. fund agst. F. R. bank notes139,928,870
Uncollected items
1,282,055
All other resources
289.440.095
13,012,340
Gold and gold certificates
$
$
$
604,685.100 Gold settlement fund-P. R. Board....
5.467,595,100 4.502,813,100
598,958.900
4.507.081.100
5,462.020.400
Total gold held by bank
601,438.200
5,439.510,100 4.508.916.300
597,472,300 Gold with Federal Reserve Agent
5.428.987.200 4.506.144,700
607,842,900 Gold redemption fund
3.417.778,500 4.527.000,900
598,572.600
5.411.405.200 4.511,280,800
Total gold reserves
808,940.200
5,455.575.600 4.543.063,300
633.840.100 Reserves other than gold
3.521.531.400 4.014,315.200
608,094,400
5,467,089.000 4.555,262.200
Total reserves
809.843.200
5,401,760.500 4.527.081.500
588,988,700 'Non-reserve cash
5.350.244,500 4,469,997.600
591,712,400 Bills discounted:
5.335.175.500 4,452,081,300
Secured by U. S. Govt. obligations
578,776.900
5,287.686.600 4,372.278.000
All other
581,500.000
5,268.638.700 4,350,022,600
573,572,800 Bills bought In open market
5.229.448.600 4,336,761,700
577,416,800
5.257,620.900 4,354.662.100
Total bills on hand
mad 002200
70 d'e ,nn
A 'IRA ilkg WW1
AWN:10027mi
U. S. bonds and notes
U. S. certificates of Indebtedness
One-year certificates (Pittman Act)All other
City Non-Member Banks and Trust Corn-
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
Mated Os thousands of dollars-that it, three ciphers 10001 omitted.)
2,000
3,500
3,500
2 FilA
4.406 42,194
5.515 42.682
5,515 52,580
fi Ilh As 624
34
164
3,275
5,694
5,694
3,324 2,210 a29,799 10,188
+7 +108
+313 -203
3,31
3,242
3,462
3.666
2,102
2.179i
3,417
3.718
229,486
a29,977
a37,9821
a37_n0
10,391
10,815
11,863
12.210
a United States deposits deducted. $100,000.
1.
Bills payable, redlecounte. acceptances and other liabilities 0161.01Eames reserve $87,560 Increase.
$44,125.0
121,068,0
750,111,0
24.984,0
89,178.0
117,862.0
548.013,0
54,254,0
720,129.0
10,041.0
2,794,0
55,922.0
11,018,0
69,734,0
80.085,n
9.649,"
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 Sept.12 1923 in
comparison with the previous week and the corresponding
date last year:
1922
$
80,913,000
81,209,800
81,562,100
82.459,100
81.749.900
78,750.200
80,871.000
83,510,400
85.305.800
79.020,500
78,711,400
78,048.100
80.142,000
79,734,800
78,651.400
79.233,800
New York
panies.-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:
Aug. 25
1923.
131,303,124
1.080.575
260,877.000
9,297,000
674,000
146,415,000
3,563,000
1,400,367,101 1.372,854.387 425.653.000
Total resources
Lfabat•tes20,341,850
Capital paid In
59,799,523
Surplus
Deposits- '
16,536.341
Government
-Reserve account_ _ 889,101,099
Member banks
12,412,240
All other
Total
718,049,681
F. R. notes in actual circulation
481,804,117
F. R. bank notes In cIrcu'n-net liabIlltY
Deferred availability items
107,228,483
All other liabilities
4,143,468
29.341,850
59,799,523
27,677,000
60,197.000
4.991,407
674.964,607
12.251.468
11,687,000
693,487,000
9,518,000
692,207.481
486,704.528
714,692,000
604,842,000
10,576,000
101,804,000
4,865,000
100.767.250
3.973.754
Total liabilities
1,400,367,101 1,372,854,387 1,525,653,000
•
Ratio of total reserves to deposit and
83.7%
F. It. note liabilities combined
80.7%
81.3%
Contingent liability on bills purchased
11,009,498
11,143,281
for foreign correspondents
11,929,570
• Not shown separately prior to January 1923.
CURRENT
NOTICES.
-Eastman, Dillon & Co., members of' the New York Stock Exchange,
have issued a very comprehensive booklet on the Ponn-Ohlo Edison Co. and
Its subsidiary companies. The booklet contains numerous charts, diagrams and photographs of the properties as well as a map of the Youngstown
District. A list of the directors and officers of the constituent companies
are also given, as well as a description of the securities of the several companies comprised in the system. A view of the proposed plant of' the Ohio
River Edison Co. is also given (see also under that company in to-day's
.ssue in the "Investment News Department"). Copies of the booklet are
available for free distribution.
1215
THE CHRONICLE
SEPT. 15 1923.]
Weekly Return of the Federal Reserve Board.
The following is tne return issued by the Federal Reserve Board Thursday afternoon, Sept.13,.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 1189, 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 SEPT.12
1923.
Sept. 12 1923. Sept. 5 1923. Aug. 29 1923 Aug. 22 1923. Aug. 15 1923 Aug.8 1923. Aug. 11923. July 25 1923. Sept. 13 1922
RESOURCES.
Gold and gold certificates
Gold settlement fund, F. R. Board
$
349,597,000
633,454.000
$
344,746,000
645,876,000
•
5
5
361.066,000 356,864,000
649,455,000 615,595,000
$
348,655,000
634,519,000
$
346,809.000
664,114,000
5
344,561,000
650,318,000
5
332.289,000
662,477,000
5
281.408,000
526,340,000
Total gold held by banks
Gold with Federal Reserve agents
Gold redemption fund
983,051,000 990,622.000 1,010,521,000 972.459,000 983,174,000 1,010.923.000 994.879.000 994.766,000 807,748,000
2,070,557,000 2,060,700.000 2,061,164.000 2,081,265,000 2,079.719,000 2,040,012.000 2,048,062.000 2,058.246,000 2,219,162,000
40,324.000
60,539,000
57,988,000
66.725,000
61,701.000
69,040,000
57.053,000
50,688.000
49,304,000
Tots gold reserves
Reserves other than gold
3,110,661,000 3,102,010.000 3.120,989,000 3,122,784.0003,120.881,000 3,112,636,000 3,109,666,000 3.113,551.000 3,067.234,000
86.454,000 130,204,000
84,058.000
74,186,000
77.484,000
78,612,000
77.004.000
76,324,000
80,245,000
Total reserves
•Non-reserve cash
Bills discounted:
Secured by U. 81. Govt. obligations
Other bills discounted
Bills bought In open market
3,187,665.000 3.178.334.000 3,201,234,000 3,201,376,000 3,195,067,000 3,190,120.000 3,193,724,000 3,200.005,000 3,197,438,000
74,025,000
66,492,000
64,138,000
70,937,000
79,585,000
65.782,000
77,139,000
68,700,000
399,118,000
450,976,000
174,563.000
376,194,000
439,324,000
173,485,000
359,999,000
420,597,000
176,610.000
380,560,000
420,879,000
173.189.000
397.209.000
425,893.000
177,409,000
381,862.000
424.575.000
182.630,000
364,413,000
396,126,000
176.864.000
123,960,000
263.213,008
204,663,000
Total bills on hand
U. S. bonds and not00.
U. S. certificates of Indebtedness
Municipal warrants
1,020,672,000 1,024,657.000
94,718.000
96,320.000
5,139,000
2,452.000
20,000
20.000
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 1,000,511,000
84,867,000
82.921,000
4,974,000
7,285,000
20,000
10,000
989,067.000
83,802,000
9,991,000
10,000
937.403.000
85,016,000
11,268,000
10,000
591,836,000
198,835,000
298,045,000
18.000
389,071,000
452,288,000
179,313,000
1.120,549,000 1,123.449,000 1,082,553,000 1,041,985,000 1,064,489,000 1,090,727,000 1,082.870,000 1,033,697,000 1,088,734,000
Total earning assets
43,808,000
53.309.000
53,664,000
53,360,000
53,424.000
54,183,000
54,361,000
54,269.000
54.239.000
Bank premises
4,742.000
193,000
193.000
193,000
93,000
93,000
28,000
28,000
93,000
5% redemp. fund aget. F. R. bank notes
670.862.000 594, . 00 546.926.000 583,915,0013 679,279,000 539,877,000 578.520,000 578.566,000 661,605,000
984 0
Uncollected items
18,520,000
12,967,000
13,184,000
12.982,000
13,043,000
13,058,000
13,532,000
13,339.000
13,477,000
All other resources
5,124.136,000 5,030,185,000 4,967,222.000 4,974,180,000 5,076,743,000 4,951,537.000 4,988,141,000 4,952,762,000 5,014,847,000
Total resources
MABIMTIES.
Capital paid in
Surplus
Deposits
-Government
Member bank-reserve account
Other deposits
109,682,000 109,718,000 109,751,000 109,678,000 109,886,000 109,873,000 109,497,000 109,629,000 106,070,000
218.369,000 218,369,000 218,369,000 218,369,000 218.369,000 218,369,000 218.369,000 218,369,000 215,398,000
39,303,000
30,038,000
34,784.000
21.935,000
34,285,000
41,584,000
38,534,000
39.597,000
37,960,000
1,872.773,000 1.843,065.000 1.848,617,000 1,824,572,0001.850,710.000 1,860.022,000 1,879.504.000 1.839,262.000 1.811,228,000
21,572,000
21.682,000
22,521,000
22,834.000
23.463,000
23.048,000
24,086.000
20.776,000
21,005,000
1,936,456.000 1,902.375.000 1,907,582,000 1,861,905,000 1,902.430,000 1,904.791,000 1,944,551,000 1,896,567,000 1,872,103,000
Total deposits
2,262,525.000 2.257.278.000 2.224,760,000 2,225,063,000 2,231.815,000 2,224,358.000 2,187.729.000 2,194.871.000 2,213,615,0011
F. R. notes in actual circulation
50.222,000
1,550.000
1.608,000
1,571.000
1,556,000
1,521,000
509,000
FR bank notes In circulation-net liab.
509.000
1.565,000
576,015,000 522,057.000 485,041,000 518,366,000 594,033,000 474,269,000 508,543,000 513,767,000 534.674,000
Deferred availability items
22,765,000
18,506,000
17,951,000
17.896,000
18,660,000
19,278,000
20,580,000
19,879,000
liabilities
20,154.000
All other
0
5.124,136,000 5,030,185,000 4,967,222,000 4,974.180,00 5,076,743,000 4.951.537,000 4,988.141,000 4,952,762,000 5.014.847,000
Total liabilities
Ratio of gold reserver, to deposit and
75.1%
75.25%
75.5%
76.10%
75.38%
74.6%
74.1%
76.0%
F. It. note liabilities combined
75.5%
Ratio of total reserves to deposit and
78.3%
78.2%
77.3%
77.3%
77.3%
76.4%
75.9%
77.9%
F. R. note liabilities combined
77.5%
Contingent liability on bills purchased
29,879,000
34.944,000
33,136,000
33,133,000
33,244,000
35,146,000
correspondents
33,784,000
for foreign
34,304,000
35,404,000
DC Mutton by Matudties1-15 days bills bought in open market_
1-15 days bills discounted
1-16 days U. S. certif. of indebtedness1-15 days municipal warrants
16-30 days 01118 bought in open market_
18-30 days bills discounted
16-30 days U. S. certif. of Indebtedness
16-30 days municipal warrants
31-60 days Bile bought In open market.
31-60 days blue discounted
31-60 days U. S. certif. of Indebtedness_
81-60 days municipal warrants
61-90 days bills bougtft ILI open market.
61-90 days bills discounted
61-90 days U. S. certif. of indebtedness.
61-90 days municipal warrants
Over 90 days bills bought In open market
Over 90 days bills discounted
Over 90 days certif. of Indebtedness__
Over 90 days municipal warrants
$
56,155,000
195,219,000
38,721,000
3,000
38,938,000
49,268.000
8,336,000
$
61,971.000
558,412,000
4.452,000
8
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
8
53.421,000
521.433,000
2,071,000
3
51,280,00
538,727.000
3,962,000
$
56,346.000
528.303.000
5,111.000
$
53.114,000
484,677,000
7,900,000
34,545,000
76,545,000
33, . 0
815 00
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
33.142.000
63,521,000
32,123,000
57,073,000
27,600,000
58,725,000
45,662,000
119,401,000
48,
277,00
0
117,292.000
52.339,000
120,476,000
52,949.000
119,568,000
50,557,000
106,867,000
2,197,000
49,944,000
108,264,000
2,100,000
47,367,000
95,014,000
3,480.000
38,337,000
91,938,000
1,376,000
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
36,613,000
78,476,000
39,417,000
82,177.000
27.000
44,271,000
87,339,000
55,535,000
85,073,000
16.000
63,931,000
77,490,000
35,604,000
3.000
38,298,000
43,476,000
3,398,000
3,835,000
15,849,000
686,000
20,000
3,855.000
17,986.000
625,000
20.000
4.778.000
22,361,000
499,000
20,000
4,179,000
24,037,000
653.000
20,000
2.893.000
28,309.000
706,000
20,000
3,626,000
30.413.000
1,196.000
10,000
2.523,000
88,708.000
1,400.000
10.000
2,278.000
40,126,000
1,976,000
10,000
7,341,000
21,720.000
211.986,000
12,000
Federa Reserve Note:
Outstanding
Held by banks
2.716.690,0002,701.577.000 2.686,759,000 2,687,335,000 2,684.738,000 2,676,199,000 2,673,158,000 2,680,126.000 2,652,313,000
454,165,000 444,299,000 461,999.000 462,272.000 452,923,000 451,841,000 485,429,000 485,255,000 438,698,000
In actual circulation
2,262,525,000 2,257.278.000 2.224.760.0002.225,063,900 2,231,815,000 2.224.358,000 2,187,729,000 2,194,871,000 2,213,615,000
Amount chargeable to Fed. Res. Agent 3,584,439.000 3,563.431.000 3,552,703,000 3,533,989.000 3,536,787.000 3,531.873,000 3,528,787,000 3,549.198.000 3,444,730,000
In hands of Federal Reserve Agent
867,749,000 881,854.000 865,944,000 846,654,000 852,049.000 855,674.000 855,629.000 869,072.000 792,417,000
Issued to Federal Reserve Banks
2,716.690,0002,701.577.000 2,686,759,000 2,687.335,000 2,684.738,000 2.676.199.000 2,673,158,000 2,880,126,000 2,652,313,000
How Secured
By gold and gold certificates
By eligible paper
Gold redemption fund
With Federal Reserve Board
321,359,000 320,924.000 32
0,424,000 320,424,000 320,429,000 320,429.000 320,429,000 320,429,000 416,508.008
646,133,000 640.877.000 625.595,000 606.070,000 605.019,000 638,187.000 625,096,000 621,880,000 433.151,009
119,921,000 119,710.000 124,045,000 125,847,000 114,772.000 114.013,000 117.262.000 122,967.000 126,505,000
1,629,277,000 1,620,066,000 1,616,695,000 1,634.994.000 1,644,518,000 1,605,570,000 1,610.371.000 1,614,850,000 1,676,149,000
Total
2.716,690.0002,701.577.000 2
.686,759.000 2,687.335,000 2,684,738,000 2.676,199,000 2,673,158,000 2,680,126,000 2,652,313,000
itligthie Dauer delivered to F. R. Agent.
980.070.0001 980.947.000
050 sac can
0151 172 1100
024 424 nun
oao cas Ann
0.50 204 nnn
Ron 427 000
580.211.080
•Not shown separately prior to Jan. 1923.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS SEPT.12 1923
Two ciphers (00) emitted.
Federal Reserve Bast of
Boston. New York.
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Han. City Haas. San Fran.
s
$
$
$
8
$
Total.
s
RESOURCES.
$
17.435,0
Gold and gold certificates
settlement fund-F.R.Irrd 54,124.0
Gold
3
i
3
$
$
169,925,0 34.914,0 12,980,0 11,193,0 6.178.0 48.287,0 3,957.0 8,533.0 3,330,0 11.733,0 21,132.0
143.918,0 29,655,0 97,815,0 33,057,0 11,825,0 123,036,0 20,683.0 19,523,0 44,026.0 13,338,0 42.454,0
Total gold held by banks
Gold with F. R. Agents
Gold redemption fund
71.559,0
188,449,0
7.962,0
313.843,0 64,569.0 110,795.0 44,250,0 18.003.0 171,323.0 24,640,0 28,056,0 47.356,0 25.071.0 63.586.0 983,051.0
635,518.0 174,332,0 207,041.0 26.752.0 88.320,0 391,737,0 48,378,0 37,956,0 44.458.0 19,840.0 207.776,0 2.070.557.0
8,350,0 8.617,0 3,658,0 3,856,0 2,320,0 7,365,0 3,379,0 1,576,0 3,833.0 1,626,0 4,511.0
57.053.0
Total gold reserves
Reserves other than gold
267,970,0
4,462,0
957,711.0 247,518.0 321.494,0 74.858,0 108,643,0 570,425.0 76,397.0 67.588,0 95,647,0 48,537,0 275,873.0 3,110,661,0
17,748.0 12,468,0 3.675,0 3,054,0 4,817,0 9,172,0 10,649.0
77,004,0
981,0 2,850,0 5,535,0 1,593,0
Total reserves
Non-reserve cash
Bills discounted:
Secured by U 13.Govt.oblIga'
Other bills discounted
Bills bought in open market
272,432,0
18,020,0
975,459,0 259,986.0 325,169.0 77.912,0 113,460.0 579,597,0 87,046,0 68,569,0 98,497.0 52,072,0 277.466.0 3.187,665,0
10,915,0 1,884,0 4,209,0 13 8,0 10,932,0 6,294,0 7,309,0 1,817,0 5,245,0 2,391,0 6,735,0
77,139,0
8
20,556,0
49,359,0
10,330,0
80,245.0
Total bills on hand
3,947,0
U. B. bonds and noted
U. B. certificates of Indebtedness_
Municipal warrants
Total earnInig assets
64.192.0
144.183,0 36,596.0 37,229,0 28,724,0 12,836,0 26.857,0 20.655,0 7,963,0 10,400,0 6,571,0 36,501.0
61,511,0 22,045,0 22.872,0 43,823,0 39.956.0 39.197,0 38,637,0 21,866,0 27.722,0 32,361.0 52,939,0
36,828.0 19,778,0 36,281,0
2,012,0 9,999,0 12,012,0
708,0 9,044,0 41,932,0
389,0
349,597,0
633,454.0
389,071,0
452,288.0
179,313.0
242,522,0 78,419,0 96,382.0 73,255,0 81,836.0 107,986.0 59,681,0 29,829.0 40,134,0 48,931.0 101,452,0 1,020.672,0
13.407.0 17,367.0 9,953.0 1,341,0
94.718.0
229,0 9,837,0 3,668.0 12,832.0 11,173,0 1.779,0 9,185,0
5.139,0
14,0
3,843.0
305,0
254,0
1.0
682.0
40,0
20,0
20.0
259.772.0 95.800.0 108 A40 0
74
500 n 00 nen n114 505(1 02 240 n e1.9 70t n Al AM n 50.7111.0 110.637.0 1.120.549.0
1216
THE CHRONICLE
RESOURCES (Concluded)
Two ciphers (00) omitted.
Bank premises
5% redemption fund
F. R. bank notes
Uncollected Items
All other resources
Boston. New York.
$
13,012,0
$
4,434,0
Philo.
$
723,0
Cleveland. Richmond Atlanta. Chicago. St. Loots. Minnow). Kan. City Dallas. San Fran.
3
0,444,0
3
2,617,0
5
2,783,0
Total resources
LIABILITIES.
Capital paid In
Surplus
Deposits: Government
Member bank-reserve acc't
Other deposits
s
$
8,715,0
$
1,097,0
5
1,748,0
s
4,970.0
s
1,950,0
Total.
$
2,868,0
54,361,0
28,0
139,927,0 59,924,0 68,802,0 57,009,0 23,396,0 92,104,0 35.908,0 17.542,0 39.094,0 29,810,0 47.717,0
1.282,0
539,0
388,0
381,0
642,0
565,0
126,0 1,995,0
811,0 2,778,0 3,853,0
28,0
670,862,0
13,532,0
against
.59,029.0
152,0
[VOL. 117.
438,259,0 1,400,367,0 418,705.0 514,645,0 214,661,0 213.299,0 805,800,0 194,835,0 134,372,0 200,178.0 139.739,0 449,276,0 5,124,136,0
7,867.0
16.312,0
3,295,0
126,597,0
483,0
29.342,0 9,850.0 12,235.0 5,768.0 4,428,0 15.166,0 4,995,0 3,521.0 4,551,0 4,188,0 7,771,0 109,682,0
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
16,536,0 1,651.0 2,674,0 1,668,0 2,194,0 1,199.0 2,600,0 1,434.0 1,764,0
39,597,0
951,0 3,631,0
689.101,0 114.658,0 164,861,0 59,224,0 51,052,0 271.723,0 68,764,0 47,688.0 77,838.0 48,671,0 152,596,0 1,872,773,0
12,413,0 1.025,0 2,295,0
132,0
532,0 1,634,0
650,0
468,0
437,0
24,086,0
235,0 3,776,0
Total deposits
130,375,0
F.R.notes In actual circulation
227,148,0
F. R. bank notes in circulation
net liability_
Deferred Availability Items
55,646.0
All other liabilities
911.0
718,050.0 117.334,0 169,830,0 61,024.0 53,778.0 274,556,0 72,020,0 49.590.0 80.039.0 49,857,0 160,003,0 1,936,456,0
481.801,0 220,316,0 250,045,0 82,955,0 128,051,0 414,481,0 72,207,0 57,163,0 63.793,0 45,796,0 218,676,0 2,262,625,0
509,0
107.228,0 50,826,0 57,230,0 52,424,0 16,980,0 69,285,0 34,619.0 15.142,0 41,335.0 29,746,0 45,554.0
4.143,0 1,630,0 1,810,0 1,202.0 1,120,0 1,914,0 1.239,0
1,483,0
972,0 2,147,0 2,009,0
509,0
576,015,0
20,580.0
Total liabilities
438,259,0 1,400,367,0 418,705,0 514,645,0 214,661.0 213,299,0 805,800,0 194,835,0 134,372,0 200,178,0 139,739,0 449,276,0 5,124,136,0
Memoranda.
Ratio of total reserves to deposit
and F. R. note liabilities combined, per cent
81.3
76.2
54.1
77.0
62.4
77.4
64.2
84.1
68.5
00.3
54.4
73.3
75.9
Contingent liability on bills purchased for foreign correspond'ts
11,930,0 2,874,0 3.609.0 1.738,0 1.370.0 4.645.0 1.470.0 1.136.0 1.437.0 1203.0 2.372.0
33.784.
STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINESS SEPT. 12 1923.
Federal Reserve Agent at
-
Cleve. Richin'd Atlanta Chicago.
Boston. New York Patio.
Resources
(In Thousands of Dollars)
$
Federal Reserve notes on hand
85,550
Federal Reserve notes outstanding
241,986
Collateral security for Federal Reserve notes outstanding
Gold and gold certificates
35,300
Gold redemption fund
15,149
Gold Fund-Federal Reserve Board
138,000
Eligible Paper!Amount required
53,537
lExcess amount held
26,708
$
$
$
3
$
313,260 49,700 29,520 23.230 78,992
738,573 237,540 270,628 91,021 142,748
St. L.
Minn. K.City. Dallas. San Fr.
Total.
3
$
$
3
$
5
$
120,500 24,590 11,780 36,213 26,614 67,800 867,749
466,493 89,793 61,267 74,102 50,119 202,420 2,716,690
235.531 7,000 8,805
11,880 13,052
2,400
321,359
7,391
28,987 11,943 13,236 1,957 4,920
10,092 2,498 3,904 4,098 2,949 20,188 119,921
371,000 155.389 185,000 24,795 81,000 381,645 34,000 21.000 40,360 9,500 187,588 1,629,277
103,055 63,208 63,587 64,269 54,428
74,756 41,415 23.311 29.644 30,279 44,644 646,133
114,851 4,997 31,517 6,945 7,366
33,161 18,250 5,872 10,480 18,062 55,728 333,937
-596,230 1,905,257 529,777 602.293 212.217 371,854 1.086.647 222,426 140,186 194,897 144,914 628,368 6,635,066
-- --
Total
Liabilities
Net amount of Federal Reserves notes received from
Comptroller of the Currency
327,536 1,051,833 287,240 300,118 114,251 221,740
Collateral received fromf Gold
188,449 635,518 174,332 207,041 26,752 88,320
Federal Reserve Bank IEllgible paper
80,245 217,906 68,205 95,104 71,214 61,794
Total
586,993 114,383 73,047 110,315 76.733 320,220 3,584,439
391,737 48,378 37,956 44,458 19,840 207,776 2,070.557
107,917 59,665 29,183 40.124 48,341 100,372 980,070
596,230 1,905,257 529,777 602,293 212,217 371,854 1.086,647 222,426 140.186 194,897 144,914 628,368 6,635,066
Federal Reserve notes outstanding
Federal Reserve notes held by banks
241,986
14,838
466,493 89,793 61,267 74,102 50,119 252,420 2,716,690
52,012 17,496 4,104 10,309 4,323 33,744 454,165
997 1.1.5
Federal Reserve notes In actual circulation
738,573 237,540 270,628 91,021 142,748
256,769 17,224 20,583 8,066 14,697
4321 501 520.316 250.045 82.955 195 001
414 431 72.297 .07105 113 703 45 700 915 070 9 9/19 A95
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 resouroeq
and liabilities of the 769 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 comment of the Reserve Board upon the figures
or the latest week appears in our Department of "Current Events and Discussions," on page 1189.
1. Data for all reporting member banks In each Federal Reserve District at close of business Sept. 5 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
110
55
81
77
3
$
12.448
76,957
235.594 1,500,730
633,357 2,526.812
$
19,303
261,251
355,301
5
29,620
400,556
694,207
Total loans and discounts
U. S. pre-war bonds
U. S. Liberty bonds
U.S. Treasury bonds
U. S. Treasury notes
U. S. Certificates of Indebtedness
Other bonds. Stocks and securities
881.399 4,104,499
12,533
48.078
79,391 471,907
4.908
27,192
28,756 .
462,886
1.096
11,321
167,331 733,884
Total loans dr dIsets & investm'ts_ 1,175,414 5,859,767
81,712 604,993
Reserve balance with F. R. bank__ ..
18.808
81,831
Cash in vault
790,843 4,546,480
Net demand deposits
289.383 905,406
Time deposits
18,611
Government deposits
28,808
Bills payable and rediscounts with
Federal Reserve Bank:
9,410 136,164
Secured by U.S. Govt. obligations
40,071
All nthpr
50.469
43
Atlanta
Three ciphers (000) omitted.
Chicago St. Louis Afinneap KOn. City
Dallas
San Fran.
Total
100
36
28
$
8.606
120.319
333,109
76
$
S
7.978
34,614
63.993 577,793
330,376 1,151,833
62
3
12,290
140,034
309.059
S
4,490
41,324
192.217
S
6,860
82,664
356,497
S
3.694
53,157
201,030
769
$
$
12,383
229,243
183,698 3,661,113
796,234 7,880,194
635,915 1,124,473
47,924
10,698
44,448 110,075
4,923
3,334
56,540
49,675
6.987
3.589
180,037 298,335
462,034
29,344
32,188
4,064
11.771
2.803
.51,196
402,347 1,764,243
14.430
24.714
14.240
99,227
1,841
12,376
5,911 132,457
7,493
19,842
41,172 333,929
461,383
15,335
23,615
9,335
21,370
6,148
84.393
238.031
9,011
11,799
1,119
29,358
1,653
28,512
446,021
11,600
49,312
4,881
19,033
5,054
61,092
257,890
20.771
13,011
1,977
12,938
3.387
11.116
992,315 11,770,550
30,308
274,746
102,150 1,068,263
12,505
88,425
41,004
871,699
11.448
80,821
148,776 2,139.773
927,666 1,655,257
70,013 108,108
32,134
15,867
690,624 926,729
102,195 594,850
10.590
6.198
593,400
35,614
13,601
326.890
151,806
4,685
487,434 2,386,788
32,898 195.658
9,971
56,346
263,236 1,502,878
178,279 781,226
5,506
13,611
621.579
40.032
8,171
339,567
100,654
2,976
319,483
19,090
5.864
195,260
86,761
2.762
596,993
49,412
12.744
439,974
135.487
1,139
321,990 1,338,506 16,284,277
23,359 100,938 1,367,827
10,153
21,173
286,663
214,502 726,250 10,963,233
74,052 539,137 4,009,236
3,208
11,402
109.556
17,448
14.887
19,010
20.807
15,281
24.264
4,285
3.719
9,061
15 024
20,337
13.542
39
6,547
15.843
25.055
17.051
5,609
tn 910
66
28,563
11 075
296,770
ono ,
171
2. Data of reporting member banks In Federal Reserve Bank and branch cities and all other reporting banks.
New York City.
City of Chicago.
Three ciphers (000) omitted.
Sept. 5. Aug.29. Sept. 5. Aug.29.
All F. R. Bank Cities. F. R. Branch Cities. Other Selected Cities.
Sept. 5,
Aug. 29.
Total.
Sept. 5. Aug.29. Sept. 5. A ug.29. Sept..5'23. Aug. 2923 Sep:.
(122.
257
65
6'
Number of reporting banks
49
49
2
57
205
205
307
307
769
790
769
$
Loans and discounts, gross:
3
3
$
$
3
3
$
3
5
3
5
3
152,374
68,726
26,436
Secured by U.S. Govt. obligations 88,442
27,612
152,272
40,369u 40,694
36.500
230,001
37,035
229,243
256,988
1 335,367 1,316,122 428,362 423,629 2,578,666 2 563,738 087.1641 585,041 405,283 492.596
Secured by stocks and bonds
.
3,661,113 3,641,374 3,480.189
All other loans and discounts
2 214,7692,197,710 679,586 668,166 4,896,745 4,860,370 1.612,64311,604.020 1,370,8061.370,886 7,880,104 7,836,176 7,082,076
Total loans and discounts
57
3.608.578 3 552,5551. .
.
134 354 1.119,407 7,627,785 7, 6.3802,240,176 2,230,654 1,902,5891,900.51711,770.55011,707,551 10,819.853
U. S. pre-war bonds
37,275,
4.00:
03,299
4,075
93,256
76,8061 76,996 104.641 104,204
274.456
274,746
U.S. Liberty bonds
1341.685
405,886 406.257
43,010
42,933
644.110 240,5281 252,511 167,050 167,469 1,058,263 1,064,090 1,375,364
U. S. Treasury bonds
18,422
18,135
45.386
5.390
5,680
46,257
23.1061 23.352
19,933
39,792
88,425
20,183
84,399
84,972
U. S. Treasury notes
644,566
428.642 434,284
650,527 142,7991 146,615
881.155.700,174
84.334
84,013 871,699
U. S. Certificates of Indebtedness
31,444
5.258
33,402
6.161
8,924
9,307
32,87
33,342
173,272
16,507
83,362
80,821
16,618
Other bonds, stocks and securities
527,515 521,549 161,596 163,550 1,129,597 1,128,315 585,6001 591,133 424,576 424,485 2,139,773 2.143,933 2.263,963
Total loans Ar disc'ts & inVe8Vt8.5,034,9555,009,652 1,439,0081,426,875 10,213,762 10,172,247 3,350,885 3,354,603 2.719,630 2,717,48916,284,27716,244,3311 5.332,626
I
Reserve balance with F. R. Bank-. 558,407 554,599 135,596 138,392
973,406
902,293 234,075 238,202 160.346 165,093 1,367,827 1.365,588 1,3118,905
Cash In vault
65,460
144,269
30,067
66,410
29,206
142.136
63,316
62.778
282.805
282,539
79.078
77,801
286.663
Net demand deposits
4,069.903 4,036,891 1,007,6681,000,820 7,444,185 7,376,1271.81)1,5121,888.416 1,627,536 1,516,862 10,963,233 10.880.40510,992,930
Time deposits
018,266 618.118 364,779 303,046 1,952,399 1,952,106 1,200,8291,197.657 856,008 856,010 4.009.236 4,005,773 3,602,623
Government deposits
30,698
69,963
4,860
26,883
6,114
78,394
28,982
30.808
10,611
178,300
121,642
109,556
12,440
Bills payable and rediscounts with
F. R. Bask:
Secured by U.S. Govt. obligations 108.496
186,200
80,49
10,855
15,214
156,457
71.844
70,341
269,918
38,726
57,426
296,770
43,120
104,404
All other
41,765
6,332
37.656
7,637
158,889
49,138
53,038
260,271
42,829
79,262
251.335
43,308
Ratio of bills payable dt rediscouu
with F. R. Bank to total loans
and investments. Der cent
2.4
3.4
1.0
3.0
1.2
3.1
3.7
3.0
3.1
3.6
3.4
:1.2
0.c
Includes Victory notes.
a Revised figures.
SEPT. 15 1923.]
THE CHRONICLE
tankers' 6azette
Wall Street, Friday Night, Sept. 14 1923.
Railroad and Miscellaneous Stocks.
-The review of the
Stock Market is given this week on page 1206.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Week ending
Sept. 14 1923.
Storks.
Shares,
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Railroad,
&c.,
Bonds.
Par Value,
247,406 324.700.000
572,650 57,200.000
821,750 62.100,000
836,350 83,500.000
1,067,770 106,500,000
931,400 93.000.000
Total
State, Man.
and Foreign
Bonds,
$1 509,000 $1,135,000
3 146,000 1,430,500
3 627,000 1.313,500
4263,500 1,256,500
4714.000 2,411,500
4.661.500 1,644.000
U. S.
Bonds.
$604,650
1,372.700
1,146,600
1,699.800
1,873,600
2,921,000
4.277_326 3427 f100 MO 521 021 non go 184 nnn to et 4 9Xn
Sales as
New York Stock
Exchange.
Week ending Sept. 14.
1923.
Jan. 1 to Sept. 14.
1922.
1923.
1922.
Stocks
-No. shares__
4,277,326
5,810,278
164,306,373
180,025.045
Par value
$427,000,000 3501,453.600 315,357,000.000 $15,806,994,489
Bonds.
Government bonds_
$9,618,350 521,156.000
$545,257,325 31,220.514,200
State, mun.,Ste bonds
9,164,000 22,005.000
328,595,900
38,218,200
RR.and raise. bonds
21,921.000 39.537,000 1,131,714,550
692,035,000
Total bonds
$40,703.350 $82,698,000 32.005,567,775 $1,950,767,400
-Jan. to Sept. 7 1923.
•Revised totals
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week ending
Sept. 14 1923.
Philadelphia.
Baltimore.
Shares. Bond Sales. Shares. Bond Sales
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Shares. Bond Sales,
4,611
8,052
11,217
10,331
10,141
12,312
1,767
4,317
7,621
11.997
8,535
3,993
14,000
11,900
16,700
25,500
43.600
5,000
56,664
Total
Prev. week revised
4,850
21,050
14,100
15,950
91,300
16,000
163,250
38,230
116,700
29,77
59.000
28.295
91.150
15.765
140 100
2607
7n non
330 '
668
660
•
761
560
1,000
17,000
10,000
•
16,000
15,000
*Defenders' Day-Excharge Cio ed.
Daily Record of U.S. Bond Prices. Sept. 8. Sept. 10 Sept, 11 Sept.12 Sept.13 Sept. 14
First Libert LoanHigh
334% bonds of 1932-47--{Low_
(First 314s)
Close
Total sales in $1,000 units__
4% bonds of (High
HIM;
103247
Close
Total sales in $1,000 units.-Converted 434% bonds {High
of 1932-47 (First 41(8) Low_
(Close
Total sales in $1,000 units_ _ _
Second Converted 414% High
bonds of 1932-47 (First Low_
Second 41(s)
Close
Total sales in $1,000 units...
Second Liberty Loan
High
4% bonds of 192742_ _ _ _ Low_
(Second 4s)
Close
Toad sales in $1,000 units..Converted 434% bonds {High
of 1927-42 (Second
Low_
431,)
Close
Total sales in $1,000 units_ _
.
Third Liberty Loan
High
414% bonds of 1928
Lon_
(Third 41(8)
Close
Total sales in $1,000 units__
Fourth Liberty Loan
{High
41(% bonds of 1933-38
Low(Fourth 434s)
Close
Total sales in $1,900 units.Treasury
{High
414s, 1947-52
LowClose
Total sales in 31.000 units...
99"3:
993112
99118
20
9910,1
9911n
991131
146
991131
9911s2
991132
159
9921n
99213
991%2
319
991122
991133
991122
316
9917n
991132
991131
44
081,3
98.00
981n
31
97":
97113
97101
98
-133
98132
98838
34
-__ _- ----_
91
132
98332
91
132
98112
9 -11,
8
981s2
98112
98 32
,
98032
91
112
98',,
8
98182
155
98122
-98112
98331
139
981322
981133
98"st
126
981:3
98331
98121
427
991332
991332
991132
454
91
122
982
.,
981.2
198
98113:
981312
981322
308
981,1
98333
98112
237
9914
99213
9913
152
97112
97313
97"s
981,2
98.00
98112
103
981131
981131
,
9811
396
98332
98132
98112
210
99113
99113
99 23
39
77
23
40
981,2
97.00
98132
97.00
98'n
97.00
3
50
------------98.00
------------98.00
------------98.00
98122
-98131
981.2
285
98",2
981132
9811:2
347
98121
9331,2
98122
388
991112
9911n
9911n
208
s
98132
981n
981,2
268
9811:3
983142
9812n
419
98111
98132
98133
543
991%
9911,2
99113
271
____
_ __
98
-1:1
981.2
98182
396
9811.2
98"tt
98"32
1888
9811s
98132
9813,
343
991122
9911n
991132
17
Note.
-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
6 1st 3145
9 1st 4s
15 2d 45
991131 to 99213173 2d 4131s
97103, to 98
59 3d 41(5
971131 to 971131 84 4th 41(s
971121 to 9813t
98"31 to 9814,3
98
to 9813t
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Maturity.
June 15
Sept.15
Mar. 15
Mar. 15
Dec. 15
1924___
1924._
1925___
1926._
1925___
Int.
Rate.
Bo.
Asked.
514%
515%
%
4%%
414%
100131,
100%
1001n
100%
9911,
101121
101
100%
100%
991114
Maturity.
Sept. 15
June 15
Dee. 15
Dec. 15
Mar. 15
Mar. 15
Mar 15
1926.__
1925._
1927...
1923._
1924___
1927._
1924_
Int.
Rate.
414% 99%
04% 9974
414% 9914.
4%
99"u
414% 100%
414% 10011,
414% 100
Asked
9974
100
100
1001ts
100312
100Tts
10012,
The Curb Market.
-The review of the Curb Market is
given this week on page 1229. .
A complete record of Curb Market transactions for
the
week will be found on page 1229.
Foreign Exchange.
-Sterling exchange displayed a
firmer tendency, though trading was dull and price changes
unimportant. In Continental exchange, despite some irregularity, a steadier tone was noted and slight gains were
made,
except in German marks, which sank to still lower levels.
•
1217
To-day's (Friday's) actual rates for sterling exchange were 4 51340
4 5234 for sixty days, 4 53%©4 54% for cheques and 4 531404 5494 for
cables. Commercial on banks sight 4 5314 ©4 5494, sixty days 4 51940
4 523g, ninety days 4 49% ©4 5094 and documents for payment (sixty
days) 4 51%44 52. Cotton for payment 4 5334 ©4 54% and grain for
payment 4 533404 5454.
To-day's (Friday's) actual rates for Paris bankers francs were 5.73%0
5 7834 for long and 5.79@5.8334 for short. Germany bankers marks are
not yet quoted for long and short bills. Amsterdam bankers guilders
were 38.87©38.89 for long and 39.23©39.25 for short.
Exchange at Paris on London. 77.80 francs: week s range. 77.80 francs
high and 80.77 francs low.
The range for foreign exchange for the week follows: •
Sterling. ActualSixty Days.
Chaim's.
Cables.
High for the week
453 5-16
4 55 9-16
455 13-16
Low for the week
4 52 11-16 4 52 15-16
4 50 7-16
Paris Bankers Francs
High for the week
5 7834
5 80
5 81
Low for the week
5 4854
555
65%
Germany Bankers Marks
High for the week
0.000003
0.000003
Low for the week
0.00000075 0.00000075
Amsterdam Bankers Guilders
High for the week
39.31
38.89
39.35
Low for the week
38.80
39.22
39.26
Domestic Exchange.
-Chicago. par. St. Louis, 15@2.5c. per $1,000
discount. Boston, par. San Francisco. par. Montreal, $23.750 per
$1,000 discount. Cincinnati, par.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week ending Sept 14.
Sales
for
Week.
Range for Week.
Lowest.
I
Highest.
Range since Jan. 1.
Lowest, I Highest.
Par. Shares $ per share. 1S per share.
Railroadsper share. per share.
Bklyn Rap Tran full paid 3,700 3234 Sept 10 34 Sept 11 30% July, 34
Sept
Canada Southern_ __ _100 200 50% Sept 11 50% Sept 11 50
Apr, 52% Mar
Jan 92
C C CSr St Louis_ __ _100 400 83% Sept 10 90 Sept 11 76
Mar
100 8914 Sept 14 89% Sept 14 86% Sept 100 June
C St PM & 0,Dref--1
Central RR of N J -100 100200 Sept 14 200 Sept 14 175
July 231
Feb
Colo & South, lot p1-100 300 49 Sept 8 49 Sept 8 49
Sept, 60
Feb
100
100 43 Sept 10 43 Sept 10 42
2d preferred
Sept] 55
Jan
100 112% Sept 1411234 Sept 14 10934 Aug 11814 Mar
Illinois Central, pref _10
Int & Grt No RY (w 1)100
100 1514 Sept 10 15% Sept 10 15
Au 2534 Feb
Manh Elev Mod Gtd.100 900 3134 Sept 11 3534 Sept 11 3014 Jun 45% Apr
NY Chic&StL,w1-100 2.500 7334 Sept 14 7734 Sept 11 67% Au 7614 July
100 1,200 90 Sept 14 91 Sept 10 87% Aug 95% July
Preferred, w I
1001 100 434 Sept 14 434 Sept 14 4% Sep 13
Pacific Coast
Mar
Rapid Transit Corp_ _ _ _* 6,500 13% Sept 13 14% Sept 11 914 Jun 1874 Apr
100 2,400 36% Sept 8 39 Sept 14 31,4 J
Preferred
49
Apr
Virginia Ry& Power-100 100 37% Sept 13 3734 Sept 13 30% Au 40
Sept
600 8374 Sept 11 85 Sept 11 7514 Ap 88 June
10
West Penn, pref
100 95 Sept 12 95 Sept 12 90
Twin City R T, pref_100
Feb 98
Mar
Industrial & Miscell.
Amer Beet Ougar pf_100 200 72 Sept 10 75 Sept 11 65 Jun 80
Feb
Amer Chain, Class A._25 900 21% Sept 14 22% Sept 11 20% Jun 2514 Mar
Amer Teleg & Cable_100 100 4834 Sept 8 48% Sept 8 46
Jul 5834 Feb
* 5,900 1514 Sept 13 17% Sept 10 12 Ma 1814 Apr
Arnold Constable
* 700 5314 Sept 13 5534 Sept 10 51
Jul 57% June
Atlas Powder, new
An 10034 Jan
Amer Rolling M III, pf.100 300 9734 Sept 1 9834 Sept 14 96
Atl Fruit CoITCo ctf dep 500 13.4 Sept 11 114 Sept 11 114 July 2% Feb
200 20 Sept 1 2034 Sept 12 19% July 28% Apr
Auto Knit
50 300 3 Sept 11 3 Sept 11 2
*
Jan 414 Feb
Auto Sales
Bayuk Cigars, 1st pf_100 100 97 Sept 10 97 Sept 10 97 Jun 124% Apr
200 943-4 Sept 10 95 Sept 10 94% Sep 109% June
...1
Burns Bros. pref.
2
700 4014 Sept 11 41 Sept 10 40 Sept 44
Calumet & Recta
July
200 20 Sept 13 2014 Sept 13 20
Sep 20% Sept
New
Cert.-Teed, 1st pref__100 100, 7634 Sept 10 7634 Sept 10 7614 Sep 88
Feb
• 1,300 45 Sept 14 4734 Sept 10 43% A . 49% May
Columbia Carbon
Aug 109% Feb
Cosden & Co, pre__ _100 600 9134 Sept 14 93 Sept 11 85
Cuban Dominion Sugar- - 1,700 5 Sept 13 5% Sept 8 3 July 12% Mar
100 100 34 Sept 8 34 Sept 8 30
Aug 58% Mar
Preferred
• 2,100 6214 Sept 13 65% Sept 11 5414 July 70% June
Cuyamet Fruit
100 100 6274 Sept 14 62% Sept 14 6014 Aug 7334 Jan
Deere & Co pref
• 2,200 1234 Sept 13 1314 Sept 11 12% June 14% June
Douglas Pectin
Eaton Axle & Spring...* 1,300 2234 Sept 14 25 Sept 13 22% Sept 27
July
Fidelity Phenix Fire I
25 300114 Sept 13 114 Sept 13 10234 Jan 138
Feb
of N Y
3,800 44 Sept 8 44% Sept 10 37% Jan 47% May
Ileischmann Co
• 4,800 6814 Sept 14 72% Sept 10 66 May 7834 July
Foundation Co
400 7
pt
7% Sept 11 7 Sept 1434 Apr
Gardner Motor
General Baking Co_ _ _ _* 300 80 Sept 13 84 Sept 8 72
July 84
Sept
Gimbel Bros. pref _ _ _100 100 97 Sept 12 97 Sept 12 9634 Jan 102% Feb
Goldwyn Pictures new_* 200 1534 Sept 14 17 Sept 10 1334 June 2234 June
Goodyear Tire, pref_100 600 44% Sept 13 46 Sept 11 4331 June 6134 Apr
Prior preferred_ _ _ _100 100 9374 Sept 13 93% Sept 13 9134 Sept 99
Feb
Great West Sugar. pf 100 60010434 Sept 14 106 Sept 10 10234 Aug 10831 Mar
Hartman Corporation100 2,200 8434 Sept 13 8714 Sept 12 8031 July 94% Feb
25 200 4931 Sept 13 50 Sept 13 4934 Sept 50 Sept
Household Prod tem ctf• 3,800 30 Sept 14 3234 Sept 12 28% July 39% May
* 1,500 4 Sept 13 414 Sept 10 4
Indep Oil Sr Gas
Sept 11% May
2,100 34 Sept 13 3434 Sept 8 3134 July 40% Apr
Inland Steel w 1
14 Sept 10
lnternat Combustion rts 11,200
% Sept 10
14 Sept
% Sept
Internat Shoe. prof __100 100 116 Sept 12116 Sept 12 115
Mar 120% Mar
Internet Tel & Tel_ _100 600 S67 Sept 10 6434 July 7114 Apr
d 4 Sept 13
Intertype Corporation.* 300 3134 Sept 12 31% Sept 13 2
634 July 41% Mar
300 97% Sept 11 97% Sept 10 91
June 9714 Sept
C Pow & Lt, 1st pf *
300 5714 Sept 10 57% Sept 10 3534 Apr 6434 June
Kinney Co
Mallinson (H R) Sc Co,
100 700 84 Sept 11 89 Sept 12 82 May 9034 Feb
preferred
Feb
Macy (It HI, pref._ _100 10011234 Sept 1311234 Sept 1211134 July 115
• 2.400 2914 Sept 14 3114 Sept 1! 2934 Sept 3834 Mar
Magma Copper
Maracaibo Exploration • 2,800 1714 Sept 14 1934 Sept !: 1734 Sept 2234 July
5300 Sept 8300 Sept .-. 287
July 09
Mar
Nat Bank of Comm...100
Nat Cloak & Suit, p1_100 400 93 Sept 8 94 Sept 10 8934 Juno 104
Feb
• 6,100 39 Sept 12 4134 Sept 11 343( June 4234 Apr
Nat Dept Stores
100 9214 Sept 11 9274 Sept 11 9034 July 9754 May
100
Preferred_
400 29 Sept 14 30 Sept 10 2734 Aug 3214 June
N Y Canners
1034 Sept 14 ioq Sept 14 83.4 July 1534 Feb
• 1,0
N Y Shipbuilding
Mar
Ohio Fuel Supply
25 500 3134 Sept 14 32 Sept 10 31 June 67
• 200 35 Sept 10 36 Sept 13 35
July 50
Apr
Onyx Hosiery
100 92 Sept 10 92 Sept 10 '8434 Jan 9534 Apr
Orpheum Ciro Inc pf_100
100 200 50 Sept 11 50 Sept 11 47
Jan 7234 Mar
Otis Steel pref
100 94 Sept 13 94 Sept 13 9134 Jan 94 June
Pacific Tel & Tel pref 100
Penn Coal & Coke_ _ _ _50 200 3734 Sept 10 37% Sept 10 3514 July 4394 Apr
10 1,700 1634 Sept 13 1734 Sept 10 1114 July 1934 Mar
Philip Morris
5 100 30 Sept 12 30 Sept 12 2814 A
Phoenix Hosiery
47
Mar
Philadelphia Co6% pt 50 200 4434 Sept 13 4434 Sept 13 4112 May 4514 Feb
Pittsburgh Utilities pf_10 300 1034 Sept 14 10% Sept 13' 10
July 1131 Aug
7 36 Sept 13 36 Sept 13 36
Prod & Ref Corp pref _50
Sept493.4 Mar
P S Corp of NJ pf 8%100 10010134 Sept 1310134 Sept 13 9834 Aug 108% July
Schulte Retail Stores__ _* 1,700 9294 Sept 14 9414 Sept 8 88 May 9974 July
Simms Petroleum_ _ _ _10 5,900 734 Sept 8 834 Sept 12 634 July 16
Jan
Simmons Co
2,800 2394 Sept 14 2634 Sept 10 23
July 34% Mar
Shell Union 011 Co pf 100 600 9134 Sept! 9234 Sept 12 90 June 9894 Apr
Sinclair Oil pref
100 400 83 Sept 10 83 Sept 10 8034 Aug914 Feb
Ati
Tobacco Prod pref__ _10 1,200109 Sept 12 110 Sept 11 104% Feb 114
Feb
Underwood Type new 25 6
38% Sept 13 4034 Sept 12 35% Aug 4174 June
United Cig Stores p1_100 200 110 Sept 12110 Sept 12 110
Aug 119
Mar
U Tobacco
• 100 52 Sept 12 52 Sept 12 48
July 69
Feb
Preferred
1
100108 Sept 10 108 Sept 10 93 Jun 112
Feb
S Realty & Imp full pd 1,600 103 Sept 1310434 Sept 1.1' 97%
108% Feb
Va-Carolina Chem B. _* 3
4% Sept 14 514 Sept 12 314 June 17
Feb
Van Beane
100 700 38 Sept 11 3934 Sept 11. 33
Aug 64
Jan
West Elee 7% cum pf 100
100 11534 Sept 1011534 Sept 1011134 Mar 117
Aug
Waldorf System new.._• 2,100 1534 Sept 14 1714 Sept 31 1474 June 20 May
g
i
Weet•h'seE&Mfg latpf50 200 74 Sept 11 7534 Pent 111 70
Aug(8
Mar
Youngstown Sheet & T.• 300 6994 Sept 10 70 Sept
Jan
6314 July 80
•No par value.
New York Stock Exchange-Stock Record, Daily Weekly and Yearly
1218
OCCUPYING FOUR PAGES
For sales during the week of stocks usually inactive, see preceding page
?Eli SH AKE
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICE
Saturday,
Sept. 8.
Tuesday,
Monday.
Sept. 10. 1 Sept. 11.
Wednesday. Thursday,
Sept. 13. I
Sept. 12.
Friday,
Sept. 14.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
•Bk1 and asked Pr.Ces. I Itz-ulv,dand.
Range for Previous
Year 1922.
Lowest
Par
Railroads
per share $ per share Shares.
$ Per share $ per share $ Per share $ per share
100 Ann Arbor preferred
26
100
.21
26
26
26
*21
.21
24
*21
24
26
.22
4
973 9812 953 973
4
8
4
4
973 9814 983 99
98
4 953 9613 8.100 Atch Topeka & Santa Fe 100
98
Do pre(
600
100
88
*87% 88
4
873 87% 87% 87%
4
873 87% 88
3
•877 88
2
3 1% 3,800 Atlanta Birin & Atlantic 100
13
•138 2
2
8
4
13
4 23
13
134
134
4
13
100
8
4
1133 1133 11214 11334 1127 112% 11212 11212 112 11214 11018 11113 1,500 Atlantic Coast Line RR
4
29,10(1 Baltimore & Ohio
100
4818 49
8
5014 503
4 4813 50
.3 5014 5073 50% 51 18 497 503
Do pre?
400
100
5712 5712 *5612 5712
53
4
4
4
573 573
4 5712 5712 573 573 *57
12
*14
Brooklyn Rapid Transit.....100
8
3
*14
12
12
.14
t3
*14 , *4
4
3
*14
100
Certificates of deposit
14
12
*18
*is
%
8
*3
14
14
14
14
*18
*14
100
8
141% 14314 141 14214 1415 14234 9,100 Canadian Pacific
143 143
142% 14314 14212 143
100
4
4
8 6318 6334 63% 6414 623 6414 613 6214 6118 6134 4.500 Chesapeake & Ohio
6314 633
Do pref
400
100
99
•98l3 9912 98
98
99
98 .
99
99
99
11198
*98
100
8
212 27
4 6.700 Chicago & Alton
8 278
27
212 23
3 18
3
2% 273
3
3
Do pref
100
4
64 63 11,100
632 63
633 7
4 73
63
4 8
63
4
4
4 74
63
2612 2614 1.800 Crilc & East Ill R11 (new)
2612 27
2612 2612 2712 .2713 30
•25
25 25
Do pref
500
4
4
5218 5212 5212 5212 493 493
51
4 4934 493
51
51
*50
8 1.300 Chicago Great Western___100
43
438
412 413
8
458 45
414 438
412 412
431 434
Co pre(
100
97 107
8
8
8
03 10
8
4
.93 1013 3.000
10% 113 •1072 1114 .107 1114
8
100
1612 167
1738
8 1512 1634 15
1534 6.300 Chicago Milw & St Paul
171• 17
174 1718 17
Do pref
100
2913 30
4 9.900
2814 2912 2713 2834 2714 273
2934 3012 2913 30
6512 654 2,600 Chicago & North Western_100
67
6818 66
675* 6814 68
*6712 68% 6738 68
100
Do pref
103 110
•105 110 •105 110 *108 110 *107 110 *107 110
8 2134 2238 9,400 Chicago Rock 151 & pacific.100
217 223
4
2213 2312 2238 24
233 2414 225* 23
100
800
7% preferred
78
4 7714 7812 78
*7812 793
7813 7812 •7812 80
79
79
6% preferred
400
100
68
6913 693 6934 693 695* •671* 681* 6814 6814 •65
8
4
•65
300 Chic St P Minn & Omaha_100
5412 5412 *54
60
60
5912 *53
*5412 60
59
*54
100
200 Colorado & Southern
245*
*2414 2413 *24
26
*25
27
24% 24% •25
2412 26
.
100
8
108 1027 1073 1073 1071 2 10712 1,000 Delaware & Hudson
4
4
4
1093 1093 •109 110
4
109 109
800 Delaware Lack & Western_ 50
11214 114
4
4
1153 1153 11214 114
11512 116 *11212 116
115 115
100
3
8
137 1514 1312 1418 134 137 24,300 Erie
14% 15
4
143 1514 144 15
Do 1st preferred
100
3 2112 2214 2114 2214 2Vilal
3
3
2314 244 233 2418 237 2418 2214 237
Do 211 preferred
100
16
1518
8
177 1818 1614 1714 1518 1618
1712 18
17
17
1
100
8
553 5612 12,200, Great Northern pref.
3 5712 585* 553 57
3
5814 587
4 5818 59
4
583 583
2.300' Iron Ore Propertles_No Par
297 *284 2912 29
29
29
2934 30
30
2934 293
4 30
100 Gull Mob & Nor tr ctfs_ _ _100
11
1012 1012 .10
1113 •10
*10
1114 •1038 1112 .1012 11
100
Do pref
200
.4634 50
47
47
50
*47
50
47
50 •
4813 4812 •47
100
10514 1053 10518 10118 1,100 Illinois Central
4
*106 10614 10614 10614 10614 1064 10513 106
.No par
Interboro Cons Corp.
---- ---- ---- ---- ---- ---- ---- ---101)
Do pref
------I
1-1434 -16'i -0-J00 Interboro Rap Trail w 1...100
1T514
71413 1514 -1412 - 4 -i - -1755i ;1412 -15 - -ii- -17
100
174 4,000 Kansas City Soutbern
1814 1838 1838 1812 1812 185* 1778 1813 1712 1778 17
100
51
Do pre(
.51
54 .5314 54
*53
*5314 54
54
•53
54
*53
100
------ Lake Erie & Western
100
Do pref
50
5i00 Lehigh Valley
ifilie if- - - 2
64
-4314 - -7- -61 -6'13; -6219 624 -ii- 63l- -6112 -6134
8712 8712 8712 8712 8714 8714 1,200 Louisville & Nashville.__100
4
4 873 88
•8713 884 8713 873
100
6
-6;0 Manhattan Ry guar
44
4
453 *42
4534 *42
4
*4313 4512 443 4434 4434 45313 .42
Di Tr Co of N Y ctf dep.100
_
.3313 35
___
_-----100
-0- - sn
ifi -- 6 Market Street RY
2 912 -1-2-1- *9
2
914 1212 -•6- -1-21- .
.
100
Do pref
40
40 .32
.32
42
42 .33
*36
42
*36
42
.36
100
66
Do prior pref
63 .65
6812 *65
70 .66
.69
71
.09
71
*69
100
30
Do 211 pref
30 .24
.24
30
30 .24
30 .24
32 .24
25
•
600 MInneap & St L (new)._ 100
11.3
Da
114
118 14 •113
14 14
114
114
114 *113
.
Minn St P & 58 Male_ _ _ 100
58
*54
58
58 .54
*54
60
*55
58
*55
57
55
.
Missouri Kansas & Texas_ _100
4 2
1112 1114 1134 -1134 -12-s- "1134 1214 -1112 -131- - 1,666 Mo Kan & Texas (new)
4
•1118 1112 11
Do pref (new)
2812 305* 4.500
4
2912 2912 3012 308 303 31 18 2814 297
31
O29
8
103 10% 1012 105* 4.700 Missouri Pacific trust ctfs_100
11 18 1034 11
11
105* 11
1114
11
100
Do Prof trust ctfs
8 2814 2912 2712 2814 5,600
3053 2912 303
8 30
3034 3014 303
30
8 1,000 Nat Rys of Melt 211 pre_ _100
213 212 *212 27
25, 23
8
233 25
234 234
4 234
23
.
74 0
2 60
8714 8634 87 6.0 New On Tex & Men v t 0_100
85
8 8814 89
903
8912 8912 90
9012 *90
100
New York Central
9912 10132
8
8
10014 10014 10014 1007 1007 1027 1003 1024 100 101
8
------ N Y Chicago & St Louis._ _100
100
-----Do 211 preferred
100
1214 124 9,900 N Y N H & Hartford
1214 13
2 1234 13
3 1234 134 1234 133
133
13
100
500 N Y Ontario & Western
4
.153 17
.1534 17
17
17 .16
17
17
17
*16
17
100
Norfolk Southern
8
•87 11 13
11
8
1112 •878 1118 .87 1114 *9
•813 12
•9
106
900 Norfolk & Western
10214 10212
4
101 10434 1013 102
•104 10513 10413 10512.102 104
100
100
Do pre
77
.70
77
77 , .70
75 .70
75
77
77 •70
•72
100
8 5714 5814 12,100 Northern Pacific
4 5918 6014 5712 593
4
4 60 6012 593 603
6018 603
50
7,300 Pennsylvania
43 I 4278 4318 427 43
43
4278 43
427 43
*
43
43
100
900 Peoria & Eastern
•334 10
4
1013 1 112 1012 1112 *83 10
1014 .
10
•912 12
100
8
4
403 417 13,900 Pere Marquette
4412 4358 443
8 4238 43
44
44
44
4414 44
100
1)0 prior prof
100
73
*70
70
73 : 70
*70
73
73 •70
73 •70
*69
100
Do pref
62
*58
63
62
63 .58
025s •58
*58
63
.58
*58
43 I 4134 4218 4112 415* 5,350 Pittsburgh & West Via..... 100
42
4312 4312 4334
4
423 4234 43
100
100
Do pref
91
*88
93
89
93 I 89
89
89
93
89
93
89
50
3
8
7514 7612 7512 7614 757 7614 743 7618 7312 7514 7312 7414 23.500 Reading
50
700
51
Do 1st preferred
51
5313 5318 5318 52
52
5312 *52
53 .52
53
50
600
Do 241 preferred
5112 52
*5212 53
53
•52
*5112 53
53
5212 5213 53
100
Rutland RR pref
33
29
•26
37 .26
*26
35
*26
31
25
*2513 31 .
8 20
4 1818 1812 7,000 3t Louis-San Fran tr ctfs_ _100
203
20
2034 1834 133
1912 1914 20
19
100
Do pref A trust ctfs
8,200
4 4434 46 , 42
4312 4214 43
4112 4238 427k 4312 4412 443
8 4,80) 3t Louis Southwestern. .100
273
8
2812 27
2914 304 285 30
27
29
2914 29
29
1(10
goo Do pref
•0612 5713 *5613 5713, 573 58
5632 5714 *5612 53 .5612 5712
4
100
1,200 3eaboard Air Line
8
63
6
6
0514 6
.512 6
614 613 •6
5% 6
100
702
Do pref
10
10
*9
94 918
1012 1014 1013' 1012 1012 10
•10
100
3
41 885s 8918 8818 883
4 863 8818 8614 867t4 20,800 3outhern Pacific Co
8814 887,3 8812 883
100
8
8 3434 3514 333 3178 3212 3338 3214 3314 78,300 iouthern Railway
4
3412 34% 343 353
100
2.500
Do prof
4
6914 6814 69 •
6713 683
6914 6912 6914 6913 6914 6912 69
101)
2112 23,000 Texas & Pacific
8 20
2158 1918 2012
8
8 1912 20314 203 215
1938 197
100
300 Third Avenue
1214 11 12 1113 11
•11093124 11 •
11
•11
12
1134 •11
•11
Twin City Rapid Transit_100
6213 66 1
66 .
*63
68 .635* 68 •6312 68
*63
68
.62
100
4
8
2
8
1313 1313 130% 131 14 1307 13114 1293 13013 12918 1304 1284 129121 9.700 Union Pacific
100
Do pref
400
7234 •72
4 7213 7218 7214 7212
723
8
4 723 7238 *72
723
•72
2
3
1011 1012 1. 00
1134 1134 11 18 1113 1112 1112 1013 1012 321 33,2 2. 00 United Railways Invest...100
*1112 12
100
Do pre(
3614 3614 32
35
4 39
•363
4
*373 3314 •3612 39
10(1
4 2.900 Wabash
8
2734 83
9% 933
8
914 93
9 14
9
4
83
914 914
100
5
283 32,000
Do pref A
29
30
8
2734 287
8 2918 30
8 28% 293
28% 287
100
22
Do pref 13
*1812 22
•18
22
•17
22
.19
21
•18
21
*18
3.400 Western Maryland (new)_100
10
1118 1013 114 103 103
2
8 10
4 11
8
8 103 103
3
103 103
100
1 00
714
1812 197
1714 1632 3.: 0 0 Do 211 preferred
8 18
18
4 1984 2014
1814 1814 18% 193
100
Western Pacific
*1613 17
1614 1614 •16
*1612 17
.1612 1714 •1612 17
200
Do pref
*5814 59
58
53
1°°
574 59
5812 5812 .
*5812 59
712 8
1 4 8 4 2,400 Wheeling & Lake Erie Ry_100
814
8
711 8
712 712 *573 573
2
73
*7
too
Do peer
• 700
13
1414 •12
4
133 •I2
1412 1414 1432 1412 1412 13
•1212
100
300 Wisconsin Central
2913
2912 *28
2912 *29
2912 *25
2913 .29
29
8
293 2913 •
200
38812 6812
*7014 71
71
7014 704 .70
*704 72
7014 72
•
300
10
912 9i2 .918 034 •9
4 4.914 10
8 978 •
.93
913 93
400
3312 3313 3212 3312 .3113 34
*3312 36
.334 36' •3313 36
600
64
64
664 6412 65
6612 6614 664 6614
*66
68
66
614 3,500
6
8 678
63
8 7 I
67
678 7
4 67s
83
7
7
i4
*t8
14
*13
141
•i8
*5,
3*
Is34
•
3
3
*14
4
78
•
1
•78
1
.78
1 I
*%
•72 1
1
8
*7
6718 657 6638 65
8,300
8
8
643 65
66
6612 6712 67
63
.67
300
8
8
2
*108 1087 1087 1087 .106 10914 .109 110 I 109 109 *10512 108
41 14 4.000
4278 41
4
444 4412 444 4412 4412 4438 423 444 42
300
94
94 .00
93 93 I •92
*9212 93
92
92
92
•91
0
1:6 0
2 4 200
124 135
8
154 127 14
1514 1618 1513 1512 15
8
163 161
3514 3612
3912 3612 33
4 3912 3912 38
393
39
411
39
.
8212 8212
100
88 , •821, 88
*8212
•8218 88
.8213 88
.8212 88
4
55 .534 55 I *5313 65 .523 55
•53
55
•53
55
53
•
4
3218 313 324 2.300
3414 32
33
•3212 3312 .3312 34
.31 13 33
5
3312 .305 32
2,500
4
3313 3412 3412 343 .3312 34 I 31
34
34
72
600
7212 .6912 7212 .6912 7212 6918 6918 .70
•69
72
70
___ 103 ----•103
. •103
•103
- *103
•103
4 99 8 9618 9934 9312 0614 9213 045,228.509
8
(183 993
8 983 - 7
4
9712 983
7 108 108 *10114 1023
3 1.600
8
8
/
4
8
1033 1033 10374 1087 1087 108
•1074 103
1,201
16612 16612 165 16512 16212 163 215714 160
•162 167 •164 168
200
•120 122 *120 122 *120 122 311814 11814
•120 122 •120 122
inii une 1,000
104 1014
1034
1n34
111! 1111
2101, 1174
8
•107 12
t"CIL 511.9.1‘.
Range since J. 1 1923.
On harts of 100-share late
Industrial & Miscellaneous
100
Adams Express
100
Advance RumelF
100
Do pref
Air Reduction, Inc____No Par
50
Alan Rubber, Inc
Alaska Oold Mines----- _ 10
Alaska Juneau Gold Min.. 10
Allied Chemical & Dye_No par
100
Do pref
Allis-Chalmers Mfg
100
Do pref
Amer Agricultural Chem_ _1100°4)
100
Do pref
50
American Bank Note
60
Do pref
101)
American Beet Sugar
Amer Bosch Magneto_No par
Am Brake Shoe & F.-No Par
IOU
Do prof
100
American Can
100
Do pref
American Car & Foundry. IOU
100
pref
DO
No par
Amerlean Chicle
$ per share
22 July 31
9114July 31
86g July5
1 14 Aug 14
8July 31
1097
404 Jan 17
4May 7
553
14July 28
18 Aug 9
14014 Jan 17
57 June 27
96 June 29
2 May 21
2
33 Jan 12
19 Aug 6
4613 Attg 15
4 Jan IS
812 Jan 18
1414 Aug 6
2418July 6
2
613 Aug 4
10818
.1une 20
1914 Aug 6
72 Aug 4
8
607 Aug 4
53 i Aug 24
2414 Aug 18
9114July 7
11012Jtine 21
1018 m ay 22
15 Jan 17
4May 21
I03
51 12 Aug 4
25 July 2
912 Aug 22
4471 Jan 2
105 May 22
18 Jan 17
14 Mar 2
912 lune 30
1533July II
4338July 3(1
2878May 22
65 June 7
54 June 30
8512May 7
3814June 28
3518 Jan 25
8 Aug I i
33 June 21
62 June 21
21 18.1une 21
4 Aug 15
5511 Aug 18
814 Apr 26
10 July 5
25 July 6
9 June 31
24 ,July 3I
23 Jan 17
8
8212 Aug 11
90I2May 4
68 May 22
7612 Jan 2
9.S July 5
14I4June 28
9 Sept l
100 July 311
72 Sept 7
5412 Aug 4
41 12.1une 30
83 Aug 7
4
36 Jan 11
684July 19
60 July 31
3378 Jan 17
8512.1101e 29
68I2June 29
44 June 28
45 June 28
25 May 2
17 July 31
3212 Jan 3
2512 Aug 4
543
8June 28
434 Aug 15
84 Aug 1
8414 Aug 14
21% Jan 6
63 July 2
11 Aug 4
9:2June 30
5814 Jan 19
121 14July 31
707
8July 6
812June 26
2612 Jan 17
7 Mar 10
2314 Jan 17
1612 Jan 18
9 Aug (S
17 July 30
15 May I
53 May 7
814 Aug 13
11 Aug 4
23 Aug 4
88 Jan 2
912July 6
3212 Aug 16
56 July 2
6 Aug 6
18 Aug 16
78 July 31
5914 Aug 9
1054 Aug 16
3734June 28
80L,July
3
19
29 July 30
77 Jan 6
50I2June 29
21 Aug 4
29I2July 2
70 Jan 3
102 July 3
6912 Sept 13
106 Sept 6
,
14 114July 12
11814Sept 14
Pa Jan 30
Highest
Lowest
Highest
$ per share 8 per share $ Per Mare
2772 Jan 52 Aug
45 Feb 23
4
013 Jan 10812 Sept
10518 Mar 3
8
843 Jan 9512 Aug
8
903 Mar 6
34 Jan
512 Apr
314 Feb 21
8
Jan 1247 Sept
127 Feb 26
83
3312 Jan 604 Aug
21
564 Mar
5212 Jan 6814 Aug
8
607 Mar 21
Jan 29 June
6
164 Jan 2
8
8
53 Jan 247 June
13 Jan 12
160 Apr 18 11918 Jan 15152 Aug
Jan 79 Aug
54
2
763 Jan 30
8
8
1047 Feb 23 1003 Dec 1055 Oct
4
123 May
4
13 Jan
334 Feb 13
8
34 Jan 207 May
838Sept 5
4
1214 Jan 433 Aug
4
383 Feb 13
31 18 Jan 6412 Aug
6214 Mar 26
4
33 Dec 103 May
4
7 Feb 7
7 Dec 2413 may
17 Feb 6
3638 Aug
1714 Jan
2438 Mar 5
Jan 5514 Sept
29
4513 Mar 5
Jan 9512 Sept
69
88 Mar 5
Jan 125 Aug
11818 Mar 21 100
3012 Dec 50 Sept
s
377 Mar 21
90 Feb 9
8314 Jan 105 Sept
7014 Jan 95 Sept
85 Mar 5
Jan 90 Sept
51
78 Mar 5
Jan 5312 Apr
33
4512 Feb 13
12112 Feb 13 1064 Jan 1414 Sept
Oct
Feb 143
1311 12 Feb 8 108
4
183 May
163 Aug 2 I
Jan
2
7
11 18 Jan 2812 Aug
2513 Aug 24
718 Jan 2014 May
1812 Aug 24
7014 Jan 9578 Oct
80 Mar 5
8
284 Nov 453 Apr
36 Mar 19
19 May
Jan
5
21) Mar 5
Oct
47
Jan
16
4
623 Feb 21
9712 Jan 11534 Sept
11712 Feb 21
5 Apr
18 Dec
8
3 Jan 4
4
123 Apr
38 Dec
8
7 Jan 5
1734 Dec 3214 Aug
8
227 Mar 14
17 Nov 3014 Apr
247 Mar 21
8
5214 Nov 5912 Apr
4
573 Mar 5
Feb 3978 June
10
34 Jan 2
75 June 26
2618 Feb 77 Sept
8
713 Feb 7
8
588 Jan 72 Sept
8
Jun 1447 Oct
155 Feb 26 108
Jan 58 Aug
60 Apr 17
35
4412 Aug 5512 Aug
44 Feb 13
11 Mar
318 Jan
22 Mar 12
Jan 5014 Apr
17
6813 Mar 12
Jan 70 Nov
35
87 Mar 12
Apr
552 Jan 32
5614 Mar 12
1412 Apr
Jan
5
012 Feb 13
55 June 754 Oct
7312 Mar 5
1514 Deo
12 Feb 6
8
3 Jan
4
17 Feb 15
193 Aug
712 Jan
4
4512 Feb 14
2412 Jan 483 Aug
193 Feb 14
8
2514 Apr
1512 Nov
4
49 Feb I()
41) Nov 633 Sept
8
23 Nov
4
43 Feb 15
714 MaY
2
105 Mar 211
8
517 Jan 873 Dec
10110une 13
4
723 Jan 10118 Oct
51 18 Jan 9113 Oct
84 Jan 29
0134 Jan 93 Sept
95 July 3
2212 Jan 30
1212 Jan 38 Aug
8
213 Feb 13
1812 Dec 3012 Apr
1818 Feb 9
2212 June
4
88 Jan
9614 Jan 12512 Sent
11752 Feb 9
Oct
Jan 82
72
7812 Aug 15
73 Dec 003 Aug
2
8112 Mar 5
3.114 Jan 493 Oct
4
474 Apr 4
8
17 Mar 21
4
103 Jan 261 Aug
4714.111ine II
Jan 403 Aug
10
2
7634 Mar o
Jan 82 Aug
63
5018 Jan 743 Aug
4
7012 Jan 9
8May 10
505
23
Jan
415* Aug
93 Jan 0
Jan 95 Nov
76
814 Feb 7
714 Jan 8718 Oct
5613 Feb 7
43 Mar 57 May
563 Jan 30
Jan 5912 may
45
4
4
373 Jan 10
1712 Feb 5314 June
27 Mar 21
2014 Dec 323 Aug
8
50 Mar 5
56 Aug
4
343 Nov
8
383 Feb 10
2
367 NoV
2018 Jan
8
637 Mar 21
2
323 Jan 5978 Nov
Apr
712 Feb 11)
10
252 Jan
1314 Mar 23
4
148 Apr
418 Jan
904 Oct
9514 Feb 21
7818 Jan
373
2838 Aug
42une 13
1714 Jan
Oct
8
707 Mar 22
71
46
Jan
Apr
36
2912 Mar 21 .183 Nov
4
1914 Feb 10
2552 May
1311 Nov
7712June II
Jan 6212 SeP3
34
4
14418 Feb 26 125
Jan 1543 Sept
761s Jan 6
80 Aug
7114 Jan
1978 Apr
8
217 Mar 6
712 Jan
62 Mar 5
3612 Apr
2014 Jan
1112 Mar 22
2
143 May
6
Jan
3418 Mar 22
19
Jan 3512 Aug
2212 Mar 22
2472 Aug
1214 Jan
814 Jan
15 Feb 9
1714 Aug
4
263 Mar 22
2812 De0
Jan
13
8
2014 Mar 5
1334 Jan 247 Apr
8
5112 Mar 647 Sept
2
633 Mar 5
1612 June
Feb
1013 Feb 13
0
8
10 Feb 13
914 Jan 293 JUOCI
3512 Feb 23
Jan 3314 Mar
35
82 Mar 3
1912 Mar 6
8
543 Jan 14
7232 Mar 19
1473 Mar 14
2
3 Mar 9
134 Mar 9
80 Jan 2
112 Mar 2
51(4 Feb 16
37712 Feb 21
96 3 jn27
8
687 Feb 21
9112 Mar 7
5514 Aug 14
4912 Feb 13
60 Mar 6
83[4 Feb 10
110 Jan 14
106 Mar 6
115 Feb 20
189 Mar 7
8
1257 Jan IS
134 Aug 22
Oct
Jan 83
Jan 23 Aug
Jan
3013 Aug
Oct
Jan 66
4
183 Apr
July
Dec
78 May
2 May
Jan
otai Sept
Jan
Jan 11512 Sept
4
Jan 593 Sent
Jo v 02
N a n 14478 Sept
June
27::
86
,
7'21 Sept
Jan
58
Dec
Jan 91
58
°
51 July 5512 De
3134 Jun 49 June
Apr
31 14 Jan 49
8812 Sept
Jan
51
Oct
9814 Jan 113
7012 Nov
3214 Jan
8
0314 Jan 1137 Dec
Jan 201 , Oct
141
11512 Jan 12618 Nov
14 MAY
5 Nov
48
8
107
315*
4512
2
9'
18
2
3
88%
101
3734
New York Stock Record-Continued-Page 2
1219
For sales during the week of stocks usually inactive, see second page preceding
HIGH AND LO1V SALE PRICE
-PER SHARE, NOT PER CENT.
Saturday, i
Sept. 8.
Monday,
Sept. 10.
Tuesday, 'Wednesday
Sept. 11.
Sept 12.
Thursday,
Sept. 13.
Friday,
Sept. 14.
Sales
for
the
Week.
3 per share $ per share $ per share $ per share $ per share $ per share Shares
013 63
712
7
5% 6%
712 713
6
6
4
57
2 6
4.400
1912 1912 18
23
.20
25
*20
20
.18
21
.18
21
600
*458 43
412 45
8
438 412 .4% 413
412 412
4
4% 414
800
95
943 9434 94 4 9412 95
4
*93
,
.9312 95
94
95
94
500
•712 81. 1,900
8
8
8
8
8
8
*814 912 •812 912
*4312 45
*43
421g 4312 4012 42
45
40% 39% 4013 4.200
39
9912 963
96
96
.95
96
9012 9514 91
97
92
4 96
2.000
4
*8212 84 .823 84
•823 84 .827 84
4
8
•8212 84
823 823
4
4
100
1912 1978 20
1912 20
20
19% 18% 1914
19
1838 19
3,700
•1112 113 •1112 113
4
4 1134 1134 •1113 11% 1114 1112 1114 1114
600
21
21
2118 2114 2114 203 203
21
8
4
8 183 2018 19
19
1,200
41
41
41
41
41
41
40
40
3912 3912 .37
39
700
7313 7414 7414 75
7412 7518 7312 75
x6912 7113 69
7118 43.900
•117 119 •117 119 *117 119
11712 11712 •11414 11612 1151. 11512
200
4412 4412 4538 .4514 46
*44
4434 *43% 45
4
443 4514 *44
1.700
9913 8212 *S212 823
4 82
82 .82
82
82
8
8314 x817 82
800
6
6
512 1,8(10
6
514
6
6 18
5% 5%
6
53
4 53
4
.11% 1312 *117 123
8
4 1278 12% 1218 1213 1138 12
•1138 1112
500
5818 5812 5812 6018 ao
8
5718 583
60% 585 60
4 5718 573 14,600
4
*96
97
•9614 97
96% 97
97
9712 *97
98
9834 97
1,000
*137 140 *135 140 •135 140 *135 140
135 135 *125 133
100
3614 36% 3612 367
8 3678 37
363 3718 3512 388 •3518 35% 6,600
4
.991y 101
*9913 101
•995 101
8
.9912 10014 "9912 10014 •9814 100
2001
66
6512 66
66
6612 6613 6634 6813 62
8 7,1091
653
4 65 653
10114 10114 .10114 103
*10114 102
10114 10113 *100 10113 10112 10112
400
213 233
4
2313 24
4 2378 24
2218 2334, 2078 223
2112 4,500
8 21
3712 *35
3712 •46
•33
5713 534
5712 *34
•333 5712
8
57
12478 125
124% 125
124% 1243 1243 125
8
12418 12412 12378 12414 8,000
4
14813 1483 149 149
14913 150
4
145 14612 14613 14612 1,300
1023 103 210212 10234 10274 103
8
1023 1023 101 1025 •101 102
4
8
4
1,200
"146 14713 147 148
147 148
14514 148
143 14312 2,700
1433 145
4
40
•3813 40
.38
38% 38% 3812 3834 .38
39
38
38
400
8
.913 913 •9153 9134 9112 915 *903 9112 •903 9112 90
8
4
4
90
300
62
6212 •61
•60
621
62
*60
6212 61
61
614 61
400
•90
•90 100
98
•00 100
*90 100
•90
•90 100
99
8634 8712 8712 88
8614 88 4 84% 87
4
x82
863 87
,
833 18,700
4
103 103 •103 1033 •102 104 z102 10213 1.100
103 103
103 103
4
600
9
9
812 8%
834 83
812 9
812 81
8
814 1,700
94 94
958
•9
9%
818
818
914 914 *9
812 9
36
•32
3518 •3212 36
"32
36
*35
3218 3218
*32
351
100
/
1
4118 427
423
40
407
8 40
4 424 43
8 4014 411 2393 41)
3
35,600
84
82% 83% .83
81% 8433 793 82
•82% 83
80
4
8012 2,600
88
•85
"84
*8412 88
88
88 .84
•84
88 .84
86
90
85
90
90 .84
•84
.84
90
.84
90
•84
90
104% 1041 102 104
105 105
•105 108
101 102
102 102
1,700
112 li
.1% 2
•13
8 2
•15
8 2
134
15
* .134 2
200
15
1412 141 .1458 151. 14
151
143
4 2,000
1414
1514 151
14
*1313 141 •1312 141
14
14
•13% 1412 1312 1312 *11
13
200
•104 108 •104 110 •106 108
106 106 .105 108
102 103
400
117 117 •115 117 .115 117 .115 117;•115 117 .115 117
100
*11
124 .11
12
12
1914
123g •11
1214' '11
1238 •11
100
*2512 26
2514 271 '27
27% 26
27 I 2414 2512 2312 2482 8,200
.80
84
*80
$4
83
83
8514 .80
85
854 *80
84
400
123% 1243 123% 1251 12414 1251 12112 1241 11818 1217 11714 1193 145,800
8
4
.113
•113
113 113 •113 117
113 113 *113 117
200
030
.30
•30
40
40
.30
40
*30
40
36
30
30
100
12
12% 1134 1134 11% 121
12
*11
12
12
.11
12
1,900
77
77
*6
*718 8
7% 8
713 712 .6
712 4,60
50
0
*14
3
8
.3
8
12
3
%
33
%
14
/
1
4
i
5412 •5212 5438 •53
.53
541 *45
5434 .45
543 •5012 54%
8
72
72
703 734 7012 72
4
69
72
6413 67
65
67
10,800
517 54
5314 5414 531. 5412 5312 541
4914 518 483 504 71,500
4
STOCK
NEW YORK STOCK
EXCHANGE
PER SHARE
Range since Jan. 1 1923.
On basis of 100
-share lots
Lowest
Highest
PER SHARE
Range for Previous
Year 1922.
Louest
Highest
Indus. & Nliseell. (Con.) Par $ per share
$ per share $ Per share Per share
100
American Cotton Oil
4
4
1514 Nov 3012 May
33 July 11 203 Jan 4
3312 Nov 61 May
100 14 May IS 3834 Jan 4
Do pref
Amer Druggists Syndicate_ _10
738 Feb 23
414Sept 13
412 Jan
714 Aug
100 91 July 31 14313 Mar 2 126 June 162
Amer!can Express
Oct
618 Aug 9 1334 Mar 7
American Hide ,Sz Leather-100
1018 Dec 17% Apr
100 2934 Aug 9 743 Mar 7
Do prof
Jan 74% Sept
4
58
100 87%July 30 11112 Apr 2
American Ice
78
Jan 122 Sept
100 78 June 27 89 Feb 21
72
Do pref
Jan 9514 Aug
Amer International Corp_ _100 1612 Aug 8 3313 Mar 28
24% Dec 505 June
8
918 Jan
10 1018July 6 13 Mar 1
American La France F E
14 July
100 17 June 21
American Linseed
38 Mar 5
28 Nov 4212 Oct
100 33 Aug 13 59 Feb 15
Do pref
48 Nov 64, Oct
2
American Locom, new .No par 1143
4July 5 7514 /tag 22
100 115 May 4 122 Feb 9 112
Do pre:
Jan 12214 Dec
Amer Metal temp ctfs_.No par 4014June 30 557
8Mar 5
44 Sept 534 Dec
American Radiator
25 78 'an 2 8812 Apr 19
Jan 129
82
Oct
American Safety Razor_ _ _ _ 25
4%.
.one 27
4
918 Feb 19
33 Jan
8 8 Oct
7
10%July 2 213 Jan 5
Amer Ship & Comm-..No Par
8
512 Jan 2414 May
Smelting & ReRnIng_100 53 Jan 17 6912Mar 2
Amer
43% Jan 671k May
100 93 June 27 1023 Mar 6
Do pref
8
8618 Jan 10412 Oc".
American Snuff
100 130 June 30 15214 Feb 14 10912 Jan 159 Sep"
8July 2 40% Mar 21
Am Steel Fdry tern ctfa..33 1-3 315
4618 Sept
3034 Jan
100 977 Aug 14 10514 Feb 9
8
Do pref temp ctfs
91
Feb 10814 Oct
American Sugar Refining_ _100 57 Aug 1 85 Feb 13
5418 Jan 857 Aug
8
100 100 Aug 9 10834 Jan 3
Do pref
84
Jan 112 Aug
100 16 July 2 36% Feb 14
Amer Sumatra Tobacco
2314 Feb 47 May
100 3212July 11 653 Feb 13
4
Jan
5214 Fe
71
100 11918June 29 12512 Mar 5 11412 Jan 12814 Aug
Pl p
Amer Tere f & Teleg
100 14014 July 3 1613 Feb 13 12918 Jan 16912 Sept
American Tobacco
4
9512 Jan 1083 Oct
100 101 Mar 16 1057 Mar 3
Do pref (um)
8
8
100 140 May 20 15934 Feb 9 126
Do common Class B
Jan 1653 Sept
4
Am Wat Wks & El v t c_ -100 2713 Jan 29 4434 Apr 26
Jan
6
33% Nov
Do lot pref (7%) v t 2.100 8514July 3 93 Jan 16
Jan 93% Sept
67
Do partly p1(6%) v t 2.100 4813 Jan 3 6314 Apr 26
1714 Jan
5514 Oct
100 9314 Jan 2 9814 Jan 31
Amer Wholesale, pref
88
Oct 95
Jan
100 8012June 27 1035 Mar 21
American Woolen
8
Oct
7814 Jan 105
4
9818June 2 1113 Jan 3 102
Do pref
Jan 11114 Dec
er
iting Paper pref_ _ I
l
l
7 Aug 4 34 Mar 7
Amer
2212 Jan 554 Sept
8 July
Amer Z nc, ._,,,ad & Smelt_ _ _25
194 Feb 16
1218 Jan 21 Sept
25 3018June 3
Do pre(
5814 Feb 27
36
Jan 57 Sept
Anaconda Copper Mining_ 50 38 July
45 Nov 57 May
5312 Mar 6
Associated Dry Goods_ -100 62% Jan
89 Mar 19
Jan 70% Dec
43
100 8212 Jan 18 89 Feb 13
Do 1st preferred
Oct
75
Jan 88
100 877 Sept 5 9312 Feb 26
8
Do 2d preferred
76
Jan 91% Oct
100 101 Sept 13 133 Jan 12
Associated Oil
99
Jan 135's May
par
No
114 Aug 27
Atlantic Fruit
112 Dec
312 Feb 14
512 Apr
914 July 5 34 Mar 19
Atl Gulf & W I SS Llne___100
19% Dec 4314 May
100
634July 3 27 Mar 19
Do pref
15 Dec 3114 May
100 99% Aug 1 15312 Jan 10 117 Dec 1575
Atlantic Refining
Oct
100 115 May 2 120 Jan 18 113
Do prof
Jan 11912 Dec
No par
10114June 27 20% Feb 14
Atlas Tack
13% Feb
2212 May
17 July 6 3512 Jan 12
Austin, Nlchols & Co_.No par
8
94 Jan 403 Sept
100 783
4June 21 8913 Jan 23
Do pref
68
Jan 91 Sept
Baldwin Locomotive Wks.100 11013 Aug 4 14414 Mar 19
9312 Jan 1423 Oct
4
100 111 Apr 2 116% Jan 4 104
Do pref
Jan 118
Oct
No pa
30 Sept 13 55 Feb 16
Barnet Leather
Jan 67% Sept
40
9% Aug 23 35 Mar 23
Barnedall COM,Claes A__ _ 25
193 Jan .5614 Apr
3
25
712Sept 13 22 Jan 2
Apr
Bat0puns islining
17 Nov 39
Do Class B
20
58 Aug 31
18 July 2
15 Mar
8
4 Dec
50 June 21 6214 Apr 4
No pa
33
Apr 65 Sept
Bayuk Bros
20 51 Jan 2 8414 Mar 26
30 July 533 Dec
Beech Nut Packing
8
100 413
4June 29 70 Mar 3
Bethlehem Steel Corp
51
Jan 79 May
5512 Jan 8214 May
Do Class B common_ _ _100 6014 Jan 16 71% Mar 3
loo 9314 Feb 1 9612 Jun 2 90% Ma 106 Nov
Do pref
•ioi 109 105 105 105 116- *490T2 1019 •106 109 *103
66 Do cum cony 8% pref-10 10014June 21 11114 Mar 12 104 Jan 11658 June
94
95
94
*94
*93
95
9434 9434 94
9412 .9113 9213
100 87 July 2 9712 Mar 9
400
94 Nov 101
Preferred new
Oct
514
513 512 *514 53
512
518 5% *5
*5
512
3 *5
No par
414June 21
200 Booth Fisberies
4 Nov
718 Jan IS
1012 Aug
678 .6
7
*6
.6
6% .6
678 •6
678 •6
67
100
6 July lb
978 Mar 2
813 Jan
British Empire Steel
15 Sept
8
6113 597 597 •_ _ _ _ 5912
•60
100 597 Sept 13 6912Nfar 13
3
100
58 Mar
Do 1st preferred
7634 Apr
•1613 17
*163 18
18
4
*1612 18
•17
161. 1613 *17
20
100 16 July 5 2612 Feb 20
300
191s Mar 39 Sept
Do 2d preferred
8
107 107 .10612 107
107% 10758 1077 1077 1073 108
8
4
10618 1063
4 1,500 Brooklyn Edison, Inc
100 10414May 22 12112 Jan 9 100
Jan 124% Aug
110 110 .108 110 2108 108
*109 112 *110 114 .110 113
100 10312May 11 128 Feb 7
Jan 12413 Nov
500 Brooklyn Union Gas
70
*50
53
53 .5014 53
*50
53
•50
*50
53
49
50
100 4212July 5 657 Apr 2
500 Brown Shoe Inc
42
Jan 64% Sept
8
112
•7
8
*7
8 02
118 *114
118
13
4 .11
13
4 .114
112
1 Aug 7
100 Brunswick Term & Ry Sec.100
2% Jan 26
113 June
5% June
11138 11312 113 1147 11414 11478 11212 11312 112 11312 11113 112
8
100 108 Aug 9 1443 Mar 23 11312 Jan 147 Dec
5,300 Burns Brothers
4
25
273
8 26
27
2514 2512 27
2712 *2414 26
.25
253
4 3,800
22 Aug 9 43 Jan 2
Do new Class B corn
28% Jan
53
Oct
5 4 53
3
6
4
6
53
4
6
6
5711
57
8
512 55
8 2,850 Butte Copper & Zinc v t c__ 5
512 Aug 29 113 Feb 14
514 Mar
4
1018 Dec
.19
•111
20
20
20
20
20
2012 1934 193
4 19
19
100 1314June 21
22 Aug 18
1,100 Butted&
15 Nov 34 Feb
143 1514
8
143 1512 14% 1614 143 15
4
8
1418 1434 14
1412 9,700 Butte & Superior Mining
10 1312 Aug 14 3748 Mar 1
203 Jan 3514 Oct
8
.13
4 2 4 *13
2
2
2
218 .2
,
214
4 2
214
23
8
112 Aug 4
600 Caddo Cent 011 & Ref_No par
94 Feb 16
6% Dec
1518 Apr
*7912 807
8 7912 791 *7913 81
*793 SO
4
793 7934 *7912 797
4
77 Aug 4 87 Feb 9
200 California Packing_..No par
68
Jan 8612 Sept
197 21
1958 20
20
2014 2014 21
1914 197
8 1814 1918 29,100 California Petroleum, new. 2' 1734 Aug 9 291sMay 31
•96
98
.1/7
98
*96
98
97 97
96
96
*95
98
100 9434 Jan 2 11012May 23
300
Do pref
83
Jan 981 -Ai);
5% 513
518 512
518 514
514 5 2
,
5
53
8
5 8 518 4,400 Callahan Zinc-Lead
,
10
5 July 2 12% Feb 20
113 May
514 Feb
8
493 •47
•45l2 4834 *4713 483 .47
4
4834 47
47
*45
4834
10 44 June 28 66 Mar 1
100 Calumet Arizona Mining
5012 Nov 6612 June
.5
.5
512
513 •5
51
. *5
514 •5
512
514 .5
1
518Sept 6
Carson Hill Gold
95 Feb 19
8
8
614 Dec 163 Mar
113 4.1
•]1
11. •1
133
112 .1
112
1
1
Plow
No pa
12July 11
100,Case (J I)
434 Feb
3 Mar
912 June
68 z6614 6614 •64
70
•64
.67
70
•134
70 .65
70
100iCase (J 1) Thresh M pf ctf _100 66 Aug 21 8
Apr 215 91 68 Feb 9314 Aug
4 18
20
19% 193
1914 161 1813 1612 17
20
1634 1712 8,800 Central Leather
100 1312 Aug 9 4013 Mar 7
2938 Jan 4418 Sept
511
4912 50
44
5018 5018 •50
4534 42% 44 . 4412 4514 2,000
100 403 Aug 8 79% Mar 7
Do pref
63% Jan 8234 Sept
41
413
8 40
.3913 4012 39% 411
4138 3914 40
39
3914 8.400 Cerro de Pasco Copper_No par
3634July 30 5012 ar 28
323 Jan 46% Dec
4
3814 "30
.30
39
*30
32
•30
38 •__ _ _ :32
Certain-Teed Prod____No par 23 July 18 45 Mar 14
34 Feb 5318 June
53
541
54
54
5212 54
52% 53
50 4 5212 4912 51
,
.
9,000 Chandler Motor Car_ .No par
4612June 30 76 Mar 14
4734 Jan 7914 Apr
8418 8412 8112 83
8414 8414 85
84
8012 8114 797 797
.
2,600 Chicago Pneumatic Tool_ 100 75I2June 20 90% Mar 21
Jan 89% Sept
60
2713 273
267 271
8
*2612 27
8 27
4 2718 275
273
8 2614 263 12,600 Chile Copper
4
25 24I8June 20 303 Mar 1
1518 Jan 2914 Nov
8
1712 18
171
165 175
s
1614 1612 17
8 1634 17
165 1658 6,300 Chino Conifer
8
5 143 Aug 30 317 Mar 2
8
8
2214 Nov 333 June
743
4 7312 7413 72
7312 7012 71
l314 73% 73
71
71
._.i00 60 July 2 7614 Mar 28
3,300 Cluett, Peabody & Co.
Jan 7014 Dec
43
7714 7613 7718 *77
77
774 77
7712 761 3 77 :745 7514 6,000 Coca Cola
8
No par 73 May 4 8338June 8
Jan 82% Oct
41
2914 3013 30
2912 30
3014 2834 2912 2712 2834 2612 271
100 25 June 28 353
7,000 Colorado Fuel & Iron
Jan 37 May
8May 31
24
34% 3518 35
35
35
341
3514 3434 35
34% 343
34
5,400 Col Gas& Elec. new w I No par
30141une 2
373 Apr 19
4
7
8
*3
4
7
8
7
8
*3
4
7
8
3
4
3
4
3
4
3
4
3
4
3
2.100 Columbia Graphoploone No par
61
1% Jan - 4 June
273 Feb 6
%June 19
*33
4
•37
8 42
37
4 4 *334 412
,
,
37
3 "33
4 414
33
4 33
100
2 June 1
Do pref
200
12% Jan 15
5 Feb 21 June
•7312 7412 74 8 747s 745 743 •7213 7313 723 7414 7214 721
,
8
4
900 Computing-Tab-RecordNo par 67 June 3
4
554 Jan 793 Apr
8312 Apr 9
2212 2212 22% 21
2213 205 217g 205 21
8
2212
8
2078 21
3,400 Consolidated Cigar__..NO par 18 June 1
42% Oct
18% Fe
393 Jan 3
8
.66
72
*66
72
*66
.66
72
72
.66
72
66
66
100 65 Aug 30 83 Feb 17
Do pref
100
47 Feb 8714 Nov
18 •
Consol Distributors,Inc No Par
I8June
14 Fe
Jan 30
24 Mar
Consolidated Gas(N Y)_..100 120 Jan
8512 Jo
137 Jan 26
14534 Sept
613 6218 -613 - - 7 -6014 6113 -61514 -667- - ifioii
4
8 013
6112 6134 6l8g 62
8
No par 663 July
When issued
6938 Feb 7
4
623 Dec
4
57% De
83
8
84
814 834
818 9
818 81
77s 814 74 78 6,400 Consolidated Textile_ _ _No par 618July 3 1413 Feb 9 9 Jul 15% Apr
Continental Can, Inc
100 115 Jan
4534 Jan 1154 Dec
1313 Jan 31
4
‘43. 551. e3
8
55% 51's 5312 505* 53 1- - :666
521: -5234 55
5134
30
No Par 427
When issued
5512Sept 11
8May
---95
•91
95 .92
95 .92
•92
94
98
•93
98
*91
Continental Insurance.... 25 90 Aug 9 104 Jan 31
Jan 93% Aug
66
73
8
712 77
73
8 712
734 77
712
7313 712
7
658May 28 1214 Jan 19
7
6.600 Continental Motors. No Par
Dec 185 Dec
1114
8
125% 12612 126% 127% 12613 12818 125 1277 1244 1255 12312 12533 21,100 Corn Products Refining...100 1143
904 Jan 134% Oct
8July 5 13914 Feb 6
119 119 .117 120 .117 120
•117 120 "117 120 .117 120
100 11614May 8 12234 Feb 24 111
100
Jan 1223 Nov
Do pref
4
31
3414 3034 323
3114 3078 34
3114 300.800
30
29% 29% 30
No par 2814 Aug 25 6314 Feb 17
313 Jan 54 Deg
8
4
663 673
4 64% 672
4
6138 64
4 663 673
61
623 23.100 C den& Co of America_ _100 577 July 30 8413 Mar 21
6612 68
5234 Feb 983 Sept
Crucible Stecl
8
91
•89
.89
91
91
89
91 .89
89 .87
90
"89
100 854 Aug 6 9412Mar 2
100
Do pref
Jan 100 Sept
SO
1218 1233 1234 1114 1218 1114 1138 6,700
12
12
12
•113 12
4
No par
812 Aug 2 20 Feb 13
Cuba Cane Sugar
84 Jan
193 Mar
4
4612 463 48
4358 46
453
4 46
4
4512 45
4338 454 13,900
45
100 3312 Aug 4 6414 Mar 15
Do pre(
1514 Jan 41% July
2812 2918 2718 2814 27
,
28% 28
2812 28% 29
273 24.200 Cuban-American Sugar- 10 23 Aug 1 37% Feb 13
4
28
1413 Jan 28 Aug
95 .92
*92
95 .92
95
95 .92
96 .90
95
.92
92 July 12 106 Apr 5
7818 Jan 10212 Dec
Do peel
473 51% 49
8
543
8 48
4614 49
51
43 4 5318 128,600 Davison lemical v t c_No par 203
3
8May 21 72 Aug 30
4512 49
oe
son
pCh
2318 Nov 65% Apr
s 2214 2214 .22
8
*
•2214 227 *2212 22% 22% 22% •9238 227
223
300 De Beers Cons Mines_ _No par 224 Aug 1 28 Mar 1
1512 Jan 253 Sept
8
4
100 10014June 26 111 Mar 2 1003 Jan 11813 Aug
"10314 103% 10312 10353 10332 1033 *10338 1031 *10314 10313 .103 10313
400 Detroit Edison
8
4 3712 38% 37
4
3712 37
3712 4,900 Dome Mines, Ltd
4 3612 3612 363 373
10 3034May 22 444 Jan 4
.3612 363
1812 Jan 4612 Nov
1047 10512 10314 1043 *1034 1033
106
,
105 105 .104
4
4 2.400 Eastman Kodak Co_ .No par 8934 Jan 2 11.534 Apr 3
105 105
70 July
13514 13712 1321g 1371 128 13312 123 12012 52,800 El du Pont de Nem &Co_ _100 10614 Jan 17 14813 Apr 28 105 Dec 9012 Dec
13818 139% 134 139
1691 Nov
4
8712' 86
"8612 8712 *87
8612 86
8614
8712 87 87
400
"86
6% cumul preferred_ _100 811 Apr 12 8914 Apr 10
80 June 9012 Sept
7 6034 59
59
8
6134 62
6014 3573 573
6112 617
4
8 617 62
4 6.500 Elec Storage Battery.
.No pa
52 July 5 6718 N1ar 21
4012 June
5834 Dec
8
8 437 137
8
8 1334 1334
8
•137 1434 .13% 1513 •I37 457
16
50 1313July 11
200 E m H;r Coa tirib
o
•14
203 Jan 2
Elker 0.Brani Cgrn
4
1414 Jan
2413 Dec
•1
2
•1
2
.1
2
2
•ir2 2
.1
*1
2
am
100
2 June 19
712 Feb 20
2% Jan
1118 June
4 68% 69
,
•6814 69
69
69
6712 683 .657 68
8
1,200 Eudicott-J oh ason
50 6212June 27 9414 Jan 2
.6814 69
7614 Jan 94% Dec
116 116 •114 116 .114 116 .11214 116
116
.115
100
100 111 May 2 118 Jan 3 104
Do pref
*115
Jan 119 Dec
•Bld and asked pr1oes. no sales 00 Ibis day. x Ex-dividend.
1220
New York Stock Record-Continued-Page 3
For sales during the week of stocks usually inactive. see third page preceding.
PER SHARE
PER SH ARE
Sales
STOCKS
Range since Jan. 1 1923. 1! Range for Previous
for
NEW YORK STOCK
On Oasts of 100-share tots '
Year 1922.
Tuesday,
the
Monday,
Wednesday. Thursday,
Friday,
EXCHANGE
1Veek.
Sept. 11. ! Sept. 12.
Sept. 10.
Sept. 14.
Sept. 13.
Lowest
Highest
Highest
Lowest
------$ per share $ per share $ per share 1$ per share $ per share $ Per share Shares. Indus. & SlIscell. (Con.) Par $ per share
$ per share 3 per snare $ per share
22
100 Exchange Buffet
*20
.20
22
22
22
.20
21
21
22 .20
*20
No par 20 Sept 4 31 Jan 10
2612 Dec 3112 Oct
25,100 Famous Players-Lasky_No par 66 July 2 93 Jan 2
4 764 7612 7412 7612 7314 743 26914 71
744 7514 7512 763
8
7518 Jan 107 Sept
200
*8812 91
9012 9012 *8958 907 *89
Do preferred (8%)
92
89
•88
9018 89
8
....100 85 Aug 27 993 Feb 14
4
9112 Jan 1073 Sept
8
10 .10
300, Federal Mining & Srnelt'g_100
.9
10
10
1012 *10
.8
1012 10
10
10
5 June 5 12 4 Feb Hi
,
9
Jan
1612 May
1,100
4112 4112 4112 3814 39
41
Do pref
4
391 394 403 41
4
3812 39
100 3414June 4. 6012 Feb 13
3712 Mar 8284 Sept
8
*712 77
8
8
3,800 Fifth Avenue Bus
734 8
8
8
818
No par
77
2 814
83
4
738 Jan 17 '103 Jan 2
8
83 Dec 104 Dee
4
100 Fisher Body Corn
.170 180 *168 180 .169 180 *170 180
170 170 *167 180
No par 140 July 3 2124 Jan IL
75
Jan 218 Dee
100 Fisher Body Ohio prat_ __100 94 July 3 1023
.99 100
.99 100 .9812 100 .99 100
99 .99 100
99
81tine 14
7612 Jan 10314 June
818 853
814
84
818 814
8
8
7 4 74
738 818 5.700 Fisk Rubber
3
par
No
7 Aug 7
1612 Feb 13
104 Nov
1912 Apr
5,500 Freeport Texas Co__ ....No par
14
144 135 135
14
134 1334 14
8
8 12:4 1312 1218 13
94July 2 22 Jan 13
1214 Jan 274 Oct
44
46 I *45
400 Gen Amer Tank Car
46
44
*4512 46 .45
4212 43 .42
43
No par 4012July 30 7178 Feb 20
Oct
453 Jan 80
4
33 3312 335 333
335 3412 323* 333
8
11,700 General Asphalt
8
3
4 2918 3112 29
3014
100 23 Aug 9 54 Mar 7
374 Nov 7384 July
*6414 68 .644 673 *6512 673 *613 673 *633 65
100
4
4
Do pref
4
4
4
637 637
8
8
100 61 June 21 83 Mar 7
69 Nov 111 July
1,100 General Cigar, Inc
.83
83
82
8312 .83
84
83
82
81
81
8018June 28 943 Mar 14
803 803
4
4
100
8
85 Mar 8334 Dec
•105 107 *10314 107 *10314 107 .10314 107 *10314 107 .10314 107
Debenture preferred _....100 10412 Jan 2 10 Apr 2
Oct
94
Jan 109
175 175 4 174 17412 17518 176
1744 176
3
17218 174
172 1713
_100 17012May 21 19018 Feb 2 136
1 3.300 General Electric
Jan 190 Dec
1,300
11
*107 11
107 11
107 11
8
8
8
11
Special
11
11
10 1012240e 8 12 Jan 2
114 1 133
1012 Oct 12 Sept
153 157
8
65.700 General Motors Corp__No par 123
8
8 1512 154 153 154 1512 155
8 15
153
8 1434 15
4June 28
1712 Apr 18
814 Jan
1514 July
Do pref
83 ' .8212 8312 •82
84 .82
*8112 83 .82
8312 *8212 84
100 79 July 10 89 Apr 17
69
Jan 86 Sept
400
83 .8212 823
Do Deb stock (6%)_..100 783
.82 • 824 8212 8212 .82
4 82
12 .82
83
4July 17 90 Apr 7
82
673 Mar 9614 Oct
4
977
8
200
97
.96
97 97
9712 97 97
.96
*97
Do Deb stock (7%)...100 98 June 28 105 Apr 10
977 *pa
8
7914 Mar 100 Sept
47 .48
300 Gimbel Bros
47
*45
46
46
47 .46
46
45
45 .44
. No par 394June 27 51 12 Apr 24
3818 Oct 4518 Oct
*7
8
*7
8
84 .7
GlIdden Co
.7
84 *7
814 *7
8
7 June 21
No par
1238 Feb 9
934 Nov
1814 June
Goldwyn Pictures
312June 28
No par
74 Mar 9
43 Dec
4
812 Oct
.1- -328
-21 25¼ -26- 26 2 ' 12 27 25 16-1- - 314 2434 -'35" 241- _ 3,700 Goodrich Co (13 F) No par 2014 Aug 4 4118 Mar 22 2812 Nov 4478 May
4
4
81l8112 8112 *8112 82
500
81
8112 81
Do pref
81
.81
100 7912 Aug 8 9212 Mar 6
8112 *804 81
7912 Nov 91
Apr
8
18
1912 19
1812 19
19
18
20
1838 1838 175 1758 1,300 Granby Cons M,Sin it Pow 100 153
4June 30 33 Mar 23
22 Nov 35 May
9
.9
.8
9
94 94 *8
10
600 Gray & Davis, Inc__ __No par
10
9
814
3
7 4 Aug 13 155 Mar 7
,
8
197 May
8 Nov
8
19
•18
19
20
900 Greene Cananea Copper _ 100 15 June 20 3418 Mar 6
2012 21
19
.19
20 .19
20
19
22 Nov 31 21 May
,
300 Guantanamo Sugar__ _ No par
612 .6
612
.6
6
61
! .6
812 .614 612 *814 612
1412 Feb I i
5 4 Aug 18
,
7 Feb 145 Mar
8
88.500 Gulf States Steel tr ctfs
87
8 8812 88
83
8814 8714 885
877
8 78
100 68 June 28 1045 Mar 21
835 *7712 78
8
8
414 Jan 947 Oct
8
*18
34
800 Habirshaw Elec Cable_No Oar
6
8
3
4
34
*3
3
,
13
3
4
14 Aug 8
5
8
5
8
*12
118
212 Jan 12
378 Mar
3 Jan
4
8
8 36 4 37
412 2,600 Hayes Wheel
363 3612 385 365
36
3
8
37
343 3534 3412 3
100 31 July 5 44 Apr II)
4
.183 1912 *1834 19
184 184 18
4
1814 174 173 *1718 1818 2,100 Hendee Manufacturing__ _100 12 July 2 233 Feb 16
4
4
Jan
15
2834 Sept
62
.61
82
62 .60
309 Homestake Mining
62
*61
63
62 I
*61
100 60 May 23 797 Jan 2
63
82
Jan 82 Nov
8
55
497 544 483 5012 4814 495
8
54
8 5.939 Houston 011 of Texas
51
8
507 504 507 51
8
100 4014 Aug 4 78 Feb 16
8
61 14 Nov 913 Oct
4
8 2612 264 2614 267
2614 2612 2612 265
8 254 2618 253 26 1 10.103, Hudson Motor Car_ .... _NO Par 20 June 28 323 Mar 8
4
4
194 Aug 264 Dee
204 .20
.20
2014 20
203
4 20
4 2,009, Hupp Motor Car Corp__
203
8 18
1811 183
10 167
1914
8July 3 3012 Apr 2
to% Jan 2618 Dec
17
8
14 *17
17
2 2
2 24
No par
4 1,400, Hydraulic Steel
13
4 17
13
8
834 July 13
8
15
8 14 *15
812 Jan 8
1418 June
34 Feb
3
3
3
318 318
803, Indlahoma Refining
3
3
.312 33
4,
318 314 *312 37
5
3 Sept 7 19 Mar 19
15 4 Dec
314 Jan
,
53
•5
200, Indian Refining
534 .5
4
53
4 53
4 *5
6
5
10
5 1._ _ _
5 Aug 15
52
,
812 Apr 6
Jan
115 June
8
5
.284 29
287 293
8
4 30
4,8001 Inspiration Cons Conner
3014 283 3014 228
4
20 27 July :31 433 Mar I
28 1 277 23
8
4
31 Nov
45 June
.3 4 412 •3
*3
,
4
4
.3
4
100
234 318
1 &Jet 14 11 Feb 20
1
21 2 1,9001 Internat Agricul Corp
54 Dec 113 MaY
4
•1112 1312 12
1,2031
1212 1178 1178 10
Do prof
64 Aug 1
100
8
10
8
8 14
8
3978 Feb 23
2812 Nov 4318 Mar
8
37
*363 37 .36
37
37
37
8
37
363 3718 2313 3514 1,900 International Cement__NO Par 31 June 28 44 Mar 19
4
Jan
26
383 May
4
223 234 2212 23
4
224 225
2238 12,300 Inter Combas Engine.
8 2214 223
.No par
195
4 22
8June 28 2718 Apr 6
2212 22
2018 June 30,2 Sept
7614 7614 7612 7612 767 7814 76
7613 4,000 Internat Harvester (new)_100 71 Aug 1 9812 Feb 7
8
78
75
753 .6
4 7
7948 Jan 1157 Aug
8
•10614 10612.106 10612 *10614 10612 10712 10814 109 109 .10614 109
300
Do prat (new)
_100 10614 Sept 5 11614 Jan 4 10512 Feb 119 Sept
712 712 *714 712
500 Int Mercantile Marine ___100
47 Aug 9 115 Feb 14
*7,
8
4 712
714 714
67
612 813
8 878
8
83 Dee 2718 May
4
26 4 2714 27
,
27
27
Do pref
100 1812 Aug 8 47 Jan 5
27
251 27
24
2538 2312 2414 4,900
4158 Dec 87 8 May
,
• , 127
12 4
8 124 1278 1212 124 1212 123
12,
4 6,400 International Nickel (The) 25 11 18July 5 1614 Feb 16
4 1214 125
8 12
11 14 Jan
103 Apr
4
400
7812 •78
.78
Do pref
7812 .78
100 693 Jan 4 83 June 12
4
7812 78
.78
77
78
79
773
8
Jan 85
60
Jan
*35
8
3512 345 347
100 303 Aug 8 585 Mar 6
8 334 3512 353 35 4 333 3412 323 3318 1.500 International Paper
4
4
8
8
4
3
4312 Mar 637 Oct
8
100
Do stamped preferred.100 63 July 12 7518 Jan 5
69 .66
68
.66
69 .
66 69 .65
70
•65
66
68
59 Mar 8012 Sept
8 Aug 15 1914 Mar 7
914 914
95 10141
8
914 912
95 1034
912 94
8
1218 July 2014 Apr
933 97 14,200 Invincible Oil Corp____No par
8
1.700 Iron Products Corp__No par 3212 Aug 6 5814 Mar 8
441, 4412 42
44
40
43
4414 4112 4414 .40
40
42
24
Jan 5318 Oct
14
14
10
58 Feb 24
14 Jan 2
8,
4
4
33
14
3
8
3
8
38
14 1,600 Island 011 & Transp v t c
"4
3
8
Jan
3
14 Nov
1,000 Jewel Tea, Inc
100 1714 Aug 9 24 Mar 15
18
•18
18
18
19 .18
19
1812 1812 184 1818 18
10
Jan 2212 May
400
Do pref
100 62 June 20 82 Feb 26
71
72
7112 •70
•66
70 .70
70
7112
73
*70
74
3812 Jan 764 Dec
48
100 48 Sept 8 633 Mar 16
504 51
49
5314 4914 52
8
51
494 5014 4912 5014 21,100 Jones Bros Tea, Inc
3412 Feb 577 Sept
8
100 Jones & Laughlin St, pref 100 107 Mar 19 11312Sept 4 10718 Dec 1093 Dec
•10912 11014 *10912 11014 10912 10912 .109 110 .103 no *10614 110
8
Kansas & Gulf
10
14 Aug 6
*14
3
3
3
8
33
*14
*14
.14
34
3
8
33
*14
*14
112 Dec
712 Jan
312 Jan 12
4012 4112 41
6,500 Kayser (J) Co (new)_ -No Par 28 July 2 457 Feb 23
391. 403
3914 40
42
4 38
8
3912 3814 3
9
34 May 484 Aug
Do 1st pref (neze)....No par 96 July 2 04 Mar 23
*9778 101
•97 8 101
7
*9812 101
*98 101
*97 101
*97 101
94 May 10612 June
3212 323
25 2814 Sept 13 624 Mar 22
3312 334 335
4 33
8 3214 337
8 283 32
293 3012 16,900 Kelly-Springfield Tire
4
8
344 Jan 533 MeY
4
1 Temporary 8% pref____100 94 Aug 3(7 408 Jan Iiii
96
95
*90
.90
95
95
*90
*90
95
*90
*90
95
" 9012 Jan 1073 May
4
I Kelsey Wheel, Inc
100 843
.80
93 .80
90
4July 2 11714 Mar 6
93 .80
93 .80
.80
93
90 .80
61
Feb 11512 Dec
No par 32 June 20 45 Mar 1
3418 3414 3414 3512 353 354 343 3573 335 347
4
8
8
8 3312 3412 21.700 Kennecott Copper
2512 Jan 394 May
4 June 21
4
5
04 434
458 434 3,200 Keystone Tire & Rubber__ 10
5
5
434 5
5
453 43
I 14 Mar 24
43 Nov 243 May
4
8
800 Kresge (SS) Co
100 177 Mar 2 24812 Apr 26 110
•220 22812 225 2234 229 229 .21512 228 .21512 225
218 218
Jan 18912 Nov
400 Laclede Gas (St Louis)._ ..l00 75 July 5 8941itne 9
81
8012 7914 793
•7912 80 .
