The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
TO
uninurrial
•INCLUDING
Rank fic Quotation Section
Railway Earnings Section
VOL. 117.
financial
rotude‘
Railway & Industrial Section
Bankers' Convention Section
SATURDAY, SEPTEMBER 22 1923
1xeThronicit.
PUBLISHED WEEKLY
Terms of Subscription—Payable in Advance
For One Year
$10 00
For Six Months
6 00
European Subscription (including postage)
13 50
European Subscription six months (including postage)
7 75
Canadian Subscription (including postage)
11 50
NOTICE.—On account of the fluctuations in the rates of exchange,
remittances for European subscriptions and advertisements must be made
in New York Funds.
Subscription includes following Supplements—
BAN1C AND QUOTATION (monthly)IRAILWAT& INDUSTRIAL (seml-annually)
RAILWAY EARNINGS (monthly)
ELECTRIC RAILWAY (semi-annually)
STATE AND CITY (semi-annually) BANKERS' CONVENTIONNyearly)
Terms of Advertising
Transient display matter per agate line
45 cents
Contract and Card rates
On request
CHICAGO Omen —19 South La Salle Street, Telephone State 5594.
LONDON OFFICE —Edwards 8z Smith, 1 Drapers' Gardens. E.C.
WILLIAM B. DANA COMPANY, Publishers,
Front, Pine and Depeyster Streets, New York.
Published every Saturday morning by WILLIAM B. DANA COMPANY.
President, Jacob Seibert; Business Manager, William D. Riggs; Secretary, Herbert
D.Seibert; Treasurer, William Dana Seibert. addresses of all, Office of Company.
Clearing House Returns.
Returns of Bank Clearings heretofore given
on this page now appear in a subsequent part
of the paper. They will be found to-day on pages
1317 and 1318.
The Financial Situation.
Last Monday was the 136th anniversary of the
Federal Constitution, which (in the phraseology.
then prevailing and now seeming quaint) was "Done
in Convention by the Unanimous Consent of the
States present the Seventeenth Day of September
in the Year of our Lord one thousand seven hundred
and Eighty-seven, and of the Independence of the
United States of America the Twelfth." The anniversary of the Day was celebrated here in about the
usual quiet and non-sensational manner; but
throughout the country it seems to have been more
generally observed than heretofore. The American
Bar Association and the National Education Association have designated this week as Constitution
Week; the War Department, for the first time, ordered that all posts and camps under its jurisdiction
show regard by appropriate band music and by
"talks" upon the subject; clergymen in many pulpits discoursed on Sunday upon the religious freedom guaranteed by the document, and lecturers in
educational institutions traced its process of construction, while the President made public a message
through the National Security League from which a
few sentences may be appropriately quoted:
"The Constitution of the United States is the final
refuge of every right that is enjoyed by the American
citizen, and so long as it is observed those rights will
be secure; whenever it falls into disrespect or dis-
Electric Railway Sectice
State and City SectictE
NO. 3039
repute the end of orderly organized government, as
we have known it for more than 135 years, will be at
hand. . . . The Constitution represents a government of law; there is only one other form of authority, and that is a government of force. . . . The
Constitution is not self-supporting. If it is to survive it will be because it has public support; it means
making adequate sacrifice to maintain what is of
public benefit. . , . To live under the American
Constitution is the greatest political privilege that
was ever accorded to the human race."
One writer has lately sought to show that the
charter was not framed without great difficulties
and much disputation which went even to the height
of being bitter and acrimonious. This is not wholly
a new statement, and it is entirely credible; the proceedings could not have been otherwise, since the
framers, though large men, were not super-men. It
is quite credible, too, that little was known about the
document until it appeared before Congress and was
then submitted to the States. Instruments of publishing and communication were not then plenty,and the
papers gathered under the title of "The Federalist,"
papers concerning whose authorship exact knowledge is still lacking, form probably the most important record we have of the subject. Yet this is of
slight account, since we know that agreement was
reached and we have the charter. We know it involved much of compromise,for we can read compromises in it still; we know that it was obtained with
difficulty, and the preamble in a single sentence embalms for us the one consideration which overcame
the difficulties and the wrangling jealousies among
the little colonies.
Close upon this anniversary, which does not yet
command proper attention by our huge and heterogeneous population in this city, came the more engrossing incident of a sudden break in our daily
journalism, so that the anniversary was less thought
of than usual. Yet the very soul of the great charter
is the idea and scheme of "union." In a characteristically laconic manner,the President lately put that
into five words of reply to a question asked him by a
party representative as to what he "should say" to a
gathering about to be held for discussing the situation and the Republican outlook for 1924. "Tell
them to get together," said Mr. Coolidge. This ought
to go farther. It ought to run across the country,
reaching not one party or one bloc merely, and it
ought to run all around the globe. Let the world
"get together," and let the world stay together. Warring has been tried. Now end selfishness, shortsightedness, jealousies, ugly words and scowling
looks. Begin to pull all together instead of antagon-
1272
THE CHRONICLE
[Vol,. 117.
istically. Thus—and not otherwise—can mankind "the courts reopened to-day, and the Minister of Justice and the President of the Supreme Court made
reach "the shore" of peace and prosperity.
speeches in which they touched briefly upon the neWhile there have been no new political upheavals cessity of maintaining order. The King is expected
in Europe, conditions are still in a mixed and transi- to sign a deeree immediately dissolving the Cortes.
tion state. A military "directorate" has been estab- Primo Rivera conferred with the heads of the various
lished in Spain and quiet appears to prevail again. Governmental departments regarding the carrying
Of course, the whole movement is an extraordinary on of routine service. Another council of the milione. Rumors of a new reparations offer by Germany tary directorate was held this afternoon."
continue persistently. There is to be a special sesThe decrees were signed the next day. The New
sion of the Reichstag next Wednesday, at which time
it is thought that the offer may be presented to that York "Times" correspondent at Madrid said that "by
body. Premiers Baldwin of Great Britain and Poin- the first his Majesty appointed Estella President of
care of France have had several conferences in Paris, the Military Directorate; in the second the powers
at which the French claim an agreement was reached of the Marquis were defined as being those of sole
as to the general policy in dealing with Germany. Chief of Administration. The Premiership and all
The Greco-Italian incident appears to be closed ex- Ministries except those of War and Foreign Affairs
cept for some formalities on the part of the Greeks have been suppressed and the senior permanent offiand a complete evacuation of Corfu by the Italians. cials will take charge of the various departments of
The League of Nations appears to have been quite State." Apparently the appointment of a Cabinet
busy in an effort to determine what its real powers, earlier was largely a formality. The New York
if any, are. The newly-elected Dail Eireann in Ire- "Times" representative also said that "Estella, who
land is functioning under the presidency of William does not wish to be called either a dictator or Prime
Minister, made an elaborate declaration of policy to
T. Cosgrave.
the press. He expects that within a few weeks the
The revolt of a section of the military forces in country will designate capable and politically unSpain has assumed larger proportions as a political tainted citizens to whom the duties of administration
development than apparently was expected at first. may be confided. Meanwhile constitutional guaranThis was true even early in the week. The Cabinet, tees must be suspended and the Cortes dissolved.
headed by Premier Alhucemas resigned on Sept. 14. After a very short delay new elections will be held in
following the failure of King Alfonso to punish the which electors, unfettered by allegiance to any politrevolting military men, as requested by the Prebiler, ical group, will pronounce their will."
Briefly outlining his policy, General Rivera said:
upon the King's return to Madrid. A military "dicomposed
"We
do not wish to undermine the Constitution, but
wag
first
at
which
rectorate" was formed,
of "Generals Cavalcanti, Saro, Daban and Frederic with the best intentions we have been obliged to overBerenguer and presided over by General Munoz ride it on some occasions. General Aizpuru MondeCobo, Captain-General of Madrid. Captain-General jar has been invested with full powers in Morocco
Primo Rivera, who started the revolt at Barcelona, and will advance beyond Annual and thus vindicate
and who also has the title of Marquis de Estella, was the honor of the army, but the pact with Raisuli will
to take charge of the directorate upon his arrival in be respected in honor of the pledged word of Spain."
Madrid. An Associated Press dispatch from that The New York "Times" representative further outcentre, dated Sept. 14, stated that already the revolt lined the situation in part as follows: "The Marhad "spread through the country with great rapid- quis also divulged the interesting fact that before
ity." In the same dispatch it was added that "it is making his pronunciamento to the nation he sent
stated that General Primo Rivera to-morrow prob- copies of his proclamation to the Spanish Ambassaably will substitute a mixed military and civil Cab- dors in London, Paris and Rome, relying upon their
inet for the directorate." The Captain-General ar- honor as gentlemen not to divulge the contents until
rived in Madrid a week ago this morning, and it was the coup should have been effected, and to destroy the
announced had been "greeted by the cheers of thou- document if the movement had failed. Everything is
sands of workers, who also acclaimed King Alfonso calm in Madrid, while telegrams from the provinces
and the army." Later in the day he "took the oath of report tranquillity everywhere. Spain continues to
office as President of the Council of Ministers, be- dccept the new situation wonderingly and in general
fore King Alfonso." The dispatches added that "the hopefully. The newspapers have been subjected to
new Premier submitted to the King various decrees censorship. In general, public opinion is divided
for signature." They included one "proclaiming the between the hope that a better Government has been
dismissal of the High Commissioner in Morocco, established and the fear that their task i beyond the
Luis Silvela. General Luis Aizpuru, former Minis- powers of the new leaders and that many improveter of War, was named High Commissioner in his ments in the army are necessary. Estella belongs to
place." It was further stated that "the directorate the independent section of the army and was not conat a meeting to-night took measures to safeguard the nected with the military juntas which were so trourights of Government employees and to make the blesome until they were dissolved last year. As a reservice more efficient." Official announcement was sult of a long conference between the King and Esmade of the personnel of the new Cabinet, of which tella the 50 civil Governors throughout the country
Captain-General Miguel Primo Rivera is Premier. have been dismissed and eight military regions have
The Associated Press correspondent cabled that been put under commissions, each composed of three
"with Captain-General Primo Rivera in control, sup- Generals representing the three arms—artillery, cavported by King Alfonso, and with the formation of a alry and infantry."
Announcement was made in a Madrid dispatch to
directorate to take the place of the Alhucemas Ministry, the situation in the capital so far as outward the Chicago "Tribune" that "the directorate is conappearances go is normal." He further stated that stituted as follows: General Rivera, Adolfo Es-
SEPT. 22 1923.]
THE CHRONICLE
1273
pasno, Luis Navarro, Luis Hermoso, Dalmacio Rod- must refrain from invitin
g their members to strike.
riguez, Antonio Mayenda, Gomez Jordana, Ruiz It is opined that they
will fall in line with the new
Portal, Mario Muslera and Admiral Marquis Mavez. regime. Primo Rivera
intends to make an immediate
All took the oath with their leader." •By the same attack on those whom he
considers the greatest enecorrespondent the head of the directorate was quoted mies of the Spanish
people. It is believed no new
in part as follows relative to his new policy: "How- laws are necessary, as Spain
already possesses too
ever, let us note that they are capable, honest Span- many which are not enforce
d." Announcement was
iards, and when the time comes we will form a Gov- made in an Associa
ted Press dispatch dated Sept. 18
ernment of moral prestige. All we ask of such a Gov- that"the military directo
rate has issued a decree forernment is talent, morality, energy and respect for bidding gambli
ng in all clubs, including the milithe King and for the country's laws. We are going tary." Throug
h an Associated Press message from
to dissolve Parliament, not in order to govern with- Madrid dated Sept.
19 it was learned that "the miliout it but to convoke another better Cortes which tary directorate of
Spain began functioning this afwill represent the people's will. If occasion arises ternoon at a council
held in the Royal Palace. The
we will not be opposed to giving the new Chamber council was preside
d over by King Alfonso, and was
the character of a 'constituent Cortes.' If we are attended by General
Primo Rivera, President of the
forced to deviate from the Constitution we will de- directorate, and
his Generals." It was stated also
mand a new. Parliament and make another, better that "the new
Government has begun a campaign
Constitution. We are going to organize a sort of against profite
ering in prime necessities." Accordnational militia like.the present Fascisti organiz
a- ing to'the dispatch also, "if profiteers do not heed
tions in Italy. For that we are waiting until each
the demands of the.Governmentit will increase taxes
of the nine regions furnish us with 50,000 men, conand also open the frontier to the free entry of such
stituting thus an admirable civic guard. In order foreign goods
as are too dear in Spain, for instance,
to become a member of this guard a recruit must be sugar. Before
taking such a step, however, the Govan honest man, resolved to maintain public order. ernment propose
s to study the situation carefully.
We will not call the order Fascisti, because we have
It is stated that it will resort to extreme measures
got the name Somaten in Spanish. With this organionly if it is compelled to do so, or if the existing laws
zation bad sprouts will disappear from Spain.!'
The relating to food profiteers should prove ineffective."
Associated Press correspondent,in his account of
the
In an Associated Press cablegram from the Franmost recent developments and in outlining the
plans co-Spanish frontier last evening the assertion was
of the new regime, said that "the military directo
rate made that "the open declaration by some of the Spanwill begin rigid economies in the national expense
s, ish Liberal leaders of their intention to revert to re
but without prejudicing the functions of the Admin- publica
nism is one of the most important portents
istration. Primo Rivera has notified all
Captains arising from the military movement that has sucand Commanding Generals and the General Staff
of ceeded without bloodshed in taking possession of the
the army that he has taken the oath of office as
Presi- Government of Spain."
dent of the directorate, and has appealed to the
patriotism of the people, the army and navy that
they
As to the Franco-German situation, reports and
maintain discipline and loyalty to the new
Govern- rumors have continued to Tome from several Euroment. The Government, he declares, will
propose pean capitals that direct negotiations between Gerand develop a policy of security regarded as indispe
n- many and France have been begun. In a cablegram
sable for the welfare of the country. He has also
ap- to his paper a week ago to-day the Berlin correspondpealed to the free citizens to make the political
par- ent of the New York "Tribune made several posities more progressive and thus enrich the
Spanish tive assertions. Among other things he said that
race."
"unconditional surrender by Germany in the long
Ruhr fight, through official, unqualified orders by
According to an Associated Press dispatch
from the Government for cessation of passive resistance,
Port-Vendres, Franco-Spanish Frontier, dated
Sept. appears to be in sight. This is the condition upon
17,"the military directorate formed as the
result of which Premier Poincare has steadfastly insistea as
last week's revolution has decided to expel 31
of a prerequisite to serious reparations negotiations
Spain's leading politicians, including former
Pre- between the two countries. The Stresemann Cabinet
mier Sanchez Guerra and several prominent
Liberals has been willing to yield upon nearly every other imand Catalinist syndicalists, it is learned from
ad. portant point at issue. Now indications are that
vices coming over the border. The expulsions
will it also is ready to yield on this score. M. Haguenin,
occur this week." It was further asserted that
"the French member of the guaranty committee and commilitary regime is refusing to have anything
what- mercial adviser to the French Embassy here, has
ever to do with politicians or parties." In
another gone to Paris to confer with Premier Poincare. He
cablegram from the same border point the next
day has taken with him the proposals of Chancellor
the statement was made that "it is feared in
many Stresemann by which the present coalition Govern
quarters that a counter-revolution in Spain will
oc- ment seeks to avoid the crowning humiliation of
cur sooner or later, but for the moment the
people avowing surrender. He is expected to return early
and the political leaders seem stupefied
by the rapid next week with the French statesm
an's answer."
turn of events in the last few days and
unable to
It was not unnatural that some one should bring
formulate their ideas." The following
outline was the reparations problem before
the League of Nagiven of the new dictator's plans: Captain
-General tions. The Geneva correspondent cabled a week ago
Primo Rivera, in the course of convers
ations with this evening that "the
question of reparations will
several friends, has expiessed his
intention of re- be brought unofficially before
the League on Monday
specting all institutions that really
represent public by the French Labor leader, Jouhau
x, in the name of
opinion so long as they act within legal
limits. The the International Federation of Trades Unions.
"
workers' organizations will not be touched
, but they The correspondent added that "Jouhaux, who is Sec.
1274
THE CHRONICLE
retary of the Federation, is also a member of several
committees of the League, but it is at the request of
the Federation which he represents, 20,000,000 working men,that on Monday he will issue a manifesto to
all the delegations here setting forth urgent need
why the League should discuss and act in the reparations dispute." He further suggested that "issuance of the manifesto will not necessarily lead to discussion of reparations by the Assembly, though it is
understood that several delegations have already
promised to bring the matter up if opportunity is
presented." Announcement was made in a cable
dispatch to the New York "Times" from Geneva the
next day, however, that,"at the request of the French
delegation to the League Assembly, Leon Jouhaux's
manifesto on reparations, written by the Special
Committee of the Internatoinal Federation of Trade
Unions and issued on behalf of 20,000,000 workmen,
'will not be issued till Tuesday. The reason for this
'delay is stated to be that the French delegation does
not wish the manifesto to appear before the speech
which the French Delegate Lebrun intends to make
to-morrow before the commission on the reduction
of armaments.' It was even asserted that "the manifesto will not be brought formally before the Assem
bly until the end of this session, and not even then,
it is stated by the Secretariat, unless the demand for
its discussion has the general support of the Assembly as a matter of urgency."
According to Geneva cable advices on Thursday
the League of Nations does not intend to take definite action now relative to the reparations problem.
The Associated Press representative at Geneva cabled Wednesday that "'hands off' the reparations
problem, for the moment at least, was the decision
reached to-day by one of the main commissions of
the League of Nations. This'decision, it is believed,
will affect the entire attitude of the League Assembly on this problem. A was not reached without
some murmurs."
It became known in Paris last Saturday that Premier Poincare, in a speech at Dun-sur-Meuse, the
next day would reply to Chancellor Stresemann's
latest speech. In cabling an outline of what the
French Premier said, the Paris correspondent of the
New York "Times" asserted that "the prospects of
early negotiations between France and Germany got
a setback to-day when Premier Poincare, in two
speeches, at Dun-sur-Meuse and Brieulles, forsook
the conciliatory tone of his two preceding Sunday
'sermons'and in firm terms declared that Berlin had
not yet realized the true character of the situation."
He added that, "inasmuch as the speech was announced in advance as a reply to Dr. Stresemann's
declarations, it appears that the French Premier
wishes to tell the German Chancellor that he is
merely wasting time in all proposals not preceded by
an official end of Ruhr passive • resistance." The
Associated Press representative said that "M. Poincare rejected the proposed Rhine guarantee on the
ground that the Versailles Treaty laid down the principle that all members of the League of Nations
should mutually respect their territories; so when
Germany, after fulfilling her obligations, entered the
League she and France would give mutual guarantees against aggression. He recalled the objections
he made to Mr. Lloyd George against the former British Premier's proposed compact, that it be limited
to the Rhine and in duration and not accompanied
[VoL. 117.
by any military security; so that• a similar proposal from Germany must meet with the same
reply."
The persistent idea that Germany would make another and better offer to France seemed to find some
substantiation in the following dispatch from Berlin Monday evening: "Premier Poincare's speech
among the ruins of France yesterday fell like a devastating shell among the the ranks of the optimists in
Wilhelmstrasse, and clouds of gloom overhung the
official thoroughfare as the new week brought the
ultimate fate of the Government nearer. The state
of pessimism has, however, brought out the important fact that the Stresemann Cabinet, although it
has launched what is termed a final proposition, has
actually been considering a more far reaching offer
in case of necessity. This is undoubtedly forced by
Poincare's immovable attitude. The answer to the
French Premier's informal speech may mean a step
nearer to complete capitulation on the part of Germany." According to another cablegram from the
German capital the next morning, "despite what
now may be considered as the complete failure of
his effort to reach an understanding with France on
a basis for negotiations, Chancellor Stresemann is
going to try again. It is learned on high authority
he will present a set of new proposals directly to the
Reparations Commission." It was also asserted that
"meanwhile passive resistance will be allo.wed to
perish by natural inanition.. The end may come
within a few days and will constitute virtual unconditional surrender to France on this point." The
author of this dispatch outlined as follows reported
plans for recasting the currency: "Important plans
for the new German currency were announced today by the Ministry of Finance. They provide for
complete severance of the Reichsbank from the State.
It is to assume the functions purely of a gold note
bank. It will cease to discount treasury notes so
that increase in circulation of uncovered notes will
be obviated. To meet the exigencies of the transition period, a new bank is to be created for the issue
of paper notes. These will be guaranteed on a proportional basis by industry, agriculture, commerce
and the banks. The notes thus issued will become
legal tender, into which the paper now in circulation
will be convertible at a fixed rate. Simultaneous
strict Government economy is to be enforced in the
hope that official expenditures can be met under this
new regime without further inflation. Stabilization
is expected to be accomplished by this means in
about four months, according to Finance Minister
Hilferding. At the end of this time a stiff property
tax, directed particularly against the newly rich, is
planned. Taxes are to be payable only in the new
gold currency. Meanwhile obligations bearing a
fixed interest, which will have the character of gold
certificates will be issued by the Reichsbank." In
still another cablegram from the same centre it was
stated that "a decree has been issued canceling from
Sept. 27 existing prohibitions against exports. The
decree, however, specifies certain commodities,
chiefly foodstuffs, raw materials, and unfinished
wares, the exportation of which still will be subject
to permits. A municipal tax on alcohol is to be imposed in Berlin, by which the city authorities hope
to realize approximately three trillion paper marks
annually. The city tax is in addition to the increased
State levy on beers, wines and liquors."
SEPT. 22 1923.]
THE CHRONICLE
1275
r
Much importance was attached in Paris cable advices to conferences in Paris between Premier Baldwin of England and Premier Poincare of France,
which began on Wednesday. According to one cable
message late that afternoon, "a perfect understanding was reached." The results were more definitely
set forth in an official communique issued after the
conference. It stated that "a meeting of the Prime
Ministers of France and Great Britain took place
this afternoon, of which they took advantage to proceed to the exchange of views on the general political
situation. It was not to be expected that in the
course of the meeting M.Poincare and Baldwin were
able to settle upon any definite solution. But they
were happy to establish a common agreement of
views and to discover that on no question is there
any difference of purpose or divergence of principle
which could impair the co-operation of the two countries, upon which depends so much the settlement
and peace of the world." Through a later cable dispatch from the French capital it became known that
"Mr. Baldwin is remaining in Paris until Friday at
least, and perhaps longer. This is taken .as indication that the conversations will be continued, and.
the hope is expressed in French circles that they will
at least be fruitful in creating a feeling more favorable to a complete accord than has prevailed since
the receipt of the last British reparations note." It
was added that "there is a strong expectation that
the Premiers will agree that France and Great Britain, being in full accord on the vital principles involved, will find a way of putting the settlement of
details on a basis which will prevent further friction.
The conclusion drawn from this chain of events in
political circles is that the meeting of the Premiers,
which was first announced as a purely formal affair,
demanded by diplomatic usage, is likely to develop
into a serious conference from which progress toward harmony in the allied policy of dealing with
Germany may result."
Through an Associated Press cable dispatch from
Paris last evening it became known that "Stanley
Baldwin, the British Prime Minister, left for London
by the noon train to-day, after a most cordial leavetaking with Premier Poincare, who went to the railway station to see him off. The two Premiers had a
short but animated conversation in Mr. Baldwin's
car. Then,just as the train was moving off, M.Poincare reached up and grasped the hand which the
British Premier extended through the car window."
The correspondent added that "the tone of the British press comment on the interview of the two Premiers seems to have nonplussed the French, provoking the query whether there is not a strong party in
England which is determined to prevent the patching
up of the Entente. Political and official circles
here are immensely gratified at the result of the
Premiers' meeting and are unable to understand why
it was so disappointing to the British if they really
desire to come to an understanding with France."
Day by day the reports relative to probable direct
negotiations between the Germans and the French
have continued and became increasingly persistent.
The Berlin correspondent of the New York "Tribune" cabled Wednesday evening that "an extra session of the Reichstag will be convened next Wednesday to read an 'important document.' This move
was decided on by the Cabinet to-day." He added
that "the 'important document,' it is learned, will
deal with passive resistance and the Ruhr settlement.
The Chancellor probably will ask the Reichstag to
vote formal approval of ending the resistance as an
essential step to reaching terms with France. The
Reichstag's approval would remove from the Government's shoulders exclusive responsibility for this
surrender." According to the "Tribune" representive, "it also is likely the Chancellor will announce
that a new German settlement proposal will be laid
before the Reparations Commission, and that an
Ambassador will be appointed to France." He further observed that "the combination of these moves
will mean that Franco-German negotiations have entered definitely upon a new phase. The envoy to
Paris probably will be either ex-Chancellor Wirth or
Andreas Hermes,formerly Finance Minister." With
respect to the new financial plan, he stated that
"strong commendation of the Government's new
fiscal policy, outlined yesterday,is voiced in all quarters to-day. Especially significant is the fact that
Hugo Stinnes's principal newspaper came out emphatically in its favor. Minister of Finance Hilferding estimates the proposed new bank's holdings of
stable currency at 4,000,000,000 gold marks. It is
hoped to do away with the present note press altogether. The Reichsbank still has approximately
500,000,000 gold marks. Half of this will be set aside
as a cover for the new gold notes." The Central
News of London received a dispatch on Thursday
from its Berlin correspondent which said that "a
semi-official announcement was made public to-day
stating that Germany is ready to negotiate on reparations, but conditionally upon the discharge of all
persors imprisoned by the French and the return of
all thc,se banished from the occupied areas." The
correspondent added that "the wording of the statement is vague, but it is generally interpreted as preparation for the ending of passive resistance."
In a United Press cablegram direct from Berlin
Thursday afternoon the following assertions were
made: "The German Government to-day was hoping against hope that it will be able to announce in
the Reichstag, when it convenes next Wednesday,
the Cabinet's decision to lay down the weapon of
passive resistance in the Ruhr. Chancellor Stresemann was known to feel that if new proposals made
yesterday through the Belgian Ambassador are received favorably in the Allied capitals, the Government will be able to control the internal situation,
despite the vehement protests already made by the
reactionary and Monarchist elements. The Chancellor favors a sudden and dramatic announcement
of capitulation, it was indicated. He feels that if
Germany allows herself to drag along slowly to defeat, the unrest will be even greater and more dangerous than the sudden shock of surrender." The situation was set forth as follows in an Associated Press
cablegram from the German capital yesterday morning: "A semi-official statement referring to reports
current in Paris of possible Franco-German negotiations makes it clear that no practical results can be
obtained without the restoration of normal economic
activity in the Ruhr, with amnesty and permission
to those expelled to return, and that the Administration must be placed in the hands of German officials
and freedom of traffic between occupied and unoccupied Germany restored. The statement declares.that
such conditions would permit reparations payments,
beginning with the evacuation of the Ruhr, but that
Germany can never agree to recognize in any form
1276
THE CHRONICLE
the legality of the occupation of the Ruhr." The
correspondent reported also that "the German Goveminent also is reported as being prepared to offer
France an early, if not immediate, cash payment in
the event of its plan of hypothecating German private properties is accepted as a basis for new reparations. In such case, it was stated, the Government
would be in a position by virtue of its lien on the
holdings of industrialists, banks, commerce and agriculture to mobilize sufficient ready cash to appease
the French demand for something tangible at the
earliest possible date, as it was Germany's desire to
give concrete evidence of her good faith as soon as
the Ruhr conflict was adjusted."
The New York "Tribune" correspondent took a
more positive and hopeful position in a cablegram to
his paper yesterday morning. He said that "passive
resistance in the Ruhr may be ended before the
Reichstag's special session Wednesday to pass on the
matter. Provisionally, resumption of work in the
occupied area has been set for Monday or Tuesday,
it was learned to-day from authoritative sources.
Reports here of the meeting between the French and
British Premiers in Paris yesterday say Mr. Baldwin won M.Poincare over to the idea of giving Chef).cellor Stresemann some sort of concession which he
could present to the German people, carrying an assurance that the occupation pressure would be relaxed at once. Governmental circles here set much
store by this possibility. It is regarded as the best
possible offset to the storm of internal protest expected to follow the official calling off of resistance.
In any case, the Chancellor is determined to go
through with his program, which amounts to unconditional surrender. The Government believes that,
with the resistance question settled, negotiations
with all the Allies for a complete settlement will be
under way next week. It is understood that in the
preliminary stages of these negotiations the Reich
proposals will be considered first by the Council of
Ambassadors rather than by the Reparations Commission."
The Fiume situation has been less acute all week.
Even last Saturday it was reported that Premier
Mussolini had made "an entirely new offer to Jugoslavia for a solution of this interminable question
and that a new time limit will be fixed for Belgrade
to consider it." The New York "Times" representative at Rome said "what these new proposals are was
not disclosed, but apparently they are totally different from Italy's old ones." From Geneva came a dispatch dated Sept. 14 which said that "both the Italian and Jugoslav delegations here to-day informed
newspaper men that the Fiume situation is not
likely to have the serious developments believed to
have been threatened." The latest devlopments in
the situation seemed to be pretty accurately outlined
in an Associated Press dispatch from Belgrade under
date of Sept. 14 also. It stated that "Indications
here to-day were that Italy has postponed her proposed decisive action regarding Fiume, which the
Jugoslav Government believes will take the form of
annexation of the free city. It is not expected now
that the proclamation will be made to-morrow, which
was the date set by Premier Mussolini, but that he
will wait until there is an opportunity for the
friendly conference urged in his letter to Premier
Pachitch, urging direct negotiations, which was read
before the Council of Ministers, presided over by
prou 117.
Kimg Alexander yesterday." The Foreign Office at
Belgrade issued a statement the next day in which
it was declared that "all reports circulated in the
past few days alleging that tension existed in the
relations between Jugoslavia and Italy because of
the interruption of the work of the Fiume conference committee are unfounded. The desire of both
countries for an agreement is undiminished."
Apparently there was an important development
at Geneva last Saturday relative to the Fiume affair.
Dispatches from that centre stated that "both the
treaty of Rappalo and the agreement of Santa Margherita were filed with the Secretariat of the League
of Nations to-day by the Italian delegation. This
action came somewhat as a surprise to all who have
been concerned during the last few days in the discussion of Premier Mussolini's probable action with
regard to Fiume." It was explained that "the treaty
and agreement were filed three days ago by the
Jugoslav delegation, but the information was withheld from publication in the hope that the Italian
Government would itself file the treaties. This having been done, and the documents having been thus
acknowledged by both sides in the dispute over Fiume, it is believed that for the moment all danger of
a new crisis at Fiume has been averted." The New
York "Times" correspondent observed that "naturally enough, the League supporters see in this apparent change of front by the Italian dictator some recognition on his part of the threat of the opposition
which he likely would have incurred from the whole
League should he have tried to dispute the treaties
and put into effect the steps hinted in the veiled
threats which were contained in his recent notification to Jugoslavia." From Rome came the further
encouraging news that "as was generally expected,
Premier Mussolini to-day, instead of insisting on
Jugoslavia giving a definite 'yes' or 'no' to his Fiume
proposal, to-night [Sept. 15], on the expiration of
the time limit he had specified, decided that the discussion between the Italian and Jugoslav delegations
should continue. The mixed commission accordingly
met both in the morning and the afternoon in an
attempt to find a solution satisfactory to both sides.
After these meetings the delegates appeared to be
well pleased and the impression prevails that everything is proceeding smoothly."
Word was received from Rome Monday morning
,that "the Government of the Independent State of
Fiume resigned to-day [Sept. 16]. Signor Depoll,
who since March 1922 has been in charge of the Fiume Government and is Vice-President of the Assembly, in a letter complaining of the delay in settling
the Fiume question announced the Government's decision." Continuing, he said that "the city is lost
unless the Italian Government takes its destiny to
heart. Fiume turns to Italy with anxious hope, because it is she that garrisons Fiume with her valiant
boldiers." The retiring Vice-President stated furthe'. that "Fiume had hoped the Genoa Conference
would arrange a settlement of the situation under
which Fiume's desire to be allowed to exist as an
Italian city would be recognized." Announcement
was made that "General Giardino, third in command
of the Italian armies, has been appointed Military
Governor of Fiume. General Giardino is a former
Minister of War. Giardino is one of the best known
Generals in Italy. He held the post of Minister of
War in the Orlando Cabinet until the reverse of the
SEPT. 22 1923.1
THE CHRONICLE
Italians at Caporetto during the World War." Seemingly both sides to the Fiume incident are proceeding with a considerable degree of caution. A dispatch from Belgrade Sept. 20 stated that "the Jugoslav Cabinet, after considering every phase of the
Fiume situation, has decided to defer action until it
received from Premier Mussolini the detailed proposals which are to furnish a basis for actual negotiations." It was suggested that "thus the Fiume
incident apparently has been definitely removed from
the acute phase that endangered a peaceful settleinetit of the controversy."
• Through the meagre dispatches from Geneva and
Rome that it has been possible to publish, the settlement of the Greco-Italian affair became known.
Apparently there has'been considerable academic discussion as to the competency of the League of Nations to deal with the matter. At a session of the
League Council on Sept. 18 Signor Salandra, head
of the Italian delegation,"began a defense of Italy's
attitude in the conflict with Greece and announced
that Italy was not able to discuss the question of
competency." The Associated Press correspondent
said that "he justified the- occupation of Corfu, saying other countries had taken measures similar in
nature on matters less grave than that which caused
the occupation of Corfu. He contended that international law recognizes the taking of pledges and
said the United States, England and France as well
as Russia, Germany and Austria, had resorted to the
practice." The correspondent added that "Salandra's position was that, as the Greco-Italian conflict
was settled, there was no occasion to discuss the competency of the League because no specific case existed on which to interpret the covenant. However,
he added, Italy would not oppose a general interpretation of the covenant by authorized persons—presumably alluding to the Permanent Court of International Justice." He also observed that "the impression to-night among the delegates is that the
question of Italy's attitude is far from being disposed of. Lord Robert Cecil of England said the
question was worthy of all consideration, but Hjalmar Branting, former Swedish Premier, declared
the argument of the Italian spokesman had failed to
convince him." Word came from Athens, through
an Associated Press dipatch dated Sept. 18, that
"fulfillment of the conditions in the note to Greece
from the Council of Ambassadors began to-day, when
the Greek Minister of the Interior made official
apologies to the British, French and Italian Governments at their respective legations." In a subsequent cable message from Athens it was stated that
"Grece to-day discharged the measures of apologv
for the Janina murders prescribed by the conference
of Ambassadors, and the incident which for a time
threatened the peace of the Balkans is regarded as
closed." According to a Central News cablegram
from the Greek capital yesterday morning "the
evacuation of Corfu by the Italians has begun. Artillery men with their guns and ammunition have already embarked on transport for return to Italy!)
Some progress appears to have been made by the
League of Nations at its present sitting with respect
to matters other than the recent events involving
Italy and Greece and Italy and Fiume. Under date
of Sept. 19 the Geneva correspondent of the New
York "Times" cabled that "two important decisions
1277
in committee marked to-day the gradual progress of
the League of Nations along lines which are tending
to bring its constitution to a more practical basis.
In the committee on the reduction of armaments Article 6 of the plan for mutual guarantees among
members of the League according to their geographical and other interests was adopted by a large majority. This article provides for the arrangement
between two or any larger number of methbers of
the League of treaties for mutual defense and is intended solely to facilitate their disarmament through
a provision that each will give assistance to the
other in case of attack." He added that "Italy and
some other countries have entered formal reservations to this proposal, but the speeches of Premier
Benes of Czechoslovakia and Leon Jouhaux of
France, pointing out that such treaties did actually
enable States to reduce their armaments, and that
if such agreements were not sanctioned they would
certainly be concluded in secret, convinced the majority of the committee that in adopting these proposals they were taking a step forward."
At its session on Thursday "the Council of the
League of Nations failed to take definite action on
the question of Italy's repudiation of the League's
competency to intervene in the Italo-Greek situation.
The Council decided, however, to proceed to a discussion of the interpretation of the League's covenant, with the assistance of experienced jurists." It
was also stated that "shortly after noon it was announced that the Council had decided unanimously
to investigate thoroughly, with the assistance of
jurists, all questions touching interpretation of the
covenant and the powers of the Council." The Associated Press correspondent cabled that "it is under- •
stood there entered into the Council's decision the
conviction that the general European political situation is gradually improving and that this was not
an opportune moment to insist upon an open debate
that might envenom the political atmosphere and
even lead to Italy's resignation from the League."
In a subsequent dispatch to the New York "Times" it
was stated that "in a somewhat stormy secret session, with Signor Calandra threatening to leave the
room and proclaim Italy's withdrawal from the
League, the Council this morning decided to hand
over to the International Court of Justice at The
Hague for decision within the next two months these
three questions which have been raised in the recent
Italo-Greek dispute: First—The degree to which a
State is responsible for crimes committed in its territory. Second—How far the League is competent
to take an attitude in an international dispute which
is already engaging the attention of a separate body
such as the Conference of Ambassadors. Third—
How far a State which is a member of the League
has the right to take coercive measures against another member, or whether this is not the duty of the
League alone and as a whole." It was added that
"during the next few days the framing of these questions will be effected by the Council, in consultation
with its own legal experts, in such a way as to avoid,
if possible, direct citation of the Italian action in
Corfu."
The new Dail Eireann met for the first time last
Wednesday, "initiating what is generally expected
to be a prolonged session," according to the Dublin
correspondent of the Associated Press. Announcement was made also that "William T. Cosgrave was
1278
THE CHRONICLE
[VoL. 117.
re-elected by the Dail Eireann to-day as President that "Kevin O'Higgins remains as Minister of Home
of the Executive Council of the Irish Free State. Affairs and Richard Mulcahy as Minister of DeThe swearing in of the recently elected representa- fense, with Professor John MacNeill as Minister of
tives has been in progress two days." It was noted Education and Desmond Fitzgerald as Minister of
that "no protests have been raised and all has gone Foreign Affairs. An important change is the abanalong smoothly, but no Republicans have presented donment by President Cosgrave of the portfolio of
themselves for the ceremony. All of De Valera's finance, which he had previously held. To this post
followers are maintaining their determination never he named Ernest Blythe, previously Minister of Loto swear fealty to'a foreign King.'" In a subsequent cal Government." The acounts further stated that
dispatch it was stated that "the opening sitting of "the only other business was the debate on the fiscal
the new Dail Eireann was an uneventful one, aside policy of the Government, in which Tom Johnson,
from one exciting incident. This was when the the Laborite, made strong references to the unemFarmers' Party, representing the Opposition in the ployment question. Mr. Johnson admitted, however,
absence of all the Republican Deputies, sought un- that the electors had shown clearly that they did not
availingly to induce the Government to liberate im- desire that the Labor Party should take the responprisoned Republican members of the Chamber so as sibility of criticizing the Government's action." It
to enable the Republican Party to hold a meeting was added that "President Cosgrave then announced
and discuss its future policy. This proposal pro- that the Governor-General would issue a statement
voked brief but somewhat heated debate, which of the Government's policy on Oct. 2." It seems that
showed that the Government had not the slightest "the House passed the first reading of a bill for the
intention to recede from its previous attitude toward establishment of courts of justice in accordance
the Republicans." The Associated Press correspond- with the new Constitution. Mr. Cosgrave explained
ent said that "about one hundred members of the that the bill had been drafted to meet the country's
Ddil attended the opening sitting. In general ap- need and that obviously there would be some objecpearance the Chamber differed little from the pre- tiGns to it owing to the fact that actions at law were
ceding Dail. The Independents sat together in a going to be made somewhat cheaper."
group in the centre. Prominent among them were
Captain William Redmond and Major Bryan Cooper,
Unquestionably the largest increase in discount
both former members of the Westminster Parlia- rates ever recorded took place this week, when the
ment." Continuing his account of the opening ses- German Reichsbank on Monday, Sept. 17, according
sion, he said that "one noteworthy difference in to- to cable advices from Berlin, raised its official disday's session from the last sessions of the Dail was count rate from 30% to 90%. The 30% level had
the admission of people to the public gallery. This been in effect for a comparatively short period.
was crowded with men and women, who had to be Private banks are said to be asking 700% for loans.
called to order by the Speaker for indulging in ap- No real improvement in the way of correcting Gerplause. There was very slight public interest mani- many's abnormal finances is expected to follow the
fested in the assembling of the Dail. The crowd advance. Apart from this change, official discount
outside the building was meagre and, with the excep- rates at leading European centres continue to pretion of a slight demonstration by some women in vail at the levels previously current, namely 6% in
favor of the Government releasing prisoners, there Denmark and Norway; 532% in Belgium; 5% in
was no disorder." President Cosgrave, in his address, France and Madrid; 432% in Sweden and 4% in
replied to those who were clamoring for the release London, Switzerland and Holland. In London the
of Republican prisoners. The Associated Press rep- open market discount rate was a trifle easier, having
resentative said that the President began by assert- been reduced to 3@3 1-16% for short bills, against
ing that "the present was not the proper time to 3%@33 .,70, and 3@3H% for three months, against
raise such a question. He reminded his hearers that 33i@3 5-16% last week. Money on call at the
"the country had given its verdict. The Government British centre, however, was firmer, and advanced
had done everything to meet the Republicans a year to 23/2%, but closed unehanged at 2%%. Open
ago, and thereby had brought the treaty into jeop- market discounts at Paris remained at 5% and in
ardy and to the edge of an abyss. Yet homes of mem- Switzerland at 23/2%, the same as heretofore.
bers of the Government had been burned and their
families shot." The correspondent added that "with
An increase in gold holdings of £404 was shown
increasing warmth the President declared'that the by the Bank of England statement for the week
Government would not yield to the sentimentalism ending Sept. 19. Moreover, note circulation was
in favor of men who had done their utmost and failed again reduced (707,000), so that reserve expanded
and now hoped for positions as Generals or Presi- £707,000 and the proportion of reserve to liabilities
dents. He pointed out that there were only eighteen moved up to 19..59%, as against 19.06% last week
members of the forty-four Republican members of and 18.14% the week before that. At this time a
the Dail now in jail and asked what the others were year ago the reserve ratio stood at 19.61 and a year
doing. He added that there must be evidence of a earlier at 17.39%. There was an expansion in public
real change of heart on the part of the Republicans deposits of £2,334,000, but a decline of £1,999,000
before the Government would change its tactics." It in "other" deposits. The Bank's temporary loans
was noted, furthermore, that "throughout Mr. Cos- to the Government fell £1,976,000, but loans on
grave had the House with him, and no division was other securities increased £1,615,000. Gold holdings
requested."
now aggregate £127,648,696, which compares with
Adjournment was taken until 3 o'clock the same £127,426,811 last year and £128,417,297 in 1921.
afternoon, when "President Cosgrave placed the Reserve totals £24,015,000, against £24,386,171 in
makeup of his new Cabinet before the Dail Eireann 1922 and £22,460,802 the year before. Loans stand
and received the approval of that body to his selec- at £71,780,000, against £73,593,972 last year and
tions." Special attention was directed to the fact £85,120,154 the year before, while note circulation
SEPT. 22 1923.]
THE CHRONICLE
is £123,383,000, in comparison with £121,490,640
and £124,406,495 one and two years ago, respectively.
Clearings through the London banks for the week
totaled £615,092,000, which compares with £598,586,000 a week ago and £597,022,000 last year. At
the regular weekly meeting of the Bank Governors,
the minimum discount rate of 4% prevailing in
recent weeks was retained without change. We
append herewith comparisons for a series of years of
the different items of the Bank of England returns:
BANK OF ENGLAND'S FINANCIAL STATEMENT.
1923.
1921.
1922.
1920.
1919.
Sept. 19.
Sept. 20.
Sept. 21.
Sept. 22.
Sept. 24.
Circulation
123,383,000
Public deposits
18,085,000
Other deposits
104,509,000
Governm't securities 45,063,000
Other securities_ __ _ 71,780,000
Reserve notes dr coin 24,015,000
Coin and bullion_ _ _127,648,696
Proportion of reserve
to liabilities
19.59%
Bank rate
4%
121,490,640
15,786,053
108,534,592
44,547,645
73,593,972
24,386,171
127,426,811
124,406,495
13,960,111
115,203,773
39,690,329
85,120,154
22,460,802
128,417,297
125,486,130
16,707,309
105,447,908
35,518,129
88,722,611
16,028,516
123,064,646
81,610,645
19,396,366
97,457,386
26,229,213
83,706,067
25,035,726
88,196,371
19.61%
3%
17.39%
13.12%
7%
21.38%
5%
04%
The Bank of France continues to report small gains
in its gold item, the increase this week being 89,850
francs. The Bank's gold holdings, therefore, now
aggregate 5,538,250,450 francs, comparing with
5,532,433,728 francs at this time 1st year and with
5,522,912,774 francs the year before; of these amounts
1,864,344,927 francs were held abroad in 1923 and
1,948,367 056 francs in both 1922 and 1921. Silver,
during the week, increased 104,000 francs, while
bills discounted were augmented to the extent of
111,892,000 francs. On the other hand, advances
fell off 30,717,000 francs, Treasury deposits fell off
8,196,060 francs and general deposits diminished
50,000,000 francs. Note circulation registered the
further contraction of 96,584,000 francs, bringing
the total outstanding down to 37,607,071,000 francs,
which contrasts with 36,585,363,615 francs on the
corresponding date last year and with 36,920,973,025
francs the year previous. In 1914, just prior to the
outbreak of war, the amount was only 6,682,184,785
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. 20 1923. Sept. 211922. Sept. 22 1921,
Cold Holdings—
Francs.
Francs.
Francs.
Francs.
In France
Inc.
89,850 3.673,905,523 3.584,066,672 3,574,544.718
Abroad
No change
1,864,344,927 1,948,367,056 1,948,367,056
Total
Inc.
89,850
Silver
Inc.
104,000
Bills discounted
Inc.111,892,000
Advances
Dec.30,717.000
Note circulation_ _ _Dec.96,584,000
Treasury deposits_ _Dec. 8,198,000
General deposits—Dec.50,000,000
5,538,250,450
294,751,000
2,371,513,000
2,116,767,000
37,607,071,000
18,182,000
1,877,467,000
5,532,433,728 5,522,912,774
286,760,800
277,152,654
1,789,639,352 2,292.533,271
2,141,276,064 2,210.358,267
36,585,363,615 36,920,973,025
40,787,466
26,947,624
2,159,212,123 2,389,545,846
The Imperial Bank of Germany in its statement
issued as of Sept. 7 is shown to have brought up the
total of note circulation to above the quadrillion mark.
This week's increase constituted another new high
record and amounted to 518,838,519,469,000 marks,
so that the grand total is now 1,181,838,534,000,000
marks, which compares with 271,013,010,000 marks
a year ago and 81,469,000,000 marks in 1921. Treasury and loan association notes expanded 92,861,840,854,000 marks, bills of exchange and checks 113,795,743,576,000 marks, discount and Treasury bills
58,424,386,904,000 marks, and deposits 289,559,265,227,000 marks. There were also increases of 206,864,059,246,000 marks in other assets and 173,161,954,769,000 marks in other liabilities. Notes of
other banks were increased 4,460,685,000 marks and
1279
investments 167,305,230,000 marks. Total coin
and bullion (which now includes aluminum, iron and
nickel coins) fell 1,249,688,000 marks. Gold stocks
continue to decline, a further loss of 20,591,000 marks
being revealed, to 489,895,000 marks, against 1,004,861,000 marks in 1922 and 1,023,708,000 marks a
year earlier. The action of the Bank in advancing
its official discount rate from 30% to 90%, as noted
above, aroused very little interest, it being regarded
as entirely too late to hope for improvement as a result of such measures.
The weekly Federal Reserve Bank statement,.
issued after the close of business on Thursday, re
vealed some important changes, chief among these
being the largest contraction in bills discounted recorded in a very long period, also further substantial
gains in gold reserves. The combined statement
showed an increase in gold of $11,000,000, and a
reduction in rediscounting of Government secured
paper of over $64,000,000. There were smaller declines in "all other" and open market purchases, with
the net result a decline in total bill holdings of
$75,300,000. Earning assets were reduced $82,000,000 and deposits $49,000,000. At New York transactions through the Gold Settlement Fund brought
about a gain in the precious metal of $54,000,000,
while rediscounting operations were reduced fully
one-third, to $163,172,000, a decline for the week of
approximately $80,000,000 in all classes of paper.
This total, however, is still in excess of the bill
holdings reported for the corrdsponding week of
1922, which was $116,684,000. For the system total
of bills on hand now stand at $945,284,000, as against
$644,174,000 last year. The local bank likewise
reported heavy reductions in earning assets and deposits. The amount of Federal Reserve notes in
circulation, locally and nationally, was reduced
$3,700,000 and $8,000,000, respectively. Member
bank reserve accounts were materially lowered—at
New York $25,000,000, and for the banks as a group
$47,000,000. Paying off by the Government of
more than $350,000,000 in maturing Treasury notes
was probably the outstanding factor in bringing
about the changes just recorded, although it is understood that there has been considerable liquidation on
the part of country banks as well as shifting of funds
to this market. As might be expected, the increases
in gold reserves and contraction of deposits brought
about sharp advances in reserve ratios. At New
York there was an increase of 6.4%, to 87.7%, and
for the system 1.3%, to 77.2%.
Last Saturday's statement of the New York Clearing House banks and trust companies reflected the
Sept. 15 income tax payments, also extensive paying
off of maturing Government loans. There were
substantial increases in both loans and deposits. In
the former an expansion of $41,270,000 was shown,.
while net demand deposits increased $61,081,000, to.
$3,661,400,000, which is exclusive of Government
deposits amounting to $19,174,000. Time deposits,
however, fell $1,111,000, to $471,371,000. Among
the other noteworthy changes was a decline of
$2,705,000 in cash in own vaults of members of the
Federal Reserve Bank, to $47,040,000 (nOt counted
as reserve); a contraction of $686,000 in reserves of
State banks and trust companies kept in other depositories and a.7 nominal increase ($51,000) -in the
reserve in own vaults of these same institutions.
1280
THE CHRONICLE
:Member banks increased their reserve credits at the
-Reserve Bank $15,490,000, so that notwithstanding
the enlargement of deposits, there was a gain in
surplus reserve of $6,856,880, thus carrying the total
.of excess reserves up to $11,189,770, in comparison
with $4,332,890 a week earlier. The figures here
given for surplus are on the basis of reserves above
legal requirements of 13% for member banks of the
Federal Reserve System, but not including cash in
own vaults to the amount of $47,040,000 held by .
these banks on Saturday last.
[voL. 117.
Commercial paper rates were lowered to 5@54%
for sixty and ninety days' endorsed bills receivable
and six months' names of choice character, as against
5YI-%, while names not so well known now require
5 4@532%, in comparison with 532% a week ago.
Most of the business passing is at the higher figure,
with New England mill paper dealt in at 5%. Trading was dull. Out-of-town institutions are still the
principal buyers.
Banks' and bankers' acceptances ruled at the levels
previously current. A fairly active inquiry was
noted and both city and country banks were in the
market; although the aggregate turnover was of
moderate proportions. For call loans against bankers' acceptances the posted rate of the American
Acceptance Council has been lowered to 4%, as
against 432% last week. The Acceptance Council
makes the discount rates on prime bankers' acceptances eligible for purchase by the Federal Reserve
banks 43/g% bid and 4% asked for bills running for
4 % bid and VA% asked for bills
thirty days, 43..
running sixty and ninety days, 498% bid and 434%
asked for bills running 120 days, and 432% bid and
4%% asked for bills running 150 and 180 days.
Open market quotations follow:
Quotably, both call and time money at this centre
the present week were the easiest for some time.
while the latter loaned
The former dropped to 3
for the shorter periods. Expectations late
1
at 54%
last week regarding the immediate future of the
money market were more than realized. The low
quotations for call funds did not attract as much
attention or cause as much comment as the larger
offerings of time funds. The latter had been closely
held for some months without any satisfactory
reasons being obtainable. That the financ al institutions finally should be willing to put out more money
for the larger periods was not explained either.
SPOT DELIVERY.
Borrowers were content to assume that it reflected
30 Data.
60 Days.
90 Days.
were
bankers
the
favorable developments with which
4345 4%
(4,434
434
Prime eligible bills
4340434
familiar. Generally speaking, the notably easier
FOR DELIVERY WITHIN THIRTY DAYS.
banks
434 bid
tone of the money market was attributed to the Eligible member
44 bid
Eligible non-member banks
channels
regular
the
to
funds
of
return
customary
following the Government and corporate shifting and
There have been no changes this week in Federal
distributions on Sept. 15. The trend of the stock Reserve Bank rates. The following is the schedule
market this week has not tended to increase brokers' of rates now in effect for the various classes of paper
loans. On the other hand, it was estimated that at the different Reserve banks:
they had further shrunk $50,000,000, to $1,400,000,DISCOUNT RATES OF THE FEDERAL RESERVE BANKS
IN EFFECT SEPT. 21 1923.
000. Such a high and competent authority as
the
of
Paper Maturing-Secretary Mellon estimates that the position
After 90 After 6
financial institutions is strong and the business of
but
Days. but
the
of
end
WUhtn 6 Within 9
90
the
Days.
WWitn
As
basis.
the country is on a sound
Months. Months.
FEDERAL RESERVE
BANK.
month draws near higher rates for money temporarily
Agricul.*
Com'rclat Recur, by
A gricut
and
and
U. S. Bankers' Trade
yesterday
upward
turn
a
was
There
are expected.
Accrp- Livejock Livestock
Accep&Limn Govt.
Paper. ObItga- lances. lance*. Papa. Paw.
was
money
time
and
loans,
call
for
5%
afternoon to
a...a.
lions.
reported firmer at 53'ig5M%•
444
444
454
Boston
4%
434
434
New York
444
a
434
Philadelphia
4
4%
4%
434
Cleveland
Referring to money rates in detail, loans on call Richmond
4%
4%
4%
444
4%
451
Atlanta
444
4%
4g
have ranged between 332@5%, as against 43/2@6% Chicago
454
4%
4%
St. Louis
ruling
4%
41
4
434
last week. Monday 5% was the high and
4g
434
Minneapolis
444
4%
4%
41)i
454
Kansas City
434
4%
43,
454
quotation, with 4% the low. On Tuesday renewals Dallas
444
4%
4%
434
454
San Francisco
3 %, which was also the maximum, Including bankers acceptances drawn for an agricultural purpose and secured
were made at 44
•
while 4% was the minimum. Increased ease de- by warehouse receipts. &e.
veloped on Wednesday and for the first time in several
Sterling exchange price levels failed to reflect
weeks call funds were quoted at 332%; the renewal
high
the
any measurable extent the improvement that
to
was
also
which
%,
2
basis was lowered to 43'
taken place in some of the larger Continental
has
was
range
Thursday's
3@43%,
for the day.
and during the week under review demand
negotiacurrencies,
were
which
at
renewals
basis
with 4Y4% the
call
alternately above and below 4 539/8,
hovered
and
bills
firmer
was
undertone
the
ted. On Friday
4 533g@4 549/8. This was in the
extremes
5%
and
with
the
low
the
4%
with
high,
5%
to
rates advanced
distinct
in the European outfor
improvement
of
are
face
quotations
above
The
figure.
the renewal
as
was
the
regarded
result of pressure
direct
and
without
look
money
all-industrial
and
collateral
mixed
of
commercial bills against seasonal
differentiation. In time money, also, after a firm of offerings
of
and grain on a narrow market.
cotton
the
shipments
opening, rates relaxed, and in the latter part of
of
matter
fact,
a
As
dealers are stoutly adhering
1 %, and
week sixty-day loans were quoted at 54
of
set
policy
their
non-interference in foreign
to
ninety days, four, five and six months at 53't@5M%,
in
affairs
the
of an actual settleabsence
exchange
maturities
which compares with 5M@5%% for all
y, trading
the
Ruhr
of
Consequentl
issue.
ment
ample
in
the preceding week. Fixed-date funds were
the most
for
and
confined
dull
being
featureless,
was
Stock
the
on
supply, in part owing to liquidation
Specutransactions.
to
necessitous
routine
part
there
as
quiet,
Exchange. Trading, however, was
week's
the
in
part
interest
took
no
little
or
lative
amounts.
large
for
were few borrowers in the market
the
The former differential between regular mixed col- operations. London continues to dominate
the
with
that
lateral and all-industrial money is no longer observed. market, and it soon became evident
SEPT. 22 1923.]
THE CHRONICLE
1281
relaxation in the strain over political relations be- defeat in the Ruhr and is now• willing to come to
tween Italy and Greece and the Balkan States terms in the matter of reparations payments; hence
4 to 5.993% for
and less threatening conditions in Spain, that the there was a rapid advance from 5.743
active
especially
not
was
locally
Trading
once
more
checks.
come
had
Franco-German controversy
several
of
part
the
on
noted
was
buying
good
in
but
determining
influence
main
as
the
front
to the
foreign exchange values. In banking circles the large international concerns. Antwerp currency
opinion continues to prevail that, notwithstanding shared in the strength and as a result of more
the German Government's tacit intention of aban- favorable financial conditions in Belgium the spread
doning passive resistance in the Ruhr and reports between the two currencies was materially reduced,
of apparent accord between England and France Belgian francs at one time advancing as high as
on the reparations question, considerable time will 5.083/2, a gain of 28 points. German marks, on
necessarily be spent in the usual diplomatic wrangling the other hand, were chiefly influenced by political
or "playing for position" before terms of agreement uncertainties, publication of further details of
can be arranged. The delays and disappointments Chancellor Stresemann's plan for establishment of
of the past two years as a result of numerous failures a gold currency to supersede marks and further
to arrive at a workable basis of agreement for settling colossal additions to the Reichsbank's note issue.
this momentous problem have rendered dealers very Advance in the German bank rate to 90% manifestly
skeptical regarding attempts at readjustment. Ap- could not serve to arrest the decline in mark quoparently the market purposes to maintain its attitude tations, which were forced down to the infinitesimal
of "watchful waiting" until something definite has figure of 0.00000035, another new low record, and
actually been accomplished. An added feature in approximately 285,712,000 marks to the dollar.
the prevailing dulness was the pressmen's strike, the Subsequently, there was a rally to 0.00000100, almost
lack of facilities for obtaining foreign news making it wholly on speculative buying by German interests
hopeful of a speedy agreement with France. The
impossible for operators to trade with safety.
Referring to the day-to-day rates, sterling ex- close was at 0.00000072. Bankers, however, were
change on Saturday last was easier and demand not particularly optimistic over the outlook, as it is
declined to 4 53 15-16@4 5434, cable transfers to universally conceded that Germany cannot establish
4 54 3-16@4 543/2 and sixty days to 4 51 11-16@ a sound currency system until she has balanced her
4 52; heavy offerings of cotton bills on a dull market budget and instituted much needed internal financial
were responsible for the weakness. Monday's mar- reforms. With the removal of the Greco-Italian
ket was , quiet and slightly irregular; quotations, incident as an element of disturbanee and apparent
however, moved within narrow limits, at 4 53%@ lessening in the strain over Fiume, interest in lire
4@4 543/2 for cable trans- slackened, so that that currency ruled steady but
4 5434 for demand, 4 537
fers, and 4 51%@4 52 for sixty days. Weakness quiet, at around 4.45@4.47. Greek drachmae were
developed on Tuesday which sent demand bills also maintained without striking change, and the
down a fraction, to 4 53 3-16@4 533%, cable trans-. same is true of the minor exchanges of the Central
fers to 4 53 7-16@4 54, and sixty days to 4 50 15-16 European countries.
The London check rate on Paris fini- hed at 77.15,
@4 513/2; selling of commercial bills to cover shipments of cotton was mainly instrumental in de- as compared with 77.80 last week. In New York
pressing values. On Wednesday better foreign news sight bills on the French centre closed at 5.983%,
4, against 5.84;
brought about a more optimistic feeling and prices against 5.83; cable transfers at 5.993
5.82, and
against
advanced to 4 53%@4 54 1-16 for demand, to commercial sight bills at 5.973%,
4a
5.763
against
4 53%@4 54 5-16 for cable transfers and to 4 511% commercial sixty days at 5.923/2,
at
the
week
francs
finished
5.083/2
(0)4 51 13-16 for sixty days. Dulness marked Thurs- week ago. Antwerp
day's dealings, though quotations were slightly for checks and 5.093/2 for cable remittances. This
4@4 54 5-16, cable compares with 4.833/2 and 4.843/2 the previous week.
firmer, with demand at 4 537
54
52
4
3'@4
1
at
9-16, and sixty days at Closing rates on Berlin marks were 0.00000072 for
transfers
Friday
On
1-16.
prices were maintained both checks and cable transfers, against 0.00000090
52
4 51®4
the
and
was
range
4 53%@4 54% for a week earlier. Austrian kronen continue to be
trading,
on
demand, 4 543'@4 54% for cable transfers and quoted at 0.00143v, the same as a week ago. Lire
4 for sixty days. Closing prices were closed at 4.49 for bankers' sight bills and 4.50 for
4 51%@4 521
4 for demand, and cable transfers. Last week the close was 4.44 and
4 for sixty days, 4 543
4 521
5 for cable transfers. Commercial sight bills 4.45. Exchange on Czechoslovakia finished at
4 54%
finished at 4 5434, sixty days at 4 52, ninety days 3.003%, against 3.00; on Bucharest at 0.47, against
4,
4, documents for payment (sixty days) at 0.461A; on Poland at 0.000314, against 0.00033
at 4 533
close
the
at
4. Cotton and on Finland at 2.68, against 2.62
4, and seven-day grain bills at 4 533
4 517
and grain for payment closed at 4 5434.
on Friday of last week. Greek exchange closed
Gold arrivals this' week were limited to a con- at 1.793/2 for checks and 1.80 for cable remittances
signment on the Majestic from England of 39 boxes, in comparison with 1.873/2 and 1.88 a week earlier.
valued at £283,000. The steamship Olympia, which
There is very little of moment to report conleft Southampton on Wednesday-, has on board
to
consigned
New
specie
York
gold
004,900
bankers. cerning movements in the former neutral exchanges.
exports.
no
Rate variations were generally unimportant and
There were
the volume of business done exceptionally light.
Continental exchange trading was featured by Guilders ruled steady at close to the levels of a
strength and relative activity in French and Belgian week ago. Swiss francs were slightly lower, but
exchange and further weakness in marks. Francs the Scandinavian currencies displayed a firmer
displayed an improving tendency practically from tendency, closing at a fractional net advance for
the start in response to a well-defined impression the week. Trading in pesetas was not active, but
in many quarters that Germany at last admits this currency reflected the apparent improvement
1282
THE CHRONICLE
in political conditions in Spain by a gain of abou'
11 points from last week's close, and the quotation
was maintained at about 13.44 until the close, when
there was an advance to 13.593/2.
Bankers' sight on Amsterdam closed at 39.28,
against 39.30; cable transfers at 39.32, against 39.34;
commercial sight at 39.22, against 39.30, and commercial sixty days 38.86, against 38.88 last week.
Final quotations on Swiss francs were 17.73 for
bankers' sight bills and 17.74 for cable remittances.
Last week the close was 17.76 and 17.77. Copenhagen checks closed at 18.03 and cable transfers at
18.07, against 17.94 and 17.98. Checks on Sweden
finished at 26.51 and cable transfers at 26.55, against
26.523/ and 26.563', while checks on Norway closed at
16.01 and cable transfers at 16.05, against 16.06
and 16.10 a week earlier. Spanish pesetas finished at
13.59 for checks and 13.633/
2 for cable transfers, as
compared with 13.33 and 13.37 the preceding week.
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
SEPT. 15 1923 TO SEPT. 21 1923, INCLUSIVE.
Noon Buying Rate for Cable Transfers in New York.
Value in United States Money.
Country and Monetarg
Unit.
Sept. 15. Sept. 17. Sept. 18. Sept. 19. Sept. 20. Sept. 21.
[Von. 117.
rency movements for the week ended Sept. 20.
Their receipts from the interior have aggregated
$4,973,962, while the shipments have reached $861,163, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Week ending Sept. 20.
Banks'interior movement
Into
Banks.
$4,973,962
OW of
Banks.
Gain or Loss
to Banks.
5861,163 Gain $4,112,799
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government operations on the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the
Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Saturday, Monday,
Sept. 15. Sept. 17.
Tuesday, Wednesd'y
Sept. 18. Sept. 19.
Thursday, Friday,
Sept. 20. Sept. 21.
Aggregate
for Week.
$
71,000,000 109.000.000 67,000.000 74,000,000 85,000,000 68,000,100 Cr. 474,000,000
Note.-The foregoing heavy credits reflect the
mass of checks which come
to the New York Reserve Bank from all parts ofhuge
the country in the operation of
the Federal Reserve System's par collection scheme. These large
credit balances,
however,reflect only a part of the Reserve Bank's operations with the Clearing House
Institutions, as only the items payable in New York City are represented in the
daily balances. The large volume of checks on institutions located outside of
New York are not accounted for in arriving at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal
Reserve
Bank for collection for the account of the local Clearing House banks.
EUROPE$
$
$
$
8
$
Austria. krone
.000014 .000014 .000014 .000014 .000014 .000014
Belgium. franc
.0488
.0483
.0481
.0499
.0489
.0495
Bulgaria, 1et,
009643 .009600 .009517 .009757 .009704 .009643
Czechoslovakia, krone .029998 .030002 .030032 .030026
.030018 .030035
Denmark, krone
.1804
.1811
.1804
.1815
.1806
.1806
England, pound sterling
4.5430
4.5427
4.5372
4.5417
4.5436
4.5377
Finland, markka
.026756 .026608 .026844 .026791 .0266
.026839
Sept. 20 1923.
Sent. 21 1922.
France,franc.0588
.0582
.0576
.0589
.0584
.0590
Banks ar-I
Germany, reichsmark .000000%071 .60000000556.000000(493 00000900491 0000050E24.0000660074
Gold.
1 _Silver. I Total, I
Gold.
Silver.
Total.
Greece, drachma
.018820 .018689 .017917 .018080 .018050 .018030
Holland, guilder
.3931
.3935
.3930
.3931
.3931
.3930
£
I
2
I
£
I
£
£
£
Hungary, krone
.000056 .000055 .000055 .000055 .000055 .000053
England 127,648,696
'127,648,696 127,426,811
127,426,811
Italy, lira
0444
.0441
.0439
.0448
.0448
.0444
France a__ 146,956,2211 11,760,000 156,716,221143,363,167 11,440,000164,803,167
Norway, krone
.1605
.1605
.1604
.1604
.1606
.1604
Germany _ 28.244,350 63.475,400 31,719,750
1.198,250
Poland, mark
.0000035 .0000035 .0000033 .0000032 .0000033 .0000031 Aus.-Hun_ 10,944,000 2,369,000 13,313,000 50,111,430
10.944,000 2.369,000 13,313,000 •
Portugal, escudo
.0407
.0406
.0405
.0408
.0416
Spain _ _ .._ 101.032,000 26,397,000 127,429,000 100,936,000 25,779,000 126,715,000
.0407
Rumania,leu
.004678 .004665 .004626 .004642 .004643 .004631
Italy
35,649,000 3,021,000 38,670,000 34,616,000 3,077,000 37,693,000
Spain, peseta
.1346
.1349
.1353
.1351
.1349
.1348
Netheri'ds. 48.483,000
866,000 49,349,000 50,496,000
731,000 51,227,000
Sweden,krona
.2655
.2654
Nat. Belg. 10,789,000, 2,388,000 13,177,000 10,664,000 1,741,000
.2654
.2653
.2654
.2654
12,405,000
Switzerland. franc
.1778
.1770
.1770
.1766
.1771
.1767
SwItzland . 21,063,0001 3,978,000 25,041,000 20,293,000 4,604,000 24,897,000
Yugoslavia. dinar
.010878 .010873 .010863 .010830 .010868 .010854
Sweden_ _ _ 15,148,000,
1 15,148,000 15,210,000
15,210,000
ASIADenmark _ 11,648,000,
244,000 11,892,000 12,683,000
230,000 12,913,000
ChinaNorway _- 8,182,000
I 8,182,000. 8,183,000
8.183.000
Chefoo tael
.7258
.7250
.7246
.7321
.7254
.7279
Hankow tael
.7213
.7204
.7200
.7271
Total week 565,787,267. 54.498,400620.285,667 584,926,408 51,169,250636,0
.7233
.7208
95,688
Shanghai tael
.7080
.7090
.7078
.7161
Prey.
.7105
.7081
week 566.872,119 54,785,400621,657,519 584,932,362 51,190,050630.122,412
Tientsin tael
7317
.7308
.7379
.7304
.7338
.7313
Hongkong dollar__ .5250
a Gold holdings of the Bank of France this year are
.5249
.5275
.5236
.5241
.5250
exclusive
£74,573,797 held
Mexican dollar_ _ _ _ .5120
.5109
.5164
abroad. b It is no longer possible to tell the amount of silverofheld
.5114
.5125
.5129
by the Bank
Tientsin or Pelyang .5121
of Germany. On March 15 1923 the Reichsbank
.5113
.5113
.5158
.5117
.5146
began including in
"Metal
dollar
Reserve" not only gold and silver but aluminum, nickel and iron coin as its
well. The
Yuan dollar
.5121
Bank still gives the gold holdings as a separate
.5138
.5129
.5167
.5154
.5142
but as under the new practice
India, rupee
the remainder'of the metal reserve can no longerItem,
.3057
.3057
.3059
.3080
.3062
.3076
be considered as being silver, there
Japan. yen
Is now no way of arriving at the Bank's stock of
.4841
.4842
.4845
.4858
.4855
.4852
silver, and we therefore carry it
Singapore(S.S.) dollar' .5317
.5317
along at the figure computed March 7 1923.
.5317
.5321
.5313
.5325
NORTH AMER.Canada, dollar
.076130 .976244 .976123 .976089 .976036 .976247
Cuba, peso
.998750 .998750 .998750 .998750 .998813 .998813
Mexico, peso
.486875 .485833 .487188 .487031 .486875 .485781
Newfoundland. dollar .973594 .973828 .973672 .973594 .973594 .973828
SOUTH AMER.Argentina, peso (gold) .7451
.7455
.7605
.7493
.7598
.7541
Brazil. milrels
.0980
.0979
.0980
.0978
.0980
.0978
Chile. peso (paper)._ _ .1252
.1256
.1255
.1254
.1255
.1254
Uruguay. peso
7451
.7415
.7488
7457
7508
.7543
The following table indicates the amount of bullion in the principal European banks:
Will Democracy Survive? Yes, If We
Preserve Democracy in an
Industrial Sense.
In a recent issue of one of the Hearst papers, three
South American exchange conditions were not articles by special writers invite
our attention. B. C.
essentially altered. Argentine currency improved, Forbes calls to our notice
forcibly the fact that our
the check rate finishing at 33.50 and cable transfers comfort-blessings, on the surety of which
we depend,
at 33.60, as against 32.90 and 33.00 a week ago, hut too often without a thought, are due to the initiative,
Brazil closed at 9.80 for checks and 9.85 for cable ,insight, acumen, industry, of what we may
term our
transfers, the same as last week. Chilean exchange common "business." George W. Hinman discusses
was slightly firmer, at 12.75, against 12%, while the reputed influence and control of "public opinion"
Peru advanced to 4 25 from 4 05 a week ago.
as to our business relations, and with special referFar Eastern exchange reflected large transactions ence to the then pending coal strike, showing that the
in the silver market at London and Chinese currencies final settlement of the controversy will and must be
were correspondingly firm. Japanese exchange quo- by and between the interested parties themselves,
tations have been resumed but are as yet little more with a minimum of yielding to so-called public opinthan nominal. Hong Kong closed at 527
4@533, ion. While Bruno Lessing engages in a short inquiry
4; Shanghai, 72@723.i, against and. reflects the view that patience and hard work
against 52M@523
71%@71j
2"; Yokohama, 48%@49, against 483/2@ will cure many of the evils of the after-the-war world,
483
%; Manila, 49/@49% (unchanged); Singapore, if they are to be cured,and if democracy is to survive,
533i@533" (unchanged); Bombay, 31@313
/s, against rather than the schemes of altruists and philan30%@31, and Calcutta, 31@313. (unchanged).
thropists.
It is not entirely a coincidence that these three
The New York Clearing House banks in their writers should have hit upon these topics in a single
operations with interior banking institutions have issue, for they are related topics, and each bears
gained $4,112,799 net in cash as a result of the cur- upon fundamentals of our own and the outside
SEPT. 22 1923.]
THE CHRONICLE
1283
world's future. For instance, what we term "de- apathy and drudging moil of human beings who canmocracy" in a political sense, it appears to us, will not think or act for themselves—the slaves of the
not survive unless we shall preserve democracy in an State?
If, as we so often say, ours is the best Government
industrial or economic sense, and neither, in the
long run,can escape the slow influence and moulding so far instituted among men, it should be preserved
away
of public opinion. The fault of to-day is that public in its essential integrity, and not frittered
Not
theory.
untried
or
interest
clan,
to
piecemeal
inert
is
opinion, as to great masses of the people,
goal
never
a
detail,
ve
administrati
in
perfect
being
and
cliques
societies
and apathetic, while in factions,
it is over-active, biased, and even violent, spreading to be reached, it may be altered in conduct rather
propaganda among the ignorant and burdened that than form, in law rather than Constitution. There
tend to destroy our original democracy. Some time, is no half-way house in the preservation of principle.
of
and it may not be long, we will, if we do not "watch That which has served well and brought that sort
which
sings;
comfort-bles
our step," be called upon to decide between autocracy life which ever increases
gives to capital and labor, employer and employee,
and socialism.
So indispensable to our political and social life the right to negotiate, contract and arbitrate—the
are our commercial and industrial institutions, as at latter as common citizens of a common country—
present constituted under a government of "liberty which gives to public opinion, though slow forming,
under law," that, in our own view of the matter, we the right to form and be heard and express itself in
must preserve individual initiative and ownership in ballot as well as voice; which, through its individbusiness or political democracy will perish with the ualism protects and prospers each after his own way
disappearance of industrial democracy. For we do —that Government, a representative democracy,
not define industrial democracy, as do some of the ought not to perish and will not while men are free
fanatical theorists, as something to be attained by to work, to have and to hold.
law and Government. It is a fact here and now. It
"The Ancient Landmark," the Constitution
gives tb us, as one of these writers shows, our great
of the United States.
material progress, without which we could not have
West, now the centre of the life
the
great
When
our high spiritual estate. And should free individual
country, was first surveyed, at
the
of
commerce
and
initiative and ownership ever be submerged in Govand range there was
township
of
intersection
each
that
control
ernment-controlled industries, whether
" that in times to
a
erected
"monument,
or
"planted"
fact
in
(one
though
or
difsocialistic
be autocratic
land
and settled upon
the
"entered"
who
those
come
a
be
longer
true
no
there
would
politform)
fering in
ical democracy and public opinion would be as pow- it, might have an unchangeable landmark from which
to measure the section, or subdivision thereof, they
erless and useless as a fifth wheel to a coach.
We do need patience, for growth is slow. It is al- sought to own and convert into a home. An approways easier to tear down than to build up. War and priate penalty was prescribed for the removal or
war's brood of evils, selfishness, hate, fanaticism, change of this sunken stone. And to-day the feehurry, intolerance, poverty, superstition, greed and simple title to innumerable homes rests upon this
their progeny, are not exorcised in a day, while yet original survey and its landmarks.
It has seemed wise to those who have been planning
States are struggling to emerge from political toils
Week to begin the study of the ConstiConstitution
to
striving
are
restore
and industries and peoples
United States by considering it as a
the
of
above
tution
panacea
is
all
the
Work
othand recuperate.
which we measure the liberty and
from
landmark
a
for
is
necessary,
also
thought
democracy
ers. But
that does not ponder long and deeply its own prob- progress of our citizenry. And this is well, for our
lems is subject to every wind that blows. It is not Constitution marks a point in time when there arose
the impractical idealism that would vote or legislate a nation of indestructible States brought together
everything needed or desired into existence that is to into an inviolable union. And it must appear that
save us, but the reflection and judgment of peoples the content of the Constitution, all-important as that
who think strongly while they work eagerly and con- is, cannot be considered as something mobile and
tinuously. And if we consider that our present form changeable at the will of the people, save we recogof government was instituted and is framed to give to nize, that, insofar as.it becomes our guide, it remains,
each of us, as loyal citizens, just this kind of liberty and must remain, in spirit and largely in form, as it
we will try to restrain those who are trying to alter' was in the beginning, or our advance in progress, as
and amend its original charter that they may fasten far as government is concerned, will be without directheir favorite, though too often futile, ideas upon its tion and commitment. Putting by changes which
may be effected by revolution, the Republic cannot
organic structure.
For example, and we do not discuss now.the advis- exist save and alone as the Constitution permits.
ability of such a course, municipal ownership of pub- Peaceably, and after due consideration, a sovereign
lic utilities may possibly exist in and under the gen- people may abolish its Constitution and erect a new
eral form of our democracy, but if this must lead form of government, but as long as the present Reeventually to the nationalization of mines and rail- public remains it will continue to exist under the
pads, then we must consider seriously the effect permission and by the direction of its charter—the
upon our future social, economic and political life. Constitution of the United States.
And the first parallel to be drawn from the conWhat will "public opinion" have to do, immediate or eventual, upon the cut and dried purposes of sideration of the Constitution as an ancient landa Government in which control is already Vested? mark is that to change this charter, to give it a new
What new comfort-blessings can spring into being front and a new place in time,,is to alter and confuse
when initiative and enterprise are no longer common all the liberties, institutions, and sovereign judgproperties of a common "business" which brings its ments, of the people who inherit the Government.
own rewards? What will patience and work accom- Not that it may not be amended in keeping with its
plish when that patience and toil are the leaden original intent and purpose, but that amendments
1284
THE CHRONICLL
[VoL. 117.
which remove it from its purpose destroy the land- alienable right leads to the seemingly "lawful" demark. Nothing can be more clear than that the struction of others. We must not deface the landabolition of one of the co-ordinate branches of the mark—lest we be unable to read its purposes. There
Government, in whole or in part, would be a change must be a key to every code. And the key to our
of intent and a removal of the landmark. Being both Constitutional code is the inalienable rights of the
a code and a charter the Constitution must be pre- individual, to chose, to toil, to own, and
to build his
served if the Government of which it is the written ideas into enduring forms for family and for fortune.
exponent is to stand. To take away from the judicial power -of the Supreme Court, to add to the power
The Newspaper Pressmen's Strike.
of Congress or to increase the duties of the ExecuAlmost exactly eighteen months ago a labor union
tive in his relations to the people beyond the domain
of the enforcement of laws, is to destroy the equi- in this city indulged in a characteristic and suggeslibrium of the vested powers of these independent tive freak, in consequence of which the morning
divisions—and thus to remove the landmark and journals were not on sale as usual, and when copies
place all our liberties and lives at the mercy of the were obtained they were found cut to eight pages,
the pressmen having suddenly quit work. This week
whims and caprices of the future.
Against a background of suppressed individual- the folly has been repeated, the pressmen having
ism, of monarchical tyranny, men declared them- abandoned their posts at midnight on Monday. In
selves possessed of God-given inalienable rights to 1922 the men returned, after talking a few honrs,
life, liberty and the pursuit of happiness and set up and so the journals reappeared in usual form. This
a Government that these might be preserved. Our time,the break has continued through the week and
Constitution is a written description of that Govern- still remains open. Meanwhile the morning journals
ment to which all subscribed by the sovereignty of have managed to issue eight-page papers, at their
Convention and State approval. They divided this different plants, but carrying at the top of the first
Government into three parts, each independent, all page the familiar heads of ten journals and a'special
mutually sustaining, thus constituting the Govern- headline "The Combined New York Morning Newsment servant, not master. This Constitutional Gov- papers." In like manner the eleven evening newsernment, therefore, by the very reason and act of its papers have been issued in abbreviated form, carrycreation became one of limited powers, one of spe- ing the headline "The Combined New York Evening
cific purpose, unchangeable—to preserve the indi- Newspapers." Thus twenty-one daily papers have
vidual—a natural sovereign. To preserve him in his been affected.
On Feb. 22 of last year the decision of an arbitrainalienable rights against the encroachments of his
fellow freemen—against also the encroachments of tor ended (as was supposed at the time) a long conhis Government upon himself—and against mon- troversy between the publishers and their pressmen.
archy ever seeking to reassert power and socialism An agreement was made, to run 18 months from
ever seeking to undermine liberty. The supreme in- March 1, and both sides had bound themselves to actent and purpose of the Constitution is to plant a cept it, but the men repudiated it the night before it
landmark for the progress of a people in life, liberty was to take effect, this repudiation and their strike
and happiness. Take away one division, take away constituting their 1922 freak. The contract expired
one inalienable right, by amendment to the Constitu- the 1st of the present month (Sept. 1) and this year's
tion, and the form and purpose, the perpetuity, of freak consists in suddenly deserting the pressrooms,
the Government thereunder disappear. This liberty, while negotiations were still pending, the "outlaw"
as was so clearly seen, could exist only under law— strike being ordered at a meeting of a small minority
of the more than 2,000 members of Web Pressmen's
and law is the life of the Republic.
Change the divisional co-ordination of this Gov- Union No. 25, a local part or chapter of the Internaernmental structure and it fails. Law therefore is tional Printing Pressmen and Assistants' Union.
The "Call," a journal owned by and representing
not supreme, but the will of the people crystallized
into Government as made and provided by Constitu- union labor, of course had no interruption and ention. Law has three aspects—its making and en- joyed a temporary advantage as well as increased
forcement, and its adjudication. None of the divi- notoriety. Boasting over this, it calls its "great pubsions can exceed its powers. Each derives from the jicity success" fortunate, "if the lesson of the strike
spirit and letter of the written Constitution. All can be equally well impresed on the public," an opinare bound by the landmark of Constitutional or ion in which we concur, although not concurring
Original Law. Nor can either escape its duties. If with the deduction "that no labor controversy can be
the preservation of the individual is the purpose of filially settled until it is settled with the acquiGovernment, the Supreme Court acting by and un- escence of.labor," meaning that labor must get all it
der the Constitution must preserve the inalienable clamors for and will keep on repudiating contracts
rights not only against Legislative and Executive re- until it does. The "Call's" own explanation of "why
straints but against the Government itself seeking the pressmen struck" contains this paragraph:
domination by new laws or by new Amendments
"On Feb. 21 1922 Judge Martin T. Manton of the
changing the intent.
U. S. Court of Appeals, acting as arbitrator for the
If we had no landmark we could have no defined
newspaper publishers and the web pressmen, handed
liberty. If we can take up the sunken stone and down a decision which was
hailed by the publishers
move it we can have no certainty of course or assur- as a final settlement of many issues between the parance of continuance. Not that the Constitution may ties. Ever since that decision the pressrooms have
not be amended, but that an amendment, as a law, been in. a, turmoil. [Italics our own.] At the terwhich changes its intent and purpose, which destroys mination of the contract on September 1 of this year,
its soul, must be declared, somehow, by the only ad- almost every issue supposed to have been settled in
judicating or explaining power, out of harmony, and 1922 was still foaming on the surface. Furthermore,
the pressmen, remembering their bitter experience,
therefore null and void. The suppression of one in- would have nothing to do with arbitration
. They
SEPT. 22 1923.]
THE CHRONICLE
were not even in any mood for long delay in negotiations. Finally, despairing of an agreement, they
struck. The publishers have lost far more than they
ever could have gained from the notorious Manton
award."
To its own question how could an arbitration decision make so much trouble, the "Call" replies that
Judge Manton tried to accomplish something beyond the power of any arbitrator. At the demand of
the publishers, says the labor spokesman, he upheld
them in insisting on a change in the working rules
whereby certain "control" over the pressrooms had
been granted to the men. His decision gave the employers complete discretion as to certain matters,
such as changing the number of men to be employed
on a press, the shifting of crews from one press to another, removing foremen out of union jurisdiction,
and so on.. He seems to us to have merely declared
anew the ancient doctrine that an employer makes
his own working terms and under conditions prevailing in an open market the employee accepts them
or refuses them and goes away.
it is not needful in this article to discuss at length
the rules of the printing trade. The patent fact is
that the publishers proposed three arbitrators in
1922, the men insisted on having only one, and carried their point; the labor organ's statement that
they have been "foaming" and "in a turmoil ever
since" must be accepted as literally true. Not having obtained from arbitration what they wanted,
they have been ugly over it, and now they rush into
an outlaw strike, by an impulsive and minority vote,
refusing to wait for negotiation.
On their part, the publishers stand firm, serving
on Wednesday a notice on the head of the International Union that they will have no further dealing
with the lOcal union, that they look to him to carry
out his promised and lawful action to revoke the
charter of the defiant local and charter a legal union
in its stead; meanwhile, say the publishers, they will
continue printing as they have been doing since Tuesday, but will arbitrate any and all questions with
either the International or any local and legal union
created by it, just as they had previously agreed to
arbitrate. On Thursday the International head declared the offending local to be suspended and "out."
Yesterday representatives of the publishers and of
the International after several conferences reached
complete agreement on a new contract but which
involves the formation of a new local union.
If we suppose, for the argument's sake, that the
publishers are unfeelingly greedy and all the merits
(especially the "humanity" merits) are with the
men, even then the latter are left no decent excuse.
By deserting their posts without even an hour's
warning and while negotiations were still pending,
they have inflicted great loss and much trouble not
only upon the publishers but upon the public, for
even if we imagine the population of this huge city
might be no worse off because of a temporary escape
from evening journals on the streets at nine o'clock
in the morning and because of a little halt administered to the "newspaperitis" disorder, many thousands of advertisers, large and small, have had their
business disturbed, by no fault of their own, and the
suspension of all "Wanted" notices may work great
additional inconvenience and even distress to individuals. The strike is therefore heartlessly selfish
as well as silly, as indifferent to the public right and
welfare as the anthracite strikes are.
1285
But it may be worth its cost to all parties, if what
its journalistic spokesman deems its "lesson" is
rightly understood and sufficiently impressed, for
it is perfectly plain, to all who have an eye and a willingness to see. Whom the gods would destroy they
first make mad, says an old heathen proverb. It is
not supposable that God wishes to "destroy" anybody, but most reasonable to suppose he would destroy the folly and sinfulness of men; so he allows.
them to butt their heads against His immutable laws.
Labor unionism, gone mad, is rushing to its own destruction—a destruction in no cruel sense but in a
beneficent and therefore desirable one, for the dupes
of unionism are freeing themselves, along with the
rest of the public, without understanding what they
are doing, by forcing the spread and the triumph of
the open shop.
This is the significant and encouraging truth
which gives real public importance to what might
otherwise be regarded as a mere transient though
silly and troublesome freak.
Railroad Progress and the Public Welfare.
A persistent delusion is that railroads are owned
by a comparatively small number of rich persons,
the commonest form of it being that the owners are
Wall Street and the transportation policies of the
country are dictated by a little coterie of bank directors. Figures showing the wide distribution of railway ownership have been printed from time to time.
Among the latest are some given out by Chairman
Louis W. Hill, to answer the question of ownership
of the Great Northern. At the close of 1922, he says,
the 2,494,730 outstanding shares of stock belonged to
44,314 organizations, institutions, and men and
women in all walks of life. The holders were 24,416
men, 18,113 women, 1,616 insurance and miscellaneous corporations, and 169 hospitals and charitable, educational and religious institutions. In only
3,286 instances were more than 100 shares in a single
ownership; 28,449 owners have from one to twenty
shares each, and 12,579 hold from twenty to a hundred shares each. The average holding was only
56.2 shares.
Dividends have been paid since 1891—at the annual rate of 7% from 1900 to 1921, then in 1922 fell
4% and in the present year to 5%. Many insurto 51/
ance companies, both fire and life, and many savings
banks are security holders in this as in many other
roads, and in that manner the ownership of roads,
represented by bonds as well as stocks, is still more
widely distributed, since the person whose savings
in the form of bank deposits or insurance policies is
partly invested in railways is owner and partner in
them,his trustees having invested on his account and
with his funds,though he may not have a single share
or a single bond standing in his own name. Figures
resembling these have been made public from time to
time by other roads, notably by the Pennsylvania,
and in some instances there has even been an increase
in the number of holders and a decrease in the size
of holdings, which indicates growing wideness of
distribution in ownership. Monopoly is a bugaboo,
but it would tax imagination to see enough holders
combining to form an aggressive and selfish majority control, and although women are going increasingly into business and are showing a business keenness with which the sex was not formerly credited,
the fact that 40 %of the Great Northern sharehold-
1286
THE CHRONICLE
[VoL. 117.
era are women does not suggest alarm about a giant number until, in the second half of 1922, they did
monopoly (say a land octopus) stalking over our with about 1,600,000 men as much work as with over
country and trying its digestion upon farms and two millions in the latter half of 1920. The impordwellings.
tant question, as he pointedly puts it, is no longer
Such direct appeals to reason as the New York the old story of defects of the Governmental adminCentral, for instance, has made in many advertise- istration but just this: "are the roads carrying the
ments, show an appreciation of public duty and a nation's commerce efficiently and at reasonable
compliance with it, as well as good practical sense. cost," and "shall the course of legislative and GovThis is not the natural manner of the monopoly, for ernmental regulation be such as to permit them to do
that monster is aware of its own power and proceeds their work efficiently and economically in the fu(according to the popular notion) in disregard of ture?"
what anybody thinks. Sure of its prey, it would not
The records under the Act of 1920, correctly says
spend any of its gains in trying to talk to the public, Mr. Binkerd, show that the roads have effected the
it would not take any trouble to explain anything. greatest improvement in all transportation history;
On the contrary, the conduct of railway executives there is hardly a detail of performance in which,
is exactly what would be expected of able men, aware especially in this year 1923, they have not "set a new
of the trust responsibilities in their hands and labor- record for the entire railroad world." We believe
ing to do their possible best in trying circumstances. that the sober judgment of history will recognize this
Their difficulties are aggravated by public indiffer- statement as true, but to retain the accomplishment
ence, which is itself due to misunderstandings. The and further improve upon it an intelligent public
Great Northern reports that it has managed to com- opinion is indispensable. For the railroad baiters
plete an improvement plan costing some 30 millions, are active and persistent, continually appealing to
and expects good results therefrom; the Illinois Cen- the superficial-minded, and they, not the conservatral reports some 145 millions of improvement under tives, seem to get the readier hearing. So the direct
construction or authorized, and the Long Island is addressing of security holders by some railroad exalso expending largely upon improvements. Yet all ecutives is good sense; and, as women are now figurroads are menaced with increasing fuel costs, and a ing largely in security ownership, Mr. Atterbury of
late story is that the "Big Four" Brotherhoods are the Pennsylvania did well some time ago in appeal"understood" to be planning for undoing such wage ing to them to take some more active part in guardcuts as have been made in the last few years.
ing their own direct personal stake in the welfare of
Vice-Chairman Robert S. Binkerd of the Eastern our roads.
Roads' Committee on Public Relations (a timely
because necessary committee with, unfortunately,
The New Diplomacy Versus the Old.
too much work to do) replies to an open letter by
The coming of Mr. Lloyd George, October 5th, to
Mr. W. G. McAdoo to Mr. Couzens of Michigan, one this country for the first time, has awakened wide
of the radical Senators who seem determined to take interest. He is reported as shy to making definite
a hostile attitude towards transportation. It is of engagements; which is not strange, as the situation
course natural and permissible for Mr. McAdoo to is altogether new to him and he is keenly conscious
defend his own work as Railroad Administrator and of being the subject of sharply diverse criticism, but
to insist that the seizure of the properties wai both wherever he may speak, he will be eagerly awaited
unavoidable in emergency and rendered lasting pub- and listened to by a multitude.
lic service, but Mr. Binkerd controverts his stateFor some years he has been in many relations the
ment that featuring the Government's loss of a sum dominant figure in Europe; and while he has sought
approaching two billions in operating the roads "is publicity and talked much he has ranged over so
part of a program of deliberate and malicious propa- wide a field and been so diverse and unstable in
ganda"; on the contrary, he affirms, these are not his positions that despite his strong and apparently
figures of the railway executives but the Govern- open character and his brilliant abilities, there is
ment's and are a part of its own records. He consid- room for much difference of opinion both as to the
ers the Government assumption of the roads right, man himself and as to his career in he past and its
in the circumstances, but it cost enormously; the future possibilities.
ability of Government to use the roads as war agenHappily a new book from the press of Doran gives
cies "made Government operation in war a necessity; us such material for an understanding of the circumit was not that private operation had been ineffi- stances in which Mr. Lloyd George was placed, and
dent in time of peace."
some of the men with whom he was most intimately
Mr.Binkerd's statement that the seizure was a war associated, as well as for an estimate of the man himnecessity and justified itself by results does not agree self. The book is by the anonymous author of "The
with the "Chronicle's" contention that it was an Pomp of Power," now known to be Mr. John Lawegregious blunder and that efficiency could have rence Lyon,long a resident of London and Paris, for
been had by leaving the control undisturbed; how- some years proprietor of the English "Outlook," a
ever, this is a matter of opinion, and one which can man intimately acquainted with many of the prominever be brought under universal agreement. But nent actors in recent events.* We can only allude to
"it cost enormous sums of money," says Mr. Binkerd, those facts of the book which bear upon the subject
and in this he is indisputably right. Deficits were to in hand.
be expected, he adds, but they might have been
As there are to-day two widely different theories
smaller had rates been increased to meet the greatly of government, so there are two different methods of
increased operating costs due, in great part, to the diplomacy. The English theory of government,
wage raise immediately declared arid also made which is the one widely maintained, was formally deretroactive. At the return to nominally private con- fined by Mr. Lloyd George at a meeting of the Allies
trol, the roads, says Mr. Binkerd, found about 2,100,*"When There is No Peace," by the author of "The Pomp of Power."
000 men on the pay-roll, and steadily reduced this Doran.
SEPT. 22 1923.]
THE CHRONICLE
1287
in.July 1917. It is to the effect that it is the province and even his official colleagues and foreign represenof the Government to decide the effort which the tatives. The work on the League of Nations was
country should be asked to make to attain the object actually controlled by it, because as was said in its
in view, and to determine what forces should be used defense, "the Dominions preferred to correspond
and where they should be sent; and only then does with it, rather than the Foreign Office."
the role of the Commander-in-Chief begin. On the
Our author refers to the obvious truth that it is a
other hand, the German theory, which has been long source of strength for a country to tave a firm and
in practice and has been recently stated by General certain foreign policy upon which others know they
Ludendorff, is, that the whole duty of the Govern- can depend. Any other course is sure disaster. It is
ment is to second and carry out the designs of the also an advantage when, as formerly, proposals and
• High Command. Its failure to do this, he holds, was counter proposals were transmitted through prethe main cause of the defeat of the army.
scribed channels and notexposed to the danger of imOur author finds a similar contrast between the patience, anger, or ill-considered words of ardent men
Old Diplomacy which stood in close connection with discussing across a table, and decided between breakthe Government, and, as a small g up of picked men, fast and dinner. And again: "It is only by a policy
represented and carried into effect its objects; and of uniform prudence and consistency, one which will
the New Diplomacy, which may be operated by any inspire our adversaries with respect, and our allies
man in power with such agencies and methods as he with confidence in our firmness, that we can emerge
may determine. Of this Mr. Lloyd George is a su- from the present maze. In a word, Mr. Lloyd George,
preme example.
as Prime Minister, became practically the President
As illustrating the older school we may recall our of the country, with infinitely more power than the
own representatives. Franklin and Jay and Gal- President of the French Republic and the French
latin and Rush, Charles Francis Adams and Wil- Prime Minister combined, and also more than the
liam H. Seward; Talleyrand, Maeternich and Gort- President of the United States, who is practically his
chakov, of the Continent; Castlereigh, Canning, Lord own Prime Minister. If "a Foreign Office delivered
Stratford de Redcliff, Lord Lyons, Odo Russell and over to a band of amateurs would soon be in a sad
Sir Henry Elliott of England.
plight," what is to be said of one that is superseded
Our author notes the conditions under which by a superior who is pre-eminent for his opportunalone any form of Government can produce diplo- ism? "Between 1920-22 there were five Prime Minmats who will properly represent it. In 1868 Bis- isters in France, but they all said the same thing;
marck, in addressing the Reich, said: "Constitu- while during the same time Mr. Lloyd George made
tional Government is impossible if the Government over twenty irreconcilable pronouncements." M.
cannot rely upon one of the greater parties, even in Cambon once remarked: "They say that the old
such exceptional matters as are not entirely to, the diplomacy Adored secrets and talked little, but I find
taste of the party. If the Government has not at that the new diplomacy talks too much." M. Poinleast one party in the country to which it stands in care, with a Government behind him, called this
this relation, it degenerates into coalition Ministries method "Cinema Diplomacy."
and its policy betrays fluctuations which have a
It is Diplomacy by Conference, which is now in
very prejudicial effect upon the State itself, and vogue, and in which Mr. Lloyd George has been esmore especially upon the conservative principle." teemed a master. He rode to a fall, beginning at
How important is this statement is shown in our own Genoa, where he intended to solidify his predomihistory since the war. It goes far also to explain the nance in European affairs; but did not attain results.
wide difference between the policies of Germany and He represents a political system guided by uninEngland as to the dominance of the military. Von formed politicians who are obliged to depend upon
Moltke wrote: "There can be no doubt that every others for even elementary knowledge, making treaState requires a Government suited to its individual ties simply in view of the next general election, as
idiosyncrasies. A Constitution like that of England over against trained diplomats who are bound to
gradually developed out of the character of the na- carry out the instructions of their Foreign Office and
tion could never be transferred to the continent of have no personal interests of their own.
Europe." Germany to-day is in the condition sugHe will be welcomed here for the great position he
gested. It has been trained to accept military domi- has occupied, as he will be honored for his personal
nance and its Government is dependent for such character and remembered always in connection with
strength as it has upon the combined support of va- the great events in which he has filled so large a
rious political groups, which agree only in measures place. We can only add that politics lags far behind
of evasion and delay.
the pace set by the ideas which are uppermost in the Mr. Lloyd George came into office with a coalition world to-day. Those ideas of a larger life of freedom
Government, and his policy developed out of that. to attain the purpose of God in human well-being
He sheltered himself behind the Royal Prerogative are echoing in many hearts, and will shape the comin the matter of honors; he impinged upon the pre- ing years.
rogatives of Parliament, first, by largely escaping
from its control; and second, by the practical aboliPhiladelphia's Greatest Product—The
tion of the collective responsibility of the Cabinet.
Constitution of the United States.
He began to concentrate all power in his own hands,
The present has been Constitution week, and the
until even the Foreign Office became confused with Girard Trust Company of Philadelphia,
believing
"10 Downing Street," and Cabinet responsibility that never since the early years of the
existence
could be described "as a joke," and he developed the of this country has it been more necessary
than it is
private secretariat, which originated in the war, un- now that feelings of respect and reverence for
the
til the staff, which in 1917 numbered 19, by 1922 had Constitution of the United States should be maingrown to 114, responsible only to him, surrounding tained in the minds and hearts of all our people, lest
him, executing his will, and standing between him ill-advised attempts at change be made, has de..
1288
THE CHRONICLE
[voL. 117.
July 19 1791, from letter to Catherine Macauley Graham:
voted the September issue of "The Girard Letter" to
. . . the United States enjoys a scene of prosperity and tranquillity
"
the
the subject. The letter, after praising the work
under the new Government. that could hardly have been hoped for."
American Bar Association is doing in behalf of the
July 20 1791, from letter to David Humphreys:
Constitution, prints an article from the pen of ". . . Tranquillity reigns among the people, with that disposition
Ira Jewell Williams which deserves wide circulation towards the general Government, which is likely to preserve it.shows in a
". . . A ready acquiescence in the laws made under it
because it proves so conclusively that it was not strong light the confidence which the people have in their representatives,
until the adobtion of the Constitution that order and In the upright views of those who administer the Government."
and stability were restored in the new republic. Sept. 10 1791, from letter to M. de la Luzerne:
". . . the United States are making great progress towards national
Says Mr. Williams: "The adoption of the Constitu- happiness;
and if it is not attained here in as high a degree as human nature
will
admit of ts doing, I think we may then conclude that pol.tical happiness
tion brought to an end, as if by magic, the years of is unattainable."
dreadful disorder and chaos under the Articles of
July 4 1776 was the first glorious effort of America for
Confederation. The nation has almost forgotten ndependence; but Sept. 17 1787 is the real birthdate of the
these 'darkest hours before the dawn of our American nation.
For to the "Constitution of Philadelphia" we owe our
day.'" The article in full as printed in "The Girard
nation
itself.
Letter" is as follows:
in
The "Girard Letter" carries on its pages frequent stories
of Philadelphia" triumphs in trade and commerce,its achievements in science. Philadelphia's greatest achievement, its
finest gift to mankind, was along a different line. The
Constitution of the United States, which marked an era in
the politics of mankind, has been called the "Constitution of
Philadelphia." It has come to pass that the two greatest
documents in the world are the Charter of Runnymede and
the Constitution of the United States.
Too few realize that America and Philadelphia gave to
the world a unique product in the science of government.
For the Constitution was wholly without prototype. Previous federations and leagues there had been, but all were
based on the theory of requisition.
Now the Constitution created a Federal- (and national)
entity having four new and distinctive features:
(a) Division into executive judicial and legislative departments (the lastnamed a bi-cameral legislature);
(b) Acting directly on individual citizens (and not on the States of the
Federation);
(e) "Armed with the power to tax":
(d) The judiciary empowered and sworn to enforce the Constitution as
"the supreme law of the land."
This wonderful novelty in government is entitled to be
called the Constitution of Philadelphia, not nierely because
it was framed in Carpenter's Hall on Chestnut Street, but
because its principles were the discovery of a Philadelphia
merchant, Pelatiah Webster.
In view of the recent attacks upon the founders and the
builders and the very framework of America itself, including
the power of the Supreme Court to sustain the mighty
structure, it is not amiss to re-examine and reappraise.
The adoption of the Constitution brought to an end, as if
by magic, the years of dreadful disorder and chaos under the
Articles of Confederation. The nation has almost forgotten
these "darkest hours before the dawn" of our American day.
George Washington, the Chairman of the Constitutional
Convention, was a man of singular moderation and restraint,
yet in his letters he has said of that period:
Nov. 15 1786, from letter to Bushrod Washington:
". . . The fabric, which took nine years, at the expense of much blood
and treasure, to rear, now totters to the foundation, and without support
must soon fall."
Nov. 5 1786, from letter to James Madison:
". . . No day was ever more clouded than the present. . . .
We are
fast verging to anarchy and confusion. . . . How melancholy is the reenergy
want
of
the
of
given
be
can
evidence
What
.
stronger
.
.
flection.
In our Government than these disorders? . . . A liberal and energetic
constitution, well-guarded and closely watched to prevent encroachments,
might restore us."
Dec. 26 1786, from letter to Henry Knox:
"I feel, my dear General Knox,infinitely more than! can express to you,
for the disorders which have arisen In these States. Good God; who could
have foreseen, or predicted them?"
It is an historical fact that all this was changed by the
Constitution. Washington himself tells us:
"September 24 1787.
". . . the political concerns of this country are in a manner suspended
by a thread . . . the Convention has been looked up to by the reflecting
part of the community, with a solicitude which is hardly to be conceived
and if nothing had been agreed on by that body, anarchy would soon have
ensued, the seeds being deeply sown in every soil."
June 3 1790, from a letter to Marquis de Lafayette:
"You have doubtless been informed, from time to time, of the happy
progress of our affairs. The principal difficulties . . . seem in a great
measure to have been surmounted. A good temper prevails among our
citizens. . . . Our Government s now happily carried into operation. . . •
March 19 1791, from another letter to Lafayette:
"Our country, my dear sir (and it is truly yours), 4fast progressing in its
political importance and soc al happiness. . . ."
"The laws of the United States, adapted to the public exigencies are
ramed with wisdom and moderation, and acquiesced in with cheerfulness."
In that Constitution we have American resourcefulness
its highest manifestation. To meet destructive dissension
at home and contempt abroad there was created a nation
of sovereign States. It was not merely another "ingenious
mechanical contrivance" more dramatic only because it had
to do with problems of Statehood and nationhood and that
"supreme concern of man—justice in government." While
the four distinctive claims for novelty are, in a sense, mechanical, having to do solely with the distribution and play
of power in government, yet the framers exceeded mere
mechanical perfection in their master stroke of genius of
exalting the Judges as the supreme law-givers under the Constiiution—holding sway only "under God and the law."
Platitudes of distrust of agents and agencies of government were living, burning facts in thb experiences of the
founders—not smooth-worn phrases to be sneered at and
flouted by rash experiment. They believed to the marrow
that all delegated power—especially political power—was
likely to be abused. Novelty for novelty's sake was not
then a strong recommendation in government. But the
intelligent Conservatives in 1787-1790 framed and adopted
a Constitution which involved the most revolutionary departures in government.
Nor were these novelties only in the mechanical distribution and execution of power. The builders of 1787 knew the
people could not govern directly; knew that governments
must be trusted, however reluctantly; they must trust their
purse to the legislative and their sword to the executive (and
the legislative). But the people could ordain a fundamental
law, and declare it to be supreme as their "set and constant
purpose" to give "to every man his due." They could say:
"This is to be a government of laws not men, and the, machinery which we design to establish justice is not to be
tampered with except by the artificers, the people. And
any citizen hurt by non-observance of this Great Law of the
Distribution of Powers of Government may appeal to the
judges to decide whether the Will of the People is being
evaded or set aside."
So the people put their faith and trust in the Judges; well
knowing that unless the Judges were true to their oaths to
support and defend the Constitution, the people would be
remediless and their plan of government a sham. They did
not put their final trust in party men in Congress; "politics
may elect judges, but God pity us if politics dictate their
decisions."*
But the framers went beyond the mere mechanics of the
distribution of power. They wrote into the supreme law
their beliefs, held with almost religious tenacity and fervor,
as to what was and what was not incompatible with liberty
and freedom; and thus they founded the Government on the
rock of righteousness itself. The Constitution is not only
the greatest feat of engineering in Government; the greatest
contribution to political science; the most ingenious contrivance for reconciling the apparently irreconcilable and
bringing order out of chaos: the Constitution in its highest
and most glorified parts is the supreme aspiration of America
toward ideals of righteousness and justice. And the Supreme Court became "the august representative of the
wisdom and justice and conscience of the whole people."
Lord Bryce said, "There is much in the Constitution that
is old as Magna Charta." And we are proud to share with
* Or if, by the success of any proposal to limit the power of the Supreme
Court to sustain the Constitution, or to give us minority rule in judicial
decisions, or to permit Congress by a two-thirds vote or any vote to overrule
the Constitution as interpreted by the Supreme Court, we shall permit any
portion of the judicial power of the United States to be transferred from the
Suprtme avid to Congress.
SEPT. 22 1923.]
THE CHRONICLE
1289
Kipling the thrill he has put into his poem "The Redes of progress, to be secured by the genius of government (against
Runnymede":
the encroachments even of government itself); the City or
"At Runnymede, at Runnymede.
Mansoul whose freedom and untrammeled initiative, alikeOh hear the redes at Runnymede:—
the heritage and hope of the race,far transcend in importance
You mustn't sell, delay, deny.
the utmost vision of a beehive perfection or the materialism
A freeman's right to liberty,
It wakes the stubborn Englishry.
of. a standardized mediocrity.
We saw 'em roused at Runnymede!
What, then, is the way of safety for America? By not
"At Runnymede, at Runnymede.
breaking faith with the forefathers; by highly resolving to reYour rights were won at Runnymede!
No freeman shall be fined or bound,
dedicate ourselves to their noble plan for the preservation of
Or dispossessed of freehold ground.
American freedom. Was it not Lincoln who said:
Except by lawful judgment found
And passed upon him by his peers!
Forget not, after all these years,
The Charter signed at Runnymede."
But that is only part of the story. We Americans had
fought and won the battle for our ancient liberties as Englishmen as against aggression by the Crown and the Parliament
of the Crown. But there is something more than English
liberty in the Constitution; there is the American concept
of American freedom. The people did not want a British
Parliament under or out from under the thumb of the Crown;
they wanted an American Congress dedicated to American
ideals of American liberty, sworn to respect those ideals; and
they wanted the safeguard of irrefragable law made vital by
courts in duty bound to enforce that law at all hazards and
against all comers. Hence the American thesis emerged
majestic and distinct.
The American notions of civil and religious liberty were
more far-reaching and profound, as well as more vigorous,
than the inheritance from England, proud as that inheritance
was. We wanted no union of Church and State. We
wanted no interference with conscience. We wanted no
religious test or qualification. And we wanted the minimum
interference by Government consistent with good government, and the maximum freedom of the individual consistent with respect for the rights of all. The fathers put
into their glorious text what they thought was essential to
American freedom; the precepts to ignore which would deny
liberty itself. It will not to do generalize;as did Lady Astor
in the House of Commons recently, by saying that all laws
are an infringement on our freedom of action. One may
recognize the conflict of theory between the emphasis on the
individual's rights and the emphasis on so-called "social
justice," or society as a whole. For the purposes of so-called
"social justice," or any other like purpose, socialistic or
otherwise, our pioneer fathers did not want to be placed
under legislative tutelage. They felt amply and splendidly
able to take care of themselves. They believed in self-help.
There may be much to be said for a State which tends more
and more to dominate and control the individual in every
sphere of his activity. Whether in the end it is the wiser
way; whether under it the pioneer spirit will languish and
die, and whether the maintenance of vigorous, self-reliant,
self-respecting and resourceful individuals is not more important than the fancied good resulting from much "social"
legislation, may be doubted.
But whatever is the way of the future, we can affirm that
the way of the maximum of individual freedom and initiative
(consistent with governmental soundness a id safety) was
the way of our pioneer forefathers and for four generations
of American freemen.
Whatever be the true view as to the ultimate wisdom and
effect of emphasizing the power of the State and sinking the
dignity of the individual, it should never be lost sight of that
we are dealing with what our forefathers regarded as of the
essence offreedom. Every new "Thou shalt not," supposedly
written at the dictate of a regard for "social justice," not only
impairs individual initiative, but its enforcement requires
in addition enormous hordes of bureaucrats.
It was a wise instinct which wrote into the Pact of 1789
the words:
"TO promote the Progress of Science and useful Arts by securing for
limited times to authors and inventors the exclusive rights to their respective
writings and inventions."
"Let reverence of the law be breathed by every mother to the lisping
babe that prattles on her lap; let it be taught in schools, seminaries, and
colleges; let it be written in primers, spelling books, and almanacs; let it be
preached from pulpits, and proclaimed In legislative halls, and enforced in
courts of justice; let it become the political religion of the nation."
Why is it that the American flag is really the flag of freedom? It is because in Philadelphia in 1787, less than a
century and a half ago, some eighty-nine sentences were
framed and agreed to in Carpenter's Hall at Philadelphia,
by men of consummate common sense and foresight, men
filled with the passion for righteousness in government, who
at the behest of George Washington himself, raised alongside
of the Stars and Stripes, and for the greater glory of Old
Glory herself, a "standard to which the wise and the honest
may repair."
And Benjamin Franklin, the wise, vigorous and playful at
eighty-one, closed the session with his quip on the image of
the sun on the back of the Speaker's chair, in those quaint,
immortal words of confidence that "the sun of America was
indeed the rising sun."
America's sun had been obscured for many long months
and years. Chaos, almost anarchy, prevailed as between
the States. Rebellions of hundreds and thousands of armed
men resisted the authorities and pillaged the peaceful and the
law-abiding. Congress was impotent under the jealouslyguarded phrases of the Articles of Confederation. The true
picture of the period of four years before the Constitution of
Philadelphia is almost too black for credence to-day. We
can hear George Washington, the moderate, express his fear
of continued mob excesses and civil war by saying: "Perhaps another dreadful conflict is to be sustained,"
This standard which was raised by Washington and
Franklin, Gouverneur Morris and James Wilson of Pennsylvania, Alexander Hamilton of New York, Dickinson of
Delaware, King and Gerry of Massachusetts, Mason and
Madison of Virginia, and Livingston and Kinsey of New
Jersey, with a host of other wise and devoted patriots, stilt
flies, thank God, over our land of the free and home of the
brave.
Are we free men, living in a free State—free as against the
encroachment of government itself?
If we are, it is because the Constitution, by giving the Supreme Court power
to interpret and enforce it as the supreme law, made ours the
first real Government of laws not men; because that power
has been fearlessly exercised by Judges of pre-eminent
wisdom and virtue; because we are still enlisted under the
banner of the "Constitution of Philadelphia," the ensign of
Franklin and Madison, Hamilton and Washington.
Subscriptions to Treasury Certificates of
Indebtedness.
Total subscriptions of $553,678,500 to last week's offering
of Treasury certificates of indebtedness were announced on
Sept. 16 by Secretary of the Treasury Mellon, who stated
that the amount of certificates allotted was $249,750,500, of
which $63,846,500 represent allotments on subscriptions for
which certificates maturing Sept. 15 1923 were tendered in
payment. The offering was referred to in our issue of a,
week ago, page 1192. The amount offered was $200,000,000 or thereabouts. The issue (designated SeriesTM2-1924)
is dated and bears interest at 4Xi%from Sept. 151923, and
becomes due March 15 1924. The subscriptions and allotments were divided among the several Federal Reserve districts as follows:
Federal Reserve Districts—
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas city
Dallas
San Francisco
Total
Subscriptions
Received.
$63,860,000
187,041,500
39.848,500
63,295,000
14,885,000
18,905,500
51,835,000
15,557,500
10,789,000
12,283.000
26,224.500
49,154,000
Total
Subscriptions
Allotted.
$30,693.000
78.348,500
16.535,000
23.405.500
9,053,000
9,032,500
32,792,506
9.399,500
6.179.000
5,463.000
10,211.000
18,638.000
One likes to think that it was Franklin, the wise, the versatile, the dean of that patriot group on whose efforts hung
the future of all mankind—Franklin, the clear-headed, the
practical, the resourceful—who brought lightning from the
clouds—one likes to think it was Franklin who put in those
words. The Master Builders were then and there perfecting
the model and plans of the greatest invention in the world.
Their design was inspired and perfected by the very genius
of government. They discovered a new Federal law of
$553,678,500
Total
$249.750.500
gravity. They did not discover, they recognized the priceAll exchange subscriptions were allotted in full, while allessness of the spirit of man, the dignity of the human soul, lotments on other subscriptions were made on a
graduated.
the sacred citadel of freedom, the source of inspiration and basis already announced.
1290
THE CHRONICLE
[vol.. 117.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, Sept. 21 1923.
The condition of American trade on the whole is encouraging. Lower temperatures have recently stimulated business to a certain extent. The big rise in cotton during the
week of $6 to $8 a bale has made dry goods circles hesitate
for the moment and mills expostulate, but it is now a fact
past dispute that although the crop may be larger than that
of last year, it is to all intents and purposes a short one,
*considering that stocks of raw cotton at home and abroad
are down to a low stage. Under the circumstances cotton
goods have latterly been advancing, and after all, Fall River
has done quite a good business. Worth Street, too, has latterly reported a rather better demand at rising prices. One
of the significant signs of the times pointing plainly to the
good buying power of a certain element at least of the population in this country is the active business in such things
as automobiles, jewelry and silks. There is also noteworthy
activity in the shoe manufacturing industry. Some descriptions of cotton goods have also been in excellent demand,
with cotton here at one time well above 30 cents per pound.
The grain markets have advanced somewhat in spite of
enormous receipts at the Canadian wheat centres, where
some 5,000,000 bushels have been arriving daily. This sounds
significant, and the truth is that at times the export demand
has been better. Even France, which is supposed to have a
good crop, has been buying. Greece has also bought on a considerable scale, not only of wheat, but to all appearances, of
flour. All this has put wheat above the dollar mark for
September, which recently fell below it. There is a steady
demand for lumber. Business in pine has increased. Coal
production is larger, but, as might have been expected, the
advance in anthracite wages has been followed by a sharp
rise in the price of hard coal. Pig iron has been declining_
and steel price reductions have not been unknown; and
with it all trade in both has been rather slack. It turns out
that Japan has been buying California rice heavily, taking
the remnant of that crop. Apparently Japan has been buying cotton to a moderate extent. To all appearances it has
not bought very much steel as yet. But as the work of reconstruction of Tokio, at least, has begun, it is reasonable to
presume that sooner or later Japan, which hastily purchased
steel supplies from China, the Philippines and other points
in the Far East, will turn to America for its further needs,
which no doubt will be very large. Coke prices have been
declining and it would not be surprising to see bituminous
coal also seek a lower price level, now that the anthracite
strike has been settled. Wool has been, as a rule, rather
quiet in this country, but the auction sales in London of late
have shown a somewhat firmer tone, with fewer withdrawals
on account of high limits. This is something new. Boston
reports a somewhat better demand. At the same time woolen
goods are not selling very readily at the moment. Commodity prices recently have on the whole been declining rather
than advancing, in spite of some conspicuous exceptions like
cotton and latterly grain, though the rise in grain has not
been marked. The daily average of car loadings has recently
been at the peak. The total for Labor Day week can hardly
be regarded as a criterion, especially as it was affected
more or less by the anthracite coal strike. Buying of commodities is on a conservative scale, but it is steady.
Latterly crude oil prices have begun to decline again under the weight, very evidently, of enormous supplies. It is
evident, too, that any curtailment in the output has not been
sufficient to meet the situation. While some securities have
declined in a rather stagnant stock market the railroad
stocks to-day were firm; also bonds. And lattrely foreign
exchange rates have been firmer with a good demand, it
was noticed, for French and Belgian francs. In London,
where trading in stocks was for a time quite slow pending
political developments in Berlin and Southeastern Europe,
there was to-day rather more activity. On the whole there is a
hopeful tone in business, partly because of a general expectation that the Ruhr and reparations questions will before
long be settled. There are persistent reports that Berlin is
getting ready to discuss the matter with France. There are
Berlin reports that the German Government finds itself
unable to further finance passive resistance in the Ruhr.
The situation indeed has become intolerable to all concerned.
Food riots are spreading in Germany. The mark is down
to a rate which were it not from an economic standpoint so
ghastly would seem grotesque. There appears no way out
except for the German Cabinet courageously to grasp the
nettle and settle the whole affair by frank discussion with
France, and if need be with England. As to that there seems
to be a general belief of late that Premier Poincare and Premier Baldwin have reached an understanding after a personal meeting in Paris. The Ruhr and reparations questions
have been for long a thorn in the side of the world. They
have held up European trade and have been a bar to American business with Europe on anything like a normal scale.
A prompt settlement would be the best thing in the world
for both France and Germany, and it is the universal hope
that it will soon be brought about. Meanwhile Secretary of
the Treasury Mellon, in discussing the general business situation, reminds the country that it is economically sound
and that the credit and banking situation is good. As to relieving the farmers by a revision of railroad freight rates,
he says that the question is being carefully considered by
the Administration, but that it is one which the Inter-State
Commerce Commission should be permitted to handle.
Boston, Mass., wired that some New England cotton mills
are running on increased time, as demand for textiles has
increased. At Fall River the American Printing Co. is running 5/
2 days a week in some departments. At Clinton,
1
Mass., the Lancaster mills, which closed Sept. 1 for an indefinite period, will reopen, it is said, in all departments on
Sept. 24. About 2,290 operatives are employed. At Lowell,
Mass., the Hamilton Mills are curtailing output, owing to
quietness of trade. In South Carolina cotton mills employment is increasing. In Charleston, S. C., all plants are operating on full time except one. All at Spartanburg, S. C.,
are running at 100%. At Greenville, S. C., all are running
and some on overtime. At Brockton, Mass., a general wage
increase of 10% in all the factories of members of the Brockton Shoe Manufacturers' Association has been made, effective Sept. 30. The increase will affect about 13,500 employees in 63 factories. A scarcity of labor still hampers building in New York. This applies to bricklayers, plasterers,
tile layers, plumbers and metal lathers.
A singular occurrence has been an "outlaw" or unauthorized strike of 2,000 newspaper pressmen of New York City
during the past week, which in spite of the issuance of
smaller combination papers, has practically tied up all the
daily New York newspapers of a city of nearly 7,000,000
people, not to mention many hundreds of thousands of commuters who have been for the most part deprived of their
usual reading matter. This is going pretty far, especially as
the strikers struck without authority and were ordered by
their own union to return to work. They defiantly refused
to do so. This is of a piece with the recent anthracite coal
strike, which was "settled" by the much trumpeted efforts
in Pennsylvania with the not unexpected sequel that anthracite coal prices have Just been raised 75 cents to $1 a ton, the
public as usual being what in popular parlance is termed
the "goat." This latest exhibition of labor's defiance of
public convenience and comfort in the pressmen's strike will
suggest to reflective people that the power of trade unions
which exhibit such a callous disregard of the rights and
feelings of vast populations must be near its culmination.
The ancient saying is "Pride goeth before a fall." Labor
leaders would do well to heed it. The actions of labor
unions in coal and building trades, in the pressmen's union
and in other branches of labor in recent years would certainly suggest that the public has been nearly pushed to the
wall. Here is a glaring evil proceeding from unwarrantable
acts on the part of a relatively small fraction of the population of this country, and it is unthinkable that things of this
kind can go on indefinitely. Ultimate power resides with
the people and sooner or later labor will have to grasp the
fact that the part is not equal to, much less greater than, the
whole. The big daily newspapers here have very properly
refused to treat with the outlaw striking pressmen.
Textile workers' wage exactions have been so onerous to
mills in New England that some of them, as is well known,
have been moving South where labor is cheaper. The Ameri-
SEPT. 22 1923.]
THE CHRONICLE
can Thread Co., it is just announced, is to let a contract involving an initial expenditure of $2,000,000, for the construction of a modern mill at Dalton, Ga.
At Boston, on Sept. 19, confidence in the continued industrial prosperity of the United States was voiced in telegrams
from automobile manufacturers read by M. L. Heminway,
general manager of the Motor and Accessories Manufacturers' convention there. Concern over the present agricultural
situation and doubt whether the solution of the farmers'
problem is in sight was expressed in a telegram from Alexander Legge of Chicago, President of the International
Harvester Co., who added: "The greatest problem facing
the industry is perhaps the fact that a considerable percentage of your customers—the agricultural class—is undoubtedly unable at the present time to maintain the rate
of purchases they have been making and pay for them from
current earnings."
Trading in raw silk was resumed here on Sept. 18. Japanese silk mills, it is said by Ambassador Wood, were practically uninjured, and though 42,000 bales of silk at Yokohama were destroyed, 8,000 bales at least were saved. Tokio
is now to rebuild with earthquake and fire proof buildings.
The raw silk market reopened at Yokohoma at lower prices
than expected. There has latterly been little trading in raw
silk here. Thrown silk here has of late dropped 50 cents.
On the 19th inst., after an idleness of more than two
weeks, the 155,000 mine workers in the anthracite region
resumed work. The new wage scale covering a period of two
years from Sept. 1 and embodying the terms of the Harrisburg agreement submitted by Governor Pinchot, was ratified by the United Mine Workers on Monday and the suspension order officially lifted. But, despite the ending of the
strike, the supply of coal was short and prices of anthracite
advanced 70 cents to $1 at Philadelphia. It is the old story
—"pass the buck" to the consumer.
More active business in many industries throughout the
counrty is evident, says the First National Bank of Boston.
After a summer'marked by unusual industrial stability, it
adds, a growing confidence in improving trade conditions is
widespread. No actual boom is expected nor desired, but
opinion is fairly general that reasonably good business will
be maintained through the winter. Car loadings, averaging
for 14 weeks over 1,000,000 cars is sufficient evidence of the
satisfactory volume and free passage of goods to the consumer, who has been supporting retail trade at high level.
Even in cotton textiles, one of the hardest hit industries,
orders are beginning to come in and mill curtailment is lessening. The expected fall demand is materializing.
It has been for the most part warm here and on the 19th
Inst. the temperature was up to 78 degrees. In the West
raids have been general enough to retard marketing of grain.
Colorado Springs on Sept. 18 reported that the Cripple Creek
gold camp had been cut off from the outside world by a
sudden blizzard. Three crews of workmen were sent into
the mountains to repair the lines put out of commission
when 300 poles went down in a heavy snowstorm. The town
of Victor across the gulch from Cripple Creek., also
was
without telephone communication, owing to a driving snowstorm. In the South Atlantic States the wealher has
been
lair as a rule, despite some rain. Louisiana, Texas, Oklahome, Arkansas and Tennessee have had heavy rains
and
high winds almost amounting to a "norther" in Texas and
&imaging the cotton crop. Oklahoma City wired Sept. 19
that compilations of the damage sustained by a terrific
wind
and ritin storm that struck this city Tuesday night indicated that the total loss would approximate $1,000,000. Utility companies there reported extensive damage to poles
and
wires. The North Canadian River stood at 11.5 feet,
with
flood stage at 12 feet. Reports from upstream were that
the
river was out of its banks and rising rapidly. It rained
hard here on Thursday night and early to-day. Latterly
it
has been warmer at the West.
Thinks Building Projects Abandoned in the Spring
Will Be Revived.
Revival of building construction projects lying dormant
since spring have brought back to the open market contractors, both general and "sub," who withdrew earlier in the
year "until the market stabilized itself," says "The Dow
Service Daily Building Reports" in its issue of Sept. 15, and
then proceeds as follows:
When old bricklayer employees, lured away from a steady job by bonus
promises offered by "fly-by-night" speculators, indicate a willingness to
return on the established non-bonus wage basis at about the same time
1291
that jobs on which bosses became tired of competing for earlier in the year
are announced as being revived and re-estimated, these conservative old
building firms stage their come-backs.
It would hardly be accurate to say that the late futile "buyers' strike"
frightened out of the market 297 building construction projects between
April and Sept. 1, representing a total of $86.635,000 in New York City
alone. There is plenty of evidence, however, to show that for some reason,
whether it was because labor was too high, materials too costly, deliveries
too uncertain, or money too expensive, that volume and value of projected
building construction in New York did not figure in the building total for
1923.
Most building investors say they stayed out of the market because habitation building projects so absorbed the available supply of labor and material that they felt they were penalized for attempting to enter the market.
They say they were also led to believe that foreign-made materials would
break the price levels sufficiently to compensate them for the extra bonuses
they had to pay for labor.
Disappointment in the latter hope has been larger than was the original
expectation. Habitation building construction, as represented by tenement house and apartment construction, is declining. Commissioner
Frank Mann, of the Tenement House Department says Bronx and Queens
housing construction of this type have passed the laurels for volume back
to Brooklyn and even there the volume is not what it has been and doubtless
will continue to decline until after the October renting season shows whether
the housing construction business has been overdone in the residence
boroughs or not.
At any rate the construction revival is not in habitation building at this
time. It is unquestionably commercial. The subjoined table gives an
approximation as far as current building report records show of Greater
New York City "commercial construction" that should have gone ahead
this year, but which now, in all probability, will largely represent the 1923
hangover into 1924:
Institutional
Hotels.
Buildings.
Business.
Public.
Manhattan
13
3
81
6
$9,160,000
$700,000 $53,102,000 $9,211,000
Bronx
3
2
21
7
750,000
480,000
1.120,000
475,000
Brooklyn
4
4
17
4
900,000
950,000 3,120,000
500,000
Richmond
1
1
9
31
40,000
305,000
160,000
900,000
Queens
3
2
79
8
172.000
160,000 2,911,000
1,619,000
24
12
229
34
$11,022,000 $2,450,000 $59.913,000 $13.250,000
Totals for New York City: Projects, 289; value, $86.635.000.
General construction market stability in New York is estimated by
the "Dow Service Daily Building Reports" to be around 85%. Linseed
oil and the metals were the mostfluctuating in this week's analysis. Taking
the construction market as a whole, and including labor and cost of materials, the New York City building construction market is closer to a
steady, even temperament than it has been at any time since the war. Furthermore, there is nothing upon the domestic economic horizon that is
likely to upset this even tenor until the 1924 building construction season
gets fairly under way. Foreign political complications are not likely to
affect the New York investment market, and, withal, it may be said that,
measured with the early 1923 economic yard-stick, it is making progress.
Contractors were hastened in their decision to enter the market again,
somewhat, no doubt, by the fact that forward buying of basic building materials, outside of steel, has been so quietly and extensively carried on that
newcomers are finding it difficult to obtain future delivery options to the
extent large operators would like to contract for. Hudson River brick
buying, covering spring deliveries, is not readily consummated even at this
date. Current demand, in spite of foreign red brick competition, is about
equal to the supply sent in, while the Hudson River brick manufacturers
are making use of the shortening season to lay up a reserve for early next
year which will probably require much.
Volume and Course of Trade During August.
The Department of Commerce announces the following
figures representing basic industrial and commercial movements in August:
Receipts of wool at Boston totaled 21,125,000 pounds, as against 33,843,000 in July and 42,635,000 in August 1922. Prices of wool averaged lower
during the month. Consumption of cotton by textile mills amounted to
491,604 bales, as compared with 461.575 bales in July and 526,380 bales
in August a year ago. Stocks of cotton held by mills and warehouses on
Aug. 31 totaled 1,985,875 bales. Wholesale prices of raw cotton and
cotton goods averaged lower in August. Prices paid for cotton to the producer on Sept. I averaged 24.1 cents per pound, as against 23.5 cents on
Aug. I and 21.1 cents on Sept. 11922.
Consumption of silk by mills totaled 33,547 bales in August, as against
28.573 in July and 34.772 bales in August a year ago. Silk stocks amounted
to 25,459 bales at the end of August, as compared with 22,914 on July 31
and 32.515 bales on Aug. 31 1922. Wholesale prices of raw silk at New
York averaged higher during the month.
A total of 10,485,000 tons of iron ore was moved eastbound through the
Sault Ste. Marie canals, as compared vri5h 10,094.000 in July and 8,936,000
in August 1922. Pig iron production totaled 3,435,000 tons, as against
3,680,000 in July and 1.816.000 in August a year ago. Production of steel
Ingots, allowing for companies not reporting, amounted to 3,679.000 tons,
as compared with 3,516,000 In July and 2,629.000 in August 1922. Unfilled steel orders at the end of August totaled 5,415,000 tons, as against
5.911,000 on July 31 and 5,950,000 tons on Aug. 31 1922. Wholesale
prices of pig iron declined while prices of steel remained stationary.
Production of zinc amounted to 83,250.000 pounds, as compared with
86,130,000 in July and 62,846,000 in August a year ago. Stocks at the end
of August totaled 52,942,000 pounds. as against 42,480,000 on July 31.
The world visible supply of tin at 18,754 tons may be compared with 20,019
tons at the end of July and 24,176 tons on Aug. 31 1921. Wholesale prices
of zinc, tin and lead advanced during August.
Production of bituminous coal totaled 48,864,000 tons, as against 45,126.000 in July. Anthracite production amoutned to 8,868,000 tons.
as compared with 8.320,000 tons in July.
The price index of building materials entering into the construction of a
six-room frame house at 215 for August, based on 1913 as 100. may be
compared with 214 for July. For a six-room brick house the index is 216.
as against 217 for July.
Production of Douglas fir totaled 537,185.000 feet, as against 461.532,000
in July and 475,878,000 in August 1922. Production of oak flooring
THE CHRONTCLE
1292
[Vol,. 117.
amounted to 32,429,000 feet, as compared with 30.489,000 in July and
27,669,000 in August a year ago. New orders for flooring called for 27.444,000 feet, as against 17.924,000 feet in July and 25,971,000 in August
1922. Production of Portland cement totaling 12,967,000 barrels in August
may be compared with 12,620,000 barrels in July. Stocks of cement at
the end of the month amounted to 6,077,000 barrels, as against 8,081,000
on July 31.
The visible supply of corn at the end of August aggregated 1,966,000
bushels, as against 10,007,000 on Aug. 311922. Prices of corn advanced
during the month. The apparent consumption of pork and pork products
totaled 591,878,000 pounds in July, as against 470,575,000 pounds in
July 1922. Wholesale prices of beef declined, while pork prices advanced
during August.
Tonnage through the New York State canals aggregated 557,000 tons, as
against 321,000 in August 1922. Weekly average car loadings for August
amounted to 1,039,570 cars, as compared with 989.712 in July and 873,369
cars in August 1922.
Sales of the leading ten-cent chain store systems aggregated $25,551,000
in August as compared with $23,919.000 in July and $21,676,000 in August
a year ago. Mail-order sales by the leading retail mail-order houses totaled
$22,334,000, as against $22,453,000 in July and $17,709,000 in August 1922.
Debits to individual accounts outside New York City totaled $17,308,000,000, as compared with $18,184,000.000 in July and $15,817,000,000
in August a year ago. The Federal Reserve ratio at the end of August
stood at 77.5, as against 78.2 at the end of July and 79.2 at the end of
August 1922. Business failures visited a total of 1,319 firms in August,
as against 1,231 in July and 1.714 In August 1922. In point of liabilities
the casualties totaled $34,335,000, as compared with $35,721,000 in July
and $40,280,000 in August a year ago.
Wholesale prices as computed by both Dun's and Bradstreet's advanced
during August while the Department of Labor index at 150 for August
may be compared with 151 for July and 155 for August 1922. Retail food
prices as of Aug. 15 were 46% above the 1913 average, as compared with
47% on July 15 and 39% on Aug. 15 1922.
freight traffic fell off somewhat due to the strikes of both
miners and railway shopmen, freight traffic in July this
year was an increase of 42%. In the Eastern district,
which was especially affected by both strikes, an increase
of more than 62% in freight traffic over the same ihonth
last year was reported, while the Southern district showed an
increase of more than 30% and the Western district 22%.
The average load per car in July was 28 tons. This
was not only an increase of three-tenths of a ton over the
average for June this year, but was the highest average for
any July since 1917, except in July 1918, when the average
was 30.1 tons and in July 1920, when it was 29.5 tons.
The average movement per freight car during the month
of July was 27.8 miles. This was a decrease of M mile
compared with the average for June, but was the highest
average for any July in previous years except in 1917, when
the average was 28.3 miles. In computing this average
movement per day account is taken of all freight cars,
including all cars in transit, cars in process of being loaded
and unloaded, cars undergoing repairs, also cars on sidetracks, either awaiting repairs or for which no load is immediately available.
Railroad Car Loading Continues Heavy.
Loading of revenue freight for the week which ended
on Sept. 8 totaled 928,858 can', according to the Car Service
Division of the American Railway Association. This was
an increase of 105,611 cars over the corresponding week
last year and an increase of 179,306 cars over the corresponding week in 1921. Due to the observance of Labor Day,
and also the suspension of operations in the anthracite coal
region, the total was 163,709 cars under that of the week
before, when loadings totaled 1,092,567 cars,the very largest
for any one week in history. In the Eastern district the
number of cars loaded during the week of Sept. 8 was an
increase of only 8.6% over the same week last year, compared with an increase of 16.7% in the Southern district
and 17% in the Western district. The following additional
data are furnished:
The Holyoke paper mills, which have been tied up by a strike of the
stationary firemen, have resumed operations, both sides having agreed to
submit differences to arbitration, with the State Board of Conciliation
acting as the neutral party.
The unions will strive to have all striking firemen re-emoplyed in their
former positions, or in other positions paying similar wages. The question
of proper wages for the firemen will have to be determined. The firemen
struck, demanding an increase from 73 cents to 80 cents an hour. Four
organized crafts subsequently became involved in the walkout, which
included some 6,000 operatives.
Coal loading for the week totaled 152,996 cars, a decrease of 53,614 under
the week before, but an increase of 13,789 over the same period last year,
when the strikes of both coal miners and railway shopmen were in effect,
and an increase of 10,848 cars over the same week two years ago.
Loading of grain and grain products totaled 46.782 cars. This was not
only a decrease of 7,822 cars under the preceding week, but was a decrease
of 531 cars under the same week last year and a decrease of 8,182 cars under
the same week two years ago.
Livestock loading totaled 35,716 cars, 3,485 below the previous week,
but an increase of 6,218 cars over the corresponding week last year. It
also was an increase of 11,016 cars over the corresponding week in 1921.
Loading of merchandise and miscellaneous freight, which includes manufactured products, totaled 541,871 cars. This was a decrease of 80,839
cars compared with the week before, but was an increase of 48,413 cars
over the corresponding week in 1922 and an increase of 88,178 cars over the
same week in 1921.
Loading of forest products amounted to 66,256 cars, 11,023 cars under
the week before. This was an increase of 14,800 cars over the corresponding week in 1922, and an increase of 24,460 cars over hte corresponding week
in 1921.
Ore loading totaled 71,694 cars. 6,489 cars under the preceding week,
but 17,757 cars above the same week last year. Compared with the same
week two years ago it was an increase of 44,075 cars.
Coke loading totaled 13,543 cars, a decrease under the week before of
427 cars. Compared with the same week last year, this was an increase of
5,165 cars, and with the same week two years ago an increase of 8,911.
Compared with the week before, decreasos in the total loading of all commodities were reported in all districts, but all districts showed increases
over not only the corresponding week last year, but also over the corrospnndtng week two years ago.
Loading ofrevenue freight this year compared with the two previous years
fo•lows:
1921.
1923.
1922.
2,823,759
4 eeks of January
3,380,296
2,785,119
2.739,234
4 " '' February
3,386,965 3,027,886
3,452,941
5 " " March
4,583,162 4,088,132
2,822,713
4 " " April
3,763,963
2,863,416
3,733,137
4,873,427
3,841,683
4 " " May
3,114,137
5 " " June
4,045,012
3,414.031
2,998,885
3,944,386
4 " " July
3,252.107
4,069,765
5 " " August
5.204,532 4,335,327
749,552
928,858
11,eek ended Sept.8
823,247
rotal for year to date
34,090,601
28,430,948 26,504,123
Railroad Freight Traffic in July of Huge Dimensions.
Freight 'traffic, measured in net ton miles, amounted to
,513,263,000 net ton miles in July, according to tabulation
of reports filed by the carriers with the Bureau of Railway
EPonomics. Except in July 1920, when this figure was
exceeded by nearly 5%,and July 1918, when it was exceeded
by about 2%, this was the greatest freight traffic for any
July in previous years. Compared with July last year, when
Holyoke Paper Mills Resume Operations.
Special advices to the "Journal of Commerce" from Boston
Sept. 14 said:
Brockton Shoe Manufacturers Increase Wages 10%.
A general wage increase of 10% in all the factories of
members of the Brockton Shoe Manufacturers' Association,
effective Sept. 30, was announced by the Association on
Sept. 14. It is stated that the Joint Shoe Council of the
Boot and Shoe Workers' Union requested this advance some
time ago. The last wage change in the shoe industry'at
Brockton was made in March 1922, when the State Board
of Conciliation and Arbitration, to which the question had
been submitted for arbitration, decided upon a wage cut of
10%. The present increase will affect about 13,500 employees in 63 factories.
Labor Troubles Forcing Many Shoe Factories to
Leave Lynn, Mass.
Many manufacturers of shoes are preparing to give up,
or already have abandoned operations in Lynn, Mass.,
often referred to as the shoe centre of America, due to the
d'fficultics with regard to labor and the unions which have
developed in that city, according to advices from Lynn to
the New York "Journal of Commerce" on Sept. 18, which
said:
The emigration of the Lynn. Mass., shoe factories continues. Two more
factories are leaving the big shoe city because of the unreasonable attitude
of labor. The E. M. Burt Shoe Co. is dismantling its plant and moving
to Roxbury, Mass., where more advantageous labor is expected to be found.
This week will see the end of the plant of the Ground Gripper Co. in
Lynn, for with the completion of this week's run the company also will
migrate, complaining that labor has caused such constant interruptions to
the production of the factory that it has been impossible to keep the sixtyone retail stores of the company supplied with shoos, so as to meet the
demands of the trade.
The Lynn Shoe Manufacturers Association now has a membership of
thirty-seven, against sixty-seven two years ago, the decrease in membership
having been brought about by the removal of a number of its members and
the bankruptcy of some, largely because of labor difficulties. In addition
a number of members have withdrawn to be free to deal with the labor
unions direct. Three firms have so withdrawn in the last fortnight.
Wholesale Prices Slightly Lower in August.
Wholesale prices in August averaged slightly lower than
in July according to information gathered in representative
markets by the United States Department of Labor through
the Bureau of Labor Statistics. The Bureau's index number,
which includes 404 commodities or price series weighted in
proportion to their relative importance, sank to 150 in August, a drop of 1 point from the figure of the month before.
The largest decrease from the preceding month is shown
for the group of fuel and lighting materials, due to further
declines in bituminous coal, crude petroleum and gasoline.
The decrease in this group was 2%%. Building materials
and house furnishing goods each declined 2% from the July
level. Smaller declines took place among chemicals and
SEPT. 22 1923.]
drugs and among commodities classified as miscellaneous,
including such important articles as leather, wood pulp,
manila hemp, jute and lubricating oil.
In the group of farm products increases in corn, rye,
wheat, cattle, hogs, eggs, hops and hay brought the level of
prices nearly 3% higher than in July. Foods also averaged
higher than in the preceding month. No change in the general price level was reported for cloths and clothing and for
metals and metal products.
Of the 404 commodities or series of quotations for which
comparable data for July and August were collected, decreases were shown in 137 instances and increases in 110 instances. In 157 instances no change in price was reported.
Manchester, New York and Scranton; 51% in Philadelphia;49% in Charleston (S. C.). Fall River. Milwaukee and Pittsburgh; 48% in Birmingham
and New Haven; 47% in Cleveland; 46% in Newark; 45% in Atlanta and
Indianapolis; 43% in Minneapolis and San Francisco; 42% in Cincinnati.
Omaha and St. Louis;41% in Dallas and New Orleans;39% in Jacksonville;
38% in Kansas City, Little Rock, Los Angeles, Memphis and Seattle; 35%
In Denver; 34% in Louisville; 32% in Portland. Ore.; and 27% in Salt
Lake City. Prices were not obtained from Bridgeport, Butte, Columbus.
Houston, Mobile, Norfolk, Peoria, Portland (Me.), Rochester. St. Paul.
Savannah, and Springfield (Ill.), in 1913, hence no comparison for the
ten-year period can be given for these cities.
INDEX NUMBERS OF RETAIL PRICES OF THE PRINCIPAL ARTICLES
OF FOOD IN THE UNITED STATES.
ButYear and Sirl'n fend Rib Ck'ck Plau Pork BeMonth. Steak. Steak.Roast.Roast. Beef. Chops con. Ham Lardiffens. Eggs. ter.
1922.
January,._ 139
INDEX NUMBERS OF WHOLESALE PRICES, BY GROUPS OF COMMOD- February- 139
March ___ 141
ITIES (1913=100).
143
April
1923.
148
May
151
June
1922.
154
July.
August.
August. July
Group-August.,.- 154
131
131
139
Farm Products
September 152
151
138
141
October
142
Foods
November 147
181
193
193
Cloths and clothing
December_ 145
271
183
178
Fuel and lighting
126
145
Metals and metal products
146
Av.for yr_ 147
Building materials
172
190
186
1923.