78
.78
4 77
7914 7914
81
43
Jan 9412 Aug
•1812 20
600 Lee Rubber & Tire_ _ __No par
•1834 1934 *1812 1912 177 1812 173 173
1712June 27 313 Mar 22
•I9
20
8
4
4
4
2414 Nov 3518 Mar
200 Liggett & Myers Tobacco_ _100 1903
204 20512.200 207 .200 204 •195 204 *187 204 .187 204
4May 21 2224 Feb 9 1534 Feb 235
Oct
100, Do pref
100 1113 Apr 4 11818 Jan 8 108
*115 118 .113 117 •11.3 117
4
117 117 .112 117 *112 117
Jan 12312 Nov
9,800 Lima Loc Wks temp ctf.No Par 5814J tine 28 7478 Mar 20
6738 665 67
6614
8
67
6553
67
6512 6718 63
6514 63
52 Nov 1177 May
8
3.100 Loew's Incorporated___No par 14 June 21
1612 1612
1612 1612 1613 1612 16
1612 16
154 16
2l'4 Feb 14
16
1058 Jan 2334 Sept
*6
6
6
64
6 Sept 8 113 Jan 5
No par
6
6
6
6,
6 18
4
6
6
4
6 14 2.500 Loft Incorporated
9
Jan
1414 May
1,000 Loose Wiles Biscuit
5414 55 .
56 56
5412 55
5312 54
100 3614 July7 6314 Mar 2
51
51
51
51
36
Jan 6778 Sept
500 Lorillard (P)
163 16634 163 163
*164 167 .162 167
100 146 June 21 1785 Feb 9 14714 Jan 180 Sept
160 160 .158 159
8
200 Mackay Companies
•10712 109
108 108 *1074 110 *1073 109 .10712 108 .1065 110
100 103 May 23 121 Feb 6
8
8
72
Jan 117 Dec
900' Do pref
65
•6412 66
65
*6412 66
100 6412July 30 7012 Feb 16
644 645
8 6434 6434 .65
653
4
57
Jan 70 Nov
79
804 7834 8012 79 - 8012 78
No par 5818 Jan 2 9312 Apr 6
8014 76
7812 76
773 16.300' Mack Trucks, Inc
4
2512 Jan 617 Sept
8
9414 94
2001 Do 1st preferred
*94
943 *94
944 *94
4
100 87 July 3 9914 Mar 12
9412 .94
9412 9414 9414
68 Feb 9412 Deo
8512 87
500, Do 2d preferred
•137
83
3
88
87
100, 72 June 29 92 Mar 5
88
87
87
.87
87
87
54
Jan 873 Sept
4
3 6234 6234 6114 6114 6214 6214
62
62
600 Macy
*6012 62
,12 621
Par! 57 July 2 71 12 Jan 20
No
59 Nov 62 Dee
304 31
3112 3318 3214 3312 3114 33
42,500 Mallinson (II R) & Co.No pan 21 31111C 27 40 Jan 2
29
313
4 2912 31
1512 Jan 40 Aug
52
52
1,400i Manatl Sugar
52
52
525
8 53
*50
1001 43 July 31 7514 Mar 14
53
4
493 4934 .493 52
4
3014 Jan 52 Mar
*7514 77
*7514 82 .76
1
•7514 78
Do prat
1001 75 June 20 90 Feb 26
80
*76
80 ' *7514 82
7314 Apr 844 Sept
*43
43
43
303. Manhattan Elec SupplyNo par 36 Aug 9 66 Mar 21
44
8
*42
43
44 .42
43
42121 4158 415
41 Mar 693 Apr
4
400 Manhattan Shirt
*4314 434 *4314 437
8 423 4314 4214 4214 1 4112 4133
.4214 44
25 41125e1st 14 4778 Jan 5
4
32 Mar 5834 Oct
4 26
2734 2818 264 283
2812 24
No Par 22 Sept 14 593 Apr 2
2718 28
8
237 124,800 Marland 1111.
26 1 22
8
225 Jan
8
4638 June
7
*7
812
.7
300 Marlin Rockwell.
10
.7
10
No par
*7
*7
10
03
7 July 5 16 Feb 26
4
7
512 Mar 263 Mar
8
900 Martin-Parry Corp.._.No par 23 July 31 373 Apr 17
29
30
30
2912 2912 2814 2912 28
30
29
30
28
4
2014 Jan
3814 31.1[10
43
4
41
1.800 Mathleson Alkali Works.- 50 36 June 28 6412 Mar 14
433 842
42 1 375 40 I 3734 39
43
8
•4312 44
22
Jan 54 Nov
423 43
4112 423
4
4
4 39, 4018! 3914 394 4,600 Maxwell Motor Class A._ _100 363
423 43
43
.42
4July 2 0314 Mar 8
2
4114 Nov 743 May
4
4
1312 13
13 .123 13
123 123
4
.13
4 113 1212' 1118 1112 3,400 Maxwell Motor Class B No par 1012June 29 21 Apr 5
4
11
Feb 257 J upe
8
6,200 May Department Stores__ _100 675 Jan 5 86 June 7
80
80
7933 81
78
4
8
77
7934' 78
79
7912 783 80
6512 Dee 1743 Dec
4
16
4 1,400 McIntyre Porcupine alines_ __
1532 153
164 153 153 . 4 16
154 Sept 14 2012May 4
153 103
4
16
4 153
4
16
4
1058 Jan
8
213 Mar
200 Mexican Petroleum
100 182 Sept 14 293 Jan 2 10634 Jan 322 Dee
182 182
•195 250 •195 250 •195 250 .195 250 .195 250
Do pref
100 1004 Feb 28 10514 Mar 16
•90 110 .90 110 .90 110
*90 110 .90 110
•90 110
7914 Jan 108 1)ec
878 3,700 Mexican Seaboard Oil. No Par
84 912
912 912
9
85
812
8 9
9 12
53 Aug 15 233
4
912 914
4May 23
15
Oct 3412 July
•82
4 912 *918 10
800
812
Voting trust certificates____
3 87
8
87
8
6 Aug 15 2314May 28
88
4 83
4
*83 10
4
12
Oct 324 July
1.900 Miami Copper
8
24
2312 24
5 2212June 21
2334 2418 2418 2418 237 24
.23
24
•23
3012 Feb 23
25 Nov
3138 MaY
518 538 49,700 Middle States 011 Corp.__ 10
8
518 55
58 58
5 Sept 10 1214 Jan 12
54
5
55
8
12
514 55
Apr
11 Nov
16
400 Midvale Steel & Ordnance- 50 2112.1une 29 333 Apr 18
27
8 27
26
•26
26
27
8
8
8 283 283 .2814 287
284 283
8
264 Dec 454 May
100 Montana Power
61
61
62
•5712 5912 .5712 60
100 5412June 28 75 Mar 8
62 .81
*61
62
*61
Jan
63
764 Sept
223
4 203 21 4 203 2112 13,300 Mont Ward & CO Ill Corp. 10 1814May 22 20 Feb 13
4
4
2 224 2314 22
,
223 2318 224 233
4
12 Feb 253 Aug
4
25
257
8 24
8
2458 2334 245 14.600 Moon Motors
No Par 173 Jan 17 294 Mar 22
4 2512 28
2418 253
4
.2412 25
13 Aug
193 Dec
8
4 8,500 Mother Lode Coalltion_No par
85
85
8 93
8 9
8 83
718June 20 14 Feb 2i)
8
93
87
8 93*
94
,
9
914 9 8
1214 Dee
9 8 Nov
,
Mullins Body
1812 *12
1712 .10
17
No par
1718 *10
1018 Aug 21
1814 .12
•10
1814 *12
297 Mar 15
8
174 Dec 34 Mar
300 Nash Motors Co
93 .92
93
93
9212
No par 754 Jan 2 11411 Jan 12
93
*92
9212 93
92
.90
93
70 Dec 525 July
100
Do preferred A
4
973 9734 *97
100 9812 Apr 23 10134 Jan 17 10112 Aug 108 Dec
4
98
98
*973 98
.97
*0734 98 .973 98
s
300 National Acme
2
*1012 11
4
4 103 103 *1012 11
4
50 1014 Aug 25 1818 Feb lit
4 103 103
*103 113 •103 113
4
4
2114 Apr
912 Nov
4
4 45
2 4612 473
23 38 Jan 5 4812Sept 6
464 45
4514 13,300 National Biscuit
4714 473
48
4818 4714 48
8
367 Dec 270 Dec
100
Do pref
100 11812July 5 125 Feb 2 11312 Jan 126
120 120 *115 122 1.11512 121 •.11512 121
•118 121 .118 123
Oct
900 National Cloak & Suit... _100 40 June 18 6714 Feb 21
5814 587
58 I .5412 56
8' 58
59
563 58
5812 5812 *57
4
Jan 664 Sept
26
4 3,800 Nat Conduit & Cable_.No par
14
141
14
141
*14
14
12
14
14
14 Feb 24
4
14
4MaY 31
1
44 Apr
Dec
8 6214 634 6012 6218' 5912 8012 5,100 Nat Enatn'g & Stamping_ _100 5512July 2 73 Mar 14
6812 Oct
635 633
8
8
4 635 634 6318 633
303 Jan
4
3,400 National Lead
100 108 July 5 13634 Mar 20
3
•128 12878 129 130 4 12814 1284 125 129 I 122 123 x118 119
Jan 12914 Dec
85
200
Do prof
4
4
100 1074June 28 114 Jan 4 108
Oct
113 113 .112 11312 .112 11312 1123 1123 .110 11212 .109 11212
Jan 117
6,800 Nevada Consol Copper.... 5 1112June 26 183 Mar 5
8 1212 123
8
4 123 1212
123
8 1214 1212 1214 123
1218 1238 12
1318 Nov
194 June
8
3512 3312 34
3312 35 4 3,300 N Y Air Brake (new)....No par 265 Jan 2 41 Apr 25
,
3412 3412 3414 35
8
34 3512 3512 34
2412 Nov 4158 Sept
800
8 4712 48
47
Class A
47
No par 4514 Aug 23 5112 Feb 13
.4712 483
4318 Nov 514 Oct
4 4812 484 4812 4812 *4812 487
18 I 1712 1812 163 163
100 1514June 30 27 Apr 2
4 3,000 New York Dock
4
•167 1812 *1712 1812 .1712 1812 .17
3
20 Nov 46 June
100
Do pref
46
46
*41
*40
46
.40
43
100 373 Aug 14 ally Mar 15
4
43
46
.42
46 Nov 6812 June
46 .43
15,100 North American Co. new.. 10 1712May 21 2418 Apr 13
2138 213
4, 203 2112 204 21
4
8
215 22
21 8 22
2152 22
,
500
44
Do pre
71- -A1111
4412 4412' 4414 4414 44
*4312 4412 *44
50 4212July 2 4812 Feb 14
4412 •4412 45
Jan
33
4
-100 Nova Scotia Steel & Coal_ _100 16 Sept 14 297 Mar 3
16
23
•18
2012 16
23 .17
.17
2034 Feb 40 Sept
•17
23
22 .17
8
600 Nunnally Co (The)__ _ _No par
818 *8
812
8
814 814
8 JulY
123 Mar
4
8 June 28 1018 Feb 9
*814 8
4 *818 812
34 .818 83
400 Ohio Body & Blower..
33 sept 13 104 Jan 29
8
4
412
.No par
1414 Apr
*33
*4
3 4 33
4 5
5 Nov
43
8 43
.33
4
8
4 5
.4 5
3
,
500 Okla Prod & Ref of Amer
134 Dec
438 June
112
184'
112
34 Feb 8
112 112 *112
5
112 •112 134
112
112July 30
•
14 2
200 Ontario Silver Mining
*354 4
4 4
41, *33
77 MAY 7
*33
8
94 Mar
4
*33
4
4 4
44 Jan
100
3 July 21
•33
4 4
Oat
1852 18 4 1812 19
128 Jan 28
8
4
1614June 21 2158 Apr 26
4 1814 1812 173 1812 *1734 177
8 4,500 Orpheum Circuit, Inc
1812 183
,
1
600 Otis Elevator
Jan 1683 Oct
•118 122
122 122
120 120 .118 121
4
120 120
121 121
100 11412July 30 153 Feb 16 116
HIGH AND LOW SALE PRICE-PElt SHARE, NOT PER CE.VT.
Saturday,
Sept. 8.
•131d and asked !glees
0 sales thls day. a Er-dividend
New York Stock Record-Conclucled-Page 4
1221
For sales during the week of stocks 4.4.4.tally Inactive, see fourth page preceding.
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday,
Sept. S•
Tuesday, 'Wednesday, Thursday,
Monday,
Sept. 10. ; Sept. 11.
Sept. 12.
Sept. 13.
per share I $ per share $ per share
$ Per share
.9
87
8 9
84 914
s 914 .
4614 443 4614
45
8
45
4514 45
*45
34
42
3
4
12
3
4
3
4
3
4
3
4
•324 8312 3214 824 8112 8113 *80
8612
.812 10
*8
10
8
*812 10
8
3412 3334 344 333 343
3414 344 34
8
4
1234 1278
127 133
8
8 1318 13 4 127 13
8
,
60
5812 6012 5812 603
5812 5912 59
8
2 567 5878 574 594
8
5712 583
5712 58
134
134 .1 1z 24
*134 212
14
13
4
8
8
•1012 114 1112 1113 .103 117 .103 1134
8
27
8 314
24 318
27
8 38
3
,
314
9234 93 .9234 93
93
9212 93
*92
4434 4434
454 45 2 4514 4514 .4412 45
,
63 .
55
67 .55
65 .55
.55
65
2312 2438 2318 233
8
234 237 24
23
8
912 94
918 93
8
913 9 2
,
glz 94
*22
*2214 24
25
23
*2212 2312
23
214 214 *214 238
.24 212
214 23
8
*21
26
*21
26
*21
26
*21
26
_
--------64
6314 6312 .63
64
6414 *62
6412
9912 994 .
99
997 .
8 99
9912
9912 .
99
Friday,
Sept. 14.
Sales
for
the
IWeek.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range since Jan. I 162:1.
On basis of 100 share lots
Lowest
S Per share $ per share Shares. Indus. & Miscell.(Con.) Par $ Per share
7 June 30
No Par
818 83
8
810 814 1.600 Otis Steel
4438 34313 4318 3,350 Owens Bottle
25 364 Jan 2
44
3
'3
4
4
3
4
3
4 1,500 Pacific Development
12 Jan 2
100 73 July 2
8014 8014 791z 80
900 Pacific Gas & Electric
5
*7
10
*7
9
7 July 2
PacIfIc O l 11 SteamshIp
p c f e Mia
333 3414 *333 34
4
3112July 5
8
16,910000
10 1018 Jan 8
1212 1234 1212 1212 3,700 Packard Motor Car
5712 587
8July 30
8 5718 5918 64,200 Pan-Amer Petr A Trans.__ 50 517
5638 573
8 553 577 92,700
50 51 July 2
4
8
Do Class B
1341-Opt 10
*118 2
*112 4
200 Panhandle Prod & Ref_No par
8
.103 1112 .103 1134
8
No par
9 May 23
100 Parish & Bingham
234 27
212 Jan 2
8 .23
8 23 12,100 Penn-Seaboard St'l v t cNo Par
4
92
91.
91
91
1,700 People's G L A C (Chic)___ 100 86 Apr 27
8 4434 45
444 443
700 Philadelphia Co (PRIM)) . 50 41 July 2
•55
61
*55
No par 55 Aug 9
61
Phillips-Jones Corp
227 2318 32212 227 21.300 Phillips Petroleum _ __No par 2:112 Aug 7
8
8
812 918 .814 9
614 July2
3,000 Pierce-Arrow Mot Car_No par
100 1312July 2
203 224 2014 2012 1,200
8
Do pref
218 2313
25
112July 5
214 1.500 Pierce 011 Corporation
258
*20
25 1 .20
100 24 Aug 17
23Do pref
---- - ---, ---- ---- ------ Ping Wigg Stor Inc "A" No par 5514 Jan 17
63
63 1 *60
100 58 Jan 16
63
500 Pittsburgh Coal of Pa
9912 .93
100 9712July 11
994
.98
Do pref
200
10
94 Mar 1
Pond Creek Coal
5412 7.600 Postum Cereal
54- US g 56- 5834 544 5618 533 54
;57- - .i -3*53
2
No par 47 July 5
8
•105 11214 •105 11214 .105 11214 *105 12114 *105 11214 .107 112
lOSizJune3O
Do 8% preferred
*54
56
564 561z 56456': 55
54
54 , •52
56 I 54
100 49 Aug 6
300 Pressed Steel Car
91
8912
•89
91
*89
*39
91
.89
01
89
80 1 .88
100 86 Jan 22
100
Do pref
2212 233
4 224 244 23
'233 24
8
237
8 223 234 223 2 8 44,400 Producers & Refiners Corp_ 50 2212Sept 10
4
4 37
.451s 464 4614 4614 *4512 453
4 46
46 I 45
4512 x44
4518 1,100 PubServCorp of NJ,new No par 4214 Aug 6
117 1173g 117 11714 11638 1167 11412 116
.117 118
11312 115
8
100 11012July 2
3.200 Pullman Company
5214 52
4
5812 523 5312 5212 5418 494 5212 50
62
8July 31
5114 18.600 Punta Alegre Sugar
50 417
8
1818 1812 184 184 183 1834 1818 183
25 1612 Aug 23
4 177 1818 174 173 10,200 Pure 011 (The)
8
4
.874 93 . 4 93 .371 93 .8734 90 .87
4
873
"86
91
90
100 8212 Aug 28
D way % prefp ing
3® Railo 8stem serred
•10612 109 .108 109 .108 2 10912 .10712 101
105 107 1•103 104
100 100 June 30
4
.29
8
8
303 •293 303 •2934 30 .297 30
.2978 30 I .29
8
3018
No par 2914July 16
Rand Mines Ltd
113
8 1034 1114 *1012 1034 *103 104 4,100 Ray Consolidated Conner_ 10 10 June 28
103g 1038 1014 104 11
8
35
3412 35
3412 3412 34
344 34
3414 3414 334 3 58
1,900 Remington Typewriter v t c100 24 June 27
4
•87
96
96 .87
•87
96
*87
96
*87
00 I .87
96
100 91 Aug 29
lot preferred v t c
96
.
91
.9612 9814 9612 9012 .92
9814 •92
98,4 .91
98
100 80 Jan 3
100
2d preferred
14 *1314 14
1234 1318 12
13
13
12
1313 13
12
13
973 Aug 8
4,100 Replogle Steel
495 504 494 5014 474 5018 4438 4718 4418 453 37.300 Republic Iron & Steel No P°
8
493 51
3
8
100 4018June 30
•93
937
8 94
91
*9312 94
94
94
9338 94
.334 89
100 86 June 21
700
Do pref
233
2138 2234 23
4 2234 2314 2214 227
20
No pa
8 2012 22
204 20,600 Reynolds Spring
14 June 30
6911 63
6712 67
6934 6612 6812 6612 67
87
663 67
8
47 Jan 10
34,200 Reynolds(RJ)Tob Class B 2
•115 116 .115 116 .115 11534 116 116 *11412 118 *11412 118
100 114 July 9
100
Do 7% Preferred
45
4513 4614 4648 4634 454 453
45
8
4 4414 4414 447 4512 3.200 Royal Dutch Co(N Y shares). 4012 Aug 1
*19
1912 1912 193
1934 20
193 193 "193 1934 19
4
193
4
10 17 June 29
8 3.100 St Joseph Lead
8
*2
212 *2
21
.2
23
8 •218
212
2
218 •I38 2
13
8July 11
200 San Cecilia Sugar v t c_No par
*31
3112 3012 $11
32
321 *3012 31121 29
30 I *2918 2912 2.700 Savage Arms Corporation.100 1812 Jan 3
*8012 81
81
8034 811
8112 7914 80
100 654June 30
7714 784 77
781z 5,400 Sears, Roebuck A CO
11018 .105 1101 11018 1101 *105 11012 .108 11012,•103 110
•10512
100 10612June 4
100
Do pref
814
77
8 74
8
812 958
9
811 812 5,300 Seneca CoPPer
6 June 20
No par
93*;
8
8
•6
7
*6
61
*6
61
*6
53
8July 6
63
4' 6
6 I *512 612
200 Shattuck Arizona Copper__ 10
.313 32
8
32
32
32
32
.313 3212 .313 3212 *314 324
4
8
400 Shell Transp & Trading__ £2 2914 Aug 8
1634 17
1512 167
1538 lii's 164 17
8
16
1238 Jan 8
No par
1612i 3153 1614 25,600 Shell Union 011
203 203
8
4 204 2O7o 2038 2184 20
2134 2018 2012, 197 203 71,400 Sinclair Cons 011 Corp_No par 1938 Aug 15
8
8
1314 133
4 14
15
1412 151
143 1478 14
8, 14
8
1414 25.100 Skelly 011 Co
93 Jan 2
143
8
10
•48
49
49
49
4812 4812 47
48
4514 1,000 Sloss-Sheffield Steel A Iron.100 3914 July 11
4578 4578! 45
*75
84 .75
82 .75
84 I ------ i
84 .75
84 .74
100 68 Jan 13
85 .73
Do pref
*40
43
4014 42
42
42
40
4212 4034 4034 .3912 41 I 1,000 South Porto Rico Sugar_.100 3814 Aug 4
•
17
1712 17
17
*16
34 1712 16
1614
1512 1,200 Spicer Mfg Co
1134June 30
15
147 15
8
No par
*8412 8912 *8412 8990
*90
*9012 94
93 .90
93
94
100 90 Jan 3
1
Do pret
, Standard Milling
69
.67
*663 73 2 "663 70
4
*6634 70 .663 71
4
,
463 73 1
1
4
100 70 July 5
503 503
4
4 5013 503
5014 507
4 5012 51
8 497 503
8
4 49313 50 4, 1,0,200 Standard 011 of California_ 25 4718July 30
,
8 324 3274 323 33
323 327
8
8
3212 33
3214 3212 3114 32181 12.9001 Standard 011of New Jersey 25i, 304July 3
8
1153 1157 11534 11534 11534 1153 1157 1157 11512 11513 11578 116
4
4
8
8
4
1,3001
Do pref non-voting_ _ 100' 1143 Aug 24
_ _ •111
__ _
"111
.111
.111 .__
'111____'1111Steel & Tube of Am, pref_ _100 85 Jan 2
*5414 553 .5414 - 4
55
5414, 544 544
4 54
4 5414 543*
No par, 51 June 29
600, Sterling Products
•11414 116 *11414116 011412 11612 *114 116 .114 116 1.11414 116 I
100, 10912 Jan 2
1 Stern Bros. pref (8%)
88
8919 88
8912 88
80 1 8512 883
4 8218 853
8: 813 843 38.900: Stewart-Warn Sp Corp_No par 74 July 5
4
81
703 703
4
4 703 713
4
8 7012 71
36814 683
65
4 64
67 4 1 5.900 Stromberg Carburetor-No par 5912July 2
,
10512 1063 1053 10713 1063 107
8
8
8
1043 1064 10218 1043 1014 1034 160,9001 Studebaker Corp (The)...100, 9814 July 2
4
41
511314 11814 .11314 1173 .11314 1173
4.11314 115 *11314 115 *11314 115 I
4
1001 112 Jan 4
Do pref
8
93
8 93
8
913 93
9
912
83
4 9
814
8121 4.800! Submarine Boat
838 84
No pari
7 Jan 3
•212 24 *211 23
8
212 213
212 2121
212 213' 1.200 Superior 011
24 234
23
No par'
8June 18
.28
32 .28
*28
30 .2814 30
34
28
28
.23
30 I
1001 24 June 29
100 Superior Steel
114
114
14
1 14
114
13a •118 13
8
138
112 7.800 Sweets Co of America
13* .13a
10'
1 June 4
'912 03
4
WI 9%
65
8 63
8
953 654
612 012
8 June 21
618 9 41 2,800 Tenn Copp & C hr ct fs_No par,
,
4118 413
8 4114 413
8 413 42
8
414 417
8 4012 4114 4014 404 14,100 Texas ComPanY (The)____ 25: 393 Aug 4
4
58
5814 58
58
5814 5814 563 58
4
5534 467
8 5512 56
10: 5314 July2
3,300 Texas Gulf Sulphur
8
8
8
8
77
8 814
74 814
77
8 8
73
4 73
4 6,100 Texas Pacific Coal & 011- '101
74July 31
•101 103 .101 10213 .101 102 .101 102
100 100
0312 9912
100' 94 July 2
400, Tidewater 011
3814 3814 38
3913 387 394 373 3812 364 374 3612 37
8
4
5.200: Timken Roller Beating_No par l 334 Jan 2
55
553
2 547 554 5514 56
8
537 553
8
4 5212 533 . 52
53
4
25.300 Tobacco Products Corp...100 4634 Aug 4
833 833
8
8 8314 8358 834 8312 823 8314 813 824 8114 82
8
8
5,800: Do CIA (since July 15) 100 7612July 2
414
414 414
4tj
4
414
4
4
4
418
33
4 4
33 Aug 18
8
11,900, Transcontinental Oil__ _No parl
O624 654 06212 68
*6212 68
•13312 65 .63
65 .6314 65
' Union Bag & Paper Corp_ _ 100 61 Aug 4
4
4
No par
Is Jan 4
800' Union Oil
90 .87
•
87
90
90 .87
•87
90 •87. 80
87
37
100 Union Tank Car
81 Fell 1
•106 10812 107 107 .105 108 .105 108 .105 108 *105 103
200, Do pro
100 106 Sent 6
•32
32
4
31 .3114 0303 31 14
33'z 3212 3212 324 3212 .31
400 United Alloy Steel
No par 29 July 31
.
70
80
793 793 *78
4
4
3
80 .
8
79
7912 773 7914 .763 78
100 7484 July 2
300 United Drug
4714 471 *4612 48
*4612 48
047
4712 *4714 4712 *4714 4712
1001
50 4614 Feb 14
Do let preferred
172 172 .172 174 0172 174
172 172
17112 17112 170 1704
8001 United Fruit
100 15212 Jan 17
.7414 751* 7512 76
76
.74
70
.72
77
76 .72
76
400 United Retail Stores..
.No par 6438 Feb 1
30
3014 3012 31
307 324 3012 3212 2914 3014 2912 303 16.500 U 8 Cast Iron Pipe A Fdy_100 20 July 3
8
4
0753 79
•72
74
743 7514 7512 79
4
78
79 1 75
4
76
2.500
100 64 June 21
Do Pre
.434 54 .434r 54
412 434
33
4 44
412 412
4
418 2,700 US Food Products Corp_ _100
218June 2
.17
18
17
1714
17
1714 1712 1712 •17
17
1714 17
1,000 US HofFn Mach CorP-No par 15 June 30
54
5514 537 5412 5334 5512 5212 55 I 5034 523
8
4 5014 5114 16,900 U S Industrial Alcohol
100 40 June 2
.
96 100 .96 100 .96 100
.96 100 .96 100
.96 100
100 9514June 2
Do Pref
9678 967
8 97
97
9612 97
95
9513 95
95
95
95
1,200 US Really A Improvement100 8813July
43
43
424 43
4234 4313 413 43 I 3918 4114 394 4014 14.400 United States Rubber
8
100 3512 Aug I.
4
943
953 953 .93
4 9513 9512 9412 9412 93
4
034 933 933
4
4 1,000
Do 1st preferred
100 8814 Aug 13
2512 2512 257 257
.24
25
8
8 2513 25121 25
24
253* 24
1,300 US smelting, Ref & Min_ 50 20 June 28
4212 .4118 423 0413 423 .414 423 *4138 423 .413 4238
8
.41
8
8
8!
8
8
Do pref
50 4012June 28
923 933* 9212 9312 9012 933
8
92% 93
8 887 904 8012 895 1-61;666 United States Steel Corp 100 854July
8
8
31
117 117
117 117
117 117141 11678 11714 1167 117
•1163 117
4
8
2,100
100 11618 Aug 6
Do pref
4 614 627
8 63 633
8 6134 63131 6018 613 359
.6012 613
4
60
7,800 Utah Copper
10 56 July 5
1612 16's 1612 161z 163 163
4
4 1618 16181 16
16
153 16
8
2,000 Utah Securities v to
100 1418June 27
3112 33141 2912 31
8 333 3414 3314 34
4
323 333
4
2912 3012 16.100 Vanadium Corp
No par 2434 July 5
904 085
904 •85
.85
9015, .85
901 .85
904
9018 .85
Van Raalte, lot Pref
100 8912May 31
1114 1138 1114 IN
10523 11 I
•1114 12
934 1012
83
4 934 _5.456 Virginia-Carolina Chem
100
614June 27
31
2834 3012 2812 2812 2614 27
31
*31
32
•3012 32
1,500
100 17 June 27
Do pref
*58
59 .56
59
*58
50
59
&I
59
59 .58
.52
Virginia Iron, C & C ____I00 52 July 2
33 .80
83
•80
80
80
82
*30
.
80
83 .79
83
100
100 7712June 28
Do pref
19
19
4
18
183 184 184 1812 183 10
4
1834 18
1813 1,500 Vivaudou(V)
No par 1514 Jan 17
*1414 15
144 147g .1412 15
1412 1412
.1434 15
•1414 15
200 Weber & Hellbroner_ No par 1214 Jan 27
*36
38 .36
38
33 .36
036
38
38
.36
36
36
200 Wells Fargo Express
100 3412July 11
8
4
8
8
1077 1077 107 1073 10712 1077 1074 10712 107 10712 107 107
1,400 Western Union Telegraph_100 10118July 5
813
8 81
81 1g 8118 81 18 8118 .81
82
81
82
81
81
500 Westinghouse Air Brake
50 76 July
6014 6014 6034 604 6118 594 603
4 5812 593
8 583 5912 14,300 Westingbouse Elec A Mfg. 60 5212June 5
60
4
30
4 2112 2172 21 14 2112 .2112 22
213 2178 2114 2114 1,700 White Eagle 011
8
213 213
4
No par 2114 Sept 11
503 51
4
5113 5134
*5134 52
8
5138 513 *5112 52
50
50
1,600 White hi otor
50 45 June 28
13
8
13
8 13
*114
8
112
138
138
14 14 .114
114
1 14
500 White 011 Corporation_No par
118 Aug 16
712 8
814 812
7
712
814 814
818 83g
678 73
4 5,400 Wickwire Spencer Steel
583 July23
5
7
718
7
7
74
634 74
74
63
4 678
638 67
8 5.400 Willys-Overland (The)
25
5 June 21
0912 BSA 6912 603
8
4 6912 7012 683 694 67
6714 687
8 4.900
684
Do pref (new)
100 4213 Jan 2
23
24
24
2312 2313 24
.22
24
.22 • 25
22
22
1,000 Wilson & Co. Inc. v t c_No par 19 June 27
*663 70
4
•6634 70
6634 70
*6634 70
.
*6634 70
68 ---- •
Do pref
100 64 July 13
254 2567 25013 252
8
255 260 .257 260
25314 254
25014 253
3.900 Woolworth Co (F W)
100 19918 Jan 24
2912 .24
30 .27
*29
29 .24
30
29
.
•24
28
27
Worthington P A M v t c_1(10 23'* July3
07. .nr. In
654
117 111
,
in
*931 10
4014 In
1 Ann wriou 4ernnstitical_ _ No par
814 Jan 17
•Illd and Raked prloon no males on this day. z IC:2-11v13e0d.
6611,
Highest
PER SHARE
Range for Precious
Year 1922.
Lowest
Highest
$ per share $ per share $ per share
144 Mar 21
1613 Apr
64 Nov
4
24
523 Apr 2
Jan 424 Sept
12 Dec 1418 Apr
214 Mar 5
61) Jan 9118 Sept
8518 Aug 20
11
Jan
123 Mar 14
4
19 June
487 Jan 4
8
42[3 Nov 694 May
10 Dec 21 Nov
1513 hi ar 22
8
487 Jan 10078 Dec
9312 Feb 7
4012 Feb 953 Dec
86 Feb 7
4
614 Apr 5
1212 Jan
3 Dec
712 Nov
1512 Mar 13
17
Apr
8
23 Dec 133 May
8
6 Apr 4
9412 Jan 30
593 Jan 99 Sent
4
6014 Mar 19
454 Sept
31 12 Jan
80 Apr 4
7314 Oct 10518 Jan
8
284 Jan 5914 June
693 Apr 5
243 Apr
8
8 July
1514 Jan 14
Apr
184 July 49
353 Jan, 9
8
378 Dec 12
Jan
8 Feb 13
Jan
71
32 Bev
45 Jan 4
124 Mar 20
5918 Dec
39 Nov
677 Mar 7
8
724 Sept
55 Nov
904 Fe
100 Apr 5
10012 Sept
Dec
4778 Feb 15
41
1414 Fe
Oct
134 Feb 6
65 8 Apr 120
3
11414 Jan 25 10512 AP 11212 Oct
81 12 Jan 2
Jai
9514 Sept
63
Feb 106 Sept
993 Jan 5
4
91
2418 Jan
581g Mar 20
51 Sept
51 12 Apr 16
134 Mar 8 10512 Jan 13084 Sept
6914 Apr 19
Jan
5314 June
31
202 Nov
32 Feb 13
383 Jan
8
94 July 1023 Apr
4
100 Mar 9
94
Jan 12614 Sept
123 Mar 17
194 Jan 3612 Sept
343 Feb 19
8
17', Mar I
19 May
1218 Nov
24
Jan 42 Mar
4818 Mar 6
Jan 105 Dee
55
104 Feb 13
5013 Feb 8034 Dec
9512Sept 13
313 Feb 16
4
21 Nov 3812 May
6634 Mar 21
4312 Nov 7812 Mar
967 Mar 21
8
.
74 Feb 954 Ma
297 Apr 17
8
1214 Nov 503 June
4
6984 Sept 11
43 Mar 633 Nov
4
118 Feb 9 111 18 Apr 11834 Oct
5512 Feb 19
473 Jan 67 June
8
224 Mar 9
123 Jan 2014 Sept
4
5 Feb 14
112 Jan
614 Mar
334 Sept 5
8
10 1411g 247 Apr
923 Feb 13
8
8
593 Feb 944 Aug
11312June 12
91
Jan 112 Aug
1212Mar 3
6
Oct 2314 Jan
1074 Mar 2
612 Nov
12 June
41 14 Mar 7
3413 Dec 4818 May
1218 Dec 1314 Dec
1914May 23
483, Jan 383 June
3938 Mar 19
4
35 him' 31
117 Oct
8
83 Nov
8
3413 Ma
60 A pr 26
5412 Slay
90 Mar 16
60 Ma
8(1 Aug
6414 Mar 19
5714 Mar
33 Nov
15 Nov 24 June
2714 Feb 16
974 Feb 2
34
Apr 96 Sent
844, Dec 141 Sent
9012 Jan 23
12312 Jan 2
9134 Jan 135
Oct
4414 Mar 3
3313 Dec 25012 Oct
11814 July 27 1133 Jan 11012 Nov
8
68 Mar 90 May
1103 Aug 9
8
451g May 633 Dec
6738 Mar 2
4
Jan 109 Dec
81
115 Jan 5
2413 Jan
12412 Apr 17
79 Dee
9414 Mar 6
71 Dee
3514 Jan
794 Jan 14134 Dec
12614 Mar 21
11012 Aug 16 100 Feb 11814 Nov
312 Jan
87 Nov
8
15 Apr 6
83 Feb 15
4
4 Nov
1014 June
Jan 3912 Apr
26
34 Mar 22
14 Nov
24 .1110 12
5 Mar
1254 May
832 Nov
123 Feb 21
4
42 Mar 5214 Oct
527 hlar 20
8
3313 Jan 6718 Nov
65 Jan 15
1812 Nov
2414 Feb 2
3234 June
144 Mar 2 1093 May 154
4
Oct
45 Mar 8
Oct
2812 Sept 35
614 Apr 27
4914 Nov 8414 June
85 hlar 2
767 Aug 3912 Sept
8
713 Mar 2018 May
1412 Jan 5
55 Mar 78 Sept
77121\1er 28
14 Jan 3
18 Dee 25 June
4
9934 Mar 19
85 Dec 1343 Dec
112 Jan 19 102 Feb 113 Sent
Jan
4114 May
25
391z Mar 21
Oct
85
604 Ma
853 Feb 26
4
4118 Feb 514 Oct
49 July I
Oct
183 Mar 2 1194 Jan 162
4313 Feb 874 Oct
8418 Apr 17
39 Aug
1618 la
3412 Mar 2
Jan 78 Aug
50
79 Sept 11
1018 Jan
24 Feb
612 Mar 19
1812 Nov 257 May
8
25 Jan 27
Jan 724 Oct
734 Mar 16
37
Oct
7213 Dec 102
101 Mar 28
8
Jan 927 Oct
56
106 Mar 5
46 Nov 6712 Apr
647 Mar 22
8
91 Sep 107 July
105 Jan 13
4
33 Feb 483 Oct
434'Mar 2
424 Feb 49 Aug
4818 Jan 3
Jan 11112 Oct
82
1093 Mar 21
8
123 Sept
12312 Jan 15 11338 Fe
7112 Sept
7612 Mar 5
59 No
2438 Feb 16
97 Jan 2318 Sept
8
4438 Mar 20
3014 Jan
Jan
92
98 Jan 25
27 Feb 20
2314 Nov
69 Mar 15
58 July
68 Mar 5
43 Mar
85 Apr 23
66 Mar
618 Jan
23 Mar 22
107 Oct
2
153 Mar 8
8
664 Jan
105 Mar 2
11912 Feb 20
89 Feb
80 Mar
120 Feb 17
494 Jan
6718 Feb 16
303 Mar 20
8
25 May
354 Jan
607 Mar 19
8
214 Dec
57 Feb 10
8
812 Nov
14 Feb 13
411 Feb
814 Jan 5
24 Feb
8Sept 1
703
2714 Jan
423 NI ar 7
4
Jan
66
89 Feb 8
Jan
230 Sept 10 137
8
267 Nov
404 Feb 15
Jan
it
11 Mav 17
5334 Aug
Oct
100
3678 Mar
Oct
83
9412 Jan
Oct
86
16 Dec
17 Apr
4
933 Oct
12114 Aug
114 Dec
6514 Aug
333 Nov
8
54 Sept
12 May
214 May
10 May
4912 July
5013 Sent
91 Sept
223 Nov
557 June
8
II
Aug
1222
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
/an. 1 1909 the Exchange method of quoting bonds was changed and prices are now "and Interest"—excep for income and defaulted bonds
ESt Price
,•1
BONDS.
Week's
Range
BONDS.
2'3
Price
Week's
N. Y. STOCK EXCHANGE t
11.
Friday
Since
Range or
N. Y. STOCK EXCHANGE Z-1
Friday
Range or
St
Week ending Sept. 14.
Sept. 14
Last Sale
ctN Jan. 1
Week ending Sept. 14.
Sept. 14
Last Sale
Range
Since
Jan. 1
U. S. Government.
Bid
High No, Low
Ask Low
High
Bid
Ask Low
High No. Low
HOB
First Liberty Loan
Atl& Birm 30-yr 1st g 4
MS 674 69 6712 Aug'23
8-e65
68
12
• D 997.4: Sale 9914,2 99242 1004 100 101.90 Atl Knoxv & Clu Div 4s_ _ _ -1933 MN 8112
334% of 1932-1947
_1955
823
8
84
803 8612
8212 11
4
3D
Cony 4% of 1932-1947
_ 97 n 98.90 Ati Knox & Nor 1st g 5s_._1946 J O 9818
42Aug'23
,
982,
_ 983 May'23
4
983 9912
4
3D 98',, Sale 98
Cony 431% of 1932-1947
98in 361 96214.99.10 Atl & Char! A L 1st A 43'58_1944 3' 913 93
917 Sept'23
4
917
8
88
2d cony 43-1% of 1932-1947-_ _ 3D 971,48 98
98in 58 97.0099.00
97
let 30-year 58 Ser B
1941 J J 97
96 100
973 9718
4
2
9718
Second Liberty Loan
All Coast Line 1st gold 48./1944 MS 8518 Sale 847
8
82% 89
8514 30
974%4 98
MN
10 96344498.70
4% of 1927-1942
10
-year secured 78
1930 MN 107 1073 107
8
4 106 108
107
MN 9842 Sale
Cony 434% of 1927-1942
98
98in 1399 96,44198.88
General unified 4345
1964 3D 8412 8612 843
1
4
82
89%
843
4
Third Liberty Loan
L & N coil gold 48
al952 51 S 81 Sale 81
817
g 30
7612 83
MS 982242 Sale 982122 982742 3484 97114.99.18 Ati & Danv 1st it 48
01 1928
43,(%
1948 J J
7518 Sale 7513
1
73% 78
7512
Fourth Liberty Loan
2d 48
1948 J J 6314 68 65 Aug'23
6118 687
8
AO 9842 Sale
431% of 1933-1938
,
9842 98242 2148 97 44 99.04 Atl & Yad 1st g
1949 AG 7612 80
7718 Feb'23
77
774
AO 992242 Sale 992142 992242 1161 981222100.04 A & NW 1st guguar 45
Treasury 434s 1947-1952
1941 J J 9218 _ _ _ _ 9418 June'23
g 5e
93 8 954
3
2e consol registered
41930 Q J
1024 1044
10414 July'23
9514 Sale 9514
953
4 97
25 consol coupon
41930 Q J
103 Balt & Ohio prior 3345
102
103 July'23
1925 .1 .1
9318 9714
48 registered
1925 Q F
1031 104
104 May'23
Registered
/1925 Q
934 9412 9414 Sept'23
9312 9414
45 coupon
1925 Q F
10314 Aug'23
1034 1034
1st 50-year gold 48
11948 A0 77 Sale 763
8
74 8 so
,
777
8 71
Q F
Panama Canal 10-30-Yr 2.1- -S1936
100 July'2I
Registered
/1948 Q J 744 7534 9414 Sept'23
744 781
4
1961 @ M
Panama Canal 38 gold
95-- 10-year cony 43-45
9412 Apr'23
1933 MS 8018 Sale 80 g
82is
8158 68
,
77
' 1961 QM
Registered
,
4 9626
9314 June'23
93
Refund & gen 58 Ser A_ _ _1995 J O 823 Sale 823
4
79% 85
8312 61
4
'State and City Securities.
10
-year 613
1929 J J 1003 Sale 1003
4
56
2 101
09 101%
N Y City-43-ls Corn stock-1960 M
9934 101
5
993 10014 100
4
100
P Jet & M Div let g 334e..1925 MN 9318 94
9334 Sept'23
91
95
1961 MS 100 1003 1004 Aug'23
434s Corporate stock
10018 10278
8
PLE&W Va Sys ref 4s._1941 MN 754 7512 753
73
8
752
8 21
7912
1966 AO 10018
43is Corporate stock
1 100 10212
100
_ 100
Southw Div len gold 3)48_1925 J J 94 Sale 937
8
94
60
2
9112 941
1971 ID 104 4 105 104
43is Corporate stock
143 104 108
104
,
Tol & CM Div 1st ref 45 A_1959 J J 6312 Sale 6318
614 67%
641s 13
43is Corporate stock _Jaly1967 33 10414 105 104
1 194 10712 Battle Cr & Stur 1st gu 38_1998 3D 5212
104
57% 60
574 Apr'23
1965 3D 10414 105 1037
43.is Corporate stock
1 1034 10718 Beech Creek 1st gu g 4__.1936 3
8 103%
8712 9114 8912 Apr'23
86% 891s
1963 MS 1044 104% 10414 Sept'23
43's Corporate stock
104 4 10738
,
1936 3' 8418
Registered
86 Feb'23
86
86
1959 MN 963 9714 964 Sept'23
4% Corporate steak
9614 10014
4
1936 3, 95 4 -- 104 May'113
2d guar gold 5e
,
1958 MN 963 9714 96% Aug'23
4% Corporate stock
964 9978 Beech Cr Ext let g 334s--91951 A0 7514
4
60 July'22
MN 063
1957
4% Corporate stock
WA 10014 Big Sandy 1st 43
4
963,June'23
1944 J D 8012 843 8014 July'23
4
4% Corporate stock rsig _ _1956 MN 953 9614 95 July'23
9912 B & N Y Air Line 1st 48_ _ _1955 FA
95
4
5
75
1
65 July'23
1957 MN 1044 104% 1033 Aug'23
&Sit. Corporate stock
10314 105 Bruns & W let gu gold 4a-1938
4
' 88 2 894 89 Feb'23
3
89 89
,
43.i% Corporate stock1957 MN 1044 - - - 1047 Sept'23
10414 10712 Buffalo R & P gen gold 5/3_ _1937 M S 100 1003
4 100
2 100 101%
100
33 % Corporate stock_ 1954 MN
91
87
1957 MN 88 Sale 88
- - - - - 87 July'23
Consol 434e
87
9214
16
88
1981 M
New York State
-4s
10112 10312 Burl C R & Nor 1st 58
10212 June'23
1934 AO 9612 97% 964
_
95
9913
Ws
2
Canal Improvement 48.__1981 .5.5 -- 1023 10212
8
- - - 10212 June'23
Highway Improv't 43-i8_1963 MS
11214 11214 Canada Sou cons gu A 58-1962 AO 9818 100
11214 July'23
-94 1004
98 Sept'23
Highway Imprev't 4),( a_ _1965 MS
10412 Apr'22
Canadian North deb a 1 78. _1940 3D 11318 Sale 1134
11312 15 112 115
1991.5, g912 ---- 7114 Oet'20
Virginia 2-3s
1946 33 113 11314 113
25
-years f deb Oil;
8
1
11312 34 110 8 113 4
Canadian Par Ry deb 48 stock__ J J
764 804
113
80
793 Sale 7912
4
Foreign Government.
Curb & Shaw 1st gold 414._ _1932 MS 828 90 924 Sept'22
4
Argentine(Govt)75
1927 F A 10114 Sale 10054
10014 10318 Caro Cent 1st con g 4a
10114 211
1949 33 69
68 114
4
Argentine Treasury 58.1 1909— M S 81
7712 84 4 Car Clinch &0 1st 3-yr 58-1038 3D 9212 723 688 June'23
83 83
,
13
83
9,9 oe
4
93
9212
1
92 g
,
Austrian (Govt) is w I
1943.5 D 873 Sale 8714
83 4 9334
3
1952 3D 9612 Sale 9612
4
68
893 312
4
89
Ws
963
4 40
Belgium 25-yr ext 81 73.ie g_1945 J D 10012 Sale 9812
9114 10314 Cart & Ad lst gu g 48
1981 J D 763 ---- 763
1003 143
4
4
4
3 763 763
4
4
763
4
5
-year 6% notes
Jan 1925.5 J 963 Sale 96 4
93
9838 Cent Br U P lst g 48
4
,
1948 3D 67
96% 13
667s 667
72% 6678 May'23
4
_
20
1941 F A 1003 Sale 99
-year s f 8a
93 10314 Cent New Eng 1st gu 48.-1961 33
4
1003 110
4
48
58
7
Bergen (Norway) is fie
1945 M N 1084 110 10812 1083
2 1074 10 4 Central Ohio 4345 1930
91
5 2% Doc 22 _
1030 MS
4
4
9
i00i8
Berne (City of) sf88
1945 M N 10912 Sale 109
25 10812 1134 Central of Ga let gold 5e..-91945 P A 49878 1053 100
1094
0
952
15 iO43- 102
Bolivia (Republic of) 88_ _ _1947 M N 8814 Sale 873
86
94
1945 MN 9514 Sale 05
s
8812 34
Consol gold 58
92% 984
9514 17
Bordeaux (City of) 15-Yr 88-1934 M
79% Sale 763
6912 834
June 1929 3D 10012 Sale 100
794 81
2
10-yr occur 68
993 10112
2
101
38
Brazil, U S external Ss
1941.5 D 95% Sale 9514
913 99
4
Chatt Div pur money g 48-1951 3D
953
4 55
May'23
7412 81
78
19523 D 81 Sale 807
80
8614
8
8114 63
Mac & Nor Div 1st g 58..1946 3J 9334
8
7
964,812
733
22
1952 A 0 1004 Sale 100
73-s
963 104
4
1947 J J 934 ____ 94 July'23
Mid Ga & AU Div 5a
10012 51
94
94
Canada (Dominion of) g 5e_1926 A 0 100 Sale 993
994 101 4
,
1946 3J 9712 ____ 943
4
10018 59
Mobile Division 58
943 9712
2
8
do
1.8_1931 A 0 994 10014 093
do
is
99 102 Cent RR& II ol ga collg 58._ -1937 MN 913 924 913 Aug'23
4
10014 20
4
903 973
2
4
4 Sept'23
e
10
-year
99 8 10212
1929 F A 101 Sale 10034
3
54
101
Central of NJ gen gold 5:4.1987 J J 10514 10712 1047
8 1034 108
8
106
1952 M N 983 Sale 9814
977 102
8
58
k1987 12 J 10312 10514 1044
987 104
8
4
Registered.
2 103 105
10414
Chile (Republic) sat s 1 8.8_1941 F A 10312 Sale 10318
133 100 10412 Cent Pac let ref gu g 48 _ _1941'• A 862 Sale 863
10414
8
79% 8812
8
8712 130
-year 518a
External 5
1926 A 0 10312 Sale 10312
10418 40 100 10418
Mort guar gold 334s..k1929
I) 9112 __-- 91 Sept'23
8934 91%
1942 M N 94 Sale 9312
7e
931z 963
4
94
25
Through St 1, 1st gu 48_ _1954 AO 8114 8712 8118
,
78 4 84
3
814
25
194683 N 10312 Sale 10312 10414
10012 105 Charleston & Savannah 78 _ _1936 J J
-years 188
8
1
11412 11412
Chinese(Hukuang Ry)541 of 1911 J D 41
41
52 4 Ches & Ohio fund & impt 58.1929 J J 115 4 ---- 11412 June'23
,
4312 43
43
2
95
96
954
9512
9 9438 9678
8
Christiania (City) a I 88_
1945 A 0 108 109 108
1930 MN 10012 Sale 10012 101
4 107 4 11212
55
10914
1st consol gold
6 9734 10314
Colombia(Republic)6348_ _ _1927 A 0 92 Sale 9112
8812 95
1939 MN 963 ____ 9812 May'22
9212 21
Registered
8
9714 9812
Copenhagen 25
9212
-year s f 5Ms.1944 J
88
1992 M
893
4 19
89% Sale 8912
General gold 4345
834 Sale 8318
7
8)2 86%
833
4 15
Cuba 5s
9014 99
1944 M S 964 9912 9812 Aug'13
1992 MS 78
Registered
83 8014 Apr'23
8014 804
Eater debt of 5.8'14 Ser A_1949 F A 90
874 9
314
23
91
91
20
95
-year convertible 4)48.-1930 FA 88 Sale 86
85
894
86 3
65
External loan 43'e
8114 89
1949 F A 82 Sale 82
95
secured 544-1946 A0 88 Sale 8712
85
30
-year cony
86
964
884 92
92
1953 J J 9214 Sale 92
5348
993
4
1940 J J
9914 2395
Craig Valley 1st g 58
9014 95
913, Sept'23
9612
Czechoslovak (Repub of) 88-1951 A 0 9312 Sale 92
77
Potts Creek Branch let 43-1946 J J 7514 ____ 7814 May'23
933 136
4
784 7814
Danish Con MunIcip 811**A" _1948 F A 10714 1073 1073
10612 10912
1
4
4
11 & A Div 1st con g 48_ —1989• J 773 81
1073
4
8
764 81
80 Aug'23
4
Series B
1946 F A 10714 108 10714
1989
7 1068 10912
1073
4
2d consol gold 45
73
7412 76
78
7484 Aug'23
4
Denmark external a 1 8s_ _ 1945 A 0 1094 Sale 10814
,
4 20 107 8 1103
Warm Springs V Ist g 5s_ -1941 M
1083
9112 95
90% 90 4
903 July'23
,
4
95
99 Chic & Alton RR ref g 35-1949 A0 5412 55
20
1942 J J 9612 Sale 953
-year 65
97
48
4
504 5614
5412
5514 36
Dominican Rep Con Adm at 58'58 F A 10012 102 101
9514 102
101
5
New York Tr Co ette
4814 53
53 July'23
84
90
1042 M S 873 Sale 873
530
884 17
Stamped Oct'22 Int _ _
4
4
5012 ____ 52 Sept'23
4912 52
Dutch East Indies ext 6s_ _ _1947 3 J 9612 Sale 963
9214 9814
Stamped Apr '23 Int. __.
8
967 183
8
503 52
8
46 8 5018
,
5018 Sept'23
0214 9712
40
-year 68
1962 M S 962 Sale 9614
8
Railway 1st lien 334s
983 361
4
1550.13 31 Sale 307
2518 334
323, 310
s
534s trust rcts
87 8 0414 Chic Burl & Q—III Div 3348-1949 33
,
1953 M S 91% Sale 9188
9218 101
793 8012 797
4
784 86
797
8
8
1
90 101
French Repub 25-yr ext 88..A945 M S 9914 Sale 99
1949 J J 8614 Sale 8614
100
240
Illinois Division 4s
9512 90%
8612 13
97
20-yr external loan nis_ A941
84
D 95 Sale 9412
Nebraska Extension 45_ _ A927
N 96
954 500
9512 97
964 964
1
964
8
4
(it Brit & Ire (13K of) 530_1937 F A 10114 Sale 00 4
186 1003 1043
102
3
1927 MN 9534 9618 964 July'23
Registered
953 Ms
4
10
-year cony 5348
1929 F A 110% Sale 1012
8 82 109% 118
1958 M
1113
General 48
83
8912
85 Sale 85
853
4 11
Greater Prague 734s
65
82 2
,
1942 M N
7612 Sale 76
1971 FA
7712 118
1st & ref be
96 8 1014
,
99
59
8912 98 ChM City & Conn Rys 53—.1927 A0 9814 Sale
Haiti (Republic) 6e
1952 A 0 91 Sale 903
9114 43
4
47
66
54
5338
9
9
5
533
9s
Italy (Kingd of) Ser A 630_1925 F A 90 Sale 951,
9212 9714 Chicago & East 1.11 1st 135_ —1934 AO 53
84
96
104 1064
9012 9412 C & E Ill RR(new co) gen 56_1951 MN 10212 ____ 10418 June'23
Japanese Govt—g loan 434s..1925 F A 9142 Sale 9112
9212 95
773 Sale 7678
8
7612 8112
777
8 44
903 932 Chic & Erie let gold 58
2
Second series Oils
8
19253 .1 90% Sale 907
9112 75
8
1982 MN
873 974
92
4
91
911
4
75 4 8278 Chicago Great West 1st 48_ _1959 83 S 91
3
Sterling loan 41;
19313 J 78 Sale 78
783 159
4
64
56
45
4514 4414 • 46% 200
13
8814 934
Oriental Development 68_1953 M
884 89
With Sept'24 coupon on
8912 53
8812
41% 46
8
42
38
6914 8338 Chic Ind & Louiev—Ref68_1947 33 4134 Sale 413
Lyons (City of) 15
79% Sale 77
-year as_ _1934 M N
70% 40
10418 1064 106
106
4 104% 1071.
6912 8312
Marseilles(City of) 15-yr 68.1934 MN
79 Sale 77
793
4 49
1947
Refunding gold 511
.1 054 9578 9578 Sept'23
974
92
30
42
Mexican Irrigation 023-- — 1943 M N
3114 3514 32 Aug'23
Refunding 4s Series C._ _1947 J J 8012 81
7912 861
,
80 Aug'23
49
5812
Mexico—Extern loan £ Scot 1899 Q
5318 Sale 5318
543
4 49
1966 MN 70
General 513 A
81
80 4 84
,
81
81
4
30
413
4
1954 3D 33 Sale 3212
Gold debt 49 of 1904
7
33%
General 6s B
c1966 J J 96 Sale 06
9412 98
97
2
91 8
,
1952 J D 8612 Sale 853
85
Montevideo 78
7
4
Ind & Louisville 1st gu 48.1956 33 70
8612
78
78
74
78 June'23
963 1024 Chic Ind & Sou 50
4
Netherlands 68 (fiat prices) 1972 M
4
973 Sale 973
4
9812 259
-year 4s_ _1956 33 8318 85
8442
81
8214 July'23
4
1940 AO 110 11012 10
Norway external a 1 88
1103
4 16 109 1123 Chic L S & East 1st 434s
1969
D 863 ___ 8812 June'23
9034 90
8
1952 AO 9512 Sale 954
954 100 C M & Puget Sd let frlt 44_ _.1949
68
9612 54
'
3
5412 6818
57
4
9612 96% Ch M & St P gen g 41; Ser A-41989 33 56 Sale 56
1943 FA 9612 Sale 9612
68(w I)
964 89
72 Sale 71
7014 74%
72
0
9512 975
8
Panama(Rep)5)4s Tr rects-1953 3D 953 95% 9512
4
963
4 25
General gold 3143 Bet B--e1989 J J 6142 Sale 6112
014 654
7 ,
, a
l
78
6312
79
2
9912
93
. .
Porto Alegre (City of) fis_ _1961 3D 96
97
96
4
9812
General 434e Series C_ _.51989 J J
77 s 83%
,
37
Queensland (State)eat8178_1941 AO 10614 Sale 0814
22 1054 10912
107
Oen & ref Series A 43'48..4:2014 AO 5212 Sale 5212
49% 538
4
54
159
4
1947 FA 100 8 Sale 0012 101
25
-year 68
,
41 100 1023
Gen ref cony Ber B 58-02014 FA 59 Sale 59
56
70
61
91
91% 9914
1946 AO 96
Rio Grande do Sul 88
99
9712 98
9614
Convertible 450
1932 3D 5712 Sale 5712
80
55
60
158
97
90
-year e f 88_1946 AO 9314 Sale 93
Rio de Janeiro 25
9312 31
4e
1925 3D 763 Sale 7634
704 8
4
4
7914 95
90
9712
1947 AO 9014 9112 9012
8s
92
24
-year debenture 48
1934 33 5278 547 65
25
634
53
8
5512 16
1952 M
95 4 993
3
4
San Paulo (City) s 1 88
9714 9814 9614
9714 10
Chic & Mo Riv Div 551926 33 97
96
98
9712 97 Sept'23
95'8 100 Chic & N'weotExt
33 994 Sale 983
San Paulo (State) ext a f 88_1936
4
9912 60
443._1886-1926 FA 9434 96
945 9
8 6
9512 July'23
76
90
1942 3.5 853 Sale 84
Seine (France) ext 78
4
8614 89
1888-1926 FA 9414 96
93 2 9513
3
9538 Aug'23
534 781i
Serbs. Croats & Slovenes 88_1962 MN 664 Sale 6514
68
201
General gold 33.48
1987 MN
7014 77
71_ 12 S . 711 : Doe1212
.. . ,
8142 7 1
1
7 2
1936 MN 80
6613 85
Solssons(City)65
81
80
9
804
Registered
el987 Q F
1939 J D 1043 Sale 10414
Sweden 20
8
-year 68
105
69 10312 106
General 40
1987 MN 8212 Sale 8212
824
2 "TWA 87
Swiss Conferee')20-yr s f 8s-1940.5, 11418 Sale 11418
1144 24 11312 11914
Stamped 48
8714
1987 MN ---- 847 8318 Aug'23
79
8
MS 66
7734
65
Tokyo City 58 loan of 1912
87 67
68
68
General bs stamped
9814 10514
1987 MN 993 10014 9814
100
4
2
9914 107
Uruguay Republic ext 88__ _1946 FA 10112 Sale 10112 10212
8
Sinking fund 6s
1879-1929 AO 1027 1047 101 Aug'23
101 10814
8
8
8
1945 AO 11014 114 1103
Zurich (City of) s 1 843
8 11114
4 109 1137
Registered
1879-1929 A0 99 8 ____ 1017 Apr'22
,
8
-£
:55Sinking fund 58
1879-1'129 A0 ---- 993 07 July'23
"OF 16OV,
4
Railroad.
Registered
971, 971s
1879-11)29 A0
96
9712 Mar'23
924
4
Ala Gt Sou let cons A 541_1943 3D 953 Sale 953
2
4
953
4
Sinking fund deb 58
1933 MN 98
97 1014
99
9814
5
9814
9938 1013
8
Ala Mid 1st guar gold 58_ __ _1928 MN 100
_
_ 997 July'23
8
Registered
994
1933 MN 97
97
_
9818 97 Aug'23
1946 AO 7814 79
Alb & Susq cony 33'58
78
8112
7914 Aug'23
10
-year secured is g
1930 3D 1064 Sale 10612 106%
4
8 1053 110
83
82
Alleg & West 1st g 4s gn
1998 AO 77
823 82 Aug'23
4
15
-year secured 634s g.-1936 MS 10712 Sale 10712 10712
4 106 111
1942 M
gen guar g 48
82
90 Chic R I & P—Railway gen 45'89
Alleg Val
864 88
88 Aug'23
7612 82
33 7614 77
7718 64
7612
11995 Q
55
5618 Sale 56
Ann Arbor 1st g 45
653
2
3
56 18
Registered
'
3 7218 _
75 8 80 4
,
3
75 8 July'23
,
Atch Top & El Fe—Gen g 48A995 AO 8818 Sale 88
844 904
88% 138
Refunding gold 4s
1934 * 0 734 Sale 7312
7312 8312
743 117
4
AO 853 88
1995
Regleteree
783 88% Chic se & N 0 gold 5a_1951
8
4
783 Aug'23
8
9744 1011:
J D
100
100 100
1
/1995 Nov 753 80
Adjustment sold 43
8312
76
4
785 Sept'23
4
Registered
3D 9512 ____ 9512 June'23
95% 95%
/1995 Nov 7914 Sale 7914
Stamped
7614 8312
8014 10
Gold 3345
1951 3D
78 s 791s
,
78 8 May'23
,
1955 3D 8318 84
Cony gold 48 1909
76
84
83%
4
84
Joint let ref 55 Series A_ 1963 3D 934 9412 94
013 974
s
94
1
1955
Cony 4. 1905- — 76
84
84 Sale 84
84
6
Memph Div 1st g 48
7912. 83%
1951 J O 78
8014 7912 Aug'23
1910_ _ _ _logo 3D 7712 84
Cony 4 'sue of
97 10414 C St L & P let cons g 58- —1932 A0
97 May'23
9972 100%
9912 ____ 10084
Div let g 48._ _ _1928 M
East0
9512 Sale 9512
9 9334 9612 Chic St P M &0 cons 6s_ _ _1930• D 104 105 104 June'23 1 104 1071s
9612
104
Rocky Mtn Div 1st 48._ _ _1965 33 80
803 80
774 83
8
80% 22
Cons 1344 reduced to 3345_1930 3D 90
0212 924
914 924 Mar'23
-Con Short L 1st 48_1958 J 3 8218 844 84 Sept'23
Trans
8114 8634
Debenture Se
1930 MS 04 Sale 94
,
924 96 4
2
9412
Cal-Arlz let & ref 4Ms"A"1062 M
9112
8713 100 Chic T H & So East let 58 1960 3D 80 Sale 80
9012
2
91
76% 82
8012
%
7
'No price Friday: latest bid and asked. a Due Jan. 4 Due Awn. Due May. 0 Due June, 5 Due July. 1 Due Aug. o Due
Oct. p Due Nov. I Due Dec. I Option sale
1223
New York Bond Record-Continued-Page 2
Price
Friday •
Sept. 14
BONDS
N. Y. STOCK EXCHANGE
Week ending Sept. 14.
Week's
Range or
Last Sale
i4
.4a
Range
Since
Jan, 1
Price
Friday
Sept. 14
BONDS
N. Y. STOCK EXCHANGE
Week ending Sept. 14.
Week's
Range or
Last Sale
07.2
Range
Since
Jan. I
High No, Low
High
Ask Lots
Bid
High No. Low
Ask Lew
Bid
High Illinois Central (Concluded)
79
76
78 78 Aug'23
5
19 2
RRegistered3 J J 75
9034 21
8912 8912
Purchased lines 3AB
87% 92%
Chia Un Sta'n let gu 4;0 A-I963 J J 88
15
81
4
771 83
9914 22 95 10012
Collateral trust gold 48__ _1953 MN 8034 Sale 8012
1963J .1 9914 Sale 9788
58B
MN
7634 July'23
1
76 5 7814
1963.7 J 11314 11358 11314 11334 16 112% 11514
lit Series C 63.8
19
99%
98 10012
1955 MN 9814 Sale 98
Ref 58 interim Ws
Chic & West Ind gen g 68-51932 Q M 10412 -- 10488 Sept'23 -- 10415 105
1934 J J 100% Sale 100% 101% 24 100 10275
7018 26
1952 .1 J 693 15-year secured 5s
4 70 6958
-year 45
Consol 50
10718 111
1936 J J 108% 10912 10834 10934
2 101% 10317
1935 M S 102% 103 10212 103
6912 25 4
18
-year s f 73.is
I5-year secured 6s g
8
8
8312 June'23
823 87
1950 3D
9688 July'23
Cairo Bridge gold 4s
951$ 97
Choe Okla & Gulf cons 56.-1952 M N
6918 73
88 Mar'17
Litchfield Div let gold 38_1951 • J 6814 70 71 June'23
°Find & Ft W lst gu 45g-1923 MN
7212 7978
7314 75 75 Sept'23
4
s
867 893 8712 Aug'23
1937
,
Louis" Div & Term g 3e 1953 J
8812 8914
Cin H & D 2d gold 4;28
6714 69%
. 6734 June'23
Omaha Div lit gold 35...1951 FA 67158
k1936 Q F 8818 91 89 Aug'23
8618 89
CIStLdrCletg 48
71
68
_
9012 Oct'22 -- _ _
121936 Q F
St Louis Div & Term g38_1951 .33 67 2 16 70 June'23
Registered
76 60
76% 7812 75 May'23
1951 j
84% June'23 -1942 MN 84%
8312 1E4
Gold 38
Leb dr Nor gu 48 g
CIa
77% 7812 July'22
30-1951 31 76
1928.7 J 9712 98% 97% Aug'23 -97
Spring( Div 1st g
99
CM & CI eons lst g 5s
80 11"
83 May'23
4
51• A 80
9012 Jan'22
Western Lines let g 48__ 19 0
Clearf& Mah lst gu g 58.-1943 J J 9414
1951 FA 7814 ---- 92 Mar'10
8
7914
76
Registered
Cleve Cin CS & St L gen 48993.7 D 7812 Sale 7812
821s
"ii" lit;
AO
83 June'23
4
9112
1931 J J 9012 Sale 9012
Ind B & W lst pref 48
-year deb 4s
10
83% 85 $
7
3' 81% 86 8312 June'23
1993 J D 97% 10012 9738 Aug'23
9011 9
9558 103% Ind III & Iowa let g
0
General be Series B
95 100
5
96
1959 3.3 94% 973 9734 Sept'23
4
10114 28 100 102% Ind Union Ry 55 A
4
Ref & impt es Series A-1929 J J 1001 Sale 10034
33 .914
36% 56
1952
1941J J 101%
10212 July'23 -- _ 10012 1021/ Int & Great Nor adjust 6s.1952 j j 35% Sale 35
66 C
8878 19 87 97*.
Ii 88 Sale 88
80l
.1 8512 1939
8612 8512 Aug'23 -Cairo Div 1st gold 421
lit mtge65 et%
8 57 73%
6118
3
1 58
4
761 7812 76 Aug'23
CInW&MDlvlstg4s..199lJ
Iowa Central let gold 58.._ _ _19 1 3D 60 62 6112
do
14
1712 48
MS 17% Sale 16
4
78%
4.
Refunding gold 45
St L Div let coll tr g g 4s-1990 MN 773 79 78%
2 827; 8111
8218
st Col Div let g 48.-1940 M S 83% -- 82%
spr
2745 141 8788
8
4
3
82 4 87
9
0
19 0
1
82%
8338 8258
80% 82% James Frank & Clear let 48_105 3D 7914 ---- 8434 Sept'23
W W Val Div 1st g 4s----1940 J J 8318 _ 103% 106%
19343 .1 10112 10612 10412 June'23
CCC&Igenconsg6a
1938 J J
98 Aug'23
9412 93 KaA&GRlstgug 58
Clev Lor & W con 1st g 58.-1933 A 0
75 79's
A0 76% 773 77 Sept'23
4
1936 M N 9418
9418 Sept'23 92% 95 Kan & M 1st gu g 4s
CI & Mar 1st gu g 43is
95% 97
1927I' 95% 9914 96 July'23
_
Mar'22
J
9112
93
-year 58
Clev & Mahon Vail g 55.-1938
2(1 20
2 10012 19224
102
1942 J J 9312
91 Mar'21
K C Ft 13 & M cons g 68._ 1928 MN 102 10234 102
Ci & P gen gu 0$8Ser A
7312 79%
4
1
/ 40
75
1942 A 0 9312
104 Dee'15
Series B
K C Ft S & M Ry ref g 48-1936 AO 7312 Sale 7312
1
93
;1;r 1929
KC&MR&B lst gu 58 -1950 AO 93% 9512 93
9612 Feb'12
Int reduced to 33i8.- 1942 A 0 77%
70% 139
1948 M N 793 _ _ _ 90% Dec'12
4
---- _- Kansas City Sou let gold 38-1950 AO 6918 Sale 6918
Series C 3Y8s
:
1 973
696
73 593
83 8"338:
85% 21
J J 84% 847 84%
8
1950 F A 79%
,411
67 Jan'21
Series D 31
Ref & impt 58
j 79
8134 22
8012 80
98 Kansas City Term 1st 4s._ _ _1960•
Cleve Shor Line let gu 4%6_1961 A 0 90% 9114 908 Sept'23
8375
81
4
8 101- 108 Kentucky Central gold 45.-1987I' 803 -- 82 June'23
1972 A 0 102 Sale 102
10212
45
Union Term 53
Cleve
65 92
34
68
2
1 9 3 0 6718 70 67
1973A 0 9434 Sale 9488
9518 39
9434 9512 Keok & Des Moines 1st 5s-19 5 A'
Si (WI)
8
100% 1017
100% --- 10054 Aug'23
82 8012 June'23
Coal River Ry 1st gu 45...._ _1945 .1 D 79
80% 85 Knoxv & Ohio let g 68
9214 26
COlorado BOUM]let g 46-1929 F A 9134 Sale 9134
2 91% 97
94
9 1
19,90947
4
94 943 94
8212 34 80 831 Lake Erie & West 1st g 58_ _1 327
91% 97
Refunding & exten 0.26._1935 M N 8114 Sale 8114
4
8114 86
J J 8212 8312 83 June'23
1948 A 0 80
78
79%
Col de H V 1st ext g 46
Id 58
7988 Sept'23
d
3
72 8 7812
3D 7514 7714 7512 Aug'23
1955 F A 78%
7712 Aug'23
76
8034 Lake shore gold 3%8
Col & Tol 1st ext 45
73% 75
3D 7214 75 74 Aug'23
-year 56 g_ -.1952 j j 85 Sale 85
80 87
8512 31
Registered
Cuba RR let 50
7
90 2 96
94% 14
1928 MS 9412 Sale 9412
1936 J D 102 Sale 102
gold 46
2 102 10512
10212
Debenture
let ref nits
12
13 903$ 98
92
1931
N 913 9214 91%
4
1931
J 91
9118 June'23
91
9234 Leh -ye N gold t 3
Day & Mleh let cone 4%e
5v
2 plar le48
1931
N 9014 _ _ _ 8512 July'20
8578 20
Registered
Hudson let & ref 48.-1943 M N 84% Sale 8434
5
83 8 90
Del&
9134 97
92%
4.4e_._1940• j 9238 9312 9212
1940
ug
19
94
9334 9312
93
-year cony 55
30
3
90 92 4
J j 8912 _ _ 9234 July'23
1M
9978 15
9912 Sale 9918
8 9 12
99 102
9
Registered
6348
8
761$ 8112
0
_2003 N 76% 7712 764
76%
1
/
1930 J D 108 Sale 108
7 105 111% Lehigh Val(Pa) cons g 4s.._ ,03
108%
-year secured 78
10
9212
4 84
87
N 87 Bale 87
87 May'22 D RR & Bdge let gu 48 g...1936 F A 8618
General COOS 4)8
7
100 4 102%
41
2
71
1
72% 38 -7. 1F Leh V Term Ry let gu g 5s 19 1 A0 101% 103 102% Aug'23
:1 7112 Sale 71
Den & R Gr-lst cone g 48-1:31
A0 9614 101 113 Mae21
7714 12
77
76% 80
Consol gold 4e
7712 77
Registered
1
.
14 100 106
103
82 88 Leh Val RR 10-yr coll 65-w1928 MS 103 Sale 102
Improvement gold 5.._ 1928J D 84
85 85 Sept'23 _ _
8014 85
12
42
4
1955 p A 4313 Sale 4314
42 68 Leh & N Y let guar gold 4s 1965 MS 803 87% 8078 Sept'23
4334 24
let & refunding bs
9715 100
5
35 A0 98
9812
9
9812 9812
18
do Registered
4912 Aug'20 East
Lea & Et 151 50-Yr 55 ills-1
81
81
1962 MN 8014 -- 81 May'23
47% June'23
Bks Tr span Ws Feb'22 int.
"iii" 5434 Little Nlituni 41 g 68
9095:: 07
107 192984
_
4l1 49 4212 July'23
4238 5314 Long Dock conaol gold 58_5 933 A0 10614 ---- 107 Aug'23
Farmers L&Tr rcta Aug '55_
1
/1199 Q J 97
98 98 Aug'23
Bankers Tr ON of dep
40 50 Long laid let CODS
40%
40 Aug'23
92 92% May'23
Q J 89
do Stamped
40%- _ 46 June'23
50
let come' gold 45
A6
8512
81
3D 84% 88 81 July'23
Am Ex Nat Bk Feb '22 We_
51 46 June'23
46
35
General gold
46
8112 8112
8112 July'23
3D
do Aug 1922 Ws
25
Gold 48
19321949 M
7514 84 75 July'23
2 -53"
37
Des M & Ft D 1st gu 48.-1935 J .1 37 Sale 37
Unified gold 48
4
7
93
193 3D 92% _ _ 9212 Aug'23
_ 9314 Sept'22
Debenture gold 55
Dee Plaines Val let gu Ois._1947 M S 894 _
83
6
MN 8212 Sale 82%
_ 65 Aug'23
Pet & Mack-lit lien g 45._1995 3 D
-year p in deb bs
8
ii120
2
1949 MS 77
4
773
78 77%
46
199 3 D 6512Gold 4s
5512 60
7314 Aug'23
60 65
Guar refunding gold 58_01932
8977 :
29
95251 10S"168389 1
2 :
:
93 Jaae'22
1961 MN 8612 88 8614 Sept'23
@ J
2
Del Riv 'Pun 45, 6
9014
85
Sh B lit Cone gu
Nor
3 98
77 83
9
1927 M S 94%
-- 98 Sept'23
lst g 58
56_1941 jj 98%_ _ _ 9912 July'23
Dul Miasabe & Nor gen
9814 9912 Louisiana & Ark
1
80%
5
0 ▪ S 765 81
8012
8
4
98%
98% 9814 10034 Lou &Jeff Bdge Co gu g 4s 1947
Dul & Iron Range let 5o.,1937
98% 98%
97% 103
2
3
4
90
N 100% 102 10078 100%
1937 egistrd
97
R
9812 9512 July'23
95% 9812 Louisville & Nashville 55_ 19
2
1
904 04
1940 I' 89 Sale 89
891
4 22 87 9
1937 j j 7612 Sale 7612
74
7612
Dul Sou Shore az Atl g 58
80
Unified gold 4.13
9014 May'22
.1
Registered
3
11 30033
2290,0003
1931 MM 96'4 98'm 9812
99
lat g 48
trust gold 6e
194S
Collateral
_ 8412 July'23
84
E Minn Nor Div
8412 90
N 106% 1074 10658 107% 12 106 109
193t• m
IN% 9312
szured 78
05 9312 June'23
92
E Tenn reorg lien g58
5-year5
10
4
4 101% 1051
AO 102% Sale 102% 102%
j 9818
1931
ETVadrGaD1v85s
9712 Sept'33
97 100
95 96%
95% 231
N 97% 195f vi
AO 9512 Sale 95%
2
99 9712
Cons let gold Si
9712
9612 9912
58 B (w D_ .
101% 103
1930 J J 10112 104 103 Aug'22 _
97% 10014
ElgIn Joliet & East 1st g 58...1941 MN 9812 9914 99 Aug'23
& M 1st gold fis
N0
3
' 9812 -- 10112 F•12'23
2 10212 104%
4
Erie let consol gold 713 ext_ _1930 M S 10211 10314 10334 1033
2d gold 6s
89 611
92 4 134
2
1
1991.3 j 5712 Sale 5712
- 8214 Aug'23
4
4 48
6412 60'
583
1st cons g 4s prior
Paducah & Mem Div 46..1946 FA 813
5812 63
B438_ _5A1098302 M
62 63 6214 Amen
1996
J 5118
Mar'22
Div 2d gold
57
Registered
St Louts
1
9278
2001945 MS 9334 __ -- 9378
431k 52
L&N&M&M
5058 410
let consol gen lien g 48.- -1996 J J 4911 Sale 4834
4-19521J 7814 Sale 7814
7814
1990 J J
43 4714
Registered
47 Sept'23
L & N South joint M
1
7g:5 8
29212 9
9 52 14
7
3
90
Q J 7214 _- 7312 Apr'32
_ 90
82- 8934
Registered
Penn coil trust gold 48.-1951 F A 89%
95
54
4112 54% Louisv Cla & Lea gold 05.8.1931 MN 9518 ---- 94% Aug'28
50-year cony 48 Ser A-1953 A 0 5112 Bale 51%
1953 A 0 51% Sale 5114
53% 107
42% 55
do Series B
12
9812 98
y
1934
_ 11812 Jully'22
4334 53 Mahon C'l RR 1st 55
5612 209
Gen cony 45 Series 13.-1953 A 0 5412 Sale 54%
63 71
N 6012 64 66 Aug'2I
.
1
195. J
88
8978 Manila RR(southern Lines) 1939 rd Et 9858.
88 Sale 88
Erle &Jersey lets f Si
84
1
4
1
/
95
9814 13 82 983
9814 91
Colonization 56.-1934 5
98
J J
85 July'23
83% 85 Manitoba
Erie & Pitts gu g 33.26
8214
28_ 19
,
28
83
1941 J J
82 July'23
82 8314 Man GB&NW 1st 3; _ _193411 BIJ 81 ____ 82
Series C
77 Mar'111
B
88 Apr'21
Internat'l lit cone g 48-1977 M S
& T H lat gen g 56_1941 A 0
Evans
Mex
-eels 101
101 Aug'23
Central 55
_ 6912 Apr'21
Sul Co Branch 1st g56....1931 A 0
974 10012
1931 Q M 9518
99l 9934 Michigan te eded
10012 May'23
1924 3 .1 9914
9912 Aug'23
Fargo & Sou (le
Reg st:r r
g
11
86 88 2
1940 j j 86
June'23
66_193( / J 9412
88 8$ Aug'28
94%
Fla Cent & Pen let ext g
9412 9412
86 86
1940 j j
1
SS May'22
1940 1 J 943
9511
96
9512
91
C0121501 gold 58
4
s 751 78 811 Feb'21
19
1925:
1
jL a, let gold 3%11
87
Florida E Coast let 4%e_ --Aga i D 87 Sale 87
89
5%
8
7
4 E
7
1952 .4 N 76
1
1952 SIN 6714 68 67
4
65 72
67%
793 77 Aag'23
4
1
/
Fonda .7 dr Cloy 43s
let gold 3e
8934 98
1
91%
79 81
Fort st, D Co lit g 430_1941 .1 .1 8114 91
9114 913 91%
81 Sept'23
-year debenture 4e
20
87
1940 A
ext 58
Aug'23
87 Apr'23
1961 J D _
8018 8814
100 10038
5
99_1 103 Mid of N 1st
Ft W & Den C 1st g 5;2s
981. 190
58 87% Milw L S & West imp g 55_ _1929 F A 9918 991 It% Aug'23
Ft Worth & Rio Or 151 48._1928 .1 .1 8388 100 8712 Aug'23
107 109
101% Mar St
10014
1933 A 0 106 1071 107 Aug'23
4
Frem Elk & Mo V lst IN
m -1ii
0
_ _ _ igaie 1nts
19251924 j
_
9512 99%
rA
4
1001 Aug'23
AM5111alchngivplivet1g5o11d11 6655
100% _ _
GH&8AM&P1st5a.193lMN 95% 9812 9714 June'23
l4 : T
1931 .1 .1 92
87% 92 flit Aug'23
9312 98 MIlw pk Nor lst ist46 8- -19 7
9912 98 July'23
2d eaten Si guar
. ar & N y7ext 3 48
89 91
$918 1f1
Sept'23
8514 8912 541lons extended 4)-4e
8912 Sale 89
Galv Hous & Rend let 56.._ _1933 A 0 8818 89% 8912
Cs
84 89
2 82 88%
11514
87
85
8512 8514
87
8714 87
Genesee River 1st 5 if Gs__ _1957 J
_
19413 J 7834 86 6612 A22
•21
7913 8212 Ml1W & 8 L 181 gu Vivi
8212 Aug'23
,
Ga & Ala Ry lit cii 56.._ _01945 J
3 97 10214
121112
90 9112 Minn & St Louis 1st 76
10012 Sale 106
8
901 - 90% May'23
Ga.Car kr No 1st Bt. g 58-.1929 J
68
76
1
61%
MN 6118 65 Site
1946 A 0 6112 03
6 4 64%
6212 6114 Aug'23
Ga Midland 1st 36_
1st consol gold 5.s
40
16
57
31
9914 Op%
gold 45_1949
19% Sale 1912
8
let & refunding
Gila V G & N 1st gu j58--1924 MN 993 -- 99% July'23
14 3934
14
16
1942.7 D 941
-Gou & Oswegatch 55
Ref & ext 50-yr 55 Ser A 1962 Q F 1578 Sale 1514
4
i1
89 92 M fit,P&BSM cong 461iitgtt9
8714 22 84 e 90%
92 July'23
Sale 871e
48712
89% 93
Or R & lea ist gu g 4348-1941 3
98 10018
10018 Sept'23
s
Grand Trunk of Can deb 75-1940 A 0 11318 11314 In% 11314 10 112 116
4
1001 106
60 10214 um
4
1023
1936 M 11 1037 Sale 10358 104
55
8
10-year co11 trust 65i13.---1931 m k 102 Sale 102
-year f 65
15
2
13 063 10512
1946J
4
991
1947.7 D 8358 _ 10112 Apr'07
9912 Sale 9916
Grays Point Ter 58
ea A
10678 142 1051 111t2
1st Chicago Term a f 4s_ 1041 M N 8912 ___ 9212 Dee'2
Great Nor gen 76 Series A-1936 J J 106% Sale 10614
8712 11
96
8718
Series A
1961 J J
8212 msnm&Alatg4sintgu.1926 j j 96 9714 96
87
let & ref 43(6
8814 100
90 May'23
1961 J .1
63
8 4 90 Mississippi Central let 56_ _ _1949 j
100 July'23
Registered
913494
1952 J J 97 Sale 9612
9712 81
96% 102% M K & Okla 151 guar 55._ ..l942 M N
4
013 klay'23
,
5525
7312 8014
76 Mo Ktui & Tex-1st gold 4.5_1990 J D 747 Sale 7478
60
June'23
Feb 60
22
64 608
75
s
Green Bay & W deb Ws
4
1
/
7434 83
Feb
1314 Mo-K-T 11K-Pr I 56 Set A_ 1932 3 ;
7% 714 718 Sept'23
7
6
9 3 I
Debenture We"B"
1
/ 7%.
485$9211 69644
1089
1962 3 j 77% Sale 774
711% 147 614 63
By lit gu g 45._1940 M N 8412 8734 69 Apr'21
B
Greenbrier
-year 46 Series
40
841
78 - 2
6414
Gulf & S I let ref & t g 5s._b1952 J J 80% 8114 81% Aug'23
63% Sale 6312
10-year 6s Series C
7812
70
3 67
9414
Harlem R & Pt Ches 1st 46_ _1954 M N 70 73 70
Cum adjust 5.5 Series A_ _ _1967 J .1 94 Salo 9334
8318
8 80 86 Missouri Pacific(reorg Co)6378 592
Hooking Val 1st cons g 048.1999 J J 83 85 83
5312 Sale 53
1999.7 J 7614 -.- 8112 July'23
81
7
81%
4
773 86 2
2
Registered
4
773
let .7 refunding Si Ser A..1963 F A 7734 Sale 77%
1937.7 J 97%
924 9634
9912 July'23
95% 9714
H&TClstgSslntgU
1 26 li` s
93%
let At refunding 58 Ser C_ _ 1975 hi A 9334 Sale 93%
90
91
6 93
8
Houton Belt & Term let 58_1937 J J 8812 - - 90
3 50
927
93 9112
1st & refunding 66 Ser D..1949 F A 92
1933 M N 9512 98 90 July'23
51112 9914
96 8 63
3 98
9
52% 188
Hone E & W T 1st g fus
General 411
5134 Sale 5112
1933 M N 9512 96% 9314 July'23
3
9 18 98 Missouri Pacific
let guar 56 red
87 87
1937 MN 7218 95 87 May'23
Houeatonic Ry cons g 58
4
/
7912 811
3d 76 3xtended at 4% _ _ _1938 If N 8034 82 8034 Aug'23
4 86
823
78% 84% Mob & Sir prior lien g 58._ _1945 J .1 925 ___ 9175 July'23
917 917
End & Manhat Si Series A._1957 F A 8112 Sale 8112
55 64%
1957 A 0 61 Sale 60
6114 291
6912 733
4
Adjust Income 56
1945 J J 69%..._ 6912 Sept'23
Mortgage gold 415
gg% 9218 Mobile & Ohio new gold 68..1927 3 D 102 103 100
_ _ 8812 June'23
[Mole Central 1st gold 4s._195I J J
1011 100 10412
109
1951.7 J 84
1008 1037
4
89%88 83% Sept'2I
Registered
8
h1927 Q J 993s 10012 101% June'23
1st ext gold 68
1951 J J 78
8612 78 July'23
-fif4 83
let gold 3%8
7234 7811
1938 M S 734 75 73 Aug'23
General gold 48
1951 J .1 7512 78 80 Oct'22
9414
Registered
9214
9214
Montgomery Div let g 56_1947 F A 9214 94
lii 90
82 83
_ _ 83 Feb'23
94 9512
Extended 1st gold 3Ha....1951 A 0
94 Aug'23
1927 J D 94% 96
St Louis Div 5.2
7614 7614 Mob & Ohlo coil tr g 48
1951 A 0 75% 78 7614 Sept'23
7712- 7812
75
Registered
76' 76 Sept'23
1938 M S 75
1951 Al
52
72 8312 Mar'22
4
1
/
82 834
let gold 38 sterling
Moh & Mal let ge 3 421
1991 M S 81% ____ 8278 May'23
8512
5 771a 8572 Mont C 1st gu g •16
109% 111
Collateral trust gold 45_1952 M S 8412 8514 84%
19371 J 108 110 10918 July'23
___ 953 Sept'19
1952 A (3
Registered
1937.7 .1 10612 10912
Registered
-81 8834
I955M N 8212 85 85
85
7814ug
1937 J J 10014 ____ 100 A-- lii :.-_-_-_ -15914 alli
let. guar gold 5e
let refunding 4s
DUO June I DUO July. Is DULO AO), 0 DUO Oct. 8 00011 sale.
price Friday: latest bid and asked this week. a Doe Jan 8 Due Feb.
'No
All
a
- -
-ea-
t3
2
7
18/4
1224
New York Bond Record-Continued-Page 3
BONDS
N. Y. STOCK EXCHANGE
Week ending Sept. 14.
Price
F (day
Sept 14
Week's
Range or
Last Sale
tt
Range
Since
Jan. 1
BONDS
N. Y.STOCK EXCHANGE
Week ending Sept. 14.
Price
Friday
Sept. 14
Week's
Range or
Last Sale
3
Range
Since
Jan. 1
Old
Ask Low
High No. Low
High
Rid
Ask Low
High
High No Low
M & E 1st gu 3Ms
2000J 0 743 7514 75 Sept'23
8
743 78 Peoria & East 1st cons 4s___1940 A0
8
7012
71
71112
2
7014 78
Nashy Chatt & St 1. let 58_ _1928 A 0 9834 9978 9918
9918
985 101
1
8
Income 48
1990 Apr. 21 Sale 21
30
2112 26
21
N Fla & S 1st gu g 58
1937 F A
98 June'23
08 Pere Marquette 1st Ser A 5s 1956 J .1 933 Sale 9334
98
4
18
923 977
8
4
Nat Ry of Nlex pr lien 434441957 J J
934
30 Sept'22
let Series B 4s
1956 J
80
77
7812 7914 Aug'23
July coupon on
2634 28
2714
273
4
4
11 "25- 123 Phila Bait & W 1st g 48
1943 MN -881.
8
8912 July'23
8814 024
do off
254 264 28 May'23
35 Philippine Ry 1st 30-yr s f 9s 1937 J J 41 Sale 415
28
8
4212 24
9112 494
General 48 (Oct on)
1977 A 0
2618 26 P C C & St L gu Oft A
2618 July'23
1940 AO 944
974
94
April coupon on
0512 Aug'23
215 23
8
2134
2134 2434
214
Series B 454s guar
1942 AO 9438 ____ 944
off
94
'do
964
943
8
2214 30
2912 May'23
2712 2912
Series C 434s guar
1942 NI N
9218
9312 94,
Nat RR Mex prior lien 4145_1926 .1 J
9312 Aug'23
4
3814 June'22
Series D Is guar
1945 MN 924913 July'23
892 913
4
s
8
July coupon on
3918 1012 405 Sept'23
44
8
28
Series E 334s guar gold_ 1949 FA 933 8 6g
924 Sept'23
8912 927
8
do
off
40
4438 May'23
443 441
8
8
Series F gimr 4s gold
1953 JO 923 ____ 9112 Juue'23
8
9134
1st consol 48 (Oct on)____1951 A 0
89
28 Apr'23
28
27
Series G 48 guar
1957 NI N
9212 ____ 93
April coupon on
5
93
804 03
2114 2612
2114 Aug'23
Series Icons guar 434s
1963 FA 9318
9212 May'23
off
92 2 994
' do
,
231. 24
2
2212 2812
-14 23 Sept'23
Series J 43.48
1964 MN 921
Naugatuck RR 1st 4s
9314 A0823
924 94
1954 M N 68
6818 May'23
6818 6818
General 5s Series A
1970 3D 9518 95 8 95
8-- ,
New England eons 58
935 994
9534
4
8
1945 J .1
76
877 75 Aug'23
8
75
9012 Pitts & L Erie 28 g 58
a1928 AO
_
99 Nov'22
Consol 45
1945 J .1 6818 _ _ _ _ 69 Aug'23
7514 Pitts NlcK & Y 1st gu 6s____1932 J J
69
1031 1 107 105
9638- -NJ June RR guar 1st 45_ __ _1986 F A
Dec'22
7712
82 82
82 Jan'23
2d guaranteed 65
1934 J J 993
9514 June'2o
NO& N E 1st ref & Imp 4S4 s A'52 .1 J 7814 793 79
4
'
4
77
81 12 Pitts Sh & L E lat g 5s
79
14
1940 A0 9818 993 9912 June'23
8- 4
"oiT, 100
New Orleans Term let 48_ _ _1953 J J 7312 7412 7438
7318 793
4
743
3
4
let consol gold 58
1043 J J
Feh'23
100 11/0
N 0Texas A Mexico 1st 65_1925 J D 1003 Sale 10034
4
100 10112 Pitts Y & Ash 1st cons 55_ 1927 NI N 95-- __ 100
101
10
25
35
98 June'22
Non-cum Income be
1935 A 0 76$8 77
725 84 Providence Secur deb 4s_.....19.57 MN
s
763
8
77
12
35
25
311 June'23
"5LN & C Bdge gen gu 4s
194,i J .1 903 927 004 Sept'23
8
8914 901 Providence Term 1st 48
8
1956 MS 7012
884 Feh'18
NY B de M 11 let con g 58_1935 A 0
94
93
93 June'23
Reading Co gen gold 4s
1997 J J 8714 Sale 87
/38
NY Cent RR cony deb Ss_ _1935 M N 1044 Sale 10418
873 206
4
105
524 101 10614
Certificates of deposit
87 Sale 863
88
79
4
Consol 48 Series A
8714 41
1998 F A
7814 8014 70
7638 83
8114
Jersey Central coil g 4s___1951 AO 82
13
8214 82
86
82
80
8
Ref & Inlet -His "A
2(113 A 0 84
853 845
4
8414 884 Renss & Saratoga 20-yr 6s.__ 1941 MN 10812
8
854
6
Ref A Haat 5a
2013 A 0 943 Sale 9412
---- _____
4
924 983 Rich A Dan Os
s
9514 197
1927 AO 9734 9814 9734 Aug'23
978 -Ws
NY Central A Hudson River
Rich & Meek 1st g 53
1948
N 69
74
72 Mar'23
72
72
Mortgage 3q s
1997 J .1 7312 Sale 7214
4
773 Rich Ter Us
72
74
13
1952 J J
9414 97
9614 100
9712 Aug'23
Registered
1997 I .1 7114 74
6914 7312 Rio Or June 1st gu 53
6914
7312
7
1939 JO 8418 87
87
83
Debenture gold 48
84 18
3
8418
1934 Ill N 90 Sale 8978
8612 915 Rio Or Sou let gold 48
8
894
7
1940 J J
718 9
318 11
318 July'23
30
-year debenture 4s
1942 1 J 863 Sale 8638
s
8412 9014
863
8 10
Guaranteed
1940 J J
II
9
9 June'23 _
Lake Shorc coil gold 3s_1998 F A
723 Salo 7214
4
6818 76 Rio Or West 1st gold 48
723
4
d
1939 2J 75 Sale 75
71 18 78
Registered
764 59
1998 F A 6712 713 6914
6914 73
4
6914
2
Mtge & coil trust 4s A___ _1949 AO 64
6018 68
65
12
6234
Mich Cent coil gold 3s 1998 F A 72
6414
7114 73 RI Ark & Louis 1st 434s
7314 7218
7214 20
1934 M
74 Sale 74
7214 81
15
7414
Registered
1998 F A 694 71)
75 Rut-Canada let gu g 48
70 Apr'23
_
1949 J J 6714 70
70
70
70 June'23
N Y Chic & St L Mt g 481937 A 0 8812 Sale 8814
837 0014 Rutland 1st con g 4348
s
8812 20
1941 J
8012
7612 78
80
Apr'23
80
Registered
1937 A 0
864 8612 St Jos A Grand 181 g 48
8618
8618
2
1947 J J 69
6014 753
73 6914 June'23
4
Debenture 48
1931 M N 8512- - - 8634
8
8
8618 863
835 887 9t Lawr A Adir 1st g 55
4
8634 11
1996 .1 .1 883 9312 91
111
921
8
Apr'23
:
2d 65 A 13 C
19SI M N 1003 Sale 100
98 101
8
10012 24
2(1 gold 68
1996 AO 9718 101
1.153 11812
8
NY Connect 1st gu 4iis A 1953 F A 853 Sale
9814 July'23
8418 887s St L & Cairo guar g 45
4
8512
8614
4
1931 32 89
110
87
95
90
N Y & Erle Mt ext g 434
1947 M N
St L Ir m
7512 ---- 87 July'22 _ _
con 1931 AO
945 9912
944 994
8
6
3d ext gold 4s
944
1923 M El 94
-95 9934 Gen conse S gen gu gg 58 1931 A0
9812 95 May'22
stamp
58
4th ext gold 56
102 July'14
1930 A 0
9318 94
9318 July'23
Unified & ref gold 45
1921) J J 831 Sale 824
8234 898
8
5th ext gold -Is
1928 .1 D
833
4 24
913 913
4
4
9134 Aug'23
Riv & G Div 1st g 48
1933 MN
753 Sale 7412
8
7414 77
N Y & Green L go g 5s
7512 10
1946 NI N 8114 ____ 72 July'23 -72 St L NI Bridge Ter au
72
g 58
1930 A 0 9618 99
90
9714 July'23
99
N Y & Harlem g 3544
20(10 M N 743 ____ 74 Sept'23 _
4
_ 7312 7738 St L & Sail Fran (reorg Co)48.50 J J 67 Sale 663
65
N Y Lack & Western 5s___ _1923 F A
704
4
674 123
993 100
4
June'23
4
993
Prior lien Ser B.53
1950 J J 8114 894 81 14
80
lot A ref 54
857
s
8212 17
197313 N
Prior lien Ser C 68
1928 .1 1 99 Sale 9878
97 10015
1st & ref 440
9914
21
1973 11 N 9512 Sale 9512 - - 9034 22 -6.;r2 07
1942 J J 9914 9112 903
4
873 1)3
NY L E & W 1st Is ext
7
4
9112
MO M 5
103 1031
103 June'23
Cum adjust Ser A (Is__ _h1955 AO 734 Sale 733
71118 80
Dock ar Imp 55
4
747,, 98
1943J .1 99T4 - - 9812 June'23
9812
94
__
961
Income Series A 68
/11960 Oct
6518 Sale 654
58
677
8
664 251
N Y & Jersey Mt mt
1932 F
993 98 2 S4 LOUIS & Sall Fran gen 68-- 1931 J
4
,
8 Sale 9618
6
96'8
103
10212 101
103 Sept'23
NY & Long Br gene 48___1941 M A
S
91 July'23
General gold 58
1931 J J 973 9812 973
4
953 993
4
8
973
3
4
NY N El & Hartford
4
St LAS F ItR cons g 4s
J J
1996
8212 July'23
8212 824
Non-cone deben 3348____1954 A 0 3512 367
35 47
8 3612
1947 A0 8712 ____ 91 Junc'23
Southw Div Ist g 58
3611
91
91
Non-cony deben 48
1947 M 9 3912 57
473 49 St L Pen & N W let 101
4
48 June'23
J J 99 100
9914 103
9934 Sept'23
Non-cony deben 35is
1947 M 9 35
4312 48 St Louis sou 1st gu g 4655-1948 M
55
44 June'23
1931
8612 July'23
8612 864
Non-cony deben 45
1955 J J 40 Sale 393
3812 513 St 1. 9 W 1st g 48 bond ctfs 1989 51 N
4
4
4012
7412 75
7512
7512
7234 7854
1
Non-cony deben 48
1956 M N 40
37
4112
40
41
49
28 g 4e Income bond ctfs_p1989 J J 68
694 68 Aug'23
6834 7012
Cony debenture 31 613
,
1956 .1 J 35
4612
34
41
37
37
Consol gold 48
1932 3D 76 Sale 755
8
7612 38
7312 7838
Cony debenture 65
1948 1 J 5712 Sale 5712
52
7314
1st terminal & unifying 58_1952 j
31
5914
7314 8218
743 sale 743
4
754
11
4
4% debentures
1957 38 N
4
423 St Paul A K C Sh L 1st 4149_1941 FA
30
3018 32
313 Sept'23
4
741 1 753 7414
4
7418 814
2
76 European Loan
743
4
1925 A 0 633 Sale 63
5418 813 St Paul & Cr Trunk 414s_ -1947 .11
4
8
64
73
9012 Sale 9(112
9u12
9.112 903
4
1
Francs
1925 A 0 6114 Sale 603
53
71 12 9t Paul M & Man 48
4
694 789
1933 j j 913 9512 9134 July'23
4
91 14 113
Cons Ry non-cony 48
1930 F A
4014 4612
Apr'23
---_ 44
1st consol 1 63
1933 J
106 , 11:6
Non-cone 48
2 106 10914
1954 J 1 39
55
5012 Dec'22
Reduced to gold 454s
1933 J .1 953 9614 053
4
953 9918
8
4
Non-cony deben 9s___ _1955 1 J
06
6
43- 14
Mont ext let gold 48
43 July'23
1937 3D
__ 903 •9012 Sept'23
4
8918 93
Non-cony damn 48___ _1906 .1 J 39
40
40
50
40 Sept'23
Pacific ext guar 4s
1940 J J
85 July'23
84
85
N Y A Northern lot g 58___ _1927 A 0 9812 ____ 9938 June'23
8
8
993 997 S A & A Pass let gu g 4s....1943 32
715s 723i 713
704 754
8
7214 16
N Y 0 & W ref 1st g 45- _81992 M S 61 Sale 61
8
6034 707 Santa Fe Pres & Ph 56 '
62
11
1942 NI
9612
97 May'23
97
90
General 48
1955 .1 D 57
52
705 San Fran Terml let 45
8
5912 5814 Sept'23
1950 AO 814 Sale 8118
81 18
7812 8314
2
N Y Prov & Boeton 44
1942 A 0
73 Aug'22
Say Fla & W 68
1934 AO 10814 ---- 107 July'23
107 107
N Y & Pe Ist cons au g 48_ _ _1998 A 0 8011: fi214 8014
53
8014
58
1934 AO 9934
1 "804 8234
993 99 4
9934Jula'23
4
3
N Y & R B ist gold rm
1927M S 9618 9614 95 Apr'23
95 Seto V & N E 1st gu g 48
95
1989 NI N 8512 933 86 Sept'23
8
844 874
NY Susq & W 1st ref 5s
1937 .1 J
50
Sale 52
5318
15 42 60 Seaboard Air Line g 48
1950 A0 5518
53
534 July'23
58
2d gold 9545
1937 F A
45
_ 44
45 June'23
Gold 4s stamped__-.
_
1950 AO 56 Sale 56
52
58
565
8 16
General gold 55
44
1940 F A
90
45
41
41
Adjustment Os
01949 FA
3
30 Salc 293
2234 3218
8
32
180
Terminal 181 gold Os
1943 lid N 82
84
93 8
5
June'23 _
4
Refunding 45
1959 A0 43 Sale 43
45
39
NY W'ches & B 1st Ser 14148.'46 J .1 3712 Sale 387712
96
116
3212 5014
let A cons Os Series A.
...l945 tel
36
6512 Sale 6512
583 88
Norfolk Sou 1st & ref A 58_ _1961 F A 624 64
4
673 166
4
71 Seaboard & Roan 151 58
61
6238
623
5
8
1926 J J
9718 Sept'23
0334 975
Norfolk A SOU let gold 5s
4
1941 M N 843 8812 8812
877 9314 Sher Sh A So 1st sue 55
8
4
8812
1
1943 JD
3612 June'23
Norf & West gen gold 6s_ _ _ _1931 M N 10012 sale 10612 10612
3612 3718
1 106 10812 S & N Ala cons gu g 58
1936 FA
Improvement & extg
987 Aug'23
98 101 14
8
1934 F A 1081 ---_ 110 Mar'23
110 110
4
Gen cons guar 50-yr 5s
1983 A0 064 99
New River 1st gold
9834 June'23
9612 994
1932 A 0 10718 ____ 07 July'23
4
1063 107 So Poe Col 4s (Cent Pac col)_k'49
833 sale 8312
s
N & W Ry lateens g 45_ _1996 A 0 91 Sale 91
7712 85
8414 61
8514 93 4
,
9112 48
20
-year cony 48
51920 M 8 915 Sale 915
8
Registered
8
1996 A 0 8012 ___ 85 July'23
9014 924
9212 110
90
85
20
-year cony 5s
19343 D 9912 100
9912
DWI let lien & gen g 49_194-1 J .1 8718 Sale 8718
9o12 10
984 1024
824 89 So Pac of Cal
89
13
-Cu g 5s
1937
8
10-25 year none 4%8_1938 M 5
101 108 So Pac Coast Mt gu 48 g__..1031 NI N 1035 ____ 10014 July'23 ___ 101 101 11
05
J J 884 9012 88 Aug'23
1924/ NI 5 10812 10912 10914 Aug'23
10-year oonv 68
88
8918
4
2 107 1173 So Pac RR 1st ref 48
10914
1955 1 J
Pocah C & C Joint 41_1941 J D 86 Sale 16
11612
83
884
873 157
4
844 894 Southern-1st cons g Os_ __.1994 J 1 8612 Sale ,
8618 20
94 Sale 94
North Ohio 181 guar g Os_ _ _1945 A0 78
924 9814
Ws 53
79
83
85
79 July'23
Develop & gen 48 9er A
1956 A 0 6712 Sale 67
127 7
Nor Pacific prior lien 48
6614 694
67 18 81
8134 87
8312 833 8314
4
833
634s_
4 12
1956 A 0 10114 Sale 101
Registered
100 102
10114
8312
81
805 84
8
8114 Sept'23
Nlem Dly let g 4I4s-58._1996 J J 9212 9412 93 Aug'23 137
82047 Q F 5912 Sale 5918
General lien gold 35
90
97
59
62 4
,
60
St Louis div 1st it 4s
38
1951
754 803 784
4
e2047 Q F ---_ 573 60 June'23
Registered
7878
7514 81
1
5812 60 So Car A Oa 1st ext 5548___ _1929
4
97
4
Ref A !mot 4%5 ser A_ _ _2047 J .1 83
993
823 90 Spokane Internal 1st g 55_ I955 M N 984 9812 9812 Sept'21
4
8414 8414 Sept'23
J .1 825
8
20472 .1 1033 Sale 10338 106
8114 July'23
8134 8318
65 ser B
8
3
8
82 1033 109 4 Staten Island Ry 95.0
1943 .1 D
_
,
Oct'2 :
2047 J .1 9318 Sale 93
80
.52; C
9212 100 Sunbury A Lew 45
9314
4
1936 J .1 -874
2047 J ./ 93 Sale 93
92, May'22
544 D
9212 9914 Superior Short L
931
60
let 585-11030 M S 96..._ 95 IHay'll8
St Paul-Duluth Div g 4.8. _1996 J D
89 Term Assn of
89
89 Feh'23
St L 1st g 00_1939 A 0 ____ 941 924 Sept'23
8
-55" 95
St Paul A Duluth let is_ _1931 Q F 994 ---- 984 Jan'23
9812 987
8
1st cons gold 59
1944 F A
96
99
1968 .1 D 7614
97
95
9712
3
/ 99
1
2
1st oonsol gold 45
84, 8414
4
8414 Jan'23
Gen refund s f g 4s
1953 .1 J 7814 7914 7814
781,
77
Nor Sac Term Co 151 g Ss__ _1933 .1 J 10814 110 110 July'23
82
3
108 110 Tex & N 0 con gold
1943J J 8912 ____ 905 May'23 _ _ _ _
58
1938 A 0 97
8
90
903
No of Gal guar g be
4
100
100
5 100 102 Texas A Okla lst gii g 55_ _..1043 tel 5
3314 Dec'22
1930 .1 J 10034
North Wisconsin 181 Os
100 June'22
Texas de Pac 1st gold 58
20110 .1 I) 9212 Sale 9218
96
925
4
Os & L Chain let gu 4s g__ _1948 J J 6312 67
4
-139- 71
68 July'23
28 gold Income 58
42000 Mar 40
75
51 Aug'23
1943 M 5 894
Ohio Conn Ry 49
8614 8614
40's 54
__
8614 Apr'23
La Div B L Ist g 58
1031.1 J 853 8712 854 Sept'23
84
4
1936 .1 D 9512 -___ 9638 May'23
92
Ohio River RE let 158
11512 981s Tol A Ohlo
Cent 1st gu 5s..1935 J .1
1937 A 0 94
97
96
983
97
4
General gold 55
5
9512 9512
9512 Feb'23
Western Div list g 5s
1935 A 0 9314 100
9214 1)6
1927 J .1 100 Sale 9914
9312 Apr'23
Ore & Cal 1s1 guar g 58
984 100
100
25
General gold 55
1935 .1 D
1946.1 D 8614 863 863 Sept'23
875s 9113
4
90 Aug'23
Ore RR & Nav eon g 48
_
844 88
4
Poi Peo A West 48
4
19172 J
32
2812 32
32
32
Ore Short Line-1st coils g 54.'46 J .1 10014 10112 10012 10012
1
99
9 994 1094 Tot St LA W pr lien g 334s_.192.5 J J 9418 Sale 95
95
9318 9914
0518 10
Guar con .55
1946 .1 J 10014 101 1005
105
8 1003
13
4
50
-Year gold 48
1950 A 0 69 Sale 69
681s 75
7038
Guar refund 9s
1929 J D 9214 9212 9214
2
8
905 9278 Tol W V & 0 gu .0is
3
925
8
A
19312 J 9412 96
9514 9514
Oregon-Wash let & ref 4s_1961 .1 J
9514 June'23 _ _ _
7512 82
79 Sale 79
7912 63
Series 11 454s
11)332 J 9412 96
Pacific CO/UV CO 1st g 5*.- _1946 .1 D
944 96%
9414 Aug'23
_
75
795
75
8
77
75 Sept'23
Series C 4s
1942 NI 5 874 ____ 867 Nov'22 _ _ _ _
Pao RR of Nlo Ist ext g 4s__ 1938 F A 8534 Sale 8534 8534 1 84 865s Tor Ham & Buff 1st g 4s
8
111946
7812
781, 82
28 extended gold 58
1938 J .1 943 96
9912 97
8
9412
95
Ulster A Del 1st ions g 5s...1928 J 0 944 831 1 8014 July'23 ____
3
J D
9514 9414 Sept'23
Paducah A Ills 1st e f .H.ie__ _1955 J .1 89
94
91
9552
90
91
90 June'23
1st refunding g
1952 A 0 6212 67
Paris-Lyons-Med RR 68_ _ __1958 F A 74 Sale 71
70 Mar'23
60
70
654 784 Union Pacific 18t 4s48
74
305
g
1947 J J 915 Sale 9158
5
Paulista Ity 75
8812 945
92' 180
5
1942 M 81 9612 98
95
974
9612
9612
4
20-year cony 48
19272 .1 96 Sale 96
Pennsylvania RR-cons g 4s 1943 M N 8812 ____ 8812 Aug'23
963
9414 984
8 41
8812 9314
1st A refunding 45
02008 11A 9 803 Sale 8034
4
Consol gold 45
8112 33
1948 FA N 877 Sale 874
804 88
8
8714 91 12
10
8814 15
-year perm secured 68_ _1921) J J 1033 Sale 10318
8
10335 10 100 1053
48 stamped
May 1 1908 NI N
4
85
90 II N J RR & Can gen 4s
8812 Aug'23
1944 M S 90
9212 9112 June'23
90
Consol 4565
1060 F A
1.M4
9634 Sale 963
923 985
4
8
4
98
52 854 9278 Utah & Nor gold 58
1926 J J
9912 100
994 June'23 _ _ _ _
9912 994
General 434s
1965 .1 D 90 Sale 8978
9012 65
ie. extended 48
19332 J 8912
914 Apr'23
General 5s
91
1068 J D 9914 Sale 9914
pg 1013 Vandalia coils
913
4
4
997
8 83
g 45 Ser A
1955 F A
86
Apr'22 _ _
1930 A 0 1087 Sale 10834
-year secured 7s
10
8
4
109
22 10618 1103
Consol 48 Seem) B
1957 NI N
84
85 May'23
"iE- 87
1936 F A 108 Sale 108
-year seenred 6545
15
1087
8 49 1064 1114 Vera Cniz & P 1st gu 4;(8...1934 J 1
36 June'23 _ _ _ _
34
374
Pennsylvania Ca-July coupon on
3212 ____ 38
Apr'23
45
34
Guar 354s coil trust rdg A_.037 M 5 8312 867 8412 Nov'22
8
July coupon off
Guar 3548 coil trust 9er B_1941 A A
8218
8218
8134 83's Verdi V I & W 1st g 513
1926M S 95
9912 98 May'23 _ _
1942 J D 813 82 8318 June'23
Guar 3345 trust ctfs C
8
834 Virginia Mid See E 58
80
1928 M 8 9818 984 9818
984
1
0818 98
0 813
4
4
Guar 334s trust ctfs 9_ ..1944
894 813
4
813 June'23
4
General 5s
1936 M N 96
9712 9818 Aug'23
074
93
-25
Guar 15 -year gold 48_ _ 1931 A 0 90
9112 90 Aug'23
8914 03 Vs A So'w'n 151 go
20(13 J J 9112 9412 9112 Sept'23
55
9112 9314
1952 M N 8514 864 87
Guar 4s Ser E
8412 903
5
87
2
1st cons 50
1958 A 0 764 784 764 Aug'23
-year 5
8
753 81
s
•No twice Friday; latest bid and asked this week. a Due Jan. 5 Due Feb. g Due June. h Due July t Due Aug. 0 Due Oct. pDue Nov. q Due Dec
s Option MAO
114
2
2i
122'5
New York Bond Record—Continued—Page 4
BONDS
N. Y. STOcK EXCHANGE
Week ending Sept. 14.
S
3
.
V-
Price
Sept. 14
Week's
Range or
Last Sale
11
,
e.
2,5!
Range
Since
Jan. 1
BONDS
N. V. STOCK EXCHANGE
Week ending Sept. 14.
Price
Friday
Sept. 14
Week's
Range or
Last Sale
•ty'
Rents
Since
Jan. 1
HMI. No Low
High
Rid
Ask Low
Rid
Ask Low
High No Lew
High
82
864
8612 17
8
94% 12
9013 98 Bet United 1st cons g 068..1932 J J 10514 Sale 855
Virginian 1st 58 Series A____1962 M N 943 Sale 94
3
10512 39 1 14 1a12
6
MN 945 95
s f deb 73is 1936 M N 10514 Sale 10514
8
94%
95
1939
93
84
99 Diamond Match
92%
Wabash 1st gold 95
51 Aug'23 ____
55
1
84%
844
2d gold 58
1939 F A 8414 85
Distill Sec Corp cony 1st g 5s 1927 A 0 50
4713 64
7
52
4
8
4
463 523 503
4
67
71
Trust certificates of deposit_ __
1st lien 50-yr g term 4s_ _ _1994 J J 653 713 71 June'23
2
853
78
11
.--i 79 Sale 78
79
8
1941 J .1 937 10018 94 Aug'23
94
Bet & Ch ext 1st g 5s.
9612 Dominion Iron & Steel 35___1943 5
91
84
39
91
8
1942 J J 905 91
89
8
737 Jan'23
7314 73 Donner Steel 75
Des Moines Div 1st g 49_1939 J J 6913 79
4
1
/
8734 90
88 May'23 ---A 0 6214 66% 6213 July'23
Powder 41is _1936 J 11 8834
1941
71% 667 du Pont(E I)
63
Om Div lit g 3s
4
7218
10818 119 1053* 10914
715 Sept'23
1941 M S 7218 79
Tot & Ch Div g 48
duPont de Nemours & Co 7Ms'31 MN 108 g;.1-e- 10778
48 101 19432
8
71
7418 Nov'22
Duquesne Lt 1st & coil 68..1949 J .1 1035 Sale 10218 104
Warren 1st reign g 3145_ __ _2000 FA
.1936.3 J 1074 1084 1067 June'23.-.- 10614 10818
8
7412
784 Aug'23
1948 QM
Wash Cent let gold 45
Debenture 7s
94 11314
,
1924 F A 984 100
8
983 Aug'23
973* 9812 East Cuba Sug 15-yr et f g 7369'37 M 5 99 Sale 9812 10014 116
W 0 & W Ist cy gu 4s
8918 Sept'23 ---i
___
7814 _--- 80 Aug'23
Wash Term 1st gu 3145...A945 FA
0
0
7
88,2 89 Ed El III Bkn 1st con g 45_1939 J J ___
93
8
9
8912 101
100
1995 J J 100- Sale- 100
8913 8513 Ed Elec III 1st cons g 58
,
132 8
1945 F A
8512 June'23
1st 40
-year guar 49
9612 9912
1925 J D 96:38 97% 93 Sept'23 --_
76% 90
80 Aug'23
W Min WAN W 1st ant 55 1930 FA
5_
4
/
.