122
Chemicals and drugs
128
127
January. 146
173
House furnishing goods
187
188
February _ 148
Miscellaneous
115
March . 147
121
120
149
April
155
All commodities
151
160
152
May
158
Comparing prices in August with those of a year ago, as June
161
July
162
Ammat
measured by changes in the index numbers, it is seen
that
3
4%. This is due enthe general price level has declined 3/
tirely to the great decreases among fuel and lighting materials, which averaged 34 1-3% less than in August 1922, at
which time a strike was in progress in the coal fields. In
all other commodity groups prices were higher than in
August of last year, ranging from 3% in the case of foods
to 15% in the case of metals and metal products.
1
136 135 119 106
135 134 118 106
138 136 121 107
141 138 122 107
146 141 124 107
150 142 126 107
153 144 127 106
153 142 125 104
151 142 125 104
148 141 124 106
144 139 123 105
141 138 121 105
137 139 164 97
140 140 173 101
149 144 185 109
157 147 188 107
164 147 191 108
161 150 193 109
164 150 194 109
167 150 189 109
173 150 180 109
174 151 177 111
157 151 172 111
140 149 169 111
173
173
177
177
177
173
168
164
164
163
159
158
145
140
92
92
97
99
104
108
130
157
187
193
118
120
120
118
117
117
119
115
122
133
133
157
145
139
123
106
157
108
169
129
125
142
141
142
145
1148
155
159
159
139
139
139
140
142
145
148
147
123
122
123
123
124
128
130
130
107
106
106
105
106
104
106
105
140 147
137 146
135 145
135 145
143 145
142 144
149 145
153 145
181
147
168 110
167 110
167 110
168 111
169 109
171 109
171 108
172 108
162 161 154
167 134 151
168 112 180
169 100 150
170 102 136
186 103 131
163 108 128
162 120 135
INDEX NUMBERS OF RETAIL PRICES OF THE PRINCIPAL ARTICLES
OF FOOD IN UNITED STATES.
Retail Prices of Food in the United States Decrease
Slightly in August.
The retail food index issued by the Department of Labor,
through the Bureau of Labor Statistics, shows that there
was a decrease of 1% in the retail cost of food to the average
family in August 1923 as compared with July 1923. In
August 1923 the index number war 146, and in July 1923,
147. During the month from July 15 1923 to Aug.15 1923,
17 articles on which prices are secured decreased in price as
follows: Potatoes and onions, 12%;cabbage, 11%;granulated
sugar, 9%; flour and oranges, 4%; leg of lamb and navy
beans, 3%; plate beef, hens, bread, macaroni, prunes,
raisins and bananas, 1%; and rib roast and coffee less than
5-10ths of 1%. Thirteen articles increased in price as follows: Strictly fresh eggs, 12%; butter, 5%; pork chops, 3%;
bacon, fresh milk, nut margarine, cheese and tea, 1%; and
9ir1oin steak, ham, canned red salmon, oleomargarine, and
vegetable lard substitute, less than 5-10th of 1%.
The following 13 articles showed no change in price during
dip month: Round steak, chuck roast, evaporated milk, lard,
corn meal, rolled oats, cornflakes, wheat cereal, rice, baked
beans, canned corn, canned peas, and canned tomatoes.
For the year period, Aug. 15 1922 to Aug. 15 1923, the increase in all articles of food combined was 5%. For the tenyear period, Aug. 15 1913 to Aug. 15 1923, the increase in all
articles of food combined was 45%.
Supplementing its statement of a week ago (referred to by
us, page 1181), the Department, Sept. 20, stated:
During the month from July 15 1923 to Aug. 15 1923 the average family
expenditure for food decreased in 37 cities as follows: Columbus. 4%; Milwaukee, 3%; Chicago, Cincinnati, Denver, Peoria, Savannah and Springfield, Ill., 2%; Birmingham, Bridgeport, Cleveland, Detroit, Fall River,
Indianapolis, Kansas City, Little Rock, Manchester, Minneapolis, New
Haven, New York, Pittsburgh, St. Louis, St. Paul. and Washington,
D. C., 1%; and Baltimore, Dallas, Houston, Jacksonville, Memphis, Mobile, New Orleans, Omaha, Philadelphia, Portland (Ore.), Providence,
Rochester and Salt Lake City, less than 5-10th of 1%. There was an increase in the following 13 cities: Charleston (S. C.), Norfolk and San Francisco. 2%; Atlanta, Boston, Los Angeles, Newark, Portland (Me.). and
Seattle, 1%; and Buffalo, Butte, Louisville and Scranton, less than 5-10th
of 1%. There was no change in the month in Richmond.
For the year period, Aug. 15 1922 to Aug. 15 1923, 49 cities showed an
increase: Cleveland and Philadelphia, 11%; Indianapolis. Manchester,
pitisburgh, 10%; Detroit, 9%; Boston, Bridgeport and Chicago,
8%;
Denver, Milwaukee, Newark, New Haven, Providence and Scranton, 7%;
Baltimore, Buffalo, Fall River, New York, Porltand (Me.). Rochester,
St. Paul, San Francisco and Washington. D.C., 6%; Columbus, Los Angeles, Louisville, Minneapolis, Norfolk and Salt Lake City, 5%; Birmingham, Butte, Kansas City. Omaha, Peoria, Savannah, 4%; Atlanta,
Charleston (S. C.), Cincinnati, Jacksonville, Memphis, Richmond and
Springfield (Ill.), 3%; Houston, Little Rock, Mobile and St. Louis, 2%;
New Orleans, 1%; and Seattle, less than 5-10th of 1%. In Dallas
and
Portland. Ore., there was a decreaes of 1%.
As compared with the average cost in the year 1913, the cost of food in
August 1923 was 56% higher in Detroit, Richmond and Washington, D.C.;
55% in Boston;54% in Chicago and Providence;52% in Baltimore, Buffalo.
1293
THE CHRONICLE
I
AU
Year and
Month. Ch'se.Milk.Bread Flour Corn Rice. Pole- Sugar Coil. Tea. Articles.
Combined.
Meal.
toes.
1922. I
January____ 149
February--- 149
' 149
March
' 145
April
, 139
May
, 141
June
July'143
I 144
August
September- 145
October.-_I 154
November_ _I 161
December...I 166
153
148
146
143
140
140
144
145
147
149
151
154
157
154
155
155
157
157
157
155
155
155
155
154
148
155
161
161
161
161
158
155
148
145
145
148
130
130
130
130
127
130
130
130
130
130
130
133
107
107
107
108
109
110
110
110
110
110
110
109
194
194
182
171
176
206
212
153
135
129
124
124
113
116
118
122
120
129
138
147
144
144
147
151
120
119
119
120
120
121
121
121
121
122
122
123
125
125
124
124
125
125
125
125
125
125
126
126
142
142
139
139
139
141
142
139
140
143
145
147
Av. for year 149
147
155
155
130
109
165
133 121
125
142
169 154
170 154
168 153
164 153
161 152
163 152
164 153
155
155
155
155
155
155
157
148 133 109
148 133 108
145 133 108
148 133 108
145 133 108
145 133 108
142 137 108
124
124
129
147
159
188
247
151
158
185
193
204
202
191
124
126
127
128
128
127
127
144
126
142
127
142
127
143
127
143
127
144
128
128147
144
144
laR
lAR
21R
17A
12R
125 I
1923.
January
February
March
April
May
June
July
1
IRA
127
145
Monthly Labor Review of United States Department
of Labor—Fluctuations in Purchasing Power
of Dollar Since 1913—Changes in
Wage Scales. ,
An interesting study by the United States Bureau of Labor
Statistics of the purchasing power of the dollar from 1913
to 1923 is published in the September issue of the "Monthly
Labor Review." The Bureau of Labor Statistics, United
States Department of Labor, had the following to say with
regard thereto:
The average person, although realizing that the buying power of money
has greatly diminished since the psriod prior to the outbreak of the war,
nevertheless has no means of measuring the extent of the decrease. In
making this study, which enables one to visualize these changes, the
Index numbers of wholesale prices of various groups of commodities,
compiled each month by the Bureau, have been used as affording a reliable
barometer of composite price movements and the average purchasing
power of a dollar in 1913 forms the basis of comparison.
The purchasing power of the 1913 dollar varied widely, at different
periods, between the different groups of commodities. For all commodities combined, however, it was equal to more than a dollar in most
of 1914 and 1915, but after that it declined steadily in value until May
1920, when it equaled only 40 cents. In the second half of 1921 and the
first half of 1922 it advanced above 70 cents, but since that time it has
again declined and stood at 65 cents in June 1923. There were even more
extreme fluctuations in the dollar's buying power in the case of buildiny
materials and of bituminous coal and coke, which are shown separatelg
on account of their importance.
Other special articles in this number of the "Review" are one on the
method of settling indiustrial disputes in Germany which since the fall of
the monarchy in 1918, has come to be almost entirely through the collective agreements of the powerful trade union and employer organizations,
one on individual and collective bargaining under Mexican State labor
laws, and a statistical presentation of facts concerning immigration during
the fiscal year ended June 30 1923. The tables in the latter article show
the number of aliens admitted into the United States or departed from
the country according to last permanent or future permanent residences,
distribution among different races or peoples, occupations, and States of
future permanent or last permanent residence.
The changes in the union scale of wages and hours of labor from 1913
to 1923 are shown for the principal time-work trades in the leading industrial centres in the United States. The figures which represent the minimum
wage of union members in the different trades show the steady upward
trend of wages and reduction in working hours for the past 11 years.
The section on prices and cost of living contains the monthly report
on the retail prices of food and of coal in the United States and the index
1294
THE CHRONICLE
For,. 117.
numbers of wholesale prices in the United States and in foreign countries wells
in the United States. Obviously, such a condition cannot last
from 1913 to June 1923.
and the sooner it is corrected the better. If the decline in California
The report of employment in selected industries for July 1923 shows
production is as rapid as is now expected, there will be a shortagelof crude
a decrease of 1.8% in the number of employees as compared with the oil
which must necessarily mean higher prices.
preceding month, which is accounted for largely by vacations and shutS. A. Guiberson Jr., Chairman of the Oil Pro-Rating Committee!
downs for inventory or repairs. There were wage increases during the the
Southern California fields, who under the Fuel Administration during
month ending July 15 averaging 8.5% and affecting approximately 31,000 the
war had charge of all pipe lines in the United States, says that in the
employees, or 1.4% of the total number in all the establishements covered
southern California fields there is practically no "shut-in" production
by the report.
and wells are delivering 100% of their actual capacity. As Mr. Guilserson
Other sections of the "Review" cover a wide range of subjects, including says:
"The big problem facing the California producers is that of pumping
industrial relations and labor conditions; wages and hours of labor; woman the
deep wells (many of which are a mile deep) when they cease to flow.
and child labor; labor agreements, awards, and decisions; employment We
shall find that ever night the production will drop almost to nothing.
and unemployment; industrial accidents and hygiene; labor organizations;
Water is now appearing in many sections of the three fields. When it
strikes and lockouts; and co-operation.
reaches a small per cent in any deep well, it will prevent that well from
flowing."
Consumption of crude oil for the entire country has jumped to approxiThe Petroleum Situation Further Disturbed by Price
mately 2,000,000 barrels daily, according to the latest reports of the
Reductions.
United States Geological Surbey. This means that the annual rate of
The Prairie Oil & Gas Co. on Sept. 19 made a sharp crude oil consumption has increased in one year 130,000.000 barrels.
In spite of the heavy production in California, the actual gain in crude
cut in prices of oils in the Mid-Continent fields and in- oil stocks for the entire country
has been less than 32,000,000 barrels.
volving the elimination of a number of the intermediate This also is on the authority of the United States Geological
Survey report.
grades of crude oil. Regarding the revision of the price Without the flush production of California, how will this tremendous
production be met?
list, press advices published in "Daily Financial America"
The Mid-Continent field, where crude oil prices were adjusted to-day,
has been for many years the bed-rock foundation of the petroleum industry
of Sept. 20 said:
in
the United States. It seems to me that It would be the height of folly
The cut in Mid-Continent crude oil prices announced yesterday by
Prairie Oil & Gas Co. averages about 50e. per barrel on the higher grades to destroy the reliable production in the Mid-Continent field, discourage
the
men who developed it, and let their investments go to pot merely
of Mid-Continent production and between 20 to 40c. per barrel in the
because of the short-lived flush pools of California.
lower grades of oil.
The present conditions are temporary. There have been many similar
The downward readjustment of prices announced by the Prarie company
is considerably more drastic than the one announced by Magnolia Petroleum, conditions in petroleum history. The industry's quick recovery may be
illustrated
by recalling the depression of 1915, when people were as deHumble 011 and the Texas companies on Sept. 1.
The cut particularly affects the high grade oil producers in the Mid. spondent as now. Since 1915 crude oil consumption has increased more
Continent area, particularly those in the Burbank and Tonkawa pools than 160%, while crude oil stocks have increased less than 80%•
Consumption in the United States has almost doubled since the end
of Oklahoma.
In bringing about this price reduction Prairie 011 has eliminated a num- of the war, and though the output has kept pace with the demand, a large
percentage
of the production is coming from so few wells that it cannot
ber of intermediate grades.
Under the new schedule the company will pay $1 30 per barrel for crude. be considered reliable. In this connection it should not be forgottenithat
which under the old price list ranged from $1 45 to $2 per barrel in four the light oil production from Mexico has practically disappeared.
separate grades.
Contrasting with Mr Sinclair's opinion that the proThe company eliminated entirely the old grade known as 41 and above
for which it has been paying $2 20 per barrel and will hereafter pay but duction of California crude oil has already passed its peak
$1 75 for crude of 40 gravity and above.
and will no doubt decline rapidly, Edward L. Doheny,
In the lower grades a flat price of 90c. will be paid for production which
President
of the Pan-American Petroleum & Transport Co.,
heretofore has been classified under throe grades, with prices ranging from
ay
$1 30 to $1 10 per barrel.
in the "Wall Street Journal" of Sept. 18 as
A comparative table of Prairie 011 & Gas Co.'s old and now posted price saying:
list follows:
"My
ion is that the peak of production of oil has not been passed in
Old Prices.
New Prices. California."
Below 28 degrees
$.90
$1.10
heRear
g ding the effect of cheap California oil on the oil markets generally.
Regarding
28 to 29.9 degrees
.90
1.20
says:
30 to 32.9 degrees
.90
1.30
"Shipment
of excess California oil to the east cost of the United States
33 to 34.9 degrees
1.30
1.45
has influenced adversely the earnings of all oil companies in the regions east
35 to 36.9 degrees
1.30
1.60
of the Rockies by causing a decrease in the selling price of gasoline and by
37 to 38.9 degrees
1.30
1.80
preventing the price offuel oil from advancing."
39 to 40.9 degrees
*1.30
2.00
41 and above
x1.75
Earlier in the week the rumors concerning the reasons for
2.20
Noie.-*Under new prices schedule $1.30 per barrel is paid up to 33.9
the resignation of J. E. O'Neil as President of the Prairie
gravity. x Maximum price of $1.75 per barrel paid under new prices is
Oil & Gas Co. were denied by E. T. Bedford, Chairman
for oil of 40 gravity or above.
By consolidating four of the old grades for which different prices have of the Standard Oil Co. of New Jersey, who in the New
York
been paid according to gravity and now paying $1.30 for production under
"Times" of Sept. 15 was reported to have said the rumors
what is now classed 33 to 39.9 gravity oil the producers of the Burbank
field of Oklahoma will'particularly suffer inasmuch as the new price means of dissension within official circles were without any foundaa cut ranging from 50c. to 70c. per barrel. The price of Tonkawa crude tion. The "Times" quoted Mr. Bedford as follows:
has been slashed 45c. per barrel.
E. T.
Chairman of the Standard 011 Co., yesterday said the
The action of Prairie Oil & Gas Co. in announcing a new price list which rumors Bedford,
were absolutely without foundation so far as his company was conis considerably below the price levels established on Sept. 1 by Magnolia,
cerned. Similar rumors early in the year also were denied by Mr. Bedford.
Humble and the Texas Co., means, according to well informed oil men, In
regard to the resignation of Mr. O'Neil, Mr. Bedford said that this came
that the latter companies will probably be forced to most the prices estab- as
a complete surprise to him and so far as he knew the reasons for his resiglished by Prairie.
nation were personal. "I have a high regard for Mr.O'Neil," said Mr.. BedMagnolia and other companies on Sept. 1 reduced prices in such a way
ford. It was added that the New Jersey company had absolutely no interas to provide a scale ranging from $1.10 to 50d. per barrel for crude below
est in the wrangle in the Middle West.
33 gravity, prices being arranged according to gravity. Now Prairie has
established a flat price of 90c. for oil below 33 gravity. Magnolia price
Further denial of the reported disagreement among the
for the several intermediate grades from 33 up to 38.9 gravity ranged from
$1.25 to $1.60 per barrel, but the new list announced by Prairie shows that officers of the company was'received in the form of a telethe latter company will pay $1.30 per barrel for oil from 33 to 38.9 gravity gram to the New York "Times" by W. S. Fitzpatrick,
While Prairie establishes 40 gravity and above as their top grade for which Chairman of the Prairie
Oil & Gas Co. from Independence,
it will pay $1.75 per barrel, Magnolia Petroleum and the few other larger
companies which cut its prices on Sept. 1 has been paying $1.80 per barrel Kan. The message read:
for what they considered the top grade-39 gravity and above.
Mr. O'Neil resigned and retired on advice of his physician and for no
Regarding the price cut an official notice sent out by the other reason. There has never been any differences amounting to friction
between the directors and managing officers of the company upon or over
Middle States Oil Co. on Sept. 19 read:
any policy. The new officers of the company are the same men
who have
yte.s worked
"Under the new classification of oil in Kansas, Oklahoma and north fpoorlicyears
workder
under Mr. O'Neil in the formation and execution of the
Texas made by the Standard," says Governor Haskell, "Middle States Policies of the company, and they still are thoroughly in accord with those
and Southern States oil corporations will largely come in the $1.50 Per
barrel class; the remainder in the $1.75 per barrel class. This is more
The reduction in Mid-Continent crude oil prices reacted
than 50c. per barrel above the price of two years ago last August, and more
on the Eastern crudes and reductions of from 15 to 25
than 25c. per barrel above the price of one year ago last August.
It was also announced on Sept. 19 that the Sinclair Crude
Oil Purchasing Co. had immediately followed the reductions
announced by the Prairie Oil & Gas Co. An official statement given to the press by Harry F. Sinclair, the Chairman
of the Sinclair Consolidated Oil Corp., commenting upon
the Mid-Continent price adjustments, follows in full.
Pessimism in the petroleum industry has been carried to ridiculous
extremes. Conditions in recent months have been bad, but they certainly have not been so bas as the public has been led to believe. Two
outstanding facts, as I see them, are:
First, that California's production, according to the best judgment
available, has already passed its peak and will doubtless have a rapid
decline.
Second, thdt the increase in consumption has been greater in volume
than ever before.
I believe that with to-day's adjustment, crude oil prices in the MidContinent field are at the bottom, and should result in early stabilization
of the industry. The prices we are now paying for crude oil do not cover
toe cost of production except from perhaps 5,000 out of 285,000 producing
cents per barrel were announced in Pennsylvania grades.
The Ohio Oil Co. announced a reduction of from 20 cents to
50 cents a barrel in the central grades of crude, while the
Magnolia Petroleum Co. has followed the Mid-Continent
cut and has reduced crudes in Kansas, Oklahoma and Texas
from 5 to 50 cents a barrel, the new prices being from 50
cents to $1 75 a barrel. The Humble Oil & Refining Co.
met the prices put into effect by the Prairie Oil & Gas Co.
on Sept. 19. The Texas Co. was also reported as having
met the lower prices for Mid-Continent crude.
In conjunction with the new crude oil prices established
by the Prairie Oil & Gas Co., it was reported that the
company is considering taking steps to eliminate pro-rating
of crude oil from leases which have been in effect for some
months. Concerning the matter, the "Daily Financial
America" of Sept. 21 holds the following opinion:
SEPT. 22 1923.]
1295
THE CHRONICLE
It was the loss of the Prairie's big Eastern buyers of Mid-Continent crude
that forced it to put into effect a pro-rating order, and as crude oil accumulated in storage the pro-rating order so rigidly enforced that in recent weeks
the company has been taking only a small percentage of oil from leases
to which their lines were connected.
The factor that has caused more hardship to Mid-Continent oil producers
than all others during the present period of depression was the pro-rating of
oil by Prairie and other important crude oil buying companies. The decision of these companies to buy only a small part of oil produced by producing companies had the effect of practically eliminating the market for crude
oil.
Now that Prairie has readjusted its prices very nearly in line with California crude, it is expected that it will not delay in increasing its oil takings
from leases preparatory to again entering the Eastern crude oil market.
Inasmuch as the pro-rating rules now in effect by Prairie were applied
gradually, it is expected that in the process of abrogating these orders the
company will from time to time announce that it will take more oil from
producers under the new price schedule.
At the convention of the National Petroleum Association
held in Atlantic City, the President of the Association,
Col. U. G. Lyons, in his address, warned refiners against
becoming panic-striken over the regulation of the price of
gasoline.
Henry L. Doherty also addressed the convention, urging
the industry to co-operate to develop such uses for oil as
the individual companies for competitive reasons are not
warranted in doing. Mr. Doherty, according to the
"Journal of Commerce" of Sept. 21, also suggested the
following program:
First-That we make such changes in the basic methods of producing
crude oil that the raw product will not have to be forced upon the market
In excess of what the market can absorb.
Second-That we stimulate every oil company to develop as far as possible the utilization of oil and to secure the widest possible application for
every use which is developed.
Third-That we give support, encouragement and assistance to inventors
and manufacturers of oil burning apparatus.
Fourth-That the industry as a whole shall co-operate to develop such
uses for oil as the individual companies for competitive reasons are not
warranted in doing.
If this program appeals to you. I hope you will give it your enthusiastic
indorsement and your determined support.
The situation in the gasoline industry took a new turn
when Governor Donahey of Ohio called upon the Standard
Oil Co. of Ohio to explain why the price of gasoline in Ohio
remains at about 20M cents a gallon while consumers in
nearby States are paying less. A letter from the Governor
to the Chairman of the Standard Oil Co. of Ohio was quoted
in the "Ohio State Journal" of the 17th inst. as follows:
tank wagon, and 21 cents retail, and by the Standard Oil
Co. of New York. The "Evening Post" of Sept. 17 says
the Standard Oil Co: of New Jersey prices are as follows:
In Newark. N. J., the new tank wagon price is 18;i cents a gallon. The
company has established a flat selling price of 19 cents a gallon, tank
wagon, including a tax of 1 cent in Maryland. In Virginia the new quotation is generally 21 cents a gallon, tank wagon, including a State tax of
3 cents, and in Washington, D. C., the price is 18 cents a gallon.
Gross Crude Oil Production.
Figures compiled by the American Petroleum Institute
in their weekly bulletin show that the estimated daily
average gross crude oil production in the United States
for the week ended Sept. 15 was 2,274,950 barrels, as compared with 2,280,700 barrels for the preceding week, a decrease of 5,750 barrels, and with only 1,493,700 barrels for
the corresponding week of 1922, or an increase of 781,250
barrels. The daily average production east of the Rocky
Mountains was 1,416,950 barrels, as compared with 1.417,700
barrels, a decrease of 750 barrels. California production
was 858,000 barrels, as compared with 863,000 barrels, a
decrease of 5,000 barrels. The following are estimates of
daily average gross production for the weeks indicated:
DAILY AVERAGE PRODUCTION.
Sept. 15'23. Sept. 8 '23. Sept. 1 '23. Sept. 16'22.
(In Barrels)400.600
438,800
436,600
432,150
Oklahoma
86.650
75,150
74,700
72,850
Kansas
54.250
68.900
68,200
67,000
North Texas
144,600
261,550
273,450
274,900
Central Texas
93,700
61,650
59,050
60,450
North Louisiana
30.000
126,600
127.300
133,650
Arkansas
107.800
102,500
103,400
101.000
Gulf Coast
113.000
110.000
108,000
107,500
Eastern
78,100
146,650
167,000
167,450
Wyoming and Montana_
385,000
870,000
863,000
858,000
California
Total
2.274,950
2,280,700
2.261,800
1,493,700
Further Price Changes in the Automobile Industry.
Since the price changes noted in our columns last week
(page 1184), several other producers have revised their
price lists, among them being the Hudson Motor Car Co.,
which announced reductions ranging from $75 on the phaeton and coach to $100 on the sedan. Apperson Bros. Automobile Co. also announced reductions, effective Sept. 17.
Their new prices are from $315 to $415 less on the open models
and from $365 to $465 less on the closed models. The Willys-Overland Co. has cut the price of its Knight models, the
touring car now being $1,175. Rumors in the trade circles
hinted that Ford was contemplating a cut in his Lincoln car
price, but this was denied in a statement appearing in the
"Wall Street Journal" of Sept. 19 as follows:
With a price in Ohio stationary at around 20%c. a gallon, Governor
Donahey pointed out in a letter to the Chairman of the board of directors
of the Standard Oil of Ohio that he is informed that "throughout the territory of the Middle Western States, over which the Standard Oil Co. of
Indiana operates, a generally prevailing price of 16 cents a gallon has been
established, subject to slight modification in accordance with differential
or freight rates.
While it would be unjust to cut prices below production cost, the Governor said, "it certainly would appear ithat in the present situation there is a
marked discrimination against the gasoline consumers in Ohio. I am
"Notwithstanding rumors to the contrary, the Ford Motor Co. is not
writing to ask why there cannot be a substnatial reduction in the retail now considering nor has it recently considered a reduction in prices of the
Ohio.
in
price of gasoline
Lincoln car," says General Sales Manager Ryan. "Our chief interest at
Governor Donahey called attention to the fact that, in addition to the the moment is trying to find a way to supply cars to our dealers. Repre16-cent rate prevailing generally over territory covered by the Indiana com- sentatives of dealers are here in droves from many sections, insisting cod
pany, Chicago enjoys a price of 15.4 cents a gallon at the filling station and increased allotments and quicker deliveries."
13.4 cents a gallon for delivery by wagon, while in South Dakota "the
The Maxwell Motor Sales Corp. has advanced its special
actual retail value is slightly less than 14 cents a gallon." He pointed out
2-ton truck $165, the new price being $1,095.
that "freight rates for shipmnet to Ohio ar in many instances lower than 13/
charges existent in Middle Western districts now enjoying cheaper gasoline."
the
Mid
"Despite declarations by many prominent refiners in
-Continent
Iron and Steel Trade-Production Curtailed.fields that cost of production ranges between 11 and 13 cents a gallon,"
he said, "actual rates for what has been termed 'distress' gasoline have been
Quiet Market.
several cents lower. If, as appears true, refined gasoline is available at
a quiet one in all departments of the
been
has
week
The
prices well under 10 cents, the natural inquiry arises as to the other factors
responsible for the difference between refinery prices and actual cost of steel market. Consumers are getting such good service
the consumer.
"In the oil situation, as in any commodity market, ordinary laws of from both railroads and mills that deliveries of material
supply and demand must operate. If, at the present moment, surplus bought in the first and second quarters of the year are
production of crude oil, with resultant fall in prices of refined gasoline, sufficient for the needs of most of them, according to ad vices
dominates the national position, protection of the public presupposes sharing
of the benefit of a depressed market with the retail consumer. It cannot issued by "The Iron Age" under date of Sept. 20. Meanbe unsound economics that gasoline prices should be lower in the months while production both of pig iron and steel shows a further
of falling demand, the peak of consumption having been passed some
slight reduction. While prices of the major finished products
weeks ago."
On Sept. 19 several filling stations in Columbus were reported selling gasoline at 163/2 cents per gallon, a decrease
of 4 cents a gallon, but there were no indications that this
was a result of the Governor's letter to the Standard Oil
Co. No answer to the Governor's letter had then been
received.
The "price war" seems to have begun anew with announcements by three companies of reductions in the Eastern
territory. The Standard Oil Co. of New Jersey led with
a cut of 1 cent per gallon, effective, according to "The Sun
and the Globe" of Sept. 17, in New Jersey, North and
South Carolina, Virginia, West Virginia, Maryland and the
District of Columbia. The statement adds that the reduction was followed by the Texas Co. and the Gulf Refining
Co., the former meeting the lower price in all its territory
and the latter in New York, New Jersey and New England.
Further changes were announced during the week by the
Jenney Mfg. Co. of Boston, which quoted 183 cents,
are generally unchanged, the evident tendency is in the
buyer's favor, continues the detailed report of the "Iron
Age," from which we take the following:
The extent to which many consumers provided for their wants in the
strong buying movement of last spring appears from a canvass just made
in Eastern territory by an independent steel company. About half the
buyers who replied were covered for the remainder of the year. The other
half expected to place further orders, but not immediately.
Among blast furnaces just blown out are one each in southern Ohio,
Alabama and the Chicago district. Throe at Cleveland, one at Erie, Pa.,
and two in the Shenango Valley will stop in the near future.
In the early inquiries for steel for Japan from New York export houses
there were duplications. The Japanese Government is now moving to
prevent speculation, and meanwhile warehouse stocks of nails, wire, sheets
and pipe in China, Dutch East Indies, the Philippines and on the Pacific
Coast are being taken up. Considerable orders are expected for replacing
these stocks, and later a good demand for steel for the work of rebuilding.
London reports strong demand from Japan for thin galvanized sheets
and British works are well sold out at advancing prices. Far Eastern
buying of British black sheets continues also, and the works are booked
until February-March.
Chicago mills, which until recent weeks were much congested, are now
giving such service that Ohio and Pittsburgh mills are less able to get orders
in that market on the score of better delivery.
1296
THE CHRONICLE
Matter!, plate mills show more marked effects of the shrinkage in new
business. With one exception they have come to a 50% operation and
Eastern plates can be had at 2.40c.,Pittsburgh,a concession of$2 per ton.
The semi-finished steel market has weakened, as indicated by a $40 price
on a round lot of sheet bars at Youngstown, against $42 50 recently. A
sale of several thousand tons of slabs was made at less than $42 50, Youngs-
tovrn.
At Buffalo 2.40c., Pittsburgh. has been done on structural shapes, or
$2 a ton below the common market. An Eastern mill which has sold
at 2.40c. has gone to 2.35c.
With some 29,000 tons of fabricated steel and over 19,000 tons of new
inquiries, the past week's business equalled that for the previous fortnight.
So far September buying is practically up to the scale of August, which
was 10% better than July. New schools in New York were a large part
of the week's awards.
Southern pig iron has shown marked weakness and some good sized sales
have been made as low as $21. Birmingham, on which basis sales could be
made as far north as Chicago. Furnaces making the lowest quotations
later advanced, but iron is still obtainable at $22, Birmingham. In some
centres in the North inquiry has been fair, with increased interest in deliveries
for the first quarter of next year, but sales have not been large and prices
are for the most part untested. Pipe works have bought a round tonnage
of Southern iron, and at Philadelphia last week 4,200 tons of British iron
came in, most of it going to a pipe foundry.
It is evident that in New England. as elsewhere, some large buyers
have pig iron stocks that will carry them through the year.
Blast furnace shutdowns, with attendance stopping of coke shipments,
have been in such numbers as to cause heavy offerings of coke. Standard
furnace grade has sold at $4 25. a reduction 01 25 cents, bringing the market
back where it was prior to the anthracite strike. The prospect of lighter
industrial demand later in the year is seen also in lower prices for soft coal.
For the ninth consecutive week the "Iron Age" composite price for
finished steel stands at 2.775c. per lb. It has not differed by more than
2% from that figure in the past six months.
At $25 04. the "Iron Age" pig iron composite price is at the level of
Aug. 7 and 14-the lowest for more than a year. One year ago it was
$32 54. the highest since 1920.
"The Iron Age" composite price table is as follows:
•
Composite Price Sept. 18 1923, Finished Steel, 2.775c. Per Lb.
Based on prices of steel bars, beams, tank(
Sept. 11 1923, 2.775c.
plates, plain wire, open-hearth ralls,(
Aug. 211923. 2.775c.
black pipe and black sheets
Sept. 19 1922. 2.419c.
(10-year pre-war average, 1.689c•
These products constitute 88% of the United States output of finished steel.
Composite Price Sept. 18 1923, Pig Iron, $25 04 Per Gross Ton.
Based on average of basic & foundry irons,(
Sept. 111923. $25.29
the basic being Valley quotation. the)
Aug. 211923. 25.29
foundry an average of Chicago, Phila-I
Sept. 19 1922, 32.54
dolphin and Birmingham
(10-year pre-war average. 15.72
Emphasizing the less promising aspects of the outlook
renders buyers more cautious, says the Cleveland "Iron
Trade Review" of Sept. 20, although the fundamental
conditions remain unchanged and the prospects, according
to this optimistic publication, "improve." Considering the
new business of the week, the "Review" goes on to say,
however, that a halting effect has been caused by the "manifestly overdrawn reports" on the unfavorable side of the
present steel outlook. The report is further summarized
as follows:
[VOL. 117.
Japan's buying of steel in this country, while considerable, for immediate
purposes, still awaits the determining of permanent needs, so far as real
tonnage is concerned. Some new orders of the week included 20,000 picul
kegs of wire nails and 20,000 boxes of tin plate to the Steel Corporation.
15,000 kegs of nails to other mills, 2,500 tons of wire rods, 1,000 tons of
pipe and miscellaneous lots of sheets, wire and other materials. British
mills have received an order for 4,000 tons of galvanized sheets from Japan.
Another interesting item in the export market is the report from Vienna
that 5,600 of an order for 14,000 railway cars for Poland will go to American
builders.
Structural Steel Sales for August.
The Department of Commerce has just reported the August sales of fabricated structural steel, based on figures received from the principal fabricators of the country. Total
sales of 130,568 tons were reported for August by firms,
with a capacity of 224,305 tons per month. Tonnage booked
each month by 176 identical firms, with a capacity of 230,475
tons per month, is shown below, together with the per cent
of shop capacity represented by these bookings. For comparative purposes, the figures are also prorated to obtain
an estimated total for the United States on a capacity of
250,000 tons per month.
Actual
Per Cent
1922Tonnage Booked.
cd Capacity.
April
200,968
87
May
185,065
80
June
168,894
73
July
158,012
69
August
156,559
68
September
146,827
64
October
133,037
58
November
112,367
49
138,737
December
60
1923January
173,294
-1.76
February
184,887
80
March
218,400
95
April
186,117
81
May
131,875
07
June
118,963.
51
July
116,774t
51
August
131,7704
56
*Reported by 174 firms with a capacity of 230,460 tons,
tReported by 169 firms with a capacity of 229,815 tons,
tReported by 158 firms with a capacity of 224,305 tons.
Computed
Total Bookings.
217,500
200,000
182,600
172,500
170,000
140,000
145,000
122,500
150,000
187,500
200,000
237,500
202,500
142,500
127,500
127,600
140,000
Nk_
The Coal Trade-Current Production and Market
Conditions.
Notwithstanding the observance of Labor Day Sept. 3,
the production of bituminous coal amounted to 10,433,000
net tons, while on the other hand the anthracite fields were
completely shut down, according to observations made by
the United States Geological Survey on Sept. 15. The
weekly detailed report of the Survey is as follows:
The sensitive attitude of buyers is shown by their quick reaction to any
less reassuring note. Up to this time, and for more than a month past,
Soft coal production in the week ended Sept. 8 was maintained at a high
the market has been showing a gradual expansion. The recent rate of rate, and in view of the fact that observance of Labor Day in the union disnew bookings of the Steel Corporation has been twice that of 30 days ago. tricts cut the production on that day to about one-fourth of the normal outThe true situation appears to be that fundamental conditions have not put, the total for the week is notable. The present estimate of all soft coal
undergone any appreciable change. With production for the whole indus- mined is 10,433.000 net tons, a decrease of 1,304,000 tons from the
revised
try at 80 to 85% of capacity, new tonnage is being shipped off the books figure for the preceding week. The daily rate of production,
taking into
much faster than it is being received and unfilled orders still are declining. consideration the reduced working time, was greater than in any week
since
Makers yet have seen no necessity of cutting down output materially be- the first week of the year. Early returns on car loadings during
the present
cause consumers generally still are insisting on receiving steel as ordered Week (Sept. 10-15) indicate a somewhat lower rate of
production and a
and there are few if any cancellations. In no respect is the market weak, probable total of between 11,000,000 and 11,300.000 tons.
and prospects for heavier buying if anything are growing better. Some
Estimated United States Production of Bituminous Coal, Including Coal Coked.
interests do not expect any considerable improvement before October.
(In Net Tons.)
The Steel Corporation this week is averaging 85% of ingot and 87.5%
1923
of finishing operations. Last week its finishing activities were 89.4%•
1922
Cal. Year
New structural steel activity is unusually good for this time of the year.
Cal. Year
Week.
to
Date.
Awards of the past week were larger with a total of 19,568 tons, made up
Week.
to Dale.
11,383,000 357.073,000 6.736.000 223,559.000
chiefly of smaller jobs. The Stevens Hotel at Chicago. requiring 22,000 Aug. 25
1.897.000
1.776,000
1.123,000
tons, is again becoming active. The Locomotive Engineers Building. Daily average
1,109,000
11,737,000 368,810,000 9.359.000 232.918,000
Cleveland. 5,000 tons, is up for figures. At New York premiums are be- Sept. 1 a
Daily
average
1,956,000
1,782,000
1,560,000
1,122,000
ing offered for fabricated material for early delivery. August structural
Sept. 8 b
10,433,000 379,244,000
8,791.000 241,709,000
awards were 131.770 tons, an increase of 14,996 tons over July.
Daily average
1,987.000
1,787.000
1.659,000
principal
1,136.000
the
development is the offering for bids of the
In plate work
Bull Run acqueduct, at Portland. Ore., requiring 17,004 tons. At Pittsburgh the Government has placed 26 barges requiring 3,000 tons, and on
the Pacific Coast eight barges, 800 tons. A vessel for the Southern Pacific,
3,500 tons, is up for bids.
A slight slip in "Iron Trade Review" composite of fourteen leading iron
and steel products is shown this week, due to variations in pig iron. The
week's figure is $44 70, against $44 72last week.
Congestion of steel at the Altoona shops because of easier deliveries by
ce of more working days in August.
The total production of soft coal in the first eight months of
the mills has caused the Pennsylvania RR. to order shipments held back
1923 was
one
day
In
cleared.
recently 185 carloads, or 9,000 to 367,260,000 net tons, which was 18% ahead of the
until its yards are
average production
10,000 tons, were received. Other Eastern consumers have been obliged during corresponding periods of the nine years 1914-1922.
to check shipments for a similar reason, and probably 30,000 tons is in- Production of Soft Coal in
August and First Eight Months of Past Ten Years
volved. These Instances have revived the recent reports of large can(Net Tons).
cellations of steel by the railroads which appear to be unfounded. Any
Total Jan. 1
Total Jan. 1
cancellations that have been received are said by steelmakers not to be
Yr.August.
to Aug.31.
Yr.August.
to Aug.31.
important or significant. Furthermore, the signs point to further heavy
1914
37,751.000 276,746,000 1919
43.613,000 304.210,000
buying to be done by the Pennsylvania and other roads. The Pennsyl1915
38,161.000
266,913,000 1920
49,974,000 359,315,000
vania is considering the purchase of 10,000 to 15,000 box cars and has an1916
42,696,000 326,592,000 1921
35.291.000 266,910,000
nounced that its 1924 rail requirements will total 135,000 tens. Other roads
1917
47.372,000
366,649,000
as
1922
volume
27,538,000
231,490.000
same
recently.
The Norfolk & Western
are buying in about the
1918
55,114.000 391,824,000 1923
48.864,000 367,260,000
is inquiring for 10,000 tons of tie plates.
The ptuchase of 25,000 tons of Alabama foundry iron from the leading
ANTHRACITE.
Southern producer by the United States Cast Iron Pipe & Foundry Co. was
The anthracite mines have been completely shut down. Operations
the leading transaction of the week. The market shows other good sales and were limited to river dredging and cuhn washing, and the output for the
better inquiry, though buyers are moving slowly as they are closely watch- week ended Sept. 8 was probably in the neighborhood of 5,000 net tons.
ing the trend of a weak coke market. In the East, some steelmakers are Shipments, however, were considerably larger and included approximately
holding up basic shipments.
1.000 cars of steam sizes drawn from storage plies.
SEPT. 22
THE CHRONICLE
1923)
Estimated United States Production of Anthracite (Net Tons).
1922
1923
Cal. Yr.
Cal. Yr.
to Date.
Week.
to Date.
Week.
Week ended37,000
23,579.000
66,592.000
2,165,000
Aug. 25
37,000
23.616,000
68,485,000
1,893,000
Sept. 1
51,000
23,667.000
68,490.000
a5,000
Sept. 8
a Estimated dredge and washery output.
BEEHIVE COKE.
The production of beehive coke in the week ended Sept. 8 shows a small
increase over the revised estimate of the preceding week, which in turn
is slightly higher than the production in the week before that. Preliminary estimates based on the number of cars loaded on the principal
coke-carrying railroads placed the total for the week ended Sept. 8 at
347.000 net tons, against 333,000 in the preceding week. According
to the Connellsville "Courier," production in the Connellsville district
increased to 256,800 tons in the week ended Sept. 8 from 239,210 tons
in the week before. The "Courier" further reports a net gain of 271
ovens in operation.
Estimated Production of Beehive Coke (Net Tons).
1923.
1922.
Week ended
to Date.
to Date.
Sept.9
Sept. 1
Sept.8
1922.
1923.b
1923.a
Pennsylvania & Ohio_ _285,000 269.000 104.000 10,919.000 3,339,000
801,000
8,000
262,000
20,000
20,000
West Virginia
787,000
11,000
19,000
288.000
Ala., Ky.,Tenn.& Gs_ 18.000
549,000
203,000
6.000
14,000
13,000
Virginia
276,000
4,000
6,000
136,000
Colorado & N.Mexico_ 6,000
199,000
4,000
5,000
132,000
5,000
Washington & UtahUnited States total_ -347,000 333,000 137.000
23,000
56,000
58,000
Daily Average
13,531,000 4,360,000
63.000
20,000
a Subject to revision. b Revised from last report.
Production of Coke in August.
The production of by-product coke declined slightly during August.
The total output is estimated at 3.239.000 net tons, a decrease of 28,000
tons from the revised figures for July. Reports from all plants now in
existence show that 65 were active and 5 were idle. One new plant began
production during July. The output from active plants in August was
86.5% of the total capacity of all plants.
The production of beehive coke continued on the decline during August
and the output was 1,491,000 tons, against 1,582,000 tons in July. The
rate of production, although in excess of the monthly average of 1921
and 1922, was less than during the more normal years 1917 to 1920.
Monthly Output of By-Product and Beehive Coke in the United States.q
(Net Tons).
Total.
By-Product Coke. Beehive Coke.
2,764,000
1 870,000
4,634,000
1917 monthly average
2,540,000
2,166,000
4,706.000
1918 monthly average
1,638,000
2,095,000
3.733,000
1919 monthly average
1.748.000
2 565,000
4,313,000
1920 monthly average
462,000
1,646.000
2,108,000
1921 monthly average
669,000
3.043.000
2,374,000
1922 monthly average
1,755,000
3,166,000
4,921,000
1923
June
1.582.000
b3,267,000
b4,849,000
July 1923
1.494,000
3,239,000
4,733,000
Aug. 1923
a Excludes screenings and breez(f. b Revised from last report.
It is estimated that 7,010,000 net tons of coal were consumed in making
coke in August. Of the total, 4,654,000 tons were consumed in by-product
ovens and 2,356,000 tons were used in beehive ovens.
Estimated Monthly Consumption of Coal for Manufacture of Coke.a
(Net Tons.)
Consumed in
Total
Consumed in
By-Product
Beehive
Coal
Ovens.
Ovens.
Consumed,
4.354.000
2,625,000
6,979.000
1917 monthly average
4,014,000
3,072,000
7,086.000
1918 monthly average
2.478,000
2.988,000
5.466.000
1919 monthly average
2,665,000
3.684,000
6,349,000
1920 monthly average
706.000
2,401,000
3,107,000
1921 monthly average
4,467.000
1,056,000
3,411,000
1922 monthly average
7,317.000
2,768,000
4,549,000
1923
June
2,495.000
b4,694,000
July 1923
b7,189.000
2,356,000
4,654.000
Aug. 1923
7,010,000
a/Assuming a yield of merchantable coke of 79.6% of the coal charged
in by.product ovens, and 63.4% in beehive ovens. b Revised from last
report.
Speculation as to the outcome of the tri-district convention
of miners called to ratify the Pinchot anthracite strike
settlement and the effect such ratification would have upon
prices overshadowed all other developments in the coal
markets of the East last week, while trade in the West, less
influenced by hard coal conditions, settled into normal
channels, declares the "Coal Trade Journal" in its weekly
statement, which appeared Sept. 19. That the Scranton
meeting would approve what the union scale • committee
had agreed to at Harrisburg was generally anticipated, the
"Journal" goes on to say, adding further details as follows:
The price discussion turned upon two questions. The first was the
advances to be made upon company coal. In the absence of official
announcement it Was believed that the new schedules, when issued, would
show increases of 75 cents or more on the domestics.
An early resumption of full scale anthracite mining will, according to
current opinion, sound the knell of the high dollar independent coal. A
few stray cars of track coal held at $16, mines, the first week of the strike,
dropped to $12 last week. A fairly strong independent market is forecast
will be coming through
for next month as it is not expected that shipments
with the bulk of the
in volume much before Oct. 1. By Nov. I, however,
less
the
frantic,
an independent price
and
public
way
the
Lake trade out of
list more in line with company quotations is predicted.
For the most part, the boom that was to come to the bituminous trade
the hope stage, and
with an anthracite suspension never passed beyond
even hope disappeared last week. Nevertheless, production for the week
1297
ended Sept. 15 is estimated at between 11,000,000 and 11.300,000 net tons.
This comparatively high rate is partly attributable to the little increase
that actually did come with the anthracite strike, the advance of the
season and a broadening storage demand in some sections of the country.
Cold weather in the Middle West quickened domestic demand. As the
time draws near when navigation will close the pressure of accumulated
screenings in the Eastern producing fields is lessening and strengthening
in prices will soon be in order. Taking the country as a whole, Buffalo
bituminous trade was probably the most dispirited last week.
In spite of the reported decline in interest, price levels on bituminous coal
as a whole last week moved upward. Compared with figures for the week
ended Sept. 8. there were changes in 43.3% of the quotations. Of these
changes 56.9% represented reductions ranging from 5 to 50 cents and
averaging 18.6 cents. The advances ranged from 5 to 75 cents and averaged 19.8 cents per ton. The straight average minimum for the week was
the straight average
$2 04, as against $1 80 the preceding week, whileago
the averages were
maximum advanced from $2 31 to $2 54. A year
$4 47 and $5 17. respectively.
again
slowed
down. Cargo
has
Lakes
the
The movement of soft coal to
dumpings for the week ended at 7 a. m. Sept. 10 were only 756.917 tons,
but the total for the season to date is far ahead of preceding years. Anthracite Lake shipments last week were 20.800 tons. During the week the
docks at the Head of the Lakes received 42 cargoes aggregating 385,000
tons of bituminous coal and three cargoes approximating 28,000 tons
of anthracite.
In contrast to the review reported above the "Coal Age"
in its weekly report of market conditions notes that the
soft coal market slumped slightly following the settlement
of the anthracite strike. In its summary issued Sept. 20
the "Age" goes on to say:
Spot demand fell off and prices showed a slight decrease. Contract •
coals moved in good volume although consumers are indicating a desire to
have shipments slow down. Spot business is barely sufficient to keep
prices at their present level, and in some sections of the country no improvement is looked for now. Producers of soft coal are disappointed at the
way the anthracite trouble was settled, particularly because of the increase
in wages, declaring it will make it more difficult for them to deal with the
union next spring.
"Coal Age Index" for Sept. 17 shows a decline of three points, to 202.
from the previous week, with an average price of $2 44. dropping back to
the Aug. 27 figure.
Car shortage is increasing and there are fewer reports of no market.
particularly in the Middle Appalachian region, Illinois and the far West.
Dealers and consumers of anthracite are awaiting with considerable
interest announcement of the new prices for domestic coals. They feel
there is no need for further anxiety regarding supply and are not showing
any great desire to fill their bins now.
The Chicago market reports a fair domestic demand for various coals,
due to a drop in temperature, while in the Northwest the demand for nearly
all fuel, excepting anthracite stove size, dropped off following the settlement
inactive for the same
of the hard coal strike. The Pittsburgh market is
reason, while in New England there is no immediate improvement insight.
Bituminous screened coal and coke as substitutes for anthracite have
practically dropped out of the market. There is almost no call for the
former and the demand for coke is much slower, with quotations for the
latter lower than they were last week.
There is a feeling of optimism in the export trade despite the falling off
have
In demand and inquiries during the past few weeks. While inquiries
up. Coal is accumubeen slow, exporters believe that trade will soon pick
lower.
are
prices
lating at Hampton Roads and
Inquiry for Welsh anthracite eased considerably following the ending of
the Atlantic seaboard
the strike. Several cargoes are expected to reach
within the week or two.
the week ended
during
Dumpings at Hampton Roads for all accounts
tons the
Sept. 13 amounted to 327,871 net tons, as compared with 343.733
previous week.
Anthracite Coal Shipments in August.
of anthracite for the month of August
shipments
The
1923, as reported to the Anthracite Bureau of Information
at Philadelphia, Pa., amounted to 6,672,855 tons as compared with 5,575,115 tons shipped to market in August
1921, an increase of 1,097,740 tons, or 19.7%.
The shipments last month established another record for
August, which was only exceeded during that month in the
years 1917 and 1918, when maximum shipments of over
7,000,000 tons were made.
Shipments by originating carriers were as follows:
Asoust
1920.
phfiadelphis & Reading
Lehigh Valley
Central Railroad of New Jersey
Delaware Lackawanna & Western_
Delaware dr Hudson
Pennsylvania
Erie
New YorkNOenwtariEong&laestern
L
Total
1921.
1923.1922.
1,116,844 1,401,849
1,277,770
924,649 1.159.816
1,154,004
510.693
544,007
496,725
878.222
953,014
1,004.507
917.579
943,143 Suspension 756,982
513,233
360,817
555,064
358,740
628.280
715459:587161
177,151
98,35.5
290,470
192,167
327,345
.5.575,115 6,207,653
.6,672,855
Production of Boots and Shoes for July 1923'.
According to the Department of Commerce, the production of boots and shoes in July 1923, based on reports received
from 1,169 manufacturers, amounted to 25,120,728 pairs,
as compared with 28,187,973 pairs produced in June, 30,926,004 pairs in May,31,867,776 pairs in April and 22,685,747 pair:. in July 1922. Comparative figures for JanuaryJuly Show 212,983,046 pairs produced in 1923 and 179,617,259 pairs for the same period in 1922. The July production
included 7,121,959 pairs of men's shoes (high and low cut,
leather), 1,714,754 pairs of boys' shoes, 7,753,168 pairs of
women's shoes, 2,630,429 pairs of misses' and childrens*,
1298
THE CHRONICLE
shoes, 1,919,362 pairs of infants' shoes, 476,754 pairs of
athletic and sporting shoes (leather), 529,094 pairs of shoes
made of canvas, satin and other fabric, and 2,975,208 pairs
of miscellaneous footwear.
PRODUCTION OF BOOTS AND SHOES, JULY, JUNE, MAY, APRIL, 1923,
JULY 1922, AND COMPARATIVE FIGURES FOR JANUARY-JULY
1923 AND 1922.
Number of Pairs.
Kind.
July
1923.
June a
1923.
July
July
:
Jan.-July Jan
1922.
1922.
1923.
Boots and shoes, total__ 25,120,728 28,187,973 22,685,747 212,983,046 179,617,259
High & low cut (leather).
Total
21,139,672 23,652.378 19,575.618 181,834,180 156,780,473
Men's
7,121,959 7,443,327 6,317,625 59,837,995 48.028.384
Boys'and youths'
1,714,754 1.995,093 1.496,086 13,437,576 11.706,512
Women's
7,753.168 8,806,527 7,652,553 67.003,173 60.716,687
Misses' and children's 2,630,429 3,235,117 2,368,355 24,854,476 23,079,112
Infants'
1,919,362 2,172,314 1,740,999 16,700,960 13,249,778
Athletic and sporting
(leather)
476.754
504,260
583,018 4,579,864 4,654,037
Canvas, satin and other
fabric b
529,094
759,537
273,339 6,165,376 4,016,970
All other (slippers and
miscell'sfootwear).c
2,975,208 3,271,798 2,253,772 20,403,626 14,165,779
a Figures revised to include data received after publication of June report.
Is Excludes rubber-soled footwear with canvas and other textile fabric uppers.
C Includes slippers for house wear, barefoot sandals and play shoes, moccasins,and
all other not specified above.
Cottonseed Production During August.
On Sept. 19 the Bureau of the Census issued the following
statement showing cottonseed received, crushed, and on
hand, and cottonseed products manufactured, shipped out,
on hand, and exported covering the one-month period ending
Aug. 31 1923 and 1922.
COTTONSEED RECEIVED. CRUSHED, AND ON HAND (TONS).
Rec'd at Mule
Crushed
On hand at mills
Aug.1to Aug.31 Aug.1 to Aug.31
Aug.31.
State.
1923.
1922.
1923.
1922.
1923.
1922.
United States
159,218 100,470 52,453 52,245 119,551 61.393
Alabama
Arkansas
Georgia
Louisiana
Mississippi
North Carolina
Oklahoma
South Carolina
Tennessee
Texas
Allan..
146 3,440 None 2,352
598 3,108
314
267
446
451
x
x
757 13,268
4,604 1,812 10,339
x
910 1,773
683 1,669
a
a
349
760 None
847 1,005
a
845
92
187 None
388
a
672
None None
95
ic
294
172
294 None None
978 1,502
142
29
132
None None
x
156,306 80,043 51,657 44,011 112,810 41,307
•
2451
"Ntnnst
537
None
558
•Includes seed destroyed at mills but not 12,786 tons and 13,168 tons on hand
Aug. 1. nor 1.678 tons and 956 tons re-shipped for 1923 and 1922. respectively.
Not shown separately.
COTTONSEED PRODUCTS MANUFACTURED, SHIPPED OUT, AND ON
HAND,
Item.
Season
On Hand
Aug. 1.
Produced Shipped Out
Aug. 1 to
On Hand
Aug. 1 to
Aug.31,
Aug. 31.
Aug.31.
[VOL. 117.
June 30 1923 being 9,438,454, and for July 31 1922 10,834,257. The
production of sole leather during July 1923 amounted to 1,646,592 pieces
(backs, bends and sides), and the stocks in process at
the end of the month
to 6,366,810 pieces.
The harness leather in stock on July 31 1923 amounted
to 412,306 sides;
as compared with 401,235 sides on the corresponding
date in 1922. The
total stocks of upholstery leather on July 31 1923 comprised
338,412 hides,
as against 313,464 hides one year earlier; upper leather
(cattle) in stock
on July 31 1923 amounted to 6,849,716 sides, as compared
with 8,386,706
sides on July 31 1922.
The stocks of horse leather on July 31 1923 amounted to 369.087 fronts
and 367.503 butts, as against 406,636 fronts and
503.373 butts in stock one
year earlier. Calf and kip skins (finished) hi stock on July
31 1923 numbered 8,470,442; goat and kid skins, 21,844,270; and sheep
and lamb skins,
11.540.695; while on July 31 1922 there were in stock 7,966,374 finished
calf and kip skins, 23,756,051 goat and kid skins, and
11,001,885 sheep and
lamb skins.
Detailed Statement.
Detailed figures relative to stocks of hides and skins, and
stocks and
production of leather, are given in the accompanying tables,
as follows:
Table 1. Comparative summary. Stocks of principal
kinds of raw hides
and skins at the end of July and June 1923 and
July 1922; and stocks
disposed of during July 1923.
Table 2. Stocks of raw hides and skins on July 311923.
by classes of
holders.
Table 3. Stocks of raw hides and skins (in detail) on
July 31 1923 and
stocks disposed of during the month of July 1923.
Table 4. Comparative summary. Stocks of principal kinds
of leather
at the end of July and June 1923 and July 1922.
TABLE 1-COMPARATIVE SUMMARY-STOCKS OF PRINCIPAL
KINDS
OF RAW HIDES AND SKINS AT THE END OF JULY AND
JUNE 1923
AND JULY 1922: AND STOCKS DISPOSED OF DURING JULY
1923.
(Detailed figures for stocks on July 31 1923, in
Table 3.)
Stocks on Hand and in Transit. Stocks Disposed of
July
June
July
During
1923,
1923.
1922, July 1923.
Cattle, total
hides
Domestic-packer
hides
Domestic-other than packer._hides
Foreign (not including foreigntanned)
hides
5,931,288 6,086,120 5,366,414 1.407,045
2,968,131 3,012,839 2,779,388
924.998
1,298,399 1,376,122 1,527,404
333,213
12364,758 1,697,159 1,059,532
148,834
Buffalo
hides
144,-819
179,831
148,544
21,069
Cattle and kip, foreign-tannedhides & skins
62,990
72,475
52,083
2,848
Calf and kip
skins 4,260,403 4.360,239 4,541,776 1,263,081
Horse, colt, ads and mule
Hides
hides
105,006
127,676
136,537
27,998
whole fronts
Fronts
153,545
138,526
71,973
8,307
Butts
whole butts
374,011
448,118
289,154
13,393
Shanks
shanks
68,422
91,914
36,078
35,000
Goat and kid
skins 11,571,842 10,186,623 9,067,516 1,486,437
Cabretta
skins 1,092,626 1,128,280
876,883
69,134
Sheep and lamb
skins 9,573,489 9,915,680 10,004,733 *3,196,280
Skivers and flashers
pieces 1.516,095 1,638,028 1,907.003
623,293
Kangaroo and wallaby
Deer and elk
Pig and hog
Pig and hog strips
skins
skins
skins
pounds
406,917
288,934
53,648
490,805
455,742
326,879
54,882
603,908
245,356
205,712
111,338
361,375
100,372
5,039
61,466
•Corresponding figures (revised) for June are 2,689,618.
TABLE 2.-STOCKS OF RAW HIDES AND SKINS ON JULY 31
1023 BY
CLASSES OF HOLDERS.
Stocks on Hand and in Transit July 31 1923.
1 1923-4 .5,103,348 14,464,442 13,251,586 *7.430,655
Kind.
i 1922-3
6,905,409 14,303,208 12,614,155 10,038,321
Packers
Dealers
Refined oil (pounds)--41 1923-4 c138,112,489 x11,797,524
Total.
and
c68,756.947
Tanners.
and
1922-3 163.851.360 10,642,725
106,843,010
Butchers.
Importers.
Cake and meal(ton.$) _ 1923-4
49.791
26,640
24,860
48,011
Cattle,
total
1922-3
hides
66,915
43,589
5,931,288 2,103,006 2,697,415 1,130,867
24,395
47.721
Hulls(tons)
Domestic-packer
1923-4
hides 2,968,131 2,080,827
15,654
15,942
12,283
19,313
740,527
(46,777
Domestic-other than packer_hides 1,298,399
1922-3
28,617
21,477
15,092
22.232
22,179
634,361
641,859
Linters (500-1b. bales)_ _ 1923-4
foreignIncluding
Foreign
)not
27,569
21,858
9,456
15,167
1922-3
tanned)
hides 1,664,758
38.929
23,731
7,524
22,722
1,322,527
342.231
Hull fiber (500-1b. bales) 1923-4
Buffalo
hides
7,265
6,693
144,819
572
103,579
41,240
1922-3
34.342
29,914 Cattle and kip, foreign-tanned
3
4,431
Grabbots, motes. dvc. 1923-4
hides dc skins
1,443
1,605
62,990
150
312
59,338
3,652
tA00-111 hnipal
I ions-s
1 0953
Calf
and
on
kip
skins
dad
957
4,260,403
471,309 2,757,962 1,031,132
Horse, colt, ass and mule:
* Includes 1,032,229 and 673,530 lbs. held by refining and manufacturing
Hides
hides
105,006
estab483
20,260
84,083
lishments and 1,170,910 and 2,644,060 lbs.-ID transit to refiners and consumers
Fronts
whole fronts
153,545
144,759
8,786
Aug. 1 1923 and Aug. 311923. respectively.
whole butts
Butts
374,011
360,393
13,618
c Includes 3,783,784 and 3,376,270 lbs. held by refiners, brokers, agents and
Shanks
shanks
68,422
68,422
warehousemen at places other than refineries and manufacturing establishments and
8.670,531 and 5,283,708 lbs. in transit to manufacturers of lard substitute. oleo- Goat and kid
skins 11,571,842
3,426 9,193,257 2,375,159
margarine, soap, dte.. Aug. 11923 and Aug. 31 1923. respectively.
Cabretta
skins 1.092,626
916,077
176,549
z Produced from 12.812,789 lbs. crude oil.
Sheep and lamb
skins 9,573,489
872.469 6,472,401 2,228,619
Skivers and flashers
pieces 1,516,095
1,158,963
EXPORTS OF COTTONSEED PRODUCTS FOR MONTH ENDING AUG. 31
357,132
Kangaroo and wallaby
Itemskins
.
1922.
406,917
1923.
406,917
Oil, crude (polmds)
skins
90,231 Deer and elk
288,934
402,388
158,724
130,210
Oil, refined (pounds)
skins
1,679,265 Pig and hog
1,308,927
53,648
162
17,639
35,847
Pig
and
strips
hog
Cake and meal (tons)
pounds
15,786
490.805
6.794
310,113
180.692
Linters(running bales)
4.490
3,825
TABLE 3.-STOCKS OF RAW HIDES AND SKINS ON
JULY 31 1923 AND
NUMBER DISPOSED OF DURING THE MONTH
OF JULY 1923.
Section A.-Domestic Packer, Oreen-Salled,
Report on Hides, Skins and Leather for July 1923.
Crude oil(pounds)
The Department of Commerce, under date of Sept. 10,
announced the following information with regard to stocks
of hides and skins, and Etocks and production of leather for
the month of July, based on reports received from 4,751
manufacturers and dealers.
Stacks of Hides and Skins.
The total number of cattle hides held in stock on July 31 1923 by packers
and butchers, tanners, dealers and importers (or in transit to them) amounted to 5,931.288, as compared with 6,086,120 on June 30 1923 and with
5,366.414 on July 31 1922. The stocks of calf' and kip skins amounted to
4,260,403 on July 311923, as compared with 4.360,239 on June 30 1923 and
4,541,776 on July 31 of last year. Goat and kid skins numbered 11,571,842
on July 311923. 10,186,623 on June 30 1923,and 9,067,516 on July 31 1922.
The stocks of sheep and lamb skins on July 31 1923 amounted to 9,673,489,
ont.Tune 30 1923 to 9,915,680, and on July 31 of last year to 10,004,733.
Stocks and Production of Leather.
The".total stocks of sole leather (cattle) reported by tanners, dealers and
manufacturers using the leather as a material, amounted to 9,650,938
!Packs. bends and sides on July 31 1923, the corresponding figures for
Socks on Hand or in Transit July
31 1923,
Kind.
Total,
Light.
Stocks
Disposed
MeUnclassi- of During
dium. Heavy. Bed. July 1923
Cattle, total
Steers, total
Branded
Unbranded
Cows, total
Branded
Unbranded
Bulls, total
Branded
Unbranded
Mixed
hides 2,968,131 545,282 785,855
hides 1,548,452 250,964 353,496 642,201
hides 734,449 73,748 153,363 460,833
hides 814,003 177,216 197,133 262,652
hides 1,122,754 263,318 381,456 198,181
hides 329,260 11,374 123,182 104,576
27,912
hides 793,494 251,944 258,274
hides 124,942 6,130 14,004 76,664
54,600
hides
25.080
1
820 13,851
hides
99,862 6,129 13,184 40,749
hides 171,983 24,870 36,899
22,192
Calf and kip, total_ _ _ -skins 883,976 221,866
241,540
Calf
skins 718,949 221,866
241,540
Kip
skins 165.027
Sheep and lamb, total.skins 2,955,771
Wool skins
skins 215,815
skins 409,289
Shearlings
Without wool (pickled)
2.330,667
•Corresponding figures (revised) for June are 451,435.
994,793
483,159
241,686
241,473
373,404
166,792
206,612
50,208
10,408
39,800
88,022
924,998
434,496
196,532
237,964
384,841
127,161
257,680
39,183
9,635
29,548
66,478
420,570
255,543
165.027
322,953
258,723
64.230
2,955,771 1.013,939
215,815 228,469
409,289 169,733
2,330,667 '615.737
Section B.-Domestic, Other than Packer, and Foreign.
Stocks on Hand
July 31 1923.
Kind.
Cattle-Green-salted. total
Steers
Cows
Bulls
Mixed cattle
Domestic. Foreign.
hid
hid
hid
hid
hid
hides
Cattle-Dry-salted
hides
Buffalo-Dry or dry-salted
Cattle and kip, foreign-tanned
hides & skins
skins
All other foreign tanned
Calf, total
Green-salted
Dry or dry-salted
Stocks Disposed of
During July 1923.
Domestic.
Foreign.
1,092,588
42,691
341,527
32,477
675,893
755,253
502,969
145,731
11,441
95,112
317,929
10,200
46,919
6,027
254,783
65,256
16,471
5,952
94
42.739
205,811
909,505
144,819
15,284
83,578
21,069
2,848
51,624
62,990
119,212
skins 1,728,227
skins 1,674,369
53,858
skins
975,057
603,381
371,676
434,051
410,414
23,637
334,729
139,812
194,917
313,053
290,775
22,278
360,090
40,076
320,014
95,325
87,958
7,277
76.113
4,533
71,580
88,234
28,081
163,826
41,780
16,772
125,464
210.185
26,642
27,998
4,183
4,893
skins
Kip, total
skins
Green-salted
skins
Dry or dry-salted
Horse, colt, ass, and mule-Dry or
green-salted:
hides
Hides
whole fronts
Fronts
whole butts
Butts
shanks
Shanks
4,124
8,500
35.000
2,000
52,718
125,691 11,446,151
1,092,626
565
58,413 1,428,024
69,134
Sheep and lamb, total
Woolskins
Shearlings
Without wool-pickled
Without wool-dry
skins 1,396,619 5,221,099
289,004
245,575
skins
286,095
91,732
skins
skins 1,037.075 4,622,540
24,460
22,237
sk!ns
662,782 1,519,559
160,644
72,831
25,645
36,270
458.732 1,339,251
17.761
71,207
Skivers
Fleshers
pi*"
piezes
Kangaroo and wallaby
Deer and elk
Pig and hog
Pig and hog strips
Seal
‘1,lne
pieces
skins
skins
Splits, pickled
Goat and kid
Cabretta
135,812 1,201,869
159,130
19,284
•
1,051
45,548
406,917
287,883
8,100
490.805
er In
A 02A
9,269
423,519
190,515
172
5,039
61,466
100,200
it 0,111
07 020
TABLE 4.-COMPARATIVE SUMMARY-STOCKS OF PRINCIPAL KINDS
OF LEATHER AT THE END OF JULY AND JUNE 1923 AND JUNE
• 1922.
are given in running bales, counting round as half bales, except foreign bales, which are in equivalent 500-lb. bales.
COTTON CONSUMED AND ON HAND IN SPINNING MILLS AND IN
OTHER ESTABLISHMENTS AND ACTIVE COTTON SPINDLES.
(Linters Not Included.)
July
1923.
Kind of Leather.
Sole and belting leather:
backs, bends and sides
Cattle-Sole
whole butts
Horse-Sole
butts and butt ends
Belting butts
pounds
Offal-Sole and belting
Cut stock:
dozen
Blocks
dozen pairs
Cut soles
dozen pairs
Taps
Harnessleather
Bag, case, and strap leather
Skirting and collar leather
Lace and 'atilt° leather
Welting leather:
Cattle
Pigskin strips
sides
sides
sides
sides
June
1923.
July
1922.
9,650.938 9,438,454 10,834,257
41,645
43,987
43.053
903,710
924.523
758,921
6.847,756 65.366,070 76.567.764
1,108,445 1,064,206 1,152,939
6,951,735 7,310,654 7,785,383
595,146
612,633
602,710
412,306
389,931
159,177
45,135
389,662
386,367
144,133
45,842
401,235
371,229
170,331
38,136
17,467
sides
19,180
31,886
pounds 1,038,138 1,078,727 1,496,545
Upholstery leather, total
Whole-hide grains
Machine buffed
Whole-hide splits
hides
hides
hides
hides
Upper leather-Cattle, total
Other than patent
Patent
sides 6,849,716 6,917,979 8,386,706
sides 6.154,878 6,183,875 7,870,258
sides
734,104
694,838
516,448
sides
Glove leather-Cattle grains
sides
Cowhide(fancy and bookbinders')
bides
Buffing,(fancy and bookbinders')
Horse:
equivalent fronts
Fronts and half fronts.a
whole butts
Butts _ b
338,412
82,776
108,540
147,096
344,264
84,501
120,937
138,826
33,507
80,244
135,060
30,707
72,960
129,218
369,087
367,503
381,577
362,656
313,464
70,788
93,101
149,575
54,303
95,435
156,433
0,11
406,636
503.373
Splits, other than upholstery
Calf and kip_c
Goat and kid.c
Cabretta_d
Sheep and lamb.°
pieces 4,510,823 4,228,674 5,741.164
skins 8,470,442 8,525,940 7,966.374
skins 21,844.270 21,559,616 23,756,051
skins 2,452,496 2,409,392 3,099,889
skins 11,540,695 11,919,817 11.001,885
Skivers, total
Hatsweats
Other skivers
Fleshers, total
Chamois
Other fleshers
pieces 1,026,823 1,051,895 1,043,751
pieces
136,586
144,083
148,424
pieces
891,237
907,812
895,327
pieces
638,944
659.833
808,786
pieces
501,813
508,963
555,939
pieces
137,131
150,870
252,847
Kangaroo and wallaby (upper leather)
Deer and elk _ b
Pig and hog_f
Seal (fancy and bookbinders')
skins
skins
skins
skins
518,058
507,671
36,664
62,742
529,688
486,811
45,249
53,190
794,099
437.688
60,335
51,125
equivalent sides
Rough leather
Rough splits(including grains). _ _equivalent sides
17,426
18,570
31,994
266,123
251,258
326,574
glove
and
b
patent
leather.
Includes upper and glove leather.
a Includes upper,
glove and fancy or bookbinders' leather. d Includes'
c Includes upper, p
upper, glove, and fancy or bookbinders' leather. e Includes upper, patent, glove,
and fancy or bookbinders'leather,shcarlings,roller leather,and miscellaneous sheep,
glans. f Includes glove and fancy or bookbinders' leather.
Census Report on Cotton Consumed and on Hand, also
Active Spindles, and Exports and Imports.
Under date of Sept. 14 1923 the Census Board issued its
regular preliminary report showing cotton consumed, cotton
on hand, active cotton spindles and imports and exports of
cotton for the month of August 1922 and 1923 and the twelve
months ending with July. Cotton consumed amounted to
491,604 bales of lint and 47,998 of linters, compared with
526,380 bales of lint and 62,841 of linters in August last year,
and 461,575 of lint and 44,775 of linters in July this year, the
Bureau announced. The stistics of cotton in this report
Cotton on Hand
Aug. 31 (Bales)-
Cotton Consumed
(Bales) During-
Locality.
United States
United States
Cotton-growing StatesCotton-growing States_
All other States
All other States
Year
Cotton
Spindles
Actire
In Public
In
Twelve
Months Consuming Storageand During
August
August. Ending Establish- at Comp/TUC/1.1 (Number)
ments.x
July 31.
1923 *491,604 *6,664.710 *806,671 •1,179.204 33.708,667
1922 526,380 5,909,820 1,024,874 1,530,141 32,491,857
339,480 1,038,462 15,858,075
1923 329,162 4,248,525
408,958 1.277.322 15,609,596
1922 338,588 3,729,777
140,742 17,850,592
467,191
1923 162,442 2,416,185
252.819 16,882.261
615.916
1922 187,792 2.180,043
Includes 17.332 Egyptian,6,476 other foreign. 2,533 Amen,
x Stated in bales.
can-Egyptian and 354 sea island consumed, 75,775 Egyptian, 24,922 other foreign
and
9,382 American-Egyptian and 2,932 sea island in consuming establishments.
sea
44,293 Egyptian, 21,329 other foreign, 15,044 American-Egyptian and 4,588
80,862
Egyptian,
261.326
Island in public storage. Twelve months' consumption
other foreign, 65,126 American-Egyptian and 6,277 sea island.
August in 1923
Linters not included above were 47,998 bales consumed during
establishments on
and 62,841 bales in 1922; 106,036 bales on hand in consuming
storage and at
public
in
bales
24,832
and
1922,
in
bales
117.558
and
1923
31
Aug.
compresses in 1923 and 30,098 bales in 1922. Linters consumed during 12 months
ending July 31 amounted to 637.774 bales in 1923 and 639,033 bales in 1922.
IMPORTS AND EXPORTS OF COTTON AND LINTERS.
Imports of Foreign Cotton During(500-lb. Bales)-
Total
1922.
1922.
1923.
1,075
479
386
40
1,439
11,217
710
480
1,942
329
329.335
21,185
50,240
45,679
22,163
1,352
233,729
38,753
15.563
53,637
10,348
11,435
3,420
14,678
469,954
363,465
1923.
Egypt
Peru
China
Mexico
British India
All other countries
12 Mos. End. July 31.
August.
Country of Production.
Exports of Domestic Cotton and Linters During
(Running Bales)Country to which Exported.
Stocks on Hand and In Transit
1299
THE CHRONICLE
SEPT. 22 1923.]
United Kingdom
France
Italy
Germany
Other Europe
Japan
All other countries
August.
12 Months Ending July 31.
1923.
1922.
1923.
1922.
46.379
54,549
21,050
70,209
42.911
4,111
5,206
65,903
43,404
26,921
56.416
38,159
24,425
17.580
1,287,552
641,578
496.636
934,358
622,369
635,605
245,929
1.768,965
768.134
509,713
1,440,747
697,823
817,830
312,909
*6,316.121
*4,864,027
*272,808
a244,415
Total
0
,
4,49
*Figures include 3,825 bales of linters exported during August in 1923 and
ending July 31 in 1923 and 132,02'.
bales in 1922 and 41,438 bales for the 12 months
United Kingdom, none'
bales in 1922. The distribution for August 1923 follows:
France, 138; Germany, 3.285; Italy, 300; Canada, 100; Mexico, 2.
Strike of New York Pressmen on Daily Papers.
An acute situation confronted the publishers of the daily
newspapers of New York on Monday night last (Sept. 17),
when the local pressmen, members of the New York Web
Pressmen's Union No. 25, without previous warning walked
out just before midnight and prevented the issuance of the
usual morning editions on Tuesday the 18th inst. Except
for one or two commercial and business dailies, the city was
practically without a local morning paper. The unauthorized strike was immediately declared by George L. Berry,
President of the International Printing Pressmen's and Assistants' Union of North America, to be illegal and without
sanction or approval of the directors of the latter body, and
"in violation of the agreed principle, as between the International Union and the Newspaper Publishers' Association and
the New York Newspaper Web Pressmen's Union No. 25,
to arbitrate unsettled points." President Berry in a statement to the striking pressmen on the 18th inst. advised them
that their interests were "at stake and in jeopardy," andurged them to report immediately for work. The men,however, have continued to remain out, despite the warning from
President Berry to President David Simons of the New
York Web Pressmen's Union No. 25 that the union's charter
was in jeopardy. On the 20th inst. President Berry announced the suspension of the local union's charter and indicated his intention to form a new local body. While there
was an absence of daily papers in the morning of the 18th
inst., that evening an eight-page paper was issued by "The
Combined New York Evening Newspapers"-"New York
Journal," "The Evening Mail," "New York Evening Post,"
"The Sun," "The Evening Telegram," "The Evening
World," "The Brooklyn Citizen," "Brooklyn Daily Eagle,"
"The Standard Union," "Brooklyn Daily Times" and "New
Yorker Herold." Similarly "The Combined New York
Morning Newspapers"-the "New York American," the
"New York Herald," the "New York Times," the "New
York Tribune," the "World," the "New Yorker StaatsZeitung," "II Progresso Italo-Americano," &c.-began
Wednesday, the 19th inst., issuing abbreviated morning
editions, eight pages in size; to quote from the edition printed
1300
THE CHRONICLE
yesterday (Sept. 20) by the New York "Herald," "the
newspaper publishers by pooling their resources and limiting
their composite newspapers to eight pages, were able to issue
70% of their normal morning circulation and more than 50%
of the normal afternoon paper circulation." In the case
of the New York "Evening Post," a 16-page paper has been
published since Wednesday night.
On the 19th inst. the newspaper publishers, following a
conference at the Waldorf, announced their decision to decline to negotiate with the local union or its officers and to
treat only with the representatives of the parent organization. This decision was reached after the strike meeting
in Beethoven Hall, at which Mr. Berry was unsuccessful in
his efforts to have the men return to work, pending his conference with the publishers to effect a new agreement in
place of the Manton award, which expired by limitation on
Sept. 1. After extended sessions with a committee representing the International Pressmen's Union and the local
strikers in the afternoon, and a long conference at night with
President Berry and officers of the International Union, the
owners of the New York daily newspapers issued on Sept. 19
the following statement:
[VOL. 117.
Strike Declared Outlawed.
Yesterday George L. Berry, President of the International Printing
Pressmen's and Assistants' Union of North America took prompt action
to bring the strike to an end. In a notice to the members of the local union
urging them to return to work immediately, he declared the strike illegal
because it was ordered without the sanction or the approval of the International Board of Directors and because it was in direct violation of an
agreement entered into by the international union, the local union and
the Publishers Association to aribtrate all unsettled points between the
publishers and the pressmen.
In a letter to David Simons, President of Web Pressmen's Union, No. 25,
Mr. Berry declared the strike was illegal, and on behalf of the directors of
the international union directed Simons and the local members to withdraw the strike action and have the members return to work.
Berry Warns the Union.
Here is President Berry's letter:
New York. Sept. 18 1923.
Mr. David Simons. President New York Newspaper Web Pressmen's Union
No. 25, 527 World Building, New York City
My Dear Sir and Brother —I have just been advised that at a meeting
of the New York Newspaper Web Pressmen's Union 25, held last night
(Monday) Sept. 17 1923, that the membership and attendance consisting
of approximately 400, without due notice being given to the membership
as a whole, voted by the raising of hands to strike the newspapers of New
York City who are members of the Publishers Association of New York
City, and that the strike was made effective and that the membership of
the organization are now absent from their posts and that the newspapers
as a consequence are shut down.
In answer to all proposals made to us to-day, the following statement exYour attention is directed to the fact that the action taken is illegal and
In violation of the laws of the International Printing Pressmen's and
presses the unanimous attitude of the newspaper owners
of New York City:
The local union has precipitated the strike which you have declared to be Assistants' Union of North America. I am, therefore, now taking this
illegal. You have assured us since the local union has precipitated such a means, in the name of the Board of Directors of the International Union.
strike that you would outlaw the local union and give a charter to another of directing you, and through you the membership of the New York Newsunion. We will not deal further with this defiant union. We await your paper Web Pressmen's Union 25, to immediately withdraw the strike action
promised action to revoke the charter of this defiant local union and to and cause all members of the organization to return to their respective
charter a legal union. Pending your action, we will continue to print bur Positions.
It is not the desire of the Board of Directors to make effective the revocanewspapers as we are now doing independently of the present local organtion of the charter of the New York Newspaper Web Pressmen's Union 25.
ization.
We will arbitrate all questions with the International Union or with any but if compliance with this decision is not had and the membership imlegal local union created by the International Union as
we have heretofore mediately returned to work it will be necessary to cancel the charter of the
New York Newspaper Web Pressmen's Union 25.
agreed to arbitrate.
You are advised that, in addition to the foregoing, the action of the
Announcement was made by President Berry on Sept. 20 union is in violation of the resolution passed
by it wherein the International
that he had presented to the publishers a proposal for a new Board of Directors was given authority to decide as to whether unsettled
points of differences as between the news-publishers of New York City
contract for the operation of their pressrooms by members of and
New York Newspaper Web
Union No. 25 should be
the International Union in place of the outlawed local union, arbitrated or not. This repudiationPressemn's
of previous action by the New York
and that consideration to the proposal was to be given by Web Pressmen's Union No. 25 is in violation of the authority granted
International Board of Directors, and you are hereby advised that.
the publishers yesterday (Friday) morning. President the
notwithstanding this action on the part of the Now York Newspaper
Berry's statement follows:
Web Pressmen's Union No. 25, the International Board will proceed with
President Berry of the International Printing Pressmen's and Assistants' the program of conciliation and arbitration as had been previously agreed
Union to-night made a proposal for a new contract with the New York to, and due notice has been served upon the publishers to this effect.
Newspaper Publishers' Association for the operation of their pressrooms by It would seem to me, therefore, that common sense would direct that the
members of that union in place of the Local Union No. 25. which has been membership of No. 25 immeditaely return to their offices and thereby
outlawed by the International Union because of the unauthorized strike of comply not only with the decision previously made by them upon the
resolution referred to, but likewise readjust themselves to the spirit and
last Monday night.
The Publishers' Association began consideration of this proposal to-night the letter of the law of the International Printing Pressmen's and Assistant's
Union of North America.
and will again take it up at a meeting to-morrow morning at 11 o'clock.
Please advise me of compliance with this decision immediately.
You will find attached hereto a copy of statement which the underYesterday Major George L. Berry, International Presisigned
has issued in connection with the situation; a copy of the statement
dent of the Printing Pressmen's and Assistants' Union, on
Which accompanies this letter has been
to the Publishers' Associaone side, and the newspaper owners on the other, definitely tion. In doing so I am endeavoring furnished
to make misunderstandings impossible.
regards,
With
I am, yours fraternally,
concluded an agreement. The contract became legally bindGEO. L. BERRY. President.
ing upon the parties immediately upon the affixing of sigIt was learned that Mr. Berry has telegraphed to the 400 local unions
natures in the afternoon. • It is stated that President David of pressmen outside of New York City calling attention to the illegal strike
Simons of the local union, No. 25, of the International, was and asking the unions how many men they can supply to work in the
New York newspaper pressrooms to carry out the compact between the
not present at the signing in the banquet hall of the Waldorf- International
Union and the publishers.
Astoria Hotel nor during the preceding negotiations. HowThe Publishers' Association and Mr. Berry, in statement issued last
night,
pointed out that the action of Local 25 was taken while the pubever, he had conferred with Berry at the latter's suite at the
and the International Union were preparing to submit points of
Waldorf-Astoria during the morning and in the early after- lishers
dispute to arbitration. In a letter sent last Monday Mr. Berry informed
noon and resumed the conference in the evening. The con- the publishers of his choice of arbitrators. In a letter dated Sept. 11
tract between Berry and the publishers is based upon the 1923 Mr. Berry, from the South, informed Lester L. Jones, Secretary of
the Publishers' Association, that
had been advised that a committee
dissolution of Local 25. The men are given a wage in- of the International Union had he
made a definite agreement with the
crease of $3 per week. Other conditions, in the main, are publishers.
those which had been agreed upon between Berry and the
publishers before the local men went on strike.
The stripping of presses on Monday night to prevent the
issuance of the following morning's edition was resorted to
in some of the pressrooms by the strikers, this being indicated in the following account of the walkout which appeared
in the New York "Times" of Sept. 19:
The strike was ordered at a prolonged monthly meeting of the local
pressmen's union, New York Newspaper Web Pressmen's Union 25.
held in Beethoven Hall and attended only by 400 of the 2,000 or more
members of the union, while negotiations for a new agreement were under
way between the International officers of the pressmen and the New York
Newspaper Publishers Association, the old agreement, which had been the
subject of continued controversy, having lapsed on Sept. 1. No notice
of the strike had been given and no cause for it was assigned by the men
as they left the pressrooms, at the hour when the presses were about to
start printing the morning editions, or in some cases after the presses had
actually started.
Strike a Surprise to Many Men.
Many of the men themselves were ignorant of the fact that a strike was
likely to be ordered and had not attended the meeting. In the "Times"
office when an officer of the union entered the pressroom and ordered the
men out, the full press crews, with the exception of six men, who had
been the sole representatives of the 200 or more "Times" pressmen at the
meeting, were at work and the plating of the presses for the first edition
was almost completed. The men, before leaving, stripped the presses.
throwing off the plates in such a manner that their replacement was out of
the question, tore the paper webs on the presses and left to attend a new
"strike" meeting.
Mr. Berry's Letter.
"I am delighted to learn of this final adjustment, which is a compliment
to both the representatives of the Publishers' Association
and the International Union and an endorsement of the process of conciliation." wrote Mr.
Berry. "Having in mind the original publishers' proposal, to wit, their
desire to exhaust every human effort to adjust all differences
by conciliation,
and being in accord with this principle, I am writing to suggest
that it might
be practicable for the undersigned to engage in further conciliatory effort
With the committee of three or five members of the
owners; for instance,
Messrs. Hearst, Ochs, Pulitzer, Gunnison, Field and Munsey. It is just
Possible that we might conclude a contract by this process,
and I am asking
Representative Edwards to deliver this note to you with the request that
you Interrogate the proper officials of your
organization with a view of
ascertaining as to whether they accept or reject the suggestion.
"If it is accepted, I should very much like
to have arrangements made
Whereby we might open conference for further conciliation, say on Monday.
Sept. ig. If it is not acceptable, I am
asking Representative Edwardstto
wire me at Chickasaw Hotel, Memphis, Tenn., where!
shall be on the 13th
and 14th, traveling on the 12th to Memphis
and on the 15th to New York
City."
In its statement last night the Publishers'
Association declared that negotiations between it and Mr. Berry and the International
Union's board had
been progressing favorably, and important
amendments as to hours had
been agreed upon by the union and the publishers
when the illegal strike
was called without notice to the publishers or to Mr. Berry. Berry. it was
said, had asked for another meeting and the publishers
were awaiting his
arrival in New York. He arrived here on Monday.
The meeting of the New York Web Pressmen's Union No.25 was hold on
Monday night. As a regular order of business the meeting had before it the
now contract governing hours, luncheon and
overtime, agreed to after nine
days of conciliation between the publishers' committee and the board:of
directors of the International Union.
SEPT. 22 1923.]
THE CHRONICLE
1301
Instead of acting on the agreement, a strike motion was made from the with the newspaper business, and believe that they would make an ideal
floor and was entertained by President Simons. The motion was to the board of arbitration and will award what,in their judgment, is fair, witheffect that a strike be called at once or within twenty-four hours unless Mr. out respect to partisanship or influence of either side to this arbitration.
Berry obtained concessions desired by the local union. In the discussion And after all, this is the character of board that we should endeavor to set
that followed Mr. Berry was criticized for failing to appear at the meeting up; and I am in hopes that the Publishers' Association will accept these
after he had—as it was asserted—promised to attend. Some of the mem- three names for the reasons given and because it is the desire of the underbers protested against the policy of Mr. Berry in disciplining recently signed to settle the unsettled points upon the basis of fact that will both
be a credit to the principle of arbitration and justice to the industry in
these responsible for an unauthorized strike on the "Evening World."
which we are engaged and upon which we are dependent.
Strike Vote Then Taken.
"It is my hope that your Association will not be astonished in that I have
A committee was named to call on Mr. Berry at the Waldorf and bring proposed two employers upon this board and a third man who is a semihim to the meeting. The committee presently reported they had been employer. My only reason in doing so is my unqualified belief in their
unable to locate him. Then, at 12:05, a strike vote was taken, all but one honesty and integrity and a desire to give life to the principle of arbitration
member voting for the first part of the motion, to strike at once. Chapel by rendering a decision that will effectively establish its utility as a sane
chairmen were ordered to the newspaper offices at once and they called out instrument for the determination of differences between employers and
the pressmen.
employees, calculated by American principles and traditions.
Of the 400 present at the strike Meeting, it is understood that about 175
"Please be good enough to acknolwedge receipt of this. and I am in
were junior pressmen. "A boys' strike," one of the union officials called hopes acceptance of the suggestions made herein, after which I propose
it yesterday.
that we jointly confer with the three gentlemen named in the hope of
Officers of the International Union explained yesterday that on July 22 securing their acceptance. In the meantime I am sure that it will be
1923 at a meeting of Local 25 held at Yorkville Casino, a resolution was agreed that it would be improper for either the undersigned or any member
adopted under which the union agreed to confer with the publishers and or representative of the publishers to even intimate to the parries proposed
to exhaust all efforts in an attempt to conciliate an agreement by Sept. 1, herein as to their possible selection upon this board.
with the understanding that if no agreement was reached the Board of
"Very respectfully yours,
Directors of the International Union would decide if the unsettled points
"GEO. L. BERRY, President."
were to go to arbitration. The publishers agreed to permit the InterThis was the telegram to all the locals of the International Union sent out
national Union's directors to make this decision. A day or two prior by Mr. Berry yesterday:
to Sept. 1 the local union, it was said, agreed to extend for ten days the
"New York, Sept. 19 1923.
time when a report from Mr. Berry would be expected. The international
"Web Pressmen No. 25, with less than 400 members out of 2.000. voted
officers declared that among other things the strike order violated the last night to strike. Result all newspapers tied up to-day. The action is
resolution of July 22 1923.
In violation of international laws and no sanction for such action was re"We haven't a contract of any kind with the publishers," said President quested by No. 25 nor given by the board of directors. In addition, the
York
Web
Pressmen's Union No.25 yesterday. "We adopted action is in violation of a resolution passed by No. 25, giving the board of
Simons of Now
a resolution giving the Board of Directors of the International Union directors authority to determine points to be submitted to arbitration. It
power to negotiate a new agreement, and we stated definitely that a new Is a repudiation of the principle of conciliation and arbitration and involves
agreement must be arranged by Sept. I. We waited seventeen days after every newspaper web pressman in America. I am threrfore wiring to rethe contract expired and we saw no indication that the publishers would quest that you immediately advise me by telegram, Waldorf-Astoria Hotel.
give anything. Therefore the strike was ordered. There is nothing as to how many members,if any,are willing to assist the International Union
about arbitration in this understanding."
In the situation in New York City by accepting positions made vacant by
Officials of the local union said they had between $60,000 and $100.000 the illegal and unauthorized strike referred to.
"GEORGE L. BERRY."
In the treasury, and that it was not susceptible to seizure by the International Union. No strike benefits have been arranged for.
notice
to
the
referred to further
striking
pressmen,
The
letter
from
Mr.
Berry
to
Secretary
This
Jones of the Publishers' Association, asking for a reply to the arbitration proposal he had made,was above, issued on Sept. 18 by President Berry of the Internagiven out last night to show that until the strike was called the negotiations tional Union, was as follows:
were taking the usual orderly course:
To the Members of New York Web Pressmen's Union No. 25:
"International Printing Pressmen & Assisiants' Union of North America.
Dear Sirs and Brothers—The undersigned, as President of the Interna"New York, Sept. 18 1923.
tional Printing Presstnen's and Assistants' Union of North America, has
"Mr. Lester L. Jones, Secretary Publishers' Association of New York City, issued the following statement, which I am bringing to your attention for
1010 World Building, New York City:—
immediate consideration and action thereon:
"Dear Mr. Jones:—Please find attached copy of letter addressed to Mr.
"President George L. Berry of the International Printing Pressmen's
David Simons, President Web Pressemn's Union No. 25, also copy of and Assistants' Union of North America authorized the issuance of the foltelegram sent to local unions throughout the United States, both of which lowing statement with reference to the strike of the New York Newspaper
are self-explanatory.
Web Pressmen's Union No. 25:
"Please have sub-committee advise me officially and separate and dis"The strike of the New York Newspaper Web Pressmen's Union No. 25
tinct from present controversy as to their acceptance of my communication Is illegal and has been taken without the sanction of the approval of the
of Sept. 15. proposing to proceed immediately to arbitration and acceptance board of direators of the International Printing Pressmen's and Assistants'
of the three names submitted for the board; and you are advised that the Union of North America, Moreover, It is in violation of the agreed prinundersigned will act upon the Board of Arbitration for Web Pressmen's ciple, as between the International Union, the New York Newspaper PubUnion No. 25 and for the International Union. I should like very much lishers' Association and the New York Newspaper Web Pressmen's Union
to get this board into operation. I feel that the moral effect will be most No. 25, to arbitrate unsettled points and differences as between the New
substantial. Very truly yours,
York Newspaper Publishers' Association and the New York Newspaper
"GEO. L. BERRY, President.
Web Pressmen's Union No. 25.
Here is Mr. Berry's letter of Sept. 15 1923, laying before the publishers
"The International Printing Pressmen's and Assistants' Union of North
his own arbitration plan:
America proposes to make every effort humanly possible to meet this illegal
strike by executing and publishing the newspapers of New York City, and
"INTERNATIONAL PRINTING PRESSMEN AND A sSIST 1NTS'
all newspaper web pressmen are invited to assist in meeting our responsiUNION OF NORTH AMERICA.
bilities and obligations, and we especially call upon the membership of
"Office of George L. Berry, President.
New York Newspaper Web Pressmen's Union No. 25 and direct them to
return to their posts of duty as speedily as possible in order that the integ"Sept. 15 1923.
"To the Publishers' Association of New York City, New York, N. Y.
rity and honor of the International Printing Pressmen's and Assistants'
"Attention: Mr. Lester L. Jones, Executive Secretary.
Union of North America may be maintained and the principle of collective
"Gentlemen.:—Agreeable to my original proposal, and in compliance with bargaining as between employers' and employees' organizations be upheld.
the direction of the board of directors of the International Printing Press_
"The International Printing Pressmen's and Assistants' Union of North
men and Assistants' Union of North America, beg to advise you that we America will not temporize or compromise with this principle. The negoare preparing to proceed in the arbitration of the pending differences as tiations as between the Publishers' Association of New York City and the
between your Association and the Newspaper Web Printing Pressmen's International Union will continue uninterrupted in the hope of concluding
Union No. 25, I. P. and A. U. of N. A., and in accordance therewith and an early contract that we expect and hope will be satisfactory for all conagreeable to the proposal of representatives of the Newspaper Publishers' cerned."
Association in New York City, that we select practical men who have some
Your interests are at stake and in jeopardy and I am urging you to report
understanding of the newspaper and printing business, I have the honor to to your post immediately for work.
offer for the board of arbitration to consist of three persons, the following
Fraternally,
gentlemen:
(Signed) GEORGE L. BERRY, President.
"First—Mr. Charles Francis, President of the Printers' League of AmerOn the same date David Simons, President of Web Pressica (a commercial employing printers' association) and President and owner
of the Francis Press, one of the largest printing concerns in New York men's Union No. 25, issued a statement as follows:
For the past 18 months we have been working under an award known
City, who is a man thoroughly and intimately familiar with not only the
principle of collective bargaining, but in harmony with the processes of as the Judge Manton award, which decreased our earning capacity 35%.
mediation, conciliation and arbitration as between employer and organiza- It imposed more hours of employment on pressmen than on any of the other
mechanical trades in the newspaper industry. It has made conditions untions and employee organizations.
"Second—Mr. William Leech, of the Seaman Paper Company, now en- bearable. The death rate of our union has increased 50%•
The award expired Sept. 1, but we continued to negotiate with the owners
gaged in manufacturing, formerly a newspaper publisher, being business
manager of newspapers in New York, Cleveland, Chicago and San Fran- and tried to make a new contract. After a dozen meetings between our
cisco. Mr. Leech is thoroughly familiar with all of the intimate details of local committee and the committee of publishers, we found it impossible to
newspaper work, having been engaged directly and indirectly in it for more agree on any one point or to make a new contract.
The board of directors of the International Union appointed a committee
than thirty years, and having handled during that period many negotiations as between publishers and unions, having always been an employer to negotiate with the publishers and it, too, after a dozen meetings,found it
and now being an employer of labor, but committed as are the parties to Impossible to come to an agreement. The union, unable to stand the conditions any longer, decided in a regular meeting held last night, from 8:30
this proposed arbitration to the principle of collective bargaining.
"Third—Mr. Peter J. Brady, a photo engraver, but at the present time to midnight, at Beethoven Hall, with one dissenting vote, to refuse to work
President of the Federated Bank of New York City—a bank organized by any longer under the present conditions and quit.
him with capital and surplus stock of more than $3,000.000—who has been
William E. Boerner, Vice-President of the New York
an employee but now is an employer in the sense as referred to in the presNewspaper
Pressmen, Local No. 25, likewise issued the folidency of the bank, and has engaged in numerous negotiations as between
employer and employee, thoroughly familiar with the details of the news- lowing statement concerning the strike on Sept. 18:
The strike Is and will continue 100% effective until an agreement, satispaper business and committed to the principle of collective bargaining
factory to the pressmen and the publishers, shall have been worked out.
arrived at either by mediation, conciliation or arbitration.
"The undersigned has not, directly or indirectly, or through agency of The members feel that conditions, against which their strike is a protest,
any nature, either spoken to or proposed to any one of the three persons were unbearable, and unreasonable, that these conditions were such as to
suggested as to the possibility of their being selected to the position of the endanger the health of those working under them.
Longer hours and the Irregularity of working shifts, and the decrease in
board of arbitration herein referred to. I am confident, however, of the
fairmIndedness of the three names proposed, two of them having at all the working crews, have had a reflection in the health records of our union.
times been employers and are engaged in business, one of them having been The men feel that a thoughtful examination of their complaints can only
an employee, but now the President of a bank, and all of whom are familiar result in a fair:agreement, and one satisfactory to both sides.
1302
THE CHRONICLE
Bradford Merrill of the "New York American" issued the
following statement on behalf of the New York newspaper
owners, following a meeting in the Waldorf-Astoria Hotel
on Sept. 18:
The pressmen's strike was ordered, according to a statement issued by
George L. Berry, President of the International Printing Pressmen's and
Assistants' Union, at a meeting of less than 400 merqbers of the union out
of more than 2,000.
President Berry officially stated that the action of the New York union
is in violation of international law. No sanction of such action was requested by Web Pressmen's Union No.25 of New York City, nor given by
the board of directors of the International. In addition, the strike action is
In violation of a resolution passed by New York Union No. 25. giving the
board of directors of the International Union authority to determine points
to be submitted to arbitration.
The negotiations between the newspaper publishers involved in the controversy and President Berry and his international board of directors of
the terms of a new contract were progressing favorably. The union and
the publishers concerned agreed only last week on important amendments
of the working hours in favor of the men. On learning of this amendment,
President Berry wrote to the publishers Sept. 11:
"1 am delighted to learn of this final adjustment, which is a compliment
to both the representatives of the publishers and the International Union,
and an endorsement of the process of conciliation."
President Berry asked for another meeting with the owners of the New
York newspapers concerned to take up other details of the contract. The
owners concerned immediately agreed to this suggestion, and they were
awaiting Mr. Berry's return to the city on Monday to hold the conference,
when on that night the local union, without further notice to the publishers
or to President Berry, to whom they had committed the entire charge of
their negotiations, struck.
This strike is the first strike of any of the printing and publishing unions
employed by the newspapers in more than 30 years. Contracts have always been settled amicably by negotiation and conciliation or by arbitration.
President Berry gave official notice to the local union yesterday that the
strike of the New York union is illegal, because taken without the sanction
or the approval of the board of directors of the International Printing Pressmen's Union, as their constitution requires.
The situation on the 20th inst. was reported as follows in
the New York "Times" of yesterday (Sept. 21):
Mr. Berry's Statement.
Mr. Berry dictated the following statement:
"The only thing in the world that my board members and I did to-day
was to consider the preparation of an International Union contract with the
newspaper owners under which the International Union would accept responsibility of the conduct of the pressrooms.
"I have recommended that we do that and the board of directors approved
the recommendation. We undertook to prepare an agreement, not complete in form, but at least an agreement, to cover some of the points that
were discussed with the publishers prior to and since the illegal strike of the
members of Local 25. The proposed contract has gone to the stenographer
and Mr. White will take it to the owners. This is in line with my previous
statements that we would continue negotiating with the newspaper publishers, notwithstanding the strike of the local union."
"Did you revoke the local charter?" Mr. Berry was asked.
"It is automatically suspended. The law of the International Union did
that the moment they struck."
Askedvrhatfurther action he would take toward revocation of the charter
of the local union, Mr. Berry replied:
"That will come later."
"Will you start a new local union?"
[VOL. 117.
"I am in very much of a quandary about that. It is not necessary for us
to do that. It is a subject we have not decided upon as yet. The subject
of a new charter is one that will not be decided until the publishers act."
"Are the strikers now considered non-union men?"
"No, that would be a mistake. The men are not in good standing in
their affiliation with the International Union.
International Cards.
"If the publishers and the International Union should execute a contract
whereby we would accept certain responsibilities in consideration thereof,
then we would issue International Union cards and it would be our job to
fill the places and grant the men working cards.
"The reason for the presence of the representatives of the local unions
here was because of the formal statement issued last night by the publishers,
which was an answer to the representatives of the pressmen now on strike.
They were called here and that statement was read to them and they were
advised definitely and frankly that we were considering executing an International contract with the publishers."
Mr. Berry was asked if the signing of such a contract would give the
International Union the right to bring pressmen in from other cities. He
said he had already wired to local unions of web pressmen inviting them to
come to New York. "It always follows," he added, "that there is a reluctance to come if no contractual relations exist. Maybe this will be removed by the establishment of contractual relations."
"If the contract is signed does it mean the end of the strike?"
"If it is signed. lam in hopes that the great majority of the men on strike
will appreciate the fact that we meant what we said when we told them to
return to work. If they are willing to subscribe to certain guarantees, we
will not throw them into the river and they will go back to work."
The meeting of the pressmen at Beethoven Hall lasted two hours. After
It was over Mr. Simons said to reporters: "We made a report. That was
all that happened. Mr. Berry is negotiating uith the publishers. We reported only shat transpired at last night's session between Mr. Berry and
the publishers."
"Did you discuss the subject of the.proposed international contract?" he
was asked.
"The matter of the international contract did not come up," he replied.
From other sources it was learned that Mr. Simons told the pressmen
not to worry if their charter was revoked. "We would take a Chinaman's
ticket if we got what we wanted," he is reported to have said. The pressmen were told that nothing would be done by Mr. Berry or anyone else
without their sanction and that they would have to ratify every step.
"Don't worry what happens to your cards," was another admonition the
men received. It was also intimated to the men that if the charter were
withdrawn and another union instituted they need not be concerned.
The Publishers' Attitude.
The attitude of the newspaper owners and publishers toward the striking
pressmen upon which yesterday's developments centred was expressed in a
statement issued by them at 12:30 o'clock yesterday morning and printed
In late editions of the "Times" and the other combined newspapers. This
statement, which was made in answer to two proposals for a settlement
presented by Mr. Berry on behalf of the local union, was as follows:
"In answer to all proposals made to us to-day, the following statement
expresses the unanimous attitude of the newspaper owners of New York
City:
"The local union has precipitated the strike, which you have declared to
be illegal. You have assured us since the local union has precipitated such
a strike that you would outlaw the local union and give a charter to another
union. We will not deal further with this defiant union. We await your
promised action torevoke the charter ofthis defiantlocal union and to charter
a legal union. Pending your action, we will continue to print our newspapers as we are now doing independently of the present local organization.
"We will arbitrate all questions with the International Union or with
any legal local union created by the International Union, as we have heretofore agreed to arbitrate."
Current Events and Discussions
The Week With the Federal Reserve Banks.
Decreases of $67,100,000 in holdings of discounted bills,
of $8,300,000 in acceptances purchased in open market, and
of $7,200,000 in U. S. securities, are shown in the Federal
Reserve Board's weekly consolidated bank statement issued
as at close of business on Sept. 19 1923, and which deals with
the results for the twelve Federal Reserve banks combined.
These changes in earning assets were accompanied with an
increase of $12,100,000 in cash reserves and with decreases
of $48,600,000 in deposit liabilities and of $7,800,000 in
Federal Reserve note circulation. The reserve ratio rose
from 75.9 to 77.2%. After noting these facts the Federal
Reserve Board proceeds as follows:
The statement in full in comparison with preceding weeks
and with the coresponding date last year will be found on
subsequent pages, namely pages 1326 and 1327. 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. 13 1923. Sept. 20 1922.
Total reserves
+812,100.000 +89,900,000
Gold reserves
+11,300.000 +60.100,000
Total earning assets
—82,400,000 —45,000,000
Discounted bills, total
—67.100.000 +350,300,000
Secured by U.S. Government obligations —64.400,000 +191,600,000
Other bills discounted
—2,700,000 +158,700.000
Purchased bills
—8,300,000 —49,200,000
Decreases in holdings of discounted bills by $67,000.000, $13,000.000. United States securities, total
—7,300,000 —346,400,000
$10,600,000 and $8,800,000. respectively, are reported by the Federal
Bonds and notes
—10.100.000 —128,900,000
Reserve banks of New York, Boston, Cleveland and San Francisco, as
S
d.
ep
co
ert
sitis
ficates of indebtedness
+2,800,000
U
compared with increases of $9,700,000. $9,200,000 and $8,600,000 shown
—48,600.000 —217,50Total +34,100.000
for St. Louis, Chicago and Atlanta. Relatively smaller changes in holdings
Members' reserve deposits
—47,800.000 +50,000,000
of discounted bills are shown for the five remaining banks. Paper secured
Government deposits
--1,600,000 --19.000,000
by U. S. Government obligations declined by $64,400,000 during the week,
Other deposits
+800,000 +3.1000,000
the total holdings on Sept. 19 being $324,600,000. Of this amount. Federal Reserve notes in circulation
—7,800,000 +36,000.000
$215,300,000 was secured by U. S. bonds, $95,000,000 by Treasury notes F. It. Bank notes in circulation—net liability_
--46,300,000
and $14.300.000 by certificates of indebtedness.
Federal Reserve note circulation declined by $7,800,000, the larger reductions, of $7,500.000 and $3,800,000, being reported by the Cleveland The Week with the Member Banks of the Federal
and New York banks. The Dallas Bank shows an increase of $4,200,000
Reserve System.
in Federal Reserve note circulation and Richmond an increase of$2,000,000.
Further increases of $70,000,000 in loans and discounts
Of the remaining banks four report increases aggregating $2,500,000 and
and of $119,000,000 in net demand deposits, partly in
four show decreases aggregating 85,200.000.
Further increases of $11.300,000 are shown in gold reserves, of $800,000 anticipation of the
payment of income and profits taxes
in reserves other than gold, and $7,200,000 in non-reserve cash. Shifting
of gold through the Settlement Fund accounts largely for the increases of due on Sept. 15, are shown in the Federal Reserve Board's
$54,100,000, $8,700.000 and $8,300,000. respectively, in the gold reserves weekly consolidated statement of condition on Sept. 12 of
of the New York. Dallas and Boston Reserve banks. The banks at Chi- 770
member banks in leading cities. It should be noted
cago, St. Louis, Cleveland. Atlanta and Kansas City report decreases of
$17,400,000. 814.400,000, 88,300.000, $8,100.000 and $6,700,000 in their that the figures for these member banks are always a week
gold reserves.
behind those for the Reserve banks themselves. Loans and
SEPT. 22 1923.]
THE CHRONICLE
discounts secured by Government obligations and by corporate bonds and stocks show only nominal changes; while
other, largely commercial, loans increased by $68,000,000
for the week. Total investments of all reporting banks
declined by $5,000,000, the larger decline of $12,000,000 in
U. S. Treasury notes being partly offset by an increase of
$7,000,000 in corporate securities.
The principal changes in loans and discounts during the
week occurred in the New York, Boston and San Francisco
districts, for which increases of $18,000,000, $11,000,000,
and $11,000,000, respectively, are shown. An increase of
$25,000,000 in all other loans shown for the New York City
banks was offset in part by a decrease of $14,000,000 in
loans secured by corporate stocks and bonds. New York
City banks report also a decrease of $6;000,000 in their
holdings of Treasury notes, a decrease of $3,000,000 in holdings of corporate stocks and bonds, and an increase of
$1,000,000 in holdings of Liberty bonds. Further comment
regarding the changes shown by these member banks is as
follows:
1303
debt of $4,600,000,000 refunded under agreement of February last. Great
Britain thus made the final payment on the silver debt ahead of time.
According to an agreement with the Treasury Department, the semi-annual
schedule of principal and interest payments were to have extended into
1924. The original obligation totaled $122,017,633.
It is interesting to note that a privilege embodied in the aforesaid agreement between the British and the United States Governments has never been
exercised. In order to afford Americans opportunity to acquire rupee credits
at the same cost as to British nationals, the British Government was to
permit the United States Treasury, through the New York Federal Reserve
Bank, to sell rupee credits offered by the Indian Government. No sales
have ever been effected of rupee credits under this arrangement, for the
reason that the rate of exchange for rupees wasfixed at 48 2-3 cents, whereas
the rupee rate has been considerably below that price in the market. It is
now 30%. Dollars paid for the rupee credits were to have been used by
the British Treasury on account of principal of the debt.
Australians Like Short Loans—Failure of Conversion
Issue Attributed to Long Term—New Loan on
Five-Year Basis.
Subscriptions to the new Australian Commonwealth conversion loan of £38,000,000, issued at par, bearing 5% interest and maturing in 25 years, for conversion of the war
loan stock maturing in September, 1923, fell short of the
amount raquired by £21,500,000, according to a report to
the Department of Commerce from Trade Commissioner
J. W. Sanger. The Government has therefore issued a further conversion loan on altered terms. The. Department's
announcement of Sept. 15 continues:
Net demand deposits increased $119,000,000 at all reporting banks,
the principal increases, amounting to $35.000,000„ $24,000,000. $20,000,000, and $14,000,000, respectively, being shown for banks in the
New York, Chicago, San Francisco, and Boston districts. Time deposits
of all reporting banks decreased $6,000.000 during the week, and Government deposits $11,000,000. Of the total decrease in Government deposits,
$3,000,000 was reported by member banks in New York City.
Reserve balances of all reporting banks increased by $12,000,000, and
The new loan is to be issued at 98, bearing 5% interest, and maturing in
cash in vault by $6,000,000. For member banks in New York City,
The interest is to be subject to Commonwealth but not to
Increases of $5,000,000 in reserve balances and of $2,000,000 in cash on five years.
State income tax. Holders of the unconverted balance of the original loan,
hand are noted.
may convert into the new loan. Holders of 4%
Borrowings of all reporting institutions from the Federal Reserve banks maturing in September,
loan may convert into the new issue, provided they put up an
show practically no change for the week. An increase of $12,000,000 tax-free 1925
new
The net return to the investor will be 5%%.
of
money.
amount
Is reported in the borrowings of banks in the Cleveland District, and equal
The reason assigned by financiers to the failure of the April conversion
decreases of $8.000.000 and $6,000,000, respectively, are shown for banks
of term-25 years—which is not attractive to the AusIn the Chicago and New York districts. Member banks in other districts loan was the length
small investor who has become accustomed
report only nominal changes in their borrowings from Federal Reserve tralian investor, especially the
to short-term war loans.
banks.
On a subsequent page—that is, on page 1327—we give the
figures in full contained in this latest weekly return of the New Gold Note Proposals of German Government—
Severance of Reichsbank from State Finance.
member banks of the Reserve System. In the following is
furnished a summary of the changes in the principal items
The German Government's proposals, embodied in a bill
as compared with a week and a year ago:
which the Ministry of Finance announced as completed on
Increase (+) or Decrease (—)
Sept. 18, calling for the severance of the Reichsbank from
Since
State finance, will, it is stated, place that institution in a
Sept. 13 1922.
Sept. 5 1923.
Loans and discounts, total
+$70,000.000
+$945,000,000 position to perform the functions of a gold note bank. Dur—32,000,000
Secured by U. S. Govt. obligations- -+3.000.000
the transition period, and until the State budget is balSecured by stocks and bonds
—1.000.000
+132,000,000 ing
An other
+845,000,000 anced, a new bank will be created, issuing notes guaranteed
+68,000,000
Investments,total
—5,000,000
+28,000.000 by a gold guarantee furnished by agriculture, industry;
U. S. bonds
+39.000.000
the banks. These notes, the Associated
Treasury notes
—12.000.000
+179,000.000 commerce and
—95.000,000 Press explained in cablegrams Sept. 18, will be legal tender,
Treasury certificates
Other stocks and bonds
—95,000,000
+7,000,000
and paper marks will be small change for the new notes at
+12,000.000
Reserve balances with F. R. banks
+17,000,000
of exchange. The new bank will be allowed to
+6,000,000
Cash in vault
+1,000.000 a fixed rate
—59.000,000 issue notes sufficient only to cover State expenditures,.which
—11,000,000
Government deposits
—62.000,000
Net demand deposits
+119.000,000
be restricted to the utmost. Still further details of the
+439.000,000 will
—6,000.000
Time deposits
are set out as follows in a wireless message (copyproposals
Total accommodation at F. R. banks_
+436,000,000
right) to the New York "Times" from Berlin Sept. 18:
James Speyer
After Visit to Europe
Sees
No Real
Peace
in Europe.
James Speyer, of Speyer & Co., who returned on the
Majestic on Sept. 18 from a two and a half months' trip to
Europe, during which time he 'visited England, Germany
and France, said:
There Is nothing new that I can say, but Americans, in considering
'business prospects, should not forget that, although the war was won,
there is still no real peace on the European Continent. There is no disarmament, outside of defeated Germany and dismembered Austria, and
force still rules. Some politicians are keeping alive, and are still using the
extreme nationalistic feelings and prejudices aroused and stimulated during
the war period, and profiting thereby.
I am glad to get back home to New York. It is a great privilege to be
an American citizen, and to live in the United States, where people do not
envy or hate any other nation, and have no cause to be afraid of any.
Great Britain Pays $30,500,000 to United States Account of Silver Purchases.
Secretary of the Treasury Mellon announced on Sept. 15
that the British Government had repaid to the United States
$30,500,000 on account of principal, together with the
accrued interest, on its obligations to the United States
deemed to have been given on account of purchases of silver
during the war. This, it is stated, concludes repayment to
the United States of principal and interest for silver sold
pursuant to the provisions of the Pittman Act. This indebtedness was specifically excepted from the funding of the
war debt of Great Britain to the United States.
The "Wall Street Journal" in its issue of Sept. 17 made
the following reference to the matter:
Payment by Great Britain to the United States of over $30,000,000 on
advances made on silver under the Pittman Act entirely wipes out this loan
and leaves plain sailing for the British Government in taking care of its
The Radical Socialist Finance Minister, Herr Hilferding, to-day outlined
his grand scheme of ruthless radical finance reform. It is a financial
three-ring circus. If the scheme is enacted into law by the Reichstag and
actually put into operation. Germany will rejoice in three different, yet
synchronous currencies, all legal tender, to wit, paper marks, so called
mark gold notes and "real value notes."
This Austrian-born theoretical financial genius, Herr Hilferding, has
hatched out the most ingenious and complicated interlocking finance
rehabilitation scheme of modern times, making Soviet Russia's manipulations look like naive kindergarten efforts.
Analyzed to the bone the scheme is as follows:
First, the Reichsbank is to be entirely dissociated from German State
finances, no longer permitted to discount German Treasury notes, no longer
permitted to issue the present styles in uncovered paper marks practically
denuded of gold. In other words, the Reichsbank is to be converted into
a really autonomous gold note issuing bank.
Secondly, the Reichsbank is to isque only gold notes. the gold coverage
fifty per cent
to be even higher than the original legal one-third. Forty to
gold coverage is
of gold coverage is talked of though not yet fixed. The
holdings, the Reichsto consist of the Reichsbank's remnant of gold reserve
bank's holdings of foreign exchange, foreign bank notes, securities, if any,
discounted. The
paper
and further gilt-edged so-called gold commercial
Federal
Idea of coverage is modeled along the broad lines of the American
Reserve banking system.
Thirdly, the State will continue to need money urgently for a number of
vast sums
months until the equilibrium is restored in the budget. Chiefly
employees and workers.
are needed to pay Government officials, State
go to the
But under the new Hilferding scheme the State can no longer
Reichsbank to get unlimited quantities of paper marks against Treasury
notes. This is strictly verboten. Therefore, a brand new bank is to be
created as a temporary transition measure. This new issue bank is to issue
"sachwertnoten," alias "new mark notes," alias real value notes. based on
concrete values. These new mark notes are to be legal tender. These new
mark notes are to be issued in quantities to meet the demands of the State.
the estimated total of the issue being 1,000,000,000 gold marks. An attempt will be made to pass them off as gold marks.
The new mark or real value mark currency is to be secured by a blanket
levy on all wealth, agricultural, industrial, business, banking, shipping
and individual, amounting to probably 5%. which is deemed sufficient, this
to be assessed on the basis of pre-war Wehrbeitag, being the Kaiser's prewar capital levy for national defense.
A separate special assessment is designed to catch the parvenus and war
and post-war profiteers.
1304
THE CHRONICLE
Fourthly, the present paper marks will serve as fractional currency redeemable on demand in new mark notes.
This scheme has one immediately apparent merit. It is a drastic and
ruthless innovation and represents a sincere attempt at a major operation
on the present paper mark inflation. In time it is hoped the present paper
marks, which are to serve as fractional currency, possibly with six zeros
lopped off, will be absorbable by the new mark or real value mark and the
curious hybrid in turn by the new gold marks to be issued by idealistic
converted autonomous Reichsbank. When sanity returns, the budget is
balanceable and rehabilitation comes.
The Streseman Government has not decided quite yet whether this radical
reform program can be put over on the German people by the way
of a
simple pseudo-dictatorial ordinance, or whether it must be enacted into law
by the Reichstag. Probably the latter course will be chosen, which puts
Its materialization off for at least two week.
All taxes and imposts must be paid in the new marks or
real mark currency or in gold or gold equivalent. Import dutes will
be increased all
along the line from 50 to 100%. Ruthless cutting
down of State employees is foreshadowed.
It was also stated in advices to the "Times" (copyright)
from Berlin, Sept. 16:
It is not believed that the Reichsbank will surrender any of its
existing
gold reserve for the purpose of securing the proposed new
currency. The
Government is trying to accumulate the necessary gold fund by expropriating precious metals and checks, bills or stocks and shares payable
in foreign
currencies.
With this aim the Cabinet has suspended Article 153
of the Constitution,
which guarantees the inviolability of property. It
has also appointed a
currency dictator with power to carry on the work
of expropriation. The
estimated amount of foreign currency which could be
thus seized is 360,000,000 gold marks, but probably this is a pure guess.
Expropriated citizens
will be compensated in allotments of the Federal
gold loan.
The public has received the expropriation decree
sullenly, largely because
it distrusts the whole plan for a gold loan.
Just now the general belief is
that nobody will hand over his exchange If he can
avoid it.
Germany Cancels Prohibitions against
Exports.
According to press advices from Berlin, Sept. 19, a decree
has been issued canceling from Sept. 27 existing prohibitions
against exports. It is stated:
The decree, however, specifies certain
commodities, chiefly foodstuffs,
raw materials, and unfinished wares, the
exportation of which still will be
subject to permits.
A municipal tax on alcohol is to be
imposed in Berlin by which the city
authorities hope to realize approximatel
y three trillion paper marks annually.
The city tax is in addition to the
increased State levy on beers, wines
and liquors.
German Marks 250,000,000 to $1—Banks Removing
Mark from Foreign Exchange Lists.
The extent to which the value of the German mark is
declining is witnessed in the interval from Sept. 13 to the
18th, when the number to the dollar increased from 100,000,000 to 250,000,000. Overnight, said the New York
"Commercial" of the 19th, there was a loss of 50,000,000,
street peddlers selling 20,000 for a nickel. In indicating
that the banks in this city were eliminating the mark from
their foreign exchange quotations, the New York "Times"
of Sept. 14 said:
The German mark, which ten years ago was competing
with the British
pound sterling for leadership as the world standard in
international currency
exchange, has sunk to so low a level that its value
can no longer be computed, and American banks arc now beginning to
strike the mark off their
lists of foreign exchanges.
The first of the major banks of Wall Street
to scratch the mark off its
foreign exchange lists was the National City
Bank, which yesterday abandoned all effort to adjust its figures on
foreign bills to the rapidly shrinking
paper mark. The further break In the
last week marked the end of this
bank's effort to continue the mathematical
record offoreign exchange dealings contained toboggan, and yesterday its
no trace of mark transactions.
In seven days the mark had declined from
approximately 42,000,000 to
the dollar to an extreme low figure of
145,000,000.
Other large American banks, it became known
a similar step, and action by them is expected yesterday, are considering
at any time. Insurance
companies discontinued dealings in marks several
months ago,
The record of the German mark shows a recession
from its par value of
Tour and a quarter marks to the dollar in 1913 to 1,500
a year ago yesterday.
Since then the mark has gone down rapidly and
yesterday's closing quotation was nearly 100.000,000 marks to the dollar, a
figure that represented
a sharp rally from the preceding day's close.
The National City Bank did not formally announce its action
yesterday.
but the absence of a quotation on marks in its daily
record of foreign
exchanges indicates that such action had been taken. Inquiry at the bank
then revealed that the foreign exchange department had
received instructions to discontinue all dealings in the German currency. Demand for
marks has died to practically nothing in the last few weeks, save for the
nominal amount purchased for tourist requirements. For three weeks
there has been no sizable purchase here or abroad, according to the foreign
exchange dealers, and even speculators have left the debased currency
to itself.
Until six months ago there had been fairly steady buying of marks, both
for commercial and private accounts. Speculators, composed of many
thousands of persons with moderate savings, purchased the mark from a
date following soon after the armistice. Many transactions of this kind
were made at or around the 7-cent figure, and when the mark got down to
1.000 for Si there was another inrush of orders for the speculative accounts
of amateur "investors." The total cost to Americans of this venture in
foreign exchange speculation was large. One of the reported sellers of marks
was the German Government, but this could not be confirmed.
Switzerland Stock
Exchange Drops
German Mark
from List.
A Berne press cablegram, Sept. 13, said:
The German mark has fallen to 1,000.000 for the Swiss sou (about
1 cent). Consequently the Basle Stock Exchange has decided to strike the
paper mark off its official list as practically valueless.
[VOL. 117.
Provincial Banks Aid German Government.
From the "Journal of Commerce" of Sept. 19 we quote
the following special radio advices from Frankfort-on-theMain:
The German Government, it became known here to-day, has received
from provincial banks advances aggregating 20,000 gold marks in foreign
exchange.
Russian Soviet Government Decides to Withhold
Active Assistance to German Communists.
The Associated Press announced the following advices
from Moscow Sept. 19:
Speeches made by Soviet Government and Communistic International
leaders in Moscow recently have touched upon the question of to what
extent Russia and the proletarian revolution would be endangered by an
adjustment of Franco-German affairs.
While acutely aware of the adverse possibilities, from the Russian viewpoint, ofsuch an adjustment or the crushing of any revolutionary movement
in Germany, nevertheless the principal leaders of the Soviet Government
are declared on unofficial but presumably reliable authority to
hold the
view that the internal reconstruction of Russia is more important at
the
present time than any risky advantages to be gained through active assistance to the German proletariat, should it arise. At the same time
the
Soviet would stand ready to repulse any active attacks.
While some of the Communist International members consider any time
ripe for a revolution, the efforts of others are devoted to what they consider
the more farsighted policy of reconstructing Russia before risking the
danger of bringing their chances for the future prematurely to an end.
While no official policy has yet been outlined, the Soviet Government's
attitude, so far as can be ascertained, seems to aim at calming the firebrands who would plunge Russia into a new war, but nevertheless to keep
prepared militarily and economically for eventualities. Karl Radek,
sneaking to the army cadet graduates, said:
"We know we are still surrounded by the capitalists, but at the same
time we know the world revolution has not yet passed by. and although it
might appear that the lights of 1919 are being extinguished, other stormy
events are in preparation. Germany now stands at the brink of capitulation. In Germany in October revolution is in preparation. If it is suppressed a wave of capitalistic armies will immediately swarm upon us."
Foreign Minister Tchitcherin, speaking at the Moscow Exhibition, said:
"We must be on the watch and look sharply with open eyes at what world
reaction and the extreme reaction in Germany are going—what their
general intentions and intrigues may be."
Inter-Allied Authorities Seize 1,700,000,000,000 Marks.
Coblenz advices Sept. 18, published in the New York
"Times" said:
German currency to the amount of 1,000,000.000,000 marks was seized
last evening at Essen by the Inter-Allied authorities. At Recklinghausen
and Dortmund a total of 700,000,000,000 marks was seized.
Strike in Baden, Germany, Declared and Called Off
Present Week.
A general strike in .several districts of Baden, Germany,
which started early in the week, was declared off by the
leaders of the striking workmen on Sept. 20. Regarding
the strike, the Berlin cablegrams of Sept. 19 (Associated
Press) said:
The Government of Baden has proclaimed a state of emergency In
consequence of a general strike which has broken out at Freiburg and in
the neighboring districts, owing to the workers' dissatisfaction over low
wages. The railways have suspended service and the newspapers are
not publishing.
The Government had forbidden meetings, and a curfew law has been
Put into effect, clearing the streets at 10 p. m.
Relative Stability of the Swiss Franc.
Swiss exchange has never, since the outbreak of war, says
the Swiss Bank Corporation in its monthly "Bulletin," just
received, fallen more than 20% below gold parity, a proportion which is by no means large in a period of such economic
upheaval, and then proceeds as follows:
This stability was due to the absence of any appreciable degree of inflation and to the fact that the trade balance was not upset to the extent experienced by other nations.
The note circulation reached its maximum, I. e., about 3 times the prewar total, by the end of 1919, and is now about three times larger than in
1913. This increased supply of currency is not integrally absorbed in the
country itself. Foreign countries seem to have hoarded large amounts of
Swiss notes, but the increase of prices was principally responsible for the
balance of this increase in the volume of the currency. Such inflation as
exists was brought about by the discounting by the Swiss National Bank
of Treasury bills designed to provide funds for mobilization expenses and
Other urgent needs of the Government. It must be noted that only very
moderate use was made of this means of financing the Exchequer.
On the other hand, it is not to be overlooked that the metallic covering
increased in greater proportion than the note Issue. The "Bulletin"
goes
on to show by comparing the rate of the dollar exchange
With the amount
of the note circulation and cover that neither of the last-named factors had
any effect on the exchange.
It was, during and after the war, the balance of payments which principally influenced the value of the Swiss franc. Any variation of trade returns reacted immediately on the exchange. This was illustrated in 1920,
when the,deficit of exports amounted to over 950 millions and the dollar
exchange rose at the same time to 6.60 as compared with a par value of
5.18. At the same time it must be noted that from 1914 to 1922 the average deficit of exports was reduced to 250 million francs, as compared with
a previous average of 500 millions.
Before the war a large amount of the Federal,cantonal and even municipal
securities was held by foreigners, principally by the French. while Swiss
savings were often invested abroad. It is impossible to obtain statistics
of these investments but the revenue from them certainly left an appreciable balance in Switzerland's favor, which largely compensated for the deficit
SEPT. 22 1923.]
1305
THE CHRONICLE
on the trade balance, while the contribution made by tourists to the balance
of payments seems to have been greatly exaggerated. As a result of the
war the revenue from capital invested abroad has, according to the "Bulletin," considerably diminished.
This loss would seem to have been compensated by the import of capital
to Switzerland by investors attracted by the settled economic and financial
situation in the country.
After the spring of 1922 the Swiss exchange began to depreciate, and this
caused a certain uneasiness all round. The "Bulletin" studies various possibilities and comes to the conclusion that the fall was due to the outflow of
capital from the country. The Socialist initiative for a capital levy caused
large amounts to be exported and in spite of the decisive defeat of the motion, this capital does not appear to have returned again to Switzerland.
One of the contributing causes was the all-round reduction in rates of interest. During 1922 the Confederation issued a 4% loan and the National
Bank's discount rate was reduced from 4% to 3H% and eventually to 3%,
and, with the private rate in the vicinity of 1%,the banks were compelled
to turn abroad to find remunerative employment for their funds.
This view is confirmed by the ease with which the position was restored
In July with the help of an increase of the bank rate to 4% and a small loan
In the U. S. A.
The conclusion reached is that the Swiss currency system is sound,
although the paper money is inconvertible, and that it is the element of
confidence which will be the most important factor in determining the future. It should not exceed the power of the National Bank to regulate these
fluctuations. Its policy should be to strengthen its holdings of foreign exchanges at times when the Swiss rate tends to depreciate and to sell when the
tide turns again. It will also be the business of the Bank to attract and keep
at home by its discount policy a large part of the liquid funds of the market
which might otherwise find their way abroad.
alert and careful. Welshall not permit ourselves to be snared by decoys.
pee
Forewarned is forearmed."
114There was a report in Paris to-night that following M.Poincare's speech
Paris had received a new reparations otter from Germany and that M.Poincare was replying. However, it is denied at the Quai d'Orsay.that any
official communication has been received from Germany, it being added
that none would be received before the end of passive resistance.
From the same account we take the following relative to
Premier Poincare's speech at Dun-sur-Meuse:
In his speech at Dun, the former headquarters of the German Crown
Prince, M. Poincare, as usual, reviewed the suffering of the city under the
weight of the German invasion, and added:
"In peace time, too, the German eagle has not yet completely corrected
its war-time habit and often its screechings have no other object than to
camouflage its hard luck."
M. Poincare reviewed the days of November, 1918, when the Americans
freed Dun from the Germans.
"When peace was signed," he went on, "the Allies promised one another
and Germany swore that these crimes would not remain unpunished and
that all damages caused by the invasion to persons and property would be
made good. The damage was carefully enumerated, and into the list was
written not only the destruction of homes and factories, not only pensions
to soldiers and their families, but loss of salaries as well.
-To-day for some people all this is a dead letter. Because the Germans
repudiated their engagements and because we have seen fit not to permit
them to be forgotten, some people shower us with criticisms and curses.
Why not give up our foolish claims? Why claim the fulfillment of realities?
Why not allow our claims to be revised by nations who took no part in the
war or by financiers in a hurry to resume profitable deals? Because we
do not accept this or that combination and let Germany off her debts we
are considered trouble-makers and we are reproached with our demands.
"All Germany did to ruin France is forgotten. That is past. and in these
Premier Poincare of France Rejects Germany's Rhine
giddy times the past no longer counts. All Germany did to dodge her
Germany
ays
Guarantee Proposals—S
obligations is forgotten, too. That lice in the past. Let us accept without
Is at Crossroads.
bad humor all these little innustices. But in the measure we believe that
must trust our friends and not ourselves to protect our interests, in that
While the deadlock continues between France and Ger- we
measure we shall be wrong.
Ruhr
the
of
and
the
settlement
of
question
the
"Our rights, contained in treaties signed by our allies, lie neither in neumany on
experts, nor in an international trusteereparations issues, reports that the German Government is tral commissions nor in international
ship, nor in the League of Nations itself. The Treaty of Versailles gave the
prepared to offer France cash payment as a basis for new task of fixing the German debt conditions and its payment to a special comreparations have come from Berlin during the past few mission called the Reparation Commission, whew, powers Germany recogIf it is planned to take that duty away from the Reparations Comdays. The accounts regarding this are further referred nized. it
is doubtless because it is net believed that the Commission will
mission
of
stand
The
issue.
France
this
in
item
another
to in
make new concessions. But these new concessions would be contrary to
was
indicated the engagements given us, and that is why we do not agree. We hold guarrespecting the recent proposals of Germany
Poincare on Sept. 16 in speeches at Dun-Sur- antees and we shall keep them until we receive satisfaction."
by Premier
Meuse and Brieulles, which were outlined in Associated
Press advices from the latter city as follows:
M. Poincare rejected the proposed Rhine guarantee on the ground that
the Versailles Treaty laid down the principle that all members of the League
of Nations should mutually respect their territories: so, when Germany,
after fulfilling her obligations, entered the League, she and France would
give mutual guarantees against aggression. Ho recalled the objections he
made to Mr. Lloyd George against the former British Premier's proposed
pact, that it be limited to the Rhine and in duration and not accompanied
by any military security, so that a similar proposal from Germany must
meet with the same reply.
"A guarantee pact, whoever Its signatories," continued the Premier,
"could be of no practical alue to us unless it assured us of speedy and
effective military aid."
His speech gave little encouragement to the promoters of mutual guarantees at Geneva. Nothing would do more to encourage Germany to seek
revenge than immunity from the payment of reparations, he said. Germany for months had completely paralyzed Inter-Allied Military Commission supervision, and could now manufacture guns, aircraft and munitions at home or in other countries, so that she Might reappear helmeted
and armed and ready for revenge.
"Yet to-day," added the Premier, "she is whispering in our ears words
she thinks are alluring and promises from which she expects miracles."
The New York "Times" copyright account of the Brieulles
speech quoted the Premier as follows:
Discusses Safeguards.
In his speech at Brieulles M.Poincare dwelt on security and said nothing
would so encourage the Germans to try another war as not to have to pay
reparations for the last one.
In an address at the unveiling of a war memorial at Damvillers on Sept. 9 Premier Poincare made his promised assurance to Germany that the French Government would do
all it could to encourage an economic accord between France
and Germany as soon as Germany shall have accepted his
reparations terms and have satisfied France that she intends
to carry them out. This was learned from a copyright cablegram from Paris to the New York "Times" which continued:
Will Hold on to Ruhr.
Replying to Chancellor Stresemann's tender of reparation guarantees
other than the Ruhr. M.Poincare replied that a bird in hand was worth two
Damvillers he said:
in the bush. Reviewing the war history of
"It is more than four years after peace was signed and we are still waiting for Germany to pay what she owes us. Not only by her dodging has she
forced us to seize guarantees, but her attitude on our entry into the Ruhr
has been fatal to her own interests.
"Instead of offering us loyally those payments she could make,instead of
reaching an understanding with us as we ask on a measure of regular payments, she has expended enormous sums to organize a resistance which she
thought would soon discourage us, but which we have little by little broken
down and which is now about to fall of its oVrn weight.
"The Germans say they can only cure their financial ills after the Ruhr
fight is ended. That is up to them. They have only to cease throwing
billions of marks into the Ruhr to encourage the workers to remain idle:
they have only to leave the populations free to follow their own inclination,
for the latter want only to work and to reach an agreement with us.
"I understand why the nee' Chancellor now offers us other guarantees
we would
than the Ruhr and the railroads in the occupied regions. But
rather keep what we have than run after something else. The guarantees
of Versailles
he speaks of add nothing to the general mortgage the Treaty
gives us on all properties in the German State. To these theoretic rights.
and we
hand,
in
large as they may be, we prefer the positive surety we have
shall not let it go against general guarantees which may be beautiful on
paper, but whose product may escape us. We are seeking realities and shall
go away only when we are paid.
"If the Reich is able to reconstitute its army and reorganize its military
forces," he said, "it will no fail one day or another to use this instrument.
We should, then, demand the total of our reparations and watch over the
maintenance of our security."
The Premier recalled Allied Commission of Control no longer functioned
and added: "If this continues for several years Germany may again appear
before us, helmeted, armed and ready for revenge."
Turning them to German attacks on the French black troops M.Poincare
said:
"Germany tries to discredit before the world our brave faithful black
troops because she does not want us to be a nation of a hundred millions,
because she flatters herself she will one day dominate us by her numbers.
Meanwhile, trying to soften our spirit with words, she makes alluring
promises from which she predicts miracles."
Referring to the German proposal of a Rhineland peace compact, he said
the Covenant of the League of Nations laid down a general peace =Me-ea
and the day Germany fulfilled her obligations she could become a member
of the League by subscribing to the Covenant. "A special compact for the
The Cart Before the Horse.
Rhine frontiers would add nothing to the text of the Covenant." he said,
and added that it would be dangerous because it would not apply to the
Stresemann says with insistance that close co-operation between
Dr.
the
tie
hands
and
would
Poland
of
and
Prance
frontiers of Czechoslovakia
complementary industries of Germany and France would be an excellent.
If Germany launched out to the south or east.
preface to a settlement of reparations and definite peace. We peasants
It was for this reason, he said, that France refused the guarantee compact
no definite military would tell the German Chancellor he has the cart before the horse.
Mr. Lloyd George offered which moreover contained
Last December Herr Cuno offered me, through his Ambassadors in
commitments. No compact of guarantee not containing definite military
Paris, conversations with the German industrialists for reparations accords
terms was worth much. M. Poincare also revealed that England Joined to
quickly evacuate with the French industrialists, and it is true that, Germany producing
her offer the suggestion that in return for it France should
since 1919 have coal and France iron ore, it will be to the advantage of the industries
Governments
all
that
French
recalled
He
Rhineland.
the
the two countries to get together one day or another. But the Frenchdeclared they considered that the period set for occupation of the Rhineland of
men most interested in these economic conversations understood that
had not yet begun to run.
"we would see ourselves before undertaking them they must allow the Government of the republic
"If such a plan were carried out," he said,
to defend the peace of the to obtain definite results on the reparations problem.
on
are
guard
who
troops
our
withdraw
to
obliged
The question which dominates all of us, that which claims our first
new wars of magworld and German militarism could at its ease prepare
GerWe keep the attention, is the rebuilding of our devastated regions. Once we see
nificence and conquest. That is a game we will not play.
many sincerely resolved to settle it and give us for our security something
guarantees the treaty gave us. Since they are not eternal and since those
possibility
the
shall
we
examine
promises,
prejudice
without
more than
promised us in 1919 have not been furnished, we shall without doubt some
of concluding economic treaties. But let Germany begin by changing
suitable day consider with our Allies other guarantees for the future.
Let her give up equivofinally
showing
faith.
and
good
conduct
her
shall
not
content our"But in this question, as in that of reparations, we
series of offers
painful experience. We shall cation and dodging. Let her decide once for all to make a
selves with shadows. We have learned from
into shape to pay her debts.
get
to
and
be
to
much
now
not
on
too
the
suffered
have
We
not forget our experience.
1306
THE CHRONICLE
- Until now I have not observed that her intentions
have been much
modified. Her tune is changed, and that after all marks progress.
But
her song is nearly always the same. If the German
Government will
read the correspondence between Count de Saint
Vanier and von Manteuffel, it can understand how a nation behaves
when it has the firm
intention to acquit itself.
I Germany is at the cross roads. If she wishes to save herself, there
is still time. If she persists in her methods,
she will bring upon her head
a catastrophe for which we shall not be responsible.
Chancellor Stresemann of Germany Would End Passive
Resistance if Ruhr and Rhineland Sovereignty Is
Restored—Cash Basis as New Reparations
Settlement.
In line with a statement made by Chancellor Stresemann
of Germany on Sept. 13, that passive resistance on the part
of Germany would be terminated if she is accorded free administration of the Ruhr and the restitution of her sovereignty over the Rhineland, together with pledges that
"every one who calls the Ruhr and Rhineland his home will
be freed," London advices Sept. 20 were printed as follows
in the New York "Evening Post":
[VOL. 117.
"These guarantees," asserted the Government leader,
"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 restored to its former rights."
He admitted that passive
resistance did not offer a solution of the Ruhr question.
Proposing an international trusteeship for the administrat
ion of the
proposed nation-wide hypothecation of resources,
the Chancellor said the
proceeds accruing from the mortgages would be paid to
the trustees, who
would include representatives of the reparation
creditors. This body
would then be able to issue bonds, thus making
it possible for France to
receive large sums of money immediately.
"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 we are given assurance that on the basis
of such an
understanding the Ruhr will be evacuated and the Rhineland
will be
accorded its former rights."
Conversations Between Prime Minister Baldwin and
Premier Poincare on Reparations.
Conversations between Prime Minister Stanley Baldwin
of Great Britain and Premier Poincare of France in Paris
this week are said to have led to the -expectation that the
Premiers will agree that France and Great Britain, being in
A Central News dispatch from Berlin says a semi-official announcement full accord on the vital principles
involved with respect to
was made public to-day stating that Germany is ready to negotiate
on repa- the Ruhr and reparations, will find
a way of putting the
rations, but conditionally upon the discharge of all persons imprisoned
by
the French and the return of all those banished from the
settlement of details on a basis which will prevent further
occupied areas.
The wording of the statement is vague, says the corresponde
nt, but it is friction. The conversations between Messrs. Baldwin and
generally interpreted as preparation for the ending of
passive resistance.
Poincare took place on the 19th inst., and a communique
Further reports of the likelihood of the adoption of definite in which
it was stated that "a common agreement of views"
measures on the part of Germany to end the Ruhr contro- had been establishe
d came at the conclusion of the conference.
versy came in a wireless (copyright) message to the New York From
the Associated Press cablegrams with regard thereto
"Tribune" as follows from Berlin Sept. 19:
we quote as follows:
An extra session of the Reichstag will be convened next Wednesday
It was announced In an official communique that while no definite
to read an "important document."
This move was decided on by the
Cabinet to-day.
The "important document," it is learned, will
deal with passive resistance and the Ruhr settlement. The Chancellor
probably will ask
the Reichstag te vote formal approval of ending
the resistance as an
essential step to reaching terms with France. The Reichstag's approval
would remove from the Government's shoulders
exclusive responsibility
for this surrender.
It also is likely the Chancellor will announce
that a new German settlement proposal will be laid before the Reparation Commission
, and that
an Ambassador will be appointed to France.
The combination of these moves will mean that Franco-German negotiations have entered definitely upon a new phase. The envoy
to Pans
probably will be either ex-Chancellor Wirth or Andreas Hermes, formerly
Finance Minister.
Strong commendation of the Government's new fiscal policy, outlined
yestderday, is voiced in all quarters to-day. Especially significant is the
fact that Hugo Stinnes' principal newspaper came out
emphatically in
Its favor.
Minister of Finance Hilterding estimates the proposed new banks'
holdings of stable currency at 4,000,000,000 gold marks.
It is hoped to
do away with the present note press altogether.
The Reichsbank still has approximately 500,000,000 gold marks. Halt
of this will be set aside as a cover for the new gold notes.
The proposed financial plans are the subject of another
item in this issue. On the 20th inst. the announcement
came in Associated Press cablegrams from Paris that the
German Government was prepared to offer France cash
payment as a basis for new reparations. We quote as
follows these advices:
A semi-official statement referring to reports current in Paris
of possible
Franco-German negotiations makes it clear that no practical results
can
be obtained without the restoration of normal economic activity
in the
Ruhr, with amnesty and permission to those expelled
to return, and that
the administration must be placed in the hands of German officials
and
freedom of traffic between occupied and unoccupied Germany
restored.
The statement declares that such conditions would permit reparation
payments, beginning with the evacuation of the Ruhr, but
that Germany
can never agree to recognize in any form the legality of the occupation
of the Ruhr.
That Belgium is attempting to mediate in the Ruhr conflict is admitted
at the Foriegn Office, where, it is stated, the Belgian Minister has been
a frequent caller of late and has candidly discussed the situation with
Chancellor Stresemann in what is considered to be something more than
a merely informal manner.
The German Government also is reported as being prepared to offer
France an early, if not Immediate, cash payment in the event of its plan
of hypothecating German private properties is accepted as a basis for
new reparations. In such case, it was stated, the Government would
be in a position by virtue of its lien on the holdings of industrialists, banks,
commerce and agriculture to mobilize sufficient ready cash to appease the
French demand for something tangible at the earliest possible date, as
It was Germany's desire to give concrete evidence of her good faith as
soon as the Ruhr conflict was adjusted.
What is regarded as a further move looking to an adjustment of the issues in dispute between France and Germany
was the conference held in Paris this week between Prime
Minister Baldwin and Premier Poincare, which it is said is
expected to result in establishing a basis of settlement.
The conference is dealt with further in another item. To
return to the speech of Chancellor Stresemann on the 13th,
which was addressed to German editors, he is said to have
stated that Germany is prepared to enlist private 'property
in industry, commerce, finance and agriculture as a pledge
for the payment of her reparation obligations if she is assured
that the Ruhr and Rhineland will be restored. The Associated Press accounts continued:
solution of any question was expected from the brief meeting, it
had been
happily discovered that there was no "difference of purpose or
divergence
of principle" between the two Governments. The communiqu
e read:
"A meeting of the Prime Ministers of France and Great Britain
took place
this afternoon, of which they took advantage to proceed to
the
exchange
of
views on the general political situation.
"It was not to be expected that in the course ofthe meeting MM.
and Baldwin were able to settle upon any definite solution. But Poincare
they were
happy to establish a common agreement of views and to discover
that on
no question is there any difference of purpose
or divergence of principle
which could impair the co-operation of the two countries, upon
which
depends so much the settlement and peace of the world."
Mr. Baldwin is remaining in Paris until Friday at least, and perhaps
longer. This is taken as indication that the conversations will be continued,
and the hope is expressed in French circles that they will at least
be fruitful
in creating a feeling more favorable to a complete accord than
has prevailed
since the receipt of the last British reparation note.
Indications point to a full discussion of the reparations question by the
two statesmen, owing to the presence here of Sir
William Tyrrell, Mr.
Baldwin's right-hand man in Downing Street, and to the fact that
M.
Camerlynok, the official French interpreter, was especially summoned
from Geneva for the occasion. Although Premier Poincare's
command
ofEnglish is very fluent, he does not desire to trust it
in a technical discussion
of the problems now dividing the French and British
policies.
M.Poincare saw the Belgian Premier, M.Theunls, gbriefly
last evening
on the occasion of the latter's social isit to Paris, and
also conferred with
Louis Barthou and the other French reparation experts before Mr.Baldwin's
arrival.
The conclusion drawn from this chain of events in political circles
is that
he meeting of the Premiers, which was first announced as a
purely formal
affair, demanded by diplomatic usage, is likely to develop into
a serious
conference from which progress toward harmony in the Allied policy of
dealing with Germany may result.
League of Nations Commission Decides on "Hands off"
Policy Respecting German Reparations Issue.
"Hands off' the reparations problem, for the moment at
least, was the decision reached at Geneva on Sept. 20,
according to the Associated Press cablergams, from which
we quote further as follows:
This decision, it is believed, will affect the entire attitude
of the League
Assembly on this problem. It was not reached without some
murmurs.
The reparations issue arose before the Commission on
Technical Organizations, when Sir Henry Strakosch, the eminent financial
expert
representing South Africa, alluded to the statement at the
opening of
this year's Assembly to the effect that hte
League was confronted with
difficulties owing to the absence of a settlement of the questions
of reparations and Inter-Allied debts. But after consulting his
French and Belgian
colleagues, Sir Henry said, he was convinced of the
adviasbllity of not
starting a debate ob this delicate subject, which
might aggravate the
situation and hinder eventual settlement.
Sir Hubert Lewellyn Smith of England deprecated
allowing the impression to exist that the reparations question was
outside the domain of this
Commission. He advocated that the Commission make recommendations
to the League Council, as preferable to a general
discussion, which might
cause unfortunate dissensions.
Commission of League of Nations Adopts
Resolution Interpreting Article X.
The adoption by one of the main commissions of the
League of Nations of a resolution interpreting Article X of
the covenant, occurred at the commission's session on
Sept. 19. In reporting this the Geneva Associated Press
advices said:
The commission adopted a new compromise formula replacing the
Canadian amendment. It begins by emphasizing the existence of a general
desire for precision of meaning of Article X and recommends that the
assembly adopt several clauses in the form of a resolution.
The first clause is that in case the Council of the League deems it necessary to recommend the application of military measures because
of an
1
SEPT. 22 1923.]
THE CHRONICLE
will take into account the
aggression or a'menace of aggression, the Council
surrounding each State. The
geographical situation and special conditions
constitutional powers of each
second clause declares that it is the right of the
extent of its obligation to
member State to decide the nature and the
of members and to
maintain the independence and integrity of territory
what extent it should furnish military assistance.
dation given by the
The last paragraph reads: "However, a recommen
ce and will be taken into
Council will be considered of the highest importan
execute in good faith
consideration by all the members, with a desire to•
n now goes to the
their engagements." This interpretative resolutio
of the existing fears
assembly. It is generally regarded as removing many
military adventures
that Article X would force States too far into possible
ts.
abroad without the sanction of the home parliamen
by the disarmament
The question of military assistance was also treated
drafting the text of a new
commission, which achieved further progress in
from the fundamental
international treaty of mutual assistance which starts
another in the event of
principle that the signatories will really help one
unjustified aggression.
Vice-President Heckscher of the Irving Bank-Columbia
Trust Co. on the Importance to World Trade
of the German Reparations Question.
Resumption of business and industrial activity in Europe
is dependent upon the political situation and cannot come
until a solution to the reparations and other questions
, growing out of the war has been reached, in the opinion of
James Heckscher,Vice-President of the Irving Bank-Columbia
Trust Co., who has just returned from a ten-weeks' trip
abroad. Unless the political atmosphere is cleared in the
comparatively near future, Mr. Heckscher says, the foreign
trade of the United States is bound to be affected much
more seriously than it has been up to the present time.
During his trip Mr. Heckscher visited leading cities in England and Germany. While in London he also discussed
conditions with bankers from Paris. He adds:
, of course, is the
The outstanding feature of the situation in Germany
and on the people.
depreciation of the mark and its effect on business
exchange dropped
From July 29 to Aug. 1. while I was in that country,
railroad fare from
from 250,000 marks to the dollar to 1,300,000. The
the equivalent of
marks
in
me
cost
Hamburg to Berlin, a four-hour trip,
different aspect. Wages
35 cents. To the Germans this has an entirely
July, but it is virtually
of bank clerks were raised five times from May to
with the depreciation
impossible to increase them rapidly enough to cope
1307
Offering of Bonds of First-Trust Joint Stock Land
Bank of Dallas.
, to yield 4.70% to 1933 and 5%
interest
and
%
At 1023
thereafter, the bond department of the First Trust & Savings Bank of Chicago offered on Sept. 14 $1,000,000 5%
Farm Loan bonds of the First-Trust Joint Stock Land Bank
of Dallas. The bonds are dated Aug. 1 1923, become due
Aug. 1 1953, and are redeemable at 100 and interest on
Aug. 1 1933, or on any interest date thereafter. They are
coupon and fully registered bonds, interchangeable, and are
and semiin denominations of $1,000 and $10,000. Principal
annual interest (Feb. 1 and Aug. 1) are payable at the First
Trust & Savings Bank, Chicago, or the First National Bank,
New York. The bonds are exempt from all Federal, State,
municipal and local taxes. The First-Trust Joint Stock
l
Land Bank of Dallas is affiliated with the First Nationa
Its
Bank of Chicago and the First Trust & Savings Bank.
directors include: James B. Forgan, F. 0. Wetmore, M. A.
Traylor, J. P. Oleson; F. M. Gordon, B. C. Hardenbrook,
on.
E. E. Brown, L. K. Boysen and 0. K. Dickins
Offering of Bonds of Oregon-Washington Joint Stock
Land Bank.
of Philadelphia, Washington and
Co.
&
Stokes
,
Brooke
Baltimore have announced an offering of $1,000,000 5%
Farm. Loan bonds of the Oregon-Washington Joint Stock
, to yield
Land Bank of Portland, Ore., at 102 and interest
bonds,
4.66% to Jan. 1 1933 and 5% thereafter. The
Jan. 1
dated
are
Act,
Loan
Farm
Federal
the
under
issued
before
1923, will mature Jan. 1 1953, and are not callable
$1,000,
of
ation
denomin
in
issued
are
They
1933.
1
Jan.
doupon or fully registered, and interchangeable. All couor
pons are payable at the office of the bank, Portland, Ore.,
1.
July
and
1
on
Jan.
lphia,
Philade
Co.,
&
Stokes
at Brooke,
on Joint
The general balance sheet of the Oregon-Washingt
Stock Land Bank of Portland, Ore., as of Aug. 31 1923
follows:
of the money.
when I visited Europe
In outward appearance the cities look better than
Liabilities—
well cared for. The
Assets—
two years ago. The streets in Berlin are clean and
$25000000
labor to make as many Mortgage loans
82.842.686 64 Capital stock
Germans are taking advantage of the low cost of
Surplus and undivided
g street railways U.S.Government bonds
municipal improvements as they can. They are developin
17,340 80
profits
s
and securities
and public utilities. Business activities which require purchase abroad,
Farm Loan bonds_ --- 2.700,000 00
for manudifficult
more
on
and
bonds
more
is
Loan
It
.
becoming
suffering
Farm
however, are
530,000 00
their products
561,000 00 Notes payable
hand
facturers to buy raw materials, and none now are offering
es manufacturers, Deposis with banks._
77.427 65 Amortization installexcept for sterling or dollars. To protect themselv
mentspaidinadvance
accounts with their Furniture and fixtures_
728 30
middlemen and exporters maintain foreign currency
60,094 91 Reserved for interest on
banks.
Accrued interest
42,396 67
bonds and securities..
no one ventures to
248 15
Unless an agreement is reached over reparations
Other assets
2,448 18
The Germans do
Other liabilities
predict how long business in Germany can continue.
not fear an incursion of Bolshevism, but if the lot of the people continues
$3,542.185 65
is in better
Total
,
$3,542.185 65
Total
to grow worse trouble is not impossible. Hamburg perhaps,
through it passes so much
condition than any other German city, because
note, incidentally, that
of the country's foreign trade. It is interesting to
Repayments to War Finance Corporation.
from a gross tonnage
German shipping has increased in the last two years
of
tonnage
ships
flying
pre-war
repayments to the
The
of 654,000 to nearly 2,500,000 tons.
It was announced on Sept. 6 that
the German flag was about 5,100,000 tons.
Aug. 1 to Aug. 31
period
the
for
tion
Corpora
the French are doing War Finance
Regarding the occupation of the Ruhr. Germans say
ural and live stock
them
by
agricult
for
what they accused the Germans of doing in territory occupied
1923, on account of advances
during the war. They declare the native population is being badly treated, purposes totaled $6,911,845, as follows:
Certainly this step has increased the feeling of bitterness between the two
$2.423.448
the German charges From banking institutions
countries. French bankers with whom I talked deny
1.744.359
From live stock loan companies
and consider the occupation necessary as a political measure.
2,744,038
ons
associati
g
marketin
ive
nce
of
co-operat
continua
a
present
by
From
That the United States must be affected
get
can
back
to
nations
somethe
European
Unless
.
conditions is apparent
$6,911,845
and cotton from this
Total
thing like a "normal" basis, their ability to buy grain
Jan. 1
e surplus of these
from
tion
Corpora
the
by
d
receive
ents
country will be seriously curtailed. If our exportabl
repaym
The
to suffer. At the
loans
all
of
commodities remains at home, our prosperity is bound
account
on
e,
reparations. If Great 1922 to Aug. 31 1923, inclusiv
present time Germany and France still are apart on
subject,
is
there
this
on
little
4,264.
accord
an
$254,76
reach
to
totaled
Britain and France were
by Germany. And any
doubt that it would be most seriously considered
peace to the continent
Account of
agreement which would bring a real and effective
but ourselves as wen.
Advances by War Finance Corporation
would benefit not only the nations directly involved
Purposes.
in
n
Stock
regulatio
to
regard
Live
upon
n
and
regulatio
Agricultural
The Germans are plagued with
instance, a bank manager
almost everything connected with banking. For
Aug. 1 to Aug. 31, inclusive, the War Finance
From
deposit box. He
safe
a
rent
he
could
whether
American
an
was asked by
ting 316,071,
a
he
before
give
could
Corporation approved 25 advances, aggrega
replied that he would have to consult his attorney
live stock
and
ural
upon
imposed
agricult
in
ns
dealing
definite answer. As a result of the restrictio
to financial institutions for
exchange merchants who have checks or notes on foreign countries hold on
or purposes.
to them because they do not know whether they could buy them again
what rate they would have to pay.
ge Commending
y
poverty
absolutel
stricken. Resolution of New York Stock Exchan
The former middle class of Germans are
on an average of
Construction Committee.
Seventy per cent of the people do not have meat to eat
of
s
Service
once a month. The working classes seem to have enough to eat, but they
s of the New York Stock
currency
A resolution in which the member
cannot pay for clothing and underwear. Because of the falling
tee of the
every one is spending money, if not for articles of utility, then for pleasure, Exchange tender to tAe Construction Commit
ation of
grateful
appreci
for no one knows what his money will be worth by the morrow. In conseand
for
thanks
"heartfelt
quence the morals of the people are being sadly undermined. I Was Im- Exchange
rendered in the work of the conseemed
"
service
ished
distingu
pressed by the cordial reception from German bankers. They
the
genuinely pleased to see some one from the United States. The principal struction of the new building was adopted by the Board of
German banks should be able to weather any crisis that may arise.
on Sept. 12. Announcement of the action was
The situation in Germany has reacted to the disadvantage of Great Governors
the
trade
over
c
not
optimisti
are
outlook.
bankers
London
follows:
and
Britain,
made as
If the Germans cannot manufacture and export their product, they cannot
became evident to the Governors of the New York
In March 1919 it
buy raw materials from the British colonies, and the loss of this market Stock Exchange that it would be necessary for the proper conduct of the
products
in
ured
to
buy
manufact
that more ground should be acquired
cuts down the capacity of the colonies
increasing business on the Exchange
the United Kingdom.
erected. The President at that time selected five of the
structure
new
a
and
There were about 1,500,000 unemployed in England when I was there, Governors of the Exchange as a Special Committee to acquire the properand the industrial prospect for the coming winter is not bright. The Gov- ties adjacent to the Exchange on Wall Street and to carry on the complewithout
work, either
ernment undoubtedly will have to aid those who are
which was to include additional floor space for
res for public tion of the new building,
together with other space to be rented to
by continuing money payments or by increasing expenditu
the Exchange and its offices,
is
situation
quite
banking
The
nt.
employme
furnish
improvements to
proper clients.
sound.
THE CHRONICLE
VA^
Thil following named Governors were appointed by the President
to act
committee:
B. Potts,
James B. Mabon,
A. Greer.
Samuel F. Streit.
ties Kellogg,
this committee Seymour L. Cromwell, Donald G. Geddes, Herbert
uelin, Allen L.Lindley, Warren B. Nash, William H.Remick and
. Williams have served and co-operated in every way.
t is with the intention of expressing to the member
s of this committee
the gratitude felt by their fellow members of the
Exchange for the faithful,
exhausting and thorough services which they
have rendered to the Exchange that these resolutions are now adopted:
Whereas, William Brevort Potts, Seymour Legrand
Cromwell. Donald
Grant Geddes, William Armstrong Greer,
T. B. Jacquelin, John
Prentice Kellogg, Allen Ledyard Lindley, Herbert
James Brown Mahon, Warren
Bynner Nash, William Hammond Remick.
Frederick Streit and
Blair Stanton W lliams have served on and Samuel
with the Special Committee,
of which William Brevort Potts at all
times has so ably and intelligently
acted as Chairman, having in charge
of the New York Stock Exchange; andthe construction of the new building
Whereas, They have brought to the execution of
their duties the greatest
intelligence, loyal effort and continuous
exertion during a period of some
five years; and
WUreas. Throughout the entire exercise of their
duties they have given
unceasing attention, frequently at serious personal
inconvenience and
sacrifice, now, therefore, be it
Resolved, That the members of the New York Stock
Exchang
e tender to
their associates upon the Construction Committee
heartfelt thanks for and
grateful appreciation of the distinguished
which has been rendered;
and that they inscribe upon a tablet in service
the nbw Exchange building the
names of the members serving on and with
the Committee, suitably engraved, in further commemoration of their
labors.
[VOL. 117.
receiver approximate $1,317,957. At the time
of the failure attorneys for
the firm said that the firm was solvent
and that the assets would cover
all liabilities.
Lennon Brothers, Inc., New York, in Bankruptcy
An involuntary petition in bankruptcy was filed
in the
United States District Court on Sept. 5 against Lenno
n
Brothers, Inc., a brokerage firm with offices at 170
Broadway, this city. No amount of assets and liabili
ties was
given. The petitioning creditors were: Thoma
s Howley
and John J. Curry, with customers' claims of
$10,200 and
$8,700, respectively, and Marcus H. Fox, with
a customer's
claim of $400 and a claim of $630 for salary. They
stated, it
is said, that the business had been suspen
ded and that the
assets of the firm had been transferred or concea
led.
Manuel Richter Expelled from New York Consol
idated
Stock Exchange.
Manuel Richter, of Richter & Co., who had on Aug.
30
been suspended from the privileges of the Consol
idated Stock
Exchange of New York as announced in our issue
of last
Saturday, page 1079, was on Sept. 7 expelled
from said
Exchange for violation of Section 3 of Article 3 of the
Constitution. Richter & Co. had offices in the Wagne
r Building,
Philadelphia, but no offices in New York. It is stated
that
Investigation by the Bureau of Auditing and Accoun
ting of
the Exchange showed that Richter had
been bucketing orders. The evidence against Richter, it was stated,
would be
turned over to the District Attorney of Philad
elphia.
Surviving Members of the Bankrupt1B
rokerage Firm
of S. S. Ruskay & Co., of this_City,lIndict
ed.
On Sept. 12 five indictmentsIwereTreturned by
the additional Grand Jury in the Court of ereneralLSessi
ons against
four former members of the brokerage houselof S.
S. Ruskay
& Co., which failed in February of last year with
liabilities
of approximately $5,000,000 and, assetslof about
$200,000.
Those indicted were Burrill Ruskay,Ison:of
Samuel S. Ruskay, the former head of the firm, whose death
has occurred Receiver Asked for the Guaranty Securities Corporasince the failure; Joseph P. Shelby, a lawyer
tion of Boston.
; George D.
Proctor and Eugene Greenhut. The charge
A press dispatch from Boston on Thursday,
s preferred in
Sept. 20, and
the several indictments were set oukinIthe New
York "Times' printed in the New York "Times" of yesterday, stated that
of Sept. 13 as follows:
a bill in equity had been brought on that day
in the Suffolk
The first indictment charges that the defenda
nts on Feb. 4 1922, a short County Superior Court by four stockholders
of the Guartime before Ruskay & Co. was thrown into
bankrup
tcy.
sold
shares
100
of
anty
Securities Corporation of Boston, a $10,000,000 orTexas Company stock to offset the order for
a like amount of stock given
to the firm on the same day by Samuel Hertzfie
ld, of 174 Beach 118th ganization, petitioning the Court to enjoin Putnam O. Roper
Street, Far Rockaway, Queens. The second
indictment charged a similar of Boston, the President; Robert S. Burns
of Medford,
proceeding on an order given to the firm by
Edgar M. Anderson, of 7402 Treasurer,
and Chester G. Clark of Wellesley from acting
Tenth Ave.. Brooklyn, for 100 shares of America
n International Corporation stock on Feb. 8 1922. The third Indictm
ent was based on the com- as officers and directors. Allegations that the defendants
plaint of Joseph C. Shields, of 2105 Foster
Ave., Brooklyn, who charged have defrauded the corporation by causin
g it to buy a large
that the defendants traded against his order
for 100 shares of Seneca number of shares
of its own outstanding Preferred stock at
Copper stock on Feb. 18 of that year, and in the
fourth
indictm
Joseph
ent
E.Johnson,of352 St. Johns Place, Brooklyn,
charged that on the same day prices in excess of the fair market value, it is said, are made
they offset his order of a like amount of the
same
by the petitioners, Clifford C. Goodwin, John
The last indictment handed up against the men stock by sale to another.
J. Sullivan,
was founded on the charge Margar
et A. Whalen, Mary A. Sullivan and William Kirby.
of Huldreick Brunner, of East Willtston, L.
I., that 200 shares of Mexican
Petroleum, which he bought through the
It
is
further alleged by the petitioners, it is said, that the
firm on Feb. 18 1922, were sold
two days later.to'another customer.
purchases were made at times when they were not
for the
Soon after the return of the indictments Burrill Ruska advant
y
age of the corporation, and that, acting in concert,
surrendered himself to Assistant District Attorn Thoma
ey
s J. the defendaets bought the stock to sell it to the corporation
Geraty and later was arraigned before Judge Alfred
J. Talley, at a large proiit.
of the Court of General Sessions, who released
him in $15,000
According to the dispatch, the Guaranty Securities
Corbail. Reference was made to the failure of
S. S. Ruskay & poration was organized in 1919 to do a general
brokerage,
Co., which was a member of the New York Consol
idated and financial and promoting business. The stock of the
the New York Curb Market exchanges,
comin our issue of pany consists of 700,000 shares of 8% cumulative
Feb. 25 1922, page 795.
preferred
and 300,000 shares of common stock, it is said.
The latter
is voting stock, it is said, and the defendants
S. J. Florentine & Co., Inc., New York,
control 51%
Bankrupt.
of it as trustees under a voting trust.
An involuntary petition in bankruptcy was
filed in the
The case is set for hearing next week, it is said.
Federal District Court this week against the
stock brokerage
firm of S. J. Florentine & Co., Inc., 63 Wall
St., this city,
Advisory Council of Federal Reserve Board
by G. Willard Hobby, with a claim of $5,785
. The liabilities
Decides
Against Claiborne-Adams Check Collection
and assets, it is said, were not given.
Plan.
The rejection by the Federal Reserve Board of
the soFailed Brokerage House of L. L. Winke
lman & Co. called Claiborne-Adams check collection plan was recomOffer Settlement of 65 Cents on the
mende
Federa
d
by
the
l Advisory Council on the 18th
Dollar.
inst.
L. L. Winkelman & Co., the New York Curb
at the conclusion of its annual fall session, which
Market firm,
began in
whose failure on June 8 last was reported in
Washin
Sept.
gton
on
17.
The
Claiborne-Adams proposal
our issue of
June 9, page 2587, have offered their 6,000
was put forward by Charles De B. Claiborne of
creditors 65 cents
the Whitneyon the dollar. With regard to the proposed
settlement, the Central National Bank of New Orleans, and L. R. Adams,
New York "Times" of Aug. 26 said:
Atlanta, and provided for par clearance within the
limits of
each Reserve district. Reference to it was made
Details of the proposed plan for settling the estate
of
in ourt
agefirm ofL.L. Winkelman & Co., have been made the bankrupt broker- issue of Aug. 4, page 507,
when we stated that the Federal
public. A letter sent to
the 6,000 creditors by the Creditors' Committ
ee,of which Louis E.Spellman Reserve Board had decide
d to refer to the Advisory Council
is Chairman and Ralph Wolf is counsel,confirms
statements made about two the
weeks ago that the intitial settlement would
question of proposed changes in the system of
equal 65 cents on the dollar.
check
According to the letter, creditors will receive
not less than 40% in cash clearance. The decision of the Council was announ
ced as
thirty days after entry of the order confirming the
composition and will also follows on the 18th inst.:
share in any assets remaining after paymen
t of the 40% cash dividend.
They will also benefit in $100,000 to be contribu
ted from outside sources
and receive notes endorsed by Winkelman and
Nicholson, partners of
the firm, to the amount of 25% of the claims. If the
plan is not accepted,
t he letter says, "the liquidation of the estate in the
bankruptcy court will
take years; the dividend you receive will be much less
than 40%;the $100,000 which is to come from outside sources will not be
contributed; the notes
of Winkelman and Nicholson will not be given."
The letter says that the liabilities of the firm will not exceed $3,000,
000
and that cash securities and other assets of the firm now in the hands of the
The Federal Advisory Council to-day conclud
ed its third statutory
meeting for the year 1923 and reported upon
the Claiborne-Adams check
collection plan, as follows:
The Federal Advisory Council having heard
Messrs. Claiborne and
Adams in support of so-called Claiborne-Adams
check collection plan and
recent amendments thereto, is of the opinion
that the plan is unsound and,
therefore, unanimously recommends its rejection by
the Federal Reserve
Board. The Council concurs in the essential
objections to the plan set
forth in the report of the Advisory Committ
ee of Governors of the Federal
Reserve banks to the Federal Reserve Board dated
Aug. 1 1923.
SEPT. 22 1923.]
THE CHRONICLE
The Council recommended some changes in regulation J (which is not
yet in effect), the chief of which was that Federal Reserve banks shall not
receive on deposit checks on any non-member bank which are not collectible
at par. The Council also opposed any charge by Federal Reserve banks
for collecting checks drawn on member banks even if indorsed by nonmember banks which refuse to remit at par.
The Associated Press advices from Washington. on Sept.
18 said:
1309
"In these conditions the responsibility of the Greek Government
is much
graver than that of any Government on whose territory political
crimes
have been committed."
Rising from his chair, Premier Mussolini continued forcefully:
"For what can America reproach the Italian Government? Any other
self-respecting Government in similar circumstances would have
done—
indeed, has done—likewise, as proved by the numerous examples in the
history of France, England, and America herself.
"Indeed, the Italian Government has emphasized that the action
of the
Conference of Ambassadors (whereby the mission headed by
General
Tellini was entrusted with the delimitation of the Greco-Albanian
frontier)
might run parallel to Italy's action.
"The reparations asked from Greece do not exceed the claims which are
usual in similar cases, so that in no country of the whole world can they
be
considered excessive."
The feeling at the Reserve Board's offices seemed to be that further
study should be given the entire subject before changes suggested by the
Council were included in the regulation. Some members of the Board
even declared that it might not be necessary to invoke the regulation at
all. They pointed out that few banks had left the voluntary par clearance
system set up within the Reserve membership and declared that so long
as compulsion is not imperative, they would oppose the use of the order.
Defends Italian Action at Corfu.
In these circumstances, it appeared uncertain when action by the Board
could be expected, some of its officials holding that further tests of the
Turning to the Corfu question, Mussolini continued:
voluntary arrangement should be given.
"When we decided upon the occupation of Corfu we made out objects very
The COUIICII adjourned without formal consideration of the Board's clear. The Italian Government proclaimed that the occupation
was
latest problem—the question of whether limitation should be established merely a pledge that excluded any danger of war. It rejected
the idea of
on branch banking. It was assumed that the body decided it would a permanent occupation, wishing to tranquilize the world's public
opinion.
wait action by the Supreme Court which is expected to interpret the
"Many examples exist in history of such occupations, and scholars
in
law in a case arising from branch banking in St. Louis. '
international law agree in acknowledging the legitimacy of such
measures,
excluding that they can be considered as acts of war. Unfortunatel
y,
although desiring to make an entirely pacific occupation, we have to
regret
Changes in Staff of Federal Reserve 111Ink of
the death of innocent victims. Interested persons have hastened
too
quickly to take advantage of these sad circumstances, endeavoring to
•
New York.
use
them in order to distract attention from the Greek crime.
The Federal Reserve Bank of New York makes the fol- "The results of an inquiry on the spot, the truth of which is acknowledged
by local British officials, quickly gave them the lie. The responsibility
lowing announcement:
the Greek authorities for this painful occurrence is obvious, as they
W. Randolph Burgess, formerly Manager of the Reports of
neglected to remove the refugees from Corftes only military
building at
Department, has been appointed Assistant Federal Re- which a few shots were fired by the Italian warships.
"Having failed in this attempt to distract public opinion from the
serve Agent. Shepard Morgan, the present Assistant
prinpoint of the controversy, they next tried another means of throwing
Federal Reserve Agent, will take leave of absence for one cipal
the world off the scent, namely, an appeal to the League of Nations."
The whole Italian people without party distinction, the Premier
year from Sept. 29 for purposes of recreation and observaproudly
had approved the Government's action and "is with us
tion abroad. W. H. Dillistin, Manager of the Bank Ex- asserted,
to a man
because it understands that our attitude is the only possible one."
aminations Department, has been appointed Assistant
In concluding the interview, Mussolini asserted that American
public
Federal Reserve Agent. He will continue as Manager opinion would understand his "firm determination not to tolerate
any outItalian
that
rage
nation
to
which
asks
nothing but the respect to which she
of the Bank Examinations' Department. George B. is entitled by the position
has attained in the civilized world through
Roberts has been appointed Manager of tht_Reports' many sacrifices and manyshe
centuries of glorious history."
Department.
"The Conference of Ambassadors can reach one of three
conclusions," said Premier Mussolini in discussing with the
Premier Mussolini Defends Corfu Seizure in Reply to Paris "Matin's" foreign editor the
negotiations for a settleCritics.
ment of the Greco-Italian impasse. These, he said, were:
•'First" it may decide that the culprits were Albanians and not Greeks.
Reiterating his criticism of the League ofLNations for its
That is a pure hypothesis and very unlikely, since General Tellini Is generally
inability to facilitate the solution of difficulties between considered
to have favored the Albanians. but I mention it so as to exclude
States, Premier Mussolini of Italy in an interviewlwith
no possibility, however absurd. In that case certain parts of my ultimatum
the can
be modified and Greece held responsible in a less degree, which the
Associated Press in Rome on Sept. 7 saidihe wasbainfully
Conference can exactly estimatr.
impressed by some of the American newspaper criticism
"The second conclusion is that Greeks did commit the murders. If
of
Italy's denial of the competency of the League to deal
is the decision there can be no doubt that the Conference would be
with such
entirely in agreement with my demands.
Greco-Italian difficulties, as it was America, he said,
which
"The third possible conclusion is that not only Greeks but Greek officials
had first detected defects in the League's organism.
The were responsible."
Italian Premier was quoted at length by thOssociated
In that event. the Premier said, he supposed his demands "would be inPress, creased
and completed by supplementary penaLies.
which had the following to say:
"That IS wby," he continued, "Italy
thinks the whole investigation can
Signor Mussolini was seen at his headquarters in the historic
Chigi, the former residence of the Austrian Embassy, but now the Palazzo only be made by the great Powers. conscious of their duties and acting in the
site of the full light of day, and not in interminable, inconclusive discussions."
Italian Foreign Office. The anteroom leading to the Premier's
study was
Rapping out each word sharply. Mussolini then asserted:
crowded with Senators, Deputies, Generals and high officers of
the Fascist!.
"Nothing will make me recede from my position or accept a compromise
these last in their black shirts and quaint uniforms.
at the expense of the nation's honor. We will not admit that the offense
In the lobby of Mussolini's study the correspondent noted
a marble- to Italy by the crime committed against our officers
can be discussed and
topped table on which were fencing masks and a case of
duelling pistols. Judged by the Assembly at Geneva. And allow
me to say that I believe
On the centre table was a bas-relief of some of the heroes of
ancient Rome. You would do the same in our place."
Further along were two busts, one of Mussolini himself,
the other of the
late Premier Crisp!.
In the Premier's workroom, the head of the Italian
Government was Signing of Conventions Between United States
and
found absorbed in a mountain of papers, telegrams and letters
piled on his
Mexico for Adjustment of Claims.
largo, plain office desk. Raising his powerful face, lit with
piercing,
ing eyes, the Premier said first of all that unjust criticism in American burnTwo conventions between the United States and Mexico
newspapers had surprised him.
Says We First Noted League's Defects.
"Indeed." he said, "the attempt made to refuse a great
Power like Italy
right
to defend her own honor was a tangible demonstrati
the
on of the dangers Americans were the first to detect in this organism, which,
far from
facilitating a solution of such controversies between
States, renders them
more difficult and more dangerous."
He said Italy was firmly convinced of the correctness of her,
position, and
she asked "nothing better than that Greece accept as soon as
demands for reparation, thus ending the present situation. possible her
"American public opinion," he continued, "Is so sensitive
to all humanitarian questions affecting the peaceful intercourse of civilized
countries,
that it cannot fail to be struck by the gravity of the crime
committed in
Greece by the massacre of the Italian delegation."
Counts on American Fairness.
The Premier said he perfectly understood that political feelings on
such
occasions were "so contradictory and deceiving that oven such
serene
opinion as America's, bound as it is by a real and deep sympathy public
toward
Italy, may be disturbed."
"However," he went on to say. "as I know the spirit of fairness
in the
American people, I am certain that the negligible misunderstandings
which
have arisen among tho American public regarding the Italian action will
be
promptly dissipated. American public opinion will recognize
not only
Italy's rights, but the perfect correctness of my action in defending them."
"The people of the United States must realize" the Premier said,
"that
the country on whose territory this crime was conunitteci cannot but be
considered morally, materially and politically responsible, not,only
because
this is a principle of inteynational law universally accepted, but because
everybody knows of former political crimes that have occurred in Greece,
one of the worst of them staining the present Greek Government.
"Besides, the action of the characteristic Greek bands that have
worked
particularly on tho Greco-Albanian frontier is well known. t is also
universally known that they were notoriously encouraged by the Greek Govaninent. Athens several times has been warned of the dIngers coming
from not checking, if not helping, the action of these bands.
were signed on Sept. 8—one being signed in Mexico City
and the other at the State Department in Washington by
plenipotentiaries of the two Governments, These conventions create a General Claims Commission and a Special
Claims Commission, the latter to have jurisdiction exclusively over American claims against Mexico arising from revolutions in Mexico, while the General Claims Commission is to
have jurisdiction over all other claims of Americans against
Mexico and of Mexicans against the United States. Secretary of State Hughes, John Barton Payne and Charles Beecher Warren signed the General Claims Convention in
Washington on behalf of the United States Government, and
Manuel Tellez, Charge d'Affaires of Mexico in Washington,
signed on behalf of the Mexican Government. In Mexico
City the Special Claims Convention pact was signed by
George T. Summerlin, Charge of the American Embassy,
and the Mexican Foreign Minister acting for President
Obregon. The conventions were negotiated by Mr. Warren
and Judge Payne and Mexican delegates during the prerecognition conferences in the Mexican capital. The agreement for the resumption of diplomatic relations between the
United States and Mexico, resulting from these conferences,
was referred to in our issue of Sept. 1, page 951. It is stated
that the conventions just signed, when ratified by the
United States Senate and the Mexican Congress, will lead to
the payment of claims aggregating millions of dollars for
damages sustained in the last half-century. A statement
1310
[VOL. 117.
THE CHRONICLE
regarding the signing of the conventions was issued as follows
by Secretary Hughes on Sept. 8:
Mexico
A General Claims Convention between the United States and
the
for the settlement of all claims by the citizens of each country against
convention
other arising since the signing on July 4 1868, of the claims
which are
entered into between the two countries (not including claims
relating to
embraced within the terms of a Special Claims Convention
1 o'clock
at
losses through revolutionary acts) was signed at Washington
to-day.
John
The Secretary of State and Messrs. Charles Beecher Warren and
Manuel C.
Barton Payne signed on behalf of the United States and Senor
Mexico.
Tellez, Charge de Affaires of Mexico in Washington, on behalf of
-Mexican
These two conventions were negotiated by the American
termCommission, which convened in Mexico City on May 14 1923, and
inated its session on Aug. 15 1923. and are subject to ratification in accordMexico.
ance with the respective Constitutions of the United States and
Commission
The General Claims Commission and the Special Claims
to be
which are to be created under the terms of these conventions are
President of
composed of three members each, one to be appointed by the
mutual
the United States, one by the President of Mexico, and the third by
agree,
agreement between the two Governments, or, in case of failure to
Permanent
the
of
Council
by the President ofthe Permanent Administrative
Court of Arbitration at The Hague.
the
The Special Claims Commission is to meet at Mexico City and
the
General Claims Commission at Washington within six months after
commissions
the
exchange of ratifications of the respective conventions, and
have the power to fix the time and place of their subsequent meetings.
of the
The conventions provide for the appointment by each Government
against
necessary agents and counsel to present arguments in favor of or
Commisthe
of
any claim, and the decision of the majority of the members
sion Is to be the decision of the Commission.
rejected
Both conventions provide that no claim shall be disallowed or
that the
by the application of the general principle of international law,
validity
legal remedies must be exhausted as a condition precedent to the
of allowance of any claim.
of the
The General Claims Commission has jurisdiction over all claims
suffered
citizens of either country against the other for losses or damages
,
corporations
by persons or by their properties, whether such citizens are
claims
companies, associations, partnerships or individuals, as well as over
suffered
by citizens of either country growing out of losses or damages
such
by any corporation, company, association or partnership in which
claimant
citizens have or have had an interest, provided an allotment to the
Commission
of his proportion of the loss or damage is presented to the
or
and all claims for losses or damages originating from acts of officials
others acting for either Government and resulting in injustice.
one
Claims are to be filed with the General Claims Commission within
delay
year from the date of its first meeting unless satisfactory reasons for
exceed
to
not
are presented, in which case the period may be extended
six months. All claims filed are to be decided within three years from
the date of the first meeting of the Commission.
GovernHowever,if a claim cannot be decided within this period, the two
period as
ments will extend the time for deciding such claims for such a accruing
may be necessary for this purpose. Claims for losses or damages
Government
after the signing of the convention may be filed by either
.
at any time during the period fixed for the duration of the Commission that
decide
It is provided that the General Claims Commission may
be
right
property
International law, justice and equity require that a
any such
restored to the claimant in addition to the amount awarded in
case for all loss or damage sustained prior to the restitution.
elect to pay
However, the Government affected by such decision may
Commission rather
the value of the property or right as determined by the
so, it shall
than to restore the property or right to the claimant, and if
after the defile notice thereof with the Commission within thirty days
value of the
cision and shall immediately pay the amount fixed as the
or right
property or right. If it fails so to pay this amount, the property
is to be restored immediately.
arising
The Special Claims Convention for the settlement of all claims
revolutionary
from losses or damages suffered by American citizens through
the period
acts accompanying the disturbed conditions in Mexico 'within
City.
from Nov.20 1920 to May 31 1920 inclusive is to be signed in Mexico
To-day a new era is opening in the relationship of our two countries
which cannot but bring the welcome fruit of good will and sincere amity
and co-operation between them as it has found a solid foundation in a mutual
understanding and reciprocal confidence. To attain this aim will be my
endeavor in the fulfillment of the temporary duties with which I have been
entrusted by my Government, and if, having the confidence of Your Excellency and his Government, I come to accomplish something in this endeavor,I shall indeed be happy.
The following letters addressed by President Coolidge to
Messrs. Warren and Payne expressing appreciation of the
successful conclusion of the negotiations were also made
public at the same time:
THE WHITE HOUSE.
Washington, August 27 1923.
My dear Mr. Warren:
It is with the utmost satisfaction that I am taking this early occasion
to express to you my great appreciation of the work performed by yourself and your colleague, Judge Payne, in conducting and successfully consummating the negotiations with Mexico.
The accomplishment of this fine piece of work, looking to the guarantee
of peace and stabilization of economic and political relations throughout this continent, is a notable achievement at this time. It is more
than a settlement of a long-standing, complex and difficult series of differences between the Republic of Mexico and our own country. It is a
demonstration that patience, good-will and the purposo of peace can overcome the most discouraging obstacles between nations which sincerely wish
amicable and mutually helpful relations.
Because it is all these, it is a fine thing to have had such a part as your
own in making it possible at this time in a distraught world. To your skill
as negotiator and wisdom as a man of affairs is due largely the credit for the
result which we are all sure will be of great benefit to both countries.
I have all confidence that it will mark an important step in the progress
of Mexico, and this assurance is among the reasons for my satisfaction in
the accomplishment, and for those congratulations to yourself.
Most sincerely yours,
CALVIN COOLIDGE.
Hon. Charles B. Warren,
The State Department.
THE WHITE HOUSE.
Washington, August 27 1923.
My dear Judge Payne:
I wish you to know my pleasure in learning of the success which has
finally crowned the efforts of Mr. Warren and yourself in the negotiations
to settle the differences between the Governments of the United States and
our sister Republic of Mexico.
These differences for several years constituted a menace to the peace and
welfare of both countries, and seemed at times to defy all efforts at adjustment. We are now able to congratulate on another demonstration that
among people and Governments with whom mutual confidence and the sincere desire for good relationship are the ruling forces there is almost always
a way to peace.
It must be an occasion of special satisfaction to you, as Chairman of the
American National Red Cross and therefore head of the greatest charity
in the world, to have had participation in such a splendid humanitarian
accomplishment. Its usefulness to the cause of peace in our continent. its
example to the world and its services to the immediate material interests of
both countries make it truly notable and entitle you to the gratitude of
Your countrymen and to the personal felicitations which I am pleased to
extend.
Most sincerely yours,
CALVIN COOLIDGE.
Hon. John Barton Payne,
The State Department,
Washington, D. C.
Martial Law in the State of Oklahoma to Curb Ku Klux
Klan—Lower House of Legislature to Convene
Special Claims Commission.
Independently and Consider Charges Against
charged
The Special Claims Commission created by this convention is
Governor of Supplanting Constitutional
by
act
any
with examining and deciding all claims which resulted from
Government.
forces:
the following Mexican
de
de
jure
a
or
facto.
of
ary steps in the history of State
forces
Government
extraordin
most
By
(1)
One of the
whose cause
(2) By revolutionary forces as a result of the triumph of
the
was taken on Sept. 15 when
United
States
in
nt
Governme
revoluby
Governments de facto and de jure have been established, or
law for the entire State of Oklahoma was proclaimed
martial
tionary forces opposed to them.
mentioned in
(3) By forces arising from the disjunction of the forces
midnight by Governor J. C. Walton, for the purItself as a effective at
(2) up to the time when the Government de jure established
of suppressing the activities of the Ku Klux
claimed,
as
pose,
result of a particular revolution.
by mutinies or Klan, the members of which are charged as being engaged
(4) By Federal forces that were disbanded, and (5)
to under (2).
mobs, or insurrectionary forces other than those referred
violence, including floggings, etc. The issuing of the
be established in mob
(3) and (4) above, or by bandits, provided in any case it measures to
on, without the advice or sanction of the State
proclamati
reasonable
to
take
omitted
authorities
appropriate
the
that
with lenity
Legislature aroused great hostility on the part of the latter
suppress insurrectionists, mobs or bandits, or treated them
or were in fault in other particulars.
Claims Com- and on Sept. 20 a call for an extraordinary session of the
Claims presented for the consideration of the Special
first meeting Lower House to consider a series of charges that Governor
its
two
years
from
of
the
within
date
filed
be
to
are
mission
case the period
unless satisfactory reasons for delay are presented, in which
Walton has taken unto himself the powers of a despot and
may be extended not to exceed six months.
date of has supplanted constitutional government with a dictatorthe
from
within
be
decided
five
years
to
are
All claims filed
awarded to
ship, was issued. The call, made public by W. D. McBee,
the first meeting of the Commission. The total amount
Governclaimants is to be paid in gold coin or its equ1valent by the Mexican
representative from Stephens County, bore the names of 40
ment to the Government of the United States.
expressing
House members, with the promise that during the day the
Charge d'Affaires Tellez also issued a statement
would grow to 54, constituting a majority Of the House.
City
list
Mexico
of
the
outcome
the
successful
at
his gratitude
advices report that the number has since increased to
Later
negotiations, in which he said:
the
had
have
I
69. Noon of next Wednesday (Sept. 26) is the hour fixed for
It is with sentiments of deep and sincere gratification that
which, toassembling of the lawmakers. Governor Walton has
honor, on behalf of my Government, to sign this instrument,
City, bears the
gether with the convention that is to be signed to-day at Mexico
been
has
stated that he would cause the arrest of members of the
proof of the good faith of my Government, which now, as always,
unstained Legislature should they meet without his sanction, but the
ready to adjust its international conduct to the dictates of the
principles of equity, justice and international law.
will not resort to any
His Excel- general impression seems to be that he
yoyor this happy event we are, on our part, equally grateful to
without whose such desperate expedients. A statement issued by the ExecSecretary,
Mr.
Your
Excellency
to
Coolidge,
President
lency
Honorable
on Sept. 20 said:
interest and devotion to duty it could not have come, and to the
dis- utive
broad-mindedness
Mr. Warren and Mr. Payne, whose tact, skill and
Mexco City cannot
played in their labors during the recent conferences at
May I not also express
but be by all acknowledged and highly praised.
to the great and noble spirit of the late
a sincere and respectful tribute
President Harding.
is the
The Invisible Empire threatens the sovereignty of the State and
aloft in
enemy of the State of Oklahoma. Its flag, a fiery cross, now high
Government of
many public places, evinces its encroachment upon the civil
and sacred
this State. The cross is an emblem of peace, of amity and order,
SEPT. 22 1923.1
THE CHRONICLE
to history; but the fiery cross is the pagan emblem of fear, hatred and rebellion.
Evidence procured by military courts of inquiry proved that the Klan is
responsible for beating and mutilating hundreds of persons in the State. It
has the civil Government of Tulsa and elsewhere under its control. Because
of the organization's power, I know of no way—there is no way—to stop this
outlawry and terror except by the military.
Calling the full forces of the nearly 6,000 troops in the
National Guard to his command, the Governor on Sept. 15 in
Issuing his proclamation took a new step in his spectacular
fight against the Ku Klux Klan by declaring that any persons who aided the organization in carrying out its "purposes" were enemies of the sovereign State of Oklahoma and
should be dealt with by the military forces. The Governor
declared that because of the existence of a "self-styled Invisible Empire," a state of insurrection and rebellion was in
effect against the Constitution and authorities of Oklahoma,
and that a general state of "public alarm and fear and jeopardy of life, peace and personal safety" had resulted. Activities of the Klan organization, while centred in Oklahoma
City, extend to every county in the State, the Governor
charged. The proclamation ordered absolute martial law in
Olkahoma County (Oklahoma City) and Creek County, the
latter adjoining Tulsa County, where military rule has been
in effect since Aug. 14. Troops are being placed at points in
the State where they are needed, the proclamation said, the
distribution being left to the discretion of the Governor and
Adjutant-General. The proclamation of Governor J. C. Walton, placing the entire State of Oklahoma under martial law,
was as follows:
1. That a state of insurrection and rebellion against the laws and Constituiton and the constituted authorities of the State of Oklahoma does exist
within and throughout the State of Oklahoma.
2. That a general status of public alarm and fear and jeopardy of life, of
peace and of personal safety does exist among its citizens throughout the
State of Oklahoma.
3. That martial law be and the same hereby is proclaimed within and
throughout the entire State of Oklahoma, each and every county and city
thereof, and the military forces of the State of Oklahoma are hereby ordered
and commanded to occupy such place or places as may be directed and commanded by the Governor or the Adjutant-General of this State.
4. That absolute martial law be and the same hereby is ordered and proclaimed in the city of Oklahoma City and in Oklahoma County, Oklahoma,
and in Creek County, Oklahoma.
5. That from and after the date of this proclamation each and every person
within this State of Oklahoma to aid or abet the said lawless organization,
commonly known as the Ku Klux Klan, either directly or indirectly, or give
aid or comfort to the same in the carrying out and execution of the purposes
of the Ku Klux Klan, shall now be deemed to be enemies of the sovereign
State of Oklahoma, and shall be dealt with by the military forces of this
State.
This proclamation shall be enforced and in effect from and after 12
o'clock midnight of Sept. 15 1923.
The cities of Tulsa and Muskogee, members of the Legislature and the press of the State have openly defied Governor Walton. Typical of the defiance of the press which is
threatened with a military censorship by the Governor unless
It "ceases its campaign to hinder his efforts to suppress mob
law in Oklahoma," was an editorial that was carried on the
first page of an Oklahoma City newspaper on Sept. 15. The
editorial said in part:
Oklahoma is suffering from two distinct menaces. Each menace
threatens
the right that make a people free. One menace is the Ku Klux Klan,
the
other is the usurpation of unconstitutional power by J. C. Walton.
Both are seeking to be super-Governments. Each is beyond the law.
The
two are opposed to each other and yet in their basic elements they are
intl.
snately akin.
When the Klan began to invade the homes of those who were
tarred and
feathered and flogged, administering punishment without the authority
of
the law, it struck a blow at the very cornerstone of human liberty.
When J. C. Walton set aside the writ of habeas corpus in the face
of the
expressed unqualified constitutional provision against the doing of
that
thing, and when he put a censor in the office of the Tulsa "Tribune," very
sup_
pressing the right of free speech and a free press, he struck twin
blows
against that same cornerstone.
The creed of the Klan is the creed of the mob. The creed of
Walton is the
4.aced of a dictator, creed of "I'm the State," a creed that
was Caesar's,
Alexander's, Napoleon's and the Hohenzollerns'.
The people of Oklahoma are law abiding. They want neither
Klan nor
King.
Only newspapers that by editorials and news stories
incite
"masked marauders to insurrection against constituted
authority," will be subject to censorship, Governor
Walton
said on Sept. 15 in a telegram to the Baltimore
"Evening
Sun." The Executive's message was in reply to a
telegram
from Hamilton Owens, editor of the newspaper.
"The
'Evening Sun' has from time to time praised your
efforts to
rid Oklahoma of masked marauders,' said Mr. Owens's
telegram. "We have, however, been somewhat disturbed at
the
Imposition of a censorship upon the Tulsa 'Tribune.'
Could
you wire us a statement on your view of the necessity
for
this action?" The Governor's response follows:
In reply to your telegram, will say that the fight In this State
is
the State of Oklahoma, a sovereign State of the American Republic, between
and the
invisible Empire, which is seeking to gain control and rule.
There will be no censorship of the press in this State, except in
cases where
1311
newspapers by editorials and through newspaper stories are in fact inciting
masked marauders to insurrection against constituted authority.
The Invisible Empire of this State has gained control of Prosecuting Attorneys, Sheriffs and of juries in many counties through Klan Jury Commissions,
so that it is impossible in such counties, through the courts, for citizens to
be protected and to prosecute masked marauders.
I am being threatened personally and attacked in the courts for my fight
on this power and I consider the very life of constitutional government, personal liberty and personal safety is at stake, and I as Chief Executive, propose to invoke every power of the State to protect its sovereignty. Two Governments cannot exist in this State at the same time.
Governor Walton also made public a telegram he received
from W. M. Hunter, former Justice of the Civil Court of
Appeals of Texag, as follows:
Stand your ground. No compromise with mobs. The good law-abiding
people are with you. You have forced the issue whether constitutional government or anarchy shall prevail in Oklahoma.
Every State in our Union is interested. Declare martial law and enforce it
with bullet and bayonet. The jurisdiction of courts does not extend to questions involving the State or national existence, but the law of revolution.
Governor Walton replied:
Thanks for your words of commendation. Let us all stand for American
ideals. Let us all bow before the genius of America.
Military censorship established over the Tulsa "Tribune"
was lifted late at night on Sept. 15 by Governor Walton. He
transmitted in person over the long distance telephone his
order to National Guard officials at Tulsa to remove the
military censor from the office of the "Tribune" at once.
"I uphold absolutely the freedom of the American press and
the right to free speech," said the Governor. "I have decided
that conditions now do not demand military interference
with the newspaper."
Military power is supreme in Oklahoma, Judge A. C.
Hunt ruled on Sept. 20 in the District Court at Tulsa in
dismissing petitions for habeas corpus filed in behalf of three
men held by the military officers for participation in Tulsa
County floggings. Notice of exception to the ruling was
filed by State Senator Wash Hudson, counsel for the petitioners. The issue probably will go to the Supreme Court,
it is said. Adj.-Gen: B. H. Markham, the State's military
commander under martial law, appeared in Judge Hunt's
court in answer to a summons from a civil officer but he was
permitted to retain custody of the three confessed and
sentenced floggers—Grover and Ben Sikes and Earl Sack,
in whose behalf the petitions were filed. Judge Hunt said
there was nothing "illegal or unauthorized in the action of
General Markham in holding the men for testimony before
the Wagoner County Grand Jury in connection with the
flogging investigation there." Within a few hours of the
decision word was received from Wagoner County that seven
men against whom the detained trio were expected to
testify had been indicted by the Grand Jury, thus opening
the way for the release of the convicted men to the civil
authorities. They were released from military custody
that night. The Judge prefaced his decision by a lengthy
explanation of his views regarding the right of the civi
courts under martial law, in which he declared that "this
Court has functioned in the full exercise of its lawful power
since the Governor's proclamation and will recognize no
interference by the military" He believed the State-wide
martial law unjustified.
Buying Power of Wheat Farmer Not Seriously Impaired.
Although the situation among the wheat farmers is disquieting, their buying power is not seriously impaired, according to Secretary-Treasurer J. H. Tregoe, of the National
Association of Credit Men, who discusses the "feverish state
of mind" of the agriculturists, in a letter to the thirty-odd
thousand commercial credit grantors in his organization.
"Very much is being said these days about wheat," he declares. "To do this situation justice we must recognize that
wheat furnishes less than 6%,of our farm products and cannot, therefore, be regarded as a safe barometer of agricultural conditions as a whole." Allowing for the short production and price of the wheat crop, this observer estimates
that our farm products this year will realize probably a billion more than in 1922. "In some spots the situation is very
discouraging," he says. "For instance, in the four spring
wheat States—Minnesota, North Dakota, South Dakota and
Montana—the crop will not exceed perhaps 50% of the normal, owing to unfavorable climatic conditions and to the
rust. At the low price, the farmers of these State producing
but one crop are in a very uncomfortable situation, and will
be severely restricted in paying old debts and buying necessities. In Oklahoma and a portion of Kansas, the severe
heat hurt the crops and has brought distress to the farmer.
About every decade this section is visited by an intense heat
—a correspondent writes me that the thermometer on his
1312
.
THE CHRONICLE
[VOL. 117.
desk registers 108 degrees." Mr. Trego continues as fol- Mr. Gore was designated as one of the members. For three
years preceding his connection with the Packers and Stocklows:
Present conditions lead to some interesting conclusions, and principally yards Administration he was President of the West Virginia
among them are these: Our large urban population calls for the raising Hereford Breeders' Association, and from 1912 to 1916 was
of a great deal of foodstuffs and a great deal of dairying. The farmer
President of the West Virginia Livestock Association. As
should concentrate primarily on supplying the home markets. In foodstuffs we have had in recent years but little surplus to export and the prices a recognition of his services in the livestock industry Mr.
of exportable foodstuffs are usually controlled in world markets.
Gore also was made a life member of the International LiveThe farm is a business enterprise and needs business management for
stock Exposition several years ago. Mr. Gore, it is stated,
its success. The cost of production must be watched with the same care
has rendered valuable service as a member of the Packers
as it is in complex mechanical production.
Through the agricultural States we may say that 50% of the farmers and Stockyards Administration force, having been successhave
indulgences
at least deserve credit. Those who have refrained from
striven hard to liquidate old debts, have confined their,buying to necessities. ful in harmonizing difficulties between livestock producers
are qualified to meet present emergencies and to buy more largely than in and the commission merchants in the various stockyards.
the past year. Farmers who have speculated, have bought automobiles He was one
of the arbitrators in the recent ease between the
and accessories without thought of old debts or their abilities to contract
Government and a number of livestock associations which
new ones, are in distress and putting up the loudest complaints.
As a "very thoughtful miller in Oklahoma" writes Mr. Tregoe: "The terminated recently in a material reduction of livestock comfarmer of the West has had too much credit. He raises wheat that takes mission
rates at four of the principal markets.
twenty
the remainder of the year sits in the town and raises
days a year, and
hell. With a windmill on every five acres and right hard work, with red
hogs and alfalfa, with cow peas behind the harvester and as many chickens
as will eat up the produce of twenty acres, the farmer will be the richest
man in this country."
The banks of the agricultural districts that have exercised the proper
prudence are in a comfortable situation and many are loaning money in
New York City.
"Reducing costs through co-operative harvesting and marketing is a
point where the farmers' profits may be promoted and not through any
medium whereby his indebtedness may be increased," Mr. Tregoe believes.
"While the situation is disquieting, yet it offers an incentive for some
splendid improvements in our agricultural methods, and on the whole I
do not believe that the buying power of the farmer is severely impaired."
Universal Cotton Standard Agreements with Foreign
Cotton Associations Signed by Secretary of
Agriculture Wallace.
Agreements to establish universal standards for American
cotton and rules for foreign trade in cotton under the Cotton
Standards Act, with six foreign cotton associations, have
been signed by Secretary of Agriculture Wallace, according
to an announcement issued by the Department on Aug. 18,
which we quote further as follows:
General Observa,ions.
These agreements were brought from Europe on Friday by Lloyd S.
"In the active markets a survey indicates seasonal decline in buying and Tenny, Assistant Chief, Bureau of Agricultural Economics, who secured the
signatures of the foreign associations. The agreements are with the folsome added decline owing to price uncertainties.
lowing associations: Liverpool Cotton Association; Manchester Cotton
. "In specialties there appears to be a normal or increasing business.
"In some staples there was a falling off in July and August.
Association; Association of Cotton, Havre; Bremen Cotton Associations:
"More than the usual customary cancellations are not observed except Barcelona Cotton Associations. and Rotterdam Cotton Associations. The
in lines where declines in price are expected or in sections where the con- agreements with the Manchester Spinners' Association. the Milan Cotton
suming power will be reduced.
Association and the Ghent Cotton Association will be approved later.
"The level of wholesale prices showed a slight decline in July, and,
Final approval of these contracts marks the successful completion of neaccording to Professor Fisher's computation, they stood on Aug. 17 at 153, gotiations begun several months ago, when the application of the Cotton
an increase of 53 points over the 1913 base.
Standards Act to foreign trade in cotton was first taken up by the United
"Collections are reported as normal in a number of active lines. In States Department of Agriculture with members of the American cotton
others they show some improvement, while in the smaller number a falling trade and repres'sntatives of the leading European cotton associations.
off was reported.
After several conferences, the agreement to adopt American standards as
"Commercial failures are not beyond the normal of the mid-summer universal standards, with a few, minor changes, was reached.
season.
Following the negotiations with the foreign cotton representatives. Mr.
"The mounting of municipal and State taxes is a matter of considerable Lloyd S. Tenny went to Europe in July to complete the detailed arrangepracticed
ments, and secure the signatures of the European cotton associations.
concern because it indicates that there has not been the economy
which ought to be as a helpful feature in our recovery.
With reference to the successful termination of this important interna"The inability to make proper profit because of the exceedingly high tional trade arrangement. Secretary Wallace stated: "Dr. H. C. Taylor,
costs is one of our chief deterrents, but the present flow of commodities. Chief of the Bureau of Agricultural Economics, Mr. Tenny and their asthe soundness of our credit position and general confidence in the new sociates have handled this matter in a way altogether commendable. It
Federal Administration should keep us constructively optimistic and in a was a delicate situation requiring diplomacy of a high order, and it might
mood to handle our problems with intelligence and courage."
have developed into a very unhappy state of affairs. The matter has been
concluded in a way that seems to be most satisfactory both to our own cotton People and to our foreign customers. The standing of American cotActivity on the New York Cotton Exchange.
ton grades has been firmly established and our business relations over seas
have
So great has been the demand for contracts for future ter." been much strengthened. I am greatly pleased over the whole mat-
delivery, extending until next July, that the facilities of the
New York Cotton Exchange have been taxed to the utmost.
Clerks on the Exchange have been working nights in an
effort to keep the books up to date, but the volume of business has been so great that it has been a physical impossibility to handle it, says a statement issued by the Exchange,
which then continues as follows:
Improved business conditions on one hand and Washington placing the
crop estimate this year at only 10,750,000 bales has caused what amounts
almost to a stampede among cotton users both here and abroad.
Six weeks ago cotton for October delivery sold at 20X cents on the New
York Cotton Exchange, and closed to-day (Sept. 11) around 28 cents.
This advance is equal to more than $35 a bale and is equivalent to an increased return to the cotton planters in the South of about $400,000.000.
A slump in the dry goods trade a few months ago brought fear that there
would be a repetition of the post-armistice collapse that brought deflation
In 1920, and for this reason the mills of the country did not buy cotton during the early part of the summer, but used up raw material on hand to keep
their plants operating. During the past few weeks, however, the largest
Wes of print cloth in Fall River since January 1921 have been reported.
Cotton is being picked all over the South now, but it is only just beginning to come on the market; and as there are about three buyers for every
seller thus early in the season, manufacturers who use cotton are endeavoring to protect themselves through the purchase of contracts which will
represent actual cotton as the various months mature.
References to conferences looking to the acceptance of
the universal standards appeared in our issues of June 16,
page 2727; July 7, page 36; July 14, page 162, and July 21,
page 278. The issuance of regulations under the Cotton
Standards Act was noted in these columns July 28, page 401.
Reconstruction Measures Under Way in Japan—Temporary Housing of Refugees.
The progress which is being made in the rehabilitation of
the Japanese cities from the chaos resulting from the earthquake and subsequent fire of Sept. 1, is indicated in advices
from Tokio on Sept. 20 (Associated Press), which stated
that all refuges from the earthquake are now housed in temporary barracks built in the parks. With regard to the reconstruction measures already under way, the Associated
Press cablegrams (Tokio) Sept. 16 stated:
The white collar workers of Japan are virtually destitute to-day, but from
170,000 to 200,000 laborers will he provided with work immediately to build
houses and bridges. it was announced. About 50,000 carpenters and
Plasterers from all parts of Japan are being sent to Tokio to help in the
reconstruction.
Premier Yamamoto, in a statement to-day amplifying the recent imperial
edict, advised life insurance eompanies to shoulder their responsibilities for
the future benefit of their business, which "depends entirely upon popular
President Coolidge Appoints Howard M. Gore
Assistant Secretary of Agriculture.
confidence."
The Premier laid emphasis on the necessity of capital for reconstruction.
Appointment of Howard M. Gore as Assistant Secretary Pointing
out that the national prosperity was dependent on it.
of Agriculture to succeed Charles W. Pugsley, who recently
succeeding day (Sept. 17) it was stated in Tokio
On
the
resigned to accept the presidency of the South Dakota accounts:
State Agricultural College, was made on Sept. 17 by PresiIn a statement addressed to the whole nation Premier Yamamoto reviews
cost thousands of lives
dent Coolidge upon recommendation of Secretary Wallace. the catastrophe which devastated five prefectures,
and rendered millions of people homeless. He congratulated the nation on
Since the passage of the Packers and Stockyards Act. Mr. its
calamity and declares
terrible
most
its
of
face
the
presence of mind in
Gore has been in charge of the Division of Trade Practices that, although there were some instances to the contrary, peace and order
of the Packers and Stockyards Administration. Mr. Gore were generally well maintained.deep sense of gratitude on the part of the
The statement expresses the
has a wide acquaintance with stockmen and farmers, both Government
and people of Japan for the sympathy and practical help
is
and
States,
Range
familiar
and
thoroughly
Belt
Corn
the
in
forthcoming from foreign nations.
The Premier declares that the reconstruction of the capital will be a real
with agricultural conditions in that area. When the Amertest of the resourcefulness of the Japanese. and that It will require the efican Farm Bureau Federation appointed the Committee of forts of the whole country to create something better and greater than the
Fifteen to consider better methods of marketing livestock, former city. With that aim, the Government has assembled the best avail-
SEPT. 22 1923.]
THE CHRONICT/E
able wisdom of the country in the form of a reconstruction commission, the
members of which will have the rank of Cabinet Ministers.
The commission will include the Privy Councillors, political leaders and
peers, and well-known business men and scholars. Viscount Takahashi,
Viscount Kato and the Presidents of the Selyukai and Kensekai parties
have consented to serve.
It is understood that Baron ljuln is to be appointed Minister of Foreign
Affairs. He served as Ambassador to Rome from 1916 to 1920 and was
created a peer in recognition of his work as one of the Japanese peace envoys
in 1918.
Imperial residences have been assigned to the embassies and legations
whose quarters were burned or seriously damaged.
A detailed account of the catastrophe, in which the cities
of Tokio and Yokohama were the principal sufferers, appeared
in our issue of a week ago, page 1193. Regarding the havoc
wrought in Yokohama, advices from there (Associated Press)
Sept. 19 had the following to say:
So thorough was the destruction of Yokohama in the great earthquake
and fire that those visiting the ruins of the city scarcely entertain the idea
that it will be rebuilt. Only aboutfive buildings remain standing, and these
are in such a condition as to be uninhabitable.
The rebuilding of Yokohama, it is asid, depends on the outcome of the
scheme for turning Tokio into a great seaport. which experts declare is
possible by means of dredging operations to open a channel through the
upper bay.
The intensity of the fire here was so great that the steel vaults of the offices
of the consulates and business houses remained scorching hot for ten days.
The papers in the safe of the British Consulate were ignited when it was
opened at the end of that time,and the books and papers of the Hong Kong
& Shanghai Bank, which were rescued from its building after strenuous
work, were destroyed by fire on the pier where they were taken.
Many problems are expected to arise in consequence of the destruction or
loss of securities held by the various banks and also through the loss of valuable consignments from British and American exporters, insured for ten
days after their arrival.
A Tokio cablegram Sept. 19 said that silk growers have
pledged themselves to support the proposal to re-establish
Yokohama as centre of the export trade. Arrangements
are being made to insure silk in transit.
Europe
Said to be Happy Over World Cotton
Standard.
Under date of Sept. 18 the United States Department
of Agriculture said:
Universal standards for American grown cotton are meeting with unanimous approval of the European cotton trades from importers to spinners
and weavers of cotton cloth. The trade is particularly gratified over
the agreement to permit final arbitration of transactions between American
cotton exporters and European buyers, according to Lloyd S. Tenny,
Assistant Chief, Bureau of Agricultural Economics, U. S. Department
of Agriculture, just returned from Europe in connection with completing
arrangements for administering the Cotton Futures Act. This
Act,
passed by the last Congress, prohibited the use of other than American
cotton standards in inter-State and international trade. The
adoption
of American standards as universal standards provided a solution for
the problem.
Discussing the general cotton situation abroad, Mr. Tenny said
that
the European cotton trade has a friendly attitude toward American
cotton
and is prepared to use large quantities of the fibre under satisfactory
conditions as to price. There is considerable uncertainty in the trade,
however, whether the combination of high cotton prices and restricted
buying of consumers may not have the effect of curtailing purchases even
though a sufficient quantity is available to meet normal requirements.
There is some talk in the trade about using more Indian cotton because
of its price, Mr. Tenny said. Spinners recognize, however, that to
use
the very short staple Indian cotton, extensive readjustments of machinery
and plant equipment will be necessary, and they are reluctant to
make
such alterations unless the supply and price of American cotton make
the
move an economic necessity. American cotton is moving freely on
the
Continent, and will contine to move freely for some time to come, in
the
opinion of Mr. Tenny.
General economic conditions on the Continent, except in Germany, are
good, Mr. Tenny said. Labor is working full time in Italy, and
there
is little idleness in France. In Germany the Ruhr question and
depreciated
marks aro growing rapidly More acute, he said. American dollars
are
used as currency everywhere on the Continent in trade.
1313
We cannot telegraph our market conditions for some time. We will send
messages as market restores."
The same paper on the 21st inst. said:
Market and Port Open.
The Silk Association of America announced yesterday afternoon the
receipt of a wireless message from the Raw Silk Association of Japan.
dated Tokio. Sept. 19, to the effect that Yokohama and port opened
Sept. 17 and will remain open hereafter. "The news indicated," said the
statement from the Silk Association, "a renewal of activity in raw silk
trade, although no further details could be learned. It is felt, however,
that in the absence of housing and shipping facilities it still will be some time
before shipping in volume can be routed to the port."
It was said at the Silk Association that no information had been received
regarding prices at which raw silk was being sold in Yokohama.
"The prices cannot be accepted as a criterion for the re-established Yokohama market," said a representative of a large Japanese importing house in
referring to the cable received by Charles F. Silie & Co. "On Monday
there were a few small transactions in Yokohama at the prices named in the
cable.
"It means nothing so far as establishing a market at those prices. In our
opinion the few hundred bales that changed hands at those prices represented a compromise on open contracts with filatures. The silk probably
had been contracted for prior to the disaster, and as there could be no
settlements on the usual settlement days—Sept. 5, 10 and 15—we take it
that settlement was made on Monday at the compromise prices mentioned
in the cable.
Filatures Not Selling.
"Our information is that the filatures are holding back their silks, and
certainly there will be no considerable trading at the prices at which the
few transactions were made on Monday. The report of these transactions
from Yokohama can have no effect on the market here. It will be found
that when actual trading is resumed on a large scale the prices will be very
much higher than those given in the cable. Just how much higher it would
be difficult to predict at this time.
"It is certain that raw silk from Japan will not sell either in Japan or on
this market at anything like the prices paid for the small lot that changed
hands on Monday. Prices are likely to be high for some time yet."
It was said at the office of Charles F. Smilie & Co. that a very low grade
of raw silk was sold in Kobe for shipment last week at 83 95 a pound, an
advance of 20 cents a pound over the price just before the earthquake.
Waste silk was offered at an advance of 10 cents a pound. It was said that
some shipments had been made from Kobe of this low grade and also of
waste silk.
The trade regarded the prices reported to have been paid in Yokohama
Monday as purely nominal. And in some quarters of the trade there was
a feeling that an effort was being made in Yokohama to depress the market
on the part of some traders who had sold short prior to the disaster. Nowherein the trade was it considered that the prices in Yokohama on Monday
represented the true market situation in the primary market.
The reopening of the raw silk market in Tokio was announced on the 18th inst. On the same date a Washington
dispatch to the "Journal of Commerce" stated:
Japan's silk industry was not so seriously affected by the earthquake as
had been feared.
Ambassador Woods reported to-day that the Japanese silk filatures were
practically uninjured, and that although 42.000 bales of silk in Yokohama
were destroyed, 8,000 were saved. A dispatch from George C. Howard,
American Trade Commissioner, said that Robe was becoming the Japanese
silk centre, with prompt recovery expected. Mr. Howard also gave estimates of losses to the Japanese cotton industry, saying that probably
500,000 cotton spindles were destroyed or damaged.
In its issue of the 19th, the paper quoted above stated that
the Silk Association of America announced on Sept. 18
that a letter had been received from the Textile Division of
the Department of Commerce in Washington, transmitting
part of a cable received from Trade Commissioner George
C. Howard, of Kobe, on the Japanese silk situation. Commissioner Howard is quoted as having reported in his cable:
Silk exports since the disaster are moving toward Kobe. It is estimated
that approximately 15,000 bales of the total 45,000 bales stocks at Yokohama are safe.
A committee has been appointed to determine prices for export before
the establishment of a silk exchange at Kobe.
It is thought that 5% of the present crop will be early.
Normal operations are expected to be resumed as soon as banking and
conditioning houses have been completed, and it is thought by iocal merchants that the silk industry will not be greatly affected.
The suspension of raw silk trading was referred to in our
issue of a week ago, page 1195.
Resumption of Japanese Raw Silk Trading.
The resumption of trading in Japanese raw silk in the New
York market, which had been suspended on Sept. 5, was re- Proposed Flotation by Japan of Billion Dollar Loan for
Reconstruction Purposes.
sumed on the 18th inst. On the 20th inst. the "Journal of
Commerce" had the following to say regarding the market:
Reports to the effect that the Japanese Government purTraders generally have expressed surprise that the market has
been so poses to float a billion-dollar loan to finance reconstruction
quiet since the reopening on Japanese silks Tuesday after a suspension
of was contained in an Associated Press cablegram
from Tokio
two weeks, pending more satisfactory information regarding the extent
of
damage to the silk industry in Japan. The market opened Tuesday fairly Sept. 19, which added:
brisk in some quarters, especially in the brokerage houses, but there
was a
material slackening in demand yesterday.
The large importing houses still remain out of the market so far as
concerns silk from Japan. They are waiting for the resumption of more
frequent cable service between this city and the primary market. The
trade
was interested in the Associated Press dispatch from Tokio, published
in
yesterday's "Journal of Commerce," to the effect that the raw silk
market
had reopened, but pointed out tht athey were not prepared to transact
business in Japanese silks for future delivery until the regular cable
service
from their foreign representatives was resumed. And there isn't much
Japanese silk for spot delivery.
The Silk Association of America announced yesterday the receipt of
a
cable from the Sericultural Association of Japan reporting conditions in the
silk industry in Japan. It was dated Kobe, Japan. Sept. 18. and signed
by M. Shigetoml, executive of the Sericultural Association, whose
headquarters were in Yokohama prior to the disaster. The cable read:
"Whole Yokohama and half Tokoo destroyed by great earthquake
and
fire. Yokohama silk traders devoting efforts to re-setablishment of Yokohama silk market. ABC and Yellers codes burned out. Please send us
them soon. Please send us messages on silk market every other day.
The Cabinet has decided as an emergency measure to supply a fund of
1,000,000 yen ($500,000) to control the necessities of life in the zone
ruined
by the earthquake. The Government will buy and sell such commodities.
keeping stocks of them on hand.
Bank of Japan to Lend $25,000,000 to Japanese Insurance Companies.
From Tokio Associated Press advices Sept. 16 it is learned
that the Bank of Japan has agreed to lend 50,000,000 yen
($25,000,000) to the Japanese insurance companies for payment on policies for thousands killed during the recent earthquakes and fires in Japan, according to an announcement
after a meeting of Tsunita Yano, President of the First Life
Insurance Company, representing forty-seven companies,
and Mr. Inouye, Finance Minister, and Mr. Ichiki, President of the Bank of Japan., It is further said:
1314
THE CHRONICLE
[Vol,. 117.
ted by Governor Pinchot when he called the miners and operators to meet in Harrisburg. These are the 10% wage increase, the eight-hour day, recognition of the union and recognition of the principles of collective bargaining. Outside
of the effect of the wage increase, the operation of the
Yasuda Bank of Japan Opens in New Quarters.
eight-hour
day formed the principal subject of discussion.
Trust
Guaranty
A cable was received on Sept. 17 by the
Company of New York from the Yasuda Bank, Limited, With respect to the proceedings at the Scranton convention,
Tokio, stating that on Sept. 10 the bank and its affiliates press dispatches had the following to say:
The convention, so far as time consumed in actual consideration of the
had opened business at a new address within the limits of
new agreement, was one of the shortest Tr -district meetings ever held
the moratorium. The cable also stated that the bank's to act on a contract, according to miners' officials. The meeting opened
strong-room is safe, although the office was burned. Mone- this morning and owing to time required for the formalities of organizing
and receiving the report or negotiations, did not take up consideration
tary and all other conditions were calm and improving.
President Yano offered as security properties worth 650,000,000 yen,
he stated. A total of 30,000,000 yen is necessary to meet insurance
payments, President Yano said, and the additional 20,000,000 yen will
be used to assist the living policy-holders.
Japan Exempts Building Materials From Import
Duties.
The exemption by Japan of all building materials from import duties was made known in a cablegram to the Japanese
Embassy in Washington from the Foreigh Office Sept. 14.
The Privy Council of the Emperor on Sept. 12, it is announced, approved three urgent measures—one for the exemption and reduction of taxes in favor of the sufferers from
the earthquake, one for the exemption of building materials
from duties, and a third postponing local elections in the districts affected by the disaster. Following the announcement that the Government would not impose taxes on incoming shipments of rice, beef, poultry and eggs, an Imperial
ordinance was issued on Sept. 11 removing all customs until
May 31 1924. The Government's revenue, it is said, has
been reduced by a quarter of a billion yen by the remission
of taxes in Toldo alone.
President Coolidge Thanks Nation for Contributions
to American Red Cross.
A message to the people of the United States, expressing
his appreciation of the response made to the appeals for aid
in behalf of the Japanese earthquake sufferers, was issued by
President Coolidge on Sept. 16. The message said:
The prompt and generous response of the American people to the urgent
needs of a friendly nation in time of great distress has been most gratifying. When the news of the tragedy in Japan first reached us the American
Red Cross, pursuant to a proclamation, asked the country for 15,000,000
to meet this great emergency. The answer to this appeal was prompt and
generous: in less than two weeks a sum far in excess of the original goal
was given.
At the close of this successful campaign I wish to extend to the people
of the United States my deep appreciation for this manifestation of their
generosity and their willingness at all times to answer the call of suffering
humanity.
Although contributions totaling 155,000,000 were originally
asked for by the American Red Cross, the amounts contributed exceeded $9,000,000 on Sept. 20.
Termination of the Anthracite Coal Strike.
Delegates representing the anthracite coal workers who
went on strike Sept. 1, when the old contract expired, met In
Scranton, Pa., on Sept. 17 and approved the settlement secured on the basis of terms proposed by Governor Pinchot of
Pennsylvania. The strike was thereupon called off and
work resumed in the mines on Wednesday, Sept. 19. The
new contract will continue for two years. It was formally
signed in the presence of Governor Pinchot at his home in
Milford, Pa., on Sept. 19. Those who signed the contract on
behalf of the miners were John L. Lewis, International
President of the United Mine Workers; Rinaldo Cappellini,
President of District 1; Thomas Kennedy, President of District 7, and C. J. Golden, President of District 9. Representatives of the coal companies who signed were W. J. Richards, President of the Philadelphia & Reading Coal & Iron
Co.; S. D. Warriner, President of the Lehigh Coal & Navigation Co.; W. W. Inglis, President of the Glen Alden Coal
Co., and A. B. Jessup, Vice-President and General Manager
of the Jeddo-Highland Coal Co. Others present were James
A. Gorman, Hazleton, Pa., Secretary of the Anthracite Board
of Conciliation, and P. S. Stahlnecker, Secretary to the Governor. The contract was signed after Governor Pinchot had
entertained the miners and operators at luncheon.
More than 500 delegates, representing local unions in the
three United Mine Workers' districts of the anthracite region, took part in the convention at Scranton on Sept. 17 when
the agreement was approved. Their action regarding the
new agreement came with comparatively little opposition,
although several voiced objections to the fact that under the
10% flat wage increase provided for all workers, day laborers, now receiving the lowest rates of pay, will be given a
smaller increase than contract miners. The agreement embraces the four major points of the settlement plan submit-
of the contract until afternoon. John L. Lewis, President of the United
Mine Workers, who led the negotiations with the one:rotors' representatives,
presided. The other district Presidents, Rinaldo Capellini, C. J. Golden
and Thomas Kennedy, who took part with him in the converences, were
Present. The objections of delegates who protested against the effect
of the wage increase upon the pay of day laborers was answered by President
Lewis, who declared no one could have pleaded the cause of the day laborers
more eloquently than the union officers. "It is true the men who need
it the most will get the least," President Lewis said of the increase. "It
was proposed," he explained, "that the increase to contract miners on
the 10% basis be computed and amount equal in cents be added to the
Pay of day laborers. The reply of the Governor and operators," he added,
"was that that method would add not 10% to the cost of production, but
perhaps 16 or 17%•"
Explains Pos:tion of Leaders.
He declared the union officers were confronted during the negotiations
with the question of whether to reject the entire settlement because of
dissatisfaction with certain features or to accept it, the former contingency
holding the prospect of several months' suspension with the issues still
in doubt.
"It seemed to us," he said, that it was better to accept these most
substantial concessions practically without a struggle than to enter an
unknown field with prospects of an indefinite and prolonged struggle."
The settlement, Mr. Lewis added, does not remove all the ills from
which the workers are suffering, but is a "marked step" forward and the
most progressive, constructive contract ever negotiated in anthracite
territory. The wage increase, he declared, has been figured by experts
"not in the employ of the operators" at from $32,000,000 to 835,000,000
a year.
"There is no expectation on the part of the officers of the organization
to take any wage reductions in the future," he added.
District President Kennedy, replying to the assertion of a delegate
that the effect of the small increase on day laborers will be meetings of
company men in the anthracite valley before 1925 to see if they cannot
advance themselves, declared the day laborers have received a greater
Percentage of increase in pay since 1916 than contract miners. The
day laborers during this period, he asserted, have been increased between
115 to 142%, while the contract miners' wages have gone up 82%.
Rap at Coal Commission.
Discussing the work of the United States Coal Commission, Lewis
declared that body had "lamentably failed" so far as the mine worker
was concerned in presenting any definite conclusions or recommendations.
He expressed the hope that the Commission in its report on the bituminous
industry would show "greater sagacity." The two major problems of the
bituminous field, he said, were intermittency of employment and lack of
employment for the men.
"If the Coal Commission fails in its report to make constructive recommendations on these two problems," Lewis added, "its existence will not
have been justified." He declared no statesmanship will have been shown
or constructive results obtained.
Lewis took up statements which he said had been made about him by
John C. Dryden, President of the National Coal Association, one of which
the miners' President said alleged he was an instigator of the Herrin riots.
He declared this was untrue.
Discussion of the eight-hour day provision of the agreement brought
the explanation by District President Kennedy that this feature would
mean that'men who have been working a nine or ten-hour basic day will
se upon an eight-hour basic day with the 10% increase additional.
Other features of the contract came in for little discussion.
Governor Silzer's Letter to Governor Pinchot on the
Coal Strike Settlement—Fears Public Will
Pay—Suggests that Pennsylvania Remove
Its Tax of 50 Cents a Ton.
Governor Silzer of New Jersey in a letter to Governor
Pinchot expresses doubt as to the possibility of having the
increased cost necessitated by the increase in wages absorbed before it reaches the ultimate consumer—the public—
as such a thing never has happened before, he contends. The
Silzer letter, made public on Sept. 15, was in reply to Governor Pinchot's letter, sent soon after settlement of the strike,
to Governors of all anthracite-consuming States, urging them
to co-operate in preventing pyramiding of profits and profiteering. Governor Silzer told Governor Pinchot he was glad
to know that the coal strike has been settled and that the
country is not to suffer from a coal shortage. He also is
happy to know that Governor Pinchot is giving publicity to
the coal question, believing that nothing else will solve it so
quickly as publicity and public discussion. He also suggests
that Pennsylvania remove its tax of 50 cents a ton on coal,
saying that this, if done, would "practically equalize the 60
cents added by the strike settlement." Governor Silzer
Wrote:
It is unfortunate that all these strikes and strike settlements end one way.
They always finish by raising the price of coal and by adding to the burdens
of the consumer. Since the strike settlement added.60 cents to the cost of
each ton of coal, you are to be commended!for your.efforts to see that this
SEPT. 22 1923.]
THE CHRONICLE
1315
does not reach the consumer. I sincerely hope you will succeed. It has
never happened before—the consumer has always had to pay.
It is quite clear to every one that there must be a stop to this continual
increase in the price of coal, and it must be permanent—not temporary.
You have Well said that it is primarily a Federal question, to be dealt with
by the National Government. The Federal Government has the power. It
can find out the facts and it can apply the remedy. Why it has not done
so I do not know.
The National Government and the State of Pennsylvania can prevent this
gouging of the consumer if they will act. If you will continue to prod the
National Administration perhaps we will get results. You can do it, because you cannot be charged with doing it for partisan purposes.
Pennsylvania has the anthracite coal, and the National Government and
Pennsylvania together can control production, distribution and price.
Will they do it?
Frankly, too, I think there is another matter you ought to know about.
New York, New Jersey, Massachusetts, Maine, New Hampshire, Vermont.
Rhode Island, Connecticut and Delaware all feel that Pennsylvania has not
been a good neighbor and that it has treated them unjustly. In 1921 Pennsylvania imposed a tax of 13 % on coal, and openly admitted that its
purpose was to make the coal consumers of these States pay the running
expenses of Pennsylvania.
At a price of $9 a ton this tax would be 13% cents a ton, but what did
you do to your neighbors? The Pennsylvania Fuel Commission ruled that
"fifty cents a ton be added to the mine price on account of the State tax
and expenses incidental."
Every time anything is done some one seizes the opportunity to add a
little more. The people of New York, New Jersey,Massachusetts,Maine,
New Hampshire, Vermont, Rhode Island. Connecticut and Delaware paid
last year nearly four million on account ofPennsylvania's action. This
they should not have had to pay.
If you take off this tax it will practically equalize the sixty cents added
by the strike settlement. We will hold the dealers down if Pennsylvania
and the Federal Government will do their full duty, having in mind, however, that the added sixty cents came from the settlement and not from
the dealers.
I feel sure that at the corning session of our Legislature we shall protect
ourselves, as suggested in your letter. We have had a legislative committee
look into the facts and at the last session I recommended remedial legislation, which failed of passage. The coming session will bring different
results.
New Jersey will be glad to do anything it can to aid in the solution of this
pressing problem. We are willing to help our neighbors as well as ourselves.
certificates issued against an equal face amount of gold held in the Treasury
for redemption: and silver certificates issued against an equal face amount
of standard silver dollars held in the Treasury. Two kinds of bank currency
are issued: National bank notes secured by the deposit of United States
bonds bearing the circulation privilege: and Federal Reserve notes secured by
commercial paper and gold. In addition the law authorizes the issue of
Federal Reserve bank notes in the same manner as it authorizes the issue
of national bank notes. Federal Reserve bank notes have heretofore
been issued under an emergency of war and the issues are being retired.
For these five or six different kinds of paper currency there is a design for
each face and back of each authorized denomination of each kind. The
new designs will provide characteristic backs uniform for each denomination
irrespective of kind. For the faces the same principle will be followed with
variation in detail to indicate kind, and, of course, with such variation in
legends that may be required by law.
A more specific description of the new designs, which at present cover
only three classes of currency, follows:
Backs.—The new back designs are of the same general character as the
present series of gold notes, in that they are all of conventional form consisting of a scroll work panel with lathe work border, without pictures.
The backs are of uniform design for three classes of notes, the back of any
one denomination being common to silver certificates, United States notes
and Federal Reserve notes, and will all be printed in green.
Faces.—The faces of the notes carry portraits having a denominational
value, viz.: $1, Washington; $5, Lincoln: $10. Jackson: $20,Cleveland:
850, Grant: and $100. Franklin, and are of uniform design for the three
classes with the exception of the title indicating the class of note and the
legend of the obligation. The seals and sequence numbers on the silver
certificates and United States notes, and the seals, sequence numbers.
symbol letters and name of the Federal Reserve Bank, are all overprinted
in color on the face of the notes. The overprinting of the seal and numbers
on the face of the silver certificates is blue: on the United States note is
green, and the seal and numbers and other identifying symbols on the
Federal Reserve note. red.
The motive in making the designs of each denomination common to the
three classes of notes is that the public may thereby become familiar with
the general design of the various denominations and the denominational
value of the portraits, so that a raised note may be more readily detected.
The difference in the color of the seals and numbers is intended as an aid
to the banks in sorting the various classes of money.
The variety ofform of the designs and denominational numerals is such as
to minimize the possibility of raising the denominational value by pasting
the numerals of a high denomination over the numerals of a lower denomination.
The engraving of these new notes has been entrusted to the most skilled
Governor Bryan of Nebraska Ready to Sell Coal to
of the craftsmen in order that proper safeguard may be provided against
Farmers' Organizations in Other States at Cost.
counterfeiting, and as the public becomes educated to the simple means
According to a special dispatch from Lincoln, Neb., to the of determining class and denomination of the new series, it is believed that
New York "Times," Gov. Chas. W. Bryan of Nebraska, and a much of the confusion resulting from the many designs and classes now in
circulation will be eliminated.
brother of William Jennings Bryan, on Sept. 14 announced
The necessary work on the new designs and their issue will be expedited
that he had hiscoal-selling organization so well organized that and from time to time new notes will be substituted for those in circulation.
new notes when prepared being issued In regular course in replacement
he was prepared to sell coal at mine cost to farmers' organi- thepreviously
issued notes unfit for further circulation.
of
zations in other States. Only two cities and villages in NeA new design for the $2 denomination is not included in the present series.
Department
has had under consideration the discontinuance of this
The
braska have actually ordered coal through the Governor,
because of its widespread unpopularity. Final conclusion
but he stated that the State coal business was growing at denomination
has not been reached, but if it is finally determined to continue this desuch a rate that he would employ some one outside of his nomination in circulation a new design will be prepared along the same lines
designs for the other denominations and the portrait of Jefferson will
as
office to attend to the details. The "Times" dispatch added:
"If local officials in cities and villages co-operate as did those of Wy. appear on the face. The Department is unable to determine the reason
for the unpopularity of this note in the hands of the public generally. It
more," said the Governor, "I estimate the saving to the people of
Nebraska may possibly be due to the fact that two is not an exact divisor of the next
on their coal bill this winter will be $15,000,000. That means a lot
of higher denomination—in other words, it is not an actual change unit.
shoes and clothing and groceries can be bought with the amount which
the Meanwhile, the issue of the current series of silver certificates and United
coal combination is now taking out of Nebraska. The oil combination
takes States notes of this denomination will be continued.
$9,000,000 a year beyond a reasonable profit in this State.
"I have received requests from farmers' organizations in South Dakota,
Kansas and Oklahoma for coal at cost. I have told them I can supply them.
Changes in Wages Between Aug. 15 1923 and
I intend to do all that is humanly and physically possible to
break the
national coal combination. It is the duty of the Federal Government
Sept. 14 1923.
to
throttle the coal trust, but it is not doing it. It is asking from $4
to $6 a
Industrial
National
Conference Board furnishes the
The
ton beyond a reasonable profit. I have agents now in Illinois and
Colorado
to see that a supply of coal is furnished as rapidly as cities and
villages re- following summary of wage changes throughout the United
quire it.
States during the month ending Sept. 14, together with
"At Wymore dealers dropped their price to $8 25 and $8 50
when they
information for the five preceding months:
found city officials were going to compete with them. I am
ready to fur- similar
nish coal at the present time to a public committee in Lincoln at
Reduc/nTotal
$6 50 at
the mine. It can be sold now in Lincoln for $8 50 a ton. The
lions.
creases. Changes.
Date—
city offers to
sell a certain kind of coal at $9 50.
Mar. 15 1923 through April 14 1923
0
229
229
"Here is a man from Syracuse, John Copple," said the
201
1
202
Governor, "who April 15 1923 through May 14 1923
took orders for 100,000 tons of coal and then was frozen out
287
1
288
by the whole- May 15 1923 through June 14 1923
salers. When he came to ask for coal he was told he must have
137
o
137
his orders June 15 1923 through July 14 1923
in within two days. He says he can sell at $8 21 in Syracuse
77
77
0
if there is no July 15 1923 through Aug. 14 1923
waste. At University Place another individual took orders
through
Sept. 14 1923
23
22
1
for 700,000 tons, Aug. 15 1923
but shipment was refused."
There was one reduction in the textile industry.
The following table shows the number of increases by inNew Paper Currency Designs—Two-Dollar Note
Not dustry and the range of increase for the past month:
Included in New Series.
Total Number
of Increases.
Range of Increase.
Industry—
Secretary of the Treasury Mellon, in announcing
1
on Clothing
$5 to $10 per week
Sept. 10 the approval of new designs for paper
1
10% (2-year contract)
currency Coal (anthracite)
issues, and the authorization of their execution at the
Bureau
of Engraving and Printing, stated that a new design for
the
$2 denomination is not included in the present series.
Its
discontinuance "because of its widespread unpopularity"
has
been under consideration by the Treasury Department,
Secretary Mellon announces, but final decision in
the
matter has not yet been reached. The announcement
of
the 10th inst. follows:
The now designs initially will affect only United States notes,
silver
certificates, and Federal Reserve notes of the denominations
up to $100.
It is expected, however, the principle of the new designs later will be
extended to national bank notes and to any denominations over
$100. In
due course the design of gold certificates may be modified to accord
to the
new designs.
At the present time for circulation purposes five kinds of paper
currency,
Cr, as commonly called, paper money, are issued. The Treasury
issues
three kinds: United States notes, an authorized issue of some $346,000,000,
eing protected by a gold reserve of approximately $152,000,000; gold
Glaziers
Iron and steel
Leather
Railroads
Street railways
Teamsters and chauffers
Theatrical
5% to 18%
10% for 10-hour day
10%
lc. per hr. to Sc. per hr.
Amount not given
$5 per week
7%% to 15%
1
2
2
10
1
1
3
Total number of increases
22
Reductions in the hosiery mills in New Hampshire are due
to canceling the raise of 12% granted May 28 1923. Most
of the increases are due to renewal of contracts, some extending over a year and some a longer period of time. The
information given is derived from newspapers, trade journals and other unofficial reports. In consideration of these
sources, it is observed, this statement must not be regarded
as an official report of the National Industrial Conference
Board.
1316
THE CHRONICLE
Convention of American Bankers Association at
Atlantic City Next Week.
Next week the American Bankers Association will hold its
annual meeting at Atlantic City—Sept. 24 to 27—and
the interest in the event is indicated in the advance registrations, which, it is stated, forecast an attendance exceeding
5,000, a figure considerably greater than that of previous
meetings of the organization, with the exception of that of
last year, held in New York. Extended mention was made
in these columns Sept. 1, pages 970-972, of the programs
prepared for the general convention and the meetings of the
various Sections and Divisions. In addition to the speakers
therein indicated, several others have since been announced.
James M. Beck, Solicitor-General of the United States, will
speak before the general session of the convention Thursday
morning, Sept. 27. His address, "A Rising or a Setting
Sun ?" will deal with the maintenance of established American
institutions from a constitutional viewpoint.
Plans for making a forum on the Federal Reserve System,
which will be held the morning of Sept. 27, one of the outstanding events of the convention, are indicated in the announced choice of the speakers to open each side of the discussion, which will be under the subject, "The Federal Reserve System—Its Merits and Defects." Craig B. Hazlewood, Vice-President Union Trust Co., Chicago, Ill., and
President of the Association of Reserve City Bankers, will
lead the discussion on the merits of the system. The defects will be pointed out by George H. Bell, Cashier the
Planters' Bank & Trust Co., Nashville. Each of these
speakers will be allowed fifteen minutes, and others speaking
from the floor will be restricted to five minutes. The forum
will occupy an hour and a quarter.
An innovation is to be made at this year's convention in
respect to the resolutions, which will be presented the second
day of the convention when the attendance is at the height,
instead of at the end of the last day's session. A supplementary report may be considered upon the final day if
occasion warrants. Evidence that particular importance
will be attached to this year's resolutions is seen in the
appointment in advance of Francis H. Sisson, Vice-President
of the Guaranty Trust, as Chairman of the Resolutions Committee. Mr. Sisson has just returned from an extended trip
in Europe.
A change in the general program has been made in that
Melvin A. Traylor, President of the First Trust & Savings
Bank, Chicago, will give his address, "Seeing Things,"
before the general convention on Tuesday Sept. 25, instead
of before the Clearing House Section meeting. He will
also address the Section on "The Clearing House in Its
Relation to Our Financial and Economic Structure."
George E. Roberts, Vice-President of the National City
Bank, New York, will address the Section on "The Government in Business."
The chief speaker before the National Bank division, it
is announced, will be John H. Fahey, publisher of. the
New York "Evening Post." He will add to the international aspect of the discussions, speaking on the subject,
"Is World Business of Any Real Interest to American
Bankers?"
Special attention to the difficulties of the farmer and to
practical solutions for his problems will feature the session
of the State Bank division. A report on a nation-wide
investigation of the co-operative farm marketing movement
conducted by the division will be presented for discussion
at the meeting on Wednesday afternoon Sept. 26 at Haddon
Hall. Following the address of the division President,
H. A. McCauley, there will be an address on "Co-operative
Farm Marketing," by Carl Williams, President American
Cotton Growers Exchange, Oklahoma City, Okla., and an
address, "Standard State Banking," by E. H. Wolcott,
Bank Commissioner of Indiana.
[VoL. 117.
Registration for the banking courses given by New York
Chapter, American Institute of Banking,15 West 37th Street,
will be held at the Chapter rooms, Sept 24-28 from 6.30 to
9 p. m. The first class sessions will be held Oct. 1. The
new three-year courses in trust company work,savings banking and investment banking mark a new step in the practical
specialization of banking education and are attracting widespread interest in financial circles.
The Standard Bank ofNew York has issued a statement
as of the close of business Aug. 21 showing aggregate resources of $4,048,995; deposits of $3,573,825; loans, discounts
and investments of $3,311,597; cash on hand and in banks.
$547,397; and capital, surplus and undivided profits of $312.597.
The Hartford "Courant" on Sept. 20 reported that on Sept.
19 the directors of the City Bank & Truk Co. of that city
voted to increase the capital of the institution from $600,000
to $700,000 to meet the needs of "broadening activities and
increasing deposits." These latter on Sept. 14, the date of
the last bank call, were $15,672,668. It was recommended
that the new stock be issued in 1,000 shares of the par value
of $100 per share between the dates of Jan. 2 and 10 1924
and offered to shareholders of record Sept. 19 at par in the
ratio of one share of new stock to six shares of old, the new
stock to be dated Jan.1 1924. A special meeting of the stockholders has been called for Oct. 17 to ratify the proposed
increase in the capital. The "Courant" further states that
the directors at the same meeting declared the usual quar2% payable Oct. 2 and that it was exterly dividend of 21/
pected that dividends at this rate-10% per annum—would
be continued by the institution.
Newspaper advices from Philadelphia on Sept. 15 stated
that the proposed consolidation of the Ninth National Bank
of that city and the Ninth Title & Trust Co., under the name
of the Ninth Bank & Trust Co., had been approved by the
shareholders of both institutions. About 90% of the stock
of the bank and about 95% of the stock of the trust company
was voted, it was said, and all were in favor of the proposed
consolidation, which will become effective Oct. 1. Approval
of the plan will result, it was said, in the Ninth National
Bank surrendering its national charter, as the new institution will be operated under a State charter. The new bank
will have a capital of $750,000, surplus and undivided profits
of $1,650,000 and resources of more than $16,000,000. We referred to the proposed merger of the institutions in these
columns in our issue of July 14 last.
The East End Trust Co.
of Harrisburg, Pa. announces the
death of Edward A. Heffelfinger, President of the company,
on Sept. 14.
At the regular monthly meeting of the board of directors
of the Madison Square State Bank of Chicago, C. E. Stimming, formerly Assistant to the President, Was elected VicePresident of the institution, according to the Chicago
"Post" of Sept. 14.
A unique twelve-page bookl-et entitled "The New Egypt in
Missouri," has recently been issued by the bond department
of the Liberty Central Trust Co. of St. Louis, reprinting completely a three-quarter column editorial which appeared in
the St. Louis "Star." The editorial refers to the extraordinary richness of the land in southeast Missouri, on which
the Liberty Central had a bond issue of $1,700,000, comparing
It to the world-famed Nile Valley in Egypt. The front cover
of the booklet is a reproduction of the entrance pylons of the
Karnah Temple, one of the seven wonders of the world. In
the centre of the booklet is a four-page spread, showing a
view of one of the farms in the territory spoken of in the
bond issue. The back cover contains a reproduction of the
bond circular. Copies of the booklet will be furnished upon
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC. request by addressing the Publicity Department.
The Guaranty Trust Co. of New York announces the apAccording to the Denver "R- ocky Mountain News" of Aug.
pointment of J. Luther Cleveland, Jr., as an Assistant SecConey C. Slaughter, formerly Cashier of the defunct Mer29,
retary of the company. Mr. Cleveland will assist in handling
cantile National Bank of Pueblo, Col., whose embezzlements
the company's business in the southwestern part of the
wrecked the institution in 1915, was sentenced on Aug. 28 by
United States. Mr. Cleveland was formerly associated with
Judge J. Foster Symes in Denver to six years' imprisonment
the American National Bank of Oklahoma City as Vicein the Federal Prison at Leavenworth, Kan. Slaughter, it
President and member of the board of directors, in which
was stated, disappeared immediately after the shortage at
capacity he was particularly identified with country bank
the bank was discovered in 1915 and since that time was a
relations.
fugitive from justice up to April 9 last, when he was ar-
SEPT. 22 1923.]
THE CHRONICLE
rested in Phoenixville, Pa. When returned to Denver he
threatened, it is said, to fight the case to a finish, but the
net closed so tightly about him that he decided to plead
guilty and take his sentence. He was charged in 20 counts
with the embezzlement of approximately $325,000. On two
of the counts, one charging him with the embezzlement of
$97,000 in bonds belonging to the Silverton National Bank
(Silverton, Col.), and the other with $15,487 in cash, he
pleaded "guilty" and the United States District Attorney
dropped the remaining 18 counts against him. The United
States District Attorney was reported as saying that 84%
of the money lost through the failure of the Mercantile National Bank had been returned to the depositors by the stockholders of the institution.
The proposed absorption of the Security Bank & Trust Co.
of San Francisco by the American Bank of that ctiy, to
which reference was made in our issue of Aug. 11, page 639,
was consummated on Sept. 11. The former banking quarters of the Security Bank & Trust Co. at 316 Montgomery
Street now house the savings and trust departments of the
enlarged bank, while all commercial banking is transacted
at the headquarters of the American Bank at California and
Montgomery streets. The former Mission branch of the Security Bank & Trnst Co. has become the Mission branch of
the American Bank. The entire personnel of the absorbed
banks has been retained. The enlarged bank is said to have
resources in excess of $30.000,000.
The board of directors of the British Bank of South America, Ltd., has declared a dividend, on account, of 5% (10s.
per share) free of income tax on £1,000,000, the paid-up capital of the bank, payable on Sept. 28 1923. The Bank of New
York & Trust Co. acts as attorney in New York for the British Bank of South America, Ltd.
The 145th half-yearly report of the Bank of New South
Wales (head office Sydney) covering the six months ending
March 31 1923 and presented to the shareholders at their
semi-annual meeting on May 29, has just come to hand.
The
statement shows net profits for the six months, after the
usual deductions, of £432,188, which, when added to the
balance of £152,438 brought forward from the preceding
half
year, made the sum of £584,626 available for distribution.
Out of this sum an interim dividend at the rate of 10% per
annum, calling for £148,559, was paid on Feb. 27 (for
the
quarter ended Dec. 31 1922), leaving a balance of £436,067,
which the directors proposed be distributed as
follows:
£149,422 to pay the dividend for the quarter to March
31
1923 at the rate of 10% per annum and £125,000 added
to
reserve fund, leaving a balance of £161,645 to be carried forward to next year's profit and loss account. Total assets
on
March 31 were £79,220,426 (of which £13,250,186
consisted
of coin, bullion, Government legal tender notes and cash
at
bankers). On the debit side of the statement deposits,
accrued interest and rebate amounted to £55,969,437.
The
paid-up capital of the bank is £6,000,000 and its reserve
fund
£3,800,000. During the half year branches were opened
at
Moss Vale and Tweed Heads in New South Wales,
Kerang,
Swan Hill and Tatum in Victoria, Ingham and
Innisfail in
Queensland and Taumarunui and Waimate in New
Zealand,
making the total number of branches and agencies
387.
Thomas Buckland is President and Oscar Lines
General
Manager.
THE CURB MARKET.
Trading in the Curb Market this week was on a
small
scale and was again featured by liquidation, in which the
Standard Oil issues were again the chief sufferers.
Quite a
number of new low records were made. Standard Oil
(Indiana) was heavily traded in and after an early advance
of
about 13' points to 52%, dropped to 50%. It recovered
to 533/i and closed to-day at the high figure. Buckeye Pipe
Line was off from 823/i to 77. Galena-Signal Oil com. sold
down from 63 to 60 and at 603 finally. Illinois Pipe Line
declined from 155 to 152 and Indiana Pipe Line over ten
points to 843/a. New York Transit fell from 96 to 92 and sold
2. Northern Pipe Line lost three points to
finally at 923/
993/a. Prairie Oil & Gas dropped twelve points to 153 and
closed to-day at 196. Standard Oil of New York advanced
from 363/a to 393/a and ends the week at 39. Vacuum Oil
also improved, moving up from 433/a to 47%, the final figure
to-day being 474. Gulf Oil Co. of Pennsylvania fell from
1311
4 but sold back to 4932. International Petroleum
48 to 453
weakened from 15 to 133. and finished to-day at 135
%.
Durant Motors was a weak feature in the industrial list,
dropping from 363/a to 27, with the final figure at 28. Chicago Nipple Mfg. new Class A stock was active, selling down
from 41% to 36% and up to 373j finally. Gillette Safety
Razor declined from 265 to 2533/a and sold finally at 265.
Kresge Department Stores was traded in for the first time,
the common up from 333 to 34, and the preferred from
97 to 98.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The noteworthy feature of the stock market this week
has been the weakness of the oil shares, which have been
under pressure for several days and have gradually receded
to new low levels. The downward movement followed further widespread cutting of prices of crude petroleum and
gasoline. On Saturday the market continued to follow the
downward trend of the preceding three days. The market
opened on Monday with a fairly strong tone, the greater
part of the list, particularly the more active issues, showing
moderate advances over Saturday's final prices. In the late
afternoon the market developed considerable irregularity, the
session closing with prices generally below the morning quotations. On Tuesday there was continued irregularity.
Toward the end of the session some interest was manifested
in railroad securities, and a number of the more prominent
issues in this group closed with moderate advances for the
day. The market showed little improvement on Wednesday.
Irregularity again marked the session on Thursday, steel
shares being the weak spots of the day. United States Steel
common dropped back to 86Tg but recovered slightly toward
the end of the day and closed at 873'. Bethlehem Steel
went below 48, and Crucible Steel fell off to 59. The
general list steadied somewhat in the opening hour on
Friday, but sagged in the early afternoon, and the day ended
with prices only fractionally above Thursday's close.
COURSE OF BANK CLEARINGS.
Bank clearings the present week show a trifling decrease
compared with a year ago. Preliminary figures compiled
by us, based upon telegraphic advices from the chief cities
of the country, indicate that for the week ending to-day
(Saturday, Sept. 22) aggregate bank clearings for all the
cities in the United States from which it is possible to obtain
weekly returns will show a decrease of 0.7% as compared
with the corresponding week last year. The total stands at
$7,562,888,760, against $7,615,937,457 for the same weekin 1922. At this centre there is a falling off of 9.0%. Our
comparative summary for the week is as follows:
Clearinas-Returns by Telegraph.
Week ending Sept. 22.
Per
Cent.
1923.
1922.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Tout
San Francisco
Los Angeles
Pittsburgh
Detroit
Baltimore
Cleveland
New Orleans
$3,158,000,000
492,928,129
410,000,000
336,000,000
123.330,048
83,469,960,390
470,526,690
401,000.000
278,000,000
123.341.612
153,900.000
129,980.000
135.747,118
134,959.936
75.284.758
102,897,377
56,101,179
131,500.000
86,895,000
.163.300,000
109,580,630
76,652,925
86,834.300
53.546,591
-9.0
+4.8
+2.2
+20.9
-0.0
a
+17.0
+49.6
-16.9
+23.2
-1.8
+18.5
+4.8
Twelve cities. 5 days
Other cities, 5 days
$5,309.128,545
903.278,755
85.451,138,138
895.476.410
-2.6
+0.9
Total all cities. 5 days
All cities. 1 day
$6,302,407,300
1,260,048,460
86,346,614,548
1.269,322.909
-0.7
-0.7
87,562,888.760
87,615,937,457
-0.7
Total all cities for week
•Will not report clearings. • Estimated.
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the weekTends to-day
(Saturday), and the Saturday figures will not be available
until nito,, to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
Iethe elaboratedetailed statement, however, which we
present further below, we are able to give finarand complete
resultsfor the week previous-the week ending-SeptJ15. For
that week there is a decrease of 9.0%, the 1923 aggregateof
the clearings being $7,084,311,054 and the 1922 aggregate
$7,785,442,277. Outside of this city, however, there isjan
increase of 1.6%, the bank exchanges at this-centre having
fallen off 17.3' . We group the cities now according to the
Federal Reserve Districts in which they are located and
from this it appears that in the Boston Reserve District
there is a loss of 0.7%, in the New York Reserve District
(because of the decrease at this eentre)Ia loss of 16.8%77a
in the Philadelphia Reserve District of 1.8%. In the Cleveland Reserve District the totals are smaller by 7.5%, and
in the Kansas City Reserve District by 4.4%, but in the
Minneapolis Reserve District there is a gain of 5.3%. The
Richmond Reserve District has an increase of 1.1%, the
Atlanta Reserve District of 3.0% and the Chicago Reserve
District of 7.2%. In the St. Louis Reserve District there is
an improvement of 1.5%; in the Dallas Reserve District of
29.1%, and in the San Francisco Reserve District of 2.0%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Weekending Sept. 15 1923.
1923.
1922.
3
Federal Reserve Districts.
$
(1st) Boston
11 cities 377,982,261 380,583,539
(2nd) New York
9 " 3,687,701,803 4,433,922,103
473,541,471 482,138,205
(3rd) Philadelphia__ _ _10 ''
379,085,593 409,641,914
(4th) Cleveland
8 "
167,376,888 165,605,922
6 "
(5th) Richmond
170,655,843 165,717,766
12 "
(6th) Atlanta
843,455,771 786,780,799
(7th) Chicago
19 "
65,754,372 64,776,349
(8th) St. Louis
7 "
136,263,798 129,400,848
(9th) Minneapolis.... 7 "
246,868,999 258,224,411
(10th) Kansas City___ _11 "
79,235,958 61,361,331
(11th) Dallas
5 "
456,388,297 447,289,090
(12th) San Francisco
18 "
Inc or
Dec.
1921.
1920.
3
3
%
-0.7 325,650,524 447,772,593
-16.8 4,862,463,607 4,607,052,361
-1.8 448,975,645 550,929,672
-7.5 345,103,534 486,462,399
+1.1 137,956,542 193,890,673
+3.0 160,160,949 209,398,105
+7.2 736,030,943 944,794,796
+1.5 59,486,994 72,107,095
+5.3 129,274,230 182,776,766
-4.4 295,849047 397,035,957
+29.1 47,998,595 73,672,538
+2.0 389,675,900 489,490,611
Grand total
121 cities 7,084,311,054 7,785,442,277 -9.0 7,938,626,910 8,655,383,566
3,468,856,381 3,413,260,489 +1.6 3,134,526,735 4,125,692,355
Outside New York City
90 Pit1.1 581706147 287.493_645 -1.3 317.487.738 385.911,752
CInntui•
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week ending September 15.
Clearings at1923.
First Federal
Maine-Bangor__
Portland
Mass.-Boston
Fall River_ _ _ _
Holyoke
Lowell
Lynn
New Bedford
Springfield._
WorciIster
Conn.-Hartford
New Haven
R.I.-Providence
Total(11 cities)
1922.
Inc. or
Dec.
1921.
1920.
3
$
$
3
%
Reserve Dist rict-Boston842,416
734,461 +14.7
706,954
3,155,695
2,700,000
3,160,196 -0.1
327,000,000 334,000,000 -2.1 285,803,695
1,615,201
2,797,472
1,901,834 +47.1
g
a
a
a
1,403,479
1,278,788
1,082,168 +29.7
a
a
a
a
1,736,507
1,525,031
1,631,502 -6.5
3,899.907
4,663,381 +5.0
4,898,406
3.655,049
3,621,000
3,471,000 +4.3
8,497,646
14,299,729
13,523,550 +5.7
5,585,177
6,595,033
5,721,347 +15.3
10.171,600
11,844,000
10,694,100 +10.8
917,246
2,585,000
400,238,276
1,799,930
a
1,356,421
a
2,293,948
5,092,077
4,800,090
10,921.205
6,000,000
11,768,400
325,650,524
447,772,593
377,982,281
380,583,539
Second Feder at Reserve D istrict-New
N. Y.-Albany._
4,080,458
5,183,234
Binghamton_ _ _
1,093.743
1,151,707
Buffalo
d45,743,972
38,163,396
Elmira
558.873
871,946
Jamestown_ _
1,318,513
c1.281,724
New York__ _ _ 3,615,454,673 4,372,181,788
Rochester
9,956,863
10,586,702
Syracuse
4,294,006
3,914,564
Conn.-Stamford
c3,133,839
2,653,905
N. J.-Montclair
405,17'
405,179
-0.7
York.5,761,256
4,456,461
+27.0
1,373,600
949,900
+5.3
49,838.815
34,888,979
+19.9
+56.0
3,244,299
-2.8
-17.3 4,804,100,175 4,529,691.211
12,948,402
8,890,027
+6.3
4,754,585
3,594,206
+9.7
2,684,492
2,339,560
+18.1
687,109
378,256
+10.0
Total(9 cities). 3,687,701,803 4,433,922,103 -16.8 4,862,463,607 4,607,052,361
Third Federal Reserve Dist rict-Philad elphiaPa.-Altoona....
1.631,865
1.091,815
1,227.113 +33.0
Bethlehem._
5,255,325
2,490,489
3,082,217 +70.5
Chester
1,458,535
1,107,706 +31.7
1,000.000
Lancaster
3,171,621
2,463,132
2,776,200 +14.2
Philadelphia__ _ 444,000,000 458,000,000 -3.1 427,000,000
Reading
3,241.684
2.653,249
2,914,872 +11.2
Scranton
5,460,610
4,517,085
4,238.167 +28.8
Wllkes-Barre
d3,193,916
2,751,733
3,115.189 +2.5
York
1,530.403
1,528,537 +0.1
1.275,089
N.J.-Trenton
4,597.512
3,733,053
4,148,204 +10.8
Del.-Wilmingen
a
a
a
a
1,167,065
3,842.721
1.788,495
3,055,897
524,715,116
2,712,019
4,921,659
2,653,567
1,507,940
4,567,173
a
448,975,645
550,929,672
Fourth Feder at Reserve D Istrict-Clev eland.Dhlo-Akron
d7,076,000
5,886,000
*6,500.000 +8.9
Canton
5,004,880
3,902,185
5,086,798 -1.6
67,480,053 64,879,525 +4.0
Cincinnati
61,535,040
118,622,612 113,278,992 +4.7
Cleveland
90,000,000
20,012,500
14,146,600
Columbus
18,364,600 +9.0
g
a
a
Dayton
a
a
a
a
a
Lima
2,046,190
2,217,911 -7.7
1,829,584
Mansfield
a
a
a
a
Springfield_ _ -a
a
a
Toledo
a
d3,230,852
7,214.088 -54.5
Youngstown _ _
5,004,125
a
a
Pa.-Erie
a
a
155,562,506 *192,100,000 -19.0 162,800,000
Pittsburgh _ _
4,043,306
4,043,306 -10.0
VV.Va.-Wheeling
4,518,264
10,614,000
4,821,685
81,920,175
167,409.189
17,282,100
a
a
2,016,172
a
a ._
5,313.10*
a
197,085,324
6.050,390
Total(10 cities)
473,541,471
482,138,205
-1.8
-7.5
345,103,534
486,482,399
Fifth Federal Reserve Dist rict - Rich mood
2,258,085
1,729,719 +30.5
GYVa-Hunting'n
d7,229,657
6,111,926 +18.3
Ira.-Norfolk_ __ _
50,601,000
51,191,003 -1.2
Richmond
*2,000,000 +15.2
2,304,710
3.C.-Charleston.
83,643,399
85,186,158 -1.8
586.-Baltimore _
21,340,037
19,387,116 +10.1
D. C-Washing'n
1,941,821
6,211,211
39,832,737
1,800,000
71,970,773
16,200,000
1,968,221
9,376,727
58,414,428
3,300,000
103,915,435
16,915,862
+1.1
137,956,542
193,890,673
Sixth Federal Reserve Dist rict-Atlan tad6,281.948
5,726,027 +9.7
Tenn-Chattan'a
Knoxville
3,568,222
3,382,873 +5.5
Nashville
d19,454,000
18,739,051 +3.8
51,150,696
Da.-Atlanta
48,493,679 +5.5
Augusta
2,353,463
2,214,389 +6.3
Macon
1,499,919
1,496,842 +0.2
a
Savannah
a
a
Fia.-Jackson'lle. el0,652,082
9,628,063 +10.6
Ma.-Birming'm. d23,426,000
24,599,228 -4.8
V Moblle
1,889,145
1,886,641 +0.1
Yliss.-Jackson
918,309
1,029,365 -10.8
346,682
Vicksburg
308.541 +13.1
49,115,379
La-Ne Orleans
48,215,067 +1.9
5,407,987
3,044,516
17,187,918
46,835,076
3,133,278
1,450,581
a
8,395,975
21,377,830
1,400,000
814,425
368,642
50,746,721
8,850,273
4,169,033
24,923,820
63,543,447
3,373,320
*2,200,000
a
11,979,596
21,741,098
2,200,000
730,526
395,162
65,291,830
160,160,949
MI
209.398,105
Total(8 cities).
Total(6 cities) _
379,085,593
167,376,888
409,641,914
165,605,922
III
•
T.
al( 2citles)
[VOL. 117.
THE CHRONICLE
1318
170,655,843
165,717,766
+3.0
Mrs
Week ending September 15.
Clearings at
1923.
1922.
Inc.or
Dec.
1921.
1920.
Seventh Feder al Reserve D istrict-Ch Icago
259,291
215,000
229,229 +10.3
Mich.-Adrian -205,648
623,027
441,015
Ann Arbor.._ _ _
605,009 +19.4
722,398
139,411,924 127,552,329 +9.3 121,145,031 139,000,000
Detroit
7,676,787
6,277,352
6,622,155 +10.4
Grand Rapids.
7,307,976
2,116,790
2,688,000
2,040,872 +139.9
Lansing
4,895,749
2,379,408
1,804,719
2,192,277 +17.5
Ind.-Ft. Wayne
2,576,938
19,624,000
17,379,000
19,935.000 +10.6
Indianapolle
22,040,000
1,550,000
2,213,792
2,437,914 +9.5
South Bend....
2,669,000
Terre Haute..._
6,082,159 Not included In total
39,656,489
31,939,814
35,265,654 +12.5
Wis.-Milwaukee d39,667,000
2,481,952
1,841,266
2,150,678 +9.7
Ia-Cedar Rapids
2,358,838
11,330,528
8,762,697
9,289,291 +19.4
Des Moines__ _
11,095,672
8,960,436
5,384,530
6,121,852 +9.8
Sioux City_ _ _ _
6,720,305
2,146,954
1,387,223
1,348,174 +10.3
Waterloo
1,487,599
1,836,158
1,471,104
1,233,045 +34.6
Ill.-Blooming'n_
1,660,064
691,904,553
523,381,530
589,229,279 560,378,198 +5.1
Chicago
a
a
a
a
Danville
a
1,639.524
1,251,489
1,246,914 +19.6
Decatur
1,491,568
5,373,753
3,914,082
4,044,908 +14.3
Peoria
4,623,984
3,100,000
2,036.977
Rockford
2,486,636
1,958,339 +27.0
3,135,146
2,496,322
2,128,961 +31.8
2,805,193
Springfield
Total(19 cities)
Eighth Federa I
Ind.-Evansville.
Mo.-St. Louis....
Ky.-Louisville
Owensboro _ _ _
Tenn.-Memphis
Ark.-LittleRock
111.-Jacksonville.
Quincy
+7.2
736,030,943
944,794,796
Reserve Di strict-St. L ouis5,517,554
4,608,406 +19.7
a
a
a
27.483,107 +9.0
29,944,506
384,922 -7.9
354.576
16,826.373
19,399,602 -13.3
11,388.373
11,229,391 +1.4
315,845 +22.8
387,788
1,335,202
1.355,076 -1.5
4,947,545
a
25,805.922
327.368
16.256,540
10,677,923
312.689
1,159,007
5,635,723
a
34,024.593
498,890
17,360,920
12,239,032
634,508
1,713,429
59.486,994
72.107,095
9,920,992
85,621,041
26,016,521
1,766,578
1,412.253
693.499
3,843,348
13,804,018
107.899.512
51,604,783
4,000,000
2,333,487
1,482,618
1,852,348
843,455,771
786,780,799
65,754,372
64,776,349 +1.5
Total(7 cities)Ninth Federal Reserve Di,trict-Minn eapolis
Minn.-Duluth. d11,670,977
8,903,676 +31.1
81,122,373
78,076,006 +3.9
Minneapolis36,159,396
34,636.856 +4.4
St. Paul
2,383,712
N. D.-Fargo_ _ _
2,210,445 +7.8
1,494,505
1,613,251 -7.4
S. D.-Aberdeen
538,658
595,141 -9.5
Mont.-Billings _
2,894,176
3,365,473 -14.0
Helena
Total(7 cities) _ 136,263,798 129,400,848 +5.3 129,274,230 182,776,766
Tenth Federal Reserve Di,trict- Kens as City
789,409
471,933
398,108 +18.5 , 461,788
Neb.-Fremont._
853,456
575,291
712,965
563,396 +2.1
Hastings
5,566,219
4,254,124
-3.1
3,635,928
4,389.664
Lincoln
62,520,471
40,640,368
41,019,093
44,768,153 -8.4
Omaha
3,221,208
3,262,812
d3,101,158
2.869,242 +8.1
Kan.-Topeka
15,454,270
13,537.504
d8,351,804
10,351,355 -19.3
Wichita
Mo.-Kan. City. 142,763,773 148,418,485 -3.8 185,304,067 246,589,755
a
a
a
a
a
St. Joseph --- a
a
a
a
a
Okla.-Muskogee
35,536,485
26,832,555
23,414,709 -5.3
Oklahoma City d22,178,360
a
a
a
a
a
Tulsa
1,597,221
1,266,493
1.266,015
1,350,562 -6.3
Colo.-Solo. Spr_
23,835,030
19,370,349
20,817,978 +5.1
21,873,762
Denver
1,072,433
804,618
882,759 +14.8
e1,013,686
Pueblo
Total(11 cities) 246,868,999 258,224,411 -4.4 295,849,447
Eleventh Fede ral Reserve District-D alias2,530,444
1,500,000
2,387,064 +6.0
Texas-Austin....48,188,851
20,641,079
32,267.186 +49.3
Dallas
13,408,317
12,279,000 +2.3
Fort Worth.- - d12,560,005
10,971,629
9,045,203 +21.3
8,191.959
Galveston
a
a
a
a
Houston
4,985,029
4,257,240
5,382,878 -7.4
La.-Shreveport.
397,035,957
79,235,958
47,998,595
61,361,331 +29.1
Total(5 cities)_
Twelfth Feder al Reserve D Istrict-San Franc'•0036,912,922
36,881,402 +17.3
Wash.-Seattle- 43,259,728
12,869,591
13,331,000
11,817,000 +12.8
Spokane
a
a
a
a
Tacoma
1,577,829
1,653,334
1,557,446 +1.3
Yakima
37,887,761
+17.8
42,385,185
35,979,727
_
Ore -Portland.
13,420,431 +17.6
12,994,792
15,787,257
Utah-S. L. City
a
a
a
a
Nev.-Reno
a
a
a
a
Ariz.-Phoenix _ _
.5,158,646
c4,852,777
4,942,704 --I.8
Calif.-Fresno.._ 8,786,336
6,313,789 +39.2
4,233,535
Long Beach...97,501,000
Los Angeles__ - 137,873,000 121,265,000 +13.7
16,213,680
11,767,701
16,872,758 -3.9
Oakland
4,777,617
3,656,119
4,589,373 +4.1
Pasadena
d7,533,888
7,016,559 +7.4
5,778,334
Sacramento 3,885,649
*3,500,000 +11.0
3,469,963
San Diego_-San Francisco_ e149,700,000 176,800,000 -15.3 147,700,000
2,360,702
2,520,696
1,898,533
San Jose
1,245,669
940,669
1,141,805 +9.1
Santa Barbara.
5,253,000
c2,818,000
2,607,400 +5.5
Stockton
73.672,538
49,248,005
15,660,621
a
1,755,951
54,326,456
16,700,000
a
a
7,022,180
4,319,211
99,792,000
13,471,371
3,586,556
9,775,815
3,498,491
200,600,000
2.789,702
992,752
6,551,500
389,675,900
489,490,611
Total(16 cities) 456,388,297 447,289,090
Grand total (121
7,084,311,054 7,785,442,277
cities)
Outside NewYork 3,468,856,381 3,413,260,489
+2.0
1,339,000
37,492,215
19,576,543
10,588,815
a
4,675,985
-9.0 7,938,626,910 8,855,383,566
+1.6 3,134,526,735 4,125,692,355
Week ending September 15.
Clearings at1923.
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
89,309,476
87,622,913
35,659,411
14,364,247
6,115,591
6,512,387
2,862,539
5,887,464
4,738,428
2,860,670
2,053,528
2,757,618
3,759,452
3,680,257
670,690
747,003
1,788,718
1,257,863
965,138
874,052
502.453
322,684
883,052
882,381
1,074,856
3,771,178
287,869
789,758
764,641
1922.
88,523,839
86,927,119
42,807,061
13,869,254
6,210,961
5,560,629
2,770,665
5,831,084
4,386,058
2,630,639
2,115,622
2,745,406
4,232,914
3,809,461
876,191
582,945
1,875,416
1,133,795
881,652
809,500
578,952
316,955
713,893
759,233
988,642
3,592,189
319,400
962,263
681,907
Inc. or
Dec.
+0.9
+0.8
-16.7
+3.6
-1.5
+17.1
+3.3
+1.0
+8.0
+8.7
-2.9
+0.4
-11.2
-3.4
-23.5
+28.1
-4.6
+10.9
+9.5
+8.0
-13.2
+1.8
+23.7
+16.2
+8.7
-F 5.0
-9.9
-17.9
+12.1
1921.
1920.
98,543,007
90,420,009
53,211,506
15,172,503
6,603,718
5,727,828
3,361,731
5,454,987
6,090,627
2,822,693
2,507,425
2,840,733
4,905,868
4,454,067
952.335
750,952
2,101,780
1,511,395
991,593
650,770
611,381
389,375
798,624
876,328
956,379
2,968,192
139,075,170
100,041,774
54,287,775
18,897,204
8,458,094
7,143,983
5,909,228
7,816,547
8,324,189
3,049,621
2,960,402
3,418,475
5,131.962
4,150,798
784,483
921,470
2,231,092
1,809,457
1,132,420
745,348
738,878
560,689
1,073,971
1,265,338
1,114.481
3,948,576
980,363
811,565
920,327
Total(29 cities) 283.766,347 287,493,645 -1.3 317,467,734 385,911,752
a No longer report clearings. b Do not respond to requests for figures. c Week
Estimated.
ending Sept.12. d Week ending Sept. 13. e Week ending Sept. 14.
SEPT. 22 1923.]
THE CHRONICLE
1319
Condition of National Banks June 30.-The statement of conditions of the national banks under the
Comptroller's
call of June 301923 has been issued and is summarized below. For purpose of comparison, like details for
previous calls
back to and including May 5 1922 are included.
ABSTRACT OF REPORTS OF CONDITION OF NATIONAL BANKS IN THE
UNITED STATES MAY 5, JUNE 30, SEPT. 15, DEC. 29 1922
AND APRIL 3 AND JUNE 30 1923 (in Thousands of Dollars).
May 5 1922 June 30 1922 Sept. 15 1922 Dec291922. Apr.31923. June 30 1923
8,230 banks. 8,249 banks. 8,240 banks. 8,225 banks. 8,229 banks. 8,241 banks.
ResourcesLoans and discounts (including rediscounts)_a
3verdrafts
Dustomers'liability account of acceptances
United States Government securities owned
3ther bonds,stocks,securities. &c
Banking house, furniture and fixtures
3ther real estate owned
Lawful reserve with Federal Reserve banks
items with Federal Reserve banks in process of collection
Dash in vault
amount due from national banks
&mount due from other banks, bankers and trust companies
Exchanges for clearing house
Dhecks on other banks in the same place
Puts de checks and other cash items
Redemption fund and due from U. S. Treasurer
3ther assets
$
11,184,116
10,227
168,935
2,124.691
2,162.587
444.368
62.531
,, 1,150,885
330,917
334.504
974,375
244.707
681,269
45,215
44,053
36,823
176.445
$
11.248,214
9,198
176,238
2,285,459
2,277,866
452,434
64.383
1,151.605
355,666
326,181
974,975
267,050
767,096
63.394
64.928
36,767
184.556
3
11,236,025
12,141
171,190
2,402,492
2,289,782
459,020
67,789
1,232.104
418,923
331,951
1,063.695
299,541
614,771
54.623
63,112
36,656
172,284
20,176.648
LiabilitiesDapital stock paid in
1,296,220
3urplus fund
1,040,249
Undivided profits, less expenses and taxes paid
522,658
Rational bank notes outstanding
720,984
Due to Federal Reserve banks
21.213
&mount due to national banks_
936,399
&mount due to other banks, bankers and trust companies1.657,409
Dertified checks outstanding
190,877
Dashier's checks outstanding
193,763
Demand deposits
8.707,201
nme deposits (including postal savings)
3.918,282
United Stes
deposits
ta
141,844
Total deposits
15,766,988
United States Government securities borrowed_
46,225
Bends and securities (other than United States) borrowed
3,058
Bills payable(including all obligations representing borrowea money other
than rediscounts)
248,681
Notes and billsrediscounted (including acceptances ofother banks and
foreign bills of exchange or drafts sold with indorsement)
285,940
Letters of credit and travelers' checks outstanding
5,050
acceptances executed for customers and to furnish dollar exchange
less
those purchased or discounted
170.132
acceptances executed by other banks
14,748
Liabilities other than those stated above
55,715
Total
20,176,648
Details of Cash in Vault.
Gold coin
20.851
Gold certificates
17,520
Clearing House certificates based on gold and gold
12
Clearing House certificates based on other specie &certificates
lawful money,
Standard silver dollars
35,153
Subsidiary silver and minor coin
Silver certificates
Legal tender notes
260,968
National bank notes
Federal Reserve and Federal Reserve Bank notes
Details of Demand DepositsIndividual subject to check
8,126,199
Certificates due in less than 30 days
263,501
State and municipal
189,682
Deposits subject to less than 30 days' notice
44,217
Dividends unpaid
1,513
Other demand deposits
82,089
Details of Time DepositsCertificates due on or about 30 days
1,029,785
State and municipal
28.113
Postal savings
34.052
Other time deposits
2.826,332
Percentages of ReserveCentral Reserve cities
13.74%
Other Reserve cities
10.46r$
All Reserve cities
12.08
Country banks
Total United States
.1.•1.1
7
0
a Includes customers' liability under letters of credit.
20.706.010
20,926,099
•
1307.122
1,042.197
539,047
726,789
26,472
1,031,648
1,582,444
164,427
208,991
9,270.378
4.169,220
145,182
16,598,762
38,1G4
2.990
Total
1,307,216
1,048.806
492,434
725,748
19.852
916,740
1,565.459
205,682
245.091
9,152,415
4.111.951
103.374
16,320,564
42.475
2,897
11,519,668
13.045
208,465
2,656,560
2.347.479
470.644
75,178
1,220,847
455,792
391.840
1,065.820
316,956
777,572
70,088
62,221
36,825
205,947
11,617,959
11,662
202,826
2.694,207
2,346,915
479.580
82,139
1,179,500
424,620
359.147
1.033.749
300,990
526.224
57,396
53.942
36.895
154,962
$
11,817,671
10,430
187,131
2,693,846
2,375,857
493,324
87,133
1,142,736
396,911
291.108
910,014
295,660
486.333
68,283
71,578
37,108
146,643
21.974.957
21,612.713
21,511.766
1,317,010
1,075,545
528,924
723,819
28.109
1,035,961
1,691.307
218,464
287,733
9,535,995
4,318.736
304.176
17,420,481
34,615
2.948
1,319,144
1,067,652
486.172
728,076
26.517
1,015,525
1,644,488
148,477
176,155
9,180.624
4,580,216
264,279
17,036,281
34.080
4,161
1,328,891
1,070,616
476.205
720,001
24.194
838.227
1,546,777
54,123
199,064
9.288.298
4,755,162
192,135
16,897,980
34,952
2,977
228.481
181.765
310,781
370.165
370,921
280,271
8.256
247,559
6,639
262,421
4,889
290,467
5,542
352.801
8,569
172,887
16.494
59.481
165,715
17,654
51,756
199,844
23.631
70,049
200,873
26,144
43.956
172,208
30,409
45,236
20,706,010
20,926.099
21.974,957
21,612.713
21.511.766
20,438
19.359
2
3
7,771
27,114
23,012
24,421
61,015
144,046
20,762
17.269
7
19,054
15,044
108
19,995
16,903
182 (
34.341
37,265
34.868
259,572
320.369
287,199
I
19.811
19,308
50
6
6,910
25,598
23,004
21,272
52,746
122.403
...
8,385,346
264,139
467,770
38.362
34,727
97,954
8,504,104
275.087
221.876
44,713
34,936
71,699
8.537,059
271,278
360,541
42.921
1,779
58.800
8.794316
284.375
339,736
40,026
6.580
70,962
8,347,871
264,783
454,837
43.061
8,418
61,654
1.080.828
36,886
32.943
2.961,294
11.081,933
55,765
33,416
2.998.106
1,074,099
56.279
42.069
3,146,289
1,127,148
78,941
41,825
3,332,302
1.135,174
67.826
44,652
3,507,510
12.76
10.30
11.52%
7
.51
15.11
10.03
12.36
7
'
59
In
nAj
13.38%
10.26%
11.69%
Z472%
13.28%
10.38
11.62%
7.47%
.01 70
12.17%
10.18%
11.034
7.55
.0570
•
•
70
.
0
•
collected with comparative ease and rapidity. The task is further
simplified, owing to the fact that the wooden cases have rotted and disappeared,
so that the bars are freed from incumbrances. The divers are surprised
to find the excellent condition of the bars, despite their long immersement,
but metallurgists know that sea water does not have a material effcet on
gold.
GOLD.
SILVER.
The Bank of England gold reserve against its note issue on the 22d
Little change has taken place in the market during the week. Supplies
inst.
was E125,817,330, as compared with £125,815,845 on the previous
Wednes- have been scanty, Continental offerings being small and America a relucday.
tant seller. China has been the principal buyer and of the balance of sunIt is reported from New York that gold valued at $5.415,000 has
plies the greater portion was absorbed by bear covering. The tone has been
arrived
there from London.
fairly good.
The Southern Rhodesian gold output for July 1923 amounted to
The Toronto "Globe" holds favorable views as to the future of silver.
ounces, as compared with 58,323 ounces for June 1923 and 54,191 54.383 Mining interests in Canada seem to welcome
the end of purchases under the
ounces
for July 1922.
Pittman Act. They anticipate greater stability in the absence of artificial
The "African World" states that a five-stamp battery is being set up in measures such as the Act mentioned.
the locality of the Masai Reserve, near the border of the Tanganyika
The use of silver for coinage in Europe is still becoming less evident.
territory, where prospecting areas have been pegged for many miles along
the Reuter reports that in order to prevent the smuggling of silver coinage into
course of the reefs. Whether the venture be successful or not, he
Sweden, whore (owing to the state of the exchanges) Norwegian coins are
be a bold man who would assert that the resources of Africa for gold would appreciated over 50%, preparations are being made in the Norwegian
mining
Mint
have been by any means yet ascertained. The Rand. which has
the striking of a new coinage which will only be valid as currency in
for
produced
and May Yet produce more gold than any gold-bearing area that has
Norwegian
territory.
The
coins
will
nickel,
be
of
and
will
probably have
been worked, was discovered by a fluke. An edge like that of a ever a hole through the middle.
saucer, bearing gold, outcropped, and was detected to contain gold. tilted
Had
INDIAN CURRENCY RETURNS.
this not projected from the surface, the immense mass of gold-bearing ore
at depth would have remained one of the secrets of Nature.
(In Lacs of Rupees.)
Aug. 7. Aug. 16. Aug. 22.
It has been stated in the press that about three-quarters of the gold
Notes in circulation
17534
17556
17576
lost
"Laurentic"
the
(submarined on Jan.25 1917), has been recovered. Sal- Silver C0111 and bullion in India
in
9067
9188
9308
vage operations have been carried on more or less since 1918. The
bullion
and
out
coin
of
Silver
India
-- _ _
recoveries of the bars are said to have been made as follows:
Gold coin and bullion in India
2432
2432
2432
bullion
coin
and
out
Gold
of
1918
600 1922
_ _
899 Securities (Indian Government)
1919
1923 (to date)
Indi5751
a-575
1
5751
1,050
1920
8
Securities (British Government)
284
185
85
1921
300
2.857
No silver coinage was reported duriftg the week ending 22d inst.
The reason for the large number recovered recently is that the
interior
The stock in Shanghai on the 25th inst. consisted of about
27,200,000
of the ship, where the gold was stored, which was very difficult of access, ounces in sycee. 36,000.000
dollars and 710 silver bars, as compared
with
has now collapsed and the gold has fallen into the bed of sand beneath about 27,750,000 ounces
in sycee, 34.500,000 dollars and 1,730 silver
bars
and has been located by aisimple mechanical contrivance, and the bars on the 18th inst.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly Circular
of
Samuel Montagu & Co. of London, written under date
of
Aug. 29 1923:
The Shanghai exchange is quoted at 3s. 34'd. the tael.
Bar Gold per
-Bar Silver per Oz. Std.Oz. Fine.
Quotations2 Mos.
Cash.
90s. 6d.
August 23
30Hd.
30 13-16d.
90s. 5d.
301d.
August 24
30 9-16d.
30 13-16d.
August 25
30 15-16d.
90s. 6d.
30 13-16d.
30 11-16d.
August 27
90s. 8d.
30Hd.
30d.
August 28
90s. 7d.
30cl.
30 15-16d.
August 29
90s.6.4d.
30.854d.
30.718d.
Average
The silver quotations to-day for cash and forward delivery are respectively 1-16d. and Hd.above those fixed a week ago.
ENGLISH FINANCIAL MARKETS-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Mon., Tues., Wed., Thurs., Fri.,
Sat.,
London,
Sept. 1.5. Sept. 17. Sept. 18. Sept. 19. Sept.20. Sept.21.
Week ending Sept. 21.
d 31 11-16 31%
31 13-1631 15-1632 5-16 32%
Silver, per oz
908.10d. 908. Od. 90s.10d. 908.10d. 909.10d. 908.10d.
Gold, per fine oz
585
58%
58%
58H
58%
Consols, 2S per cents
102
102%
102%
102%
102
British, 5 per cents
97A
9734
9736
97%
9734
British, 436 per cents_______
58.85
58.85
57.10
56.95
56.85
French Rental(in Paris). _fr_
(in
Loan
War
French
75.50
75.10
75.15
75
75.10
fr
Paris)
The price of silver in New York on the same day has been:
Silver in N.Y per oz. (eta.):
Foreign
6436
6436
643
CURRENT
64%
6534
65%
NOTICES.
-Isaac Baer, Inc., have opened offices at 39 Broadway for the transaction of a general foreign exchange business, having issued a foreign quotation
sheet which may be had upon application.
-John F. Morelli, formerly of Rutter & Co., is now associated with
Untermeyer, Richardson & Moss in their sales department.
Sommercial andilltscenarteonsgenli
FOREIGN
TRADE OF NEW YORK-MONTHLY
STATEMENT.
Customs Receipts
at New York.
Merchandise Movement at New York.
Month.
Imports.
1922.
1923.
Exports.
1922.
1923.
$
$
January _ l52.885,89100.106,930 115,928,692 106,097,239
February _ 146,915,003 115,222,960,115,654,813 95,484,633
March_ _ 194.179,676 135,648,795;136,179,813 131,504,549
April
169,417,394 113,193,073 129,989,307 117,760,933
May
180,462,783 117,438,154 127,527,281 115.522.172
June
122,369,683126,727,47 130,550,713
150,476
July
130,629 • 117,118,076122,714,293 115,488,190
1923.
1922.
26,583,026
26,451,928
33,140,206
28,837,309
29,333.843
28,870,486
24,680,863
19,322,717
21,620,780
24,650.403
20,639,380
20,909,658
23,181,882
21,433,606
Total__ )112496662 821,097,671874.719,676 812,408.429195,897.661 151,758.426
Auction Sales.-Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Wise, Hobbs & Arnold, Boston:
Price.
Shares. Stocks.
35 Fourth Atlantic Nat. Bank,Boa-10434
30 Fidelity 'Trust Co. (cat. of dep.) 1
49 Dorchester Trust Co
1
5 W.L.Douglas Shoe Co.,pref.._
9536
20 Batchelder & Snyder Co., pref._ 92%
1 Atlantic Coast Fisheries, com__ 834
10 Fall River Electric Light Co_ _ _ _ 3131
42-100 State Theatre Co., pref._ __ 61c.
3 F. H.Roberts Co., pref. el. "C"- 1534
60X
25 Eastern Mfg. Co., pref
210
5 Cambridge Gas Light Co
44-100 State Theatre Co., pref.... 65e.
30
5 Rheabat Corp.,common
101%
20 Brockton Gas Light Co
Imports.
1923.
$
January __ 12,834,516
February _ 3,041,008
March_ ___ 10.697,17
6 54,51
April
291.39
'13
42.
May
18,323,11
June
24,412,42
July
1922.
$
21,126,622
24,034.770
31,300,604
8.440,457
6,660,
11,462,9
41,477,046
I
Exports.
1923.
I
I
$
7,715,837
20,37
9,621,
21 262
7,527
30:926
47.86
Total_ 116,454.15 144,502.845i 17,485,63
1922.
Silver-New York.
Imports.
EzPorts.
1923.
1922.
$
$
286,0001
1,041,057 1,;3
0,f4it
511
36
1„
237,72
806,748
1,
2.645,83
51
53
136,321 5
094:6
1'1°341751
95
:8
1
11,
5,164j51
$
4,1Ig:21?
1,737,248
1,229,472
',111:41.
2,886,600
13,922,925 11,748,470
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.
Capital.
$100,000
Sept.I3-The First National Bank of Inwood. N. Y
Correspondent, C. A. Johnson, 6 Cornaga Ave., Far
Rockaway. N. Y.
50,000
Sept.13-The First National Bank of Narrowsburg, N.Y
Correspondent, M. P. O'Connor, Callicoon, N. Y.
25.000
Sept. 13-The Marine National Bank of Quantico. Va
ndent. A. E. McInteer, Quantico, Va.
50,000
of
Bank
National
Middlesboro, ICy
M
Chrtfe
Sept.15-T
ndent. J. Winston Baird, Middlesboro. Ky.
°ArITIMOATIONS TO ORGANIZE APPROVED.
100,000
Sept.15-The First National Bank of Inwood. N. Y
Correspondent, C. A. Johnson, 6 Cornaga Ave., Far
Y.
N.