93
9812 961
84
93 _7
15
3
2 le 923*
9 7M s
214 ,
,
6014
West Maryland 1st g 4s___ _1952 *0 60 Sale 594
Empire Gas & Fuel 7169_1932 ra N 933 8a5
95
93
96 Sept'23 ---995
9812
9812
West N Y& Pa let g 55_ _ _ _1937 J .1
0
88
0 54
8
95
709% 188 Equit Gas Light 53
7512
1942 M El 86 2
9712 Sept'23
4
,
1943 A 0 755 773 7513
gold 45
7314 78 Federal Light & Trac 6s
Gen
1
9815
9813
'7
1953 M S 975 - 8 9912 981$
7912 13
4
Western Par 1st Ser A 514.-1946 M 8 78% Sale 783
7s
43 1021s 10812
103
1941 M 5 10212 Sale 10218
7
91
86
1946 MS 88
86 Aug'23
B 6s
9
83578 Fisk Rubber 1st s f 85
704 80
2
80
83
80
79% 12
78 Sale 78
2361
J
77
Went Short let 4s guar
833* Ft Smith Lt & Tr 1st g 5s_ _ _1936 M S
3 13
893
834 93 4
3
7712 23
2361 J J 764 764 7612
9,67
75
Registered
1
9,228 1, am isec,g& 7e48
83, Fritmeri0 1 arD 20-yr 730'42 J J 88 Sale 8712
.r
9914 103%
10012 11
1942 IN N 100 1003 100
99
4
4
983 June'23
Wheeling & L F 1st g 5s_ _1926 AO 97
9114 9312
.1 934 99
1
/
99 Feb'23
Wheeling Div 1st gold 55_1928 .1
984 99 Gas & El of Berg Co cons g 551949 J D 9234 9414 9014 Jely'23 ____
9912 101
,46 _I
1932 F
8
1930 F A 8912 973 05 June'23
10012 10112 100 July'23 --Eaten & Mint gold 5s_
Baking Is;
General B ric
945:14 1660521,3 Den Electak i „ 25-yr_ _6_18:1
7638 8213
6
824
A
D 79
81
81
4 44
493
4
Refunding 4s Series A_ _1966 M S 463 4812 49
4
9912 1933
1952 NI 5 101 Sale 101
5
10112
1
61
60
1949 illS 60
60
RR 1st collet)! 4s
D ben tu st f
DeneR efr lre 85s8
97 101
5
,2
1
44
;; 3 62
4
68 Ser A_ _ 1 947 F A
50
1942 J D 4818 497 494
Will & East 1st gu g 33
60
49
4
9712 1013
0
J .1 971'2 Sa8
992 9le 999711:
1938 J
9814 9912 99 Aug'23
Will & S F 1st gold is
88112 Goodrich Co 6
7746
3
4
11612 70 1133* 1177
793 80
8
7914
7914
Winston-Salem 8 II 1st 45_1960 .1 J
Goodyear Tire & Rub 1st 9 188'41 M N 11614 Sale 116
1Ps 106
71
e1931 F A 102 Sale 1013* 103
5
7714 Sale 7714
J
7818
b 8
Wls Cent 50-yr 1st gen 48... _1949
90 ____1
g12 lals
7612 _ _ 7712 Aug'23
75
Sup & Dill clIv Jr term 1st 48 '36 MN
803* Granby Cons M S A I' con 68 A'28 M N 90 Sale 90
1923 M N 90
92 June'23
4
1943 J .1 .563 ____ 65 May'22
W & Con East lflt 41is
1925 MN 92 9Iii 9214 Sept'23 ____ 92 100
Conv
' deben 8s
1932 F A 91 18 94
93 Sept'23 ---00
r, 195
INDUSTRIALS
Gray & Davis 78
4
5
983 July'23 ____
80
4
8014 ;058- Great Falls Power 1st s t 55.1940 M N 983 100
Adams Express coil tr g 4e...1948 M S 80 Sale 80
, 88,2
9
8012 82
1952 J .1 8014 81
82 May'23 ____
1936 .1 D 9313 Sale 9313
9
95
Ajax Rubber 85
iHackensack Water 49
4
313 8514
8
8315
5
2
._1i125 M 8 . 9 Sale
5
5
96 1,4 'Havana E Rv L & P gen 51 A 1954 NI 5 8314 8418 823*
Alaska Gold IN deb Cs A.
834
94
1926 M S
5
87
3
4
02,2 9 28 HilearsvahneayElec consdi g 58.... _1952 F A 033 Sale 932
6
9334
63* 5 Aug'23
Cone deb (le series B
;
12
96 100
95 10012
95
99
1928 A 0 97 Sale 9634
3
Am Agric Chem 1st 55
97
Choc 1st s f g 6s. _ _1942 NI N 99 Sale 9812
78% 92
8412 10
_
99 Sale 9813
9914 118
8412 Sale 83
1941 F A
1st ref s 1 73is g
Holland-Amer Line 6s (1 1 ) 9 SIN
4 24
924 95
8
93%
4
4
193:3 A 0 923 933 923
4
4
933 943 933
932
4
4
Amer. an Clialn 68
99493,84 190221.4 Hudson Co Gas 1st g 59.-1949 191 N
4
943 99
39
96
9512 Sale 9434
3
69
6934
70
72
Am Cot 011 debenture 58_ 1931 M
8012 Humble Oil & Refining 545.1932 J J
9
5
2
1/;11 211
10
1131
9372 183
1038 .11 N
:31
9
707 4
9
,
1045 __-- 10578 Dec'22
8
1936 J
Am Dock & Impt gu 68
Illinois Bell Telephone 53W 11956 8.1 D 9 % Sale 9314
1940 A 0
1937 A 0 864 8843 8612
3
8612
Amer Republics fis
Illinois Steel deb 4.1is
801*
79
__
79 July'23
30-yr 5e ser A1947 A 0 00% Sale 902
91% 106
Am Bm & It 1st
Ind Nat G &058
9934
1
99 1011
3
1(
1952 M N 9012 da-.1-e8
1947 A 0 1007 Sale 10014
994 -__-_.
1011s 63
68 13
Indiana Steel 1st .58
D1935 J J 97 100
96 Nov'22 ____
J 10112 Sale 10114
4 95 10013 104
1013
Amer Sugar Refining Cs__ _ _1937
Ingersoll Rand 1st 38
--iiT2 -1-ti.
Am Telep & Telea roll tr 48_1929 J J 92 Sale 92
9238 49
Interboro NIetrop coll 4M5..1956 A 0
912
5
884
4
1936 M S 883 Sale 8834
-_-:_-_ -_-_-___- 5 4 jup;23 ____
9144 A lY 23
Convertible 4s
8
90
86
Certificates of deposit
8
93
0
9
133 25
12 15
,
4
/
1933 M S 102 Sale 102
11
-year cone 4155
__
1027s 32 10 4 19318
20
Guar Tr Co ells 16% stamped_
4
/
1946 J D 98 Sale 98
6434 84 5612 721
s
983 144
-year colt tr 5s
30
95 101
Interboro Rap Tran 1st 5s__1966 1 J 64 gide 6313
5713 7212
64% 139
117
8
-year convertible es__ __I925 F A 116 Sale 116
7
635 Sale 6318
55 11312 11712
Stamped
527 734
1932 A-13 60 Sale 5912
8 73
617
84
84
Am Wat Wks & Elec.58_ _1934 A 0 83
16
83
8612
89
10-year 65
85
8714 58
1932 NI 5 8714 sale 88%
94%
62
1939 J J
Am Writ Papers f 7-6s
56 Sale 55
74
7s
, 6512
2
n5
54
55
17
8112
68
68
68
....-.4 984 Int Agric Corp 1st 20-yr 59..1932 MN 66
4
1953 F A
963 Sale 963
9713 422
4
Anaconda Copper es
9034
74
% 77
7812 67
74 4
9813 1043 Inter Mercan Marine 5 f 6s 1941 A 0 873 Sale 8424
is
1938 F A
997 Sale 994 100% 359
4
81
1947 1 J
8812
851$ 10
8
834 44
4
Armour & Co let real est 4101939 J 13 823 Sale 8234
90 jutterriitional Paper 58
:
In r et n
1947 J J 843 Sale 843
3
4
813 88 4
50
4
85
4
3
1947 J II 975
Atlanta Gas Light 99
8412
74
3
78
9: J
28
4
97
Atlantic Fruit cony deb 75 A _1934 J D 25
33
28 Aug'23
re lo3 68 (flat price) 1 942 II s 773 Sale 77
tVf 84 13
391_ Kansas City Pow & Lt 55_ . NI 6 90
25
904 90
25
23
Trust certificates of deposit___
25
5
25
97 2 914
83, 96
2212 4. z
9° 4 18
94114 20
9312 Sale 9312
2212
do stamped
2312 2212
1
65
3 ;
96, 8 44 Kan Gas & El
a1.
.
1942 F A 10414 .. 10334 104% 11 10218 107
)9
( % 8:
9834 39
4
Atlantic Refg deb its
1937 J J 973 Sale 9714
3
31 105 109 4
1931 161 N 10712 Sale 10733 108
Bahlw Loco Works 1st 36_1940 M N 10018 10012 10012 10012
100 103 IK{earlyse-S2p&rinCgotle714d Tire 8s
04 1 ° Keystone Tele() CO 1st 55_ _ _1935 J J
7114 -- 9412 July'21 _ ___
Barnsdall Corps f cone 8% A1931 J J 98
984 26
99
9734
-i
:3
1937 A 0 9813 ____ 994 Aug'23 ___
9 2 9918
9 114 100 Kings Co El L & P g 5s
Boll Telephone of Pa 5s__ _1948 .1 J 9712 Sale 97
5
98
6
87
1907 A 0
110
110
99
8
1926 J J 935 Sale 08%
Beth Steel 1st ext s f 53
3
Purchase money 63
104% 1044
___ 1043* July'23 __
1925 IN S 100
4
9714
9512 12
91
1942 M N 943 9512 94%
1st & ref 5s guar A
Convertible deb 65
S
: p
4:
899734
8579 1109i())13:11,4
6 -191114 1- 4 -1
2 11
7
F A 71 Sale 6912
71
1936 J J
891. Sale 89%
90
20-yr p m & Imp f 5s
73
Kings County El 1st g 49_ 1949 F A
2
/,:i4 74
,
4
71 _1_7 !
71
1914 F A 973 Sale 973
7512 7012
4
Cs A
983
s 46
Stamped gtiar 45
1953 F A
64
9%
so
_ 823 7514 June'23
5s
90 Sale 8912
43
CountyLIghtIng 5s 1954 J 1 _63
7
"80 a Kings
94 191
1
Booth Fisheries delis f lis_ _ _1926 A 0
80 July'23
9914 1023*
8
9412
6
95 / i
1934 'I D 10014 101 1903
Braden Cop M coil tr e 165. _1931 F A
99 Sile 99
04 8 100
9918
2
91% 8844 Kinney Co 7A5 58 A_ _1950 M 8 8812 Sale 8 24
...i
;
N
/
/
958
87
05_
...1942 A 0 9443 Sale 933
8
9
9 24
8 % _ _ _6 _:48:2 1.84°
8
9
BrIcr 11111 Steel 1st 5s.
9 13
94% 82
4
Lackawanna Steel
199333 A .1j
65
B'way & 7th Av isle g 55_1943 J D 65 Sale 64
6
611z 69 Lac Gas I. of St L ref & ext 5511 9334 .2J 0 9313 94 93 Sept'23
8813 9214
9214 July'23 ____
Brooklyn City RR 55._ _1941 J
8718 90
055 A_ _1954 1 J 9112
85 Sept'23
88 Lehigh C & Nay 51
83
09 -6ii4
Bklyn Ed!son Inc gen 58 A..1949 J J 96% Sale 964
2
97% 39
943 99 LeliIgh Valley Coal 58
4s
t.22
19:10 J .1 101 102 102
102% 13 265 2084
General 68 Series B
43
,14
ts _,t_i _ 8018 oc4011. ___
03 10478
101
1930 J J 105% Sale 10534 106
General 78 Series C
2
Lex Ac & P F 1st gu g 58..-1993 NI S
,
9 112 119 4
5
9 1 A A
General 78 Series D
1940 .1 D 10814 Sale 1084 108% 11
Liggett & Myers Tobac 79_1944 F O 11812 Sale 11812 11812
_ _ 65 July'23
Bklyn Qu Co & Sub con gtd 533'41 M N 65
66
58
5s
13 9
1
6 1914 1181'1
8
17 8
6 2 1673
8
672 67 4 173
1944 A 0 11628 1173 19 2
1st 55
1941 J J 86
7912 Nov'22
Lorillard Co (P) 78
9313 974
1951 F A 953 Sale 9434
Brooklyn Rapid Tran g 58_ _1945 A 0 72%
4 12
953
7314
7314
5 -iL- Vcr
4
5s
8
Trust certificates
723 ____ 7318
79 LouLsville0& El 55 (vr I) _ _ _1952 NI N 10814 64413 18814
,
73 8
34
, 8868 083
8
5
0
8734 8
9714
8
lot refund cone gold 48_ _ _2002 J J
81
8
10
_
613
61%
18 1 16 107 12812
3
,2 A 13
2
magma cop 10-yr cony g 781942 J 0 9718 98
68
54
3-yr 7% secured notes.. _ _1921 J J 60%- - - 88, Sept'23
612 102
9
8434 96
8
884 8913
97% 12
litl4
a na a Sugar 73.s
3
56% 647
Certificates of deposit
894 27
8818 8912 88
5
9,
951 ! NI
s
79
84
4
(NY) cons g 413_1990 A 0 5714 583 58-4 Aug'23 ____
Ctfs of deposit
4
85
50, 68
4
2013.3 D 45
843 Sale 844
50
57
9578 9712 July'23 ____
39
2d 4s
85 a
79
1950 F
Bklyn On El 1st. g 4-58
8012
805 803
1942 M N 965
8
stamped....- -A 80
3
9612 9880
3
2
97
8
Manila Elec 78
81% 844
Stamped guar 4-5s
1990 F A
81
803* 843. Manila Elec Ry & Lt 5 1 55_ _1953 M 8 83
793 803 81
4
1
4
90
8212 Jalle'33 ___
1094
3
Bklyn Un Gee 1st cons g 58 1949 P4 N 95
96 4
9512 14
96
95
91
4 42
933
9312
Market St Ry 151 cons 53_ _ _1924 NI 5 933* Sale 9312
1932 M N 109% Sale 109
78
109%
1924 A 0 9634
7 10712 1167
8
5-yearmrithoti6t%w
1st lien & re( 6.Series A _1947 M N 103 10414 10338 10312
03
1' A A 1 15
7 100 4 105121 Marland Oils 188 with warnts 31 F O 113 73 '
e in Aug'23 _2! ir„,1
,
,93.
10 4
i
1929 11 N 10853 Sale 10858 1085
78
8
6 1074 117
4
1
/
103%
notesrnt
warrant attached_ _ _ _ A 0 101 1024 1024
1932 .1 13 9112
Buff & Susq irons f 55
_ 9112 June'23
_91_
81 0_ 115 Sept'23 ____ 102 159
9112 9112,
Series
S i r14 B
71,
.
2
0
8 88 580 „ Merchantsd70 s we4 1 D arrants
8
7
3 017
9:4 14s
1952 A 0
Bush Terminal let 48
81
-38 81
81
2
'23
9718 1g
tiw
ri.sEach97 sale 1051$ Au06 ___:_ :
Consol 53
1955.3 J 86 Sale 86
86
7s_ .1942.3 D 10712
6
9
9775
Building Sc guar tax ex_.1960 A 0 9014 91
90%
9113 12
9334 Metr Ed Istkref g 65 Ser B_1952 F A
85
07
9412 88,41
1937 M N 9.514 97
Cal G & E Corp 51
9612
9612
1953 .1 D 95
3 .!,4113
95
4
953 9412
Nietr Power tis
109l
Camaguey Sug 1st s f g 75._ _1942 A 0 96
99
9718 9613 Sept'23
94
A936 M N 106 107 10612 1064
6 1
_
,
9114 87 2 Mexican l'etroleum s 1 85_
3
993 1904
9114
Canada 338 Lines Uncoil e f 7s
M N
93
11
92
9234
4
923
2 1
1934 F s
„
6 181:12 1509,14 8 110yaltateeel 1e p lco Sy a f 581 9 6 5 A 993 100
4 100
993
4
1
4
5 ch Se st Tes4 o st s
Canada Gen Elec Co fa__ _1942 F A 102 Sale 10112 10214 13 100 10313
1
1
6 1
8714 39 :
87 Sale 87
9812
Cent Dist Tel 1st 30
9312
97 100
-year 5e-1943 J D 9813 99
8711 11
1
8714 87
87
Certificates of deposit_ _ _ _1936
_ _1931 F A ____ 88
Cent Foundry ist 5 t
VA
88 July'23
9914
3
4
8
97 100, Milw Elec Ity & Lt eons g 5s 1926 J J 983 9914 9334
-year g 55_ _1925 A 0 97 Sale 97
Cent Leather 20
9714 117
8
r8
ra 5k8 eu as
1 cfu nd iAn & exten 43(9_1931
097869:42 10(13(1 :7442. 1,,IGeniR
;4
3 94
19:31
Cerro de Pasco Cop 88
1 8 9
125
J 122 Sale 122
23
84
112
9
9
8 18 9 4 913
89 8a1e 8 7 A911 -- 11 :7: 4
2Ch G L & Coke 1st gu g 943_ _1937 J J 9418 9538 037 Sept'23
963.
82
D
92
61
19
1 9 1 D 8112 81% 8113
1st
1927 F A
Chicago Rye 1st 59
7718 29
77 Sale 764
1
934
934
L 1st 4s_ _1927 M N - - 94
Gas
1923 J 13 997
Chicago Tel 5s
_ _ 99% Aug'23
8
1943 J 1 93158 Sale 941
9833
93
66
95
4
/
95,2 98,2 Montana Power 1st 5s A.
4
363 91
1932 A 0 9914 Sale 99
Chile Copper Cs Ser A
99 12 319
8914 27
8
19 1 A 1
Sale
Montreal Tram 151 & ref 59_1948 J 0 894 sale 884
78
7312 874
7878 _ 2_4_
78
Mein Gas & Flee let& ret As'56 A 0 9618 965 9618
9618
8
1939 J J
7
4
993 Morris & Co 1st s f 410
95
--1961 A 0 9618 963 97 Sept'23
63.5s Ser 11 due J1113 1
4
83 Apr'14 _ _ 45
)072418 17377058, Mortgage Bond
Colo le & I Co gen f 533____1943 F A 87 Sale 87
8712
-j213 93 2
8512 8912
1932 A 0 -t . - --1- 92 2 Aug'23
2
912- 9
553 95
8 4 8514
_
7434
76
Col Indus 151 & coil Sc gu_ _ _1934 F A
7512 76
4
42
9312 9113 Sent23 _ - -2 Mu Fuel Gas lst cu g 55._._1047 M N 91
1927.3 J 9614 Sale 96
9712 70
Columbia G & E 1st 58
s
Nlut Un gtd bds ext 5%_..194l MN 933 ____ 951s Feb'23
5514 67%
1927 J J 95% Sale 953
Stamped
9612
5
4
9 ..1 J
1931 „ D 61
7
6212 61 Sept'23
Nassau Elec guar gold 4s
3
5
95
1012 1312 1214 July'23
9412 14 : 93 4
Col & ilth Av 151 gu g 58_ __ _1993 M
94 Sale 93
1914 20
1
Nat onal Acme 7q1
,
97 2
97
__
Columbus Gas 1st gold 55_1932 J J 9212 _ _ _ _ 9212
93 Nat Fnam & Stam 93 131 53- 1929 i 0 953 ___ 9713 June'28 i...1_ -,
92 2
92
1
781.
69
Commercial Cable 1st g 413_ _2397 Q J
703* Sept'23
72
71
Nat Starch 20-year deb 59_ _1930 J J 93% ____ 95 Aug'23
Commonwealth Power 6s_..1947 M N 86 Sale 85%
891;
2
:714 11
36% 29
4
4
69t1
84
19.52 M N 100 10112 9912
Tube Ist 5s
1937 J J 10012 Sale 00
1
79
9314 586
10013
8
Comp Azu Barn 71is
4 7 14
9312 1(1112 Newark Con Gas 59
1948 J D 9314 943 9342
9
9512 100
4_6
97% _ 2
ComputIng-Tab-Bees f 624_1941 .1 J 9812 Sale 98
13 9714 973 9714
4
4 14
993
95 101 ...ew England Tel & Tel 5s_ _19.52
New
82 62
7718 _- 7612 June'23
Conn Ry & L let & ref g 491951
J
0
4:: 9 %
6
: 87 New Orl Ry & Lt gen 414e_ _1935 1 1 6114 ---- 62 Aug'23
1 100 1114
1951 .1 J
10212
Stamped guar 41is
4
3
79, 803 81 Aug'23
76
8314 N Y Air Brake 1st cony 6s I928 M N 10213 Sale 102
4
7812 Sale
Cons Coal of Nid let dr ref 55 1950 J D 863 Sale 8613
87
16
Dock 50-yr ist g 45_ _ _1951 P A
N Y
741 12
1065 1791
1
3
1097
94 Aug'23
Con G Co of Ch 1st gu g 55_10:36 J .1
8912 9 3 N Y Edison 1st & ref t3Ss A.1941 A 0 109 Sale 109
54
,
95 3 100
23
1952 ill N 8914 Sale 89
99
Consumers Power
8
11
8914 24
8412 9212 N Y G E LA P g 55
1948 J : 9712 985 98
t,4 834
7,
33
83
1931 M N 97 10014 99 July'23
Corn Prod Refg 8 I g 65
9812 100
823* Sale 823*
money g 4s......_1949 F A
Purchase
82
76
1934 M N
s
let 25-yr s f 58
793 _ __ 82 June'23 _
9914 100
9914
98 101
9914
NY Muffle Ry 1st s 155 A 1966 J J
1943 F A 903 Sale 90
99
,
96
1
9612 97
Crown Cork & Seal Cs
4
/
961
4
4
963
91
4
5
4 N y Q El L & P 1st g 48_ _ _1930 1 A
8
8
8214 9
2
3034
'
9 13 3814
4
Cane Sugar cony 75. _1930 .1 J 873 Sale 87%
3034 Sale 303
Cuba
4
8812 75
N V Rye 151 RE & ref 4s_ 1942 1 J
4
1
281 ____1.
28
,
377
0
,
: 741
4
933 110
8713 9814
Cony deben stamped 8 7 _19:30 J J 93 Sale 9212
283* Sale 283*
Certificates of deposit
212 8
36
3
21. Sale
212
Cuban Am Sugar 1st eon 88.1931 M S 106% Sale 1063
a1942 A -0
107
4
73 10512 104i2
-year aril Inc Si
30
27
214
4
23 Sept'23
91
Cumb T & T let & gen 5s...1937 J J 9314 Sale 923
4
3
9414
Certificates of deposit
,
93 2
e 03
:
94
63
59,1: 2
3
9 28
5
4
: 12 ;
Denver Cons Tramw 39.. _ _1033 A 0
N Y State Rya 1st cons 0.58 1962 .Ni -N 6214 Sale 6228
97%
NI N
88
4
903 88 Sept'23
2g34 3cii
Den Gas & E ist&ref s f g 5s '51 MN 8614 86% 8512
874 24
61is
6
92
92%
98
931s
93
94
1942 M
Dery Corp (1)G) 78
27
79%
80
4
793 80
080444 10099,4 x Y Steam 1st 25-yr(is Ser A 1947 M N
Detroit Edison let coil tr 68_1933 J J 9914 Sale 994
f 41is_1939 M N
100
19
N y Telep 1st & gene
4
1045
4
11940 M 8 9514 953 9538
1st & ref 5s Series A
96% 31
-year .leben a 16s_ _ _Feb 1949 F A 1054 Sale 105
30
21940 NI S 10314 Sale 103
8
62 10214 10814
105
103% 30 101 10414
1st & ref Cs Series B
-year refunding gold 65_1941 A 0 1047 Sale 1043*
20
*No Priee Friday;latest bid and asked, a Due Jan. 4 Due April. e Due March. c Due May. g Due June. 13 Due July. 1 Due Aug. o Due Oct. Dbue Dec. 30PUon Cale
-
ia907
9'4
:31.
-------
1226
VFW CHRONICLE
New York Bond Record-Concluded-Page 5
[VOL. 117.
Quotations of Sundry Securities
All bond prices are "and interest" except where marked '1"
Standard 011 Stocks Par Bid Ask
Railroad Equipments
Per Ct. Basis
Anglo-American 011 new. El *1418 14% Atlantic Coast Line 68
5.85 5.35
Atlantic Refining
100 105 108
Equipment648
5.50 5.30
Preferred
100 115 117 Baltimore ,k Ohio 6s
5.75 5.45
Bid
Ask Low
High No, Low
High Borne Scrymser Co
100 142 148
Equipment 445 & 58.... 5.50 5.30
Niagara Falls Power 1st 55.A932 J .1 984 9853 9839
9914
5
954 101
Buckeye Pipe Line Co_ _50 .82
83 Buff Koch & Pith; equip 65_ 5.50 5.25
Ref & gen 65
01932 A 0 10314 1033 10314 10312
4
4 10112 105
Chesebrough Mfg new_ _100 220 230 Canadian Pacific 445 & 65_ 5.55 5.30
Niag Lock & 0 POW 1st 58_ _1954 M N 998 ____ 993 Aug'23 ___96
Preferred new
9912
100 112 114 Central RR of N J 85
5.60 5.30
No Amer Edison 65
1952 M S 917 Sale 9114
8
92
68
91
96
Continental Oil new__ 25 .3312 3113 Chesapeake & Ohio 6s
5.75 5.45
Nor Ohio Trac dr Light 6s
1947 M S 93 Sale 92
93
10
90
95
Crescent Pipe Line Co__ 50 •77
18
Equipment8%s
5.60 5.30
Nor States Power 25-yr 55 A _1941 A 0 90 Sale 90 •
903
8758 93
4 26
Cumberland Pine Line_ _100 107 109
Equipment55
5.60 5.30
let & ref 25
-year 68 Ser 13_1941 A 0 100 Sale 100
10039 33
9858 102
Eureka Pipe Line Co_ _ _ -100 105 106 Chicago Burl & Quincy 1314_ 5.60 5.40
Northwest'n Bell T 1st 75 A-1941 F A 107% Sale 1075
108
53 107 1084 Galena Signal Oil corn._ _100 61
64 Chicago & Eastern ill 548_ 6.25 5.55
North W T 1st Id g 44s gtd_1934 J J 9218
9113 May'23 ____
Preferred old
9139 9213
100 110 113 Chicago & North West 445 5.45 5.20
Ohio Public Service 74a _ __ _1948 A 0 104 10518 104
104
10 101 108
Preferred new
100 104 106
Equipment65
5.70 5.35
75
1947 F A 101 Sale 101
10212 15
9934 10514 Humble 011 & Ref new.. 25 *2814 2854
Equipment645
5.55 5.30
Ontario Power N F 1st 58._ .1943 F A 95
96 954
953
4
1
925 9612 Illinois Pipe Line
4
100 155 157 Chic RI AL Pac 445 & 58_
5.85 5.40
Ontario Transmission 55_ _ _ _1945 M N 93
9339 934
3
9318
9214 06
Imperial 011
25 *9513 96
Equipment 68.,,
5.85 5.50
Otis Steel 85
1941 F A 9812 Sale 9812
99
8
96 10112 Indiana Pipe Line Co_ _ _ 50 .92
94 Colorado & Southern 65_ _ _ _ 5.75 5.40
1st 25
-years f g 745Ser B 1947 F A 9214 Sale 92
93
32
9012 947 International Petroleum_(t) *1478 15 Delaware & Hudson 65
5.65 5.35
Pacific G dr El gen & ref 58_ _1942 .1 J 903 Sale 9012
4
91
28
8812 93 4 Magnolia Petroleura_...100 124 126 Erie 445 & 58
,
6.25 5.80
Pat Powdat Istdrref 20-yr 511 '30 F A 9212 95
9314
9314
89% 94
4
National Transit Co_ _12.50 *233 2414
4
Equipment68
6.40 6.00
Pacific Tel & Tel 1st 55
1937 J J 9618 Sale 964
9614 18
943 9912 New York Transit Co_ _ _100 96
4
98 Great Northern 68
55
5.85 5.40
1952 MN 91 Sale 907
8
59
88
9212 Northern Pipe Line Co_ _100 102 103 Hocking Valley
918
65
.5.85 5.50
Pan-Amer P & T 1st 10-yr 751930 F A 10312 104 10318 104
4 102 10539 Ohio 011 new
25 •5113 5312 Illinois Central 445 & 55... 5.40 5.20
Pat dr Passaic G dr El cons 58 1949 M S 927 94
53 *14
9239 04
9239 Aug'23 ____
Penn Mex Fuel Co
16
Equipment88
peop Gag ,k c 1st con.,g 6.5_ _1943 A 0 1043 1077 105
5.65 5.35
1 105 108
105
Prairie OH & Gas new.._100 165 168
Equipment 78 & 64s
5.50 5.30
Refunding gold 59
1947 M S 90 Sale 893
87
4
7
94
90
Prairie Pipe Line new...
_100 9712 9812 Kanawha & Michigan (is_ _ 5.85 5.45
Philadelphia Co 65 A
1944 F A 10018 Sale 10018
10039 45
98% 10112 Solar Refining
100 176 180
Equipment44s
5.60 5.25
54s
1938 51 S 91 Sale 9013
8812 9112 Southern Pipe Line Co_ _100 0412 9512 Louisville & Nashville 138_
9114 44
5.65 5.35
Pierce-Arrow 8e
1943 IN S 7539 Sale 7512
7713 105
854 823 South Penn 011
4
100 112 115
Equipment(14s
5.50 5.30
Pierce Oils f 88
1931.1 D ____ 747 80 Sept'23 ____
8
80
98
Southwest Pa Pipe Lines_100 82 83 Michigan Central 55 &
Pleasant Val Coal 1st g s 1 58 1928.1 .1 9018 _ _ 9014
9033 30
89
9039 Standard 011 (California) 25 5493 5014 Minn St P & SS M 445& 58 5.50 5.30
4
5.75 5.40
Pocah Con Colliers 1st 8 158.1957 .1 J 9214 - - 9213 Aug'23 ____
924
90
9439 Standard Oil (Indiana)._ 25 *5113 513
4
Equipment 645 & 7s
6.80 5.40
Portland Gen Elec lat 5s _ ---1935 J .1 9412
9412 Sept'23 - - 914 9512 Standard 011 (Kan)
.....25 *38
3812 Missouri Kansas dr Texas Os 6.00 5.55
Portland By 1st & ref 55_ _ _ _1930 M N 873 4 90 877
41
Standard 011 (Kentucky) 25 *88
87% 13
8 4 88
90 Missouri Pacific 68 & 645_ _ 5.85 5.55
Portland By, Lt & P lst ref 58'42 F A 8239 8339 8318
82
834 40
86% Standard 011 (Nebraska) 100 220 230 Mobile & Ohio 448 & Is.. _ _ 5.75 5.30
1947 M N 933 9414 93
68 B
4
7
9612 Standard 011 of New Jer_ 25 *3112 3154 New York Central 448 dr 55 5.50
94
93
5.25
1st & refund 74s Ser A __ _1946 MN 10414 10513 10434 1043
4
8
1 1037 10714
100 115 116
Preferred
Equipment65
5.70 .5.35
Porto Rican Am Tob 85
1931 1111 N 105 ____ 105 Sept'23 ____ 1017 10512 Standard Oil of New York 23 *36%
8
37
Equipment 78
5.60 5.30
Pressed Steel r ar 58
1933.1 .11 891*
91
4
8739 933 Standard 011(Ohio)
8
9114
100 276 279 Norfolk AL Western 448_
5.35 5.00
Prod ,k Ref s f 8s(with waents)'31 J D 108 112 110
3 108 13313
11012
100 118 120 Northern Pacific 78
Preferred
5.50 5.30
Without warrants attached._ .1 D 101 Sale 0134
4
17 1003 10812 Swank Finch
101
100 27
30 Pacific Fruit Express 7s.... 5.50 5.30
Pub eery Corp of N J seta 58_1939 A 0 81 Sale 8018
86
25
81
80
Union Tank Car Co._ - _100 87
90 Pennsylvania RR eq 58 & Os 5.60 5.35
Punta Alegre Sugar 75
1937.1 J 10712 Sale 1074 1083
4 62 104 124
100 105 108 Pitts dr Lake Erie 645
Preferred
5.45 5.30
Rapid Transit Sec 65
1968
6713 Sale 67
623
68
6518 7439 Vacuum 011 new
25 *4354 4414
Equipment 813
5.80 5.40
Remington Arms 8.5
1937 M N 94 Sale 94
947
907 96
8
20
10 *23
Washington Oil
25 Reading Co 445 & 55
5.35 5.10
Repub I & S 10-30-yr 58 s t_ 1940 A 0 91
92 92
964
92
89
12
Other 011 Stocks
St Louis AL San Francisco 58_ 5.80 5.50
54s
1953 1 J 88 Sale 88
87
9439 Atlantic Lobos Oil
88 12 22
5) *3
312 Seaboard Air Line 44s & 55 5.90 5.50
Robbins dr Myers 51 7s
1952 .1 D 9613 9712 9613
9612
0612 99
5
50 *3
Preferred
10 Southern Pacific Co 4348._ 5.35 5.10
Roch & Pitts Coal & Iron 50-1946 MN 90_ 91
91
91
Jan'23 _
25 *47
Gulf 011 new
48
Equipment 78
5.55 5.30
Rogers
-Brown Iron Co 75...A942 IN N 8212 82
93
83
5 *3
8413 Aug'23 ____
6 Southern Ry 44a & 58
Mexican Eagle Oil
5.60 5.30
5 •85
Mutual Oil_
Equipment65
4 8%
5.85 5.50
St Jos Ry, L,H & P55
1937 M N 7914.--_ 7854 Aug'23 ____
77
7854 National Fuel Gas
100 79
82 Toledo & Ohio Central 68... 5.85 5.50
&Joseph Stk Yds lat g 445 1930 1 J 85
93
8518 Dec'22 ____ --,
- Salt Creek Producers... 10 •1654 17 Union Pacific 75
5.45 5.20
St L Rock Mt & P58 stmpd-1955 J .1 7.5
804 -_-1
5
801s
818 8018
844 Sapulpa Refining
13
4 2
St Louis Transit 58
1924 A 0 _ __ 5714 60 June'23 ___ _
62
60
Public Utilities
Tobacco Stocks
34 Amer Gas & Elec new.-(2)
St Paul City Cable 58
1937 J .1 152
92
93
9318 92 June'23 __ _
*3714 38 4 American Cigar common 100 75
,
78
Saks Co 75
1942 IN S 1025s 10339 102%
7
50 *42
6 102 103 8
10339
Preferred
4312
100 80
Preferred
86
San Antonio Pub Ser 85_ _ _ _1952 .1 J 9112 9212 92
943
90
6
MAN 9 2 9412 Amer Machine dr Fdry_ -100 135
4
9214
Deb 68 2014
3,
Sharon Steel Floop 1st 8sser A '41 M S 99 100
97 104
8
9912
99
Amer Light Trac com_100 114
16 British-Amer Tobac ord. £1 •2414 - 2
211Sheffield Farms 645„
1942 A 0 1003 Sale 1003
994 103
10
4
100 90
4 101
Preferred
92
11 *2414 2412
Bearer
Sierra & San Fran Power 58.1949 F A 8414 8612 8612
8212 874 Amer Power & Lt cols_ _100 163
5
8612
66 Helms (Geo W)Co, new 25 *49
51
-year 75_1937 M S 9514 Sale 954
Sinclair Cons Oil 15
100 z83
953
93 10112
4 49
%
Preferred
85
Preferred
100 110
,... _ _1935 J D 885 Sale 883
64s B (w 1)
MdrS 91, 93 Imperial Tob of G B & Irel'd •16 115
9714
88
4
8914 277
8
Deb 68 2016
2
17
Sinclair Crude Oil 545
1925 A 0 9514 Sale 943
945 1003 Amer Public Util corn..100 30
4
4
9584 43
4
35 lot Cigar Machinery--100 52
58
1926 F A 943 9514 95
68
95
100 64 67 Johnson Tin Foil & Met-100 80
9 8
9513 27
4
97
7% prior prof
90
Sinclair Pipe Line 58
1942 A 0 82 Sale 82
82
23
83
100 40
8912
4% panto pref
43 MacAndrews & Forbes_ _100 131 134
South Porto Rico Sugar 78_ _1941 J D 100 1005s 100
9812 10_ ,
8
100 40
23
6% preferred
1003*
45
Preferred
100 05
99
South Bell Tel &T lat 5 158.1941 J .1 944 95
944
9418
9034 9v
3
Blackstone Val G &E corn 50 •71
Mengel Co
100 25
27
Southern Colo Power 68__ _ _1947 J J 90
874 92
22
91
9112 8912
Carolina Pow & Lt com_100 70
72 Porto Rican-Amer Tob_ _100 69
73
Stand Gas & El cony 8 f 65....1926 J D 994 Sale 9812
994 10
967 997 Cities Service Co corn_ __100 131 133
8
Scrip
75
Standard Milling 1st 54
1930 M N 957 9613 9654 Sept'23 _
96
9914
100 6512 66 Universal Leaf Tob com-100
Preferred
Standard 01101 Cal 75
81931 F A 105 10518 104 July'23 _
101 107
CitiesService Bankers'Shares *13
14
100 85
Preferred
so
Steel & Tube gen s f 78 ser C-1951 J ./ 105 Sale 105
10514 38 100 10712 Colorado Power corn.._100 1914 20 Young (3 5 C.
100 105 110
)
998
4
Sugar Estates (Orienti) 78_1942 M S 9713 Sale 967
100 93 96
9713 19
98
Preferred
Preferred
100 100
Syracuse Lighting 18t g 58.1951 J D 92 ___ 9114 July'23 ____
9018 9113 Com'w'th Pow,By & Lt_100 31
32
Light& Power Co col tr 5f 58'54 J .1 8354 8614 837 Aug'23 ____
833 8618 Com'w'th Pow Corp pref 100 71
4
73
Rubber Stocks(CIevelend)
Tenn Coal, Iron & RR gen 58 '51 .1 .1 99 10014 100 Aug'23 ____
984 101
Consumers Power pref. _100 87 - - Firestone Tire & Rub corn 10 *62
65
Tennessee Cop 1st cony 6s _1925 M N 9913 10012 100 Aug'23 ___
3
90 4 IOUs Elec Bond & Share pref _100 •96
9513
100
6% preferred
94
..1947 1 D 9254 9314 925
Tennessee Elec Power 68..
4
934
li
92
95
_
. Federal Light dr Traction(t) •67 69
100 85
7% preferred
90
1960 J J 554 Sale 5514
Third Ave 1st ref 48
.56
5
100 *69
524 .
1,1
Preferred
71 General Tire & Rub corn 50 •150 170
Adjustment Income 5a_ __51960 A 0 517 Sale 50
45
8254 Lehigh Power Securities-(2) *2112 2213
5134 115
Preferred
100
99
1937 J .1 9013 914 91 Aug'23 _ __
Third Ave By 1st g 58
9514 Mississippi Riv Pow corn 100 19
90
20 Goodyear Tire & It com_100 10
1012
1931 F A 1024 Sale 1024 1025
Tide Water Oil64a
4 27 10112 105
100 80
Preferred
83 Goody'r TAR of Can pf _100
1931 .1 0 10454 105 10454 10518 11 1023 1057
80
Tobacco Products s f 7s
s
4
First mtge 58, 1951_ .J&J 9012 92 Mason Tire dr Rub com_(t) •4
2
1941 M 5 10612 Sale 10618
Toledo Edison 75
10612 11 10518 10739
S F g deb 7s 1935_ _M&N 101
Preferred
100 16
19
1925 F A 9784 Sale 973
Toledo Tree, L & P es
9713 9913 Nat Power & Lt com-(t) .19
2
4
98
561- Miller Rubber
1
100 87
Trenton G & El list g 5$---1949 M z 9114 -_ _ _ 9214 July'23 _ ___
69
9214 95
Preferred
(I) *.:84
86
Preferred
100
98
Undergr of London 445._ _ _1933 J J 85 ____ 9239 May'23 __
907 9314
8
Income 7s 1972
J&J 85,2 87 Mohawk Rubber
100
1948 .1 3 8718
Income 88
89
8039 89
89
18
Northern Ohio Electric,
(1) •7
10
Preferred
1942 MN 967 Sale 067
so
Union Bag & Paper Os
8
974 39
100 23
95
Preferred
9
_9
26 Seiberling Tire & Rubber(t)
44
5.-1932 M 5 9658 _
Union Elec Lt &P 1st g 5
97 Sept'23 _ ___
92 ) 4 North States Pow com_100 0812
175
Preferred
100
1933 M N
50
58
9118 9114 9112
8814 92
4
4
915
100 92
Preferred
95 Swinehart Tire & cols_100
21
Union Elev (Chicago)58--1945 A 0 65
7313 70 June'23 ____
70
70
Nor Texas Elec Co com_100 63 67
Preferred
100 "4- " 50
5
1931 .1 J
Union Oil 58
90
955 96 Aug'23.
96
4
100 68
Preferred
73
51942 F A
65
9954 Sale 9954 10014 12
9954 1025s Pacific Gas & El 1st pref 100 89 0012
Sugar Stocks
Union Tank Car equip 75-1930 F A 10312 10339 10314
103 105
9
103%
Power Securities com---(1) *3
512 Caracas Sugar
50 *10
1941.7 D 11134 Sale 11118 1117
12
United Drug conv 88
8 21 110 11334
Second preferred
(I) *16
20 Cent Aguirre Sugar corn. 20 •81113 8212
(
United Fuel Gas 1st 5 6e.....1936 1 J 933 Sale 9354
4
16
98
95
95
.3&D
Coll trust (is 1949..
76
82 Fajardo Sugar
100 95
07
Inv 55 Pitts Isents 1926 M N 92 Sale 924
United Rys
8714 974
7
9214
Incomes June 1949_F&A 156
60 Federal Sugar Ref COM--100 83 86
United Rys St L 1st g 445- _1931 J J 60
61
5914
584 6318 Puget Bound Pow & Lt_ 100 46
14
61)
49
Preferred
100 90 106
8912 Sale 8912
United SS Co lot rots 6s._..1937 IN N
8912
2
88% 93
6% preferred
100 80
83 Godchaux Sugar, Inc...(5) 4.5
1942 A 0 99% Sale 9939 100
11
United Stores 55
98 101 4
13
,
7% preferred
100 al00 103
Preferred
100
73
1932 J .1 102 Sale 102
U 5 Hoffman Mach 8m
4 10018 10312
102
Gen Intge 74s 1941.M&N 104 10512 Great Western Sugar new .25 ;71 - 76
US Realty & I cony deb g 54 1924 .1 J 100 10014 100
99 1003 Republic Ry dr Light.
1
100
4
..100 14
15 Holly Sugar Corp corn_(5) *24
28
U El Rubber 1st & ref 55 ser A 1947J .1 8612 Sale 86
88
78
85
894
Preferred
100 4012 42
Preferred
76
1930 F A 107 Sale 1053
10
-year 748
4 107
45 10512 10912 South Calif Edison corn. 100 10112 10214 Juncos Central Sugar._ 100 70
_100 90 110
,
995 1005 9912
US Smelt Ref & M eons 65_1926 F A
8
9912
9912 102
2
Preferred
100 114 117
National Sugar Refining.100 x89
02
8
I7 8 Steel Corpfcoupon ___d1963 MN 1015 Sale 1013
8 101114 15.5 1005 104
4
Standard Gas & El (Del) 5Q +2812 30 New Niquero Sugar
e f 10-60-yr oalregletered .41963 M N 100% Sale 100
05 100
3 100 10412
101
Preferred
50 *48
49 Santa Cecilia Sus Corp pf 100
5
12
1944 A 0 813 Sale 804
4
Utah Light & Traction 55
91% Tennessee Elec Power. (t) *13
80
813
4 11
15 Savannah Sugar com-__(I) *56
58
1944 F A
8812 89
Utah Power AL Lt 1st 5e1
8812
3
894 25
85 4 92
Second preferred
(t) .41
43
Preferred
100 80
83
Utica Elec L dr Pow lets f Es 1950 J .1 954.-.. 95% Aug'23 __
95
955 United Lt & Rys corn_ _ _100
4
147 Sugar Estates Oriente prof.. 85
90
1957 J .1 90
913 8938 Aug'23 __ _
4
Utica Gas & Elec ref 58
0214
89
1st preferred (6%)-100 75
78 West India Sag Fla corn.100
Va-Caro Chem let 15-yr 5s.. _1923 J D 100 10014 997 Sept'23 ____
8
9954 10014 Western Power Corp
_100 27
29
100 28
Preferred
33
1947 J D 8712 Sale 8613
75
8812 108
75
8912
Preferred
100 79
81
1937.1 .1 6918 Sale 89
12
4
643 9412
127
71
-years f 73is
Short Term Securities
Industrial&Miscell
9012 Am Cot 01168 1924_ _ M&S2
369
Without warrants attached_ J .1 691
12
7114
58
8
American Hardware_ _ _ _100 5712 50
96
i354
9512 Amer Tel&Tel 68 1924.F&A 05
Va Iron Coal & Coke lirt g 5r, 1949 IN S 92 - -- 9312 Aug'23 __
92
10014 10012 Amer Ty pefounder5 com 100 72
75
1934.1 J 831 853 8514
Vs By Pow 1st dr ref 58
4
4
87
853
84
4 12
Anaconda Cop Min 68'29 J&J 10154 10214
100 97 100
Preferred
19423 D 97 Sale 9612
Vertientes Sugar 78
9714 30
96
99
Angio-Amer01174525 A&O 102 10212 Bliss (E W) Co new _
(t) *19
2012
1941 J D 1023 10312 102
4
Warner Sugar 75
1023
4
8 10139 106
Federal Sug Ref 65'24
.M& N
Preferred
50 *59
63
19393 1 0939_ _ 995
8
995
Wash Wat Powers f 511
3
984 995
6819'33
MAN 97% If%
Company com__100 118 120
9712
Westches Ltg g 58 stmpd gtd 1950 J D 954 - - 954 Aug'23 ..
9312 9714 Hocking Valley (is 1024 M&S 10014 1005 Borden
Preferred
100 100 102
8
West Penn Power Ser A 541_1946 M 9 904 917 907
9214 15
95
88
Interboro T 8s 1922_ Mde
Celluloid Company
100 85
90
4
101
1st 40
2 100 10212 K C Term Ry 65'23 hi&N15 106-year 13s Series C_- _ _1958 J D 1005 102 101
100 108 112
Preferred
10014
c1946 F A 10412 105 10412
let series D 75
105
12 10218 10712
645July 1931
J&J
8913 Lehigh Pow Sec 68 '27.1 &A 103 10512 Childs Company com- _ _100 158 162
1963 IN S 89 Sale 89
89 13 13
87
58 E
'
,
100 109 111
Preferred
4
Western Union coil tr cur 56_1938 J J 983 Sale 9812
99
15
98 100
Slos8-Sheff S&I 63 '29..F&A
Hercules Powder
100 104 108
93
Fund dr real estate g 445_1950 IN N 9314 9312 9239
4
94
89
U S Rubber 745 1930_F&A 1E 10?P
!
51
Preferred
100 102 104
15
1097
-year 64s g
26 1054 1117 Joint Stk Land Bk Bonds
1936 F A 10912 Sale 1087s
International Salt
100 7812 804
s 1075
8 30 10512 10813 Chic Jt Stk Land Bk 58_1951 10012
Westinghouse E AL M 75._ _ _ 1931 51 N 10714 Sale 1067
102 International Silver pref 100 102 107
Wickwire Seen Steel 1st 75_ _1935 J .1 95
95
96
96
12
91
98
be 1952 opt 1932
10012 102 Lehigh Valley Coal Sales 50 *6812 80
Wilson & Co 1st 25-yr s f 65_1941 A 0 9512 Sale 95
963* 44
9414 102
54a 1951 opt 1931
102 10412 Phelps Dodge Corp
100 150 160
10
86
-year cony 5169
19283 D 86 Sale 86
3
83
98
4548 1952 opt 1932
0912 101
Royal Baking Pow com_100 123 127
74a
9614 26
1931 F A 96 Sale 9512
93 105
445 1952 opt 1932
98
9912
Preferred
100 98
9915
Winchester Arms 748
10312 10 10012 106
1941 A 0 103 Sale 103
191s 1963 opt 1933
9914 10014 Singer Manufacturing_ _100 113 115
Younen Sheet dr 'I' 613(w IS _1943 J J 99 Sale 99
99 18 45
99 99131
•Per share. INoparvalue. bBasls, d PUrehaeor also pays accrued dividend.
'No price Friday;latest old and asked. a Due Jan. d Due Apr, c Due Mar. e Due •New stook.
Flat price. k
May. g Due June. 11 Due July. k Due Aug. o Due Oct. p Due Dec. g Option sale. t Ex stock dividend. i Sale Last sale. n Nominal. s Hz-dividend. gr Ex-rights •
price
r Canadian quotation.
BONDS
N .STOCK EXCHANGE
.Y
Week ending Sept. 14.
t.'R
Gt
,
• 5c..
Price
Friday
Sept. 14
Week's
Range or
Last Sale
"
1-7
LAO
Range
Since
Jan. 1
4
BOSTON STOCK EXCHANGE-Stock Record se:3 ).M..
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICE
Satarday, 1 Monday.
Sept. 8. I Sept. 10.
TuesgaY,
far 11.
Wednesday, Thursday,
Sept. 12.
Sept. 13.
14713 148 *2148 150
147 147
147 148 •2147 148
8012 8012 807
8 8012 803
80
*50
8012 80
80
4
94
O93
94
*93
93 93
*93
94
94
*93
116 11612 116 116
116 115
115 115
115 115
10112 10112 102
101
10112
.101 102 *101 10212 101
1314 1313 01314 137
8
1314 1314 01314 14
.1314 14
*15
19
19
19
•15
19 .15
19
*15
•I5
*1912 23
19
1912 *1912 23
•194 ____ *1912 23
*2713 -__ *2713 _ _
__ .27 ___ *27
027
28
*24
28 .24
26
26
*24 • 26
24 14
36
*35 ____
*24___ *34 ____ *34
•13714 140 *13714 --__ *1374 138 *13714 140 *138 140
*25
*25
27
27
27
*25
27
28 .25
.27
.62
63
63 63
64
62
63
64
*63
.63
544 5414 .53
*53
55
55
54
55
•53
*53
36
36
3634 3634 "37
*3612 37
3613 3612 ;
*3612 37
O11812 37
i&i3 36
28
28
29
2813 2812 *2812 29
2812 2813 028
*1238 1278
13
13
8 1813 131
1314 1312 1314 133
____ .8611
703
4
115
67
. *88
90 .88
90
*88
90
*88
90
812 7612 774 77
7712 .75
77
75
75
75- 1
.
•27
2912 *2712 2912 0274 3013 02712 3012 *2712 3012
.7812 80
78 i.x75
SO •x74
76
78
7612 *274
1 14 214
'
•14
15
1244 125
O76
77
*79
80
*14
16
12
12
.15
8
*1324
1245
8
76
79
*14
•11
2141
15 I
125
77
79
16
12
--- o -- RI . 5 -Tiii
. . -71i
214
202 203
4
4 21
3
3
3
3
0713 784 0712 3
33
85
8414 86
160 16012 16012 161
*212 4
.34 4
•612 ___*8
9
"3
9
*153 1624
4
19
16
54
+55
*5412 56
*as 37
37
37
12
•___ _ 12
*56
58
5
414 4
414
'Its
*34
112
.1
11
2
7
*313 7
8
74 714
*9
10
94 94
324 8259 8312 8312
4812 6813 6834 684
160 160
160 169
•---712
7
7
*204 2034 204 204
1
I
*14 214
*14
15
12412 12478
78
78
*7818 79
*14
16
*11
12
106 106
- Tio *.15 .30
2024 21
2034 21 i
*224 3
*212 3 ,
•713 $
*712 8 1
14
16
84
864
160 16012 16012 16013
*312 4
•34 4 ,
*612 _ __I
•1112 ____
9
*8
0$
•154 1624 •152 164
4
*6412 66
*5412 56
3713
.84
3712 *36
12
12
58
4412 3612 *54
*14 24
*14
15
12411 1244
77
77 4
*784 79
*14
16
.11
12
Friday,
Sept. 14.
Sates
for
the
Week.
Range since Jan. 1 1923.
STOCKS
BOSTON STOCK
EXCHANGE
Lowest
Highest
Railroads
Shares
100 143 Apr 3 151 June 14
14713 148
104 Boston & AlbanY
8012
100 75 June 29 84 Jan
461 Boston Elevated
80
100 9112 Aug 9 100 Mar 6
Do pref
12
934 9318
100 11118 Aug 2 125 June 12
Do 1st pref
30
100 98 Aug 9 106 Mar 5
pre(
101 161Do 2d
59
100 1014 July 30 2012 Mar 2
137 Boston & Maine
100 14 July 28 27 Feb 13
Do pref
539
Do Series A 1st pref._ _100 19 July 17 3212 Mar 1
Do Sales B tat pref_100 26 July 10 48 Feb 6
1_0_
Do Series C 1st pref._ _100 24 Sept 8 42 Mar 22
Do Series D lot pref_ 100 34 July 18 59 Feb 7
100 135 July 21 16012 Jan 25
Boston & Providence
East Maas Street fly Co_ _100 18 Feb 15 35 Mar 22
100 62 Sept 11 72 Jan 16
51
Do lot pre!
100 53 Feb 24 65 Mar 19
10
Do pref B
100 3412 Feb 13 46 Mar 22
7 Do adjustment
5 East Mass St RY (tr ctle) 100 344 Feb 15 45 Mar 21
100 28 July 27 43 Jan 2
95 Maine Central
954 July 5 224 Jan 30
100
290NYNEf& Hartford
15 Northern New Hampsblre_100 65 Sept 8 84 Feb 3
80 June 12 100 Jan 3
Worcester pref _100
37314 7314
65 Aug 14 81 Feb 14
i iiip coelhon&y
d
10
0
3 214 Aug 25 3818 Feb 20
Rutland pref
10 Vermont & Massachu5etts_100 76 Aug 16 98 Jan 11
Miscellaneous
.14 214
153 153
55 Amer Pneumatic Service__ 25
•14 172471450
15
----------Do pref
177
2
4
7712139 A oa Telephze At Teleg_100
7712 1434 2.799 A mer keag m
No par
+7818 783 --------25 Do pref
4
No par
•14
16
____ ____ ___ ___ Art Metal Construe,Inc__ 10
*11
12
--------100 Atlas Tack Corn.,
No par
106 106
---- ---20 Boston Con'Co. pref _100
0.15 .30 ____ _-__
300 Boston Mex
Tflls_ _No par
,,212 2114 2024 21
(4
)3
725 Connor (John '1)
10
-------10
500 East Boston Land
3
732 711 07
712
5
50 Eastern Manufacturing
824 8412 814 847
8 2,275 Eastern SS Lines, Inc
25
15912 161
157 160
100
549 Edison Electric Illum
*313 4
No par
---- ---- ______ Elder Corporation
.612 _
Galveston-Houston Elec100
08
912
_912
No par
Gardner Motor
16
•1524 162
4 16
25
205 Greenfield Tap 54 Die
5513 5512 55 55
No par
92 Hood Rubber
•36
3712 --------8 Internet Cement Corp-No par
50
12
10
10
5 Internet Cotton Mills
53
54
100
---- ---38
Do pref
1
1
.
1
112 .
1
112 --------25 International Products_No Do;
0313 7
100
*312 7
*312 7
74 712 .7
73
4
74 714 - 2 -- -1- ---2N -I Iitib y, M et ell! & Libby_ _ - 10
7172
-57
Ba Brc
94 94 *912 10
912 91 --------90 Loew's Theatres
25
Ws 333
3 827 83
8
82
8214 83
83
112 Massachusetts Gas Cos-100
100
685 584 6853 685
8
8
69
69
Do pref
69
02
100
160 160 *2160 1603 160 160
4
160 161
90 Mergenthaler lAnotype
7
7
100 Mexlean Investment. Inc_ 10
7 •_
*2014 2013 *2014 201: 2014 2014 -119- -161.4
195 Mississippi River Power-100
100
.314 13
*8114 83 i *8114 822
10
s
4
4
312 418'
418
418 --------295 Natio nal Le. tter
--- ---1 Da ata mp ra.°
414
438
414 414
414 414
414 4'2
981 New England 011 Corp tr etfs
116 116
116 117
11612 117
116 116
156 New England Telephone-100
1
1$12 184 *1814 19
18
18
174 177
8
950 Orpheum Circuit, Inc
19
39
8712 89
89
89
--------100 Pacific Mills
10
•164 16
*1512 16
*1512 16
---- ---5 Reece Button Hole
10
*214 24 *214 24
214 24 ---- ---- ---- 1_5 R mmsFoagn g kiachine
)8
ieece m ldineto
____ ____
3
•.50
114 0.50
114 0.50
114
114May 4
13 Aug 7
119 June 29
75 Aug 31
277 July 10
15 Mar 1
10 July 2
105 Jan 22
.10 Jan 18
19 July 5
3 June 25
7 June 28
4July 30
683
157 Sept 14
312June 30
5 July 9
814 Aug 23
1512June 12
54 Jan 8
32 July 2
10 Sept 14
50 May 31
1 Sept 11
412June 20
5 June 22
814June 27
7812May 22
85 July 7
147 June 19
6 Aug 22
1824Juiy 6
80 Jan 16
314June 27
21 Aug 15
4
113 July 4
1634July 12
8612 Aug 13
15 June 26
2 Jan 11
.75 June 14
9812 June26
42 July3I
712 Janie
23312 Junel5
2458 June14
1934 Aug23
1534 June21
312 Jan
20 Jan 10
4
1252 Mar 14
112 Jae 6
88 Jan ii
1612Mar 141
2018 Feb 141
10812 Feb 24
.30 Jae 25
27 Mar 19
4 Jan 2
1418 Mar 5
12712 Mar 22
n 11
172% Laa ,
10
2913 Feb 6
152 Mar 3
8
24 Feb 19
634 Mar 13
44 Mar 19
22 Feb 19
7912 Jan 10
3 Mar 20
8 Mar 15
813 Aug 20
11 Apr 26
874 Jan 2
73 Jan 24
179 Jan 6
143 Feb 19
4
2814 Jae 31
84 Feb 14
83 Feb 12
4
4129ept 12
122 Jan 3
214 Apr 241
190 Jan 2
1834 lid ar 11
ia2
3
2 Feb 20
1094 Jan 6
.50 Mar 9
11 Mar 7
551
4Mar 8
2814 Jan 11
30 Jan 2
42218 Mar 19
13 Mar 17
2912 Mar 19
1711 Feb 17
3412 Mar 14
3912 Mar 14
42 Mar 15
1212 Feb 21
1227
PER SHARE
Range for Preview
Year 1922.
Lowest
Highest
13014 Jan
7312 Feb
9414 Mar
116 June
1014 Nov
14
Jan
Jan
20
22
Jan
36
Jan
Jan
30
Jan
40
Jan
125
18 July
66 Aug
61 July
28 July
29 July
2712 Jan
124 Jan
Jan
69
Jan
MI
Jan
67
Jan
15
Jan
78
152 May
894 Sept
105 Sept
126 Sept
109 Sept
3112 May
Apr
37
444 Alm
62 May
54 May
7712 MAY
163 July
264 July
77 Jab'
60 Nov
47 Aug
47 Aug
Oct
55
7
34 8 May
96 July
4
1032 Dee
9814 May
024 June
100 Aus
Dec
Feb
Jan
Jan
Nov
14 Nov
13
Jan
1004 Ans
.10 Sept
1611 Jan
4
Jan
3
7 Dee
3114 Jan
16:
MarMar
23 Deo
9 Nov
44 Jan
2014 Aug
12814 Aug
121 Dec
91 Aug
2012 may
22 MAY
107 Dee
50 MAY
307 Dec
2
6 Apr
1414 Feb
8912 Oct
y
lin zezt
212
13
1145
8
104
17 Dec
43 Mar
26
Jam
30 Nov
60 Aug
14 Dee
51 Dec
2
158 A p
$ July
Jan
63
Jan
62
Jan
134
11 Dee
Jan
13
724 Jan
624 Bee
.22 Dec
Jan
101
Jan
13
1154 Oct
1Ne Apr
s
Dec
.50 Nov
924 Jan
39 July
8 Mar
Jan
37
Jan
26
8
217 Jan
81314 Jan
214 Nov
11 Nov
7 Feb
12
174 Jan
3012 Jan
Feb
31
84 Nov
39 AUg
. 164 Apr
2714 Feb
544 Dec
3S3 May
Jan
32
85 Dee
64 Mar
17
Apr
1112 June
13 Jan
904 Nol
Oct
74
Oct
181
2711 June
34 AU8
254 Oct
114 Jan
5 Jan
125 Sept
Oct
28
192 Dec
1: July
4
4
*414 44
.414 5
4
414
11812 11812 3115 11514
*184 1834 *1813 1384
89
39
19
•164 16
16
19
*34 4
*214 278
74 Apr
..50
114 0.50
14
11012 Sept
100
10414 1051 2103 104
4
10212 10312 1024 10312 10114 1021, 1014 1014
499 Swift & Co
814 June
4512 4513 454 4512 46
25
4812 4613 4613 46
4612 463 47
4
653 Torrington
144 Feb
5
9
*8
9
*5
9
*8
9
*8
5 Union Twist Drill
45 Mar
25
3614 36
364 3614 3612 36
3638 -iiii' 16 3 3,903 United Shoe Mach Corp
s -1364 3 4 36
6
2712 July
2534 253
25
4 253 253
4
4 253 254 2512 2512 2512 2512 2512 2511'
4
403
Do pref
3313 June
2034 21
2012 21
204 21
203 21
4
2012 21
2
0
2012 3.114 Ventura Consol 00 Fields_ 5
41912 Dec
174 1713 174 174 1713 1712 163 1714 16
4
164 153 164 3.298 Waldorf Sys,Ine,new sbNo par
4
114 Apr
*812 9
*812 9
•81s 9
*812 9 i
812 84 --------10
Apr
49
•174 18
1712 18
e „ a ei B ra.Na
3 We
25 1&e 115
12 ja 3
:: .ar:31
*174 18
1
WPI!lfe at lrust gis
+174 18 ; 174 18
1712 1712
Oct
13
15
1514 1512 10
16
171* 1612 1613 16
16
1614 2.295 Walworth Manufacturing_ 20 1114 Jan 5
16
352 Sept
4
30
30
3014 3013 304 31
30
3114 297 304 2913 3014
8
868 Warren Bros
3814 Oct
50 31 July12
*33
333
4 333 333
4
4 3412 3412 34
65, Do 1st pref
34
"33
34
3312 3313
44114 July
*35
50 33 July10
37
*35
37 I *3513
436
___ ____ ______ I Do 2d pref
37
*35
37
21 May
5
7 Aug14
*8
812 *8
812 *814 9
400 Wickwire Spencer Steel
8
8 14 *714 8
--__ ---1
Jan
1
Apr
1 Feb 28 .50
a
'
0.30 .55 *.35 .55 *AO .55 *.33 .55 '
at nt
I Adventure C inso dated___ 25 .25 Feb16
1..30 .55 •.30 .55
25 54 Julys 87 Marl
56 Nov66 May
57
57
57
58 ; .57
60
05714 59
_
. 90 Ahrneek
Apr
25 .10 July • .50 Mar 2 .03 Sept.50
•.25 .20 0.15 .25 0.15 .25 0.15 .25 .15 .25 - -- --.2-5..15
25 15 Aug
34 Mar 1
•1512 1612 *1513 16 ; •1513 17
19 Dec 324 Jan
*1512 16
___ _
_ ______ I A
Arues b Mining
ma
45 May
8
2 Mar
2g .7,13,1 J , 3
C
7 . 3;
4
414 Mar 5
13
4 134
134 14 *184 2
13
4
13
4
2
315 Arcadian Consolidated
84
--ii4 -1
1012 June
6 Nov
6 1412 Mar 2
*94 912
012 924 *924 10
93 10
4
8
914 *912 10
382 Arizona Commercial
Jan
184 Sept
10 1512 Sept 4 19 Feb 19
13
I
MITa
*151: 1614 .1513 16 1 *1514 1614 .1512 1614 .1512 1614 +1513 1612
Calumethem &
B1o g
25 1912 Septl
Aug
49 June 15 248 Nov 301
40
4018 404 41 ' 41
414 40
41
197 203
8
4 194 193
4 3,090
1
163 MAY
4
5 Sept 5
9 3 Feb 13
*5
3
512
6
518
5
5
5
5
5
5
5
5 8 Nov
7
5
1,080 Carson Hill Gold
1312 Feb
co
25
7 Jan 18 15 Mar 1
8 Nov
.7
8
*7
8
*7
8
*7
8
*28
25 27 July 6 463 Mar 1
4
29
4
354 Dec 463 May
2812 *27
28
29
29
30
2812 2912 28
____
1,080 CCoenDtmennRange
*212 3
10
214June 28
3
3
5 Feb 23
258 234
278 24
2% 2% 024 3
875 Davis-Daly Copper
5
512
7 8 N(Iv
2
4 N y 124 j
8
/ Jan
1
533 512
5 July 5 1112 Mar 1
512 54
513 53
4
53
3 53
3
54 51z 1.141 East Butte Copper MinIng- 10
318 mar
32 A pr
7
118
pr
g
11.12
114
25 .30 May 22 • 25 Mar 5
118
8
114 *1 18 112
590 Franklin
14
1 13
118
1 18
14 14
*2
214 +2
Aug
25
114
112
114Sept 13
4 Mar 5
214
168 162 *112 2
480 Hancock Consolidated
112
114
3112 3184 3173 313 323
31
I
2434 Mar 28 335
8June 7
8 313 313
8
4 31
31
•3012 303
4 1.'735 Hardy Coal Co
4
0.50 .75 ".50 .75 '.50 .
25 .11 Aug 8
•
.50 .75 0.50 .75
Helvetla
114 Feb20
8
107 107
107 10712 107 10912 107 10834 1063 108
1 97 July 2 11513 kpr 7
8112 Jan 1165 June
4
10614 10712 _ iTifie-i IsiDo Cree Coal
and pr erk
1 9312 Feb 15 10012 Mar 28
128
88 Feb 9712 Nov
*9413 9512
954 953 .9412 96
4
96
9613 9513 96
*9413 95
'2014 21
22
25 19 June 21
18 Nov 2641M111
2213 .12113 2213 .221
20
2212 .32013 22
60 Isle Royale Copper
3314 Mar 3
2014
47 Apr
8
*2
3 Feb
212 .2
212 *2
212 *2
212 ''2
Lake
212 *2
Kerr5 2 July 17
212
iiew2ena w
3 8 Jan 2
5
313 Apr
•.75. 113
Feb
.75 .75 0.75 .90
1
.77 .77
Copper
25 .60 Sept 4
.75 .75, .75 .75
250
214 Mar 5
52 MAY
4
'
2
214 Feb
25
13
4 2
2
2
13.1 13
4' •134 213
262 Lake Copper Co
14 13
4
134June 27
514 Mar 1
24 Apr
.114 2
*114 2
*114
2
1 Nov
•114
2
.114 2 I *114 2
25
La Salle Copper
118 Jan 29
314 Mar 1
234 May
.13
4 2
128 Jan
"13
4 2
•3
*134 2
4r 2
4 2
*13
4 2
*13
Mason Valley Mime
5 . 13
8June 15
23 Mar 27
3
424 Apr
16
8
16s
162
112 Dec
184
138
13s
285 Maas Consolidated
13
8 133 *138
25
112 *112 17a
414 Mar 3
l's July 20
613 Apr
24 25
8
25
8 25
8
3
212 23
4
2
253 1,450 Mayflower-Old Colony_ 25 .92 Sept 14
218 Dec
3
_
23
4 3 1
7 Feb 10
Apr
7
2
2
2
2
.75 July
2
2
VX4 21
2
2 14 *2
214
4
380 Michigan
25
0 July 3
4 Mar 17
041
414 4012 417
8 42
52 Nov 68 Juno
4212 4213 4213 4018 42 . 1 3918 4018
306 Mohawk
25 39 July 2 71 Mar 2
18
1712 1712 18
13
18 1 18
18
1514 Dec 2012 June
18
1812 18
575 New Cornelia cooper
18
2412Mar 2
16 June 28
*212 314 *212 314 *212 314 4212 314 *212 314 ---- ---- -- ---- New Dom. opper
213 Aug: 20
414 Apr 4
40 Feb
*37
*37
3: J
*37
*37
___ *37
*37
-----'New River Company
1001 35
AprI8 40 Apr 27
Oct
447712 Jan 85
80 +37713 73
-ior- *75
80 .17713 - - .27712 io- -•
80
Do pref
100
84 Mar 16
7 2%./tapyr
July 145,8,Jan
518 518
518 64
180 Ninissing mines
514 514 *514 512 *377118 514
53
514 514
Marel) 20
1.
1
spl Doeect
:
5 27 July 55
434
134
214
2
238
21
4
2
214 214
218 238
904 North Butte
*2
24
23
4
15
13 Supt13 183
4
.85 .85
.81 .81
.80 .80 0.80
1
.80 .80
278 011bway Mining
.70 .70
25 .70 July 2
25 Mar 5
8
Jan
27
18
1714
01714 1814 0174 18141 1714 1714 17
146 Old Dominion Co
16 Nov
1612 1612 .17
25 1614 Aug2") 324 Mar 1
32
3114 3114 314 313
4 3113 3113 ----------------165 Osceola
25 Nov 3818 Aug
.
31
5
1
25 243 July18 464
4
031,
1 .34
34 Nov
218 June
02% 3
*314
130 Park City Mining & Smelt_ 5
3
3
Mar
2'4 Aug13
;
•1312 14
3
*1313 14
*1312 -1 -_io- mi.
-4 14 14-1-' 14
140 Pd Crk Pocahontas Co_No 1); E 4 liii ill 22 5 la;2
_io _
1314
,
313 ju,f y g
Nov
ii
73 Quincy
*2612 27 26 2712 28 28 27 27 *26 2713, *25 - Nov 4813 May
36
36
36
36
36
36
36 .34
35
125 St Mary's Mineral Land_ _ 25
36 .33
*33
.
104 May
.50 .50 0.45 .60 0.50 .60
.50 .60
450 Shannon
.25 Mar
.60 .50 •.42 .50
10 33 Sept 6
114 May
1..25 .85 0.25 .80
South Lake
.25 Dec
+.25 .80 0.25 .85 0.25 .85 0.25 .85 '
25 .10 June 4
July
02
113
113
113
240 Superior
114
114
113
15
8 14 *14 2
014 2
31132 Augar 3
: f a 81
1A
114 July18 53 4 Marasr 5
484
23
Dee
1
114
114
1
1
1
114 *1
114
.95 1
840 Superior & Boston Copper_ 2105 .90 July30
1
1
33 Feb 23 .9013 Mar
4
34 Apr
.47 .50
.50 .50 0.49 .50
1 1 4 Dec
X
.25 .50 1,120 TrinitY Copper Corp
5 .25 Sept14
+.47 .50 0.45 .50
112 Feb 15
May
114 *1
114
1
1
+1
118,
60 Tuolumne Copper
14 14 •1
1 14
10
.1
153 Aug 18
1 July 6
314
318 318
313 •13
318 34
1 1-A Oev
334 314
338 318 *z3
300 Utah-Apex Mining
234 Jan 9
5
6 Apr 13 .48 N o t .224
Feb
312 June
1
114 *118 114 014 14 *14 114 .118 114
100 Utah consolidated
114 114 *118
1
Aug 7
1
3 Mar 5
213 Apr
150 Utah Metal & Tunnel
.51
.51 0.50 .60
+.50 .60 ..50 .60 +.50 .60 0.50 .60
1 .40 July20
15 Feb 27 .80 Dec
8
12612
7
Victoria
25 .60 Aug31
25 Feb 28 .7514 Nov
8
0.60 .88 ..70 .87 +.75 .88 0.75 .88 *.75 .88 0.75 .80
Jan
224 AM'
.50 .60, ..50 .75
685 Winona
.50 .50
.80
.60 .70 0.50 .75
25 .30 June29
13 Mar 5 .25
4
'.60
612 7 I
130 Wolverine
612 634
63
4 634
May
612 7
012r 67
8
612 612
25
5 July 3 13 Mar 1
.....__
102 . S Ex-dividend and rights. z Ex-dividend. q Ex-stock dividend. a Assessment paid.
8
•Bid and asked prices; no sides on this /lay. 8 E2-2
Thursday. May 24, trading has been in new shares, of which two new shares of no par value were given in exchange for one share of old stock Of $10
O Beginning with
'
par value. In Order to make Possible comparisons with previous quotations, we have divided all these previous quotations by two.
it
:ia- )5i; -i-, -iii,;
,i.
1.228
THE CHRONTCLE
[VOL. 117.
Outside Stock Exchanges
Boston Bond Record.—Transactions in bonds at Boston
Stock Exchange Sept. 8 to Sept. 14 both inclusive:
Bonds—
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.
Range since Jan. 1.
Low.
Atl G & W I SS L 5s_ A950
47
47
310.000 43
Chic Jet & US Yds 53.1940
94
94
1,000 8834
E Mass St RR B 5s_ _ _1948
71
71
650 7034
Hood Rubber 7s
1014 1014 7,000 100
1936
K C Clio & Spr 5s_ _ __1925
82
82
5.000 76
K C Mem & Inc 4a 1934
9316 934 5,000 854
Income 58
1931 8816 8616 8836 2,000 85
K C Mem Ry Bdge 5s.1929
93
93
1.000 9114
K C South 53
1950 83
83
83
5.000 83
Mass Gas 4 48
1929 94
94
94
2.000 92
4168
1931
91
91
7.000 89
Miss River Power 55_ _1957 91
91
93
74,500 89
New England Tel 5s_ _ 1932 98
98
9814 8.000 9634
NB Non Co deb 4s_..1955
41
41
1.000 41
Swift & Co 5a
1944
96
964 11.500 91
Warren Bros 74s_ _ _ 1937 10534 105 106
2,500 10216
Western Tel 5s
1932 9635 964 9716 5.000 94
High.
Mar
July 62
Mar
May 95
June 774 Jan
July 1024 Jan
Feb 844 Sept
June 9334 Sept
Apr 8814 Jan
June 944 Jan
Sept
Sept 83
Apr 964 Mar
Jan
Apr 92
Jan
Apr 95
Mar 09% Jan
Sept
Sept 41
Apr 99% June
Mar
July 115
Feb
Mar 98
Baltimore Stock Exchange.—Record of transactions at
Baltimore Stock Exchange S ,pt. 8 to S2pt. 14, both inclusive, compiled 'from official lists:
Stocks—
rnaay
bates
Last Week's Range for
Sale
Week.
of Prices.
Par. Price. Low. High. Shares.
10
254
2655
1 ,1
02
81
85
844
1931
51
3831
73
2814
94
9914
9651
7114
cccoc..cic
7134
5114
cocoa...00,D
97
00000000§00000000§
OCOOCOO
C.00QCOCZ
0234
9734 9734
9114 9134
984 9831
10234 1024
864 87
97
97
884 8835
,
52
52
94
94
77
77
974 971
4
9834 9811
7111 7114
5011 514
7534 7534
9955 9914
9631 9
64
721.1 721.c
C•1
Bonds—
Balt Traction 1st 5s__ _1929
Consol E L & P 436s 1935
Series E 541
1952
Series A 6s
1949
3ons0l Coal ref 6s_ _ _ _1950
Eakhorn Coal ('orp 6..1925
3a South k Fla 68
_1945
Macon Dub & Say 511_1947
MO Elec Ry lot 56_ _ _ _1931
Wonon Valley Trac 63_1942
North Bait Trac 53... _1942
North Central err A 51 1926
United Ry & El 4a_ _ _ _1949
Income 41
1949
Funding 65
1936
68
19491
65
1927,
Wash Balt & Annan 511941
•No par value.
46
40
85
58
944 95
89
89
45
46
3214 324
40
40
234 24
1094 110
254 2555
2655 2614
iosq 11014
103 10534
11611 11614
84
854
85
89
82
82
424 424
18
18
17
17
8
8
82
8234
2414 2414
23
23
844 8434
245 245
1104 112
.934 21
54
54
38
3811
73
73
100 1004
18
184
156 156
834 814
284 284
514 5134
C Vtr ,
•
OC.C
4-,,,
Alabama Co. lot pref. _100
Amer Wholesale. pref 100
Armstrong Cator 8% p0100
Arundel Sand & Gravel 100
Benesch (I), corn
•
Boston Sand & Grave!.100
Central Teresa Sus, pre( 10
Ghee & Pot Tel of Balt_100
Commercial Credit. pref _ 25
Preferred 13
25
Congo' Gas, E L & Pr_ 109
7% preferred
100
8% preferred
100
Consolidation Coal
100
EasternRoll MI11.8% pf,100
Fidelity & Deposit
50
Finance Cool America _2.5
Finance & Guar, praL..25
Finance Service, class A_I0
Preferred
10
Houston 011 pf tr ells 100
Mfrs Finance 1st prof_ _25
2d preferred
25
Maryland Casualty Co._25
Mercantile Trust Co
50
Merch & Mmn Tr Co._ _100
Mon Valley Tree, pref..25
Mt V-Wood MI 's,pf 'or I 0
New Amaterd'm Gas Co100
Nor Cs ntra
0
Penns Water & Power.100
United Fly & Electric_ _...50
U S Fidelity & Guar ....ISO
Wash Bait & Annap_ _50
Preferred
50
West Md Dairy Inc pf _ _50
Range since Jan. I.
Low.
82
Jan
9334 July
8814 Aug
40
Jan
3216 Aug
Sept
40
234 July
1084 June
Jan
25
2514 Aug
10634 July
103
July
115 June
824 May
80
Jan
7814 July
384 Jan
1634 July
Aug
15
734 June
Aug
80
2414 July
2214 Sept
8234 Aug
Jan
233
1044 Aug
Feb
18
Aug
51
35
Jan
July
71
Aug
100
154 Aug
Jan
147
Aug
8
264 June
5134 Sept
9655
874
97
10034
855.i
96 1
4
8734
4911
924
77
964
9834
7111
5034
73
9914
96
701.4
High.
Apr
90
98
Feb
_rune
90
46
Sept
36
June
691
4 Jan
44 Feb
non Mar
2514 Apr
274 Jan
118
Mar
Mar
108
Jan
120
Jan
98
100
Mar
14431 Apr
4411 Mar
Jan
30
17
Jan
Apr
9
Jan
95
264 Feb
264 July
Jan
90
Apr
251
Apr
121
Aug
22
7334 Mar
39 June
Jan
77
10811 Mar
2016 Jan
Jan
164
Feb
15
314 Feb
514 Sept
May 98
Feb 9234
May 100
Apr 10334
May 90
Aug 9914
Aug 9034
Apr 5434
May 964
Sept 86
Apr 984
Sept 9831
Sept 7434
Aug 55
Aug 7734
Sept 10216
Aug 98
InIV
771
4
Mar
Jan
Jan
Jan
Jan
Jan
Jan
June
Mar
Jan
Jan
Sept
Jan
Jan
Jan
Jan
Jan
Jan
Bonds—
Par
Friday
Sales
Last Week's Range for
Sale.
II eel.
ofPrices.
Price. Lou. 11 Loh Shares.
Range since Jan 1.
Low.
High.
Amer Gas & Elec 5s_ _2007
88% 8814 52.000 82
July
Elec & Peop tr etfs 48_1945 54
13.0110 60
July
6334 64
Keystone Tel 1st 55_ _1935
1,000 70
Apr
724 724
Lake Superior Corp 581924
22
5,000 19S4 June
22
Peoples Pass tr ctfs 4s_1943
1,000 65
6734 6716
June
Phila Co cons & stpd 5s_'51
2.000 8914 Apr
894 8911
Phila Elec 1st sk Id 48.1966
804 8016
1.000 79
May
1st 5s
1966 9815 98
9934 33.000 96
Apr
5345
1947
1004 1014 8.500 99
Apr
es
1941 10331 1034 103'4 1 .000 10294 Slay
Spanish-Amer Iron 65_1927
1004 10014
6.000 991-4 May
United Rys Invest 58_1926
9214 9214
Jan
1. 001) 88
West NY & Pa Inc 59_1943
45
45
Sept
2,000 45
York Railways lot 5s_1937
1,001) 874 May
8814 8836
* No par value.
Apr
Jan
Jan
Feb
Jan
Mar
Mar
Jan
Feb
Jan
Jan
Mar
Sept
Jan
9516
7114
SO
31
73
9334
82
103
103
1064
10034
9831
45
92
Pittsburgh Stock Exchange.—Record of transactions at
Pittsburgh Stock Exchange Se )t. 8 to Seat. 14, both inclusive, compiled from official sales lists:
Stocks—
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Par. Price. Low. High. Shares.
Am Wind Glass Mach_ _100
Am 1,VInd Glass Co. pf _100
Arkansas Nat Gas, com_10
Carnegie Lead & Zinc_ _ _ _5
lndep Brewing. com_ __50
Preferred
50
Lone Star Gas
25
Mfrs Light & Heat
50
Nat Fireproofing, prof. 50
Ohio Pure Oil
Ohio Fuel upply
25
Oklahoma Natural Gas_ _25
Pittsburgh Crew, com 50
Pittsburgh Coal, pref. _100
Pitts')& Mt Shasta Cop..
Pittsburgh Plate Glass.100
Salt Creek Consol 011 _10
Stand San Mfg, com___25
Union Natural Gas
25
West'house Air Brake.
..50
W'house El & Mfg, pref _50
West Penn Rys, pref.
___100
Bonds-Indep Brewing 6s._ _ _1955
MonongR ivconsC'&C6s'49
8434 87
106
106
5% 516
214
234 34
9
9
25
2534
5334 5331
1834 184
1134 12
31% 3134 32
21
21
2134
2
2
9914 9916
15c
14c
15c
188 188
74 715
84
84
85
2934 25.4 2916
82
81
82
73
73
83
83
5316
80
Range since Jan. 1.
Low.
405 78
46 106
2,065
5
255
1.330
355
15
110
6
390 23
490 15
550 1455
410 1155
635 30
160 18%
111
50
10 97
45.000 10c
10 165
645
7
284 73
350 234
819 76
10 73
35 77
High.
July 95
Sept 108
Aug 10
434
Sept
4.5i
Jan
10
Jan
Slay 27
May 60
July in
18;5
Aug
July 3651
Mar 3614
214
May
Jan 100
June 28
Jan 205
1734
Aug
Mar 8514
Feb 29
Apr 86
Apr 73
Apr 86
79
80 338.000 6634 Mar 80
10734 1074
1,000 10734 Sept 108
Mar
Apr
Jan
Aug
Aug
July
Feb
Feb
Aug
Feb
Mar
Mar
Jan
Mar
eJan
Jan
Apr
Apr
Sept
May
Apr
May
July
Jan
St. Louis Stock Exchange.—Record of transactions on
the St. Louis Stock Exchange for Week from Sept. 8 to
Sept. 14, both inclusive, compiled from official sales:
p rmay
Stocks—
zates
Last Week's Range for
Sale
of Prices.
Week.
Par. Plitt. Low. High, Shares.
Boatmen's Bank
First National Bank
Nat Bank of Commerce— 145
Mercantile Trust
Title Guaranty Trust
94
Brown Shoe, pref
Common
Certain-teed Products
Chicago Ry Equip, pref_-_- -----Ely & Walker DC, 1st Dr224
Common
Fulton Iron works.coalHydraulic Press Brick, corn
Indlahoma Refining Co_
-International Shoe, pref___ 115
72
Common
Missouri Portland Cement_
Nat Candy. common
Southwestern Bell Tel, pref 10234
Wagner Electric, common_
Wagner Electric Corp, pref
Bonds—
Alton Granite dr St I. Tr 58
United Railways 48
Kinloch Telephone Ils
KInloch Long Distance 55_
Missouri Edison Electric 55
6014
".
14331 14331
200 201
145 145
360 363
5834 5834
94
95
51
5114
75
76
25
25
10114 1014
214 2234
39
39
331
331
3
3
115 116
72
73
9516 99
81
77
10234 103
26
26
75
75
604
5914
10031
9536
9834
0* 1?
5
16
9
16
20
66
30
45
20
10
225
25
10
110
23
357
51
200
28
102
30
Range since Jan. 1.
Low.
142
200
140
356
50
0234
4834
70
25
1014
204
36
335
3
11511
8334
7914
744
101
21
71
Aug
Sept
Aug
May
Mar
July
July
Aug
Sept
Sept
Aug
Aug
Aug
Sept
Aug
Jan
Jan
July
July
Aug
July
High,
148
May
Jan
210
15334 Mar
380 June
5834 Sept
9914 Jan
65
Mar
90
Feb
274 Mar
1054 June
2511 Mar
5411 Mar
634 Feb
19
Mar
119
Mar
75
Apr
99
Sept
9111 Jan
10411 June
3554 Apr
83
Mar
6014 83.000 5331 Jas 63
Mar
6031 6.000 5834 May 64
Jan
1004 6.000 10034 Sept 10031 Apr
954 2,000 94
Feb 9634 May
1,000 974 Apr 9834 Star
9834
0214
I 111111
OA
11.1w
inn
xi...,
Philadelphia Stock Exchange.—Record of transactions
Chicago Stock Exchange.—Record of transactions at
at Philadelphia Stock Exchange Sept. 8 to Sept. 14, both
Chicago Stock Excl ange Sept,8 to Sept. 14, both inclusive,
inclusive, compiled from official sales lists:
compiled from official sa es lists:
Friday •
Sales
Stocks—
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares
American Elec Pow Co_ _50
Preferred
100
American Gas of N J_ _ _100
American Stores
•
Brill(J G)Co
100
Buffalo & Sum orp—
Preferred v t c
100
Congoleum Co Inc
•
Warrants w 1
Consol Traction of N J.100
CramP.(Wm)& Sons...1Q0
East Shore G & E 8% p1_25
Electric Storage Batt'y.100
General Asphalt
100
General Refractories
•
Insurance Co of N A_ _ _ _10
Keystone Teleph pref_ _50
Lake Superior Corp _ _ _100
Lehigh Navigation
50
25
Nor Liberties Gas
Penn Cent Light k Pow_ •
North Pennsylvania. _ .50
Pennsylvania San Mfg.
.50
Pennsylvania ItIt
50
Mile Co pref (cum 6%).50
25
Phila Electric of Pa
25
^ Preferred
Phila Insulated Wire
Phila Rapid Transit. _ _ 50
Philadelphia Traction_ 50
50
Plana & Western
50
Reading Company_
1
Tono-Belmont Devel_
50
Union Traction
100
NJ
United Cos of
50
United Can Impt
50
Preferred
West Jersey & Sea Shore_ 50
50
Westmoreland Coal
Range since Jan. I.
Low.
High.
Stocks—
224
72
2634
Ill
4936
45
4.
54
88
2934
304
3431
39
514
56
224
7134
73
2416
75
244
1,050
72
74
7434
265
27
19,148
76
145
51
51
110% 115
90% 92
3534 3534
524 5231
23
24
59'4 62
2934 29%
49
50
45
4531
27
27
4% 5
6734 6834
33
33
59
59
79
79
864 884
4234 434
4334 44
2934 2911
3034
30
45
45
344 34%
60
60
9
915
76
75
11
44
3934
39
193 193
514 5334
554 56
3631 40
66
66
15
63
7131
20
49
50 42%
686 *104
79 9016
10 35
35 50
20 23
270 52%
100 25%
800 4214
318 42%
90 25
4.9
44
521 64
65 33
85 5434
5 77
130 79
2,636 41%
70 41
3,472 27%
491 29%
18 42
1,969 30
10 59%
60
8
300 70%
14
100
60 35
20 190
1.898 4711
75 z54%
775 33
28 65%
Feb
Feb
Aug
June
Jan
30
78
834
27
91
Apr
Apr
May
Sept
Mar
Jan 544 Jan
May
Aug 240
Sept
Sept 92
Jan
Aug 49
Apr
Jan 59
Jan
Sept 26
July 66% Mar
Aug 5311 Mar
Feb 5916 Mar
Apr
Jan 50
Aug 344 Mar
1014 Feb
Aug
Jan
Aug 75
Sept
Sept 33
Aug
Apr 62
June 814 Jan
June 9335 Apr
Juno 4734 Jan
June 454 Feb
May 3336 Jan
Slay 33% Jan
Aug 504 Jan
Jan 344 Sept
June 67
Jan
Jan 12% Apr
June 80
Feb
June 15-16 Jan
June 404 PJan
July 200
Van
May 56
Apr
May 564 Feb
Jan 43
Mar
May 8636 Mar
Friday
sates
Last Week's Range for
Sale
Week.
of Prices.
Par. Price. Low. High. Shares.
Amer Pub Say, pref__ _100
American Shipbuilding- 100
100
Preferred
Amer Tel & Tel Co
Armour h Co (Del), pf_100
Armour & Co. prof _ _ _ _100
15
Armour Leather
100
Preferred
Bassick-Alemite Corp_ _ _ _.
*
Beaver Board
*
I3org & Beck
•
Bridgeport 'Machine Co..
100
Bucyrus Co, pref
Central Pub Serv, pref_ 100
Chicago Fiev Fly, pref_100
Chic Motor Coach, corn_ _5
Preferred
Chle Rys part etf series 2._
Commonwealth Edison.100
Consumers Co,pref_ __ _100
Continental 'Motors_ _10
Crane Co, pref
Cudahy Parking, corn...100
Daniel Boone Wool Mills 25
100
Deere & Co, pref
101)
Diamond Match
Eaton Axle & Spring
*
Eddy Paper Corp (The)_ _•
Fair Corp (The), pref. _100
Gill Manufacturing Co__ _*
Godchaux Sugar,com.___*
Gossard (II WI. pref _ _ _100
Great Lakes T) ho D... 100
Hammermill Paper. corn 10
Hart,Schaf&M arx.co m.100
Haves Wheel Co
*
Holland American Sug_ _10
nTi.nrs Mntnr
10
82
33
2811
114
4
140
1
12714
6134
108
50
2811
110
33
102
1734
10
2734
301
MU
8715 8716
65
65
83
83
1244 12434
8914 9114
82
8511
755 755
804 8034
3531
33
234 3
2831 3011
114 1234
106 106
85
84
34
16
140 146
89
88
1
1
127 12734
6134 62
731
716
107 108
50
52
27
3134
62
62
110 110
2434 2434
33
34
1014 102
177
4 19
10
104
2714 2914
83
84
25
28
11316 117
3434 37
5
5
'MU 50
40
10
10
50
632
2,365
335
10
1,990
225
2.220
2,235
50
85
3,550
250
110
70
345
20
2,270
130
85
9,680
37
217
50
1,835
320
315
420
610
45
75
100
140
100
1.310
Range since Jan. 1.
Low.
High.
834 Aug 197
59 June 74
75 June 83
120
July 12431
8434 June 108
71
June 96
7(4 Apr 10
804 Aug 874
275-4 Feb 393-4
24 Sept
434
224 May 3234
12
Aug
1616
105 June 106
83
Aug 90
34 Aug
831
118 May 161
85 Slay 90
4 July
316
12614 June 131
5811 Aug 70
64 June 12
107
July 115
40
June 6434
194 May 6214
4814 June 7411
1094 July 121
2334 Aug 3031
224 Apr 40
100
Jan 106
1614 June 2834
734 Aug 2634
2434 Feb 354
75
June 9434
Sept31
25
98
Jan 117
32
July 4334
416 June1
64
4
161 JulvI 254
Feb
Jan
Sept
Sept
Feb
Jan
Jan
Mar
Mar
Jan
Mar
May
Sept
Mar
Mar
Aug
June
Mar
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
May
July
Jan
Apr
Apr
Apr
Feb
Mar
Aug
Apr
Feb
Mar
SEPT. 15 1923.]
•
Hurley Machine Co
Hydrox Corp, coin_ _100
100
Illinois Brick
Illinois Nor Util, prat _100
25 34
Inland Steel
International Lamp_25
934
Kellogg Switchboard__ _25 44
731
Libby, McNeill& Libby _10
10
4
Lindsay Light
Lyon & Healy, Inc, pret-- .._ _..
• 34
McCord Rad Mfg
*
McQuay-Norris Mfg
Mid West Util, cam_ _ _100
Preferred
0 8434
10
Prior lien preferred
10
Murray Mfg Co
Nat Carbon. pref(new) 100 116
10
4
National Leather
PhIllpsborn's, Inc, oom_ _5
4
Preferred
68
10
Pick (Albert) & Co
Pub Fiery of No Ill, com__• 100
Pub Serv of No Ill, corn 100 9934
Preferred
100 91
Rights
Quaker Oats Co. pref_1(g)
Reo Motor
10 1631
Sears. Roebuck, corn 100 77
Standard Gas& Electric _50 29
Preferred
50
Stewart-WarnerSp,com100 8231
Swift & Co
100 10131
Swift International
15 19
Thompson (J R),corn__ _25 47
Union Carbide & Carbon 10 5334
United Iron Wks v t c50
5
United Lt & Rys.com_100
lot preferred
100 77
Participating pref__ _100 91
United Paper 13d, pre.100
20 7231
13 El Gypsum
100
Preferred
US Stores, pref
Vesta Battery Carp, corn.
• 29
• 4414
Wahl Co
Wanner Mall Castings* 2231
Ward(Mont)&Co, pref _100 10931
20 2131
When issued
•
Class "A"
Western Knitting Mills_ _•
Wolff Mfg Corp
•
8
Wrigley Jr. corn
25 11331
YellowCabMfg,class"B"10 246
Yellow Taxi Co
10331
Bonds
Armour & Co 44s_ _1939
Armour &Co of Del- -year
20
1943
e 5355
Chicago C&C Rya 5s_1927
Chicago Rya 5s, "B"_1927
Commonw Edison 5s__1943
Cudahy Pack 1st M g 5846
London Guar & Ace bldg
a f 1st M gold 6s
_1962
Ohio R1v 1st Ms f63_1943
Pub Serv Co 1st ref r 5s'AR
* No par value.
4634 4634
19
21
78
78
85
85
34
35
934 1034
44
4434
74 8
4
4
98
98
334 35
19
22
4431 4631
8331 85
9634 99
2031 21
116 116
4
434
314 4
68
70
2034 21
993110131
9934 10031
9031 91
70e 100c
984 99
1631 1731
77
77
29
3131
48
4834
8134 894
101 106
1831 2031
4631 4831
5334 5631
5
6
14631 148
7731 79
90
91
14
1431
a34 76
105 105
9634 97
21
3331
4434 45
2231 23
10931 10931
2031 2331
100 10031
111 114
434 10
110 11731
244 246
102 10634
20
1,180
175
10
2,850
1,100
120
7,220
320
10
1,235
275
415
230
335
295
33
544
3,777
150
100
295
335
153
31,525
170
4,510
10
7.705
800
57,150
1,962
4,680
975
6,210
775
86
300
40
32
647
22
55
3,285
315
200
lo
4,740
350
750
8,780
14.3 5
1,001
39,300
Range since Jan. 1.
Low.
Stocks (Concluded)
High.
4134 July 5031 Aug
1834 July 3234 Apr
60
Apr 9631 Jan
83 June 8631 Mar
32
July 504 June
8 May 32
Apr
3934 July 47
Sept
5
July
83.4 Apr
431 Jar
234 May
96
July 1014 Mat
26 June 39
Apt
1031 May 26
Apt
3631 May 53
Fel
804 July 8634 Jar
96 June 104
Jar
July 21
18
Sept
115 June 123
Api
331 June
834 Fel
3
Aug38
Jar
70
Sept 9831 Jar
1731 Aug 3631 Mai
9934 May 10334 Am
9931 June 10331 Apt
904 Sept 99
Am
70c Sept 100c Sept
85 June 100
Jar
1134 Jan 20 MI41
pet
6731 July 93
1731 Jan 3234 Mai
4631 June 5134 Air
7434 July 12434 Api
9834 June 1094 Jar
16 June 214 Jai
4334 June 52 jun,
5131 July 6731 Jai
Aug 1331 Fel
4
71
Jan 1G4 Mw
Ap
694 July 94
8931 Aug 9931 Ma
July 1831 AP
14
51
July 76
Sep
1024 Aug 106
Ma
9231 May 9831 Ma:
1631 Aug 3614 Sep
July 5831 Jai
43
1814 May 2531 Fel
9534 Feb 112 Jun
1831 May 2531 Fel
93
Jan 104
Ap
1
Sept 1031 'Iltla
434 Sept 3534 Ma
100
Jan 11731 Sep
222 June 296
Ap
7031 Jan 10631 Sep
84
84
84
Sept
894
53
47
9631
86
8931
53
47
964
86
1,000
5,000
1,000
2.000
1,000
8534
47
47
9531
86
July 96
Fe
Jan 654 Ma
Jan 56
Ma
May 10531 Ma
Apr 87 Ma
9831 9831
95
95
RAW RA ke
2,000
7,000
9 nnn
9731 Aug9831 Set
95 Sept95 Set
RA
A,,
a 1.4. as.
51,000
96
Jai
THE CURB MARKET.
Pressure in the oil group was the main characteristic in
Curb Market trading this week and resulted in losses of
several points in the higher-priced issues and fractional declines elsewhere. The volume of business was only fair.
Prairie Oil & Gas was the outstanding feature. Opening at
169 it sold up to 176, then broke to 161, the close to-day
being at 165. Prairie Pipe Line lost about 3% points to 97
and ended the week at 98. Standard Oil of Indiana gained
about a point to- 53%, then reacted to 51%. Imperial Oil
(Canada) rose at first from 96 to 97%, but fell back to 953/i
finally. Indiana Pipe Line was off from 95 to 923. South
Penn Oil sold down from 121 to 115. Standard Oil (Kansas)
eased off from 393/i to 38. Standard Oil (Kentucky) lost
about three points to 89%. Standard Oil of New York
declined from 38% to 36% and closed to-day at 363". Gulf
Oil receded from 50 to 46%, recovered to 483' and reacted
finally to 47%. Changes in industrials were only small.
Centrifugal Cast Iron Pipe moved up from 17% to 20 and
down finally to 193. Chicago Nipple Mfg. new stocks
(par $50) were traded in for the first time; the Class A issue
advancing from 383 to 413 and the Class B stock from 183/2
4
to 20. The close to-day for the former was at 41% and for
the latter at 20. Durant Motors weakened from 39 to 38%,
sold up to 393 ,then dropped to 35, the close to-day being at
4
363'. Gillette Safety Razor was off from 271 to 259 and
recovered finally to 265. Glen Alden Coal dropped from 74
to 703.. In bonds United Oil Producers 8s recovered some
of the loss noted last week, selling up from 78 to 823/2 and at
82% finally.
Below is a record of the transactions from Sept. 8 to
Sept. 14, 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.
Week ending Sep
Stocks-
fe,ulay
Sales
Last Week's Range for
Sale.
ofPrices.
Week.
Par Price. Low. High Shares.
14.
Indus. & Miscellaneous.
Acme Coal Mining
10
231
2% 2%
Amalgam Leather com_ • 1334 13% 13%
374 38
Amer Gas & Elec, coin_ •
Preferred
4234 4234
50
Amer Hawaiian SS
12
10
1234
27
Archer-Daniels Mid Co_ •
27
90
Armor & • of Del. of 100 z90
92
_100
84
Armour az Co (Ill) Prof.
84
•
1%
1% 144
Atlantic Fruit Co
118% 119%
Borden Company corn 1A0
Preferred
100
102 102
1229
THE CHRONICLE
rrwag
sates
Last week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Range since Jan. 1.
Low.
100
2)4
300 13
500 31
100 40
400 12
100 25
2,200 84%
10 73
1)4
400
30 110
20 99
High.
Aug
6
Sept 1944
June 4634
July 46%
Sept 25%
July 4044
July 2
231
July 94
June
234
Mar 122
July 10634
May
Apr
may
Feb
May
May
Feb
Feb
Feb
Jan
Apr
Friday
Sales
Last Week's Range for
Week,
Sale.
ofPrices.
Price. Low. High. Shares.
Range tines Jan 1.
Low.
High.
12
12
100 113( Sept 1634 May
Bridgeport Machine Co_ *
24% 5,100 19% Jan 24% Sept
In& Tob ord bear.£1 2434 24
B
24% 2434 1,500 19% June 24% Sept
£1
Ordinary
July 1834 Sept
200 12
British Int Corp. class A.° 17% 1734 1734
734 Jan 104 Mar
16 1034 104 10% 1.500
•irooklyn City Firt
June
4-1 Feb
lite
11* 134 6,000
noddy-Suds ne
•
100 105% July 109% Feb
107 107
Campbell Soup pref. _100
3
Aug
234 244 2.400 75e Mar
2%
Car Ltg & Power. com_ _25
5
Feb
2% Feb
1.300
234 3
3
Cent Teresa Bug Pref.--10
Jet
20 Sept
3.200 in
Centrifugal Cast Iron Plpe• 1934 17% 20
6614 Feb
200 32 Sep
32
33
Checker Cab Mfg cl A_ •
% la•
834 Fept
534 81 40,R00
4
'liii'' I 101lass A.III
50 :41% 38;4 4134 14,900 3834 Sept 41% Sept
New Class A
10
Sept
24 sto,
334 4
5,000
C13.124 Ii
4 Sept 20
Sept
50 20
600
1834 20
New Class 13
*
10 los% Sept 105% Sept
105% 105%
Chicago Yellow Cab
Sept
10 159% Aug 160
160 160
Childs Co common_ _100
J1110. .55
Feb
93(1 130
13134 133.%
Itlea Aervioe. com____101 z132
tun, 70
Prolprrowl
1t10 8614 65% 66% 3.700 54
Mar
5% June
634 Mar
Preferred B
10
200
534 5%
1.•
102
Jan
82
83 $15000
Cities Service, stock scrip__ 83
Aug
73
75 $14,000 73 Sept 78
75
Cash scrip
Ism gam hankers' sh...• 134 13
900 13 Sent 104( Feb
13)4
200 24% July 3444 Apr
27
2734
Cleveland Automob corn_*
• 175 16 June 2534 Mar
Colorado Power, com__100 19
19
20
July 60
100
Mar
10 50
50
50
Cudahy Packing
Curtis Aeropl & M,corn
July
Certificates of deposlt_ _
8
7
Aug
734 734 1.200
100 24% Sept 35% Jan
2454 2454
Davies (William) Co Ine_•
Jan 9134 June
225 82
Del Lack & West Coal_ _50
8734 9034
134
10% 10
1154 5,600
1.1W •1.1,1e.t.ef Red
1344 Apr
431
•
234 June
4
454 4.800
DuPont Motors,Inc
774 Apr
• 364 35
Jan
Durant Motors. Pie
3934 3,600 35 Sent 84
a% July 2534 Jan
934 934
100
Durant Motors of Ind__ in
100
96
96
10 96 Sept 121 May
Fajardo sugar
7
734 2.500
734 Sept
334 Apr
Federal Tel az Tel.5
Jan 460
Mar
420 423
100 400
Ford Motor of Canda_100 423
259 27131
Apr
480 38 June 292
lilieite Safety Razor ___.* 265
• 7031 7031 74
Jan 7544 Apr
3,400 56
Glen Alden Coal
R,enm100 1034 1034 1034 1,100
Mar 1614 May
9
(Wei Veitr
(13.4 May
784
134 1,100
75e Sept
Griffith (D W)Inc el A_ •
1% Sept
24 Feb
134 1%
Heyden Chemical
800
900 12% Aug 174 Feb
Hudson Cos preferred_ _100 15% 1534 1634
8
July 1234 Feb
10
10
400
Bud & Manh RIt com-100
100
50
50
Sept
100 43 May 50
Preferred
514 Apr
5% 5%
6% Mar
200
Imperial Tob of Canada_ _5
• otee.,,tomitol 4 1,1, inn
3% Aug
344 3%
300
6% Jan
85
85
Sept 9634 Jan
100 85
Kup'h'mer(B)& Co pf_100
Mar
300 17% July 25
Lehigh Power Securities_ • 2134 2134 2234
814 Apr
534 June
500
Libby, McNeil & LIbby_10
MeCroryStoresnewromwi•
100 4031 May - 231 Sept
6231 6234
97
97
100 95
Pref (without war'ts) 100
Aug 97 Sept
Aug 2234 Sept
1934 224
400 16
Warrants (stock purch)_
534
54 534 4,000
534 Sept 12% Jan
Mesabi Iron Co
• 1734 1634 1734 1,900 11
June 21% Ayr
Midvale Co
36
37
MunsIngwear,Inc
600 3114 July 42/4 May
57
58
1.250 511
'OM/ Delleom 50 57
M
7031 Mar
Na, S0101,
24 234
234
300
2
July 164 Jan
Fiction Pub corn._ _5
New
234 334
2% Mar
700
474 Mar •
New Mex & Ariz Land_ 1
110 110
112 Jai
June
20
N 4' Tel 64°7Oref___ 100 110
2731 Sept
• 26
2534 26
1.300 2534 Sep
Park & Tilford,Inc
6
6
1534 Apr
100
6 Sep
Patterson Bros Tob Cl A •
5
4% 5
1234 July
4
Au
200
Philllpsborn's, Inc, corn...5
934 934
11
100
Jan
9
Ma
Pyrene Manufacturing_ _10
214 Juur
3
3
334 7,800
4% Mar
Radio Corp of Amer.corn•
no
34 334 3.300
314 Apr
1,
2its 351
5
Preferred
20% May
10 1634 16% 1734 4,200 I" 44 Fel
Reo Motor Car
1
100 813e Jun
1
2
Jan
5
Repetti, Inc
1034
600
9
Sep
1034
9
11
July
Roamer Motor Car
75c 750
1,000 50e Jun
1
Jan
Saguenay Pulp &Pow corn 5
8,000 14e Au
15c 15e
50o may
Southern Coal & Iron__.5 15c
20 214 Feb 30
Sept
29)4 30
Standard Gas & El com_50
2% May
235 234
334 Jan
100
Standard Motor Constr_10
825 5044 Aug 51% Sept
Studebaker-Wulff Rub _ _• 514 5134 5134
13% 1334
200 12% Sept 24% Jan
•
Stutz Motor Car
140 98 June 109
101 105
Feb
100
Swift & Co
534 Aug
534
400
534 534
934 Feb
Technical Products Corp-5
July 19
1534
900 12
corn__ _•
Mar
1431
'Tenn Elec Power,
44
434 454 1.200
814 Mar
24 Jun.
Trib Prod Fxporte Corn...*
534
434 Jan
7
Apr
531 634 1,500
United Profit Sher, new__1
5
5
534 1,400
Ft
Mar
-le
Ur. Retail Stores Candy--•
434 43.4
9
Mar
234 Jan
100
Founders shares
•
300 20 June 30% Jan
U.S Distill) Corp corn__ -50 2534 2534 254
134
134 134
700
1
Jan
24 July
1J Light di Heat corn__ _10
24 234
100 900 Jan
10
341 Apr
Preferred
12
1334 . 700 12
Sept 20% Apr
Universal Pipe & Had w/(*) 12
61
61%
400 5634 Aug 72
100
Preferred
Apr
3
3
334
10
200
43( Apr
3 2Jan
Utah-Idaho Sugar
134
134 134
5
500
2 •Jan
134 June
Wayne Coal
1,800 100
Feb 15214 Apr
Yellow Taxi Corp N Y • 11554 113 123
Rights.
Intermit Combustion Eng.
Reading Coal w
2031
Former Standard 011
Subsidiaries
Anglo-American 011_ _ _£1 1434
50 8234
Buckeye Pipe Line
25
Continental 011
25 17
Crescent Pipe Line
Cumberland Pipe Line_100 • 108
100 106
Eureka Pipe Line
Galena-Signal 011, com_100
Humble 011 & Refining_ _25 2834
100 156
Illinois Pipe Line
Imperial 011 (Can) coup_25 9531
50
Indiana Pine Line
Magnolia Petroleum_ _1110 125
National Transit _ _ _ :12.50
100
New York Transit
25
Ohio 011
25
Penn Mex Fuel
100 165.
Prairie Oil & Gas
100 98
Prairie Pipe Line
100 115
South Penn 011
100 95
Southern Pipe Line
South West Pa Pipe L._100
Standard Oil (Indlana).....25 5134
Standard Olt (Kansas)_ _25 38
26 8854
Standard 011(KV
Standard (ill of N V__ _25 3634
Stand 011(Ohio),com_100 279
44
Vacuum 011
Other 011 Stocks
10
Allied Oil
Ark Natural Gas, com-10
Atlantic Lobos Oil cora_ _ _•
_
Rvivilkat9.
Consolidated Royalties.._1
re,oe •se,.01•.eie
Derby Oil& Ref,cora_ _ _*
•
Preferred
Engineers Petroleum Co..).
Cilenroek-_10
Granada Oil Corp. CI A-10
24'.
unit liii orp of Pa
1
Hudson 011
Humphreys Oil
35
International Petroleum_ ..•
8c
3
314
27
9c
63e
4731
485-4
15
42
51
20% 2234
7.400
9,200
42 Sept
1414 July
1434 1434
80
200 13%
82
83
170
35
3534
35
1
300 152
17
17%
200 1534
108 108
so
85
10434 106
180
63
64
100
955
8
5
28% 29
5,700 2
156 157
so
650
95% 97)4
92% 95
90 1-24
125 126%
170 128
24% 243(
2 34
8
2
100 8 4
98
a
99
54
54
100 41134
14
100 10198114
14
1,37
161 176
97 10034 2,400
115 121
00
250 193
7
9434 95%
1
82
82
51% 53% 31.500 6346893434
38
3934 1,300
8834 9134 1,800 88m
3
0
36% 38% 7,100
oo 270
278 280
4334 4534 5.800 40
Aug
Ma'
Aug
Jjuuug
nnee
8c
1.000
300
5%
300
a
334
500
134
500
2% 6,600
74
400
28
200
110 96.000
050
1.800
300
SO
8.900
8c
4,000
484 2,100
15% 6,400
Jan
July
May
Sep
May
Sep
Fe
Au
Jun
.1une
Sept
Sept
Sept
Jen,
June
8c
534
3
3%
1%
1%
6%
27
8c
61c
50c
46%
6c
48%
14%
Sc
5
231
3%
154
1%
6)4
2434
3c
50
,
50c
4834
6e
27
14
Jan
Sept
jj:l
July
Sept
July
A tig
July
Sept,Aeup
July
MaysejAnlgy
Janu p
Jan
July
July
SI
Sept
2334 JILIF
1934
9414
50
26
115
117
795(
41)4
171
123
103
leg
29
138
slit%
25
275
11834
196
116
96
6974
57
110
49%
317
55)4
Jan
Jan
Feb
Feb
Feb
Artr
Mar
Mar
Fele
Feb
Mar
Jan
Feb
Apr
Feb
Feb
Feb
Feb
Feb
Feb
Aug
Mu
Feb
Feb
Jral
Apr
Mar
170 Feb
10
Mar
73-4 Pam
7% Apr
134 Feb
714 Apr
18% Apr
494 Mar
25c
Jan
24
% Jan
3
Feb
5814 Mar
18c
Jan
484 Sept
247 4 Feb
.
1230
THETHE CHRONICLE
Friday
Sales
Last Week's Range for
Other 011 Stocks
Sale.
of Prices.
Week.
(Camladed)
Par. Price. Low. High. Shares.
Keystone Ranger Devel_ _1
Kirby Petroleum
•
Livingston Petroleum_ _ _ _• OQa
Lyons Petroleum
1
Margay 011 Corp
• 60c
Marland 011 of Mex
1
31%
Mexican Eagle 011, sem_ _
Mexican Pantie° l)11----10
134
Mexico Oil ['Ora
...AO 417e
Mountain &Gulf 011
1
Mountain Proouoers____10 s14
Mutual 011 vot trust 'tic__
354
New Bradford
i
New England Fuel
33
New York 011
Li
Noble(ChasF)011kGeteeinl
10e
Getter Me Gs,
lo 815,5
Peer Oil Corporation
• 754
Pennsylvania-Beaver 011-1 60e
Pennok Oil
. 10 sl 1 %
Royal Can 011 Syndicate. 359
Salt Creek Consol OIL __19
Salt reek Prod
10 17
Sapulpa Refitting
5
Seaboard (Si) & Gaq r
el%
South Petrol & Refining_ _6
14
Southern s, ulen
_ _10 16%
Turman 011
1
13,8
Western States Oil& Gas_l
Wilcox , 81 (;as
1
4%
"Y" 011 & Gas
1
4c
2%
50e
58c
60c
255
554
1
600
1
13%
81
%
334
16
9%
Sc
65c
750
50c
11%
3)9
7%
16%
1%
z131
lc
14%
600
16c
4
8
Sc
2%
700
60c
600
4%
5%
lti8
75c
1
1434
9%
3%
23
10
100
69e
1
95c
12
3%
7%
17%
1%
131
2e
16%
70e
16e
4%
8
15,000
1,800
2,300
1,000
100
8,700
400
11.700
8,500
200
2,100
16,700
100
300
200
11.000
7,000
800
3,400
4,500
5,900
300
3,200
1,000
14,200
7,000
87,30
1,300
1,000
12,600
1,000
Range since Jan. 1.
Low.
3c Sept
1% Apr
500 Aug
53e Sept
60e July
114 Aug
434 July
51, June
55c July
Sept
1
12% July
8% Aug
3% July
5 June
5 June
70 Aug
443 Aug
75c Sept
500 Sept
9)4 Jan
2% Aug
7% Aug
15)4 June
I% Aug
Aug
1
lc May
11% Sept
60e June
10c Aug
Sept
4
70 June
High.
400
4
251
1%
1%
5%
1034
3.3
Vet
1%
20%
1554
554
23
21%
30c
Ph,
13
5
14%
7%
14
25%
4%
4
13c
26%
1%
30c
10
200
Feb
Jae
Mar
Feb
Jan
Aug
Feb
Mat
Mar
Mar
Pet
Ma'
May
Sept
Feb
Jan
Ma,
alto
Mar
Apt
Mar
Mar
Feb
Mar
Am
Jan
Mu
Apr
Feb
Mar
Mining Stocks.
Alaska-Brit Col Metals_ _ _1
99e
99c
134 3,500
2% Mar
99c Sept
Amal Lead, Zinc & Basalt_ _
4%
4
1,440
4% June
6% May
Arizona Extension
38c 38e
2,000 38c Sept 67c Mar
Arleoua Globe
11.
80 13e 72.000
6c Aug 850 Feb
Belcher Extensloa
10e
2e
2a
le
3e 66.000
Jan
tle
lc Aug
Boston 3z Montana Day_ _1
13e 13c
2,000
9c Feb 23e May
Butte & West Mi. Do__ A
29e
290 30e
2.00
Apr
29c Sept 83
Canarlo Copper
154
1% 1% 2.800
134 June
2% Jan
Candelaria Silver
1
Sc
Sc
Jan
6,000
Sc June 38c
Cash Boy Copse'
1
S.
Sc
7c
Jan
2,000
13c
Sc Aug
Consol Mining Co
Chief
3% 3%
100
Jan
5
3, Aug
4
Gomel (topper Ill es
..6
2
1,
.‘• 2118 2,100
4% Tolu
154 Aug
Consol Nevada Utak Corp.
I.
9c
10c
Jan
6,000
150
50 Aug
Continental Mines. Ltel_ _
5% 5%
300
5% Aug
4% .121.11
Cortez Silver
1
44e
40c 73c 67,000 40, Sent
11- Mar
Crackerjack attain
3c
Sc 27,000
Jan
IC June 15e
areo•Olt Con Gold M & N 1
3.16
355 3% 4,600
339 Apr
Apr
2
Crown Reserve
1
55c 55c
Apr
1,000 32c Feb 72e
Diem field Black 1 (rang)
Si
30
3c
Jan
3.000
30
Jan
30
Divide Extension
1
4c
40
Jan
1,000
4c June 13c
Dolores F-speranza
85e
1% 4,800 70c Aug
21% Jan
Emma Silver
1
is
2c
30 66.000
Jan
API'
4c
lc
Eureka (',mesas
9e
9c lie 40,000
Jfin
50 Aug 370
First .Natioaal Copper _i
40c 40e
2,000 260 June 80c Mar
Fortuna Coes allabut
5c
511
10e 42.000
Jan
10
50 Sept 7,
Golden State Mining
15e 20e
4,000 15c June 50c Mar
Goldfield Deep Mines_ _ _5. lie
12c 14e 152,000
Jan
Apr 24c
7c
Goldfield Development__ _
lic
13c 18c 177,000
Jan
34e
Jan
40
Goldfield Floret...0
412,
58e 64e 84,000 290
Jan 760 Feb
Goldfield Jackpot
1
52,8
45e 65c 44,000 35e
Jan
57e Mar
Gold Road Annex Mia_
lie
Sc
170 38,000
50 Aug 300 July
Nard Shell Mining
S.
lc
Jan
4c 54.000
lc Sept 13e
Ilarmill Divide
IS.