Rockaway,
50,000
Sept. 15-The Liberty National Bank of Sayre. Okla
Oorrespondent. E. B. Dugger, Sayre, Okla.
CHARTERS ISSUED.
Sept.11-12434-The South Texas National Bank of Galveston.
$200,000
Texas
Conversion of The South Texas State Bank, Galveston.
Texas. President. C. G.Sweet; Cashier, A.'I'. Schwarzbach.
Sept. 13-12435-New First National Bank in Burbank, Calif_ _ 50,000
Succeeds The Farmers & Merchants Bank of Burbank,
Calif. President, A. Bence: Cashier, A. G. Graham.
Sept. 15-12436-The Peoples National Bank of Ypsilanti, Mich_ - 100.000
President, H.E. Van de Walker; Cashier, F. L. Gallup.
CHANGE OF TITLE.
Sept. 14-9353--The Houston National Exchange Bank, Houston, Texas
to "Houston National Bank."
VOLUNTARY LIQUIDATION.
$25.000
Sept. 10-10375--The First National Bank of Adrian. Mo
Effective Aug.20 1923. Succeeded by The National
Bank of Adrian, Mo.. No. 12413. Liability for circulation will not be assumed under Section 5223, U.S.R.S.
Liquidating Committee: C. S. Marquis, W. F. Young
and D. 0. Chastain, Adrian. Mo.
Price.
Bonds.
$550 Eastern Mass. St. Ry. 65,
81)4
1948, Series "D"
$8,000 Lexington Motor Co. 736s.
$1,750 lot
1934
$6,000 Milford Water Co. 7s, 1938.100
$1,000 New England Co.(is, 1925._ 98H
Price.
Shares. Stocks.
1W.L.Douglas Shoe, preferred.- - 9536
19 Aerial Transport, pref.. par $501$5 lot
Si Aerial Transport, corn, as bonusf
91-100 State Theatre, pref. scrip_ __ 65c.
4134
30 American Glue, common
10 Andrews Real Estate Trust_ _ -- 66
15 Textile Products, preferred...$6 lot
10 Textile Products. 1st pref
2 Textile Products, common
15 Merrimac Hat, preferred,par $50 32
534
5 Merrimac Hat, common
41
65 American Glue. common
Price.
Bonds.
862 Eastern Mass. St. By. 1st pref.
64%
scrip, SeriesA
160 East. Mass.St. Ry.adJ.scrip_3631%
870 East. Mass. St. By. corn. scrip_ 23%
By Messrs. Barnes & Lofland, Philadelphia:
Price.
Shares. Stocks.
4 Union Nat. Bank (old stock)_ __ _226
137 North Phila. Trust, Par $50_ _221
5 Nat. Bank of North Philadelphia_143
41531
2 Penn National Bank
10 Union Nat. Bank (full paid)-----20
10 Producer & Consumers Bank,
10
•
Par $10
20 National Bank of Commerce_ _.131
1260-120 (rights) Franklin Trust 30%
2 60-120 (rights) Franklin Trust 3031
30%
10 (rights) Franklin Trust
220
5 Franklin Trust
110234
10 Fidelity Trust
180%
10 Pelham Trust
180
38 Pelham Trust
10 East Falls Bank & Trust, par $50 90
100
2 Real Estate Trust, corn
$8 lot
395 Eastern Petroleum
5 Peoples Nat. Fire Insurance.-- 2834
Price.
Shares. Stocks.
30 Phila, Life Insurance, par $10_ 10
5 Phila. & Camden Ferry. par 850.120
40e.
1,500 Manufactured Rubber
200 Castle Kid Co., Inc., common
31
(trust certificate)
66
14 Westmoreland Coal, par $50_ _
90
50 Hare & Chase, pref
3Terre Haute Indianapolis& South8
ern Traction. pref
5 Huntingdon & Broad Top Moun934
tain RR.& Coal, pref
Prue.
Bonds.
83,000 Harrisburg Gas 5e, 1928... 9734
52,000 Phila. Rapid Transit 5s, 1957 84
COCO Union Traction (Coffeyville,
40
Kan.) 5s, 1937
$2,000 Altoona & Logan valley
68
Electric Ry. 4365. 1933
$1,000 Monmouth Lighting 5s, 1946 70 -
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the current week. Then we follow with a second table, in which
we show the dividends previously announced, but which have
not yet been paid.
The dividends announced this week are:
Name of Company.
Gold Movement at New York.
Price.
Shares. Stocks.
10 Gardner Petroleum, pref.(carryMg 5 abs. corn. stk). par 810____ 1036
__ 65c.
56-100 State Theatre Co.,
11 Merrimac Chemical Co.,pref..ex-div..
95
par $50
13 Cambridge Elec. Securities Co_ _24634
By Messrs. R. L. Day & Co., Boston:
Price.
Shares, Stocks.
58 Citizens Nat. Bank, Boston_ _ _ _120
1 First National Bank, Boston_ _ _ _328
5 National Shawmut Bank,Boston_210
300 Nat. Shawmut Bank, Boston_ .2073-1
1 Old Colony Trust Co., Boston_ _ _24031
75
1 Aetna Mills,common
3 Sanford Mills, preferred_ _102% dr div.
40
10 Ipswich Mills, common
16234
22 Flint Mills
62%
10 Hamilton Manufacturing
3 Everett Mills
1705.,
13 Electric Light & Power Co.
133 ex-div.
(Mass.)
10 Massachusetts Lighting6% pref. 83
65.i
1 State Theatre, preferred
108%
4 Boston Wharf
210
1 Cambridge Gas Light
117 New Bedford Storage Wareh_ -100
Movement of gold and silver for the seven months:
Month.
[vol.. 117.
THE CHRONICLE
1320
Per
When
Cent. Payable.
Railroads (Steam).
1
Ashland Coal & Iron Ry.(guar.)
2H
Boston & Providence (quar.)
Boston Revere Beach & Lynn (guar.)._ _ 15.4
Clev. Cm.Chic & St. Louis,com.(guar.) 1
1%
Preferred (guar.)
Gulf Mobile & Northern,Pref.(No. 1) *$1
ICansas City Southern. preferred (guar.) 1
1
Manhattan Railway (guar.)
Minn.St.Paul & Sault Ste. Marie*2
Leased lines
131
Northern Pacific (riar.)
Northern RR.of New Hampshire(guar.) 134
2%
Philadelphia & Trenton (guar.)
234
Providence & Worcester (guar.)
Reading Company,common (guar.)-- *Ill
"130c.
Second preferred (guar.)
2%
Southern Ry., pref
Books Closed.
Days Inclusive.
Sept.25 Holders of rec. Sept. is
Oct. 1 Holders of rec. Sept.20
Oct. 1 Holders of rec. Sept.154
Oct. 20 Holders of rec. Sept.2135
Oct. 20 Holders of rec. Sept.284
Nov.15 *Holders of rec. Nov. 1
Oct. 15 Holders of rec. Sept.290
Oct. 8 Holders of rec. Sept.25a
Oct. 1 *Holders of rec. Sept.20
Nov. 1 Holders of rec. Oct. 24
Oct. I Holders of rec. Sept.10
Oct. 10 Sept.30 to Oct. 10
Sept.29 Holders of rec. Sept.12
Nov. 8 *Holders of rec. Oct. 186
Oct. 11 *Holders of rec. Sept.256
Oct. 31 Holders of rec. Oct. 206
Public Utilities.
*136 Oct. 15 *Holders of rec. Oct. I
MI-America Cables (inar.)
I% Oct. 15 Holders of tee. Oct. la
American Gas (Misr)
Nov.10
1 . Oct.N
1 Holders of rec. Oct. 10
Bangor Railway & Electric, corn.(guar.) 50e
Brooklyn Borough Gas,common (guar.)
Holders of rec. Sept.296
2
Oct. 1 Holders of rec. Sept.250
Preferred (guar.)
136 Oct. 1 Holders of rec. Sept.15a
California Elec. Generating, pref.,(q.)_
131 Oct. 1 Sept. 15 to Sept.21
Cincinnati Gas & Elec. (guar.)
1
Oct. I Sept.21 to Sept.30
CM. A Ham.Traction. corn.(quar.)
13( Oct. 1 Sept.21 to Sept.30
Preferred (guar.)
Cincinnati Street Ry.(quar.)
134 Oct. 1 Sept.17 to Sept.30
Oct. 1 Sept.21 to Sept.30
Cincinnati Sub.Bell Telephone(guar.)._ 2
$3.50 Oct. 1 Holders of rec. Sept.200
Citizens Passenger Ry., Phila.(guar.)
City Ry. (Dayton, 0.), corn. (guar.).54 Sept.29 Sept.16 to Sept.30
Preferred (quar.)
134 Sept.29 Sept. 16 to Sept.30
$1.25 Oct. 1 Holders of rec. Sept.150
Consumers Gas (Toronto)(quar.)
t. 1 Holders of rec. Sept.20
uH
100c
Duluth Edison Electric, preferred (guar.) 2
3a
10
Eastern Texas Electric Co., corn.(guar.) 1
Oct.
pt:2
Sep
c.. se
of ree
sEp0tt.30
Elmira Water,Light & RR.. let pf.(qu.)
Holder,
54
Five per cent preferred (quar.)
Holders of rec. Sept.13
2
Fall River Electric Co. (guar.)
Oct. 2
1 Holders of rec. Sept.206
31.313i
Germantown P118.1. Ry.,Phila.(guar.)._ 50c.Sept.
Oct.
12 to Oct. 1
Sept.29 Sept. 18 to Sept.30
Hartford City Gas L. Corn. & pref. (qu.)
Houston Gas& Fuel, preferred (guar.)._
134 Sept.30 Holders of rec. Sept.12
International Telep. & Teleg.(guar.).
134 Oct. 15 Holders of rec. Sept.27
Massachusetts Ltg. Cos.,6% pref.(qu.) 114 Oct. 15 Holders of rec. Sept.256
2
8% preferred (guar.)
Oct. 15 Holders of rec. Sept.25a
1LI Oct.10
1
Michigan Gas & Elec., prior pref.(guar.) :
25 *Holders of rec. Sept.29
Preferred (quar.)
Oct.
*Holders of rec. Sept.29
2
Montreal Telegraph (guar.)
Oct. 15 Holders of rec. Sept.29
Narragansett Elec. Lighting (guar.)._ 91 Oct. 15
ec Sept.154
1 Holders of r.
Newburyport Gas & Electric(guar.)._ $181
Oct. 15 Holders of rec. Oct. 1
.. 1
vt
20
Extra(from reserve for dividends).- - 1,i Oct. 1 R
oct
se
mo:
f res
ers of
ders
or
Ho
Panama Power & Light Corp.. pref.(qu.)
Oct.
Philadelphia o. coin. (guar.)
$1 Oct. 31 Holders of rem Oct. 1
6% preferred
$1.50 Nov. 1 Holders of rec. Oct. 1
Philadelphia Rapid Transit(quar.)
754. Oct. 31 Holders of rec. Oct. 15
Phila. & Western Ry.. pref.(quer.) _ _ *1324c Oct. 15 'Holders of rec. Sept.29
Porto Rico Railways, Ltd.. Pref.(guar.)_ 11 31 Oct. 1 Holders of rec. Sept.15
Providence Gas (guar.)
Oct. 1 Holders of rec. Sept.15
Quebec Power, pref.(quar.)(No.1)_ _
15.4 Oct. 15 Holders of rec. Sept.28
Ridge Ave. Pass. Ry.,Phila.(guar.)._ _ $3
Oct. 1 Sept.16 to Oct. I
Shawinigan Water dc Power (quar.)
131 Oct. 10 Holders of rec. Sept.27
SEPT. 22 1923.]
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Concluded).
134 Oct. 1 Holders of rec. Sept.20
Southwestern Bell Telep.. pref.(quar.)_ _
Standard Gas & Electric, corn.(quar.)-- 6234c Oct. 25 Holders of rec. Sept.29
Turners Falls Power & Elec., corn,(qu.)
131 Sept.29 Holders of rec. Sept.15
Employees'stock(quar.)
15e. Sept.29 Holders of rec. Sept.15
Wash.Balt. Annap.ELRR.,pref (qu.)
134 Oct. I Holders of rec. Sept.22
Washington Water dr Power,Spok.(on.) 2
Oct. 15 Holders of rec. Sept.25
West Kootenay Pow.& Light, pref.(qu.) 1% Oct. I Holders of rec. Sept.27
WestPenn Power Co.,pref.(quar.)
134 Nov. 1 Holders of rec. Oct. 15
Banks.
334 Oct. 1 Holders of rec. Sept.24a
American Exchange National (quar.)_ _ _
3
Europe, Bank of (guar.)
Oct. 1 Holders of rec. Sept.23a
Fifth National ((Plan)
.32)4 Oct. 1 *Holders of rec. Sept.24
*3
Oct. 1 *Holders of roe. Sept.21
First National(Brooklyn)(quar.)
Sept.29 Holders of rec. Sept.25a
Garfield National (quar.)
3
6
Oct. 1 Sept.20 to Sept.30
Hanover National (quar.)
Mechanics dr Metals National ((Mar.)-- 5
Oct. 1 Holders of rec. Sept.22
Park, National(quar.)
*6
Oct. 1 *Holders of rec. Sept.24
Trust Companies.
Bankers (quar.)
Brooklyn (quar.)
Central Union (quar.)
Empire (quar.)
Equitable (quar.)
Fidelity International (guar.)
Irving Bank-Columbia Trust (oust.)....
Metropolitan (quar.)
New York (quar.)
Peoples (Brooklyn)(quar.)
5
6
6
3
3
234
3
4
5
5
Oct. I
Oct. 1
Oct. 1
Sept.28
Sept.29
Sept.29
Oct. 1
Sept.29
Sept.29
Sept.29
Holders of rec. Sept.21a
Holders of rec. Sept.27a
Holders of rec. Sept.21a
Holders of rec. Sept.22a
Holders of rec. Sept.20
Sept.22 to Sept.30
Holders of rec. Sept.21a
Holders of rec. Sept.21a
Holders of rec. Sept.22a
Holders of rec. Sept.28a
Miscellaneous.
Acceptance & Finance Corp.,PhIla.(qu.) $1
Oct. 1 Holders of rec. Sept.20a
Preferred (quar.)
34 Oct. 1 Holders of rec. Sept.20a
Acme Road Machinery, pref. (quar.)--- 2
Oct. 1 Holders of rec. Oct. la
Aeolian Company. preferred (quar.) _ _
134 Sept.29 Holders of rec. Sept.20a
Alabama Fuel dr Iron (guar.)
Oct. 1 Sept.21 to Sept.30
American Cyanamid, common (quar.)_ _
1
Oct. I Holders of rec. Sept.24a
Preferred (quar.)
1.34 Oct. 1 Holders of rec. Sept.24a
Amer. Laundry Machinery, pref.(quer.) 134 Oct. 15 Oct. 6 to Oct. 15
American Manufacturing, coin. (quar.)_
134 Oct. 1 Sept. 16 to Sept.30
Preferred (quar.)
134 Oct. 1 Sept. 16 to Sept.30
American Screw (quar.)
1% Oct. 1 Holders of rec. Sept.21a
Amer. Seeding Mach., corn. (quar.)__
75c. Oct. 15 Holders of rec. Sept.29a
134 Oct. 15 Holders of rec. Sept.29a
Preferred (quer.)
American Surety (quar.)
$1.25 Sept.29 Holders of rec. Sept.22a
Extra
25c. Sept.29 Holders of rec. Sept.22a
Amer. Window Glass Mach.,corn.(q11.)134 Oct. 1 Holders of rec. Sept.22a
Common (extra)
1
Oct. 1 Holders of rec. Sept.22a
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept.22a
Arlington Mills (guar.)
2
Oct. 1 Holders of rec. Sept.18a
Asbestos Corporation,common (quar.)_ _
1
Oct. 15 Holders of rec. Sept.294
Preferred (quar.)
134 Oct. 15 Holders of rec. Sept.29a
Atlas Brick, preferred (guar.)
2
Oct. 15 Holders of rec. Sept.29
Ault & Wiborg Co.. pref. (quar.)
134 Oct. 1 Holders of rec. Serit.17a
Babcock & Wilcox Co.(quar.)
134 Oct. 1 Holders of rec. Sept.20a
Barnet Leather, preferred (quar.)
134 Oct. 1 Holders of rec. Sept.28
Beech-Nut Packing, common (quar.) _ 60c. Oct. 10 Holders of rec. Oct. la
Clam B preferred (quar.)
134 Oct. 15 Holders of rec. Oct. la
Belgo-Canadian Paper, Ltd., pref. (qu.) 3.1% Oct. 20 *Holders of rec. Sent.30
Bliss (E. W.) Co., corn. (quar.)
*25e. Oct. 1 *Holders of rec. Sept.20
1st preferred (quar.)
*SI Oct. 1 *Holders of rec. Sept.20
2d preferred, Class B (quar.)
*15e. Oct. 1 *Holders of rec. Sept.20
Boston Sand & Gravel, first pref.(quar.) 2
Oct. 1 Holders of rec. Sept.22a
Preferred (quar.)
134 Oct. 1 Holders of rec. Sept.22a
Brandram-Henderson. Ltd., pref.(quar.) •134 Oct. 1 *Holders of rec. Sept.
British Empire Steel Corp., pt. B (quar.) 1% Nov. 1 Holders of rec. Oct. 13
Burt(F. N.) Co .common (quar.)
234 Oct. 1 Holders of rec. Sept.17a
Preferred (quar.)
1 34
, Oct. 1 Holders of rec. Sept.17a
Cadet Knitting, common (quar.)
25c. Oct. 1 Holder of rec. Sept.15a
Preferred and first preferred (quar.)_ _ 2
Oct. 1 Holders of rec. Sept.15a
Canada Cement, common (quar.)
134 Oct. 16 Holders of rec. Sept.30a
Canadian Cottons, common (quar.) _ _ _ 2
Oct. 4 Holders of rec. Sept.25
134 Oct. 4 Holders of rec. Sept.25
Preferred (guar.)
Canadian Westinghouse, Ltd.(quer.)_ - - 2
Oct. 1 Holders of rec. Sept.20a
Canfield Oil, common (quar.)
134 Sept.29 Sept.21 to Oct. 4
1% Sept.29 Sept.21 to Oct. 4
Preferred (quar.)
134 Sept.29 Sept.21 to Sept.30
Carey (Philip) Mfg., pref. (quar.)
1% Oct. 1 Holders of rot. Sept.20a
Champion Fibre, preferred (quar.)
Cincinnati Finance (guar.)
2
Oct. 1 Sept. 16 to Sept.30
Cities ServiceCorn.(monthly, pay. in cash scrip) _ 034 Nov. 1 Holders of rec. Oct. 15
(7131 Nov. 1 Holders of roe. Oct. 15
Corn. (Pay. In com, stock scrip)
Preferred and preferred B (monthly)_ _
34 Nov. 1 Holders of rec. Oct. is
134 Oct. I Holders of rec. Sept.27a
City Investing, pref. (oust.)
2
Cleveland Automobile, pref. (quar.)
Oct. 1 Holders of rec. Sept.20a
Cleveland Worsted Mills (quar.)
1
SePt.30 Holders of rec. Sept. 15
2
Com'i Solvents Corp., let pref.(quar.)_ _
Oct. I Holders of rec. Sept.29
134 Oct. 15 Oct. 1 to Oct. 15
Consolidated Car Heating (quar.)
Consolidated Royalty 011 (guar.)
53e. Oct. 20 Holders of rec. Oct. 2
134 Oct. 1 Holders of rec. Sept. 18a
Cornell Mills (quar.)
Corona Typewriter,common (guar.) _ _ _ _ 50c. Oct. 1 Sept. 18 to Oct. 1
2
First preferred (quar.)
Oct. 1 Sept. 18 to Oct. 1
Second preferred (quar.)
Oct. 1 Sept. 18 to Oct. 1
3
Craddock-Terry Co.. common (quar.)_ _
Sept.30 Sept. 18 to SePt.30
CreameryPackage Mtg., corn. (quar.)_ _ *50e. Oct. 10 *Holders of rec. Oct. 1
.
1% Oct. 10 *Holders of roe.
Preferred (quar.)
Oct.
Crucible Steel, common (quar.)
Oct. 31 Holders of rec. Oct. 15
75e. Nov. 15 Holders of rec. Oct. 24a
Cuban-American Sugar.common
Common
75c. an 224 Holders of rec. I)ec. 8a
Davis Mills (quar.)
134 Sept.22 Holders of roe. Sept. 8a
*2
Detroit Creamery (quar.)
Oct. 1 *Holders of rec. Sept.20
2
Dictograph Products Corp., pref.(qu.)
Oct. 15 Holders of rec. Sept.30a
Preferred (quar.)(acct.accum.diva.). 52
Nov. 15 Holders of rec. Oct. 31a
2
Dixon (Joseph) Crucible (guar.)
Sept.29 Sept.22 to Sept.30
Sl.
Dome Mines,Ltd.((Mar.)
Oct. 20 Holders of rec. Sept.29a
Dominion Coal, Ltd., pref.(quar.)
134 Nov. 1 Holders of rec. Oct. 12
Dominion Steel corp.. Ltd., pref.(quar.) 134 Nov. 1 Oct. 16 to Nov. I
2
Dubilier Condenser & Radio, pref.(qu.) _
Sept.29 Holders of rec. Sept.230
Electric Auto-Lite (quar.)
Oct. 1 *Holders of rec. Sept. 19
Elgin National Watch (stk. dividend)._ 5e25 Sept.29 *Holders of rec. Sept, 19a
Fairbanks, Morse & Co., corn. (guar.)._ 311 Oct. 1 *Holders of rec. Sept.20
2
Sept.29 Holders of rec. Sept.19a
Farr Alpaca (quar.)
2
Oct. 1 Holders of rec. Sept,30a
Fidelity Capital Corp., pref. (quer.)_ _
234 Oct. 15 Holders of rec. Sept.29a
Finance Co. of America, corn. (quar.)_
134 Oct. 15 Holders of rec. Sept.29a
Preferred (Var.)
Foster(W.C.) Co.,common (quer.)- _ 75c. Oct. 1 Holders of rec. Sept.20
Preferred ((Mar.)
234 Oct. 1 Holders of rec. Sept.20
2
Oct. 10 Holders of rec. Oct. la
Fouids Milling, preferred (atiar.)
•General Petroleum Corp.,corn.(quar.) •50c. Dec. 15 *Holders of rec. Nov.30
Oct. 1
Godchaux Sugars, Inc., first pref.(quar.)
Oct. 1 Holders of rec. Sept.20
Good wins, Limited, prof.((War.)
*2
Oct. 1 Holders of rec. Sept.20
•Greet Lakes Steamship (quar.)
25c. Oct. 1 Holders of rec. Sept.22
Hamilton-Brown Shoe(monthly)
.1% Nov. 1 *Holders
Harris Bros. Co., pref. (quar.)
of rec. Oct. 16
5
Sept.15 Holders of rec. Sept. 10
Hibernia Securities Co.,common
134 Oct. 1 Holders of rec. Sept.26
(quar.)
Preferred
Sc. Oct. 8 Holders of rec. Sept.20
Hollinger Consolidated Gold Mines
3
Sept.29 Sept.22 to Sent.30
Home Title Insurance (roar.)
134 Oct. 1 Sept. 16 to Oct. 1
Howe Scale, pref. (quar.)
Se. Oct. 15 Holders of rec. Oct. la
Howe Sound Co.(quar.)
*51.25 Oct. 1 *Holders of rec. Sept.20
Interlake Steamship (guar.)
134 Sept.29 Holders of rec. Sent.26
Interprovincial Brick (quar.)
134 Sept.29 Holders of rec. Sept.26
com.(qu.)
Ltd.,
Can.,
of
Brick
nterprov.
I
1% Sept. 29 Holders of rec. Sept. 26
...Preferred (guar.)
Sept.29 Holders of rec. Sept.26
Interprov. Clay Prod., Ltd., pref.(Mi.)- 2
Johnston(R.F.) Paint Co.,7% Pf.(qA.) 131 Oct. 1 Holders of rec. Sept.29
2
Oct. 1 Holders of rec. Sept.29
Eight per cent preferred (quar.)
*51
Oct. 15 *Holders of rec. Oct. 1
Jones Bros. Tea,common (quar.)
•134 Oct. I *Holders of rec. Sept.24
Preferred (quar.)
131 Oct: 1 Holders of roe. Sept.20
Kaufmann Dept: Stores, pref. (guar.)._
134
Name of Company.
1321
Per
When
Cent. Payable
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Kaynee Co., preferred (guar.)
134 Oct. 1 Holders of rec. Sept.20
Kayser (Julius) dr Co., prof.(oust.)
Oct. 1 Holders of rec. Sept.28
$2
2
Oct. 1 Holders of rec. Sept.20a
Kelley Island Lime dr Transport (quar.)_
Lawyers Mortgage (quar.)
234 Oct. 1 Holders of rec. Sept.21a
Liberty Steel, Preferred (guar.)
*134 Oct. 1
Lockwood,Greene & Co.,Inc., pf (qu.). 134 Oct. 1 Holders of rec. Sept.21a
MacAndrews & Forbes Co.,corn.(War.) 234 Oct. 15 Holders of roe. Sept. 29a
Preferred (quar.)
134 Oct. 15 Holders of rec. Sept.29a
Macy(R.H.)& Co., Inc., pref.(quar.)_ *134 Nov. 1 *Holders of rec. Oct. 13
Manning,Maxwell& Moore,Inc.(quar.) 134 Oct. 2 Holders of rec. Sept. 30a
McCaskey Register, first pref. (quar.)._
134 Oct. 1 Holders of rec. Sept.24
2
Second preferred (quar.)
Oct. 1 Holders of rec. Sept.24
Second prof.(acct. accum. dive.)
52
Oct. 1 Holders of rec. Sept.24
McQuaY-Norris Mfg.(quar.)
50c. Oct. 3 Holders of rec. Sept.26
Merchants Despatch Transport'n (111.)- 1% Sept.29 Holders of rec. Sept.260
Merrimac Mills, Inc., corn.(quer.)_ _ _ _ _ $1.25 Sept.15 Holders of rec. Sept. 15
Preferred (Oust.)
134 Sept.15 Holders of rec. SePt.15
Mexican Investment, Prof. (quar.)
ir2
Oct. 1
Midland Securities (quar.)
234 Sept.29 Holders of rec. Sept. 7a
Midwest 011, corn.($10 par) (quar.)_
*6234e Oct.
Common ($1 par) (guar.)
•634c. Oct.
2
Monomac Spinning (guar.)
Oct. 1 Holders of rec. Sept. 18a
Mortgage-Bond Co. (guar.)
2
Sept.29 Holders of rec. Sept.21a
Murray (J. W.) Mfg., pref. (guar.)
2
Oct. 1 Holders of roe, Sept.20a
National Fuel Gas(guar.)
134 Oct. 15 Holders of rec. Sept.29a
National Paper dr Type,corn.& pf.(qu.) 2
Oct. 16 Holders of rec. Sept.29a
National Tea, common (guar.)
2
Oct. 1 Holders of rec. Sept.20
Preferred (guar.)
134 Nov. 1 Holders of rec. Oct. 19
Naumkeag Steam Cotton Co.(guar.)._ _
5
Oct. 1 Holders of rec. Sept.14
Newton Steel.common (guar.)
.
600. Oct. 1 *Holders of rec. Sept.20
Preferred (quar.)
*154 Oct. 1 *Holders of rec. Sept.20
$1 Nov. 1 Holders of rec. Oct. 5a
New York Air Brake, com.(guar.)
Class A (quar.)
$1 Jan. 2 Holders of rec. Dee. 3a
234 Oct. 1 Holders of ree. Sept.24
New York Title dr Mortgage (Oust,). _ _
Nitiissing Mines, Ltd. (guar.)
15c. Oct. 20 Sept.30 to
Oct. 17
15e. Oct. 20 Sept. 30 to Oct. 17
Extra
North Star Oil, Preferred
154 Oct. 1 Holders of rec. Sept. 15
3
Oct. 1 Holders of rec. Sept.24
Ogilvie Flour Mills, common (quar.)_
10
Common (bonus)
Oct. 1 Holders of rec. Sept. 24
*56 c Oct. 15 *Holders of me. Sept.29
Ohio Fuel Supply (guar.)
*10e. Oct. 1 *Holders of rec. Sept.29
011 Lease Development(monthly)
3,230. Oct. 20 *Holders of rec. Sept.26
Oklahoma Natural Gas(quar.)
2
Oct. 1 Holders of rec. Sept.29
Otis Elevator,common (quar.)
Preferred (quar.)
134 Oct. 15 Holders of rec. Sept.29
134 Oct. 1 Holders of rec. Sept.17
Pacific Burt Co.,common (guar.)
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 17
Penmans, Limited, common (oust.) _ _
2
Nov.15 Holders of rec. Nov. 5
Preferred (quar.)
134 Nov. 1 Holders of rec. Oct. 20
Pennsylvania Salt Mfg.(quar.)
$'1.25 Oct. 15 *Holders of rec. Sept.29
Pick (Albert) Co.,common (guar.)
40c. Nov. 1 Holders of rec. Oct. 2
New common (guar.)
13c, Nov. 1 Holders of rec. Oct. 2
Preferred (guar.)
131 Oct. 1 Holders of rec. Sept.21
Prairie Pipe Line (oust.)
*2
Oct. 31 *Holders of rec. Sept.29
Procter & Gamble,8% preferred (quer.). 2
Oct. 1 Sept.28 to Oct. 10
Regal Shoe, pref. (quar.)
154 Oct. 1 Holders of rec. Sept.20
Renfrew mfg., Prof. (oust.)
*134 Oct. 1 *Holders of rec. Sept.20
Rogers(Wm.A.) Co., preferred (quar.) _
134 Oct. 1 Holders ofrec. Sept.17
2
Oct. 1 Holders of rec. Sept.21
St. Louis Screw (quar.)
*134 Oct. 1 *Holders of rec. Sept. 21
Safety Car Heating & Lighting (quar.)
134 Oct. 1 Holders of rec. Sept. 20
Scott & Williams, Inc., pref. (quar.)_ _ _
2
Oct. 1 Holders of rec. Sept.20
2d preferred (quar.)
*6
Oct. 1 *Holders of rec. Sept.22
Scovill Manufacturing (quar.)
Sparks-Withington Co., pref. (guar.)134 Oct. 1 Holders of rec. Sept.15a
Standard Coral Tobacco,corn.(gust.),,. 230. Oct. 2 Holders of rec. Sept.g4
3
Oct. 1 Holders of rec. Sept. 18
Standard Screw,common (guar.)
*51
Nov. 1 Holders of rec. Oct. 15
Sterling Products(quar.)
Nov. 1 *Holders of rec. Oct. 15
Sugar Estates of Oriente, pref. (quar.)_ _ *2
*2
Oct. 1 *Holders of rec. Sent.24
Textile Banking (guar.)
3.134 Nov.15 *Holders of rec. Nov. 1
Tobacco Products, Class A (guar.)
.1;40. Oct. 20 *Sept. 30 to Oct. 7
Tonopah Mining (guar.)
Transue & Williams Steel Forg.(quar.)_ _ *730. Oct. 15 *Holders of rec. Oct. 1
*330. Oct. 1 *Holders of rec. Sept.20
Trumbull Steel, COM.(guar.)
3.134 Oct. 1 *Holders of ree. Sept.20
Preferred (guar.)
1
Oct. 15 Holders of tee. Sept.30
Tuckett Tobacco, common (quar.)
154 Oct. 15 Holders of rec. Sept.30
Preferred (guar.)
50c. Oct. 15 Holders of rec. Sept.29a
Union Natural Gas (quer.)
Union Twist Drill, preferred (guar.) _ _ _ _ 3,134 Sept.29 *Holders of rec. Sept.20
United Alloy Steel, common (quar.)---- *730. Oct. 10 *Holders of rec. Sept.28
•134 Oct. 1 *Holders of rec. Sept.20
Preferred (guar.)
Oct. 1 Sept.20 to Sept.30
United Bakeries Corp., prof.(quar.) --- 2
Sept.29 Holders of rec. Sept.12
U.S. Bobbin & Shuttle, corn.(guar.)- - - 1
Preferred (quar.)
134 Sept.29 Holders of rec. Sept.12
U.S.Industrial Alcohol, pref. (quar.)_ _ _ '154 Oct. 15 *Holders of rec. Sept.29
*134 Oct. 1 *Holders of rec. Sept.22
U.S. Worsted, 1st pref.(guar.)
2
Oct. 1 Holders of rec. Sept.20
Universal Leaf Tob., corn.& pref.(qu.)_
134 Oct. 1 Holders ot roe. Sept.22
Van Dorn Iron Works, preferred (quar.) _
154 Oct. 1 Holders of rec. Sept.20
Wagner Electric Mfg., pref.(guar.)
2
Oct. 1 Holders of rec. Sept.24
Waring Hat Mfg., pref.(quar.)
134 Sept.29 Holders of rec. Sept.20a
Weber Piano, preferred (guar.)
Westmoreland Coal(guar.)
*S1
Oct. 1 *Holders of rec. Sept.27
White Rock Mineral Springs, pref.(qu.) _ .3134 Oct. 1 *Holders of rec. Sept.25
Whitman (William) Co.,Inc.. pref.(qu.) 134 Oct. 1 Holders of rec. Sept.18
Will & BaUmer Candle, pref.(quar.) _ _ *2
Oct. 1 *Holders of rec. Sept.20
Wilson dr Co., preferred (quar.)
134 Oct. 1 Holders of rec. Sept.24
Yale & Towne Manufacturing (quar.)
$1
Oct. 1 Holders of rec. Sept.15
Special
$I
Oct. 1 Holders of ree. Sept. 15
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
Railroads (Steam).
Bangor & Aroostook, pref. (gust.)
Beech Creek ((Mar.)
Boston & Albany (guar.)
Buffalo & Susquehanna,corn.(guar.) _
Common (extra)
Canadian Pacific, corn.(guns)
Preferred
Cuba Railroad. preferred
El Paso & Southwestern Co.(quar.)_ _ _
Fonda Johnstown & Glov.,Prof.(guar.)_
Lackawanna RR.of N. J.(guar.)
Lehigh Valley, corn. (guar.)
Preferred ((Mar.)
Louisiana & Northwest(guar.)
Newark AL Bloomfield
New York Central RR.(guar.)
N.Y.Chic. dr St. Louis. tom.& pf.(qu.)
N.Y. Lackawanna & Western (Quar.)
Old Colony (guar.)
Pere Marquette, corn
Five per cent preferred
Prior preference (oust.)
Pittsb Bessemer & Lake Erie, corn. _
Pittsb. Ft. Wayne dr Chic., cont. (qu.)_
Preferred (quar.)
St. Louis Southwestern. pref. (guar.)._ _
Southern Pacific Co. (guar.)
Southern By., M.& 0,stock tr. Ws_ _ _
Union Pacific, corn. ((Mar.)
Preferred (guar.)
United New Jersey RR.& Canal(quar.) _
Warren RR
Western Pacific RR.Corp.. pref.(quar.)
When
Per
Cent, Payable.
Books Closed,
Days Inclusive.
1% Oct. 1 Holders of roe Sept. 15
50c. Oct. 1 Holders of rec. Sept. 14s
2
Sept.29 Holders of rec. Aug. 31a
154 Sept.28 Sept.16 to Sept.30
2% Sept.28 Sept.16 to Sept.30
2% Oct. 1 Holders of rec. Aug. 31a
2
Oct. 1 Holders of rec. Aug. 31
Febl'24 Holders of rec. Jan.19'24a
3
134 Oct. 2 Holders of rec. Sept.24a
1% Sept.le Holders of rec. Sept.10a
Oct. 1 Holders of rec. Sept. So
1
8734c Oct. 1 Holders of rec. Sept.15a
$1.25 Oct. 1 Holders of rec. Sept. 130
134 Oct. 1 Holders of rec. Sept.d20
51.50 Oct. 1 Holders of roe. Sept. 22a
1% Nov. 1 Holders of rec. Sept.1280
1% Oct. 1 Holders of rec. Sept. 15a
134 Oct. 1 Holders of rec. Sept. 14a
131 Oct. 1 Holders of rec. Sept. 15
1
Oct. 1 Holders of rec. Sept.I4a
1% Nov. 1 Holders of rec. Oct. 15a
1% Nov. 1 Holders of rec. Oct. 15a
75c. Oct. 1 Holders of rec. Sept. 15
1% Oct. 1 Holders of rec. Sept. 10a
134 Oct. 2 Holders of rec. Sept. 10a
134 Oct.
Sept. 2 to Oct. 12
1% Oct. 1 Holders of rec. Aug. 31a
2
Oct. 1 Holders of rec. Sept. 15a
2% Oct. 1 Holders of rec. Sept. la
2
Oct. 1 Holders of rec. Sept. 1a
234 Oct. 10 Sept.21 to Sept.30
51.75 Oct. 15 Holders of rec. Oct. 44
134 Oct. 22 Holders ot rec. Oct. 11
Name of Company.
Whets
Per
Cent. Payable.
Public Utilities.
Alabama Power. pref.(guar.)
134 Oct. 1
25c. Oct. 1
Amer. Gas & Elec., corn.(guar.)
75c. Nov. 1
Preferred (guar.)
Amer. Power & Light. pref. (guar.).- 134 Oct. 1
American Public Service, pref. (guar.)-- 134 Oct. 1
Amer. Public Utilities, prior pref. (au.). 134 Oct. 1
Oct. 1
1
Participating preferred (guar.)
1% Oct. 1
Six per cent preferred (guar.)
Amer. Telephone & Telegraph (guar.)._ 234 Oct. 15
Appalachian Power, 1st pref. (quar.)--- 134 Nov. 1
134 Oct. 15
Preferred (guar.)
134 Oct. 1
Asheville Power & Light, pref. (quar.)_ _
Associated Gas & Elec., pref.(guar.)._ 87c. Oct. 1
Bangor Railway & Electric, pref.(guar.). 134 Oct. 1
Oct. 15
2
Bell Telephone of Canada (guar.)
1% Oct. 1
Boston Elevated Hy.,corn.(guar.)
334 Oct. 1
Second preferred
Brazilian Trac., L.& Pow.. pre/.(auar.) 134 Oct. 1
Oct. 1
2
Brooklyn Union Gas(guar.)
Capital Traction. Wash., D.C.(guar.)- 13/ Oct. 1
Carolina Power & Light, corn. (quar.)-34 Nov. 1
Preferred (guar.)
134 Oct. 1
Central Ill. Pub.Serv., pref.(quar.)---- 134 Oct. 15
Central States Elec. Corp., pref.(guar.)- 134 Sept.29
2
Oct. 1
City Gas Co.of Norfolk, pref.(guar.)
134 Oct. 1
Cleveland By.(guar.)
44 Oct. 15
Colorado Power, con]. (guar.)
Oct. 1
Columbus Elec.& Power,corn.(guar.)-- 2
13.1 Oct. 1
First preferred, series A (guar.)
134 Oct. 1
Second preferred (guar.)
Dec. 1
Columbus By., Pow.& Lt., corn. (qu.)_ 1
134 Oct. I
Preferred, Series A (guar.)
134 Jan2'24
Preferred. Series A (guar.)
234 Nov. 1
Preferred, Series B
Oct. 1
Consol. Gas,El. L.& P.,Balt., com.(qu) 2
Oct. 1
2
Serie r A pref.(quar.)
134 Oct. 1
Series B pref.(guar.)
Sept.25
Consumers Elec. L.& P.,N.0.,com(gu) 2
134 Sept.30
Preferred (guar.)
Dayton Power & Light, pref. (atutr.)__ _ 131 Oct. 1
Oct. 15
2
Detroit Edison (quar.)
134 Oct. 1
Duluth Edison Elec., pref.(guar.)
Oct. 1
Duluth-Superior Traction, pref.(qu.)..__ 1
Electric Light & Power of Abington
2
Oct. 1
& Rockland (qua:.)
50c. Oct. 1
Erie Lighting, pref.(guar.)
75c Oct. 1
Federal Light & Traction, corn
Common (payable in 6% Pref. stock)_ m75c. Oct. 1
Frank.& Southwatk Pass. By.(quar.). $4.50 Oct. 1
General Gas& Elec.. pref. A (quar.)--- $2
Oct. 1
134 Oct. 1
Gold & Stock Telegraph (guar.)
Haverhill Gas Light (guar.)
$11234 Oct. 1
Illinois Bell Telephone (guar.)
Sept.30
2
Illinois Power & Light,7% pref.(quar.)_ 134 Oct. 1
134 Oct. 1
6% participating preferred (quarj_ _
Illinois Traction, common (guar.)
50c. Oct. 15
Preferred (guar.)
134 Oct. 1
Indianapolis Water Works Secur., pref._ 334 Oct. 1
Jersey Central Pow.& Lt., 7% pf. (qu.) 144 Oct. 1
Kan. City Pr.& Lt., 1st pt. A (quar.)-- $1.75 Oct. 1
Kwasos City Power Securities, pref.(qu.) $1.25 Oct. 1
134 Oct. 1
Kansas Gas & Elec.. pref.(guar.)
Oct. 1
1
Kentucky Securities Corp.,corn.(qu.)
Preferred (guar.)
134 Oct. 15
Mackay Companies, corn.(mar.)
134 Oct. 1
Oct. 1
1
Preferred (guar.)
Oct. 1
Manila Electric Corp., common (quar.)_ 2
Oct. 15
Manufacturers Lt.& Ht., Pitts)).(qu.)_ $1
Market Street By., prior pref. (quar.)-- 134 Oct. 1
Metropolitan Edison Co., pref.(quar.)_ _ $1.75 Oct. 1
Middle West Utilities, pref. (quar.)- - 134 Oct. 15
Mississippi River Power, prof. (quar.)__ 134 Oct. 1
Oct. 1
Mohawk Valley Co.(guar.)
2
Monongahela West Penn Pub. Service
Six per cent preferred (guar.)
3734c Oct. 1
43340 Oct. 1
Seven per cent preferred (guar.)
Oct. 1
1
Montana Power, corn. (guar.)
134 Oct. 1
Preferred (guar.)
234 Oct. 1
Montreal Tramways debenture stock_
National Power & Light, pref. (qua:.)-- $1.75 Oct. 1
Sept.29
New England Telep. & Teleg. (guar.)-- 2
Newport News& Hampton By.,Gas dr
1
134 Oct
Electric. pref. (quar.)
34 Oct. 1
New York State Rye., corn.(guar.).134 Oct. 1
Preferred (guar.)
134 Oct. 15
New York Telephone, pref.(guar.)
134 Oct. 15
Niagara Falls Power, pref. (guar.)
North Amer. Light & Power,pref.(qu.). 134 Oct. 1
North. Ohio Trac. & Lt.,6% pref. (qu.) 1% Oct. 1
Seven per cent preferred (guar.)
134 Oct. 1
134 Oot, 1
North Shore Gas, preferred (guar.)._
134 Oct. 1
Ohio Bell Telephone, pref.(quar.)
134 Oct. 1
Ottawa Light, Heat & Power (quar.)
Oct. I
1
Ottawa Traction (guar.)
134 Oct. 15
Pacific Gas & Elec., corn. (guar.)
134 Oct. 15
Pacific Teiep.& Teleg., pref.(guar.)._ _
Oct. 1
Penn Central Lt. & Pr., pref. (guar.)._ $1
100. Oct. 1
Preferred (extra)
Oct. 1
Pennsylvania Edison Co., pref. (guar.). $2
$1.75 Oct. 1
Penna. Power & Light, pref.(guar.)
Pennsylvania Water & Power (guar.).- 134 Oct. 1
134 Oct. 17
Peoples Gas Light & Coke (guar.)
$2 Oct. 1
Philadelphia Traction
131 Oct. 1
Portland By., L. & P., 1st pf. (guar.)._
1% Oct. 1
Prior preference (guar.)
$1
Oct. 1
Providence Gas (quar.)
Sept.29
$1
Public Serv. Corp.of N.J., corn.(eln.)
2
Sept o29
Eight per cent pref.(guar.)
134 Sept.29
Seven per cent pref. (guar.)
Sept.30
Public Service Co. of Okla., coin. (qu.). 2
134 Sept.30
Prior lien preferred (guar.)
134 Sept.30
Preferred (guar.)
Oct. 15
Puget Sound Power & Lt., corn.(guar.). 1
134 Oct. 15
Prior preference (guar.)
134 Oct. 15
Preferred (guar.)
Oct. 1
Savannah Elec.& Power,deb.stock(qu.) 2
3
Oct. 1
Preferred
Oct. 1
2d & 3d Sta. Pass. By., Phila. (guar.)._ $3
Southern Canada Power, Prof.(guar.)._ 134 Oct. 15
134 Oct. 1
Springfield By. & Lt., pref.(quar.)_
Tennessee Elec. Power,6% pref.(qu.)__ 134 Oct. 1
134 Oct. 1
Seven per cent preferred (guar.)
2
Oct. 1
Toledo Edison preferred (guar.)
1
Oct. 10
Trinidad Electric Co.(quar.)
I% Oct. 1
Tr-City By.& Light, pref.(guar.)
Twin City Rap. Tr.. Minneap.. Df.(qu.) 134 Oct. 1
750. Oct. 15
United Gas Impt., corn.(quar.)
8731c Dec. 15
preferred (guar.)
134 Nov. 1
United Light & Rya.,corn.(guar.)
34 Nov. 1
Common (extra)
134 Oct. 1
First preferred (guar.)
134 Oct. 1
Participating preferred (guar.)
Participating pref.(extra)
Si Oct. 1
i Jana'24
Participating preferred (extra)
131 Oct. 1
Utah Power & Light, pref.(guar.)
134 Sept.27
Utilities Securities, preferred (quar.).50e. Sept.29
West Penn Co., corn. (quar.)
134 Oct. 15
Western Union Telegraph (guar.)
I% Oct. 1
Winnipeg Electric RIP. (guar.)
134 Oct. 1
Yadkin River Power, pref. (guar.)
134 Sept.29
.)
Pf.(qu
RR..
River
Ohio
&
Youngstown
[VOL. 117.
THE CHRONICLE
1322
Books Closed.
Days Inclusive.
Name of Company.
When
Per
Cent. Payable
Books Closed.
Days Inclusive.
Banks.
America, Bank of (quar.)
Holders of rec. Sept. 19
Oct. 1 Holders of rec. Sept. 20a
3
Amer.Exch. Securities Corp., cl A (qu.) 2
Holders of rec. Sept. 18
Oct. 1 Holders of rec. Sept. 15
Chase National (guar.)
Holders of rec. Oct. 13
4
Oct. 1 Holders of rec. Sept. 170
Chase Securities Corporation
Holders of rec. Sept. 14
Oct. 1 Holders of rec. Sept. 173
$1
Chatham & Phenix National (qua:.)
Holders of rec. Sept. 15
Oct. 1 Sept. 16 to Sept.30
4
Holders of rec. Sept.203 Coal & Iron National (guar.)
Oct. 1 Holders of rec. Sept. 123
3
Holders of rec. Sept.200 Colonial (guar.)
3
Oct. 1 Holders of rec. Sept.303
Holders of rec. Sept. 206 Commerce. National Bank of
Oct. 1 Holders of rec. Sept.140
3
203
h
t
f
i
F
)
.
r
a
u
q
(
Avenue (guar.)
Holders of rec. Sept.
Oct. 1 Holders of rec. Sept. 290
6
10
Holders of rec. Oct. 150 First National (guar.)
Oct. 1 Holders of rec. Sept. 303
3
Holders of rec. Sept. 283 Greenwich (quar.)
Oct. 1 Holders of rec. Sept. 203
Manhattan Co.(Bank of the) (guar.) - $1.50 Oct. 1 Holders of rec. Sept. 21a
Holders of rec. Sept. 18
Extra
50c. Oct. 1 Holders of rec. Sept.210
Holders of rec. Sept. 15
Mechanics (Brooklyn) (guar.)
Holders of rec. Sept.10
Oct. 1 Holders of rec. Sept. 15
3
3
Holders of rec. Sept. 223 Mutual (quar.)
Oct. 1 Holders of rec. Sept. 22a
National City (guar.)
4
Oct. 1 Holders of rec. Sept. 156
Holders of rec. Sept. 19
National City Company(
2
Oct. I Holders of rec. Sept. 153
Holders of rec. Sept. 19
(Mar)
Extra
2
Oct. 1 Holders of rec. Sept.154
Holders of rec. Sept.15
4
Sept.29 Holders of rec. Sept.22
Holders of rec. Sept.143 Public National (guar.)
3
Seaboard National (guar.)
Oct. 1 Holders of rec. Sept.243
Sept. 15 to Sept.30
134 Oct. 1 Holders of rec. Sept. 293
Standard (guar.)
Holders of rec. Oct. 17
State (guar.)
4
Oct. 1 Holders of rec. Sept. 186
Holders of rec. Sept. 18
234 Oct. 1 Holders of rec. Sept.200
Holders of rec. Sept.300 United States, Bank of the (guar.)
Holders of rec. Sept. 10
Flee Insurance.
Holders of rec. Sept. 15
$1.50 Oct. 1 Holders of rec. Sept.15a
Holders of rec. Sept. 120 Rossla (guar.)
Holders of rec. Sept. 290
Holders of rec. Sept. 120
Trust Companies.
Holders of rec. Sept. 120
Oct. 1 Holders of rec. Sept.14a
Holders of rec. Sept. 120 Bank of New York & Trust Co.(guar.)-- 5
3
Sept.29 Holders of rec. Sept.14
Holders of rec. Nov. 150 Guaranty (guar.)
2% Sept.29 Holders of rec. Sept.20
Holders of rec. Sent.150 Hudson (guar.)
2
Oct. 1 Holders of rec. Sept.210
Holders of rec. Dee. 150 Lawyers Title & Trust (guar.)
4
Oct. 1 Holders of rec. Sept.203
Holders of rec. Oct. 160 Manufacturers (guar)
12% Oct. I Holders of rec. Sept.206
Holders of rec. Sept. 150 U.S.Trust (guar.)
Holders of rec. Sept. 153
Holders of rec. Sept. 153
Holders of rec. Sept. 8
Abitibi Powelf
,Ltd., pt.(qu.)-. 134 Oct. 1 Holders of rec. Sept. 20
llpaenre°
ea
r irP
Sept. 9 to Sept.30
Adams Express (guar.)
$1.25 Sept.29 Holders of roe. Sept.150
Holders of rec. Sept. 20
Holders of rec. Sept. 203 Advance-Rumely Co., pref. (guar.)---- 75c Oct. 1 Holders of rec. Sept. 170
Air Reduction (guar.)
Oct. 15 Holders of rec. Sept. 290
$1
Holders of rec. Sept. 20
Holders of roc. Sept. 150 Allied Chemical & Dye Corp., pref.(qu.) 194 Oct. 1 Holders of rec. Sept. 14
134 Oct. 15 Holders of rec. Sept. 240
Allis-Chalmers Mfg., pref.(quar.)
Holders of rec. Sept. 15a American Art Works, corn. dr pref.(qu.) 134 Oct. 15 Holders of rec. Sept.30a
American Bank Note, preferred (quar.). 75c. Oct. 1 Holders of roe. Sept.140
Holders of rec. Sept/.
American Beet sugar, preferred (guar.). 134 Oct. 2 Holders of rec. Sept. 80
Holders of rec. Sept. 1
Amer. Brake Shoe & Fdry., corn. (qu.)_ $1.25 Sept.29 Holders of rec. Sept.216
Holders of rec. Sept. 15
30
Sept.
134 Sept.29 Holders of rec. Sept.210
Preferred (guar.)
Sept. 2 to
Oct. 1 Holders of rec. Sept.143
American Can, preferred (guar.)
Holders of rec. Sept. 15
Holders of rec. Septd293 American Car & Foundry, corn.(guar.). 3 " Oct. 1 Holders of rec. Sept.150
134 Oct. 1 Holders of roe. Sept.150
Preferred (guar.)
Holders of ec. Sept. 14a
50c. Sept.29 Sept.21 to Sept.30
Holders of rec. Sept.290 American Chain, class A (guar.)
American Cigar, preferred (guar.)
134 Oct. 1 Holders of rec. Sept.150
Holders of rec. Sept.15
134 Oct. 1 Holders of rec. Sept.13a
American Express (guar.)
Holders of rec. Sept.15
334 Oct. 15 Holders of rec. Oct. 5a
Amer. Fork & Hoe. 1st pref
Holders of rec. Oct. 1
2
Sept.15 Holders of rec. Sept. 5a
Second preferred (quar.)
Holders of roe. Sept. 20
2
Amer. Lace Mfg., corn (quar.)
Oct. 1 Holders of rec. Sept.120a
Sept. 21 to Oct. 1
Am.La France Fire Eng.,Inc.,com.(qu.) 254. Nov. 15 Nov. 1 to Nov. 14
Holders of rec. Sept. 17
Preferred (guar.)
134 Oct. 1 Sept.25 to Sept.30
Holders of rec. Sept. 15
Amer. Locomotive, corn.(quar.)
$1.50 Sept.29 Holders of rec. Sept.130
Holders of rec. Sept.20
134 Sept.29 Holders of rec. Sept.130
Preferred (guar.)
Holders of rec. Sept. 15
American Machine & Foundry (guar.).- I% Oct. 1 Holders of rec. Sept. la
Sept. 22 to Oct. 10
10
134 an 1'24 Holders of rect. Dee. la
Oct.
Quarterly
to
22
Sept.
Oct. 1 Holders of rec. Sept. 200
Holders of rec. Sept. 50 American Multigraph, pref. (guar.)._
81.75 Sept.29 Holders of rec. Sept.20
Holders of rec. Sept. 50 Amer. Pneumatic Service, 1st pref
Sept.29 Holders Of rec. Sept. 153
$1
Holders of rec. Sept.180 American Radiator, common (quar.)
Oct. 1 Holders of rec. Sept.150
Holders of rec. Sept. 290 American Rolling Mill, Prof.(guar.).25e. Oct. 1 Holders of rec. Sept. 103
Amer. Safety Razor
Holders of rec. Sept.10
$1
Oct. 1 Holders of rec. Sept.15
Holders of rec. Sept. 200 American Sales Book, corn. (guar.)
Nov. 1 Holders of rec. Oct. 15
Preferred (guar.)
Holders of rec. Sept. 290
2
Nov. 1 Holders of rec. Oct. 150
Holders of rec. Sept. 15a Amer. Shipbuilding, corn. (quar.)
2
Febl'24 Holders of rec. Jan. 15'24a
Common (quar.)
Holders of rec. Sept. 210
2
Common (quar.)
Mayr24 Holders of rec. Apr.15'24a
2
AugP24 Holders of rec. July 15'24a
Common (guar.)
Holders of rec. Sept. 150
3
Oct. 1 Holders of rec. Sept. 140
Holders of rec. Sept. 150 American Snuff, common (guar.)
134 Oct. 1 Holders of rec. Sept.143
Preferred (guar.)
Holders of rec. Sept. 133
Holders of rec. Sept.133 American Steel Foundries, corn.(guar.). The. Oct. 15 Holders of rec. Oct. la
30
134 Sept.29 Holders of rec. Sept.I5a
Sept.
Preferred
(guar.)
to
Sept 16
250. Oct. 1 Sept. 21 to Oct. 1
Amer. Stores, corn.(guar.)
Holders of rec. Sept. 10
American Sugar Refining, prof. (guar.). 134 Oct. 2 Holders of rec. Sept. la
Holders of rec. Sept. 10
134 Oct. 15 Holders of rec. Oct. 100
Amer. Type Founders, corn. (qua:.)....
134 Oct. 15 Holders of rec. Oct. 100
Preferred (guar.)
Holders of rec. Sept.150
210
Sept.
134
Oct. 1 Holders of rec. Sept. 103
American
(guar.)
prof.
rec.
Tobacco.
of
Holders
134 Oct. 1 Holders of rec. Sept. 200
Holders of rec. Sept.210 Amer. Wholesale Corp., pref.(guar.)._
194 Oct. 15 Sept. 15 to Sept.26
Holders of rec. Sept.200 Amer. Woolen. corn. & prof. (quar.).___
75c. Oct. 22 Holders of rec. Sept. 15
Holders of rec. Sept.290 Anaconda Copper Mining (guar.)
134 Oct. 1 Holders of rec. Sept. 15a
Armour & Co. of Illinois, pref. (guar.)._
Holders of rec. Sept. 20
134 Oct. 1 Holders of rec. Sept. 150
Holders of rec. Sept. 150 Armour & Co. of Del.. pref.(guar.).- _ _
3734c Oct. 25 Holders of rec. Sept.28a
Holders of rec. Sept. 15a Associated Oil(new $25 par stock)
il
Auto-Knitter Hosiery (guar.)
Oct. 15 Holders of rec. Oct. la
Holders of rec. SePt.20
3
Sept.27 Sept. 21 to Sept.27
Holders of rec. Sept.206 Baltimore Brick, let pref
Holders of rec. Sept. 220 Barnhart Bros. & Spindler1 g Nov. 1 Holders of rec. Oct. 260
First and second preferred(mar)
Holders of rec. Sept. 15
(quar.)
290
Sept.
Corp.
50c. Oct. 1 Holders of rec. Sept. 200
Bassick-AlemIte
Holders of rec.
Holders of rec. Sept.290 Bayuk Cigars,Inc., 1st pref.(guar.).... 134 Oct. 15 Holders of rce. Sept. 290
2
Oct. 15 Holders of rec. Sept.290
Second preferred (qua?.)
Holders of rec. Sept. 100
$ 1.87% Nov. 15 Holders of rec. Nov. la
Holders of rec. Sept. 100 Beacon Oil, preferred (quar.)
200
(guar.)
Bea
rn.
Sept.
te
pr
Oct. I Sept. 21 to Sept.30
c
o
$1.25
e
c
f
i
r
ery5
uar
q
m
(
ea
r
ed
C
rr
e
rec.
of
Holders
134 Oct. 1 Sept. 21 to Sept.30
Holders of rec. Sept. 15
Holders of rec. Sept. 140 Bethlehem Steel Corp.Ili Oct. 1 Holders Of rec. Sept. lo
Common (guar.)
Holders of rec. Oct. 30
134 Oct. 1 Holders ogres. Sept. 1541
Seven per cent cum. pref.(quar.).Holders of rec. Sept. 100
134 Jan 2'24 Holders of rec. Dec. 150
Seven per cent cum. pref.(guar.)._
Holders of rec. Sept. 17
Seven per cent non-cum. pref. (guar.) 134 Oct. 1 Holders of rec. Sept. 154
Holders of rec. Sept. 17
Seven per cent non-cum. prof.(guar.) 134 Ja02'24 Holders of rec. Dec. 150
Holders of rec. Sept. 15
2
Oct. 1 Holders of rec. Sept. 1541
Eight per cent preferred (guar.)
Holders of rec. Sept. 14a
2
Eight per cent preferred (qua?)
J5n2'24 Holders of rec. Dec. 150
Holders of rec. Sept. 144
14a
(guar.)
Sent.
134
Bird
pref.
&
Oct. 1 Holders of rec. Sept. 15
Ltd..
Son.
rec.
of
Holders
Blumenthal (Sidney) & Co.. pref.(qu.)- 134 Oct. 1 Holders of rec. Sept.d140
Sept.25 to Sept.30
Boone (Daniel) Woolen Mills(guard.- •75c. Oct. 1 *Holders of rec. Sept.26
Sept.25 to Sept.3O
134 Dec. 15 Holders of rec. Dec. 1
Borden Company, preferred (quar.)_.,__
Sept. 25 to Sept.30
75c. Oct. 1 Holders of roc Sept. 183
Holders of rec. Sept. 200 Borg & Beck (guar.)
200
4
Sept.
Oct. 15 Sept.23 to Oct. 13
Co
Scrymser
tra
Bege
rec.
of
Holders
3
Oct. 15 Sept.23 to Oct. 13
Holders of rec. Sept. 200
25e. Oct. 1 Holders of rec. Sept.200
Holders of rec. Sept. 126 Bridgeport Machine Co.(qum.)
250. Jan1'24 Holders of rec. Dee. 200
Quarterly
Holders of rec. Sept. 123
254. Aprl'24 Holders of reo.Mar.20'24a
Quarterly
Sept. 2 to Oct. 1
50e. Oct. 1 Sept.23 to Sept. 30o
Holders of rec. Sept.300 British-American 011 (quar.)
4
Sept.29 Holders of coup. No.97P
Holders of rec. Sept. 150 British-Amer. Tots. Ltd., ordlnarY
Holders of rec. Sept. 193 British-American Tobacco, preference._ 234 Sept.29 Holders of coup. No.40
.(qu.).__
131 Oct. 1 Holders of rec. Sept. 200
Holders of rec. Sept. 193 Brunswick-Balke-Collender, pf.
25c. Oct. 1 Holders Of rec. Sept. 20
Holders of rec. Sept. 156 Brunswick Site Co
$1
Extra
Oct. 1 Holders of rec. Sept.20
Oct. 1 to Oct. 10
134 Oct. 1 Holders of rec. Sept. 20
BUCYTUB Co., pref. (guar.)
Holders of rec. Sept. 20
34 Oct. 1 Holders of rec. Sept.20
Preferred (account accumulated dive.)
Holders of rec. Sept. 154
134 Oct. 1 Holders of rec. Sept. 2141
Holders of rec. Sept. 290 Burns Bros., pref.(quar.)
134 Nov. 1 Holders of rec. Oct. 190
Prior preference (quar.)
Holders of rec. Nov.300
15s
Machine
(quar.)....
Oct.
Adding
Burroughs
$2
Sept.29 Holders of rec. Sept.20
rec.
of
Holders
Holders of rec. Oct. 150 Bush Terminal Bldgs., pref. (quar.)___. lli Oct. 1 Holders of rec. Sept. 18a
134 Oct. 1 Holders of rec. Sept.200
Holders of rec. Sept.150 California Petroleum, pref. (guar.)
$1 Sept.24 Holders of rec. Sept. 70
Holders of rec. Sept.150 Calumet dc Arizona Mining (guar.)
Oct. 1 Holders of rec. Sept. 150
$1
Holders of rec. Sept. 160 Cambria Iron
16
((buar.)
preferred
Bread,
Dec.
Canada
144 Oct. 1 Sept. 16 to Sept.30
NO.
of
Holders
Canad. Conn. Mills. partic. p1. (qu.)-- 2
Oct. 1 Holders of rec. Sept. 15
Holders of rec. Sept. 14
Canadian General Electric Corn. (guar.). 1)4 Oct. 1 Holders of rec. Sept. 15
Holders of rec. Sept.10
153
Sept.
rec.
Preferred
334 Oct. 1 Holders of rec. Sept. 15
Holders of
Oct. 1 Holders of rec. Sept. 206
Holders of rec. Sept. 256 Canadian Locomotive, com. Mari.... 1
18
Sept.
rec.
131 Oct. 1 Holders of rec. Sept. 200
of
Preferred
(guar.)
Holders
Case (J..1.) Thresh. Mach., prof.(qu.)- 134 Oct. 1 Holders of rec. Sept. 10
Holders of rec. SePt.18
134 Sept.29 Holders of rec. Sept. 154
Celluloid Co.. corn.(guar.)
Holders of rec. Sept. 8
134
__ 134
134
131
SEPT. 22 1923.]
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
1323
Per
When
Books Closed,
Name of Company.
Cent. 'Payable.
Daps Inclustee.
Miscellaneous (Continued).
Miscellaneous
(Continued).
Central Aguirre Sugar (guar.)
134 Oct. 1 Holders of rec. Sept.20
Hydrox Corporation,corn.(guar.)
25c. Oct. 1 Holders of roe. Sept.20a
Central Coal & Coke, com.(quar.)
144 Oct. 15 Holders of rec. Sept.30a Hydraulic Press Brick, pref.
(qua:.).
1
Oct. 1 Holders of rec. Sept.20a
Preferred (quar.)
14( Oct. 15 Holders of rec. Sept.30a Imperial Oil, common (guar.)
25e. Oct. 1 Holders of rec. Sept.10
Central Steel, com.(quar.)
$1
Oct. 10 Holders of rec. Sept. 30a
Preferred (guar.)
20c. Oct. 1 Holders of rec. Sept.10
Preferred (guar.)
2
Oct. 1 Holders of rec. Sept.20a Imperial Tobacco of Canada, ordinary_
1% Sept.27
Certain-teed Prod., let & 2d pref.(guar.) 131 Oct. 1 Holders of rec. Sept.18a
Preferred
3
Sept.29
Chandler Motor (quar.)
$1.50 Oct. I Holders of rec. Sept. 200 Independent Pneumatic Tool(quar.)_
$1.50 Oct. 1 Sept.21 to Sept.30
Checker Cab Mfg., class A (guar.)
$1.25 Nov. 1 Holders of rec. Oct. 15a Inland Steel, pref. (guar.)
15( Oct. 1 Holders of rec. Sept.154
Class A (quar.)
$1.25 Febl'24 Holders of rec. Jan15'24a Inspiration Consol. Copper (guar.)
500. Oct. 1 Holders of rec. Sept.130
Chesebrough Mfg., com.(qar.)
331 Sept.29 Holders of rec. Sept. 10a Int. Buttonhole Sew. Mach.(gust.).... 10e. Oct. 1
Holders of rec. Sept. 15
Preferred (guar.)
131 Sept.29 Holders of rec. Sept.10a International Cement, com.(guar.)
75e. Sept.29 Holders of rec. Sept. lba
Chicago Mill & Lumber, pref.(guar.)--- 134 Oct. 1 Holders of rec.
Sept. 220
Preferred (guar.)
134 Sept.29 Holders of rec. Sept.150
Chicago Nipple Mfg., class A (quar.)
15c. Oct. 1 Holders of rec. Sept. 15
International Harvester, com.(qua:.).. 154 Oct. 15 Holders of rec. Sept.254
Class A (extra)
Sc. Oct. 1 Holders
rec. Sept. 15
International Salt (guar.)
1% Oct.; 1 Holders of rec. Sept. 15a
Chicago Railway Equip., com.(guar.)-- 50e. Oct. 1 Sept. 21 of to
Oct. 3
International Shoe, COMI31012 (guar.)..... 75c. Oct. 1 Holders of rec. Sept. 150
Preferred (guar.)
1% Oct. 1 Sept. 21 to Oct. 3
Preferred
(guar.)
Oct. 1 Holders of rec. Sept. 15a
Chicago Yellow cab (monthly)
33 1-3e Oct. 1 Holders of rec. Sept.20a International Silver, preferred
(guar.)
131 Oct. 1 Sept. 16 to Oct. 1
Monthly
33 1-30 Nov. 1 Holders of rec. Oct. 20a
Prof.(account accumulated dive.)
_
Oct. 1 Sept. 16 to Oct. 1
Chili Copper (quar.)
62;40 Sept.29 Holders of rec. Sept. 1
Intertype Corp.. corn.(in com,stock).. /10
Nov.15 Holders of roe. Nov. la
Cities ServiceFirst preferred (lum%)
2
Oct. 1 Holders of rec. Sept. 15a
Corn. (mthly.. Pay. in cash scrip)
031 Oct. 1 Holders of rec. Sept. 15
Island Creek Coal,com.(quar.)
$2
Oct.
1 Holders of rec. Sept. 210
Corn.(pay. In com, stock scrip)
01% Oct. 1 Holders of rec. Sept. 15
Common (extra)
Oct. 1 Holders of rec. Sept. 210
$2
Preferred and preferred B (monthly) _
34 Oct. 1 Holders of rec. Sent. 15
Preferred (quar.)
$1.50 Oct. 1 Holders of rec. Sept.21
City Dairy, Toronto, common
234 Oct. 1 Holders of rec. Sept. 15
Johns-Manville, Inc. (guar.)
The. Oct. 1 Holders of rec. Septd2Oct
Preferred (guar.)
154 Oct. 1 Holders of rec. Sept. 15
Jones & Laughlin Steel Corp., Pref.(qu.) 134 Oct. 1 Holders of rec. Sept. 15a
Cleveland Worsted Mills (quar.)
1
Sept.30 Holders of rec. Sept. 15
Jordan Motor,common (special)
$5
Sept.30 Holders of rec. Sept. 15
Cluett-Peabody Co., pref.(guar.)
134 Oct. 1 Holders of rec. Sept. 20a
Preferred (guar.)
144 Sept.30 Holders of rec. Sept. 15
Coca Cola Company, common (quar.)_ _ $1.75 Oct. 1 Holders of
rec. Sept. 15a Kelly-Springfield Tire,
pref. (guar.) 134 Oct. 1 Holders of rec. Sept.17a
Colonial Finance Corp., corn.(quar.)_
25c. Oct. 1 Holders of rec. Sept. la Kelsey Wheel, common6%
(guar.)
144 Oct. 1 Holders of rec. Sept.20a
Preferred (guar.)
2
Oct. 1 Holders of rec. Sept. la Kennecott Copper Corporation (guar.)._ 75e.
Oct. 1 Holders of rec. Sept. 7
Computing-Tabulating-Recording (qu.)- $1.50 Oct. 10 Holders of
rec. Sept. 26a Kerr Lake Mines(guar.)
12%c
Oct. 15 Holders of rec. Oct. la
Congoleum Company,common
$2
Oct. 15
of rec. Oct. 6
King Philip Mills (extra)
25
Connor(John T.) Co.,com.(guar.)._ _ _ 50c. Oct. 1 Holders
Sept.
20 Holders of rec. Sept. la
Holders of rec. Sept.20
Kresge (S. S.) Co., common (guar.)._ 2
Oct. 1 Holders of rec. Sept. 170
Continental Can, preferred (quar.)
131 Oct. 1 Holders of rec. Sept.20a
Preferred (guar.)
134
Oct.
1 Holders of rec. Sept. 170
Cramp(Wm)& Sons Ship&E.Bidg.(qu.)_
Sept.29 Sept.15 to Sept.30
Kress(S.H.)Co.. preferred (guar.)
1% Oct. 1 Holders of rec. Sept. 20a
Crucible Steel, pref. (guar.)
Sept.29 Holders of ree.Sept. 15a Laurentlde Co. (quar.)
1% Oct. 1 Holders of rec. Sept. 18
Cuban-American Sugar, pref. (guar.).Sept.29 Holders of rec. Sept. 46 Lawton Mills Corp.(guar.)
234 Sept.29 Holders of rec. Sept.21
Cuyamel Fruit (guar.)
Sept.28 Holders of rec. Sept. 15a Lehigh Valley Coal Sales (guar.)
$2 Oct. 1 Holders of rec. Sept. 13
Davol Mills (guar.)
Oct. 1 Holders of rec. Sept.24a Library Bureau,common (guar.)
1%
Oct. 1 Sept.21 to Sept.30
Detroit & Cleveland Navigation (guar.).
Oct. 1 Holders of rec. Sept. 15a
Preferred (quar.)
2
Oct. 1 Sept.21 to Sept.30
Devoe & Reynolds, 1st pref.(guar.)_ _ _
Oct. 1 Holders of rec. Sept. 15a Liggett & Myers Tobacco, pref.
134 Oct. 1 Holders of rec. Sept. 170
Dominion Canners. Pref.(Guar.)
Oct. 1 Holders of rec. Sept. 18a Lindsay Light, Preferred (guar.)(quar.)
134 Nov. 8 Holders of rec. Nov. 54
Dominion Clam com.& pref.(quar.)
Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
154 Feb11'24 Holders of ree.Feb.7'24 a
Dominion Iron & Steel, pref.(quar.)
Oct. 1 Holders of rec.'Sept. 14
Lone Star Gas (quar.)
37%0
Sept.29 Holders of rec. Sept.22a
Dominion 011 (guar.)
Oct. 1 Holders of rec. Sept. 10
Extra
12%e Sept.29 Holders of rec. Sept.220
Dominion Stores. Ltd., common
Oct. 1 Holders of rec. Sept. 1
Loose-Wiles Biscuit, 1st pref.(gust.)... 134 Oct. 1 Holders of rec. Sept. 180
Dominion Textile,common (quar.)
Oct. 1 Holders of rec. Sept. 15
2d pref. (acc't Accumulated dividends) $7 Nov. 1 Holders of rec. Oct. 18a
Preferred (quar.)
Oct. 15 Holders of rec. Sept. 29
Lorillard (P.) Company, coin. (guar.)._ 3
Oct. I Holders of rec. Sept.15a
Douglas Pectin Co.(quar.)
Sept.30 Holders of rec. Sept. la
Preferred
(guar.)
131 Oct. 1 Holders of rec. Sept.15a
Dow Drug,com.(quar.)
Oct. 1 Sept.21 to Oct. 4
Mack Trucks, Inc., common (gust.).... $1.50 Oct. 1 Holders of rec. Sept. 200
Preferred (guar.)
Oct. 1 Sept.21 to Oct. 4
First and second preferred (guar.)___ _
134 Oct. 1 Holders of rec. Sept.20a
Draper Corporation (guar.)
Oct. 1 Holders of rec. Sept. 8
Magnolia Petroleum (guar.)
$1
Oct. 5 Holders of rec. Sept.220
Dunham (James H.)Co., COM.(quar.)...
Oct. 1 Holders of rec. Sept.20a Magor Car Corp., corn.(guar.)
25c. Sept.29 Holders of rec. Sept.22a
First preferred (guar.)
Oct. 1 Holders of rec. Sept.20a
Preferred
1%
(guar.)
Sept.29
Second preferred (guar.)
Holders of rec. Sept.22a
Oct. 1 Holders of rec. Sept.20a MallInson(H.R.)& Co.,Inc.. pref.(qu.) 1%
Oct. 1 Holders of rec. Sept.20a
duPont(E.I.)de Nem.Powd.,com.(qu.)_
Nov. 1 Holders of rec. Oct. 20a Manati Sugar, prof.
134 Oct. 1 Holders of rec. Sept. 18a
(lum.)
Preferred (guar.)
Nov. 1 Holders of rec. Oct. 20a Manhattan
Electrical Supply
$1
Oct. 1 Holders of roe. Sept.206
duPont(E.I.)de Nem.&Co.,deb.stk.(qu.)
Oct. 25 Holders of rec. Oct. 10a Manhattan Shirt, pref.(quar.)(quar.)1% Oct. 1 Holders of rec. Sept. 210
Eastern Rolling Mill, pref
Oct. 1 Sept. 16 to Oct. 1
Mathieson Alkali Wks., pref. (guar.)Oct.
1 Holders of rec. Sept. 200
Eastern Steamship Lines, pref.(quar.)
Oct. 1 Holders of rec. Sept.27
May Department Stores, pref. (gust.).. 134 Oct. 1 Holders of rec. Sept. 15a
Eastman Kodak,common (guar.)
Oct. 1 Holders of rec. Aug. 31a McCord Rad'r & Mfg., corn. cl. A
(MI5 "75c. Oct. 1 *Holders of rec. Sept. 24
Preferred (guar.)
Oct. 1 Holders of rec. Aug. 31, Merchants & Miners Tramp.(gust,)...
2
Sept. 29 Holders of rec. Sept.200
Eaton Axle & Spring (guar.)
Oct. 1 Holders of rec. Sept. 15a Merck & Co., pref.(guar.)
2
Oct. 1 Holders of rec. Sept. 17
Edmunds & Jones Corp., com.(guar.)
Oct. dl Sept.21 to Sept.30
Mergenthaler Linotype (qua:.)
2%
Sept.29
Holders of rec. Sept. 5a
Common (extra)
Oct. dl Sept. 21 to Sept.30
$1.25 Sept.29 Holders of rec. Sept.15
Merrimac Chemical (guar.)
Preferred (guar.)
Oct. dl Sept.21 to Sept.30
Brick,
Pay.
Metrop.
Cleve.. pi. (qu.)- 134 Oct. 1 Holders of rec. Sept. 15
Edwards(Wm.)Co.. pref.(guar.)
Oct. 1 Holders of roe. Sept. 20
Oct. 20 Holders of rec. Sept. 29a
Mexican Petroleum, com.(guar.)
Eisenlohr(Otto)& Bros., corn.(guar.)-..
Nov.15 Holders of rec. Nov. I
2
Preferred (quar.)
Oct. 20 Holders of rec. Sept. 29a
Preferred (guar.)
Oct. 1 Holders of rec. Sept.200 Mohawk
$1
Oct. 13 Holders of rec. Sept. 22a
Mining
(guar.)
Electric Controller Ye Mfg., coin. (guar.)
Oct. 1 Holders of rec. Sept.20a Montgomery Ward & Co.. Pref.(quar.). 1% Oct. 1
Holders of rec. Sept.20a
Common (extra)
Oct. 1 Holders of rec. Sept.20a Morris (Philip)
50c. Oct. 1 Holders of rec. Sept. 2Ia
& Co., Ltd
Preferred (quar.)
Oct. 1 Holders of rec Sept.206 Motor
2
Sept.20 Holders of rec. Sept.10a
Wheel Corp. (guar.)
Electric Storage Batt, com.& pref.(qu.)
Oct. 1 Holders of rec. Sept.15a Mountain Producers Corp.(guar.)
20c. Oct. 1 Holders of rec. Sept. 15a
Elliott-Fisher Co., corn. A & B (quar.)_ _
Oct. 1 Holders of rec. Sept.15
10c. Oct. 1 Holders of rec. Sept. 15a
Extra
Preferred (guar.)
Oct. 1 Holders of rec. Sept. 15
Mfg.,common (gust.).. $2 Oct. 1 Holders of rec. Sept. 20a
W.)
(J.
Murray
Emerson Electric Co.,pref.(guar.)
Oct. 1 Holders of rec. Sept.20
Common (extra)(pay.In com.stock). e2 Oct. 1 Holders of rec. Sept. 20a
Empire Safe Deposit(quar.)
Sept.28 Holders of rec. Sept.22a
Mfg. Co., pref. (quar.) _ 2
Oct. 1 Holders of rec. Sept. 20
Endicott-Johnson Corp., com.(guar.)
Oct. 1 Holders of rec. Sept. 15a Murray-Ohio
750. Oct. 15 Holders of rec. Sept.29a
National Biscuit, common (guar.)
Preferred (quar.)
Oct. 1 Holders of rec. Sept. 15a National
(quar.)_
common
Oct.
Si
Breweries.
1 Holders of rec. Sept.15
Famous Players-Lasky Corp., coin.(qu.)
Oct. 1 Holders of rec. Sept. 15a
134 Oct. I Holders of rec. Sept.15
Preferred (guar.)
Preferred (qua:.)
2
Nov. 1 Holders of rec. Oct. 250 Nat.
Enameling & Stamping, pref.(qu.)
1% Sept. 29 Holders of rec. Sept. 100
Federal Motor Truck (quar.)
30c. Oct. 1 Sept. 23 to Oct. 1
1% Dec. 31 Holders of rec. Dec. 110
Fisher Body Ohio Corp.. pre/. (qua:.)-. 2
Preferred (guar.)
Oct. 1 Holders of rec. Sept. 16a
Oct. 1 Sept.21 to Sept.30
3
Flelshmann Co.. corn. (qua:.)
50e. Oct. 1 Holders of rec. Sept.15e National Grocer, com.(quar.)
2
Sept.29 Holders of rec. Sept.14a
COMMOD (extra)
1500. Oct. 1 Holders of me Sept.15a National Lead,common(gust.)
National
Licorice,
134
Sept.29
pref.
Holders of rec. Sept.21a
(guar.)
Common (guar.)
500, Jan 1'24 Holders of rec. Dec. 15a
Refining, pref.(qua:.)
Oct. 1 Holders of rec. Sept. 15
Galena-Signal 011. coin. (guar.)
1
Sept,29 Holders of rec. Aug. 3Ia National
National
sugar
Reg.
(guar.)
131
Oct.
Preferred and new pro!.(guar.)
2
Holders
of rec. Sept. 10
2
Sept.29 Holders of rec. Aug. 31a National
Supply. pref.(guar.)
1% Sept.29 Holders of rec. Sept. 19
Gen'l Amer. Tank Car Corp., pr. (qu.) 134 Oct.
1 Holders of rec. Sept. 15a National Surety (guar.)
2%
Oct.
1
General Baking,common (guar.)
Holders
of
rec. Sept. 200
$1
Oct. 1 Holders of rec. Sept. 15a
Oct. 1 Holders of rec. Sept. 7
Preferred (quar.)
Now York Air Brake, class A (qua:.)... $1
$2
Oct.
Holders of rec. Sept. 15a New York Steam Co., pref.(guar.)
General Cigar. deb. preferred (guar.).- 1 g Oct. 1
134 Oct. 1 Holders of rec. Sept.15
1
Holders
of rec Sept. 24a
2
General Electric, com.(guar.)
Oct. 15 Holders of rec. Sept.20
(guar.)
2
Oct. 15 Holders of rec. Sept. 5a New York Transit
Transportation (guar.)
50e. Oct. 15 Holders of rec. Oct. 1
Common (payable In special stock)_ _ _ 5
Oct. 15 Holders of rec. Sept. 50 New York
Special stock (guar.)
North American Co., common (quar.) _ /25c. Oct. 1 Holders of rec. Sept. 60
150. Oct. 15 Holders of rec. Sept. 5a
General Motors Corp.7% deb.stock(qu) 131 Nov. 1
75c. Oct. 1 Holders of rec. Sept. ea
Preferred (guar.)
2
Oct. 15 Holders of rec. Oct. 6
Six per cent debenture stock (qu.) _ 134 Nov. 1 Holders of rec. Oct. 8a Nova Scotia Steel & Coal, pref.(quar.)
50e. Sept.29 Sept. 1 to Sept.23
Six per cent preferred stock (guar.)._ 131 Nov. 1 Holders of rec. Oct. 8a Ohio 011 (guar.)
General Railway Signal Co., prof. (qu.). 144 Oct. 1 Holders of rec. Oct. 8a Orpheum Circuit, preferred (guar.)
2
Oct. 1 Holders of rec. Sept. 15a
Holders
of
rec.
Sept. 20
General Tire & Rubber. pref.(guar.)
1
Oct. 1 Holders of rec. Sept. 15
1% Oct. 1 Holders of rec. Sept. 20a Ottawa Car Mfg.(guar.)
75e. Oct. 1 Holders of rec. Sept. 15a
Owens Bottle,common ((Mar.)
G111 Mfg. (guar.)
"50c. Oct. 1 Holders of ree. Sept. 20
1% Oct. 1 Holders of rec. Sept.15a
Gillette Safety Razor (stock dividend)-- e5
Preferred (guar.)
Dee, 1 Holders of rec. Nov. 1
Paige-Detroit Motor Car,com.(guar.) _ *30e. Oct. 2'Holders of rec. Sept. 20
Goodrich (B.F.) Co., pref.(guar.)
131 Oct. 1 Holders of rec. Seta.21
Goodyear Tire & Rubb., prior pf.(q.)
Oct. 2'Holders of rec. Sept. 15
Preferred (quar.)
2
Oct. 1 Holders of rec. Sept. 15a Pan
Goodyear Tire de R.of Canada. Pt.(qu.) 134 Oct.
Oct. 20 Holders of rec. Sept. 29a
Am. Pet.&Tr., com.&com. H (qu.)
Holders of rec. Sept. 15
Companies,
Gossard (H. W.) & Co., corn.(monthly) 25c. Oct. 3
Sept.
1)
Paraffine
(No.
27 Sept. 18 to Sept. 27
com.
1 Sept. 21 to Sept.30
Sept.27 Sept. 18 to Sept.27
.Common (monthly)
Preferred (guar.)
25e. Nov. 1 Oct. 21 to
31
Oct. 1 Holders of rec. Sept. 15
Common (monthly)
Park City Mining dr. Smelting
25e. Dec. 1 Nov.21 to Oct.
Nov.30
Goulds Mfg., cam.(qaw.)
Sept.30 Sept.21 to Sept.29
Parke, Davis& Co.(guar.)
1% Oct. I Holders of rec. Sept.
20
Preferred (quar.)
Sept.30 Holders of rec. Sept. 20a
Peerless Truck & Motor (guar.)
1% Oct. 1 Holders of rec. Sept.
20
Grasseill Chemical, com.(War.)
Dec. 31 Holders of rec. Dee. 200
Quarterly
2
Sept.29 Holders of rec. Sept.15a
Sept.29 Holders of rec. Sept. I90
Preferred (quar.)
Penney (J. C.) Inc., prof.(quar.)
1;4 Sept.29 Holders of rec. Sept.
15a
25 Holders of rec. Sept. 15a
Great Lakes Towing,com.(guar.)
Sept.
Pennok
Oil
(guar.)
1% Sept.29 Sept. 18 to SePt.30
Sept.25 Holders of rec. Sept. 15a
Preferred (quar.)
1
Extra
131 Oct. 1 Sept. 16 to Oct. dl
Great Western Sugar, common (quar.).._
Oct. 2 Holders of rec. Sept. 15a Pettibone-MullikenCo.,lst&2dpf.(qu.) 1% Oct. 1 Holders of rec. Sept.24a
Preferred (guar.)
Oct. 2 Holders of rec. Sept. 200
131 Oct. 2 Holders of rec. Sept. 15a Phelps, Dodge Corp. (guar.)
Greenfield Tap St Die, preferred (quar.)_
Phillips Petroleum (guar.)
50c. Oct. 1 Holders of rec. Sept. 152
Oct. 1 Holders of rec. Sept. 14
Motor
Guantanamo Sugar,Preferred (guar.)._ _ 2
Pierce-Arrow
Car.
pf.
Oct.
.
$2
prior
(qu.)
1 Holders of rec. Sept. 15
Sept.29 Holdhrs of roe. Sept.15a
Gulf 011 Corp.(qua:.)
Prior preferred (guar.)
Oct. 1 Holders of rec. Sept. 15
$2
1% Oct. 1 Sept. 21 to Sept.
24
Pittsburgh Plate Glass,com.(guar.) _ _ 2
Oct. 1 Holders of rec. Sept. 15a
Gulf States Steel Co.Pittsburgh Rolls Corp., com
Common (guar.)
Oct. 1 Holders of rec. Sept. 25a
2
Oct. 1 Holders of rec. Sept.
First and second preferred (guar.).--.
Preferred (guar.)
1% Oct. 1 Holders of rec. Sept. 25a
Oct. 1 Holder, of rec. Sept. 15a
14.
Term.
Whse.
Pittsp.
4:
First and second preferred (guar.). _
Transp.
Oct.
"81
9 'Holders el rec. Oct. 29
(qu.)
Jan 2'24 Holders of roe. Dec. 14.
Bali(C. M.)Lamp Co
75c. Nov. 1 Holders of rec Oct. 20a
Sept.25 Holders of rec. Sept. 22a Postum Cereal, coin. ((Mar.)
Hanes(P. H.) Knitting, pref.(guar.) _
Preferred (guar.)
2
Nov. 1 Holders of rec. Oct. 201
Oct. 1 Holders of rec. Sept. 20
Hanna(M. A.) Co., let pref. (guar.)
Oct. 31 'Holders of rec. Sept.29
*2
Sept.20 Holders of rec. Sept. 5a Prairie 011 & Gas (guar.)
Harbison-Walker Refract., pref. (quar.)
Oct. 20 Holders of rec. Oct. 106 Price Brothers& Co.,Ltd.(guar.)
31 Oct. 1 Holders of rec. Sept. 21
Harmony Creamery.Pittab., pi.(gust.).
Provincial Paper Mills, com.(guar.)_ _ _
Sept.25 Holders of rec. Sept.15
134 Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
Hart. Schaffner & Marx, pref. (guar.)._
13'( Oct. 1 Holders of rec. Sept. 15
Sept.29 Holders of rec. Sept. 18a
Ifeath(D C)& Co., pref.(qua:.)
Oct. 1 Holders of rec. Sept. d28 Pure Oil Co., 53j% preferred (qua:.)... 131 Oct. 1 Holders of rec. Sept. 15
Six per cent preferred (guar.)
Helme (George W.) Co., com.(quar.)_
1% Oct. 1 Holders of rec. Sept.15
Oct. 1 Holders of rec. Sept. 17a
Preferred (guar.)
Eight per cent preferred (guar.)
2
Oct. 1 Holders of rec. Sept. 15
Oct. 1 Holders of rec. Sept.
lIendee Mfg., pref.(qua:)
3 Oct. 15 Holders of rec. Oct. la
Oct. 1 Holders of rec. Sept. 17a Quaker Oats, common (guar.)
20a
Preferred (guar.)
Hercules Powder,common (guar.)
Sept.25 Sept. 16 to Sept. 25
134 Nov.30 Holders of roe. Nov. la
Railway Steel-Spring, com.(guar.)
Homestake Mining (monthly)
Sept.25 Holders of rec. Sept.
Sept.29 Holders of rec. Sept. 150
Preferred (guar.)
Hood Rubber (guar.)
1% Sept.20 Holders of rec. Sent. 70
Sept.29 Sept.20 to Sept.28a
30
Ranger Texas 011 (guar.)
Hoover Steel Ball (quar.)
2e. Oct. 1 Holders of rec. Sept.10
Oct. 1 Sept. 22 to Sept. 24
Hudson Motor Car (guar.)
30e. Oct. 1 Holders of rec. Sept. 15
Oct. I Holders of rec. Sept.20a Reece Buttonhole Mach.(guar.)
Reece Folding Machine (guar.)
Humble Oil & Refining (guar.)
100. Oct. 1 Holders of rec. Sept. 15
Oct. 1 Sept. 22 to Sept. 30
Remington Typewriter, 1st prof. (quer.) 1% Oct. 1 Sept. 23 to Seta.30
HUPp Motor Car Corp.. pref.(quar.)
Oct. I Holders of rec. Sept. 20
First pref. Series S (guar.)
134 Oct. 1 Sept.23 to Sept.30
Name of Company.
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
15c. Oct. 1 Holders of rec. Sept. 15a
Reo Motor Car (guar.)
Holders of rec. Sept. 155
60c. Oct.
Extra
Holders of rec. Sept. 156
134 Oct.
&
preferred
(guar.).
Iron
Steel,
Republic
of rec. Sept.15a
Holders
Oct.
Preferred (account accum. dividends). h2
Holders of rec.Sept. 14a
500. Nov.
Reynolds Spring. corn.(qu.)(No.1)-.-of rec. Sept. 176
Holders
Oct.
lid
Preferred A & B (guar.)
Reynolds(R.J.) Tobacco750. Oct. 1 Holders of rec. Sept.18a
Common and Common B (guar.)
134 Oct. 1 Holders of rec. Sept.182
Preferred (guar.)
Oct. 15 Holders of rec. Sept. 30a
2
Rickenbacker Motor (guar.)
•syi
Oct. 26 *Holders of rec. Oct. 16
River Raisin Paper (guar.)
Sept.30 Holders of rec. Sept. 150
Royal Baking Powder, common (guar.). 2
11i Sept.30 Holders of rec. Sept.156
Preferred (guar.)
250. Sept.20 Sept. 9 to Sept.20
Si. Joseph Lead (guar.)
25c. Sept.20 Sept. 9 to Sept.20
Extra
250. Dec. 20 Dec. 9 to Dec. 20
Quarterly
250. Dec. 20 Dec. 9 to Dec. 20
Extra
Sept.29 Holders of rec. Sept. 150
St. Louis Rock Mt.& P.,corn.(guar.).- 1
134 Sept.29 Holders of reT. Sept.150
Preferred (guar.)
of rec. Sept.20
154 Sept.27 Holders of
St. Maurice Paper, Ltd., (guar.)
rec. Sept. 20
•20c. Oct. 1 *Holders
Salt Creek Consol. Oil (guar.)
rec. Sept. 140
of
Oct. 1 Holders
Schulte Retail Stores Corp., pref.(qu.). 2
Dec. 1 Holders Of rec. Nov. 150
Schulte Retail Stores,corn.(in pref.stk.) m$2
Mr 1'24 Hold,of rec. Feb. 15'246
Common (payable in preferred stock). m$2
3 1-30 Oct. 1 Holders of rec. Sept.15
Seaboard Oil & Gas (monthly)
1 Holders of rec. Sept. 150
Oct.
134
(guar.).
preferrbd
Co.,
&
Roebuck
Sears.
250. Sept.29 Holders of rec. Sept. 14a
Shell Union Oil, common (guar.)
Sherwin Williams Co.(Can.), com.(gu.). 134 Sept.30 Holders of rec. Sept.15
lid Sept.30 Holders of rec. Sept. 15
Preferred (guar.)
250. Oct. 4 Holders of rec. Sept. 150
Simmons Co., common (guar.)
•Ilsi Sept.29 "Holders ot rec. Sept.10
Singer Mfg. (guar.)
134 Oct. 1 Holders of rec. Sept. 200
Sloss-Sheffield Steel & Iron, pref.(qu.)- _
Oct. 1 Holders of rec. Sept. 150
South Porto Rico Sugar, pre/.(quar.)..._ 2
Septd29 Holders of rec .Sept. 1
10c.
011
(monthly)
Southern States
Oct. 1 Holders of rec. Sept.15
2
South West Pa. Pipe Lines (guar.)
50c. Oct. 1 Holders of rec. Sept.150
Sparks-WIthington Co., corn
50c. Oct. 1 Holders of rec. Sept.15a
Common (extra)
Oct. 1 Holders of rec. Sept. 21
Spicer Manufacturing, preferred (guar.). 2
$1
Oct. 1 Sept. 16 to Oct. 1
Standard 011 (Kentucky)(guar.)
254 Oct. 1 Holders of rec. Aug. 24
Standard Oil (Ohio) corn. (guar.)
3
Sept.29 Holders of rec. Sept.270
Standard Safe Deposit (guar.)
Stand. Textile Prod., Cl. A & B (qu.). lid Oct. 1 Holders of rec. Sept.15
Oct. 1 Holders of rec. July 200
Standard Wholesale Phosphate,com_ - _ _ 10
Oct. 1 Holders of rec. Sept. 20
1
Sterling Coal
10c. Oct. 5 Holders qf rec. Sept.280
Sterling Oil & Development
$1.75 Oct. 1 Holders of rec. Sept. 12
Stromberg Carburetor (guar.)
2
Oct. 1 Holders of rec. Sept. 10
Swift & Co. (guar.)
29a
Tennessee Copper.4 Chemical (guar.) _._ 25e. Oct. 15 Holders of rec. Sept.
20c Oct. I Holders of rec. Sept. 10
Texas Chief Oil (guar.)
70
Sept.
rec.
750. Sept.29 Holders of
Texas Company (guar.)
Thompson (John R.) Co., corn. (mth,Q..) 25c. Oct. 1 Holders of rec. Sept. 240
236
Oct.
rec.
of
1
Holders
Nov.
250.
Common (monthly)
25c. Dec. 1 Holders of rec. Nov. 23a
Common (monthly)
lid Oct. 1 Holders of rec. Sept.24a
Preferred (qua:.)
4
Oct. 1 Holders of rec. Sept.20
Thompson-Starrett Co. preferred
171
Tobacco Products Corp., pref. (qua:.).lid Oct. 1 Holders of rec. Sent. la
(guar.)
Holders of rec. Sept.
Sept.20
Corp.
31.50
Todd Shipyards
100
Sept.
Tonopah Extension Mining (guar.)
.5c. Oct. 1 Holders of rec.
62340 Oct. 1 Holders of rce. Sept. 20
Torrington Co., corn.(qua:.)
3c Oct. 20 Holders of rec. Sept. 29
Turman Oil (guar.)
la
uuderwood Typewriter.con% (guar.). - 750. Oct. 1 Holders of roe. Sept. la
lid Oct. 1 Holders of reo. Sept.
Preferred (guar.)
5
Oct.
lid Oct. 15 Holders of rec.
Union Bag Sr Paper Corp.(guar.)
Oct. 1 Holders of rec. Sept.‘.6a
$1
Union Carbide & Carbon (guar.)
Nov. 1 Holders of rec. Oct. 160
United Cigar Stores, common (guar.).- 3
134 Sept.15 Holders of roe. Aug. 306
Preferred (guar.)
1 Holders of rec. Oct. 151
Nov.
8734e
United Drug. 1st pref.(riar.)
154 Oct. 1 Holders of rec. Sept. 15
United Dyewood,common (guar.)
1H Oct. 1 Holders of rec. Sept. 156
Preferred (quar.).
150
134 an2'24 Holders of roe. Dec.
Preferred (guar.)
Oct. 15 Holders of rec. Sept.20
2
United Fruit(guar.)
110
Sept.
rec.
of
Holders
1
Oct.
15
United Profit Sharing (guar.)
18
United Shoe Machinery,corn.(guar.)500. Oct. 5 Holders of rec. Sept.
18
Preferred (guar.)
3734e Oct. 5 Holders of rec. Sept.
Nov. 1 Holders of rec. Oct. 50
United Verde Extension Mining (guar.). SI
30a
750 Oct. 15 Holders of rec. Sept.
U. S. Can. corn. (guar.)
300
134 Oct. 15 Holders of rce. Sept.
Preferred (guar.)
Dec. lo
U.S. Cast Iron Pipe & Fdy.. pref.(au.). 134 lie'. 15 Holders of roe.
1
Sept.36 Sept. 16 to Sept.30
U.S. Gypsum,common (guar.)
1)4 Sept.30 Sept. 16 to Sept.30
Preferred (guar.)
15.i Nov. I Holders of rec. Oct. 20a
U.S. Realty & Impt., pref. (guar.)._
310
United States Steel Corp.. COM.((IOU.). 1)4 Sept.29 Holders of rec. Aug. 170
750. Oct. 1 Holders of rec. Sept.
U.S.Tobacco. common (qua:.)
Holders of rec. Sept. 170
134 Oct.
Preferred (guar.)
Sept.29 Holders of rec. Sept.Ida
31
Utah Copper Co (guar.)
50c.Sept.20 Holders of rec. Aug. 31
Vacuum 011 (guar.)
2
Oct. 1 Holders of rec. Sept. 190
Valvoline Oil, pref. (guar.)
Oct. 15 *Holders of rec. Sept.29
Victor Talking Machine, cam.(guar.).- •32
"154 Oct. 15 *Holders of rec. Sept.29
Preferred (guar.)
Vulcan Detiru:dng, pref. & pref. A (qu.). 1)4 Oct. 20 Holders.of rec. Oct. 9a
si
Oct. 2 Holders of rec. Sept. 14
Wabasso Cotton (guar.)
50c. Oct. 1 Holders of rec. Sept.226
Wahl Co.. common (monthly)
Holders of rec. Sept.22a
Oct.
Preferred (guar.)
1 c. Oct. 1 Holders of rec. Sept.20a
3157
Waldorf System, common (guar.)
of rec. Sept. 20
Holders
_
_
preferred
and
preferred
(guar.)
1
20e.
First
Oct.
Walworth Mfg.. Pref. (guar.)
154 Sept.2 9 Holders of roe, Sept.19
Wanner Malleable Castings. cl. A (qu.)- '62(4c Oct. 1 'Holders of rec. Sept. 14
The. Oct. 1 Holders of rec. Sept. 12
Warren Brothers Co.. corn.(guar.)
15.5 Oct. 1 Holders of rec. Sept. 22
First preferred (guar.)
lad Oct. 1 Holders of rec. Sept. 22
(qua:.)
Second preferred
134 Sept.28 Holders of rec. Sept.260
Western Electric, common (guar.)
IH Sept.29 Holders of ree. Sept. 140
Preferred (guar.)
2
Oct.d15 Sept.21 to dOct. 14
Western Grocer, common (guar.)
10c. Sept.29 Holders of rec. Sept. 15
Western States 011 (monthly)
31 Holders of rec. Sept. 29a
Oct.
$1.40
Westinghouse Air Brake (guar.)
Oct. 31 Holders of rec. Sept.280
Westinghouse Elec.& Mfg.,com.(guar.) 31
$1
Oct. 15 Holders of rec. Sept.28a
Preferred (guar.)
500. Oct. 20 Holders of rec. Sept. 29a
White Eagle Oil& Ref.(guar.)
$1
Sept.30 Holders of rec. Sept. 206
White Motor (guar.)
.2
Oct. 1
(guar.)
corn.
Mills.
Winn.sboro
•1 ad Oct. 1
Preferred (guar.)
134 Oct. 1 Holders of rec. Sent.200
Worthington Pump & Mach.,Of. A OW
154 Oct. 1 Holders of rec. SePt. 200
Preferred B (guar.)
*214 Oct. 1 'Holders of rec. Sept. 15
Wright-Hargreaves Mines (guar.)
Wrigley(Wm.)Jr. & Co., corn. (nattily.) 50(.. (let. I Sept. 26 to Sept. 30
•250. Oct. 1 'Holders of rec. Sept. 24
Common (extra)
,SO,. Vol,. 1 Oct. 26 to Oct. 31
Common (monthly)
.2.1c.
Nov. 1 *Holders of rec. Oct. 24
Common (extra)
Soc. Dec. 1 Nov.24 to Nov.30
Common (monthly)
"250. Dec. 1 *Holders of rec. Nov. 24
Common (extra).
500. fan!'24 Dec. 25 to Jan. 1 1924
Common (monthly)
•25c. an1'24 *Holders of rec. Dec. 24
Common (extra)
50c. Pent 24 Jan.26'24 to Jan.31 '24
Common (moonily)
*250. Febl'24 *Hold. of rec. Jail. 24'24
Common (extra)
.25c.
Marl'24 *Hold,of rec. Feb.24'24
(extra)
Common
•250. Aprl'24 *Hold.of rec. Mar.24'24
Common (extra)
50c Oct. 1 Holders of roe. Sept. 20a
Yellow Cab Mfg., class B (monthly).Youngstown Sheet & Tube, coin. (qu.)_ $1.25 Sept 30 Holders of rec. Sept. 154
134 Sept 30 Holders of rec. Sept. 15a
Preferred (guar.)
- • From unofficial sources. t The New York Stock Exchange has ruled that stock
will not be quoted ex-dividend on this date and not until further notice. :The
exNew York Curb Market Association has ruled that stock will not be quoted
dividend on this date and not until further notice.
In
stock.
Payable
e
Correction.
d
a Transfer books not closed for this dividend.
scrip. h On account of accumulated
!Payable in common stock. p Payable in Payable In Canadian funds.
dividends. m Payable in preferred stock. n
011 be quoted ex-cliv. on Oct. 1.
Amer.
British
rules
Market
o New York Curb
on or before Sept. 3 will be in time for payment
p All transfers received in London
transferees.
of dividend 10
[VOL. 117.
THE CHRONICLE
1324
Weekly Return of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending Sept. 15. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Stated in thousands of dollars-that Ls, three ciphers (000) ornitte43
New
Bolero
Capital. Profits. Loans,
Time Ranh
Net
Discount, Cash with
Week endln
De. Circa
Legal Demand
in
Sept. IS 1923 Nat'l, June 30 InvestState, June 30 mails, Vault. Deport Deposits. posits. Ia&c.
tortes.
30
.Cos.June
Tr
omitted.)
((000
Members of F d. Res Bank.
$
$
Bank of N Y
4,000 12,017
Trust Co_ _ _
Bk of Manhat'n 10,000 13,140
Mech & Met Na 10,000 16,843
Bank of Amer( 116,500 tt5,564
Nat City Bank. 40,000 51,526
Chem Nat Bank 4,500 16,467
141
500
Nat Butch & D
1 7.783
5,000
Amer Etch Na
Nat Bk of Corn. 25,000 38,374
1,000 1,748
PacificBank_ _
Chat&PhenNa 10,500 9,275
21.394
Hanover Nat Bk
Corn Exchange_ 9,075 12.368
National Park.. 10,000 23,444
803
East River Nat_ 1,000
First National_ _ 10,000 55,319
17,500 10.675
Irving-Bk-Col
954
Continental Bk. 1.000
Chase National. 20,000 22,991
2,439
500
FifthAvenue.
979
600
Com inert wealth _
Garfield Nat-. 1.000 1,627
Fifth National._ 1.200 1.097
Seaboard Nat.. 4,000 7,174
1,500 1,267
Coal & Iron Na
Bankers Trust__ 20,000 23,155
U S Mtge & Tr. 3,000 4,251
GuarantyTrust 25,000 18,290
Fidel-Inter Trust 2.000 1,884
N Y Trust Co.. 10.000 17.764
Metropolitan Tr 2,000 3,927
5.000, 15.940
Farm Loan &
Equitable Trust 23,0001 9,501
Average Average Av'ge.
$
843 6$
62,425
,1
44.960 7,067 _ -100,275 19,929
131.029 2,303 13,82
141,990 4,136 994
164,800 4,383 18,756
73,769 3,466
75,108 1.663 9.883
525.319 4,613 55,745 '532,582 79,153 2:143
342
96,004 5,541
114,346 1,073 12,93
32 299
3,027
60
309
5,137
49.50
5,891
74,661
10,409
931!
91,945
243,834 17,979 -945, 32.249
314.376
21,892 1,505 __
739, 3,295
27.647
146,691 5,0511 16,480
111,303 25,840 5.982
100
353 13,028
112,865
98.105
155,413 23,749
173,491 .5.5771 21,479
963 15,806
155,239
120,013 6.604 7,815
50
296 1,502
15,316
10,630 2,831
555 23,093
253,512
172,020 23,366 7.485
251.779 3,927. 33,089 248,513 14.383 - 373
149
5,677
7.682
802
7 25,487
07
20:883
326,294 4,410 38.219 2821,093
673 2,709
23,681
936
8,889
6421 1,198
10.67
397
15
13,025
14,271
434; 1,921
249
865
14,520
192, 1,909
20,85
63
78,822 2,335
9161 10,357
83,08
413
819
13,137
3271 1,784
15,626
252.103 1,0611 26,648 *210,469 26,651 45.711 2.599
49,74
980 5,915
337,247 1,520 38,235 "335,269 42,272 __
410 2,479
18,460 1.442
22,203
5661 15,80
114,232 20,798
143,704
2,624
33,126
588, 4,422
38.764
"89,546 26,348 _648 12,46
126,600
217,428 1,693, 25,63 '219.631[17.880
Average Average.Averag
Total of averages 289,375.430,135 .310,992 49,5091476,57 c3,523,816.412,916 32,375
Totals, actual co ndition1Sept.15
Totals, actual condition ,Sept. 8
Totals aaua co ndition Sept. 1
State Bangs Not Members
Greenwich Bankl 1,000 2,247
2501
Bowery Bank..1
20500. 4,735
State Bank
Total of averagei 3.750 7,883
.334,96 47.040'485,85 3,560,443411,974 32.439
,296,753 49,745470,36 3,501,49013,225 32.506
.311,107 45.689478,940,c3,525,750 410,405,32,481
Fed'I Res ve Bank.
17,694
17,741 1,746 1,73
452
2.538 2.0611 _ _
339
29,517 54,896
87,096 3,767 1,861
(--- ,
. _
49,749!!2n ...
110,137 5,852 4.050
Totals, actual condition 'Sept.15 110,932 5,8461 3,787
Totals, actual condition Sept. 8 108,430 5.772 4,406
jndition iSept. 1 109,444 5,530, 3,716
Totals, actual co
Trust Compan les Not'Membe rs of Fed I Res've Ban Ir.
Title Guar de T 10,000 12,725 55,732 1,610 3,541
9051 1,579
25,672
Lawyers Tit & T 6,000 5,308
50,729 56,973, -48,9811 56,870 -- - 49,470 56.723 -. -
1
34,157
15,820
1,8261
5661 - -
Total of averaget 16.000 18,034
81,405
2,5151 5,120
49,977
2,39:21
Totals, actual condition Sept.15
Totals, actual condition Sept. 8
Totals, scam, condition Sept. 11
81,558
81,005
82,297
2.4671 5,113
2,490 5.180
2,256' 5.594
50.228
49,842
51,575
2,419, _ _
_
2,3871
2,376'
Gr'd aggr., aver 309,125456,052 4,502,533 57,876 485,740 3.623,542 472.276 32.375
15,000 -942 +15
Comparison wi h prey. week.. +4,577+1,324+3,561
ar'd aggr., act' ond'n Sept.154,527,458 55,353494.759 3,661,400 471.371 32,439
Comparison wI h prey. week. _ +41,270,-2,654,+14804 +01.081-1.111 -67
1
"
',32,508
Gr'd aggr., ma' cond'n Sept.84.486.i88 58.0O7479955. ,
Ged aggr., act't condo Sept. 14,502,848' 53,475488,250 3.626,795469,504 32,481
32,347
457,256
3,568.103
25
53,887493,943
Aug.
4,429,102!
actlpond'n
fled aggr.,
Or'd asst.., arl'Pcond'n Aug. 184.420.763 52,8694(2,145 3,551.261 455,52832,515
Gr'd aggr., ace!cond'n A lg. 11 4.497.021 5.6.958497,088 3,604,899 459,796 23,647
(led aggr., acel cond'n Aug. 44.642,615 54,342501,470 3,672,152 405,773 32,453
Note.-U. S. deposits deducted from net demand deposits in the general total
above were as follows: Average total Sept. 15, 820,016,000: Actual totals, Sept. IS.
519.174.000: Sept. 8, $21.307,000: Sept. 1. $21,306,000: Aug. 25. $28.048,000:
Aug. 18, 529.135.000. Bills payable. rediscounts, acceptances and other liabilities.
average for week Sept. 15,$424,393,000:Sept.8.8427,257,000:Sept. 1, 3411.957,000:
Aug.25.3400.734,000: Aug. 18, 8428,028.000. Actual totals Sept. 15, S424.120,000:
Sept. 8, 3427,893,000: Sept. 1, 8420,429,000: Aug. 25, 8121,421,000: Aug. IS.
$411,198,000.
• Includes deposits in foreign branches not included in total footings as follows:
National City Bank. 8121,665,000: Bankers Trust Co.. $12,019,000: GuarantY
Trust Co., $66.964,000: Farmers' Loan & Trust Co., $177,000: Equitable Trust Co..
328,528,000. Balances carried In banks In foreign countries as reserve for such
deposits were: National City Bank, $21.005,000: Bankers Trust Co., $876,000:
Guaranty Trust Co.. $4,846,000; Farmers' Loan & Trust Co.. $177,000: Equitable
Trust Co.. 82,835,000. c Deposits in foreign Branches not included. tt As of
Aug. 24 1923.
The reserve position of the different groups of institutions
on the basis of both the averages for the week and the actual
condition at tile end of the week is shown in the following two
tables:
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE Bs NKS
AND TRUST COMPANIES.
Averages.
Reserve
Cash
Sn
Reserve
in Vault. Depositaries
Members Federal
Reserve banks.
State banks"
Trust companies.
Total Sept. 13_
Total Sept. 8- - Total Sept. 1-.
Total Aug. 25....
Total
Reserve.
Reserve
Repaired.
Surplus
Reserve.
476,570.000 476,570.000 470,483,560
_ .902,000 8.954,820
4,050,000
5.120,000 7,635,000 7,496,550
6,086.440
947,180
138,450
8,307,000485,740,000 494.107,000 486,934,930
7,940.000482.179,000 490,119.000 484.978.080
7,782,000 480,083.000 487,865,000 482,087.490
7.571.000 475,687.000 483.258.000 478.655.850
7,172,070
5,140,940
5,777,510
4.602,150
5,852.000
2.515,000
• Not members of Federal Reserve Dank.
banks
a This Is the reserve required on net demand deposits in the case of State Bank
and trust companies. but In the case of members of the Federal Reserve
follows:
includes also amount In reserve required on net time deposits, which was as25, 311.Sept. 15. 312,387,480, Sept. 8, 512.420,960: Sept. 1, $12.140,430: Aug.
958,300.
SEPT. 22 1923.]
1325
THE CHRONICLE
Actual Figures.
Cash
Reserve
Reserve
in
its Vault. Depositaries
Total
Reserve.
Reserve
Required.
Surplus
Reserve.
Members Federal
Reserve banks_
State banks.
Trust companies_ ___
$
$
485,859,000 485,859,000 475,216,810 10,642,190
5,846,000 3.787.000 9,633,000 9,131,220
501,780
2,467,000 5,113.000 7,580,000 7,534,200
45.800
Total Sept. 15_ _
Total Sept. 8___
Total Sept. I__ _ _
Total Aug. 25..
8,313.000 494,759,000 503,072,000 491,882.230 11,189,770
8,262,000 479,955,000 488,217,000 483,884,110 4.332,890
7,786,000 488,250.0011 496,036,000 487,300,500 8,735,500
7,840,000 493,945.000 501,785.000 479,300,630 22,484.370
Boston Clearing House Weekly Returns.-In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
$
•Not members of Federal Reserve Bank.
b This Is the reserve required on net demand deposits in the case of State banks
and trust companies,but in the case of members of the Federal Reserve Bank includes
also amount of reserve required on net time deposits, which was as follows: Sept. 15,
$12,359,220: Sept. 8, $12,396,750; Sept. 1, $12,312,150; Aug. 25, $11,958,300.
Sept. 19
1923.
Sept. 12
1923. •
Changes from
previous week.
Sept. 5
1923.
$
$
1
$
$
57,300,000 57,300,000
57.300,000 Unchanged
Capital
396,000 80,497,000, 80,497,000
80,893,000 Inc.
Surplus and profits
Loans, dLsc'ts & Investments_ 888,492,000 Inc. 19,141,000 869,351,000:869,440,000
Individual deposits,incl. U.S.607,056,000 Inc. 9,248,000 597,808,000597,075.000
104,600,000
115,271,000„
Due to banks
128.751,000 Dec. 735,000 129,486.000 129,203,000
Time deposits
33,429,000 Inc. 15,406,000 18,021,000 18,552,000
United States deposits
Exchanges for Clearing House 23,336,000 Inc. 3,768,000 19,568,000 20,584,000
71,371,000 Inc. 7.291,000 64,080,000 61.081,000
Due from other banks
Reserve in Fed. Res. Bank_ _ _ 69,777,000 Inc. 1,195,000 68.582,000 68,217,000
Cash in bank and FR.Bank 8 369 000IDee. 456,000 8,825,000 8,737,000
Reserve excess in bank and
887,000 1,391,000 1,485,000
2,278,000 Inc.
Federal Reserve Bank
State Banks and Trust Companies Not in Clearing
House.-The State Banking Department reports weekly
Philadelphia Banks.-The Philadelphia Clearing House
figures showing the condition of State banks and trust com- return for the week ending Sept. 15,with comparative figures
panies in New York City no in he Clearing House as follows: for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
are 10% on demand deposits and 3% on time deposits, all
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
to be kept with the Federal Reserve Bank. "Cash in vaults"
(Figures Furnished by Stale Banking Department.)
Differences from is not a part of legal reserve. For trust companies not memSept. 15.
previous week.
bers of tha Federal Reserve System the reserve required is
Loans and investments
$802,570,700 Inc. $533,000
on demand deposits and includes "Reserve with legal
Gold
3,190.800 Dec.
134,600 10%
Currency and bank notes
21,267,100 Inc. 1,467,800 depositaries" and "Cash in vaults."
Deposits with Federal Reserve Bank of New York_ _ 71,817,700 Inc. 2,497,800
Total deposits
827.135,000 Inc. 6,983.000
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N.Y.City,exchanges and U.S. deposits 780,530,200 Inc. 8,418,900
Reserve on deposits
130,151,400 Inc. 5,113,400
Percentage of reserve, 21.4%.
RE 4ERVE.
Slate Banks
- -Trust CompaniesCash in vault
428,343,700 16.52%
$67,931,900 15.67%
Deposits in banks and trust cos_ _ _ _ 9,356,800 05.45%
24,519,000 05.65%
Total
237.700,500 21.97%
592,450,900 21.32%
•Includes deposits with the Federal Reserve Bank of New York. which for the
State banks and trust companies combined on Sept. 15 was 271,817,700.
Banks and Trust Companies in New York City.-The
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Loans and
incestinsets.
Week endedMay 26
June 2
June 9
June 16
June 23
June 30
July 7
July 14
July 21
July 28
Aug. 4
Aug. 11
Aug. 18
Aug. 25
Sept. 1
Sept. 8
Sent. 15
Demand
Deposits.
8
5,462.020.400
5,439.510,100
5.428,987.200
5,417,776,500
5,411305.200
5355.575.600
5.521.531,400
5367.089.000
5,401,760,500
5,350,244,500
5,335,175.500
5,287,686,800
5,268,638,700
5,229,446,600
5,257.620,900
5,299,993,700
5.305.103.700
*Total Cash
in Vaults.
$
4,507,081.100
4.508.916300
4,506,144,700
4.527,000.900
4.511.280.800
4,543,063,300
4.614,315.200
4,555,262,200
4.527.081.500
4.489,097,600
4,452,081.300
4,372,278,000
4,350,022,600
4,338,761,700
4,354:662,100
4.380,653.300
4 404 079 900
$
81,209.800
81.562,100
82%459300
81,749.900
78,750,2010
80,871,000
83.510.400
85,305,800
79,020,500
78.711,400
78,040,100
80.142,000
79.734,800
78,651,400
79.233,800
79,476.700
R9 2.12 onn
Reserve in
Depositaries
$
598,958.900
601,438.200
597,472,390
607.842,900
596.572.690
606.940,200
633.640.100
608.094,490
609.843.200
588,988.700
591,712,400
578,776.906
581.500.000
573,572,600
577,416.80C
584,092,300
cm el,
New York City Non-Member Banks and Trust Companies.-Tho following are the returns to tha Clearing House
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Stated in thousands of dollars-that is, three ciphers '000i omitted.)
I
Net !Loans
Capital.Profits. DieCLEARING
Reserve Net
Net
Nat'l
counts, Cash
NON-MEMBERS
with Demand Time Bank
Nat.bks.June30 in vest- in
Legal
De- CircaDeWeek Ending State bksJ'ne30 meets, Vault. Deport- posits. posits.
Sept. 15 1923. Tr. cos. June 30, &c.
tories.
Members of
'Res've Bank
Fed.
W.R.Grace & Co_
Total
State Banks Not
Members of
Feci'l Res've Bank
Bank of Wash.fits
Colonial Bank....
Total
Trust Co. Not
Member of
Fed'I Res've Bank
Mech.Tr.,Bayonne
Total
500
Average Average Average Averag Average Average
$
1,566 8,596
20
385 1,790
3,215
500
1,566
6,596
20
200
800
366 6,251
2,097 20,400
639
2,063
1-3T5
1,790
3,215
Week Ending Sept. 15 1923.
Two ciphers (00)
omitted.
5,393 1.405
____
20,174
,
25,567 1,405
1,000
2,463 26,651
2,702
1,846
5001
375, 9.160
385
95
3,158
5,702
5001
3751 9,160
385
95
3.158
5.702
Grand aggregate...I 2,00(1 4.4061 42,407 3,107 2,326 a30,515 10,322
+716 +134
Comparison with previous week.- +680 -217 +116
Gr'd aggr.. Sept. 8 2,000 4,4061 41.727 3,324, 2,210 a29,799 10,188
(led aggr., Sept. 1 2,000 4,406, 42,194 3,317 2,102 a29,486 10,391
Gr'd Mgr., Aug.25 3,500 5,515 42,682 3,242 2,179 a29,977 10,815
Gr'd aezr.. nee.18 3.500 5.515 52.580 3,462 3.417 837.982 11.863
a United tates deposits deducted. SOO 000.
Bills payable, rediscounts, acceptances and other liabilities, $162.000.
Excess reserve, $240,080 decrease.
Sept. 1
1923.
Sept. 8
1923.
Total.
$39,125,0 $5,000,0 $44,125,0 $44,125,0
Capital
106,028,0 15,108,0 121,136,0 121,136,0
Surplus and profits
Loans, disets & investmls 710,640,0 44,635,0 755,275,0 752,906,0
500,0 27,932.0 29,872,0
Exchanges for Clear.House 27,432,0 •
97,786.0
15,0 97,801,0 92,191,0
Due from banks
120,891,0
854,0 121,745,0 119,085,0
Bank deposits
527.565,0 28,507,0 556,072,0 554,526,0
Individual deposits
927,0 54,406,0 54,128,0
53,479.0
Time deposits
701,935,0 30,288.0 732,223,0 727,739,0
Total deposits
(not
8,498,0
I 19,194,0
deposits
_
Incl.)
S.
U.
3,675,0
3,041,0
3,675,0
Res've with legal deposit's
I 54,754,0 56,081,0
Reserve with F. R. Bank_ 54,754,0
1,311,0 11,047,0 10,714,0
9,736,0
Cash in vault*
4,986.0 69,476,0 89.836,0
Total reserve and cash held 64,490,0
55,964,0
4.372,0 60,336,0 60,373.0
Reserve required
9,463,0
8.526,0
9.140,0
614.0
Excess res. & cash in vault
Cash in vault not counted as reserve for Federal Reserve members.
$44,125,0
121.128,0
750,431,0
28,662.0
90.561,0
116,316,0
548,719,0
55,069,0
720,104,0
8,777.0
2.788,0
54,419,0
10,777,0
67,984,0
59.814,0
8,170,0
Condition of the Federal Reserve Bank of New York.
-The following shows the condition o. the Federal Reserve
Bank of New York at the close of business Sept. 19 1923 in
comparison with the previous week and the corresponding
date last year:
1248010C41-Gold and gold certificates
Gold settlement fund-F. R. Board
Total gold held by bank
Gold with Federal Reserve Agent
Gold redemption fund
Sept. 19 1923. Sept. 12 1923. Sept.201922.
$
175,138,562 169,924,675 161,747,000
66,572308
194,476,525 143,918,249
369,615,087
635,279,370
6,937,053
313,842,924
635,518,470
8,349.713
228,319,000
811,993,000
9,089.000
1011.831,511
17,802.047
957.711,108 1349301,000
41,941,00e
17,748,236
1 029,633,558
Total reserves
10,217,638
'Non-reserve cash
Bills discounted:
90,195,881
obligations_
Govt.
U.S.
by
Secured
48,541,366
All other
23,435,039
Bills bought in open market
975,459,344 1,091,342,001
10,915,207
Total gold reserves
Reserves other than gold
144,182,948
61,510,544
36.828,240
18,048,000
26,622,000
72,014.000
162,172,287
3,923,750
242,521.734
13,406,750
116,684.000
41,586,000
6,120,000
3,843.000
12,500.000
73,999,000
172,216,037
Total earning assets
13,371,634
Bank premises
5% redemp. fund asst. F.R.bank notes.
Uncollecteditems
168,200,741
1,210,100
All other resource,'
259,771,484
13,012,340
Total bills on hand
U.S. bonds and notes
U. S. certificates of indebtednessOne-year certificates (Pittman Act)
All other
Total resources
139,926,670
1,282,055
244,769,000
9,643,000
674.000
149,671,000
2,009,000
1,394,849,711 1,400,367.101 1.498308,000
LeabZI lea29,281,850
Capitol paid In
59,799,523
Surplus
Deposits17,085,618
Government
Member banks-Reserve account.. _- 664,931,813
14,636,834
All other
696,654,266
Total
478,052.699
F. R. notes in actual circulation
F. R. bank notes in circu'n-net UabilitY
127,063,044
Deferred availability items
3,998,327
All other liabilities
Total liabilitles
319
1,527
Membersof1 Trust
F.R.SystemiCompanies1
29,341,850
59,709,523
27.767,000
60,197,000
18.536.341
689.101.099
12,412,240
6t1:1::::::
10,831,000
718,049,681
481,804,117
107,228.463
4,143.466
687,251,000
605,186,000
9,214,000
103,462,000
5,031,000
1 394,849,711 1,400,367,101 1398358,6410
Ratio of total reserves to deposit and
87.7%
F. R. note liabilities combined
Contingent liability on bills purchased
11,898.289
for foreign correspondents
•Not shown separately prior to January 1923.
81.3%
84.4%
11,929,570
11,018,4 1
CURRENT NOTICES.
-The lecture course on municipal bonds at New York University. Wall
Street Division, given last year, by Dr. A. M. Sakolski of Paine, Webber
& Co., will be resumed on Wednesday. Sept. 26, at 7:15 p. m. The course
will last during the first semester and will cover all classes of State and
municipal securities. There will be also supplementary lectures on farm
loan bonds and similar securities. Inquiry regarding registration for the
course should be made at 90 Trinity Place, Wall Street Division of New
York University.
-Malcolm D. B. Hunter, formerly
with Kidder, Peabody & Co.. has
become associated with Evans, Stillman & Co.
THE CHRONICLE
[VOL. 117.
Weekly Return of the Federal Reserve Board.
The following is tne return issued by the Federal Reserve Board Thursday afternoon, Sept.20, 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 1302, 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.19 1923.
Sept. 19 1923. Sept. 12 1923. Sept. 5 1923. Aug. 29 1923. Aug. 22 1923. Aug. 15 1923 Aug.81923. Aug. 1 1923. Sept. 20 1922
RESOURCES.
Gold and gold certificates
Gold settlement fund. F. R. Board
$
357,345,000
638,892,000
$
349,597,000
633,454.000
$
344,746,000
645,876,000
3
361,066,000
649,455,000
8
356,884,000
615,595,000
3
348,655,000
634,519,000
3
346,809,000
664,114,000
$
344,581.000
650,318,000
8
275,307,000
536,176,000
Total gold held by banks
Gold with Federal Reserve agents
Gold redemption fund
996,237,000 983,051,000 990,622,000 1,010,521,000 972,459,000 983,174,000 1,010,923,000 994,879,000 811,483,000
2,066,488,0002.070.557,000 2,060,700,000 2,061,164,000 2,081,265,000 2,079,719,000 2,040.012,000 2,048,062.000 2,202,258,000
50,688.000
59,245,000
57.053,000
49,304,000
69,040,000
57,988,000
61,701,000
48,136,000
66,725,000
Tots gold reserves
Reserves other than gold
3,121,970,000 3.110,661,000 3,102.010.000 3,120,989,000 3,122,764,000 3,120,881,000 3,112,636,000 3,109,666,000 3,061,877,000
76,324,000
77,832,000
77,004,000
80,245,000
78,612,000
74,186,000
77,484,000
84,058,000 127,993,000
Total reserves
5Non-reserve cash
Bills discounted:
Secured by U. S. Govt. obligations
Other bills discounted
Bills bought in open market
3.199,802,000 3,187,665,0003,178,334,000 3,201,234.000 3,201,376,000 3,195,067,000 3,190,120,000 3,193,724,000 3,189,870,000
65,782,000
84,295,000
77,139,000
68,700,000
79,585,000
70,967,000
64,138,000
66,492,000
Total bills on band
U. B. bonds and notes
U. B. certificates of indebtedness
Municipal warrants
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
380,580,000
420,879,000
173,189.000
397.209.000
425,893,000
177,409,000
381,862,000
424,575,000
182,630,000
133,021,000
290,886,000
220,267,000
945,284,000 1,020,672,000 1,024,657.000
96,320,000
84,670,000
94,718,000
2,452,000
7,919,000
5,139,000
20,000
317,000
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
644,174,000
213,585,000
225,399,000
16,000
324.640,000
449,600,000
171,044,000
389,071,000
452,288,000
179,313,000
Total earning assets
1,038,190,000 1.120,549,000 1,123,449,000 1,082,553,000 1,041.985,000 1,064,489,000 1,090,727,000 1,082,870,000 1,083,174,000
Bank premises
54,269,000
54,915,000
54,361,000
54,239,000
54,183,000
53,664,000
44,392,000
53,424.000
53,360,000
5% redemp. fund agst. F. it. bank notes
28,000
28,000
28,000
93.000
93,000
93,000
4,483,000
193,000
193,000
Uncollected items
747,873,000 670,862,000 594,984.000 546,926,000 583,915,000 679,279,000 539,877,000 578,520,000 669,563,000
All other resources
13,339,000
13,332,000
13,532,000
13.477,000
13,043,000
13,184,000
14,194,000
13,058,000
12,982,000
Total resources
5,138,435,000 5,124,136.000 5,030,185,000 4,967,222,000 4,974,180,000 5.076.743,0004,951.537.000 4,988,141,000 5,005,676,000
LIABILITIES.
Capital paid In
Surplus
Deposits-Government
Member bank-reserve account
Other deposits
109,644,000 109,682,000 109,718,000 109,751,000 109,678,000 109,886,000 109,673,000 109,497,000 106,177,000
218,369,000 218.369,000 218,309,000 218,369.000 218,369,000 218,369,000 218,369,000 218,369,000 215,398,000
38,534,000
37.970,000
39,597,000
37,960,000
34,285,000
30,038,000
57,019,000
21,935,000
41,584,000
1,825,005,000 1,872.773,000 1,843,065,000 1.848,617,000 1,824,572,000 1,850,710,000
1,860,022,000 1,879.504,000 1,774,997,000
24,086,000
24,865,000
20,776,000
21,005,000
23,048,000
21,682,000
22,834,000
21,773,000
23,463,000
Total deposits
1,887,840,000 1.936,456,000 1,902.375,000 1,907,582,000 1,881,905,000 1,902,430.000 1,904,791,000 1,944,651,000 1,853.789,000
F. R. notes in actual circulation
2,254,764,000 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 2,218,764,000
F.R.bank notee in circulation-net liab_
509,000
509,000
497,000
1,565,000
1,521,000
1.550,000
1,571,000
1,556,000
46,834,000
Deferred availability items
845,866,000 576,015,000 522,057.000 485,041,000 518,366,000 594.033.000 474.289,000 508,543,000 541.633,000
All other liabilities
19,879,000
21,455,000
20,580,000
20,154,000
19,278,000
18,660,000
18,506,000
23,081,000
17,896,000
Total liabilities
5,138,435,000 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 5,005,676,000
Ratio of gold reserves to deposit and
F. R. note liabilities combined
74.6%
75.4%
74.1%
75.5%
75.5%
76.0%
75.2%
75.38%
75.25%
Ratio of total reserves to deposit and
F. R. note liabilities combined
76.4%
77.2%
75.9%
77.5%
77.3%
77.9%
77.3%
78.3%
77.3%
Contingent liability on bills purchased
for foreign correspondents
34,304,000
35,404,000
33.784,000
33,752,000
35,146,000
33,244.000
33,136,000
33,133.000
29,888,000
Distribution by Mattuities1-15 days bills bought in open market_
1-15 days bills discounted
1-15 days U. S. certif. of indebtedness1-15 days municipal warrants
16-30 days oills bought in open market16-30 days bills discounted
16-30 days U. S. certif. of indebtedness16-30 days municipal warrants
31-60 days bills bought in open market31-60 days bills discounted
31-60 days U. S. certif. of Indebtedness_
31-60 days municipal warrants
51-90 days bills bought in open market61-90 days bills discounted
81-90 days U. B. certif. of Indebtedness81-90 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
3
56,621,000
482,783,000
6.120,000
8
61,971,000
558,412,000
4,452,000
8
60,115,000
572,012,000
1,827,000
8
54,600,000
531,631,000
385,000
$
59,029,000
496.397,000
1,214,000
$
53,421,000
521.433.000
2,071.0013
$
51,280,00
538,727,000
3,962,000
$
56,346,000
528,303,000
5,111,000
33,483,000
83.725,000
34,545.000
76,545,000
33,815,000
74,317,000
32,094,000
64,241,000
706,000
29,013.000
65,204,000
1,967,000
29,705,000
66,354,000
33,142,000
63,521,000
32,123,000
57,073,000
39,976,000
121,103,000
45,662.000
119,401,000
48.277,500
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
38,374,000
72,793.000
392,000
266,000
2,590,000
13,836.000
1,407.000
51,000
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
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
3,628,000
30,413,000
1,196,000
10,000
2,523,000
38,708,000
1,400,000
10,000
s
53,112,000
230,408,000
11,712,000
1,000
42,809.000
47,642,000
19,662,000
64,992.000
81,042,000
8,890,000
3,000
49,439,000
45,372,000
63,787,000
9,915,000
19,443,000
121,348.000
12,000
Fedora Reserve NotesOutstanding
Held by banks
2,721,735,000 2,718,690.000 2,701,577,000 2,686,759,000 2,687,335,000 2,684,738,000 2,876,199.000
2,673,158,000 2,636,112,000
466,971,000 454,165,000 444,299.000 461,999.000 462,272,000 452,923,000
451,841,000 485,429,000 417,348,000
In actual circulation
2,254,764,000 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 2,218.764.000
Amount chargeable to Fed. Res. Agent 3.607,199.000 3,584,439,000 3,563.431.000
3.552.703,000 3,533,989,000 3,536,787,000
In hands of Federal Reserve Agent
885,464,000 867,749,000 861,854,000 865,944,000 846,654,000 852,049,000 3,531,873,000 3,528,787,000 3,472,244,000
855.674,000 855,629,000 836,132,000
2.721,735,000 2,716,690,000 2,701,577,000 2,688,759,000 2,687,335,000
Issued to Federal Reserve Banks
2,684,738,000 2.876,199,000 2,673,158,000 2,636,112,000
How SecuredBy gold and gold certificates
320,959,000 321,359,000 320,924.000 320,424,000 320,424,000
By eligible paper
655,247,000 646,133,000 640,877.000 625,595,000 606,070.000 320,429,000 320,429.000 320,429,000 416,507,000
116,797,000 119,921,000 119,710,000 124,045,000 125,847,000 605.019,000 636.187,000 625,096,000 433,854,000
Clold redemption fund
1,628,732,000 1.629,277,000 1,620.066.000 1,616,695.000 1,634,994,000 114.772,000 114,013,000 117,262,000 132,617,000
With Federal Reserve Board
1,644,518,000 1,605,570,000 1.610,371.000 1,653,134,000
Total
2.721,735.000 2,716,690,000 2,701,577.000 2,688.759.000 2,687,335,000
2,684,738,000 2,676,199,000 2,873,158,000 2,636,112,000
Migibla loaner delivered to F. R. Agent_ 899,924,000 980.070.000 980.947.000 950.462 NMI 018 172 non 024 424 am
OAR Mc (Inn Ode •Ina nnn Rill 51) 111111
•Not shown separately Prior to Jan. 1923.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE
BANKS AT CLOSE
Two ciphers (00) omitted.
Boston.
New
York.
Cleveland
Phila.
Richmond
Atlanta,
of
Federal Reserve Bank
Chicago. St. Louis. Minimal, Kan. City
RESOURCES.
$
$
$
$
$
$
$
$
$
$
17,488.0 175.138.0 35,531,0 13,195,0 11,393,0 8,188,0 49,152,0
Gold and gold certificates
Gold settlement fund-F.R.Wrd 63.029,0 194.477.0 26.306.0 88,729,0 23,598,0 10,393,0 96,217,0 4,327,0 8,571,0 3.438,0
11,949,0 20,639.0 37,751,0
Total gold held by banks
80,497.0 389.615,0 61,837,0 101,924,0 34,991,0 16,581,0
Gold with F. R. Agents
185,467,0 635,279.0 171,885,0 208,828,0 30,472,0 81,050,0 145,369,0 16,278.0 29,210,0 41.189,0
401,609,0
10,283,0
Gold redemption fund
6.937.0 12,559,0 2,427,0 4,014,0 2,905,0 6,038,0 42,312,0 37,574,0 43,960.0
3,423.0 1,649,0 3,822,0
Total gold reserves
276,247.0 1,011,831,0 246.281,0 313,179,0 69.477.0 1
4,840,0
Reserves other than gold
17.802,0 12,878,0 4,202,0 3,031,0 00,536.0553,016.0 62,011.0 68,433,0 88,971.0
4,112,0 9,615,0 10,607,0
981.0 2,783,0
281,087,0 1,029,633,0 259,159.0 317,381,0 72,508,0 10
Total reserves
4,648,0
21,206,0
10,218,0 2,648,0 6,278,0 1,777,0 12,085,0 562,631,0 72,618,0 69,414,0 91,754,0
Non-reserve cash
6,848,0 8,785,0 1.360,0 4,997,0
Bills discounted:
90,196.0 36,774,0 26,636,0 30.952,0 15,835,0
Secured by U.S.Govtobliga'ne 18,225,0
29,481,0
21,108,0 4,498.0 14,284,0
48,541,0 22,290,0 22,830,0 47,518,0
38,896,0
Other bills discounted
45,538.0 45,770,0 47,919,0 22,867,0 29,637,0
23,435,0 18,333,0 34,524,0
9,381,0
Bills bought in open market
478,0 9,383,0 43,955,0
40,0
2,087,0
66,302.0 162,172,0 77,397,0 83,990,0 78,948,0 70,756,0 119,208,0 69,067.0
Total bills on hand
27,385.0 48,008,0
17,367,0
9,953,0
3,924,0
3,569,0
and
bonds
notes
1,341,0
U. S.
239,0 9,650,0 3.868,0 13,117.0 10,877.0
6,120,0
66,0
263,0
U. S. certificates of indebtednesS1,0 1,252,0
4,0
35,0
178,0
Municipal warrants
51,0
266.0
69.871.0 172.216,0 94,830,0 94,206,0 80,289.0 71.047.0 130.108.0 72.739.0 40.517.0 57.329.0
'iota!earning meets
OF BUSINESS SEPT. 19 1923
Dallas. San Fran.
$
$
11,736,0 21.208,0
19,284,0 46,520,0
Total.
$
M7,345,0
638,892,0
31,020,0 67,728,0 996,237,0
22,367,0 205,683,0 2,060,488,0
59,245,0
1,819,0 3,369.0
55,206,0 276,782,0 3,121,970,0
77,832,0
5,343,0 1,638,0
60,549,0 278,420,0 3,199,802,0
84,295,0
2,043,0 8,050,0
6,522,0 30.129,0
27,438,0 50,558,0
17,872,0 11.556,0
324,640,0
449,800,0
171,044,0
51,832,0 92,241,0
1,780,0 9,185,0
915,284,0
84,670,0
7,919,0
317,0
53.612.0 101.428.0 1,038,190,0
RESOURCES(Concluded)Two ciPhers (00) omitted.
Bank premises
1% redemption fund
F. R. bank notes
Uncollected items
&11 other resources
against
66,598,0
107,0
Total.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City Dallas. San Fran.
Boston. New York. PhCa.
$
2,903,0
$
54,915.0
28,0
46,222,0
168,201,0 66,772.0 73.926.0 63,934,0 26,977,0 103,953,0 39.121,0 17,259,0 41,905,0 31,005,0
104,0 1,881,0 1,064,0 2,886,0 3.743.0
540,0
663,0
317,0
285,0
552.0
1,210,0
28,0
747,873,0
13,332,0
$
9,529,0
$
743,0
$
13,372,0
$
4,434,0
Total resources
LIABILITIES.
Capital paid In
3urplus
Deposits: Government
Member bank-reserve awl
Other deposits
1327
THE CTITIONTCLE
SEPT. 22 1923.]
$
2,817,0
$
8,715,0
$
2,788,0
$
1,146,0
$
1,950,0
$
4,970,0
$
1,748,0
5.138.435,0
443,303.0 1,394,850,0 424,417,0 503,637,0 221,677,0 218,2C8,0 812,795,0 192,513.0 132.179,0 202,019,0 152,073,0 440.764,0
109,664,0
7,771.0
4.188.0
4.551.0
3,521,0
4.995,0
15,192.0
4,426,0
9,650,0
12,234,0
5,7670
29,282,0
7,867.0
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
16,312,0
37,970,0
225,0 2,071,0 1.695,0 2.614.0
772,0
537,0 1,068,0 3,641,0 1,341,0
17,086,0 2,567,0
4,353,0
0 1,825,005,0
122,629,0 664.932,0 114,07i3O 154,225,0 59.101,0 52,677,0 269,634,0 65.698.0 45,078.0 77.816,0 51,553.0 147.591
24,865,0
542.0 4,481,0
683,0
275,0
533,0
130,0 1,553.0
485,0 1,157,0
151,0
14 636 0
239 0
127,221,0
Total deposits
P.R.notes In actual circulation 228,208,0
F. R. bank notes in circulationnet liability
62,737,0
Deferred Availability items
958,0
&II other liabilities
696,654.0 117,123,0 156,154,0 59,789,0 53,875.0 274,828,0 67,572,0 45,578.0 80.570.0 53,790,0 154,686,0 1,887.840,0
478,053,0 218,244,0 242,498,0 85,049,0 128,673,0 412,134,0 72,310,0 57,954,0 63,308.0 49,970,0 218.363,0 2,254,764,0
497,0
497.0
127,063,0 58,850,0 67,446,0 58,533,0 21,129,0 77,493,0 36,627,0 16.215,0 43,085,0 33,997,0 42,691,0 645,866,0
21,455,0
1.990.0
2,135,0
1,017,0
1,438,0
1,344,0
3,998,0 1,601,0 1,810.0 1,251,0 1,163,0 2.750,0
443,303.0 1,394.850,0 424,417,0 503,637.0 221,677,0 218,208,0 812,795,0 192,513,0 132,179.0 202,019,0
Total liabilities
Memoranda.
deposit
to
reserves
total
Ratio of
and F. R. note liabilities com63.8
67.9
51.9
81.9
57.3
79.6
77.3
87.7
50.1
79.1
bined. per cent
Contingent liability on bills pur11.898.0 2.874.0 3.609.0 1.72R 0 1370.0 4.645.0 1.470.0 1.136.0 1.437.0
abased for forelsm eorreenoncrta
152,073,0 440,764,0 5,138.435,0
58.4
74.6
77.2
1,203.0
2,372,0
33,752,0
STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINESS SEPT. 19 1923.
Boston. New York Phila.
Federal Reserve Agent at-
Cum, Richni'd Atlanta Chicago. St. L. Minn. K.City. Dallas. San Fr.
$
S
$
$
$
313,260 51,400 32,720 25,400 77,207
732,572 236,993 269,115 93,071 143,263
3
(In Thousands of Dollars)
Resources
102,850
federal Reserve notes on hand
243,704
Federal Reserve notes outstanding
Collateral security for Federal Reserve notes outstanding
35,300
Gold and gold certificates_
12,167
Gold redemption fund
138,000
Gold Fund-Federal Reserve Board
58,237
Eligible paperJAmount required
8,065
lExcees amount held
11.480
2,400
235,531 7,000 8,805
9,964 2,832
28,748 11,496 15,023 3,677 3,650
28,000
391,645
75,000
26,795
371,000 153,389 185,000
65,248 47,015
97,293 65,108 60,287 62.599 82,213
53,916 22,037
591 22,851 13,442 8,507
37,214
598,323 1,815,618 525,977 593,801 224,984 372.240 1,109,530 225,081
Total
LiabilitiesNet amount of Federal Reserves notes received from
346,554 1,045,832 288,393 301,835 118,471 220,470
Comptroller of the Currency
185,467 635.279 171.885 208,828 30,472 81,050
Collateral received from!Gold
66,302 134,507 65,699 83,138 76,041 70,720
Federal Reserve Bank tEligible paper
Total.