40
4c
40
3,00
2c June 100 Mar
Heats Mining
23e
7%
7
7
20
5% July
9% Apr
Hilltop
-Nevada Mining_
7e
it 10c 27,00
5c Aug
1 1814 Fen
Hollinger Con Gold Mires
11
11
Feb
11%
Sept 14
50
11
Homestake Ext Min Co._ 1
85c 90e
2,20
900 Sept
Feb
58e
Howe Sound Co
1
2%
2% 3
1,10
4% Mar
2% Jail
Independence Lead Min _ _1
31e 36e 32,00
31,1
16c June 4ge Mar
Iron Illosson Cons Min_ _ _1 32c
32e 32c
Jan
1,00
23c July 38e
Jerome Verde Developl_ 1
1% 1%
40
339 Feb
Apr
95e
Jim Butler Tonopah
1
2c
20
Jan
1.00
6c
lc June
Jumbo Exten Mining_ __ _1
4c
40
Jan
4.00
4c Sept 10c
Kerr Lake
2% 2%
50
334 Jan
July
2
Kewanas
1
4c
5c
3,40
Jan
80
20 Mar
Lake Superior
451 4%
10
Aug
5
451 Sept
Lone Star Consolidated_ 1
381
3c
4e
7,00
Jfin
10e
2e June
Marsh Mining
1
7c
7c
1,00
Jan 160 May
60
Mason Valley Mines
6
1% I%
90
234 Mar
154 June
National tin Corp
50e lie
10e lie 25,00
Jan
, June 02c
10
New Cornelia
18
1851
20
16% June 2454 Mar
New Dominion Copper_ A
2% 3
3,00
2% Jan
4% Mar
New Jersey Zinc
100 15034 150 150%
12 148
June 180% Mar
efiplasthe Mines .
6
534 534 1.600
6% Mar
43-4 July
Nixon Nevada Miming_ ___
30
3c
4e 14,000
Jan
100 May
30
North Butte
2% 211
400
254 Sept 10% Feb
tattlo Copper.
65e
61c 60c 17,700 37e
Jan
111. Mar
Premier Gold
Premier
2
2
100
134 Aug
351 Apr
Ray Hercules. Inc
5 63e
60e 63c
2.000
60c Sept
2% Mar
Red Hills Florence
20
lc
2c 13,000
80 Mar
le May
Rex Consolidated Mining.1
20
20
2c
3,500
80 FeO
lc July
Sandstorm Kendall
30
30
3c 16,000
Jan
Apr
Sc
lc
Silver King Divide (reorg).
3c
Sc
Sc
0.000
Apr
to Aug 25c
Silver Mines of America_ _
150
15c
150
2,000 10e May 40e
Feb
Silver Pick Copsol
Sc
Sc
Jan
2.000
90
3c June
Silver Queen Min Corp__
320
10c 33c
9,000 10e Sept 50e Feb
Silversmith Mining
42c 42e
1,000 42e Sent 53c
Jan
South Amer Gold & Plat_ _1
2% 234
500
2% July
434 Mar
saearhead
14e
12c 14c 117.000
Mar 31, June
Standard Sliver Lead__ __1
180
18c Ige
9.000 150 Aug 280 Feb
Sutherland Divide _
• 80 lle 35.000
Ile
11c Sept
Jan
lc
11,, 1.18 9.300 81c
Teek-Hughes
1 3,8
1
la,
1% Mar
Tonopah Belmont Div ._ _1 57c
57e 67e
1,200 570 Sept
1.•fi Jan
Tonopah Divide
48c
470 50c
8,400 470 Sept 890 Mar
eampah Ex'eo.-aou
2118
12,400
21it
Ma,
11-5 June
4
Tonopah Mining
1
1)9
1Yt
100
2% Jan
1% Aug
Tri-Bullion Smelting
7c
70 10e
5
2,000
Sc May 160 Feb
lie 120
Tuolumne Copper
12e
1
5,000
80 June 670 Feb
Batted EII.stero allalag
PH 1 1118 5,100
V,. Feb
1518 Aug
United Imperial alines_ _1
1
iii,
400 60e Mar
Pia Sept
United Verde Extension_50 29
29
30
1,100 26% Jan
3854 Aor
210
18c 230 12,000 13e
U 8 Com Mine,
Apr 28c July
Unity (told ‘11,
it
4e4
354 3%
31%
1,200
51-4 Mar
Jul
3
Verde Min & 3,1111
450 45c
1,000 390 Aug 770 alaY
Wasapika Gold Mines
3c
30
2.000
3c Sept
30 Sept
Wenden Copper M ming__ . 680
65e 68e
1,700 28e June 680 Sept
West End Consolidated_ _5
67e 81e
3,500
I 7o July
1% 411.
West End Exten alining- -lc
lc 12,000
lc
Jan
Sc
le May
Western Utah Copper,...,!
240 24c
6.000 15c July 55e Feb
Yukon Alaska trust ctfs_ -27
27
May
200 19% Mar 25
Yukon Gold
5
no Apr
1%
2,300 750
1.51
Jan
Bono*
Allied Pack as, ser B. _1939
71% 72 515 000 51
Aug 8431 Jan
Convertible deb 6s_1939
61% 3,000 51% July 76% Jan
61
Aluminum Coot Am 7s '33 10654 106% 10639 10.000 10514 July 106% Aug
7s
Jan
1925
102% 102% 2,000 102% Apr 104
Amer Cotton Oil 6s._ _1924 95% 95
Jan
95% 19.000 85
Feb 96
AD:le • I.. A P. deb ',I._ .201, 94% 9354 94% 21,000 9154 July 97% Jan
Amer Lt & Trac Gs_ __I925
Without warrants
10155 101 101% 4,000 100% Jan 10154 Feb
Amer Rolling Mill lis_ 1925 99
99
July 100% Jan
9954 13.000 97
Amer Sumatra Tob 7 Sit'
9734 97% 8,000 9534 Jan 100% May
25 971%
Amer i ei
Eel tie _102. 100% 100% 100% 15,000 100% Aug 101% Jai
American Thread 6s_ _1928
10251 10231
2,000 10154 May 103% Mar
Anaconda Cop Min 98- 102'' 10151 101% 10251 39.000 100% July 103% Feb
Anglo-Amer t)117)95. _1925 102
102 102)4 10,000 101% July 103% Jan
Armour & Coot Del 5%5'43 8934 89
89% 81,000 814 July 9634 Jan
4
ASSOC Hardware 6%9_1933 93% 0334 94
22,000 9354 Aug 98% June
71%
[VOL. 117.
Sales
Last Week's Range for
Sale.
ofPrices.
iPeek.
Bonds (Conc:udcd) Par. Price. Low. High. Share:.
Atl Gulf & WI SS L 5s 1959
Beaver Board 54
1933
Belgo-Can Paper 6s_.1943
meth 41-eel &ado 79_1935
Canadian Nat 7s
1935
Central Steel 8s
1941
Charcoal Iron of Am 89'31
4
Chic R I & Pac 5)4s. _1926
Cities Service 75 Ser C 1966
75, Series D
1966
Cons GEL&P Bait as '49
7s
5545
Consol Textile 85
1941
9 52
9
3
Cuban Telco 7'-4s.,...l9
_ _1941
41
Davies(Wm)Co 6s__ A942
Deere & Co 7%s
1931
Detroit City Gas Os__ _1947
Detroit Edison as__ _1932
Dimino T Ar R of Am 75_1912
Federal Sugar 65
1933
6s
1924
Fisher Body 13s
6s
1 925
92
6
65
1927
Os.
Gair (Robert) Co 75..1937
1929
Galena-Signal 011 7s__1930
General Asphalt 85_1930
General Petroleum 58_1928
Grand Trunk By 6)45.1936
(lull 011 of Pa r
oe
1917
Hocking Valley RR 68 1924
Hood Rubber 7s 75_119930
36
Kenai:sant Copper
LibbYMeNeill& libby7s'31
Llggett-Winebester 78 1942
Manitoba Power 78___1941
With warrants
ajorrzbo 011",o 75_1925
a a t, 7 Exp
i i 2.
47
9634
05
8834
99%
105%
100
9955
95
993-4
97%
103
10434
101%
9914
180
National L
Leather 8419925 -----_ 3
9199
New On Pub Sere 55.1952 8254
, Falsgr .
a
inwr
o w 65_1950 102%
Ohio
1952
Philadelphia Elec 5345 1947
65
1911 - - Phillips Petrol 7145__.1931
Without warrants
97
Publa Sere 'orp 75_ _1941
Pub Spry F,lee Pow 65_1948 9654
Rending CO 454. w 1
58 w I
9255
Shawsheen MIllm is _1931 103%
Sloss-Sheffield 8& I fla 1929 07
Rolvity A le .14
11)24
South Calif Edison 55_1944
stand .tit et a 1 6'as 1033
7% serial gold deb_ _1925 10234
'terlat yam deb 1926 10434
7% serial gold deb_ .1927 104
7% serial gold deb.
.i928 -8u % sel al gold deb_.1929
. ria
7 Co
7% serial gold deb_ _1931 1084
& Co 55 _Oct 15 9932 9154
1 31
Tidal ()Rage 01175.___1031
Union Oilo s,eu B._1924
po irio er
____
__
Union
2008 9934
United I Pll Prodlle 88_ _1931 8234
United Rye of Hay 7149 36 - -- --viu•un, (iig:i ipatiti.' 106%
n u rn m in c
i
:026
Foreign Government
Range since Jan 1.
Low.
High.
48
47
7654 7714
9434 97
102% 10234
107% 108%
10755 10714
94% 95
97% 9731
89
90
88% 8851
10234 10239
106% 107
98
98%
96% 97
10534 10534
8734
86
99% 100
9954
99
102% 102%
9539
95
97% 97%
101
101
100 100%
99)4 9034
98% 9855
97% 98%
96
9634
103 10354
101 101%
94% 9434
104% 105
95
9534
100% 100%
10155 101%
103% 104
9934
99
10214 103
99% 100
99% 99%
180 190
9934 100
96
96%
82% 8234
102% 10254
8754 8734
100% 100%
103 10354
10,000 4374 July 62
Mar
4,000 654 Feb 823.4 June
74.000 9459 Aug 97 , Ang
19,000 102% Jan 103
Feb
10.000 106% May 11039 Jan
4,000 106
Feb 10851 Apr
2,000 90
July 97
Mar
July 9839 June
5,000 96
21,000 e754 Aug 963-4 Apr
9.000 87
July 9334 Jan
1,000 1003.4 Apr 10351 Jan
7,000 10234 Sept 10834 Feb
Apr 100 , Jan
15,000 07
6,000 94 June 106
Feb
1.000 105
Jan 107 tJan
3,000 86
Sept 873-4 Sept
27,000 9834 Jan 103% Feb
25,000 99
Sept 101% Jan
2,000 100
June 104
Jan
24,000 9404 July 9734 Apr
29,000 9634 June 98% May
2,000 10034 Mar 101% Apr
3.000 9634 June 10034 June
6.000 97
July 100
Feb
May 9934 Feb
3.000 96
35,000 9451 Mar 9851 Feb
7.000 94
July 9934 Jan
12,000 103
June 105% Mar
Jan
6.000 99
June 105
Apr
5,000 94% Sept 98
Jan
23,000 103% Apr 107
8,000 933.9 Mar 974 Jan
Mar 10034 Apr
2,000 100
Jan
8,000 100
June 102
20.000 10134 July 10554 Jan
17.000 97
July 10254 Jan
4,000 10114 Mar 104
MaY
Jan 10254 Feb
4,000 95
1,000 97
Jan 10334 Feb
14,000 105
Mar 24954 May
24,000 97
Aug 10619 Jan
11.000 9551 July 102
Jan
20.000 8154 July
a954 Mar
1,000 102
July 10434 June
Jan
12.000 8304 Apr 02
1,000 983-4 Apr 10234 Jan
3.000 102% Mar 10551 Jan
97
96
101 101%
96
9654
86% 86%
92% 93
103)4 104
97
97
104% 104%
9054 91
105% 106%
10214 102%
103% 104%
104 104%
105% 10555
106% 10634
10634 10614
100% 101
9155 9139
101
101
9934 9954
9934 99%
8234
78
106 10634
105% 106%
6,000
3,000
45,000
12,000
11,000
5,000
13,000
7.000
9,000
26.000
4,00
15,000
7,000
1,000
1,000
1,000
8,000
46,000
1,00
4,000
47,00
33,00
3,00
19,00
9514
100S4
96
81
87
10854
06
103%
87
104%
102
103
103
10454
104
105)9
100
8938
100
09%
9955
Ili
103%
105%
Aug
Aug
Aug
Aug
July
Aug
Feb
Sept
Mar
Apr
June
Apr
Apr
Apr
Apr
May
Jura
Mar
Aug
Sep
Sept
Sept
Apr
June
10334
10431
9854
88%
93%,
105%
98%
10559
93
107%
106%
106
107%
10716
10814
110
103
94
104
10034
9959
106%
107
10754
Jan
Feb
May
July
Aug
Apr
Feb
May
Jan
Jan
Feb
July
Jan
Jan
Feb
Feb
Mar
Feb
AlaY
Aug
Sept
Mar
Jan
Jan
ine Nation 78 1923 ...... 100 100
38.00
995 June 10054 May
4
,
68
99% 9954 33.00
99% Sep
99% Sept
French Govt Victory 53:945 __095'4 44% 4451 12,00
_6
G:vt
4
44% Sep
'4 3_ _ _
031
2
June
50
35% 3759 144,00
3354 Aug 44% May
35
10
10
2,00
10
Jan
11
Feb.
55.
1455 14%
1,000 11% Aug
1934 May
Bs 10 - - - --------- -1-------577-4 57% 58% 54,000 63% Aug 63% May
-- 58
CtIs of depo3it
58
3.000
58
Netherlands (kinKd)thill'72 97% 97% 98% 99,00
9651 Sep 102% Aug
Sept 100% Apr
96% 98
Peril (Republic) 85___1932 _ _
8,00
96
Russian Govt 6%5_1919
934 Sept 16% Feb
954
934 10% 5,00
Certificates
9.19
Jan 16% Feb
9
934 24,00
5%s
10% 1051 10 00
954 Jan
1921
Feb
16
Switzerland Govt 5%s lu 9 100
99% 100
Jan
98% Aug 804
32,000
Ext 5% g notes
1926 97% 9751 97% 22,00
931 Aug 97% Aug
• No par value. k Correction. in Dollars per 1,000 lire flat. 1 Listed on the
Stock Exchange this week, where additional transactions will be found. o New
stock. s Option sale. to When issued. z Ex-dividend. y Ex-rights. z Ex-stock
dividend. it Ex-stock dividend 01 40%.
New York City Banks and Trust Companies.
All prices dollars per share.
Banks-N.Y. Bid
Ask
Bid
Banks
Ask Trust Co.', Bid Ask •
America •._ _ _ 228 234 Harriman _ _ _..j 320 330
New York
Amer Exch _ _ _ 285 290 Manhattan'. 145
147 American _ _ __
440
Bowery.
Mech & Met_ 385 389 Bank of N Y.
Broadway Con 130
150 Mutual*
__
& Trust Co 470 480
320
Bronx limo'. 175
Nat American 135 145 Bankers Trust 353 358
Bronx Nat_
150 National City x343 347 Central Union 495 505
-Bryant Park' 160
170 New Neth•
130
__ Commercial__ 110 125
Butch & Drov 130
138 Pacific *
Empire
300
305 315
Cent Mercan_ 205 215 Park
425 430 Equitable Tr_ 189 19112
Chase
344 348 Port Morris
__ Farm L & Tr_ 540
160
Chat & Phen_ 251
259 Public
300 308 Fidelity Inter 195 205
Chelsea Exch• -80 Seaboard
255 265
365 375 Fulton
Chemical
530
Seventh Ave- 88
98 Guaranty Tr_ 248 254
Coal & Iron
218 225 Standard ...
200 210
175 190 Hudson
Colonial'.
375
State.
3.0 335 IrvIng BankColumblaTr 222 226
Columbia . 275
Tradesmen's• 200__
Commerce
295
298 23d ward•
__ Law Tit & Tr. 100 195
270
Com'nwealth• 220 230 United States* 160 170 Metropolitan_ 298 303
Continental
__ Mutual (West
140 150 Wash'n Ins._ 200
cheater)
120 130
Corn Exch.__ 430 435 Yorkville'.__ 850
-Coetnop'tan•.. 115 122
N Y Trust._ 342 346
I
Title Gu & Tr 368
East River_
204
I
Fifth Avenue' 1200
-5
U 15 M tg & Tr 305 310
United States 1200 1220
Fifth
Brooklyn 1
240
FIrst
1240 120E1 Coney Island* 155 165 Westches Tr. 180
Brooklyn
First
320 355
Garfield
260
Gotham
184 190 Mechancis' •_ 130 138 Brooklyn Tr. 470 490
__ Kings County 850
170
Greenwich'... 290 310 ;Montauk •
225 240 Manufacturer 275
Hanover
680 690 Nassau
People's
160
'People's
305
banks. (*) Ex-, ivi and.
•Banks marked w th (*) are State
45
New York City Realty and Surety Companies.
Alliance Baty
Amer Surety_
Bond & SI U.
City Investin
Preferred
Lawyers Mtge
Bid
102
91
285
65
92
153
All prices dollars per share.
Ask
Rid
Ask
Bid
107 Mtge Bond.. 107
111 Realty Ammo
98 Nat Surety... 155
158
(13klyn)com 90
1st pref.__ 81
290 N Y Title &
Mortgage _ _ 189
194
88
2d pref..., 69
Westchester
98 US Casualty_ 140
13:1
Title & 'Yr. 200
159 US Title Guar 110
Ask
95
85
72
220
1231
kutestinent mut
RAILROAD GROSS EARNINGS
The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from Jan. 1 to and including the latest week or month. The returns of stectric railways
are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Week or
Month.
Jan. 1 to Latest Date.
Latest Gross Earnings.
Jan. 1 to Latest Date.
ROADS.
Current
Year.
Previous
Year.
Current
Year.
Previous
Year.
216,591 183,942 1.554,177 1.255,556
Akron Canton & Y_ July
Alabama & Vicksb- July
278.103 192,284 1.949.893 1.767.701
Amer Ry Express- May
13459410 13230860 65,257.289 64,968.715
1st wk Sep 106,821
Ann Arbor
98,670 3.588.869 3.372,502
Atch Topeka & S Fe July
16827842 15767202 113378812 99,169.530
Gulf Colo & 8 Fe_ July
2.271.513 1,943,272 13.161.968 11,937,548
Panhandle S Fe July
736.977 642.122 4.367.599 4,113.128
Atlanta Birm & Atl_ July
368 295 323.061 2,655.171 2.165,907
Atlanta & West Pt- July
243,999 207.431 1,695.150 1.354.663
July
Atlantic City
725.807 703,165 2.630.734 2.578,434
5.179.886 1,494 338 48,646.673 41 589 018
Atlantic Coast Line_ July
Baltimore & Ohio July
21488806 13944023 151286195 112623182
B &0 Ch Term._ July
301,481 246,065 2.170.787 1.723.489
Bangor & Aroostook July
422.476 406.574 3.912.909 4.894.961
Bellefonte Central July
9.260
10,878
77.988
56.155
Belt Ry of Chicago_ July
570.676 445,914 4,170,487 3,336,640
Bessemer & L Erie.- July
2.371,618 1,426,925 11,281.788 6.088,507
Bingham & Garfield July
20.465
31,571
10' 815
253,125
7,397,648 6.514,634 50,283.378 44,427.178
Boston & Maine..._ July
July
Bklyn E D Term
98,188 121.905
937,245
919,325
Buff Roch & Pittsb_ 1st wk Sep 457.131 361.13115,153 on .! 8,809.807
July
Buffalo & Susq
213.804
52.331 1,633.438
784.078
Rvs...1st wk Sep 4,781,655 4.681 -107 164507 ' 146815 118
Can4dian tsit.t
'
Atl & St Lawrence July
166.049 184,171 1,911,183 1.549,070
Canadian Pacific__ _ 1st wk Sept 3,192,000 3,455,000 112297000 106977000
762.524 621.29" 5483.259 4.487.547
Care Clinch & 1)111o_ July
2,288.760 1.935.648 15,476.271 12,683.645
Central of Georgia July
5.173.478 3.686.157 33.713.034 26.886.137
Central RR of NJ July
731,014 408,261 4,401,266 3.919.511
Cent New England_ July
694,376 560,874 5,050,026 3,952.222
Central Vermont_ _ _1July
300.930 238.807 9.331.740 1.963.1'63
Ch triesten & %V Car'July
8,937.996 6.474,773 57,202,855 50,647 632
Ches & Ohio Lines.- July
July
2,645.189 1.861.110 19,012.703 15.993.782
Chicago & Alton
13369117 12605638 08.148.688 87,244,590
Chic I url & Quincy_ July
Chicago & East Ill._ July
2.194,685 1,788,702 16.440.180 13.691.856
2,085,191 1.915.134 14.873,057 13.238.278
Chicago Great West July
1,431.995 1,210,744 10.425.219 8,968.660
Chic Ind & Louisv. _ July
Chic Milw & St Paul July
13885058 12694329 97,562,210 83.851,104
Chic & North West_ July
13756617 1268080891.697.26080.341.437
Chic Peoria & St L. July
775,046 1.306,232
98,358 173,047
Chic River & Ind.__ July
584.113 562.303 4,312,053 3,852,447
Chic RI & Pacific... July
1062701411003056.5 70,226.495 66.084.247
Chic R I & Gulf.._ July
587,578 538,486 3.164.954 3.254.546
Chic St P M & Om_ July
2,173,595 2,323,272 15,954,625 15,379.723
Cinc Ind & West_ _ _ July
372.229 311.742 2.685.023 2.385.326
Colo & Southern_
July
983,912 1,177,750 7,116.304 7,237.716
Ft W & Den City_ July
810,091 769,152 5.075,337 5.131.295
Trio & Brazos Vol July
341,000 158.098 1,113,842 1,738.156
July
736,680
90,991
108.982
662,436
Delaware & Hudson July
4,364.064 2.221,822 *7,3*5,634 21.088.298
Del Lack & Western. July
7,630,365 5.549,40850.830,461 41.432.216
Deny & Rio Grande July
2,833,785 2,902.572 18,133.010 17.358.783
Denver & Salt Lake July
274,111
43.758 1,361.010
599,581
Detroit & Mackinac July
167.810 180.802 1.066,027
996.113
Detroit Tol & Trent_ July
930.66
823,1179 5,962.103 5.301.902
Del & Tol Shore L__ July
326,177 220,335 2;513,548 2.029.466
Dul & Iron Range_ July
1.155.512 1,339,057 4,148.892 3.515.606
Dul Missabe & Nor July
3.711.247 2.736,716 10,086.493 6,581.450
Dui Sou Shore & Atl 4th wk Aug 197.953 168,003 3,883.424 2.833.893
Duluth Winn & Pac July
175,179 166,318 1,486,465 1.138,982
East St Louis Conn_ July
184.459 160,552 1,358,314 1,171.718
Elgin Joliet & East_ July
2,422,837 1.732,637 16.800,355 12.239,872
El Paso & Sou West. July
1,130.360 1.211,357 7.572.742 6.423,131
July
Erie Railroad
9.909,102 7,029.170 69.952.383 51.464.476
Chicago & Erie...July
1.148.184 824,559 8,051.782 6.317.333
July
NJ & N Y RR
141.063 134,253
911.385
86.3.091
Evans Ind & Terr H July
151.452
67,094
954.397
588,572
802,273 715,519 10,222.366 8.780.757
Florida East Coast_lJuly
Fonda Johns & Glov,JulY
897.003
115,261 110,480
794.488
115.363 135,343
Ft Smith & WesternlulY
880.420
865.951
Galveston Wharf__ _ July
103.747
754,000
86,561
793.415
July
Georgia Railroad_
489,649 420,476 3.503,799 2.788.210
Georgia & Florida 4th wk Aug
52,750
34.624 1,149,219
870.447
Grand Trunk Sy Ch Det C 0 T Jct July
290.901 197.112 2.039,193 1,321,488
608.782 513,194 3,908,02 3.049,199
Del G H & Milw_ July
Grand Trk West_ July
1,766,260 1,622.368 11,610.45 8.966,001
Great North System 3d wk Aug 2.387.1902.187,984 69,738.60 58.102.180
Green Bay & West. July
107.004 118,420
754.62
805,115
480,421 348,441, 3,403.154 2.723,887
Gulf Mobile & Nor_ July
257.149 252.429 1.897,552 1.690,213
Gulf & Ship Island_ July
Hocking valley..... July
1,680,719 894.179 10,313,443 7,244.589
July
Illinois Central
14550985 13237325 109799 266 91.739,065
13027997 11869898 98.259.505 81.643,019
Ill Central Co... July
1,622.988 1.367.427 11,539.761 10.096,046
Yazoo & Miss V July
160,660 132.721 1,751,931 1,641.225
Intern Ry Co of Me July
1,149.171 949,3571 7,977.205 7,601,026
Internet St On.Nor. July
213.434 112.8101 999.228
HO Mex & Orient July
778.123
181.426 113,573
974.832
K C M & Orient of T July
853,809
1,602,090 1,338,419 11.346,353 10.070.936
Kansas City South_ July
231,727 167.939 1.535.936 1.145,799
Texark & Ft Sm. July
Total system.... July
1,833.817 1,506,357 12,882.286 11.216,734
159,409 212,589 1,497.078 1,554.203
Kansas Okla & Gulf July
Lake Sup & Ishpem_ July
683.875
245,577 228,659
476.340
July
Lake Term Ry
78,7601 675.003
104.178
630,319
Lehigh & Bud River July
284,478 150.057 1.742,433 1.350,293
Lehigh & New Eng. July
551,877 230,268 3,582.498 2,217,633
July
6.825,097 4,462,297 43.105.725 35.479.504
Lehigh Valley
2.011,8101,635.502 13.523,858 11.085,506
Los Ang & Salt Lake July
257.140 292,921 2,196.103 1.926.205
Louisiana & Arkan_ July
288,725 266.999 2,262,060 1,874.990
Louisiana Ry & Nay July
1 340,106
94.021
La By & Nay of Tex July
11314 850 9,576,857 77.937,745 71.626.982
Louisville & Nashv_ July
283,727 276.139 1.985,542 1.807.527
Louisa Bend & St L July
,
1.870.633 1,626.151 12.275,163 11.752,876
July
Maine Central
Midland Valley.....
374,643 367.041 2,598.801 2.648.940
311.301
Mineral Range
10.588
4thwkAug
11,982
183.876
Week or
Month.
Current Previous
Year. I Year.
Current
Year.
Previous
Yesr.
1,179.025 1,198.438 9.329.452 8,663.071
Minneap & St Louis July
4,357.176 4,262.422 28.009.667 23,517,360
Minn St P & 58 M.. July
1.833.933 1,795.985 12.053.160 10.101.239
Wisconsin Central July
134.388 107.121 1.051.052
846.862
Mississippi Central_ July
3.011,456 2,726,146 19.766.991 18.108.793
-Kan-Tex_ July
*Missouri
1,638.989, ,
10.927,966 11.576.829
Mo-Kan-Tex of Tex July
4,650.445 4,294.125 30,694.957 29.685,622
Total System____ July
169,295
819.250
54.033
120.585
July
Mo & Nor Ark
July
9,486.461 7,765.965 63.184.734 56.316.998
Missottri Pacific
1st wk Sep 343.211 303.819 13.1' 1E9(.1 11.560.289
Mobile & Ohio_ _
850,482
857,572
118.542 135,824
Col & Greenville_ July
965.802
236.261 132.617 1.589.527
Monongahela Conn_ July
364,938
16.932 1.429.980
243.188
July
Montour
1.961.429 1,844,764 14.220,199 11.988,200
Nashv Chan & St L. July
18 822
21'1.3 3
,
9.031
1.8.584
Nevada-Cal-Oregon 4th wk Aug
62,641
89.397
248.791
532.518
Nevada Northern July
174.940 147.837 1.236.030 1.145.333
Newburgh & Sou Sh. July
240,446 218,620 1,652.446 1.486.069
New Orl Great Nor- July
234.378 182.914 1.745,510 1.501.919
NO Texas & Mex._ July
212.672 175.770 1.314,136 1,190.946
Beaum S L & W July
487,701 378.516 3.058.764 2.981.191
St L Browns & M July
35605194 28940905 249281450 193439244
New York Central July
924.073 790.844 6,731.061 5.429.666
Ind Harbor Belt_ July
7.704,394 6.716.232 56,010.456 44.153.981
Michigan Central July
7,708.227 6.346,848 55.567.900 47.176,486
Clev C C & St L July
421,472 227.505 3.067.266 1.977.816
Cincinnati North_ July
4.014.362 1,952.871 26.880,301 13.753,077
Pitts & Lake Erie. July
4,609,235 4,053,545 33,620.941 27.771.383
NY Chic & St Louis July
289:637 222.137 2.078.428 1.613.262
N Y Connecting... July
11601347 10476218 77.584.81 68.323.945
NYNH& Hard July
1,681.086 1,161.445 8.074.525 6.752,713
NY Ont & Western. July
402.527 333.801 2.925.938 2.308.850
N Y Susq & West July
702.723 672,139 5.345.184 4.872.364
Norfolk Southern.. July
8.532.136 7.563.344 53.471.082 53.574.695
*Norfolk & Western. July
8.098.515 7,986.391 54,745,642 49.908.495
Northern Pacific..._ July
884.038 794,030 4.460,563 4.351,415
Northwestern Pac July
69669185 56020065 450097476 375098 142
Penn RR System_ _ _ July
63771357 50378362 419901728 347426005
Pennsylv RR & Co_ July
187,595 207.466
840.478
874,768
Bait Ches & AtI July
July
3,617.667 3.365,343 19.248.800 17,329.772
Long Island
131,762 139,242
600.052
Mary Del & Va.. July
622,742
498.462 136.204 3.348.665 1,867.168
Monongahela.... July
151.255 131.199 1.051.528
922.423
Tol Peer & West_ July
1.657.570 1,695.476 7.840,077 7.421.410
W Jersey & Seash. July
129,510 126,576 1,006.685 1.017,630
Peoria & Pekin Un_ July
3,745.938 3,019.982 26.010.556 21.227.958
Pere Marquette.... July
102.246 132.493
July
642.900
717,951
Perklomen
8,664,433 5.158.369 63.742.277 43,418.488
Phila & Reading... July
812.377
49.323
100.469
559.390
Pittsb & Shawmut July
61,1401 867.829
102,862
585.030
Pitts Shaw & North July
305.187 212,700 2,122.128 1.603.933
Pittsb & West Va.. July
July
78.049 1.712.296 1,076,889
199,085
Reading
Port
July
6,551.419 5,436.774141.180,700 36,969.128
Pullman Co
600.155
740.350
69.468
88.857
Quincy Om & K C July
939.433 835,263' 7.404.223 6.242.898
Rich Fred & Potom_ July
July
571,522 482.0921 3.897.861 3.223.053
Rutland
15
St Louis-San Fran 1st wk Sep 1.714.610 1,474 5' 60.304 '34 56.065.038
140.170 110,333
815.905
705.385
Ft Worth & Rio Or July
7,201.236 6.747.227 48.921,963 46.167.646
St L San Fran Co- July
939.504
157.490 158.678: 890.499
St L-S F of Texas July
1,560.510 1,326,660 12.006.682 9.677,898
St Louis Southwest_ July
701,166 601.6771 4,436,900 4,039,877
St L S W of Texas July
1st wk Sep 5 0.310 501 086 19.319 748 16.330 328
Total system
0
427.834
57,260; 486.370
68.886
St Louis Transfer_ July
477,385 430.591 2.929.201 2,914.380
San An & Aran Pass July
698.825
611.505
97.023
101.755
San Ant Uvalde & G July
3.685.998 3.210.196 30.601.343 25.636,703
Seaboard Air Line July
24352845 21664074 157376005 141792194
Sou Pacific System_ July
Southern Pacific CO July
17856 151 15(152(1(14 111650847 99.158.214
Atlantic SS Lines_ July
1,085,043 884.291 7.903.963 6.519.819
Arizona Eastern_ July
296,528 300.453 2.143.234 1.794,521
Galv Harris & S A July
1,810.726 1.604,657 12.750.641 12.110.823
1,175.555 1,072,628 7.601,575 7.976.854
, Hous & Tex Cent_ July
Haus E & W Tex_ July
259.394 282,467 1.664.493 1.695.480
Louisiana West'n July
351.325 276,533 2.647.227 2,386,726
Mont La & Texas July
653,672 542.509 5.030.960 4,392.725
Texas & New Orb. July
727.638 625.022 5.062,027 4,971.682
Southern By System 1st wk Sep 3,753,595 2.7 .0 387 135146315108002404
Southern By Co July
12214076 9,920.469 86,663,046 71,915.915
Ala Great South_ July
886,484 464.920 6.279.398 5,196.380
Cin N 0& Tex P. July
1,869,017 1,057,519 13.732,288 10.176,770
Georgia Sou & Fla July
429.991 355.287 3.051,489 2.726.291
New On & Nor B. July
544.188 271.198 4.049.1673.301.032
Northern Ala_ _ _ _ July
762.601
978.159
138.725 133.669
633.506
Spokane Internat.. July
673.693
92.172
91.032
Spok Portl & Seattle July
649.578 635 392 4.464.101 4.025.500
Staten Island R T July
262.367 256.842 1.458.466 1.408.650
Tennessee Central July
248.966 169,220 1.706.425 1.341,405
TermRRAssn of StL July
423.108 354.553 2.922.626 2.638.408
St L Mer Bdge T. July
366,637 261,410 2,839.832 2.042.956
Texas & Pacific__ 1st wk Sep 605.458 605.614 20.869 410 19.908.229
926.533
Ulster & Delaware__ July
231.03
Union Pacific Co.__ July
9.345,356 8,096,096 60.303.793 53,498.279
Total System..... July
16391 067 14599313 109658 095 98.530.517
Oregon Short Line July
2.847.165 2,592.961 20.264.252 18.973.550
Ore-Wash RR&N July
2,186.737 2,274.758 15.566.192 14.973.483
St Joseph & Gr Isl July
225.523 233.676 1.796.380 1.739.296
Union RR (Penn)__ July
1,255.666 1,168.898 7,239.183 6,240.165
July
920.980
Utah
857.345
119.840 160.449
Vicks Shrev & Pac__ July
351,766 255.995 2.452.132 2.141.268
Virginian Railroad_ July
1.830.238 1,415.114 12,902.574 11.900.312
July
Wabash RR
5.426,251 4,643.216 37.210,386 33.273.800
Western Maryland_ let wk Sep 456.015 435.560 16.100.677 11.581.833
Western Pacific_ - July
1.294.883 1.102.640 7.176.695 6,193.081
Western By of Ala_ July
240.746 216,665 1,682.188 1.411,397
Wheel & Lake Erie_ July
1,853.696 1,182.134 10.520.831 8.005,064
AGGREGATE OF GROSS EARNINGS-Weekly and Monthly.
Weekly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
%
Monthly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
%
$
$
$
$
$
Mileage. Cur. Prev.Yr.
.Yr.
$
4th week June (16 roads)-- 22.945.214 20,536.529 +2.408.685 11.73 October
233.872 232.682 545759.206 532.684.914 +13.074.292 2.45
let week Jul
16 roads):::: 18.434.688 16.478,170 +1.958498 11.89 November ..235,748 235.679523:748:483466.139.3284
+57.618.155 12.85
2d week July 16 roads)..... 18,846.646 16.692.351 +2,154.295 12.9
December--235.290 236,121 512.433.733 434.698.143 +87.735.59020.68
3d week July 16 roads)..___ 18.316.984 15.994.753 +2.322.231 14.52 January ....235.678 235.827 500.816.521 395.000.157 +70.803.472 21.00
4th week July 13 roads)._ 25,323.863 21.322.383 +4.001.180 18.77 February -..235.399 235.528 444.891.872 400.146.341 +44.745.53111.18
19.200,306 16.536.783 +2.663 523 16 11 March
+59.808.190 12.63
1st week Aug 16 roads).....
235.424 235.470 533.553.199 4,. .‘ ,.
2d week Aug (14 roads)..... 18.272,732 15.953.700 +2.319.032 14.54_ pA ril
234.970 235.839 521.387.412 415.808.970 + 105578442 25 39
3d week Aug (13 roads).- 18.385.609 15,443,476 +2.942.133 19.10 Mal
8
235.186 235.472 545.503.89 447.993.544 +97.510.054 21.77
4th week Aug (13 ro Lds) __ _ _ 24.519.1416 20.458,1107 +4.091.839 20.00 June
1236.739 236.683 510.054.165 473 150.654 +66.0113 501 14.14
let week Sent (In rovill _ _ _ 16.015.378 14.R59.8011 4-1.364.48R 11 fr) T..1..
00 C A,"
"se 1112 n•11 091 514,
442_955.873 -F91.678.679 90_71
& At. Louis ncluded In Pennsylvania RR. Lake Erie & Western included in New York Central.
Ind am and Pills. c0a.
Note.
-Grand Rapids &
Toledo St. Louis es Western included in New York Chicago & St. Louis. •Revised figures
1232
THE CHRONICLE
Latest Gross Earnings by Weeks.
-In the table which
follows we sum up separately the earnings for the first week
of September. The table covers 10 roads and shows 9.32%
increase over the same week last year.
[VoL. 117.
Louisville & Nashville RAilroad.
(Financial Statement-First Six Months of 1923.)
INCOME ACCOUNT FOR SIX MONTHS ENDED JUNE 30 1923.
Railway operating revenues
266,622,895
Railway operating expenses
53.372.843
Net revenue from railway operations
First Week of September.
1023. I 1922. 1 Increase.' Decrease.
$13.250,051
Railway tax accruals, $2,872.542: uncollectiblo railway revenues, $6,492; total
2.879,033
$
I
$
Ann Arbor
98,670;
8,1511
Total operating Income
Buffalo Rochester dc Pittsburgh_
457,134
361,6321 95,5021
210,371,018
Non-operating income: Hire of freight cars, Credit balance,
Canadian National
4.781.656 4,681,467! 100,1891
$513,464; rent from equipment, $103.292; joint facility rent
Canadian Pacific
3,192,000 3,455,000,
1 263,000
income, 2163,821: income from lease of road $109,273; misc.
Mobile & Ohio_
343.211
306,8491 36,362'
rent Income, 235.351; misc. non-oper. physical property.
St Louis
-San Francisco
1,718.840 1,478,5951 240,245!
$88,604; dividend income, $568.205: income from funded soSt Louis Southwestern
590.348
501,086! 80,262
curities, $152.172: income from unfunded securities and acSouthern
3,763,895 2,726,387 1,037,508:
counts, 3418.726; income from sinking funds, $8,264: misc.
Texas& Pacific
605.458
605,644
186
income,$3,988; total non-operating income
Western Maryland
456,015
435.560
20.455
2,165.16/
Gross income
Total (10 roads)
16,015,378 14,650.890 1.627,674 263.186
$12,536.179
Netincrease(9.32%)
Deductions from gross income: Rent for equipment, $134,102;
'1.364,488
joint facility rents. $283,175: rent for leased reads, $105,941;
misc. rents. $16,247; misc. tax accruals, $10,755; interest on
In the following table we also complete our summary for the
funded debt. 24,714,153: int. on unfunded debt. $3.744; misc.
income charges, $22,140: total deductions
fourth week of August:
5,290.255
Net income
$7,245,924
Fourth Week of August.
I 1923. I 1922. 1 Increase. Decrease. Income applied to sinking funds
54,706
Income balance transferred to credit of profit and loss
I
$
$
$7,191,218
8
Previously reported (7 roads)_-- 22,701.075 18.795.476i3,905.599
GENERAL BALANCE SHEET.
Duluth South Shire & Atlantic_
197.963
168,003
29,960
June 30 '23 Dec. 31 '22.
Georgia & Florida
52.750
June SO '22. Dee. 31 '22.
34,6241
18.126
Assets-.
Mineral Range
$
$
Liabilities11.982
$
10,538
$
1.394
Inv. In road &
Nevada-California-Oregon
Capital stock_ _ _117,000,000 72,000.000
18.584
9,630,
8,954
equipment_ _ _343,794,129 338,951.884 Prem. on capital
Texas & Pacific
868,938
22.867 impr.
891.805
on leased
Western Maryland
stock
698.554
12,117
12,117
547,8811 150,673
railway prop_ 1.958,049 1,941.398 Grants in aid of
474.680
Total (13 roads)
437,941
construction._
10,996
24,549.846 20,458,007,4,114,706
10,995
22,367 Sinking funds__
Depos. in lieu of
Net increase (20%)
Long term debt _212,603,630 202,057.030
i
14,091,839
mtg.prop.sold
305.427
305.427 Liab.of Sou.Ry.
Misc.phys.prop_ 4,380,894 4,424,125 for bonds iss'd
Electric Railway and Other Public Utility Net Inv.in affil.cos.:
itly. with this
Stocks
18,388.013 18,3843.013
company _
5,913.500
Earnings.- The following table gives the returns of
1,028,019 1.028.019 Traf.& car serY.
Bonds
Notes
1,297,148 1.297.148
bal. payable.- 1,102,300
ELECTRIC railway and other public utility gross and net
819,516
Advances_
1,855.494 1.855,832 Audited sects &
Other invest'ts. 5,354,573 5.833.978
earnings with charges and surplus reported this week:
wages payable 8,694,829 8,851.489
Cash
17,731,106 15.406.263 Misc.acc'ts pay_
889.716
955.694
-Gross Earnings- -Net Earnings
- Time drafts and
Int.mat'd unpd_ 1,854,542 1,855.700
Current
Previous
Previous
Current
15,855,154 16,732.341 Divs. mat'd unp.
deposits
147,060
143,879
Companies.
Year.
Year.
Year.
Year.
Special deposits_ 4,809.566
124.316 Funded debt ma$
$
$
$
Loans & bills rec
99,175
71.938
tured. unpaid.
98.000
93.000
Arizona Power Co
July
67,537
29,071 Trot.& car serv.
3'2,546
60,097
Unmat.divs.decl 2.925.000 2s520.000
12 nee ending July 31-- 783.769
274.080
bal. receiv
2,205.280 2,073.198 Unmat.int.accr _ 1,612,582 1,825.833
403.781
546.805
Net bal.rec.from
Unmat.rents ace
10.350
9,566
Balance,
Gross
Net after
Fixed
299.550
7'axes.Charges.Surtgus. . agts. & cond. 1.671,400 1,939.057 0th.curr. Habil_
311,883
Earnings.
Misc.smile rec. 3,257,388 3,009.900 Def'd liabilities_
59.962
50,406
Material & supp. 15,038.674 12.860.407. Tax liability.... 4,104.058 3,383.395
Asheville Power & July '23
29.190 Int. & diva. rec.
84.762
5,226
*34,416
547.607
387,706 Oper'g reserves. 4.819,098 4,336.480
Light Co
26.933 Rents receivable
'22
79.616
5,209
*32.142
74,855
74,8.55 Accrued depree_ 47.991,780 47.570.534
12 mos end July 31 '23
292,125 Other curr.assets
937,487 '354,701
82,576
298,322
437,621 0th. unad I. ered 7,328,217 4.497,989
281.660 Due from U. S.
874.951
'22
61.170
*342,830
ContIng Habil.
6,000,000
Carolina Power & July '23
31,677
160,022
GovAcct.guar
*60,143
2.181.062 . Add'ns to prop.
28,466
Light
28,663 Work, fund adv
51.841
152.070
'22
55.135
17,377
*46,040
through inc.&
637,003 0th. def'd assets 7,201,938 7,347,640 surplus
12 mos end July 31 '23 2,142.724 *890.909
253,906
2.521.115 2,551.094
472.770 Disc.on to,debt
287.473 •
'22 1,817,588 *687,816
215,076
Sink, fund res've 1,266.680 1,211,862
Citizens Traction July '23
83.724
28.904
10,149
18.755 0th. unadJ. deb. 4,923,867 1,846.419 Approp. surplus
5,000,000
Co & Subs
not omit.Inv.
11,559 Coating. assets'22
69.071
255,270
21.437
9,878
256.927
12 mos end July 31 '23
Profit ae loss
268,647
924.006
118.528
387.175
201,066
balance
764,631
'22
117,322
37.283.161 77,980,941
318,388
Federal Light &
61.915
July'23
416.240
67,284
129,199
Total
452,888.072 442,809.620 Total
452,888.072 443,809.620
Traction
67,832
381.671
'22
123.642
55,810
Note.
-Securities issued or assumed: Unpledged. $20,605.500i Pledged.
746,070
7 mos end July 31 '23 3.197,555 1,211,315
465,245
602,490 618.329,000.-V. 117. p. 894. 553.
'22 2,934.845
989.404
386,914
Havana Electric
484.124
July 23 1.095.800 *577.394
93,270
Traction, Light & Power Co., Limited.
By, Lt & Power
457,266 Barcelona
, 22 1.039,017 *546.380
89,114
7 mos ending July 81 23 7.711.818 *1.188.427
652,883 3,531,544
(8th Annual Report
-Year Ended Dec. 31 1922.)
22 7.537.007 *3,900,106
621,886 3,278,220
President E. R. Peacock, Toronto, Aug. 2, wrote in subst.:
Keystone Telep Co Aug '23
26.445
150.821
42.507
68.952
'22
140.275
17,337
Results.
-The following figures give the revenue and Interest charges for
60.042
42,705
8 mos ceding Aug 31 23 1.181.339
180.257 each of the last three years:
525,900
315,643
22 1.107.332
111.104
444,504
333,400
1920.
1921.
1022.
Municipal Service June 23
358.332
$1,998,878 $2,065,537 52,575.466
79,596 Revenue of the company
115,797
36,201
Co & Subsidiaries
22
226.084
62.938 Less Admin. & general expenses
9,881
214.783
72.819
160.936
142,265
Reorganization and issue expenses
mos ending June 30 23 4.817,418 1,792.859
12
484,260 1,318.609 Int.
197,976
on 7% Prior Lien "A" bonds,6%
22 2.557.620
799,664
918,039
118,375
Prior Lien "B" bonds (payable in
New England Co July '23
619.069
7.799
89,825
82,026
cash),6% 6
-year bonds,7% 30
-year
Power System
'22
413.645
47,563
120.961
73.398
bonds,and service of8% secured deb 1.232,316
12 mos end July 31 '23 7.006.293 2.142.678 1,004,803 1,137,875
1.307.846
1.496,866
'22 5,549.247 1.496.852
601,544
892,308
Balance avat for int. on 1st M.bds_ $551,779
2596,755
New News dc Flamp July'28
$738,359
194.031
41,689 Amount of Int, paid on 1st M. bonds
62,299
20,610
Rye, Ga9 & El Co
'22
196.387
45,873
69,586
23.713
(being at rate of 2% per annum)_ - _ _ $731,169
2753,627
$715,273
12 mos end July 31 '23 2.128.664
379,895
626.452
246.557
The usual provision was made for amortization of
'22 2.139.987
288,633 in addition, the following reserves for depreciation underlying bonds,and
620.365
331,732
wore made by the chief
Penn Central Light July'23
268.519
88.038 operating companies: Light and power companies, $784.617; railway com119,975
31,937
& Power Co
175,184
'22
34,385 pany. $125,947.
64.618
30.233
12 mos end July 31 '23 3.066.122 1,354,736
Financing, &c.
-During the year the remainder of the Prior Lien "B"
372,158
982,
578
'22 2,272.835
630,675 bonds held by the public, viz.: £84.500, were acquired and
990.101
359.426
„hair 23 669.317 *329.790 177.857 151.933 collateral for the 8% Secured'Debentures. In connection were deposited as
Utah Power &
with this acquisi566.581
Light
22
118.648 tion, the unissued balance, namely, 650.000. of tho authorized issue of'
*285,840
167,192
12 mos ending July 31 23 7.919,560 *1,261,991 1,943,231 2.318,760 £1,100,0008% Secured Debentures, was issued. The first drawing of these
Debentures took place in June 1922,and 629,100 were drawn for redemption.
22 6,802.399 4
.3.496,886 1,782,568 1.714.318
July 23
Yadkin River
152.545
*74,843
40,583 8 The offer made towards the end of the year 1921 to the holders of the 6%
31.260
-Year Bonds to exchange the same for 7 7 30
,
-Year Bonds, par for par, was
95.838
22
Power Co
24,630
*39.161
14.531
528,824 accepted by the holders of Pts. 17,169,000 bonds; the holders of the balance
12 naos ending July 31 23 1,620,783 *849,609
320,785
of the 6% bonds, viz,• Pts. 4,643,500, were given notice that
1,174,859 *495,551
22
320,186 would
their bonds
175,365
be redeemed on Dec. 1 1922. At the time this offer was made the
holders of 6301,0006% First Mtge. Bonds expressed their desire exchange
'Arbor allowing for other income.
to
them for 7% 30
-Year Bonsd. and this was carried through on the basis of
Pts. 1.0007% Bond for each 6100 First Mtge. Bond.
above
lions called for the issue of Pts. 25.411.000 7%, 30 TheBonds,transao-Year
addition, Pts. 4,000,000 of these Bonds were sold for cash so as to and, in
finance
the necessary extensions of the light and power undertakings.
In last year's report it was stated that Pts. 6,000,000 Bonds had been
sold, but ultixnateiy it was found that the sale of Pts. 4,000.000 floods
would meet the requirements
-An index to annual reports of steam accordingly the sale of Pts. of the undertakings for the time being, and
Financial Reports.
2,000,000
was postponed.
As mentioned in last year's report, anBondswas made to the holders of the
railroads, street railway and miscellaneous companies which
offer
% Income Bonds to exchange
on the
have been published during the preceding month will be given basis of a 620 First Mtge. Bond them for 6% Frist Mtge. BondsDuring
for every 6100 Income Bond.
the year
61,664,200
on the last Saturday of each month. This index will not exchangethe holders of First Mtge.Income Bonds surrendered the same in
for 6332,840
Bonds.
Spanish Operating
-Attached hereto [pamphlet report] Is a
include reports in the issue of the "Chronicle" in which it is copy of the report Companies.
of Fraser Lawton (the managing director of the
Ebro Irrigation & Power Co.. Ltd..and the Ferrocarrdes de Cataluna,S.A.)
published. The latest index will be found in the issue of
on the bu.iinesses of tho operating companies in Spain, showing an increase
Aug. 25. The next will appear in that of Sept. 29.
of Pis. 9.027,870 in the gross earnings of the combined enterprises of the
companies operating in Spain over 1921. and in the net earnings an Increase
of Pts. 4,00/2,890. Social conditions remained tranquil throughout the
General Petroleum Corporation.
greater part of the year. although In the later months there was a certain
amount of labor unrest.
(Report for Year Ended June 30 1923.)
Exchange Rote.
-As most of the bonds of this company are payable In
rate
with Spain is a matter
The remarks of President John Barneson, together with dollars or sterling, thethereof exchangeprogressive movement inof first importance. Since 1919
has been a
the wrong
comparative income account and balance sheet for fiscal direction-the average monthly rate for 1920 was 23.32 pesetas to the
pound sterling, whereas for 1922 it was 28.65, representing a fall of 22.9%
year ended June 30 1923, will be found under "Reports in the average value of the pesota.
Extreme Dry Year.
-There were practically no rains in the autumn of
and Documents" on subsequent pages.
1922 and, as
Our usual comparative tables were given in V. 117, p. 1127. heavy wintera result, the large reservoir at Tremp was not filled before the
load. It became necessary, therefore, to put the steam plant
S
106.821
FINANCIAL REPORTS
SEPT. 15 1923.]
THE CHRONTCLE
in operation in November in order to supplement the hydraulic stations'
The steam plant was continued in full operation until March 1923. This
added very heavily to the operating expenses in the last two months of 1922
and the first three months of 1923. It seems to be an established fact that
once in every period of seven or eight years there occurs what is known as
an "extreme dry year.- when the autumn rains fail. 1922 proved to be
such a year. Therefore, it is reasonable to hepe that another will not occur
for a number of years. so that the operating companies will be saved the
expense of steam operation for a long time to come.
Extensions.-Considerable extensions were made to the Light & Power
Co.'s distribution system during the year and further extensions are contemplated to meet the growing demand for power.
Cataluna Railway.
-The gross earnings of the Cataluna Railway and the
Barrie Railway were again satisfactory, but operating expenses were abnormally high and will so continue until about the end of 1923. This Is
caused by the need for very heavy renewals on the line of the Sarria, which is
being relaid with heavier rail and new ties.
The Sabadell extension was opened for traffic in June 1922, and the
results have been fully up to expectations.
Tramways Co.
-The operating results of the Tramways Co. (Les Tramways de Barcelone) showed an increase in gross earnings of 7.69% and in
net earnings 14.10% over those of the previous year. During the year a
bus company secured a concession and began operations; the Tramways Co.
is also introducing buses on certain routes.
Taxation.
-Growing taxation continues to occupy the attention of the
board. Quite recently a very heavy and quite unexpected impost was made
upon the railway companies. This has been the subject of very active protest and nezotiation, but as the companies have now appealed to the courts
no comment can be made while the case is pending.
New Power Company -The chief competitor of the Ebro Irrigation &
Power Co.in Barcelona and the surrounding country is the Spanish company
"Energia Electrica de Cataluna. S.A.," which sells approximately half as
much power as is sold by the Ebro Co. Arrangements have recently been
completed by which all the shares of the Energia Co. have been acquired
by the Union Electrica de Cataluna, a Spanish company which has been
organized under the auspices of the Ebro Irrigation & Power Co.. Ltd., and
this company. This new company will assume the direction of the power
supply of both the Energia Co. and the Ebro Co., which should result in
better service to the public as well as important economies for both companies both in operation and in capital expenditure.
NUMBER OF CUSTOMERS AT DECEMBER 31.
1919.
1920.
1921.
1922.
Electric light
90.609
105.432
98,065
115.518
Power
9,746
10.463
10.968
11.730
Total
100.355
108.528
116.400
127.248
1233
controlled and associated companies. The liabilities, as shown above, are
subject to any adjustment which might be found to be necessary in respect
-V.116, p. 2387.
of the provision for taxes.
The Torrington Co. (of Connecticut).
(Report for Fiscal Year Ending June 30 1923.)
INCOME ACCOUNT OF THE TORRINGTON CO. (OF MAINE) FOR
YEARS ENDED AUGUST 31.
1922-23.
1921-22.
Receipts1920-21.
• 1919-20.
Dividendsfrom sub.cos_x$1,750,007
$708,754
$699.926
$594,941
Miscellaneous income_ ___
87
570
7,614
38
Total receipts
$1.750,577
$708,841
$707.540
$594,979
Divs.on preferred(7% -)
7
26
Divs. on common__(25%)1,750,000 (20)700.000 (20)700.000 (17)595.000
1,226
275
2,025
275
Taxes
Other expenditures
2,873
6,217
2,528
2,147
Total payments
$1,754.099
Balance,sur.or der
def$3,522
Cash balance end of year..
$1,774
$708,242
sur$599
$5,296
$702,810
sur$4,730
$4,697
;597,448
def$2,469
$35
x Dividends received from subsidiary, The Torrington Co. (or Connecticut). viz.: 25% on its common stock. $1,750,000, and 1(% on preferred
stock. $7; total, $1,750,007.
THE TORRINGTON CO.(OF CONNECTICUT)AND SUB.COS.' CONSOL.
PROFIT AND LOSS ACCOUNT FOR YEARS ENDING JUNE 30.
1922-23.
1921-22.
1920-21.
1919-20.
Net operating profit (incl.
subsidiary cos.)..a
$2,219,726 $1,476,154
$662.519 $3.807.954
Divs.from other corp'ns2.137
2,137
1.879
6,631
Total Income
$2,221,863 $1,478,292
79,987
Admin.salaries & expen
88,970
Prem.on Pref. stk. red'd- 250,000
Lass on sale of Lib. bonds
$664.398 $2,214.585
92,100
89,621
Net profit for year__ _ _51,891.877 $1,389 322
Conunon dividends
1,750.000
708.750
Rate
(25%)
(10,4%)
Preferred dividends (7%)
16,391
70.000
Reserve for income and
excess profits taxes_
265,000
205,500
$487,581 $2.724.964
700.000
595 000
84.717
W.1189
70,utiu
b47,000
1.168,000
AMOUNT OF STEAM AND HYDRAULIC GENERATION (K.W.H.).
Total deductions
$
9,031.391
$984.250
$817,000 $1.833,000
Balance, surplus
def$139.514
$405,072 def$329,419 $1,891,964
1920.
1921.
1922.
generation
Steam
386,530
32.470
4,904,190
a Net operating profits, including the Canadian and foreign companies,
Hydraulic geileration-Pobla
2,735,230
3,916.650
5,006.430
Corbera
4,055,030
1.654.880
2,180.840 for years ending June 30.reducing the profits of the English. and in 1921-22.
Soros
123,342,814 111,005.903 124,135.610 1920-21 and 1919-20 the German companies to, and valuing the current
Tremp
91.221,167 65,071,172 64.950,809 assets in South America at the current rate of exchange and before deducting
Camarasa
21.444.100 56,705,160 77.949.782 American or Canadian income taxes. b In addition to this amount $43,045
was deducted from surplus for adjustment of domestic taxes.
Total
243,184,871 238,386,235 279.127.661 THE TORRINGTON CO.(OF CONN.) AND ITS SUBSIDIARY
CORPORAPower sold
165.924,174 177,452.923 219,084.146
TIONS' CONSOLIDATED BALANCE SHEET JUNE 30.
COMBINED RESULTS OF EBRO IRRIGATION & POWER CO., LTD.,
Assets1923.
1922.
AND FERROCARRILES DE CATALUNA, S. A.
Real estate & bldgs., $1.449,707: mach. & equip..
(In Pesstas)$1,962.374;less reserve for deprec'n,$1,017,364--$2.394.717 $2,786,204
1922.
1921.
1920.
1919.
Gross receipts
46,728.300 37,700,431 32.078,223 25,949,539 Good-will, patents, &c
1.923,698
1.923,698
Operating expenses
18,694,073 13,675.094 11.287,684 10,203.323 Investments in foreign subsidiaries
a904.950
1,509,678
Investments in sundry stocks
38,786
157.534
Net receipts from oper _28.034.226 24,025,337 20,190,539 15.746,217 Inventories of material, supplies, &c
2.303,219 2.1E3.427
Bills and accounts receivable less reserve
2,301,138
1,172.069
COMAPNY'S INCOME ACCOUNT FOR CALENDAR YEARS.
U. S. and Canadian Government securities
631,441
501.585
1922.
1921.
1920.
1919.
940.036
Cash
1,969,785
Divs.int., &c..received_ _
$2.063.794 $2,147,191 $2,242,691 Deferred charges (prepaid insurance)
11.766
14,026
Reserved for Int. charged
Not
to controlled cos
37.626
181.346
Total assets
495.678
$11.450,750 $12.168.005
stated.
Liabilities
Net income
$2,026.168 $1,965.845 51.747.013 Common stock
$7,000,000 $8,000,000
Miscellaneous receipts_
39.370
33,033
36.283 Accounts payable
449.626
209,709
Reserves for income and taxes
265.000
205.500
Total receipts
$2.575,466 $2,065,538 $1,998,878 $1,783,296 Balance,surplus
3.736,124 ..3752.796
Admin. & gen. exp. Incl.
French taxes
142.265
160,936
188,893
Total
511,450.750 $12,168.005
147.786
Reorg'n & issue expenses_
197,976
Int. on loans
25.890
a Including profits for year at current rates of exchange.
77.226
-V.116. p.1287.
do 7% prior lien "A"s 554.457
615,266
690.072
583.127
do 65' prior lien "B"s a10.280
462,333
292.000
292.000
do 65 six-ye Lr bonds. 348,676
230,247
250,244
Laurentide Company, Ltd.
204.105
do 5 To 1st M. bonds
6731,169
723.937
do 60,. 1st M. bonds_ 671.5.273
753.627
(Annual Report-Fiscal Year Ended June30 1923.)
Sem". of8% secured debt_
583.453
Depreciation reserve_
c52.497
President George Chahoon, Jr., says in substance:
373,146
The net profits for the year ending June 30 1923 were 53,167.998. which,
Balance, surplus
$23,086 def$156,872 def$231.887 def$618.031
after deducting intereit and other charges, amounting to 5424.999. and
a During 1922 the remainder of the Prior Lien "B" bonds held by the reserves for taxes, depreciation and depletion, amounting to $753,896,
public, viz.: £84,500, were acquired and were deposited as collateral for the leaves the sum of 51.989.103.
The reserve for employees' pension fund of $508.790 has been transferred
8% secured debentures. In connection with the ; cquisition, the unissued
balance, namely, £50,000, of the authorized issue of £1,100,000 8% secured to the pension committee and now stands in the accounts payable pending
debentures was issued. The first drawing of these debentures took place In investment.
The directors have purchased shares of the company's stock to the
June 1922 and .E29,100 were drawn for redemption.
amount of $169,329, which amount has been fully subscribed by some 580
b At the rate of 2% per annum.
c Transfer of proportion of revenue from Les Tramways de Barcelone. employees. This amount is being carried In accounts receivable, the stock
S.A. (after deduction of loan interest), applied in repayment of the balance being held as collateral.
General conditions in the newsprint industry continue to be satisfactory
of the loan in connection with the parch Lse of the shares of that company.
with the outlook for the coming year that demand will be equal to supply.
-Peseta conversions at Pts. 5.87 equal $1.
Note.
B 4LANCE MEET DECEMBER 31.
INCOME ACCOUNT FOR YEARS ENDED JUNE SO.
1922.
1921.
1922.
1921 .
1921-22.
1920-21.
1922-23.
Assets
$
Operating profits
$2,732.455 52.266,254 $5.374.565
capital heel_ _a102,481,581 106,928,622 Ordinary shares_ 27,450,000 27.450.000 Other Income
94,386
1,029.829
49,435
Constro. exp. on
7% non-cum. pt. 8,483,500 8,483,500 Investments
.386,107
332,513
319,637
Lt.. P.& Ri- 1,166,892 2,478,928 Shs, of control d
.
prior
Int. on 6%
cos, in hands
Total income
$3,167,998 $2,693.154 $6,724.031
81,750
lien "13" bonds
of public
26,012
55,504 Interest
440.631
885.260
424.998
Exp. of Issue of
7% 30-yr. bonds 5.672,563
Taxes and depreciation
753.896
458,461
1.322.843
debentures _ _ _
178,724
655,513 7% prior lien
Dividends
1.728.000
1,728,000 1.728,000
"A" bonds.... 8,063,217 8,063.216 Inventory reserve
Int. charged to
2.000.000
43,232
railway constr
6% "B" bonds.1 5,211.713 9,733,333
8% secured deb..'
Disc. on 7% 30
Balance, surplus
5261.103
566.061
5787,928
44.901
6%6-year bonds
year bonds_ _ _
155,849 4,212,467 Previous surplus
1.489.528
1.4213.467
635.538
6% Ist M. bonds 36.674,908 36,524,333
Dep. &
% Inc. bonds 2,661,265 8.662,569
approp'n _ __deb1,217,845deb1,183,947
Profit and loss surplus
51.750.632 $1,489,528 $1.423,467
assoe't'd
Interest_ b
Inv. in
784,006 2,881,812
undertakings_ 8,566.753 8,565.936 Bond issues of
BALANCE SHEET JUNE 30.
959,242 1,213,232
controlled cos. 14,858,809 14,849,757
Materials
1923.
1922.
1923.
192E.
1,336,017 1,949,879 Bond int. acre('
Debt.dr deb. bal
930.681 1,007,247
Assets
Liabilities$
$
2,081,505 2.468.636 Bonds unred'm_
Cash
85.094 Mills, bidgs..plant,
Stock
28.800.000 28,800,000
C Capital res've. 5,09 .312
inv.(cost) 2,030.237
Temp.
real estate, timCom.div.(dueduly) 432.000
432,000
968,870 1,003,954 Creditors dr cred.
Revenue ac,c't
lands,.10..224,731,782 25,089,870 Wages
ber
129.010
80.835
balance
2,302,817 2,153,668 Logs, merchandise,
Bank loans
2,507.724 3,572,960
Sink,fund res've
266,457
b4,400.946 5,534.236 Bills payable
&c
7C.400
314.500
Accts.receivable__ 1,148,456
756,045 Accounts payable_ 951,536
$42.848
118,640,111 124,162,503
Total
118,640,111 124,162,503 Cash in hand. &e.
Total
38,048
$79,249
370,698
24,888 Reserves
Investments
5,028,108 4,981,723 Empl. pens'n fund
c
474,247
a After deducting $3.794,161 for reserves for depreciation and amortiza- Ins, prem. unexp_
87.399
418,560
573.560
63.193 Taxes
tion and also after deducting 56.479.285 difference in nominal value between Deferred charges-1,815
6,183
1,815
3.067 Unpaid dividends_
Barcelona Traction, Light & Power Co., Ltd., re53% income bonds ofMtge. bonds of
1.750,632 1.489,529
Surplus
that company issued in exchange
6% 1st
deemed, and
therefor.
35,440,926 36,452.991
Total
35,440,927 36,452,991
Total
b Interest in discharge of which there is an obligation to issue 534%
income bonds.
a After deducting $2,145.562 for deprec.& depl. b Includes logs and supc Difference In nominal value between: (1) 6% Prior Lien "B" bonds of plies, $3,561.373; merchandise, $117,206, and mill supplies. $722.368.
Barcelona 'Frac., Lt. & Pow. Co., Ltd., acquired,and 8% secured deben- c The reserve for employees' pension fund of 5508.790 has been transferred
tures issued in connection therewith, $4,212.100. (2) 6% 1st Mtge. bonds to the pension committee and now stands in the accounts'payable pending
-year investment.
of Barcelona Trac., Light & Power Co., Ltd., acquired, and 7% 3
bonds Issued therefor, $886,212.
Indirect liability for customers' paper under discount is $138,610.
-There are contingent liabilities in respect of guarantees, and also
Note.
Contingent liability for guarantee of bonds of Laurentide Power Co.
,
liabilities for future annual payments under agreements in connection with 51.420,000.-V. 116, p. 944.
1234
THE CHRONICLE
Riordon Co., Ltd.
(Financial Statement in Connection with Reorganization.)
A description of the properties of the company as reorganized, together with the balance sheets below, are given in
an attached statement sent out with the reorganization plan.
(See also "Investment News" below.)
[Vol,. 117.
financing) is thoroughly conservative. Operating profits for the curren
year are expected to run considerably above this figure.
Ticonderoga Pulp ct Paper Co.—The annual net earnings
(60% of whose stock is owned by Riordon Co.), after all of this company
averaged for the eight years ending with 1922 slightly overdeductions, have
$250,000. Officers estimate the net earnings for 1923 at not less than
actual earnings for the first six months of the year have that figure, and the
been at a somewhat
higher rate. New processes have recently been introduced,
resulting is
lower costs and improved quality of product, which
should
future earnings. Assuming no increase, however, over the be reflected ia
foregoing averDescription of Properties.—The principal properties which the reorganized age of past years, the portion of the average annual
company will owe, directly or through its ownership of all the capital stock Riordon Co.'s 60% ownership of the capital stock profits applicable to the
should be not less thaa
of the Gatineau Co., are briefly described below.
$150,000.
Combined Earnings.—The foregoing estimates total as
Pulp Mills.—The Kipawa mill, begun in 1918 and completed to substanfollows:
tially its present capacity in 1920. with its own water power (held under Riordon Co.,Ltd.(Kipawa, Hawkesbury and Calumet) available
for interest, depreciation, income tax and dividends
Quebec lease) developed to 7,200 h. p., and requiring a relatively small
$2,100,000
expenditure to bring it up to 21,000 ii. p., is a new mill, and is now pro- Gatineau Co. Ltd. (before interest and depreciatien)
during 50,000 tons per annum of the highest quality of bleached sulphite Ticonderoga Pulp & Paper Co.(proportion belonging to Riordon 500,000
Co., after all charges)
pulp manufactured and at a remarkably low manufacturing cost. A rela150,000
tively small further expenditure for balancing the different departments will
Total__
_
increase its capacity to 65,000 tons per annum.
and------ cos., approx_ -12.750,000
The Hawkesbury mill, though not new, has been kept up to date and in Annual interest charges
--1,250.000
thoroughly efficient operating condition by the installation of new and Estimated income tax
100,000
Improved equipment. The mill is producing 35.000 tens per annum of
Balance available for dividends and depreciation
bleached sulphite pulp of a quality only slightly below the Kipawa product,
81.400,000
and its costs compare very favorably with those at Kipawa.
Expansion of Kipawa Capacity.—The above estimate is
based on the
Riordon CO. Timber Limits.—The timber limits tributary to the Kipawa present operating capacity of the Kipawa mill, which is now unbalanced,
mill,including the Bronson and O'Brien purchases, cover over 2,500 sq• m• some departments being completed to a much larger capacity than the
on the Upper Ottawa watershed, and are estimated to contain nearly 7,- current rate of production, while others are now overtaxed. The plan con000.000 cords of pulpwood, as well as 100,000.000 ft. board measure of pine templates the early expenditure of about $2,000,000 for balancing the mill.
timber. The Rouge River limits tributary to the Hawkesbury mill cover additional First Mtge. & Ref. Bonds being authorized for this purpose.
The expenditure of considerably leas than this amount,
over 1,200 sq. miles, with an estimated 2,000.000 cords of pulpwood.
it is
Caulmet Saw Mill.—The Calumet saw mill, situated across the Ottawa would add 15,000 tons to the annual capacity of the mill, in estimated,
to
River from Hawkesbury, was wholly rebuilt a few years ago, and has a which a proper balance between departments should materiallyadditionthe
reduce
average cost of the entire product. This increase in
capacity of over 15,000,000 ft. of rough lumber per annum.
production, together
Gatineau Properties.—The Gatineau Co. will have, with the addition of with the resulting saving in operating and overhead costs per ton, after
the Dominion Bank limits which will be transferred to it by the Riordon allowing for the additional interest charges on $2,000,000 bonds to be issued
Co., about 5,800 sq. miles of timber limits in the Gatineau Valley, and saw for the purpose, would add from $250,000 to 8300,000 to the above estimate
mills at Hull and Rockland having an annual capacity of 75,000,000 ft. of of earnings.
Development of Gatineau, &c.. Properties.—The Gatineau Co. is
lumber, the current product being about 80% pine and 20% spruce. The
presently
estimated amount of timber on the Gatineau limits is about 12,500.000 cords developed only as a lumber enterprise. With a sound capital structure
designed to lend itself to future financing, an admirable site for
of pulpwood and over 700.000.000 ft. of pine.
struction of a mill, economical power, ample Wood supply, and a the conTotal Timber Supply—Altogether, the Riordon and Gatineau companies'
ready and
timber limits (practically all held under Government licenses) aggregate growing market for commercial power only a few miles away, it is obvious
about 9,500 sq. miles on three watersheds, and these limits are estimated to that the real earning power of the property is yet to be developed. The
contain a total of over 20,000,000 cords of pulpwood against an annual con- Riordon properties include other undeveloped water powers of large potential value, notably a freehold power on the Quinze River capable of
sumption by the present Riordon pulp mills of about 200,000 cords.
developThe transportation of all pulpwood and saw logs from the limits to the ing 32,000 continuous h. p. at a moderate cost.
Dividends on New Stocks.—On the above showing, the payment of the full
mills is by river, and as the Gatineau River empties into the Ottawa about
regular dividends on the Prior Preference Stock, amounting to
60 miles above Hawkesbury. Gatineau wood is available for economical
$700,000 per
delivery not only at any point near the mouth of the Gatineau River where annum, is believed to be practically assured from the start.
The dividends on the new Preferred Stock will not become
a new mill might be constructed, but also at Hawkesbury and Calumet.
cumulative
until Jan. 11925. In the meantime annual interest charges will have
Water Powers.—The two companies own or control by lease undeveloped
been
waiter powers of a combined capacity estimated by competent engineers at somewhat reduced by capital payments, and substantial progress should
have been made in developing the increased capacity of the Kipawa
about 160.000 continuous h. p., or on the usual basis of commercial developmill.
It is easily possible that a beginning may have been made on
ment about 250,000 salable h. p., of which the most important are the Chela conservative
sea and Farmers' Rapids powers on the Gatineau River, 6 miles from the basis towards the development of additional earning power on the Gatineau
city of Ottawa, which are owned in fee and reported by the Montreal property. With favorable market conditions these factors should make
Engineering Co.to be capable of development in convenient and economical possible the payment of the full dividends on the Preferred Stock from the
stages to an ultimate capacity of over 100.000 commercial h. p., with large time when they become cumulative: while the ultimate development of tho
full
storage capacity, at relatively low cost. The Riordon Co. also owns a for earning power of the property as a whole holds forth excellent prospects
the Common Stock.
freehold power on the Quinze River, capable of economical development to
over 40,000 commercial h. p., and another of 8.500
p. on the North BALANCE SHEET AS OF MARCH 31 1923(RIORDON CO. AND SUBS.).
Nation River, early development of which has been seriously considered,
(With adjustments o give effect to the proposed reorganization
partly as a more economical source of power for the FlawkesburY mill•
and now
financing, with inter-company items eliminated.]
Estimates of Earning Porser.—The development of the Riordon mills to
Assets—
actual
Liabilities—
their present equipment and capacity has been so recent that no
Land, bides., mach. and
First Mtge.6% Debens__ $1.828,800
earnings of any pastyear or series of years furnish a fair measure of present
equipment
$18,105.634 1st M.& Ref. Ser. A 85... 5,930,000
and future ear
power.
The bleaching p nt at Hawkesbury was not constructed until 1919, and Timber limits & wet. pow 7,392,898 do Series B 7s
2,070.000
Equity in Gatineau Co
4.212.131 New 7% Debentures_ _ 1,000,000
before that time the mill produced only unbleached pulp. This development was completed at a time when orders were coming in faster than they Ticond. P.& P. Co.stock 1,212,000 Purchase money mtges.:
Other Investments
21.094 M. J. O'Brien
could be filled, and to meet the abnormal demand efforts were centred on
1,200,000
3,641 The Bronson Co
quantity production. As a result, the reputation of the product wags not Advances to subsidiaries..
650,001
established on a quality basis, and the trade has only recently been educated Cash with trustees for
Miscellaneous mortgages.
206,750
bondholders
50,371 Curr, Acc'ts. accreals,&c.
to a recognition of the high quality now being produced.
500.000
3,113.075 Bank loans
The construction of the Kipawa mill was started in 1918. and the Mot Inventories
700,000
unit did not begin production until about Jan. 1 1920. Even then, the Accounts & bills receiv'le. 1,029.356 Prior Preference Stock
10,000,000
Working funds
63,980 Preferred Stock
bleaching plant was not in operation,and the production gradually increased Cash
5,500,000
on hand and in bank
527,037 Common Stock (600,000
during that year from about 1.600 tons of unbleached pulp for the month
Deferred charges
87.283 shares, no par)
of January to about 3.800 tons of bleached pulp for December.
6,232,950
The market demand in 1920 greatly exceeded the supply, with resulting
Total
135.818,500 Total
high prices and largo profits, but early in 1921 these conditions wore re835.818,500
versed, the demand disappeared almost over night, and the company's mills BALANCE SHEET MARCH 31
GATINEAU CO., LTD.),
1923(
(AS ADJ.)
were shut down for about 8 months. As always in such cases, the recovery
Assets—
Liabilities—
was a gradual process. The Kipawa mill was reopened about Nov. 11921. Timber limits,
water powPurchase money intim.:
and the FlawIcesbury mill about the end of teat month. The former was
ers, real
run at a reduced capacity for several months in the early part of 1922, and Dominion estate & equip_S6.464,724 W.C.Edwards&Co..Ltd.$1.413,797
bank
the latter was shut down entirely for about two m ,nths in February and Cash n hands limits_ - 400,000 Gilmour & Hughson,Ltd 1,944.406
of trustee__
891 Dominion Bank
March. This again reflected conditions throughout the industry except
323,376
1.381.707 Curr. acc'ts, accruals, &c_
that these mills, through their natural advantages over their principal Inventories
250.000
Accounts receivable
219.864 Bank loans
competitors, produced and sold during 1922 a substantially larger proportion Cash
550,000
on hand and in bank.. 210.104 Equity for Capital
of their normal capacity than their competitors generally. Prices were Deferred
Stock
charges
16,420 (owned by Riordon Co.) 4.212,132
Irregular during the greater part of the year, and were notfirmly established
on a fair basis until late in the fall.
Total
• $8,693.710 Total
Estimated Earning Power Based on Current Operating Results.—The best
$8,693,710
available basis for estimating the earning power of the Kipawa and Hawkes- CONSOL. BAL. SHEET MAR. 31 1923 (AFTER
REORGANIZATION).
bury mills under normal conditions is furnished by the actual results of
Asset
Liabilities—
recent operations. For this purpose, however, two adjustments must be Total plants, timber limFunded debt
110.828.800
made. Most of the wood consumed up to June 1 was carried over from the
its, &c
332.383,257 Purchase money mtges
5,531.578
stock on hand in 1921, and was produced at the high costs prevailing in Investments
1,233.094 Miscellaneous mortgages.
206,750
1919 and 1920. It was also necessary to supplement the supply at Hawkes- Miscellaneous
54,903 Curr.acc'ts, accruals, &c.
750,000
bury by the purchase of wood for rail delivery during the spring months. Inventories
4.494.782 Bank loans
1,250.000
before the present season's cut could reach the mill. To furnish a fair Accounts & bills receiv'le. 1.249.220 Prior
Preference Stock. _ 10,000,000
measure of presont earning power, the actual cost of the wood used must be Working funds
63,980 Preferred Stock__
adjusted to present replacement cost, based on the past season's operations Cash on hand and in bank
737.140 Common Stock (600,000 5,500,000
of the company on its own limits.
Deferred charges
103.703 shares, no par)
6,232,950
The coal consumption at both mills during the last winter was also abnormal, due in part to the poor quality of coal obtainable during the proTotal
140.300,078 Total
$40,300,078
year. and in part to unusual low water conditions, —V. 116, p. 2018.
longed coal strike of last
which necessitated running the auxiliary steam turbine plant at Hawkesbury on 129 days during the past season, against an average of about 10
Spanish River Pulp 8c Paper Mills, Ltd.
days for five years previous. In preparing the figures given below an adjustment has been made to reduce this excessive coal cost to what is believed
(Annual Report—For the Fiscal Year Ended June 30 1923.)
under normal conditions.
to be a fair average
Pres. Geo. H. Mead, Toronto, Aug. 30, wrote in brief:
The manufacturing costs and operating profits of the Riordon Co.for the
eight months ending June 30 1923 have been audited by Messrs. P. S. Ross
The profits reflect continuous operation of the company's plants through& Sons. and the actual results adjusted for the two factors above men- out the last fiscal year. A number of improvements were
tioned. With these adjustments the manufacturing profits for this period, the period, which, with other refinements in mill practice, made during
before deducting income tax, interest or depreciation, were at the rate of increasing the daily average production of newsprint from will result in
650 tons to
approximately $2,150,000 per annum. These figures do not include any 700 tons. The amount set aside in previous years for bond sinking fund
profits of the Calumet saw mill, as the bulk of the shipments from that mill being no longer required, the credit has been transferred to
surplus account,
are made during the last half of the year.
which now stands at $4,485.000.
There has been some recent unsettlement in the pulp market, resulting COMBINED RESULTS (INCL. LAKE
SUPERIOR PAPER CO., LTD.).
in a reduction of selling prices, which is believed to be only temporary. but
Years Ended June 30-- 1922-23.
1921-22.
which will undoubtedly affect the profits for the remainder of the year.
1920-21.
1919-20.
$4 008 155 $3 361 537 $4 836 001 $3,915,051
allowance for the effect of this reduction, and also for the Cabinet Gross profits
With an
736.560
475,975
operations,and with the adjustments mentioned above,the operating profits Reserve for depreciation_
628,480
594,620
of the three Riordon mills for the full 12 months' period ending Oct. 31 1923 Int. on funded debts and
other loans
888.178
950.645
744,371
are estimated at approximately $2,100.000.
768,362
200,000
150,000
500.000
The figure is believed to represent a conservative estimate of the earning Gov't tax & conting. res
350,000
Power of the mills under fair average market conditions, and contrasts with
Balance, surplus
12.183.417 81.784,917 82,963.150 82.202,069
actual earnings (before the corresponding deductions) in the boom year of
2,446,892
2,349.796
1,060,798
1920 of over $4.000.000. although the entire production of the Kipawa mill Previous surplus
2,368,222
in that year was less than 37,000 tons, of which nearly one-third was
Total
$4.630.309 84.134,713 $4.023.948 $4,570,291
unbleached pulp.
Gatineau Company.—The Gatineau properties are also a recent acquisi- Preferred dividends_ _ _(7%)603.365 (7)603,365 (7)603.365 x2,871.493
661.290
629.685
tion, having been taken over in 1920. and their operations also were affected Common dividend (7%)_
629,685
by the depression of 1921. No logging at all was done during the winter Propor'n to bondholders_
140,517
137.005
137.005
Cr.1.259,863 Dr.317,766 Dr.304,097 Dr.638,000
Of 1921-22, so that the present season is the first full season of active opera- Bond sinking fund
tion under reasonably normal business conditions since the acquisition of the
Profit and loss,surplus.$4.485.000 $2.446 892 $2.349.796 81,060,798
properties. On the basis of careful studies and competent opinions from
many sources, it is believed that an estimate of $500.000 average annual
x Accumulated preferred dividends to June 30 1920 net by issue of
earnings from the Gatineau Co. as now devoloned, before interest and de- Preferred stock and includes 7% per annum since July 1 1913 and share
preciation, or about $250,000 over its own interest charges (after the now thereof (10%) payable to bondholders.
SEPT. 15 1923.]
THE CHRONTGLE
CONSOL. BALANCE SHEET JUNE 30 (Incl. Lake Superior Paper Co.).
1923.
1922.
1923.
1922.
AssetsS
Liabilities-$
Property aceount_31,034,373 30,752,424 Common stock... 9,447,000 8,995,510
Pulpwood
5,612,102 5,228.098 Preferred stock.- 8.619,500 8,619,500
2,023,403 1,666,063 First Mtge. tis_ _
Equipment, &c
7.605,593 7,917,461
Securities of other
Gen. Mtge.bonds_ 3,000.000 3,000.000
companies
538,875
407,000 6% Serial notes__ 1,468.000 2,114,500
Mill products...-. 387,464
523.518 Bank loans
1,000,000 1,800.000
Acc'ts receivable 2,277,6 4 2,100,490 Acc'ts & bills pay_ 1,991,504 1,721,761
Secur's purchased_ 421,479
476,301 Accrued interest
252,733
273,544
Cash
413.890
720,102 Accrued dividend_ e386,422
376,765
Deferred charges_ - 367,216
481,300 Miscell. reserves__ 1,101,308
846.848
Deprec'n reserve__ 3,719.425 2,982,863
Bond sink. Id. res. 1,259,863 1,259,862
Profit & loss sure- 3.225,137 2,446,892
Total
43,076,486 42,355,499 Total
43,076,486 42,355,499
a Paid July 16.
Note.--Contingont liabilities. $67,437.-V. 115. p. 1427.
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."
1235
College Station. There are four motor cars used on the line(V. 117.13. 552).
Directors of the new company are: Eugene Huge, President; E.11. Astin,
Vice-President; J. M. Gordon, Treasurer; James Sullivan. Secretary; F.
C. Bolton; W. Wipprecht; John M.Lawrence;J. Webb Howell, and George
-V.117, p.552.
Chance.
Chicago Ottawa & Peoria (Elec.) Ry.-To Operate Buses.
The Illinois Commerce Commission has authorized the company to abandon operation of 3% miles oftrack between Hick's Junction and the village
of Ladd. Ill., contingent upon the company arranging to supply adequate
service by bus between Spring Valley and Ladd, which it has already agreed
,
-"Electric Railway Journal.'-V. 113, p. 291.
to do.
Cimarron & Northwestern Ry.-Abandonment.-
The I.-S. C. Commission on Aug. 29 issued a certificate authorizing the
abandonment, as to inter-State and foreign commerce, of a portion of the
line of railroad extending in a northwesterly direction from South Ponil to
Penn Park, Colfax County,N.Mex.,a distance of 14 miles.
Entire line is
22 miles in length and extends from a connection with the Atchison Topeka
& Santa Fe at Cimarron, N. Mex., to its present terminus at Ponil Park.
It Is :proposed to abandon all of this mileage except that between Cimarron
and South Ponil. The company represents that there is no further need of .
the line between South Penn and Ponil Park as the available supply of
timber in that territory Is exhausted and no other tonnage can be obtained.
There are no bonds, notes, or other indebtedness resting upon any part of
the line which would be affected by the proposed amendment.
Columbus Delaware 4c Marion Elec. Co.
-Earns., &c.
Income and Expenses for Year ended April 30 1923.
Gross income
$1.143,141
Operating expenses, maintenance and taxes (ex depreciation)
770.355
Net income
2372.786
Interest charges per annum on bonds outstanding
182,350
Balance
$190.436
Capitalization and Funded Debt April 30 1923.
Anthracite Thuds Ready for Hearing on Rates.
-Expect to present their
evidence In one day at I.
-S. 0. Commission hearings at Pittsburgh on
Authorized. Outstanding.
Sept. 24. "Tunes' Sept. 14, p. 26.
First & Refunding (now First) Mortgage 5s
)27.500.000 181.787.000
do
stamped to boar 67
Wage Increases.-Mtssourt Pacific grants increase to 5,000 clerks, but
1 1.550,000
terms of agreement were not made public. "Boston Financial News" 7% Cumulative Preferred stock
3.000,000
1.000.000
Common stock
Sept. 13. p. 7.
3000(109 1,200.000
New York Central grants 21,252 mechanics and helpers increases ranging -V. 115. p. 1729.
from 1 to 3 cents per hour. Signal department and clerical employees
Consolidated Power & Light Co.
were also granted increases. "Wall Street Journal" Sept. 8, p. 9.
-Definitive Bonds.
Definitive 1st Mtge. & Ref. Lion S. F.6% Gold bonds, Series "A,"
Seaboard Air Line grants increase of 2 cents an hour to 2,700 shopmen
effective as of Aug. 1. "Wall Street Journal" Sept. 8, p. 9.
due March 1 1943, will now be exchanged for temporary bonds at the
North America & Trust Co., City Hall Sq., Phila., or Tucker,
-Although the loading of revenue freight for the week Bank of
Surplus Cars.
of Sept. 1 amounted to 1,092,567 cars, the greatest number for any one Anthony & Co., 60 Broadway, N. Y. City. (For offering of bonds see
week. in history, the railroads of the United States had on that date 66,559 V. 116, p. 933.)-V. 116, p. 2766.
surplus freight cars in good repair and Immediately available for service
Cumberland Ry. & Coal Co.
If required, according to reports just fled by the carriers with the car
-Tenders.
-service division of the American Railway Association. Reports also
The National Trust Co.. Ltd., 153 St. James St., Montreal, Que.. will
showed that on that date the reported car shortage amounted only to until Sept. 24 receive bids for the sale to it of 181 Mtge.5% bonds. due Oct.
9,441 cars for the country as a whole.
1 1940, to an amount sufficient to exhaust $30.292.-V. 97, p. 1583.
The number of surplus freight cars was a decrease of 8.358 since Aug. 2,
Delaware Lackawanna & Western RR.
while there was an increase during the same period of 1,751 in the reported
-Control of
car shortage.
Sussex RR.
Surplus box cars in good repair totaled 51,922, a decrease since Aug. 22
The -S. C. Commission on Aug.
of 5,274 cars, while there also was a decrease of 1,576 cars in the number controlI. the railroad and property30 authorized the company to acquire
of
of the Sussex RR. by lease.
of surplus coal cars in good repair, which brought the total for that class
The Sussex company proposes to lease its railroad and other property to
of equipment to 3.922.
applicant for the full term of the corporate
Surplus stock cars totaled 2,040, an increase of 552 in slightly more the and any and all renewals thereof. The existence of the Sussex company
Lackawanna agrees to pay to
than one week, while surplus refrigerator cars amounted to 7.745,a decrease stockholders of the Sussex company interest at
the rate of 2% per annum
within the same period of 846.
upon the par value of their stock, and is to assume, pay and discharge all
Car Shortage.
-Of the total car shortage of 9.441 on Sept. 1. 2,622 bonds,
liabilities of the Sussex
were box cars, or an increase of 405 cars over the reported shortage in becomedebts and during the continuance company which shall accrue and
payable
that class of equipment on Aug. 22. The shortage in coal mars amounted s.sessments upon the property, income or of the lease, and all taxes and
franchises
to 4,891, an increase of 1,317 since Aug. 22, while the shortage in stock levied by any governmental authority. The Sussex of the Sussex company
company covenants to
cars was only 243, or an increase of 106, within the same period.
maintain its corporate organization,and upon the request of the Lackawanna
Matters Covered in "Chronicle" Sept. 8.-(a)Railroad development and
Indispensable service, (editorial), p. 1058. (b) Railroads facing crisis but subject in each instance to the approval of any regulatory Oodles having
and
In struggle against United States control, according to National Industrial Jurisdiction, to issuesuch deliver to the Lackawanna its bonds, stock or
amount as may be required by the Lackawanna
other obligations for
Conference Board, p. 1088.
for the construct on and purchase of equipment for said railroad, the construction of buildings and extensions, and for additions and betterments;
Alaska Government Roads.
-Earnings.
and such other bonds and securities as may be required,from time'to time,
Year ended June 301923
1922
to refund or pay the bonds or other obligations theretofore
Freight revenue
2358.954_ -$222.712 same shall mature and become payable. The Lackawanna issued, as the
agrees to pay
Passenger revenue
154.710
132.296 the interest and principal of all bonds or other obligations issued at Its
Miscellaneous
244,366 202,335 request.
The Lackawanna owns 30,885 shares (par $50) of the capital stock of the
Total revenue
2758,031 $557,344 Sussex company out of a total issue of 32,772 shares. The
Sussex company
-V.116, p.2635.
-V. 117. p. 324.
has no bonded debt.
Atlanta Birmingham & Atlantic RR.
-Final Valuation.
The I.
-S. C. Commission has announced a valuation of
the road as the "final single sum value" as a basis for rate$23,245,257 for
making.
The Commission declared that in determination of a value for rate
making purp_oses "we are not limited and cannot be confined to a mere
formula." The Atlanta is a property, according to the Commission,
has been a consistent loser, yet it was contended that its valuation that
could
not be based on a consideration of the "Junk worth" inasmuch as
property was rendering a distinct service to the territory traversed. the
"The final single sum value which we have ascertained for the property
of the carrier," the decision said, "is based on a careful consideration
of
all the relevant facts that have come to our attention. It is, in our judgment, a value which we are authorized by the Valuation Act to ascertain
and report. It is fair value of the property which the carrier holds for
uses In the service of transportation and upon which it is entitled to and
earn
a fair return."
-V. 117, p. 438.
Aurora Elgin & Chicago RR.
-Sale.
Representative.; of the 1st Mtge. bondholders bought the Fox River
Division of the road for $1,700.000 at a public sale at Geneva, Ill. V.
117, p.322.
Boston & Maine RR.
-Solicits Proxies.
-
The stockholders' protective association, through its President, Edward
F. Brown, Is soliciting proxies from II. & M.stockholders to promote
came of independence of the road." E. D. Codman has consented to the
act
as agent or attorney for all stockholders who may care to deposit their
stock.
Mr. Codman says: "Tho property ought to be continued independent
and prove its worth and no consolidation sale or lease ought to be
sidered on terms less than true value, which, in my opinion, is not less conthan
$100 a share for the Common stock.
Mr.Cod man declares there is a battle
on between great trunk lines for control of Boston & Maine traffic.
V. 117, p. 1016, 207.
Brooklyn-Manhattan Transit Corp.
-Jury Clears
pany Officials-Reports No Grounds for Indictment forComElevated Accident that Cost Eight Lives-
Denver Tramway Co.
-Earnings.
7 mos. end. Accumulative Dec.24'20 to
PeriodJuly 31 '23. July 31 '23. Dec. 31 '22.
Op:rating revenue-Transportation.. $2,711,882 $12,227.815 $9,515,930
Rental, power. &c
101.387
413.825
312,437
Total
$2,813.270$12,641.640 29,828,367
Operating expenses
1.883.121
8,448,558 6.565,437
Net operating revenue
2930.149 $4,193.082 $3,262,930
Miscellaneous income
7,361
31.041
23,679
Gross income
$937.510 $4,224.123 23,286,609
-Taxes
Deductions
2224,819
$981.983
$757,166
Franchise payments
35.000
156.210
121,210
Interest on debts
560,340
2.620.543
1.960,204
Net income
$117,351
$565.387
$448,029
Balance Sheet July 1 1923.
Assets
Liabilities
Road & equipment
229.190,537 Common stock
$10,000.000
Sinking fund
817 Funded debt
19,749,623
mpeoli.physical prop--473,924 Accts.& wages payable
317,092
5008h.of C.S.&I.(pledg'd)
500,000 Miscellaneous payable_ 21,625
Liberty bonds
40.750 Matured Interest unpaid.. 1.627,960
Cash
294.595 Accr. Int.. div. & rents
deposits
Special
65,853
payable
280,987
Accounts receivable
42,537 Deferred liabilities
26
Material,supplies,fuel-690.990 Tax liabilities
249.303
Interest receivable
831 Res. for workmen's flab.
Work orders
584.669
& damage claims
39,059
Job numbers
349,534 Accrued depreciation_ _ _
888.459
Other deferred assets__ _
55,174 Unadjusted credits
69,896
Issued or assumed
Sec.
Due associated cos
30,962
(pledged)
:76.450 Profit & loss balance_ __ 547,715
Sec. issued or assumed
(unpledged):
D.C. T. Co. bonds--- 1,370,000
Due from assoc. cos
86,288
Total (each side)
$33,822,949
x Securities issued or assumed (pledged): Bonds Denver City Tramways
Co. $57,550; bonds Denver & Northwestern Ry. 2900; bonds Denver
Tramways Terminal Co. 218.000.-V. 116, p. 2128, 1760, 1176, 1049,720.
-v. 115, p. 1099; V. 114. p. 1890.
The Grand Jury that investigated the wreck on the Fifth Avenue elevated
line on Juno 25. when two cars plunged to the street at Atlantic and
bush avenues, Brooklyn, killing eight passengers and injuring many Flat.
others,
submitted its report to County Judge Haskell in Brooklyn Sept. 10.
The
report clears the company of any ch .rge of criminal negligence In
connection
with the accident. me jury stated that its exhaustive investigation
and
examination of more than 100 witnesses had failed to show any
criminal
negligence or any evidence sufficient to indict any person.
The traveling public must be provided with the maximum degree of posDenver & Rio Grande Western RR.
-To Oppose Plan.
sible safety, the Grand Jury says in its findings. It recommends, to
It stated that the bondholders' committee of the Rio Grande Southern
end, a more intelligent inspection of tracks, equipment and structurethis RR.is preparing to appear
is
by
before the I.
-S. C. Commission on Oct. 3 to
Increased forces of Inspectors, with certain forms of structural
pose the approval of the reorganization plan on the ground that no proimprovements tending to minimize similar fatal accidents. A double bonus to
has been made under the plan to care for the Rio Grande Southern.
Inspectors is recommended for the discovery of any defect which
may a railroad of 162 miles. from Ridgeway to Durango, Col.. which has its
cause an accident.
only outlet through the Denver & Rio Grande.
Closer co-operation between the Transit Commission and railway
Since the reorganization
officials
is advised, and it is further recommended that orders issued by the Com- number of overtures have plan has been presented to the 'public. it is said, a
been made to the Denver & Rio Grande by the
mission regarding operation and equipment be mot with prompt
compliance. bondholders of the Rio Grande Southern, but no assurance has been re-Ar, 117, p. 1016, 892.
ceived that their interests would be protected. Preparations have been
made, therefore, to present the case to the 1.-S.C. Commission.
Bryan (Tex.) & College Traction Co.
-Organized.
The total assets of
This company (formerly the Bryn & College Interurban Ry.) has been Western Pacific owns the railroad are approximately $10,000,000. The
practically all
chartered in Texas to operate the 7
-mile line which connects Bryan with of the 4% bonds due in 1940. The of the Common stock and 21,750.000
bondholders' committee, which is Pre'
.
1236
[VOL. 117.
THE CHRONTCLE
paring the objection, claims to have deposited with it a large part of the
remaining $4,510.000 bonds that are outstanding.
This committee, consisting of Arthur Coppell, F. J. Lisman and T. G.
Smith, was organized when no interest wasp aid on the 4% bonds on Jan. 1
1922. It now asserts that the railroad will be left at the mercy of the
Denver & Rio Grande If the present reorganization plan is approved by the
Commission.
-V. 117. P. 781, 669.
Fairchild & Northeastern Ry.-To Abandon Line
The company has applied to the I.
-S. C. Commission for authority to
abandon its entire line, which extends from Cleghorn to Owen. Wis., 47
miles. The carrier states that it has not had sufficient business to pay
operating expenses for the past five years.
-V. 112, p• 1024.
Great Northern Ry.-1923 Program About Completed.
President Ralph Budd says:"The Great Northern during 1923 undertook.
and virtually has completed, a very large improvement program, at a total
cost of approximately $30.000,000. All the work done was for the purpose
of enlarging the capacity of the line in order to handle more traffic, and to
handle it more expeditiously and safely. The program consisted of a new
double track, automatic block signals, new and larger terminal yards, the
laying of heavier rails, the purchase of new large freight and passenger
locomotives and the addition of hundreds of new cars."
The company has applied to the I.
-S. C. Commission for authority
to issue S8.625.000 5% Equipment Trust certificates, to be dated Sept. 1
1923 and to mature serially in 15 ye .rs. The equipments are to be sold
to the First National Bank ,New York, for .not less than 94, the proceeds
used to purchase additional equipment amounting to $11,527.457. as
follows: 48 oil-burning locomotives, 10 coal-burning locomotives. 1,000
-V.
box cars, 500 automobile cars, 1,500 ore cars, and 125 tank cars.
117, P. 670, 206.
International-Great Northern RR.
-First Annual Report..
-The first annual report of the International-Great
Northern RR., newly reorganized, for the calendar year
1922, has come to hand. The income account as given in
the report was published in V. 116, p. 2767, and the balance
sheet as at Dec. 31 1922 was given in V. 117, p. 1017.-V.
117, p. 1129.
Kansas City Southern Ry.-Guaranty.-V.117.
See Port Arthur Canal & Dock Co. under "Industrials" below.
p. 1017.
Keokuk & Des Moines Ry.-To Renew Charter, &c.
At the annual meeting Oct. 4 the stockholders will vote on procuring
a renewal of the company's present charter, which expires on or about
Dec. 31 1923. and on authorizing the directors to negotiate for a lease
of the company's railways and other property upon such terms as the
board shall approve. The stockholders will also be asked to authorize
the directors to take the necessary steps to refund, renew or otherwise
handle the company's present mortgage debt. The road has been leased
to the Rock Island, but that company has announced its intention not
to renew the lease expiring Oct. 1.-V. 117. p. 1129.
Long Island RR.
-To Purchase New Equipment.
Nevada-California-Oregon Ry.-Annual Report.
Calendar YearsOperating revenue
Operating expenses
Railway tax accruals, &c
Operating income_ _ _ _
Total non-oper. income_
Gross income
Int. on funded debt, &c..
1922.
$338.765
298,681
32.426
1921.
$431,299
451.210
32,926
1920.
$418,304
410,606
19,422
1919.
$348,966
370,617
15,024
$7.659 def.$52.837 def.$11.724 def.$36.676
71.791
16.941
33,314
2.121
$79.450 def.$35.896
63.472
60.978
$18.589 def.$34,555
60,051
58,109
Balance
sur$18.471 def$99,367 def$41,462 def$92,664
Inc. applicable to sinking
& other reserve funds_
2,437
Inc. bal. to profit 8z loss
$16.034
Balance Sheet
1921,
Assets1922.
Road & equipm1.$3,205.267 $3,211,291
Other investments
27,441
29.885
Cash
69,516
66,214
Material & supplies
53.293
51,462
Traffic bal. receiv_
9,498
10,910
Due from agents
4,942
and conductors_
6,193
Int.& digs. recelv277
138
Miscell. accts. rec.
27,365
25,199
16,532
13.382
Unadlust. debits__
732,592
Profit & loss clef__ 731,592
def$99,368 def$41,462 def$92,664
December 31.
Liabilities1922.
1921.
Common stock_ _ _$1,450.000 $1,450,000
Preferred stock_ _ 750,000
750,000
Long term debt...._ 975,000
975,000
Accts.. wages, &c.,
55,118
payable
78,278
Int. meter. unpaid 164.838
121,038
Unmatur.Int. accr.
11,143
13,534
Accrued deprec'n_ 221,845
209,018
Unadjusted credit
& deterred Habil.
811
806
Tax liability
30,009
Add'as to property 418.189
418,189
Fund, debt retired
98,870
98,870
2,437
Total(each side)$4,148,252 $4,144,743 Sink, fund. res've
-V. 115, p. 988.
New York State Rys.-To Operate Trackless Trolley.
The Common Council of Rochester. N. Y., on Aug. 28 granted the
company, through its subsidiary. the Rochester Co-Ordlnated Bus Lines,
Inc.. an ordinance authorizing the operation of trackless trolleys on a
-months' trial period
crosstown route in the city of Rochester for a 4
Sept. 5 1923 to Jan. 5 1924.-V. 116, p. 2767.
•
Penn-Ohio Edison Co.-nuaranty, &c.
-
See Ohio River Edison Co.under "Industrials" below.
-V.117. p.440.
Pennsylvania-Ohio Electric Co.
-Sale of Youngstown
Interurbans.The application of the West End Traction Co. and the East End Traction
Co.. both of Youngstown, 0., for authority to purchase Interurban properties of the Pennsylvania-Ohio Electric Co. has been approved by the
Ohio P. U. Commission. For the Interurban lines from Gerard through
Warren and Niles, LeavIttsburg and Mineral Ridge, together with branches,
the Commission found $1,317.500 to be a reasonable purchase and sale
value and authorized issuance of $369,500 stock and $948,000 bonds by
the West End Traction Co. For the Interurban lines from East Youngstown to the State line at Lowellville, with branches, the Commission
ruled $392,000 would be a reasonable purchase and sale value and author
Tea the co
zr t
idct n issuance of $114,900 stock and $278,000 bonds by the East End
.
Purchase of new equipment to cost approximately $2.863.000 has just
been authorized by the management, consisting of 60 steel motor passenger
cars for electric service. 5 large passenger locomotives for heavy express
The sale of the railway property by the Pennsylvania-Ohio Electric Co.
trains, 5 heavy freight locomotives and 200 gondola or open-top cars for
general use. Contracts for this new equipment will be let not later than Is being made to carry out the company's policy of separating the ownership
Oct. 15. This is about two months sooner than the 1923 car and locomotive of the different kinds of utilities.
[Judge C. M. Atadns in the Common Pleas Court at Warren, Ohio,
program was made up, and therefore assures delivery of all the new equipment covered by the above appropriation. In ample time for the 1924 on Sept. 10 handed down a te npor try injunction restraining the city of
Niles, Ohio. from te ,ring up the tracks of the West End Traction Co.
summer traffic. There are still 40 steel motor passenger cars, 10 steel on
Robbins Ave., preparatory to paving the same. The company had
passenger coaches for steam service. and 2 steel mail cars due for delivery
under the 19q3 contracts. These 110 additional cars will provide seating refused to pay its share of the paving cost, amounting to approximately
capacity for 8.380 passengers, and render It possible for the road to ade- $75.000.]-V. 117, p. 1018, 326.
quately care for the normal increase in traffic, which averages from 5.000
,
-Lease, Earns.
Pennsylvania-Ohio Power & Light Co.
to 8.0IN0 passengers per day, compared with the previous year.
See Ohio River Edison Co.under "Industrials" below.
-V.117.13• 326.
On Dec. 31 1922 the equipment register of the Long Island RR. showed
that the company owned 1,210 passenger train cars, of which 310 were
Pennsylvania RR.
-To Lease West Jersey & Seashore.
of wooden and 900 of steel construction. With the 92 additional steel
The directors have authorized the appointment of the following compassenger cars ordered for 1923 delivery, and the 60 now to be placed on
order, and deducting 80 wooden cars of the older type that have been mittee to consider the question of a lease of the railroad and franchises
retired, the passenger equipment will total 1.282 cars at the end of 1914. of the West Jersey & Seashore RR. to the Pennsylvania RR., and to
of which 1,052 will be of steel and 230 of wooden construction. Of the confer with a similar committee appointed by the bo .rd of the West Jersey
wooden cars. only 160 will be utilized for carrying passengers. the balance & Seashore RR., at the request of the stockholders of th it company:
George Wood, Chairman: E. B. Morris, C. E. Ingersoll, Henry Tatnall,
for the handling of express, baggage and mail traffic.
-V. 117, p. 1129.
-V. 117. p. 1018. 895.
Bayard Henry and C. B. Newbold.
Louisiana & Northwest RR.-Tenders--Dividend.-
-Traction Situation.
Public Service Ry. (N. J.).
The company will receive bids up to July 2 for the sale to it of 1st Mtge.
The following are the principal items of interest during the past week:
5% gold bonds, due 1935, to an amount sufficient to exhaust $12,000.
(1) Judge Rellstab of the Federal Court at Trenton on Sept. 11 denied
155 %.
The directors have declared the regular quarterly dividend of
the motion of the P. U. Commissioners for an order discontinuing the suit
payable Oct. 1 to holders of record Sept. 10.
The Metropolitan Trust Co. announces that the Oct. 1 coupons on the of the company for a rate of fare greater than that fixed by the Commission.
The State bo rd had set the fare at 7 cents, with 2 cents add't'onal for a
1st Mtge. bonds will be paid at its office.
-V. 116, p. 2516.
transfer. The trolley company then sought rel ef in the Federal Court
and was granted a temporary rate of 8 cent 3. with an additional penny for
Louisville & Nashville RR.
-Listing.
The New York Stock Exch Lege has authorized the listing of $12,753,000 a transfer, pending determination of the litigation.
(2) Arguments upon the applic..tion for a mand..tory injunction to
1st & Ref. Mtge. 535% bonds, Series "A." due April 1 2003. The income
,
account for the six months ended June 3') 1923, together with a com- compel resumption of service upon the trolley lines were heard by Chancellor
-V. Walker at Trenton Sept. 13. The Ch ncellor announced th,.t he would
parative balance sheet, is given under "Annual Reports" above.
render his decision In a few days. The application was made by the
117. p. 894.
-V. 117, p. 1129. 1018, 895.
Attorney-General's office.
Manistee & Northeastern RR.
-Would Abandon Branch.
-First Preferred atd Secotd Preferred StockReading Co.
holders' Committee Dissolres.-The holders of 1st Pref. and
2d Pref. stocks are advised by the stockholde:s' committee
Mexico North Western Ry.-Bondholders' Committee.
Iselin, Chairman) under date of Sept. 15 that the
The holders of the three classes of bonds of the company are ming in- (Adrian
vitee to co-operate with a committee which h ts been formed in their object for which the committee was formed having been
Interests to t .ke action in order to s ifegu rd their position. The com- attained, the committee has dissolved. The committee
mittee is as follows: E. R. Peacock (Chairman), Loring C. Christie, H.
further states:
Malcolm Hubbard, J. H.Clifford Johnston. H. A. Vernet and R. Wallace.
The Michigan Trust Co., as receiver, has asked the 1.-S.C. Commission
for authority to abandon its Honor branch, extending from Platte River.
Mich., to Empire Junction, a distance of 16 miles.
-V.109. P. 1366
.
The company has suffered severely as a result of the late revolution.
The committee was formed to protect the Interests of both classes of
Interest on the Prior Lien bonds h .s been In arre rs since March 1 1914; Preterrea aveca of the Reauing Cu. against the de a au .s of the Common
on the First Mortgage bonds since March 1 1913, and on the Income stocaholders who sought to pre.lude the Preferred stocaholciers from all
bonds since July 1 1912. The newly formed committee cannot hold out participation in the valuable coal properties of the Ite aulag Co. Upwards of
hopes of an early resumption of payment. but stated that as opportunities 1.000 efferent stockholders executed proxies to the come iti ee.
may arise in future for opening up negotiations which might result adOn June 28 1923 the District Court entered its decree approving the third
vantageously to the bondholders It was very necessary that some one with modified plan [for details of plan see V. 116, p. 22561 .5 Pia iiy agreed upon
a mandate from all classes of bondholders should be In a position to act between the committee representing the bondholders, the trustee under
the General Mortgage and the Reading Co. The time to • ppe II from this
with authority on their beh If.
As a preliminary to an attempt to carry through a final reorganization. decree has expired and the third modified plan will be c rriea out. Under
the committee invited holders of the Prior Lien, First Mortgage and In- the plan the 1st and 2d Pref. stocks enjoy the same rights .as the Common
come bonds to deposit their bonds, and the hope is expressed that it may stock of the Reading Co.
In a letter from the committee to you. dated Aug. 4 1921, it was stated
be possible to re ach an agreement with the Prior Lien bondholders that will
reserve to the junior bondholders a reasonable Interest in the undertaking.
that the sold object of the appeal to the U. S. Supre me Court of the ComThe official report to bondholders intimates that "the committee has mon stockholders was to deprive the Preferred stockholaers of their right to
made a preliminary study of the situation, and inquiries convince them sh ,re equally with the Common stockholuers in the plan of distribution.
that the majority of the Prior Lien bondholders are prepared to make sub- The rights then had a nominal market value equIv leat to about $15 per
normal
stantial concessions in order to put the enterprise on a safe andpossible. share. These rights have been permanently secured for the Preferred stockhave a present market value of about $21 per sh ,re.
operating basis so far as feasible, and with as little expense as
in holuers and of Aug. 8 1923 the Re tdIng Co. issued a notice of a special
Under date
so as to avoid having to enforce their rights in a way that might resultall
wiping out the First Mortgage bonds and Income bonds, which, under the meeting of stockholders to be held at Philadelphia. P.., oa Oct. 15(V. 117.
should be given a chance to participate in
p. 782) for the purpose of carrying out the terms of the third nociffied plan.
the circumstances, they feel
-V. 113, p. 1464.
This committee recommends to the Preferred stockholbers the adoption of
prosperity of the company if and when that returns.
the action proposed In the notice and urges execution of the proxy requested
& Light Co.
-Acquisition.
Milwaukee Electric R y.
by the company.
During the protracted litigation in the matter, covert.,; .period of 254
The company has acquired the electric lighting and power interests of the
-V. 117. p. 1017.
years, the legal and other expenses of the committee h e exhausted the
Honey Creek Eleetric Light Co.
amount contributed by the Preferred stockholders, so ay a uo balance re-Registrar.
Minneapolis & St. Louis RR.
mains to be refunded. The members of the committee have made no
Empire Trust Co. has been ppointeu registr r of the certificates of de- cld•rge for their services.
posit Issued by the National City Bank of New York as depositary on
The committee consisted of Adrian Iselin (of A. Iselin & Co.. 36 Wall St.
behalf of the stockholders' protective committee (V. 117, p. 554).-V. 117. New York). Robert B. Dodson (trustee, J. A. Garland Estate) and Edwin
p. 1129.
G. Merrill (Pres. Bank of New York & Trust Co.), with Oadwalader.
-V. 117. p. 1018. 782.
-Initial Wickersham & Taft, counsel.
Monongahela-West Penn Public Service Co.
Dividend on 7% Preferred Stock.
The comp any h as declared an initial dividend of 433f cents on the 7%
p ea'ale Oct. 1 to holders of record Sept.15.-V.117.p. 554.
Preferred st
-Final
San Pedro Los Angeles & Salt Lake RR.
Valuation.-
SEPT. 15 1923.]
-S. C. Commission has issued a formal opinion on the valuation
The I.
of the road, In which it holds the final single "sum value of property owned
and used and used but not owned devoted by carrier to common carrier
000.000 as of June
purposes ascertained and reported in amount of $45;
The methods for
SO 1914, is found to be value for rate making purposes.
determining the final single sum value for rate making purposes are discussed
Commission in its opinion as follows:
by the
"It is quite evident that in enacting paragraph 15A of the Act. Congress
intended one of the purposes of ascertaining the value of the property of
common carriers was to arrive at a base for determining the fair return to
which the carriers were declared entitled and the amount of excess, if
any,In their earnings, which it became the Commission's duty to recover.
'It is our conclusion, therefore, that the final single sum value we shall
ascertain and report in this case is the value for rate making purposes. Having reached that conclusion, it is unnecessary to determine now to what
extent or in ghat manner values for other purposes may differ from values
from rate making purposes. Our present problem as to discover and
apply the principles which must control in ascertaining a value for rate
making purposes. Many of these principles are stated in decisions of the
Supreme Court and in decisions of other courts which have been called
upon to review determinations of value of common carriers and other
public utilities in rate cases."
The Union Pacific RR., it is announced, will contest the decision of the
Commission in fixing the final valuation of the San Pedro Los Angeles
& Salt Lake RR., a subsidiary, at 545,000,000.-V. 113, p. 1054.
-Lease Approved.
Sussex RR.
-V. 33, p. 201.
See Delaware Lackawanna & Western RR. above.
.
Tennessee Alabama & Georgia Ry.-Securities Auth.The 1.-S. C. Commission on Aug. 30 authorized the company to issue
$500.000 of common stock at par and $1.062,000 of 50-year 6% first mortgage gold bonds at 90. The report of the Commission says:
The applicant proposes to sell the $500.000 of common stock at par and
to use the proceeds in the Initial construction of the extension of its railroad
from Gadsden. Etowah County.in a southwesterly direction to a connection
with the Se aboard Air Line near Odenville. St. Clair County, a distance of
approximately 36 miles, w th a br Inch extending from a point near the
southwestern terminus of the extension to a connection with a branch line
of the Central of Georgia near Margaret. St. Clair County, a distance of
about 5 miles, all in the State of Alabama.
The applicant desires authority to sell the proposed bonds at not less than
90, and after the proceeds of the $500.000 of common stock shall have been
expended, to use the proceeds of-the bonds at the rate of 515.000 per m.le
for the actual constructed mileage of the extension: and an average of $5.000
per mile for additions and betterments to the existing line between Chattanooga. Tenn., and Gadsden. Ala., which is approximately 87 miles in
length: any of the proceeds of the bonds not so expended to be used as
working capital.
The program of capital expenditures submitted by the applicant for the
construction of the extension and for additions and betterments may be
summarized as follows: Extension from Gadsden to Odenville and (or)
Margaret. $840.000: additions and betterments. $435,000; procurement of
equipment, $627,000: total, $1.902,000.
In view of the representations submitted by the applicant, on which our
report and centric ate in the convenience and necessity proceedings were
predicated. It would not be proper to authorize the issue of bonds in respect
of the construction of the new line. We will therefore authorize the issue
of bonds only in respect of expenditures for additions and betterments to
the existing line of railroad. amount big to $435.000 and for the procurement of equipment amounting to $435.000 and for the procurement of
equipment amounting to $627.000; total, 51.061,000. The issue of stock
will be authorired in connection with the construction of the extension,
-V. 116, p. 1650.
Texarkana & Fort Smith Ry.-Lease of Dock Co.
-V.117.
See Port Arthur Canal & Docl; Co. under "Industrials" below.
p. 327.
Tide Water Power Co.
-Progress-Earnings.-volt transmission is now about.
The 75-mile line of 33,019
70% completed.
Service his been eat aolishei to Rocky Point and Burgaw, N. C. It is
planned to serve W Mace, N. C., by Sept. 15. and to hive the entire line
operating by 0It. 15. Interchange of power between the Tide Water Power
Co. plant at Wil•nington and the hydro-electric-steam system of the Carolina
Power & Light (Jo. his been arranged through agree rents Just executed.
Tide Water will operate its plant nights and Sundays during p art of the year
on the power supply of the Carolina company and thereby reduce off peak
production costs. It will also sell its surplus power to the0arolina company
at certain se awns. This new connection makes Wilmington the first seaport city of the South Atlantic to have hydro-electric power service.
Earnings for Twelve Months Ended June 3').
1922.
1923.
Gross earnings
$1.588,683 $1.556,245
Net earnings
$688 644
5617,494
Total interest p aid
267.375
121.342
Feder .1 taxes
54.078
38.151
Preferred dividends
69.882
63.350
Balance available for depreen, com. divs.. &c
1237
THE CHRONTGLE
x$297.309
5389.651
x During the 12 months ended June 3D 1923 the charges for maintenance
and depreciation totaled $199.293, an amount equal to 12.88% of gross
earnings.
-V. 117. p. 209. 89.
Trinidad (Colo.) Electric Transmission, R.& Gas Co.
The Colorado P. U. Commission has granted the company permission to
discontinue .11 its city and interurban railway lines. Cessation of service
will be permitted offer Sept. 15. thus cutting off Sopris. Cokedale and other
large co .1 mining c imps In the southern p rt of the State. According to
W.P. South .rd, General Manager of the company, it Is not known whether
the trackage will be torn up or be allowed to remain pending a period when
operation might again be made profitable. ("Electric Railway Journal.")
-V. 116. p. 2517.
Washington Water Power Co.
-Tenders.
The Farmers' Loan & Trust Co.. trustee, has $27.819 to invest for the
quarterly purchase of 1st Ref. Mtge. 5% bonds of 1909, due 1939, for the
sinking fund,and will receive offers up to Sept. 15.-V. 117, p. 327
-Listing, Earnings, &c.
West Penn Co.
The New York Stock Exchange has authorized the listing of $10.000.000
additional (authorized $41,945.300) 7% Cum. Pref, stock, par $100 each,
on official notice of issuance In exchange for outstanding shares of 6%
Cum. Pref. stock, par $100. of West Penn Railways Co.. at the rate of
one share of 7% Cum. Pref. stock of West Penn Co. for each share of
6% Cum. Pref. stock of West Penn Railways, making the total amount
of 7% Cum. Pref. stock applied for $18,054,700.
The total present authorized capital stock of West Penn Co. is 1.000.000
shares, divided into 500.000 shares of Common stock of no par value
and 500.000 shares of Preferred stock. par $100 per sh me. The Preferred
stock is classified into 80,547 shares of 6% Cum. Preferred stock and
419,453 shares of 7% Cum. Preferred stock, the holders of the 6% Cum.
Preferred stock having the right on and after Aug. 15 1923 and prior to
Nov. 2 1923 to surrender their certificates and receive in exchange therefor
an equal par amount of7% Cum. Preferred stock. The6% Cum. Preferred
stock so acquired by West Penn Co. upon exchange sh ill not be extinguished
but shall be converted into 7% Cum. Preferred stock, and as such held.
sold or re-issued.
Of the total present authorized capital stock of West Penn Co., there
is at present issued and outstanding 5,040 shares of the 7% Cum. Preferred
stock, 75.507 shires of the 6% Cum. Preferred stock. 2.380 shares of
Common stock of no par value, and 222,620 shares of Common stock,
par $100 each which is to be exchanged for Common stock without nominal
or par value, share for share.
The West Penn Co. has made an offer to the holders of the 6% Cum.
Preferred stock of West Penn Railways to purchase all or any part of
such outstanding stock by the issuance in payment therefor. share for
share, of 7% Cum. Preferred stock of the West &enn Co. Under the
offer made by the West Penn Co., the holders of the 6% Cum. Preferred
stock of West Penn Railways are permitted to exchange their stock for
shares of the 7% Cum. Preferred stock of the West Penn Co.. share for
share, from Sept. 2 1923 to the close of business on Nov. 1 1923.
Consolidated Income Account Six Months ended June 30 1923 (West Penn
Co. and Subsidiaries).
Operating revenue, $11,566.784; operating expenses, taxes and
depreciation, $7,823,871; net operating revenue
$3.742,913
433,173
Non-operating revenue
$4.176,086
Gross income
Deduct
-lot. & amortization. $1,990.044: Preferred dividends
2.727,570
of subsidiaries and minority interests, $737.526
$1.448.516
Net income
The consolidated surplus account June 30 1923 shows: Consolidated
surplus Jan. 1 1923, $2,951,693: net income six months to June 30 1923,
$1.448.515: total, $4,400,209. Deduct: Dividends on Preferred stock
of West Penn Co.. two quarters ending Aug. 15 1923. $241,641; dividends
Nos. 1 and 2 on Common stock of West Penn Co.. 5225.000; discount
and expense on sale of Preferred stock of subsidiaries, 591.693: other
deductions. $124,349: total, $682,683. Consolidated surplus June 30 1923.
$3.717.525.
Consolidated Balance Sheet June 30 1923 (West Penn Co. and Subsidiaries)1
Liabilities
Assets,
$8,054.700
Plant, prop'y & invests_$133,710,122 Preferred stock
Common stock
22,500.000
Cash with trustees for
723.577 Funded debt
construction, &c
70.543.025
Cash in b ink or with agts 1.989.932 Gen. Mtge. bonds called
(contra)
545.689
Cash with trustees to pay
307,834 Notes payable
1,633.887
interest
Div. warrants payable
389.520
For red. of 1st M. bonds
545,689 Accounts payable
1,210.824
(contra)
Accrued wages
397,462
Accts.& notes receivable,
1.565,214 Mat'd int, on fund. debt_
153.824
less reserve
3.379.131 Unclaimed dividends_
4.127
Materil & supplies
Dividends del.red
455,594
Due from subsadoers to
721.659 Taxes(Incl.est. Fed.tax) 1,443.618
pref. stock of sub. cos1,174,860
Disct. on bonds & notes.. 3,439.984 Interest accrued
235.182 Deferred Ii abilities
1.769.824
Royalties p aid in advance
100.060 Deferred credits
234.934
Other deferred ch trges_ 337.162 Reserve for depreciation_ 6.9d4 586
Unclassified charges_ --Reserve or damtvres_585,915
Reserve for contingencies
193.545
Other reserves
400,553
Subs,to pref. stk. of subs 1,163,250
Pref. stock of subs, in
hands of public
21,087.946
Com. stk. of subs, in
hands of public
2.314.692
Sur. applic. to min. int
196,645
Total (each side)_ _$147.046.551 Surplus
3,717.525
-V. 117. p. 1018. 441.
-Lease to Pennsylvania.
West Jersey & Seashore RR.
The directors have appointed, at request of stockholders, a committee
to consider a lease of the railroad and fr anchise to the Pennsylvania RR..
which owns about 54% of the West Jersey stock. The committee appointed are: David B tird, Ch airman; Camden. N. J.: Joseph W. Cooper,
A. J. County. Philadelphia; A. C. Middleton, Moorestown. N. J.; William
Plummer. Clinton. N. J.. and William J. Sewell Jr., Camden. N. J.
In 1913 the stockholders of the West Jersey voted to lease the properties
to the Pennsylvania for 999 yore, but the New Jersey P. U. Commission
disapproved the lease. The position of the Commission was upheld
by the courts and the directors in 1915 ordered that i.11 action taken in
respect to the lease be rescinded. At the annual meeting on March 31
1922 a resolution was adopted providing that a committee of stockholders
be appointed to again enter negotiations with the Pennsylvania for the
leasing of the West Jersey and the appointment of the above committee
is in conformity with that action -V. 117. p. 327.
Twin States Gas & Electric Co.
-Adopts Buses.
-
INDUSTRIAL AND MISCELLANEOUS.
The following brief items touch the most important developments in the industrial world during the past week, toUnion Pacific RR.
-Bond Issue Oversubscribed.
-Kuhn, gether with a summary of similar news published in full
Loeb & Co. announce the sale at 993 and int. of $20,000,000 detail in last week's "Chronicle."
A
First Lien & Refunding Mortgage bonds due June 1 2008,
Steel and Iron Production, Vrices, &c.
bearing 5% interest. A full description of the bonds was
The review of market conditions by the "Iron Age,"
given in V. 117, P. 1130.
formerly given under this heading, appears to-day on a
preceding page under "Indications of Business Activity."
United Ry. Co. (St. Louis).-Maturities--Woges.-
The comp any has discontinued operation of its trolley service in Brattleboro, Vt., and has st irted operation of a new motor bus line. It is understood that the trolley line has been operating at a loss and that the tracks
will be removed in the near future.
-V. 116. p. 2994.
Receiver Rolla Wells has been authorized by Federal Judge F iris to enter
negotiations for the refunding of $14,800,000 maturing o.aligations, including 54.200.000 receivers' certificates.
A new wage agreement, retroactive to July) 1923. has been entered into
by Receiver Rolla Wells and the Amalgamated Association, whereby
-year motormen and conductors will continue to receive 50 cents an
first
hour;second-ye ir men to receive a raise from 55 to 56 cents: third-ye ar men.
a raise from 60 to 62 cents; fourth ye in. and there after, men to receive a
raise from 65 to 67 cents. The men had asked 55, 60 and 65 cents. Shop
and aarhouse employees received advances ranging from 2 to 6% cents an
-V. 117. p. 1018.
hour.
Virginia R.& Power Co.
-Norfolk de Portsmouth Bonds.
The Phila. Stock Exchange has authorized the listing of $500,000 additional First Mtge. 5% bonds of the Norfolk & Portsmouth Traction Co.,
'due 1936. being part of 51.000,000 of said bonds applied for listing In company's application dated Aug. 14 1923, to be listed upon official notice that
that the same have been issued and are outstanding. The $1,000.000
bonds applied for were issued into the treasury of the company for the purpose of reimbursing the treasury to that extent for expenditures made under
the terms of the mortgage for improvements, additions, extensions and
betterments to the property, and the proceeds of the sale thereof will be
applied for that purpose. thts makes a total of 56.550.000 of said bonds
!listed at Sept. 8 1923.-V. 117, p. 896.
Coal Production, Prices, &c.
The United States Geological Survey's report on coal
production, together with the detailed statement by the
"Coal Trade Journal" regarding market conditions, heretofore appearing in this column, will be found to-day on a
preceding page under the heading "Indications of Business
Activity."
Oil Production, Prices, &c.
The statistics regarding gross crude oil production in the
United States, compiled by the American Petroleum Institute
and formerly appearing under the above heading, will be
found to-day on a preceding page under "Indications of
Business Activity."
Prices, Wages and Other Trade Matters.
-On Sept. 10 Warner advanced price 10 Pte• to
Refined Sugar Prices.
8c., firm and list price. On Sept. 11 the following companies advanced
price 15 pts. to 8.15c. a lb.: Warner. Pennsylvania, American. National.
Revere and Federal. though the last named company was accepting a small
1238
THE CHRONICLE
amount of business at 8.10c. Arbuckle Bros. withdrew. On Sept. 12
the following companies further advanced their quotations 25 pts. to 8.40c.:
American Pennsylvania, Warner and Federal. The National Sugar Refining Co. withdrew temporarily, as did Federal. On Sept. 13 prices remained firm except for the Federal company, which accepted some business
at 8.25c. and temporarily withdrew.
Western Cane Sugar Price Advanced.-Western Sugar Refinery advanced
price of refined cane product 15c. per cwt. The new price is $8 35. "Ev.
Post" Sept. 11, p. 10.
Arbuckle Bros. Closes Sugar Refinery.
-Brooklyn (N. Y.) plant shut down
because oflack of raw sugar. 'Unusual occurrence for this time of the year,
but believed to be temporary. "Financial America" Sept. 14, p. 1.
U. S. Industrial Alcohol Co. Increased Price 2 Cents to 35 Cents per Gallon.
-"Wall Street Journal" Sep . 11. p. 1.
New England Steamship Co. Reduces Rates.-ReductIons averaging 3%c.
per 100 lbs.for first, second and third class freight, effective Sept. 30. apply
to shipping between New York and Bridgeport, Conn., and back. Boston
"Financial News" Sept. 8. p. 4.
Price of Lead Advanced.
--American Smelting & Refining Co. advanced
price of lead to 6.85c. from 6.75c. "Wall St. Jour." Sept. 14, 13• 8
:
International Nickel Co. Increases Wages.
-In Sudbury district machinists
will be raised from $425 to $4 75 a day, effective Oct. 1. "Wall Street
Journal" Sept. 8. p. 9.
Golden Anniversary for Typewriter.
-Ilion. N. Y., on Sept. 12 celebrated
fiftieth anniversary of invention and manufacture of the typewriter. Inventor was Christopher Latham Shoies. "Times" Sept. 13, p. 31.
Bricklayers Accept Work Minus Bonus of $2.-Are beginning to seek
work at the contract wages of $12 a day without the $2 a day bonus.
"Evening Post" Sept. 13._.p. 4.
Tire Price Reductions.
-Firestone Tire & Rubber Co. has reduced prices
about 10% on its 30x3% tires and tubes and about 5% additional reduction
reduction when bought in lots of 1 doz. or more. Other sizes remain unchanged in price. "Financial America" Sept. 14, p. 2.
Automobile Price Changes.
-The prices of models manufactured by the
R. & V. Motor Co., Oakland Division (General Motors) and Columbia
Motor Co. have been reduced (a) average of $500,(b) ranging from $50 to
$150. and (c) $100.
The Cadillac Motor Car Co. announces advances from $100 to $260
a car and presents a new type. V-63.
For further details see news items appearing below under the names of
the companies mentioned and also under "Indications of Business Activity"
on a preceding page.
Matters Covered in "Chronicle" of Sept. 8.-(a) The anthracite wage controversy and the public (editorial), p. 1058. (b) Higher wages offset declines in prices of materials in building trades. p. 1061. (c) Inquiry by
New York Stock Exchange into transactions in Davison Chemical Co.:
market movements result of public speculation, and not due to manipulation, p. 1077. (d) International Typographical Union in support of44-hour
week: Hebrew printers observe 36
-hour week, p. 1085. (e) Strike action
by New York 'pressmen postponed, p. 1086. (f) Establishment of piper
industries exchange in Chicago, p. 1086. (g) Judge Gary announces
wage readjustments for 10
-hour men, p. 1087. (h) Anthracite operators
accept Governor Pinchot's Settlement terms: drop demand for arbitration,
1087. (i) Federal Reserve Bank of Chicago on coal situation,
p. 1087. (j) Julius H. Barnes says coal situation has assumed challenge
ri.
to fundamental principle of industrial relations, p. 1088. (k) Annual
convention of American Mining Congress to be held at Milwaukee Sept.
24-29: proposed discussion of coal problems, p. 1088.
Ahmeek Mining Co.
--Earnings, &c.
-
See Calumet & Hecia Consolidated Mining Co. below.
-V.117, p. 1130.
American Chain Co., Inc.
-Dividend No. 2.
-
The directors have declared a quarterly dividend of 50 cents per share on
the 8% Cum.Pattie. Class"A"stock, payable Sept. 29 to holders of record
Sept.20. An initial dividend oflike amount was paid in June last.
-V.117.
P. 1019.
American Cotton Oil.
-Forms New Subsidiary.
The company has organized a new subsidiary, the Gold Dust Corporation,
in New Jersey, with an authorized capital of $5,000.000 preferred stock
and 325.000 shares no par common stock. It is understood this subsidiary
will acquire from American Cotton Oil the soap end of the business, notably
"Gold Dust" and "Fairy Soap.
It has issued in exchange its preferred
stock and a part of its common to be held by the American Cotton Oil Co.
A plan, it is stated, will shortly be presented to the stockholders giving
them the opportunity to exchange their stock for stock of the Gold Dust
Corp. on the basis of one share of Cotton Oil preferred for one share of Gold
Dust common and three shares Cotton 011 common for one share Gold
Dust common.
The formation of the new company is part of a policy of readjustment
begun with the election of George K. Morrow as president last May.
V.117,P.896.
AmericanGas & Electric Co.
-Regular Dividends.
A regular °quarterly dividend of 25c. per share on the non-par value
Common stock has been declared out of surplus net earnings for the quarter
ending Sept. 30 1923, payable Oct. 1 to holders of record Sept. 18, and payable to stockholders who have not prior to Sept. 18 1923 surrendered their
certificates for par value shares in exchange for non-par value shares.
upon the making of such exchange, but not prior to Oct. 11923. On July 2
last the company paid an extra dividend at the rate of 1-50 of a share on
each share of Common stock in addition to the quarterly of 25 cents.
The regular quarterly dividend of 145% on the outstanding Preferred
stock has been declared for the quarter ending Oct 311923. payable Nov.1
to holders of record Oct. 13. Compare V. 116. p. 2769.
American-La France Fire Engine Co., Inc.
-Earnings.
The company, it is understood, has a greater volume of unfilled orders
on its books than at any time in its history and these will insure capacity
operations throughout the balance of this year. Earnings since the beginning of the year, it is stated, have been running close to record levels
and for the full 12 months it is the expectation of the management that net
profits after all charges and taxes should approximate $750.000. or $2 a
share on the 289,700 shares of Common stock. par $10. after Preferred
dividend requirements. In 1922 the company reported net profits after all
charges of $736.944, or $1 91 a share on the Common and in the three
preceding years earnings averaged $1 98 a share annually. See also
V. 117. P. 666
.
American Light & Traction Co.
-New Director.
Henry L. Doherty has been elected a director and member of the Execu-V. 117. p. 556.
tive Committee.
American Pipe & Construction Co.
-Redemption.Forty-five ($45.000) American Pipe Mfg. CO. 5% Coll. Trust Ctfs.,
Series 'B," due Oct. 1 1927. and ten certificates of $500 each, have been
called for payment Oct. 1 at 10214 and interest at the Girard Trust Co.,
trustee, Philadelphia, Pa. The following bond remains unpaid; called for
Oct. 1 1922. 791. for 31.000.-V. 116, p. 413.
American Pipe Mfg. Co.
-Certificates Called.
-
-V. 116, p. 413..
See American Pipe & Construction Co. above.
American Writing Paper Co.
-Stockholders Committee.
For.. 117.
-Sales.
Arnold, Constable tgc Co., New York.
August sales of this company ran 130% ahead of the corresponding
month of 1922. Since Jan, 1 1923 there has hewn an average increase of
approximately 85% in the new retail charge acounts opened up by the coinpany.-V. 117, p. 91.
-Cuts Dividend.
Asbestos Corp. of Canada, Ltd.
The directors have declared quarterly dividends of 1% on the Common
stock and of 114% on the Pref. stock. Previously the Common stock was
on a 6% basis and the Pref. on a 7% basis. The directors, it is stated,
decided to reduce the dividends, due to the lower prices for the company's
products and the keen competition.
-V. 116. p. 939.
-Semi
-Annual Statement.
Atlantic Refining Co.
The consolidated profit and loss statement for the six months ending
June 30 1922 will be found in the advertising columns of this issue.
1921.
g Mos omd June 30-- 1923.
oss in. ene
e
1920.
.
Gross income
$521,590292;
915 $54.753,224 *60,160,170
Raw mat% op., &c.,exp. 51,051,505 45,051,280 54,709.808 55,249,142
Net income
Other income
$7.240.609 37,458,635
704,735
563,075
$43,416 $4,911,028
325,233
385,243
Total income
$7,945,344 $8,021,710
375,435
493.030
Interest
Insur. and other reserves
572,348
260,264
Deprec'n and depletion_ 4,153,018 3,820,857
Federal taxes(estimated)
178,200
185,000
Inventory adjustment_ - 1,175.691
1.200,350
1.700.000
Dividends
$368,649 $5,296,271
338,000
309,907
431,585
3,350,935
1,082,132
4.484,008
1,205,100
1,177,589
Balance, surplus
$102,734 $1.750,124loss$9319.301 $2,604,965
Previoussurplus(adJ.)- - 21,148,446 61,398,247 67,994,785 56,324,454
P.&I.surp.June 30.. _$21,251,181 $63,148,371 $58.675,483 *58,929,418.
-V. 117, p. 442.
-Earnings.
-Auto Body Co., Lansing, Mich.
The company reports net earnings for July 1923 of $28,492. and for the
seven months ended July 31 1923 $117,704.-V. 117, p. 672.
Bell Telephone Co. of Pa.
-To Create an Issue of
$20,000,000 Preferred Stock-Rearrangement of Territory.
The stockholders will vote Nov. 12 on increasing the authorized Capital
stock from $60,000,000 (all Common) to $80.000,000, par $100, to consist
$60,000,000 Common and $20,000,000 Preferred. -The purpose of the
increase is to pirovide funds for expansion of plant and equipment. At
present there is outstanding $60,000,000 of Common stock, all of which
Is owned directly or indirectly by the American Telephone & Telegraph
Co.
See Consolidated Telephone Co. below.
-V. 117. p.672.
Bethlehem Steel Co.
-Certificates Called.
Seven hundred seventy-four ($774,000) 15-rear 7% Marine Equip. Trust
Certificates, due Oct. 1 1935, have been called for redemption Oct. 1, a
10214 and dividends at the Guaranty Trust Co., 140 Broadway, N. Y.City.
On Sept.4 1923 one hundred sixty-seven ($167,000) certificates previously
drawn for redemption had not been presented for payment.
-V.116, p.1181.
(E. W.) Bliss Co.
-Original Plant for Sale.
The original plant of the company, locate4 in the Sands Street Bridge
Plaza section. Brooklyn, N. Y., is being offered for sale because of the
company's removal to larger quarters -V. 117, p. 443.
Blyn Shoes, Inc.
-Stock Offered.-Bamberger, Loeb &
Co., New York, are offering at par ($10) 100,000 shares
Common stock. A circular shows:
Company.
-Operates at present two chains of stores in New York,Brooklyn,Jersey City and Newark,consisting of 31 stores. One chain is operated
under the name of "I. Blyn & Sons," and consists of family shoe stores in
the shopping centres of the Metropolitan district. The other chain IS
operated, under the name of "Rambler Shoe Stores" and other individual
names. These are specialty shoe stores and carry only $5 shoes. Also
Operates mail order department, doing a suastantial business. Business
was started in 1874 as a partnership. In 1905 was Incorporated under the
name of I. Blyn & Sons of New York, which in 1919 was succeeded by the
Delaware corporation of the same name. Blyn Shoes. Inc.. will take over
the assets and good-will of I. Blyn & Sona, Inc.,
Purpose.
-Net proceeds from the sale of new stock will be employed for
the further expansion and development of the business.
Capitalization (No Bonds)Author,
zed. Outstanding.
Pref. stock,7% Cum. Sinking Fund (par $10)---- *1.000,000
$921,125
Common stock (par $10)
2.000.000
1.627,410
Earnings and Dividends.
-Business has been profitable every year sinde
it began operations in 1874. Dividends on the old Pref. stock have been
paid regularly since 1905 and on the old Common stock from 1919 to date.
It is the intention of the management to continue its dividend policy and
to place the new Common stock on an annual div, basis of $1 per share.
Sales and Net Profits After Depreciat on and Federal Taxes (at Present Rates).
1919.
1920.
1921.
1922.
1923 (esli
c4
Sales
$2,921,732 $3.367,588 $3,482,516 $4,115.220 $5,000,000
Net profits
193.610
131,310
250,000'
65.848
159,071
Listing.
-Application will be made to list this stock on the New York
Cure Exchange.
Balance Sheet After Giving Effect to New Financing.
Assets Liabilities
Cash in banlcs and on hand_ 841,333 Notes payable
3 ,000.
Accounts receivable
148,072 Accounts payable
129,589
Merchandise inventory _ _
.
933,876 Divs. payable July 11923....24,210
.
Officers'life insurance
17.872 Loans and deposits payable 22,167
Fixtures & equip.,less depr. 520.999 Accruals
18,320
Land and buildings
*177,012 Reserves for taxes
46.110
Leaseholds at actual cost_ _
16,563 Res. for mall order accts.2,701
Good-will
500,000 7% Preferred stock
9211120
Unexpired insurance and
Common stock
1,62T.410prepaid expenses
24.653 Surplus
73,749
Total
3,185,381
Total
3,185,380
* Land and buildings less reserve for depreciation and amortization,
3254.512, less mortgage payable. $77,500.
Booth Fisheries Co.
-New Director.
P.A.Spence has been elected a director succeeding F.G.Oarroll.-V. 117.
p. 672.
Brunswicke-Balke-Collender Co.
-Earnings, Sales, &c.
Gross profits of the company for the first seven months of the year exceeded those of the same period a year ago by $500,000, notwithstanding
high operating costs. Sales show an Increase of $2,440,000. The largest
part of the increase is in phohograph sales, which exceed last year by'
31,632,000.
The new plant at Muskegon, Mich., has been completed and will housed
for the manufacture of phonographs and records. The plant will have a
capacity of 200 phonographs and 100.000 records a day. The company is
now booking orders for 450 phonographs daily, against production of 600.
and large inventories are being preserved for the last quarter.
The money to finance the new addition will come from $500,000 cash
payment received from the sale of the Brunswick Tire Corp., recently
acquired by B. F. Goodrich Co. The sale involved from 81,500.000 t,o
52,000,000, and the balance is to be paid between now and Dec. 31 1923.
("Wall Street Journal.")
-V.117, P. 1019.
At the request of a very large number of holders of outstanding Preferred
and Common stock of the Company, a protective committee was formed
Sept. 12 of which B. W.Jones,(V.-Pres. of Bankers'Trust Co.)is Chairman:
The other members are M.C. Branch,(Pres. of Merchants' National Bank)
Richmond, Va.: Murray H. Coggeshall, (of Coggeshall & Hicks), John T.
Gillespie (of L. C. Gillespie & Sons), Percy H. Johnston, (Pres., Chenaical
National Bank),and Ridley Watts(of Ridley Watts & Co.).
The stockholders are invited to deposit their stock with the Bankers'
Trust Co., depositary. 16 Wall Street, New York.
The committee intends to co-operate with the representatives of the
bondholders, and with directors and officers of the Company, in preparing
a plan that will save for the shareholders the equity in the Company.
Brush Electric Co.
-Earnings.
Recent changes in the management have been made, and while it is recogThis company, a subsidiary of the Cities Service Co., operating electric
nized that the Company needs additional working capital, it is hoped that light and power properties at Galveston. Texas, reports the following earnthis capital can be obtained promptly if the stockholers act in unison.
-V. ings for the 12 months ended July 211923:
117, p. 783. 210.
Gross earnings, $373,708; operating expenses, $255.705; net earnings (fur
$1,265,000.
&c.), $118,003; loss
Arizona Commercial Mining Co.
--Copper Output (1923). interest, depreciation,and balance, $54,763. 1 year's int. on
1st Mtge. 5s, $63,250.
May.
Auy.
June.
July.
March.
April.
607,000 lbs. 631,000 lbs. 695.000 lbs. 754,000 lbs. 789,600 lbs. 825,750 lbs.
-New Name.
Bucyrus (0.) Road Machinery Co.
-V.117. p. 210, 91.
See Carroll Foundry & Machine Tool Co. below.
SliPT.
THE CHRONNILE
15 1923.]
been enabled to show an operating profit for the year of $7,401 87 over
charges for the shut down period,leaving our surplus after payment of bonds
Interest at $1.007,337. -V.116. p. 300.
-Dividend Omitted.
Butte & Superior Mining Co.
The directors on Sept. 10 voted to omit the quarterly dividend due at this
time. The company paid a dividend of 50 cents a share on June 30 1923.
Chairman Charles Hayden. In connection with the passing of the dividend,
said that while the company is in a strong cash position, the directors considered it best to conserve the cash of the company, as In the face of low
prices earnings are not such as to warrant continuation of payments.
V. 117, P. 672.
-Balance Sheet June 30.Canadian Woolens, Ltd.
1922.
1923.
1922.
1923.
Assets$2,16s Bk. of Montreal
$3.839
Cash
bills payable__ $409,947 $271,003
348.443
312.490
Bills & accts. rec
178,047
858,737 Bills payable trade 158,448
976,941
Inventories
333,195
Accounts payable_ 360,718
Inv. In other com3.000
2.000
9,740 Deferred liabilities
10.620
panies, &c
22,229
24,995 Surplus
28.402
Deferred assets.1.660,700 1.698,900
Prop., pit. & equip 2,345,460 2,353,813 7% Pref. stock
1,750.000 1.750,000
Common stock
Proc., tr.-mks. &
31,584
25,350
1,440,938 1,440,938 Govt. tax reserve_
goodwill
698,029
Depreciation res.- 716,228
'
Res. for bad debts
33.828
and discount_ _ _
Res.for redemp.of
52,849
Preferred stock_ 101 470
Total(each skle)$5,118.689 $5,038.834
Note.-Contlngent liability in respect to bills receivable discounted, nil.
The usual comparative income account was published in V. 117, p. 1131.
-New Model.
-Prices
Cadillac Motor Car Co.
The company has advanced prices $100 to $280 a car. The new prices
are: Touring car, S2.985: coupe. $3.950. and sedan. $4.150. new car, the
H. If. Rice. President and General Manager, announces a
-cylinder engine,harmonized
V-83,equipped with a new V-type.90-degree,8
-V.117, p. 210.
and balanced by entirely new principles and design.
-New Financing.
California-Oregon Power Co.
The company has applied to the California RR.Commission for authority
to issue $1,000,000 Series "B"6% bonds, the proceeds to be used to retire
-V.116, p. 2888.
coming maturities and for new construction.
-Listing, &c.
Calumet & Heels Consol. Copper Co.
The New York Stock Exchange has authorized the listing of temporary
interchangeable certificates for $50,137,550 (authorized. 862.500.000)
Capital Stock, par $25, upon official notice of issuance in exchange for outstanding certificates of Aiuneek Mining Co., Allouez Mining Co.. Calumet
& Heck, Mining Co., Centennial Copper Mining Co. and Osceola Consolidated Mining Co.(as per plan in V. 117. p.557). The Calumet & Hecla
Consolidated Copper Co:is formed by the consolidation, under the laws of
the State of Michigan, of the above companies. The consolidation is to be
effected on or prior to Sept. 12 1923. The duration of the charter of the
company is 30 years, expiring in 1953. The consolidation of the company
was had pursuant to authority of the stockholders of the five consolidating
corporations at special meetings thereof duly held on Sept. 7 1923.
Under the laws of Michigan, the company acquired all of the properties
and assets of the five consolidating companies (except the cash payments,
aggregating approximately $1.545,000, to be made to the stockholders of
Ahmeek Mining Co., Calumet & Hecla Mining Co. and Osceola Consolidated Mining (.o.. as set forth in the plan).
Statement of Production Costs & Earnings per Books of Cal.& Hecla Min.Co.
-June 1923.
Jan.
June 1923.
Production Costs28,334.800
4,552,700
Copper produced (pounds)8.31c. $2,189,144
8.19c.
$372,737
Through milling
1.46c.
1.53c.
403.575
Smelting and refining
68.904
34.826
.13c.
.13c.
6.018
Boston office
.830.
217.708
.80c.
38.285
Taxes
10.58c.
3.01c.
2.96c.
Depreciation
Depletion
$481.944
137,000
134.630
Carroll Foundry & Machine Tool Co., Cleveland, 0.
-Name Changed-Capital Increased.
The stockholders have ratified a change in name to the Bucyrus Road
Machinery Co.. and have also increased the authorized Common stock from
10.000 to 25.000 shares of no par value and the Preferred stock from
5.000 to 7.000 shares, par $100.
The new company plans to offer in the near future $200,000 of Preferred
stock, the proceeds of which will be used as working capital.
*134.000 of the Prof. stock has been retired. The company now has
outstanding $566,000 of Prof. stock in addition to the Common stock and
$200,000 of bonds,
Officers and directors of the new company are: E.L.Frantz, Chairman:
W. E. Mathew, President; H. D. Jones, V.-Pres.; George H. Levan.
Sec., R. B. Washburn. Treas.: C. D. Frantz and Edward Gledhill.
10.80c. $2,845.253
3.12c.
822.000
2.95c.
774,639
16.55c.
$753,574 16.87c. $4,441,892
Copper not sold Jan. 1 1923 6.807,332 lbs. ® 15.74c.(market) $1,004,081
4,441.892
26,334,800 lbs. ® 16.87c.
Cropper produced
Copper delivered
33.142,132 lbs.
16.197,268 lbs.
$5.445.973
2.588,184
$2,857.810
Copp.on hand June 30'23.16,944.864 lbs.
Earnings Statement
15.74c. *2.549,902
Received for copper sold & delivered_16,197,268 lbs. +
Cost ofsame as above
15.98c. $2,588,164
18.46c. 2,665,199
Selling and delivery
.48c.
77,036
Loss on copper delivered
Miscellaneous receipts: Custom smelting, $0,154; dividends,
$356,784: intprest. $19,848; sundries, $34,772: total
Miscellaneous charges
$115.297
8510,561
147.037
Gain for year to date
$248,226
Statement of Production Costs & Earnings per Books Ahmeek Mining Co
-June 1923.
Jan.
Production Costs
June 1923.
Copper produced (lbs.)--12,607.349
2,276.382
Through milling
5.68c.
$716.271
$123,858
Smelting and refining... _ 1.10c
1.07c.
135.600
25,020
.
Boston
.09c.
10.962
.08c
1,788
.
.
Taxes
.66c.
.61c
82.648
13,775
7.23c.
.74c.
3.46c.
Depreciation
Depletion
11.43c.
$164.440
16.800
78,859
$260,099
7.50c.
.80c.
3.46c.
$945.481
100.500
436.746
11.76c. $1.483.028
Copper on hand Jan. 1 1923
Copper produced in 1923
2.906,768 lbs. ® 12.91c.
12,607,349 lbs. 4619 11.76c.
Copper delivered In 1923
15,514.117 lbs.
7,337,888 lbs.
$1.858.415
896.487
8,176,229 lbs.
$981,928
Copper on hand June 30 1923
Earnings Statement
Received for copper sold &
delivered in 1923
Cost ofsame as above_ --- 12.22c.
Selling and delivery
.48c.
1239
$375.387
1.483.028
7.337,888 lbs. ® 15.74c. $1,154.720
$896,487
12.70c.
34,873
931.360
Central Manufacturing District, Inc., Los Angeles.
Guaranteed Bonds Offered.-Hunter-Dulin & Co.,Los Angeles,
Blyth, Witter & Co., New York and Citizens National
Bank, Los Angeles, are offering at prices to yield 634%
$1,750,000 1st Mtge. Real Estate Improvement Bonds
Series "A" 6% (see advertising pages).
Dated July!, 1923. Due serially July 1 1926-38. Authorized $10,000,000. Series 'A" (this issue) 81,750.000. Deonm. $1,000. $500, and
$100. Interest payable J.& J.at the Illinois Merchants Trust Co.,Chicago.
or Citizens Trust & Savings Bank, Los Angeles, trustee, or American
National Bank. San Francisco, without deduction for normal Federal
Income Tax not exceeding 2%. Callable all or part on 30 days' notice at
105 and interest on any int. date.
Data from letter of Mr. H. E. Poronto, President of the Company.
-The Central Manufacturing District of Los Angeles Is an
Business.
Industrial organization which furnishes sites and plants to diversified industries. It is closely modeled after the Central Manufacturing District
of Chicago. The same personnel which has successfully developed and
operated the Central Manufacturing District of Chicago,the Chicago Union
Stock Yards. and the Chicago Junction Ry, is in charge of all operations
of the Central Manufacturing District of Los Angeles. The Executives in
charge of Los Angeles operations include J. A. Spoor, A. G. Leonard,
H. E. Poronto and Richard Fitzgerald.
-The property of the Central Manufacturing District of Los
Property.
East Los
Angeles comprises 200 acres located in what is known as the the IndusAngeles Industrial Section, The District is directly in line withline of the
triq expansion towards Los Angeles Harbor and on the directlocation for
railroads leading to the harbor, which makes it a most desirable
industries receiving and shipping through that port.
-Secured on all real properties of the company now or hereSecurity.
mortgaged property.
after owned from the proceeds of sales of bonds or Inc., upon completion
The properties of the Central Manufacturing District.
financing, have been appraised at E5.234.412.85.
of the
-For the 12 months ending July 1. 1924. it is estiEstimated Earnings.
mated that the consolidated net earnings before bond interest of the Central
Manufacturing District. Inc., and of the Los Angeles Corp. (the guarantor
company) will exceed $290.000 or over 231 times the maximum interest
charges on this issue of bonds.
-Bonds will be unconditionally guaranteed principal and inGuaranty.
of this financing,
terest by the Los Angeles Corp., which, upon completion
Corp. Is a holding
will have a net worth of $6.284.961. The Los Angeles
company owning all the issued stock of the Central Manufacturing District.
fly.
Inc., the Los Angeles Union Stock Yards and the Los Angeles Junction
Southwest State Bank.
It also possesses substantial stock holdings in theand other concerns.
Central Manufacturing District Terminal Co.
the
Improvements. The Los Angeles property is now being improved with
-story tower and office buildthe following modern fireproof structures: an 8
floor space: plants
ing,6-story terminal building with 1,000.000 sq. feet ofLumber & Supply
now being erected by the District for the Southwest various buildings
Globe Soap Co.and Cement Products Co.;besides
Co.,the
of the Federal Refrigerating Co., representing an investment of over
$2000000.
-Proceeds will be used to complete improvements now under
Purpose.
construction and contemplated on the property and to refund present
Indebtedness.
-Par Value Changed.
Chicago Nipple Mfg. Co.
The stockholders on Sept. 7 authorized a change in the par Value of
Gain on copper delivered
3.04c.
$223.361 the Class "A" and Class "B" stocks from $10 to 1150 per share. This
Miscellaneous receipts: Interest, $13,831; sundries, $11,011-$24.642 action reduced the total share capitalization from 500,000 shares, par $10.
Miscellaneous charges
10.793 to 100,000 shares, par $50 each, of which 30,000 Class "A" and 30.000
Class "B" shares are outstanding, but the actual capitalization is in no
Net gain for year to date
$237,210 way affected.
new
The company's business during August Is said to establish a comProjected Balance Sheet as of June 30 1923 (Cal. & Recta Cons. Copper Co.).
the
high record, the increase being attributed to the extension of purposes.
(After giving effect to consolidation of above five companies.]
activities into pipe fabrication for refrigeration and other
pany's
Assets
The company has acquired a building on First St., Baltimore. Md.,
Clash in banks and on hand
$744.658 adjoining its local branch plant, and will install equipment at an early
U. S. Govt. securities-Certificates of indebtedness at par and
date for Increased output. This,it is stated, represents the third expansion
accrued interest
4.012.531 in the Baltimore works since established a number of months ago.
Liberty Loan bonds at market and accrued interest
1,616.744
The $50 par value Class "A" and Class "B" stock trust certificates have
Notes receivable
327,769 been admitted to trading on the New York Curb Market, The Class "A"
Accounts receivable
4.797.459 stock sold ex-dividend. Sept. 14, the dividend being due and payable
Inventories of copper, silver and supplies (copper at current
Oct. 1 1923.
market price)
Certificates should be presented to the Equitable Trust Co.of N. Y.,the
5,536,171
1.429.308 company's transfer agent. 37 Wall St., N. Y.City,for the purpose of making
Stock in other companies
51.646.029 the exchange. V. 117, p. 1020.
Mineral deposits (including plant and equipment)
Lands and timber
2,954.033
-Acquisition.
Coca-Cola Co.
30.000
Other assets
72.214
Deferred charges
The company has purchased the property known as 259-271 Tenth Ave.
-story buildings and a vacant lot on the west
N. Y. City, consisting of 5 4
Total
$73.188.916 side of the avenue between 25th and 26th streets. The company is now
-V. 117. p. 1132.
Liabilities
located on West 27th St., N. Y. City.
$819.247
Accounts payable
-Reduces Prices.
Columbia Motors Co., Detroit.
Mine taxes payable
327.270
Reserve for contingencies
1.233.591
The company has reduced the price of its special touring model from
Capital stock: 2,005.502 shares of $25 each
50.137.550 81.095 to $995. The company also announced that a new model called
Surplus
20,649.258 the "Hollywood" touring was in production. The price will be $1,195.
_______
-V. 117. p. 1132, 329.
Total
_ ____
__
$73,166.916
-New Co. Organised.
Columbia Steel Co., Elyria, 0.
The Boston __
the listing of stock of
____________ tias also authorized-V. 116. p. 940.
the above company.
See Elyria Iron & Steel Co. below.
-V.117. p. 672.
Canadian Locomotive Co., Ltd.
-Un-New President
filled Orders, &c.
F.G. Wallace, President has resigned and has been succeded by Aemillus
Jarvis, Chairman of the board. Mr. Wallace remains on the board.
The statement of Chairman Aenillius Jarvis to the shareholders says:
"We are pleased to report that the company's plant is again in full operation.
Following a shut sown of over 20 months, we were successful In obtaining a
repair orders last fall enabling us to gather our organization so that when
orders for new locomotives were placed, the plant was in operation. Very
little of the profits from his new business has entered into the current year.
"We have unfilled orders on hind approximating $2.300,000. From the
operating profits, together with the Income from our Investments, we have
-Tenders.
Connecticut Light & Power Co.
The Bankers Trust Co., trustee. 10 Wall St., N. Y. City, will, until
Mtge.
Sept. 25 receive bids for the sale to it of First & Ref.exhaustgold bonds.
to
Series A. dated May 11921. to an amount sufficient620. 519. $81,770, M
-V. 116. p.
a price not exceeding 110 and interest.
--ReConsolidated Telephone Co., Hazleton, Pa.
organization Plan.
A reorganization plan dated Aug. 1 1923 has been announced and is
being submitted to the security holders for approval. Over 50% of all
outstanding bonds and more than two-thirds of the capital stock has
been deposited under the plan.
1240
THE CHRONICLE
The reorganization committee consists of Alvin Markle, Harry C.
Trexler, Edward M. Young. George R. Bedford, Louis A. Watres, with
Edward M. Prisk, Sec., Hazleton, Pa., and Butz & Rupp, Counsel.
Depositaries.
-The Markle Banking & Trust Co., Lehigh Valley Trust
Co.. the Allentown National Bank.
The company is the successor of a number of independent telephone
companies. Competition has now led to the construction of dual lines
with resultant economic waste. Throughout the territory served by the
company, service is also rendered by the Bell Telephone Co. of Pa.. and
a considerable duplication of lines and systems has thereby resulted.
These companies, believing that both they and the public would be
benefitted thereby, have entered into a written agreement for the purpose
of providing for a re-arrangement of territory between them so that each
company shall, after such rearrangement shall have been perfected,furnish,
through a single system, complete universal local and long distance service
within the territory which is therein assigned to and set apart for it.
The Consolidated company and the Bell company have tentatively
agreed upon the consideration to be paid (a) for the property which the
former is to transfer to the latter and located in the territory' which Is
to be assigned exclusively to the latter: and (b) for the property which the
Bell company is to transfer to the Consolidated company and located
in the territory which is to be assigned exclusively to the Consolidated
company.
It is estimated that the differential in favor of the Bell conpamy, after
deducting the consideration referred to in (a) from the consideration
referred to in (b) will approximate the sum of $1,750,000 and provision
will have to be made for the payment or settlement of such differential
if said division of territory is to be carried into effect. Provision will
also have to be made for the transfer to the Bell company, clear of all
liens, of the property of the Consolidated company located in the territory
to be assigned to the Bell company. It is the purpose of this plan to
provide the way whereby the existing agreement between the two companies can be consummated.
Consolidated Telephone Co. Securities Now Outstanding.
1st Mtge.5% Gold bonds due Dec. 1 1953
$1,305,100
Inc. Mtge. Gold bonds due Dec. 1 1953
x1,982,500
Lehigh Telephone Co. 1st Mtge.55, extended to May 1 1924---- 105.000
Lackawanna Telephone Co. 1st Mtge.Gold bonds due May 1 '30_
25,000
Peoples Telephone Co. 1st Mtge. Gold bonds due July 1 1929_ -27,000
Honesdale Telephone Co. 1st Mtge. 5s, due 1934
40,000
Stock of Consolidated Telephone Co.(par $100)
2,500.000
[Vol,. 117.
The National Can Co. in future will retain the buildings and will manufacture automobile radiators exclusively. The purchase price was not
made public.
Effective Nov. 1 the company will remove its offices from Syracuse.
N. Y., to the Pershing Square Bldg., N. Y. City.
-V. 117, p. 673.
Detroit Motor Bus Co.
-New Financing.
-
The company has applied to the Michigan P.
authority
to issue $750,000 of securities, the proceeds to U.Commission foradditional
to finance
lines and improve stations and equipments. be used p. 2999.
-V. 116.
Dolores Esperanza Corporation.
-Dividend Omitted.
-
The directors have voted to omit the quarterly dividend of 2%% due in
October. An official statement says: "Tne directors deemed it inadvisable
to continue payments at this time bemuse of the low prices now quoted for
silver and the fact that they are engaged in a comprehensive development
plan. The directors considered that the interests of the stockholders would
be best served by devoting the operating profits to further development
work on the company's property."
The corporation in July 1922 paid an initial dividend of 234% and further
disbursements of 254% each in Oct. 1922 and Jan., April and July 1923.
This corporation was incorporated in Maine in 1919 and succeeded by
reorganization the Mines Co. of America. (See V. 108, 13• 1393,
385-)
Eastern Rolling Mill Co.
-Back Dividends.
-
The directors have declared a dividend of 47, on the Preferred stock.
payable Oct. 1 to holders of record Sept. 15. Thls payment covers two
quarterly dividends of 2% each for the laeriods ending Sept. 30 and Dec.
31, 1922. _This payment will on Oct. 1, 1923. leave 6% badk dividends still
due on the Preferred stock.
-V. 116, p. 2771.
Edison Electric Illuminating Co., Boston.
-FinancingThe stockholders on Sept. 10 authorized an application
the Mass. Dept. of Public Utilities for authority to issueto be made to
64,881 shares
additional Capital stock for the purpose of realizing funds to be applied to
the payment of liabilities for additions to and extensions of the plant and
property. This action increases the authorized Capital stock from 324,403
shares (all outstanding) to 389,284 shares, par $100.
The previous issue of new stock was 54,06'7 shares at $150 a share, which
was approved on Nov. 25 1922 (V.
of 45,506 shares was made at $130 a 115. v. 2587). In Oct. 1921 an issue
share.
The company has applied to the Mass. Dept. of P. U. for authority to
issue 64.881 shares of new stock. A hearing will be held Oct. 1.-V. 117.
P. 1020.
x Interest accruals: Coupons Nos. 4 to 38,
inclusive, covering
the period from March 1 1915 to Sept. 11923. both
Controlled Companies.
-The following companies are controlled by the
Edmunds & Jones Corp.
-Extra Dividend..
Consolidated Telephone Co. through stock
Honesdale
An extra dividend of 50 cents a share has been declared on the Common
Telephone Co., capital stock, $40,000 (pledged ownership: (1)
mortgage trustee
of Consolidated Telephone Co.). The charter with first of the Honesdale stock,In addition to the regular quarterly dividend of 50 cents, both payable
territory
company lies within the territory from which the Consolidated company Oct. 1 to holders of record Sept. 20. _Like amounts were paid on the Common stock on July 1
. 116, p. 2771.
Is to withdraw and provision will have to be made
for the transfer to the
Bell company, clear of all liens, of all of the physical property of the
Elyria (0.) Iron & Steel Co.
-New Power Co.
Honesdale company and of such of its franchises and appurtenant rights
A new company, known as the Columbia-Elyria Power Co. has been
as the Bell company may want to acquire, and the liquidation of the
organized by the Elyria Iron & Steel Co. and the Columbia Steel Co. to
Honesdale company may become necessary.
construct and operate a power plant to supply power to the two steel
(2) Easton Telephone Co., Easton & Bethlehem
Telephone Co. None of these companies has a Telephone Co.' Warren companies. H.B. Wicks is President of the new company.
-V.112,D.748.
bonded debt, but two
of them have a mortgage Indebtedness. All of their capital stock and
Famous Players-Lasky Corporation.
mortgage indebtedness is held and owned by the Consolidated company.
-Earnings, &c.
These companies operate in territory to be
Consolidated ofThe corparation in its consolidated statement(which includes the earnings
subsidi try
company except that the Warren Telephone assigned to the
operates in Warren ended June co -np Lilies owned 90% or more) reports for the six months
Co. also
County, N. J.
30 1923 net operating profits of 31.891.048. after deducting all
No other company, whose capital stock is held by the Consolidated charges and reserves for Federal income and other taxes. After allowing
company either wholly or in part, is intended to be dealt with under this for payment of dividends on the Preferred stock, the above earnings are at
plan and all holders of any of the securities thereof are excluded from any the annual rate of $13 24 on the Common stock outstanding.
On Sept. 10 1923 the directors declared the regular quarterly dividend
share or benefit thereunder.
New Cornpany.-A new company will be formed in Pennsylvania. or of 32 per share on the Preferred stock, payable Nov. 1 to holders of record
an existing charter or company will be used for the purpose of reorganiza- Oct. 15: the books will not close.
-V. 117, p. 673.
tion. The first board of directors of the new company will be named by
Farmers Manufacturing Co. of Va.-Bonds Offered.
the reorganization committee.
New Capitalization,
-It is proposed that the new company shall authorize Dillon, Read & Co. are offering at 98 and int. $1,500,000
the following classes of securities:
1st Mtge. 20
-Year 7% Sinking Fund Gold bonds.
(1) 131 re Ref. Mtge. Gold Bonds.
'
-Total amount of bonds to be issued
under mortgage is not to be limited. Bonds may be for various principal
Dated Sept. 1 1923. Due Sept. 1 1943. A sinking
sums and are to be issuable in series at different times, with interest at vided to retire the entire issue at 105 and interest byfund will be prosemi-annual call
different rates, &c.as directors may determine. The initial Issue will by lot, beginning March 1 1924. Authorized and issued. $1.500.000.
be designated as Series "A" and limited to $2,750,000 at any one time Denom.$1,000c5 Prin, and int. payable in Now York
.
without deduction
outstanding. Series "A" bonds shall mature 25 years after date, re- for Federal normal income tax not in excess of 2% per annum
Pennsyldeemable all or part at any interest date after 60 days notice at 105 vania four-mill tax refunded. Callable, all or part on any Interest date
and interest. Denom. $1,000. $500 and $100. shall bear interest at rate at 105 and interest. Brooklyn Trust Co., trustee.
of 5% per annum. Interest payable without deduction for any normal
Data from Letter of President R. W. Wilmer.
Federal income tax not in excess of 2%. Series "A" bonds shall also
-Incorporated in Virginia In 1887 with a
Company.
also contain a provision requiring new company to pay to the trustee semi$25,000.
Has solely through re-investment in the business ofcapital ofearnings,
surplus
annually the sum of $37.500 as a sinking fund to be applied to the redempafter payment of substantial dividends to stockholders, grown to Its present
tion of said bonds at 105 and Interest.
position with total tangible assets carried at more than $4,500,000. ComCapital Stock.
-New company shall have an Initial capital stock of
sufficient size to enable it to provide through the sale or disposition thereof pany is to-day the largest manufacturer in the United States of wooden
for the payment of the differential due the Bell company, the costs of containers and packages used in the packing of fruits and vegetables for
the reorganization and of carrying this plan Into effect and the unification shipment to market, having manufactured in 1922 more than 40,000.000
of the property in the territory to be assigned to it for Its exclusive use. small baskets alone. The volume of agricultural food products grown
and shipped within the area served Is steadily increasing. Principl
It is estimated that it will need for these purposes about $3.250,000.
Cash Reguirements.-The reorganization committee has entered into plants are located at Norfolk and Suffolk, Va., and Severn, No. Caro..
an agreement whereby enough stock has been disposed of at par to insure with 55 assembling and distributing plants situated in Florida, Georgia.
South Carolina, North Carolina, Virginia, Maryland and New York.
the payment of the Bell company differential, the
the property
Company is steadily adding to its timber reserves when advantageously
In the exclusive territory of the new company unification of
payment of the
costs and expenses incident to its reorganization and the carrying out of obtainable. Its present holdings alone are suffificent to assure continued
and the
this plan, rt is. therefore, expected that the new company will be saved plant operation at the current rate for approximately 15 years.
-Company's operations have shown a profit each year since
Profits.
the expense of an underwriting of its immediate cash requirements. If,
however, the present arrangements shall fail, the committee is authorized incorporation 35 years ago.
to organize a syndicate to guarantee the furnishing of the necessary cash. Net Earnings After Deducting
Interest Paid, Depreciation and Depletion
(Based on Cost of Properties) and all Operating Charges, but Before
Exchange Of Old Securities for New Bonds.
Federal Taxes-Years ended Aug. 31.
First & Ref. Mtge. Gold bonds, Series "A," of the now company are
Net Earns,
Net Earns.
intended to be distributed to participants in the plan substantially as 1918
$385,834 1921
$326,569
follows:
1919
251,492 1922
5
: 9
337 78
31207
To depositing holders of 1st Mtge.57 Gold bonds of the Consol1920
611,281 x1923
idated Co., an amount equal to the par value of the bonds
x Ten months en
ended June 30.
deposited
$1,305,100
Balance Sheet June 30 1923.
To depositing holders of Income Mtge. Gold bonds of the ConsolAfter giving effect to recapitalization and to appraisals and valuations
idated Co.($1,982,500 in hands of public) an amount equal to
Asosfetplants, equipment and timber rights by independent engineers.]
50% of the par value of the bonds deposited
991,250
To depositing holders of Lehigh Telephone 1st Mtge. 5% Gold
Liabilities
bonds,an amount equal to the par value of the bonds deposited 105,000 Timber rights
81.445,747 8% Cum. Prof. stock....
0
To depositing holders of Peoples Telephone Co. 1st Mtge. bonds,
Plants and equipment_ -- - 1,550,817 Common stock, 100,000 $450,00
par value of the bonds deposited
an amount equal to the
27.000 Patents(less amortization)
72,569
shares (no
705
41
0
To depositing holders of Lackawanna Telephone Co. 1st Mtge.
Investment in affII. cos- - 147,634 1st Mtge. 79par)
53461:000
1,500.
bonds
bonds,an amount equal to the par value of the bonds deposited
25,000 Inventories
452.906 Accounts payable
142.083
To depositing holders of Honesdale Telephone Co. 1st Mtge.
Notes receivable
178,231 Prov. for Federal taxes_ _
bonds,an amount equal to the par value of the bonds deposited
40,000 Accounts receivable
590,863 Prey,for contingencies- _
50.000
To depositing holders of the stock of the Consolidated Telephone
Marketable securities__
1.609.317
42,065 Capital surplus
Co.,an amount equal to $10 for every share of stock deposited 250,000 Cash
263,972
86.914 Earned surplus
rn
To be sold, if necessary, and the proceeds to be used towards
Deferred charges
25,739
carrying the plan into effect(any bonds or the proceeds thereof
not needed to be placed in the treasury of the new company)
6,650
Total
$4.593,486
$4,593,486
Total
Net tangible assets, 89 shown
$2,750,000 these bonds, are $4,328,950. above, after deducting all liabilities except
Total
equal to $2,886 per bond. Current assets
are nearly six times
It is the intent that holders of Inc. Mtge. Gold bonds of the Consol- seasonal liquidation current liabilities. By Aug. 31 1923, through normal
of accounts receivable, cash on hand had increased
idated company shall receive $1 in 1st & Ref. Mtge. Gold bonds, Series to $390,000.
"A" of the new company for every $2 of the principal of said Inc. Mtge.
Gold bonds deposited by them and nothing additional for the interest
Foundation Co.
-Earnings 7 Mos. Ended July 31.
coupons commencing with and subsequent to No. 4 originally attached
[Includes Foundation Co. and
to said bonds. It is also the intent that the depositing holders of 1st tion Co., Ltd. (Canada.) The its wholly owned subsidiaries, the FoundaFoundation Co. of Canada. Ltd., and the
Mtge. 5% Gold bonds of the Consolidated company, as well as the de- Construction Equipment
Co.. Ltd.]
Positing holders of all bonds underlying the same, as well as all the de1922.
1923.
positing holders of Honesdale Telephone Co. 1st Mtge. bonds, shall receive Profit on contracts
$415,012
$584,322
for every dollar of principal of deposited bonds an equal amount in 1st Other income
31,393
40.735
& Ref. Mtge. Gold bonds, Series "A." of the new company, and that
they shall receive the interest which may accrue on the deposited bonds
Gross profits
$446,405
$625,057
to the date of the new bonds in cash. All matured coupons shall be de- General expense
455,364
462.262
posited in connection with and at the time of the deposit of the bonds
themselves.
-V. 117. D. 898.
Net income of combined companies
def$8.959
8162.795
The surplus account July 31 1923 shows: Surplus as of Dec. 31 1922.
Continental Can Co.
-Acquisition.
$2,102,712: Add Reduction of tax reserve. 325.000: net Income 7 months
The company has purchased the can and tube departments of the Na- ended July 31 1923. 8162,795; total, $2,290,507. Dividend)]paid,$144.490.
tional Can Co. of Detroit.
Profit and loss surplus July 31 1923.$2,146,018.
SEPT. 15 1923.]
THE CHRONICLE
1241
Comparative Consolidated Balance Sheet.
public since the purchase of the stock in Feb. 1919. At that time,he statee,
[Includes the Foundation Co. and its wholly owned subsidiaries, the attorneys for both companies concluded it was entirely legal for Stantard
-V.117, p. 1021.
Foundation Co., Ltd.(Canada), the Foundation Co. of Canada. Ltd., and Oil to purchase and hold the stock.
Construction Equipment Co.]
-Dividends.
Imperial Tobacco Co. of Canada, Ltd.
July 31 '23. Dec. 31 '22.
July 31 '23. Dec.31 '22.
The company has declared an interim dividend of 1 3 % on the Ordinary
ASSaSLiabilities$
payable Sept. 27 and a semi-annual dividend of3% on the Preference
Preferred stock_ __dl,000,000
Real est., bldgs.,
662,508 stock,
furniture & fixt.,
Common stock_ __d1,700,000 1,700,000 stock, payable Sept. 29. An interim dividend of 13 % was paid on the
-V.117. p. 786.
plant & equip__01,675,893 1,610,711 Notes payable____ 675,000
848.400 Ordinary stock in June last.
Patents
5,000
5,000 Accounts payable- 557,948
645,685
-Plan for
International Agricultural Corporation.
Good-will
1,600,000 1,600,000 Accrued interest....
1,691
5.006
Secur. owned, &c- 503,664
476,854 Res.for taxes, &c_
2,238
29,980 Readjustment of Debt and Capitalization.
-The stockholders
146,588
Cash
128,396 Mortgages on real
Accounts & notes
estate
430,100
452,300 will vote Oct. 3 on approving a plan for the readjustment of
receivable
62,294,840 2,344,089 Surplus
2,146,018 2,102,712 the debt and capitalization of the corporation. Bank crediMaterial & supplies c251,516
262,348
tors to the required extent have already accepted the plan.
Cash reserved for
stock liquidation
12,000
The plan provides in brief as follows:
Deferred accounts_
23,493
19,192
Total(each side) 6,512,995 6,446,591
(1) The capital stock will be reclassified so as to consist of $10,000,000 of
a Real estate and buildings. $973,607: furniture and fixtures. $7,244:
plant and equipment, $1.048,617: less depreciation. $353.575. b Accounts Prior Preference Cumulative 7% Preferred Stock and 450,000 shares of
receivable, $2,207,272: notes receivable, $115.067: total, $2,322.340: less Common Stock of no par value.
reserve for bad debts. $27,500. c Material and supplies carried at 66 2-3%
(2) It is contemplated that the reorganized company will start business
of cost, $301,516; less reserve, $50,000. d Stated capital, without par with no debt of any kind, except the $8.228,300 bonds outstanding; its
current merchandise obligations which will amount approximately to
value.
-V. 117. p. 1133.
$400,000, and an open line of bank credit which the banks undertake to
Ford Motor Co., Detroit.
extend up to an amount of $4,000,000.
-Acquisition.
-A dispatch from Houghton. Mich.,states that the company has purchased
(3) Upon the plan being consummated the present preferred shareholders
the logging town of Pequaming, Baraga County, Upper Peninsula of Michi- will receive 1 Yi shares of new common stock of no par value for each share
gan,from Charles Hebard & Sons,Inc. The deal includes a large saw-mill, of preferred stock now held, in lieu of the share so held, and of the accumurailroad and rolling stock, towing outfits, logging equipment and also in lated dividends thereon. Holders of common stock will receive one share
eludes 400,000 acres of timber land -V. 117. P. 1133.
of new stock of no par value for each six shares now held. Preferred shareholders under the plan will, therefore, receive a total of 195.832 shares of
new common stock, and common shareholders will receive a total of 12,100
Gardner Motor Co., St. Louis.
-Earnings.
The company in July last is reported to have earned approximately shares of such stock.
(4) A new issue of $10,000,000 of Prior Preference Stock has been
$6,500 after charges, bringing total earnings for the seven months ended
bankers' or underJuly 31 last to 3116,629, or approximately 75c. per share on the outstanding underwritten by the banks holding the notes without anyof Prior Preference
writing commission, at 90,carrying with it for each share
155.000 shares of capital stock, no par value.
-V. 117. p. 445.
stock so underwritten 2X shares of the new non-par value common stock.
This Prior Preference stock,together with the accompanying common stock.
General Electric Co.
-Listing.
The New York Stock Exchange has authorized the listing on or after is to be offered pro rata to the stockholders on identically the same terms
bankers'
Oct. 15 1923 of $8,988.500 additional Special stock (authorized $35.000,000) as the banks have underwritten it. and without the payment of any
par $10 each, on official notice of issuance as a 5% stock dividend payable commission or underwriting charges.
(5) Accordingly, as soon as the stockholders authorize the proposed
Oct. 15 to stock of record of Sept. 5, making the total amount applied
changes in the capitalization, rights will be issued to the present preferred
for $17,716.800.-V. 117, p. 1020.
stockholders entitling each preferred stockholder to subscribe for his proportionate share of the $10,000.000 prior preference stock, together with
General Motors Corp.
-Oakland Cars-Booklet.
the 225.000 shares of common stock. If under these rights the preferred
The Oakland division of General Motors Corp. has announced revised shareholders subscribe for the entire amount of prior preference stock, they
prices on its new models at reductions of from $50 to $150. The new prices will thereby receive all but 12,100 shares of the issued common stock
are: Touring car, $945: sport, $1,095: business coupe, $1.195: 4-pasenger (representing the equity in the company), which number of shares is to go
coupe,$1,345;5
-passenger sedan,$1,395.
common stockholders.
With the Common stock dividend checks payable Sept. 12 was mailed to theCommon stockholders will be permitted to subscribe for the prior
(6)
this message to shareholders from President Alfred P. Sloan. Jr.:
preference stock, carrying with It the shares of common stock, for such
"It has been the custom to enclose with dividend checks a booklet
any, as is not subscribed for by
holders of the rights to be
keeping our shareholders informed upon the activities of General Motors. amount, if holders of the present preferred the
stock, and for such amount,if
The most important development at this time is the announcement of Issued to thebe applied for by present preferred stockholders,in excess of the
any,as may
the new line of passenger cars for the 1923-1924 selling season.
shares for which rights are
"The short lapse of time between the announcements of these new number of plan contemplates that the issued to them. the bonds is to be
mathrity date of
(7) The
models and the mailing of the enclosed dividend check made it impossible
from May 1 1932 to May 1 1942: the annual sinking fund payto enclose the booklet. It will, however, be mailed to you at an early date. extended the next five years postponed, and the mortgage closW at
ments for
[The Chevrolet Motor Car Co. is reported to have produced 48,000 cars
leaving in the treasury of the company $1,771,700 of bonds
in August against 41,000 in July. September production calls for 2,200 $10.000.000, future corporate purposes.
available for
cars a day.]
-V. 117, p. 1133, 673.
Gill Mfg. Co. of Ill.
-Dividend No. 2.
-
The directors have declared a regular quarterly dividend of 50c. a share,
payable Oct. 1 to holders of record Sept. 20. An initial dividend of a like
amount was paid July 2 last.
-V. 116, p. 2771.
Goodyear Tire & Rubber Co. of Canada, Ltd.
Declares Regular Dividends.
The directors have declared the quarterly dividend of 1 % on the
Preferred and of 134% on the Prior Preference stock, both payable Oct. 3
to holders of record Sept. 15. It is stated that owing to the unsettled
general business and financial conditions the directors thought it inadvisable
notwithstanding the financial position of the company, to declare payment
of dividends in arrears on the Preferred stock at this time.
-V.116, p.2771.
Gorton-Pew Fisheries Co.
-Sale Confirmed.
-
Judge Anderson in the Federal District Court at Boston has
the sale of the entire assets of the company to A.Stanley North forconfirmed
$500,000,
who represented a creditors'committee. The property will be turned over
to the Gorton-Pew Fisheries Co., Ltd., which is a reorganization of the
old company.
The Gorton-Pew Fisheries Co., Ltd., has notified the Massachusetts
Commissioner of Corporations that the 26.000 shares of Common of $5
par value have been changed to an equal number without par value.
-V.117. p. 1133.
Gray & Davis, Inc.
-Earnings.
-
6 Months Ended June 301923.
1922.
Net sales
$2,455,338 $1.759,958
Factory cost
2.136.936
1,446,589
Administrative expenses
55,440
103,332
Interest charges
52,204
77,240
Other deductions (net)
1,473
Sundry charges applicable to prior years
37,707
Expenses in connection with new 10
-year bond
issue Aug. 1 1922
15.000
-----Net profit after all charges
$158,050
$131,322
117, p. 445.
Great Western Sugar Co.
-Annual Report.
Net earnings for the fiscal year ended Feb. 28 1923 were $5,829,113 after
deducting $1,050,000 for Preferred dividends paid.
-Y. 116. P. 2643.
Gulf Oil Corp.
-To Offer Stock to Employees.The company has completed plans whereby employms can subscribe for
shares of the corporation. The plan will go into effect Oct. 1. The
price at which the stock will be offered to employees will be governed by
the price of the shares in the open market. No now stock issue is contemplated.
-V. 116, p. 2889.
The notice of special meeting of stockholders says in
substance:
The stockholders will vote Oct. 3: (1) on authorizing $10,000,000 Prior
Preference Stock, par $100 each, by the reclassification of $8,000,000 o
stock, now authorized but not
common stock and $2,000,000 of
issued. The Prior Preference Stock shall have the following rights: (a)
receive dividends at rate of7% per annum,cumulative from date
Entitled to
of issue: (6) redeemable, all or part, on any dividend payment date at 110;
(c) upon any dissolution, liquidation or winding up of corporation, holders
of the Prior Preference Stock shall be entitled to receive, if dissolution be
voluntary, 110 and dividends, or if such dissolution be involuntary, par and
dividends.
(d) While any Prior Preference Stock is outstanding, corporation shall
not, without the consent of two-thirds of outstanding Prior Preference
Stock:(1) Dispose of the property and business of the corporation substantially in their entirety; (2) create or assume any mortgage or other lien
upon its real estate or plants to secure an issue of bonds, or otherwise,
except in renewal or refunding of existing mortgage debts and except purchase money mortgages or any renewal or refunding thereof:(3) create any
shares of stock having priority over or on a parity with the authorized Prior
Preference Stock, or increase the authorized Prior Preference Stock: or (4)
create or assume or guarantee any bonds, notes or other debt maturing
more than one year from the date of issue thereof, except to refund or renew
the outstanding mortgage bonds, or for purchase money mortgages or any
renewal or refunding thereof.
(e) Before any dividend shall be paid or declared on the common stock
out of earnings of any year, the corporation shall set aside as a fund for the
purchase or redemption of Prior Preference Stock, an amount which shall
not be less than 50% of the net earnings for such year, after deducting from
the net earnings of such year proper reserves as may be determined by the
directors, and the amount of dividends paid or declared upon the Prior
Preference Stock for such year.
The present preferred and common stock shall, respectively, subject to
the prior rights of the Prior Preference Stock, retain their present rights and
privileges.
(2) The stockholders will also vote on amending the certificate of incorporation:(a) so as to permit the issuance of 450.000 snares of common stock
with no par value;(6) to change the $16,000,000 preferred stock remaining
authorized after the reclassitcation above provided for (including all of the
outstanding preferred stock) and the $10,000,000 common stock remaining
authorized after the reclassifcation above provided for (including all of the
outstanding common stock), into shares without nominal or par value; the
terms upon which the outstanding shares are to be exchanged for the new
shares being the issuance of 1 Si shares of common stock without par value
in place of each outstanding share of present preferred stock, and 1-6th or
of one share of common stock without par value in place of each outstanding
share of present common stock.
The stockholders' committee (see below) in a circular
Sept. 5, to the stockholders, says in substance:
Hartman Corporation, Chicago.
-New Officer.
Present Situation.
-The present situation of the company is such that, in
David May,a director of the company and Chairman of the May Depart_
judgment of its largest creditors(whose disposition towards the company
ment Stores, has been elected Chairman of the Board.
-V.117. p. 1134,674. the
Is friendly and co-operative), and of its directors, an early readjustment of
Its debt and of its capital is essential.
Household Products Co.
-Earnings.
--Corporation was organized in 1909. Operations for the five
History.
The company earned in the 6 months ended .Tune 30 1923 net
income of
$1,160,000. after taxes and depreciation.
-V.117. p. 446.
Hudson Motor Car Co.-Shipments--Earnings.-
The company in August last, produced 10,095 Hudson and Essex cars,
compared with 9,600 cars in July.
Net profits for the 7
-months ended June 30 1923 it is stated. approximated $6.000,000, or 35 a share. (Compare V. 116, p. 2889).-V.
'
117.
p. 899.
Humble Oil & Refining Co.
-Anti-Trust Suit.-
Pres. W. S. Farish in a statement to stockholders relative to suit by
State of Texas, alleging violation of anti-trust laws, states that the suit is
based on the contention that the Standard 011 Co. of New Jersey's ownership of more than 50% of Humble Oil stock constitutes a "doing
business"
in the State of Texas on the part of Standard Oil Co. of New Jersey. Mr.
Parish says: "Our attorneys are firmly of the opinion that the legal
clusion of the Attorney-General is wrong and this difference of opinion constitutes the issue to be tried. It may not be amiss to say here thatconthe
Standard Oil Co. of New Jersey has never, through its ownership of stock
or otherwise, sought to control or manage the affairs of Humble Oil &
Refinin Co."
Pres. arish states there has been no concealment or denial of this stock
ownership by the Standard Oil of N. J., and that the Attorney-General's
department haa at all times been fully advised of the facts, which have been
years ended June 30 1919 showed average annual earnings after Federal
taxes and depreciation, but before all interest charges, of $2,224,564, the
average annual interest charges during that period being $836.693, leaving
an average annual profit for the five years of $1,387,871.
Shortly after the armistice, however, there came a great decline in the
market value of the raw materials used in the manufacture of fertilizer.
With the depression in business in 1920 and the decline in materials, this
company, with other companies in the industry, suffered greatly by reason
of the shrinkage in value of inventories. Further, the readjustment of
general commodity prices after the war had a disastrous effect upon the price
of raw cotton, to such a degree that many of the planters in the cotton belt
(where this company does a large part of its business) did not receive from
the sale of their crops a sufficient amount to pay their fertilizer bills. Such
failure has made it necessary for the company to carry over a large amount
-due accounts since the fall of 1920. The two cotton crops since
of past
that period have been small and the selling prices low, and up to a few
months ago practically below the cost of production.
Present Quotations for Stock.
-This situation is reflected in the market
quotation for the stocks. The preferred stock is now quoted at approximately $12 per share and the common stock at $3 per share. Unpaid
accumulated dividends upon the preferred stock will amount on Sept. 30
1923 to 60 Si . era total of $7,865,939. The company owed on May 30
to banks $l2662.500. Because of the lack of operating earnings, it has
been impossible to reduce this bank indebtedness, which has remained at
practically these same figures for several years.
1242
THE CHRONTCLE
Immediate Oullook.—Raw fertilizer materials are now selling at norm -I
prices, and in some cases below the pre-war figures. The conditions of he
cotton planters have slowly but gradually improved. They are making
some progress in the liquidation of the carried-over accounts. Prices for
raw cotton are much more favorable to the planter and now show him a
profit on his crop. On the whole the indications are that the fertilizer
industry has passed through its severe period of readjustment and is now
returning to normal conditions under which it seems reasonable to expect
that, speaking generally, it can be operated on a profitable basis.
Because, however, of the financial position of the company,it is not now
in condition to take advantage of the expected improvement in the industry.
Therefore, after long and careful consideration of the company's condition,
the directors are unanimous in their recommendation that prompt steps
must now be taken to readjust the capital and obligations, if the company
Is to be operated successfully in the future. After many conferences with
the banking creditors, bondholders and stockholders, the plan below has
been agrred upon as offering a sound working basis for the future.
Value of New Securities.—It is proposed that in setting up the balance
sheet of the reorganized company, additional liberal reserves be made
against the accounts receivable, inventory plants and other assets of the
company so as to provide for every possible contingency. It is estimated
that after the setting up of such reserves, aggregating a total of approximately $9,000.000, the book value of the new common stock without par
value will be in excess of $20 per share.
The advantages to a preferred stockholder in availing of his rights to subscribe to the prior preference stock are these:
(I) With the book value of the common stock conservatively estimated at
a sum In excess of $20 per share, the subscribing preferred stockholder
receives for each $90 paid, shares having an aggregate book value of $175
(being one share of preferred and 3.4 shares of the common stock).
(2) With the elimination under the proposed plan of an amount of the
company's floating debt of approximately $9,000,000. the new stocks
would appear to assume a position safer and much more advantageous than
that occupied by the )resent preferred stock, so far as a direct claim upon
the assets is concerned.
Avoidance of Legal Proceedinos.—The plan is the result ofcareful studylvo
officers and directors. in consultation with the largo banking creditors, large
stockholders and bondholders. It is recognized that the company can nut
pay its obligations to the banks at this time. A mere extension of the debt,
even if it could be obtained, would be of no substantial benefit to the company, because with the large amount of debt that would necessarily be
shown upon the balance sheet. its credit would oe limited and legitimate
expansion curtailed. Receivership would be most unfortunate, because a
receivership might result in a foreclosure of the mortgage, would be expensive and disastrous and might very possibly result in such a loss in liquidation as to leave little or nothing for the shareholders.
Future of the Company.—It is believed that the conditions in the industry
will improve. because It is recognized that there must be an increase in the
use of fertilizers, if this country is to maintain its agricultural supremacY,
and that with an increased demand for the product the cost of producing it
Can be materially reduced. This company's; affairs, it is expected. will be
further materially improved by reason of the fact that the existing contract
for the purchase of sulphuric acid will expire on Jan. 1 1924, enabling it to
acquire acid on better terms. This company is particularly fortunate in its
ownership of Its rock properties both in Florida and in Tennessee, which are
believed to be among the most valuable in the country. The saving in
Interest charges by reason of the elimination of the large portion of the bank
debt, added to the anticipated saving in the cost of sulphuric acid, will, it is
believed, be sufficient to pay the dividend upon the prior preference stock,
and it is hoped and expected that this stock will pay dividends from the
date of its issue.
The $9,000,000 received from the sale of the preferred stock will enable
the company to reduce its current bank debt by that extent, putting the
company in strong financial position.
Management.—John J. Watson, Jr., who has acted as V.-Pres. & Treas.,
has agreed to accept the presidency.
Stockholders' Committee.—Louis V. Bright, Chairman (Pres. Lawyers
Title & Trust Co.), William M. Barrett (Pres. Adams Express Co.), J.
Norrish Thorne (Hathaway,Smith, Folds & Co.). with Lane GregorY. Sec-,
160 Broadway, New York.
The bondholders' committee (see below) in a notice Seut.5,
-Year
to the holders of the First Mtge.& Coll. Trust 5% 20
Sinking Fund Gold Bonds, says in substance:
[VoL. 117.
Reorganization.—The corporation is to be recapitalized under the provisions of the New York Corporation Law, applicable to this corporation.
New Capitalization.—It is proposed to issue the following capital stock,
in lieu of stocks now outstanding* (1)7% prior preference cumualtive stock.
$10.000,000. (2) Common stock, no par value. 450,000 shares.
Present Preferred Stockholders Given Opportunity of Purchasing Prior Preference Stock.—The preferred stockholders will be issued rights entitling them
pro rata to subscribe for the $10,000,000 prior preference stock, together
with the 225,000 shares of common stock, at $90 for each share of prior
preference stock, together with 251 shares of common stock.
Any amount of prior preference stock, together with common shares, not
subscribed for by the preferred stockholders, will be offered to the common
stockholders upon the same terms.
Banking creditors and others have underwritten the entire issue of the
prior preference stock, together with the 225,000 shares of common stock.
at the above price, and will purchase such amount thereof, if any, as shall
not be subscribed for by stockholders. No bankers' commission or other
profit will be paid to the underwriters.
Prior Preference Stock to Be Deposited under a Syndicate Agreement.—All
prior preference stock shall be deposited under a syndicate agreement to
continue for a l
eriod to be fixed in the agreement. The syndicate agreement will pro e that the managers shall have the right to sell or dispose
of the prior preference stock at a price not less than 90 and dividends during
the life of the syndicate agreement. Subscribers for the prior preference
stock will receive syndicate participation certificates issued by the syndicate
managers which will be transferable in all respects the same as stock certificates for prior preference stock, and it is contemplated that applications will
be made to list the syndicate participation certificates on the New York
Stock Exchange.
The common stock to be received by stockholders or transferees of the
rights issued to stockholders, upon subscriptions to the prior preference
stock, will not be placed under the syndicate agreement.
Treatment of Present Stockholders.—Present preferred stockholders will
receive 1; shares of new common stock, without par value, for each one
,
6
share of stock (with the accumulated dividends thereon) now owned, which
will require a total of 195.832 shares, and will be entitled to subscribe to the
prior preference stock at 90,carrying with it a pro rata participation in 50%
of the common stock of the corporation.
Common stockholders will receive one share of new stock of no par value
for each six shares now held by them, which will require a total of 12.100 shs.
Treatment of Creditors.—The obligations of merchandise and trade creditors will be paid as they respectively mature. Banking creditors will receive
as the result of the underwriting of the prior preference stock. 69.23% of
their claims in cash, and will participate in a credit to be extended pro rata
by the banks, parties to the plan, now holding the obligations of the corporation, and which credit the banks have agreed to extend to the corporation, in an amount to be determined after the allotment of the prior preference stock, but not to exceed $5,000,000, nor be less, at the option of the
corporation, than 54,000.000.
First Mortgage Bands.—Total amount of first mortgage bonds validly
issued and now outstanding is $14,994,800. It is proposed that the mortgage shall be closed at $10,000,000, of which $8,228,300 is now in the hands
of the public and $1,771.700 will be in the treasury, available for future corporate needs. In consideration of the cancellation of 54.994,800 of bonds
now held in the treasury, a supplemental indenture Is to be executed, which
will provide:(a) that the maturity of the bonds shall be changed to May 1
1942, and (b) that the provisions with respect to the sinking fund shall be
amended so as to provide that no payment need be made thereunder until
May 11929, but that payments shall be made in all respects as provided in
said mortgage,commencing on May 11929. and provided further that if the
corporation shall mine a quantity of phosphate rock in any year in excess
of 1,000.000 tons, it will pay into the sinking fund the sum per ton provided
for in the present Article IV. of said indenture, and further that the five
final sinking fund installments under the provisions of the mortgage, as
extended,shall be a sum equal to at least 5% of the principal face amount of
all the bonds at the time issued under the mortgage, as amended by the
supplemental indenture.
Tlae supplemental indenture will also contain a provision that if the corporation shall at any time during the temporary postponement of the sinking
fund payments, pay a dividend upon the common stock, the payment of the
sinking fund shall immediately become operative from the date of the payment of such dividend upon the common stock.
In lieu of closing the mortgage at $10,000,000 and of canceling $4,994,800
par value of the bonds now in the treasury of the corporation, arrangements
may be made by the corporation, with the approval of the bondholders'
committee, for deposit of such $4.994.800 of bonds as security for such of
the outstanding bonds as shall be extended pursuant to and otherwise
become subject to this plan and agreement, provided that such deposit, if
made, shall be on such terms that the indebtedness of the corporation shall
not be increased thereby.
Committees to Carry Out Plan.—The representatives of the various banks
will constitute themselves a conimittee to confer with committees represent
lug the bondholders and the atockholders in putting, substantially, the foregoing plan into effect.
Comparative Balance Sheets.
•Assets—aJune30'23 bMay 31 '23
Cash
51,746.791 $1,947,918
Accounts & notes receivable (loss reserves)
x6,391,928 10,634,485
Inventories
y1,867,243
1.874,637
U. S. Liberty bonds
50.000
50,000
Due from joint corporations
zl',189.993
2,168,003
Due from associated German company
1.037.888
1,037,888
Real est.. phosphate rock prop., plants, equip., &c. 23,885.808 23,911,440
Investments (incl. interest in jointly-owned corps.)
678,856
678,856
Overburden removed from unmined phosphate rock
properties
528,009
546,491
Deferred charges
209,448
1,294,914
Cash hold by trustees for sinking fund
599
599
Bonds Outstandino.—The corporation has issued under its First Mtge..
dated May 11912,$19,766,500 of bonds. Of this amount $4,771.700 have
been retired through the sinking fund, leaving outstanding $14,994,800. of
which 58.766.500 held in treasury. leaving $8,228,300 outstanding in hands
of public. The committee is advised that the bonds held in the company's
treasury were validly issued to reimburse the company for additions and
improvements made, in accordance with the terms and provisions of the
mortgage.
Holders of Bank Loans Underwrite Stock Offering.—Flolders of approximately 513.000.000 of bank obligations of the company, have agreed to
underwrite $10.000.000 new prior preference stock at $90 per share. together
with a block of 225.000 shares of new common stock of no par value, and
have agreed that the prior preference stock, together with the common
stock, may be first offered to the shareholders at the same price without the
payment of any bankers' fees or underwriting commissions.
The result of this underwriting and offer to the shareholders, is that the
company will have its balance sheet improved by having 59.000.000 of its
liabilities converted into capital stock, its credit position being materially
improved thereby. It is apparent that it is of great advantage to the
bondholders to have this additional capital placed in the company, and that
the effect should be to materially increase the value of the bonds.
How Bonds Are Affected.—The lien of the mortgage upon all the propertY
covered thereby shall be unaffected.
The effect of the changes in the mortgage will be that the security of the
bondholders will be increased to the extent that approximately $5,000.00
0
Total
537,586,562 544.145,231
of bonds are canceled, which is equivalent to increasing the security of the
Liabilities—
bonds 33 1-3%,in addition to the benefits accruing to the bondholders from Bonds outstanding
58.228,300 $8,228,300
the conversion of a large amount ofindebtedness of the company into capital. Accounts payable
280,656
437,369
All that the bondholders are requested to forego in exchange for these Loans and
payable
3.112,500 12,662,500
substantial benefits is the temporary postponement of the five annual sinking Interest on notes and notes accrued, &c
bonds
1181,269
326,260
fund payments of $325.000 each, and the extension of the maturity of the Special reserves against plants, inv. & prop. values
5,461,811) 2,449.404
bonds until 1942.
Reserve against amt. due from assoc. German co__ 1,037,888
It may be determined by the conamittee that in lieu of closing the mort- Prior Preference Stock
10.000.000
gage at $10,000.000 and of canceling the $4.994.800 par value of bonds,
Cumulative Preference Stock
13,055,000
arrangements may be made for the deposit of such amount of bonds as addi- 7%
Common stock
7,260,000
tional security for such of the outstanding bonds as shall be extended under For No Par Value Common Stock
9,104,138
the plan. The plan is so fair to the bondholders that it is hoped that the Surplus (deficit)
274,702
prompt assent from substantially all of the bondholders will be obtained, so
that the mortgage can be closed definitely at $10,000,000, and that it will be
Total
$37,586,562 $44,145,231
unnecessary to adopt the alternative suggested above.
It is proposed to accomplish these changes by the execution of a supplea After giving effect to plan and after providing for additional reserves.
mental indenture and to have the present bonds stamped with a notation
Is Before giving effect to plan.
that they are entitled to the benefits of, and are subject to the terms of.
x After deducting additional
• lected accounts period prior reserves of $3,500,000 set up against uncolsuch supplemental agreement.
to 1922.
The committee, after thoroughly studying the matter, are convinced that
y After deducting $214,283 additional reserves.
the plan is favorable to the bondholders and that the concessions asked of
z After deducting $1,000.000 additional reserves set up against uncolthe bondholders are reasonable,ought to be made,and are much outweighed lected accounts period prior to 1922.—V.
117, D. 1134. 559.
-4
by the benefits accruing to the bondholders.
Listing.—An application will be made to list the stamped bonds after the
International Lamp Corp.—A Cr72USitiOn.-•
plan is declared effective.
The company has purchased the plant of the Vitanola Phonograph Co.—
Fear of Receivership Removed.—The plan changes into stock $9.000.000 of
company's current and presently maturing bank obligations: and obviates V. 117, p. 332.
any fear of a receivership with its incidental loss and expense.
Depositary.—In order that the plan may be put into effect at an early
International Combustion Engin. Corp.—Listing, ctc.
date, bondholders are requested to send their bonds, with Nov. 1 1923 and
The Now
subsequent coupons attached, to the American Exchange National Bank. additional York Stock Exchange has authorized the listing of 100,048
shares of capital stock without par value, on official notice
depositary, 128 Broadway, New York, or First National Bank, Boston, and of
issuance in exchange for the entire authorized capital stock of the
Central Trust Co. Chicago. sub-depositaries. As soon as the plan is declared effective, the bonds will be stamped and returned. No bondholder Raymond Bros. Impact Pulverizer Co. and on or after Oct. 2 1923. 49,952
Will be asked to contribute to the payment of the compensation and expenses additional shares on official notice of issuance and payment in full, making
the total amount applied for 400,000 shares of capital stock.
of the committee, which will be paid by the corporation.
The purposes of the issuance of the additional shares hereby applied for
Bondholders' Committee.—Lewis L. Clarke. Chairman (Pres. American
Insurance are as follows: (1) 75,048 shares are to be exchanged and $210,000 cash
Exchange National Bank), Henry Evans (Chairman Continental
Oo.), Francis M. Weld (White. Weld & Co.), with Henry W. Allen, Sec.. for the entire issued and outstanding 2.500 shares capital stock of Raymond Bros. Impact Pulverizer Co.; (2) 25,000 shares are to be exchanged
128 Broadway, New York.
shares of Raymond Bros. Impact Pulverizer Co. when and if issued
Plan and Agreement for Readjustment of Debt and Capitalization, for 500corporation,
by the
on or before Jan. 11924. under an existing subscription
Dated July 30.
contract for 500 shares of the capital stock of Raymond company for
Present Capitalizalion.-7% cumulative preferred stock_ _$13,055.500 $480,000; (3) 49.952 shares are to be offered to stockholders of the corAccum. diva. upon Prof. Stock to Sept. 30 1923 (6051%)
7,865.939 poration of record at the close of business Sept. 17 1923 for subscription
'Common stock
7.260.600 ' at $20 per share. Rights to subscribe expire Oct. 2.
SEPT. 15 1923.]
TF CARONTCLE
-
Consolidated Incenne Account Six Months ended June 30 1923.
[International Combustion Engineering Corp. & Subs., not including
Raymond Brothers Impact Pulverizer Co.]
Gross income (sales), $3.077,803; cost of sales, $1,954,952
$1,122,851
Selling and general expenses
865.844
1243
upon official notice of issuance full paid, making a total of 54,509 shares of
-V. 117. p. 900.
said stock listed.
-Postpones Dividend Action.
Middle States Oil Corp.
The directors on Sent. 8 adopted the following resalutIon:
"Whereas, Middle States Oil Corp.. notwithstanding its large property
acquisitions during the current depression, has no notes or bonds out$257,006 standing and less than $41,000 bills payable, with approximately $2.500.000
Other income (including rents)
149.491 cash and bills receivable, of which more than $1.020.000 is cash on hand,
has accumulated and is carrying in storage a large amount of crude
$406,496 and and is prepared under the above conditions to live safely through a
oil,
Other expense
103,569 protracted period of dull marketing, it is not deemed advisable to weaken
Income and excess profits taxes
37,000 our condition until the oil market has become more stable or in our judgment
would it be advisable to force on the market crude oil at the present time.
Net income for six months
$265.926
many years the fall season advances the price of oil, and
The combined net income for the half year ended June 30 1922, before It "Invariably inhold and continue to accumulate crude oil for the better
is prudent
Income tax, including the Raymond Brothers Impact Pulverizer Co., market, and to
particularly through the working arrangement that Middle
amounted to $406.176.
States and associates have planned for marketing oil through the New
Consolidated Balance Sheet as of June 30 1923.
Orleans gateway.
"Therefore, the consideration of dividend payment is postponed except
[International Combustion Engineering Corp. and Subsidiaries.]
for the remaining subsidiary. Turman Oil Co., that is not reserving its oil
Assets
Liabilities
Patents, trade marks and
Cap. stk.(202,759 shs.)- -$4,925.063 for advanced prices. Turman Oil Co. will pay its usual quarterly dividend
In October."
good-will
$2,785,707 Int. of min. stockholders
(The corporation,it is announced,Ls just completing its plans for supplying
Plants, mach'y & equip_ _ 1,949.578
In subsidiaries
111,780
Office bldg. on leased land 749.547 1st M.7s(Green Eng.Co.) 225,000 a minimum of 12,0(10 bbls. of oil per day from Southern Arkansas fields to
water points through New Orleans. In this connection it is stated that
Inv. in other cos. (at cost) 135,413 Deb. bonds (French Co.)7,320
345.776 Mtge.sec. on office bldg._
Cash247.500 the estimated pledges total 12,000.000 bbls.)-V. 117, p. 1135.
Accounts receivable
1.670,120 Notes & loans payable_ _- 570,000
-New Receiver.
Midland Packing Co., Sioux City, la.
Notes receivable
80,306 Accounts Payable
1,073,868
C. Walter Britton of Sioux City, Iowa, has been named receiver by
French Government bonds
Adv. on acct. sales contr.. 186,721
-V. 115.
Judge T. C. Munger. Mr. Britton succeeds H. G. McMillan.
(market value)
164,158 Reserve for uncompleted
Liberty bonds (at cost)-stoker installations- --85,366 P. 2485.
1.050
. Stokers, material & work
Deferred liabilities
72.556
Middle West Utilities Co.-Pref. Dividend of $1 50.
in progress
232,996
1,041,787 Res.for Federal taxes_ _ __
The directors have declared a quarterly dividend of $1 50 per share on
French claim for war dam_ 220,448 Res. against French war
the Preferred stock, payable Oct. 15 to holders of record Sept. 29. DiviOver assessment of taxes- _
claim
228,674
45.965
-week intervals, instead of 3
Prepayment and deferred
General reserves
249,760 dends are being paid at 10 all accrued dividends havemonths, and it is the
charges
161.940 Surplus account
1,135.192 policy to continue this untilmeantime being continued.been paid, the fixed
On Aug. 1 last a
dividend payments in the
2192.)-V.
Total
Total •
$9.351,801
$9.351.801 dividend of $1 per share was paid. (See V. 110. p. 2076,
117, p. 1022.
The surplus account Juno 30 shows: Balance Jan. 1.1923. $1,205,690:
profit for half year ended June 30 1923 (before Federal taxes), $302,926:
-Dividend.
(Philip) Morris & Co., Ltd., Inc.
total, $1,508,617. Less dividends paid. $249.759; dividends minority,
The directors have declared a dividend of 50 cents a share, payable
$7,457; amount written off patents and good-will account, $5,394; reserve Oct. 1. In February 1921 1% was paid and in October 1921, 2%.for income tax, $37,000; adjustment of surplus (French Co.), $73,814. V. 116, p. 1187.
Balance,$1,135,192.
Note.
-The accounts of the English subsidiaries have been converted
-Copper Output (Lbs.)
Mother Lode Coalition Mines Co.
at the normal rate of exchange, viz.,
85. and the accounts of the French Aug.1923
Mar.1923
July1923
June 1923
May 1923
Apr. 1923
company have been converted at the rate of $008 to the franc.
-V. 117, 3.033,643
2,980.678
2,576,219
2,957,612
2,670.916
2.649,971
p. 1134.
The company in August produced 1.313 dry tons of high-grade ore.
assaying 64.73% copper, giving 1,682.145 lbs. and 11,976 dry tons of milling
Island Creek Coal Co.
-Extra Dividend.
assaying 6.55% copper. giving 1,351,498 lbs., a total net production of
An extra dividend of$2 per share Is as been declared on the Common stock, ore,
lbs.-V. 117. p. 900, 676.
in addition to the regular quarterly of $2 per share, both payable Oct. 1 3,033,043
to holders of record Sept. 21. On April 2 and July 2 last, the company
Mountain Producers Corp.
-Extra Divided of 1%.
paid extras of $3 per share. For record of extra dividends paid from
The directors have declared an extra dividend of 1% (10 cents a share)in
1912 to 1922 incl.. see V. 115, p. 1692.-V. 117. p. 1134.
addition to the regular quarterly dividend of 2% (20 cents a share), both
payable Oct. 1 to holders of record Sept. 15. Like amounts were paid
Jones Bros. Tea Co., Inc.
-August Sales.
-V. 117, p. 676.
April 2 and July 2 last.
1923
-Aug.
-1922.
Increase.
1923-8 Mos.-1922.
Increase.
$1,395,001
$1.838,849
$443,8481$13,012,350 $11,416.730 $1,595:620
Mountain States Telephone & Telegraph Co.
-Rates.
8 Months Ended Aug. 311923.
1922.
The Federal District Court at Salt Lake City, Utah, has made a ruling
Sales, excluding wholesale & jobbing sales
$13,012,350 $11.416.730
perpetually restraining the Utah P. U. Commission from making effective
-V.117,p.787.
its orders to decrease the telephone rates charged by the company. The
(Anton) Jurgen's United (Margarine) Works.
-Rumor case has been before the courts since 1919.-V. 116, p. 2138.
Denied.
White, Weld & Co., fiscal agents for the company's 6% loan, floated
in this market in June 1922. have announced the receipt of a cablegram
from the Jurgens Co. dorymnc recent reports that the company was about
to recapitalize. Aecordin to the ,,ble the reports were "without shadow
of foundation." See V. 117, p. 1134.
Lone Star Gas Co.
-Extra Dividend.
The directors have declared an extra dividend of 3.6 of 1% on the stock,
In addition to the regular quarterly dividend of 1;6%, both payable Sept.
29 to holders of record Sept. 22. Like amounts were paid March 31 and
June 30 last.
-V. 117. p. 213.
Los Angeles Corporation.
-Guaranty, &c
See Central Manufacturing District, Inc., Los Angeles, above.
McCrory Stores Corp.
-August Sales.
1923
-Aug.
----1922.
$1 721 925 $1,368.758
-Y.11/ P.900, 333.
7.
Increased 1923-8 Mos.-1922.
Increase.
$353.1671$12.413.439 $9,693,620 $2.719,819
Magnolia Petroleum Co.
-Dividend Decreased.
The &rectors have declared a quarterly dividend of 1% ($1 per share)
on the Common stock, payable Oct.5. On April 5and July 5last, quarterly
dividends of 1i% wore paid.
-V.117, p. 1135.
Malden (Mass.) Electric Co.
-To Change Par Value.
See Malden & Melrose Gas Light Co. below.
-V. 113, p. 632.
Malden & Melrose (Mass.) Gas Light Co.
-Par Value.
-
This company, the Suburban Gas & Electric Co.,and the Malden Electric
Co.. severally petitioned the Mass. Dept. of Public Utilities for authority
to change the p ir value of their Capital stock from $100 pier share to $25
per share. Authorised and outstanding Capital stock of the Malden &
Melrose Co. is $2,732.00n; of the Suburban Co.. $1,251,700, and of the
Malden Electric Co.. $l,602,000.
-V. 116. p. 623.
Marland Oil Co.
-To Omit Dividend.
The directors have voted to omit the quarterly dividend usually paid
Oct. 1 on the outstanding Capital stock, of no par value. Quarterly dividends of 21 per share were paid on the stock up to and including July 1 1923.
An official statement says in substance:
"The directors on Sept. 13 passed the current dividend, notwithstanding tho strong financial position of the company and its excellent
earnings statement. This action was a precautionary measure taken
because of the present demoralized state of the industry.
"A financial report as of July 31 1923 was presented at the meeting
showing current assets of $19,200,000 against current liabilities of $9,300,000, a ratio of slightly over 2 to 1. The total debt of the company, current
and deferred, including its debentures, tank car obligations and all other
liabilities, aggregated less than the amount of current assets, leaving assets
in excess of all debts or obligations as follows:
"The company's gross production of 47,000 bbls. and net production of
20.000 bbls. a day of light gravity oil; refinery with refining capacity of
12,000 bbls. a day; several casinghead plants; 200,000 acres of oil leases:
350.000 acres of gas leases: 500 miles of oil and gas pipe lines; 1.000 tank
cars; steel storage tank with capacity of 8.500,000 bbls.: over 100 filling and
distributing stations, Mexican properties and other fixed assets.
"Earnings of the company for the first 7 months of the current year were
reported at $7,104,000 after all interest cha
788.rges but before reserves.-"
V. 117, p.
Municipal Gas Co., Albany, N. Y.-Aquisition.The New York P. S. Commission has authorized the company to take
over the lines and property of the Atlantic Light & Power Co.of Ooeymans,
-V. 117, P. 900.
N. Y.
-Bondv
Mutual Creamery Co., Salt Lake City, Utah.
-First Securities Co., Los Angeles, are offering at
Offered.
100 and int. $700,000 1st Mtge. Serial 7%'Gold bonds.
Dated Aug. 11923. due serially Aug. 1 1924 to Aug. 1 1938. Denom.
$1.000 and $500 c*. Int. payable F. & A. at Pacifie-Southwest Trust &
Savings Bank, Los Angeles, Calif. Callable as a whole Aug. 1 1928, or
on any int. date thereafter, upon 60 days' notice at 100 and int., plus a
Premium of 36 of 1% for each unexpired year. or any part thereof, of the
respective maturities; or in part by redeeming one or more entire maturities
In inverse order (last maturities first), at premiums as stated above. Int.
payable without deduction for normal Feder d income tax not exceeding 2%.
-Southwest Trust & Savings Bank and W. R. Hervey. Los Angeles,
Pacific
Calif., trustees.
Data from Letter of W.F. Jensen,President of the Company.
-Organized in 1915 and to-day occupies a dominant position
Company.
in its field of operations. Is engaged in the manufacture and distribution
of butter,cheese,eggs and ice cream In the States of Utah. Idaho, Wyoming,
Colorado, Montana. Oregon. Washington, Nevada and California. Its
238 manufacturing plants and distributing stations are strategically located
throughout this large territory. The properties are conservatively appraised
as of June 1 1923 at $1,400,000.
-Proceeds will be used to pay off all of its existing funded debt
Purpose.
and provide additional working capital.
Pounds of Pounds of
Dozens of
Gross
Year Ended
Butter.
Cheese.
Sales.
Feb. 28Eggs.
4,082,861
1,003,290 $1.926,231
1,020,916
1916
6.032,881
1,793.127
1,457,970
3,164.431
1917
5,622,587
7.643,576
2,356,800
2,829,251
1918
1,570.470 6.314,145
7,755,094
2,823,748
1919
2.028.000 7.986.083
8,512.540
3,031,187
1920
2,170,560 7.932,955
9,064,223
2,380,943
1921
1,127,730 5.487,506
2,389:779
1922
10,001,402
8.297,503
2,539,020
13.755.515
3,580.495
1923
Total
66,848,092 19,849,446 14.253.840 $46.731.440
Authorized. Outstanding
Capitalization$5,000,000 $1.557,WO
Common stock
700,000
First Mortgage 7% bonds (this issue)
1,000,000
All of the outstanding stock has been sold for cash to net the company
par or more. 60% of the company's stock is reserved for sale to producers
only, and all profits over 3% on gross sales are returned to the producer
stockholders on a pro rata basis of their deliveries of products to the co.
Earnings.
-Gross profit from operations for the past five fiscal years
ended Feb. 28 are as follows: 1919, $438,133; 1920. $513,756: 1921. $524.743; 1922, $570,320: 1923, $748.018.
The net earnings available for interest charges for the past 5 fiscal years
have averaged annually more than 5;6 times such charges. For the year
ended Fob.28 1923 net earnings available for interest charges were $169,417.
or about 33i times the maximum annual interest charges of $49.000 on the
,
present issue of bonds.
National Department Stores, Inc.
-August Sales.
-
increase.
Increase.] 1923-7 Mos.-1922.
$289,2331$20,313,854 $17,239,011 $3.074,843
This company has called for payment on Oct. 15 1923 at 10236 and int.
$204,000 of the 10-year 8% Sinking Fund Gold Debentures, due Oct. 15
National Grocer Co., Chicago.
-Dividend of 3%.
1930. Payment will be made at the office of
U. S. Mtge. & Trust
The
have declared a quarterly dividend of 3% on the Common
These bonds are a joint and several obligationtheMassey-Harris Co., Co. stock, directors Oct. 1 to holders of record Sept. 20. On Aug. 1 last a
of
payable
Ltd..
and Massey-Harris Harvester Co.. Inc. (U. Si. See offering in V. 111, dividend of 2% was paid on the Common stock, compared with 3% paid on
p. 1476.-V. 115. p. 1329.
March 1 last.
-V. 117, p. 788.
Massey-Harris Co., Ltd. (Canada).
-Bonds
Melville Shoe Corporation.
-Transfer Agent.
-
The Irving Bank-Columbia Trust Co. has been designated
Transfer Agent
of the Preferred and Common stock. See also V. 117, 1. 1135.
0•
Metropolitan Edison Co.
-Listing.
--
The Philadelphia Stock Exchange has authorized the listing of 3.122 additional shares ofCumul.Prof. stock, no par value, being part of 36.321 shares
applied for listing in company's application dated Jan. 20 1923, to be listed
1923
-Aug.
-1922.
$2,439,779
$2,150.546
-V. 117. p. 900. 676.
-Tenders.
Nevada-California Electric Corporation.
The International Trust Co., trustee, Denver, Colo., will, until Sept. 17.
receive bids for the sale to it of First Lien Series A bands, dated Jan. 1 1916.
to an amount sufficient to exhaust $53.584.-V. 116, p. 1770. 1421.
-Acquisition.
New Jersey Zinc Co.
It is reported that the company recently acquired the Durex Chemical
Corp.
-V.117, p. 560.
1244
THE CHRONICLE
New York Steam Corporation.
-Tenders.
--The National City Bank,55 Wall St.
:New York City, will, until Sept. 27,
receive bids for the sale to it of sinking fund Preferred Stock, to an amount
sufficient to exhaust $10,000, at a price not exceeding 105 and interest.
V. 116, p. 2775.
-Listing.-,
Niagara Lockport & Ontario Power Co.
The New York Stock Exchange has authorized the listing of $1.989.300
of7% Cumulative Preferred stock, par $100. with authority to add $10,700
Preferred stock on official notice of issuance and payment in full, making
the total amount applied for $2,000,000 (auth. $10 000.000).
The authorized stock consists of 100.000 Preferred shares, par $100
each, and 300.000 Common shares without par value. Total Preferred
stock Issued is 19.893 shares. Total Common stock issued is 189.815 shares.
Company holds subscriptions, partly paid, for 107 additional shares of
Preferred stock.
-V. 117. P. 789.
[VoL. 117.
mileage 49.35 miles is interurban, of which approximately 40 miles is on
private right-of-way. There are 230 miles of new high-voltage electric
power transmission lines, and extensive distribution lines.
Earnings (Pennsylvania-Ohio Power & Light Co.)
-Year ended June 30 1923.
Gross revenue (Including other income)
$5,306.370
Operating expenses, maintenance and taxes
2,834,629
Total income available for rentals x
$2,471,741
x According to the accounting rules of the Ohio P. U. Commission,
under whose jurisdiction this company's accounts are kept, the rentals
under this lease become an operating expense chargeable against income
before fixed charges are deducted.
The percentage of gross earnings from electric light and power and
miscellaneous business is more than 88%, while that from the electric
railway is less than 12%, most of the latter being derived from high-speed
interirban lines on private right -way.
-of
-V.117, p. 560.
Nipissing Mines Co., Ltd.
-Output, &c.
The company In August mined ore of a net value of$173,459 and shipped
Old Dominion Co. (Me.).
-1923 Copper Output (Lbs.)451,595 oz. of bullion with a net value of $284,696, at 63;ie. In July
August.
March.
June.
May.
April,
July.
the company mined ore of a net value of $168.201 and shipped 252.561 2.058,000
2,421,000
2,285,000 2,187,000 2,482,000 2,530.000
oz. of silver valued at $159,527 with silver at 63c. Production of cobalt -V. 117. P. 215.
in August is estimated at 15,413 pounds, compared with 25,054 pounds
in July.
-V. 117. p. 789, 214.
Onomea Sugar Co., Honolulu.
-Dividend Increased.
The directors have voted an increase In the monthly dividend from
-Listing, &C.
Northern States Power Co. (Minn.).
1 to 2%, or 40 cents per share, commencing Sept. 20 and continuing for
The New York Stock Exchange has authorized the listing of $3.000,000 the
balance of the year.
-V. 116, p. 84.
-Year Series "B,' 6% Gold bonds, due
additional 1st & Ref. Mtge. 25
Aril 1 1941, making total amount applied for $26.567.500 Series "A"
Orange County Hydro-Electric Corp.
-Merger, &c.-'
5 0 bonds and 17.500.000 Series "B"6% bonds (of a total authorized issue
See Orange County Public Service Co., Inc.
-V. 115. p. 82.
o $100,000.000 jet & Ref. Mtge. bonds.
Consolidated Income Account-Year Ended May 31 1923.
Orange County Public Service Co., Inc.
-Notes Offered.
Gross earnings. $14.789.248; oper. exp., incl. current maint.
and taxes. $8, 89.428; net earnings
$6.099,820 -Love, Macomber & Co., Floyd-Jones, Vivian & Co. and
Deduct
-Bond interest. $2,025,909; note interest. $551.129:
Kelley, Drayton & Co., New York, are offering at 99 and
Preferred divs., $1,947,7h,; common diva.. $493,600; total.... 5.018.354 int.,
Balance
General interest credit
$1,081.467
250.813
Total
Depreciation, $550.000; amortization of debt discount and $1332,279
875,000
expense,$325,000:total
Balance to surplus account for period
Surplus beginning of period
Surplus May 31 1923
Consolidated Balance Sheet as of May 31 1923.
AssetsLiabilities
Plant, prop.& franchises.$79,829,005 Common stock
Securities owned in nonPreferred stock
affiliated companies__
115,-37 Minn. Gen. El. Co. 1st 5s
81c.fd. cash with trustee_
7.032 1st & Ref. 5s
Cash on hand & in banks 1,959,407
do
do 6s
Bd. & note int. deposited
185.242 10-yr.6% gold notes_ _
Accts. receivable (net)-_ 1,761,178 7% gold notes,Aug.15'23
Notes receivable
42.792 Divisional sec. outst'g_Materials & supplies_ _ _ _ 1.566,248 Notes payable
Deferred assets
5.400,282 Accounts Payable
Accrued accounts
Consumers' deposits_ _ _ _
Reserve for depreciation_
Total (each side)
$90,866,825 Surplus
-V. 117, p. 215.
$457.279
2.179.148
$2,636,428
$6.170.000
29,517.400
7,100.000
26,560.500
4,402.500
7,805.000
1,099.000
1,707.400
28.500
629.149
2.230.549
165.797
724.599
2,636,428
Ohio Bell Telephone Co.
-Expenditures.
-
The directors have authorized additional appropriations amounting to
$1.612,700 for the present year. which brings up the total of expenditures
approved for 1923 to $10,409,830.-Y. 116, p. 2522.
Ohio River Edison Co.
-Guaranteed Bonds Offered.Bonbright & Co., Inc., and Eastman, Dillon & Co., New
York, are offering at 95 and int. to yield over 6.40%,
$7.000,000 1st Mtge. Sinking Fund Gold bonds, 6% series,
1923 (see advertising pages).
Dated July 2 1923. Due July 11948. Int. payable J. & J. at Bankers
Trust Co., New York, trustee, without deduction for the normal Federal
income tax up to but not exceeding 2%. Pennsylvania four-mill tax,
Connecticut four-mill tax, and Massachusetts income tax not exceeding
6% per annum on income derived from the bonds, refunded. Denom.
c*$1,000, $500 and $100, and 0$1,000, $5,000 and $10,000. Redeemable
all or part on any interest date 00 30 days' notice, at a premium of 7di%
on or before Jan. 1 1934, and thereafter at di% premium for each year,
or any part thereof, of unexpired life, in each case with accrued interest.
Guaranty.
-Guaranteed unconditionally as to principal, interest and
sinking fund payments by endorsement on each bond by Penn-Ohio
Edison Co.
Data from Letter of Pres. B. F. Wood, New York, Sept. 4
.
Company.
-W111 forthwith construct a modern steam electric power
plant on the Ohio River near Toronto. Ohio, with an initial installed
capacity of 75,000k. v. a., or approximately 88,000 H. P. The company
has arranged for the acquisition of sufficient land to care for an ultimate
capacity of 375,000 h. p. The output will be distributed by the Pennsylvania-Ohio Power & Light Co. in the important industrial district lying
between Pittsburgh and Cleveland. centring at Youngstown, Ohio, and
Sharon and New Castle, Pa. The new plant will be connected with the
transmission lines of the Pennsylvania-Ohio Power & Light Co. near
Boardman. Ohio, by a high-voltage steel-tower transmission line of approximately 39 miles, to be constructed and owned by a subsidiary of Ohio
River Edison Co. The Ohio River Edison Co. will also construct substations at the new plant and near Boardman, Ohio. The additional
output is essential to enable the Pennsylvania-Ohio Power & Light Co.
to meet the increasing demand for electricity.
Capitalizationoutstanding.
Authorized.
x$7,000.000
1st Mtge. Sinking Fund Gold bonds-- -$35,000,000
3,000,000
Preferred 7% Cumulative stock
4,500,000
150,000 shs.
Common stock (no par value)
225,000 WIS.
x 6% Series of 1923 (this issue).
-The new plant, transmission line and substations
Terms of Lease.
will be leased to the Pennsylvania-Ohio tower & Light Co. for a term of
999 years, at a net unconditional annual rental which is over 214 times
the annual interest charges on these bonds. The lease will provide that
the Pennsylvania-Ohio Power 8: Light Co. shall maintain the plant, transmission line and substations in good condition and shall pay all taxes
assessed against them.
-Secured by a direct first mortgage on all.of the pronerty of
Security.
the company, now or hereafter owned. Present issue will represent
approximately 66% of the cost of the initial installation of the new plant,
transmission line and substations. The balance of such estimated cost
will be suplpied by the sale of the Preferred and Common stocks of Ohio
River Edison Co. already underwritten, and any excess of such cost
will be paid by the lessee.
Bonds of this series to the extent of $500.000 may be issued to the lessee
against such excess payments, in which event the rentals will be increased
by an amount equal to twice the annual interest charges on such additional
bonds.
The entire capital stock of the subsidiary company which will own the
transmission line will be pledged under the mortgage, which will provide
,
that no further securities ofsaid company shall be issued unless immediately
acquired by Ohio River Edison Co. and pledged under the mortg.age.
-The proceeds of this issue of bonds and of the Preferred
Purpose.
and Common stocks will be deposited with the trustee under the mortgage
as security for the bonds during construction, to be withrawn only against
certified construction expenditures and charges.
-This company, which will lease
Pennsylvania-Ohio Power et Light Co.
and operate the new plant, transmission line and substations, owns and
operates, directly or through Its subsidiaries, three power plants of a
total 98,190 h. p. present installed generating capacity. The electric
railway lines comprise 61.94 miles, single track equivalent. Of this
to yield over 7%,$550,000 2
-Year 6% Bond Secured
gold notes.
Dated Sept. 1 1923. Due Sept. 1 1925. Int. payable M. 8z S. at
Metropolitan Trust Co., N. Y., trustee. Red, all of part at any time on
30 days' notice at 102 during.first 6 months and at 14 oil% less during each
succeeding 6 months to maturity, plus int. in each case. Denom. $1,000.
$500 and $100 c*. Company agrees to pay the normal Federal income tax
to the extent of 2%.and refund Penn., Maryland and Conn. personal property taxes, and the Mass.6% income tax, legally assessed against and paid
by the holder.
Convertible.
-Convertible at any time up to Sept. 1 1925 at par, at option
of holder, into 1st Ref. Mtge.6% gold bonds, Series "A," due Sept. 1 1948.
at 96, with adjustment of interest.
-Subject to the approval of the New York P. S. Commission.
Issuance.
Data from Letter of Pres. Lucien W.Jenny, Middletown, N.Y.,Sept. 7.
Company.
-Has been organized in New York.for the purpose of acquiring
all the properties, franchises and business of Orange County Public Service
Corp. V. 115, p. 82) and Orange County Hydro-Electric Corp.(V. 115, p.
82). wIll furnish, without competition, all the gas and electric business
in Middletown and Port Jervis, and electricity to Otisville, Mount Hope,
Summitville, Bloomingburg and all of the adjoining territory. Will wholesale electric energy under a long term contract to the Murray Electric Co.,
a distributing company in Monticello and Liberty and adjoining territory;
to Walkill Electric Light & Power Co. supplying Walden. N. Y.. and to
Pike County Light & Power Co. supplying Matamoras and Milford, Pa.
Total permanent population served is 55,000, with a summer population
In excess of 150,000.
Physical properties include a 4.900 h. p. hydro-electric plant on the
Mongaup River. near Port Jervis, N.Y.,completed July 91923. a 1,200 h.p.
hydro-electric plant at Cuddebackville, a modern 2,000 h. p.steam turbine
plant at Port Jervis. N.Y.. and a 2,000 h.p. steam electric plant at Middletown, N.Y. All of these plants are connected with 33.000
-volt transmission
lines with substations at Port Jervis, Cuddebackville, Otisville and Middletown, N. Y. The additional power facilities providedby the Mongaup
Falls hydro-electric plant brings the total generating capacity .of these
stations up to 10.100 h. p. The transmission system includes 125 miles of
transmission lines and 200 miles of distributing lines. The gas plant at
Port Jervis has a generating capacity of 250,000 Cu. ft., and the new gas
plant at Middletown (placed in service in 1922) has a capacity of over
500,000 Cu. ft., with all necessary equipment and distributing males.
Capitalization After Present FinancingAuthorized. Outstanding.
Orange County Hydro-El. Corp. 1st M. 7s, 1942_ (Closed)
$600,000
Orange County Public Service Corp. 1st M.6s___ (Closed)
1,461,100
2
-Year (iyi% Bond Secured notes, due Sept. 1
(Closed)
550,000
1925 (this issue)
$5,000,000
Preferred stock, 7% Cumulative (Class "A")._
300,000
Preferred stock.7% Non-Cumulative(Class"B")_ 1,000,000
600,000
85,000 shares
Common stock (no par value)
Note.
-In addition company has authorized $1,500.000 1st Ref. Mtge.
6% bonds, dated Sept. 1 1923 and due Sept. 11948, of which $687,500 will
be issued and pledged with the trustee as collateral for the $550.000 2
-Year
6di% Bond Secured notes: $600.000 will be reserved to retire a like amount
of 1st Mtge. 7% bonds of the Orange County Hydro-Electric Corp. and the
remaining $212.500 of bonds may be used only for corporate purposes.