$
$
$
$
$
$
8
121,900 24,390 11,665 36,013 22,059 66.600 885,464
466,857 89,327 61,520 74,803 54,201 256,3092.721,735
320,959
7,391
13,052
3,522 3,600 3,476 18,642 116,797
21,000 40,360 11,500 187,043 1,628,732
23,946 30,843 31,834 50.624 655,247
2,785 15,147 19,596 40,526 244,677
137,490200.766 150,057 619,744 6,573.611
588,757 113,717 73.185 110,516 76,260 322,909 3,607,199
401,609 42,312 37,574 43,960 22,367 205,685 2,066,488
119,164 69,052 26,731 45,990 51,430 91,150 899,924
598,323 1,815,618 525,977 593,801 224,984 372.240 1,109,530 225,081 137,490 200,766 150,057 619,744 6.573,611
Total
Federal Reserve notes outstanding
Federal Reserve notes held by banks
rwrItArnI Rasteirvn nntna In nntnnl nIrenIntinn
243,704
15,496
732,572 236,993 269,115 93,071 143,263
254,519 18,749 26,617 8,022 14,590
466,857 89.327 61,520 74,803 54,201 256,309 2,721,735
54,723 17.017 3,566 11,495 4,231 37.946 466,971
228208
478.052 21R 2.4.4. nAo .me 05 040 126.673
412.134 72.310 57.954 63.308 49.970 218.383 2.254.764
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
of the 770 member banks, from which weekly returns are obtained. These figures are always a week behind
liabilities
and
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
for the latest week appears in our Department of "Current Events and Discussions," on page 1302.
1. Data for all reporting member banks In each Federal Reserve District at close of business Sept. 12 1923. Three ciphers (000) omitted.
Federal Reserve District.
Boston
New York
phua.
Cleveland Richmond Atlanta
Dallas
San Fran.
Total
770
$
$
231,783
12,382
186,310 3,660,242
804.399 7,948,210
66
36
28
76
52
$
8.711
121039
334,763
$
$
36,259
8,075
63,815 582,760
334,171 1,152,957
$
12,445
139,697
310,985
$
4,503
41.521
194.259
$
8,017
80,570
355,566
$
3,284
54,585
207,411
641,055 1,126,116
10,698
47,829
44,366 116,604
3,278
4,913
49,562
56,825
3,610
6,871
179,911 298,257
464,513
29040
32'014
4'735
11'782
2
723
'
51:201
406,061 1,771,976
24,767
14,430
14,187 100,362
12,376
1,841
6,806 131.855
19,718
6,789
41,798 335,402
463.127
15,334
23,591
8,723
20,564
6,238
84,886
240,283
9,111
13,299
955
27,869
1,652
28,704
444,153
11,600
49,441
4.780
19,090
5,073
61,059
265,260 1,003,091 11,840,235
274,707
30,674
20,861
13,741
99,450 1,059,181
12,246
2,202
88,034
859,616
39,300
12,942
80,501
11,659
3,775
10,866 153,222 2,146,444
932,480 1,657,415
68,394 111,273
16,133
33,267
691,184 919,827
103,733 595,334
9,530
5,588
596 008
33999
13'507
330'205
151.053
4,222
491,912 2,396,456
31,585 199,250
57,661
10,267
266.838 1,527,039
178,136 780,010
12,245
4,753
622.463
40,433
7,950
344,204
188.688
2,678
321,873
22,321
6,417
200,406
84,876
2,485
595.196
45,897
13,402
447,857
135,013
840
329,647 1,349.642 16,348,718
22,862 104,494 1,379,717
292,752
22,527
9,940
222,051 745,823 11,082,617
75,102 541,105 4,002.968
98.238
10,282
2,941
26.828
17,975
18,536
21 475
15,336
18.813
13,568
25.188
6,810
5.065
8,843
15.237
111
55
81
77
$
3
77.186
11,878
235,160 1,491.127
645.117 2.554,152
$
18,721
264,496
357,838
$
30,342
399,182
696,592
Total loans and discounts
U.S. pre-war bonds
U. B. Liberty bonds
XJ. S. Treasury bonds
U. S. Treasury notes
U. S. Certificates of Indebtedness..
Other bonds. Stocks and securities
892,155 4,122,445
12,132
48,231
79,875 472,251
4.805
27,180
25,703 457.318
11,192
1.201
171,089 730,069
Total loans & diso'ts & investm'te- 1.186,940 5,888,686
84,464 614,745
Reserve balance with F. R. bank...
82,407
19.274
Cash in vault
805,332 4,581,851
Net demand deposits
269.021 900,897
Time deposits
Government deposits
16,752
25,922
Mlle payable and rediscounts with
Federal Reserve Bank:
8,777 127.938
Secured by U.S. Govt. obligations
40,378
53,036
AU other
43
Chicago St. Louis Minneap. Kan. City
106
Number of reporting banks
Loans and discounts, gross:
Secured by U.S. Govt.obligations
Secured by stocks and bonds
All other loans and discounts
18,148
16,848
39
8.309
15.413
4,039
9,025
31.383
30,379
288,191
268,832
2. Data of reporting member hanks in Federal Rdserve Bank and branch cities and all other reporting banks.
New York City.
Cittt of Chicago.
Three ciphers (000) omitted.
Sept. 12. Sept. 5. Sept. 12.1 Sept. 5.
AU F. R. Bank Cities. F. R. Branch Cities. Other Selected Cities
Sept. 12.
Sept. 5.
Total.
Sept. 12.1 Sept. 5. Sept. 12.1 Sept. 5. ISept.12'23 Sept.5'23. Sept.13'22
Number of reporting banks
Loans and discounts, gross:
Secured by U.S. Govt. obligati°
Secured by stocks and bonds
All other loans and discounts
77
307
790
307
20
205
257
$
I
$
S
$
$
$
229.24
231,783
36,5001
68.763 68.442
263,642
36,478
28,093
40,369
42,138
26,436
152,374
153,167
1,311,657 1.325,367 433,063 428,362 2,575,180 2.578,66. 589,563 587,164 495,499 495.283 3,660,242 3,661,113 3,528,112
2,240.0522,214,769 679,381 679.586 .943.616 4,896, 4 1.622,594 1,612,643 1,382,00011,370,806 7,948.210 7,880,19 7,103,626
Total loans and discounts
U.S. pre-war bonds
U.S. Liberty bonds
U. S. Treasury bonds
U. B. Treasury notes
U. S. certificates of Indebtedness
Other bonds, stocks and securities
3,620,4723,608,578 1,140,537 1,134,384 7.671,963 7,627.7852,254,2952,240,176 1,913,977'1,902.589 11,840,23511,770.550110,895,380
70 OAR 104,476 104,641
7 n95
274.7461
37,428
274,707
37,275
4,121
4,068
93,299
.203
406,637 405,886
43,182
43,010
641.685 248,985 249,528 168,685 167,050 1,059,181 1,058,263 )1,382,968
641,511
18,124
88,034
18,13
88,425
19,933
20,795
5,391
23,106
5,390
22,05
45,386
45,189
423,077 428,642
859,616
871,69
84,334
83,159
79,158
*680,904
84,399
644,566 142,522 142,79
637,936
9,308
8.924
80.821
6,22
80,501
16,507
175,165
15,558
6,161
32.87
32,65:
31,444
32,285
524,403 527,515 162,809 161,596 1,132,123 1,129,597 587,248 585,6
427,073 424,576 2,146,444 2,139,773 2,241,889
66
6
49•
49
258
Total loans & dise'ts & invest'ts.5,039,449 5,034.955 1,445,4251,439,00810,254,210 10213,7623,364,7883,350,8852.729,722 2,719,630 16,348,718 16,284,277 15,376,306
169,209 160,346 1,379,717 1.367.82 1,363,096
,0
Reserve balance with F. R. Bank- 563,581 558,407 135.341 135,596
62,915
973,406 232,389
978,119
68,011
66,410
30,435
291,404
30.067
286,663
292,752
63,316
79,078
82,126
Cash in vault
144,269
47,711
4,098,661 4,069,903 1,019,909 1.007,668 7.504,935 7,444,1851,925,956 1,891,512 1,651,726 1,627,53811,082,617 10,983.23311,144.276
Net demand deposits
618,118 618,266 363,892 384,779 1,954,036 1,952,399 1,189,5401,200.82' 859.392 856,008 4,002.968 4,009.236 3,564,445
Time de9061t6
24,191
26,883
4,372
Government deposits
4,830
109,556
10,611
26,0821 28,982
157,655
98,238
9,360
69,963
62,796
Bills payable and rediscounts wit
F. R. Bask:
98,191 108,496
7.677
15,214
Secured by U.S.Govt.obligatio
52,118
71,844
296,770
74,973
172,853
40,365
288,191
38,728
186,2 I
43,07
41,765
6,634
7,637
All other
54,632
260,271
42,083
268,832
164,404
53,038
42,829
69,220
172,117
Ratio of bills payable & rediscounts
'
with F. It. Bank to total loans
3.0
2.8
1.0
1.6
and Investments, per cent
3.9
3.0
3.4
3.
3.
0.8
3.4
a Revised figures. •Includes Victory notes.
1328
THE CHRONICLE
Vaulters' (Sazettt
Wall Street, Friday Night, Sept. 211923.
Railroad and Miscellaneous Stocks.-The review of the
Stock Market is given this week on page 1317.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Week ending
Sept. 21 1923.
Stocks.
Shares.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Par Value.
431,500 543,500,000
669,500 66,900,000
730,800 73,600,000
847,144 84,000,000
565,700 56,000,000
706,200 70,000,000
Railroad,
tec..
Bonds.
State, Mum.
and Foreign
Bonds.
31 794,000
3 858,000
3 771,000
4 854,000
3 039,000
3,213,000
U. S.
Bonds.
$797,000 $1,417,950
853,000 1,987,000
865,000 3,160,000
990,000 3,120,300
1,224,500 2,415,850
1,008,000 2,404,000
3.950 844 3394.000.000 820.527.000 35.837.500 314.504.900
Sales at
New York Stock
Exchange.
Week ending Sept. 211923.
1922.
[VOL. 117.
To-day's (Friday's) actual rates for Paris bankers' francs were 5 SOU@
5 9334 for long and 5 86@5 9834 for short.
German bankers' marks are
not yet quoted for long and short bills. Amsterdam bankers' guilders were
38.83@38.86 for long and 39.19@39.22 for short.
Exchange at Paris on London 77.15 francs; week's range, 77.00 francs
high and 78.65 francs low.
The range for foreign exchange for the week follows:
Sterl4ng ActualSixty Days. Cheques,
Cables.
High for the week
45231
45434
4 544
Low for the week
450 15-16 4 53 3-16
4 53 7-16
Paris Bankers' FrancsHigh for the week
5.9334
5.9931
6.004
Low for the week
5.6834
5.7434
5.7534
Germany Bankers' MarksHigh for the week
0.00000100 0.00000100
Low for the week
0.00000035 00.0000035
Amsterdam Bankers' GuildersHigh for the week
38.90
39.32
39.36
Low for the week
38.83
39.25
39.29
Domestic Exchange.-Chicago, par. St. Louis, 150125c. per 61,000
discount. Boston, par. San Francisco, par. Montreal, $23.125 per
$1,000 discount. Cincinnati, par.
The following a e sales made at the Stook Exchange this
week of shares not represented in our detailed list on the
pages which follow:
Jan. Ito Sept. 21.
1923.
1922.
Stocks-No. shares__ _
3,950,844
5,545,945
185,570,990
168,257,217
Par value
$394,000.000 $508,541,900 315,751,000,000 316,313,5343,389
Bonds.
Government bonds._ _ $14,504,900 520,140,265
$559,762,225 $1,240,654,465
State, mun.,&c., bonds
5,837,500 14,308,500
52,526,700
334,433,400
1211. and misc. bonds._
20,527,000 36,903,000 1,152,241,550
728,938,000
STOCKS.
Week ending Sept. 21.
Soles
for
Week.
Rangefor Week.
Lowest.
Highest.
Range since Jan. 1.
Lowest.
Highest.
Railroads.
Par. Shares $ per share. $ per share. $ per share.$ per share.
Bkln Rap Tran full paid_ 3,100 33 Sept 17 3334 Sept 18 3034
Sept
JUI9 34
Buff Roch & Pitts_ _ _100
110 55 Sept 17 55 Sept 17 55
Jan
Sept 68
Preferred
100
100 87 Sept 19 87 Sept 19 87
Mar 90
Aug
C C C & St Louis_ _ _ _100
300 90 Sept 17 9034 Sept 15 78
Jan 92
Mar
Colo
& So, 1st pref _ _100
100 48 Sept 19 48 Sept 19, 48
Total bonds
Sept 60
Feb
140,869,400 8583,439,810 52,046,437,175 32,022,119,165
Illinois Central, pref_100
10011134 Sept 1511134 Sept 15110934 Aug 11836 Mar
Leased line stock._100
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
100 7034 Sept 19 7034 Sept 19, 70 May 74
Feb
Int & Grt Nor Ry w 1100
100 16 Sept2016 Sept 20 15
Aug 25% Feb
Mauls Elev Mod(ltd 1
500 3434 Sept 21 35 Sept 19 3034 June 45% Apr
STOCKS(No. Shares).
BONDS (Par Value). Morris & Essex
50
50 76 Sept 18 76 Sept 18 7334 July 78
Jan
N Y C & St Loills w1.100 1,100 72 Sept 15
7334 Sept 21 8734 AUII 7634 July
Week Ending Sept. 21. Ind.&Mis.1
Oil.
Mining. Domestic. For.n Govt.
Preferred w I
100 1,400 90 Sept 15 9034 Sept 20 8734 Aug 95% July
Pacific Coast 2d pref_100
100 15 Sept 21 15 Se t 21 15
Sept 19% Mar
Saturday
17,980
50,665
172,750 $169,000
555,000 Pitts Ft W dr C, pref_100
4413734 Sept 19 137% Sept 1 128 June138
July
Monday
36,345
84,615
227,100
220,000
35,000 Rapid Transit Corp....* 2,600 1334 Sept 15 1334 Sept 18 94 June 18% Apr
Tuesday
15,305
74,800
188,900
Preferred
285,000
104,000
100 1,900 3834 Sept 15 4031 Sept 21 31% July 49
Apr
Wednesday
38,180
98,820
181,860
309,000
68,000 Virginia Ry dc Power_100
100 3834 Sept 10 3834 Sept 19 3034 Aug 40
Sept
Thursday
24,205
57,270
91,425
233,000
122,000 West Penn
100
100 43 Sept 19 43 Sept 19 3834 Apr 52% May
Friday
25,235
109,610
172,000
333,1)00
Preferred
221,000
100
200 84 Sept 17 8434 Sept 1 754 Apr 88 June
Twin City K T,pref.100
100 95 Sept 18 95 Sept 18 90
Feb 98
Mar
Total
155,230
475,780 1,014,035 $1,437,000 8717,000 Industrial & Miscell.
American Chain, Cl A 25 1,900 2131 Sept 21 2231 Sept 18 2034 June 2534 Mar
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
Arnold, Constable
• 1,300 15 Sept 19 1634 Sept 21 12 May 1834 Apr
BALTIMORE EXCHANGES.
Am Metal tern ctf p1_100
30017034 Sept 1719734 Sept 17 108 June 117
Feb
Amer Rolling Mill, pt 1
100 98 Sept 20 9$ Sept 20 96
Aug100% JIM
Associated Oil, new._ _2
Boston.
Philadelphia.
100 25 Sept 18 25 Sept 18 25
Baltimore.
Septl 25
Sept
AU Fruit Col T Co ctf dep
Week ending
500 1 Sept 18 134 Sept 17 1
septl 234 Feb
Sept. 211923.
Shares. Bond Sales. Shares, Bond Sales. Shares, Bond Sales. Atlas Powder, new..100
100 53 Sept 21 53 Sept 21 51
JulyI 5734 June
Preferred
100 8434 Sept 21 8444 Sept 21 8234
100
AugI 9034 Jan
Auto
5,438
Knit
Saturday
6,804
4.800
16,000
200 1954 Sept 17 20 Sept 10 1934 Julyi
4,000
154
2834 Apr
Monday
7,932 1,132,200
7,183
200 13 Sept 21 1334 Sept 20
72,000
50
*
7,000 Auto Sales, pref
393
14;4 Feb
Tuesday
14,608
21,200
5,760
100 9134 Sept 17 9134 Sept 17 9134 Sep 98
15,000
887
31,000 Blumenthal, pref....100
May
Booth
Wednesday
8,920
21,550
8,252
Fisheries,1st pf 100
891,700
100 3134 Sept 19 3134 Bent 19 25
816
23,000
Aug(3534
Jan
Thursday
44,690
9,483
100 94 Sept 17 94 Sept 17 94
100,000
5,878
662
20,700 Burns Eros, pref ._100
Bent109% June
Friday
Calumet
9,913
200
&
23,000
Hecla
25
19,000
2,852
1,022
21,000
4034 Sept 21 4034 Sept 21 40
Sept 44
July
New
25 30 19 Sept 21 19 Sept 21 19
Sept(2034 Sept
Total
56,292 1,247,440
38,529 1,113,700
100 2934 Sept 21 29% Sept 21 28 June 3634 May
3,964
106,700 Century Rib Mills
Columbia Carbon
* 3,100 42 Sept 17 4434 Sept 15 42
4974 May
Sep11
Prey, week revised
56.664
183.250
39.653
842.200
2.987
5.900 Commercial Solvents, A• 200 31 Sept 17 31 Sept 17 2534 Julyl 4934 May
• 100 21 Sept 20 21 Sept 20 15
AprI 28
July
Cosden & Co, pref...100 1,000 8634 Sept 20 8934 Sept 18 85
Aug 109% Feb
Daffy Record of U. S. Bond Prices. Sept.15 Sept. 17 Sept. 18 Sept. 19 Sept.20 Sept.21 Cuban Dominion Sugar.' 2,800 43.4 Sept 19 53.4 Sept 21 3
July 1234 Mar
Preferred
100 3334 Sept 18 33% Sept 18 30
100
Aug 58% Mar
First Libert Loan
High 9944,2 991332 99"n 992.32 991.32 99,112 CuYamel Fruit
* 2,100 60 Sept18 62 Sept19 5434 July 7034 June
334% bonds of 1932-47_ Low_
99442, 992,32 99,
.32 99213
X Sept 20 2% Sept 2o
991.22 992.32 Davison Chemical 'itch 21.000
Sept
(First 3345)
• 300 1234 Sept 21 12% Sept 17 1234
Close 99..22 992.22 992722 992.3
inittir 992422 Douglas Pectin
8un
epe
t 142%%
3i J
Total sales In 81,000 units__ _
76
138
200 10234 Sent 20 10234 Sept 20 102
119
21
289
24 Duquesne Lt, let pf _100
July10334 June
Eaton
Converted 4% bonds of (High
Axle & Spring. • 1.500 2034 Sept 15 23 Sept 1 2034 Sept 27
- _ -- _ --- --- --- --July
Fidel Phen F I of N Y.2
100 1 14 Sept 15114 Sept 1 102% Jan 138
Feb
Flelschmann Co
• 2,200 421% Sept 19 4316 Sent 1
(Close
3734 Jan' 4734 May
Total sales in 51,000 units__ _
• 800 65 Sept 21 7034 Sept 18 65
__ -_
- - -- - --- - - - --- -- Foundation Co
Sept 78% July
Converted 4%% bonds I High
400 9234 Sept 19 94% Sept 20 9234 Sept 103% Mar
98422
984,2
98422
98,22
98,22
GenAmTkCar7%Pf-100
98.32
Gimbel Bros, pref...I00
of 1932-47 (First 43‘s) Low_
100 97% Sept 18 9734 Sept 18 9674 Jan 102% Feb
9842
98,32
98,32
98.3:
98‘22
98222
Goldwyn Pictures, new.*
Close 984,2
200 1434 Sept 15 1434 Sept 1
98422
98,22
98,n
OS';,
98.32
1354 June 223.4 June
Total sales in 21,000 units..
33
58
400 43 Sept 19 4434 Sept l' 43
45
18
11
37 Goodyear Tire, pref_ 1
Sept 6134 Apr
Prior preferred... _.1
Second Converted 4%% High
____
-_ _ _
700 91 Sept 15 9234 Sept 17 91
____
991132
____
-- -Sept 99
Feb
IIanna, 1st pref
bonds of 1932-47 (First Low_
___ _
500 92% Sept 18 95 Sept 21 9234 Sept 97
- _
994322
_
Aug
Second 431s)
---------------9922.2
Close
_ _ _ _ Ilartman CorPoration_1011,600 34 Sept 17 86% Sept 19 8034 July 9434 Feb
Total sales in $1,000 units-_ -- - -3
_ _ _. IIouseh'd Prod tern ctfs.'i 3,400 303.4 Sept 21 3134 Sept 19 28% July 3954 May
Second Liberty Loan
(High
Independent Oil & Fas.• 2,200 3% Sept 21
------------98.
-00 98.00 981n
Sept 1
1134 May
Inland Steel, wIi 500 32 Sept 17. 33', Sept 15 33.4 Sept
4% bonds of 1927-42
_ Low.
____
____
___
98.00 98.00 98',,
3134 July 40% Apr
333.4
(Second 4s)
Internat Combus rights_ 6,900
Close
------------98.00 98.00 984,2
% Sept 15
ti Sept 17
34 Sept
% Sept
Total sales in $1,000 units ___
_ _ __
__ ._
2 International Shoe _ _ _ _• 200 71 Sept 20 714 Sept 17 6434 June 75
__ __
1
2
Aug
Converted 431% bonds High 98132
Preferred
• 100 1 1434 Sept 15114 S t 1 11434 Sept12034 Mar
98,22
98.32
98.32
98.32
98.32
Inter
of 1927-42 (Second
Teter.
&
ILOW. 98422
98422
98,32
98,32
98132
9842
Teleg- - 100 300 66 Sept 18 8834 Sept 17 6434 Juiyl 7154 Apr
4 y,a)
Close 98132
Intertype Corporation_ 4.
98,32
100 31 Sept 15 31 Sept 1. 28%
98.32
98,32
98'31
9S,32
2634 July 4134 Mar
Total sales In 51,000 units.. _
98
110
405 Iron Products ctfs
138
454
200 39 Sept 19 3931 Sept 21, 313
147
44% May
4
Third Liberty Loan
High 93,623 98,13
• 100 54 Sept 17 54 Sept 171 3534
98'.32 982822 981.32 98"n Kinney Co
ApI 8434 June
Low_
434% bonds of 1928
98,.32 98", 98.22 98..12 981.32 98"33 Lorillard, pref
Igo
100 1 1434 Sept 2011434 Sept 20112
Apr119
Jan
(Third 4348)
Close 982422 98,42
100 1 123.4 Sept 1511234 Sept 15111134 July 115
982422 982132 9822n 981"ss Macy (R T), pref_ _ _1
Feb
Total sales in $1,000 units__
941
947 2,508 2.242 1,353 1,294 Magma Copper
400 2834 Sept 19 2944 Sept 151 2834 Sept(3834 Mar
Fourth Liberty Loan
{High 984n
Maracaibo Oil
98'n
4,700 16 Sept 17 18% Sept 19 16
98'n
32
98,
98'st
98'n
Sep 22% July
Nat Cloak & Suit, p1_1
Low_
04% bonds of I933-38
98'n
98'n
100 9334 Sept 20
98'n
98'33
98'n
98'n
Feb
89% June 104
Sept
Nat Dept Stores
• 2,500 37 Sept 18 9334 Sept 20
(Fourth 414s)
Close 98'ii
98:ii
98.31
98"n
98'n
98'n
15, 3434 Jun 4254 Apr
3934
Total sales in $1,000 units.168
500
604
91
Preferred
364
119
Sept
100
508
354
18; 93 Sept IS 90% July 9754 May
Treasury
{High 9925n 99232
100 97 Sept 19, 97 Sept 19 94
992'n 9923n 9913n 9913:1 Nat Enam & awe,P1.100
Au 102
Feb
9921,
, 99221: N Y Canners
Nn
Low_
u
4348. 1947-52
99,1s
200 2931 Sept 19 2934 Sept 20 27% Aug 32% June
991,32 9922;
Close 991I,
9913;
500 32' Sept 18 3234 Sept 19 31
2*
993'si 992,c2 992'n 992822 Ohio Fuel Supply
Jun 67
Mar
45
Total sales in $1,000 untie.-136
106 Otis Steel, pref
200 49 Sept 18 49 Sept 18 47
100
22
26
15
Jan 72% Mar
Pacific Tel & Tel, P1-100
700 94 Sept 18 94 Sept 18 9131 Jan 04 June
Note.-The above table includes only sales of coupon Packard Motor,
200 9331 Sept 17 9331 Sept 19 9031 Jun 99
pref_100
Feb
Penn Coal & Coke_ ....50
200 3634 Sept 15 37 Sept 19 3554 July 434 Apr
bonds. T ansactions in egistered bonds were:
Philip Morris
10 1,700 1534 Sept 21 17 Sept 17 1134 Jul 1934 Mar
17 1st 3345
992431 tO 99'139 3d 434s
98"si
to
9132,8,
Phoenix Hosiery
5 200 29 Sept 21 29 Sept 21 2854 Au 47
Mar
5 let 4348
974322
44 4th 44s
97,si, to 98'ss
Phila Co,8% pref. _ _ 50
100 44 Sept 18 44 Sept 18 4134 May 4554 Feb
48 2d 4318
9735n to 98
Pierce-Arrow prior pref.' 100 61 Sept 19 81 Sept 19 60
Jul 7254 Mar
Pittsburgh UM,pref _10
500 1034 Sept 17 1034 Sept 21 10
July 1131 Aug
Prod & Ref Corp. pref.50
100 40 Se t 15 40 Sept 15 36
Quotations for U. S. Treas Ctfs. of Indebtedness, &c. P
Sept 4934 Mar
B Corp N J, pf 8%_100
100 Sept 18100 Sept 18 9834 Aug 10834 July
mt.
1001 90 Sept 18 90 Sept 18 90
7% Preferred
BeLl 104(4 Apr
Int,
1
Maturity.
2001 67 Sept 20 68 Sept 20 67
Rate. Bid. Asked.
Reis(11) dc Co,1s1 p1.100
Sept 82
Jan
Rate,
Maturity.
Bid. Asked
100 88 Sept 1 86 Sept 15 88
Rossia Insurance
Sept 9454 May
25
June 15 1924___ 534% 1001% 101111 Sept.15 1926___
Schulte Retail Stores._
1,600191 Sept 17 9234 Sept 15 88
May 9934 July
9931
4 % 9934
Sept. 15 1924___ 04% 100% 101
June 15 1925___ 434% 9034 100
100(112 Sept 19 112 Sept 19 112
Preferred
Sept116 May
10(1
Mar. 15 1925_ _ _ 434% 100'n 100'n Dec. 15 1927-__ 414% 99'n 100
Simms Petroleum
.1 3,3001 6% Sept 19 734 Sept 17 63.4 July 16
Jan
/Mar. 15 1926._ 44% 100% 10034 Dec. 15 1923._ 4%
15001 2334 Sept 17 25 Sept
23
Simmons Co
July 3434 Mar
99"n 1001is
Dec. 15 1925._ 44% 99%
50019134 Sept 15 9154 Sept 1 90 June 9834 Apr
Shell Union Oil Co,pfl
99% Mar. 15 1924_ 44% 100% 100'is
Mar.15 I927___ 4%% 100814 100,
“ Sinclair 011, pret__ _100 3,900(81 Sept 21 8334 Sept 15 8034 Aug 9934 Feb
Mar 16 1924... _ 4%% 100
Transue & Wms Steel. _• 100 31 Sept 20 31 Sept 20 30 June 40
11)(Pis
Apr
400 38 Sept 21 3834 Sept 17 3574 Au 414 June
Underw'd Typew,new 25
US Real & Imp full
400 102 Sept 1810234 Sept 17 974 Aug 1084 Feb
Foreign Exchange.-Sterbng exchange ruled dull and a West
Pa,..„
1
Elec 7% cum PI 14•4
40011334 Sept 21 114 Sept 19 11131 Mar 117
Aug
trifle easier, but without important alteration. The Con- Waldorf
System, new._• 1,800 1534 Sept 15 1534 Sept 15 1434 June 20 May
100 6131 Sept 18 6131 Sept 18 61
June 7154 Mar
tinental exchanges showed improvement, on light trading; all Worthington, pref B.100 400
65 Sept17 87 Sept 19 63(4 July 80
Youngs Sheet dc Tube..•
Jan
but marks which again established new low records.
• No par value.
To-day's (Friday's) actual rates for sterling exchange were 4 5134@
The Curb Market.-The review of the Curb Market is
for
45231 for sixty days, 45334 @45434 for cheques, and 45434 @)4 54
cables. Commercial on banks, sight 4 5334@4 544, sixty days 451 %@ given this week on page 1317. •
4 52. ninety days 4 494(4)4 504, and documents for payment (sixty days)
A complete record of Curb Market transactions for the
4 5134@4 5134. Cotton for payment 4 533160 5434, and grain for
payment 4 53 @4 544.
week will be found on page 1340.
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
1329
OCCUPYING FOUR PAGES
For sales during the week of stocks usually inactive, see preceding page
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday,
Sept. 15.
Monday,
Sept. 17.
Tuesday,
Sept. 18.
Wednesday, Thursday,
Sept. 20.
Sept. 19.
Friday,
Sept. 21.
Sales
for
the
Week.
STOCKS
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.
Lowest
Highest
$ per share $ per share Per share
Par $ per share
Railroads
per share Shares.
per share
Per share $ Per share
per share
$ per share
277s Jan 52 Aug
100 22 July 31 45 Feb 23
26 •___ _ 26
25 *20
__ 25
*26
26
*21
Ann Arbor preferred
9618 9618 9618 9634 9634 2,600 Atch Topeka & Santa Fe_ _100 9114July 31 10518 Mar 3 915 Jan 10813 Sept
9512 96
95% 9614 96
96
96
845, Jan 9513 Aug
100 8678 July 5 903* Mar 6
8718 8718 8713 88
88
8712 8712 *87 88
*8713 88 *87
Do pre!
1,800
314 Feb 21
312 Apr
34 Jan
114 Aug 14
112 158 •112 2
*DI 2
*112 2
*112 2
2
2
400 Atlanta firm As Atlantic 100
83 Jan 1247 Sept
110 110
111 111
10978 110
11014 11014 110 110
*110 111
1,200 Atlantic Coast Line RR_ 100 10978July 31 127 Feb 26
4814 4818 49
3313 Jan 604 Aug
100 401s Jan 17 5618 Mar 21
4734 4918 47
485* 51
4738 48% 4758 49
50,700 Baltimore & 01110
100 5534May 7 6078 Mar 21
5212 Jan 6614 Aug
5718 571
57
57
5714 5714 57
571
57 • 56% 57
*57
Do prof
1,000
•14
12
*14
58
6 Jan 29 June
/
1
4 July 26 1614 Jan 2
*38
33
34
.3s
%
*38
38
100 Brooklyn Rapid Transit__ _100
4.38 112
*14
18 Aug 9 13 Jan 12
12
12
12
538 Jan 2478 June
Certificates of deposit
38
38
*14
1
200
*14
12
,Aug
14114 14218 14112 14214 14114 14134 13934 14112 9,100 Canadian Pacific
14118 14158 14178 142
100 13934Sept 21 160 Apr 18 1191a Jan 1511
*6012 6112 6034 61
54 Jan 79 Aug
61% 6134 61
6034 61
611
100 57 June 27 7638 Jan 30
61
6118 1,800 Chesapeake & Ohio
99
9878 *98
987 .98 99 *98 9878 *98
100 96 June 29 10478 Feb 23 100% Dec 10518 Oct
*98
99
*98
Do prat
15 Jan 123 May
212 212
212 228
212 21
334 Feb 13
2 May 21
100
233 238 *24 234 2,600 Chicago & Alton
214 213
3% Jan 20% May
838Sept 5
3% Jan 12
100
6
6
534 534
6
6
6% 658
5% 6
538 6
Do pref •
1,800
261 *26
1214 Jan 431 Aug
19 Aug 6 3834 Feb 13
*26
*26
27
27
28 *26
26
2614 261
27
600 Chic & East III RR (new)
3118 Jan 6412 Aug
4612 Aug 15 6214 Mar 26
*49
51
50
*49
55
50
50
52 *4913 51
50 *50
Do pref
200
414 41
334 Dec 1034 May
4% 414
7 Feb 7
4 Jan 18
414 414 *414 412 *414 412
414 414
700 Chicago Great Western-100
812 Jan 18 17 Feb 6
10
7 Dec 2413 May
100
10
•912 101
934 934 *912 1012 *934 1012
Co prat
"912 10
300
1714 Jan 3638 Aug
1518 1538 151 1614 15
*1514 16
1512 16
16
1512 16
2,800 Chicago Milw & St Paul__ -100 1414 Aug 6 2638 Mar 5
29 Jan 55% Sept
2611 255, 2634 2534 2658 2618 2634 26/
26
100 2415 July 5 4513 Mar 5
1
4 26% 6,600
2613 26
Do pref
59 Jan 9512 Sept
6434 6514 65 0514 6513 6512 6512 6513 6514 6512 6513 66
2,200 Chicago & North Western_100 615* Aug 4 88 Mar 5
*108 110 *108 110 *108 110 *107 110 *105 110 *105 110
100 10812June 20 1181 Mar 21 100 Jan 125 Aug
Do pref
301 Dec 50 Sept
21% 22
22
2118 213, 21
2134 2134 22
2138 2128 21
5,800 Chicago Rock Isl & Pacific-100 1914 Aug 6 3728 Mar 21
83/
1
4 Jan 105 Sept
7912 7912 78
78
78
78
78
7818 *78
95 Feb 9
100 72 Aug
*78
79
79
7% preferred
600
7014 Jan 95 Sept
*6413 0512 6528 66
5
preferred
6518 6518 *65 68 *6412 68
85
Mar
100
Aug
66
66
608
6%
400
51
Jan 90 Sept
58
*54
59 *53
58
*5313 5813 *5312 5612 *5313 5812 *54
Chic SIP Minn & Omaha_100 5314 Aug 28 78 Mar 5
241 2413 *234 2412 *23
25
*23% 2412 *2212 2412
*23 27
38 Jan 5313 Apr
45% Feb 13
100 2414 Aug 1
100 Colorado & Southern
10714 10814 10714 108
12411 Feb 13 106% Jan 14112 Sept
100 9314 July
10713 10734 2,600 Delaware & Hudson
107 108 *10613 10812 109 109
112 112
111 111
*112 114 *112 114
11134 1114 *111 11212
900 Delaware Lack & Western.. 50 11012June 2 13012 Feb 8 108 Feb 143 Oct
1638 Aug 25
7 Jan 1334 Ma)*
100 1018May 2
1314 135, 1314 1378 1314 14
13
1314 1314 1313 1314 14
16,900 Erie
2112 2018 21
100 15 Jan 1
20% 215, 205, 211
2118 22
20
1118 Jan 2812 Aug
2512 Aug 24
2134 22
Do 1st preferred
11,400
141 15
1813 Aug 24
1434 151
1434 15
16
16
1412 15
71 Jan 2014 May
100 1034May 2
1514 15% 5.900
Do 26 preferred
5434 5614 5413 5578 5514 56
5312 56
70/
1
4 Jan 9578 Oct
80 Mar
100 5113 Aug
54 55
5213 5278 9,600 Great Northern prat
2814 2914 2712 28% 2634 2734 2678 2713 2612 27
28% Nov4518 Apr
36 Mar 19
*2778 29
Iron Ore Properties_No par 25 July
6,900
Jan 19 May
Mar
5
tr
ctfs__
Aug
2
10
10
*9% 1012 *912 10
*10
1012 1013 1012 10
5
20
Nor
.100
912
&
10
Mob
Gulf
300
16 Jan 47 Oct
50 *45
50 *45
62% Feb 21
100 4478 Jan
50
*45
50
*4634 50 *46
4813 481
Do pref
100
97% Jan 11534 Sept
10412 1041
105 105 *10413 10512 105 10518 1041 1045,'310014 105
100 10438Sept 19 11712 Feb 21
1,300 Illinois Central
5 Apr
% Dec
____ • ____
18 Jan 17
Interboro Cons Corp__No par
% Jan 4
38 Dec 1234 Apr
78 Jan 5
100
14 Mar 2
Do prat
"1513 1513 147k 1535 "ii- 15 -1434 1538 15 -1W8
161.2, _ 1:ioo Interboro Rap Tran w 1 100 912June 30 2278 Mar 14 1734 Dec 3214 Aug
*1634 1713 1634 17
1613 1634 16% 1714 164 17
1678 17
17 Nov 3014 Apr
100 1538July 31 2478 Mar 21
2,400 Kansas City Southern
52
54
52% 5218 *51
52
5214 Nov 592 Apr
54
54 *50
*52 54 *52
Do prof
100 4828July 30 5734 Mar 5
200
10 Feb 397 June
100 2878May 22 34 Jan 2
------ Lake Erie & Western
2618 Feb 77 Sept
100 65 June 7 75 June 28
Do pref
-67- "idis 60s ;iiois 161; -6014 1614 --5:65 Lehigh Valley
"anis 601 ;#35fr. 0113
565* Jan 72 Bent
50 54 June 30 7188 Feb 7
8712 87 87 '85. 88
87
88
*87
87
8713 *85
100 8512May 7 155 Feb 26 108 Jan 14478 Oct
87
700 Louisville & Nashville
45 *40
*4012 4534 *41
35
35 *40
4534 *4013 46
35 Jan 58 Aug
Manhattan Ry guar
100 3814June 28 60 Apr 17
45
35
'
32 35 *32
- Eq Tr Co of N Y ctf dep_100 3518 Jan 25 44 Feb 13 • 44% Aug 5513 Aug
31 Jan 11 Mar
*814 10
-;iii -1111-2 ---400 Market Street AY
9 1013
9
'
8 Aug 13 22 Mar 12
9
9
*8
10
9
100
40
32 *2612
100 32 Sept 17 6812Mar 12
*26
40 *28
32
*32
40
40
40 *27
17 Jan 5014 Apr
Do pref
200
100
62
June
21
87
pref
6514 6514
65
65
65 65
*6512 68% *6513 6812 65 65
Jan 76 Nov
Mar
12
prior
35
Do
600
25
25
538 Jan 32 Apr
100 2118June 21 564 Mar 12
*2212 30
*20
26
22
22
24
25
*24 30
Do 2d pref
300
I% 118
78 Aug 15
913 Feb 13
100
us 112
*1% 1% •118 114
5 Jan 1413 Apr
118 118
118 114
900 MtnneeP & St L (new)
55 June 7534 Oct
58
*54
58 *53
------ Minn St P& 55 Marie... 100 5512 Aug 18 7313 Mar 5
814 Apr 26 12 Feb 6
as Jan 1514 Dec
Missouri Kansas As Texas 100
7% Jan 1934 Aug
10 July 5 17 Feb 15
1218 125* 16.400 Mo Kan & Texas (new)
"Nis lie.; 12 123s 1218 12% 12 -114
241 Jan 483* Aug
25 July 5 4512 Feb 14
2912 30
2914 30
29% 30% 2912 2934 2913 30% 2934 30
Do pref (new)
7,400
15% Nov 2514 Apr
9 June 31 19% Feb 14
10
1018 1014 10
1034 •978 1014 *1014 11
1018 *10
1014 3,600 Missouri Pacific trust ctfs_100
40 Nov 63% Sept
100 2414July 31 49 Feb 10
27
2634 27% 2634 27
27
28
2714 3,100
2714 2658 27% *26
Do wet trust Ws
45 Feb 15
714 May
238 Jan 17
2% 212 *214 234 *214 234 *2% 3
212 212 *214 24
23* Nov
200 Nat RI'of Mex 26 Prat---100
5478 Jan 8738 Dec
85
86
86
86
83% 84% 85
8534 86
8534 83% 85
3,300 New Orl Tex & Mex•t c 100 8212 Aug 14 105 Mar 26
723* Jan 10118 Oct
10014 10034 100 10034 10018 10118 10014 10112 100% 10218 10013 10134 23,300 New York Central
100 9012May 4 10418June 13
515 Jan 91% Oct
------ NY Chicago & St Louis__ _100 68 May 22 84 Jan 29
100 7612 Jan 2 95 July 3 615 Jan 93 Sept
Do 2d preferred
---- 95,
1213 Jan 38 Aug
July
2213
Jan
30
5
100
1214 1238 121 125* 1218 1212 1214 127
1118 1218 1138 1112 7,300 NY N H & Hartford
1812 Dec 3012 Apr
*1534 17 *1534 17 *153 17 *1534 17 *1534 17
100 1414June 28 2138 Feb 13
1578 157k
100 N Y Ontario & Western
1838
Feb
9
•878 115* *878 1118 *878 1014 *87g 11
9
Sept
1
83* Jan 2212 June
*878 1014 *878 1118
Southern
100
Norfolk
1
4 Jan 12512 Sept
102 10278 *10114 10312 *10114 10314 10134 103
103 103 *10213 10312
100 100 July 30 11728 Feb 9 96/
800 Norfolk As Western
72 Jan 82 Oct
77
*70
77 *70
77 *70
77 *70
*70
77
*70
77
100 72 Sept 7 7812 Aug 15
Do pref
73 Dec 908 Aug
5614 5S38 5712 5812 57% 5734 14,100 Northern Pacific
56
57331 658 5713 57 58
100 5413 Aug 4 8112Mar 5
3314 Jan 4934 Oct
425, 427
4212 43
4234 4278 423 4278 6,450 PenitsYlvanla
4278 4278 4278 43
50 4112June 30 47% Apr 4
1034 Jan 2638 Aug
17 Mar 21
834 Aug
*81 11
*813 11
*8% 11
*812 11
9
9 I *812 12
100
100 Peoria & Eastern
19 Jan 405 Aug
4034 4113 4134 4134 16,800 Pere Marquette
4034 4138 4013 4138 4012 4118 4012 41
100 36 Jan 11 4714June 11
63 Jan 82 Aug
7634 Mar 5
73
*70
73 *70
73 •70
73
*70
73 *70
73 *70
100 683* July 1
Do prior pref
5018 Jan 7434 Aug
63 *50
62 *50
63
100 60 July 31 7012 Jan 9
*55 62 •53 62 *52 63
Do pref
23 Jan 41% Aug
*41
42
42
*41
42
41
42
42
42
*41
100 3378 Jan 17 5058MaY 10
405* 4114 --3;i66 Pittsburgh & West Va
76 Jan 95 Nov
9
93
Jan
8512June
2
*88 89
*88
*88
91
*89
91
89
*88
89
100
*89 91
D
ef
711a Jan 8718 Oct
811,8 Feb 7
73% 7379,800 Reading
50 6812June 2
73% 735, 7334 7434 7313 7414 7313 74% 73 12 745
1
43 Mar 57 May
*513, 5278 *5113 5234 52
52
52
51
51
52% .521a
50 44 June 28 5612 Feb 7
52,
700
Do 1st preferred
45 Jan 5913 May
50 45 June 28 5634 Jan 30
51
51
*5114 5234 "5114 53 *5134 5234 5234 524 52
52
400
Do 21 Preferred
*2538 35
*2612 31
*2612 31
1713 Feb 5314 June
*2513 29 *2513 29
100 25 May
*26
35
3734 Jan 10
Rutland RR wet
18
1838 177 1818 1734 1838 1734 1838 18
2014 Dec 3238 Aug
1814 18
18 - -:566
St Louls-San Fran tr ctfs 100 17 July 31 27 Mar 21
4
343 Nov 56 Aug
41% 42% 4214 4214 4212 43
42
4214 4278 43
424 43
Do pref A trust Ws_ _ _100 3213 Jan 3 30 Mar 5
1.300
28 , 2734 28
2714 2734 1,309 St Louis Southwestern
100 25% Aug 4 3638 Feb 10
2038 Jan 36% Nov
273, 2712 2712 2712 2712 2712 *26
58 ! *56
56% .5613 *5614 5712 5613 57 *56
5713 36
56
100 5438June 28 6378 Mar 21
3238 Jan 5978 Nov
•535 635 *512 6
51
5
538 51,
21, Jan 10 Apr
4% Aug 15
514
100
712 Feb 10
53, 5 3
512
drAir Line
28 Elea
Dbo
oarP
912 *9
912
93* 938
9
9
9% 912
913 912 *9
•
814 Aug 1 1314 Mar 23
100
41s Jan 1434 APr
Do pref
400
8614 86% 8618 88341 8614 8678 8614 867 11,100 Southern Pacific Co
8638 .87
8618 87
8414
1
4 Oct
Aug 14 Sib% Feb 21
100
781a Jan 96/
32% 31% 3234 3134 32381 32
3218 3234 32
323
3218 3234 30,400 Southern Railway
100 2434 Jan 6 37114June 13
1714 Jan 2838 Aug
68 68
Oct
675, 675, *6713 68
Jan
71
July
2
100
675, 68
6814 684 6712 68
46
Mar
22
63
pref
7078
2,300
Do
21
1912 20% *1914 195
*1913 2014 *20
2012 2034 20/
1
4 2118 4,400 Texas As Pacific
188 Nov 36 Apr
100 14 Aug 4 2912 Mar 21
11
*10
11
*10
1014 1014 1018 1018 *10
11
*5% 6
1312 Nov 251, may
(n2June 30 1914 Feb 10
10
300 Third Avenue
67 *60
67
*62 68 *6212 68 *62
*60
67 •62% 67
34 Jan 62% Sept
- _ _ Twin City Rapid Transit_ _100 5814 Jan 19 7712June 11
12758 12918 12814 12918 128 129
128 129
129 12912 *72
128 129
/
4July 31 14478 Feb 26 125 Jan 154% Bent
100 1241
77-,300 Union Pacific
73
73
73 *72
73 *72
7213 •72
*72
7212 •72
7114 Jan 80 Aug
300
100 7078 July 6 76% Jan 6
Do prat
111
11
1018 1018 1018 1038 *10
1012 1012 •10
713 Jan 197a Apr
10
100
812June 26 2178 Mar 6
1013
900 United Railways Invest
3334
34
3234 323
3212 3212 *32
32
2014 Jan 38% AM
3234 32
3212 *32
Mar
5
26%
pref
100
62
Jan
17
700
Do
8% 834
812 85,
812 834 4,100 Wabash
812 858
8% 8%
6 Jan 1438 May
85, 834
7 Mar 10 1112Mar 22
100
27
28
27
274 2712 2838' 2714 2818 14,300
28
2718 27% 27
19 Jan 35% Aug
1
4 Jan 17 3418 Mar 22
100 23/
Do pref A
22 *18
22
*17
22
*18
20
*18
•18
12% Jan 247 Aug
22 I *18
22
100 1613 Jan 18 2212 Mar 22
Do pref B
98
934 93
814 Jan 1714 Aug
9 Aug 6 15 Feb 9
934
934 934 *93 10 - -1-,660 Western Maryland (new)._100
934 93
934 934
17% 171 *17
18
17
1812 1812 185* 18
1714 18
13 Jan 2812 Dec
18
100 17 July 30 2634 Mar 22
Do 2d preferred
1,800
1512 1513 1512 1512' •1212 16
*15% 161 •1513 161
16
Jan 2478 Apr
135i
16
Mar
5
Pacific
2014
100 15 May
500 Western
58
54% 55% *55
37 *5413 58
*55
58 I •56
5112 Mar 647 Sept
57
58
300
Do pref
100 53 May 7 6338 Mar 5
712 yl
*718 8
75, *7
*7
8
8 Feb 1612 June
6% Aug 13 1012 Feb 13
7
7
*7
712
500 wheeling & Lake Erie RY-100
121_ •11
1212 *12
13
*11% 12% •1134 13 *11
9/
1
4 Jan 2938 June
11 1112100
19 Feb 13
11 Aug
Do pref
200
29 *26
29 •26
29 •26
30 *25
35 Jan 331 Mar
29
28
28
*26
3513 Feb 23
100 23 Aug
100 Wisconsin Central
Industrial & Miscellaneous
71
56814 71
*68
88% 6812 *67
71
*67
71
*6814 71
100
200 Adams ExPress
*5
*9
10
912 *6
91
018 918
10
*6
10
100
200 Advance RumelY
34. *3114 36 .3034 36
*3113 38 .3114 36 -- _ - -34 *32
100
*32
Do pref
641 *63 6413 *63
0412
6312 6312 *62
6412 .63
Ins...
84 64
Reduction,
_No
par
200 Alr
55
534 534
534 57
5% 53
*5
50
512 512 2,100 Ajax Rubber. Inc
54 6
*18
14
*ls
14
14
*18
14
1
*18
10
14
*18
14
Alaska Gold Mines
100
78
78
.78 1
*78 1 i
•74/ 1
78
%
7s
78 4,400 Alaska Juneau Gold Min__ 10
6434
64 6512 6438 6534 53
64
66
6378 65
--12 6413 10,100 Allied Chemical & Dye_No par
6314
10714 1074 *107 109
107 107
100
*108 109 *10414 10718 *104 108
200
Do pref
42
403 4113 41
*41
4114 39% 4112 2,300 Allis-Chalmers Mfg
4113 4112 411 42
100
94 *91
*90
94
94
*90
9213 93
*90
94
100
*93 94
200
Do pref
147
1318 1312 *1314 1434 133, 133* 1,600 Amer Agricultural Chem__100
1414 1414 14
13
13
3512
3518 *354 371
37
37 *3512 3714 36 , 36
100
3512
35
800
Do prof
*8212 85 *8212 85 *82% 85 *8212 8513 *8213 85 ......A merican Bank Note
50
*8112 85
5234 55
*5234 55 *5234 55 *5234 55
*5234 55 -----60
•5234 65
Do pref
32 *3114 32
3512 3,600 American Beet Sugar
3312 35
34
100
3113 3112 3214 32% 32
30
31
31
31
3014 30% 3034 31
*2913 3112 2,300 Amer Bosch Magneto__No par
31
31
721 *70
7212 •70
71
7213 *70
7212 *6734 72
71
71
100 Am Brake Shoe & F...No par
*103 ____ *103 .... *101',
*103
•103
100
--Do prof
*103
9038 9278 9018 9112 168,900 American Can
90% 935, 9012 92
100
9334 9114 93
91
10718 10718 107% 10738 •106 109 I
Do pref
100
300
*105 109 *106 109 *10734 109
158 158 *15514 15834 157 157 *15514 158 *15514 15713
*155 159
200 American Car & Foundry-100
100
Do pref
100
*115/
1
4 120 117 117 *11613 120 *117 11812 *117 11812 •117 11813
1
4 1014
500 American Chicle
No pa
•1012 1112 *lots 1112 *1012 1112 1014 1014 *1014 1112 10/
•Bid and asked prices x Ex-dividend
68 Jan
911iSept 15
3213 Aug 16
56 July 2
514Sept 19
18 Aug 16
%July 31
5914 Aug 9
10514 Aug 16
37%June 28
89 July19
104 July 3
29 July 30
77 Jan 6
5012June 29
2.5 Aug 4
2912July 2
70 Jan 3
102 July 3
6918 Sept 13
106 Sept 6
14814 July 12
117 Sept 17
584 Jan 30
82 Mar 3 48 Jan
1078 Jan
1912Mar 6
31% Jan
54% Jan 14
4513 Jan
7238 Mar 19
0% Jul
14% Mar 14
% Dec
%Mar 9
as Jan
9
Mar
134
5538 Jan
80 Jan 2
Jan
112 Mar 2 101
37% Jan
5114 Feb 16
in% Jan 27
8612 Jan
2714 No
36% Feb 21
58 Jan
6378 Feb 21
58 Jan
9112 Mar 7
51 July
5514 Aug 14
4912 Feb 13
3134 Jan
31% Jan
60 Mar 6
83/
1
4 Feb 16
51 Jan
98/
1
4 Jan
110 Jan 14
106 Mar 6
32/
1
4 Jan
93% Jan
115 Feb 20
189 Mar 7 141
Jan
12578 Jan 18 11512 Jan
13% Aug 22
5 Nov
83 Oct
23 Aug
3013 Aug
66 Oct
18% Apr
78 May
2 May
9l84 Bent
115% Sept
5934 Sept
104 Sept
42% June
7214 Sept
91 Dec
55% Dec
49 June
49 Apr
8813 Sept
113 Oct
26i2 Nov
113% Dec
Oct
201
12618 Nov
14 May
1330
New York Stock Record-Continued-Page 2
For sales during the week of stocks usually inactive, see second page preceding
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday, I Monday, 1 Tuesday, i Wednesday
Sept. 15.
Sept. 17.
Sept. 18.
Sept. 19.
Thursday,
Sept. 20.
Friday,
Sept. 21.
Sales
for
the
Week.
STOCK
NEW YORK STOCK
EXCHANGE
PER SHAKE
Range since Jan. 11923.
On basis of 100-share lots
PEE SHIlicis
Range for Previous
Year 1922.
Lowest
Highest
Highest
Lowest
$ per share $ per share $ Per share $ Per share $
Per share $ per share Shares. Indus. & Misce11.(Con.) Par 6 Per Share
57
share
per
per
share
$
8
$
per share
534
558 534
578 712
612 658
638 61,
818 618 5,500 American Cotton 011
100
334July 11 2034 Jan 4
154 Nov
3012 Mal'
*18
211. *1734 20
19
2212 20
20
*19
*19
1,800
22
22
Do pref
100 14 May 18 3834 Jan 4
Nov
3312
61
412 458 *414 5
MaY
414 438
418 438
412 5
4,000 Amer Druggists Syndicate_ _10
458 6
418Sepr 19
714 Aug
758 Feb 23
412 Jan
*93
9414 *93
9414 93
93
9112 9112 *9014 9312 •90
200 American Express
93
100 91 July 31 14312Mar 2 126 June 162
*712 812 *712 812 *714 814 *714 812
Oct
200 American tilde & Leather.100
8
8
7% 738
618 Aug 9 1334 Mar 7
1738 Apr
1018 Dec
*4112 43
40
40
*3912 42
3938 401
40
4018 3812 3858 1,700
Do prof
100 2934 Aug 9 7434 Mar 7
9018 91
58
Jan 743 Sept
90
9038 8934 9012 8912 90
8914 91
8912 9012 4,600 American Ice
100 8734Juiy 30 11112 Apr 2
78
Jan 122 Sept
8212 8212 818 81% 81
*8212 84
81
*80
8112
300
8112 *80
Do prof
100 78 June 27
Feb 21
72
Jan 9514 Aug
1712 1814 1734 18
1758 1734 1734 18
175 1734 16% 1712 3.700 Amer International Corp 100 1612 Aug 8 89
3312Mar 28
Dec
50% June
248
•1114 1134 *11
1134 *1114 1112 *1114 1112 1112 1112 1112 1112
500 American La France F E
10 10%July 6 13 Mar 1
14 July
918 Jan
1612 1612 17
18
1712 1734 18
1834 *1734 19
183 18% 1,800 American Linseed
100 16I2Sept 15 38 Mar 5
28 Nov 4212 Oct
36
36 .34
38
*35
39
*34
35
*35
39
100
.35
38
Do
pref
100 33 Aug 13 59 Feb 15
48
Oct
Nov
6412
694 708 6914 70% 68
7038 68
6912 6814 70
6818 6912 32,000 American Locom, new No par 6434Ju1y 5 7514 Aug 22 ___ _ __ _
11412 11412 *11414 116 *11512 117 .11512 117 *11512 117 *11512
_ --- 100
117
Do pref
100 11412Sept 15 122 Feb 9 112
12214 Dec
Jan_*4314 45
*4314 46
*4312 4512 *43
Amer
1,500
45
4414 4434 43
4312
Metal temp etts__No par 4014June 30 5578 Mar 5
44 Sept 5314 Dec
*80
8212 *80
81
SO
80
*7934 81
*80
400 American Radiator
8012 80
80
25 76 'an 2 8812 Apr 19
518 514
*53
Jan 129
82
Oct
54 53
534 534
53
58 535
534
534 3,700 American Safety Razor__ _ 25
478- one 27
918 Feb 19
8% Oct
334 Jan
*1118 1212 *1114 13
*1114 1238 1114 1114 *1112 13
*11 14 12
300 Amer Ship & Comm__ _No par
1038July 2 213* Jan 5
512 Jan 2414 May
5634 5712 5634 57% 56% 5714 568 573* 5812 5734
5814 563* 8,200 Amer Smelting & Refining..100 53 Jan 17 6912 Mar 2
435 Jan 6712 May
*9612 97
96
9634 *95
97
*95
9612 *95
*95
97
300
97
Do prer
100 93 June 27 10238 Mar 6
8618 Jan 10412 Oct
•125 137 *120 139 *120 139 *125 133 .13134 133 *130 139
American Snuff
100 130 June 30 15214 Feb 14 10912 Jan 159 Sept
3514 3512 3514 3512 3518 3512 35
3538 3512 36
35
3514 3,600 Am Steel Fdry tom cHs_33 1-3 3158July 2 407 Mar 21
3034 Jan 4618 Sent
*98 100
•98 100
*98 100
•98 100
•98 101
Do pref temp ctfs
*9912 101
100 978 Aug 14 10514 Feb 9
91
Feb 10814 Oct
65
65
62
65
6214 6214 6234 64 8 65
4,500 American Sugar Refining 100 57 Aug 1 85 Feb 13
66
6578 *63
5418 Jan 857 Aug
•100 10112 .100 102
10034 10034 *100 10112 10014 10014 *100 102
200
Do prof
100
100 Aug 9 10834 Jan 3
84
Jan 112 Aug
2034 2034 2112 2234 *2012 23
3,200
2034 22
Amer Sumatra Tobacco
21
22% 2034 2112
I00 16 July 2 3638 Feb 14
2314 Feb 47 May
*3338 5712 *3338 5712 *3338 54
*333* 55
*321. 55 1 .323 55
Do pref
100 3212July 11 6534 Feb 13
5214 Feb 71
Jar
12334 12414 12358 12418 12334 12418 12358 124 212158 122
6,000 Amer Telep & Teleg
12134 122
100 11918June 29 12512Mar 5 11412 Jan 12814 Aug
14412 145 *14312 146
144 14512 14512 14512 14534 14534 14512 1454 1,100 American Tobacco
100 14014 July 3 1615 Feb 13 12918 Jan 16912 SeD1
•10112 10212 102 102
10178 10178 102 102 .100 102
400
Do pref (new)
10014 10014
100
10014Sept
21
10578 Mar 3
96% Jan 10838 Oct
142 1428 14278 1427 14318 14312 *143 145 *144 145
1,300
Do common Class B
144 144
100 140 May 20 15934 Feb 9 126
Jan 1654 Sept
*36
40 I 3612 3812 *34
40
3914 3914 *35
300 Am Wat Wks & El v t c__ A00 2712 Jan 29 4434 Apr 26
39
39
39
6
Jan 334 Nov
*90
9112 *90
9112 *90
9112 9012 9012 *90
100
Do 1st pre (7%) v t c_100 85'4 July3 93 Jan 16
9113 *90
9112
67
Jan
938 Sept
*594 6212 .59
6212 611s 6212 6212 63
*60
Do panic pf(6%) vi c.100 4812 Jan 3 6318 Apr 26
8212 1,400
6312 *61
1714 Jan 5514 Oct
*90 100
*90 100
*90 100
Amer Wholesale, prof
*90 100
*88 100 I .88 100 1
100 934 Jan 2 9814 Jan 31
86
Jac
Oct 95
82
827s 8214 8312 8214 8318 8112 823* 77% 8212. 7614 7858 48,400 American Woolen
100 7614 Sept 21 10958 Mar 21
7814 Jan 105
Oct
*10114 103
102 102 •10112 10212 102 102
10114 10134 10058 10034 1,000
Do pref
100 9818June 21 11134 Jan 3 102
Jan 11114 Dec
6
758 734
6
6
6 1 4.5
712 712
7 1 1,700 Amer Writing Paper pref 100
714
7
6 Sept 19 34 Mar 7
2212
5514
Jan
Sept
*8
818
778 8
718
958
*8
7181
7
7
800 Amer Z no, _. ad & Smelt___25
714
714'
7 Sept 19 1914 Feb 16
21 Sept
1218 Jan
32
32
3012 3012 30
30
29
29
*2712 32I *20
30
500
Do Pre'
25 29 Sept 19 5814 Feb
57 Sept
Jan
38
3914 3912 393* 4018 394 40
39
10.000 Anaconda Copper Mining_ 50 38 July 5 5312 Mar 27
39%. 388 39
392 39
45 Nov
6
57
May
7758 79
7918 7934 7814 7814 778 7914 78
2,600 Associated Dry Goods
80
7814 79
100 6214 Jan 5 89 Mar 19
43
7078 Dec
Jan
.83
86 *84
88 •84
87
*84
86
100
85
85
Do 1st preferred
*82
86
100 8212 Jan 18 89 Feb 13
75
Jan 86
Oct
*84
90
*84
90
8812 8612 *82
90
100
•82
90
Do 2d preferred
.82
90
100 8612Sept 18 9312 Feb 26
Jan 9112 Oct
76
100 100
100 100 .98 100
•99 100
600 Associated 011
*98 100
*98 100
100 100 Sept 15 133 Jan 12
99
Jan 13512 May
Da
Pa
112 112 *112 2
1
112 *1
1,200 Atlantic Fruit
2
*1
2
par
1
No
Sept
19
212 Feb 14
512 Api
112 Dec
14
14
1418 1418 14
1414L 14
1414 14
914 July 5 34 Mar 19
*14
1412 1,300 Atl Gulf & WI SS Line-100
14
1958 Dec 4314 May
12
12
*11
1212 1212 1212 *11
•Ii
1312
200
13
*11
13
Do pref
100
634 JIIIY 3 27 Mar 19 '15 Dec 3114 May
100 100
9958 9958 9938 9938 .95 100
1,800 Atlantic Refining
100 10018 997 101
100 9938Sept 18 15312 Jan 10 117 Dec 1575
Oct
.115 117 *115 117 *115 117 *114 117
200
Do pref
117 117 *115 11714
100 115 May 2 120 Jan 18 113
Jan 11912 Dec
*1034 1214 .1034 123* •1034 123* *103 1214 .1034
100 Atlas Tack
1112 1034 1034
No par
1034June 27 2012 Feb 14
1312 Feb 2212May
2312 2312 2334 2334 2334 24
2,400
24
Austin, Nichols & Co No par
2414 24
2434 2312 24
17 July 6 3512 Jan 12
914 Jan 4038 Sep
*80
85 .80
8.5
*80
I
85
*80
Do
85 I *80
*80
85
85
100 7834June 21 8912 Jan 23
68
Jan 91 Sep
11534 11858 11534 11734 115 11712 11434 11612 11412 11714 11234 11538 187,000 Baldwinprof
Locomotive Wks.100 11012 Aug 4 14414 Mar 19
9312 Jan 14234 Oc
*113 117 *113
113 113 *113
100
Do prof
•113 117 *113 117
100 111 Apr 2 .11634 Jan 4 104
Jan
118
Oc
.20
36
*20
36 '
,30
1 Barnet Leather
__
36
36
.22
*22
36
34
No par 30 Sept 13 55 Feb 16
40
Jan 6758 Sep
•11
12
11
11
200 Barnsdall Corp, Class A___ 25
108 1078 *10
12
*1012 12
*1034 12
978 Aug 23 35 Mar 23
19% Jan 5614 Ap
*614 712 *6
1
8
638 6% *6
600
Do Class B
8
*614 8
25
638Sept 18 22 Jan 2
17 Nov 39
*18
Ap
%
14
14
.18
28
.18
%
4,18
28
*18
200 Batopilas mining
38
20
18July 2
% Aug 31
4 Dec
158 Ma
*5014 5458 *5012 5412 *50
100 Bayuk Bros
5312 *5014 5312 *5014 5312 5014 5014
No par 50 June 21 6214 Apr 4
33
Apr
65
Sep
65
65
67
70
6512 68
66
6814 6634 6712 6714 6914 5,200 Beech Nut Packing
20 51 Jan 2 8414 Mar 26
30 July 5358 Dec
4818 5014 4734 4912 4812 4934 4712 49
4814 66,400 Bethlehem Steel Corp
4714 4834 47
100 4134June 29 70 Mar 3
51
Jan
7%) May
I
Do Class 11 common..
_
6014 Jan 16 71% Mar 3
5512 Jan 8214 May
-_
1
Do prof
100 934 Feb 1
9612 Jan 2
9078 Mar 106 Nos
*ia- iii - ja- 16S- 168- iiii- •i6-8- 166
860' Do cum cony 8% pref_100 10014June 21 11114 Mar 12 104 Jan 116% Jun(
*9112 9212 9112 9214 *9114 9212 *9112 9314! 9114 9114 *904 918
400
Preierred new
100 87 July 2 9712Mar 9
94 Nov 101
Oct
434 5
434 538 *5
NO Booth Fisheries
512 *5
5
5
512
512 *434
414June 21
No par
718 Jan 18
4 Nov
1012 Aug
.6
678 *6
678 .8
678 •6
678 .6
British Empire Steel
678 *6
100
8 July 18
97 Mar 2
67
8%
Jan
15
SW
61 ._
61 •_
•
Do lot preferred
*____ 59% *____ 60 *
60
100 5978 Sept 13 69121s,1ar 13
58 Mar 76% Api
ii 18 16581632 *1.6E2 60
700
1734 *1612 20 1 1612 1612 *16
Do 2d preferred
1734
100 16 July 5 2612 Feb 20
1918 Mar 39 Sept
10614 10778 *10614 107
1,300 Brooklyn Edison, Inc
10714 10714 10614 10678I 107 10714 *10634 108
100 10414May 22 12112 Jan 9 100
Jun 12458 Aut
.106 110 *106 111 *108 111 *107 111 I 110 110 .108 112
100 Brooklyn Union Oas
100 10312May 11 128 Feb 7
70
Jan 12412 Nos
*47
52
*47
52
4812 481 *47
48
300
49
Brown
52*47
53
Shoe Inc
100 4212July 5 6578 Apr 2
42
Jan
64% Sepl
.114 112
114
114
*1
100 Brunswick Term & Ry Sec_100
112 *I
112
112 •1
112 *1
1 Aug 7
2% Jan 25
112 June
53* June
109 11112 *111 113 *110 11212 110 11012 110 110
1,600 Burns Brothers
100 103 Aug 9 14434Mar 23 11312 Jan 147 Dec
1094 110
*24
26
253 2512 2514 2514 *24
800
25121 *25
26
2414 2414
Do new Class It corn
22 Aug 9 43 Jan 2
283
Jan
53
Oct
3
512 512 *5
558
512 512
512 558
512 512 3,500 Butte Copper & Zinc v t a- 5
53* 538
53sSept 19 1134 Feb 14
514 Mar
1018 Deg
193* 1958 .18
*18
20
1914 *18
100 Butterick
19141 *18
100 1314June 21
1914 *18
1912
22 Aug 18
15
Nov
34
Fet
*14
143
14
1438 14
1314 13341 1358 1334 14
1414
1418 2,300 Butte & Superior Mining.... 10 1314 Sept 19 3778 Mar 1
2038 Jan
3514 Oct
*214 23
2
2
112 134
134 2,200 Caddo Cent 011 & Re.I.No par
134
112 112, 912 212
112 Aug 4
9% Feb 16
634 Dec
1518 Am
7912 7912 *79
82
*79
500 California Packing____No par 77 Aug 4 87 Feb 9
7934 79
78341
79 1 .78% 7912 *77
68
Jan
8612
Sept
1838 1834 1814 1878 1714 1812 1718 1814, 1712 1838 1723 18381 3,200 California Petroleum, now.. 25 1718 Sept
19 2938May 31
*94
98 .92
97
9212 94
900
91
0212 291
Do
I
91
pref
100 91 Sept 19 11012May 23
91
91
83
Jan
98
12
AP1
514
*5
458
518
5
5
458 4581
458 458 5,300 Callahan Zinc-Lead
458
43*
10
458Sept 18 1258 Feb 20
514 Feb 11% May
*45
4834 *45
49
*4412 4612 *4434 46141 *45
I Calumet Arizona Mining
46 I
464 *45
10 44 June 28 66 Mar 1
,5
5012 Nov 8812 Jun(
512 .544
512 *5
512 *5
512 ._ _ _
I
512 4._ _ _
Carson 11111 Gold
512
1
518Sept 6
958 Feb 19
614 Dec 16% Mal
*1
158 *1
138
13* *1
.
1
200 Case (J I) Plow
1 I
No par
*i4
138
*3-4
12July 11
434 Feb 21
3 Mar
912Jum
*65
*65
70
70
*65
70
65
1Case (J I) Thresh M pf ctf_100 66 Aug 21 85 Apr 9
70 ' *65
70
70 ' .65
68 Fob 9314 Ath
1612 1612 1612 17
1618 1612 1614 16581 1618 1612 1514 16
4.700 Central Leather
100 1312 Aug 9 4012 Mar 7
2935
Jan
441s
4314 44
Selin
*4412 47
44% 447
4338 44
4412 45141 4214 4358 2,700
Do pref
100 4034 Aug 8 7934 Mar 7
633* Jan 824 SeP1
3914 3914 39
3912 3838 40
3812 39
3834 39381 3818 3858 7,300 Cerro de P8SCO Copper_No par
3(358July 30 5012 Mar 28
Jan
323
4
Del
463
2
.30
40
35 .28
*25
40
*25
35 .2878 32
Certain-Teed l'rod___..No par 23 July 18 45 Mar 14
*25
35
34 Feb 53% Junt
487 5034 49
483* 50
4858 50
50
24634 4812 4614 47
9,800 Chandler Motor Car_
Car.....No Par 4614Sept 21
76 Mar 14
4734 Jan 7914 Api
8034 81
*8012 8112 8012 8012 80
80
80
8034 *7912 8112 1,100 Chicago Pneumatic
7512June 20 9034 Mar 21
60
Jan 8958 Sept
2614 2812 2614 2612 26
2614 2538 26
26
25 2418June 20 3038 Mar 1
2658 2534 25% 4,100 Chile Copper
1518 Jan 2914 No'.
1612 1658 1558 1614 1514 1534 1518 1518 153 1534 1538 1512 4,800 Chino Copper
.5 1434 Aug 10 317 Mar 2
2214
Nov
333* Junt
*70
71
71
70
6912 70
*6912 7112 *70
*6912 7112 1,000 Cluett, Peabody & Co___ .100 60 July 2 764 Mar 28
73
43
Jan 7014 Dec
7318 7334 74
7314 74
7312 744 7358 74
7412 7212 7334 7,900 Coca Cola
No par 7212Scpt 21 8338June 8
41
Jan 8234 001
2612 257 2612 2514 27 1 28
2612 2612 28
4,200
Colorado
26
27
26
Fuel & Iron
100 25 June 28 3538May 31
24
3414 344I 33
3334 3438 3312 34
337
33% 3312 3314 33% 6,000 Col Gas& Elec, new w I No par 3014 lune 28 3734 Apr 19 ____ __Jan 37 May
___ _
24
24.
22
12
34
34
82
34
34
34
34
28 4,100 Columbia Graphophone No par
12Sept 19
27 Feb 6
114 Jan -534 Jun(
334 334 *312 412 *358 412 *358 412
334 334 .334 414
300
Do prof
100
2 June 19 1212 Jan 15
5 Feb 21 Junc
71
7112 724 7212 •71
2 7312 *71
1,000 Computing-Tab-RecordNo par 67 June 30 8312 Apr 9
74 I .
74
7113 74*711
1
5514 Jan 7934 Am
19 .1812 1822 1812 181,, 1,700 Consolidated Clgar__No
1934 17
*2012 2112 1914 2012 19
par
17 Sept 19 3958 Jan 3
1858 Feb 4234 00
65
65
75
•85
56312 75 .6314 75
75 .65
100
Do pref
*6314 75
100 65 Aug 3C 83 Feb 17
47 Feb 8714 Nos
18 .____
18 •____
18 *____
Is
18 •
Consol Distributors,Ine No Par
18June 6
38 Jan 30
14 Feb
214 Mai
. _
Consolidated Gas(N Y)
100 120 Jan 2 137 Jan 26
8512 Jan 1453 Sepl
6014 60% 6014 6012 60% 6012, 804 8012 60
When issued
6078 5978 6014 7,400
No Par 5684.1uly 2 6958 Feb 7
57% Dec 62% De
75
758 734
712 8
6,700
738
73I
3
Consolidated
Textile_ No par
712
7
'
2 734
758
618July 31
7%
1412 Feb 9
9 July
1558 Api
Continental Can, Inc
100 115 Jan 2 13134 Jan 31
4534 Jan 11514 De(
5114 -5-3-- -&)58 52 -. -50% 12-5i -50i4 -54 - 56,000
3
-..ii.- 12% 5134 5.
When issued
No par 4278May 7 5512Sept 11
*92
95
98 .92
*93
95 .92
95
9234 9234 *92
100 Continental Insurance...,_ 25 90 Aug 9 104 Jan
95
31
Jan 93% Atli
*7% 712
66
7
718
712 712
712 712
714
714
718
712 2,900 Continental Motors- No Par
6511May 28 124 Jan 19
1114 Dec 18% 3)e4
122 12414 122 12312 122 12414 121 12338 12218 124
12112 123
35,400 Corn Products Refining-100 11438July 5 13914 Feb 6
914 Jan 13414 Oci
117 117 *116 120 .116 120 •117 120 *116 120
•117 120
100
Do prof
100 11614May 8 1223 Feb 24 111
Jan 12234 Not
29% 3012 274 2978 2334 2758 2234 2512 2418 25% 2312 2478 232,700 Cosclen & Co
No par 224 Sept 19
Feb 17
3158 Jan 54 Del
60
6112 6018 6218 6038 6158 60
6114 5814 6112 5858 5978 27.100 Crucible Steel of America-100 5778July 30 6314
8412 Mar 21
5234
Feb
9838 Sep'
•8614 8812 *8614 90
*8612 90
*8614 90
*8614 90 .86
_ ,. - Do pre(
90
100 8534 Aug 6 94% Mar 2
80
Jan 100 SeP'
1114
11 18 115s 1114 1112 11
1114 1134 1134 1214
Cuba Cane Sugar
1112 1218 5,600
_No par
812 Aug 2 20 Feb 13
1934 Mal
Jan
8%
4414 4318 44
4312 46
4258 4412 43
20,400
4534 477
Do prof
4712
46
100 3312 Aug 4 6414 Mar 15
1514 Jan 41% Jul]
261 2914 2912 3034 2934 31
2678 267s 2612 2718 2658 273
75,000 Cuban-American Sugar
10 23 Aug 1 373* Feb 13
1412 Jan 28 Aui
*90
95
95 .93
*90
92
95
.90
997
•93
9912 *93
Do prof
100 92 July 12 106 Apr 5
7818 Jan 10212 De
5238 4812 51% 4412 50
493* 5112 50
45% 4858 4314 612 70,500 Davison Chemical v t e-No par 2038May 21 72 Aug 30
2318 Nov 6558 Ap
225s 2134 2134 *2158 2214 .215g 2212 •2178 4
•2218 2258 *22
100 De Beers Cons Mines__No par 2134Sept 18 28
225s
Mar
1
1512 Jan 2518 SeP
103 103 •101 103i2 10312 10312 103 103 *10078 104 *101 102
300 Detroit Edison
100 10014June 26 111 Mar 2 10023 Jan 11812 Am
3734 38
3714 3814 3712 38% *3758 38
3712 38
37
37
3,700 Dome Mines, Ltd
10 3034May 22 4418 Jan 4
1812 Jan 4612 No'.
10134 10134 *10212 105
10212 10212 1021e 1023* 10212 103
104 10414 1,400 Eastman Kodak Co._ No par 8934 Jan 2 11534 Apr 3
70 July 9012 De
11912 125
121 123% 11912 124
119 124
12014 12614 120% 12312 54,000 El (11u Pont de 7/em &-Co 100 10614 Jan 17 148i2 Apr 28 105 Dec 16934 No'.
855s 8614 *855 8612 8558 8558 *85
*8534 86 .
100
6% cumul preferred
8612
58558 86
100 8112 Apr 12 8914 Apr 10
80 June 9012 Sep
59
6012
5834
58
5912
5712
*5812
58
60
5712
.58
60
1,800 Elm Storage BatterY__No par 52 July 5 6718 Mar 21
4012Juno 5834 De,
.135 16
200 Elk Horn Coal Corn
•13% 16
1312 1318 1313 1312 .133* 1578 *1358 16
50 1312July 11
2412 De,
2034 Jan 2
1414 Jan
.
1
2
.1
3
.1
3
.1
2
*1
3
Emerson-Brantingham __ _ _100
*1
2
2 June 19
712 Feb 20
1112 Juni
258 Jan
6512
6512
65
654 6618 8578 65%
65
6518 6518 1,000 Endicott-Johnson
6812 .11n..
*68 .....
50
6212June
De
9474
27
2
Jan
9414
Jan
7614
_...._.
1 la *119 11Al• •1121. 1111
11211 1121i *119 1111
100
Do or f
4
100 111 May 2 ng Jan 3 104
Jan 119 Do
•Ind and asked perms. no tales on this day. z Ex-dividend.
New York Stock Record—Continued—Page 3
1331
For sales during the week of stocks usually inactive, see third page preceding.
HIGH AND LOW SALE PRICE—PER SHARE, NOT PER CENT.
Saturday,
Sept. 15.
Monday,
Sept. 17.
$ per share $ per share
*20
22
*20
22
6912 704 6934 7114
*8814 90
*88
90
*7
10
*7
10
*3722 3912 *3712 3912
*712 778
712 788
•167 180 *165 18014
.96 100
*94 100
788 738
712 74
1214 13
*12
13
41
42
*40
43
2814 2918 2818 2912
*62
68
6312 6312
*8012 82
804 884
*10314 107 *10314 107
172 17312 17112 17112
.11
1114 *11
1114
1434 1518 1412 1434
*8134 84
*82
83
82
82
82
82
974 9738 *9678 9778
45
46
46
46
*7
8
*7
734
Tuesday,
Sept. 18.
Wednesday. Thursday,
Sept. 19.
Sept. 20.
Friday,
Sept. 21.
Sales
for
the
Week.
$ per share $ per share $ per share $ per share Shares.
20
20
*20
22
*20
22
*20
22
500
70
7138 6934 7034 7018 7114 6934 704 16.000
*88
90
8712 8814 88
88
88
88
500
*612 10
*7
10
*612 10
*612 10
3812 3812 *37
38
38
39
*3712 3912
300
712 712
712 712 *712 8
714
738 1,100
170 170 *167 180 *160 180 *167 180
300
*90
9812 94
9822 *96
9812 96
96
200
734 778
74 734
712 712
74 712 2,100
1218 1212 *1112 1222 1212 1212 12
12
2,800
4412 1.800
4412 *40
40
4012 4014 4138 *40
2514 29
26
27
2512 2634 2612 27
10,600
63
63
65
*59
6212 6212 *58
62
400
8018 8022 8018 80'8 8012 8012 *8014 83
1,300
106 106 *10314 107 *10314 107
10314 107
100
171 171
170 171
168 172
16758 169
5.800
*11
1138 11
11
*1078 11
1114 11
1,000
13
1434 1378 1412 14
144 134 14
65,700
*8134 83
82
82 I *81
84
*81
85
100
8112 82
8118 8118 81
3
8134 80
100
80 4
*9678 9778 *97
98
9678 97
96
96
500
*46
47
*45
47
*45
47
*45
47
100
7
718
7
7
7
7
612 612
600
STOCKS
NEW YORK STOCK
EXCHANGE
Indus. & Miseell.(Con.) Par
Exchange Buffet
No par
Famous Players-Lasky_NO par
Do preferred (8%)_ _ _ _100
Federal Mining & SmelVg_100
100
Do pref
Fifth Avenue Bus
No Par
No par
Fisher Body Corp
Fisher Body Ohio pref____100
No par
Fisk Rubber
No par
Freeport Texas Co
Gen Amer Tank Car__ No par
100
General Asphalt
100
Do pref
100
General Cigar, Inc
Debenture preferred__ 100
100
General Electric
10
Special
General Motors Corp_ _No par
100
Do pref
Do Deb stock (6%)_ _ _100
Do Deb stock (7%)- 100
No par
Gimbel Bros
No par
Glidden Co
No par
Goldwyn Pictures
- 2,100 Goodrich Co(B F)_No par
100
1,000
Do pref
1,000 Granby Cons M,Sm & Pow 100
100 Gray & Davis, Inc__ No par
200 Greene Cananea Copper_ —100
2,100 Guantanamo Sugar__ __No par
100
54,700 Gulf States Steel hr ctfs
1,300 Hab1rshaw Elee Cable_No par
100
1.600 Hayes Wheel
700 Hendee Manufacturing__ _100
100
Homestake Mining
100
3,400 Houston 011 of Texas
8,100 Hudson Motor Car_ _ _ _No par
1,200 Hupp Motor Car Corp_ __ _ 10
No par
500 Hydraulic Steel
5
1,300 Indlahoma Refining
10
1.100 Indian Refining
20
2,000 Inspiration Cons Copper
900 Internet Araleul Corp
100
100
1.200
Do pref
1,600 International Cement_ No Par
5,500 Inter Combus Engine No par
,900 Internal Harvester (new)_ _100
100
Do pref (new)
I
2,800, Int Mercantile Marine _100
100
5.400
Do pref
6,900 International Nickel (The) 25
100
Do pref
I
100
2,400 International Paper
600, Do stamped preferred-100
4.300 Invincible Oil Corp__ __No par
200 Iron Products Corp— __No par
10
2,000 Island 011 & Transp v t c
100
1,400 Jewel Tea, Inc
100
500
Do pref
100
26,200 Jones Bros Tea, Inc
100 Jones & Laughlin St, pref 100
10
100 Kansas & Gulf
7.1N Kayser (J) Co (new)--No par
Do 1st pref (new)__No par
25
.27,600, Kelly-Springfield Tire
PER SHARE
Range since Jan. 11923.
On basis of 100-share lots
Lowest
per share
20 Sept 4
66 July 2
85 Aug 27
5 June 5
3414June 4
714 Sept 21
140 July 3
94 July 3
7 Aug 7
912July 2
40 Sept 18
23 Aug 9
61 June 21
8018June 28
10412 Jan 2
168 Sept 20
1012June 6
12/
1
4June 28
79 July 10
7834 July 17
96 June 28
3912June 27
612Sept 21
312June 28
2014 Aug 4
77 Sept 21
1534June 30
714 Aug 13
15 June 20
5 Sept 19
66 June 28
14 Aug 8
31 July 5
12 July 2
60 May 23
40/
1
4 Aug 4
20 June 28
1678July 3
114July 13
114 Sept 20
4 Sept 19
2534Sept 21
1 Sept 14
614 Aug 1
31 June 28
1938June 28
71 Aug 1
10614Sept 5
478 Aug 9
1812 Aug 8
1118July 5
6934 Jan 4
3034 Aug 8
63 July 12
8 Aug 15
3212 Aug 6
14 Jan 2
1714 Aug 9
62 June 20
43 Sept 19
107 Mar 19
14 Aug 6
28 July 2
96 July 2
2538Sept 19
Highest
PER SHARE
Range for Previous
Year 1922.
Lowest
Highest
per share $ per share
$ per share
31 Jan 10
2612 Dec 3112 Oct
751 Jan 107 Sept
93 Jan 2
9934 Feb 14
9112 Jan 10738 Sept
161 May
1234 Feb 16
9
Jan
6012 Feb 13
3712 Mar 62/
1
4 Sept
10/
1
4 Jan 2
8114 Dec 101
/
4 Dec
21214 Jan 11
75
Jan 218 Dec
10232June 14
7612 Jan 10314 June
161k Feb 13
10/
1
4 Nov 191 Apr
22 Jan 13
1214 Jan 2714 Oct
713* Feb 20
4534 Jan 80
Oct
54 Mar 7
3714 Nov 73/
1
4 July
83 Mar
69 Nov 111 July
7l 65 Mar
9438 Mar 14
8334 Dec
110 Apr 2
94
Jan 109
Oct
19028 Feb 2 136
Jan 190 Dec
12 Jan 2
1012 Oct 12 Sept
1712 Apr 18
814 Jan
1514 July
89 Apr 17 1 69
Jan 86 Sept
90 Apr 7
6734 Mar 9614 Oct
7914 Mar 100 Sept
105 Apr 10
5112 Apr 24
3818 Oct 4518 Oct
1238 Feb 9
934 Nov 1824 June
4/
1
4 Dec
812 Oct
778 Mar 9
24
24
2312 2327 ;2312 24
2213 2318 2214 2234 -221s -212-2
4118 Mar 22
2812 Nov 4478 May
80
80
*7834 8112 *7834 8112 *79
8112 8112 8112 77
7812
9212 Mar 6
7912 Nov 91
Apr
17
1712 17
17
*16
18
1614 1614 1634 1634 *1612 17
33 Mar 23
22 Nov 35 May
8
8
*8
834 *8
9
*8
834 *8
812 *8
834
154 Mar 7
8 Nov 19% May
*18
2012 *18
20
*1712 2022 18
18
*1712 21 I 1722 1712
3418 Mar 6
22 Nov 344 May
614 612
614 614 *512 612
5
534
514 512 *512 7
1412 Feb 14
7 Feb 1438 Mar
7612 79
77
7938 7618 7938 7614 78
447 Jan 9478 Oct
7618 7834 7434 7634
1041
/
4 Mar 21
*22
'8
*38
34
*38
34
58
&a
38
212 Jan 12
114, Jan
38
13
,
a
378 Mar
34
3414 *3334 3434 34
34
3414 34
3334 3334 34
44 Apr 19
3412
17
17
17121 1718 18
18
1718 17
*17
19 i •17
19
2334 Feb 16
15
Jan 2884 Sept
*62
64
*62
63
1032
64
*62
63
*6122 6412 *61
63
797 Jan 2
55
Jan 82 Nov
47
4734 4724 48
45
4678 45
4618 454 4512 45
46
78 Feb 16
6114 Nov 9134 Oct
2518 2534 25
2538 2412 25
234 2434 423
,
8 2412 234 2378
32/
1
4 Mar 8
193 Aug 2638 Dec
•1834 21
1834 1834 1814 1838 18
1814 1812 1812 1812 1812
3012 Apr 2
1078 Jan 2618 Dec
178 178 *14 178 .1138
178 *14 14
313 Feb
134 14
612 Jan 8
1418 June
134
134
*212 3
3
3
24 238 *212 3
114 2522
19 Mar 19
314 Jan
15/
1
4 Dec
2
212
*412 512 *412 512
4
4
*4
5
*412 6
812 Apr 6
412 5
5 Jan
1132 June
2722 2712 27
28
2734 2734 2714 2714 27
2718 2634 27
4334 Mar 1
31 Nov 45 June
4112 2
112 13*
178
178 *138 2
138
178 *158 2
11 Feb 20
538 Dec 1134 Mal
838 84
812 84 *812 9
714 838
397 Feb 23
714
712 *612 712
2812 Nov 4314 Mar
3614 3512 354 3534 36
35
3512 3512 3538 *35
44 Mar 19
3534 3534
26
Jan 38/
1
4 MaY
22
22
21
2112 2034 2122 204 2118 21
2114 2034 21
2718 Apr 6
2018 June 3012 Sept
7512 76
76
7612 7512 7634 754 761
7614 7634 7512 76
9812 Feb 7
79118 Jan 1157 Aug
•10614 109 *10614 110 *10614 110 *10614 109 *10614 110 *10614 109
11614 Jan 4 10512 Feb 119 Sept
634 634
634 678
612 612 *612 634 *614 612
614 622
111
/
4 Feb 14
834 Dec 9718 May
22
2318 22
23
22
2214 21
22
21
23
204 2114
47 Jan 5
411
/
4 Dec )738 May
12
1218 12
1218 12
1218 1178 12
1112 1158
1158 12
1614 Feb 16
1114 Jan
1934 Apr
.76
79
*76
79
•76
79
*76
79
*76
79
*76
79
83 June 12
60
Jan
Jan 85
3112 3214 3112 3214 3158 3178 3134 3134 32
32
5838 Mar 6
3138 3138
4312 Mar 637 Oct
*65
66
65
65
*6312 65
•63
65
*63
65
6322 6312
7518 Jan 5
59 Mar 8012 Sept
922 084
912 948
0'2 932
912 10
04
9
912 *9
1914 Mar 7
121 July 2014 Apr
39
39
*35
40
*38
42 .37
45
5814 Mar 8
39
39
*36
24
43
Jan 5318 Oct
14
14
*14
38
14
/
1
4 Feb 24
14
14
14
*1
$8
14 Nov
3 Jan
38
*1734 1812 174 1812 *1712 1812 1758 1758 1712 1734 *17
18
24 Mar 15
10
Jan 22% may
*7034 72
7112 7112 *71
75
7112 7112 69
6978 6912 6912
82 Feb 26
3812 Jan 76/
1
4 Dec
49
50
4912 50
49
3412 Feb 5778 Sept
4978 43
4878 4412 4512 44
45
6338 Mar 16
•10614 110 *10614 110 *108 109 *108 110 ,*108 109
11012Sept 4 10718 Dec 109/
108 108
1
4 Dec
*14
38
*14
a8
312 Jan 12
112 Dec
712 Jan
•14
38
*24
38 .
24
38
38
38
3512 3734 3612 37
457 Feb 23
37
394 3618 3718' 37
34 May 4832 Aug
3812 37
371
*99 101
*98 101
*98 101
*98 101 1 *98 101
*98 101
04 Mar 23
94 May 10612 June
2914 304 29
30
2812 30
2538 2812 2638 2738 26
27
8212 Mar 22
3414 Jan 5334 Me y
*90
95
*90
95
*90
95 *____ 95
94
*85
95 •85
9012 Jan 10734 May
I Temporary 8% pret.......100 94 Aug 30 208 Jan 18
*80
90
*80
90
*80
90
88
88
83
Sept2lI
Mar
*85
83
100
11714
6
61
Feb 11512 Dec
93
Inc
83
Wheel,
200' Kelsey
3312 34
3312 34
33
No par 32 June 20 45 Mar 1
3334 3238 33
2512 Jan 39/
3278 3338 3234 334 13.500 Kennecott Copper
1
4 May
438 438
438 412
418 438
41,s 418
4
418
434 Nov 2438 May
378Sept 21 1118 Mar 24
378 4,8 9,9001 Keystone Tire & Rubber__ 10
*21717. 219 x217 217 *214 225 *21514 225 *21514 230 *2154 230
100 177 Mar 2 24812 Apr 26 110
Jan 18912 Nov
.._.3_01
*78
7914 *75
80
*75
80
*75
80
80 .
43
*75
80
100 75 July 5 8938June 9
*75
Jan 9412 Aug
8)(St L0ul8)
L
IC.r
ac
eisegdee(gas
*1712 1812 *1712 1812 18
18
17
1778 1714 1714
2414 Nov 3518 Mar
165s Sept 21 3134 Mar 22
164 1738 1,U0 Lee Rubber & Tire__ No par
•187 204 *187 204 *187 204 •187 204 *187 204 •190 204
Oct
Liggett & Myers Tobacco_ _100 19034May 21 22234 Feb 9 15314 Feb 235
*112 117 *110 117 *110 117 *110 117 *110 117 *110 117
100 11134 Apr 4 11818 Jan 8 108
Jan 12312 Nov
Do pre(
6212 6334 6258 6334 6234 6354 62
62
6212 9,400 Lima Loc Wks temp etf.No par 5814June 28 7478 Mar 20
6318 62
63
52 Nov 1177a May
•1512 16
1512 1512 1512 1512 1512 1512 *1512 16
1518 1512 1,200 Loew's Incorporated_ _ _No par 14 June 21 2114 Feb 14
10/
1
4 Jan 23/
1
4 Sept
*6
614
6
6
6
6,4 614
614 2,200 Loft Incorporated
No par
6
614
6
6
9 Jan
6 Sept 8 1134 Jan 5
1414 May
50
50
*4912 50
4914 4914 48
4814 49
•48
49
49
38
Jan 6778 Sept
100 3624 July 7 6314 Mar 2
800 Loose-Wiles Biscuit
*158 160
15878 15914 15812 160 •156 165 *157 165
15934 15934
100 146 June 21 178/
1
4 Feb 9 14714 Jan 180 Sept
500 Lorillard (P)
*10612 115 *10612 115 *10712 112 *10712 112 *10734 112 *107 112100
103 May 23 121 Feb 6
72
Jan 117 Dec
------Mackay Companles
*6412 6534 *6412 6534 '64 8 6534 *644 6534 •6458 6534 *64,
8 6534
_
100 6412July 30 7012 Feb 16
57
Jan 70 Nov
Do pref
75
7622 7512 7712 7614 7814 7618 77
7412 75 1
z75
77
NO par 5818 Jan 2 931 Apr 6
2512 Jan 617 Sept
6.500 Mack Trucks, Inc
*93
9414 *9314 9414 *9318 9414 *9338 9424 *9158 9414 *9158 9414
100 87 July 3 9914 Mar 12
68 Feb 9412 Dec
Do 1st preferred
88
*87
87
87
*85
88
*85
88
*8334 8714 *8334 87
106
100 72 June 29 92 Mar 5
54
Jan 87/
Do 2d preferred
1
4 Sept
*6114 6112 *6114 62
61
6112 6118 6118 *60
*60
62
No par 57 July 2 711 Jan 20
300 Macy
59 Nov 62 Dec
2912
3014
2918 2978
2834 3014 2834 31,4 3012 32
30
3034 10.000 Mallinson GI R)& Co_No par 21 June 27 40 Jan 2
1512 Jan 40 Aug
4934 4934 4834 4834 *48
49
32
55
5012 5034 531 .51
,
100 43 July 31 7514 Mar 14
2200
30% Jan 52 Mar
Manati Sugar
*75
83 .70
*75
82
85
*70
85
•70
85
*7414 83100
75 June 20 90 Feb 26
7314 Apr 8414 Sept
Do pref
-----*41
44
41
*40
44
41
*40
43
*40
44
1001 Manhattan Elec SuPPlyNo par 36 Aug 9 66 Mar 21
41 Mar 69/
1
4 Apr
*4212 43
*4212 44
4212 4212 42
42
.4034 4234 *4034 42
700 Manhattan Shirt
4112Sept 14 4778 Jan 5
32
Mar 5834 Oct
2078 2214 2034 224 204 22
2014 2112 2078 22
2038 2134 70,300. Marland Oil
No par 2014 Sept 19 5938 Apr 2
2238
Jan
4638
June
7
7
7
*7
812
7
*7
812 *7
812 *7
10
300 Marlin-Rockwell
No par
7 July 5 16 Feb 26
5% Mar 2638 Mar
28
28
28
29
28
29
29
29
2812 29
29
29
1,000! Martin-Parry Corp_ _ _ _No par 26 July 31 37/
1
4 Apr 17
2014 Jan 36% June
39
39
38
*38
40
3812 *3712 3912 *38
39
*3722 40
400 Mathieson Alkali Works_ _- 50 36 June 28 6412 Mar 14
22
Jan 54 Nov
3812 39
4034 39
40
3812 3988 38
39
3978 3914 4014 6,900 Maxwell Motor Class A_ _-100 3634July 2 . 6314 Mar 8
4114 Nov 7434 May
11
*11
1134 *11
•1114 1134 11
1134 10% 1138 11
11
11 Feb 2578 June
1,400 Maxwell Motor Class B No par 1012June 29 21 Apr 5
7714 7512 76
77
771z 76
7514 76
7612 7714 7612 77
6512 Dec 174/
1
4 Dec
1
4 Jan 5 86 June 7
4,700, May Department Stores_ _ -100 67/
1512 1512 151s 1514 15
15% 1534 16/
1
4 1634 1714 17
17
15 Sept 18 2012May 4
10/
1
4 Jan 211
/
4 Mar
7,000' McIntyre Porcupine Mines_
Petroleum
15E1 185
234Se
Aupgt 14 293 Jan 2 106/
1
4 Jan 322 Dec
Mexican
-----;1_12 .
1..(0ii44
14 _1_603; _---------;511 1-1-6
s
99_1_ _.9188 _ _91_24 _ __ _ _9_1_4 --- -4i:100 10014 Feb 28 10514 Mar 16
7914 Jan 108 Dec
Do pref
918 1034
Oct 3412 July
15
15 23/
1
4May 28
- ,--0, Mexican Seaboard 011__No par
018 1018
9
94 MOO; Voting trust certificates__
12
Oct 3218 July
6 Aug 15 2314May 28
22,
8 2312 23
23
23
23
2234 2234 *2212 2312 *2212 23
800 M1800 Copper
2212June 21 3012 Feb 23
25 Nov 3138 Ma7
5
54
5
5,4
478 514
478 5
478 5
434 5
11 Nov
10
434Sept 21 1214 Jan 12
16
Apr
26,200 Middle States 011 Corp__
2618 •26
28
*2512 2612 26
2534 2534 2514 2514 2514 2514 1.100 Midvale Steel & Ordnance_ 50 2112June 29 3338 Apr 18
2612 Dec 451 May
61
5812 5812 *57
5934 *57
5812 *57
*57
5812 *5612 58
100 Montana Power
100 541:June 28 75 Mar 8
63 Jan 7638 Sept
21
2114 204 2114 21
2058 21
21
21
2114 2034 21
1
4 Aug
3
6:103 00 M
10 1814May 22 26 Feb 13
12 Feb 25/
me
on
ptp Ward Co Ill Corp_Co
24
2412 2378 24122 24
2312 24
2414 2414 2412 2334 2438
Wmarerreo par 17/
13 Aug 1938 Dec
1
4 Jan 17 2938 Mar 22
8513 878
838 834
838 812
834 884
838 834
838 812 10.900 Mother Lode CoalltIon_No par
938 Nov 1214 Dec
'Patine 20 14 Feb 20
*12
1718 *12
17
1634 •12
1634 *12
•10
1612 *12
15
No par
1018 Aug 21 29% Mar 15
1714 Dec 34 Mar
------ I ,
/
12,rfae
ullins 13 y
*90
92
92
90
90
90
90 .85
91
92
8934 8934
70 Dec 525 July
500o
Par 7518 Jan 2 114% Jan 12
od CoCo
Nash Motors
*97
98
*97
98
98
9718 97181 *97
*97
98 I *97
9712
/
4 Jan 17 10112 Aug 108 Dec
100
100 9612 Apr 23 1011
Do preferred A
41012 1078 1022 1022 *1012 1034 1012 1012 *1014 1012 1014 1024
912 Nov 2114 Apr
50 1014 Aug 25 1818 Feb 19
500 National Acme
4512 4518 4558 454 45121 4514 46 1 4514 461
4518 4514 45
3678 Dec 270 Dec
25 38 Jan 5 4812Sept 6
46,700 National Biscuit
•11512 121 *11512 121 *118 121 •118 122 1.'118 122 1'118 122
Oct
100 11812July 5 125 Feb 2 11312 Jan 126
54
54
5414 5414 5414 5414 54
5414' *54
57
26
Jan 6678 Sept
54
54,2
700 National
prefonalC
Cloak & Suit ....100 40 June 18 6714 Feb 21
p
*18
141
14
14
41 Apr
*18
38
14
14
•1s
54
1 Dec
38 1.100 Nat Conduit & Cable_ _No par
112 Feb 24
31
14MaY
5812 5712 5734 5612 58 I 5518 5638
57
5822 59
60
58
3024 Jan 6813 Oct
5518 Sept 21 73 Mar 14
7.200
200 Na
ua
'g d Stamping_ _100
10dc
atio
Ennaalm
11734 12112 118 120 I 11778 118
*118 123 *11814 125 *11812 120
85
Jan 12914 Dec
2
108 July 5 13634 Mar 20
11212 11222 *110 113 i•109 113 ,*110 113
•110 11212 *109 113
Jan
4
108
Jan 117
114
28
10712June
Oct
200
100
pref
Do
1214' 12
12 I 12
123s 1238 1238 1212 1218 1238 12
1318 Nov 19% June
1214 3,100 Nevada Consol CoPPer
5 1112June 26 1838 Mar 5
3612 37 '
3618 38
363ti 3512 36
36
2412 Nov 4138 Sept
1 3634 37,2 3578 36
10.200 N Y Air Brake (new).._No Par 2638 Jan 2 41 Apr 25
47
4718 4734 47
4773 4812 4812 48
*4712 4812 47
45% Nov 5114 Oct
48
1,300No par 4514 Aug 23 5112 Feb 13
16
164 16
18
1712 •1512 1738 *1512 1738 *1512 1738 14.00 NeC
*17
20 Nov 48 June
100 1514Jwm 30 27 Apr 2
k Dock
wlalrorA
*40
45
*40
*40
45
45 I *40
46
45 I *40
*40
46 Nov 6812 June
45
______
100 3734 Aug 14 5112 Mar 15
Do
pref
2078 2014 2038 2014 2012 2014 2034 2014 2034 2014 2058500 Noi;tph Apm
20
kil 1712May 21 2418 Apr 13 ---rercan Co, new
44
44
44 1 *43
4378 4378 44
4412 43
*4312 44
4212July 2 4812 Feb 14
38
Jan -iir
43
4 Aug
7'700
*1658 1812 •1612 18
*1622 18
*1612 18 i •17
20/
1
4 Feb 40 Sept
•1612 18
18
Nova Scotia Steel & Coal_ _100 16 Sept 14 29% Mar 3
9
*8
*8
9
*8
813
9
'89
*89
912 •8
8 July 12
*8
par
8 June 28 1018 Feb 9
1414
34 Mar
ior
No
o por
500 o
Niii
unona
e)
.
er::
.
-N
BlI
czyC&
o (T
Biohw
335 342
412
4348
412
43'2
5 Nov
*312 412 *312 412
*312 4
338Sept 21 1018 Jan 29
*132 134 *138 134
134 *138
14 138 *1%
3% Feb 8
11
/
4 Dec
134
438 June
114Sept 21
124 138 2.200 Okla Prod & Ref of Amer__ 5
41 Jan
772May 7
100 Ontario Silver Mining__ __100
334 334 *312 412 *312 412 *312 417 *312 4 I *312 422
3 July 21
938 Mar
1
4 1712 1734 1734 177
1
4 17/
177 177 '17l 18
/
4 Apr 28
1238 Jan 28
17% 1778 17/
1614June 21 211
2.300 Orpheum Circuit, Inc
1
Oct
118 119 *118 123 1 11844 120
11934 11934 •118 120
*118 _120
Jan 168/
1
4 008
1,000 Otis Elevator
100 11412July 30 153 Feb 16 116
•Bld and aaked prices; no Sales Una day. z Ez-dIv1dend
New York Stock Record-Concluded--Page 4
1332
For sales during the week of stocks usually Inactive, see fourth page preceding.
HIGH AND LOW SALE PRICE-PER SHARE. NOT PER CENT.
Saturday,
Sept. 15.
Monday.
Sept. 17.
Tuesday.
Sept. 18.
5 per share $ per share 5 per share
8
811
818 818 .814 9
4212 42
42% 43
4234
42
*53
523
58
•58
34
34
76
7818 7658 78% 79
80
.7
.7
10
9
*7
812
33
33% 32%, 331
3138 3258
1214 1212 1212 1212 1258 127
5712 5534 5718 5438 5612
55
53,5 5612 5338 5514 53
5434
212 .118 3%
•118 3,2 *lig
•1038 11
1058 10% 1014 1014
253 258
258 2%
25, 234
9012 004 .
9012 01,2 9014 91
4412 4412 4312 4334 44
44
55
65 .55
61
*55
.
65
2112 22,8 2118 22
1934 2134
*814 9
814 831) •818 9
181.2 20
1812 19
1812 1914
2
2% 218
2
2
2
•19
19
25 .19
19
25
Wednesday. Thursday.
Sept. 19.
Sept. 20.
$ per share
*77, 834
.42
43
5s
58
*78
8012
7
7
3114 3358
1212 1234
54
5612
5234 5412
*1% 213
10
10
258 234
90
9012
43
44
*55
61
20
2114
*814 9
*1812 1934
2
2
Per share
7,8 77
4214 4214
%
"8
.79
8012
7% 754
3234 34
1212 1258
5514 5634
5314 5478
•118 312
914 914
212 212
9018 9012
*43
44
.55
61
20% 2214
.
814 9
•19
22
2
2
20
20
Friday,
Sept. 21.
Sales
for
the
Week
$ per share Shares
74 74 2,900
4212 421. 1.300
•88
34
200
1,200
81
*79
*712 9
600
20,100
3278 34
1218 1238 5.800
5414 56,4 46,600
5214 54% 93,200
*114 3,2
600
*914 1018
212 2,2 3,600
1,600
91
.90
1,700
44
.43
.55
61
2058 2112 42,300
834 834 1,300
1,100
1934
.19
.2
214 2.300
600
20
20
------
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range since Jan. 11923.
On basis of 100-share lots
Lowest
Highest
Indus. & Miscell.(Con.) Par $ per share
$ per share
Otis Steel
7 June 30 1434 Mar 21
No Par
Owens Bottle
25 3658 Jan 2 5234 Apr 2
Pacific Development
12 Jan 2
214 Mar 5
Pacific Gas & Electric
100 73 July 2 8518 Aug 20
Pacific Mall Steamship
5
7 July 2 1234 Mar 14
Pacific 011
3114Sept 19 4878 Jan 4
Packard Motor Car
10 1018 Jan 8 1512 Mar 22
Pan-Amer Petr & Trans.__ 30 54 Sept 19 9312 Feb 7
Do Class B
50 51 July 2 86 Feb 7
Panhandle Prod & Ret_No Par
134Sept 10
6,4 Apr 5
Parish & Bingham
No par
9 May 23 1512 Mar 13
Penn-Seaboard St'l v t cNo par
2% Jan 2
6 Apr 4
People's G L & C (Chic)_ _ _100 86 Apr 27 94% Jan 30
Philadelphia Co (Pittsb) _ 50 41 July 2 50% Mar 19
Phillips-Jones Corp
No par 55 Aug 9 80 Apr 4
Phillips Petroleum
1934Sept 18 6958 Apr 5
No Par
Pierce-Arrow Slot Car_No par
6%July 2 1514 Jan 14
Do pref
100 13i2July 2 3558 Jan 9
Pierce Oil Corporation
25
112July 5
6 Feb 13
Do pref
1834 19
100 18% Sept 1
45 Jan 4
Piga Wigg Stor Inc"A"No par 5514 Jan 17 124 Mar 20
;(-35- 63 .60 64 io' 64 ;6 64 ;6"
63
Pittsburgh Coal of Pa
100 58 Jan 16 6778 Mar 7
*98
99 '98
9912 .98
100
99% 997g 997 .98
997
997 .98
Do pref
100 9712July 11 100 Apr 5
Pond Creek Coal
914 Mar 1
10
47% Feb 15
53 .52
.06 Postum Cereal
53
.55 .52 .54
.52
53
521.2. ---2
o214 02% .52
No par 47 July 5 134 Feb 6
.107 112 •105 11214.
105 11214 .106 11214 *106 11214 .105 11212
Do 8% preferred
100 10812June 30 1144 Jan 25
53
52 .50
•52
51
51
51
51
49 I 1,000 Pressed Steel Car
49
100 48 Sept 21 8112 Jan 2
5014 48
89
.87
*87
89 •87
89
89 .87
89 .87
89
Do pref
"87
100 86 Jan 22 99% Jan 5
22
2234 2114 2258 2018 2118 20% 2114 2014 2112 2034 2214, 59.700 Producers & Refiners Corp. 50 20%Sept 18 58% Mar 20
45
.44
4234 44
4412 42
42
43
•42
4212 4212 4212 2,200 PubServCorp of NJ.new No par 42 Sept 18 5112 Apr 16
11312 11312 11334 114% 114 114
11414 116
11512 11612 11518 11512 3,500 Pullman Company
100 11012July 2 134 Mar 8
49
4934 5014 5112 50% 5234 53
50
49
5412 5338 5418 16,400 Punta Alegre Sugar
50 4178July 31 6914 Apr 19
17
1758 1078 1718 1612 1714 1653 17% 1638 1712 1614 17
17,600 Pure 011 (The)
25 1614 Sept 21 32 Feb 13
•851z 90
300
*8512 90 "86
86%
Do
*8512
88
91
86
8% preferred
86
100 8212 Aug 28 100 Mar 9
8612
103 103
1,100 Railway Steel Spring
102 102
102 102
99% 101
100 101
101 101
100 9978 Sept 19 123 Mar 17
•29
100 Rand Mine, Ltd
3018 2914 2914 .29
2978
.2912 30
*29% 30
No Par 2914 July1
34% Feb 19
978 1014 7,300 Ray Consolidated Copper. 10
1014 1014 1018 1014 10% 1018 10
1018 10
1018
978Sept 21
1714 Mar 1
33
33
35
3418 3418 34
37
35
34
3412 3412 1,000 Remington Typewriter v t c100 24 Juno 27 48% Mar 0
34
.
87
96 .87
96
•87
•
87
13t
95
95
.87
98 .
preferred v 1 0
8514 96 I
100 96 Aug 29 104 Feb 13
9814 *9112 98
.92
*94
98 .9112 9712 .94
2d preferred
.9112 9712
98
100 80 Jan 3 9612Sept 13
1112 114 1112 1112 1112 1112 1118 1112 11
1,700 Replogle Steel
1014 11
11
978 Aug 8 3134 Feb 16
No par
4314 45
16,700 Republic Iron & Steel
4358 4458 4378 4434 4318 44
4212 4414 4214 43
100 4018June 30 6634/gar 21
8812 8812 .87
300
00
87
87% *83
88
Do pref
87 .83
100 86 Juno 21 96% Mar 21
88
"83
•1934 20
2014 2014 2012 21
2014 2153 2112 2178 2118 2134 5,200 Reynolds Spring
par 14 Juno 30 2972 Apr 17
5,700 Reynolds(R J) Tob ClassB2
66% 6658 6658 67
86,2 6634 6634 6734 26678 67
No a
; 47 Jan 10 694 Sept II
6653 67
•l1514 118 .115 118 .115 118 *11512 118
300
Do 7% Preferred
11514 11512.
100 114 July 9 118 Feb 9
11514 118
4558 4618 .
45
4534 4414 4434 4414 4458 *4418 45
3,300 Royal Dutch Co(N Y shares). 4012 Aug 1
4334 44
55% Feb 19
•1834 19
19
1958 195 1934 1934 2014 2018 2018 .1912 20
3,200 St Joseph Lead
10 17 Juno 29 2258 Mar 9
.158 214 *112 212 .112 212 *112 212 *112 312 *134 212
San Cecilia Sugar v t c_No Par
158July 11
5 Feb 14
2812 2834 2812 29% 2978 31
4,800
2912
29
Savage Arms CorporatIon_100
3038 3014 3014 29
1812 Jan 3 3314 Sept 5
77
7712 77
77% 77
78
76
100 6514June 30 9238 Feb 13
7734 .
7612 79
7412 7514 5.400 Sears, Roebuck & Co
•108 110 *108 110
100
108 108 .108 110 .105 115 *110 115
Do pref
100 10612Juno 4 11312June 12
.814 9
714
.8
81:
800 Seneca Copper
812 812
No par
812 812
6 June 20 1212 Mar 3
734 818
714
*534 612 .512 612 *658 612 *558 612
100 Shattuck Arizona Conner__ 10
538July 6 10% Mar 2
512 512 *558 61
31% 31% .31
600 Shell Tramp dr Trading_ _ _ .C2 2914 Aug 8 4114 Mar 7
31% 3114 3158 .31
317
3178 .31
317 . •31
•1534 16
1378 16
No par 12% Jan 8 1914May 23
1334 1478 1414 1434 1418 1434 1438 1514 66,200 Shell Union 011
1958 20
1814 19% 16
1814 16
16 Sept 18 39% Mar 19
18
1712 1814; 17,2 1878 180,300 Sinclair Cons 011 Corp_No par
1418 1414 14
12,600 Skelly Oil Co
1458 1314 1414 1318 141
10
9% Jan 2 35 Mar 31
1312 1334 1312 14
45
45 .43
700 Elloir
43
45 .43
45
oShverfe
4314 4314, 43
flield Steel & 1ron.100 3914 July11 60 Apr 26
4312 44
•73
84
84 .75
.7.5
84
100 68 Jan 13 90 Mar 16
84
84 .75
*7314 84 .74
.
3912 41
1,500, South Porto Rico Sugar...100 3814 Aug 4 641 1:gar 19
.3912 41
.3912 41
4414 4512 4314 45
*3912 41
1478 1514 15
7001 Spicer Mfg Co
r
15
•1414 15
1000a,,
1134June 30 271 1 Feb If)
No 1p
1414 1414 1434 1434 *14,4 15
4,9012 94 .
Do prig
94
90 Jan 3 9778 Feb 2
9012 94 .9012 94
*9012 94
*9012 94 , .89
.
6334 73
•6634 71
*6634 75
Standard Milling
70 July 5 9012 Jan 23
.6634 75
*6612 73 I .6634 75
5118 15,400 Standard 011 of California. 25 4718July 30 12312 Jan 2
49
4934 4834 4938 4918 5035 4914 5014 5014 5034 50
16,000 Standard Oilof New Jersey 25 3078July 31
3114 307 3158 31% 3158 30% 3158 3134 317
31
31% 33
4414 Mar 3
*11538 11614 11558 11614 11512 1151 11512 11534 *11512 11578 11512 11512 2,000
Do pref non-voting. _ __100 11434 Aug 24 11811July 27
.111
____ *111
Steel & Tube of Am, pref_ _100 85 Jan 2 11038 Aug 9
111
*111
_ _ _ *111
---&56 Sterling Prodllcla
54
54
54
54
No par 51 June 29 6758 Mar 2
55
5418 5418 *5312 55
5412 .53
*53
•11414 116 *11414 116 *11414 110 *11934 120 *11414 11614 *11412 11512
tern Bros, pref (8%)
100 10912 Jan 2 115 Jan 5
82
8434 82% 84
8234 8.512 8234 838 31,500 Stewart-Warn Sp Corp_No par 74 July 5 12412 Apr 17
8255 8414 8134 84
5,500 Stromberg Carburetor_No par
6412 6534 6434 6512 65
66
64% 65
5912July 2 9414 Mar 6
66
6518 653 .64
10053 10214 10058 10238 10034 10214 9978 1017s 100 1021e 9914 10012 197,900 Studebaker Corp (The)._ .10(
9814July 2 12614 Star 21
200
•11314 115 "11314 11434.
100 112 Jan 4 11012 Aug 16
Do ocef
115 115 *115 11814
11314 11434 *11312 115
8
818 8
83,
812
No Dar
8
7 Jan 3 15 Apr 6
8
81
818 818 4,300 Submarine Boat
814 812
'2l
212 212
234
2 Sept 18
2
21.
212
634 Feb 15
2113 218 1,300 911PeriOr 011
No Par
218 214, *2
•27
28 .27
29 .27
28
*28
100 24 June 29 34 Mar 22
811DexIor Steel
30
*28
30
112 13,
158 178
112 158
10
1 Juno 4
178 214 24,20() Sweets Coot America
178
2% Jan 12
134
15, 178,
918 9%
918 914
01
2,200 Tenn Coop & C tr ctfs_NO par
918
9
9
9%1
8 June 21
9
9
1234 Feb 21
391 41
40
4038 4014 41
3914 407 1 3938 4034 3914 4018 50,300 Texas Company (The)____ 25 3914 Sept 18 5278 Mar 20
553
5458 5.5 I 5512 5512 5478 55,4 2.700 Texas Gulf Sulphur
557 557
1)) 5314 July 2 65 Jan 15
545 5512 55
712
73, 75,
7
7
753 7%
7 Sept 18 2414 Feb 2
7,2 734
734
738 712 6,500 Texas Pacific Coal & OIL ... 10
*9734 9813 *97
99
9512 9538 9512 955g 9534 9678 9714 9714 1,100 Tidewater Oil
100 94 July 2 144 Mar 2
36
3634 36
36% 3614 3614 *353 36
347 3518 8,900 Thnken Roller Bearlug_No par 331.2 Jan 2 45 Mar 8
3434 36
5058 52
18,900 Tobacco Products Corp_ 100 46% Aug 4 6112 Apr 27
505
, 5212 5138 52% 51% 5314 52% 5314 .52
53
81
8134 8218 8112 82
81
Do CIA (since July 15) 100 7612July 2 85 Mar 2
8134 8212 8212 8234 8214 8212 7,500
334 3%
10,000 Transcontinental 011 ..No Par
334 37
33
334 4
338 Aug 18 1412 Jan 5
358 378
35
6314 6314 .63
6458 63
300 Union Bag & Paper Corp._ 100 61 Aug 4 7712 Mar 28
6314 *62
'
34
*82
358 65
64 4 *62
48 •
18
300 Union 011
NO par
18 Jan 4
14 Jan 3
;i3O- 90 '87 90 .87 88 .82 88 85 85 •83 90
100 Union Tank Car
100 81 Feb 1 9934 Star 19
•105 107 .105 10712.107 108 *106 108 *107 108 .107 108
100 106 Sept 6 112 Jan 19
Do pref
.3034 3114 .3034 3114 .3012 31,4 *3012 3114 *3012 3114 .3012 3114
United Alloy Steel
No Par 29 July 31 3912 Mar 21
•7512 77 .
7512 80
*7514 77
*75
100 7434July 2 8534 Feb 26
United Drug
78
*7514 80
"7514 77
*4714 4712 •4714 4712 *47
4712 *47
50 4614 Feb 14 49 July 1
Do 1s1 preferred
48 I .47
47%
4712 .47
171 171
170 170 •I6934 175
800 United Fruit
17012 17012 2169 169 .16612 170
100 15212 Jan 17 183 Mar 2
7512 .72
1,800 United Retail Stores__.No par 64% Feb 1
76
•72
7512 *73
74
7714 .7412 7735 .74% 77
8418 Apr 17
2912 3014 29% 3073 31
31
3278 3412 3134 3134 32
32% 35.000 US Cast Iron Pipe & Fdy._100 20 July 3 3412 Mar 2
75
77
75
75
100 64 Juno 21 79 Sept 11
Do pref
7534 74
7712 7812 78
77% 787
7812 3,800
700 II S Food Products Corp_ _100
4
4
4
.334 412
3% 3%
*312 4
218June 28
4
4
6121gar 19
4 i
800 US Herrn mach Corp_No par
.1634 17
16313 1634 1658 16% •1612 1634 •1612 17
15 June 30 25 Jan 27
•1612 17
50
48% 5014 4818 4934 4814 5034 4712 48% 13,900 U 8 Industrial Alcohol._ 100 40 June 29 73% Mar 16
4812 5012 49
.96 100 , .96 100
.96 100
Do pref
.
100 9514J1,ne 29 101 Mar 28
96 100 .96 100
"96 100
900 US Realty & Improvement100 8818July 2 106 Mar 5
9312 9212 9212 .92
93
9412 .92
94
94% 92
95
93
100 3512 Aug 13 6473 Mar 22
3914 4014 38% 39% 3712 3938 3653 3858 3612 3712 19,200 United States Rubber
39
40
2,600
100 8814 Aug 13 105 Jan 13
9212 93
Do 1s1 preferred
9214 9214 9234 9234 9034 9234 91
9112 9134 92
400 US Stneiting. Ref & Min._ 50 20 June 28 4338 Mar 2
2312 2412 2312 2312 *2314 2412 *2314 2414
2312 2312 .2312 25
400
*41
Do pref
41
41
50 40I2June 28 48% Jan 3
4258 4118 4118 •4118 43
421: 41
41% .41
87% 89% 8712 8834 8078 8834 8658 8712 153,600 United States Steel Corp_ ..100 8512July 31 109% Mar 21
87% 8918 8734 89
1,900
100 1154 Aug 6 12312 Jan 15
Do pref
117 Ea
117 11714 116% 11714 117 11718 11718 11714 11718 11714
5912 5934 60
10 56 July 5 7612 Mar 5
59
6012 5938 59% 0,300 Utah copper
5934 60 I 5912 60 I 60
100 1418June 27 2438 Feb 16
153s 16
1712 1512 1512 11478 1512 .15
16
1514 1512 1,800 Utah Securities v t 0
*16
No Par 2434July 5 4458 Mar 20
2938 7,600 Vanadium Corp
29581 2914 30
2934 2918 29% 29
29
2834 29% 29
Van Benito, 1s1 pref
100 8912May 31 98 Jan 25
9018
.85
90181 •85
90% .85
9014 .85
90,8 •85
9018 *85
97 10
1,700 Virginia Carolina Chem...100
*958 10
614June 27 27 Feb 21)
934 934
918 1034
83.4 918
9
914
Do pref
100
2712 1,900
17 June 27 69 Mar 15
26
2418 26 , 2512 2614 .25
25
2534 28
2634 25
Virginia Iron. C & C ____100 52 July 2 68 Mar 5
59
*53
59 .53
59 .53
•53
*53
59
59 I .53
59
100 7712June 29 85 Apr 23
Do pref
80
*79
83 .79 83-- -- •79
83
83
.79
*78
No par
1818 1818 1818 1,800 Vivaudou (V)
1514 Jan 17 23 Star 22
1814 1812 1814 18,4 1838 1835 1818 1838 .18
800 Weber & Hellbroner-NO Par
1214 Jan 27
1414 1414 13% 1414 1534 1534 1334 13341 .1378 1458 •1334 15
1.534 Mar 8
1,000 Wells Fargo Express
100 3412July 11 105 Mar 2
36
.34
36
38
36
•34
36 .34
36
36
3534 36
700 Western Union Telegraph_100 10118July 5 11912 Feb 20
•1136 108
10714 10714 10714 10714
10714 10714 *107 108
107 107
gpi2 8012
. 50 76 July 5 120 Feb 17
300 Westinghouse Air Brake..
•81
83
83
.7912 83 .80
81
81
81
81
5814 5874 10,100 Westinghouse Eleo & Mfg. 50 5212June 30 67% Feb 16
5818 5834 5734 5838 5813 5858 577 5812 5818 587
4,400 White Eagle 011
No par 2318flept 18 3033 Mar 20
2012 21
21% 2118 2078 21
2018 2078 2038 2034 2012 21
1,900 White Motor
4714
50 95 June 28 6078 Star 19
50
50 .50
50% 49% 4934 x4812 4812 47
50
51
1% Aug 16
114
138 2,700 White Oil Corporation_No par
5% Feb 19
118
114
138
118
114
118
138
*114
Ds
114
534 July28 14 Feb 13
1,100
Wickwire Spencer Steel
67
8
5
6
634
634
7
612
I . 7
7%
•7
7
634 7
8
6
25
614 17,100 Willys-Overland (The)
5 June 21
634 678
814 Jan 5
634 67
634
6
614 634
658 678
Do pref (new)
100 4212 Jan 2 7058Sept 1
67% 6734 68
6734 6378 6612 6278 6512 60513 6312 14,000
67
68
21% 21% 1,300 Wilson & Co. Inc, v t c_No par 19 June 27 42% Mar 7
•22
22
,Do 22
23
21 '
21
22
22
22
----Do pref
100 64 July 13 89 Feb 8
_ _ •66
•66
•66
70
•66
*60
1,500 Woolworth Co (F W)
25012 25012 25412 25614.
100 199% Jan 24 260 Sept 10
254 25714 255 255
250 257 .250 255
900 Worthington P & M v t c_100 2318July 3 404 Feb 15
•24
2414 24%
26
26
26
27 .2414 27
26
27
27
500 Wright Aeronautical
97
97
No nnr
'III Jan 17 11 May 17
9% 9,4
958 958
*958 10
9% 9% *912 10
• 4,11 and asked orioes: 09 sales on this day. 1 Ex-dividend.
PER SHARE
Range for Previous
Year 1922.
Lowest
Highest
8 Per share $ per share
1612 Apr
678 Nov
Jan 4238 Sept
24
12 Dec 1418 Apr
Jan 9118 Sept
60
19 June
11
Jan
42% Nov 6938 May
10 Dec 21 Nov
48% Jan 10078 Dee
4012 Feb 9534 Dec
3 Dec 12i2 Jan
Apr
17
712 Nov
2% Dec 1338 May
5934 Jan 99 sera
3112 Jan 45% Sept
73% Oct 10518 Jan
2814 Jan 5914 June
8 July 2438 Apr
1878 JUIY 49
AM'
Jan
378 Dec 12
Jan
32 Sept 71
39 Nov 59% Dec
55 Nov 7238 Sept
90% Feb 10012 Sept
1414 Feb 41 Dec
Oct
6558 Apr 120
10512 Apr 1124 Oct
Jan 9514 Sept
63
91
Feb 106 Sept
2418 Jan 51 Sept
1051k Jan 664e41
31
Jan 5314 June
2612 Nov 38% Jan
94 July 10234 Apr
Jan 12614 Sept
94
1912 Jan 3612 Sept
19 May
1218 Nov
24
Jan 42 Mar
Jan 105 Dec
55
5012 Feb 8034 Dec
3812 May
21 Nov
4812 Nov 7812 Mar
74 Feb 95% May
1108
1214 Nov 5034)
43 Mar 63% Nov
111 18 Apr 11834 Oct
4738 Jan 67 June
12% Jan 2014 sera
112 Jan
514 Mar
10 Intig 2478 Apr
59% Feb 94% Aug
91
Jan 112 Aug
6 Oct 2314 Jan
012 Nov
12 June
3412 Dec 481g May
1218 Dee 1314 Dec
1834 Jan 3834 June
858 Nov
1178 Oct
3412 Mar 5412 MAY
66 Mar 80 Aug
33 Nov 5714 Mar
15 Nov
24 June
84
Apr 06 Sept
84% Dec 141 Sept
9124 Jan 135
Oct
3812 Dec 250% Oct
11338 Jan 11612 Nov
68 Mar 90 May
454 May 63% Dec
Jan 109 Dee
81
2412 Jan 79 Dec
3514 Jan 71 Dee
79% Jan 14134 Dee
100 Feb 11814 Nov
312 Jan
8% Nov
4 Nov 1014 June
Jan 39% Apr
26
158 Nov
5 Mar
8% Nov
1234 May
42 Mar 5214 Oct
38% Jan 6718 Nov
1812 Nov
3234 June
109% May 1.54
Oct
2812 Sept 35
Oct
4914 Nov 8414 June
76% Aug 8912 Sept
712 Mar 20% May
55 Mar 78 Sep,
18 Dee 25 June
85 Dec 13434 Dec
102 Feb 113 Sept
Jan
4114 Stay
25
Oct
6078 Mar 85
41 18 Feb 5178 Oct
Oct
11934 Jan 162
4312 Feb $7l Oct
1618 Jan 39 Aug
Jan
78 Aug
50
234 Feb
1018 Jan
1812 Nov
2578 May
37
Jan
7278 Oct
Oct
7212 Dec 102
56
Jan 9278 Oct
46 Nov 674 Apr
91 Sept 107 July
33 Feb 4834 Oct
4214 Feb 49 Aug
82
Jan 11112 Oct
11338 Feb 123 soot
7112 Sent
59 Nov
9% Jan 2318 Sent
533
4 Aug
3014 Jan
Oct
Jan 100
92
2314 Nov
2
367 Mar
Oct
58 July 83
43 Mar 9412 Jan
Oct
66 Mar 86
10 Dec
618 Jan
1078 Oct 17 Ayr
6614 Jan 9834 Oct
89 Fob 12114 Aug
80 Mar 114 Dee
4918 Jan 654 Aug
3338 Nov
25 May
54 Sept
3518 Jan
218 Dec 12 May
812 Nov
2178 May
10 May
412 Feb
9912 July
Feb
24
2,012 Sept
27% Jan
Jan 91 Sept
68
Jan 223 Nov
137
55% June
2678 Nov
Aug
Jan
II
6
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
1333
Jan. 1 1909 the Exchange method ofquoting bonds was changed and prices are now "and interest"-excep for income and defaulted bonds
BONDS.
N. Y. STOCK EXCHANGE
Week ending Sept. 21.
Price
Friday
Sept. 21
Week's
Range or
Last Sale
U. S. Government.
Rid
Ask Low
High No.
First Liberty LoanJ D 991543 Sale 992532 991032 667
% of 1932-1947
.1 D 98
981034Aug'23 ---Cony 4% of 1932-1947
J D 98,s: Sale
98122 983,, 202
Cony 4%% of 1932-1947
.1 D
2d cony 01% of 1932-1947
971533 971332
3
Second Liberty LoanM N 98133 Sale
4% of 1927-1942
5
98.00 9813
N
Cony 4 % of 1927-1942
M
98533 Sale
98133 9853 1352
Third Liberty LoanM S 981033 Sale 9811,2 98358 8348
4J(% of 1928
Fourth Liberty LoanA 0 98,s: Sale
98,ss 98,
4j(% of 1933-1938
s 2117
A 0 991,34 Sale 9915s1 993,s 350
Treasury 43is 1947-1952
d1930 Q J
25 consol registered
104% July'23
d1930 Q J
103 July'23
28 consul coupon
1925 Q F
48 registered
104 May'23
1926Q F
10314 Aug'23
4e coupon
Panama Canal 10-30-yr 29--k1936 Q F
100 July'21
Panama Canal 3s gold
1961 Q M
9312
9412 Apr'23
Registered
1961 Q M
9314 June'23
City
Securities.
State and
3
N Y City-43(a Corp stock_1960 M S 89914 10014 9914
99%
9918
1964 M
*100 10038 go%
4Sis Corporate stock
5
43s Corporate stock
1966 A 0 *10018 _
100 Sept'23
4)is Corporate stock
1971
D *10414 ios 104 Sept'23
4;48 Corporate stock _July1967 J J *10414 105 104 Sept'23
4Yli Corporate stock
1966.8 D *10414 105 1037e Sept'23
Corporate stock
1963 M
*10414 1047g 10414 Sept'23
4% Corporate stock
1959 M
9634 9714 9614 Sept'23 __4% Corporate stock
1958 M N
9634 974 96% Aug'23 _ -4% Corporate stock
1957 M N *9634
1
96
96
4% Corporate stock reg_ A956 MN *9534 -96
- ,4 95 July'23 -__1957 MN •10418 10478 10334 Aug'23
Ois Corporate stock
434% Corporate stock- _ _1957 M N
_
10478 Sept'23 __
34% Corporate stock _1954 MN
87 July'23
1961 M
New York State-4s
10212 June'23
1961 J .1
Canal Improvement 4s
_10212 June'23
Highway Duprey% 434s .1963 M S
11214 July'23
Highway Improv't 4348_1965 M S
1044 Apr'22 ____
1991
Virginia 2-3s
7114 Oct'20 _
61; -
Range
Since
Jan. 1
Low
BONDS.
N. Y. STOCK EXCHANGE
Week ending Sept. 21.
ts5
Price
Friday
Sept. 21
Week's
Range or
Last Sale
313
Range
&we
Jan. 1
Bid
Ask Low
High No, Low
High
Atl & Birm 30-yr 1st g 48-8-1933 M S 6814 69 6712 Aug'23
65
6978
82
AU Knoxv & Cin Div 4s____1955 NI N 81
8014 8612
8214 Sept'23
_ _ _ 0834 May'23
Atl Knox & Nor 1st g 58_ _ _ _1946 J D
98% 9912
9178 Sept'23
9134 93
Atl & Char! A L 1st A 43.4s..1944 J J 9988
917a
9718
98
1941 J J 97
5
9734
96 100
1st 30-year 58 Ser B
2
86
Atl Coast Line 1st gold 4s_k1944 M S 8512 Sale 8512
82% 89
106 10612 106
13 106 108
107
10-year secured 78
8512
ibl D
N 85
1964
39 .1
2
General unified 4%a
8638 85
82
89%
a1952 M S 8014 Sale 8038
20
ollirg
id45
4s
82
AtIlVancy
7612 83
1948
.1 704 77
7518 Sept'23
73% 7934
.1 6314 68
65 Aug'23 _-_1948
2d 4s
6111 68%
97,
:g 99.04 Atl & Yad ist g guar 48
1949 A 0 7612 78
774 Feb'23 _-_7718 77%
98"n100.04 A & N W lst gu g 513
1941
.1 9212
9418 June'23 ____
93% 9714
102,4 104,4
102
103 Bait .54 Ohio prior 334s
9538 70
k1
1925
925 Q .1
J 9514 Sale 9514
93% 97%
103, 104
934 9412 9414 Sept'23
Registered
93% 9416
1031s 10314
k1948 A 0 7738 Sale 764
7738 55
745a 80
1st 5
gold 41
_ _ 9414 Sept'23
Registered
k1948 Q J 7438
741a 787s
-641;
-91'
22
5212
,4345
81
1933 !VI 5 804 Sale 7938
96
,
,enadr cony
ef
)
IO, R
.
934 96
D 8212 Sale 8112
79/
1
4 85
°6
5 9Ser A__.1995
8234 48
10078 111
1929
J 10012 Sale 10014
99 10172
19-year
9914 101
M
99 Div 1st g 3%5_1925 M N
9114 95
9334 Sept'23
934 94
P
9918 1027g
7434 Sate 7412
73
7912
7514 21
P L E & W Va Sys re148_1941 M N
100 10212
9118 94%
111
94
Southw Div 1st gold 3345-1925 J J 9334 Sale 9338
104 108
61% 67%
6312 16
Tol& Cin Div 1st ref 45 A_1959 3 J 6312 Sale 63
104 10712 Battle Cr & Slur 1st gu 35_ _1989 J D
_
.5718 Apr'23
5718 80
10374 10712 Beech Greek 1st gu g 45_ _ _1936 3 .1 87144
8912 Apr'23
5212-90
86% 8912
104,4 107114
1936
J 8418
Feb'23
Registered
86
86
-- 86
96,4 10014
1936
J 9514 _ _ _ 104 May'16
2d guar gold 55
9634 9972 Beech Cr Ext 1st g 330---k1
60 July'22
944
51 A D
O 75,4_10
96 10014 Big sandy ist 4s
8014 844
8012 43
-4 8014 July'23
95
99'2 B & N Y Air Line lat 48_ _ _1955 F A
___ 68 65 July'23
65
7512
10334 107,
4 Bruns & W 1st gu gold 4s__ _1938
J 8812 8912 89 Feb'23
89
89
10414 10712 Buffalo R & P gen gold 5s_ _1937 M S 100 10034 100 Sept'23
100 101%
87
91
1957 M N
10
87
88 8718
88
87
924
Consol 4%5
10112 10312 Burl C R Gr Nor lat 58
1034 A 0 964 Sale 9614
95
9912
964 17
l0254 10212
11214 11214 Canada sou cons gu A 5s__ _1962 A 0
9818
7
94 10012
9734 9734
634546
a f 75..1
19
940 J D
J
Sale 112% 11312 16 112 115
Canadian North deb
33 110% 11324
11278 Sale 11212 113
25-year St deb
deb 45 stock_ _ J J
Ry
7612 8012
7978 98
793
4
Pac
Sale 7914
Canadian
Foreign Government.
9212 Sept'22
90
Carb Sc Shaw 1st gold 4s__ _ _1932 M 8 83
Argentine(Govt)75
1927 F A 101 Sac 101
10138 85 10014 10314 Cato Cent 1st con g 45
1949 .1 J 69
68 if
6834 June'23
Argentine Treasury Is of 1909-- M S 8034 Sale 8034
7712 8514 Car Clinch &0 1st 3-yr 58._ 195
82
5
38
2j
J D
D 92 -9212 9212
15
93
8814 94
Austrian (Govt) 78 w 1
1943
D 87% Sale 8758
8814 142
8334 93
,
4 '(Is
9638 Sale 96
89
98%
9678 68
D 10012 Sale 100
Belgium 25-yr ext at 734s g_1945
101
9114 10312 Cart & Ad lst gu g 4a
69
19813
D
7718
76%
763
4
Sept'23
7614
78
5-year 6% notes
Jan 1925 J J 96% Sale 96
96% 74
93
9834 Cent Br IT P 1st g 4s
1948.8 D 67
72% 6678 May'23 -__667a 667a
20-years f 8s
1941 F A 10014 Sale 100
93 10314 Cent New Eng 1st gu 4s_ _ _1961 J 1 48% 52
10012 56
5214 Sept'23 ____
48
68
1945 M N 10814 Sale 10814
Bergen (Norway) at 8s
10814 13 10712 10912 Central Ohio 434s 1930.
1930 M S 904 95
9334 Dec'22 _ _ _ _
Berne(City of) a f 8s
1945 M N 10818 Sale 10814
10912 19 10814 11314 Central of Gg tat gold 59...y1945 F A 100 102 100 Sept'23
100 102
Bolivia (Republic of) 8s_
1947 M N 8734 Sale 8712
88
44
86
94
1945 M N 9434 9614 9414
4
92l 9811
9414
Como! gold 58
Bordeaux (City of) 15-yr 69_1934 MN 80 Sale 7814
115
6912 8312
81
June 1929 J D 100 10014 9934 10012
5
9984 10113
10-yr secur 6s
Brazil. U S external 8s
1941
D 95 Sale 95
9134 go
9512 55
7413 81
Div put money g 45_1951 .1 D 7334 -- 7412 May'23
Chatt
78 (Central Ry)
1952
D 7812 Sale 7812
7812 8814
8114 87
_ 964 Sept'22 _
151 g 58-1946 J J 9338
Div
Mac
&
Nor
734s (Coffee Security)_ _1952 A 0 10012 Sale 1001g
101
7
9614 104
k1
19
94
87 Q
J j
J 934 -6i12 94 July'23
94
94
Mid Ga & AU Div 58
Canada (Dominion of) g 55.1926 A 0 9912 Sale 9912
9978 12
99 10114
1946 .1 J 9712 9818 94% Aug'23
_
9435 9712
Division 55
Mobile Div
do
do
do
58..1931 A 0 100 Sale 9934
99 102
10014
7
9134
1
90
,
s 9734
Cent It R&B of ga cell g 53._1937 M N 9134 9212 9114
10-year 53433
1929 F A 10114 Sale 10034
10112 66
99% 10211
2 10312 108
Central of NJ gen gold 55.1987 J J 10514 10712 10514 10514
56
1952 M N 9814 Sale 9778
9834 271
97% 102
10312 10812 10414 Sept'23
_ 103 10514
Reghtered•
Chile (Republic) ext a f 8s 1941 F A 10334 Sale 10312 104
42 100 10418
86 Sale 86
795s 8812
8671f 93
External 5-year s f 88
1926 A 0 10234 Sale 10212 10338 27 100 10414 CenPAclsret gug48
8914 91%
91
3%8._f9
9158 15
91% 9138
lgY !10hiargo
75
1942 M N
94 Sale 9312
9312 9544
95
37
79% 84
0
8118
8118
1
8114
85
let
gu
45_
_1954
A
L
St
Through
25-years f 8s
1946 M N 10312 104 10312
_ 11412 June'23
104
17 10012 105 Charleston & Savannah 78._1936 J J
11412 11412
Chinese (Iluktiang Ry)58 _ _1951
D 42
41
43
4212
4312
5
5244 Ches & Ohio fund & inapt 55.1929 J J 115149438 97
95
6(i 9512 Sept'23
Christiania (City) a f as__ _1949 A 0 108 Sale 10738 108
1
4 11212
5 107/
10018
10014
1939
M
N
6
9934
1003
4
9734 103%
gold
58
let consol
Colombia(Republic)6%s.....1927 A 0 9112 Sale 9112
9
92
8812 95
_ 9812 May'22
1939 M N 96%
9714 98%
Registered
Copenhagen 25-year at 5345_1944 J J 8914 Sale 88
88
89% 21
9212
83% 15
1992 M S 83 Sale 83
8378 86%
General gold 43.4a
Cuba 59
1944 M
98 Sale 9712
9014 99%
98
4
83 80% Apr'23 1992 M 8 78
8014 8011
Registered
Exter debt of 5s14 Ser A.1949 F A 90
92
91
3 87% 934
91
8512
Sale
41413-1930
F
A
85
8912
8614
56
85%
convertible
20-year
External loan 43.413
1949 F A 82
81% 89
8314 8112
8212 30
86
9612
88
32
30-year cony secured 533_1948 A 0 87% Sale 86
1953.8 .5 91% Sale 9114
93 1222
91% 9934
91% Sept'23
9014 95
1940.1 i
Craig Valley 1st g 5s
Czechoslovak (Repub of) 85-1951 A 0 93 Sale 9214
77
93
35
7514
. 7814 May'23 ____
9612
78
14
Branch
lst
45_1946
J
J
78
14
Creek
Potts
Danish Con Municip 8s"A".1946 F A 1074 10812 10754
10812
7 10612 10912
7644 81
80 Aug'23
_
.
R & A Div lst con g 45__ _1989 1 J 77% -81.