-Mortgage does not directly limit the
First Refunding Mortgage Bonds.
aggregate amount of bonds which may be issued thereunder, but provides
among other things, substantially as follows: Series "A" bonds will be immediately authorized for $1,500,000, of which $687.500 will be issued and
-Year 634% Bond Secured gold notes; $600.000 will
pledged to secure the 2
be reserved to retire a like amount of 1st Mtge.7% gold bonds of the Orange
County Hydro-Electric Corp., due May 1 1942, and $212.500 will be reserved for corporate purposes. Series "A" bonds are to be dated Sept. 1
1923, due Sept. 1 1948, callable all or part on any Int. date on 30 days'
notice at 105, up to and incl. Sept. 11928; premium decreasing 1% for each
5
-year period thereafter. Int. payable M. & S. without deduction for
Federal normal income tax up to 2%. Additional 1st Ref. Mtge. bonds
may be issued to refund par for par $1.461.100 1st Mtge. Os of Orange
County Public Service Corp. now outstanding, or to refund bonds secured
by mortgage on properties hereafter acquired and which shall become
subject to the lien of the First Refunding Mortgage,
Additional 1st Ref. Mtge. bonds, either of Series "A" or other series.
which shall have such rates of interest, maturity dates, redemption price
and other provisions as directors may determine, may be issued for 75%
of the cost of construction or acquisition, subsequent to Sept. 1 1923, of
permanent improvements or additions to the mortgaged property. Except
for refunding purposes. no additional bonds may be issued, unless annual
net earnings shall have been at least equal to twice the annual interest
requirements on the underlying bonds and the 1st Ref. Mtge. gold bonds
issued and outstanding, including those for which application is made.
Statement of Combined Earnings, Year ended July 311923.
Gross earnings
$642,000
Operating expenses and taxes
439,570
Net earnings
Annual interest charges on underlying bonds
$202,430
129,666
Balance available for interest charges on these notes
$72,764
-Year 634% notes (this issue)
Annual interest on $550,000 2
35,750
The statement does not reflect the earnings to be obtained from the
hydro plant alone, which was completed and put into operation during the
month of July. It Is estimated that this plant will produce net earnings
in excess of $125.000. which, together with estimated earnings from present
operating property of $260,000, making total estimated net earnings of
5385.000 for the year ending July 1 1924.
-To Provide funds to pay off floating debt incurred in comPurpose.
pleting the hydro-electric plant and other corporate purposes.
Orange County Public Service Corp.
-Merger,
See Orange County Public Service Co., Inc., above.
-V. 115, p. 82.
Orpheum Circuit, Inc.
-Earnings.
Net earnings for July 1923 were $122,434, against $58,314 in July 1922.
Total for 7 months of 1923 $807,000, against $130.000 in 1922. August
net is estimated at 5250,000.-V. 116, p. 2017.
-NesOttawa & Hull Power Co., td.
-Bonds Offered.
bitt, Thomson & Co., Ltd., Montreal, are offering at 983'
SEPT. 15 19231
and int., to yield 654%, $2,500,000 6% 1st Mtge. Sinking
Fund gold bonds. A circular shows:
Dated Aug. 11923. Due Aug. 1 1948. Interest payable F.& A. at any
branch of the Royal Bank of Canada, in Canada, or at the agency of the
Royal Bank of Canada in New York, or in sterling at the Royal Bank of
Canada. London. Eng., at the fixed rate of $4 86 2-3 to 2 sterling. Denom.
$1,000. $500 and $100 c*. Redeemable, all or part, on any interest date on
60 days' notice at 105 and interest. Montreal Trust Co.,Montreal.trustee.
CapitalizationAuthorized.
Issued.
First 'Mortgage 6s (this issue)
$5.000.000 $2.500.000
7% Cumulative Preferred Stock (V. 117. p.676)
1.500 000
1.500 000
Common Stock (no par value)
25.000 shs. 25.000 shs.
Company.
-Is being formed for the purpose of acquiring the Ottawa &
Hull Power & Mfg. Co., Ltd., and to provide funds for the extension of the
propertlea. The power requirements of the territory served are constantly
Increasing, making necessary the further development of the company's
properties.
Company will own 2 hydro-electric plants situated on the Ottawa River at
Chaudiere Falls which lies between the City of Ottawa and the City of Hull.
Que. One of these plants has an installed capacity of approximately 13.500
h. p. The second plant is equipped with two units of 9.000 h. P. each, while
a third unit of the same size is now being inatalled. making 27.000 h.P.from
this plant and 40.000 h. p. Installed capacity in the two plants. Through
stock ownership company will control the Ottawa River Power Co., Ltd., which
owns and is now devel ming a water power situated on the Ottawa Tiver
at Bryson, P. Q., about 50 miles above Ottawa. The ultimate capacity of
this development will be over 60,000 h. p.
The company,therefore, will own and control hydro-electric plants with a
present capacity of 40.000 h. p. and an ultimate capacity of over 100.000
h p. All the company's water powers are owned in fee simple and together
with the plants are located in the Province of Quebec. The territory served,
which includes the cities of Ottawa and Hull. Is a rich residential and manufacturing district and is a centre of the lumber, paper and pulp industries,
where there is an increasing demand for hydro-electric energy, both for
domestic and industrial purposes. Among the corporations supplied with
power by the company are: City of Ottawa Hydro-Electric Commission,
British-American Nickel Corp., Hull Electric Co., Canada Cement Co.,
Ltd.. Ottawa Electric Co.. City of Hull. E. B. Eddy Co., Ltd.
Security.
-Secured by a first mortgage on the entire fixed assets now or
hereafter owned, comprising hydro-electric plants developing 40.000 h. p.
The funded debt of the company per developed horse-power is one of the
lowest in Canada. being approximately $62 per h. p.
Earnings.
-Net earnings of the Ottawa & Hull Power & Mfg. Co.for the
year ended Dec. 31 1922, available for interest amounted to $238,739, or
more than 13 times the interest charges on this issue.
As this financing provides for the installation of a third unit of 9.000 h. p.,
which will be disposed of through contracts already signed, the net earnings
should show material increases.
-The trust deed provides for a sinking fund commencing
Sinking Fund.
Aug. 11928. at the rate of 1% of the total bonds issued until Aug. 1 1938.
and 1;5% thereafter until maturity. Bonds may be purchased for sinking
fund purposes in the open market or if not available drawn by lot at 105 and
interest.
Directors.
-Sir Henry K. Egan, J. B. Fraser, J. A. Cameron. Ottawa;
A. J. Nesbitt (Pres.), J. B. Woodyatt, Montreal; E. R. Bremner, Ottawa.
Compare also V. 117, p. 676.
Paig--Detroit Motor Car Co.
-Dividend Decreased.
-
A quarterly dividend of 3% has been declared on the Common stock,
payable Oct. 3 to holders of record Sept. 20. Previous disbursements
on the Common stock were: 354% in July. 234% in April, and 3% in
January, making a total of 12% (including current dividend of 3%) for
1923.-V. 117. p. 1135.
Panhandle Producing & Refining Co.
-To Defer Div.
-
The directors on Sept. 11 decided to defer action on the Preferred dividend due at this time. The last payment was made on July 2, when 2%
was disbursed.
-V. 117, p. 790.
Penn Seaboard Steel Corp.
-Financing Plan.
-Cash &
Bonds of New Company Offered Noteholders.
-In a letter to
the holders of the $1,439,100 7% Serial Gold notes, Series
"B," due Feb. 1 1924, Pres. J. B. Warren outlines a financing
plan whereby the noteholders are to receive $200 in cash and
$700 in bonds of a new company to be organized for each
$900 principal of notes under a proposed financing plan.
Pres. Warren in his letter dated Sept. 10, says in substance:
The directors have been working for some time on a plan for refunding
the Series "B" notes. and submit to the holders thereof the following plan:
New Corporation.
-A new corporation will be formed in Pennsylvania to
be kno,wn as Penn Steel Castings CO., or such other name as may oe ap-,
proved by the directors. New company will purchase from the corporation the steel casting plant now owned by the corporation
located at Chester. Pa., on the Delaware River, together with approximately $500.000 of net quick assets, and in payment therefor the New
company will issue to the corporation all of its Capital stock, both Preferred
and Common, and all of the bonds referred to below.
Capitalization.- Authorked capital, 500,000 8% Cumulative Pref.
stock and 10,000 shares of Common stock, no par value.
-New company also will authorize the issuance of $1,100,000
Bonds.
let Mtge. 7% Sinking Fund 15-Year Gold bonds.
Bonds will bear date not later than Dec. 1 1923 and will bear interest
from the date thereof, payable semi-annually without deduction for normal
Federal income tax up to 2% and free from Penn. 4 mills tax. Red, all
or part on any int. date upon not less than 30 days' notice at 105 and int.
A sinking fund will be created for the purchase or redemption of the bonds
by the payment to the trustee semi-annually of an amount equivalent to
Ili% of the principal amount of the total authorized issue. Denom.
$1,000,$500 and $100 c*. The mortgage securing the bonds will be a closed
first mortgage, containing the usual provisions for the protection of the
rights of the bondholders, on all of the fixed assets of the new company
located at Chester. Pa.. which are valued at $2.200.000.
Chester Plant.
-The Chester plant has been in successful operation for
approximately 30 years and is one of the largest steel casting plants east
of Pittsburgh. Products are steel castings used by manufacturers of
locomotives, cars, special machinery, ships. &c.. and the plant has an
annual capacity of approximately 30.000 tons offinished castings. Average
annual net e irnings of this plant since acquisition by the corporation in
1916 have been $236,664. or more than 3 times the interest charges on
the proposed issue of bonds.
Offer to Ngehliders.-Subject to the deposit of suffident 7% Serial Gold
notes and to the consummation of the plan, the corporation submits the
following proposition: On or before Dec. 1 1923 the corporation, in
exchange for each 7% Serial Gold note. Series "B," of the principal amount
of $900, will pay to the holder thereof the sum of $200 in cash on account
of the principal thereof, with accrued interest on the principal amount of
each of said notes to the date from which interest accrues on the bonds
of the new company, and in addition thereto will deliver to the holder of
each of said notes $700 principal amount of the bonds of the new company.
It is believed that the foregoing plan Is for the best interest of the holders
of the 7% Serial Gold notes. New company will be in an excellent financial
posiiion and will owe, exclusive of the bond issue, no money except for
current operating accounts.
In order to effectuate the exchange of 7% Serial Gold notes for cash and
the bonds of the new company, noteholders are requested to deposit immediately the 7% Serial Gold notes. Series "ll," with the Feb. 1 1924
interest coupon thereto attached, with the Bank of North America &
Trust Co.. Philadelphia, which will issue therefor a negotiable certificate
of deposit. providing either (1) for the payment of the cash and the delivery
of the bonds of the new company to which the noteholder may be entitled
In accordance with the foregoing plan, on or before Dec. 1 1923. in exchange
for the deposited note or notes, or (2) in the event of the failure of the
corporation to make the aforesaid cash payment and the delivery of the
bonds of the new company in exchange for the deposited 7% Serial Gold
notes, Series "B," in accordance with the foregoing plan, on or before
Dec. 1 1923. the return at any time after said date, upon surrender of said
certificate of deposit properly endorsed or accompanied with appropriate
Instrument of transfer to pass by delivery of the 7% Serial Gold notes,
Series "B," covered thereby.
-For the first 6 months of 1923 net profit, after expenses and
Earnings.
deductions but before interest charges, amounted to $221,908, as compared
1245
'PRE CHRONTCLE
with a deficit before fixed charges of approximately $225,000 for the same
period of 1922.
Tentative Balance Sheet as of Oct. 1 1923, Giving Effect to Proposed New
Financing (Penn Steel Castings Co.)
Liabilities
Assets
$259,286
$150,000 Vouchers payable
Cash
2,273
439,575 Accounts payable
Inventories
236
171.587 Accrued wages
Accounts receivable
1.100,000
plant & equip. 2,138.461 1st Mtge. bonds
Real estate,
192.954
39,736 Reserve for depreciation
Uncompleted appropria'ns
19,573
135,797 Operating reserves
Molds.flasks & patterns__
500.000
4,666 Preferred stock
Furniture & fixtures
4,829 10,000 shs. Corn,, no par_ 1,000,000
Prepaid insurance
10,328
Surplus
Total (each side)
$3.084,653
-V. 117. p. 561.
•
-To Form New Company.
Penn Steel Castings Co.
See Penn Seaboard Steel Corporation below.
-August Sales.
(J. C.) Penney Co., Inc.
-August-1922.
1923
$3.424,220
$4.289,083
-V. 117, p. 790, 561.
Increase.
Increase.] 1923-8 Mos.-1922.
$864,8631$32,915,536 $26,337,193 $6,578,343
-Guaranteed Bonds
Port Arthur Canal & Dock Co.
Offered.-Ladenburg, Thalmann & Co.,' and the National
City Co., are offering, at 983/i and interest, to yield over
6.10%, $2,000,000 First Mtge.6% Gold Bonds, Series "A".
Unconditionally guaranteed by endorsement by the Kansas
City Southern Ry. as to payment of both principal and interest. (See advertising pages.)
Dated Feb. 11923. Due Feb. 11953. Interest payable F.& A.in New
York. without deduction of Federal normal income tax up to 2%. Denom.
C5 $1,000 and $500. and r* $1.000 and authorized multiples thereof. Redeemable as a whole only at 105 and interest on any interest date on 60
days' notice. National City Bank, New York, trustee.
Data from Letter of L. F. Loree, Chairman Kansas City Southern Ry.
-The Port Arthur Canal & Dock Co. constitutes the terminal
Company.
of the Kansas City Southern Ry. system at the deep-water port of Port
Arthur, Texas, and all of the $500,000 capital stock of the company is
owned by the Kansas City Southern By. Port Arthur. Texas, came into
existence as a seaport only 25 ye irs ago, and in 1922 ranked as the second
port in the United States in volume of import traffic and the third port in
the United States in the total volume of traffic, both import and export.
The Port Arthur Canal & Dock Co. has a lineal wharfage of 7.407 ft., or
nearly 1% miles. The minimum depth of water at each wharf is 26 ft. and
the ship canal has a depth of 27 ft. The U. S. Government owns and
maintains the Port Arthur Ship Canal and inland harbor at Port Arthur.
-Upon the existing property the Texas Railroad Commission
Valuation.
has placed a valuation of $2,736.050.
-Port Arthur Canal & Dock Co. will lease its property, subject to
Lease.
the mortgage, to Texarkana & Fort Smith Ry. for 30 years from Feb. 1
1923. Under the terms of this lease a rental is to be paid to the Port
Arthur Canal & Dock Co. more than sufficient to pay all operating expenses.
interest on its funded debt,and taxes and other Governmental charges. The
Texarkana & Fort Smith Ry. is controlled through ownership of all of its
capital stock and bonds by the Kansas City Southern Ry. Co.
-The payment of principal and interest of the Series "A"
Guaranty.
bonds will be unconditionally guaranteed by endorsement by the Kansas
-year period ended Dec.
City Southern By. Co., which company,for the 10
31 1922, had average net earnings applicable to fixed charges of $4.098.888
per annum, while fixed charges averaged $2,338,330. indicating that such
charges were earned 1.75 times annually.
-For the 7 months ended July 31 1923, the Kansas City
Earnings.
Southern reports net after taxes of $2,703,334, against $2.077,144 in the
corresponding period in 1922.
The Kansas City Southern has a long record for successful operation and
earnings, showing a substantial margin of safety after fixed charges, as
evidenced by the fact that in every year since 1907 the company has paid
dividends at the rate of 4% per annum on its $21,000,000 Preferred Stock.
and in addition thereto has turned back into the property a substantial
surplus from income in the form of additions, betterments, and eTtensions.
-Proceeds will be used as follows:(a) to extinguish a first mortPurpose.
gage of $1,000,000 now outstanding on the property of the Port Arthur
Canal & Dock Co.;(t) for additions and betterments, including principally
a new grain elevator which will cost over $480,000; and (c) to reimburse the
Kansas City Southern By. in part for advances heretofore made, totaling
$976,619.
Ligine.--Company agrees to make application to list these bonds on the
-V. 117, p. 355.
New York Stock Exchange.
-New Officers.
Prairie Oil & Gas Co.
Nelson K. Moody,formerly a Vice-President, had been elected President,
scceeding James E. O'Neil. W. S. Fitzpatrick, formerly a Vice-President,
Dana H. Kelsey becomes Vice
has been elected Chairman of the
Board.
President and general manager (and also a director succeeding Mr. O'Neil
'
who resigned).
-V.116. p. 87.
-Prices Reduced.
R. & V. Motor Co.
The company has announced price reductions averaging $500 per car.
New prices will be: Five-passenger touring car, $2,300; seven-passenger
touring car, $2,375; coupe, $3,000; seven-passenger sedan, $3,250.V: 116, p. 2523.
-Lee,
Remington Arms Co., Inc.-Pref. Stock Offered.
Higginson & Co. are offering at 933/2 and div., to yield about
%%,$4,000,000 1st Prof. (a. & d.) stock,7% Cumulative,
Series "A," par $100.
30 days'
-J. Callable as a whole or in part on
Dividends payable Q.
notice at 110 and divs. Transfer agents, Mechanics & Metals National
Bank, New York; Old Colony Trust Co., Boston; Illinois Merchants Trust
Co., Chicago. Registrars, Bank of the Manhattan Co., New York;
Fourth-Commonwealth National Bank. Boston; Northern Trust Co..
Chicago.
-Sinking fund,subject to the restrictions of the company's
Sinking Fund.
1st Mtge. semi-annually April 1 and Oct. 1. first payment Oct. 1 1925 at
rate of 3% per annum of total let Prof. stock, Series "A," issued, to be
used solely for purchase or call and retirement of 1st Pref. stock, Series "A."
-Application will be made to list 1st Pref. stock, Series "A,"
• Listing.
on New York Stock Exchange.
Data from Letter of Samuel F. Pryor, Chairman, New York Sept. 7.
Compana.-Incorp. In Delaware in 1920. Business founded in 1816.
Itself or through subsidiaries, manufactures Remington Arms. Remington
U M C ammunition, Remington cutlery and Remington cash registers.
Manufacturing plants are at Bridgeport, Conn.; Ilion, N. Y.. and Brims
down, Middlesex. Eng. Plants in the United States occupy 389 buildings,
having 2.888,602 sq. ft. of floor space. The company's business is well
diversified. Its sales in 1922 were in excess of $16,000,000. Company
has more than 6,500 employees. Its business extends back, through
Predecessor companies, over more than 100 years.
The company's output of ammunition, other than for military purposes,
is the largest in the United States; its output of firearms is one of the largest,
and its output of firearms and ammunition together constitutes about onethird of the country's total production. Its production of shotgun shells
and rifle and pistol cartridges in 1922 was in excess of 847.455.000, and
Its present production of pocket cutlery is at the rate of more than 2,180.000
knives per annum. In both production and sales it is the second largest
manufacturer of cash registers in the United States.
Authorized. Outstanding.
Capitalization
1st Mtge.6% S. F. Gold bonds, Ser."A"(V• 114,
p.2023)$8.500.000
this issue) 10.000,000
5.000,000
1st Pref.stk. Ser."A."7% Cumul. (incl.
10,000,000
Series"B"
do
2d Pref. stock, 8% Cumul. (callable all or part at
5.000,000
any time at 100 and div.)
5,000.000
Common stock (600,000 shs., no par value, net
assets available for Common stock) $8,042,879. _700,000 shs 600.000811s
z Further series issuable under restrictions of mortgage.
1246
TUE CHRONTOLE
Note.—The reclassification of the company's share capital consists in
authorizing $20.000.000 1st Pref. stock ($10.000,000 1st Pref. stock. 7%
Cumul.. Series "A", and $10.000,000 1st Pref. stk. 7% Cum.. Series "B")
and $5.6110.000 2d Pref. stock 8% Cumul., the existing $10,000.000 issued
7% Cumul. Pref. stock to be exchanged for $5.000,000 1st Pref. stock
7% Cumul. Series "A") constituting the entire amount of 1st Prof. stock
now to be outstanding, and $5,000,000 2d Pref. stock 8% Cumul. The
number of authorized shares of no par value Common stock is also being
reduced from 1.000.000 to 700.000.
Earnings.—Average annual net profits for the 19 years ended Dec. 31
1922 (after deducting depreciation charges, all inventory and other adjustments, interest charges and Federal taxes) were 81,097,026. or more than
3 times the $350,000 dividend requirement on the total let Pref. stock to
be now outstanding. For the 9 years ended Dec. 31 1922 average annual
net profits were 81.244,975, or more than 3 times this requirement.
For the year ended Doc. 31 1922 net profits were 11.123.169. or more
than 3 times this requirement. For the 6 months ended June 30 1923
net profits were at the rate of more than 5 times this requirement.
Statement of Assits and Liabilities Based on June 30 1923 Balance Sheet.
Assets—
Real estate, bldgs., plants & equip., $19,804,581; less reserves
for depreciation. $6.080.432
$13,724,149
Investments (secerities owned)
112.138
Current assets
--Cash. $199.692: accts. receivable. $4,222,002:
notes,loans. mtges.& int.rec.,$54.990;inventories. 111.031.991: advances to cash register agents, $630,067; adv. to affil.
cos. 8380.935: consignment claim, metals at converters.
8107,880
16,627.557
Prepaid items
134.003
Total assets(excl.of valuation of goodwill, going val.& pats)_$30.597.847
1st Mtge.6% Sinldng Fund Gold bonds, Series "A"
18.500,000
Current liabilities—accts. payable, 81.128,094; accrued liabilities, $344.174: notes payable, $1,546,250; adv. received from
customers, 1509.324; res. for Fed. taxes, &c., 8156,511
684,353
Minority Int. in Capital stock & surplus of sub. cos
$3'
370.615
Total liabilities other than Capital stock and surplus
Net assets, exclusive of goodwill, pats., trade-marks & formulas,
112.55"68
after deducting all liabilities other than Capital stock & stir_ _$18.042.879
Net assets (exclusive of goodwill, patents, trade-marks and formulas).
after deducting all liabilities other than Capital stock,amount to 118,042,879
or $360 per share of this $5,000,000 1st Pref. stock. Net current assets
alone are 112.943.204.
Total current assets as of June 30 1923 were $16,627,557. or approximately 4 times total current liabilities of 13,684,353.—V. 117. p. 1136.
1023.
Rand (Gold) Mines, Ltd.—Gold Production (in Ozs.).—
Aug. 1923. July 1923. June 1923. May 1923. April 1923. Mar. 1923.
769.371
754.306
755,309
761.586
786.564
743.651
—Vol. 117. p. 901.
Riordon Co., Ltd.—Reorganization Plan.—The bondholders' committees representing the holders of 1st Mtge. &
Refunding 8% bonds of Riordon Co., td., and Gen. Mtge.
6% bonds of Riordon Pulp & Paper do. Ltd., the commit4ee
representing the unsecured creditors of'Riordon Co. and the
directors have approved the reorganization plan outlined
below. The plan will now be submitted to the depositing
bondholders for ratification. The plan is under the disection
of Wallace B. Donham and I. W. Killam, as reorganization
managers.
Subject to the discretion vested in the reorganization managers to make
any deflgylomother sources, theglz:lso requires the rai:3fges
creiiorstgextenofasicmtshareholders
ecured
mum of subscriptions for new stock as more fully appears below.
[VoL. 117.
rehabilitate the company and its credit, the General Mortgage bondholders
of the Riordon Pulp & Paper Co., whose claim for well over $4,000,000 is
secured by a general lien on all the properties of the Riordon Co., are giving
up their lien and taking for their bonds Prior Preference, Preferred and
Common shares in the reorganized company; they are thus dependent for
the working out of their investment on the future value of the same stocks
which are offered to 3r0U.
Directors.—The following have agreed to join the board of directors:
N. Curry (Chairman Canadian Car & Foundry Co., Ltd., and director
Bank of Nova Scotia), Montreal; Wallace B. Denham (dean, Harvard
Blueness School), Boston; Archibald Fraser (Pres. Fraser Cos. Ltd.),
Edmunston, N. B.; George W. Grier (Pres. G. A. Grier & Sons. Ltd.).
'
Montreal; Robert F. Herrick (Pres. Pacific Mills), Boston; I. W. Killam
(Pres. Royal Securities Corp.. Ltd.). Montreal: George M. McKee (Pres.
Algonquin Paper Co.), Ogdensburg, N. Y.; Sir William Price (Pres. Price
Brothers & Co., Ltd.), Quebec: F. N. Southern (V.-Pres. Southern Press,
Ltd.,) Montreal; Fred R. Taylor, K.C.. St. John. N. B.; N. A. Timmins
(Pres. Hollinger Mines, Ltd.), Montreal; Frank D. True (Pres. Portland.
Bank); Col. James W. Woods (Pros. Woods Mfg. Co., ma.).
MeOttawSaa.vings
Also, the Chairman of the Committee, 11. Montague Davy, will continue
to act upon the reorganized board.
A statement issued with the plan affords the following:
Present Condition of company.—The balance sheets show total assets of the
Riordon Co and Gatineau Co. as of March 31 1923. amounting to over
$40,000,000. This valuation is believed to be sound on a going concern
basis, but is undoubtedly much more than the liquidation or forced sale
value. In other words, it is at present potential rather than actual, and
depends for its realization on adequate financing, reasonable fixed charges,
sufficient working capital and a sound financial structure.
Against these assets there is outstanding debt, as of the some date, with
inter-company items eliminated, amounting to approximately $33,400,000,
of which about $29,000,000 is secured. Interest on nearly $10,000,000 of
bonds is two years in default, and secured and unsecured indebtedness
amounting toSeveral million dollars is long overdue. Current liabilities and
overdue obligations exceeded current assets on March 31 by over $7,500,000.
Under these circumstances income from current operations is absorbed by
interest payments and other fixed charges, and the credit necessary to continue the company's business would have been wholly unobtainable except
through the support and assistance of the bondholders' committees. Obviously, this condition could not continue without forcing an early foreclosure
or liquidation with resulting sacrifice of values.
Purpose of the Plan.—The purpose of this plan is to remedy the existing
condition by reducing debt and fixed charges,restoring credit, and supplying
a sound capital structure and adequate working capital, and thus to make it
possible to realize and develop the full value of the assets. To this end the
present indebtedness must be largely replaced by stock, and approximately
310,000,000 of new money provided. The adjustments necessary to accomplish these objects are briefly summarized below.
Readjustment of Capital Stock.—To bring about the necessary reduction of
debt and sound financial structure not only must a substantial part of the
present indebtedness be turned into stock, but the greater part of the new
money must be raised by the issue of stock rather than of bonds or notes.
In order to meet these requirements,the present capital stock will be entirely
replaced by new issues, and the participation of the present stockholders in
the reorganization will depend on their contributing to the new money
required through cash subscriptions, entitling them to receive now Prior
Preference and Common Stock as specified.
Disposition of Present Debt.—Of the secured debt, about $13,500,000 will
remain outstanding, but with certain changes in the trust deeds securing
the First Mtge. & Ref. Bonds. Including reduction of call price until Jan. 1
1926. and postponement of sinking fund until 1916.
Procedure to Carry Out the Plan.—It is expected that the plan, when dedared effective, will be carried out through tho present company, without
sale or foreclosure, by a compromise or arrangement under the Winding-Up
Act or Bankruptcy Act, but the reorganization managers will be authorized
to carry out the plan by any procedure which may be found necessary or
advisable, including the formation of a new corporation to issue the above
securities and to acquire the assets through a sale in bankruptcy or windingup proceedings, foreclosure of existing mortgages, or any other method.
Balance sheets of the Riordon Co. and Gatineau Co.,
based on the figures of March 31 1923, with adjustment
A letter to the unsecured creditors by R. Montague Davy, to give effect to the proposed
reorganization and new finanChairman of the Creditors' Committee, says in substance:
At the general meetings of creditors which have been held during the past cing, together with a description of properties, &I., will be
two years the committee has kept steadfastly before you the certainty that found under "Annual Reports" above.
should the company go into liquidation you would obtain nothing whatsoComparative Table of Old and New Capitalization and Indebtedness
ever for vour claims, and, therefore, counseled granting the extensions of
(Riordon and Gatineau Companies Consolidated).
time, which were duly arranged for. We have urged that the creditors take
Capital Stock Now Outstanding.
the only course which affords any promise of improvement, viz.: to refrain
Capital Stock After Reorganization.
80/ First Preferred
from putting the company into bankruptcy.
310.000.0007% Prior Preference_ - - _810,000,000
The committee has worked in harmony and co-operation with the direc- 7% Second Preferred-- - 10.000,000 7% Preferred
5,500,000
tors of the company, the representatives of the bondholders and others who Common
27,000,000 Common, 600.000 shares
have a large financial interest in the concern, and as one after another of
(book value)
6,232,950
seemingly insuperable obstacles has been overcome, we have felt encourageThe existing stock will be canceled and new stock issued for cash or'in
'tient. Among important accomplishments, the Gatineau properties and settlement of indebtedness or foriother considerations, as required by the
other lliniu of vital importance and great value which were threatened with
forfeiture have been conserved: large stores of pulp and pulpwood have plan.
Bonds—
Binds—
been turned into cash: inventories have been put on a sound basis; bank
loans have been substantially reduced, as is disclosed by the plan; the First Mtge.6% Debens-- $1,828.800 First Mtge.6% Debens__ $1,828,800
Overdue interest
4192,024
Ile
principal mills have been kept operating practically at capacity; the product
has been sold successfully, and a large and appreciative clientele maintained First Mtge.& Ref.8s_ _ - _ 5.930.000 First Mtge.& Ref.8g....5,930.000
Overdue interest
869.733
and developed.
First Mtge.& Ref.7s_ _ _ _ 2,070,
At the meeting ofcreditors held on Nov. 16 1022. you were advised by the
Chairman that the Riordon Pulp Corporation. Ltd., had been formed, it General Mortgage 6s- - *3,987,500 New Gen. Mtge. Deb. 7s 1.000.
Overdue interest
*418,688
having been found necessary to take unusual steps in the procuring of money
for the logging operations during the past winter on account of the involved
* To be exchanged for stock.
condition of the eomp nv's finances.
,
Other Debt—
Other Debt—
The function of the Pulp Colloration was primarily to provide a channel
Purchase money liens and
whereby credit not otherwise obtainable could be secured for such logging Purchase money liens and
$5,738,328 small mortgages
small mortgages
operations, and it was expl.ined th at the Pulp Corporation, having been
$5,738.328
the means of creating inventories of logs and pulpwood in the bush, should Interest on mortgages and
99,116
Purchase money liens_ have a lease of the company's principal plants to Insure that these invenSecured loans
1,770,637
tories would be put into merchantable condition.
The Pulp Corporation on Oct. 31 1922 took over the operations of the Construction & equipm't
liens, taxes & stumpage
Rouge Woods Division; on Dec. 31 1922 the Kipawa Woods Division and ,
2,813.967
(estimated)
Kipawa Mill; on May 1 1923 the Calumet saw mill; on June 1 1923 the
Bank loans and current
Hawkesbury mill. As was also explained, the lease of the properties con- Bank loans & cure. acc'ts
(secured or preferred)- 5.254.119 accounts, about
tains a clause that the company may recapture on payment to the Pulp
2,000.000
Unsecured creditors, abt- *4,500,000
Corporation ofadvances obtained by it, all the properties now under lease.
If the reorganization plan Is brought about, the Pulp Corporation will in
To be exchanged for stock.
cease to function and the properties will return to the company.
*
due course
Despite the fact that the condition of the company's affairs is materially
Summary of Readjustment of Debt.
improved by the operations which have been carried on. both in its own
Present Indebtedness.Debt After Reorganization.
name and that of the Riordan Pulp Corp.. the necessity for working capital To remain outstanding_ _$13,497,1281Present
liabilities to reis still pressing. No interest has been paid on the Riordon Pulp & Paper To
exchanged for stock 8,906,1881 main, as above
$13,497,128
Co.'s 6% Gen, Mtge. Bonds, or on the Riordon Co.'s 8% First Mtge. To be paid in cash or seNow oonds & debentures
be
Bonds for two years, and the sums advanced by means of the Pulp Corpora's '"
1
curitles or otherwise
I to be issued
3.070,000
tion, being only intended for temporary use, must be repaid.
10,999,596 Est.current liabilities after p- -,-.-0 4
adjusted
Several schemes of reorganization have been discussed during the past
i new financing
2,000,000
two years, no one of which was brought to a conclusion, but we are now
able to lay before you a plan of reorganization which we commend for your
Total present debt__ _ -$33.402911 Total debt after reorg-$18,567,128
most serious and sympathetic consideration. In this plan the unsecured
creditors will receive for each $100 of their claims. one-quarter share of 7%
Net reduction of debt
114,835,783
Preferred Stock, cumulative from Jan. 1 1925, and a full share of Common
Stock of no par value in the new company. These securities, it is estimated, Plan of Reorganization of Riordon Co., Ltd., Dated Sept. 7 1923.
will acquire within a short time a market value equivalent to about 25 cents
Included in Plan.—The indebtedness of the Gatineau Co.,
Indebtedness
on the dollar of the creditors' claims, and if this estimated value is reached the Riordon Pulp Corp. and the Riordon Sales Corp.. as well as certain debt
it will moan that over $1,000,000 has been saved for the unsecured creditors of minor subsidiaries of Riordon Co., except inter-company items, must be
by their granting the extensions asked for and allowing of the continued paid or provided for In full in the reorganization, and is therefore Included in
operations of the company.
the figures of secured indebtedness. In all statements ofindebtedness interAs an alternative to the acceptance of the quarter share of Preferred company items are eliminated. Certain bonds pledged as collateral are
Stock, each unsecured creditor may elect to purchase a subscription right omitted, the obligations secured by the pledge being included. All figures
for Prior Preference and Common Stock involving the payment by him in for existing liabilities, except where otherwise specified, are those of
cash of $60 for each 8100 of claim, for which $60 he would receive $72 par March 31 1923.
value of Prior Preference Stock and three additional shares of Common
Riordon Pulp & Paper Co. to Issue Warrants.—Riordon Pulp & Paper Co..
Stock, making four shares of Common Stock in all, and as the whole reor- Ltd., is the owner of substantial amounts of all three classes of the present
ganization plan is ba.sed upon the earnest expectations that values of all stock of the Rlordon Co., but has no funds in its treasury with which to
its securities will appreciate with the development of the company's proper- exercise its participation rights in respect to the acquisitions of now stock
ties, it is euggested that creditors weigh carefully in their minds the choice under the plan. The Riordon Pulp & Paper Co. has therefore made
of the two plans of settlement.
arrangements to issue subscription warrants by which its participation rights
It should be pointed out to you as general creditors of the company who (which are identical with those of other stockholders of tho Riordon Co.)
are asked to take stock for your claims that you are not alone in facing this will be assigned and distributed to its own shareholders, and these warrants
necessity. In order to make it possible to secure the new money needed to will be accepted by the reorganization managers and the depositary under
SEPT. 15 1923.]
THE CHRONICLE
the reorganization managers agreement hereinafter mentioned as evidence
of the right of the holders thereof to exercise the participation rights thereby
represented.
Treatment of Existing Bonded Debt and Other Indebtedness.
(1) The 81,828,800 Riordon Pulp & Paper Co. 1st Mtge.6% Debentures,
due 1942, will remain outstanding.
2) The $5,930.000 Riordon Co. let Mtge. & Ref. 8% Bonds, appropriate y stamped (or like bonds of a new company similarly secured and issued
In place of the present 1st Mtge.& Ref.8% Bonds),will remain outstanding,
and the 8869,733 overdue interest on the present bonds will be paid in cash,
with interest at 6%. The trust deeds securing the 1st Mtge. & Ref. 8%
Bonds (or, if new bonds are issued in place of these bonds, the trust deeds
securing the same) will be in the form of the present trust deeds as amended.
(3) 'the holders of the Riordon Pulp & Paper Co Gen. Mtge.6% Bonds
will receive in exchange for their bonds and accrued interest to July 1 1923
(amounting to $478.500). approximately $1,000,000 7% Prior Preference
Stock, 84,466,000 7% Preferred Stock and 39.875 shares of no par value
Common Stock, each $1.000 Bond with its coupons being exchanged for the
following securities of the reorganized company:707 Prior Preference Stock,
par value, $250: 7% Preferred Stock, par value, $1,120; Common Stock,
10 shares. On the other hand, there will be issued and sold for the purposes
ef the plan $2.070,000 of additional 7% Bonds under the 1st & Ref. Mtge.,
and $1.000.000 of new 7% Gen. Mtge. Debentures ranking after the First
Mtge. Debentures and the First Mtge. & Ref. Bonds. The amount of new
Gen. Mtge. Debentures to be issued for the purposes of the plan may be increased in the discretion of the reorganization managers to not exceeding
$3,000,000 as provided below.
(4) Other Secured Indebtedness.—The secured debt (other than the bonded
debt set forth above and the accrued interest on Gen. Mtge.6% Bonds, to
be taken care of as above provided), including claims in any way privileged
or preferred and certain claims against subsildary and affiliated companies,is
as follows:
(a) Purchase Money Obligations and Small Mortgages, Total $5.738.328.
O'Brien timber limits (Riordon Co.)
$1,200.000
Bronson properties (Riordon Co.)
650.000
Edwards properties (Gatineau Co.)
1.413,797
Gilmour & Hughson properties (Gatineau Co.)
11,91,4O6
Dominion Bank timber limits (to be transferred to Gatineau Co.) 323,376
Miscellaneous small mortgages (Riordon Co. and subsidiaries)_
206.750
The obligations specified in this subdivision will remain outstanding,
except as reduced by required sinking fund or installment payments,pending
the consummation of the plan.
(b) Mortgage Interest and Miscellaneous, Total $10,999,596.
Int. on bonds, mtges. & purch. mo ley obligins (to March 31)---$1,160.873
Loans secured by collateral and otherwise
1.770,637
Construction and equipment liens, taxes and stumpage
2.813,967
Bank loans and current indebtedness (secured and preferred)_ — 5.254,119
The obligations specified in this subdivision are to be paid in cash or otherwise adjusted as the reorganization managers, with the approval of the 8%
bondholders' committee, shall determine, except that a normal amount of
bank loans and current accounts payable, estimated at about $2,000,000,
will remain outstanding after the consummation of the plan.
(5) Unsecured Indebtedness.—The unsecured debt, with interest, is approximately $4,500.000. for which the unsecured creditors will be allotted in
full settlement Preferred and Common Stock of the reorganized comPany.
at the rate of $25 of Pref. Stock and one Common Share for each Me of
their respective claims, computed with interest to June 1 1923. Each
unsecured creditor will have the option, however, to waive the $25 of Preferred Stock and to accept in place thereof a right to purchase, by payment
of 60% in cash of the face value of his claim, Prior Preference Stock and
Common Stock at the same price and on the same terms and conditions as
are provided for the present First Preferred shareholders.
The options thus available, as applied to an unsecured claim for $1,000
(including interest), may be tabulated as follows:
Cash PayAmount
—Amount of New Stock Receivedofment to
Prior
Cm,
Company
Pref.
Pref.
Common.
$1.000
Option 1
None
None
10 shares
8250
81,000
Option 2
$600
$720
None
40 shares
Provision for Cash Requirements of the Plan.
To provide funds for the payment of existing debt to be paid off in cash
the plan, and for other requirements of the plan, including expenses,
under
increased cash balances, and contingencies, the plan contemplates the
raising of new money as follows:
$2,070,000 of new First Mtge.& Ref. Bonds, Series II, 70 to be
7,
sold to the Royal Securities Corp., Ltd., realizing in
cash
$1,863,000
500.000 of new 7% Convertible Gen. Mtge. Debentures, carrying with them 4.500 shares of new Common Stock,
to be sold to the Sun Life Assurance Co. of Canada,
and $500,000 of Debentures with 500 shares of new
Common Stock to be sold to Gilmore & Jackson, Boston (with an agreement by the Sun Life Assurance Co.
not to offer for sale certain subscription warrants to
which it will be entitled as a stockholder of the Riordon Pulp & Paper Co.) at prices averaging 85 for Debentures, realizing in cash
850,000
9,000.000 (minimum) of Prior Preference Stock and about
375.000 shares of Common Stock to be issued for a
total of $7,500,000, less an underwriting commission,
through an offering of participation rights to present
shareholders and unsecured creditors, with an underwriting of all except the initial $2,083,333 of cash
payments. Net proceeds
7.200.000
Total new money from above securities
$9,913,000
The reorganization managers may arrange for the sale of additional Gen.
Mtge. Debentures. on such terms as they may fix, up to the following
amounts:(1) $1,000,000 for any purposes of the plan; (2) $1.000,000, the
proceeds of which may be applied only to the payment or reduction of prior
mortgage debt or purchase money liens existing on Aug. 1 1923. on any of
the present property of the Riordon Co.or the Gatineau Co.,or to reimburse
the treasury a the company for such payment.
Right of Present Shareholders to Participate in Plan.
The participation of each of the shareholders in the reorganization and in
e capital stock of the reorganized company will be conditional on the
exercise of the participation rights attached to his present stock, as specified.
(a) First Preferred Shareholders.-72,000 shares of Prior Preference Stock
and 300.000 shares of Common Stock will be offered, subject to the cash
payment provided below, to the First Preferred Shareholders of Riordon Co.
pro rata according to their respective holdings of the present First Preferred
Stock. Each First Preferred Shareholder will be entitled, in respect of each
share of his holdings of the present First Preferred Stock, to pay 860 in cash
and to receive new Prior Preference and Common Stock at the rate of $120
par value of Prior Preference Stock and 5shares of Common Stock for each
$100 so paid.
-30,000 shares of Prior Preference
(b) Second Preferred Shareholders.
Stock and 75,000 shares of Common Stock will be offered, subject to the
cash payment provided below, to the Second Preferred Shareholders of
Riordon Co. pro rata according to their respective holdings of the present
Second Preferred Stock. Each Second Preferred Shareholder will be entitled, in respect of each share of his holdings of the present Second Preferred
Stock, to pay $25 in cash and to receive new Prior Preference and Common
Stock at the rate of $120 par value of Prior Preference Stock and 3 shares
of Common Stock for each $100 so paid.
(c) Common Shareholders.-16,200 shares of Prior Preference Stock and
80.250 shares of Common Stock will be offered, subject to the cash payment
provided below, to the Common shareholders of Riordon Co. pro rata
according to their respective holdings of the present Common Stock. Each
Common shareholder will be entitled, in respect of each share of his holdings
of the present Common Stock, to pay $5 In cash and to receive new Prior
Preference and Common Stock at the rate of $120 par value of Prior Prefer
wee Stock and 134 shares of Common Stock for each $100 so paid.
The above rights of participation of the shareholders may be tabulated
as follows:
Prior Pref,
Common
Stock
StockCash
Offered.
Offered.
Present Capital Stock—
Payment.
$7.200.000 300.000 she. 86.000,000
First Preferred ($10,000,000)
000,000)
3,000.000 75,000 abs. 2,500,000
Second Preferred ($10,
1.620.000
Common ($27,000,000)
20.250 abs.
1.350.000
ch
$11,820.000 395,250 shs
1247
The statements of new capitalization are based on the assumption that
the total payments by the shareholders and unsecured creditors under their
participation rights and by the underwriters will aggregate 87,500,000.
calling for the issue of 89,000,000 of Prior Preference Stock, with the corresponding amount of Common Stock this cash provision being sufficient
for the requirements of the plan; but if participations taken by the shareholders and unsecured creditors exceed the required 87,500,000, the company will receive the benefit of the additional money provided, and the
total stock issues will be correspondingly increased.
The above participation rights may be stated in individual units as follows:
Amount
Cash
Amount New Stock
of
Payment
Received.
Present
for New Prior
Present Relation to Company—
Stock.
Pref.
Stock.
Common.
First Preferred Shareholder
10 shares
8600
an() 30 shares
Second Preferred Shareholder_-- 24 shares
600
720
18 shares
Shareholder
Common
120 shares
600
720
9 shares
Underwriting of Prior Preference and Common Stock.
The plan requires that at least 87.500,000 in cash (less the cash underwriting commission) be realized from the sale of Prior Preference and
Common Stock, and that of this amount a minimum of $2.083,333 be paid
by the shareholders and unsecured creditors for Prior Preference and
Common Stock purchased by them under their participation righte, or that
the deficiency be made up as provided below. This minimum payment by
the shareholders and unsecured creditors is not underwritten. The balance
or $5.416.667, is underwritten by a syndicate composed of Parkinson &
B trr, Coffin & Burr, Inc,. and
H. Rollins & Sons. Boston. and Royal
Securities Corporation, Ltd., E.
Montreal, Royal Securities Corporation
having obtained sub-underwriting contracts for about $2,000.000 of its
participation. Certain of the sub-underwriters are also shareholders or
creditors of the company. The underwriting commissions aggregate
$300,000 in cash and 75.000 shares of Common Stock.
All payments for new stock received from the shareholders and unsecured
creditors will go. first, to make up the $2.083,333 minimum cash requirement, and second, to relieve the underwriters of their commitments. If
the entire $7,500,000 cash is paid by shareholders, unsecured creditors or
others upon subscriptions for new stock, the underwriters will be entirely
relieved. If such subscriptions amount to less than 17.500.000, but the
$2.083,333 minimum cash requirements is met by subscriptions for new stock
from shareholders, creditors or others, or by sale of debmturee, or in any
other manner, as provided, and the plan is accordingly declared effective,
the underwriters will be bound to rosy the balance of the 57.500,000 cash
and will be entitled to receive therefor Prior Preference Stock and Common
Stock at the same rate as that fixed for the purchase of such stock by the
First Preferred shareholders and unsecured creditors. If the plan is consummated, the underwriters will be entitled to receive tiler comreitFiens.
regardless of the extent to which they may be relieved of their liabilities by
payments on subscriptions by shareholders, unsecured creditors or others
for new stock.
Time Allowed for Subscriptions and Installments Payments.
The time allowed for the receipt of subscriptions from the shareholders
and unsecured creditors under their participation rights will terminate on
Sept. 28 1923. The first installment payable on each subscription, amounting to 25% of the subscription price, must be paid at the time of subscribing.
and will be refunded if the plan is not declared effective. Additional installments will be due on notice from the reorganization managers after the plan
has been declared effective. The first installment of 25% payable by the
underwriters on account of any portion of the 85.416,667 of subscriptions
underwritten by them, for which they become liable under their underwriting contracts will be payable on ten days' notice from the reorganization
managers upon the plan being declared effective, and the remaining installments will be payable on similar notice on the same dates and in the same
for payments on subscriptions received from shareas
c
fixed
ured
groVeVitsiind
Distribution of Common Stock.
The maximum amount of Common Stock issued in connection with the
participation rights offered to shareholders and unsecured creditors for the
required $7,500,000 of cash will be 375.000 shares, the exact amount depending on the extent to which the Second Preferred and Common stockholders contribute to the 87,500,000.
If more than 87,500,000 cash is paid in by the shareholders and unsecured
creditors for new stock and Common Stock in excess of 375,000 shares is
required for delivery against such payments. the Common Stock Issue may
be increased beyond 600,000 shares to the extent of such excess. The
maximum rate of increase would be 50.000 shares for an additional $1.000.5
39 cash
000 o8f7 shaprovided.res
will
issued to the present Gen. Mtge,6% Bondholders,
and about 45,000 shares to unsecured creditors (exclusive of additional
shares to which they may become entitled through the exercise of their
optional subscription rights), 75.000 shares for underwriting commission,
and 5.000 shares in connection with the sale of new Gen. Mtge. Debentures.
22,500 shares will be required to discharge certain obligations entered into
by the company in connection with arranging in the fall of 1922 of an
emergency credit of$1.500,000 for the current requirements of the Gatineau
Co. The balance of the 600,000 shares (amounting to about 37,625 shares)
will be reserved for distribution in the discretion of the reorganization
managers among those whose serviees it may be desirable to secure in connection with the management of the company, &c.
Conditions for Declaring Plan Effective.
If subscriptions aggregating $2.083.333 are not received from shareholders
and unsecured creditors for Prior Preference and Common Stork under their
participation rights on or before Sept. 28,or within any further period
allowed by the reorganization managers, the reorganization managers will
have discretion to make up the deficiency by arranging to place the stock
elsewhere on such terms as they may fix, or to dispose of any stocks or securities authorized by the plan, or by any other method consistent with the
plan, including arrangements for the sale with the approval of the 8%
Bondhoideis' Committee of any capital assets of the company or the
Gatineau Co., which in their opinion it is not necessary to retain for the
conduct of the business of the reorganized company: provided that the
amount of such deficiency made up by such sale of capital assets shall not
exceed 81,060 000, and that in the event of such sale tha principal amount
of new Gen. Mtge. Debentures which may be issued for the purpose of
making up such deficiency shall be reduced from the amount otherwise
available for that purpose under the foregoing provisions hereof by the
amount of the net proceeds of such sale.
To the ehtent that such deficiency is made up as above authorized from
other sources than the sale of Prior Preference and Common Stock, the
minimum of57,200.000 to be raised by the sale ofsuch stock may be reduced.
The reorganization managers are authorized to declare the plan effective
if within the time allowed by the contracts. (a) the required $2,083 333 of
subscriptions is received or arrangements made furnish*ng assurance satisfactory to both bondholders'c mrnittees of the making up of any deficiency;
and (b) the 8% bondholders reorganization agreement shall have become
• binding on the holders of certificates of deposit issued ender the 8% deposit
agreement and the conditions stated for the adoption of the plan by the
6% Bondholders' Committee shall have been fulfilled; and (e) no unforeseen
circumstances shall have arisen which render it impracticable to carry out
the plan: and on such declaration by the reorganization managers, the 8%
Bondholders' Committee will declare the plan effective under the 8%
Bondholders Reorganization Agreement. If the above conditions are not
fulfilled, the plan must be amended or abandoned
[Other details will be given another week.I—V. 116, p. 2018.
Reynolds Spring Co.—Outlook—Earnings.—
President Wiley R. Reynolds, discussing the outlook for the last quarter
of the current year, says:
"The last three months of 1923 will be the largest quarter in the history
of the company. September will be a larger month than August. After
allowing for taxes, depreciation and Preferred dividend requirements
earnings in the first 8 months were equivalent to approximately $1 30 a
share for the Common stock outstanding.
"The bakelite business, which is a profitable side line, is gradually increasing.
"The number of stockholders is increasing. This is. no doubt, due to
dividend payments on the Common shares as well as conversion of the
Preferred stock Into Common.
"About Oct. 15 there will be mailed to stockholders a complete certified
statement of the company's financial position as of Sept. 30. •
Period— Net Sales. Net Earns. Deprec'n. Fed. Taxes. Net Income.
Aug. 1923- 8264,504
85.000
$5,000
845.318
155.318
8 mos. end.
Aug.31'23 1.770.686
40,000
23,000
287,298
224,298
$9,850.000 —V.117. p. 901. 562.
1248
THE CHRONICLE
Reo Motor Car Co.
-Extra Cash Dividend.
-
perpetual term, and (c) increased the number of directors
from 9 to 11.
The stockholders also authorized the directors to issue
all or any part of the increase to employees.
In addition to the regular quarterly dividend of 1%%, the company
has declared an extra cash dividend of 6% on the outstanding capital
stock, par 810, both payable Oct. 1 to holders of record Sept. 15. In
July last a 10% stock dividend was paid in addition to an extra cash
dividend of 6% and the regular quarterly dividend of 13 %• (See V
116. p. 2266.)
Balance Sheet June 30 1923.
(As filed with
Assets
Real estate
Buildings and eqttipment
Inventory, &c
Cash
Value of credits owing to
corporation
Investments
Deferred charges
[voL. 117.
the Secretary of State of Michigan.]
Liabilities
8320.308 Common stock
$15.000.000
5.378.246 Liability on all unsecured
3,171.889
7.b68.010
indebtedness
1.022.405
5,426.714 Dividends payable
9,224
Deferred credits
5.792.376 Surplus
x5,983.139
569,444
31.559
Each employee who has been in the continuous service of the company
for one year may participate In the purchase plan to the extent of 20% of
his salary. The company will add 50% to the amount which the employee
thus contributes. The plan is to continue for 5 years unless sooner terminated by the board and is to be administered by trustees appointed by the
board of directors.
-V. 117, p.1023.
Stevens-Duryea, Inc.
-Receivers' Report.
-
The report of receivers F. G. Shaw and H. 0. Fisk, filed in Superior
Court at Boston on Sept. 4, in connection with the suit brought against it
by the Fisk Tire Co., says in part:
"As of May 10 1922. and excluding cash and receivables, the assets in
our ii inds as valued upon the Stevens
-Duryea. Inc., books aggregated'
$3.983.212. The receivers placed a fair value 'as a going concern' upon
the same of 81.243.262, and as a value under forced liquidation $337.080.
Total
525.186.657
525.186,657
Total
"Subsequent to July 1 1922 the receivers had an opportunity to make a
z Representing net value of properties, less outstantilag indebtedness and complete investigation of affairs and found that the value
of assets as carried
paid-up capital.
-V. 117. p. 336.
upon the company's books did not correctly represent tho cost, there having
been added in the way of writeups as shown by the surplus account 81.087.St. Louis Coke 8,c Iron Co.
-Earnings.
363. The correct
For the 12 months ended Aug. 31 the company reports total net earnings bers. $2,900.000. book value should have been, therefore, in round numof$1389498.or sufficient to cover interest on the 86.404,000 first mtge. 6s,
"The fair value 'as a going concern' placed upon the assets by the re1942. over 3% times. The dividend on the 53.099.000 7% cumulative ceivers VMS proportionately high and after operating the plant for one
preferred stock was covered 4.6 times and 8%% was earned on the 89,400 ye ir-and espeei .11y during the winter season-the receivers have re dized
shares of common stock.
-V. 117, p. 562.
that the valuation placed by them under forced liquidation was at least
890.000 higher than it should have been, and were they to place a forced
San Francisco Gas & Electric Co.
-Bonds Called.
liquidation valuation upon the land and buildings to-day it would be not
One hundred ($100.000) General Mtge. 3)
-year 4% sinidag fund gold to exceed $100.000: on tools, jigs, dies
fixtures,
bonds, dated Nov. 1 1903. have been called for payment Nov. 1 at 105 and value, possibly 81.000: on service p .rtsand finished practically the scrap
or
p,rts perhaps 82,500.
int., at the Union Trust Co. of San Francisco. Calif-V.115. p. 1437.
These last two items alone represent a shrinkage from the original valuation
of 872.500. The balance would be made up of amount of scrap, stationery
Savannah (Ga.) Gas Co.
Authorized.
-Stock and Bonds
other small items disposed of in the meantime.
The Georgia P. S. Commission has authorized the company to issue supplies and
"It was assumed by the
1,850.000 of capital stock and $600,000 1st Mtge. bonds. (See bond offer- produced, was a finished receivers that the Stevens-Doryea car, as then
and satisfactory article. Experience proved,
ing
V. 117. p. 678.)
however, that considerable amount
The company has filed a petition in the Superior Court of Georgia at and that at least four very importantof engineering work was necessary,
units
Chatham for authority (1) to renew its charter for 20 years from Dec. 22 be bought complete, more perfect from in the makeup of the car could
an engineering standpoint and
1923, and (2) to amend its articles of incorporation by getting permission better suited for
to increase its Capital stock to a total sum not exceeding 85,000.000, to equal cost, after the purpose for which they were to be used, and for an
crediting the scrap, and resulting in a fr more salable
be divided into Common and Preferred. and (3) to execute and deliver its c r. Furthermore, there
bonds in an unlimited amount and to secure the payment of the same by these items nor possibilitywas no speculation in the matter of the cost of
of
mortgage or deed of trust or otherwise conveying its property and fran- the receivers, as the items bendefective material, which would be a loss to
dat were for a perfect article delivered at the
chises and containing such covenants and provisions as may seem best, and plants.
to empower the directors to issue and dispose of said bonds at such time or
"The company prior to the receivership produced and sold 152 cars.
times, in one or more series. In such amounts, upon such terms and condi- During the 14 months the
tions and at such rates and for such prices as the board may determine and completed partially-finishedreceivers have been in charge there have been
cars and built additional, and there have been
as may be permitted by the mortgage. See V. 117, p. 678.
sold 116 new cars and 92 reconditioned and second-hand cars.
"The re mivers
the busioess parson illy,
Schulte Retail Stores Corp.
-Earns.
-European Business. duties previously hive m kluged the entire executive, and performing the
performed by
administrative
President D. A. Schulte is quoted in substance: "We estimate our earnings for the Schulte stores will be 15% better during the last six months than staff, the sal tries of whom, including assistants. aggregated approximately
they were during the first six. [Net in first six months after ch irges but 5100.000 per annum. During the 14 months with the production above
before Federal taxes was 82.069.288.1 The first two months of this quarter mentioned, the number of employees in the pl int averaged 197. and during
have already justified that estimate. We will follow a conservative policy the 14 months the pay-roll amounted to 8388.671. The selling expense
and all other overhead items of expense during the 14 months amounted
and for the present there will be no change in the dividend rate.
"I am going over to Europe in the interest of Park & Tilford to establish to 478,091. As compared with the 14 months previous, or the last 14
months of the administration of the old company, the number of employees
foreign connections in order that we may have exclusive agencies in this In
the plant average 451: the pay-roll amounted to 193.060; the selling
country for the distribution of certain foreign products through Park &
expense and all other items of expense amounted to $378,762. a difference
Tilford."-V. 117, p. 791.
of 8310.671.
"From May 9 1922 to July 31 1923 the receivers' cash book shows total
Scovill Mfg. Co. Waterbury, Conn.
-Larger Dividerd.
A dividend of 36 per shiare has been declared on the outstanding $15,000,- cash debit of $881,230, and the total credits of $863,692, and cash on
hand of 817.537.
000 Capital stock, par 8100. payable Oct. 1 to holders of record Sept. 22.
amount of open accounts and commitment obliga"The
On July 1 last a dividend of $4 was paid, as against 82 per share on April 1 tions as aggregate gross was approximately
of May 9 1922
sisoemo. Through negotialast.
-V. 116, p. 1190, 421.
tions by the receivers, the net amount of all claims for notes, open accounts
and commitment
approved
to 51.071,233.
Seneca Copper Corp.
-Expects to Start Production commitment claimsclaimsallowed the amount covered has beenand where
were
materill
shipped In
This Month.and received. Three el ilms aggregating 818,757 have been disapproved.
W. F. Bartholomew, a director who has just returned from a visit to Four claims aggregating 856.120 are pending. but subsequent to July 31
the property at Lake Superior. is quoted:
and the date of this report, three have been satisfactorily adjusted, leaving
"After 6 years of work and the expenditure of over $5.000,000 in the but one in the amount of 522.612 now pending, and indications are that
purchase and development of the Seneca Copper Corp., we have arrived this item will in the near future be satisfactorily adjusted.
at the production stage. We will start production this month and expect
"It will be necessary for the future operation of the plant by the receivers
to have an output of about 1.200 tons of rock per day by Nov. 1 from both to borrow a considerable amount of money, and unless a sale can be effected
Seneca and Gratiot. or sufficient to run two heads of stamps. We have in the immediate future, it is the intention of the receivers to suggest to
entered into an agreement with the Calumet & Hecla Co. to stamp our rock the court that the plant be closed and prepared for liquidation.
at the Ahmeek mill and smelt our mineral at the Calumet & Recta smelter,
"Balance sheet as of July 31 1923: Assets as per statement of assets.
the ore going from our minus to the imilli over the Mineral Range RR.,from $469.734: cash on hand, and in banks, $17,537; accounts and notes receivwhich road we have secured a 253 -cent per ton rate, which compares able. 89 050: total assets, $516.322.
favorably with other mines in our neighborhood.
"Liabilities: Accounts payable and commitments, 818.410; assets
"We have an interest in the Point Mills and the Little Tamarack Mill taken over from Stevens
-Duryea. Inc. May 9 1922, $387,003; not gain
at Lake Superior controlled by the Lake Mining & Milling Co., but for the from operation, 8110.908: total liabilities. 8516.322."
time being we believe it. to the advantage of everybody to treat our rock
New interests. it is understood, are negotiating for the purchase of the
at the Ahmeek Mill as at the present time Ahmeek is using only three out plant at Chicopee, Mass., for a consideration of 8450.000, with intention
of eight stamps.
of improving and occupying the works for a kindred line of production.
"The mine never looked better. Under the intelligent management of -V. 117, p. 1024. 902.
Pres. T. P. Cole and Gen. Mgr. Uren, every development has been carefully looked after. The surface plants and machinery are now adapted
-Warner Speedometer Corp.
Stewart
-New Accessories.
for Seneca's needs and will be ample for a long time to come. The KearThe corporation, it is stated, has perfected three new lines, which will be
sarge a mygdaloid lode has been opened under our property for a length in full production before Jan. 1 1924 and which are expected to result In
of nearly 4,000 feet and 7 levels in depth and every opening is in good grade substanti.1 additions toe .rnings. The new accessories are a shock absorber,
ore with abundant stoping ground. We are within 400 feet on our third an electric Ily operated windshield cle ,ner and an electric he der.
level of getting under the Gratiot shaft and we hope to be upraising in as
Beginning Sept. 25, all the new "F" Star automobiles manufactured by
well as sinking the Gratiot shaft before the first of the year."-V.117.p.791. the Star Motors, Inc., a subsidiary of Durant Motors, Inc., will be equipped
with speedometers made by the Stew art-Warner Speelometer Corp. It is
Shawsheen Mills.
-Balance Sheet June 30.
estimated that in the next twelve months this will mean the installation of
[As filed with the Massachusetts Commissioner of Corporations.I
Stewart-Warner Speedometers on more than 200.000 new "F" Star automobilee.-V. 117, p. 791.
1923.
1922.
1922.
1923.
AssetsI mama-Stover Manufacturing & Engine Co.
-Shipments.
Plant & mill flat's_ 7,026,772 3,808,327 Capltaistock
1,000.000
2.000.000
It is reported that shipments during the first six months showed an in3,388,818
Merchandise
438,200 Accounts payable. 3,834.600
402,832
crease of 24% over a year ago and that business is expected to continue
Cash & accts. rec_ 492,017 2,340,203 Notes payable____ 5,500,000 5.50 .0
0 0 0 at this rate throughout the year.
-V. 116. 1:1• 1660.
428,895
Profit and loss_
320,102
11,334,500 6,902.832
Total
-v. 116. p. 1660.
Total
11,334.500 6.902,832
Shell Union Oil Corp.
-Oil Contract.
It is understood that the corporation has closed a
contract with the
Royal Dutch Co. for the sale to the latter of 20,000,000 gallons of gasoline
for export.
-V. 117, p. 791.
Southern California Edison Co.
-Stock and Debt Increased.
-The stockholders on Sept. 7 increased the authorized capital stock from $100,000,000 to 8250,000,000, and
increased the total authorized bonded indebtedness to $388,000,000. Compare V. 117, p. 678, 902.
Spottsylvania Power Co., Fredericksburg, Va.-
Suburban Gas & Elec. Co., Boston.
-Par Value.
See Malden & Melrose Gas Light Co. abovo.-V. 116. p. 1543
.
Sun Oil Company.
-Tenders.
The Bank of North America & Trust Co., formerly the Commercial
Trust Co., Philadelphia, trustee, will. until Sept. 26. receive bids for the
sale to it of First Mtge. 10-Year 6% sinking fund gold debenture bonds of
the Sun Co.,dated May 11919,to an amount sufficient to exhaust $270.43 .
8
and at a price not exceeding par and interest.
-V. 116. p. 2779.
(John R.) Thompson Co.
-Dividends.
-
The directors have declared three monthly dividends of 25 cents on the
Common stock. payable Oct. 1 .Nov. 1 and Dec. 1 to holders of record
Sept. 24. Oct. 23 and Nov. 23, respectively. Monthly dividends of like
amount have been paid since Jan. 1 1923. The regular quarterly dividend
of 1%% on the Preferred stock has also been declared, payable Oct. 1 to
holders of record Sept. 24.-V. 116. p. 526.
The company has purchased the property of the Rappahannock Electric
Transcontinental Oil Co.
-New Co. Organized.
Light & Power Co. and will conduct the business of the latter until the two
The Transcontinental Oil Co. of Colorado has just been organized under
companies are merged. The purchase gives to the Spottsylvania Power Co., the laws of Delaware
are
with
it is stated, entire ownership of all the water power of Rappahannock River the same as those of the 8100.000 capital. The officers and directorsit is
Transcontinental Oil Co. The now company,
at and above Fredericksburg, Va., for many miles.
-V.99, p. 474.
stated, has large holdings in Northern Colorado joining the Wyoming line,
- and is also jointly interested with the Texas Co. In the drilling of a well on
Springfield (Mass.) Gas Light Co.
-Stock Approved.
-V.116. p. 1907.
The Massachusetts Dept. of Public Utilities has authorized the company the Hamilton Dome.
to issue 25.917 additional shares of capital stock (par 825) at $37 50 a
United States Steel Corp.
-Unfilled Orders.
share. The proceeds will be used for the payment of floating debt of
See under "Indications of Business Activity" on preceding pages.
4277.312, retirement of $60,000 Chicopee Gas Light bonds, and the balance
for additions and improvements made since Dec. 31 1922.-V. 117. p• 97. V. 117, P• 679 549
. '
-Stock Increase
Standard Oil Co. of New York.
Approved.
-The stockholders on Sept. 12 (a) increased the
authorized Capital stock from $225,000,000 to $235,000,000
Par $25; (b) extended the existence of the company to a
Vanadium Corp. of America.
-New Officers & Directors.
A. A. Corey has been elected President. succeeding J. L. Replogle.
L. K. Diffenderfer. Treasurer, has been elected Secretary and Treasurer.
succeeding E. F. Nickerson as Secretary.
Frederick W. Allen, Samuel Pryor. W. E. Corey. Payne Whitney and
A. A. Corey have been elected directors succeeding Joseph DeWyckoffa
SEPT. 15 1923.]
THE CHRONTCLE
H. R. Tinker, Charles M. Walton, Jr.. E. F. Nickerson and the late C. M.
MacNeill.
The executive committee was organized as follows: Payne Whitney,
Chairman; Charles M. Schwab. F. W. Allen, Thomas M. Schumacher,
J. Leonard Replogle, A. A. Corey Jr. and Samuel F. Pryor.
-V. 117.
p. 902. 563.
U. S. Hoffman Machinery Corp.
-Balance
Sheet.
(Including Canadian Hoffman Machinery Co.. Ltd.)
June 30'23 Jan. 1 '23
AssetsLiabilitiesJune 30'23 Jan. 1 '23
Plant property,less
Cap. stock. U. S.
reserves
$819,257 $805,240
Hoff. M.Corp-312,766,082 $2,766,082
Patents, less res 2,837,949 2.920.411 Notes& loans pay_ 1,190.000 1,499.373
Good-will
1
1 Accts. payable_ __ 172,019
310,744
Cash
444.480
451,311 Accrued accounts_ 103,035
118,384
Notes & accts. rec.
Def.accts. payable 325,000
375,000
less reserves_ _ _x2,792,723 2.966,958 8% Sinking Fund
.
Inventories
99,189 1,016.347
Gold Deb.bonds 2,255,000 2,376,000
Adv. on purchases
7.93 Reserves:
Special deposits_
Fed. and Can.
1,640
Investments
2,137
1.615
taxes & royalt 331,497
323,949
Sink. fd. for debs- 132,138
124,369
Deb. premiums_
41,621
29,495
Deferred charges
32,034
29,984
Deferred credits
531
16,055
Sure. from oper__ 865,122
510,680
Tot.(each side) 18,049,907 88,325.803
x Includes $2,044,973 customers' notes receivable secured by chattel
mortgages or equivalent liens, of which $1.663.931 is assigned as collateral
security for notes and loan p tyable. It does not include interest accrueL
on customers' notes receivaole. y Capital stock U. S. Hoffman Machinery
Corp., 150,000 shares no ptr value. Canadian Machinery Co.. Ltd,
1,500 shares of $100 each (owned by U. S. Hoffman Machinery Corp.,
$150.000).
(The income account for the six months ended June 31) 1923 was publLshed in V. 117. p. 563.1-V. 117. p. 1137. 679.
Wanner Malleable Castings Co.
-Dividend No. 2.
The directors have declared the regular quarterly dividend of 6234c. per
share on the Class -A" Common stock, no par value, payable Oct. 1 to
holders of record Sept. 14. An initial dividend of like amount was paid
-V. 116, p. 2532.
July 1 last.
Warren Bros. (Asphalt) Co.
-Status.
-
During the eight months to Sept. 1 new contracts for 6.825.354 sq. yds,
of pavement were received. The total for August was 1,033,026 sq. yds.,
as compared with 1.153.000 sq. yds. in July and 1,053,376 sq. yds. in June.
Carryover from 1922 was 4.340.823 sq. yds., bringing the total under contract as of Sept. 1 to 11.166,177 sq. yds., as compared with 10,597.747
sq. yds. under contract as of Sept. 1 1922. During the year to July 31
the company and its licensees laid 4,615.000 sq. yds., as compared with
2,431.0011 sq. yds. during the corresponding period of 1922.-V. 117. P
792. 98.
Watauga Power Co.
-Tenders.
-The New York Trust Co.trustee, will until Sept. 21 receive bids for the
sale to it of 1st Mtge. 6% sinking fund gold bonds, dated Dec. 1 1912. to
an amount sufficient to exhaust $5.002 at a price not exceeding 106 and int.
-V.95. p 1478.
West Boylston
Mfg. Co.
-Balance Sheet June 30.
(As filed with .he Massachusetts Commissioner of Corporations.1
Assets1923.
1922.
Liabilities1922.
Real est. & mach'y $4,398.153 $4,793,230 Capital stock
0 ,0.
$8. 923
1 0000 $8,000.000
Merchandise
3.077,619 4,329,193 Acc'ts payable...._ 192,674
175,157
Cash_
531,480 Notes payable......250,000 1,870,115
687,033
Acc'ts recel vable_ _ 655,204
646.012 Surplus
425,455
304,643
Securities
50,000
50,000 1
Total
88,868,129510.349,9151
-V. 116. p. 2286.
Total
88,868,129810,349,915
Western Grocer Co., Chicago.
-Common Dividend.
-The directors have declared a dividend of 27 on the Common stock,
0_
payable Oct. 1 to holders of record Sept. 20. Wish the payment of this
dividend 6% will have been distributed thus far this year.
-V.117, p.792.
Willys-Overland Co.
-Bonds Offered.
-The National City
Co. are offering at 98 and int., to yield over 6%%,$10,000,000 First (Closed) Mortgage 63' Sinking Fund Gold bonds.
%
(Sae advertising] ages).
Dated Sept. 1 1923, duo Sept. 1 1933. Denom. 81.000 and $500 c*.
Int. payable M. & S. without deduction for normal Federal income tax up
to 2%. Red. all or part on any int.,date prior to maturity, upon 30 days'
notice; at 103 if redeemed on or before Sept. 1 1926; at 102 thereafter if
on or before Sept. 1 1929: at 101 thereafter if on or before Sept. 1 1932,
and thereafter, bu. prior to m.turity at 10034. Principal and interest
payable in U. S. gold coin at the principal office of National City Bank,
New York, trustee, or Ohio Savings Bank & Trust Co.. Toledo. co-trustee.
Company will agree to refund to holders of the bonds, resident In such
States, respectively. upon proper application within 60 days after the
payment thereof, the Penn. 4 mills tax, the Maryland 434 mills tax. the
Corns. personal property tax not exceeding 4 mills per dollar per annum,
and the Mass, income tax on the int. not exceeding 6% of such interest
per annum.
Listing.
-Application will be made to list those bonds on the New York
Stock Exchange.
Data from Letter of Pres. John N. Willy's, Toledo, Sept. 10.
Cornpany.-ls one of the largest automobile manufacturing
in the world. Company's production embraces a line of loworganizations
and medium
priced motor cars under the well known trade names,"Overland,""Overland
Bed Bird" and "Willys-Knight." The Overland touring car, embodying
certain features such as Triplex Spring suspension and a motor of extremely
simple design and high efficiency, now sells for $495 f.o.b. Toledo. The
Overland Bed Bird, now selling for 4695 f.o.b. Toledo, embodies many of
the popular features of the Overland but presents a model with a longer
wheel base and roomier body. The Willys-Knight model is equipped with
the famous Willys-Knight sleeve valve motor, similar in design to the
motors installed in such well known foreign cars as the Daimler of England,
the Panhard and Peugeot of France, and the Mercedes of Germany. This
motor as distinguished from the poppet valve type, is relatively free from
complicated valve mechanism and is the only type of motor whose performanco actually Improves with use and is unaffected by carbon trouble. As
an example of the simplicity of this motor, there are but 92 parts in its
sliding sleeve mechanism as compared with 362 parts in the valve mechanism
of one of the best known six cylinder poppet valve cars in the same price
class. The Willys-Knight 5
-passenger touring car now sells for 81.175
f.o.b. Toledo, while the 7-passenger sedan now sells for $1,995 f.o.b. Toledo.
Production. &r.
-The demand for motor cars selling at approximately
these price levels may be measured from the fact that at the present time
about 73% of the cars produced in the United States sell for less than $1,000
each, and approximately 22% sell at prices between $1,000 and $2,000 each.
It is indicative of the popularity enjoyed by the company's products with
the general public that since Jan. 1 1913 more than 1,000,000 cars have
been produced by the Willys-Overland organization and sold in this
and abroad. Prior to the current year production reached its country
peak in
1916 and 1917, with an output of more than 140,000 cars in each of such
years. Subsequently, during the war and post-war period, production
suffered some decline but resumed its upward tendency in 1922, with
an
output of nearly 100,000 cars.
During the first 8 months of this year all production records in the
company's history were exceeded with a total output of approximately
140,000 cars for that period. This rapid enlargement in output is accounted
for in no small degree by the increasing popularity of the Willys-Knight
model, which is regarded in many quarters as the best motor car value
offered by the industry to-day. The output of Willys-Knight cars, which
approximates one-quarter of the total production for the first 8 months of
1923, was more than 6 times the output of such cars for the entire year 1918
and was approximately 13‘ times the output of such cars for the entire
year 1922.
Plants, stc.-Company's main plant at Toledo, 0., covers 110 acres
of land, and its 86 buildings have a floor space of approximately 6.000,000
1249
sq. ft. There are 19 miles of railroad tracks within the plant capable of
handling 1,000 freight cars a day. This plant has a production capacity
of approximately 1.000 automobiles per day. In addition to the Toledo
plant the company owns or controls through subsidiaries. plants located
at Elmira. N. Y.: Pontiac, Mich., and Elyria, 0. The Toledo plant.
together with the subsidiary plants, manufactures practically every part
of its cars from the raw materials, with the exception of wheels, tires and
certain patented articles.
-Secured by a direct closed 1st Mtge. on all the real estate,
Security.
buildings, machinery and equipment of the company now or hereafter
owned, subject only, as to any property hereafter acquired, to any liens
thereon existing at the time of the acquisition thereof, and will be additionally secured by pledge under the Mtge. of all stocks owned In the
principal subsidiary companies.
The mortgage will provide among other things substantially as follows:
(I) Company will not permit any subsidiary company to mortgage or
pledge, or to suffer or permit any lien or other charge to be imposed upon,
any of its property, or to make, issue or negotiate any issue of bonds, notes
or other funded obligations (except any obligations incurred In the ordinary
course of business), unless such obligations shall be pledged with the
trustees under the mortgage as additional security for these bonds. The
subsidiary companies, however, will be permitted to acquire property subject
to purchase money mortgage of not exceeding 75% of its value.
(2) Company will not declare or pay any cash dividends upon Its Pref.
and Common stocks, except out of earnings subsequent to Sept. 1 1923,
and unless after the payment of such dividends, current assets shall at
least equal 200% of current liabilities, and net current assets shall at least
equal 200% of the outstanding bonds.
-Inasmuch as company immediately prior to this financing has
Purpose.
neither bank loans nor funded debt, the entire proceeds of this Issue will
be devoted to increasing the company's working capital, consistent with
the largely expanded volume of business. The financing will place the
Company in an exceptionally liquid condition.
Sinking Fund -Mortgage will provide for an annual sinking fund suffldent to retire $1,000.000, principal amount, of these bonds in each year
beginning with the year 1924. On or before July 15 in each year the
company shall be required to deliver to the trustee, either bonds, or in lieu
thereof (in whole or in part) an amount of cash sufficient to redeem at the
then current redemption price an amount of bonds which, together with
any bonds delivered by the company, shall aggregate not leas than $1,000,000, principal amount, in each year, which bonds so delivered and
redeemed shall thereupon be cancelled and permanently retired.
Net Sales & Net Income Available for Interest & Federal Tares Afar Deducting
Charges for Depredation & All Inventory Adjustments.
Period- Net Sales. Net Income.
Period- Net sates. Net Incomeaven ____$19.973,642 85.848.140 c1918 ____105.490.651
8,614,620
39,616,290
5,919,208 cI919 ____ 87,573 213
a1914
1,316,486
3.136.562 c1920 ____116.338.495 loss6.141.959
131914 ____ 17.416.212
11.511.650 c1921 ____ 51.369.378 less14790.616
c1015 ____ 63.300,295
10.537.790 c1922 ____ 76, 71.
c1916 ____ 87.028.983
0 992
3.592,196
95,613.678
6,461.313 d1923
c1917
87.662.593
10.154,441
a Years ended June 30. b Six months ended Dec.31. c Calendar years.
0
months
mr nte nnual net 31
d Seven veoaglagaendod Julyinc.
me as shown above for the period of 11
years and 1 month was over $1,173,000, or more than 6 1-3 times the
maximum annual interest requirements on these bonds. For the 7 months
ended July 31 1923 such net income was $10,154,441.0- over 26 times such
interest requirements for a 7 months' period. The showing made in the
years 1920. 1921 and 1922 was very largely due to the inventory adjustments made during and at the close of such years on account of the steadily
declining price levels of raw materials and supplies used in manufmturing.
-It is contemplated in the near future to
To Change Par of Common.
reduce the par value of the Common stock to a lower figure or to create
shares of no par value.
Consolidated Balance Sheet(Incl. Subs.) July 31 1993(After Present Financing)
Assets
Land, bldgs. & equip-425.1514,7V Vet ‘vorth
z$47.746.260
818,°5''St Mtge.6 Lis
Inv. in & due fr. aff.co.'s
10.990,000
ccounts payable
Mise.inv.,rec.& detchtts_ 1,512,591
8,131.206
accrued items, incl, res.
Goodwill, patents &
1
for Federal taxes
tr tde-marks, &c
2,312,398
12,526,218 Other current liabilities_ - 1.356,128
Cash
Customers' notes & accts.
4.271,848
receivable
144,077
Prepaid items
y25.113.344
Total (each side)
Inventories
$69,575.992
x After deducting $14,281.874 reserve for depreciation and $1,075,005
deferred stock purchase contract liaollity. y At lower of cost or market
and after deducting reserve. z Represented by 85,291,439 rc.e-ve for
contingencies and Capital stock consisting of 220,495 shares of Pref., par
um. and 2,159,758 shares Common, par $15.
Upon completion of this financing, net tangible assets, after deducting
all other liabilities. will be over 534 times the amount of this issue of bonds.
Current assets will be in excess of 3% times current liabilities, and net
current assets, alone, will exceed 3 times the amount of these bonds. In
the years 1920. 1971 and 1972 the comninv gave effect on its books of
account to the elimination of what it considered to be excess asset valuations,
aggregating more than 834,000,000, in addition to the inventory adjustments affecting the Income account. This writing down of assets covered
securities in affiliated companies, the reduction of goodwill to $1, and
adjustment In the valuation of fixed assets to a basis of cost less depreciation. The foregoing statement of assets and liabilities Is after giving
effect to these eliminations and is without doubt a conservative presentation
Of the condition of the company.
-V. 117,p. 1137.
Wolthausen Hat Corp., Ltd., Brockville, Ont.-Bonds
-H.B. Robinson & Co., Ltd., Montreal, are offering
Offered.
at 99 and int. $200,000 7% 1st Mtge. (closed) 20
-Year Sinking Fund gold bonds. A circular shows:
°1923. Due Aug. 11943. Denorn.$100.$500 and $1.000 c*.
Dated Aug. 1
Int. payable F. & A. at Montreal, Toronto or London. Eng. Montreal
Trust Co., trustee. Callable on 60 days' notice on any Int. date, all or
part, at 110 through Aug. 1 1933, and at 1% less each year thereafter to
maturity.
Capitatization.-Ist Mtge. 7% bonds, $200,000: 7% Non-Cumulative
Preferred stock. 8200,000; Common stock, 4.000 shares of no par value.
jAll outstanding 826,300 6% 1st Mtge. bonds have been called for payment
Feb. 1 1924 at 105 and Interest.(
Earnings.
-Average annual net operating profits for the years 1919.
1920. 1922 and 1923 were $27,382, or sufficient to pay the annual interest
on the entire bond issue about twice over.
-The additional capital now being secured will enable company
Purpose.
to share more fully in the growth and expansion of the hat industry in Canada, and to develop its growing export trade. Company now has more
orders on hand than at any time in the history of the business.
-The trust deed provides for a sinking fund payment
Sinking Fund.
Commencing Feb. 1 1924 of $3.000, and seml-annually there tfter, together
with a sum equal to the semi-annual interest on all bonds purchased or
redeemei.
Cornpany.-Is an old established company,founded in 1904. Is now the
largest manufacturing establishment of men's felt hats In the Dominion of
Canada. Business has grown from a turnover of$35,000 in 1904 to $414,000
for last year. From present indications the turnover for the current year
should be between $500.000 and $600,000. Properties consist of two
large, modern, connecting plants. with 75.000 sq. ft. of floor space.'
-Extra Dividends.
(Wm.) Wrigley Jr. Co., Chicago.
The directors have declared seven extra monthly dividends of 25c.
a share, payable on the first day of each month starting Oct. 1 and two
regularly monthly dividends of 50c. a share, payable on March 1 and
April 1 to holders of record Feb. 25 and March 25, respectively. The
resru ar 2oi.
Il7,1p monthly dividends up to Feb. 1 were declared in July last (V.
Pres. William Wrigley Jr. stated that sales for the current year were
satisfactory, that the conservative policy pursued in the past through
many years of successful business has built up a satisfactory surplus:
that the Preferred stock has all been retired: that the present Wrigley
Bldg. and the new north section would when completed, be entirely paid
for and that in his opinion the extra dividends could conservatively be
Leclared.-V. 117, p. 219.
[VoL. 117.
THE CHRONICLE
1250
gimes and Prituntents.
GENERAL PETROLEUM CORPORATION
SEVENTH ANNUAL REPORT—FOR THE FISCAL YEAR ENDED JUNE 30 1923.
San Francisco, California,
August 30th 1923.
To the Stockholders:
Your Board of Directors submits the seventh annual
report covering the operations of your Company for the
fiscal year ended June 30th 1923.
After the deduction of all charges against income,including
$2,612,027 80 for depreciation, $2,038,394 97 to cover unproductive drilling and abandoned leases, and $2,619,726 39
for labor and incidental expenses in drilling wells, there
remains a net profit for the year of $6,491,397 29. This
amount, after providing for the required dividend on the
preferred capital stock, represents earnings at the rate of
nearly 27% on the average amount of common capital stock
outstanding during the year.
These earnings do not include $3,423,369 23 received from
the United States during 1921, which is still being carried
on the balance sheet as a deferred credit pending final determination with the Government as to the method of accounting.
Dividend disbursements during the year totaled $2,086,732 25 in addition to which $189,199 16 was accrued to cover
the June proportion of dividends payable in the ensuing
fiscal year.
The rapid increase in production with the attendant price
reductions have enabled the companies of this State to
enter into active competition in Eastern and foreign markets
previously supplied from the Mid-Continent fields. Your
Company has secured a fair share of this new business, and,
in addition to satisfactory sales at Atlantic and Gulf coast
ports, marketed over 2,500,000 barrels of fuel oil and refined
products in foreign countries, including England, France
Argentine and Japan.
Sales.—Sales during the year totaled over 22,000,000
barrels, with a sales value of nearly $36,000,000, compared
with 13,000,000 barrels valued at $28,000,000 during the
previous year. It will be noted that by reason of the price
reductions it was n eessary to increase the quantity of oil
sold nearly 70% in order to effect an increase of slightly
.
over 25% in sale, income.
The charge against income covering unproductive drilling
and abandoned leases reflects, in part, amounts written off
to cover the wells of the company in the light oil fields of
Mexico which were affected in common with the wells of all
other companies in the surrounding district by the intrusion
of salt water. The charge for drilling labor on new wells is
made under the option granted by the Treasury regulations
which permits such charges to be made either to capital
investment or operating costs. The increase of this charge
over that for the preceding year indicates the extent of the
growth of drilling activities.
PLANT PROPERTY AND EQUIPMENT.
The net book value of the oil lands, leases, and other
property of the Company at the end of the year, after the
deduction of reserves for depletion, was $30,081,098 50, an
increase of $5,522,180 93 over the corresponding figure for
the preceding year.
Other fixed assets, including development and equipment,
pipe-line transportation systems, and construction work in
progress, totaled $35,547,826 18 at the end of the year,
after deducting reserves for depreciation. Tills is an increase of $6,733,878 27 and indicates the expenditures necessary to enlarge the Company's facilities for producing and
handling the increased volume of available oil.
CURRENT ASSETS.
The total current assets at the close of the year were
$28,508,841 57, including $5,079,456 56 in cash, $5,488,216 69 of accounts receivable, $3,286,665 66 of material and
supplies, and $14,361,733 12 covering oil in storage or due
from other companies. Oil inventories are valued at a figure
substantially below the present market price. Current
assets were over 4% times current liabilities, and it should
be noted that they exceed the combined total of current
liabilities and funded debt.
CAPITAL STOOK.
The common capital stock outstanding at the close of the
year was $25,945,200 00, including $376,000 00 deposited in
trust for delivery under employees stock subscription plans.
During the year $2,550,100 par value of common capital
stock was issued at $28 75 per share in exchange for the Company's 6% Convertible Notes, the premium of $3 75 per
share being credited to Capital Surplus. The par value of
both the preferred and common capital stock was reduced
from $100 per share to $25 per share in November 1922.
FUNDED DEBT.
In accordance with the provisions of the deed of trust
$500,000 of 10-year 7% Sinking Fund Gold Notes were
called for redemption on February 15th 1923 at 105. The
notes so called have been retired with the exception of the
small amount shown on the balance sheet, for which funds
are on deposit with the trustee. On June 30th 1923 the
Company held $339,000 face value of these notes and this
amount has been deducted in computing the outstanding
amount shown on the balance sheet.
On September 15th 1922, $5,000,000 face value of 5-year
6% Convertible Notes were issued to provide additional
working capital for oil purchases and the enlargement of the
Company's facilities. Up to the end of the year $2,551,900
of these notes had been exchanged for common capital stock,
leaving an outstanding balance of $2,448,100 as shown on the
balance sheet.
On April 15th 1923 there were issued $10,000,000 of 5-year
6% Gold Notes, the proceeds of which are being used for
the purchase of crude oil and for additional storage capacity.
CURRENT LIABILITIES.
The current liabilities of the Company at the end of the
year were $6,175,905 23, including all accrued items. Accounts payable consisted principally of amounts due in July
covering June purchases of oil and materials.
•
SURPLUS.
The combined surplus account June 30th 1923 totaled
$36,496,292 65, an increase of $9,874,900 63 for the year.
PHYSICAL AND OPERATING STATISTICS. •
During the fiscal year the Company acquired by purchase
or lease 6,801 acres of proven or prospective oil land of
which 6,363 acres is located in the San Joaquin Valley
and 438 acres in southern California. During the same
period leases were relinquished on 800 acres in the San
Joaquin Valley, 369 acres in Santa Barbara County and
392 acres in southern California. At the end of the year
the California properties owned or leased consisted of
4,764 acres of proven and developed oil lands and 23,076
acres of undeveloped lands. Nearly 14,000 acres of the.
undeveloped lands are owned in fee.
The drilling activities for the year are summarized in
the following table:
Wells
Drilling
1912
j 1.
1
District—
Midway-Sunset- Wheeler Ridge- Santa Maria
Whittler-Fullerton
Richfield
Huntington Beach
Redondo Beach...
Signal Hill
Santa Fe Springs..
Ventura
Totals
1
Wells
Started
During
Year.
Wells
Finished
During
Year.
Well
Wells
Abandoned Drilling
June 30
During
Year.
1923.
1
1
2
I
*4
1
2
2
.14
15
2
3
12
45
2
11
33
1
2
1
7
26
3
32
66
48
4
46
* Four wells on Tonner tract idle throughout year.
In addition to the work on new wells shown in the table,
51 wells were redrilled and deepened. An average of 40
strings of tools was worked during the year, including
31 strings on new drilling and 9 strings on redrilling. The
total average for the previous year was 17 strings. Over
295,000 feet of hole were drilled, as compared with 108,000
feet for the preceding year. In connection with the actual
work of drilling a large amount of other field construction
work was completed. The installation of boilers, gas
traps, pipe lines for oil, gas, and water, electric lines, fire
protection apparatus, and the maintenance and replacement of drilling tools are among the principal items.
Crude oil production for the fiscal year, including 97,745
barrels in Mexico, 19,301 barrels in Wyoming was 14,397,981 barrels, an increase of 8,479,161 barrels over the
preceding year. Production in June 1923 was 56,000
barrels per day, compared with 24,000 barrels per day
in June 1922. It is significant that not only has the quantity of production increased but the quality has shown a
marked improvement resulting in a much higher gasoline
extraction. The average gravity of oil produced during
the year was over 30 degrees Baume, compared with 25
degrees Baume during the preceding year and 20 degrees
Baume for the year ended June 30 1921.
In addition to the wells shut in during the previous
year, which still remain closed, additional wells in the San
Joaquin Valley with a daily production of 1,700 barrels
were shut in during the year. Production was further
affected by the curtailment program instituted by the
producers in the southern California fields as a result of
the abnormal increase in production, which taxed existing
pipe line and storage facilities beyond their capacity.
During the last quarter of the preceding year the pipe
line system of the company was handling approximately
40,000 barrels of oil per day. During the four quarterly
periods in the past fiscal year this figure increased successively from 50,000 barrels in the first quarter, to 65,000
SEPT. 15 1923.]
THE CHRONICLE
barrels in the second, 80,000 barrels in the third, and
107,000 barrels in the fourth.
In meeting this situation it was necessary to make important additions to the pipe line transportation system.
Over 87 miles of main lines were laid during the year, and
the pump stations at Santa Fe Springs and Signal Hill
were rebuilt and enlarged.
The pipe line system now consists of 407 miles of main
lines connecting the fields of the San Joaquin Valley and
southern California with the refinery and the various
tank farms and terminals. About 300 miles of field gathering
lines are used to gather oil at the pipe line stations for
shipment. The company now has a total of 22 main line
pump stations, in addition to pumping facilities at terminals.
The increase in the volume of controlled oil has also
necessitated a material expansion in the storage system.
Steel tanks with a total capacity of 1,775,00J . barrels,
and concrete reservoirs with a capacity of 2,750,000 barrels
were completed during the year. Since the end of the
fiscal year a 625,000-barrel reservoir and 675,000 barrels
of steel tankage have been placed in service. Work is
being actively carried forward on additional steel tankage
of over 2,000,000 barrels capacity and concrete reservoirs
with a total capacity of 2,100,000 barrels.
The total capacity of company tanks and reservoirs on
the Pacific Coast at the end of the year slightly exceeded
10,000,000 barrels. On June 30th the total quantity of
oil in storage on the Coast or due from other companies
on exchanges, was 10,215,095 barrels, consisting of 4,506,797
barrels of fuel oil, 3,684,738 barrels of refinable crude and
2,023,560 barrels of refined products. Stooks and exchange
balances in Wyoming, Mexico, Argentine, Chile and Japan
totaled 794,970 barrels.
The capacity and efficiency of the Vernon refinery have
been greatly increased and two absorption plants for the
extraction of gasoline from natural gas were erected in the
Santa Fe Springs field, having a combined capacity of over
50,000 gallons of gasoline per day. Over 5,500,000 gallons
of gasoline were produced in these plants and nearly six
billion feet of risidual dry gas were sold.
The absorption plants were designed and constructed by
the Engineering department which has charge of all the
company's construction work except drilling, building of
reservoirs, and laying of pipe lines. Most of the new steel
storage was fabricated and erected by the company. The
machine, forge and boiler shops were greatly enlarged
during the year and, in addition to fabricating construction
materials, are effecting marked economies in the manufacture
and repair of equipment.
The extension of the company's markets has necessitated
increased terminal and marine transportation facilities. The
new terminal at Los Angeles Harbor was placed in operation
in May. The storage and loading equipment includes four
80,000 and one 10,000 barrel tanks, with concrete fire walls,
gasoline, fuel and crude oil loading pumps with a combined
capacity of over 12,000 barrels per hour, and 950 feet of
wharfage. The wharf is equipped with nine banks of double
loading connections and compressed air and water service.
The property also includes a warehouse with railroad trackage
and tank oar loading and unloading facilities. Four additional 80,000 barrel tanks, another wharf, additional pumps
and a complete fire protection system are now being installed.
The terminal is connected with the refinery at Vernon and
the tank farm at Wilmington with an 8
-inch fuel line, an
1231
8-ihoh crude line and a 6
-inch gasoline line. The new
terminal supplements the stations already operated at the
head of the inner harbor and on the San Pedro breakwater.
Four steamers and one motor ship were purchased during
the year. The marine equipment of the company at the
end of the year consisted of 20 tankers with an aggregate
carrying capacity of approximately 1,500,000 barrels, 7 of
these being owned by the company and 13 being operated
under time or trip charters; 5 barges; 3 tugs; 6 launches;
1 lighter; and 1 converted sailing ship, used as a, floating
station at Betchikan, Alaska.
The growth of the company's business in the Northwest
necessitated the enlargement of the Seattle station and the
erection of additional stations at Everett, Washington, and
Portland, Oregon.
The rapid expansion of the company's facilities and the
tremendous increase in field development, transportation,
refining and marketing activities have been most effectively
handled by the officers ad employees. The number of
employees has grown from less than 3,000 at the beginning
of the year to nearly 5,000 at the close. Without exception,
the work of the various departments has been conducted
with loyalty and efficiency, and the Board of Directors takes
this opportunity of expressing its appreciation of the splendid
manner in which the organization has met the unusually
arduous demands of the past year.
Respectfully submitted,
JOHN BARNESON,
President.
Atlanta
Baltimore
Boston
Buffalo
Chicago
Cincinnati
Cleveland
D
Denver
Detroit
HASKINS ,k SELLS
Certified Public Accountants
Crocker Building, San Francisco
Kansas City
Los Angeles
Minneapolis
New Orleans
New York
Philadelphia
Pittsburgh
Portland
Saint Louis
Salt Lake City
San Francisco
Seattle
Tulsa
Watertown
Havana
London
Paris
Shanghai
August 24 1923.
Captain John Barneson, President General Petroleum Corporation, San Francisco, California.
Dear Sir-Pursuant to engagement, we have audited the
books and accounts of the General Petroleum Corporation
and its proprietary companies General Pipe Line Company
of California, Continental Mexican Petroleum Company
and General Petroleum Corporation of California, for the
year ended June 30 1923, and submit herewith our certificate
and the following described exhibits:
-Consolidated General Balance Sheet, June 30 1923
EXHIBIT "A"
and 1922, and comp Irison.
-Consolidated Statement of Income and Profit & Loss
EXHIBIT "B"
for the years ended June 30 1923 and 1922 and comparison.
Yours truly,
HASKINS & SELLS:
GENERAL PETROLEUM CORPORATION:AND
PROPRIETARY COMPANIES.
CERTIFICATE OF AUDIT.
We have audited the books and accounts of the General
Petroleum Corporation and proprietary companies for the
year ended June 30 1923, and
WE HEREBY CERTIFY that, in our opinion, the
attached Consolidated General Balance Sheet and Statement of Income and Profit ez Loss are correct.
San Francisco, August 24 1923.
HASKINS &
EXHIBIT "B."
GENERAL PETROLEUM CORPORATION AND PROPRIETARY COMPANIES.
CONSOLIDATED STATEMENT OF INCOME AND PROF!r & LOSS FOR THE YEARS ENDED JUNE 30 1923 AND 1922 ANDOOMPARISON
GROSS PROFIT
-OIL AND TRANSPORTATION
Year Ended June 301923.
1922.
$18,313,544 48 $10.502.962 70
LESS:
Depletion of oil lands and leases, based on cost (see note below) ________________________________ $583.617 05
Depredation of equipment_______________________________________________________________ 2.612,027 80
Selling and marketing expenses ___ __ _ _ _______________ _ _______________________
848,169 75
General expenses and taxes (other than_______ and profits taxes)
2.556,913 14
Total __________________ _ ____ _ _ _ _ _ __________________________________________________ $6,600,727 74
NET PROFIT FROM OPERATIONS________________________________________________________
OTHER INCOME CREDITS ___________________________________________________$11,712,816 74
515,365 30
GROSS INCOME ___________________________________________________________________________
$12,228,182 04
INCOME CHARGES:
Interest on funded debt__________________________________________________________________
$829.308 15
Other interest_____________________ - ___________ _ _
_ ___ _ ____________
71,684
Leases and other Proilerti soia. and
- ______________________________________________ 1,583,643 87
17
Labor and incidental expenses drilling oil wells_________________ _ _______________________ _
_ 2.619,726 39
Unproductive drilling _ __ _ _ ___ _ ___ _ _
_
_______________________
454,751 80
Amortization of discount and premium on _______ notes redeemed
________
157,361 85
Other deductions___________________________________________________________
20,308 52
Total ______________________________________________________________________________
$5,736,784 75
NET INCOME FOR THE YEAR _
_____ 56,491,397 29
PROFIT & LOSS SURPLUS AT BEGINNING 'OP_ VEAll____________________________
________ 6,085,547 38
PROFIT & LOSS GROSS SURPLUS______________________ _ ____ _ __ _ _________
__ _ _ _______$12,576,944 67
PROFIT AND LOSS CHARGES:
Adjustments (net) affecting prior periods _________________
_________
$72,084 24
Dividends on preferred stock ____________________________
_________________________________
224.854 00
Dividends on common stock __ _ ___________________________________
Provision for Federal income taxes________________________________________ 1.878.766 25
500,000 00
Total ______________________________________________________________________________
52.675,704 49
PROFIT & LOSS SURPLUS AT END OF YEAR
19.901,24018
•
•
NOTE.
-Decrease largely duo to shutting in wells on properties owned in
fee.
$860,092 84
2,399.292 92
363,648 92
1,998.71793
Increase.
Decrease.
$7.810,581 78
8276,478 79
212,734 88
484,520 83
558,195 21
$5,621,752 61
1978.975 13
54.881.210 09
502,030 55
16.831,60665
13,334 75 •
$5,383,240 84
16.844.941 40
$669,296 07
33,000 83
213.141 61
793.996 24
445.606 46
113,788 19
231,714 33
8160.012 OS
38.68404
1,370.501 56
1,825.730 16
9.14534
43,573 66
211,405 81
$2,500,543 73
13,236,241 02
$2,882,696 91
5.717,51001
83,608.700 38
368,037 37
$8,600,206 92
13,976.737 75
$215,138 21
224.854 00
1.959,66733
115,000 00
3143.053 97
12,514,659 54
1161.044 95
80.901 OS
385.000 00
$6,085,547 38 . 83.815,692 80
1.252
[VOL. 117.
THE CHRONTCLE
EXHIBIT "A."
GENERAL PETROLEUM CORPORATION AND PROPRIETARY COMPANIES.
CONSOLIDATED GENERAL BALANCE SHEET, JUNE 30 1923 AND 1922, AND COMPARISON.
ASSETS.
-Year Ended June 301923.
1922.
Remainder
Increase.
Decrease.
$16.401.602 58 $15.922.863 70
6.779.642 97
6.146.392 19
PROPERTY:
Oil lands, leases and other property:
Cost
Less reserve for depletion (based on cost)
$478.738 88
633.250 78
89.621,95961
$9.776.471 51
8164,611 90
830 466.272 20 $17.863.431 41 $12.602,840 79
6,926,147 96
10.007.133 31
3.080.985 35
Appreciation
Less reserve for depletion (based on appreciation)
Remainder
$20.459.138 89 $14.782.446 06
Total property
25,676,692 83
$3008109850 $24.558.917 57
30.369,191 79
25,117.128 55
8.578.014 82
7,791.150 02
5.851.44788
2.784,17090
Total oil lands, leases and other property
Development and equipment
Pipe line transportation system
Construction work in progress
$5,522,180 93
5,252,063 24
786.864 80
3,067.27698
874.879.752 99 $60.251.367 04 314,628.385 95
SINKING FUNDS
811,550 00
$8.400 00
$3.150 00
CAPITAL STOCK IN TRUST FOR EMPLOYEES' SUBSCRIPTIONS
S376,000 00
3250,000 00
$126,000 00
INVESTMENTS IN STOCKS OF AND ADVANCES TO AFFILIATED COMPANIES
$810.872 21
$306.535 77
$504,336 44
CURRENT ASSETS:
Cash
85.079,45656
United States Liberty Loan bonds
26.376 33
Notes receivable
266.393 21
Accounts receivable
5.488.216 69
Exchanges receivable in oil
2,041.890 37
Oil in storage
12.319,842 75
Material and supplies ____________________________________________________________________ 3,286.665 66
32,088,307 55
99,764 07
142.084 42
3,441.722 44
980.131 95
5,739.208 95
2.034,88639
$2,991,149 01
73,387 74
124.308 79
2,046,494 26
1,061,758 42
6.580,633 80
1,251.779 27
$28.508.841 57 $14.526,105 77 $13.982,735 80
Total current assets
$379.175 63
$408.730 71
$29,555 OS
DEFERRED DEBIT ITEMS:
Unamortized discount on gold notes_______________________________________________________ 31,077,596 62
Expenses paid in advance________________________________________________________________
300.530 91
219.583 82
Unadjusted accounts
$514,385 15
323.185 61
130,256 25
$563.211 47
22,654 70
89,327 57
Total deferred debit items________________________________________________________ $1.597.711 35
3967.827 01
$629,884 34
SPECIAL ADVANCE TO TEXAS COMPANY OF MEXICO __________________________________
TOTAL _______________________________________________________________________$106,563.903 75 376.718.966 30 829.844,93745
LIABILITIES.
-Year Ended June 301922.
1923.
PREFERRED CAPITAL STOCK:
Shares of $100 00 each
Shares of $25 00 each
$331.300 00
2,880,900 00
83,212,20000
Total preferred capital stock _____________________________________________________ 23,212.200 00
Increase.
Decrease.
$2,880,900 00
2,880,900 00
$3,212.200 00
COMMON CAPITAL STOCK:
Shares of $100 each _____________________________________________________________________ $2.385.900 00 822,716,996 00 820,331,096 00
23.559.300 00
23.559,300 00
Shares of $25 00 each
Total common capital stock
525,945.200 00 $22,716,996 00
GENERAL PETROLEUM CORPORATION GOLD NOTES:
28.661.000 00
Ten-year 7% Sinking Fund Gold Notes, due February 15 1931
2.44S.109 00
6% Convertible Gold Notes, due September 15 1927
Five-year 6% Gold Notes, due April 15 1928_______________________________________________ 10.000,000 00
Total notes_____________________________________________________________________821,109.100 00
89.045.500 00
$3,228,204 00
$384,500 00
2.448.100 00
10,000,000 00
$9.045.500 00 $12,063,600 00
$11.000 00
S8.000 00
$3,000 00
CURRENT LIABILITIES:
Land purchase contracts _____ _
______________________________________86 66 46
$
9
6 3
AcAccountspayable ________________________________________________________________________4.188:33 6
64.542 99
Exchanges payable In oil _________________________________________________________________
317,976 85
Salaries and wages payable _______________________________________________________________
Federal income and profits taxes
________________________________________________________________________
403.148 98
Accrued interest
26,034 16
Accrued liability insurance _______________________________________________________________
189.199 16
Dividends declared ______________________________________________________________________
$479.000 00
3,105,363 11
161.420 11
178.619 59
140,441 87
246.491 69
17,245 00
172.311 16
$292,333 34
1,882,973 32
96,877 12
139.357 26
140,441 87
156,657 29
8.789 16
16,888 00
Total current liabilities ___________________________________________________________ $6,175.905 23
NOTES CALLED FOR REDEMPTION
$4.500.892 53
81.675,01270
$422,058 25
5223,488 22
$198.570 03
DEFERRED CREDIT ITEMS:
Revenue from Government receiver-subject to undetermined Federal taxes and other adjustments $3,423,369 23
Miscellaneous ___________________________________________________________________________
$3.494,920 35
17.075 62
$71,551 12
17,076 62
$3.423.369 23
$3,511,995 97
$88,626 78
RESERVES FOR DEPRECIATION:
Development and equipment ______________________________________________________________ $7,176.597 26
2,074,231 05
Pipeline transportation system
$5.109.204 95
1,769.206 61
$2,067,302 31
305,024 44
$6,878,501 56
$2,372,326 76
PAYMENTS BY EMPLOYEES ON SUBSCRIPTIONS TO CAPITAL STOCK
Total deferred credit items
Total reserves for depreciation
RESERVE FOR FEDERAL INCOME TAXES
SURPLUS:
Unrealized portion of surplus arising from appreciation in value of oil lands and leases
Capital surplus
Profit & loss surplus, per Exhibit "B"
Total surplus
TOTAL
89.250.828 31
$517,950 08
3517,950 08
$20.459,138 89 814,782,446 06
6.135.913 58
5,753,398 58
6.085.547 38
9,901.240 18
$5,676.692 83
382,515 00
3,815.692 80
836.496.292 65 826.621,39202
$9,874,900 63
5106.563.903 75 $76.718,966 30 529,844.937 45
SHPT. 15 1923.]
THE CHRONICLE
1253
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
L
-ETC.
-WOOL
-DRY GOODS
PETROLEUM-RUBBER-HIDES-METALS
COMMERCIAL EPITOME
iThe introductory remarks formerly appearing here will now be
found its an earlier part of the paper immediately following the
editorial matter in a department headed "INDICATIONS OF
BUSINESS ACTIVITY."1
show a rise of 33 points on September and a drop of 5 points
on December.
3.780;43.80
Spot(unorticl) 4 _ --'December_ --4.40 ® 4.411May
3.69©3.701
lacSeptember---4.85®4.871March
LARD,on the spot, lower; prime western, 12.70@12.80o.;
middle western, 12.60@12.70e.; refined to Continent, 14.50e.
South America, 14.75c.; Brazil in kegs, 15.75e. Futures
advanced early in the week with hogs higher, foreign markets
firm and foreign and domestic cash demand fair. But on
the rise packers sold rather freely. Later with grain down,
lard naturally followed to a certain extent. Also Liverpool
weakened. Commission houses sold more freely. Receipts
were heavy at the West. All this told, although receipts
are expected to fall off in the near future and packers on
declines gave a certain amount of support. Still later
Liverpool broke and hedge sales by packers took the edge
off large exports. Also the cash demand fell off. Receipts
were large. Hogs and grain broke. Liquidation of lard
greatly increased. The 'Price Current" estimates the hog
slaughtering in the West for the week ending Sept. 8 at
567,000, against 564,000 in the previous week and 449,000
last year; total, March 1 to Sept. 8 is 21,153,000, against
16,240,000. To-day futures advanced 10 points net.
Within a week, however, they.have declined 12 to 13 points.
DAILY CLOSING PRICES OF LARD /1.17v:rim IN CHICAGO.
Friday Night, Fept. 14 1923.
COFFEE was in moderate demand on the spot in the
absence of desirable selections. No. 7 Rio, 103'2c.; No. 4
/
Santos, 143 to 1430.; No. 7 and No. 8 Victoria, 103/2 to
103jc. Mild coffee has been reported in excellent demand
and firm; fair to good Cucuta 153/2 to 163'2c. Medellin,
4
183/2 to 183 c. Futures advanced with Brazilian markets
and on covering by September shorts. On Sept. 11 Brazilian
exchange was strong and the term markets higher. Rio
closed 75 to 450 reis above the last prices of Sept. 6, and
Santos at net gains of 25 to 75 reis. Early in the day Rio
gained 350 to 575 reis. Exchange on London was 3-32
higher at 5 13-32d., and the dollar rate 140 reis lower at
$9800. Bulls contend that no great increase in supplies is
likely in the near future. Receipts at Rio and Santos, they
claim, are restricted to about the world's daily needs. The
world's visible supply increased in August only 261,220 bags,
bringing it up to 5,785,000 bags, which is nothing impressive.
To-day prices were 10 to 11 points higher with the cables
Mon. Tues.
Wed. Thurs. Fri.
Sat.
higher by 200 to 325 reis from Santos, while Rio was down September delivery _ cis-12.20 12.25 12.17 12.07 11.92 12.02
12.12 12.15
12.05 11.97 11.85
11.95
only 25 to 50 reis. Offerings here were smaller. Shorts October delivery
10.82 10.65 10.77
11.10 11.07 10.95
covered partly on stop orders. Santos firm offers were re- January delivery
ported higher. Since last Friday prices of futures have
PORK quiet; mess, $25 50; family, nom.; short clear,
advanced 22 to 25 points.
$25 to $31. Beef irregular; mess, $15; packet, $14; family,
,
7.53(8 7.55 $16 60(017; extra India mess, $28; No. 1 canned roast
Spot(unotY.)1012.--------December.. 8 2066 8.21 May
7.43® 7.44
September 9.20® 9.21 March--- 7.756 7.771July
beef, $2 35; No. 2, $4 05;6 lbs., $15; pickled tongue, $55 to
SUGAR has advanced with a better demand and Cuba $65 nom. per barrel. Cut meats quiet; pickled hams, 10
Sc. c. & f. About 100,000 bags, it is true, were sold on to 24 lbs., 143 @193c.; pickled bellies, 6 to 12 lbs., 1234@
%
/
Tuesday, including Cuba at 478c. c. & f. Of Porto Rico, 1331c. Butter, creamery, fresh firsts to high scoring,
.
(4)27%c Eggs, fresh gat.h4,200 tons sold for the second half of September. Refiners 4234@46c. Cheese, flats, 26%
were more eager to buy. Some lots even then were held ered firsts to fancy, 35 to 45c.
at 5c. Raws were quiet but steady in the United Kingdom
-Linseed quiet but rather steady. Spot carloads
OILS.
on the 11th inst. Java white was 23s. 6d. A good demand 90c.; tanks 85c.;less than carloads 95c.; less than 5 bbls. 98e.;
was reported for British refined. Holland has been paying boiled tanks 85c.; carloads 94c.; 5
-bbl. lots 97c.; less than
for it, it seems, 29. c.i.f. owing, it is stated, to the lateness 5
-bbl. lots $1; refined bbls. car lots 97c.; varnish type, bbls.
of the Dutch beet root crop. Canada has been in the 97c.; double boiled, bbls. ears 95c. .The Government crop
market here. Refined advanced at New York and also at report put the flaxseed output at 19,400,000 bushels, which
the West with most refiners quoting 8.15c. Later in the is an increase of 300,000 bushels over the previous reportand
week there was a sharp demand and 4 15-16c. to 5c. c.& f. compares with 12,900,000 bushels, the estimate for the corwas paid for about 200,000 bags of Cuba for the second responding period last year. Buyers of linseed oil are holdhalf of September shipment, or 6.78c. duty paid and 35,000, ing aloof awaiting further developments. Cocoanut oil,
bags of Porto Rico, 2,450 tons of Philippines, due Sept. 13, Ceylon bbls. 9Yic. Cochin, 9%@93ic Corn, crude,
/ .
sold at the same price. England wanted San Domingo on tanks, mills, 91 e.; spot New York 10c.; refined, 100-bbl.
4
4 15-16c. for Cuba. European cables were lots, 123/2c. Olive $1 10. Cod, domestic,60c. Newfoundthe basis of
higher for Brazil, Peru and Java brown. India has been land 63c. Lard, prime, 1634e.; extra strained, 135/2c.
buying Java white at rising prices. San Francisco wired Spirits of turpentine, 99c. Rosin, $5 75@$7 00. CottonSept. 11 that the Western Sugar Refinery announced an seed oil sales to-day, including switches, 9,600 bbls. Prices
advance of 15c. a hundred on all grades of refined cane sugar. closed as follows:
The new price will be $8 35 a hundred. Other companies Spot
-.- ovember_10.50 10.59 I February_ _10.2810.32
11.30
are making a similar advance. Transactions on Thursday September.11.35®11.50 December. 23a 10.25 March_ _ - _10.35 10.40
_10
10.40(810.50
Oct,ober __ .11.24 ®11.25 January_ --10.23 ®10.28 April
at Sc. c. de f. for Cuba emptied the market for prompt
PETROLEUM-Crude prices have been declining. The
shipment, owing to the lack of steamers available immediate
from Cuba, although it appears there were three bids of Sc. Sterling Oil & Refining Co. reduced prices of Kansas and
for October shipment. That sounds suggestive. Yet with Northern Oklahoma crude oil 10 to 70 cents per barrel.
Sc. bid for prompt sugars and delayed deliveries freely Gasoline in small demand for export. Quite a little however
offered at that price, the raw sugar market on Thursday was is being shipped abroad on old orders and on consignment.
finally caught on something like a dead centre. Some called Domestic demand though good is not commensurate with the
futures a scalping affair. The trade bought December and output. Stocks while showing a decrease of late are still
Cuban interests sold March as a hedge against the new crop. very large, and will no doubt increase as the touring season
Receipts at Cuban ports for the week were 10,576 tons, ends, unless production is sharply curtailed. Kerosene has
against 10,176 in the previous week, 24,570 in the sme been dull. Bunker oil remains at $1 60 per bbl. f. o. b.
week last year and 33,452 two years ago; exports 47,264, New York harbor refinery. Export demand for this oil is
against 25,923 in the previous week, 62,358 in the same light. On the 10th inst. the Standard Oil Co. of La. reduced
week last year and 44,253 two years ago; stock was 392,900 all North La. and South Ark. grades 20e. a bbl. except
tons, against 429,588 in the previous week, 397,730 in the Smackover light and Bellevue which were cut 10e. Smacksame week last year and 1,214,484 two years ago. Of the over heavy remained unchanged. New York prices: Gasexports, the United States Atlantic ports received 27,638 line, cases, cargo lots, 26.15c.; naphtha, cargo lots, 12.50c.;
tons,Ncw Orleans 15,442 tons, Galveston 900 tons, Savannah 63-66 deg., 13.50o.; 66-68 deg., 15.50c. Kerosene in cargo
3,284 tons. Havana cabled: "Heavy rain in some parts lots, cases, 17o. Petroleum, refined tank wagon to store,
of Cuba." The Department of Agriculture says that the 14e. Motor gasoline, garages, (steel bbls.) 19Y2c.; bulk,
progress of sugar cane crop has been only fair in Louisiana delivered New York, 11 %C.
.75 MITIOIS
$1 87
$2 75
Pennsylvania
and has been injured by the "borer" in Texas. The Govern- Corning
1 10
I 70 Crichton
I 60 Wooster
ment report put the condition of American sugar beet crop Cabell
1 05
1 88 Plymouth
1 50 Lima
1 00
1 65 Maxis
1 40 Indiana
91%, against 85.6% a year ago, and the crop Somerset
on Sept. 1 at
1 67
light-- 1 55 Princeton
at 6,500,000 tons, against 5,260,000 last year. To-day the Somerset
RUBBER quiet but steady for a time then it fell. Some
tone was rather weaker, after the recent big business.
Philippine sold to the amount of 2,000 tons, due first week inquiries were made by factories but little or no actual
in October, at. 6.55c., as against 6.78c. the other day. Cuba business resulted. London early in the week was steady,
at
was held at Sc. and Porto Rico. 6.78c. for September and but later eased somewhat. Smoked ribbed sheet and first
first half of October. But refiners seem surfeited for the latex crepe spot, September,29/2o.; October,293/2c.; Novem/
time being. Refined met with little new demand. Ship- ber-December, 298 0.; January-March, 303/2o. Later prices
ments on old contracts were large. Quotations were 8.25 fell on the announcement of a 10% out in prices of Ford
to 8.40c., the latter the hst price. For the week, futures tires by the Firestone and the weakness of rubber stooks.