Series B
1948 F A 108 Sale 10712 108
24 10634 10934
7414
76
74%
Aug'23
1989.8
J
73
78
gold
4s
consol
2d
Denmark external a f 8s
1945 A 0 10834 10912 10864
10912 22 107% 110%
905490¼
9034 July'23 _ _ _ _
Warm Springs V ist g 58_ _1941 M S 9112 95
20-year 65
1942
.1 9614 Sale 9618
95
97
83
99 Chic & Alton RR ref g 3s.--1949 A 0 54 Sale 53%
5012 5614
54
5
Dominican Rep Con Adm a 151358 F A 100 101 101 Sept'22
9514 102
4514 53
53 July'23 _
ctfs
Co
Tr
York
New
1942 M S 87 Sale 87
5345
84
90
88
12
4913 52
:.__
50%_ 52 Sept'23 _ _ _ _
Stamped Oct'22 int_ _ _ _
Dutch East Indies ext 6s
1947 J J 9612 Sale 9612
9214 0814
9678 88
_
__.
int_
_
46,1a
5012
5012
22
52
5012
504
'23
Apr
Stamped
40-year 65
1902 M S 97 Sale 9618
92
0744
97
184
2514 3312
29
/
1
4
31
172
1950
3
.1
29
/
1
4
Sale
lien
3348
Railway 1st
534e trust rots
1953 M S 91% Sale 9112
87,
8 0414
9134 85
7812 85
7934
7934
9
7934 80
Chic Burl Ji Q-111 Div 3348_1949 J J
French Repub 26-yr ext 8s_ _1945 M S 100% Sale 9714
90 101
10012 744
1949.8 J 8534 8712 8614 Sept'23 _ _ _ _
8512 9034
Illinois Division 48
20-yr external loan 7349_1941 .1 13 95% Sale 9414
9538 529
84
97
9512 97
1927 M N 9614 96/
_
1
4 9638 Sept'23
Nebraska Extension 4s
Gt Brit & Ire (UK of) 53413.1937 F A 101% Sale 101
,
8 10434
10112 79 100
9534 9614
9618 July'23 _
1927 M N
10-year cony 53.45
1929
11818 Sale 11012 11114 52 10974 1116
1958 M S 8518 Sale 8438
83
8912
854
8
General
Greater Prague 73.4a
1952 M N 77 Sale 76
65
77
57
8234
9638 1014
1971 F A 98
9814
99
9812
24
1st
&
513
ref
Haiti (Republic) 6s
1952 A 0 9034 91
9012
91
11 .8912 98 Chic City & Conn Rya 5a
A
0
1027
47
5114
55
66
533
8
Sept'23
_
Italy (K1ngd of) Ser A 03.45.1925 F A 9512 Sale 9512
9212 9714
96
31
104 10612
10418 June'23
Chicago
East III let 68-1934 A 0 103
Japanese Govt,--£ loan 4 s_1925 F A 9218 Sale 9134
9012 9374 C d3E &
9214 101
MN 76 Sale 76
58_1951
geia
co)
(new
76
8112
RR
Ill
77%
47
Second series 0348
1925.8 J 9118 Sale 907g
903 93/
9114 37
1
4 Chic & Erie 1st gold 55
1982 M N 91
92
8734 9712
91 Sept'23
Sterling loan 4s
1931 J J 78 Sale 7772
7812 71
751
/
4 8272 Chicago Great West 1st 49_1959 51 S 4412 Sale 4412
44
56
4514
71
Oriental Development 65_1953 M
9034 Sale 8812
8814 9312
9034 110
4134 42
41% 46
4134
42
With Sept'24 coupon on
Lyons (City of) 15-year 613_ _1934 M N
80 Sale 7814
82
198
6914 83/
1
4 Chic Ind & Loulsv-Ref6s__1947 J J 10418 106 106 Sept'23 14 1047s 10714,
Marseilles (City of) 15-yr 68-1934 MN
80 Sale 7814
8034 80
6913 8312
1947 J J 95
92
9712
96
9578
Refunding gold 55
9578
2
Mexican Irrigation 434s
1943 MN 2812 33
30
32 Aug'23
_
42
7912 86/
Refunding 45 Series C_ _ _1947 J J 8012 85
80 Aug'23
1
4
__
Mexico-68 of 1899
1945 Q .1 52% Sale 5238
531
49
31
5812
1966 M N 7914 8034 8034
80
1
4
58
A
•
84
General
803
4
1
Gold debt 43 of 1904
1954 J D 3018 33
3012
30
30%
3
4134
94t2 99
c1966 J J 95% 9634 96 Sept'23 _
General Os 13
Montevideo 7s
1952.8 D 86 Sale 8514
85
86
9138
10
Ind & Louisville 1st 913 48_1956 J J 70
78
74
78
78 June'23
Netherlands Os (flat prices) 1972 M S 9712 Sale 97%
98
0634 10212
89
81
8214
Chic
& Sou 50-year 4s1956 .1 J 8212 85
8412
Norway external a f 88
1940 A 0 110 Sale 110
11012 12 109 11234 Chic Ind & East 1st 43'4s__ _1969 J D 86%__ 8812 July'23 __
8614 90
LS
June'23
__
1952A 0 95 Sale 95
631
95 100
95% 18
C M & Puget Sd ist gu 4s_ _ _1949 J J 5512 g;le 5512
6412 68%
5534
5
Os (interim certificates). _ _1943 F A 9612 Sale 9612
96h 96/2
96% 66
Ser A.e1989 J .1 7278 Sale 71
7014 7434
7278
5
Panama(Rep) 534ti Tr recta..1953 J
95% 97% Ch M Jr StP gen g 48Ser B.
9534 9634 9534
97
15
.el989 J .1 62
6112 6514
gold 3348
62
General
62
1
1961 J D 96% Sale 90
Porto Alegre (City of) 833
93
9912
97%
4
Series
C____e1989
J
J
77%
8372
4348
7712
7
General
8
.78
78
787
8
13
Queensland (State)ext at 79_1941 A 0 10614 Sale 0614
106% 24 10534 10912
4912 62%
Gen & ref Series A 4%s_ _a2014 A 0 5214 Sale .52
5238 30
1947 F A 10114 Sale 0012 1015
20-year 65
34 100 10254
533_-a2014
F
A
B
ref
cony
Ser
56
70
Gen
5812
Sale
5812
593
8
42
Grande
do
Sul
8s
1946
A
0
917 9914
Rio
97 Sale 96
9712
6
1932 .1 D 57 Sale 57
55
Convertible 4345
68
5834 67
Rio de Janeiro 25"-year 8 f /35.1946 A 0 92 Sale 92
9314 52
90
97
1925 J D
48
70% 84
7614 Sale 76%
7712 37
1.947A 0 91 Sale 91
88
90
9112 22
9712
6318
25
debenture
48
1934
52
-year
J
1
88
523
f
52
8
(City)
5234 30
a
1952 M 8 06
544
San Paulo
9712 9612
9714
9534 99/
1
4
3
Chic & Mo Riv Div 55_ 1926J J 97
96
98
9712 97 Sept'23
95% 100
Elan Paulo (State) ext at 88.1936 .1 J 9812 Sale 9812
9874 80
Chic
Ext
&
N'west
4s._1886-1926
F
A
94
1
8
98
9512
9434
943
4
(France)
ext
70
1942
J
J
943
4
2
76
8612 Sale 85
Seine
90
87
84
1886-1926 F A 9414 96
9318 95%
9538 Aug'23
_
Serbs, Croats & Slovenes 88_1982 MN 66% Sale 66
5312 7812
68
288
General gold3345
1987 MN 7012 7238 70%
7014 77
71
1936 M N 8274 Sale 80
3
Soissons (City)68
6612 85
8278 23
Registered
F1087 Q F
1039.8 13 10412 Sale 0484 10412 40 103% 106
7314 Dec'22 _ _ -Sweden 20-year fla
80l 87
General 45
1987 M N
82'2 Sept'23 _
Swiss Conferer'n 20-yr s f 88-1940 J J 11278 Sale 1274 11478 38 112% 11914
Stamped 45
1987 M N _8478 8318 Aug'23 -79
MS 65118 Sale 653s
8714
66
77
Tokyo City 58 loan of 1912
6612 21
General 50 stamped
1987 M N
98% 105%
54i2 10012 0934
9914
Uruguay Republic ext8s__ _1946 F A 10112 102
I
0112 102
9914 107
12
Sinking
fund
6s
1879-1929
A
0
101
108
14
1027
8
1945 A 0 109 Sale 0834
101
Aug'23
1043
4
108%
Zurich (City of) a 1. 8e
110
22
11378
Registered
1879-1929 A 0 993
1017 Apr'23
_
Sinking fund 55
1879-1129 A 0 95 8Railroad.
97 10012
100
97 July'23
Registered
1879-1929 A 0 95
97% 9712
9712 Mar'23
_
958
Ala Gt Sou 1st cons A 5s. _ _ _1943 J D 9412 9534 9514
2
9212
948 tolls
Sinking fund deb 5s
1933 M N 984 -993
Ala mid 1st guar gold 55_ _ _1928 M N 100 ____ 9978 July'23
97 103
- --4 9814 Sept'23
Registered
1933 M N 97
046
A
0
cony
78
79
Slug
97
9914
9918 97 Aug'23
7914
78
3548
Aug'23 - - 81%
Alb &
10
-year
secured
75 g
1930 .1 D 106 Sale 106
8234 82 Aug'23 _-_-__Aileg & West 1st g 48 go._ _1998 A 0 78
10678
2 10514 110
82
8314
secured 8%s g__ _ _1936 M S 10738 Sale 10738
87
20
15
-Year
1942 M 8 8658 8912 8634
Ageg Val gen guar g 443
106
111
13734
11
8
8714
k1995 Q J 5.514 55% 5618 Sept'23 __
65
8568 Chic R 1 & P-RaUway gen 48'88.8 J 7618 77
7614
7614 82
77
Ann Arbor lat g 4s
14
Registered
_ 7538 July'23
.1 .1 7318
8778 77
7
8
78511
4,
14
1 9
8822
11;
Atch Top & S Fe-Gen g 413.1995 A 0 8734 Sale 8714
75/
1
4 8034
Refunding
gold
4a
0
A
1934
A
0
1995
isterce
81
&gas
853
4
73
____
lilac 7212
8534
Re
8534
7212 8312
7312 154
1
Chic
St
L
&
N
0
gold
5.1„ _ _1951 J 1) k1995 Nov 7838 7912 7812
Adjustment gold 45
100 100 Sept'23
7814 15
95 10112
GoRktegi3s3itersed
.1 D 9Si2
k(995 Nov 7812 7914 78%
Stamped
9538 June'23
7934 16
95849684
1955.8 D 83
84
76
77
__ _- 7838 May'23
83% Sept'23
84
Cony gold 48 1909
7812 7912
-Joint 1st ref 5a Series A__ _1
196
53
1j
J D
D 9338 Sale 9338
1956 J D 8212 Sale 8212
84 - -32
Cony 4. 1905
91/
1
4 9782
76
84
9338
2
Memph
Div
1st
g
48
1)
1951
J
D
_1960
J
771
8
ague
of
1010_
Sale
78
8212 78
7778
78
7778
Cony 4
1
887a
78
1
7771 10414 C St L & P 1st
cons g 5s__ _ _1932 A 0 9912 Sale 9912
97
9512 Sept'23
Div lat g 4s_.1928 M S 94
9912 100%
9912
East0
9334 964 Chic St P
1
M & 0 cons fts_ _1930 J D 10418 105 104 Sept'23
J
79% 80
80
8014 -1°
77% 83
104 10712
Rocky Mtn Div 1st 45_ _1965
D
C
o
en
bs
en
Ot
s
ur
r
reduced
ecl
e
to
3%s_ _1930 J D 90
9112 9212 Mar'23
81% 8648
9212 9212
83
2
Trans-Con Short L 1st 45_1958 J J 8218 8578 83
9314 95
92% 9644
9338
94
8712 93 Chic T
4
1
Cal-Aris lst & ref 434a"A"1962 MB 9012 ____ 9112
9112
H & So East lst 58_19
96
30
9 1J91 D
S 7012 Sale 7812.
763s 8278
7912
6
*No 9110e Friday: West bid and Asked. a Due Jan. cl Due April 8 Due may. g Due June. 6 Due July.
k Due Aug. o Due Out. IT Due Nov. a Due Dec. s Option sale.
High
991532101.90
97514 98.90
965%99.10
97.0099.00
9624.98.
70
96143398.88
97..99.19
New York Bond Record—Continued--Page 2
1334
BONDS
N. Y. STOCK EXCHANGE
Week ending Sept. 21.
4:3
a.
Price
Friday
Sept. 21
Week's
Range or
Last Sale
g
242%3
Range
Since
Jan. 1
BONDS
N. Y. STOCK EXCHANGE
Week ending Sept. 21.
High Illinois Central (Concluded)
Low
1952
Purchased lines 3s
8738 9238
Collateral trust gold 45._ _1953
95 10012
1953
Registered
11212 11512
1955
10412 105
Ref 55 Interim ctfs
1934
6812 7578
I5-year secured 540
15-year secured ()Xs g_1936
10112 10314
1950
Cairo Bridge gold 45
4 97
1
95/
Litchfield Div let gold 38.1951
"Ws 8934 Louisv Div & Term g 33s 1953
1951
8614 89
Omaha Div 1st gold 3s
St Louis Div & Term g 36_1951
1951
Gold 3Y62i
8312 851
97 99
1951
SprIngf Div 1st g 33s
93 94
1951
Western Lines 1st g 4s
1951
8218
76
Registered
1940
9014 9312 Ind B & W 1st pref 48
1950
4 100 Ind III & Iowa 1st g 4s
11
95/
1965
100 10278 Ind Union Ry 5s A
10012 10212 Int & Great Nor adjust 65 1952
1952
4 88
1
80/
let mtge 6s Ws
7514 7812 Iowa Central let gold 513
1838
1951
7478 815s
Refunding gold 48
821s 84
803s 823s James Frank & Clear 1st 45_1959
10318 10628
1938
9412 98 Ka A & G R lat gu g 58
1990
9212 95 Kan & M Ist gu g 48
1927
2d 20-year 58
KC Ft S& M cons g 621—A928
K C Ft & M Ry ref g 421_1936
K C & M R&B 1st gu 58_1929
Kansas City Sou 1st gold 38_1950
Apr 1950
Ref & impt Is
1960
90 98 Kansas City Term 1st 4s_
101 106 Kentucky Central gold 48_ _1987
9438 9512 Keok & Des Moines 1st 55-1923
1925
8018 85 Knoxv & Ohio 1st g Os
9034 9312
4 8718 Lake Erie & West 1st g 5s_.-1937
1
80/
7938
1941
78
1997
78 8034 Lake Shore gold 3s
1997
80 87
Registered
101 10512
1928
Debenture gold 48
9234
1931
91
25-year gold 45
1931
90
83s
Registered
90 98 Leh Val NY 151 gu g 4Ms..- _1940
4
1
98 102/
1940
Registered
103 11134 Lehigh Val(Pa) cons g 48-2003
2003
General cons 440
7683 Leh V Term Ry let gu g 58.l941
1941
75'2 80
Registered
82 88 Leh Val RR 10-yr coil 65..111928
42 58 Leh & NY 1st guar gold 45..1945
Lex & East 1st 50-yr be gu 1965
1962
45 -5413 Little Miami 45
4235 53,4 Long Dock console 68
1935
40 50 Long laid 1st cons gold 5s__h1931
81931
46
/SO
let consul gold 45
1938
46 46
General gold 45
1932
Gold 4s
1949
35
45
Unified gold 48
1934
Debenture gold 58
1937
"65" 751 20
-year p m deb 55
60
73'4
Guar refunding gold 4s___1949
1st
53_211932
B
gu
sh
g
85 8034
con
Nor
9814 9912 Louisiana & Ark lot g Is.---1927
98,4 10034 Lou &Jeff Bdge Co gu g 46.-1045
4 9812 Louisville dc Nashville 5s.--1937
1
95/
1940
74 80
Unified gold 45
1940
Registered
8412 90
Collateral trust gold 58-1931
E minn Nor Div let g 4B
8412 July'23
48 Al
93
19
A O
s 84
9112 934
1930
10-year secured 7s
92 15— 9312 June'23
E Tenn reorg lien g 55
97 100
2003
1st ref 5s
1930j
9712 Sept'23
9818
ETVa&GaDivg5s
9612 9912
2003
Is B (w 1).
1956 m N 9712 99 9712 Sept'23
Cons 1st gold 58
1930
9738 10014
2
9834
N 0 & M 1st gold 68
9914 9834
Elgin Joliet & East 1st g 59-1941 M N 98
1930
1 10212 10424
2d gold 115
4 103 10334 10334
1
Erie 1st consol gold 78 ext..1930 M S 102/
60
5412
4s-1946
Div
Mem
77
&
8
577
Paducah
1996
57
4
573
5712
1st cons g 45 Prior
1980
St Louis Div 2d gold 3s
1996
48N 4914 57 Mar'22
Registered
L&N&M&M1stg44s1945
4988 126 "UT: 52
49 Sale 4812
1st consol gen lien g 4s 1996
4714
43
43-1952
M
Joint
Sept'23
South
N
&
L
47
1996
Registered
893
82
81952
Registered
4 15
1
89/
8934 -91-- 8938
Penn coil trust gold 45..1951
4112 547s Loulsv Cin & Lox gold 40-1931
5218 40
5118 Sale 51
50-year cony 45 Ser A-.1953 A
55
4214
72
52
1953 A
52 Sale 51
do Series B
4334 58 Mahon C'l RR 1st Is
1934
1953 A
55,8 78
4 Sale 5412
/
541
Gen cony 48 Series D
2 84 8978 Manila RR (Southern Lines) 1939
88
1955 .1
88 89 88
Erie &Jersey ist f 6s
8334 85 Manitoba Colonization 56..1934
---- 85 July'23
Erie & Pitts gu e 3558 B-- — 1940
82 8314 Man G B &N W 1st 33,0-1941
1940
____ 82 July'23
Series C
Mex Internatl 1st cons g 46.1977
Evans & T 11 1st gen g 5s__ -1942 A 0
---- 88 Apr'21
1931
Michigan Central 55
_ ---_ 6912 Apr'21
Sul Co Branch 1st g 5s__ _1930 A 0
"i5r2
WI;
1931
Aug'23
9912
Registered
1924
Fargo & Sou 6s
9914
9412 9412
1940
48
9418
9412 June'23
Fla Cent & Pen Ist ext g 58.1930
96
91
1940
Registered
Register
1943
9338
9512 Sept'23
Consul gold hs
8512 89
1951
1959
2 D
IL & S 1st gold 3;is
8612
4
1
ti 8612 Sale 86/
Florida E Coast 1st 43s_ _ 7
65
72
1952
1st gold 31is
673
68 6734
Fonda & Glov
79
81
1929
4s
J
4558_1941
Sept'23
debenture
g
-year
20
ist
Co
81
D
87
8134
Fort St LI
9934 103 Mid of N J let ext 5s
1940
9934 100/
4 Aug'23
1
Ft W & Den C ist g 535s-1981 J D
82 8758 Milw LB & West imp g 58-1929
4 Aug'23
/
Ft Worth & Rio Gr 1st g 48-1928 J j 82 84 871
107 109
1925
Ashland Div 1st g 6s
106 10734 107 Aug'23
Frem Elk & Mo V 1st 6s_ —1933 A
9512 99/
1924
4
1
58_ __ _1931 M N 9538 9812 9714 June'23
Mich Div lst.gold 65
G II &SAM&P
9312
_1934
__
98
JO.
4
ext
j
1931.7
let
&
July'23
Milw
Nor
92
9912
98
2d exten Is guar
8514 89/
4
1
1934
4
,
881I
r 14
ed
n%
ateN
1933 A 0 8818 8938 89/
8932
4
1
58 m Consares
Galv Hous & Hend let 5a
su 48—.1947
j 86
3 82 88
87
87 86
Genesee River 1st 5 1 68-1957
8212
1941
7912
3s
j
gu
1st
Aug'23
L
Milw & 8
79,4 ---- 8212
Ga & Ala Ry Ist cc 3 53.-01945
90
1927
911
4 Minn & St Louis 1st 78
/
9012
9038 May'23
e 58---Ga Car & No let
1934
8478
4
1
/
5s
60
gold
consol
62
1st
Aug'23
38_.
58
1st
6114
Midland
Ga
9914 9912
194
23
24
1st & refunding gold 4s_-_1949
4
1
D 99/
1111N
GilaVG&N 1st gt1 4 58.-1
9938 July'23
Ref & ext 50-yr 5a Ser A..1962
---Gou & Oswegatch 58
9414
89 12— NIStP&SSMcong481atiftl'38
Gr R & I ex 1st gu g 43,50-1941 J J 8934 02 92 July'23
1938
24 11132 115
1st cons h's
Grand Trunk of Can deb 78_1940 A 0 113 Sale 11238 113
30 10234 105
1936M S 10378 Sale 10338 104
10-year colt trust 646_. 1931
15-year s f 6s
1046
1947 J D 83/
4
1
6s A
10112 Apr'07
Grays Point Ter 58
.41
10632 150 ioLis 11112
1st Chicago Term s f 43.__12
Great Nor gen 75 Series A_1936 J J 10618 Sale 106
gu.1926
int
48
8612
g
1st
14
92
A
4
1
/
&
87
Series
MS
M
8
87
8734 8612
1st & ref 4hs
8634 90 Mississippi Central 1st 55....1949
90 May'23
Registered
1942
9618 10238 m K & 01419, 1st guar 58_
1952,1 j 9634 Sale 9634
98,4 48
51Is Series B
60 75 mo Kan & Tex—let gold 43_1090
64 6038 June'23
Green Bay & W deb Mfg "A"___- Feb 60
7 1314 Mo-K-T RR—Pr I 58 Ser A.1062
71s 21
7 Sale
7
Feb
Debenture Ws"B"
1962
40-year 4s Series 13
Greenbrier Ry let gu g 424.-1940 M N 8412 8734 69 Apr'21
1932
78 -8-471-2
1
10-year 68 Series C
8012
Gulf & S I 1st ref & t g 54_51952 J J 79 80 8012
1967
A.
Series
67
Is
7112
7012
adjust
Cum
Sept'23
2
,
8
1st
Ches
48_1954
7
N
M
70
Pt
Harlem R de
Cu)
80
8
1
Missouri Pacific(reorg
83
1 83 Sale 83
0 J .j
99
Hocking Val 1st cons g 455s-111
8112
81
184, a refunding 58 Ser A 1965
8112 July'23
Registered
9532 9734
1st I. refunding 58 Ser C 1926
1
9935
1937.7 .1 97% ____ 97/
4
1
H&TCIstg5sintgu
86
93
1st & refunding 68 Ser D._1949
90 Sept'23
Houston Belt & Term let 53-1937 J J 8712 91
1975
a
93
General 45
July'23
9512
MN
98
1933
90
-8
lstg5s
Hou8E&WT
93
4
1
/
98
Missouri Pacific1933 M N 9512 9678 93/
4 July'23
1
1st guar 5s red
at 4%.....1938
87
3xtended
87
75
3d
May'23
'7334
MN
95
87
1937
58
g
cons
Ry
Housatonic
1945
79
767s 84/
4 Mob & Blr prior lien g 5s
1
82
A 81 Sale 81
F D
Hod &Manhat Is Series A 1957 A
1945
W.
as
5938 Sale 5938 • 604 82
—. Mortgage gold 45gold 65_ _1927
Adjust income .59
new
Ohio
8812
9218
&
Mobile
____
June'23
8914
8812
.1
J
48..1951
gold
Illinois Central 1st
81927
68
gold
1st ext
1951 J .7 8418 88 831
4 Sept'21
/
Registered
1938
7714 83
General gold 4s
8612 78 July'23
1951 J J 78
1st gold 31i8
Montgomery Div 1st g 56_1047
1951 J J 7512 78 80 Oct'22
Registered
1927
Ii" St Louis Div 5s
83 Feb'23
Extended 1st gold 314s-1951 A 0 7612
1938
7684 7614 Mob & Ohio coil tr g 48
4 78 7614 Sept'23
1
1951 A 0 75/
Registered
1991
48
Z
,
111
1st
Mal
&
Mob
52
8312 Mar'22
1951 M
let gold 3s sterling
1937
7718
',a
g
gu
3
let
C
Mont
8
857
8434
S
8312
M
4
1
/
83
s
833
48-1952
gold
Collateral trust
1937
Registered
Sept'19
9538
1952 A 0 9814
Registered
1937
8 -82- 88-34
84
let guar gold 55
8314
Bale
8314
N
1955M
48
refunding
lit
38.4,
DUe
n
July
Due
ODueFeb.
A
June
Due
Jan
Due
vim*.
this
asked
and
*No price Friday; latest bid
High No.
Ask Low
Bid
8912 11
Chic 13n Sta'n 1st gu 4%8 A_1963 J J 883s . 8914 89
99 9914 Sept'23
1963 J J 94
58B
12
11312
11212
11312
11212
33
1963
133s
C
Series
1st
10438 Sept'23
Chic & West Ind gen g 6s.._e1932 QM 10438 _
25
70
1952 3' 6812 Sale 6812
Consol 50-year 45
4
1935 MS 10234 Sale 10238 103
15-year s f nis
4 965g July'23
1
97/
Choc Okla & Gulf cons 58._.1952 MN 95
88 Mar'17
1923 MN
C Find& Ft W 1st gu 4s g
4 Aug'23
/
1937 .1 I 867s 8934 871
Cln H & D 2d gold 4%s
91 89 Aug'23
k1936 Q F 89
CIStL&Clstg 4s
9012 Oct'22
k1936 Q F
Registered
4
1
4 June'23
/
841
Cln Leb & Nor gu 45 g
1942 MN 84/
3 9712 9834 9718 Aug'23
'
1928
Cln S & CI cons 1st g 5s
gu g 5s__19433' 9714 ____ 93 Mar'09
Clearf & Mah
7914 11
7814
Cleve Cin Ch & St L gen 45_1993 J D 7812- 79
10
91
1931
3 9012 9114 91
'
20-year deb 45•68
1993 3D 9512 10012 9738 Aug'23
General 55 Series B
52
Ref & !rapt 235 Series A__ _1929 J J 101 Sale 10034 101
10212 July'23
4
/
3 1011
'
1941
68 C
1
3 85/
4 8512
1
'
4 85/
1
1939
8512
Cairo Div 1st gold 45
1
7634
CInW&Mfllvlstg4s..1991 3, -7634 7812 7634
9
78
St L Div lot coil tr g e 4s 1880 MN 7714 78,2 7734
8218 Sept'23
Spr & Col Div 1st g 4s._- _1940 MS
4 Sept'23
1
4 8338 82/
1
W W Val Div 1st g 42J.-1940 J J 83/
1934 J
10134 10612 10412 June'23
CCC&Igenconsg 6s
AO
Aug'23
98
58-1933
9834
4
/
961
g
1st
con
W
Ciev Lor &
1935 MN 94
4 Sept'23
/
941
CI & Mar 1st gn g 410
1938 3 .1
93 Mar'22
Cloy Jr Mahon Vail g 5s
1942
3 9312
'
91 Mar'21
CI& P gen gu 4MsSer A
1942 A0 9312
104 Dec'15
Seri 13
Series
1942 AO
9612 Feb'12
Int reduced to 3%s
1948 MN 7934 ---- 9018 Dec'12
Series C 33s
1950 FA 7934
67 Jan'21
Series D 3s
4
9114 9034
9024
Cleve Shor Line 1st gu 4is.1961 * 0
1972 AO 10112 Sale 10112 10214 40
Cleve Union Term Mis
4 Sale 04/
1
1973 AO 94/
4
1
9434 21
58 (w 1)
1945 3D 79 8038 8018 June'23
Coal River Ry let gu 4s
9212 14
Colorado & South let g 48_ - _1929 FA 9178 Sale 9112
19
82
Refunding & eaten 4is 1935 MN 804 Sale 8038
1948 AO 80
4 Sept'23
1
79/
Col & H V lst ext g 48
81
1955 FA 78
7712 Aug'23
Col & Tol let ext 48
1952 J J 85 Sale 84
8514 19
Cuba RR let 50-year Is g
6
1936 J D 10112 Sale 101
10112
lit ref 735s
.1
June'23
_1931
4
/
911
416s._
cons
1st
Day & Mich
33
7 YA
N 84
MA 0
8514 8414
85,s 24
Del& Hudson 1st & ref 4s__ _1194
3
1935
9212 9334 9212
93
20-year cony Is
98 Sale 98
9918 19
,
15-year 540
2
1930 D 10814 Sale 103
10314
10-year secured Ts
D RR & Bdge lst gu 48 g- - -1936 F A 8918 ____ 87 May'22
93
71
36
93
7012 Sale 70/
4
1
Den & R Gr—lst cons g 4s-119
11
77
77 7512
75
Conseil gold 43s
16
85
95
8F
25
J D
Improvement gold 58_19
A 8312 85 84
4334 15
4214 Sale 4214
1st & refunding Is
4 Aug'20
/
491
do Registered
4718 June'23
Bks Tr stmp ctfs Feb '22 int_ _
Farmers L&Tr rcts Aug '55_ _7: "i54 49 4212 July'23
42
4
/
57 411
Bankers Tr Ws of dep
...- 42
46 June'23
41
do Stamped
_ 35
51
46 June'23
Am Ex Nat Bk Feb '22 ctfs_
25
do Aug 1922 ctfs
86
4 38 36
/
Des M & Ft D 1st gu 4s____1935 j j 351
Des Plaines Val 1st gu 058-1947 M 8 8918 _--- 9314 Sept'22
65 Aug'23
Det & Mack—lst lien g 4s__1995 .1 D 65/
4
1
80 7314 Aug'23
1995 3 D 56
Gold 48
1
874
1961 MN 86/
4 88 8734
1
Del Illy Tun 43is
9912 July'23
4
1
Dul MIssabe & Nor gen 5s1941 3 j 98/
20
2
983
9838
5s___
_1937 A 0 981s -9.
2
11
Dul & Iron Range 1st
9812 9518 July'23
1937 A 0 97
Registered
7612 Sept'23
j 76
77
1937
g 5s
Dul Sou Shore &
Prise
Friday
Sept. 21
Range
Since
Jan.1
Week's
Range or
Last Sale
MIA
High No. Low
Low
79
76
78 Aug'23
7744 83
8012 39
80
1
7618 7814
77
77
98 10012
9812 19
98
4 11 100 10271
/
4 1011
1
100/
7 107/
4 111
1
10912 10972
8238 87
8312 June'23
8938 78
6814 70 71 June'23
1
4 797s
1
72/
75
7312 8214 75
6714 6958
6734 June'23
4
1
67/
71
88
6712 70 70 June'23
75 80
7518 7812 75 May'23
7714 78/
76
4 July'22
1
-rib" 83
83 May'23
- 92 Mar'10
1
"ia 87,
8438
83 June'23
8315 857a
8134 '86 8312 June'23
95 100
4 9812 9714 Sept'23
/
941
33 4914
3614 Sale 35
3638 139
9 87 975s
88
87 Sale 87
2
731s
57
1313s
61 Sale 61
25
14 40
17
16 Sale 16
Bid
75
8014
77
98
101
110
Ask
78
Sale
Sale
Sale
Sale
8254 87
8438 Sept'23
834
8812
Wiz
7612 Sale 7613
9914 96 July'23
97
102
10012 102 102
4
1
73/
4 Sale 73
1
73/
9318 9512 93 Sept'23
6938 Sale 69
693s
4
/
4
1
84/
8312 8438 841
8014
80 Sale 80
8078 ____ 82 June'23
4 6718
/
671s
67 671
10034 ____ 10034 Aug'23
5
2
2
58
10
9
1
797
75
957s 97
10012 10234
73 7912
9218 95
5354 7018
83 894s
765s 8314
837s
81
64 92
10034 10178
9 9118 97
4
1
94/
93/
4 94 94
1
9154 86
8318 8434 83 June'23
2 7244 781s
75
75
7312 76
5 Aug'23'23
78s 74
7214 73
907s 96
9412 25
4 Sale 9338
1
93/
Ms WI
9134 92 9134
4 24
/
911
-- 8512 July'20
14 97
-0
9014-9312 9212 Sept'23
9238
90 9234
8918 9112 9234 July'23
3
811s
4
1
/
76
7714
---- 7634 7634
84
9212
1
8514 8612 85/
4
1
4
1
85/
4
1
10078 102/
4 102 10212 Aug'23
/
1011
9612 100 113 Mar'21
10214 Sale 10218 10314 11 100's 105
8018 85,2
SON 8714 8078 Sept'23
(mg 100
9734
9714 9834 9734
81
81
80
81 May'23
107 107
10634
107 Aug'23
951,8 98
98 98 Aug'23
97
4
1
4 92/
1
90/
92 9212 May'23
89
2
8512
81
8434
4 88 8434
1
84/
4
1
8112 Sl/
81
8112 July'23
75 81
75 84
75 July'23
94
5
91
4
1
92/
4
1
92/
9
821s 851s
84
83 84 8238
5
75 83
7712 Sale 7634
7711
92 93
93 June'23
93 98
9434 98 98 Sept'23
83
6
77
80
SO Sale 80
9718 103
9912 102 10014 10078 20
8714 92
22
89
8814 89 87/
4
1
9014 0014
M 8:23
142 s
:
0
981
9
971s 1014
-1718is 141-2
9 106 109
10694 107 10838 10714
10218 14 10114 10514
102 Sale 102
964
95
9512 Sale 9512
9512 137
10138 103
4 104 103 Aug'23
1
101/
10112
9712
Feb'23
9838 ____ 1011
4
/
8214 841s
04 8214 Aug'23
88
5134 6
89
5812 63
6
62
62
3
9212 96
4
1
93/
9334 __-- 9334
75 8044
7814 Sept'23
7738 81
731s 731,
311 : Apr
75
9
9451 9744
95''232 36
-5E84 -07.1-2
-- 9812 July'23
4
1
98/
6034 64 65 Aug'23
9812
98
4 -___ 82 Sept'23
1
80/
77 Mar'17
9612 __-- 101 Aug'23
4 ____ 10012 May'23
/
951
88 88 Aug'23
86
---_ 8712 86 May'23
7514 78 80 Feb'23
7934 77 Aug'23
76
4 9114 Sept'23
/
9118 911
8018 8814 87 Apr'23
9834 9934 9934 Aug'23
10014 -- 10112 Mar'22
10038
10014 Aug'23
8738 92 9112 Aug'23
4 92 8912 Sept'23
1
89/
8512
8512 8734 8512
6618 Aug'21
7834 86
4 10012 Sept'23
1
9834 100/
62
088
19
2 6
20
, 6
1012
6
20
1534 Sale 1534
1618
87
8634 874 87
4 Sept'23
/
0834 100 611
102 10238 10212 10212
39N
9914 100 9912
Dec'22 6 D'22
92
9513 9714 9
90
-- 100 July'23 -
3
ogta
filis
9515
82
9812
71
9812
83
"iiis(C9734 10011
Ws
86
136
86
80 80
84
77
8938 93
87 8/
Ms 100
564 RCA
8734 9212
1
89
84
91
89
'OF far,
9
28
13
3
5
2
70
58
40
16
14
3914
5458 90/
4
1
98 10012
10014 106
2812 10512
2 -tio- 1W8514 loo
913, 94
853 731s 8014
4273
7.
71% MaY
743s61;1-e- 9
7712 49
7414 835s
4
/
7712 Sale 771
8 6115 6711
6334
6334 Sale 6388
9244 9654
4
9334 Sale 03/
1
4 33
/
941
5312 307
4
1
485s 63
4 Sale 52/
1
52/
76
95
901g
ao
7612
9618
Sale
sale
7734 10
7712
9334 Sept'23
9114 37
4
1
89/
so
5114 177
8055 8134 8034 Aug'23 - - 1
9212
9212 Sale 9212
6934 ____ 6912 Sept'23 - 2
4
/
102 103 10212 1021
9918 10012 1011
4 June'23
/
1
74
4 7512 74
1
73/
9014 94 9214
4 96 94 Aug'23 - 1
94/
28 __2_
13
75
1s may
238
75
7_1.2 8
438 .
70
8
108
110 10918 July'23 ----
1015114
o Due Oct.
10014
10084
Option sale.
7712
95,4
8978
50
,
867
9614
09
6314
4 8144
1
79/
9178 9212
6912 7334
100 10412
10024 1037g
72% 784
9454
90
9512
94
7812
75
4
/
8232 9211
10912 111
lira ION
".
New York Bond Record-Continued-Page 3
BONDS
N. Y.STOCK EXCHANGE
Week ending Sept. 21.
t
"a.
Price
Friday
Sept 21
Week's
Range or
Last Sate
Range
Since
Jan, 1
BONDS .
N. Y. STOCK EXCHANGE
Week ending Sept. 21.
t
t
1335
Price
Friday
Sept. 21
Week's
Range or
Last Sale
Range
Since
Jan. 1
Bid
Ask Low
High No. Low
High
Bid
Ask Loin
High No. Low
High
M & E 1st gu 33s
2000 J O 74/
1
4 78
75 Sept'23
7418 78 Peoria & East 1st cons 4s,..1940 A 0
7012 Sept'23
__
7014 78
Nashv Chatt & St L 1st 55_ A928 AO 99
99/
1
4 99
2
Income 4s
9934
9858 101
1990 Apr. 20% 2112 20/
1
4
20%
2
2038 30
N Fla & S lst gu g 55
1937 FA 9618
98 June'23
98
98 Pere Marquette 1st Ser A 55 1956 J 1 93/
1
4 Sale 9358
94
7
9234 98
Nat Ry of Mex pr lien 435_1957 J J
30 Sept'22
1st Series 13 45
7612 78
7914 Aug'23
77
8212
July coupon on
261i 2734 2714 Sept'23
23- 3234 P• hila Bait & W 1st g 45
MI
/
4 ____ 8912 July'23
ill 881
_
8814 92/
1
4
do off
2413 2614 28 May'23
28
35 Philippine Ry 1st 30-yr 5 f 45 1937.8 J 4114 Sale 4114
4134
13
4114
49
/
1
4
General 45 (Oct on)
1977 AO
2618 July'23
2618 2618 PC C & St L Cu 4s A
1940 A 0 941
/
4
9412
94%
3
94
9714
April coupon on
1813 22
2134 Sept'23
2134 2434
Series B 4Ms guar
1942 A 0 94/
1
4 9512 9434
94
97/
1
4
9484
8
do off
22
30
2913 May'23
26
2912
Series C 4Ms guar
1942 NI N
921
/
4 ____ 9313 Aug'23
93% 9414
Nat RR Alex prior lien 43s..i926 .1 J
3814 June'22
Series D 48 guar
1945 NI N
9258 ____ 93
8934 93
93
5
July coupon on
315% -401-2 4058 Sept'23
-2i- 14-Series E 3s guar gold
1949 F A 93/
1
4 9412 9334
8412 9334
9334
3
do
off
40
4438 Mar'23
443* 443*
Series F guar 4s gold
1953 J D 921
/
4 ____ 9112 June'23
89
911
/
4
1st consol 45 (Oct on)_ _1951 A 0
28 Apr'23
27
28
Series G 4s guar
1957 M N 9258 ____ 93 Sept'23 - _
89
/
1
4 93
April coupon on
24
24
15
2114 2612
Series Icons guar 4Ms___ _1963 F A 93/
1
4
9434
9314
9212
945
8•
9314
do
off
2314 23/
1
4 2314
1
2314
2212 2812
1964 M N 9218 ____ 9314 Aug'23
Series J 4s
9214 94
Naugatuck RR lot 45
1954 M N 68
6818 May'23
General Is Series A
95 Sale 95
6818 6818
95/
1
4 14
93
5
8
9918
New England cons Is
1945 J J
7614 871
/
4 75 Aug'23
75
901. its & L Erie 2(1 g Is
a192
78
9j
A D
O 96% ____ 99 Nov'22 -Consol 4s
1945 J J 6814 76
69 Aug'23
69
751..; PHIS NicK & Y lst gu 6s__1932 J J 10314 107 105 Dec'22 - - - NJ June RR guar lot 45_ _ _1986 F A 7712_
82 Jan'23
82 83
2d guaranteed 65
1934
J
J 99/
1
4
9514 June'20
__
NO&NE lstref & imp 4M5A'52 .1 J
7734 -78/
1
4
'- 79 Sept'23
77
81% Pitts Sh & LE 1st g 5s
1940 A 0 981
/
4 9934 9912 June'23 - - -- -F7T4 165'New Orleans Term let 4s
1953 J J 7312 7478 7312
7412
1st consol gold 55
73% 7934
1943 J J
100 Feb'23 - - 100 100
N 0Texas & Mexico 1st 65 1925 J D 101 Sale 10012 101
12 100 10112 Pitts Y & Ash 1st eons 55
1927 M N
9918 ____ 98 June'22
Non-cum income Is
1935 A 0 7714 Sale 77
7218 84 Providence Secur deb 4s
7734 54
1957 M N
25
3212 30 June'23 - - -35
3818
N & C I3dge gen gu 43s_ _A945 J J
9018 92/
1
4 9038 Sept'23
_
8914 9012 Providence Term lot 45
1956 M S 7012 ____ 8858 Feb'18 - N Y B & NI B 1st con g 5s__ _1935 A 0
93 June'23
_
9I7s 94 Reading Co gen gold 4s
1997 J J 87 Sale 8678
8738 64
18'NY Cent RR cony deb 6s_ _1935 M N 10414 Sale 104
104% 145 101 10614
Certificates of deposit
8634 87
8612
79
88
8634
3
Consol 4s Series A
1998 F A
781
/
4 Sale 7812,
7912
9
761
/
4 83
Jersey Central coil g 4s_1951 A 0 8134 Sale 8134
82
5
8t)
86
Ref & impt 4M5 "A''_ _2013 A 0 85 Sale 85
8514 20
84% 8878 Reuss& Saratoga20-yr65_1941 MN 1081.
Ref & impt Is
2013 A 0 941
/
4 Sale 94/
1
4
95
214
92/
1
4 98/
1
4 Rich & Dan Is
1927 A 0 9734 9814 9734 Aug'23 9738 981s
N Y Central & Hudson Riveres
ck 1st g Is
1948 NI N 69
Te,
N15
Itilc
eh &
74
7734 R
72
72 Mar'23 - - -72
72
Mortgage 3Ms
1997 J J 7234 73/
1
4 73
7358 24
1952 l .1 9414 9612 95
95
1
95 100
Registered
1997 J J 7218 73 6912 Sept'23
4
58
tt
g
g
o
u
ld
5
1939
J
u
o
D
n
u
cil
hs
o
G
r
s
J
83
8412
1
38
12
R
1
11
1
0
o
1:
9
7
3
8418
8
0
9
87
Sept'23
-83
Debenture gold 4s
1934 M N 88
8834 881
2
/
4
8818
1940
J
J
318 9
30-year debenture 45
1942 J J 851
/
4 Sale 831
/
4
12
86
8413 9014
1940 J J
Guaranteed
12
718 9
13
1'8 5 1323
11
11
3 -------Lake Shore coil gold 3).s 1998 F A
7214 '73
7238
72% 12
6818 76
1939 J .1 7414 75
Rio Gr West 1st gold 45
741
/
4
75
3
72
78
Registered
1998 F A 69 Sale 69
69
10
coll
trust
45
A
1949
A 0 6018 63/
Mtge &
1
4 64
69
73
64
2
60/
1
4 68
Mich Cent coil gold 3Ms 1998 F A
72 Sale 72
72
1
71% 763 RI Ark At Louis lot 4Ms__ _ _1934 M 0 7134 Sale 7134
7358 17
7134 81
Registered
1998 F A 6918
70
Apr'23
70
75 Rut-Canada 1st gu g 4s
1949 J J 65% 70
70 June'23 - - - 70
70
N Y Chic & St L lst g 4s_1937 A 0 8818 89
881
/
4
8834
17
1941 J .1 7658
80 Apr'23 - - -8
.,,
37
,11 9014 Rutland 1st con g 4Ms
80
8012
Registered
1937 A 0 8614
8618 Sept'23
1947 J .1
73
June'23 - - - 69% 7534
72 St Jos & Grand Isl g 45
"0.'s 10
9
28
Debenture 45
1931 IVI N 8634 87
8658
12 ..
87
5s
1st
g
1996
J
Adir
-885
8
J
9312 91
1
4 St Lawr &
"8 88/
Apr'23 - - -91
9212
2d 65 A B C
1931 WI N 991
/
4 Sale 9934
10012 52
1096 A 0 97 101
9814 July'23 - -9538 9812
N Y Connect 1st gu 43.s A_ A953 F A 8618 8614 86
86
1
8418 88/
1
4 St2L
1931 .1 J 89
d&
goCkajir8osguar g 45
92
90 Sept'23 -87
90
N Y& Erie lot ext g 45
1947 MN
7512 ____ 87 July'22
0
A
1931
_ _2_0
_
9312 9913
-5 - -9-i.- St LIr NI & S gen con g 5s
3d ext gold 43-s
1933 M S
95 May'23
'2
Gen con stamp gu g 59_ _ _1931 A 0 93'2 937a 10
92
312 July
9'41344
4th ext gold 5s
1930 A 0 04
9812 9318 July'23
9318 94
1929 J .1 8234 83
Unified & ref gold 4s
83
. 8338
6
8234 897k
5th ext gold 45
1928 J D 92
913.1 .Aug'23
1933 M N
741
/
4 7512 7412
48
76
7414 86
N Y & Green L gu g Is
1946 111 N 8114 _ _ 72 July'23
9
72
134 9
72
ge
ivTlesr1ggii4gs55_ _1930 A 0 9618 99
134 S• tR
ridD
L1Le413G
9714 July'23 - - 96
99
N Y& Harlem g 3M a
2000 MN 73/
1
4
74 Sept'23
7312 77/
1
4 St L & San Fran (reorg Co)45_'50 J .1 67 Sale 6658
65
70/
1
4
6714 105
N Y Lack & Western 50_ _1923 F A
9934 June'23
9934 100
1950 J J
Prior lien Ser B 5e
SI
8118 18
8214 81
80
85/
1
4
1st & ref 55
1973 M N
Os
1928
Ser
C
J
lien
.1
99
Prior
Sale 9812
9914 38
97 10014
1st & ref 4 Ms
1973 141 N 9513 97
9512 Sept'23
0A865_hh1942 J J 8912 9012 9018
5Ms
9012
7
NY L E & W 1st 75 ext
871/4 9258
1930 M S
103 June'23
10
9r lg r
73% Sale 7212
seh
luesrtieS
hitc
norh
n aeds
C
73/
7012 80
1
4 83
Dock & Imp :is
9912
1943J J
9812 June'23
94
9813
196
50
5A
OC? 6378 Sale 6358
611g 376
58
671
4
N Y & Jersey 1st 5s
1932 F A
96 Sale 96
4
9434 9878 St Louie & San Fran gen 6s__1931 .1 J 10318 10314 103 Sept'23 - - - - 10213 104/
9618
NY & Long Br gene 45._ 1941 M S 8414 ____ 91 July'23
97
1931
J
J
gold
5s
9812
neral
2
9734
97/
1
4
9538 9944
General
N Y N H & HartfordSt L & S F ItR cons g 4s._ _1996 J .1 8414 ____ 8212 July'23 - - - 8212 8212
Non-cony deben 3.148
1954 A 0 35
3534 35
3
3514
sent hw Div 1st g 55_ _1947 A 0 8712 ____ 91 June'23 - 38 47
1)1
91
Non-cony deben 45
1947 M S
47/
48 June'23 _ - 1
4 49 St L peo A; N W 1st gu 55_1948 J .1 99 100
9934 Sept'23 - - - 9914 103
Non-cony deben 3M s
1947 M 5 36
55
44 June'23
_
4312 4): St Louis Sou 1st gu g 45
87
1931
NI
S
1
87
86%
87
8612
Non-cony deben 45
1955 5 J
3914 4012 40
4014 10
373
5138
74
75
7413
7413
2
44 4
7234 78/
6,23 St L SW 1st g 4s bond ctfa_ _1989 NI N
1
4
Non-cony deben 4s
1956 M N 3934 40
40
40
6
37
51
6913 68 Aug'23 - - - 66/
2d g 4s income bond ctfs_p1989 J J 68
1
4 7012
Cony debenture 3s
1956 J J
35
37
40
40
1
7512 Sale 7513
J
I)
1932
45
gold
Consol
75
/
1
4
7312 78
7
Cony debenture 65
1948 .1 J .5534 Sale 5534
5812 18
J
.1
7412
unifying
55_1952
Sale 7413
7434
1st terminal &
7
7314 8212
7314
52
4% debentures
1957 M N 30 Sale 30
32
7
74 Sale 74
30
4234 St Paul & IC C Sh L 1st 4 Ms_1941 F A
74
5
74
81%
7s European Loan
1925 A 0 6112 6234 6112
5415 81
6312 18
9012 Sept'23 -- -9012 9034
St Paul & Gr Trunk 4.53s_ ..A947 J J 9014 92
Francs
1925 A 0 601
/
4 Sale 6018
6113 223
911
/
4 9513 9134 July'23 -71% St Paul NI & Man 4s
1933 J J
53
9114 93
Cons Ry non-cony 45_ _ _1930 F A 3514 - - _ _
1933J 1 104 10712 106 Sept'23 - - - - 106 109%
o
iOstaceodnsu,
62
-1
4,5
0- -f0
Non-cony 4s
1954 J J
39
55
40 June'23
to
s gold 4s I933 J J 9212 9614 9614
4
1 8
95/
1
4 9912
9614
1
Non-cony deben 4s
1955 .1 J
43 July'23 -- -43
44
1st
gold
4s
1937 J D ____ 9034 9034
ext
Mont
9034
1
8918 93
Non-cony deben 45_
1956 J J 39
50
40 Sept'23
1940 J J
85 July'23 - - Pacific ext guar 45
84
85
N Y & Northern 1st g 55
1927 A 0 9812 ____ 99/
1
4 June'23
7134 72
7134
1943 J J
7212
9
701
8
9,1 9
/
4 75/
70
97 S A & A Pass 1st gu g 45
1
4
N Y 0 & W ref 1st g 45____01992 M S 60
6118 601
/
4
6114 18
1942 Al 5 9612 ____ 97 May'23 -Santa Fe Pres & Ph 55
97
99
General 45
1955 1 D 56
5912 5814 Sept'23 52
70% San Fran Tenni 1st 45
8018
8012 80
1950 A 0
81
6
7812 8314
N Y Prov & 13oston 45
1942 A 0
73 Aug'22 _
1934 A 0 10814 ____ 107 July'23 - - 107 107
Say Fla & W 65
_NY .k pu 1st cons gu g 45_1998 A 0 8014 8214 8014
1
8014 8214
8014
1934 A 0 9934 ____ 9934 July'23 - - - 9934 99/
55
1
4
N Y & It 13 1st gold .55
1927 NI S 0614 ____ 95 Apr'23 95
95 Selo V & N E 1st gu g 4s
1989 MN 8513 9338 86 Sept'23 - - 84% 8718
N Y Susq dC W 1st ref 5a
1937 J J 5118 53
50
5318 Sept'23
60 Seaboard Air Line g 4e
56
53
/
1
4
1950
A
0
July'23
53
58
2d gold 4s
1937 F A
45 June'23
42
491
/
4
stamped
54%
5534 55/
1950 A 0
1
4
Gold 45
55/
1
4
52
58
1
General gold Is
1940 I' A ___
41
41 Sept'23 40
49
2958 Sale 2958
01949 F A
AdJUStment Is
2234 3212
3012 79
Terminal 1st gold Is
1943 M N 85
_
89 June'23
84
9358
1959 A 0 44 Sale 43
4414 37
39
Refunding 45
48
NYW'ches&B lstSerl4Ms_'46 J J 3818 Sale 371
/
4
3212
39
25
66
101
1945 NI S 6014 Sale 65
51)14
6834 68
1st & eons Os Series A
Norfolk Sou 1st & ref A Is.. _1961 F A
63 Sale 62/
1
4
63
6
1926 J J 96
9718 Sept'23 - --Seaboard A: 1102.11 let 55
9334 9734
Norfolk & Sou 1st gold 5s
1941 M N
8812 Sept'23 - - - _
g
Is
1st
gu
1943 J D ____
3612 June'23 - - -3612 3712
10
83 3 Sher Sh & So
Nonf & West gen gold es_ 193I M N 10612 11041-2 10612 Sept'23
66
1 :
-- 10
1078112
9838 ____ 9878 Aug'23 - - - 1936 F A
gi,agru50
g
w nchons
l•1
0Ala
98 10114
0e
Improvement & extg
1934 F A 10838 _ _ _ 110 Mar'23 - - 110 110 5 Ae
-5ysr 55.4_1963 A 0 97
98
9834 June'23-9612 99/
1
4
New River 1st gold
/
4 ____ 107 July'23 - - 10
1932 A 0 1071
86
73
78
4
8312 32
So Pae Col 45 (Cent Pac col)..k'49 J D 8218 Sale 8218
7712 85
N & W Ry 1st cons g 45-1990 A 0 8978 Sale 89/
1
4
9934 82
8514 9314
81929 NI S 9278 Sale 911
9213 85
/
4
26-year cony 45
9012 92%
Registered
1996 A 0
85 July'23
1934
J
D
9912 100
0912 Sept'23 -20-year cony 55
9814 10212
Div'l 1st lien & gene 45_1944 J J 87
8778 871
/
4 Sept'23 - - - 82
5% 8999
Cal-Gu g 55
1
4
1937 NI N 103/
100% July'23 - - - - 101 10112
10-25 year cony 4Ms
1938 M S 90
105 Aug'23 ---- 101 108 So Pac of
2 8834 9012 88 Aug'23 7,,
95
37
5 .3, .4
10
So Pac Coast 1st gu 4s g
8918
88
10-year cony Os
192951 S 10714 10812 108
108
1 107 11734 So Pac RR 1st ref 45
8513 Sale
8612 170
33
8812
Pocah C & C Joint 45
1941 J D 8514 8612 86
8458 8838 Southern-Ist cons g Is... 1994 J .1 94 Sale 8512
9412 58
93/
1
4
9238 9814
North Ohio 1st guar g 55_
1945 A 0 78
85
79
83
79 July'23
8 23 .. _9
__
8
677
8
4s
Sale
Ser
A_
_
gen
6713
_
1
,
9
5
06 A 0
6778 126
Develop &
6814 6912
Nor Pacific prior lien 45.._ A997 Q J 84 Sale 8338
84 I 52
8154 87
10034 Sale 100/
/
4 65 100 102
1
4 1011
6.Ms
Registered
1997 Q J 5, 5014 8114 Sept'23 81
me
.
8312
Div 1st 5 4M5-55._ .19965 J 9218 9412 93 Aug'23 - - - 90
97
General lien gold 3s
02047 Q F
59
3
59's
1951 J J 7718 79
1
79
St Louis dly 1st g 45
79
7514 81
Registered
02047 Q F 5914 60 June'23 - - - 9814 9812 9812
1929 MN
9812
1
So Car & Ga 1st ext 5Ms
97
9934
Ref & itnpt 4Ms ser A
_2047 J J 83
8414 84
84
2
34 90 2 Spokane Internet 1st g 5s
8234
1955 J J
____ 8134 July'23 ---8134 8312
2047J J 10414 Sale 10358
(14) ser 13
8563
10413 256 10
289%
12 1086963:44
1943 J D ____
anL
cicR
w)
'
45
4M5
80
Oct'20
IslA
St
uantu
eu
nry
8949114. s
8492:
55 C
2047J J
9212 934 9234
93%
5
9212 100
/
4 ____ 92 Nlay'22 - - -1936 J J 871
55 D
2047J .1 9314 Sale 93
9314
26
1
4
95 Nlay'18
8
, 89. Superior Short L 1st 59 g___e1930 M S 95/
St Paul-Duluth Div g 45_ A996 J D
89 Feb'23 - - -9258 Sept'23 - -90- 1ETerm Assn of St L 1st g 4)s_1939 A 0
St Paul & Duluth 1st 5s..1931 Q F 9812 ---- 087s Jan'23 - - -99
97 Sept'23 -.
1944 F A 96
1st eons gold 55
95313 99
181 consol gold 45
1968 .1 I) 7614
8414 Jan'23 7812
7918
1953
J
J
77
45
7812
refund
5
f
g
Gen
82
7812
1
Nor Pac Term Co 1st g 65._ _1933 J .1 10812
_ 110 July'23 - - - - 10
98
812 1910872 Tex & N 0 con gold 5s
1943J J 8934
90/
1
4 May'23
90
9034
1938 A 0 97
No of Cal guards
_
100 Sept'23 100 192 Texas & Okla 1st gti g Ss__ 1943 NI S
33/
1
4 Dec'22 - - -North Wisconsin 1st Os
1930 J .1 101
____ 100 June'22
24
2000.8 I) 91i2 Sale_ 5
91112
901± 96
['exits ec l'ac lot gold Is
1
4 67
Og & L Chum 1st gu 4s g
1948 .1 J 63/
58 July'23 - - - 66
7140
Aug'23
p2000 Mar
4012 54
'
Ohio Conn Ity 45
1943 M S 8918
8614 Apr'23 8614 8634
85t 88
84
92
8518 Sept'23 - - - 1931 J J
La Div B L let g 55
1936 J I) 9513 98
Ohio River RR lot g 513
9658 May'23
97
_ 97 Sept'23
81
u/
4 Told
5s
t. gu 5a _ __1935 J J
ce
onmtels
96
:O
olhdloinC
9834
General gold Is
1937 A 0
9512 Feb'23
9512 9512
1935 A 0 9358 93112 9312 Apr'23 - - - let g 5s
9214 98
Div
Western
1927 J .1
9914 Sale 9914
Ore & Cal 1st guar g Is
100
32
98
51
/
4
'2 190
1935 J D 89
90 Aug'23 - - -871
/
4 9134
General gold 55
1946 J D 8614 90
Ore RR & Nov con g 45
8614
8614 10
30
2813 32
32
32 Sept'23 -1917 J J
Tol Peo & West 45
Ore Short Line-lst cons g 55-'46 J J 100 101 10012 Sept'23 - 99 10412 Toil St
9418 9434 95/
1
4 Sept'23 I. & W pr lien g 3s .1925 5 J
9318 9614
1940i J 100 Sale 100
Guar eon 5s
1
9
89
4733
100
4 10858
1
1950 A 0 6938 6934 69
69
6818 75
50-year gold 45
1929 J D 92 Sale 92
Guar refund 45
9212 18
8018 921
941
/
4 96
9514 9512
/
4 Tol W V & 0 gu 4Ms A
9514 June'23 - - - 1931 J J
Oregon-Wash let & ref 4s_ 1961 J J
78/
1
4 Sale 7858
79
15
7012
9414 9618
9414 Aug'23
1933 J .1 94% 96
Series li 4M s
Pacific Coast Co 1st g 5s_ _1946 J I) 7.5
77
75
75
7958
1942 61 5 8738 _ _ 8678 Nov'22 - - Series C 45
193S F A 8544 _
Pac RR of Mo 1st ext g 4s
8534
85
7534
111
84
8014
Buff
181
8014
g
45___k1946
J
D
783
4
July'23
&
Tor
Ham
943
1938 J J
96
2d extended gold 55
9412 Sept'23 - - - 9412
94
_1928 J D 9438 9514 9414 Sept'23 -- -Ulster & Del 1st ions g Is...
9512
Paducah & Ills 1st e f 43.a__ -1955 J .1 8912 91
90
90
91
-66
63/
1
4 70 Mar'23
1952 A 0 63
1st refunding g 4s
70
7414 Sale 7234
Paris-Lyons-Sled RR 65_ _1958 F A
9
74
°34 1514
0
0
2
15
2
8
2
703
09
8
:
4
2
8
658
88
4
5
:
S
a
n
e
9
0
5
1947
0
9
J
6
Pacific
15
9
5
13
3
8
8814
7
Union
1
8
2
J
1st
g
45
9458
/
4 Sale 96
1942 M S 961
Paulista Ity 75
961
/
4
2
9514 971/4
9414 9818
1927 J J
20-year cony 4s
Pennsylvania RR-cons g 45 1943 M N 8812 _ _
8812
8812 10
82
27
8018 88
02008 M S 82 Sale 81
lot & refunding 45
1948 M N 8778 8812 87/
Comet gold 45
1
4
8714 9113
571
/
4
7
10313 26 10234 10534
10-year perm secured Os..1928 J J 103% Sale 10318
May 1 1908 MN 841
/
4 8812 8812 Aug'23 45 stamped
Can
90
gen
45._
1.
1
June'23
N
5
RR
&
90
9212
9112
_1944
M
S
9312
95
1960 F A
Congo! 43s
961. 9512
9234 9858 Utah & Nor gold 55
96
3
1
4 June'23 - 99/
1926 J J 0918 100
8873 9278
9912 99/
1
4
1965 J D 8913 Sale 89/
General 45.65
•
1
4
90
61
__ 9112 Apr'23 - - 91
v
.
1933 J J 8912
10sdthellecnodneadC445
34
9134
1968 J D 9958 Sale 99
General 5s
991
/
4 59
98 101
Apr'22 - - - 86
5 Ser A
1955 F A
1930 A 0 10834 Sale 10813 108/
10-year secured 7s
1
4 28 10618 11034
85 May'23
Series
-iL- 87
1957 NI N
1936 F A 108 Sale 10713 10818 51 1061
15-year secured 8s
/
4 111 la Vee
36 June'23
u +Ks_ _1934 J J
rtrs
CrUlz41 PtgB
34
3712
Pennsylvania CoApr'23 - 3014 ____ 38
July coupon on
34
45
Guar 3M8 colt trust reg A_4937 M S 8313 8678 8413 Nov'22
____
July coupon off
ii3•4 -,.;,:.-4
S2
8314 8218 Sept'23
Guar 3M5 coil trust Ser B_1941 A A
84' Verdi V I & W 1st g 55
98,
18
48
%1;2
,
3
99
1926 M S 95
82
Guar 3s trust etla C.._ _1942 J D 81
8318 June'23
83% Virginia Mid Ser
83
/
4 9878
E 55
1926 M S 981
98
61'8
4 9988314
1944 J D 8134
8134 June'23
Guar 33'8 trust ctts D
4
8,4
134 98134
3 37. General 5s
9618 Aug'23
1936 M N
93
97/
1
4
91% 90 Aug'23
Guar 15-25-year gold 45..._1931 A 0 90
• a & So'w'n 1st gu 55
2003 .1 J 9112 94% 9112 Sept'23 - - - 91% 9314
1952MN 8512 861
/
4 87 Sept'23
Guar 45 Ser I'
8412 903*
1st cons 50-year Is
1958 A 0 7618 7734 7614 Aug'23
7538 81
'No price Friday; latest bid and asked this week. a Due Jan, 0 Due Feb. a Due June.
8 Due July k Due Aug. o Due Oct. pEtue Nov. a Due Dec. 2 Option sale.
(16758
New York Bond Record—Continued—Page 4
1336
BONDS
N. Y. STOCK EXCHANGE
Week ending Sept. 21.
it I
Price
Fl.dav
Sept. 21
Week'i
Range or
Last Sale
Range
Since
Jan, 1
BONDS
N. Y. STOCK EXCHANGE
Week ending Sept. 21,
Price
Friday
Sept. 21
Week's
Range or
Last Sale
ts."6
32,4
Range
Since
Jan. 1
Higk •
High No. Low
Ask Low
Bid
High
High No. Low
Low
8634
23
82
86
'20
9012 98 Det United lot cons g 43is--1932.3.3 8514 Sale 8514
94
9312
10 1054 1084
10514
N
M
10518
Sale
10518
1930
7s
deb
f
s
Diamond
Match
41
09
4
933
95
9334
2
64
47
50
A0
50
53
41
7
92,4 Distill Sec Corp cony isle 591927
83
85
8412
64
7
47
50
50
494 52
Trust certificates of deposit...
6814 71
71 June'23
5
15
76
8511
Sale
7712
7752
77
_1943
5s__
Steel
&
Iron
Dominion
9612
94
94 Aug'23
93
39
84
91
1942 .3.3 893 Sale 89
7314 733s Donner Steel 7s
73% Jan'23
8734 90
6614 du Pont (E I) Powder 4;ie _1936 3D 8834 ____ 88 May'23
63
6212 July'23
46
105%
10914
10818
MN
1077
10118
Sale
2
71% 72% dUPont de Nemours & Co 7%8'31
72(4
7214
10412 73 101 1044
9 33 1042 Sale 10334
48
3
,
Duquesne Lt 1st & coil 69_19
7418 Nov'22
1061 1081s
10678 June'23
.33
Debenture 7.5t3
7438 81)
7412 ---- 787a Aug'23
51
94 11314
997
8
7(1
S 9978 Sale 983
97% 9812 East Cuba ling 15-yr et g 7s'37
0834 100
9838 Aug'23
91
86
7612 80 Ed El III Bkn 1st con g 4s_ _1939 J J 8834 8934 8918 Sept'23
80 Aug'23
7814 79
3
90 103
100
99
100
10212
J
5s..._1995
g
8512 8512 Ed Elec Ill lot cons
8212
851, June'23
9612 9914
5 J O 969 07:18 93 Sept'23
22
193
,
8712 Elk Horn Coal cony 65
80
7658 90_ 8) Aug'23
927 249
8812 93
5912 65% Empire Gas & Fuel 7Y28
1937 M N 92 Sale 917
5912 60' 59t2
60
25
95
93
MS 0312 945 96 Sept'23
9012 100 Equit Gas light 50
99 Sale 99
9912
9
5
931 4 9614
95
1942 MS 947 Sale 9314
Federal Light & Trac 6s
7314 81
75% 85
7512 Sept'23
1
1
984
9712
9712
.
9
Al
1953
991
2
97
8312
78
7912 Sale 78.38
79% 14
15 102 1084
103
1941 MS 10214 Sale 102
711 Rubber 1st s I 88
95 Fis
86
851. 89% 86 Aug'23
_
704 80
8378 Ft Smith Lt & Tr 1st g 5s__ _1936 MS 781s 83 80 Sept'23
77
7714 Sale 774
78
7
26
8314 93%
s
8814
J
Sale
J
377
4
3
88
82 Frameric Ind & Dee 20-Yr 73fis'42
75
7712 Sept'23
II
9914 10334
1942 MN 10012 Sale 10012 10078
99 Francisco Sugar 73, s
97
97
09
9334 June'23
9114 9312
- _ 9014 July'23
93% 99 Gas& El of Berg Co cons g 591949 3D
9338 99
99 Feb.23
9912 101
- 100 July'23
10112
92342 3D 10012
36
95
,
eD
nieral Baking 1st 25-yr 65_ 1
95% 95% Ge
8912 97% 95% June'23
824
79
79
1942 FA 794 81
4312 4838
d8e8b g
48i2 it
4514 62 Gen Elect
47
7"
21
9912 1031
10112
111
S
10014
Sale
2
101,
6518
°nett=
07
62
61
63
6178
3
101
97
9712
98
99
2 FA 98
57
94
,
49
t4 68 Ser A 1
s
60 oG0en0dRriecf0r 1st
t
4818 49% 50 Sept'23
9712 101%
9934 76
J J 9914 Sale 991 1
98 101
Co
9912
9914
100
3
36 11358 11774
1167
41 MN 11612 Sale 11614
93
'
815
a 1st s ,
gIr
year 'rde R
8112 Go1o
„
0c1
76
7612 77
791 Sept'23
66
99% 106
FA 102 Sale 10134 102
eb
741 82
7612 Sale 7612
76"
8812 9212
AI N 91
9212 00 Sept'23 028 M
A'
7612
80% Grsatt:iibmy„
ons MS Peon 65 1
ed
C
75
764 Sale 7612
2
92
92
91
____ 92 June'23 - _
5634 ____ 65 May'22
14
92 100
1925 M N 02 Sale 92
Cony deben 88
1
101
90
A
94
F
15
9118
2
1
91
9
1932
Gray & Davis 75
INDUSTRIALS
97 100
9334 July'23
2 JM
40
9834 100
98
811
80% Great Falls Power lots I 5310
8314 80 Sept'23
Adams Express coll tr g 48._1948 M S 8')
1
801 82
801
8014
-_ __ 81
9212 9914 Hackensack Water 43
9318 le
9212
1936 J D '321. 93
Max R.ubber 85
3
8134 8514
83,4
P gen 08 A 1954 M S 83 Sale 8278
S
&
L
5
Hevana
Elle
612
5
5
5
S
M
1925
643A
deb
M
Gold
Alaska
94
87
9334 14
1952 F A 9312 Sale 9312
6,2 Havana Flee consol C 55
3
612 5
5
5
5
1926 M S
Cony deb 6s series B
34
99
96
99
1042 MN 9812 Sale 9812
95 10012 Hershey Choc lets 1 g 6s
1
9578
1928 A 0 0678 97% 9578
Am Agric Chem let 58
1
7834 92
833
MN 83
8334
84
(flat)A947
68
Line
104%
90
Holland-Amer
99
Sale
9812
99
3f.
A
F
1941
lst ref 9 73is g
05
9278
Sept'23
N
943
4
M
4
9:13
933
4
-1949
5s—
g
4
1st
975
9212
Hudson Co Gas
9334 26
1933 A 0 9234 Sale 9234
Amer.,an Chain 6s
44
9431 99
96
8012 Humble 011 & Refining 550_1932 J .1 9434 Sale 9434
59
3
6812 69% 69
69
Am Cot 011 debenture It._1931 M "
233
4 95%
93,
8
035
Sale
A
J
8
55W
9314
0
4
935
5
9
0
1
1
Telephone
1057
_
_
__
Illinois
105
Bell
Dec'22
Am Dock & Impt gu Bs__ _1936 J
9238
88
9114 24
0012 Sale 901
5421
8612 43 "81-3" -9-67; Illinois Steel deb 4.
1937 A 0 85 Sale 85
Amer Republics 68
79
804
____ 79 July'23
1936 M N 78
544 9234 Ind Nat G &0 58
90% 83
Am Sm As R 1st 30-yr 5s ser A1947 A 0 9012 Sale 90
36
10112
09
N
Sale
M
9914
100
100
1952
102
fis
1st
99%
Indiana Steel
64
101
1947 A 0 10011 Sale 10014
6s13
_
p1935.3 J 97
9812 96 Nov'22
Ingersoll Rand 1st 59
81 10012 104
1015
Amer Sugar Refining 6s_ _ 1937 J J 10112 Sale 10118
815 10
934 July'23
907s 93'5 Interboro Metrop coil 45is_ _1956 A 0
9212 72
Am Teiep & Teleg coil tr 45_1929 .1 J 921 Sale 92
94
5
514 Apr'23
—
9015
86
Certificates of deposit
9018
4
1936 M S 90 Sale 00
Convertible 45
12 1%
138 Sept'23
103
100
8
1015
102
6
102
10218
M
1933
S
4Yie
cony
20-year
55
737e
12
,8
,
1
2
5612
5
6
e
il
lee
ss
l
12
53
,
1
2
5
6
66
604
55-.1966
4
37
let
101
Tram
95
Rap
Interboro R
9814 28:;
1046 J D 9718 Sale 9634
30-year coil tr 58
23
574 724
Stamped
10 11312 11712
1925 F A 11512 Sale 11512 1155
7-year convertible 69
55
5278 7315
1932 A 0
06
82
10-year 65
31
84
8312
Am Wet Wks & Elec 5s__ _1934 A 0 8334 84
41
8718
941%
8514
85
8512
5
Sale
51
1932
861
55
78
17
5512
563
1939.3 .1 5714 60
Am Writ Paper s I 7-68
17
55
814
68
20-yr 513._1932 M N 6638 Sale 6638
9834
1st
Int
95%
Corp
Agile
9612
Sale
202
8
967
9612
F
1953
A
68
Copper
Anaconda
90%
74
56
3
763 Sale 7634
77
0
A
69..1941
51
Marine
4
1043
9812
Inter
Mercan
205
9934 Sale 9912 100
1938 F A
7s
10
884
81
8434
85
85
3P J 83
47 I
194
,
90 International Paper 5s
82
33
84
Armour & Co lot realest 43491939 .1 D 8312 Sale 8234
20
811s 88%
8438 Sale 841
85
13
5s
let
ret
&
05%
1947 1 D
Atlanta Gas Light 58
55
74
844
774
78
78
77
28
4012 Jurgens Wks 68 (flat price) —1947 J
31
31
2
32
Atlantic Fruit cony deb 78A_1934 J D 25
91
87
9014 26
2312 3912 Kansas
Pow
6 & Lt 5s 1952 M S 8912 Sale 8912
Cityy
anpasatp
25
2312
2
28
2312
15
943
Trust certificates 01 deposit_______
0312 96%.
9438 Sale 04
1952M
S
44
.
221
25
4
25
2312
2 1021s 107
do stamped
105
105
10412
105
A
F
1942
9612 9934 Kayser & Co 78
98
20
973 98
9714
1937 J
Atlantic Reg deb 58
9 105 10982
10714
1 1004 103 Kelly-Springfield Tire 85_ -1931 M N 10612 Sale 10612
Baldw Loco Works 1st 5t.__1940 M N 10012 Sale 10012 10012
7114 ____ 9412 July'21
94 103 Keystone Telep Co 1st 5s__ .1935.3 .1
11
9714
Barnsdall Corps f cony 8%A1931 J J 9714 9712 9718
9914
-9914 9914
Aug'23
____
9812
0
A
95,2 9918 Kings Co El L & P g
9734 73
Bell Telephone of Pa 08___A948 J J 971 Sale. 97,4
3 11381.: 11311
110
110 Sale 109
1997
9612 100
Purchase money 68
0912 43
1926 J J 9734 Sale 9858
Beth Steel 1st ext 5 f 5s
10438 10438
10438
_
S
July'23
M
1925
6s
9718
91
Convertible deb
9434 11
1942 M N 9112 Sale 9112
lst As ref 58 guar A
6912 74
- - 71 Sept'23
71
F A 1001,
9'
,
64
94
1,4
9312 Kings county El 1st g 4s-1
87
90
16
20-yr p m & Imp s 59_ _ _ _1936 J J 8912 Sale 8912
76
1
68
71
45
100
guar
96
Stamped
9814 21
1048F A 9712 Sale 971.
68 A
751 1 804
75
7
2
1
3'4
5
2
J
_
.1
7
8
Jun(3
8
J
1114
5
2
4
7
23
1
5
8
9
'
,
8312 93% K
Kings County 1 ighting 55
53
90
1953 F A 90 Sale 8812
5Yis
1
94 101
93
963s 96
80
8
703
July'23
80
_
Booth Fisheries deb a f Ss_ _ _1926 A 0
2
994 10212
°6
101
1936.3 D 10078 Sale 1007
9734 10018
73.45
4
99
Braden Cop M coil tr at 6s 1931 F A 99 -9 18 093
887s 18
924
87
9135 9838 Lackawanna Steel 58 A...1050 M S 8812 Sale 8812
941 35
1942 A 0 94 Sale 93
Brier Hill Steel Ist.5;is
8921 96
9312
9314
5
9314
0
A
ext
93
591934
&
ref
69
6112
L
St
Lac
ot
L
1
Gas
65
924
B'way At 7th Av lot c g 55...1943.3 D 6414 Sale 65
8812
6
4
3
5
9
93
1
_
J
A_
1
J
.
81ls
88 Lehigh C & Nav s 4;is
83
86
2
87
86
98 1001a
Brooklyn City RR 58--- . 1941 J J 86
94% 99 Lehigh Valley Coal 55
97,2 18
Bklyn Edison Inc eon 55A_ _1949 .1 J 974 Sale 97
01
8
_09
2
4
131
°
3
93
1
3
1
9
8
98
2
2
9
8
:1
.
1
9
2
.
1
91
J
.
19333
8
1047
10012
45
1930 J J 102 103 10212 10234
General 68 Series B
19 "io4014
5 105 108,2 Lex Av & p F lot go g 5s__ _1993 hi S 40 Sale 40
10678
1930 J J 10534 1067s 10534
General 78 Series C
11818 21 112 11914
i F
44
98
A 118 Sale 117
A O
7aob c 75..1,
'
igrgHeia
rm
Myers 1
tt:M
19 106 109% L
109
1940.3 D 10812 Sale 10814
9814
93
General 78 Series D
30
967
Sale
964
4
973
68
50
58
65 July'23
Bklyn Qu Co & Sub con gtd 55'41 M N 65
6 1117s 11812
1944 A 0 114 117 11612 117
Co
7912 Nov'22
1941 J J 86
934
1st 5s
974
15
1
'
951
00
Sale
9512
1951
79
55
fo •
7314 Sept'23
Brooklyn Rapid Tran g is._1945 A 0 73
87% 884
2J
9,522
1 1934
_.
N 07 Sale 8754
_8
A po
M
8812 43
)7
onwvIg
s(
79 h,o2.
Ell,r5c
10_
64
u1
Gp&
o
88
318
70
0
11:23
8:0
Trust certificates
107 120
10914
10812
Sept'23
____
68
54
61
1st refund cony gold 48.._ _2002
96% 102
9738 Sale 9714
9734 31
8434 96 Maat1
Sugar 7A9
(gn
8818 Sept'23
3-yr 7% secured notes.___1921 J J 8812 - 5712
3
5678 6472
5712 5712
55
9512 Manhat Ry (NY) cons g 45-1990 A
84
1
8812 ___- 883
8834
8454
Certificates of deposit _ _
66
5012
45
20133
July'23
55
D
5012
78
9518
Sept'23
Ctfs of deposit stamped........ 8412
9612 981
1942 M N
1
85
79
75
Manila
Elec
Sept'23
81112
-8012
80
4-58
1.f:1
g
-A.
1st
Bklyn Un El
84%
81%
3
8
°
6
8
9
2
7
'2
6
9
8
'2
7
Jun9
12
23
7
e'
Lt
80%
&
504
fly
Elec
Manila
1950 F A 7934 8014 81 Sept'23
Stamped guar 4-58
911, 9634
9384 19
0312 100 Market St fly let cone 5s_ _ _1924 M S 93,2 Sale 9312
9558 22
Bklyn Un Gas 1st cons g 511_1945 M N 9458 9558 95
sf M— 192
94% 99
3M
94
A O
S 19
4 Sep
3,
10
23
19
3
'
t
i
4
l
03
1,
19
8
13
16
notes
10712
116%
6%
-year
108
Sept'23
5
10914;1095
8
M
1932
N
78
iF
31
5
'
l.,
4 109 161%
A
A O
10414
2 10014 10512 :Harland 011 5185 with war'nta
1st lien & ref 6s Series A _ _1947 MN 103 10414'10414
991z 10712
A 0
4
Without warrant attached_
1 10718 117
1929 M N 1081 111834 10812
10812
75
19
19
8%
10
132
9
11
'2
5
19
19
2 102 159
9112
11
9112
Series
9112
7%s
9112 June'23
1932 J D
Buff & Susq Iron s1 5s
97(.
9134 10172
1
warrants
87
80
do without
-8375 81 Sept'23
1952 A 0
Bush Terminal 1st 4s
a10 1(15
95 100
-- - S97
194
,
J D 105
7'3 1110
3j
52
015
71 2 16
8238 8912 Merchants Ai Mfrs Each 70..1
4
86
1955.3 J 8512 86
86
Consol 55
1)512 9972
97
A
Sale
F
9614
B-1952
Ser
97
6
Os
4
g
933
Ist&ref
l'il
85
etr Ed
9112 23
Building 5s guar tax ex__ -1060 A 0 91 Sale 9012
941s 964
6
9412 9814 Metr Power 68
4
9678
9634 9678
1937 MN 96
Cal G E Corp 55
6'2 S9
101 10914
94
10
le 19
a7
4
.
0
N
M
1'2
8s._
5
6
9
10
_1936
1
8
5
99
Petroleum
94
Mexican
1
9512
9634 96
.1942 A 0
96
Camaguey Sug 1st 816
9934
9938 1003s
1924 F A 9934 Sale 9034
911 9712 Mich State Telep 1st 55
1
9358 92
s 17s '42 M N 92
8412 914
Canada SS Lines Istcoll7s_1
8714 27
19 100 10312 Midvale Steel &0cony f 581936 51 _ 86 2 Sale 8612
10
178
°2
Canticle Gen Elec Co 63___ _1942 F A 10138 Sale 101
90
_
8612
8718
87
84
1936
87
1
100
of
97
Certificates
984 Sept'23
Cent Dist Tel lot 30-year 58_1943 J D ____ 99
9914
98
,56
192
A
-D
1
cons g5s 1
deposit_5
8512 9914 1111w Elec Sty & Lt
80,2
Cent Foundry lots 1 65....1931 F A 8512 Sale 8512
9112
98
8
19
99
34
87
%78
8
88%
0
8
9
8
1(
8
3
g
2
4
1
3
.1
.1
1931
00—
5
exten
10018
97
&
Refunding
97
Sale
28
Cent Leather 20-year g 5s-1925 A 0 11913
9215
8914
884
90
90
8982
9
150
Gen 5s A
Sale 11012 19
1931
J
714 50 11612
12
Cerro de Pasco Cop 8s
8915
8112 13
81
19613 D 8112 Sale 811.
96%
92
B
55
76
9418
1st
2
1
7614
J
9418
58_1037
g
gu
Ch G L & Coke 1st
927s 94%
94
34
834 Milwaukee Gas L 1st 49_ _ —1927 M N 94 Sale 9314
78
7614 Sale 76
1927 F A
7612 25
Chicago Rys 1st 55
955
9834
03
21
9912 10018 Montana Power 181 58 A._ _1943 J J 9538 Sale 9438
- 997 Aug'23
1923 J D 997
Chicago Tel 58
894
8634 91
88% Sale 88%
.1
J
ref
14
58-1941
10314
&
lot
Trani
96
Montreal
9812
Sale
A
1032
0
991 90
9734
5
Chile Copper 6s Ser A
4
1
/
87
78
Sale
78
7312
793
11
1
33
4As
t
4 Morris dc Co lot 5
8 99,
95,
9538
96
3
CIncin Gas & Elec 1st & ref Os '56 A 0 - - -- 06
83 Apr'14
9512 9812 Mortgage Bond 45
0658
1961 A 0 9512 Sale 9512
2
.5;s Ser B due Jan 1
91i 93f
3
2
,
1
,
1
2
9
9
:
3
3
9
1.12
,
3
9
2
sepU
1
;
1
A
'IA
15
132
2
9
2
2
636
t
°
l
a
O
2
8912
854
55
8711 Sale 8714
8712 10
Colo F& I Co gen s t 5s_ _ _ _1943 F A
804 95
7912 Mu Fuel Gas 1st Cu g 571
74
1947 NI N
7534 76
7512
7534
Col Indus 1st & cot! Is go_ ._1934 F A
054 95,9
138 _8
93
2_12 9518 Feb'23
._
31 j
941
_ 1,
N 6
MD
9758 Mut lin gtd bds ext 5% _1
95
1927 .1 .1 963a Sale 96
4
9612
Columbia G & E 1st Is
551 6714
(11
45
1951
J
Sept'23
gold
97
9535
Nassau Elec guar
1927 J .1 961 9634 96
4
0678
Stamped
U554,
93
94
4
20 Nat onal Acme 75.48
9314 Sale 9314
10
127 10
10
1993 Al S 19
3
Col & 9th Ay 1st gu g 6s
953
974
97
9
2
2
95
,
1
June'23
59_
Al
.1
1st
N
D
9255
Stampg
9712
02
&
Nat
Enam
984 9678 9212 Sept'23
Columbus Gas 1st gold 5e 1932 J J
95
95
38
_ 95 Aug'23
J 93
_
7512 Nat Starch 20-year deb 581930
69
704
7138 704
Commercial Cable 1st g 4s-2397 Q J 70
97 10115
100
993 10114
10034
6
8914 National Tube 1st 53
84
8.578 Sale .851.
86
17
Commonwealth Power 6s__ _1947 M N
9214 05
1948J D 931 945 9314 Sept'23
11812 10112 Newark Con Gas 59
1037.3 J 10014 10012 10014- 10012
9
Comp Azu Bare 7s
0512 100
9512 101
9738 71
New England Tel & Tel Ss 1052J D 0714 Sale 9714
99
98
9812
3
Computing-Tab-Rec s f 6s_ _1941 J J 98
62
(12
62
Aug'23
.1
J
43-4s..1935
gen
Lt
&
7812
By
87% New Orl
7612 June'23
Conn By & L 1st & ref g 4Yis 1951 .1 J 7718
104
100
14
2
8
7
0
16
,
14
'4
10213 10212
8314 N Y Air Brake 1st cony (1)4....1928 PA N
176i
76
1951 J J 79% -0-03-4 81 Aug'23
Stamped guar 4Sis
7412 00
1
A
F
4s.
195I
90
isle
50-yr
8412
Dock
N
87
V
D
Sale
1910.3
22
861
87
Cons Coal of 1,4(1 let & ref Os
8
79
934 45 10658 1124
78
10
O 1093 Sale 1(1
1 A D
,18J
8912 9514 N Y EdLson 1st & ret 6%9-A-1194
9212
94 Aug'23
Con 0 Co of Ch let gu g55-1936 J J
1/512 100
9838
5
984 S.al_e_ 9712
8412 9212 NYGE & P g 5s
89
8912 38
1952 NI N 8914
Consumers Power
794 8314
8
.8 29
823
8238
827
82%
100
A
F
4s____1949
9812
g
money
Purchase
1931 M N 100 10014 99 July'23
Corn Prod Belts f g Us
82
703
76
82
June'23
98 101
J
N Y Munic RY lilt f 58 A-1968
9914 Sept'23
1934 MN 99,4 100
1st 25-yr s f 58
99
96
0638 Sept'23
8812 95 N Y Q El L dr P 1st g 43._ _ _1930 F A 963 97
4
8818 ' 90
1943 F A 87(2 88
Crown Cork & Seal 68
3814
2,12
4
293
293
301
Sale
8
ret
.1
94
J
48....
&
_1942
82
N
8712 8812 871
Rye 1st R E
8834 39
Cuba Cane Sugar cony 78._ _1930 J J
281 1 371s
2814 Sale 2814
2812 26
depoeit
of
4
935
8712
Certificates
021
9338
9814
Sale
156
J
.2
8%_1930
stamped
Cony deben
8
212
28
3
212
314
212
10812
-58
al942A
10512
Inc
ad1
29
30-year
Cuban Am Sugar 1st coll 843_1931 M S 10634 Sale 10612 107
134 772
21i 21
21 214
2
9414
91
Certificates of deposit __ _ _ _
9258 Sale 0212
9238 17
69
Comb T & T let & gen &L.-1'937 J J
59
3
Sale 62
62
eons
1062
2
8
4
N
1,1st
NI
S1
Rys
43.4s
N
State
0
A
1933
974
Denver Cons Tramw Is,
88
62
116- 6145
- 9034 88 Sept'23
9
-2
498
Den Gas & EL Ist&ret sf g 58'51 MN 8534 Sale 853
92
9238
9338 21
94
99 NY Steam 1st 2.5-yr Os Ser A 1017 MN 03
7912 17
55
783i
1942 M S 7834 79
9514
34
903i
Deny Corp(D (S) 75
9312
1004
938
.9384
Sale
51
y
t
1st&
N
s
gen
N
Telco
4%9.1939
944
2
9912
0912
108%
10312
Detroit Edison 1st coil tr 55_1933 .1 J
40
4
1053
9034 98
30-year.leben s t 6s _ _ _Feb 1949 F A 0512 Sale 1054
9534 31
81940 M S 9514 9558 9412
75 1021 10714
1st Ss ref 58 Series A
1047s
8
1041
Sale
10418
0
A
69_1941
refunding
gold
10412
101
104
90
1024
-year
Sale
20
193
81040M S
let & ref 6s Series B
PDue Dec. sOpt1on sale
bid and asked, a Duo Jars a Duo A9211. c Due March. e Due May. g Due June, 8 Due July, 8 D is Aug. 0 Due Oct.
*No Price Friday;latest
Virginian let Os Series A_ ___1962 MN
1939 MN
Wabash lot gold 58
1939 FA
2d gold 58
1st lien 50-yr g term 4s__ _1954 J J
Del & Cheat lot g Is. _ _ _1941 J J
Des Moines Div 1st g 48.1939 J J
1941 AO
Om Div lot g 35(1
1941 MS
Tol & Ch Div g 4s
Warren 1st ref go g 33413_ __ _2000 FA
1948
M
Wash Cent 1st gold 4s
1924 FA
W 0 & W 1st cy gu 4s
Wash Term lot gu 3.5is___ _1945 FA
1945 FL
1st 40-year guar 4s
W Mtn W & N W 1st gu 5s. _1930 FA
West Maryland 1st g 4s_ .....1952 AO
West N Y & Pa let g 59__ _1937 J J
1943 AO
Gen gold 48
Western Pac 1st Ser A It._ _1946 MS
1046 M S
6s
B
2361 .3.3
West Shore 1st 4s guar
0361 3.3
Registered
1926 AO
Wheeling & L E 1st g 5s
Wheeling Div lot gold 58_1928 J J
Eaten & impt gold Is. _ _1930 FA
Refunding 4Y4s Series A _ _1966 MS
1949 M S
RR 1st cense' 4s
1042.ID
Wilk & East 1st gu g 58
1938 ,ID
WIII & S F 1st gold 58
Winston-Salem S B 1st 48_1960 J J
Wls Cent 50-yr lot eon 4s_ _ _1949 J J
Sup & Dul die & term 1st 45'36 M N
1943 J
W & Con East 1st 4359
Bid
Ask
9312 Sale
94%
94
8414 8434
6534 7138
9378 _ _ _ _
694 79
6211 6678
724 79
SEPT. 22 19231
THE CHRO NICLE
New York Bond Record-Concluded---Page 5
1337
Quotations of Sundry Securities
All bond prices are "and Interest- except where marked 1A:1
Railroad Equipments Per Cf. Basis
. 13
it,
Standard Oil Stocks Par Bid
Range
Week's
Price
BONDS
.n.,..
5.60 5.35
Since
Anglo-American 011 now. £1 01312 14 Atlantic Coast Line 05
F.,=.
Friday
Range or
...
N.Y.STOCK EXCFIANGE
100 100 105
5.50 5.30
Equipment61,58
Atlantic Reliniug
.'",53
Sept. 21
Jan. 1
Last Sale
1- d.,"
.
Week ending Sept.21..
100 115 117 Baltimore A Ohio 65
5.75 5.45
Preferred
Equipment 4.Sis & Ss.... 5.50 5.30
100 134 134
High No. Low
Ask Low
Bid
High Borne Scrymser Co
77 Buff Koch & Pitts equip 65_ 5.50 5.25
9934 12
9514 101
Buckeye Pipe Line Co..50 .76
Niagara Falls Power 1st 55 1932 -I J 9914 Sale 9838
4 10112 105
10378
Chesebrough Mfg new._100 215 225 Canadian Pacific 43,68 & Os. 5.55 5.30
01932 A 0 10318 10378 10334
Ref & gen 68
100 110 114 Central RR of N J 6s
5.60 5.30
5
9952
9938 __ __ 9912
971 2 69%8
Preferred new
Niag Lock de 0 Pow 1st 58.. A954 M N
5.75 5.40
34 Chesapeake A Ohio 641
011. 47
Continental Oil new..._ 25 833
91
98
1952 M 5 9'133 Sale 91
No Amer Edison 6s
•16
5.60
6Yie
17
5.30
Equipment
50
Co__
Line
Plpe
03
S
92
9
Crescent
M
Sale
_1947
93
90
65._
Light
95
&
Trac
Ohio
Nor
5.60 5.30
Equipment 58
Cumberland Pipe Line_ _100 105 108
9078 82
8758 93
90
Nor States Power 25-yr 5s A.1941 A 0 9018 91
5.60 5.40
10038 33
9834 102
Eureka Pipe Line Co_ ___100 104 105 Chicago Burl A Quincy 6s
1st & ref 25-year 6s Ser IL 1941 A 0 100 10018 100
62 Chicago A Eastern Ill 53is. 6.25 5.55
Northwest'n Bell T 1st 7s A-1941 F A 10738 Sale 10712 10734 40 107 10818 Galena Signal Oil corn_ _ _100 60
100 110 114 Chicago A North West Ois 5.95 5.20
9133 9212
Preferred old
_ 9112 May'23 ___ _
North W T 1st Id g 43.58 gtd_1934 1 J
100 104 100
5.70 5.35
Equipment 613
3 101 108
Preferred new
10413
- - 104
10713
9078Ohio Public Service 7 ,iii__ _1946 A 0 104
1
5.55 5.30
2812
Equipment6s
9934 10514 Humble Oil& Ref new__ 25 *28
1947 F A 100 10112 101
101
75
100 152 153 Chic R 1 & Pac 43is & 5s___ 5.85 5.40
2
0534
9234 0613 Illinois Pipe Line
9534 Sale 0513
Ontario Power N F 1st 5s_.A943 F A
25
5.85 5.50
6s
95
*94
Equipment
9214
3
Oil
9373
N
9378
Imperial
M
9378
_1945
93
5s__
96
Transmission
Ontario
85 Colorado & Southern Os__ _ _ 5.75 5.40
1941 F A 9714 Sale 9714
96 10112 Indiana Pipe Line Co__ _ Si) *84
6
98
Otis Steel 88
5.65 5.35
9012 9478 International Petroleum_(:) *133 1378 Delaware & Hudson 6s
9212 13
9213 92
1st 25-years f g 7.96e Ser B 1947 I" A 92
6.25 5.80
8812 9314 Magnolia Petroleum_ _ __100 124 125 Erie 4t,s & 5s
9112 73
Pacific G & El gen & rsf 58..1942 J J 9012 Sale 9012
6.40 6.00
3334
Equipment(is
9
9258
National Transit Co_ _12.50 *23
8933 94
Pac Pow&Lt lst&ref 20-yr 511 '30 F A 9238 Sale 9238
9912
Os
_100
5.65 5.35
9434
Co_
12
Northern
92
Transit
Great
93
97
York
58
9614
let
Tel
Sale
&
9612
Tel
1
New
J
1937
Pacific
5.85 5.50
1952 MN 9058 Sale 9038
Hocking Valley 65
9114 55
88
55
9212 Northern Pipe Line Co._100 9913 101
25 *5113 5312 Illinois Central 48& 58... 5.35 5.15
22 102 10558 Ohio 011 new
104
Pan-Amer P & T 1st 10-yr 781930 1" A 10314 Sale 10314
25 *20
5.65 5.35
Equipment(is
23
9238 94
9258 Aug'23 _ _ __
94
Penn Met Fuel Co
Pat & Passaic G & El eons 58 1949 M S 03
5.55 5.30
Equipment 7s & 6
Prairie Oil A Gas now...100 155 157
Peop Gas & C let COM g 68-1943 A 0 10412 10778 105 Sept'23 _ _ __ 105 108
8718 94
1947 M S 89
97 Kanawha & Michigan Gs._ _ 5.85 5.45
8934 14
d 58
8934 8912
Prairie Pipe Line new...100 116
Refunding
100 165 170
5.60 5.25
9858 10112 Solar Refining
Equipment 4Yis
1944 F A 10018 Sale 9934
10014 46
Philadelphia Co Gs A
23
1938 M S 9018 Sale 9018
8812 9112 Southern Pipe Line Co_ _100 03
94 Louisville & Nashville Os_ _ _ 5.65 5.35
91
513s
100 113 118
1043 M S 7518 Sale 7413
5.50 5.30
150
6518 8234 South Penn 011
Equipment 13;i8
76
Pierce-Arrow 8s
6978 98
18
1931 J D 88
79
82 Michigan Central Is & 65.. 5.55 5.25
Southwest Pa Pipe Lines _1(X) 81
Pierce Oil s f 88
8814 6978
_ 9038 Sept'23 __ _ _
89
91333 Standard Oil (California) 25 *5014 5034 Minn St P & S 2.1 4Y,5 5s 5.75 5.40
Pleasant Val Coal 1st g s f 55 1928.2 .1
2
Equipment(His & 75__
9214
5.80 5.40
9012 9458 Standard 011 (Indiana)_ 25 *5314 5312
90
- - 9214
021s
Focal" Con Colliers 1st a 1513.1957 J J 9025 *36
9113 9512 Standard Oil(Kan)
2
9412
37 Missouri Kansas A Texas 68 6.00 5.55
Portland Gen Elec 1st 5s_ _ _ _1935 J J 9412 Sale 9412
25
(Kentucky)
10
Oil
843
5e...1930
Pacific 68 & 65 8- - .5.80 5.50
ref
M
4
Missouri
873
8
8714
88
N
Standard
&
90
88
1st
Ry
8734
Portland
*87
8673 Standard Oil (Nebraska) 100 210 225 Mobile & Ohio 4s & 5s... 5.75 5.30
82
8358 10
Portland Ry, Lt & P 1st ref 55'42 F A 8213 8312 8213
1947 M N 03
93
2
04
9614 Standard 011 of New Jer_ 25 *3214 321: New York Central 43' s & 55 5..50 5.25
94
93
6s 11
100 *1151 1161
5.70 5.35
Equipment fis
7 10378 10714
10434
Preferred
1st & refund 7s Ser A._ _1946 M N 10435 10513 10414
Equipment 78
5.60 5.30
2 10178 106
Standard 011of New York 25 •3834 394
106
Porto Rican Am Tob Ss._ _1931 M N 106 Sale 106
100 272 275
(Ohio)
3
4
3
93
1933
011
8753
f
Norfolk & Western <His_ _ _ _ 5.35 5.00
91
J
55
ar
i
Standard
Pressed Steel
891289
100 118 120
5.5.5 5.30
Preferred
Northern Pacific 78
Prod & Ref s f 8s(with waents)'31 1 D 108 112 11012 Sept'23 ___108 133)2
100 28
5.55 5.30
39
Pacific Fruit Express 75_ _ _
10138 27 100 10812 Swan & Finch
Without warrants attached__ J D 101 Sale 100
86
80
•eunsylvaula RR eq 58 & 6s 5.60 5.35
90
8078 31
Union Tank Car Co._..100 85
Pub Serv Corp of NJ gen 5s.1959 A 0 8012 Sale SO
100 107 108
5.45 5.30
Preferred
.1tta & Lake Erie 654s
1937 J J 10834 Sale 10673 10834 115 105 124
Punta Alegre Sugar 75
1968 ___ 6713 Sale 6718
25 *471 473
5.80 5.40
6518 7433 Vacuum 011 new
Equipment 6s
6734 204
Rapid Transit Sec 68
10 *23
1937 M -1N 94 Sale 9333
5.35 5.10
26
04
9078 96
25
Washington 011
'tending Co W4s & 58
Remington Arms 6s
Other Oil Stocks
89
2
9612
02
4.t. Louis & San Francisco 58. 5.80 5.50
9134
9134
Repub I & S 10-30-yr 38 5 L _1940 A 0 00
7
8838
871.2 9453 Atlantic Lobos 011
1953 J J 88 sale 88
(n •23 33 Seaboard Air Line 43.is & 58 5.90 5.50
53is
9613 99
6
50 *5
9612
9612 9712 9612
1052.i.1 D
10
5.35 5.10
Southern Pacific Co 4345_
Preferred
Robbins & Myers s f 78
05 •49t3 50
91
91
_ _ _ 91
5.55 5.30
Jan'23
Equipment 75
Gulf Oil new
Roch & Pitts Coal & Iron 5s_1946 M N
5 *412 514 iouthern Ry 9345 & 5s
1
8212
82
93
1 83 8212
5.5' 5.25
Mexican Eagle 011
9013Rogers-Brown Iron Co is_ _ _1942 M N 801
5 *878 9
Equipment 6s
5.85 5.50
Mutual 011
100 81
84
7834 Aug'23 _ _ _77
St Jos By, L. II & P 5e
7834 National Fuel Gas
Toledo & Ohio Central(Ie.__ 5.85 5.50
1937 M N 7.91. 82
_ _ Salt Creek Producers... 10 .1614 17
85144 Dec'23 _ _ _ _ ---_
St Joseph Stk Yds let g 48 1930 J J 8513 93
Union Pacific 7s
5.45 5.20
1
7518 -84-12 Sapulpa Refining
7513
7514 8178 7518
134
1 1_
St L Rock Mt & P 5s stmpd_1955 1 J
1924 A 0 _ __ 5714 60 June'23 _ _
Public Utilities
60
Tobacco Stocks
62
St Louis Transit 58
-L
93
02
1937 J J
92
Sale
St Paul City Cable 55
79
Amer Gas & Eke new. (j) *3634 3713 American Cigar common 100 76
103
7 100 10378
50 *4214 4314
1942 M S 103 Sale 10213
100 80
Preferred
Preferred
Saks Co 7s
86
MAN 94
95
Amer Machine & Fdry_ _100 140
9158
1
9113 9212 9158
90
Deb Os 2014
Ban Antonio Pub Ser 68_ _ _1952 J J
9434
99i4
10
97 109
British-Amer Tobac or& £1 *2418
Amer Light & Trac com_100 114 116
Sharon Steel Hoop Iln 88 ser A '41 M 5 9914 Sale 99
100 00
fl •2418 2438
1942 A 0 10038 10118 10034
92
Bearer
3
9912 103
Preferred
10034
Sheffield Farms(Was
8212 87)3 Amer Power & Lt corn_ _100 162 165 fielme (Goo W) Co, new 25 *149
2
86
51
8412
Sierra & San Fran Power 58_1949 F A 8212 86
100
92
100
3110 113
Preferred
85
10113
15-year
M
182
83
011
9514
75-1937
Cons
9214
Preferred
S
Sinclair
Sale 921,
MAS 9012 9112 Imperial Tob of G BA herd •16
17
8558 0714
8834 370
65,68 B (w I)
Deb 68 2016
1938 J D 86 Sale 8558
35
_
1925 A 0 94 Sale 94
lot Cigar Machinery. _100 58
94 10034 Amer Public UM corn_ _100
62
9512 54
Sinclair Crude 011 5548
100 66
70 Johnson Tin Foil A Met.100 80
1926 F A
9414 Sale 9358
9333 9978
90
9434 45
Os
7% prior pref
100 40
8113 8912
1942 A 0 8112 Sale 8112
MacAndrews & Forbes_ _100 133 136
43
Sinclair Pipe Line 58
8278 40
4% panic pref
100 40
100 95
45
Preferred
09
10013 14
9812 102
South Porto Rico Sugar 7s..1941 J D 100 Sale 100
6% preferred
100 24
_ _ 31engel Co
26
9373 Sale 9334
9039 9578 Blackstone Val G & E c(1m 50 •71
16
9414
South Bell Tel & T 1st s f 58_1941 J J
73 Porto Rican-Amer Tob_ _100 09
73
Southern Colo Power 611.....1947 J J
92
9012 Sale 90
92
8712 92
Carolina Pow A Lt com _100 70
Scrip
75
9918
991a
6
Stand Gas de El cony a f Be_ _1926 J D 9108
9678 9934 Cities Service Co corn...i00 129 132
100 3129 130
Universal Leaf Tob com_100 70
9578 9914
1
Standard Milling 1st 5s
9613 9578
9573
1930 MN 9612 I_Preferred
100 83
Preferred
10514 83 100 10712 CitiesServiceBankers'Shares •31278 13
Steel & Tube gene f 75 ser C-1951 J J 10518 Sale 105
88
100 105 110
20
Young (J S) Co
9718
Sugar Estates (Orientl) 78...1942 M 5 0678 Sale 9614
11
96
9934 Colorado Power com_ _100 19
100 93
100 100
Preferred
96
9018 9112
____ 9114 July'23 ___ _
Syracuse Lighting 1st g 58. _1951 J D 92
Preferred
5
Light & Power Co col tr a f 5s 54 J J 8334 Sale 8334
8334
8384 86
Com'w'th Pow.Ity & Lt.100 3012 3112
Rubber Stocks(Clcoeland)
Pow Corp pref 100 7012 72
Tenn Coal, Iron & lilt gen 55 '51 J .1 99 10014 100 Aug'23 ___9815 101
a 9912 10112 Com'w'th
9912
Firestone Tire & Rub corn 10 *63 64
9912 10014 9912
Tennessee Cop 1st cony 68..1925 M N
Consumers Power pref._100 8612 88
9612
100
6% preferred
9312
9
93
9218 95
Tennessee Elec Power 68....1947 J D 93 Sale 93
Elec Bond A Share pref.100 .96
100
7% preferred
1960 .1 J
6
5512
5213 62
5514
ao
Third Ave let ref 4s
5512 56
Federal Light & Traction(t) *6712 6834
100 •68
6234
General Tire & Rub com 50 *150 170
95
5138 _
71
Adjustment income 59._ -01960 A 0 5013 Sale 5018
Preferred
100
1937 J J 9034 9114 91 Aug'23._
Preferred
Third Ave Ry let 558
Lehigh Power Securities_(:) 82114 2214
90 105
9514
813 -61-2
1931 F A 102 Sale 102
Goodyear Tire & R com_100
Tide Water Oil 63.s
mississippl Itiv Pow corn 100 19
21
10234 io 10113
100 80
3 10234 1057,
83 Goody'r TAR of Can 91_100
Tobacco Products s f 79_ _ _1931 J D 10614 10638 10434
so
105
Preferred
1941 M S 10612 Sale 106
9012 92
Xlason Tire & Rub coma)) •1
Toledo Edison 75
2
10613 21 10518 1075s
First mtge 58, 1951_344J
9818 9813 98
1925 F A
100 16
Toledo Traci, LA P65
Preferred
9712 902.,
9834 45
18
S F g deb 78 1935 __MAN 101 10212
1940 M S 9178 _ _ __ 9214 July'23._ __
49
100 65
Trenton 0 & El 1st g 55
31111er Rubber
9312 95 - Nat Power & Lt con_. (I) *47
(I) •83
9078 9314
85
100
Preferred
_ _ __ 9238 May'23._ __
Undergr of London 434s__1933 J J 85
Preferred
99
1948 J J
J&.1 8512 87
8658 So
8738 _ ___ 89 Sept2'3 _ _ __
Income 68
100
Mohawk Rubber
6 8
Income is 1972
1942 M N
9613 _ __ 97
Union Bag & Paper 68
712
Preferred
9758 10
95
90
38
Northern Ohio Electric_ (t) *6
10(
95
20
Union Elec Lt & P let g58._1932 11 S 0634 Siale 9612
9734
24
7
Preferred
9634
ielberling Tire & Rubber(f) -•46
1933 MN 9112 9134 9113
55
9113
100 35
2
8819 92
45
Preferred
North States Pow com_100 97 _ _ _
100 02
Union Elm,(Chicago) 58__ _1940 A 0 ____ 7312 71) June'23 ____
95
70
70
iwinehart Tire & K corn. 100
Preferred
21
1
96
1931
90
J
Union 011 58
9534 96 Aug'23 _
72
100
Preferred
50
Nor Texas Elec Co corn.100 68
4 38
c1942 1" A
9953 10258
100 68
68
9934 Sale
73
Preferred
. 33
10334 21 10212 105
Union Tank Car equip 7s..1930 F A 10313 Sale 10313
Sugar Stocks
Pacific Gas & El 1st pref 100 8712 89
1941 J D 11111 Sale 11118
United Drug cony Ss
24 110 11333 Power Securities corn...(0) *3
112
50 •9
5
SuSguag
.iaracas
12
1036 J J 9434 Sale 9434
United Fuel Gas 1st 8 f 65
9434
1
(1) •14
8113
92
19
98
;ent Aguirre Sugar coin_ 20 •80
Second preferred
United Rye Inv 55 Pitts issue 1926 M N 9158 0314 9114
8714 9712
100 95
9212 14
82
97
'ajardo Sugar
,
Coll trust Bs 1949._ _J&D 76
United Rya St I. 1st it 49._ _1934 J .1 60
6018
5813 6318
5
8034 6018
63 66
40 ,
Sugar Ref corn.
Sar
Incomes June 1949_ _FAch 14
5 69
56
rfaelued
pre
ede
United SS Co Int rcts 65.___1937 M '
89 Sale 89
100 90 105
8912
7
8612 93
Puget Sound Pow & Lt_ _100
1942 A 0 993A 9934 9858
100 78
United Stores 68
11
9834 24
98 10112
87 Godchaux Sugar. Inc_ ..(I) •5
6% preferred
1932 J -1 10134 Sale 10158
100 0100 103
100
2 10015 103i.
1013.1
US Hoffman Mach Ss
73
Preferred
7% preferred
10213
76
_ __ 10014
99 1021;
2
U S Realty A I cony deb g 58 1024 J .1 100
Gen mtge 7S4s 1941 _MAN 109 105 Great Western Sugar new 25 *73
8913 Republic Ity & Light...100 13
87
85
112
28
U S Rubber 1st & ref 5sser A 19472 J 8534 Sale 8512
15 Holly Sugar Corp corn (I) *24
1030 F A 105 Sale 105
100 70
100 40
111653 20 105 10913
10-year 7s
76
42
Preferred
Preferred
US Smelt Ref & M cony 68_1926 F A 100 Sale 9931
100
27
9912 102
South Calif Edison com_100 10112 102 Juncos Central Sugar_ I00 90 110
92
100 114 117 National Sugar RefIning_100 80
US Steel Corpicoupon _ _91963 MN 10134 Sale 10133 10134 129 10034 104
Preferred
05 100
1 100 111412 Standard Gas A El (Del) 50 •2713 2913 New Niquero Sugar
_ .._ 10012
10013
8 f 10-60-yr 5slregistered _91063 MN 100
8114 35
Utah Light & Traction 5s__ _1914 A 0 8018 Sale 8018
5
80
9134
56 *48
12
49 Santa Cecilia Sug Corp pf 100
Preferred
1944 F A
8834 Sale 8812
Umh Power A Lt 1st 58
89
58
22
8533 92
Tennessee Elec Power. _ _(I) •1212 1413 Savannah Sugar com......(t) •56
_ 9512
100
Utica Elec L & Pow 1st s f 55 1950 J .1
82
4
Preferred
9554
(I) .40
95
43
9534
Second preferred
1957 J i 90
9514-91-14
8933 Aug'23 _ _ _ _
Utica Gas & Elec ref 55
89
90
9214 United Lt & Rys corn_ _100 147 106 Sugar Estates Oriente prof.. 85
77 West India Sag Fin com_100
let preferred (6%)- -_100 75
100 -E- 35
100
2
Va-Caro Chem 1st 15-yr 58..10232 D 100 10014 100
Preferred
9934 10012 Western Power Corp_ _ _100 28
29
1947.2 D 8938 Sale 8734
98
100 82
75
8938 106
84
Preferred
75
19372 .1 6938 Sale 6812
Industrial&Paiscellaneous
6934 25
55
9413
12-year a f 73.e
Short Term Securities
Without warrants attached_ J J 6713 70
7114 Sept'23 ____
58
ss
American Hardware__ _ _100 56
96
90i2 Am Cot 011 68 1924_.MAS2 95
08
g
1st
M
1949
S
Coke
92
9334 9312 Aug'23 ___ _
92
75
Vs Iron Coal &
951, Amer Tel&Tel Os 1924 _F&A 10018 10012 Amer Typefounders corn 100 72
1034 J -I 85
100 97 100
86
85
Preferred
8514
4
84
87
Vs lty l'ow 1st & ref 5s
Anaconda Cop Min 68'29 J&J 10113 10178
1942 J D 07 Sale 9634
97
8
Vertientes Sugar 75
20
98
Anglo-Amer Oil78'25 Adt0 10114 10214 Bliss (E W) Co new- - - -(:) *18
99
1941 J D 103 Sale 10234
50 •59
10313 15 10158 100
Preferred
_
Warner Sugar 78
Federal Sug Ref Bs'24 _:MAN
63
1939.2 .1 9933
9714 973
MAN 101- -4 Borden Company corn..100 118 120
9958
9958
2
Wash Wat Power a f 5i
9818 9958
Os 1933
: 96
9514 971
100 100 102
96
5
westches Lie g 53 strand gtd 1950 J D
Preferred
9313 9714 Hocking Valley 65 1924 M&S 10018 10033
100 85
9158
Celluloid Company
8
West Penn Power Ser A 5s.1946 M S 9114 Sale 91
88
95
90
Interboro R T 88 1922_51AS
100 108 112
10034
6 100 10212 K C Term Ry 6s'23 Is,l&N15 100 10014
Preferred
1st 411-year Cis Series C___ _1958 J D 10034 102 10034
c1946 F A 10412 105 10412 105
10i 156 159
00
100
8 10218 107i2
rn...11
J&J 103 104 Childs Company corn...
1st series D 78
61,5s3uly 1931
1963 M 5 8858 Sale 8813
Preferred
89
0
109 111
87
5s E
891. Lehigh Pow Sec Os '27 _FAA 9214 04
9612 99
98
98
2
104 108
96 100 - Sloss-Sheff SAI 13s '29_F&A 9634 9714 Hercules Powder
Western Union coil tr cur 5s_1938 J J
9212 Sale 0213
Preferred
99
9318 28
89
2102 105
Fund & real estate g 4A 8_1950 M N
U S Rubber 754.i s 1930 _F&A 10512 1061:
1936 F A 109 10958 10834
International Salt
109
100 79
15 106 11172 Joint Stk Land Bk Bonds
68 g
15-year 133,
82
Westinghouse E & M 78. _ _1931 M N 10714 Sale 10678 10712 51 10513 10812 Chic Jt IRK Land Bk 58_1951 10012 102 International Silver pre/ 100 102 107
Coal
50 *6813 80
Valley
500)3102
Sales
gg
Lehigh
9512 17
91
1932
Wickwire Spen Steel 1st 75_ _1935 J 3 95 Sale 95
opt
1952
59
0
A
6s_1941
9578
Sale 95
9414 102
102 104 Phelps Dodge Corp
9638 31
100 150 160
Wilson A Co let 25-3'r s f
5158 1951 opt 1931
10282 D 8614 Sale 85
9912 101
Royal Baking Pow com_100 123 127
8634
17
83
88
10-year conv s f 6s
413'8 1052 opt 1932
96 9614 9573
1931 F A
9913
98
Preferred
0618 27
93 los
100 98
9912
429e 1952 opt 1932
768
1941 A Oj 103 Sale 103
Singer Manufacturing._100 112 113
10314
3 10012 106
9913 101
7VInchester Arms 7tis
44s 1963 opt 1933
on,
99
31
99
trnunien Sheet & T 631w 11_ _1943 I JI 99 Sale 99
Basis.
b
d
value.
Purchaser
also
par
pays
NO
share.
accrued
I
•Per
dividend
*No Price Friday;latest bid and asked a Duo Jan d Due Apr. C Due Mar. e Due. NeW stock. f Flat price. k Last sale n Nominal. z Ex-dividend. If Ex-it:tic.. •
Ex stock dividend. a Sale price. o Canadian quotation.
May. g Our June. h Due July. k Due Aug. o Due Oct. p Duo Dec. s Option sale,
so
1338
BOSTON STOCK EXCHANGE-Stock Record seeBarilage
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday,
Sept. 15.
Monday. I Tuesday.
Sept. 17.
Sept. 18.
Wednesday. Thursdag.
Sept. 19.
Sept. 20.
148 148
147 148
146 147 *x146 147
1464 14612
80
x77%7812 78
8014 80
80
80
80
7814
*93
94
94 94 *934 94
94
94
9314 9314
•115
*116
116 116 *116 ____ 110 116
101 10212 10212 10212 10212 10312 x99
99
99
99
*13 _
•1278 1314 13/
1
4 1318 •13 _ _ _ _ 13
13
*15
19 •15
19 *15
19 *15
19 .15
19
*18
19
18
18
19 •1818 19
18
*1818 19
*2712 ___ •2712
•2712 ---- *2712 ___ 2712 2712
•25
_ •25
.25
_ _ *25 ____ 25
25
*35 __ _ .35 ____ *35 _ - _ - *35
37
35
35
140 140 •138 148 •138 148 •138 148 .1138 140
•25 27
25 25
25
25
25
25
234 24
.
62 64
•____ 63 •62 63 *____ 63
.53 55 *53 55 *53
55
.54
56
*37 __ _ _ *37
37
37
*3612 37 *---- 3612 '3613 37 *-__--_-_ -3
36
.
672 36
•_-_ _ 28 a____ 28 •25 28
2612 2612 *2512 _-_•1214 1234 *1214 1234 *1154 12% 1258 1234 •1214 12%
*88
7314
*2712
•z74
90 •z85
90 •x85
7314
72
3012 *2712 304 .274
76 •z74
75 •174
90 *z85
90 *x85
90
72
71 • 7114 714
71
3012 4.27l2 wiz *2712 3013
75
74
74 *z72
74
*158 214 •1/
1
4 214 *158 214
1
1
*158 214
•1334 15 •1334 14 •13% 15 •1334 15
14
14
12324 12414 12334 12414 12358 12414 12358 124 x12118 12134
77
77
76
75
77
76
76
76
774 7712
7818 7812 78 78 •78
79
78
78 *78
79
•14
16 •14
16 *14
16 •14
16
*14
16
•11
12
10
10
1014 1014 •10
*10
11
11
10713 10712
•.15 .30
.56 *Ts
•.15 .30
21
21
2038 2054 20
/20
20% 2034 21
20
*24 3
•2
3
•212 3
•212 3
*212 3
*7
712
712 *712 8
118 712
•74 8
81
84
82 84
83 844 83 84
82
8412
159 159 158 158 158 159
15834 159
158 159
•358 4
•3% 4
*358 4
*358 4
*358 4
612 612
612 612 *612 ---612 612
*6
8
.6
*6
*6
8
8
8
•6
8
*16
*16
1612 16
1634 16
16
16
16
16
•155
56
56 *55
55
58
x54
54/
1
4 *754
56
*3412 36 *535
36 •z35
36 •z35
36 •235
36
•10
12 •10
12 *10
12 .10
12
•5
8
•54
58 *54
5812 *54
58 .54 58
54
56
•1
112 •1
112 •1
14 .1
112
14 .1
.312 7
•312 7
*34 7
*312 7
*312 7
*712 8
7
7
74 714
7
7
•654 74
*9
912 *9
91
*9
912 •9
912 *94 912
8112 82
814 83
8114 8158 81
81
8112 81
69 69
6834 6834 6834 8834 6814 6854 *6834 6912
•x160 163 160 161
161 161
160 161
161 161
7
19
19 *19
20
19
19
19
184 1812
3480
82
82 82 •x80
82 *.z80
82 4480
82
4
4
334 4
334 334
•3/
1
4 4%
314 334
412 44
418 418
412 .312 418 .312 4
4
11614 117
117 117
117 117 117 11712 117 117
.
1734 18 *1712 18
174 174 •1712 18
1734 1734
88 88
874 8812 88 88
88
88
88
88
16
16
1534 1534 •x154 1534 *21514 1534 *11514 1534
34214 2/
1
4 *2214 2/
1
41 •.3214 2% *x214 2/
1
4 'z214 2/
1
4
•.50 1
•.50 1
•.50 1 1 •.50 1
.99 1 1
101 10112 101 102 101 101121 10012 101
101 1013
*4612 474 4612 4612 47 47
47 47 *a._ 47
•8
10
*8
10
•8
11
*8
11
.8
11
36/
1
4 361
36/
1
4 3634 13534 36
3512 36
355 353
•2558 257
2558 2678 25/
1
4 2514 25 25
25/
1
4 251
2018 204 20
201
2014 20
2014 20
203e 205
1512 16
15/
1
4 157
1512 155
153 157 x1512 153
812 81
*84 9
•812 9
•834 87
834 8*g
•1712 18
1812 181
174 171 *1734 177 *173 177
161
/
4 1614 16
16
10
16
16
16
16
16
294 301
2911 30
30
30
29
30'g 294 3014
33
33 *33
34 *33
333 *33
3334 33
3312
•35
37
37 37 •36
37
37 *35
*36
37
.612 7
.612 7
1
4 8
*7/
714 714 •634 714
•.30
Friday.
Sept. 21.
Sales
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
Railroads
Shares
l22 Boston & Albany
100
354 Boston Elevated
100
26 Do pref
100
129 Do let pref
1-1-(1100
--------129 Do 2d prat
100
to
80 Bos n& Maine
*124 32
100
Do pref
100
----6
_-__
-5
Do Series A 1st pref._ 100
10 Do Series B tat pref__ _100
16 Do Series C 1st pref._ _100
12 Do Series D 1st pref_100
7 Boston & Providence
141
100
289 East Mass Street Ry Co_100
Do 1st prof
100
Do pref B
100
3 Do adlustment
100
100 East Maas St Ry (tr etfs) 100
100 Maine Central
100
10 NYNH& Hartford
100
--- Northern New Hampshire-100
Norwich & Worcester pref _100
70 -7156 Old Colony
100
Rutland pref
-------100
10 Vermont & Massachusetts_100
les
158
12118 122
76
76
78
78
-------_
1934 1 7s
7
7
8138 84
15834 159
_
-15
16
-- _---
- --
6
-1-
6814 694
160 160
_
-19- 19
II:
_
1-1-/
_
88
I854
-10078 10114
*2514
20%
1512
878
177
16
z29
32
234
-3514
255*
22
15/
1
4
878
17/
1
4
16
29
32
34
I
Range since Jan. 1 1923.
Lowest
143 Apr 3
75 June 29
9112 Aug 9
11118 Aug 2
98 Aug 9
10/
1
4July 30
14 July 28
18 Sept 17
26 July 10
24 Sept 8
34 July 18
135 July 21
18 Feb 15
62 Sept 11
53 Feb 24
3412 Feb 13
344 Feb 15
2612Sept 19
9/
1
4July 5
65 Sant 8
80 June 12
65 Aug 14
2112 Aug 25
79 Sept 19
Miscellaneous
301 Amer Pneumatic Service
1 Sept 19
25
5 Do pref
50 13 Aug 7
1,979 Amer Telephone & Tales_ _100 119 June 29
123 Amoskeag Mfg
75 Aug 31
102, Do pref
No
No Pa
pa; 177 July 10
Art Metal Construe,Inc__. 10 15 Mar 1
30 Atlas Tack Corp
par 10 July 2
20 Boston Cons Gas Co. prefo
N
105 Jan 22
_ • _ iBoston Met Pet Trus_No par .10 Jan 18
_ -1,050 Connor (John T)
10 19 July 5
_ I East Boston Land
3 June 25
10
175 Eastern Manufacturing
7 June 28
5
1.280 Eastern SS Lines,Inc
25 6834July 30
240 Edison Electric Ilium
100 157 Sept 14
Elder Corporation
No par
312June 30
35 Galveston-Houston Elea_ _100
_
5 July 9
I Gardner Motor
No par
8,4 Aug 23
65 Greenfield Tap & Dle___ 25 15 Sept 21
130 Hood Rubber
No Par 54 Jan 8
Internat Cement Corp-No par 32 July 2
Internet Cotton Mills_____ 50 10 Sept 14
1141 Do pref
100 50 May 31
International Products_No par
1 Sept 11
_I Do pref .
100
412June 20
16' Libby, McNeill & Libby_ _ 10
5 June 22
253 Loew's Theatres
25
84June 27
253 Massachusetts Gas Cos 100 7812May 22
80' Do pref
100 65 July 7
55 Mergenthaler Linotype__ _100 147 June 19
Mexican Investment. Inc- 10
8 Auq 22
65 Mississippi River Power
100 184Sept 20
10 Do stamped pref
100 80 Jan 16
267.National Leather
3/
10
1
4June 27
955 New England 011 Corp tr
2% Aug 15
203 New England TelePhone-100 113 July 4
200 OrPheum Circuit, Inc
1 1634July 12
373 Pacific Mills
8612 Aug 23
80 Reece Button Hole
10 15 June 26
-------Rowe Folding Machine
2 Jan 11
10
25 Simms Magneto
5 .75 June 14
322'Swift & Co
100 9812 June26
155 Torrington
25 42 July3l
_
I Union Twist Drill
5
712 Jan19
5:418,United Shoe Mach Corp-25 x3312 June15
3271 Do pref
25 2458 June14
10,408 Ventura Consol 011 Fields_ 5 1934 Aug23
4,408 Waldorf Sys,Inc,new ehNo par 15% Sept17
28 Walth Watch Cl B com.No par
5 Feb15
56 Preferred trust ctfs
1
4 Mar 6
100 15/
675 Walworth Manufacturing- 20 1114 Jan 5
687 Warren Bros
ao 2512 Jan31
299 Do 1st pref
50 31 July12
•
26 Do 2d pref
50 33 July10
15 Wickwire Spencer Steel- 5
7 Aug14
i
Highest
PER SHARE
Range for Photos
Year 1922.
Lowest
Highest
151 June 14 13014 Jan 152 May
84 Jan 5
7312 Feb 89/
1
4 Sept
100 Mar 6
94/
1
4 Mar 105 Sept
125 June 12 116 June 126 Sept
106 Mar 5 10112 Nov 109 Sept
2012Mar 2
14 Jan 3112 may
27 Feb 13
20 Jan 37 Apr
3212Mar 1
22 Jan 4412 Apr
48 Feb 8
36 Jan 62 May
42 Mar 22
30 Jan 54 may
59 Feb 7
40 Jan 7712 May
16012 Jan 25 125 Jan 163 July
35 Mar 22
18 July 26% lull
72 Jan 16
66 Aug 77 July
65 Mar 19
51 July 60 Nov
46 Mar 22
28 July 47 Aug
45 Mar 21
29 July 47 Aug
43 Jan 2
274 Jan 55 Oct
224 Jan 30
1214 Jan 3478 May
84 Feb 3 69 Jan 96 July
100 Jan 3
58 Jan 10354 Dec
81 Feb 14
57 Jan 98/
1
4 May
3818 Feb 20
1
4 AMID
15 Jan 52/
98 Jan 11
78 Jan 100 ,AUg
34 Jan 9
20 Jan 10
12534 Mar 14
112 Jan 5
88 Jan 5
164 Mar 14
2018 Feb 14
10812 Feb 24
.30 Jan 25
27 Mar 19
4 Jan 2
1418 Mar 5
12712 Mar 22
172 Jan 3
10/
1
4 Jan 2
294 Feb 5
1558 Mar 3
24 Fob 10
634 Mar 13
44 Mar 19
22 Feb 19
791
/
4 Jan 10
3 Mar 20
8 Mar 15
8/
1
4 Aug 20
11 Apr 26
8712 Jan 2
73 Jan 25
179 Jan 6
1434 Feb 19
2814 Jan 31
84 Feb 14
834 Feb 13
412Sept 13
122 Jan 3
2112 Apr 26
190 Jan 2
18 Mar 14
34 Mar 15
2 Feb 20
10913 Jan 6
50 Mar 9
11 Mar 7
5534 Mar 8
2814 Jan 11
30 Jan 2
e2218 Mar 19
13 Mar 17
2912 Mar 19
17/
1
4 Feb 17
3413 Mar 14
391
/
4 Mar 14
42 Mar 15
1211 Feb 21
212 Dec
Feb
13
11458 Jan
104 Jan
80 Nov
14 Nov
13 Jan
10454 Aug
.10 Sept
155 Jan
3 Jan
7 Dec
3812 Jan
156 Mar
3 Mar
28 Dec
9 Nov
17 Dee
43 Mar
Jan
28
20 Nov
60 Aug
113 Dec
513 Dec
158 Apr
8 July
63 Jan
62 Jan
130 Jan
11 Dec
13 Jan
72/
1
4 Jan
65 Dec
.22 Dec
109 Jan
13 Jan
115$4 Oct
124 Apr
158 Dec
.50 Nov
1
4 Jan
92/
39 July
8 Mar
37 Jan
25 Jan
2178 Jan
e1314 Jan
24 Nov
11 Nov
74 Feb
17/
1
4 Jan
3018 Jan
31 Feb
884 Nov
414 Jan
2014 Aug
12814 Aug
121 Dec
91 Aug
20/
1
4May
22 May
107 Dec
50 May
30/
1
4 Dec
6 Apr
1414 Feb
89/
1
4 Oct
185 Sept
13 May
39 Aug
1614 Apr
271
/
4 Feb
545* Dee
3838 May
32 Jan
85 Dee
612 Mar
17 Apr
1112 June
13 Jan
9018 Nos
74 Oct
181
Oct
2711
/
4 June
34 Aug
854 Oct
1134 Jan
5 Jan
125 Sept
28 Oct
192 Dec
16 July
3 Mar
7/
1
4 Apr
11012 Sept
8112 June
141
/
4 Feb
45 mar
2712 July
3318 June
0912 Dec
1454 Apr
49 Apr
13 Oct
353* Sept
3814 Oct
44% July
21 May
5
Ad
0vmeee
ntkure C
1 Feb 28 .50 Jan
linlitated.- 25 .25 Feb16
Moinnso
1 Apr
25 54 July 5 87 Mar 1
56 Nov 66
Al
Alig0oum
25 .10 July 5 50 Mar 2 .03 Sept.50 May
a
ah Mining
Apr
25 15 Aug 9 34 Mar 1
19 Dec 324 Jan
-14 --1-34
- "%ii4
450 Arcadian Consolldated
25 .70 July 3
414Mar 5
2 Mar
458 May
9/
1
4 914 *9/
1
4 10
B
AirillzgohnamComercialAzn
914
5
7% Jan 6 1412Mar 2
94
ilae
6 Nov 1012June
*1512 1614 .1512 1614 *1511 1614 15
154 *15
10 15 Septl
19 Feb 19
10 •I5
16
13 Jan 1854 Sept
1912 20
194 19
19
20
2,345 Calumet & Heels
1912 20
25 19 Septl
1912 20 I 1934 20
49 June 15 248 Nov 301 Aug
5
5
•5
5
5
534
Carson
5 I
5
5 Sept 5
1
938 Feb 13
Cerennigill Gold
5
5 I *478 5
5/
1
4 Nov 1654May
7 Jan 18 15 Mar 1
25
-335
8 Nov 1312 Feb
-i&i4 16.If" "ii"
DO
-i8114 IiI2 -Lig C
2514Sept 18 4634 Mar 1
alle-rptaync
0
aeopCper
3518 Dec 465 May
*278 3
278 2%
278 3
27
27
214June
2105
2
278 2/
5
Feb 23
1
4 *234 3
2% Nov
914 .1811)
5/
1
4 5/
1
4 •5
534 *5
512 *5
5
812
534 *518 534
325 East Butte GoPPer Mining- 10
5 July 5 1112 Mar 1
712 NOV 1214 Jan
11
/
4 118 *1
*118 11
14 11
/
/
4
4
lls
60 Franklin
25 .30 May 22
114 *1
258Mar 5
118 *1
1
Apr3/
1
4 Apr
*114 134 *112 214 •11
.112 214 .112 214 *112 214
21
Consolidated__ 25
114
Sept 13
4 Mar 5
313 Mar
112 Aug
-------Hanco
ck
*3012 3114 *3012 3112 *3012 3114 ---*3012 31
*3012 3112 *3012 31
5__
0
1 24% Mar 28 335sJune 7
yCoal
Co
.75
.25 .25 '
.10 .10 •____
Helvetia
25 .10 Sept 17
3.25 .75 •.25
75
11
/
4 Feb 20 "dio" Dec 2% Apr
106 10624 105 10634 210012 102
10612 107
10613 10712 10612 107
679 Island Creek Coal
1 97 July 2 11512 Apr 7
811
/
4 Jan 11658 June
9412 9534 .9312 95 I •9312 95 *94
22, Do pref
95 , .94
1 934 Feb 15 10018 Mar 28
95 *92 944
88 Feb 974 Nov
1912 1012 1912 1912 *194 2014I
20
20
20
20
20
20
245 tale
25 19 June 21 3314 Mar 3
ale
le Copper
18
Nov 2634 May
212 *2
24 .2
212 •2
*2
212 .2
5
Royer
2 July 17
358 Jan 2
212 .2
212 ---...:=I
3 Feb
478 Apr
.75 .75 *.75 1
.75 .75
•.75 1
li1e Keweenaw Copper
25 60 Sept
•.75 1 I .75 .75
214 Mar 6
1 Feb
34 Apr
134 •112 2
13
112 112I
•134 212
25
ii2sent 1
99 Lake Copper Co
514 Mar 1
*112
2
11/4
11
/
4
214
Feb
55* Mal*
•114 2
*11
•14 2
114 114 *114 2
/
/
4 2
4 112
4,11
25
11
50 Ls Salle Copper
/
4 Jan 29
314 Mar 1
1 Nov
214 Apr
*134 2
•14 2
*1% 2
•134 2
*154 2 I *134 2 ---- __ Mason Valley Mine
158June 1
5
258 Mar 27
18 Jan
3a4
May
/
/
4 134 •14 134
4 114 •11
•138 154
11
11
/
4 114
25
118July 2
50 Mass Consolidated
414 Mar 3
114 114
111 Dec
454 Apr
2
2 1
212
218 218
2
*2
160 Mayflower-Old Colony
2 Sept 1
25
21
4 *2
7 Feb 10
212
2
2
218 Dec
64
Apr
1%
•178 214
112 214
112
25 .90 July 3
88 Michigan
134 14
11
/
4 13*
1% 154
4 Mar 17 .75 July
7 Apr
3812 384 38
394 4012 3812 40
337 Mohawk
25 3734Sept 21 71 Mar 2
3934 x3754 38
3812 39
52 Nov 68 June
1712 •17
1714 1718 174 1712 1714 1734 17
16
585
June
New
a
28
1712 171
Cornell& Coroner
2412Ma 2
/
4 1714
154 Dec 204 June
1
4 *212 3
*212 3 , 2/
*24 3/
200 New Dom. Copper
1
4 *212 3/
212 Aug 20
1
4 2/
1
4 -------4/
1
4 Apr 4
*37 _ _ __I •37 __ •37 _ _ _ _ ------ New River Company
•37
*37
100 35 Apr18 40 Apr 2
37 Jan 40 Feb
*z5737712
•17712
•z7712
100 77 Mar 6 84 Marl
56 Do pref
x7712 80
77 7712 •27712 so
73 Jan 85 Oct
51
54 5/
5% 5%
100 NiPissIng Mines
434 July 5
5
538
534 5/
1
4
512 512
1
4
6% Feb 2
*514 54
5 July
7 Jan
2/
1
4 •2
2
*2
218
214
214
2
Njoib
rtwa
9o
hB
2
15
134 Sept13 1254 Mar
05
2 1 *178 214 1,15
yum
ttl
e
010,
84 Oct 15 May
•.80
h1
/
4
.81 .81
.81 .81 *.80 118 •.80 118I .81 .81
25 .70 July 2
258 Mar
114 Dec
44
Apr
1614 1614 •1614 18 *1614 17 1 *1614 17 1 *16
•1614 17
15 Old Dominion 90
25 1614 Aug20 3212 Mar
16 Nov 27 Jan
18 _
___
--- ___ Osceola
25 244
3 JulyI8 46 Mar
25 Nov 38/
1
4
Aug
-5f2
73;1 --3-1•x3
100 Park City Mining it Smelt_ 5
2 .1;5- ""3-1; -;5- --3-11
24 Aug13
4 Mar
24 June
334 NoV
14
1412 14
1414 14
•14
14
14 i •14
50
150
1 P
QdlaC
ticry
k Pocahontas Co_Ne par 1254 May22 1614 Mar 2
1414 14
14
24
26
24
25 •24
2418 2418 2412 2412 25
25
25 22 July 5 50 Mar
25
-io"
i4O;
"io"
•34
35
32
32
34
30
3034 31 1 31
575 St Mary's Mineral Land.- 25 30 Sept18 53/
/
4
1
4 Mar
32 1 3114 311
37 Nov 484 May
3.42 .55 •.42 .55, .45 .50 •A5 .55
.50 .50 •.42 .50 '
350 Shannon
10 35 Sept 6
112 Mar
.25 Mar
14May
•.25 .85 •25 .80 •.25 .85 '
3.25 .85 •.25 .85 *.25 .85 ____ 1__
0 Suouperthi0Lar
25 .10 June 4
1 Aug
Lake
.25
Deo
114 May
•114 2
114 14 *114 134 *14 134 *14 1% •114 134
25
11
/
4 July18
314 Mar
112 Dec
454
July
.95 .99
.90 .90
114 11
/
4
.95 .95 •.90 1 I .95 .95
465 Superior & Boston CoPPer. 10 .90 July30
334 Feb 2
90 Mar
254
Oct
.25 .26 '3.27 .37
•.25 .50
5 .25 Sept14
.35 .35
11
/
4 Feb 1
orP
0
er
.40 .40' .30 .30 1,550
,,
Cer
.11
4 Dec
318 Apr
•1
11
/
4 *1
1,8
11
/
4 *1
*1
Tuolumne
10
1
July
11 1 *1
Copper
6
•1
1%
14
Aug 1
lie'
.40 Nov .92 May
3181
318
318 *3
318
3
3
3
1
4
3/
318 318
3
505 Utah-Apex Mining
234 Jan 9
5
6 Apr 1
14 Oct4 Mar
4.11
/
4 las
11
/
4 114
118 118 *1
150 Utah Consolidated
1 Aug
1
114 •1
3 Mar
114 '1% 114
1 Feb
312 June
•.50 .60
.51 .51 •.50 .60
340
80 1v.111:to
1 .40 July2
8rM
isetal & Tunnel
.51 .511 •.51 .60 •.52 .60
158 Feb 2
.75 .75
.75 .75 •.75 .88 •.75 .88 '
•.75 .88
25 .60 Aug3
258 Feb 2
3.75 .88
7
25
5 Nov
Dec
2
214 .A71"r
111
.40 .40 *15 .10 __i_ iifw.t .15 .
.50 .50
.30 .50
25 .30 June2
,
8
3(83Z Tolv
2
oenraine
8810
154 Mar
.25 Jan
24 Apr
612 612
6
6
6
6
25
5 July
13 Mar
714 Nov 16 May
•ald and asked Prices: no sales On tills day. * Ex-rights. 0 El-dividend and rights. z Ex-dividend. 8 Ex-stock dividend. a Assessment Paid.
s Beginning with 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,
Par value. In order to make possible comparisons with previous quotations. we have divided all these previous quotations by two.
.55
•.30
.5 '
.30
.55 •.30
.55 •.35
.55
5.35
.55
";.-is "".iZI:
-7.-1-0 -".ii
-;.-1-5
*9
ii4 -154 "lit -14
94 *9 93* 9 91`
410405
SEPT. 22 1923.1
THE CHRONICLE
Outside Stock Exchanges
Boston Bond Record.-Transactions in bonds at Boston
Stock Exchange Sep 15 to Sept. 21, both inclusive:
rrway
yaks
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
1339
Range since Jan, 1.
Low.
High.
45
485 3934 July 47 Sept
Kellogg Switchboard _ _25 4334 43
Kuppenheimer & Co (B),
5 25
25
25
700 2434 A
Inc, common
30
Mar
100
88
88
Preferred
10 88 Sept 95
Jan
Friday
Saks
634
67-4 734 7.640
5
Jul
Libby, McNeill & Libby_10
834 Apr
Last Week's Range for
Range since Jan 1.
10
55
Lindsay Light
354 354
234 May
434 Jan
Sale.
ofPrices.
Week.
25 96
Lyon & Healy, Inc, pref.
9734 98
July 10134 Mar
BondsPar. Price. Low. High. Shares.
Low.
High.
•
3334 3434 1,080 26 June 39
McCord Bad Mfg
Apr
•
21
21
22
McQuay-Norris
Aug
710
May
26
Apr
1034
Amer Tel & Tel 5s_ _ _ _1946
92% 92%
500 9231 Sept 98% Feb
4454 45
61 3634 May 53
West Util, corn_ __100
Feb
Conv 6s
1925
114 114
100 114
Sept 116
Jan Mid
100 84
84
8454
140 8034 July 8654 Jan
Preferred
AB Gulf& WISS L Is 1950 46% 46% 47
10.000 43
July 62
Mar
Prior lien preferred
9634 9734
683 96 June 104
Jan
Chic June & US Y 58_1940
94% 5,000 88% May 95
94
Mar Murray
Mig Co
10
20
20
25 18
Jul
21
Sept
E Mass St RR ser A 430'48
71
71
100 68
Aug 72
Jan
10
4
4
4
420
334 June
834 Feb
Series B 5s
1948
71
71
3,500 70% June 7734 Jan National Leather Coke_100
&
9054 9114
215 87
Jul
94
Jan
Hood Rubber 7s
1936
101 101
1,000 100
July 102% Jan Peoples Gas LtInc.
3
com_ _5
234 4
795
234 Sept 38
Jan
K C Clin & Spr 58_ _ _1925
80% 80% 10.000 76
Feb 84)4 Sept Philipsborn's,
(Albert)
&
Co
10
2034
20
2034
Pick
312
1734
Aug
3634
Mar
Mass Gas 4348
1929 94
94
94
2,000 92
Apr 96% Mar
111, corn....8
9934 100
50 9934 May 10354 Apr
Miss River Power 5s_ _1957 9034 90% 91
22,000 89
Apr 95
Jan Pub Serv of No
132 9934 June 10334 Apr
New Eng Tel Ser A 58_1952
9734 9734 1,000 97% Sept 97)4 Sept Pub Serv of No III,com 100 9934 9934 9974
100
Preferred
9054
91
40 9034 Sept 99
Apr
1932 98
53
98
98
2,000 96% Mar 99% Jan
85c
225 70c Sept
Rights
134
134 Sept
Swift & Co Is
1944 96% 9634 9634 15,000 91
Apr 99% June
Co
100
Oats
208
208
10
202
Quaker
Aug
236
Jan
Warren Bros 734s_ __ _1937
10434 10434 12,000 10234 July 115
Mar
100 9854 9834 99
Preferred
140 85 June 100
Jan
Western Tel 58
1932 96% 9634 97% 8,000 94
Mar 98
Feb
10
1534 1634 1,826 1134 Jan 20 May
Western Union 634a_ _ 1936
109% 10934 1,000 10934 Sept 109% Sept Reo Motor
Standard Gas& Electr1c_50 2834 2834 29
760 1734 Jan 3234 Mar
50 49
Preferred
4834 49
1,745 4634 June 513.4 Apr
Baltimore Stock Exchange.-Record of transactions at Stewart-warner
Sp,com100 8354 8154 8534 44,405 7434 July 12434 Apr
100 10134 101 102
Baltimore Stock Exchange Sept. 15 to Sept. 21, both in- Swift & Co
884 9834 June 10934 Jan
15 1834 1834 1934 2,285 16 June 2134 Jan
Swift International
clusive, compiled from official lists:
Thompson (J R),com_ _25
20 433.4 June 52 June
4614 4634
53
Union Carbide & Carbon 10 54
5434 4,960 5134 July 6734 Jan
irnaall
&Ma
Works
sr
t
c_
50
Iron
434
434
434
25
United
4
Aug 1334 Feb
Last Week's Range for
Range since Jan. 1.
138 144
United Lt & Rys, com_100 138
139 71
Jan 164 May
Sale
ofPrices.
Week.
100 76
preferred
7631
100 6934 July 94
1st
7534
Apr
StocksPar. Price. Low. High. Shares.
Low.
High.
9074
Particip preferred_ _ _100 9034 90
90 8934 Aug 9934 Mar
134
13.4 134
20
34 June
Rights
234 may
Amer Wholesale, pref_ _100
9434 9434
5 9334 July 98
Feb US Gypsum
20 7434 68
75
770 51
July 76
Sept
Armstrong-Cator, pf 88100
89
89
5 8834 Aug 90 June US Stores, pref
10 9234 Ma
9634 9634
9834 May
Arundel Sand & Gravel 100 4534 4534 46
159 40
Jan 46
Sept
2734 26
29
Battery Corp, coin.
700 1634 Aug 3654 Sept
Benesch (I), corn
•
33
33
60 3234 Aug 36 June Vesta Co
• 4434 44
4454
460 43
July 5874 Jan
Preferred
25 2534 2534 2534
10 2534 June 2614 Jan Wahl
23
Mall Castings_ •
23
50 1834 May 2534 Feb
Central Teresa Sug,com_10 .75
.75 .75
200
.75 Sept
234 Mar Wanner
(Mont)&Co, pref_100
10934
10934
10
Ward
Feb 112 June
9534
10
3
Preferred
334
645
434 Feb
234 July
334
20 21
When issued
2034 2134 2,275 1854 May 2554 Feb
110 110
Choi & Po Tel of Balt_ _100 110
28 10834 June 11034 Mar
• 101
101 10134
135 93
Jan 104
Class "A"
Apr
Commercial t_ redit
25 7134 7134 72
Jan 72
12 48
Sept
Knitting Mills_ •
154 134
374
1
Sept 1034 Mar
_ _25 25
25
Comm'l Credit, pref _..25
100 25
Jan 2534 Apr Western
2534
•
73-4
634 714
Mfg Corp
575
474 Sept 357-4 Mar
Preferred B
25 26
26
2634
211 2534 Aug 2734 Jan Wolff
25 113
113 114
Wrigley Jr. corn
1,900 100
Jan 11734 Sept
Consol Gas,E L & Pow 100 10834 10734110
203 10634 July 118
Mar Yellow Cab Mfg,Cl"B" 10 243
24034 244
462 222 June 296
Apr
7% preferred
100
103 10334
42 103
July 108
Mar Yellow Taxi Co
10934 1003-4 10934 47,305 7034 Jan 19034 Sept
8% preferred
100
40 11434 Sept 120
11434 11434
Jan
Bonds
Consolidation Coal_ _100
8334 84
102 8234 May 98
Jan Armour & Co of Del 20-year
100 83
83
83
8% preferred
Jan 100
10 80
Mar
1943
8934 8934 3,000 8534 Jull 96
g 5148
Feb
Fidelity & Deposit
50 79
68 7834 July 14434 Apr
79
81
53
5314 11,000 47
Chicago C&C By 5s..1927
Jan 6534 Mar
Finance Serv. torn cl A.10
1634 17
Aug 17
20 15
Jan Chicago Railways 5s- _1927
76
7634 3,000 76
Sep
823-4 Mar
Mfrs Finance, 2d pref.. _ _25 2234 2254 2234
135 2234 Sept 263
4 July
1927 5734 5754 5734 2,000 5734 Selit 70
5s. Series"A"
Mar
Maryland Casualty Co_25 8234 8234 8434
174 8234 Aug 90
Jan
1927 4554 4534 4534 1,000 4534 Sept 56
4s, Series"B"
Mar
Mercantile Trust Co_ _ _.10
249 250
49 233
Jan 251
Apr Commonw
9734 9734 12,000 9534 May 1057-4 May
Edison 5s_1943
Merch & MM Tr Co_ _100 106
106 10934
45 10434 Aug 121
Apr Ohio Riy 1st Ms f 68_1943
95
95
2,000 95 Sept 95
Sept
Mt V-Woodb Mills v t r 100 1034 1034 1034
10 10 May 194 Mar Peoples
8934 8934 2,000 8934 Sept 9234 Mar
G L & C 1st 6s 1943
Mt V-W Mills pref v t r 100 51
9 50
50
51
Aug 7334 Mar Pub Sent
85
85
ref g 5s '56
1st
4,000
Co
85
Aug
8714
Mar
New Amsterd'm . as Co100
3834 3834
80 35
Jan 39 June
9634 9634 1.000 9254 Apr 9734 Jan
1st s f g 58_1944
Norfolk Ry & Light_ _100
2434 2434
5 2234 July 2434 Sept Swift & Co
Northern Central
50
73
73
9 72
value.
July 77
Jan
• No par
Penna. Water & Power_100 99
290 9834 Sept 10834 Mar
9834 99
United Ry & Electric__ _60 1734 1734 18
Pittsburgh Stock Exchange.-Record of transactions at
400 1534 Aug 2034 Jan
US Fidelity & Guar_ _ _.10 157
156 157
Jan 164
204 147
Jan
Wash Balt & Annap, pf-50
42 2634 June 3134 Feb Pittsburgh Stock Exchange Sept. 15 to Sept. 21, both in2734 2734
clusive, compiled from official sales lists:
BondsConsolidated Gas 53_1039
98
98
$1,000 98
Sept 101
Jan
mum,
¬
ConsG,EL&P,serE,530'52 98
98
98
3,000 97 May 100
Jan
Last Week's Range for
Range since Jan. 1.
Series A 68
1949
102 102
7,000 10034 Apr 1037-4 Jan
Sale
ofPrices.
Week.
Series C 7s
1931 11634 10634 107
10.000 106
Jan 10834 Feb
Price.
Par.
Shares.
Low.
High.
Low.
High.
.
Stocks1935 92
4348
92
92
4,000 8734 Feb 92% Jan
Consol Coal ref 58_ _ _ _1950
8634 8634 7,000 8534 May 90
Jan A n Vitrified Prod., com _ 50
734
63.4 734
375
July
634
854
Apr
97
Elkhorn Coal Corp 65-1925 97
9934
9634
4,000
Aug
9634
Jan
Mach_ _100
86
8734
735 78
July 95
Mar
Pair dr Clarks Trac 58_1938
91
91
1,000 90 May 93% June A n Wind Glass
100
93
93
30 8934 Aug 10734 Mar
Preferred
Fla Cent & Perlin cons 5s'43 9434 9454 9434 2,000 9234 Mar 9434 Sept
5
5
534 3,500
5
Aug 10
Jan
.kansas Nat Gas. com-10
Macon Dub & Say 58_1947
51
51
3,000 4934 Apr 543-4 June
234 214
625
434 Aug
Ciunegle Lead & Zinc_ _5
27-4 Sept
Maryland Elec Ry 1st 5s'31 94
94
94
1,000 9234 May 9634 Mar It
13rewing, com- -50
3
334
35
3 Sept
Aug
dep
434
Monon Valley Trac 5s 1942 77
4,000 7634 Sept 86
7634 77
Jan
50
734
7
774
10
6
Jan 10
July
Preferred
North Central ser A 58 1926
9834 9834 1,000 9834 Sept 9834 Sept
10734 108
95 10634 mar 110
Aug
Pref---100
Potomac Valley 5s_ _1941
9834 9834 1,000 9834 Mar 9934 Feb Jc nes-Laughlin,
25
25
850
23
Gas
2536
May
27
Feb
Star
me
United Ry & El 4s_ _ _ _1949 7134 7134 72
11,000 7134 Sept 7434 Jan SI
50
5334 5334
260 51 May 60
Feb
Light & Heat
Income 4s
51
5134 5.000 5034 Aug 55
1949
Jan 0 frs
1
11
145 11
Sept 1834 Feb
ho Fuel 011
1134
6s
1949 9934 9934 9934 17,000 9934 Sept 10234 Jan
25
3171
3234
SuPplY
857
30
0
Fuel
3234
Sio
Aug
3611
Mar
68
1927 96
96
96
1,000 96
Aug 98
Jan
2034 2134
500 1854 Mar 3634 Mar
721.4 72*1 12 tvin 7n 11 7011 '7771 7.... 0!tinhorns Natural Gas_ _25
Wash Bait AE Annan 88 1041
2
ttsburgh 13rew, com_ -50
234
210
134 May
254 Jan
50
* No Par value.
.5
5
30
434 Aug
Preferred
8
Mar
14c 15c 14,000 10c June 28e
ttsb & Mt Shasta coo__1 15c
Jan
Chicago Stock Exchange.-Record of transactions at Stat Creek Crawl 011_10 634 63-4 734
125
7
Aug 1774 Apr
84
8434
San Mfg,com_ _ _100 84
300 73
Mar 8534 Apr
Chicago Stook Exchange Sept. 15 to Sept. 21, both inclusive, and
100
111 111
Preferred
31 111
Sept 111
Sept
compiled from official sales lists:
25 29
29
29
Mon Natural Gas
37 2334 Feb 29 Sept
81
82
est'house Air Brake- _50
394 67
Apr 86 may
r rumv
bale8
5834 5874
'house El & Mfg, com-50
82 50
July 6934 Mar
Last Week's Range for
Range since Jan. 1.
est Penn Rye, pref_ - _100
8254 83
49 77
A'
86 May
Sale
ofPrices.
Week.
StocksPar. Price. Low. High. Shares.
Low.
High.
Bondseidenkamp PI Glass 6148_
Aug
10014 10034 $1,000 9934 July 101
8534 8634
A ner Pub Serv, pref_ _ _100
119 8354 Aug 197
1955
80% 81
Feb
4,000 66% Ma
.dep Brewing 6s
81
Sept
80
80
A sser Shipbuilding, pref100
10 75 June 83 Sept
•mour & Co (Del), pf _100 8834 8834 90
450 8434 June 108
Feb
82
A mour & Co, prof __ _ Aoo 7934 79
1,011 71 June '96
Jan
St. Louis Stock Exchange.-Record of transactions on
15
734 714
A 7mour Leather
170
Jan
77-4 Apr 10
•
asick-Alemite Corp_
33
950 2754 Feb 3934 Mar the St. Louis Stock Exchange for week from Sept. 15 to
3354
•
saver Board
234 234
100
23.4 Sept
434 Jan
)rg & Beck
• 28
27
29
1,155 2234 May 3234 Mar Sept. 21, both inclusive, compiled from official sales:
idgeport Machine Co...* 10
10
1134
800 1034 Sept 1634 May
sse (J I), 2d pref
100
2
2
2
50
2 Sept
Friday
Sales
534 Feb
Intral Pub Fiery, pref_100
83
85
335 83
Last Week's Range for
Aug 90
Range since Jan. 1.
Mar
Slaty) Elev Ry, pref_100
%
34
% 1,305
34 Aug
Sale
834 Mar
ofPrices.
Week.
Motor
Coach,
com_.5
140 140
Sic
20 118 May 160
Aug
Low.
High.
Stocks-Par.Price. Low. High. Shares
Preferred
88
90
256 85 May 90 June
alcago Rye, part ctf ser 1
10
10
28 10
Jan 2434 Mar
Stocks
nnmonwealth Edison 100 127
12634 12734
676 12634 June 131
200
200 200
55 200 Sept 210
Jan
Jan First National Bank
)nsumers Co, pref.- -100
62
6234
60 5834 Aug 70
142
142 142
Aug 15334 Mar
40 140
Feb Nat Bank 01 Commerce
natinental Motors_--10
7
7
734
795
634 June 12
363 363
58 356 May 380 June
Jan Mercantile Trust
mine Co, pref
96 107
10734 108
July 115
16
16
20 14
Aug 25
Mar
Feb Best Clymer Indemnity._ _
51
52
adahy Pack Co, com_100 51
185 40 June 6434 Jan Brown Shoe,common
50
50
20 48% July 65
Mar
2734 2834 3,160 1934 May 6234 Jan Chicago Ry Equip, pref.
aniel Boone Wool Mllis 25 28
25
20 25 Sept 27% Mar
2534
100
61
62
73 4834 June 7434 Jan Ely & Walker Dry G.com _ 23
eere & Co, pref
22% 23
361 20% Aug 25% Mar
110 110
100
lamond Match
45 10934 July 121
7 98 Sept 103% Apr
Jan Fulton Iron Works. pref..
98
98
•
Si
irl Motors Co
Si
100
34 Sept
134 Feb Hydraulic Press Brick, pre! 50% 5034 52
75 47% July 60
Feb
22
22
*
150 22
ston Axle .St Spring
Sept 3034 Slay
4
4
10
334 Aug
614 Feb
Common
34
1,390 2234 Apr 40
1dy Paper Corp (The)_.• 3334 33
134
134 2%
575
1% Sept 19
July Indianoma Refining Co...
Mar
10154 102
135 100
sir Corp (The), pref--100
Jan 106
115 115%
19 115 Sent 119
Jan International shoe, pref.
Mar
• 1734 1754 18
415 1634 June 2834 Apr
7134
245 63% Jan 75
GIIII Mfg Co
71
Apr
Common
300 2434 Feb 3534 Apr Laclede Gas Light, pref_
ossard (II W), pref....100
2734 29
75% 75%
30 73
Apr 78
Mar
80
Lakes
D
&
D_
_100
80
10
rent
75
June
9434
98
55 79% Jan 99
Gi
99
Feb Missouri Portland Cement_ 98
Sept
30
ammermill Paper, corn 10
30
125 25
Sept 31
20 7334 Aug 91% Jan
78
78
Mar Nat Candy, corn
102 102
Preferred
100 10134 Sept 102
101% 103%
56 101
Mar Southwestern Bell Tel, pref 102
July 10434 June
116 116
art, Schaf&Mar,com_100 116
100 98
Jan 117
2534 2534
8 21
Aug 35% Apr
Aug Wagner Electric, corn
• 3434 3434 35
210 32
ayes Wheel Co
July 433-4 Apr Granite BI-Metallic
250
253 1,000 250 Sept 450 Feb
10 1834 18
1834 1,550 1654 July 2534 Mar
upp Motor
• 45
45
4734
250 4134 July 5034 Aug
urley Machine Co
Bonds1,985 1734 Sept 3234 Apr Alton Granite & St L Tr 55
ydrox Corp, com-_- _100 1734 1734 19
6054 6034 $2,000 58% Jan 63
Mar
78
78
100
15 60
Mots Brick
Apr 9634 Jan East St L & Sub Co 55..-.
79
79
3,000 78
July 8334 Mar
87
87
35 83 June 87
inois Nor Utilities- -100
9534 9534 6,000 94
Sept Kinloch Long Distance 58_
Feb 9654 May
3234
33
3234
290
Steel
25
32
July
Lland
9831 9854 1,000 97% Apr 9854 Mar
5034 June Missouri Edison Electric Ss
OK
OIL
SAL
0
10
0
-----•'--...‘ s.......
97% 9734 1,000 97)4 Sept 100 May
Wayner Electric Mfg 'M.__
Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange Sept. 15 to Sept. 21, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range far
Sale.
of PTices.
Week.
Par. Price. Low. High. Shares.
Alliance Insurance
10
Amer Elea Power Co_
50
Preferred
100
100
Amer Gas of NJ
American Milling
10
American Stores
•
Buff & Susq CorpPreferred v t e
100
Congoleum Co Inc
•
Warrants w I
Cramp (Wm)& Sons_ A00
Eisenlohr (Otto)
100
Electric Stor Battery 100
Erie Lighting Co
•
General Refractories
*
Insurance Co of N A __10
Keystone Telephone
50
Lake Superior Corp_ _ _ _100
Lehigh Navigation
50
Lehigh Valley
50
Lehigh Valley Transit50
Preferred
10
Lit Brothers
Penn Cent Light & Pow
v
Warrants
North Pennsylvania _
50
Pennsylvania RR
50
Pennsylvania Salt Mfg_ _50
Philadelphia CoPreferred (cumul 6%).50
Phlle Electric of Pa
25
Preferred
25
Phi's Rapid Transit
50
Tono-Belmont Devel__ _1
Union Traction
50
United Cos of NJ
100
United Gas Impt
50
Preferred
50
West Jersey & Sea Shore 50
Westmoreland Coal
50
30
73
74
2634
118
6.)31
2.5
5031
4531
434
1
87
30
2194
7134
74
994
2631
3034
2294
73
74
994
27
5094
111
9094
50
6034
5794
24
49
45
6
434
6734
6034
5094
11934
92
50
81
60
25
5034
4534
6
4%
6854
6034
58
50
70
160
7
9,656
40
10
1
1
80
80
4294 4394
87
87
1,651
40
3,958
10
44
29
31
3434
54
3
931
934
3
196
5134
54
5831 15654
37
86
Low.
2794
15
63
7194
8
20
20 4234
1,541 104
252 9094
25 50
20 60
499 5251
90 2331
2,076 4234
112 4234
6
10
434
860
65 84
20 5734
38
38
2034 2034
2934
3134
3531
Range since Jan. 1.
1
77
4131
79
120 41
3,950 2734
323 2934
6,786 30
%
800
190 35
14 190
1,111 4731
114 z5494
105 33
11 8534
44
2934
3131
3534
%
3994
195
54
5635
38
66
May
Apr
Apr
May
Sept
Sept
Jan 5431
Aug 240
Sept 92
Jan 59
Aug 86
July 6631
July 27
Feb 5934
Jan 50
834
Aug
Aug 1031
Aug 75
July 71
Jan
May
Sept
Apr
Jan
Mar
Feb
Mar
Apr
Feb
Feb
Jan
Feb
Jan
Feb
35
20
High.
32
30
78
8314
994
27
Jan
Feb
Feb
Aug
Mar
June
Apr
June
June
June
Feb
40
2294 Jan
1
8134
4734
93%
Apr
Jan
Jan
Apr
June 4534 Feb
May 3314 Jan
May 3334 Jan
Jan 3534 Sept
11ht Jan
June
June 4031 Jan
Jan
July 200
Apr
May 56
May 6614 Feb
Mar
Jan 43
May 8614 Mar
BondsJuly 9534
Amer Gas & Mee 5s _ _ _2007 8834 8894 8834 82.500 82
Sept 8234
87
ConsolTrae of N J 1st 56'32
6834 9,000 67
July 7131
Elee & Peoples tr etfs 4s'45
6334 6431 6,300 60
45
45
4,000 45 Sept 49
Interstate Rys coil 48_1043
Apr 80
Keystone Teiep lre 5s.1935
7334 7334 1,000 70
Lake Superior Corp 50 1924
2,000 1994 June 31
22
22
Peoples Pass tr etre 48_1943
68
68
2,000 65 June 73
Phila Co eon & stmpd 55'51 8934 8931 8994 4,000 8934 Apr 933-4
Phila Elee 1st sk fd 48_1966
8094 8094 1,000 79 May 82
Apr 103
1st 55
1966 9894 9831 99
30,200 98
Apr 103
534s
1947 10034 10031 10094 24,000 99
65
1941
10334 10334 4,000 10234 May 10831
Sept 86
Phlla & Reading Impt 4s'47
1,000 88
86
86
leading general 4s__1997
8731 8794 1,000 8331 Apr 8834
92
i(910 87% MESS
as
as
York Rva lyr es
1027
Apr
Jan
Jan
Jan
Jan
Feb
Jan
Mar
Mar
Jan
Feb
Jan
Sept
July
Jan
•No par value.
New York Curb Market.-Official transactions in :the
New York Curb Market from Sept. 15 to Sept.21, inclusive:
Sates
Friday
Last Week's Range for
a Prices. Week.
Sale.
Par Price. Low. High. Shares.
•Iel IL
"K12
.
4069
.WO w
w
.4.wb;01".
4w;pwo.
388888888888888888885888888g8 tIVS8E8g888888nn8888888888g-88g88283
731 894
9094 9194
934 10
4
434
27
3594
731 9
7
734
417 431
25334 262
7334
71
9
10
I% 134
14
1514
9
10
50
50
17
17
334 336
134 1%
3331 34
97
98
2194 2194
734 731
6334 68
64
64
25
25
50c 500
531 594
1634 18
W.ga.W
2
2
2234 2234
10334 10314
101 101
37% 3794
12
12
334 3%
1
134
8834 8934
114 1%
102 102
Sc
Sc
1014 1114
2414 2414
2414 2414
17
18
1314 1314
1014 1035
111, 131
134 214
80
8314
334 331
19
1934
2994 3134
363-4 4134
1934 20
129 133
65% 6634
5% 6%
80
83
74
75
12% 1394
28
2894
le
2c
1894 19
50
50
WM.
Indus. & Miscellaneous.
2
Acme Coal Mining
10
Aluminum Mfrs common_*
Preferred
100
Amer Cotton Fabric pL100
Amer Gas & Elm com__ •......
I0
Amer Hawaiian SS
American Thread pref. _5
Amer Writ Paper oom_ _100
Armour & Co of Del. pf.100
*
Atlantic Fruit Co
Borden Co preferred- _100
Sc
Bradley Firepl Pr, com_l
Bridgeport Machine Co__• 1194
Brlt-Amer Tob ord bear_ El 2414
Ordinary
El
British lot Corp. class A_• 1714
•
Class B
Brooklyn City RR
10 10%
Buddy-Buds. Inc_...... •
Da
Car Ltg & Power,com_25
Celluloid Co common 100
394
Cent Tereea Bug. pref„-10
Centrifugal Cast Iro.Pipe• 1994
Checker Cab Mfg ci A.....• 2994
Chi Nipple Mfg new CIA 50 3751
New Class B
50
Cities Service, com----100 130
100 66
Preferred
5%
10
Preferred B
Cities Service, stock scrip__
Cash scrip
Cities Sem bankers' sh_ _• 13
Cleveland Automob corn •
Colombian Emerald Synd •
Colorado Power, com_ _100
100
Cudahy Packing
Curtis Aeon'& M.coin
7%
Certificates of deposit__
Del Lack & West Coal_ _50
Dinglier Condenser & Rad. 10
•
DuPont Motors,Inc
• 28
Durant Motors, Inc
7%
Durant Motors of Ind__ AO
5
Federal Tel & Tel
Ford Motor of Canada-100
:Metre Safety Razor..__•
• 7134
Ellen Alden Coal
9
Boodyear Tire & R.com100
•
Eleyden Chemical
Hudson Cos preferred_100 14
Bud & Manh RR com-100
934
100
Preferred
* 17
Hydrox Corp.,corn
Intercontinental Rubb.100
10
1%
Keystone Solether
Kresge Dept Stores, corn.• 34
100 98
Preferred
Lehigh Power Securities_ _•
Libby, McNeil & Libby_10
MeCroryStoresnewcom wt. 67
Non-cot Class B corn_ _• 64
Warrants (stock purch).
Mercer Motors
• 50e
Mesabi Iron Co
•
531
Midvale Co
•
.w
Week ending Sep.. 21.
Stocks-
[Vol,. 117.
THE CHRONICLE
1340
Range since Jan. 1.
Low.
Sept
2
2134 Feb
Feb
100
9934 Mar
31 June
Sept
12
334 Feb
Sept
1
8434 July
114 Sept
July
99
Sc Sept
1014 Sept
1914 Jar,
1934 June
12
July
1114 Apr
734 Jan
1,t, June
750 mar
Sept
80
23-4 Feb
Jan
10
2994 Sept
3634 Sept
1894 Sept
Sept
129
64 June
534 June
72 June
73 Sept
127% Sept
2434 July
le Sept
16 June
July
50
7
82
4t(
214
27
734
334
400
238
66
9
134
1294
8
43
17
334
1
3334
97
irg
5%
4014
57
18
500
594
II%
21 12
High.
8
23
10314
102
4831
2534
4
331
9934
294
10614
30c
1814
2431
2434
1814
1834
10%
I%
3
100
5
20
6631
4134
20
185
70
6%
102
78
1934
343-4
45e
2594
60
May
June
Sept
Mar
Mar
Mar
Apr
Apr
Feb
Feb
Apr
May
May
Sept
Sept
Sent
May
Mar
Feb
Aug
Feb
Feb
Sept
Feb
Sept
Sept
Feb
Mar
Sept
Jan
Aug
Feb
Apr
Jan
Mar
Mar
894 Sept
Aug
Jan 9194 Sept
1334 Apr
Jan
794 Apr
June
Jan
Sept 84
Sept 254 Jan
734 Sept
Apr
Mar
Jan 460
Apr
June 292
Jan 7534 Ayr
Sept 1694 May
294 Feb
Sept
Aug 1731 Feb
July 1234 Feb
May 53 Sent
Mar
Sept 25
674 Jan
Aug
394 July
July
Sept
Sept 34
Sept
Sept 98
Mar
July 25
834 Apr
June
Sept
May 68
Sept
Aug 64
Aug 25 Sent
may
4
Jan
Sept 1234 Jan
June 2134 Cot
1,112 4234 May
Stocks (Concluded)-
Sales
Aida
Last Week's Range for
ofPrices.
Week.
Sale.
Price, Low, High, Shares.
134 1%
Nat Motor Car & Vehicle
100
lvat soon Coin? liellnom 50 58
1,000
58
56
New Met & Ariz Land_ __1
3 ' 100
3
N V Tel 84% [net__ 100 108% 108% 109%
250
Park & Tilford, Inc
800
• 2531 25% 26
Phillipsborn's, Inc, cam_5
100
3% 331
7.100
Radio Corp of Amer. cum •
2% 3
3
3714 336 3,300
Preferred
334
5
RN) Motor Car
In 15% 15% 16% 1,600
1,300
75c 850
Repetti, Inc
5
600
9
935
9
Roamer Motor Car
47
600
Rosenb'm Grain Corp pf 50
47%
200
21
21
Shelton Looms common...•
12e 140 12,000
Southern Coal & Iron,..._6 13e
2% 231
100
Standard Motor Constr.10
525
Studebaker-Wulff Rub-_ _• 51% 5134 51%
800
Stutz Motor Car
• 1134 10% 11%
100 100
30
Swift & Co
100 100
200
Swift International
15 18% 1811 18%
5% 5,4
5%
400
Technical Products Corp-5
13
13
200
Tenn Elec Power, cotn._•
331 4%
800
3%
Toll Prod Ftnorr• corp..*
4834 4835
50
Todd Shipyards Corp.__.•
5c
Sc
1,000
Triangle Film Corp v t c.5
54
200
Union Carbide & Carbon
5334 54
500
534 5%
United Profit Sher, new._1
5
5% 3,700
5
trn Retail Stores candy- •
200
3631 3631
United Shoe Mach corn_ _25
25
500
2531
U.S Distrib Corp corn_ _ _50
1
131 2,600
US Light & Heat corn.. _10
900
1% 2
1%
Preferred
10
1151 125-1 2,000
Universal Pipe & Rind wi(')
58% 5831
100
100
Preferred
100
3
3
10
Utah-Idaho Sugar
100
1331 13%
Waring Hat Mfg
•
1% 131 1,200
134
Wayne Coal
28
28
50
West Power Corp com_100
434 4%
100
Willie; Corp lot pref- _ _100
11331 118
1,400
Yellow Taxi Corp N Y__-• 116
Rights.
Reading Coal w 1
21
Former Standard 011
Subsidiaries
Anglo-American Oil.. _ ..£1 1394
50 77
Buckeye Pipe Line
25
Continental Oil
25
Crescent Pipe Line
100 105
Eureka Pipe lAne
Galena-Signal Oil, com_100 60
Humble 011 de Ftethaing__25
100 152
Illinois Pipe Line
Imperial Oil (Can) cou0_26 9434
60 9431
Indiana Pipe Line
Magnolia petroleum,.. 100125
National Transit__ __12.50
100 9234
New York Transit
Northern Pipe Line._ _ _100
25 52
Ohio Oil
25 2234
Penn Mex Fuel
100 158
Prairie Oil& Gas
100 9614
Prairie Pine Line
100
Solar Refining
Rill 112
South Penn (,)ii
nourbero Pipe Line. _100 93
Southwest Pa Pipe L..100
Standard Ull (Indiana)_25 5334
Standard Oil (Kansas)..25 37
25 8734
Standard 011(Ky)
Standard 011 of N V.__ .25 39
Stand 011(01110), corn. 100
25 4731
Vienum Oil
10
Washington 011
Other Oil Stocks
Ark Natural Gas, corn_ _10
Atlantic I.obos 011 corn__.•
Boston-Wyoming OIL__ _1
Carib Syndicate
5
Creole Syndicate
Derby Oil & Ref,corn... •
Engineers Petroleum Co- I
5
Federal 011
i.
Gienroek (Ill
Granada Oil Corp. Cl A-10
25
Gulf 011 Corp of Pa
1
Hudson 011
35
Humphreys'011
Petroleum__*
International
Keystone Ranger Devel_ i
..
Kirby Petroleum
Livingston Petroleum_ _ _ •
1
Petroleum
Lyons
•
Margay Oil Corp
1
Mariand 011 of Mel
Mexican Pantie° ull- _ _10
10
Mexico 011 Corp
1
Mountain & Gulf Oil
Mouutaiu Producers_-_1(1
Mutual 011 vot trust eth.
5
New Bradford oil
25
New York 011
Noble(ChasF)Oil&Clasem I
, time (iii h. Oa.
_ _ _.10
Peer 011 Corporation
Pennsylvanla-Beaver 011_1
ennok Oil
.
Royal Can Oil Syndicate10
Salt Creek Consol Oil- _10
12
Salt Creek Prod
Sapulpa Refining
5
Seaboard Oil& Gas
10
Southern States Oil
1
Turman 011
Ventura Cons 011 Fields_ _5
Western States Oil dt Gas_l
1
Wilcox Oil & Gas
Mining Stocks.
Alaska-Brit Col Metals...1
Amal Lead, Zinc & Smelt._
Arizona Globe Copper...1
100
Belcher Extension
Booth Alining
Boston & montane Dev..5
Butte & West Min
Calumet & Jerome CoppA
Canario Copper
1
Candelaria Silver
n
copper Minas -Ai
Consol Nevada Utah Corp_
oerinental Mines. 1.1.1
Cork Province Mines, Ltd 1
'roes 4hivtr
Crackerjack Mining
reason 'on (taw M & M
10
Davis-Daly Alining
Diam'field Black B (reorg)
1
Ely Consolidated
1
Emma Silver
5
251
3%
im
69e
4934
Be
1334
4c
234
334
134
87C
133(
9
334
670
1
550
34
P
1331
6%
17
11
13-4
1534
690
4
4%
110
25c
110
134
Sc
Vir
10c
45e
351
2031 2131
8,300
Range since Jan 1.
Low.
1434 July
•
1334 1434 3,700 1331 Sept
445 77 Sept
77
82
100 3231 Aug
33% 3331
250 1551 June
16,1 17
103% 105
115 95
Jan
145 55
60
63
July
28
500 28 Sept
28
152 155
190 152
Sept
985 92
9334 9531
Jul.Y
83% 95
330 8354 Sept
123 12535
155 123
Sept
500 2234 July
23% 24
110 91
92
96
Sept
120 97 June
9934 10234
51
52% 2,400 48% July
15
2231 1,600 10% Aug
152 185
2,470 152 1 ept
96% 9831 1,820 91
Sept
161 178
50 161
Sept
250 100
110 120
July
425 93
95
93
July
110 6634 Jan
81
9131
50,1 53% 138,400 49% Aug
1,800 3334 Sept
38% 38
8935 2,400 80
87
Jan
36% 39% 10,400 35% May
40 270
275 278
July
43% 4731 13,500 40
July
23
10 23
23
Mar
90
60e
1
50c
11
3
634
1654
134
1
14%
680
19
15e
4
5%
3%
78e
3%
231
6%
90
36e
69c
500
4934
Sc
4834
14%
Sc
2%
55e
55c
60c
3%
13tr
680
lilt
13%
934
3%
9
10e
670
1
60c
11%
351
6%
1734
1%
1%
16%
750
19
150
4%
90e
4%
ite
lo
30
12e
25c
lie
1%
50
Diu
10o
434
10c
41e
3c
35%
211
2e
be
20
95e
454
120
20
30
130
300
Ilc
1%
Sc
211,
100
5%
10c
45c
3c
3%
2%
3c
lo
30
5
231
650
3%
151
6
7c
36c
63c
50e
45%
Sc
4831
1331
4c
2)4
55c
55e
60c
3
1
57c
1
13
8%
3%
2,800
5
July
800
2% May
1,200 65e Sent
1,100
331 Sept
14,200
1% Sept
400
6
Sept
18,000
30 June
2,000 35c Sept
5,600 Mle June
300 50e Sept
7,900 45% Sept
10,000
Septo
300 27 June
22,800 133( Sept
5,000
3o Aug
1,600
14 Apr
200 500 Aug
500 530 Tept
100 800 July
8,400
1% Aug
9,000 510 June
7,400 550 July
1,000
I
Sept
3,900 12% July
33,500
8% Sept
400
334 July
100
5 June
23,000
70 Aug
6,400
4543 Aug
100 75c Sept
2,800
500 Sept
2,500
914 Jan
4,400
231 Aug
100
7% Aug
4,900 15% June
2,600
13( Sept
20,900
1
Aug
56.800 11% Sept
5,600 60c June
100 19
Sept
1,000 100 Aug
12,900
4
Sept
1,600
700
37,000
9.000
5,000
4,000
8,000
1,000
3,200
7.000
1,200
4,000
400
1,000
34,000
1.000
0.500
200
21,000
4,000
13.000
High.
13( Sept
131 Mar
5031 may 70% Mar
4% Mar
2% Mar
112 Jan
108 June
2531 Sept 2731 Sept
3 . Sept 1231 July
414 Mar
2% June
3unp Apr
11 Jan
2,
13% Feb 2094 May
Jan
2
75e Sept
July
9
Sept 11
47
Sept 54% Mar
18
Aug 27% Mar
120 Sept 50e May
331 Jan
2% May
50% Aug 51% Sept
in% Sept 24% Jan
Feb
98 June 109
Feb
93421
17 June
Feb
5% Aug
Mar
12
July 19
04 Nat
2% June
47
July 60 May
5c Aug 38c Apr
53% July 6531 Mar
Apr
7
4% Jan
Mar
Jan
5
8
Mar
n33% May 56
20 June 3034 Jan
2% July
I
Jan
3% Apr
90e
Jan
11% Sept 20% Apr
Apr
5651 Aug 72
43.4 Apr
Jan
3
13% Sept 22% AP
y • Jan
4, June
26
July 4234 Jan
4% Sept 11% Jan
100
Feb 152% Apr
90e
4%
60
lo
30
Slo
25e
10e
134
5e
1%
fie
494
50
40s
lc
2
2%
20
10
10
Sept
Sept
Aug
Aug
Aug
Feb
Sept
May
June
June
Aug
Aug
Jan
July
Sept
June
Apr
July
Sept
-July
Apr
2331 July
19%
11431
50
26
117
Jan
Ja.
Feb
Feb
Apr
71
331 Mar
4
171
1
F
i eb
Mar
123
103
e
eeeblIb
b
185
:
9
IF
F
F, i
16
8
2
11
38
0
A"
25
275
Feb
12% Feb
Fets
190
i.
196
1a
Au
Vrg
69% Mat
Fell
110Fob
enh
5714100
Apr
317
34 Jan
6
28
10
1%
7%
7%
18%
Mar7%
Jan
Feb
Apr
A
Apr
aa
25
1': Jan
ea
.1s
2!
4
1, INIF
638
1110
48%
34%
40
2ox
4
lee
Sept
Feb
Feb
MarFe
San
jan
eb
13.4 F
5% Aug
2,14 11
Mt.
/
4
$3
1% Max
2031 b'et,
15% Mal
5% May
21,4 Feb
Jan
10,
0, Ma'a,
30
15
3
M
mar
144, APr
734 Mar
Mar
Feb
brr
apar
41 tIMAe
4511
2844
1% Apr
en
b
F
j.
s
a
3
10%
0
2%
5%
850
So
16e
230
$3
220
294
890
4%
I5o
a%
115e
114
150
3,4
43.4
3c
90
40
Mar
May
Feb
Jan
Jan
May
Apr
Feb
Jan
Jan
Mar
Jan
Aug
Jan
Afar
Jan
Sept
Mar
Jan
July
Jan
SEPT. 22 1923.]
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Mining (Concluded) Par. Price. Low. High. Shares.
THE CHRONICLE
Range since Jan. 1.
Low.
1
9c
Eureka Croesus
100 11,600
13o
Sc Aug
11c
Fortuna Cons Mining
Ilc 47,000
6o
50 Sept
Golden State Mining
190
150 2,000 15o June
14c 124,000
12o
Goldfield Deep Mines..„5o 130
To Apr
160 73,000
12c
Goldfield Development... 130
4o Jan
Goldfield Florence
64c 18,000 290. Jan
1 616
57c
Goldfield Jackpot
1 50c
500
54a 21.300 35c Jan
Gold Road Annex Min_
200 11,000
16o
Sc Aug
1
Hard Shell Mining
3 15,000
20
lc Sept
10c
Hamill Divide
4c 1,000
4c
2c June
Hecht Mining
250
754
7
54 July
7% 2,400
Hilltop-Nevada Mining-6c
7c 25,000
Sc
Sc Aug
Hollinger Con Gold Mines5
11
11
500 ii Sept
Homestake Ext Min Co__ I 96c
96c 2,100 58e Feb
86c
Howe Sound Co
1
2% 3
2%
600
234 Jar,
Independence Lead Min 1 360
36c 41,000 lio June
31c
Iron Blosson Cons Min_ _1
32c 1,000 230 July
320
Jerome Verde DeveloPl....1
131 1% 1,200 95.3 Apr
Keora Gold
8c
80 2,000
So Sept
Kerr Lake
5
234 2%
200
2c July
Hewanas
40 3,000
1
3c
20 Mar
Knox Divide
10c
lc
it 1,000
lc
lc May
5
La Rose Mines
25c
25c 1,000 23c Apr
3c
Lone Star Consolidated..1
Sc 18,000
2c
20 June
MacNamara Crescent M_1
4c
4c 3,000
lc Mar
MacNamara Mining
1
4c
4c 1,000
it June
1% I%
Mason Valley Mince
5
100
131 June
National Tin Corn _
11c
lie 23,000 10o June
10c
Nevada Silver Horn
lc 3,000
lc
it
it Jan
New Cornelia
17
17
100 1634 June
New Dominion Copper-.5
2% 3
3,700
2% Jan
New Jersey Zinc
148 148
100
60 148 June
New York Porcupine Min40e 1,000 300 Jan
40c
Ni i plealng Mines
5%
5% 5% 4,600
6
434 July
Nixon Nevada Mining__ -----3c 38,000
2c
2c Sept
67e 7,700 37e Jan
Ohio Copper
1 63c
60c
Premier Gold
24 2%
200
174 Aug
Ray Hercules. Inc
6 600 60c 650 4,600 600
Sept
2c
Red Hills Florence
2c 14,000
lc
lo May
2c
2c 2,000
it
Rex Consolidated Mtning.1
lo July
Rochester silver Corp_ _1
60
6c
1,000
3c May
50c
Salida Mining
50c 1,000 42c May
50c
Sandstorm Kendall
2c
2c 5,000
lc Apr
4c
4c 10,000
1
40
San Toy Mining
lc June
Sc 2,000
Silver King Divide (reorg)
4c
lo Aug
Silver Mines of America_
17c
17c 1,000 100 May
10c
Silver Queen Min Corp.._ _
32c 8.000 10c Sept
10c
234 24 1,100
South Amer Gold & Plat_ _1
2% July
13c
Psuearbead
12c
15c 101,000
40 Mar
Standard Silver Lead__ _1 18c
18c 6,000 15o Aug
15c
Stewart Mining
2c 2.000
1
2e
20 July
Sutherland Divide
_ _
13c 23,000
10c
lo Jan
reck-Hughes
1 ---134
1% 14 42,600 Sic Jan
Tonopah Belmont Dev. _1
57c
570
500 570 Sept
45c
Tonopah Divide
39e
46c 10,000 390 Sept
Tonopah Extension
2114
21,4 231 2,400 1% June
Tr -Bullion Smelting
Sc 1,000
Sc
5c May
5
Tuolumne Copper
ho
lie 2.000
1
8c June
United Eastern Mining_..l
1%
1/11 134 1.3,800 I hi Aug
United Verde Extension-50
29
300 2631 Jan
2934
U E3 Cont Mines
21c
180
22c 9,000
Apr
Unity Gold Mines
3%
6
234 3% 3.200
2% Sept
Utah Apex
100
3% 3%
3
Feb
Wooden Copper Mining_ _
720 1,900 280 June
68c
West End Consolidated„5 75e
75c
790 1.800
I 70 July
Western Utah Copper_ A 250
2(k)
250 13,000 15c July
Wettlaufer-Lorrain
10c
150 1,000
4c Mar
Yukon Gold
5
134 134 3,200 750 Jan
Bones
Allied Pack 8a. Ser B-1939
70
7131 $9,000 51
Aug
Aluminum Co of Am 7s'33
1064 10631 11,000 1054 July
78
1925
10134 102% 11,000 10134 Sept
Amer Cotton Oil 6s_ _ _1924
95
9731 61,000 85
Feb
Amer & E deb az.. _ _2014 944 9434 9434 6,000 9131 July
Amer Rolling Mill 68.. 1925 9834 98% 99
6.000 97 July
Amer Sumatra Tob 731:'25
9734 9734 9.000 9534 Jan
Amer Tel & Tel 68. ___1924 10035 100% 100% 47,000 1003i Sept
American Thread 138_1928
102% 102% 2,000 101% May
Anaconda Cop Min 68_1929 10134 10134 10174 27,000 10094 July
Anglo-Amer 011 7%a_ _1925 1024 10134 102/4 21,000 10174 July
Armour dr Co of Del 5316'43 8934 8934 894 81,000 84% July
Aa800 Hardware 63411-1933
93
93 Sept
9394 26,00
Atl Gulf & W I SS L fal 1959 46
46
4794 13,000 4334 July
Beaver Board 8s
1933
7531 76
2,000 654 Feb
Belgo-Can Paper 6s_ _1943 9635 9634 97
22,000 9434 Aug
Beth Steel equip 78_1935 10334 10131 10334 50.000 1014 Sep
Canadian Nat 7s
1935 1074 10734 108
4,00 10631 May
Central Steel 138
1941 10734 10734 10734 16,000 106
Feb
Charcoal Iron of Am 8s '31
94
95
17,000 90 July
Chic R I 6, Pac 631s_ _1926 97% 97% 97% 26,000 96 July
Service
7s
Sec
C 1966
Cities
88% 89% 14,000 8734 Aug
7s,Series D
1966 8834 8831 8934 27,00
87 July
Columbia Graph 135_ _1925
19
19
1,000 1234 Aug
Cons GEL&P Salta°'49 102
102 102% 6,000 1004 Apr
1931
78
106 107% 7,000 102% Sep
534s
1952
97% 98
16,000 97
Apr
COLI801 Textile 88
1941 98
96
98
13,000 94 Jun
Cuban Telep 734e...1941
105% 106% 4,000 105
Jan
Deere if, Co 7318
1931 9934 994 100% 9,000 984 Jan
Detroit City Gas 138_ 1947 9954 9934 9934 15,000 99
Sep
Detroit Edison Si.._1932
10134 102% 18,000 100 Jun
Dunlop T&R of Am 76.1942 9454 9431 954 40,000 9431 July
Empire Gas & Fuel 65_1926
1024 1023.4 3,000 1024 Sept
Federal Sugar 68
1933 97% 97% 97% 36,000 9634 Jun
1924
6s
101 101
2,000 10034 Mar
Fisher Body 65
1924
10034 100% 2,000 99% Ma
1925
65
100 100
1,000 96% Jun
1926
Os
99% 99% 3,000 97
Jul
1927
68
984 98% 1,000 96 May
1928 98
68
9734 98
13,000 94% Ma
(Robert)
Co 7s...1937 96
Gair
2,000 94
95% 96
Jul
Galena-Signal 011 78_1930 10335 103 10334 3,000 103 Jun
General Asphalt 8$_ _1930
100% 101
4,000 99 June
94
General Petroleum 68_1928 94
9434 9,000 94 Sept
Grand Trunk Ry 648_1936
10434 105% 8,000 10331 Apr
1937
9491 954 5,000 9331 Mar
Gulf Oil of Ps Si
'Hocking Valley RR 138 1924
1004 100% 5,000 100
Mar
1936 101
101 101
Hood Rubber 7s
10,000 100 June
Interboro R T 8s,JPM rots
104 104
1,000 9534 Jan
Kennecott Copper 78_1930 104
10331 104
36,000 1014 July
99
Libby McNeill&Libby 78'31
993( 3,000 97
July
Liggett-Winchester 78 1942
102 102
16)00 10134 Mar
Manitoba Power 78.._1941 994 98% 9934 8,000 95
Jan
Maracaibo Oil Exp 70_1925
165 180
29,000 105 Mar
1930 100
9934 100
Morris di Co 7%e
4,000 97
Aug
National Leather 88_1925 973i 96
973( 14,000 954 July
41,000 81% July
New Orl Pub Berl,Ifs_ _1952 8274 8234 83
1952 8534 85% 87
00,000 8334 Apr
Ohio Power 58
Penna.Pow 6, L 5s 13..1952 8634 86% 87% 18.000 86
Apr
Philadelphia Eke 530 1947
100% 100% 4.000 984 Apr
1941 10334 103 10334 3,000 102% Mar
68
mums Petrol 7348-1931
96% 9634 2,000 95% Aug
Without warrants
Public Serv Corp 7s..1941 1004 99% 100% 25,000 9934 Sep
Pub Serv Elea Pow 68_1948 9531 95% 9631 53,000 95
Sep
9234 93
Reading Co 55 w 1
11,000 87
July
1037-4 104
Shawsheen Mills 71...A931
9,000 103% Aug
97
9731 6.000 96
Sloss-Sheffield S& 168 1929
Feb
1924 10435 104 10434 16,000 103% Sell
Solvay & Cie 8$
South Calif Edison 50-1944 903-4 9034 90% 16,000 87
Mar
High.
Bonds (Concluded)
1341
Friday
Sales
Last Week's Range for
Sale.
ofPrices.
Week.
Price. Low. High. Shares.
Range since Jan 1.
Low.
370 Jan Stand Oil of N Y 648.1933 10534 10534 107 t$38,000 10414 A
107)( Jan
74.3 Jan
7% serial gold deb_ _1925 10231 10231 10234 3.000 102 Jun 1063‘ Feb
50o Mar
7% serial gold deb_ _1926 104
104 10494 8,000 103
Apr 106
July
24e Jan
_1927
serial
gold deb_
7%
10374 10434 4,000 103
Apr 1073( Jan
34o Jan
7% serial gold deb_ _1928
10634 10531 1,000 104% Apr 107% Jan
76e Feb
106 10634 4,000 104
7% serial gold deb_ _1929
Apr 10811 Feb
67c Mar
106 107
7% serial gold deb_ _1931 107
7,000 105% MAY 110
Feb
300 July ,
1110 rn 7a
1931 10034 10054 101
15,000 100 June 103
Mar
130 Jan Sun 011 68
1929
99
99
10,000 97
Apr 99.14 Aug
10c Mar swift & Co 68.00S 161932 914 9154 9154 17.000 89% Mar, 94
Feb
936 Apr Tidal Osage 01178-.1931 10135 101 10134 6,000 100
Aug 104 May
lihz Feb Union 0116$,ser B.__ _1924
9934 10054 12,000 9931 Sept 10014 Aug
14
Feb
1925
Serial 13s
9934 9934 3,000 9934 June 100% Apr
960 Sept
1926
Serial 68
9934 9936 2,000 994 July 9934 June
4% Mar Union Pacific Si
2008 9934 9934 9934 33,000 9931 Sept 9954 Sept
48c Mar United 011 Produc 88_ _1931 80% 79
81
20,000 78 Sept 10634 Mar
380 Jan United Rye of Hay 731s'36 105% 10534 10634 5,000 103% Apr 107
Jan
334 Feb Vacuum 01165
1926
106 10631 17,000 105% June 10754 Jan
Sc Sept
331 Jan
Foreign Government
Sc Jan
and Municipalities
7c Apr Argentine Nation 78_1923 100
100 100
86,000 9934 June 100% May
40c Feb
1924 99% 9934 99% 83,000 994 Sept 99% Sept
13s
10c Jan Mexico 45
1945 3434 3431 3534 60,000 3334 Aug 44;i May
(30 Jan
55% 57% 42,000 6331 Aug 63% May
65 10-year Series A
70 Jan Netherlands(Kingd)658'72 974 9734 9834 89.000 96% Sept itati
Aug
24 Mar Peru (Republic) 88-1932 9834 9834 9934 12,000 96
Sent 1004 Apr
320 Jan Russian Govt 6348-1919 10
94 10
94 Sept tot Feb
21,000
2c Jan
10
Certificates
9
10
Jan 1634 Feb
32,000
9
2434 Mar
534s certhicates_ _ _1931 10
9% 10
4,000
9 May 16 May
4% Mar Switzerland Govt5548.1929
99% 100
35,000
9831 Aug 104
Jan
180% Mar
Eft 5% g notes_ ___1926 973( 97% 97% 59,000
9734 Aug 9734 Aug
750 June
6
Mar
• No par value. k Correction. m Dollars per 1,000 lire flat. I Listed on the
100 May
111, Mar Stock Exchange this week, where additional transactions will be found. o New
84 Apr stock. s Option sale. w When issued. z Ex-dividend. y Ex-rights. s Hz-stock
234 Mar dividend. n Ex-stock dividend of 40%.
Sc Mar
Sc Feb
19c Feb
1 June
New York City Banks and Trust Companies.
5c Jan
All prises dollars per share.
4c Feb
250 Apr
400 Feb Banks-N.Y Bid Ask
Bid Ask Trust Co.'. I Bid Ask.
Banks
50c Feb Americas---- 225 229 Harriman_ _ __ 310 325
New York
431 Mar Amer Exch--- 286 293 Manhattan'. 144 148 American_ _ _
31c June BowerY*
_ Mech di Met- 380 390 Bank of N Y.
440
280 Feb Broadway Ce 150
Mutual*
320
& Trust Co 68 473
8c Jan Bronx Bore._ 175
Nat American 135 145 Bankers TrustjxS49 354
13c Sept Bronx Nat_ _ 186 National C1tyz343 347 Central Unionx482 488
14 May Bryant Park• 11-313 170 New Neth•
130
Commerclai..I 110 125
Piz Jan Butch & Dro 130 138 Pacific•
300
Empire
I 300
89c Mar Cent Mercan- 205 215 Park
477 432 Equitable Tr_ 188 iso
4
347 352 Port Morris_ 167
Mar Chase
Farm L & Tr_ 540 350
160 Feb Chat & Phen- 254 259 Pubic
295 305 Fidelity Interl 198 205
70 Seaboard
670 Feb Chelsea Exch• 50
365 375 Fulton
I 255 285
2/1. Feb Chemical -- 540 550 Seventh Ave- 88
98 Guaranty Tr- 47 250
38% Apr Coal & Iron.. 218 225 Standard•
175 190 Hudson
I 200 210
250 July Colonial *-State*
335 365 Irving Bank375
Tradesmen's• 200
51.4 Mar Columbia-- 275
ColumblaTr 220 225
635 Apr Commerce... 291 295 23d Ward'... 270
Law Tit & Tr_ 190 195
72o Sept Com'nwealth* 220 230 United States* 162
Metropolitan_ 294 299
134 Jan Continental _ - 140 150 Wash'n lita•- 200
Mutual (West
She Feb Corn Exch. _ 432
Yorkville'...850
cheater) --- 120 130
280 Apr Cosmoletall
NYTrust.....I 343 347
.
- 115 tii
21.1 Apr East River-- 204
Title Gu & Tr 367 373
UBMtg&TrI 305
Fifth Avenue* 1200
-_
Brooklyn
240
United States1215
Fifth
8434 Jan First
1240 1260 Coney Island* 155 165 Westebes Tr- 195
106% Aug Garfield
First
260
Brooklyn
320 355
104
Jan Gotham
130 136 Brooklyn Tr_ 465 480
180 185 Mechancle
974 Sept Greenwich *
Kings County 850
290 310 Montauk *.- 170
1171.. Jan Hanover
680 690 Naasau
225 240 Manufacturer 275
10034 Jan
160
People's
People's
395 416
10034 May
•Banks marked with (*) are State banks.(*) Ex-divi lend.
101% Jan
103% Mar
10334 Feb
New York City Realty and Surety Companies.
103% Jan
9631 Jan
All prices dollars per share.
98% June
62
Mar
Bid Ask
Bid Ask
Bid Ask
82% June Alliance R'Ity 102 107 Mtge Bond__ 107 111 Realty Assoc
97
96 NatSurety__ 105 115
Aug Amer Surety- 94
(Bklyn)corn 92
10334 Sept Bond & MG. 285 290 NY Title &
bet pref.... 81
87
68
Mortgage__ 193 200
11034 Jan City Investing 65
2d prof.... 7( 75
108% Apr
98 U S Casualty.. 140
__ Westchester
Preferred _ _ 92
97 Mar Lawyer.' Mtge 153 159 U S Tile GUM 131
-Title & Tr_ 200 220
98% June
9634 Apr
9334 Jan
CURRENT NOTICE.
30
Jan
10334 Jan
Lynch,
Walter Kendall and Finlay D.McNaughton.formerly
-James H.
10834 Feb
100
Jan with the Lumbermen's Trust Co., Portland, Ore., as Senior Vice-President
106
Feb and director, Assistant Vice-President
and field representative,respectively.
107
Jan
10331 Feb announce that, in association with Paul C. Harper, President of Wm. P.
101% Jan Harper & Son, investment bankers of Seattle, they have taken over Clark,
104
Jan Kendall & Co.. Inc. The two houses of Clark, Kendall & Co., Inc., of
97% Apr
102% Sept Portland. Ore., and Wm. P. Harper & Son of Seattle. Wash., which was
9834 May founded in 1892 and ranks as one of the old conservative houses of the Pacific
1014 Apr Coast, will be operated in close association, affording the clients of both
1004 Apr companies the advantages of a
wider range of experience and a broader'
1004 June
100
Feb market for the purchase and sale of investment securities.
99% Feb
-Max Philipson and Leon Gell announce the formation of a co98% Feb
994 Jan partnership under the firm name of Philipson-Gell Co., with offices in
10534 Mar the Utica City National Bank Building, Utica, New York. The firm wilt
105
Jan engage in commercial financing and also deal in high grade investment
98
Apr
107
Jan securities. Mr. Philipson was formerly with the Utica Investment Co.
9734 Jan at Utica. Mr. Gell was formerly with the Division of Analysis and Re10034 Apr search of the Federal Reserve Board at Washington, D. C.
102
Jan
-"Segtember Investments," published by Rutter & Co., 14 Wall St..
106 Sept
1054 Jan New York, contains a diversified list of offerings, including corporation.
102% Jan
104 May railroad. Government and municipal bonds, of this and other countries.
102% Feb This company is also distributing free on request a booklet entitled "Irri24934 May gation in California."
10634 Jan
-Drumheller, Ehrlichman & Co., of Tacoma. Wash., have announced
102
Jan
89% Mar the election of W. H. White. formerly assistant sales manager of Carsten./
92
Jan & Earles, Inc., to the office of Treasurer of their company. Mr. White
9034 Jan
of sales of the Seattle, Wash., office.
10234 Jan will be in charge
105% Jan
-William 11. Beaver, of the firm of Samuel McCreery & Co., Philadel103)1 Jan phia, has been admitted to membership in the New York Stock Exchange.
10434 Feb This gives the firm a seat on both the New York and Philadelphia Stock
9834 May Exchanges.
9334 Aug
-To their friends and customers Halsey, Stuart & Co. are distributing
105% Apr
98% Feb a small binder cntaining loose-leaf inserts designed for recording interest
10531 May dates, optional clauses, tax-exemption provisions and other data pertaining
93
Jan to investment bond holdings.
Investment mut gailroatt gutelligence.
1342
RAILROAD GROSS EARNINGS
The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from Jan. 1 to and including the latest week or month. The returns of electric railways
are brought together separately on a subsequent page.
Latest Gross Earnings,
ROADS.
Week or
Month.
Current
Year.
Jan. 1 to Latest Date.
Previous
Year.
Current
Year.
Akron Canton & Y.. July
211.591 14,942 1,554,177 1.255.556
Alabama & Vicksb_ July
278.103 192,284 1,949,893 1.767,701
Amer By Express__ May
13459410 13230860 65,257.289 64.968.715
Ann Arbor
1st wk Sep 106,821
98.670 3.588.869 3,372.502
Atch Topeka & S Fe July
16827842 15767202 113378812 99.169,530
Gulf Colo & S 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
Atlantic City
July
725.807 703,465 2.630.734 2.578,434
Atlantic Coast Line.. July
5.122,886 4,494.338 48,648.673 41.589 918
Baltimore & Ohio— July
21488806 13944023 151286195 112623182
B &0Ch 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 August
10,072
88,061
9,983
66.138
Belt By 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
31.574
102,845
253,125
20,465
Boston 8c Maine_._ July
7,397.648 6.514,634 50.283,378 44.427.178
Bklyn E D Term_ July
919,325
98,188 121.905
937.245
Buff Roch & Pittsb_ 2d wk Sep 446.738 361,632 15,599,740 9,171.529
Buffalo & Susq
'July
213,804
784.078
52,331 1,633,438
Canadian Nat Itys.,2d wk Sept 4,689,749 4,867,381 169210471 151712799
At!& St Lawrence July
166.049 184,171 1.911,183 1,549,070
Canadian Pacific__ _.2d wk Sep 3,547,000 3,774,000 115844000 10751000
Caro Clinch & Ohio.. July
2.824 624.292 5,483,259 4,487.547
Central of Georgia.... July
2,288,760 1.935,648 15.476,271 12.683,645
Central RR of NJ.... July
5.173,478 3,686,157 33,713,034 26.886.137
Cent New EnglancL,July
731,014 408,261 4.401.266 3,919.511
Central Vermont__ _ July
694,376 560,874 5,050.026 3,952.222
Charleston & W Car July
300.938 238,807 2,331.740 1,983,183
Ches & Ohio Lines July
8,937,996 6.474,773 57,202,855 50.647.632
Chicago & Alton... July
2,645.189 1.861,110 19,012,703 15.993.782
Chic Burl & Quincy.. July
13369117 12608638 38,148,888 87.244.590
Chicago & East Ill July
2,194,685 1.788,702 16,440.180 13.691.856
Chicago Great West July
2.085,191 1.915,134 14.873,057 13.238.278
Chic Ind & Loulsv July
1,431.995 1,210,744 10,425,219 8.968.660
Chic Milw & St Paul July
13885058 12694329 97.562,210 83,851,104
Chic & North West_ July
13756617 12680808 91.697.260 80.341.437
Chic Peoria & St L_ July
98,358 173,047
775,046 1,306,232
Chic River & Ind.. July
584,113 562.303 4,312,053 3,852.447
Chic R I & Pacific July
10627018 10030565 70,226.495 66.084,247
Chic It I & Gulf July
587,5781 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
Trin & Brazos Val July
311,000 158,098 1,113,842 1,738,156
Wichita Valley_
July
736,680
108.982
662,436
90,991
Delaware & Hudson July
4.364,064 2,221.822 27,315,634 21.088,298
Del Lack & Western. July
7.630,365 5.549.408 50.830.461 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
599,581
43,758 1,381,010
Detroit & Mackinac July
167,810 180,802 1,066.027
996.113
Detroit Tol & Iront_ July
930,667 823,979 5,962,103 5.301.902
Dot & Tol Shore L.._ July
326,177 220,335 2,513,548 2.029,468
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
Dul Sou Shore & Atl 1st wk Sep 107.211
86,425 3,990,635 2,920.248
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
Erie Railroad
July
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
NJ & N Y RR
July
141.063 134,253
911.385
863,001
Evans Ind & Terr H July
588,572
151,45267094
954.397
Florida East Coast_ July
802,273 715,519 10,222,366 8,780.757
Fonda Johns & Glov July
794.488
115,261 110,480
897.003
Ft Smith & Western July
76
93.15
5.4
115.363 135.343
880.420 8
951
Galveston Wharf...... July
103.747
86,561
54,
Georgia Railroad
July
489,649 420,476 3,503,799 2,788.210
Georgia & Florida_ _ 1st wk Sep
35,000
894,997
24,550 1.184.219
Grand Trunk Syst—
CbDetCGTJcI July
290.901 197,112 2,039,193 1,321.488
Det G H & Mllw_ July
608.782 513,194 3.908,020 3,049,199
Grand Trk West_ July
1.766,260 1,622,368 11.610,452 8,966,001
Great North System 2d wk Sep 2.829.0072,671,887
78.751.859 66,726.464
Green Bay & West_ July
107.004 118,420
805.115
764,626
Gull Mobile & Nor.. July.
480,421 348.441 3.403,154 2,723.887
Gulf & Ship Island_ July
257,149 252,429 1,897,552 1,690,213
Hocking Valley_ _ July
1.680,719 894,179 10,313,443 7,244,589
Illinois Central_ __ _ July
14650985 13237 325 109799266 91.739.065
Ill Central Co_ _ _ July
13027997 11869898 98,259,505 81,643,019
Yazoo & Miss V_ July
1.622.988 1,367.427 11.539,761 10,096.046
Intern Ry Co of Me July
160.660 132.721 1.751.931 1.641.225
• Internat & Grt Nor. July
1.149.171 949,357 7,977,205 7,691.026
K C Mex & Orient.... July
213,434 112,810
778.123
999,228
K0 M & Orient of T July
181.426 113.573
974,832
853.809
Kansas City South- July
1.602,090 1.338,419 11,346.353 10,070.936
Texark & Ft Sm. July
167,932.
1,535,936 1.145.799
Total system.._ _ _ August
2.036,468 1.727.570,14,918.757 12.944,304
Kansas Okla & Gulf July
159,409 212,589 1.497,078 1,554.203
Lake Sup & Ishpem- July
245,577 228,659
476.340
July
• Lake Term Ry
104,178
630.319
675,0 03
Lehigh & Mid River July
284,478 150,0
5 7 1,742.433 1,350,293
Lehigh & Now Eng.. July
551.877 230,268 3,582.498 2,217.633
July
Lehigh Valley
6,825.097 4.462,297 43,105,725 35.470,504
Los Aug & Salt Lake July
2,011,810 1,635,502 13,523.858 11.085,506
Louisiana & Arkan_ July
257.140 292,9211 2,196.103 1.926.205
Louisiana By & Nay July
288,725 266.9991 2,262,060 1.874.990
La By & Nay of Tex July
94,021
1 340.106
Louisville & Nash's_ July
11314850 9,576,857 77,937,745 71.626,982
Louisv Head 8: St L July
283,727 276.139 1.985,542 1.807.527
July
1.870,633 1,626.151 12.275.163 11.752,876
Maine Central
July
Midland Valley
374.643 367.041i 2,598.801 2,648,940
1st wk Sep
7,135
Mineral Range
321.436 • 199,203
6.327
Latest Gross Earnings.
ROADS.
Previous
Yesr.
Week or
Month.
Current Previous
Year.
Year.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
9,329.4521
3
Minneap & St Louis July
1,171,025 1,14.488
8,663,071
Minn St P & SSM.. July
4,357.176 4.262,422 28,009,66723,517,350
Wisconsin Central July
1,833.933 1,795,985 12,053,160 10,101.239
Mississippi Central_ July
134,388 107,121 1.051,052' 846,862
*Missouri-Kan-Tex. July
3.011,456 2,726,146 19,766,99118,108.793
Mo-Kan-Tex of Tex July
1,638.989 1.567,979 10,927,966 11,578,829
Total System...._ _ July
4.650,445 4,294,125 30,804,057 29,685.622
Mo & Nor Ark
July
120.585
54,033
160,295
819,250
Missouri Pacific__ - July
9.486,461 7,765.965 63.184.734 56,316.998
Mobile & Ohio
2d wk Sep 379.027 374.547 14,283,288 11,934,836
Col & Greenvllle_ July
118,542 135.824
850,482
857,572
Monongahela Conn_ July
236,261 132,817 1.589,527
965,802
Montour
July
243.188
16,932 1,429.980
364,938
Nashv Chatt dr St L. July
1.961.429 1.844,784 14,220,199 11.988,200
Nevada-Cal-Oregon 1st wk Sep
8,867
191.351
8.529
222.18
535,5
251
Nevada Northern.... July
89.397
248,791
62.641
Newburgh& Sou Sh. July
174.940 147,837 1,236,030 1.145,333
New Orb Great Nor_ August
255.863 208,870 1,008,309 1,694,939
N 0 Texas & Mex July
234,378 182,914 1,745,510 1.501,919
Beaus S L & W.... July
212.672 175.770 1.314,136 1,190.946
St L Browns & M.. July
3.058.764 2,981,191
New York Central July
35606194 2894'5ó 249281450 193439244
Ind Harbor Belt.. July
924,073, 790,844 6.731,0815,429,666
Michigan Central July
7,704.394 6.716.232 56,040,456 44,153.981
Cloy C C & St L.. July
7.708.227 6,346,848 55.587,900 47,176.486
Cincinnati North_ July
421,472 227.505 3.087.266 1.977,816
Pitts & Lake Erie. July
4,014,362 1.952.871 28.880,301 13,753,077
NY Chic & St Louis July
4.609,235 4,053,585 33.629.941 27,771.333
N Y Connecting- July
289.637 222,137 2,078.428 1,613.262
NYNH& Hard— July
11601347 10478218 77.584,810 68,323,945
N Y Ont & Western. July
1,681,086 1.161,445 8.074,525 6.752,
Y Susq & West July
402.527 333.801 2.925,938 2,308.850
Norfolk Southern._ July
702,723 672.139 5.345,184 4,872,364
*Norfolk & Western. July
8,532,136 7.563,344 53.471.082 53,574,695
Northern Pacific...._ July
8.098,515 7.986,391 54,745,642 49,908,495
Northwestern Pac_ _ July
884.038 794,030 4,460,563 4,351.415
Penn RR System...... July
69669185 56020065 450097476 375098 142
Pennsylv RR & Co.. July
63771357 50378362 419901728 347426005
Walt Chas 6: Ati_ - July
187,595 207,466 '840,478
874,768
July
Long Island
3,617,667 3,365,343 19.248.800117.329.772
Mary Del & Va.... July
131.762 139,242
600,O52i 622,742
July
498.462 136,204 3,348.6651 1.867,168
July
Tol Poor &
151,255 131,199 1.051.528i 922,423
W Jersey & Seash. July
1.657.570 1.695.478 7.800,077 7,421.40
Peoria Lt Pekin Un_ July
129,519 126,576 1,008.6851 1.017.630
July
Pere Marquette_
3,745,938 3,019,982 26.010.556i21.227,958
July
Perldomen
102.246 132,493
642,9001 717.951
Phila & Reading- July
8,664.433 5,158.369 63.742.277143,418.488
Pittsb & Shawmut_ - July
100.469
49,323
559,390
812.3771
Pitts Shaw & North July
102,862
867.820i 585.030
61.140
Pittsb & West Va_ _ July
305,187 212.790 2,122,12 1,603,033
July
Port Reading
199.085
78,049 1.712.296 1.076.889
July
Pullman Co
6,551.419 5,438.778 41.189,700 36.889,128
Quincy Om & K C.... July
88,857
69,468
600.155
740,350
Rich Fred & Potom- July
939.433 835,263 7.404,223 6.242,898
July
Rutland
571.522 482,092 3,897,861 3,223,053
St Loais-San Fr in_ _ 2c1 wk Sept .781,388 1,890,619 82,179,826 57,685,650
Ft Worth & Rio Or July
140,170 110,333
705.385
815,905
St L San Fran Co.. July
.201,236 6,747,227 48.921,963 46,167.646
St L-S F of Texas July
157,490 158,678
939,504
890.499
St Louis Southwest.. July
1.560,510 1,326,660 12,006,682 9,677,898
St L S W of Texas July
701,166 601,677 4.436.900 4,039,877
Total system_ _ _ _ 2c1 wk Sept 586.040 561.235 19.905.768 16,891.563
St Louis Transfer.- July
68.886
57.260
486,370
427.834
San An & Aran Pass July
477,385 430,591 2.929,201 2.914,380
San Ant Uvalde & July
101,755
97,023
698,825
611,505
Seaboard Air Line_ July
.685.998 3,210.196 30.601.343 25.636,703
Sou Pacific System.. July
24352845 21664074 157376005 141792194
July
SouthernPacific Co
17856151 15952904 111659847 99,158.214
1,085.043 884,291 7.903.963 6,519,819
Atlantic SS Lines_ July
296,528 300,453 2,143,234 1.794,521
Arizona Eastern_ July
1.810,728 1.604.857 12.750,641 12.110.823
Galv Harris & 9 A July
Hous & Tex Cent.. July
1,175,555 1,072,628 7,601,575 7.976,854
259.394 282,467 1,664,493 1,695.480
Hous E & W Tex_ July
Louisiana West'n July
351,325 278,533 2,647,227 2.386,726
653,672 542,509 5,030,960 4,392,725
Mort: La & Texas July
727,638 625.022 5,082,027 4.971.882
Texas & New Orl_ July
Southern Ry System 2d wk Sep 3.865,059 2,877,120 139113374 110879524
Southern Ry Co.... July
12214076 9.920,459 86.683,046 71,915,915
AlaGreat South_ July
886.484 484,920 6.279,398 5,196,386
Gin NO & Tex P_ July
1,869,017 1,057,519 13,732,288 10.176,770
429,991 355,287 3,051,489 2,726,291
Georgia Sou & Fla July
544,186 271.108 4,049,167 3,391.932
New Or'& Nor E _ July
Northern Ma_ _ _ _ July
138,725 133,669
762,601
978,159
91,032
Spokane Internat_ _ July
92,172
633,506
673,693
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 1,796.425 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 &
- - _ id wk Sep
621,873 616,813 21,291.283 20,525,042
Ulster & Delaware July
231,032 209.493 1,023,164
926.533
Union Pacific Co._ _ July
9,345.356 8.096,096 60,303.793 53,498,279
Total System- -- July
6391 067 14399313 109658095 98.550.817
Oregon Short Line July
2,847,165 2,592,981 20,264,252 18,973,550
Ore-Wash RR&N July
2,186,737 2.274.758 15.568,192 14,973,483
St Joseph & Or 181 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
Utah
119.840 160,449
920,980
857,345
\ricks 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 Ntarvland. 2r1 wk Sep 452,703 435,56016,653,380 12,017,393
Western Pacific— - July
1,294,883 1,102,840 7,178,695 6,193,081
Western Ry 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.
19_198.584
1 R 1 An '75.17
Increase or
Decrease.
Monthly Summaries.
%
Current
Year.
Previous
Year.
Increase or
Decrease.
%
18.4$
.Yr. Prev.kr.
Mileage. Cur.
.
$
$
1st week July (16 roads).—
14.668 16.46 170 +1,958,498
89 October
233.872 232.882 545.759,208 532,614,914 13.074.292 2.4§
2d week July (16 roads).-18.846.646 16,692:.
,5.
November - 235.748 235.679 523,718.483 466.130.328 57.618,155 12.38
11..
'•
3d week July (16 roads)__.... 18.316.984 15.994.753 +2.322,231 14.52 December.--235.290 236.121 512.433.733 434,698.143 87,735.590 20.66
4th week July (13 roads)_ _ __ 25,323.503 21.322.383 +4.001,180 18.77 January...- -235.678 235.827 500.816,521 395,000,157
70.803.472 21.00
1st week Aug (16 roads)-..-- 19.200,306 16.336.783 +2.863.523116.11February.- -235.399 235.528 144.891,872 400.146,341 44.745.531 11.18
2d week Aug (14 roads)___ 18.272.732 15,953,700 +2.319.032114.54 March
235.424 235.470 53.3.553,199 473.747,009 159.806.190 12.63
3d week Aug 13 roads)__-- 18,385.609 15.443,476 +2,942.133119.10 April
234,970 235,839 521.387,412 415,808,970 105578442 25 89
4th week Aug 13 roads).- _ _ 24,549.841 20.458,007 +4.091.839120.00 Ma)
23.5.186 235.472 545.503.29Ti 447.993.844 97,510,054 21.77
1st week Sept 14 roads)____ 16.173.591 14.776.721 +1.396.8701 9.45 June
236,739 236.683 540.054.165 473.150.064 +66,003,501 14.14
orl ....t. oms. tin w.....lial
-L. 1 027 7771 5 79
r..i.,
925.517
9•1F lal 'I RRA one 559 .159 055 072 -I-01 RIO 572 20.70
Note.—Grand Rapids & Indiana and Pitts. Oin. Chic.& St. Louis Included in Pennitylvanla RR. Lake Erie &Western included In New York Central.
Toledo St. Louis & Western included In New York Chicago & St. Louis.
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the second week
of September. The table covers 10 roads and shows 5.72%
increase over the same week last year.
Increase. Decrease.
Second Week of September.
1923.
1922.
Buffalo Rochester & Pittsburgh_
Canadian National
Canadian Pacific
Great Northern
Mobile & Ohio
St Louis-San Francisco
St Louis Southwestern
Southern
Texas & Pacific
Western Maryland
$
446,738
4,689,749
3.547.000
2.829,007
379.027
1.781.388
586,020
3,865,059
621,873
452.703
$
361.632
4,867,381
3,774,000
2,671,887
374.547
1,620.612
561,235
2,877.120
616.813
435.560
$
85.106
$
177.632
227,000
157,120
4.480
160,776
24,785
987.939
5.060
17,143
19,198,564 18.160.787 1.442,409
1.037.777
Total (10 roads)
Net Inc-Image(5.72%)
404.632
In the following table we also complete our summary for
the first week of September:
First Week of September.
1923.
Increase. Decrease.
1922.
Previously reported (10 roads)- - 16,015.378 14.650.890 1,364,488
20.786
86,425
107.211
Duluth South Shore & Atlantic_
10,450
24,550
35,000
Georgia & Florida
808
6,327
7.135
Mineral Range
338
8,529
8,867
Nevada-California-Oregon
16.173,591 14.776.721 1.396.870
1.396.870
Total (14 roads)
Netincrease(9.45%)
Net Earnings Monthly to Latest Dates.-The table
following shows the gross and net earnings for STEAM
railroads reported this week:
-Gross from Retilmay- -Net from
1923.
1922.
1923.
8
$
$
Bellefonte Central31
9.983
10,073
August __
5,253
88,061
66,138
From Jani
Kansas City Southern624,755
August. _ 2,036,468 1,727,570
I'romJan 1_14,918,757 12,944,304 4,020,884
New Orleans Great Northern76,283
208,870
._ 255,863
August .
629,045
From Jan 1_ 1 908,309 1,694,939
,.,
- Deflelt.4F0*,1** VW'
Railway- -Net after Taxes-1923.
1922.
1922.
8
$
8
1,851
11,618
-89
4,293
1,731
10,658
524,437
442,842
334,820
3,270,505 3.225.354 2.409.228
• 77,888
529,327
59,255
494,257
62,587
408,284
; ELECTRIC RAILWAY AND PUBLIC UTILITY CO's.
Latest Gross Earnings.
Name of Road
or Company.
1343
THE CHRONICLE
SEPT. 22 1923.]
Month.
dirondack Pow & Lt August
labama Power Co__ August
mer Elec Power Co_ July
m Pr & Lt Co Subsid July
merIcan Tel & Tel-- May
Am Wat'Wks & Su bJuly
ppalachian Pow Co_ August
rizona Power Co_ _ _ July
trkansas Lt & Power July
sheville Pow & Light July
ssociated Gas St Elec July
ug-Aiken Ry & Elec June
angor Ry & Electric July
Barcelona Tr, L & P July
aton Rouge Electric July
.eaver Valley Trac__ July
highamton L H & P July
lackstone Val 0& E July
oston "L" Railway_ June
3razilian Tr,Lt & Pr July
klyn Heights (Roc). May
hlyn Q0&Sub(Rec) May
'oney I & Bkln (Rec) May
eney Island & Grave May
ra-ssau Electric(Rec) May
May
outh Brooklyn
klyn-Man Transit.- May
klyn City RR (Rec) July
May
r Y Consol (Roc)
apeBretonElCo.Ltd July
arolina Power & Lt- July
ent Miss Val El Co_ July
entral Pow & Light_ March
Ries Service Co
July
itizens Tr Co & Sub_ July
Ity Gas Co. Norfolk March
love Painesv & East July
olorado Power Co July
olumbla Gas & Elm July
olumbus Elec & Pow July
om'w'ith Pow Corp_ July
om'w'Ith Pr. Ry & L July
July
onn Power Co
'mummers Power Co July
lumberland Co P & L July
oetrolt Edison Co
August
luquesne Lt Co Subs July
astern Mass St Ry_ _ August
astern Penn Elec Co June
est Sh G&E Co&Sub June
ast St Louis & Sub_ April
art Texas Elec Co July
dis El III of Brock'n_ July
I Paso Electric Co July
lee Lt & Pow Co of
Abington & Rockl'd July
rie Ltg Co & Subs- April
all River Gas Works July
ederal Lt & Trac Co July
Ft Worth Pow & IA_ July
alv-Hous Elec Co... July
en 0 & L & Sub Cos July
,eprgla Lt, Pr & Rys May
borgla By & Power_ July
real West l'ow Syst June
[allover Pr Co & Sub July
[avana El By. L & P July
averhill Gas Light July
[elena Lt & Rys Co_ March
[onolulu Rapid 'Fran July
July
oughton Co Elec
[udson & Manhattan June
....inno.'n no,5.,(1,e T0ly
Current Previous
Year.
Year.
Jan. 1 to Latest Dave.
Current
Year.
Previous
Year.
S
S
$
$
531,981 460,534 4,428,664 3.549,200
624,679 452.603 4,784,244 3.418.011
1700.365 1584,145 12.365.939 10,073,069
2357,611 2189,369 17,759,53 16,187,271
6050.498 5462,967 29.942.769 26.025.049
2846,064 1636,06519920.140 11676.267
293,442 246.794 *3,258,963 *2,806,110
67,537 60.097 *783,769 *546.805
163.876 154,430 *1,407,542 *1.182.667
84,762 79,616 *937.487 *874,951
278,293 150,442 *2,939.592 *1.955.744
97.571 88,476 *1,215.135 *1.064.292
119.503 114,622
880,586
832.439
3521,912 3708,509 29,280,899 26,223,728
368.219
49.873 47,716
338,406
416.321
59,981 55,029
367.397
659,877
88,005 75,129
565,582
336,289 291,744 4,370,546 *3.904.625
2760.077 2630.929 17.448.488 16.535.329
21300000 16655000 138763000 109170000
8.218
35.898
7,365
36.466
226.802 232.157 1,081,666 1,067,298
269,509 269.566 1,135.366 1.109,733
35.092
11.093 10.139
30,518
496,388 466,068 2,236.417 2,052,439
486,802
104,400 99,299
418.470
3310.274 3017.255 *36899294 *34544092
962,338 961,487
2309,787 2074.299 10.540,583 9,733.
- 65
53,996 52.712
392,046
340.335
160.022 152,070 *2,142,729 *1.817,588
44,833 43,969
328,772
309,861
240.718 282.315 *3.095.150 *3.238.434
1296.673 1060,862 10.919,032 9.049.326
83,724 69,071 *924,006 *764,631
87.324 85,251
255.340
266.350
66,555 76,584
407,010
416.326
100,447 83,677 *1,103.274 *966.624
1430.051 1271,228 12.440.56110,756.413
174.325 150,795 1.294,820 1.098.938
2232,836 1879,871 16.886,115 14,728.824
2858,424 2508,401 21.379,122 18.712.033
152,938 134.177 1.144,764
966.677
1259,333 1085,571 9,441,996 7,924.497
309,319 292,855 2,170,239 1,944,724
2367,629 2005,987 20.510,947 16.722,367
1473.462 1271,685 11.258.899 9,436.535
889.799 917,399 7,350.691 7.118,368
228.936 166.929 *2.658,637 *2,457,947
44,667 38,684
262,762
235.698
377,548 270,929
176,065 148.770 1,173,081 1,0-2i .3(3.4i
108.413 96,552
916,639
767.496
189,622 185,110 1,401.003 1.326.462
34.060 29,293
246.140
202.199
118.216 87.774
517.999
388.066
83,875 82,512
582,044
559.818
416,240 381,671 3,197,555 2,934,845
228,994 205,101 1,684.572 1,411.695
278,646 284,721 1.900.833 1.937.473
1274,338 1050,614 8,835,647 7,365.835
165,131 141,828
816.457
710.490
1276.071 1134.167 9,388,760 8,592.157
584.682 617.327 3,572,795 3.660.507
26,792 22,411 •330,595 * 268.296
1095,800 1039.017 7.714.818 7.537.007
43.371 41.624
330.048
308.912
33.547 34.345 *413.962 *390.987
83,566 82,840
561,050
560.687
36,620 38,932
306,578
316.666
938.617 889,981
5,735.437
5.508,870
......
non nen
01 010
01 'NIA
--
Latest Gross Earnings.
Name of Road
or Company.
Month.
Interb Rapid Transit_ June
Subway Division__ May
Elevated Division.. May
June
Idaho Power Co
Kansas City Pr & Lt_ August
dKan Gas & Elec Co.. June
Keokuk Electric Co_ _ July
Kentucky Trac Term June
Keystone Telep Co_ _ August
July
Key West Electric_
Lake Shore Electric... July
Lexington UM Co &
Lox Ice Co Consol_ April
Long Island Electric_ May
Los Angeles Gas Co_ _ April
Louisv Gas & El Co January
Lowell El & Lt Corp_ July
Manhat Bdge Sc Line May
Manh & Queens(Rec) May
Manila Electric Corp_ July
August
Market Street Ry
June
Mass Lighting._ Co
e Metroporn Edison_ July
Milw Elec Ry & Light July
Miss Power & Lt Co_ May
Miss River Power Co_ July
Mobile Electric Co.... February
Mountain StatesPrOo January
Munle Ser Co & Subs_ Juno
June
Nashv Pow & Lt
d Nebraska Power Co July
Nevada-Calif Electric July
New Bed G & Ed Lt. July
Now Eng Power Sys_ July
New Jersey Pow & Lt July
Newpt News & Ramp
By. Gas & Rlec Co_ July
New York Dock Co_ _ July
New York Railways_ May
May
Eighth Avenue
May
Ninth Avenue
NY & Queens (Roe). May
NY & Harlem (Roe). May
May
N Y & Long Island...
Niagara Lockport &
Subs
August
&
Co
Pow
Ont
Nor Caro Public Serv July
Northern N Y Util_ July
July
Nor Ohio Elec Corp..
Nor'west Ohio Ry & P July
July
Co...
El
Texas
North
Ocean Electric Lt_ May
July
&
Power
Pacific
d
July
Paducah Electric_
Penn Central Light &
Power Co & Subs July
Penna. Coal & Coke... June
Pennsylvania Edison_ July
Phila Co. & Subsidy July
Natural Gas Cos
Philadelphia Oil Co July
Philadelphia & West_ August
August
Phila Rapid Transit _ _ July
Pine Bluff Co
dPortland Gas & Coke July
Portland By. Lt & Pr July
Pub Serv Corp of N J June
Puget Sound Gas Co_ January
Puget Sound Pr & Lt_ July
Reading Transit & Lt July
Republic Ry & Lt Co_ July
Riclun Lt & RR(Roe) May
Rutland By. Lt & Pr July
January
San Diego Cons G&E1
Sandusky Gas & Elec July
July
Pow
&
Elec
Savannah
Sayre Electric Co.... July
Schenectady Ry Co May
Second Avenue (Roe) May
Co July
17th St Incl Plane Co
July
Sierra Pac Electric
South Colo Power Co February
Southern Calif Edison July
So Canada Pr Co. Ltd July
South NY Pr & By... Juno
Southern Utilities Co.. June
gSouthwest'n Pr & Lt July
Tacoma Gas & Fuel January
Tampa Electric Co_ _ July
Tennessee Elec Pr Co July
Texas Electric Ry_ _ _ July
°Texas l'ower & Light July
Third Avenue By Co_ July
United Electric Rys_ _ June
United Gas & El Corp July
United Lt&Rys&Subs July
un Rys & El of Bait. March
Utah Power & Light_ July
gUtah Securities Corp August
Vermont Hydro-Elec_ July
Virginia Power Co_ _ _ June
Virginia By & Pow Co August
West Penn Co & Sub,. July
Western Pow System,. May
WesternUnion Tel Co May
wieelpeg Electric By April
nYadkin River Pr Co July
York Hav Wat & Pow July
York Utilities Co__ _ _ June
Young & Ohio Rio RR March
Jan. 1 to Latest Date.
Current Previ
Year.
Year.
Current
Year.
Previous
Year.
5613323
'
4579.158
3249,485 3048.671 16.128.12 23.033.215
8.085.132 7.822,253
1688.670 1654.1
2359484
'
226.470 222,081 *2.520,944
636.567 578,71 .5.807,011 4,043,677
407.165 358.167 *5.382,13 *4,930,963
219.328
237.52
33,385 32,309
158.669 145.83 *1.669,7 *1,578.128
150,821 140,27, 1.181,33i 1.107.332
141,830
146.42.
18.548 19,25
250,326 246,17 1.587,64 1.390,782
84.463 80.257 *1,121.04 *1.083.865
145.960
140.74
35.226 36.82
989,904 1040.63 4.914,64( 4.987,097
5654.105 4931.70 5.654.10 4.931.795
721.963
114,927 94.6 . 982,39!
116,69
117.795
24,467 25.560
148,766
162.25
36,840 36,973
298.268 291.093 *3.578.259 *3.611.449
6.442,864
837.172
1.620.6
1.393.341
260.711 238.7
3,577.053
616,698 507,000 4,347.4
21449741 *18653910
'
1711.260 1490.448
93.733 90.462 *1.202,721 *1.133,995
254,703 257.332 1,774,79 1,719,733
146.982
154.89
75.132 72.640
998.094
1152.932 998.044 1,152.93
4847.41 *2.557,620
'
358.333 226.084
79,924 74,765 *932,341 *871.360
289.770 267.855 2.l7334 1.948.710
387.266 360,686 2,586.75. 2.064,509
270.977 258.821 2.166,
619.069 413,645 *7.006,21 *5.549,247
362.556
513.45
76.044 47,452
194,931
274,160
777.244
107.015
45,159
60,856
132,525
42,977
196.387 *2.128.66 2,139,987
:08
327.640 1.946,147 2,354,,
825.369 3,689,50 3,774.287
507,115
491.91
111.653
218.941
211.94
44,091
87.002
273.69' 518,000
675.566
646,39
140,03
224,573
190,83
54,064
454,737
117,392
145.893
802.328
50.918
226,515
25.195
260,357
46,965
394,634
99.264
131,004
796,942
. 44,107
249,990
29.793
251.239
42.256
3.588.291
809.531
1.107,42
6.083.43
280.4
1,674.74
94,654
1,722.91 351.1
2.361,910
699.491
920,026
5.293,431
220.014
1.770,469
94.525
1.677.517
313.233
268,519 175.184 1.884.68 1.312.904
718.413 698.• I i 4.549.690 3.245.066
266,103 203,226 1.779.471 1,444,938
816.180 916.997 9.045.625 8.259.070
271,823
576,331
26.887 74.620
569.89
533,498
72,852 69.541
3488,191 3315,457 29.548.111 27,7%0,059
803.093
863.90
81,126 81,183
269,263 265.063 1.984.961 1.974.232
895.180 812.005 6.312,107 5.032.135
6740,834 6269,518 42,049.797 38.458.591
168.816
171.329
171.329 168.81;
979,555 821.862 *11538315 '10189035
263.312 256.524 1.818,189 1.693.130
792,132 679.982 5.669.849 4.638.837
322.811
301.669
68,956 67.388
41.844 48.250 *564,468 *567.604
3756,665 3866.576 3.756.665 3.866.576
432.963
496.883
53.284 54,051
950,531
934.001
154,669 131.60
103,664
119,621
15.684 14.383
740 516
686 407
74.836 142 534
394,366
407.184
90,521 90.365
22,078
21.351
3.686
3,653
'
886.886
981.319
86.765 74.254
316.721
320.712
156,416 151.631
1912,598 1478,349 11.094.941 9.348.922
81,147 68,726 t781.537 t699.568
6. *535.607
*555,922
*7.919..560
.•
192.970 182.423 *2.423,559 *2.431.189
826,46 757,525 6.164,799 5.472,827
577.227
455,053
455.053 577.227
164,481 137,875 *2.015.924 1.755.669
714.590 624,956 5.205,629 4.477.293
235,006 215.931 1,523.539 1,466.232
386.078 355.905 3.027.034 2.683.950
1225,864 1240.936 8.375.460 8.2.56,186
675.451 661.871 4.063.548 3.824.819
13498843 *11978228
'
1039,803 947.808
927,981 899.047 7.118.306 6.510,242
1436,169 1345.418 4.045,237 3.809.118
*6.802.399
669,317 566.581
855.435 727,514 *9.698,135 *8,562,352
295,853
409.603
58.135 46.528
222.215 180.547 *2.379.028 *1.820.413
861,208 799.619 6.918.227 5.984,041
1848,890 1111,753 13.415,673 8,330,113
562.483 636.517 2.988.113 3.043.179
9021,169 8091.170 36.318.142 31.789,301
467.474 443.327 1.933.01 1.899,114
152.545 95.838 '1.620.783 *1.174.859
488.026
517.704
67,475 68,496
108,328
119.585
16,503 15.772
15.310
159.341
50.472 41.284
part of the Brooklyn Rapid Transit
.a The Brooklyn City RR,, is no longerRelights
RR. Co. having, with the
System. the receiver of the Brooklyn
payment of the rental: therefore
continue
to
declined
Court,
the
approval of
RR. has been operated by its owners.
since Oct. 18 1919 the Brooklyn City
RR. co-ipanies were formerly
b The Eighth Avenue and Ninth Avenue
sea were terminated
but these
leased to the New York Railways Co..
have been operated separately.
roads
these
date
slime
which
1919,
11
July
on
Power & Light Co.
American
of
Subsidiary
d
Co.
Bluff
Pine
c Includes
Haven Water & Power Co. f Earnings given in milreis.
o Includes York
Nashville Ry. & Lt. Co. i InIncludes
h
only.
companies
Subsidiary
g
5 Of Abington & Rockland (Mass.).
cludes both subway add elevated lines.
1 These were the earnings from operation of the properk Given in pesetas.
West Penn Co. n Includes PalIncludes
m
companies.
subsidiary
ties of
metto Power & Light Co. o Subsidiary of Southwestern Power & Light Co.
*Earnings for 12 mos. t Earnings for 10 mos. ending July 31.
Electric Railway and Other Public Utility Net
Earnings.- The following table gives the returns of
ELECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this week:
Companies.
-Gross Earnings- -Net Earnings--Previous
Current
Current
Precious
Year.
Year.
Year.
Year.
452,603
624,679
322.026
225.126
Alabama Power Co_ __Aug
7,111,554 5.004,222 3,136,059 3,600.185
12 mos ending Aug31--
THE CHRONICLE
-GrossEarnings
------NetEarnings
Current
Previous
Current
Previous
Companies.
Year.
Year.
Year.
Year.
$
$
zAmerican Pr & Lt_ _ _July 2,357,611 2.189,369
835,423
927,091
12 mos ending July 31_ -30,493.610 27,886,306 12,391.476 11.577.758
Eastern Mass Street Ry_Aug 889,799
223.634
170.038
917,399
8 mos ending Aug 31
7,350,691 7.118.368 1,554,010 1,748,656
Lake Shore Electric
July 250,326
64,099
246.178
80,181
7 mos ending July 31
1,587,645 1,390,782
341.723
329,907
zSouthwest'n Pr & Lt_ _July
826,462
327,899
356,661
757,525
12 mos ending July 31__10,591,417 9,687.319 4.982,924 4.650,859
xIItah Securities Corp_ _Aug
855,435
347.893
432,664
727,514
12 mos ending Aug 31
9.698,135 8,562,352 4,982,467 4,221,295
x Earnings for subsidiary companies only.
Gross
Balance.
Net after
Fixed
Earnings.
Taxes,
Charges. Surplus.
Adirondack Power Aug '23
531.981
98,293
100,467
& Light Corp
'22
460,534
105,092
85,012
12 mos ending Aug 31 '23 6,647.306 1,802,139 1.115,048
'22 5,329,608 1,559,830 1,021,355
Appalachian
293,442 *133,310
Aug '23
54,064
Power Co
'22
246,794
*97,232
52,998
12 mos ending Aug 31 '23 3.258,963 *1.499,085
650,066
'22 2,806,110 *1,382,916
643,638
Cleveland Palace- July '23
66,555
20,234
13.385
vine & Eastern
'22
76,584
13.685
28,750
7 mos ending July 31 '23
407,010
96,318
85,347
'22
416.326
97.208
124.033
Detroit
Aug '23 2,367,629
553,530
348,705
Edison Co
'22 2,005,987
404,238
317,046
8 mos ending Aug 31 '23 20,510.947 5,869,303 2,826,023
'22 16.722,367 4.525,842 2.600.962
Fort Worth
July '23
228,994 *100,805
17,912
Power & Light
'22
205,101
1 4,4 9
18,710
12 mos ending July 31 '23 2.835,414 *1,343,089
228.992
'22 2,481,859 *1,299,732
209,968
Kansas City Pr & Lt Aug'23
636,567
276,072
79,459
'22
578.714
223,332
93,668
12 mos ending Aug 31 '23 8,754,850 4.163,701
896,712
'22 7,431.969 3,519.364 1,217.209
Market Street
Aug '23
837.172 *214,504
61.140
8 mos ending Aug 31 '23 6.442.860 *1,545,334
491.435
Nebraska Power
July '23
289,770 *107,475
54,988
Company
'22
267.855
*76.289
51,379
12 mos ending July 31 23 3.728.402 *1,594,836
649,159
'22 3,260,888 *1,319,989
609,035
Niagara Lockp &
Aug '23
454,737 *154,887
75,847
Ont Power Co & Subs '22
394,634 *136,282
74,681
12 mos ending Aug 31 '23 3.588,291 *1,394,743
595,787
'22 2.361,910 *1,033,998
475,077
Pacific Power
July '23
260,357 *121,610 '59.033
& Light Co
'22
251,239 *115,340
54,523
12 mos ending July 31 '23 3,052,456 *1.471,666
666,884
'22 2.941.951 *1,356.196
678.837
Philadelphia &
Aug '23
72,852
al5,679
z29.204
Western Ry Co
'22
69,541
x31,666
al5,083
8 mos ending Aug 31 '23
569,899 z237,825 al23,852
'22
533,498 x234,550 al20,986
Philadelphia
Aug '23 3,488,191 *837,410
832.405
Rapid Transit
'22 3,315.457 *827,714
823,529
8 mos ending Aug 31 '23 29,548,111 *8,009,280 6.656.574
'22 27,790.059 *7,874,442 6,559.308
Portland Gas
July '23
269,263
38,442
*95,431
& Coke
'22
265.063
36,726
*85,459
12 mos ending July 31 '23 3,387.917 *1,263.138
431.934
'22 3,312.035 *1.001,070
446,760
Savannah Electric July '23
154.669
31,309
48.718
& Power
'22
131,606
47,587
24,093
12 mos ending July 31 '23 1,619,624
295.818
576.263
'22
Texas Power
July '23
386,078 *146,403
58,159
& Light Co
'22
355,905 *125.212
65.654
12 mos ending July 31 '23 5,261,228 *2,164,822
738.573
'22 4,775.522 *1.932.387
755.651
Virginia Ry & Pr Co Aug'23
861.208 *296,629
99.544
'22
799,619 *280,251
97,753
8 mos ending Aug 31 '23 6,918.227 *2,617,900
793,051
'22 5,984,041 *2,065,0_1
791,808
'After allowing for other income.
a Includes taxes.
z Net after expenses.
-2.174
20,080
687.091
538,475
79,246
44,234
849,019
739,278
6,849
15,065
-10,971
26.825
204.825
87.192
3,043,280
1.924.880
82,893
85,769
1,114.097
1,089.764
196,613
129,664
3,266.989
2.302,155
153.364
1.053,899
52.487
24,910
945.677
710,954
79,040
61,601
798,956
558,921
62,577
60,817
804,782
677,359
13,523
16,583
113,974
113.565
5.005
4,185
1.352,706
1.315,134
56,989
48.733
831.204
554.310
17.409
23,494
280.445
88,244
59.558
1.426,249
1,176,736
197,085
182.498
1,824,849
1,273,213
FINANCIAL REPORTS
Financial Reports.-An index to annual reports of steam
railroads, street railway.and miscellaneous companies which
have been published during the preceding month will be given
on the last Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
Aug. 25. The next will appear in that of Sept. 29,
The Cuba Railroad Company.
(Report for Fiscal Year ended June 30 1923.)
Pres. H. C. Lakin, Sept. 1, wrote in substance:
The fact that during the fiscal year Cuba recovered from its
business
depression is reflected in the various comparative statements appearing in
th report.
Wage Increase.-During the year there were no labor troubles of any
consequence. On Dec. 16 1922 a general increase of 10% in wages was
voluntarily granted because it was considered that the employees were
Justly entitled to it.
Investment Account and Branch Line Extension.-The sum of $1.105,824
was added to the !property investment account. This addition is largely
represented by additional work on the branch line to Santa Cruz del Sur.
Service was inaugurated on the first 23% miles of this line on April 11923.
and the amount of business that has developed has exceeded expectations.
Work on the remaining 40 miles was delayed for a time during the spring
on account of rains and lack of labor, but is now progressing satisfactorily
and it is hoped to have the work completed so that trains can operate over
the entire line about the middle of December of this year.
Sale of Additional Bonds.-Company sold $454,000 of first mortgage bonds
to provide a portion of the necessary construction cost. Current funds
have supplied the balance of the cost. It has not been necessary to borrow
any money from banks or create any current liability for the purpose. The
addition to the property investment account of the Camaguey & Nuevitas
Ry.represents largely permanent improvement to track.
Loan to Cuba Co.-Among the current assets appears a loan to Compania
Cubana. since June 30 1923 this loan has been reduced by about $1,000,000. Compania Cubana has ample quick assets to pay the balance to this
loan. Those assets consist of sugar and it is expected that the loan will be
fully paid by Dec.31 1923. Company has received from Compania Cubana
current rates of interest on this loan.
[Vor.. 117.
Camaguey & Nuevitas ft.-The Camaguey & Nuevitas Ry. was obliged to
finance the construction of its Pastelillo terminal out of earnings. This
resulted in a considerable surplus, which, however, was invested permanently in the Pastelillo terminal and other improvements to the Camaguey &
Nuevitas By. In order to have the balance sheet correctly reflect the facts,
the sum of $3.000,000 was transferred on the books
of the Camaguey. &
Nuevitas Ry.from surplus to capital stock account, and this increase in the
capital stock account is reflected by a corresponding increase in the amount
of the investment of your company in the shares of the Camaguey & Nuevitas By.
Reserves.-Company added during the year $1,462.042 to the reserve for
depreciation, and the Camaguey & Nuevitas Ry. added $164,132 to its
reserve for depreciation. Owing to labor and railway
conditions it was
possible to reduce the reserve for repairs to roadway
equipment of the
Cuba RR. by only $100.000, and no reduction in theand
similar reserve of the
Camaguey & Nuevitas Ry. could be made. Labor is expected to be more
plentiful during the current year. and therefore it is hoped that the present
reserves of both companies for such repairs may be entirely exhausted
during
the year, with corresponding benefit to the property.
Change in Par Value.-The stockholders on June 27 1923 authorized the
Issuance of 500,000 shares of no par value in place of the then existing
158.000 shares of the par value of $100 each of the common stock. This
change has been made.
Dividends.-On July 11 1923 directors declared a dividend of 6% on the
preferred stock, payable in two installments of 3%,one on Aug. 1 1923 and
the other on Feb. 1 1924. The dividend of Aug. 1 1923 has
already been
paid. That of Feb. 1 1924 will be paid to preferred stockholders
of record
Jan. 19 1924.
Improvements Planned.-The improvement work planned for the current
fiscal year will consist chiefly of completion of the branch to Santa Cruz del
Sur, and an important amount of permanent track work, including ballasting, and probably some reinforced concrete dock work
at Pastelillo. If any
permanent financing Is done during the year it is likely to consist only of
the sale of not over $800,000 of first mortgage obnds in connection with
completion of the branch line to Santa Cruz del Sur.
OPERATING STATEMENT FOR FISCAL YEARS ENDING JUNE 30.
Gross Earnings1922-23.
1921-22.
1919-20.
1920-21.
Passenger
84,366.026 $3,705,143 $5,553,672 $4,329,573
Mail
217,321
215,475
232,233
210,785
Express and baggage_ _ _
395,940
547,572
348.033
604,128
eight
7,045.708 6,294,984 7.303.025 6,931,975
Car Irilometerage
75,110
Hire ofequipment
572,186
197.765
887,420 1,032,920
Antilla terminals
703,995
599,883
559,781
529,101
Miscellaneous
769.913
184,192
159.312
243.195
Total
$14,146,199 $11,722,972 $15,853,959 $14,149,108
Operating ExpensesMaint. of way 3: struc $2,111,473 $2.277,558 $2,883,802 $2,465.388
Maint. of equipment_ _ _ 2.656,115 2,249,291
1,953,099
2.869,660
Conducting transport'n_ 3,020,497 2,983,338 7.221,270 4,964,894
General expenses
598,345
615,706
400,297
639,757
Taxes
426,506
241,603
385,181
81.714
Antilla terminals
417,540
277.097
432,616
514,358
Miscellaneous operations
560,829
Total
$9,791,306 $8,644,593 314.210,562 $10,601,476
Ratio oper. exp. to gross
(66.20)
(71.68)
(89.12)
(72.20)
Net earnings
$4.354,893 $3,078.379 $1,643,397 $3,547,632
Other income
314,587
153.908
145,272
157,241
$4,669,480 $3,232,287 $1.788,669 $3,704,873
Gross income
Int. on funded debt, &c_ 1,540,273 1,685,842 1,475,711
1,264,705
600,000
Preferred dividend (6%)
600,000
600,000
Balance, surplus
$2,529,208
$946.444
$312,958 $1,840,168
GENERAL BALANCE SHEET JUNE 30.
1923.
1922.
1922.
1923.
Assets$
$
Liabilities$
$
Cost rd.& equip.-59,550,398 58,444,575 Preferred stock.- _10,000.000 10,000,000
Mar.,k Ind. Co.of
Common stock_ __ Sees
15,800,000
Cuba stock.--. 111,805
111,805 Corn. stk. & surp_29,951,334
Camaguey & NueIst M.bonds,5%A3,624,000 13,170,000
vitas RR.stock_ 5,892,700 2.692,700 ist L.& Ref.7Xs.. 4,000,000 4,000.000
Cams.& Nuev. let
Inapt. & equip. 58_ 4,000,000 4,000,000
Mtge. bonds- 3,700,000 3.700.000 Trust equip. ctfs_ - 3,119,000 3,990,000
Mat'l ric supplies._ 1,532,185 1,715.985 Sinclair Cuba Oil
Cash
814.551
569.915 eq. cony. contr_ 902,325 1,010,872
Cash to pay int_
27,205 Traffic balances_ 30,131
Pension fund cash_ 208,599
Accounts & wages
89.530
214,527 payable
Agfa.& con
922,483
823,212
27,094
281,934 Penal m Ind.
Notes. &c., rec.
208,599
Cos. & individuals 452,261
547,317 Int.on fund.debt- 426,318
495,618
233,473 Cam.& Nuev.RR, 4,552,156 3,666,121
Traffic balances__ 403,585
30,709
Work, fund adv..
Notes payable_
424,180
5,669,708
Cubans
2,950,593 Rep.of Cuba,adv. a85,642
Compania
437,583
Expend,account of
Scrip dtv. warrants
2,695
10,731
535,973 Accrued taxes-. 419,692
revolution dam_ 535,973
207,520
Bond & note disc't 1,180,289 1,171,653 Accrued items_
7,457
33,310
Insurance claims__
51.090 Deprec'n,&c.,res. 6,893,508 5,608,906
18,916
Deferred items_5,636 Dividend reserve. 600,000
600,000
Deterred items_ __ 343,863
350,024
Profit & loss sum. See x
8,622,127
80,051,615 73,254.483 Total
Total
80,051,615 73,254,483
a Cuban Government advances against services to be rendered (net).
x During the year the old $15,800,000 common stock (par $100) was
changed to 500,000 shares of no par value. The common stock and
surplus
are now given in the annual report at $29,951,334. This amount may be
divided as follows: 315,800.000 representing 500,000 shares no par value!
t3.000,000 transferred from surplus to capital account (as per text) and
$11,151,334 profit and loss surplus account.
GENERAL BALANCE SHEET JUNE 30 (CAMAGUEY NUEV. RY.)•
AssetsLiabilities$5,486,440 Capital stock (par $1001..... $5,000,000
Road & equipment
Cuban Govt.6% bonds
3,300 181 Mtge. 7344, 2021
4,000,000
Cash
86,495 Accounts & wages payable._
42,705
Due from agts.& conductors.
33,598 Cuban Govt.Inc.taxes,1922_
50,666
Due from individuals OZ cos.67,144
•
Traffic balances receivable_
4,748 Cuban Goct.inc. taxes'23_
35,659
' 93,599 Depreciation of property_ _
Due from Govt. of Cuba
555,539
99 Rep. to rdway., equip., &a
Accrued interest on bonds228,000
4,552.156
Cuba RR
Loss & damage claims_
40.286
270,000 nat, ser. rendered Cuban
Bond discount
43,120 Govt. during revolution,
Expend,on acct,of rev.dam_
Ins. prem.-unexp. portion5,809 not yet adjusted
564
Cash in pen.fund (see contra)
19,838 Dep.on acct. coast, work, eee
3,761
Pension Id.of empl.(contra).
19,838
$10,666,344 Surplus
Total (each side)
689,325
-V.117. p. 1128, 439.
The Cuba Company.
(Report for Fiscal Year ended June 30 1923.)
President H. C. Lakin, Sept. 1, reports in substance:
The principal assets of the company (other than its lands, as to which
there has been no change during ths year) are the Common shares of the
Cuba RR. and shares and debentures of Compania Cubana. (The annual
report of the Cuba RR. is given below]. It shows a substantial amount
of earnings available for dividends on the Common stock held, but not
actually paid as yet. The report of the Compania Cubana for the calendar
year 1922 showed that Compania Cubana had made a small profit, notwithstanding the low sugar prices of 1922, but not enough to allow a any
dividends. Although not all of the sugar produced during the current
calendar year has as yet been sold, Compania Cubans will undoubtedly
have a successful year. Resumption of dividends on the holdings of the
Cuba Co. in both subsidiaries can be expected.
On June 30 1922 company had current liabilities of nearly $2,000,000.
of which $1,716,510 represented notes and loans payable. As per contra.
Compania Cubans owed company $1,844,443. Compania Cubana hag
1345
THE CHRONICLE
SEPT. 221923.]
As of Dec. 1 1922, company installed a plan of industrial insurance for
paid its indebtedness and Cuba Co. has paid off all its notes ad loans.
Neither this company nor either of its subsidiaries has to-day any floating employees. This plan is in operation in connection with our pension plan
and is producing beneficial results.
or unfunded debts owed to any "outside" party.
The stockholders on March 8 1923 approved the conversion of the 160
INCOME ACCOUNT FOR YEARS ENDING JULY 31.
shares of Common stock of the par value of $50,000 per share into 560.000
1922-23.
1921-22.
1920-21.
1919-20.
shares having no stated par value. On May 1 1923 the stockholders authorof cars
$76,906,665 $62,548,406a$60.315,718
Earnings
ized an increase in the Common stock to 1.000,000 shares of no par value,
y979,167 $11.750,000
and the acquisition of all or any part of 40,000 shares of Common stock of Federal compensation_
5,947.182
3,944,631
2.769,777
Compania Cubana by exchanging two shares of the Common stock of Cuba Returnsfr'm mfg.int.,&c 5,967,678
Co. for each Common share of Compania Cubana. This exchange of
$82,874.343 $66,493,037 $67,242,066 $14,519,777
Gross income
shares was still in process on June 30 1923. and it is not reflected in the
$50,548,901 $55,182,022 $54,853,524 $1,606.268
balance sheet of that date. The exchange is now (Sept. 1) practically zOper. exp. & taxes
7,039,248 x6.267,559
completed. When it has been completed company will have left 320.000 Depreciation in general_ 7,004,633
3.000,000
shares of its Common stock in its treasury. No plans have been made or Res, for defer. maint
Propor. of rev. accr. to
are in contemplation for the issuance of any part of such shares.
RR. cos. under oper.
INCOME & PROFIT & LOSS ACCOUNT FOR YEARS ENDED JUNE 30
agreement
8,433.239
0370.633
Add'n to res. for deprec_
1923.
1922.
10,799,852 10,499.840
9,599.820
9.599,800
Interest and dividends received
$327,600
$438.098 Dividends (8%)
Cr7,399,367
62,314
Expenses and taxes
41,097 b U. S. RR. Admin..
Interest charges
241.202
374,512
Balance, surplus
$2,417,084 $1,171,294df$3.478.836 $3.313,709
Discount on debenture bonds
27,400
27,400
Loss for year
Previous surplus
$3,317
8,769,601
Gross surplus
Preferred dividend
Refund of prior year taxes
Additional income taxes assessed for 1920
Adjustment of reserve for U. S. Govt. taxes
Miscellaneous credits
$4.911
8.889.375
$8,766,285 $8,894,286
$175,000
$175,000
Cr.42,210
7,012
861
Cr.7,313
Cr.10,614
Surplus
$8,583,411 $8,769,601
GENERAL BALANCE SHEET JUNE 30.
1923.
1922.
1923.
1922.
Assets
Liabilities-$
$
$
Securities owned:
Preferred stock-. 2,500,000 2,500,000
Cuba RR. Co.
Common stock-__z8,000,000 8,000,000
Corn. stock_x15,800,000 15,800,000 Deb. gold bonds__ 4,000,000 4,000,000
Cuba RR. Pref.
1,000
1,000 Notes payable_
1,716,510
Comp's Cubans
Compania Cubana
86,516
Pref stock___ y40,000
40,000 Int. on deb. bonds
Payable
Co. Cubans. 15-Yr.
122,670
159,758
debenture 6s___ 5,459,000 5,459,000 Pref. div. payable87,500
87,500
Property investm't 1,151,293 1,145,793 Reserved for taxes.
868
1,844,443 Def.credit items
Due fr. Co.Cubans
3,858
3,858
7,723
2,769 Surplus
Cash
8,583,411 8,769,601
7,250
Cash to pay bd.Int
Accr. int, on bonds
54,590
54,590
owned
Unamort. disct. on
on deb.gold bds. 863,100
890,500
Total
23,383,955 25,238,095
Total
23,383,955 25,238,095
x 500,000 shares of no par value. y 40,000 shares of no par value.
x Common stock, authorized, 1,000.000 shares of no par value, issued for
old par value stock, 560.000 shares.
Note.-80,000 shares of no par value Common stock were set aside to
be exchanged for 40,000 shares of no par value Common stock of Con_i_pania
Cubana. The exchange had not been completed on June 30 1923.-V. 116
p. 2636.
The Pullman Company.
(Annual Report-Fiscal Year Ending July 31 1923.)
President E. F. Carry, Chicago, Sept. 10, wrote in subst.:
Results.-The results of operations for the fiscal year which ended July 31
1923 reflect the impetus given to travel by great commercial activity and
by the country-wide prosperity which induced unusually heavy travel in
response to seasonal reductions In railroad rates. The revival in passenger
travel which set in early in the fiscal year continued throughout the 12
months, with the result that gross revenue from cars operated amounted
to 576.906,665.
Financial Position.-Company's financial position is strong. The items
of cash, Government bonds and certificates of indebtedness held in the
treasury of the operating department amount to $35.230,935, and in the
treasury of the manufacturing department there are additional Government
bonds and cash amounting to $6,547,367. The total cash and Government
securities held by the company amount to 541,778.302. In addition, company's holdings in other bonds, stocks and car trust notes have a market
value in excess of $17,000,000, making a total of cash and securities held
by your company of $58.778,302.
These resources are essential to insure the extensions and improvements
constantly required to keep company's facilities up to the capacity and of
the quality necessary to give to the public that comfort, safety and convenience in traveling known as Pullman service.
Accounts payable, which constitute company's only indebtedness, represent current transactions. The amount of surcharge collected by company
and turned over to the railroads monthly is lodged in accounts payable,
pending remittance to railroads.
Passengers Carried.-During the year 33255.577 revenue passengers were
carried in Pullman cars, equivalent to a daily average of over 90,000 passengers. These passengers In the aggregate traveled 12,500,000,000 miles,
or an average distance of 375 miles per passenger, and this volume of travel
necessitated the operation of a daily average of 5,864 cars a total distance
of 852,800,000 car miles, indicating that each car traveled an average distance of 145.000 miles per year, or approximately 400 miles per day.
Income.-Net operating income of $7,919,891 earned during this
fiscal
year amounts to approximately 24c. for each revenue passenger carried,
or $2 84 per day for each car owned by the company. This net operating
income represents a return of less than 5% on a fair value of the properties
used in operating the carrier business of the company.
Reserves.-A reserve of $33,000,000 has been set up to care for, during the
coming year, deferred maintenance that accumulated during the shopmen's
strike which was in effect during early months of fiscal year just closed.
Increase in Pullman Patronage.-Company's contribution to the development of passenger transportation In this country by Providing superior
equipment, high-grade service and adequate facilities, making travel safe,
convenient and comfortable, is evidenced by the constant increase in
Pullman patronage. Its remarkable growth during the last two decades
Is attested by the fact that during the record fiscal year 1920 the number
ofrevenue Pullman passengers carried was nearly 4M times the number car
Yled in the fiscal year 1901.
Cars Owned.-At the close of the year 1923 company owned 7.665 cars,
191 new cars having been added during the yaar. 211 additional cars are
being constructed and will be placed In service this fall.
Orders on Hand.---Substantial purchases of equipment were made by
the railroads during the year, and company has orders on its books that will
keep its plants busy for some little time. There is still a deficit in the railroad equipment of the country.
New Foundrg.-During the year there was completed and placed in successful operation at Pullman a mechanical foundry for the manufacture of
cast-iron wheels. This foundry and the foundry at Michigan City will
more than care for company's requirements of cast-iron wheels. Heretofore
co. has purchased cast-Iron wheels required for use in Pullman car works.
General.-The efficiency of both personnel and plant of company's automobile body-building department has been improved. That department
has added several new customers to its list.
The inventory in the manufacturing department consists of materials
required to construct cars under contract,and practically all of that material
will be shipped out as manufactured product in due course. The inventory
In the operating department is conservative, and consists of live materials
all of which will be used in the operation of cars.
Company has been active in its efforts to promote the safety and welfare
of its patrons and employees. An intensive safety program designed to
protect both patrons and employees has been conducted. Company has
been particularly industrious in its efforts to guard the comfort, safety
and health of its patrons and its department of sanitation has been enlarged and improved.
The plan of employee representation which was Installed in company's
plants two years ago has been extended, and it continues to operate satisfactorily both to the employees and the company.
a For 11 months ending July 31 1921. b Balance of amount received
from the U. S. RR. Administration in settlement of claim for period of
Federal control, Jan. 1 1918 to Mar. 1 1920, received during this year and
which had not been taken up in income accounts of previous years.
c Addition to reserve for depreciation to complete provision for depreciation on cars in service prior to 1910.
x The provision for depreciation during Federal control accrued under
the contract with the Director-General of Railroads, and did not appear
in the income account. This includes depreciation for the month of
August 1920. y "Guaranteed compensation under Transportation Act
(August 1920)." z Represents "operating expenses, repairs of cars, taxes
and insurance, &c., and in 1919-20 also corporate expenses and taxes,
month of August 1920 (last month of guaranty period)."
PROPERTY ACCOUNT AS OF JULY 31 (SHOWING DEPREC'N, ETC.).
1922.
1923.
1921.
1920.
7,665
,674
,750
Total number of cars__
7
37
Cars and equipment_ ---152,439,487 149,941.236 148,935,729 138,949.086
Reserve for depreciation 74,355,396 69,100.963 64,778,687 62,286.958
1;7,718
78,084,091 80,840,273 84.157,042
Total
5.314,763
5,135,020
5,150,234
Repair shops
1,089.142
980,874
Reserve for depreciation 1,211.983
76,662,128
4,996,756
875,569
4.045,877
1,096,279
110,596
4.169,360
1.089.443
92,164
4,121,187
1,084,042
73,731
985,682
6,651
997,280
6,651
1,010,311
6,651
Total
4,102,780
1,099,774
Pullman Building
Reserve for depreciation
129,029
Total
Other real estate
970,745
1,140
Total property acct-- 83,158,756 85,878,483 89,330.332 81,800.277
BALANCE SHEET JULY 31.
1923.
1922.
1923.
1922.
LiabilitiesAssets8
$
Capitalstock...135,000,000 135.000,000
Property acct.(see
83,158,756 85,878,483 Accts. payable_ 19.026.911 15,199,661
above)
Accr.dividends_ 2.699,964 2,699,960
Operating supplies.
8,137,961 9,082,976 Insurance & 0th.
linen, &e
45,864
reserves
3.939.715 2,477,709
Unexpired insur.- 129,909
23,787,634 21,370.550
Equipment notes- 2,717,199 3,469,847 Net surplus
4,825,754 5,066,477
Securities
Cash & Govt.see.35,230,935 31,534,866
Bills Sr accts.rec.A3,607,904 5,023,561
Mfg. dept. plants
& Investments-36,645,806 36,645,806 Total each side.1f34,454,223 176,747,880
-V.117. p. 668.
Great Western Sugar Co.
(Report for Fiscal Year ended Feb. 28 1923.)
Pres. W. L. Petrikin, Denver, Colo., April 16 reports in
substance:
During the year the company purchased under contract from growers
1,982,000 tons of beets, harvested from an area of 177,000 acres at a
Yield of a little over 11 tons per acre. The crop showed an average sugar
content of 14.88% at time of slicing, and the total prpduction of granulated sugar for the season was 5,003.496 bags, of 100 pounds each.
The crop was purchased under a sliding scale contract providing for a
guaranteed initial payment and for subsequent payments as the sugar
is marketed, based upon the sugar content of the beets and the returs
realized from the sale of the sugar. Up to the present time two payments
In addition to the initial payment have been announced, and it is hoped
v ments possible.
that returns from the unsold sugar may make further p,
The program for the marketing of the sugar for the Ina -m contemplates
Its distribution, apportioned through the 12 months me"ing period, in
territory most advantageous to the company. The leSt trim covering
sales to the end of the fiscal year have been very sat'.fa ;tory, and the
market outlook for the sale of the balance appears favorable.
CONSOLIDATED INCOME ACCOUNT-YEARS ENDED FEB. 28.
1922.
1923.
$8,056,092 loss$5,495.111
Profitsfrom operation
112.835
$247,508
Interest income
54.818
146,273
Income from investments
639,600
Dividends from Gt. Western Ry. Co
$8,449.873 loss54,687,858
Totalincome
$1,110,623
$93,113
Interest on money borrowed
666,419
Loss on investments
1,317,648
48,125
Loss on farming,feeding & oth. side operations
585.799
1,176,765
Dpreciation of plants and railroad
252.756
Ad,ustment of construction in suspense
Cr.4.929
Ad.ustment of income taxes (previous years)_
$6,879,114 loss58,363,418
Balance,surplus
24.737,958
19.868,560
Previous surplus
Cr.5,000,000
depreciation
reserve
restored
to
surplus
Special
(70/')1,002,050 (7%)954.100
Deduct-Preferred dividends
61%0600.000 (6%)900,000
Common dividends
$19,520,440
$25,145,623
Profit and loss
CONSOLIDATED BALANCE SHEET FEB. 28.
1922.
1923.
1923.
1922.
8
8
AssetsPreferred stock___15,000.000 13,630,000
Plants, RR., real
estate& equip__28,895,145 26.736,551 Common stock-15,000,000 15,000,000
754,680 2,049,039 Taxes, pay-roll. &
Investments994,823
accounts payable 764.908
6,140,809 5,751,335
Cash
13,085,000
Notes payable__
U. S. Treasury
Reserve for defer.
notes & certifs.- 3,000,000
manufac. costs_ 3,000,000
Accts. & notes rec. 3,386.224 3,504,065
Refined sugar, &e.14,276,339 19,197,539 Depree'n reserve__ 2,051.518
25,145,623 19.520,440
Beet seed & sure.. 4,053,210 4,408,120 Surplus
583,609
Deferred assets__ 455.643
Total(each side)60,962,049 62,230,263
-V.117. p. 1241.
Crex Carpet Co., New York City.
(Annual Report-Fiscal Year ended June 30 1923.)
Pres. Jas. H. Baldwin, New York, Sept. 12, says in brief:
The sales of both grass and chenille rugs were somewhat greater than
during the preceding year, but the more gratifying showing in the statement of earnings is largely due to the development of more efficient
methods of operation and a very material reduction in expenses.
Some extension of the company's activities is also beginning to show
favorable results. Owing to the necessary time element involved in changes
1346
THE CHRONICLE
of this nature, the statement of earnings for thetiscal year does not ranee'
the full benefit therefrom.
About two years ago suit was brought against the company for royalties
on the manufacture and sale of grass twine under agreements which were in
force at the time of the formation of this company. Settlement of this suit
was effected on advice of counsel and adjustment has been made from
surplus account.
Adjustment has also been made from surplus account of the results of
transactions with the (hex Carpet Co. (England), Ltd., covering a period
of years.
Proper provision has been made for depreciation, all reserves are considered adequate and your directors view the future with confidence.
EARNINGS STATEMENT FOR FISCAL YEARS ENDING JUNE 30
1920.
1923.
1922.
1921.
Manufacturing profits_
$921,687
$418,853
$359,757
$349,387
Less-Selling,ainistration, gen. exp., &c_._ 274,943
345.916
359,647
303.834
Federal taxes
89,835
Reserved for depredation.
34.466
45.872
45.725
42,638
Doubtful accounts
4.427
2,081
[Vor,. 117.
A new high record was also established during
last half of August in
the number of locomotives repaired and turned outthe
of the shops, the number
for that period being 23,056. This was an increase of 856 locomotives
over the best previous record, which was made during the last half of July,
and was also an increase of 2,976 locomotives over the number repaired and
turned out of the shops from Aug. 1 to Aug. 15 this year.
The railroads on Sept. 1 had 53,438 serviceable locomotives, an increase
of 1,100 over the number on Aug. 15, while they also had 2,714 locomotives
in good repair but stored for futurue use which was
an increase of 47 since
the middle of August.
Matters Covered in "Chronicle" Sept. 15.-(a) Railroad gross and net earnings for July, p. 1175. (13) Railroad freight car loading again breaks all
records, p. 1182. (c) Samuel Harden Church on the farmers and the
railroads, p. 1201. (d) Reopening of concurrent hearings of the Port of
New York Authority and the Inter-State Commerce Commission,p.1202.
American Electric Power Co.-Option Not Exercised.--
It is understood that the option held by Stone Sz Webster to purchase
several small gas and electric properties of the American Electric Power
Co. was not exercised, but the matter of the purchase, by the same final.
ofsome of these properties separately is likely to be taken up later. There
are some bonds, secured by collateral, outstanding on certain of the comNet earnings
$447,043 panies
$98,038 loss$58,066
$13,285
and the holders of the option did not care to obligate themselves
Previous surplus
855,026
662,377
735,417
1.122,068
to retire them as provided in the option. (Philadelphia "News Bureau.")
-V. 117, p. 552.
Total surplus
$760,415
$677,351 $1,135,353 $1,302,068
Dividends paid
180,000
135,000
Boston & Maine RR.-Disputes Committee Letter.Inventory adjustment_ _ _deb.30,735 deb.14,974 deb.264,937
President Rea of Pennsylvania RR. has wired Edward F. Brown
Cost ofsettlement of Burt
President
Boston & Maine Stockholders' Protective Association, as follows:
suit
43,845
"A stockholder of Boston & Maine RR.has sent me copy of your circular
Res. for Crozet Carpet Co.
of
Aug.
25,
which contains the statement that Boston SE Maine is threatened
(Eng.), Ltd.,cum.acct.
75.000
with resumption of Pennsylvania-New Haven control. I beg to advise
that Pennsylvania RR. has neither directly nor indirectly sought in
you
Balance June 30
$1,122,068
$610,835
$662,377
$735,417
any way to control either Boston & Maine or New Haven. Therefore,
BALANCE SitEET JUNE 30.
statements contained in your circular are without foundation, and, as I
see it, you are requesting proxies under false promises.
Assets1923.
1922.
1922.
Liabilities1923.
"Please correct situation at once by means similar to that which you
Property account_t2,420,603 $2,411.475 Capital stock
$3,000,000 $3,000,000
Good-will
30,380 have taken to spread this misinformation. Pennsylvania RR. wishes
200.000
200,000 Accounts payable_
44,815
New
Haven and Boston & Maine all prosperity, and has given It large
Liberty bonds
234,579
478
95,985 Unpaid dividends_
434
Investments
307,029 amounts of traffic, directly and through connecting lines. Pennsylvania
64,533
82,733 Deprec.reserve_ _ _ 348,494
Adv.to still. cos
175,878
7,500 RR. does not wish to be placed in a false position before the people of New
Contingency res_
Due on land sale
7,225 England and Boston & Maine stockholders."
Doubtful accts. res
contract
11,249
Res. for English
In reply President Brown of the Boston & Maine StockCash
210,003
319,675
Co. curr. act__
75,000
Notes & sects.reo_ 226.393
662,377 holders'Protective Association wired President Rea as follows:
417.378 Surplus
610,835
Income acer. on
Your stock ownership and its representation on the New Haven board
sees. owned_ ..
2,854
860
of directors which has existed for many years are a direct and sufficient
Inventory
503,000
464,063
contradiction of the statement in your wire to me of the 17th. Inst.
Deferred charges
30,485
22.820 Tot.(each side).$4,079,578 $4,014,989
Record facts fully justify every allegation in our recent circular. If
-V. 115, p. 1638.
and when you will place all of your New Haven holdings in the hands of
Edmund D. Codman of Boston, as trustee, with full voting power and
under pledge that you and your company will refrain from in any way
influencing New Haven directors we will issue a circular advising Boston
& Maine stockholders of such severance of Pennsylvania influence in and
over the affairs of the New Haven and Boston & Maine.
Tho Philadelphia News Bureau makes the following comment:
RAILROADS, INCLUDING ELECTRIC ROADS.
"It would puzzle even a Bolshevist to define whom Mr. Codman would
The following news in brief form touches the high points then represent."-V.117, p. 1235, 1016.
GENERAL INVESTMENT NEWS.
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."
Boston Railroad Holding Co.-New Director.-
Edward J. Pearson has been elected a director. Edward G. Buckland,
Charles F. Choate, Jr., James L. Richards and Arthur P. Russell, who were
elected at the special meeting in June following return of the holding company stock from the Federal trustees to the New Haven, were re-elected.
-V-. 108. FL 76.
Wage Increase.-New York Central RR. grants increase of 3c. per
Brooklyn-Manhattan Transit Corp.-Issues Approved.
hour effective 1,Aug.to 4,000 shopmen."Phila. News Bureau"Sept. 15,p.3.
Final steps toward the reorganization of the former Brooklyn Rapid
Inter-State Commerce Commission Suspends Certain Rates in Mississippi
Until Jan. 18.-Certain schedules proposed oy railroads operating in Transit Co. into the Brooklyn-Manhattan Transit Co. were taken Sept. 14
Mississippi Valley territory have been suspended. The rates in question when the Transit Commission approved the issuance by the New York
proposed to establish commodity rates on burlap bags from Ohio and Rapid Transit Corp. (a subsidiary) of 1st & Ref. Mtgo. bonds. The
Mississippi River crossings to points in Mississippi Valley territory, leaving Commission also approved the application for the issuance of $93,508.500
generally in effect the sixth class rates from Gulf ports; namely, Gulfport, under that company's refunding mortgage dated July 11922, and maturing
Miss.; Mobile, Ala.; New Orleans, La., and Pensacola, Fla., and points in 1968. Bonds will bear 5%% interest and will be redeemable at 107%
and interest.
taking the same rates. "Boston News Bureau" Sept. 21, D. 4.
The issuance of 189,000 shares of non-par Common stock was likewise
U. S. RR. Labor Board Orders Erie RR. to Reimburse Clerks for Wage
Loss Since Jan. 1921.-Reimbursement by the Erie RR. of clerks to the approved as was the assignment of the reorganization committee's privileges
extent of the wage loss they suffered during January 1921, when a wage and contractual rights to the new company.
As a prerequisite to Its approval of the reorganization plan, the Comreduction was made, was ordered yesterday by the Railroad Labor Board.
The Board stated that wages were reduced approximately 40% and mission insisted that from the proceeds of the sale of new bonds and stock,
Payment
of tort claims arising from the Malbone Street disaster, which
held the reduction was a violation of Wage Decision No. 2 of July 1920
by which the Erie and the Brotherhood of Railway Clerks were affected. occurred before the receivership of the Brooklyn Rapid Transit, and other
since the receivership must be paid.-V.117, p. 1016, 1235.
arising
claims
"The Combined New York Morning Newspapers" Sept. 21, p. 1.
Secretary Hoover Favors General Reorganization of Freight Rates and ApChicago Elevated Ry. Collateral Trust.-Pass. Traffic.
proves Railroad Consolidation Plan.-"The Combined New York Morning
The passenger traffic, records of the Chicago Elevated Rys. system,
Newspapers," Sept. 20. p. 4.
New York New Haven ek. Hartford RR. Increases Commutation Rates About according to the semi-annual bulletin issued by Wm. Hughes Clarke of
20%, Effective Oct. 15 if I.-S. C. Commission Approves.-"Daily Financial Chicago, show a remarkably steady business from 1910 to 1921, with
America" Sept. 21,
substantial increases in patronage recently for each division compared
Authorized Statistics on the Condition of the Railroads.-The following With previous averages:
Is authorized by the Car Service Division of the American Railway
6 Mos. Jan. 6 Mos. Jan.
Year
Av. 12 Yrs.
Association:
to June '23. to June '22.
Division1922.
1910 to 1921
New Equipment.-The railroads of the United States during the month Metropolitan
27,531.409
54,701,764 56,555,613
of August placed in service 19,167 new freight cars, as well as 362 new Northwestern
32,155,390 28.643,101 56,969,504 50,899,179
locomotives. They also had on order on Sept. 1, with deliveries being Oak Park
10,067,216
8,903,795 17,679,136 17,172,833
made daily. 72,906 now freight cars and 1,517 new locomotives.
28,674,839 26,442,101 51,933,381 51,523,092
South Side
During the month of August, the railroads placed in service 7,478 new Union Loop
102,237,736 91,562,509 181,283,785 176,150,890
coal cars, which brought the total number placed in service from Jan. 1
Sale of Collateral Securities.this year to Sept. 1 to 46.659. They also placed in service during the
The Illinois Merchants Trust Co., Chicago, as trustee of the Collateral
month of August 6,726 new box cars. From Jan. 1 to Sept. 1 new box
Trust Secured Gold notes, gives notice that the collateral security consisting
cars placed In service totaled 46,154.
The railroads in August also placed in service 3,743 new refrigerator of stocks of the South Side, Metropolitan, West Side Elevated, and Northwestern Elevated RR. companies, will be sold at public auction Oct. 3
cars and 478 new stock cars.
Of the new freight cars on order on Sept. 1, box cars numbered 31,807; at the Exchange Sales Rooms, 14-16 Vesey St., N. Y. City, by Adrian
H. Muller & Son, auctioneers.-V.117. p. 1128, 1016.
coal cars, 29,203: refrigerator cars, 6,989, and stock cars, 3,079.
New locomotives installed during the first eight months this year totaled
Chicago Milwaukee & St. Paul Ry.-Abandonment.2,583.
Car Surplus.-The railroads on Sept. 7 had 67,651 surplus freight cars
The I.-S. C. Commission on Sept. 11 issued a certificate authorizing the
In good repair and immediately available for service if necessary. This company to abandon a line of railroad extending from Cogswell, N. Dak.,
was an increase of 1,092 cars, compared with the number of surplus freight to its terminus it Harlem, N. Dak., a distance of five miles, and being
a portion of its branch line connecting with its Hastings and Dakota division
cars on Aug. 31.
Of the total number of surplus freight cars, 13,501 were coal cars, an at Andover, S. Dak.-V. 117, p. 438.
suspension
of
anthracite
within
the
increase. due to
mining. of 9,579 cars
approximately a week. Surplus box cars totaled 45,245, a decrease of
Cincinnati Traction Co.-Fare Increase.6,677 within the same period. Reports also showed 1,435 surplus stock
The company announces that rates of fares payable on and after Oct. 1
cars, or a decrease of 605 within a week, while 6,627 surplus refrigerator 1923 will be as follows: (1) Adults-Cash, 8 cents; tickets will be sold in
cars were reported, a decrease of 118 within the same period.
strips of 5 tickets for 40 cents; (2) Children-Under 10 years of age, cash
Car Shortage.-On Sept. 7 the car shortage amounted to 10,211 cars, an fare 4 cents: tickets will be sold in strips of 5 tickets for 20 cents; Transfers
Increase of 770 cars since Aug. 31. Of the total car shortage, 5,595 repre- Will be given under present rules and regulations.
sented coal cars, which was an increase of 704 since Aug. 31. while the
Old tickets will not be accepted for fare, but will be redeemed at Room
reported shortage in box cars totaled 2,936, or an increase of 314 within 812 Traction Bldg., Cincinnati. Ohio.-V. 117, p. 781, 85.
the same period.
Freight Car Repair.-The following is authorized by the Car Service
Cleveland Union Terminals Co.-Definitive Bonds.Division of the American Railway Association:
J. P. Morgan & Co. announce that the definitive 1st Mtge. 5% Sinking
Fewer freight cars were in need of repair on Sept. 1 this year than on any Fund Gold bonds, Series "B," due April 1 1973, are ready for exchange
date since November 1920. The total on Sept. 1 was 175,327, or 7.7% for outstanding temporary bonds at the office of the company and the
of the number on line, a decrease of 13,308 since Aug. 15, at which time Union Trust
of Cleveland, at Cleveland, 0. See offoring of bonds
there were 188,635. or 8.2%•
In V. 117, p.Co..
207.
Of the total number on Sept. 1, 137,229, or 6%, were in need of heavy
repair, a decrease of 7.346 since Aug. 15, while 38,098, or 1.7%, were in
Cuba Co.-New Director-Annual Report.need of light repair, a decrease of 5.762 during the same period.
At the annual meetings of the Cuba Co. and the Cuba RR, Co., J. M.
- Locomotive Repair.-Provisions in the program unanimously adopted by Tarafa was elected to the board of directors of both companies.
the railroads of the country at a meeting last April in New York which
For annual report see under "Financial Reports" above.-V.116, p.2636.
provided that by Oct. 1 the number of locomotives in need of heavy repair
Cuba RR.-New Director-Annual Report.should be reduced to 15% of the number on line, were more than realized
on Sept. 1. at ve igh time the number of such locomotives totaled 9,392, or
See Cuba Co. above and under "Financial Reports" on a preceding page.
14.7%. This'as toe smalles- number in need of heavy repair at any time -V. 117, p. 1128, 439.
since Aug. I Ic2o, when the C 1Service Division began the compilation of
Cumberland Ry. & Coal Co.-Listing.these reports. she number in need of heavy repair on Sept. 1 was a decrease of 1.093, compared with the number of Aug. 15,
Application has been made to the Montreal Stock Exchange for the listing
The railroads on Sept. 1 also had 1,125 locomotives. or 1.8% of the In the unlisted department of the authorized issue of $3,000,000 5% 1st
number on line, in need of light repair, an increase of 71 since Aug. 15. Mtge. bonds, due 1940. The company is controlled by the Dominion
This made a total in need of both light and heavy repair on Sept. 1 of Steel Corp. The bonds are dated Oct. 1 1910 and are duo Oct. 11940, and
10.517 locomotives, or 1634%•
are guaranteed by the Dominion Steel Corp.. Ltd.-V. 117, p. 1235.
SEPT. 22 1923.]
UTE CHRONICLE
Delaware & Hudson Co.-Valuation Hearing.
The company has appealed to the L-S. C. Commission for a rehearing
been
fixed
Hearing
has
which
$95,834,979.
at
valuation,
tentative
of its
has been set for Nov. 5.-V. 117, P. 439, 324.
Detroit United Ry.-Offers to Sell Tracks.Pres. Elliot G.Stevenson,according to a Detroit dispatch, has announced
that the company is ready to sell its trackage in River Rouge to that
municipality any time, at a valuation appraised by the Michigan P. U.
Commission, or at a figure which might be fixed by arbitration.
Street cars have not been operated over the tracks for a month- since
the city of River Rouge secured an injunction in the Circuit Court restraining the Detroit United Ry.from increasing fares. The company'sfranchise
had expired. During the last month buses have operated.-V.117,p.1016.
Duluth Street Ry.-Fares Increased.
Fares in Superior. Wis., will be rearranged as well as raised from a 6-cent
cash fare and 6 tickets for 35 cents to a 10-cent cash fare and 5 tickets for
30 cents following the recent action of members of the advisory council
and the City Commission who voted almost unanimously to accept a proposal submitted to that body by the company. This ends for the time being
the fare rate controversy which has existed for some time between the city
of Superior. Wis., and the company("Elec. Ry.Journal")-V.116, p.2993.
1347
Co. at the rate of $1 a share, payable to stockholders of record Sept. 25.
Checks will be delivered as soon as passible during the early part of
October. The last payment was 60c. a share made on July 1. (Compare
V. 116, p. 2767.)-V. 117, p. 553.
Maumee Valley Ry., Toledo 0.-Wages Increased.The company and the union have signed a new wage and working agreement, effective until Jan. 1 1924. The new scale is: 53 cents an hour for
the first three months and 55 cents an hour thereafter. Tins old scale was
40 cents for the first three months. 42 cents for the succeeding nine months
and 45 cents an hour thereafter.-V.115. p.2684.
-To Withhold Deposits.
Minneapolis & St. Louis RR.
Insurance companies of Hartford and Connecticut savings banks, holders of approximately $2,500,000 1st & Ref. Mtge.4% 50-Year Gold bonds.
due 1949, have announced that, in view of conflicting interests involving
the affairs of the Minneapolis & St. Louis Ry.system, now in the hands of
a receiver, and until the several issues raised by this receivership are more
clearly determined, have agreed to act in accord and to refrain from making
any present deposit of such bonds held by them. Any bondholder desiring
to co-operate should address Robert L. Fisher, 36 Pearl St., Hartford.
Conn.-V.117, p. 1236, 1129.
Minnesota Transfer Ry.-Bonds Authorized.
The I.-S. C. Commission on Sept. 11 authorized the company to bane
East End Traction Co., Youngstown,0.-Organized.Ineorp. Jan. 11 1923 in Ohio and purchased the interurban properties $279,060 let Mtge. Coupon Gold bonds. The report of the Commission
of the Pennsylvania-Ohio Electric Co., running from East Youngstown to says: "The applicant shows that from Dec. 1 1917 to April 30 1923, both
the State line at Lowellville, with branches. Capital stock authorized. inclusive, it made net expenditures of $190,041 34 for additions and better$125,000 (par 6100): outstanding, $114,900; 1st Mtge. 7% bonds (auth., ments to its road and equipment. It proposes to procure additional equip$1,000,000) outstanding, $278,000. Dated July 1 1923, due July 1 2023. ment which will cost $90,128. thus making a grand total of 6280.169.
Interest dates Jan. and July. Denom. $10,000. Lawrence Savings & These expenditures were, or are proposed to be, made from advances reTrust Co.. New Castle, Pa., trustee. Directors are same as West End ceived or to be made by applicant's proprietary companies. The appliTraction Co. (See below) see also Pennsylvania-Ohio Electric Co. in cant proposes to capitalize such expenditures to the extent of $279,000 by
the issue of its first mortgage bonds in that amount, and to deliver such
V. 117, p. 1238.
bonds, in equal amounts, at par, to the respective proprietary companies
Eastern Texas Electric Co.-Common Dividend.
in repayment of like amounts of advances from them.-V.107. p. 697.
The directors have declared a quarterly dividend of $2 25 per share on the
N. Y. Chicago & St. Louis RR.-Certificates Ready.- Common stock, par $100, payable Oct. 1 to holders of record Sept. 20. A
The Guaranty Trust Co. of New York announces that definitive Equip
like amount was paid July 2 last. See V. 118, p. 2766.
ment Trust of 1923 5% Gold Certificates will be delivered in exchange for
Fort Smith Light & Traction Co.-New Officer.
temporary certificates now outstanding, upon presentation of the latter at
Robert 0. Coffy bas been elected Vice-President and General Manager. its Trust Department. 140 Broadway, N. Y. City, or at the office of the
Union Trust Co. of Cleveland, 0., trustee. See V. 117. p.894. 1017.
succeeding D. C. Green.-V.114. p. 2468.
Fort Smith Poteau & Western RR.-Successor Company.
See Poteau & Cavanal Mountain RR.
Gary & Hobart Traction Co.-New Control.
Control of this company has been acquired by the Insull interests of
Chicago for a sum said to be approximately $500.000.-V. 104, p. 1701.
New York & Coney Island RR.-Mcrger.See South Brooklyn Ry. below.
New York Rapid Transit Corp.-Mortgage Approved.
See Brooklyn-Manhattan Transit Corp. above.-V. 116. p. 2767.
Ohio Connecting Ry.-Bonds Reduced.
Grand Trunk Ry. Co. of Canada.
The Philadelphia Stock Exchange on Sept. 10 struck off the regular
The Grand Trunk Junior Stockholders' Protection Committee. Ltd., list $19,000 1st Mtge. Guar. S. F. 4% gold bonds, due 1943. purchased
was registered as a private company on Aug. 20 in England, with a nominal and cancelled for account of the sinking fund, leaving the amount of
capital of £100 in LI shares. The objects are: To endeavor to secure, ob- bonds listed Sept. 15, $1,813,000.-V. 117, p. 670.
tain or receive compensation, ex gratin or otherwise, from or through the
Canadian Government or any other source, for the former holders of the
Pacific Southwestern RR.-New Control.
First, Second and Third Preference stock and Ordinary stock of the Grand
See Southern Pacific Co. below.-V. 116. p. 616, 823.
Trunk Ry. Co. of Canada, for the extinction or loss of their interests as
Pennsylvania Co.-Certificates Stricken Off List.
such stockholders on the acquisition by the Canadian Government of the
undertaking and assets of the said company, &c. The registered office is
The Philadelphia Stock Exchange on Sept. 14 struck off the regular
at 352 Winchester House, Old Broad Street. B.C. 2. ("Railway Gazette" list $59,000 354% Guaranteed Trust certificates. Series "A"(assumed by
of London, Aug. 31 1923.)-V. 116, p. 2993.
the Pennsylvania RR.) reported purchased and c.ancelled through operation
the sinking fund, leaving the amount of certificates listed at Sept. 15.
- of
Gulf Mobile & Northern RR.-Initial Pref. Dividend.
$3.618.000.-V. 117. p. 889. 895.
The directors have declared an initial dividend of$1 on the Preferred stock
Pennsylvania-New Jersey Ry.-May Abandon Service.
(voting trust certificates), payable Nov. 15 to holders of record Nov. 1.
This is the first dividend on the Preferred stock of the present company,
The company has applied to the Pennsylvania P. S. Commission for
which on Jan. 1 1917 succeeded the New Orleans Mobile & Chicago
authority to abandon service in the territory between Bristol and DoylesThe Preferred stock is entitled to 69' dividends, accumulative from Jan.
1 town, Pa. about 26 miles. If the electric railway service is discontinued,
RR.
1920. The company has outstanding $11,494,000 Preferred stock and it is propoSed to establish a bus line between the two points.-V.113, p.293.
$11,072,500 Common stock, par $100.-V. 117, p. 320; V. 116. p. 2388.
-Number of Stockholders.
Pennsylvania RR.
Interborough Rapid Transit Co.-Increases Manhattan
The number of stockholders on Sept. 1 totaled 140,936, an increase of
The
holdings
average
1 1923 were
Sept.
11922.
Sept.
with
3,053 compared
Elevated Dividend Rental.70.85 shares, a decrease of 1.57 compared with a year ago. Foreign stock
See Manhattan (Elevated) Ry. below.-V. 117. p. 1129.
1018.
1236.