1254
THE CHRONTCLE
First latex crepe and ribbed smoked sheets, spot, September,
4
283e.• October, 28,4c.; November-December, 2930.; Jan4
uary-arch, 29M. London on the 13th inst. advanced
4
N to 15%d. In London on Sept.8 rubber was up to 153 d.
for plantation standard on the spot, an advance of Mc.
And that was held on the 10th inst. An increase of 1,142
tons in a week took place in the London stocks, according to
official returns. The total on Sept. 10 was 49,801 tons,
against 48,659 tons a week ago, 71,912 tons a year ago and
73,109 tons in 1921 at the corresponding time. In London
on Sept. 11 plantation standard on the spot fell Mc.,touching
15Md.
HIDES have attimes been rather more active on River
Plate. Sales were reported at 4,000 Las Palmas steers at
$36; 4,000 Sansinenas also at $36, or 133.'e. sight credit;
2,000 Artiga, steers at $39.75 or 14 5-16c. c. & f. and 3,000
Artiga steers to Europe at$39.50 or 1430.o.& f. At Chicago
on Sept. 10th packer hides were quiet but firm. Of packer
kipskins about 40,000 August skins sold at 153'c. or lc.
decline. Country all weight hides of shorthaired quality
were active at 9c. selected, delivered Chicago. High rade
brown patent leather was in good demand at 35c, 45c. and
50c. first three grades. Later River Plate business fell off
though there were sales reported of 1,600 Sansinena Uruguay
steers at $39.50 and 4,000 Swift La Plata Rio Grande steers
at $36, all to Europe. In New York trade was quiet.
Bogota 19 to 2Pc. Packers 10 to 13 Mc.; country 93i to 12c.
In Chicago on Sept. 11th packer hides were active with sales
of 5,000 extreme light native steers at 124c. Several
thousand June-July heavy native steers sold it was reported
at 14c. One packer sold his September output of calfskins
at 180. a rise of lc. Country markets were quiet early in
weelc owing to the Jewish holidays. Later River plate frig• orifico sold to the extent of 14,000 hides. United States
buyers took 4,000 Wilson .frigorifico steers at $36.12.
• or 13 3-16e. c. & f. and 2,000 Swift MonteviAeo steers at
%
$39.50 or 143 0. c. &t. In Chicago on Sept. 12th of packer
hides 60,000 Aug. branded cows sold at 9Mc. a sharp decline. Six thousand heavy native steers brought 1434'c. or
• Me. advance. Long haired, badly grubby country extremes brought 9Mc. selected.
OCEAN FREIGHTS have been in the main quiet and
about unchanged. Full cargo business at one time increased
somewhat. Some grain was shipped to Greece. Later in
the week steam rates were said to be a trifle steadier. Coal
rates to South America were firmer. Considerable time
charter business was done at times.
Charters Included grain from Montreal to Greece 4133.6c„ late September:
grain from Montreal to Lisbon 1750., September: gasoline from Gulf to
Alexandria 388.. October: crude oil from Tampico te Texas City I3c.,
September: grain from Montreal to two ports in Greece 1834c.-19 t4c.,
September loading: coal from Baltimore to Rouen $2 35. prompt: coal from
,
Atlantic range to Havana $1 75. prompt: coal from Atlantic rant e to
Curacao $1 40. prompt: cnal from Atlantic range to Rio Janeiro 53 50,
September; cotton from Gulf to Continent 37s. 6d. form 0. September;
grain from Montreal to Greece 1834c September: gasoline from Now
United
Orleans to Philadelphia 288. September: crude products from
to
States Gulf to Philadelphia. 25c.. September coal from Wales to United
United
port 88. 3d., prompt; Coal from Wales
States north Atlantic
Me.,
States Atlantic port Ss. 3d., nrompt: coal from Wales to Portland, 75.
$13
7s. 6c1., prompt:lumber from Oampbellton. N.B., to Buenos Aires. 1614 to
Sweden
option Rosario at $15 75 October: grain from Montreal to Three Rivers
I7c.. Sept. 24-Oct. 3 loading: coal from Hampton Roads to
Philadelphia 27c.,
from
$1, September: crude oil We.. United States Gulf to
Indies trade. 2.004 ton steamer. $I. prompt:
prompt;one round trip In
time
from Montreal to Greece. 1854c. September: three months from
grain
-ton steamer. 51 50, September: coal
.
charter In West. Indies trade. 997
prompt: deals from St. Anne to de Moritz to
Swansea to Montreal
B.. to
7s..
west Britain 65a.. Ileptember-October: deals from Campbellton. N.Cuban
two ports west Britain.63s Ad.. September:sugar from north side ofMexico
port to New York or Philadelphia IRe., September: crude oil from $3 75,
to Philadelphia 288.. prompt: coal from Atlantic range to Santos
September-October: grain from Atlantic range to Medierranean not east
December: grain from Montreal to Mediterranean,
of west Italy, 88.
6d..
not east of west Italy, 3s. 9d., one port. Oct. 15.
HOPS quiet but firm. English cables estimated the new
crop at about 225,000 cwts., as against 300,000 cwts. last
year and annual requirements of 400,000 cwts. State,
prime to choice, 40 to 50c.• medium to prime, 38 to 40c.;
'
1922, 25 to 30c.; old, 13 to 20c.
TOBACCO has in some respects shown rather more life.
Porto Rico tobacco, for instance, has met, it is said, with
a good sale at firm prices. Sumatra has been in fair demand.
Private Wisconsin crop reports have not recently been entirely favorable. Meanwhile, stocks here of tobacco in
general are reported to be very moderate. This naturally
has a tendency to steady prices even if in most kinds there
is no activity as yet. The Government report puts the
condition of the tobacco crop as a whole at 86.6%, against
76.2% a year ago; crop, 1,551,000,000 lbs., against 1,353,000,000 last year.
COAL was quiet here early in the week for the local
market. But Canada sent larger orders. Later prices were
weaker. Demand was slow. The settlement of the anthracite strike checked Western buying. Less coke was wanted.
Chicago predicts lower prices for coal. Anthracite here per
gross ton (independent): broken $11 to $12; egg $9 25 to
$14 75; stove $9 25 to 1'14 75; chestnut $9 25 to $14 75; pea
$6 to $10; 1 buck $3 to $4;2 rice $2 25 to $3;3 barley $1 40 to
$2; birdseye $1 50 to $1 75. Bituminous piers f. o. b.
$4 50 to $6 25. Later high volatile coals were firmer. A
larger inquiry from abroad was reported. The local coal
market was depressed. Soft coal was steady.
COPPER has been firmer on the better Ruhr situation,
The feeling in the trade is more optimistic. Not only did
copper producers advance their prices, but copper shares on
the stoek exchanges were higher. .In contrast with recent
[VoL. 117.
estimates of an increase in surplus stocks during August,
some decreases was reported. However, it WM not more
than 100,000 lbs. Deliveries totaled 205,000,000 lbs. the
largest for some time. On the 11 th inst. prices advanced
Mo. to 133c. to 14c. for electrolytic. Most sales on that
day were made at 133c., but one producer it is said, refused
two orders of 1,000,000 lbs. each at that price, holding firm
at 14c. Germany is reported to have taken considerable
copper lately. But buying by Japan is not up to expectations. Heavy sales were rumored early in the week and some
of the trades expect the price will be above 14 cents soon as a
result of more favorable news from abroad and publication
of August sales figures which were larger than had been
expected. August sales according to estimates hero were
above 200,000,000 lbs., the largest total for any month since
last March and nearly equal to the record monthly total
for the year to date. Sales for domestic consumption
according to the estimate, were the largest of any month thus
for in 1923, and though export sales were the second largest
on record. The labor supply in the Middle West has improved somewhat. Many men, it is reported, are leaving
outdoor employment to re-enter the mines. German miners
it is said recently entered the Michigan mines, and arc applying for their first citizen papers. Also 30 miners from Mexico
have entered the employ of the Quincy Mining Co. They
are the first to enter the mines of this country from Mexico
this year. Later prices declined Mc.for electrolytic to13 Vie •
In fact one producer, it is said, has been selling right along at
133 c. while the others were asking 13Mc. and 14e.
4
LEAD has been steady with a rather good demand. Spot
New York 6.75©7.00c.; East St. Louis 6.65@6.70c. Receipts at East St. Louis the past week were 20,870 pigs,
against 48,980 in the previous week; since Jan. 1, 1,847,250
pigs against 2,805,290 last year. Shipments the past week
were 36,380 pigs against 47,000 in the previous week; shipments since Jan. 1, 1,067,665 pigs against 1,478,540 pigs in
the same period last year. Later in the week the American
Smelting & Refining Co. advanced its price of lead $2 per
ton to 6.85c. for New York.
TIN advanced here on a better demand and higher sterling
exchange. Early in tho week a private sale of 25 tons of
Straits tin in a steamer was made at 42c. The talk of the
coming cessation of German passive resistance in the Ruhr
has also helped prices. London early in the week declined,
but later there was some recovery. Later the price declined
to 41 Me. with a lower London market.
ZINC declined. New York, 6.85©6.90c.; East St. Louis,
6.50©6.55c. Stocks of slab zinc increased 5,231 tons in
August to 26,471 tons. This is a greater increase than during
the previous three months. All other statistics show a
falling off. August production was 41,625 tons, a decline
of 1,440 tons. Shipments totaled 36.394, a decrease of
2,604 tons. Active retorts fell off 6,750 to 75,325. Total
shipments from plants for export were 1,016 tons and that
stored for customers was 40 tons. East St. Louis receipts
last week were 21,700 slabs, against 47,540 in the previous
week; since Jan. 1: 2,365,680 slabs, against 1,937,430 last
year. Shipments last week were 29,830, against 68,740 in
the previous week. Shipments since Jan. 1,2,008,250 slabs,
against 2,331,790 in the same period last year.
STEEL has been in the main quiet and in some cases
lower. Japanese buying is not turning out to be as large as
was expected. It may increase before long. But naturally
buyers for Japan want more light on the actual needs of that
country after its great disaster before going ahead. They
are not quite clear on that point; it is too soon to obtain
definite information. It is said that some 60,000 tons of
shapes, plates and bars have been inquired for or taken on
Japanese account. Recently some 30,000 kegs of nails
were sold to Japan and some 6,000 tons of sheets for temporary buildings. The point is that actual business thus far
is as a rule relatively small with the Island Empire. What
it will be in the next few months is another matter. The
not unnatural inference is that it may be very large. First
will come the buying to supply immediate an urgint needs,
needs not to be put off. Later will come the demand for
more permanent purposes. Japan, it might be added,
besides buying wire nails has bought 1,000,000 feet of building pipe and also a certain tonnage in galvanized sheets,
not to mention wire rods and further purchases of nails.
It is said that British mills have large orders or inquiries for
galvanized sheets. It is worth while to bear in mind too
that the stocks of steel in the Far East have been greatly
depleted of late by prompt shipments to Japan to relieve
the situation there. These countries will have to buy sooner
or later as well as Japan. Pittsburgh has reported a better
demand for pipe. The railroads are buying material on a
fair scale. But taking the steel trade as a whole its business
is plainly not all that could be desired by any means. Now
orders are relatively scarce. Production has been cut to
some extent. Prices have been shaded. Ingot production
is at the rate of a little over 40,000,000 tons a year as against
49,000,000 tons in April, which witnessed the high point.
PIG IRON has been dull and depressed Eastern prices
show a downward tendency. Furnace coke has fallen 50c.
per ton, with a settlement of the anthracite coal strike taken
to be a foregone conclusion. Birmingham iron orders are
noticeably lees than the output. Japanese buying of steel,
SHPT. 15 1923.]
THE CITRONITME
1255
In London on Sept. 13 offerings were 13,000 bales of free
though not insignificant, is not so large as was expected.
withdrawn.
The iron trade notes that fact, of course, with more or less wools. Demand good. Prices firm; much
scoured.
regret. Birmingham says that No. 2 foundry is practically Sydney, 2,081 bales; greasy merino, 24d. to 323d.; merino,
stabilized at $24. But sales are another matter. They are 443'2d. to 504. Queensland, 1,484 bales; greasy
2,262
distinctly unsatisfactory. In the absence of anything even 22d. to 323/24.; scoured, 433'd. to 52d. Victoria,
suggestive of activity not a few regard prices as more or less bales; greasy merino, 243/2d. to 34Md. South Australia,
nominal. What prices would be named on really large ton- 660 bales; scoured merino, 313/24. to 503d.; pieces, 143'24.
2434d. to
nage is a matter of pure conjecture. But it is intimated to 30d. West Australia, 564 bales; greasy merino, 9d. to
that no great reduction would or could be made. At the 30d. New Zealand, 5,949 bales; crossbreds, greasy,
same time there ale those who criticize present prices. They 273d4 best scoured, half-bred, 453/2d.; slipe half-bred,
on
1
think they are too high, having been originally forced up by 2644. The Boston "Commercial Bulletin" will say
coal and railroad strikes and kept up by high labor costs, Saturday, Sept. 15:
market this week, with fairly
"A
high freight rates and dear raw materials. It is an un- heavywider interest In wool is reported In thetrade is still spotty, however.
sales In a few individual cases. The
situation at best. But the trade has had and prices cannot be said to be stabilized fully,although there seams to be
satisfactory
asserted
time past.
value
uniformity of
enough of selling below cost in the past. Banks naturally maremanufacturersideas onfind itthan for some way in theand it isSc prices
matter
all their own
do not
eye such a thing askance. The iron business just now is that did a short while back."
as they
in a sort of impasse. Eventually, of course, it will find its
way out of it. Just now, however, business is dull and to
COTTON.
all appearsnce there is no liklehood ,of any real activity in
the near future.
Friday Night, Sept. 14 1928.
'
WOn h s en rather more steady, owing to some recent
MOVEMENT OF THE CROP,as indicated by our
THE
advance in London but trade has not increased much. It has telegrams from the South to-night, is given below. For the
still been miss, sfactorv. Pri esa broad are computed as 6
the total receipts have reached
to 80. higher than in Nov York or Boston. But neither this week ending this evening
firmness of Etli HO prices nor the talk of a big decrease in 170,272 bales, against 146,130 bales last week and 142,595
the Australian clip by reason of a dronght seems to stir up bales the previous week, making the total receipts since the
mills buyers. The Sydney sale will begin on Monday, 1st of August 1923, 604,653 bales, against 462,592 bales for •
Sept. 17. That may shed some further light on the situa- the same period of 1922, showing an increase since Aug. 1
tion. It may give some stimulus to buying if it shows a 1923 of 147,061 bales.
noteworthy advance. London is selling 19,000 bales of
Mon. Tues. Wed. Thurs. Fri. Total.
Sta.
Receipts alChines3 wool. This feature is sharply watched. Some predict a shortage of Australian wool, owing to a great drought Galveston
. 1114 183
16,304 17.203 37,207 15.830 13.731 13 908
.
1,8731 1.873
in Australia. The new clip is estimated at 400,000 less than Texas City
9.550 4.894 21.949
7,605
Houston
last year's. Less lambing is reported in New South Wales, New Orleans
344 4,041 1.471 5.592 1.510 2,514u 15,472
285
i701
71
12
23
2
7
Queensland and Victoria. The decrease there is said to be Mobile
137
1371
sharp, though it is reasonably good, it is said in Western Jacksonville
674 1,310 1,557 1.639 2.034 3,3151 10,529
Savannah
349
1531 1.233
131
212
193
195
and South Australia. In 1922-23 there were, it appears, Charleston
396
69
73
87
22
27
118
Wilmington
80,000,000 shrep in Australia, but poor lambing and mor- Norfolk
2.765
568
28
10
760 1.093
200
tality amorg the ewes, it is declared in some quarters, may New York
200
1.115
452
463
bring about a noteworthy decrease in the supply of wool this Boston
135
135
year. In Bradford last week the tone was firm in sympathy Baltimore
the London wool sales. Crossbred tops ...._-_,.. •...t- Imadantr 95 9511 92 525 as Ann es ace ea RAO 97 57A 1I70 979
with the trend at
were yet. to Id. dearer. The manufacturing end of the
The following tab e shows the week's total receipts, the
trade is disturbed, owing to Continental political conditions, total since Aug. 1 1923 and stocks to-night, compared with
Japanese disaster. last year.
French competition in piece goods and the
Considerable anxiety is being expressed as to the effect of
Stock.
1922.
1923.
the last named on the Yorksh're export trade, although the
Receipts to
possible destruction of Japanese cloth mills may modify its
This Since Aug This Since Aug
&pt. 14.
1922.
19Z3.
11922.
eventual effect.
Week. 11923. Week
.
In London on Srpt. 7th joint offerings were 11,300 bales.
114,183 420.299 81,942 252.337 199,461 180.251
Galveston
40
Demand good. The week closed with prices 5% above July Texas City
213
2,495
2.691
1.873
47.318
89.009 22.986
21.949
for all descriptions except Cape grades which showed no Houston
Port Arthur. 8‘c
material change. Sydney 750 bales; scoured merino 304 to New Orleans
42.761
42.67
53.735
51,852 15,143
15.472
4
461 d; siourei ore:shred pieces 27d to 34d. Queensland Gulfport
4.903
6
8.293
864 4,188
285
Mobile
1,273 bales; soourei merino the best being secured by home Pensacola
560
560
2,63
4.773
3,555
156 3,135
operators 504 to 60d. Victoria 3,025 bales; greasy merino, Jacksonville
137
23,661
78,512
73.732
21,730 23,568
10,529
27Md o 34M; crossbred 8M to 17d; secured crossbred Savannah
1913
4.450
14,013
30 4.750
Brunswick
34,797
26,631
5.710
11M to 234. Adelaide 973 bales; secured merino 30d to Charleston
5.930 2,822
1,233
51e1; pieces 13d to 33d. West Australia 789 bales; greasy Georgetown
9,915
1.55.
2.728
396
1.560 1,09.1
Wilmington
4
merino 21d to 31 1 d. New Zealand 4,338 bales; greasy Norfolk
31.110
10,811
4.073
572
2.765
7,123
crossbrna 8d to 26d. Fine grades were taken mostly freely N'port News, &c..
72,225
32.6R
1,312
200
600
New York
by the Ccritinent and medium and lower grades by Yorkshire Boston
5.160
3.191
2.912
287
1,784
1,115
1,636
791,
754
445
55
135
speculato-s. But lots were frequently withdrawn it must Baltimore
4.291j
4.572
464
580
be added ovrifg to the firm limits. In London on Sept. 10th Philadelphia
486.252
joint offerings wore 12,500 bales. Full attendance. Good
170.272 604.653 163.102 462.592 3520
Totals
demand. British and foreign prices steady. Speculators'
In order that comparison may be made with other years,
lots wore num-rolls. High limits again led to frequent withbelow the totals at leading ports for six seasons:
drawals. Sydney 1,629 bales; greasy merino 233.4d to 33Xd; we give
secured 34d to 504. Queensland 225 bales; scoured merino Receipts at-• 1923.
1918.
1919.
1920.
1922.
1921.
3434d to 514. Victoria 3,597 bales; greasy crossbred chiefly
___
%
to British buyers 98 to 21M; scoured crossbred, chiefly Galveston_&c_ 114,162 81.942 62.464 53.051 17.474 60.710
107
550
665
21,949
21,847
26.044
4
4.456
/.d to 29 1, d. New Zealand Houston,
to Continental lyiyers to 103
15,472
8.901
15,143
16.110
New Orleans_
4,681
3.225
231
285
4,188
4,438
6,670 bales; orossbreds the bulk to Yorksh're, best greasy Mobile
31.663
24.478
10.964
10.529
23,568
25,160
2,000
22d; scoured 374. Cape 303 bales; greasy merino, mostly Savannah _
1,000
4.750
Brunswick
6,162
1,322
68
1,233
'2,822
3,718
Charkston _
to Continent 16!A4 to 254.
5,637
629
21
396
1,094
2.596
Wilmington
In London on Sept. 11 joint offerings were 13,500 bales. Norfolk
1.698
4,033
898
572
2,765
2,963
86
106
28
19
Preety good demand from British and Continental buyers. N'port N.,&c.
958
968
2,607
3.460
2.685
29.023
Prices firm, the drift apparently being upward. The fixed All others___.
limits, however, caused quite a good many withdrawals. Total this wk_ 170,272 163,1021 142,000 77.434 58,231 139,754
That has been the case since this series of sales began.
1__ 604,653 462.592 658.123 342.694 375.023 538.754
Sydney, 825 bales; greasy merino, 26d. to 32d.; scoured Since Aug.
The exports for the week ending this even ng reach a total
to 37d. Victoria, 2,924 bales; merinos,
pieces, 28M.
greasy, 273d. to 32d.; scoured, 3834d. to 57d.; crossbreds, of 37,747 bales, of which 4,179 were to Great Britain,
greasy, 9d. to 163'd.; scoured, the bulk to Continent, 1134d. 5,182 to France and 28,386 to other d stinations.
Below are the:
to 30d. West Australia, 390 bales; greasy merino, 22d. to Exports for the week and since Aug. 11923.
303'd. New Zealand, 5,076 bales. crossbreds, fine grades,
Press Aug. 1 1923 M 560.14 1923.
Week ending Sept. 14 1923,
mostly to the Continent, 17d. 4) 24d.; other qualities
Exported to
Exported to/
mostly to Yorkshire operators, 831d. to 164d.. slipe, 11M: ExPoele
&eat
'
to 26M. Cape, 804 bales; best greasy, 25(1.; snow-white
Britain. France. Other. foal.
grades withdrawn. Falklands, 3,003.bales; greasy, cross34.531 94,957 163,047
_
breds, mostly to Continent. Prices still ruled firm and are Galveston_
25.165 48.961 89,009
9.931 19,877
8121
now equivalent to those (4 July. In London on Sept. 12 Houston
On
New
359,
350
offerings were 12,909 bales of free wools. Demand good Mobile __
' 2,3T6
2,389
Savannah
3,61i1
3,961
3
for crossbreds. Prices firm. Sydney, 2,136 bales; merinos, Charleston _
3,9231
9.831
I
5,908
greasy, 26d. to 323'd.; scoured,. 373d. to 563'd. Queens- Norfolk_ ___
33.38
69,259
26.573
2,14
New York__
197
land, 238 bales; scoured merino, 14d. to 3934d. New Boston
50
97l
97
8.96 3,962
Zealand, 6,222 bales; crossbreds, greasy caused excited San Fran...
2,384
bidding, especially medium to coarse grades, bulk to York- Total 1923_ 4,179 5,182 28.386 37,74 90,467 69.808 201,5.57 3
61.832
41.654 174,429
-id. Total 1922_ 27,538 869 29,505 57,91 103.654 97.061 430.060 319,737
shire, 9d. to 17d.; finer grades, mostly to Continent, 203
106.296
633.417
Total 1921_ 23.353 37,356 68,100128,8
26d. Capes, 1,317 bales; greasy, 264.; scoured, 403cl.
to
1256
THE CHRONICLE
NOTE.—Ezporis to Canada.—It bas never been our practice to Include In the
above table exports of cotton to Canada, the reason being that virtually all the
sotton destined to the Dominion comes overland and it Is Impossible to get returns
soncerning the same front week to week, while reports from the customs districts
on the Canadian border are always very slow n coining to hand. In vlew.-however,
of the numerous inquiries we are receiving regarding the matter, we will say that for
the crop year from Aug. I to u.y 31 (no later returns are as yet available) the exports
to the Dominion the present season have been 194.0 i3 bales. In the corresponding
Period of the preceding season the exports were about 201,500 bales.
[VOL. 117.
goods. In other words, raw cotton has been advancing faster
than goods. But at any rate It Is encouraging to see business showing the stirrings of new life at Fall River. And
significantly enough, Worth Street on Tuesday and Wednesday disregarded a rather sharp setback in raw cotton here.
There is a fear in that quarter of a third short crop in sucIn addition to above exports, our telegrams to-night also cession. And to some it looks like a foregone conclusion that
give us the following amounts of cotton on shipboard, not the better grades of cotton goods are going to compete with
silk on a larger scale than for years past owing to the great
cleared, at the ports named.
disaster in Japan. Speaking of Japan, it turns out, according to an Osaka, Japan, dispatch, that the Japanese loss in
On Shipboard. Not Cleared for—
spindles by the earthquake was 1,100.000 as against early
Leaving
Other Coast- I
GerGreat
Stock.
Sept. 14 at— Britain. France. many. Conrnt. wise. Total.
estimates of 600,000. If that is so It would cut the Japanese
98.351 spindleage from 4,750,000 to 3,650.000, which was about the
Galveston
101,110
32,142 22,400 14.000 17,568 15,000
40,248 total of 1920, when it was estimated at 3.700.000. In 1919
New Orleans_ _
275
162
153 2,431
361
1.480
20,663 it was 3,320,741. There is no doubt that with
Savannah
200 3.200
3.000
the well-known
26.639
Charleston
690 energy and enterprise of the Japanese people this loss will
Mobile
10,461 be regained within a reasonable space of time. What
Norfolk
350
350
the
40,957
Other ports *_ - 3.000
300 2.500 1,100
6,900
world's consumption of American cotton will be is of course
238.009 at this time a matter of pure conjecture. But we perhaps
Total 1923-- 39.972 22.862 16.861 18,943 15,353 113,991
Total 1922_ _ 38.441 15,046 10,848 16.108 5,970 86,413 389,839
Total 1921-- 7.851 17,489 49.503 32,494 5,500 112.837 1,198,650 get some light from the fact that stocks at hotne.and abroad
have been much depleted and that the tendency of trade is
*Estimated.
to expand at home and elsewhere in the world.
active at
Speculation in cotton for future delivery has been
On the other hand the technical position of the cotton
rising prices, though of late they have reacted from the top, market has at times been considered weak. One hears very
receipts often the remark "there are too many bulls." Everybody has
which was 285.( c. for October on the 10th inst. For
2
at the Southwest have latterly been increasing. They have been predicting 30c. And recently the price did get within
been well ahead of the shipments. The weather has been 1/ of the goal. That was a rise within about five weeks,
1c.
2
better. The spot basis in Texas has been reported lower. as already stated, of 71 2c. And the general expectation of
/
Exports from this country have bees small. They present a 30c. or higher has brought about a large increase in the
very sharp contrast with those of the first days of the month. speculative trading. It has even taxed the clerical resources
To be sure, the total for the season is larger than at this of some of the commission houses recently work has been
time last year. But it Is not so large as had been expected. going on till far into the night. Wall Street has been buyNow the trade faces, it Is believed, a sharp Increase in the ing. So have uptown operators. So to all appearances has
crop movement In Texas and the Southwest generally, if not the West. From time to time Liverpool has bought freely.
elsewhere in the near future. And the question is, Can the And bullish sentiment has spread to that market, encourprice stand up under it, especially as It has advanced about aged by the better Manchester reports. In a word the drift
7c. since early in August?
has been towards the long side at home and abroad. The
But these are only considerations by the way. Bullish sen- long account has therefore at times seemed rather
unwieldy.
timent Is still for the most part paramount. The trade has And latterly there have been persistent reports of a lower
been buying steadily. Hedge selling has not been so large basis in Texas. There has been comment on the fact
that
as was expected. Spot business In Texas has continued on the receipts have considerably outrun shipments at Texas
an unusually large scale for this time of the year. With the points. Exports have, as already stated, recently dwindled.
season at least two weeks late mills In the Carolinas, Georgia And on Thursday a break In the stock market had, with
and Alabama have been buying cotton in Texas. Usually other things, a depressing effect on cotton. Nothing definite
they can get enough in their own immediate vicinity by early was announced in regard to the Ruhr. There was an insurIn September, but that has not been the case this year. They rection of some of the troops in Spain. Italy demands Flume .
have therefore been buying in Texas in competition with and shows a•belligerent sprit not in accord with the univerNorthern spinners and with exporters. Small wonder that sal desire for peace. This fact and the evident popular disprices have risen sharply. At the same time co-operative content in parts of Spain did not escape the attention of the
growers' associations are to all appearances becoming more London stock Market. Also, coming back to cotton itself, the
popular at the South. They have obtained big loans from better weather is expected to cause a larger movement of the
the banks in the last month or six weeks. That presumably crop in Texas very shortly if not at once. Liverpool
was a
means that there is more or less holding back of cotton. large seller here on Thursday. Wall Street sold freely.
Some of there have been offering the farmer an advance of Crop estimates which were recently in some cases around
15c. a pound on his cotton. Last year they granted only 12c. 10,000,000 bales have latterly been 10.500.000 to 11.100,000
And the farmer is said to be deeply imbued with the idea bales. This has excited some comment even though these
that the price Is going to 30c. He reads the newspapers. He estimates themselves point to an insufficient crop.
is not unaware that this is to all appearances the third short
To-day cotton advanced 40 to 45 points early, with the
crop in succession. He sees that stocks of contract cotton in cables firm, Manchester reporting large buying by
Calcutta,
New York, New Orleans and Liverpool are very small. The heavy rains in parts of Oklahoma. only light hedge
selling,
certificated stock has almost disappeared. He notes that spot markets firm, Fall River's sales for the week
175,000
Liverpool's spot sales recently increased materially and that pieces, Barcelona orderly, and some old
members of the bull
Manchester is doing a better business. This naturally pro- party replacing long lines. Also, there was
congiderable covduces a certain effect on his mind. Also, the crop reports ering. Private crop reports were still
have continued to be had. The last weekly report was espe- plained of limited supplies restricting bad. Liverpool combusiness. One private
cially bad. Some called it the worst for years past. How- report put the Condition at
53.2% against 58.7% at the end
ever that may be, it was certainly one of almost unrelieved of August. Later on a crop estimate
gloom. And private reports are persistent to the effect that condition of 54% and a declining stock of 11 300,000. with a
market, caused heavy
east of the Mississippi River most of the States will have selling by some prominent local
operators
smaller crops than last year. This tends to offset a tendency upon the price fell some 40 to 45 points and others, wherefrom the early high
of late to raise the estimate of the Texas crop to about 4,000,- level. Also, some of the selling was in
the fear of better
000 bales against 3,222.000 last year. Private reports have weather over Sunday, larger receipts, a
fear of increased
put the condition of the belt at 52.4 to 53.2% and the crop at hedge selling and also some tendency of late
to increase the
10,500.000 to 11,080.000 bales. The decrease In the condition crop estimates. There were rumors that in
Texas
within two weeks has been a little less than 5%, according to down to a price which would permit tenders in cotton was
New York
one report. The next Government report will appear on on the basis of October. This was denied
in
Oct. 2. A year ago the October report put the condition at later, which stated that Texas prices on some dispatches
the average were
50%. The 10-year average for Sept. 25, the real date of the about $4 a bale over the price of New
York contracts. The
Oct. 2 report, is 57.5%, so that recent reports have averaged ending was at a moderate net advance for
the day. The sellabout 5 points under this.
ing on the whole was well taken. For the week there is a
Meantime, as already intimated, Manchester is doing a rise of 76 to 112 points, the latter on
October, which has lat-'
good business in cloths with the Far East. Both India and terly been at. a premium over December
of 31 to 3 points.
9
China, it appears. are buying more freely. Calcutta is buy- Spot cotton ended at 28.70 for
middling, a rise for the week
ing freely of piece goods. Yarns in Manchester have been of 90 points. American consumption
in August was 491,604
very firm. It looks to not A few as though Manchester trade bales, against 461.575 In July.
had turned the corner. And If the rumors of coming peace 103 in August 1921 and 483,193 527.404 in August 1022, 467,in August 1920.
in the Ruhr turn out to be correct, as seems highly probable,
The official quotation for middling upland cotton in the
It is fair to presume that there will be some revival of trade New York market
each day for the past week has been:
on the Continent. Germany has been a good buyer of AmeriSe.s to Sept. 14—
Sat. Mon. Tues. Wed. Thurs. Fri.
Middling upland
28.95 29.10 29.45 29.05 28.55 28.71
can cotton in years gone by. And although England has been
buying foreign growths on a larger scale than for many
NEW YORK QUOTATIONS FOR 32 YEARS.
years past it is supposed to prefer American if it can get the
The quotations for middling upland at New York on
price for its goods that will justify buying American. Amerfor each of
ican cotton has been much above the parity of foreign Sept. 14 28.70c. 1915 the past 32 years have been as follows:
1923
10.45, 1*07
12.60c. 1899
6.38c.
growths like East Indian Peruvian and African. Reverting 1922
21.75c, 1914
1906
9.8 . 1808
5.810.
1921
13.60c. 1913
13.20c. 1905
10.90c. 1897
7.38c.
to trade on this side of the water. Fall River has had a good 1020
33.50c. 1912
11.9nc. 1904
8.62c.
10.35c. 1896
demand for its goods. It has even refused considerable busi- 1919
29.55c. 1911
11.80c, 1903
12.00c 1895
8.25c.
1918
35.05c, 1010
13.25c, 1002
8.88c. 1804
6.88e.
ness. That was not difficult to understand. It complains 1917
21.80e. 1909
17.50c, 1901
8.380. 1893
8.38c.
that raw cotton is above the parity of prices for cotton 1916
15.65c. 1908
9.40c. 1900
7.19c.
10.750. 1892
THE CHRONICLE
SEPT. 15 1923.]
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also add columns
which show at a glance how the market for spot and futures
elosed on same days.
Futures
Market
Closed
Spot
Market
Closed
Saturday___
Monday____
Tuesday _ _ _
Wednesday_
Thursday __
Friday
SALES.
Spot.
Steady, 115 pts. adv Excited & irreg.
Steady, 15 pts. adv_ Barely steady
Steady, 35 pts. adv_ Ste.tdy
Barely steady
Quiet, 40 pts.
Quiet. 50 pts. dec _ Barley steady
Steady, 15 pts. adv. Steady
Total
nil.
nil.
nil.
FUTURES.
-The highest, lowest and clos ng prices at
New York for the past week have been as follows:
Saturday, Monday,' Tuesday, Wed'day,IThursd'y, Friday.
'
Sept. 8. Sept 10. Sept. 11. Sept. 12. &pt. 13. Sept. 14.
September
-
Ranee
closing
orsober-
AT THE INTERIOR TOWNS the movement
-that is,
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding periods of the previous year-is set out in
detail below:
Movement to Sept. 14 1923.
Receipts.
Towns.
Contr't. Total.
Week.
I
-- 1 27.90-150 28.00 -127.90-118 27.65-.88 27.70-.72 27.65-150
1257
Week. Season.
Movement to Sept. 15 1922.
Ship- Stocks
nests I Sept.
Week. 14.
Receipts.
Week.
&Hy- 1Stocky
ments Sept.
Week. 15.
Season
1
195
18
134
43g1
1.014
Ala., Birming'm
200
249
100
723
30
1,190
Eufaula
4.809 1.587 6.760 5,71:
Montgomery. 2.792
10.901
1,360
1.741
603 1.772 6,716 12,792
Selma
2
7
159 6,250
661
855
Ark., Helena_
181
436
909 9,444 5,74:
9.582
Little Rock
9
1,715
240 19.439
1,526
667
Pine Bluff
229
89 2,114
766
2.842
160
Ga., Albany
60
742
155 12.390
1.321
83
Athens
149
866
12.093
220 6,240 3,46
Atlanta
6,295 10,994 1.579 14.276 11.225 40.675
Augusta
180
962
340 3.190 4.583 10.907
Columbus..120
287
69 3.563 3.811
8.996
Macon
243
343
4.250
350 2,920
801
Rome
La., Shreveport 4,601)
6,000 1,500 4.300 1,900
2.600
56
60
____t
1.790
Miss..Columbus.
337 1,360
207
438
3,593
850 12,106 2,834
Clarksdale
480
912 1,599 9,829 5.030
6,694
Greenwood
52
182
Meridian....
4,909
2
427 3.56.
1.194
783
200 3.81. 1.632
2,551
Natchez
4
136
105 2.365
956
555
Vicksburg
130
208
558 5.632
953
1.360
Yazoo City.._
31.358
Mo., St. 1.ouis_ 4.963 25.412 4.985 3.265 4,18
424
12
140 5.601
3.203
N.G.,Gre'nsboro
506
428
486
343
275
265
12
Raleigh
91
617
95
7
725
512
Okla., Altus
15
75
60
234
40
2.222
Chickasha___
......4
289
Oklahoma..
-_1
234
12
847
2,410 1.075 6,066
942 10.010
8.C..Greenville
129
129
Greenwood__
78 4,360
94
1041
Tenn.,Memphis 7.553 24.910 10.092 47,703 5.697 27.04
____
Nashville____
10
1,456
1.596
763
833 1A32
Texas, Abilene_ 1.451
8.580 1.478 5,293 1.957
Brenham____ 2.024
8:
4421
1,691
8,060 2,678 1.775 4,0'
8.430j
Austin
6,607 10,506 4.022 5.775 2.: 1 i
Dallas
4.921
Honey Grove
Houston.-.- 189.816 652,435131,815219.090 119370 376.53
3.940 11.156 3,591 3.404 4.047
7,543
Paris
13.553
San Antonio_ 3.500 14.089 3.500 7,000 3.399
3,904
8,753 2.844 2.847 3,360
Fort Worth
5.340
2161
956
400 3.213
4.854 14,045
4,304 6,371
230 5,403
1.753 19,922
369 21,833
489 2,660
585 11.676
3,424 9.662
8.384 53.72$
2.880 7.928
2.911 9.768
300 5,519
300 5.200
116 1.929
450 11.185
570 13.544
789 4.910
616 3,123
200 3.432
139 5.134
6,7271 7.164
3061 5.476
75'
100
1,295
97
607
2.502
1.213 8.845
94 8.664
5,843 52,157
78
195
885
625
1.615 3,558
3,955
425
361, 8,120
I
110
97.765138.789
2.053 4.535
3.718 3,063
1,582 4,656
27.64 -27.85 p
128.17 -,27.76 -127.52 - 27.72-1
Range
26.70-90 27.50-150127.65-130 27.73-114 27.51-102 27.54-.97 26.70-/50
Closing
27.60-.70 27.85-.88 28.17-.20 27.76-S1 27.52.-60 27.66-.72
November
26.75 _1 27l5_501
Range
26.76450
Closing___ _ 27.50 -27.68 -28.05 -,27.131 -27.37 - 27.50-December
1
1 27.45-.90 27.16-68 27.23-.63
26.50-.70 27.30-117 27.35411
Range
26.50-117
27.40_.45,27.53_.62 27.94-.95 27.46-.49 27.20-.23 27.35-.38
Closing
January
1
26.15/37 26.84472 27.02-.71) 27.05-5026.75-129 26.80420 26.15472
Range
Closing_
27.00-05 27.20-.23 27.60-.63 27.08 -26.77-50 26.96-February
Range
_ 27.00 -27.23 -27.60
1
-26.74 -26.92-March
I
-127.05
26.19440 26.85487 27.72-05 27.03-.50 26.75426 26.73420 26.10487
Range
Closing..... 27.00-.15 27.25-30 27.60-.67.27.04-.08 26.78-.80 26.88-.90
April
Range
Closing__ 27.00 -,27.23 -27.58 -127.02 -26.76 -26.84-May1
1
Range
26.30442 26.90485 27.07-.65 26.95445 26.70-120 26.70410 26.30485
„
,168 644.849160.666471.
ota ,41 tOWflSZ4O.U55.
ClosIng
27.00-25 27.20-.24 27.53 i27.00-.03 26.72-.75 26.80-.83
June
The above total shows that the interior stocks have inRange
,
creased during the week 65,106 bales and are to-night 29,022
Closing__ 26.85 -,27.05 -27.32 -26.82 -.26.54 -26.54--- July1
bales less than at the same time last year. The receipts
1
Range
26.00-.70 26.55-n0 26.79430 26.65402126.37-.83 26.20-50 26.00-'30 all towns have been 28,867 bales less than the
week
Closing
26.70 -26.90-95 27.12 -26.65 -26.38 -26.28-.30-- last year.
f27o. 128o
at
same
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks, as
well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
Sept. 16Stock at Liverpool
Stock at London
Stock at Manchester
1923.
bales 287,000
3,000
26,000
1922.
1921.
642.000 964.000
1.000
1.000
47,000. 70,000
1920.
872.000
12.000
90.000
316.000
16.000
41.000
23,000
2,000
01.000
2,000
1,000
1.000
690.000 1.035.000
6.000
36.000
115.000 277.600
109.000 103,000
10.000
11.000
50.000
82.000
53.000
8.000
7.000
24,000
2.000
974,000
147.000
352,000
311.000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
Total Continental stocks
531,000
57.000
109.000
8.000
58.000
66.000
13,000
1922
1923
Since
Since
Sept. 14
Week. Aug. I.
Week. Aug. I.
Shipped31.358
27,8,51
4.189
4.985
Via St. Louis
2,863
13,338
2,040
7,900
Via Mounds, 8cc
Island50
Via Rock
-881
Louisville
4.554
102
858
Via
3.055
22,223
21.343
3.319
Via Virginia points
9.562
60,834
54.534
9.725
Via other routes, &a
Total gross overland
Deduct Shipments
Overland to N. V., Boston, Ste
Between interior towns
Inland, &c.,from South
Total to be deducted
20.171
112.486
20.220
132,357
1.450
615
9,877
3.409
3.017
34.190
242
593
4.592
5.342
3.554
35,645
463,000 1.042.000 1.566.000 1.285.000
91.000
63.000
85,000
126.000
230.000 171.000 258.246
113.284
69,000
65.000
69.000 • 35.000
109.000
175.000 237.000
71.000
338.000 751.000 1.034.000 1.168.000
352.000 486.252 1.311.487 755.658
442,507 471,529 983 869 821.889
96
40.832
12,458
Total, visible supply
2,092 603 3.224.781 5.585,434 4.388,289
Of the above, totals of American and other descriptions are as
follows:
American
Liverpool stock
bales_
53.000 309,000 580,000 531.000
Manchester stock.,
14.000
31.000
57,000
80.000
Olontlnental stock
91.000 283.000 453.000 245.000
American afloat for Europe
230 000 171.000 288.246
113.284
U. S. mrt stocks
352.000 486,252 1.311.487 755.658
U.S. Interior stocks
442,507 471.529 983.869 821.889
U. S. exports to-day
96
40.832
12.458
Total American
1.182.603 1.751.781 3.684.434 2.559,289
East Indian, Brazil, dm.Liverpool stock
234.000 333.000 384,000 341.000
London stock
3.000
1.000
1 000
12.000
Manchester stock
12,000
16,000
13.000
10.000
Continental stock
56,000
69.000
78.000
66.000
91.000
India afloat for Europe
63,000
85.000
126.000
Egypt, Brazil. &c., afloat
69.000
65,000
69.000
35.000
109,000
Stock in Alexandria, Egypt
175.000 237.000
71.000
336.000 751,000 1.034,000 1.168.000
Stock in Bombay. India
910.000 1.473.000 1.901.000 1.829,000
Total East India, &c
1.182.603 1,751.781 3.684.434 2.559.289
Total American
2,092.603 3.22+,781 5,585.434 4,388,289
Total visible supply
middling uplands, Liverpool ___ - 16.• 9d. 13.32d.
13.334.
21.68d.
28.70c.
Middling uplands, New York_ _ _
21.60c.
19.20c.
31.00c.
Egypt, good sakel, Liverpool.... 18.954.
19.754. 24 00d. 63.004.
Peruvian, rough good. Liverpool_ 18.25d.
14.50d.
13.50d. 36.004.
13.60d.
Broach fine, Liverpool
11.85d.
12.304.
17.854.
14.504.
Thinevelly, good. Liverpool
12.754.
12.804.
19.104.
Continental imports for past week have been 40,000 bales.
The above figures for 1923 show a decrease from last week
of 134,540 bales, a loss of 1,132,178 from 1922, a decline of
3,492,831 bales from 1921 and a falling off of 2,295,686
bales from 1920.
11.942
40,616
5.427
44,541
Leaving total net overlands- 8.229
Total European stocks
India cotton afloat for Europe...
American cottonafloat for Europe
Egypt,Brazi1,8m.,afiot for Europe
Stock in Alexandria. Egypt
Stock in Bombay. India
Stock in U.S. ports
Stock in U. S. interior towns.-U.S.exports to-day
OVERLAND MOVEMENT FOR THE WEEK AND
-We give below a statement showing the
SINCE AUG. 1.
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
71,870
14.793
87,816
•Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 8,229 bales, against 14,703 bales for the
week last year, and that for the season to date the aggregate
net overland exhibits a decrease from a year ago of 15,946
bales.
1923
In Sight and Spinners'
Since
Takings.
Week.
Aug. 1.
Receipts at ports to Sept. 14.-170,272
604.653
Net overland to Sept. 14
8.229
71.870
Southern consumption to Sept.14a 75.000
605,000
Total marketed
Interior stocks in excess
922
Week.
163.102
14.793
81.000
Since
Aug. 1.
462.592
87,816
569,000
253.501 1,281.523 258.895
55.369
65.106
171,612
1,119,408
95,371
Came into sight during Weak..-318,607
Total in sight Sept. 14
1,453.135
North.spinners'takings to Sept.14 25.416
134,041
314.264
1.214.779
41,001
189,190
* Decrease. a These figures are consumption; takings not available.
Movement into sight in previous years:
Week1921-Sept. 16
-Sept. 17
1920
-Sept. 19
1919
Bales.
Since Aug. 1222,164 1921-Sept. 16
183,478 1920
-Sept. 17
175,942 1919
-Sept. 19
Bales.
1,148.346
830,243
776,642
NEW ORLEANS CONTRACT MARKET.
-The closing
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Saturday,1 Monday, Tuesday, :Wednesday, Thursday,1 Friday,
Sept. 8.
Sept. 13. Sept. 14.
Sept. 10. I Sept. 11. 1 Sept. 12.
September 27.35 bid 27.40 bid 27.71 bid 27.24 bid 27.02 bid 27.14 bld
October __ 27.10-27.1827.15-27.28 27.46-27.51 26.99-27.01 28.77-26.8026.80-26.93
December_ 27.10-27.16 27.02-27.16 '27.45-27.49 26.97-27.01 26.71-26.78 26.80.26.84
January _ _ 27.04-27.09 27.01-27.06 27.34-27.35 26.83-26.85 26.52-26.56 26.61-26.64
March____ 27.0526.90-27.00 27.24-27.30 26.79-26.82 26.53-26.5526.55-26.58
26.32-26.3626.36-28.40
May
26.9526.88-26.90 27.02-27.07 26.60 July
27.1526.80-26.85 26.78-26.85 26.35-26.0 26.02-26.07 26.05 bid
Tone
Dull
Spot
Quiet
Steady I Quiet I Steady I Steady
Steady
Steady
Options... Strong Barely Bey Very ste'dy Steady
1258
THE CHRONICLE
[Vor,. 117.
-The
OKLAHOMA COTTON CROP IMPROVING.
State Board of Agriculture at Oklahoma on Tuesday, Sept. 11
1923, issued the following statement as to the condition of
the cotton crop in that State:
Rain. Rainfall.
1 day 0.05 in.
dry
1 day 0.31 in.
3 days 0.47 In.
2 days 0.16 in.
5 days 1.22 in.
dry
dry
dry
4 days 1.01 in.
dry
1 day 0.98 in.
3 days 1.04 in.
1 day 0.48 in.
4 days 0.88 in.
2 days 0.27 in.
dry
2 days 1.63 In.
Decatur
Montgomery
Selma
Gainesville, Fla
Madison
Rains have fillen at intervals for the past three weeks in Oklahoma and Savannah, Ga
have greatly improved conditions over the entire State. On Sept. 2 Athens
12 widely scattered stations in the cotton sections reported from 0.17 to Augusta
2.40 inches. The condition of cotton has been aided materially since the Columbus
Aug. 25 report. The plant Is taking on additional fruit and shedding has Charleston. S.C
become less general. Practically no boll weevil injjury has been reported Greenwood
and it is felt that due to unfavorable weather conditions for the ravages Columbia
Conway
of the pest Oklahoma's cotton loss from this cause will be slight.
Charlotte, N. C
CENSUS BUREAU REPORT ON COTTON GINNING Newbern
Weldon
TO SEPT. 1.
-The Census Bureau issued on Sept. 8 its first Dyersburg, Tenn
report on the amount of cotton ginned up to Sept. 1 from Memphis
Thermometer
high 87 low 60 mean 74
high 92 low 61 moan 77
hich 95 low 64 mean 80
high 94 low 67 mean 81
high 94 low 67 mean 81
high 95 low 70 mean 80
high 94 low 62 mean 78
high 94 low 67 mean 81
high 97 low 63 mean 80
high 93 low 72 mean 83
high 90 low 61 mean 76
high __ low 66 mean -high 94 low 66 mean 80
high 91 low 60 mean 76
high 90 low 64 mean 77
high 92 low 61 mean 77
high 84 low 60 mean 72
high 86 low 62 mean 74
the growth of 1923 as follows, round bales counted as half
The
statement we have also received by telebales and excluding linters, comparison being made with the graph, followingthe height of rivers at the points named at
showing
returns for the like periods of 1922 and 1921:
8 a. m. of the dates given:
state-1921.
1923.
1922.
Sept. 141923. Sept. 15 1922.
Alabama
12,968
4,704
55,680
Feet.
Feet.
Arkansas
306 New Orleans
3,663
4,761
Above zero of gauge_
2.6
5.3
California
Florida
Georgia
Louisiana
Mississippi
North Carolina
Oklahoma
South Carolina
Tennessee
Texas
All other States
1,277
803
19,756
12,820
1,457
445
5,268
2,327
1,088,072
745
51
5,379
141.107
14.366
10,685
878
3,487
4,704
55
564.957
79
173
387
47.863
2.743
4,144
77
1.221
1,160
2
414,616
127
Memphis
Nashville
Shreveport
Vicksburg
Above zero of gauge_
Above zero of gauge..
Above zero of gauge_
Above zero of gauge..
7.0
7.4
4.4
9.4
8.5
8.0
10.4
13.9
RECEIPTS FROM THE PLANTATIONS.
-The following table indicates the actual movement each week from
the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.
United States
485,787
1,141,337
806,189
The statistics in this report include 51,797 round bales for 1923, 25,625
for 1922 and 36,027 for 1921.
The statistics for 1923In this report are subject to slight corrections when
checked against the Individual returns of the ginners being transmitted
Week
Receipts at Forts.
Stocks at /motor Towne
Receiptsfrom Planta:kw
by mail.
Sadie
Consumption, Stocks, Imports and Exports
-United States.
1923. 1922. 1921.
Cotton consumed during the month of July 1923 amounted to 461.575
bales. Cotton on hand in consuming establishments on July 31 was June
1.089.230 bales, and in public storage and at compresses 938,689 bales.
22__ 80.7281 75,711 100,160 369.04 588.3821,839.01
84,612
The number of active consuming cotton spindles for the month was 34,29.. 29.3711 72,514 103.323 348.27 540,73711.292.8
57,182
237.887. The total imports for the month of July 1923 were 6.356 bales July
and the exports of domestic cotton, including linters, were 171.469 bales.
47,884
24.4721 56.184 100,186 331.88 498,9351.240,3
50,357
13.. 20.1251 41,564 83,955 312.912 458.8391.206,73
QUOTATIONS FOR MIDDLING COTTON AT 20.. 15.202 31,697 98,434 293.59 433.178 1.1157.54
49,245
27..
89.398
OTHER MARKETS.
-Below are the closing quotations for Aug 22.226 34,393 98,712 278,391 388,8301,129.231
1
middling cotton at Southern and other principal cotton
58,951
27.086 32,031 86,944 270,233 355,1591,099,238 19.52
10., 29.720 24.012 74,894 264.913 345.7261.074,165 24.400 14.5791 49,821
markets for each day of the week:
17.. 46.080 33.716 84,050 268,226 341.519 1.048.507 51.253 29.5091 58,482
62.758. 44.317 91.711 802.78) 351,079 1,015,473 97.312 53.8771 58.587
31._ 142,5951 91,625105,024 331,917 355,704 987 6841171. 1 96 2501 77,235
Closing Quotations for Middling Cotton on-.
762 .
Sept.
Week ending
7.. 146.130 95,017 107,847 377,401 416,1611 987.030191.884155,4741107,193
Rein. 14.
Saturday. Monday Tuesday, Wed'day. Thursd'y. Friday.
14_ _ 170,272 163,102 142,000 442,567 471,529 983,869235,378 218.470 138.839
27.30
Galveston_
27.30
I7.20
27.50
27.45
27.85
New Orleans___ 26.75
17.50
The above statement shows: (1) That the total receipts
27.50
27.50
27.50
27.50
27.00
Mobile
26.75
27.00
27.00
27.50
27.25
from the plantations since Aug. 1 1923 are 778,198 bales.
27.50
Savannah
27.75
27.50
27.82
27.75
27.95
in 1922 were 568,159 bales, and in 1921 were 524,754
Norfolk_
27.63
27.63
27.50
27.75
28.25
27.75
28.00
Baltimore
28.00
28.50
28.00
28.75
bales. (2) That although the receipts at the outports the
Augusta
27.38
27.63
27.25
27.50
28.13
27.75
past week were 170,272 bales, the actual movement from
27.25
Memphis
26.75
27.25
27.50
27.25
27.50
27.10
Houston
27.45
27.10
27.60
27.40
27.95
plantations was 235,378 bales, stocks at interior towns having
Little Rock
27.25
27.12
26.75
27.25
27.50
27.75
incrersed 65,106 bales during the week. Last year receipts
Dallas
26.70
26.50
26.90
26.85
27.30
27.05
Fort Worth__ _ _
26.60
26.00
26.60
27.25
from the plantations for the week were 218,470 bales and for
26.85
-Reports
WEATHER REPORTS BY TELEGRAPH.
to us by telegraph from the South this evening indicate
that temperatures have averaged about normal throughout
the cotton belt. Cotton generally has made fair progress
except in a few Eastern sections, where continued rains
have been a set back. In Oklahoma recent rains have
considerably improved the condition of the crop.
Tesaa.-The condition of cotton generally continues good
and exceptionally good in favored localities. Frequent
showers have, however, lowered grades and damaged open
cotton. Picking and ginning have generally progressed
satisfactorily. Insects have been somewhat more active,
but damage to cotton has been mostly slight.
Mobile.-The weather has been generally favorable with
light scattered showers. Cotton is opening fast and picking
and ginning are active. All localities, however; report a
small yield.
Charleston, So. Caro.
-There has been very little change
in the condition of the cotton crop during the week.
Charlotte, No. Caro.
--Cotton still continues to make
excellent progress.
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 oit7
Brinkley, Ark
Eldorado
Little Rock
Pine Bluff
Alexandria, La
Amite
Shreveport
Okolona. Miss
Columbus
Greenwood
Vlcicsb
MohUo.AJa
Rain. Rainfall.
3 days 1.90 in.
dry
2 clays 0.20 in.
6 days 1.54 in.
6 days 3.26 in.
dry
dry
4 days 1.48 in.
2 days 0.26 in.
1 day 0.70 in.
4 days 3.85 In.
2 days 2.34 In.
2 days 1.74 in.
dry
2 days 0.00 in.
5 days 0.69 In.
dry
dry
dry
dry
dry
3 days 1.94 in.
2 days 0.75 in.
1 day 0.20 In.
1 day 0.12 In.
2 days 2.04 in.
2 days 1.30 In.
1 day 0.45 in.
2 days 1.06 In.
9
2 daysA6 In.
2 days 0.74 In.
2 days 0.271n.
1921 they were 138,839 bales.
WORLD'S SUPPLY AND TAKINGS OF COTTON.- .
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons, from all sources from
which statistics are obtainable. also the takings, or amounts
gone out of sight, for the like period.
Cotton Takings.
Week and Season.
1923.
Week.
Season,
1922.
Week.
Season.
1.958.063
Visible supply Sept. 7
3,164,431
2.024.671
Visible supply Aug. 1
3,760,450
American in sight to Sept. 14.... 318,607 1,453.135 314,264 1,214,779
5.000
63,000
Bombayreceipts to Sept. 13_ 8.000
93,000
4.000
28,000
2,000
Other India sttip'te to Sept. 13
32,550
12,000
24.400
6.000
Alexandria receipts to Sept. 12...
22.200
6.000
30.000
5,000
Other supply to Sept. 12-5_6_ _ 35,000
Total supply
Deduct
Visible supply Sept. 14
Total takings to Sept. 14_a
Of which American
Of which other
2,303,670 3.623.2063,490,695 5,157,979
2,092,603 2,092,603 3.224.781 3.224,781
211.067 1,530,603 274,914 1.933,198
159,067 1.106,2031 222.914 1,423,248
52,000
4244001 52,000
509,950
* Embraces receipts in Europe from Brazil. Smyrna, West Indies, &c.
the total estimated consumption by Southern mills,
a This total embraces
605,000 bales in 1923 and 569,000 bales in 1922-takings not being available
Thermometer
aggregate amounts taken by Northern and
high 86 low 72 mean 79 -andin 1923 and 1,364,198 bales in 1922, of foreign spinners, 925,603
bales
which 501,203 bales and
high 92 low 60 mean 76 854,248 bales American. b Estimated.
high 90 low 62 mean 76
high 92 low 72 mean 82
ALEXANDRIA RECEIPTS AND SHIPMENTS.
high 88 low 72 mean 80
-We
high 93 low 62 mean 78 now receive a weekly cable of the movements of cotton at
moan 78
high 97 low 58
high 92 low 58 mean .,
76 Alexandria, Egypt. The following are the receipts and
.,
high 93 low 61 mean" shipments for the past week and for the corresponding week
high 91 low 62 mean 77
high 89 low 70 mean 80 of the previous two years.
high 94 low 63 mean 79
high 88 low 64 mean 76
Alexandria, Egypt,
1923.
1922.
1921.
high 96 low 59 mean 73
Sept. 12.
high 90 low 68 mean 79
high.,_ low 68 mean - - Receipts (cantors)
high 92 low 55 mean 74
This week
60,000
30,000
59,671
high 94 low 57 mean 76
Since Aug. 1
100,594
121,545
271,108
high 96 low 57 mean 77
75
high 98 low 52 mean
Since
Since
Since
high 93 low 61 mean 77
Week. Aug. 1 Week. Aug. 1. Week. Aug. 1.
high 92 low 60 mean 76 Exports (bales)
high 97 low 59 mean 78
To Liverpool
3,500
high 90 low 60 mean 75
4.250 1.750 9,872
To Manchester, dic
10.396
6,000 8.251
12,432
high 94 low 57 mean 76
To Continent and India_ 6.000 25.035 2:6456 20.842 2,082 16,991
high 92 low 66 mean 79
To America
2,555
high 90 low 65 mean 78
3.250 4.500 8.900
high 89 low 64 mean 76
Total exports
12,000 40,785 8.250 50,010 2,082 35.478
high 96 low 59 mean 78
high 93 low 60 mean 77
Note.
-A canter is 99 lbs Egyptian ba as weigh about 750 lbs
high 91 low 59 mean 75
This statement shows that the receipts for the week ending Sept. 12 were
high 88 low 68 mean 78
high 91 low 69 mean 80 60.000 canters and the fore gn shipments 12.000 bales.
1259
THE CHRONICLE
SEPT. 15 1923.]
INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of India cotton at Bombay and the shipments
from all India ports for the week and for the season from
Aug. 1, as cabled, for three years, have been as follows:
Spot.
Saturday.
Monday.
Tuesday. Wabiesday Thursday.
'Friday.
Market, f
12.15 LI
P.M. t
Quiet.
Good
Inquiry.
Good
demand.
Good
demand.
Weser.
Mld.Upl'd1
Week.
8,000
Bombay
Since
Aug. 1.
63,000
1922.
Week.
8.000
Great
BsPons. \ Great Conti- Japan&
IBritaiss. runt. China. Total. Britain.
Since
Week.) Aug. 1.
93,000 28,000
179,000
Conti- Japan di
neat.
China.
Total.
42,000 40,010! 84,000
50,500 128,500 183,000
70,000 182,000 252,000
2,000
4,000
4,000
2,000
3,000
4,0
1,000
25,000
28,550
20,000
28,000
32,550
21,000
6.000 9,000 15,000
8,000
8,000
13,000 21.000 34.000
Total all
1923
1922
1921
16.81
16.93
16.511
'
10.89
8,000
10,000
12.000
7.000
3,000
Futures.
Market
opened
1
Market
4
P.M.
2,000 9,003 11,000
6,000
6,000
13,000 21,000 34,000
5,000
8,000
1,000
67,000
79,050
90,000
40.009 112,000
128,500; 215,5 0
182.000 273 nt•0
4,000
2,000
16.79
5,000
1921.
Since August 1.
For the Week.
Bombay
1923
1922
1921
Other India
1923
1922
1921
Since
Aug. 1.
16.54
Sales
1923.
Sep. 13.
Receipts at
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
3,000 bales. Exports from all India ports record an increase
of 7,000 bales during the week, and since Aug. 1 show a
decrease of 103,550 bales.
Qulet but Qttlet but
Quiet,
Steady,
Quiet.
Steady. 33 to 40 pts 11 to 15 pte 2 to 12 DM.stay. 2 to steady12to
decline. 17 pte. dec.18 DM dec.
advance. advance.
f Closed stdy Irregular, Steady, 3 Barely stay Firm, 22
BUIICIY,9
pte. adv.*/ Pte.adv.to
to 27 pts.
1 7advance. 43 to 52 pts pts.adv.to 14 to 24 pia 2 pts. dec. 6 pte. doe.
advance. 7 pts. deo. deo In,.
Prices of futures at Liverpool for each day are given below:
Sat.
Mon.
I
Tues.
Wed.
I flute. I
T01.
Sept. 8
to
Sept. 14.
1234 124 1241 4:00 1234 4:00 1234i 41)0 12341 4130 123( 41Xi
P• In•P. m.. m.P. m.P. m.P. m•P• m.P. m.P. m.P• W.V. m .m.
d. 8.
d.
d.
d.
d.
d.
d. 1 d.
d.
d.
New Contract. d.
15.64 16.04 16.12 16.01 16.1516.13 16.01 15.99 16.23 16.09 16.32
September __
15.19 15.53 15.62 15.51 15.65 15.63 15.47 15.34 15.54 15.42 15.62
October ......
14.92 15.27 15.40 15.2815.3915.36 15.2315.0615.25 15.11 15.29
Novem ber _
14.85 15.2015.33 15.21 15.31 15.2815.1514.9915.17 16.11116.20
December.....
14.70 15.06 15.19 15.07 15.16 15.14 15.00 14.85 15.02 14.87 15.05
January ----14.6114.96 15.1014.9815.1015.04 14.91 14.76 14.90 14.75 14.92
February ----14.56 14.89 15.03 14.91 14.98 14.95 14.83 14.68 14.84 14.6814.85.
March
14.45 14.8014.95 14.82 14.90 14.85 14.7514.59 14.75 14.5914.75
April
14.39 14.74 14.9014.77 14.8514.79 14.69 14.54 14.69 14.53 14-69
May
14.27 14.63 14.79 14.66 14.74 14.6814.59 14.44 14.58 14.4214.58
June
14.14 14.49 14.66 14.53 14.61 14.5414.4514.30 14.43 14.27 14.42
July
13.89 14.24 14.41 14.26 14.34 14.22 14.1013.9514.0818.90 14.Pa
August -------
S
6
BREADSTUFFS
-Our report received by cable
MANCHESTER MARKET.
Friday Night, Sept. 14 111N43.
to-night from Manchester states that the market in both
cloths and yarns is steady. Demand for foreign markets is
Flour has been rather inclined to go to lower prices, owing
Improving. We give prices to-day below and leave those for
fell
to a decline in cash wheat. The other day Minneapolis
previous weeks of this and last year for comparison:
le. There has been less business in the Northwest. Some
1921-33.
1923-is.
flour has been offering here or supplies at nearby points at
sg lb.. Shirt- Cora somewhat below mill prices. In fact, there is more than
84 Os. Shirt- Corn
lags, Common Mid
Ines. Common Mid.
32s Cop
32s Coy
offering, it appears, to supply the demand. It
So Pise,t,
Twist.
to Finest.
Twist.
OW.
Hpl's enough flour
is true that recently stocks have fallen off here, but the
s. d. o.
d. s. d.
d. e. 4.
s.
d. d.
.
lune 4
24 16 6 017 1 16.52 20%
2134 16 13401610e
29 22%
trouble is that trade has been small. This offsets the fact,
July
flour
22;4 16 3 @16111% 13.50 of reduced supplies. Yet at times during the week
23 2 16 5 017 0 15.62 21
6 22
21% 100 016 7% 13 65
23 16 3 416 6 15 79 204
13 21%
owing to the high premiums for
@ 16 5 13.60 has been quite steady here
194
214 160
224 16 2 416 5 15.49
20 214
21 154 @162 13.19 cash wheat. Mills were disposed to stand their ground, al214) 16 1 016 4 14.42 19
27 20;4
Aug
21 166 @163 13.01 though mill feed has recently advanced about n a ton on
2044 160 @162 13.71 195(
20
2014 163 416 1
12.45
21 161 416 2 14.57 184
10 2014
Also, export inquiry at one time
2134 16 1 016 5 15.61 184(
17 2034
1934 162 @100 13 25 both brown and middlings.
214 154 ci 16 2 12.60
21% 16 0 016 4 16.1919%
24 204
better. Foreign stocks, indeed, are supposed
21 160
1654
13.70 was reported
21% 16 0 016 4 14.9320
31 2054
&pt.
be none too plentiful. Yet after all, export buying has
21 156 @162 12.64 to
214 IR 2 016 6 1587 19%
7 214
21 154 gi 16 2 13.32 been only in small lots. And foreign buyers have shown a
23 165 @172 16.8920
14 224
disposition to withdraw whenever there has been a tendency
-As shown on a previous page, the in flour prices to get firmer. Still Europe has been inquirSHIPPING NEWS.
exports of cotton from the United States the past week have ing to some extent for first and second clears, which were
reached 37,747 bales. The shipments in detail, as made reported in only moderate supply. Also, it has apparently.
up from mail and telegraphic returns, are as follows:
same time CanaBales. wanted some soft winter straights. At the
-To Llverpool-Sept. 7-Carmanla, 1,900-Sept. 7
NEW YORK
dian wheat is becoming more plentiful and there is more or
3.768
-Celtic. 1.858
12-Rochambeau,
-La Savoie,
To Havre-Sept. 7
fear that Canadian competition in the flour trade will
3,807 less
3,742
To Rotterdam-Sept.7-2Ryndam.100
before long become a factor too formidable to be ignored.
--Sept. 7-Colombo,625
6-5
To Naples
here has been
-America,925
9.5 In a word, of late, as already stated, flour
To Bremen-Sept.10
495
To Antwerp-Sept. 11-Zeeland. 495
depressed, whatever may have been the ease
-Tacoma Maru,2,000
2.000 more or less
GALVESTON-To Jap in-Sept. 10
To Oporto-Sept.11-0gontz. 1,005
1,005 early in the week. It is reasonably certain that if wheat con-To Liverpool-Sopt. 8
-Benefactor. 311
311
NEW ORLEANS
-Sept.8-Genzaga,
To Genoa
85
85 tinues to decline flour will have to do the same. At Minne-West Jaffrey, 86
To Bremen-Sept. 14
86
is a little
-West Jafrey..10
ept. 14
To II anburg
10 apolis prices have latterly fallen. The mill output
-Nord Friesland, 7.125_ _ _ &pc.
-To Bremen-Sept. 7
HOUSTON
there. Shipping directions have been scarce.
11-Lygnern. 2.500_ _ -Sept. 13-West Segina, 3,179
12.804 under 50%
-Nord Friesland, 380
To Ilambu -Sept. 7
380 With mill feed up flour has at times tended towards easier
ept. 12
-Mercedes de Larrinaga, 1,375
To .1
1,375
To Antwerp-Sept. 11-Deere Castle. 700
700 prices at the Northwest. Kansas City has been dull, with
-Sept. 11-Dacre Castle,600
To Ghent
600
in prices.
To Barcelona-Sept. 12-Aldecoa, 4,125
4.1 '5 only fa.r shipping directions, but not much change
To Gothenburg-Sept. 11-Lygnern, 250
250
Wheat has declined with export demand light and the 1923
Boll, 1.715
To Genoa-Sept. 13-Liberty
1,715
BOSTON-To Hamburg-Sept 1-Br slia 97
97 Canadian crop estimate increased of late some 70,000,000
-To Manchester--Sept. 8-Conehatta, 100
NORFOLK
100
-To Japan-Sept.6
-President Taft, 2,384_ _
SAN FRANCISCO
2.384 bushels. Winnipeg has been falling owing to reports that
was rapidly increasing and
Total bales
37.747 the Canadian crop movement
that export demand was very small for this time of the year.
COTTON FREIGHTS.
-Current rates for cotton from The Dominion Bureau of Statistics says the yield of wheat
New York, as furnished by Lambert & Burrows, Inc., are
in Canada this season is 471,000,000 bushels, the largest on
as follows, quotations being in cents per pound:
would make the combined United States and
High BandHigh StandHigh Stang. record. This
Density. ord.
Density. aril.
Density. ard.
an crop 1,259,000,000 bushels, or only 3,000,000 bushCanad
Bombay
50e. 65e.
Liverpool-20c. 35e. Stookholm _500. 65c.
450. 60c.
els less than last year. It would suggest 500,000,000 bushels
Manchester_ _20c. 3e. Trieste
Vladivostok__________
45c. 60c.
Gothenburg..50c. 653
Antwerp ----2240.35140. Fiume
Lisp°,
surplus for export after allowing for a liberal carry-over on
50c. 65o
Bremen
21e. 400.
Ghent...... ____ __ _ _
75c. 900.
Hamburg_ _ _25o. 40c.
22 4o.37 40. Oporto
Havre
July 1 1924. All this caused heavy liquidation. Winnipeg
BM. 55e.
Piraeus
sic. 3740. Barcelona
60o. 750.
Rotterdam-22
45c. 60e.
4
&Monica
300. 36%o. Japan
1
/
600. 75e.
/
2
1
/
Genoa
cash wheat fell 2 to 714c., or 52 to 131 c., in two days,
(10e. Shanghai_ ___45c. 60o.
Christiania .3714c
showing the pressure of increasing receipts. Will the lower
-By cable from Liverpool we have the fol- grades of Canada drop to a level which will permit of their
LIVERPOOL.
lowing statement of the week's sales, stocks, &c., at that port: being sold to American millers? That is an interesting quesAug. 24. Aug. 31. Sent. 7 Sept. 14.
.
27.000
29,000
46,000
44.000 tion which is being discussed here. Boston reported on Sept.
Sales of the week
,
19,000
.
9.000
Of which Atm rican
of an order there from the Greek Government
2,000
3,000
3,000
5,000 10 the placing
Actual export
28.000
31,000
46,000
45,000 for 750,000 bushels of grain, the first in some months past
Forwarded
346.000 342,000 317.000 287,000
Total stock_
91.000
70.000
81,000
Chicago wired Sept. 11: "Competition of a new national
53,000
Of which Americas
18,000
31,000
18,000
20,000
Total imports_
probably be
6.000
9,000
8,000
8.000 co-operative marketing project for grain will
Of which American
86,000
73,000 113.000 121.000 announced in nine or ten days, Walter Peteet, director of coAmount afloat
18.000
24.000
59 000
55 000
Of which American
marketing for the American Farm Bureau FederaThe tone of the Ligerpool market for spots and futures operative
day of the past week and the daily closing prices of tion, said to-day. The enterprise will be upon the commodeach
ity plan known as the Danish or California aystem. The
spot cotton have been as follows:
1260
THE CHRGNICLE
[VoL. 117.
this time last year. The Government puts the crop at 1,312,000,000 bushels, against 1,255,000,000 last year. The condition on Sept. 1 was 80.3, against 74.9 last year. To-day
prices advanced for a time, but later became irregular. For
the week there is a rise in September of 1Y
4c., while December is unchanged and May / lower.
1c.
2
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 white
cts_ 51
51
51
51
51
51
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sal. Mon. Tues. Wed. Thurs. Fri.
September delivery in elevator_cts_ 3731 3731 3734 3831 3834 39
December delivery in elevator
3931 3931 3931 40
3934 39%
May delivery in elevator
4231 4231 4231 4231 42
4231
Rye has declined with other grain. Early in the week, it
is true, September was quite firm, but this had a tendency to
check export demand. On the 8th inst. exporters took 100,000 bushels. But on the 10th they bought only about 50,000
through Montreal. Prices were up that day about half a
cent. This was enough to cause exporters to withdraw.
And the next day it appeared that export demand had been
filled for the moment. Prices thereupon dropped 1 to %c.
h,
Not but that there were some inquiries from Europe. It is
well known that there were. But it appears that trans
-Atlantic business can only be done at the moment at some decline. At any rate that is the general impression. And the
visible supply in the United States increased last week 438,000 bushels, against 356,000 in the same week last year. The
total is now up to 13,812,000 bushels, against 5,063,000 bushels a year ago. On the 12th inst. prices dropped 1 to 2c. and
closed at the lowest of the day. The rye crop is estimated by
the Government at 64,800,000 bushels, against 79.600.000 last
year. On the 12th inst. longs sold freely. Cash prices stood
up well, but the export sales were only 50,000 bushels. The
German news is better. The Ruhr and reparations questions
seem in fair way of settlement before long. The trouble is
that Europe takes so little American rye. It may buy more
when the Ruhr matter has been adjusted. Barley condition
on Sept. 1 was 79.5%, against 81.2% last year; crop 199,000,000 bushels against 194.000,000 last year. To-day prices
declined % to lc. in sympathy with weakness in other grain.
Since last Friday there has been a decline of 34 to 4%c.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs Fri.
September delivery in elevator_cts_ 7034 7034 6931 68
67
66
December delivery in elevator
7231 7231 72
71
6934 6831
May delivery in elevator
7631 7631 75ii 75
73Y, 7231
The following are closing quotatidns:
WURAT.
Oats
No. 2 white
51
No. 3 white
4831
Barley
1 07
Feeding
Nom.
Malting
7831
7731 @7834
FLOUR.
Spring patents
$6 15(431160 Barley goods
Winter straights. soft-- 4 50(i 4 7.5
soft
No. 1. 1-0. 2-0
$575
Hard winter straights- 5 55
6 00
Nos. 2, 3 and 4 pearl_ 6 50
Wheat
-No. 2 red f. o b--No.2 hardlwinter f.o.b.
Corn
No.2 yellow
11Ye-No. 2 c. I. f
First spring clears
$113
116
5 25
5 75
Nos. 3-0
590
Rye flour
3 90® 4 35
Nos. 4-0 and 5-0-- 600
Porn goods. 100 lbs.:
Oats goods-carload:
Yellow meal
2 40 ® 2 50
Spot delivery
2 60(42 70
eorn flour
2 35e 2 50
For other tables usually given here, see page 1209.
The visible supply of grain, comprising the stocks in granary at principal points of accumulation at lake and seaboard
ports Saturday, Sept. 8, was as follows:
United StatesNew York
Boston
Philadelphia
Baltimore
New Orleans
Galveston
Buffalo
Toledo
Detroit
Chicago
afloat
Milwaukee
Duluth
St.Joseph, Mo
afloat
"
Minneapolis
St. Louis
Sioux City
Peoria
Indianapolis
Omaha
On Lakes
On Canal and River
GRAIN STOCKS.
Wheal,
Corn,
Oats,
Rye,
bush,
bush.
bush.
bash.
793.000
32,000
418.000
120,000
2.000
3,000
21,000
1,000
1,141,000
13,000
341,000
45,000
1,696.000
18,000
105.000
130,000
465,000
69,000
145,000
1,108.000
98,000
2,951.000
501,000 1,513.000 1,820.000
238,000
45,000
406.000
1,829,000
71,000
288.000
15.000
30.000
214.000
60.000
22.000
19,317,000
503.000 3,149.000 1.084.000
105.000
245,000
131,000
842.000
157.000
2.222,000
149.000 3,777.000
1.201,000
81,000
92.000
2.000
8,315,000
14,000 2,603.000 5,830,000
2.451.000
32.000
79.000
14,000
9,577,000
65.000
959.000
80.000
139,000
60.000
226.000
4,000
61,000
16,000
135.000
841.000
239.000
84,000
2,660.000
101.000
782.000
53,000
521.000
345,000
98,000
359.000
5,000
20,000
455.000
Barley,
bush.
15,000
5,000
1.000
2.000
153,000
100,000
3,000
114,000
147,000
557,000
9.000
589,000
13,000
68.000
155.000
58.162.000 2.371.000 12.515,000 13.812,000 1.031,000
Total Sept.8 1923
56,541.000 1.587,000 10,111.000 13,374,000 1,633,000
Total Sept. 1 1923
31.166.000 7,723,000 38,133,000 5.063,000 1.607.000
Total Sept 9 1922
Note.
-Bonded grain not included above: Oats, New York, 22,000 bushels;
Baltimore. 6.000; Duluth, 2.000: total, 30.000 bushels, against 129,000 busheiii in
1022. Barley, New York. 2.000 bushels; Boston, 20,000; Buffalo, 62,000; total,
84,000 bushels, against 14.000 bushels in 1922. Wheat, New York, 40.000 bushels;
Boston, 15,000; Philadelphia, 218,000; Baltimore, 110.000: Buffalo, 210,000;
Duluth, 77,000; Toledo, 20,000; total, 690,000 bushels, against 2.357,000 bushels
In 1922.
Canadian
287,000
Montreal
19,000 1.430,000
539.000
590,000
Ft. William Os Pt. Arthur_ 1,868,000
569.000 1,090.000
542,900
Other Canadian
395,000
208,000
624.000
115,000
'Total Sept.81923
Total Sept. 11023
Total Sept.0 1922
Summary
American
Canadian
58,102,000 2,371.000 12,515.000 13,812,000 1,931,000
2,550.000
19,000 2.207.000 2.253,000 1,247,000
Total Sept.8 1923
Total Sept. 1 1923
Total Sept.91922
60,712,000 2.390,000 14,722,000 10,065,000 3,178.000
58,776,000 1,626,000 12,012,000 15.555,000 3,010,00
39,962,000 8.512,000 39,269,000 5,928,000 2,291,00
2,550.000
2.235,000
8,796,000
19.000 2,207,000 2,253.000 1,247,000
39,000 1,901.000 2,181,000 1,377,000
789,000 1,136.000
684,000
865,000
SEPT. 15 1923.]
THE CHRONICLE
WEATHER BULLETIN FOR THE WEEK ENDING
SEPT. 11.
-The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the
influence of the weather for the week ending Sept. 11, is as
follows:
Moderate temperatures for the season prevailed throughout most of the
country during the week ending Sept. 11, though it was rather warns in the
interior and Northern States the first half and cool the last few days, and
unseasonably high temperatures obtained in the more Western States.
It was especially warm in the interior of California and in Nevada. There
-was less rainfall in the Southeastern States, where the week was mostly
fair, but rains were again frequent in the lower Mississippi Valley, the west
Gulf region, and in most sections from the upper Mississippi Valley eastward. Fair weather prevailed from the Great Plains westward.
Rainfall from the Lake region eastward and in the Middle Atlantic States
further benefited late crops and soil conditions in those sections, particularly from New Jersey and Pennsylvania northward, although moisture was
still insufacient in parts of the more Northeastern States. It continued
too moist during the first half of the week and rather too cool the latter
half for rapid maturing of crops in the Ohio Valley States, and Fall work
made rather slow progress in that area, but grass and minor crops continued to improve.
Less rainfall in the Southeast was favorable for farm work, but there
was some delay in other Southern States because of rather frequent rains.
Farm work in the upper Mississippi Valley made better progress than during the preceeding week, by reason of less rainfall, and considerable delayed
threshing was accomplished, particularly in Iowa.
The weather was favorable for maturing crops, and preparation for
winter wheat seeding in the lower Missouri Valley, where Fall plowing
was well advnaced and corn mostly safe from frost damage. Conditions
continued favorable in the lower Great Plains, except that the soil was too
dry in some localities for plowing. In the central and northern Plains,
moderately warm, dry weather matured crops rapidly and corn was largely
safe, while further rains in the far Southwest were beneficial for stock
Interests. The week was rainless and warm in the more Northwestern
States, being ideal for late harvest and threshing, but rather unfavorable
for plowing and seeding because of dry soil. The warm, dry weather
caused forest fires to spread rapidly in Oregon, but fogs and cooler weather
the latter part served to check their progress.
SMALL GRAINS.
-Some wheat was still unthreshed in the Ohio Valley and this was badly bleached and molded by damp weather. Threshing of spring wheat made execellent progress where not completed, the
weather being particularly favorable for this work in the central and western portions of the Spring wheat belt. The soil was in generally good
condition for preparation for Winter wheat seeding in the Ohio Valley
States, but this work was rather backward and progressing slowly, because
of frequent rains. In the trans-Mississippi States field work made good
progress under favorable weather conditions, particularly in the Great
Plains, although it was too dry for best results in some localities, especially in norhtern Oklahoma. Preparing ground for seeding was well along
In the lower Missouri Valley, while seeding was well under way in the
western third of Kansas. More moisture would be beneficial in Nebraska.
The soil was too dry, however,for plowing and seeding in the onrth Pacific
States, but this work progressed well in Montana.
More favorable weather permitted of considerable oat threshing in Iowa
which had been delayed. while cutting and th,
•eshing progressed well in the
more Northwestern States. The warm weather was favorable for rice
In California, but the harvest of this crop was delayed by rain in Teas,
Arkansas and Louisiana, with complaint of sprouting In shock in the lastnamed State. Buckwheat was being harvest"'in tho Apo ilachian Mountain districts, and was ready to cut in New York. Grain sorghums continued to improve in the southern Great Plains. Flax was yielding well
in the northern Plains States.
CORN.
-The first half of the week was cloudy and showery from the
Ohio Valley northward and eastward and the latter half was cool. Under
these conditions corn matured rather slowly, and there was some complaint
of too rank growth, with lodging, in portions of Ohio. There was some
frost the latter part of the week in the western Lake region, but little or no
damage resulted. With seasonable weather slightly more than half the
crop will probably be safe from frost in Iowa by Sept. 20, and about threefourths by the close of the month, which is considerably later than last
year. The bulk of the crop, however, is safe from frost in Missouri, where
satisfactory maturity was reported for the week.
Corn matured rapidly in the Great Plains States and is generally out
frost danger in the northern portion. It ripened rather too rapidly of
in
parts of Nebraska, but the damage was slight and condition continued excellent. Cutting had been practically done in southern Kansas and was
progressing elsewhere in that State. Late corn further improved in the
extreme southern Great Plains and the crop developed rapidly in the
more Western States. Late corn was reported poor in Mississippi, mostly
fair to good in Alabama, and is showing improvement in the Southeastern
States and west Gulf districts. Broomcorn was favorably affected by the
weather in the lower Great Plains.
COTTON.
-The temperature for the week averaged near normal in
the cotton belt, except that it was rather cool in the west Gulf districts
and considerably above normal in the more eastern portion. Rainfall
was rather frequent in the central and western States of the belt, but there
was much less rain in the southeast, where it had been persistently wet
during_ most of the season. Sunshine was deficient from the lower Mississippi Valley westward, but was generally adequate to to the eastward.
Further rains occurred in Texas with deficient sunshine. Cotton made
fair progress in the northern and western portions of the State. but deteriorated elsewhere, and frequent rains have lowered the grade in the southoentral and southern portions, with complaints of bolls rotting. Mostly
fair weather prevailed in Oklahoma, where cotton made fairly good advance.
with some top crop development in most sections. The general condition of the crop, however,continues rather poor. Too much rain damaged
ootton in eastern Arkansas, but light to moderate showers in other portions of
the State were beneficial, though weevil and other pests were still damaging,
There was again too much rain in Louisiana, where cotton showed further
deterioration, with seeds sprouting and grade lowering. Showers continued rather frequent in Mississippi, where progress was still unsatisfactory, with complaints of lower bolls rotting and little or no top crop. Continuation of rainy -weather during much of the week was unfavorable in
Tennessee, and scattered showers occurred on most days of the week in
Alabama, where cotton deteriorated or made only poor progress.
The drier, sunshiny weather was favorable in Georgia, but without effect
in the cotton crop, as general deterioration was reported because of
the
enormous damage by weevil, worms, rust and shedding, with the entire
sop crop destroyed, and the general condition exceedingly poor.
There
waslikewise no improvement in South Carolina,as the plants showed further
deterioration or only poor progress. Late plants in this State are
still
vigorous, but fruiting has stopped, with heavy weevil damage. In
North
Carolina, the general condition of cotton varies greatly, with weevil damage
In the east and southeast spreading.
Louisiana.-General rain first half of the week and local showers latter
half with moderato temperatures. Cotton deteriorated, because of too
much rain: seed sprouting and grade lowering. Picking resumed latter
part of the week. General condition poor to only fair.
-Rather cool with frequent rain and deficient sunshine. Cotton
Texas.
made fair pregres in north and west portion but mostly deteriorated elsewhere. Condition of crop generally poor to fair although locally very good,
Frequent rain has lowered grade and damage open cotton in south and
south-central, with some complaints of bolls rotting. Picking and ginning
progressed slowly. Insects somewhat more active but damage mostly light,
Oklahoma -Warm days and cool nights with abundant sunshine; no rain
of consequence. Cotton made fair progress generally; putting on top
crop in most sections. Weevil working in scattered localities. Condition
of crop averages rather poor. Picking becoming general.
Arkansas
.-Too much rain in east caused considerable damage to cotton,
but light to moderate showers elsewhere beneficial. Worms, weevil, and
boll worm still damaging in northeast quarter of State. Picking general
south and west, beginnine elsewhere.
Tennessee.
-Cotton generally made poor progress or deteriorated on
account of rain. Weevil active, and general condition of crop only fair.
-Cotton making excelllent rogress.
Arizona.
New Wzico.-Cotton picking becom g general; bolls opening rapidly.
North Carottna.-Week w trm, with moderate to heavy local rains and
fair amount ofsun ihine. Cotton deteriorated in southeast and east because
of further spread of weevil damage and considerable shedding; picking
ander way. General condition of crop varies greatly; opeing rapidly.
1261
South Carolina.
-Cotton deteriorating or making only slow progress
generally. Fruiting practically ended but late plants still vigorous. Weevil
doing much damage and taking top crop, but boll rot, shedding, and other
damage somewhat checked by dry weather.
-orgia.-Warm, sunny weather, with moderate rains mostly in southwestern portion during latter part of week. Cotton continued to deteriorate
due to enormous damage by weevil, worms, rust and shedding; entire Lop
crop destroyed by weevil. Opening rapidly In all divisions and picking
and ginning progressing favorably with crop all picked in many southern
localities. General condition of cotton extremely poor.
Florida.
-Mostly dry, with much sunshine and moderately warm. Cotton picking made good progress, but weevil and shedding unfavorable;
plants deteriorating generally and no top crop. Most of crop being harvest,ed early during current month.
Alabama.
-Temperature somewhat above normal first half of week and
normal thereafter; scattered showers, mostly light, first 5 days. Cotton
deteriorated or made only fair progress, with condition mostly poor to fair.
Worms defoliating plants in many fields in northern, southwestern and
central portions. Weevil active in north. Opening in south and central
portions; picking and ginning progressing slowly.
Mississippi.
-Rainy Wednesday to Friday, but generally fair thereafter. Cotton made mostly poor development. Damage by weevil,
lice and caterpillars heavy, although comparatively light in scattered localities. Some rotting of lower bolls and little or no top crop. Slow progress
in picking.
TOBACCO SALES IN NORTH CAROLINA AND
NATIONAL TOBACCO CROP FORECAST.
-The North
Carolina Crop Reporting Service of the United States
Department of Agriculture has issued the following report
of tobacco sales in North. Carolina, together with the crop
forecast for North Carolina and the United States:
AUGUST 1923 TOBACCO SALES REPORT IN NORTH CAROLINA
SUMMARY OF AUCTION WAREHOUSB SALES.
No. Producers' Dealers' Warehouse
rota
-Area. PriceMarkets- Houses. Sales.
Resales. Resales.
Sites.
2
Ahoside
98,235
99.571 $1988 $1821
1,336
Chadbourn
*2
225,984 21,380 45.395
292.763 22 11 20 84
*2
Enfield
46.254
1.134
47,388 20 43 19 70
Fair Bluff
2 1,131,821 167,382 85.296 1,384,499 22 20 19 89
Fairmont
2 3,903,624 478,342 86.712 4.468,678 24 79 23 10
Farmville
2
112,194 21 13 23 30
105,068
4,994
2.132
Greenville
6
648.891 20 03 22 78
611.943
1,034 35,914
Jacksonville
1
67,404 19 42 19 10
67,008
396
*4
Kinston
519.510
4,794 25.866
550.170 19 21 18 38
1
Newbern
.55,054
55.054 17 65
Robersonville-- __ 1
77,698
81.302 19 98 23 65
3,610
Rocky Mount_ _ __ 3
214.306
216.722 21 81 22 31
96
2,320
1
Rowland
244,104 33,764 17,046
294.914 21 18
Smithfield
1
263,166
. 614
3,224
267,004 18 42 23 88
2
592.522 88.376 52,034
Tabor
732.932 21 15
2
Tarboro
133,054
680
133,734 19 97
2
Warsaw
191,268
8,572
199.840 16 13 15 54
3
200,086
888
1.884
202.853 20 11 21 59
Washington
*3
103,446
Wendell
870
104,316 17 75 18 16
Whlteville
*2 1,152,704 61.292 100.79$ 1,314,791 24 55 23 56
Williamston
3
125,858
125,858 20 00 18 28
*6 1,138.402
7.214 31.724 1,177.340 21 67 24 90
Wilson
3
62,162
222
1,636
Zebulon
64,020 17 53 19 70
2
145,638
788
7,070
153,496 19 80 16 23
Wallace
State totals _*58 11,408,915 868,714 518,116 12,795,745 $2252 $2160
-There were six warehouses failing to make reports as indicated by (t) in
Note.
the first column:
Chadbourn warehouse, Chadbourn. N.C. Enfield warehouse, Enfield, N.C.
Star warehouse. Wendell, N.C.
Atlantic warehouse. Kinston. N. C.
Wilson warehouse, WhIteville. N. C.
Planters warehouse. Wilson, N.C.
-The quality of the crop being marComments from Warehouse Reports.
keted at present is showing up only fair. Mostly lugs and common grades
are being sold. Warehousemen from Wallace report that the crop in that
section is far above the average in both quantity and quality.
-The condition of the tobacco crop, according to the U. S.
Crop Forecast.
Department of Agriculture's September crop report. is 86% of normal for
North Carolina. This forecasts a crop of 355.266.000 pounds from 510,000
acres this year, and a yield per acre of 696.6 pounds. The national crop,
with a condition of 86.6%, is forecasted at 1,550,716,000 pounds. The
State forecast is 48,000,000 pounds more than the 1922 crop.
August Sales.
-The sales at warehouses during August amounted to
11.408,915 pounds (producers') as compared with 18.159,580 pounds sold
during August last year. The average price of sales ($22 52 per hundred)
Is slightly better than the 1922 average, though the quality of the tobacco
sold this year is about the same as that marketed during last August.
Fairmont and %Vhiteville showed the highest averages for the month.
Report released by N.C. Crop Reporting Service, compiled by Catherine
W. Haig, Assistant.
AGRICULTURAL DEPARTMENT'S REPORT ON
CEREALS, &c.
-The Agricultural Department at Washington on Monday of this week (Sept. 10) issued its report on
the condition, the acreage and the prospects of the country's
different crops-wheat, corn, oats, potatoes, tobacco, &c.
as of Sept. 1, and the following is the complete official text
of this report:
UNITED STATES DEPARTMENT OF AGRICULTURE,
Bureau of Agricultural Economics,
Washington, D. C., Sept. 10 1923, 2:15 v.sc.(E.T.)
The Crop Reporting Board of the United States Department of Agriculture makes
the following forecasts and estimates from reports of its correspondents and field
statisticians for the United States:
Total Production Ds
Millions of Bushels.
Yield
per Acre.
arm Price in
Ws.Sept,1.
1922
1923.a
De
cember A ugustl Sept.
ForeEst.
Forecast.
cast.
1917- 1922,Fore
1921 Dec.1cast.
(-1923 1922. 1923.
Aver- Est
age. mate. (a)
Bu. Be. Bu. Cents. Cents.
590
586 21:.,982568
b568
Winter wheat__ _
221
e276
225
Spring wheat_ _ 245
835
wheat
e862
789
793
All
931 2.891
3,076
Corn
1 378
1,201 1,316 1,312
Oats
192
199
186
202
Barley
70.3
95.5 564.8 564.8
Rye
14.9
13.5
Buckwheat
15.0
13.5
388
451
390
380
White potatoes_
94.3 110
93.5
93.1
Sweet potatoes
1 361 1,325 1,474 1,551
Tobacco, lbs
9.7
c11.7
19.4
19.1
Flaxseed
41.0
42.0
32.6
32.9
Rice
96.7
81.3
81.9
Hay,tame.tons- 83.3
16.1
16.2
16.0
16.1
Hay, wild, tons
111.2
11.5
10.8
19.8
Cotton _e
6.93
5.18
6.53
6.5
Sugar beets, tons_
c201
190
160
188
Apples, total_
25.7 c31.0
32.9
33.4
Apples, corn. bb
42.7
56.7
47.3
45.4
Peaches, total_
103
90.4 113
101
Grain sorghums
1 025
624
684
655
Peanuts, lbs
14.9 13.4b14.3
11.5 14.1, 11.9
13.7 14.0 13.5 88.1 88.7
28.0 28.2 29.8 62.7 86.6
31.9 c29.8 32.3 32.2 37.2
23.8 25.2 25.0 45.7 50.7
13.5 15.4 512.4 63.3 56.2
18.5 19.2 17.5 86.3 98.2
98.0104.2100.1 88.0 119.9
97.0 98.1, 92.9 107.6 133.7
800 1768 %SO
5.9 c9.31 8.51 190.1 204.8
37.8 39.8 36.9
___ _
1.46 1.55 1.36 $11.17812.71
1.01 1.021 1.02 dS7.76 48.97
156.7141.5,134.81 21.1 24.1
9.53 car 8.92
Crop.
19171921
Average.
d1- 1. fn. i
4
:
1-:9, 17.91 18-9 d87.74102.2
9
709 1632 1708
54.41 46.7
1262
THE CHRONTCLE
{Arm,. 117.
many of the staples in unfinished goods were purchased
more freely. Prices advanced rap dly, and sales have been
large. The acceleration of buying swelled so rapidly that
Acres.
many merchants found they had sold more merchandise at
Spring wheat
69.5
69.6
85.1
94.9 18,503.000
80.1
All wheat
77.4
71.6
95.5 58.253,o00 low prices than later events warranted, and withdrew their
75.5
Corn
76.1
14:6
78.6
83.3
100.7 103,112,000 lines until they could revise their price lists to a higher basis.
Oats
81.9
79.1
74.9
80.3
101.1 40,768.000
Barley
7,980,000 Furthermore, mills have not had an opportunity to cover
78.4
81.2
82.6
79.5
108.0
5,234,000 themselves with supplies of cotton at prices that warrant
Rye
84.3
772,000
Buckwheat
85.6
86.7
82.7
80.6
98.3
3,892,000 them in booking business as a whole for contract deliveries
White potatoes
750
79.9
80.5
77.7
89.9
Sweet potatoes
1,007,000 at prices now current. It is true that some of the mills have
83 0
82.4
80.0
79.1
90.2
1,762.000
Tobarreo
78.2
76.2
83.1
86.6
102.1
2.285,000 sufficient cotton on hand to carry them a few months ahead,
Flaxseed
82.7
82.4
70.2
79.0
182.7
Rice
883,000 but the great majority have only very small supplies, and
86.5
84.8
82.9
86.2
83.7
Hay.all
81.5
82.0
98.7 76,031.000
Cotton_h
63 5
57.0
67.2
54.1
112.6 38,287,000 have been disposed to withdraw quotations for manufac732,000 tured products and await developments or to trade only for
Sugar beets
89.0
88.0
90.4
91.0
138.1
Grain sorghums
5,541,000 delivery in those months for
66.6
74.7
84.6
109.8
which they are supplied with
Details for leading crops in principal producing States follow:
cotton. Silks are becoming very firm, and demand more inProduction
CondUion
Farm Price sistent. A good part of the buying, however, is said to have
Forecast 1923
Comparisons.1
Sep.1.
per Bush.
Production.1
been of a speculative nature on the part of small jobbers, as
Stade.
-year
1922
From
From Sol. SeP.1 the retail trade as a whole throughout the country as yet
10-yr. 1923 5
.
aime Per average. (December Aug. 1
Sept. 1 1922. 1923. appears to be unimpressed by the seriousness of the silk out.
P.C. Cent 1917-21. Estimate) Condition Condition Cents Cents look to an extent that
induces them to come forward on a
liberal scale for additional supplies at the higher prices.
New York
37,010
83
80
31,770
58
30,766
32,552 47
Silk merchants are said to be doing much toward steadying
41,274
Pennsylvania
87 89
41,242
50
32,079
31,996 44
Ohio
79
80
60,907
their markets by declining to accept many of the speculative
39,744
44
53,510
55,078 40
Indiana
76
70
89,747
28,770
34
54.975
'
48,909 33
orders offered, and it is expected that if It becomes necessary
Illinois
78
83
171,843 110,010 148,917 146,394 30
33
Michigan
to resume trading in raw silk before the Japanese financial
81
78
49,380
49,434
40
48,043
48,608 32
Wisconsin
86 81
92.015 101.558
39
92,135
93,574 29
leaders end their moratorium in that country, the business
Minnesota
81
87
118,369 142.7413 139,861 146,623 22
29
will be protected by many unusual safeguards on the part of
Iowa_
87 85
217,244 C208,791 202,595 195,689 25
31
Missouri
50,189
73
72
17,872
39
35,261
32,382 38
mills and importers. It is feared that if prices reach undue
North Dakota
70
67
49,103
78,804
25
56.257. 57,950 18
high levels there will be a very serious restriction in d:stribuSouth Dakota
68,863
74.400
82
88
27
80,784
81,881 19
Nebraska
78,938
79
88
56,106
31
86,345
88,977 26
tIon to the consumer. As regards woolen goods, the kesistKansas
53,987
69 67
28,386
45
34,187
33,343 33
ance to price advances has been so pronounced in consuming
Texas
65
76
40,789
33.465
46
51,250
51,119 40
Oklahoma
39,547
66
55
30.000
43
24,030
22,522 38
and distributing channels that many of the mills have been
Montana
67
81
12,806
19,200
43
22,877
23,061 26
obliged to curtail production in self-protection.
United States tote 79.1 80.3 1,377,903 1,201,436 1,315,853 1,311,887 32.2 37.3
DOMESTIC COTTON GOODS: Demand for domestic
Spring Wigan
cotton goods has been active during the past week with the
Minnesota
72
70
41,511
25,345
97
18,481
20,513 93
North Dakota
65
49
77,088 123,234
87
65,024
62,352 81
tendency of prices upward. The sharp advances which ocSouth Dakota___ 70 60
.
36,954
38,188
81
25,226
26,546 75
curred in raw material brought buyers into the markets who
Montana
66
75
17,948 *39,881
92
44,764 86
47,152
Idaho
83
95
13,536
16,617
75
18,048
18,434 70
found it difficult to make purchases except at advancing
Washington
71
95
18,673
85
9,200
21,147 87
20,861
price levels. The healthiest feature of the trading has been
United Skates total 69.5 85.1 244,943 *275,887 224,990 220,841 --- - the expansion in the demand for fin shed goods of all varieCorn
ties. A large business has been placed on percales, bleached
Pennsylvania
87
83
68,237
69,212
98
61,315
82,062 67
Virginia
85
90
51,585
goods, wide sheetings and a number of 1.nes of wash goods.
53,312
45,806
52,695 84 109
North Carolina
84
89
64,801
60,520
50,457
54,406 96 123
Print cloths have sold freely during the week, and are still
Georgia
84
72
88,034
52,620
49,416
50,828 84 122
Ohio
said to be in demand at rising prices. Buyers who over81
95
155,303 149,097 170,745 177.794 6
9
87
Indiana
80
92
181,607 176,305 192,713 201,473 59
83
stayed in many instances have been trying to cover requireIllinois
75
90
338,259 313,074 334,884 362,678 55
80
ments that should have been provided for earlier in the seaMichigan
78
84
91
65,919
60,716
62,213
80,190 68
Wisconsin
80
87
76,481
83
98,300
93,441
90,326 59
son, and in any normal year would have been provided for a
Minnesota
09
83
120,568 131,307 165,587 152,987 49
84
month or two ago. Many mills still have goods off the marIowa
75
416,419 456,535 412,909 422,241 49
83
89
Missouri
88
68
83
186,377 175.275 195,718 204,384 63
ket w th the result that agents in a number of Instances are
tenth Dakota
86
82
89
105,608 110,038 131,855 129,896 40
accepting bids subject to confirmation by the mills. Narrow
Nebraska
69
70
90
204,002 182,400 220,399 257.418 44
Kansas
50 85
91,129
98.391 126,841 126,905 49
77
prints have been especially active. The rise in raw cotton
Kentucky
94,542
88,000
80
89
95.188 85 103
90,356
and its consequent reflection in advances for goods makes
Tennessee
76,440
81
84
89.033
71,575
78,689 85 107
eilabarna
78
77
61.827
50,932
48,984 92 121
48,108
for more stable conditions among the retailers who purMississippi
57,601
51,065
76
66
38,137 84 108
37,646
chased goods freely for fall and who had hesitated about acTexas
118,192 114,580
96
72
63
85,468
85,907 74
94
54,990
57,600
)klahoma
58
41
50,888
39,491 59
cepting deliveries when due, and there have not been the
orders jobbers were predicting a
Jnited States total 70.1 83.3 2,931,271 2,890,712 2.981,752 3,076,788 62.7 86.6 extensive cancellations of
few weeks ago. Yarns have advanced sharply and are being
Barley
14,220
Wisconsin
16,989
59
86
81
13.3413
13,484 52
bought more freely, while some of the popular grades of wide
28,418
24,062
43
Kinnesota
81
82
22,780
23.159 38
owe
85
8,322
86
4,260
4,241
49
4,208 44
sheeting's, sheets and pillow cases have been sold in substanVorth Dakota_ _ _ .. 88 62
21,818
25,704
37
23,600
22,783 33
tial qualities. Print cloths, 28-inch, 64 x 64's construction,
Muth Dakota... 80
76
20,454
21,896
24,026
22,800 30
37
are quoted at 7%c., and 27-inch, 61 x 60's, at 74e. Gray
5,844 ' 4,356
gebraska
76
87
42
9,586 38
9.379
Camas
64
73
11,966
19,332
23,366 38
43
23.355
goods in the 39-inch, 68 x 72's, are quoted at 11% to 12c., and
3olorado
83
92
4,379
3,534
60
5,526
5,609 50
39
3alifornia
91
-inch, 80 x 80's, at 133jc.
.84
31,714
36,664
83
34,346 50
38,293
WOOLEN GOODS: Markets for woolens and worsteds
hilted States total 78.4 79.5 191,974 188,118 202,032 199,337 46.7 50.7
Flaxseedhave ruled comparatively quiet. Resistance to price ad85
dinnesota
82
2,791
k3,200
5,163
6,318 184 209
vances has been so pronounced that buy'ng has been greatly
70
73
3,964
Corth Dakota__
5,462
9,046
9,259 191 203
1,428
Muth Dakota__
79
87
1,834
3,339
3,147 187 200
curtailed, and a number of mills forced to lower production.
dontana
58
1,098
889
83
1,167
206
1,312 208
In view of the higher production costs, manufacturers do
9,718 *11,668
'tilted States total 70.2 79.0
19,074
19,407 190.1 204.8 not want to accumulate merchandise unless consumers show
Potatoes (White)
a desire to pay on a parity of value that warrants continued
25,379
21,600
82
90
26,045
dalne
27,454 65 100
36.729
37,400
production. Sentiment as regards the future, however, is
30,385
tew York
77
71
29,813 83
60
28,512
66
24.982
20,430
77
20,539 80 180
'ennsylvania
optimistic, as it is generally believed that the clothing trade
11,214
81
10,645
10,745
11,533 122 141
Hilo
69
will develop activity as soon as cool weather sets in. Fur8.913
84
7,497
9,563
62
10,698 129 114
Ilinois
30.979
37,842
29,297
73
78
30.013 80 136
iichigan
thermore, the fact that production is lessening in wool goods
30,302
40,672
75
76
27.211
27,287 8.3 103
Visconsin
mills does not seem to affect the views of wool holders nor
31,816
43,740
37,510
38,815 49
74
76
linnesota
67
80
8,295
8,480
7,298
7,618 93 101
owa
70
of wool growers as raw wool markets, both domestic and
7,334
17.820
77
12.621
12,784 58
68
forth Dakota__ _ 74
foreign, continue to maintain a firm tone.
85
outh Dakota_ __ _ 77
6.887
8,580
8,730
8,057 69
70
9.039
11,678
72
80
9,346
9,912 76
Febraska
95
FOREIGN DRY GOODS: Markets for linens displayed
12,380
18,460 18,671
:olorado
83 83
18,786 100 108
niore activity during the week. Quite large quantities of
7,798
15,910
87
12,081
80
daho
88
11,733 80
VashIngton
9,425
8.276
8,458
8,467 83
70
80
86
dress l'nens have been ordered for spring, while sales of
11,307
10,260
'alifornia
84
94
7,921
8,121 128 132
household linens showed decided improvement. There have
:lilted States total 75.0 77.7 388,358 451.185 379,558 389.674 88.0 119.0 been, however, no price revisions to invite this better tone
a Internretod from condition reports 6 Preliminary estimate. e Preliminary noted in trade as
importers continued to offer their supplies
revision of 1922 estimate. d Price Aug. 15. e Total production in millions of
bales yield per acre in pounds of lint price In cents per pound. I Census. p Or at quotations in force since July 1. There has been nothing
In thousands to bring the producer higher prices, and w'thout any lead in
at time of harvest. A Condition relates to 26th of preceding month.
-1.e.,000 omitted. k Pre- the
of bushels-i. c.,000 omitted. J In thousands of bushels
primary market, importers have had no incentive to adliminary revision of 1922 estimate.
CROP REPORTING BOARD,
vance their quotations. The trade.generally was prepared
W.A. Schoenfeld, Chairman'
for the improvement, as It was fully realized that jobbers
W. F. Callender,
S. A. Jones,
as well as retailers have been holding their stocks down to a
J. A. Becker,
G. IC. Holmes,
E.E.Kaufman,
I.. M. Harrison,
Approve&
minimum all summer. Burlaps developed activity, and
R. F. Hare.
WALLACE. Secretary.
MOWRY C.
prices scored sharp advances as a result of large purchases
by bag manufacturers and speculators. Demand has been
THE DRY GOODS TRADE
stimulated by the continued strength of the Calcutta marFriday Night, Sept. 14 1923.
kets, and reduced shipments of burlaps to North American
The activity displayed in cotton goods was the outstand- ports during August. The latter totaled 47.000,000 yards, of
ing feature in dry goods markets during the past week. which 3.000,000 went to the Pacific Coast. against 76.000,000
Owing to the sharp advance in prices for the raw material, Yards during July. Light weights are quoted at 6.05e. and
buying spread to many lines of unfinished cloths, while heavies at 7.90 to 8.00c.
Condition.
troy.
Acreage 1923.
Sept. 1 g Sept. 1 g August 1 Sept. 1 0 P. C. of
10-yr.Atr. 1922.
1923.
1923. 1922.
SBI'T. 15 1923.1
1263
THE CHRONICLE
1(% coupon register
-The $150.090 4,
ATLANTA,Ga.-BOND SALE.
able as to principal and interest street improvement bonds, offered on
Sept. 12-V. 117. p. 1150-were awarded to J. H. Hilsman & 0o. of
Atlanta at par, plus a premium of $125. equal to 100.08. Date June 1
and Sept. 1 023. Dee aerially 1 to 9 years.
-At the election held on Sept.25-V.117. p.123.
BONDS DEFEATED.
the proposition to issue 52.000.000 park bonds failed to carry.
-A. E.
-BOND SALE.
Ohio.
BARBARTON, Summit County,
-Annexation Elertion.-At the primary Aub & Co. have been awarded two issues of bonds as follows:
Detroit, Mich.
50 54% 5%-year (aver.) sewer bonds at 101.05, a bash of
election held October 9 the voters will ballot on the question 3285.143
about 5.28%.
-year (aver.) road bonds at 100.50. a basis of about
of annexing to the city of Detroit portions of Greenfield,
4.051 50 6% 3
5.2%.
Redford and Gratiot Townships.
Other bidders on both issues were:
Prem.Prem.
-Council Manager Plan of Government N.S. Hill & Co., Cincinnati _32.326 Sidney Spitzer & Co.. Tolodo_31.140
Portland, Me.
-The voters of the city on Sept. 10 approved a new W. L. SI avton & Co.. Toledo.. 2.280 J. M. Holmes & Co., Chicago. 750
Adopted.
Parish & Lamson.
1,560
charter providing for a council manager form of government. Breed, Elliott & Harrison. Ctn. 1,432 Richards.
843
Cincinnati
Title Guar. & Tr. Co., Cin_ _ _
There were three charters on the ballot, the council manager
BEDFORD SCHOOL DISTRICT(P.O. Bedford),Cuyahoga County,
charter, the old charter providing a government of a mayor Ohio.-BONT) OFFERING.-Sealed bids will be received by A. W. Blackand two boards, and a compromise charter, and it was man. Clerk-Tre'surer. Board of Education. until 2 p.m. Sept. 27 for $74,Denom.
necessary for one to receive 50% of the total vote cast. The 192 4354%school bonds, issued under Sec. 5655 of Gen. Code.
$4.650 and 1 for 34.442. Date Sept.. 1923. Prin. and semi-ann. int.
council manager charter received a plurality of 2,249 over (F. & A) payable at the District,Tre murer's office. Due earl, 6 months as
follows: 34.650 Feb. 1 1924 to Feb. 1 1931, incl.. and $14243 Aug. 1
.the required 50%.
1931. Cert. check for 31,000 payable to the above official required. Pur-Special Legislative Session Called. chaser to take up and pay for bonds within 10 days from time of award.
Tennessee (State of).
-Governor Thomas C. McRae on Sept. 8 issued a proclamaBELPRE RURAL SCHOOL DISTRICT (P. 0. Belpre R. D. No. 1),
-The $4.509 6%
-BONDS NOT SOLD.
tion calling the General Assembly in an extraordinary session. Washington County, Ohio.
bonds offered on Sept. 4-V. 117. p. 804--were not sold. Data Juno 1
24.
The date set for the convening of the lawmakers is Sept.
$500 yearly on June 1 from 1925 to 1933 in dusty°.
1923. Due
-Consolidation with East Waynesburg.
-CERTIFICATE OFFERWaynesboro, Pa.
BRECKENRIDGE, Windt% County, Minn.
-Bids for the purchase of 330.000 6% nermanent improvement reWwynesburg have ING.
The boroughs of Waynesburg and East
certificates of indebtedness will be received until 8 p. in.
to be known as volving fundAlbert It. Waite. City Clerk, Date Seat. 1 2923. Interest
been consolidated into one municipality
Sept. 24 by
Waynesburg. The consolidation was approved by the voters M. & S. Denom. 31.01)0. A certified check for 53.000. payable tet. the
City Treasurer. required.
on July 17.
-NO BIDS RECEIVED.
BRIDGEPORT, Belmont County, Ohio.
There were no bids received for the following issues of bonds:
bonds offered on Aug. 30 (V. 117. p. 8(11).
$10
2.500 535% bonds offered on Sept. 7 (V. 117. p. 1035).
have 1)PPTI as follows:
BRISTOL UNION SCHOOL DISTRICT NO. 2 (P. 0. Bristol),
-The 360,000 44% coupon
-J. L. Graf con C aunty, N. H.-BoNn SALE.
-WARRANT SALE.
ABILENE, Taylar County, Texas.
awarded to
of Austin informs us that he has purchased *8.500 6% garbage s•dlool bonds offered on Sept. 10-V. 117. p. 1151-were July 1 1923. HornArlitt
Deo
3500. Date Aug. 10 1923. Prin. and blower & Weeks at 99.01. a basis of about 4.6007. D ate
incinerator warrants. Penom.
& A. 101 payable at the Battery Park National Bank, $3.000 yearly on July 1 fmm 1924 to 1943, inclusive. Other bidden; were
semi-ann. Int.
on Aug. 10 as follows: 31.500, 1924 to 1926 incl., E. H. Rollins & Sons. 98.67; Merrill, Oldham & Co.. 97.32; Harris, Patten
N. Y. City. Due
Coo
& BR..
and $2,000, 1927 and 1928.
-on
-BOND OFFERING.-arle
-BOND SALE.
95.25.
WNW00D, Brown County, Tex.
ADAMS COUNTY (P. 0. West Union), 0h10.
1 tho Provident 8 wings B .nk & Trust Co. of Cincinnati, purchased McIntosh,City Se rotary, will re viva bids until 8 p.m. Oct.2 for 350.0005%
Sept.
held
317.000 515% bridge construction bonds at par and accrued interest plus a auditorium erection bonds. These bonds were voted at the election
-see V. 117. p. 1151.'
premium of S74 80. eou I to 100.131. a basis of about 5.47%. Denom. on A ud. 24
20 1923. Int M.& S. Due 1924 to 1931,Inclusive.
$1.000. Date Aug.
-130/3'0.3
BUCYRAS SCHOOL DISTRICT, Crawford County, Ohio.
-It is reported that the Board of Education autlaerbed
AKRON SCHOOL DISTRICT (P. 0. Akron), Summit County, AUTHORIZED.
-BOND OFFERINCL-Flelled bids will be received by Irene M. the issuance of $50.998 80 deficiency bonds.
Ohio.
Moses, Clerk Board of Education. until 4 p. m. Oct. 2 for the purchase
-The following IRSI1CA of V%
-BOND SALE.
BUFFALO, N. Y.
4% school bonds issued under the authority of Rem
of 31,000.000 51
762.5 to 7627 incl. of the (lenerl Code. Denom. 31.000. Date Oct. 1 (non-taxable, registered as to both principal and interest at option of balder)
-have boon awarded be the
Oct. 1 from 1925 to 1944 bonds offered on Sept. 12-V. 117. p. 1030
1923. Int. A. & O. Due 350.000 yearly on
Incl. Certified check on some solvent bank for 2% of the amount bid Manuf.cturers & Traders National Bank of Buffalo at their bid of 100.1139
-a basis of about 4.24%:
all or none
official, required.
-for
for, payable to the above
32,800.000 school bonds (coupon or registered). Due 1924 to 1913.
AKRON TOWNSHIP SCHOOL DISTRICT (P. 0. Caro), Tuscola
400.000 Scalaqu Ida Creek inapt. bonds (coupon or registered). Due
-On Aug. 14 the Sebewaing State Bank of
-BOND .SALE.
County, Mich.
1924 to 1943.
Sebewaing, purchased 33,000 7% school bonds at par. Denom. $600,
100.000 bridge c nstruction bonds (coup. or reg.). Duo 1924 to 1512.
Date March 1 1023. Due yearly on March 1.
150,000 grade crossing bonds (registered). Due 1914 to 1913.
-The $3.000 6%
-BOND SALE.
60.000 Hamburg Turnpike bonds (registered). Due 1924 to 1943.
ALBANY, Athens County, Ohio.
Date Oct. 1 10-3. Other bidders were:
village's portion street impt. bonds issued under Section 3821 of the Goner 1
-were awarded to the Citizens Guaranty Company. Equitable Trust Co.. Remick. Hodges & Co..
1035
Code, offered on Sept. 8-V. 117. p.
Roosevelt & Son and Barr Bros., New York. jointly (with the
Bank of Albany at p r plus a premium of $10, equal to 100.33. Date
condition that the above mentioned syndicate could cancel the
ye. rs.
Sept. 15 1923. Due in
purrh se of all or any part of the bonds maturing in the years 1924
-J, L.
-WARRANT SALE.
ALICE, Jim Wells County, Texas.
to If 33. Incl., within 60 d ays from d ate of acceptance of proposal
Arlitt of Austin advises us that he has purchased 37.500 6% funding
upon written notice to the Commissioner of Finanee & Accounts)- I°cur
00 65
.
93.31.7.
'warrants. Denom. $500. Date June 1 1923. Prin. and semi-ann. lAberty Bank of Buffalo,for $100.000 Scajaquada Creek impt. bals_100 0
Int. (J. & D.) payable at the Battery Park National Bank. N. Y. City. F mon Son & Co.. N. Y.,for $150.000 grade crossing bonds
Ividge construction bonds
on June 1 as follows: $500. 1936 and 1937; $1,000. 1938 to 1943
Due
For $100.009
inclusive, and $500. 1944.
Sherwood & Merrifkld, New York,for $400.000 Scalaquada()reek
construction bowls
I aproyement bonds and $100,000 bridgebe granted an option
ALKABO SCHOOL DISTRICT NO. 36, Divide County, No. Dak.(with the condition that the bidder would
CERTIFICATE OFFERINO.-Blds will be received at the County Auditor's
to purchase the remainder of the above mentioned issues within
1110.3fAl
office in Crosby until 10 a. m. Sept. 19 by A. H. Peter. District Clerk. for
45 'lays at a price of 100.08)
,
'
33.000 7% 9 months certificate of indebtedness. Denom. $1,000. A
certified check for 5% of bid required.
BURLEIGH COUNTY (P. 0. Bismarck), No. Dak.-CERTIPICIATE
-The $25,000 certificates of indeutedneas offered on Sept. 4(V. 117.
-BOND SALE.
-The SALE. were awarded as 7s to the Minnesota Loami St Trust Cu. tat par plus
ALLEN COUNTY (P. 0. Fart Wayne), Ind.
p. 804)
following Issues of bonds have been sold:
premiutn of $3, equal to 100.01.
$.37,50d 5% Prow:no road-construction bonds offered on Sept. 6 (V. 117. n. a
10351 to the "'etcher-American Co.of Indianapolis for $37.626,
CALDWELL,Noble County, Ohio.-BONDOFFERINO.-13. W. Radequal to 100.30-a basis of about 4.93%. Due $937 50 each cliff. Village Clerk, will receive bids until 12 m. Sept. 21 for the purchase at
six months from May 15 1924 to Nov. 15 1933. inclusive.
not'less than par and interest of the following 64 bonds:
26,000 5%rupon Cedar ("reek Township road bonds offered on Sept. 8 $2,038 40 Lewis Street improvement bonds. Deuoms. 1 for $38 48 and
V. 117, p. 10351 to J. F. Wild & Co. of Indianapolis for
4 for $500. Due 33840 Sept. 11926. $1.530 Sept. 1 1927. nod
26.096 20. equal to 100.37-a basis of about 4.92%. Due
$500 Sept. 1 1928.
31.300 each six months from May 15 1924 to Nov. 15 1933,incl.
525 26 Walnut Street improvement bonds. Denoms. $125 26 au,)$593.
Date Sept. 5 1923.
Due Sept. I 192:g.
bonds offered on Sept. 1 (V. 117. D. 8041 to the
11.057 40 6% ditch
5,400 00 East Street improvement bonds. Denoms. 1 for $400 and II
Lincoln National 11nk for $11108 40. equal to 100.49-a
for $500. Due $1,400 Sept. 1 1929. 31.500 Sept. 1 1931. and
basis of about 4.90%. Dale yearly on Nov. 15 as follows:
1932. and $1,000 Sept. 1 1933.
$257 40. 1924. and 31.200. 1925 to 1933, inclusive. Date 15.000 00 electric light and water-worgs improvement bonds. D0410M.
Sept. 1 1923.
$500. Due on Sept. 1 as follows: $1.511, 192.5; $1.000. 1927 and
1932; 32.500.
1928; $500. 1929; 31.000, 1930 and 1931:
ALLENTOWN SCHOOL DISTRICT (P. 0. Allentown), Lehigh
1933; and $5,000. 1934.
-The 3150.000 4% coupon school bonds
-BOND SALE.
County, Pa.
Bonds are to be dated not later than Sept. 1 1923. Interest payable
-have been awarded to the Sinking
117. p. 915
offered on Sept. 11-V.
check for 5% of amount of bonds old for p arable to the
r
,
Iva: annu ily Certified
Fund Committee. Date May 1 1923. Due yearly on May 1 as fon'
Treasurer. required. Bonds to be delivered and paid for within tea
$14,000, 1928: $18,000, 1933; 321,000, 1938; 526,000. 1943; $32,000. Village
days from time of award.
1948, and 339.000, 1953.
-On Sept.
-TEMPORARY LOAN.
CANTON, Norfolk County, Mass.
ALMENA SCHOOL DISTRICT (P. 0. Almena), Norton Counts,.
& Co. of Boston purchased a temper ry revenue loan of
-The $55.000 5% school bonds offered on Sept. 4 11, Grafton a 4.29% discount Oasis. Date Sept. 12 1923. Due Dec.
-BOND SALE.
Kan.
$30,000 on
-were awarded to the Prudential Trust Co. at 99.81.
117. p. 1035
12 1923.
Due yearly for 15 years.
CARPIO SPECIAL SCHOOL DISTRICT NO. 1.56, Ward County.
-BOND SALE.
-Este & Co.
ARVADA, Jefferson County, Colo.
-Bids will be received by (Mrs.) Riling A.
Dsk.-BOND OFFERING.
off en
and Antonides & Co.. both of Denver. have Jointly purchased 549.592 6% No.
Kjintuedt, astrict Clerk, at the County Auditor'sto Italy in Minot until
1193. Prin.
sanitary sewer district No. 1 bonds. Date Aug. 11923.
for $11.000 5%
p. In. Sept. 28int., payable atfundinv bonds. D Bank. Minneapolis,
2
the First National
ASCENSION PARISH SCHOOL DISTRICT NO. 7 (P. 0. Donald.. and semi-ann,
-The 3100.000 school bonds offered on Sept. 4 Due July 11943. A certified check for $550 required.
-BOND SALE.
ville), La.
(V. 117, p. 804) were awarded as Ss to the Canal Commercial Bank of New
CARTERVILLE, Jasper County, Mo.-RoNn OPPERING.-Sealed
Orleans. at a premium of $400, equal to 100.40. Date July 11923. Due bids will be received until Sp. m. Oct.4 by the City Clerk, for $7.595 625%
serially 1 to 20 years.
coupon city bonds. Denom. $500 and 1 for $545 61. Data) Oct. 1 1923.
agreed upon. Due on Oct. 1
ASHLAND LAKE SCHOOL DISTRICT NO. 5, Rolette County, N. Prin. and semi-ann. int. payable at a place 1939. inclusive.
Dak.-CERTIFICATE OFFERING.-Blds will be received by (Mrs.) follows: $595 62 in 1925. and $500 1926 to
Diferict Clerk, at the County Auditor's office in Rolla until
DISTRICT NO. 27, Slope County, No.
Leland Hanna,
CEDAR CREEK SCHOOL
certificates of indebtedness to bear Interest at a Dak.-CERTIFICATE OFFERING.
-W. It. M rtin. Clerk of District,
2 0. in. Sept. 15 for
rate not to exceed 7%. Denom. $400. Date Sept. 15 1923. Due Jan. 15 will receive bids at the County Auditor's office in Amidon. until 1 p. m.
1925. A cert. check for 5% of bid. required.
Sept. 15 for $1.000 ccrtif cates of indeotedness. Interest rate not be
check for 5% of bid requ'red.
ASHLAND TOWNSHIP (P. 0. Clarion), Clarion County, 12a,-- exceed 7%. A certified
-BOND SALE.
-The 37.0004% township registered bonds offered on Sept. 1
BOND SALE.
CHAMPAIGNE COUNTY (P. 0. Urbana), Ohio.
awarded to the Clarion County National Bank of
(V. 117. p. 1035) were
The following issues of 54% bonds offered on Sept. 10-V. 117. P. 1151Knox at par. Due $1.000 yearly on Sept. 1 from 1924 to 1930. inclusive. have been awarded to the Champaigne National Bank of Urbana at par
basis of about 5.46%.
There were no other bidders.
'
plus a premium of 321-equal to 100.18. a
- 36,000-Frantz Bridge bonds. Denom. $1,000. Due 31,000 yearly es
-CORRECTION.
ASHTUBULA COUNTY (P. 0. Astubula), Ohio.
$5 .
92, 90mclu. o.
4
ge bon t
dm 192 dso 1Den in3sive
p
Rop. nfr
5,300 Sept I rio
In V. 117. p.318-we reported the sale of $22.500 54% road impt. bonds
Due $530 each six numbs
of Toledo, at 101.37. We now learn
to W.L. Slay Lon & Co.wh:ch 14 a b tsis of about 5.20%. that the bonds
from March 15 1924 to Sept. 15 1933, inclualve.
Date April 1
were sold at 1 11.32,
Date Sept. 15 1923.
$2,500 yearly on Oct. 1 from 1924 to 1932, inclusive.
1923. Due
ffiltatt mut Titg peixartutent
NEWS ITEMS.
BOND PROPOSALS AND NEGOTIATIONS
this week
I
non 5%
In
31.59o.
31.200
1264
THE CHRONICLE
[Vou 117.
CHANDLER, Maricopa County, Ariz.
-BOND ELECTION.
-Issues provides that all levies are to be made at the same time and in the same
of $50.000 water,$55,000 electric light and $40,000 sewer bonds will be put
before the voters for their approval or disapproval on Oct. 9. W. D. manner and collected by the same machinery as the general taxes. The
Act authorizing the bonds also pledges all of the revenues derived from
McByer, City Clerk.
CHARBON SCHOOL DISTRICT NO. 15, McKenzie County, N. rentals and charges for the services of the tunnel. The letter states, "according to conservative official estimates made after careful canvass and
Dak.-CERTIFICATE OFFERING.
-Bids will be received until 2 p.m.
Sept. 22 at the County Auditor's office in Shafer. for $5,000 12
-month consideration of the entire field, the earnings of the tunnel will be more
certificates of indebtedness by F. M. Erickson, District Clerk. Denom. than sufficient to take care
of all operating and maintenance expense and
$500. Int. rate not to exceed 7%. All bids must be accompanied by a
to pay the interest on and retire these bonds as they become due, making
cert. check for 5%•
it a self-supporting public improvement."
CLARKSVILLE, Red River County, Texas.
-BONDS VOTED.
The Moffat Tunnel Improvement District was created by an Act of the
By a vote of 132 to 18 the $40.000 53.1% sewer and disposal plant bonds
Colorado Legislature, effective July 12 1922, for the purpose of building
were carried at the election held on Aug. 27 (V. 117, p. 691).
a tunnel through the Continental Divide to provide a more direct and
CLEVELAND, Cuyahoga County, Ohio.
-The
-BOND SALE.
83,360.00D4%% coupon water works bonds offered on Sept. 10-V. 117. economical means of transportation and communication between the
p. 805
-have been awarded to a syndicate composed of Eldredge St Co., eastern and western portions of the State. The district embraces
the entire
E. H. Rollins & Sons, Kountze Bros., Roosevelt & Son, Redmond & Co.
and F. E. Calkins & Co. at 101.178. a basis of about 4.64%. Denom. City and County of Denver. the Counties of Grand. Routt and Moffat and
$1,000. Date Sept. 11923. Prin. and semi-ann. int.(M.& S.), payable certain portions of the Counties of Eagle, Gilpin, Boulder, Adams and
at the American Exchange National Bank. New York. Due $160.000 Jefferson, and comprises a total area of 9.245 square miles, entirely located
yearly on Sept. 1 from 1928 to 1948. inclusive.
within the State of Colorado.
CLEVELAND, Bradley County, Tenn.
The plans as approved provide for the building of a tunnel 6.04 miles
-BOND SALE.
-Caldwell &
Co. of Nashville, and I. -B. Tigrett & Co. of Jackson. have jointly pur- in length, extending from
a point 1% miles west of Tolland, in Gilpin
chased $445,000 indebtedness and 875,000 school building bonds.
County, to a point near Vasquez, in Grand County. The tunnel will be
CLEVELAND HEIGHTS (P. 0. Cleveland), Couahoga County, equipped with railroad trackage
of standard gauge and adequate electrical
°Mo.-BOND OFFERING.
-Sealed bids will be received by Chas. C.
Frazine, Director of Finance, until 11 a. m. Sept. 15 for the purchase of and drainage equipment. While this tunnel is primarily for transportation
purposes. It will also be used to carry water and telephone, telegraph and
the following issues of 53 % special assessment bonds:
$90,526 paving bonds. Denom. $1.000 and one for $526. Due yearly power transmission lines.
on Oct. 1 as follows: 39.526, 1924; 810.000. 1925 to 1931 Incl.,
Benefits to District.
-The most important benefit to be obtained from
and 811,000. 1932.
54,000 street inapt. bonds. Denom. $1,000. Due yearly on Oct. 1 the project will be that it will make the haul between Chicago and the
as follows: $4,000, 1924. and $6.000 in all the odd years and Pacific Coast 70 miles shorter than any of the present transcontinental
35.000 in the even years from 1925 to 1933 inclusive.
lines, between Denver and Salt Lake City 173 miles and between eastern
Date Sept. 1 1923. Prin. and semi-ann. int. (A. & 0.) payable at
the office of the above official. Certified check for 3% of the bonds bid and western Colorado 23 miles.
The bankers in their letter summarize other benefits as follows:
for, payable to the above director. required.
The City of Denver has always suffered from not being located on a
CLINTON COUNTY (P. 0. Frankfort), Ind.
-BOND OFFERING.
- transcontinental railroad
Walter D. Beach, County Treasurer, will receive sealed bids until 10 a. Tn.
system. This tunnel will give to the city the
Sept. 21 for $5,900 5% coupon Geo. M. Myers at al Road
bonds. many advantages coming from being so located.
Denom.$295. Date Aug. 15 1923. Interest M.& N. 15. No.373 each
The Commission will contract for the use of the tunnel by several steam
$295
six months from May 15 1924 to Nor. 15 1933, inclusive. Due
railroads. By making use of It they will cut 2.500 feet from the elevation
CLINTON SCHOOL DISTRICT NO. 7, Lenawee County, Mich.
- over the top of the Rocky Mountain range, and by change of route will
BONDS VOTED.
-According to reports, a special election was held on Aug. not only
shorten the present distances, but will eliminate the present heavy
27. at which a 960,000 school bldg. bond issue was carried by a majority
grades, curves, upkeep of the roadbed and snow sheds and secure unof 23 votes.
COLQUHOUN SCHOOL DISTRICT NO. 2, Renville County, interrupted service in the winter months, during which season, under
No. Dak.-CERTIFICATES NOT SOLD.
-The
certificates of present conditions, considerable and costly delays are experienced from
indebtedness offered on Aug. 31-V. 117. p. 916 $5,000
-were not sold. Date snow and other winter seasonal causes.
Sept. 1 1923. Due Sept. 1 1924.
The costs of transportation East and West reach their highest point
CORNING, Tehama County, Calif.
-The
-BOND DESCRIPTION.
330,000 sewer-system bonds voted at the election held on July 31 (V. 117, over the Continental Divide. By reducing the cost and increasing the
p, 805). are described as follows: Denom. $1,000. Date Sept. 1 1923. convenience of East and West transportation of freight and passengers,
Principal and semi-annual interest(M.& S.) Payable at the
City Treasurer's the value of the property within the district and the future development
office. Due $1,000 yearly on Sept. 1 from 1924
of the entire State will be materially enhanced.
to 1953. inclusive.
There Is available on the western slope of the mountains a large body
CORSON COUNTY (P. 0. McIntosh), No. Dak.-BOND SALE.
The $40,000 5%% negotiable coupon bonds offered
Sept. 4-V. 117. of water needed by Denver, but at present inaccessible, which will be
on
p. 1036
-were awarded to Thompson, Kent & Grace of Chicago at Par
brought to the city when the tunnel is completed. It is reliably stated
and accrued interest. Date June 11923. Due June 11933.
that the value of this water to the City of Denver will be $300,000 annually.
COTTONWOOD COUNTY (P.O. Windom), Minn.
The increased railroad facilities offered by the operation of the tunnel
-BOND SALE.
The $6,350 drainage refunding bonds offered on Aug.28-V. 117, p.916
were awarded to the Minneapolis Trust Co.of Minneapolis as 5s at a prem- will also make accessible to Denver and points east coal deposits greater
than the combined coal areas of Pennsylvania and West Virginia. These
ium of $20, equal to 100.31.
deposits, according to R. D. George, State Geologist, cover an area of
CRETE,Saline County, Nebr.-BOND
-The State of Nebraska 1,200
has purchased 366.329 20 sewer bonds. SALE.
square miles, with a probable available tonnage of 39.000,000,000
tons. It is estimated that by utilizing the tunnel the saving in coal transDALLAS, Dallas County, Tex.
-Issues of
-BONDS REGISTERED.
$1,250,000 street improvement. 81,000.000 school improvement, $325,000 portation charges will be at least 70 cents per ton.
Park improvement, $100,000 fire station. $150,000 sanitary sewer and
Provision will be made for the transportation of automobiles and other
$500,000 sewer disposal, all bearing 454% Interest and maturing serially. vehicles during the winter months when
the mountain roads are impassable.
were registered on Sept.6 with the State Comptroller.
It is proposed to use the tunnel in connection with the Victory Highway
DAVIESS COUNTY(P.O. Washington),Ind.
- running from Wilmington, Del., to San Francisco, Calif., and at present
-BOND OFFERING.
Seised -bids will be received by 0. M. Vance. County Treasurer. until 2 p.
in. Oct. 1 for the purchase of $5,860 5% Martin Bowman et al.. road In going by way of Berthoud Pass, which, because of heavy snows. Is open
Elmore Township bonds. Dimon).- $293. Date Sept. 15 1923. Int. only three or four months in the year. With the tunnel in operation this
M.& N.15. Due $293 each 6 months from May 15 1924,to Nov. 15 1933. highway can be used the entire year around. Reliable
authorities state
inclusive.
that the benefits to be derived from the tunnel as a highway for automoDEARBORN SCHOOL DISTRCIT NO. 1 (P. 0. Dearborn), Wayne biles
are well worth the entire cost of construction.
County, Mich.
-BOND OFFERING.
-William J. Gilbert, Director, will
received sealed bids until 10 a. m. Sept. 22 for the purchase
Advertisement of the public offering of these bonds may be found on a pre$45,000
5% school bonds. Denom. $1,000. Date Sept. 1 1923. of
Prin. and ceding page.
semi-ann. int(M. & S.) payable in lawful money of the United States at
the American State Bank of Detroit. Due $3,000 yearly on Sept. 1 from
DESHA COUNTY (P. 0. Arkansas City), Ark.
-WARRANTS
-J. L. Arlitt of Austin is offering to Investors
1928 to 1942 incl. Certified check for 2% of the amount required.
OFFERED BY BANKERS.
at prices to yield 6%,$63.000 refunding warrants, the unsold portion of
DELMAR, Clinton County, Iowa.
-The a total issue of $109,000 recently purchased by him. Denom. $1,000.
-BOND DESCRIPTION.
$4,000 water works system bonds, purchased by Geo. M. Behtel & Co. of Date July 24 1923. Due July 24 1924, payable
at the Battery Park
Davenport, as stated in V. 117. p. 917, are described
Denom. National Bank, N. Y. City.
9500. Date July 2 1923. Prin. and semi-ann. in as follows:
payable at
(J.
Geo. M. Bechtel & Co. of Davenport. Due $500 yearly-J.),July 1 from
DEVILS LAKE SPECIAL SCHOOL DISTRICT, Ramsey County,
on
No. Dak.-BOND OFFERING.
-A. E. Parshall, District Clerk, (P. O.
1929 to 1936, inclusive.
Devils Lake) will receive bids until 2 p.m. Sept. 17 for $70.000 5% funding
Financial Statement.
Actual assessed value of property year 1922
bonds. Date June 1 1923. Denom. $1,000. Due on June as follows:
Total debt, including this issue
$20,000. 1928: $25,000. 1933, and 325.000, 1938. payable at the First
Population
National Bank, Minneapolis. The approving opinion of Lancaster, Simpson, Junell & Dorsey of Minneapolis, will be l'unrished the bidder. A
DENNISON, Tuscarawas County, Ohio.
86356:75554080 cert.check for 5% of bid,required.
-BONDS NOT SOLD.
The $7,000 5)4% water and electric light rental bonds offered on July 28V. 117, p. 349
DODGE COUNTY(P.O.Juneau), Wisc.-BOND SALE.
-were not sold. 11..1. Andrews, City Auditor, informs us
-The Second
that the bonds are still for sale.
Ward Securities Co. of Milwaukee, has purchased the $900,000 5% coupon
highway bonds offered on Sept. 7(V. 117, p. 917) at a premium of $11,170.
DENVER (City and County of), Colo.
-33,000,000 OFFERING OF equal to 101.24. a basis of about 4.86%. Due $100.000 April 11930, and
MOFFAT TUNNEL BONDS QUICKLY OVERSUBSCRIBED.
-On Mon- $200,000 on April 1 in each of the years, 1932, 1935. 1937 and 1940.
day of this week R. M.Grant & Co.. Inc.. of New York,offered to inventors
DROVE SCHOOL DISTRICT NO. 5, Slope
No.
the first block. $3,000,000 in amount, of the $6,720,000 536% Moffat CERTIFICATE OFFERING.-Blds will be received by (Mrs.) Dak.County,
,
Sophia C.
Tunnel Improvement District bonds. The issue was quickly oversubscribed Basset. District Clerk, (P. 0. South Heart) until 7 p. m. Sept. 29 for
at offering prices that yielded the investor about 5%. It is expected that $5,000 7% certificates of indebtedness. Denom. $1.000. Date Sept. 29
1923. All bids must be accompanied by a cert. check for 5%.
the remaining $3,720,000 bonds will be placed on the market when issued by
DULUTH, St. Louis County, Minn.
-BIDS REJECTED.
the District some time in the future.
-The $58,000
bonds offered on Sept. 10-V. 117,p. 805
-were not sold as all
The $33,000,000 bonds disposed of bear date of July 1 1923, are in the bids43%
received were rejected. Date July 1 1923. Due on July 1 as follows;
denomination of $1,000 and mature $150,000 annually on July 1 from 1944 $8,000, 1924, and 85,000. 1925 to 1934, incl.
to 1963 incl. They are coupon In form, the holder having the privilege of
EASTLAND, Eastland County, Texas.
-WARRANT SALE.
-We are
registration as to principal and interest or principal only, at the office of informed by J. L. Arlitt of Austin that he has purchased 818.500 6%
the Treasurer of City and County of Denver. Prin. and semi-ann. int. water purifying system warrants. Denom. $500. Date June 28 1923.
Prin. and semi-ann. int. (J. & D. 28) payable at the Battery Park National
(J. & J.) payable In gold at the American Exchange National Bank of New Bank, N. Y. City. Due on June 28
as follows: $1,000, 1924 to 1931,incl.;
York. The bonds are free of all taxes levied in Colorado,and they con- $1,500, 1932 to 1938, incl.
stitute, accordindto the offering circular, a legal investment for savings
ECKLUND SCHOOL DISTRICT NO. 10, Burleigh County, No.
banks and trust funds in Colorado. The legality of the law authorizing Dak.-CERTIFICATE OFFERING.
-H, C. Aspiund, District Clerk,
the issuance of the bonds has been unanimously sustained by the Colorado will receive bids until 2 p. m. Sept. 17 at the County Auditor's office in
State Supreme Court and the United States Supreme Court,and in addition Bismarck for $2,500 certificates of indebtedness to bear interest at a rate
not to
7%. Denom. $500. Due in 18 months. A certified check
the legality of the bonds has been approved by Reed, Dougherty & Hoyt for 5%exceed required.
of bid
of New York and Pershing, Nye, Frye & Talimadge of Denver.
EDDY COUNTY (P. 0. New Rockford), No. Dak.-CERTIFICATE
-The bonds are a direct obligation of the district pay- SALE.
Security-Levies.
-months certificates of
-The $30.000 18
able from ad valorem levies on all of the real estate and improvements 4 (V. 117, p. 917) were awarded as 75 to the indebtedness offered on Sept.
First National Bank of New
within the district, the asses.sed valuation of which is $288,544,996, and Rockford.
which, according to a letter written by the bankers, has been Irrevocably
EDGEWOOD, Van Zandt County, Tex.
-BONDS REGISTERED.
determined to have been benefited 15% by this public improvement, On Sept. 4 the State Comptroller registered $40,000 water works and
aggregating 843,281.749 40 or more than six times the cost of the improve- 815,000 electric light 6% serial bonds.
ment. By virtue ofthe law under authority of which the bonds are issued,and
EDMORE SPECIAL SCHOOL DISTRICT NO. 6, Ramsay County,
the decisions of the Colorado State Supremo Court and the United States No. Dak.-BOND OFFERINO.-F, E. Goulding, District Clerk, wlll
receive
Supreme Court,these levies "constitute a perpetual lien on a parity with the $33,000bids until 2 p. m. Sept. 27 for the following 53 % coupon bonds:
school building bonds. Denim. $1.000. Date July 1 1923.
a:tit n for general State, county, city, town and school taxes." The law
Due July 1 1943.
SEPT. 15 1923.]
THE CHRONTCLE
6,000 refunding bonds. Date Oct. 10 1923. Due Oct. 10 1943.
Prin. and semi-ann. int. (J. & J.) payable at the First National Bank,
Minneapolis. The approving opinion of Ambrose Tighe of St. Paul will
be furnished free. A certified check for 5% of bid required.
ENNIS, Ellis County, Texas.
-BONDS VOTED.
-Our Western representative advises us by special wire that at the election held on Sept. 7-the $50,000 water bond issue carried.
V. 117. p. 917
-BOND OFFERING.ERIE COUNTY (P. 0. Sandusky), Ohio.
Sealed bids will be received by Reuben 11. Ehrhardt, Clerk Board of County
Conunissioners, until 10 a. m. Oct. 1 for $27,000 5% Inter-County Highway
No. 288 (Secs. D. & N) improvement bonds. Denom. $1,000. Date
Oct. 1 1923. Interest A. & 0. Due yearly on Oct. 1 as follows: $3,000,
1925 to 1929,inclusive,and $4,000, 1930 to 1032,inclusive. Certified check
for 5% of bid required.
EUSTIS, Lake County, Fla.
-BOND OFFERING.
-Charles Isted,
Chairman, Board of Bond Trustees, will receive sealed bids until 2 p.
Sept. 17 for $5,0006% coupon sewerage bonds. Denom.$500. Date July
1 1922. Prin. and semi-ann. int. (J. & J.) payable at the National Park
Bank. N.Y.City. Due July 11937. A cert. check for 5% of bid,required:
-Legality approved by John C. Thomson, N. Y. City.
EVANSTON,Cook County, 111.
-Sealed bids will
-BOND OFFERING.
be received in the office of the Comndssioner of Public Works until 12 in.
(daylight saving time) Sept. 26 for the purchase of the following issues of
43% bonds:
$275,000 bonds "to increase the capacity of the Evanston filtration plant."
75,000 bonds "for the purchase of additional pumping equipment for the
Evanston pumping station."
FAIRFAX DRAINAGE DISTRICT, Wyandotte County, Kan.
-The Commerce Trust Co. of Kansas City has purchased
BOND SALE.
$397,000 5% coupon drainage bonds. Denom. $500 and $1.000. Date
Aug. 11923. Interest F.& A. Due yaerly on Aug. 1 as follows:$13,000,
1924 to 1946, inclusive, and $14,000. 1947 to 1953. inclusive.
FAIRFIELD COUNTY (P. 0. Winnsboro), So. Caro.
-BOND SALE.
-The $225,000 5% highway and bridge bonds offered on Sept. 10(V. 117,
p. 1152) were awarded jointly to the Bank of Fairfield and the Merchants'.k
Planters' Bank of Winnsboro. at par.
FAJARDO(Municipality of),Porto Elec.-BOND OFFERING.
-Sealed
proposals will be received by Juan Robles, Commissioner of Public Service
Police and Prisons until 10 a. m. Sept. 24 for $300.000 coupon public
Improvement bonds. Denom. $1,000. Date July 1 1923. Prin. and
semi-ann. int. payable at some bank or trust company either in Washington
D. C., New York or Porto Rico. Due on July 1 as follows: $7.000. 1929
to 1933, incl.: $10.000. 1934 to 1940, incl.•, 315,000. 1941 to 1946. incl.,•
$20,000, 1947 to 1950, incl., and $25,000, 1951. Int. rate not to exceed
5 H% A cert. check or bank draft for 2% ofissue, payable to the Commis.
sioner of Finance, required.
FALLON COUNTY SCHOOL DISTRICT NO. 57 (P. 0. Westmore),
-Until 2 ro. m. Oct. 1 bids will be received by
Mont.
-BOND OFFERING.
Wm. Salmon, District Clerk. for $4,471 65 6% refunding bonds. A certified check for $447 16 required.
FALL RIVER, Bristol County, Mass.
-TEMPORARY LOAN.
-The
temporary revenue loan of $400,000, offered on Sept. 11 (V. 117, p. 1153).
was awarded to the First National Bank of Boston on a 4.24% discount
basis, plus a $3 premium. Date Sept. 12 1923. Due Nov. 15 1923. Other
bids were:
Discount. Premium,
S. N. Bond & Co
4.30
$1 75
F. S. Moseley & Co
4.39
FERGUS COUNTY SCHOOL DISTRICT NO. 160(P. 0. Winifred),
Mont.
-BOND OFFERING.
-Harry A. Butcher, Trustee, will receive bid'
until 2 p. m. Sept. 28 for an issue of funding bonds In an amount not to
exceed $1.099 18. A certified check for $100 required.
FERGUS COUNTY SCHOOL DISTRICT NO. 196 (P. 0. Ross
-BOND OFFERING.
Fork), Mont.
-Until 2 p. in. Oct. 1 bids will be received for $2.000 6% school bonds. Denom. $250. A certified check
for $200 required.
FLEAK SCHOOL DISTRICT NO. 27, Grant County, No. Dak.CERTIFICATE OFFERING.-. B. Loeffler, District Clerk, will receive
bids until 10 a. in. Sept. 18 at the County Auditor's office in Carson for
$3,000 18 months certificates of indebtedness and $3,000 10-year funding
bonds. Interest rate not to exceed 7%. A certified check for 5% of bid
required.
FLOWING WELLS IRRIGATION DISTRICT, Pinta County, Ariz.
-BONDS NOT SOLD
-OFFERED AT PRIVATE SALE.
-The 35.000 6%
irrigation bonds offered on Aug. 30 (V. 117, p. 806) were not sold. The
bonds are now being offered at a private sale at not less than 85. Date
Aug. 1 1923. Due 10 to 30 years.
FORT .SMITH, Sebastian County, Ark.
-BOND SALE.
-The National Bank of Commerce of St. Louis and the First National Bank of Fort
Smith have jointly purchased, it is reported, $250.000 5% water bonds
at 96.55.
FOSTER SCHOOL DISTRICT NO. 2, Logan County, No. Dak._
BOND SALE.
-The $14.700 funding bonds offered on Aug. 28 (V. 117, p.
918) were awarded as 6s to Geo. B. Kenna & Co. at par. Denom. $700.
Date Sept. 11023. Int. J. & J. Due Sept. 11933.
FRANKLIN COUNTY (P. 0. Columbus), Ohio.
-CORRECTION.
Using newspaper reports as our source of information. we reported the pale
of $41,000 p34% road bonds to Breed, Elliott & Harrison of Cincinnati,
basis of about 5.15%, in the "Chronicle" of Aug. 18 on page
at 101.53, a
806. We are now informed by the above company that it only purchased
$36,000.
FREDERICK, Brown County, So. Dak.-BONDS VOTED
-OFFER-At the election held on Sept. 4-V. 117, p. 1037
ING.
-the proposition
to issue 35,000 6% funding bonds carried. Bids will be received until
Sept. 21 by S. Mellen, Town Clerk, for the bohds.
FREDERICK TOWNSHIP, Divide County, No, Dak.-CERTIFICATE SALE.
-The $1,500 7% 18 months certificates of indebtedness
offered unsuccessfully on Aug. 15-V. 117, p. 918
-have been purchased
by H. S. Semingson of Crosby.
GIRARD CITY SCHOOL DISTRICT (P. 0. Gerard), Trumbull
County, Ohio.
-BOND SALE.
-The $300,000 4H% fireproof impt. site
and construction bonds offered but not sold on Aug. 15 (V. 117, p. 806)
have been awarded to the State Industrial Commission of Ohio. Date
Sept. 11923. Due $12.500 yearly on Sept. 1 from 1924 to 1947. inclusive.
GLEN ULLIN, Morton County, No. Dak.-BOND OFFERING.
W.H. Mormann, Clerk Board of Education, will receive bids
Oct. 2 for 320,000 6% funding bonds. Date Oct. 1 1923. until 2 p. m.
Due Oct. 1
1943. A certified check for not less than 5% of bid required.
GOSHEN, Elkhart County Ind.-BOND OFFERING.
-Charles
H. Crowell, City Clerk, will receive sealed bids until 10 a. m. Sept. 26
for 350.000 5% coupon municipal water, light, heat and power bonds.
Denom. $1,000. Date Sept. 26 1923. Int. J. & J. Due $5,000 Yearly
on Jan. 1 from 1925 to 1934 inclusive.
GRACE SPECIAL TAX SCHOOL DISTRICT (P. 0. Asheville),
Buncombe County, No. Caro.
-BOND SALE.
-The $75,000 bonds
offered on Aug. 28-V. 117, p 692
-were awarded to
Co. of Toledo at a premium of 611 50, equal to 100.81. Sidney Spitzer &
(Interest rate not
stated.) Date Aug. 1 1923.
ue on Aug. 1 as follows: $2,000. 1925 to
1944, incl., and $5.000, 1945 to 1951, incl.
GRANDVIEW, Johnson County, Texas.-130ND ELECTION.
A proposition to issue 330.0006% sower bonds, maturing $1,000 annually,
will be voted upon on Oct. 8.
GRANT COUNTY (P. 0. Marion), Ind.
-BOND OFFERING.
Sealed bids will be received by George B. Nottingham, County Treasurer,
until 9 a. m. Sept. 21 for 38,6005% James P. Cox et al. free stone road in
Mill Township bonds. Denom.$430. Date July 151923. Int. M.&
Due $430 each six months from May 15 1924 to Nov. 15 1933. incl. N. 15.
GRASSLAND SCHOOL DISTRICT NO. 14, Renville County, No.
DAk.-CERTIFICATE OFFERING.
-0.F. Sjobog, District Clerk, P. O.
Mohall), will receive bids until 2 p. m. Oct. 15 for $7,000 7% certificates
of indebtedness. Denom. $1,000 Due April 15 1925. A certified check
for 5% of bid required. These certificates were offered unsuccessfully on
Aug 16 (V. 117, p. 1153).
1265
GREENE COUNTY (P. 0. Bloomfield), Ind.
-BOND OFFERING.
Sealed bids will be received by W. L. Herrington, County Auditor, until
12 in. Sept. 29 for $9,800 5% coupon P. A. Cade et al Three-Mile Grave
Road bonds. Denom. $490. Date Sept. 15 1923. Interest M.& N. 15.
Due $490 each six months from May 15 1924 to Nov. 15 1933, inclusive.
GREENFIELD TOWNSHIP RURAL SCHOOL DISTRICT (P. 0.
R.F. D. No.2,Lancaster), Fairfield County,Ohio.
-BOND OFFERING
-Sealed bids will be received by I. A. Miller, Clerk, Board of Education,
until 1 p. M. (central standard time) Sept. 29 for $6.222 42 04% coupon
school bonds. Denom. $400 and one for $222 42. Date Oct. 1 1923.
Prin. and semi-ann. int. (A. & F.) payable at the Clerk-Treasurer's office.
Due each 6 months as follows: $400. Feb. 1 1924 to Feb. 1 1931. incl.,
and $222 42, Aug. 1 1931. Cert. check for 5% of the amount bid for payable to the above official, required. Purchaser to take and pay for bonds
within 10 daysfrom time of award.
GREENFIELD TOWNSHIP SCHOOL DISTRICT NO. 3, Wayne
-BOND OFFERING.
-Raymond G. Gardner, Clerk Board
County, Mich.
of Education, will receive sealed bids until 8 p. m. Sept. 18 at 149 Ward
Ave., Northwest Station, Detroit, for the purchase of $7.000 school bonds.
Denom. $1,000. Date Oct. 1 1923. Principal and interest payable at the
Northwestern State Bank of Detroit. Due Oct. 1 1923, without option of
prior payment. Interest not to exceed 534%. Bider to furnish blank
bonds, ready for execution. Certified check for 3700, payable to the
Treasurer, required.
GREENVILLE, Greene County, Tenn.
-BOND OFFERING.
-Bids
will be received by W. C. Thacker, Town Recorder, until 2 p. in. Sept.
19 for the following bonds:
$66,000 00 5H% 20-year town impt. bonds.
74,123 66 6% 1 to 10-yr. serial kept. district bonds.
GREENVILLE, Hunt County, Texas.
-BONDS DEFEATED.
The $325,000 water works and reservoir bonds submitted to the voters
-met with defeat.
on Sept. 4-V.117. p.693
HALEDON,Passaic County, N. J.
-BOND OFFERING.
-Sealed bids
will be received by John J. Kopp. Borough Clerk, until 8 p. in. (daylight
saving time) Sept. 17 for the purchase at not less than par of an Issue of
5% coupon or registered (with privilege of registration as to principal only
or both principal and interest) sewer bonds not to exceed $55,000, no more
bonds to be awarded than will produce a premium or $1,000 over $55.000.
Denom. $1,000. Date Sept. 1 1923. Principal and semi-annual interest
& 8.), payable at the United States Trust Co. of Paterson. Certified
check for 2% of the amount bid for, payable to the Borough. required.
HALEN SPECIAL SCHOOL DISTRICT NO. 3, Mercer County,
.-Bids will be received until 10 a.m.Sept.22
No.Dak.-BOND OFFERING
by I. 0. Lee, District Clerk, at the County Auditor's office In Stanton for
$60.000 5% funding bonds. Denom. $1.000. Date July 11923. Principal and semi-annual interest(J.& J.) payable at the Continental & Commercial National Bank, Chicago. Due July 1 1943. A certified check for 2%
of issue required.
HAMDEN, Vinton County, Ohio.
-BOND OFFERING.
-Sealed bids
will be received by Lou Meese, Village Clerk, until 12 in. Sept. 29 for 113,000
6% real estate purchase and impt. bonds, issued under Sec. 3939 of Gen.
Denom. $300. Date june 1 1923. Int. semi-ann. Due $300
Code.
annually from 2 to 11 years from date. Cert. check for 10% of the amount
bid for, payable to the Village Clerk. required. Purchaser to take up and
Pay for bonds within 10 days from time of award.
HAMILTON COUNTY (P.O. Noblesville), Ind.
-BOND OFFERING.
-A. G. Finley. County Treasurer, will re eive sealed bids until 10 a. m.
Sept. 25 $15,5004H% bonds for the construction and impt. of the following
highways:
$9.200 John Heisser road in White River Township.
6.300 Joe Machmer road in White River Township
Date Sept. 15 1923. Int. M. & N. 15. Due $775 each 6
-months from
May 15 1924 to Nov. 151933.inclusive.
HANCOCK COUNTY (P. 0. Findlay), Ohio.
-BOND OFFERING.
Sealed bids will be received by G. R. Morehart, County Auditor, until
10 a. m. Sept. 15 for $5,500 534% road-improvement bonds, issued under
Sec. 6929 of Gen. Code. Denom. $500. Date Sept. 10 1923. Principal
and semi-annual interest payable at the County Treasurer's office. Due
Yearly on Sept. 10 as follows: $500. 1924 to 1932, inclusive, and $1,000,
1933. Certified check for $200 required.
HANCOCK COUNTY (P. 0. Findlay), Ohio.
-BOND SALE.
-The
36.000 534% road bonds offered on Sept. 10 (V. 117. ro. 1153) have been
awarded to ESurfee, Niles & Co. of Toledo,for $6,011 26. equal to 100.188.
a basis of about 5.46%. Date Sept. 1 1923. Due $600 yearly on Sept. 1
from 1924 to 1933,inclusive.
HARDEMAN COUNTY COMMON SCHOOL DISTRICT NO. 16,
-BONDS REGISTERED.
-The State Comptroller on Sept. 4 regisTex.
tered $10,000 6% 5-40 year bonds.
HEMPSTEAD, Nassau County, N. Y.
-BOND SALE.
-The following
issues of registered bonds offered on Sept. 11-V. 117, p. 1153
-have been
awarded as 434s to William R. Roberts & Co. of New York at 100.15a basis of about 4.48%:
3100,000 street improvement (part of a total issue of 5.375,000 voted on
July 31 1923). Denom. $1,000. Due $5,000 yearly on Nov. 1
from 1924 to 1943,inclusive. Certified check for $2.000 required.
10,000 water main extension. Denom. $2,000. Due $2,000 yearly on
Nov.1 from 1926 to 1930,incl. Cert.check for 81,000 required.
Date Nov. 1 1923. Principal and semi-annual interest (M. & N.)
Payable at the Village Treasurer s office.
HENDERSON, Vance County, No. Caro.
-BOND SALE.
-The
$200,000 coupon (registerable as to principal) street and sidewalk improvement bonds offered on Sept. 10-V. 117. p. 919
-were awarded to Stacy
& Braun of Toledo and Keane, Higble & Co. of Detroit jointly as 5348
at a premium of $125 equal to 100.06 a basis of about 5.48%. Date July
1, 1923. Due yrly. on July 1 as follows: $12,000 1924 to 1923 incl. and
$8,000 1934 to 1943 incl.
HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 2 (P. 0.
Hempstead), Nassau County, N. Y.
-BOND OFFERING.
-Sealed bids
will be receied by C. H. C. Harms, Clerk Board of Education, until 8:30
p. m.(daylight saving time) Sept. 26 for $120,000 5% coupon school bonds.
Denom. $1,000 .Date July 1 1923. Due $6,000 yearly on July 1 from
1926 to 1945, inclusive. Interest semi-annual. Certified check for $2.400,
above official, required. Legality approved by Clay &
payable
toNew
HENRY COUNTY (P. 0. New Castle), Ind.
-BOND OFFERING.Elisha McFarland. County Auditor, will receive sealed bids at his office in
the court house until 2 p. m. Oct. 1 for $4,702 88 6% Hereert Van Winkel
et al, drainage bonds. Denom. $100 and one for $102 88. Date Aug. 15
1923. Interest M.& N.5. Due yearly on Nov. 1 as follows: $15,000 1924
and 1925 and $1.702 88 1926.
HICKSVILLE, Defiance County, Ohlo.-BOND OFFERING.
-Sealed
proposals will be received by Merle G. Wort, Village Clerk, until 12 m.
Sept. 21 for $8,775 534% Hicksville-Auburn road improvement bonds
issued under Sec. 6951 of Gen. Code. Denom. $877 50. Date Sept. 1
1923. Interest semi-annually. Due $877 50 yearly on Sept. 1 from 1924
to 1933, inclusive. Certified check for $500, payable to the Village Treasurer required. Purchaser to take up and pay for bonds within 10 days
from time of award.
HILL COUNTY SCHOOL DISTRICT NO. 26 (P. 0. Rudyard),
-BOND OFFERING.
Mont.
-Bids will be received until 10 a. in. Sept. 28
by A. 0. Hovee, District Clerk, for an issue of school bonds in an amount
-S.
not to exceed $7,000. Denom. $500. Date Sept. 1 1923. Int. M.
A certified check for $450, payable to above official required.
-BONDS REGISTERED.
---On Sept.
HILLSBORO, Hill County, Tex.
4,$15,000 5% 15-40 year street paving bonds were registered with the State
Comptroller.
-BOND OFFERING.
HILLSDALE COUNTY (P. 0. Hillsdale), Mich.
-The Board of County Road Commissioners will receive sealed bids until
10 a. in. (central standard time) Sept. 19 for $40,000 Assessment District
Road No. 7 bonds, not to exceed 6%. Date Oct. 1 1923. Due yearly
on May 1 as follows: $9,000 1925 to 1927. incl., and $13,000 1928. Cert.
check for 2% of the amount of bonds, payable to Lewis A.Roiney,Chairman
of Board, required.
HILTON SCHOOL DISTRICT NO. 10, Bottineau County, No. Da k
-CERTIFICATE OFFERING.-Hnil 2 p.m. Sept. 15 bids will be received
1Z66
THE el7R(1NTCLE
by Geo. R. Everson. District Clerk, at the County Auditor's office in Bata
tineau. for $1,500 7% certificates of indebtedness. A cert, check for 5%
of bid, required.
-At the same time and place the above official will
BOND OFFERING.
also receive bids for $3,200 funding bonds to bear interest at a rate not to
exceed 7%. Due $800 on Sept. 15 in each of the years 1927, 1929. 1931
and 1933. A cert. cheek for 5% of bid. required.
HOLBROOK IRRIGATION DISTRICT (P. 0. La Junta), Otero
-Henry Wilcox &
-BOND ELECTION AND SALE.
County, Colo.
Son of Denver have purchased, subject to being carried by the voters on
-year refunding bonds.
Sept. 21. 5469.000 6% 20
HOLMES SCHOOL DISTRICT NO. 3, Divide County, No. Dak.-13. A. Roberts. District Clerk, will receive bids until
BOND OFFERING.
2 p. m.Sept. 19 at the County Auditor's office In Crosby for 59.000 10-year
funding bonds to bear interest at a rate not to exceed 7%. Denom. $1.000.
All bids must be accomp tailed by a certified check for 5% of bid.
-At the same time and place the above
CERTIFICATE OFFERING.
official will offer 527.000 7% certificates of indebtedness. maturing $7.000
In 6 months and 510,000 in 12 and 18 months. Denom. $500. A certified
check for 5% of bid required.
-The
HONOLULU (City and County), Hawaii.-ZIOND SALE.
$250,000 5% coupon tax-free water works bonds. Series "A," 1922. offered
-were awarded as follows:
on Sept. 6-V. 117. p. 919
$25.000 bonds to the Bank of Hawaii at 105.10, a basis of about 4.59%
if called at optional date and 4.68% if allowed to run to maturity.
225.000 bonds to First National Bank of Honolulu at 104.77, a basis of
about 4.61% if called at optional date and 4.69% if allowed to
run to maturity.
Date April 15 1922. Duo April 15 1952.optional on or after April 15 1942.
,
-The Burkholde,,
-BOND SALE.
HOPE, Hempstead County, Ark.
.
Bond Co. of St. Louis has purchased $12.600 6% curb construction bons
to 1943 inel:
at par. Date July 2 1923. Int. M.& S. Due March 1 1926
-BOND OFFERING.
INDIANAPOLIS PARK DISTRICT, Ind.
ay .
. a pt
Jos. L. Hogue, City Comptroller, will receive sealed bids until 12- m. Sebie
P
24 for $37.000 5% "t* District Bonds of 1923. Issue No. 4.' Denom.
$1.000. Date Sept. 24 1923. Prin. and semi-ann. int. (J. & J.).
at the City Treasurer's office, and constitute an obligation of the park
district. Due $1,000 ve Hy on Jan. 1 from 1926 to 1962, inclusive. Cert.
,
,
check on f4 1' 11 resoncslale bank in Iadianapolis. payable to the City Treas% of the face value of the bonds required.
urer for
-BOND SALR.ITASCA COUNTY (P. 0. Grand Rapids), Minn.
The 516.000 6% coonon or r atistered county ditch bonds offered on Sept.
4(V. 117. p. 1-37, warn awar led as 5)4s to B ilard & Co.of Minneapolis,at
a premium of 4340. enlist to 102.125,a boats of about 5.98% • Date Sept. 1
1923. Due Sept. 1 1943.
-Clifton H.
JACKSON, Jackson County, Mich.
-BOND OFFERING.
Vedder. City Clerk, will at 3 p. m. (eastern standard time) on Sept. 15,
Commission room, consider sealed bids for 8158.500 city special
at the
assessment paving bonds of 1923, dated Sept. 15 1923. payable serially in
1924 to 1932. Inclusive, according to a schedule, a copy of which will be
furnished to interested parties. Bids will be rece'v, on a basis of 5%
d
interest. payable semi-annually. Denomination of bonds, $500 ahd $1,000.
No depository or preferred delivery bids will be considered. All bids must
be accompanied by cerified check, payable to the order of the City Clerk
in the amount of 2% of pr. Bids should be made with the understanding
that bidders are to furnish blank bonds. Also bid sshould be made with
the understanding that the city will have for sale within 30 days of this
date approximately 541.000 of the same kind of bonds for the West Ave.
and Bridge St. p Ivements, which bidders will be requested to take at the
price offered for the above described bonds, or bids will be received for the
last mentioned bonds separately.
JEFFERSON COUNTY (P. 0. Steubenville), Ohlo.-BOND OFFER-Eleanor E. Floyd, elerk Board of County Commissioners, will
ING.
receive sealed bids until 1:30 p. m. (Eastern standard time) Sept. 18 for
the purchase of the following Issues of 554% county's, township's and
property owners' portions of the cost of improving DtlIonvale and Adana
Road, issued under Sec. 6929 of General Code:
828.000 road In Smithfield Township. Denom. 31.000. Due yearly
on Sept. 1 as follows: $3000,1924 to 1931 incl., and $4.000. 1932.
10,600 road in Mt. Pleasant Township. Denom. 51.000 and one for
. Due yearly on Sept. 1 as follows: 51.000, 1924 to 1930
air
f ugly's. $2000. 1931, and 51.500. 1932.
Date Sept. 1 1923. Int. M. & S. Certified check, payable to the
County Treasurer, on some bank other than bidder, for 5% of amount
bid for. required. Purchaser to take up and pay for bonds within ten
days from time of award.
JONESVILLE SCHOOL DISTRICT, Hillsdale County, Mich.BOND RLECTION.-On Sept. 14 a special election was held to vote on
the question of issuing $100.000 new scheol-building-erection bonds.
-The average
JOPLIN, Jasper County, Mo.-AVERAGE YIELD.
yield for the $250,000 5% memorial-hall bonds, awarded jointly to the
Kauffman-Smith-Emort Co. of St. Louis, and the Harris Trust & Savings
blank of Chicago at 100.10, as stated in V. 117, p. 1153, Is about 4.98%. If
called at optional date, Sept. 1 1928. and 4.99% If allowed to run to full
maturity Sept. 1 1943.
KANE COUNTY SCHOOL DISTRICT NO. 131 (p. o. Aurora),
-PRICE-The prke p Id by Halsey, Stuart & Co.. of New York. for
111.
the $162.000 454% school bonds, reported sold to them in V. 117. p. 1153,
was par. less $2,217 50 for exponses-equal to 93.076-a basis fo about
% Denom. 51,000. Date May 1 1922. Interest M. & N. Due
$8,000 In
5.31. the odd ye .rs and $7,000 In the even years on May 1 from 1925
to 1941, Inclusive, and $34.000 May 1 1942.
KANSAS CITY SCHOOL DISTRICT (P. 0. Kansas City), Jackson
County Mo.-BOND OFFERING.
-R.F. Swinney, Treasurer of the City
School District, will receia e sealed bids until 11 a. m.Sept. 25 for $1,000.000
4)4% school bonds, amounting to $1.000.000 or $2.000,000. Date Jan. 1
1923. Prin. and semi-ann. int. (J. & J.) payable in New York. Due
Jan. 1 1943. A certified check for 5% required. Legality approved by
John 0. Thomson. N. Y. City. Separate bids are desired for $1,000,000
or $2.000,000.
KEENE SCHOOL DISTRICT NO.6, McKenzie County, No. Dab.
-Bids will be received at the County Auditor's
CERTIFICATE OFFERING.
office in Schiffer until 2 p. m. Sept. 15 by 0.0. Haugon, District Clerk, for
32,500 certificates of indebtedness. Denom. $100. Interest rate not to
exceed 7%. Date Oct. 1 1923. Due in 18 months. All bids must be
accompanied by a certified check for 5%.
LAFAYETTE,Tippecanoe County,Ind.
-BOND OFFERING.-Fra nk
J. Bonner, City Comptroller, will receive sealed bids until 2 P. m. Sept. 18
for 525.000 5% city park impt. bonds. Denom. $1,000. Date Sept. 18
Due ye arty on Jan. 1 as follows: $4,000, 1928:
1923. mt. J. St i
15.000. 1929 to 1931. incl.. and $6.000 .1932. Cert. check for 1% of the
of the bid. required.
amount
LAKEWOOD, Cuyahoga County, Ohio.
-BOND OFFERING.
A.0. Guild. D roct,or of Finance, will receive bids until 12 in. Sept. 17 for
the purcha.se at not less than par and int. of the following 5% special assessment paying bonds:
511.360 Arliss Drive bonds. Date Oct. 1 1923. Due $1,000 on Oct. 1
In 1924. 1926. 1928. 1930: $1,500 on Oct. 1 in 1925. 1927, 1929,
1931, and $1,360 Oct. 1 1932.
9.129 Delaware Ave. bonds. Dated day of sale. Due $1,000 yearly on
Oct. 1 from 1924 to 1931 incl., and $1.129 1932.
10.677 Ogontz ye. bonds. Dated day of sale. Due $1.177 Oct. 11924'
$1.000 Oct. 1 1925. 1927. 1928, 1930 and 1931; and $1,500 Oct. 1
1926, 1929 and 1932.
15.106 Reveley Ave. bonds. Dated day ofsale. Due $1,665 1924.51.500
1925. 127, 1928. 1930 and 1931, and 82,000 Oct 1 1926, 1929
and 1932.
33,1$3 Waterbury Road bonds. Dated day of sale. Due 53.683 Oct. 1
1924; 53.500 Oct. 1 1925, 1927, 1928, 1930 and 1931, and $4.000
Oct. 11926. 1929 and 1932.
24.613 Atkins Ave. bonds. Dated day of sale. Due $2,613 Oct. 1 1924:
$3 500 Oct. 1 1925. 1927, 1929 and 1931, and $3,000 Oct. 1 1926,
1928. 1930 and 1932.
18,838 Glenbury Ave. bonds. Dated day of sale. Due $1,838 Oct. 1
1924: $2.000 Oct. 11925. 1926, 1928, 1929, 1930 and 1932, and
$1,500 Oct. 1 1927 and 1931.
riroL. 117.
11,920 Armin Ave. bonds. Dated day of sale. Due 21.000 Oct. 11924.
1926 and 1929; 51.500 Oct. 11925. 1927. 1928. 1930 and 1931, and.
$1.420 Oct. 1 1932.
33,000 Clarence Ave. bonds. Dated day of sale. Due $3,500 Oct. 1
933 an9259 1 .
192 , 1d 1.3 9
2 26, 1928. 1929 and 1931, and $4,000 Oct. 1 1927,
18.589 Narragansett Ave. bonds. Dated day of sale. Due 52.089 Oct. 1
1924; $2,500 Oct. 11931. and 52.000 on Oct. 1 in each of the other
years from 1925 to 1932 inclusive.
16,750 Chippewa Ave. bonds. Dated day of sale. Due $1.750 Oct. 1
1924: 52.000 Oct. 1 1925, 1926, 1928, 1929. 1930 and 1932, and
$1.500 1927 and 1931.
11,812 Eldred Ave. bonds. Dated day of sale. Due $1.312 Oct. 11924;
0
19.50
$131. 1925, 1927, 1928. 1930 and 1932, and $1,000 1926, 1929 and
Denoms. $1,000. $500 and odd. Prin. and semi-ann. Int. (A. & 0.)
payable at the office of the Director of Finance. Cert, check for 5% of
amount of bonds bid for, payable to the City of Lakewood. required.
LANSFORD SCHOOL DISTRICT NO, 35, Bottineau County,
No. Dak.-CERTIFICATE OFFERING.
-Until 4 p. m. Sept. 22, W. F.
Ritzke, District Clerk, will receive bids for $5,000 certificates of Indebtedness at the County Auditor's office in Bottineau. Denom. $500. Date
Sept. 22 1923. Due as follows: $1.500 in 4 and 7 months and $2,000 in 15
months. A certified check for 5% of bid required.
LEE COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 1 (I'. 0.
Ft. Myers), Fla.
-The Flanchett Bond Co. of Chicago
-BOND SALE.
has purchased $60.000 6% school bonds at a premium of $3,481, equal
to 105.80.
LEE COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 14, Fla.
BOND SALE.
-The Lee County Bank Title & Trust Co. of Ft. Myers
has purchased $20.000 6% bonds at 519.710. equal to 98.50.
-Sealed bids
-BOND OFFERING.
LENBANON, Linn County, Ore.
will be received by C. H. Witman, City Recorder, until 731) p. in. Snot.
IS for all or any part of $6.00067 general ohligation impt 'sends. Denom.
0
33. A cert. check
$500. D it() Sept. 1 1923. Int. M.& S. Due Sept. 1 19
on a responsible bank for 5% of bid, payable to the City Treasurer. required.
-On July 1 the
-BOND SALE.
LIBERTY, Sullivan County, N. Y.
First National Bank of Liberty. purchased S39 nno 4 14% street impt. bonds
at par. Denom. $500. Date July 1 1923. Int. J. & J. Due serially.
LIBERTY COUNTY SCHOOL DISTRICT NO. 33 (P. 0. Chester),
-Rey B. Walden, Clerk Board of Trustees,
Mont.
-BOND OFFERING.
will receive bids until 10 a. m. Sept. 25 for an issue of 6% funding bonds In
an amount not to exceed $7,478 22. Date Sept. 11923. A certified check
for $500, payable to the above official. required.
-The $12,000 5%
LIGONIER, Noble County, Ind.
-BOND SALE.
coupon funding and water works bonds offered on Sept. 10-V. 117. p.
920
-were awarded to the Mier State Bank of Ligonier for 512.020. equal
to 100.16. a basis of about 4.96%. Date Sept. 1 1923. Due $600 each
months from July 1 1924 to Jan. 1 1933 inclusive.
-The following issues of
LIMA, Allen County, Ohin.-BOND SALE.
bonds aggregating $111.060, offered on Sept. 11 (V. 117. p. 1154), have
been awarded to Seasongood & Mayer of Cincinnati for $114.912 20, equal
to 1c3.46
-a basis of about 5.10%:
563,500 534% Michigan Ave. sewer bonds. Denoms. 1 for $500 and 63
for $1.000. Date Aug. 15 1923. Int. F. & A. 15. Duo
yearly on Feb. 15 as follows: $1.500. 1925: 52.000. 1926 to
1932. inclusive. and 53.000. 1933 to 1948. Inclusive.
13.000514% water-main bonds. Denom. $500. Date Aug. 10 1923.
Int. F. & A. 10. Due yearly on Feb. 10 as follows: 5500.
1925 to 1944. inclusive, and 51.000. 1945. 1946 and 1947.
8,000 5 % city's portion paving bonds. Denom. $1.000. Date
Aug. 15 1923. Int. F. & A. IS. Due 81,000 yearly on
•
Feb. 15 from 1925 to 1932, inclusive.
1.600 5)4% Holmes Ave. sewer notes. Denom.$1.000 and $600. Date
Aug. 11923. Int. F. & A. 1. Due Aug. 1 1925.
6,565 554% O'Connor Ave. Rower bonds. Denoms. 12 for $500 and 1 for
$565. Date July 10 1923. Int. J. & J. 10. Due yearly on
Jan. 10 as follows: $500. 1925 to 1936. inclusive, and $565.
3
Mc7.
7.160514% 19 120onel Street sewer bonds. Denoms. 1 for $160 and 14
for $500. Date July 101923. Int. J. & 3.10. Due yearly
on Jan. 10 as follows: $500. 1925 to 1933. Inclusive: $660.
1934, and 51.000, 1935 and 1936.
6,1855)4% Runyan Ave. sower bonds. Denoms. 1 for $85. 1 for $100.
and 10 for $500. Date July 10 1923. Int. J. &J. 10. Due
yearly on Jan. 10 as follows:$85, 1925:8100. 1926;and $500.
1927 to 1936, inclusive.
6.050 554% Ashton Ave. sewer bonds. Denoms. 1 for $550 and 11 for
$500. Date July 10 1923. Int. J. & J. 10. Due yearly on
Jan. 10 as follows: $500. 1925 to 1935, inclusive, and $550.
1936.
Following is a complete list of the bids received:
Notes
Prem.
W.L.Slayton & Co.,Toledo,0
Otis and Company, Cleveland.0
ott & Harrison. Cincinnati, and Provident$1'6801:31
Breed,
-6%
2050.00 Par
Savings Bank & Trust Co
Prudden and Company, Toledo, 0.(Bonds and Notes)
2812.00
( 4%)
3852.20
Seasongood and Mayer. Cincinnati.0
1746.25
Well, Roth & Irving. Cincinnati.0
3147.69
Title Ou .rantee & Trust Co., Cincinnati
2911.00
Spitzer. Rorick and Co.,Toledo.0
LITCHVILLE COMMON SCHOOL DISTRICT NO. 52 (P. 0. Litch-There wore
ville) Barnes County, No. Dek.-NO BIDS RECEIVED.
no bids received for the $5,000 7% certificates of Indebtedness offferod on
Sept.6.-V. 117.1). 1038.
-Street
-BONDS REGISTERED.
LOCKNEY, Floyd County, Tex.
514% interest and maturing
inapt ends in the amount of $15.000 he
seri:My were registered on Sept. 4 with the State Comptroller.
-BOND OFFERING -Joseph D.
LODI, Bergen County, N. J.
Pachella, Borough Clerk, will receive bide until 2 p. m. Sept. 20 for the
purchase of the following issues of 554% coupon or registered (registerable
at the option of the bidder as to principal only or as to both principal and
Interest) gold bonds, no more bonds to be awarded than will produce a
premium of $LOW over the amount of each issue.
379,800 public improvement bonds. Denom. $1,000 and $800. Due
yearly on Sept. 1 as follows: $8,000, 1924 to 1930, incl.; $12,000,
1931, and $11.800. 1932.
80.000 assessment bonds. Denom. 51.000. Due yearly on Sept. 1 as
follows: $8,000. 1924 to 1927, incl., and $12.000, 1928 to 1931, Incl.
Date Sept. 1 1923. Principal and semi-ann. Int. (M. & S.) payable at
the Lodi Trust Co. of Lodi. Legality approved by Reed. Dougherty &
Hoyt of New York. Certified check for 2% required.
'LONG ISLAND DRAINAGE DISTRICT (P. 0. Kaplan), Vermilion
-The Board of Commissioners will
-BOND OFFERING.
Parish, La.
receive bids until Oct. 1 for 3225.000 554% 2-25-year drainage bonds.
April 11923. Int. semi-annualy. Certified check
Denom. $1,000. Date
for 2% required. D. J. Fertel, Secretary-Treasurer.
County,
LOS GATOS HIGH SCHOOL DISTRICT, Santa Clara Co. have
-The Bank of Italy and Cyrus Peirce &
-BOND SALE.
Calif.
tointly purchased $250,000 5% coupon school bonds. Denom. $1,000.
Date Sept. 11923. Principal and semi-annual interest(M.& 8.) payable
at the County Treasurer's office in San Jose. Due on Sept. 1 as follows:
$10.000. 1926 to 1935, inclusive, and $15.000. 1936 to 1945, Inclusive.
-The $30,000
-DESCRIPTION.
LOVELAND, Laramie County, Colo.
are
45(% water extension bonds awarded as stated in V. 117, p. 352. and
described as follows: Denom. $1.000. D ,to July 1 1923. Prin.
semi-ann. int.(J. & J.) payable at the City Treasurers office or at Kountzo
Bros.. N. Y. City. Due July 11938: optional July 11033.
-The International Trust Co. and the U. 8. National
BOND SALE.
9
-15-7 ar
Co.. both of Denver. have jointly purchased $120.000 441% 10
water bonds at 100.14.
SALE.
-BOND
McDOWELL COUNTY (P. 0. Marion), No. Caro.
-were
The $60,000 court house bonds offered on Sept. 10-V. 117, p. 808 plus a
Indianapolis as 5)4s at par
awarded to Breed, Elliot & Harrison of
premium of $222. equal to 100.37, a basis of about 5.43%. Date July 1
1923. Due $5,000 yearly on Jan. 1 from 1925 to 1936, incl.
SEIM lit 1923.]
THE CHRONICLE
McKENZIE COUNTY (P. 0. Shafer), No. Dak.-CERI'IFICA'FE
OFFERING.
-Arne Tolletson, County Auditor, will receive bids until 10
a m. Oct. 8 for $25,000 7% certificates of indebtedness. Denom. $1,000.
Date Nov. 1 1923. Int. ann. Due May 1 1925 A oert chock for.3%
of bid required.
9621cLEAN COUNTY (P. 0. Calhoun),WKy.-BIDS-INTEREST
RATE.
-The following is a list of the bids received for the $210,000 road
bonds awarded to Seasongood & Mayer of Cincinnati as stated in V. 117,
n. 1154. The bonds bear 5% interest.
Prov. S. B.& Tr. Co., Cinn_37,9001Walter Woody & Co., Cinc_-*97.25
Caldwell & Co., Nashville__ - 5.800 Breed,Elliot & Johnson,Cinc-$5,215
J. C. Mayer & Oo., Chic
5.575 Seasongood & Mayer. Chic-- 5,200
* Rate bid.
MADISON COUNTY (P. 0. Madisonville), Texas.
-BOND ELECTION CANCELED.
-The election which was to be held Sept. 15 for the
purpose of voting on the question of issuing $150,000 road bonds
-V.117,
p. 920-hsa been canceled.
MAINE(State of).
-BOND SALE.
-The $800,0004% coupon "highway
and bridge" bonds offered on Sept.11-V.117, p. 1154
-have been awarded
to E. H. Rollins & Sons. Arthur Perry & Co. and Chas. H. Gillman & Co.
at 97.317, a basis of about 4.18%. Denom. $1,000. Date July 1 1923.
Due $80,000 yearly on July 1 from 1941 to 1950, Incl.
Following is a complete list of the bids received:
E. H. Rollins & Sons, Boston; Chas. H. Gilman & Co., Portland,
and Arthur Perry & Co.. Boston
97.317
Estabrook & Co.. R. L. Day & Co. and Merrill
-Oldham & Co., all
of Boston
96.42
Harris, Forbes & Co.. Boston, and Merrill Trust Co., Bangor
96.32
Barr Bros. & Co. and Brandon. Gordon & Waddell, both of N. Y....95.39
The Guaranty Co. of New York, and Old Colony Trust Co..
Edmunds Bros. and F. S. Moseley & Co., of Boston
National City Co., Eldredge & Co.Hornblower & Weeks and95.03
Bond & Goodwin. all of Boston, and 'Fidelity Trust Co., Portland_94.976
MARICOPA COUNTY SCHOOL DISTRICT NO. 62, Ariz.
-BOND
ELECTION.
-An issue of $2.500 6% school building bonds will be submitted to a vote of the people on Sept. 18,
MARION SCHOOL DISTRICT, Marion County, Ohio.
-BONDS
VOTED.
-It is reported that the Marion City School Board in compliance
with the instructions of State Auditor Tracy, voted at a special session
$75,778 02 bonds for outstanding indebtedness of schools and for the
retirement of bonds.
MEDFORD, Middlesex County, Mass.
-TEMPORARY LOAN.
-The
National Shawmut Corp. of Boston has purchased a temporary revenue
loan of $100,000 on a 4.24% discount basis, plus a $6 53 premium. Due
July 15 1924.
MELROSE,Middlesex County, Mass.
-TEMPORARY LOAN.
-.-A teokporary loan of $100,000 (in anticipation of revenue) has been awarded
the National Shawmut Bank of Boston on a 4.26% discount basis, plusto
a
$3 61 premium. Denoms. $10,000 and $5,000. Due $50,000 on both
June 13 and July 10 1924.
MERCER COUNTY (P. 0. Celina), Ohio.
-BOND
-The following issues of 5t % coupon road bonds offered on July 2SALE.
(V.
have been awarded to the Commercial Bank Co. on a 531% 116, p. 3029)
5.5,000 Fetters Road bonds. Due $1,000 yearly on Oct. 1 from
1924
to 1928, inclusive.
1,000 Rhodes Road bonds. Due yearly on Oct. 1 as follows: $1,000,
1924; $500, 1925; $1,000, 1926; $500, 1927 and $1,000, 1928.
3,500 Spohn Road bonds. Due yearly on Oct. 1 as follows; $500, 1924.
81,000. 1925; $500, 1926; $1,000, 1927, and 1500,1928.
.5,000 Howell Road bonds. Due $1,000 yearly on Oct. 1 from 1924
to
1928. inclusive.
Denom.$500. Date April 11923.
MERKEL SCHOOL DISTRICT NO. 3, Kidder County,
BOND OFFERING.-Oarroll Steckel, District Clerk (P. 0.No. Oak.Robinson).
will receive bids until 2 p. m. Oct. 1 for 33,750 20
-year bonds bearing
Interest at a rate not to exceed 6%. A certified check for 5% required.
MILBANK, Grant County, So. Dak.-I30NDS VOTED.
-At an election held on Aug. 28 a proposition to issue
carried by a vote of 562 to 30. Int,rate not to$125,000 water supply bonds
exceed 6%. Due in 20 years.
MINNEAPLOIS, Minn.
-BOND OFFERING.
-Sealed bids will be received by Dan. 0. Brown, City Comptroller, until 2:30 p. m. Sept. 26 for
525.000 auditorium and $25,000 public market 5% bonds. Date
Sept. 1
1923. Int. semi-ann. Due $1,000 of each Issue yearly on Sept. from
1929
to 1953, incl. A cert. check for 2% of amount of bonds bid for,
payable
to C. A. Bloomquist, Oity Treasurer. required. The approving opinion
of
John C. Thomson, N. Y. City, will accompany the bonds. No bids
will
be considered for less than pas for the auditorium bonds and none
for less
than 95 for the public market bonds.
The official advertisement of this offering appears on subsequent page
of
this issue.
BOND OFFERING POSTPONED.
-The offering of the $250,000 library
bonds, bearing interest at a rate not to exceed 57
(Sept. 14), has been postponed until a later date scheduled for yesterday
'
.
CERTIFICATE OFFERING.--Geo. M.
Board of Estimate & Taxation, will receive bids until 2 Link, Secretaryfor
p. m. Sept. 26
certificates of indebtedness. Denom. $1,000 or multiples $74,500 5%
thereof, at
1a:gct. ll
1trtl2,500
l 1924
ar0l24.:fi
oheWtor2%oan;0unt bid for, payable
to u. A.
City treasurer, required,
MISSISSIPPI (State of).
-NOTE SALE.
-The
offered on Sept. 10-V. 117, D. 921-were awarded as$1.500,000 notes
5345 to Curtis &
Sanger,Schadle Bros.and the Bank of America,all of New
York,at
a basis of about 5.25%. Date Sept. 11923. Due May 1 1924. 100.12,
MONTGOMERY COUNTY (P. 0. Conroe), Texas.
The $120,000 534% county special bonds offered on -BOND SALE.
Sept. 12-V. 117,
p.921-were awarded to Dunn & Carrot Houston at a premium of
$1.380.
equal to 101.15.
MONTPELIER TOWNSHIP SCHOOL DISTRICT
County, No. Dak.-BOND AND CERTIFICATE NO.14, Stutsman
-The $2,500
refinding bonds maturing in 10 years and the $2.500 SALE.
certificates
ness maturing In 1 year offered on Sept.4(V. 117, p. 1038) wereof indebtedawarded to
John E. McElroy, at par as 7s.
MONTROSE, Montrose County, Colo.
-DATE OF ELECTION.In V. 116, p. 3020, we reported that $24,000 5% city
sold to Sidi°, Simons, Fels & Co. of Denver subject hall bonds had been
to being sanctioned
by the voters. We now learn that the proposition will be voted
upon
on Sept. 28.
MOORESTOWN TOWNSHIP SCHOOL
-DISTRICT (P.O. Moore..
town), Butlington County, 14, J.
.
-BOND SALE.
-The following 2
issues of 4A % coupon school bonds offered on May 25 (V. 116,
P. 2
303)
have been awarded to the Burlington County Trust Co. of
Moorestown as
follows:,61.000Series B" bonds at 100.85, a basis of about 4.42%.
Due
on June 1 as follows: $2,000, 1925 to 1950, inclusive, and yearly
13.000.
1951 to 1953, inclusive.
89,000 "Series A" bonds at 100.80, a basis of about 4.43%. Due
yearly
on June 1 as follows: $3,000, 1925 to 1953, incl., and
82.000, 1954.
Denom. $1.000. Date June 1 1923.
MORA, Kanabee County, Minn.
-BOND OFFERING.
-Bids will
be received until 3 p. m. Sept. 18 by A. V. Sander, County
for $125,000 5% road bonds. Denom. 31.000. Date Sept. Auditor,
1 1923,
Int. semi-ann. A certified check for 5% of issue, payable to the County
Treasurer. required.
MOUNTAIN GROVE, Wright County, Mo.-BONDS DEFEATED.
At a recent election a proposition to issue $35,000 electric bonds failed to
earrY•
MOUNTAIN HOME, Elmore County, Idaho BOND SALE.
-The
$6,309 District No. 4 and $6,104 District No. 5 7%, improvement bonds
-were awarded to R. W.Smith, at par,
offered on Sept. 4-V. 117,p. 809
less 5% for escpasess. Date July 1 1923
M7oflfchar.
iloomquist,
1267
iv1JualT A.,..PSE. SCHOOL Dis-i'(iCr NO. al, Hottanaau County.
No. Dak.-CERTIFICATE OFFERING.
-Amy Middaugh, District Clerk,
will receive bids at the County Auditor's office in Bottinsau. until 2 p. m.
Sept. 15 for $8,000 certificates of indebtedness. Denom. $500. Int. rate
not to exceed 7%. A cert. check for 5% of bid,required.
MUSKEGON, Muskegon County Mich.
-BOND OFFERING.Sealed bids will be received by Ida L. Christianesen, City Clerk, until
2 p. m. Sept. 21 for $11.000
% special inapt. bonds. Denom.$11.000
and $500. Due yearly on Oct. 1 as follows: S3,000, 1924; $4.500, 1925:
$3,000. 1926; 85.100. 1927; 34,000, 1928 and 1929: $4.500. 1930; 96,500,
1931;$4,000, 1932, and 35.500. 1933. Certified check for $1,200 required.
NATRONA COUNTY (P. 0. Casper), Wyo.-BOND ELECTION.
A special election will be held on Nov. 6. we are advised in a special telegraphic despatch from our western representative, to vote on issuing
$590,000 5% court house and jail bonds.
NATRONA COUNTY SCHOOL DISTRICT NO. 9 (P. 0. Casper),
Wyo.-BOND ELECTION.
-On Sept. 17 8300,000 school building bon&
will be voted upon.
NAVAJO COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Winslow),
-BOND ELECTION.
Ariz.
-School building bonds in the amount of
$6,000 and bearing 6% interest will be submitted to the voters on Sept.22.
NEWARK,N. J.
-BOND OFFERING.
-Sealed bkis will be received by
John Howe, Director of Finance, until 11 a. m. Oct. 1 for the purchase as
not less than par and accrued interest of the following Names of 434%
coupon or registered bonds, no more bonds to be awarded than will produce
a premium of $1.000 over the amount of each issue:
$1.000,000 Passaic Valley sewer bonds. Due yearly on Oct. 1 as follows:
320.000 1924 to 1943, inclusive, and $30.000 1944 to 1963.
500,000 water bonds. Due yearly on Oct. 1 as follows: *10.000 1924
to 1943, inclusive, and $15.000 1944 to 1963, Inclusive.
500,000 Port Newark improvement bonds. Due yearly on Oct. 1 as
follows: $10,000 1924 to 1943, inclusive and 915.000 1944
to 1963. Inclusive.
100.000 public building bonds. Due yearly on Oct. 1 as follows: 82,000
1924 to 1943. inclusive, and $3.0)0 1944 to 1963, inclusive.
100,000 street cleaning apparatus bonds. Due $20,000 yearly on
Oct. 1 from 1924 to 1928, inclusive.
1,100,000 school bonds. Due yearly on Oct. 1 as follows: $24.000 1925
to 1937,inclusive; $332,000 1938. and $36.000 1939 to 1959,incl.
Denom.$1.000. Date Oct. 11023. Prin. and Demi-ann. int.(A.& 0.).
payable at the National State Bank of Newark. Certified check for 2%
of the amount bid for, payable to the Director of Finance.required. Legality
approved by Reed, Dougherty & Hoyt of New York.
NEWARK CITY SCHOOL DISTRICT (P. 0. Newark), Licking
County, Ohio.
-BOND OFFERING.
-Sealed bids will be received by
Ben Montgomery, Clerk Board of Education. until 12 m. Oct. 2 for
3115,881 61 5% school funding bonds, issued under Secs. 5655 and 5656
of General Code. Denom. $7,000 and one for $10,881. Date Oct. 1
1923. Int. semi-ann. Due Oct. 1 1931. Certified check payable 'to
the District Treasurer, for 1% of the amount bid for, required. Purchaser
to take up and pay for bonds within ten days from date of award.
NEW HOME SCHOOL DISTRICT NO.37(P.O. Wildrose),Williams
County, No. Dak.-CERTIFICATES NOT SOLD.
-RE-OFFERED.
-The
$2.000 6% 18 months' certificates of indebtedness offered on Aug. 25-were not sold.
V. 117. p. 809
Bids will be received for the certificates until Oct. 1 by J. 8. /Marne.
District Clerk.
NIOBRARA COUNTY SCHOOL DISTRICT NO,2(P.O. Monville),
Wyo.-BOND OFFERING.
-P. T. Robinson, District Clerk, will receive
bids until 2 P. m. Oct. 5 for $21,000 5l4% school bldg. bonds. Denom.
$1,000. A cert. check for 21,000 required.
NORDBY SCHOOL DISTRICT NO. 12, Logan County, No. Dak.BOND OFFERING.-131da will be received at the County Auditor's office in
Napoleon. by Sam Miller, District Clerk, until 3 p. m. Sept. 25 for $6,500
funding bonds to bear interest at a rate not to exceed 7%. 13uo in 10 years.
Denom.$500. A cert. check for 5% of bid.required.
NORFOLK, Madison County, Nebr.-BONDS VOTED.
-We are
advised by our western representative that at the election held on Sept.1V. 117. p.468-the proposition to issue $100.000 city-hall bonds carried.
NORFOLK, Norfolk County, Va.-BOND SALE.
-A syndicate
composed of Hayden, Stone & Co., Brown Bros. & Co. Lee. Higginson
& Co. and the Wm. R. Compton Co., all of New York, has purchased the
two issues of coupon bonds offered on Sept. 10-V. 117. 0.921-at 96.03,
a basis of about 5.00% •
$2,000,000 5% municipal port terminal bonds. Date May 1 1923.
Int. M.& N. Due May 1 1952.
1.955.000434% public improvement bonds. Date Aug. 15 1923. Int.
semi-annually. Due Aug. 15 1950.
NORTH CAROLINA (State of).
-NOTE SALE.
-A syndicate composed of the First National Bank of New York. Bankers Trust Co.. White,
Weld & Co., Wm.R. Compton Co., Blodget dr Co., E. H. Rollins & Sons,
Eldredge & Co., Curtis & Sanger, B. J. Van Ingen & Co., Hornblower &
Weeks and F. E. Calkins & Co. all of New Yore. purchased 35.000.000
834.4, coupon notes. Denom. $1000, $5,000 and $10.000. Date Sept.
20 1923. Prin. and semi-ann. int(M.& S.). payable at the First National
Bank. N.Y. City. Duo Sept. 201925. These notes were offered and sold
to investors at a price to yield 5.10%.
NORTH HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 1
(P. O. Westbury), Nassau County, N. Y.
-BOND OFFERING.-WiMarn
Nicoll. District Clerk, will receive sealed bids until 8 p. m. Oct. 2 for
920.000 4%% coupon or registered school bonds. Denom. $1.000. Date
Aug. 1 1923. Prin. and semi-ann. int. (F. & A.), payable at the Wheatley
Hills National Bank of Westbury. Due 31.000 yearly on Feb. 1 from
1925 to 1944. inclusive. Certified check for 2% of the amount bid for,
payable to the District Treasurer. required.'Legality approved by Hawkins.
Delafield dz Longfellow of New York. The bonds will be prepared under
the supervision of the United States Mortgage & Trust Co. of New York,
which will certify as to the genuineness of the signatures impressed thereon.
NORTH HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 6
(P. 0. Manhasset), Nassau County, N. Y.
-BOND OFFERINGCharles W. Young. Clerk Board of Education. will receive sealed bids until
7 p. m. (eastern standard time) Sept. 24 for $75.000 school bonds not
to exceed 6%. Denom. $1,000. Date Oct. 1 1923 Int. ..m1-ann.
Due e5,000 1935 to 1938, incl.: $7,000 1939, 93.000 1940. $10.000 1941 and
1942.and $20,0001943. Certified check for 2% of bonds bid for required.
OAKLEY SPECIAL TAX SCHOOL DISTRICT (P. 0. Ashville),
Buncombe County, Fla.
-BOND SALE.
-The $40.000 bonds offered on
Aug. 28 (V. 117. p. 695) were awarded to Campbell & Co.of Cincinnati,
at a premium of $1,430, equal to 103 57 (Int. rate bid not stated). Date
Aug. 11923. Due on Aug. 1 as follows: $1,000. 1925 to 1934, incl., and
$2,000. 1935 to 1949. Inclusive.
OAKWOOD, Montgomery County, Ohio.
-BOND OFFERING.Sealed bids will be received by A. 0. Davison. Village Clerk, until 12 m.
(central standard time) Oct. 5 for 350.000534% water works improvement
and extension bonds. Denom. $1,000. Date Sept. 1 1923. Int. semiann. Due $2.000 yearly on Sept. 1 from 1924 to 1948, incl. Cert, check
for 5% of amount of bid on some solvent bank required.
-BOND SALE.-Dralnage
ODEN DRAINAGE DISTRICT, Miss.
bonds in the amount of $50,000 have been awarded to the Clark & Hunt Co.
-BOND OFFERING.
ORANGE, Orange County, Calif.
-Sealed bids
will be received until 1 P. m. Sept. 18 by W. A. White, City Clerk, for
$190,000 6% sewer bonds. Denom. $1.000. Date Oct. 1 1923. Int.
semi-ann. Due on Oct. 1 as follows: 37.000 1924 to 1933. inclusive:
$8.000 1934 to 1948. inclusive. A certified check for 5% on some responsible bank, payable to the City of Orange. required.
ORANGE COUNTY (P. 0. Hillsboro), No. Caro.
-BOND OFFERINC.-Sealed bids will be received until 12 m.Sept. 17 by.,. F. McAdams,
Register of Deeds, for $65,000 6% registerable as to principal only school
bonds. Denom. 11,000. Date July 1, 1923. Prin. and semi-ann. Int.
Payable in gold at the County Treasurer's office. A cert, check upon a
national bank or trust company for $.1.300 payable to the County Treasurer,
required. The bonds will be prepared under the supervision of the United
States Mortgage and Trust Co.. New York City, which will certify as to
genuineness of the signatures and the seal impressed thereon. Bonde
will be delivered at the office of the County Treasurer,in Hillsbere. M.0,,
on or about September 25. 1923.
1268
TUE eTTRONTCLE
-BOND AND
PALM BEACH COUNTY(P.O. West Palm Beach),Fla.
-The bonds and certificates offered on Sept. 11CERTIFICATE SALE.
-were awarded as follows:
V. 117, p. 922
3150,0N AM% certificates of Indebtedness to A.C.Allyn & Co.of Chicago
for $147.000 equal to 98. a basis of about 5.63%. Date Sept. 1
1923. Due yearly on Sept. 1 as follows: $3,000, 1933 to 1940
incl.: $5.000. 1941 to 1951 incl.: $6,000, 1952 to 1962 hid., and
$5.H0. 1963.
75,000 6% Special Road and Bridge District No. 11 bonds to Seasongood & Mayer of Cincinnati at a premium of $3.855 equal to
105.14.a basis ofabout 560%. Date July 2, 1923. Due $3.000
yrly. on July 2 from 1933 to 1957 incl.
67,060 6% Special Road and Bridge District No. 15 bonds to Sidney
Spitzer di Co. of Toledo for $54,87F equal to 96.27. a basis of
about 6 34%. Date July 2 1923. Due $2,000 yrly. on July 2
from 1933 to 1959 incl. and $3.000 July 2 1960.
PALMER TOWNSHIP, Divide County, No. Dak.-CEETIFICATE
-The $3.000 7% 18 months certificates of indebtedness offered
SALE.
-have since been awarded to the
unsuccessfully on Aug. 15-V. 117. p.922
First State Bank of Wildrose.
-DESCRIPTION.
-BONDS VOTED
PAROWAN,Iron County, Utah.
The $72.000 554% bonds, awarded to the Hanchett Bond Co., Inc.. of
Chicago. and the Halloran-Judge Trust Co. of Salt Lake City, subject to
-were sanctioned by the peonle.
being voted, as stated in V. 116, p. 2045
The bonds are described as follows: Date July 1 1923. Purpose $65 MO
for hydro-electric unit and $7,000 for water works extensions. Due July
1 1943.
-BOND SALE.PEMA COUNTY SCHOOL DISTRICT NO. 2, Ariz.
Sutherlin, Barry & Co.. Inc., of New Orleans, have been awarded $15.000
school building bonds for a premium of $100.
PEMBINA,Pembina County, No. Dak.-CEETIFICATE AND BOND
OFFERING.-Geo. Peterson. City Auditor, will receive bids until 4 P. m•
Sept. 17 for the purchase of $7.231 18 6% funding bonds maturing Sept. 1
certificates of indebtedness maturing Mar. 11925. A
1924 and $1.000
cert. check for 5% of bid, required.
-BOND OFFERING.
COUNTY (P. 0. Clearwater), Fla.
PINELLAS
Sealed bids will be received until 10 a. m. Nov. 1 by J. N. Brown.
Clerk Board of County Commissioners, for the following coupon with
privilege of registration as to principal only bonds:
$2,597,000 highway bonds. Due on July 1 as follows: 243.000. 1929:
9
260.000. 1930 and 1931: 265.000, 1932 and 1933: 270.0 0,
1934: $75.000. 1935 and 1936: $80.000, 1937: 285.000, 1938:
590.000.1939:$95.000. 1940:2100.000. 1941 and 1942:$105.000,
1943: 2110.000, 1944: 2115,000. 1945: $120.000, 1946: $125,000.
1947: $130,000, 1948: $135,000, 1940: $140,000, 1950: $150,000,
1951: $155,000, 1952:$165.000, 1953, and $84,000. 1954.
266,000 bridge bonds. Due on July 1 as follows: 286.000. 1954.
and $180.000, 1955.
Denom. 21.000. Date July 1 1923. Prin. and semi-ann. Int. (J. & J.)
payable in gold in New York. Int. rate not to exceed 554%. A certified
check for 2% of amount of bonds bid for, payable to the above official,
required. Legality will be approved by Chester B. Masslich, N. Y.
City, whose approving opinion will be furnished the purchaser without
. The bonds will 4)e. delivered at place of purchaser's choice on
gut Dec. 1 1923. These bonds were offered on Aug. 23-V. 117.
r
'r
469
p.
-but the award was deferred until Sept. 4 (see V. 117. p. 1639).
Apparently the blds were rejected.
PIONEER DRAINAGE DISTRICT (P. 0. Sterling), Logan County,
-At the election held on Sept. 1 the $65.0e0
-BONDS VOTED.
Colo.
drainage bonds, submitted to the voters on that date (V. 117, p. 922).
were voted, the issue receiving 23 affirmative votes and 22 negative votes.
-NOTE OFFERING.
PLYMOUTH COUNTY (P.O.Plymouth). Mass.
Sealed bids will be received by Horace T. Fogg. County Treasurer.
until 10 a. m. (daylight saving time) Sept. 18 for the purchase of the
following issues of 4ti% tax-exempt notes:
from
$20,000 Hospital Irrpt. Loan. 1923. Due $5.000 yearly on Sept. 1
1924 to 1927 inclusive.
yearly on Sept. 1
35,000 Union Bridge Loan (Act of 1922). Due $7,000
from 1924 to 1928 inclusive.
30,000 Pemberton Breakwater Loan, 1923. Due $6,000 yearly on Sept. 1
from 1924 to 1928 inclusive.
Denom. $1,000. Date Sept. 1 1923. Prin. and int. of each note will
be payable at Second National Bank of Boston, Mass. Each of the
notes will be certified by the Rockland Trust Co., Rockland. Mass., as
to genuineness and will be approved as to validity by Friedman, Atherton,
King & Turner of Boston.
-The two issues
-BOND SALE.
PONTIAC, Oakland County, Mich.
-have been awarded to
of bonds offered on Sept. 10-V. 117. p. 1155
Keane. Higbie Sc Co. of Detroit as 554s at par plus the following premiums:
about
$66.000 sewer plus a $19 80 premium-equal to 100.03-a basis of
5.483%. Due $22.000 yearly on Sept. 1 from 1924 to 1926, incl.
-equal to 100.19
40,000 paying special assessment, plus a premium of $76
-a basis of about 5.43%. Due $80,000 yearly on Sept. 1 from
1924 to 1928, Incl.
Other bidders were:
Sewer
Paving
Prem. Int. Rate Bid. Prem. Int. Rate Bid.
6%
$492$257
Detroit Trust Co
6%
182
135
g4
Prudden Sr Co
449 Not mentioned
795 Not ment'ned
Bumpus. Hull & Co
-The
-BOND SALE.
PORT CLINTON, Ottawa County, Ohio.
$2.500 5% (village's portion) inter-county road No. 227 improvement
-have bet!'
bonds, offered but not sold on Aug. 14-V. 117. p. 1039
awarded to local banks at par.
.POSEY SCHOOL TOWNSHIP (P. 0. Elizabeth), Harrison County,
-Sealed bids will be received by William
-BOND OFFERING.
Ind.
N. Weaver, School Township Trustee, until 1 p. m. Oct. 6, for $2,200
high school bonds. Denom. $110. Date Oct. 6 1923. Prin.
5% coupon
and semi-ann. int. (A. & 0.) payable at the Elizabeth State Bank Of
Elizabeth. Due $110 each six months from April 6 1924 to Oct.6 1933 incl.
-The
-BOND SALE.
PULASKI COUNTY (P. 0. Winamac), Ind.
following issues of 5% road bonds offered on Aug. 2I-V. 117. p. 810were awarded to the Fletcher-American Bank ofIndianapolis for $17,617 25,
equal to 100.09. a basis of about 4.98%:
36,000 Clark L. Russell in Tippecanoe Township highway improvement
bonds. Denom. $300.
11,600 George Gum et al., road in Tippecanoe Township bonds. Denom.
$580.
Date Aug. 15 1923. Int. M.& N. 15. Due one bond of each issue each
six months from May 15 1924 to Nov. 15 1933, inclusive. The 22,500
Miller et al.. road bonds, offered at the same time, were not sold
Floyd
as no bid was received.
-The
REEDER, Adams County, No. Dak.-CERTIFICATE SALE. (V.
28
$3.000 7% 18-months certificates of indebtedness offered on Aug. a prethe Houston State Bank of Houston at
117. p. 923) were awarded to basis of
about 6.26%. Date Sept. 1 1923.
mium of $30. equal to 101, a
Due Mar. 11925.
Faribault), Minn.
-The $430.-BOND SALE.
RICE COUNTY(P.O.
& Co.
5(V.
000 bonds offered on Sept.par. 117. p. 810) were awarded to Ballard
43•6s at
of Minneapolis, as
(P. 0. Claremore), Okla.
-BONDS VOTED.
ROGERS COUNTY
A special telegraphie dispatch from our western representative advises
$650,000 road bonds has been voted.
us that an issue of
ROUTT COUNTY SCHOOL DISTRICT NO. 38 (P. 0. Oak Creek_
-At an election held on Sept. 29 $45,000 544%
-BONDS VOTED.
Colo.
Interbonds
school building bonds were voted. These being were sold to the
carried at said election.
of Denver subject to
national Trust Co.
1039.
Notice of election and sale was given In V. 117. p.
RUGBY, Pierce County, No. Dak.-CERTIFICATE OFFERING.
City
Until 3 p. m. Sept. 20 bids will be received by Henry Albertson, rate
a
for 55.000 certiVcates of indebtedness to bear interest atof bid,
Auditor,
not to exceed 7%. Due in 12 months. A certified check for 5%
payable to .1. 0. McClintock, City Treasurer, required.
-BOND OFFERST. FRANCIS COUNTY (P. 0. Forrest City), Ark.
ING.
-Our western representative advises us In a special telegraphic
-year
received until Sept. 22 for $75,000 6% 20
dispatch that bids will be
serial rood bonds.
r
clail
[Vol,. 117.
-BOND OFFERING:
ST.JOSEPH COUNTY(P.O.South Bend),Ind.
-Clarence Sedgwick. County Auditor, will receive sealed bids until 11 a. m.
Oct. 29 for $35.000 5% bonds. Date Dec. 1 1923. Int. J. & D. Duo
Dec. 11931. Printed specifications of the bonds and information concerning the same are on file in the office of the above official, and may be obtained upon application.
ST. LUCIE COUNTY(P.O. Fort Pierce), Fia.-NOTE OFFERING.
Sealed bids will be received by P. C. Birinyi. Clerk. Board of County Commissioners. until 2 p. m. Oct. 2 for 575 000 6% negotiate coupon notes.
Denom. $1.000. Date Sept. 1 1923. Prin. and semi-ann. int (M. & S.)
Payable at the United State Mtge.& Trust Co.. N. Y. City. Due on Sept.
1 as follows: 22,000. 1925 to 1927. incl.: 53.000. 1928 to 1932. incl.: $4,000.
1933 to 1938. incl., and 25.000, 1939 to 1944. Incl. A cert. check for $1,000,
payable to the Board of County Commissioners. required. The notes are
being prepared under the supervision of the U. S. Mtge.& Trust Co., N. Y.
City: which will certify as to their genuineness.
-On Nov. 6
-BOND ELECTION.
SANDUSKY, Erie County, Ohio.
the taxpayers will vote on the question of issuing $65,000 Columbus Ave.
re-surfacing bonds.
-The
-BOND SALE.
SARASOTA COUNTY (P. 0. Sarasota), Fla.
)
2100.000 6% coupon school bonds offered on Sept. 4 (V. 117. V. 1040
were awarded to the First National Company of Sarasota at par lees $714,8
'
*mud to 95.91, a basis of about 6.30%. Date Sept. 1 1923. Due Sept.
11953.
SARASOTA COUNTY SPECIAL TAX SCHOOL DISTRICT NO.1
(P. 0. Sarasota), Fla.
-The $100.000 554% coupon
-BOND SALE.
school bonds offered on Sept. 4 (V. 117. p. 1040) were awarded to C. W.
McNear Sc Co. of Chicago, at par plus a premium of $18. equal to 100.01,
a basis of about 5.49%. Date Sept. 11923. Due Sept. 11953.
-The fol-BOND SALE.
County, N. Y.
SCARSDALE, Weateh
lowing 2 Issues of 434% bonds offered on Sept. 12 (V. 117. p. 1156) have
been awarded to A. M.Lampert & Co. of New York, at 100.76, a basis of
about 4.44%;
$112,500 Water bonds (Series D). Denom. $1.000 and $500. Due
$4.500 yearly on Sept. 1 from 1928 to 1952, inclusive.
31.250 sewer bonds (Series B). Denom. $1,000 and $250. Due $1,250
yearly on Sept. 1 from 1928 to 1952, inclusive.
Date Sept. 11923.
-During the month
-BOND SALE.
SEATTLE, King County, Wash.
of August the City of Seattle sold the following 6% bonds at par:
Due.
Date.
Purpose.
Dist. Amount.
Aug. 6 1923 Aug. 6 1935
3528 $36.433 18 Sewers
Aug. 6 1923 Aug. 6 1935
553
13.862 42 Paving
Aug. 6 1923 Aug. 6 1935
3591
17.587 91 Sewers
Aug. 6 1923 Aug. 6 1935
3601
6,56890 Water mains
Aug. 16 1923 Aug. 16 1935
3547 53 444 68 Paving
Aug. 17 1923 Aug. 17 1935
3593
1,89444 Sewers
Aug. 20 1923 Aug. 20 1935
3558
2.950 35 Water mains
Aug. 23 1923 Aug. 23 1935
3548
7,659 92 Paying
Aug. 23 1923 Aug. 23 1935
Grade and walks
3611
9.70521
Aug. 24 1923 Aug. 24 1935
3506
13.448 32 Cluster lights
Aug. 24 1923 Aug. 24 1935
3613
4.79232 Sewers
Aug. 27 1923 Aug. 27 1935
3555
3,058 59 Cluster lights
Aug. 27 1923 Aug. 27 1935
4
5.798 12 Grade
bonds are subject to call yearly in August.
All of above
SEVIER LAKE DRAINAGE DISTRICT (P. 0. Clarksdale), Miss.
.
.-C 0.Bobo. Secretary, Board of Directors, will receive
BOND OFFERING
until 2 p. in. Sept. 25 for $79.000 6% drainage bonds. Denom.
sealed bids
21,000. Prin. and semi-ann. Int payable at the Hanover National Bank
N. Y. City. Due on Aug. 1 as follows: $4,000. 1927, and 25,000. 1928 to
1942. Incl. A cert. check for $2,500 required. Legality approved by
Charles & Rutherford of St. Louis.
SHADYSIDE VILLAGE SCHOOL DISTRICT (P. 0. Shadyside),
-W. M. Carnahan, Clerk
-BOND OFFERING.
Belmont County, Ohio.
Board of Education, will receive sealed bids until 7 p. m. Oct. 15 for
233.751 78 ti% coupon school bonds. Denom. 22.100 and one for
$2.251 78. Date Oct. 15 1923. Prin, and semi-ann. hit. (F. & A.)
payable at the Shadyside Bank of Shadyside. Due $2.100 each six months
as follows: 22.100 from Feb. 1 1924 to Feb. 1 1931 Incl.. and $2,251 78
Aug. 1 1931. Certified check on some solvent bank for $2,000, payable
to the Board of Education, required.
-BOND SALE.
SHARKEY COUNTY (P. 0. Rolling Fork), Miss.
The $12,000 Rolling Fork Rural Separate Negro School bonds offered
-were awarded as 6s to Sutherlin. Barry &
on Aug. 3I-V. 117. p. 923
Co., Inc., of New Orleans.
SHERIDA N COUNTY SCHOOL DISTRICT NO. 36 (P, 0. Hays
.-The Peters Trust Co. of Omaha has
Springs), Neb.-BOND SALE
purchased the $7.000 6% school bonds offered on Aug. 28-V. 117_, p. 923.
$500. Date Aug. 1 1923. Prin, and'semi-ann. int. (F'. & A.)
Denom.
payable at the County Treasurer's office in Rushville. Due on Aug. 1
as follows: $1,500, 1028 and 1933, and $2,000, 1938 and 1943: optional
Aug. 11933.
Financial Statement.
$250,000
Assessed value as returned, 1923
7,000
Total bonded debt, this issue only
SHERIDAN COUNTY SCHOOL DISTRICT NO. 42 (P. 0. Corner.
-John Hodgson, Clerk Board of
-BOND OFFERING.
tnwn), Mont.
Trustees, will receive bids until 2 p. m. Oct. 29 for $2.000 coupon school
bonds. Denom. $100. A certified check for $200, payable to above
Official required.
SIOUX TRAIL SCHOOL DISTRICT NO. 26, Divide County,
No. Dak.-BOND AND CERTIFICATE OFFERING.-Rdward Bordahl,
Clerk Board of Directors, will receive bids at the Comity Auditor's office in
-year funding bonds bearing
Crosby, until 10 a. m. Sept. 19 for $1.500 10
interest at a rate not to exceed 7%,and 64,0007% certificates of Indebted$2,000 in 12 and 18 months. A certified check for 5% must
ness maturing
accompany all bids.
SNOW SCHOOL DISTRICT NO. 47, McLean County, No. Dak.-J. E. Ulrich, District Clerk. will receive
CERTIFICATE OFFERING.
bids until 1:300. m. Sept. 24 at the County Auditor's office in Washburn
for $2,800 certificates of indebtedness, to bear Interest at a rate not to
exceed 7%. Date Oct. 10 1923. Due in 18 menthe. A certified chock
for 5% of bid required.
SPRINGFIELD INDEPENDENT SCHOOL DISTRICT NO.64(P.O.
-The $16,000 5%
-BOND SALE.
Springfield), Brown County, Minn.
coupon school bonds offered on Sept. 5 (V. 117. p. 811) were awarded to
to 100.18-a
Ballard & Co., of Minneapolis at a premium of $30. equal 1 as follows:
basis of about 4.96%. Date July 1 1923. Due on July
$1.000. 1924, and 23.000, 1925 to 1929, inclusive.
STANTON SCHOOL DISTRICT NO.22, Mercer County, No. Dak.-The $20,000 funding bonds offered on Sept. 4 (V. 117, p.
BOND SALE.
9^3) were awarded as 6s to H. C. Speer & Co., of Chicago. Date Oct. 1
1923. Due in ten years.
-BOND SALE
SUMTER COUNTY (P. 0. Sumter), So. Caro.
-REMAINDER WITHDRAWN FROM
BONDS A WARDED IN PART
-Of the 51,000,000 registerable as to principal road bonds
THE MARKET.
offered on Sept.6(V. 117. p. 1040), 5500,000 were awarded as 5s at 98.26a basis of about 5.15%, to Austin, Grant Sc °trilby, Inc., and Eldredge &
Co., both of New York. The remainder ($500.000) has been withdrawn
from the market. Date July 11923. Due.$20,000 yearly on Jan. 1 from
1928 to 1952. inclusive.
-BOND OFFERSWAIN COUNTY (P. 0. Bryson City), No. Caro.
-Sealed proposals will be received until 1 p. m. Oct. 15 by S. E. VarING.
ner, Chairman Hoard of County Commissioners, for $200,000 5 %%2
Forneys Creek Township Road District bonds. Denem.$1,000. Principal
and semi-annual interest payable at to Hanover National Bank, Nowh
York City. Date Sept. 11923. Due $20,000 yearly on Dec. 1 from 1931
to 1940, inclusive. A certified check for $2,000 required.
-During the month of August the
-BOND SALE.
TACOMA, Wash.
City of Tacoma issued 51.442 35 6% Grading District No. 1293 bonds.
1923. Due Aug. 15 1930. optional yearly in August.
Date Aug. 15
TANGIPAHOA PARISH SCHOOL DISTRICT NO. 1 (P. 0. Amite),
-Sealed bids will be received until 12 m. Oct. 2
-BOND OFFERING.
La.
by W. J. Dunn. Superintendent of Parish Schools, for 240,000 school
SEPT. 15 1923.]
bonds. Date Nov. 1 1923. Denom. $1,000. Interest rate not to exceed
6%. Due in 20 years.
-The State Comptroller
-BONDS REGISTERED.
TEXAS (State of).
of Texas has registered the following bonds:
Da. Date Rea
Due.
Place.
Amounl.
Serially
6% Sept. 8
$2,160 Knox Co. Common S. D. No. 4
3,000 Limestone Co. Common S. D. No. 54 10-20 years 5% Sept. 5
10-20 years 67 Sept. 5
2,000 Mitchell Co. Common S. D. No. 5
Sept. 5
10-20 years 6
2,000 Mitchell Co. Common S. D. No. 8
Sept. 5
3,000 Mitchell Co. Common S. D. No. 29- 10-20 years 6
10-20 years 6% Sept. 5
2.000 Wood Co. Common S. D. No. 26
-BOND OFFERTIPPECANOE COUNTY (P. 0. La Fayette), Ind.
-Charles E. Colsbeek. County Treasurer, will receive sealed bids
ING.
until 2 p. m. Sept. 15 for $1,500 5% Chas. Daugherty et al. road in Shelby
Township bonds. Denom. $75. Date Aug. 18 1923. Int. M. & N. 15.
Due $75 each six months from May 15 1924 to Nov. 15 1933, Incl.
-BOND SALE.
-The
TUSCOLA COUNTY (P. 0. Caro), Mich.
following two issues of 5%% bonds have been sold, it is reported, for
.
$102,314. equal to 100.30:
$67,000 to the Detroit Trust Co. of Detroit.
35,000 to the Gleaner organizations.
The bonds run for five years. There still remains to be sold to cover the
cost of the 1923 building program, bonds amounting to $16,620.
-BOND
ULM IRRIGATION DISTRICT, Cascade County, Mont.
-Alvin Webb, District Secretary (P. 0. Great Falls), will
OFFERING.
receive sealed bids until 10 a. m. Sept. 24 for $450,000 6% coupon bonds.
Denom. S1.000. Due serially on Jan. 1 from 1931 to 1941.
UNION SCHOOL DISTRICT NO. 19, Rolette County, No. Dais.
-Victor La France. District Clerk, will
CERTIFICATE OFFERING.
receive bids until 2 p. m. Sept. 15 at the County Auditor's office in Rolla
for $3.400 certificates of indebtedness, to bear interest at a rate not to exceed
7%, maturing March 7 1925. Date Sept. 15 1923. A certified check for
5% of bid required.
UNION SCHOOL TOWNSHIP (P. 0. Deedsville), Miami County,
-BOND OFFERING -Henry Knauff, School Township Trustee, will
Ind.
receive sealed bids until 10 a. m.Sept. 24 for $28,000 5% school impt. bonds.
Denoms. $500 and $1.000. Date July 1 1923. Prin. and semi-ann. int.
(J. & J.) payable at the Citizens State Bank of Denver. Due each six
months as follows: 51.000. July 1 1924 to July 11937, incl.
UPLAND TOWNSHIP, Divide County, No. Dak.-CERTIFICATE
-The $3,000 7% 18 months certificates of indebtedness offered
SALE.
unsuccessfully on Aug. 29-V. 117. P.811-have since been awarded to the
Security State Bank of Noonan at Dar.
-BOND SALE.
-The following issues
UTICA, Oneida County, N. Y.
of 47.i% tax-exempt bonds offered on Sept. 10 have been awarded to
Sherwood & Merrifield, of New York, for $103,537 45. equal to 100.23a basis of about 4.47%:
$6,000 00 Public improvement (registered) bonds for the purpose of providing funds for remodeling, reconstructing, enlarging and making
permanent improvements to the East Utica Bath House. Bonds
are dated July 1 1923 and will be payable $300 on July 11924 and
$300 on July 1 of etch successive year thereafter until all are
retired. Denom. $3300.
50.000 00 Public improvement (coupon) bonds for the purpose of providing
funds for the construction of storm water sewers in the City of
Utica. Bonds are dated Sept. 1 1923 and will be payable $2,500
en Sept. 1 1924 and $2.500 on Sept. 1 of each successive year
thereafter until all are retired. Denom. $1,000 and $500.
40,000 00 Public improvement (coupon) bonds for the purpose of providing
funds for the construction of storm water sewers in the City of
Utica. Bonds are dated Sept. 1 1923 and will be payable $2,000
.
on Sept. 1 1924 and $2.000 on Sept. 1 of each successive year
thereafter until all are retired. Denom. $1.000.
7,292 45 Deferred assessment (registered) bonds for the purpose of providing funds for the payment of the sums certified by the City
Treasurer remaining unpaid upon Local Assessments Nos, 21.
22. 23, Series 1923, for construction of sewers in Merriline Ave.,
Sunset Park and Northern Road in said city. Bonds are dated
Silly 1 1923 and will be payable $1,292 45 on July 1 1924 and
$1.200 on July 1 of each successive year thereafter until all are
retired. Denom. $1,200 and $1.292 45.
Financial Statement July 31 1923.
Assessed valuation (real and personal). 1923
$102.846,725 00
Special franchises
5.530.780 00
Schools and highways
331.170 00
gm 0
Property exemptfrom taxation
$108,708,675 00
11,301.085 00
.
'
W
Total bonded debt (exclusive of this issue)
Sinking funds
5120.009.760 00
55.604,586 19
471.972 57
55.132.613 62
It Net bonded debt
Tax rate per 1.000. 1923. $25 18. Population (State Census, 1915),
80,589: population (Federal Census, 1920), 94.156. Water debt. none.
Value of property owned by city. $10,914,531 65. Utica incorporated as
a city Feb. 13 1832.
-BONDS VOTED.
VERNON PARISH (P. 0. Leesville), La.
-Our
western representative advises us in a special telegraphic dispatch that
ah issue of $500,000 road bonds has been voted.
-At a recent election
VIRDEL,Knox County, Nebr.-BONDS VOTED.
-year (opt.) water system extension bonds was
an issue of S6,500 6% 10-20
voted by a count of 41 to 1. B. D. McColler, Village Clerk.
.
NEW LOANS
1269
THE CHRONTCLE
-BOND OFFERING.WABASHA COUNTY(P.O. Wabasha), Minn.
Bids will be received until 2 p.m. Oct. 2 by Frank J. Appel. County Auditor.
for $100.000 4j% road bonds. Denom.$1.000. Date Aug. 1 1923. Int.
semi-ann. A cert. check for 5% of issue, payable to the County Treasurer.
required.
WALKER SCHOOL TOWNSHIP(P.O. Rennselaer),Jasper County
-BOND OFFERING -Sealed bids will be received by William MiddleInd.
kamp. School Township Trustee. until 11 a. m. Sept. 29 for $15,000 5%
coupon school bonds. Denom. $500. Date July 1 1923. Prin. and semiann. int. (J. & J.) payable at the Bank of Wheatfield. Wheattield. Due
each 6 months as follows: $500, July 1 1924 to Jan. 1 1926, incl.; 51.000.
July 11926. and $500. July 1 1926 to July 11937. inclusive.
-On July 9
-BOND SALE.
WARWICK, Orange County, N. Y.
O'Brian, Potter & Co. of New York purchased 575,000 5'7, street impt.
15. Due
Denom. $1.000. Date July 15 1923. Int. J. &
bonds.
$5.000 yearly on July 15 from 1924 to 1938 inclusive.
-BONDS VOTED.
WASHINGTON, Washington County, Iowa.
Our western correspondent advises us in a special telegram that at a
recent election $80,000 water bonds were voted.
-BOND OFFERING.
WAYNE COUNTY (P. 0. Detroit), Mich.
William Gutman, Secretary Board of County Auditors, will receive sealed
bids until 11 a. m. Sept. 24 for the purchase of the following lames of
4 I.1% bonds (registerable as to principal):
$900,000 County Infirmary at Eloise bonds, authorized at an elecion
held on Nov. 7 1922.
1.000,000 Home for the Feeble-Minded bonds, authorized at an election
held on Nov. 7 1922.
Date Nov. 1 1923. Principal and interest will be payable at some
designated bank in either Detroit or New York and will mature 15 years
from date.
WEBER SCHOOL DISTRICT, Sargent County, No. Dak.--BOND
-The 57,0006% funding bonds offered on Aug.27-V.117. p.924
,SALE.
were awarded to Drake-Jones & Co. of Minneapolis, at par, plus a premium
of $300, equal to 104.28. a basis of about 5.44%. Date July 1 1923.
Due July 11933.
-BOND SALE.
-The $36.000
WELDON, Halifax County, No. Caro.
coupon (with privilege of registration) public improvement bends, offered
-were awarded to C. W. McNear & Co. of
Sept. 5.-V. 117. p. 924
on
Chicago. at a premium of $817, equal to 102.28. Date Sept. 1 1922. Due
on Sept. 1 as follows: $1,000 1926 to 1945. inclusive, and $2,000 1946
to 1953. inclusive.
W1LDROSE SPECI&L SCHOOL DISTRICT NO. 90, Williams
-The 520.000 7% 18County, No. Dak.-CERTIFICATES NOT SOLD.
months certificates of indebtedness offered on Sept. 4(V. 117. p.925) were
not sold.
CANADA, its Provinces and Municipalities.
CARTEL 4ND CONSOLID %TED SCHOOL DISTRICT, Alta.
-The W. Ross Alger Corp. of Edmonton. has purchased $8.BOND SALE.
000 7% 15 serial installment bonds, dated Aug. 15 1923.
-BOND SALR.-The W.
DRUMHELLER SCHOOL DISTRICT, Alta.
W. Ross A.14er Corp. of Edmonton, his p irch ised $10,030 7% school bonds.
Date Aug. 151923. Payable in 15 inst tIlments.
ESSEX COUNTY, Ont.-DEBENTURE OFFERING.--It is stated that
tenders will be received up to noon Sept. 15 for-the purchase of S100,000
5 ai% 10-equal annual instalment debentures. John F. Millen. County
Treasurer. Sandwich.
HAMILTON, Ont.-DEBENTURES AUTHORIZED.-Approalmately
S1,000.000 city debentures were authorized by the Board of Control on Sept.
10. The bulk of debentures will include $850,000 for the Board of Bducation and the balance for city undertakings and impt. to the general hospital.
-BOND SALE.-Oalrdner, Clark & Co. of Toronto,
QUEBEC,Quebec.
bidding 97.323 for 1-30-year serial bonds, purchased the $780,000 55
"City of Quebec bonds offered on Sept. 12 (V. 117, p. 1157).
coupon
Date Sept. 1 1923. Following is a complete list of the bids received:
Serial
15 Year. 30 Year. 1-30 Year
Name.
95.42
Versailles, Vidricaire & Boulais, Ltee
Rene T. Leclerc, Inc.: Hanson Bros.; A. E.
95.29
95.69
96.19
Ames & Co.. R. A. Daly & Co
91.10
94.95
Credit Anelo-Francats, Ltee
97.172 97.323
97.132
Clarke Co
Gairdner
97.57
97.07
Dominion Securities Corp., Lts
97.07
6:fi.
5
8
96.92
Bell Gouinlock & Co
.43
95.29
Co.; Gourdeau, Gauvreau,Inc96.04
Wood,Gundy &
National City Co.; Aemilius Jarvis & Co., and
95.81
95.12
96.19
Harris, Forbes &Co
Provincial Securities,Ltd.;Corporation des Ob95.07
94.87
96.36
ligations Municiples
L. G. Beaubien & Cie; MacLeod, Young &
96.63
96.17
97.036
& Weir,and Matthews & Co
-It is reported that R. A. Daly
SMITH'S FALLS, Ont.-BOND SALE.
purchased 520,000 6% bonds at 101.043. a basis of about 5.61.
& Co. have
Payable in 5 annual installments.
STAR CITY SCHOOL DISTRICT, Sask.-BOND SAL11.-The W.
Ross Alger Corp. of Edmonton. has purchased $37.300 73.% 20 installment bonds, dated Aug. 15 1923.
-It is reported that
TERREBONNE,Que.-DEBENTURE OFFERING.
-Installtenders will be received up to Sept. 18 for the purchase of$100,00030
1%
, bonds.
ment debentures. Alternative bids are asked for Sand 53
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FINANCIAL
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We Specialize in
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phs
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Private Wire to New York
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CITY OF MINNEAPOLIS
BONDS
Sealed bids will be received by the Committee
on Ways and Moans of the City Council of the
City of Minneapolis, Minnesota, at the office
of the undersigned, WEDNESDAY.SEPTEMBER
26TH. 1923. at 2.30 o'clock P. M.,for $25,000.00
Auditorium Bends and $25,000.00 Public Market
Bonds.
The above bonds to be dated September 1st.
1923 and to become due and payable $1,000.00
for each issue on September 1st. 1929 and
51.000.00 for each issue each year thereafter to
and including September 1st, 1953, and will bear
interest at the rate of Five Per Cent (5%) per
annum, payable semi-annually.
No bid will be entertained for less than par
value for the Auditorium Bonds and not less than
95 Per Cent of the par value for the Public
Market Bonds and accrued interest upon same to
date of delivery.
The approving opinion of John C. Thomson.
Attorney, New York, will accompany these bonds.
The right to reject any and/or all bids is
hereby reserved.
A certified chock for two (2%) per cent of
the par value of the bonds bid for, made to
C. A. Bloomquist, City Treasurer, must accompany each bid.
Circular containing full particulars will be
mailed upon application.
DAN C. BROWN, City Comptroller,
Minneapolis. Minn.
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