2,849.-V.
p.
117,
to
12
decreased
holders
Keokuk & Des Moines Ry.-October Int, to be Paid.
Is is the information of the protective committee for the 5% 1st Mtge.
Poteau & Cavanal Mountain RR.-Acquisition.
bonds due Oct. 1 1923(F. J. Lisman, Chairman) that the coupon maturing
The I.-S. C. Commission on Sept. 11 issued a certificcte authorizing the
Oct. 1 1923, the last coupon on the bonds, being guaranteed by the Chicago company to acquire and operate a line of railroad extending from a connecRock Island & Pacific Ry., will be paid at maturity, but that theimincipal tion with the St. Louis-San Francisco Ry. at Poteau in a westerly direction
of the bonds, which is not so guaranteed, will not be so paid. The lease to a point at or near Witteville. a distance of 3.5 miles, all in LeFlore
of railway to the Chicago Rock Island & Pacific Ry. expires Dec. 31 1923. County, Okla. The line was formerly owned by the Fort Smith Poteau &
In view of the above and in order to aid the committee in the protection. Western RR. On Aug. 31 1922 the railroad was purchased by D. J. Evans
and conservation of the property and the interests which it represents, at a receiver's sale.
t is essential that holders shall make prompt deposit of the bonds (but
The above company was incorporated in Oklahoma Feb. 24 1923 with an
not of the coupons) with the Farmers' Loan & Trust Co., 22 William St., authorized capital of $100,000, and with authority to maintain and operate this railroad. It proposes to purchase the line from Evans for $60.000.
N. Y. City, the depositary.-V. 117. p. 1236.
par value, of its capital stock. An application for authority to issue capLong Island RR.
-Equipment Trusts.
is pending before the I.-S. C. Commission.
The I.-S. 0. Commission has authorized the company to assume oblige- ital stock
Um and liability in respect of $1,710.000 5% Equip Trust Certificates,
Prospect Park & Coney Island RR.-Merger.
be
to
E,
issued by the Fidelity Trust Co. and "William P. Gest, trusSeries
113. p. 534.
See South Brooklyn By.
tees, under an agreement dated May 1 1923. and sold at not lees than 95,in
connection with the procurement of certain equipment. [The issue was
Prospect Park & South Brooklyn Ry.-Merger.placed privately by Kuhn, Loeb & Co.; see V. 117, p. 11291 The report
See South Brooklyn Ry. below.
of the Commission says in substance:
applicant
represents
in
is
it
that
need of additional steel equipment
The
-Earnings.
Public Service Corp. (N. J.).
for the transportation of passengers, on account of increased traffic, and
August
12 Mos.end. Aug.31proposes to procure the following;
ending1923.
1922.
1923.
1922.
Period
Unit
Approximate
64,034,051 $3,788,645 $54,767,747 $49,309,873
Operating revenue
DescriptionUnits.
Price.
surplus
in
increase
Net
cars
passenger
motor
Steel
$30,547
$1,221.380
168,015
5,982,063 4,774.582
72,542
before dividends
Steel trailer cars
20
16,676
333,510
Due to strike of employees the Public Service Ry. did not operate during
20
Steel passenger cars
17,729
• 354,570
affiliated companies
and
August
the
for
figures
and
railway
of
month
the
Steel passenger cars
10
20.764
207,644 are not included above. The railway has contributed nothing in the form
2
Steel inggage and mail cars
20,340
40,680 of dividends to the corporation during the last five years. See also Public
below.-V. 117. p. 1129. 670.
Total
$2.158,284 Service By.
The equipment trust agreement will be dated May 1 1923, Fidelity Trust
Service
Ry.(N. J.).-Court Orders Service Resumed
Public
William
(lest,
P.
trustees. Denom. $1.000cs. Will mature in
Co. and
amounts of $114.000 annually, May 1 1924 to May 1 1938. Dividends -Employees Granted Wage Increase.
payable M. & N. Unconditionally guaranteed, prin. and diva., by the
The principal items of interest during the last week in the trolley situation
company.-V• 117, p. 1238.
are: (I) Chancellor Walker at Trenton, Sept. 17, granted a mandatory
Louisville & Nashville RR.-Bonds &c. Authorized.
injunction requiring the Public Service Ry. to resume service throughout
granted on an application
The I.-S. C. Commission has authorized the company (1) to issue $15.- the State "forthwith." The injunction wasat
the instance of Governor
McCran
862.000 1st & Ref. Mtge. 5% gold bonds. Series B. said bonds to be ex- made recently by Attorney-General
down
Aug. 1, when its 6.500
closed
on
company
service
The
Silzer.
of
amount
like
Series
bonds
a
A
now
for
in
hold
company's treaschanged
refusal to grant
strike
on
company's
out
the
went
following
ury; and (2) to sell $14,000,000 of Series B bonds at not less than 93. the employees increase in wages.
proceeds to be used for corporate purposes. The report of the Commission them a 20%
to the striking
20%
of
increases
wage
granted
has
company
The
(2)
says in part:
that they shall be given one
"The applicant has authorized and is engaged in making extensive employees with the further understanding union
will be
representatives
eight.
with
Agreement
every
day
in
off
its
to
improvements
road
and
valuable
for
equipment,
which it needs
and
to strikers at once.
large sums of cash. Considering the cash on hand and estimated net re- submitted for confirmation
(3) Trolley service on the lines of the company and subsidiary lines
ceipts for the next six months, the applicant estimates that,after paying
by Sept. 24.
fixed charges. maturing obligations, dividends, and other miscellaneous Will be resumed
(4) The company has announced it will petition the New Jersey P. U.
items, there will be a shortage in the cash needed for the proposed expendithe right to institute 10-cent fares with free transfers
for
Commission
To
equipment.
and
for
provide
the
road
anticipated
tures for
shortage,
working capital, the applicant proposes to sell 814,000,000 in the 143 strike-affected municipalities, where the fare prior to Aug. 1
and for adequate
This advance is made neceswith one cent for transfers.
cents
eight
Was
bonds.
B
Series
of the
"Arrangements have been made to sell that amount of Series B bonds to sary, according to Pres. Thorna.s N. McCarter, by a $2,500,000 increase
which gees into effect on the promised resumption of service
J. p. Morgan & Co., Now York, at 93 (interest adjusted from Sept. 5 to In the budget, 117.
p. 1236. 1129.
24.-V.
Oct. 1 1923). On that basis the annual cost to the applicant will be ap- Sept.
proximately 5%." (See offering in V. 117, p. 894.)
Puget Sound Power & Light Co.-Fares.-14
Sept.
on
Commission
authorized
the
to
C.
company
-S.
I.
assume
- The
The Puget Sound International Ry. & Power Co.. Everett, Wash., has
obligation and liability in respect of $8,000.000 5% Equipment Trust CerDepartment of Public Works for permission to extend the
tificates. Series F,to be issued by the United States Trust Co. of New York applied to the Everett
until Nov. 30. The 5-cent fare has been effective
5
fare in
-cent
1
Sept.
dated
be
and
1923
sold
to
less
agreement
not
at
thin
96,
under an
9 months.-V. 117. p. 895, 782.
about
in
for
Everett
with the procurement of certain equipment (see offering in
in connection
1236.
1232,
p.
117.
894).-V.
V. 117, P.
Quebec Ry. Light Heat & Power Co.-Plan Not to
Manhattan (Elevated) Ry.-Rental Payment Increased. Be Revised.
Rapid
Intorborough
Transit
Co.
on
Sept. 19 fixed
President Julian C.Smith of the Quebec Power Co.in a letter to the shareThe directors of the
to the stockholders of Manhattan Railway holders of the above company has advised them that the offer of the Quebec
payable
rental,
dividend
the
1348
THE CHRONICLE
Power Co. made July 26 last will not be changed. This offer (V.
P.
670. 555) proposed to exchange one Quebec Power Co. share for four117.
shares
of Quebec Ry. shares. The letter says in part:
"The management of the Quebec Power Co. spent several months of
study and examination with a large staff of experts in order to arrive at
kproper value for the income bonds and shares of the Quebec Ry.. Light.
Heat & Power Co., Ltd., and the earning power based upon such valuation.
Nothing has developed in this situation since the
letter above referred to
which in any way modifies the conclusions arrived at.
"You are advised that the management of the Quebec Power Co. will
make no change in the offer contained in its letter of July 26 1923.
"The management of the Quebec Power Co. would point out that a large
number of shares have already been exchanged. The Shawinigan Water
& Power Co. is the holder of the largest block of shares, which it is exchanging, and considers the offer a fair one, resulting in a capitalization
of the Quebec Power Co.upon which dividends may reasonably be expected.
"The directors of the Quebec Power Co. are already assured of the support of shareholders sufficient to guarantee the carrying
out of its policy
of the combined operations of the business of the two companies
in Quebec."
-V.117, p. 670, 555.
St. Louis Troy & Eastern RR.-Equipment Trusts.-
The company has asked the I.-S. C. Commission for authority to issue
and guarantee $280,000 Equipment Trust Certificates,
to be sold to Stiel
Nicolas Investment Co. of St. Louis at 96, the proceeds to be used in
purchasing 200 coal cars.-V. 108. p. 1166.
San Francisco-Oakland Terminal Rys.-Reorganization
Before Commission.The trustees of the defunct San Francisco-Oakland Rys. have placed
the reorganization plan before the California Railroad Commission for its
approval and for permission to transfer the Key Routeproperties and issue
new securities. The application will be heard Sept. 2ff.
The trustees reemest authority to organize four corporations with a total
capitalization of $28,237.500, as follows:
Rey Route System Transit Co.(the holding company)
$17.750,000
Rey System Securities Co
2.600,000
Oakland-Hayward Railway Co
250,000
East Oakland Railway Co
250,000
The total capitalization of the insolvent company prior to foreclosure
was $48,879,000. The capitalization of $28,237,500 now planned will be
divided as follows: First Mortgage bonds. $2,500,000; Refunding bonds,
$9,416.000; Preferred stock, $12,829,000; Common stock issued pro rata
to holders of Preferred stock, $3,262,500; Common stock issued to dividend notes, $250,000.
The holding company will own directly or indirectly and will operate the
properties of the present San Francisco-Oakland Terminal Railways, conof the interurban east bay railway and the ferries. This holding
corporation is planned to own all the stock, except the qualifying directors'
shares of the three subsidiary companies and will lease and operate the
properties of the Oakland & Hayward By. and the East Oakland Ry.
In filing the application, the trustees declare that the owners of 97%
of the face value of the outstanding bonds have deposited their bonds
under
the plan of reorganization.
The petition states that the San Francisco-Oakland Terminal By. property was purchased at foreclosure sale July 17 1923 for $10,000,000, of which
$398,165 was cash and $9,601,835 by credit, indorsed pro rata upon
bonds
so deposited. The sum of $283,562 was paid as the pro rated share of
the
bondholders who had not deposited their bonds. and the sum of $114,603
was paid to meet the expenses of the foreclosure proceedings.
The application states that the net earning capacity of the properties,
after taxes had been deducted, has averaged for the last
three years at
$1,800,000 a year.
The floating indebtedness of the San Francisco-Oakland Terminal Rys.
on June 30, according to the petition, was as follows: Audited vouchers for
current accounts payable, $248,265; audited pay-rolls, $124,648; miscellaneous operating items, $64,196; prior mortgages on real estate. $22.500;
notes due banks, $69,500: money due the Realty Syndicate, $119,206.
All these items of floating indebtedness will be paid off.
The reorganization committee, however, announces that it will refuse
to recognize the validity of six non-interest-bearing notes aggregating
$357,924, representing amounts payable on dividends declared by the
company, but not actually paid. A settlement upon these notes will be
made, the trustees state, by canceling them for a consideration of $250,000
In Common stock.-V. 117. p. 327.
Schenectady (N. Y.) Ry.-New President etc.-
[VoL. 117.
was to facilitate the development of about 5,000 acres of infusorial
earth.
which industry is being conducted by the Celite
Co. In February we
also authorized the Pacific company to issue not exceeding
$100,000
Capital
stock, to be sold from time to time at not less than par, and tne proceeds
used to acquire rights of way and to construct its railroad. The
Co. agreed to Purchase all of said Capital stock as offered for sale. Celite
On May 17 1923 the applicant, the Pacific company, and
Celite
company made a tentative contract by which the applicant the
Purchase from the Pacific company all its rights, properties and agrees to
franchises.
Including its railroad to be constructed, excepting only its franchise
to
be a corporation. The Pacific company undertakes to
the necessary
right of way and to construct the railroad according toacquire
plans and specifications satisfactory to the applicant's chief engineer. The
applicant is to
nay to the Pacific company,from time to time
bills rendered, one-half
of the cost of building the railroad, includingupon
the
acquisition
of right of
way, such payments not to exceed an aggregate amount of $100.000.
"The Celite company agrees to advance to the Pacific company the
remaining one-half of all sums required for such work. Upon completion
of the railroad the applicant is to take possession of and overate it. The
balance of the purchase price, consisting of the one-half
of the construction
cost, advanced by the Celite company, and the
taxes and maintenance
expenses
are to be paid
ndontnforon
oitonfrgr
by the applicantLfi
tonclody geonpi
d created
nover
yseig
railroad of the Pacific company to or from the plant of the Celite company
at White Hills, exclusive 'of freight routed via Pacific Coast ports for
transportation by water to other United States ports, and offreight shipped
in wnole or in part over railroads other than those of the applicant, unless
the same is routed through a designated gateway if destined beyomiEl Paso.
Tex., or for as long a haul as possible over the anplicant's lines.
"Upon payment from said fund of this one-half of
cost of the railroad.
but not exceeding 5100.000. the Pacific companythe
agrees to convey its
properties to the applicant free from encumbrances. The applicant
reserves the right to pay the balance of the purchase price at any time.
The total amount to be paid by the applicant for the property,including the
amounts paid by it on account of construction cost, shall not
$200.000. The Celite company, as a stockholder or owner of theexceed
Pacific company, coNenants that upon completion of tne payments provided for in the
contract it will execute such documents as may be necessary to enable the
Pacific company to convey tne property. The cost of constructing the
line is estimated by the applicant at $190,350. No securities
will be issued
to effect the proposed acquisition.-V. 117, p. 1129, 896.
Southern Public Utilities Co.-May Abandon.-
It is reported that car service in Anderson. S. C., may be abandoned.
For the first 5 months of 1923 the company reported a loss of $7,051 for the
lines in Anderson. This is before depreciation, taxes, bonded interest and
overhead charges.-V. 114. p. 1892.
Southwest Missouri Electric Ry.-Eztension of Bonds.-
The $1,150,000 1st Mtge. 5s, due Sept. 1 1923, are being extended at
6% for 5 years to Sept. 11928. The Southwest Missouri RR.first offered
to exchange the 1st 5s. due Sept. 1 1923. for $1,150 Gen. & Ref. 5s, due
1931. but the bankers handling the extension did not consider this an
advantageous exchange. The company has accepted the plan of extending
the present bonds as above and with the following protective provisions:
(1) That any 1st Mtge. 5% bonds of the Southwest Missouri Electric
By., maturing Sept. 1 1923, which have been exchanged for Gen. & Ref.
bonds or may hereafter be exchanged shall be at once cancelled. In addition
there will be deposited with the Harrisburg Trust Co., trustee, as additional
collateral, the bonds of the existing Gen. & Ref. Mtge.. to the amount of
$1,150 par value for each $1,000 of extended bonds. The holders of the
extended bonds to have the option within one year of Sept. 1 1923 to
exchange their extended bonds for the Gen. & Ref. bonds on the basis of
$1,150 to each $1,000 of Southwest Missouri Electrics, and upon each
exchange the Gen. & Ref. bonds represented in the exchange to be released
from the collateral agreement and delivered, and the extended bonds
surrendered therefor to be at once cancelled, provided further that after
Sept. 1 1924 the Southwest Electrics 6% extended may be exchanged for
Gen. & Ref. bonds on the basis of a return of 7.41%.
(2) During the life of the Southwest Missouri Electric By. 1st Extended
6s, due Sept. 11928. no dividends shall be declared or paid on the Capital
stock of the Southwest Missouri R11., unless it be in the form of a dividend,
payable only in stock of that company, or in Southwest Missouri RR. Gen.
Ref. 5% bonds, due Sept. 1 1931, which have been accumulated in the
treasury by reason of the operation of the sinking fund in the purchase of
the Southwest Missouri Electric By. 1st Extended 6% bonds, due Sept. 1
1928, and the exchange of same for Southwest Missouri RR. Gen. Ref. 55,
due Sept. 1 1931, or by the purchase by the company, from its
of Southwest Missouri Electric Ry. 1st Extended 6s, due Sept.surplus.
1 1928,
asendpt.exlch
19a3nr of same for Southwest Missouri RR. Gen. Ref. 5s,
due
purchase
(3) For the
or retirement of the 1st Extended (is at any interest
date the company will agree to provide a sinking fund of 4% per annum on
the greatest amount of bonds of the Southwest Missouri Electric By.
Extended 6s, due Sept. 1 1928. at any time outstanding if earned, and an
additional sinking fund of 2% to be paid by the company should the net
earnings of the company exceed the sum of $150,000 per annum, the net
earnings to be computed after the payment of interest charges, sinking
fund and maintenance of the road. However, the sinking fund moneys
may be used for the purchase ofreal or personal property,same to be pledged
and put under the mortgage of the Southwest Missouri Electric
By. 1st
Extended 6s, maturing Sept. 11928.
That the company reserves the right to retire in whole, or in part by lot,
n
alLocre.any of the bonds of the Southwest Missouri Electric By. Extended
(is of 1928, on any interest date at 100 and interest, subject to 30 dare
Harry B. Weatherwax, President of the company, announces that he
is retiring from that position on Oct. 1 to be succeeded by Edwin M.
Walker a Terre Haute. Ind., who has for the past six years been Gen. Mgr.
of the Terre Haute Division of the Terre Haute Indianapolis & Eastern
Traction Co.
Mr. Weatherwax in a statement says: "With the strike over it has
been decided by the board of directors to abolish the managing committee,
consisting of Harry B. Weatherwax, President, and James F Hamilton,
Vice-Pros. & Gen. Mgr., who have alternated yearly in these positions
for many years past, and appoint a permanent President, who should
reside in Schenectady and become part of its civic life. E. M. Walker
of Terre Haute, Ind., has been elected to fill the Presidency. Mr. Walker
has been actively engaged in the traction industry for several years and
will take up his new duties Oct. 1."
The company has applied to the New York P. S. Commission for an
amendment of the existing order which requires it
carry Albany (N• Y•)
city passengers within the Albany city limits. It istoalleged
the United
Traction Co. of Albany has extended its city fare servicethat
the Albany
city line, and the Schenectady company says that there is notopublic
for it carrying Albany city passengers, as service to the west city line reason
(4) The aforesaid 1st Mtge. bonds proposed to be issued are to be guaris now
given by the United Traction Co.-V. 117, p. 670.
anteed both principal and interest by the Southwest Missouri RR.
(5) The Southwest Missouri RR. Is not to pay off any of the bonds of
Seaboard Air Line Ry.-Bonds.-the Southwest Missouri Electric By. 1st Mtge. 5s. maturing Sept. 1 1923.
The I.-S. C. Commission on Sept. 12 authorized the company to issue unless the holders of the bonds represented by Townsend Wheien & Co.
$809,000 let & Consol. Mtge. gold bonds, Series A, bearing int. at the rate and George P. Bissell (of Laird, Bissell dr Meads) receive a like opportunity.
Bonds should be deposited with either Townsend'Whelan & Co., 505
of6% per annum and maturing Sept. 11945;said bonds to be pledged with
the Secretary of the Treasury as security in part for loans from the United Chestnut St., Phila. or George P. Bissell, member of firm of Laird, Bissell
& Meede, DuPont Bldg., Wilmington, Del., the bankers who are handling
States.
The Commission also granted authority to indorse stamp, or otherwise the extension.-V. 117, p. 1018.
enter into such memoranda of extension or subrogation as may be approSpringfield (Mo.) Railway & Light Co.-Wages.priate and as may be required under the applicant's First & Consolidated
The Springfield (Mo.) Traction Co. has entered into an agreement with
Mtge.in respect of certain equipment obligations to be pledged or deposited
its employees for the continuation of the present wage scale
with the corporate trustee of such mortgage.-V. 117, p. 209.
for a period of
one year from Aug. 15 1923. The schedule of wages in cents per
hour for
two-man cars is as follows: 1st year. 42 cents; 2d year. 44 cents; 3d year,
South Brooklyn Ry.-Merger Approved.45
cents;
thereafter,
46
cents.
One-man
above
car
operators
receive
Commission
has
the
The Transit
approved the petition of the South Brooklyn
By. for authorization to purchase the outstanding Capital stock of the rates plus 4 cents an hour additional.-V. 116, p. 1178.
Prospect Park & South Brooklyn RR. and the New York & Coney Island.
Tennessee Electric Power Co.-New Power Project.RR,and to merge the companies and the Prospect Park & Coney Island
We have been advised that the following information contained in the
RR.into itself. The South Brooklyn company, in turn, is entirely owned Item
below is substantially correct as far as it is available at this time. The
by the B. M. T., so that the arrangement effected by the merger will company
has made application for a temporary permit. during the time of
provide simpler inter-corporate relations.
which there will be a very careful survey and study of all the conditions.
The South Brooklyn company is the lessee of the other three companies, jo
and
un
t
d
h
er
e
t
f
o
l
ker
gu nes below may be changed very materially before the project
and now owns all the stock of the Prospect Park & Coney Island RR.,
namely, 2,500 shares, purchased between 1915 and 1922. It owns all but
"The
company
has filed an application with the Federal Power Commisfive shares of the Prospect Park & South Brooklyn Ry., and all but 180 sion at
Washington for permission to develop 3 hydro-electric power projects
shares of the New York & Coney Island RR. The petition of the South on Clinch
and Powell rivers in Tennessee to a capacity of 160,000 h.p. at
Brooklyn company stated that it would be able to purchase the outstanding an estimated
shares at a figure of $112, which price was fixed some years ago by the h.p. project cost of $18.500,000. These developments include an 80.000
on Clinch River near the mouth of Coal Creek. to cost $9,000,P. S. CommLssion when the original stock purchases of the South Brooklyn 000;
50,000 to 60.000 h.p. development on Clinch River
Coal Creek
company in the other companies were authorized.
to cost $7,000,000, and a 20,000 h.p. development onabove
Powell River,
Commissioner Harkness in his opinion said: "The effect of carrying tributary
of Clinch River, to cost $2,500,000.
out the proposal is purely a rearrangement of intercorporate relations.
"It is stated that the company plans to begin work on the project near
It is in accordance with the Commission's policy to simplify the corporate the
mouth of Coal Creek in 1925- and have it in operation in 1929, the
structure of the transit companies and to eliminate most of the too many construction
to include a 175-foot dam across the river. The second
old-time subsidiary companies."-V. 70, p. 126.
project above Coal Creek will have a 160-foot dam and the one on Powell
River a 175-foot dam."-("Manufacturers Record").-V. 117, Il• 555.
Southern Pacific Co.-Acquisition & Operation.The I.-S. C. Commission on Sept. 11 issued a certificate authorizing the
Tide Water Power Co.-Change in Capital.company to acquire, by purchase, the franchises and properties of the
The
of the company has been amended and its capitalization
Pacific Southwestern RR., including a line of railroad to be constructed in changedcharter
as follows. effective Sept. 5 1923: Total authorized shares of
Santa Barbara County. Calif. and to operate said railroad. The report capital stock.
47.000 shares, consisting of (a) 12.000 shares Common
of the Commission says in substance: "In February last we issued a certifi- stock, no par value,
and (b) 35,000 shares Preferred stock, divided as
cate (V. 116, p. 616) authorizing the Pacific company to build a railroad
ollows: 203 shares 7% Pref. stock, par $100 and 34,797 shares 8% Prof.
in Santa Barbara County. extending from a connection with a branch
par $100. The authorized amount of 8% Prof. stock is to be inline of the applicant's railroad at Lompoc in a southerly direction to White stock,
from time to time upon the conversion of 7% Prof. stock for 8%
Hills, a distance Of 4 miles. The primary Purpose of such construction creased
Pref. stock as provided for.-%. 117, p. 1237.
•
1349
THE CHRONICLE
SEPT. 22 1923.]
Toledo Traction, Light & Power Co.-Notes Sold.Harris, Forbes & Co. have sold at 98% and interest to yield
Secured Gold notes.
2-Year
about 7
& A.
1 1923. Due Aug. 1 1925. Interest payable F.income
'
Dated Aug.
In New York or Chicago without deduction for any normal Federal
and
tax not exceeding 2%. Company agrees to refund Pennsylvania
Connecticut four-mills taxes. Callable on the first day of any month on
101 and
30 days' notice at 101% and interest prior to Aug. 1 1924. and at
interest thereafter to maturity. Denom. $1,000 and $500c5. Harris
Trust & Savings Bank, Chicago, trustee.
Data from Letter of Pres. Henry L. Doherty, New York, Sept. 19.
Company.-Owns M350,400, or over 96%. of the entire outstanding
Common stock of the Toledo Edison Co., and $7,453.000 1st Mtge. 6%
bonds and all the Preferred stock of the Community Traction Co. Toledo
Edison Co. does the entire electric light and power and artificial gas
business and the Community Traction Co. the entire electric street railway
business in Toledo. Population served. 300.000.
Purpose.-Proceeds of these $1.100,000 2-Year 61% Secured Gold notes
will be applied toward the payment of the purchase price of the electric
power and light properties serving the city of Adrian, Mich. located 33
'power and
miles northwest of Toledo, and of a group of interconnected
light properties which serve a number of thriving communities in a rich
immediately
Michigan
southern
and
Ohio
farming territory in northern
to the west of Toledo.
These properties will be acquired, directly or through ownership of all
outstanding securities (except directors' qualifying shares) of a subsidiary,
by the Toledo Suburban Electric Co., to be organized for that purpose,
all of whose outstanding securities (except directors' qualifying shares)
will be owned by Toledo Traction, Light & Power Co. Substantially all
of the properties in the State of Ohio are to be owned directly by the
Toledo Suburban Electric Co. and those in Michigan will be owned by its
subsidiary, the Citizens Light & Power Co.
Capitalization Outstanding upon Completion of present financing.
% Sec. notes--y$1,10 .000
$7.849,09312-Yr.
Common stock
6,658,67513-Yr.6% Sec. Gold notes x6,271,500
6% Cumul. Pref. stock
634%
3. % $1,100,000
x Not including $228,500 notes retired through sinking fund. y Authorized, $2,000,000. The $900,000 escrow notes may be issued only under
the conservative restrictions.
Security.-Secured by pledge with the trustee of $1.100.000 1st Mtge.
& Coll. 6% bonds (the entire funded debt) and all the outstanding
capital stock (except directors' qualifying shares) of the Toledo Suburban
Electric Co. Further secured by a charge on the $7.303.000 1st Mtge.
6% bonds of Community Traction Co. and $13,000,000 Common stock
of°Toledo Edison Co.. subject only to the pledge thereof as security for
Toledo Traction, Light & Power Co. 3-Year 6% Secured Gold notes,
due Aug. 11025.
New Properties Acquired.-The recently acquired property in the city
of Adrian, Mich., consists of a 3.500 k. w. electric generating station
serving over 3,200 customers and a small incidental steam heating business.
The property outside the city of Adrian includes over 70 miles of transmission lines, located on the right-of-way of the former Toledo & Western
RR., tunning westward from 'West Toledo to Alvordton. Ohio, with a
branch running north to Adrian. These transmission lines serve more
than 800 customers (including the local street railway in Adrian and
several local distribution systems not owned by the Toledo Suburban
Electric Co.) with energy purchased from the Toledo Edison Co.
Sources of Income.-The annual interest and dividends on the various
bonds and Preferred stocks, respectively, owned by the company, plus
the amount accrued during the 12 months ended July 31 1923 on the
Common stock of Toledo Edison Co. owned by company, after all prior
charges, including renewal and replacement reserve and the amounts
accruing to the minority stockholders, and the earnings for the same period
of the properties to be owned, directly or through its subsidiary, by the
Toledo Suburban Electric Co. applicable to its capital stock (on the basis
of the capitalization upon completion of the present financing) were as
follows:
Int. on $7,453,000 Community Traction 1st Mtge. 6s. $447.180:
diva. on $900.000 Community Traction 8% Preferred stock,
1519.180
172.000
Diva. on $103.000 Toledo Edison 7% Preference stock, $7.210:
amount accruing on Toledo Edison Common stock owned,
914,319
8907309
Interest on $1.100,000 Toledo Suburban Electric 1st Mtge. &
Coll. 6148, $71.500; amount accruing on Toledo Suburban
122.367
Electric capital stock, 150.867
81.555,866
Total
As compared with this total amount available, Toledo Traction. Light
& Power Co.'s expenses and taxes for the period and annual interest
charges on total funded debt to be outstanding upon completion of this
financing were as follows:
$1.555,866
Total accruing to Toledo Trac. Lt. & Pr. Co.(as above)
$149,568
Expenses and taxes
447.790
Ann. int. charges on $7,371,500 Sec. notes (incl. this issue)
$958.508
Balance
-V. 117, p. 440.
Union Elevated RR. Chicago.-Earnings.-
The earnings of the Union Elevated Loop RR. properties, reported in
the semi-annual bulletin issued by Wm. Hughes Clarke of Chicago. as
computed at the s-cent-per-passenger received from the South Side,
Metropolitan West Side. Lake Street and Northwestern divisions, or
to the
computed on the Union company's payments (other than taxes)
city of Chicago, have in each year since 1910 been over 3 times the annual
interest on Union 1st Mtge. 5% bonds:
Ave- 12 Yrs
Year
6 mos.Jan.to 6 mos.Jan.to
1910 to 1921.
1922.
June 1923. June 1922.
$879,441
$906,419
$458,199
1511,575
Earnings
50,000
50,000
25,000
25,000
Maint. charges (est.)
Net
Int. on $5.000,000 1st
Mtge.5s
Surplus
Union Co. payments to
city of Chicago
$433,199
1856,419
$829.441
$125.000
8125.000
1250.000
8250.000
$361,574
$308,199
1606,419
$579,441
77,315
66,640
131,361
108,934
$486.575
$470.507
11475,058
$241,559
$284.269
Balance
paid
The Union Elevated RR.. owner of the downtown Loop, has Justsemiafter $125,000
the city of Chicago $77,314, being 20% on its surplus
payment
semi-annual
largest
annual bond interest charges. This is the
to the city since the Loop commenced operations.-V.116, p. 1051.
United Electric Rys., Providence, R. I.-Div. Omitted.
due
The directors have voted to omit payment of the quarterly dividend
a reduction
Oct. 1. A quarterly dividend of 1 3e, was paid July 2; this wasof
street
the
Earnings
paid.
quarterly
rate
the
previously
in
1%
of
of ji
railway company have been disappointing since the inauguration of the
exSc. fare on Jan. 1. This together with the unusually heavy operating
penses throughout the winter and spring months is responsible for the
company's failure to maintain the 1% quarterly dividend rate, it is stated.
-v. 117, P. 783.
Virginia Ry.8c Pwr. Co.-Additional Bonds Listed.-
The Philadelphia Stock Exchange has authorized the listing of $50.000
additional 1st & Ref. Mtge. 5% bonds, due July 1 1934, being part of
$1,000,000 applied for in company's application dated July 26 1923, to
be listed upon official notice of issuance, making the total amount of
bonds listed at Sept. 15 810,867.000.-V. 117. p. 1237.
The Boston Stock Exchange has approved the listing of $1,000,000
additional 1st Mtge.5% Gold bonds of the Norfolk & Portsmouth Traction
Co., dated June 1 1906, due June 1 1936. Making the total amount
authorized for the list $7.496,000.-V. 117, p. 1237.
Wabash Ry.-Terminal Bonds.The I.-S. C. Commission has authorized the company to issue $139,780
to be
of 1st Lien 50-Year 4% Terminal gold bonds In respect of property
used for terminal purposes: all or any part of said bonds to be pledged.
from time to time, as security for short-term notes. The report of the
Commission says:
in
The applicant represents that it has, at a cost of $104,835. assembled
and
the ownership of its V.-Pres. & Gen. Mgr., S. E. Cotter, certain lands
terminal facilities in or near Detroit, Mich.. and St. Louis, Mo.,required
as supplemental to existing terminals at those points, now held by the
acres
trustees under the trust agreement. The lands consist of about 24.57
Ill., in the
near Detroit, Mich., and about 19.40 acres near Granite City,
proapplicant
the
which
bonds
The
Louis,
Mo.
St.
of
district
terminal
facilities are
poses to issue in respect of the cost of such land and terminaland
sale at a
to be held in the applicant's treasury subject to negotiation,
to pledge
price not below 75, but until they are sold, the applicant desires
which it may
or repledge them as collateral security for any note or notes
asue.-V. 117, p. 783. 440.
West End Traction Co., Youngstown,O.-Organized.
purchased the
This company was incorporated Jan. 11 1923 in Ohio and
Co., running from
interurban properties of the Pennsylvania-Ohio ElectricMineral
Ridge, toGerard through Warren and Niles. Leavittsburg and
gether with branches. Capital stock authorized, $380.000 (par 1100):
outstanding. $369.500: 1st Mtge. 7% bonds (auth., $2,000,000) outstand,
1 2023. Denom. $10.000.
ing. 5948.000. Dated July 1 1923. due July
Savings & Trust Co..
Interest dates Jan. and July I. Trustee. Lawrence
(Pres.). C. S. MacCalla
New Castle. Pa. Directors are: J. D. Andrew
(Treas.). F. E.
Dunlap
G.
E.
(V.-Pres.),
Harrington
T.
(V.-Pres.), J.
V. 117. p. 1236.
Wilkins (Sec.). See also Pennsylvania-Ohio Electric Co.Inall
trolley operaabandon
The company has announced its intention to the
company
can cease to
whereby
made
he
can
tions unless adjustments
by a representative
operate the lines at a loss. This ultimatum was made by
the
company to
asked
injunction
the
of
hearing
a
at
company
of the
through that
restrain the City of Niles from interfering with its operations
franchise is asked
place. a suburb of Youngstown. A higher fare and new
in Niles. The company has failed to pay for Its share of the paving in the
Improvement of a street through Niles, claiming it was financially unable,
due to low fares. Niles tore up its tracks, precipitating the controversy.
Toronto Suburban Ry.-Sale to City.-
West Virginia Utilities Co.-Preliminary Earnings.-
Bight Months Ended Aug. 31According to a dispatch from Toronto, it will cost Toronto approxirAlbely 150.000 less to purchase the city sections of the Toronto Suburban Operating revenues
expenses and taxes
Operating
Hy. than was at first stated. The memorandum of agreement for purchase
sets the price at $191.000, while the draft agreement which reached the
income
Operating
the
exclusive
sets
of
7
price
This
Sept.
at
Hall
1139,390.
City
the
Toronto
deficits on Ward 7 lines mince the franchise expired in 1921, which the city Other income
agrees to pay. The amotint of this deficit is not mentioned in the draft
Total income
agreement.
The difference in the price to be paid is caused by a change in the plans Fixed charges
regarding the disposal of the Suburban car barns on St. Clair Ave. It was Preferred stock dividend requirements
at first intended to sell these to the city, but now the Suburban will continue
Surplus
to operate them in connection with the sections of the lines which are not -V.
118, p. 1894, 1277.
being sold.-V. 116, p. 2390.
Tr -City Ry. & Light Co.-Sub. Co. May Abandon.B. J. Denman, President of the Tr -City By. of Iowa. in a letter to
Mayor Mueller of Davenport, Ia., states that the financial situation of
the Tri-City By. of Iowa is such that unless some plan can be immediately
devised to place its operations upon an earning basis it must permanently
discontinue its service. Mr. Denman also states:
"The Tr -City By. of Iowa is now in default upon its interest payments
to the amount of more than $182,000. It has not paid a dividend since
the year 1918, though more than one-half of the actual investment is represented by stocks. For the past five years it has been carried solely by its
stockholders, who have foregonealividends and paid from their own pockets
Its bond interest and its actual operating deficits. This they can no longer
do, as it is apparent from the constant failure of patronage that no relief
is possible without enlightened and prompt public action. A receivership
would be of no value, for the reason that the company does not earn Its
operating expenses, and receivers have no funds with which to pay deficits.
There is, therefore, no alternative save prompt relief or complete abandonment.
"Another installment of bond interest will soon be in default, and we are,
therefore, forced to the conviction that unless some plan for relief can be
worked out within a reasonably short time (90 days at the most), there
is no alternative save to turn the property over to the creditors to obtain
what they can from the salvage of the physical properties. In the meantime, it is clear that the company is absolutely unable to proceed with any
of the improvements now contemplated."
Statement of Tr -City Ry. of Iowa (Showing Annual Deficit Over Return
Allowed by City Appraisal and Audit of June 1920).
-Calendar Years
1st 8 Mos.
1922.
1923.
1920.
1921.
Period4.983,970
9,718,203
9,553.579
passengers....
13,215.382
No. of rev.
8801,130
8752,415
8388.391
1959,299
Gross earnings
368,856
845,755
709,131
994,937
Operating expenses
119.534
Not earnings
Deduct-Return allowed
by city
Deficit
-V. 117. P• 555.
132,544
$113,010
1922.
1923.
$736,319 1616,389
461,523 397.804
1274.797 1218,555
19,668
22,340
1297,137 1238,223
88,445
91,774
35,200
35.200
$170,163 $114.578
Wheeling Public Service Co.-Preliminary Earnings.Bight Months Ending Aug. 31Operating revenues
Operating expenses and taxes
1922.
1923.
8.410,833 $382.262'
288,833 281.155
Operating income
Other income
1122.001 $101,108
1.432
3,110
Total income
Fixed charges
Net income
-V. 116, p. 2517, 1894.
$125,110 $102,530
70,634
77.637
$47,473
$31,905
INDUSTRIAL AND MISCELLANEOUS.
The following brief items touch the most important developments in the industrial world during the past week, together with a summary of similar news published in full
detail in last week's 'Chronicle."
Steel and Iron Production, Prices, &c.
The review of market conditions by the "Iron Age,"
formerly given under this heading, appears to-day on a
preceding page under "Indications of Business Activity."
Coal Production, Prices, &c.
The United States Geological Survey's report on coal
production, together with the detailed statement by the
$43,283 def$44,625 def$35.638
"Coal Trade Journal" regarding market conditions, hereto263.372 fore appearing in this column, will be found to-day on a
258.192
265,089
page under the heading "Indications of Business
$302,817
$221,805
$299,010 preceding
Activity."
1350
THE CHRONICLE
PreL. 117.
Oil Production, Prices, itc.
Consolidated Statement of Earnings Six Months Ending June 30 1923.
The statistics regarding gross crude oil production in the Earnings from operations
$2,392,218
United States,compiled by the American Petroleum Institute Deprec'n of plants, mach'y, equip. & amortization of patents,
$486,450; interest on bonds and other Interest, $187,366
673,816
and formerly appearing under the above heading, will be Dividends paid
337,707
found to-day on a preceding page under "Indications of
Bal., stir., not incl. English cos. & reserve for Federal taxes_ _41,380,695
Business Activity."
Additions to surplus account
22,075
Surplus at Dec. 31 1922
6,396,828
Prices, Wages and Other Trade Matters.
Refined Sugar Prices.-On Sept. 17 Federal Sugar Refining Co. quoted
Surplus
at
June
30
1923
8.25c.. while Arbuckle Brothers re-entered the market at 8.52c. On -V. 117,
p. 1238, 1019.
Sept. 19 the Pennsylvania Sugar Co. advanced the price 25 pts. to 8.65c..
American advanced 10 pts. to 8.50c.,and again 15 pts. to 8.65c.. and Warner
American
Cotton
Oil Co.-New Director,
withdrew. On Sept. 20 Arbuckle Bros. advanced price to 8.40c. Federal
Geo. M. Moffett, Vice-President of the Corn Products Refining Co., has
to 8.50c. (although their "list price" was 8.65c.), Revere
advanced 10 pts. been elected a director.
to 8.50c., and National re-entered the market. qouting 8.65c.
It is reported that the company's plant at Waco, Texas, has been purOn Sept. 21
the following advances were made: Revere. 20 pts. to 8.70c.:Pennsylvania,
chased by W. D. Kyser and others,a Marlin, Texas. The new
company.
25 pts. to 8.90c.• Arbuckle 20 pts.
to 8.60c.: Federal,
pts. to 8.75c.; capitalized at $150,000, will be known as the Industrial
Cotton Oil Co.
American, 10 pts'. to 8.75c.: National, 10 pts. to 8.75c.,10
Warner re- -V. 117, p. 1238.
entered the market at 8.75c., an advance of 35 pts. sincewhile
FurSept.
19.
ther changes were made on Sept. 21 as follows: American, National and
American Express Co.-Earnings.-Warner Sugar Refining companies each advanced price 15 pts. to 8.90c. a
President George C. Taylor is quoted in substance as follows: "I expect
pound.
that
earnings for this year will be 25% ahead of last
because our
Motor Car Price Changes.-Maxwell Motor
Corp. announces ad- business as a whole is about 25% better than In 1922.year,
The outlook for
vances of $165 in price of 13 -ton special truck.Sales
New price is $1,095.
business
in our line is very good and does not seem to be diminishing.
Hudson Motor Car Co. announced reductions of from $75 to $00 on four We are in
the travel field and the money order business to stay, and in
models.
both fields the outlook is improving and encouraging. Our
business In
Apperson Bros. Automobile Co. announced reductions ranging from these
fields is running more than 25% ahead of last year."-V.116,
$315 to $465 on its models.
P• 2639.
Willys-Overland Co. announced reductions on the Knight models, the
new touring car price being $1,175.
American Fuel Oil & Transportation Co.-ReorgaFurther details of these changes in price are given under the name of nization Plan.
the several companies below, and also under
"Indications of Business
A reorganization plan has been agreed upon by the bondholders' protecActivity," on a preceding page.
Tire Price Changes.-B.F Goodrich cuts price of Ford size tires. Amount tive committee and the stockholders' committee. A circular issued by the
stockholders' committee dated Sept. 17 states that the present net annual
of cut said to range between 5 and 22%.
"Daily Financial America,' earnings of the company, based
Sept. 21, p. 1.
on the abnormally low price of oil, are
U. S. Rubber Co. followed the cut in price announced by the Firestone approximately $75.000. The dividend requirements on the new Pref.
stock will be approximately $20.000, leaving approximately $55,000 of net
Co. last week of from 5 to 15%. "Evening Post,"
Sept. 20.
annual earnings available for dividends on the Common stock. Under the
Brass and Copper Products
in Price.-American Brass Co. reduced plan
the present security holders will receive the following new securities
the price of its productsMc.Reduced
to lc. per pound. "Daily Financial America" and
privileges:
Sept. 20,D. 1.
(1) Bondholders.-The bondholders will receive 33 1-3% of their present
• Men's Collars Reduced in Price.--Cluett, Peabody & Co. cuts price of
"Araweb" line from $2 10 to $2 per dozen. "Philadelphia News Bureau" holdings in cash and 66 2-3% and the accrued interest thereon in 8%
Cumulative Preferred stock.
Sept. 15, P. 3.
(2) Pref. Stockholders.-Pref. stockholders of the old company will be
Canned Goods Price Advanced.-Callfornia Packing Corp. advances lines
permitted
to acquire one share of the new Common stock, par $5, for each
from 5 to 10 cents per dozen and has withdrawn
some lines from the market, share of the
old stock upon the payment of 50c.
due to increased demand and 25% reduction
in pack. "Wall Street
(3) Common Stockhoklers.-Common stockholders of the old company
Journal" Sept. 18, p. 6.
Silk Prices May Advance 10% Due to Loss in Japanese Earthquake, Says will be permitted to acquire one share of new Common stock for 10 shares
of old stock upon the payment of 50c.
Cheney Brothers' Treasurer. "Evening Post" Sept.
17, Ir• 3.
Subscription Rights -Stockholders may subscrioe to additional shares.
Matters Covered in "Chronicle" Sept. 15.-(a) August
production and such
subscriptions to be received by the committee subject to allotment in
shipments of Portland cement output
the largest of the year, p. 1192. the event that all stockholders
(b) The industrial situation in Illinois during
fail to participate in the reorganization.
August-idleness increases,
Creditors.-Unsecured creditors will be permitted to participate
Unsecured
P. 1185. (c) The sugar situation-size of last Cuban
crop-recent recovery in the reorganization and to acquire
in price, p. 1187. (d) Anthracite coal strike
Common stock in the new company
settlement
-miners
to
get of the face amount of their claims upon the payment
10% increase-drop demand for check-off
bY them of 50c. for
-contract to be sipied for each share of Common stock. Under
two years next week, p. 1196. (e)
this plan the rights acquired by stockPresident
Governor
to
Pinchot's
letter
holders are of equal value to the rights given creditors, except that Common
Coolidge concerning coal prices-suggest
anthracite
freight
revision of
stockholders will be permitted to subscribe only to the extent of ono
rates-asks Governors of 30 States to
, . (f/ New twentieth of the par value of their stock in the old company; the Preferred
wage agreement "Spells substantialinvestigate prices, P. 1197
progress for miners,' says Lewis,
stockholders
to ono-half and unsecured
p. 1198. (s) Comment of John L. Lewis
to the face value of their
on Gov. Pinchot's proposals claims, unless the committees are able tocreditors
for keeping hard coal prices down. p. 1198.
effect
a
more
favorable settlement
(h) Events leading rip to with the unsecured creditors.
the anthracite coal strike, p. 1198. (i) American
Federation of Labor
Subscriptions of all stockholders acceding to the plan requiring a cash
pledges full support to anthracite miners.
Organized labor payment
(j)
1199.
be
may
exceeding
$10
paid
in
three installments; one-third on or
has gained the victory, says National
p'Coal Merchants Association before Oct. 1; one-third on or before Nov.
in statement on strike agreement to Retail
1, and one-third on or before
U. S. Coal Commission-criticizes
Settlement, p. 1200. (k) Anthracite coal carriers to combat freight Dec. 1 1923. Subscriptions should be forwarded to Empire Trust Co..
reduction proposals, p 1200. (1) Anthracite coal strike settlement will depositary. 120 Broadway. New York, N. Y., made payable to "Henry IP.
Whitney. Secretary Stockholders' Committee." Stockholders whose total
cost public $35,000,000. says Byron S. Newton. p.
1200. (m) president subscriptions exceed $10 and who pay the whole amount
Coolidge's message to Governor Pinchot on coal strike
in one payment on
settlement, p. 1201 or before Oct. 1 may deduct 1% of the
amount.
Proceeds of New Money.-Of the $300.000 paid in under this plan,$110,000
Acme Harvesting Machine Co. Peoria, Ill.will
A petition in bankruptcy was recently filed against the company by three to be used for the retirement of the bonds. The balance will be utilized
settle the secured claims; to pay the expenses of
receivership and of
Chicago bankers each holding promissory
note for $20.000. The petition the reorganization, and for worldng capital. Therethe
will then be issued and
states the company's debts amount to more
than $1,000,000.
outstanding approximately $247,480 in 8% Preferred stock held by the old
bondholders, and all the Common stock will go to the subscribers of the new
Adirondack Power & Light Corp.-Earnings.money and to take care of the minority interest in the Traders Oil Corp.
Income Account 12 Months ending Aug. 31The Common stockholders will own, manage and operate the company and
1923.
Gross earnings
will
be entitled to receive all the net profits of the company after providing
1
:
609
1
3
9
2
9
2
:
$5 2
845
7:3
$6
4;6640
x Operating expenses and taxes
778 for dividends on the Preferred stock.
Interest charges and rentals
1,021,355
1,115,048
win
t ,ak
pa
ctiOn
ita
piltaslif
s in
eaC
h
ha
ong
rizeed
Old Co.
New Co.
AuC
t
be reduced from_ _ 430,000,000 to $4,750,000
Net income
$538,475 Issued and outstanding Pref. stock will be ro$687,092
duced from
4,311,510 to
247,480
x Including for credit ro reserve for depreciation.
Note.-1234% of gas and electric revenues is included in operating Issued and outstanding Common stock will be
reduced from
17,078,220 to 3,350,000
expenses to cover current maintenance charzs and
credits to depreciation Funded debt, consisting of outstanding bonds--331,000
None
reserve.
Debts collaterally secured by bonds
200,000
None
Comparative Balance Sheet.
Foreclosure Would Wipe Out Stockholders' Equity.-The committee, after
Aug.31'23 Dec. 31'22
Aug. 31'23 Dec. 31'22 thoroughly canvassing the entire situation, believes that if the company's
Liabilities$
property is sold at foreclosure it will not bring more than sufficient to pay
Fixed capital
39,368,321 35,442,494 Common stock__ 9,242,500 9,223,800 off
the $747,400 of bonds outstanding, of which $416,000 are held as
Cash
659,673
352,192 7% Cum.Pref. stk 5,061,900 4,031,100 collateral for indebtedness of $200,000. If the
Notes dr accts. rec. 1,594,680 1,453,066 8%
do not come
Cum.Pref. stk 2,554.700 2,554,700 forward and support the plan and thus retire all stockholders
Math & supplies- 860,948
of
bonds, their equity
743,843 Stk. iss. in exch___ 105,800
127,900 in the property will be undoubtedly wiped out bythe
the
Prepayments
foreclosure
of the
33,491
,787 Funded debt
18,465,100 17,326,800 mortgage securing the bonds.
Investments
192,485
236,213 Notes dr accts. pay. 4,445,773 2,073,833
Stockholders' Committee.-H. D. Whittlesey, Charles T. Whinery, John
Co.secs. In treas
75,500
59,000 Unmat'd liabilities 354,410
351,825
H. Miller, Miles S. Gregory. Nils 0. Lindstrom, Oliver C.Bryant and C. A.
Special deposits_ _
46,546
30,850 Consumers' deps__ 235,786
208,026 Landgren, with Henry F. Whitney, Sec., 120 Broadway,
Suspense
107,712
52,064 Spec. deposits cred
9.543 Charles S. Aronstam,counsel, 120 Broadway, N.Y. City. N. Y. City, and
19,026
Unamortized debt
-V.116,p.2886.
Contractual nab__
72,905
12,650
dint. dr expense 959,951
909,487 Suspense credit_ _ _
3,308
American Gas & Electric Co.-Acquisition.21,019
Reserves
1,517,469
1,494,514
The company has acquired the West Virginia Water & Electric Co.
Tot.(each side)_43,899,308 39,301,996 Sueplus
1,886,129 1,800,788 Charleston, W. Va.-V. 117, p. 1238.
-V.117, P. 91.
Alabama Power Co.-Company Says It Requires Control of
Gorgas Steam Plant to Meet Growing Power Demand.-
American Glue Co., Boston, Mass.-Sales-Earnings.
-
A published statement, understood by the "Chronicle" to be substantially correct, says: "Gross sales are between 28% and 30% ahead of 1922.
Attorney-General Daugherty has advised the Secretary of War that the notwithstanding the gelatine end of the business-which makes
up 25%
contract entered into by the War Department and the Alabama Power Co. of the total gross. The margin of profit on total turnover,
however, I
when the Gorges plant was constructed on the company's lands, bound the small. In the 5 months to July net profits after all charges
were sufficient,
United States, under certain circumstances provided
former
dividend
the
to
cover
of
$1
quarterly
on
the 43,677 shares of Commo
for in the contract,
and at a date fixed by notices, to remove its property from
the company's stock. Net quick assets are approximately $4,400,000."-V. 116, p. 2639.
lands or else sell to the company at a fair appraised value
the Government's
American
property go situated. He further advised that this contract
Metal
Co.,
Ltd.,
N. Y.-Offers to Take Over
was valid and
lAnding upon the Government and the company, but did not give the com- Compania Minera de
Penoles, S. A.
pany an exclusive option on tho property.
President C. M.Loeb,in a letter to the stockholders of Compania Miners
To remove its property would mean a loss to the Government of substantially all the investment at Gorgas, because no recovery could be made de Penoles, says:
In the past efforts have been made to create a wider markot for the
except junk value and removal would cause great inconvenience to the users
shares of your company so as to enable stockholders to dispose of their
of power in Alabama.
Though entitled to give notice requiring removal or sale of this property holdings or make use of the same for collateral purposes. This object has
to tho company, the latter failed to do so when Congress was considering not been attained with the market existing in Mexico City, because that
the Ford offer to take over Muscle Shoals, including the Government inter- market is not of a sufficiently international character or broad enough to
est in the Gorgas plant on the Warrior River. Congress adjourned, how- permit of the disposal of more than a very limited number of shares without
ever, without action on the Ford offer and on April 14 notice was given by seriously affecting current quotations. Consideration has been given also
to the advisability of introducing the stock in Now York, but efforts to this
the company.
The company contends that the Gorgas plant is as necessary to the growth end have been unavailing, as large blocks of stock. constituting more than
and expansion of its distribution system now as it was in 1917, when the a majority, are lodged in a few hands. All such efforts to create a market
for the Penoles shares have been affected, too, by the general realization
company located there.
The company is now asking the fulfillment of its contract with the Gov- that investments in mining enterprises and smelters are essentially speculaernment and the acceptance of its $5,009,000 offer for the Government's tive, and that this is particularly true as to the Penoles company, since
the character of the ore occurrences in Mexico renders it practically impossiMuscle Shoals property and the Gorges plant.-V. 117, p. 896, 556.
ble to develop ore deposits more than a few years ahead.
American Agricultural Chemical Co.-Reduces Board.On various occasions stockholders of the Penoles company, appreciating
The number of directors has been reduced from 17 to 12. The retiring these considerations, have requested the Metal company for an exchange
directors were re-elected with the exception of J. D. C. Bradley, G. 0. of Penoles shares for Metal shares on some suitable basis, and, in view of
Bingham, M.E. Wheeler, James H. Brodie and E. F. Daniel Jr.-V.117, such requests and after due consideration, the directors of the Metal company have authorized it to make the following offer of exchange to the
P. 1015.
stockholders of the Penoles
10 pesos and one share of common
American Chain Co., Inc.-Earnings (Incl. American stock of the Metal company company:
for 2 shares of stock of the Penoles company.
The stockholders of the Penoles company are thus afforded an opportunity
Subsidiary Companies).to acquire for their holdings shares of the Metal company, for which there
41
SEPT. 22 1923.]
In view of the wide
is a ready market on the New York Stock Exchange. have
necessarily the
diversity of its interests, shares of the Metal company
has been
character of a more stable investment. The Metal company
paying regularly dividends of $3 per share per annum on its common
stock of no par value.
up
This offer is good until Dec. 5 1923. Certificates may be delivered
New York,
to that time at the office of the Metal company,61 Broadway,
No.
130,
Matamores.
de
Calle
or at the office of the Penoles company,
16 SepMonterey, N. L., Mexico. or at the Boker Building, Avenida del
the Metal
tiembre No. 58, Mexico, D. F., Mexico. Stock certificates of
company, plus a cash payment of 10 pesos (or $5 if shares are delivered in
New York) will be ready for delivery on Dec. 31 1923.
Penoles stock delivered prior to Nov. 1 1923 will be entitled to the
quarterly dividend payable on the shares of the Metal company on Dec. 1
1923 to stockholders of record on Nov. 17 1923.and Penoles stock delivered
after Nov. 1 1923 but prior to Dec. 5 1923, will participate in the quarterly
dividend payable on the shares of the Metal company on March 1 1924 to
stockholders of record on Feb. 16 1924.
• The Metal company reserves the right to withdraw this offer unless at
least 60.000 Penoles shares are exchanged. All officers and directors of the
Metal company personally owning Penoles shares have agreed to exchange
their holdings hereunder.-V. 117, P. 671. 91.
Common
of Preferred dividends there would be a balance of $33,513 for the
stock, or $335 per share.
Collins,
M.
John
Mgr.),
Directors.-H. P. Blumenauer (Pres. & Gen.
Frank J. Weschler
J. Verner Critchley, Frank A. Drury, Bowen Tufts,
and Arnold Whittaker.
Financing).
Approximate Balance Sheet as of Aug. 1 1923 (After New
LiabilitiesAssetspay- $119,034
acceptances
&
Accts.
$118,554
Cash
81.943
13,382 Notes payable
Accounts receivable
bonds_ 550.000
gold
7%
Mtge.
1st
149,749
Inventory
500.000
stock
Pref.
Cum.
2,062 8%
Prepaid items
754,783 Equity for Common stock
Land,buildings, &c
103,360
Machinery & equipment.. 315,806 (10,000 shares)
$1,354,336
Total
$1,354.336
Total
American Pipe & Construction Co.-Redemption.--
Forty-five American Pipe Mfg. Co. 5% Coll. Trust Ctfs.. Series "A'
(not series "B"), due Oct. 1 1927, of $1,000 each, and ten certificates of
$500 each (a total of$50,000), have been called for payment Oct. 1 at 102 H
and interest at the Girard Trust Co.. trustee. Philadelphia, Pa. The following bond remains unpaid, called for Oct. 1 1922: 791. for $1.000.-V.
117, p. 1238.
American Pipe Manufacturing Co.-Certificates Called.
See Ainerican Pipe & Construction Co. above.-V. 117, p. 1238.
American Safety Razor Corp.-Complaint Dismissed.The Federal Trade Commission has dismissed the formal complaint
against the corporation. In the complaint the concern was charged with
using false and misleading statements in connection with the advertisement
and sale ofshaving brushes sold by it.-V.117, p.897.
American Seeding Machine Co., Springfield, Ohio.Changes Par Value of Common Stock to $50 per Share.•
The stockholders on Sept. 12 1923 authorized a reduction in the capital
stock from $7,500,000 (consisting of $2.500,000 Preferred and $5,000,000
Common, par $100 each per share). to $5,000,000, consisting of $2,500,000
Preferred Stock, par $100, and $2,500,000 Common Stock, par $50 a share.
-V. 115, p. 1427.
American Smelting & Refining Co.-New Sub. Co.-
See Mexican Metallurgical Co.below.-V.117, p. 556, 442,210.
American Window Glass Co.-Extra Dividend.-
The directors have declared an extra dividend of 1% on the Common
stock in addition to the regular quarterly dividend of 1%.both payable
Oct. 1 to holders of record Sept. 22.-V. 115, p. 2156.
American Woolen Co., Boston, Mass.-Acquisition, &T.
• The South Village Mill of Webster, Mass., formerly owned by S. Slater
& Sons and recently purchased by the American Woolen Co., will discontinue the manufacture of worsted cloth. It is expected that the machinery, valued at nearly $100.000, will be shipped to one of the American
Woolen mills in the South, probably Louisville, Ky.-V. 117. p. 556.
American Writing Paper Co.-Statement by Committee.-
& Co,-Hearings Resumed.
Armour
have been
Hearings on the purchase of Morris & Co. by Armour& Co.
resumed by the Government.-V. 117, p. 1131, 778.
of Canada, Ltd.-Dividend Rate Cut.-
Asbestos Corp.
the Preferred stock
The directors have reduced the dividend rate on
stock from 6% to 4%
from 7% to 6% per annum, and on the Common
"Shipments
substance:
in
says
per annum. A statement by an officialyear
over last. The prices, howof asbestos have shown an increase thisowing
competition
senseless
the
to
ever, have been considerably reduced,
has also been a falling off in
among the Canadian companies. There
extent from
some
to
due
grades,
higher
company's
the
for
the demand
condition of affairs in
Rhodesian competition, as well as the unsettled
y production has suffered
Europe. In addition to this, the compan's
mill. These factors
Mine
ng's
EIS
the
of
hrough the destruction by fire
that will preclude the
have affected the company's profits to an extent
rate for the balance
present
the
at
the
dividends
continuing
directors from
of this year.
by assistance from the
"These dividends might have been continued
directors alive conserved
past surplus earnings of the company, which the contained in the by-laws
from year to year. but owing to the stipulation
were originally issued.
securities
varicus
the
which
under
company
of the
of
be declared out of the earningsany
to the effect that dividends can only not
the power ,to make use of
the current year, the directors haveup any
year.
current
a
of
shortage
make
to
previous surplus earnings
condition practically no
The company is, however, in a strong financial
since the b dance sheet submitted
change having taken place in this respect
position to meet
excellent
in
therefore,
is.
at the close of last year, and
mining companies chat go
competitive rates until such time as the other
thelr attitude.
ing's Mine will be completed
"It is anticipated the new mill at the -V. 117. p. 1238.
and in operation by the first of the year."
& Electric Co.-Rates Cut.-
Beverly (Mass.) Gas
per 1,000 Cu. ft., effec• The company has reduced the price of gas 5 cents after Oct. 1.-V. 116.
tive Sept. I 1923, and on all bills rendered on and
-Earnings.-
Bog
r. & Beck Co. of Illinois.
P. 1897
1923 a final net income of $21,244.
The company reports for Augustmonths
ended Aug. 31 the net income
against $31,191 in July. For the 8672.
784,
p.
117,
V.
$380,398.
totaled
-Resignation-New Director.
British Empire Steel Corp. Vice-President, but will remain a
D. H. McDougall has resigned asPresident of the Lackawanna Steel
director. George F. Downs, former
a member of the executive committee.
Co., has been elected a director and
-V. 117. p. 1131, 672.
The stockholders committee (B. W. Jones, Chairman), in a letter
Sept. 12, says: "The committee (V. 117. p. 1238) has been formed at
the request of the holders of a majority in amount of the outstanding
capital stock to endeavor to prepare a plan for the readjustment of the
debt and capitalization of the company, with a view to protecting the
interest of the stockholders.
"The company has not been operated profitably for a number of years,
and this is reflected in the recent quotations for both classes of stock.
It is believed that the management has been considerably strengthened
during the past few months, and that if the company is provided with
additional constructive management and with siffucient working capital,
It can be operated profitably, and the equity of the stockholders preserved.
"It is hoped that the committee, working in co-operation with others,
will be able to prepare shortly a plan when will enable the company to
obtain this additional working capital, and that if the stockholders act
promptly, and in unison, it will be unnecessary to have any legal proceedings. The committee is working in co-operation with the officers
and directors, and also with representatives a the bondholders, with a
view to making it possible to have a fair plan made effective at an early date.
"It is essential, if the efforts of the committee are to be successful, that
the stockholders deposit their stock with Bankers Trust Co., depositary,
16 Wall St., New York.
"Application will be made in due course to list the certificates of deposit
upon the Now York Stock Exchange, in place of the Preferred stock now
listed." See also V. 117, p. 1238.
Amesbury & Salisbury Gas Co.-Proposed Sale.See Haverhill Gas Light Co. below.-V. 113, p. 2188.
Apperson Bros. Automobile Co.-Prices Cut.Effective Sept. 17, prices on four models were reduced. The new prices
for the 5 and 7-passenger phaetons are $2,485 and for the 5 and 7-passenger
sedans $3,385. This is a reduction of $315 and $415 on the open models
and $365 and $165 on the two closed Models. The Apperson is an 8-cylinder
motor car.-V. 117, p. 442. 329.
Arcade Malleable Iron Co.-Pref. Stock Offered.Merchants Securities Corp., Mechanics National Bank. Merchants
National Bank, Worcester Bank & Trust Co.. Bonney & Moor, Morse, Bliss
& Co., Andrew J. B. Adams and Morton L. Homer,all of Worcester. Mass.;
Moody Bros. & Co., Springfield National Bank, Chapin National Bank, of
Springfield. and George A. Fernald & Co., Boston, are offering in units of
one share of Pref. stock and one share of Common stock at $100 per unit,
$500,000 8% Cum. Pref. (a. & d.) stock (par $100). A circular shows:
Dividends payable Q.-M. Red. all or part by lot at 107H and divs. on
30 days' notice. Merchants National Bank (Worcester), registrar.
Auth.
Issued
Capitalization$550,000 $550.000
First Mortgage Sinking Fund 7% bonds
Preferred 8% Cumulative stock
500,000
500,000
Common stock(no par value)
10,000 sta. 10,000 shs.
Company.-Established in 1850 for the production of the smaller type of
malleable castings, used in and armind Worcester. Company was incorporated in 1906. In 1920 the sales policy of the company was broadened
to include a larger territory. In 1921 the Richard French Iron Works plant
was purchased and a large modern foundry was added for the production of
malleable castings. In the last three years the capacity of the plant has
increased over 300%. In Jan. 1923 there were so many forward orders
on the books of the company at Worcester as to necessitate another plant
and the Harley Foundry of Springfield was purchased and equipped, resulting in a thoroughly modern malleable iron plant in that city. This company became known as the Springfield Malleable Iron Co. The Arcade
Malleable Iron Co. the new company, is an outgrowth of the old Arcade
and the Springfield Malleable Iron Co.
Malleable Iron Co.'
The Worcester plant occupies 150,000 sq. ft. of land. There are three
main foundry buildings, having a total floor space of approximately 70.000
sq. ft. The Springfield plant occupies five acres of valuable land. The
plant consists of a main factory building having 55.000 sq. ft. of floor space.
This plant is equipped for the production of aluminum, brass, bronze and
copper castings, as well as malleable castings.
Earnings.-Average annual net earnings of the Worcester division for the
past five years after depreciation were $75,800. which included two years of
business depression throughout the country. 1921-1922. Present earnings
are running substantially in excess of this figure.
The earnings of the Springfield division over a period of five years. estimated on a conservative basis, should average $50,000 per annum. These
estimated earnings added to the average earnings as shown above would
make the total net earnings $128,800. After bond interest, sinking fund
and taxes, balance available for dividends on this stock .would amount to
After payment
$73,513, or nearly two times the dividend requirements
1351
UTE CHRONICLE
Offered.-E. H.
California Oregon Power Co.-Bonds
City Co.,
National
Co.,
&
Forbes
Harris,
Sons,
Rollins &
Co., San Francisco, are
Trust
Mercantile
and
York,
New
Ref. Mtge.Sinking
offering at 9934 and int. $1,000,000 1st &
Feb. 1 1921.
Dated
"B."
Series
bonds,
gold
Fund 6%
state:
bankers
The
1942.
int
Due Feb. 1
notice on any int. date at 10734 and
Callable all or part on 60 days'
to 34% for
and thereafter at a premium equal
bonds. • Int.
up to and incl. Feb. 1 1927,
thereof, of unexpired term of the
Harris
trustee,
each full year, or fraction
Francisco.
Trust Co., San
payable F. & A. at Mercantile
Bank, New York.
Chicago, and the National City
interest
pay
Trust & Savings Bank,
to
agrees
company
The
Denom. $1,000, $500 and $100 c*'Federal income tax up to 2%•
without deduction for any normal
RR. Commission.
Issuance.-Authorized by the California
a total in7 hydro-electric plants, with
on the
Company.-Owns and operatesof
the largest are Cope°,
which
h.p.,
h.p.).
(7,000
stalled capacity of 54,080
River
Rogue
the
Prospect,on
important
two
Klamath River (37.200 h.p.) and
advantage on these
be
can
power
Company occupies a position of strategic
additional
a
amounts
which large
rivers in its territory, oncost
by the company.
at sites owned or controlled
developed at reasonable
transmission lines of
tension
high
The
necessary.
No steam plants are a total of 697 miles,extending from Springfield. Ore..
with the transthe company aggregate
Calif., where connection is made
Californiato Delta, Shasta County,
Gas & Electric CO.. to which 810 miles
mission system of the Pacificelectric
about
energy. There are
Oregon Power Co. wholesale
the domestic
operates
and
owns
also
Company
of distributionscircuits.
Falls, Ore.. and Dunsmuir, Calif.
water distribution systems in MI amath
Population served, over 84,000.purchase of the properties of the Douglas
such
Purpose.-(l) To finance the
Ore., the cost of connecting
County Light & Water C.,at Roseburg,
line, and the cost of extenthe
system with the company's main transmission
reimburse
To
properties. (2)
sions and betterments to the company's
treasury for underlying bonds purchased and retired.
Outstanding.
Authorized.
Capitalization87,500.000 $4,441,100
7,500.000 3.261,141
(Cumulative after 1924)
1.953.500
1941
due
"A,"
Series
Hs,
7
i kFund
ksZ
trnk
nf.7sS
ed
& Itoe
f:
lsotem
CPr
6s Series"B."due 1942(incl.this issue)
2.7®087,0"00
do
Underlying bonds(Closed)
Earnings Year Ended July 31 1923.
Light & Water Co.
[Including earnings and expenses of Douglas&County
oper.exp., maint. taxes.$571,030: $38009
$1.373,992;
earning's.
2
69
2:75
7
Gross
net earnings (before depreciation)
Annual bond int. charge (incl. this issue)
________________________________________ $495.203
Balance __
-V. 117, p. 1239.
-Blair &
California Petroleum Corp.-Bonds Offered.offering at
are
Co., Inc., and Hallgarten & Co., New York,
$8,000,000 10-Year
963/ and interest, to yield about 7%,
pages).
63/2% Sinking Fund Gold Bonds (see advertising
C.
$500 and $100
Dated Oct. 1 1923. Due Oct. 1 1933. Denom.$1,000,and
interest up to
Redeemable for sinking fund on any interest date at 10334
H of 1% on
decreasing
thereafter
premium
1
the
April
1927,
and including
each succm.ding interest date.
and also in Los
Interest payable A. & 0. at Blair & Co., New York,
not exceeding 2%•
Angeles, without deduction for any Federal income taxes
Co., New York
Pennsylvania 4 mills tax refundable. Central Union Trust
trustee.
until all
thereafter
y
Sinking Fund.-On April 1 1924, and semi-annuall
deliver
a sinidng fund will
of the bonds have been retired, the corporation as
Bonds or
$400,000
retire
to
cash
sufficient
or
bonds
all
or pay to the trustee
retiring
thus
determine,
such greater amount as the corporation shallabove.
of the bonds by maturity at the prices given
18.
Sept.
Los Aug.,
Data from Letter of Chairman Thos. A.O'Donnell,
s
subsidiaries
aniz
-Org
through ede
Company.
when it acquired
in 1912,
the Kern County.
in
principally
located
oil
properties
developed
various
its
operates
and
Owns
Callforrila.
Coalinga and Los Angeles districts of
beginning the corporation
properties solely through subsidiaries. From the
companies of California. the
has ranked as one of the loading oil-producing
the years 1912-1922
net production from its various controlled properties for
the corporation
inclusive, aggreatlng 50,650.509 bbls. Since organization
newly discovered
important
every
has acquirea omi leases in practically
district of California.
1352
THE CHRONICLE
[VOL. 117.
Through the issue of its Preferred and Common Stock corporation in 1922
It is stated that the company recently purchased a controlling interest in
acquired the Western Star Oil Co.,an active operating concern, with proper- the Channel! Chemical
Co.of Slough Bucks. England. through the purchase
ties having an appraised value of more than $5.000.000. Apart from the of 40,000 shares
at £1 a share.
latter acquisition, all extensions and development work have been financed
Earnings of the company are reported to be the best in its history.entirely out of the earnings of the business.
v 115• • 10A0•
Preparatory to marketing its products on the Atlantic seaboard, the corporation during the past year has been particularly active in a comprehenChemical Products, Ltd.-Report.sive development plan, including the construction of complete terminals
Years Ending June 301922.
1923.
and loading stations in Los Angeles Harbor, extensive storage facilities, and Sales
$36,023
$187.610
a system of over 100 miles of pipe line connecting some of its principal proper- Cost of sales. expenses, &c
40,553
212,912
ties with the new terminal. The development of the producing properties
during the past year has likewise been active, the net production from the
Net loss
$44,530
$25.302
controlled properties for the eight months ended Aug. 31 1923 being -V. 111, p. 695.
8,727,556 bbls.,or at the rate of 13,091,334 bbls. per annum. This development program, involving the expenditure during the past year of over
Cities Service Co.-Dividends.$6.000,000, is now substantially completed, and has greatly strengthened
The directors have declared the regular monthly cash dividends of 3,6 of
the general position of this company in all the fundamental branches-the 1% on the Preferred
and Preference' B" stocks, and ji of 1% in cash,scrip
producing, transportation and marketing of both the crude oil and gasoline. and 13i% in stock scrip on the Common
stock, all payable Nov. 1 to holders
The principal producing properties of the corporation are located in the of record Oct. 15. Like amounts are also
payable Oct. 1.-V. 117, P. 897.
Coalinga, Midway, Sunset, Montebello, Richfield-Yuba Linda, Hunting- 785,
ton Beach, Signal Hill, Santa Fe Springs and Redondo fields of California,
on which there are at the present time approximately 300_producing wells
Cities Service Refining Co.-Final Payment.with a present production of over 60,000 bbls. per day. Through its subSee Massachusetts Oil Refining Co. below, and V. 116, p. 2998.
sidiaries the corporation owns and operates two refining (topping) plants for
the recovery of gasoline having a daily capacity of 13,000 bbls., one of these
Citizens Gas Co., Iron Mountain, Mich.-Sale.plants being recently completed. Including three units just constructed,
E. J. Koppelkam, of Milwaukee, has purchased at a receiver's sale the
there are now a total of five compression and casinghead plants capable of
plant
of the company at Iron Mountain. Mich..for $21.000. The property
handling 30,000,000 Cu. ft. of gas per day, which yield approximately
20.000 gallons of gasoline daily. The storage facilities have been greatly was ordered sold recently by Circuit Judge R. C. Flannigan. The new
enlarged during the current year, and including the additions to be soon owner, it is said, intends to improve the plant, giving better service at a
finished, aggregate about 6.675,000 bbls. capacity. The new terminal ower rate.
facilities at Los Angeles Harbor comprising 265 acres, are fully equipped
Citizens Light & Power Co. of Michigan.-New Cities
with loading devices for handling 12,000 to 15,000 bbls. per hour and are
up to date in every respect.
Service Subsidiary Company.Purpose.-To reimburse the corporation for the capital expenditure of
See Toledo Traction. Light & Power Co. under "Railroads" above.
about $6.000,000 made during the past year: to provide funds for the completion of the development program at a cost of approximately $1,000,000:
Columbia Textile Co.-Earnings 6 Mos. End. June 30'23.
and to furnish additional working capital.
Gross sales
$33,142,349
CapitalizationAuthorized. Outstanding. Net income
241,482
7% Cumulative Preferred Stock (par value $100)--$17,500,000 $12,589,926 Bond interest and other charges
42,114
Common Stock (par value $25)
60,000,000 17,377,005
Ten-year6%% Sinidng Fund Gold Bonds
8,000,000
8,000,000
Balance applicable to Federal taxes and dividends
$199,368
As of July 31 there were also outstanding in the hands of the public
The company's balance sheet, it is reported, shows a healthy financial
$791,100 6% Gold Bonds, due Feb. 1 1930 of a subsidiary, American Oilfields Co., which are being gradually retired by sinking fund, and $35,100 condition, the ratio of current assets to current liabilities being approximately
2 1-3 to 1.
par value stock of subsidiary companies.
President C. C. Overton states that business prospects for the last 6
Earnings for Calendar Years 1918-1922 and 7 Months Ended July 31 1923. months of the year
are favorable for a fair consumption of cotton materials,
Before
After Pros.
After Pro,,. provided the cost of cotton does not curtail the consumption of finished
Before
Federal
for Federal
for Federal goods.-V. 116, p. 2261.
Federal
Taxes.
Taxes.
Taxes.
Taxes.
1918
Continental Gas & Electric Corp.-Earnings.$1,896,111 $1,599,849 1921
$3,230,733 $2,666,733
1919
1,788,207
12 Months Ended July 311,538,2071922.
1922.
1923.
.00
.
.
1920
2,969,663
2,419,663 1923 (7 mos.) 4,903.713 4,325.515 Gross revenue
$3,408.427 $2,463,862
1,789,231
The consolidated net earnings for the seven months ended July 31 1923 Operating expense, taxes, maintenance and interest 2,382,770
were at the annual rate of 14.80 times said combined annual interest Interest on First Lien 5s
201,011
211,034
Interest on Refunding 6s
14,446
charges before Federal taxes and over 13 times after
150,829
providing for Federal I
24,693
taxes. Total deductions aggregating $5,921,965 for
depreciation and Interest on 2-Year 7% Notes
69,492
depletion for the five years and seven months ended July 31 1923 were made Interest on 5-Year 8% Debentures
73,459
from income before arriving at the earnings
147,499
Dividend on 6% Preferred Stock
195,123
figures shown above.
Condensed Consolidated Balance Sheet (Incl. Subs.), Before Present Financing.
Balance
$217,489
$395,211
AssetsCapitalization Outstanding July 31, Liabilities1922.
192:3.
Property accounts
$1,500,000 $1,500,000
x$42,137.855 7% Cumul. Pref. stock- _$12,589,926 Divisional Bonds, due December 1941
Investment at cost
17,377,005 First Lien Sinking Fund 5% Bonds, 1912-27
4,158,000 4,258,000
100,000 Common Stock
Preferred stock owned--1,500.000
49.107 Refunding Mortgage 6% Bonds. 1922-47
4,030,000
31.008 Stock of subs, with public
Bond sinking fund
1,000,000
3,475,855 Debentures,5-Year,8% Convertible, 1920-25
830,800
281 318 Capital surplus
ash
2.847,900
3,587,100
4.087,662 Amer. Oilfields Co.6s--791.100 Preferred Stock
Accounts receivable
1.000,000 Common Stock
2,258,700
2,259,400
1,694,928 Notes payable
Oil inventories
2.047.249 -V. 117, p. 1132, 444.
920,779 Accounts payable
Other inventories
3,728,973 Res've for Fed. taxes,&c. 1.766.204
Deferred charges
Crucible Steel Co. of America.-Bookings-Earnings.
2,500,000
146,043 Other advances
Chairman Horace Wilkinson states that bookings have increased since
Surp.for redemp. of Prof.
stock & bonds of subs_ _ 2,353.620 Sept. 1 and that earnings continue at an annual rate of about $10 a share
Total (each side)
$53.128,565 Unappropriated surplus_ 9,178,500 on the Common stock.-V.116, p. 2888.
x. After deducting $10.199,574 reserve for depreciation and depletion.
Cuban-American Sugar Co.-Resumes Dividends on
Contract with Standard Oil Co. of New Jersey.-Corporation made its initial Common Stock.-The directors
have declared two dividends
deliveries last month under its new contract with the Standard Oil Co.of
New Jersey for the sale to the latter company of 36.000,000 bbls. of crude of 75 cents per share on the Common stock, par $10, one
oil. These deliveries are to be made at the rate of 1.000.000 bbls. per payable Nov. 15 to holders of record
Oct. 24 and the other
month extending over a period of three years. Corporation makes deliveries
at its terminal station in Los Angeles Harbor, where the oil is loaded op the payable Jan. 2 to holders of record Dec. 8.
tank steamships of the Standard 011 Co.
The company in Jan. and April 1921 paid $1 per share on the Common
Listing -Application will be made to list bonds on the New York Stock stock and in July 1921 paid 50 cents per share: none since. e'Sci
Exchange.-V. 117, p. 784, 329.
The following announcement was made after the meeting: "It is the expectation of the directors to maintain hereafter the disbursements on the
Calumet & Arizona Mining Co.-Suit Settled.Common stock at the rate of 75 cents quarterly."-V. 116, p. 415.
The suit instituted last October against the company by Mary Eileen
Davison Chemical Co.-Stockholders' Rights to Subscribe
Cunningham Morrison and others (V. 115. p. 2162). attacking the validity
of titles to original holdings of the company in the Warren district of Ari- for Silica Gel Products Corporation Stock.- Ille
r.:0-1 AI
zona, has been settled out of court. All litigation connected therewith
The Silica Gel Products Corp. has granted to the Voting Trust Certificate
has been discontinued.-V. 117, p. 1131, 556.
holders of the Davison Chemical Co. of record Sept. 28, the privilege of
subscribing at $10 per unit on the basis of one unit of the stock of the Silica
Canadian Locomotive
Gel Products Corp., each unit to consist of one share of 7% Cumulative
Ltd.-Annua/ Reoprt.Years Ending June 30-- 1922-23.
Preferred Stock (par $10). and one share of the Common Stock without
1910-20.
1920-21.
1921-22.
Profits, after charging
nominal or par value for each voting trust certificate representing nine shares
profits war tax and all
Of stock of the Davison Chemical Co., provided the right to subscribe be
•
special charges, allowexercised and payment made to the Bankers Trust Co. 16 Wall St., New
ances, &c
York,
103852,665 def$191,351
on or before Oct. 15. (The foregoing offer supersedes the offer
$278,554
$767,892
Interestfrom investment..
60.066
89,416 made in V. 117. p. 1132.)
59,200
115,051
Total income
Derby Oil & Refining Corp.-Resumes Full Operation.$7,401 def$76,299
$367.969
$827,092
Deduct-Bond interest_ _ _
$90.000
It is stated that owing to the recent cut by the Standard Oil Co. 011
$90,000
$90.000
$90,000
Loss inv. bds.sold, &c
22.780 Prices of crude, the Derby company will immediately resume full operations
Depreciation reserve _
100,000 at their refinery at Wichita. The company, it is stated, has no crude in
125,000
Special replac't reserve
25,000 storage and is therefore able to take full advantage of the reductions.
Prov. to reduce invest-V. 117, p. 444.
ment to market value
21,000
6,800
Dictograph Products Corp.-Dividends.Balance,sur.or def_-__def$82.598 def$166,299 sur$905,292 sur$109.183
The directors have declared a quarterly dividend of 2% on the outstandPrevious surplus
1,089,975
1,536.275
1,210.984
1,366.794 ing 8% Cumul. Pref. stock for the quarter ending Mar. 31 1913, payable
Oct. 15 to holders of record Sept. 30, together with a quarterly dividend of
Total surplus
$1,007,377 $1,369,976 $1,816,275 $1,475,984 2% on the same stock for the quarter ending June 30 1923, payable Nov. 15
Sinking fund
15.000
15,000
15.000 to holders of record Oct. 31.-V. 115, p. 2798.
15,000
Preferred dividends (7%) 105,000
105,000
105,000
105,000
Common dividends
(E. I.) du Pont de Nemours & Co.-Sub. Co. Plant.(4%)80.000 (8)160,000 (8)160.000(734)145,000
The du Pont Cellophane Co., a subsidiary, is building a $2,000.000 Plant
Profit Rd loss surplus_ $807,377 $1,089,975 $1,536,275 $1,210.984 on the Niagara River at Buffalo, N. Y.,for the manufacture of cellophane,
-V. 117, p. 1239.
a material which has hitherto been produced only in France. It is expected
that the plant will be in operation by May or June of next year.
Carson Hill Gold Mining Co.-Earnings.The du Pont Cellophane Co:has been organized with capitalization of
-0112fier Ended- 6 Mos.end. 100.000 shares of no par value, and has obtained North American patent
June 30 .23. Mar.31 '23. June 30 '23. rights. Pending completion of the Buffalo factory, the company will act
Operating profits before depreciation,
as the United States selling agent for cellophane now being imported.
deple'n Fed. taxes and sk.fd.chgs. x$55,419
$81,767
$137,116 V. 117, p. 444.
x This is after a charge to earnings of $8,275 representing development
expenditures on abandoned properties.
(Louis F.) Dow Co., St. Paul, Minn.-Stock Offered.Sinking fund requirements call for $30,000 a quarter from earnings.-The company is offering for subscription $140,000 7,g, Cumulative Pref.
V. 116, p. 2770.
(a. & d.) stock at par. $100 per share. Subscribers to the Prof. stock may
purchase one share of Common stock at $100 per share for each two shares
Central Maine Power Co.-Tenders.of Prof. stock purchased. A circular shows:
The State Street Trust Co.. Boston, trustee; will until Sept. 28 receive
Dividends on Pref. stock payable semi-annually M. & S. Redeemable
bids for the sale to it of sufficient 1st Mtge. bonds, dated Nov. 1 1909, any time after March 1 1928 at $110 and dividends.
to exhaust $46,377.-V. 116, p. 1765.
CapitalizationAuthsrized. Outstanding,
Cumulative Preferred stock
3140,000
$500,000
Channell Chemical Co., Chicago.-To Change Name 7%
Common stock (no par value)
10,000 shs. 6,200 shs.
First Mortgage 6 JO (V. 116, p. 2999)
and Increase Stock.000
.
00b,o81
3e
o3o0
o0
oo
,010
o0
g to th
Company -Was originally incorporated in 1905. int
The stockholders will vote Oct. 5: (1) on changing the name of the ness
of Harmon & Dow,organized In 1899, and was reincorporated in 1912.
company to O'Cedar Corporation; (2) on changing the capital stock from Company's
business, that of bank and office supply., is national in scope
2,500 shares (par $100)7% Cumulative Pref. stock. 40,000 shares Class"A' and its products
also enjoy an extensive foreign distribution. Branch sales
Common stock (no par value), and 89,000 Class "B" stock (of no par offices are maintained
in New York, Chicago, Cleveland, St. Louis, Loa
value), to 2.500 shares (par $100) 7% Cum. Prof. stock, 400.000 shares of Angeles and San Francisco.
Class "A" common stock (par $10), and 800.000 shares of Class "B" stock
Purpose.-To provide additional working capital to take care of the
(par $10)•
rapidly growing lousiness.
SEPT. 22 1923.]
after reflecting therein the proAssets.-Net assets as of March 1 1923,
by the present offering are $883,866,
ceeds of the sale of stock authorized amount
of Preferred stock authorized.
total
the
of
share
per
$631
to
or equal
7 months ending Feb. 28 1923,
Earnings.-Net earnings for 7 years andand
Federal taxes have been as
incl., available for interest, depreciation 1918, $43.273; 1919. $52.350;
follows: 1916, $49.095: 1917, $54,128:
7 months ended Feb. 28
$37.775;
1920, $66,288; 1921. $32,860; 1922,
1923. $31,883.
Financing.
Present
Balance Sheet March 1 1923. After
Mai tine sAMU$99,393
$222,767 Accounts payable
Cash and bank balances
85.000
231,785 Notes payable
Accounts receivable
19,870
acceptances
Trade
4,563
131112 receivable
347
salesmen's accounts
&
Personal
7,116
warrantsand
deposit
of
Ctts.
300.000
bonds
634%
Mortgage
First
249,932
•
Merchandise inventories
140,000
595,155 Preferred stock
Real estate, building, &c
5,750 Common stock (no par value). 743,867
Investments
2,069
Personal & salesmen's accounts
$1,388,477
Total (each side)
69,336
Deterred charges
See also V. 116. p. 2999.
Butte Copper Mining Co.-Obituary.-
East
of the company,was instantOscar Rohn, General Manager and a director some
new machinery in the
ly killed Wednesday when he was examining
p. 1132.
117.
-V.
property.
Butte
East
the
at
No.4 shaft
Electric Auto-Lite Co.-Earnings.The net earnings for August 1923, it Is reported, were $234,000.-V. 117.
p. 1020. 558.
Elgin National Watch Co., Chicago.-Capital Stock
Increased-25% Stock Dividend.-
capital stock
The stockholders on Sept. 19 (a) increased the authorized
par $25; and (b) approved the
from $7,000.000, par $25. to $8,500,000.
stock,
additional
of
$1.500,000
the
of
directors
the
by
distribution
Issue and
of the present unissued
with such additional amount as may be necessary
as a stock dividend of25%.
stock to stockholders ofrecord Sept. 21, pro ratastock
dividend will be issued
It is expected that the certificates covering the
between Sept. 21 and Sept. 25.
Common stock
$6,000,000
outstanding
has
present
at
company
The
The latter stock is being
and about $400,000 Employees' Common stock.
on this converted
converted into regular Common stock. The dividendauthorized in 1920.
part of $1,000,000
stock will be paid out of the unissued
be outstanding about
After payment of the 25% stock dividend there will
117. p. 1020.
$25.-V.
par
stock.
Common
$8,000,000
Federal Mining & Smelting Co.-Quarterly Report.Tons Shipped Quarter EndingJuly 31 1922.
April 30 1923.
July 31 1923.
8.133
10,478 February. 6,791 May
May
7,985
June
_10,255
March_
10,887
June
7.857
9,833 July
9,600 April
July
-$23,975
TotalTotal--$26,879
Totai--$30.965
Excess f Receipts over Expenditures, Quarter
July 31 1922.
April 30 1923.
July 31 1923.
May__ --$216.156 February$118.623 May_ __ _$113,309
June__ 146,589 March__ 229,825 June.,_ 88,486
July_ --- 99,338 April __- 203,455 July_ __ _ 106,228
Total4308,023
Totaly$551.903
Totalx$462,082
1353
THE CHRONICLE
April 30 1922.
February-- 5,788
6.877
March_
6,756
April
Total_ -$19,421
nding.
April 30 1922.
February $27,109
March_ - 67,536
April ___ 80.613
& Power Co. Ltd.Granby Consol. Mining Smelting
work is progressing satisfactorily on the new concenIt is stated thatcompany
it is expected that it will
and
C.,
B.
at Anyox,
trator built by the
plant will have
be ready for operation soon aftr the first of the year. The
operaa capacity of about 1,500 tons daily and will materially aid, mining
tions-V. 117, p. 445.
Motor Corp.-To Make Trucks.-
Gray
o
It is announced that the company will shortly go into theamoduction
trucks.-V. 112, p. 1287.
Gurney Refrigerator Co., Fond du Lac, Wis.-Bonds
Offered.-Morris F. Fox & Co., Milwaukee, are offering at
100 and interest $350,000 First Mtge. 63'% Serial Gold
Bonds.
Aug. 1 1924 to 1934, inclusive,
Dated Aug.1 1923. Due serially p30.000&
A. at First Wisconsin Trust
$20,000 Aug. 1 1935. Interest uayable F.
for the normal Federal
Co.. Milwaukee, Wis. trustee, without deduction
$500 and $100 c*. Call$1,000,
Denom.
2%.
of
excess
in
not
tax
income
of 3i of 1% for each
premium
a
at
date,
able, all or part, on any interest
year or fraction thereof intervening between date of redemption and fixed
redeemed.
maturity of bonds
Data from Letter of Ed. G. Vail, Fond du Lac, Wis., Sept. 12.
organCompany.-Business started 33 years ago. Present corporation
and all of the assets of its
ized this year and has succeeded to the business
predecessor. Gurney Refrigerator Co., Ltd. Is the second largest manua
facturer of household refrigerators in the United States. Manufactures
Annual
complete line of household, grocery and display refrigerators.
capacity, about 60,000. Is also a large manufacturer of wooden refrigerasteel,for which
tors,and has also developed an exclusive line built of pressed
there is a rapidly increasing demand, especially in the tropics.
Purpose.-Proceeds of this issue, together with $200,000 of preferred
stock sold at par, have been applied to acquire certain interests heretofore
held by the estates of the founders of the business.
Sales Years Ending July 31.
1914 $517,22411916 $507,99411918 $656,19311920 1782.047111922 $885,214
743,98411921 894.733 1923 952.624
1915 485,62111917 592,761 1919
Net earnings for the past f ve years, during which there as not been a
single year withoutsubstantial profit, have averaged $93,912 after deducting
all taxes. Net profits for the year ended July 31 1923, after taxes, were in
excess of 6 3-10 times the maximum interest charges on these First Mtge.
Bonds.
Authorized. Outstanding.
Capitalization$350,000
$350,000
First Mortgage Serial6 Ms
200,000
200,000
Preferred Stock 7% Cumulative
shs.
shs.
10,000
10.000
par
value)
(no
Common Stock
This
(After
1923
1
Financing).
Balance Sheet as at Aug.
LiabilitiesAssets$480,000 Total current liabilities__ _ $53,164
Total current assets
34,646 First Mortgage Serial 630 350,000
Deferred charges
200,000
17% Cumul.Prof. Stock_
Land, Wants, machinery,
x10.000
539,400 Common Stock
lac
Capital Surplus
440.883
Total 3175,257
and
x Before deducting $15.317 construction and equipment and$1.610
equipdeferred development. y Before deducting $24,620 construction
con$17,702
deducting
Before
z
ment and $5,143 deferred development.
struction and equipment and,$21,407 deferred development.
p.
117,
-V.
depreclation.
or
depletion
ore
either
of
No account is taken
1132, 211.
Total
1
$1,054,046
Total
$1.054,046
x 10.000 shares of no par value at declared value of al Per share.
Directors -Edward G. Vail (Pres. & Treas.), Harold D. Smith (Sec.).
A. D. Thomsen, S. L. Little, Fred A. Foster (V.-Pres.).
Harrisburg Foundry & Machine Co--Receiver.--
by Dauphin County
Christian W. Lynch, Harrisburg, has been named
of three creditors, who charge that the firm
Court as receiver, on petition
of
t. Just prior
because
loss
at
mismanagemen
operating
is insolvent and
Alfred J. Sohland, of Harrisburg. resigned
to the naming of the receiver,
which
the
of
controls
Corp.,
and
Harrisburg
company
the
of
President
as
Foundry & Machine Co. stock. The petition
a majority of the Harrisburg at
$700,000 and the liabilities at $943,000.
the firm's assets
estimated
stock.
Federal Sugar Refining Co.-Notes Called.
Including $500.000 in outstanding Capital has
been in continuous operation
Nov. 1 1919, have
The Harrisburg Foundry & Machine Co.
All of the outstanding 5-year 6% gold notes, dated
was organized for the purpose
Corp.
Bankers
Trust
the
Harrisburg
at
interest
the
and
101
1920
In
at
1
Nov.
years.
redemption
for
for 65
been callad
then had quick assets of
which
company,
1132.
the
of taking over control of
Co., trustee, 10 Wall St., New York City.-V.117. p.
to the petition the
$200,000 and only 19.000 indebtedness. According
its indebtedness increased
and
dissipated
-Sales.
been
Detroit.
since
has
Co.
Ford Motor
company's surplus
a total of 1,212.553. to $943,000.--Y. 117, p. 1134.
Sales of cars and trucksfrom Jan. I to Sept. 1 reachedan
increase of 39,608
Sales for August amounted to 161.567 cars and trucks, 161,228,
and July,
etc.Haverhill Gas Light Co.-New Stock,that
over August 1921. Sales in May were 171,306; June,
a petition be filed
authorizing
156,908.-V. 117, p. 1241.
The stockholders will vote Oct. 8 on
giving the company
Utilities
of Public
with the Massachusetts Department
y, N. Y.-Status.-- authority
to purchase the property of the Amesbury & Salisbury Gas
(1)
General Electric Co., Schenectad
of stock (par $50) at $70.
has cash in excess
Co. and (2) to issue 5,616 additional shares
An authoritative statement says: "The company
taken on since Jan. 1 Light
Commission is obtained the new stock 'will be offered
If the approval of therata.
of $77,000,000. despite the heavy volume of orders
of
quantity
a
on
payments
final
received
pro
has
stockholders
1923. While the company
orders of this to circular sent to the stockholders says: "The company has an opporheavy apparatus in process for more than a year. additional
A
outlay of cash. The tunity
to purchase for $109,500 all the property and assets (except bills
character taken on this year require considerablefor
requirements.
all
adequate
accounts receivable and cash) of the Amesbury & Salisbury Gas Co.
working capital position is excellent and
of $6.100,000 and
earnings in 1922 are given as $58.295 and the population served
gross
"Incoming orders thus far this year have averaged in excess
The
Some of the com- was approximately 11.500. The territory served is contiguous and it is
a week and indicate an annual rate above $312,000,000.
developed.
pany's plants are running at capacity with bookings well in advance. Owing believed that the gas business therein can be profitably
Co. desires to enter into an agreement
"The Newburyport Gas & ElectricTo
to the unequalized distribution of orders for electrical equipment,company's
serve this company and to properly
requirements.
plants are not operating at 100%."
to supply all its gas in
it will be necessary to
Haverhill and Amesbury, It
safeguard business
Bookings and Billings for Past Five Years with 1923 Estimated,
with auxiliaries in
and to extend
Billings.
install a new water gas set
Bookings.
Billings. ICal.Yrs.
Bookings.
Cal.Yrs.
through Amesbury to connect with those of the Newburyport commains
$318,470.438
1920
$275,758.488
$265,000,000
1923(esta300,000,000
to
cost
estimated
is
work
approximately
$264.500.
This
pany.
237,623.932 229.979,983
242.739.527 200,194.294 1919
1922
"Directors feel that the company should purchase the Amesbury company
234.134,491 216,815,277
179,721,680 221.007.9921191,8
1921
the gas requirements of the Newburyport company, and that
Electric Co., and Presi- and supply
A. W. Burchard, Vice-Chairman of the General
the cost, approximately $395,000, should be financed in part by the issue
Co., is quoted in substance:
Capital stock,"-V.113, p. 2410.
additional
dent of the International General Electric
of
The
good.
demand
"The outlook for the electrical industry in Europe Is
the
supply
exceeding
is
in
as
America,
that
Europe.
in
energy
electrical
for
Hecla Mining Co., Wallace, Idaho.a result, these comlight and power companies are able to produce. Asbusiness
Contrary to reports, the company has not taken over the plant of the
panies are having to expand, and this means increased of the for electrical Granby Consolidated Mining & Smelting Co. but has bought some of the
International
manufacturing companies. I estimate that the business
steel is not to be
steel buildings which formed a part of that plant. Thisbut
General Electric Co. will amount to about $21,000000 this year.a
was bought in
than year ago, used for the construction of a new concentrating plant
"The electrical business in our factories abroad is betterin
the reconstruction of the mine surface plant at Burke
with
connection
industry
insoEngland,
electrical
The
particularly in France and Italy.
plant is
concentrating
The
July
13.
fire
on
by
destroyed
was
good shape, and there is which
far as unemployment is concerned, is in very
at Gem. Idaho. 3 miles from the scene of the fire, and was not
nothing like the unemployment that there is in the textile industry,. The located
559.
p.
117,
V.
damaged.
and expansion.
future of electrical industry will be one of growth
The Boston Stock Exchange has authorized for the list 899.850 additional
Heidenkamp Plate Glass Corp.-Merger.shares special Capital stock. par $10.-V. 117, p. 1241.
see Standard Plate Glass Corp. below.-V. 117, p. 674.
General Motors Corp.-Prices--Buick Co. Production, &c. Household Products Inc.-Earns.6 Mos. end. June 30'23.
New prices have been announced on all 1924 lines, with the exception of
will probably occupy an entirely separate
the Oldsmobile, and this model
and Oakland lines
price class than that held heretofore. In the Chevrolet
and Cadillac they were advanced. The
in
Buick
while
reduced,
prices were
price range follows:
$495 to $795
Pour-cylinder: Chevrolet
965 to 1,495
Buick
945 to 1.395
Oakland
Six-cylinder:
1,275 to 2,285
Buick
2,985 to 4.60)
Eight-cylinder: Cadillac
The Oldsmobile line consists of four-cylinder cars ranging from $955 to
$1,595 and eight-cylinder cars ranging from $1,375 to $2,025. It is understood that these lines will be supplanted by a low-priced six-cylinder line
and Buick sixes.
to supplement the Oakland
The Buick Motor Co. in August last turned out 16.250 cars. Septemto 20,000.
close
be
to
expected
is
output
ber
The total number of stockholders of all four classes is now 68,281, compared with 67.417 in the preceding quarter. These are divided as follows:
1st Quar. 1923.
53d Quar. 1923. 2d Quar. 1923.
Classes of Stock8,523
8,453
7% Debenture
9.580
9,783
9.611
Debenture
6
3.411
3,393
3,346
6 Preferred
45,330
45,921
46,871
Common (no par)
-67,115
67,417
68,281
Total
Net profit after Federal taxes
Adjustment previous period
Dividends
11.135.752
Dr.98,342
375.000
$662,410
Comparative Balance Sheet.
3O'23.
June
Dec.31
'22.
'22.
June30'23. Dec.31
Liabilities$
$
Assets_
stock_
_
Capital
199,534
,000.000
138,858
.4c.
_x15,000,000y15
acct.,
Property
567,534 Accounts payable. 206,2181, 248,594
Accts.receivable_ - 422,523
494,721 Accr.Fed.taxes,&c 136,4661
1,175,894
Cash
295,065 Reserve for Federal
349,402
Inventory
and State taxes- 173,642
336,533
14,000,000 14,000,000
Good-will. &e
662,410
See y
28,272 Surplus
92,059
Deterred expenses16,178,736 15,585,127
16,178,736 15,585,127 Total
Total
by 500,000 shares of no par value.
x Capital stock represented
by 500,000 shares of Comy Excess of assets over liabilities represented
mon stock of no par value.-V.117, p. 1241. 446.
Surplus for period
Hudson Motor Car Co.-Earnings-Prices Cut.-
1923.
1922.
Results for Quarter Ended Aug. 31and depreciatien_ 32,934,868 $3.656.218
Net income attar charges, taxesprice
cuts
ranging
from
$75 to $100. New
announced
has
The company
prices follow: Sport, $1,295 (old price, $1,375); 7-passenger phaeton,$1,350
$1,425);coach,$1.375 (against $1,450);sedan,$1,895(against
* Senior securities of record July 9 and Common Aug. 20 1923.-V. 117. (former price,117,
p. 1241.
$1,995).-V.
1241.
p.
1354
THE CHRONICLE
Hurley Machine Co. Chicago.-Sales, &c.-
• According to Treasurer John Proudfoot, sales of the company are from
609' to 70% ahead of last year, while profits have increased more than
104%. Orders are coming lir at a better rate than they were in the first
half of 1923. The plants are operating at capacity.-V. 117, p. 674.
Illinois Bell Telephone Co.-City Denied Rehearing.-
The Illinois Commerce Commission has denied the petition of the City of
Chicago for a rehearing of the ruling of Aug. 16 by
which telephone rates of
the company are reduced. It is claimed that the company had made
incorrect statements and that the reduction should have been greater. The
petition will now be filed in the Circuit Court. The company's petition for
a rehearing was also rejected by the Commission,and legal action is planned
by the company, which claims the reduction does not give sufficient return
on the investment. Legal action will probably take
over a year and the
reduction will not become effective until it is completed.
The company has filed a bill of complaint in the U. S. District Court
at Chicago, Ill. asking for a temporary injunction to restrain
the Illinois
Commerce Commission from putting into effect the reduction
was to
have become effective Oct. 1. Hearing on the bill begins Sept.which
26.-V. 117.
P• 1134.
Independent Pneumatic Tool Co.-Listed-Earnings.-
The capital stock has been listed on the Chicago Stock Exchange.
Sales for the first 7 months of 1923 amounted to $2,117,094, as against
$2.080,614 for the entire year of 1922.
Net earnings for the 7 months ended July 31 1923. it is stated, amounted
to $949.436. This compares with net earnings of $644,419 for the entire
calendar year of 1922.
Comparative Balance Sheet.
AS3413Ju1y31'23. Dee.31'22. LiabilitiesJuly 31'23. Dec.31'22.
Plant de equipment $324,966 $358,323 Common stock_ _x$4,167,129 $3,000,000
Pats., tr.-mks. &
Accounts payable_
59,609
54,137
goodwill
1,481,880
989,911 Accrued payrolls__
37,857
20,729
Cash
116,994
406,852 Federal & other
Liberty bonds de
taxes accrued._ _
89,245
Treasury notes_ 1,113,344 1,038,345 Other accruals. _ _ _ 175,608
11,746
Notes de accts.rec_ 618,534
419,376 Dividend payable360,000
Inventories
1,264,755 1,059,967 Res. for deprec'n
Sund. accts. & adv
48,702
on patents
529,970
Prepaid expenses_
12,744
10,280 Surplus
See x
758,943
Total
$4,981,919 $4,283,054
Total
$4,981,919 $4,283,054
x Common stock (180.000 shares of no par value) represented by excess
of assets over liabilities.-V.117, p.1134.
International Combustion Engineering Co.-Earns.--
Net profits for Aug. 1923, after tax and depreciation, are estimated at
$150,000, against $70,000 in July. Orders on hand at present amount, it
is reported, are close to $8,000.000.-V. 117, p. 1242, 1134.
International General Electric Co.-Business.General
See
Electric Co. above.-V. 117. p. 786.
Jersey Central Power & Light Corp.-Earnings Year
Ended July 31 1923.Gross earnings corporation and subsidiaries
do
Tide Water Power Co
81,270,252
1.598,949
Total gross earnings
Oper. exp., maint. & taxes corporation and subsidiaries
do
Tide Water Power Co
$2,869,202
$755,318
913,723
Total operating expenses, maintenance and taxes
Net earnings corporation and subsidiaries
do
Tide Water Power Co
$1,669,041
3514,935
685,226
[VOL. 117.
date upon 60 days' notice at par and int., plus a premium
of % for each
6 months or fraction thereof between
date of redemption and date of
maturity. Interest payable without deduction
for normal Federal income
tax not exceeding 2%. Illinois Merchants
Trust Co., Chicago, trustee.
Company.-Business has been successfully conducted
1888, the
company now owning and operating about 2,125 cars for since
the shipment of
live poultry and being the only company
owning
such
equipment
engaged
or
In this business. These cars are leased to the
railroads upon a mileage
and rental basis under tariffs regulated by the I.-S.
C. Commission.
Security.-Secured by 100 new cars of modern all-steel type, title to which
remains in Illinois Merchants Trust Co., trustee,
The cost of this equipment will be over $370,000,until all notes are paid.
only $200,000 of which
is represented by these notes, the remainder being paid
by the company.
Earnings.-Earnings have been substantial and constantly
increasing.
being limited at all times only by the amount of equipment available.
Guaranty.-Payment of interest and
is guaranteed by the
New City Car Co., manufacturer of the principal
equipment,
has plants in
Chicago, Buffalo, Kankakee and Kenton.-V. 116, p.which
1283.
Loft, Incorporated.-Earnings.-Results for the Six Months Ended June 30.
1923.
1922.
1921.
1920.
Net sales
$3.301,398 $3,027,733 $3,124,476 $3,376,681
Costs,expenses, depr.,&c 2,989,613
2.609,639
2.806,460 2,727,837
Net income
$311.785
$418,094
$318,016
$648,844
Other income
24,444
24,407
57,860
15,307
Profits
$336,229
$442,501
$333,323
$706.704
Comparative Balance Sheet June 30.
Assets1923.
1922.
Liabilities-1922.
1923.
Land, buildings,
a Capital stock. _.$6,500,000 $6,500.000
machinery,&c..$8,132,482 $6,281,905 10-year 6% real
Leasehold acquired
estate mortgage 1,125,000 1,250,000
for cash....
163,569
41,262 Notes payable.... 200,000
125,000
Good-will, tradeAccounts payable. 164,414
184,168
marks, &c
2,394,952 2,394.952 Deposit on rental
Treasury stock_
50,166
50,166
agreement
20,000
Govt.securities_ _ 45,336
176,225 Federal tax reserve 149.395
169.377
Investments
11,884
14.384 Accrued liabilities_
70,492
84,041
Notes& accts.rec_
46,622
30,496 Contingency re883,272
Inventory
723,080 serve
97,815
97,013
Prepaid rentals_
116,675
170,691 Surplus
1,679,471 1,526,417
Cash
102,227
52,875
Deterred charges.59,350
Total(each side)_ $10,006.590 $9,936,016
a Capital stock, 650,000 shares of no par value.-V. 117. p. 446.
Long Bell Lumber Co.-Definitive Bonds.-
Halsey, Stuart & Co., as syndicate managers, announce that the permanent 1st Mtge.6% gold bonds, Series "B." due April 11943.
are now available in exchange for the outstanding temporary bonds.
(For offering of
bonds see V. 116, p. 3001)-V. 117, p. 95.
Loose-Wiles Biscuit Co.-Obituary.-
Jacob L. Loose, Chairman of the Board, died this week.-V.117, p. 899.
McCord Radiator & Mfg. Co.-Earnings.--
Net incorne for Aug. 1923, it is reported, amounted
$74269 after all
deductions, as compared with $70,465 in July. This, to
it is said, brings the
net for the first 8 months of the company's year up to $596.343.-V
. 117.
El• 1135.
McIntyre Porcupine Mines, Ltd.-Report.-
The comparative income account was published in V. 117, p. 1135.
Balance Sheet June 30.
1923.
1922.
AssetsLiabititike1923.
1922.
Plant, equip., dec.$5,605,702 $5,413,836 Capital stock
13,690,283 $3,640,283
Cash
243,657
66,307 Pay-rolls payable35,769
27,736
Bullion in transit. 202,825
186,026 Accounts payable_
57.073
72,784
Victory bonds.._ _ 300,000
300,000 Taxes
53,364
53,978
Demand loans....
3,600
3,600 General reserve_
148,987
148.987
Accts.,&c.,reedy.
42,053
53,632 Deprec'n reserve._ 1,353,690 1,183,190
161,834
Supplies
104,932 Contingent reserve
55,523
39,000
Investments
619,494
644,994 Surplus
1,795,615 71,638,422
Deferred charges..
11,139
31,051
Total net earnings
Tide Water Power Co. ha. 1st Lien 6s, $180,000; hat. Deb. 7s, $1,200,161
$105,000; ha. Cons. Ry. L. & P. Co. 5s, $30,000; Federal
taxes, $52,656; Prof. diva., $76,305; minority stockholders
participation, $51,871; total
495.834
Jersey Central Pr. & Lt. Corp. int. 1st Lien 630, $227,500;
Int. Bob. 7s, $87,500; Federal taxes, $30,711; total
345,711
Balance available for dividends
$358,615
Preferred dividend requirements
$87,500
The above is a consolidated statement of earnings of Jersey Central
$7.190,304 $6,804,379 Total
Total
$7,190,304 $6,804,379
Power & Light Corp. and subsidiaries and company-owned (Tide Water
x Capital stock, authorized. 800,000 shares, par $5, $4,000,000;
issued,
$3,690,283. as above.-V. 117, p. 1135, 333.
Power Co.).-V. 117. P. 899.
Lakewood (0.) Engineering Corp.-Bonds Offered.Otis & Co., Cleveland,and Gorrell & Co., Chicago, are offering at par and int. $400,000 1st Mtge. 10-Year 7% Sinking
Fund Gold bonds. A circular shows:
Mackintosh-Hemphill Co.-New Officers.-
P. Ramsey Speer has been elected President and J. H. Bode as
VicoPresident in charge of operations, succeeding,G. S. Macrum and L.
A.
Woodard, respectively.-V. 115. p. 1949.
Magnolia Petroleum Co.-Acquisition.-
Dated July 11923. Due July 1 1933. Denom.$1,000,$500 and $100c*.
The company is reported to have purchased the Haskell interests
In
Interest payable J. & J. at Union Trust Co., Cleveland,
trustee. Red., Wichita County, Texas. known as the Gladiolus lease in the South Electra
all or part, on 30 days' notice at 105 and hit, up to July 11928. and therePool, for a consideration of $950,000. The lease, it is stated, consists of
80
after at a premium of 1% for each unexpired year. Company agrees
pool
heart
acres
the
the
with
of
in
40
producing
wells, with a total production
to
pay the normal Federal income tax up to 2%.
of 1,200 barrels dally.-V. 117, p. 1243.
Company.-Founded in 1896. Is o,ne of
largest manufacturers of
concrete mixing and handling machinery for the
Maxwell
Manning
&
Moore
Inc.
use in road construction and,
-Dividend Increased.
in addition, manufactures concrete mixing and
The directors have declared a quarterly dividend of 1 3 % on the outstanddistributing machinery for
general concrete construction work: and trucks and
ing capital stock, par $100. payable Oct. 2. to holders
of record
30.
warehouse haulage. Company's paving Equipmenttrailers for factory and This compares with 1% paid in March
and June last.-V. 116, p.Sept.
constitutes practically
189.
50% of its business and more than half of this consists
of units manufacMassachus
tured practically exclusively by the company,. In 1922 company
etts
Oil
Refining
Co.-Windup.
produced
90% of all finishing and sub-grading machines Produced
The protective committee for the holders of the $4,000,000 1st Mtge.
in the country.
7s
Other products in this line are paving mixers, batch boxes,
cars, trucks, and the $750,000 7% notes, secured by an additional $1,000,000 bonds, is
portable track and other rail haulage equipment.
depositors
notices
to
sending
of these securities that in accordance
with
Company's general construction line includes complete equipment
the terms of the foreclosure sale of the prory.rty subsequently
for
acquired by.
the mixing and placing of concrete-steel towers, distributing chutes,
ele- the Cities Service Refining Co.. and of the plan of reorganization assented
vator buckets,&c.-for jobs ranging from the laying ofsidewakis,
curbs and to by a large majority of the bondholders, the Cities Service Refining Co.
gutters to structures like the Panama Canal and immense hydro-electric
paid the balance due on the purchase price on Sept. 15 to the
First National
developments. Company owns a modern factory and office building
Boston as depositary.
on Bank of
6.ti acres of land owned in fee in Lakewood, Ohio. Factory and office
Tho price received for the property was $2,500.000, but bondholders
building contain over 131,000 sq. ft. of floor space.
assenting to the reorganization plan elected to take Preferred
and Common
Earnings -Earnings for the seven years and two months
ended Doc. 31 stock of the new company in part payment. Thus each assenting bond1922 applicable to interest, after allowance for depreciation, averaged
holder will receive 6 shares Preferred stock (par $100 each), 3
shares Corn.
$240.872. or 8.6 times the annual interest requirements on these bonds, stock (no par value) and $100 cash for each $1.000
certificate of deposit.
Dissenting bondholders will receive 50% of the face
and approximately 4.7 times the maximum annual interest and sinking
value of their bonds
fund requirements.
in cash less their pro rata share of legal and other expenses
incurred duringCompany for 1922 made a profit applicable to interest of $143.609, or receivership_. Thus the dissenting holder of each $1,000 bonds
will actually
over 5 times the maximum interest requirements of this issue.
$477 20. Cash payments to bondholders in the winding
For the first receive
up of the
Massachusett
six months of 1923 such earnings were $86,957, 9r at the
s
011
Refining
Co. are available immediately (see plan
annual
6.2
rate
of
in V.
times maximum annual interest requirements.
116, p. 3004).-V. 117, p. 446.
Sinking Fund.-Indenture requires monthly payments to the trustee,
Maxwell Motor Corporation.-Truck Price Advanced.beginning Sept.•15 1923. of $4,250 for the payment of interest and retireThe Maxwell Motor Sales Corp. of Detroit has advanced
Mont of bonds. This will retire about $310,000 of the issue by maturity.
the price of its
1 'i-ton special trucks to $1,095, an increase of $165
Condensed Balance Sheet May 31 1923 (After New Financing).
over the former price
of $932.-V. 117,p. 1021.
AssetsLiabilities$38.060 Notes payable
Cash
$198,156
Mexican Metallurgical Co.-Successor Co. Formed.96,777 Accounts payable
Notes & acc'ts receivable_
145,556
The American Smelting Jr Refining
has taken over the operation
Customers' acc'ts rec'ble- 170,935 Accrued taxes & interest
46,747 of the mines in Mexico formerly ownedCo.
by the Mexican Metallurgical Co.
34,108 Res.for gen'l contingencies
Unused real estate
15,273 (Compania Metalurgim Mexicana)(as provided
in the reorganization plan
Securities
6.500 1st Mtge.7% bds (this iss) 400,000
in
V.
116.
p.
27731.
To
hold and
Merchandise inventory_ _ _ 676,733 Capital stock
x500,000 Inc., has been formed in Delaware.operate these companies, Towne Mines,
170,074 Surplus
Other assets
606,173
The new company has outstanding a $100,000 note to American Smelting
670,202
Land,bldgs., equip., &c__
that takes precedence over other liabilities and $600,000 in 5% Cumul.
2,100
Patents
debentures also issued to American Smelting for money advanced
in settling
46,417
Dent and prepaid exps_ _ _
Total (each side)
$911,906 the receivership and rehabilitating the various mines of the company,
with
x Represented by 22,250 shares of no par value Common stock.
1
$650,000 of debentures in the treasury for issuance as American Smelting
makes further expenditures.
Lanett (Ala.) Cotton Mills.-Merger Proposed.The
company
new
has
$4,000,000 (par $100) Preference stock, authorized
See West Point Manufacturing Co. below.:-V. 115, p. 2485.
and outstanding, all issued to Towne Securities Co. to cover liabilities and
obligations of Compania Metalurgica, and 40,000 shares of Common stock
Live Poultry Transit Co.-Notes Offered.of
no
value,
authorized
par
The Illinois Trust & Savings Bank, Chicago, is offering at 100 and hit. Issued to American Smelting and outstanding, 60% of which have been
& Refining Co.and 40% to Towne Securities Cos.
$200.000 6% Equip. Serial Gold notes, Series "M." Dated Sept. 1
F. H. Brownell has been elected President; William Loeb and D. C.
1923, due serially to March 11934. Int. payable M.& S. Denom. $100, Brown.
Vice-Presidents; J. C. Emlsoh, Treas., and W. E. Morriss. sec.
$500 and $1,000 c*. Callable in reverse of numerical order on any int.
-v. 117. P. 675.
SEPT. 22 1923.]
THE CHRONICLE
Midway Gas Co. Los Angeles.-Pref. Stock Called.-
The company has called for redemption Sept. 30 all of the outstanding
originally
($553,880)'7% Preferred stock, par $80 a share. The stock was
time ago, reducing the par value
$100 a share; $20 per share was paid some outstanding
$2,326,400 Common
to $80 per share. The company also has
stock, par $100.-V. 116, p. 1769.
Montaup Electric Co.-To Issue Pref. and Corn. Stocks.-
Utilities for
The company has applied to the Mass. Dept. of PublicPreferred
and
authority to issue at par ($100 per share) 15,000 shares ofare
to be used
proceeds
The
stock.
Common
of
shares
additional
29,000
agreeof
Approval
lines.
transmission
and
for construction of power plant
River Elecment for exchange of power between this company and the Fall
Valley Gas &
tric Light, Edison Electric of Brockton and Blackstone
334.
1022.
Electric companies was also asked.-V. 117, p.
1355
Northern Redwood Lumber Co.-Bonds Called.One hundred and twenty-five ($125,000) 1st Mtge. 6% bonds, dated
April 1 1920 have been called for redemption Oct. 1 at 101 and interest at
the Detroit Trust Co., Detroit. Mich.-V.116, p. 1421.
Ogilvie Flour Mills Co.-Cash Bonus of 10%.
The directors have declared a cash bonus of 10% on the outstanding
$2,500,000 Common stock. par $100, together with the usual quarterly
dividend of 3%, both payable Oct. 1 to holders of record Sept. 21. Extra
disbursements paid on the Common stock since Oct. 2 1916 have been:
Oct. 1923.
1920 & 1921.
1917 to 1919.
1918.
Year10%
10% p. a.
15% p. a.
Bonus (in cash)____ 4%
-V.117, p. 901.
Called.Mountain States Power Co.-Notes.
notes have been
called for
An of the outstanding 10-Year Cony, gold
Bank,
payment Feb. 1 1924 at 105 and int. at the United States National
Holders of
Portland, Ore., or the Illinois Merchants Trust Co., Chicago.
the
to
prior
time
any
at
them
the notes, at their option. may surrender
redemption date and receive payment at 105 and int. to date of presenta1022.
p.
tion.-V. 117.
Nash Motors Co.-Sales.-
Sales for the first eight months of 1923 surpassed the mark established by
the twelve months of 1922.-V. 117, p. 214.
Nekoosa-Edwards Paper Co.-Bonds Offered.-First
Wisconsin Co., Milwaukee; Oshkosh Savings & Trust Co.,
Oshkosh; First Trust Co., Appleton, and Wood County
National Bank, Wisconsin Rapids, in March last offered at
100 and int. $1,500,000 1st & Ref. Mtge. 6% Gold bonds,
Series "A." A circular shows:
Ohio Copper Co.-Production, &c.-
July 1923. June 1923. May 1923. Apri11923.
Month ofx156,701
257,613
332.786
331,153
Copper production (lbs.)
6.152 cts. 6.444 cts. 7.175 cts. 8.752 cts.
Average cost per lb
x Plant pumped approximately two-thirds of capacity during April.
Production for August, it is reported, was slightly less than 300,000 lbs.
of refined copper, at a cost of under 7 cents a pound.
The pumping capacity during July was 400 gallons of water a minute,
the same as during the preceding month. The installation of the new
plant, which will pump 1,500 gallons of water a minute, is nearing completion, and will be in operation about Oct. 10. Recovery has been averaging over 6 pounds of copper to every ton of water pumped -V. 117,
P. 676, 447.
Ohio Power Co.-Bonds • Sold.-Dillon, Read & Co.;
Lee, Higginson & Co., and Continental & Commercial
Trust & Savings Bank have sold at 99 and interest to
yield over 6.07%, $6;000,000 1st & Ref. Mtge. 6% Gold
bonds, Series "C." (See advertising pages.)
Dated Sept. 1 1923. Due Sept. 1 1953. Denom. $1,000 and $500c5.
Coupon bonds of $1,000, exchangeable for fully registered bonds. Interest
payable M.& S. in N. Y. City without deduction for the Federal normal
Income tax up to 2%. Pennsylvania four-mill tax refunded. Central
Union Trust Co., New York, trustee. Redeemable, all or part, on any
Interest elate on four weeks' notice at 106 on or before Sept. 1 1928; at
or
105 thereafter and on or before Sept. 1 1933; at 104 thereafter and on at
before Sept. I 1938; at 103 thereafter and on or before Sept. 1 1943;
or
on
and
thereafter
101
at
1
1948;
Sept.
before
or
on
and
102 thereafter
before March 1 1952, and at 10014 on and after Sept. 1 1952 and prior
to maturity,
Outstanding: Series "A" 7% bonds, $10,000,000: Series "B" 5%
bonds.$8,132,500. Present issue: Series"C"6% bonds,$6,000,000.
Data from Letter of George N. Tidd, Pres. American Gas & Elec. Co.
Company.-Ovrns and operates large electric power and light generating
plants and distribution systems in important manufacturing and mining
sections of Ohio. Its transmission and distribution lines amount to over
1,537 miles, serving communities having a total population of close to
425,000, including in all 80 cities and towns, among which are Canton,
Mt. Vernon, Newark, Fremont, Lancaster. Bucyrus,Steubenville, East
Liverpool. Lima, Tiffin, Fostoria and the Wheeling District west of the
Ohio River.
Property Values.-Bonds are secured by direct mortgage lien on the
entire property, conservatively app:aised at over $41,000,000 after allowing
for property to be acquired through this issue of bonds. MoAgage is a
first lien on the larger part of the company's property, including its 90,000
k. w. in the Windsor power station, and the Philo station now building.
(closed)
and as a general lien is subject to only $3.630,000 underlying and
not
divisional bonds outstanding, which must be paid at maturity
extended.
be
will
funds,
other
with
together
bonds,
these
of
Purpose.-Proceeds
with an initial
used in the construction of the new station at Philo. Ohio,line
connecting
transmission
high-tension
new
w.,
k.
70,000
of
capacity
the two divisions of the company's system, and for other construction
purposes.
Earnings-Years ended July 31.
Int. on
Total Net
Net Earns.
Gross
Bds. Outstdg.
Revenue.
from Over.
Earnings.
$L461:438527
$1,455,622
$1,232.'716
34,166.337
1919
2,030,721
1.107,850
4,985,525
1920
1.005,140
2,917.404
1,794,989
7,053,797
1921
1,256.916
3,257,002
2,116,632
6,852,664
1922
1,220,381
3,586.179
2,367,822
9,043,184
1923
bonds
Series
"C"
the
including
debt,
funded
on
charges
interest
Annual
now being issued, will amount to only $1,648,125.
increased $4.876,847,
For the five years ended July 31 1923 gross revenues
on
or about 117%,and net revenues after taxes, maintenance and'depteciati
charges $2.130.557, or about 146%.
Common
entire
the
owns
Co.
Electric
&
Gas
American
-The
Control.
stock.
-Subject to the approval of the Ohio P. 11. Commission.
- Issuance.
Newburyport (Mass.) Gas & Electric Co.-ExtraofDiv.
$1 per V. 116, p. 2397. 186.
The directors have declared the regular quarterly dividend
share and an extra dividend of $1 per share, both payable Oct. 15 to holders
Pacific Gas & Electric Co.-Bonds Sold.-National City
of record Oct. 1. Like amounts were paid July 14 last.-V.116, p. 2891.
Securities Co. of
March 1 1928
Dated March 1 1923. Due serially $100,000 annually,30
days' notice
part, on
to March 1 1942, both inclusive. Callable, allaorpremium
M of 1% for
of
plus
on any interest date at par and interest, from the call date to the fixed
each 12 months or fractional part thereof
maturity, of the bond called, the call price not to exceed 105. Denom.
at First Wisconsin
$1,000. $500 and $100c*. Interest payable M. & S.any
Federal income
Trust Co., Milwaukee, Wis., without deduction for
Guy C. Babcock,
and
Co.
Trust
First
Wisconsin
tax not exceeding 2%.
trustees. Authorized. $3,000,000.
Company.-The paper mills and power properties of the company are
County,
located at Nekoosa,'Wisconsin Rapids and Port Edwards, Wood
and sulphate
Wis. Mills are equipped to produce ground wood, sulphite
This
tons.
140
about
plants,
of
daily
capacity
or kraft paper. Present
wrapping
product Includes all grades, from newsprint and standard grade
company
the
next
year,
the
During
papers.
bleached
grade
high
paper to
production
will build an additional paper mill which will increase daily
strong position
to about 200 tons. Company is placed in an expecially
the
present
at
developed
powers,
water
three
of
through the ownership
time to produce 22,000 h. p.
Security.-A direct mortgage lien upon the fixed assets located in Wood
County. Wis., including manufacturing properties and water power,
but excluding townsite properties, subject, however, to underlying closed
mortgage bonds outstanding to the amount of $383,000.
This Offering.-Of the $1,500,000 bonds, $1,117,000 is offered to the
public and the balance, $383.000, will be deposited with the trusteesfor
this issue, to be exchanged for underlying bonds now outstanding.
Purpose.-Proceeds will be used to provide additional working capital,
to retire current debt and to pay for new buildings and machinery that
will materially increase the plant capacity.
Directors.-L. M. Alexander, Pres., Treas. & Gen. Mgr.•, Judson G.
Rosebush, V.-Pres.; C. A. Jasperson, Sec.; L. E. Nash, Mgr. of paper
sales; J. B. Nash, Mgr. of pulp sales; F. J. Wood, John E. Alexander,
George W. Kibby, L. M.Hanks.
Earnings.-Net earnings for the six years 1917 to 1922 incl., averaged
total
$429,434 or in excess of 4;i times interest requirements upon the State
funded debt outstanding. These earnings are after deductions for
and Federal income taxes.
Balance Sheet at Dec. 31 1922 (After Giving Effect to this Financing).
LiabilitiesAssets$284,918
$129,666 Accounts payable
Cash resources
297.000
421,183 1st Mtge.6s, 1928
Receivablesless reserves__
86,000
947,308 1st Mtge. Serial 6s
Inventories
1,117.000
67,013 1st & Ref. Mtge.6s
Deferred charges
stock
3.000,000
Capital
76,866
Stock in other companies_
32,758 Surplus from operations__ 1,490,933
Land contracts
7,446,589 Surp. paid in by stkholders 800,000
Fixed assets
pprec. arisingfrom royal.
of prop. as of Mar. 1 '13 2.045,533
$9,121,385
Total (each side)
subject to final determination
taxes
income
-Federal
1
Contingent Liability.
estimated at $85.000.
New England Power Co.-Bonds Offered.-
The company invites proposals for the purchase of $2,800,000 1st Mtge.
5% Sinking Fund gold bonds due July 1 1951 and callable at 105 as a whole
or for the sinking fund. Sealed bids will be received at the office of the
President, 50 Congress St., Boston, and will be opened Sept. 25. 50% of
the purchase price must be paid on or before Oct. 2 and the balance on or
before Nov.2 1923.-V. 117, p. 900.
New York Air Brake Co.-Common Stock Placed on $4
Annual Basis-Earnings, &c.-A regular quarterly dividend
of $1 per share has been declared on the outstanding Common stock, no par value, payable Nov. 1 to holders of
record Oct. 5. There has also been declared for the quarterly period ending Dec. 31 1923 a dividend of $1 per share
on the outstanding Pref. Class "A" stock, no par value,
payable Jan. 2 1924 to holders of record Dec. 3 1923.
A dividend of $I per share was paid on the Common stock on Aug. 1 last.
The directors have set aside $1,000,000 from earnings ot provide for the
redemption of bonds falling due in 1928. There are $3,000,000 of these
bonds issued.
Earnings for August amounted to $287,128, and for the 8 months ended
Aug. 31, $2007,595.
Cash holdings, including call loans, it is stated, now stand at approximately $3,450,000, against $2,587,867 at the close of May. It is also
reported that orders on hand are well in excess of $2,000,000, and business
continues to conic) in. New business received in August totaled $827,019
and bookings Sept. 1 were reported larger than on Aug.1.-V.117, p.901.
Nipissing Mines Co., Ltd.-Extra Dividend, &c.-
The company has declared an extra dividend of 3% on the outstanding
$6,000,000 Capital stock, par $5, in addition to the regular quarterly
dividend of 3%, both payable Oct. 20 to holders of record Sept. 29. A like
Jan. 1920
amount was paid extra in Jan. last and in Jan. and Oct. 1922.ofIn
paid extra dividends 5% each.
and 1921 and in Oct. 1920 the company
Financial Statement Sept. 19 1923, Showing Total Cash. atc.. $4,641.470.
Sept.19 23 June 2'23.
$4,118,584 $3,977,343
bonds, &c
Cash in bank,including Canadianhand
522,886
698,853
on
and
transit
in
ore
Bullion and
-V. 117. p. 1244, 789.
North Boston Lighting Properties.-Rights.--
shares of 6% Pref. stock to stockholders
The company,is offering 18,000
the ratio of one new share of 6% Pref,stock
(both Prof. and Common) in
Prof. or Common) now held, at $80 a share.
for each 7 shares (whether
are authorized for the purpose of providing
The now Preferred shares to
3,981 shares of capital stock of Suburban
funds to cover subscriptions
shares capital stock of Eastern Massachusetts
1,000
Co.,
Electric
&
Gas
indebtedness incurred in connection with
part
in
pay
to
and
Electric Co.,
shares capital stock of Beverly Gas & Electric Co.
the purchase of 5,230
419.
p.
-V. 116.
Co., E. H. Rollins & Sons, Mercantile
California, and Blyth, Witter & Co. have sold at 953 and
interest to yield over 5.80%, an additional $10,000,000
1st & Ref. Mtge. Gold bonds, 30-Year, 532%, Series "C."
(See advertising pages.)
Interest payable J. & D. in
1
Dated Dec. 1 1922. Due Dec. 1952.
New York, Chicago or San Francisco without deduction of the normal
Federal income tax of 2%. Denom. c*$500 and $LOW, and 011.000.
$5,000 and $10,000. Redeemable, all or part, on any interest date upon
60 days' notice at 105. National City Bank, New York, and Mercantile
Trust Co. of California, trustees.
Issuance.-Authorlzed by the California Railroad Commission.
Data from Letter ot Pres. W. E. Creed, San Francisco, Sept. 18.
Cornpany.-Is one of the foremost public service corporations in the
of the
United States. Business is largely based upon the development
California, the
valuable hydro-electric power resources of the State ofmade
more than
first water-power installation of the system having boon
of its predecessors
26 years ago. The electric business of the company or
than 41 years,
has been in continuous and successful operation for moreof the company
and the gas business for 69 years. The gross revenuessource,
more than
their
in
well-balanced
are particularly diversified and
for a variety of
60% resulting from the sale of electric light and power
gas.
artificial
of
supply
33%
from
the
about
and
purposes,
hydro-electric
Properties.-At the present time, company operates 26 416.512
h. p.
of
generating plants with an aggregate installed capacityaggregate
installed
an
with
plants
and four modern steam turbine electric
this
of
delivery
The
capacity of 173,592 h. p., or a total of 589,744 h. p. -connection
with 259
large amount of power is accomplished through inter
distribution
and
transmission
substations by means of 10,800 miles of
h. p. The gas
lines, serving a connected load of more than 1.174,000
an aggregate capacity
department includes 18 manufacturing plants with miles
mains. Comof
of more than 73,410,000 Cu. ft. per day, and 3,400
railways in Sacramento, and domestic
pany also operates 44 miles of street
miles of dis240
through
water supply systems serving 13 communities
tributing mains.
extending
system
co-ordinated
well
a
The properties are operated as
a present estimated
into 36 counties of central and northern California, with
embraces eight of the
Population of more than 1,850,000. This territory
Oakland, Sacratwelve largest cities in the State, namely San Francisco,
mento, San Jose, Stockton, Berkeley, Fresno and Alareeda.
preparation
adequate
of
policy
its
with
Pit River Project.-1n conformity
from time
In advance of the increasing demands for service, the company
water rights
to time has enlarged its ownership of valuable undeveloped
years,
recent
Within
operations.
Within and adjacent to the area of its
ownership, of the
the company has acquired control, through entire stock
lands
riparian
the
of
part
large
a
owns
which
Mt. Shasta Power Corp.
and water rights on the Pit River and its tributaries in northern California,
the most promising
necessary or desirable in the development of one ,ofCoast.
This project
hydro-electric power projects en the entire Pacific
h. p. concontemplates the ultimate development of more than 600,000
required.
tinuous power, which may be completed in successive stages astributaries
upper
its
and
Three hydro-electric plants on the Pit River
1356
THE CHRONICLE
have been eompleted, with a total capacity of 127.346 h.
and are now
In operation. The construction of these plants, togetherp.,
with 200 miles
of 220.000 volt transmission lines, represents a cash investment to July
31 1923 of over $21,700.000.
Capitalization Outstanding in Hands of Public (Including this Financing).
x Common stock, paying 6% Dividends
$35,628,845
Preferred stock, paying 6% cumulative dividends
54,184,089
1st & Ref. Mtge. Series ".A" 7s, 1940
10,720.000
1st & Ref. Mtge. Series "B" 6s, 1941
20,000,000
1st & Ref. Mtge. Series "C" 53s, 1952 (incl. this issue)___ _ 20.000,000
Gen. & Ref. Mtge. 55, 1942
Y35,822,000
Underlying & Divisional bonds (closed)
z43,059.200
Total
$129,601,200
x Company has also declared in each of the last two years a stock dividend of 2%. Y Does not include $38,340.000 of these bonds deposited
or about to be deposited with the trustees of the 1st & Ref. mortgage,
nor $1,000,000 owned by company-. z In addition. $9,635,300 underlying
and divisional bonds are held alive in sinking funds, and $636,500 are
In company's treasury.
Purpose.—Proceeds of this issue, together with a substantial amount
of money on hand derived from the sale of 1st Preferred stock, will be
applied toward important extensions and additions to the company s
property. including Pit River Plant No. 3. which is now in the course of
active construction. This plant will have an installed capacity of more
than 108,000 h. p. and will constitute the largest plant of the Pit River
project yet undertaken.
Company is also engaged in raising the Fordyce Dam and in making
other improvements whereby the hydro-electric output of the existing
South Yuba system will be increased by approximately 36,000,000 k.w.h.
annually.
Securzty.—A direct first mortgage on the entire properties (including
the new Pit River power plants and high-tension transmission lines) of
the Mt. Shasta Power Corp., which joined with the Pacific Gas,& Electric
Co. in execution of the mortgage. Also a direct mortgage on the entire
properties of the company now or hereafter owned, subject to the prior
liens of underlying mortgages. As additional security the company
has agreed that its general and refunding mortgage will'
be closed as to
the issuance of additional bonds to the public but kept open to the extent
that bonds shall be issued under it and pledged with the trustees of the
first and refunding mortgage. Under this provision, $33.640,000 of
Gen. & Ref. bonds have been pledged, and $4,700,000 additional will
be pledged in the near future.
Sinking Fund.—Mortgage requires the company to deposit semi-annually
with one of the trustees, as a sinking fund, an amount in cash at least
equal in each case to the excess, if any, of Si% of the aggregate principal
amount of all underlying bonds and 1st & Ref. Mtge. bonds outstanding
In the hands of the public, over the then current sinking fund requirements
of underlying mortgages. Moneys paid into the sinking fund of the
first and refunding mortgage are to be utilized in the acquisition and
retirement of bonds issued thereunder.
Earnings—Calendar Years.
Gross
x Oper.
Net
Int, Charged
Earnings.
Exp. &c.
Earnings.
Balance.
to Oper.
1917
$20,118,990 $11,604,691 $8,514,299 $3,988.168 $1.616.131
1918
22.870,194 13,030,330
9.839,864 3,881,542 5,958,322
1919
26,309,671 16,249,127 10,060,544 4,012,240 6,048,304
1920
34,985,791 23,457.640 11.528,151
7,016,900
4,511,251
1921
37,509,707 24,279,084 13,230.623 4,797,782 8,432,841
1922
39,204,605 23,416,875 15,787,730 5.148,614 10,639,116
39,448,491 22,764,334 16.684.157 5,774,771 10,909,386
1923Y
x Operating expenses, maintenance, taxes, and rentals.
ended July 31.
y 12 months
Map Showing Extent of System.—
The company has issued a colored map of the electric transmission
systems in California, which, it is believed, will be of interest. Immense
sums of money have been and will continue for some years to be expended
in the construction of water-power plants throughout the State of California. The people of California are peculiarly dependent upon electricity
as a means of motive power, and California's output of hydro-electricity
last year exceeded by 817,167,000 kilowatt hours that of any other State
in the Union.
The Pacific Gas & Electric Co.'s transmission system constitutes by
far the largest single unit in California's network of power lines. By
means of inter-connections between,the various companies, it is possible
to transmit energy from the Oregon line to the Mexican border, a distance
of about 800 miles, as far, for example, as from New York to Savannah,
or from Chicago to Dallas; and with the exception of one or two small
gaps which will shortly be bridged, these high-tension lines really form
an inter-connected system embracing the entire Pacific Coast between
Canada and Mexico. These facts are mentioned merely to give the
"atmosphere" the company had in mind in compiling the map.—V. 117,
p.561,447.
Packard Motor Car Co.—Outlook, &c.—
President Alvin Macauley says: "Although there is at present slackened
demand in some divisions of the automobile industry, there are good
reasons for believing that strong buying on the part of the public which
characterized the season Just closed will be renewed in the fall season and
run until cold weather. There is a degree of overproduction which accounts
for the cuts in prices by certain manufacturers, but this is always looked
for in the fall and the early winter period."
Net operating profits for the fiscal year ended Aug. 31 1923 are reported
to be approximately $9,500,000 after taxes.—V. 117, p. 96.
Pan American Petroleum & Transport Co.—
V.-Pres. J. M. Danziger has denied a published statement that the
Huasteca Petroleum Co., the Mexican operating
of the PanAmerican, had defaulted in its agreement with the company
Government,
or that the money deposited by the company with theMexican
Government had been
forfeited. Mr. Danziger's statement follows:
"Our attention has been called to the statement to the effect that the
drilling operations of the Huasteca Petroleum Co. in the Juan Felipe field
in Mexico have been ordered by the Mexican Government to be suspended
on thd grounds that the Huasteca Petroleum Co. has not proven title to
the premises and has failed to comply with its agreements with the Mexican
Government to furnish a bond called for by Presidential decree. The
article in question has likewise stated that a deposit of 3,000,000 Pesos
heretofore made has been taken by the Government.
"While the suspension of drilling has been ordered by the Department of
Industry of Mexico there is no truth in the statement that the Huasteca
Petroleum Co. is in default in any respect in its agreement with the Mexican
Government or that the moneys deposited by the company with the Government have been forfeited or otherwise taken by the Government,
or that
the company has failed to establish 75% ownership in the property.
"The questions at issue between the company and the Government with
have grsen
opaenrd
ado
tin114tores
ein
norternotala
ntylow
%y It ec
Mira gatthg propertytc
nl et
aefmatyttl
company's production of petroleum from its Mexican properties as it has
never sold any oil produced on this property."—V. 117. p. 216.
Penn Central Light & Power Co.—Listing
.—
The Phila, Stock Exchange on Sept. 15 listed 7.750 additional
no par
preference shares reported sold for cash at $56 per share
to the Penn Central
Power Co., a subsidiary, to enable the Penn Central Light
Co. to
Power
&
fulfil its contract for the purchase of 14,312 shares of the Common stock
of the Raystown Water Power Co., of a total outstanding issue of 15,000
shares, and making a total of 73,860 shares of Penn
Central Light & Power
Co. no par preference stock listed at Sept. 15.—V. 117.
p. 1136, 1022.
Penn Central Power Co.—Purchases Stock.—
See Penn Central Light & Power Co. above.—V. 115, p. 2486.
Pennsylvania Power & Light Co.—Acquisitions.—
A formal transfer of the frahchises and assets of the Lycoming Edison
Co. of Williamsport. Pa. to the Pennsylvania Power & Light Co. will be
made if approved by the Pennsylvania P. S. Commission. The latter
company will also absorb the Jersey Shore (Pa.) Electric Co. and the
Lock Haven (Pa.) Light, Heat & Power Co. A new division has been established, to be known as the Williamsport division, of which Lewis W.Heath
of Grand Rapids, Mich.,has been appointed manager.—V.117, p.561.447.
[VOL. 117.
Phillipsborn's, Inc., Chicago.—Plan Approved.—
The stockholders on Sept. 20 approved a financing plan which provides for
a reduction in the par value of the
present issue of 250,000 shares of Common
stock from $5to $1 and the approval ofan additional
of 1,500.000 shares
of Common stock, of which 1,125,000 shares will Issue
be offered to Common
stockholders at $2 per share, each holder being
permitted
to subscribe
for 4% new shares for each share held. The
sale of the 1.125,000 shares
has been underwritten by bankers
have agreed to purchase any stock
not taken by stockholders providedwho
a majority of the total Common stock
is deposited with trustees for a period
of 5 years.
After the financing plan has been concluded
the company will have a
total authorized issue of 1,750,000 shares of Common
stock. par $1,of which
1.375,000 will be issued, 225,000 shares will be reserved
for the conversion
of the Preferred stock and 150,000 shares will be
available
dent Porter M.Farrell and the employees. Compare also for sale to PresiV.117, p. 1022.16
Pickwick Corp., an Francisco.—Bonds
Offered.—
M. H.Lewis & Co., 9an Francisco,
offering at 100 and int. $100,000
1st (Closed) Mtge.7% Gold bonds. Aare
circular
shows:
Dated July 1 1923, due serially Jan. 1 1927-36.
Denom. $1,000. Int.
Payable J. & J. at the Humboldt Savings
Bank, San Francisco, trustee.
without deduction for normal Federal income
or part on any int. date at 105 and int. on 30 tax up to 2%. Callable all
days notice.
Company has leased for a period of
years tne property situated at Fifth
and Jessie and Mission streets, San99Francisco,
at an annual rental of
$22,800 per annum. The entire proceeds
of this $100,000 Issue will be
applied toward the actual cost of erecting a building
on the above descri
@FedFRASER